AllianzGI Managed Accounts Trust N-CSRS Certified semi-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, 2009

Date of reporting period: April 30, 2009

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, 100 F Street, NE, Washington, DC 20549-2001. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

ITEM 1.   REPORT TO SHAREHOLDERS

Fixed Income SHares – Series C, H, M, R

Semi-Annual Report
April 30, 2009

Contents
Letter to Shareholders	1
Important Information	2
Fund Insights/Performance & Statistics	3-6
Schedules of Investments	7-63
Statements of Assets and Liabilities	64
Statements of Operations	65
Statements of Changes in Net Assets	66-69
Statement of Cash Flows	70
Financial Highlights	71-74
Notes to Financial Statements	75-102

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

June 12, 2009

Dear Shareholder:

Please find enclosed the semi-annual report for Fixed Income SHares — Series C, Series H, Series M and Series R (the “Portfolios”) for the fiscal six-month period ended April 30, 2009. Series C and Series M, Series H, Series R are used in conjunction with other assets to create PIMCO Total Return, PIMCO High Yield Municipal and PIMCO Real Return investment strategies, respectively, for managed accounts.

The U.S. bond market provided positive returns during the six-month reporting period as economic growth slowed, inflationary pressures receded and liquidity infusions improved credit market conditions and bolstered investor sentiment. In this environment, corporate bonds showed marked improvement. The Barclays Capital U.S. Aggregate Index returned 7.74% and the Merrill Lynch High Yield BB — B Index returned 14.88% during the reporting period, outperforming the Barclays Capital Government Bond Index, which returned 5.85%. The Federal Reserve (“the Fed”) and U.S. Treasury Department moved aggressively during the period to stave off bank failures and to inject liquidity into the banking system. The Fed reduced the Federal Funds rate during the reporting period, lowering the benchmark rate on loans between member banks from 1.00% to a target of 0% to 0.25%. In addition, the Fed pursued a policy of quantitative easing, purchasing securities from banks in order to add to the supply of cash available for lending.

For specific information regarding the Portfolios, please review the following pages. 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. In addition, a wide range of information and resources are available 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

4.30.09  Fixed Income SHares – Series C, H, M, R Semi-Annual Report 1

Fixed Income SHares – Series C, H, M, R Important Information
April 30, 2009 (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. 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 less than one year is not annualized.

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.

2 Fixed Income SHares – Series C, H, M, R Semi-Annual Report  4.30.09

Fixed Income SHares — Series C Fund Insights/Performance & Statistics
April 30, 2009 (unaudited)

Symbol:	Primary Investments:	Inception Date:
FXICX	Intermediate maturity fixed income securities.	3/17/00
		Net Assets:
		$2,216.9 million
		Portfolio Manager:
		Mark R. Kiesel

•  For the fiscal six-months ended April 30, 2009, Series C returned 16.74% prior to the deduction of fees, outperforming its benchmark, the Barclays Capital Intermediate U.S. Credit Index, which returned 10.01% during the period.

•  At April 30, 2009, Series C’s duration was 11.80 years, compared to 9.62 years at October 31, 2008, prior fiscal year-end.

•  Series C’s duration positioning above the index contributed positively to performance, as 10-year Treasury yields touched record lows on signs of continued economic contraction.

•  Series C’s allocation to European duration modestly detracted from performance, as the European Central Bank cut interest rates by less than economists had forecast.

•  Series C’s overweight position in investment-grade corporate debt provided a slightly positive contribution to performance, as high-grade corporate bonds experienced their best monthly performance in April 2009 relative to Treasuries on record. However, Series C’s allocation to high-grade financials within the corporate sector detracted from returns, as this sector underperformed like-duration Treasuries.

•  Series C’s overweight position in mortgage-backed securities (“MBS”) significantly detracted from performance in November 2008. However, this impact was mitigated as MBS outperformed Treasury securities since the announcement of the Treasury’s MBS purchase program in January of 2009.

•  Series C’s negative exposure to both the Brazilian real and British pound sterling detracted from performance, as these currencies rose compared to the dollar on a rebound in the stock markets and improving economic data.

Total Returns (Six Months ended 4/30/09)
FISH: Series C	16.74	%
Barclays Capital Intermediate U.S. Credit Index	10.01	%

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.

4.30.09  Fixed Income SHares – Series C, H, M, R Semi-Annual Report 3

Fixed Income SHares — Series H Fund Insights/Performance & Statistics
April 30, 2009 (unaudited)

Symbol:	Primary Investments:	Inception Date:
FXIHX	High yield municipal securities.	4/2/07
		Net Assets:
		$2.1 million
		Portfolio Manager:
		John Cummings

•  For the fiscal six-months ended April 30, 2009, Series H declined 3.37% prior to the deduction of fees, outperforming its benchmark, the Barclays Capital High Yield Muni Index, which declined 4.20% during the period.

•  Municipal money market holdings served to add liquidity to Series H, while adding incremental yield during the six-month period.

•  Series H’s duration positioning below the benchmark contributed positively to performance, as lower quality rates increased during the period.

•  Series H’s holdings in the tobacco sector detracted from performance during the period, as this sector experienced significant underperformance at the end of 2008.

•  Series H’s exposure to the higher-quality healthcare and education sectors contributed positively to performance, as these sectors outperformed during the period. However exposure to lower-quality credits within healthcare detracted from performance.

•  Series H’s exposure to the leasing sector detracted from performance, as this sector underperformed during the period.

•  Series H’s duration hedging strategies detracted from performance, as longer-maturity swap rates moved lower during the six-month period.

Total Returns (Six Months ended 4/30/09)
FISH: Series H	(3.37	)%
Barclays Capital High Yield Muni Index	(4.20	)%

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.

4 Fixed Income SHares – Series C, H, M, R Semi-Annual Report  4.30.09

Fixed Income SHares — Series M Fund Insights/Performance & Statistics
April 30, 2009 (unaudited)

Symbol:	Primary Investments:	Inception Date:
FXIMX	Intermediate maturity mortgage-backed securities.	3/17/00
		Net Assets:
		$2,193.5 million
		Portfolio Manager:
		Scott Simon

•  For the fiscal six-months ended April 30, 2009, Series M returned 13.35% prior to the deduction of fees, outperforming its benchmark, the Barclays Capital Fixed Rate Mortgage Backed Securities Index, which returned 8.59% during the reporting period.

•  At April 30, 2009, Series M’s duration was 8.77 years, compared to 13.09 years at October 31, 2008, prior fiscal year-end.

•  Series M’s duration positioning above the index contributed positively to performance, as 10-year Treasury yields touched record lows on signs of continued economic contraction.

•  Series M’s overweight position in mortgage-backed securities (“MBS”) detracted from performance in November 2008. However, this impact was mitigated as MBS outperformed Treasury securities since the announcement of the Treasury’s MBS purchase program in January of 2009.

•  Series M’s exposure to non-agency mortgage-backed securities contributed positively to performance, as prices rose across residential mortgage-backed securities (“RMBS”) sectors including Alt-A, Prime, and even 2007 subprime due to the Federal Reserve’s Term Asset-Backed Securities Loan Facility (“TALF”) and Public-Private Investment Program (“PPIP”).

•  Series M’s curve-steepening position in the United States using Eurodollar futures contributed positively to performance, as longer-maturity bonds sold off in January of 2009 and the yield curve steepened significantly in 2009.

Total Returns (Six Months ended 4/30/09)
FISH: Series M	13.35	%
Barclays Capital Fixed Rate Mortgage Backed Securities Index	8.59	%

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.

4.30.09  Fixed Income SHares – Series C, H, M, R Semi-Annual Report 5

Fixed Income SHares — Series R Fund Insights/Performance & Statistics
April 30, 2009 (unaudited)

Symbol:	Primary Investments:	Inception Date:
FXIRX	Intermediate maturity inflation-indexed fixed income securities.	4/15/04
		Net Assets:
		$192.2 million
		Portfolio Manager:
		Mihir Worah

•  For the fiscal six-months ended April 30, 2009, Series R returned 9.64% prior to the deduction of fees, outperforming its benchmark, the Barclays Capital U.S. TIPS Index, which returned 9.45% during the reporting period.

•  At April 30, 2009, Series R’s duration was 10.54 years, compared to 9.13 years at October 31, 2008, prior fiscal year-end.

•  Series R’s overweight position in U.S. treasury inflation protected securities (“TIPS”) detracted from performance, as real interest rates rose.

•  Series R’s underweight position in inflation-linked bonds (“ILBs”) compared to nominal bonds in Europe and the United Kingdom detracted from performance, as ILBs outperformed nominal bonds and breakeven inflation widened.

•  Series R’s duration positional above the index contributed positively to performance, as 10-year Treasury yields touched record lows on signs of continued economic contraction.

•  Series R’s curve-steepening position in the United States using Eurodollar futures contributed positively to performance, as longer-maturity bonds sold off in January of 2009 and the yield curve steepened significantly in 2009.

•  Series R’s allocation to high-grade financials within the corporate sector detracted from returns, as this sector underperformed like-duration Treasuries.

Total Returns (Six Months ended 4/30/09)
FISH: Series R	9.64	%
Barclays Capital U.S. TIPS Index	9.45	%

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.

6 Fixed Income SHares – Series C, H, M, R Semi-Annual Report  4.30.09

Fixed Income SHares — Series C Schedule of Investments
April 30, 2009 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value
CORPORATE BONDS & NOTES–67.0%
		Airlines–1.9%
		Continental Airlines, Inc.,
$	2,100	6.503%, 12/15/12	Baa2/BBB+	$	1,900,500
	900	7.918%, 11/1/11	Baa2/BBB		859,500
		Northwest Airlines, Inc.,
	1,636	7.041%, 10/1/23	NR/BBB−		1,128,825
	51,085	7.15%, 4/1/21 (MBIA)	NR/BBB+		37,292,029
	76	United Air Lines, Inc., 10.125%, 3/22/15 (b)(f)	NR/NR		33,957
					41,214,811
		Automotive–0.0%
	200	Daimler Finance North America LLC, 7.30%, 1/15/12	A3/A−		202,433
		Banking–18.5%
	12,000	American Express Bank FSB, 5.55%, 10/17/12	A2/A+		11,471,592
	500	Bank of America NA, 5.30%, 3/15/17	A1/A		375,553
		Barclays Bank PLC,
€	10,180	4.875%, 12/15/14, FRN (i)	Baa2/BBB+		4,991,122
$	59,000	6.05%, 12/4/17 (a)(d)	Baa1/A+		47,334,756
	1,300	7.434%, 12/15/17, FRN (a)(d)(i)	Baa2/BBB+		637,156
	9,400	BNP Paribas, 5.186%, 6/29/15, FRN (a)(d)(i)	Aa3/A		4,889,222
		Commonwealth Bank of Australia,
AUD	2,600	4.50%, 2/20/14	Aaa/AAA		1,867,547
$	6,600	6.024%, 3/15/16, FRN (a)(d)(i)	Aa3/A+		3,403,013
		Credit Agricole S.A., FRN (i),
	16,300	6.637%, 5/31/17 (a)(d)	Aa3/A−		7,825,386
	17,500	6.637%, 5/31/17 (b)	Aa3/A−		8,799,000
	28,000	Credit Suisse First Boston, 5.00%, 5/15/13	Aa1/A+		27,685,644
	5,000	HBOS Capital Funding L.P., 6.071%, 6/30/14, FRN (a)(d)(i)	Baa2/BB−		1,600,300
		HBOS PLC (a)(d),
	3,400	5.375%, 11/1/13, FRN (i)	Baa1/BB−		1,498,074
	30,600	6.75%, 5/21/18	Baa1/A−		22,569,795
		HSBC Bank USA NA,
	3,500	5.625%, 8/15/35	A1/AA−		2,969,855
	35,400	6.00%, 8/9/17	A1/AA−		33,419,760
		HSBC Capital Funding L.P., FRN (a)(d)(i),
	13,900	4.61%, 6/27/13	A3/A−		7,402,681
	1,350	10.176%, 6/30/30	A3/A−		1,188,008

4.30.09  Fixed Income SHares – Series C Semi-Annual Report 7

Fixed Income SHares — Series C Schedule of Investments
April 30, 2009 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value
		Banking (continued)
		HSBC Holdings PLC,
$	800	6.50%, 9/15/37	A1/A+	$	684,594
	400	7.625%, 5/17/32	A1/A+		341,282
	27,200	JPMorgan Chase Bank NA, 6.00%, 10/1/17	Aa2/A+		25,417,720
	500	KBC Bank Funding Trust III, 9.86%, 11/2/09, FRN (a)(d)(i)	A2/BB+		175,007
	600	Korea Development Bank, 8.00%, 1/23/14	A2/A		630,981
		Lloyds Banking Group PLC (a)(d)(i),
	400	5.92%, 10/1/15	Baa2/B+		112,000
	21,800	6.657%, 5/21/37, FRN	Baa2/B+		6,656,804
	38,200	Macquarie Bank Ltd., 4.10%, 12/17/13 (a)(d)	Aaa/AAA		38,726,320
		Mizuho Financial Group, Inc. (g),
¥	100,000	1.534%, 11/24/49	NR/NR		1,012,508
¥	100,000	2.383%, 12/31/49, FRN	NR/NR		1,008,877
$	1,700	Mizuho Financial Group Cayman Ltd., 8.375%, 7/27/09 (i)	A1/NR		1,572,500
	4,700	National City Bank, 1.383%, 6/18/10, FRN	Aa3/A+		4,521,179
	4,000	Rabobank Capital Funding II, 5.26%, 12/31/13, FRN (a)(d)(i)	Aa2/AA−		2,201,988
		Rabobank Capital Funding Trust, FRN (i),
	5,600	5.254%, 10/21/16 (b)	Aa2/AA−		3,136,000
	5,800	5.254%, 10/21/16 (a)(d)	Aa2/AA−		3,194,257
	2,400	RBS Capital Trust I, 4.709%, 7/1/13, FRN (i)	Ba3/BB−		864,650
	3,600	Resona Bank Ltd., 5.85%, 4/15/16, FRN (a)(d)(i)	A2/BBB		2,006,222
		Royal Bank of Scotland Group PLC (i),
	22,200	6.99%, 10/5/17, FRN (a)(d)	Ba2/BB−		9,001,479
	10,000	7.64%, 9/29/17, FRN	Ba3/B+		2,902,690
	5,000	7.648%, 9/30/31, FRN	Ba2/BB−		2,077,905
	2,710	9.118%, 3/31/10	Ba3/BB−		1,992,205
		Sumitomo Mitsui Banking Corp., FRN,
¥	200,000	1.544%, 6/2/49	NR/NR		1,923,873
€	10,260	4.375%, 10/15/15 (i)	Aa3/A−		8,229,372
$	2,600	5.625%, 10/15/15 (a)(d)(i)	Aa3/A−		2,069,930
	3,300	Swedbank AB, 2.80%, 2/10/12 (a)(d)	Aaa/AAA		3,294,169
	5,000	UBS AG, 2.219%, 6/19/10, FRN	Aa2/A+		4,917,300
	6,700	USB Capital IX, 6.189%, 4/15/11, FRN (i)	A2/A		3,719,907
		Wachovia Bank N.A.,
	1,700	1.65%, 3/15/16, FRN	Aa3/AA		1,065,875
€	5,000	6.00%, 5/23/13	Aa2/AA+		6,547,598

8 Fixed Income SHares – Series C Semi-Annual Report  4.30.09

Fixed Income SHares — Series C Schedule of Investments
April 30, 2009 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value
		Banking (continued)
		Wachovia Corp.,
$	2,200	1.59%, 6/15/17, FRN	A1/AA	$	1,264,965
	3,900	5.25%, 8/1/14	A2/AA−		3,471,940
	2,700	5.50%, 5/1/13	A1/AA		2,650,298
	2,000	5.625%, 10/15/16	A2/AA−		1,631,836
	101,900	Wells Fargo & Co., 7.98%, 3/15/18, FRN (i)	B2/A		57,137,572
AUD	20,000	Westpac Banking Corp., 4.75%, 3/5/14	Aaa/AAA		14,520,814
					410,611,081
		Commercial Services–0.1%
$	700	President and Fellows of Harvard College, 6.50%, 1/15/39 (a)(d)	Aaa/AAA		745,634
	900	Princeton University, 5.70%, 3/1/39	Aaa/AAA		869,286
					1,614,920
		Computer Services–0.2%
	800	International Business Machines Corp., 5.70%, 9/14/17	A1/A+		849,323
	5,000	Lexmark International, Inc., 5.90%, 6/1/13	Baa3/BBB−		4,524,070
					5,373,393
		Diversified Manufacturing–0.5%
	15,000	Tyco Electronics Group S.A., 6.55%, 10/1/17	Baa2/BBB−		11,568,030
		Drugs & Medical Products–1.1%
	22,000	Pfizer, Inc., 6.20%, 3/15/19	Aa2/AAA		23,688,280
		Electronics–0.0%
	400	Sanmina-SCI Corp., 8.125%, 3/1/16	B3/CCC		204,000
		Energy–2.9%
	2,900	DCP Midstream LLC, 5.375%, 10/15/15 (a)(d)	Baa2/BBB		2,352,335
	2,800	El Paso Corp., 7.00%, 6/15/17	Ba3/BB−		2,530,970
	4,800	Enbridge Energy Partners L.P., 5.875%, 12/15/16	Baa2/BBB		4,206,437
		Energy Transfer Partners L.P.,
	3,000	6.00%, 7/1/13	Baa3/BBB−		2,977,479
	2,100	6.125%, 2/15/17	Baa3/BBB−		1,931,868
	2,600	6.625%, 10/15/36	Baa3/BBB−		2,047,380
		Kinder Morgan Energy Partners L.P.,
	5,800	6.00%, 2/1/17	Baa2/BBB		5,479,063
	3,800	6.95%, 1/15/38	Baa2/BBB		3,317,024
	5,500	7.30%, 8/15/33	Baa2/BBB		4,868,726
	3,400	NGPL PipeCo LLC, 7.119%, 12/15/17 (a)(d)	Baa3/BBB−		3,362,906

4.30.09  Fixed Income SHares – Series C Semi-Annual Report 9

Fixed Income SHares — Series C Schedule of Investments
April 30, 2009 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value
		Energy (continued)
		Northwest Pipeline Corp.,
$	3,900	5.95%, 4/15/17	Baa2/BBB−	$	3,655,724
	1,700	7.00%, 6/15/16	Baa2/BBB−		1,724,480
	5,750	Pacific Energy Partners L.P., 6.25%, 9/15/15	Baa3/BBB−		5,183,740
	2,600	Plains All American Pipeline L.P., 6.65%, 1/15/37	Baa3/BBB−		1,935,528
	25	Sonat, Inc., 7.625%, 7/15/11	Ba3/BB−		24,878
		Southern Natural Gas Co.,
	4,400	5.90%, 4/1/17 (a)(d)	Baa3/BB		4,028,218
	400	8.00%, 3/1/32	Baa3/BB		380,305
	1,950	Tennessee Gas Pipeline Co., 7.50%, 4/1/17	Baa3/BB		1,946,404
		Williams Cos., Inc.,
	11,500	6.375%, 10/1/10 (a)(d)	Baa3/BBB−		11,393,510
	2,000	7.625%, 7/15/19	Baa3/BB+		1,973,438
					65,320,413
		Financial Services–26.6%
	6,700	American Express Co., 6.15%, 8/28/17	A3/A		5,990,336
		Bear Stearns Cos., Inc.,
	1,500	5.30%, 10/30/15	Aa3/A+		1,392,464
	12,400	6.40%, 10/2/17	Aa3/A+		12,089,169
	23,500	6.95%, 8/10/12	Aa3/A+		24,763,125
	11,000	7.25%, 2/1/18	Aa3/A+		11,251,471
€	3,200	BTMU Curacao Holdings NV, 3.50%, 4/19/15, FRN	Aa3/A		3,922,296
$	10,000	Caelus Re Ltd., 7.511%, 6/7/11, FRN (a)(b)(d)	NR/BB+		9,168,000
	4,200	CIT Group, Inc., 1.353%, 7/28/11, FRN	Ba2/BBB−		2,476,769
		Citigroup, Inc.,
	18,500	5.50%, 8/27/12	A3/A		16,521,277
	15,830	5.85%, 7/2/13	A3/A		14,185,833
	7,840	6.00%, 8/15/17	A3/A		6,595,392
	5,200	6.125%, 11/21/17	A3/A		4,294,004
	8,500	6.125%, 8/25/36	Baa1/A−		5,043,832
	5,000	6.625%, 6/15/32	Baa1/A−		2,822,505
£	11,970	Citigroup Capital XVIII, 6.829%, 6/28/67, FRN	Baa3/CC		5,764,572
$	32,100	Citigroup Capital XXI, 8.30%, 12/21/77, (converts to FRN on 12/21/37)	Baa3/CC		19,582,926
		Ford Motor Credit Co. LLC,
	12,200	7.00%, 10/1/13	Caa1/CCC+		9,102,786
	1,000	8.00%, 12/15/16	Caa1/CCC+		763,969

10 Fixed Income SHares – Series C Semi-Annual Report  4.30.09

Fixed Income SHares — Series C Schedule of Investments
April 30, 2009 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value
		Financial Services (continued)
		General Electric Capital Corp.,
$	1,000	1.356%, 10/6/15, FRN	Aa2/AA+	$	713,813
	4,000	1.451%, 6/12/12, FRN	Aa2/AA+		3,391,408
€	10,000	4.625%, 9/15/66, FRN (a)(d)	Aa3/AA+		6,095,460
€	25,700	5.50%, 9/15/67, FRN	Aa3/A+		15,495,057
$	20,000	5.625%, 5/1/18	Aa2/AA+		17,478,260
	5,000	6.375%, 11/15/67, FRN	Aa3/A+		2,875,410
£	1,400	6.50%, 9/15/67, FRN	Aa3/A+		1,006,142
		General Motors Acceptance Corp. LLC,
$	15,330	6.00%, 12/15/11	C/CCC		9,897,155
	3,000	6.75%, 12/1/14	C/CCC		1,923,960
	15,370	8.00%, 11/1/31	C/CCC		9,093,199
		Goldman Sachs Group, Inc.,
	5,100	1.639%, 1/12/15, FRN	A1/A		4,023,390
	4,100	1.677%, 3/22/16, FRN	A1/A		3,091,039
	11,900	5.25%, 10/15/13	A1/A		11,831,182
	32,459	5.35%, 1/15/16	A1/A		29,978,159
	700	5.75%, 10/1/16	A1/A		654,494
	19,800	5.95%, 1/18/18	A1/A		18,406,139
	15,200	6.15%, 4/1/18	A1/A		14,361,082
	24,400	6.25%, 9/1/17	A1/A		23,112,412
	7,700	6.75%, 10/1/37	A2/A−		5,891,193
	624	Isles CBO Ltd., 2.389%, 10/27/10, FRN (a)(d)(g)	Baa3/NR		483,107
		JPMorgan Chase & Co.,
	8,000	0.528%, 5/7/10, FRN	Aa3/A+		7,933,920
	3,600	2.076%, 6/13/11, FRN	Aa3/A+		3,454,596
	29,000	6.00%, 1/15/18	Aa3/A+		28,241,737
	2,400	6.625%, 3/15/12	A1/A		2,501,616
	8,800	JPMorgan Chase Capital XVIII, 6.95%, 8/1/66, (converts to FRN on 8/18/36)	A1/BBB+		6,290,997
	2,700	JPMorgan Chase Capital XX, 6.55%, 9/15/66, (converts to FRN on 9/30/36)	A1/BBB+		1,931,661
¥	1,200,000	Lehman Brothers Holdings, Inc., 1.15%, 10/26/10 (f)	NR/NR		1,006,251
$	2,000	Longpoint Re Ltd., 6.57%, 11/8/11, FRN (a)(b)(d)	NR/BB+		1,929,000
		Merrill Lynch & Co., Inc.,
	5,000	1.591%, 1/15/15, FRN	A2/A		3,253,995
	23,300	3.472%, 5/12/10, FRN	A2/A		22,452,859
	800	6.05%, 8/15/12	A2/A		736,482
	18,800	6.40%, 8/28/17	A2/A		15,317,112
	55,100	6.875%, 4/25/18	A2/A		46,508,092

4.30.09  Fixed Income SHares – Series C Semi-Annual Report 11

Fixed Income SHares — Series C Schedule of Investments
April 30, 2009 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value
		Financial Services (continued)
		Morgan Stanley,
$	500	1.399%, 1/9/12, FRN	A2/A	$	437,380
€	10,000	1.843%, 1/16/17, FRN	A2/A		8,456,961
$	1,000	4.75%, 4/1/14	A3/A−		846,553
	500	5.30%, 3/1/13	A2/A		487,170
	2,800	5.375%, 10/15/15	A2/A		2,525,639
	25,000	6.00%, 4/28/15	A2/A		23,667,500
	29,700	6.25%, 8/28/17	A2/A		27,188,746
	18,300	6.625%, 4/1/18	A2/A		17,443,981
£	550	MUFG Capital Finance 5 Ltd., 6.299%, 1/25/17, FRN (i)	A2/BBB+		476,365
$	700	Mystic Re Ltd., 11.261%, 6/7/11, FRN (a)(b)(d)	NR/BB−		663,061
	659	Preferred Term Securities XIII, 1.866%, 3/24/34, FRN (a)(b)(d)	A1/BB		224,042
		SLM Corp.,
	2,800	1.322%, 10/25/11, FRN	Baa2/BBB−		1,895,494
	9,255	8.45%, 6/15/18	Baa2/BBB−		5,647,179
		Teco Finance, Inc.,
	983	6.572%, 11/1/17	Baa3/BB+		807,102
	2,000	6.75%, 5/1/15	Baa3/BB+		1,733,200
	1,000	UBS AG, 5.875%, 12/20/17	Aa2/A+		878,543
	5,900	UBS Preferred Funding Trust V, 6.243%, 5/15/16, FRN (i)	A1/BBB−		2,421,667
	17,600	Wells Fargo Capital XIII, 7.70%, 3/26/13, FRN (i)	B2/A		11,272,378
	7,400	Xstrata Finance Canada Ltd., 5.80%, 11/15/16 (a)(d)	Baa2/BBB		5,553,989
					589,718,055
		Food & Beverage–0.7%
	6,700	Kraft Foods, Inc., 6.50%, 8/11/17	Baa2/BBB+		6,961,461
	400	Kroger Co., 6.20%, 6/15/12	Baa2/BBB−		419,506
	7,000	Sara Lee Corp., 3.875%, 6/15/13	Baa1/BBB+		6,714,694
	1,100	Tate & Lyle International Finance PLC, 6.625%, 6/15/16 (a)(d)	Baa2/BBB−		934,466
					15,030,127
		Healthcare & Hospitals–0.1%
	100	Biomet, Inc., 11.625%, 10/15/17	Caa1/B−		97,500
	1,000	HCA, Inc., 7.19%, 11/15/15	Caa1/B−		730,365
	1,700	Hospira, Inc., 6.05%, 3/30/17	Baa3/BBB		1,525,911
					2,353,776

12 Fixed Income SHares – Series C Semi-Annual Report  4.30.09

Fixed Income SHares — Series C Schedule of Investments
April 30, 2009 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value
		Insurance–2.8%
		American International Group, Inc.,
$	7,900	1.217%, 10/18/11, FRN	A3/A−	$	3,866,710
€	1,500	4.00%, 9/20/11	A3/A−		689,232
$	500	4.70%, 10/1/10	A3/A−		292,532
€	7,800	4.875%, 3/15/67, FRN	Ba2/BBB		361,752
$	100	4.95%, 3/20/12	A3/A−		40,045
	7,400	5.05%, 10/1/15	A3/A−		2,694,865
	16,200	5.85%, 1/16/18	A3/A−		5,473,316
	4,500	6.25%, 5/1/36	A3/A−		1,540,462
€	24,050	8.00%, 5/22/68, FRN	Ba2/BBB		1,434,090
$	800	8.175%, 5/15/68, (converts to FRN on 5/15/38) (a)(d)	Ba2/BBB		92,088
	65,200	8.25%, 8/15/18 (a)(d)	A3/A−		22,947,727
£	3,000	8.625%, 5/22/68, (converts to FRN on 5/22/18) (b)	Ba2/BBB		211,156
$	5,000	Metropolitan Life Global Funding I, 4.625%, 8/19/10 (a)(d)	Aa2/AA−		4,862,775
		Residential Reins Ltd., FRN (a)(b)(d),
	14,300	7.261%, 6/7/10	NR/BB+		13,736,580
	4,000	8.511%, 6/7/10	NR/BB		3,887,600
					62,130,930
		Multi-Media–2.4%
	1,000	Comcast Cable Communications Holdings, Inc., 7.125%, 6/15/13	Baa1/BBB+		1,064,615
		Comcast Corp.,
	10,600	5.875%, 2/15/18	Baa1/BBB+		10,516,578
	1,700	5.90%, 3/15/16	Baa1/BBB+		1,700,802
	15,000	6.45%, 3/15/37	Baa1/BBB+		13,963,710
	810	CSC Holdings, Inc., 7.875%, 2/15/18	B1/BB		789,750
	7,700	Echostar DBS Corp., 7.00%, 10/1/13	Ba3/BB−		7,392,000
CAD	800	Rogers Cable, Inc., 7.25%, 12/15/11	Baa3/BBB−		719,415
		Time Warner Cable, Inc.,
$	6,940	5.85%, 5/1/17	Baa2/BBB		6,687,308
	8,390	6.55%, 5/1/37	Baa2/BBB		7,768,251
	1,600	Time Warner, Inc., 5.50%, 11/15/11	Baa2/BBB		1,643,881
					52,246,310
		Oil & Gas–2.7%
	4,600	Anadarko Finance Co., 6.75%, 5/1/11	Baa3/BBB−		4,743,046
	300	Anadarko Petroleum Corp., 5.95%, 9/15/16	Baa3/BBB−		271,914
	2,400	Canadian Natural Resources Ltd., 6.00%, 8/15/16	Baa2/BBB		2,208,127
	5,000	Devon Energy Corp., 7.95%, 4/15/32	Baa1/BBB+		5,498,655

4.30.09  Fixed Income SHares – Series C Semi-Annual Report 13

Fixed Income SHares — Series C Schedule of Investments
April 30, 2009 (unaudited)

Principal
Amount				Credit Rating
(000)				(Moody’s/S&P)	Value
			��
		Oil & Gas (continued)
		Devon Financing Corp.,
$	2,900	6.875%, 9/30/11		Baa1/BBB+	$	3,085,029
	1,300	7.875%, 9/30/31		Baa1/BBB+		1,417,443
		EnCana Corp.,
	2,000	5.90%, 12/1/17		Baa2/A−		1,974,804
	4,700	6.50%, 8/15/34		Baa2/A−		4,413,629
		Gaz Capital S.A. (a)(d),
	5,700	7.343%, 4/11/13		Baa1/BBB		5,130,000
	14,000	8.146%, 4/11/18		Baa1/BBB		11,480,000
	4,500	Gazprom AG, 9.625%, 3/1/13 (a)(d)		Baa1/BBB		4,353,750
	3,004	Gazprom International S.A., 7.201%, 2/1/20		NR/BBB+		2,752,620
	1,248	Kern River Funding Corp., 4.893%, 4/30/18 (a)(d)		A3/A−		1,228,393
	1,200	Plains Exploration & Production Co., 7.00%, 3/15/17		B1/BB		1,038,000
	3,500	Ras Laffan Liquefied Natural Gas Co., Ltd. II, 5.298%, 9/30/20 (b)		Aa2/A		3,038,700
		XTO Energy, Inc.,
	3,000	5.50%, 6/15/18		Baa2/BBB		2,856,264
	1,700	6.10%, 4/1/36		Baa2/BBB		1,476,161
	3,000	7.50%, 4/15/12		Baa2/BBB		3,140,034
						60,106,569
		Paper/Paper Products–0.3%
		Georgia-Pacific LLC,
	2,900	7.00%, 1/15/15 (a)(d)		Ba3/BB−		2,769,500
	2,900	7.125%, 1/15/17 (a)(d)		Ba3/BB−		2,755,000
	1,400	7.25%, 6/1/28		B2/B+		1,050,000
	1,000	7.375%, 12/1/25		B2/B+		760,000
						7,334,500
		Software–0.0%
	500	Oracle Corp., 5.75%, 4/15/18		A2/A		530,650
		Telecommunications–2.0%
		AT&T Corp.,
	2,352	7.30%, 11/15/11		A2/A		2,575,826
	1,500	8.00%, 11/15/31		A2/A		1,702,755
	100	British Telecommunications PLC, 8.625%, 12/15/10		Baa2/BBB		104,554
		Deutsche Telekom International Finance BV,
	4,500	6.75%, 8/20/18		Baa1/BBB+		4,691,632
€	1,280	8.125%, 5/29/12		Baa1/BBB+		1,909,386
$	2,500	8.50%, 6/15/10		Baa1/BBB+		2,628,928
	2,700	Nextel Communications, Inc., 7.375%, 8/1/15		Ba2/BB		1,940,625

14 Fixed Income SHares – Series C Semi-Annual Report  4.30.09

Fixed Income SHares — Series C Schedule of Investments
April 30, 2009 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value
		Telecommunications (continued)
		Qwest Communications International, Inc.,
$	1,597	7.25%, 2/15/11	Ba3/B+	$	1,581,030
	10,353	7.50%, 2/15/14	Ba3/B+		9,654,172
	2,000	Qwest Corp., 4.57%, 6/15/13, FRN	Ba1/BBB−		1,820,000
CAD	400	Rogers Communications, Inc., 7.625%, 12/15/11	Baa3/BBB−		351,869
$	4,800	Sprint Capital Corp., 8.75%, 3/15/32	Ba2/BB		3,672,000
	3,500	Telefonica Emisones s.A.u., 5.984%, 6/20/11	Baa1/A−		3,647,766
	6,900	Verizon Communications, Inc., 5.55%, 2/15/16	A3/A		6,922,529
	900	Verizon New England, Inc., 6.50%, 9/15/11	Baa2/A		945,142
					44,148,214
		Tobacco–0.8%
	10,000	Altria Group, Inc., 10.20%, 2/6/39	Baa1/BBB		11,047,940
	8,030	Reynolds American, Inc., 7.75%, 6/1/18	Baa3/BBB		7,302,562
					18,350,502
		Transportation–0.2%
	4,000	Ryder System, Inc., 7.20%, 9/1/15	Baa1/BBB+		3,551,316
		Utilities–3.2%
	2,700	Bruce Mansfield Unit, 6.85%, 6/1/34	Baa2/BBB		1,928,523
	400	Columbus Southern Power Co., 5.50%, 3/1/13	A3/BBB		405,448
	6,300	Constellation Energy Group, Inc., 7.00%, 4/1/12	Baa3/BBB		6,340,194
		Consumers Energy Co.,
	2,050	5.00%, 2/15/12	Baa1/BBB		2,057,698
	850	5.00%, 3/15/15	Baa1/BBB		823,108
	2,000	5.15%, 2/15/17	Baa1/BBB		1,926,622
	1,100	5.375%, 4/15/13	Baa1/BBB		1,118,460
	1,400	Dayton Power & Light Co., 5.125%, 10/1/13	A2/A		1,437,313
	4,000	Dominion Resources, Inc., 6.00%, 11/30/17	Baa2/A−		4,055,916
	5,000	DTE Energy Co., 6.35%, 6/1/16	Baa2/BBB−		4,307,870
		Electricite De France S.A. (a)(d),
	14,200	6.50%, 1/26/19	Aa3/A+		15,323,632
	5,000	6.95%, 1/26/39	Aa3/A+		5,295,820
	2,400	Enel Finance International S.A., 6.25%, 9/15/17 (a)(d)	A2/A−		2,217,249
	1,600	Energy East Corp., 6.75%, 7/15/36	A3/A−		1,288,021
	2,000	Entergy Arkansas, Inc., 4.50%, 6/1/10	Baa1/A−		1,981,606
		Entergy Louisiana LLC,
	3,300	4.67%, 6/1/10	Baa1/A−		3,264,334
	84	8.09%, 1/2/17	Baa2/BBB		83,341
	200	Idaho Power Co., 6.60%, 3/2/11	A3/A−		210,204
	1,000	Midamerican Energy Holdings Co., 5.875%, 10/1/12	Baa1/BBB+		1,034,908

4.30.09  Fixed Income SHares – Series C Semi-Annual Report 15

Fixed Income SHares — Series C Schedule of Investments
April 30, 2009 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value
		Utilities (continued)
		Nevada Power Co.,
$	1,600	5.95%, 3/15/16	Baa3/BBB	$	1,535,541
	3,000	6.50%, 5/15/18	Baa3/BBB		2,941,905
	1,700	Ohio Edison Co., 5.45%, 5/1/15	Baa2/BBB		1,565,833
	500	PSE&G Power LLC, 7.75%, 4/15/11	Baa1/BBB		529,988
	2,900	Public Service Co. of Oklahoma, 6.15%, 8/1/16	Baa1/BBB		2,723,915
	1,700	Sierra Pacific Power Co., 6.00%, 5/15/16	Baa3/BBB		1,635,034
	380	System Energy Resources, Inc., 5.129%, 1/15/14 (a)(d)	Baa3/BBB+		350,099
	4,500	Toledo Edison Co., 6.15%, 5/15/37	Baa2/BBB+		3,555,261
					69,937,843
		Total Corporate Bonds & Notes (cost–$1,782,405,089)			1,485,236,153
U.S. GOVERNMENT AGENCY SECURITIES–53.5%
		Fannie Mae–30.8%
	6	3.253%, 8/25/18, CMO, FRN	Aaa/AAA		6,453
	9	3.763%, 2/1/18, FRN, MBS	Aaa/AAA		9,105
	3,222	4.50%, 4/25/16, CMO	Aaa/AAA		3,272,318
	4,464	4.50%, 1/25/17, CMO	Aaa/AAA		4,582,860
	4,665	4.929%, 5/1/35, FRN, MBS	Aaa/AAA		4,782,323
	1,177	5.00%, 1/25/17, CMO	Aaa/AAA		1,201,966
	100	5.00%, 4/1/22, MBS	Aaa/AAA		103,574
	4,700	5.00%, MBS, TBA (e)	Aaa/AAA		4,834,392
	7,115	5.025%, 11/1/35, FRN, MBS	Aaa/AAA		7,327,265
	5,800	5.29%, 11/25/33, CMO	Aaa/AAA		6,055,537
	38	5.50%, 3/1/38, MBS	Aaa/AAA		39,430
	111,000	5.50%, MBS, TBA (e)	Aaa/AAA		114,728,934
	13,141	6.00%, 10/1/36, MBS (k)	Aaa/AAA		13,764,014
	3,807	6.00%, 4/1/37, MBS	Aaa/AAA		3,984,689
	8,070	6.00%, 9/1/37, MBS	Aaa/AAA		8,446,031
	83	6.00%, 10/1/37, MBS	Aaa/AAA		87,180
	5,524	6.00%, 11/1/37, MBS (k)	Aaa/AAA		5,781,906
	1,231	6.00%, 12/1/37, MBS	Aaa/AAA		1,288,627
	32	6.00%, 5/1/38, MBS	Aaa/AAA		33,542
	847	6.00%, 8/1/38, MBS	Aaa/AAA		886,159
	4,557	6.00%, 9/1/38, MBS (k)	Aaa/AAA		4,769,888
	25	6.00%, 10/1/38, MBS	Aaa/AAA		26,536
	700	6.00%, 11/1/38, MBS	Aaa/AAA		733,082
	761	6.00%, 2/1/39, MBS	Aaa/AAA		796,045

16 Fixed Income SHares – Series C Semi-Annual Report  4.30.09

Fixed Income SHares — Series C Schedule of Investments
April 30, 2009 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value
		Fannie Mae (continued)
$	475,100	6.00%, MBS, TBA (e)	Aaa/AAA	$	496,169,072
	8	6.365%, 4/1/17, FRN, MBS	Aaa/AAA		8,305
					683,719,233
		Freddie Mac–2.1%
	2,070	0.851%, 11/15/16, CMO, FRN	Aaa/AAA		2,055,608
	11	4.375%, 12/1/18, FRN, MBS	Aaa/AAA		10,922
	915	4.50%, 12/15/10, CMO	Aaa/AAA		918,732
	110	4.50%, 10/15/19, CMO	Aaa/AAA		112,284
	4,505	4.50%, 2/15/20, CMO	Aaa/AAA		4,602,645
	1,350	5.00%, 1/15/18, CMO	Aaa/AAA		1,384,900
	7,513	5.00%, 7/15/24, CMO	Aaa/AAA		7,663,409
	3,143	5.00%, 5/15/27, CMO	Aaa/AAA		3,206,170
	18,520	5.00%, 7/15/33, CMO, MBS	Aaa/AAA		18,082,584
	6	5.575%, 6/1/30, FRN, MBS	Aaa/AAA		5,779
	6,549	6.00%, 5/15/36, CMO	Aaa/AAA		6,576,629
	2,000	6.00%, MBS, TBA (e)	Aaa/AAA		2,087,812
	1,000	6.50%, MBS, TBA (e)	Aaa/AAA		1,059,219
					47,766,693
		Ginnie Mae–17.5%
	19	5.375%, 1/20/22, FRN, MBS	Aaa/AAA		19,640
	42	6.00%, 12/15/37, MBS	Aaa/AAA		43,583
	339	6.00%, 10/15/38, MBS	Aaa/AAA		353,741
	370,700	6.00%, MBS, TBA (e)	Aaa/AAA		386,744,267
					387,161,231
		Small Business Administration Participation Certificates–3.1%
	5,405	4.77%, 4/1/24	Aaa/AAA		5,588,158
	786	4.504%, 2/1/14	Aaa/AAA		785,291
	33,475	5.32%, 1/1/27	Aaa/AAA		35,419,883
	24,364	5.70%, 8/1/26	Aaa/AAA		26,112,862
					67,906,194
		Total U.S. Government Agency Securities (cost–$1,180,540,084)			1,186,553,351
MORTGAGE-BACKED SECURITIES–4.1%
€	5,400	Arena BV, 2.033%, 2/17/63, CMO, FRN	Aaa/NR		6,753,085
$	4,400	Banc of America Commercial Mortgage, Inc., 5.889%, 7/10/44, CMO, VRN	NR/AAA		3,278,947
	310	Banc of America Funding Corp., 6.105%, 1/20/47, CMO, VRN	NR/B		153,563
	2,335	Banc of America Large Loan, Inc., 0.961%, 8/15/29, CMO, FRN (b)	Aaa/AAA		1,696,946

4.30.09  Fixed Income SHares – Series C Semi-Annual Report 17

Fixed Income SHares — Series C Schedule of Investments
April 30, 2009 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value
		Bear Stearns Adjustable Rate Mortgage Trust, CMO,
$	897	2.472%, 3/25/35, FRN	Aaa/AAA	$	726,756
	3,192	2.94%, 3/25/35, FRN	Aaa/AAA		2,592,539
	2,766	4.55%, 8/25/35, FRN	Aaa/AAA		2,160,701
	183	4.630%, 5/25/34, FRN	Aaa/AAA		132,286
	290	4.657%, 10/25/33, VRN	Aaa/AAA		261,627
		Bear Stearns Alt-A Trust, CMO, VRN,
	5,466	5.709%, 11/25/36	B3/AAA		2,729,953
	7,029	5.716%, 11/25/36	B3/AAA		3,535,450
	1,855	5.772%, 2/25/36	Caa2/B		884,895
		Bear Stearns Commercial Mortgage Securities, CMO,
	796	0.561%, 3/15/19, FRN (a)(d)	Aaa/AAA		672,014
	1,600	5.54%, 9/11/41	NR/AAA		1,348,777
	3,000	Chase Commercial Mortgage Securities Corp., 6.484%, 2/12/16, CMO, VRN (a)(d)	Aaa/NR		3,038,853
		Citigroup Mortgage Loan Trust, Inc., CMO, FRN,
	1,025	4.248%, 8/25/35	Aaa/AAA		743,737
	899	4.748%, 8/25/35	Aaa/AAA		662,104
		Citigroup/Deutsche Bank Commercial Mortgage Trust, CMO,
	4,400	5.322%, 12/11/49	Aaa/AAA		3,291,376
	8,000	5.545%, 1/15/46, VRN	Aaa/AAA		6,827,644
€	481	Cordusio RMBS SRL, 1.671%, 6/30/35, CMO, FRN	Aaa/AAA		562,443
		Countrywide Alternative Loan Trust, CMO,
$	2,830	0.628%, 11/25/46, FRN	B3/AAA		966,280
	819	0.638%, 5/25/36, FRN	B1/AAA		297,313
	13,748	6.25%, 8/25/37	Caa1/B		6,795,796
		Countrywide Home Loan Mortgage Pass-Through Trust, CMO,
	389	0.758%, 3/25/35, FRN	B1/AAA		157,176
	117	4.743%, 8/25/34, VRN	A1/AAA		68,075
	32	Credit Suisse First Boston Mortgage Securities Corp., 4.364%, 7/25/33, CMO, VRN	Aaa/AAA		27,504
		Credit Suisse Mortgage Capital Certificates, CMO,
	2,600	5.311%, 12/15/39	Aaa/AAA		1,853,489
	7,300	5.912%, 6/15/39, VRN	Aaa/AAA		5,182,777
	1,135	Deutsche Alt-A Securities, Inc., 0.518%, 2/25/37, CMO, FRN	Baa3/AAA		1,038,879

18 Fixed Income SHares – Series C Semi-Annual Report  4.30.09

Fixed Income SHares — Series C Schedule of Investments
April 30, 2009 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value
		Downey Savings & Loan Assoc. Mortgage Loan Trust, CMO, FRN,
$	3,166	0.707%, 8/19/45	Baa3/AAA	$	1,310,713
	2,085	3.675%, 7/19/44	Aa3/AAA		1,469,230
	225	First Horizon Asset Securities, Inc., 4.739%, 12/25/33, CMO, FRN	Aaa/NR		175,125
	5,020	Greenpoint Mortgage Funding Trust, 0.668%, 6/25/45, CMO, FRN	Baa2/AAA		2,020,895
	23	Greenpoint Mortgage Pass-Through Certificates, 4.823%, 10/25/33, CMO, FRN	NR/AAA		16,060
	1,000	Greenwich Capital Commercial Funding Corp., 5.444%, 3/10/39, CMO	Aaa/AAA		786,407
	229	GSR Mortgage Loan Trust, 4.516%, 3/25/33, CMO, FRN	Aaa/NR		204,692
		Harborview Mortgage Loan Trust, CMO,
	816	0.787%, 6/20/35, FRN	Aaa/AAA		332,621
	402	4.572%, 5/19/33, VRN	NR/AAA		322,829
	34,403	Hilton Hotel Pool Trust, 0.857%, 10/3/15, CMO, IO, VRN (a)(d)	Aaa/AAA		338,215
	521	Homebanc Mortgage Trust, 5.765%, 4/25/37, CMO, VRN	Ba1/AAA		368,332
€	468	IntesaBci Sec 2 SRL, 2.115%, 8/28/23, CMO, FRN	Aaa/AAA		594,192
		JPMorgan Chase Commercial Mortgage Securities Corp., CMO,
$	1,000	5.336%, 5/15/47	Aaa/AAA		775,482
	6,600	5.42%, 1/15/49	Aaa/NR		5,029,242
	2,200	5.44%, 6/12/47	Aaa/AAA		1,675,887
		JPMorgan Mortgage Trust, CMO, FRN,
	276	4.377%, 11/25/33	NR/AAA		241,504
	3,116	4.771%, 7/25/35	Aaa/AAA		2,451,313
	574	5.016%, 2/25/35	Aaa/AAA		485,831
		Merrill Lynch/Countrywide Commercial Mortgage Trust, CMO, VRN,
	1,200	5.172%, 12/12/49	Aaa/AAA		820,858
	1,600	6.156%, 8/12/49	NR/AAA		1,212,024
		Morgan Stanley Dean Witter Capital I, CMO,
	600	4.74%, 11/13/36	NR/AAA		569,032
	278	6.66%, 2/15/33	NR/AAA		282,364
	1,701	Ocwen Residential MBS Corp., 7.00%, 10/25/40, CMO, VRN (a)(d)	B3/NR		199,917
	2,194	Residential Accredit Loans, Inc., 0.648%, 4/25/46, CMO, FRN	Baa2/AAA		843,802
	201	Structured Adjustable Rate Mortgage Loan Trust, 4.918%, 2/25/34, CMO, VRN	Aa2/AAA		145,325
	5,304	Structured Asset Mortgage Investments, Inc., 0.658%, 5/25/36, CMO, FRN	B3/AAA		1,886,723
	2,219	Thornburg Mortgage Securities Trust, 0.548%, 11/25/46, CMO, FRN	Aaa/AAA		1,913,646

4.30.09  Fixed Income SHares – Series C Semi-Annual Report 19

Fixed Income SHares — Series C Schedule of Investments
April 30, 2009 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value
		Wachovia Bank Commercial Mortgage Trust, CMO,
$	450	0.531%, 6/15/20, FRN (a)(d)	Aaa/AAA	$	308,929
	700	5.416%, 1/15/45, VRN	Aaa/AAA		571,466
	1,300	5.678%, 5/15/46	Aaa/AAA		1,051,513
		Washington Mutual, Inc., CMO, FRN,
	334	0.748%, 1/25/45	Aa2/AAA		158,112
	3,565	0.933%, 11/25/34	Aa2/AAA		1,813,710
	1,754	2.514%, 2/25/46	A2/AAA		645,484
	930	Wells Fargo Mortgage-Backed Securities Trust, 4.405%, 3/25/36, CMO, VRN	Aa3/NR		566,592
		Total Mortgage-Backed Securities (cost–$110,831,237)			90,029,052
SENIOR LOANS (a)(c)–3.6%
		Automotive–0.2%
		Ford Motor Corp., Term B,
	6,730	3.46%, 12/16/13			4,262,823
	1,963	4.14%, 12/16/13			1,243,591
					5,506,414
		Financial Services–2.7%
	80,159	Chrysler Financial Corp., 4.46%, 8/3/12			59,546,879
		Healthcare & Hospitals–0.1%
	1,678	HCA, Inc., 3.47%, 11/18/13, Term B			1,518,564
		Paper/Paper Products–0.6%
		Georgia-Pacific Corp.,
	1,993	2.428%, 12/20/12			1,863,661
	354	2.428%, 12/20/12, Term B			331,252
	895	2.518%, 12/20/12			837,105
	268	2.518%, 12/20/12, Term B			250,922
	1,508	3.293%, 12/20/12			1,410,020
	8,966	3.293%, 12/20/12, Term B			8,386,391
					13,079,351
		Total Senior Loans (cost–$101,167,477)			79,651,208
MUNICIPAL BONDS–3.0%
		Arizona–0.1%
	2,700	Salt River Project Agricultural Improvement & Power Dist. Rev., 5.00%, 1/1/38, Ser. A	Aa1/AA		2,730,078
		California–0.3%
	1,800	Educational Facs. Auth. Rev., Claremont McKenna College, 5.00%, 1/1/38	Aa2/NR		1,813,716
	2,400	Golden State Tobacco Securitization Corp. Rev., 5.75%, 6/1/47, Ser. A-1	Baa3/BBB		1,382,040

20 Fixed Income SHares – Series C Semi-Annual Report  4.30.09

Fixed Income SHares — Series C Schedule of Investments
April 30, 2009 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value
		California (continued)
$	600	Los Angeles Community College Dist., GO, 5.00%, 8/1/33, Ser. F-1	Aa2/AA	$	589,200
	2,500	Univ. of California Rev., 4.75%, 5/15/33, Ser. L	Aa1/AA		2,369,600
					6,154,556
		Florida–0.1%
	2,650	State Board of Education, GO, 5.00%, 6/1/31, Ser. B	Aa1/AAA		2,618,492
		Illinois–0.2%
	1,500	Chicago Board of Education, GO, 5.25%, 12/1/26, Ser. C	A1/AA−		1,511,160
		Finance Auth. Rev., Univ. of Chicago,
	1,240	5.00%, 7/1/27, Ser. A	Aa1/AA		1,279,680
	1,600	5.50%, 7/1/37, Ser. B	Aa1/AA		1,672,432
					4,463,272
		Iowa–0.0%
	920	Tobacco Settlement Auth. Rev., 6.50%, 6/1/23, Ser. A	Baa3/BBB		660,560
		Michigan–0.3%
	8,555	Detroit City School Dist., GO, 5.00%, 5/1/33, Ser. B (FGIC) (Q-SBLF)	Aa3/AA		6,889,256
		Nevada–0.2%
	4,005	Clark Cnty. School Dist., GO, 5.00%, 6/15/19, Ser. A	Aa2/AA		4,232,884
		New Jersey–0.0%
	250	Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/41, Ser. 1A	Baa3/BBB		128,598
		New York–0.4%
		New York City Municipal Water Finance Auth. Rev.,
	1,300	5.00%, 6/15/37, Ser. DD	Aa3/AA+		1,288,300
	1,000	5.75%, 6/15/40, Ser. A	Aa2/AAA		1,078,580
	1,300	New York City Transitional Finance Auth. Rev., 5.00%, 1/15/25, Ser. S-1	A1/AA−		1,305,369
	5,000	Port Auth. of New York & New Jersey Rev., 5.125%, 5/1/34 (NPFGC) (n)	Aa3/AA−		4,594,500
					8,266,749
		Ohio–0.4%
		Buckeye Tobacco Settlement Financing Auth. Rev., Ser. A-2,
	14,700	5.75%, 6/1/34	Baa3/BBB		8,739,738
	900	5.875%, 6/1/47	Baa3/BBB		504,063
					9,243,801

4.30.09  Fixed Income SHares – Series C Semi-Annual Report 21

Fixed Income SHares — Series C Schedule of Investments
April 30, 2009 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value
		Washington–0.6%
$	13,180	State Motor Vehicle Rev., GO, 5.00%, 1/1/33, Ser. D	Aa1/AA+	$	13,392,066
	600	State, GO, zero coupon, 12/1/20, Ser. F (NPFGC)	Aa1/AA+		360,138
					13,752,204
		Wisconsin–0.4%
	8,000	State Rev., 6.00%, 5/1/36, Ser. A	A1/AA−		8,423,600
		Total Municipal Bonds (cost–$72,614,928)			67,564,050
SOVEREIGN DEBT OBLIGATIONS–2.4%
		Australia–0.2%
AUD	5,400	Queensland Treasury Corp., 6.00%, 9/14/17	Aaa/AA+		4,082,160
		Brazil–0.3%
		Federal Republic of Brazil,
BRL	7,650	10.25%, 1/10/28	Ba1/BBB−		3,195,657
BRL	6,300	12.50%, 1/5/22	Ba1/BBB−		2,999,170
					6,194,827
		Canada–1.9%
		Province of Ontario Canada,
CAD	17,150	4.70%, 6/2/37 (e)	Aa1/AA		13,877,459
CAD	11,600	5.60%, 6/2/35	Aa1/AA		10,609,266
CAD	17,800	6.50%, 3/8/29	Aa1/AA		17,698,591
					42,185,316
		Total Sovereign Debt Obligations (cost–$52,510,277)			52,462,303
ASSET-BACKED SECURITIES–0.7%
$	744	ACE Securities Corp., 0.488%, 12/25/36, FRN	Baa3/AAA		571,336
	212	Asset-Backed Funding Certificates, 0.498%, 1/25/37, FRN	Aaa/AAA		176,829
	820	Bear Stearns Asset Backed Securities Trust, 1.438%, 10/25/37, FRN	A1/AAA		485,965
	655	BNC Mortgage Loan Trust, 0.538%, 5/25/37, FRN	A1/BBB		492,127
		Green Tree Financial Corp.,
	423	6.22%, 3/1/30	NR/BBB		308,130
	5,454	6.53%, 2/1/31, VRN	NR/B−		2,844,235
	1,925	HSI Asset Securitization Corp. Trust, 0.548%, 4/25/37, FRN	A1/AAA		1,499,825
	583	Indymac Mortgage Loan Trust, 0.518%, 7/25/37, FRN	A2/AAA		503,179
	731	JPMorgan Mortgage Acquisition Corp., 0.518%, 3/25/37, FRN	Aaa/AAA		597,459
		Keystone Owner Trust (a)(d),
	17	8.35%, 12/25/24	Ba2/NR		16,490
	5	9.00%, 1/25/29	Ba2/NR		5,007

22 Fixed Income SHares – Series C Semi-Annual Report  4.30.09

Fixed Income SHares — Series C Schedule of Investments
April 30, 2009 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value
		MASTR Asset-Backed Securities Trust, FRN,
$	2,354	0.518%, 5/25/37	Baa2/AAA	$	1,848,464
	921	0.548%, 2/25/36	Aaa/AAA		887,151
		Merrill Lynch Mortgage Investors, Inc., FRN,
	1,601	0.508%, 8/25/36	Aaa/AAA		1,525,674
	748	0.558%, 2/25/37	Caa1/AA		381,631
	722	Morgan Stanley ABS Capital I, 0.488%, 10/25/36, FRN	Aaa/AAA		629,602
	300	Morgan Stanley Mortgage Loan Trust, 0.798%, 4/25/37, FRN	Caa3/BB		114,908
	544	Nationstar Home Equity Loan Trust, 0.498%, 6/25/37, FRN	Aa2/AAA		453,886
	624	Popular ABS Mortgage Pass-Through Trust, 0.528%, 6/25/47, FRN	Ba2/AAA		477,969
	70	Residential Asset Mortgage Products, Inc., 0.538%, 8/25/46, FRN	Aaa/AAA		66,139
		Wells Fargo Home Equity Trust, FRN,
	573	0.668%, 10/25/35	Aaa/AAA		515,331
	242	0.678%, 11/25/35	Aaa/AAA		236,022
		Total Asset-Backed Securities (cost–$17,400,221)			14,637,359
Shares
CONVERTIBLE PREFERRED STOCK–0.2%
		Banking–0.2%
	6,589	Bank of America Corp., 7.25%, 12/31/49, Ser. L	B3/BB−		3,801,853
	700	Wells Fargo & Co., 7.50%, 12/31/49, Class A, Ser. L	B2/A		432,600
					4,234,453
		Insurance–0.0%
	9,050	American International Group, Inc., 8.50%, 8/1/11	Ba2/NR		46,246
		Total Convertible Preferred Stock (cost–$3,810,221)			4,280,699
PREFERRED STOCK–0.0%
		Financial Services–0.0%
	56,000	Goldman Sachs Group, Inc., 3.75%, Ser. A, FRN (cost–$1,400,000)	A3/BBB		775,600
Principal
Amount
(000)
SHORT-TERM INVESTMENTS–10.5%
Corporate Notes–2.4%
		Airlines–0.1%
$	2,500	United Air Lines, Pass Through Trust, Ser. 2001-1, 6.831%, 3/1/10, Class C (b)(f)	B2/CCC−	$	2,500,000
		Banking–0.7%
	3,500	American Express Bank FSB, 0.507%, 10/20/09, FRN	NR/A		3,403,018

4.30.09  Fixed Income SHares – Series C Semi-Annual Report 23

Fixed Income SHares — Series C Schedule of Investments
April 30, 2009 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value
		Banking (continued)
		American Express Centurion Bank, FRN,
$	4,500	0.503%, 9/22/09	A2/A	$	4,437,923
	1,350	0.608%, 12/17/09	A2/A		1,306,425
	1,000	Export-Import Bank of Korea, 1.351%, 6/1/09, FRN	A2/A		999,475
	500	Korea Development Bank, 1.317%, 4/3/10, FRN	A2/A		487,488
	2,500	National City Bank, 1.414%, 9/9/09, FRN	Aa3/A+		2,481,645
	2,000	UBS AG, 1.09%, 7/23/09, FRN	Aa2/AA+		1,992,854
					15,108,828
		Financial Services–1.1%
€	4,300	Atlas Reinsurance PLC, 5.52%, 1/10/10, FRN (a)(b)(d)	NR/BB+		5,669,607
$	3,950	Calabash Re Ltd., 12.22%, 1/8/10, FRN (a)(d)	NR/BB		3,866,049
	2,000	CIT Group, Inc., 1.394%, 6/8/09, FRN	Ba2/BBB−		1,927,820
		Ford Motor Credit Co. LLC,
	1,400	5.70%, 1/15/10	Caa1/CCC+		1,316,256
	7,700	7.375%, 10/28/09	Caa1/CCC+		7,394,764
	9,754	Lehman Brothers Holdings, Inc., 2.907%, 11/16/09 (f)	NR/NR		1,414,330
	3,800	Merrill Lynch & Co., Inc., 1.328%, 8/14/09, FRN	A2/A		3,737,319
					25,326,145
		Industrial–0.0%
	400	Siemens Financieringsmaatschappij NV, 1.288%, 8/14/09, FRN (a)(d)	A1/AA−		398,740
		Multi-Media–0.1%
	1,530	British Sky Broadcasting PLC, 8.20%, 7/15/09	Baa1/BBB		1,548,372
		Oil & Gas–0.1%
	2,675	Enterprise Products Operating L.P., 4.625%, 10/15/09	Baa3/BBB−		2,673,612
		Telecommunications–0.2%
	3,300	AT&T, Inc., 4.125%, 9/15/09	A2/A		3,331,228
	810	Sprint Capital Corp., 6.375%, 5/1/09	Ba2/BB		810,000
	100	Vodafone Group PLC, 7.75%, 2/15/10	Baa1/A−		103,742
					4,244,970
		Utilities–0.1%
	1,600	Ohio Edison Co., 5.647%, 6/15/09 (a)(d)	Baa2/BBB−		1,604,658
		Total Corporate Notes (cost–$52,430,430)			53,405,325
U.S. Treasury Bills (k)–1.8%
	39,741	0.15%-1.25%, 5/7/09-7/23/09 (cost–$39,737,127)			39,737,442

24 Fixed Income SHares – Series C Semi-Annual Report  4.30.09

Fixed Income SHares — Series C Schedule of Investments
April 30, 2009 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value
Mortgage-Backed Securities–0.0%
$	358	PNC Mortgage Acceptance Corp., 7.61%, 2/15/10, CMO (cost–$360,998)	Aaa/NR	$	360,510
Repurchase Agreements–6.3%
	20,000	Deutsche Bank, dated 4/30/09, 0.17%, due 5/1/09,
		proceeds $20,000,094; collateralized by U.S. Treasury Inflation Index Notes, 3.875%, due 4/15/29, valued at $20,331,621 including accrued interest			20,000,000
	113,300	JPMorgan Chase Bank, dated 4/30/09, 0.18%, due 5/1/09,
		proceeds $113,300,567; collateralized by Fannie Mae, 3.875%, due 7/12/13, valued at $115,949,200 including accrued interest			113,300,000
	6,117	State Street Bank & Trust Co., dated 4/30/09, 0.01%, due
		5/1/09, proceeds $6,117,002; collateralized by U.S. Treasury Bills, 0.081%, due 8/13/09, valued at $6,243,127 including accrued interest			6,117,000
		Total Repurchase Agreements (cost–$139,417,000)			139,417,000
		Total Short-Term Investments (cost–$231,945,555)			232,920,277
Contracts/
Notional
Amount
OPTIONS PURCHASED (l)–0.7%
		Call Options–0.3%
		2-Year Interest Rate Swap (OTC),
		Pay 3-Month USD-LIBOR Floating Rate Index,
	14,900,000	strike rate 5.00%, expires 8/28/09			956,325
		Euro versus Japanese Yen (OTC),
	9,000,000	strike price $148.40, expires 6/3/10			284,421
		Euro versus U.S. Dollar (OTC),
	28,600,000	strike price $1.38, expires 5/21/10			1,526,942
	19,000,000	strike price $1.38, expires 6/3/10			1,033,638
		U.S. Dollar versus Japanese Yen (OTC),
	10,200,000	strike price $104, expires 3/17/10			213,313
	5,000,000	strike price $105.20, expires 3/31/10			87,545
	20,000,000	strike price $105.40, expires 3/31/10			338,560
	109,900,000	strike price $106, expires 3/31/10			1,695,647
					6,136,391
		Put Options–0.4%
		Euro versus Japanese Yen (OTC),
	9,000,000	strike price $148.40, expires 6/3/10			2,019,198
		Euro versus U.S. Dollar (OTC),
	28,600,000	strike price $1.38, expires 5/21/10			3,012,312
	19,000,000	strike price $1.38, expires 6/3/10			2,017,677

4.30.09  Fixed Income SHares – Series C Semi-Annual Report 25

Fixed Income SHares — Series C Schedule of Investments
April 30, 2009 (unaudited)

Contracts/
Notional
Amount				Value
		Put Options (continued)
		Fannie Mae (OTC),
	100,000,000	strike price $90, expires 6/4/09		$	1
		Ginnie Mae (OTC),
	150,000,000	strike price $93, expires 6/11/09			1
		U.S. Dollar versus Japanese Yen (OTC),
	10,200,000	strike price $104, expires 3/17/10			836,084
	5,000,000	strike price $105.20, expires 3/31/10			454,890
	20,000,000	strike price $105.40, expires 3/31/10			1,848,400
					10,188,563
		Total Options Purchased (cost–$10,446,405)			16,324,954
		Total Investments before options written (cost–$3,565,071,494)–145.7%			3,230,435,006
OPTIONS WRITTEN (l)–(0.1)%
		Call Options–(0.0)%
		Citigroup, Inc. (CBOE),
	4,560	strike price $3, expires 9/19/09			(310,080	)
		U.S. Treasury Notes 10 yr. Futures (CBOT),
	390	strike price $126, expires 5/22/09			(26,228	)
					(336,308	)
		Put Options–(0.1)%
		5-Year Interest Rate Swap (OTC),
		Pay 3-Month USD-LIBOR Floating Rate Index,
	355,000,000	strike rate 2.75%, expires 5/22/09			(977,989	)
		7-Year Interest Rate Swap (OTC),
		Pay 3-Month USD-LIBOR Floating Rate Index,
	127,000,000	strike rate 3.10%, expires 5/22/09			(542,620	)
	1,100,000	strike rate 3.50%, expires 6/22/09			(3,636	)
		Euro versus U.S. Dollar (OTC),
	109,900,000	strike price $80, expires 3/31/10			(1,410,127	)
		Financial Futures Euro–90 day (CME),
	58	strike price $98.50, expires 9/14/09			(6,525	)
					(2,940,897	)
		Total Options Written (premiums received–$5,647,855)			(3,277,205	)
		Total Investments net of options written (cost–$3,559,423,639)	145.6%		3,227,157,801
		Other liabilities in excess of other assets	(45.6)		(1,010,301,576	)
		Net Assets	100.0%	$	2,216,856,225

26 Fixed Income SHares – Series C Semi-Annual Report  4.30.09

Fixed Income SHares — Series H Schedule of Investments
April 30, 2009 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value
MUNICIPAL BONDS–90.8%
		Arizona–9.9%
$	100	Apache Cnty. Industrial Dev. Auth. Pollution Control Rev., Tucson Electric Power Co. Project, 5.875%, 3/1/33	Baa3/BBB−	$	83,320
	100	Health Facs. Auth. Rev., Beatitudes Campus Project, 5.20%, 10/1/37	NR/NR		54,993
	100	Pima Cnty. Industrial Dev. Auth. Rev., Choice Education and Dev. Corp. Project, 6.375%, 6/1/36	NR/NR		71,597
					209,910
		California–7.6%
	100	Educational Facs. Auth. Rev., Chapman Univ., 0.35%, 10/1/36, VRN Ser. A	Aa3/NR		100,000
	100	Statewide Communities Dev. Auth. Rev., Baptist Univ., 5.50%, 11/1/38, Ser. A	NR/NR		60,620
					160,620
		Colorado–2.9%
	100	Health Facs. Auth. Rev., Volunteers of America, 5.25%, 7/1/27, Ser. A	NR/NR		61,868
		Florida–3.2%
	100	Sarasota Cnty. Health Fac. Auth. Rev., 5.75%, 7/1/37	NR/NR		66,830
		Illinois–3.1%
	100	Finance Auth. Rev., Dekalb Supportive Living, 6.10%, 12/1/41 (n)	NR/NR		65,734
		Indiana–3.1%
	100	Vigo Cnty. Hospital Auth. Rev., Union Hospital, Inc., 5.70%, 9/1/37 (a)(d)	NR/NR		66,568
		Iowa–2.6%
	100	Finance Auth. Rev., Deerfield Retirement Community, Inc., 5.50%, 11/15/37, Ser. A	NR/NR		55,826
		Maryland–6.4%
		Health & Higher Educational Facs. Auth. Rev.,
	100	King Farm Presbyterian Community, 5.30%, 1/1/37, Ser. A	NR/NR		54,297
	100	Washington Cnty. Hospital, 6.00%, 1/1/43	NR/BBB−		80,848
					135,145
		Michigan–9.6%
	100	Kalamazoo Economic Dev. Corp. Rev., Heritage Community, 5.50%, 5/15/36	NR/NR		63,937
	95	Meridian Economic Dev. Corp. Rev., Burcham Hills, 5.25%, 7/1/26, Ser. A-1	NR/NR		63,472
	100	Tobacco Settlement Finance Auth. Rev., 5.125%, 6/1/22, Ser. A	NR/BBB		76,766
					204,175
		Missouri–3.1%
	100	Branson Regional Airport Transportation Dev. Dist. Rev., 6.00%, 7/1/25, Ser. B (n)	NR/NR		66,535

4.30.09  Fixed Income SHares – Series H Semi-Annual Report 27

Fixed Income SHares — Series H Schedule of Investments
April 30, 2009 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value
		New Jersey–2.4%
$	100	Middlesex Cnty. Improvement Auth. Rev., Heldrich Center Hotel, 6.125%, 1/1/25, Ser. B	NR/NR	$	50,915
		New Mexico–3.4%
	100	Otero Cnty. Rev., 6.00%, 4/1/28	NR/NR		71,837
		Ohio–3.2%
	100	Buckeye Tobacco Settlement Financing Auth. Rev., 5.875%, 6/1/30, Ser. A-2	Baa3/BBB		67,486
		Pennsylvania–2.5%
	100	Allegheny Cnty. Hospital Dev. Auth. Rev., West Penn, 5.375%, 11/15/40, Ser. A	Ba3/BB		52,603
		Tennessee–3.3%
	100	Blount Cnty. Health & Educational Facs. Board Rev., Asbury, Inc., 5.125%, 4/1/23, Ser. A	NR/NR		70,400
		Texas–11.4%
	100	Maverick Cnty. Public Fac. Corp. Rev., 6.375%, 2/1/29, Ser. A-1	NR/NR		73,333
	100	North Texas Tollway Auth. Rev., 5.75%, 1/1/33, Ser. F	A3/BBB+		94,327
	100	Willacy Cnty. Rev., 6.875%, 9/1/28, Ser. A-1	NR/NR		73,507
					241,167
		Utah–6.8%
		Spanish Fork City Charter School Rev., American Leadership Academy,
	100	5.55%, 11/15/21 (a)(d)	NR/NR		75,248
	100	Utah Cnty. Lincoln Academy Charter School Rev., GO, 5.875%, 6/15/37, Ser. A (a)(d)	NR/NR		70,168
					145,416
		Virginia–3.1%
	100	Lewistown Commerce Center Community Dev. Auth. Rev., 6.05%, 3/1/27	NR/NR		65,080
		Wisconsin–3.2%
	100	Milwaukee Redev. Auth. Rev., Academy of Learning, 5.65%, 8/1/37, Ser. A	NR/NR		67,410
		Total Municipal Bonds (cost–$2,784,761)			1,925,525
VARIABLE RATE DEMAND NOTE (o)–4.7%
		District of Columbia 4.7%
	100	District of Columbia Rev., The American Univ., 0.45%, 5/1/09 VRN (cost–$100,000)	VMIG1/NR		100,000
Shares
MONEY MARKET FUND–2.8%
	59,000	SSgA Tax Free Money Market Fund (cost–$59,000)			59,000
		Total Investments (cost–$2,943,761)	98.3%		2,084,525
		Other assets less liabilities	1.7		36,439
		Net Assets	100.0%	$	2,120,964

28 Fixed Income SHares – Series H Semi-Annual Report  4.30.09

Fixed Income SHares — Series M Schedule of Investments
April 30, 2009 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value
U.S. GOVERNMENT AGENCY SECURITIES–316.1%
		Fannie Mae–138.5%
$	6,100	0.638%, 10/27/37, CMO, FRN	Aaa/AAA	$	5,602,633
	83	0.919%, 8/25/21, CMO, FRN	Aaa/AAA		81,786
	52	3.705%, 5/1/17, FRN, MBS (m)	Aaa/AAA		51,620
	58	3.764%, 6/1/20, FRN, MBS (m)	Aaa/AAA		57,535
	831	3.977%, 1/1/22, FRN, MBS (m)	Aaa/AAA		824,260
	3,653	4.00%, 11/25/19, CMO	Aaa/AAA		3,690,602
	30,000	4.00%, MBS, TBA (e)	Aaa/AAA		30,318,750
	1,569	4.001%, 1/1/20, FRN, MBS (m)	Aaa/AAA		1,554,538
	61	4.007%, 1/1/18, FRN, MBS (m)	Aaa/AAA		59,636
	84	4.05%, 5/1/18, FRN, MBS (m)	Aaa/AAA		84,000
	763	4.063%, 5/1/28, FRN, MBS (m)	Aaa/AAA		754,551
	510	4.388%, 10/1/34, FRN, MBS (m)	Aaa/AAA		518,657
	3,210	4.47%, 1/1/34, FRN, MBS (m)	Aaa/AAA		3,217,922
	270	4.50%, 11/25/14, CMO	Aaa/AAA		271,780
	1,597	4.50%, 7/1/21, MBS (m)	Aaa/AAA		1,643,403
	265	4.50%, 12/1/21, MBS (m)	Aaa/AAA		272,155
	546	4.50%, 1/1/22, MBS (m)	Aaa/AAA		562,335
	28	4.50%, 2/1/22, MBS (m)	Aaa/AAA		28,969
	6,135	4.50%, 4/1/22, MBS (m)	Aaa/AAA		6,313,206
	24,856	4.50%, 5/1/22, MBS (m)	Aaa/AAA		25,576,956
	1,009	4.50%, 6/1/22, MBS (m)	Aaa/AAA		1,038,334
	4,329	4.50%, 7/1/22, MBS (m)	Aaa/AAA		4,454,653
	100	4.50%, 5/1/23, MBS (k)	Aaa/AAA		102,427
	9,160	4.50%, 1/25/25, CMO	Aaa/AAA		9,239,265
	8,500	4.50%, 11/25/26, CMO	Aaa/AAA		8,580,342
	2,826	4.50%, 10/25/34, CMO	Aaa/AAA		2,685,123
	157,000	4.50%, MBS, TBA (e)	Aaa/AAA		159,845,625
	420	4.53%, 12/1/34, FRN, MBS (m)	Aaa/AAA		429,121
	250	4.54%, 12/1/32, FRN, MBS (m)	Aaa/AAA		253,428
	4,210	4.617%, 11/1/35, FRN, MBS (m)	Aaa/AAA		4,308,184
	480	4.65%, 9/1/32, FRN, MBS (m)	Aaa/AAA		480,544
	17	4.725%, 11/1/32, FRN, MBS	Aaa/AAA		17,658
	328	4.737%, 5/1/33, FRN, MBS (m)	Aaa/AAA		327,521
	721	4.774%, 4/1/35, FRN, MBS (m)	Aaa/AAA		738,490
	61	4.821%, 10/1/32, FRN, MBS (m)	Aaa/AAA		62,752
	268	4.852%, 1/1/33, FRN, MBS (m)	Aaa/AAA		271,901
	33	4.871%, 9/1/32, FRN, MBS (m)	Aaa/AAA		34,254
	896	4.889%, 1/1/33, FRN, MBS (m)	Aaa/AAA		916,806
	1,648	5.00%, 9/25/14, CMO	Aaa/AAA		1,740,871

4.30.09  Fixed Income SHares – Series M Semi-Annual Report 29

Fixed Income SHares — Series M Schedule of Investments
April 30, 2009 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value
		Fannie Mae (continued)
$	174	5.00%, 1/25/16, CMO	Aaa/AAA	$	175,382
	341	5.00%, 1/1/17, MBS (m)	Aaa/AAA		355,534
	226	5.00%, 9/1/17, MBS (m)	Aaa/AAA		234,283
	62	5.00%, 11/1/17, MBS (m)	Aaa/AAA		64,958
	19	5.00%, 12/1/17, MBS	Aaa/AAA		19,492
	158	5.00%, 4/1/18, MBS (m)	Aaa/AAA		164,943
	253	5.00%, 6/1/18, MBS (m)	Aaa/AAA		259,564
	23	5.00%, 9/1/18, MBS	Aaa/AAA		23,332
	1,992	5.00%, 6/1/19, MBS (m)	Aaa/AAA		2,073,354
	2,147	5.00%, 7/1/19, MBS (m)	Aaa/AAA		2,234,404
	4,810	5.00%, 8/1/19, MBS (m)	Aaa/AAA		5,005,346
	3,459	5.00%, 9/1/19, MBS (m)	Aaa/AAA		3,598,867
	1,578	5.00%, 10/1/19, MBS (m)	Aaa/AAA		1,641,979
	1,624	5.00%, 7/1/20, MBS (m)	Aaa/AAA		1,686,190
	2,752	5.00%, 7/25/20, CMO	Aaa/AAA		2,821,953
	5,307	5.00%, 8/1/20, MBS (m)	Aaa/AAA		5,522,514
	2,213	5.00%, 10/1/20, MBS (m)	Aaa/AAA		2,297,457
	2,176	5.00%, 11/1/20, MBS (m)	Aaa/AAA		2,259,110
	722	5.00%, 12/1/20, MBS (m)	Aaa/AAA		749,161
	2,394	5.00%, 1/1/21, MBS (m)	Aaa/AAA		2,483,519
	5,299	5.00%, 2/1/21, MBS (m)	Aaa/AAA		5,498,082
	1,244	5.00%, 3/1/21, MBS (m)	Aaa/AAA		1,289,962
	312	5.00%, 4/1/21, MBS (m)	Aaa/AAA		323,651
	1,773	5.00%, 5/1/21, MBS (m)	Aaa/AAA		1,837,903
	485	5.00%, 6/1/21, MBS (m)	Aaa/AAA		502,512
	69	5.00%, 7/1/21, MBS (m)	Aaa/AAA		71,363
	569	5.00%, 9/1/21, MBS (m)	Aaa/AAA		590,161
	1,167	5.00%, 10/1/21, MBS (m)	Aaa/AAA		1,210,539
	54	5.00%, 12/1/21, MBS (m)	Aaa/AAA		56,091
	899	5.00%, 1/1/22, MBS (m)	Aaa/AAA		932,984
	256	5.00%, 2/1/22, MBS (m)	Aaa/AAA		265,614
	1,928	5.00%, 3/1/22, MBS	Aaa/AAA		1,996,871
	904	5.00%, 4/1/22, MBS	Aaa/AAA		936,564
	2,736	5.00%, 5/1/22, MBS	Aaa/AAA		2,833,604
	1,850	5.00%, 6/1/22, MBS	Aaa/AAA		1,916,249
	976	5.00%, 7/1/22, MBS	Aaa/AAA		1,011,244
	153	5.00%, 8/1/22, MBS	Aaa/AAA		158,066
	1,903	5.00%, 1/1/23, MBS	Aaa/AAA		1,971,499
	100	5.00%, 2/1/23, MBS	Aaa/AAA		103,704
	1,070	5.00%, 3/1/23, MBS	Aaa/AAA		1,107,722

30 Fixed Income SHares – Series M Semi-Annual Report  4.30.09

Fixed Income SHares — Series M Schedule of Investments
April 30, 2009 (unaudited)

Principal
Amount				Credit Rating
(000)				(Moody’s/S&P)	Value
			Fannie Mae (continued)
$	1,360		5.00%, 4/1/23, MBS (m)	Aaa/AAA	$	1,408,967
	2,145		5.00%, 5/1/23, MBS	Aaa/AAA		2,221,809
	2,099		5.00%, 6/1/23, MBS	Aaa/AAA		2,173,614
	1,985		5.00%, 7/1/23, MBS	Aaa/AAA		2,055,579
	2,369		5.00%, 8/1/23, MBS (m)	Aaa/AAA		2,453,582
	2,797		5.00%, 9/1/23, MBS	Aaa/AAA		2,896,314
	1,840		5.00%, 10/1/23, MBS	Aaa/AAA		1,905,482
	214		5.00%, 12/1/23, MBS	Aaa/AAA		221,318
	—	(h)	5.00%, 11/1/33, MBS	Aaa/AAA		44
	527,988		5.00%, 6/1/35, MBS (m)	Aaa/AAA		544,620,838
	26,915		5.00%, 7/1/35, MBS (m)	Aaa/AAA		27,801,071
	13,792		5.00%, 12/1/36, MBS (m)	Aaa/AAA		14,217,409
	692		5.00%, 2/1/37, MBS	Aaa/AAA		712,855
	4,700		5.00%, 4/1/37, MBS (k)	Aaa/AAA		4,839,721
	16,000		5.00%, 5/1/37, MBS (m)	Aaa/AAA		16,475,652
	550		5.00%, 6/1/37, MBS	Aaa/AAA		566,052
	2,692		5.00%, 7/1/37, MBS (m)	Aaa/AAA		2,771,830
	16,766		5.00%, 9/1/37, MBS (m)	Aaa/AAA		17,267,870
	12,659		5.00%, 1/1/38, MBS (m)	Aaa/AAA		13,034,723
	16,000		5.00%, 2/1/38, MBS (m)	Aaa/AAA		16,475,652
	31,828		5.00%, 3/1/38, MBS (m)	Aaa/AAA		32,773,643
	41,224		5.00%, 4/1/38, MBS (m)	Aaa/AAA		42,449,868
	26,329		5.00%, 5/1/38, MBS (m)	Aaa/AAA		27,111,558
	1,645		5.00%, 6/1/38, MBS (m)	Aaa/AAA		1,693,787
	16,006		5.00%, 7/1/38, MBS (m)	Aaa/AAA		16,482,016
	336		5.00%, 8/1/38, MBS	Aaa/AAA		345,492
	16,000		5.00%, 10/1/38, MBS (m)	Aaa/AAA		16,475,652
	28,580		5.00%, 11/1/38, MBS (m)	Aaa/AAA		29,429,904
	15,651		5.00%, 12/1/38, MBS	Aaa/AAA		16,116,534
	3,806		5.00%, 1/1/39, MBS (k)	Aaa/AAA		3,919,048
	946		5.00%, 4/1/39, MBS	Aaa/AAA		973,591
	15,000		5.00%, MBS, TBA (e)	Aaa/AAA		15,428,910
	729		5.024%, 2/1/33, FRN, MBS (m)	Aaa/AAA		746,775
	143		5.095%, 9/1/27, FRN, MBS (k)	Aaa/AAA		145,087
	656		5.172%, 9/1/35, FRN, MBS (m)	Aaa/AAA		662,276
	434		5.323%, 5/1/34, FRN, MBS (m)	Aaa/AAA		438,767
	34		5.344%, 3/25/41, CMO, FRN	Aaa/AAA		34,825
	30		5.473%, 5/25/42, CMO, FRN	Aaa/AAA		31,084
	113		5.50%, 4/1/16, MBS (m)	Aaa/AAA		118,797
	42		5.50%, 7/1/16, MBS (m)	Aaa/AAA		43,800

4.30.09  Fixed Income SHares – Series M Semi-Annual Report 31

Fixed Income SHares — Series M Schedule of Investments
April 30, 2009 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value
		Fannie Mae (continued)
$	18	5.50%, 1/1/17, MBS	Aaa/AAA	$	18,996
	83	5.50%, 9/1/17, MBS (m)	Aaa/AAA		86,515
	40	5.50%, 10/1/17, MBS (m)	Aaa/AAA		42,039
	68	5.50%, 11/1/17, MBS (m)	Aaa/AAA		71,750
	23	5.50%, 1/1/18, MBS	Aaa/AAA		24,620
	56	5.50%, 2/1/18, MBS (m)	Aaa/AAA		58,399
	114	5.50%, 4/1/18, MBS (m)	Aaa/AAA		120,008
	51	5.50%, 11/1/18, MBS (m)	Aaa/AAA		53,870
	108	5.50%, 12/1/18, MBS (m)	Aaa/AAA		113,526
	46	5.50%, 1/1/19, MBS (m)	Aaa/AAA		48,412
	28	5.50%, 4/1/19, MBS (m)	Aaa/AAA		29,249
	30	5.50%, 8/1/19, MBS (m)	Aaa/AAA		31,219
	64	5.50%, 9/1/19, MBS (m)	Aaa/AAA		66,851
	43	5.50%, 10/1/19, MBS (m)	Aaa/AAA		44,936
	20	5.50%, 3/1/20, MBS	Aaa/AAA		21,093
	26	5.50%, 6/1/20, MBS (m)	Aaa/AAA		27,551
	12	5.50%, 7/1/20, MBS	Aaa/AAA		12,813
	1,113	5.50%, 2/25/24, CMO	Aaa/AAA		1,174,839
	780	5.50%, 10/1/32, MBS (m)	Aaa/AAA		812,492
	1,224	5.50%, 11/1/32, MBS (m)	Aaa/AAA		1,274,713
	96	5.50%, 12/1/32, MBS (m)	Aaa/AAA		100,275
	2,268	5.50%, 1/1/33, MBS (m)	Aaa/AAA		2,361,716
	2,255	5.50%, 2/1/33, MBS (m)	Aaa/AAA		2,347,276
	338	5.50%, 3/1/33, MBS (m)	Aaa/AAA		352,037
	4,326	5.50%, 4/1/33, MBS (m)	Aaa/AAA		4,500,684
	1,203	5.50%, 5/1/33, MBS (m)	Aaa/AAA		1,251,620
	15,433	5.50%, 6/1/33, MBS (m)	Aaa/AAA		16,059,302
	13,431	5.50%, 7/1/33, MBS (m)	Aaa/AAA		13,975,543
	459	5.50%, 8/1/33, MBS (m)	Aaa/AAA		477,975
	2,681	5.50%, 9/1/33, MBS (m)	Aaa/AAA		2,789,934
	50	5.50%, 10/1/33, MBS (m)	Aaa/AAA		52,477
	52	5.50%, 11/1/33, MBS (m)	Aaa/AAA		53,883
	3,117	5.50%, 12/1/33, MBS (m)	Aaa/AAA		3,243,618
	5,943	5.50%, 1/1/34, MBS (m)	Aaa/AAA		6,183,584
	291	5.50%, 2/1/34, MBS (m)	Aaa/AAA		303,068
	320	5.50%, 3/1/34, MBS (m)	Aaa/AAA		332,705
	17	5.50%, 4/1/34, MBS	Aaa/AAA		18,112
	843	5.50%, 5/1/34, MBS (m)	Aaa/AAA		876,096
	404	5.50%, 1/1/35, MBS (m)	Aaa/AAA		419,784
	1,036	5.50%, 2/1/35, MBS (m)	Aaa/AAA		1,078,529

32 Fixed Income SHares – Series M Semi-Annual Report  4.30.09

Fixed Income SHares — Series M Schedule of Investments
April 30, 2009 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value
		Fannie Mae (continued)
$	403	5.50%, 3/1/36, MBS ((m)	Aaa/AAA	$	418,637
	439	5.50%, 7/1/36, MBS (m)	Aaa/AAA		455,487
	1,633	5.50%, 8/1/36, MBS (m)	Aaa/AAA		1,694,471
	27,857	5.50%, 9/1/36, MBS (m)	Aaa/AAA		28,965,353
	2,242	5.50%, 10/1/36, MBS (m)	Aaa/AAA		2,326,268
	23,603	5.50%, 11/1/36, MBS (k)(m)	Aaa/AAA		24,489,748
	22,094	5.50%, 12/1/36, MBS (k)(m)	Aaa/AAA		22,924,175
	16,742	5.50%, 1/1/37, MBS (m)	Aaa/AAA		17,370,618
	78,730	5.50%, 2/1/37, MBS (m)	Aaa/AAA		81,684,004
	10,503	5.50%, 3/1/37, MBS (m)	Aaa/AAA		10,894,456
	30,788	5.50%, 4/1/37, MBS (m)	Aaa/AAA		31,936,611
	28,538	5.50%, 5/1/37, MBS (m)	Aaa/AAA		29,601,931
	13,981	5.50%, 6/1/37, MBS (m)	Aaa/AAA		14,506,752
	479	5.50%, 4/1/38, MBS (m)	Aaa/AAA		496,995
	60	5.50%, 5/1/38, MBS (m)	Aaa/AAA		62,512
	2,617	5.50%, 6/1/38, MBS (m)	Aaa/AAA		2,714,857
	14,160	5.50%, 8/1/38, MBS (m)	Aaa/AAA		14,688,295
	32,323	5.50%, 9/1/38, MBS (m)	Aaa/AAA		33,528,479
	840,800	5.50%, MBS, TBA (e)	Aaa/AAA		869,401,335
	28	6.00%, 8/1/22, MBS	Aaa/AAA		28,943
	29	6.00%, 9/1/22, MBS	Aaa/AAA		30,757
	274	6.00%, 6/1/23, MBS (m)	Aaa/AAA		288,505
	400	6.00%, 8/1/23, MBS	Aaa/AAA		420,345
	943	6.00%, 12/1/23, MBS	Aaa/AAA		991,162
	181	6.00%, 8/1/26, MBS (m)	Aaa/AAA		190,233
	5,616	6.00%, 10/1/26, MBS (m)	Aaa/AAA		5,904,978
	15,919	6.00%, 12/1/26, MBS (m)	Aaa/AAA		16,738,923
	8,591	6.00%, 3/1/27, MBS (m)	Aaa/AAA		9,012,925
	6,021	6.00%, 5/1/27, MBS (m)	Aaa/AAA		6,316,768
	7,093	6.00%, 6/1/27, MBS (m)	Aaa/AAA		7,441,387
	11,101	6.00%, 7/1/27, MBS (m)	Aaa/AAA		11,646,359
	4,067	6.00%, 8/1/27, MBS (m)	Aaa/AAA		4,266,700
	3,641	6.00%, 9/1/27, MBS (m)	Aaa/AAA		3,819,873
	1,028	6.00%, 10/1/27, MBS (m)	Aaa/AAA		1,078,446
	62	6.00%, 7/1/29, MBS (m)	Aaa/AAA		65,147
	337	6.00%, 12/1/31, MBS (m)	Aaa/AAA		356,410
	15	6.00%, 1/1/33, MBS	Aaa/AAA		15,586
	76	6.00%, 6/1/33, MBS (m)	Aaa/AAA		79,883
	13	6.00%, 3/1/34, MBS	Aaa/AAA		13,853
	21	6.00%, 6/1/34, MBS	Aaa/AAA		22,592

4.30.09  Fixed Income SHares – Series M Semi-Annual Report 33

Fixed Income SHares — Series M Schedule of Investments
April 30, 2009 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value
		Fannie Mae (continued)
$	28	6.00%, 7/1/34, MBS (m)	Aaa/AAA	$	29,810
	83	6.00%, 8/1/34, MBS (m)	Aaa/AAA		86,670
	102	6.00%, 9/1/34, MBS (m)	Aaa/AAA		107,022
	948	6.00%, 10/1/34, MBS (m)	Aaa/AAA		997,828
	683	6.00%, 1/1/35, MBS (m)	Aaa/AAA		718,315
	122	6.00%, 2/1/35, MBS (m)	Aaa/AAA		127,411
	97	6.00%, 4/1/35, MBS (m)	Aaa/AAA		102,120
	240	6.00%, 5/1/35, MBS (m)	Aaa/AAA		252,107
	2,563	6.00%, 7/1/35, MBS (m)	Aaa/AAA		2,686,528
	12,111	6.00%, 8/1/35, MBS (m)	Aaa/AAA		12,696,874
	100	6.00%, 9/1/35, MBS (m)	Aaa/AAA		104,609
	2,199	6.00%, 10/1/35, MBS (k)(m)	Aaa/AAA		2,304,761
	7,247	6.00%, 11/1/35, MBS (m)	Aaa/AAA		7,602,517
	6,534	6.00%, 12/1/35, MBS (m)	Aaa/AAA		6,850,365
	2,006	6.00%, 1/1/36, MBS (m)	Aaa/AAA		2,102,435
	2,246	6.00%, 4/1/36, MBS (m)	Aaa/AAA		2,355,342
	62	6.00%, 5/1/36, MBS (m)	Aaa/AAA		64,887
	1,749	6.00%, 6/1/36, MBS (m)	Aaa/AAA		1,832,094
	19,215	6.00%, 7/1/36, MBS (m)	Aaa/AAA		20,127,560
	11,784	6.00%, 8/1/36, MBS (m)	Aaa/AAA		12,343,317
	24,758	6.00%, 9/1/36, MBS (k)(m)	Aaa/AAA		25,973,776
	3,004	6.00%, 10/1/36, MBS (k)(m)	Aaa/AAA		3,146,899
	778	6.00%, 11/1/36, MBS (m)	Aaa/AAA		815,144
	4,043	6.00%, 12/1/36, MBS (k)(m)	Aaa/AAA		4,234,616
	4,376	6.00%, 1/1/37, MBS (m)	Aaa/AAA		4,602,596
	350	6.00%, 2/1/37, MBS (m)	Aaa/AAA		366,122
	2,462	6.00%, 3/1/37, MBS (k)(m)	Aaa/AAA		2,576,582
	182	6.00%, 4/1/37, MBS (m)	Aaa/AAA		190,556
	1,269	6.00%, 5/1/37, MBS (m)	Aaa/AAA		1,327,847
	917	6.00%, 6/1/37, MBS (m)	Aaa/AAA		959,940
	2,452	6.00%, 7/1/37, MBS (m)	Aaa/AAA		2,574,727
	909	6.00%, 8/1/37, MBS (m)	Aaa/AAA		951,803
	4,952	6.00%, 9/1/37, MBS (m)	Aaa/AAA		5,182,978
	7,967	6.00%, 12/1/37, MBS (m)	Aaa/AAA		8,338,579
	7,235	6.00%, 1/1/38, MBS (m)	Aaa/AAA		7,572,480
	4,337	6.00%, 2/1/38, MBS (m)	Aaa/AAA		4,539,292
	61	6.00%, 3/1/38, MBS (m)	Aaa/AAA		64,376
	794	6.00%, 4/1/38, MBS (m)	Aaa/AAA		830,646
	5,428	6.00%, 6/1/38, MBS (m)	Aaa/AAA		5,680,978
	1,776	6.00%, 7/1/38, MBS (m)	Aaa/AAA		1,859,098

34 Fixed Income SHares – Series M Semi-Annual Report  4.30.09

Fixed Income SHares — Series M Schedule of Investments
April 30, 2009 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value
		Fannie Mae (continued)
$	2,677	6.00%, 8/1/38, MBS (k)(m)	Aaa/AAA	$	2,801,448
	1,063	6.00%, 9/1/38, MBS (m)	Aaa/AAA		1,112,902
	44,244	6.00%, 10/1/38, MBS (m)	Aaa/AAA		46,305,671
	18,300	6.00%, MBS, TBA (e)	Aaa/AAA		19,132,083
	4	6.50%, 4/1/24, MBS	Aaa/AAA		3,930
	103	6.50%, 1/1/25, MBS (k)	Aaa/AAA		109,890
	4	6.50%, 1/1/26, MBS	Aaa/AAA		4,637
	6	6.50%, 5/1/26, MBS	Aaa/AAA		6,086
	223	6.50%, 7/18/27, CMO	Aaa/AAA		242,515
	68	6.50%, 12/1/28, MBS (m)	Aaa/AAA		71,894
	143	6.50%, 1/1/29, MBS (k)	Aaa/AAA		153,532
	13	6.50%, 10/1/31, MBS	Aaa/AAA		13,818
	136	6.50%, 2/1/32, MBS (k)	Aaa/AAA		146,257
	5	6.50%, 3/1/32, MBS	Aaa/AAA		5,779
	102	6.50%, 7/1/32, MBS (m)	Aaa/AAA		109,758
	959	6.50%, 8/1/32, MBS (m)	Aaa/AAA		1,029,079
	3	6.50%, 9/1/32, MBS	Aaa/AAA		3,148
	231	6.50%, 11/1/32, MBS (m)	Aaa/AAA		247,119
	211	6.50%, 9/1/33, MBS (m)	Aaa/AAA		226,359
	142	6.50%, 10/1/33, MBS (k)	Aaa/AAA		151,495
	1,111	6.50%, 7/1/34, MBS (m)	Aaa/AAA		1,182,277
	981	6.50%, 8/1/34, MBS (m)	Aaa/AAA		1,045,380
	3,403	6.50%, 9/1/34, MBS (m)	Aaa/AAA		3,627,747
	3,038	6.50%, 12/1/34, MBS (m)	Aaa/AAA		3,238,187
	3,361	6.50%, 6/1/35, MBS (m)	Aaa/AAA		3,582,479
	80	6.50%, 10/1/35, MBS (m)	Aaa/AAA		84,814
	13	6.50%, 11/1/35, MBS	Aaa/AAA		14,210
	763	6.50%, 3/1/36, MBS (m)	Aaa/AAA		809,450
	3,369	6.50%, 4/1/36, MBS (m)	Aaa/AAA		3,575,055
	712	6.50%, 5/1/36, MBS (m)	Aaa/AAA		754,753
	2,147	6.50%, 6/1/36, MBS (m)	Aaa/AAA		2,278,161
	1,077	6.50%, 7/1/36, MBS (m)	Aaa/AAA		1,142,815
	5,729	6.50%, 8/1/36, MBS (m)	Aaa/AAA		6,079,743
	13,968	6.50%, 9/1/36, MBS (m)	Aaa/AAA		14,821,921
	7,404	6.50%, 10/1/36, MBS (m)	Aaa/AAA		7,856,768
	415	6.50%, 11/1/36, MBS (m)	Aaa/AAA		440,485
	2,159	6.50%, 12/1/36, MBS (m)	Aaa/AAA		2,291,040
	12,433	6.50%, 1/1/37, MBS (m)	Aaa/AAA		13,193,049
	617	6.50%, 2/1/37, MBS (m)	Aaa/AAA		654,467
	188	6.50%, 3/1/37, MBS (m)	Aaa/AAA		199,890

4.30.09  Fixed Income SHares – Series M Semi-Annual Report 35

Fixed Income SHares — Series M Schedule of Investments
April 30, 2009 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value
		Fannie Mae (continued)
$	12,244	6.50%, 4/1/37, MBS (m)	Aaa/AAA	$	12,991,781
	733	6.50%, 5/1/37, MBS (m)	Aaa/AAA		777,284
	193	6.50%, 6/1/37, MBS (m)	Aaa/AAA		205,055
	1,685	6.50%, 7/1/37, MBS (m)	Aaa/AAA		1,787,883
	54	6.50%, 8/1/37, MBS (m)	Aaa/AAA		57,177
	13,814	6.50%, 9/1/37, MBS (k)(m)	Aaa/AAA		14,657,442
	2,226	6.50%, 10/1/37, MBS (m)	Aaa/AAA		2,361,514
	5,477	6.50%, 11/1/37, MBS (m)	Aaa/AAA		5,811,009
	74	6.50%, 12/1/37, MBS (m)	Aaa/AAA		78,455
	114	6.50%, 6/1/38, MBS (m)	Aaa/AAA		121,063
	65	6.50%, 9/1/38, MBS (m)	Aaa/AAA		68,639
	17,069	6.50%, 10/1/38, MBS (m)	Aaa/AAA		18,110,707
	143,900	6.50%, MBS, TBA (e)	Aaa/AAA		152,466,655
	598	7.00%, 11/1/38, MBS (m)	Aaa/AAA		640,097
	123	7.01%, 8/1/22, MBS (k)	Aaa/AAA		131,853
	57	7.01%, 11/1/22, MBS (m)	Aaa/AAA		61,658
	19	7.50%, 9/1/30, MBS	Aaa/AAA		20,315
	26	7.50%, 12/1/30, MBS (m)	Aaa/AAA		28,641
	3	7.50%, 7/1/31, MBS	Aaa/AAA		2,929
	56	7.50%, 8/1/31, MBS (m)	Aaa/AAA		60,578
	60	7.50%, 11/1/31, MBS (m)	Aaa/AAA		64,980
	10	7.925%, 2/1/25, FRN, MBS	Aaa/AAA		10,211
	242	11.00%, 7/15/20, MBS (m)	Aaa/AAA		278,311
					3,037,468,919
		Freddie Mac–50.5%
	6,899	0.851%, 8/15/32, CMO, FRN	Aaa/AAA		6,793,414
	652	0.901%, 9/15/16, CMO, FRN	Aaa/AAA		643,160
	130	0.901%, 8/15/29, CMO, FRN	Aaa/AAA		127,998
	76	0.901%, 12/15/31, CMO, FRN	Aaa/AAA		75,129
	22	0.951%, 9/15/30, CMO, FRN	Aaa/AAA		21,776
	33	1.001%, 3/15/32, CMO, FRN	Aaa/AAA		33,073
	83	1.15%, 3/15/20, CMO, FRN	Aaa/AAA		82,031
	223	1.15%, 2/15/24, CMO, FRN	Aaa/AAA		222,734
	15	1.20%, 10/15/19, CMO, FRN	Aaa/AAA		15,302
	213	1.45%, 12/15/13, CMO, FRN	Aaa/AAA		212,265
	128	1.65%, 9/15/22, CMO, FRN	Aaa/AAA		127,917
	36	1.85%, 8/15/23, CMO, FRN	Aaa/AAA		36,642
	172	3.297%, 4/1/32, FRN, MBS (k)	Aaa/AAA		171,333
	869	3.502%, 5/1/34, FRN, MBS (m)	Aaa/AAA		870,345

36 Fixed Income SHares – Series M Semi-Annual Report  4.30.09

Fixed Income SHares — Series M Schedule of Investments
April 30, 2009 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value
		Freddie Mac (continued)
$	12	3.973%, 1/1/33, FRN, MBS	Aaa/AAA	$	11,489
	342	4.059%, 3/1/32, FRN, MBS (m)	Aaa/AAA		343,027
	212	4.134%, 2/1/33, FRN, MBS (m)	Aaa/AAA		214,324
	193	4.478%, 1/1/32, FRN, MBS (k)	Aaa/AAA		195,678
	45	4.50%, 5/15/18, CMO	Aaa/AAA		47,046
	332	4.69%, 2/1/29, FRN, MBS (m)	Aaa/AAA		336,354
	2,232	4.893%, 10/1/35, FRN, MBS (m)	Aaa/AAA		2,291,315
	10,335	4.93%, 6/1/35, FRN, MBS (m)	Aaa/AAA		10,595,748
	69	4.971%, 8/1/29, FRN, MBS (m)	Aaa/AAA		69,449
	37,000	5.00%, 1/15/25, CMO	Aaa/AAA		38,693,778
	12,000	5.00%, 2/15/25, CMO	Aaa/AAA		12,629,287
	58	5.00%, 7/1/34, MBS (m)	Aaa/AAA		59,345
	319	5.00%, 4/1/35, MBS (m)	Aaa/AAA		328,714
	369	5.00%, 11/1/36, MBS (m)	Aaa/AAA		380,516
	823	5.00%, 1/1/37, MBS (m)	Aaa/AAA		847,658
	100	5.00%, MBS, TBA (e)	Aaa/AAA		102,797
	23	5.135%, 7/1/29, FRN, MBS	Aaa/AAA		22,950
	237	5.139%, 10/1/32, FRN, MBS (m)	Aaa/AAA		238,938
	418	5.187%, 10/1/32, FRN, MBS (m)	Aaa/AAA		420,612
	20	5.21%, 7/1/32, FRN, MBS	Aaa/AAA		20,403
	193	5.25%, 8/1/32, FRN, MBS (k)	Aaa/AAA		195,580
	2,247	5.50%, 3/15/34, CMO	Aaa/AAA		2,341,426
	326	5.50%, 1/1/35, MBS (m)	Aaa/AAA		338,787
	5,189	5.50%, 2/1/35, MBS (m)	Aaa/AAA		5,389,118
	184	5.50%, 3/1/35, MBS (m)	Aaa/AAA		190,460
	2,800	5.50%, 4/15/35, CMO	Aaa/AAA		2,924,601
	735	5.50%, 6/1/35, MBS (m)	Aaa/AAA		762,373
	3,169	5.50%, 5/15/36, CMO	Aaa/AAA		3,300,748
	1,465	5.50%, 7/1/36, MBS (m)	Aaa/AAA		1,517,860
	740	5.50%, 4/1/37, MBS (m)	Aaa/AAA		766,409
	14,362	5.50%, 7/1/37, MBS (m)	Aaa/AAA		14,872,660
	78	5.50%, 8/1/37, MBS (m)	Aaa/AAA		81,257
	877	5.50%, 9/1/37, MBS (m)	Aaa/AAA		908,205
	79	5.50%, 2/1/38, MBS (m)	Aaa/AAA		81,992
	47	5.50%, 3/1/38, MBS (m)	Aaa/AAA		48,186
	18,354	5.50%, 4/1/38, MBS (m)	Aaa/AAA		19,006,057
	114,107	5.50%, 9/1/38, MBS (m)	Aaa/AAA		118,161,542
	178,288	5.50%, 10/1/38, MBS (m)	Aaa/AAA		184,624,093
	800	5.50%, MBS, TBA (e)	Aaa/AAA		827,625
	30	5.533%, 8/1/32, FRN, MBS (m)	Aaa/AAA		31,036

4.30.09  Fixed Income SHares – Series M Semi-Annual Report 37

Fixed Income SHares — Series M Schedule of Investments
April 30, 2009 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value
		Freddie Mac (continued)
$	104	6.00%, 8/15/16, CMO	Aaa/AAA	$	109,861
	939	6.00%, 4/1/17, MBS (m)	Aaa/AAA		990,468
	95	6.00%, 5/1/17, MBS (m)	Aaa/AAA		100,411
	133	6.00%, 6/1/17, MBS (m)	Aaa/AAA		139,302
	239	6.00%, 7/1/17, MBS (k)(m)	Aaa/AAA		252,232
	49,011	6.00%, 10/1/26, MBS (m)	Aaa/AAA		51,439,377
	48,101	6.00%, 11/1/26, MBS (m)	Aaa/AAA		50,484,094
	79,232	6.00%, 1/1/27, MBS (k)(m)	Aaa/AAA		83,156,402
	14,293	6.00%, 2/1/27, MBS (m)	Aaa/AAA		14,990,539
	37,103	6.00%, 5/1/27, MBS (m)	Aaa/AAA		38,912,381
	33,197	6.00%, 6/1/27, MBS (m)	Aaa/AAA		34,816,255
	55,225	6.00%, 7/1/27, MBS (m)	Aaa/AAA		57,918,335
	38,126	6.00%, 8/1/27, MBS (m)	Aaa/AAA		39,985,190
	13,642	6.00%, 9/1/27, MBS (m)	Aaa/AAA		14,306,866
	10,678	6.00%, 10/1/27, MBS (m)	Aaa/AAA		11,198,460
	89	6.00%, 12/1/27, MBS (m)	Aaa/AAA		93,789
	2,601	6.00%, 12/15/28, CMO	Aaa/AAA		2,774,204
	105	6.00%, 10/1/34, MBS (m)	Aaa/AAA		110,355
	361	6.00%, 3/1/36, MBS (m)	Aaa/AAA		377,725
	84	6.00%, 7/1/36, MBS (m)	Aaa/AAA		88,314
	2,567	6.00%, 8/1/36, MBS (m)	Aaa/AAA		2,685,098
	804	6.00%, 11/1/36, MBS (m)	Aaa/AAA		840,971
	1,014	6.00%, 12/1/36, MBS (m)	Aaa/AAA		1,060,701
	306	6.00%, 1/1/37, MBS (m)	Aaa/AAA		319,908
	1,454	6.00%, 3/1/37, MBS (m)	Aaa/AAA		1,520,847
	5,576	6.00%, 6/1/37, MBS (m)	Aaa/AAA		5,827,045
	1,191	6.00%, 7/1/37, MBS (m)	Aaa/AAA		1,244,944
	1,447	6.00%, 8/1/37, MBS (m)	Aaa/AAA		1,511,921
	5,891	6.00%, 10/1/37, MBS (m)	Aaa/AAA		6,158,351
	1,533	6.00%, 11/1/37, MBS (m)	Aaa/AAA		1,601,620
	585	6.00%, 12/1/37, MBS (m)	Aaa/AAA		613,413
	897	6.00%, 1/1/38, MBS (m)	Aaa/AAA		937,855
	8,619	6.00%, 2/1/38, MBS (m)	Aaa/AAA		9,007,353
	17,340	6.00%, 3/1/38, MBS (m)	Aaa/AAA		18,121,430
	886	6.00%, 5/1/38, MBS (m)	Aaa/AAA		925,446
	826	6.00%, 6/1/38, MBS (m)	Aaa/AAA		863,084
	5,474	6.00%, 7/1/38, MBS (m)	Aaa/AAA		5,721,356
	3,008	6.00%, 8/1/38, MBS (m)	Aaa/AAA		3,143,081
	1,193	6.00%, 9/1/38, MBS (m)	Aaa/AAA		1,246,862
	75	6.00%, 10/1/38, MBS (m)	Aaa/AAA		78,586

38 Fixed Income SHares – Series M Semi-Annual Report  4.30.09

Fixed Income SHares — Series M Schedule of Investments
April 30, 2009 (unaudited)

Principal
Amount				Credit Rating
(000)				(Moody’s/S&P)	Value
			Freddie Mac (continued)
$	3,989		6.00%, 11/1/38, MBS (m)	Aaa/AAA	$	4,169,179
	1,968		6.00%, 12/1/38, MBS (m)	Aaa/AAA		2,056,216
	193,075		6.00%, MBS, TBA (e)	Aaa/AAA		201,552,151
	162		6.50%, 8/15/16, CMO	Aaa/AAA		172,613
	39		6.50%, 12/15/23, CMO	Aaa/AAA		40,977
	1,006		6.50%, 7/15/31, CMO	Aaa/AAA		1,077,398
	29		7.00%, 4/1/29, MBS (m)	Aaa/AAA		30,681
	2		7.00%, 12/1/29, MBS	Aaa/AAA		1,946
	—	(h)	7.00%, 1/1/30, MBS	Aaa/AAA		138
	15		7.00%, 2/1/30, MBS	Aaa/AAA		15,656
	25		7.00%, 3/1/30, MBS (m)	Aaa/AAA		27,171
	2		7.00%, 6/1/30, MBS	Aaa/AAA		2,403
	208		7.50%, 8/15/30, CMO	Aaa/AAA		222,158
						1,108,695,681
			Ginnie Mae–124.5%
	43		0.797%, 6/20/32, CMO, FRN	Aaa/AAA		42,149
	1,280		1.00%, 10/20/27, CMO, FRN	Aaa/AAA		1,252,497
	119		4.125%, 11/20/23, FRN, MBS	Aaa/AAA		119,875
	12		4.125%, 10/20/25, FRN, MBS	Aaa/AAA		12,267
	9		4.125%, 11/20/25, FRN, MBS	Aaa/AAA		8,920
	11		4.125%, 10/20/26, FRN, MBS	Aaa/AAA		10,615
	24		4.125%, 10/20/27, FRN, MBS	Aaa/AAA		23,902
	9		4.625%, 8/20/17, FRN, MBS	Aaa/AAA		9,164
	6		4.625%, 8/20/18, FRN, MBS	Aaa/AAA		6,201
	4		4.625%, 7/20/20, FRN, MBS	Aaa/AAA		4,247
	6		4.625%, 7/20/21, FRN, MBS	Aaa/AAA		5,681
	11		4.625%, 8/20/21, FRN, MBS	Aaa/AAA		11,243
	19		4.625%, 9/20/21, FRN, MBS	Aaa/AAA		19,217
	1,387		4.625%, 8/20/23, FRN, MBS (m)	Aaa/AAA		1,398,760
	77		4.625%, 8/20/25, FRN, MBS	Aaa/AAA		78,963
	15		4.625%, 9/20/25, FRN, MBS	Aaa/AAA		14,905
	9		4.625%, 8/20/26, FRN, MBS	Aaa/AAA		9,428
	8		4.625%, 7/20/27, FRN, MBS	Aaa/AAA		7,769
	10		4.625%, 9/20/27, FRN, MBS	Aaa/AAA		10,401
	77		4.625%, 8/20/28, FRN, MBS	Aaa/AAA		77,849
	32		4.625%, 7/20/29, FRN, MBS	Aaa/AAA		32,184
	23		4.75%, 3/20/30, FRN, MBS	Aaa/AAA		23,790
	114		5.00%, 2/20/29, CMO	Aaa/AAA		116,253
	456		5.25%, 1/20/28, FRN, MBS	Aaa/AAA		468,892

4.30.09  Fixed Income SHares – Series M Semi-Annual Report 39

Fixed Income SHares — Series M Schedule of Investments
April 30, 2009 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value
		Ginnie Mae (continued)
$	48	5.25%, 2/20/28, FRN, MBS	Aaa/AAA	$	48,736
	122	5.25%, 1/20/30, FRN, MBS	Aaa/AAA		125,430
	245	5.375%, 3/20/17, FRN, MBS	Aaa/AAA		251,843
	10	5.375%, 1/20/18, FRN, MBS	Aaa/AAA		10,340
	69	5.375%, 5/20/18, FRN, MBS	Aaa/AAA		70,921
	58	5.375%, 4/20/19, FRN, MBS	Aaa/AAA		60,161
	14	5.375%, 5/20/19, FRN, MBS	Aaa/AAA		14,092
	15	5.375%, 6/20/21, FRN, MBS	Aaa/AAA		15,212
	31	5.375%, 1/20/22, FRN, MBS	Aaa/AAA		31,334
	689	5.375%, 2/20/22, FRN, MBS	Aaa/AAA		708,863
	34	5.375%, 4/20/22, FRN, MBS	Aaa/AAA		35,280
	19	5.375%, 5/20/22, FRN, MBS	Aaa/AAA		19,640
	22	5.375%, 2/20/23, FRN, MBS	Aaa/AAA		23,126
	28	5.375%, 3/20/23, FRN, MBS	Aaa/AAA		28,314
	30	5.375%, 4/20/23, FRN, MBS	Aaa/AAA		31,031
	158	5.375%, 4/20/24, FRN, MBS	Aaa/AAA		162,395
	10	5.375%, 5/20/24, FRN, MBS	Aaa/AAA		9,929
	3	5.375%, 4/20/25, FRN, MBS	Aaa/AAA		3,485
	13	5.375%, 5/20/25, FRN, MBS	Aaa/AAA		12,837
	24	5.375%, 6/20/25, FRN, MBS	Aaa/AAA		24,183
	12	5.375%, 1/20/26, FRN, MBS	Aaa/AAA		12,333
	16	5.375%, 6/20/26, FRN, MBS	Aaa/AAA		16,586
	7	5.375%, 1/20/27, FRN, MBS	Aaa/AAA		7,058
	78	5.375%, 2/20/27, FRN, MBS	Aaa/AAA		80,610
	18	5.375%, 4/20/27, FRN, MBS	Aaa/AAA		18,845
	39	5.375%, 6/20/27, FRN, MBS	Aaa/AAA		39,631
	30	5.375%, 2/20/28, FRN, MBS	Aaa/AAA		30,561
	76	5.375%, 3/20/28, FRN, MBS	Aaa/AAA		77,866
	33	5.375%, 4/20/28, FRN, MBS	Aaa/AAA		33,754
	19	5.375%, 4/20/29, FRN, MBS	Aaa/AAA		19,511
	38	5.375%, 6/20/29, FRN, MBS	Aaa/AAA		39,198
	26	5.375%, 5/20/30, FRN, MBS	Aaa/AAA		26,812
	25	5.375%, 5/20/32, FRN, MBS	Aaa/AAA		25,752
	40	5.375%, 6/20/32, FRN, MBS	Aaa/AAA		40,483
	61	5.50%, 3/20/31, FRN, MBS	Aaa/AAA		63,082
	53	5.50%, 3/20/32, FRN, MBS	Aaa/AAA		54,788
	81	5.875%, 6/20/22, FRN, MBS	Aaa/AAA		83,725
	4	6.00%, 6/15/28, MBS	Aaa/AAA		3,756
	11	6.00%, 11/15/28, MBS	Aaa/AAA		11,088
	8	6.00%, 1/15/29, MBS	Aaa/AAA		8,691

40 Fixed Income SHares – Series M Semi-Annual Report  4.30.09

Fixed Income SHares — Series M Schedule of Investments
April 30, 2009 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value
		Ginnie Mae (continued)
$	7	6.00%, 3/15/29, MBS	Aaa/AAA	$	7,085
	6	6.00%, 4/15/29, MBS	Aaa/AAA		6,527
	3	6.00%, 4/15/31, MBS	Aaa/AAA		2,863
	3	6.00%, 7/15/31, MBS	Aaa/AAA		3,073
	22	6.00%, 10/15/31, MBS	Aaa/AAA		23,552
	45	6.00%, 1/15/32, MBS	Aaa/AAA		47,033
	92	6.00%, 2/15/32, MBS	Aaa/AAA		96,787
	19	6.00%, 3/15/32, MBS	Aaa/AAA		19,916
	50,812	6.00%, 7/20/32, CMO (k)	Aaa/AAA		54,202,341
	94	6.00%, 10/15/32, MBS	Aaa/AAA		99,152
	8	6.00%, 11/15/32, MBS	Aaa/AAA		8,265
	8	6.00%, 1/15/33, MBS	Aaa/AAA		8,375
	57	6.00%, 3/15/33, MBS	Aaa/AAA		59,203
	64	6.00%, 4/15/33, MBS	Aaa/AAA		67,467
	8	6.00%, 9/15/33, MBS	Aaa/AAA		8,398
	19	6.00%, 11/15/34, MBS	Aaa/AAA		19,943
	902	6.00%, 12/15/34, MBS (m)	Aaa/AAA		946,356
	887	6.00%, 5/15/35, MBS (m)	Aaa/AAA		928,553
	942	6.00%, 11/15/35, MBS (k)	Aaa/AAA		986,226
	562	6.00%, 2/15/36, MBS	Aaa/AAA		586,871
	5,124	6.00%, 3/15/36, MBS (k)(m)	Aaa/AAA		5,354,627
	9,336	6.00%, 4/15/36, MBS (k)(m)	Aaa/AAA		9,754,648
	2,498	6.00%, 5/15/36, MBS (m)	Aaa/AAA		2,609,743
	4,548	6.00%, 6/15/36, MBS (k)	Aaa/AAA		4,752,095
	193,662	6.00%, 7/15/36, MBS (k)(m)	Aaa/AAA		202,341,702
	32,558	6.00%, 8/15/36, MBS (k)(m)	Aaa/AAA		34,012,170
	9,108	6.00%, 9/15/36, MBS (k)(m)	Aaa/AAA		9,517,703
	21,392	6.00%, 10/15/36, MBS (m)	Aaa/AAA		22,346,475
	151,085	6.00%, 11/15/36, MBS (m)	Aaa/AAA		157,833,099
	2,869	6.00%, 12/15/36, MBS (m)	Aaa/AAA		2,998,012
	4,081	6.00%, 1/15/37, MBS (k)(m)	Aaa/AAA		4,266,094
	13,638	6.00%, 2/15/37, MBS (m)	Aaa/AAA		14,250,823
	2,533	6.00%, 3/15/37, MBS (k)	Aaa/AAA		2,648,574
	56,617	6.00%, 4/15/37, MBS (k)(m)	Aaa/AAA		59,137,442
	147,947	6.00%, 5/15/37, MBS (k)(m)	Aaa/AAA		154,527,372
	47,971	6.00%, 6/15/37, MBS (k)(m)	Aaa/AAA		50,135,608
	37,954	6.00%, 7/15/37, MBS (k)(m)	Aaa/AAA		39,679,340
	22,832	6.00%, 8/15/37, MBS (k)(m)	Aaa/AAA		23,869,699
	81,372	6.00%, 9/15/37, MBS (m)	Aaa/AAA		84,989,093
	75,592	6.00%, 10/15/37, MBS (k)(m)	Aaa/AAA		78,959,312

4.30.09  Fixed Income SHares – Series M Semi-Annual Report 41

Fixed Income SHares — Series M Schedule of Investments
April 30, 2009 (unaudited)

Principal
Amount				Credit Rating
(000)				(Moody’s/S&P)	Value
			Ginnie Mae (continued)
$	189,626		6.00%, 11/15/37, MBS (k)(m)	Aaa/AAA	$	198,157,924
	182,848		6.00%, 12/15/37, MBS (k)(m)	Aaa/AAA		191,155,625
	68,334		6.00%, 1/15/38, MBS (m)	Aaa/AAA		71,375,026
	31,555		6.00%, 2/15/38, MBS (k)(m)	Aaa/AAA		32,959,028
	17,543		6.00%, 3/15/38, MBS (k)(m)	Aaa/AAA		18,322,672
	38,334		6.00%, 4/15/38, MBS (k)(m)	Aaa/AAA		40,040,603
	20,533		6.00%, 5/15/38, MBS (k)(m)	Aaa/AAA		21,447,092
	36,243		6.00%, 6/15/38, MBS (k)(m)	Aaa/AAA		37,856,206
	125,718		6.00%, 7/15/38, MBS (k)(m)	Aaa/AAA		131,313,628
	277,053		6.00%, 8/15/38, MBS (k)(m)	Aaa/AAA		289,384,227
	377,782		6.00%, 9/15/38, MBS (m)	Aaa/AAA		394,593,125
	69,144		6.00%, 10/15/38, MBS (k)(m)	Aaa/AAA		72,221,230
	2,300		6.00%, 11/15/38, MBS (k)	Aaa/AAA		2,402,764
	25,280		6.00%, 12/15/38, MBS (m)	Aaa/AAA		26,404,684
	12,282		6.00%, 1/15/39, MBS (m)	Aaa/AAA		12,828,516
	155,000		6.00%, MBS, TBA (e)	NR/AAA		161,708,555
	3		6.50%, 5/15/23, MBS	Aaa/AAA		3,436
	—	(h)	6.50%, 12/15/23, MBS	Aaa/AAA		489
						2,730,432,901
			Other Government Agencies–2.6%
	21,692		SLM Student Loan Trust, 2.592%, 4/25/23, FRN	Aaa/AAA		21,670,070
	31,183		Small Business Administration Participation Certificates, 5.23%, 3/1/27	Aaa/AAA		32,758,053
	1,609		Vendee Mortgage Trust, 6.50%, 9/15/24, CMO	Aaa/AAA		1,682,759
						56,110,882
			Total U.S. Government Agency Securities (cost–$6,776,536,205)			6,932,708,383
CORPORATE BONDS & NOTES–31.5%
			Banking–8.4%
			American Express Bank FSB,
	1,700		5.50%, 4/16/13	A2/A+		1,600,404
	17,300		6.00%, 9/13/17	A2/A+		14,734,998
	24,600		American Express Centurion Bank, 6.00%, 9/13/17	A2/A+		20,952,656
	2,600		ANZ National International Ltd., 6.20%, 7/19/13 (a)(d)	Aa2/AA		2,599,607
			Bank of America Corp.,
	8,295		1.568%, 8/15/16, FRN	A3/A−		3,878,784
	8,400		5.75%, 12/1/17	A2/A		6,873,409
	52,600		8.00%, 1/30/18, FRN (i)	B3/BB−		29,922,562

42 Fixed Income SHares – Series M Semi-Annual Report  4.30.09

Fixed Income SHares — Series M Schedule of Investments
April 30, 2009 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value
		Banking (continued)
$	30,000	Bank of America NA, 5.30%, 3/15/17	A1/A	$	22,533,180
		Barclays Bank PLC,
	60,100	5.45%, 9/12/12	Aa3/AA−		61,108,298
	5,000	5.926%, 12/15/16, FRN (a)(d)(i)	Baa2/BBB+		2,001,100
	9,400	7.434%, 12/15/17, FRN (a)(d)(i)	Baa2/BBB+		4,607,128
	3,200	Credit Suisse First Boston, 5.00%, 5/15/13	Aa1/A+		3,164,074
	11,000	HSBC Capital Funding L.P., 4.61%, 6/27/13, FRN (a)(d)(i)	A3/A−		5,858,237
	670	HSBC Finance Corp., 1.67%, 9/14/12, FRN	A3/A		505,457
	1,300	Mizuho Financial Group Cayman Ltd., 8.375%, 7/27/09 (i)	A1/NR		1,202,500
	6,400	Wells Fargo & Co., 7.98%, 3/15/18, FRN (i)	B2/A		3,588,621
					185,131,015
		Biotechnology–0.0%
	700	Amgen, Inc., 6.40%, 2/1/39	A3/A+		707,825
		Communications–0.0%
	400	Embarq Corp., 6.738%, 6/1/13	Baa3/BBB−		386,337
		Diversified Manufacturing–3.2%
	73,400	General Electric Co., 5.25%, 12/6/17	Aa2/AA+		69,576,007
		Energy–0.6%
	15,500	Kinder Morgan Energy Partners L.P., 6.95%, 1/15/38	Baa2/BBB		13,529,966
		Financial Services–13.6%
	600	American Express Co., 6.15%, 8/28/17	A3/A		536,448
		Bear Stearns Cos., Inc.,
	3,600	6.40%, 10/2/17	Aa3/A+		3,509,759
	2,500	6.95%, 8/10/12	Aa3/A+		2,634,375
£	1,900	CIT Group, Inc., 5.50%, 12/1/14	Ba2/BBB−		1,379,556
		Citigroup, Inc.,
$	13,100	2.938%, 5/15/18, FRN	A3/A		8,838,046
	2,100	5.50%, 4/11/13	A3/A		1,873,901
	71,500	6.125%, 5/15/18	A3/A		60,188,629
£	10,800	Citigroup Capital XVIII, 6.829%, 6/28/67, FRN	Baa3/CC		5,201,117
$	16,800	Citigroup Capital XXI, 8.30%, 12/21/77, (converts to FRN on 12/21/37)	Baa3/CC		10,249,008
	41,300	Citigroup Funding, Inc., 2.291%, 5/7/10, FRN	A3/A		38,930,536
		General Electric Capital Corp.,
	4,500	4.25%, 9/13/10	Aa2/AA+		4,541,670
€	1,200	5.50%, 9/15/67, FRN (a)(d)	Aa3/A+		723,505
$	41,100	6.375%, 11/15/67, FRN	Aa3/A+		23,635,870
		Goldman Sachs Group, Inc.,
€	800	1.672%, 2/4/13, FRN	A1/A		886,970

4.30.09  Fixed Income SHares – Series M Semi-Annual Report 43

Fixed Income SHares — Series M Schedule of Investments
April 30, 2009 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value
		Financial Services (continued)
$	3,000	5.25%, 10/15/13	A1/A	$	2,982,651
	2,900	5.95%, 1/18/18	A1/A		2,695,849
	109,500	6.75%, 10/1/37	A2/A−		83,777,355
		JPMorgan Chase & Co., FRN,
	1,900	2.076%, 6/13/11	Aa3/A+		1,823,259
	1,000	7.90%, 4/30/18 (i)	A2/BBB+		762,588
	49,200	Lehman Brothers Holdings, Inc., 6.75%, 12/28/17 (f)	NR/NR		4,920
	43,600	Merrill Lynch & Co., Inc., 6.875%, 4/25/18	A2/A		36,801,321
		Morgan Stanley,
	4,200	4.75%, 4/1/14	A3/A−		3,555,523
	2,600	6.00%, 4/28/15	A2/A		2,461,420
€	1,300	SLM Corp., 2.193%, 11/15/11, FRN	Baa2/BBB−		1,050,804
					299,045,080
		Food & Beverage–0.1%
$	1,700	Kraft Foods, Inc., 6.125%, 2/1/18	Baa2/BBB+		1,728,538
		Insurance–0.9%
		American International Group, Inc.,
€	1,300	4.00%, 9/20/11	A3/A−		597,334
$	16,500	8.175%, 5/15/68, (converts to FRN on 5/15/38) (a)(d)	Ba2/BBB		1,899,315
£	1,000	8.625%, 5/22/68, (converts to FRN on 5/22/18) (b)	Ba2/BBB		70,385
$	34,900	Progressive Corp., 6.70%, 6/15/67, (converts to FRN 6/15/17)	A2/A−		17,313,960
					19,880,994
		Oil & Gas–0.2%
	4,600	Valero Energy Corp., 6.625%, 6/15/37	Baa2/BBB		3,656,144
		Retail–0.4%
	4,000	Hasbro, Inc., 6.30%, 9/15/17	Baa2/BBB		3,614,368
	5,000	Macy’s Retail Holdings, Inc., 8.875%, 7/15/15	Ba2/BB		4,713,785
					8,328,153
		Telecommunications–2.7%
		AT&T, Inc.,
	44,600	5.50%, 2/1/18	A2/A		44,626,492
	15,100	6.30%, 1/15/38	A2/A		14,030,935
					58,657,427
		Tobacco–0.6%
		Altria Group, Inc.,
	4,500	9.25%, 8/6/19	Baa1/BBB		5,161,694
	1,500	9.70%, 11/10/18	Baa1/BBB		1,755,636

44 Fixed Income SHares – Series M Semi-Annual Report  4.30.09

Fixed Income SHares — Series M Schedule of Investments
April 30, 2009 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value
		Tobacco (continued)
$	9,700	Reynolds American, Inc., 7.25%, 6/15/37	Baa3/BBB	$	7,335,062
					14,252,392
		Transportation–0.3%
	5,900	Burlington Northern Santa Fe Corp., 6.15%, 5/1/37	Baa1/BBB		5,481,678
		Utilities–0.5%
		Electricite De France S.A. (a)(d),
	2,600	6.50%, 1/26/19	Aa3/A+		2,805,735
	3,900	6.95%, 1/26/39	Aa3/A+		4,130,740
	4,000	Pacific Gas & Electric Co., 5.80%, 3/1/37	A3/BBB+		3,898,876
					10,835,351
		Total Corporate Bonds & Notes (cost–$905,056,444)			691,196,907
MORTGAGE-BACKED SECURITIES–14.1%
		Adjustable Rate Mortgage Trust, CMO, VRN,
	3,602	4.581%, 5/25/35	Baa1/AAA		2,969,723
	722	5.385%, 11/25/35	Ba1/AAA		487,957
	680	5.411%, 1/25/36	Aa3/AAA		534,207
	2,984	Banc of America Funding Corp., 4.603%, 2/20/36, CMO, FRN	NR/AAA		2,030,670
		Bear Stearns Adjustable Rate Mortgage Trust, CMO,
	3,324	4.625%, 10/25/35, FRN	Aa3/AAA		2,494,387
	102	4.640%, 1/25/35, VRN	A2/AAA		78,519
	510	4.953%, 2/25/34, VRN	Aaa/AAA		466,158
	284	5.148%, 1/25/34, VRN	Aaa/AAA		200,138
	1,354	5.463%, 5/25/47, VRN	NR/AAA		746,382
	501	5.728%, 2/25/36, FRN	B3/AAA		278,121
		Bear Stearns Alt-A Trust, CMO, VRN,
	5,513	4.496%, 6/25/34	A1/AAA		2,539,185
	242	5.363%, 5/25/35	Ba1/AAA		138,161
	43	Bear Stearns Mortgage Securities, Inc., 6.623%, 3/25/31, CMO, VRN	Aaa/NR		40,025
	2,997	Bear Stearns Structured Products, Inc., 5.652%, 1/26/36, CMO, VRN	Aaa/AAA		1,872,235
	10,472	Carey Commercial Mortgage Trust, 5.97%, 9/20/19, CMO (a)(d)	Aaa/NR		10,393,896
	1,346	CC Mortgage Funding Corp., 0.568%, 5/25/48, CMO, FRN (a)(d)	Ba3/AAA		490,934
		Citigroup Mortgage Loan Trust, Inc., CMO,
	249	4.676%, 8/25/35, VRN	Aa3/NR		173,858
	1,389	4.70%, 12/25/35, FRN	NR/AAA		1,119,357

4.30.09  Fixed Income SHares – Series M Semi-Annual Report 45

Fixed Income SHares — Series M Schedule of Investments
April 30, 2009 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value
$	31,688	4.90%, 10/25/35, FRN	NR/AAA	$	20,894,763
	411	5.338%, 12/25/35, VRN	Caa1/AAA		215,833
	3,104	6.008%, 9/25/37, VRN	NR/AAA		1,685,280
	3,505	Commercial Capital Access One, Inc., 7.953%, 11/15/28, CMO, VRN (a)(d)	NR/NR		1,137,462
		Commercial Mortgage, CMO (a)(d),
	1,031	0.953%, 2/16/34, FRN	Aaa/NR		906,904
	7,000	5.362%, 2/5/19	NR/AAA		6,613,249
	2,000	5.665%, 2/5/19, VRN	NR/AA		1,061,894
		Countrywide Alternative Loan Trust, CMO,
	1,100	0.608%, 1/25/37, FRN	Caa3/BBB		396,089
	201	0.657%, 7/20/46, FRN	Caa3/AAA		73,101
	6,955	0.658%, 5/25/35, FRN	Baa1/AAA		2,887,600
	4,384	0.698%, 12/25/35, FRN	A1/AAA		1,827,377
	444	0.708%, 5/25/36, FRN	Ca/B+		63,939
	457	5.886%, 11/25/35, VRN	Caa1/AAA		254,371
	4,197	6.138%, 8/25/36, VRN	Baa1/AAA		3,707,744
		Countrywide Home Loan Mortgage Pass-Through Trust, CMO,
	58	0.708%, 2/25/35, FRN	Aaa/AAA		23,992
	556	0.738%, 4/25/46, FRN	Ca/AAA		90,862
	1,669	0.748%, 3/25/35, FRN	A1/AAA		722,408
	2,244	0.758%, 3/25/35, FRN	A1/AAA		942,797
	1,165	0.828%, 2/25/35, FRN	Ba1/AAA		263,848
	762	4.556%, 4/25/35, FRN	Caa1/AAA		299,813
	252	5.25%, 2/20/36, FRN	Baa3/AAA		163,643
	511	5.368%, 10/20/35, VRN	Ba3/AAA		265,712
	745	5.754%, 5/20/36, VRN	Aaa/B		384,725
	28	Credit Suisse First Boston Mortgage Securities Corp., 1.056%, 3/25/32, CMO, FRN (a)(d)	Aaa/NR		20,954
	426	Downey Savings & Loan Assoc. Mortgage Loan Trust, 0.767%, 7/19/45, CMO, FRN	Caa3/AAA		102,329
	3,680	First Horizon Asset Securities, Inc., 0.838%, 11/25/33, CMO, FRN	NR/AAA		3,665,634
	851	GMAC Commercial Mortgage Securities, Inc., 6.50%, 5/15/35, CMO	NR/BBB		854,290
	462	Greenpoint Mortgage Funding Trust, 0.518%, 10/25/46, CMO, FRN	B2/AAA		375,275
	1,500	GS Mortgage Securities Corp. II, 6.615%, 2/14/16, CMO (a)(d)	NR/AAA		1,609,868
		GSR Mortgage Loan Trust, CMO,
	2,436	4.509%, 9/25/35, FRN	NR/AAA		1,871,804
	285	5.217%, 4/25/35, VRN	Aaa/AAA		185,446

46 Fixed Income SHares – Series M Semi-Annual Report  4.30.09

Fixed Income SHares — Series M Schedule of Investments
April 30, 2009 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value
		Harborview Mortgage Loan Trust, CMO, FRN,
$	6,660	0.637%, 2/19/46	Baa3/AAA	$	2,423,127
	4,645	0.667%, 5/19/35	Baa1/AAA		1,877,815
	436	0.697%, 1/19/38	Ca/B		76,115
	554	0.697%, 9/19/46	Ca/B+		110,558
	34,403	Hilton Hotel Pool Trust, 0.857%, 10/3/15, CMO, IO, VRN (a)(d)	Aaa/AAA		338,215
		Homebanc Mortgage Trust, CMO,
	534	0.618%, 12/25/36, FRN	Baa3/AAA		223,590
	7,800	5.868%, 4/25/37, VRN	B3/AAA		4,034,495
		Indymac Index Mortgage Loan Trust, CMO,
	1,191	0.718%, 3/25/35, FRN	Ba1/AAA		486,935
	3,993	5.00%, 8/25/35, FRN	B2/AAA		1,820,169
	433	5.099%, 9/25/35, VRN	B2/AAA		253,839
	415	5.280%, 6/25/35, VRN	B1/AAA		253,941
	3,216	5.357%, 9/25/35, VRN	Caa1/AAA		897,380
	4,020	5.357%, 9/25/35, VRN	B3/AAA		2,194,396
	3,611	5.433%, 10/25/35, VRN	B2/AAA		2,191,062
	5,500	5.866%, 6/25/36, VRN	B3/AAA		2,148,807
		Indymac Mortgage Loan Trust, CMO,
	666	0.738%, 11/25/35, FRN	B3/AAA		238,664
	7,900	5.906%, 8/25/36, VRN	Baa2/AAA		4,383,146
	15,788	JPMorgan Alternative Loan Trust, 0.938%, 6/27/37, CMO, FRN (a)(d)	NR/AAA		9,490,129
		JPMorgan Chase Commercial Mortgage Securities Corp., CMO,
	27,382	0.826%, 7/15/19, FRN (a)(d)	Aaa/NR		19,268,119
	600	5.336%, 5/15/47	Aaa/AAA		465,289
	2,000	6.465%, 11/15/35	NR/AAA		2,036,971
		JPMorgan Mortgage Trust, CMO,
	2,288	4.298%, 9/25/34, FRN	NR/AAA		1,961,308
	3,862	4.771%, 7/25/35, FRN	Aaa/AAA		3,037,496
	513	4.868%, 4/25/35, VRN	Aaa/AAA		423,252
	689	5.398%, 11/25/35, VRN	Aaa/AAA		553,038
		MASTR Adjustable Rate Mortgage Trust, CMO, FRN,
	500	0.678%, 5/25/37	Caa2/BB		211,129
	100	3.788%, 11/21/34	Aaa/AAA		76,389
		MASTR Reperforming Loan Trust, CMO (a),
	3,138	7.00%, 5/25/35 (d)	Aaa/AAA		2,577,200
	4,616	7.50%,7/25/35	Aaa/AAA		5,061,952
	2,906	8.00%, 7/25/35 (d)	Aaa/AAA		3,216,617
	339	Mellon Residential Funding Corp., 2.624%, 10/20/29, CMO, FRN	NR/AAA		315,533

4.30.09  Fixed Income SHares – Series M Semi-Annual Report 47

Fixed Income SHares — Series M Schedule of Investments
April 30, 2009 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value
$	1,400	Merrill Lynch Alternative Note Asset, 0.738%, 3/25/37, CMO, FRN	Caa3/B+	$	458,557
	600	Merrill Lynch Countrywide Commercial Mortgage Trust, 5.378%, 8/12/48, CMO	Aaa/AAA		398,590
		MLCC Mortgage Investors, Inc., CMO, FRN,
	118	1.211%, 3/15/25	Aa3/A		61,903
	390	3.069%, 7/25/29	Aaa/AAA		231,437
	2,182	4.25%, 10/25/35	Aaa/AAA		1,616,084
		Morgan Stanley Capital I, CMO,
	38,250	5.332%, 12/15/43	NR/AAA		29,995,229
	1,100	5.692%, 4/15/49, VRN	Aaa/AAA		754,101
	28,450	5.731%, 7/12/44, VRN	NR/AAA		23,846,918
	379	Morgan Stanley Dean Witter Capital I, 4.55%, 3/25/33, CMO, FRN	Aaa/AAA		315,105
		Nomura Asset Acceptance Corp., CMO,
	3,867	5.524%, 2/25/36, VRN	Caa2/B		1,485,070
	1,360	7.50%, 3/25/34 (a)(d)	Aaa/AAA		1,322,121
	432	Opteum Mortgage Acceptance Corp., 0.698%, 7/25/35, CMO, FRN	Aa2/AAA		286,249
	424	Residential Accredit Loans, Inc., 5.714%, 2/25/36, CMO, VRN	Caa3/BB		218,430
	47	Residential Asset Securitization Trust, 0.938%, 3/25/33, CMO, FRN	NR/AAA		40,833
	3,143	Residential Funding Mortgage Sec I, 5.669%, 3/25/35, CMO, VRN	Aaa/AAA		2,466,782
	600	Sovereign Commercial Mortgage Securities Trust, 5.835%, 7/22/30, CMO, VRN (a)(d)	Aaa/NR		527,097
		Structured Adjustable Rate Mortgage Loan Trust, CMO,
	1,415	1.233%, 6/25/34, FRN	Aaa/AAA		764,313
	1,486	3.223%, 5/25/35, FRN	B3/AAA		522,089
	211	4.071%, 10/25/34, VRN	A2/AAA		150,404
	7,900	5.246%, 5/25/36, FRN	NR/AAA		3,507,007
	7,900	5.420%, 9/25/36, VRN	NR/AAA		4,168,323
	48	5.45%, 1/25/36, VRN	NR/AAA		30,666
		Structured Asset Mortgage Investments, Inc., CMO, FRN,
	15,388	0.618%, 6/25/36	B3/AAA		6,219,251
	1,617	0.628%, 7/25/46	B3/AAA		654,048
	10,898	0.658%, 5/25/36	B3/AAA		3,876,829
	534	0.698%, 5/25/46	Caa3/B+		111,110
	1,243	0.797%, 3/19/34	Aaa/AAA		619,808
	1,569	0.817%, 12/19/33	Aaa/AAA		1,061,151
		Structured Asset Securities Corp., CMO, FRN,
	6	4.161%, 5/25/32	Aaa/AAA		6,170

48 Fixed Income SHares – Series M Semi-Annual Report  4.30.09

Fixed Income SHares — Series M Schedule of Investments
April 30, 2009 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value
$	312	5.145%, 2/25/34	Aaa/AAA	$	242,655
	500	Wachovia Mortgage Loan Trust LLC, 5.453%, 10/20/35, CMO, FRN	NR/AAA		361,984
		WaMu Mortgage Pass Through Certificates, CMO, FRN,
	304	1.078%, 12/25/27	Aaa/AAA		233,686
	843	3.014%, 11/25/46	A1/AAA		550,235
	2,155	4.254%, 8/25/33	Aaa/AAA		1,770,524
	22,700	4.555%, 9/25/33	Aaa/AAA		19,558,039
		Washington Mutual, Inc., CMO, FRN,
	32	0.708%, 12/25/45	Aa1/AAA		15,199
	1,018	0.758%, 1/25/45	Aaa/AAA		486,174
	600	0.848%, 11/25/45	Baa3/AAA		144,788
	891	0.933%, 11/25/34	Aa2/AAA		453,427
	4,853	0.953%, 10/25/44	Aa2/AAA		2,677,119
	2,341	0.978%, 12/25/27	Aaa/AAA		1,662,255
	620	2.264%, 6/25/47	Ca/AAA		105,075
		Wells Fargo Mortgage Backed Securities Trust, CMO,
	1,115	0.938%, 7/25/37, FRN	B2/NR		603,074
	9,961	4.208%, 7/25/35, FRN	Aaa/AAA		8,342,374
	3,735	4.557%, 1/25/35, FRN	Aaa/NR		2,838,629
	29,189	4.614%, 6/25/35, FRN	Aaa/AAA		25,999,164
	750	4.671%, 8/25/34, FRN	Aaa/AAA		489,582
	5,050	4.95%, 3/25/36, VRN	NR/AAA		3,374,819
	439	5.00%, 6/25/18	Aaa/AAA		436,987
		Total Mortgage-Backed Securities (cost–$398,433,744)			309,331,059
MUNICIPAL BONDS–4.6%
		California–2.2%
	2,400	Educational Facs. Auth. Rev., Univ. of Southern California, 4.75%, 10/1/37, Ser. A	Aa1/AA+		2,298,864
		Golden State Tobacco Securitization Corp. Rev., Ser. A (FGIC),
	5,000	5.00%, 6/1/35	A3/A−		4,128,500
	3,500	5.00%, 6/1/38	A3/A−		2,859,675
	5,000	Los Angeles Department of Water & Power Rev., 5.00%, 7/1/30, Ser. A-2	Aa3/AA−		5,022,000
		State, GO,
	2,000	5.00%, 2/1/23	A2/AA−		2,008,980
	5,400	5.00%, 6/1/37	A2/A		4,922,586
	3,600	5.65%, 4/1/39	A2/A		3,714,084
	17,700	6.00%, 4/1/38	A2/A		18,313,305
	600	7.50%, 4/1/34	A2/A		621,354
	3,300	7.55%, 4/1/39	A2/A		3,444,903

4.30.09  Fixed Income SHares – Series M Semi-Annual Report 49

Fixed Income SHares — Series M Schedule of Investments
April 30, 2009 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value
		California (continued)
$	985	Tobacco Securitization Auth. Rev., 5.40%, 6/1/27, Ser. A-2	Baa3/BBB	$	761,346
					48,095,597
		Florida–0.2%
		State Board of Education, GO,
	1,600	4.75%, 6/1/37, Ser. B (NPFGC)	Aa1/AAA		1,503,232
	4,000	4.75%, 6/1/37, Ser. C	Aa1/AAA		3,758,080
					5,261,312
		Illinois–0.2%
	700	Regional Transportation Auth. Rev., 5.00%, 7/1/25, Ser. A (NPFGC)	Aa2/AA+		722,036
	7,505	Will County Community High School Dist. No 210, GO, zero coupon, 1/1/21 (FSA)	Aa3/NR		4,102,308
					4,824,344
		Iowa–0.1%
	3,800	Tobacco Settlement Auth. Rev., 5.60%, 6/1/34, Ser. B	Baa3/BBB		2,317,772
		Massachusetts–0.1%
	1,200	State School Building Auth. Rev., 5.00%, 8/15/37, Ser. A (AMBAC)	Aa2/AA+		1,211,244
		New Jersey–0.5%
	21,340	Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/41, Ser. 1A	Baa3/BBB		10,977,082
		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		4,006,040
		Ohio–0.6%
		Buckeye Tobacco Settlement Financing Auth. Rev., Ser. A-2,
	5,800	5.875%, 6/1/30	Baa3/BBB		3,914,188
	9,300	5.875%, 6/1/47	Baa3/BBB		5,208,651
	5,320	6.00%, 6/1/42	Baa3/BBB		3,061,288
					12,184,127
		Texas–0.5%
	2,380	Keller Independent School Dist., GO, 4.75%, 8/15/30 (PSF-GTD)	Aaa/AAA		2,391,162
	9,800	State Transit Rev., GO, 4.75%, 4/1/37	Aa1/AA		9,724,638
					12,115,800
		Total Municipal Bonds (cost–$118,334,368)			100,993,318

50 Fixed Income SHares – Series M Semi-Annual Report  4.30.09

Fixed Income SHares — Series M Schedule of Investments
April 30, 2009 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value
ASSET-BACKED SECURITIES–3.8%
$	856	Aames Mortgage Investment Trust, 0.838%, 10/25/35, FRN	NR/AAA	$	686,358
	387	Access Group, Inc., 2.392%, 10/27/25, FRN	Aaa/AAA		356,388
	1,006	Accredited Mortgage Loan Trust, 0.488%, 2/25/37, FRN	A2/AAA		898,196
	78	Amortizing Residential Collateral Trust, 0.701%, 6/25/32, FRN	NR/AAA		52,144
	1,331	Bayview Financial Asset Trust, 0.838%, 12/25/39, FRN (a)(d)(g)	Aaa/NR		770,261
	4,609	Bear Stearns Asset Backed Securities, Inc., 1.028%, 6/25/43, FRN	Aaa/AAA		3,550,869
	1,316	Bear Stearns Asset Backed Securities Trust, 0.518%, 10/25/36, FRN	B3/NR		1,138,246
	850	Capital Auto Receivables Asset Trust, 1.371%, 3/15/11, FRN	Aaa/AAA		849,212
	72	Cendant Mortgage Corp., 5.987%, 7/25/43, VRN (a)(d)	NR/NR		65,847
		Chase Issuance Trust, FRN,
	2,241	0.491%, 4/15/13	Aaa/AAA		2,169,450
	200	2.82%, 9/15/15	Aaa/AAA		190,765
	15,200	Citibank Omni Master Trust, 1.548%, 12/23/13, FRN (a)(d)	Aaa/AAA		14,893,174
	800	Community Program Loan Trust, 4.50%, 4/1/29	NR/AAA		726,511
		Countrywide Asset-Backed Certificates, FRN,
	9,402	0.528%, 1/25/46	Aa2/AAA		8,254,353
	1,250	0.538%, 9/25/47	Baa2/AAA		1,060,057
	531	0.908%, 11/25/33 (a)(d)	Aaa/AAA		380,094
	1,184	0.918%, 12/25/31	Aaa/AAA		610,917
	279	Credit Suisse First Boston Mortgage Securities Corp., 0.688%, 1/25/43, FRN (a)(d)	Aaa/AAA		264,344
	1,042	Credit-Based Asset Servicing & Securitization LLC, 1.338%, 11/25/33, FRN	Aaa/AAA		685,807
	100	Delta Funding Home Equity Loan Trust, 1.091%, 8/15/30, FRN	NR/AAA		45,587
	1,932	Denver Arena Trust, 6.94%, 11/15/19 (a)(d)	NR/NR		1,699,719
	50	EMC Mortgage Loan Trust, 0.808%, 5/25/40, FRN (a)(d)	Aaa/NR		35,002
		First Franklin Mortgage Loan Asset Backed Certificates, FRN,
	73	0.818%, 10/25/34	Aaa/NR		69,206
	5,730	0.838%, 4/25/35	Aa1/AA+		3,510,823
	10	First Plus Home Loan Trust, 7.32%, 11/10/23	NR/AA+		9,036
		Ford Credit Auto Owner Trust, FRN,
	7,943	1.351%, 1/15/11	Aaa/AAA		7,912,281
	541	1.651%, 12/15/10	Aaa/AAA		540,296
	46	Fremont Home Loan Owner Trust, 1.228%, 12/25/29, FRN	A2/A		29,626
	1,784	Fremont Home Loan Trust, 0.498%, 1/25/37, FRN	Ba3/AAA		1,524,812

4.30.09  Fixed Income SHares – Series M Semi-Annual Report 51

Fixed Income SHares — Series M Schedule of Investments
April 30, 2009 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value
		Green Tree Financial Corp.,
$	4,922	6.18%, 4/1/30	Ba3/NR	$	3,243,641
	3,899	6.81%, 12/1/28, VRN	Ba3/BBB		2,872,226
	1,199	6.87%, 4/1/30, VRN	Ba3/NR		811,351
	1,000	7.06%, 2/1/31, VRN	NR/B−		442,316
	698	7.40%, 6/15/27	A3/AA		602,711
	370	7.55%, 1/15/29, VRN	NR/A+		278,791
	247	HSI Asset Securitization Corp. Trust, 0.488%, 12/25/36, FRN	Caa2/AAA		137,428
		Lehman XS Trust, FRN,
	1,863	0.518%, 11/25/46	A3/AAA		1,458,956
	3,934	0.588%, 4/25/37	B3/AAA		2,385,873
	532	0.668%, 8/25/46	Caa3/AAA		110,694
	725	0.678%, 11/25/46	Ca/AAA		133,489
	1,399	Long Beach Mortgage Loan Trust, 1.863%, 3/25/32, FRN	A1/NR		1,059,806
	500	Madison Avenue Manufactured Housing Contract, 1.888%, 3/25/32, FRN	Baa1/A+		345,594
	1,827	Mesa Trust Asset Backed Certificates, 0.838%, 12/25/31, FRN (a)(d)	Aaa/AA		1,315,842
	1,497	Mid-State Trust, 6.005%, 8/15/37	Aaa/AAA		1,043,733
		Morgan Stanley Mortgage Loan Trust, FRN,
	400	0.668%, 2/25/37	Caa1/BB		88,081
	700	0.798%, 4/25/37	Caa3/BB		268,118
	200	RAAC Series, 0.838%, 6/25/47, FRN	Aaa/AAA		109,585
		Residential Asset Mortgage Products, Inc.,
	4,122	5.634%, 1/25/34	Aaa/AAA		2,108,059
	2,000	5.90%, 7/25/34	Baa2/BBB		516,446
		Residential Asset Securities Corp.,
	3,000	0.868%, 3/25/35, FRN	A1/A		1,758,061
	382	7.14%, 4/25/32, VRN	Ba1/B		21,797
	1,469	SACO I, Inc., 0.818%, 11/25/35, FRN	Baa3/AA		610,719
	18	Saxon Asset Securities Trust, 0.958%, 8/25/32, FRN	Aaa/AAA		18,129
		South Carolina Student Loan Corp., FRN,
	730	1.761%, 9/2/14	Aaa/AAA		721,277
	2,800	1.811%, 3/1/18	Aaa/AAA		2,715,569
	3,600	2.011%, 3/2/20	Aaa/AAA		3,358,069
	600	2.261%, 9/3/24	Aaa/AAA		550,487
	209	Vanderbilt Acquisition Loan Trust, 5.70%, 9/7/23, VRN	Aaa/AAA		207,036
		Total Asset-Backed Securities (cost–$102,394,691)			82,273,265

52 Fixed Income SHares – Series M Semi-Annual Report  4.30.09

Fixed Income SHares — Series M Schedule of Investments
April 30, 2009 (unaudited)

			Credit Rating
Shares			(Moody’s/S&P)	Value
CONVERTIBLE PREFERRED STOCK–0.4%
		Banking–0.4%
	2,100	Bank of America Corp., 7.25%, 12/31/49, Ser. L	B3/BB−	$	1,211,700
	11,800	Wells Fargo & Co., 7.50%, 12/31/49, Class A, Ser. L	B2/A		7,292,400
					8,504,100
		Insurance–0.0%
	228,667	American International Group, Inc., 8.50%, 8/1/11	Ba2/NR		1,168,488
		Total Convertible Preferred Stock (cost–$29,931,790)			9,672,588
Principal
Amount
(000)
SHORT-TERM INVESTMENTS–9.0%
		U.S. Treasury Bills (k)–0.9%
$	19,390	0.15%-1.01%, 5/7/09-6/11/09 (cost–$19,389,034)			19,389,034
		��
		Corporate Notes–0.1%
	3,300	CIT Group, Inc., 1.394%, 6/8/09, FRN (cost–$3,213,787)	Ba2/BBB−		3,180,903
		Repurchase Agreements–8.0%
	169,200	JPMorgan Chase Bank, dated 4/30/09, 0.18%, due 5/1/09, proceeds $169,200,846; collateralized by Fannie Mae, 3.875%, due 7/12/13, valued at $173,149,228 including accrued interest			169,200,000
	5,902	State Street Bank & Trust Co., dated 4/30/09, 0.01%, due 5/1/09, proceeds $5,902,002; collateralized by U.S. Treasury Bills, 0.081%, due 8/13/09, valued at $6,023,193 including accrued interest			5,902,000
		Total Repurchase Agreements (cost–$175,102,000)			175,102,000
		Total Short-Term Investments (cost–$197,704,821)			197,671,937
Contracts/
Notional
Amount
OPTIONS PURCHASED (l)–0.1%
		Call Options–0.0%
		U.S. Dollar versus Japanese Yen (OTC),
	17,900,000	strike price $104, expires 3/17/10			374,343
		Put Options–0.1%
		Fannie Mae (OTC),
	325,000,000	strike price $93.63, expires 7/6/09			669
	300,000,000	strike price $96, expires 7/6/09			3
	251,100,000	strike price $97.25, expires 7/6/09			608
	443,000,000	strike price $98.25, expires 7/6/09			695

4.30.09  Fixed Income SHares – Series M Semi-Annual Report 53

Fixed Income SHares — Series M Schedule of Investments
April 30, 2009 (unaudited)

Contracts/
Notional
Amount			Value
		Put Options (continued)
		Ginnie Mae (OTC),
	200,000,000	strike price $98.25, expires 7/13/09	$	5,094
		U.S. Dollar versus Japanese Yen (OTC),
	17,900,000	strike price $104, expires 3/17/10		1,467,245
		U.S. Treasury Notes 5 yr. Futures (CBOT),
	279	strike price $105, expires 5/22/09		2,180
				1,476,494
		Total Options Purchased (cost–$1,705,938)		1,850,837
		Total Investments before options written (cost–$8,530,098,001)–379.6%		8,325,698,294
OPTIONS WRITTEN (l)–(0.1)%
		Call Options–(0.0)%
		7-Year Interest Rate Swap (OTC),
		Pay 3-Month USD-LIBOR Floating Rate Index,
	162,000,000	strike rate 2.35%, expires 6/22/09		(150,028	)
	30,000,000	strike rate 2.50%, expires 6/22/09		(73,557	)
		U.S. Treasury Notes 10 yr. Futures (CBOT),
	290	strike price $126, expires 5/22/09		(19,503	)
	1,250	strike price $128, expires 5/22/09		(41,916	)
				(285,004	)
		Put Options–(0.1)%
		2-Year Interest Rate Swap (OTC),
		Pay 3-Month USD-LIBOR Floating Rate Index,
	436,800,000	strike rate 1.75%, expires 6/22/09		(695,036	)
	5,000,000	strike rate 2.00%, expires 7/27/09		(8,140	)
		5-Year Interest Rate Swap (OTC),
		Pay 3-Month USD-LIBOR Floating Rate Index,
	47,700,000	strike rate 2.75%, expires 5/22/09		(131,409	)
		7-Year Interest Rate Swap (OTC),
		Pay 3-Month USD-LIBOR Floating Rate Index,
	130,200,000	strike rate 3.50%, expires 6/22/09		(430,311	)
		Financial Futures Euro–90 day (CME),
	180	strike price $98.63, expires 9/14/09		(25,875	)
		U.S. Treasury Notes 10 yr. Futures (CBOT),
	10	strike price $122, expires 5/22/09		(15,817	)
				(1,306,588	)

54 Fixed Income SHares – Series M Semi-Annual Report  4.30.09

Fixed Income SHares — Series M Schedule of Investments
April 30, 2009 (unaudited)

		Value
Total Options Written (premiums received–$2,053,768)		$	(1,591,592	)
Total Investments net of options written (cost–$8,528,044,233)	379.5%		8,324,106,702
Other Liabilities in excess of other assets	(279.5)		(6,130,626,624	)
Net Assets	100.0%	$	2,193,480,078

4.30.09  Fixed Income SHares – Series M Semi-Annual Report 55

Fixed Income SHares — Series R Schedule of Investments
April 30, 2009 (unaudited)

Principal
Amount				Credit Rating
(000)				(Moody’s/S&P)	Value
U.S. TREASURY BONDS & NOTES–125.8%
			U.S. Treasury Inflation Indexed Bonds & Notes (j),
$	5,417		1.375%, 7/15/18 (e)		$	5,286,822
	11,236		1.625%, 1/15/15 (e)			11,187,091
	405		1.625%, 1/15/18			403,181
	17,032		1.75%, 1/15/28 (e)			15,377,004
	15,269		1.875%, 7/15/13 (e)			15,564,352
	15,402		1.875%, 7/15/15 (e)			15,580,346
	9,430		2.00%, 1/15/14 (e)			9,612,790
	26,244		2.00%, 7/15/14 (e)			26,809,572
	3,637		2.00%, 1/15/16 (e)			3,704,910
	28,049		2.00%, 1/15/26 (e)			26,313,920
	18,940		2.375%, 4/15/11 (e)			19,336,629
	13,902		2.375%, 1/15/17 (e)			14,558,259
	21,196		2.375%, 1/15/25 (e)			21,049,843
	14,853		2.375%, 1/15/27 (e)			14,694,949
	889		2.50%, 1/15/29			907,408
	11,581		2.625%, 7/15/17 (e)			12,409,492
	1,195	��	3.375%, 1/15/12			1,267,630
	14,034		3.50%, 1/15/11 (e)			14,573,226
	10,112		3.625%, 4/15/28 (e)			11,711,208
	1,226		3.875%, 4/15/29			1,476,975
			Total U.S. Treasury Bonds & Notes (cost–$242,243,348)			241,825,607
U.S. GOVERNMENT AGENCY SECURITIES–65.4%
			Fannie Mae–60.5%
	23		2.833%, 10/1/44, FRN, MBS	Aaa/AAA		22,959
	1,608		5.50%, 5/1/37, MBS	Aaa/AAA		1,667,376
	3,675		5.50%, 6/1/37, MBS	Aaa/AAA		3,812,503
	666		5.50%, 11/1/37, MBS	Aaa/AAA		690,894
	26,000		5.50%, 12/1/37, MBS	Aaa/AAA		26,969,413
	13,000		5.50%, 1/1/38, MBS	Aaa/AAA		13,484,701
	17,000		5.50%, 2/1/38, MBS	Aaa/AAA		17,633,850
	10,000		5.50%, 3/1/38, MBS	Aaa/AAA		10,372,287
	29		5.50%, 5/1/38, MBS	Aaa/AAA		29,923
	2,500		5.50%, 6/1/38, MBS	Aaa/AAA		2,593,212
	260		5.50%, 8/1/38, MBS	Aaa/AAA		270,046
	19,000		5.50%, 9/1/38, MBS	Aaa/AAA		19,708,192
	193		5.50%, 11/1/38, MBS	Aaa/AAA		199,726
	200		5.50%, 12/1/38, MBS	Aaa/AAA		207,445
	18,000		5.50%, 4/1/39, MBS (g)	Aaa/AAA		18,641,839
						116,304,366

56 Fixed Income SHares – Series R Semi-Annual Report  4.30.09

Fixed Income SHares — Series R Schedule of Investments
April 30, 2009 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value
		Freddie Mac–1.2%
$	779	0.681%, 2/15/19, CMO, FRN	Aaa/AAA	$	761,303
	300	6.50%, MBS, TBA (e)	Aaa/AAA		317,766
	573	6.669%, 9/1/36, FRN, MBS	Aaa/AAA		598,316
	549	6.716%, 7/1/36, FRN, MBS	Aaa/AAA		569,633
					2,247,018
		Ginnie Mae–3.7%
	3	6.00%, 8/15/31, MBS	Aaa/AAA		3,070
	7	6.00%, 2/15/32, MBS	Aaa/AAA		7,031
	171	6.00%, 10/15/36, MBS	Aaa/AAA		178,864
	13	6.00%, 8/15/37, MBS	Aaa/AAA		13,334
	2,244	6.00%, 8/15/38, MBS (k)	Aaa/AAA		2,344,587
	2,632	6.00%, 10/15/38, MBS	Aaa/AAA		2,748,747
	434	6.00%, 11/15/38, MBS	Aaa/AAA		453,295
	1,400	6.00%, MBS, TBA (e)	Aaa/AAA		1,460,593
					7,209,521
		Total U.S. Government Agency Securities (cost–$124,595,607)			125,760,905
CORPORATE BONDS & NOTES–19.4%
		Banking–5.4%
		American Express Bank FSB,
	400	5.50%, 4/16/13	A2/A+		376,566
	300	6.00%, 9/13/17	A2/A+		255,520
	200	American Express Centurion Bank, 6.00%, 9/13/17	A2/A+		170,347
	3,500	Bank of America Corp., 5.65%, 5/1/18	A2/A		2,853,987
	1,200	Bank of America NA, 1.822%, 5/12/10, FRN	Aa3/AA+		1,170,114
		Barclays Bank PLC, FRN (a)(d)(i),
	100	7.434%, 12/15/17	Baa2/BBB+		49,012
	900	7.70%, 4/25/18	Baa1/A+		568,416
	3,600	Credit Suisse First Boston, 5.00%, 5/15/13	Aa1/A+		3,559,583
	700	National Australia Bank Ltd., 5.35%, 6/12/13 (a)(d)	Aa1/AA		689,826
€	100	Royal Bank of Scotland Group PLC, 7.092%, 9/29/17, FRN (i)	Ba3/B+		34,453
$	500	UBS AG, 5.75%, 4/25/18	Aa2/A+		433,136
	300	Wachovia Bank N.A., 1.331%, 12/2/10, FRN	Aa2/AA+		282,240
					10,443,200
		Chemicals–0.4%
	1,000	RPM International, Inc., 6.50%, 2/15/18	Baa3/BBB−		872,532
		Financial Services–6.8%
	500	Allstate Life Global Funding Trusts, 5.375%, 4/30/13	A1/AA−		493,138
		American Express Co.,
	580	7.00%, 3/19/18	A3/A		550,993
	170	8.15%, 3/19/38	A3/A		161,640

4.30.09  Fixed Income SHares – Series R Semi-Annual Report 57

Fixed Income SHares — Series R Schedule of Investments
April 30, 2009 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value
		Financial Services (continued)
$	300	Bear Stearns Cos., Inc., 6.95%, 8/10/12	Aa3/A+	$	316,125
	100	C10 Capital SPV Ltd., 6.722%, 12/31/16, FRN (a)(d)(i)	NR/CCC		44,923
		Citigroup, Inc.,
	3,500	6.125%, 5/15/18	A3/A		2,946,296
	1,200	8.40%, 4/30/18, FRN (i)	Ca/C		804,144
	800	Ford Motor Credit Co. LLC, 7.875%, 6/15/10	Caa1/CCC+		736,226
	700	General Motors Acceptance Corp. LLC, 6.875%, 9/15/11	C/CCC		560,339
		Goldman Sachs Group, Inc.,
	500	6.15%, 4/1/18	A1/A		472,404
	700	6.75%, 10/1/37	A2/A−		535,563
	100	Lehman Brothers Holdings, Inc., 6.20%, 9/26/14 (f)	NR/NR		14,750
	350	Longpoint Re Ltd., 6.57%, 11/8/11, FRN (a)(b)(d)	NR/BB+		337,575
	400	Merna Reinsurance Ltd., 1.87%, 6/30/12, FRN (a)(b)(d)	Aa2/NR		371,680
	2,100	Merrill Lynch & Co., Inc., 6.875%, 4/25/18	A2/A		1,772,541
		Morgan Stanley,
	500	1.557%, 10/18/16, FRN	A2/A		353,327
	300	6.625%, 4/1/18	A2/A		285,967
	2,000	Wachovia Corp., 5.50%, 5/1/13	A1/AA		1,963,184
	400	Wells Fargo Capital XIII, 7.70%, 3/26/13, FRN (i)	B2/A		256,190
					12,977,005
		Food & Beverage–0.7%
	1,500	FBG Finance Ltd., 5.125%, 6/15/15 (a)(d)	Baa2/BBB		1,279,005
		Insurance–3.0%
	2,445	American International Group, Inc., 8.175%, 5/15/68, (converts to FRN on 5/15/38) (a)(d)	Ba2/BBB		281,444
	1,600	ASIF I, 1.242%, 7/26/10, FRN	A1/A+		1,296,629
	3,000	Marsh & McLennan Cos., Inc., 9.25%, 4/15/19	Baa2/BBB−		3,128,703
	300	Metropolitan Life Global Funding I, 5.125%, 4/10/13 (a)(d)	Aa2/AA−		287,129
	300	New York Life Global Funding, 4.65%, 5/9/13 (a)(d)	Aaa/AAA		297,327
	200	Pacific Life Global Funding, 5.15%, 4/15/13 (a)(d)	Aa3/AA−		189,866
	300	Residential Reins Ltd., 8.511%, 6/7/10, FRN (a)(b)(d)	NR/BB		291,570
					5,772,668
		Oil & Gas–0.1%
	200	Gaz Capital S.A., 8.146%, 4/11/18 (a)(d)	Baa1/BBB		164,000
		Retail–2.4%
	4,000	Newell Rubbermaid, Inc., 10.60%, 4/15/19	Baa3/BBB−		4,374,224
	200	Wal-Mart Stores, Inc., 5.80%, 2/15/18	Aa2/AA		216,544
					4,590,768

58 Fixed Income SHares – Series R Semi-Annual Report  4.30.09

Fixed Income SHares — Series R Schedule of Investments
April 30, 2009 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value
		Software–0.3%
$	600	Oracle Corp., 5.75%, 4/15/18	A2/A	$	636,781
		Utilities–0.3%
	300	Electricite De France S.A., 6.50%, 1/26/19 (a)(d)	Aa3/A+		323,739
	200	Public Service Electric & Gas Co., 5.30%, 5/1/18	A3/A−		200,140
					523,879
		Total Corporate Bonds & Notes (cost–$40,890,678)			37,259,838
SOVEREIGN DEBT OBLIGATIONS–3.7%
		Japan–3.7%
		Japanese Government CPI Linked Bond (j),
¥	412,050	0.80%, 12/10/15	Aa3/AA		3,682,119
¥	60,480	1.20%, 6/10/17	Aa3/NR		535,815
¥	317,317	1.20%, 12/10/17 (e)	Aa3/NR		2,794,841
		Total Sovereign Debt Obligations (cost–$6,737,601)			7,012,775
MORTGAGE-BACKED SECURITIES–2.8%
		Bear Stearns Adjustable Rate Mortgage Trust, CMO, FRN,
$	79	2.472%, 3/25/35	Aaa/AAA		64,062
	64	2.65%, 8/25/35	Aaa/AAA		49,592
	199	2.94%, 3/25/35	Aaa/AAA		161,859
	115	4.55%, 8/25/35	Aaa/AAA		89,885
		Citigroup Mortgage Loan Trust, Inc., CMO,
	128	4.248%, 8/25/35, FRN	Aaa/AAA		92,967
	72	4.748%, 8/25/35, FRN	Aaa/AAA		52,968
	2,328	6.008%, 9/25/37, VRN	NR/AAA		1,263,960
	3,001	Countrywide Alternative Loan Trust, 0.642%, 12/20/46, CMO, FRN	Caa1/AAA		976,410
	48	Countrywide Home Loan Mortgage Pass-Through Trust, 0.778%, 6/25/35, CMO, FRN (a)(d)	Aaa/AAA		29,648
	244	GSR Mortgage Loan Trust, 4.509%, 9/25/35, CMO, FRN	NR/AAA		187,180
	3,100	LB-UBS Commercial Mortgage Trust, 5.424%, 2/15/40, CMO	NR/AAA		2,246,820
	571	Residential Accredit Loans, Inc., 0.618%, 6/25/46, CMO, FRN	Caa1/AAA		229,178
		Total Mortgage-Backed Securities (cost–$7,707,760)			5,444,529
MUNICIPAL BONDS–0.9%
		California–0.3%
	600	State, GO, 5.00%, 11/1/37	A2/A		546,744
		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		95,153
		Washington–0.5%
	1,000	Pierce Cnty. School Dist. No. 10, GO, 5.00%, 12/1/23, Ser. A (FSA)	Aa1/AAA		1,046,080

4.30.09  Fixed Income SHares – Series R Semi-Annual Report 59

Fixed Income SHares — Series R Schedule of Investments
April 30, 2009 (unaudited)

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	$	56,252
		Total Municipal Bonds (cost–$1,769,034)			1,744,229
ASSET-BACKED SECURITIES–0.3%
	492	Bear Stearns Asset Backed Securities Trust, 1.438%, 10/25/37, FRN	A1/AAA		291,579
	368	Massachusetts Educational Financing Auth., 2.042%, 4/25/38, FRN	Aaa/AAA		310,953
		Total Asset-Backed Securities (cost–$860,337)			602,532
Shares
CONVERTIBLE PREFERRED STOCK–0.1%
	200	Wells Fargo & Co., 7.50%, 12/31/49, Class A, Ser. L (cost–$200,000)	B2/A		123,600
SHORT-TERM INVESTMENTS–6.6%
Principal
Amount
(000)
U.S. Treasury Bills (k)–2.8%
$	5,385	0.07%-0.80%, 5/7/09-6/4/09 (cost–$5,384,727)			5,384,727
Corporate Notes–0.6%
	600	Citigroup Funding, Inc., 1.262%, 12/28/09, FRN	A3/A		579,086
	600	Rockies Express Pipeline LLC, 5.10%, 8/20/09, FRN (a)(d)	Baa2/BBB		600,304
		Total Corporate Notes (cost–$1,199,715)			1,179,390
Repurchase Agreements–3.2%
	2,300	Credit Suisse First Boston, dated 4/30/09, 0.18%, due 5/1/09, proceeds $2,300,012; collateralized by Fannie Mae, 6.00%, due 5/15/11, valued at $2,360,582 including accrued interest			2,300,000
	1,000	Deutsche Bank, dated 4/30/09, 0.17%, due 5/1/09, proceeds $1,000,005; collateralized by U.S. Treasury Inflation Index Notes, 3.875%, due 4/15/29, valued at $1,017,124 including accrued interest			1,000,000
	2,745	State Street Bank & Trust Co., dated 4/30/09, 0.01%, due 5/1/09, proceeds $2,745,001; collateralized by U.S. Treasury Bills, 0.081%, due 8/13/09, valued at $2,804,159 including accrued interest			2,745,000
		Total Repurchase Agreements (cost–$6,045,000)			6,045,000
		Total Short-Term Investments (cost–$12,629,442)			12,609,117

60 Fixed Income SHares – Series R Semi-Annual Report  4.30.09

Fixed Income SHares — Series R Schedule of Investments
April 30, 2009 (unaudited)

Contracts/
Notional
Amount				Value
OPTIONS PURCHASED (l)–0.0%
		Put Options–0.0%
		Fannie Mae (OTC),
	50,000,000	strike price $86.06, expires 6/4/09		$	—
	30,000,000	strike price $91, expires 6/4/09			—
		Ginnie Mae (OTC),
	1,400,000	strike price $90, expires 5/12/09			—
		U. S. Treasury Inflation Index Bonds (OTC),
	135,700,000	strike price $65, expires 5/14/09			7,564
		U.S. Treasury Notes 10 yr. Futures (CBOT),
	365	strike price $85, expires 5/22/09			5,597
		Total Options Purchased (cost–$26,757)			13,161
		Total Investments before options written (cost–$437,660,564)–225.0%			432,396,293
OPTIONS WRITTEN (l)–(0.1)%
		Call Options–(0.0)%
		7-Year Interest Rate Swap (OTC),
		Pay 3-Month USD-LIBOR Floating Rate Index,
	4,100,000	strike rate 2.35%, expires 6/22/09			(3,797	)
		U.S. Treasury Notes 10 yr. Futures (CBOT),
	59	strike price $126, expires 5/22/09			(3,968	)
	28	strike price $128, expires 5/22/09			(939	)
		Put Options–(0.1)%
	6,300,000	5-Year Interest Rate Swap (OTC),
		Pay 3-Month USD-LIBOR Floating Rate Index,
		strike rate 2.75%, expires 5/22/09			(17,356	)
	5,400,000	strike rate 3.50%, expires 6/22/09			(17,847	)
	2,000,000	7-Year Interest Rate Swap (OTC),
		Pay 3-Month USD-LIBOR Floating Rate Index,
		strike rate 5.37%, expires 9/20/10			(16,020	)
	16	Financial Futures Euro–90 day (CME),
		strike price $98.50, expires 9/14/09			(1,800	)
	39	strike price $98.63, expires 9/14/09			(5,606	)
		U.S. Treasury Notes 10 yr. Futures (CBOT),
	28	strike price $119, expires 5/22/09			(9,474	)
	59	strike price $122, expires 5/22/09			(93,317	)
		Total Options Written (premiums received–$172,973)			(170,124	)
		Total Investments net of options written (cost–$437,487,591)	224.9%		432,226,169
		Other liabilities in excess of other assets	(124.9)		(240,031,178	)
		Net Assets	100.0%	$	192,194,991

4.30.09  Fixed Income SHares – Series R Semi-Annual Report 61

Fixed Income SHares Notes to Schedules of Investments
April 30, 2009 (unaudited)

 

(a)	Private Placement – Restricted as to resale and may not have a readily available market. Securities with an aggregate value of $404,920,195, representing 18.27% of net assets for Series C; securities with an aggregate value of $211,984, representing 9.99% of net assets for Series H; securities with an aggregate value of $108,086,261, representing 4.93% of net assets for Series M; securities with an aggregate value of $5,805,464, representing 3.02% 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 Portfolios are 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 April 30, 2009.
(d)	144A 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 April 30, 2009.
(f)	In default.
(g)	Fair-Valued – Securities with an aggregate value of $2,504,492, representing 0.11% of net assets for Series C, securities with an aggregate value of $770,261 representing 0.04% of net assets for Series M and securities with an aggregate value of $18,641,839, representing 9.70% of net assets for Series R.
(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, swaps, when-issued and/or delayed-delivery securities.
(l)	Non-income producing.
(m)	All or partial amount segregated as collateral for reverse repurchase agreements.
(n)	Subject to Alternative Minimum Tax.
(o)	Maturity date shown is date of next put.

Glossary:

£ – British Pound

€/EUR – Euro

¥ – Japanese Yen

AMBAC – insured by American Municipal Bond Assurance Corp.

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

CBOT – Chicago Board of Trade

CBOE – Chicago Board Options Exchange

CME – Chicago Mercantile Exchange

CMO – Collateralized Mortgage Obligation

CPI – Consumer Price Index

FGIC – insured by Financial Guaranty Insurance Co.

FRN – Floating Rate Note. The interest rate disclosed reflects the rate in effect on April 30, 2009.

FSA – insured by Financial Security Assurance, Inc.

GO – General Obligation Bond

GTD – Guaranteed

IO – Interest Only

62 Fixed Income SHares – Series C, H, M, R Semi-Annual Report  4.30.09  See accompanying Notes to Financial Statements

Fixed Income SHares Notes to Schedules of Investments
April 30, 2009 (unaudited)

 

LIBOR – London Inter-Bank Offered Rate

MBIA – insured by Municipal Bond Investors Assurance

MBS – Mortgage-Backed Securities

NPFGC – insured by National Public Finance Guarantee Corporation

NR – Not Rated

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 April 30, 2009.

See accompanying Notes to Financial Statements  4.30.09  Fixed Income SHares – Series C, H, M, R Semi-Annual Report 63

Fixed Income SHares — Series C, H, M, R Statements of Assets and Liabilities
April 30, 2009 (unaudited)

	Series C			Series H			Series M			Series R
Assets:
Investments, at value (cost-$3,565,071,494, $2,943,761, $8,530,098,001 and $437,660,564, respectively)		$3,230,435,006			$2,084,525			$8,325,698,294			$432,396,293
Cash (including foreign currency for Series C, Series M and Series R with a value and cost of $6,635,364 and $6,578,768, $502,971 and $502,715 and $636,405 and $634,233, respectively)		6,635,364			941			1,017,250			636,654
Receivable for investments sold		377,727,981			—			6,169,003,315			1,289,239
Unrealized appreciation of swaps		124,431,992			—			44,808,206			4,003,125
Interest and dividend receivable		35,874,135			48,266			43,586,503			2,876,026
Premiums for swaps purchased		16,298,003			—			53,613,532			50,135
Unrealized appreciation of forward foreign currency contracts		9,097,644			—			441,405			168,805
Receivable for shares of beneficial interest sold		4,944,241			—			3,477,830			527,921
Deposits with brokers for futures contracts collateral		795,000			—			2,395,000			1,391,300
Receivable for variation margin on futures contracts		167,705			—			10,262			44,858
Tax reclaims receivable		7,401			—			—			—
Receivable for paydown principal		143			—			63,545			14,808
Receivable for terminated swaps		—			—			228,667			15,040
Receivable from broker		—			—			86,097			18,120
Total Assets		3,806,414,615			2,133,732			14,644,429,906			443,432,324
Liabilities:
Payable for investments purchased		1,362,762,253			—			6,234,674,735			241,465,314
Payable to broker for collateral		96,790,000			—			117,984,000			3,148,476
Unrealized depreciation of forward foreign currency contracts		58,739,192			—			433,990			334,046
Securities sold short, at value (proceeds of $20,525,000, $0, $1,526,040,281 and $105,131, respectively)		20,571,880			—			1,523,911,385			104,953
Unrealized depreciation of swaps		16,857,075			—			19,182,049			3,549,503
Dividends payable		16,444,580			12,768			32,303,250			—
Premium for swaps sold		8,718,769			—			3,640,089			1,901,966
Payable for shares of beneficial interest redeemed		3,281,305			—			218,456			384,993
Options written, at value (premiums received – $5,647,855, $0, $2,053,768, and $172,973, respectively)		3,277,205			—			1,591,592			170,124
Payable to broker		2,019,050			—			1,213,395			—
Payable to custodian for cash overdraft		93,179			—			—			—
Interest payable on short positions		3,902			—			4,565			103
Payable for variation margin on futures contracts		—			—			—			52,562
Payable for reverse repurchase agreements		—			—			4,512,695,000			—
Payable for terminated swaps		—			—			2,372,377			125,293
Interest payable for reverse repurchase agreements		—			—			724,945			—
Total Liabilities		1,589,558,390			12,768			12,450,949,828			251,237,333
Net Assets		$2,216,856,225			$2,120,964			$2,193,480,078			$192,194,991
Net Assets Consist of:
Shares of beneficial interest of $0.001 par value (unlimited number authorized)		$193,048			$325			$253,184			$19,815
Paid-in-capital in excess of par		2,233,877,109			3,213,484			2,696,861,070			208,770,158
Undistributed (dividends in excess of) net investment income		(1,461,145	)		406			(17,522,292	)		356,971
Accumulated net realized gain (loss)		265,674,566			(234,015	)		(309,590,007	)		(14,347,229	)
Net unrealized depreciation of investments, futures contracts, options written, swaps and foreign currency transactions		(281,427,353	)		(859,236	)		(176,521,877	)		(2,604,724	)
Net Assets		$2,216,856,225			$2,120,964			$2,193,480,078			$192,194,991
Shares Outstanding		193,047,624			324,604			253,183,891			19,815,474
Net Asset Value, Offering Price and Redemption Price Per Share		$11.48			$6.53			$8.66			$9.70

64 Fixed Income SHares – Series C, H, M, R Semi-Annual Report  4.30.09  See accompanying Notes to Financial Statements

Fixed Income SHares — Series C, H, M, R Statements of Operations
Six months ended April 30, 2009 (unaudited)

	Series C			Series H			Series M			Series R
Investment Income:
Interest		$73,176,012			$82,372			$195,417,473			$395,647
Dividends		174,814			—			1,733,254			7,500
Facility and other fee income		119,872			—			—			—
Total Investment Income		73,470,698			82,372			197,150,727			403,147
Expenses:
Interest expense		180,784			—			35,606,460			3,788
Net Investment Income		73,289,914			82,372			161,544,267			399,359
Realized and Change In Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		15,209,770			(78,788	)		79,855,128			13,550,995
Futures contracts		205,998,936			—			69,210,564			7,331,795
Options written		(19,612,797	)		—			2,676,791			2,547,267
Swaps		26,464,227			(58,928	)		(405,508,395	)		(19,874,566	)
Foreign currency transactions		44,971,036			—			446,784			(1,994,199	)
Net change in unrealized appreciation/depreciation of:
Investments		99,762,701			(39,050	)		252,695,181			8,975,135
Futures contracts		(13,506,669	)		—			(4,491,288	)		52,687
Options written		10,324,973			—			585,968			12,584
Swaps		(50,463,051	)		15,885			87,621,126			2,804,597
Foreign currency transactions		(60,030,780	)		—			(1,446,417	)		1,416,852
Net realized and change in unrealized gain (loss) on investments, futures contracts, options written, swaps and foreign currency transactions		259,118,346			(160,881	)		81,645,442			14,823,147
Net Increase (Decrease) in Net Assets Resulting from Investment Operations		$332,408,260			$(78,509	)		$243,189,709			$15,222,506

See accompanying Notes to Financial Statements  4.30.09  Fixed Income SHares – Series C, H, M, R Semi-Annual Report 65

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

	Six Months
	ended
	April 30, 2009			Year ended
	(unaudited)			October 31, 2008
Investment Operations:
Net investment income		$73,289,914			$126,954,843
Net realized gain on investments, futures contracts, options written, swaps and foreign currency transactions		273,031,172			295,710,670
Net change in unrealized appreciation/depreciation of investments, futures contracts, options written, swaps and foreign currency transactions		(13,912,826	)		(383,809,104	)
Net increase in net assets resulting from investment operations		332,408,260			38,856,409
Dividends and Distributions to Shareholders from:
Net investment income		(155,361,044	)		(124,912,250	)
Net realized gains		(170,954,511	)		(25,425,077	)
Total dividends and distributions to shareholders		(326,315,555	)		(150,337,327	)
Capital Share Transactions:
Net proceeds from the sale of shares		658,645,737			774,037,053
Cost of shares redeemed		(454,376,628	)		(542,286,326	)
Net increase in net assets from capital share transactions		204,269,109			231,750,727
Total increase in net assets		210,361,814			120,269,809
Net Assets:
Beginning of period		2,006,494,411			1,886,224,602
End of period (including undistributed (dividends in excess of) net investment income of $(1,461,145) and $80,609,985, respectively)		$2,216,856,225			$2,006,494,411
Shares Issued and Redeemed:
Issued		57,703,331			60,725,348
Redeemed		(39,140,796	)		(42,746,694	)
Net Increase		18,562,535			17,978,654

66 Fixed Income SHares – Series C Semi-Annual Report  4.30.09  See accompanying Notes to Financial Statements

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

	Six Months
	ended
	April 30, 2009			Year ended
	(unaudited)			October 31, 2008
Investment Operations:
Net investment income		$82,372			$161,687
Net realized loss on investments, futures contracts and swaps		(137,716	)		(60,519	)
Net change in unrealized appreciation/depreciation of investments, futures contracts and swaps		(23,165	)		(755,978	)
Net decrease in net assets resulting from investment operations		(78,509	)		(654,810	)
Dividends to Shareholders from Net Investment Income		(81,966	)		(161,687	)
Capital Share Transactions:
Net proceeds from the sale of shares		—			213,809
Total decrease in net assets		(160,475	)		(602,688	)
Net Assets:
Beginning of period		2,281,439			2,884,127
End of period (including undistributed net investment income of $406 and $0, respectively)		$2,120,964			$2,281,439
Shares Issued:		—			24,604

See accompanying Notes to Financial Statements  4.30.09  Fixed Income SHares – Series H Semi-Annual Report 67

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

	Six Months
	ended
	April 30, 2009			Year ended
	(unaudited)			October 31, 2008
Investment Operations:
Net investment income		$161,544,267			$228,786,296
Net realized gain (loss) on investments, futures contracts, options written, swaps and foreign currency transactions		(253,319,128	)		3,664,751
Net change in unrealized appreciation/depreciation of investments, futures contracts, options written, swaps and foreign currency transactions		334,964,570			(571,665,855	)
Net increase (decrease) in net assets resulting from investment operations		243,189,709			(339,214,808	)
Dividends to Shareholders from Net Investment Income		(175,678,904	)		(237,966,458	)
Capital Share Transactions:
Net proceeds from the sale of shares		837,647,903			882,741,960
Cost of shares redeemed		(421,938,659	)		(414,324,622	)
Net increase in net assets from capital share transactions		415,709,244			468,417,338
Total increase (decrease) in net assets		483,220,049			(108,763,928	)
Net Assets:
Beginning of period		1,710,260,029			1,819,023,957
End of period (including dividends in excess of net investment income of $(17,522,292) and $(3,387,655), respectively)		$2,193,480,078			$1,710,260,029
Shares Issued and Redeemed:
Issued		99,069,086			83,725,095
Redeemed		(50,524,917	)		(39,870,663	)
Net Increase		48,544,169			43,854,432

68 Fixed Income SHares – Series M Semi-Annual Report  4.30.09  See accompanying Notes to Financial Statements

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

	Six Months
	ended
	April 30, 2009			Year ended
	(unaudited)			October 31, 2008
Investment Operations:
Net investment income		$399,359			$8,548,299
Net realized gain (loss) on investments, futures contracts, options written, swaps and foreign currency transactions		1,561,292			(1,024,607	)
Net change in unrealized appreciation/depreciation of investments, futures contracts, options written, swaps and foreign currency transactions		13,261,855			(19,354,574	)
Net increase (decrease) in net assets resulting from investment operations		15,222,506			(11,830,882	)
Dividends and Distributions to Shareholders from:
Net investment income		(560,862	)		(8,952,787	)
Net realized gains		(6,964,781	)		—
Total dividends and distributions to shareholders		(7,525,643	)		(8,952,787	)
Capital Share Transactions:
Net proceeds from the sale of shares		59,969,789			117,340,551
Cost of shares redeemed		(45,563,229	)		(49,483,475	)
Net increase in net assets from capital share transactions		14,406,560			67,857,076
Total increase in net assets		22,103,423			47,073,407
Net Assets:
Beginning of period		170,091,568			123,018,161
End of period (including undistributed net investment income of $356,971 and $518,474, respectively)		$192,194,991			$170,091,568
Shares Issued and Redeemed:
Issued		6,388,004			10,975,042
Redeemed		(4,924,536	)		(4,675,758	)
Net Increase		1,463,468			6,299,284

See accompanying Notes to Financial Statements  4.30.09  Fixed Income SHares – Series R Semi-Annual Report 69

Fixed Income SHares — Series M Statement of Cash Flows
Six months ended April 30, 2009 (unaudited)

Decrease in Cash from:
Cash Flows provided by operating activities:
Net increase in net assets resulting from operations	$243,189,709
Adjustments to reconcile net increase in net assets resulting from investment operations to net cash provided by operating activities:
Purchases of long-term investments	(42,514,930,309	)
Proceeds from sales of long-term investments	42,511,649,688
Sale of short-term portfolio investments, net	(95,520,682	)
Net change in unrealized appreciation/depreciation of investments, futures contracts, options written, swaps and foreign currency transactions	(334,964,570	)
Net realized loss on investments, futures contracts, options written, swaps and foreign currency transactions	253,859,861
Net amortization on investments	(322,308	)
Increase in proceeds for short sale	311,383,226
Decrease in interest receivable	1,078,607
Payments from futures contracts transactions, net	65,096,264
Decrease in deposits with brokers	8,813,000
Increase in receivable from broker	(86,097	)
Increase in payable to broker for collateral	119,197,395
Decrease in interest payable for reverse repurchase agreements and short positions	(4,762,441	)
Periodic and termination payments of swaps, net	(457,561,758	)
Increase in receivable for paydown principal	(63,545	)
Net cash provided by operating activities	106,056,040
Cash Flows used for financing activities:
Decrease in reverse repurchase agreements	(359,557,000	)
Cash dividends paid	(175,678,904	)
Increase in dividends payable	11,047,406
Proceeds from shares of beneficial interest sold	840,184,201
Payment on shares of beneficial interest redeemed	(422,979,786	)
Net cash used for financing activities	(106,984,083	)
Net decrease in cash	(928,043	)
Cash at beginning of period	1,945,293
Cash at end of period	$1,017,250

The Portfolio paid $40,373,466 in cash for interest primarily on reverse repurchase agreements.

70 Fixed Income SHares – Series M Semi-Annual Report  4.30.09  See accompanying Notes to Financial Statements

Fixed Income SHares — Series C Financial Highlights
For a share outstanding throughout each period:

	Six Months
	ended
	April 30, 2009			Year ended October 31,
	(unaudited)			2008			2007			2006			2005			2004
Net asset value, beginning of period		$11.50			$12.05			$11.78			$11.64			$12.06			$11.62
Investment Operations:
Net investment income		0.42			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		1.45			(0.37	)		0.44			0.31			0.04			0.64
Total from investment operations		1.87			0.39			1.07			0.86			0.52			1.13
Dividends and Distributions to Shareholders from:
Net investment income		(0.89	)		(0.74	)		(0.56	)		(0.72	)		(0.54	)		(0.51	)
Net realized gains		(1.00	)		(0.20	)		(0.24	)		—			(0.40	)		(0.18	)
Total dividends and distributions to shareholders		(1.89	)		(0.94	)		(0.80	)		(0.72	)		(0.94	)		(0.69	)
Net asset value, end of period		$11.48			$11.50			$12.05			$11.78			$11.64			$12.06
Total Investment Return (1)		16.74	%		2.56	%		9.67	%		7.69	%		4.42	%		10.14	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000’s)		$2,216,856			$2,006,494			$1,886,225			$1,449,575			$949,173			$575,175
Ratio of operating expenses to average net assets (2)(3)		0.00	%#		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Ratio of net investment income to average net assets (2)		7.18	%#		6.01	%		5.60	%		4.89	%		4.08	%		4.16	%
Portfolio turnover		427	%		873	%		750	%		560	%		510	%		180	%

#	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 C, the Investment Manager or the Sub-Adviser. Participants in these programs pay a “wrap” fee to the sonsor of the program.
(3)	If interest expense were included, the ratio of operating expenses to average net assets for the six months ended April 30, 2009 would be 0.02%.

See accompanying Notes to Financial Statements  4.30.09  Fixed Income SHares – Series C Semi-Annual Report 71

Fixed Income SHares — Series H Financial Highlights
For a share outstanding throughout each period:

	Six Months						For the period
	ended						April 2, 2007*
	April 30, 2009			Year ended			through
	(unaudited)			October 31, 2008			October 31,2007
Net asset value, beginning of period		$7.03			$9.61			$10.00
Investment Operations:
Net investment income		0.25			0.52			0.29
Net realized and change in unrealized gain (loss) on investments, futures contracts and swaps		(0.50	)		(2.58	)		(0.40	)
Total from investment operations		(0.25	)		(2.06	)		(0.11	)
Dividends to Shareholders from Net Investment Income:		(0.25	)		(0.52	)		(0.28	)
Net asset value, end of period		$6.53			$7.03			$9.61
Total Investment Return (1)		(3.37	)%		(22.21	)%		(1.04	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000’s)		$2,121			$2,281			$2,884
Ratio of operating expenses to average net assets (2)		0.00	%#		0.00	%		0.00	%#
Ratio of net investment income to average net assets (2)		7.94	%#		6.05	%		5.04	%#
Portfolio turnover		10	%		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 sonsor of the program.

72 Fixed Income SHares – Series H Semi-Annual Report  4.30.09  See accompanying Notes to Financial Statements

Fixed Income SHares — Series M Financial Highlights
For a share outstanding throughout each period:

	Six Months
	ended
	April 30, 2009			Year ended October 31,
	(unaudited)			2008			2007			2006			2005			2004
Net asset value, beginning of period		$8.36			$11.31			$11.38			$11.12			$11.87			$11.48
Investment Operations:
Net investment income		0.70			1.35			0.66			0.57			0.44			0.37
Net realized and change in unrealized gain (loss) on investments, futures contracts, options written, swaps and foreign currency transactions		0.35			(2.90	)		(0.08	)		0.27			(0.29	)		0.65
Total from investment operations		1.05			(1.55	)		0.58			0.84			0.15			1.02
Dividends and Distributions to Shareholders from:
Net investment income		(0.75	)		(1.40	)		(0.65	)		(0.58	)		(0.46	)		(0.43	)
Net realized gains		—			—			—			—			(0.44	)		(0.20	)
Total dividends and distributions to shareholders		(0.75	)		(1.40	)		(0.65	)		(0.58	)		(0.90	)		(0.63	)
Net asset value, end of period		$8.66			$8.36			$11.31			$11.38			$11.12			$11.87
Total Investment Return (1)		13.35	%		(16.53	)%		5.26	%		7.80	%		1.32	%		9.17	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000’s)		$2,193,480			$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	%		0.00	%
Ratio of net investment income to average net assets (3)		16.54	%#		11.82	%		5.91	%		5.11	%		3.85	%		3.21	%
Portfolio turnover		423	%		923	%		837	%		928	%		706	%		894	%

#	Annualized.
(1)	Assumes reinvestment of all dividends and distributions. Total return for a period of less than one year is not annualized.
(2)	If interest expense were included, the ratio of operating expenses to average net assets for the six months ended April 30, 2009 and for the years ended October 31, 2008, 2007, 2006, 2005 and 2004 would be 3.65%, 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 sonsor of the program.

See accompanying Notes to Financial Statements  4.30.09  Fixed Income SHares – Series M Semi-Annual Report 73

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

	Six Months															For the period
	ended															April 15, 2004*
	April 30, 2009			Year ended October 31,												through
	(unaudited)			2008			2007			2006			2005			October 31, 2004
Net asset value, beginning of period		$9.27			$10.21			$9.90			$10.20			$10.37			$10.00
Investment Operations:
Net investment income		0.02			0.57			0.43			0.54			0.50			0.26
Net realized and change in unrealized gain (loss) on investments, futures contracts, options written, swaps and foreign currency transactions		0.84			(0.91	)		0.34			(0.29	)		(0.16	)		0.37
Total from investment operations		0.86			(0.34	)		0.77			0.25			0.34			0.63
Dividends and Distributions to Shareholders from:
Net investment income		(0.03	)		(0.60	)		(0.46	)		(0.55	)		(0.50	)		(0.26	)
Net realized gains		(0.40	)		—			—			—			(0.01	)		—
Total dividends and distributions to shareholders		(0.43	)		(0.60	)		(0.46	)		(0.55	)		(0.51	)		(0.26	)
Net asset value, end of period		$9.70			$9.27			$10.21			$9.90			$10.20			$10.37
Total Investment Return (1)		9.64	%		(3.87	)%		8.05	%		2.49	%		3.30	%		6.41	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000’s)		$192,195			$170,092			$123,018			$154,793			$135,449			$3,114
Ratio of operating expenses to average net assets (2)(3)		0.00	%#		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%#
Ratio of net investment income to average net assets (3)		0.47	%#		5.39	%		4.36	%		5.33	%		5.28	%		4.72	%#
Portfolio turnover		521	%		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)	If interest expense were included, the ratio of operating expenses to average net assets for the six months ended April 30, 2009 would be less than 0.005%.
(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 R, the Investment Manager or the Sub-Adviser. Participants in these programs pay a “wrap” fee to the sonsor of the program.

74 Fixed Income SHares – Series R Semi-Annual Report  4.30.09  See accompanying Notes to Financial Statements

Fixed Income Shares — Series C, H, M, R Notes to Financial Statements
April 30, 2009 (unaudited)

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, wholly-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.

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 April 30, 2009. The Portfolios’ federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

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 independent pricing services.

Portfolio securities and other financial instruments for which market quotations are not readily available or for which 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 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 each Portfolio’s 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 financial statements of the Portfolios. 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.

4.30.09  Fixed Income SHares – Series C, H, M, R Semi-Annual Report 75

Fixed Income Shares — Series C, H, M, R Notes to Financial Statements
April 30, 2009 (unaudited)

1. Organization and Significant Accounting Policies (continued)

(b) Fair Value Measurement

Effective November 1, 2008, the Portfolios adopted FASB Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“SFAS 157”). This standard clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value and requires additional disclosures about the use of the fair value measurements. Under this standard, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e. the “exit price”) in an orderly transaction between market participants. The three levels of the fair value hierarchy under SFAS 157 are described below:

•  Level 1 – quoted prices in active markets for identical investments that the Portfolios have the ability to access

•  Level 2 – valuations based on other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) or quotes from inactive exchanges

•  Level 3 – valuations based on significant unobservable inputs (including the Portfolios’ own assumptions in determining the fair value of investments)

An investment asset or liability’s level within the fair value hierarchy is based on the lowest level input, individually or in the aggregate, that is significant to fair value measurement.

The valuation techniques used by the Portfolios to measure fair value during the six months ended April 30, 2009 maximized the use of observable inputs and minimized the use of unobservable inputs.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used at April 30, 2009 in valuing the Portfolios’ investments carried at value:

Series C:

	Investments in Securities					Other Financial
Valuation Inputs	Assets		Liabilities			Instruments
Level 1 – Quoted Prices		$4,280,699		$(310,080	)		$(6,681,787	)
Level 2 – Other Significant Observable Inputs		3,187,540,168		(23,539,005	)		57,933,369
Level 3 – Significant Unobservable Inputs		38,614,139		—			—
Total		$3,230,435,006		$(23,849,085	)		$51,251,582

Series H:

	Investments in Securities				Other Financial
Valuation Inputs	Assets		Liabilities		Instruments
Level 1 – Quoted Prices		$—		$—		$—
Level 2 – Other Significant Observable Inputs		2,084,525		—		—
Level 3 – Significant Unobservable Inputs		—		—		—
Total		$2,084,525		$—		$—

76 Fixed Income SHares – Series C, H, M, R Semi-Annual Report  4.30.09

Fixed Income Shares — Series C, H, M, R Notes to Financial Statements
April 30, 2009 (unaudited)

1. Organization and Significant Accounting Policies (continued)

Series M:

	Investments in Securities					Other Financial
Valuation Inputs	Assets		Liabilities			Instruments
Level 1 – Quoted Prices		$9,672,588		$—			$(359,188	)
Level 2 – Other Significant Observable Inputs		8,315,255,445		(1,525,502,977	)		25,633,572
Level 3 – Significant Unobservable Inputs		770,261		—			—
Total		$8,325,698,294		$(1,525,502,977	)		$25,274,384

Series R:

	Investments in Securities					Other Financial
Valuation Inputs	Assets		Liabilities			Instruments
Level 1 – Quoted Prices		$123,600		$—			$2,369,557
Level 2 – Other Significant Observable Inputs		412,630,029		(275,077	)		288,381
Level 3 – Significant Unobservable Inputs		19,642,664		—			—
Total		$432,396,293		$(275,077	)		$2,657,938

A roll forward of fair value measurements using significant unobservable inputs (Level 3) at April 30, 2009, were as follows:

Series C:

	Investments in Securities						Other Financial
	Assets			Liabilities			Instruments
Beginning balance, 10/31/08		$51,279,211			$(447,000	)		$447,911
Net purchases (sales) and settlements		(21,280,361	)		55,190			(118,037	)
Accrued discounts (premiums)		28,396			—			—
Total realized gain (loss)		402,527			248,410			—
Total change in unrealized appreciation/depreciation		(651,314	)		143,400			—
Transfers in and/or out of Level 3		8,835,680			—			(329,874	)
Ending balance, 4/30/09		$38,614,139			$—			$—
Net change in unrealized appreciation/depreciation at April 30, 2009		$(697,747	)		$—			$—

4.30.09  Fixed Income SHares – Series C, H, M, R Semi-Annual Report 77

Fixed Income Shares — Series C, H, M, R Notes to Financial Statements
April 30, 2009 (unaudited)

1. Organization and Significant Accounting Policies (continued)

Series M:

	Investments in Securities					Other Financial
	Assets			Liabilities		Instruments
Beginning balance, 10/31/08		$966,966			$—		$279,433
Net purchases (sales) and settlements		(118,509	)		—		(279,433	)
Accrued discounts (premiums)		4,347			—		—
Total realized gain (loss)		542			—		—
Total change in unrealized appreciation/depreciation		(102,188	)		—		—
Transfers in and/or out of Level 3		19,103			—		—
Ending balance, 4/30/09		$770,261			$—		$—
Net change in unrealized appreciation/depreciation at April 30, 2009		$(64,539	)		$—		$—

Series R:

	Investments in Securities					Other Financial
	Assets			Liabilities		Instruments
Beginning balance, 10/31/08		$20,924,560			$—		$—
Net purchases (sales) and settlements		(1,381,927	)		—		—
Accrued discounts (premiums)		296			—		—
Total realized gain (loss)		(54,458	)		—		—
Total change in unrealized appreciation/depreciation		154,193			—		—
Transfers in and/or out of Level 3		—			—		—
Ending balance, 4/30/09		$19,642,664			$—		$—
Net change in unrealized appreciation/depreciation at April 30, 2009		$124,781			$—		$—

Realized gain (loss) and change in unrealized appreciation/depreciation is recorded on the Statements of Operations.

In April 2009, the FASB issued FASB Staff Position No. 157-4. “Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly” (“FSP 157-4”). FSP 157-4 provides additional guidance for estimating fair value in accordance with SFAS 157, when the volume and level of activity for the asset or liability have significantly decreased as well as guidance on identifying circumstances that indicate a transaction is not orderly. FSP 157-4 is effective for fiscal years and interim periods ending after June 15, 2009. The Portfolios’ management is currently evaluating the impact the adoption of FSP 157-4 will have on the Portfolios’ financial statements disclosures.

(c) Disclosures about Credit Derivatives

The Portfolios have adopted FASB Staff Positions No. 133-1 and FIN 45-4 “Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FAS Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161” (“FSP”), which required 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 reporting periods after November 15, 2008. 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. Portfolios’ management has determined that FSP has no material impact on the Portfolios’ financial statements. All changes to accounting policies have been made in accordance with the FSP and incorporated for the current period as part of the disclosures within Footnote 3(c) and 3(d) in the Notes to the Financial Statements.

78 Fixed Income SHares – Series C, H, M, R Semi-Annual Report  4.30.09

Fixed Income Shares — Series C, H, M, R Notes to Financial Statements
April 30, 2009 (unaudited)

1. Organization and Significant Accounting Policies (continued)

See also “Swap Agreements” – Note 1(k) for a description of the nature of each credit derivative, maximum potential amount of future payments (undiscounted) the Portfolios could be required to make under the credit derivatives with sold protection and fair value of each credit derivative at April 30, 2009. Potential losses related to hybrid instruments that have embedded credit derivatives are limited to the initial cost of investments.

In March 2008, Statement of Financial Accounting Standards No. 161, ”Disclosures about Derivative Instruments and Hedging Activities” (”SFAS 161”) was issued and 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. Portfolios management is currently evaluating the impact the adoption of SFAS 161 will have on the Portfolios’ financial statement disclosures.

(d) 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 an identified cost basis. Interest income adjusted for the accretion of discounts and amortization of premiums, 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, respectively, as income over the expected term of the senior loan. Commitment fees received by the Portfolios relating to unfunded purchase commitments are recorded as other fee income upon receipt. Paydown gains and losses are recorded as interest income on the Statement of Operations.

(e) 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.

(f) 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. Each 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.

(g) 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.

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.

4.30.09  Fixed Income SHares – Series C, H, M, R Semi-Annual Report 79

Fixed Income Shares — Series C, H, M, R Notes to Financial Statements
April 30, 2009 (unaudited)

1. Organization and Significant Accounting Policies (continued)

(h) 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.

(i) 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.

(j) 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 its current market value.

(k) Swap Agreements

Swap agreements are privately negotiated agreements between the Portfolios and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. The Portfolios may enter into credit default, cross- currency, interest rate, total return, variance and other forms of swap agreements in order to manage their exposure to credit, currency and interest rate risk. In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

80 Fixed Income SHares – Series C, H, M, R Semi-Annual Report  4.30.09

Fixed Income Shares — Series C, H, M, R Notes to Financial Statements
April 30, 2009 (unaudited)

1. Organization and Significant Accounting Policies (continued)

Payments received or made at the beginning of the measurement period are reflected as such on the Statements of Assets and Liabilities and represent payments made or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gains or losses on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statements of Operations. Net periodic payments received or paid by the Portfolios are included as part of realized gains or losses on the Statements of Operations.

Entering into these agreements involves, to varying degrees, elements of credit, legal, market and documentation risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks include the possibility that there will be no liquid market for these agreements, that the counterparties to the agreements may default on their obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

Credit Default Swap Agreements – Credit default swap agreements involve one party (referred to as the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive a specified return in the event of a default or other credit event for the referenced entity, obligation or index. As a seller of protection on credit default swap agreements, the Portfolios will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, the Portfolios would effectively add leverage to their portfolios because, in addition to their total net assets, the Portfolios would be subject to investment exposure on the notional amount of the swap.

If the Portfolios are sellers of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolios will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If the Portfolios are buyers of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolios will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

Credit default swap agreements on corporate issues or sovereign issues of an emerging country involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit events. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event). The Portfolios may use credit default swaps on corporate issues or sovereign issues of an emerging country to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where the Portfolios own or have exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer’s default.

Credit default swap agreements on asset-backed securities involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit events. Unlike credit default swaps on corporate issues or sovereign issues of an emerging country, deliverable obligations in most instances would be limited to the specific referenced obligation as performance for asset-backed securities can vary across deals. Prepayments, principal paydowns, and other writedowns or loss events on the underlying mortgage loans will reduce the outstanding principal balance of the referenced obligation. These reductions may be temporary or permanent as defined under the terms of the swap agreement and the notional amount for the swap agreement will be adjusted by corresponding amounts. The Portfolios may use credit default swaps on asset-backed securities to provide a measure of

4.30.09  Fixed Income SHares – Series C, H, M, R Semi-Annual Report 81

Fixed Income Shares — Series C, H, M, R Notes to Financial Statements
April 30, 2009 (unaudited)

1. Organization and Significant Accounting Policies (continued)

protection against defaults of the referenced obligation or to take an active long or short position with respect to the likelihood of a particular referenced obligation’s default.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a list of a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. The Portfolios may use credit default swaps on credit indices to hedge a portfolio of credit default swaps or bonds with a credit default swap on indices which is less expensive than it would be to buy many credit default swap to achieve a similar effect. Credit-default swap on indices are benchmarks for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end are disclosed later in the Notes (see 3(c)) and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Wider credit spreads and increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that the Portfolios as sellers of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of April 30, 2009 for which the Portfolios are the sellers of protection are disclosed later in the Notes (see 3(c)). These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolios for the same referenced entity or entities.

Interest Rate Swap Agreements – 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 the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the counterparty may terminate the swap transaction in whole at zero cost by a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swap, under which two parties can exchange variable interest rates based on different money markets.

(l) Senior Loans

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 to all the rights and obligations under the loan agreement with the same rights and obligations as the assigning Lender. Assignments may, however, be arranged

82 Fixed Income SHares – Series C, H, M, R Semi-Annual Report  4.30.09

Fixed Income Shares — Series C, H, M, R Notes to Financial Statements
April 30, 2009 (unaudited)

1. Organization and Significant Accounting Policies (continued)

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.

(m) Repurchase Agreements

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 which is considered to represent fair-value. 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.

(n) 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 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.

(o) When-Issued/Delayed-Delivery Transactions

Purchases or sales of securities on a when-issued or delayed-delivery basis 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 is sold on a delayed-delivery basis, the Portfolios do not participate in future gains and losses with respect to the security.

(p) 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.

(q) 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

4.30.09  Fixed Income SHares – Series C, H, M, R Semi-Annual Report 83

Fixed Income Shares — Series C, H, M, R Notes to Financial Statements
April 30, 2009 (unaudited)

1. Organization and Significant Accounting Policies (continued)

recoup some or all of its initial investment in these securities. The market value of these securities is highly sensitive to changes in interest rates.

(r) 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.

(s) Short Sales

Short sale transactions involve the Portfolios selling securities it does 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 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 April 30, 2009, 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 to the Series H.

84 Fixed Income SHares – Series C, H, M, R Semi-Annual Report  4.30.09

Fixed Income Shares — Series C, H, M, R Notes to Financial Statements
April 30, 2009 (unaudited)

3. Investments in Securities

Purchases and sales of investments, other than short-term securities, for the six months ended April 30, 2009, were:

	U.S. Government Agency		All Other
	Purchases	Sales	Purchases	Sales
Series C:	$10,694,093,959	$10,402,818,895	$2,268,803,403	$2,106,892,337
Series H:	—	—	200,000	271,652
Series M:	38,559,621,360	39,322,997,428	863,197,436	740,129,031
Series R:	1,894,656,146	1,874,010,425	15,819,110	10,897,702

(a) Futures contracts outstanding at April 30, 2009:

Series C:

			Market		Unrealized
			Value	Expiration	Appreciation
	Type	Contracts	(000)	Date	(Depreciation)
Long:	Financial Futures Euro – 90 day	87	$21,490	12/14/09		$51,112
	Financial Futures Euro – 90 day	357	87,849	6/14/10		(40,162	)
	Financial Futures Euro – 90 day	1,299	318,856	9/13/10		(92,146	)
	Financial Futures Euro – 90 day	1,550	379,324	12/13/10		(361,784	)
	Financial Futures Euro – 90 day	4,747	1,158,861	3/14/11		(3,303,061	)
	United Kingdom – 90 day	121	21,957	6/16/10		44,496
	United Kingdom – 90 day	121	21,894	9/15/10		49,780
	United Kingdom – 90 day	140	25,249	12/15/10		58,555
	United Kingdom – 90 day	943	169,637	3/16/11		180,955
	U.S. Treasury Notes 30 yr. Futures	1,500	183,844	6/19/09		(3,269,532	)
						$(6,681,787	)

Series M:

			Market
			Value	Expiration	Unrealized
	Type	Contracts	(000)	Date	Depreciation
Long:	Financial Futures Euro – 90 day	821	$200,427	3/14/11		$(359,188	)

4.30.09  Fixed Income SHares – Series C, H, M, R Semi-Annual Report 85

Fixed Income Shares — Series C, H, M, R Notes to Financial Statements
April 30, 2009 (unaudited)

3. Investments in Securities (continued)

Series R:

			Market		Unrealized
			Value	Expiration	Appreciation
	Type	Contracts	(000)	Date	(Depreciation)
Long:	Euribor Futures	19	$6,199,182	3/16/10		$1,904
	Euribor Futures	19	6,186,909	6/15/10		2,142
	Euribor Futures	50	16,249,039	9/14/10		2,249
	Euribor Futures	30	9,724,578	12/14/10		(2,623	)
	Financial Futures Euro – 90 day	185	45,697	12/14/09		1,062,351
	Financial Futures Euro – 90 day	227	55,998	3/15/10		1,371,518
	Financial Futures Euro – 90 day	7	1,723	6/14/10		16,844
	United Kingdom – 90 day	7	1,276,089	12/17/09		1,911
	U.S. Treasury Notes 10 yr. Futures	308	37,249	6/19/09		(86,739	)
						$2,369,557

Series C, Series M and Series R pledged cash collateral of $795,000, $2,395,000 and $1,391,300, respectively, for futures contracts.

(b) Transactions in options written for the six months ended April 30, 2009:

	Contracts/
Series C:	Notional			Premiums
Options outstanding, October 31, 2008		1,168,702,496		$14,010,103
Options written		623,007,562		6,541,932
Options terminated in closing transactions		(1,168,700,250	)	(12,797,050)
Options expired		(30,004,800	)	(2,107,130)
Options outstanding, April 30, 2009		593,005,008		$5,647,855

	Contracts/
Series M:	Notional			Premiums
Options outstanding, October 31, 2008		57,006,006		$3,878,566
Options written		976,703,389		3,263,001
Options terminated in closing transactions		(91,004,662	)	(2,547,009)
Options exercised		(3,003	)	(2,018,836)
Options expired		(131,000,000	)	(521,954)
Options outstanding, April 30, 2009		811,701,730		$2,053,768

86 Fixed Income SHares – Series C, H, M, R Semi-Annual Report  4.30.09

Fixed Income Shares — Series C, H, M, R Notes to Financial Statements
April 30, 2009 (unaudited)

3. Investments in Securities (continued)

	Contracts/
Series R:	Notional			Premiums
Options outstanding, October 31, 2008		108,700,165		$2,975,508
Options written		23,100,267		289,812
Options terminated in closing transactions		(114,000,088	)	(3,027,558)
Options exercised		(87	)	(60,045)
Options expired		(28	)	(4,744)
Options outstanding, April 30, 2009		17,800,229		$172,973

(c) Credit default swap agreements:

Buy protection swap agreements outstanding at April 30, 2009 (1):

Series C:

	Notional Amount			Payments		Upfront	Unrealized
Swap Counterparty/	Payable on Default	Credit	Termination	Paid	Market	Premiums	Appreciation
Referenced Debt Issuer	(000) (4)	Spread (3)	Date	by Portfolio	Value (5)	Paid	(Depreciation)
Bank of America:
Constellation Energy Group	$5,000	3.32%	6/20/12	(1.36)%	$270,331	$—		$270,331
DTE Energy	5,000	3.08%	6/20/16	(0.97)%	585,922	—		585,922
Ryder System	4,000	2.13%	9/20/15	(1.73)%	77,442	—		77,442
Barclays Bank:
Deutsche Bank AG	13,800	1.40%	9/20/13	(0.79)%	327,928	—		327,928
BNP Paribas:
Deutsche Bank AG	7,100	1.40%	9/20/13	(0.79)%	168,249	—		168,249
Citigroup:
Dominion Resources	4,000	0.60%	12/20/17	(0.69)%	(28,876)	—		(28,876	)
Merrill Lynch	5,000	4.00%	3/20/15	(2.45)%	348,076	—		348,076
Credit Suisse First Boston:
Deutsche Bank AG	25,000	1.40%	9/20/13	(0.79)%	592,427	—		592,427
Deutsche Telekom International Finance BV	5,000	0.85%	9/20/18	(1.08)%	(95,063)	—		(95,063	)
Deutsche Bank:
Credit Suisse	28,000	1.58%	6/20/13	(1.35)%	199,995	—		199,995
Sara Lee	7,000	0.50%	6/20/13	(0.68)%	(54,578)	—		(54,578	)
JPMorgan Chase:
Deutsche Bank AG	18,900	1.40%	9/20/13	(0.77)%	463,614	—		463,614
Lexmark International	5,000	2.90%	6/20/13	(1.19)%	306,978	—		306,978
Morgan Stanley:
Inco	9,000	2.09%	12/20/11	(0.50)%	357,953	—		357,953
Weyerhaeuser	4,500	2.00%	6/20/12	(0.44)%	204,317	—		204,317
					$3,724,715	$—		$3,724,715

4.30.09  Fixed Income SHares – Series C, H, M, R Semi-Annual Report 87

Fixed Income Shares — Series C, H, M, R Notes to Financial Statements
April 30, 2009 (unaudited)

3. Investments in Securities (continued)

Series M:

	Notional Amount			Payments		Upfront	Unrealized
Swap Counterparty/	Payable on Default	Credit	Termination	Paid	Market	Premiums	Appreciation
Referenced Debt Issuer	(000) (4)	Spread (3)	Date	by Portfolio	Value (5)	Paid	(Depreciation)
Bank of America:
Macy’s	$5,000	2.10%	9/20/15	(7.06)%	$(1,366,943)	$—		$(1,366,943	)
Barclays Bank:
General Electric	10,000	6.85%	12/20/13	(6.75)%	(10,482)	—		(10,482	)
Hasbro	4,000	1.20%	9/20/17	(0.81)%	106,415	—		106,415
Citigroup:
Valero Energy	10,600	1.62%	12/20/13	(3.40)%	(842,847)	—		(842,847	)
Deutsche Bank:
Altria Group	4,500	0.80%	3/20/19	(1.455)%	(249,408)	—		(249,408	)
Morgan Stanley:
Altria Group	1,500	0.80%	12/20/18	(1.55)%	(95,123)	—		(95,123	)
Royal Bank of Scotland:
General Electric	7,300	6.85%	12/20/13	(6.75)%	(7,652)	—		(7,652	)
					$(2,466,040)	$—		$(2,466,040	)

Series R:

	Notional Amount			Payments		Upfront	Unrealized
Swap Counterparty/	Payable on Default	Credit	Termination	Paid	Market	Premiums	Appreciation
Referenced Debt Issuer	(000) (4)	Spread (3)	Date	by Portfolio	Value (5)	Paid	(Depreciation)
Bank of America:
Marsh & McLennan	$3,000	0.80%	6/20/19	(0.90)%	$(28,576)	$—		$(28,576	)
Barclays Bank:
Credit Suisse	2,600	1.58%	6/20/13	(1.60)%	(7,021)	—		(7,021	)
FBG Finance	1,500	1.25%	6/20/15	(1.60)%	(31,627)	—		(31,627	)
Deutsche Bank:
UBS	€500	1.83%	3/20/14	(2.20)%	(12,374)	—		(12,374	)
Goldman Sachs:
RPM International	$1,000	2.20%	3/20/18	(1.50)%	46,351	—		46,351
JPMorgan Chase:
Credit Suisse	1,000	1.58%	6/20/13	(1.79)%	(10,261)	—		(10,261	)
Newell Rubbermaid	4,000	1.27%	6/20/19	(2.72)%	(477,604)	—		(477,604	)
					$(521,112)	$—		$(521,112	)

88 Fixed Income SHares – Series C, H, M, R Semi-Annual Report  4.30.09

Fixed Income Shares — Series C, H, M, R Notes to Financial Statements
April 30, 2009 (unaudited)

3. Investments in Securities (continued)

Sell protection swap agreements outstanding at April 30, 2009 (2):

Series C:

	Notional Amount			Payments		Upfront	Unrealized
Swap Counterparty/	Payable on Default	Credit	Termination	Received	Market	Premiums	Appreciation
Referenced Debt Issuer	(000) (4)	Spread (3)	Date	by Portfolio	Value (5)	Received	(Depreciation)
BNP Paribas:
General Electric	$15,200	6.85%	12/20/13	4.90%	$(987,483)	$—		$(987,483	)
Citigroup:
El Paso	2,700	6.44%	3/20/14	5.00%	(127,595)	(133,380)		5,785
Deutsche Bank:
Berkshire Hathaway	11,900	3.29%	9/20/13	1.10%	(970,093)	—		(970,093	)
General Electric	25,000	6.85%	12/20/13	3.80%	(2,605,442)	—		(2,605,442	)
Procter & Gamble	3,000	0.90%	3/20/14	1.27%	54,994	—		54,994
Goldman Sachs:
California State Municipal Bond	3,300	2.65%	12/20/18	1.63%	(162,530)	—		(162,530	)
California State Municipal Bond	25,000	2.65%	12/20/18	1.65%	(1,205,594)	—		(1,205,594	)
Dow Jones CDX HY-9 Index 35-100%	3,409	3.89%	12/20/12	2.05%	(179,596)	—		(179,596	)
International Paper	3,000	3.67%	6/20/10	0.78%	(93,565)	—		(93,565	)
SLM	4,100	14.28%	3/20/13	2.95%	(1,090,043)	—		(1,090,043	)
JPMorgan Chase:
American Express	2,800	3.97%	3/20/14	2.75%	(137,357)	—		(137,357	)
Merrill Lynch & Co.:
American International Group	4,000	38.42%	12/20/12	0.90%	(2,196,162)	—		(2,196,162	)
Apache	4,500	0.38%	6/20/10	0.39%	2,624	—		2,624
Canadian Natural Resources	1,800	2.30%	3/20/10	0.32%	(30,830)	—		(30,830	)
General Electric	1,800	7.46%	6/20/10	0.30%	(139,162)	—		(139,162	)
JPMorgan Chase	3,000	1.66%	9/20/12	0.39%	(124,252)	—		(124,252	)
SLM	3,000	14.50%	12/20/12	2.90%	(782,819)	—		(782,819	)
XTO Energy	1,300	1.26%	3/20/10	0.38%	(9,607)	—		(9,607	)
Morgan Stanley:
Altria Group	2,500	0.80%	12/20/10	0.95%	9,041	—		9,041
ConocoPhillips	4,700	0.50%	3/20/11	0.23%	(22,304)	—		(22,304	)
Time Warner	5,000	0.72%	9/20/10	0.58%	(6,309)	—		(6,309	)
					$(10,804,084)	$(133,380)		$(10,670,704	)

4.30.09  Fixed Income SHares – Series C, H, M, R Semi-Annual Report 89

Fixed Income Shares — Series C, H, M, R Notes to Financial Statements
April 30, 2009 (unaudited)

3. Investments in Securities (continued)

Series M:

	Notional Amount			Payments		Upfront	Unrealized
Swap Counterparty/	Payable on Default	Credit	Termination	Received	Market	Premiums	Appreciation
Referenced Debt Issuer	(000) (4)	Spread (3)	Date	by Portfolio	Value (5)	Received	(Depreciation)
Barclays Bank:
SLM	$15,000	13.44%	12/20/13	5.00%	$(3,272,381)	$(2,025,000)		$(1,247,381	)
BNP Paribas:
General Electric	10,000	6.85%	12/20/13	3.80%	(1,042,177)	—		(1,042,177	)
General Electric	75,000	6.85%	12/20/13	4.50%	(5,942,949)	—		(5,942,949	)
Deutsche Bank:
SLM	10,000	13.44%	12/20/13	5.00%	(2,181,588)	(1,350,000)		(831,588	)
Goldman Sachs:
Bear Stearns	15,500	1.99%	3/20/10	8.25%	1,006,556	—		1,006,556
Bear Stearns	8,700	1.99%	3/20/10	8.50%	586,852	—		586,852
Berkshire Hathaway	2,200	3.29%	9/20/13	0.97%	(190,479)	—		(190,479	)
Berkshire Hathaway	14,600	3.29%	9/20/13	0.98%	(1,258,405)	—		(1,258,405	)
California State Municipal Bond	25,000	2.65%	12/20/18	1.60%	(1,269,827)	—		(1,269,827	)
California State Municipal Bond	11,000	2.65%	12/20/18	1.75%	(473,936)	—		(473,936	)
SLM	5,600	14.28%	3/20/13	2.95%	(1,488,839)	—		(1,488,839	)
SLM	10,000	14.28%	3/20/13	3.00%	(2,646,156)	—		(2,646,156	)
					$(18,173,329)	$(3,375,000)		$(14,798,329	)

Series R:

	Notional Amount			Payments		Upfront	��
Swap Counterparty/	Payable on Default	Credit	Termination	Received	Market	Premiums	Unrealized
Referenced Debt Issuer	(000) (4)	Spread (3)	Date	by Portfolio	Value (5)	Received	Depreciation
Citigroup:
General Electric	$8,000	6.85%	12/20/13	3.73%	$(855,151)	$—		$(855,151	)
Deutsche Bank:
American International Group	3,800	35.27%	12/20/13	5.00%	(1,877,901)	(389,500)		(1,488,401	)
Goldman Sachs:
GMAC	300	12.47%	6/20/11	3.40%	(43,578)	—		(43,578	)
GMAC	100	11.10%	9/20/12	3.05%	(19,213)	—		(19,213	)
GMAC	500	11.10%	9/20/12	5.35%	(64,481)	—		(64,481	)
Merrill Lynch & Co.:
CIT Group	1,000	16.70%	12/20/13	5.00%	(290,596)	(230,000)		(60,596	)
Dow Jones CDX HY-8 Index	276	10.71%	6/20/12	2.75%	(52,642)	(13,110)		(39,532	)
Morgan Stanley:
Ford Motor Credit	100	9.60%	9/20/12	3.80%	(15,258)	—		(15,258	)
					$(3,218,820)	$(632,610)		$(2,586,210	)

(1) If the Portfolios are buyers of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolios will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index

90 Fixed Income SHares – Series C, H, M, R Semi-Annual Report  4.30.09

Fixed Income Shares — Series C, H, M, R Notes to Financial Statements
April 30, 2009 (unaudited)

3. Investments in Securities (continued)

	or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(2)	If the Portfolios are sellers of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolios will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(3)	Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements as of year end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
(4)	The maximum potential amount the Portfolios could be required to make as sellers of credit protection or receive as buyers of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
(5)	The quoted market prices and resulting values for credit default swap agreements serve as an indicator of the status at April 30, 2009 of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

4.30.09  Fixed Income SHares – Series C, H, M, R Semi-Annual Report 91

Fixed Income Shares — Series C, H, M, R Notes to Financial Statements
April 30, 2009 (unaudited)

3. Investments in Securities (continued)

(d) Interest rate swap agreements outstanding at April 30, 2009:

Series C:

			Rate Type
				Payments		Upfront
	Notional		Payments	Received		Premiums	Unrealized
	Amount	Termination	Made by	by	Market	Paid	Appreciation
Swap Counterparty	(000)	Date	Portfolio	Portfolio	Value	(Received)	(Depreciation)
Bank of America	$71,000	12/16/10	3-Month USD-LIBOR	3.00%	$1,056,471	$951,399		$105,072
Barclays Bank	BRL 472,500	1/2/12	BRL-CDI-Compounded	11.65%	1,155,919	(387,938)		1,543,857
Barclays Bank	£196,400	3/18/14	6-Month GBP-LIBOR	5.00%	26,856,120	(2,912,595)		29,768,715
Barclays Bank	€34,900	9/16/14	6-Month EUR-LIBOR	3.50%	1,286,826	1,265,603		21,223
Barclays Bank	MXN 459,300	1/31/19	28-Day Mexico Inter-Bank TIIE Banxico	8.66%	2,099,596	588,137		1,511,459
BNP Paribas	£100,000	3/18/14	6-Month GBP-LIBOR	5.00%	13,674,196	128,337		13,545,859
Credit Suisse First Boston	$309,300	12/16/10	3-Month USD-LIBOR	3.00%	4,602,347	4,269,984		332,363
Credit Suisse First Boston	£43,100	3/18/14	6-Month GBP-LIBOR	5.00%	5,893,578	(555,020)		6,448,598
Credit Suisse First Boston	€25,800	9/16/14	6-Month EUR-LIBOR	3.50%	951,293	925,892		25,401
Deutsche Bank	£152,500	3/18/14	6-Month GBP-LIBOR	5.00%	20,853,148	(2,619,792)		23,472,940
Deutsche Bank	€28,100	9/16/14	6-Month EUR-LIBOR	3.00%	177,099	19,979		157,120
Deutsche Bank	€38,900	3/18/19	6-Month EUR-LIBOR	4.25%	3,643,046	1,110,635		2,532,411
Goldman Sachs	BRL 53,500	1/2/12	BRL-CDI-Compounded	11.67%	152,276	264,164		(111,888	)
Goldman Sachs	€5,900	3/30/12	5-Year French CPI Ex-Tobacco Daily Reference Index	1.96%	176,788	—		176,788
Goldman Sachs	€48,400	3/18/14	6-Month EUR-LIBOR	4.50%	5,461,567	47,844		5,413,723
Goldman Sachs	£125,700	3/18/14	6-Month GBP-LIBOR	5.00%	17,188,464	(115,233)		17,303,697
Goldman Sachs	€150,000	9/16/14	6-Month EUR-LIBOR	3.50%	5,530,771	5,621,502		(90,731	)
HSBC Bank	MXN 425,100	1/31/19	28-Day Mexico Inter-Bank TIIE Banxico	8.66%	1,943,257	486,701		1,456,556
JPMorgan Chase	BRL 46,900	1/2/12	BRL-CDI-Compounded	11.65%	114,736	(31,399)		146,135
JPMorgan Chase	MXN 290,950	1/31/19	28-Day Mexico Inter-Bank TIIE Banxico	8.66%	1,330,018	292,386		1,037,632
Morgan Stanley	$3,600	6/17/19	3-Month USD-LIBOR	4.00%	227,056	325,440		(98,384	)
Royal Bank of Scotland	£110,000	3/18/14	6-Month GBP-LIBOR	5.00%	15,041,615	(415,152)		15,456,767
UBS	AUD 363,628	6/15/14	6-Month Australian Bank Bill	4.00%	(7,182,667)	(1,548,260)		(5,634,407	)
					$122,233,520	$7,712,614		$114,520,906

92 Fixed Income SHares – Series C, H, M, R Semi-Annual Report  4.30.09

Fixed Income Shares — Series C, H, M, R Notes to Financial Statements
April 30, 2009 (unaudited)

3. Investments in Securities (continued)

Series M:

			Rate Type
				Payments		Upfront
	Notional		Payments	Received		Premiums	Unrealized
	Amount	Termination	Made by	by	Market	Paid	Appreciation
Swap Counterparty	(000)	Date	Portfolio	Portfolio	Value	(Received)	(Depreciation)
Bank of America	$139,400	12/16/10	3-Month USD-LIBOR	3.00%	$2,074,255	$1,867,960		$206,295
Barclays Bank	BRL 150,000	1/2/12	BRL-CDI-Compounded	11.65%	366,958	(124,590)		491,548
Barclays Bank	€9,900	3/18/19	6-Month EUR-LIBOR	4.25%	927,151	275,754		651,397
Citigroup	MXN 121,700	1/31/19	28-Day Mexico Inter-Bank TIIE Banxico	8.66%	556,326	174,356		381,970
Credit Suisse First Boston	$1,275,650	12/16/10	3-Month USD-LIBOR	3.00%	18,981,519	17,579,906		1,401,613
Deutsche Bank	843,600	6/17/11	3-Month USD-LIBOR	4.00%	40,642,733	17,934,936		22,707,797
Deutsche Bank	12,400	6/17/16	3-Month USD-LIBOR	4.00%	810,103	1,027,960		(217,857	)
HSBC Bank	BRL 150,000	1/2/12	BRL-CDI-Compounded	11.65%	366,958	(140,499)		507,457
HSBC Bank	£7,000	3/18/14	6-Month GBP-LIBOR	5.00%	957,194	373,375		583,819
HSBC Bank	MXN 250,000	1/31/19	28-Day Mexico Inter-Bank TIIE Banxico	8.66%	1,142,824	392,903		749,921
Merrill Lynch & Co.	$590,300	6/17/11	3-Month USD-LIBOR	4.00%	28,439,314	13,872,050		14,567,264
Merrill Lynch & Co.	MXN 241,600	2/7/19	28-Day Mexico Inter-Bank TIIE Banxico	8.30%	654,622	—		654,622
Morgan Stanley	€3,900	3/18/14	6-Month EUR-LIBOR	4.00%	319,012	114,332		204,680
					$96,238,969	$53,348,443		$42,890,526

Series R:

			Rate Type
				Payments		Upfront
	Notional		Payments	Received		Premiums	Unrealized
	Amount	Termination	Made by	by	Market	Paid	Appreciation
Swap Counterparty	(000)	Date	Portfolio	Portfolio	Value	(Received)	(Depreciation)
Barclays Bank	€9,100	9/17/10	6-Month EUR-LIBOR	5.00%	$570,098	$(96,137)		$666,235
Barclays Bank	$600	12/17/28	5.00%	3-Month USD-LIBOR	(128,753)	(7,320)		(121,433	)
Credit Suisse First Boston	29,200	6/17/29	3.00%	3-Month USD-LIBOR	2,569,112	(559,946)		3,129,058
Goldman Sachs	£1,400	1/3/18	United Kingdom RPI	3.11%	79,264	—		79,264
Merrill Lynch & Co.	$2,700	5/21/09	5.50%	30-Day USD-CMM Rate	(399,413)	(465,723)		66,310
Morgan Stanley	BRL 7,700	1/2/12	BRL-CDI-Compounded	10.115%	(169,006)	(137,054)		(31,952	)
Morgan Stanley	1,100	1/2/12	BRL-CDI-Compounded	12.54%	12,731	(3,176)		15,907
Royal Bank of Scotland	1,300	5/21/09	5.50%	30-Day USD-CMM Rate	(192,310)	50,135		(242,445	)
					$2,341,723	$(1,219,221)		$3,560,944

AUD – Australian Dollar

BRL – Brazilian Real

CDI – Inter-Bank Deposit Certificate

CMM – Constant Maturity Mortgage

CPI – Consumer Price Index

EUR/€ – Euro

GBP/£ – British Pound

LIBOR – London Inter-Bank Offered Rate

MXN – Mexican Peso

RPI – Retail Price Index

TIIE – Inter-Bank Equilibrium Interest Rate

4.30.09  Fixed Income SHares – Series C, H, M, R Semi-Annual Report 93

Fixed Income Shares — Series C, H, M, R Notes to Financial Statements
April 30, 2009 (unaudited)

3. Investments in Securities (continued)

(e) Forward foreign currency contracts outstanding at April 30, 2009:

Series C:

				U.S. $ Value		Unrealized
		U.S. $ Value on		April 30,		Appreciation
	Counterparty	Origination Date		2009		(Depreciation)
Purchased:
6,419,000 Australian Dollar settling 5/7/09	Goldman Sachs & Co.	$	4,566,990	$	4,715,068	$	148,078
2,718,000 Australian Dollar settling 5/7/09	UBS		1,903,959		1,996,503		92,544
3,397,335 Australian Dollar settling 5/29/09	Westpac Banking		2,395,801		2,491,746		95,945
5,294,400 Brazilian Real settling 6/2/09	Barclays Bank		2,400,000		2,422,095		22,095
5,357,200 British Pound settling 5/21/09	Goldman Sachs & Co.		7,880,227		7,938,132		57,905
42,612,000 British Pound settling 5/21/09	Royal Bank of Scotland		62,429,563		63,141,133		711,570
511,455,000 Chilean Peso settling 11/19/09	Citigroup		885,483		879,644		(5,839	)
511,455,000 Chilean Peso settling 5/14/09	HSBC Bank USA		781,444		882,631		101,187
202,850,155 Chinese Yuan Renminbi settling 7/15/09	Barclays Bank		31,222,000		29,826,519		(1,395,481	)
21,899,200 Chinese Yuan Renminbi settling 9/8/09	Barclays Bank		3,165,470		3,227,880		62,410
14,159,640 Chinese Yuan Renminbi settling 9/8/09	Citigroup		2,040,000		2,087,091		47,091
587,306,053 Chinese Yuan Renminbi settling 7/15/09	Deutsche Bank		90,169,000		86,355,838		(3,813,162	)
64,303,430 Chinese Yuan Renminbi settling 9/8/09	Deutsche Bank		9,280,000		9,478,143		198,143
496,865,660 Chinese Yuan Renminbi settling 7/15/09	HSBC Bank USA		76,634,000		73,057,736		(3,576,264	)
28,635,990 Chinese Yuan Renminbi settling 9/8/09	HSBC Bank USA		4,130,000		4,220,864		90,864
58,029,000 Chinese Yuan Renminbi settling 7/15/09	JPMorgan Chase		9,000,000		8,532,422		(467,578	)
11,666,070 Chinese Yuan Renminbi settling 9/8/09	JPMorgan Chase		1,690,000		1,719,546		29,546
518,000 Euro settling 5/14/09	BNP Paribas Bank		683,594		686,377		2,783
518,000 Euro settling 5/14/09	Goldman Sachs & Co.		692,405		686,377		(6,028	)
518,000 Euro settling 5/14/09	UBS		675,425		686,377		10,952
344,783,000 Japanese Yen settling 5/7/09	Barclays Bank		3,476,336		3,504,427		28,091

94 Fixed Income SHares – Series C, H, M, R Semi-Annual Report  4.30.09

Fixed Income Shares — Series C, H, M, R Notes to Financial Statements
April 30, 2009 (unaudited)

3. Investments in Securities (continued)

				U.S. $ Value		Unrealized
		U.S. $ Value on		April 30,		Appreciation
	Counterparty	Origination Date		2009		(Depreciation)
2,449,126,733 Japanese Yen settling 5/7/09	Deutsche Bank	$	26,048,000	$	24,893,294	$	(1,154,706	)
2,049,209,000 Japanese Yen settling 5/7/09	HSBC Bank USA		21,192,174		20,828,470		(363,704	)
59,861,000 Japanese Yen settling 5/7/09	JPMorgan Chase & Co.		612,564		608,436		(4,128	)
9,850,000 Japanese Yen settling 5/7/09	UBS		101,546		100,117		(1,429	)
496,099 Mexican Peso settling 5/19/09	Citigroup		45,459		35,668		(9,791	)
98,029,118 Mexican Peso settling 5/19/09	Deutsche Bank		7,057,532		7,048,079		(9,453	)
498,435 Mexican Peso settling 5/19/09	HSBC Bank USA		35,046		35,837		791
219,445 Mexican Peso settling 11/27/09	JPMorgan Chase		14,984		15,316		332
84,105 Mexican Peso settling 5/19/09	Merrill Lynch & Co.		6,308		6,047		(261	)
25,061,000 Norwegian Krone settling 6/4/09	UBS		3,487,801		3,806,137		318,336
28,486,904 Polish Zloty settling 5/6/09	HSBC Bank USA		12,622,698		8,543,635		(4,079,063	)
1,721,520,486 Russian Ruble settling 5/6/09	Deutsche Bank		71,705,291		52,018,473		(19,686,818	)
578,097,242 Russian Ruble settling 5/6/09	JPMorgan Chase		23,238,278		17,468,125		(5,770,153	)
2,197,240 Taiwan Dollar settling 8/10/09	Barclays Bank		65,200		67,462		2,262
6,083,304 Taiwan Dollar settling 5/8/09	Citigroup		184,510		184,092		(418	)
782,985 Taiwan Dollar settling 8/10/09	Citigroup		23,352		24,040		688
1,018,575 Taiwan Dollar settling 8/10/09	Deutsche Bank		30,278		31,273		995
2,059,596 Taiwan Dollar settling 8/10/09	JPMorgan Chase		61,600		63,236		1,636
Sold:
27,912,000 Australian Dollar settling 5/7/09	Barclays Bank		18,904,100		20,502,721		(1,598,621	)
9,878,916 Brazilian Real settling 6/2/09	BNP Paribas Bank		4,318,652		4,519,432		(200,780	)
18,263,224 Brazilian Real settling 6/2/09	HSBC Bank USA		7,768,279		8,355,106		(586,827	)
4,667,000 British Pound settling 5/21/09	Barclays Bank		6,912,574		6,915,415		(2,841	)

4.30.09  Fixed Income SHares – Series C, H, M, R Semi-Annual Report 95

Fixed Income Shares — Series C, H, M, R Notes to Financial Statements
April 30, 2009 (unaudited)

3. Investments in Securities (continued)

				U.S. $ Value		Unrealized
		U.S. $ Value on		April 30,		Appreciation
	Counterparty	Origination Date		2009		(Depreciation)
114,309,000 British Pound settling 5/21/09	Citigroup	$	168,277,137	$	169,379,513	$	(1,102,376	)
182,000 British Pound settling 5/21/09	Credit Suisse First Boston		271,170		269,682		1,488
304,000 British Pound settling 5/21/09	HSBC Bank USA		448,409		450,458		(2,049	)
672,000 British Pound settling 5/21/09	Royal Bank of Scotland		988,239		995,749		(7,510	)
47,313,000 Canadian Dollar settling 6/8/09	Citigroup		38,538,701		39,830,116		(1,291,415	)
511,455,000 Chilean Peso settling 5/14/09	Citigroup		888,714		882,631		6,083
486,021,131 Chinese Yuan Renminbi settling 7/15/09	Barclays Bank		67,232,121		71,463,187		(4,231,066	)
158,073,000 Chinese Yuan Renminbi settling 7/15/09	Citigroup		21,768,643		23,242,612		(1,473,969	)
140,664,330 Chinese Yuan Renminbi settling 9/8/09	Citigroup		19,392,615		20,733,523		(1,340,908	)
160,964,000 Chinese Yuan Renminbi settling 7/15/09	Deutsche Bank		22,272,589		23,667,696		(1,395,107	)
161,279,000 Chinese Yuan Renminbi settling 7/15/09	HSBC Bank USA		22,277,644		23,714,013		(1,436,369	)
378,713,737 Chinese Yuan Renminbi settling 7/15/09	JPMorgan Chase		52,060,483		55,685,007		(3,624,524	)
57,610,000 Euro settling 5/14/09	Barclays Bank		76,352,300		76,336,337		15,963
518,000 Euro settling 5/14/09	BNP Paribas Bank		683,066		686,378		(3,312	)
518,000 Euro settling 5/14/09	Credit Suisse First Boston		687,474		686,378		1,096
6,101,000 Euro settling 5/14/09	Goldman Sachs & Co.		8,112,500		8,084,152		28,348
518,000 Euro settling 5/14/09	Royal Bank of Scotland		686,236		686,378		(142	)
6,607,000 Euro settling 5/14/09	UBS		8,753,416		8,754,629		(1,213	)
3,195,005 Indian Rupee settling 7/6/09	Bank of America		60,500		63,472		(2,972	)
3,196,256 Indian Rupee settling 7/6/09	Citigroup		60,800		63,497		(2,697	)
2,810,322 Indian Rupee settling 7/6/09	Deutsche Bank		53,920		55,830		(1,910	)
1,777,530,000 Japanese Yen settling 5/7/09	BNP Paribas Bank		18,273,659		18,067,083		206,576
1,777,530,000 Japanese Yen settling 6/4/09	Morgan Stanley		18,258,324		18,074,397		183,927
231,515,000 Japanese Yen settling 5/7/09	Royal Bank of Scotland		2,317,956		2,353,153		(35,198	)
87,754,381 Mexican Peso settling 5/19/09	Barclays Bank		6,579,119		6,309,348		269,771
98,029,118 Mexican Peso settling 11/27/09	Deutsche Bank		6,853,985		6,841,818		12,167

96 Fixed Income SHares – Series C, H, M, R Semi-Annual Report  4.30.09

Fixed Income Shares — Series C, H, M, R Notes to Financial Statements
April 30, 2009 (unaudited)

3. Investments in Securities (continued)

				U.S. $ Value		Unrealized
		U.S. $ Value on		April 30,		Appreciation
	Counterparty	Origination Date		2009		(Depreciation)
7,100,000 Mexican Peso settling 5/19/09	HSBC Bank USA	$	483,766	$	510,474	$	(26,708	)
4,253,376 Mexican Peso settling 5/19/09	JPMorgan Chase		289,937		305,808		(15,871	)
1,212,271 Polish Zloty settling 5/6/09	Barclays Bank		397,466		363,578		33,888
258,691 Polish Zloty settling 5/6/09	HSBC Bank USA		84,800		77,585		7,215
255,942 Polish Zloty settling 5/6/09	JPMorgan Chase		83,833		76,761		7,072
26,760,000 Polish Zloty settling 5/6/09	UBS		8,818,877		8,025,711		793,166
789,451,845 Russian Ruble settling 5/6/09	Barclays Bank		25,943,722		23,854,540		2,089,182
313,396,068 Russian Ruble settling 5/6/09	Deutsche Bank		10,343,104		9,469,759		873,345
873,370,080 Russian Ruble settling 5/6/09	HSBC Bank USA		28,649,756		26,390,263		2,259,493
323,399,735 Russian Ruble settling 5/6/09	JPMorgan Chase		10,056,656		9,772,036		284,620
334,010 Singapore Dollar settling 7/30/09	HSBC Bank USA		219,455		226,088		(6,633	)
2,207,672 Taiwan Dollar settling 5/8/09	Barclays Bank		65,200		66,808		(1,608	)
782,985 Taiwan Dollar settling 5/8/09	Citigroup		23,241		23,695		(454	)
1,018,575 Taiwan Dollar settling 5/8/09	Deutsche Bank		30,153		30,824		(671	)
2,074,072 Taiwan Dollar settling 5/8/09	JPMorgan Chase		61,600		62,765		(1,165	)
						$	(49,641,548	)

Series M:

				U.S. $ Value		Unrealized
		U.S. $ Value on		April 30,		Appreciation
	Counterparty	Origination Date		2009		(Depreciation)
Purchased:
7,523,934 Australian Dollar settling 5/29/09	Westpac Banking	$	5,305,878	$	5,518,364	$	212,486
441,728 British Pound settling 5/21/09	Royal Bank of Scotland		639,860		654,539		14,679
2,038,000 Canadian Dollar settling 6/8/09	Citigroup		1,660,049		1,715,676		55,627
160,000 Canadian Dollar settling 6/8/09	Royal Bank of Scotland		131,273		134,695		3,422
31,857,948 Japanese Yen settling 6/4/09	Bank of America		324,000		323,940		(60	)
41,933,000 Japanese Yen settling 5/7/09	JPMorgan Chase & Co.		428,000		426,213		(1,787	)
10,124 Mexican Peso settling 5/14/09	Barclays Bank		660		729		69
329,302 Mexican Peso settling 11/27/09	Citigroup		22,093		22,983		890
27,698,350 Mexican Peso settling 5/19/09	Deutsche Bank		1,994,122		1,991,451		(2,671	)
339,426 Mexican Peso settling 5/19/09	HSBC Bank USA		23,866		24,404		538
8,678,606 Mexican Peso settling 5/14/09	JPMorgan Chase		573,000		624,552		51,552
231,649 Mexican Peso settling 11/27/09	JPMorgan Chase		15,817		16,168		351

4.30.09  Fixed Income SHares – Series C, H, M, R Semi-Annual Report 97

Fixed Income Shares — Series C, H, M, R Notes to Financial Statements
April 30, 2009 (unaudited)

3. Investments in Securities (continued)

				U.S. $ Value		Unrealized
		U.S. $ Value on		April 30,		Appreciation
	Counterparty	Origination Date		2009		(Depreciation)
Sold:
7,588,000 Australian Dollar settling 5/7/09	UBS	$	5,315,394	$	5,573,755	$	(258,361	)
4,575,000 British Pound settling 5/21/09	Citigroup		6,734,972		6,779,092		(44,120	)
2,037,578 Canadian Dollar settling 6/8/09	Bank of America		1,695,000		1,715,321		(20,321	)
1,645,000 Euro settling 5/14/09	Barclays Bank		2,181,270		2,179,713		1,557
71,193,963 Japanese Yen settling 5/7/09	Bank of America		734,000		723,626		10,374
393,386,000 Japanese Yen settling 5/7/09	BNP Paribas Bank		4,044,152		3,998,435		45,717
131,319,657 Japanese Yen settling 5/7/09	JPMorgan Chase & Co.		1,323,000		1,334,753		(11,753	)
393,387,000 Japanese Yen settling 6/4/09	Morgan Stanley		4,040,768		4,000,063		40,705
8,688,730 Mexican Peso settling 5/14/09	Barclays Bank		582,830		625,281		(42,451	)
27,708,474 Mexican Peso settling 5/19/09	Barclays Bank		1,940,659		1,992,179		(51,519	)
329,302 Mexican Peso settling 5/19/09	Citigroup		22,729		23,676		(947	)
27,698,350 Mexican Peso settling 11/27/09	Deutsche Bank		1,936,609		1,933,171		3,438
						$	7,415

Series R:

				U.S. $ Value		Unrealized
		U.S. $ Value on		April 30,		Appreciation
	Counterparty	Origination Date		2009		(Depreciation)
Purchased:
111,000 Australian Dollar settling 5/7/09	Barclays Bank	$	77,475	$	81,535	$	4,060
910,520 Brazilian Real settling 6/2/09	UBS		385,977		416,547		30,570
112,000 British Pound settling 5/21/09	Royal Bank of Scotland		162,236		165,958		3,722
916,181 Chinese Yuan Renminbi settling 3/29/10	Bank of America		135,100		135,788		688
3,032,450 Chinese Yuan Renminbi settling 5/6/09	Barclays Bank		438,089		444,469		6,380
11,869,440 Chinese Yuan Renminbi settling 9/8/09	Barclays Bank		1,760,000		1,749,522		(10,478	)
105,700 Chinese Yuan Renminbi settling 3/29/10	Barclays Bank		15,643		15,666		23
1,447,845 Chinese Yuan Renminbi settling 9/8/09	Citigroup		210,000		213,408		3,408
753,518 Chinese Yuan Renminbi settling 3/29/10	Citigroup		111,550		111,679		129
505,001 Chinese Yuan Renminbi settling 3/29/10	Deutsche Bank		74,826		74,847		21
5,267,340 Chinese Yuan Renminbi settling 9/8/09	HSBC Bank USA		780,000		776,391		(3,609	)
724,994 Chinese Yuan Renminbi settling 3/29/10	HSBC Bank USA		107,200		107,452		252

98 Fixed Income SHares – Series C, H, M, R Semi-Annual Report  4.30.09

Fixed Income Shares — Series C, H, M, R Notes to Financial Statements
April 30, 2009 (unaudited)

3. Investments in Securities (continued)

				U.S. $ Value		Unrealized
		U.S. $ Value on		April 30,		Appreciation
	Counterparty	Origination Date		2009		(Depreciation)
6,800 Chinese Yuan Renminbi settling 3/29/10	JPMorgan Chase	$	1,006	$	1,008	$	2
114,769 Euro settling 5/14/09	Royal Bank of Scotland		149,219		152,075		2,856
14,186,000 Japanese Yen settling 5/7/09	UBS		146,247		144,189		(2,058	)
28,416 Malaysian Ringgit settling 8/12/09	Barclays Bank		7,963		7,963		—
114,414 Mexican Peso settling 5/19/09	Citigroup		10,484		8,226		(2,258	)
114,414 Mexican Peso settling 11/27/09	Citigroup		7,676		7,985		309
1,478,562 Polish Zloty settling 5/6/09	HSBC Bank USA		655,159		443,442		(211,717	)
309,679 Russian Ruble settling 5/6/09	Barclays Bank		9,314		9,357		43
390,528 Singapore Dollar settling 7/30/09	HSBC Bank USA		270,000		264,344		(5,656	)
Sold:
122,261 Australian Dollar settling 5/29/09	JPMorgan Chase & Co.		86,138		89,671		(3,533	)
1,915,739 Brazilian Real settling 6/2/09	HSBC Bank USA		787,782		876,417		(88,635	)
249,000 British Pound settling 5/21/09	Citigroup		366,559		368,960		(2,401	)
922,733 Chinese Yuan Renminbi settling 5/6/09	Bank of America		135,100		135,246		(146	)
105,700 Chinese Yuan Renminbi settling 5/6/09	Barclays Bank		15,464		15,493		(29	)
753,518 Chinese Yuan Renminbi settling 5/6/09	Citigroup		110,309		110,444		(135	)
511,201 Chinese Yuan Renminbi settling 5/6/09	Deutsche Bank		74,825		74,927		(102	)
732,498 Chinese Yuan Renminbi settling 5/6/09	HSBC Bank USA		107,200		107,363		(163	)
6,800 Chinese Yuan Renminbi settling 5/6/09	JPMorgan Chase		995		997		(2	)
964,000 Euro settling 5/14/09	Barclays Bank		1,278,264		1,277,352		912
342,846,000 Japanese Yen settling 5/7/09	BNP Paribas Bank		3,524,582		3,484,739		39,843
342,845,000 Japanese Yen settling 6/4/09	Morgan Stanley		3,521,614		3,486,139		35,475
114,414 Mexican Peso settling 5/19/09	Citigroup		7,897		8,226		(329	)
2,433,673 Philippines Peso settling 8/6/09	Citigroup		50,611		49,843		768
21,117 Polish Zloty settling 5/6/09	HSBC Bank USA		7,103		6,333		770
1,457,445 Polish Zloty settling 5/6/09	JPMorgan Chase		475,683		437,109		38,574
309,679 Russian Ruble settling 5/6/09	Barclays Bank		9,176		9,357		(181	)
390,528 Singapore Dollar settling 7/30/09	Citigroup		261,730		264,344		(2,614	)
						$	(165,241	)

4.30.09  Fixed Income SHares – Series C, H, M, R Semi-Annual Report 99

Fixed Income Shares — Series C, H, M, R Notes to Financial Statements
April 30, 2009 (unaudited)

3. Investments in Securities (continued)

Series C and Series M received $18,310,000 and $450,000, respectively, in principal value of U.S. Treasury Bills; Series C, Series M and Series R received $95,820,000, $125,960,000 and $2,970,000 in cash as collateral for derivative contracts. Cash collateral received may be invested in accordance with the Portfolios’ investment strategy. Collateral received as securities cannot be pledged.

(f) Open reverse repurchase agreements at April 30, 2009 were:

Series M:

						Maturity		Principal &
Counterparty	Rate			Trade Date		Date		Interest		Principal
Barclays Bank:		0.40	%		4/13/09		5/12/09	$	1,458,376,617	$	1,458,085,000
		0.40	%		4/15/09		5/12/09		25,447,523		25,443,000
Credit Suisse First Boston:		0.35	%		4/20/09		5/9/09		1,100,117,639		1,100,000,000
		0.42	%		4/13/09		5/2/09		975,204,750		975,000,000
Goldman Sachs:		0.37	%		4/20/09		5/19/09		954,273,416		954,167,000
										$	4,512,695,000

The weighted average daily balance of reverse repurchase agreements outstanding during the six months ended April 30, 2009 for Series M was $5,468,419,801 at a weighted average interest rate of 1.29%. The total market value of underlying collateral (refer to Series M’s Schedule of Investments for positions segregated as collateral) for open reverse repurchase agreements at April 30, 2009 was $4,685,996,177.

Series M received $1,081,536 in U.S. Government securities as collateral for reverse repurchase agreements.

(g) Short sales outstanding at April 30, 2009:

Series C:

	Coupon			Maturity		Principal		Proceeds		Value
Fannie Mae		5.00	%		TBA	$	20,000,000	$	20,525,000	$	20,571,880

Series M:

	Coupon			Maturity		Principal		Proceeds		Value
Fannie Mae		4.50	%		TBA	$	63,400,000	$	65,158,281	$	65,018,500
Fannie Mae		5.00	%		TBA		365,200,000		376,448,406		376,029,621
Fannie Mae		5.50	%		TBA		1,000,000		1,045,031		1,040,781
Fannie Mae		6.00	%		TBA		230,000,000		240,451,563		240,457,870
Freddie Mac		5.00	%		TBA		3,900,000		4,004,812		4,009,079
Freddie Mac		5.50	%		TBA		27,700,000		28,652,188		28,656,509
Freddie Mac		6.00	%		TBA		250,000,000		261,796,875		260,976,500
Ginnie Mae		6.00	%		TBA		525,000,000		548,483,125		547,722,525
										$	1,523,911,385

100 Fixed Income SHares – Series C, H, M, R Semi-Annual Report  4.30.09

Fixed Income Shares — Series C, H, M, R Notes to Financial Statements
April 30, 2009 (unaudited)

3. Investments in Securities (continued)

Series R:

	Coupon			Maturity		Principal		Proceeds		Value
Fannie Mae		6.00	%		TBA	$	100,000	$	105,131	$	104,953

4. Income Tax Information

The cost of investments for federal income tax purposes and gross unrealized appreciation and gross unrealized depreciation of investments at April 30, 2009 were:

	Cost of		Gross Unrealized		Gross Unrealized			Net Unrealized
	Investments		Appreciation		Depreciation			Depreciation
Series C	$	3,565,071,494	$	61,047,207	$	(395,683,695	)	$	(334,636,488	)
Series H		2,943,761		—		(859,236	)		(859,236	)
Series M		8,530,098,001		173,502,654		(377,902,361	)		(204,399,707	)
Series R		437,660,564		3,059,441		(8,323,712	)		(5,264,271	)

5. 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.

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 as counterparty, 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 assets and other liabilities on the Statements of Assets and Liabilities and net change in unrealized appreciation (depreciation) on the Statements of Operations. These amounts are based on the Investment Manager’s legal interpretations under its netting agreement and recoverability estimates and may differ significantly from the amount which might ultimately be realized or paid. 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, as well as the current value of senior Lehman bonds, have been utilized in determining estimated recovery values for certain holdings. Financial assets and liabilities may be offset and the net amount may be reported in the Statements of Assets and Liabilities where there is a legally enforceable right to set off the recognized amounts and the provisions of FASB Interpretation No. 39, Offsetting of Amounts Related to Certain Contracts (“FIN 39”) have been met.

The Sub-Adviser has delivered notices of default and in some cases, claim notices, to certain entities of Lehman Brothers in accordance with the terms of the applicable agreements. For transactions with Lehman Brothers counterparties, the Sub-Adviser has terminated the trades and has obtained quotations from brokers for replacement trades.

Certain Portfolios are party to International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreements”) with select counterparties that govern transactions, over-the-counter derivative and foreign exchange contracts, entered into by each Portfolio and those counterparties. The ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding

4.30.09  Fixed Income SHares – Series C, H, M, R Semi-Annual Report 101

Fixed Income Shares — Series C, H, M, R Notes to Financial Statements
April 30, 2009 (unaudited)

5. Market and Credit Risk (continued)

transactions under the applicable ISDA Master Agreement. Any election to early terminate could be material to the Portfolios’ financial statements.

6. 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, the Sub-Adviser, and certain of their 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 for the District of Maryland. Any potential resolution of these matters may include, but not be limited to, judgments or settlements for damages against the Investment Manager, the Sub-Adviser, or their 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.

102 Fixed Income SHares – Series C, H, M, R Semi-Annual Report  4.30.09

Trustees and Principal Officers

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

Kansas City, MO 64105-1307

Transfer Agent, Dividend Paying Agent and Registrar

Boston Financial Data Services-Midwest

330 West 9^th 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 02110-2624

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

The financial information included herein is taken from the records of the Portfolios without examination by an independent registered accounting firm, who did not express an opinion hereon.

The Portfolios file their complete schedules of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of their fiscal year on Form N-Q. Form N-Q is available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330.

ITEM 2. CODE OF ETHICS

     Not required in this filing.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

     Not required in this filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

     Not required in this filing.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANT

     Not required in this filing.

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)	Exhibit 99.302 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: July 2, 2009
By	/s/ Lawrence G. Altadonna
	Treasurer, Principal Financial & Accounting Officer
Date: July 2, 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: July 2, 2009
By	/s/ Lawrence G. Altadonna
	Treasurer, Principal Financial & Accounting Officer
Date: July 2, 2009