AllianzGI Managed Accounts Trust N-CSR Certified annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09721

Fixed Income SHares

(Exact name of registrant as specified in charter)

1345 Avenue of the Americas, New York, New York 10105
(Address of principal executive offices)           (Zip code)

Lawrence G. Altadonna — 1345 Avenue of the Americas, New York,
New York 10105
(Name and address of agent for service)

Registrant’s telephone number, including area code: 212-739-3371

Date of fiscal year end: October 31, 2008

Date of reporting period: October 31, 2008

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1.   Report to Shareholders

Contents
Letter to Shareholders	1
Important Information	2
Fund Insights/Performance & Statistics	3-10
Schedules of Investments	11-66
Statements of Assets and Liabilities	67
Statements of Operations	68
Statements of Changes in Net Assets	69-72
Statement of Cash Flows	73
Financial Highlights	74-77
Notes to Financial Statements	78-116
Report of Independent Registered Public Accounting Firm	117
Matters Relating to the Trustees’ Consideration of the Investment Management and Portfolio Management Agreements	118-119
Tax Information	120
Privacy Policy	121
Board of Trustees	122-123
Fund Officers	124

Fixed Income SHares – Series C, Series H, Series M and Series R
Letter to Shareholders

December 15, 2008

Dear Shareholder:

We are pleased to provide you with the annual report for Fixed Income SHares – Series C, Series H, Series M and Series R (the “Portfolios”) for the fiscal year ended October 31, 2008. Series C, Series H, Series M and Series R are used in conjunction with other assets to create PIMCO Total Return, PIMCO Real Return and PIMCO High Yield Municipal investment strategies for managed accounts for the fiscal year ended October 31, 2008.

The U.S. bond market delivered flat returns during the period as economic growth moderated and investors backed away from investment and credit risk. In the rush to perceived safety, investors bid up the prices of U.S. Treasury securities, causing yields to fall. This added to the spreads in yields between Treasuries and other debt securities, pushing spreads to record-high levels for some bond classes. The Federal Reserve (the “Fed”) reduced the Federal Funds rate seven times during the period in response to economic slowing and a destabilizing lack of liquidity caused by a general de-leveraging of the financial system. The moves lowered the key target rate on loans between member banks from 4.50% to 1.00%.

In the coming weeks or months, we would expect the de-leveraging of the private sector to meet its counterpart in the leveraging of the federal government as it seeks to inject more than a trillion dollars of liquidity into the nation’s financial system. This initiative holds potential to restore stability and some relative safety to debt securities outside of the shortest-term government issues.

Please refer to the following pages for performance and specific information on the Portfolios. If you have any questions regarding the information provided, we encourage you to contact your financial advisor or call the Portfolios’ shareholder servicing agent at (800) 628-1237. You can also visit on our Web site at www.allianzinvestors.com.

Together with Allianz Global Investors Fund Management LLC, the Portfolios’ investment manager and Pacific Investment Management Company LLC (“PIMCO”), the Portfolios’ sub-adviser, we thank you for investing with us.

We remain dedicated to serving your investment needs.

Sincerely,

Hans W. Kertess	Brian S. Shlissel
Chairman	President & Chief Executive Officer

10.31.08  Fixed Income SHares – Series C, H, M, R Annual Report 1

Fixed Income SHares – Series C, H, M, R Important Information
October 31, 2008 (unaudited)

In an environment where interest rates may trend upward, rising rates will negatively impact the performance of most bond funds and fixed income securities held by a fund are likely to decrease in value. Bond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations.

The Portfolios may be subject to various risks as described in the prospectus. Some of these risks may include, but are not limited to, the following: derivative risk, foreign (non-US) investment risk, high yield security risk, counterparty risk and issuer non-diversification. The Portfolios may use derivative instruments for hedging purposes or as part of an investment strategy. Use of these instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, management risk and the risk that a fund could not close out a position when it would be most advantageous to do so. Portfolios investing in derivatives could lose more than the principal amount invested in these instruments. Investing in non-U.S. securities may entail risk due to non-U.S. economic and political developments: this risk may be enhanced when investing in emerging markets. High-yield bonds typically have a lower credit rating than other bonds. Lower rated bonds generally involve a greater risk to principal than higher rated bonds. Concentrating investments in individual sectors may add additional risk and volatility compared to a diversified fund. The credit quality of a particular security or group of securities does not ensure the stability or safety of the overall portfolio.

The Portfolios have adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Portfolios as the policies and procedures that the Portfolios will use when voting proxies on behalf of the Portfolios. Copies of the written Proxy Policy and the factors that the Portfolios may consider in determining how to vote proxies for each portfolio, and information about how each portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Portfolios at (800) 628-1237, on the Allianz Global Investors Distributors’ website at www.allianzinvestors.com and on the SEC’s website at http://www.sec.gov.

Past performance is no guarantee of future results. Total return is calculated by subtracting the value of an investment in each Portfolio at the beginning of each specified period from the value at the end of the period and dividing the remainder by the value of the investment at the beginning of the period and expressing the result as a percentage. The calculation assumes that all income dividends have been reinvested. Total return does not reflect broker commissions or “wrap fee” charges. Total return for a period of more than one year represents the average annual total return.

An investment in the Portfolios involves risk, including the loss of principal. Total return, distribution yield, net asset value and duration will fluctuate with changes in market conditions. This data is provided for information only and is not intended for trading purposes. Net asset value is equal to total assets less equal to total liabilities divided by the number of shares outstanding.

This report, including the financial information herein is transmitted to the shareholders of Fixed Income SHares – Series C, Series H, Series M, and Series R for their information. It is not a prospectus, circular or representation intended for use in the purchase of shares of the Portfolios or any other securities mentioned in this report.

2 Fixed Income SHares – Series C, H, M, R Annual Report  10.31.08

Fixed Income SHares – Series C Fund Insights/Performance & Statistics
October 31, 2008 (unaudited)

Symbol:	Primary Investments:	Inception Date:
FXICX	Intermediate maturity fixed	3/17/00
	income securities.
		Net Assets:
		$2,006.5 million
		Portfolio Manager:
		Mark R. Kiesel

•  For the fiscal year ended October 31, 2008, Series C returned 2.56% prior to the deduction of fees, outperforming the benchmark (Barclays Capital Intermediate U.S. Credit Index), which returned (8.20)% for the period.

•  At October 31, 2008 the Portfolio’s duration was 9.62 years, compared to 11.70 years as of October 31, 2007.

•  Duration positioning above to the index contributed positively to returns as the 10-year Treasury yield rallied.

•  A curve steepening bias in the U.S. via Eurodollar futures contributed positively to performance when the Federal Reserve surprised the market by aggressively lowering interest rates to cushion the economy from the impacts of sub-prime mortgage crisis and an increasing rate of bank failures.

•  A curve-steepening position in the United Kingdom via Liffe futures contributed positively to performance as the Bank of England cut rates to address the U.K. housing weakness and the investors anticipated further rate cuts in the near future in light of global slowdown.

•  An allocation to mortgage backed securities (“MBS“) detracted from returns as the MBS spreads widened throughout the year from heightened fears of sub-prime mortgage crisis and continued deleveraging.

•  A tactical allocation to U.S. Dollar, Euro and British Pound denominated bank capital securities detracted from performance as spreads widened substantially on continued write-downs by major global financial institutions and bank failures.

•  Underweight allocations to consumer cyclicals and consumer non-cyclical companies enhanced the Portfolio’s performance. Nevertheless, an allocation to financials detracted from performance as continued write-downs and diminishing perspectives on future revenues caused the sector to sell-off.

•  Exposure to emerging-market debt detracted from performance as global financial meltdown caused investors to trade risk for safety and quality.

							Since Inception
Average Annual Total Returns (Period Ended 10/31/08)	1 Year			5 Years			(3/17/00)*
FISH: Series C		2.56	%		6.85	%		9.17	%
Barclays Capital Intermediate U.S. Credit Index**		(8.20	)%		1.36	%		4.69	%

* Index since inception calculation began 3/31/00

10.31.08  Fixed Income SHares – Series C, H, M, R Annual Report 3

Fixed Income SHares – Series C Fund Insights/Performance & Statistics
October 31, 2008 (unaudited) (continued)

** Effective November 1, 2008 “Barclays Capital” replaces “Lehman Brothers” in the name of the Index.

Change in Value of $10,000 Investments in the Series C and the Barclays Capital Intermediate U.S. Credit Index

Moody’s Ratings
(as a % of total investments)

Past performance is no guarantee of future results. Returns presented do not reflect the deduction of taxes that a shareholder would pay on fund distribution or the redemption of fund shares. Total return is calculated by subtracting the value of an investment in the Portfolio at the beginning of each specified period from the value at the end of the period and dividing the remainder by the value of the investment at the beginning of the period and expressing the result as a percentage. The calculation assumes that all income dividends have been reinvested. Total return does not reflect broker commissions or “wrap fee” charges. Total return for a period of more than one year represents the average annual total return.

An investment in the Portfolios involve risk, including the loss of principal. Total return, distribution yield, net asset value and duration will fluctuate with changes in market conditions. This data is provided for information only and is not intended for trading purposes. Net asset value is equal to total assets less total liabilities divided by the number of shares outstanding.

4 Fixed Income SHares – Series C, H, M, R Annual Report  10.31.08

Fixed Income SHares – Series H Fund Insights/Performance & Statistics
October 31, 2008 (unaudited)

Symbol:	Primary Investments:	Inception Date:
FXIHX	High yield municipal	4/2/07
	securities
		Net Assets:
		$2.3 million
		Portfolio Manager:
		John Cummings

•  For the fiscal year ended October 31, 2008, Series H returned (22.21)% prior to the deduction of fees, underperforming the benchmark of Barclays Capital High Yield Muni Index, which returned (18.92)% for the period.

•  At October 31, 2008 the Portfolio’s duration was 9.00 years, compared to 9.19 years as of October 31, 2007.

•  An overweight to higher yielding bonds affected performance negatively as higher quality muni’s outperformed lower quality muni’s during the period.

•  Duration positioning below the benchmark was positive for performance as rates increased across the curve during the period, especially in the lower quality, longer maturity bonds.

•  The Portfolio added a duration hedging strategy to lower duration during the fiscal period. This hindered performance as long swap yields decreased during the period on a flight to quality by investors.

•  Exposure to the education and housing related sectors affected performance negatively as these sectors underperformed for the period. Exposure to tobacco related munis was also negative for performance as investors moved to the highest quality assets.

•  The municipal yield curve steepened during the 12-month period. The 15-, 20-, and 30-year maturity AAA General Obligation yields increased 74, 81, and 96 basis points, respectively while the two-year yields decreased by 88 basis points. The Portfolio’s positioning affected performance negatively as a majority of the bonds had longer maturities.

10.31.08  Fixed Income SHares – Series C, H, M, R Annual Report 5

Fixed Income SHares – Series H Fund Insights/Performance & Statistics
October 31, 2008 (unaudited) (continued)

				Since Inception
Average Annual Total Returns (Period Ended 10/31/08)	1 Year			(4/2/07)*
FISH: Series H		(22.21	)%		(15.18	)%
Barclays Capital High Yield Muni Index**		(18.92	)%		(11.92	)%

* Index since inception calculation began 3/31/07

** Effective November 1, 2008 “Barclays Capital” replaces “Lehman Brothers” in the name of the Index.

Change in Value of $10,000 Investments in the Series H and the Barclays Capital High Yield Muni Index

Moody’s Ratings
(as a % of total investments)

Past performance is no guarantee of future results. Returns presented do not reflect the deduction of taxes that a shareholder would pay on fund distribution or the redemption of fund shares. Total return is calculated by subtracting the value of an investment in the Portfolio at the beginning of each specified period from the value at the end of the period and dividing the remainder by the value of the investment at the beginning of the period and expressing the result as a percentage. The calculation assumes that all income dividends have been reinvested. Total return does not reflect broker commissions or “wrap fee” charges. Total return for a period of more than one year represents the average annual total return.

An investment in the Portfolios involve risk, including the loss of principal. Total return, distribution yield, net asset value and duration will fluctuate with changes in market conditions. This data is provided for information only and is not intended for trading purposes. Net asset value is equal to total assets less total liabilities divided by the number of shares outstanding.

6 Fixed Income SHares – Series C, H, M, R Annual Report  10.31.08

Fixed Income SHares – Series M Fund Insights/Performance & Statistics
October 31, 2008 (unaudited)

Symbol:	Primary Investments:	Inception Date:
FXIMX	Intermediate maturity	3/17/00
	mortgage-backed securities.
		Net Assets:
		$1,710.3 million
		Portfolio Manager:
		Scott Simon

•  For the fiscal year ended October 31, 2008 Series M returned (16.53)% prior to the deduction of fees, underperforming the benchmark Barclays Capital Fixed Rate Mortgage Backed Securities Index, which returned 4.57% for the period.

•  At October 31, 2008, the Portfolio’s duration was 13.09 years, compared to 9.13 years as of October 31, 2007.

•  Above index duration positioning contributed positively to returns as the 10-year Treasury yield rallied.

•  An overweight to mortgage backed securities (“MBS“) detracted from returns as the MBS spreads widened throughout the year from heightened fears of subprime mortgage crisis and continued deleveraging.

•  Cash backing positions detracted from returns as some asset backed securities and non-agency adjustable rate mortgages declined in price.

•  A curve steepening bias in the United States, United Kingdom, and Europe contributed positively to returns as the two-year yield fell more than the 30-year on aggressive rate cut moves by Central Banks around the globe to stabilize the world wide economy.

•  A tactical allocation to U.S. Dollar, Euro and British Pound denominated bank capital securities detracted from performance as spreads widened substantially on continued write-downs by major global financial institutions and growing concerns of their profitability in the future.

10.31.08  Fixed Income SHares – Series C, H, M, R Annual Report 7

Fixed Income SHares – Series M Fund Insights/Performance & Statistics
October 31, 2008 (unaudited) (continued)

							Since Inception
Average Annual Total Returns (Period Ended 10/31/08)	1 Year			5 Years			(3/17/00)*
FISH: Series M		(16.53	)%		0.94	%		5.70	%
Barclays Capital Fixed Rate Mortgage Backed Securities Index**		4.57	%		4.65	%		6.07	%

* Index since inception calculation began 3/31/00

** Effective November 1, 2008 “Barclays Capital” replaces “Lehman Brothers” in the name of the Index.

Change in Value of $10,000 Investments in the Series M and the Barclays Capital Fixed Rate Mortgage Backed Securities Index

Moody’s Ratings
(as a % of total investments)

Past performance is no guarantee of future results. Returns presented do not reflect the deduction of taxes that a shareholder would pay on fund distribution or the redemption of fund shares. Total return is calculated by subtracting the value of an investment in the Portfolio at the beginning of each specified period from the value at the end of the period and dividing the remainder by the value of the investment at the beginning of the period and expressing the result as a percentage. The calculation assumes that all income dividends have been reinvested. Total return does not reflect broker commissions or “wrap fee” charges. Total return for a period of more than one year represents the average annual total return.

An investment in the Portfolios involve risk, including the loss of principal. Total return, distribution yield, net asset value and duration will fluctuate with changes in market conditions. This data is provided for information only and is not intended for trading purposes. Net asset value is equal to total assets less total liabilities divided by the number of shares outstanding.

8 Fixed Income SHares – Series C, H, M, R Annual Report  10.31.08

Fixed Income SHares – Series R Fund Insights/Performance & Statistics
October 31, 2008 (unaudited)

Symbol:	Primary Investments:	Inception Date:
FXIRX	Intermediate maturity	4/15/04
	Inflation-indexed fixed income
	securities.
		Net Assets:
		$170.1 million
		Portfolio Manager:
		Mihir Worah

•  For the fiscal year ended October 31, 2008 Series R returned (3.87)% prior to the deduction of fees, outperforming the benchmark (Barclays Capital U.S. TIPS Index), which returned (4.11)% for the period.

•  At October 31, 2008, the Portfolio’s duration was 9.13 years, compared to 9.81 years as of October 31, 2007.

•  An underweight to U.S. Treasury Inflation Protected Security (“TIPS“) contributed positively to performance as TIPS underperformed nominal bonds.

•  An allocation to nominal bonds helped performance as rates fell amid rising concerns about the overall health of the economy and a deepening liquidity crisis from continued deleveraging and cash hoarding trend.

•  A curve steepening bias in the United States, United Kingdom, and Europe contributed positively to returns as the two-year yield fell more than the 30-year on aggressive rate cut moves by Central Banks around the globe to stabilize the world wide economy.

•  Exposure to mortgage backed securities detracted from performance as spreads in the mortgage sector widened among general credit fears and forced selling to raise liquidity.

10.31.08  Fixed Income SHares – Series C, H, M, R Annual Report 9

Fixed Income SHares – Series R Fund Insights/Performance & Statistics
October 31, 2008 (unaudited) (continued)

				Since Inception
Average Annual Total Returns (Period Ended 10/31/08)	1 Year			(4/15/04)*
FISH: Series R		(3.87	)%		3.52	%
Barclays Capital U.S. TIPS Index**		(4.11	)%		0.50	%

* Index since inception calculation began 3/31/04

** Effective November 1, 2008 “Barclays Capital” replaces “Lehman Brothers” in the name of the Index.

Change in Value of $10,000 Investments in the Series R and the Barclays Capital U.S TIPS Index

Moody’s Ratings
(as a % of total investments)

Past performance is no guarantee of future results. Returns presented do not reflect the deduction of taxes that a shareholder would pay on fund distribution or the redemption of fund shares. Total return is calculated by subtracting the value of an investment in the Portfolio at the beginning of each specified period from the value at the end of the period and dividing the remainder by the value of the investment at the beginning of the period and expressing the result as a percentage. The calculation assumes that all income dividends have been reinvested. Total return does not reflect broker commissions or “wrap fee” charges. Total return for a period of more than one year represents the average annual total return.

An investment in the Portfolios involve risk, including the loss of principal. Total return, distribution yield, net asset value and duration will fluctuate with changes in market conditions. This data is provided for information only and is not intended for trading purposes. Net asset value is equal to total assets less total liabilities divided by the number of shares outstanding.

10 Fixed Income SHares – Series C, H, M, R Annual Report  10.31.08

Fixed Income SHares – Series C Schedule of Investments
October 31, 2008

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)*	Value
CORPORATE BONDS & NOTES–52.8%
		Aerospace–0.1%
$	2,100	Embraer Overseas Ltd., 6.375%, 1/24/17	Baa3/BBB−	$	1,375,500
		Airlines–2.4%
		Continental Airlines, Inc.,
	2,100	6.503%, 6/15/11	Baa2/BBB+		1,680,000
	900	7.918%, 11/1/11	Baa2/BBB		801,000
	331	JetBlue Airways Corp., 5.904%, 5/15/10, FRN	B3/B+		330,902
		Northwest Airlines, Inc.,
	1,703	7.041%,10/1/23	NR/BBB−		1,277,011
	53,024	7.15%, 4/1/21 (MBIA)	A2/AA		43,267,140
	79	United Air Lines, Inc., 10.125%, 3/22/15 (b)(f)	NR/NR		37,610
					47,393,663
		Automotive–0.0%
	200	Daimler Finance North America LLC, 7.30%, 1/15/12	A3/A−		163,208
		Banking–15.2%
		Barclays Bank PLC (a)(d),
	42,900	6.05%, 12/4/17	Aa2/AA−		32,430,856
	200	7.434%, 12/15/17, FRN (i)	Aa3/A+		126,569
	9,400	BNP Paribas, 5.186%, 6/29/15, FRN (a)(d)(i)	Aa3/AA−		6,133,350
	6,600	Commonwealth Bank of Australia, 6.024%, 3/15/16, FRN (a)(d)(i)	Aa3/A+		4,007,117
	16,300	Credit Agricole S.A., 6.637%, 5/31/17, FRN (a)(d)(i)	Aa3/A		7,826,478
	28,200	Credit Suisse First Boston, 5.00%, 5/15/13	Aa1/AA−		25,467,223
	5,000	HBOS Capital Funding L.P., 6.071%, 6/30/14, FRN (a)(d)(i)	A1/BBB+		2,200,750
		HBOS PLC (a)(d),
	3,400	5.375%, 11/1/13, FRN (i)	Aa3/BBB+		1,693,795
	400	5.92%, 10/1/15, FRN (i)	A1/BBB+		191,168
	21,800	6.657%, 5/21/37, FRN (i)	A1/BBB+		9,554,940
	30,600	6.75%, 5/21/18	Aa3/A		22,998,562
	51,100	HSBC Bank USA NA, 6.00%, 8/9/17	Aa3/AA−		43,757,748
		HSBC Capital Funding L.P., FRN (a)(d)(i),
	10,900	4.61%,6/27/13	A1/A		7,494,121
	1,350	10.176%,6/30/30	A1/A		1,072,673
		HSBC Holdings PLC,
	800	6.50%,9/15/37	Aa3/A+		631,155
	400	7.625%,5/17/32	Aa3/A+		329,265
	18,600	JPMorgan Chase Bank NA, 6.00%, 10/1/17	Aa1/AA−		16,320,012
	500	KBC Bank Funding Trust III, 9.86%, 11/2/09, FRN (a)(d)(i)	A1/A		427,766
¥	100,000	Mizuho Financial Group, Inc., 1.317%, 11/24/49 (g)	NR/NR		1,008,540

10.31.08  Fixed Income SHares – Series C Annual Report 11

Fixed Income SHares – Series C Schedule of Investments
October 31, 2008 (continued)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)*	Value
		Banking (continued)
$	4,000	Rabobank Capital Funding II, 5.26%, 12/31/13, FRN (a)(d)(i)	Aa2/AA	$	2,405,000
	5,800	Rabobank Capital Funding Trust, 5.254%, 10/21/16, FRN (a)(d)(i)	Aa2/AA		3,772,320
	11,400	RBS Capital Trust III, 5.512%, 9/30/14, FRN (i)	A1/BBB+		5,246,052
	3,100	Resona Bank Ltd., 5.85%, 4/15/16, FRN (a)(d)(i)	A2/BBB		1,963,338
		Royal Bank of Scotland Group PLC (i),
	22,200	6.99%, 10/5/17, FRN (a)(d)	A1/BBB+		11,925,773
	15,000	7.64%, 9/29/17, FRN	A1/BBB+		7,191,915
	2,710	9.118%, 3/31/10			2,511,476
		Sumitomo Mitsui Banking Corp., FRN,	A1/BBB+
¥	200,000	1.544%,6/2/49	NR/NR		2,022,532
$	2,600	5.625%, 10/15/15 (a)(d)(i)	Aa3/A−		1,849,848
	2,700	United Overseas Bank Ltd., 5.375%, 9/3/19, FRN (a)(d)	Aa2/A−		1,991,574
	6,700	USB Capital IX, 6.189%, 4/15/11, FRN (i)	A1/A+		3,485,648
	101,900	Wachovia Corp., 7.98%, 3/15/18, FRN (i)	A3/A−		77,145,739
					305,183,303
		Computer Services–0.2%
	5,000	Lexmark International, Inc., 5.90%, 6/1/13	Baa2/BBB		4,953,455
		Diversified Manufacturing–0.6%
	15,000	Tyco Electronics Group S.A., 6.55%, 10/1/17	Baa2/BBB		12,520,125
		Electronics–0.0%
	500	Sanmina-SCI Corp., 8.125%, 3/1/16	B3/B−		317,500
		Energy–2.3%
	2,900	DCP Midstream LLC, 5.375%, 10/15/15 (a)(d)	Baa2/BBB+		2,290,159
	5,500	El Paso Corp., 7.00%, 6/15/17	Ba3/BB−		4,229,357
	4,800	Enbridge Energy Partners L.P., 5.875%, 12/15/16	Baa2/BBB		3,977,712
		Energy Transfer Partners L.P.,
	2,100	6.125%,2/15/17	Baa3/BBB−		1,689,780
	2,600	6.625%,10/15/36	Baa3/BBB−		1,770,057
		Kinder Morgan Energy Partners L.P.,
	5,800	6.00%,2/1/17	Baa2/BBB		4,644,043
	1,500	6.50%,2/1/37	Baa2/BBB		1,041,619
	5,500	7.30%,8/15/33	Baa2/BBB		4,144,140
		Northwest Pipeline Corp.,
	3,900	5.95%,4/15/17	Baa2/BBB−		3,188,289
	1,700	7.00%,6/15/16	Baa2/BBB−		1,520,378

12 Fixed Income SHares – Series C Annual Report  10.31.08

Fixed Income SHares – Series C Schedule of Investments
October 31, 2008 (continued)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)*	Value
		Energy (continued)
		NRG Energy, Inc.,
$	500	7.25%,2/1/14	B1/B	$	438,750
	1,100	7.375%,2/1/16	B1/B		951,500
	5,750	Pacific Energy Partners L.P., 6.25%, 9/15/15	Baa3/BBB−		4,413,970
	400	Peabody Energy Corp., 7.375%, 11/1/16	Ba1/BB+		340,000
	2,600	Plains All American Pipeline L.P., 6.65%, 1/15/37	Baa3/BBB−		1,569,971
	25	Sonat, Inc., 7.625%, 7/15/11	Ba3/BB−		20,924
		Southern Natural Gas Co.,
	4,400	5.90%, 4/1/17 (a)(d)	Baa3/BB		3,418,998
	400	8.00%,3/1/32	Baa3/BB		310,397
	1,950	Tennessee Gas Pipeline Co., 7.50%, 4/1/17	Baa3/BB		1,553,616
		Williams Cos., Inc.,
	2,700	6.375%, 10/1/10 (a)(d)	Baa3/BBB−		2,405,376
	2,000	7.625%,7/15/19	Baa3/BB+		1,652,804
					45,571,840
		Financial Services–15.2%
	6,700	American Express Co., 6.15%, 8/28/17	A2/A+		4,804,704
€	4,300	Atlas Reinsurance PLC, 9.237%, 1/10/10, FRN (a)(b)(d)	NR/BB+		5,365,376
$	8,300	Bear Stearns Cos., Inc., 6.95%, 8/10/12	Aa2/AA−		8,200,641
	900	C5 Capital SPV Ltd., 6.196%, 12/31/11, FRN (a)(d)(i)	NR/BB+		423,652
	10,100	C8 Capital SPV Ltd., 6.64%, 12/31/14, FRN (a)(d)(i)	NR/BB+		4,753,383
	9,900	C10 Capital SPV Ltd., 6.722%, 12/31/16, FRN (a)(d)(i)	NR/BB+		4,654,287
	9,200	Caelus Re Ltd., 9.061%, 6/7/11, FRN (a)(b)(d)	NR/BB+		8,835,680
	3,950	Calabash Re Ltd., 13.719%, 1/8/10, FRN (a)(d)	NR/BB		3,885,220
	10,000	Citigroup Capital XXI, 8.30%, 12/21/77, FRN	A1/A		6,865,700
		Citigroup, Inc.,
	18,500	5.50%,8/27/12	Aa3/AA−		17,141,915
	4,740	6.00%,8/15/17	Aa3/AA−		4,083,742
	7,000	6.125%,11/21/17	Aa3/AA−		6,032,145
	8,500	6.125%,8/25/36	A1/A+		5,734,321
	5,000	6.625%,6/15/32	A1/A+		3,638,070
	11,200	8.40%, 4/30/18, FRN (i)	A2/A		7,799,120
	3,300	Covidien International Finance S.A., 6.55%, 10/15/37	Baa1/A−		2,609,300
	200	Ford Motor Credit Co., 7.00%, 10/1/13	B2/B−		110,929
	24,400	7.25%,10/25/11	B2/B−		14,788,059
	2,500	7.375%,2/1/11	B2/B−		1,556,860
	1,200	7.875%,6/15/10	B2/B−		806,677
	1,550	8.00%,12/15/16	B2/B−		850,333
	600	9.75%,9/15/10	B2/B−		408,329

10.31.08  Fixed Income SHares – Series C Annual Report 13

Fixed Income SHares – Series C Schedule of Investments
October 31, 2008 (continued)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)*	Value
		Financial Services (continued)
$	2,500	Fund American Cos., Inc., 5.875%, 5/15/13	Baa2/BBB	$	1,880,960
		General Electric Capital Corp.,
€	10,000	4.625%, 9/15/66, FRN (a)(d)	Aa1/AA+		7,294,259
$	20,000	5.625%,5/1/18	Aaa/AAA		16,504,860
	5,000	6.375%, 11/15/17, FRN	Aa1/AA+		3,241,310
		General Motors Acceptance Corp. LLC,
	18,330	6.00%,12/15/11	Caa1/B−		10,357,128
	15,370	8.00%,11/1/31	Caa1/B−		6,970,664
		Goldman Sachs Group, Inc.,
	1,900	5.25%,10/15/13	Aa3/AA−		1,625,121
	1,400	5.95%,1/18/18	Aa3/AA−		1,144,392
	18,500	6.15%,4/1/18	Aa3/AA−		15,361,456
	24,400	6.25%,9/1/17	Aa3/AA−		20,437,294
	7,500	6.75%,10/1/37	A1/A+		4,887,052
	910	Isles CBO Ltd., 4.28%, 10/27/10, FRN (a)(d)(g)	Baa3/NR		861,178
		JPMorgan Chase & Co.,
	29,000	6.00%,1/15/18	Aa2/AA−		26,077,496
	2,400	6.625%,3/15/12	Aa3/A+		2,354,940
	8,800	JPMorgan Chase Capital XVIII, 6.95%, 8/1/66	Aa3/A		6,427,987
	2,700	JPMorgan Chase Capital XX, 6.55%, 9/15/66	Aa3/A		1,891,901
		Lehman Brothers Holdings, Inc.,
¥	1,200,000	1.15%,10/26/10	B3/NR		1,220,132
$	9,754	2.82%, 11/16/24 (f)	B3/NR		1,194,865
	2,000	Longpoint Re Ltd., 8.069%, 11/8/11, FRN (a)(b)(d)	NR/BB+		1,958,400
		Merrill Lynch & Co., Inc.,
	5,000	5.213%, 1/15/15, FRN	A2/A		3,409,645
	800	6.05%,8/15/12	A2/A		729,139
	17,800	6.40%,8/28/17	A2/A		15,073,877
¥	100,000	Mizuho Financial Group, Inc., 2.383%, 12/31/49, FRN (g)	NR/NR		1,010,270
		Morgan Stanley,
$	500	5.30%,3/1/13	A1/A+		414,072
	2,800	5.375%,10/15/15	A1/A+		2,195,444
	3,850	MUFG Capital Finance I Ltd., 6.346%, 7/25/16, FRN (i)	A2/BBB+		2,701,430
	700	Mystic Re Ltd., 12.811%, 6/7/11, FRN (a)(b)(d)	NR/BB−		692,510
	694	Preferred Term Securities XIII, 3.366%, 3/24/34, FRN (a)(b)(d)	Aaa/AAA		416,995
		Teco Finance, Inc.,
	983	6.572%,11/1/17	Baa3/BB+		768,353
	2,000	6.75%,5/1/15	Baa3/BB+		1,686,882

14 Fixed Income SHares – Series C Annual Report  10.31.08

Fixed Income SHares – Series C Schedule of Investments
October 31, 2008 (continued)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)*	Value
		Financial Services (continued)
$	1,417	7.00%,5/1/12	Baa3/BB+	$	1,350,541
	1,000	UBS AG, 5.875%, 12/20/17	Aa2/AA−		800,041
	5,900	UBS Preferred Funding Trust V, 6.243%, 5/15/16, FRN (i)	A1/A		3,540,767
	2,460	UFJ Finance Aruba AEC, 6.75%, 7/15/13	Aa3/A		2,602,934
	17,600	Wells Fargo Capital XIII, 7.70%, 3/26/13, FRN (i)	Aa2/AA−		14,406,322
	1,900	Wells Fargo Capital XV, 9.75%, 9/26/13, FRN (i)	Aa2/AA−		1,844,750
	7,400	Xstrata Finance Canada Ltd., 5.80%, 11/15/16 (a)(d)	Baa2/BBB+		5,677,295
					304,361,105
		Food & Beverage–0.8%
	3,450	H.J. Heinz Co., 6.428%, 12/1/20, VRN (a)(d)	Baa2/BBB		3,460,933
	6,700	Kraft Foods, Inc., 6.50%, 8/11/17	Baa2/BBB+		5,903,035
	400	Kroger Co., 6.20%, 6/15/12	Baa2/BBB−		391,387
	7,000	Sara Lee Corp., 3.875%, 6/15/13	Baa1/BBB+		5,598,551
					15,353,906
		Healthcare & Hospitals–0.1%
	100	Biomet, Inc., 11.625%, 10/15/17	Caa1/B−		87,500
	1,000	HCA, Inc., 7.19%, 11/15/15	Caa1/B−		555,520
	1,700	Hospira, Inc., 6.05%, 3/30/17	Baa3/BBB		1,431,140
					2,074,160
		Insurance–3.2%
		American International Group, Inc.,
	7,900	4.613%, 10/18/11, FRN	A3/A−		3,481,151
€	7,800	4.875%, 3/15/67, FRN	Baa1/BBB		1,631,981
$	100	4.95%,3/20/12	A3/A−		37,802
	7,400	5.05%,10/1/15	A3/A−		2,770,368
	15,700	5.85%,1/16/18	A3/A−		5,707,217
	4,500	6.25%,5/1/36	A3/A−		1,532,736
	800	8.175%, 5/15/68, FRN (a)(d)	Baa1/BBB		127,818
	65,200	8.25%, 8/15/18 (a)(d)	A3/AA−		26,898,130
	5,000	Metropolitan Life Global Funding I, 4.625%, 8/19/10 (a)(d)	Aa2/AA		4,715,450
		Residential Reins Ltd., FRN (a)(b)(d),
	14,300	8.811%,6/7/10	NR/BB+		13,961,090
	4,000	10.061%,6/7/10	NR/BB		3,957,200
					64,820,943

10.31.08  Fixed Income SHares – Series C Annual Report 15

Fixed Income SHares – Series C Schedule of Investments
October 31, 2008 (continued)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)*	Value
		Metals & Mining–0.5%
$	2,100	Corp Nacional del Cobre de Chile, 6.15%, 10/24/36 (a)(d)	Aa3/A	$	1,521,072
	3,300	Freeport-McMoRan Copper & Gold, Inc., 7.084%, 4/1/15, FRN	Ba2/BBB−		2,577,069
		Vale Overseas Ltd.,
	4,450	6.25%,1/11/16	Baa2/BBB+		3,745,819
	2,200	6.25%,1/23/17	Baa2/BBB+		1,796,465
					9,640,425
		Multi-Media–2.7%
		Comcast Cable Communications Holdings, Inc.,
	1,000	7.125%,6/15/13	Baa2/BBB+		952,568
	2,500	8.375%,3/15/13	Baa2/BBB+		2,428,260
		Comcast Corp.,
	500	5.30%,1/15/14	Baa2/BBB+		433,077
	10,600	5.875%,2/15/18	Baa2/BBB+		8,902,601
	1,700	5.90%,3/15/16	Baa2/BBB+		1,466,491
	15,000	6.45%,3/15/37	Baa2/BBB+		11,522,085
		COX Communications, Inc.,
	1,100	6.45%, 12/1/36 (a)(d)	Baa3/BBB−		776,433
	3,000	7.75%,11/1/10	Baa3/BBB−		2,949,180
	810	CSC Holdings, Inc., 7.875%, 2/15/18	B1/BB		593,325
	7,700	Echostar DBS Corp., 7.00%, 10/1/13	Ba3/BB−		6,429,500
		News America Holdings, Inc.,
	100	5.30%,12/15/14	Baa1/BBB+		87,363
	1,480	9.25%,2/1/13	Baa1/BBB+		1,501,547
		Rogers Cable, Inc.,
	1,300	5.50%,3/15/14	Baa3/BBB−		1,121,526
CAD	800	7.25%,12/15/11	Baa3/BBB−		693,895
		Time Warner Cable, Inc.,
$	6,940	5.85%,5/1/17	Baa2/BBB+		5,700,488
	8,390	6.55%,5/1/37	Baa2/BBB+		6,390,931
	1,600	Time Warner, Inc., 5.50%, 11/15/11	Baa2/BBB+		1,416,410
		Viacom, Inc.,
	200	5.625%,8/15/12	Baa3/BBB		166,671
	400	6.625%,5/15/11	Baa3/BBB		356,327
					53,888,678
		Oil & Gas–4.0%
	4,600	Anadarko Finance Co., 6.75%, 5/1/11	Baa3/BBB−		4,587,994
		Anadarko Petroleum Corp.,
	4,000	5.95%,9/15/16	Baa3/BBB−		3,343,880

16 Fixed Income SHares – Series C Annual Report  10.31.08

Fixed Income SHares – Series C Schedule of Investments
October 31, 2008 (continued)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)*	Value
		Oil & Gas (continued)
$	4,000	6.45%,9/15/36	Baa3/BBB−	$	2,854,544
		Apache Corp.,
	700	5.625%,1/15/17	A3/A−		611,102
	3,000	6.00%,1/15/37	A3/A−		2,290,062
		Canadian Natural Resources Ltd.,
	2,400	6.00%,8/15/16	Baa2/BBB		2,033,904
	4,500	6.50%,2/15/37	Baa2/BBB		3,263,355
		Chesapeake Energy Corp.,
	1,700	6.375%,6/15/15	Ba3/BB		1,313,250
	900	7.00%,8/15/14	Ba3/BB		726,750
	3,500	7.50%,6/15/14	Ba3/BB		2,896,250
	13,800	Citic Resources Finance Ltd., 6.75%, 5/15/14 (a)(d)	Ba2/BB+		7,245,000
	5,000	Devon Energy Corp., 7.95%, 4/15/32	Baa1/BBB+		4,532,905
		Devon Financing Corp.,
	2,900	6.875%, 9/30/11	Baa1/BBB+		2,883,415
	1,300	7.875%, 9/30/31	Baa1/BBB+		1,169,905
	4,700	EnCana Corp., 6.50%, 8/15/34	Baa2/A−		3,315,079
		Gaz Capital S.A. (a)(d),
	5,700	7.343%, 4/11/13	A3/BBB		4,360,500
	14,000	8.146%, 4/11/18	A3/BBB		9,590,000
		Gazprom AG,
	4,500	9.625%, 3/1/13 (a)(d)	A3/BBB		3,802,500
	7,600	9.625%, 3/1/13	A3/BBB		6,521,188
	3,220	Gazprom International S.A., 7.201%, 2/1/20	NR/BBB+		2,089,126
	700	Hess Corp., 7.875%, 10/1/29	Baa2/BBB−		597,089
	1,290	Kern River Funding Corp., 4.893%, 4/30/18 (a)(d)	A3/A−		1,078,840
	1,200	Plains Exploration & Production Co., 7.00%, 3/15/17	B1/BB		792,000
	3,500	Ras Laffan Liquefied Natural Gas Co., Ltd. II, 5.298%, 9/30/20 (b)	Aa2/A		3,069,850
		XTO Energy, Inc.,
	3,000	5.50%, 6/15/18	Baa2/BBB		2,367,204
	1,700	6.10%, 4/1/36	Baa2/BBB		1,171,332
	3,000	7.50%, 4/15/12	Baa2/BBB		2,893,719
					81,400,743
		Paper/Paper Products–0.3%
		Georgia-Pacific LLC,
	2,900	7.00%, 1/15/15 (a)(d)	Ba3/BB−		2,146,000
	2,600	7.125%, 1/15/17 (a)(d)	Ba3/BB−		1,820,000
	1,400	7.25%, 6/1/28	B2/B+		819,000

10.31.08  Fixed Income SHares – Series C Annual Report 17

Fixed Income SHares – Series C Schedule of Investments
October 31, 2008 (continued)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)*	Value
		Paper/Paper Products (continued)
$	1,000	7.375%, 12/1/25	B2/B+	$	580,000
					5,365,000
		Real Estate–0.1%
	2,750	Forest City Enterprises, Inc., 7.625%, 6/1/15	Ba3/B+		1,938,750
		Retail–0.0%
	1,300	Yum! Brands, Inc., 6.25%, 4/15/16	Baa3/BBB−		1,028,102
		Telecommunications–1.6%
		AT&T Corp.,
	2,352	7.30%,11/15/11	A2/A		2,371,968
	1,500	8.00%,11/15/31	A2/A		1,384,405
	100	British Telecommunications PLC, 8.625%, 12/15/10	Baa1/BBB+		98,912
	5,000	Deutsche Telekom International Finance BV, 6.75%, 8/20/18	Baa1/BBB+		4,179,475
€	1,280	8.125%, 5/29/12	Baa1/BBB+		1,717,229
$	2,500	8.50%, 6/15/10	Baa1/BBB+		2,464,425
	2,700	Nextel Communications, Inc., 7.375%, 8/1/15	Baa3/BB		1,485,778
		Qwest Communications International, Inc.,
	6,950	7.25%, 2/15/11	Ba3/B+		5,646,875
	5,000	7.50%, 2/15/14	Ba3/B+		3,425,000
	2,000	Qwest Corp., 6.069%, 6/15/13, FRN	Ba1/BBB−		1,460,000
CAD	400	Rogers Communications, Inc., 7.625%, 12/15/11	Baa3/BBB−		350,438
$	4,800	Sprint Capital Corp., 8.75%, 3/15/32	Baa3/BB		3,149,784
	3,500	Telefonica Emisones s.A.u., 5.984%, 6/20/11	Baa1/BBB+		3,344,740
	900	Verizon New England, Inc., 6.50%, 9/15/11	Baa2/A		844,571
	100	Vodafone Group PLC, 7.75%, 2/15/10	Baa1/A−		97,287
					32,020,887
		Tobacco–0.3%
	8,030	RJ Reynolds Tobacco Holdings, Inc., 7.75%, 6/1/18	Baa3/BBB		6,440,983
		Transportation–0.2%
	4,000	Ryder System, Inc., 7.20%, 9/1/15	Baa1/BBB+		3,679,428
		Utilities–2.8%
	2,700	Bruce Mansfield Unit, 6.85%, 6/1/34	Baa2/BBB		2,659,722
	400	Columbus Southern Power Co., 5.50%, 3/1/13	A3/BBB		367,658
	6,300	Constellation Energy Group, Inc., 7.00%, 4/1/12	Baa2/BBB		5,810,074
		Consumers Energy Co.,
	2,050	5.00%, 2/15/12	Baa1/BBB		1,893,011
	850	5.00%, 3/15/15	Baa1/BBB		708,194
	2,000	5.15%, 2/15/17	Baa1/BBB		1,582,760

18 Fixed Income SHares – Series C Annual Report  10.31.08

Fixed Income SHares – Series C Schedule of Investments
October 31, 2008 (continued)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)*	Value
		Utilities (continued)
$	1,100	5.375%, 4/15/13	Baa1/BBB	$	1,007,798
	1,300	Dayton Power & Light Co., 5.125%, 10/1/13	A2/A−		1,261,148
	4,000	Dominion Resources, Inc., 6.00%, 11/30/17	Baa2/A−		3,333,716
	5,000	DTE Energy Co., 6.35%, 6/1/16	Baa2/BBB−		3,913,785
	12,500	Enel Finance International S.A., 6.25%, 9/15/17 (a)(d)	A2/A−		10,368,712
	1,600	Energy East Corp., 6.75%, 7/15/36	Baa2/BBB		1,171,379
	2,000	Entergy Arkansas, Inc., 4.50%, 6/1/10	Baa1/A−		1,934,232
		Entergy Louisiana LLC,
	3,300	4.67%, 6/1/10	Baa1/A−		3,236,139
	91	8.09%, 1/2/17	Baa2/BBB		92,577
	200	Idaho Power Co., 6.60%, 3/2/11	A3/A−		202,299
	1,000	Midamerican Energy Holdings Co., 5.875%, 10/1/12	Baa1/BBB+		947,933
		Nevada Power Co.,
	1,600	5.95%, 3/15/16	Baa3/BBB		1,359,432
	3,000	6.50%, 5/15/18	Baa3/BBB		2,547,528
	1,000	6.65%, 4/1/36	Baa3/BBB		748,937
	1,700	Ohio Edison Co., 5.45%, 5/1/15	Baa2/BBB−		1,442,302
	500	PSE&G Power LLC, 7.75%, 4/15/11	Baa1/BBB		493,632
	2,900	Public Service Co. of Oklahoma, 6.15%, 8/1/16	Baa1/BBB		2,497,924
	1,700	Sierra Pacific Power Co., 6.00%, 5/15/16	Baa3/BBB		1,436,662
	450	System Energy Resources, Inc., 5.129%, 1/15/14 (a)(d)	Baa3/BBB+		452,121
	1,000	Tampa Electric Co., 6.875%, 6/15/12	Baa2/BBB−		958,191
	4,500	Toledo Edison Co., 6.15%, 5/15/37	Baa3/BBB−		3,120,962
					55,548,828
		Waste Disposal–0.2%
	4,800	Allied Waste North America, Inc., 6.50%, 11/15/10	B1/BB		4,512,000
		Total Corporate Bonds & Notes (cost–$1,435,875,367)			1,059,552,532
U.S. GOVERNMENT AGENCY SECURITIES–37.0%
		Fannie Mae–3.3%
	10	3.766%, 2/1/18, FRN, MBS	Aaa/AAA		9,781
	7	3.943%, 8/25/18, CMO, FRN	Aaa/AAA		6,910
	4,163	4.50%, 4/25/16, CMO	Aaa/AAA		4,164,602
	5,115	4.50%, 1/25/17, CMO	Aaa/AAA		5,071,453
	7,797	4.986%, 11/1/35, FRN, MBS	Aaa/AAA		7,815,853
	1,472	5.00%, 1/25/17, CMO	Aaa/AAA		1,486,814
	236	5.50%, 3/1/37, MBS	Aaa/AAA		230,693
	707	5.50%, 8/1/37, MBS	Aaa/AAA		705,731
	816	5.50%, 2/1/38, MBS	Aaa/AAA		814,702

10.31.08  Fixed Income SHares – Series C Annual Report 19

Fixed Income SHares – Series C Schedule of Investments
October 31, 2008 (continued)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)*	Value
		Fannie Mae (continued)
$	2,199	5.50%, 6/1/38, MBS	Aaa/AAA	$	2,149,946
	21,608	5.50%, 6/1/38, MBS	Aaa/AAA		21,682,495
	259	5.50%, 9/1/38, MBS	Aaa/AAA		253,135
	22,000	5.50%, TBA, MBS (e)	Aaa/AAA		21,453,432
	39	6.00%, 5/1/38, MBS	Aaa/AAA		39,267
	9	6.365%, 4/1/17, FRN, MBS	Aaa/AAA		8,867
					65,893,681
		Freddie Mac–1.5%
	12	4.125%, 12/1/18, FRN, MBS	Aaa/AAA		11,688
	1,944	4.50%, 12/15/10, CMO	Aaa/AAA		1,951,925
	1,437	4.50%, 3/15/16, CMO	Aaa/AAA		1,434,475
	284	4.50%, 10/15/19, CMO	Aaa/AAA		282,622
	5,219	4.50%, 2/15/20, CMO	Aaa/AAA		5,181,126
	2,456	4.988%, 11/15/16, CMO, FRN	Aaa/AAA		2,433,898
	1,589	5.00%, 1/15/18, CMO	Aaa/AAA		1,608,125
	10,839	5.00%, 7/15/24, CMO	Aaa/AAA		10,915,161
	3,599	5.00%, 5/15/27, CMO	Aaa/AAA		3,633,277
	32	5.271%, 6/1/30, FRN, MBS	Aaa/AAA		32,712
	2,015	6.00%, 10/1/27, MBS	Aaa/AAA		2,019,714
	1,000	6.50%, TBA, MBS (e)	Aaa/AAA		1,013,594
					30,518,317
		Ginnie Mae–29.1%
	21	5.375%, 1/20/22, FRN, MBS	Aaa/AAA		21,031
	91,034	6.00%, 2/15/37, MBS	Aaa/AAA		91,121,258
	1,592	6.00%, 8/15/37, MBS	Aaa/AAA		1,594,484
	492,000	6.00%, TBA, MBS (e)	Aaa/AAA		492,076,752
	22	7.50%, 1/15/31, MBS	Aaa/AAA		23,239
	53	7.50%, 8/15/31, MBS	Aaa/AAA		55,577
					584,892,341
		Small Business Administration Participation Certificates–3.1%
	915	4.504%, 2/10/14	Aaa/AAA		873,739
	35,183	5.32%, 1/1/27	Aaa/AAA		34,601,292
	25,826	5.70%, 8/1/26	Aaa/AAA		26,071,657
					61,546,688
		Total U.S. Government Agency Securities (cost–$754,325,958)			742,851,027

20 Fixed Income SHares – Series C Annual Report  10.31.08

Fixed Income SHares – Series C Schedule of Investments
October 31, 2008 (continued)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)*	Value
SOVEREIGN DEBT OBLIGATIONS–15.8%
		Brazil–0.3%
		Federal Republic of Brazil,
BRL	7,650	10.25%, 1/10/28	Ba1/BBB−	$	2,517,986
BRL	6,300	12.50%, 1/5/22	Ba1/BBB−		2,443,927
					4,961,913
		Canada–10.6%
CAD	163,900	Canada Housing Trust, 3.95%, 6/15/13 (e)	Aaa/AAA		137,520,073
CAD	90,900	Canada Housing Trust No. 1, 3.55%, 9/15/13 (a)(d)(e)	Aaa/AAA		74,885,705
					212,405,778
		France–2.1%
€	37,200	France Government Bond, 4.00%, 10/25/38, OAT (e)	Aaa/AAA		42,055,927
		Germany–2.8%
€	1,800	Bundesrepublik Deutschland, 4.75%, 7/4/40 (e)	Aaa/AAA		2,388,070
		Deutsche Bundesrepublik (e),
€	800	4.25%, 7/4/39	Aaa/AAA		978,027
€	35,000	6.25%, 1/4/30	Aaa/AAA		53,666,620
					57,032,717
		Total Sovereign Debt Obligations (cost–$329,589,306)			316,456,335
SENIOR LOANS (a)(c)–4.3%
		Automotive–0.3%
$	8,738	Ford Motor Corp., 7.59%, 12/16/13, Term B			4,855,699
		Hertz Corp.,
	111	3.204%, 12/21/12			80,635
	403	4.50%, 12/21/12, Term B			292,899
	178	4.50%, 12/21/12, Term B (b)			129,016
	30	5.00%, 12/21/12, Term B			21,797
					5,380,046
		Drugs & Medical Products–0.2%
		Mylan Laboratories, Inc., Term B,
	1,295	6.625%, 10/2/14			1,118,087
	733	6.625%, 10/2/14 (b)			633,071
	2,934	7.063%, 10/2/14			2,533,430
					4,284,588
		Financial Services–2.8%
	80,566	Chrysler Financial Corp., 6.82%, 8/3/12			55,254,942

10.31.08  Fixed Income SHares – Series C Annual Report 21

Fixed Income SHares – Series C Schedule of Investments
October 31, 2008 (continued)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)*	Value
		Healthcare & Hospitals–0.1%
$	1,965	HCA, Inc., 6.012%, 11/18/13, Term B		$	1,626,529
		Hotels/Gaming–0.2%
		Las Vegas Sands Corp.,
	1,187	5.52%, 5/23/14			682,822
		MGM Mirage, Inc.,
	1,200	2.686%, 10/3/11			795,999
	1,200	3.409%, 10/3/11			810,000
	600	3.418%, 10/3/11			405,000
	720	3.437%, 10/3/11			486,000
	600	3.671%, 10/3/11			398,000
	480	3.805%, 10/3/11 (b)			242,700
	600	4.01%, 10/3/11 (b)			398,000
	600	4.862%, 10/3/11 (b)			398,000
					4,616,521
		Multi-Media–0.1%
		MGM Studios,
	3,932	7.012%, 4/8/12, Term B			1,988,170
		Paper/Paper Products–0.6%
		Georgia-Pacific Corp.,
	1,508	3.518%, 12/20/12			1,255,863
	8,966	4.567%, 12/20/12, Term B			7,469,514
	2,323	4.868%, 12/20/12			1,935,114
	641	4.868%, 12/20/12, Term B			534,063
	942	5.512%, 12/20/12			784,915
	750	5.512%, 12/20/12, Term B			625,023
					12,604,492
		Total Senior Loans (cost–$119,378,166)			85,755,288
MORTGAGE-BACKED SECURITIES–4.0%
€	5,400	Arena BV, 5.054%, 2/17/63, CMO, FRN	Aaa/NR		6,494,386
$	4,400	Banc of America Commercial Mortgage, Inc., 5.889%, 7/10/44, CMO, VRN	NR/AAA		3,496,785
	320	Banc of America Funding Corp., 6.129%, 1/20/47, CMO, VRN	NR/A		214,438
		Bear Stearns Adjustable Rate Mortgage Trust, CMO,
	4,930	4.125%, 3/25/35, FRN	Aaa/AAA		4,611,294
	3,073	4.55%, 8/25/35, FRN	Aaa/AAA		2,932,274
	184	4.630%, 5/25/34, FRN	Aaa/AAA		179,278
	327	4.644%, 10/25/33, VRN	Aaa/AAA		314,650
	4,991	Bear Stearns Alt-A Trust, 5.770%, 11/25/36, CMO, VRN	Aaa/AAA		2,970,910

22 Fixed Income SHares – Series C Annual Report  10.31.08

Fixed Income SHares – Series C Schedule of Investments
October 31, 2008 (continued)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)*	Value
$	3,000	Chase Commercial Mortgage Securities Corp., 6.275%, 2/12/16, CMO, VRN (a)(d)	Aaa/NR	$	2,910,568
		Citigroup Mortgage Loan Trust, Inc., CMO, FRN,
	1,111	4.248%, 8/25/35	Aaa/AAA		1,057,820
	1,019	4.748%, 8/25/35	Aaa/AAA		964,205
	8,000	Citigroup/Deutsche Bank Commercial Mortgage Trust, 5.362%, 1/15/46, CMO, VRN	Aaa/AAA		6,268,111
		Cordusio RMBS SRL, CMO, FRN,
€	1,500	5.202%, 12/31/40	Aaa/AAA		1,894,276
€	531	5.282%, 6/30/35	Aaa/AAA		613,072
		Countrywide Alternative Loan Trust, CMO,
$	2,944	3.449%, 11/25/46, FRN	Aaa/AAA		1,660,439
	868	3.459%, 5/25/36, FRN	Aaa/AAA		477,500
	14,071	6.25%,8/25/37	Aaa/B		8,024,170
		Countrywide Home Loan Mortgage Pass-Through Trust, CMO,
	403	3.579%, 3/25/35, FRN	Aaa/AAA		219,106
	124	4.723%, 8/25/34, VRN	Aaa/AAA		96,731
	39	Credit Suisse First Boston Mortgage Securities Corp., 5.062%, 7/25/33, CMO, VRN	Aaa/AAA		36,102
€	5,000	Delphinus BV, 5.201%, 4/25/93, FRN	NR/NR		6,209,726
$	1,653	Deutsche Alt-A Securities, Inc., 3.339%, 2/25/37, CMO, FRN	Aaa/AAA		1,555,010
		Downey Savings & Loan Assoc. Mortgage Loan Trust, CMO, FRN,
	3,320	4.538%,8/19/45	Aaa/AAA		1,987,241
	2,168	4.982%,7/19/44	Aaa/AAA		1,705,438
	261	First Horizon Asset Securities, Inc., 4.759%, 12/25/33, CMO, FRN	Aaa/NR		234,119
	5,416	Greenpoint Mortgage Funding Trust, 3.489%, 6/25/45, CMO, FRN	Aaa/AAA		3,332,616
	25	Greenpoint Mortgage Pass-Through Certificates, 5.509%, 10/25/33, CMO, FRN	NR/AAA		22,677
	279	GSR Mortgage Loan Trust, 4.496%, 3/25/33, CMO, FRN	Aaa/NR		265,702
		Harborview Mortgage Loan Trust, CMO,
	843	4.618%, 6/20/35, FRN	Aaa/AAA		510,616
	452	5.156%, 5/19/33, VRN	NR/AAA		403,308
	34,855	Hilton Hotel Pool Trust, 0.860%, 10/3/15, CMO, IO, VRN (a)(d)	Aaa/AAA		432,581
	563	Homebanc Mortgage Trust, 5.805%, 4/25/37, CMO, VRN	Aaa/AAA		435,998
€	582	IntesaBci Sec 2 SRL, 5.245%, 8/28/23, CMO, FRN	Aaa/AAA		708,157
$	1,000	JPMorgan Chase Commercial Mortgage Securities Corp., 5.336%, 5/15/47, CMO	Aaa/AAA		722,139

10.31.08  Fixed Income SHares – Series C Annual Report 23

Fixed Income SHares – Series C Schedule of Investments
October 31, 2008 (continued)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)*	Value
		JPMorgan Mortgage Trust, CMO, FRN,
$	292	4.371%,11/25/33	NR/AAA	$	283,878
	3,496	4.766%,7/25/35	Aaa/AAA		2,936,436
	618	5.023%,2/25/35	Aaa/AAA		514,062
	2,010	Ocwen Residential MBS Corp., 7.00%, 10/25/40, CMO, VRN (a)(d)	B3/NR		627,180
	462	PNC Mortgage Acceptance Corp., 7.61%, 2/15/10, CMO	Aaa/NR		462,123
	2,394	Residential Accredit Loans, Inc., 3.469%, 4/25/46, CMO, FRN	Aaa/AAA		1,287,167
	220	Structured Adjustable Rate Mortgage Loan Trust, 4.18%, 2/25/34, CMO, VRN	Aaa/AAA		176,135
	5,564	Structured Asset Mortgage Investments, Inc., 3.479%, 5/25/36, CMO, FRN	Aaa/AAA		3,134,867
	2,441	Thornburg Mortgage Securities Trust, 3.369%, 11/25/46, CMO, FRN	Aaa/AAA		2,147,711
		Washington Mutual, Inc., CMO, FRN,
	347	3.569%,1/25/45	Aaa/AAA		220,451
	1,819	3.665%,2/25/46	Aaa/AAA		953,882
	3,692	4.183%,11/25/34	Aaa/AAA		2,393,233
	954	Wells Fargo Mortgage-Backed Securities Trust, 5.112%, 3/25/36, CMO, VRN	Aaa/NR		768,944
		Total Mortgage-Backed Securities (cost–$98,897,209)			79,867,512
MUNICIPAL BONDS–2.0%
		Arizona–0.1%
	2,700	Salt River Project Agricultural Improvement & Power Dist. Rev., 5.00%, 1/1/38, Ser. A	Aa1/AA		2,519,640
		California–0.2%
	1,800	California Educational Facs. Auth. Rev., Claremont McKenna College, 5.00%, 1/1/38	Aa1/NR		1,657,170
	2,400	Golden State Tobacco Securitization Corp. Rev.,
		5.75%, 6/1/47, Ser. A-1	Baa3/BBB		1,584,144
					3,241,314
		Michigan–0.4%
	8,555	Detroit City School Dist., GO, 5.00%, 5/1/33, Ser. B (FGIC) (Q-SBLF)	Aa3/AA		7,626,184
		Nevada–0.2%
	4,005	Clark County School Dist., GO, 5.00%, 6/15/19, Ser. A	Aa2/AA		4,032,154
		New York–0.1%
	1,300	New York City Municipal Water Finance Auth. Rev., 5.00%, 6/15/37, Ser. DD	Aa3/AA+		1,182,558

24 Fixed Income SHares – Series C Annual Report  10.31.08

Fixed Income SHares – Series C Schedule of Investments
October 31, 2008 (continued)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)*	Value
$	1,300	New York City Transitional Finance Auth. Rev., 5.00%, 1/15/25, Ser. S-1	A1/AA−	$	1,203,787
					2,386,345
		Ohio–0.4%
	13,550	Buckeye Tobacco Settlement Financing Auth. Rev., 5.75%, 6/1/34, Ser. A-2	Baa3/BBB		9,118,743
		Washington–0.6%
	13,180	State, Motor Vehicle Rev., GO, 5.00%, 1/1/33, Ser. D	Aa1/AA+		12,230,908
		Total Municipal Bonds (cost–$48,302,729)			41,155,288
ASSET-BACKED SECURITIES–0.8%
	297	Accredited Mortgage Loan Trust, 3.299%, 9/25/36, FRN	Aaa/AAA		293,885
	1,002	ACE Securities Corp., 3.309%, 12/25/36, FRN	Baa3/AAA		943,957
	301	Asset-Backed Funding Certificates, 3.319%, 1/25/37, FRN	Aaa/AAA		284,399
		Green Tree Financial Corp.,
	456	6.22%,3/1/30	NR/BBB		403,422
	5,728	6.53%, 2/1/31, VRN	NR/B−		4,482,744
		Keystone Owner Trust (a)(d),
	35	8.35%, 12/25/24	Ba2/NR		33,390
	5	9.00%, 1/25/29	Ba2/NR		4,954
	361	Lake Country Mortgage Loan Trust, 3.389%, 7/25/34, FRN (a)(d)	Aaa/AAA		355,072
	73	Lehman XS Trust, 3.339%, 4/25/46, FRN	Aaa/AAA		72,244
	2,357	MASTR Asset-Backed Securities Trust, 3.369%, 2/25/36, FRN	Aaa/AAA		2,297,838
	3,962	Merrill Lynch Mortgage Investors, Inc., 3.329%, 8/25/36, FRN	Aaa/AAA		3,742,926
	1,130	Morgan Stanley ABS Capital I, 3.309%, 10/25/36, FRN	Aaa/AAA		1,094,505
	75	Morgan Stanley Home Equity Loans, 3.369%, 2/25/36, FRN	Aaa/AAA		74,646
	300	Morgan Stanley Mortgage Loan Trust, 3.619%, 4/25/37, FRN	Ba3/BB		145,537
	127	Residential Asset Mortgage Products, Inc., 3.359%, 8/25/46, FRN	Aaa/AAA		122,166
		Wells Fargo Home Equity Trust, FRN (a)(d),
	962	3.489%,10/25/35	Aaa/AAA		929,666
	717	3.499%,11/25/35	Aaa/AAA		700,384
		Total Asset-Backed Securities (cost–$17,000,547)			15,981,735

10.31.08  Fixed Income SHares – Series C Annual Report 25

Fixed Income SHares – Series C Schedule of Investments
October 31, 2008 (continued)

Principal
Amount				Credit Rating
(000)				(Moody’s/S&P)*	Value
CONVERTIBLE BONDS–0.6%
			Oil & Gas–0.6%
			Chesapeake Energy Corp.,
$	1,200		2.25%,12/15/38	Ba3/BB	$	601,500
	18,200		2.50%,5/15/37	Ba3/BB		11,488,750
			Total Convertible Bonds (cost–$19,863,242)			12,090,250
Shares
PREFERRED STOCK–0.0%
			Financial Services–0.0%
	56,000		Goldman Sachs Group, Inc., 3.75%, Ser. A, FRN (cost–$1,400,000)	A2/A		649,600
CONVERTIBLE PREFERRED STOCK–0.0%
			Insurance–0.0%
	9,050		American International Group, Inc., 8.50% (cost–$678,750)	Baa1/NR		40,272
Principal
Amount
(000)
SHORT-TERM INVESTMENTS–19.5%
			U.S. Treasury Bills (k)–14.2%
$	285,200		1.01%-1.71%,11/28/08-12/26/08 (cost–$284,957,710)			284,957,709
			U.S. Government Agency Securities–2.0%
	—(h	)	Fannie Mae, 4.00%, 2/25/09, CMO	Aaa/AAA		134
	40,400		Federal Home Loan Bank Discount Notes, 2.50%, 11/24/08	A-1+/A-1		40,335,472
			Total U.S. Government Agency Securities (cost–$40,335,605)			40,335,606
			Commercial Paper–2.0%
			Financial Services–2.0%
	39,800		Bank of America Corp., 2.55%, 1/29/09 (cost–$39,549,094)	P-1/A-1+		39,455,730
			Corporate Notes–0.8%
			Airlines–0.0%
	500		Continental Airlines, Inc., 6.32%, 11/1/08	NR/A−		495,000
			Banking–0.1%
	2,000		UBS AG, 3.824%, 7/23/09, FRN	Aa2/AA+		1,985,900

26 Fixed Income SHares – Series C Annual Report  10.31.08

Fixed Income SHares – Series C Schedule of Investments
October 31, 2008 (continued)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)*	Value
		Hotels/Gaming–0.1%
$	2,000	Mandalay Resort Group, 6.50%, 7/31/09	Ba3/BB−	$	1,830,000
	1,000	MGM Mirage, Inc., 6.00%, 10/1/09	Ba3/BB−		895,000
					2,725,000
		Multi-Media–0.1%
	1,530	British Sky Broadcasting PLC, 8.20%, 7/15/09	Baa2/BBB		1,517,136
	775	CSC Holdings, Inc., 8.125%, 8/15/09	B1/BB		744,000
					2,261,136
		Oil & Gas–0.3%
	2,675	Enterprise Products Operating L.P., 4.625%, 10/15/09	Baa3/BBB−		2,560,914
	2,800	Salomon Brothers AG for OAO Siberian Oil Co., 10.75%, 1/15/09	Baa3/BBB−		2,765,871
					5,326,785
		Telecommunications–0.1%
	810	Sprint Capital Corp., 6.375%, 5/1/09	Baa3/BB		779,714
		Utilities–0.1%
	1,600	Ohio Edison Co., 5.647%, 6/15/09 (a)(d)	Baa2/BBB−		1,596,841
		Waste Disposal–0.0%
	500	Waste Management, Inc., 6.50%, 11/15/08	Baa3/BBB		500,425
		Total Corporate Notes (cost–$12,396,759)			15,670,801
		Sovereign Debt Obligations–0.1%
		Korea–0.1%
	1,000	Export-Import Bank of Korea, 2.901%, 6/1/09, FRN (cost–$999,942)	Aa3/A		994,319
		Repurchase Agreement–0.4%
	9,000	JPMorgan Chase Bank, dated 10/31/08, 0.25%, due 11/3/08, proceeds $9,000,188; collateralized by U.S. Treasury Notes, 3.50%, due 5/31/13, valued at $9,013,764 including accrued interest (cost–$9,000,000)			9,000,000
		Total Short-Term Investments (cost–$391,064,479)			390,414,165
Contracts/
Notional
Amount				Value
OPTIONS PURCHASED (l)–2.7%
		Call Options–2.0%
		1-Year Interest Rate Swap (OTC),
		Pay 3-Month EUR-LIBOR Floating Rate Index,
	1,928,000,000	strike rate 4.12%, expires 3/16/09		$	24,646,535

10.31.08  Fixed Income SHares – Series C Annual Report 27

Fixed Income SHares – Series C Schedule of Investments
October 31, 2008 (continued)

Contracts/
Notional
Amount			Value
		Call Options (continued)
		2-Year Interest Rate Swap (OTC),
		Pay 3-Month EUR-LIBOR Floating Rate Index,
	902,300,000	strike rate 4.00%, expires 6/14/10	$	8,191,515
		Pay 3-Month USD-LIBOR Floating Rate Index,
	66,300,000	strike rate 5.00%, expires 8/28/09		2,142,173
	54,700,000	strike rate 3.25%, expires 2/13/09		4,429
		Euro-Bund (EUREX),
	35	strike price $127.50, expires 11/21/08		444
		Euro versus Japanese Yen (OTC),
	9,000,000	strike price $148.40, expires 6/3/10		289,249
		Euro versus U.S. Dollar (OTC),
	28,600,000	strike price $1.38, expires 5/21/10		1,963,020
	19,000,000	strike price $1.38, expires 6/3/10		1,321,282
		Fannie Mae (OTC),
	23,000,000	strike price $109, expires 1/6/09		—
	24,000,000	strike price $110, expires 1/6/09		—
		U.S. Dollar versus Japanese Yen (OTC),
	10,200,000	strike price $104, expires 3/17/10		355,572
	5,000,000	strike price $105.20, expires 3/31/10		149,105
	20,000,000	strike price $105.40, expires 3/31/10		580,080
		U.S. Treasury Notes 10 yr. Futures (CBOT),
	1,816	strike price $136, expires 11/21/08		28,880
				39,672,284
		Put Options–0.7%
		Euro-Bobl (EUREX),
	109	strike price $105, expires 11/21/08		691
		Euro-Bund (EUREX),
	1,633	strike price $103, expires 11/21/08		20,707
		Euro versus Japanese Yen (OTC),
	9,000,000	strike price $148.40, expires 6/3/10		2,675,536
		Euro versus U.S. Dollar (OTC),
	28,600,000	strike price $1.38, expires 5/21/10		4,726,617
	19,000,000	strike price $1.38, expires 6/3/10		3,155,672
		Fannie Mae (OTC),
	37,000,000	strike price $70, expires 11/6/08		—
	83,000,000	strike price $75, expires 12/4/08		1
	265,000,000	strike price $81, expires 12/4/08		121
		Freddie Mac (OTC),
	22,000,000	strike price $65, expires 1/6/09		—

28 Fixed Income SHares – Series C Annual Report  10.31.08

Fixed Income SHares – Series C Schedule of Investments
October 31, 2008 (continued)

Contracts/
Notional
Amount			Value
		Put Options (continued)
	1,000,000	strike price $70, expires 1/6/09	$	1
		Ginnie Mae (OTC),
	1,640,000	strike price $55, expires 1/14/09		—
	71,500,000	strike price $72, expires 1/14/09		1
	48,360,000	strike price $80, expires 1/14/09		1,708
	143,000,000	strike price $81, expires 12/11/08		1,181
	227,500,000	strike price $81.50, expires 1/14/09		14,604
		U.S. Dollar versus Japanese Yen (OTC),
	10,200,000	strike price $104, expires 3/17/10		1,159,709
	5,000,000	strike price $105.20, expires 3/31/10		607,945
	20,000,000	strike price $105.40, expires 3/31/10		2,455,380
		U.S. Treasury Bonds 30 yr. Futures (CBOT),
	10	strike price $86, expires 11/21/08		158
	799	strike price $89, expires 11/21/08		12,601
	1,705	strike price $90, expires 11/21/08		26,903
	870	strike price $92, expires 11/21/08		13,743
	93	strike price $96, expires 11/21/08		1,473
		U.S. Treasury Notes 5 yr. Futures (CBOT),
	167	strike price $101.50, expires 11/21/08		1,305
		U.S. Treasury Notes 10 yr. Futures (CBOT),
	750	strike price $85, expires 11/21/08		11,552
	89	strike price $86, expires 11/21/08		1,370
	3,416	strike price $99, expires 11/21/08		51,810
	2,000	strike price $101, expires 11/21/08		30,180
				14,970,969
		Total Options Purchased (cost–$18,795,429)		54,643,253
		Total Investments before options written (cost–$3,235,171,182)–139.5%		2,799,457,257
OPTIONS WRITTEN (l)–(1.1)%
		Call Options–(0.9)%
		5-Year Interest Rate Swap (OTC),
		Pay 3-Month EUR-LIBOR Floating Rate Index,
	423,000,000	strike rate 4.25%, expires 3/16/09		(11,092,880	)
		7-Year Interest Rate Swap (OTC),
		Pay 3-Month EUR-LIBOR Floating Rate Index,
	286,200,000	strike rate 4.20%, expires 6/14/10		(5,738,974	)
		Pay 3-Month USD-LIBOR Floating Rate Index,
	21,700,000	strike rate 5.32%, expires 8/28/09		(1,305,368	)

10.31.08  Fixed Income SHares – Series C Annual Report 29

Fixed Income SHares – Series C Schedule of Investments
October 31, 2008 (continued)

Contracts/
Notional
Amount				Value
		Put Options (continued)
		Dow Jones CDX IG-10 5 Year Index,
	12,000,000	strike rate 1.50%, expires 12/22/08		$	(18,000	)
		U.S. Treasury Notes 10 yr. Futures (CBOT),
	1,248	strike price $118, expires 11/21/08			(143,300	)
					(18,298,522	)
		Put Options–(0.2)%
		5-Year Interest Rate Swap (OTC),
		Pay 3-Month USD-LIBOR Floating Rate Index,
	413,800,000	strike rate 5.10%, expires 3/16/09			(1,810,003	)
		Dow Jones CDX IG-10 5 Year Index,
	12,000,000	strike rate 1.50%, expires 12/22/08			(429,000	)
		U.S. Treasury Notes 10 yr. Futures (CBOT),
	1,248	strike price $113, expires 11/21/08			(1,426,901	)
					(3,665,904	)
		Total Options Written (premiums received–$14,010,103)			(21,964,426	)
		Total Investments net of options written (cost–$3,221,161,079)	138.4%		2,777,492,831
		Other liabilities in excess of other assets	(38.4)		(770,998,420	)
		Net Assets	100.0%	$	2,006,494,411

30 Fixed Income SHares – Series C Annual Report  10.31.08

Fixed Income SHares – Series H Schedule of InvestmentsOctober 31, 2008

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)*	Value
MUNICIPAL BONDS–97.1%
		Arizona–9.3%
$	100	Apache Cnty. Industrial Dev. Auth. Pollution Control Rev., Tucson Electric Power Co., 5.875%, 3/1/33	Baa3/BB+	$	71,684
	100	Health Facs. Auth. Rev., Beatitudes Project, 5.20%, 10/1/37	NR/NR		63,266
	100	Pima Cnty. Industrial Dev. Auth. Rev., Choice Education and Dev. Corp., 6.375%, 6/1/36	NR/NR		77,510
					212,460
		California–8.5%
	100	Statewide Community Dev. Auth. Rev., Baptist Univ., 5.50%, 11/1/38, Ser. A	NR/NR		62,835
	150	Univ. Rev., 5.00%, 5/15/41, Ser. D (MBIA-FGIC)	Aa2/AA		132,144
					194,979
		Colorado–3.1%
	100	Health Facs. Auth. Rev., Volunteers of America, 5.25%, 7/1/27	NR/NR		70,568
		Florida–3.0%
	100	Sarasota Cnty. Health Fac. Auth. Rev., 5.75%, 7/1/37	NR/NR		67,737
		Illinois–3.2%
	100	Finance Auth. Rev., Dekalb Supportive Living, 6.10%, 12/1/41 (n)	NR/NR		72,140
		Indiana–3.0%
	100	Vigo Cnty. Hospital Auth. Rev., 5.70%, 9/1/37 (a)(d)	NR/NR		68,006
		Iowa–2.6%
	100	Finance Auth. Rev., Deerfield Retirement Community, Inc., 5.50%, 11/15/37	NR/NR		58,423
		Maryland–5.8%
		Health & Higher Educational Facs. Auth. Rev.,
	100	5.30%,1/1/37	NR/NR		60,238
	100	6.00%,1/1/43	NR/BBB−		72,204
					132,442
		Michigan–9.5%
	100	Kalamazoo Economic Dev. Corp. Rev., 5.50%, 5/15/36	NR/NR		66,333
	95	Meridian Economic Dev. Corp. Rev., 5.25%, 7/1/26	NR/NR		66,484
	100	Tobacco Settlement Finance Auth. Rev., 5.125%, 6/1/22, Ser. A	NR/BBB		84,371
					217,188
		Minnesota–6.1%
	100	North Oaks Presbyterian Homes Rev., 6.125%, 10/1/39	NR/NR		75,732
	100	St. Paul Housing & Redev. Auth. Rev., 5.375%, 5/1/43	NR/NR		63,147
					138,879

10.31.08  Fixed Income SHares – Series H Annual Report 31

Fixed Income SHares – Series H Schedule of Investments
October 31, 2008 (continued)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)*	Value
		Missouri–3.2%
$	100	Branson Regional Airport Transportation Dev. Dist. Rev., 6.00%, 7/1/25, Ser. B (n)	NR/NR	$	72,844
		New Jersey–3.5%
	100	Middlesex Cnty. Improvement Auth. Rev., 6.125%, 1/1/25, Ser. B	NR/NR		79,178
		New Mexico–3.4%
	100	Otero Cnty. Rev., 6.00%, 4/1/28	NR/NR		77,759
		Ohio–3.2%
	100	Buckeye Tobacco Settlement Financing Auth. Rev., 5.875%, 6/1/30, Ser. A-2	Baa3/BBB		74,332
		Pennsylvania–2.7%
	100	Allegheny Cnty. Hospital Dev. Auth. Rev., 5.375%, 11/15/40, Ser. A	Ba3/BB		62,472
		Tennessee–3.2%
	100	Blount Cnty. Health & Educational Facs. Board Rev., 5.125%, 4/1/23, Ser. A	NR/NR		72,987
		Texas–10.4%
	100	Maverick Cnty. Public Fac. Corp. Rev., 6.375%, 2/1/29, Ser. A-1	NR/NR		76,050
	100	North Texas Tollway Auth. Rev., 5.75%, 1/1/33, Ser. F	A3/BBB+		86,433
	100	Willacy Cnty. Rev., 6.875%, 9/1/28, Ser. A-1	NR/NR		74,962
					237,445
		Utah–6.9%
	100	Spanish Fork City Rev., 5.55%, 11/15/21	NR/NR		82,797
	100	Utah Cnty. Lincoln Academy Charter School Rev., GO, 5.875%, 6/15/37, Ser. A (a)(d)	NR/NR		74,481
					157,278
		Virginia–3.4%
	100	Lewistown Commerce Center Community Dev. Auth. Rev., 6.05%, 3/1/27	NR/NR		77,052
		Wisconsin–3.1%
	100	Milwaukee Redev. Auth. Rev., 5.65%, 8/1/37, Ser. A	NR/NR		71,557
		Total Municipal Bonds (cost–$3,035,912)			2,215,726
Shares
MUTUAL FUND–1.7%
	39,000	SSgA Tax Free Money Market Fund (cost–$39,000)			39,000
		Total Investments (cost–$3,074,912)	98.8%		2,254,726
		Other assets less liabilities	1.2		26,713
		Net Assets	100.0%	$	2,281,439

32 Fixed Income SHares – Series H Annual Report  10.31.08

Fixed Income SHares – Series M Schedule of Investments
October 31, 2008

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)*	Value
U.S. GOVERNMENT AGENCY SECURITIES–479.6%
		Fannie Mae–205.9%
$	91	3.70%, 8/25/21, CMO, FRN (m)	Aaa/AAA	$	90,844
	57	3.943%, 5/1/17, FRN, MBS (m)	Aaa/AAA		57,234
	62	3.958%, 6/1/20, FRN, MBS (m)	Aaa/AAA		62,123
	88	3.961%, 5/1/18, FRN, MBS (m)	Aaa/AAA		89,322
	102	3.968%, 1/1/18, FRN, MBS (m)	Aaa/AAA		101,927
	3,653	4.00%, 11/25/19, CMO (m)	Aaa/AAA		3,352,776
	434	4.073%, 5/1/34, FRN, MBS (m)	Aaa/AAA		437,424
	3,685	4.305%, 1/1/34, FRN, MBS (m)	Aaa/AAA		3,709,019
	583	4.449%, 10/1/34, FRN, MBS (m)	Aaa/AAA		583,957
	300	4.50%, 11/25/14, CMO (m)	Aaa/AAA		301,682
	2,331	4.50%, 8/1/20, MBS (m)	Aaa/AAA		2,225,111
	693	4.50%, 11/1/20, MBS	Aaa/AAA		662,052
	1,665	4.50%, 7/1/21, MBS (m)	Aaa/AAA		1,586,965
	273	4.50%, 12/1/21, MBS (m)	Aaa/AAA		260,354
	562	4.50%, 1/1/22, MBS (m)	Aaa/AAA		535,067
	30	4.50%, 2/1/22, MBS (m)	Aaa/AAA		28,552
	6,865	4.50%, 4/1/22, MBS (m)	Aaa/AAA		6,540,190
	27,348	4.50%, 5/1/22, MBS (m)	Aaa/AAA		26,059,518
	1,086	4.50%, 6/1/22, MBS (m)	Aaa/AAA		1,034,563
	4,838	4.50%, 7/1/22, MBS (m)	Aaa/AAA		4,609,133
	14,089	4.50%, 1/25/25, CMO (m)	Aaa/AAA		14,119,868
	8,500	4.50%, 11/25/26, CMO (m)	Aaa/AAA		7,267,028
	1,600	4.50%, TBA, MBS (e)	Aaa/AAA		1,523,000
	475	4.525%, 12/1/34, FRN, MBS (m)	Aaa/AAA		477,279
	487	4.649%, 9/1/32, FRN, MBS (m)	Aaa/AAA		485,274
	18	4.725%, 11/1/32, FRN, MBS	Aaa/AAA		17,619
	765	4.753%, 4/1/35, FRN, MBS (m)	Aaa/AAA		767,013
	34	4.872%, 9/1/32, FRN, MBS (m)	Aaa/AAA		34,224
	349	4.875%, 1/1/33, FRN, MBS (m)	Aaa/AAA		361,399
	4,240	4.905%, 11/1/35, FRN, MBS (m)	Aaa/AAA		4,240,384
	853	4.967%, 2/1/33, FRN, MBS (m)	Aaa/AAA		873,261
	867	4.983%, 1/1/22, FRN, MBS (m)	Aaa/AAA		872,688
	1,784	5.00%, 9/25/14, CMO (m)	Aaa/AAA		1,794,139
	200	5.00%, 1/25/16, CMO (m)	Aaa/AAA		201,623
	249	5.00%, 9/1/17, MBS (m)	Aaa/AAA		245,126
	1,895	5.00%, 1/1/19, MBS (m)	Aaa/AAA		1,868,364
	8,672	5.00%, 6/1/19, MBS (m)	Aaa/AAA		8,521,962
	2,335	5.00%, 7/1/19, MBS (m)	Aaa/AAA		2,295,040
	5,365	5.00%, 8/1/19, MBS (m)	Aaa/AAA		5,272,026
	6,379	5.00%, 9/1/19, MBS (m)	Aaa/AAA		6,277,479

10.31.08  Fixed Income SHares – Series M Annual Report 33

Fixed Income SHares – Series M Schedule of Investments
October 31, 2008 (continued)

Principal
Amount				Credit Rating
(000)				(Moody’s/S&P)*	Value
			Fannie Mae (continued)
$	1,223		5.00%, 10/1/19, MBS (m)	Aaa/AAA	$	1,201,924
	2,454		5.00%, 10/1/20, MBS (m)	Aaa/AAA		2,404,974
	2,356		5.00%, 11/1/20, MBS (m)	Aaa/AAA		2,308,735
	267		5.00%, 12/1/20, MBS (m)	Aaa/AAA		261,755
	2,684		5.00%, 1/1/21, MBS (m)	Aaa/AAA		2,629,021
	3,815		5.00%, 2/1/21, MBS (m)	Aaa/AAA		3,737,444
	361		5.00%, 3/1/21, MBS (m)	Aaa/AAA		352,936
	292		5.00%, 4/1/21, MBS (m)	Aaa/AAA		285,687
	939		5.00%, 5/1/21, MBS (m)	Aaa/AAA		919,246
	564		5.00%, 6/1/21, MBS (m)	Aaa/AAA		551,880
	71		5.00%, 7/1/21, MBS (m)	Aaa/AAA		69,594
	91		5.00%, 9/1/21, MBS (m)	Aaa/AAA		89,459
	1,258		5.00%, 10/1/21, MBS (m)	Aaa/AAA		1,231,221
	667		5.00%, 11/1/21, MBS (m)	Aaa/AAA		652,660
	62		5.00%, 12/1/21, MBS (m)	Aaa/AAA		60,484
	265		5.00%, 3/1/22, MBS (m)	Aaa/AAA		258,964
	693		5.00%, 5/1/23, MBS (m)	Aaa/AAA		677,609
	21,590		5.00%, 6/1/23, MBS (m)	Aaa/AAA		21,122,147
	22,989		5.00%, 8/1/23, MBS (m)	Aaa/AAA		22,491,390
	995		5.00%, 9/1/23, MBS (m)	Aaa/AAA		973,627
	—(h	)	5.00%, 11/1/33, MBS	Aaa/AAA		43
	540,164		5.00%, 6/1/35, MBS (e)	Aaa/AAA		512,643,600
	82,610		5.00%, 6/1/35, MBS (m)	Aaa/AAA		78,363,809
	28,231		5.00%, 7/1/35, MBS (e)	Aaa/AAA		26,810,484
	133,443		5.00%, 2/1/36, MBS (m)	Aaa/AAA		126,561,295
	1,249		5.00%, 11/1/36, MBS (m)	Aaa/AAA		1,184,419
	23		5.00%, 1/1/37, MBS (m)	Aaa/AAA		21,326
	381		5.00%, 2/1/37, MBS (m)	Aaa/AAA		360,655
	2,271		5.00%, 4/1/37, MBS (m)	Aaa/AAA		2,152,348
	1,147		5.00%, 5/1/37, MBS (m)	Aaa/AAA		1,086,888
	887		5.00%, 6/1/37, MBS (m)	Aaa/AAA		841,075
	1,997		5.00%, 7/1/37, MBS (m)	Aaa/AAA		1,893,011
	997		5.00%, 8/1/37, MBS (m)	Aaa/AAA		945,312
	1		5.00%, 2/1/38, MBS	Aaa/AAA		1,245
	—(h	)	5.00%, 3/1/38, MBS	Aaa/AAA		265
	1,196		5.00%, 5/1/38, MBS (m)	Aaa/AAA		1,133,860
	1,000		5.00%, 6/1/38, MBS	Aaa/AAA		947,645
	1,001		5.00%, 7/1/38, MBS	Aaa/AAA		948,806
	4,100		5.00%, TBA, MBS	Aaa/AAA		3,885,390
	257,000		5.00%, TBA, MBS (e)	Aaa/AAA		251,177,408

34 Fixed Income SHares – Series M Annual Report  10.31.08

Fixed Income SHares – Series M Schedule of Investments
October 31, 2008 (continued)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)*	Value
		Fannie Mae (continued)
$	1,708	5.001%, 1/1/20, FRN, MBS (m)	Aaa/AAA	$	1,717,361
	147	5.095%, 9/1/27, FRN, MBS (m)	Aaa/AAA		148,949
	383	5.095%, 5/1/33, FRN, MBS (m)	Aaa/AAA		382,346
	662	5.172%, 9/1/35, FRN, MBS (m)	Aaa/AAA		674,235
	826	5.204%, 5/1/28, FRN, MBS (m)	Aaa/AAA		841,605
	121	5.50%, 4/1/16, MBS (m)	Aaa/AAA		122,074
	52	5.50%, 7/1/16, MBS (m)	Aaa/AAA		52,440
	20	5.50%, 1/1/17, MBS (m)	Aaa/AAA		20,341
	196	5.50%, 4/1/17, MBS (m)	Aaa/AAA		196,416
	93	5.50%, 9/1/17, MBS (m)	Aaa/AAA		93,463
	45	5.50%, 10/1/17, MBS (m)	Aaa/AAA		45,599
	77	5.50%, 11/1/17, MBS (m)	Aaa/AAA		77,392
	26	5.50%, 1/1/18, MBS (m)	Aaa/AAA		26,259
	62	5.50%, 2/1/18, MBS (m)	Aaa/AAA		61,971
	128	5.50%, 4/1/18, MBS (m)	Aaa/AAA		128,236
	56	5.50%, 11/1/18, MBS (m)	Aaa/AAA		56,517
	117	5.50%, 12/1/18, MBS (m)	Aaa/AAA		116,979
	52	5.50%, 1/1/19, MBS (m)	Aaa/AAA		52,360
	31	5.50%, 4/1/19, MBS (m)	Aaa/AAA		30,973
	104	5.50%, 5/1/19, MBS (m)	Aaa/AAA		104,177
	36	5.50%, 8/1/19, MBS (m)	Aaa/AAA		35,735
	71	5.50%, 9/1/19, MBS (m)	Aaa/AAA		71,283
	47	5.50%, 10/1/19, MBS (m)	Aaa/AAA		47,437
	151	5.50%, 3/1/20, MBS (m)	Aaa/AAA		150,887
	32	5.50%, 6/1/20, MBS (m)	Aaa/AAA		31,527
	14	5.50%, 7/1/20, MBS	Aaa/AAA		13,737
	872	5.50%, 10/1/20, MBS (m)	Aaa/AAA		870,943
	803	5.50%, 12/1/20, MBS (m)	Aaa/AAA		802,029
	5,669	5.50%, 1/1/21, MBS (m)	Aaa/AAA		5,663,959
	5,341	5.50%, 2/1/21, MBS (m)	Aaa/AAA		5,331,752
	5,959	5.50%, 3/1/21, MBS (m)	Aaa/AAA		5,948,496
	7,462	5.50%, 4/1/21, MBS (m)	Aaa/AAA		7,448,223
	6,390	5.50%, 5/1/21, MBS (m)	Aaa/AAA		6,378,743
	4,332	5.50%, 6/1/21, MBS (m)	Aaa/AAA		4,323,757
	3,495	5.50%, 7/1/21, MBS (m)	Aaa/AAA		3,488,811
	5,381	5.50%, 8/1/21, MBS (m)	Aaa/AAA		5,371,819
	144	5.50%, 9/1/21, MBS (m)	Aaa/AAA		143,828
	5,687	5.50%, 10/1/21, MBS (m)	Aaa/AAA		5,676,986
	11,679	5.50%, 11/1/21, MBS (m)	Aaa/AAA		11,658,444
	6,828	5.50%, 12/1/21, MBS (m)	Aaa/AAA		6,815,067

10.31.08  Fixed Income SHares – Series M Annual Report 35

Fixed Income SHares – Series M Schedule of Investments
October 31, 2008 (continued)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)*	Value
		Fannie Mae (continued)
$	17	5.50%, 2/1/22, MBS	Aaa/AAA	$	16,756
	16,421	5.50%, 1/1/22, MBS (m)	Aaa/AAA		16,391,453
	3,215	5.50%, 2/1/22, MBS (m)	Aaa/AAA		3,209,496
	23,783	5.50%, 3/1/22, MBS (m)	Aaa/AAA		23,735,277
	16,843	5.50%, 5/1/22, MBS (m)	Aaa/AAA		16,809,371
	114	5.50%, 6/1/22, MBS (m)	Aaa/AAA		113,347
	1,109	5.50%, 7/1/22, MBS (m)	Aaa/AAA		1,106,956
	6,588	5.50%, 8/1/22, MBS (m)	Aaa/AAA		6,574,631
	3,370	5.50%, 9/1/22, MBS (m)	Aaa/AAA		3,363,126
	9,751	5.50%, 10/1/22, MBS (m)	Aaa/AAA		9,730,536
	1,989	5.50%, 11/1/22, MBS (m)	Aaa/AAA		1,985,440
	1,795	5.50%, 12/1/22, MBS (m)	Aaa/AAA		1,791,655
	2,027	5.50%, 1/1/23, MBS (m)	Aaa/AAA		2,023,071
	2,627	5.50%, 2/1/23, MBS (m)	Aaa/AAA		2,621,089
	98	5.50%, 5/1/23, MBS (m)	Aaa/AAA		97,608
	913	5.50%, 8/1/23, MBS (m)	Aaa/AAA		911,296
	7,723	5.50%, 9/1/23, MBS (m)	Aaa/AAA		7,707,194
	1,190	5.50%, 2/25/24, CMO (m)	Aaa/AAA		1,208,565
	874	5.50%, 10/1/32, MBS (m)	Aaa/AAA		856,246
	1,400	5.50%, 11/1/32, MBS (m)	Aaa/AAA		1,372,507
	103	5.50%, 12/1/32, MBS (m)	Aaa/AAA		101,368
	2,527	5.50%, 1/1/33, MBS (m)	Aaa/AAA		2,476,978
	2,573	5.50%, 2/1/33, MBS (m)	Aaa/AAA		2,521,403
	342	5.50%, 3/1/33, MBS (m)	Aaa/AAA		336,033
	4,761	5.50%, 4/1/33, MBS (m)	Aaa/AAA		4,663,544
	1,272	5.50%, 5/1/33, MBS (m)	Aaa/AAA		1,245,447
	16,640	5.50%, 6/1/33, MBS (m)	Aaa/AAA		16,298,010
	14,663	5.50%, 7/1/33, MBS (m)	Aaa/AAA		14,362,394
	483	5.50%, 8/1/33, MBS (m)	Aaa/AAA		472,674
	2,923	5.50%, 9/1/33, MBS (m)	Aaa/AAA		2,862,878
	52	5.50%, 10/1/33, MBS (m)	Aaa/AAA		50,925
	54	5.50%, 11/1/33, MBS (m)	Aaa/AAA		51,920
	3,534	5.50%, 12/1/33, MBS (m)	Aaa/AAA		3,461,641
	6,477	5.50%, 1/1/34, MBS (m)	Aaa/AAA		6,344,450
	305	5.50%, 2/1/34, MBS (m)	Aaa/AAA		299,088
	347	5.50%, 3/1/34, MBS (m)	Aaa/AAA		339,924
	19	5.50%, 4/1/34, MBS	Aaa/AAA		18,523
	897	5.50%, 5/1/34, MBS (m)	Aaa/AAA		877,897
	424	5.50%, 1/1/35, MBS (m)	Aaa/AAA		415,295
	1,131	5.50%, 2/1/35, MBS (m)	Aaa/AAA		1,108,511

36 Fixed Income SHares – Series M Annual Report  10.31.08

Fixed Income SHares – Series M Schedule of Investments
October 31, 2008 (continued)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)*	Value
		Fannie Mae (continued)
$	431	5.50%, 3/1/36, MBS (m)	Aaa/AAA	$	421,798
	1,373	5.50%, 4/1/36, MBS (m)	Aaa/AAA		1,342,565
	3,408	5.50%, 6/1/36, MBS (e)	Aaa/AAA		3,331,842
	499	5.50%, 7/1/36, MBS (m)	Aaa/AAA		487,534
	1,898	5.50%, 8/1/36, MBS (m)	Aaa/AAA		1,856,087
	29,920	5.50%, 9/1/36, MBS (m)	Aaa/AAA		29,286,845
	2,599	5.50%, 10/1/36, MBS (m)	Aaa/AAA		2,541,024
	27,507	5.50%, 11/1/36, MBS (m)	Aaa/AAA		26,895,503
	25,073	5.50%, 12/1/36, MBS (m)	Aaa/AAA		24,515,291
	18,859	5.50%, 1/1/37, MBS (m)	Aaa/AAA		18,439,887
	61,162	5.50%, 2/1/37, MBS (m)	Aaa/AAA		59,800,253
	85,081	5.50%, 3/1/37, MBS (m)	Aaa/AAA		83,184,013
	36,249	5.50%, 4/1/37, MBS (m)	Aaa/AAA		35,440,887
	32,964	5.50%, 5/1/37, MBS (m)	Aaa/AAA		32,229,129
	2,951	5.50%, 6/1/37, MBS (m)	Aaa/AAA		2,885,645
	981	5.50%, 7/1/37, MBS	Aaa/AAA		959,438
	986	5.50%, 9/1/37, MBS (m)	Aaa/AAA		963,834
	518	5.50%, 4/1/38, MBS	Aaa/AAA		506,528
	25,150	5.50%, 6/1/38, MBS (m)	Aaa/AAA		24,588,370
	13,996	5.50%, 8/1/38, MBS (m)	Aaa/AAA		13,683,481
	45,545	5.50%, 9/1/38, MBS (m)	Aaa/AAA		44,527,679
	400,800	5.50%, TBA, MBS (e)	Aaa/AAA		399,590,337
	31	5.833%, 5/25/42, CMO, FRN (m)	Aaa/AAA		29,700
	35	5.837%, 3/25/41, CMO, FRN (m)	Aaa/AAA		33,297
	905	5.964%, 1/1/33, FRN, MBS (m)	Aaa/AAA		913,325
	290	6.00%, 6/1/23, MBS (m)	Aaa/AAA		291,439
	207	6.00%, 8/1/26, MBS (m)	Aaa/AAA		206,881
	6,408	6.00%, 10/1/26, MBS (m)	Aaa/AAA		6,403,176
	19,860	6.00%, 12/1/26, MBS (m)	Aaa/AAA		19,844,693
	9,503	6.00%, 3/1/27, MBS (m)	Aaa/AAA		9,522,505
	6,734	6.00%, 5/1/27, MBS (m)	Aaa/AAA		6,747,689
	7,988	6.00%, 6/1/27, MBS (m)	Aaa/AAA		8,004,449
	13,070	6.00%, 7/1/27, MBS (m)	Aaa/AAA		13,096,248
	5,024	6.00%, 8/1/27, MBS (m)	Aaa/AAA		5,034,147
	3,950	6.00%, 9/1/27, MBS (m)	Aaa/AAA		3,957,470
	1,313	6.00%, 10/1/27, MBS (m)	Aaa/AAA		1,315,396
	68	6.00%, 7/1/29, MBS (m)	Aaa/AAA		68,794
	419	6.00%, 12/1/31, MBS (m)	Aaa/AAA		421,875
	16	6.00%, 1/1/33, MBS	Aaa/AAA		16,383
	80	6.00%, 6/1/33, MBS (m)	Aaa/AAA		80,673

10.31.08  Fixed Income SHares – Series M Annual Report 37

Fixed Income SHares – Series M Schedule of Investments
October 31, 2008 (continued)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)*	Value
		Fannie Mae (continued)
$	14	6.00%, 3/1/34, MBS	Aaa/AAA	$	14,441
	23	6.00%, 6/1/34, MBS (m)	Aaa/AAA		23,223
	31	6.00%, 7/1/34, MBS (m)	Aaa/AAA		31,241
	94	6.00%, 8/1/34, MBS (m)	Aaa/AAA		94,124
	111	6.00%, 9/1/34, MBS (m)	Aaa/AAA		111,589
	1,007	6.00%, 10/1/34, MBS (m)	Aaa/AAA		1,008,388
	748	6.00%, 1/1/35, MBS (m)	Aaa/AAA		749,546
	123	6.00%, 2/1/35, MBS (m)	Aaa/AAA		122,540
	104	6.00%, 4/1/35, MBS (m)	Aaa/AAA		103,654
	245	6.00%, 5/1/35, MBS (m)	Aaa/AAA		244,971
	2,639	6.00%, 7/1/35, MBS (m)	Aaa/AAA		2,639,696
	13,454	6.00%, 8/1/35, MBS (m)	Aaa/AAA		13,459,076
	107	6.00%, 9/1/35, MBS (m)	Aaa/AAA		106,896
	2,275	6.00%, 10/1/35, MBS (m)	Aaa/AAA		2,276,181
	7,717	6.00%, 11/1/35, MBS (m)	Aaa/AAA		7,720,035
	6,908	6.00%, 12/1/35, MBS (m)	Aaa/AAA		6,910,802
	2,167	6.00%, 1/1/36, MBS (m)	Aaa/AAA		2,168,273
	725	6.00%, 4/1/36, MBS (m)	Aaa/AAA		725,082
	745	6.00%, 6/1/36, MBS (m)	Aaa/AAA		744,897
	5,004	6.00%, 7/1/36, MBS (m)	Aaa/AAA		5,005,104
	19,932	6.00%, 8/1/36, MBS (m)	Aaa/AAA		19,936,869
	27,102	6.00%, 9/1/36, MBS (m)	Aaa/AAA		27,120,671
	36,898	6.00%, 10/1/36, MBS (m)	Aaa/AAA		36,907,622
	939	6.00%, 11/1/36, MBS (m)	Aaa/AAA		939,496
	67,997	6.00%, 12/1/36, MBS (m)	Aaa/AAA		68,014,433
	6,229	6.00%, 1/1/37, MBS (m)	Aaa/AAA		6,230,384
	56,120	6.00%, 2/1/37, MBS (m)	Aaa/AAA		56,134,068
	20,687	6.00%, 3/1/37, MBS (m)	Aaa/AAA		20,692,464
	173	6.00%, 4/1/37, MBS (m)	Aaa/AAA		172,954
	8,599	6.00%, 5/1/37, MBS (m)	Aaa/AAA		8,601,375
	4,130	6.00%, 6/1/37, MBS (m)	Aaa/AAA		4,130,551
	17,699	6.00%, 7/1/37, MBS (m)	Aaa/AAA		17,705,464
	48,619	6.00%, 8/1/37, MBS (m)	Aaa/AAA		48,628,500
	5,802	6.00%, 9/1/37, MBS (m)	Aaa/AAA		5,803,430
	18,760	6.00%, 10/1/37, MBS (m)	Aaa/AAA		18,763,572
	29,450	6.00%, 11/1/37, MBS (m)	Aaa/AAA		29,456,436
	17,797	6.00%, 12/1/37, MBS (m)	Aaa/AAA		17,800,654
	8,993	6.00%, 1/1/38, MBS (m)	Aaa/AAA		8,994,115
	7,625	6.00%, 2/1/38, MBS (m)	Aaa/AAA		7,626,032
	4,531	6.00%, 6/1/38, MBS (m)	Aaa/AAA		4,531,378

38 Fixed Income SHares – Series M Annual Report  10.31.08

Fixed Income SHares – Series M Schedule of Investments
October 31, 2008 (continued)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)*	Value
		Fannie Mae (continued)
$	12,919	6.00%, 7/1/38, MBS (m)	Aaa/AAA	$	12,920,055
	7,654	6.00%, 8/1/38, MBS (m)	Aaa/AAA		7,654,968
	44,689	6.00%, 10/1/38, MBS (e)	Aaa/AAA		44,693,961
	3,000	6.00%, TBA, MBS	Aaa/AAA		2,998,593
	257,700	6.00%, TBA, MBS (e)	Aaa/AAA		257,176,611
	62	6.114%, 10/1/32, FRN, MBS (m)	Aaa/AAA		62,931
	4	6.50%, 4/1/24, MBS	Aaa/AAA		3,839
	131	6.50%, 1/1/25, MBS (m)	Aaa/AAA		133,047
	5	6.50%, 1/1/26, MBS	Aaa/AAA		4,607
	10	6.50%, 5/1/26, MBS	Aaa/AAA		9,951
	244	6.50%, 7/18/27, CMO (m)	Aaa/AAA		253,669
	146	6.50%, 1/1/29, MBS (m)	Aaa/AAA		149,368
	13	6.50%, 10/1/31, MBS	Aaa/AAA		13,496
	153	6.50%, 2/1/32, MBS (m)	Aaa/AAA		156,065
	6	6.50%, 3/1/32, MBS	Aaa/AAA		5,829
	123	6.50%, 8/1/32, MBS (m)	Aaa/AAA		125,613
	252	6.50%, 11/1/32, MBS (m)	Aaa/AAA		257,393
	147	6.50%, 10/1/33, MBS (m)	Aaa/AAA		150,147
	1,182	6.50%, 7/1/34, MBS (m)	Aaa/AAA		1,203,752
	3,256	6.50%, 12/1/34, MBS (m)	Aaa/AAA		3,312,584
	3,601	6.50%, 6/1/35, MBS (m)	Aaa/AAA		3,663,509
	14	6.50%, 11/1/35, MBS	Aaa/AAA		14,431
	830	6.50%, 3/1/36, MBS (m)	Aaa/AAA		841,652
	3,716	6.50%, 4/1/36, MBS (m)	Aaa/AAA		3,769,592
	59	6.50%, 5/1/36, MBS (m)	Aaa/AAA		59,500
	927	6.50%, 7/1/36, MBS (m)	Aaa/AAA		940,306
	1,342	6.50%, 8/1/36, MBS (m)	Aaa/AAA		1,361,352
	934	6.50%, 9/1/36, MBS (m)	Aaa/AAA		947,789
	517	6.50%, 10/1/36, MBS (m)	Aaa/AAA		524,680
	5,662	6.50%, 11/1/36, MBS (m)	Aaa/AAA		5,743,663
	2,535	6.50%, 12/1/36, MBS (m)	Aaa/AAA		2,571,322
	6,099	6.50%, 1/1/37, MBS (m)	Aaa/AAA		6,186,506
	634	6.50%, 2/1/37, MBS (e)	Aaa/AAA		643,105
	67	6.50%, 4/1/37, MBS (m)	Aaa/AAA		68,267
	471	6.50%, 5/1/37, MBS (m)	Aaa/AAA		478,014
	194	6.50%, 6/1/37, MBS (m)	Aaa/AAA		197,221
	4,896	6.50%, 7/1/37, MBS (m)	Aaa/AAA		4,966,847
	7,300	6.50%, 9/1/37, MBS (m)	Aaa/AAA		7,404,930
	2,623	6.50%, 10/1/37, MBS (m)	Aaa/AAA		2,660,314
	99	6.50%, 12/1/37, MBS (m)	Aaa/AAA		100,096

10.31.08  Fixed Income SHares – Series M Annual Report 39

Fixed Income SHares – Series M Schedule of Investments
October 31, 2008 (continued)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)*	Value
		Fannie Mae (continued)
$	17,443	6.50%, 10/1/38, MBS (e)	Aaa/AAA	$	17,692,075
	369,200	6.50%, TBA, MBS (e)	Aaa/AAA		374,218,905
	253	6.601%, 12/1/32, FRN, MBS (m)	Aaa/AAA		256,436
	600	7.00%, TBA, MBS (e)	Aaa/AAA		619,500
	126	7.01%, 8/1/22, MBS (m)	Aaa/AAA		131,188
	59	7.01%, 11/1/22, MBS (m)	Aaa/AAA		61,292
	20	7.50%, 9/1/30, MBS (m)	Aaa/AAA		21,167
	27	7.50%, 12/1/30, MBS (m)	Aaa/AAA		27,849
	3	7.50%, 7/1/31, MBS	Aaa/AAA		2,868
	56	7.50%, 8/1/31, MBS (m)	Aaa/AAA		59,436
	63	7.50%, 11/1/31, MBS (m)	Aaa/AAA		66,200
	10	7.925%, 2/1/25, FRN, MBS	Aaa/AAA		10,834
	281	11.00%, 7/15/20, MBS (m)	Aaa/AAA		330,216
					3,522,083,807
		Freddie Mac–89.4%
	1,021	3.537%, 5/1/34, FRN, MBS (m)	Aaa/AAA		1,032,473
	45	4.50%, 5/15/18, CMO (m)	Aaa/AAA		42,140
	10,968	4.943%, 6/1/35, FRN, MBS (m)	Aaa/AAA		10,941,841
	7,509	4.988%, 8/15/32, CMO, FRN (m)	Aaa/AAA		7,470,317
	19,700	5.00%,12/14/18	Aaa/AAA		17,944,592
	37,000	5.00%, 1/15/25, CMO (m)	Aaa/AAA		33,367,902
	12,000	5.00%, 2/15/25, CMO (m)	Aaa/AAA		10,907,950
	61	5.00%, 7/1/34, MBS (m)	Aaa/AAA		58,100
	333	5.00%, 4/1/35, MBS (m)	Aaa/AAA		315,348
	396	5.00%, 11/1/36, MBS (m)	Aaa/AAA		375,436
	876	5.00%, 1/1/37, MBS (m)	Aaa/AAA		829,445
	655	5.038%, 9/15/16, CMO, FRN (m)	Aaa/AAA		643,637
	140	5.038%, 8/15/29, CMO, FRN (m)	Aaa/AAA		139,562
	86	5.038%, 12/15/31, CMO, FRN (m)	Aaa/AAA		84,594
	23	5.088%, 9/15/30, CMO, FRN	Aaa/AAA		23,006
	592	5.127%, 10/1/32, FRN, MBS (m)	Aaa/AAA		601,439
	36	5.138%, 3/15/32, CMO, FRN (m)	Aaa/AAA		35,805
	241	5.139%, 10/1/32, FRN, MBS (m)	Aaa/AAA		246,540
	21	5.207%, 7/1/32, FRN, MBS (m)	Aaa/AAA		21,136
	79	5.24%, 8/1/29, FRN, MBS (m)	Aaa/AAA		80,786
	17	5.25%, 8/1/32, FRN, MBS	Aaa/AAA		16,862
	87	5.275%, 3/15/20, CMO, FRN (m)	Aaa/AAA		86,484
	223	5.275%, 2/15/24, CMO, FRN (m)	Aaa/AAA		222,975
	173	5.297%, 4/1/32, FRN, MBS (m)	Aaa/AAA		173,978

40 Fixed Income SHares – Series M Annual Report  10.31.08

Fixed Income SHares – Series M Schedule of Investments
October 31, 2008 (continued)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)*	Value
		Freddie Mac (continued)
$	17	5.325%, 10/15/19, CMO, FRN	Aaa/AAA	$	17,207
	34	5.346%, 7/1/29, FRN, MBS (m)	Aaa/AAA		35,430
	357	5.50%, 1/1/35, MBS (m)	Aaa/AAA		348,352
	5,662	5.50%, 2/1/35, MBS (m)	Aaa/AAA		5,536,497
	197	5.50%, 3/1/35, MBS (m)	Aaa/AAA		191,797
	805	5.50%, 6/1/35, MBS (m)	Aaa/AAA		786,748
	1,719	5.50%, 7/1/36, MBS (m)	Aaa/AAA		1,677,982
	797	5.50%, 4/1/37, MBS (m)	Aaa/AAA		778,166
	1,520	5.50%, 5/1/37, MBS (m)	Aaa/AAA		1,483,569
	19,569	5.50%, 7/1/37, MBS (m)	Aaa/AAA		19,097,394
	84	5.50%, 8/1/37, MBS (m)	Aaa/AAA		81,924
	20,881	5.50%, 9/1/37, MBS (m)	Aaa/AAA		20,378,438
	662	5.50%, 10/1/37, MBS (m)	Aaa/AAA		646,174
	167	5.50%, 1/1/38, MBS (m)	Aaa/AAA		162,658
	83	5.50%, 2/1/38, MBS (m)	Aaa/AAA		81,389
	49	5.50%, 3/1/38, MBS (m)	Aaa/AAA		47,863
	46,745	5.50%, 4/1/38, MBS (m)	Aaa/AAA		45,619,718
	9,159	5.50%, 9/1/38, MBS (m)	Aaa/AAA		8,938,983
	31	5.534%, 8/1/32, FRN, MBS (m)	Aaa/AAA		30,872
	195	5.54%, 8/1/32, FRN, MBS (m)	Aaa/AAA		196,211
	242	5.575%, 12/15/13, CMO, FRN (m)	Aaa/AAA		244,613
	195	5.647%, 1/1/32, FRN, MBS (m)	Aaa/AAA		199,785
	237	5.683%, 2/1/33, FRN, MBS (m)	Aaa/AAA		241,903
	386	5.766%, 2/1/29, FRN, MBS (m)	Aaa/AAA		387,783
	140	5.775%, 9/15/22, CMO, FRN (m)	Aaa/AAA		140,374
	12	5.973%, 1/1/33, FRN, MBS	Aaa/AAA		11,830
	40	5.975%, 8/15/23, CMO, FRN (m)	Aaa/AAA		39,972
	119	6.00%, 8/15/16, CMO (m)	Aaa/AAA		122,253
	1,064	6.00%, 4/1/17, MBS (m)	Aaa/AAA		1,071,550
	117	6.00%, 5/1/17, MBS (m)	Aaa/AAA		117,796
	143	6.00%, 6/1/17, MBS (m)	Aaa/AAA		144,483
	278	6.00%, 7/1/17, MBS (m)	Aaa/AAA		280,262
	57,751	6.00%, 10/1/26, MBS (m)	Aaa/AAA		57,744,673
	54,821	6.00%, 11/1/26, MBS (m)	Aaa/AAA		54,815,161
	91,322	6.00%, 1/1/27, MBS (m)	Aaa/AAA		91,313,224
	16,034	6.00%, 2/1/27, MBS (m)	Aaa/AAA		16,073,639
	42,810	6.00%, 5/1/27, MBS (m)	Aaa/AAA		42,916,723
	37,537	6.00%, 6/1/27, MBS (m)	Aaa/AAA		37,630,348
	61,839	6.00%, 7/1/27, MBS (m)	Aaa/AAA		61,992,763
	43,755	6.00%, 8/1/27, MBS (m)	Aaa/AAA		43,863,960

10.31.08  Fixed Income SHares – Series M Annual Report 41

Fixed Income SHares – Series M Schedule of Investments
October 31, 2008 (continued)

Principal
Amount				Credit Rating
(000)				(Moody’s/S&P)*	Value
			Freddie Mac (continued)
$	16,186		6.00%, 9/1/27, MBS (m)	Aaa/AAA	$	16,226,690
	12,104		6.00%, 10/1/27, MBS (m)	Aaa/AAA		12,133,893
	2,896		6.00%, 12/15/28, CMO (m)	Aaa/AAA		2,898,881
	194		6.00%, 1/1/37, MBS (m)	Aaa/AAA		194,003
	60,146		6.00%, 1/1/38, MBS (m)	Aaa/AAA		60,084,156
	45,320		6.00%, 2/1/38, MBS (m)	Aaa/AAA		45,273,454
	17,291		6.00%, 3/1/38, MBS (m)	Aaa/AAA		17,273,529
	195,057		6.00%, 5/1/38, MBS (m)	Aaa/AAA		194,856,043
	9,828		6.00%, 7/1/38, MBS (m)	Aaa/AAA		9,818,047
	1,489		6.00%, 9/1/38, MBS (m)	Aaa/AAA		1,487,581
	568,000		6.00%, TBA, MBS(e)	Aaa/AAA		567,023,608
	350		6.06%, 3/1/32, FRN, MBS (m)	Aaa/AAA		358,474
	183		6.50%, 8/15/16, CMO (m)	Aaa/AAA		191,235
	43		6.50%, 12/15/23, CMO (m)	Aaa/AAA		43,970
	30		7.00%, 4/1/29, MBS (m)	Aaa/AAA		30,882
	2		7.00%, 12/1/29, MBS	Aaa/AAA		2,038
	—(h	)	7.00%, 1/1/30, MBS	Aaa/AAA		133
	15		7.00%, 2/1/30, MBS	Aaa/AAA		15,116
	26		7.00%, 3/1/30, MBS (m)	Aaa/AAA		26,803
	2		7.00%, 6/1/30, MBS	Aaa/AAA		2,319
	227		7.50%, 8/15/30, CMO (m)	Aaa/AAA		237,685
						1,529,331,355
			Ginnie Mae–181.1%
	47		4.628%, 6/20/32, CMO, FRN (m)	Aaa/AAA		46,658
	24		4.75%, 3/20/30, FRN, MBS	Aaa/AAA		23,511
	1,354		4.813%, 10/20/27, CMO, FRN (m)	Aaa/AAA		1,347,341
	141		5.00%, 2/20/29, CMO (m)	Aaa/AAA		142,289
	128		5.125%, 11/20/23, FRN, MBS	Aaa/AAA		129,047
	12		5.125%, 10/20/25, FRN, MBS	Aaa/AAA		12,436
	9		5.125%, 11/20/25, FRN, MBS	Aaa/AAA		9,370
	11		5.125%, 10/20/26, FRN, MBS	Aaa/AAA		10,724
	24		5.125%, 10/20/27, FRN, MBS	Aaa/AAA		24,340
	500		5.25%, 1/20/28, FRN, MBS	Aaa/AAA		503,048
	50		5.25%, 2/20/28, FRN, MBS	Aaa/AAA		50,110
	129		5.25%, 1/20/30, FRN, MBS	Aaa/AAA		130,065
	271		5.375%, 3/20/17, FRN, MBS	Aaa/AAA		273,839

42 Fixed Income SHares – Series M Annual Report  10.31.08

Fixed Income SHares – Series M Schedule of Investments
October 31, 2008 (continued)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)*	Value
		Ginnie Mae (continued)
$	11	5.375%, 1/20/18, FRN, MBS	Aaa/AAA	$	10,597
	76	5.375%, 5/20/18, FRN, MBS	Aaa/AAA		76,405
	60	5.375%, 4/20/19, FRN, MBS	Aaa/AAA		61,069
	14	5.375%, 5/20/19, FRN, MBS	Aaa/AAA		14,287
	16	5.375%, 6/20/21, FRN, MBS	Aaa/AAA		15,854
	33	5.375%, 1/20/22, FRN, MBS	Aaa/AAA		33,553
	711	5.375%, 2/20/22, FRN, MBS	Aaa/AAA		716,661
	37	5.375%, 4/20/22, FRN, MBS	Aaa/AAA		36,877
	21	5.375%, 5/20/22, FRN, MBS	Aaa/AAA		20,591
	27	5.375%, 2/20/23, FRN, MBS	Aaa/AAA		27,092
	30	5.375%, 3/20/23, FRN, MBS	Aaa/AAA		29,803
	32	5.375%, 4/20/23, FRN, MBS	Aaa/AAA		31,666
	163	5.375%, 4/20/24, FRN, MBS	Aaa/AAA		163,852
	10	5.375%, 5/20/24, FRN, MBS	Aaa/AAA		10,232
	4	5.375%, 4/20/25, FRN, MBS	Aaa/AAA		3,906
	13	5.375%, 5/20/25, FRN, MBS	Aaa/AAA		13,522
	25	5.375%, 6/20/25, FRN, MBS	Aaa/AAA		25,113
	13	5.375%, 1/20/26, FRN, MBS	Aaa/AAA		13,312
	17	5.375%, 6/20/26, FRN, MBS	Aaa/AAA		17,131
	7	5.375%, 1/20/27, FRN, MBS	Aaa/AAA		7,243
	81	5.375%, 2/20/27, FRN, MBS	Aaa/AAA		81,609
	20	5.375%, 4/20/27, FRN, MBS	Aaa/AAA		20,034
	39	5.375%, 6/20/27, FRN, MBS	Aaa/AAA		39,259
	31	5.375%, 2/20/28, FRN, MBS	Aaa/AAA		30,947
	81	5.375%, 3/20/28, FRN, MBS	Aaa/AAA		81,565
	35	5.375%, 4/20/28, FRN, MBS	Aaa/AAA		35,550
	27	5.375%, 4/20/29, FRN, MBS	Aaa/AAA		26,556
	43	5.375%, 6/20/29, FRN, MBS	Aaa/AAA		42,978
	28	5.375%, 5/20/30, FRN, MBS	Aaa/AAA		28,116
	30	5.375%, 5/20/32, FRN, MBS	Aaa/AAA		30,446
	46	5.375%, 6/20/32, FRN, MBS	Aaa/AAA		45,745
	350	5.50%, 6/15/29, MBS	Aaa/AAA		347,268
	62	5.50%, 3/20/31, FRN, MBS	Aaa/AAA		62,945
	56	5.50%, 3/20/32, FRN, MBS	Aaa/AAA		57,334
	45	5.50%, 11/15/32, MBS	Aaa/AAA		44,657
	248	5.50%, 12/15/32, MBS	Aaa/AAA		244,240
	32	5.50%, 8/15/33, MBS	Aaa/AAA		31,888
	10	5.625%, 8/20/17, FRN, MBS	Aaa/AAA		9,615
	6	5.625%, 8/20/18, FRN, MBS	Aaa/AAA		6,524

10.31.08  Fixed Income SHares – Series M Annual Report 43

Fixed Income SHares – Series M Schedule of Investments
October 31, 2008 (continued)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)*	Value
		Ginnie Mae (continued)
$	4	5.625%, 7/20/20, FRN, MBS	Aaa/AAA	$	4,390
	6	5.625%, 7/20/21, FRN, MBS	Aaa/AAA		6,094
	12	5.625%, 8/20/21, FRN, MBS	Aaa/AAA		12,571
	20	5.625%, 9/20/21, FRN, MBS	Aaa/AAA		20,164
	1,464	5.625%, 8/20/23, FRN, MBS	Aaa/AAA		1,472,727
	79	5.625%, 8/20/25, FRN, MBS	Aaa/AAA		80,014
	16	5.625%, 9/20/25, FRN, MBS	Aaa/AAA		15,764
	10	5.625%, 8/20/26, FRN, MBS	Aaa/AAA		10,042
	8	5.625%, 7/20/27, FRN, MBS	Aaa/AAA		8,148
	10	5.625%, 9/20/27, FRN, MBS	Aaa/AAA		10,544
	79	5.625%, 8/20/28, FRN, MBS	Aaa/AAA		78,881
	34	5.625%, 7/20/29, FRN, MBS	Aaa/AAA		34,029
	83	5.875%, 6/20/22, FRN, MBS	Aaa/AAA		83,804
	4	6.00%, 6/15/28, MBS	Aaa/AAA		3,765
	11	6.00%, 11/15/28, MBS	Aaa/AAA		11,072
	9	6.00%, 1/15/29, MBS	Aaa/AAA		8,852
	7	6.00%, 3/15/29, MBS	Aaa/AAA		7,282
	7	6.00%, 4/15/29, MBS	Aaa/AAA		6,626
	3	6.00%, 4/15/31, MBS	Aaa/AAA		2,774
	3	6.00%, 7/15/31, MBS	Aaa/AAA		2,972
	23	6.00%, 10/15/31, MBS	Aaa/AAA		22,694
	49	6.00%, 1/15/32, MBS	Aaa/AAA		48,714
	99	6.00%, 2/15/32, MBS	Aaa/AAA		98,918
	22	6.00%, 3/15/32, MBS	Aaa/AAA		22,508
	53,372	6.00%, 7/20/32, CMO (m)	Aaa/AAA		53,449,030
	102	6.00%, 10/15/32, MBS	Aaa/AAA		101,994
	8	6.00%, 11/15/32, MBS	Aaa/AAA		8,427
	9	6.00%, 1/15/33, MBS	Aaa/AAA		8,642
	61	6.00%, 3/15/33, MBS	Aaa/AAA		61,579
	70	6.00%, 4/15/33, MBS	Aaa/AAA		70,260
	8	6.00%, 9/15/33, MBS	Aaa/AAA		8,087
	21	6.00%, 11/15/34, MBS	Aaa/AAA		20,668
	909	6.00%, 12/15/34, MBS	Aaa/AAA		911,711
	947	6.00%, 5/15/35, MBS	Aaa/AAA		948,598
	1,136	6.00%, 11/15/35, MBS	Aaa/AAA		1,137,375
	475	6.00%, 2/15/36, MBS	Aaa/AAA		476,108
	5,955	6.00%, 3/15/36, MBS (m)	Aaa/AAA		5,964,116

44 Fixed Income SHares – Series M Annual Report  10.31.08

Fixed Income SHares – Series M Schedule of Investments
October 31, 2008 (continued)

Principal
Amount				Credit Rating
(000)				(Moody’s/S&P)*	Value
			Ginnie Mae (continued)
$	11,015		6.00%, 4/15/36, MBS (m)	Aaa/AAA	$	11,031,702
	1,705		6.00%, 5/15/36, MBS	Aaa/AAA		1,707,842
	3,868		6.00%, 6/15/36, MBS (m)	Aaa/AAA		3,874,534
	231,357		6.00%, 7/15/36, MBS (m)	Aaa/AAA		231,725,254
	37,802		6.00%, 8/15/36, MBS (m)	Aaa/AAA		37,859,537
	11,170		6.00%, 9/15/36, MBS (m)	Aaa/AAA		11,188,298
	24,413		6.00%, 10/15/36, MBS (m)	Aaa/AAA		24,447,846
	176,906		6.00%, 11/15/36, MBS (m)	Aaa/AAA		177,163,214
	2,454		6.00%, 12/15/36, MBS (m)	Aaa/AAA		2,457,604
	4,649		6.00%, 1/15/37, MBS (m)	Aaa/AAA		4,654,866
	6,916		6.00%, 2/15/37, MBS (m)	Aaa/AAA		6,924,328
	3,260		6.00%, 3/15/37, MBS (m)	Aaa/AAA		3,264,696
	65,261		6.00%, 4/15/37, MBS (m)	Aaa/AAA		65,316,891
	170,815		6.00%, 5/15/37, MBS (m)	Aaa/AAA		170,947,285
	56,586		6.00%, 6/15/37, MBS (m)	Aaa/AAA		56,647,816
	46,646		6.00%, 7/15/37, MBS (m)	Aaa/AAA		46,706,253
	28,265		6.00%, 8/15/37, MBS (m)	Aaa/AAA		28,302,159
	96,111		6.00%, 9/15/37, MBS (m)	Aaa/AAA		96,158,167
	79,013		6.00%, 10/15/37, MBS (m)	Aaa/AAA		79,052,966
	232,578		6.00%, 11/15/37, MBS (m)	Aaa/AAA		232,776,941
	200,097		6.00%, 12/15/37, MBS (m)	Aaa/AAA		200,353,409
	85,143		6.00%, 1/15/38, MBS (m)	Aaa/AAA		85,251,498
	43,349		6.00%, 2/15/38, MBS (m)	Aaa/AAA		43,404,773
	19,349		6.00%, 3/15/38, MBS (m)	Aaa/AAA		19,374,671
	36,787		6.00%, 4/15/38, MBS (m)	Aaa/AAA		36,833,708
	3,256		6.00%, 5/15/38, MBS (m)	Aaa/AAA		3,260,498
	44,013		6.00%, 6/15/38, MBS (m)	Aaa/AAA		44,046,289
	152,927		6.00%, 7/15/38, MBS (m)	Aaa/AAA		153,125,293
	263,722		6.00%, 8/15/38, MBS (m)	Aaa/AAA		264,063,715
	234,100		6.00%, TBA, MBS (e)	Aaa/AAA		233,697,582
	650,800		6.00%, TBA, MBS	Aaa/AAA		650,901,525
	3		6.50%, 5/15/23, MBS	Aaa/AAA		3,411
	—(h	)	6.50%, 12/15/23, MBS	Aaa/AAA		483
						3,097,063,818

10.31.08  Fixed Income SHares – Series M Annual Report 45

Fixed Income SHares – Series M Schedule of Investments
October 31, 2008 (continued)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)*	Value
		Other Government Agencies–3.2%
$	22,085	SLM Student Loan Trust, 5.035%, 4/25/23, FRN	Aaa/AAA	$	20,156,008
	32,676	Small Business Administration, 5.23%, 3/1/27	Aaa/AAA		31,796,034
	1,719	Vendee Mortgage Trust, 6.50%, 9/15/24, CMO	Aaa/AAA		1,835,845
					53,787,887
		Total U.S. Government Agency Securities (cost–$8,317,559,079)			8,202,266,867
CORPORATE BONDS & NOTES–38.5%
		Banking–11.2%
	17,300	American Express Bank FSB, 6.00%, 9/13/17	A1/A+		12,961,627
	24,600	American Express Centurion Bank, 6.00%, 9/13/17	A1/A+		18,430,984
		Bank of America Corp.,
	8,400	5.75%, 12/1/17	Aa2/AA−		7,251,745
	66,700	8.00%, 1/30/18, FRN (i)	A1/A		50,062,552
	30,000	Bank of America NA, 5.30%, 3/15/17	Aa1/AA−		25,334,910
		Barclays Bank PLC,
	48,500	5.45%, 9/12/12	Aa1/AA		46,796,632
	4,400	7.434%, 12/15/17, FRN (a)(d)(i)	Aa3/A+		2,784,509
	11,000	HSBC Capital Funding L.P., 4.61%, 6/27/13, FRN (a)(d)(i)	A1/A		7,562,874
	17,500	JPMorgan Chase Bank NA, 6.00%, 10/1/17	Aa1/AA−		15,354,850
	6,400	Wachovia Corp., 7.98%, 3/15/18, FRN (i)	A3/A−		4,845,267
					191,385,950
		Diversified Manufacturing–4.3%
	87,900	General Electric Co., 5.25%, 12/6/17	Aaa/AAA		73,754,077
		Drugs & Medical Products–0.8%
	14,000	AstraZeneca PLC, 5.90%, 9/15/17	A1/AA−		12,958,652
		Energy–0.8%
	19,100	Kinder Morgan Energy Partners L.P., 6.95%, 1/15/38	Baa2/BBB		14,015,122
		Financial Services–14.4%
		Bear Stearns Cos., Inc.,
	3,600	6.40%, 10/2/17	Aa2/AA−		3,207,125
	2,500	6.95%, 8/10/12	Aa2/AA−		2,470,073
		Citigroup, Inc.,
	13,100	4.504%, 5/15/18, FRN	Aa3/AA−		10,415,600
	6,000	5.50%, 4/11/13	Aa3/AA−		5,495,730
	71,500	6.125%, 5/15/18	Aa3/AA−		61,400,410
£	10,800	Citigroup Capital XVIII, 6.829%, 6/28/67, FRN	A1/A		10,358,548
$	12,100	Citigroup Capital XXI, 8.30%, 12/21/77, FRN	A1/A		8,307,497

46 Fixed Income SHares – Series M Annual Report  10.31.08

Fixed Income SHares – Series M Schedule of Investments
October 31, 2008 (continued)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)*	Value
		Financial Services (continued)
$	8,300	Citigroup Funding, Inc., 3.852%, 5/7/10, FRN	Aa3/AA−	$	7,753,744
		General Electric Capital Corp., FRN,
€	1,200	5.50%, 9/15/67 (a)(d)	Aa1/AA+		893,883
$	41,100	6.375%,11/15/67	Aa1/AA+		26,643,568
	104,900	Goldman Sachs Group, Inc., 6.75%, 10/1/37	A1/A+		68,353,574
	1,000	JPMorgan Chase & Co., 7.90%, 4/30/18, FRN (i)	A1/A		812,526
	49,200	Lehman Brothers Holdings, Inc., 6.75%, 12/28/17 (f)	Caa2/NR		184,500
	43,600	Merrill Lynch & Co., Inc., 6.875%, 4/25/18	A2/A		38,815,467
	2,600	Morgan Stanley, 6.00%, 4/28/15	A1/A+		2,116,335
					247,228,580
		Insurance–1.4%
	16,500	American International Group, Inc., 8.175%, 5/15/68, (converts to FRN 5/15/38) (a)(d)	Baa1/BBB		2,636,255
	34,900	Progressive Corp., 6.70%, 6/15/67, (converts to FRN 6/15/17)	A2/A−		20,832,438
					23,468,693
		Oil & Gas–0.4%
	10,600	Valero Energy Corp., 6.625%, 6/15/37	Baa2/BBB		7,534,416
		Retail–1.0%
	4,000	Hasbro, Inc., 6.30%, 9/15/17	Baa2/BBB		3,657,780
	16,800	Target Corp., 6.00%, 1/15/18	A2/A+		13,924,596
					17,582,376
		Telecommunications–2.9%
		AT&T, Inc.,
	44,600	5.50%, 2/1/18	A2/A		38,004,552
	15,100	6.30%, 1/15/38	A2/A		11,927,037
					49,931,589
		Tobacco–0.4%
	9,700	RJ Reynolds Tobacco Holdings, Inc., 7.25%, 6/15/37	Baa3/BBB		6,312,382
		Transportation–0.7%
		Burlington Northern Santa Fe Corp.,
	10,000	5.65%, 5/1/17	Baa1/BBB		8,770,630
	3,700	6.15%, 5/1/37	Baa1/BBB		2,900,286
					11,670,916
		Utilities–0.2%
	4,000	Pacific Gas & Electric Co., 5.80%, 3/1/37	A3/BBB+		2,981,776
		Total Corporate Bonds & Notes (cost–$898,198,738)			658,824,529

10.31.08  Fixed Income SHares – Series M Annual Report 47

Fixed Income SHares – Series M Schedule of Investments
October 31, 2008 (continued)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)*	Value
MORTGAGE-BACKED SECURITIES–15.3%
		Adjustable Rate Mortgage Trust, CMO, VRN,
$	4,546	4.581%, 5/25/35	Aaa/AAA	$	4,157,334
	754	5.382%, 11/25/35	Aaa/AAA		592,973
	714	5.415%, 1/25/36	Aaa/AAA		580,417
	3,171	Banc of America Funding Corp., 4.622%, 2/20/36, CMO, FRN	NR/AAA		3,014,618
		Bear Stearns Adjustable Rate Mortgage Trust, CMO,
	113	4.640%, 1/25/35, VRN	Aaa/AAA		82,053
	542	4.954%, 2/25/34, VRN	Aaa/AAA		500,066
	326	5.004%, 1/25/34, VRN	Aaa/AAA		291,233
	535	5.727%, 2/25/36, FRN	Aaa/AAA		362,769
		Bear Stearns Alt-A Trust, CMO, VRN,
	5,943	4.981%, 6/25/34	Aaa/AAA		4,635,505
	256	5.366%, 5/25/35	Aaa/AAA		207,754
	46	Bear Stearns Mortgage Securities, Inc., 6.645%, 3/25/31, CMO, VRN	Aaa/NR		45,209
	10,664	Carey Commercial Mortgage Trust, 5.97%, 9/20/19, CMO (a)(d)	Aaa/NR		10,163,625
		Citigroup Mortgage Loan Trust, Inc., CMO, FRN,
	1,466	4.70%, 12/25/35	NR/AAA		1,326,878
	452	5.835%, 12/25/35	Aaa/AAA		277,108
	3,505	Commercial Capital Access One, Inc., 7.653%, 11/15/28, CMO, VRN (a)(d)	NR/NR		1,999,477
		Commercial Mortgage, CMO (a)(d),
	1,059	4.969%, 2/16/34, FRN (g)	Aaa/NR		966,966
	7,000	5.362%, 2/5/19	NR/AAA		6,454,353
	2,000	5.665%, 2/5/19, VRN	NR/AA		1,882,262
		Countrywide Alternative Loan Trust, CMO, FRN,
	1,100	3.429%, 1/25/37	A1/BBB		488,073
	7,006	3.479%, 5/25/35	Aaa/AAA		4,108,255
	4,763	3.519%, 12/25/35	Aaa/AAA		2,739,472
	485	3.529%, 5/25/36	Baa1/AAA		193,803
	475	5.889%, 11/25/35	Aaa/AAA		279,898

48 Fixed Income SHares – Series M Annual Report  10.31.08

Fixed Income SHares – Series M Schedule of Investments
October 31, 2008 (continued)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)*	Value
		Countrywide Home Loan Mortgage Pass-Through Trust, CMO,
$	60	3.529%, 2/25/35, FRN	Aaa/AAA	$	42,010
	590	3.559%, 4/25/46, FRN	Aa3/AAA		227,236
	1,741	3.569%, 3/25/35, FRN	Aaa/AAA		1,110,593
	2,340	3.579%, 3/25/35, FRN	Aaa/AAA		1,289,876
	1,224	3.649%, 2/25/35, FRN	Aaa/AAA		618,963
	789	4.660%, 4/25/35, FRN	Aa2/AAA		252,944
	525	5.369%, 10/20/35, VRN	Aaa/AAA		337,653
	784	5.772%, 5/20/36, VRN	Aaa/A		475,260
	31	Credit Suisse First Boston Mortgage Securities Corp., 3.076%, 3/25/32, CMO, FRN (a)(d)	Aaa/NR		27,415
	500	Credit Suisse Mortgage Capital Certificates, 5.383%, 2/15/40, CMO	Aaa/NR		371,355
	445	Downey Savings & Loan Assoc. Mortgage Loan Trust, 4.598%, 7/19/45, CMO, FRN	A2/AAA		188,243
	6,989	First Horizon Asset Securities, Inc., 3.659%, 11/25/33, CMO, FRN	NR/AAA		6,856,036
	851	GMAC Commercial Mortgage Securities, Inc., 6.50%, 5/15/35, CMO	NR/BBB		796,001
	1,500	GS Mortgage Securities Corp. II, 6.615%, 2/14/16, CMO (a)(d)	NR/AAA		1,591,227
	310	GSR Mortgage Loan Trust, 6.321%, 4/25/35, CMO, VRN	Aaa/AAA		233,787
		Harborview Mortgage Loan Trust, CMO, FRN,
	7,059	4.468%, 2/19/46	Aaa/AAA		4,090,222
	4,830	4.498%, 5/19/35	Aaa/AAA		2,886,550
	455	4.528%, 1/19/38	Aaa/AAA		153,915
	563	4.528%, 9/19/46	Aaa/AAA		194,493
	34,855	Hilton Hotel Pool Trust, 0.86%, 10/3/15, CMO, IO, VRN (a)(d)	Aaa/AAA		432,581
		Homebanc Mortgage Trust, CMO,
	580	3.439%, 12/25/36, FRN	Aaa/AAA		370,314
	7,800	5.904%, 4/25/37, VRN	Aaa/AAA		4,326,057
		Indymac Index Mortgage Loan Trust, CMO,
	1,236	3.539%, 3/25/35, FRN	Aaa/AAA		708,416
	4,153	5.00%, 8/25/35, FRN	Aaa/AAA		2,230,844
	448	5.099%, 9/25/35, VRN	Aaa/AAA		286,505
	429	5.274%, 6/25/35, VRN	Aaa/AAA		299,733
	3,326	5.423%, 9/25/35, VRN	Aa1/AAA		1,636,425
	4,158	5.423%, 9/25/35, VRN	Aaa/AAA		2,630,406
	3,720	5.486%, 10/25/35, VRN	Aaa/AAA		2,407,230
	5,500	5.974%, 6/25/36, VRN	Aaa/AAA		3,869,791

10.31.08  Fixed Income SHares – Series M Annual Report 49

Fixed Income SHares – Series M Schedule of Investments
October 31, 2008 (continued)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)*	Value
		Indymac Mortgage Loan Trust, CMO,
$	729	3.559%, 11/25/35, FRN	A2/AAA	$	390,488
	7,900	5.926%, 8/25/36, VRN	Aaa/AAA		5,156,328
	17,150	JPMorgan Alternative Loan Trust, 3.76%, 6/27/37, CMO, FRN (a)(d)	NR/AAA		13,117,164
		JPMorgan Chase Commercial Mortgage Securities Corp., CMO,
	27,382	4.935%, 7/15/19, FRN (a)(d)	Aaa/NR		25,547,648
	600	5.336%, 5/15/47	Aaa/AAA		433,283
	2,000	6.465%, 11/15/35	NR/AAA		1,922,518
		JPMorgan Mortgage Trust, CMO,
	2,860	4.357%, 9/25/34, FRN	NR/AAA		2,369,082
	560	4.873%, 4/25/35, VRN	Aaa/AAA		470,193
	726	5.401%, 11/25/35, VRN	Aaa/AAA		607,655
		MASTR Adjustable Rate Mortgage Trust, CMO, FRN,
	537	3.499%, 5/25/37	A2/BB		292,335
	100	3.788%, 11/21/34	Aaa/AAA		88,282
		MASTR Reperforming Loan Trust, CMO,
	3,236	7.00%, 5/25/35 (a)(d)	Aaa/AAA		3,264,953
	4,911	7.50%, 7/25/35	Aaa/AAA		5,216,503
	3,022	8.00%, 7/25/35 (a)(d)	Aaa/AAA		3,241,968
	365	Mellon Residential Funding Corp., 3.147%, 10/20/29, CMO, FRN	NR/AAA		350,756
	1,400	Merrill Lynch Alternative Note Asset, 3.559%, 3/25/37, CMO, FRN	B3/BBB		444,529
		Merrill Lynch Countrywide Commercial Mortgage Trust, CMO,
	600	5.378%, 8/12/48	Aaa/AAA		443,810
	7,700	5.485%, 3/12/51, VRN	Aaa/NR		5,709,461
		MLCC Mortgage Investors, Inc., CMO, FRN,
	409	3.309%, 7/25/29	Aaa/AAA		372,963
	138	4.94%, 3/15/25	Aa3/AA		110,682
		Morgan Stanley Capital I, CMO,
	38,250	5.332%, 12/15/43	NR/AAA		28,876,746
	500	5.544%, 11/12/49, VRN	Aaa/NR		305,797
	1,100	5.692%, 4/15/49, VRN	Aaa/AAA		826,427
	28,450	5.731%, 7/12/44, VRN	NR/AAA		22,410,850
	415	Morgan Stanley Dean Witter Capital I, 4.455%, 3/25/33, CMO, FRN	Aaa/AAA		380,628

50 Fixed Income SHares – Series M Annual Report  10.31.08

Fixed Income SHares – Series M Schedule of Investments
October 31, 2008 (continued)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)*	Value
$	4,379	Nomura Asset Acceptance Corp., 5.654%, 2/25/36, CMO, VRN	Baa3/AAA	$	2,688,754
	488	Opteum Mortgage Acceptance Corp., 3.519%, 7/25/35, CMO, FRN	Aaa/AAA		407,021
	440	Residential Accredit Loans, Inc., 5.714%, 2/25/36, CMO, VRN	A1/BB		325,389
	53	Residential Asset Securitization Trust, 3.759%, 3/25/33, CMO, FRN	NR/AAA		49,047
	3,328	Residential Funding Mortgage Sec I, 6.413%, 3/25/35, CMO, VRN	Aaa/AAA		3,081,311
	600	Sovereign Commercial Mortgage Securities Trust, 5.778%, 7/22/30, CMO, VRN (a)(d)	Aaa/NR		523,093
		Structured Adjustable Rate Mortgage Loan Trust, CMO,
	1,444	3.749%, 6/25/34, FRN	Aaa/AAA		1,090,451
	1,553	4.659%, 5/25/35, FRN	Aaa/AAA		785,565
	7,900	5.246%, 5/25/36, FRN	NR/AAA		3,347,630
	7,900	5.429%, 9/25/36, VRN	NR/AAA		3,605,552
	222	5.435%, 10/25/34, VRN	Aaa/AAA		159,974
	54	5.45%, 1/25/36, VRN	NR/AAA		36,369
		Structured Asset Mortgage Investments, Inc., CMO, FRN,
	16,178	3.439%, 6/25/36	Aaa/AAA		9,098,382
	7,622	3.479%, 5/25/36	Aaa/AAA		4,294,339
	550	3.519%, 5/25/46	Aaa/AAA		223,116
	1,313	4.628%, 3/19/34	Aaa/AAA		1,146,892
	1,624	4.648%, 12/19/33	Aaa/AAA		1,345,543
		Structured Asset Securities Corp., CMO, FRN,
	344	5.010%, 2/25/34	Aaa/AAA		276,790
	7	5.191%, 5/25/32	Aaa/AAA		6,000
	514	Wachovia Mortgage Loan Trust LLC, 5.453%, 10/20/35, CMO, FRN	NR/AAA		389,675
		Washington Mutual, Inc., CMO, FRN,
	630	3.415%, 6/25/47	Aaa/AAA		240,146
	33	3.529%, 12/25/45	Aaa/AAA		19,559
	1,058	3.579%, 1/25/45	Aaa/AAA		670,091
	600	3.669%, 11/25/45	Aaa/AAA		228,334
	923	4.183%, 11/25/34	Aaa/AAA		598,308
	5,050	4.203%, 10/25/44	Aaa/AAA		3,677,878

10.31.08  Fixed Income SHares – Series M Annual Report 51

Fixed Income SHares – Series M Schedule of Investments
October 31, 2008 (continued)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)*	Value
		Wells Fargo Mortgage Backed Securities Trust, CMO,
$	1,186	3.759%, 7/25/37, FRN	Aaa/NR	$	817,601
	12,200	4.345%, 7/25/35, FRN	Aaa/AAA		11,035,922
	1,046	4.556%, 1/25/35, FRN	Aaa/NR		899,171
	750	4.674%, 8/25/34, FRN	Aaa/AAA		617,186
	491	5.00%, 6/25/18	Aaa/AAA		455,800
		Total Mortgage-Backed Securities (cost–$329,683,353)			260,784,120
ASSET-BACKED SECURITIES–5.3%
	856	Aames Mortgage Investment Trust, 3.659%, 10/25/35, FRN	NR/AAA		786,277
	82	Amortizing Residential Collateral Trust, 3.529%, 6/25/32, FRN	NR/AAA		60,801
	1,422	Bayview Financial Asset Trust, 3.659%, 12/25/39, FRN (a)(d)	Aaa/NR		926,007
	4,936	Bear Stearns Asset Backed Securities, Inc., 3.849%, 6/25/43, FRN	Aaa/AAA		4,278,607
	1,667	Bear Stearns Asset Backed Securities Trust, 3.339%, 10/25/36, FRN	Aa1/NR		1,595,434
	72	Cendant Mortgage Corp., 5.988%, 7/25/43, VRN (a)(d)	NR/NR		65,917
	2,241	Chase Issuance Trust, 4.60%, 4/15/13, FRN	Aaa/AAA		2,004,567
	15,200	Citibank Omni Master Trust, 5.281%, 12/23/13, FRN (a)(d)	Aaa/AAA		14,636,889
	800	Community Program Loan Trust, 4.50%, 4/1/29	NR/AAA		721,354
		Countrywide Asset-Backed Certificates, FRN,
	9,945	3.349%, 1/25/46	Aaa/AAA		9,557,346
	553	3.729%, 11/25/33 (a)(d)	Aaa/AAA		499,637
	1,325	3.739%, 12/25/31	Aaa/AAA		869,520
	465	Credit Suisse First Boston Mortgage Securities Corp., 3.509%, 1/25/43, FRN (a)(d)	Aaa/AAA		411,589
	1,080	Credit-Based Asset Servicing & Securitization LLC, 4.159%, 11/25/33, FRN	Aaa/AAA		971,123
	2,223	Denver Arena Trust, 6.94%, 11/15/19 (a)(d)	NR/NR		2,175,146
	53	EMC Mortgage Loan Trust, 3.629%, 5/25/40, FRN (a)(d)	Aaa/NR		43,576
		First Franklin Mortgage Loan Asset Backed Certificates, FRN,
	105	3.639%, 10/25/34	Aaa/NR		102,657
	5,730	3.659%, 4/25/35	Aa1/AA+		4,824,532
	11	First Plus Home Loan Trust, 7.32%, 11/10/23	NR/AA+		10,171
		Ford Credit Auto Owner Trust, FRN,
	10,500	5.46%, 1/15/11	Aaa/AAA		10,229,481
	800	5.76%, 12/15/10	Aaa/AAA		783,641

52 Fixed Income SHares – Series M Annual Report  10.31.08

Fixed Income SHares – Series M Schedule of Investments
October 31, 2008 (continued)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)*	Value
$	47	Fremont Home Loan Owner Trust, 4.049%, 12/25/29, FRN	Aa3/AA	$	34,476
	2,369	Fremont Home Loan Trust, 3.319%, 1/25/37, FRN	Aaa/AAA		2,212,151
		Green Tree Financial Corp.,
	5,257	6.18%, 4/1/30	Ba3/NR		4,831,492
	4,213	6.81%, 12/1/28, VRN	Ba1/BBB		4,147,946
	1,280	6.87%, 4/1/30, VRN	Ba3/NR		1,207,540
	1,000	7.06%, 2/1/31, VRN	NR/B−		710,154
	783	7.40%, 6/15/27	A2/AA		825,581
	389	7.55%, 1/15/29, VRN	NR/A+		387,288
	364	HSI Asset Securitization Corp. Trust, 3.309%, 12/25/36, FRN	Aa2/AAA		323,897
		Lehman XS Trust, FRN,
	567	3.489%, 8/25/46	Aaa/AAA		197,629
	763	3.499%, 11/25/46	Aaa/AAA		271,227
	1,457	Long Beach Mortgage Loan Trust, 4.684%, 3/25/32, FRN	A1/NR		1,131,794
	500	Madison Avenue Manufactured Housing Contract, 4.709%, 3/25/32, FRN	Baa1/A+		413,391
	1,928	Mesa Trust Asset Backed Certificates, 3.659%, 12/25/31, FRN (a)(d)	Aaa/AA		1,619,364
	1,536	Mid-State Trust, 6.005%, 8/15/37	Aaa/AAA		1,386,017
		Morgan Stanley Mortgage Loan Trust, FRN,
	400	3.489%, 2/25/37	B1/BB		129,902
	700	3.619%, 4/25/37	Ba3/BB		339,585
	200	RAAC Series, 3.659%, 6/25/47, FRN	Aaa/AAA		122,346
		Residential Asset Mortgage Products, Inc.,
	4,464	5.634%, 1/25/34	Aaa/AAA		3,976,982
	2,000	5.90%,7/25/34	Baa2/BBB		357,263
		Residential Asset Securities Corp.,
	3,000	3.689%, 3/25/35, FRN	A1/A		2,026,772
	382	7.14%, 4/25/32, VRN	Ba1/BBB		78,853
	1,696	SACO I, Inc., 3.639%, 11/25/35, FRN	Baa3/AAA		1,236,364
		South Carolina Student Loan Corp., FRN,
	958	3.311%, 9/2/14	Aaa/AAA		938,769
	2,800	3.361%, 3/1/18	Aaa/AAA		2,552,813
	3,600	3.561%, 3/2/20	Aaa/AAA		3,079,127
	600	3.811%, 9/3/24	Aaa/AAA		493,125
	340	Vanderbilt Acquisition Loan Trust, 5.70%, 9/7/23, VRN	Aaa/AAA		337,377
		Total Asset-Backed Securities (cost–$102,557,789)			90,923,497

10.31.08  Fixed Income SHares – Series M Annual Report 53

Fixed Income SHares – Series M Schedule of Investments
October 31, 2008 (continued)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)*	Value
MUNICIPAL BONDS–4.1%
		California–1.2%
$	2,400	Educational Facs. Auth. Rev., 4.75%, 10/1/37, Ser. A	Aa1/AA+	$	2,039,016
		Golden State Tobacco Securitization Corp. Rev., Ser. A (FGIC),
	5,000	5.00%, 6/1/35	A2/A		4,003,450
	3,500	5.00%, 6/1/38	A2/A		2,578,310
	5,000	Los Angeles Department of Water & Power Rev., 5.00%, 7/1/30, Ser. A-2	Aa3/AA−		4,620,900
		State, GO,
	5,400	5.00%, 6/1/37	A1/A+		4,706,154
	1,300	5.00%, 11/1/37	A1/A+		1,132,352
	985	Tobacco Securitization Auth. Rev., 5.40%, 6/1/27, Ser. A2	Baa3/BBB		778,859
					19,859,041
		Florida–0.3%
		State Board of Education, GO,
	1,600	4.75%, 6/1/37, Ser. B (MBIA)	Aa1/AAA		1,323,264
	4,000	4.75%, 6/1/37, Ser. C	Aa1/AAA		3,298,160
					4,621,424
		Illinois–0.2%
	7,505	Will County Community High School Dist. No 210, GO, zero coupon, 1/1/21 (FSA)	Aaa/NR		3,739,291
		Iowa–0.1%
	3,800	Tobacco Settlement Auth. of Iowa Rev., 5.60%, 6/1/34, Ser. B	Baa3/BBB		2,662,394
		New Jersey–0.7%
	21,340	Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/41, Ser. 1A	Baa3/BBB		11,408,151
		New York–0.2%
	4,000	New York City Municipal Water Finance Auth., Water & Sewer System Rev., 5.00%, 6/15/39, Ser. A	Aa2/AAA		3,643,360
		Ohio–0.8%
		Buckeye Tobacco Settlement Financing Auth. Rev., Ser. A-2,
	5,800	5.875%, 6/1/30	Baa3/BBB		4,311,256
	9,300	5.875%, 6/1/47	Baa3/BBB		5,912,568
	5,320	6.00%, 6/1/42	Baa3/BBB		3,568,656
					13,792,480

54 Fixed Income SHares – Series M Annual Report  10.31.08

Fixed Income SHares – Series M Schedule of Investments
October 31, 2008 (continued)

Principal
Amount				Credit Rating
(000)				(Moody’s/S&P)*	Value
			Texas–0.6%
$	2,380		Keller Independent School Dist., GO, 4.75%, 8/15/30 (PSF-GTD)	Aaa/AAA	$	2,127,744
	9,800		State, Transit Rev., GO, 4.75%, 4/1/37	Aa1/AA		8,569,316
						10,697,060
			Total Municipal Bonds (cost–$90,654,515)			70,423,201
Shares
CONVERTIBLE PREFERRED STOCK–1.2%
			Banking–1.1%
	15,500		Bank of America Corp., 7.25%, 12/31/49	A1/A		10,989,500
	11,800		Wachovia Corp., 7.50%, 12/31/49	A3/A−		8,348,500
						19,338,000
			Insurance–0.1%
	228,667		American International Group, Inc., 8.50%, 8/1/11	Baa1/NR		1,017,568
			Total Convertible Preferred Stock (cost–$43,331,790)			20,355,568
Principal
Amount
(000)
SHORT-TERM INVESTMENTS–5.8%
			U.S. Treasury Bills (k)(m)–5.1%
$	87,880		0.29%-1.705%, 11/28/08-12/26/08 (cost–$87,811,429)			87,811,430
			U.S. Government Agency Securities–0.0%
			Fannie Mae, CMO,
	14		3.659%, 3/25/09, FRN	Aaa/AAA		14,205
	43		4.05%, 12/25/08, FRN (m)	Aaa/AAA		42,589
	—(h	)	6.50%, 2/25/09	Aaa/AAA		113
			Total U.S. Government Agency Securities (cost–$56,913)			56,907
			Repurchase Agreements–0.7%
	9,100		Barclays Capital, Inc., dated 10/31/08, 0.20%, due 11/3/08, proceeds $9,100,152; collateralized by Federal Home Loan Bank, 2.733%, due 2/10/10, valued at $9,277,309 including accrued interest			9,100,000
	3,000		JPMorgan Chase Bank, dated 10/31/08, 0.25%, due 11/3/08, proceeds $3,000,063; collateralized by U.S. Treasury Notes, 3.50%, due 5/31/13, valued at $3,007,169 including accrued interest			3,000,000
			Total Repurchase Agreements (cost–$12,100,000)			12,100,000
			Total Short-Term Investments (cost–$99,968,342)			99,968,337

10.31.08  Fixed Income SHares – Series M Annual Report 55

Fixed Income SHares – Series M Schedule of Investments
October 31, 2008 (continued)

Contracts/
Notional
Amount			Value
OPTIONS PURCHASED (l)–0.2%
		Call Options–0.1%
		Fannie Mae (OTC),
	218,000,000	strike price $106.50, expires 12/4/08	$	2
		Ginnie Mae (OTC),
	102,900,000	strike price $107, expires 12/11/08		1
		U.S. Dollar versus Japanese Yen (OTC),
	17,900,000	strike price $104, expires 3/17/10		623,994
		U.S. Treasury Notes 10 yr. Futures (CBOT),
	620	strike price $136, expires 11/21/08		9,860
	820	strike price $138, expires 11/21/08		13,028
				646,885
		Put Options–0.1%
		Fannie Mae (OTC),
	30,000,000	strike price $65, expires 1/6/09		—
	876,500,000	strike price $70, expires 11/6/08		9
	48,000,000	strike price $75, expires 12/4/08		1
	36,000,000	strike price $76, expires 11/6/08		—
	202,000,000	strike price $76, expires 12/9/08		256
	112,500,000	strike price $80, expires 12/9/08		506
	303,500,000	strike price $80.50, expires 1/13/09		19,958
	900,000,000	strike price $81, expires 12/4/08		1,071
	2,000,000,000	strike price $82, expires 11/6/08		20
	80,000,000	strike price $82, expires 12/9/08		797
	60,000,000	strike price $84, expires 1/6/09		2,397
	1,000,000,000	strike price $85, expires 11/6/08		10
	290,000,000	strike price $90, expires 12/4/08		11,084
		Freddie Mac (OTC),
	446,000,000	strike price $80, expires 12/4/08		312
	140,000,000	strike price $82, expires 11/6/08		2
		Ginnie Mae (OTC),
	300,900,000	strike price $55, expires 1/14/09		3
	84,000,000	strike price $70.06, expires 1/14/09		1
	500,000,000	strike price $81, expires 12/11/08		4,130
		U.S. Dollar versus Japanese Yen (OTC),
	17,900,000	strike price $104, expires 3/17/10		2,035,176
		U.S. Treasury Notes 5 yr. Futures (CBOT),
	600	strike price $98, expires 11/21/08		4,687

56 Fixed Income SHares – Series M Annual Report  10.31.08

Fixed Income SHares – Series M Schedule of Investments
October 31, 2008 (continued)

Contracts/
Notional
Amount				Value
		Put Options (continued)
		U.S. Treasury Notes 10 yr. Futures (CBOT),
	1,540	strike price $89, expires 11/21/08		$	23,590
	1,679	strike price $99, expires 11/21/08			13,116
					2,117,126
		Total Options Purchased (cost–$2,483,041)			2,764,011
		Total Investments before options written (cost–$9,884,436,647)–550.0%			9,406,310,130
OPTIONS WRITTEN (l)–(0.2)%
		Call Options–(0.0)%
		U.S. Treasury Notes 10 yr. Futures (CBOT),
	2,247	strike price $118, expires 11/21/08			(258,009	)
	756	strike price $119, expires 11/21/08			(61,545	)
					(319,554	)
		Put Options–(0.2)%
		5-Year Interest Rate Swap (OTC),
		Pay 3-Month USD-LIBOR Floating Rate Index,
	57,000,000	strike rate 5.10%, expires 3/16/09			(249,324	)
		U.S. Treasury Notes 10 yr. Futures (CBOT),
	3,003	strike price $113, expires 11/21/08			(3,433,480	)
					(3,682,804	)
		Total Options Written (premiums received–$3,878,566)			(4,002,358	)
		Total Investments net of options written (cost–$9,880,558,081)	549.8%		9,402,307,772
		Other liabilities in excess of other assets	(449.8)		(7,692,047,743	)
		Net Assets	100.0%	$	1,710,260,029

10.31.08  Fixed Income SHares – Series M Annual Report 57

Fixed Income SHares – Series R Schedule of Investments
October 31, 2008

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)*	Value
U.S. TREASURY BONDS & NOTES–118.7%
		U.S. Treasury Inflation Indexed Bonds & Notes (j),
$	25,131	0.875%, 4/15/10 (e)		$	23,631,041
	6,196	1.375%, 7/15/18 (e)			5,294,261
	2,065	1.625%, 1/15/15			1,808,152
	25,093	1.75%, 1/15/28 (e)			19,764,456
	11,927	1.875%, 7/15/13			11,156,406
	13,518	1.875%, 7/15/15			11,922,254
	349	2.00%, 7/15/14			318,134
	3,311	2.00%, 1/15/16			2,922,772
	21,946	2.00%, 1/15/26 (e)			18,108,993
	19,520	2.375%, 4/15/11 (e)			18,513,428
	14,327	2.375%, 1/15/17 (e)			13,065,700
	21,149	2.375%, 1/15/25 (e)			18,407,718
	4,020	2.375%, 1/15/27 (e)			3,495,497
	3,912	2.625%, 7/15/17			3,666,282
	1,234	3.375%, 1/15/12			1,210,189
	14,463	3.50%, 1/15/11 (e)			14,132,367
	16,518	3.625%, 4/15/28 (e)			17,142,603
	2,332	3.875%, 4/15/29 (e)			2,508,018
	14,962	4.25%, 1/15/10 (e)			14,825,208
		Total U.S. Treasury Bonds & Notes (cost–$210,217,905)			201,893,479
U.S. GOVERNMENT AGENCY SECURITIES 68.3%
		Fannie Mae–62.4%
	25	4.057%, 10/1/44, FRN, MBS	Aaa/AAA		24,822
	559	5.00%, 1/1/37, MBS	Aaa/AAA		530,067
	3,309	5.00%, 3/1/38, MBS	Aaa/AAA		3,136,310
	3,610	5.00%, 4/1/38, MBS	Aaa/AAA		3,421,688
	8,989	5.00%, 5/1/38, MBS	Aaa/AAA		8,520,011
	672	5.00%, 6/1/38, MBS	Aaa/AAA		637,047
	619	5.00%, 7/1/38, MBS	Aaa/AAA		586,466
	1,705	5.00%, 8/1/38, MBS	Aaa/AAA		1,615,862
	645	5.00%, 9/1/38, MBS	Aaa/AAA		611,227
	4,992	5.50%, 6/1/38, MBS	Aaa/AAA		4,880,670
	19,845	5.50%, 6/1/38, MBS	Aaa/AAA		19,913,290
	401	5.50%, 7/1/38, MBS	Aaa/AAA		391,412
	300	5.50%, 8/1/38, MBS	Aaa/AAA		292,633
	12,518	5.50%, 9/1/38, MBS	Aaa/AAA		12,238,125
	15,300	5.50%, MBS, TBA (e)	Aaa/AAA		14,979,092
	1,218	6.00%, 5/1/36, MBS	Aaa/AAA		1,218,431
	887	6.00%, 6/1/36, MBS	Aaa/AAA		887,364
	43	6.00%, 8/1/36, MBS	Aaa/AAA		43,278

58 Fixed Income SHares – Series R Annual Report  10.31.08

Fixed Income SHares – Series R Schedule of Investments
October 31, 2008 (continued)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)*		Value
		Fannie Mae (continued)
$	457	6.00%, 9/1/36, MBS	Aaa/AAA		$	456,997
	10,756	6.00%, 12/1/36, MBS	Aaa/AAA			10,758,297
	458	6.00%, 1/1/37, MBS	Aaa/AAA			457,586
	7,172	6.00%, 3/1/37, MBS	Aaa/AAA			7,173,741
	359	6.00%, 6/1/37, MBS	Aaa/AAA			359,363
	3,971	6.00%, 10/1/37, MBS	Aaa/AAA			3,972,144
	1,990	6.00%, 1/1/38, MBS	Aaa/AAA			1,990,568
	1,957	6.00%, 5/1/38, MBS	Aaa/AAA			1,957,370
	5,000	6.00%, MBS, TBA (e)	Aaa/AAA			4,997,655
						106,051,516
		Freddie Mac–1.3%
	870	4.818%, 2/15/19, CMO, FRN	Aaa/AAA			827,416
	675	6.673%, 9/1/36, FRN, MBS	Aaa/AAA			687,076
	631	6.721%, 7/1/36, FRN, MBS	Aaa/AAA			640,067
						2,154,559
		Ginnie Mae–4.6%
	7	6.00%, 8/15/31, MBS	Aaa/AAA			7,270
	577	6.00%, 9/15/34, MBS	Aaa/AAA			578,597
	594	6.00%, 4/15/37, MBS	Aaa/AAA			594,377
	6,700	6.00%, MBS, TBA	Aaa/AAA			6,701,045
						7,881,289
		Total U.S. Government Agency Securities (cost–$116,921,984)				116,087,364
CORPORATE BONDS & NOTES–14.3%
		Banking–6.9%
		American Express Bank FSB,
	400	5.50%, 4/16/13	A1/A+			328,679
	300	6.00%, 9/13/17	A1/A+			224,768
	200	American Express Centurion Bank, 6.00%, 9/13/17	A1/A+			149,845
	3,500	Bank of America Corp., 5.65%, 5/1/18	Aa2/AA−			3,015,754
	1,200	Bank of America NA, 3.404%, 5/12/10, FRN	Aaa/AA+			1,203,955
		Barclays Bank PLC,
	800	5.45%, 9/12/12	Aa1/AA			771,903
	100	7.434%, 12/15/17, FRN (a)(d)(i)	Aa3/A+	��		63,284
	900	7.70%, 4/25/18, FRN (a)(d)(i)	Aa2/A+			626,130
	3,600	Credit Suisse First Boston, 5.00%, 5/15/13	Aa1/AA−			3,251,135
	700	National Australia Bank Ltd., 5.35%, 6/12/13 (a)(d)	Aa1/AA			649,112
€	100	Royal Bank of Scotland Group PLC, 7.092%, 9/29/17, FRN (i)	A1/BBB+			68,405
$	1,400	UBS AG, 5.75%, 4/25/18	Aa2/AA−			1,091,050

10.31.08  Fixed Income SHares – Series R Annual Report 59

Fixed Income SHares – Series R Schedule of Investments
October 31, 2008 (continued)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)*	Value
		Banking (continued)
$	300	Wachovia Bank N.A., 2.881%, 12/2/10, FRN	Aa2/AA−	$	277,509
					11,721,529
		Chemicals–0.5%
	1,000	RPM International, Inc., 6.50%, 2/15/18	Baa3/BBB−		811,383
		Financial Services–5.7%
	500	Allstate Life Global Funding Trusts, 5.375%, 4/30/13	Aa3/AA		452,466
		American Express Co.,
	580	7.00%, 3/19/18	A2/A+		447,771
	170	8.15%, 3/19/38	A2/A+		133,226
	300	Bear Stearns Cos., Inc., 6.95%, 8/10/12	Aa2/AA−		296,409
	100	C10 Capital SPV Ltd., 6.722%, 12/31/16, FRN (a)(d)(i)	NR/BB+		47,013
	1,200	Citigroup, Inc., 8.40%, 4/30/18, FRN (i)	A2/A		835,620
	600	Citigroup Funding, Inc., 3.799%, 12/28/09, FRN	Aa3/AA−		567,295
	800	Ford Motor Credit Co. LLC, 7.875%, 6/15/10	B2/B−		537,785
	700	General Motors Acceptance Corp. LLC, 6.875%, 9/15/11	Caa1/B−		410,345
		Goldman Sachs Group, Inc.,
	500	6.15%, 4/1/18	Aa3/AA−		415,174
	700	6.75%, 10/1/37	A1/A+		456,125
	100	Lehman Brothers Holdings, Inc., 6.20%, 9/26/14 (f)	B3/NR		13,500
	350	Longpoint Re Ltd., 8.069%, 11/8/11, FRN (a)(b)(d)	NR/BB+		342,720
	400	Merna Reinsurance Ltd., 4.412%, 7/7/10, FRN (a)(b)(d)	Aa2/NR		371,760
	2,100	Merrill Lynch & Co., Inc., 6.875%, 4/25/18	A2/A		1,869,552
	300	Morgan Stanley, 6.625%, 4/1/18	A1/A+		250,169
	2,000	Wachovia Corp., 5.50%, 5/1/13	A1/A+		1,880,252
	400	Wells Fargo Capital XIII, 7.70%, 3/26/13, FRN (i)	Aa2/AA−		327,416
					9,654,598
		Insurance–0.6%
	600	American International Group, Inc., 8.175%, 5/15/68, (converts to FRN 5/15/38) (a)(d)	Baa1/BBB		95,864
	300	Metropolitan Life Global Funding I, 5.125%, 4/10/13 (a)(d)	Aa2/AA		268,534
	300	New York Life Global Funding, 4.65%, 5/9/13 (a)(d)	Aaa/AAA		281,583
	200	Pacific Life Global Funding, 5.15%, 4/15/13 (a)(d)	Aa3/AA		167,838
	300	Residential Reinsurance Ltd., 10.061%, 6/7/10, FRN (a)(b)(d)	NR/BB		296,790
					1,110,609
		Oil & Gas–0.1%
	200	Gaz Capital S.A., 8.146%, 4/11/18 (a)(d)	A3/BBB		137,000
		Retail–0.1%
	200	Wal-Mart Stores, Inc., 5.80%, 2/15/18	Aa2/AA		192,416

60 Fixed Income SHares – Series R Annual Report  10.31.08

Fixed Income SHares – Series R Schedule of Investments
October 31, 2008 (continued)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)*	Value
		Software–0.3%
$	600	Oracle Corp., 5.75%, 4/15/18	A2/A	$	526,303
		Utilities–0.1%
	200	Public Service Electric & Gas Co., 5.30%, 5/1/18	A3/A−		165,251
		Total Corporate Bonds & Notes (cost–$29,108,946)			24,319,089
SOVEREIGN DEBT OBLIGATIONS–7.5%
		Japan–7.5%
		Japanese Government CPI Linked Bond (j),
¥	420,660	0.80%, 12/10/15	Aa3/AA		3,640,255
¥	61,740	1.20%, 6/10/17	Aa3/AA		533,305
¥	998,574	1.20%, 12/10/17 (e)	Aa3/NR		8,577,045
		Total Sovereign Debt Obligations (cost–$12,631,340)			12,750,605
MORTGAGE-BACKED SECURITIES–4.0%
		Bear Stearns Adjustable Rate Mortgage Trust, CMO, FRN,
$	339	4.125%, 3/25/35	Aaa/AAA		317,978
	72	4.13%, 8/25/35	Aaa/AAA		67,935
	128	4.55%, 8/25/35	Aaa/AAA		121,982
		Citigroup Mortgage Loan Trust, Inc., CMO,
	139	4.248%, 8/25/35, FRN	Aaa/AAA		132,228
	82	4.748%, 8/25/35, FRN	Aaa/AAA		77,136
	2,428	6.013%, 9/25/37, VRN	NR/AAA		1,669,404
	3,079	Countrywide Alternative Loan Trust, 4.473%, 12/20/46, CMO, FRN	Aaa/AAA		1,545,425
	51	Countrywide Home Loan Mortgage Pass-Through Trust, 3.599%, 6/25/35, CMO, FRN (a)(d)	Aaa/AAA		42,862
	264	GSR Mortgage Loan Trust, 4.539%, 9/25/35, CMO, FRN	NR/AAA		210,009
	3,100	LB-UBS Commercial Mortgage Trust, 5.424%, 2/15/40, CMO	NR/AAA		2,304,443
	22	Lehman XS Trust, 3.339%, 7/25/46, CMO, FRN	Aaa/AAA		21,300
	602	Residential Accredit Loans, Inc., 3.439%, 6/25/46, CMO, FRN	Aaa/AAA		349,163
		Total Mortgage-Backed Securities (cost–$7,960,299)			6,859,865
MUNICIPAL BONDS–1.0%
		California–0.3%
	600	State, GO, 5.00%, 11/1/37	A1/A+		522,624
		New York–0.1%
	100	New York City Municipal Water Finance Auth., Water & Sewer System Rev., 4.75%, 6/15/38, Ser. D	Aa2/AAA		82,162
		Washington–0.6%
	1,000	Pierce Cnty. School Dist. No. 10, GO, 5.00%, 12/1/23, Ser. A (FSA)	Aaa/AAA		994,730

10.31.08  Fixed Income SHares – Series R Annual Report 61

Fixed Income SHares – Series R Schedule of Investments
October 31, 2008 (continued)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)*	Value
		West Virginia–0.0%
$	100	Tobacco Settlement Finance Auth. Rev., 7.467%, 6/1/47, Ser. A	Baa3/BBB	$	65,101
		Total Municipal Bonds (cost–$1,768,600)			1,664,617
ASSET-BACKED SECURITIES–0.4%
		Massachusetts–0.4%
	528	Bear Stearns Asset Backed Securities Trust, 4.259%, 10/25/37, FRN	A1/AAA		430,609
	388	Massachusetts Educational Financing Auth., 4.485%, 4/25/38, FRN	Aaa/AAA		316,088
		Total Asset-Backed Securities (cost–$916,081)			746,697
Shares
CONVERTIBLE PREFERRED STOCK–0.1%
		Banking–0.1%
	200	Wachovia Corp., 7.50%, 12/31/49 (cost–$200,000)	A3/A−		141,500
Principal
Amount
(000)
SHORT-TERM INVESTMENTS–11.5%
		U.S. Treasury Bills (k)–9.7%
$	16,450	0.23%-1.695%,11/28/08-12/26/08 (cost–$16,433,969)			16,433,969
		Corporate Notes–1.1%
		Banking–0.4%
	600	Bank of America NA, 2.81%, 2/27/09, FRN	Aaa/AA		599,533
	100	Rabobank Nederland NV, 4.773%, 1/15/09, FRN (a)(d)	Aaa/AAA		100,257
					699,790
		Financial Services–0.4%
	100	General Electric Capital Corp., 2.859%, 12/12/08, FRN	Aaa/AAA		99,762
	600	Rockies Express Pipeline LLC, 5.10%, 8/20/09, FRN (a)(d)	Baa2/BBB		600,428
					700,190
		Paper/Paper Products–0.3%
	500	Weyerhaeuser Co., 4.198%, 9/24/09, FRN	Baa2/BBB		477,850
		Total Corporate Notes (cost–$1,899,265)			1,877,830
		Repurchase Agreement–0.7%
	1,138	State Street Bank & Trust Co., dated 10/31/08, 0.03%, due 11/3/08, proceeds $1,138,003; collateralized by Federal Home Loan Bank, 2.90%, due 3/24/09, valued at $1,162,843 including accrued interest (cost–$1,138,000)			1,138,000
		Total Short-Term Investments (cost–$19,471,234)			19,449,799

62 Fixed Income SHares – Series R Annual Report  10.31.08

Fixed Income SHares – Series R Schedule of Investments
October 31, 2008 (continued)

Contracts/
National
Amount			Value
OPTIONS PURCHASED (l)–2.2%
		Call Options–2.2%
		2-Year Interest Rate Swap (OTC), Pay 3-Month USD-LIBOR Floating Rate Index,
	245,400,000	strike rate 3.50%, expires 2/2/09	$	3,794,498
		Euro-Bund (EUREX),
	29	strike price $130, expires 12/9/08		368
		Fannie Mae (OTC),
	8,000,000	strike price $106.50, expires 11/6/08		—
		U.S. Treasury Bonds 30 yr. Futures (CBOT),
	146	strike price $140, expires 11/21/08		2,266
		U.S. Treasury Notes 5 yr. Futures (CBOT),
	62	strike price $125, expires 11/21/08		484
				3,797,616
		Put Options–0.0%
		Fannie Mae (OTC),
	9,000,000	strike price $74, expires 11/6/08		—
	19,300,000	strike price $75, expires 12/4/08		—
	5,000,000	strike price $81.25, expires 1/6/09		160
		Ginnie Mae (OTC),
	6,700,000	strike price $52, expires 1/14/09		—
		U. S. Treasury Inflation Index Bonds (OTC),
	12,000,000	strike price $57.50, expires 11/20/08		150
	23,000,000	strike price $60, expires 11/10/08		—
	25,000,000	strike price $65, expires 11/17/08		—
	22,900,000	strike price $65, expires 11/20/08		—
	15,000,000	strike price $70, expires 11/20/08		—
		U.S. Treasury Bonds 30 yr. Futures (CBOT),
	33	strike price $96, expires 11/21/08		523
		U.S. Treasury Notes 5 yr. Futures (CBOT),
	142	strike price $101.50, expires 11/21/08		1,109
		U.S. Treasury Notes 10 yr. Futures (CBOT),
	330	strike price $99, expires 11/21/08		5,005
				6,947
		Total Options Purchased (cost–$2,718,859)		3,804,563
		Total Investments before options written (cost–$401,915,247)–228.0%		387,717,578

10.31.08  Fixed Income SHares – Series R Annual Report 63

Fixed Income SHares – Series R Schedule of Investments
October 31, 2008 (continued)

Contracts/
Notional
Amount				Value
OPTIONS WRITTEN (l)–(1.8)%
		Call Options–(1.7)%
		5-Year Interest Rate Swap (OTC), Pay 3-Month USD-LIBOR Floating Rate Index,
	106,700,000	strike rate 4.30%, expires 2/2/09		$	(2,800,993	)
		7-Year Interest Rate Swap (OTC), Pay 3-Month USD-LIBOR Floating Rate Index,
	1,000,000	strike rate 5.37%, expires 9/20/10			(54,334	)
		U.S. Treasury Bonds 30 yr. Futures (CBOT),
	11	strike price $121, expires 11/21/08			(1,861	)
		U.S. Treasury Notes 10 yr. Futures (CBOT),
	73	strike price $118, expires 11/21/08			(8,382	)
	3	strike price $119, expires 11/21/08			(244	)
					(2,865,814	)
		Put Options–(0.1)%
		7-Year Interest Rate Swap (OTC), Pay 3-Month USD-LIBOR Floating Rate Index,
	1,000,000	strike rate 5.37%, expires 9/20/10			(30,248	)
		U.S. Treasury Notes 10 yr. Futures (CBOT),
	78	strike price $113, expires 11/21/08			(89,181	)
					(119,429	)
		Total Options Written (premiums received–$2,975,508)			(2,985,243	)
		Total Investments net of options written (cost–$398,939,739)	226.2%		384,732,335
		Other liabilities in excess of other assets	(126.2)		(214,640,767	)
		Net Assets	100.0%	$	170,091,568

64 Fixed Income SHares – Series R Annual Report  10.31.08

 

Fixed Income SHares – Notes to Schedule of Investments
October 31, 2008

*	Unaudited.
(a)	Private Placement–Restricted as to resale and may not have a readily available market. Securities with an aggregate value of $437,512,194, representing 21.80% of net assets for Series C; securities with an aggregate value of $142,487, representing 6.25% of net assets for Series H; securities with an aggregate value of $103,468,378, representing 6.05% of net assets for Series M; securities with an aggregate value of $4,091,175, representing 2.41% of net assets for Series R.
(b)	Illiquid security.

(c) These securities generally pay interest at rates which are periodically pre-determined by reference to a base lending rate plus a premium. These base lending rates are generally either the lending rate offered by one or more major European banks, such as the “LIBOR” or the prime rate offered by one or more major United States banks, or the certificate of deposit rate. These securities are generally considered to be restricted as the Fund is ordinarily contractually obligated to receive approval from the Agent bank and/or borrower prior to disposition. Remaining maturities of senior loans may be less than the stated maturities shown as a result of contractual or optional payments by the borrower. Such prepayments cannot be predicted with certainty. The interest rate disclosed reflects the rate in effect on October 31, 2008.

(d)	144A Security–Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.
(e)	When-issued or delayed-delivery security. To be settled/delivered after October 31, 2008.

(f) Security in default.

(g)	Fair-valued. Securities with an aggregate value of $2,879,988 representing 0.14% of net assets for Series C and securities with an aggregate value of $966,966 representing 0.06% of net assets for Series M.
(h)	Principal amount less than $500.

(i)	Perpetual maturity security. Maturity date shown is the first call date. Interest rate is fixed until the first call date and variable thereafter.
(j)	Inflationary Bonds–Principal amount of security is adjusted for inflation.

(k) All or partial amount segregated as collateral for futures contracts, options written, when-issued and/or delayed-delivery securities and/or swaps.

(l) Non-income producing.

(m) All or partial amount segregated as collateral for reverse repurchase agreements.

(n) Subject to Alternative Minimum Tax.

Glossary:

£ – British Pound

€/Eur – Euro

¥ – Japanese Yen

ABS – Asset Backed Securities

BRL – Brazilian Real

CAD – Canadian Dollar

CBOT – Chicago Board of Trade

CMO – Collateralized Mortgage Obligation

CPI – Consumer Price Index

EUREX – Eurex Euro Exchange

FGIC – insured by Financial Guaranty Insurance Co.

FRN – Floating Rate Note. The interest rate disclosed reflects the rate in effect on October 31, 2008.

FSA – insured by Financial Security Assurance, Inc.

GO – General Obligation Bond

GTD – Guaranteed

IO – Interest Only

LIBOR – London Inter-Bank Offered Rate

MBIA – insured by Municipal Bond Investors Assurance

MBS – Mortgage-Backed Securities

See accompanying Notes to Financial Statements  10.31.08  Fixed Income SHares – Series C, H, M, R Annual Report 65

Fixed Income SHares – Notes to Schedule of Investments
October 31, 2008

 

NR – Not Rated

OAT – Obligations Assimilables du Trésor

OTC – Over-the-Counter

PSF – Public School Fund

Q-SBLF – Qualified School Bond Loan Fund

TBA – To Be Announced

VRN – Variable Rate Note.  Instruments whose interest rates change on specified date (such as a coupon date or interest payment date) and/or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). The interest rate disclosed reflects the rate in effect on October 31, 2008.

66 Fixed Income SHares – Series C, H, M, R Annual Report  10.31.08

Fixed Income SHares – Series C, H, M, R Statements of Assets and Liabilities
October 31, 2008

	Series C			Series H			Series M			Series R
Assets:
Investments, at value (cost-$3,235,171,182, $3,074,912, $9,884,436,647 and $401,915,247, respectively)		$2,799,457,257			$2,254,726			$9,406,310,130			$387,717,578
Cash (including foreign currency for Series C, Series M and Series R with a value and cost of $3,910,129 and $3,910,461, $749,831 and $843,524 and $1,036,564 and $1,086,881, respectively)		11,532,398			118			1,945,293			1,282,910
Receivable for investments sold		635,002,717			—			7,712,144,416			39,208,843
Unrealized appreciation of swaps		289,144,070			—			21,958,024			3,794,299
Deposits with brokers for futures contracts collateral		58,225,700			—			11,208,000			2,661,300
Unrealized appreciation of forward foreign currency contracts		56,323,818			—			2,038,407			936,189
Premiums for swaps purchased		49,075,645			2,411			17,375,930			928,762
Interest and dividend receivable		28,792,631			54,708			44,593,085			2,337,451
Receivable for terminated swaps		8,760,649			—			5,698,219			310,023
Receivable for shares of beneficial interest sold		5,352,990			—			6,014,128			398,779
Tax reclaims receivable		4,602			—			—			—
Receivable for variation margin on futures contracts		656,236			—			429,250			71,981
Total Assets		3,942,328,713			2,311,963			17,229,714,882			439,648,115
Liabilities:
Payable for investments purchased		1,331,146,675			—			9,312,475,172			250,000,854
Premium for swaps sold		141,099,098			—			23,766,709			3,054,867
Unrealized depreciation of swaps		131,106,102			15,885			83,952,993			6,145,274
Securities sold short, at value (proceeds of $104,066,196, $0,$1,214,657,055 and $3,282,315, respectively)		102,776,504			—			1,191,220,843			3,247,767
Unrealized depreciation of forward foreign currency contracts		90,233,593			—			204,330			2,460,164
Payable to broker for swaps collateral		78,460,000			—			—			—
Options written, at value (premiums received - $14,010,103, $0, $3,878,566, and $2,975,508)		21,964,426			—			4,002,358			2,985,243
Payable for variation margin on futures contracts		12,513,237			—			42,000			418,138
Payable for terminated swaps		11,324,667						3,531,070			341,822
Dividends payable		11,081,856			14,639			21,255,844			547,603
Payable for shares of beneficial interest redeemed		2,254,965			—			1,259,583			331,595
Payable to broker for forward foreign currency contracts collateral		1,250,000			—			—			—
Interest payable on short positions		623,179			—			—			23,220
Payable for reverse repurchase agreements		—			—			4,872,252,000			—
Interest payable for reverse repurchase agreements		—			—			5,491,951			—
Total Liabilities		1,935,834,302			30,524			15,519,454,853			269,556,547
Net Assets		$2,006,494,411			$2,281,439			$1,710,260,029			$170,091,568
Net Assets Consist of:
Shares of beneficial interest of $0.001 par value (unlimited number authorized)		$174,485			$325			$204,640			$18,352
Paid-in-capital in excess of par		2,029,626,563			3,213,484			2,281,200,370			194,365,061
Undistributed (dividends in excess of) net investment income		80,609,985			—			(3,387,655	)		518,474
Accumulated net realized gain (loss)		163,597,905			(96,299	)		(56,270,879	)		(8,943,740	)
Net unrealized depreciation of investments, futures contracts, options written, swaps, foreign currency transactions and contingent loss on contractual counterparty agreements		(267,514,527	)		(836,071	)		(511,486,447	)		(15,866,579	)
Net Assets		$2,006,494,411			$2,281,439			$1,710,260,029			$170,091,568
Shares Outstanding		174,485,089			324,604			204,639,722			18,352,006
Net Asset Value, Offering Price and Redemption Price Per Share		$11.50			$7.03			$8.36			$9.27

See accompanying Notes to Financial Statements  10.31.08  Fixed Income SHares – Series C, H, M, R Annual Report 67

Fixed Income SHares – Series C, H, M, R Statements of Operations
Year ended October 31, 2008

	Series C			Series H			Series M			Series R
Investment Income:
Interest		$126,376,421			$161,687			$374,598,873			$8,541,632
Facility and other fee income		492,123			—			114,225			500
Dividends		86,299			—			1,757,931			6,167
Total Investment Income		126,954,843			161,687			376,471,029			8,548,299
Expenses:
Interest expense		—			—			147,684,733			—
Net Investment Income		126,954,843			161,687			228,786,296			8,548,299
Realized and Change In Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		(80,325,890	)		(32,991	)		111,469,122			(8,343,687	)
Futures contracts		241,575,363			(27,528	)		(79,330,964	)		4,404,833
Options written		(4,917,977	)		—			(22,279,202	)		987,844
Swaps		72,487,615			—			(7,434,098	)		1,995,634
Foreign currency transactions		66,891,559			—			1,239,893			(69,231	)
Net change in unrealized appreciation/depreciation of:
Investments		(427,785,101	)		(745,670	)		(495,378,872	)		(16,731,752	)
Futures contracts		(49,290,238	)		5,577			13,067,378			1,629,605
Options written		(10,934,865	)		—			(1,503,606	)		26,457
Swaps		116,503,236			(15,885	)		(90,067,144	)		(2,325,794	)
Unfunded loan commitments		(30,188	)		—			—			—
Foreign currency transactions		(12,271,948	)		—			2,216,389			(1,953,090	)
Net realized and change in unrealized loss on investments, futures contracts, options written, swaps, unfunded loan commitments and foreign currency transactions		(88,098,434	)		(816,497	)		(568,001,104	)		(20,379,181	)
Net Increase (Decrease) in Net Assets Resulting from Investment Operations		$38,856,409			$(654,810	)		$(339,214,808	)		$(11,830,882	)

68 Fixed Income SHares – Series C, H, M, R Annual Report  10.31.08  See accompanying Notes to Financial Statements

Fixed Income SHares – Series C Statement of Changes in Net Assets

	Year ended October 31,
	2008			2007
Investment Operations:
Net investment income		$126,954,843			$91,879,866
Net realized gain (loss) on investments, futures contracts, options written, swaps and foreign currency transactions		295,710,670			(33,154,827	)
Net change in unrealized appreciation/depreciation of investments, futures contracts, options written, swaps, unfunded loan commitments and foreign currency transactions		(383,809,104	)		106,475,793
Net increase in net assets resulting from investment operations		38,856,409			165,200,832
Dividends and Distributions to Shareholders from:
Net investment income		(124,912,250	)		(80,510,904	)
Net realized gains		(25,425,077	)		(31,371,385	)
Total dividends and distributions to shareholders		(150,337,327	)		(111,882,289	)
Capital Share Transactions:
Net proceeds from the sale of shares		774,037,053			683,117,118
Cost of shares redeemed		(542,286,326	)		(299,786,265	)
Net increase in net assets from capital share transactions		231,750,727			383,330,853
Total increase in net assets		120,269,809			436,649,396
Net Assets:
Beginning of year		1,886,224,602			1,449,575,206
End of year (including undistributed (dividends in excess of) net investment income of $80,609,985 and $(13,537,322), respectively)		$2,006,494,411			$1,886,224,602
Shares Issued and Redeemed:
Issued		60,725,348			59,522,262
Redeemed		(42,746,694	)		(26,079,666	)
Net Increase		17,978,654			33,442,596

See accompanying Notes to Financial Statements  10.31.08  Fixed Income SHares – Series C Annual Report 69

Fixed Income SHares – Series H Statement of Changes in Net Assets

				For the period
				April 2, 2007*
	Year ended			through
	October 31, 2008			October 31, 2007
Investment Operations:
Net investment income		$161,687			$85,729
Net realized loss on investments, futures contracts and swaps		(60,519	)		(35,780	)
Net change in unrealized appreciation/depreciation of investments, futures contracts and swaps		(755,978	)		(80,093	)
Net decrease in net assets resulting from investment operations		(654,810	)		(30,144	)
Dividends to Shareholders from Net investment income		(161,687	)		(85,729	)
Capital Share Transactions:
Net proceeds from the sale of shares		213,809			3,000,000
Total increase (decrease) in net assets		(602,688	)		2,884,127
Net Assets:
Beginning of period		2,884,127			—
End of period		$2,281,439			$2,884,127
Shares Issued and Redeemed:
Issued		24,604			300,000
Redeemed		—			—
Net Increase		24,604			300,000

*  Commencement of operations.

70 Fixed Income SHares – Series H Annual Report  10.31.08  See accompanying Notes to Financial Statements

Fixed Income SHares – Series M Statement of Changes in Net Assets

	Year ended October 31,
	2008			2007
Investment Operations:
Net investment income		$228,786,296			$97,103,124
Net realized gain (loss) on investments, futures contracts, options written, swaps and foreign currency transactions		3,664,751			(49,780,821	)
Net change in unrealized appreciation/depreciation of investments, futures contracts, options written, swaps and foreign currency transactions		(571,665,855	)		40,920,619
Net increase (decrease) in net assets resulting from investment operations		(339,214,808	)		88,242,922
Dividends to Shareholders from Net investment income		(237,966,458	)		(95,090,473	)
Capital Share Transactions:
Net proceeds from the sale of shares		882,741,960			666,159,963
Cost of shares redeemed		(414,324,622	)		(294,433,112	)
Net increase in net assets from capital share transactions		468,417,338			371,726,851
Total increase (decrease) in net assets		(108,763,928	)		364,879,300
Net Assets:
Beginning of year		1,819,023,957			1,454,144,657
End of year (including undistributed (dividends in excess of) net investment income of $(3,387,655) and $3,206,757, respectively)		$1,710,260,029			$1,819,023,957
Shares Issued and Redeemed:
Issued		83,725,095			59,108,083
Redeemed		(39,870,663	)		(26,152,998	)
Net Increase		43,854,432			32,955,085

See accompanying Notes to Financial Statements  10.31.08  Fixed Income SHares – Series M Annual Report 71

Fixed Income SHares – Series R Statement of Changes in Net Assets

	Year ended October 31,
	2008			2007
Investment Operations:
Net investment income		$8,548,299			$5,563,708
Net realized loss on investments, futures contracts, options written, swaps and foreign currency transactions		(1,024,607	)		(4,537,097	)
Net change in unrealized appreciation/depreciation of investments, futures contracts, options written, swaps and foreign currency transactions		(19,354,574	)		8,264,963
Net increase (decrease) in net assets resulting from investment operations		(11,830,882	)		9,291,574
Dividends to Shareholders from Net investment income		(8,952,787	)		(5,622,968	)
Capital Share Transactions:
Net proceeds from the sale of shares		117,340,551			57,993,142
Cost of shares redeemed		(49,483,475	)		(93,436,266	)
Net increase (decrease) in net assets from capital share transactions		67,857,076			(35,443,124	)
Total increase (decrease) in net assets		47,073,407			(31,774,518	)
Net Assets:
Beginning of year		123,018,161			154,792,679
End of year (including undistributed net investment income of $518,474 and $200,137, respectively)		$170,091,568			$123,018,161
Shares Issued and Redeemed:
Issued		10,975,042			5,876,195
Redeemed		(4,675,758	)		(9,465,341	)
Net Increase (Decrease)		6,299,284			(3,589,146	)

72 Fixed Income SHares – Series R Annual Report  10.31.08  See accompanying Notes to Financial Statements

Fixed Income SHares – Series M Statement of Cash Flows
Year ended October 31, 2008

Cash Flows used for Operating Activities:
Purchases of long-term investments	$(88,310,562,912	)
Proceeds from sales of long-term investments	84,274,521,422
Increase in proceeds for short sale	1,176,656,742
Increase in deposits with brokers for futures collateral	(11,208,000	)
Interest, dividends and facility and other fee income received	351,243,236
Net cash received for swap transactions	(9,818,578	)
Operating expenses paid	(148,666,704	)
Net cash used for written options	(31,254,460	)
Net cash used for futures transactions	(54,511,519	)
Net realized gain on foreign currency transactions	1,146,096
Net decrease in short-term investments	(21,469,584	)
Net cash used for operating activities*	(2,783,924,261	)
Cash Flows provided by Financing Activities:
Increase in reverse repurchase agreements	2,546,074,000
Cash dividends paid	(237,966,458	)
Increase in dividends payable	10,157,886
Proceeds from shares of beneficial interest sold	467,324,038
Net cash provided by financing activities	2,785,589,466
Net increase in cash	1,665,205
Cash at beginning of year	280,088
Cash at end of year	1,945,293
Reconciliation of Net Decrease in Net Assets Resulting from Investment Operations to Net Cash used for Operating Activities:
Net decrease in net assets resulting from investment operations	(339,214,808	)
Increase in payable for investments purchased	6,746,322,266
Increase in receivable for investments sold	(7,127,076,788	)
Increase in deposits with brokers for futures collateral	(11,208,000	)
Increase in interest receivable	(23,212,354	)
Decrease in premium for swaps purchased	35,640,316
Increase in receivable for terminated swaps	(5,698,219	)
Decrease in premium for swaps sold and terminated	(32,326,577	)
Decrease in net receivable for variation margin on futures contracts	11,752,067
Decrease in interest payable for reverse repurchase agreements	(981,971	)
Decrease in net unrealized depreciation of swaps	90,067,144
Increase in net unrealized appreciation of forward foreign currency contracts	(2,709,062	)
Increase in net unrealized depreciation on options written	1,503,606
Decrease in premium of options written	(8,975,257	)
Net increase in short sales	1,152,941,935
Net increase in investments	(3,270,748,559	)
Net cash used for by operating activities	$(2,783,924,261	)

*  Included in operating expenses is cash paid by for interest on reverse repurchase agreements of $148,666,704.

See accompanying Notes to Financial Statements  10.31.08  Fixed Income SHares – Series M Annual Report 73

Fixed Income SHares – Series C Financial Highlights
For a share outstanding throughout each year:

Series C:	Year ended October 31,
	2008			2007			2006			2005			2004
Net asset value, beginning of year		$12.05			$11.78			$11.64			$12.06			$11.62
Investment Operations:
Net investment income		0.76			0.63			0.55			0.48			0.49
Net realized and change in unrealized gain (loss) on investments, futures contracts, options written, swaps unfunded loan commitments and foreign currency transactions		(0.37	)		0.44			0.31			0.04			0.64
Total from investment operations		0.39			1.07			0.86			0.52			1.13
Dividends and Distributions to Shareholders from:
Net investment income		(0.74	)		(0.56	)		(0.72	)		(0.54	)		(0.51	)
Net realized gains		(0.20	)		(0.24	)		—			(0.40	)		(0.18	)
Total dividends and distributions to shareholders		(0.94	)		(0.80	)		(0.72	)		(0.94	)		(0.69	)
Net asset value, end of year		$11.50			$12.05			$11.78			$11.64			$12.06
Total Investment Return (1)		2.56	%		9.67	%		7.69	%		4.42	%		10.14	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000’s)		$2,006,494			$1,886,225			$1,449,575			$949,173			$575,175
Ratio of operating expenses to average net assets (2)		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Ratio of net investment income to average net assets (2)		6.01	%		5.60	%		4.89	%		4.08	%		4.16	%
Portfolio turnover		873	%		750	%		560	%		510	%		180	%

(1)	Assumes reinvestment of all dividends and distributions.
(2)	Reflects the fact that no fees or expenses are incurred. The Portfolios are an integral part of “wrap-fee” programs sponsored by investment advisers and/or broker-dealers unaffiliated with Series C, the Investment Manager or the Sub-Adviser. Participants in these programs pay a “wrap” fee to the sponsor of the program.

74 Fixed Income SHares – Series C Annual Report  10.31.08  See accompanying Notes to Financial Statements

Fixed Income Shares – Series H Financial Highlights
For a share outstanding throughout each period:

				For the
				period
				April 2,
	Year			2007*
	ended			through
	October 31,			October 31,
Series H:	2008			2007
Net asset value, beginning of period		$9.61			$10.00
Investment Operations:
Net investment income		0.52			0.29
Net realized and unrealized gain (loss) on investments, futures contracts and swaps		(2.58	)		(0.40	)
Total from investment operations		(2.06	)		(0.11	)
Dividends to Shareholders from Net investment income:		(0.52	)		(0.28	)
Net asset value, end of period		$7.03			$9.61
Total Investment Return (1)		(22.21	)%		(1.04	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000’s)		$2,281			$2,884
Ratio of operating expenses to average net assets (2)		0.00	%		0.00	%#
Ratio of net investment income to average net assets (2)		6.05	%		5.04	%#
Portfolio turnover		15	%		87	%

*	Commencement of operations.
#	Annualized.
(1)	Assumes reinvestment of all dividends and distributions. Total return for a period of less than one year is not annualized.
(2)	Reflects the fact that no fees or expenses are incurred. The Portfolios are an integral part of “wrap-fee” programs sponsored by investment advisers and/or broker-dealers unaffiliated with Series H, the Investment Manager or the Sub-Adviser. Participants in these programs pay a “wrap” fee to the sponsor of the program.

See accompanying Notes to Financial Statements  10.31.08  Fixed Income SHares – Series H Annual Report 75

Fixed Income SHares – Series M Financial Highlights
For a share outstanding throughout each year:

Series M:	Year ended October 31,
	2008			2007			2006			2005			2004
Net asset value, beginning of year		$11.31			$11.38			$11.12			$11.87			$11.48
Investment Operations:
Net investment income		1.35			0.66			0.57			0.44			0.37
Net realized and unrealized gain (loss) on investments, futures contracts, options written, swaps and foreign currency transactions		(2.90	)		(0.08	)		0.27			(0.29	)		0.65
Total from investment operations		(1.55	)		0.58			0.84			0.15			1.02
Dividends and Distributions to Shareholders from:
Net investment income		(1.40	)		(0.65	)		(0.58	)		(0.46	)		(0.43	)
Net realized gains		—			—			—			(0.44	)		(0.20	)
Total dividends and distributions to shareholders		(1.40	)		(0.65	)		(0.58	)		(0.90	)		(0.63	)
Net asset value, end of year		$8.36			$11.31			$11.38			$11.12			$11.87
Total Investment Return (1)		(16.53	)%		5.26	%		7.80	%		1.32	%		9.17	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000’s)		$1,710,260			$1,819,024			$1,454,145			$942,197			$569,692
Ratio of operating expenses to average net assets (2)(3)		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Ratio of net investment income to average net assets (3)		11.82	%		5.91	%		5.11	%		3.85	%		3.21	%
Portfolio turnover		923	%		837	%		928	%		706	%		894	%

(1)	Assumes reinvestment of all dividends and distributions.
(2)	If interest expense were included, the ratio of operating expenses to average net assets for the years ended October 31, 2008, 2007, 2006, 2005 and 2004 would be 7.63%, 1.26%, 0.07%, 0.05% and 0.01%, respectively.
(3)	Reflects the fact that no fees or expenses are incurred. The Portfolios are an integral part of “wrap-fee” programs sponsored by investment advisers and/or broker-dealers unaffiliated with Series M, the Investment Manager or the Sub-Adviser. Participants in these programs pay a “wrap” fee to the sponsor of the program.

76 Fixed Income SHares – Series M Annual Report  10.31.08  See accompanying Notes to Financial Statements

Fixed Income SHares – Series R Financial Highlights
For a share outstanding throughout each period:

													For the
													period
													April 15,
													2004*
													through
Series R:	Year ended October 31,												October 31,
	2008			2007			2006			2005			2004
Net asset value, beginning of period		$10.21			$9.90			$10.20			$10.37			$10.00
Investment Operations:
Net investment income		0.57			0.43			0.54			0.50			0.26
Net realized and unrealized gain (loss) on investments, futures contracts, options written, swaps and foreign currency transactions		(0.91	)		0.34			(0.29	)		(0.16	)		0.37
Total from investment operations		(0.34	)		0.77			0.25			0.34			0.63
Dividends and Distributions to Shareholders from:
Net investment income		(0.60	)		(0.46	)		(0.55	)		(0.50	)		(0.26	)
Net realized gains		—			—			—			(0.01	)		—
Total dividends and distributions to shareholders		(0.60	)		(0.46	)		(0.55	)		(0.51	)		(0.26	)
Net asset value, end of period		$9.27			$10.21			$9.90			$10.20			$10.37
Total Investment Return (1)		(3.87	)%		8.05	%		2.49	%		3.30	%		6.41	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000’s)		$170,092			$123,018			$154,793			$135,449			$3,114
Ratio of operating expenses to average net assets (2)		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%#
Ratio of net investment income to average net assets (2)		5.39	%		4.36	%		5.33	%		5.28	%		4.72	%#
Portfolio turnover		1003	%		825	%		593	%		175	%		23	%

*	Commencement of operations.
#	Annualized.
(1)	Assumes reinvestment of all dividends and distributions. Total return for a period of less than one year is not annualized.
(2)	Reflects the fact that no fees or expenses are incurred. The Portfolios are an integral part of “wrap-fee” programs sponsored by investment advisers and/or broker-dealers unaffiliated with Series R, the Investment Manager or the Sub-Adviser. Participants in these programs pay a “wrap” fee to the sponsor of the program.

See accompanying Notes to Financial Statements  10.31.08  Fixed Income SHares – Series R Annual Report 77

Fixed Income Shares – Series C, H, M, R Notes to Financial Statements
October 31, 2008

1. Organization and Significant Accounting Policies

Fixed Income SHares (the “Trust”), was organized as a Massachusetts business trust on November 3, 1999. The Trust is comprised of Series C, Series H, Series M and Series R (the “Portfolios”). Allianz Global Investors Fund Management LLC (the “Investment Manager”) serves as the Portfolios’ Investment Manager and is an indirect, wholly-owned subsidiary of Allianz Global Investors of America L.P. (“Allianz Global”). Allianz Global is an indirect, majority-owned subsidiary of Allianz SE, a publicly traded European insurance and financial services company. The Portfolios are authorized to issue an unlimited amount of shares of beneficial interest at $0.001 par value.

The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

In the normal course of business the Portfolios enter into contracts that contain a variety of representations which provide general indemnifications. The Portfolios’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolios that have not yet been asserted. However, the Portfolios expect the risk of any loss to be remote.

In July 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes – an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation establishes for all entities, including pass-through entities such as the Portfolios, a minimum threshold for financial statement recognition of the benefit of positions taken in filing tax returns (including whether an entity is taxable in a particular jurisdiction), and requires certain expanded tax disclosures. The Portfolios’ management has determined that its evaluation of the Interpretation has resulted in no material impact to the Portfolios’ financial statements at October 31, 2008. The Portfolios’ federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

In September 2006, FASB issued Statement of Financial Accounting Standards (“SFAS”) 157, Fair Value Measurements, which clarifies the definition of fair value and requires companies to expand their disclosure about the use of fair value to measure assets and liabilities in interim and annual periods subsequent to initial recognition. Adoption of SFAS 157 requires the use of the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. SFAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. At this time, the Portfolios are in the process of reviewing SFAS 157 against its current valuation policies to determine the effect the adoption of this standard will have on the Portfolios.

In March 2008, FASB issued Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities” (“SFAS 161”). SFAS 161 is effective for fiscal years and interim periods beginning after November 15, 2008. SFAS 161 requires enhanced disclosures about a portfolio’s derivative and hedging activities. Portfolio management is currently evaluating the impact the adoption of SFAS 161 will have on the Portfolios’ financial statement disclosures.

In September 2008, FASB issued a FASB Staff Position No. 133-1 and FIN 45-4 “Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161” (“FSP”). FSP requires enhanced transparency of the effect of credit derivatives and guarantees on an issuer’s financial position, financial performance and cash flows. FSP is effective for fiscal years ending after November 15, 2008. This FSP applies to certain credit derivatives, hybrid instruments that have embedded credit derivatives (for example, credit-linked notes), and certain guarantees and it requires additional disclosures regarding credit derivatives with sold protection. Management is currently evaluating the impact of this new requirement.

The following is a summary of significant accounting policies consistently followed by the Portfolios:

(a) Valuation of Investments

Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Market value is generally determined on the basis of last reported sales prices, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services.

Portfolio securities and other financial instruments for which market quotations are not readily available or if a development/event occurs that may significantly impact the value of a security, are fair-valued, in good faith, pursuant to procedures established by the Board of Trustees, or persons acting at their discretion pursuant to procedures established

78 Fixed Income SHares – Series C, H, M, R Annual Report  10.31.08

Fixed Income Shares – Series C, H, M, R Notes to Financial Statements
October 31, 2008

1. Organization and Significant Accounting Policies (continued)

by the Board of Trustees, including certain fixed income securities which may be valued with reference to securities whose prices are more readily available. The Portfolios’ investments, including over-the-counter options, are valued daily using prices supplied by an independent pricing service or dealer quotations, or by using the last sale price on the exchange that is the primary market for such securities, or the last quoted mean price for those securities for which the over-the-counter market is the primary market or for listed securities in which there were no sales. Independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily until settlement at the forward settlement value. Short-term securities maturing in 60 days or less are valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days. Investments initially valued in currencies other than U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the net asset value (“NAV”) of the Portfolios’ shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the New York Stock Exchange (“NYSE”) is closed and the NAV may change on days when an investor is not able to purchase or sell shares.

The prices used by the Portfolios to value securities may differ from the value that would be realized if the securities were sold and these differences could be material to the Portfolios’ financial statements. Each Portfolio’s NAV is normally determined daily as of the close of regular trading (normally, 4:00 p.m. Eastern time) on the NYSE on each day the NYSE is open for business.

(b) Investment Transactions and Investment Income

Investment transactions are accounted for on the trade date. Securities purchased and sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses on investments are determined on the identified cost basis. Interest income is recorded on an accrual basis. Discounts or premiums on debt securities purchased are accreted or amortized to interest income over the lives of the respective securities using the effective interest method. Dividend income is recorded on the ex-dividend date. Facility fees and other fees (such as origination fees) received by the Portfolios are amortized as income over the expected term of the senior loan. Commitment fees received by the Portfolios relating to unfunded purchase commitments are deferred and amortized to facility fee income over the period of the commitment.

(c) Federal Income Taxes

The Portfolios intend to distribute all of their taxable income and to comply with the other requirements of the U.S. Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. Accordingly, no provision for U.S. federal income taxes is required.

(d) Dividends and Distributions

The Portfolios declare dividends from net investment income monthly to shareholders. Distributions of net realized capital gains, if any, are paid at least annually. The Portfolios record dividends and distributions to their shareholders on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from generally accepted accounting principles. These “book-tax” differences are considered either temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal income tax treatment; temporary differences do not require reclassification. To the extent dividends and/or distributions exceed current and accumulated earnings and profits for federal income tax purposes, they are reported as dividends and/or distributions of paid-in-capital in excess of par.

(e) Foreign Currency Translation

The Portfolios’ accounting records are maintained in U.S. dollars as follows: (1) the foreign currency market value of investments and other assets and liabilities denominated in foreign currency are translated at the prevailing exchange rate at the end of the period; and (2) purchases and sales, income and expenses are translated at the prevailing exchange rate on the respective dates of such transactions. The resulting net foreign currency gain or loss is included in the Statements of Operations.

10.31.08  Fixed Income SHares – Series C, H, M, R Annual Report 79

Fixed Income Shares – Series C, H, M, R Notes to Financial Statements
October 31, 2008

1. Organization and Significant Accounting Policies (continued)

The Portfolios do not generally isolate that portion of the results of operations arising as a result of changes in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities. Accordingly, such foreign currency gain (loss) is included in net realized and unrealized gain (loss) on investments.

However, the Portfolios do isolate the effect of fluctuations in foreign currency exchange rates when determining the gain or loss upon the sale or maturity of foreign currency denominated debt obligations pursuant to U.S. federal income tax regulations; such amount is categorized as foreign currency gain or loss for both financial reporting and income tax reporting purposes.

(f) Forward Foreign Currency Contracts

A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a future date. Series C, Series M and Series R may enter into forward foreign currency contracts for the purpose of hedging against foreign currency risk arising from the investment or anticipated investment in securities denominated in foreign currencies. The Portfolios may also enter these contracts for purposes of increasing exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one country to another. The market value of a forward foreign currency contract fluctuates with changes in forward currency exchange rates. All commitments are marked to market daily at the applicable exchange rates and any resulting unrealized appreciation or depreciation is recorded. Realized gains or losses are recorded at the time the forward contract matures or by delivery of the currency. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

(g) Futures Contracts

A futures contract is an agreement between two parties to buy and sell a financial instrument at a set price on a future date. Upon entering into such a contract, the Portfolios are required to pledge to the broker an amount of cash or securities equal to the minimum “initial margin” requirements of the exchange. Pursuant to the contracts, the Portfolios agree to receive from or pay to the broker an amount of cash or securities equal to the daily fluctuation in the value of the contracts. Such receipts or payments are known as “variation margin” and are recorded by the Portfolios as unrealized appreciation or depreciation. When the contracts are closed, the Portfolios record a realized gain or loss equal to the difference between the value of the contracts at the time they were opened and the value at the time they were closed. Any unrealized appreciation or depreciation recorded is simultaneously reversed. The use of futures transactions involves the risk of an imperfect correlation in the 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.

(h) Option Transactions

The Portfolios may purchase and write (sell) put and call options on securities for hedging purposes, risk management purposes or as part of their investment strategies. The risk associated with purchasing an option is that the Portfolios pay a premium whether or not the option is exercised. Additionally, the Portfolios bear the risk of loss of premium and change in market value should the counterparty not perform under the contract. Put and call options purchased are accounted for in the same manner as portfolio securities. The cost of securities acquired through the exercise of call options is increased by the premiums paid. The proceeds from securities sold through the exercise of put options is decreased by the premiums paid.

When an option is written, the premium received is recorded as an asset with an equal liability which is subsequently marked to market to reflect the current market value of the option written. These liabilities are reflected as options written in the Statements of Assets and Liabilities. Premiums received from writing options which expire unexercised are recorded on the expiration date as a realized gain. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchased transactions, as a realized loss. If a call option written by the Portfolios is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. If a put option written by the Portfolios is exercised, the premium reduces the cost basis of the security. In writing an option, the Portfolios bear the market risk of an unfavorable change in the price of the security underlying the written option. Exercise of a written option could result in the Portfolios purchasing a security at a price different from the current market value.

(i) Interest Rate/Credit Default Swaps

The Portfolios enter into interest rate and credit default swap contracts (“swaps”) for investment purposes, to manage their interest rate and credit risk or to add leverage.

80 Fixed Income SHares – Series C, H, M, R Annual Report  10.31.08

Fixed Income Shares – Series C, H, M, R Notes to Financial Statements
October 31, 2008

1. Organization and Significant Accounting Policies (continued)

As a seller in the credit default swap contract, the Portfolios would be required to pay the notional amount or other agreed-upon value of a referenced debt obligation to the counterparty in the event of a default by a third party, such as a U.S. or foreign corporate issuer, on the referenced debt obligation. In return, the Portfolios would receive from the counterparty a periodic stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the Portfolios would keep the stream of payments and would have no payment obligations. Such periodic payments are accrued daily and recorded as realized gain (loss).

The Portfolios may also purchase credit default swap contracts in order to hedge against the risk of default of debt securities held, in which case the Portfolios would function as the counterparty referenced in the preceding paragraph. As a purchaser of a credit default swap contract, the Portfolios would receive the notional amount or other agreed upon value of a referenced debt obligation from the counterparty in the event of default by a third party, such as a U.S. or foreign corporate issuer on the referenced debt obligation. In return, the Portfolios would make periodic payments to the counterparty over the term of the contract provided no event of default has occurred. Such periodic payments are accrued daily and recorded as realized gain (loss).

Interest rate swap agreements involve the exchange by the Portfolios with a counterparty of their respective commitments to pay or receive interest, e.g., an exchange of floating rate payments for fixed rate payments with respect to a notional amount of principal. Net periodic payments received (paid) by the Portfolios are included as part of realized gain (loss) and net periodic payments accrued, but not yet received (paid) are included in change in the unrealized appreciation/depreciation on the Statements of Operations.

Swaps are marked to market daily based upon quotations from brokers or market makers and the change in value, if any, is recorded as unrealized appreciation or depreciation in the Portfolios’ Statements of Operations. For a credit default swap sold by the Portfolios, payment of the agreed upon amount made by the Portfolios in the event of default of the referenced debt obligation is recorded as the cost of the referenced debt obligation purchased/received. For a credit default swap purchased by the Portfolios, the agreed upon amount received by the Portfolios in the event of default of the referenced debt obligation is recorded as proceeds from sale/delivery of the referenced debt obligation and the resulting gain or loss realized on the referenced debt obligation is recorded as such by the Portfolios.

Entering into swaps involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on 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 disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in net interest rates.

(j) Senior Loans

The Portfolios purchases assignments of Senior Loans originated, negotiated and structured by a U.S. or foreign commercial bank, insurance company, finance company or other financial institution (the “Agent”) for a lending syndicate of financial institutions (the “Lender”). When purchasing an assignment, the Portfolios succeed all the rights and obligations under the loan agreement with the same rights and obligations as the assigning Lender. Assignments may, however, be arranged through private negotiations between potential assignees and potential assignors, and the rights and obligations acquired by the purchaser of an assignment may differ from, and be more limited than, those held by the assigning Lender.

(k) Repurchase Agreements

The Portfolios may enter into transactions with its custodian bank or securities brokerage firms whereby it purchases securities under agreements to resell at an agreed upon price and date (“repurchase agreements”). Such agreements are carried at the contract amount in the financial statements. Collateral pledged (the securities received), which consists primarily of U.S. government obligations and asset-backed securities, are held by the custodian bank until maturity of the repurchase agreement. Provisions of the repurchase agreements and the procedures adopted by the Portfolios require that the market value of the collateral, including accrued interest thereon, is sufficient in the event of default by the counterparty. If the counterparty defaults and the value of the collateral declines or if the counterparty enters an insolvency proceeding, realization of the collateral by the Portfolios may be delayed or limited.

(l) Reverse Repurchase Agreements

In a reverse repurchase agreement, the Portfolios sell securities to a bank or broker-dealer and agree to repurchase the securities at a mutually agreed date and price. Generally, the effect of such a transaction is that the Portfolios can recover

10.31.08  Fixed Income SHares – Series C, H, M, R Annual Report 81

Fixed Income Shares – Series C, H, M, R Notes to Financial Statements
October 31, 2008

1. Organization and Significant Accounting Policies (continued)

and reinvest all or most of the cash invested in the portfolio securities involved during the term of the reverse repurchase agreement and still be entitled to the returns associated with those portfolio securities. Such transactions are advantageous if the interest cost to the Portfolios of the reverse repurchase transaction is less than the returns it obtains on investments purchased with the cash. Unless the Portfolios cover their positions in reverse repurchase agreements (by segregating liquid assets at least equal in amount to the forward purchase commitment), their obligations under the agreements will be subject to the Portfolios’ limitations on borrowings. Reverse repurchase agreements involve leverage risk and also the risk that the market value of the securities that the Portfolios are obligated to repurchase under the agreement may decline below the repurchase price. In the event the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, the Portfolios’ use of the proceeds of the agreement may be restricted pending determination by the other party, or its trustee or receiver, whether to enforce the Portfolios’ obligation to repurchase the securities.

(m) When-Issued/Delayed-Delivery Transactions

The Portfolios may purchase or sell securities on a when-issued or delayed-delivery basis. The transactions involve a commitment to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery purchases are outstanding, the Portfolios will set aside and maintain until the settlement date in a designated account, liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed-delivery basis, the Portfolios assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations; consequently, such fluctuations are taken into account when determining the net asset value. The Portfolios may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a realized gain or loss. When a security on a delayed-delivery basis is sold, the Portfolios do not participate in future gains and losses with respect to the security.

(n) Inflation-Indexed Bond

Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase in the principal amount of an inflation-indexed bond will be considered interest income in the Statements of Operations, even though investors do not receive principal until maturity.

(o) Stripped Mortgage Backed Securities (“SMBS”)

SMBS represent a participation in, or are secured by and payable from, mortgage loans on real property, and may be structured in classes with rights to receive varying proportions of principal and interest. SMBS include interest-only securities (IOs), which receive all of the interest, and principal-only securities (POs), which receive all of the principal. If the underlying mortgage assets experience greater than anticipated payments of principal, the Portfolios may fail to recoup some or all of their initial investment in these securities. The market value of these securities is highly sensitive to changes in interest rates.

(p) Restricted Securities

The Portfolios are permitted to invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult.

(q) Short Sales

Short sale transactions involve the Portfolios selling securities they do not own in anticipation of a decline in the market price of the securities. The Portfolios are obligated to deliver securities at the market price at the time the short position is closed. Possible losses from short sales may be unlimited, whereas losses from purchases cannot exceed the total amount invested.

2. Investment Manager/Sub-Adviser/Administrator/Distributor

(a) Investment Manager/Sub-Adviser

Allianz Global Investors Fund Management LLC (“Investment Manager”) serves in its capacity pursuant to an Investment Management Agreement with the Trust. Pursuant to a Portfolio Management Agreement, the Investment Manager employs Pacific Investment Management Company LLC (“PIMCO” or the “Sub-Adviser”), an affiliate of the Investment

82 Fixed Income SHares – Series C, H, M, R Annual Report  10.31.08

Fixed Income Shares – Series C, H, M, R Notes to Financial Statements
October 31, 2008

(a) Investment Manager/Sub-Adviser (continued)

Manager, to serve as sub-adviser and provide investment advisory services to the Portfolios. The Investment Manager receives no investment management or other fees from the Portfolios and at its own expense pays the fees of the Sub-Adviser. The financial statements reflect the fact that no fees or expenses are incurred by the Portfolios. It should be understood, however, that the Portfolios are an integral part of “wrap-fee” programs sponsored by investment advisers unaffiliated with the Portfolios, the Investment Manager or the Sub-Adviser. Typically, participants in these programs pay a “wrap fee” to their investment adviser. Although the Portfolios do not compensate the Investment Manager or Sub-Adviser directly for their services under the Investment Management Agreement or Portfolio Management Agreement, respectively, the Investment Manager and Sub-Adviser may benefit from their relationship with the sponsors of wrap fee programs for which the Trust is an investment option.

(b) Administrator

The Investment Manager also serves as administrator to the Portfolios pursuant to an administration agreement (“Administration Agreement”) with the Trust. The administrator’s responsibilities include providing or procuring certain administrative services to the Portfolios as well as arranging at its own expense for the provision of legal, audit, custody, transfer agency and other services required for the ordinary operation of the Portfolios, and is responsible for printing, trustees’ fees, and other costs of the Portfolios. Under the Administration Agreement, the Investment Manager has agreed to provide or procure these services, and to bear these expenses at no charge to the Portfolios.

(c) Distributor

Allianz Global Investors Distributors LLC (“the Distributor”), an affiliate of the Investment Manager, serves as the distributor of the Trust’s shares. Pursuant to a distribution agreement with the Trust, the Investment Manager, on behalf of the Portfolios, pays the Distributor.

At October 31, 2008, 92% of Series H’s outstanding shares were owned by Allianz Global Investors of America LP.
Investment activity by this shareholder could have a material impact on the Portfolio.

3. Investments in Securities

Purchases and sales of investments, other than short-term securities, for the year ended October 31, 2008, were:

	U.S. Government Agency		All Other
	Purchases	Sales	Purchases	Sales
Series C:	$18,893,819,339	$18,958,020,973	$4,026,460,277	$3,428,785,526
Series H:	—	—	534,439	370,462
Series M:	94,046,412,930	90,570,881,943	997,663,903	167,339,229
Series R:	3,126,111,193	3,207,788,596	44,097,103	7,080,805

10.31.08  Fixed Income SHares – Series C, H, M, R Annual Report 83

Fixed Income Shares – Series C, H, M, R Notes to Financial Statements
October 31, 2008

3. Investments in Securities (continued)

(a) Futures contracts outstanding at October 31, 2008:

Series C:

			Market		Unrealized
			Value	Expiration	Appreciation
	Type	Contracts	(000)	Date	(Depreciation)
Long:	Canadian 10 yr. Bond Futures	54	$5,205	12/19/08		$(79,632	)
	Euro Bobl 5 Yr. Futures	109	15,511	12/31/08		596,142
	Financial Future Euro–90 day	5,893	1,440,176	12/15/08		11,684,569
	Financial Future Euro–90 day	5,088	1,243,762	3/16/09		3,228,197
	Financial Future Euro–90 day	4,691	1,144,369	6/15/09		5,010,300
	Financial Future Euro–90 day	8,735	2,126,645	9/14/09		13,026,561
	Financial Future Euro–90 day	5,209	1,265,266	12/14/09		(3,283,540	)
	Financial Future Euro–90 day	175	42,050	12/13/10		192,476
	Financial Future Euro–90 day	24	5,726	9/19/11		(29,100	)
	U.S. Treasury Notes 10 yr. Futures	5,247	593,321	12/19/08		(6,260,824	)
	U.S. Treasury Bonds 30 yr. Futures	3,477	393,336	12/19/08		(16,351,761	)
Short:	Euro Bund 10 yr. Futures	(35)	(5,145)	12/9/08		(61,789	)
	United Kingdom–90 day	(403)	(72,466)	12/30/08		(846,717	)
						$6,824,882

Series M:

			Market		Unrealized
			Value	Expiration	Appreciation
	Type	Contracts	(000)	Date	(Depreciation)
Long:	Financial Future Euro–90 day	2,612	$638,340	12/15/08		$4,342,450
	U.S. Treasury Notes 10 yr. Futures	84	9,499	12/19/08		(162,750	)
Short:	Financial Future Euro–90 day	(32)	(7,822)	3/16/09		(47,600	)
						$4,132,100

84 Fixed Income SHares – Series C, H, M, R Annual Report  10.31.08

Fixed Income Shares – Series C, H, M, R Notes to Financial Statements
October 31, 2008

3. Investments in Securities (continued)

Series R:

			Market		Unrealized
			Value	Expiration	Appreciation
	Type	Contracts	(000)	Date	(Depreciation)
Long:	Euribor Future	20	$6,141	3/17/09		$39,258
	Euribor Future	28	8,618	6/16/09		73,410
	Euribor Future	30	9,236	9/15/09		82,782
	Euribor Future	30	9,214	12/15/09		66,156
	Financial Future Euro–90 day	224	54,743	12/15/08		440,779
	Financial Future Euro–90 day	83	20,289	3/16/09		539,560
	Financial Future Euro–90 day	206	50,254	6/15/09		453,164
	Financial Future Euro–90 day	246	59,892	9/14/09		691,141
	Financial Future Euro–90 day	255	61,940	12/14/09		459,887
	Financial Future Euro–90 day	200	48,530	3/15/10		487,608
	United Kingdom–90 day	4	781	3/19/09		18,776
	United Kingdom–90 day	7	1,369	6/18/09		37,036
	United Kingdom–90 day	38	7,353	12/18/08		68,773
	U.S. Treasury Notes 10 yr. Futures	283	32,001	12/19/08		(809,645	)
	U.S. Treasury Bonds 30 yr. Futures	33	3,733	12/19/08		(208,570	)
Short:	Euribor Future	(29)	(4,263)	12/9/08		(73,906	)
	TSE 10 yr. Futures	(6)	(8,418)	12/12/08		(49,339	)
						$2,316,870

Series C, Series M and Series R received $58,225,700, $11,208,000 and $2,661,300 in cash, respectively, as collateral for futures contracts.

(b) Transactions in options written for the year ended October 31, 2008:

Series C:	Contracts/Notional			Premiums
Options outstanding, October 31, 2007		2,200,719,470		$21,720,337
Options written		1,319,010,872		22,401,575
Options terminated in closing transactions		(2,351,024,214	)	(26,416,133)
Options expired		(3,632	)	(3,695,676)
Options outstanding, October 31, 2008		1,168,702,496		$14,010,103

10.31.08  Fixed Income SHares – Series C, H, M, R Annual Report 85

Fixed Income Shares – Series C, H, M, R Notes to Financial Statements
October 31, 2008

3. Investments in Securities (continued)

Series M:	Contracts/Notional			Premiums
Options outstanding, October 31, 2007		645,005,884		$12,853,823
Options written		537,808,453		15,941,231
Options terminated in closing transactions		(1,125,808,331	)	(24,916,488)
Options outstanding, October 31, 2008		57,006,006		$3,878,566

Series R:
Options outstanding, October 31, 2007	4,000,126		$179,459
Options written	107,351,200		3,950,672
Options terminated in closing transactions	(2,651,135	)	(1,148,025)
Options expired	(26	)	(6,598)
Options outstanding, October 31, 2008	108,700,165		$2,975,508

(c) Credit default swaps contracts outstanding at October 31, 2008:

Series C:

	Notional Amount		Payments	Unrealized
Swap Counterparty/	Payable on Default	Termination	Received (Paid)	Appreciation
Referenced Debt Issuer	(000)	Date	by Portfolio	(Depreciation)
Bank of America:
Constellation Energy Group	$5,000	6/20/12	(1.36)%		$211,644
Dow Jones CDX HY-8 Index	64,778	6/20/12	(2.75)%		7,967,792
DTE Energy	5,000	6/20/16	(0.97)%		454,262
Ryder System	4,000	9/20/15	(1.73)%		230,622
Barclays Bank:
Autozone	6,600	6/20/13	(0.875)%		105,278
Deutsche Bank AG	13,800	9/20/13	(0.79)%		349,533
MeadWestvaco	1,000	6/20/12	(1.70)%		14,023
BNP Paribas:
Deutsche Bank AG	7,100	9/20/13	(0.79)%		179,832
Citigroup:
Dominion Resources	4,000	12/20/17	(0.69)%		108,182
Goldman Sachs	5,000	6/20/18	(1.13)%		590,189
Merrill Lynch	5,000	3/20/15	(2.45)%		(112,634	)
Credit Suisse First Boston:
Deutsche Bank AG	25,000	9/20/13	(0.79)%		633,212
Deutsche Telekom International Finance BV	5,000	9/20/18	(1.08)%		254,790
Deutsche Bank:
Berkshire Hathaway	11,900	9/20/13	1.10%		(706,635	)
Dow Jones CDX IG-10 5 Year Index	24,205	6/20/13	(1.55)%		658,389
Sara Lee	7,000	6/20/13	(0.68)%		18,066

86 Fixed Income SHares – Series C, H, M, R Annual Report  10.31.08

Fixed Income Shares – Series C, H, M, R Notes to Financial Statements
October 31, 2008

3. Investments in Securities (continued)

	Notional Amount		Payments	Unrealized
Swap Counterparty/	Payable on Default	Termination	Received (Paid)	Appreciation
Referenced Debt Issuer	(000)	Date	by Portfolio	(Depreciation)
Goldman Sachs:
Autozone	$2,400	6/20/12	(0.34)%		$63,484
Autozone	6,000	6/20/13	(0.86)%		99,560
California State	3,300	12/20/18	1.63%		34,854
California State	25,000	12/20/18	1.65%		295,020
Dow Jones CDX HY-9 Index	3,433	12/20/12	2.053%		(110,775	)
Chesapeake Energy	1,500	3/20/14	1.32%		(314,647	)
Citigroup	3,900	12/20/12	0.77%		(159,588	)
Citigroup	7,000	12/20/12	0.80%		(278,415	)
Commerbank AG	€33,300	9/20/12	(0.55)%		7,829
Commerbank AG	€33,300	9/20/12	(0.52)%		54,753
ConAgra Foods	$1,500	6/20/12	(0.299)%		13,483
Darden Restaurants	4,000	6/20/13	(1.63)%		197,118
Dexia Credit	€16,500	9/20/12	(0.42)%		1,366,485
Dow Jones CDX IG-10 5 Year Index	$44,213	6/20/13	(1.55)%		1,245,623
GMAC	5,000	9/20/12	4.80%		(2,071,164	)
GMAC	16,800	9/20/12	5.40%		(6,744,635	)
International Paper	3,000	6/20/10	0.78%		(115,337	)
Kohl’s	2,400	6/20/12	(0.22)%		112,851
Macy’s	300	6/20/12	(0.53)%		45,033
Morgan Stanley	5,600	9/20/12	0.90%		(629,672	)
Nordstrom	2,200	6/20/11	(0.18)%		134,880
SLM	4,100	3/20/13	2.95%		(981,075	)
Southwest Airlines	2,000	6/20/11	(0.29)%		45,866
VF	2,400	6/20/12	(0.22)%		53,231
VF	6,800	12/20/12	(0.45)%		128,788
Weyerhaeuser	2,300	3/20/17	(1.018)%		273,648
Whirlpool	700	6/20/12	(0.63)%		48,573
JPMorgan Chase:
Deutsche Bank AG	18,900	9/20/13	(0.77)%		495,510
Lexmark International	5,000	6/20/13	(1.19)%		418,091
Merrill Lynch & Co.:
American International Group	4,000	12/20/12	0.90%		(1,991,458	)
Apache	4,500	6/20/10	0.39%		(29,677	)
Canadian Natural Resources	1,800	3/20/10	0.32%		(43,968	)
Clorox	8,000	12/20/12	(0.424)%		142,589
General Electric	1,800	6/20/10	0.30%		(165,615	)
GMAC	7,000	9/20/12	5.43%		(2,805,796	)
JPMorgan Chase	3,000	9/20/12	0.39%		(65,903	)
Lennar	4,700	3/20/12	(0.58)%		987,496
Lennar	4,700	3/20/12	8.05%		(101,386	)
Norfolk Southern	11,000	12/20/12	(0.27)%		171,018

10.31.08  Fixed Income SHares – Series C, H, M, R Annual Report 87

Fixed Income Shares – Series C, H, M, R Notes to Financial Statements
October 31, 2008

3. Investments in Securities (continued)

	Notional Amount		Payments	Unrealized
Swap Counterparty/	Payable on Default	Termination	Received (Paid)	Appreciation
Referenced Debt Issuer	(000)	Date	by Portfolio	(Depreciation)
Norfolk Southern	$3,800	12/20/12	(0.24)%		$63,612
SLM	3,000	12/20/12	2.90%		(714,064	)
TJX	10,000	12/20/12	(0.424)%		165,311
XTO Energy	1,300	3/20/10	0.38%		(23,113	)
Morgan Stanley:
Altria Group	2,500	12/20/10	0.95%		14,429
Bank of America	3,000	9/20/12	0.28%		(87,495	)
Black & Decker	8,700	12/20/12	(0.42)%		423,027
Black & Decker	7,800	12/20/12	(0.40)%		385,233
Citigroup	3,000	9/20/12	0.28%		(167,503	)
Commercial Mortgage-Backed Index	6,000	12/13/49	0.08%		118,037
ConocoPhillips	4,700	3/20/11	0.23%		(46,075	)
Darden Restaurants	2,500	6/20/12	(0.49)%		170,946
Inco	9,000	12/20/11	(0.50)%		716,182
International Paper	2,800	6/20/12	(0.32)%		289,157
Liz Claiborne	3,300	6/20/12	(0.48)%		679,815
Lowes	6,000	12/20/12	(0.54)%		113,877
MeadWestvaco	7,700	6/20/12	(0.54)%		413,572
Newell Rubbermaid	9,400	12/20/12	(0.318)%		439,077
Republic of Indonesia	7,700	3/20/09	0.46%		(131,070	)
Republic of Peru	7,700	3/20/09	0.32%		(36,216	)
Russian Federation	8,000	3/20/09	0.31%		(232,872	)
Sherwin-Williams	9,200	12/20/12	(0.28)%		206,136
Sherwin-Williams	6,900	12/20/12	(0.26)%		160,017
SLM	8,200	12/20/08	3.00%		(150,285	)
Time Warner	5,000	9/20/10	0.58%		(85,620	)
Ukraine	7,700	3/20/09	0.66%		(680,519	)
Vale Overseas	9,000	12/20/11	0.70%		(647,623	)
Walt Disney	1,400	6/20/11	(0.18)%		11,428
Weyerhaeuser	4,500	6/20/12	(0.44)%		319,159
Whirlpool	2,300	3/20/17	(0.78)%		307,197
Royal Bank of Scotland:
Autozone	11,100	6/20/13	(0.92)%		155,676
Deutsche Bank AG	107,600	12/20/08	0.55%		(59,150	)
					$2,873,500

88 Fixed Income SHares – Series C, H, M, R Annual Report  10.31.08

Fixed Income Shares – Series C, H, M, R Notes to Financial Statements
October 31, 2008

3. Investments in Securities (continued)

Series M:

	Notional Amount		Payments	Unrealized
Swap Counterparty/	Payable on Default	Termination	Received (Paid)	Appreciation
Referenced Debt Issuer	(000)	Date	by Portfolio	(Depreciation)
Barclays Bank:
General Electric	$10,000	12/20/13	(6.75)%		$(529,156	)
Hasbro	4,000	9/20/17	(0.81)%		227,228
Goldman Sachs:
Bear Stearns	15,500	3/20/10	8.25%		1,675,797
Bear Stearns	8,700	3/20/10	8.50%		972,863
Berkshire Hathaway	2,200	9/20/13	0.97%		(145,038	)
Berkshire Hathaway	14,600	9/20/13	0.98%		(956,269	)
California State	25,000	12/20/18	1.60%		217,578
California State	11,000	12/20/18	1.75%		213,162
MeadWestvaco	2,900	6/20/12	(0.519)%		157,839
SLM	5,600	3/20/13	2.95%		(1,340,005	)
SLM	10,000	3/20/13	3.00%		(2,379,221	)
Merrill Lynch & Co.:
Dow Jones CDX IG-11 5 Year Index	1,100	12/20/13	(1.5)%		—
Morgan Stanley:
Commercial Mortgage-Backed Index	4,900	12/13/49	0.08%		135,067
Dow Jones CDX IG-9 5 Year Index	28,196	12/20/12	0.72%		144,366
Dow Jones CDX IG-10 5 Year Index	14,591	6/20/13	(1.55)%		435,661
Royal Bank of Scotland:
General Electric	7,300	12/20/13	(6.75)%		(386,284	)
					$(1,556,412	)
Series R:

	Notional Amount		Payments	Unrealized
Swap Counterparty/	Payable on Default	Termination	Received (Paid)	Appreciation
Referenced Debt Issuer	(000)	Date	by Portfolio	(Depreciation)
Deutsche Bank:
Dow Jones CDX IG-10 5 Year Index	$11,322	6/20/13	(1.55)%		$330,321
Dow Jones CDX IG-11 5 Year Index	300	12/20/13	1.50%		(4,555	)
Goldman Sachs:
Bear Stearns	100	12/20/12	(1.78)%		(2,578	)
Dow Jones CDX IG-10 5 Year Index	6,246	6/20/13	(1.55)%		216,959
GMAC	300	6/20/11	3.40%		(115,429	)
GMAC	100	9/20/12	3.05%		(45,147	)
GMAC	600	9/20/12	5.35%		(241,518	)
Newell Rubbermaid	700	12/20/12	(0.319)%		32,670
RPM International	1,000	3/20/18	(1.50)%		8,982
Merrill Lynch & Co.:
Dow Jones CDX HY-8 Index	294	6/20/12	2.75%		(30,466	)
Dow Jones CDX HY-9 Index	100	12/20/12	6.69%		(4,420	)

10.31.08  Fixed Income SHares – Series C, H, M, R Annual Report 89

Fixed Income Shares – Series C, H, M, R Notes to Financial Statements
October 31, 2008

3. Investments in Securities (continued)

	Notional Amount		Payments	Unrealized
Swap Counterparty/	Payable on Default	Termination	Received (Paid)	Appreciation
Referenced Debt Issuer	(000)	Date	by Portfolio	(Depreciation)
Dow Jones CDX IG-10 5 Year Index	$4,587	6/20/13	(1.55)%		$139,283
Dow Jones CDX IG-11 5 Year Index	500	12/20/13	1.50%		(8,037	)
GMAC	100	9/20/12	(4.80)%		41,423
Morgan Stanley:
Dow Jones CDX HY-9 Index	400	12/20/12	6.57%		(19,405	)
Dow Jones CDX IG-9 10 Year Index	4,490	12/20/17	(0.80)%		247,892
Dow Jones CDX IG-10 5 Year Index	6,051	6/20/13	(1.55)%		182,834
Ford Motor Credit	100	9/20/12	3.80%		(39,976	)
Goldman Sachs	100	9/20/12	0.75%		(7,648	)
Nordstrom	1,300	12/20/12	(0.61)%		111,190
Staples	1,300	12/20/12	(0.70)%		118,107
TJX	1,300	12/20/12	(0.46)%		19,596
					$930,078

(d) Interest rate swap agreements outstanding at October 31, 2008:

Series C:

			Rate Type
	Notional		Payments	Payments	Unrealized
	Amount	Termination	Made by	Received by	Appreciation
Swap Counterparty	(000)	Date	Portfolio	Portfolio	(Depreciation)
Bank of America	€161,600	6/17/10	6-month EUR-LIBOR	4.75%		$4,493,109
Bank of America	$4,900	12/17/13	4.00%	3-Month USD-LIBOR		(129,422	)
Bank of America	CAD 111,300	12/20/13	4.25%	3-Month Canadian Bank Bill		(2,686,414	)
Bank of America	$233,500	12/17/15	5.00%	3-Month USD-LIBOR		(5,572,085	)
Bank of America	159,800	12/17/18	5.00%	3-Month USD-LIBOR		2,678,234
Bank of America	28,200	12/17/28	5.00%	3-Month USD-LIBOR		(2,123,325	)
Bank of Nova Scotia	CAD 530,000	12/20/10	4.00%	3-Month Canadian Bank Bill		(15,180,414	)
Bank of Nova Scotia	CAD 100,000	12/20/13	4.25%	3-Month Canadian Bank Bill		(4,774,328	)
Bank of Nova Scotia	CAD 63,700	12/20/18	4.50%	3-Month Canadian Bank Bill		(1,600,236	)
Barclays Bank	$2,022,500	6/17/10	3-Month USD-LIBOR	4.00%		30,005,398
Barclays Bank	302,400	12/17/10	3-Month USD-LIBOR	4.00%		1,865,923
Barclays Bank	£81,500	9/17/13	6-Month GBP-LIBOR	5.00%		3,670,007
Barclays Bank	£157,900	9/17/13	6-Month GBP-LIBOR	6.00%		14,267,113
Barclays Bank	£200,700	3/18/14	6-Month GBP-LIBOR	5.00%		9,189,239
Barclays Bank	£60,100	9/17/18	5.00%	6-Month GBP-LIBOR		(2,512,230	)
Barclays Bank	£88,200	9/17/18	5.50%	6-Month GBP-LIBOR		(8,709,764	)
Barclays Bank	$33,200	12/17/38	5.00%	3-Month USD-LIBOR		2,339,415
Barclays Bank	£500	3/18/39	6-Month GBP-LIBOR	4.25%		(29,564	)
Barclays Bank	£45,400	3/18/39	4.50%	6-Month GBP-LIBOR		(2,622,409	)
Barclays Bank	£35,000	3/18/39	4.50%	6-Month GBP-LIBOR		(2,294,724	)
BNP Paribas	£100,000	3/18/14	6-Month GBP-LIBOR	5.00%		2,990,799
BNP Paribas	€1,800	3/18/39	5.00%	6-month EUR-LIBOR		(62,979	)
Citigroup	€78,800	9/17/13	6-month EUR-LIBOR	5.00%		3,246,235
Citigroup	$800	12/17/13	4.00%	3-Month USD-LIBOR		(14,122	)
Citigroup	€174,900	3/18/14	6-month EUR-LIBOR	4.50%		4,322,582
Citigroup	AUD 97,800	6/15/14	6-Month Australian Bank Bill	7.25%		4,477,866

90 Fixed Income SHares – Series C, H, M, R Annual Report  10.31.08

Fixed Income Shares – Series C, H, M, R Notes to Financial Statements
October 31, 2008

3. Investments in Securities (continued)

			Rate Type
	Notional		Payments	Payments	Unrealized
	Amount	Termination	Made by	Received by	Appreciation
Swap Counterparty	(000)	Date	Portfolio	Portfolio	(Depreciation)
Credit Suisse First Boston	AUD 10,700	9/15/11	6-Month Australian Bank Bill	6.25%		$81,899
Credit Suisse First Boston	£69,500	3/18/14	6-Month GBP-LIBOR	5.00%		3,062,784
Credit Suisse First Boston	AUD 388,100	6/15/14	6-Month Australian Bank Bill	7.25%		3,809,018
Credit Suisse First Boston	$32,800	12/17/18	5.00%	3-Month USD-LIBOR		(97,419	)
Credit Suisse First Boston	£1,200	3/18/39	4.50%	6-Month GBP-LIBOR		(64,856	)
Deutsche Bank	AUD 220,400	3/15/10	3-Month Australian Bank Bill	7.50%		4,983,076
Deutsche Bank	$899,900	12/17/10	3-Month USD-LIBOR	4.00%		16,548,162
Deutsche Bank	€65,300	6/16/12	6-month EUR-LIBOR	4.50%		452,996
Deutsche Bank	£152,500	3/18/14	6-Month GBP-LIBOR	5.00%		7,376,473
Deutsche Bank	AUD 572,800	6/15/14	6-Month Australian Bank Bill	7.25%		26,678,580
Deutsche Bank	€188,700	6/16/17	4.75%	6-month EUR-LIBOR		(1,144,466	)
Deutsche Bank	£73,300	9/17/18	5.00%	6-Month GBP-LIBOR		(2,966,793	)
Deutsche Bank	$600	12/17/38	5.00%	3-Month USD-LIBOR		(2,224	)
Goldman Sachs	€5,900	3/30/12	5-Year French CPI Ex- Tobacco Daily Reference Index	1.96%		91,921
Goldman Sachs	£192,700	9/17/13	6-Month GBP-LIBOR	5.00%		13,266,459
Goldman Sachs	€221,000	3/18/14	6-month EUR-LIBOR	4.50%		5,896,037
Goldman Sachs	£174,700	3/18/14	6-Month GBP-LIBOR	5.00%		5,665,479
Goldman Sachs	£42,700	9/17/18	5.00%	6-Month GBP-LIBOR		(4,733,786	)
Goldman Sachs	£1,300	9/17/18	5.50%	6-Month GBP-LIBOR		(88,402	)
Goldman Sachs	$1,100	12/17/28	5.00%	3-Month USD-LIBOR		(8,658	)
Goldman Sachs	£6,900	3/18/39	4.50%	6-Month GBP-LIBOR		(302,943	)
Goldman Sachs	£21,300	3/18/39	4.50%	6-Month GBP-LIBOR		(591,406	)
HSBC Bank	£43,100	3/18/14	6-Month GBP-LIBOR	5.00%		1,189,669
JPMorgan Chase	€36,500	3/18/14	6-month EUR-LIBOR	4.50%		884,112
Merrill Lynch & Co.	£94,500	9/17/13	6-Month GBP-LIBOR	5.00%		6,507,185
Merrill Lynch & Co.	$303,600	12/17/18	5.00%	3-Month USD-LIBOR		(3,399,480	)
Merrill Lynch & Co.	101,200	12/17/23	5.00%	3-Month USD-LIBOR		(5,273,326	)
Merrill Lynch & Co.	36,500	12/17/38	5.00%	3-Month USD-LIBOR		(1,205,872	)
Morgan Stanley	AUD 106,900	6/15/10	6-Month Australian Bank Bill	7.00%		1,479,633
Morgan Stanley	$380,300	6/17/10	3-Month USD-LIBOR	4.00%		5,292,578
Morgan Stanley	AUD 126,100	6/15/11	6-Month Australian Bank Bill	7.50%		3,508,829
Morgan Stanley	AUD 8,000	3/15/12	6-Month Australian Bank Bill	7.50%		282,811
Morgan Stanley	£199,600	9/17/13	6-Month GBP-LIBOR	5.00%		11,920,331
Morgan Stanley	£69,700	9/17/18	5.00%	6-Month GBP-LIBOR		(5,109,206	)
Morgan Stanley	€32,700	9/17/38	4.75%	6-month EUR-LIBOR		(1,569,753	)
Morgan Stanley	$1,800	12/17/38	5.00%	3-Month USD-LIBOR		(38,249	)
Morgan Stanley	€26,300	3/18/39	5.00%	6-month EUR-LIBOR		(2,544,351	)
Morgan Stanley	£25,000	3/18/39	4.50%	6-Month GBP-LIBOR		(702,604	)
Royal Bank of Canada	CAD 38,100	12/20/10	4.00%	3-Month Canadian Bank Bill		(1,106,639	)
Royal Bank of Canada	CAD 222,300	12/20/13	4.25%	3-Month Canadian Bank Bill		(8,632,897	)
Royal Bank of Scotland	€1,787,900	9/16/10	6-month EUR-LIBOR	4.50%		29,123,661
Royal Bank of Scotland	€33,000	9/16/10	6-month EUR-LIBOR	4.50%		535,568
Royal Bank of Scotland	€800,000	9/16/10	6-month EUR-LIBOR	4.50%		13,090,108
Royal Bank of Scotland	¥40,540,000	12/17/10	1.30%	6-Month JPY-LIBOR		(2,071,220	)
Royal Bank of Scotland	£110,000	3/18/14	6-Month GBP-LIBOR	5.00%		3,846,201
Royal Bank of Scotland	$393,100	12/17/18	5.00%	3-Month USD-LIBOR		3,864,424
Royal Bank of Scotland	€323,300	3/18/19	4.75%	6-month EUR-LIBOR		(12,165,792	)
Royal Bank of Scotland	€4,600	3/18/19	5.00%	6-month EUR-LIBOR		(152,142	)
Royal Bank of Scotland	£100	3/18/19	5.00%	6-Month GBP-LIBOR		1,950
Royal Bank of Scotland	$49,500	12/17/23	5.00%	3-Month USD-LIBOR		(2,995,573	)
Royal Bank of Scotland	21,600	12/17/28	5.00%	3-Month USD-LIBOR		(1,833,638	)

10.31.08  Fixed Income SHares – Series C, H, M, R Annual Report 91

Fixed Income Shares – Series C, H, M, R Notes to Financial Statements
October 31, 2008

3. Investments in Securities (continued)

			Rate Type
	Notional		Payments	Payments	Unrealized
	Amount	Termination	Made by	Received by	Appreciation
Swap Counterparty	(000)	Date	Portfolio	Portfolio	(Depreciation)
Royal Bank of Scotland	172,800	12/17/38	5.00%	3-Month USD-LIBOR		$5,771,025
Royal Bank of Scotland	£11,100	3/18/39	4.50%	6-Month GBP-LIBOR		(573,381	)
UBS	AUD 451,100	3/15/10	3-Month Australian Bank Bill	7.50%		6,923,275
UBS	AUD 19,400	9/15/10	3-Month Australian Bank Bill	6.00%		100,418
UBS	¥63,400,000	12/17/10	1.30%	6-Month JPY-LIBOR		(2,916,057	)
UBS	¥40,000	6/17/13	1.50%	6-Month JPY-LIBOR		(12,965	)
						$155,164,468

Series H:

			Rate Type
	Notional		Payments	Payments
	Amount	Termination	Made by	Received	Unrealized
Swap Counterparty	(000)	Date	Portfolio	by Portfolio	Depreciation
Deutsche Bank	$200	12/17/28	5.00%	3-Month USD-LIBOR	$	(15,885	)

Series M:

			Rate Type
	Notional		Payments	Payments
	Amount	Termination	Made by	Received by	Unrealized
Swap Counterparty	(000)	Date	Portfolio	Portfolio	(Depreciation)
Bank of America	$242,500	12/17/28	5.00%	3-Month USD-LIBOR	$	(18,259,089	)
Barclays Bank	70,000	12/17/10	3-Month USD-LIBOR	4.00%		431,927
Barclays Bank	36,300	12/17/13	4.00%	3-Month USD-LIBOR		(446,587	)
Barclays Bank	199,800	12/17/18	5.00%	3-Month USD-LIBOR		(9,524,484	)
BNP Paribas	€50,800	3/18/19	5.00%	6-month EUR-LIBOR		(995,397	)
Citigroup	$86,200	12/17/18	5.00%	3-Month USD-LIBOR		(1,380,038	)
Credit Suisse First Boston	£65,000	3/18/14	6-Month GBP-LIBOR	4.50%		(461,849	)
Deutsche Bank	$630,100	12/17/10	3-Month USD-LIBOR	4.00%		3,509,896
Deutsche Bank	£63,600	3/18/14	6-Month GBP-LIBOR	4.50%		(881,400	)
Deutsche Bank	$253,300	12/17/18	5.00%	3-Month USD-LIBOR		(10,097,783	)
Goldman Sachs	6,500	12/17/18	5.00%	3-Month USD-LIBOR		(207,676	)
Goldman Sachs	1,000	12/17/28	5.00%	3-Month USD-LIBOR		(7,871	)
Goldman Sachs	90,000	12/15/35	3-Month USD-LIBOR	5.00%		5,747,545
Merrill Lynch & Co.	137,300	12/17/18	5.00%	3-Month USD-LIBOR		(3,794,068	)
Merrill Lynch & Co.	89,200	12/17/23	5.00%	3-Month USD-LIBOR		(5,217,566	)
Merrill Lynch & Co.	125,500	12/17/28	5.00%	3-Month USD-LIBOR		(8,974,589	)
Merrill Lynch & Co.	26,800	12/17/38	5.00%	3-Month USD-LIBOR		711,359
Morgan Stanley	205,600	6/17/10	3-Month USD-LIBOR	4.00%		3,088,492
Morgan Stanley	41,300	12/17/13	4.00%	3-Month USD-LIBOR		(1,278,345	)
Morgan Stanley	95,400	12/17/18	5.00%	3-Month USD-LIBOR		(4,559,175	)
Royal Bank of Scotland	278,400	6/17/10	3-Month USD-LIBOR	4.00%		4,087,427
Royal Bank of Scotland	150,800	12/17/13	4.00%	3-Month USD-LIBOR		(1,878,123	)
Royal Bank of Scotland	£72,400	3/18/14	6-Month GBP-LIBOR	4.50%		(617,307	)

92 Fixed Income SHares – Series C, H, M, R Annual Report  10.31.08

Fixed Income Shares – Series C, H, M, R Notes to Financial Statements
October 31, 2008

3. Investments in Securities (continued)

			Rate Type
	Notional		Payments	Payments
	Amount	Termination	Made by	Received by	Unrealized
Swap Counterparty	(000)	Date	Portfolio	Portfolio	(Depreciation)
Royal Bank of Scotland	$366,500	12/17/18	5.00%	3-Month USD-LIBOR	$	(4,214,807	)
Royal Bank of Scotland	74,100	12/17/23	5.00%	3-Month USD-LIBOR		(4,484,281	)
Royal Bank of Scotland	12,800	12/17/28	5.00%	3-Month USD-LIBOR		(936,585	)
Royal Bank of Scotland	23,500	12/17/38	5.00%	3-Month USD-LIBOR		201,817
					$	(60,438,557	)

Series R:

			Rate Type
	Notional		Payments	Payments	Unrealized
	Amount	Termination	Made by	Received by	Appreciation
Swap Counterparty	(000)	Date	Portfolio	Portfolio	(Depreciation)
Bank of America	$8,900	12/17/18	5.00%	3-Month USD-LIBOR		$(101,372	)
Bank of America	9,600	12/17/38	5.00%	3-Month USD-LIBOR		(498,237	)
Barclays Bank	€9,100	9/17/10	6-month EUR-LIBOR	5.00%		368,855
Barclays Bank	$600	12/17/28	5.00%	3-Month USD-LIBOR		(33,102	)
Barclays Bank	£5,600	3/18/39	4.50%	6-Month GBP-LIBOR		(318,250	)
Barclays Bank	£2,500	3/18/39	5.00%	6-Month GBP-LIBOR		(227,640	)
Credit Suisse First Boston	$400	12/17/38	5.00%	3-Month USD-LIBOR		(10,435	)
Goldman Sachs	€2,300	12/15/11	5-Year French CPI Ex- Tobacco Daily Reference Index	1.976%		49,665
Goldman Sachs	€6,600	3/30/12	5-Year French CPI Ex- Tobacco Daily Reference Index	1.96%		102,827
Goldman Sachs	£9,700	9/17/13	6-Month GBP-LIBOR	5.00%		248,190
Goldman Sachs	£1,400	1/3/18	United Kingdom RPI	3.11%		31,649
Goldman Sachs	$1,000	3/5/18	U.S. CPI Urban Counsumers NSA	2.97%		75,122
Goldman Sachs	400	12/17/38	5.00%	3-Month USD-LIBOR		(21,383	)
Merrill Lynch & Co.	2,700	12/24/08	6.00%	30-Day USD-CMM Rate		9,828
Merrill Lynch & Co.	BRL 2,000	1/2/12	BRL-CDI-Compounded	12.54%		(61,526	)
Merrill Lynch & Co.	$1,100	12/17/23	5.00%	3-Month USD-LIBOR		(62,034	)
Merrill Lynch & Co.	5,900	12/17/38	5.00%	3-Month USD-LIBOR		(194,025	)
Morgan Stanley	¥400,000	3/18/09	6-Month JPY-LIBOR	1.00%		8,680
Morgan Stanley	AUD 3,200	12/15/09	6-Month Australian Bank Bill	7.00%		42,105
Morgan Stanley	BRL 7,700	1/2/12	BRL-CDI-Compounded	10.115%		(381,147	)
Morgan Stanley	BRL 1,100	1/2/12	BRL-CDI-Compounded	12.54%		(35,377	)
Morgan Stanley	£1,700	9/17/13	6-Month GBP-LIBOR	5.00%		65,778
Morgan Stanley	AUD 400	12/15/17	6.75%	6-Month Australian Bank Bill		(16,438	)
Morgan Stanley	$1,000	3/6/18	U.S. CPI Urban Counsumers NSA	2.98%		65,331
Morgan Stanley	34,100	12/17/38	5.00%	3-Month USD-LIBOR		(3,590,581	)
Royal Bank of Scotland	1,300	5/21/09	5.50%	30-Day USD-CMM Rate		(16,005	)
Royal Bank of Scotland	£21,200	3/18/14	6-Month GBP-LIBOR	5.00%		1,192,157
Royal Bank of Scotland	$8,800	12/17/18	5.00%	3-Month USD-LIBOR		84,853
Royal Bank of Scotland	600	12/17/23	5.00%	3-Month USD-LIBOR		(23,819	)

10.31.08  Fixed Income SHares – Series C, H, M, R Annual Report 93

Fixed Income Shares – Series C, H, M, R Notes to Financial Statements
October 31, 2008

3. Investments in Securities (continued)

			Rate Type
	Notional		Payments	Payments	Unrealized
	Amount	Termination	Made by	Received by	Appreciation
Swap Counterparty	(000)	Date	Portfolio	Portfolio	(Depreciation)
Royal Bank of Scotland	2,100	12/17/38	5.00%	3-Month USD-LIBOR		$(34,722	)
						$(3,281,053	)

Series C, Series M and Series R received $55,700,000, $13,090,000 and $1,050,000, respectively, in U.S. Treasury Bills and Series C and Series R received $82,340,000 and $290,000, respectively, in cash as collateral for swap contracts.

(e) Forward foreign currency contracts outstanding at October 31, 2008:

Series C:

				Unrealized
	U.S. $ Value	U.S. $ Value		Appreciation
	Origination Date	October 31, 2008		(Depreciation)
Purchased:
7,452,000 Australian Dollar settling 11/24/08	$5,043,513		$4,906,609		$(136,904	)
41,984,000 Australian Dollar settling 11/28/08	25,225,666		27,632,395		2,406,729
335,548,010 Brazilian Real settling 12/2/08	178,280,327		156,100,304		(22,180,023	)
43,870,000 British Pound settling 11/5/08	76,476,917		70,878,339		(5,598,578	)
14,348,000 Canadian Dollar settling 11/5/08	12,134,846		11,800,487		(334,359	)
511,455,000 Chilean Peso settling 12/10/08	1,055,308		759,172		(296,136	)
139,393,200 Chinese Yuan Renminbi settling 11/13/08	20,400,000		20,346,521		(53,479	)
1,345,050,868 Chinese Yuan Renminbi settling 7/15/09	207,025,000		192,345,337		(14,679,663	)
140,664,330 Chinese Yuan Renminbi settling 9/8/09	20,305,469		20,085,270		(220,199	)
1,700,000 Euro settling 12/4/08	2,201,840		2,152,796		(49,044	)
638,920,753 Indian Rupee settling 11/12/08	15,134,780		12,893,424		(2,241,356	)
658,920,000 Indian Rupee settling 11/19/08	12,920,000		13,272,636		352,636
649,845,153 Indian Rupee settling 4/9/09	12,948,442		13,002,769		54,327
3,592,530,000 Japanese Yen settling 11/5/08	34,023,392		36,529,353		2,505,961
630,800 Malaysian Ringgit settling 11/12/08	194,643		177,612		(17,031	)
298,165 Malaysian Ringgit settling 2/12/09	84,399		84,074		(325	)
282,730 Malaysian Ringgit settling 4/14/09	80,000		79,899		(101	)
580,204 Mexican Peso settling 11/19/08	53,784		45,554		(8,230	)
664,309 Mexican Peso settling 5/19/09	58,077		50,022		(8,055	)
149,164,000 New Zealand Dollar settling 11/6/08	90,347,143		86,672,468		(3,674,675	)
25,061,000 Norwegian Krone settling 12/9/08	4,458,935		3,712,360		(746,575	)
28,486,904 Polish Zloty settling 5/6/09	12,622,698		10,169,820		(2,452,878	)
170,468,800 Russian Ruble settling 11/5/08	6,845,724		6,281,578		(564,146	)
2,194,828,208 Russian Ruble settling 11/19/08	80,708,359		79,577,326		(1,131,033	)
2,299,617,728 Russian Ruble settling 5/6/09	94,943,569		74,123,210		(20,820,359	)
17,148,500 Singapore Dollar settling 11/21/08	12,524,828		11,561,891		(962,937	)
2,596,750 South African Rand settling 12/10/08	321,062		261,047		(60,015	)
6,083,304 Taiwan Dollar settling 2/9/09	198,373		185,617		(12,756	)

94 Fixed Income SHares – Series C, H, M, R Annual Report  10.31.08

Fixed Income Shares – Series C, H, M, R Notes to Financial Statements
October 31, 2008

3. Investments in Securities (continued)

				Unrealized
	U.S. $ Value	U.S. $ Value		Appreciation
	Origination Date	October 31, 2008		(Depreciation)
Sold:
138,570,800 Australian Dollar settling 11/6/08	$90,312,178		$91,403,722		$(1,091,544	)
23,780,000 Australian Dollar settling 11/24/08	14,927,278		15,657,431		(730,153	)
239,761,108 Brazilian Real settling 12/2/08	130,913,211		111,539,275		19,373,936
60,148,000 British Pound settling 11/3/08	105,740,267		97,184,073		8,556,194
1,828,000 British Pound settling 11/5/08	3,054,968		2,953,399		101,569
60,148,000 British Pound settling 12/9/08	98,149,506		96,974,015		1,175,491
3,061,000 Canadian Dollar settling 11/5/08	2,383,943		2,517,514		(133,571	)
139,393,200 Chinese Yuan Renminbi settling 11/13/08	20,320,277		20,346,521		(26,244	)
119,364 Euro settling 11/5/08	152,058		151,353		705
64,868,000 Euro settling 12/4/08	81,503,398		82,145,637		(642,239	)
638,920,753 Indian Rupee settling 11/12/08	12,981,933		12,893,425		88,508
658,920,000 Indian Rupee settling 11/19/08	15,200,000		13,272,636		1,927,364
658,920,000 Indian Rupee settling 4/9/09	11,883,138		13,184,348		(1,301,210	)
7,613,223,000 Japanese Yen settling 11/5/08	75,444,819		77,412,328		(1,967,509	)
4,020,693,000 Japanese Yen settling 12/3/08	40,821,290		40,925,037		(103,747	)
580,830 Malaysian Ringgit settling 11/12/08	164,364		163,542		822
664,309 Mexican Peso settling 11/19/08	59,690		52,125		7,565
151,850,000 New Zealand Dollar settling 11/24/08	83,730,090		88,035,276		(4,305,186	)
26,760,000 Polish Zloty settling 12/2/08	12,000,000		9,614,906		2,385,094
170,468,800 Russian Ruble settling 11/5/08	6,495,287		6,281,579		213,708
2,508,224,275 Russian Ruble settling 11/19/08	103,470,000		90,926,861		12,543,139
1,940,838,867 Russian Ruble settling 5/6/09	62,945,393		62,475,020		470,373
17,148,500 Singapore Dollar settling 11/21/08	11,977,719		11,561,891		415,828
334,010 Singapore Dollar settling 1/16/09	222,896		225,704		(2,808	)
2,596,750 South African Rand settling 12/10/08	324,391		261,047		63,344
					$(33,909,775	)

Series M:

				Unrealized
	U.S. $ Value on	U.S. $ Value		Appreciation
	Origination Date	October 31, 2008		(Depreciation)
Purchased:
1,770,000 British Pound settling 11/5/08	$2,885,312		$2,859,691		$(25,621	)
676,116 British Pound settling 12/9/08	1,090,000		1,090,072		72
531,070 Euro settling 11/24/08	682,000		672,821		(9,179	)
1,915,000 Euro settling 12/4/08	2,446,307		2,425,061		(21,246	)
67,541,031 Japanese Yen settling 12/3/08	687,000		685,626		(1,374	)

10.31.08  Fixed Income SHares – Series C, H, M, R Annual Report 95

Fixed Income Shares – Series C, H, M, R Notes to Financial Statements
October 31, 2008

3. Investments in Securities (continued)

				Unrealized
	U.S. $ Value on	U.S. $ Value		Appreciation
	Origination Date	October 31, 2008		(Depreciation)
Sold:
8,857,000 British Pound settling 11/3/08	$16,090,512		$14,310,689		$1,779,823
9,258,000 British Pound settling 12/9/08	15,107,204		14,926,272		180,932
539,311 Euro settling 12/4/08	683,000		682,957		43
1,357,119,000 Japanese Yen settling 11/5/08	13,728,180		13,799,378		(71,198	)
1,180,554,000 Japanese Yen settling 12/3/08	11,985,928		11,984,103		1,825
					$1,834,077

Series R:

				Unrealized
	U.S. $ Value	U.S. $ Value		Appreciation
	Origination Date	October 31, 2008		(Depreciation)
Purchased:
5,603,232 Brazilian Real settling 12/2/08	$3,287,668		$2,606,680		$(680,988	)
2,472,000 British Pound settling 11/5/08	4,310,253		3,993,874		(316,379	)
4,473,050 Chinese Yuan Renminbi settling 12/9/08	653,000		649,905		(3,094	)
7,534,071 Chinese Yuan Renminbi settling 3/2/09	1,064,500		1,084,177		19,677
17,136,780 Chinese Yuan Renminbi settling 9/8/09	2,540,000		2,446,938		(93,062	)
42,536,000 Japanese Yen settling 11/5/08	423,117		432,512		9,395
6,525,474 Malaysian Ringgit settling 11/12/08	1,947,885		1,837,354		(110,531	)
3,349,408 Malaysian Ringgit settling 2/12/09	1,048,000		944,435		(103,565	)
5,007,169 Mexican Peso settling 11/19/08	471,920		393,128		(78,793	)
114,414 Mexican Peso settling 5/19/09	10,484		8,620		(1,864	)
78,150,633 Philippines Peso settling 11/12/08	1,707,002		1,597,058		(109,944	)
32,234,160 Philippines Peso settling 2/6/09	718,716		657,696		(61,020	)
1,478,562 Polish Zloty settling 5/6/09	655,159		527,846		(127,312	)
22,017,429 Russian Ruble settling 11/19/08	888,036		798,164		(89,871	)
3,075,747 Singapore Dollar settling 11/21/08	2,254,599		2,073,735		(180,864	)
2,230,444 Singapore Dollar settling 4/14/09	1,520,000		1,513,496		(6,504	)
390,528 Singapore Dollar settling 7/30/09	270,000		265,998		(4,002	)
Sold:
4,073,612 Brazilian Real settling 12/2/08	1,948,807		1,895,085		53,722
1,841,000 British Pound settling 11/3/08	3,344,545		2,974,594		369,951
93,045 British Pound settling 11/5/08	160,768		150,328		10,440
1,841,000 British Pound settling 12/9/08	3,004,144		2,968,165		35,979
7,534,071 Chinese Yuan Renminbi settling 3/2/09	1,077,457		1,084,177		(6,720	)
505,617 Euro settling 11/5/08	683,266		641,120		42,146
506,000 Euro settling 12/4/08	643,885		640,773		3,112
1,317,747,000 Japanese Yen settling 11/5/08	13,041,574		13,399,038		(357,464	)
1,275,211,000 Japanese Yen settling 12/3/08	12,946,962		12,979,866		(32,905	)
6,525,474 Malaysian Ringgit settling 11/12/08	1,883,254		1,837,354		45,899
3,320,992 Malaysian Ringgit settling 2/12/09	951,983		936,423		15,560
5,007,169 Mexican Peso settling 11/19/08	485,253		393,128		92,125
78,150,633 Philippines Peso settling 11/12/08	1,644,411		1,597,058		47,353
34,650,633 Philippines Peso settling 2/6/09	718,893		707,001		11,892

96 Fixed Income SHares – Series C, H, M, R Annual Report  10.31.08

Fixed Income Shares – Series C, H, M, R Notes to Financial Statements
October 31, 2008

3. Investments in Securities (continued)

				Unrealized
	U.S. $ Value	U.S. $ Value		Appreciation
	Origination Date	October 31, 2008		(Depreciation)
22,017,429 Russian Ruble settling 11/19/08	$876,256		$798,164		$78,091
309,679 Russian Ruble settling 5/6/09	9,176		9,982		(806	)
2,645,463 Singapore Dollar settling 11/21/08	1,790,000		1,783,629		6,371
					$(1,523,975	)

AUD – Australian Dollar

BRL – Brazilian Real

£/GBP – British Pound

CAD – Canadian Dollar

CDI – Inter-bank Deposit Certificate

CPI – Consumer Price Index

€/EUR – Euro

¥/JPY – Japanese Yen

LIBOR – London Interbank Offered Rate

10.31.08  Fixed Income SHares – Series C, H, M, R Annual Report 97

Fixed Income Shares – Series C, H, M, R Notes to Financial Statements
October 31, 2008

3. Investments in Securities (continued)

(f) The weighted average daily balance of reverse repurchase agreements outstanding during the year ended October 31, 2008 for Series M was $4,921,317,145, at a weighted average interest rate of 3.00%. Open reverse repurchase agreements at October 31, 2008 were:

Series M:

						Maturity
Counter Party	Rate			Trade Date		Date		Principal & Interest		Par
Barclays:		2.15	%		10/30/2008		11/13/2008		$5,000,597		$5,000,000
		2.45	%		10/29/2008		11/19/2008		217,827,464		217,783,000
		2.75	%		10/27/2008		11/13/2008		760,290,278		760,000,000
		3.15	%		10/14/2008		11/13/2008		190,701,883		190,402,000
		3.15	%		10/16/2008		11/13/2008		5,889,233		5,881,000
		3.15	%		10/21/2008		11/13/2008		8,024,716		8,017,000
Credit Suisse First Boston:		2.90	%		10/17/2008		11/19/2008		35,042,292		35,000,000
		3.00	%		10/14/2008		11/13/2008		202,707,606		202,404,000
		3.00	%		10/21/2008		11/13/2008		24,598,528		24,576,000
		3.15	%		10/21/2008		11/13/2008		17,706,026		17,689,000
		3.15	%		10/29/2008		11/13/2008		17,989,721		17,985,000
		3.75	%		10/15/2008		11/13/2008		31,594,850		31,539,000
		3.75	%		10/17/2008		11/13/2008		12,224,070		12,205,000
		3.75	%		10/21/2008		11/13/2008		67,077		67,000
		4.00	%		10/14/2008		11/13/2008		13,066,080		13,040,000
		4.00	%		10/21/2008		11/13/2008		1,301,589		1,300,000
Deutsche Bank:		3.80	%		10/14/2008		11/13/2008		239,983,103		239,528,000
		3.80	%		10/21/2008		11/13/2008		9,020,462		9,010,000
Goldman Sachs:		4.00	%		10/14/2008		11/13/2008		501,000,000		500,000,000
JPMorgan:		3.00	%		10/14/2008		11/13/2008		250,375,000		250,000,000
		3.15	%		10/14/2008		11/13/2008		763,025,876		761,826,000
Merrill Lynch & Co.:		3.00	%		10/22/2008		11/19/2008		1,570,307,500		1,569,000,000
											$4,872,252,000

Details of underlying collateral for open reverse repurchase agreements at October 31, 2008, as reflected in the Schedule of Investments:

Series M:

					Maturity				Market
Counterparty	Description	Rate			Date		Par		Value
Barclays Bank:	Fannie Mae		4.50	%		7/1/22		$2,476,356		$2,359,137
	Fannie Mae		5.00	%		1/1/19		1,895,188		1,868,364
	Fannie Mae		5.00	%		6/1/19		2,212,603		2,174,371
	Fannie Mae		5.00	%		7/1/19		2,335,394		2,295,040
	Fannie Mae		5.00	%		8/1/19		2,762,843		2,715,104

98 Fixed Income SHares – Series C, H, M, R Annual Report  10.31.08

Fixed Income Shares – Series C, H, M, R Notes to Financial Statements
October 31, 2008

3. Investments in Securities (continued)

					Maturity				Market
Counterparty	Description	Rate			Date		Par		Value
Barclays Bank
	Fannie Mae		5.00	%		9/1/19		$4,999,997		$4,922,126
	Fannie Mae		5.00	%		2/1/21		3,427,875		3,359,003
	Fannie Mae		5.00	%		6/1/23		2,000,443		1,957,125
	Fannie Mae		5.00	%		8/1/23		5,384,322		5,267,729
	Fannie Mae		5.00	%		10/1/35		290,618,764		280,026,305
	Fannie Mae		5.00	%		2/1/36		133,443,358		126,561,295
	Fannie Mae		5.00	%		9/1/36		186,794,259		178,206,102
	Fannie Mae		5.00	%		4/1/37		1,973,324		1,870,518
	Fannie Mae		5.50	%		1/1/21		2,451,132		2,449,032
	Fannie Mae		5.50	%		3/1/21		2,795,968		2,790,952
	Fannie Mae		5.50	%		7/1/21		1,907,814		1,904,391
	Fannie Mae		5.50	%		8/1/21		4,209,488		4,201,936
	Fannie Mae		5.50	%		10/1/21		5,152,786		5,143,541
	Fannie Mae		5.50	%		11/1/21		3,146,703		3,141,057
	Fannie Mae		5.50	%		12/1/21		2,730,160		2,725,261
	Fannie Mae		5.50	%		1/1/22		3,223,095		3,217,312
	Fannie Mae		5.50	%		2/1/22		3,215,265		3,209,496
	Fannie Mae		5.50	%		3/1/22		8,358,284		8,341,511
	Fannie Mae		5.50	%		8/1/22		2,591,525		2,586,325
	Fannie Mae		5.50	%		1/1/23		1,778,663		1,774,916
	Fannie Mae		5.50	%		1/1/33		2,527,260		2,476,978
	Fannie Mae		5.50	%		2/1/33		2,160,304		2,117,323
	Fannie Mae		5.50	%		9/1/33		2,818,628		2,760,787
	Fannie Mae		5.50	%		12/1/36		3,391,824		3,316,391
	Fannie Mae		5.50	%		1/1/37		3,099,352		3,030,424
	Fannie Mae		5.50	%		2/1/37		12,046,682		11,778,405
	Fannie Mae		5.50	%		3/1/37		18,496,591		18,084,194
	Fannie Mae		5.50	%		4/1/37		1,905,233		1,862,754
	Fannie Mae		5.50	%		8/1/38		2,404,085		2,350,369
	Fannie Mae		5.50	%		9/1/38		6,169,545		6,031,694
	Fannie Mae		6.00	%		6/1/27		2,225,511		2,230,019
	Fannie Mae		6.00	%		7/1/35		2,241,336		2,242,270
	Fannie Mae		6.00	%		7/1/36		2,808,324		2,809,056
	Fannie Mae		6.00	%		8/1/36		1,877,242		1,877,731
	Fannie Mae		6.00	%		9/1/36		9,007,310		9,009,655
	Fannie Mae		6.00	%		10/1/36		10,110,937		10,113,570
	Fannie Mae		6.00	%		7/1/37		3,256,901		3,257,566
	Fannie Mae		6.00	%		8/1/37		25,172,299		25,185,889

10.31.08  Fixed Income SHares – Series C, H, M, R Annual Report 99

Fixed Income Shares – Series C, H, M, R Notes to Financial Statements
October 31, 2008

3. Investments in Securities (continued)

					Maturity				Market
Counterparty	Description	Rate			Date		Par		Value
Barclays Bank
	Fannie Mae		6.00	%		9/1/37		$82,898		$82,989
	Fannie Mae		6.00	%		10/1/37		6,301,888		6,303,174
	Fannie Mae		6.00	%		11/1/37		6,185,547		6,186,809
	Fannie Mae		6.00	%		12/1/37		8,888,272		8,890,087
	Fannie Mae		6.00	%		1/1/38		2,305,372		2,305,612
	Fannie Mae		6.00	%		2/1/38		5,839,713		5,843,162
	Fannie Mae		6.00	%		3/1/38		2,174,266		2,176,644
	Fannie Mae		6.00	%		7/1/38		3,201,835		3,202,169
	Fannie Mae		6.00	%		8/1/38		3,240,823		3,241,161
	Fannie Mae		6.50	%		12/1/34		3,255,911		3,312,584
	Fannie Mae		6.50	%		10/1/37		2,622,598		2,660,314
	Freddie Mac		6.00	%		7/1/27		3,160,133		3,168,006
	Freddie Mac		6.00	%		5/1/38		195,057,196		194,856,043
	Ginnie Mae		6.00	%		3/15/36		5,954,621		5,964,116
	Ginnie Mae		6.00	%		4/15/36		5,849,202		5,858,529
	Ginnie Mae		6.00	%		6/15/36		1,963,331		1,966,462
	Ginnie Mae		6.00	%		7/15/36		1,762,060		1,764,870
	Ginnie Mae		6.00	%		8/15/36		4,550,534		4,557,791
	Ginnie Mae		6.00	%		9/15/36		5,611,648		5,620,596
	Ginnie Mae		6.00	%		11/15/36		1,803,958		1,806,834
	Ginnie Mae		6.00	%		12/15/36		1,603,553		1,606,110
	Ginnie Mae		6.00	%		1/15/37		3,497,628		3,502,156
	Ginnie Mae		6.00	%		3/15/37		1,847,331		1,849,722
	Ginnie Mae		6.00	%		4/15/37		4,722,766		4,728,881
	Ginnie Mae		6.00	%		5/15/37		8,687,887		8,699,134
	Ginnie Mae		6.00	%		6/15/37		24,731,163		24,762,566
	Ginnie Mae		6.00	%		7/15/37		20,507,609		20,534,159
	Ginnie Mae		6.00	%		8/15/37		17,890,365		17,913,526
	Ginnie Mae		6.00	%		9/15/37		1,116,965		1,118,412
	Ginnie Mae		6.00	%		10/15/37		2,613,048		2,614,969
	Ginnie Mae		6.00	%		11/15/37		9,734,505		9,747,108
	Ginnie Mae		6.00	%		12/15/37		8,045,345		8,052,844
	Ginnie Mae		6.00	%		1/15/38		2,221,403		2,224,279
	Ginnie Mae		6.00	%		2/15/38		5,926,424		5,934,097
	Ginnie Mae		6.00	%		3/15/38		4,486,655		4,492,464
	Ginnie Mae		6.00	%		4/15/38		5,066,326		5,072,885
	Ginnie Mae		6.00	%		5/15/38		2,123,198		2,125,947
	Ginnie Mae		6.00	%		7/15/38		53,935,095		54,004,921

100 Fixed Income SHares – Series C, H, M, R Annual Report  10.31.08

Fixed Income Shares – Series C, H, M, R Notes to Financial Statements
October 31, 2008

3. Investments in Securities (continued)

					Maturity				Market
Counterparty	Description	Rate			Date		Par		Value
Barclays Bank
	Ginnie Mae		6.00	%		8/15/38		$21,284,489		$21,312,045
Credit Suisse First Boston:	Fannie Mae		4.305	%		1/1/34		3,684,923		3,709,019
	Fannie Mae		4.50	%		7/1/21		1,015,706		967,844
	Fannie Mae		4.753	%		4/1/35		765,224		767,013
	Fannie Mae		4.905	%		11/1/35		4,240,309		4,240,384
	Fannie Mae		4.967	%		2/1/33		853,186		873,261
	Fannie Mae		4.983	%		1/1/22		867,015		872,688
	Fannie Mae		5.00	%		8/1/19		2,601,881		2,556,923
	Fannie Mae		5.00	%		9/1/19		1,363,351		1,339,793
	Fannie Mae		5.00	%		10/1/19		1,223,058		1,201,924
	Fannie Mae		5.00	%		10/1/20		1,656,415		1,623,135
	Fannie Mae		5.00	%		11/1/20		788,053		772,220
	Fannie Mae		5.00	%		1/1/21		2,684,152		2,629,021
	Fannie Mae		5.00	%		2/1/21		20,345		19,914
	Fannie Mae		5.00	%		10/1/21		1,257,869		1,231,221
	Fannie Mae		5.00	%		5/1/23		692,606		677,609
	Fannie Mae		5.00	%		8/1/23		994,805		973,263
	Fannie Mae		5.00	%		9/1/23		995,177		973,627
	Fannie Mae		5.00	%		6/1/35		22,645,993		21,492,226
	Fannie Mae		5.00	%		11/1/36		1,249,442		1,184,419
	Fannie Mae		5.00	%		1/1/37		22,497		21,326
	Fannie Mae		5.00	%		5/1/37		998,624		946,597
	Fannie Mae		5.00	%		7/1/37		1,997,053		1,893,011
	Fannie Mae		5.00	%		8/1/37		997,267		945,312
	Fannie Mae		5.00	%		5/1/38		1,196,305		1,133,860
	Fannie Mae		5.001	%		1/1/20		1,708,376		1,717,361
	Fannie Mae		5.172	%		9/1/35		662,140		674,235
	Fannie Mae		5.204	%		5/1/28		826,096		841,605
	Fannie Mae		5.50	%		1/1/17		20,232		20,341
	Fannie Mae		5.50	%		1/1/18		26,151		26,259
	Fannie Mae		5.50	%		4/1/18		26,316		26,425
	Fannie Mae		5.50	%		11/1/18		23,301		23,369
	Fannie Mae		5.50	%		1/1/19		22,036		22,100
	Fannie Mae		5.50	%		9/1/19		41,528		41,570
	Fannie Mae		5.50	%		3/1/20		22,201		22,266
	Fannie Mae		5.50	%		10/1/20		26,532		26,509
	Fannie Mae		5.50	%		12/1/20		754,531		753,884
	Fannie Mae		5.50	%		1/1/21		2,427,008		2,424,929

10.31.08  Fixed Income SHares – Series C, H, M, R Annual Report 101

Fixed Income Shares – Series C, H, M, R Notes to Financial Statements
October 31, 2008

3. Investments in Securities (continued)

					Maturity				Market
Counterparty	Description	Rate			Date		Par		Value
Credit Suisse First Boston
	Fannie Mae		5.50	%		2/1/21		$4,104,482		$4,097,117
	Fannie Mae		5.50	%		3/1/21		2,477,825		2,473,379
	Fannie Mae		5.50	%		4/1/21		5,450,119		5,440,341
	Fannie Mae		5.50	%		5/1/21		5,309,949		5,300,422
	Fannie Mae		5.50	%		6/1/21		1,526,348		1,523,609
	Fannie Mae		5.50	%		7/1/21		1,514,072		1,511,355
	Fannie Mae		5.50	%		8/1/21		680,351		679,131
	Fannie Mae		5.50	%		11/1/21		764,050		762,680
	Fannie Mae		5.50	%		1/1/22		1,570,246		1,567,428
	Fannie Mae		5.50	%		3/1/22		917,241		915,400
	Fannie Mae		5.50	%		5/1/22		2,496,144		2,491,665
	Fannie Mae		5.50	%		7/1/22		934,630		932,754
	Fannie Mae		5.50	%		8/1/22		1,873,700		1,869,940
	Fannie Mae		5.50	%		9/1/22		3,303,055		3,296,427
	Fannie Mae		5.50	%		10/1/22		4,630,930		4,621,637
	Fannie Mae		5.50	%		11/1/22		1,989,432		1,985,440
	Fannie Mae		5.50	%		12/1/22		1,695,207		1,691,805
	Fannie Mae		5.50	%		1/1/23		67,317		67,176
	Fannie Mae		5.50	%		2/1/23		2,626,622		2,621,089
	Fannie Mae		5.50	%		8/1/23		913,220		911,296
	Fannie Mae		5.50	%		9/1/23		904,214		902,309
	Fannie Mae		5.50	%		2/1/33		20,610		20,187
	Fannie Mae		5.50	%		4/1/33		24,725		24,233
	Fannie Mae		5.50	%		5/1/33		1,271,540		1,245,447
	Fannie Mae		5.50	%		7/1/33		24,380		23,880
	Fannie Mae		5.50	%		8/1/33		19,398		19,000
	Fannie Mae		5.50	%		9/1/33		23,648		23,162
	Fannie Mae		5.50	%		2/1/35		1,131,014		1,108,511
	Fannie Mae		5.50	%		4/1/36		906,143		885,990
	Fannie Mae		5.50	%		8/1/36		1,634,320		1,597,973
	Fannie Mae		5.50	%		10/1/36		1,905,781		1,863,397
	Fannie Mae		5.50	%		11/1/36		1,740,223		1,701,521
	Fannie Mae		5.50	%		12/1/36		3,180,376		3,109,646
	Fannie Mae		5.50	%		1/1/37		7,208,442		7,048,033
	Fannie Mae		5.50	%		2/1/37		17,821,066		17,423,929
	Fannie Mae		5.50	%		3/1/37		24,805,364		24,252,450
	Fannie Mae		5.50	%		4/1/37		6,066,838		5,931,623
	Fannie Mae		5.50	%		5/1/37		6,191,656		6,053,608

102 Fixed Income SHares – Series C, H, M, R Annual Report  10.31.08

Fixed Income Shares – Series C, H, M, R Notes to Financial Statements
October 31, 2008

3. Investments in Securities (continued)

					Maturity				Market
Counterparty	Description	Rate			Date		Par		Value
Credit Suisse First Boston
	Fannie Mae		5.50	%		6/1/37		$1,967,239		$1,923,378
	Fannie Mae		5.50	%		9/1/37		985,814		963,834
	Fannie Mae		5.50	%		6/1/38		21,679,065		21,194,672
	Fannie Mae		5.50	%		8/1/38		9,349,498		9,140,595
	Fannie Mae		5.50	%		9/1/38		37,113,821		36,284,557
	Fannie Mae		5.964	%		1/1/33		904,943		913,325
	Fannie Mae		6.00	%		6/1/27		1,275,598		1,278,182
	Fannie Mae		6.00	%		10/1/27		1,312,737		1,315,396
	Fannie Mae		6.00	%		6/1/34		23,184		23,223
	Fannie Mae		6.00	%		1/1/35		748,299		749,546
	Fannie Mae		6.00	%		10/1/35		912,310		912,691
	Fannie Mae		6.00	%		11/1/35		916,350		916,731
	Fannie Mae		6.00	%		12/1/35		2,503,382		2,504,426
	Fannie Mae		6.00	%		1/1/36		1,801,209		1,801,959
	Fannie Mae		6.00	%		6/1/36		744,703		744,897
	Fannie Mae		6.00	%		7/1/36		1,422,556		1,422,927
	Fannie Mae		6.00	%		8/1/36		7,622,302		7,624,287
	Fannie Mae		6.00	%		9/1/36		4,579,849		4,581,155
	Fannie Mae		6.00	%		10/1/36		4,813,527		4,814,781
	Fannie Mae		6.00	%		12/1/36		3,245,715		3,246,560
	Fannie Mae		6.00	%		1/1/37		924,266		924,507
	Fannie Mae		6.00	%		2/1/37		786,152		786,313
	Fannie Mae		6.00	%		3/1/37		2,027,029		2,027,507
	Fannie Mae		6.00	%		5/1/37		1,139,346		1,139,578
	Fannie Mae		6.00	%		7/1/37		1,633,210		1,635,932
	Fannie Mae		6.00	%		9/1/37		899,409		899,593
	Fannie Mae		6.00	%		1/1/38		1,292,922		1,294,336
	Fannie Mae		6.50	%		7/1/34		1,182,147		1,203,752
	Fannie Mae		6.50	%		3/1/36		746,676		757,456
	Fannie Mae		6.50	%		7/1/36		926,924		940,306
	Fannie Mae		6.50	%		8/1/36		26,314		26,694
	Fannie Mae		6.50	%		12/1/36		1,954,256		1,982,470
	Fannie Mae		6.50	%		1/1/37		766,299		777,319
	Fannie Mae		6.50	%		9/1/37		726,767		737,219
	Fannie Mae		7.50	%		9/1/30		20,166		21,167
	Freddie Mac		3.537	%		5/1/34		1,020,436		1,032,473
	Freddie Mac		4.943	%		6/1/35		10,968,102		10,941,841
	Freddie Mac		5.00	%		1/1/37		875,413		829,445

10.31.08  Fixed Income SHares – Series C, H, M, R Annual Report 103

Fixed Income Shares – Series C, H, M, R Notes to Financial Statements
October 31, 2008

3. Investments in Securities (continued)

					Maturity				Market
Counterparty	Description	Rate			Date		Par		Value
Credit Suisse First Boston
	Freddie Mac		5.207	%		7/1/32		$21,052		$21,136
	Freddie Mac		5.50	%		6/1/35		805,124		786,748
	Freddie Mac		5.50	%		7/1/36		1,719,097		1,677,982
	Freddie Mac		5.50	%		5/1/37		1,520,164		1,483,570
	Freddie Mac		5.50	%		9/1/37		995,213		971,255
	Freddie Mac		5.50	%		9/1/38		8,780,474		8,569,103
	Freddie Mac		6.00	%		4/1/17		1,064,276		1,071,550
	Freddie Mac		6.00	%		7/1/17		20,676		20,818
	Freddie Mac		6.00	%		8/1/27		1,469,070		1,472,731
	Freddie Mac		6.00	%		3/1/38		17,291,361		17,273,529
	Freddie Mac		6.00	%		9/1/38		1,489,117		1,487,581
	Freddie Mac		7.00	%		3/1/30		26,080		26,804
	Ginnie Mae		6.00	%		9/15/37		36,634,722		36,651,550
Deutsche Bank:	Fannie Mae		3.70	%		8/25/21		91,041		90,844
	Fannie Mae		3.943	%		5/1/17		57,429		57,233
	Fannie Mae		3.958	%		6/1/20		62,127		62,123
	Fannie Mae		3.961	%		5/1/18		88,300		89,322
	Fannie Mae		3.968	%		1/1/18		102,419		101,927
	Fannie Mae		4.00	%		11/25/19		3,653,453		3,352,776
	Fannie Mae		4.05	%		12/25/08		42,576		42,589
	Fannie Mae		4.073	%		5/1/34		434,061		437,424
	Fannie Mae		4.449	%		10/1/34		583,254		583,957
	Fannie Mae		4.50	%		11/25/14		300,000		301,682
	Fannie Mae		4.50	%		8/1/20		2,330,564		2,225,111
	Fannie Mae		4.50	%		7/1/21		649,739		619,122
	Fannie Mae		4.50	%		12/1/21		273,230		260,354
	Fannie Mae		4.50	%		1/1/22		561,528		535,067
	Fannie Mae		4.50	%		2/1/22		29,970		28,552
	Fannie Mae		4.50	%		4/1/22		232,299		221,303
	Fannie Mae		4.50	%		5/1/22		910,272		867,184
	Fannie Mae		4.50	%		6/1/22		1,085,968		1,034,563
	Fannie Mae		4.50	%		7/1/22		2,361,792		2,249,996
	Fannie Mae		4.50	%		1/25/25		14,089,372		14,119,868
	Fannie Mae		4.50	%		11/25/26		8,500,000		7,267,028
	Fannie Mae		4.525	%		12/1/34		474,910		477,279
	Fannie Mae		4.649	%		9/1/32		486,704		485,274
	Fannie Mae		4.872	%		9/1/32		34,018		34,224
	Fannie Mae		4.875	%		1/1/33		348,668		361,399

104 Fixed Income SHares – Series C, H, M, R Annual Report  10.31.08

Fixed Income Shares – Series C, H, M, R Notes to Financial Statements
October 31, 2008

3. Investments in Securities (continued)

					Maturity				Market
Counterparty	Description	Rate			Date		Par		Value
Deutsche Bank
	Fannie Mae		5.00	%		9/25/14		$1,783,550		$1,794,139
	Fannie Mae		5.00	%		1/25/16		200,000		201,623
	Fannie Mae		5.00	%		9/1/17		248,934		245,126
	Fannie Mae		5.00	%		10/1/20		797,869		781,839
	Fannie Mae		5.00	%		11/1/20		1,568,019		1,536,515
	Fannie Mae		5.00	%		12/1/20		267,122		261,755
	Fannie Mae		5.00	%		2/1/21		366,286		358,526
	Fannie Mae		5.00	%		3/1/21		360,575		352,936
	Fannie Mae		5.00	%		4/1/21		291,870		285,687
	Fannie Mae		5.00	%		5/1/21		939,142		919,246
	Fannie Mae		5.00	%		6/1/21		563,824		551,880
	Fannie Mae		5.00	%		7/1/21		71,100		69,594
	Fannie Mae		5.00	%		9/1/21		91,395		89,459
	Fannie Mae		5.00	%		11/1/21		666,786		652,660
	Fannie Mae		5.00	%		12/1/21		61,793		60,484
	Fannie Mae		5.00	%		3/1/22		264,669		258,964
	Fannie Mae		5.00	%		9/1/35		702,354		664,603
	Fannie Mae		5.00	%		2/1/37		380,477		360,655
	Fannie Mae		5.00	%		4/1/37		297,320		281,830
	Fannie Mae		5.00	%		5/1/37		147,992		140,290
	Fannie Mae		5.00	%		6/1/37		887,302		841,075
	Fannie Mae		5.095	%		9/1/27		146,691		148,949
	Fannie Mae		5.095	%		5/1/33		382,954		382,346
	Fannie Mae		5.50	%		4/1/16		121,420		122,074
	Fannie Mae		5.50	%		7/1/16		52,158		52,440
	Fannie Mae		5.50	%		4/1/17		195,606		196,416
	Fannie Mae		5.50	%		9/1/17		93,077		93,463
	Fannie Mae		5.50	%		10/1/17		45,410		45,599
	Fannie Mae		5.50	%		11/1/17		77,073		77,393
	Fannie Mae		5.50	%		2/1/18		61,792		61,971
	Fannie Mae		5.50	%		4/1/18		101,451		101,811
	Fannie Mae		5.50	%		11/1/18		33,022		33,149
	Fannie Mae		5.50	%		12/1/18		116,564		116,979
	Fannie Mae		5.50	%		1/1/19		30,135		30,260
	Fannie Mae		5.50	%		4/1/19		30,884		30,973
	Fannie Mae		5.50	%		5/1/19		104,071		104,177
	Fannie Mae		5.50	%		8/1/19		35,699		35,735
	Fannie Mae		5.50	%		9/1/19		29,627		29,712

10.31.08  Fixed Income SHares – Series C, H, M, R Annual Report 105

Fixed Income Shares – Series C, H, M, R Notes to Financial Statements
October 31, 2008

3. Investments in Securities (continued)

					Maturity				Market
Counterparty	Description	Rate			Date		Par		Value
Deutsche Bank
	Fannie Mae		5.50	%		10/1/19		$47,389		$47,437
	Fannie Mae		5.50	%		3/1/20		128,491		128,622
	Fannie Mae		5.50	%		6/1/20		31,554		31,527
	Fannie Mae		5.50	%		10/1/20		845,158		844,434
	Fannie Mae		5.50	%		12/1/20		48,186		48,145
	Fannie Mae		5.50	%		1/1/21		790,781		789,999
	Fannie Mae		5.50	%		2/1/21		1,236,815		1,234,635
	Fannie Mae		5.50	%		3/1/21		685,395		684,165
	Fannie Mae		5.50	%		4/1/21		2,011,492		2,007,883
	Fannie Mae		5.50	%		5/1/21		1,080,259		1,078,321
	Fannie Mae		5.50	%		6/1/21		2,805,181		2,800,148
	Fannie Mae		5.50	%		7/1/21		73,196		73,064
	Fannie Mae		5.50	%		8/1/21		491,312		490,752
	Fannie Mae		5.50	%		9/1/21		144,086		143,828
	Fannie Mae		5.50	%		10/1/21		534,405		533,446
	Fannie Mae		5.50	%		11/1/21		294,342		293,814
	Fannie Mae		5.50	%		12/1/21		124,995		124,771
	Fannie Mae		5.50	%		3/1/22		74,633		74,483
	Fannie Mae		5.50	%		6/1/22		113,574		113,347
	Fannie Mae		5.50	%		7/1/22		174,552		174,202
	Fannie Mae		5.50	%		9/1/22		66,833		66,699
	Fannie Mae		5.50	%		10/1/22		205,856		205,443
	Fannie Mae		5.50	%		1/1/23		181,343		180,980
	Fannie Mae		5.50	%		5/1/23		97,804		97,608
	Fannie Mae		5.50	%		9/1/23		231,310		230,823
	Fannie Mae		5.50	%		2/25/24		1,190,157		1,208,565
	Fannie Mae		5.50	%		10/1/32		873,628		856,246
	Fannie Mae		5.50	%		11/1/32		1,399,560		1,372,507
	Fannie Mae		5.50	%		12/1/32		103,426		101,368
	Fannie Mae		5.50	%		2/1/33		391,823		383,893
	Fannie Mae		5.50	%		3/1/33		331,375		324,782
	Fannie Mae		5.50	%		4/1/33		154,820		151,643
	Fannie Mae		5.50	%		6/1/33		898,402		879,966
	Fannie Mae		5.50	%		7/1/33		131,703		129,000
	Fannie Mae		5.50	%		8/1/33		463,179		453,674
	Fannie Mae		5.50	%		9/1/33		64,778		63,449
	Fannie Mae		5.50	%		10/1/33		51,992		50,925
	Fannie Mae		5.50	%		11/1/33		43,494		42,601

106 Fixed Income SHares – Series C, H, M, R Annual Report  10.31.08

Fixed Income Shares – Series C, H, M, R Notes to Financial Statements
October 31, 2008

3. Investments in Securities (continued)

					Maturity				Market
Counterparty	Description	Rate			Date		Par		Value
Deutsche Bank
	Fannie Mae		5.50	%		1/1/34		$546,076		$534,870
	Fannie Mae		5.50	%		2/1/34		305,355		299,088
	Fannie Mae		5.50	%		3/1/34		347,046		339,924
	Fannie Mae		5.50	%		5/1/34		896,861		877,897
	Fannie Mae		5.50	%		1/1/35		424,267		415,295
	Fannie Mae		5.50	%		3/1/36		431,392		421,798
	Fannie Mae		5.50	%		4/1/36		466,959		456,574
	Fannie Mae		5.50	%		7/1/36		259,739		253,962
	Fannie Mae		5.50	%		8/1/36		263,985		258,114
	Fannie Mae		5.50	%		10/1/36		693,040		677,627
	Fannie Mae		5.50	%		11/1/36		5,260,765		5,143,768
	Fannie Mae		5.50	%		12/1/36		5,161,110		5,046,329
	Fannie Mae		5.50	%		1/1/37		4,043,639		3,953,678
	Fannie Mae		5.50	%		2/1/37		5,936,255		5,803,943
	Fannie Mae		5.50	%		3/1/37		5,672,171		5,545,708
	Fannie Mae		5.50	%		4/1/37		4,260,110		4,165,155
	Fannie Mae		5.50	%		5/1/37		2,361,525		2,308,873
	Fannie Mae		5.50	%		6/1/37		984,211		962,267
	Fannie Mae		5.50	%		6/1/38		3,471,259		3,393,698
	Fannie Mae		5.50	%		8/1/38		2,229,767		2,179,946
	Fannie Mae		5.50	%		9/1/38		1,720,639		1,682,193
	Fannie Mae		5.833	%		5/25/42		31,435		29,700
	Fannie Mae		5.837	%		3/25/41		35,348		33,297
	Fannie Mae		6.00	%		6/1/23		290,334		291,439
	Fannie Mae		6.00	%		8/1/26		207,045		206,881
	Fannie Mae		6.00	%		7/1/29		68,275		68,794
	Fannie Mae		6.00	%		12/1/31		418,691		421,875
	Fannie Mae		6.00	%		6/1/33		80,463		80,673
	Fannie Mae		6.00	%		7/1/34		31,102		31,241
	Fannie Mae		6.00	%		8/1/34		82,837		82,976
	Fannie Mae		6.00	%		9/1/34		109,204		109,386
	Fannie Mae		6.00	%		10/1/34		1,006,711		1,008,388
	Fannie Mae		6.00	%		2/1/35		122,489		122,540
	Fannie Mae		6.00	%		4/1/35		103,482		103,654
	Fannie Mae		6.00	%		5/1/35		235,551		235,649
	Fannie Mae		6.00	%		7/1/35		363,359		363,510
	Fannie Mae		6.00	%		8/1/35		44,943		44,962
	Fannie Mae		6.00	%		9/1/35		106,851		106,896

10.31.08  Fixed Income SHares – Series C, H, M, R Annual Report 107

Fixed Income Shares – Series C, H, M, R Notes to Financial Statements
October 31, 2008

3. Investments in Securities (continued)

					Maturity				Market
Counterparty	Description	Rate			Date		Par		Value
Deutsche Bank
	Fannie Mae		6.00	%		10/1/35		$1,362,922		$1,363,490
	Fannie Mae		6.00	%		11/1/35		604,544		604,796
	Fannie Mae		6.00	%		12/1/35		939,228		939,619
	Fannie Mae		6.00	%		1/1/36		366,218		366,313
	Fannie Mae		6.00	%		4/1/36		724,832		725,082
	Fannie Mae		6.00	%		7/1/36		772,920		773,121
	Fannie Mae		6.00	%		8/1/36		2,731,643		2,732,354
	Fannie Mae		6.00	%		9/1/36		2,314,572		2,315,174
	Fannie Mae		6.00	%		10/1/36		3,232,984		3,233,853
	Fannie Mae		6.00	%		11/1/36		939,252		939,496
	Fannie Mae		6.00	%		12/1/36		1,177,656		1,177,962
	Fannie Mae		6.00	%		1/1/37		790,553		790,759
	Fannie Mae		6.00	%		2/1/37		107,742		107,764
	Fannie Mae		6.00	%		3/1/37		268,691		268,746
	Fannie Mae		6.00	%		4/1/37		172,918		172,954
	Fannie Mae		6.00	%		5/1/37		666,528		666,702
	Fannie Mae		6.00	%		11/1/37		542,978		543,088
	Fannie Mae		6.00	%		2/1/38		624,188		624,672
	Fannie Mae		6.00	%		7/1/38		532,971		533,027
	Fannie Mae		6.00	%		8/1/38		173,429		173,447
	Fannie Mae		6.114	%		10/1/32		62,305		62,931
	Fannie Mae		6.50	%		1/1/25		130,988		133,047
	Fannie Mae		6.50	%		7/18/27		243,982		253,669
	Fannie Mae		6.50	%		1/1/29		129,216		132,273
	Fannie Mae		6.50	%		2/1/32		152,926		156,065
	Fannie Mae		6.50	%		8/1/32		123,086		125,613
	Fannie Mae		6.50	%		11/1/32		252,214		257,393
	Fannie Mae		6.50	%		10/1/33		147,397		150,147
	Fannie Mae		6.50	%		3/1/36		82,998		84,197
	Fannie Mae		6.50	%		5/1/36		44,141		44,779
	Fannie Mae		6.50	%		8/1/36		1,315,663		1,334,658
	Fannie Mae		6.50	%		9/1/36		934,300		947,789
	Fannie Mae		6.50	%		10/1/36		517,213		524,680
	Fannie Mae		6.50	%		11/1/36		478,128		485,031
	Fannie Mae		6.50	%		12/1/36		580,471		588,852
	Fannie Mae		6.50	%		4/1/37		67,296		68,268
	Fannie Mae		6.50	%		5/1/37		471,237		478,014
	Fannie Mae		6.50	%		6/1/37		194,425		197,221

108 Fixed Income SHares – Series C, H, M, R Annual Report  10.31.08

Fixed Income Shares – Series C, H, M, R Notes to Financial Statements
October 31, 2008

3. Investments in Securities (continued)

					Maturity				Market
Counterparty	Description	Rate			Date		Par		Value
Deutsche Bank
	Fannie Mae		6.50	%		9/1/37		$668,013		$677,620
	Fannie Mae		6.50	%		12/1/37		98,677		100,096
	Fannie Mae		6.601	%		12/1/32		253,077		256,436
	Fannie Mae		7.01	%		8/1/22		126,162		131,189
	Fannie Mae		7.01	%		11/1/22		58,664		61,292
	Fannie Mae		7.50	%		12/1/30		26,536		27,849
	Fannie Mae		7.50	%		8/1/31		56,178		59,436
	Fannie Mae		7.50	%		11/1/31		63,079		66,200
	Fannie Mae		11.00	%		7/15/20		280,675		330,216
	Freddie Mac		4.50	%		5/15/18		45,000		42,141
	Freddie Mac		4.988	%		8/15/32		7,508,691		7,470,317
	Freddie Mac		5.00	%		1/15/25		37,000,000		33,367,902
	Freddie Mac		5.00	%		2/15/25		12,000,000		10,907,950
	Freddie Mac		5.00	%		7/1/34		61,279		58,100
	Freddie Mac		5.00	%		4/1/35		332,605		315,348
	Freddie Mac		5.00	%		11/1/36		396,243		375,436
	Freddie Mac		5.038	%		9/15/16		654,881		643,637
	Freddie Mac		5.038	%		8/15/29		139,916		139,562
	Freddie Mac		5.038	%		12/15/31		86,202		84,594
	Freddie Mac		5.127	%		10/1/32		592,110		601,439
	Freddie Mac		5.138	%		3/15/32		36,024		35,805
	Freddie Mac		5.139	%		10/1/32		241,035		246,540
	Freddie Mac		5.24	%		8/1/29		78,843		80,787
	Freddie Mac		5.275	%		3/15/20		87,202		86,484
	Freddie Mac		5.275	%		2/15/24		223,145		222,975
	Freddie Mac		5.297	%		4/1/32		172,954		173,978
	Freddie Mac		5.346	%		7/1/29		34,090		35,430
	Freddie Mac		5.50	%		1/1/35		356,488		348,352
	Freddie Mac		5.50	%		3/1/35		196,402		191,797
	Freddie Mac		5.50	%		4/1/37		797,297		778,166
	Freddie Mac		5.50	%		8/1/37		83,945		81,924
	Freddie Mac		5.50	%		10/1/37		662,113		646,174
	Freddie Mac		5.50	%		1/1/38		166,671		162,658
	Freddie Mac		5.50	%		2/1/38		83,396		81,389
	Freddie Mac		5.50	%		3/1/38		49,043		47,863
	Freddie Mac		5.50	%		4/1/38		301,677		294,415
	Freddie Mac		5.50	%		9/1/38		379,004		369,880
	Freddie Mac		5.534	%		8/1/32		30,983		30,873

10.31.08  Fixed Income SHares – Series C, H, M, R Annual Report 109

Fixed Income Shares – Series C, H, M, R Notes to Financial Statements
October 31, 2008

3. Investments in Securities (continued)

					Maturity				Market
Counterparty	Description	Rate			Date		Par		Value
Deutsche Bank
	Freddie Mac		5.54	%		8/1/32		$195,166		$196,211
	Freddie Mac		5.575	%		12/15/13		242,176		244,613
	Freddie Mac		5.647	%		1/1/32		194,958		199,785
	Freddie Mac		5.683	%		2/1/33		237,052		241,903
	Freddie Mac		5.766	%		2/1/29		386,312		387,783
	Freddie Mac		5.775	%		9/15/22		140,021		140,374
	Freddie Mac		5.975	%		8/15/23		39,532		39,972
	Freddie Mac		6.00	%		8/15/16		118,848		122,253
	Freddie Mac		6.00	%		5/1/17		104,322		105,035
	Freddie Mac		6.00	%		6/1/17		137,221		138,399
	Freddie Mac		6.00	%		7/1/17		257,683		259,444
	Freddie Mac		6.00	%		12/15/28		2,895,862		2,898,881
	Freddie Mac		6.00	%		1/1/37		194,204		194,003
	Freddie Mac		6.06	%		3/1/32		350,320		358,474
	Freddie Mac		6.50	%		8/15/16		182,860		191,235
	Freddie Mac		6.50	%		12/15/23		43,161		43,970
	Freddie Mac		7.00	%		4/1/29		30,023		30,882
	Freddie Mac		7.50	%		8/15/30		226,661		237,685
	Ginnie Mae		4.628	%		6/20/32		46,997		46,658
	Ginnie Mae		4.813	%		10/20/27		1,354,396		1,347,341
	Ginnie Mae		5.00	%		2/20/29		140,840		142,289
	Ginnie Mae		6.00	%		7/20/32		53,371,572		53,449,030
Goldman Sachs:	Fannie Mae		5.00	%		6/1/35		59,964,106		56,871,582
	Fannie Mae		5.50	%		2/1/38		80,322,216		78,941,678
	Fannie Mae		6.00	%		12/1/36		38,299,113		38,309,087
	Fannie Mae		6.00	%		2/1/37		55,225,610		55,239,992
	Freddie Mac		6.00	%		10/1/26		57,750,409		57,744,673
	Freddie Mac		6.00	%		11/1/26		54,820,606		54,815,161
	Freddie Mac		6.00	%		1/1/27		56,579,051		56,573,431
	Freddie Mac		6.00	%		7/1/27		58,678,557		58,824,756
	Freddie Mac		6.00	%		1/1/38		60,146,182		60,084,156
JPMorgan:	Fannie Mae		4.50	%		4/1/22		6,632,855		6,318,886
	Fannie Mae		4.50	%		5/1/22		26,438,176		25,192,334
	Fannie Mae		5.00	%		6/1/19		6,459,201		6,347,591
	Fannie Mae		5.00	%		6/1/23		12,708,878		12,433,679
	Fannie Mae		5.00	%		8/1/23		7,508,473		7,345,883
	Fannie Mae		5.00	%		10/1/35		10,488,072		10,222,724
	Fannie Mae		5.50	%		11/1/21		7,474,304		7,460,893

110 Fixed Income SHares – Series C, H, M, R Annual Report  10.31.08

Fixed Income Shares – Series C, H, M, R Notes to Financial Statements
October 31, 2008

3. Investments in Securities (continued)

					Maturity				Market
Counterparty	Description	Rate			Date		Par		Value
JPMorgan
	Fannie Mae		5.50	%		1/1/22		$11,627,574		$11,606,712
	Fannie Mae		5.50	%		3/1/22		14,432,845		14,403,882
	Fannie Mae		5.50	%		5/1/22		14,186,457		14,157,989
	Fannie Mae		5.50	%		10/1/22		3,391,291		3,384,486
	Fannie Mae		5.50	%		9/1/23		6,587,941		6,574,062
	Fannie Mae		5.50	%		4/1/33		4,581,689		4,487,669
	Fannie Mae		5.50	%		6/1/33		15,741,063		15,418,044
	Fannie Mae		5.50	%		7/1/33		14,507,214		14,209,514
	Fannie Mae		5.50	%		12/1/33		3,534,165		3,461,641
	Fannie Mae		5.50	%		1/1/34		5,931,295		5,809,580
	Fannie Mae		5.50	%		9/1/36		29,919,518		29,286,845
	Fannie Mae		5.50	%		11/1/36		20,506,264		20,050,214
	Fannie Mae		5.50	%		12/1/36		13,339,592		13,042,925
	Fannie Mae		5.50	%		1/1/37		4,508,008		4,407,752
	Fannie Mae		5.50	%		2/1/37		25,358,356		24,793,975
	Fannie Mae		5.50	%		3/1/37		36,106,689		35,301,660
	Fannie Mae		5.50	%		4/1/37		24,016,829		23,481,354
	Fannie Mae		5.50	%		5/1/37		24,410,910		23,866,648
	Fannie Mae		6.00	%		10/1/26		6,408,254		6,403,176
	Fannie Mae		6.00	%		12/1/26		19,860,432		19,844,693
	Fannie Mae		6.00	%		3/1/27		9,503,254		9,522,505
	Fannie Mae		6.00	%		5/1/27		6,734,048		6,747,689
	Fannie Mae		6.00	%		6/1/27		4,487,158		4,496,248
	Fannie Mae		6.00	%		7/1/27		13,069,772		13,096,248
	Fannie Mae		6.00	%		8/1/27		5,023,970		5,034,147
	Fannie Mae		6.00	%		9/1/27		3,949,469		3,957,470
	Fannie Mae		6.00	%		8/1/35		13,408,527		13,414,114
	Fannie Mae		6.00	%		11/1/35		6,195,926		6,198,508
	Fannie Mae		6.00	%		12/1/35		3,465,313		3,466,757
	Fannie Mae		6.00	%		8/1/36		7,700,492		7,702,497
	Fannie Mae		6.00	%		9/1/36		11,200,711		11,214,686
	Fannie Mae		6.00	%		10/1/36		18,740,537		18,745,417
	Fannie Mae		6.00	%		12/1/36		25,274,241		25,280,823
	Fannie Mae		6.00	%		1/1/37		4,513,943		4,515,118
	Fannie Mae		6.00	%		3/1/37		18,391,421		18,396,211
	Fannie Mae		6.00	%		5/1/37		6,793,326		6,795,095
	Fannie Mae		6.00	%		6/1/37		8,759,150		8,765,056
	Fannie Mae		6.00	%		7/1/37		16,486,046		16,492,682

10.31.08  Fixed Income SHares – Series C, H, M, R Annual Report 111

Fixed Income Shares – Series C, H, M, R Notes to Financial Statements
October 31, 2008

3. Investments in Securities (continued)

					Maturity				Market
Counterparty	Description	Rate			Date		Par		Value
JPMorgan
	Fannie Mae		6.00	%		8/1/37		$37,160,798		$37,172,134
	Fannie Mae		6.00	%		9/1/37		8,194,923		8,199,525
	Fannie Mae		6.00	%		10/1/37		12,457,854		12,460,397
	Fannie Mae		6.00	%		11/1/37		22,721,899		22,726,539
	Fannie Mae		6.00	%		12/1/37		8,908,748		8,910,567
	Fannie Mae		6.00	%		1/1/38		6,687,138		6,688,503
	Fannie Mae		6.00	%		2/1/38		4,099,631		4,100,059
	Fannie Mae		6.00	%		6/1/38		4,530,906		4,531,378
	Fannie Mae		6.00	%		7/1/38		9,183,902		9,184,859
	Fannie Mae		6.00	%		8/1/38		4,239,918		4,240,360
	Fannie Mae		6.50	%		6/1/35		3,600,832		3,663,509
	Fannie Mae		6.50	%		4/1/36		3,715,943		3,769,592
	Fannie Mae		6.50	%		11/1/36		5,183,791		5,258,632
	Fannie Mae		6.50	%		1/1/37		5,332,203		5,409,187
	Fannie Mae		6.50	%		7/1/37		4,896,431		4,966,847
	Fannie Mae		6.50	%		9/1/37		5,905,168		5,990,091
	Freddie Mac		5.50	%		2/1/35		5,662,186		5,536,497
	Freddie Mac		5.50	%		7/1/37		19,568,464		19,097,394
	Freddie Mac		5.50	%		9/1/37		19,885,894		19,407,183
	Freddie Mac		5.50	%		4/1/38		46,443,329		45,325,303
	Freddie Mac		6.00	%		1/1/27		34,743,244		34,739,793
	Freddie Mac		6.00	%		2/1/27		16,033,691		16,073,640
	Freddie Mac		6.00	%		5/1/27		42,810,061		42,916,723
	Freddie Mac		6.00	%		6/1/27		37,536,824		37,630,348
	Freddie Mac		6.00	%		8/1/27		42,285,873		42,391,230
	Freddie Mac		6.00	%		9/1/27		16,186,361		16,226,690
	Freddie Mac		6.00	%		10/1/27		12,103,736		12,133,893
	Freddie Mac		6.00	%		2/1/38		45,320,191		45,273,454
	Freddie Mac		6.00	%		7/1/38		9,828,182		9,818,047
Merrill Lynch & Co.:	Ginnie Mae		6.00	%		4/15/36		4,383,366		4,390,356
	Ginnie Mae		6.00	%		7/15/36		76,450,036		76,571,946
	Ginnie Mae		6.00	%		8/15/36		32,296,396		32,345,049
	Ginnie Mae		6.00	%		9/15/36		5,000,411		5,008,385
	Ginnie Mae		6.00	%		10/15/36		23,319,929		23,353,587
	Ginnie Mae		6.00	%		11/15/36		173,207,473		173,458,237
	Ginnie Mae		6.00	%		2/15/37		4,059,887		4,065,144
	Ginnie Mae		6.00	%		4/15/37		56,600,772		56,646,681
	Ginnie Mae		6.00	%		5/15/37		159,054,860		159,172,586

112 Fixed Income SHares – Series C, H, M, R Annual Report  10.31.08

Fixed Income Shares – Series C, H, M, R Notes to Financial Statements
October 31, 2008

3. Investments in Securities (continued)

					Maturity				Market
Counterparty	Description	Rate			Date		Par		Value
Merrill Lynch & Co
	Ginnie Mae		6.00	%		6/15/37		$27,378,014		$27,403,305
	Ginnie Mae		6.00	%		7/15/37		20,921,335		20,948,420
	Ginnie Mae		6.00	%		8/15/37		8,142,727		8,153,269
	Ginnie Mae		6.00	%		9/15/37		56,463,535		56,489,471
	Ginnie Mae		6.00	%		10/15/37		70,206,734		70,238,260
	Ginnie Mae		6.00	%		11/15/37		217,206,963		217,385,891
	Ginnie Mae		6.00	%		12/15/37		184,975,137		185,214,614
	Ginnie Mae		6.00	%		1/15/38		73,428,117		73,523,179
	Ginnie Mae		6.00	%		2/15/38		32,839,347		32,881,862
	Ginnie Mae		6.00	%		3/15/38		13,130,708		13,147,708
	Ginnie Mae		6.00	%		4/15/38		21,556,240		21,584,148
	Ginnie Mae		6.00	%		6/15/38		41,826,933		41,857,737
	Ginnie Mae		6.00	%		7/15/38		86,091,340		86,202,798
	Ginnie Mae		6.00	%		8/15/38		238,183,588		238,491,950
										$5,068,679,407

(g) Short sales outstanding at October 31, 2008:

Series C:	Coupon			Maturity		Par		Proceeds		Value
Fannie Mae		5.00	%		TBA		23,000,000	$	22,547,188		$21,796,088
Fannie Mae		5.50	%		TBA		25,761,000		25,735,843		25,169,296
U.S. Treasury Bond & Notes		3.25	%		12/31/09		54,700,000		55,783,165		55,811,120
											$102,776,504

Series M:	Coupon			Maturity		Par		Proceeds		Value
Fannie Mae		5.00	%		TBA		805,100,000	$	782,414,625		$762,957,846
Fannie Mae		5.50	%		TBA		97,800,000		98,128,547		95,370,257
Fannie Mae		5.50	%		TBA		44,000,000		43,202,500		43,202,500
Fannie Mae		6.00	%		TBA		184,000,000		184,278,438		183,913,704
Freddie Mac		5.00	%		TBA		4,300,000		4,245,914		4,069,546
Ginnie Mae		5.50	%		TBA		103,700,000		102,387,031		101,706,990
											$1,191,220,843

10.31.08  Fixed Income SHares – Series C, H, M, R Annual Report 113

Fixed Income Shares – Series C, H, M, R Notes to Financial Statements
October 31, 2008

3. Investments in Securities (continued)

Series R:	Coupon			Maturity		Par		Proceeds		Value
Fannie Mae		6.00	%		TBA		100,000	$	101,094		$100,734
Ginnie Mae		5.50	%		TBA		100,000		98,781		98,078
Ginnie Mae		6.50	%		TBA		300,000		304,395		303,328
U.S. Treasury Bond & Notes		2.50	%		3/31/13		300,000		298,921		300,094
U.S. Treasury Bond & Notes		4.125	%		8/31/12		800,000		852,682		861,250
U.S. Treasury Bond & Notes		4.25	%		8/15/14		500,000		538,637		536,992
U.S. Treasury Bond & Notes		4.75	%		8/15/17		600,000		647,507		635,531
U.S. Treasury Inflation Indexed Bonds & Notes		1.75	%		1/15/28		522,765		440,146		411,760
											$3,247,767

4.  Income Tax Information

Series C:

The tax character of dividends and distributions paid were:

	Year ended		Year ended
	October 31, 2008		October 31, 2007
Ordinary Income		$135,430,055		$102,839,970
Long-Term Capital Gains		14,907,272		9,042,318

At October 31, 2008, the tax character of distributable earnings of $256,115,739 was comprised of $219,920,809 of ordinary income and $36,194,930 of long-term capital gains.

Series H:

The tax character of dividends and distributions paid were:

	Year ended		Year ended
	October 31, 2008		October 31, 2007
Ordinary Income		$285		$0
Tax-Exempt Income		161,402		85,444

At October 31, 2008, there were no distributable earnings.

At October 31, 2008, Series H had capital loss carryforward of $96,299 of which $41,357 will expire in 2015 and $54,942 of which will expire in 2016, which is available as a reduction, to the extent provided in the regulations, of any future net realized capital gains. To the extent that these losses are used to offset future realized capital gains, such gains will not be distributed.

Series M:

The tax character of dividends paid was ordinary income of $237,966,458 and $95,090,473 for the years ended October 31, 2008 and 2007, respectively.

At October 31, 2008, there were no distributable earnings.

At October 31, 2008, Series M had capital loss carryforward of $52,543,084 (all of which will expire in 2015), available as a reduction, to the extent provided in the regulations, of any future net realized capital gains. To the extent that these losses are used to offset future realized capital gains, such gains will not be distributed.

Series R:

114 Fixed Income SHares – Series C, H, M, R Annual Report  10.31.08

Fixed Income Shares – Series C, H, M, R Notes to Financial Statements
October 31, 2008

4.  Income Tax Information (continued)

The tax character of dividends paid was ordinary income of $8,952,787 and $5,622,968 for the years ended October 31, 2008 and 2007, respectively.

At October 31, 2008, the tax character of distributable earnings of $6,523,969 was comprised entirely of ordinary income.

The fund utilized $1,323,187 of capital losses during the year ended October 31, 2008.

The cost of investments for federal income tax purposes and gross unrealized appreciation and gross unrealized depreciation of investments at October 31, 2008 were:

							Net Unrealized
	Cost of		Gross Unrealized		Gross Unrealized		Appreciation
	Investments		Appreciation		Depreciation		(Depreciation)
Series C	$	3,273,230,458	$	2,933,160	$	476,706,361	$	(473,773,201	)
Series H		3,074,912		—		820,186		(820,186	)
Series M		9,884,443,929		8,670,135		486,803,934		(478,133,799	)
Series R		415,773,091		1,869,232		29,924,745		(28,055,513	)

The primary difference between book and tax appreciation (depreciation) on investments, if any, was attributable to wash sales.

5.  Legal Proceedings

In June and September 2004, the Investment Manager and certain of its affiliates (including PEA Capital LLC (“PEA”), Allianz Global Investors Distributors LLC and Allianz Global Investors of America L.P.), agreed to settle, without admitting or denying the allegations, claims brought by the Securities and Exchange Commission and the New Jersey Attorney General alleging violations of federal and state securities laws with respect to certain open-end funds for which the Investment Manager serves as investment adviser. The settlements related to an alleged “market timing” arrangement in certain open-end funds formerly sub-advised by PEA. The Investment Manager and its affiliates agreed to pay a total of $68 million to settle the claims. In addition to monetary payments, the settling parties agreed to undertake certain corporate governance, compliance and disclosure reforms related to market timing, and consented to cease and desist orders and censures. Subsequent to these events, PEA deregistered as an investment adviser and dissolved. None of the settlements alleged that any inappropriate activity took place with respect to the Portfolios.

Since February 2004, the Investment Manager and certain of its affiliates and their employees have been named as defendants in a number of pending lawsuits concerning “market timing”, which allege the same or similar conduct underlying the regulatory settlements discussed above. The market timing lawsuits have been consolidated in a multi-district litigation proceeding in the U.S. District Court of Maryland. Any potential resolution of these matters may include, but not be limited to, judgments or settlements for damages against the Investment Manager or its affiliates or related injunctions.

The Investment Manager and the Sub-Adviser believe that these matters are not likely to have a material adverse effect on the Portfolios or on their ability to perform their respective investment advisory activities relating to the Portfolios.

The foregoing speaks only as of the date hereof.

6.  Market and Credit Risk

On September 15, 2008, Lehman Brothers Holdings Inc. filed for protection under Chapter 11 of the United States Bankruptcy Code. On September 19, 2008, a proceeding under the Securities Investor Protection Act (SIPA) was commenced with respect to Lehman Brothers Inc., a broker-dealer. A trustee appointed under SIPA is administering the bankruptcy estate of Lehman Brothers Inc. Lehman Brothers International (Europe) was placed in administration under the UK Insolvency Act on September 15, 2008. Lehman Brothers Special Financing Inc. filed for protection under Chapter 11 of the United States Bankruptcy Code on October 3, 2008. In connection with these filings, the Lehman Brothers group of companies (collectively “Lehman Brothers”) will be reorganized and/or liquidated in an orderly fashion, subject to court approval. Each Lehman Brothers entity is a separate legal entity that is subject to its own bankruptcy proceeding.

10.31.08  Fixed Income SHares – Series C, H, M, R Annual Report 115

Fixed Income Shares – Series C, H, M, R Notes to Financial Statements
October 31, 2008

Certain portfolios had select holdings, credit default swap agreements, foreign currency transactions, securities and derivatives transactions outstanding with Lehman Brothers entities as issuer, referenced entity, counterparty or guarantor at the time the relevant Lehman Brothers entity filed for protection or was placed in administration. The security holdings, credit default swap agreements, foreign currency transactions, securities and derivatives transactions associated with Lehman Brothers have been written down to their estimated recoverable values. Anticipated losses for securities and derivatives transactions associated with Lehman Brothers have been incorporated as components of other liabilities on the Statements of Assets and Liabilities and net changes in unrealized appreciation (depreciation) on the Statements of Operations. Financial assets and liabilities may be offset and the net amount may be reported in the statement of assets and liabilities where there is a legally enforceable right to set off the recognized amounts and the provisions of Financial Accounting Standards Board (“FASB”) Interpretation No. 39, Offsetting of Amounts Related to Certain Contracts (“FIN 39”) have been met. A facilitated auction occurred on October 10, 2008 comprising multiple pre-approved brokerage agencies to determine the estimated recovery rate for holdings and credit default swap agreements with Lehman Brothers Holdings Inc. as referenced entity. These recovery rates have been utilized in determining estimated recovery values.

PIMCO has delivered notices of default to the relevant Lehman Brothers entities in accordance with the terms of the applicable agreements. For transactions with Lehman Brothers counterparties, PIMCO has terminated the trades, has obtained quotations from brokers for replacement trades and, where deemed appropriate, has re-opened positions with new counterparties.

116 Fixed Income SHares – Series C, H, M, R Annual Report  10.31.08

Fixed Income SHares – Series C, H, M, R Report of Independent Registered
Public Accounting Firm

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of Fixed Income SHares – Series C, H, M, R

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fixed Income SHares: Series C, Fixed Income SHares: Series H, Fixed Income SHares: Series M and Fixed Income SHares: Series R (each a portfolio of the Fixed Income SHares, hereafter referred to as the “Portfolios”) at October 31, 2008, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Portfolios’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2008 by correspondence with the custodian and brokers and the application of alternative auditing procedures, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Kansas City, Missouri
December 30, 2008

10.31.08  Fixed Income SHares – Series C, H, M, R Annual Report 117

Fixed Income SHares – Series C, H, M, R
Matters Relating to the Trustees’ Consideration of the Investment Management
and Portfolio Management Agreements
(unaudited)

The Investment Company Act of 1940 requires that both the full Board of Trustees (the “Trustees”) and a majority of the non-interested (“independent”) Trustees, voting separately, approve the Trust’s Investment Advisory Agreement (the “Advisory Agreement”) with the Investment Manager and a Portfolio Management Agreement (the “Sub-Advisory Agreement” and, together with the Advisory Agreement, the “Agreements”) with the Sub-Adviser, as each pertains to Series C, Series H, Series M and Series R (collectively, the “Portfolios”) of the Trust. The Trustees met on June 10-11, 2008 (the “contract review meeting”) for the specific purpose of considering whether to approve the continuation of the Advisory Agreement and the Sub-Advisory Agreement. The independent Trustees were assisted in their evaluation of the Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately from management during the contract review meeting.

Based on their evaluation of factors that they deemed to be material, including those factors described below, the Board of Trustees, including a majority of the independent Trustees, concluded that the continuation of the Advisory Agreement and the Sub-Advisory Agreement should be approved with respect to the Portfolios for a one-year period commencing July 1, 2008.

In connection with their deliberations regarding the continuation of the Agreements, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. As described below, the Trustees considered the nature, quality, and extent of the various investment management, administrative and other services performed by the Investment Manager and the Sub-Adviser under the Agreements.

In connection with the contract review meeting, the Trustees received and relied upon materials provided by the Investment Manager, which included, among other items: (i) information regarding the investment performance and management fees of comparable portfolios of other clients of the Sub-Adviser, including institutional separate account and other clients, (ii) the profitability to the Investment Manager and its affiliates from their relationship with the Portfolios for the twelve months ended March 31, 2008, (iii) descriptions of various functions performed by the Investment Manager, its affiliates and the Sub-Adviser for the Portfolios, such as compliance monitoring and portfolio trading practices, and (iv) information regarding the overall organization of the Investment Manager and the Sub-Adviser, including information regarding senior management, portfolio managers and other personnel providing investment management, administrative and other services to the Portfolios.

The Trustees’ conclusions as to the continuation of the Agreements were based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations are (described below), although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors.

In determining to approve the Advisory Agreement and the Sub-Advisory Agreement, the Trustees had met periodically with relevant investment advisory personnel from the Investment Manager and the Sub-Adviser and considered information relating to personnel providing services under the applicable agreement. The information considered included the education and experience of the personnel providing services, including the education and experience of the investment professionals expected to be on the team of investment professionals managing the Portfolios. The Trustees also took into account the time and attention that had been devoted by senior management to the Portfolios and the other funds in the complex. The Trustees evaluated the level of skill required to manage the Portfolios and concluded that the human resources devoted by the Investment Manager and the Sub-Adviser to the Portfolios were appropriate to fulfill effectively the duties of the Investment Manager and Sub-Adviser under the applicable Agreements. The Trustees also considered the business reputation of the Investment Manager and Sub-Adviser since their inception, their significant financial resources, the Investment Manager’s and Sub-Adviser’s experience in managing the Portfolios, including their professional liability insurance coverage and the Investment Manager’s assets under management and concluded that they would be able to meet any reasonably foreseeable obligations under the applicable Agreements.

The Trustees received information concerning the investment philosophy and investment process applied by the Investment Manager and Sub-Adviser in managing the Portfolios, as described in the Prospectuses. In this connection, the Trustees considered the Investment Manager’s and Sub-Adviser’s in-house research capabilities, including their ongoing forecasting of industry, sector and overall market movements, interest rates and the development of their ongoing outlook on the global economy, as well as other resources available to the Investment Manager’s and Sub-Adviser’s personnel, including research services available to the Investment Manager and Sub-Adviser as a result of securities transactions effected for the Portfolios and other investment advisory clients. The Trustees concluded that the

118 Fixed Income SHares – Series C, H, M, R Annual Report  10.31.08

Investment Manager’s and Sub-Adviser’s investment process, research capabilities and philosophy were well suited to the Portfolios, given each Portfolio’s investment objectives and policies.

The Trustees considered the scope of the services provided by the Investment Manager and Sub-Adviser to the Portfolios under the Advisory Agreement and Sub-Advisory Agreement, respectively, relative to services provided by third parties to other mutual funds and relative to services provided by the Investment Manager and Sub-Adviser to their other advisory clients. The Trustees noted that the Investment Manager’s and Sub-Adviser’s required standard of care was comparable to that found in most mutual fund investment advisory agreements. The Trustees also considered the tools and procedures used to assure the Portfolios’ compliance with applicable regulations and policies including the functions of its Chief Compliance Officer and the implementation of compliance policies and procedures. The Trustees apprised themselves and took account of past claims made by regulators and others against affiliates of the Investment Manager and the steps taken to address those claims. The Trustees concluded that the scope of the Investment Manager’s and Sub-Adviser’s services to the Portfolios, as described above, was consistent with the Portfolios’ operational requirements, including, in addition to the applicable investment objectives, compliance with the Portfolios’ investment restrictions, tax and reporting requirements and related shareholder services.

The Trustees also evaluated the procedures of the Investment Manager and Sub-Adviser designed to fulfill their fiduciary duty to the Portfolios with respect to possible conflicts of interest, including their codes of ethics, the procedures by which the Investment Manager and Sub-Adviser allocate trades among their various investment advisory clients, the integrity of the systems in place to ensure compliance with the foregoing and the record of the Investment Manager and Sub-Adviser in these matters. The Trustees also confirmed information concerning standards of the Investment Manager and Sub-Adviser with respect to the execution of the Portfolios’ transactions. The information considered by the Trustees included information regarding the Investment Manager and the Sub-Adviser, their personnel, policies and practices included in each of their respective Forms ADV.

The Trustees also considered the performance of the Portfolios compared with similar accounts managed by the Sub-Adviser. In the course of their deliberations, the Trustees took into account information provided by the Investment Manager at this contract review meeting, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding each Portfolio’s performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the Agreements, that they were satisfied with the Investment Manager’s and Sub-Adviser’s responses and efforts relating to the investment performance of the Portfolios.

In re-approving the Agreements, the Trustees also gave substantial consideration to the fact that, with respect to the Portfolios, no fees are payable under either the Advisory Agreement with the Investment Manager or the Portfolio Management Agreement between the Investment Manager and the Sub-Adviser. The Trustees did consider, however, the amounts paid by the sponsors of the “wrap” programs to the Investment Manager’s affiliate, Allianz Global Investors Managed Accounts LLC, with respect to the Trust, as well as the fees “imputed” to the Investment Manager and the Sub-Adviser, for purposes of arriving at an estimate of the Investment Manager’s, Sub-Adviser’s and their affiliates’ profitability from their relationship to the Trust. Because the Portfolios do not pay fees directly, the Trustees did not consider the extent to which economies of scale would be realized due to the Portfolios’ anticipated growth of assets, whether fee levels reflect economies of scale for the Portfolios’ shareholders or comparisons of fees paid by the Portfolios with fees paid to other investment advisers or by other clients of the Investment Manager or the Sub-Adviser.

The Trustees also considered the profitability to the Investment Manager of the relationship of the Investment Manager and its affiliates to the Portfolios, and determined that such profitability was not unreasonable in light of the nature, scope and quality of services provided to the Trust. The Trustees considered the costs of the services provided under the Agreements, as well as the fees and profits realized by the Investment Manager, the Sub-Adviser and their affiliates from their relationship with the Portfolios.

The Trustees considered the fact that the Investment Manager and the Sub-Adviser may benefit from their relationship with the sponsors of wrap programs for which the Portfolios are an investment option. Such benefits include the receipt by their affiliates of fees paid by the sponsor of the wrap program based on assets under management of the wrap program. The Trustees also took into account so-called “fallout benefits” to the Investment Manager and the Sub-Adviser, such as reputational value derived from serving as investment adviser and the fact that the Investment Manager and the Sub-Adviser receive services from brokers who execute portfolio transactions for the Portfolios.

Based on the foregoing, the Trustees decided to continue to engage the Investment Manager and Sub-Adviser to serve as investment advisers for the Portfolios under the applicable Agreement.

10.31.08  Fixed Income SHares – Series C, H, M, R Annual Report 119

Fixed Income SHares – Series C, H
Tax Information (unaudited)

Subchapter M of the Internal Revenue Code of 1986, as amended, requires the Portfolios to advise shareholders within 60 days of the Portfolios’ tax year ended October 31, 2008 as to the federal tax status of dividends and distributions received by shareholders during such tax year. Per share dividends for the tax year ended October 31, 2008 were as follows:

Series C:	Dividends from ordinary income – $0.84617
Series C:	Dividends from long term capital gain – $0.09383
Series H:	Exempt interest dividends – $0.51908

Pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003, Series C designates qualified dividend income of $86,299. The percentage of ordinary dividends paid by Series C during the year ended October 31, 2008 which qualified for the Dividends Received Deduction available to corporate shareholders was .06%.

Since the Portfolios’ tax year is not the calendar year, another notification will be sent with respect to calendar year 2008. In January 2009, shareholders will be advised on IRS Form 1099 DIV as to the federal tax status of the dividends and distributions received during calendar 2008. The amount that will be reported will be the amount to use on your 2008 federal income tax return and may differ from the amount which must be reported in connection with the Portfolios’ tax year ended October 31, 2008. Shareholders are advised to consult their tax advisers as to the federal, state and local tax status of the dividend income received from the Portfolios. For Series H, in January 2009, an allocation of interest income by state will be provided which may be of value in reducing a shareholder’s state and local tax liability, if any.

120 Fixed Income SHares – Series C, H, M, R Annual Report  10.31.08

Fixed Income SHares – Series C, H, M, R
Privacy Policy
(unaudited)

Privacy Policy:

Our Commitment to You

We consider customer privacy to be a fundamental aspect of our relationship with clients. We are committed to maintaining the confidentiality, integrity, and security of our current, prospective and former clients’ personal information. We have developed policies designed to protect this confidentiality, while allowing client needs to be served.

Obtaining Personal Information

In the course of providing you with products and services, we and certain service providers to the Portfolios, such as the Portfolios’ investment adviser, may obtain non-public personal information about you. This information may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from your transactions, from your brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on our internet web sites.

Respecting Your Privacy

As a matter of policy, we do not disclose any personal or account information provided by you or gathered by us to non-affiliated third parties, except as required or permitted by law or as necessary for third parties to perform their agreements with respect to the Portfolios. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on client satisfaction, and gathering shareholder proxies. We may also retain non-affiliated companies to market our products and enter in joint marketing agreements with other companies. These companies may have access to your personal and account information, but are permitted to use the information solely to provide the specific service or as otherwise permitted by law. In most cases you will be clients of the third party, but we may also provide your personal and account information to your brokerage or financial advisory firm and/or to your financial adviser or consultant.

Sharing Information with Third Parties

We do reserve the right to disclose or report personal information to non-affiliated third parties in limited circumstances where we believe in good faith that disclosure is required under law, to cooperate with regulators or law enforcement authorities, to protect our rights or property, or upon reasonable request by any mutual fund in which you have chosen to invest. In addition, we may disclose information about a shareholder’s accounts to a non-affiliated third party with the consent or upon the request of the shareholder.

Sharing Information with Affiliates

We may share client information with our affiliates in connection with servicing your account or to provide you with information about products and services that we believe may be of interest to you. The information we share may include, for example, your participation in our mutual funds or other investment programs sponsored by us or our affiliates, your ownership of certain types of accounts (such as IRAs), or other data about your accounts. Our affiliates, in turn, are not permitted to share your information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

The Portfolios take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Portfolios have also implemented procedures that are designed to restrict access to a shareholder’s non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In order to guard a shareholder’s non-public personal information, physical, electronic and procedural safeguards are in place.

10.31.08  Fixed Income SHares – Series C, H, M, R Annual Report 121

Fixed Income SHares – Series C, H, M, R Board of Trustees (unaudited)

Name, Date of Birth, Position(s) Held with
Fund, Length of Service, Other Trusteeships/
Directorships Held by Trustee; Number of
Portfolios in Fund Complex/Outside Fund
Complexes Currently Overseen by Trustee	Principal Occupation(s) During Past 5 Years:
The address of each trustee is 1345 Avenue of the Americas, New York, NY 10105.
Hans W. Kertess Date of Birth: 7/12/39 Chairman of the Board of Trustees since: 2007 Trustee since: 2005 Term of office: Expected to stand for   re-election at 2010 annual meeting of shareholders. Trustee/Director of 35 Funds in Fund Complex; Trustee/Director of no funds outside of Fund Complex	President, H. Kertess & Co., a financial advisory company; Formerly, Managing Director, Royal Bank of Canada Capital Markets.
Paul Belica Date of Birth: 9/27/21 Trustee since: 2000 Term of office: Expected to stand for   re-election at 2011 annual meeting of shareholders. Trustee/Director of 35 funds in Fund Complex Trustee/Director of no funds outside of Fund Complex	Retired. Formerly Director, Student Loan Finance Corp., Education Loans, Inc., Goal Funding, Inc., Goal Funding II, Inc. and Surety Loan Fund, Inc.; formerly, Manager of Stratigos Fund LLC, Whistler Fund LLC, Xanthus Fund LLC & Wynstone Fund LLC.
Robert E. Connor Date of Birth: 9/17/34 Trustee since: 2000 Term of office: Expected to stand for   re-election at 2010 annual meeting of shareholders. Trustee/Director of 35 funds in Fund Complex Trustee/Director of no funds outside of Fund Complex	Retired. Formerly, Senior Vice President, Corporate Office, Smith Barney Inc.
William B. Ogden, IV Date of Birth: 1/11/45 Trustee since: 2006 Term of office: Expected to stand for   re- election at 2010 annual meeting of shareholders. Trustee/Director of 35 Funds in Fund Complex; Trustee/Director of no funds outside of Fund Complex	Asset Management Industry Consultant; Formerly, Managing Director, Investment Banking Division of Citigroup Global Markets Inc.
R. Peter Sullivan III Date of Birth: 9/4/41 Trustee since: 2005 Term of office: Expected to stand for   re-election at 2009 annual meeting of shareholders. Trustee/Director of 35 funds in Fund Complex Trustee/Director of no funds outside of Fund Complex	Retired. Formerly, Managing Partner, Bear Wagner Specialists LLC, specialist firm on the New York Stock Exchange.

122 Fixed Income SHares – Series C, H, M, R Annual Report  10.31.08

Fixed Income SHares – Series C, H, M, R Board of Trustees (unaudited)

Name, Date of Birth, Position(s) Held with
Fund, Length of Service, Other Trusteeships
/Directorships Held by Trustee; Number of
Portfolios in Fund Complex/Outside Fund
Complexes Currently Overseen by Trustee	Principal Occupation(s) During Past 5 Years:
John C. Maney† Date of Birth: 8/3/59 Trustee since 2006 Term of office: Expected to stand for   re-election at 2009 annual meeting of shareholders. Trustee/Director of 77 Funds in Fund Complex Trustee/Director of No Funds outside the Fund Complex	Management Board of Allianz Global Investors Fund Management LLC; Management Board and Managing Director of Allianz Global Investors of America L.P. since January 2005 and also Chief Operating Officer of Allianz Global Investors of America L.P. since November 2006; Formerly, Executive Vice President and Chief Financial Officer of Apria Healthcare Group, Inc. (1998-2001).

†

Mr. Maney is an “interested person” of the Fund due to his affiliation with Allianz Global Investors of America L.P. In addition to Mr. Maney’s positions set forth in the table above, he holds the following positions with affiliated persons: Managing Director, Chief Operating Officer and Chief Financial Officer, Allianz Global Investors of America L.P. and Allianz Global Investors of America Holdings Inc.; Chief Financial Officer of Allianz Global Investors Managed Accounts LLC and Allianz Global Investors NY Holdings LLC; Managing Director and Chief Financial Officer of Allianz Hedge Fund Partners Holding L.P. and Allianz-Pac Life Partner LLC; Chief Financial Officer of Allianz Global Investors Advertising Agency Inc.; Managing Director and Chief Financial Officer of Allianz Global Investors U.S. Retail LLC and Allianz Hedge Fund Partners Holding L.P.; Chief Financial Officer of Allianz Hedge Fund Partners L.P.; Chief Financial Officer of Allianz Hedge Fund Partners Inc., Alpha Vision LLC, Alpha Vision Capital Management LLC, NFJ Investment Group L.P., NFJ Management Inc., Nicholas-Applegate Capital Management LLC, Nicholas-Applegate Holdings LLC, Nicholas-Applegate Securities LLC, OpCap Advisors LLC, Oppenheimer Capital LLC, Pacific Investment Management Company LLC, PIMCO Australia Pty Ltd, PIMCO Canada Holding LLC, PIMCO Canada Management Inc., PIMCO Canada Corp., PIMCO Europe Limited, PIMCO Global Advisors LLC, PIMCO Global Advisors (Resources) Limited and StocksPLUS Management, Inc.; and Executive Vice President and Chief Financial Officer of PIMCO Japan Ltd.

Further information about the Trust’s Trustees is available in the Trust’s Statement of Additional Information, dated March 1, 2008, which can be obtained upon request, without charge, by calling the Trust’s transfer agent at (800) 628-1237.

10.31.08  Fixed Income SHares – Series C, H, M, R Annual Report 123

Fixed Income SHares – Series C, H, M, R Fund Officers (unaudited)

Name, Date of Birth, Position(s) Held
with Fund.	Principal Occupation(s) During Past 5 Years:
Brian S. Shlissel Date of Birth: 11/14/64 President & Chief Executive Officer since: 2002 Treasurer, Principal Financial & Accounting Officer: 2000-2001	Executive Vice President, Director of Fund Administration, Allianz Global Investors Fund Management LLC; Director of 6 funds in the Fund Complex; President and Chief Executive Officer of 35 funds in the Fund Complex; Treasurer; Principal Financial and Accounting Officer of 41 funds in the Fund Complex and The Korea Fund, Inc.
Lawrence G. Altadonna Date of Birth: 3/10/66 Treasurer, Principal/Financial and Accounting Officer since: 2002	Senior Vice President, Allianz Global Investors Fund Management LLC; Treasurer, Principal Financial and Accounting officer of 35 funds in the Fund Complex; Assistant Treasurer of 41 funds in the Fund Complex and The Korea Fund, Inc.
Thomas J. Fuccillo Date of Birth: 3/22/68 Vice President, Secretary & Chief Legal Officer since: 2004	Executive Vice President, Senior Counsel, Allianz Global Investors of America L.P.; Executive Vice President and Chief Legal Officer, Allianz Global Investors Fund Management LLC and Allianz Global Investors Solutions LLC; Vice President, Secretary and Chief Legal Officer of 76 funds in the Fund Complex; Secretary and Chief Legal Officer of the Korea Fund, Inc.; Formerly, Vice President and Associate General Counsel, Neuberger Berman, LLC (1991-2004).
Scott Whisten Date of Birth: 3/13/71 Assistant Treasurer since: 2007	Vice President, Allianz Global Investors Fund Management LLC; Assistant Treasurer of 76 funds in the Fund Complex. Formerly, Accounting Manager, Prudential Investments (2002-2005).
Richard J. Cochran Date of Birth: 1/23/61 Assistant Treasurer since: 2008	Vice President, Allianz Global Investors Fund Management LLC, Assistant Treasurer of 76 Funds in the Funds Complex. Formerly, Tax Manager, Teacher Insurance Annuity Association/College Retirement Equity Fund (2002-2008).
Youse E. Guia Date of Birth: 9/3/72 Chief Compliance Officer since: 2004	Senior Vice President, Group Compliance Manager, Allianz Global Investors of America L.P., Chief Compliance Officer of 76 funds in the Fund Complex and The Korea Fund, Inc. Formerly, Vice President, Group Compliance Manager, Allianz Global Investors of America L.P. (2002-2004).
William V. Healey Date of Birth: 7/28/53 Assistant Secretary since: 2006	Executive Vice President and Chief Legal Officer, Allianz Global Investors of America L.P., Executive Vice President, Chief Legal Officer and Secretary, Allianz Global Investors Fund Management LLC, Allianz Global Investors Distributors LLC, Allianz Global Investors Advertising Agency Inc., Allianz Global Investors Managed Accounts LLC, Allianz Global Investors U.S. Retail LLC and OpCap Advisors LLC. Assistant Secretary of 76 funds in the Fund Complex; formerly, Chief Legal Officer, Vice President and Associate General Counsel of The Prudential Insurance Company of America (1998-2005).
Richard H. Kirk Date of Birth: 4/6/61 Assistant Secretary since: 2006	Senior Vice President, Allianz Global Investors of America L.P. (since 2004). Senior Vice President, Associate General Counsel, Allianz Global Investors Distributors LLC. Assistant Secretary of 76 funds in the Fund Complex; formerly, Vice President, Counsel, The Prudential Insurance Company of America/American Skandia (2002-2004).
Kathleen A. Chapman Date of Birth: 11/11/54 Assistant Secretary since: 2006	Assistant Secretary of 76 funds in the Fund Complex; Manager IIG Advisory Law, Morgan Stanley (2004-2005); The Prudential Insurance Company of America and Assistant Corporate Secretary of affiliated American Skandia companies (1996-2004).
Lagan Srivastava Date of Birth: 9/20/77 Assistant Secretary since: 2006	Assistant Secretary of 76 funds in the Fund Complex and The Korea Fund, Inc. formerly Research Assistant, Dechert LLP (2004-2005); Research Assistant, Swidler Berlin Shereff Friedman LLP (2002-2004).

Officers hold office at the pleasure of the Board and until their successors are appointed and qualified or until their earlier resignation or removal.

124 Fixed Income SHares – Series C, H, M, R Annual Report  10.31.08

Trustees and Fund Officers

Hans W. Kertess	Brian S. Shlissel
Trustee, Chairman of the Board of Trustees	President & Chief Executive Officer
Paul Belica	Lawrence G. Altadonna
Trustee	Treasurer, Principal Financial & Accounting Officer
Robert E. Connor	Thomas J. Fuccillo
Trustee	Vice President, Secretary & Chief Legal Officer
John C. Maney	Scott Whisten
Trustee	Assistant Treasurer
William B. Ogden, IV	Richard J. Cochran
Trustee	Assistant Treasurer
R. Peter Sullivan III	Youse E. Guia
Trustee	Chief Compliance Officer
	William V. Healey
	Assistant Secretary
	Richard H. Kirk
	Assistant Secretary
	Kathleen A. Chapman
	Assistant Secretary
	Lagan Srivastava
	Assistant Secretary

Investment Manager/Administrator

Allianz Global Investors Fund Management LLC

1345 Avenue of the Americas

New York, NY 10105

Sub-Adviser

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, CA 92660

Distributor

Allianz Global Investors Distributors LLC

1345 Avenue of the Americas

New York, NY 10105

Custodian & Accounting Agent

State Street Bank & Trust Co.

801 Pennsylvania

Kansas City, MO 64105-1307

Transfer Agent, Dividend Paying Agent and Registrar

Boston Financial Data Services-Midwest

330 West 9th Street

Kansas City, MO 64105

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut, Suite 1300

Kansas City, MO 64106

Legal Counsel

Ropes & Gray LLP

One International Place

Boston, MA 02210-2624

ITEM 2. CODE OF ETHICS

(a)	As of the end of the period covered by this report, the registrant has adopted a code of ethics (the “Section 406 Standards for Investment Companies — Ethical Standards for Principal Executive and Financial Officers”) that applies to the registrant’s Principal Executive Officer and Principal Financial Officer; the registrant’s Principal Financial Officer also serves as the Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-331-1710. The Investment Manager’s code of ethics are included as an exhibit Exhibit 99.CODEETH hereto.
(b)	During the period covered by this report, there were not any amendments to a provision of the code of ethics adopted in 2(a) above.
(c)	During the period covered by this report, there were not any waivers or implicit waivers to a provision of the code of ethics adopted in 2(a) above.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

The registrant’s Board has determined that Mr. Paul Belica, a member of the Board’s Audit Oversight Committee is an “audit committee financial expert,” and that he is “independent,” for purposes of this Item.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

a)	Audit fees. The aggregate fees billed for each of the last two fiscal years (the “Reporting Periods”) for professional services rendered by the Registrant’s principal accountant (the “Auditor”) for the audit of the Registrant’s annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $134,000 in 2007 and $132,000 in 2008.
b)	Audit-Related Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the principal accountant that are reasonably related to the performance of the audit registrant’s financial statements and are not reported under paragraph (e) of this Item were $0 in 2007 and $0 in 2008.
c)	Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax service and tax planning (“Tax Services”) were $43,800 in 2007 and $46,000 in 2008. These services consisted of review or preparation of U.S. federal, state, local, excise tax returns, and calculation of excise tax distributions.
d)	All Other Fees. There were no other fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant.
e)	1. Audit Committee Pre-Approval Policies and Procedures. The Registrant’s Audit Committee has established policies and procedures for pre-approval of all audit and permissible non-audit services by the Auditor for the Registrant, as well as the Auditor’s engagements related directly to the operations and financial reporting of the Registrant. The Registrant’s policy is stated below.

       Fixed Income SHares: Series C, Series H, Series M and Series R (The “Trust”)

AUDIT OVERSIGHT COMMITTEE POLICY FOR PRE-APPROVAL OF SERVICES PROVIDED BY THE INDEPENDENT ACCOUNTANTS

The Funds’ Audit Oversight Committee (“Committee”) is charged with the oversight of the Funds’ financial reporting policies and practices and their internal controls. As part of this responsibility, the Committee must pre-approve any independent accounting firm’s engagement to render audit and/or permissible non-audit services, as required by law. In evaluating a proposed engagement by the independent accountants, the Committee will assess the effect that the engagement might reasonably be expected to have on the accountant’s independence. The Committee’s evaluation will be based on:  

a review of the nature of the professional services expected to provided, the fees to be charged in connection with the services expected to be provided, a review of the safeguards put into place by the accounting firm to safeguard independence, and periodic meetings with the accounting firm.

POLICY FOR AUDIT AND NON-AUDIT SERVICES TO BE PROVIDED TO THE FUNDS

On an annual basis, the Funds’ Committee will review and pre-approve the scope of the audits of the Funds and proposed audit fees and permitted non-audit (including audit-related) services that may be performed by the Funds’ independent accountants. At least annually, the Committee will receive a report of all audit and non-audit services that were rendered in the previous calendar year pursuant to this Policy. In addition to the Committee’s pre-approval of services pursuant to this Policy, the engagement of the independent accounting firm for any permitted non-audit service provided to the Funds will also require the separate written pre-approval of the President of the Funds, who will confirm, independently, that the accounting firm’s engagement will not adversely affect the firm’s independence. All non-audit services performed by the independent accounting firm will be disclosed, as required, in filings with the Securities and Exchange Commission.

AUDIT SERVICES

The categories of audit services and related fees to be reviewed and pre-approved annually by the Committee are:

Annual Fund financial statement audits
Seed audits (related to new product filings, as required)
SEC and regulatory filings and consents
Semiannual financial statement reviews

AUDIT-RELATED SERVICES

The following categories of audit-related services are considered to be consistent with the role of the Fund’s independent accountants and services falling under one of these categories will be pre-approved by the Committee on an annual basis if the Committee deems those services to be consistent with the accounting firm’s independence:

Accounting consultations
Fund merger support services

Agreed upon procedure reports (inclusive of quarterly review of Basic Maintenance testing associated with issuance of Preferred Shares and semiannual report review)

Other attestation reports
Comfort letters
Other internal control reports

Individual audit-related services that fall within one of these categories and are not presented to the Committee as part of the annual pre-approval process described above, may be pre-approved, if deemed consistent with the accounting firm’s independence, by the Committee Chair (or any other Committee member who is a disinterested trustee under the Investment Company Act to whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $250,000. Any such pre-approval shall be reported to the full Committee at its next regularly scheduled meeting.

TAX SERVICES

The following categories of tax services are considered to be consistent with the role of the Funds’ independent accountants and services falling under one of these categories will be pre-approved by the Committee on an annual basis if the Committee deems those services to be consistent with the accounting firm’s independence:    

Tax compliance services related to the filing or amendment of the following:

Federal, state and local income tax compliance; and, sales and use tax compliance
Timely RIC qualification reviews
Tax distribution analysis and planning
Tax authority examination services
Tax appeals support services
Accounting methods studies
Fund merger support service
Other tax consulting services and related projects

Individual tax services that fall within one of these categories and are not presented to the Committee as part of the annual pre-approval process described above, may be pre-approved, if deemed consistent with the accounting firm’s independence, by the Committee Chairman (or any other Committee member who is a disinterested trustee under the Investment Company Act to whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $250,000. Any such pre-approval shall be reported to the full Committee at its next regularly scheduled meeting.

PROSCRIBED SERVICES

The Funds’ independent accountants will not render services in the following categories of non-audit services:

Bookkeeping or other services related to the accounting records or financial statements of the Funds
Financial information systems design and implementation
Appraisal or valuation services, fairness opinions, or contribution-in-kind reports
Actuarial services
Internal audit outsourcing services
Management functions or human resources
Broker or dealer, investment adviser or investment banking services
Legal services and expert services unrelated to the audit
Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible

PRE-APPROVAL OF NON-AUDIT SERVICES PROVIDED TO OTHER ENTITIES WITHIN THE FUND COMPLEX

The Committee will pre-approve annually any permitted non-audit services to be provided to Allianz Global Investors Fund Management LLC (Formerly, PA Fund Management LLC) or any other investment manager to the Funds (but not including any sub-adviser whose role is primarily portfolio management and is sub-contracted by the investment manager) (the “Investment Manager”) and any entity controlling, controlled by, or under common control with the Investment Manager that provides ongoing services to the Funds (including affiliated sub-advisers to the Funds), provided, in each case, that the engagement relates directly to the operations and financial reporting of the Funds (such entities, including the Investment Manager, shall be referred to herein as the “Accounting Affiliates”). Individual projects that are not presented to the Committee as part of the annual pre-approval process, may be pre-approved, if deemed consistent with the accounting firm’s independence, by the Committee Chairman (or any other Committee member who is a disinterested trustee under the Investment Company Act to whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $250,000. Any such pre-approval shall be reported to the full Committee at its next regularly scheduled meeting.

Although the Committee will not pre-approve all services provided to the Investment Manager and its affiliates, the Committee will receive an annual report from the Funds’ independent accounting firm showing the aggregate fees for all services provided to the Investment Manager and its affiliates.

DE MINIMUS EXCEPTION TO REQUIREMENT OF PRE-APPROVAL OF NON-AUDIT SERVICES

With respect to the provision of permitted non-audit services to a Fund or Accounting Affiliates, the pre-approval requirement is waived if:

(1)	The aggregate amount of all such permitted non-audit services provided constitutes no more than (i) with respect to such services provided to the Fund, five percent (5%) of the total amount of revenues paid by the Fund to its independent accountant during the fiscal year in which the services are provided, and (ii) with respect to such services provided to Accounting Affiliates, five percent (5%) of the total amount of revenues paid to the Fund’s independent accountant by the Fund and the Accounting Affiliates during the fiscal year in which the services are provided;
(2)	Such services were not recognized by the Fund at the time of the engagement for such services to be non-audit services; and
(3)	Such services are promptly brought to the attention of the Committee and approved prior to the completion of the audit by the Committee or by the Committee Chairman (or any other Committee member who is a disinterested trustee under the Investment Company Act to whom this Committee Chairman or other delegate shall be reported to the full Committee at its next regularly scheduled meeting.

e)	2. No services were approved pursuant to the procedures contained in paragraph (C) (7) (i) (C) of Rule 2-01 of Registration S-X.
f)	Not applicable
g)	Non-audit fees. The aggregate non-audit fees billed by the Auditor for services rendered to the Registrant, and rendered to the Adviser, for the 2007 Reporting Period was $2,798,824 and the 2008 Reporting Period was $2,816,734.
h)	Auditor Independence. The Registrant’s Audit Oversight Committee has considered whether the provision of non-audit services that were rendered to the Adviser which were not pre-approved is compatible with maintaining the Auditor’s independence.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANT

Disclosure not required for open-end investment management companies.

ITEM 6. SCHEDULE OF INVESTMENTS

Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Disclosure not required for open-end investment management companies

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Disclosure not required for open-end investment management companies.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED COMPANIES

Disclosure not required for open-end investment management companies    

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board of Trustees since the Fund last provided disclosure in response to this item.

ITEM 11. CONTROLS AND PROCEDURES

(a)	The registrant’s President and Chief Executive Officer and Treasurer, Principal Financial & Accounting Officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-2(c) under the Act (17 CFR 270.30a-3(c))), as amended are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.
(b)	There were no significant changes over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants control over financial reporting.

ITEM 12. EXHIBITS

(a) (1) Exhibit 99.CODE ETH – Code of Ethics

(a) (2) Exhibit 99 Cert. – Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

(b) Exhibit 99.906 Cert. – Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
 
 

Signature

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

(Registrant) Fixed Income SHares
By	/s/ Brian S. Shlissel
President and Chief Executive Officer
Date: January 7, 2009
By	/s/ Lawrence G. Altadonna
Treasurer, Principal Financial & Accounting Officer

Date: January 7, 2009

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

By	/s/ Brian S. Shlissel
President and Chief Executive Officer
Date: January 7, 2009
By	/s/ Lawrence G. Altadonna
Treasurer, Principal Financial & Accounting Officer

Date: January 7, 2009