Delaware Extended Duration Bond Fund

Holdings as of 06/30/2010 (all share classes)

Portfolio holdings are as of the date noted above and are subject to change at any time. Holdings may not be representative of current or future investments and may not include the entire investment portfolio. Holdings information is made available to the public 30 calendar days after the most recent quarter-end.

Holdings data is for informational purposes only, and is not intended as a recommendation, offer, or solicitation for the purchase or sale of any specific security. By accessing the portfolio holdings, you agree not to reproduce, distribute or disseminate the portfolio holdings, in whole or part. In no event shall the Delaware Family of Funds or its affiliates have any liability relating to the use of the portfolio holdings.

Unlike the Fund's regulatory filings, the portfolio data and its presentation in this document is not required to conform to Generally Accepted Accounting Principles (GAAP) and Securities and Exchange Commission (SEC) presentation requirements. Therefore, it may differ from that provided in the complete portfolio of investments in the annual and semiannual report to shareholders filed with the SEC on Form N-CSR, and the complete portfolio of investments filed in the first and third quarter on Form N-Q.

SEC description	# Holdings	Portfolio %	Market value	Income rate	Maturity date	Nasdaq symbol
ABBOTT LABORATORIES	5,850,000.00	1.51	$6,162,694.20	5.30	05/27/2040	ABT
AES CORP/THE	325,000.00	0.08	$328,250.00	8.00	06/01/2020	AES
AFFINION GROUP INC TERM LOAN B	660,000.00	0.15	$630,164.70	5.00	10/07/2016	AFFINI
AGRIBANK FCB	1,210,000.00	0.35	$1,435,387.91	9.12	07/15/2019	AGRIBK
ALLIANCE HEALTHCARE TERM LOAN	388,050.00	0.09	$381,177.63	5.50	06/01/2016	AIQ
ALLIED WASTE NORTH AMERICA INC	1,050,000.00	0.28	$1,146,083.40	6.88	06/01/2017	AW
ALLIED WASTE NORTH AMERICA INC	2,390,000.00	0.63	$2,566,350.93	7.12	05/15/2016	AW
AMERICAN TOWER CORP	300,000.00	0.08	$336,000.00	7.00	10/15/2017	AMT
AMERICAN TOWER CORP	2,000,000.00	0.56	$2,290,000.00	7.25	05/15/2019	AMT
AMERICAN TRANSMISSION SYSTEMS	3,640,000.00	0.94	$3,823,816.36	5.25	01/15/2022	FE
AMGEN INC	65,000.00	0.02	$71,368.18	5.75	03/15/2040	AMGN
AMGEN INC	445,000.00	0.11	$441,662.50	0.38	02/01/2013	AMGN CB1
AMGEN INC	3,250,000.00	0.94	$3,862,394.25	6.40	02/01/2039	AMGN
AMTT 2007-1A AFX	715,000.00	0.19	$769,345.86	5.42	04/15/2037	AMTT
ANADARKO FINANCE	1,625,000.00	0.34	$1,369,914.00	7.50	05/01/2031	032479AD9
ANHEUSER-BUSCH INBEV WORLDWIDE	2,100,000.00	0.54	$2,199,873.90	5.00	04/15/2020	ABIBB
ARVINMERITOR INC	310,000.00	0.06	$241,800.00	4.00	02/15/2027	ARM CB
AT&T INC	5,440,000.00	1.48	$6,054,007.36	6.50	09/01/2037	T
AUSTRALIAN DOLLAR	63,505.30	0.01	$53,430.18	0.00	N/A	AUD
BACM 2004-3 A5	665,000.00	0.17	$705,043.91	5.59	06/10/2039	BACM
BALL CORP	188,000.00	0.05	$197,635.00	7.12	09/01/2016	BLL
BALL CORP	282,000.00	0.07	$294,690.00	7.38	09/01/2019	BLL
BB&T CAPITAL TRUST II	2,403,000.00	0.60	$2,435,945.13	6.75	06/07/2036	05530AAA3
BB&T CAPT TR IV	630,000.00	0.14	$575,662.50	6.82	06/12/2057	073294AA8
BEAR STEARNS COS LLC/THE	1,410,000.00	0.28	$1,161,323.47	5.27	12/07/2012	JPM
BOSTON GAS CO	200,000.00	0.06	$227,776.60	6.95	12/01/2023	NGGLN
BRAMBLES USA INC	1,295,000.00	0.33	$1,347,223.47	5.35	04/01/2020	BXBAU
BRITISH POUNDS	1,311.41	0.00	$1,958.98	0.00	N/A	POUNDS
BURLINGTON COAT FACTORY INVEST	400,000.00	0.10	$422,000.00	14.50	10/15/2014	BCFACT
BURLINGTON NORTHERN SANTA FE L	4,410,000.00	1.14	$4,681,479.60	5.75	05/01/2040	BRK
BWAY HOLDING CO	160,000.00	0.04	$167,600.00	10.00	06/15/2018	BWY
CABLEVISION SYSTEMS CORP	250,000.00	0.06	$256,250.00	8.62	09/15/2017	CVC
CANADIAN DOLLAR	66,891.24	0.02	$62,838.18	0.00	N/A	CANDOLLAR
CAPITAL ONE CAPITAL V	2,430,000.00	0.63	$2,578,837.50	10.25	08/15/2039	COF
CASH	-6,148,092.08	-1.50	-$6,148,092.08	0.00	12/15/2038	US-CASH
CC HOLDINGS GS V LLC/CROWN CAS	235,000.00	0.06	$249,687.50	7.75	05/01/2017	CCI
CCCIT 2007-A3 A3	1,505,000.00	0.46	$1,900,680.45	6.15	06/15/2039	CCCIT
CDP FINANCIAL INC	2,525,000.00	0.67	$2,732,666.10	5.60	11/25/2039	CADEPO
CENGAGE LEARNING TERM LOAN	518,908.65	0.13	$520,205.92	7.50	07/07/2014	TLACQ
CENTRAIS ELETRICAS BRASILEIRAS	2,850,000.00	0.76	$3,102,937.50	6.88	07/30/2019	ELEBRA
CF INDUSTRIES INC	350,000.00	0.09	$359,625.00	7.12	05/01/2020	CFINDU
CHARTER COMMUNICATIONS OPERATI	675,000.00	0.18	$752,625.00	10.88	09/15/2014	CHTR
CHESAPEAKE ENERGY CORP	610,000.00	0.15	$632,875.00	7.25	12/15/2018	CHK
CHICAGO ILL O HARE INTL ARPT	3,800,000.00	1.01	$4,134,742.00	6.40	01/01/2040	CHIAPT
CHUBB CORP	1,540,000.00	0.36	$1,493,800.00	6.38	03/29/2067	171232AP6
CITY NATIONAL CAPITAL TRUST I	1,650,000.00	0.42	$1,740,773.10	9.62	02/01/2040	CYN
CLEAN HARBORS INC	520,000.00	0.13	$536,900.00	7.62	08/15/2016	CLH
CMS ENERGY CORP	1,035,000.00	0.28	$1,147,907.12	8.75	06/15/2019	CMS
CNH 2008-A A3	44,412.45	0.01	$44,691.52	4.12	05/15/2012	CNH
COBANK ACB	935,000.00	0.26	$1,080,276.56	7.88	04/16/2018	COBKAC
COMCAST CORP	4,157,000.00	1.16	$4,744,113.90	6.95	08/15/2037	CMCSA
COMCAST CORPORATION 5-YR CDS 0	1,250,000.00	-0.00	-$13,252.65	1.00	09/20/2015	/CMCSA
COMET 2007-A7 A7	550,000.00	0.16	$639,632.35	5.75	07/15/2020	COMET
COMMUNITY HEALTH SYSTEMS INC	495,000.00	0.12	$511,706.25	8.88	07/15/2015	CYH
COX COMMUNICATIONS INC	1,775,000.00	0.50	$2,043,184.75	6.95	06/01/2038	COXENT
COX COMMUNICATIONS INC	2,000,000.00	0.54	$2,213,592.00	6.45	12/01/2036	224044BR7
CRICKET COMMUNICATIONS INC	355,000.00	0.09	$362,100.00	9.38	11/01/2014	LEAP
CROWN CASTLE INTERNATIONAL COR	660,000.00	0.17	$701,250.00	9.00	01/15/2015	CCI
CSC HOLDINGS INC/UNITED STATES	329,000.00	0.08	$344,627.50	8.50	04/15/2014	CVC
CSFB 2001-SPGA A2	610,000.00	0.16	$638,257.88	6.52	08/13/2018	CSFB
CVS CAREMARK CORP	2,000,000.00	0.52	$2,145,380.00	6.12	09/15/2039	CVS
CVS PASS-THROUGH TRUST	2,166,391.40	0.64	$2,633,601.87	8.35	07/10/2031	CVS
DCENT 2007-A1 A1	960,000.00	0.27	$1,104,276.29	5.65	03/16/2020	DCENT
DELTA AIR LINES INC TERM LOAN	687,298.12	0.17	$692,167.63	8.75	09/16/2013	DAL
DEUTSCHE TELEKOM INTERNATIONAL	1,335,000.00	0.42	$1,728,997.22	8.75	06/15/2030	DT
DIGICEL GROUP LTD	300,000.00	0.08	$310,875.00	10.50	04/15/2018	DLLTD
DIRECTV HOLDINGS LLC	1,135,000.00	0.30	$1,219,587.01	6.35	03/15/2040	DTV
DIRECTV HOLDINGS LLC/DIRECTV F	4,550,000.00	1.21	$4,948,302.45	7.62	05/15/2016	DTV
DISCOVERY COMMUNICATIONS LLC	2,875,000.00	0.75	$3,083,124.13	6.35	06/01/2040	DISCA
DISH DBS CORP	635,000.00	0.16	$663,575.00	7.88	09/01/2019	DISH
DOW CHEMICAL CO/THE	625,000.00	0.19	$766,311.88	8.55	05/15/2019	DOW
DOW CHEMICAL CO/THE	2,150,000.00	0.73	$2,999,394.05	9.40	05/15/2039	DOW
DUKE ENERGY CAROLINAS LLC	1,480,000.00	0.42	$1,724,430.88	6.05	04/15/2038	DUK
DUNKN 2006-1 A2	190,000.00	0.04	$185,167.35	5.78	06/20/2031	DUNKN
E*TRADE FINANCIAL CORP	640,000.00	0.17	$683,200.00	12.50	11/30/2017	ETFC
EASTMAN CHEMICAL CO 5-YR CDS 0	2,015,000.00	-0.00	-$18,149.59	1.00	09/20/2015	/EMN
EI DU PONT DE NEMOURS & CO 5-Y	2,015,000.00	0.01	$34,247.29	1.00	09/25/2015	/DD
ENBRIDGE ENERGY	1,875,000.00	0.45	$1,848,697.50	8.05	10/01/2037	29250RAK2
ENERGY FUTURE HOLDINGS CORP	175,000.00	0.03	$130,375.00	11.38	11/01/2017	TXU
ENERGY FUTURE HOLDINGS TERM B2	612,686.51	0.11	$455,149.49	3.73	10/10/2014	LN363469
ENERGY TRANSFER PARTNERS LP	2,225,000.00	0.66	$2,692,492.53	9.70	03/15/2019	ETP
ENTERPRISE PRODUCTS	2,310,000.00	0.52	$2,128,205.31	7.03	01/15/2068	293791AW9
ENTERPRISE PRODUCTS OPERATING	1,710,000.00	0.42	$1,712,122.11	6.12	10/15/2039	EPD
ERAC USA FINANCE LLC	680,000.00	0.17	$688,501.36	5.25	10/01/2020	ENTERP
EUROPEAN BK RECON & DEV	340,000.00	0.04	$187,336.23	9.25	09/10/2012	EBRD
FEDERAL HOME LOAN BANK DISCOUN	344,766.23	0.08	$344,765.19	0.01	07/07/2010	FHLBDN
FEDERAL HOME LOAN BANK DISCOUN	1,222,113.47	0.30	$1,222,103.69	0.06	07/16/2010	FHLBDN
FEDERAL HOME LOAN BANK DISCOUN	1,383,563.19	0.34	$1,383,552.12	0.01	07/15/2010	FHLBDN
FEDERAL HOME LOAN BANK DISCOUN	3,067,011.99	0.75	$3,067,002.79	0.00	07/06/2010	FHLBDN
FHLB DISCOUNT NOTE 7/1/10	4,089,349.33	1.00	$4,089,349.33	0.00	07/01/2010	0701PFDIS
FLORIDA POWER & LIGHT CO	2,200,000.00	0.60	$2,448,259.00	5.69	03/01/2040	FPL
FLORIDA POWER CORP	1,350,000.00	0.40	$1,619,192.70	6.40	06/15/2038	PGN
FLORIDA PWR CORP	1,500,000.00	0.44	$1,781,749.50	6.35	09/15/2037	341099CH0
FORD MOTOR CO	825,000.00	0.18	$748,687.50	7.45	07/16/2031	F
FORD MOTOR COMPANY TERM B	507,431.18	0.12	$481,047.30	3.26	12/15/2013	LN303249
FORD MOTOR CREDIT CO LLC	650,000.00	0.17	$684,134.75	9.88	08/10/2011	F
FREEPORT-MCMORAN C & G	130,000.00	0.03	$141,188.71	8.25	04/01/2015	FCX
FREEPORT-MCMORAN C & G	1,070,000.00	0.29	$1,178,529.03	8.38	04/01/2017	35671DAS4
FTI CONSULTING INC	375,000.00	0.09	$380,625.00	7.75	10/01/2016	FCN
GAYLORD ENTERTAINMENT CO	320,000.00	0.08	$335,200.00	3.75	10/01/2014	GET CB
GENERAL ELECTRIC CAPITAL CORP	5,845,000.00	1.41	$5,750,918.88	5.88	01/14/2038	GE
GENWORTH FINANCIAL	1,200,000.00	0.20	$828,000.00	6.15	11/15/2066	37247DAG1
GENZYME CORP	1,330,000.00	0.34	$1,372,570.64	5.00	06/15/2020	GENZ
GEORGIA-PACIFIC LLC	185,000.00	0.05	$198,181.25	8.25	05/01/2016	GP
GERDAU HOLDINGS INC	146,000.00	0.04	$149,650.00	7.00	01/20/2020	GGBRBZ
GOLDMAN SACHS GROUP INC/THE	3,529,000.00	0.85	$3,493,572.37	5.38	03/15/2020	GS
GOODYEAR TIRE & RUBBER CO/THE	10,000.00	0.00	$10,925.00	10.50	05/15/2016	GT
GRAHAM PACKAGING	465,000.00	0.12	$477,787.50	9.88	10/15/2014	38470RAD3
GRAHAM PACKAGING CO LP TERM LO	309,047.53	0.08	$310,883.27	6.75	04/05/2014	LN474009
GRAPHIC PACKAGING INTERNATIONA	230,000.00	0.06	$235,175.00	9.50	08/15/2013	GPK
HARRAH'S OPERATING CO INC	335,000.00	0.09	$354,262.50	11.25	06/01/2017	HET
HARRAH'S OPERATING CO INC	475,000.00	0.10	$391,875.00	10.00	12/15/2018	HET
HARRAHS CHESTER DOWNS TERM LOA	376,500.00	0.09	$376,500.00	12.38	12/31/2016	HET
HBOS CAPITAL FUNDING LP	365,000.00	0.06	$255,500.00	6.07	06/29/2049	40411CAA0
HCA INC/DE	530,000.00	0.14	$563,125.00	9.25	11/15/2016	HCA
HCA INC/DE - PRE 2010 IPO	125,000.00	0.03	$134,062.50	9.62	11/15/2016	HCA
HERCULES OFFSHORE INC	315,000.00	0.07	$281,137.50	10.50	10/15/2017	HERO
HEXION US FINANCE CORP / HEXIO	615,000.00	0.14	$558,112.50	8.88	02/01/2018	HXN
HOLOGIC INC	305,000.00	0.06	$261,156.25	2.00	12/15/2037	HOLX CB
ILFC E-CAPITAL TRUST II	1,250,000.00	0.20	$807,812.50	6.25	12/21/2065	AIG
ILLINOIS POWER CO	3,680,000.00	1.18	$4,838,787.84	9.75	11/15/2018	AEE
INDONESIA TREASURY BOND	5,909,000,000.00	0.18	$742,569.55	10.75	05/15/2016	INDOGB
INDONESIA TREASURY BOND	12,641,000,000.00	0.41	$1,671,963.40	11.00	11/15/2020	INDOGB
INDONESIAN RUPIAH	1,211,472,056.00	0.03	$133,716.56	0.00	N/A	RUPIAH
INERGY LP/INERGY FINANCE CORP	170,000.00	0.04	$173,825.00	8.75	03/01/2015	NRGY
INTELSAT BERMUDA LTD	740,000.00	0.18	$752,950.00	11.25	02/04/2017	INTEL
INTELSAT JACKSON HLDG	195,000.00	0.05	$208,650.00	11.25	06/15/2016	INTEL
INTERNATIONAL BANK FOR RECONST	1,041,000.00	0.22	$879,993.33	5.75	10/21/2019	IBRD
INTERNATIONAL LEASE FINANCE CO	1,725,000.00	0.40	$1,638,750.00	8.75	03/15/2017	AIG
INTERNATIONAL PAPER CO	3,290,000.00	1.04	$4,256,138.11	9.38	05/15/2019	IP
INTL FIN CORP	1,041,000.00	0.22	$890,951.03	5.75	03/16/2015	IFC
INVERNESS MEDICAL INNOVATIONS	250,000.00	0.06	$251,250.00	9.00	05/15/2016	IMA
INVISTA	97,000.00	0.02	$98,697.50	9.25	05/01/2012	INVSTA
ITRAXX EUR SUB FINANCIALS 13.1	1,340,000.00	0.03	$108,328.45	1.00	06/20/2015	SPC703E3
ITRAXX EUR SUB FINANCIALS 13.1	1,750,000.00	0.03	$141,473.72	1.00	06/20/2015	SPB304DM
ITRAXX EUR SUB FINANCIALS 13.1	4,000,000.00	0.08	$323,368.51	1.00	06/20/2015	/ITRAX
J.C. PENNEY COMPANY, INC 5-YEA	250,000.00	0.00	$9,323.56	1.00	03/20/2015	/JCP1
J.C. PENNEY COMPANY, INC 5-YEA	255,000.00	0.00	$9,510.03	1.00	03/20/2015	/JCP
J.C. PENNEY COMPANY, INC 5-YR	375,000.00	0.00	$13,985.34	1.00	03/20/2015	/JCP
JEFFERIES GROUP	515,000.00	0.11	$462,331.98	6.25	01/15/2036	472319AC6
JEFFERIES GROUP INC	2,640,000.00	0.61	$2,493,384.96	6.45	06/08/2027	JEF
JOHNSONDIVERSEY INC TERM LOAN	538,650.00	0.13	$539,323.31	5.50	11/24/2015	JONDIV
JP MORGAN CHASE CAPITAL XXV	4,395,000.00	1.07	$4,357,238.16	6.80	10/01/2037	JPM
JPMORGAN CHASE BANK NA	345,000.00	0.09	$376,247.00	6.00	10/01/2017	JPM
KEYBANK NA	1,685,000.00	0.43	$1,745,205.05	6.95	02/01/2028	49306CAB7
KINDER MORGAN ENERGY PARTNERS	230,000.00	0.06	$238,341.87	5.30	09/15/2020	KMP
KINDER MORGAN ENERGY PARTNERS	4,320,000.00	1.16	$4,738,249.44	7.30	08/15/2033	KMP
KINGDOM OF SPAIN 5-YR CDS 03/2	670,000.00	0.01	$45,631.53	1.00	03/20/2015	/SPGB
KRAFT FOODS INC	3,510,000.00	0.96	$3,939,013.26	6.50	02/09/2040	KFT
KREDITANSTALT FUER WIEDERAUFBA	840,000.00	0.11	$469,888.09	10.00	05/15/2012	KFW
L-3 COMMUNICATIONS CORP	340,000.00	0.08	$344,250.00	6.12	07/15/2013	LLL
LAZARD GROUP	1,521,000.00	0.38	$1,542,418.72	6.85	06/15/2017	LAZ
LEAP WIRELESS INTERNATIONAL IN	395,000.00	0.08	$332,787.50	4.50	07/15/2014	LEAP CB1
LIBERTY MUTUAL GROUP	1,050,000.00	0.20	$825,237.00	7.00	03/15/2037	53079EAQ7
LIFE TECHNOLOGIES CORP	3,365,000.00	0.89	$3,650,725.52	6.00	03/01/2020	LIFE
LIFEPOINT HOSPITALS INC	410,000.00	0.09	$385,912.50	3.25	08/15/2025	LPNT CB2
LIFEPOINT HOSPITALS INC	480,000.00	0.11	$445,800.00	3.50	05/15/2014	LPNT CB1
LINEAR TECHNOLOGY CORP	825,000.00	0.20	$811,593.75	3.00	05/01/2027	LLTC CB2
LIVE NATION ENTERTAINMENT INC	362,000.00	0.07	$302,722.50	2.88	07/15/2027	LYV CB1
LONG ISLAND PWR AUTH N Y ELEC	3,600,000.00	0.92	$3,772,548.00	5.85	05/01/2041	LSLPWR
LONG TERM RECEIVABLES	-880,679.63	-0.21	-$880,679.63	0.00	N/A	SECNCAHUS
LUBRIZOL	970,000.00	0.24	$983,538.29	6.50	10/01/2034	549271AF1
MACYS RETAIL HLDGS INC	150,000.00	0.04	$166,125.00	8.88	07/15/2015	M
MACYS RETAIL HLDGS INC	1,000,000.00	0.24	$965,000.00	6.65	07/15/2024	577778CB7
MARINER ENERGY INC	1,525,000.00	0.41	$1,673,687.50	8.00	05/15/2017	ME
MDST 11 A1	46,487.93	0.01	$44,688.06	4.86	07/15/2038	MDST
MECCANICA HOLDINGS USA	2,140,000.00	0.56	$2,287,786.26	6.25	07/15/2019	FNCIM
MEDTRONIC INC	610,000.00	0.15	$614,575.00	1.62	04/15/2013	MDT CB1
METLIFE CAPITAL TRUST X	2,845,000.00	0.76	$3,086,825.00	9.25	04/08/2038	MET
METLIFE INC 5-YR CDS 12/20/201	235,000.00	-0.00	-$20,790.02	1.00	12/20/2014	/MET
METLIFE INC 5YR CDS 09/20/14	825,000.00	0.01	$56,418.36	5.00	09/20/2014	/MET
METROPOLITAN TRANSN AUTH N Y D	3,205,000.00	0.84	$3,420,087.55	6.09	11/15/2040	MTATRN
MGM MIRAGE	175,000.00	0.05	$202,562.50	13.00	11/15/2013	MGM
MGM RESORTS INTERNATIONAL	90,000.00	0.02	$98,325.00	10.38	05/15/2014	MGM
MGM RESORTS INTERNATIONAL	110,000.00	0.03	$121,825.00	11.12	11/15/2017	MGM
MIDCONTINENT EXPRESS PIPELINE	2,265,000.00	0.57	$2,347,190.06	6.70	09/15/2019	MCEXPP
MLMI 1998-C3 G	500,000.00	0.02	$87,276.25	6.00	12/15/2030	MLMI
MLMT 2002-MW1 J	110,000.00	0.01	$50,894.10	5.70	07/12/2034	MLMT
MLMT 2005-CIP1 A2	38,546.31	0.01	$39,408.92	4.96	07/12/2038	MLMT
MSC 1999-FNV1 G	16,370.17	0.00	$16,395.91	6.12	03/15/2031	MSC
MYLAN INC/PA	1,480,000.00	0.37	$1,517,000.00	7.62	07/15/2017	MYL
NBC UNIVERSAL INC	2,900,000.00	0.76	$3,108,449.10	6.40	04/30/2040	NBCUNI
NEW WORLD RESOURCES BV	132,000.00	0.04	$156,586.51	7.88	05/01/2018	NWORLD
NEWPAGE CORP	325,000.00	0.07	$296,562.50	11.38	12/31/2014	NEWPAG
NEXEN INC	2,965,000.00	0.85	$3,486,069.10	7.50	07/30/2039	NXY
NIELSEN FINANCE LLC / NIELSEN	275,000.00	0.07	$301,812.50	11.50	05/01/2016	VNU
NOBLE ENERGY INC	815,000.00	0.24	$987,943.00	8.25	03/01/2019	NBL
NORCRAFT HOLDINGS LP/NORCRAFT	525,000.00	0.12	$499,406.25	9.75	09/01/2012	NORCFT
NRG ENERGY	180,000.00	0.04	$178,650.00	7.38	01/15/2017	629377AX0
NUVEEN INVESTMENTS INC	810,000.00	0.17	$708,750.00	10.50	11/15/2015	NUVINV
NUVEEN INVESTMENTS INC SECOND	295,000.00	0.08	$310,340.00	12.50	07/09/2015	NUVINV
OREGON ST DEPT TRANSN HWY USER	1,605,000.00	0.43	$1,774,407.75	5.83	11/15/2034	ORSTRN
OSI RESTAURANT PARTNERS INC	675,000.00	0.16	$663,187.50	10.00	06/15/2015	OSI
PACIFIC GAS & ELECTRIC CO	2,500,000.00	0.64	$2,598,545.00	5.40	01/15/2040	PCG
PETROBRAS INTERNATIONAL FINANC	1,550,000.00	0.38	$1,570,433.65	6.88	01/20/2040	PETBRA
PETROHAWK ENERGY CORP	370,000.00	0.10	$399,600.00	10.50	08/01/2014	HAWK
PHILLIPS-VAN HEUSEN TERN LOAN	330,000.00	0.08	$330,504.90	4.75	03/15/2016	PVH
PLAINS ALL AMERICAN PIPELINE L	4,915,000.00	1.20	$4,924,019.03	6.65	01/15/2037	PAA
PLY GEM INDUSTRIES INC	350,000.00	0.09	$367,500.00	11.75	06/15/2013	PLYGEM
PNC FINANCIAL SERVICES	1,615,000.00	0.41	$1,673,986.26	0.08	05/29/2049	PNC PFD
PNC PFD FUNDING TR II	3,900,000.00	0.70	$2,861,667.90	6.11	03/29/2049	PNC
POLISH ZLOTY	1,147,813.70	0.08	$338,368.52	0.00	N/A	POLZLOTY
PORTUGUESE REPUBLIC 5-YR CDS 0	270,000.00	0.00	$21,688.04	1.00	06/22/2015	/POT3
PORTUGUESE REPUBLIC 5-YR CDS 0	474,000.00	0.01	$36,860.47	1.00	03/20/2015	/PORT
PORTUGUESE REPUBLIC 5-YR CDS 0	486,000.00	0.01	$39,038.47	1.00	06/22/2015	/PORT4
PRIDE INTERNATIONAL INC	2,395,000.00	0.61	$2,496,787.50	8.50	06/15/2019	PDE
PROLOGIS	335,000.00	0.08	$316,993.75	2.25	04/01/2037	PLD CB
PROLOGIS	1,455,000.00	0.35	$1,427,347.73	7.38	10/30/2019	PLD
PUGET SOUND ENERGY INC	300,000.00	0.07	$275,717.40	6.97	06/01/2067	PSD
QUEBEC PROVINCE	570,000.00	0.14	$558,005.64	4.50	12/01/2019	74814ZEE9
QUIKSILVER INC	700,000.00	0.16	$639,625.00	6.88	04/15/2015	ZQK
QWEST COMMUNICATIONS INTERNATI	700,000.00	0.17	$701,750.00	7.12	04/01/2018	QUS
QWEST CORP	230,000.00	0.06	$252,425.00	8.38	05/01/2016	QUS
RABOBANK NEDERLAND NV	2,370,000.00	0.72	$2,935,183.38	11.00	12/29/2049	RABOBK
REGENCY CENTERS LP	1,140,000.00	0.29	$1,203,461.52	5.88	06/15/2017	REG
RELIANCE STEEL & ALUMINUM CO	2,107,000.00	0.50	$2,048,012.43	6.85	11/15/2036	RS
REYNOLDS & REYNOLDS CO TERM LO	321,195.05	0.08	$317,583.21	5.25	04/03/2017	REY
RIO TINTO FINANCE PLC	1,060,000.00	0.34	$1,393,260.82	9.00	05/01/2019	RIOLN
ROCKIES EXPRESS PIPELINE LLC	1,540,000.00	0.36	$1,467,421.34	5.62	04/15/2020	ROCKIE
RR DONNELLEY 5YR CDS 06/20/214	1,285,000.00	-0.03	-$130,725.83	5.00	06/20/2014	SPK604UP
RYLAND GROUP INC	475,000.00	0.12	$505,875.00	8.40	05/15/2017	RYL
SALLY HOLDINGS LLC	260,000.00	0.07	$279,500.00	10.50	11/15/2016	SBH
SECURITIZED NET CASH - ACR1	4,995,305.28	1.22	$4,995,305.28	0.00	N/A	SECCASHAC
SECURITY LENDING COLLATERAL	101,514.57	0.00	$4,314.37	0.00	N/A	SECLENDPL
SEMPRA ENERGY	1,470,000.00	0.38	$1,565,260.41	6.00	10/15/2039	SRE
SHAW COMMUNICATION	383,000.00	0.09	$367,787.94	6.75	11/09/2039	SJRCN
SILICON VALLEY BANK	805,000.00	0.20	$816,197.55	6.05	06/01/2017	SIVB
SMURFIT-STONE CONTAINER ENT	460,000.00	0.11	$459,519.30	6.75	01/02/2016	SSCC
SOUTHERN COPPER CORP	3,625,000.00	0.88	$3,601,357.75	6.75	04/16/2040	SCCO
SOUTHWESTERN ELECTRIC POWER CO	4,550,000.00	1.14	$4,682,013.70	6.20	03/15/2040	AEP
SPRINT CAPITAL CORP	400,000.00	0.08	$334,000.00	6.88	11/15/2028	S
STEEL DYNAMICS INC	420,000.00	0.10	$424,200.00	7.75	04/15/2016	STLD
STRIP PRINC	8,505,000.00	0.62	$2,519,129.97	0.00	02/15/2040	SP
SUNCOR ENERGY INC	2,500,000.00	0.70	$2,881,637.50	6.85	06/01/2039	SU
SUNOCO, INC 5-YR CDS 03/20/201	185,000.00	0.00	$18,033.36	1.00	03/20/2015	/SUN
SUNOCO, INC 5-YR CDS 03/20/201	520,000.00	0.01	$50,688.36	1.00	03/20/2015	/sun
SUPERVALU INC	460,000.00	0.11	$462,300.00	7.50	11/15/2014	868536AS2
SVB FINANCIAL GROUP	505,000.00	0.12	$513,837.50	3.88	04/15/2011	SIVB CB
TALISMAN ENERGY INC	3,090,000.00	0.81	$3,307,149.75	6.25	02/01/2038	TLM
TECK RESOURCES LTD	40,000.00	0.01	$47,253.36	10.25	05/15/2016	TCKCN
TECK RESOURCES LTD	400,000.00	0.12	$490,858.00	10.75	05/15/2019	TCKCN
TELECOM ITALIA CAPITAL SA	4,290,000.00	1.08	$4,405,383.84	7.72	06/04/2038	TITIM
TELEFONICA EMISIONES SAU	1,485,000.00	0.36	$1,491,248.88	5.13	04/27/2020	TELEFO
TELESAT CANADA / TELESAT LLC	230,000.00	0.06	$249,550.00	11.00	11/01/2015	TELSAT
TIME WARNER CABLE INC	1,585,000.00	0.43	$1,756,855.21	6.75	06/15/2039	TWC
TIME WARNER CABLE INC	1,645,000.00	0.50	$2,026,311.00	8.25	04/01/2019	TWC
TRANS-CANADA PIPELINES	2,940,000.00	0.64	$2,623,791.24	6.35	05/15/2067	TRP
TRANSATLANTIC HOLDINGS INC	704,000.00	0.17	$712,800.00	8.00	11/30/2039	TRH
TRANSCANADA PIPELINES LTD	2,000,000.00	0.53	$2,159,814.00	6.10	06/01/2040	TRP
TRANSOCEAN INC	880,000.00	0.19	$795,339.60	6.80	03/15/2038	RIG
TRANSOCEAN INC	1,040,000.00	0.23	$928,200.00	1.50	12/15/2037	RIG CB1
TREASURY BILL	871,984.37	0.21	$871,953.85	0.05	07/15/2010	B
TREASURY BILL	1,796,778.31	0.44	$1,796,778.31	0.00	07/01/2010	B
UNIVISION COMMUNICATIONS TERM	357,728.85	0.07	$299,200.84	2.53	09/29/2014	LN321128
US ONCOLOGY HOLDINGS INC	309,000.00	0.07	$288,915.00	6.64	03/15/2012	USON
US TREASURY N/B	65,000.00	0.02	$68,036.61	3.50	05/15/2020	WIT
US TREASURY N/B	2,030,000.00	0.56	$2,282,164.57	4.62	02/15/2040	T
USB CAPITAL IX	2,925,000.00	0.52	$2,139,052.50	6.19	04/15/2049	USB
USB REALTY CORP	1,400,000.00	0.24	$980,000.00	6.09	12/22/2049	USB
USG CORP	100,000.00	0.02	$104,500.00	9.75	08/01/2014	USG
VALE OVERSEAS LTD	1,570,000.00	0.40	$1,648,025.86	6.88	11/10/2039	VALEBZ
VALERO ENERGY CORPORATION 5-YR	185,000.00	-0.00	-$10,352.95	1.00	03/20/2015	/VLO
VALERO ENERGY CORPORATION 5-YR	520,000.00	-0.01	-$29,100.19	1.00	03/20/2015	/SUN
VERIZON COMMUNICATIONS INC	2,880,000.00	0.78	$3,184,729.92	6.40	02/15/2038	VZ
VIACOM INC 5-YR CDS 09/20/2015	1,250,000.00	0.00	-$3,963.28	1.00	09/20/2015	/VIA
VIDEOTRON LTEE	418,000.00	0.10	$396,599.34	7.12	01/15/2020	QBRCN
VIVENDI	3,470,000.00	0.95	$3,873,356.27	6.62	04/04/2018	VIVFP
VOTO-VOTORANTIM OVERSEAS TRADI	169,000.00	0.04	$172,380.00	6.62	09/25/2019	VOTORA
WACHOVIA CORP	2,910,000.00	0.66	$2,709,375.87	5.50	08/01/2035	929903AM4
WAL-MART STORES INC	615,000.00	0.18	$722,513.07	6.20	04/15/2038	WMT
WAL-MART STORES INC	3,400,000.00	0.82	$3,347,810.00	4.88	07/08/2040	WMT
WASTE MANAGEMENT INC	615,000.00	0.16	$667,347.57	6.12	11/30/2039	WMI
WASTE MANAGEMENT INC	900,000.00	0.28	$1,130,810.40	7.75	05/15/2032	94106LAN9
WASTE MANAGEMENT INC/OLD	1,025,000.00	0.29	$1,187,775.13	7.10	08/01/2026	WMI
WEATHERFORD INTERNATIONAL LTD	995,000.00	0.23	$944,345.55	7.00	03/15/2038	WFT
WEATHERFORD INTERNATIONAL LTD	1,830,000.00	0.54	$2,207,044.05	9.62	03/01/2019	WFT
WELLS FARGO CAPITAL XIII	3,150,000.00	0.78	$3,197,250.00	7.70	12/29/2049	WFC
WILLIAMS PARTNERS LP	1,565,000.00	0.38	$1,577,657.72	6.30	04/15/2040	WPZ
WIND ACQUISITION FINANCE SA	860,000.00	0.22	$885,800.00	11.75	07/15/2017	WINDIM
WISCONSIN ENERGY CORP	2,405,000.00	0.53	$2,179,461.51	6.25	05/15/2067	WEC
WYNDHAM WORLDWIDE CORP	1,930,000.00	0.48	$1,983,295.02	7.38	03/01/2020	WYN
XM SATELLITE RADIO HOLDINGS IN	720,000.00	0.19	$790,200.00	13.00	08/01/2013	XMSR
ZIONS BANCORPORATION	750,000.00	0.19	$764,913.00	7.75	09/23/2014	ZION
ZIONS BANCORPORATION	790,000.00	0.17	$713,777.64	5.50	11/16/2015	ZION

0.11 of the fund was hedged out of AUD/USD HSB 08/03/10

0.00 of the fund was hedged out of AUD/USD MRS 08/03/10

0.06 of the fund was hedged out of BRL/USD BAR 08/02/10

0.05 of the fund was hedged out of BRL/USD JPM 08/03/10

0.11 of the fund was hedged out of BRL/USD MRS 08/03/10

0.34 of the fund was hedged out of CAD/USD GOS 08/03/10

0.00 of the fund was hedged out of EUR/USD 07/01/10 SPOT

-0.00 of the fund was hedged out of EUR/USD F 08/03/10

-0.82 of the fund was hedged out of EUR/USD HSB 08/03/10

-0.08 of the fund was hedged out of EUR/USD MRS 08/03/10

0.00 of the fund was hedged out of GBP/USD 07/01/10 SPOT

-0.03 of the fund was hedged out of GBP/USD HSB 08/03/10

-0.20 of the fund was hedged out of GBP/USD MRS 08/03/10

-0.20 of the fund was hedged out of IDR/USD HSB 08/03/10

0.00 of the fund was hedged out of MYR/USD MRS 08/03/10

-0.15 of the fund was hedged out of NOK/USD F 08/03/10

0.05 of the fund was hedged out of NOK/USD GOS 08/03/10

0.26 of the fund was hedged out of NOK/USD HSB 08/03/10

0.00 of the fund was hedged out of NZD/USD JPM 08/03/10

-0.08 of the fund was hedged out of PLN/USD HSB 07/01/10

-6.33 of the fund was hedged out of US 10YR NOTE FUT SEPT 2010

12.26 of the fund was hedged out of US LONG BOND (CBT) SEP10

10.20 of the fund was hedged out of US ULTRA BOND SEPT10