N-CSRS

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            811-07989                    

                         Metropolitan West Funds                        

(Exact name of registrant as specified in charter)

865 South Figueroa Street

                                 Los Angeles, CA 90017                                    

(Address of principal executive offices) (Zip code)

David B. Lippman

Metropolitan West Funds

865 South Figueroa Street

                                 Los Angeles, CA 90017                                    

(Name and address of agent for service)

Registrant’s telephone number, including area code: (213) 244-0000

Date of fiscal year end:  March 31

Date of reporting period:  September 30, 2018

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

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

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

Metropolitan West Funds	September 30, 2018
Table of Contents

Letter to Shareholders	1
Disclosure of Fund Expenses (Unaudited)	10
Summary of Portfolio Holdings	14
Schedule of Portfolio Investments	17
AlphaTrak 500 Fund	17
Corporate Bond Fund	27
Floating Rate Income Fund	33
High Yield Bond Fund	45
Intermediate Bond Fund	53
Investment Grade Credit Fund	67
Low Duration Bond Fund	74
Strategic Income Fund	90
Total Return Bond Fund	103
Ultra Short Bond Fund	156
Unconstrained Bond Fund	166
Statements of Assets and Liabilities	193
Statements of Operations	197
Statements of Changes in Net Assets	201
Financial Highlights	207
Notes to Financials	231
Approval of Investment Management Agreement by Trustees	280
Privacy Notice	285

METROPOLITAN WEST FUNDS

Dear Fellow Shareholder,

We are pleased to provide the following Semi-Annual Report for the Funds for the period ended September 30, 2018. Against a rising rate backdrop, strong sponsorship and new products allowed the assets of the Funds to stay steady at roughly $80 billion, a measure that we view with great appreciation for the confidence it conveys and the responsibility of meeting client expectations.

The September 30, 2018 Semi-Annual Report covers the following Metropolitan West Funds:

Metropolitan West AlphaTrak 500 Fund	M-Class (MWATX)
Metropolitan West Corporate Bond Fund	M-Class (MWCSX), I Class (MWCBX)
Metropolitan West Floating Rate Income Fund	M-Class (MWFRX), I Class (MWFLX)
Metropolitan West High Yield Bond Fund	M-Class (MWHYX), I-Class (MWHIX)
Metropolitan West Intermediate Bond Fund	M-Class (MWIMX), I-Class (MWIIX)
Metropolitan West Investment Grade Credit Fund	M-Class (MWISX), I Class (MWIGX)
Metropolitan West Low Duration Bond Fund	M-Class (MWLDX), I-Class (MWLIX),
	Administrative-Class (MWLNX)
Metropolitan West Strategic Income Fund	M-Class (MWSTX), I Class (MWSIX)
Metropolitan West Total Return Bond Fund	M-Class (MWTRX), I-Class (MWTIX),
	Administrative-Class (MWTNX),
	Plan-Class (MWTSX)
Metropolitan West Ultra Short Bond Fund	M-Class (MWUSX), I-Class (MWUIX)
Metropolitan West Unconstrained Bond Fund	M-Class (MWCRX), I Class (MWCIX)

Economic Review and Market Environment

Encouraging signs continued to appear across the macroeconomic spectrum during the six-month reporting period, as GDP growth came in at a 4.2% annualized rate, underpinned by strong consumer and business spending as well as a surge in exports, and the labor market remained strong with jobless claims dropping to their lowest level in 49 years. Investors were also encouraged by constructive steps between the U.S. and Mexico on NAFTA re-negotiations, though details of the agreement remained less than certain as September came to a close. While much of the macroeconomic data had a positive tilt, these backward-looking statistics do not necessarily signal a sustainable story going forward as a spate of coincident or leading indicators skew toward tighter financial conditions ready to choke off faster growth. Thematically, there is less accommodative Fed policy (at eight hikes and counting since December 2015, along with balance sheet reduction), resulting in higher short-term rates and a recession-hinting flatness to the US Treasury curve. The beginning signs of weakness have started to show in the housing sector – the segment of the economy that has thus far been an engine for growth – as new home sales, housing starts, and building permits have disappointed. This is a particularly interest rate sensitive part of the economy and affordability is much lower than it has been in the past, particularly for the new homebuyer segment, as mortgage rates have climbed significantly over the past twelve months. Next up thematically is increased volatility, the incidence of which has picked up considerably in 2018, following a near-absence of it last year, especially late. This, too, is likely to weigh on confidence and to reset risk premiums higher, a circumstance already affecting investment grade yield spreads to a degree. Ironically, higher quality debt has incurred more generalized widening than the speculative grade market, owing to voluminous issuance, increased leverage and limited covenant protection. Further, in typical late-cycle fashion, the rating agencies seem most lenient to even the most outrageous debt incurrence, with susceptibility, particularly in M&A and LBO activity, to claims for post-transaction deleveraging to forestall downgrades. The array of factors lined up continues to suggest that optimistic pricing prevails, with markets prone to downward adjustment.

As the Fed continued on its path of policy normalization, rates increased across the curve during the six-month period, led by the front end, which was higher by roughly 50 basis points (bps). Fixed income sectors were challenged by the rising rate environment, reflected in a modest 0.1% loss for the Bloomberg Barclays Aggregate Index. After a weak second quarter, corporate credit rebounded and ultimately finished the six-month period with flat total return, though the excess return relative to duration-matched Treasuries was nearly 70 bps. Notably, high yield corporates continued to benefit from a supportive technical backdrop of lighter issuance to gain an impressive 3.5% and post nearly 350 bps of excess return. Securitized products outpaced the overall market with a return of 0.2%, led by asset-backed securities (ABS) and non-agency mortgage-backed securities (MBS), which continued to post consistent, positive returns, particularly from issues backed by subprime and alt-A collateral. The sector benefits from a floating rate profile, helping to overcome a backdrop of rising rates, even as price appreciation was muted. Commercial MBS (CMBS) also bested corporates, though non-agency backed CMBS securities outpaced their agency CMBS counterparts. Agency MBS performance, meanwhile, was mixed within the coupon stack, though the overall sector continued to recover from early year weakness and outpaced comparable maturity US Treasury issues by over 30 bps.

1 / Semi-Annual Report September 2018

The Economy and Market Ahead

At over nine years, this span of recovery and expansion is the second longest in history, extending well beyond the typical timeframe. Notwithstanding its considerable length, this cycle shares many characteristics (namely high debt levels and limited excess capacity) with those of the past, suggesting that we are much closer to the end than the beginning. While the specific catalyst that will bring on the end of the cycle is always difficult to predict, as noted above, there is no shortage of candidates that alone or, more likely, in combination that will be the culprit. History suggests, however, that the usual prologue to a turn is tighter monetary policy, leading to the observation that “cycles don’t die of old age; it’s the Fed that kills them!” When markets are flooded with liquidity, as has been the case for the past ten years given unprecedented central bank support, investors have gotten away with overlooking the growing weakness in underlying fundamentals. In a new, liquidity-constrained environment with brewing risks under the surface, we believe that prevailing asset prices reflect a degree of misplaced optimism, with markets prone to downward adjustment. As a result, investors should be cautious overall as markets get closer to a deleveraging.

Data sources for the discussion above include Barclays, Bloomberg, JPMorgan and Merrill Lynch. Effective November 27, 2017, BofAML Indices were rebranded to ICE BofAML.

Fund Results

Fund Performance Commentary

The performance data presented below represents past performance and is no guarantee of future results. Total returns include reinvestment of dividends and distributions. Current performance may be lower or higher than the performance data presented. Performance data current to the most recent month end is available on the Funds’ website at TCW.com. Investment returns and principal value will fluctuate with market conditions. The value of an investment in a Fund, when redeemed, may be worth more or less than its original purchase cost.

Metropolitan West AlphaTrak 500 Fund

(MWATX)

The MetWest AlphaTrak 500 Fund (“Fund”) gained 10.90% (net of fees) for the six-month period ending September 30, 2018, versus the S&P 500 Index which rose 11.41%. With U.S. Treasury rates rising over the period, the duration of the Fund, though short at approximately 0.7 years, weighed on performance, while an additional drag came from yield curve positioning with a slight preference for the front end of the curve, namely 2-Year maturities, where rates rose the most. Meanwhile, returns benefitted from the allocation to short corporate credit, which led Treasuries by 70 bps on a duration-adjusted basis, and from issue selection among corporate credit, namely the emphasis on short financials, which outpaced industrials and utilities. Commodity-related sectors also performed well over the period on rising commodity prices, resulting in an additional boost to returns given the Fund’s small allocation. Outside of the corporate space, non-agency residential MBS added modestly to returns. CMBS and ABS had little impact, with the sector overweight generally benefitting as spreads tightened, while issue selection was muted given the higher quality emphasis.

Given the above dynamics, overall positioning remains defensive with respect to credit and emphasizes high quality, non-cyclical sectors that would be resilient in the face of a deleveraging event. Within this conservative context, however, we continue to actively manage the Fund with an eye toward attractive relative value opportunities. Securitized products favor higher quality, more senior issues including a small allocation to legacy non-agency MBS, while the minimal allocation to agency MBS is focused on floating rate CMOs given relatively stable duration profiles. Opportunities for reasonably safe yields can still be found in the higher quality segments of ABS and CMBS, though investors must remain vigilant as underwriting standards continue to deteriorate. Among CMBS, exposure is skewed towards agency-backed as well as seasoned non-agency issues at the top of the capital structure to avoid the underwriting challenges faced by current vintage non-agency CMBS. Consistent with this defensive posture, the Fund’s ABS allocation favors more robust structures such as federally guaranteed student loans and AAA-rated CLOs that offer value.

	Performance Through September 30, 2018
	6 Months (Cumulative)	1 Year (Annualized)	3 Year (Annualized)	5 Year (Annualized)	10 Year (Annualized)	Since Inception  (Annualized)
MWATX (Inception: June 29, 1998)	10.90%	16.47%	19.37%	15.06%	13.67%	7.03%
Standard & Poor’s 500 Index	11.41%	17.91%	17.29%	13.94%	11.96%	6.75%

 Metropolitan West Corporate Bond Fund

M-Class (MWCSX), I-Class (MWCBX)

Since its inception on June 29, 2018, the MetWest Corporate Bond Fund – I Class (“Fund”) gained 1.7%, outpacing the return of the Bloomberg Barclays U.S. Corporate Index by 79 bps. Given that U.S. Treasury yields have moved higher toward near what we believe to be fair value, the duration position of the portfolio was maintained at roughly three-tenths of a year long relative to the Index, weighing on relative returns during the period. However, this was more than offset by positive contributions coming from the

Semi-Annual Report September 2018 / 2

off-Index positions in securitized products. In particular, the exposure to well-sponsored CMBS and agency MBS issues benefitted returns. Among corporate credit, the relative underweight to energy credits was a drag, though the emphasis on top performing midstream energy within the sector was a positive. Finally, issue selection among corporates contributed to returns given the focus on strong performing communications credits and REITs.

Given the above dynamics, the overall positioning of the Fund was constructed to be defensive with respect to credit and emphasizes high quality, non-cyclical sectors that would be resilient in the face of a deleveraging event. Within this conservative context, however, we will actively manage the Fund with an eye toward attractive relative value opportunities. In the corporate sector, tight valuations and historically high leverage influence our preference for shorter duration, more defensive regulated sectors like U.S. electric utilities with limited re-leveraging risk and reasonable yield premiums, and high quality, low beta industrials. Securitized products are an additional focus, with a bias towards higher quality, more senior issues such as agency MBS. Opportunities for reasonably safe yields can still be found in the higher quality segments of CMBS, though investors must remain vigilant as underwriting standards continue to deteriorate, and the non-agency CMBS holdings of the Fund are focused at the top of the capital structure and single asset single borrower deals.

	Performance Through September 30, 2018
	1 Year (Annualized)	3 Year   (Annualized)	5 Year   (Annualized)	10 Year   (Annualized)	Since Inception1
MWCSX (Inception: June 29, 2018)	—	—	—	—	1.70%
U.S. Corporate Index	—	—	—	—	0.97%
MWCBX (Inception: June 29, 2018)	—	—	—	—	1.76%
U.S. Corporate Index	—	—	—	—	0.97%

¹Non-annualized. Cumulative return for the Fund during the period of June 29, 2018 through September 30, 2018.

Metropolitan West Floating Rate Income Fund

M-Class (MWFRX), I-Class (MWFLX)

For the six-month period ending September 30, 2018, the MetWest Floating Rate Bond Fund – I Class (“Fund”) gained 2.16% (net of fees), trailing the S&P/LSTA Leveraged Loan Index (“Index”) by nearly 39 bps. As higher beta names outperformed, the Fund’s underweight to energy, metals/minerals, and retail weighed on relative performance. Commodity-related sectors were buoyed by a rally in oil prices amid supply disruptions and tension between Iran and the U.S. Retail, meanwhile, found firmer footing given a consumer bolstered by a solid job market that allowed for largely good quarterly results and the outperformance and compression of higher beta stressed borrowers. Partially offsetting the drag was the Fund’s overweight to healthcare which outpaced the Index and the underweight to consumer durables, which continued to be under pressure due to the way consumers buy products (i.e. the Amazon effect). Meanwhile, the Fund’s higher quality emphasis was an additional drag as lower quality outperformed over the period.

With leverage near record highs, issuance ever more aggressive, and yield compensation skinny, the signs that we are nearing the end of this credit cycle continue to grow. When markets are flooded with liquidity, as has been the case for the past ten years given unprecedented central bank support, investors have gotten away with overlooking the growing weakness in underlying fundamentals. Moreover, fiscal stimulus has bolstered headline figures of macroeconomic data and corporate earnings, which has provided justification for continued bullish sentiment even in the face of growing headwinds. In a new, liquidity-constrained environment with brewing risks under the surface, we believe that prevailing asset prices reflect a degree of misplaced optimism, with markets prone to downward adjustment. Similarly in loans, prices and spreads have compressed and the three-year discount margin ended the quarter at the tightest level since October 2007 while the sector sits on the precipitous of another repricing. While loan collateral prices tighten, CLO AAA liabilities are still widening. The arbitrage is stressed and will experience further pressure with incremental flows from retail funds and SMAs coming in each time rates go higher. The result will either be tightening liabilities or a more balanced supply/demand dynamic with sufficient outflows to warrant new CLO issuance. However, with CLO currently representing 60% of loan demand, it is hard to craft a scenario where SMAs and retail funds can replace that demand for a prolonged period of time.

	Performance Through September 30, 2018
	6 Months (Cumulative)	1 Year (Annualized)	3 Year (Annualized)	5 Year (Annualized)	10 Year (Annualized)	Since Inception  (Annualized)
MWFRX (Inception: June 28, 2013)	1.96%	4.04%	3.92%	3.53%	—	3.71%
S&P/LSTA Leveraged Loan Index	2.55%	5.17%	5.29%	4.11%	—	4.14%
MWFLX (Inception: June 28, 2013)	2.16%	4.25%	4.13%	3.74%	—	3.91%
S&P/LSTA Leveraged Loan Index	2.55%	5.17%	5.29%	4.11%	—	4.14%

3 / Semi-Annual Report September 2018

 Metropolitan West High Yield Bond Fund

M-Class (MWHYX), I-Class (MWHIX)

The MetWest High Yield Bond Fund – I Class (“Fund”) gained 2.02% over the six-month reporting period, trailing the return of the Bloomberg Barclays High Yield 2% Issuer Capped Index by 144 bps given the Fund’s defensive positioning. Within the Fund’s sector allocation, an overweight to communications was additive, particularly the emphasis on top performing wireless and cable credits, though this was offset by the underweight to commodity-related energy sectors, which also outpaced the high yield market on the rebound in oil prices given supply disruptions and tensions between Iran and the U.S. An up-in-quality emphasis further weighed on returns, as the lower quality cohort outperformed, with CCC-rated credits returning 5.7% relative to a 2.1% gain for the BB-rated cohort. Finally, the Fund’s duration profile, which extended over the period to three-tenths of a year short relative to the Index, benefitted performance amid the rise in rates.

With leverage near record highs, issuance ever more aggressive, and yield compensation skinny, the signs that we are nearing the end of this credit cycle continue to grow. When markets are flooded with liquidity, as has been the case for the past ten years given unprecedented central bank support, investors have gotten away with overlooking the growing weakness in underlying fundamentals. Moreover, fiscal stimulus has bolstered headline figures of macroeconomic data and corporate earnings, which has provided justification for continued bullish sentiment even in the face of growing headwinds. In a new, liquidity-constrained environment with brewing risks under the surface, we believe that prevailing asset prices reflect a degree of misplaced optimism, with markets prone to downward adjustment. This risk is particularly notable in the high yield space, where spreads have thus far remained insulated from macroeconomic volatility and year-to-date outflows. Notwithstanding the supportive technical backdrop, high yield investors should be cautious overall as markets get closer to a deleveraging. A credit-intensive, bottoms-up investment approach remains the key to value uncovering opportunities and, most importantly, avoiding credit accidents. This disciplined approach to portfolio construction is reflected in the Fund’s focus on higher quality, better-collateralized areas of the market, while the introduction of risk into the portfolio is done in an extremely measured and selective way. Industrials continue to represent a relative underweight, with an emphasis on non-cyclical sectors that have less economically sensitive business drivers, focusing on select companies with solid asset coverage and stable cash flows within lower beta packaging, transportation, communication, food & beverage, and midstream energy sectors. Finally, the cash position remains elevated to preserve ample capacity to deploy capital as opportunities emerge.

	Performance Through September 30, 2018
	6 Months (Cumulative)	1 Year (Annualized)	3 Year (Annualized)	5 Year (Annualized)	10 Year (Annualized)	Since Inception  (Annualized)
MWHYX (Inception: September 30, 2002)	1.90%	1.53%	4.90%	3.20%	7.58%	8.10%
Bloomberg Barclays U.S. Corporate High Yield Index - 2% Issuer Cap	3.46%	3.05%	8.14%	5.54%	9.45%	8.97%
MWHIX (Inception: March 31, 2003)	2.02%	1.79%	5.16%	3.46%	7.85%	7.44%
Bloomberg Barclays U.S. Corporate High Yield Index - 2% Issuer Cap	3.46%	3.05%	8.14%	5.54%	9.45%	8.33%

 Metropolitan West Intermediate Bond Fund

M-Class (MWIMX), I-Class (MWIIX)

The MetWest Intermediate Bond Fund – I Class (“Fund”) gained 0.1% (net of fees) for the six-month period ending September 30, 2018, but trailed the Bloomberg Barclays Intermediate Government/Credit Index (“Index”) by 12 bps. As U.S. Treasury yields marched higher and neared what we believe to be fair value, the duration position of the portfolio moved from roughly neutral relative to the Index to approximately 0.4 years long, and weighed on performance. Meanwhile, favorable positioning among corporates benefitted performance, particularly the overweight to financials, and the emphasis on healthcare, midstream energy, communications, and U.S. banks, which were all top performing sectors during the period. Away from credit, the overweight to ABS and CMBS benefitted relative performance as both sectors saw spreads tighten by more than the Index, though issue selection somewhat offset the gains with the higher quality emphasis in CMBS weighing on returns, while performance among floating rate student loans, an emphasis in the Fund, was muted. Finally, the allocation to non-agency MBS and the position in Japanese Government issued T-bills, with the Yen exposure fully hedged out using a Dollar-Yen cross currency swap, contributed on the margin.

Given the above dynamics, overall positioning remains defensive with respect to credit and emphasizes high quality, non-cyclical sectors that would be resilient in the face of a deleveraging event. Within this conservative context, however, we continue to actively manage the Fund with an eye toward attractive relative value opportunities. Securitized products remain a focus and favors higher quality, more senior issues. Legacy non-agency MBS remains attractive, though allocations will likely edge lower as prices rise, consistent with our dedicated dollar cost averaging approach to positioning. Agency MBS provides better liquidity characteristics and is high quality, but uncertainty remains as the Fed begins to shrink its position. Opportunities for reasonably safe yields can still

Semi-Annual Report September 2018 / 4

be found in the higher quality segments of ABS and CMBS, though investors must remain vigilant as underwriting standards continue to deteriorate. Among CMBS, exposure is skewed towards agency-backed as well as seasoned non-agency issues at the top of the capital structure and single asset single borrower deals to avoid the underwriting challenges faced by current vintage non-agency CMBS. Consistent with this defensive posture, the Fund’s ABS allocation favors more robust structures such as federally guaranteed student loans and AAA-rated CLOs that offer value. Finally, the Fund continues to hold fully currency-hedged Japanese T-bills as a higher yielding cash substitute, though the position has drifted lower as the relative value proposition has declined.

	Performance Through September 30, 2018
	6 Months (Cumulative)	1 Year (Annualized)	3 Year (Annualized)	5 Year (Annualized)	10 Year (Annualized)	Since Inception  (Annualized)
MWIMX (Inception: June 30, 2003)	-0.01%	-1.20%	0.56%	1.16%	4.47%	4.01%
Bloomberg Barclays Intermediate U.S. Government/Credit Index	0.22%	-0.96%	0.91%	1.52%	3.22%	3.17%
MWIIX (Inception: June 28, 2002)	0.10%	-0.88%	0.84%	1.41%	4.72%	4.92%
Bloomberg Barclays Intermediate U.S. Government/Credit Index	0.22%	-0.96%	0.91%	1.52%	3.22%	3.63%

 Metropolitan West Investment Grade Credit Fund

M-Class (MWISX), I-Class (MWIGX)

Since its inception on June 29, 2018, the MetWest Investment Grade Credit Fund – I Class (“Fund”) gained 3.7%, outpacing the return of the Bloomberg Barclays U.S. Intermediate Credit Index by 288 bps. Given that U.S. Treasury yields have moved higher toward near what we believe to be fair value, the duration position of the portfolio was maintained at roughly three-tenths of a year long relative to the Index, weighing on relative returns during the period. However, this was more than offset by positive contributions coming from the off-Index positions in securitized products. In particular, the exposure to well-sponsored CMBS and non-agency MBS issues benefitted returns, while the focus on floating rate government guaranteed student loan ABS receivables was also additive. Among corporate credit, the relative underweight to energy credits was a drag, though the emphasis on top performing midstream energy within the sector was a positive. Finally, issue selection among corporates contributed to returns given the focus on strong performing communications credits and REITs.

Given the above dynamics, the overall positioning of the Fund was constructed to be defensive with respect to credit and emphasizes high quality, non-cyclical sectors that would be resilient in the face of a deleveraging event. Within this conservative context, however, we will actively manage the Fund with an eye toward attractive relative value opportunities. Securitized products remain a focus and favors higher quality, more senior issues. Legacy non-agency MBS remains attractive, though allocations will likely edge lower as prices rise, consistent with our dedicated dollar cost averaging approach to positioning. Agency MBS provides better liquidity characteristics and is high quality, but uncertainty remains as the Fed begins to shrink its position. Opportunities for reasonably safe yields can still be found in the higher quality segments of ABS and CMBS, though investors must remain vigilant as underwriting standards continue to deteriorate. Among CMBS, exposure is skewed towards agency-backed as well as seasoned non-agency issues at the top of the capital structure and single asset single borrower deals to avoid the underwriting challenges faced by current vintage non-agency CMBS. Consistent with this defensive posture, the Fund’s ABS allocation favors more robust structures such as federally guaranteed student loans.

	Performance Through September 30, 2018
	1 Year (Annualized)	3 Year   (Annualized)	5 Year   (Annualized)	10 Year   (Annualized)	Since Inception1
MWISX (Inception: June 29, 2018)	—	—	—	—	3.61%
U.S. Intermediate Credit Index	—	—	—	—	0.73%
MWIGX (Inception: June 29, 2018)	—	—	—	—	3.67%
U.S. Intermediate Credit Index	—	—	—	—	0.73%

¹Non-annualized. Cumulative return for the Fund during the period of June 29, 2018 through September 30, 2018.

Metropolitan West Low Duration Bond Fund

M-Class (MWLDX), I-Class (MWLIX), Administrative-Class (MWLNX)

The MetWest Low Duration Bond Fund – I Class (“Fund”) gained 0.47% (net of fees) for the six-month period ending September 30, 2018, outpacing the Merrill Lynch 1-3 Year U.S. Treasury Index by 5 bps. The allocation to investment grade credit contributed as short corporate bonds outperformed Treasuries by 70 bps. Financials, an emphasis in the Fund, was the best performing short corporate sector, with banking names particularly additive. Securitized products also benefitted returns, including the allocation to floating rate agency CMOs and non-agency MBS, which held up well against rising rates, while agency CMBS and ABS contributed

5 / Semi-Annual Report September 2018

further to performance, particularly floating rate government guaranteed student loans. Finally, the Fund continued to see small contributions from the position in Japanese Government issued T-bills, with the Yen exposure fully hedged out using a Dollar-Yen cross currency swap. Meanwhile, the Fund’s longer duration profile relative to the Index contributed to performance amid rising rates.

Given the above dynamics, overall positioning remains defensive with respect to credit and emphasizes high quality, non-cyclical sectors that would be resilient in the face of a deleveraging event. Within this conservative context, however, we continue to actively manage the Fund with an eye toward attractive relative value opportunities. Securitized products remain a focus and favors higher quality, more senior issues. Legacy non-agency MBS remains attractive, though allocations will likely edge lower as prices rise, consistent with our dedicated dollar cost averaging approach to positioning. Agency MBS provides better liquidity characteristics and is high quality, and the position favors well-structured CMOs given relatively stable duration profiles as well as new production specified pools with attractive carry. Opportunities for reasonably safe yields can still be found in the higher quality segments of ABS and CMBS, though investors must remain vigilant as underwriting standards continue to deteriorate. Consistent with this defensive posture, the Fund favors agency backed CMBS and more robust structures in ABS such as federally guaranteed student loans and AAA-rated CLOs that offer value. Finally, the Fund continues to hold fully currency-hedged Japanese T-bills as a higher yielding cash substitute.

	Performance Through September 30, 2018
	6 Months  (Cumulative)	1 Year  (Annualized)	3 Year  (Annualized)	5 Year  (Annualized)	10 Year  (Annualized)	Since Inception  (Annualized)
MWLDX (Inception: March 31, 1997)	0.36%	0.06%	0.77%	0.92%	3.03%	3.58%
ICE BofAML 1-3 Year U.S. Treasury Index	0.42%	0.03%	0.38%	0.56%	1.09%	3.15%
MWLIX (Inception: March 31, 2000)	0.47%	0.39%	1.03%	1.16%	3.25%	3.22%
ICE BofAML 1-3 Year U.S. Treasury Index	0.42%	0.03%	0.38%	0.56%	1.09%	2.74%
MWLNX (Inception: September 22, 2009)	0.29%	0.02%	0.70%	0.81%	—	3.10%
ICE BofAML 1-3 Year U.S. Treasury Index	0.42%	0.03%	0.38%	0.56%	—	0.84%

 Metropolitan West Strategic Income Fund

M-Class (MWSTX), I-Class (MWSIX)

The MetWest Strategic Income Bond Fund – I Class (“Fund”) returned 0.89% (net of fees) for the six-month period ending September 30, 2018, lagging the Merrill Lynch 3-Month TBill +200 bps by 106 bps. Non-agency MBS boosted returns, particularly subprime collateral, as the sector continued to benefit from favorable supply/demand technicals and still solid housing fundamentals. The Fund’s allocation to ABS and CMBS further contributed to performance, particularly floating rate government guaranteed student loan ABS. Favorable issue selection among credit also benefited returns, with the largest gains coming from banking and healthcare. In addition, the Fund benefitted from the position in Japanese Government issued T-bills, with the Yen exposure fully hedged out using a Dollar-Yen cross currency swap, though the position has been trimmed as the yield advantage over U.S. T-bills has diminished. Meanwhile, the Fund’s duration position of approximately 2.5 years weighed on returns as rates rose.

As rates are near what we believe to be fair value, the duration position has been extended modestly, while cautious sector positioning is informed by concerns about the aging credit cycle and weakening fundamentals. Looking forward, the bias is to expand the risk profile and add opportunistically in undervalued sectors should spreads widen. In the corporate sector, tight valuations and historically high leverage influence our preference for shorter duration, more defensive regulated sectors like U.S. financials with limited re-leveraging risk and reasonable yield premiums, and high quality, low beta industrials. Although positioning reflects caution, we continue to look for attractive relative value opportunities as we actively manage the strategy. A modest allocation to select high yield corporate and emerging market bonds is also maintained. Securitized products, which continue to provide protection from excesses in credit markets and offer opportunities for attractive risk-adjusted returns, represent a sizable position. CMBS exposure favors agency issues as well as seasoned non-agency bonds at the top of the capital structure, single asset single borrower deals, and select IO issues where there is attractive upside potential, while ABS issuers are focused on high quality non-traditional collateral such as government guaranteed student loan receivables. Finally, non-agency MBS holdings emphasize securities with better relative quality and near term cash flows.

	Performance Through September 30, 2018
	6 Months  (Cumulative)	1 Year  (Annualized)	3 Year  (Annualized)	5 Year  (Annualized)	10 Year  (Annualized)	Since Inception  (Annualized)
MWSTX (Inception: June 30, 2003)	0.75%	1.48%	2.39%	2.27%	5.44%	4.11%

Semi-Annual Report September 2018 / 6

	Performance Through September 30, 2018
	6 Months  (Cumulative)	1 Year  (Annualized)	3 Year  (Annualized)	5 Year  (Annualized)	10 Year  (Annualized)	Since Inception  (Annualized)
ICE BofAML 3-Month U.S. Treasury Bill Index	1.95%	3.62%	2.83%	2.51%	2.34%	3.33%
(formerly known as BofA Merrill Lynch 3-Month U.S. Treasury Bill Index + 2%)
MWSIX (Inception: March 31, 2004)	0.89%	1.62%	2.62%	2.54%	5.70%	3.50%
ICE BofAML 3-Month U.S. Treasury Bill Index	1.95%	3.62%	2.83%	2.51%	2.34%	3.34%
(formerly known as BofA Merrill Lynch 3-Month U.S. Treasury Bill Index + 2%)

 Metropolitan West Total Return Bond Fund

M-Class (MWTRX), I-Class (MWTIX), Administrative-Class (MWTNX), Plan-Class (MWTSX)

The MetWest Total Return Bond Fund – I Class (“Fund”) fell by 0.05% (net of fees) for the six-month period ending September 30, 2018, though outperformance relative to the Bloomberg Barclays Aggregate Index (“Index”) came to 9 bps. As U.S. Treasury yields marched higher and neared what we believe to be fair value, the duration position of the portfolio moved from roughly neutral relative to the Index to approximately 0.1 years long, and weighed on performance modestly. Meanwhile, outperformance was largely driven by favorable positioning among corporates, particularly the overweight to financials, and the emphasis on healthcare, midstream energy, communications, and U.S. banks, which were all top performing sectors during the period. Away from credit, the overweight to ABS and CMBS benefitted relative performance as both sectors saw spreads tighten by more than the Index over the period, though issue selection somewhat offset the gains with the higher quality emphasis in CMBS weighing on returns, while performance among floating rate student loans, an emphasis in the Fund, was muted. Finally, the allocation to non-agency MBS and the position in Japanese Government issued T-bills, with the Yen exposure fully hedged out using a Dollar-Yen cross currency swap, contributed on the margin.

Given the above dynamics, overall positioning remains defensive with respect to credit and emphasizes high quality, non-cyclical sectors that would be resilient in the face of a deleveraging event. Within this conservative context, however, we continue to actively manage the Fund with an eye toward attractive relative value opportunities. Securitized products remain a focus and favors higher quality, more senior issues. Legacy non-agency MBS remains attractive, though allocations will likely edge lower as prices rise, consistent with our dedicated dollar cost averaging approach to positioning. Agency MBS provides better liquidity characteristics and is high quality, but uncertainty remains as the Fed begins to shrink its position. Opportunities for reasonably safe yields can still be found in the higher quality segments of ABS and CMBS, though investors must remain vigilant as underwriting standards continue to deteriorate. Among CMBS, exposure is skewed towards agency-backed as well as seasoned non-agency issues at the top of the capital structure and single asset single borrower deals to avoid the underwriting challenges faced by current vintage non-agency CMBS. Consistent with this defensive posture, the Fund’s ABS allocation favors more robust structures such as federally guaranteed student loans and AAA-rated CLOs that offer value. Finally, the Fund continues to hold fully currency-hedged Japanese T-bills as a higher yielding cash substitute, though the position has drifted lower as the relative value proposition has declined.

	Performance Through September 30, 2018
	6 Months  (Cumulative)	1 Year  (Annualized)	3 Year  (Annualized)	5 Year  (Annualized)	10 Year  (Annualized)	Since Inception  (Annualized)
MWTRX (Inception: March 31, 1997)	-0.07%	-1.10%	1.13%	2.03%	5.49%	5.97%
Bloomberg Barclays U.S. Aggregate Bond Index (formerly known as the Barclays Capital U.S. Aggregate Bond Index)	-0.14%	-1.22%	1.31%	2.16%	3.77%	5.03%
MWTIX (Inception: March 31, 2000)	-0.05%	-0.97%	1.36%	2.25%	5.71%	5.77%
Bloomberg Barclays U.S. Aggregate Bond Index (formerly known as the Barclays Capital U.S. Aggregate Bond Index)	-0.14%	-1.22%	1.31%	2.16%	3.77%	4.76%
MWTNX (Inception: December 18, 2009)	-0.21%	-1.29%	1.02%	1.91%	—	3.99%
Bloomberg Barclays U.S. Aggregate Bond Index (formerly known as the Barclays Capital U.S. Aggregate Bond Index)	-0.14%	-1.22%	1.31%	2.16%	—	2.98%
MWTSX (Inception: August 1, 2011)	0.11%	-0.81%	1.45%	2.34%	—	3.32%
Bloomberg Barclays U.S. Aggregate Bond Index (formerly known as the Barclays Capital U.S. Aggregate Bond Index)	-0.14%	-1.22%	1.31%	2.16%	—	2.28%

7 / Semi-Annual Report September 2018

 Metropolitan West Ultra Short Bond Fund

M-Class (MWUSX), I-Class (MWUIX)

The MetWest Ultra Short Bond Fund – I Class (“Fund”) gained 0.77% (net of fees) for the six-month period ending September 30, 2018, trailing the ICE BofAML 1-Year U.S. Treasury Index by a modest 4 bps. Returns for the six-month period benefitted on the margin from the defensive duration position as short U.S. Treasury yields moved higher, though yield curve positioning maintained a slight preference for the front end of the curve, namely 2-Year maturities, where rates rose the most. Meanwhile, the allocation to investment grade credit contributed as short corporate bonds outperformed Treasuries by 70 bps. Financials, an emphasis in the Fund, was the best performing short corporate sector, led by finance companies, REITs, and life insurance. Securitized products also benefitted returns, including the allocation to floating rate agency CMOs and non-agency MBS, which held up well against rising rates, while ABS and CMBS outperformed Treasuries, adding to performance on the margin. Finally, the Fund continued to see small contributions from the position in Japanese Government issued T-bills, with the Yen exposure fully hedged out using a Dollar-Yen cross currency swap.

Given the above dynamics, overall positioning remains defensive with respect to credit and emphasizes high quality, non-cyclical sectors that would be resilient in the face of a deleveraging event. Within this conservative context, however, we continue to actively manage the Fund with an eye toward attractive relative value opportunities. Securitized products favors higher quality, more senior issues including a small allocation to legacy non-agency MBS. Agency MBS provides better liquidity characteristics and is high quality, but uncertainty remains as the Fed begins to shrink its position. Opportunities for reasonably safe yields can still be found in the higher quality segments of ABS and CMBS, though investors must remain vigilant as underwriting standards continue to deteriorate. Among CMBS, exposure is skewed towards agency-backed as well as seasoned non-agency issues at the top of the capital structure to avoid the underwriting challenges faced by current vintage non-agency CMBS. Consistent with this defensive posture, the Fund’s ABS allocation favors more robust structures such as federally guaranteed student loans that offer value. Finally, the Fund continues to hold fully currency-hedged Japanese T-bills as a higher yielding cash substitute, though the position has drifted lower as the relative value proposition has declined.

	Performance Through September 30, 2018
	6 Months  (Cumulative)	1 Year  (Annualized)	3 Year  (Annualized)	5 Year  (Annualized)	10 Year  (Annualized)	Since Inception  (Annualized)
MWUSX (Inception: June 30, 2003)	0.69%	0.84%	0.79%	0.74%	2.00%	1.82%
ICE BofAML 1-Year U.S. Treasury Note Index	0.81%	1.08%	0.74%	0.55%	0.71%	1.57%
(formerly known as BofA Merrill Lynch 1-Year U.S. Treasury Index)
MWUIX (Inception: July 31, 2004)	0.77%	1.00%	1.03%	0.95%	2.19%	1.63%
ICE BofAML 1-Year U.S. Treasury Note Index	0.81%	1.08%	0.74%	0.55%	0.71%	1.62%
(formerly known as BofA Merrill Lynch 1-Year U.S. Treasury Index)

 Metropolitan West Unconstrained Bond Fund

M-Class (MWCRX), I-Class (MWCIX)

The MetWest Unconstrained Bond Fund – I Class (“Fund”) gained 1.25% (net of fees) for the six-month period ending September 30, 2018, outpacing the Merrill Lynch U.S. LIBOR 3-Month Average Index by approximately 9 bps. Non-agency MBS backed by subprime, option ARM, and alt-A collateral boosted returns, as the sector continued to benefit from good supply/demand technicals and still solid housing fundamentals. The Fund’s allocation to ABS and CMBS further contributed to performance, particularly floating government guaranteed student loan ABS. Favorable issue selection among credit also benefited returns, with the largest gains coming from banking, midstream energy, cable, and healthcare. Finally, the Fund’s duration position of approximately 2.1 years detracted from returns as rates rose.

As rates are near what we believe to be fair value, the duration position has been extended modestly, while cautious sector positioning is informed by concerns about the aging credit cycle and weakening fundamentals. Looking forward, the bias is to expand the risk profile and add opportunistically in undervalued sectors should spreads widen. In the corporate sector, tight valuations and historically high leverage influence our preference for shorter duration, more defensive regulated sectors like U.S. financials with limited re-leveraging risk and reasonable yield premiums, and high quality, low beta industrials. Although positioning reflects caution, we continue to look for attractive relative value opportunities as we actively manage the strategy. A modest allocation to select high yield corporate and emerging market bonds is also maintained. Securitized products, which continue to provide protection from excesses in credit markets and offer opportunities for attractive risk-adjusted returns, represent a sizable position. CMBS exposure favors agency issues as well as seasoned non-agency bonds at the top of the capital structure, single asset single borrower deals, and select IO issues where there is attractive upside potential, while ABS issuers are focused on high quality non-traditional collateral such as

Semi-Annual Report September 2018 / 8

government guaranteed student loan receivables. Finally, non-agency MBS holdings emphasize securities with better relative quality and near term cash flows.

	Performance Through September 30, 2018
	6 Months  (Cumulative)	1 Year  (Annualized)	3 Year  (Annualized)	5 Year  (Annualized)	10 Year  (Annualized)	Since Inception  (Annualized)
MWCRX (Inception: October 1, 2011)	1.10%	1.33%	2.66%	2.57%	—	5.37%
ICE BofAML U.S. Dollar 3-Month Deposit Offered Rate Average Index (formerly known as BofA Merrill Lynch U.S. LIBOR 3-Month Average Index)	1.16%	1.95%	1.20%	0.82%	—	0.70%
MWCIX (Inception: October 1, 2011)	1.25%	1.64%	2.94%	2.89%	—	5.64%
ICE BofAML U.S. Dollar 3-Month Deposit Offered Rate Average Index (formerly known as BofA Merrill Lynch U.S. LIBOR 3-Month Average Index)	1.16%	1.95%	1.20%	0.82%	—	0.70%

 A Disciplined Value Philosophy

While it should never be surprising when volatility comes back to the markets, the early part of 2018 will be yet another example of when some aggressive risk-seeking investors were caught off-guard and experienced sizable losses. Though the numbers were few and the affected strategies esoteric – leveraged bets on volatility indexes – the behavior is merely an extension of what we see as investor complacency more generally. Our approach remains unchanged, steeped in fundamental analysis and abundantly aware of the asymmetric risks faced by bond investors. That recognition drives a full-cycle approach that values not only the return driver of income generation, but a principal protection focus that preserves capital. Most importantly, the discipline to vary the risk budgets in accordance with market conditions and valuations, we believe, has delivered and will continue to deliver to our investors.

Thank you again for your investment in the Metropolitan West Funds. We look forward to continuing to assist you in the fulfillment of your financial goals.

Sincerely,

David B. Lippman

President and Principal Executive Officer of the Trust

Metropolitan West Funds

Portfolio composition is subject to change. The current and future portfolio holdings of the Funds are subject to investment risk.

Bond Funds have similar interest rates, issues, and credit risks as those associated with the underlying bonds in their portfolio, all of which could reduce a Fund’s value. As interest rates rise, the value of a Bond Fund can decline and an investor can lose principal. Additional risks to the Funds include derivatives risk, foreign securities risk, asset-backed securities investment risk, and prepayment risk. The High Yield Bond Fund purchases more speculative bonds, which are subject to greater risks than higher rated bonds, including “leverage risk”. The Strategic Income Fund engages in sophisticated investment strategies, and is subject to short sales and leverage risks. The AlphaTrak 500 trades futures and derivative contracts. These Funds may not be suitable for all investors.

Derivatives risk refers to the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset. Foreign securities risk refers to the risk that the value of a Fund’s investments in foreign securities may decline based on changes to currency values, or political and economic environments in the countries where the Fund invests. Asset-backed securities investment risk refers to the risk that the impairment of the value of the collateral underlying the security in which a Fund invests, such as the non-payment of loans, will result in a reduction in the value of the security. Prepayment risk refers to the possibility that falling interest rates may cause the underlying loans to pay off at a faster than expected rate. This tends to reduce returns since the funds prepaid will have to be reinvested at the then lower prevailing rates. Short sale risk refers to the limited ability of a Fund to sell a debt or equity security short (without owning it) and to borrow the same security from a broker or other institution to complete the sale. If the value of the short sale increases, a Fund would lose money because it will need to replace the borrowed security by purchasing it at a higher price. Leverage risk refers to the limited ability of a Fund to borrow from broker-dealers or other institutions to leverage a transaction, provided that the borrowing is fully-collateralized. The Fund’s assets may change in value while the borrowing is outstanding, which could create interest expenses that can exceed the income from the assets retained.

The views and forecasts expressed here are as of October 2018, are subject to change without notice and may not come to pass. Investment strategies may not achieve the desired results due to implementation lag, other timing factors, portfolio management decision making, economic or market conditions or other unanticipated factors.

This report must be preceded or accompanied by a prospectus.

9 / Semi-Annual Report September 2018

Metropolitan West Funds

Disclosure of Fund Expenses (Unaudited)

For the Six Months Ended September 30, 2018

We believe it is important for you to understand the impact of fees regarding your investment. All mutual funds have operating expenses. As a shareholder of a mutual fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund. A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing fees (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

This table illustrates your Fund’s costs in two ways:

Actual Fund Return: This section helps you to estimate the actual expenses, after any applicable fee waivers, that you paid over the period. The “Ending Account Value” shown is derived from the Fund’s actual return for the past six-month period, the “Expense Ratio” column shows the period’s annualized expense ratio, and the “Expenses Paid During Period” column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund at the beginning of the period.

You may use the information here, together with your account value, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your Fund in the first line under the heading entitled “Expenses Paid During Period.”

Hypothetical 5% Return: This section is intended to help you compare your Fund’s costs with those of other mutual funds. It assumes that the Fund had an annual return of 5% before expenses, but that the expense ratio is unchanged. In this case, because the return used is not the Fund’s actual return, the results do not apply to your investment. This example is useful in making comparisons to other mutual funds because the Securities and Exchange Commission (SEC) requires all mutual funds to calculate expenses based on an assumed 5% annual return. You can assess your Fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

Please note that the expense shown in the table are meant to highlight and help you compare your ongoing costs only and do not reflect any transactional costs such as sales charges (loads), redemption fees, or exchange fees. The Metropolitan West Funds do not charge any sales loads or exchange fees, but these may be present in other funds to which you compare this data. Therefore, the hypothetical portions of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	Beginning Account Value 04/01/18	Ending Account Value 09/30/18	Expense Ratio1	Expenses   Paid During   Period2
ALPHATRAK 500 FUND
Actual Fund Return	$1,000.00	$1,109.00	0.90%	$4.76
Hypothetical 5% Return	$1,000.00	$1,020.56	0.90%	$4.56

¹ Annualized, based on the Fund’s most recent fiscal half-year expenses.

² Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183 days then divided by 365 (to reflect the one-half year period shown).

	Beginning Account Value 06/29/18*	Ending Account Value 09/30/18	Expense Ratio1	Expenses   Paid During   Period2
CORPORATE BOND FUND
Actual Fund Return
Class M	$1,000.00	$1,017.00	0.75%	$1.89
Class I	$1,000.00	$1,017.60	0.50%	$1.26
Hypothetical 5% Return
Class M	$1,000.00	$1,010.60	0.75%	$1.88
Class I	$1,000.00	$1,011.22	0.50%	$1.25

¹ Annualized, based on the Fund’s expenses for the period between June 29, 2018 (the commencement date of the Fund) and September 30, 2018.

² Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 91 days of expenses, then divided by 365 (to reflect the period shown between June 29, 2018 and September 30, 2018).

* Commencement date of the Fund.

Semi-Annual Report September 2018 / 10

	Beginning Account Value 04/01/18			Ending Account Value 09/30/18			Expense Ratio1			Expenses   Paid During   Period2
FLOATING RATE INCOME FUND
Actual Fund Return
Class M		$	1,000.00		$	1,019.60		0.90	%		$	4.56
Class I		$	1,000.00		$	1,021.60		0.70	%		$	3.55
Hypothetical 5% Return
Class M		$	1,000.00		$	1,020.56		0.90	%		$	4.56
Class I		$	1,000.00		$	1,021.56		0.70	%		$	3.55
HIGH YIELD BOND FUND
Actual Fund Return
Class M		$	1,000.00		$	1,019.00		0.85	%		$	4.30
Class I		$	1,000.00		$	1,020.20		0.60	%		$	3.04
Hypothetical 5% Return
Class M		$	1,000.00		$	1,020.81		0.85	%		$	4.31
Class I		$	1,000.00		$	1,022.06		0.60	%		$	3.04
INTERMEDIATE BOND FUND
Actual Fund Return
Class M		$	1,000.00		$	999.90		0.70	%		$	3.51
Class I		$	1,000.00		$	1,001.00		0.49	%		$	2.46
Hypothetical 5% Return
Class M		$	1,000.00		$	1,021.56		0.70	%		$	3.55
Class I		$	1,000.00		$	1,022.61		0.49	%		$	2.48

¹ Annualized, based on the Fund’s most recent fiscal half-year expenses.

² Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183 days then divided by 365 (to reflect the one-half year period shown).

	Beginning Account Value 06/29/18*			Ending Account Value 09/30/18			Expense Ratio1			Expenses   Paid During   Period2
INVESTMENT GRADE CREDIT FUND
Actual Fund Return
Class M		$	1,000.00		$	1,036.10		0.70	%		$	1.78
Class I		$	1,000.00		$	1,036.70		0.49	%		$	1.24
Hypothetical 5% Return
Class M		$	1,000.00		$	1,010.72		0.70	%		$	1.75
Class I		$	1,000.00		$	1,011.24		0.49	%		$	1.23

¹ Annualized, based on the Fund’s expenses for the period between June 29, 2018 (the commencement date of the Fund) and September 30, 2018.

² Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 91 days of expenses, then divided by 365 (to reflect the period shown between June 29, 2018 and September 30, 2018).

³ Annualized, based on the Fund’s most recent fiscal half-year expenses.

* Commencement date of the Fund.

11 / Semi-Annual Report September 2018

	Beginning Account Value 04/01/18			Ending Account Value 09/30/18			Expense Ratio1			Expenses   Paid During   Period2
LOW DURATION BOND FUND
Actual Fund Return
Class M		$	1,000.00		$	1,003.60		0.63	%		$	3.16
Class I		$	1,000.00		$	1,004.70		0.42	%		$	2.11
Administrative Class		$	1,000.00		$	1,002.90		0.72	%		$	3.62
Hypothetical 5% Return
Class M		$	1,000.00		$	1,021.91		0.63	%		$	3.19
Class I		$	1,000.00		$	1,022.96		0.42	%		$	2.13
Administrative Class		$	1,000.00		$	1,021.46		0.72	%		$	3.65
STRATEGIC INCOME FUND
Actual Fund Return
Class M		$	1,000.00		$	1,007.50		2.08	%		$	10.47
Class I		$	1,000.00		$	1,008.90		1.77	%		$	8.91
Hypothetical 5% Return
Class M		$	1,000.00		$	1,014.64		2.08	%		$	10.50
Class I		$	1,000.00		$	1,016.19		1.77	%		$	8.95
TOTAL RETURN BOND FUND
Actual Fund Return
Class M		$	1,000.00		$	999.30		0.68	%		$	3.41
Class I		$	1,000.00		$	999.50		0.46	%		$	2.31
Administrative Class		$	1,000.00		$	997.90		0.78	%		$	3.91
Plan Class		$	1,000.00		$	1,001.10		0.37	%		$	1.86
Hypothetical 5% Return
Class M		$	1,000.00		$	1,021.66		0.68	%		$	3.45
Class I		$	1,000.00		$	1,022.76		0.46	%		$	2.33
Administrative Class		$	1,000.00		$	1,021.16		0.78	%		$	3.95
Plan Class		$	1,000.00		$	1,023.21		0.37	%		$	1.88

¹ Annualized, based on the Fund’s most recent fiscal half-year expenses.

² Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183 days then divided by 365 (to reflect the one-half year period shown).

Semi-Annual Report September 2018 / 12

	Beginning Account Value 04/01/18			Ending Account Value 09/30/18			Expense Ratio1			Expenses   Paid During   Period2
ULTRA SHORT BOND FUND
Actual Fund Return
Class M		$	1,000.00		$	1,006.90		0.50	%		$	2.52
Class I		$	1,000.00		$	1,007.70		0.34	%		$	1.71
Hypothetical 5% Return
Class M		$	1,000.00		$	1,022.56		0.50	%		$	2.54
Class I		$	1,000.00		$	1,023.36		0.34	%		$	1.72
UNCONSTRAINED BOND FUND
Actual Fund Return
Class M		$	1,000.00		$	1,011.00		1.04	%		$	5.24
Class I		$	1,000.00		$	1,012.50		0.75	%		$	3.78
Hypothetical 5% Return
Class M		$	1,000.00		$	1,019.85		1.04	%		$	5.27
Class I		$	1,000.00		$	1,021.31		0.75	%		$	3.80

¹ Annualized, based on the Fund’s most recent fiscal half-year expenses.

² Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183 days then divided by 365 (to reflect the one-half year period shown).

13 / Semi-Annual Report September 2018

Metropolitan West Funds

Summary of Portfolio Holdings

September 30, 2018 (Unaudited)

These tables are provided to give you a quick reference to the composition of each Fund. The “Sector Diversification” table is a percentage of net assets. We hope that this information enhances your understanding of the different kinds of investments in the Funds.

ALPHATRAK 500 FUND
Sector Diversification
Corporate Bonds	39.70%
U.S. Treasury Bills	11.56%
U.S. Agency Commercial Mortgage-Backed	11.44%
Non-Agency Commercial Mortgage-Backed	8.39%
Asset-Backed Securities	7.94%
Non-Agency Mortgage-Backed	6.78%
U.S. Agency Mortgage-Backed	6.03%
U.S. Treasury Notes	3.96%
Mutual Funds	2.70%
Money Market Funds	1.20%
Bank Loans	0.13%
Other *	0.17%
Total	100.00%
CORPORATE BOND FUND
Sector Diversification
Corporate Bonds	78.32%
Non-Agency Mortgage-Backed	9.56%
U.S. Treasury Bills	6.38%
U.S. Agency Mortgage-Backed	3.43%
Municipal Bonds	0.80%
U.S. Treasury Securities	0.73%
Money Market Funds	0.69%
Other*	0.09%
Total	100.00%
FLOATING RATE INCOME FUND
Sector Diversification
Bank Loans	87.93%
U.S. Treasury Bills	6.70%
Corporate Bonds	4.73%
Foreign Government Obligations	2.68%
Money Market Funds	1.43%
Municipal Bonds	0.15%
Other *	(3.62)%
Total	100.00%

HIGH YIELD BOND FUND
Sector Diversification
Corporate Bonds	73.24%
Bank Loans	15.49%
U.S. Treasury Bills	7.07%
Money Market Funds	4.36%
Common Stock	0.94%
U.S. Agency Discount Notes	0.83%
Non-Agency Mortgage-Backed	0.05%
Warrants	0.02%
Other *	(2.00)%
Total	100.00%
INTERMEDIATE BOND FUND
Sector Diversification
Corporate Bonds	39.66%
U.S. Treasury Securities	30.08%
U.S. Agency Mortgage-Backed	8.50%
Asset-Backed Securities	7.79%
Money Market Funds	6.09%
Non-Agency Mortgage-Backed	5.32%
Non-Agency Commercial Mortgage-Backed	2.12%
Municipal Bonds	1.96%
U.S. Agency Discount Notes	1.52%
Foreign Government Obligations	1.20%
U.S. Treasury Bills	0.93%
Bank Loans	0.64%
U.S. Agency Commercial Mortgage-Backed	0.28%
Common Stock	0.01%
Other *	(6.10)%
Total	100.00%

Semi-Annual Report September 2018 / 14

INVESTMENT GRADE CREDIT FUND
Sector Diversification
Corporate Bonds	44.96%
U.S. Agency Mortgage-Backed	16.04%
Non-Agency Commercial Mortgage-Backed	16.04%
Asset-Backed Securities	7.75%
U.S. Agency Commercial Mortgage-Backed	7.46%
Non-Agency Mortgage-Backed	5.68%
Money Market Funds	4.39%
U.S. Treasury Bills	0.48%
Municipal Bonds	0.18%
U.S. Treasury Securities	0.09%
Other *	(3.07)%
Total	100.00%
LOW DURATION BOND FUND
Sector Diversification
Corporate Bonds	35.75%
U.S. Treasury Securities	22.88%
U.S. Agency Commercial Mortgage-Backed	10.00%
Non-Agency Mortgage-Backed	9.64%
U.S. Agency Mortgage-Backed	8.31%
Asset-Backed Securities	5.93%
Money Market Funds	3.32%
Foreign Government Obligations	2.77%
U.S. Treasury Bills	1.75%
Bank Loans	0.59%
Non-Agency Commercial Mortgage-Backed	0.55%
Common Stock	0.04%
Municipal Bonds	0.03%
Purchased Swaptions	0.00%
Written Swaptions	0.00%
Other *	(1.56)%
Total	100.00%

STRATEGIC INCOME FUND
Sector Diversification
Corporate Bonds	35.28%
Non-Agency Mortgage-Backed	28.12%
Asset-Backed Securities	12.89%
Non-Agency Commercial Mortgage-Backed	7.09%
U.S. Agency Commercial Mortgage-Backed	7.07%
U.S. Agency Mortgage-Backed	5.89%
U.S. Treasury Bills	1.84%
Money Market Funds	0.97%
Municipal Bonds	0.96%
Other *	(0.11)%
Total	100.00%
TOTAL RETURN BOND FUND
Sector Diversification
Corporate Bonds	33.50%
U.S. Agency Mortgage-Backed	29.85%
U.S. Treasury Securities	19.03%
Non-Agency Mortgage-Backed	6.92%
Asset-Backed Securities	5.60%
Money Market Funds	4.54%
U.S. Agency Commercial Mortgage-Backed	2.07%
Non-Agency Commercial Mortgage-Backed	1.68%
Foreign Government Obligations	1.60%
U.S. Treasury Bills	1.40%
Bank Loans	0.86%
U.S. Agency Discount Notes	0.83%
Municipal Bonds	0.68%
Common Stock	0.02%
Purchased Options	0.01%
Written Options	0.00%
Other *	(8.59)%
Total	100.00%

15 / Semi-Annual Report September 2018

ULTRA SHORT BOND FUND
Sector Diversification
Corporate Bonds	25.40%
U.S. Agency Mortgage-Backed	23.77%
U.S. Treasury Securities	23.46%
U.S. Agency Commercial Mortgage-Backed	10.04%
U.S. Treasury Bills	9.20%
Money Market Funds	4.26%
Non-Agency Mortgage-Backed	2.59%
Asset-Backed Securities	2.32%
U.S. Agency Discount Notes	1.03%
Non-Agency Commercial Mortgage-Backed	0.51%
Other *	(2.58)%
Total	100.00%
UNCONSTRAINED BOND FUND
Sector Diversification
Corporate Bonds	34.93%
Non-Agency Mortgage-Backed	25.21%
Asset-Backed Securities	14.40%
Non-Agency Commercial Mortgage-Backed	7.45%
U.S. Agency Commercial Mortgage-Backed	6.95%
U.S. Agency Mortgage-Backed	5.37%
U.S. Agency Discount Notes	1.76%
Foreign Government Obligations	1.64%
Money Market Funds	0.98%
Bank Loans	0.75%
Municipal Bonds	0.63%
U.S. Treasury Bills	0.07%
Common Stock	0.03%
Other *	(0.17)%
Total	100.00%

* Includes cash and equivalents, futures, foreign currency exchange contracts, swaps, pending trades, fund share transactions, interest and dividends receivable and accrued expenses payable.

In addition to its annual and semi-annual reports, the Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ most recent Form N-Q was filed for the quarter ended June 30, 2018. The Funds’ Form N-Q is available on the SEC’s website at www.sec.gov.

Semi-Annual Report September 2018 / 16

AlphaTrak 500 Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
BONDS – 84.37%
ASSET-BACKED SECURITIES — 7.94%**
Access Group, Inc., Series 2015-1, Class A
(LIBOR USD 1-Month plus 0.70%)
2.92%		07/25/56	1,2	$	20,790	$	20,759
BA Credit Card Trust, Series 2014-A1, Class A
(LIBOR USD 1-Month plus 0.38%)
2.54%		06/15/21	1		140,000		140,145
Bayview Commercial Asset Trust, Series 2004-3, Class A1
(LIBOR USD 1-Month plus 0.56%)
2.77%		01/25/35	1,2		16,810		16,630
BlueMountain CLO Ltd., Series 2013-2A, Class A1R (Cayman Islands)
(LIBOR USD 3-Month plus 1.18%)
3.53%		10/22/30	1,2,3		50,000		50,084
Brazos Higher Education Authority, Inc.,
Series 2010-1, Class A2
(LIBOR USD 3-Month plus 1.20%)
3.51%		02/25/35	1		15,000		15,415
Brazos Higher Education Authority, Inc.,
Series 2011-2, Class A3
(LIBOR USD 3-Month plus 1.00%)
3.34%		10/27/36	1		15,000		15,257
Chase Issuance Trust, Series 2015-A4, Class A4
0.00%
1.84%		04/15/22			140,000		137,582
Citibank Credit Card Issuance Trust, Series
2014-A6, Class A6
0.00%
2.15%		07/15/21			140,000		139,333
Dryden XXVI Senior Loan Fund, Series 2013-26A, Class AR (Cayman Islands)
(LIBOR USD 3-Month plus 0.90%)
3.25%		04/15/29	1,2,3		50,000		49,859
Educational Funding of the South, Inc.,
Series 2011-1, Class A2
(LIBOR USD 3-Month plus 0.65%)
2.99%		04/25/35	1		4,416		4,424
Educational Funding of the South, Inc.,
Series 2012-1, Class A
(LIBOR USD 1-Month plus 1.05%)
3.27%		03/25/36	1		43,767		44,173
Magnetite IX Ltd., Series 2014-9A, Class A1R (Cayman Islands)
(LIBOR USD 3-Month plus 1.00%)
3.34%		07/25/26	1,2,3		40,000		40,010
Navient Student Loan Trust, Series 2017-4A, Class A2
(LIBOR USD 1-Month plus 0.50%)

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
2.72%		09/27/66	1,2	$	100,000	$	100,492
Nelnet Student Loan Trust, Series 2014-3A, Class A
(LIBOR USD 1-Month plus 0.58%)
2.80%		06/25/41	1,2		21,784		21,792
North Carolina State Education Authority,
Series 2011-1, Class A3
(LIBOR USD 3-Month plus 0.90%)
3.24%		10/25/41	1		14,009		14,143
Northstar Education Finance, Inc.,
Series 2007-1, Class A2
(1.00 X LIBOR USD 3-Month plus 0.75%)
3.09%		01/29/46	1		10,000		9,869
Scholar Funding Trust, Series 2011-A, Class A
(LIBOR USD 3-Month plus 0.90%)
3.24%		10/28/43	1,2		4,402		4,415
SLM Student Loan Trust, Series 2003-10A, Class A3
(LIBOR USD 3-Month plus 0.47%)
2.80%		12/15/27	1,2		87,014		87,395
SLM Student Loan Trust, Series 2003-11, Class A6
(LIBOR USD 3-Month plus 0.55%)
2.88%		12/15/25	1,2		80,056		80,473
SLM Student Loan Trust, Series 2004-1, Class A4
(LIBOR USD 3-Month plus 0.26%)
2.60%		10/27/25	1		100,000		100,071
SLM Student Loan Trust, Series 2005-8, Class A4
(LIBOR USD 3-Month plus 0.55%)
2.89%		01/25/28	1		70,918		71,202
SLM Student Loan Trust, Series 2007-6, Class A4
(LIBOR USD 3-Month plus 0.38%)
2.72%		10/25/24	1		62,657		62,815
SLM Student Loan Trust, Series 2008-9, Class A
(LIBOR USD 3-Month plus 1.50%)
3.84%		04/25/23	1		107,518		109,878
SLM Student Loan Trust, Series 2011-1, Class A1
(LIBOR USD 1-Month plus 0.52%)
2.74%		03/25/26	1		60,182		60,336
SLM Student Loan Trust, Series 2011-2, Class A1
(LIBOR USD 1-Month plus 0.60%)
2.82%		11/25/27	1		10,836		10,886
SLM Student Loan Trust, Series 2013-4, Class A
(LIBOR USD 1-Month plus 0.55%)
2.77%		06/25/43	1		8,740		8,795

See accompanying notes to Schedule of Portfolio Investments.

17 / Semi-Annual Report September 2018

AlphaTrak 500 Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
Voya CLO Ltd., Series 2014-3A, Class A1R (Cayman Islands)
(LIBOR USD 3-Month plus 0.72%)
3.06%		07/25/26	1,2,3	$	50,000	$	50,014
Total Asset-Backed Securities
(Cost $1,460,715)							1,466,247
BANK LOANS — 0.13%*
Industrials — 0.04%
Tyco International Holdings SARL, Term Loan
(LIBOR plus 1.25%)
3.62%		03/02/20	1,4,5		6,825		6,819
Information Technology — 0.09%
Dell International LLC, Term Loan A3, 1st Lien
(LIBOR plus 1.50%)
3.75%		12/31/18	1		17,024		17,054
Total Bank Loans
(Cost $23,857)							23,873
CORPORATES — 39.70%*
Automotive — 0.27%
General Motors Co.
3.50%		10/02/18			50,000		50,000
Banking — 9.56%
Bank of America Corp.
2.74%		01/23/22	6		100,000		98,376
3.00%		12/20/23	6		91,000		88,361
Bank of America Corp. (GMTN)
2.37%		07/21/21	6		200,000		196,517
Bank of New York Mellon Corp., (The) Series G
2.20%		05/15/19			100,000		99,761
JPMorgan Chase & Co.
(LIBOR USD 3-Month plus 0.68%)
3.00%		06/01/21	1		75,000		75,464
JPMorgan Chase Bank N.A. (BKNT)
(LIBOR USD 3-Month plus 0.29%)
2.63%		02/01/21	1		250,000		250,219
Macquarie Bank Ltd. (Australia)
2.60%		06/24/19	2,3		50,000		49,881
PNC Bank N.A. (BKNT)
1.95%		03/04/19			250,000		249,382
Santander UK PLC (United Kingdom)
2.50%		03/14/19	3		60,000		59,972
US Bank N.A. (BKNT)
3.05%		07/24/20			250,000		249,778
Wells Fargo & Co., Series N (MTN)
2.15%		01/30/20			100,000		98,836

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Banking (continued)
Wells Fargo Bank N.A. (BKNT)
2.40%		01/15/20		$	250,000	$	248,085
							1,764,632
Communications — 0.41%
CCO Holdings LLC/CCO Holdings Capital Corp.
5.00%		02/01/28	2		10,000		9,437
Clear Channel International BV (Netherlands)
8.75%		12/15/20	2,3		3,000		3,105
Discovery Communications LLC
2.75%		11/15/19	2		35,000		34,836
Intelsat Jackson Holdings SA (Luxembourg)
5.50%		08/01/23	3		10,000		9,237
9.75%		07/15/25	2,3		2,000		2,123
Sprint Communications, Inc.
7.00%		03/01/20	2		16,000		16,640
							75,378
Consumer Discretionary — 1.43%
Altria Group, Inc.
9.70%		11/10/18			70,000		70,515
Anheuser-Busch InBev Worldwide, Inc.
6.88%		11/15/19			75,000		78,086
Central Garden & Pet Co.
5.13%		02/01/28			6,000		5,730
Constellation Brands, Inc.
2.00%		11/07/19			50,000		49,442
KFC Holding Co./Pizza Hut Holdings LLC/ Taco Bell of America LLC
5.25%		06/01/26	2		6,000		5,993
Molson Coors Brewing Co.
1.45%		07/15/19			55,000		54,372
							264,138
Consumer Products — 0.22%
Newell Brands, Inc.
2.60%		03/29/19			40,000		39,906
Electric — 3.43%
DTE Energy Co.
2.40%		12/01/19			50,000		49,467
Jersey Central Power & Light Co.
7.35%		02/01/19			100,000		101,554
NextEra Energy Capital Holdings, Inc.
(LIBOR USD 3-Month plus 0.48%)
2.82%		05/04/21	1		55,000		55,173
(LIBOR USD 3-Month plus 0.55%)
2.86%		08/28/21	1		40,000		40,006

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 18

AlphaTrak 500 Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Electric (continued)
NextEra Energy Operating Partners LP
4.50%		09/15/27	2	$	4,000	$	3,850
PNM Resources, Inc.
3.25%		03/09/21			100,000		99,033
Progress Energy, Inc.
7.05%		03/15/19			70,000		71,351
Southwestern Electric Power Co.
6.45%		01/15/19			50,000		50,406
Union Electric Co.
6.70%		02/01/19			111,000		112,351
Wisconsin Public Service Corp.
1.65%		12/04/18			50,000		49,935
							633,126
Energy — 0.98%
Energy Transfer Equity LP
5.50%		06/01/27			10,000		10,403
ONE Gas, Inc.
2.07%		02/01/19			60,000		59,788
Phillips 66
(LIBOR USD 3-Month plus 0.65%)
2.99%		04/15/19	1,2		80,000		80,032
Rockies Express Pipeline LLC
5.63%		04/15/20	2		20,000		20,650
Transocean Guardian Ltd. (Cayman Islands)
5.88%		01/15/24	2,3		3,000		3,037
Transocean Pontus Ltd. (Cayman Islands)
6.13%		08/01/25	2,3		4,000		4,075
Transocean Proteus Ltd. (Cayman Islands)
6.25%		12/01/24	2,3		3,400		3,472
							181,457
Finance — 6.13%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)
3.75%		05/15/19	3		100,000		100,409
Air Lease Corp.
3.50%		01/15/22			65,000		64,578
Citibank N.A. (BKNT)
3.40%		07/23/21			100,000		100,022
Citigroup, Inc.
2.05%		12/07/18			50,000		49,962
2.40%		02/18/20			40,000		39,615
8.50%		05/22/19			50,000		51,760
Daimler Finance North America LLC
1.75%		10/30/19	2		50,000		49,282
Ford Motor Credit Co. LLC
2.46%		03/27/20			50,000		49,178
3.20%		01/15/21			60,000		59,084

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Finance (continued)
(LIBOR USD 3-Month plus 0.79%)
3.12%		06/12/20	1	$	15,000	$	15,001
General Motors Financial Co., Inc.
2.35%		10/04/19			50,000		49,689
Goldman Sachs Group, Inc. (The)
2.55%		10/23/19			175,000		174,301
Goldman Sachs Group, Inc. (The) (MTN)
(LIBOR USD 3-Month plus 1.10%)
3.41%		11/15/18	1		25,000		25,031
Morgan Stanley (GMTN)
5.50%		07/24/20			100,000		103,798
(LIBOR USD 3-Month plus 0.55%)
2.89%		02/10/21	1		50,000		50,170
Morgan Stanley, Series 3NC2
(LIBOR USD 3-Month plus 0.80%)
3.12%		02/14/20	1		150,000		150,362
							1,132,242
Food — 1.81%
Campbell Soup Co.
(LIBOR USD 3-Month plus 0.50%)
2.83%		03/16/20	1		50,000		49,951
Conagra Brands, Inc.
(LIBOR USD 3-Month plus 0.50%)
2.91%		10/09/20	1		60,000		59,883
Danone SA (France)
1.69%		10/30/19	2,3		50,000		49,277
Kraft Heinz Foods Co.
(LIBOR USD 3-Month plus 0.42%)
2.76%		08/09/19	1		75,000		75,107
Mondelez International Holdings Netherlands BV (Netherlands)
1.63%		10/28/19	2,3		50,000		49,286
Tyson Foods, Inc.
(LIBOR USD 3-Month plus 0.45%)
2.76%		08/21/20	1		50,000		49,961
							333,465
Gaming — 0.41%
GLP Capital LP/GLP Financing II, Inc.
4.38%		04/15/21			45,000		45,450
4.88%		11/01/20			30,000		30,642
							76,092
Health Care — 4.86%
Anthem, Inc.
2.25%		08/15/19			75,000		74,608
Bausch Health Cos., Inc.
9.25%		04/01/26	2		8,000		8,670

See accompanying notes to Schedule of Portfolio Investments.

19 / Semi-Annual Report September 2018

AlphaTrak 500 Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Health Care (continued)
Bausch Health Cos., Inc. (Canada)
5.88%		05/15/23	2,3	$	5,000	$	4,881
Bayer U.S. Finance II LLC
2.13%		07/15/19	2		35,000		34,743
Bayer U.S. Finance LLC
2.38%		10/08/19	2		35,000		34,631
Becton Dickinson and Co.
2.68%		12/15/19			50,000		49,656
Boston Scientific Corp.
6.00%		01/15/20			45,000		46,585
Centene Corp.
4.75%		05/15/22			11,000		11,179
CHS/Community Health Systems, Inc.
8.63%		01/15/24	2		3,000		3,127
CVS Health Corp.
2.25%		12/05/18			125,000		124,877
Fresenius Medical Care U.S. Finance II, Inc.
5.63%		07/31/19	2		75,000		76,498
Halfmoon Parent, Inc.
(LIBOR USD 3-Month plus 0.65%)
2.98%		09/17/21	1,2		100,000		100,161
HCA, Inc.
5.00%		03/15/24			12,000		12,330
Hologic, Inc.
4.63%		02/01/28	2		2,000		1,883
Humana, Inc.
2.63%		10/01/19			50,000		49,811
Roche Holdings, Inc.
2.25%		09/30/19	2		75,000		74,592
Shire Acquisitions Investments Ireland DAC
(Ireland)
1.90%		09/23/19	3		100,000		98,954
Tenet Healthcare Corp.
4.63%		07/15/24			10,000		9,750
Universal Health Services, Inc.
3.75%		08/01/19	2		40,000		40,025
Zimmer Biomet Holdings, Inc.
(LIBOR USD 3-Month plus 0.75%)
3.09%		03/19/21	1		40,000		40,040
							897,001
Industrials — 2.24%
BAE Systems Holdings, Inc.
6.38%		06/01/19	2		90,000		91,924
Bemis Co., Inc.
6.80%		08/01/19			50,000		51,516
Berry Global, Inc.
5.13%		07/15/23			6,000		6,067

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Industrials (continued)
Clean Harbors, Inc.
5.13%		06/01/21		$	6,000	$	6,030
General Electric Co. (MTN)
(LIBOR USD 3-Month plus 0.38%)
2.72%		05/05/26	1		30,000		28,637
(LIBOR USD 3-Month plus 0.48%)
2.79%		08/15/36	1		75,000		62,518
Itron, Inc.
5.00%		01/15/26	2		6,000		5,775
United Technologies Corp.
(LIBOR USD 3-Month plus 0.65%)
2.97%		08/16/21	1		75,000		75,209
WestRock RKT Co.
4.45%		03/01/19			85,000		85,542
							413,218
Information Technology — 0.67%
Analog Devices, Inc.
2.85%		03/12/20			40,000		39,763
Broadcom Corp./Broadcom Cayman Finance Ltd.
2.38%		01/15/20			55,000		54,371
Dell International LLC/EMC Corp.
3.48%		06/01/19	2		25,000		25,067
Zayo Group LLC/Zayo Capital, Inc.
5.75%		01/15/27	2		4,000		4,010
							123,211
Insurance — 0.43%
Allstate Corp. (The)
(LIBOR USD 3-Month plus 0.43%)
2.82%		03/29/21	1		30,000		30,047
Pricoa Global Funding I
1.45%		09/13/19	2		50,000		49,138
							79,185
Materials — 0.55%
Dow Chemical Co. (The)
8.55%		05/15/19			50,000		51,714
Georgia-Pacific LLC
2.54%		11/15/19	2		50,000		49,667
							101,381
Real Estate Investment Trust (REIT) — 5.18%
Alexandria Real Estate Equities, Inc.
2.75%		01/15/20			65,000		64,429
American Campus Communities Operating Partnership LP
3.35%		10/01/20			90,000		89,574

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 20

AlphaTrak 500 Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Real Estate Investment Trust (REIT) (continued)
American Tower Corp.
3.40%		02/15/19		$	75,000	$	75,152
Boston Properties LP
5.63%		11/15/20			15,000		15,605
5.88%		10/15/19			75,000		76,777
HCP, Inc.
2.63%		02/01/20			100,000		99,141
3.75%		02/01/19			50,000		50,103
Healthcare Trust of America Holdings LP
3.38%		07/15/21			50,000		49,641
MGM Growth Properties Operating Partnership LP/MGP Finance Co.-Issuer, Inc.
4.50%		01/15/28			6,000		5,521
SBA Communications Corp.
4.00%		10/01/22			10,000		9,813
SL Green Operating Partnership LP
(LIBOR USD 3-Month plus 0.98%)
3.35%		08/16/21	1		100,000		100,133
Ventas Realty LP/Ventas Capital Corp.
2.70%		04/01/20			50,000		49,581
VEREIT Operating Partnership LP
3.00%		02/06/19			55,000		54,981
WEA Finance LLC/Westfield UK & Europe Finance PLC
2.70%		09/17/19	2		115,000		114,693
Welltower, Inc.
4.13%		04/01/19			75,000		75,243
6.13%		04/15/20			25,000		25,990
							956,377
Retail — 0.81%
Alimentation Couche-Tard, Inc. (Canada)
2.35%		12/13/19	2,3		50,000		49,531
Dollar Tree, Inc.
(LIBOR USD 3-Month plus 0.70%)
3.04%		04/17/20	1		55,000		55,088
Walgreens Boots Alliance, Inc.
2.70%		11/18/19			45,000		44,833
							149,452
Transportation — 0.31%
Continental Airlines Pass-Through Trust,
Series 2000-2, Class A1
7.71%		04/02/21			23,806		25,070

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Transportation (continued)
U.S. Airways Pass-Through Trust,
Series 2001-1, Class G
7.08%		03/20/21		$	31,546	$	33,198
							58,268
Total Corporates
(Cost $7,341,574)							7,328,529
MORTGAGE-BACKED — 32.64%**
Non-Agency Commercial Mortgage-Backed — 8.39%
Commercial Mortgage Pass Through Certificates, Series 2016-CR28, Class A1
1.77%		02/10/49			108,891		107,579
Commercial Mortgage Trust, Series 2006-GG7, Class AM
5.93%		07/10/38	6		13,825		13,975
Commercial Mortgage Trust, Series 2012-CR4, Class XA (IO)
1.94%		10/15/45	4,6		376,422		22,365
Commercial Mortgage Trust, Series 2013-CR11, Class A1 (IO)
1.47%		08/10/50			59,676		59,544
Commercial Mortgage Trust, Series 2013-CR7, Class XA
1.34%		03/10/46	6		620,217		25,568
DBUBS Mortgage Trust, Series 2011-LC1A, Class A2
4.53%		11/10/46	2		9,860		9,913
GRACE Mortgage Trust, Series 2014-GRCE, Class A
3.37%		06/10/28	2		40,000		40,038
GS Mortgage Securities Trust, Series 2010-C1, Class X (IO)
1.50%		08/10/43	2,6		548,335		10,530
GS Mortgage Securities Trust, Series 2010-C2, Class A1
3.85%		12/10/43	2		13,629		13,742
GS Mortgage Securities Trust, Series 2013-GC12, Class XA (IO)
1.58%		06/10/46	6		986,410		49,109
Irvine Core Office Trust, Series 2013-IRV, Class A1
2.07%		05/15/48	2		5,029		4,886
JPMBB Commercial Mortgage Securities Trust, Series 2013-C14, Class A2
3.02%		08/15/46			20,043		20,046
JPMBB Commercial Mortgage Securities Trust, Series 2014-C19, Class XB (IO)
0.42%		04/15/47	4,5,6		1,000,000		17,431
JPMBB Commercial Mortgage Securities Trust, Series 2015-C30, Class A2
3.09%		07/15/48			120,000		119,835

See accompanying notes to Schedule of Portfolio Investments.

21 / Semi-Annual Report September 2018

AlphaTrak 500 Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Commercial Mortgage-Backed (continued)
JPMorgan Chase Commercial Mortgage Securities Trust Series 2005-CIBC11, Class C
5.74%		08/12/37	6	$	100,000	$	100,219
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2011-C4, Class ASB
3.73%		07/15/46	2		31,612		31,820
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-C13, Class ASB
3.41%		01/15/46			46,891		47,103
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2015-JP1, Class A2
3.14%		01/15/49			100,000		99,765
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2015-JP1, Class XA (IO)
1.28%		01/15/49	4,5,6		979,216		44,855
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2012-CIBX, Class A3
3.14%		06/15/45			78,979		78,962
LB-UBS Commercial Mortgage Trust, Series 2006-C6, Class XCL (IO)
0.77%		09/15/39	2,4,6		567,428		8,587
Morgan Stanley Capital I Trust, Series 2011-C1, Class A4
5.03%		09/15/47	2,6		98,298		101,191
Morgan Stanley Capital I Trust, Series 2011-C3, Class A3
4.05%		07/15/49			108,275		108,979
OBP Depositor LLC Trust, Series 2010-OBP, Class A
4.65%		07/15/45	2		131,000		133,600
UBS Commercial Mortgage Trust, Series 2018-C12, Class A1
3.29%		08/15/51			89,007		89,037
UBS-Barclays Commercial Mortgage Trust,
Series 2012-C3, Class XB (IO)
0.32%		08/10/49	2,4,5,6		3,000,000		26,985
Wells Fargo Commercial Mortgage Trust, Series 2015-P2, Class XA (IO)
1.15%		12/15/48	4,5,6		984,642		49,196
Wells Fargo Commercial Mortgage Trust, Series 2015-SG1, Class XA (IO)
0.91%		09/15/48	4,5,6		1,374,361		53,292
WF-RBS Commercial Mortgage Trust, Series 2011-C2, Class XA (IO)
0.97%		02/15/44	2,6		1,775,441		28,117

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Commercial Mortgage-Backed (continued)
WF-RBS Commercial Mortgage Trust,
Series 2011-C3, Class A3
4.00%		03/15/44	2	$	32,855	$	33,093
							1,549,362
Non-Agency Mortgage-Backed — 6.78%
Ameriquest Mortgage Securities, Inc.,
Asset-Backed Pass-Through Certificates, Series 2005-R3, Class M2
(LIBOR USD 1-Month plus 0.71%)
2.92%		05/25/35	1		23,450		23,468
Asset-Backed Funding Certificates, Series 2006-OPT1, Class A2
(LIBOR USD 1-Month plus 0.14%)
2.36%		09/25/36	1		35,836		35,508
Banc of America Funding Trust, Series 2006-G, Class 2A4
(LIBOR USD 1-Month plus 0.29%)
2.46%		07/20/36	1		76,803		76,867
BCAP LLC Trust, Series 2012-RR11, Class 2A3
2.18%		08/26/36	2,6		25,486		25,536
BCAP LLC Trust, Series 2014-RR1, Class 3A3
(LIBOR USD 1-Month plus 0.16%)
2.22%		03/26/37	1,2		55,399		55,139
Bear Stearns ALT-A Trust, Series 2004-11, Class 1A1
(LIBOR USD 1-Month plus 0.68%)
2.90%		11/25/34	1		4,880		4,879
Centex Home Equity Loan Trust, Series 2002-C, Class AF4
(STEP-reset date 11/25/18)
4.98%		06/25/31			883		882
Citigroup Mortgage Loan Trust, Series 2006-HE1, Class M2
(LIBOR USD 1-Month plus 0.51%)
2.73%		01/25/36	1		13,863		13,903
Countrywide Alternative Loan Trust, Series 2005-27, Class 3A2
(Federal Reserve US 12-Month Cumulative
Average plus 1.10%)
2.94%		08/25/35	1		22,436		15,748
Countrywide Asset-Backed Certificates, Series 2007-13, Class 2A1
(LIBOR USD 1-Month plus 0.90%)
3.12%		10/25/47	1		113,124		112,336
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-9, Class 1A1
(LIBOR USD 1-Month plus 0.60%)
2.82%		05/25/35	1		80,299		75,717

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 22

AlphaTrak 500 Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Credit Suisse First Boston Mortgage
Securities Corp., Series 1997-2, Class A
7.50%		06/25/20	2	$	88	$	89
Credit-Based Asset Servicing and Securitization LLC, Series 2003-CB1, Class AF (STEP-reset date 11/25/18)
3.95%		01/25/33			13,314		13,421
Credit-Based Asset Servicing and Securitization LLC, Series 2003-CB5, Class M1
(LIBOR USD 1-Month plus 1.02%)
3.24%		11/25/33	1		16,717		16,384
DSLA Mortgage Loan Trust, Series 2004-AR3, Class 2A2A
(LIBOR USD 1-Month plus 0.74%)
2.91%		07/19/44	1		5,010		5,050
First Franklin Mortgage Loan Trust, Series 2006-FF4, Class A3
(LIBOR USD 1-Month plus 0.28%)
2.62%		03/25/36	1		120,000		118,346
GMACM Mortgage Corp. Loan Trust,
Series 2006-AR1, Class 1A1
3.80%		04/19/36	6		90,537		84,908
HarborView Mortgage Loan Trust, Series 2005-4, Class 2A
4.65%		07/19/35	6		4,664		4,522
HarborView Mortgage Loan Trust, Series 2005-9, Class 2A1A
(LIBOR USD 1-Month plus 0.34%)
2.51%		06/20/35	1		23,738		23,589
HSI Asset Securitization Corp. Trust, 2006-OPT1, Class 2A4
(LIBOR USD 1-Month plus 0.30%)
2.52%		12/25/35	1		83,231		83,005
IndyMac Index Mortgage Loan Trust, Series 2004-AR5, Class 2A1A
(LIBOR USD 1-Month plus 0.86%)
3.08%		08/25/34	1		8,822		8,180
JPMorgan Mortgage Acquisition Trust, Series 2007-CH5, Class A4
(LIBOR USD 1-Month plus 0.16%)
2.38%		06/25/36	1		39,756		39,623
Long Beach Mortgage Loan Trust, Series 2004-4, Class 1A1
(LIBOR USD 1-Month plus 0.56%)
2.78%		10/25/34	1		100,360		100,676
Residential Asset Mortgage Products Trust, Series 2004-SL1, Class A2
8.50%		11/25/31			4,097		706
Residential Asset Mortgage Products Trust, Series 2005-RZ3, Class M3

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
(LIBOR USD 1-Month plus 0.55%)
2.77%		09/25/35	1	$	100,000	$	99,697
Soundview Home Loan Trust, Series 2006-2, Class M1
(LIBOR USD 1-Month plus 0.33%)
2.55%		03/25/36	1		65,063		65,362
Terwin NIMs Trust, Series 2004-13AL, Class 2PX (IO)
0.34%		08/25/34	2,4,5		3,093,523		36,814
WaMu Mortgage Pass-Through Certificates, Series 2002-AR6, Class A
(Federal Reserve US 12-Month Cumulative Average plus 1.40%)
3.24%		06/25/42	1		3,735		3,649
Wells Fargo Alternative Loan Trust, Series 2005-2, Class M1
(LIBOR USD 1-Month plus 0.45%)
2.67%		10/25/35	1		75,808		75,730
Wells Fargo Mortgage-Backed Securities Trust, Series 2003-I, Class A1
4.46%		09/25/33	6		24,971		25,109
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-I, Class 1A1
4.12%		07/25/34	6		6,527		6,599
							1,251,442
U.S. Agency Commercial
Mortgage-Backed — 11.44%
Fannie Mae-Aces, Series 2012-M2, Class X (IO)
0.78%		02/25/22	6		105,956		1,900
Fannie Mae-Aces, Series 2012-M3, Class 1A1
2.10%		01/25/22			65,179		64,955
Fannie Mae-Aces, Series 2014-M2, Class ASV2
2.78%		06/25/21	6		15,626		15,484
Fannie Mae-Aces, Series 2015-M10, Class FA
(LIBOR USD 1-Month plus 0.25%)
2.32%		03/25/19	1		98,766		98,627
Fannie Mae-Aces, Series 2016-M9, Class FA
(LIBOR USD 1-Month plus 0.59%)
2.66%		09/25/23	1		24,092		24,161
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KF34, Class A
(LIBOR USD 1-Month plus 0.36%)
2.47%		08/25/24	1		41,644		41,665

See accompanying notes to Schedule of Portfolio Investments.

23 / Semi-Annual Report September 2018

AlphaTrak 500 Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Commercial Mortgage-Backed (continued)
Freddie Mac Multifamily Structured Pass-Through Certificates, Series J15F, Class A1
2.36%		07/25/20		$	46,162	$	45,972
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K003, Class A4
5.05%		01/25/19			86,838		86,895
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K003, Class A5
5.09%		03/25/19			275,000		276,370
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K004, Class A2
4.19%		08/25/19			180,000		181,553
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K005, Class A2
4.32%		11/25/19			145,000		146,484
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K017, Class A1
1.89%		12/25/20			5,254		5,243
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K706, Class A2
2.32%		10/25/18			22,714		22,676
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K717, Class A1
2.34%		02/25/21			145,392		144,927
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KAIV, Class X2 (IO)
3.61%		06/25/41	6		250,000		21,986
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KC01, Class A1
1.98%		10/25/22			89,636		87,826
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KF04, Class A
(LIBOR USD 1-Month plus 0.31%)
2.42%		06/25/21	1		20,994		21,006
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KF05, Class A
(LIBOR USD 1-Month plus 0.35%)
2.46%		09/25/21	1		4,723		4,727
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KF08, Class A

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Commercial Mortgage-Backed (continued)
(LIBOR USD 1-Month plus 0.30%)
2.41%		01/25/22	1	$	42,389	$	42,559
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KF09, Class A
(LIBOR USD 1-Month plus 0.38%)
2.49%		05/25/22	1		36,412		36,463
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KF10, Class A
(LIBOR USD 1-Month plus 0.38%)
2.49%		07/25/22	1		44,939		45,066
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KF29, Class A
(LIBOR USD 1-Month plus 0.36%)
2.47%		02/25/24	1		112,347		112,666
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KF35, Class A
(LIBOR USD 1-Month plus 0.35%)
2.46%		08/25/24	1		97,129		97,360
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KJ02, Class A2
2.60%		09/25/20			48,393		48,060
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KJ10, Class A1
2.12%		12/25/22			74,240		73,307
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KP03, Class A2
1.78%		07/25/19			101,182		100,589
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KP04, Class AG1
(LIBOR USD 1-Month plus 0.22%)
2.33%		07/25/20	1		100,000		100,135
Ginnie Mae, Series 2010-141, Class B
2.72%		02/16/44			104,997		102,752
Ginnie Mae, Series 2011-142, Class A
2.34%		10/16/40			2,502		2,485
Ginnie Mae, Series 2012-86, Class AF
3.89%		04/16/40			58,516		58,445
							2,112,344
U.S. Agency Mortgage-Backed — 6.03%
Fannie Mae Pool 464321
4.36%		01/01/20			105,096		106,308
Fannie Mae Pool 469632
2.56%		12/01/18			184,202		183,890

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 24

AlphaTrak 500 Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae Pool 471278
2.46%		05/01/19		$	94,108	$	93,937
Fannie Mae Pool 802665
(LIBOR USD 6-Month plus 1.74%)
4.24%		12/01/34	1		2,791		2,837
Fannie Mae Pool 995916
5.01%		06/01/19			176,925		178,393
Fannie Mae Pool AD0166
4.78%		08/01/19			101,230		102,203
Fannie Mae Pool AD0791
4.73%		02/01/20			43,564		44,049
Fannie Mae Pool AL0851
6.00%		10/01/40			4,570		4,993
Fannie Mae Pool AM6161
2.28%		08/01/19			142,134		141,579
Fannie Mae Pool AM7028
(LIBOR USD 1-Month plus 0.24%)
2.35%		10/01/19	1		195,000		194,873
Fannie Mae REMICS, Series 1997-91,
Class SL (IO)
LIBOR USD 1-Month
7.50%		11/25/23	1		34,788		4,200
Fannie Mae REMICS, Series 2003-11, Class FA
(LIBOR USD 1-Month plus 1.00%)
3.22%		09/25/32	1		8,865		9,040
Fannie Mae REMICS, Series 2008-47, Class PF
(LIBOR USD 1-Month plus 0.50%)
2.72%		06/25/38	1		679		679
Fannie Mae REMICS, Series 2010-109, Class PF
(LIBOR USD 1-Month plus 0.40%)
2.62%		10/25/40	1		7,880		7,934
Fannie Mae REMICS, Series G-36, Class ZB
7.00%		11/25/21			268		274
Freddie Mac REMICS, Series 2684, Class F
(LIBOR USD 1-Month plus 0.90%)
3.06%		01/15/33	1		8,726		8,892
Freddie Mac Strips, Series 263, Class F5
(LIBOR USD 1-Month plus 0.50%)
2.66%		06/15/421			27,907		28,211
							1,112,292
Total Mortgage-Backed (Cost $6,069,823)							6,025,440

Issues	Maturity Date		Principal Amount		Value
U.S. TREASURY SECURITIES — 3.96%
U.S. Treasury Notes — 3.96%
U.S. Treasury Notes
2.63%		07/31/20	$	180,000	$	179,423
2.63%		07/15/21		555,000		551,217
						730,640
Total U.S. Treasury Securities (Cost $734,111)					$	730,640
Total Bonds – 84.37% (Cost $15,630,080)						15,574,729
Issues			Shares		Value
MUTUAL FUNDS — 2.70%
Mutual Funds — 2.70%
SPDR S&P500 ETF Trust7				1,717		499,166
Total Mutual Funds (Cost $490,721)
Issues	Maturity Date		Principal Amount/ Shares		Value
SHORT-TERM INVESTMENTS — 12.76%
Money Market Funds — 1.20%
Morgan Stanley Institutional Liquidity Funds-Government Portfolio
2.04%8				221,000		221,000
U.S. Treasury Bills — 11.56%
U.S. Treasury Bills
2.05%9,10		12/13/18	$	820,000		816,473
2.20%10		01/31/19		1,328,000		1,318,015
						2,134,488
Total Short-Term Investments (Cost $2,355,485)						2,355,488
Total Investments – 99.83% (Cost $18,476,286)						18,429,383
Cash and Other Assets, Less Liabilities – 0.17%						31,911
Net Assets – 100.00%					$	18,461,294

¹  Floating rate security. The rate disclosed was in effect at September 30, 2018.

²  Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

³  U.S. dollar-denominated security issued by foreign-domiciled entity.

⁴  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

See accompanying notes to Schedule of Portfolio Investments.

25 / Semi-Annual Report September 2018

AlphaTrak 500 Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

⁵  Illiquid security as determined under procedures approved by the Board of Trustees. The aggregate value of illiquid securities is $235,392, which is 1.28% of total net assets.

⁶  Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

⁷  SPDR S & P 500 ETF Trust (the “S & P 500 ETF”) is a unit investment trust created under the laws of the State of New York and registered under the Investment Company Act of 1940. The S & P 500 ETF was created to provide investors with the opportunity to purchase a security representing a proportionate undivided interest in a portfolio of securities consisting of substantially all of the component common stocks, in substantially the same weighting, which comprise the Standard & Poor’s 500 Index (the “S & P 500 Index”). Each unit of fractional undivided interest in the S & P 500 ETF is referred to as a “Unit”. The S & P 500 ETF seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of the S & P 500 Index. You can access the financial statements of this ETF by going to the fund's homepage at (https:// us.spdrs.com/en/etf/spdr-sp-500-etf-SPY).

⁸  Represents the current yield as of September 30, 2018.

⁹  Securities, or a portion thereof, pledged as collateral for futures. The total market value of collateral pledged is $816,449.

¹⁰  Represents annualized yield at date of purchase.

* Securities with a call or reset feature will have an effective maturity date sooner than the stated maturity.

** Securities backed by mortgage or consumer loans where payment is periodically made will have an effective maturity date sooner than the stated maturity date.

Note: For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for more meaningful presentation for investors.

(BKNT): Banker's Note, Inc.

(GMTN): Global medium-term note

(IO): Interest only

(LIBOR): London InterBank Offer Rate

(MTN): Medium-term note

(S&P): Standard and Poor's

(SPDR): Standard and Poor's Depositary Receipts

(STEP): Step coupon bond

(USD): U.S. dollar

Description	Number of Contracts		Expiration Date		Notional Amount			Value			Unrealized Appreciation
FUTURES CONTRACTS: LONG POSITIONS
S&P500 Emini Fut Dec18		122		12/21/18		$	17,805,900		$	233,101		$	233,101

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 26

Corporate Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
BONDS – 92.84%
CORPORATES — 78.32%*
Banking — 6.99%
Bank of America Corp. (MTN)
3.97%		03/05/29	1	$	20,000	$	19,522
4.27%		07/23/29	1		15,000		14,976
Discover Bank
4.20%		08/08/23			10,000		10,047
JPMorgan Chase & Co.
4.01%		04/23/29	1		20,000		19,617
4.20%		07/23/29	1		15,000		14,973
Lloyds Banking Group PLC (United Kingdom)
2.91%		11/07/23	1,2		10,000		9,545
PNC Bank N.A. (BKNT)
2.00%		05/19/20			10,000		9,821
Santander UK Group Holdings PLC (United Kingdom)
3.13%		01/08/21	2		10,000		9,865
Wells Fargo & Co.
3.07%		01/24/23			5,000		4,883
Wells Fargo & Co. (MTN)
3.55%		09/29/25			10,000		9,757
3.58%		05/22/28	1		20,000		19,155
							142,161
Communications — 6.61%
21st Century Fox America, Inc.
6.20%		12/15/34			8,000		9,883
AT&T, Inc.
4.35%		06/15/45			35,000		30,253
Charter Communications Operating LLC/Charter Communications Operating Capital
5.38%		05/01/47			15,000		14,310
Comcast Corp.
4.00%		11/01/49			15,000		13,383
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/ Sprint Spectrum Co. III LLC
5.15%		03/20/28	3		10,000		10,074
Verizon Communications, Inc.
3.85%		11/01/42			35,000		30,540
Viacom, Inc.
3.45%		10/04/26			6,000		5,615
Vodafone Group PLC (United Kingdom)
4.38%		05/30/28	2		10,000		9,871
Warner Media LLC
3.88%		01/15/26			11,000		10,690
							134,619
Consumer Discretionary — 1.84%
Anheuser-Busch InBev Worldwide, Inc.
4.60%		04/15/48			20,000		19,443

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Consumer Discretionary (continued)
Bacardi Ltd. (Bermuda)
4.70%		05/15/28	2,3	$	8,000	$	7,957
BAT Capital Corp.
2.76%		08/15/22	3		5,000		4,822
Pernod Ricard SA (France)
4.45%		01/15/22	2,3		5,000		5,114
							37,336
Consumer Products — 0.24%
Newell Brands, Inc.
3.85%		04/01/23			5,000		4,878
Electric — 10.03%
Appalachian Power Co.
4.45%		06/01/45			10,000		10,030
Consolidated Edison Co. of New York, Inc.
3.88%		06/15/47			10,000		9,365
Duke Energy Carolinas LLC
3.75%		06/01/45			40,000		37,034
Duquesne Light Holdings, Inc.
5.90%		12/01/21	3		2,000		2,101
6.40%		09/15/20	3		8,000		8,380
Florida Power & Light Co.
4.13%		02/01/42			15,000		15,043
ITC Holdings Corp.
4.05%		07/01/23			10,000		10,003
Kansas City Power & Light Co.
3.15%		03/15/23			5,000		4,887
MidAmerican Energy Co.
4.25%		05/01/46			10,000		10,083
Northern States Power Co./MN
4.13%		05/15/44			10,000		9,967
PacifiCorp.
4.13%		01/15/49			30,000		29,535
PNM Resources, Inc.
3.25%		03/09/21			10,000		9,903
Public Service Co. of New Mexico
3.85%		08/01/25			5,000		4,961
South Carolina Electric & Gas Co.
4.25%		08/15/28			5,000		4,990
Southern Co. Gas Capital Corp.
2.45%		10/01/23			10,000		9,380
Tucson Electric Power Co.
3.85%		03/15/23			10,000		9,974
Virginia Electric & Power Co.
3.80%		09/15/47			20,000		18,524
							204,160

See accompanying notes to Schedule of Portfolio Investments.

27 / Semi-Annual Report September 2018

Corporate Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Energy — 9.40%
Enbridge Energy Partners LP
5.50%		09/15/40			$10,000	$	10,800
Energy Transfer Partners LP
4.95%		06/15/28			15,000		15,300
EQT Corp.
3.90%		10/01/27			5,000		4,694
EQT Midstream Partners LP
6.50%		07/15/48			8,000		8,550
Hess Corp.
4.30%		04/01/27			18,000		17,485
KeySpan Gas East Corp.
5.82%		04/01/41	3		15,000		17,899
Kinder Morgan Energy Partners LP
6.95%		01/15/38			15,000		18,181
Plains All American Pipeline LP/PAA
Finance Corp.
4.65%		10/15/25			10,000		10,143
Rockies Express Pipeline LLC
5.63%		04/15/20	3		6,000		6,195
Ruby Pipeline LLC
6.00%		04/01/22	3		8,939		9,184
Sabine Pass Liquefaction LLC
4.20%		03/15/28			3,000		2,921
5.75%		05/15/24			10,000		10,736
TC PipeLines LP
3.90%		05/25/27			15,000		14,236
Texas Eastern Transmission LP
2.80%		10/15/22	3		10,000		9,606
TransCanada PipeLines Ltd. (Canada)
5.00%		10/16/43	2		15,000		15,345
Williams Cos., Inc. (The)
3.70%		01/15/23			12,000		11,891
4.55%		06/24/24			8,000		8,150
							191,316
Finance — 9.25%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)
3.88%		01/23/28	2		14,000		12,985
Air Lease Corp.
3.63%		12/01/27			14,000		12,887
Citigroup, Inc.
2.88%		07/24/23	1		5,000		4,838
3.14%		01/24/23	1		10,000		9,815
3.67%		07/24/28	1		20,000		19,060
Ford Motor Credit Co. LLC
5.88%		08/02/21			20,000		20,930
GE Capital International Funding Co. (Ireland)
4.42%		11/15/35	2		14,000		13,199

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Finance (continued)
General Motors Financial Co., Inc.
3.55%		04/09/21			$20,000	$	19,998
Goldman Sachs Group, Inc. (The)
2.88%		10/31/22	1		10,000		9,750
4.22%		05/01/29	1		20,000		19,697
Morgan Stanley (GMTN)
3.70%		10/23/24			5,000		4,932
3.77%		01/24/29	1		20,000		19,220
Morgan Stanley, Series F
3.88%		04/29/24			10,000		9,962
Pipeline Funding Co. LLC
7.50%		01/15/30	3		9,488		11,078
							188,351
Food — 0.68%
Kraft Heinz Foods Co.
4.38%		06/01/46			10,000		8,819
Tyson Foods, Inc.
3.90%		09/28/23			5,000		5,025
							13,844
Gaming — 0.25%
GLP Capital LP/GLP Financing II, Inc.
4.38%		04/15/21			5,000		5,050
Health Care — 11.34%
AbbVie, Inc.
4.40%		11/06/42			20,000		18,559
Allergan Funding SCS (Luxembourg)
4.55%		03/15/35	2		10,000		9,755
Amgen, Inc.
4.40%		05/01/45			15,000		14,576
Anthem, Inc.
4.38%		12/01/47			10,000		9,522
AstraZeneca PLC (United Kingdom)
3.38%		11/16/25	2		10,000		9,664
Barnabas Health, Inc.
4.00%		07/01/28			5,000		4,944
Bayer U.S. Finance II LLC
4.38%		12/15/28	3		10,000		9,814
Becton Dickinson and Co.
2.89%		06/06/22			10,000		9,688
Celgene Corp.
3.90%		02/20/28			10,000		9,644
CVS Health Corp.
4.00%		12/05/23			22,000		22,068
5.05%		03/25/48			5,000		5,134
Elanco Animal Health, Inc.
4.90%		08/28/28	3		10,000		10,172

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 28

Corporate Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Health Care (continued)
Fresenius Medical Care U.S. Finance II, Inc.
5.63%		07/31/19	3	$	5,000	$	5,100
Fresenius US Finance II, Inc.
4.25%		02/01/21	3		5,000		5,040
Gilead Sciences, Inc.
3.70%		04/01/24			10,000		10,048
Halfmoon Parent, Inc.
4.90%		12/15/48	3		15,000		14,950
Humana, Inc.
2.63%		10/01/19			5,000		4,981
Kaiser Foundation Hospitals
3.15%		05/01/27			10,000		9,601
Pfizer, Inc.
4.10%		09/15/38			10,000		9,978
Providence St. Joseph Health Obligated Group, Series H
2.75%		10/01/26			10,000		9,166
Shire Acquisitions Investments Ireland DAC (Ireland)
3.20%		09/23/26	2		10,000		9,248
UnitedHealth Group, Inc.
4.25%		04/15/47			15,000		15,089
WellCare Health Plans, Inc.
5.38%		08/15/26	3		4,000		4,090
							230,831
Industrials — 2.04%
Amcor Finance USA, Inc.
3.63%		04/28/26	3		10,000		9,443
BAE Systems Holdings, Inc.
6.38%		06/01/19	3		5,000		5,107
Ingersoll-Rand Luxembourg Finance SA (Luxembourg)
3.55%		11/01/24	2		5,000		4,891
L3 Technologies, Inc.
3.85%		06/15/23			10,000		10,031
United Technologies Corp.
4.13%		11/16/28			12,000		11,942
							41,414
Information Technology — 0.49%
Dell International LLC/EMC Corp.
3.48%		06/01/19	3		10,000		10,027
Insurance — 4.77%
Berkshire Hathaway Finance Corp.
4.20%		08/15/48			30,000		29,869
Farmers Insurance Exchange
4.75%		11/01/57	1,3		20,000		18,098
Nationwide Mutual Insurance Co.
4.62%		12/15/24	1,3		10,000		10,038
New York Life Global Funding
3.00%		01/10/28	3		10,000		9,410

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Insurance (continued)
Teachers Insurance & Annuity Association of America
4.38%		09/15/54	1,3	$	20,000	$	20,135
Travelers Cos., Inc. (The)
4.05%		03/07/48			10,000		9,613
							97,163
Materials — 0.25%
International Flavors & Fragrances, Inc.
4.45%		09/26/28			5,000		5,054
Real Estate Investment Trust (REIT) — 10.07%
Alexandria Real Estate Equities, Inc.
4.50%		07/30/29			6,000		5,989
American Campus Communities Operating Partnership LP
3.35%		10/01/20			5,000		4,976
3.63%		11/15/27			5,000		4,723
AvalonBay Communities, Inc. (GMTN)
3.95%		01/15/21			10,000		10,078
Boston Properties LP
5.63%		11/15/20			10,000		10,403
CC Holdings GS V LLC/Crown Castle GS III Corp.
3.85%		04/15/23			10,000		9,944
Greystar Student Housing Growth & Income OP LP
4.60%		12/01/24			40,000		41,210
HCP, Inc.
3.88%		08/15/24			10,000		9,784
Healthcare Realty Trust, Inc.
3.75%		04/15/23			5,000		4,896
Healthcare Trust of America Holdings LP
3.70%		04/15/23			5,000		4,907
Highwoods Realty LP
3.20%		06/15/21			5,000		4,916
Host Hotels & Resorts LP
5.25%		03/15/22			5,000		5,171
6.00%		10/01/21			5,000		5,271
Kilroy Realty LP
3.45%		12/15/24			10,000		9,565
Liberty Property LP
3.38%		06/15/23			10,000		9,773
National Retail Properties, Inc.
3.80%		10/15/22			5,000		4,997
Realty Income Corp.
3.25%		10/15/22			10,000		9,881
SL Green Realty Corp.
4.50%		12/01/22			8,000		8,096
UDR, Inc.
4.63%		01/10/22			5,000		5,114

See accompanying notes to Schedule of Portfolio Investments.

29 / Semi-Annual Report September 2018

Corporate Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Real Estate Investment Trust (REIT) (continued)
Ventas Realty LP
4.13%		01/15/26		$	10,000	$	9,859
VEREIT Operating Partnership LP
4.13%		06/01/21			5,000		5,049
WEA Finance LLC/Westfield UK & Europe Finance PLC
3.25%		10/05/20	3		10,000		9,941
Welltower, Inc.
5.25%		01/15/22			10,000		10,435
							204,978
Retail — 0.97%
Family Dollar Stores, Inc.
5.00%		02/01/21			5,000		5,147
Starbucks Corp.
3.80%		08/15/25			5,000		4,974
Walgreens Boots Alliance, Inc.
4.80%		11/18/44			10,000		9,705
							19,826
Services — 0.50%
IHS Markit Ltd. (Bermuda)
4.75%		08/01/28	2		5,000		5,023
5.00%		11/01/22	2,3		5,000		5,173
							10,196
Transportation — 2.60%
Burlington Northern Santa Fe LLC
4.40%		03/15/42			8,000		8,190
U.S. Airways Pass-Through Trust, Series 2011-1, Class A
7.13%		10/22/23			32,472		35,575
United Airlines Pass-Through Trust, Series 2016-2, Class AA
2.88%		10/07/28			9,736		9,053
							52,818
Total Corporates
(Cost $1,592,967)							1,594,022
MORTGAGE-BACKED — 12.99%**
Non-Agency Commercial
Mortgage-Backed — 9.56%
Commercial Mortgage Pass-Through Certificates, Series 2014-CR14, Class XA (IO)
0.87%		02/10/47	1		1,913,520		43,979
Commercial Mortgage Trust, Series 2012-CR5, Class XA (IO)
1.69%		12/10/45	1		431,935		22,931
Commercial Mortgage Trust, Series 2013-CR9, Class XA (IO)
0.17%		07/10/45	1,4,5		3,924,404		17,705

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Commercial Mortgage-Backed (continued)
Commercial Mortgage Trust, Series 2014-UBS5, Class XA (IO)
1.17%		09/10/47	1,4,5	$	808,502	$	28,309
Commercial Mortgage Trust, Series 2014-UBS6, Class XA (IO)
1.11%		12/10/47	1		538,237		22,521
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2011-C3, Class XA (IO)
1.15%		02/15/46	1,3		254,878		4,826
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-C13, Class XA (IO)
0.31%		01/15/46	1		2,421,464		12,975
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2012-C5, Class XA (IO)
1.63%		08/15/45	1,3		263,804		11,455
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2012-C6, Class XA (IO)
1.78%		11/15/45	1,3,4,5		193,178		10,084
UBS-Barclays Commercial Mortgage Trust, Series 2012-C3, Class XB (IO)
0.32%		08/10/49	1,3,4,5		2,200,000		19,789
							194,574
U.S. Agency Mortgage-Backed — 3.43%
Freddie Mac REMICS, Series 4638, Class UF
(LIBOR USD 1-Month plus 1.00%)
3.26%		09/15/44	6		69,287		69,742
Total Mortgage-Backed
(Cost $259,423)							264,316
MUNICIPAL BONDS — 0.80%*
California — 0.56%
Los Angeles Department of Water & Power, Build America Bonds, Series SY
6.01%		07/01/39			5,000		6,049
University of California, Taxable Revenue Bonds, Series AJ
4.60%		05/15/31			5,000		5,310
							11,359
New York — 0.24%
New York City Transitional Finance Authority Future Tax Secured Revenue
3.73%		08/01/29			5,000		4,943
Total Municipal Bonds
(Cost $16,402)							16,302

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 30

Corporate Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
U.S. TREASURY SECURITIES — 0.73%
U.S. Treasury Notes — 0.73%
U.S. Treasury Notes
2.88%		09/30/23		$	15,000	$	14,950
Total U.S. Treasury Securities
(Cost $14,952)							14,950
Total Bonds – 92.84%
(Cost $1,883,744)							1,889,590
Issues	Maturity Date			Principal Amount/ Shares		Value
SHORT-TERM INVESTMENTS — 7.07%
Money Market Funds — 0.69%
Morgan Stanley Institutional Liquidity
Funds-Government Portfolio
2.04%7					14,000		14,000
U.S. Treasury Bills — 6.38%
U.S. Treasury Bills
1.77%8		10/25/18		$	120,000		119,834
2.05%8		12/13/18	9		10,000		9,957
							129,791
Total Short-Term Investments
(Cost $143,800)							143,791
Total Investments – 99.91%
(Cost $2,027,544)							2,033,381
Cash and Other Assets, Less
Liabilities – 0.09%							1,923
Net Assets – 100.00%						$	2,035,304

¹  Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

²  U.S. dollar-denominated security issued by foreign-domiciled entity.

³  Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

⁴  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁵  Illiquid security as determined under procedures approved by the Board of Trustees. The aggregate value of illiquid securities is $75,887, which is 3.72% of total net assets.

⁶  Floating rate security. The rate disclosed was in effect at September 30, 2018.

⁷  Represents the current yield as of September 30, 2018.

⁸  Represents annualized yield at date of purchase.

⁹  Securities, or a portion thereof, pledged as collateral for futures. The total market value of collateral pledged is $9,957.

* Securities with a call or reset feature will have an effective maturity date sooner than the stated maturity.

** Securities backed by mortgage or consumer loans where payment is periodically made will have an effective maturity date sooner than the stated maturity date.

Note: For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for more meaningful presentation for investors.

(BKNT): Banker's Note, Inc.

(GMTN): Global medium-term note

(IO): Interest only

(LIBOR): London InterBank Offer Rate

(MTN): Medium-term Note

(USD): U.S. dollar

See accompanying notes to Schedule of Portfolio Investments.

31 / Semi-Annual Report September 2018

Corporate Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Description	Number of Contracts		Expiration Date		Notional Amount			Value				Unrealized (Depreciation)
FUTURES CONTRACTS: LONG POSITIONS
U.S. Treasury Five Year Note		2		12/31/18		$	224,953		$	(1,801	)		$	(1,801	)
U.S. Treasury Two Year Note		1		12/31/18			210,734			(637	)			(637	)
							435,687			(2,438	)			(2,438	)
TOTAL FUTURES CONTRACTS						$	435,687		$	(2,438	)		$	(2,438	)

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 32

Floating Rate Income Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
BONDS – 92.81%
BANK LOANS — 87.93%*
Automotive — 0.13%
Tenneco, Inc., Term Loan B, 1st Lien
(LIBOR plus 2.75%)
5.01%		06/18/25	1	$	350,000	$	350,877
Communications — 13.38%
Altice Financing SA, Term Loan B, 1st Lien
(LIBOR plus 2.75%)
4.91%		01/31/26	1		992,500		972,154
Altice France SA, Term Loan B13, 1st Lien
(France)
(LIBOR plus 4.00%)
6.16%		08/14/26	1,2		250,000		248,571
Beasley Mezzanine Holdings LLC,
Term Loan B, 1st Lien
(LIBOR plus 4.00%)
6.17%		11/01/23	1		484,444		489,139
CenturyLink, Inc., Term Loan B, 1st Lien
(LIBOR plus 2.75%)
4.99%		01/31/25	1		992,500		986,793
Charter Communications Operating LLC,
Term Loan B, 1st Lien
(LIBOR plus 2.00%)
4.25%		04/30/25	1		1,985,000		1,990,191
CSC Holdings LLC, Term Loan B, 1st Lien
(LIBOR plus 2.25%)
4.41%		07/17/25	1		618,706		619,736
Entercom/CBS Radio, Inc., Term Loan B1,
1st Lien
(LIBOR plus 2.75%)
4.96%		11/18/24	1		744,375		739,522
GoWireless, Inc., Term Loan B, 1st Lien
(LIBOR plus 6.50%)
8.74%		12/22/24	1		721,875		707,437
GTT Communications, Inc., Term Loan B, 1st Lien
(LIBOR plus 2.75%)
4.99%		05/31/25	1		997,500		990,782
Intelsat Jackson Holdings SA, Term Loan B4, 1st Lien (Luxembourg)
(LIBOR plus 4.50%)
6.73%		01/02/24	1,2		500,000		526,877
Intelsat Jackson Holdings SA, Term Loan B5, 1st Lien (Luxembourg)
6.63%		01/02/24	2		500,000		522,375
Lamar Media Corp., Term Loan B, 1st Lien
(LIBOR plus 1.75%)
3.94%		03/14/25	1		1,442,750		1,451,168
LSF9 Atlantis Holdings LLC, Term Loan B, 1st Lien

Issues	Maturity Date			Principal Amount		Value
BANK LOANS (continued)
Communications (continued)
(LIBOR plus 6.00%)
8.12%		05/01/23	1	$	726,563	$	703,857
MacDonald Dettwiler & Associates Ltd.,
Term Loan B, 1st Lien
(LIBOR plus 2.75%)
5.15%		10/04/24	1		987,513		973,520
Mediarena Acquisition BV, Term Loan,
1st Lien
(LIBOR plus 5.75%)
8.09%		08/13/21	1		313,374		314,353
Merrill Communications LLC, Term Loan,
1st Lien
(LIBOR plus 5.25%)
7.59%		06/01/22	1		219,469		221,801
Mission Broadcasting, Inc., Term Loan, 1st Lien
(LIBOR plus 2.50%)
4.60%		01/17/24	1		41,635		41,869
NEP Broadcasting LLC, Term Loan B, 1st Lien
(LIBOR plus 3.25%)
5.49%		07/21/22	1		1,496,212		1,499,638
New Insight Holdings, Inc., Term Loan, 1st Lien
(LIBOR plus 5.50%)
7.74%		12/20/24	1		496,250		499,352
Nexstar Broadcasting Group, Inc., Term Loan B, 1st Lien
(LIBOR plus 2.50%)
4.60%		01/17/24	1		296,865		298,535
Radiate Holdco LLC, Term Loan B, 1st Lien
(LIBOR plus 3.00%)
5.24%		02/01/24	1		992,443		992,185
Sable International Finance Ltd., Term Loan B4, 1st Lien
(LIBOR plus 3.25%)
5.49%		02/02/26	1		500,000		502,707
SBA Communications, Term Loan B, 1st Lien
(LIBOR plus 2.00%)
4.25%		04/04/25	1		2,019,938		2,024,422
Sinclair Broadcast Group, Inc., Term Loan B2, 1st Lien
(LIBOR plus 2.25%)
4.50%		01/03/24	1		1,955,206		1,964,170
Springer Science & Business Media GMBH,
Term Loan B13, 1st Lien
(LIBOR plus 3.50%)
5.89%		08/15/22	1		932,062		937,221
Sprint Communications, Inc., Term Loan B,
1st Lien

See accompanying notes to Schedule of Portfolio Investments.

33 / Semi-Annual Report September 2018

Floating Rate Income Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
BANK LOANS (continued)
Communications (continued)
(LIBOR plus 2.50%)
4.75%		02/02/24	1	$	1,989,899	$	1,997,361
TDC A/S, Term Loan B, 1st Lien
(LIBOR plus 3.50%)
5.84%		06/11/25	1		1,496,250		1,513,457
Tribune Media Co., Term Loan B, 1st Lien
(LIBOR plus 3.00%)
5.24%		12/27/20	1		41,215		41,434
Tribune Media Co., Term Loan C, 1st Lien
(LIBOR plus 3.00%)
5.24%		01/27/24	1		513,695		515,943
Unitymedia Finance LLC, Term Loan D, 1st Lien
(LIBOR plus 2.25%)
4.41%		01/15/26	1		2,500,000		2,504,850
Univision Communications, Inc., Term Loan C5, 1st Lien
(LIBOR plus 2.75%)
4.99%		03/15/24	1		2,562,208		2,496,552
UPC Financing Partnership, Term Loan AR, 1st Lien
(LIBOR plus 2.50%)
4.66%		01/15/26	1		1,249,367		1,249,917
Virgin Media Bristol LLC, Term Loan K, 1st Lien
(LIBOR plus 2.50%)
4.66%		01/15/26	1		1,000,000		1,002,785
WideOpenWest Finance LLC, Term Loan B, 1st Lien
(LIBOR plus 3.25%)
5.41%		08/18/23	1		1,936,283		1,903,608
Windstream Services LLC, Term Loan B6, 1st Lien
(LIBOR plus 4.00%)
6.16%		03/29/21	1		1,316,358		1,262,059
Windstream Services LLC, Term Loan, 1st Lien
(LIBOR plus 3.25%)
5.41%		02/17/24	1		589,474		526,843
Ziggo Secured Finance, Term Loan E, 1st Lien
(LIBOR plus 2.50%)
4.66%		04/15/25	1		945,114		929,165
							37,162,349
Consumer Discretionary — 8.21%
AI Aqua Merger Sub, Inc., Term Loan B1, 1st Lien
(LIBOR plus 3.25%)
5.49%		12/13/23	1		500,000		501,250

Issues	Maturity Date			Principal Amount		Value
BANK LOANS (continued)
Consumer Discretionary (continued)
AI Aqua Zip Bidco Pty Ltd., Term Loan B, 1st Lien
(LIBOR plus 3.25%)
5.49%		12/13/23	1	$	1,488,750	$	1,492,472
Alphabet Holding Co., Inc., Term Loan, 1st Lien
(LIBOR plus 3.50%)
5.74%		09/26/24	1		495,000		478,541
Arterra Wines Canada, Inc., Term Loan B1,
1st Lien (Canada)
(LIBOR plus 2.75%)
5.09%		12/15/23	1,2		1,965,000		1,974,825
Boing US Holdco, Inc., Term Loan B, 1st Lien
(LIBOR plus 3.25%)
5.59%		10/03/24	1		992,513		998,716
Burlington Coat Factory Warehouse Corp.,
Term Loan B, 1st Lien
(LIBOR plus 2.50%)
4.72%		11/17/24	1		645,534		650,982
Cineworld Finance U.S., Inc., Term Loan B, 1st Lien
(LIBOR plus 2.50%)
4.74%		02/28/25	1		995,000		995,000
Citycenter Holdings LLC, Term Loan B, 1st Lien
(LIBOR plus 2.25%)
4.49%		04/18/24	1		1,728,125		1,732,307
Four Seasons Hotels, Ltd., Term Loan B
(LIBOR plus 2.00%)
4.24%		11/30/23	1		982,500		984,499
Hilton Worldwide Finance LLC, Term Loan B, 1st Lien
(LIBOR plus 1.75%)
3.97%		10/25/23	1		591,902		595,231
KUEHG Corp., Term Loan, 1st Lien
(LIBOR plus 3.75%)
6.14%		02/21/25	1		748,125		753,268
National Cinemedia LLC, Term Loan B, 1st Lien
(LIBOR plus 3.00%)
5.19%		06/20/25	1		497,581		500,152
Nielsen Finance LLC, Term Loan, B4, 1st Lien
(LIBOR plus 2.00%)
4.13%		10/04/23	1		1,228,203		1,228,492
PlayCore, Inc., Term Loan, 1st Lien
(LIBOR plus 3.75%)
6.14%		09/30/24	1		494,702		499,496
Prometric Holdings, Inc., Term Loan B, 1st Lien

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 34

Floating Rate Income Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
BANK LOANS (continued)
Consumer Discretionary (continued)
(LIBOR plus 3.00%)
5.25%		01/29/25	1	$	997,494	$	999,783
Refresco, Term Loan B3, 1st Lien
(LIBOR plus 3.25%)
5.56%		03/28/25	1		2,000,000		2,000,000
Restaurant Technologies, Inc., Term Loan
(LIBOR plus 3.25%)
5.65%		09/24/25	1		500,000		504,375
Reynolds Group Holdings, Inc., Term Loan B, 1st Lien
(LIBOR plus 2.75%)
4.99%		02/05/23	1		941,876		947,174
SMG U.S. Midco 2, Inc., Term Loan, 1st Lien
(LIBOR plus 3.00%)
5.24%		01/23/25	1		497,500		500,766
Spin Holdco, Inc., Term Loan B, 1st Lien
(LIBOR plus 3.25%)
5.59%		11/14/22	1		1,481,250		1,487,316
Stars Group Holdings BV, Term Loan B, 1st Lien
(LIBOR plus 3.50%)
5.89%		07/10/25	1		997,500		1,008,039
Wyndham Hotels & Resorts, Inc. Term Loan B, 1st Lien
(LIBOR plus 1.75%)
3.99%		05/30/25	1		500,000		501,980
Yum! Brands, Term Loan B, 1st Lien
(LIBOR plus 1.75%)
3.92%		04/03/25	1		1,470,187		1,473,870
							22,808,534
Consumer Products — 1.22%
BJ's Wholesale Club, Inc., Term Loan B, 1st Lien
(LIBOR plus 3.00%)
5.15%		02/05/24	1		1,404,828		1,415,266
Hoffmaster Group, Inc., Term Loan, 1st Lien (LIBOR plus 4.00%)
6.24%		11/21/23	1		982,500		991,711
Shearer's Foods LLC, Term Loan, 1st Lien
(LIBOR plus 4.25%)
6.49%		06/30/21	1		994,819		989,845
							3,396,822
Electric — 0.77%
Calpine Construction Finance Co. LP,
Term Loan, 1st Lien
(LIBOR plus 2.50%)
4.74%		01/15/25	1		521,352		522,236
Calpine Corp., Term Loan B8, 1st Lien

Issues	Maturity Date			Principal Amount		Value
BANK LOANS (continued)
Electric (continued)
(LIBOR plus 1.75%)
4.00%		12/31/19	1	$	246,250	$	246,635
Chief Power Finance LLC, Term Loan B, 1st Lien
(LIBOR plus 4.75%)
7.00%		12/31/20	1,3,4		934,010		890,112
EIF Channelview Cogeneration LLC, Term Loan B, 1st Lien
(LIBOR plus 4.25%)
6.50%		05/03/25	1		471,574		476,481
							2,135,464
Energy — 2.98%
Centurion Pipeline Co. LLC, Term Loan B
(LIBOR plus 3.25%)
5.64%		09/26/25	1		1,000,000		1,007,500
Contura Energy, Inc., Term Loan, 1st Lien
(LIBOR plus 5.00%)
7.30%		03/18/24	1		475,846		477,036
EG Group LLC, Term Loan B, 1st Lien
(LIBOR plus 4.00%)
6.39%		02/07/25	1		1,243,750		1,247,836
EMG Utica LLC, Term Loan B, 1st Lien
(LIBOR plus 3.75%)
6.25%		03/27/20	1,3,4		560,486		564,222
Energizer Holdings, Inc., Term Loan B, 1st Lien
(LIBOR plus 2.25%)
2.25%		06/20/25	1		1,000,000		1,005,630
Glass Mountain Pipeline Holdings LLC,
Term Loan B, 1st Lien
(LIBOR plus 4.50%)
6.72%		12/23/24	1		497,500		500,455
HFOTCO LLC, Term Loan B, 1st Lien
(LIBOR plus 2.75%)
5.00%		06/26/25	1		748,125		750,930
Seadrill Operating LP, Term Loan B, 1st Lien
(United Kingdom)
(LIBOR plus 6.00%)
8.39%		02/21/21	1,2		497,402		473,029
Traverse Midstream Partners LLC, Term Loan B, 1st Lien
(LIBOR plus 4.00%)
6.60%		09/27/24	1		1,000,000		1,008,855
Vistra Operations Co., LLC, Term Loan B3, 1st Lien
(LIBOR plus 2.00%)
4.16%		12/31/25	1		914,634		916,752
4.24%		12/31/25	1		332,241		333,010
							8,285,255

See accompanying notes to Schedule of Portfolio Investments.

35 / Semi-Annual Report September 2018

Floating Rate Income Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
BANK LOANS (continued)
Finance — 7.64%
Angus Chemical, Inc., Term Loan B, 1st Lien
(LIBOR plus 3.25%)
5.49%		02/02/22	1	$	403,127	$	404,261
Aspen Dental, Term Loan B, 1st Lien
(LIBOR plus 3.25%)
5.49%		04/30/25	1		997,500		1,003,734
Auris Luxembourg III SARL, Term Loan B,
1st Lien (Luxembourg)
(LIBOR plus 3.00%)
5.39%		01/17/22	1,2		1,437,781		1,452,159
(LIBOR plus 3.75%)
3.75%		07/24/25	1,2		1,250,000		1,267,194
Avolon TLB Borrower 1 LLC, Term Loan B3,
1st Lien
(LIBOR plus 2.00%)
4.17%		01/15/25	1		1,496,250		1,502,654
Canyon Valor Cos., Inc., Term Loan B, 1st Lien
(LIBOR plus 3.25%)
5.64%		06/16/23	1		565,015		568,746
CBAC Borrower LLC, Term Loan B, 1st Lien
(LIBOR plus 4.00%)
6.24%		07/07/24	1		1,287,000		1,294,400
Clarivate Analytics, Term Loan, 1st Lien
(LIBOR plus 3.25%)
5.49%		10/03/23	1,3,4		1,460,954		1,464,000
Cushman & Wakefield PLC, Term Loan B, 1st Lien
(LIBOR plus 3.25%)
5.49%		08/21/25	1		650,000		653,656
Deerfield Holdings Corp., Term Loan B, 1st Lien
(LIBOR plus 3.25%)
5.49%		02/13/25	1		746,250		747,716
Delos Finance SARL, Term Loan B, 1st Lien
(LIBOR plus 1.75%)
4.14%		10/06/23	1		2,500,000		2,512,500
First Eagle Holdings, Inc., Term Loan B, 1st Lien
(LIBOR plus 3.00%)
5.39%		12/01/22	1		1,735,055		1,749,430
Helix Gen Funding LLC, Term Loan B, 1st Lien
(LIBOR plus 3.75%)
5.99%		06/03/24	1		528,060		497,174
Midas Intermediate Holdco II LLC, Term Loan B, 1st Lien

Issues	Maturity Date			Principal Amount		Value
BANK LOANS (continued)
Finance (continued)
(LIBOR plus 2.75%)
5.14%		08/18/21	1	$	715,085	$	685,141
RPI Finance Trust, Term Loan B6, 1st Lien
(LIBOR plus 2.00%)
4.39%		03/27/23	1		991,703		996,399
Telenet Financing USD LLC, Term Loan AN,
1st Lien
(LIBOR plus 2.25%)
4.41%		08/15/26	1		1,500,000		1,495,665
Trident LS Merger Sub Corp., Term Loan, 1st Lien
(LIBOR plus 3.25%)
5.49%		05/01/25	1		463,750		467,084
UFC Holdings LLC, Term Loan B, 1st Lien
(LIBOR plus 3.25%)
5.50%		08/18/23	1		1,473,750		1,484,228
WP Deluxe Merger Sub, Inc., Term Loan, 1st Lien
(LIBOR plus 3.25%)
5.64%		07/19/24	1		992,500		982,163
							21,228,304
Food — 2.69%
8th Avenue Food & Provisions, Term Loan
(LIBOR plus 3.75%)
6.01%		10/01/25	1		250,000		252,579
American Seafoods Group LLC, Term Loan B, 1st Lien
(LIBOR plus 2.75%)
5.00%		08/21/23	1		1,300,938		1,296,605
Chobani LLC, Term Loan B, 1st Lien
(LIBOR plus 3.50%)
5.74%		10/10/23	1		982,541		962,276
Del Monte Foods, Inc., Term Loan, 1st Lien
(PRIME plus 2.25%)
7.50%		02/18/21	1		1,250		1,155
(LIBOR plus 3.25%)
5.56%		02/18/21	1		476,250		440,086
Hearthside Group Holdings LLC, Term Loan,
1st Lien
(LIBOR plus 3.00%)
5.24%		05/23/25	1		997,500		995,540
Hostess Brands LLC, Term Loan, 1st Lien
(LIBOR plus 2.25%)
4.49%		08/03/22	1		977,668		979,653
Houston Foods, Inc., Term Loan B, 1st Lien
(LIBOR plus 3.75%)
5.99%		07/20/25	1		1,296,750		1,300,802
Utz Quality Foods LLC, Term Loan, 1st Lien

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 36

Floating Rate Income Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
BANK LOANS (continued)
Food (continued)
(LIBOR plus 3.50%)
5.74%		11/13/24	1	$	1,240,625	$	1,246,053
							7,474,749
Gaming — 7.60%
Affinity Gaming, Term Loan B, 1st Lien
(LIBOR plus 3.25%)
5.49%		07/03/23	1		470,137		469,197
Caesars Entertainment LLC, Term Loan B,
1st Lien
(LIBOR plus 2.00%)
4.24%		10/06/24	1		993,744		994,524
Caesars Resort Collection LLC, Term Loan,
1st Lien
(LIBOR plus 2.75%)
4.99%		12/23/24	1		1,488,750		1,498,576
Churchill Downs, Inc., Term Loan B, 1st Lien
(LIBOR plus 2.00%)
4.25%		12/27/24	1		1,553,263		1,558,606
Gateway Casinos & Entertainment Ltd.,
Term Loan B, 1st Lien
(LIBOR plus 3.00%)
5.39%		12/01/23	1		997,500		1,004,203
Golden Entertainment, Inc., Term Loan B, 1st Lien
(LIBOR plus 3.00%)
5.25%		10/21/24	1		1,488,750		1,496,194
Golden Entertainment, Inc., Term Loan, 2nd Lien
(LIBOR plus 7.00%)
9.25%		10/20/25	1		500,000		507,813
Golden Nugget, Inc., Term Loan B, 1st Lien
(LIBOR plus 2.75%)
4.90%		10/04/23	1		626,895		630,029
4.99%		10/04/23	1		836,142		840,322
Greektown Holdings LLC, Term Loan B, 1st Lien
(LIBOR plus 2.75%)
4.99%		04/25/24	1		2,478,725		2,483,893
GVC Holdings PLC, Term Loan B2, 1st Lien
(LIBOR plus 2.50%)
4.74%		03/29/24	1		1,492,500		1,500,582
Las Vegas Sands LLC, Term Loan B, 1st Lien
(LIBOR plus 1.75%)
3.99%		03/27/25	1		2,438,049		2,438,682
Penn National Gaming, Inc., Term Loan B,
1st Lien
(LIBOR plus 2.25%)
2.25%		08/14/25	1		1,405,000		1,414,308

Issues	Maturity Date			Principal Amount		Value
BANK LOANS (continued)
Gaming (continued)
(LIBOR plus 2.50%)
4.74%		01/19/24	1	$	1,170,000	$	1,177,500
Station Casinos LLC, Term Loan B, 1st Lien
(LIBOR plus 2.50%)
4.75%		06/08/23	1		1,427,636		1,435,181
Tropicana Entertainment, Inc., Term Loan,
1st Lien
(PRIME plus 2.00%)
7.25%		11/27/20	1		210,000		211,050
Yonkers Racing Corp., Term Loan B, 1st Lien
(LIBOR plus 3.25%)
5.50%		05/31/24	1		1,428,756		1,435,900
							21,096,560
Health Care — 11.39%
Acadia Healthcare Co., Inc., Term Loan B3, 1st Lien
(LIBOR plus 2.50%)
4.74%		02/11/22	1		939,627		947,337
Acadia Healthcare Co., Inc., Term Loan B4, 1st Lien
(LIBOR plus 2.50%)
4.74%		02/16/23	1		284,794		287,131
BCPE Eagle Buyer LLC, Term Loan, 1st Lien
(LIBOR plus 4.25%)
6.49%		03/13/24	1		1,379,742		1,367,670
Carestream Dental Equipment, Inc., Term Loan, 1st Lien
(LIBOR plus 3.25%)
5.64%		09/01/24	1		990,000		990,312
CCS-CMGC Holdings, Inc., Term Loan
(LIBOR plus 5.50%)
7.76%		09/25/25	1		500,000		501,095
Community Health Systems, Inc., Term Loan H, 1st Lien
(LIBOR plus 3.25%)
5.56%		01/27/21	1		463,585		458,571
Endo Luxembourg Finance I Co. SARL,
Term Loan B, 1st Lien (Luxembourg)
(LIBOR plus 4.25%)
6.50%		04/29/24	1,2		488,153		492,171
Envision Healthcare Corp., Term Loan (LIBOR plus 3.75%)
3.75%		09/28/25	1		2,000,000		1,995,000
Greatbatch Ltd. Term Loan B, 1st Lien
(LIBOR plus 3.00%)
5.14%		10/27/22	1		905,137		912,247
Heartland Dental LLC, Term Loan, 1st Lien
(LIBOR plus 3.75%)
5.99%		04/30/25	1,5		1,734,783		1,737,671

See accompanying notes to Schedule of Portfolio Investments.

37 / Semi-Annual Report September 2018

Floating Rate Income Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
BANK LOANS (continued)
Health Care (continued)
Inovalon Holdings, Inc., Term Loan B, 1st Lien
(LIBOR plus 3.50%)
5.63%		04/02/25	1	$	1,000,000	$	1,003,125
Iqvia, Inc., Term Loan B3, 1st Lien
(LIBOR plus 1.75%)
4.14%		06/11/25	1		498,750		499,167
Kindred At Home, Term Loan, 1st Lien
(LIBOR plus 3.75%)
6.00%		07/02/25	1		1,466,063		1,485,305
Kindred At Home, Term Loan, 2nd Lien
(LIBOR plus 7.00%)
9.34%		07/02/26	1		250,000		257,500
Lantheus Medical Imaging, Inc., Term Loan B, 1st Lien
(LIBOR plus 3.75%)
5.99%		06/30/22	1		985,000		985,000
Medical Solutions Holdings, Inc., Term Loan, 1st Lien
(LIBOR plus 3.75%)
5.99%		06/14/24	1		990,025		993,738
MedPlast Holdings, Inc., Term Loan, 1st Lien
(LIBOR plus 3.75%)
6.09%		07/02/25	1		1,000,000		1,013,130
MPH Acquisition Holdings LLC, Term Loan B, 1st Lien
(LIBOR plus 2.75%)
5.14%		06/07/23	1		1,214,697		1,218,633
Navicure, Inc., Term Loan, 1st Lien
(LIBOR plus 3.75%)
5.99%		11/01/24	1		1,091,750		1,097,209
NMSC Holdings, Inc., Term Loan B, 1st Lien
(LIBOR plus 5.00%)
7.59%		04/19/23	1		677,338		682,418
Ortho-Clinical Diagnostics SA, Term Loan B,
1st Lien
(LIBOR plus 3.25%)
5.49%		06/30/25	1		495,000		497,351
Pharmerica Corp., Term Loan B, 1st Lien
(LIBOR plus 3.50%)
5.65%		12/06/24	1		995,000		1,002,930
Premise Health Holding Corp., Term Loan,
1st Lien
(LIBOR plus 3.75%)
6.14%		07/10/25	1,6		698,374		702,086
Prospect Medical Holdings, Inc., Term Loan B, 1st Lien
(LIBOR plus 5.50%)
7.63%		02/22/24	1		982,538		998,504
Romulus Merger Sub LLC, Delayed-Draw Term Loan, 1st Lien

Issues	Maturity Date			Principal Amount		Value
BANK LOANS (continued)
Health Care (continued)
(LIBOR plus 2.75%)
4.92%		02/14/25	1,7	$	125,201	$	126,206
Romulus Merger Sub LLC, Term Loan, 1st Lien
(LIBOR plus 2.75%)
4.92%		02/14/25	1		1,537,727		1,523,795
Surgery Center Holdings, Inc., Term Loan, 1st Lien
(LIBOR plus 3.25%)
5.57%		09/02/24	1		742,500		743,658
Tecomet, Inc., Term Loan B, 1st Lien
(LIBOR plus 3.50%)
5.62%		05/01/24	1		706,672		710,205
UIC Merger Sub, Inc., Term Loan, 1st Lien
(LIBOR plus 3.25%)
5.49%		08/30/24	1		1,736,858		1,741,851
Valeant Pharmaceuticals International, Inc.,
Term Loan B, 1st Lien
(LIBOR plus 3.00%)
5.10%		06/02/25	1		2,141,391		2,154,678
Wink Holdco, Inc., Term Loan, 1st Lien
(LIBOR plus 3.00%)
5.24%		12/01/24	1		1,243,112		1,240,782
Wink Holdco, Inc., Term Loan, 2nd Lien
(LIBOR plus 6.75%)
9.00%		12/01/25	1		250,000		250,314
WW Medical & Healthcare Holdings Corp.,
Term Loan, 1st Lien
(LIBOR plus 3.75%)
5.99%		01/23/25	1		995,000		1,003,084
							31,619,874
Industrials — 10.93%
Agro Merchants Intermediate Holdings LLC,
Term Loan, 1st Lien
(LIBOR plus 3.75%)
6.14%		12/06/24	1		1,533,734		1,545,237
ATS Consolidated, Inc., Term Loan B, 1st Lien
(LIBOR plus 3.75%)
5.99%		02/28/25	1		497,500		500,609
Berry Global, Inc., Term Loan Q, 1st Lien
(LIBOR plus 2.00%)
4.19%		10/01/22	1		469,600		471,133
Berry Global, Inc., Term Loan R, 1st Lien
(LIBOR plus 2.00%)
4.19%		01/19/24	1		492,500		493,628
CH Guenther Parent LLC, Term Loan B, 1st Lien
(LIBOR plus 2.75%)
4.99%		03/31/25	1		997,500		999,994

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 38

Floating Rate Income Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
BANK LOANS (continued)
Industrials (continued)
Clean Harbors, Inc., Term Loan B, 1st Lien
(LIBOR plus 1.75%)
3.99%		06/30/24	1	$	1,836,850	$	1,843,738
Conserve Merger Sub, Inc., Term Loan, 1st Lien
(LIBOR plus 3.50%)
5.62%		08/08/25	1		1,500,000		1,506,570
CPI Holdco LLC, Term Loan, 1st Lien
(LIBOR plus 3.50%)
5.89%		03/21/24	1		1,970,007		1,976,784
Crown Americas LLC, Term Loan B, 1st Lien
(LIBOR plus 2.00%)
4.16%		04/03/25	1		1,995,000		2,007,289
Flora Food Group, Term Loan B
(LIBOR plus 3.00%)
5.32%		07/02/25	1		1,000,000		1,002,230
GoodPack, Term Loan B, 1st Lien
(LIBOR plus 3.75%)
6.09%		09/11/23	1		1,990,000		2,006,169
Infiltrator Water Technologies LLC, Term Loan B, 1st Lien
(LIBOR plus 3.00%)
5.39%		05/27/22	1		1,457,701		1,466,812
Jade Germany GMBH, Term Loan, 1st Lien
(Germany)
(LIBOR plus 5.50%)
8.09%		05/31/23	1,2		987,500		983,491
Macdermid, Inc., Term Loan B6, 1st Lien
(LIBOR plus 3.00%)
5.24%		06/07/23	1		771,621		777,531
Multi-Color Corp., Term Loan B, 1st Lien
(LIBOR plus 2.25%)
4.49%		10/31/24	1		496,250		499,456
OSG Bulk Ships, Inc., Term Loan B-Exit, 1st Lien
(LIBOR plus 4.25%)
6.77%		08/05/19	1		662,902		657,934
Pelican Products, Inc., Term Loan B, 1st Lien
(LIBOR plus 3.50%)
5.60%		05/01/25	1		498,750		500,102
Penn Engineering & Manufacturing Corp.,
Term Loan B, 1st Lien
(LIBOR plus 2.75%)
4.99%		06/27/24	1		740,625		747,568
PGT Innovations, Inc., Term Loan B, 1st Lien
(LIBOR plus 3.50%)
5.66%		02/16/22	1		14,815		14,880
5.74%		02/16/22	1		37,037		37,199
5.79%		02/16/22	1		81,435		81,791

Issues	Maturity Date			Principal Amount		Value
BANK LOANS (continued)
Industrials (continued)
PLZ Aeroscience Corp., Term Loan, 1st Lien
(LIBOR plus 3.50%)
5.83%		07/31/22	1	$	383,598	$	386,237
5.84%		07/31/22	1		104,277		104,995
5.89%		07/31/22	1		1,205,712		1,214,007
ProAmpac PG Borrower LLC, Term Loan, 1st Lien
(LIBOR plus 3.50%)
5.68%		11/20/23	1		534,496		537,302
5.81%		11/20/23	1		331,253		332,992
5.84%		11/20/23	1		266,179		267,577
5.84%		11/20/23	1		240,523		241,786
5.84%		11/20/23	1		101,299		101,830
Spectrum Holdings III Corp., Term Loan, 1st Lien
(LIBOR plus 3.25%)
5.49%		01/31/25	1		452,725		450,271
Synagro Infrastructure, Term Loan, 1st Lien
(LIBOR plus 5.50%)
7.74%		08/21/20	1,3,4		923,372		807,951
Technimark LLC, Term Loan, 1st Lien
(LIBOR plus 3.75%)
5.88%		08/08/25	1		1,000,000		1,003,330
Titan Acquisition, Ltd. Term Loan, 1st Lien
(LIBOR plus 3.00%)
5.24%		03/28/25	1		498,747		485,577
Transcendia Holdings, Inc., Term Loan B, 1st Lien
(LIBOR plus 3.50%)
5.74%		05/30/24	1		1,485,028		1,478,219
Transdigm, Inc., Term Loan F, 1st Lien
(LIBOR plus 2.50%)
4.74%		06/09/23	1		483,912		486,232
TricorBraun, Inc., Term Loan, 1st Lien
(LIBOR plus 3.75%)
6.14%		11/30/23	1		1,339,773		1,348,146
TricorBraun, Inc., Delayed-Draw Term Loan, 1st Lien
(PRIME plus 3.75%)
6.10%		11/30/23	1		135,000		135,844
Tyco International Holdings SARL, Term Loan
(LIBOR plus 1.25%)
3.62%		03/02/20	1,3,4		136,500		136,372
Zep, Inc., Term Loan B, 1st Lien
(LIBOR plus 4.00%)
6.39%		08/12/24	1		742,500		708,623
							30,347,436

See accompanying notes to Schedule of Portfolio Investments.

39 / Semi-Annual Report September 2018

Floating Rate Income Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
BANK LOANS (continued)
Information Technology — 7.56%
Ascend Learning LLC, Term Loan B, 1st Lien
(LIBOR plus 3.00%)
5.24%		07/12/24	1	$	990,000	$	992,163
Change Healthcare Holdings LLC, Term Loan B, 1st Lien
(LIBOR plus 2.75%)
4.99%		03/01/24	1		982,537		986,915
Ciena Corp., Term Loan B
(LIBOR plus 2.00%)
4.24%		09/19/25	1		500,000		502,813
Dell International LLC, Term Loan A3, 1st Lien
(LIBOR plus 1.50%)
3.75%		12/31/18	1		170,243		170,536
Dell International LLC, Term Loan B, 1st Lien
(LIBOR plus 2.00%)
4.25%		09/07/23	1		1,353,101		1,357,444
Digicert Holdings, Inc., Term Loan, 1st Lien
(LIBOR plus 4.00%)
6.24%		10/31/24	1		997,500		1,001,555
EagleView Technology Corp., Term Loan B, 1st Lien
(LIBOR plus 3.50%)
5.63%		08/14/25	1		500,000		501,145
First Data Corp., Term Loan, 1st Lien
(LIBOR plus 2.00%)
4.21%		07/08/22	1		240,848		241,491
4.21%		04/26/24	1		1,528,184		1,531,179
GlobalLogic Holdings, Inc., Term Loan B, 1st Lien
(LIBOR plus 3.25%)
5.49%		08/01/25	1,8		437,500		441,739
Microchip Technology, Inc., Term Loan, 1st Lien
(LIBOR plus 2.00%)
4.25%		05/29/25	1		455,500		456,306
Oberthur Technologies Group SAS, Term Loan B1, 1st Lien
(LIBOR plus 3.75%)
5.99%		01/10/24	1		1,477,500		1,487,843
Ocean Bidco, Inc., Term Loan B, 1st Lien
(LIBOR plus 5.00%)
7.39%		03/21/25	1		738,750		742,137
Peak 10 Holding Corp., Term Loan, 1st Lien
(LIBOR plus 3.50%)
5.89%		08/01/24	1		247,500		245,592
Perspecta, Inc., Term Loan B, 1st Lien
(LIBOR plus 2.25%)
4.49%		05/30/25	1		498,750		500,309

Issues	Maturity Date			Principal Amount		Value
BANK LOANS (continued)
Information Technology (continued)
Project Alpha Intermediate Holdings Inc.,
Term Loan B, 1st Lien
(LIBOR plus 3.50%)
5.99%		04/26/24	1	$	987,500	$	988,942
Quintiles IMS, Inc., Term Loan B2, 1st Lien
(LIBOR plus 2.00%)
4.39%		01/17/25	1		990,000		994,955
Scientific Games International, Inc., Term Loan B5, 1st Lien
(LIBOR plus 2.75%)
4.99%		08/14/24	1		287,455		287,343
5.04%		08/14/24	1		1,205,045		1,204,575
Sophia LP, Term Loan B, 1st Lien
(LIBOR plus 3.25%)
5.64%		09/30/22	1		1,194,113		1,200,710
SS&C Technologies, Inc., Term Loan B3, 1st Lien
(LIBOR plus 2.25%)
4.49%		04/16/25	1		1,337,366		1,340,295
SS&C Technology Holdings Europe SARL,
Term Loan B4, 1st Lien
(LIBOR plus 2.25%)
4.49%		04/16/25	1		519,120		520,257
TierPoint LLC, Term Loan, 1st Lien
(LIBOR plus 3.75%)
5.99%		05/06/24	1		468,319		464,001
Vantiv LLC, Term Loan B4, 1st Lien
(LIBOR plus 1.75%)
3.88%		08/09/24	1		995,000		997,876
VT Topco, Inc., Term Loan, 1st Lien
(LIBOR plus 3.75%)
6.09%		08/01/25	1		800,000		806,000
6.14%		08/01/25	1,9		37,240		37,519
Zotec Partners LLC, Term Loan, 1st Lien
(LIBOR plus 5.00%)
7.17%		02/14/24	1		987,500		989,969
							20,991,609
Insurance — 0.76%
Alliant Insurance, Term Loan B, 1st Lien
(LIBOR plus 3.00%)
5.15%		05/09/25	1		1,129,795		1,134,653
Assuredpartners, Inc., Term Loan B, 1st Lien
(LIBOR plus 3.25%)
5.49%		10/22/24	1		487,842		489,672
Hyperion Insurance Group Ltd., Term Loan B, 1st Lien
(LIBOR plus 3.50%)
5.75%		12/20/24	1		496,250		500,076
							2,124,401

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 40

Floating Rate Income Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
BANK LOANS (continued)
Materials — 2.88%
Akzo Nobel NV, Term Loan B, 1st Lien
(Netherlands)
(LIBOR plus 3.25%)
5.51%		10/01/25	1,2	$	1,000,000	$	1,005,415
Archroma Finance SARL, Term Loan B2,
1st Lien (Switzerland)
(LIBOR plus 4.25%)
6.58%		08/12/24	1,2		742,500		744,356
Cyanco Intermediate Corp., Term Loan, 1st Lien
(LIBOR plus 3.25%)
5.49%		03/16/25	1		497,500		501,622
Dubois Chemicals, Inc., Term Loan, 1st Lien
(LIBOR plus 3.25%)
5.49%		03/15/24	1		1,725,558		1,727,715
Flex Acquisition Co., Inc., Term Loan, 1st Lien
(LIBOR plus 3.25%)
5.75%		06/29/25	1		1,500,000		1,505,438
Israel Chemicals Ltd., Term Loan, 1st Lien
(LIBOR plus 3.00%)
5.20%		03/28/25	1		497,500		501,234
WR Grace & Co., Term Loan B1
(LIBOR plus 1.75%)
4.14%		04/03/25	1		736,842		740,758
WR Grace & Co., Term Loan B2
(LIBOR plus 1.75%)
4.14%		04/03/25	1		1,263,158		1,269,872
							7,996,410
Real Estate Investment Trust (REIT) — 1.57%
Lightstone Holdco LLC, Term Loan B, 1st Lien
(LIBOR plus 3.75%)
5.99%		01/30/24	1		457,150		454,651
Lightstone Holdco LLC, Term Loan C, 1st Lien
(LIBOR plus 3.75%)
5.99%		01/30/24	1		24,553		24,419
MGM Growth Properties Operating Partnership LP, Term Loan B, 1st Lien
(LIBOR plus 2.00%)
4.24%		04/25/23	1		1,953,675		1,958,403
VICI Properties 1 LLC, Term Loan, 1st Lien
(LIBOR plus 2.00%)
4.21%		12/20/24	1		1,909,091		1,914,312
							4,351,785
Retail — 0.89%
BC ULC/New Red Finance, Inc., Term Loan B, 1st Lien (Canada)

Issues	Maturity Date			Principal Amount		Value
BANK LOANS (continued)
Retail (continued)
(LIBOR plus 2.25%)
4.49%		02/16/24	1,2	$	1,974,897	$	1,978,353
IRB Holding Corp., Term Loan, 1st Lien
(LIBOR plus 3.25%)
5.46%		02/05/25	1		497,500		498,746
							2,477,099
Services — 5.42%
Aramark Services, Inc., Term Loan, 1st Lien
(LIBOR plus 1.75%)
4.08%		03/11/25	1		1,865,325		1,873,486
Carlisle Foodservice Products, Inc. Term Loan, 1st Lien
(LIBOR plus 3.00%)
5.21%		03/20/25	1,10		405,936		404,541
CIBT Global, Inc. Term Loan, 1st Lien
(LIBOR plus 3.75%)
6.14%		06/03/24	1		741,244		744,950
EHS Hospitality, Inc., Term Loan B, 1st Lien
(LIBOR plus 2.00%)
4.24%		08/30/23	1		1,401,512		1,403,768
Epic Y-Grade Services LP, Term Loan B, 1st Lien
(LIBOR plus 5.50%)
7.74%		06/07/25	1		250,000		244,063
GFL Environmental, Inc., Term Loan B, 1st Lien
(LIBOR plus 2.75%)
5.14%		05/30/25	1,11		1,330,919		1,334,246
Mister Car Wash Holdings, Inc., Term Loan B, 1st Lien
(LIBOR plus 3.25%)
5.54%		08/20/21	1		972,548		978,777
PODS LLC, Term Loan, 1st Lien
(LIBOR plus 2.75%)
4.88%		12/06/24	1		1,492,465		1,497,830
Powerteam Services LLC, Term Loan, 1st Lien
(LIBOR plus 3.25%)
5.64%		03/06/25	1		1,459,653		1,460,566
Powerteam Services LLC, Term Loan, 2nd Lien
(LIBOR plus 7.25%)
9.64%		03/06/26	1		750,000		752,816
Prime Security Services Borrower LLC,
Term Loan, 1st Lien
(LIBOR plus 2.75%)
4.99%		05/02/22	1		1,125,041		1,131,544
TKC Holdings, Inc., Term Loan, 1st Lien

See accompanying notes to Schedule of Portfolio Investments.

41 / Semi-Annual Report September 2018

Floating Rate Income Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
BANK LOANS (continued)
Services (continued)
(LIBOR plus 3.75%)
6.00%		02/01/23	1	$	1,433,391	$	1,437,276
University Support Services LLC, Term Loan B, 1st Lien
(LIBOR plus 3.50%)
5.75%		06/20/25	1,12		762,712		772,246
WorldStrides, Inc., Term Loan B, 1st Lien
(LIBOR plus 4.00%)
6.33%		12/16/24	1		995,000		1,004,955
							15,041,064
Transportation — 1.91%
Air Canada, Term Loan B, 1st Lien
(LIBOR plus 2.00%)
4.24%		10/06/23	1		990,000		994,643
American Airlines, Inc., Term Loan B, 1st Lien
(LIBOR plus 1.75%)
3.98%		06/27/25	1		1,293,406		1,270,887
Arctic LNG Carriers Ltd., Term Loan B, 1st Lien
(LIBOR plus 4.50%)
6.74%		05/18/23	1		493,750		496,374
Commercial Barge Line Co., Term Loan B, 1st Lien
(LIBOR plus 8.75%)
10.99%		11/12/20	1		184,211		143,167
International Seaways, Inc., Term Loan, 1st Lien
(LIBOR plus 6.00%)
8.08%		06/22/22	1		1,462,478		1,471,619
Navios Maritime Partners LP, Term Loan B,
1st Lien (Greece)
(LIBOR plus 5.00%)
7.34%		09/14/20	1,2		927,928		930,638
							5,307,328
Total Bank Loans
(Cost $243,316,922)							244,195,920
CORPORATES — 4.73%*
Communications — 0.96%
Altice U.S. Finance I Corp.
5.50%		05/15/26	13		500,000		500,625
CSC Holdings LLC
5.38%		02/01/28	13		1,000,000		955,000
6.75%		11/15/21			1,000,000		1,056,250

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Communications (continued)
Sprint Communications, Inc.
9.00%		11/15/18	13	$	148,000	$	149,295
							2,661,170
Finance — 0.90%
Citigroup, Inc.
(LIBOR USD 3-Month plus 0.55%)
2.86%		08/25/36	1		1,800,000		1,515,042
Goldman Sachs Group, Inc. (The) (MTN)
3.85%		07/08/24			980,000		975,763
							2,490,805
Health Care — 1.59%
Bausch Health Cos., Inc. (Canada)
6.13%		04/15/25	2,13		500,000		477,500
CHS/Community Health Systems, Inc.
5.13%		08/01/21			250,000		244,375
CVS Health Corp.
(LIBOR USD 3-Month plus 0.72%)
3.05%		03/09/21	1		1,000,000		1,008,206
Halfmoon Parent, Inc.
(LIBOR USD 3-Month plus 0.89%)
3.22%		07/15/23	1,13		2,700,000		2,701,912
							4,431,993
Industrials — 0.81%
General Electric Co. (MTN)
(LIBOR USD 3-Month plus 0.48%)
2.79%		08/15/36	1		850,000		708,535
Sealed Air Corp.
5.25%		04/01/23	13		1,500,000		1,533,750
							2,242,285
Retail — 0.24%
Cumberland Farms, Inc.
6.75%		05/01/25	13		650,000		669,094
Transportation — 0.23%
American Airlines Pass-Through Trust,
Series 2013-2, Class B
5.60%		07/15/20	13		631,554		645,321
Total Corporates
(Cost $13,072,984)							13,140,668

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 42

Floating Rate Income Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
MUNICIPAL BONDS — 0.15%*
California — 0.15%
State of California, Build America Bonds
7.95%		03/01/36		$400,000	$	426,476
Total Municipal Bonds
(Cost $430,826)
Total Bonds – 92.81%
(Cost $256,820,732)						257,763,064
Issues	Maturity Date		Principal Amount/ Shares		Value
SHORT-TERM INVESTMENTS — 10.81%
Foreign Government Obligations — 2.68%
Japan Treasury Discount Bill, Series 770
(Japan)
0.00%2		10/15/18		300,000,000		2,641,326
Japan Treasury Discount Bill, Series 774
(Japan)
0.00%2,14		11/05/18		545,000,000		4,798,759
						7,440,085
Money Market Funds — 1.43%
Morgan Stanley Institutional Liquidity
Funds-Government Portfolio
2.04%15				3,979,000		3,979,000
U.S. Treasury Bills — 6.70%
U.S. Treasury Bills
1.76%14		10/25/18		1,500,000		1,497,924
2.02%14		01/03/19		15,200,000		15,113,876
2.12%14		01/31/19		2,000,000		1,984,962
						18,596,762
Total Short-Term Investments
(Cost $30,160,663)						30,015,847
Total Investments – 103.62%
(Cost $286,981,395)						287,778,911
Net unrealized appreciation on unfunded commitments (0.00)%						2,971
Liabilities in Excess of Other
Assets – (3.62)%						(10,056,944	)
Net Assets – 100.00%					$	277,724,938

¹  Floating rate security. The rate disclosed was in effect at September 30, 2018.

²  U.S. dollar-denominated security issued by foreign-domiciled entity.

³  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁴  Illiquid security as determined under procedures approved by the Board of Trustees. The aggregate value of illiquid securities is $3,862,657, which is 1.39% of total net assets.

⁵  Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $261,304, at an interest rate of 3.75% and a maturity of April 30, 2025. The investment is not accruing an unused commitment fee.

⁶  Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $55,271, at an interest rate of 1.00% and a maturity of July 10, 2025. The investment is accruing an unused commitment fee of 0.25% per annum.

⁷  Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $323,910, at an interest rate of 1.00% and a maturity of February 14, 2025. The investment is not accruing an unused commitment fee.

⁸  Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $63,106, at an interest rate of 1.00% and a maturity of August 01, 2025. The investment is accruing an unused commitment fee of 0.50% per annum.

⁹  Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $163,981, at an interest rate of 1.88% and a maturity of August 01, 2025. The investment is not accruing an unused commitment fee.

¹⁰  Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $91,708, at an interest rate of 1.00% and a maturity of March 20, 2025. The investment is not accruing an unused commitment fee.

¹¹  Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $166,160, at an interest rate of 2.75% and a maturity of May 30, 2025. The investment is not accruing an unused commitment fee.

¹²  Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $240,254, at an interest rate of 3.50% and a maturity of July 17, 2025. The investment is not accruing an unused commitment fee.

¹³  Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

¹⁴  Represents annualized yield at date of purchase.

¹⁵  Represents the current yield as of September 30, 2018.

* Securities with a call or reset feature will have an effective maturity date sooner than the stated maturity.

Note: For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for more meaningful presentation for investors.

(JPY): Japanese Yen

(LIBOR): London InterBank Offer Rate

(MTN): Medium-term note

(USD): U.S. dollar

See accompanying notes to Schedule of Portfolio Investments.

43 / Semi-Annual Report September 2018

Floating Rate Income Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Currency to be Purchased	Currency to be Sold		Counterparty	Settlement   Date	Unrealized Appreciation
FOREIGN CURRENCY EXCHANGE CONTRACT
USD 4,953,069		JPY 545,000,000	Goldman Sachs International	11/05/18		$	141,376
USD 2,677,436		JPY 300,000,000	Goldman Sachs International	10/15/18			32,895
NET UNREALIZED APPRECIATION						$	174,271

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 44

High Yield Bond Fund

Consolidated Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
BONDS – 88.78%
BANK LOANS — 15.49%*
Communications — 6.28%
CenturyLink, Inc., Term Loan B, 1st Lien
(LIBOR plus 2.75%)
4.99%		01/31/25	1	$	1,994,975	$	1,983,504
Colorado Buyer, Inc., Term Loan, 1st Lien
(LIBOR plus 3.00%)
5.11%		05/01/24	1		918,375		920,960
Colorado Buyer, Inc., Term Loan, 2nd Lien
(LIBOR plus 7.25%)
9.36%		05/01/25	1		480,000		481,402
CSC Holdings LLC, Term Loan B, 1st Lien
(LIBOR plus 2.25%)
4.41%		07/17/25	1		5,000,000		5,008,325
Intelsat Jackson Holdings SA, Term Loan B5, 1st Lien (Luxembourg)
6.63%		01/02/24	2		2,215,000		2,314,121
NEP/NCP Holdco, Term Loan, 2nd Lien
(LIBOR plus 7.00%)
9.15%		01/23/23	1		522,598		524,558
SBA Communications, Term Loan B, 1st Lien
(LIBOR plus 2.00%)
4.25%		04/04/25	1		4,189,500		4,198,801
Sprint Communications, Inc., Term Loan B, 1st Lien
(LIBOR plus 2.50%)
4.75%		02/02/24	1		6,284,051		6,307,616
Unitymedia Finance LLC, Term Loan B, 1st Lien
(LIBOR plus 2.00%)
4.16%		06/01/23	1		1,500,000		1,502,910
UPC Financing Partnership, Term Loan AR, 1st Lien
(LIBOR plus 2.50%)
4.66%		01/15/26	1		2,525,000		2,526,111
Virgin Media Bristol LLC, Term Loan K, 1st Lien
(LIBOR plus 2.50%)
4.66%		01/15/26	1		5,000,000		5,013,925
							30,782,233
Consumer Discretionary — 0.56%
Alphabet Holding Co., Inc., Term Loan, 1st Lien
(LIBOR plus 3.50%)
5.74%		09/26/24	1		1,176,675		1,137,550
Citycenter Holdings LLC, Term Loan B, 1st Lien

Issues	Maturity Date			Principal Amount		Value
BANK LOANS (continued)
Consumer Discretionary (continued)
(LIBOR plus 2.25%)
4.49%		04/18/24	1	$	1,600,470	$	1,604,343
							2,741,893
Energy — 1.05%
Vistra Operations Co., LLC, Term Loan B1, 1st Lien
(LIBOR plus 2.00%)
4.24%		08/04/23	1		1,751,262		1,755,640
Vistra Operations Co., LLC, Term Loan B3, 1st Lien
(LIBOR plus 2.00%)
4.16%		12/31/25	1		2,465,854		2,471,562
4.24%		12/31/25	1		895,721		897,795
							5,124,997
Finance — 0.31%
Auris Luxembourg III SARL, Term Loan B, 1st Lien (Luxembourg)
(LIBOR plus 3.75%)
3.75%		07/24/25	1		525,000		532,221
UFC Holdings LLC, Term Loan B, 1st Lien
(LIBOR plus 3.25%)
5.50%		08/18/23	1		982,500		989,486
							1,521,707
Food — 0.11%
Houston Foods, Inc., Term Loan B, 1st Lien
(LIBOR plus 3.75%)
5.99%		07/20/25	1		548,625		550,339
Gaming — 0.69%
Churchill Downs, Inc., Term Loan B, 1st Lien
(LIBOR plus 2.00%)
4.25%		12/27/24	1		3,374,500		3,386,108
Health Care — 1.18%
BCPE Eagle Buyer LLC, Term Loan, 1st Lien
(LIBOR plus 4.25%)
6.49%		03/13/24	1		458,025		454,017
BCPE Eagle Buyer LLC, Term Loan, 2nd Lien
(LIBOR plus 8.00%)
10.24%		03/13/25	1		465,000		463,837
Catalent Pharma Solutions, Inc., Term Loan B, 1st Lien
(LIBOR plus 2.25%)
4.49%		05/20/24	1		850,952		857,534
Kindred At Home, Term Loan, 1st Lien

See accompanying notes to Schedule of Portfolio Investments.

45 / Semi-Annual Report September 2018

High Yield Bond Fund

Consolidated Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
BANK LOANS (continued)
Health Care (continued)
(LIBOR plus 3.75%)
6.00%		07/02/25	1	$	1,099,547	$	1,113,979
Kindred At Home, Term Loan, 2nd Lien
(LIBOR plus 7.00%)
9.34%		07/02/26	1		550,000		566,500
Pharmerica Corp., Term Loan B, 1st Lien
(LIBOR plus 3.50%)
5.65%		12/06/24	1		920,375		927,710
Pharmerica Corp., Term Loan B, 2nd Lien
(LIBOR plus 7.75%)
9.90%		12/05/25	1		925,000		924,422
Wink Holdco, Inc., Term Loan, 2nd Lien
(LIBOR plus 6.75%)
9.00%		12/01/25	1		500,000		500,627
							5,808,626
Industrials — 0.09%
Synagro Infrastructure, Term Loan, 1st Lien
(LIBOR plus 5.50%)
7.74%		08/21/20	1,3,4		507,591		444,142
Information Technology — 3.37%
First Data Corp., Term Loan, 1st Lien
(LIBOR plus 2.00%)
4.21%		07/08/22	1		2,628,792		2,635,811
4.21%		04/26/24	1		6,689,948		6,703,060
Scientific Games International, Inc., Term
Loan B5, 1st Lien
(LIBOR plus 2.75%)
4.99%		08/14/24	1		350,246		350,109
5.04%		08/14/24	1		1,468,272		1,467,700
SS&C Technologies, Inc., Term Loan B3, 1st Lien
(LIBOR plus 2.25%)
4.49%		04/16/25	1		2,942,189		2,948,633
SS&C Technology Holdings Europe SARL,
Term Loan B4, 1st Lien
(LIBOR plus 2.25%)
4.49%		04/16/25	1		1,142,059		1,144,560
TierPoint LLC, Term Loan, 1st Lien
(LIBOR plus 3.75%)
5.99%		05/06/24	1		1,274,700		1,262,947
							16,512,820
Real Estate Investment Trust (REIT) — 0.26%
VICI Properties 1 LLC, Term Loan, 1st Lien
(LIBOR plus 2.00%)
4.21%		12/20/24	1		1,288,636		1,292,161

Issues	Maturity Date			Principal Amount		Value
BANK LOANS (continued)
Retail — 1.01%
BC ULC/New Red Finance, Inc., Term Loan B, 1st Lien (Canada)
(LIBOR plus 2.25%)
4.49%		02/16/24	1,2	$	4,924,844	$	4,933,462
Services — 0.58%
Mister Car Wash Holdings, Inc., Term Loan B, 1st Lien
(LIBOR plus 3.25%)
5.54%		08/20/21	1		1,817,841		1,829,484
Powerteam Services LLC, Term Loan, 2nd Lien
(LIBOR plus 7.25%)
9.64%		03/06/26	1		1,015,000		1,018,811
							2,848,295
Total Bank Loans
(Cost $75,680,731)							75,946,783
CORPORATES — 73.24%*
Banking — 0.78%
Ally Financial, Inc.
3.25%		11/05/18			3,845,000		3,845,000
Communications — 19.69%
Altice Financing SA (Luxembourg)
7.50%		05/15/26	2,5		1,300,000		1,270,750
Altice France SA (France)
7.38%		05/01/26	2,5		3,185,000		3,196,944
Altice U.S. Finance I Corp.
5.50%		05/15/26	5		684,000		684,855
AMC Networks, Inc.
4.75%		08/01/25			1,268,000		1,222,035
Cable One, Inc.
5.75%		06/15/22	5		4,080,000		4,166,700
CCO Holdings LLC/CCO Holdings Capital Corp.
5.00%		02/01/28	5		3,204,000		3,023,775
5.13%		05/01/27	5		6,775,000		6,427,730
Cequel Communications Holdings I LLC/Cequel Capital Corp.
5.13%		12/15/21	3,4,5		847,000		856,529
5.13%		12/15/21	5		575,000		578,001
Clear Channel International BV
(Netherlands)
8.75%		12/15/20	2,5		2,474,000		2,560,590
CSC Holdings LLC
5.38%		02/01/28	5		5,250,000		5,013,750
DISH DBS Corp.
5.88%		11/15/24			489,000		439,513
7.75%		07/01/26			449,000		424,934

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 46

High Yield Bond Fund

Consolidated Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Communications (continued)
DISH Network Corp.
3.38%		08/15/26		$	1,398,000	$	1,336,860
EW Scripps Co. (The)
5.13%		05/15/25	5		1,304,000		1,258,425
Frontier Communications Corp.
7.13%		01/15/23			4,161,000		2,980,316
8.50%		04/01/26	5		918,000		870,953
Intelsat Jackson Holdings SA (Luxembourg)
5.50%		08/01/23	2		6,642,000		6,135,547
Intelsat Luxembourg SA (Luxembourg)
8.13%		06/01/23	2		1,600,000		1,416,000
Lamar Media Corp.
5.75%		02/01/26			560,000		579,600
Level 3 Financing, Inc.
6.13%		01/15/21			1,850,000		1,866,187
Midcontinent Communications/Midcontinent Finance Corp.
6.88%		08/15/23	5		1,255,000		1,321,672
Qwest Corp.
6.75%		12/01/21			4,210,000		4,521,519
Radiate Holdco LLC/Radiate Finance, Inc.
6.88%		02/15/23	5		1,539,000		1,488,983
Sinclair Television Group, Inc.
5.38%		04/01/21			3,350,000		3,375,125
Sirius XM Radio, Inc.
3.88%		08/01/22	5		7,742,000		7,630,128
Sprint Capital Corp.
8.75%		03/15/32			7,342,000		8,278,105
Sprint Spectrum Co. LLC/Sprint Spectrum
Co. II LLC/Sprint Spectrum Co. III LLC
3.36%		09/20/21	5		3,012,000		3,012,000
5.15%		03/20/28	5		3,500,000		3,525,900
TEGNA, Inc.
5.13%		10/15/19			2,980,000		2,985,587
T-Mobile USA, Inc.
4.75%		02/01/28			4,636,000		4,358,072
6.50%		01/15/24			7,522,000		7,851,087
Univision Communications, Inc.
5.13%		02/15/25	5		1,383,000		1,296,563
Windstream Services LLC/Windstream
Finance Corp.
9.00%		06/30/25	5		726,000		564,465
							96,519,200
Consumer Discretionary — 3.72%
Central Garden & Pet Co.
5.13%		02/01/28			1,680,000		1,604,400
First Quality Finance Co., Inc.
4.63%		05/15/21	5		15,000		15,019

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Consumer Discretionary (continued)
High Ridge Brands Co.
8.88%		03/15/25	3,4,5	$	400,000	$	195,500
KFC Holding Co./Pizza Hut Holdings LLC/
Taco Bell of America LLC
4.75%		06/01/27	5		761,000		733,414
5.00%		06/01/24	5		80,000		79,550
5.25%		06/01/26	5		3,925,000		3,920,094
Reynolds Group Issuer, Inc./Reynolds Group
Issuer LLC/Reynolds Group Issuer
Luxembourg S.A.
(LIBOR USD 3-Month plus 3.50%)
5.84%		07/15/21	1,5		8,000,000		8,130,000
Spectrum Brands, Inc.
6.13%		12/15/24			1,550,000		1,588,750
6.63%		11/15/22			155,000		159,263
WMG Acquisition Corp.
5.50%		04/15/26	5		1,838,000		1,826,513
							18,252,503
Electric — 0.35%
Energizer Gamma Acquisition, Inc.
6.38%		07/15/26	5		1,375,000		1,424,844
Indiantown Cogeneration LP, Series A-10
9.77%		12/15/20	3,4		258,375		276,138
							1,700,982
Energy — 12.42%
Centennial Resource Production LLC
5.38%		01/15/26	5		776,000		772,120
Cheniere Corpus Christi Holdings LLC
5.13%		06/30/27			265,000		266,656
Cheniere Energy Partners LP
5.63%		10/01/26	5		1,906,000		1,922,106
Chesapeake Energy Corp.
5.75%		03/15/23			1,000,000		978,750
CrownRock LP/CrownRock Finance, Inc.
5.63%		10/15/25	5		570,000		555,779
Diamondback Energy, Inc.
5.38%		05/31/25			500,000		513,125
Endeavor Energy Resources LP/EER
Finance, Inc.
5.75%		01/30/28	5		1,285,000		1,289,819
Energy Transfer Equity LP
5.50%		06/01/27			2,240,000		2,330,272
5.88%		01/15/24			650,000		688,187
Ensco PLC (United Kingdom)
7.75%		02/01/26	2		1,398,000		1,392,757
EQT Corp.
3.90%		10/01/27			2,280,000		2,140,367

See accompanying notes to Schedule of Portfolio Investments.

47 / Semi-Annual Report September 2018

High Yield Bond Fund

Consolidated Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Energy (continued)
Gulfport Energy Corp.
6.38%		05/15/25		$	300,000	$	295,125
Kinder Morgan Energy Partners LP
2.65%		02/01/19			4,640,000		4,636,978
Matador Resources Co.
5.88%		09/15/26	5		1,025,000		1,040,375
MEG Energy Corp. (Canada)
7.00%		03/31/24	2,5		750,000		688,125
Newfield Exploration Co.
5.75%		01/30/22			3,552,000		3,734,040
NGPL Pipe Co. LLC
4.38%		08/15/22	5		3,405,000		3,447,563
Parsley Energy LLC/Parsley Finance Corp.
5.25%		08/15/25	5		1,993,000		1,993,000
Range Resources Corp.
4.88%		05/15/25			1,214,000		1,154,817
5.00%		03/15/23			300,000		295,500
Rockies Express Pipeline LLC
5.63%		04/15/20	5		4,553,000		4,700,973
6.00%		01/15/19	5		2,765,000		2,786,429
6.88%		04/15/40	5		968,000		1,108,360
Seven Generations Energy Ltd. (Canada)
5.38%		09/30/25	2,5		1,220,000		1,184,925
SunCoke Energy Partners LP/SunCoke
Energy Partners Finance Corp.
7.50%		06/15/25	5		740,000		762,200
Sunoco LP/Sunoco Finance Corp.
4.88%		01/15/23	5		1,874,000		1,856,431
5.88%		03/15/28	5		2,100,000		2,029,125
Targa Resources Partners LP/Targa
Resources Partners Finance Corp.
5.88%		04/15/26	5		951,000		981,955
TransMontaigne Partners LP/TLP Finance Corp.
6.13%		02/15/26			2,170,000		2,056,075
Transocean Pontus Ltd. (Cayman Islands)
6.13%		08/01/25	2,5		2,740,000		2,791,348
Transocean Proteus Ltd. (Cayman Islands)
6.25%		12/01/24	2,5		4,186,250		4,275,208
USA Compression Partners LP/USA
Compression Finance Corp.
6.88%		04/01/26	5		1,339,000		1,387,539
Williams Cos., Inc. (The)
3.70%		01/15/23			1,695,000		1,679,661
4.55%		06/24/24			1,650,000		1,680,885
WPX Energy, Inc.
5.25%		09/15/24			814,000		819,596
5.75%		06/01/26			600,000		609,750
6.00%		01/15/22			31,000		32,124

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Energy (continued)
				$		$	60,878,045
Finance — 1.10%
International Lease Finance Corp.
6.25%		05/15/19			4,000,000		4,078,422
Trident Merger Sub, Inc.
6.63%		11/01/25	5		1,383,000		1,313,850
							5,392,272
Food — 2.23%
B&G Foods, Inc.
4.63%		06/01/21			1,360,000		1,363,400
Chobani LLC/Chobani Finance Corp., Inc.
7.50%		04/15/25	5		1,483,000		1,353,237
Kraft Heinz Foods Co.
4.88%		02/15/25	5		579,000		589,052
Pilgrim's Pride Corp.
5.75%		03/15/25	5		278,000		268,965
5.88%		09/30/27	5		1,980,000		1,881,000
Post Holdings, Inc.
5.63%		01/15/28	5		4,296,000		4,145,640
Sigma Holdco BV (Netherlands)
7.88%		05/15/26	2,5		1,400,000		1,319,500
							10,920,794
Gaming — 2.19%
Boyd Gaming Corp.
6.00%		08/15/26			1,602,000		1,622,025
Caesars Resort Collection LLC/CRC Finco, Inc.
5.25%		10/15/25	5		1,390,000		1,327,450
Delta Merger Sub, Inc.
6.00%		09/15/26	5		1,450,000		1,469,937
GLP Capital LP/GLP Financing II, Inc.
5.75%		06/01/28			1,500,000		1,550,625
Rivers Pittsburgh Borrower LP/Rivers
Pittsburgh Finance Corp.
6.13%		08/15/21	5		1,731,000		1,731,000
Sugarhouse HSP Gaming Prop Mezz LP/
Sugarhouse HSP Gaming Finance Corp.
5.88%		05/15/25	5		1,287,000		1,219,046
Wynn Las Vegas LLC/Wynn Las Vegas
Capital Corp.
5.25%		05/15/27	5		1,000,000		930,000
5.50%		03/01/25	5		910,000		881,563
							10,731,646
Health Care — 11.14%
Acadia Healthcare Co., Inc.
6.50%		03/01/24			1,453,000		1,509,304

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 48

High Yield Bond Fund

Consolidated Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Health Care (continued)
Bausch Health Cos., Inc.
9.25%		04/01/26	5	$	1,200,000	$	1,300,500
Bausch Health Cos., Inc. (Canada)
5.50%		03/01/23	2,5		1,784,000		1,723,790
5.50%		11/01/25	2,5		3,371,000		3,383,641
5.88%		05/15/23	2,5		1,774,000		1,731,867
6.13%		04/15/25	2,5		1,777,000		1,697,035
6.50%		03/15/22	2,5		865,000		901,763
Centene Corp.
4.75%		05/15/22			2,178,000		2,213,393
5.63%		02/15/21			1,875,000		1,912,500
CHS/Community Health Systems, Inc.
5.13%		08/01/21			1,018,000		995,095
6.25%		03/31/23			614,000		584,651
6.88%		02/01/22			520,000		293,150
Elanco Animal Health, Inc.
3.91%		08/27/21	5		1,500,000		1,502,434
4.90%		08/28/28	5		1,500,000		1,525,864
Endo DAC/Endo Finance LLC/Endo Finco, Inc. (Ireland)
6.00%		02/01/25	2,5		1,375,000		1,190,406
HCA, Inc.
5.00%		03/15/24			2,379,000		2,444,423
5.25%		04/15/25			3,500,000		3,618,125
5.25%		06/15/26			3,300,000		3,399,000
6.50%		02/15/20			5,234,000		5,459,062
Hill-Rom Holdings, Inc.
5.75%		09/01/23	5		946,000		975,610
Hologic, Inc.
4.63%		02/01/28	5		2,010,000		1,891,913
Polaris Intermediate Corp. (PIK)
8.50%		12/01/22	5,6		895,000		929,681
Teleflex, Inc.
4.88%		06/01/26			229,000		227,569
Tenet Healthcare Corp.
4.50%		04/01/21			2,973,000		2,976,716
4.63%		07/15/24			1,400,000		1,365,000
4.75%		06/01/20			7,154,000		7,234,483
6.00%		10/01/20			569,000		589,626
WellCare Health Plans, Inc.
5.38%		08/15/26	5		1,000,000		1,022,500
							54,599,101
Industrials — 7.14%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (Ireland)
4.25%		09/15/22	2,5		3,551,000		3,506,613
7.25%		05/15/24	2,5		2,600,000		2,730,000

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Industrials (continued)
Ball Corp.
4.00%		11/15/23		$	2,700,000	$	2,646,000
4.38%		12/15/20			1,000,000		1,013,750
Berry Global, Inc.
4.50%		02/15/26	5		2,875,000		2,738,437
Bombardier, Inc. (Canada)
6.13%		01/15/23	2,5		1,147,000		1,154,914
Clean Harbors, Inc.
5.13%		06/01/21			4,923,000		4,947,615
Covanta Holding Corp.
5.88%		07/01/25			607,000		614,587
Crown Americas LLC/Crown Americas Capital Corp. V
4.25%		09/30/26			1,532,000		1,405,610
Graphic Packaging International LLC
4.88%		11/15/22			2,080,000		2,095,600
Itron, Inc.
5.00%		01/15/26	5		1,519,000		1,462,037
KLX, Inc.
5.88%		12/01/22	5		2,811,000		2,910,791
Multi-Color Corp.
4.88%		11/01/25	5		1,995,000		1,870,313
OI European Group BV (Netherlands)
4.00%		03/15/23	2,5		675,000		642,937
Sealed Air Corp.
5.25%		04/01/23	5		1,055,000		1,078,737
5.50%		09/15/25	5		700,000		712,250
Silgan Holdings, Inc.
4.75%		03/15/25			2,000,000		1,927,500
Titan Acquisition Ltd./Titan Co-Borrower LLC (Canada)
7.75%		04/15/26	2,5		1,775,000		1,550,906
							35,008,597
Information Technology — 2.66%
CDK Global, Inc.
3.80%		10/15/19			2,823,000		2,831,469
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc.
5.75%		03/01/25	5		1,352,000		1,345,240
IQVIA, Inc.
5.00%		10/15/26	5		1,891,000		1,860,082
MSCI, Inc.
4.75%		08/01/26	5		75,000		74,625
NXP BV/NXP Funding LLC (Netherlands)
3.88%		09/01/22	2,5		1,800,000		1,778,112
4.13%		06/01/21	2,5		1,475,000		1,477,095

See accompanying notes to Schedule of Portfolio Investments.

49 / Semi-Annual Report September 2018

High Yield Bond Fund

Consolidated Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Information Technology (continued)
Zayo Group LLC/Zayo Capital, Inc.
5.75%		01/15/27	5	$	3,678,000	$	3,687,195
							13,053,818
Materials — 1.35%
Axalta Coating Systems LLC
4.88%		08/15/24	5		3,600,000		3,546,000
Big River Steel LLC/BRS Finance Corp.
7.25%		09/01/25	5		700,000		741,125
Kissner Holdings LP/Kissner Milling Co.
Ltd./BSC Holding, Inc./Kissner USA
(Canada)
8.38%		12/01/22	2,5		735,000		757,050
Valvoline, Inc.
4.38%		08/15/25			1,690,000		1,573,813
							6,617,988
Real Estate Investment Trust (REIT) — 0.25%
MGM Growth Properties Operating
Partnership LP/MGP Finance Co.-Issuer, Inc.
4.50%		01/15/28			1,000,000		920,100
5.63%		05/01/24			300,000		308,625
							1,228,725
Retail — 1.55%
Cumberland Farms, Inc.
6.75%		05/01/25	5		1,280,000		1,317,600
IRB Holding Corp.
6.75%		02/15/26	5		975,000		957,937
Nathan's Famous, Inc.
6.63%		11/01/25	5		696,000		698,610
Party City Holdings, Inc.
6.63%		08/01/26	5		912,000		925,680
Rite Aid Corp.
6.13%		04/01/23	5		4,108,000		3,702,335
							7,602,162
Services — 2.80%
Gartner, Inc.
5.13%		04/01/25	5		160,000		161,506
GFL Environmental, Inc. (Canada)
5.38%		03/01/23	2,5		1,700,000		1,602,250
IHS Markit Ltd. (Bermuda)
4.00%		03/01/26	2,5		3,559,000		3,414,416
4.75%		02/15/25	2,5		455,000		462,749
Matthews International Corp.
5.25%		12/01/25	5		1,972,000		1,922,700
Service Corp. International/U.S.
4.50%		11/15/20			2,480,000		2,489,300
4.63%		12/15/27			1,825,000		1,756,216

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Services (continued)
Waste Pro USA, Inc.
5.50%		02/15/26	5	$	1,945,000	$	1,906,100
							13,715,237
Transportation — 3.87%
American Airlines Pass-Through Trust,
Series 2013-1, Class B
5.63%		01/15/21	5		4,205,370		4,264,365
Avolon Holdings Funding Ltd. (Cayman Islands)
5.13%		10/01/23	2,5		1,450,000		1,469,256
Continental Airlines Pass-Through Trust, Series 2007-1, Class B
6.90%		04/19/22			1,340,844		1,379,460
Delta Air Lines Pass-Through Trust, Series 2002-1, Class G1
6.72%		01/02/23			7,595,764		8,060,062
U.S. Airways Pass-Through Trust, Series 2010-1, Class A
6.25%		04/22/23			1,370,216		1,465,743
U.S. Airways Pass-Through Trust, Series 2012-1, Class A
5.90%		10/01/24			2,212,266		2,359,897
							18,998,783
Total Corporates (Cost $358,960,113)							359,064,853
MORTGAGE-BACKED — 0.05%**
Non-Agency Mortgage-Backed — 0.05%
Countrywide Asset-Backed Certificates, Series 2007-13, Class 2A1
(LIBOR USD 1-Month plus 0.90%)
3.12%		10/25/47	1		254,928		253,151
Total Mortgage-Backed (Cost $191,547)
Total Bonds – 88.78% (Cost $434,832,391)							435,264,787
Issues				Shares		Value
COMMON STOCK — 0.94%
Electric — 0.87%
Homer City Holdings LLC3,4,5,7					502,908		4,274,718
Energy — 0.04%
Sabine Oil & Gas Holdings, Inc.3,4,5,7					3,520		179,520

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 50

High Yield Bond Fund

Consolidated Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues			Shares		Value
COMMON STOCK (continued)
Secured Assets — 0.03%
Entegra TC LLC3,4,7,8				28,545	$	171,270
Total Common Stock (Cost $30,886,763)						4,625,508
WARRANT — 0.02%
Energy — 0.02%
Sabine Oil & Gas Holdings, Inc. Warrant Tranche 13,4,5,7				11,165		72,573
Sabine Oil & Gas Holdings, Inc. Warrant Tranche 23,4,7				1,988		10,934
						83,507
Total Warrant (Cost $2,595,507)
Issues	Maturity Date		Principal Amount/ Shares		Value
SHORT-TERM INVESTMENTS — 12.26%
Money Market Funds — 4.36%
Morgan Stanley Institutional Liquidity
Funds-Government Portfolio
2.04%9				21,372,000		21,372,000
U.S. Agency Discount Notes — 0.83%
Federal Home Loan Bank
0.79%10		10/03/18	$	4,100,000		4,099,523
U.S. Treasury Bills — 7.07%
U.S. Treasury Bills
2.04%10		01/03/19		14,500,000		14,417,842
2.05%10,11		12/13/18		680,000		677,075
2.16%10		01/24/19		5,000,000		4,964,861
2.19%10		01/31/19		14,700,000		14,589,469
						34,649,247
Total Short-Term Investments (Cost $60,124,895)						60,120,770
Total Investments – 102.00%
(Cost $528,439,556)						500,094,572
Liabilities in Excess of Other Assets – (2.00)%						(9,822,976	)
Net Assets – 100.00%					$	490,271,596

¹  Floating rate security. The rate disclosed was in effect at September 30, 2018.

²  U.S. dollar-denominated security issued by foreign-domiciled entity.

³  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁴  Illiquid security as determined under procedures approved by the Board of Trustees. The aggregate value of illiquid securities is $6,481,324, which is 1.32% of total net assets.

⁵  Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

⁶  Payment-in-kind (“PIK”) security. Income may be paid in additional securities or cash at the discretion of the issuer. 8.50% cash or 9.25% payment-in-kind interest.

⁷  Non-income producing security.

⁸  All or a portion of this security is owned by Metropolitan West HY Sub I LLC, a consolidated subsidiary.

⁹  Represents the current yield as of September 30, 2018.

¹⁰  Represents annualized yield at date of purchase.

¹¹ Securities, or a portion thereof, pledged as collateral for futures. The total market value of collateral pledged is $677,056.

* Securities with a call or reset feature will have an effective maturity date sooner than the stated maturity.

** Securities backed by mortgage or consumer loans where payment is periodically made will have an effective maturity date sooner than the stated maturity date.

Note: For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for more meaningful presentation for investors.

(LIBOR): London InterBank Offer Rate

(PIK): Payment In Kind

(USD): U.S. dollar

See accompanying notes to Schedule of Portfolio Investments.

51 / Semi-Annual Report September 2018

High Yield Bond Fund

Consolidated Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Description	Number of Contracts	Expiration Date	Notional Amount			Value				Unrealized Appreciation (Depreciation)
FUTURES CONTRACTS: LONG POSITIONS
U.S. Treasury Five Year Note	705	12/31/18		$	79,295,977		$	(364,802	)		$	(364,802	)
U.S. Treasury Two Year Note	175	12/31/18			36,878,516			(121,595	)			(121,595	)
				$	116,174,493		$	(486,397	)		$	(486,397	)
FUTURES CONTRACTS: SHORT POSITIONS
U.S. Treasury Ten Year Ultra Bond	49	12/19/18			6,174,000			70,123				70,123
TOTAL FUTURES CONTRACTS				$	122,348,493		$	(416,274	)		$	(416,274	)

Reference Obligation/Index	Financing Rate Paid by the Fund	Payment Frequency	Counterparty		Expiration Date	Notional Amounta			Value				Premiums Paid			Unrealized (Depreciation)
SWAPS: CREDIT DEFAULT (PURCHASED) - SINGLE ISSUES OTC
Arconic, Inc., 5.72%, due 02/23/19	1.00%	3 Months		Goldman Sachs International	03/20/19		$	9,750,000		$	(37,801	)		$	30,483		$	(68,284	)
Arconic, Inc., 5.72%, due 02/23/19	1.00%	3 Months		Morgan Stanley Capital Services LLC	03/20/19			5,000,000			(19,385	)			19,097			(38,482	)
Teck Resources Ltd., 3.75%, due 02/01/23	1.00%	3 Months		Morgan Stanley Capital Services LLC	03/20/19			5,000,000			(23,002	)			16,865			(39,867	)
TOTAL										$	(80,188	)		$	66,445		$	(146,633	)

a The maximum potential payment the Fund could be required to make as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of the swap agreement.

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 52

Intermediate Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
BONDS – 96.35%
ASSET-BACKED SECURITIES — 7.79%**
Academic Loan Funding Trust, Series 2012-1A, Class A2
(LIBOR USD 1-Month plus 1.10%)
3.32%		12/27/44	1,2	$	869,705	$	877,186
Barings CLO Ltd., Series 2013-IA, Class AR (Cayman Islands)
(LIBOR USD 3-Month plus 0.80%)
3.15%		01/20/28	1,2,3		1,315,000		1,310,224
Bayview Commercial Asset Trust, Series 2004-3, Class A1
(LIBOR USD 1-Month plus 0.56%)
2.77%		01/25/35	1,2		504,302		498,886
Brazos Higher Education Authority, Inc., Series 2005-3, Class A16
(LIBOR USD 3-Month plus 0.20%)
2.57%		06/25/26	1		180,952		179,143
Brazos Higher Education Authority, Inc., Series 2010-1, Class A2
(LIBOR USD 3-Month plus 1.20%)
3.51%		02/25/35	1		650,000		667,983
Brazos Higher Education Authority, Inc., Series 2011-2, Class A3
(LIBOR USD 3-Month plus 1.00%)
3.34%		10/27/36	1		930,000		945,964
CIT Education Loan Trust, Series 2007-1, Class A
(LIBOR USD 3-Month plus 0.09%)
2.46%		03/25/42	1,2		301,831		294,183
Educational Funding of the South, Inc., Series 2011-1, Class A2
(LIBOR USD 3-Month plus 0.65%)
2.99%		04/25/35	1		344,466		345,040
GCO Education Loan Funding Trust, Series 2006-2AR, Class A1RN
(LIBOR USD 1-Month plus 0.65%)
2.87%		08/27/46	1,2		810,462		799,572
Global SC Finance II SRL, Series 2014-1A,
Class A2 (Barbados)
3.09%		07/17/29	2,3		977,083		947,077
Higher Education Funding I, Series 2014-1, Class A
(LIBOR USD 3-Month plus 1.05%)
3.36%		05/25/34	1,2		1,190,952		1,199,176
J.G. Wentworth XXX LLC, Series 2013-3A, Class A
4.08%		01/17/73	2		486,611		490,036
J.G. Wentworth XXXII LLC, Series 2014-2A, Class A
3.61%		01/17/73	2		895,274		858,207
LCM XX LP, Series 20A, Class AR (Cayman Islands)
(LIBOR USD 3-Month plus 1.04%)

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
3.38%		10/20/27	1,2,3,†	$	1,700,000	$	1,700,001
Magnetite XI Ltd., Series 2014-11A, Class A1R (Cayman Islands)
(LIBOR USD 3-Month plus 1.12%)
3.45%		01/18/27	1,2,3		2,400,000		2,400,260
Navient Student Loan Trust, Series 2014-1, Class A3
(LIBOR USD 1-Month plus 0.51%)
2.73%		06/25/31	1		2,549,134		2,555,932
Navient Student Loan Trust, Series 2014-3, Class A
(LIBOR USD 1-Month plus 0.62%)
2.84%		03/25/83	1		1,999,643		1,993,094
Navient Student Loan Trust, Series 2014-4, Class A
(LIBOR USD 1-Month plus 0.62%)
2.84%		03/25/83	1		1,849,179		1,842,382
Navient Student Loan Trust, Series 2014-8, Class A3
(LIBOR USD 1-Month plus 0.60%)
2.82%		05/27/49	1		4,710,000		4,734,310
Navient Student Loan Trust, Series 2016-2A, Class A3
(LIBOR USD 1-Month plus 1.50%)
3.72%		06/25/65	1,2		1,640,000		1,712,075
Nelnet Student Loan Trust, Series 2011-1A, Class A
(LIBOR USD 1-Month plus 0.85%)
3.07%		02/25/48	1,2		1,172,893		1,184,030
Nelnet Student Loan Trust, Series 2014-4A, Class A2
(LIBOR USD 1-Month plus 0.95%)
3.17%		11/25/48	1,2		1,370,000		1,380,527
Nelnet Student Loan Trust, Series 2015-2A, Class A2
(LIBOR USD 1-Month plus 0.60%)
2.82%		09/25/47	1,2		3,313,635		3,311,742
SLC Student Loan Trust, Series 2004-1, Class B
(LIBOR USD 3-Month plus 0.29%)
2.60%		08/15/31	1		178,474		169,023
SLC Student Loan Trust, Series 2008-1, Class A4A
(LIBOR USD 3-Month plus 1.60%)
3.93%		12/15/32	1		409,005		425,252
SLM Student Loan Trust, Series 2003-10A, Class A3
(LIBOR USD 3-Month plus 0.47%)
2.80%		12/15/27	1,2		1,763,491		1,771,210
SLM Student Loan Trust, Series 2004-2, Class B
(LIBOR USD 3-Month plus 0.47%)
2.81%		07/25/39	1		212,001		203,075

See accompanying notes to Schedule of Portfolio Investments.

53 / Semi-Annual Report September 2018

Intermediate Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
SLM Student Loan Trust, Series 2006-8, Class A6
(LIBOR USD 3-Month plus 0.16%)
2.50%		01/25/41	1	$	925,000	$	898,896
SLM Student Loan Trust, Series 2008-2, Class B
(LIBOR USD 3-Month plus 1.20%)
3.54%		01/25/83	1		160,000		154,412
SLM Student Loan Trust, Series 2008-3, Class B
(LIBOR USD 3-Month plus 1.20%)
3.54%		04/26/83	1		160,000		156,935
SLM Student Loan Trust, Series 2008-4, Class B
(LIBOR USD 3-Month plus 1.85%)
4.19%		04/25/73	1		160,000		164,951
SLM Student Loan Trust, Series 2008-5, Class B
(LIBOR USD 3-Month plus 1.85%)
4.19%		07/25/73	1		2,210,000		2,268,811
SLM Student Loan Trust, Series 2008-6, Class A4
(LIBOR USD 3-Month plus 1.10%)
3.44%		07/25/23	1		2,518,797		2,533,213
SLM Student Loan Trust, Series 2008-6, Class B
(LIBOR USD 3-Month plus 1.85%)
4.19%		07/26/83	1		160,000		163,934
SLM Student Loan Trust, Series 2008-7, Class B
(LIBOR USD 3-Month plus 1.85%)
4.19%		07/26/83	1		160,000		163,277
SLM Student Loan Trust, Series 2008-8, Class B
(LIBOR USD 3-Month plus 2.25%)
4.59%		10/25/75	1		160,000		168,098
SLM Student Loan Trust, Series 2008-9, Class A
(LIBOR USD 3-Month plus 1.50%)
3.84%		04/25/23	1		1,666,523		1,703,113
SLM Student Loan Trust, Series 2008-9, Class B
(LIBOR USD 3-Month plus 2.25%)
4.59%		10/25/83	1		1,860,000		1,938,287
SLM Student Loan Trust, Series 2009-3, Class A
(LIBOR USD 1-Month plus 0.75%)
2.97%		01/25/45	1,2		3,927,952		3,962,259
SLM Student Loan Trust, Series 2011-2, Class A2
(LIBOR USD 1-Month plus 1.20%)
3.42%		10/25/34	1		500,000		515,191

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
SLM Student Loan Trust, Series 2012-3, Class A
(LIBOR USD 1-Month plus 0.65%)
2.87%		12/27/38	1	$	1,391,333	$	1,400,088
SLM Student Loan Trust, Series 2012-7, Class A3
(LIBOR USD 1-Month plus 0.65%)
2.87%		05/26/26	1		729,388		722,818
Structured Receivables Finance LLC, Series 2010-A, Class B
7.61%		01/16/46	2,†		572,094		637,865
Student Loan Consolidation Center Student Loan Trust I, Series 2002-2, Class B2
(28 Day Auction Rate plus 0.00%)0
1.61%		07/01/42	1,2		650,000		518,334
Total Asset-Backed Securities
(Cost $52,403,314)							52,866,072
BANK LOANS — 0.64%*
Communications — 0.07%
Intelsat Jackson Holdings SA, Term Loan B5, 1st Lien (Luxembourg)
6.63%		01/02/24	3		225,000		235,069
Lamar Media Corp., Term Loan B, 1st Lien
(LIBOR plus 1.75%)
3.94%		03/14/25	1		199,000		200,161
Sprint Communications, Inc., Term Loan B, 1st Lien
(LIBOR plus 2.50%)
4.75%		02/02/24	1		54,861		55,066
							490,296
Consumer Discretionary — 0.07%
Reynolds Group Holdings, Inc., Term Loan B, 1st Lien
(LIBOR plus 2.75%)
4.99%		02/05/23	1		441,020		443,500
Energy — 0.02%
Vistra Operations Co., LLC, Term Loan B1, 1st Lien
(LIBOR plus 2.00%)
4.24%		08/04/23	1		120,731		121,033
Finance — 0.29%
Delos Finance SARL, Term Loan B, 1st Lien
(LIBOR plus 1.75%)
4.14%		10/06/23	1		1,980,136		1,990,037
Gaming — 0.01%
Churchill Downs, Inc., Term Loan B, 1st Lien
(LIBOR plus 2.00%)
4.25%		12/27/24	1		54,862		55,051

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 54

Intermediate Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
BANK LOANS (continued)
Health Care — 0.00%
Kindred At Home, Term Loan, 1st Lien
(LIBOR plus 3.75%)
6.00%		07/02/25	1	$	30,000	$	30,394
Industrials — 0.04%
Tyco International Holdings SARL, Term Loan
(LIBOR plus 1.25%)
3.62%		03/02/20	1,4,5		291,200		290,928
Information Technology — 0.14%
Dell International LLC, Term Loan A3, 1st Lien
(LIBOR plus 1.50%)
3.75%		12/31/18	1		611,173		612,224
SS&C Technologies, Inc., Term Loan B3, 1st Lien
(LIBOR plus 2.25%)
4.49%		04/16/25	1		220,577		221,060
SS&C Technology Holdings Europe SARL, Term Loan B4, 1st Lien
(LIBOR plus 2.25%)
4.49%		04/16/25	1		85,621		85,808
							919,092
Total Bank Loans
(Cost $4,313,911)							4,340,331
CORPORATES — 39.66%*
Automotive — 0.16%
General Motors Co.
4.88%		10/02/23			1,035,000		1,060,841
Banking — 7.42%
Bank of America Corp.
2.74%		01/23/22	6		2,130,000		2,095,400
3.00%		12/20/23	6		671,000		651,544
3.71%		04/24/28	6		740,000		711,778
Bank of America Corp. (GMTN)
2.37%		07/21/21	6		1,960,000		1,925,870
3.59%		07/21/28	6		535,000		510,123
Bank of America Corp. (MTN)
3.09%		10/01/25	6		2,195,000		2,092,693
4.13%		01/22/24			1,170,000		1,189,529
4.27%		07/23/29	6		1,000,000		998,393
Bank of America Corp., Series L
2.60%		01/15/19			115,000		114,987
Bank of New York Mellon Corp. (The) (MTN)
2.50%		04/15/21			1,284,000		1,261,810
2.60%		02/07/22			775,000		756,121
Capital One Bank USA N.A. (BKNT)
2.15%		11/21/18			1,950,000		1,949,323

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Banking (continued)
JPMorgan Chase & Co.
2.55%		10/29/20		$	4,440,000	$	4,377,625
3.22%		03/01/25	6		2,395,000		2,317,609
JPMorgan Chase Bank N.A.
2.60%		02/01/21	6		3,245,000		3,221,358
JPMorgan Chase Bank N.A. (BKNT)
(LIBOR USD 3-Month plus 0.25%)
2.59%		02/13/20	1		3,055,000		3,056,819
Lloyds Banking Group PLC
(United Kingdom)
2.91%		11/07/23	3,6		875,000		835,197
PNC Bank N.A. (BKNT)
1.70%		12/07/18			2,385,000		2,381,964
Santander UK Group Holdings PLC
(United Kingdom)
2.88%		10/16/20	3		1,015,000		1,003,047
Santander UK PLC (United Kingdom)
2.50%		03/14/19	3		780,000		779,632
3.40%		06/01/21	3		2,015,000		2,007,863
UBS AG/London (Switzerland)
(LIBOR USD 3-Month plus 0.32%)
2.63%		05/28/19	1,2,3		2,340,000		2,344,868
US Bank N.A. (BKNT)
3.40%		07/24/23			1,845,000		1,837,348
Wells Fargo & Co.
3.00%		04/22/26			780,000		724,213
3.00%		10/23/26			2,145,000		1,992,553
Wells Fargo & Co. (MTN)
3.30%		09/09/24			3,635,000		3,528,577
Wells Fargo Bank N.A. (BKNT)
2.40%		01/15/20			3,900,000		3,870,124
3.33%		07/23/21	6		1,855,000		1,853,317
							50,389,685
Communications — 2.59%
AT&T, Inc.
3.40%		05/15/25			1,950,000		1,858,362
3.80%		03/15/22			1,170,000		1,175,082
CCO Holdings LLC/CCO Holdings Capital Corp.
5.00%		02/01/28	2		500,000		471,875
Charter Communications Operating
LLC/Charter Communications Operating Capital
3.75%		02/15/28			550,000		507,445
4.50%		02/01/24			2,180,000		2,195,755
Clear Channel International BV
(Netherlands)
8.75%		12/15/20	2,3		142,000		146,970

See accompanying notes to Schedule of Portfolio Investments.

55 / Semi-Annual Report September 2018

Intermediate Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Communications (continued)
CSC Holdings LLC
5.38%		02/01/28	2	$	500,000	$	477,500
Intelsat Jackson Holdings SA (Luxembourg)
8.50%		10/15/24	2,3		49,000		49,398
9.75%		07/15/25	2,3		350,000		371,437
Sprint Communications, Inc.
9.00%		11/15/18	2		97,000		97,849
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC
3.36%		09/20/21	2		2,015,250		2,015,250
4.74%		03/20/25	2		780,000		781,599
T-Mobile USA, Inc.
4.50%		02/01/26			172,000		163,615
Verizon Communications, Inc.
2.95%		03/15/22			1,105,000		1,088,340
3.38%		02/15/25			485,000		471,446
3.50%		11/01/24			1,808,000		1,776,531
4.33%		09/21/28	2		468,000		470,869
Vodafone Group PLC (United Kingdom)
4.38%		05/30/28	3		750,000		740,361
Warner Media LLC
3.55%		06/01/24			975,000		946,225
3.88%		01/15/26			1,835,000		1,783,360
							17,589,269
Consumer Discretionary — 1.02%
Anheuser-Busch InBev Finance, Inc.
3.65%		02/01/26			1,910,000		1,858,265
BAT Capital Corp.
2.76%		08/15/22	2		875,000		843,862
Central Garden & Pet Co.
5.13%		02/01/28			278,000		265,490
Constellation Brands, Inc.
2.00%		11/07/19			1,950,000		1,928,230
First Quality Finance Co., Inc.
5.00%		07/01/25	2		171,000		160,313
Reckitt Benckiser Treasury Services PLC
(United Kingdom)
2.75%		06/26/24	2,3		1,950,000		1,849,888
							6,906,048
Electric — 3.22%
AEP Texas, Inc.
3.85%		10/01/25	2		1,405,000		1,397,281
Black Hills Corp.
2.50%		01/11/19			1,960,000		1,957,877
Duquesne Light Holdings, Inc.
5.90%		12/01/21	2		485,000		509,393
6.40%		09/15/20	2		1,843,000		1,930,651

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Electric (continued)
Entergy Corp.
4.00%		07/15/22		$	1,170,000	$	1,184,535
Entergy Mississippi, Inc.
3.10%		07/01/23			1,755,000		1,705,417
Kansas City Power & Light Co.
3.65%		08/15/25			780,000		764,149
KCP&L Greater Missouri Operations Co.
8.27%		11/15/21			1,775,000		1,980,841
Metropolitan Edison Co.
4.00%		04/15/25	2		770,000		764,215
7.70%		01/15/19			390,000		395,210
Nevada Power Co.
7.13%		03/15/19			1,560,000		1,592,075
NextEra Energy Capital Holdings, Inc.
(LIBOR USD 3-Month plus 0.55%)
2.86%		08/28/21	1		2,000,000		2,000,315
NextEra Energy Operating Partners LP
4.50%		09/15/27	2		271,000		260,837
Public Service Co. of New Mexico
3.85%		08/01/25			1,405,000		1,394,062
Southwestern Electric Power Co.
3.55%		02/15/22			1,170,000		1,173,633
6.45%		01/15/19			864,000		871,018
Texas-New Mexico Power Co.
9.50%		04/01/19	2		1,405,000		1,447,623
Tucson Electric Power Co.
3.85%		03/15/23			545,000		543,568
							21,872,700
Energy — 2.18%
Brooklyn Union Gas Co. (The)
3.41%		03/10/26	2		3,120,000		3,015,461
Canadian Natural Resources Ltd. (Canada)
3.85%		06/01/27	3		345,000		336,596
Enbridge Energy Partners LP
5.88%		10/15/25			975,000		1,071,674
Energy Transfer Partners LP/Regency Energy Finance Corp.
5.00%		10/01/22			235,000		243,548
Florida Gas Transmission Co. LLC
7.90%		05/15/19	2		1,170,000		1,204,218
NiSource, Inc.
2.65%		11/17/22			1,185,000		1,129,132
Petroleos Mexicanos (Mexico)
2.00%		12/20/22	3		1,350,000		1,318,222
Plains All American Pipeline LP/PAA Finance Corp.
3.85%		10/15/23			235,000		232,250
4.65%		10/15/25			780,000		791,138

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 56

Intermediate Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Energy (continued)
Ruby Pipeline LLC
6.00%		04/01/22	2	$	871,591	$	895,397
TC PipeLines LP
4.65%		06/15/21			2,010,000		2,044,699
Texas Eastern Transmission LP
2.80%		10/15/22	2		823,000		790,542
Williams Cos., Inc. (The)
3.35%		08/15/22			585,000		573,054
3.60%		03/15/22			1,157,000		1,150,396
							14,796,327
Finance — 6.92%
Air Lease Corp.
2.13%		01/15/20			1,170,000		1,151,937
3.38%		01/15/19			780,000		780,819
American Express Credit Corp. (MTN)
2.20%		03/03/20			3,800,000		3,758,221
Citibank N.A. (BKNT)
3.40%		07/23/21			1,855,000		1,855,416
Citigroup, Inc.
2.05%		12/07/18			2,730,000		2,727,911
Durrah MSN 35603 (Cayman Islands)
1.68%		01/22/25	3		3,620,226		3,453,783
Ford Motor Credit Co. LLC
2.02%		05/03/19			1,560,000		1,550,907
2.43%		06/12/20			835,000		818,412
General Motors Financial Co., Inc.
2.40%		05/09/19			1,560,000		1,556,143
Goldman Sachs Group, Inc. (The)
2.55%		10/23/19			2,730,000		2,719,099
2.75%		09/15/20			1,275,000		1,262,543
3.27%		09/29/25	6		1,320,000		1,261,527
3.69%		06/05/28	6		950,000		904,330
Goldman Sachs Group, Inc. (The) (MTN)
3.85%		07/08/24			2,165,000		2,155,641
Morgan Stanley
(LIBOR USD 3-Month plus 0.93%)
3.28%		07/22/22	1		1,440,000		1,452,960
Morgan Stanley, Series 3NC2
(LIBOR USD 3-Month plus 0.80%)
3.12%		02/14/20	1		5,460,000		5,473,183
Protective Life Global Funding
1.72%		04/15/19	2		1,405,000		1,397,542
2.70%		11/25/20	2		2,430,000		2,393,870
Raymond James Financial, Inc.
5.63%		04/01/24			1,950,000		2,106,546
Safina Ltd. (Cayman Islands)
2.00%		12/30/23	3		6,404,687		6,196,214

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Finance (continued)
Sandalwood 2013 LLC
2.90%		07/10/25		$	2,071,063	$	2,045,071
							47,022,075
Food — 0.87%
General Mills, Inc.
4.20%		04/17/28			745,000		735,029
Kraft Heinz Foods Co.
3.00%		06/01/26			780,000		713,184
3.95%		07/15/25			1,520,000		1,500,057
Mondelez International Holdings Netherlands BV (Netherlands)
1.63%		10/28/19	2,3		3,005,000		2,962,077
							5,910,347
Gaming — 0.21%
GLP Capital LP/GLP Financing II, Inc.
5.25%		06/01/25			505,000		514,469
5.38%		04/15/26			873,000		888,723
							1,403,192
Health Care — 4.78%
AbbVie, Inc.
3.60%		05/14/25			1,747,000		1,693,327
Allergan Finance LLC
3.25%		10/01/22			1,170,000		1,148,703
Anthem, Inc.
3.13%		05/15/22			1,950,000		1,920,912
Bausch Health Cos., Inc. (Canada)
5.88%		05/15/23	2,3		771,000		752,689
Baxalta, Inc.
2.88%		06/23/20			325,000		322,440
Bayer U.S. Finance II LLC
4.38%		12/15/28	2		1,500,000		1,472,035
Bayer U.S. Finance LLC
2.38%		10/08/19	2		780,000		771,783
Baylor Scott & White Holdings
2.65%		11/15/26			1,805,000		1,636,016
Becton Dickinson and Co.
2.89%		06/06/22			1,000,000		968,650
Celgene Corp.
3.88%		08/15/25			1,950,000		1,923,881
CHS/Community Health Systems, Inc.
8.63%		01/15/24	2		90,000		93,825
Cigna Corp.
3.05%		10/15/27			1,285,000		1,161,213
CVS Health Corp.
4.00%		12/05/23			2,030,000		2,036,305
5.05%		03/25/48			1,090,000		1,119,174

See accompanying notes to Schedule of Portfolio Investments.

57 / Semi-Annual Report September 2018

Intermediate Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Health Care (continued)
Elanco Animal Health, Inc.
3.91%		08/27/21	2	$	1,000,000	$	1,001,623
Eli Lilly & Co.
2.75%		06/01/25			430,000		411,722
Fresenius Medical Care U.S. Finance II, Inc.
5.63%		07/31/19	2		1,091,000		1,112,796
Gilead Sciences, Inc.
3.50%		02/01/25			1,745,000		1,715,840
Halfmoon Parent, Inc.
4.13%		11/15/25	2		1,285,000		1,283,299
HCA, Inc.
5.00%		03/15/24			714,000		733,635
5.25%		04/15/25			296,000		305,990
6.50%		02/15/20			695,000		724,885
Hologic, Inc.
4.63%		02/01/28	2		200,000		188,250
Humana, Inc.
3.95%		03/15/27			1,035,000		1,019,112
Kaiser Foundation Hospitals
3.15%		05/01/27			1,156,000		1,109,850
RWJ Barnabas Health, Inc.
2.95%		07/01/26			3,420,000		3,211,658
Shire Acquisitions Investments Ireland DAC
(Ireland)
1.90%		09/23/19	3		390,000		385,922
Tenet Healthcare Corp.
4.38%		10/01/21			75,000		74,625
4.50%		04/01/21			514,000		514,643
UnitedHealth Group, Inc.
3.75%		07/15/25			1,615,000		1,624,128
							32,438,931
Industrials — 2.13%
Amcor Finance USA, Inc.
3.63%		04/28/26	2		1,950,000		1,841,413
BAE Systems Holdings, Inc.
6.38%		06/01/19	2		1,500,000		1,532,074
Clean Harbors, Inc.
5.13%		06/01/21			380,000		381,900
Crane Co.
4.45%		12/15/23			1,100,000		1,126,910
Itron, Inc.
5.00%		01/15/26	2		100,000		96,250
L3 Technologies, Inc.
3.85%		06/15/23			1,530,000		1,534,706
Northrop Grumman Corp.
2.93%		01/15/25			2,980,000		2,834,888
3.20%		02/01/27			1,205,000		1,138,408

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Industrials (continued)
Packaging Corp. of America
2.45%		12/15/20		$	1,410,000	$	1,383,696
Siemens Financieringsmaatschappij NV
(Netherlands)
2.00%		09/15/23	2,3		1,560,000		1,452,974
Sydney Airport Finance Co. Pty Ltd.
(Australia)
3.38%		04/30/25	2,3		410,000		392,647
United Technologies Corp.
3.35%		08/16/21			740,000		739,820
							14,455,686
Information Technology — 0.91%
Broadcom Corp./Broadcom Cayman Finance Ltd.
2.38%		01/15/20			1,755,000		1,734,944
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc.
5.75%		03/01/25	2		257,000		255,715
IQVIA, Inc.
5.00%		10/15/26	2		300,000		295,095
Microsoft Corp.
2.88%		02/06/24			1,795,000		1,755,316
Oracle Corp.
2.40%		09/15/23			2,000,000		1,907,218
Zayo Group LLC/Zayo Capital, Inc.
5.75%		01/15/27	2		250,000		250,625
							6,198,913
Insurance — 1.82%
Jackson National Life Global Funding
1.88%		10/15/18	2		1,560,000		1,559,357
Metropolitan Life Global Funding I
1.55%		09/13/19	2		2,340,000		2,312,120
Nationwide Mutual Insurance Co.
4.62%		12/15/24	2,6		1,212,000		1,216,545
New York Life Global Funding
1.55%		11/02/18	2		1,560,000		1,558,790
2.00%		04/13/21	2		1,560,000		1,513,737
Pricoa Global Funding I
2.55%		11/24/20	2		1,945,000		1,911,320
Principal Life Global Funding II
2.63%		11/19/20	2		2,340,000		2,307,098
							12,378,967
Materials — 0.25%
Axalta Coating Systems LLC
4.88%		08/15/24	2		250,000		246,250
Dow Chemical Co. (The)
8.55%		05/15/19			1,170,000		1,210,096

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 58

Intermediate Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Materials (continued)
Valvoline, Inc.
5.50%		07/15/24		$	250,000	$	251,575
							1,707,921
Real Estate Investment Trust (REIT) — 3.16%
Alexandria Real Estate Equities, Inc.
2.75%		01/15/20			1,170,000		1,159,730
3.90%		06/15/23			115,000		115,499
4.60%		04/01/22			1,560,000		1,601,777
American Campus Communities Operating Partnership LP
3.35%		10/01/20			2,340,000		2,328,915
American Tower Corp.
2.80%		06/01/20			820,000		811,706
3.00%		06/15/23			435,000		419,241
CC Holdings GS V LLC/Crown Castle GS III Corp.
3.85%		04/15/23			235,000		233,688
HCP, Inc.
4.00%		12/01/22			1,755,000		1,758,690
4.25%		11/15/23			1,480,000		1,485,047
Healthcare Trust of America Holdings LP
3.70%		04/15/23			1,125,000		1,104,161
MGM Growth Properties Operating Partnership LP/MGP Finance Co.-Issuer, Inc.
4.50%		01/15/28			300,000		276,030
Piedmont Operating Partnership LP
3.40%		06/01/23			1,480,000		1,421,593
Public Storage
2.37%		09/15/22			285,000		273,510
Reckson Operating Partnership LP
7.75%		03/15/20			505,000		533,671
SL Green Operating Partnership LP
3.25%		10/15/22			1,320,000		1,281,771
(LIBOR USD 3-Month plus 0.98%)
3.35%		08/16/21	1		1,000,000		1,001,334
Ventas Realty LP
3.25%		10/15/26			1,410,000		1,304,783
Ventas Realty LP/Ventas Capital Corp.
2.70%		04/01/20			800,000		793,293
WEA Finance LLC/Westfield UK & Europe Finance PLC
2.70%		09/17/19	2		1,750,000		1,745,332

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Real Estate Investment Trust (REIT) (continued)
Welltower, Inc.
3.75%		03/15/23		$	780,000	$	775,277
5.25%		01/15/22			1,000,000		1,043,540
							21,468,588
Retail — 0.51%
Alimentation Couche-Tard, Inc. (Canada)
3.55%		07/26/27	2,3		780,000		732,403
BC ULC/New Red Finance, Inc. (Canada)
4.25%		05/15/24	2,3		785,000		745,750
Rite Aid Corp.
6.13%		04/01/23	2		350,000		315,437
Walmart, Inc.
3.55%		06/26/25			1,645,000		1,654,632
							3,448,222
Services — 0.22%
IHS Markit Ltd. (Bermuda)
4.13%		08/01/23	3		1,475,000		1,474,012
Transportation — 1.29%
American Airlines Pass-Through Trust, Series 2013-2, Class A
4.95%		01/15/23			519,791		531,664
Continental Airlines Pass-Through Trust, Series 1999-1, Class A
6.55%		02/02/19			144,442		146,162
Continental Airlines Pass-Through Trust, Series 1999-2, Class A
7.26%		03/15/20			66,930		68,810
Continental Airlines Pass-Through Trust, Series 2007-1, Class A
5.98%		04/19/22			1,846,667		1,953,737
Continental Airlines Pass-Through Trust, Series 2009, Class A
7.25%		11/10/19			1,805,431		1,870,878
Delta Air Lines Pass-Through Trust, Series 2002-1, Class G1
6.72%		01/02/23			647,267		686,832
Northwest Airlines Pass-Through Trust, Series 2001-1, Class A1
7.04%		04/01/22			952,432		1,032,817
U.S. Airways Pass-Through Trust, Series 2001-1, Class G
7.08%		03/20/21			140,607		147,970
U.S. Airways Pass-Through Trust, Series 2011-1, Class A
7.13%		10/22/23			643,527		705,025
U.S. Airways Pass-Through Trust, Series 2012-1, Class A
5.90%		10/01/24			432,083		460,917

See accompanying notes to Schedule of Portfolio Investments.

59 / Semi-Annual Report September 2018

Intermediate Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Transportation (continued)
U.S. Airways Pass-Through Trust, Series 2012-2, Class A
4.63%		06/03/25		$	366,821	$	372,078
Union Pacific Corp.
3.95%		09/10/28			755,000		760,215
							8,737,105
Total Corporates
(Cost $273,338,845)							269,258,829
MORTGAGE-BACKED — 16.22%**
Non-Agency Commercial Mortgage-Backed — 2.12%
225 Liberty Street Trust, Series 2016-225L, Class A
3.60%		02/10/36	2		1,225,000		1,212,519
Banc of America Merrill Lynch Commercial Mortgage Trust, Series 2012-PARK, Class A
2.96%		12/10/30	2		3,417,000		3,376,243
Banc of America Merrill Lynch Commercial Mortgage Trust, Series 2018-PARK, Class A
4.09%		08/10/38	2,6		1,095,000		1,118,586
Citigroup Commercial Mortgage Trust, Series 2012-GC8, Class XA (IO)
1.97%		09/10/45	2,6		6,413,945		345,164
CityLine Commercial Mortgage Trust, Series 2016-CLNE, Class A
2.87%		11/10/31	2,6		1,085,000		1,046,998
Commercial Mortgage Trust, Series 2013-300P, Class A1
4.35%		08/10/30	2		1,160,000		1,203,301
Commercial Mortgage Trust, Series 2014-277P, Class A
3.73%		08/10/49	2,6		1,265,000		1,266,018
Commercial Mortgage Trust, Series 2016-787S, Class A
3.55%		02/10/36	2		1,225,000		1,206,450
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2010-CNTR, Class A2
4.31%		08/05/32	2		775,096		790,734
Morgan Stanley Capital I Trust, Series 2014-CPT, Class A
3.35%		07/13/29	2		950,000		950,078
RBS Commercial Funding, Inc., Trust, Series 2013-GSP, Class A
3.96%		01/13/32	2,6		1,170,000		1,182,963
Wells Fargo Commercial Mortgage Trust, Series 2010-C1, Class A1
3.35%		11/15/43	2		700,827		703,270
							14,402,324

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed — 5.32%
ACE Securities Corp. Home Equity Loan Trust, Series 2006-NC1, Class A1
(LIBOR USD 1-Month)
2.66%		12/25/35	1	$	1,807,631	$	1,808,703
Ameriquest Mortgage Securities, Inc.,
Asset-Backed Pass-Through Certificates,
Series 2004-R8, Class M1
(LIBOR USD 1-Month)
3.18%		09/25/34	1		789,713		791,863
Ameriquest Mortgage Securities, Inc.,
Asset-Backed Pass-Through Certificates,
Series 2005-R4, Class M1
(LIBOR USD 1-Month)
2.86%		07/25/35	1		203,487		204,087
Asset-Backed Securities Corp. Home Equity
Loan Trust, Series 2004-HE9, Class M1
(LIBOR USD 1-Month)
3.19%		12/25/34	1		543,340		534,188
Banc of America Funding Trust,
Series 2003-2, Class 1A1
6.50%		06/25/32			2,214		2,343
Banc of America Funding Trust,
Series 2015-R2, Class 9A1
(LIBOR USD 1-Month)
2.43%		03/27/36	1,2		1,242,672		1,225,468
Chevy Chase Mortgage Funding LLC,
Mortgage-Backed Certificates,
Series 2005-2A, Class A1
(LIBOR USD 1-Month)
2.40%		05/25/36	1,2		95,605		94,698
Citigroup Mortgage Loan Trust, Inc.,
Series 2004-HYB1, Class A41
3.34%		02/25/34	6		9,112		9,042
Conseco Finance Corp., Series 1996-7, Class M1
7.70%		09/15/26	6		273,773		294,476
Conseco Finance Corp., Series 1998-4, Class A5
6.18%		04/01/30			158,776		163,550
Conseco Finance Corp., Series 1998-6, Class A8
6.66%		06/01/30	6		272,536		286,156
Conseco Finance Home Equity Loan Trust,
Series 2002-C, Class BF2
8.00%		06/15/32	2,6		135,359		140,924
Conseco Finance Securitizations Corp.,
Series 2001-4, Class A4
7.36%		08/01/32	6		76,535		78,533
CountryPlace Manufactured Housing
Contract Trust, Series 2007-1, Class A4
5.85%		07/15/37	2,6		555,976		564,966

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 60

Intermediate Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Countrywide Home Loan Mortgage
Pass-Through Trust, Series 2004-14, Class 4A1
3.89%		08/25/34	6	$	63,904	$	62,496
Credit Suisse Mortgage Capital, Series 2014-4R, Class 16A1
(LIBOR USD 1-Month)
2.26%		02/27/36	1,2		288,519		288,301
Credit-Based Asset Servicing and
Securitization LLC, Series 2003-CB3,
Class AF1 (STEP-reset date 11/25/18)
3.38%		12/25/32			858,071		852,125
Credit-Based Asset Servicing and
Securitization LLC, Series 2006-CB2,
Class AF4 (STEP-reset date 11/25/18)
3.47%		12/25/36			497,709		455,910
Credit-Based Asset Servicing and
Securitization LLC, Series 2007-CB5, Class A1
(LIBOR USD 1-Month)
2.28%		04/25/37	1		150,875		108,050
Credit-Based Asset Servicing and
Securitization LLC, Series 2007-CB5, Class A3
(LIBOR USD 1-Month)
2.47%		04/25/37	1		1,792,785		1,310,112
First Horizon Alternative Mortgage Securities
Trust, Series 2004-AA3, Class A1
4.17%		09/25/34	6		204,109		202,914
GSAA Home Equity Trust, Series 2005-9, Class 1A1
(LIBOR USD 1-Month)
2.50%		08/25/35	1		189,124		189,219
Home Loan Trust, Series 2001-HI3, Class AI7 (STEP-reset date 11/25/18)
7.56%		07/25/26			879		884
HSI Asset Securitization Corp. Trust, Series 2006-OPT1, Class 1A
(LIBOR USD 1-Month)
2.44%		12/25/35	1		1,235,007		1,228,517
IndyMac Index Mortgage Loan Trust, Series 2004-AR8, Class 2A2A
(LIBOR USD 1-Month)
3.02%		11/25/34	1		23,716		22,765
IndyMac Index Mortgage Loan Trust, Series 2007-AR11, Class 1A1
3.33%		06/25/37	6		946,271		806,537
IndyMac Manufactured Housing Contract
Pass-Through Certificates, Series 1997-1, Class A3
6.61%		02/25/28			156,104		157,639

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
IndyMac Manufactured Housing Contract
Pass-Through Certificates, Series 1997-1, Class A4
6.75%		02/25/28		$	41,556	$	42,048
IndyMac Manufactured Housing Contract
Pass-Through Certificates, Series 1998-1, Class A4
6.49%		09/25/28			124,700		132,708
JPMorgan Mortgage Trust, Series 2007-A3, Class 3A2
3.78%		05/25/37	6		252,060		246,166
Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class A4
5.27%		04/15/40			23,214		23,409
Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class A5
5.87%		04/15/40			13,338		13,419
Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class A6
6.47%		04/15/40	6		42,035		42,500
MASTR Adjustable Rate Mortgages Trust, Series 2003-6, Class 4A2
3.72%		01/25/34	6		83,478		83,041
MASTR Adjustable Rate Mortgages Trust, Series 2004-1, Class 2A1
4.87%		01/25/34	6		600		628
MASTR Seasoned Securitization Trust, Series 2004-1, Class 4A1
4.23%		10/25/32	6		1,117		1,138
MASTR Seasoned Securitization Trust, Series 2005-1, Class 4A1
4.52%		10/25/32	6		12,720		12,892
Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-3, Class A2C
(LIBOR USD 1-Month)
2.40%		06/25/37	1		505,384		381,338
Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-3, Class A2D
(LIBOR USD 1-Month)
2.47%		06/25/37	1		933,937		734,148
Mid-State Capital Corp., Series 2004-1, Class A
6.01%		08/15/37			354,925		384,954
Mid-State Capital Corp., Series 2004-1, Class B
8.90%		08/15/37			487,151		551,984
Mid-State Capital Corp., Series 2004-1, Class M1
6.50%		08/15/37			347,965		369,662
Mid-State Capital Corp., Series 2005-1, Class M2
7.08%		01/15/40			559,407		629,429

See accompanying notes to Schedule of Portfolio Investments.

61 / Semi-Annual Report September 2018

Intermediate Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Mid-State Trust XI, Series 2011, Class A1
4.86%		07/15/38		$	742,945	$	772,785
Morgan Stanley ABS Capital I Trust, Series 2004-NC7, Class M2
(LIBOR USD 1-Month)
3.15%		07/25/34	1		495,134		500,550
Morgan Stanley ABS Capital I Trust, Series 2005-HE3, Class M3
(LIBOR USD 1-Month)
3.01%		07/25/35	1		79,148		79,383
Morgan Stanley ABS Capital I Trust, Series 2006-NC1, Class A4
(LIBOR USD 1-Month)
2.52%		12/25/35	1		1,583,145		1,584,268
New Century Home Equity Loan Trust, Series 2005-D, Class A1
(LIBOR USD 1-Month)
2.44%		02/25/36	1		4,301,398		4,274,879
New York Mortgage Trust, Series 2005-3, Class A1
(LIBOR USD 1-Month)
2.70%		02/25/36	1		1,491,709		1,481,026
Park Place Securities, Inc., Series 2005-WCW1, Class M1
(LIBOR USD 1-Month)
2.67%		09/25/35	1		383,151		384,430
RBSSP Resecuritization Trust, Series 2009-6, Class 11A4
(LIBOR USD 1-Month)
2.48%		08/26/36	1,2		172,440		172,804
Residential Asset Mortgage Product Trust, Series 2003-SL1, Class A41
8.00%		04/25/31			19,816		21,814
Residential Asset Mortgage Products Trust, Series 2006-NC1, Class A3
(LIBOR USD 1-Month)
2.52%		01/25/36	1		3,509,979		3,490,070
Residential Asset Securitization Trust, Series 2004-IP2, Class 2A1
4.18%		12/25/34	6		25,626		25,806
STRU TCW-1149 Coll
3.82%		11/01/30			1,700,000		1,714,441
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-15, Class A
4.16%		10/25/34	6		1,447,075		1,413,530
Structured Asset Mortgage Investments II Trust, Series 2005-AR1, Class A1
(LIBOR USD 1-Month)
2.65%		04/19/35	1		940,259		925,096

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Structured Asset Mortgage Investments II Trust, Series 2005-AR8, Class A2
(Federal Reserve US 12-Month Cumulative Average)
2.61%		02/25/36	1	$	649,735	$	634,794
Structured Asset Mortgage Investments II Trust, Series 2006-AR3, Class 22A1
3.70%		05/25/36	6		2,604,828		1,827,898
UCFC Home Equity Loan, Series 1998-D, Class MF1
6.91%		04/15/30			18,934		19,262
WaMu Mortgage Pass-Through Certificates,
Series 2002-AR18, Class A
3.64%		01/25/33	6		5,832		5,988
WaMu Mortgage Pass-Through Certificates, Series 2005-AR13, Class A1A3
(LIBOR USD 1-Month)
3.00%		10/25/45	1		1,206,272		1,285,211
							36,147,965
U.S. Agency Commercial
Mortgage-Backed — 0.28%
Freddie Mac Multifamily Structured
Pass-Through Certificates, Series KF34, Class A
(LIBOR USD 1-Month)
2.47%		08/25/24	1		1,878,165		1,879,078
U.S. Agency Mortgage-Backed — 8.50%
Fannie Mae Pool (TBA)
3.00%		10/01/32			1,815,000		1,792,596
Fannie Mae Pool 253974
7.00%		08/01/31			2,119		2,259
Fannie Mae Pool 254232
6.50%		03/01/22			3,154		3,280
Fannie Mae Pool 467144
4.25%		01/01/21			3,120,792		3,181,588
Fannie Mae Pool 468159
4.26%		07/01/21			1,066,360		1,097,759
Fannie Mae Pool 468491
3.95%		07/01/21			2,081,488		2,128,661
Fannie Mae Pool 468552
3.89%		07/01/21			1,758,544		1,784,060
Fannie Mae Pool 527247
7.00%		09/01/26			28		29
Fannie Mae Pool 545191
7.00%		09/01/31			1,170		1,259
Fannie Mae Pool 545646
7.00%		09/01/26			22		23
Fannie Mae Pool 549740
6.50%		10/01/27			8,636		9,473

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 62

Intermediate Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae Pool 606108
7.00%		03/01/31		$	429	$	431
Fannie Mae Pool 630599
7.00%		05/01/32			5,466		6,127
Fannie Mae Pool 655928
7.00%		08/01/32			3,164		3,591
Fannie Mae Pool 735207
7.00%		04/01/34			1,365		1,517
Fannie Mae Pool 735646
4.50%		07/01/20			524		531
Fannie Mae Pool 735686
6.50%		12/01/22			3,417		3,479
Fannie Mae Pool 735861
6.50%		09/01/33			94,496		102,469
Fannie Mae Pool 764388
(LIBOR USD 6-Month)
3.90%		03/01/34	1		28,072		29,503
Fannie Mae Pool 776708
5.00%		05/01/34			138,309		147,478
Fannie Mae Pool 817611
(LIBOR USD 6-Month)
3.83%		11/01/35	1		6,792		7,170
Fannie Mae Pool 844773
(LIBOR USD 12-Month)
3.39%		12/01/35	1		860		898
Fannie Mae Pool 889125
5.00%		12/01/21			24,135		24,361
Fannie Mae Pool 889184
5.50%		09/01/36			115,509		124,806
Fannie Mae Pool 890221
5.50%		12/01/33			180,125		194,649
Fannie Mae Pool 918445
(LIBOR USD 12-Month)
3.69%		05/01/37	1		541		562
Fannie Mae Pool 939419
(LIBOR USD 12-Month)
3.64%		05/01/37	1		50,936		53,494
Fannie Mae Pool AL0151
4.38%		04/01/21			3,259,721		3,333,182
Fannie Mae Pool AL0209
4.50%		05/01/41			447,993		470,196
Fannie Mae Pool AL2293
4.38%		06/01/21			3,574,233		3,668,559
Fannie Mae Pool AM6501
3.32%		08/01/26			2,000,000		1,976,845
Fannie Mae Pool AM7009
2.95%		11/01/24			2,494,624		2,438,612

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae Pool AM7150
3.05%		11/01/24		$	1,730,266	$	1,701,537
Fannie Mae Pool AM7357
3.38%		12/01/29			2,347,512		2,288,432
Fannie Mae Pool AN0556
3.46%		12/01/30			2,407,330		2,346,578
Fannie Mae Pool CA1711
4.50%		05/01/48			3,402,228		3,512,933
Fannie Mae Pool FN0001
3.77%		12/01/20			2,180,278		2,206,684
Fannie Mae Pool FN0007
3.46%		11/01/20			1,390,000		1,398,394
Fannie Mae Pool MA1561
3.00%		09/01/33			1,900,687		1,865,346
Fannie Mae Pool MA1608
3.50%		10/01/33			1,762,504		1,758,650
Fannie Mae REMICS, Series 1989-25, Class G
6.00%		06/25/19			72		72
Fannie Mae REMICS, Series 1992-116, Class B
6.50%		06/25/22			6		7
Fannie Mae REMICS, Series 1993-80, Class S
(-1.22 X LIBOR USD 1-Month plus 10.87%, 10.87% Cap)
8.17%		05/25/23	1		3,128		3,387
Fannie Mae REMICS, Series 2001-52, Class YZ
6.50%		10/25/31			111,830		123,324
Fannie Mae REMICS, Series 2007-64, Class FA
(LIBOR USD 1-Month)
2.69%		07/25/37	1		68,874		69,474
Fannie Mae REMICS, Series 2008-50, Class SA (IO)
(-1.00 X LIBOR USD 1-Month plus 6.05%, 6.05% Cap)
3.83%		11/25/36	1		1,379,924		178,523
Fannie Mae REMICS, Series 2018-55, Class PA
3.50%		01/25/47			241,077		240,613
Fannie Mae Trust, Series 2003-W6, Class 5T (IO)
(LIBOR USD 1-Month)
0.55%		09/25/42	1		13,659,159		204,460
Freddie Mac Gold Pool A25162
5.50%		05/01/34			161,336		174,714
Freddie Mac Gold Pool A33262
5.50%		02/01/35			47,163		52,098

See accompanying notes to Schedule of Portfolio Investments.

63 / Semi-Annual Report September 2018

Intermediate Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Freddie Mac Gold Pool A68781
5.50%		10/01/37		$	9,727	$	10,627
Freddie Mac Gold Pool C03813
3.50%		04/01/42			1,132,084		1,124,744
Freddie Mac Gold Pool C90504
6.50%		12/01/21			363		383
Freddie Mac Gold Pool G01548
7.50%		07/01/32			289,364		332,312
Freddie Mac Gold Pool G01644
5.50%		02/01/34			92,352		100,128
Freddie Mac Gold Pool G02366
6.50%		10/01/36			64,086		71,345
Freddie Mac Gold Pool G11707
6.00%		03/01/20			126		127
Freddie Mac Gold Pool G12393
5.50%		10/01/21			45,744		46,742
Freddie Mac Gold Pool G12909
6.00%		11/01/22			88,588		92,012
Freddie Mac Gold Pool G13032
6.00%		09/01/22			43,308		44,605
Freddie Mac Gold Pool G16085
2.50%		02/01/32			2,815,724		2,718,466
Freddie Mac Gold Pool J06246
5.50%		10/01/21			14,885		15,145
Freddie Mac REMICS, Series 1602, Class SN
(-4.25 X PRIME plus 46.22%, 10.09% Cap)
10.09%		10/15/23	1		14,590		15,672
Freddie Mac REMICS, Series 2174, Class PN
6.00%		07/15/29			38,465		40,844
Freddie Mac REMICS, Series 3460, Class SA (IO)
(LIBOR USD 1-Month)
4.04%		06/15/38	1		1,311,567		165,669
Freddie Mac REMICS, Series 4030, Class HS (IO)
(LIBOR USD 1-Month)
4.45%		04/15/42	1		1,205,930		189,728
Ginnie Mae I Pool 782810
4.50%		11/15/39			941,186		994,790
Ginnie Mae II Pool (TBA)
4.00%		10/20/47			1,870,000		1,901,922
4.50%		10/20/47			2,660,000		2,749,271
Ginnie Mae II Pool 80968
(US Treasury Yield Curve Rate T Note
Constant Maturity 1 Year)
2.75%		07/20/34	1		25,962		26,672

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Ginnie Mae II Pool MA4588
4.50%		07/20/47		$	695,415	$	720,759
Ginnie Mae II Pool MA4589
5.00%		07/20/47			3,557,448		3,718,664
Ginnie Mae II Pool MA4838
4.00%		11/20/47			1,815,177		1,847,416
Ginnie Mae, Series 2004-8, Class SE
(-2.00 X LIBOR USD 1-Month plus 14.30%, 14.30% Cap)
9.86%		11/26/23	1		27,007		28,966
							57,671,682
Total Mortgage-Backed
(Cost $109,554,813)							110,101,049
MUNICIPAL BONDS — 1.96%*
California — 0.76%
State of California, Build America Bonds
7.95%		03/01/36			2,750,000		2,932,023
University of California, Taxable Revenue Bonds, Series AJ
4.60%		05/15/31			2,110,000		2,240,799
							5,172,822
Massachusetts — 0.39%
Commonwealth of Massachusetts, Build America Bonds, Series D
4.50%		08/01/31			2,450,000		2,606,800
New York — 0.81%
City of New York, Build America Bonds
5.05%		10/01/24			1,000,000		1,072,120
New York City Transitional Finance Authority Revenue, Future Tax Secured Revenue, Qualified School Construction Bonds
5.01%		08/01/27			2,000,000		2,186,560
New York City Transitional Finance Authority Revenue, Future Tax Secured Revenue, Qualified School Construction Bonds, Series G-3
5.27%		05/01/27			1,400,000		1,548,722
New York State Urban Development Corp., Personal Income Tax, Series SE
3.20%		03/15/22			700,000		699,643
							5,507,045
Total Municipal Bonds
(Cost $13,734,612)							13,286,667
U.S. TREASURY SECURITIES — 30.08%
U.S. Treasury Notes — 30.08%
U.S. Treasury Notes
2.63%		07/31/20			8,155,000		8,128,879

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 64

Intermediate Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
U.S. TREASURY SECURITIES (continued)
U.S. Treasury Notes (continued)
2.75%		07/31/23	$	135,585,000	$	134,398,631
2.88%		09/30/23		28,025,000		27,931,891
U.S. Treasury Notes (WI)
2.88%		08/15/28		34,315,000		33,796,754
Total U.S. Treasury Securities
(Cost $205,058,158)						204,256,155
Total Bonds – 96.35%
(Cost $658,403,653)						654,109,103
Issues			Shares		Value
COMMON STOCK — 0.01%
Electric — 0.01%
Homer City Holdings LLC2,4,5				8,014		68,119
Total Common Stock
(Cost $457,400)
Issues	Maturity Date		Principal Amount/ Shares		Value
SHORT-TERM INVESTMENTS — 9.74%
Foreign Government Obligations — 1.20%
Japan Treasury Discount Bill, Series 774 (Japan)
0.00%3,7		11/05/18	$	540,000,000		4,754,734
Japan Treasury Discount Bill, Series 786 (Japan)
0.00%3,7		01/09/19		385,000,000		3,392,200
						8,146,934
Money Market Funds — 6.09%
Dreyfus Government Cash Management Fund
2.01%8				7,300,000		7,300,000
Fidelity Investments Money Market Funds - Government Portfolio
1.99%8,9				18		18
Morgan Stanley Institutional Liquidity Funds-Government Portfolio
2.04%8				34,074,000		34,074,000
						41,374,018
U.S. Agency Discount Notes — 1.52%
Federal Home Loan Bank
0.79%7		10/03/18		10,300,000		10,298,803
U.S. Treasury Bills — 0.93%
U.S. Treasury Bills
2.05%7,10		12/13/18		1,159,000		1,154,015
2.16%7		01/24/19		3,198,000		3,175,525

Issues	Maturity Date		Principal Amount/ Shares		Value
SHORT-TERM INVESTMENTS (continued)
U.S. Treasury Bills (continued)
2.18%7		01/31/19	$	2,000,000	$	1,984,962
						6,314,502
Total Short-Term Investments
(Cost $66,256,399)						66,134,257
Total Investments – 106.10%
(Cost $725,117,452)						720,311,479
Liabilities in Excess of Other Assets – (6.10)%						(41,413,269	)
Net Assets – 100.00%					$	678,898,210

¹  Floating rate security. The rate disclosed was in effect at September 30, 2018.

²  Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

³  U.S. dollar-denominated security issued by foreign-domiciled entity.

⁴  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁵  Illiquid security as determined under procedures approved by the Board of Trustees. The aggregate value of illiquid securities is $359,047, which is 0.05% of total net assets.

⁶  Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

⁷  Represents annualized yield at date of purchase.

⁸  Represents the current yield as of September 30, 2018.

⁹  Securities, or a portion thereof, pledged as collateral for swaps and foreign currency exchange contracts. The total market value of collateral pledged for swaps is $18. The total market value of collateral pledged for foreign currency exchange contracts is $242.

¹⁰  Securities, or a portion thereof, pledged as collateral for futures. The total market value of collateral pledged is $1,153,982.

^†  Fair valued security. The aggregate value of fair valued securities is $2,337,866, which is 0.34% of total net assets. These securities were not valued utilizing an independent quote but were valued pursuant to guidelines established by the Board of Trustees. This figure represents securities that are priced using a benchmark pricing system and securities that have been deemed permanently stale, see Notes to Financial Statements.

* Securities with a call or reset feature will have an effective maturity date sooner than the stated maturity.

** Securities backed by mortgage or consumer loans where payment is periodically made will have an effective maturity date sooner than the stated maturity date.

Note: For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for more meaningful presentation for investors.

See accompanying notes to Schedule of Portfolio Investments.

65 / Semi-Annual Report September 2018

Intermediate Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

(BKNT): Banker's Note, Inc.

(CLO): Collateralized Loan Obligation

(GMTN): Global medium-term note

(IO): Interest only

(JPY): Japanese Yen

(LIBOR): London InterBank Offer Rate

(MTN): Medium-term note

(STEP): Step coupon bond

(TBA): To be announced

(USD): U.S. dollar

(WI): When issued

Currency to be Purchased	Currency to be Sold	Counterparty	Settlement Date		Unrealized Appreciation
FOREIGN CURRENCY EXCHANGE CONTRACT
USD 4,907,628	JPY 540,000,000	Goldman Sachs International		11/05/18		$	140,079
USD 3,420,960	JPY 385,000,000	Goldman Sachs International		01/09/19			1,363
NET UNREALIZED APPRECIATION						$	141,442

Description	Number of Contracts		Expiration Date	Notional Amount			Value				Unrealized Appreciation/ (Depreciation)
FUTURES CONTRACTS: LONG POSITIONS
U.S. Treasury Five Year Note		649	12/31/18		$	72,997,287		$	(437,025	)		$	(437,025	)
U.S. Treasury Two Year Note		635	12/31/18			133,816,331			(440,918	)			(440,918	)
						206,813,618			(877,943	)			(877,943	)
FUTURES CONTRACTS: SHORT POSITIONS
Euro-Bobl Five Year German Bond		123	12/06/18			18,672,296			102,700				102,700
TOTAL FUTURES CONTRACTS					$	225,485,914		$	(775,243	)		$	(775,243	)

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 66

Investment Grade Credit Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
BONDS – 98.20%
ASSET-BACKED SECURITIES — 7.75%**
CarMax Auto Owner Trust, Series 2016-2, Class B
2.16%		12/15/21		$	30,000	$	29,379
J.G. Wentworth XXX LLC,
Series 2013-3A, Class A
4.08%		01/17/73	1		43,577		43,884
Navient Student Loan Trust, Series 2014-2, Class A
(LIBOR USD 1-Month plus 0.64%)
2.86%		03/25/83	2		93,610		93,188
SLM Student Loan Trust, Series 2008-5, Class B
(LIBOR USD 3-Month plus 1.85%)
4.19%		07/25/73	2		15,000		15,399
SLM Student Loan Trust, Series 2008-6, Class A4
(LIBOR USD 3-Month plus 1.10%)
3.44%		07/25/23	2		44,979		45,236
SLM Student Loan Trust, Series 2008-8, Class A4
(LIBOR USD 3-Month plus 1.50%)
3.84%		04/25/23	2		50,000		51,020
SLM Student Loan Trust, Series 2008-9, Class A
(LIBOR USD 3-Month plus 1.50%)
3.84%		04/25/23	2		40,319		41,204
SLM Student Loan Trust, Series 2008-9, Class B
(LIBOR USD 3-Month plus 2.25%)
4.59%		10/25/83	2		15,000		15,631
Structured Receivables Finance LLC,
Series 2010-B, Class A
3.73%		08/15/36	1		101,225		98,077
Total Asset-Backed Securities
(Cost $426,126)							433,018
CORPORATES — 44.96%*
Banking — 7.65%
Bank of America Corp. (MTN)
3.50%		05/17/22	3		40,000		40,036
3.97%		03/05/29	3		60,000		58,567
Bank of New York Mellon Corp. (The) (MTN)
2.66%		05/16/23	3		30,000		29,047
JPMorgan Chase & Co.
3.90%		07/15/25			70,000		69,953
4.01%		04/23/29	3		20,000		19,617
4.20%		07/23/29	3		15,000		14,973
Lloyds Bank PLC (United Kingdom) (MTN)
5.80%		01/13/20	1,4		20,000		20,626

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Banking (continued)
Lloyds Banking Group PLC (United Kingdom)
2.91%		11/07/23	3,4	$	30,000	$	28,635
Santander UK Group Holdings PLC (United Kingdom)
3.37%		01/05/24	3,4		15,000		14,418
US Bank N.A. (BKNT)
3.40%		07/24/23			30,000		29,876
Wells Fargo & Co. (MTN)
2.63%		07/22/22			85,000		82,094
3.58%		05/22/28	3		20,000		19,155
							426,997
Communications — 3.58%
21st Century Fox America, Inc.
6.20%		12/15/34			4,000		4,941
AT&T, Inc.
4.30%		02/15/30	1		45,000		43,495
Charter Communications Operating LLC/Charter Communications Operating Capital
3.75%		02/15/28			27,000		24,911
Comcast Corp.
2.35%		01/15/27			30,000		26,419
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC
5.15%		03/20/28	1		20,000		20,148
Verizon Communications, Inc.
4.33%		09/21/28	1		40,000		40,245
Viacom, Inc.
3.45%		10/04/26			16,000		14,973
Vodafone Group PLC (United Kingdom)
4.38%		05/30/28	4		15,000		14,807
Warner Media LLC
3.88%		01/15/26			10,000		9,719
							199,658
Consumer Discretionary — 2.25%
Anheuser-Busch InBev Worldwide, Inc.
4.00%		04/13/28			52,000		51,356
Bacardi Ltd. (Bermuda)
4.70%		05/15/28	1,4		15,000		14,920
BAT Capital Corp.
2.76%		08/15/22	1		30,000		28,932
Constellation Brands, Inc.
4.25%		05/01/23			15,000		15,218
Pernod Ricard SA (France)
4.45%		01/15/22	1,4		15,000		15,342
							125,768

See accompanying notes to Schedule of Portfolio Investments.

67 / Semi-Annual Report September 2018

Investment Grade Credit Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Consumer Products — 0.26%
Newell Brands, Inc.
3.85%		04/01/23		$	15,000	$	14,634
Electric — 2.55%
Appalachian Power Co.
4.45%		06/01/45			5,000		5,015
Duquesne Light Holdings, Inc.
5.90%		12/01/21	1		23,000		24,157
6.40%		09/15/20	1		7,000		7,333
ITC Holdings Corp.
4.05%		07/01/23			10,000		10,003
Metropolitan Edison Co.
4.00%		04/15/25	1		25,000		24,812
PNM Resources, Inc.
3.25%		03/09/21			10,000		9,903
Public Service Co. of New Mexico
3.85%		08/01/25			10,000		9,922
Southwestern Electric Power Co.
4.10%		09/15/28			20,000		20,031
Tucson Electric Power Co.
5.15%		11/15/21			30,000		30,988
							142,164
Energy — 3.48%
Enbridge Energy Partners LP
5.50%		09/15/40			5,000		5,400
Energy Transfer Partners LP
4.95%		06/15/28			5,000		5,100
EQT Corp.
3.90%		10/01/27			15,000		14,081
EQT Midstream Partners LP
5.50%		07/15/28			8,000		8,218
Hess Corp.
4.30%		04/01/27			12,000		11,657
Kinder Morgan, Inc.
5.63%		11/15/23	1		25,000		26,715
Plains All American Pipeline LP/PAA Finance Corp.
4.65%		10/15/25			15,000		15,214
Ruby Pipeline LLC
6.00%		04/01/22	1		22,348		22,959
Sabine Pass Liquefaction LLC
4.20%		03/15/28			12,000		11,685
TC PipeLines LP
3.90%		05/25/27			30,000		28,472
Texas Eastern Transmission LP
2.80%		10/15/22	1		10,000		9,606

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Energy (continued)
Williams Cos., Inc. (The)
3.70%		01/15/23		$	10,000	$	9,909
4.55%		06/24/24			25,000		25,468
							194,484
Finance — 7.67%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)
3.88%		01/23/28	4		11,000		10,203
3.95%		02/01/22	4		20,000		19,960
Air Lease Corp.
3.00%		09/15/23			15,000		14,215
3.63%		12/01/27			11,000		10,125
Citigroup, Inc.
2.90%		12/08/21			70,000		68,618
3.67%		07/24/28	3		20,000		19,060
Ford Motor Credit Co. LLC
(LIBOR USD 3-Month plus 1.08%)
3.43%		08/03/22	2		25,000		24,766
GE Capital International Funding Co. (Ireland)
2.34%		11/15/20	4		10,000		9,754
4.42%		11/15/35	4		21,000		19,799
Goldman Sachs Group, Inc. (The)
2.88%		10/31/22	3		75,000		73,128
4.22%		05/01/29	3		20,000		19,697
Morgan Stanley (GMTN)
3.70%		10/23/24			70,000		69,051
3.77%		01/24/29	3		20,000		19,220
Pipeline Funding Co. LLC
7.50%		01/15/30	1		18,976		22,157
Raymond James Financial, Inc.
3.63%		09/15/26			30,000		28,735
							428,488
Food — 1.00%
General Mills, Inc.
3.70%		10/17/23			15,000		14,925
Kraft Heinz Foods Co.
3.00%		06/01/26			23,000		21,030
Tyson Foods, Inc.
3.90%		09/28/23			20,000		20,101
							56,056
Gaming — 0.27%
GLP Capital LP/GLP Financing II, Inc.
5.30%		01/15/29			15,000		15,119
Health Care — 6.72%
AbbVie, Inc.
3.60%		05/14/25			25,000		24,232

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 68

Investment Grade Credit Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Health Care (continued)
4.25%		11/14/28		$	10,000	$	9,899
Allergan Sales LLC
5.00%		12/15/21	1		25,000		25,920
Anthem, Inc.
3.65%		12/01/27			25,000		23,833
Barnabas Health, Inc.
4.00%		07/01/28			15,000		14,831
Baxalta, Inc.
3.60%		06/23/22			25,000		24,843
Bayer U.S. Finance II LLC
4.38%		12/15/28	1		25,000		24,534
Becton Dickinson and Co.
2.89%		06/06/22			15,000		14,530
Celgene Corp.
3.90%		02/20/28			25,000		24,111
CVS Health Corp.
4.00%		12/05/23			60,000		60,186
Elanco Animal Health, Inc.
4.90%		08/28/28	1		15,000		15,259
Fresenius Medical Care U.S. Finance II, Inc.
5.63%		07/31/19	1		20,000		20,400
Fresenius US Finance II, Inc.
4.25%		02/01/21	1		15,000		15,121
Halfmoon Parent, Inc.
4.38%		10/15/28	1		30,000		29,973
Humana, Inc.
2.90%		12/15/22			15,000		14,548
Providence St. Joseph Health Obligated Group, Series H
2.75%		10/01/26			20,000		18,331
Shire Acquisitions Investments Ireland DAC (Ireland)
3.20%		09/23/26	4		5,000		4,624
UnitedHealth Group, Inc.
3.85%		06/15/28			10,000		10,047
							375,222
Industrials — 1.42%
Amcor Finance USA, Inc.
3.63%		04/28/26	1		5,000		4,722
4.50%		05/15/28	1		15,000		14,912
BAE Systems Holdings, Inc.
6.38%		06/01/19	1		20,000		20,428
L3 Technologies, Inc.
3.85%		06/15/23			15,000		15,046
Northrop Grumman Corp.
2.93%		01/15/25			15,000		14,270
United Technologies Corp.
4.13%		11/16/28			10,000		9,952
							79,330

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Information Technology — 0.53%
Broadcom Corp./Broadcom Cayman Finance Ltd.
2.38%		01/15/20		$	30,000	$	29,657
Insurance — 1.49%
Farmers Insurance Exchange
4.75%		11/01/57	1,3		25,000		22,622
Metropolitan Life Global Funding I
3.88%		04/11/22	1		15,000		15,167
Nationwide Mutual Insurance Co.
4.62%		12/15/24	1,3		20,000		20,075
Teachers Insurance & Annuity Association of America
4.38%		09/15/54	1,3		25,000		25,169
							83,033
Materials — 0.27%
International Flavors & Fragrances, Inc.
4.45%		09/26/28			15,000		15,163
Real Estate Investment Trust (REIT) — 4.14%
Alexandria Real Estate Equities, Inc.
4.50%		07/30/29			8,000		7,986
American Campus Communities Operating Partnership LP
3.35%		10/01/20			15,000		14,929
3.63%		11/15/27			5,000		4,723
American Tower Corp.
3.55%		07/15/27			15,000		14,043
Boston Properties LP
2.75%		10/01/26			10,000		9,067
CC Holdings GS V LLC/Crown Castle GS III Corp.
3.85%		04/15/23			15,000		14,916
Greystar Student Housing Growth & Income OP LP
4.60%		12/01/24			40,000		41,210
HCP, Inc.
3.88%		08/15/24			10,000		9,784
4.25%		11/15/23			20,000		20,068
Healthcare Realty Trust, Inc.
3.75%		04/15/23			15,000		14,687
Healthcare Trust of America Holdings LP
2.95%		07/01/22			15,000		14,506
Highwoods Realty LP
3.20%		06/15/21			5,000		4,916
Host Hotels & Resorts LP
6.00%		10/01/21			5,000		5,271
National Retail Properties, Inc.
3.80%		10/15/22			15,000		14,992
SL Green Operating Partnership LP
3.25%		10/15/22			15,000		14,566

See accompanying notes to Schedule of Portfolio Investments.

69 / Semi-Annual Report September 2018

Investment Grade Credit Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Real Estate Investment Trust (REIT) (continued)
UDR, Inc.
4.63%		01/10/22		$	15,000	$	15,342
Ventas Realty LP
4.13%		01/15/26			10,000		9,859
							230,865
Retail — 0.28%
Family Dollar Stores, Inc.
5.00%		02/01/21			15,000		15,441
Services — 0.43%
IHS Markit Ltd. (Bermuda)
4.75%		08/01/28	4		5,000		5,023
5.00%		11/01/22	1,4		5,000		5,173
Republic Services, Inc.
2.90%		07/01/26			15,000		13,978
							24,174
Transportation — 0.97%
Burlington Northern Santa Fe LLC
4.40%		03/15/42			4,000		4,095
U.S. Airways Pass-Through Trust, Series 2010-1, Class A
6.25%		04/22/23			5,481		5,863
U.S. Airways Pass-Through Trust, Series 2011-1, Class A
7.13%		10/22/23			26,568		29,106
Union Pacific Corp.
3.95%		09/10/28			15,000		15,104
							54,168
Total Corporates
(Cost $2,509,167)							2,510,421
MORTGAGE-BACKED — 45.22%**
Non-Agency Commercial
Mortgage-Backed — 16.04%
225 Liberty Street Trust, Series 2016-225L, Class A
3.60%		02/10/36	1		25,000		24,745
Banc of America Merrill Lynch Commercial Mortgage Trust, Series 2018-PARK, Class A
4.09%		08/10/38	1,3		5,000		5,108
BANK, Series 2017-BNK8, Class A3
3.23%		11/15/50			57,210		54,746
CFCRE Commercial Mortgage Trust, Series 2017-C8, Class A4
3.57%		06/15/50			57,210		56,147
Citigroup Commercial Mortgage Trust, Series 2013-GC11, Class XA (IO)
1.55%		04/10/46	3		840,632		42,881
Commercial Mortgage Trust, Series 2013-CR10, Class XA (IO)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Commercial
Mortgage-Backed (continued)
0.87%		08/10/46	3	$	960,271	$	28,688
Commercial Mortgage Trust, Series 2014-277P, Class A
3.73%		08/10/49	1,3		25,000		25,020
Commercial Mortgage Trust, Series 2016-787S, Class A
3.55%		02/10/36	1		25,000		24,621
Commercial Mortgage Trust, Series 2018-HOME, Class A
3.82%		04/10/33	1,3		60,000		59,567
DBUBS Mortgage Trust, Series 2011-LC2A, Class XA
1.25%		07/10/44	1,3		826,732		18,557
Government National Mortgage Association, Series 2013-33, Class AC
1.74%		05/16/46			77,488		71,722
GS Mortgage Securities Corp. II, Series 2005-ROCK, Class A
5.37%		05/03/32	1		110,202		119,609
GS Mortgage Securities Trust, Series 2011-GC5, Class XA (IO)
1.51%		08/10/44	1,3		1,666,993		51,668
JPMBB Commercial Mortgage Securities Trust, Series 2015-C28, Class A1
1.45%		10/15/48			73,251		73,075
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2010-C2, Class XB (IO)
0.81%		11/15/43	1,3		1,397,175		18,263
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-LC11, Class XA (IO)
1.41%		04/15/46	3		503,009		23,218
SFAVE Commercial Mortgage Securities Trust, Series 2015-5AVE, Class A1
3.87%		01/05/43	1,3		100,000		95,365
UBS-Barclays Commercial Mortgage Trust, Series 2012-C3, Class XB (IO)
0.32%		08/10/49	1,3,5,6		3,700,000		33,281
Wells Fargo Commercial Mortgage Trust, Series 2013-120B, Class A
2.80%		03/18/28	1,3		25,000		24,731
Wells Fargo Commercial Mortgage Trust, Series 2015-SG1, Class XA (IO)
0.91%		09/15/48	3,5,6		1,154,925		44,783
							895,795
Non-Agency Mortgage-Backed — 5.68%
Ameriquest Mortgage Securities, Inc., Series 2005-R2, Class M2
(LIBOR USD 1-Month plus 0.72%)
2.94%		04/25/35	2		16,668		16,721

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 70

Investment Grade Credit Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Bear Stearns ALT-A Trust, Series 2004-3, Class A1
(LIBOR USD 1-Month plus 0.64%)
2.86%		04/25/34	2	$	49,703	$	49,346
Bear Stearns ARM Trust, Series 2004-1, Class 12A5
3.93%		04/25/34	3		15,466		15,598
Bear Stearns Asset-Backed Securities Trust, Series 2006-SD2, Class A1
(LIBOR USD 1-Month plus 0.38%)
2.60%		06/25/36	2		10,730		10,693
Bombardier Capital Mortgage Securitization Corp., Series 2000-A, Class A2
7.58%		06/15/30	3		19,426		7,078
CIT Mortgage Loan Trust, Series 2007-1, Class 1A
(LIBOR USD 1-Month plus 1.35%)
3.57%		10/25/37	1,2		15,336		15,514
Citigroup Mortgage Loan Trust, Inc., Series 2005-OPT1, Class M1
(LIBOR USD 1-Month plus 0.63%)
2.85%		02/25/35	2		22,429		22,426
IndyMac Index Mortgage Loan Trust, Series 2007-FLX3, Class A1
(LIBOR USD 1-Month plus 0.24%)
2.46%		06/25/37	2		19,754		19,638
JPMorgan Mortgage Acquisition Trust, Series 2007-CH2, Class AV1
(LIBOR USD 1-Month plus 0.16%)
2.38%		01/25/37	2		19,521		19,553
JPMorgan Mortgage Trust, Series 2005-A3, Class 2A1
3.81%		06/25/35	3		19,488		19,398
Long Beach Mortgage Loan Trust, Series 2006-1, Class 1A
(LIBOR USD 1-Month plus 0.22%)
2.44%		02/25/36	2		10,187		9,926
Morgan Stanley Mortgage Loan Trust, Series 2004-5AR, Class 3A1
3.99%		07/25/34	3		27,163		27,205
Saxon Asset Securities Trust, Series 2007-2, Class A2A
(LIBOR USD 1-Month plus 0.10%)
2.32%		05/25/47	2,5,6		99,390		79,897
Structured Asset Mortgage Investments II, Series 2004-AR1, Class 1A2
(LIBOR USD 1-Month plus 0.70%)
2.87%		03/19/34	2		3,856		3,805
							316,798

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Commercial
Mortgage-Backed — 7.46%
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K011, Class X3 (IO)
2.66%		12/25/43	3	$	1,067,620	$	57,177
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K013, Class X3 (IO)
2.91%		01/25/43	3		860,000		53,918
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K717, Class X3 (IO)
1.68%		11/25/42	3		900,000		41,215
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KAIV, Class X2 (IO)
3.61%		06/25/41	3		200,000		17,589
FRESB Mortgage Trust, Series 2015-SB3, Class A3
(LIBOR USD 1-Month plus 0.55%)
2.66%		01/25/43	2		66,045		65,928
Ginnie Mae, Series 2013-1, Class IO (IO)
0.61%		02/16/54	3		2,049,134		80,468
Ginnie Mae, Series 2013-125, Class IO (IO)
0.76%		10/16/54	3		1,761,929		64,418
Ginnie Mae, Series 2013-46, Class AB
1.72%		08/16/42			38,475		35,690
							416,403
U.S. Agency Mortgage-Backed — 16.04%
Fannie Mae Pool AM1691
3.46%		01/01/43			36,151		34,055
Fannie Mae Pool AM6492
3.76%		08/01/34			48,367		48,125
Fannie Mae Pool AM6761
3.57%		10/01/29			46,756		46,172
Fannie Mae Pool AN0335
3.39%		01/01/31			49,521		48,241
Fannie Mae Pool AN0854
3.28%		02/01/28			55,000		53,165
Fannie Mae Pool AN6046
3.22%		07/01/32			107,756		101,734
Fannie Mae Pool AN6146
3.13%		07/01/32			50,000		46,008
Fannie Mae Pool AN6241
3.46%		09/01/37			95,000		89,652
Fannie Mae Pool AN6553
3.17%		05/01/31			90,000		85,587
Fannie Mae Pool AN7631
3.16%		12/01/32			50,000		45,893
Fannie Mae Pool AN9420

See accompanying notes to Schedule of Portfolio Investments.

71 / Semi-Annual Report September 2018

Investment Grade Credit Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
3.77%		07/01/43		$	49,823	$	49,537
Fannie Mae REMICS, Series 2013-5, Class GF
(LIBOR USD 1-Month plus 1.10%)
3.32%		10/25/42	2		76,169		76,346
Freddie Mac REMICS
3.50%		06/15/42			103,000		101,578
Freddie Mac REMICS, Series 4638, Class UF
(LIBOR USD 1-Month plus 1.00%)
3.26%		09/15/44	2		69,287		69,742
							895,835
Total Mortgage-Backed
(Cost $2,500,380)							2,524,831
MUNICIPAL BONDS — 0.18%*
California — 0.09%
University of California, Taxable Revenue Bonds, Series AJ
4.60%		05/15/31			5,000		5,310
New York — 0.09%
New York City Transitional Finance Authority Future Tax Secured Revenue
3.73%		08/01/29			5,000		4,943
Total Municipal Bonds
(Cost $10,294)							10,253
U.S. TREASURY SECURITIES — 0.09%
U.S. Treasury Notes — 0.09%
U.S. Treasury Notes
2.88%		09/30/23			5,000		4,983
Total U.S. Treasury Securities
(Cost $4,984)							4,983
Total Bonds – 98.20%
(Cost $5,450,951)							5,483,506

Issues	Maturity Date	Principal Amount/ Shares		Value
SHORT-TERM INVESTMENTS — 4.87%
Money Market Funds — 4.39%
Morgan Stanley Institutional Liquidity Funds-Government Portfolio
2.04%7			245,000		245,000

Issues	Maturity Date		Principal Amount/ Shares		Value
SHORT-TERM INVESTMENTS (continued)
Money Market Funds (continued)
U.S. Treasury Bills — 0.48%
U.S. Treasury Bills
2.05%8,9	12/13/18	$	27,000	$	26,884
Total Short-Term Investments
(Cost $271,885)					271,884
Total Investments – 103.07%
(Cost $5,722,836)				$	5,755,390
Liabilities in Excess of Other
Assets – (3.07)%					(171,469	)
Net Assets – 100.00%				$	5,583,921

¹  Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

²  Floating rate security. The rate disclosed was in effect at September 30, 2018.

³  Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

⁴  U.S. dollar-denominated security issued by foreign-domiciled entity.

⁵  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁶  Illiquid security as determined under procedures approved by the Board of Trustees. The aggregate value of illiquid securities is $157,961, which is 2.83% of total net assets.

⁷  Represents the current yield as of September 30, 2018.

⁸  Securities, or a portion thereof, pledged as collateral for futures. The total market value of collateral pledged is $26,883.

⁹  Represents annualized yield at date of purchase.

* Securities with a call or reset feature will have an effective maturity date sooner than the stated maturity.

** Securities backed by mortgage or consumer loans where payment is periodically made will have an effective maturity date sooner than the stated maturity date.

Note: For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for more meaningful presentation for investors.

(BKNT): Banker's Note, Inc.

(GMTN): Global medium-term note

(IO): Interest only

(LIBOR): London InterBank Offer Rate

(MTN): Medium-term Note

(USD): U.S. dollar

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 72

Investment Grade Credit Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Description	Number of Contracts		Expiration Date		Notional Amount				Value				Unrealized Appreciation/ (Depreciation)
FUTURES CONTRACTS: LONG POSITIONS
U.S. Treasury Five Year Note		7		12/31/18		$	787,336			$	(4,522	)		$	(4,522	)
U.S. Treasury Two Year Note		5		12/31/18			1,053,672				(1,239	)			(1,239	)
U.S. Treasury Ten Year Note		3		12/19/18			356,344				(2,584	)			(2,584	)
							2,197,352				(8,345	)			(8,345	)
FUTURES CONTRACTS: SHORT POSITIONS
U.S. Treasury Ten Year Ultra Bond		8		12/19/18			(1,008,000	)			1,139				1,139
TOTAL FUTURES CONTRACTS						$	1,189,352			$	(7,206	)		$	(7,206	)

See accompanying notes to Schedule of Portfolio Investments.

73 / Semi-Annual Report September 2018

Low Duration Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date	Principal Amount		Value
BONDS – 93.68%
ASSET-BACKED SECURITIES — 5.93%**
Access Group, Inc., Series 2015-1, Class A
(LIBOR USD 1-Month plus 0.70%)
2.92%	07/25/561,2	$	2,167,380	$	2,164,158
Barings CLO Ltd., Series 2013-IA, Class AR (Cayman Islands)
(LIBOR USD 3-Month plus 0.80%)
3.15%	01/20/281,2,3		6,700,000		6,675,666
Bayview Commercial Asset Trust, Series 2005-1A, Class A1
(LIBOR USD 1-Month plus 0.30%)
2.52%	04/25/351,2		278,279		271,506
Brazos Higher Education Authority, Inc., Series 2011-1, Class A2
(LIBOR USD 3-Month plus 0.80%)
3.11%	02/25/301		120,771		121,597
Brazos Higher Education Authority, Inc., Series 2011-2, Class A3
(LIBOR USD 3-Month plus 1.00%)
3.34%	10/27/361		5,075,000		5,162,113
Education Loan Asset-Backed Trust I, Series 2013-1, Class A2
(LIBOR USD 1-Month plus 0.80%)
3.02%	04/26/321,2		8,375,000		8,421,197
GCO Education Loan Funding Trust, Series 2006-2AR, Class A1RN
(LIBOR USD 1-Month plus 0.65%)
2.87%	08/27/461,2		7,301,266		7,203,166
Goal Capital Funding Trust, Series 2006-1, Class B
(LIBOR USD 3-Month plus 0.45%)
2.76%	08/25/421		2,665,656		2,515,474
J.G. Wentworth XXX LLC, Series 2013-3A, Class A
4.08%	01/17/732		4,121,671		4,150,680
Magnetite VII CLO Ltd., Series 2012-7A, Class A1R2 (Cayman Islands)
(LIBOR USD 3-Month plus 0.80%)
3.14%	01/15/281,2,3		5,880,000		5,849,906
Navient Student Loan Trust, Series 2015-2, Class A3
(LIBOR USD 1-Month plus 0.57%)
2.79%	11/26/401		5,300,000		5,305,501
Nelnet Student Loan Trust, Series 2013-1A, Class A
(LIBOR USD 1-Month plus 0.60%)
2.82%	06/25/411,2		3,103,052		3,119,960
Nelnet Student Loan Trust, Series 2014-5A, Class A
(LIBOR USD 1-Month plus 0.55%)
2.77%	07/25/461,2		10,275,523		10,290,439
Northstar Education Finance, Inc., Series 2007-1, Class A1

Issues	Maturity Date	Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
(1.00 X LIBOR USD 3-Month plus 0.10%)
2.44%	04/28/301	$	3,572,098	$	3,559,038
SLC Student Loan Trust, Series 2007-1, Class A4
(LIBOR USD 3-Month plus 0.06%)
2.37%	05/15/291		5,119,625		5,067,042
SLM Student Loan Trust, Series 2003-10A, Class A3
(LIBOR USD 3-Month plus 0.47%)
2.80%	12/15/271,2		10,522,936		10,568,994
SLM Student Loan Trust, Series 2003-11, Class A6
(LIBOR USD 3-Month plus 0.55%)
2.88%	12/15/251,2		5,083,540		5,110,058
SLM Student Loan Trust, Series 2006-9, Class A5
(LIBOR USD 3-Month plus 0.10%)
2.44%	01/26/261		2,413,198		2,409,369
SLM Student Loan Trust, Series 2007-3, Class A3
(LIBOR USD 3-Month plus 0.04%)
2.38%	04/25/191		3,986,342		3,978,636
SLM Student Loan Trust, Series 2007-6, Class A4
(LIBOR USD 3-Month plus 0.38%)
2.72%	10/25/241		5,795,730		5,810,359
SLM Student Loan Trust, Series 2008-1, Class A4
(LIBOR USD 3-Month plus 0.65%)
2.99%	01/25/221		6,451,167		6,408,214
SLM Student Loan Trust, Series 2008-6, Class A4
(LIBOR USD 3-Month plus 1.10%)
3.44%	07/25/231		3,751,208		3,772,677
SLM Student Loan Trust, Series 2008-8, Class B
(LIBOR USD 3-Month plus 2.25%)
4.59%	10/25/751		1,095,000		1,150,419
SLM Student Loan Trust, Series 2011-1, Class A1
(LIBOR USD 1-Month plus 0.52%)
2.74%	03/25/261		141,427		141,790
SLM Student Loan Trust, Series 2012-2, Class A
(LIBOR USD 1-Month plus 0.70%)
2.92%	01/25/291		3,007,651		2,994,521
SLM Student Loan Trust, Series 2012-7, Class A3
(LIBOR USD 1-Month plus 0.65%)
2.87%	05/26/261		11,980,199		11,872,278
SLM Student Loan Trust, Series 2013-4, Class A
(LIBOR USD 1-Month plus 0.55%)

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 74

Low Duration Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
2.77%		06/25/431	$	3,780,250	$	3,803,885
SLM Student Loan Trust, Series 2014-1, Class A3
(LIBOR USD 1-Month plus 0.60%)
2.82%		02/26/291		6,098,460		6,022,334
Student Loan Consolidation Center Student
Loan Trust I, Series 2002-2, Class B2
(28 Day Auction Rate plus 0.00%)0
1.61%		07/01/421,2		3,900,000		3,110,004
Voya CLO Ltd., Series 2015-2A, Class AR (Cayman Islands)
(LIBOR USD 3-Month plus 0.97%)
3.32%		07/23/271,2,3		3,505,000		3,506,349
Total Asset-Backed Securities
(Cost $139,319,248)						140,537,330
BANK LOANS — 0.59%*
Communications — 0.13%
Intelsat Jackson Holdings SA,
Term Loan B5, 1st Lien (Luxembourg)
6.63%		01/02/243		500,000		522,375
Lamar Media Corp., Term Loan B, 1st Lien
(LIBOR plus 1.75%)
3.94%		03/14/251		497,500		500,403
Sprint Communications, Inc., Term Loan B, 1st Lien
(LIBOR plus 2.50%)
4.75%		02/02/241		795,960		798,944
Unitymedia Finance LLC, Term Loan B, 1st Lien
(LIBOR plus 2.00%)
4.16%		06/01/231		1,250,000		1,252,425
						3,074,147
Electric — 0.04%
Chief Power Finance LLC, Term Loan B, 1st Lien
(LIBOR plus 4.75%)
7.00%		12/31/201,4,5		986,098		939,752
Finance — 0.14%
Delos Finance SARL, Term Loan B, 1st Lien
(LIBOR plus 1.75%)
4.14%		10/06/231		3,429,507		3,446,654
Health Care — 0.10%
Catalent Pharma Solutions, Inc., Term Loan B, 1st Lien
(LIBOR plus 2.25%)
4.49%		05/20/241		989,462		997,116
Iqvia, Inc., Term Loan B3, 1st Lien
(LIBOR plus 1.75%)
4.14%		06/11/251		498,750		499,166

Issues	Maturity Date		Principal Amount		Value
BANK LOANS (continued)
Health Care (continued)
Valeant Pharmaceuticals International, Inc., Term Loan B, 1st Lien
(LIBOR plus 3.00%)
5.10%		06/02/251	$	780,000	$	784,840
						2,281,122
Industrials — 0.06%
Tyco International Holdings SARL, Term Loan
(LIBOR plus 1.25%)
3.62%		03/02/201,4,5		1,368,640		1,367,360
Information Technology — 0.12%
Dell International LLC, Term Loan A3, 1st Lien
(LIBOR plus 1.50%)
3.75%		12/31/181		1,583,260		1,585,984
Quintiles IMS, Inc., Term Loan B, 1st Lien
(LIBOR plus 2.00%)
4.39%		03/07/241		450,337		452,363
SS&C Technologies, Inc., Term Loan B3, 1st Lien
(LIBOR plus 2.25%)
4.49%		04/16/251		624,779		626,147
SS&C Technology Holdings Europe SARL, Term Loan B4, 1st Lien
(LIBOR plus 2.25%)
4.49%		04/16/251		242,518		243,049
						2,907,543
Total Bank Loans
(Cost $13,998,754)						14,016,578
CORPORATES — 35.75%*
Automotive — 0.25%
General Motors Co.
3.50%		10/02/18		6,000,000		6,000,000
Banking — 8.98%
Bank of America Corp.
2.74%		01/23/226		9,705,000		9,547,350
3.00%		12/20/236		2,159,000		2,096,400
6.88%		11/15/18		1,000,000		1,005,377
7.63%		06/01/19		5,000,000		5,158,301
Bank of America Corp. (GMTN)
2.37%		07/21/216		18,025,000		17,711,131
Bank of New York Mellon Corp. (The) (MTN)
2.30%		09/11/19		4,753,000		4,728,933
Bank of New York Mellon Corp., (The) Series G
2.20%		05/15/19		629,000		627,494
Capital One Bank USA N.A. (BKNT)
2.15%		11/21/18		4,295,000		4,293,508

See accompanying notes to Schedule of Portfolio Investments.

75 / Semi-Annual Report September 2018

Low Duration Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
CORPORATES (continued)
Banking (continued)
Discover Bank
2.60%		11/13/18	$	5,975,000	$	5,974,808
JPMorgan Chase & Co.
2.25%		01/23/20		10,000,000		9,901,745
6.30%		04/23/19		22,375,000		22,824,201
JPMorgan Chase Bank N.A.
2.60%		02/01/216		13,950,000		13,848,364
JPMorgan Chase Bank N.A. (BKNT)
(LIBOR USD 3-Month plus 0.25%)
2.59%		02/13/201		7,695,000		7,699,581
Lloyds Bank PLC (United Kingdom)
3.30%		05/07/213		6,475,000		6,449,685
Macquarie Bank Ltd. (Australia)
2.60%		06/24/192,3		5,000,000		4,988,071
PNC Bank N.A. (BKNT)
1.70%		12/07/18		7,680,000		7,670,224
1.95%		03/04/19		10,000,000		9,975,295
2.25%		07/02/19		1,795,000		1,788,236
Santander UK Group Holdings PLC (United Kingdom)
2.88%		08/05/213		13,000,000		12,662,201
Santander UK PLC (United Kingdom)
2.50%		01/05/213		2,250,000		2,202,655
UBS AG/London (Switzerland)
(LIBOR USD 3-Month plus 0.32%)
2.63%		05/28/191,2,3		8,000,000		8,016,644
US Bank N.A. (BKNT)
3.05%		07/24/20		12,075,000		12,064,278
Wells Fargo & Co., Series N (MTN)
2.15%		01/30/20		9,535,000		9,423,966
Wells Fargo Bank N.A. (BKNT)
2.15%		12/06/19		7,715,000		7,642,111
2.40%		01/15/20		20,000,000		19,846,790
3.33%		07/23/216		4,620,000		4,615,810
						212,763,159
Communications — 1.30%
AT&T, Inc.
2.38%		11/27/18		5,000,000		4,998,459
3.00%		06/30/22		7,440,000		7,258,058
3.40%		05/15/25		2,655,000		2,530,231
3.90%		03/11/24		1,700,000		1,690,539
Charter Communications Operating LLC/Charter Communications Operating Capital
4.50%		02/01/24		3,415,000		3,439,680
Discovery Communications LLC
2.75%		11/15/192		2,000,000		1,990,622
2.80%		06/15/202		715,000		708,028

Issues	Maturity Date		Principal Amount		Value
CORPORATES (continued)
Communications (continued)
Sprint Communications, Inc.
7.00%		03/01/202	$	1,264,000	$	1,314,560
9.00%		11/15/182		2,200,000		2,219,250
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint
Spectrum Co. III LLC
3.36%		09/20/212		3,187,500		3,187,500
Warner Media LLC
3.88%		01/15/26		1,400,000		1,360,602
						30,697,529
Consumer Discretionary — 0.81%
Altria Group, Inc.
9.70%		11/10/18		7,340,000		7,393,953
Constellation Brands, Inc.
2.00%		11/07/19		7,000,000		6,921,852
Molson Coors Brewing Co.
2.25%		03/15/20		5,000,000		4,928,716
						19,244,521
Consumer Products — 0.24%
Newell Brands, Inc.
2.60%		03/29/19		2,540,000		2,534,016
2.88%		12/01/19		3,230,000		3,225,142
						5,759,158
Electric — 2.44%
Black Hills Corp.
4.25%		11/30/23		4,050,000		4,106,598
Duke Energy Florida LLC
2.10%		12/15/19		2,800,000		2,783,421
ITC Holdings Corp.
5.50%		01/15/202		1,780,000		1,820,498
Jersey Central Power & Light Co.
7.35%		02/01/19		505,000		512,847
LG&E & KU Energy LLC
3.75%		11/15/20		3,400,000		3,413,809
Metropolitan Edison Co.
7.70%		01/15/19		4,250,000		4,306,776
Mississippi Power Co.
(LIBOR USD 3-Month plus 0.65%)
3.06%		03/27/201		5,000,000		5,000,654
Nevada Power Co.
7.13%		03/15/19		4,125,000		4,209,814
NextEra Energy Capital Holdings, Inc.
(LIBOR USD 3-Month plus 0.48%)
2.82%		05/04/211		7,700,000		7,724,255
(LIBOR USD 3-Month plus 0.55%)
2.86%		08/28/211		3,952,000		3,952,622

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 76

Low Duration Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
CORPORATES (continued)
Electric (continued)
Pennsylvania Electric Co.
5.20%		04/01/20	$	1,262,000	$	1,289,180
PNM Resources, Inc.
3.25%		03/09/21		7,115,000		7,046,177
Progress Energy, Inc.
7.05%		03/15/19		4,200,000		4,281,045
Southwestern Electric Power Co.
6.45%		01/15/19		7,395,000		7,455,071
						57,902,767
Energy — 0.95%
Energy Transfer Partners LP
4.90%		02/01/24		4,292,000		4,435,872
Florida Gas Transmission Co. LLC
7.90%		05/15/192		3,320,000		3,417,098
Panhandle Eastern Pipeline Co. LP
8.13%		06/01/19		1,000,000		1,031,716
Phillips 66
(LIBOR USD 3-Month plus 0.65%)
2.99%		04/15/191,2		1,145,000		1,145,459
Plains All American Pipeline LP/PAA Finance Corp.
3.85%		10/15/23		5,422,000		5,358,552
Rockies Express Pipeline LLC
5.63%		04/15/202		2,036,000		2,102,170
6.00%		01/15/192		1,500,000		1,511,625
Ruby Pipeline LLC
6.00%		04/01/222		3,499,773		3,595,362
						22,597,854
Finance — 5.25%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)
3.75%		05/15/193		500,000		502,046
Air Lease Corp.
2.13%		01/15/20		5,000,000		4,922,807
3.50%		01/15/22		3,420,000		3,397,772
American Express Credit Corp. (GMTN)
2.25%		08/15/19		2,840,000		2,826,787
American Express Credit Corp. (MTN)
2.20%		03/03/20		4,000,000		3,956,022
Associates Corp. of North America
6.95%		11/01/18		11,000,000		11,030,069
Citibank N.A. (BKNT)
3.05%		05/01/20		11,605,000		11,601,427
Citigroup, Inc.
2.05%		12/07/18		2,000,000		1,998,470
2.50%		07/29/19		2,500,000		2,495,005
8.50%		05/22/19		3,000,000		3,105,591

Issues	Maturity Date		Principal Amount		Value
CORPORATES (continued)
Finance (continued)
Daimler Finance North America LLC
1.50%		07/05/192	$	4,407,000	$	4,364,254
1.75%		10/30/192		2,000,000		1,971,298
Ford Motor Credit Co. LLC
2.38%		03/12/19		1,290,000		1,286,901
2.46%		03/27/20		1,000,000		983,557
2.60%		11/04/19		2,550,000		2,530,672
3.20%		01/15/21		3,000,000		2,954,195
5.75%		02/01/21		2,000,000		2,082,249
(LIBOR USD 3-Month plus 0.79%)
3.12%		06/12/201		2,080,000		2,080,119
Ford Motor Credit Co. LLC (MTN)
2.94%		01/08/19		1,000,000		1,000,200
GE Capital International Funding Co. (Ireland)
2.34%		11/15/203		2,000,000		1,950,739
General Motors Financial Co., Inc.
2.40%		05/09/19		2,600,000		2,593,572
Goldman Sachs Group, Inc. (The)
2.55%		10/23/19		6,049,000		6,024,846
2.63%		04/25/21		1,880,000		1,842,461
(LIBOR USD 3-Month plus 1.02%)
3.37%		10/23/191		5,000,000		5,045,123
International Lease Finance Corp.
6.25%		05/15/19		3,000,000		3,058,816
Morgan Stanley (GMTN)
5.50%		01/26/20		2,805,000		2,891,480
5.50%		07/24/20		3,450,000		3,581,020
7.30%		05/13/19		8,000,000		8,214,240
(LIBOR USD 3-Month plus 0.55%)
2.89%		02/10/211		10,000,000		10,033,986
Morgan Stanley (MTN)
5.63%		09/23/19		2,000,000		2,051,088
Morgan Stanley, Series 3NC2
(LIBOR USD 3-Month plus 0.80%)
3.12%		02/14/201		3,795,000		3,804,163
Protective Life Global Funding
1.72%		04/15/192		8,245,000		8,201,232
						124,382,207
Food — 1.48%
Campbell Soup Co.
3.30%		03/15/21		4,025,000		3,998,898
Conagra Brands, Inc.
(LIBOR USD 3-Month plus 0.50%)
2.91%		10/09/201		7,250,000		7,235,925
Danone SA (France)
1.69%		10/30/192,3		3,325,000		3,276,899
General Mills, Inc.
3.20%		04/16/21		7,000,000		6,958,831

See accompanying notes to Schedule of Portfolio Investments.

77 / Semi-Annual Report September 2018

Low Duration Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
CORPORATES (continued)
Food (continued)
Kraft Heinz Foods Co.
(LIBOR USD 3-Month plus 0.42%)
2.76%		08/09/191	$	4,000,000	$	4,005,684
Mondelez International Holdings
Netherlands BV (Netherlands)
1.63%		10/28/192,3		9,670,000		9,531,874
						35,008,111
Gaming — 0.32%
GLP Capital LP/GLP Financing II, Inc.
4.38%		04/15/21		3,240,000		3,272,400
4.88%		11/01/20		4,210,000		4,300,094
						7,572,494
Health Care — 4.50%
AbbVie, Inc.
2.90%		11/06/22		5,000,000		4,862,169
Allergan Funding SCS (Luxembourg)
3.45%		03/15/223		3,000,000		2,982,297
Anthem, Inc.
2.50%		11/21/20		10,270,000		10,112,258
AstraZeneca PLC (United Kingdom)
2.38%		11/16/203		2,835,000		2,793,075
Bayer U.S. Finance II LLC
2.13%		07/15/192		4,275,000		4,243,652
3.50%		06/25/212		1,825,000		1,820,946
Bayer U.S. Finance LLC
2.38%		10/08/192		6,425,000		6,357,319
Becton Dickinson and Co.
2.40%		06/05/20		2,260,000		2,226,598
2.68%		12/15/19		3,661,000		3,635,831
Boston Scientific Corp.
6.00%		01/15/20		4,605,000		4,767,243
Celgene Corp.
2.75%		02/15/23		585,000		561,363
2.88%		08/15/20		5,000,000		4,969,413
3.25%		08/15/22		2,278,000		2,242,758
Cigna Corp.
4.50%		03/15/21		5,335,000		5,446,723
5.13%		06/15/20		1,725,000		1,778,661
CVS Health Corp.
2.25%		12/05/18		16,681,000		16,664,598
Elanco Animal Health, Inc.
3.91%		08/27/212		2,500,000		2,504,057
Halfmoon Parent, Inc.
3.20%		09/17/202		6,000,000		5,978,754
HCA, Inc.
6.50%		02/15/20		1,960,000		2,044,280

Issues	Maturity Date		Principal Amount		Value
CORPORATES (continued)
Health Care (continued)
Humana, Inc.
2.50%		12/15/20	$	5,675,000	$	5,565,057
Roche Holdings, Inc.
2.25%		09/30/192		3,710,000		3,689,807
Shire Acquisitions Investments Ireland DAC (Ireland)
1.90%		09/23/193		5,865,000		5,803,680
2.40%		09/23/213		1,500,000		1,449,860
Sutter Health, Series 13-C
2.29%		08/15/53		1,525,000		1,517,375
Zimmer Biomet Holdings, Inc.
(LIBOR USD 3-Month plus 0.75%)
3.09%		03/19/211		2,685,000		2,687,673
						106,705,447
Industrials — 1.67%
BAE Systems Holdings, Inc.
6.38%		06/01/192		5,660,000		5,781,025
Bemis Co., Inc.
6.80%		08/01/19		4,180,000		4,306,722
Clean Harbors, Inc.
5.13%		06/01/21		243,000		244,215
General Electric Co. (GMTN)
2.20%		01/09/20		2,000,000		1,979,193
General Electric Co. (MTN)
(LIBOR USD 3-Month plus 0.38%)
2.72%		05/05/261		5,180,000		4,944,660
L3 Technologies, Inc.
4.95%		02/15/21		1,525,000		1,567,522
Siemens Financieringsmaatschappij NV (Netherlands)
1.30%		09/13/192,3		6,500,000		6,405,994
United Technologies Corp.
(LIBOR USD 3-Month plus 0.65%)
2.97%		08/16/211		7,250,000		7,270,194
WestRock MWV LLC
7.38%		09/01/19		5,850,000		6,060,245
WestRock RKT Co.
3.50%		03/01/20		1,000,000		1,000,374
						39,560,144
Information Technology — 0.76%
Analog Devices, Inc.
2.85%		03/12/20		4,030,000		4,006,089
Apple, Inc.
1.70%		02/22/19		3,255,000		3,244,376
Broadcom Corp./Broadcom Cayman Finance Ltd.
2.38%		01/15/20		6,750,000		6,672,861
Dell International LLC/EMC Corp.
3.48%		06/01/192		4,000,000		4,010,762
						17,934,088

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 78

Low Duration Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date	Principal Amount		Value
CORPORATES (continued)
Insurance — 0.49%
Allstate Corp. (The)
(LIBOR USD 3-Month plus 0.43%)
2.82%	03/29/211	$	4,000,000	$	4,006,216
Nationwide Mutual Insurance Co.
4.62%	12/15/242,6		3,550,000		3,563,313
Pricoa Global Funding I
1.45%	09/13/192		4,000,000		3,931,050
					11,500,579
Materials — 0.60%
Dow Chemical Co. (The)
8.55%	05/15/19		6,159,000		6,370,072
Georgia-Pacific LLC
2.54%	11/15/192		8,000,000		7,946,684
					14,316,756
Real Estate Investment Trust (REIT) — 4.61%
Alexandria Real Estate Equities, Inc.
2.75%	01/15/20		8,800,000		8,722,755
American Campus Communities Operating Partnership LP
3.35%	10/01/20		6,040,000		6,011,388
American Tower Corp.
3.40%	02/15/19		7,395,000		7,409,978
Boston Properties LP
5.63%	11/15/20		2,260,000		2,351,177
5.88%	10/15/19		9,615,000		9,842,772
Digital Realty Trust LP
5.88%	02/01/20		3,000,000		3,077,588
Duke Realty LP
3.88%	02/15/21		6,385,000		6,441,229
HCP, Inc.
2.63%	02/01/20		6,870,000		6,811,021
3.75%	02/01/19		5,000,000		5,010,347
Healthcare Trust of America Holdings LP
3.38%	07/15/21		425,000		421,952
Host Hotels & Resorts LP
6.00%	10/01/21		3,500,000		3,689,752
National Retail Properties, Inc.
3.80%	10/15/22		900,000		899,507
Realty Income Corp.
3.25%	10/15/22		3,000,000		2,964,331
Reckson Operating Partnership LP
7.75%	03/15/20		1,650,000		1,743,679
SL Green Operating Partnership LP
(LIBOR USD 3-Month plus 0.98%)
3.35%	08/16/211		5,000,000		5,006,671
UDR, Inc.
3.70%	10/01/20		3,000,000		3,006,460

Issues	Maturity Date	Principal Amount		Value
CORPORATES (continued)
Real Estate Investment Trust (REIT) (continued)
4.63%	01/10/22	$	3,874,000	$	3,962,343
Ventas Realty LP/Ventas Capital Corp.
2.70%	04/01/20		3,949,000		3,915,892
VEREIT Operating Partnership LP
3.00%	02/06/19		3,890,000		3,888,644
4.13%	06/01/21		2,325,000		2,347,599
WEA Finance LLC/Westfield UK & Europe Finance PLC
2.70%	09/17/192		5,500,000		5,485,330
3.25%	10/05/202		4,000,000		3,976,314
Welltower, Inc.
4.13%	04/01/19		12,135,000		12,174,372
					109,161,101
Retail — 0.80%
Alimentation Couche-Tard, Inc. (Canada)
2.35%	12/13/192,3		7,000,000		6,934,306
Dollar Tree, Inc.
(LIBOR USD 3-Month plus 0.70%)
3.04%	04/17/201		7,000,000		7,011,218
Walgreens Boots Alliance, Inc.
2.70%	11/18/19		5,000,000		4,981,418
					18,926,942
Services — 0.13%
IHS Markit Ltd. (Bermuda)
5.00%	11/01/222,3		2,011,000		2,080,581
Republic Services, Inc.
5.50%	09/15/19		850,000		870,058
					2,950,639
Transportation — 0.17%
America West Airlines Pass-Through Trust,
Series 2001-1, Class G
7.10%	04/02/21		92,724		97,415
American Airlines Pass-Through Trust,
Series 2011-1, Class A
5.25%	01/31/21		865,077		894,317
American Airlines Pass-Through Trust,
Series 2013-2, Class A
4.95%	01/15/23		1,332,797		1,363,242
Continental Airlines Pass-Through Trust,
Series 1999-1, Class A
6.55%	02/02/19		1,077,401		1,090,232
Continental Airlines Pass-Through Trust,
Series 2000-2, Class A1
7.71%	04/02/21		626,472		659,725
					4,104,931
Total Corporates
(Cost $850,099,451)					847,088,427

See accompanying notes to Schedule of Portfolio Investments.

79 / Semi-Annual Report September 2018

Low Duration Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date	Principal Amount		Value
MORTGAGE-BACKED — 28.50%**
Non-Agency Commercial
Mortgage-Backed — 0.55%
Citigroup Commercial Mortgage Trust,
Series 2012-GC8, Class XA (IO)
1.97%	09/10/452,6	$	17,740,698	$	954,710
GE Business Loan Trust, Series 2006-2A, Class A
0.51%	11/15/342		1,991,332		1,957,368
GE Business Loan Trust, Series 2007-1A, Class A
(LIBOR USD 1-Month plus 0.17%)
2.33%	04/15/351,2		1,028,710		1,009,605
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2006-LDP9, Class A3S
5.24%	05/15/472		982,662		979,317
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2006-LDP9, Class A3SF
(LIBOR USD 1-Month plus 0.16%)
2.31%	05/15/471		5,315,908		5,309,375
Wells Fargo Commercial Mortgage Trust, Series 2013-120B, Class A
2.80%	03/18/282,6		2,855,000		2,824,246
					13,034,621
Non-Agency Mortgage-Backed — 9.64%
Accredited Mortgage Loan Trust, Series 2007-1, Class A4
(LIBOR USD 1-Month plus 0.22%)
2.44%	02/25/371		12,000,000		11,738,626
ACE Securities Corp. Home Equity Loan Trust, Series 2006-NC1, Class A1
(LIBOR USD 1-Month plus 0.44%)
2.66%	12/25/351		2,377,290		2,378,699
Aegis Asset-Backed Securities Trust, Series 2005-5, Class 2A
(LIBOR USD 1-Month plus 0.25%)
2.47%	12/25/351		5,290,024		5,291,126
Ameriquest Mortgage Securities Trust, Series 2006-R2, Class A1
(LIBOR USD 1-Month plus 0.18%)
2.39%	04/25/361		3,667,923		3,665,263
Amresco Residential Securities Corp.
Mortgage Loan Trust, Series 1998-1, Class A5 (STEP-reset date 11/25/18)
7.32%	10/25/27		11,651		12,012
Argent Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2005-W2, Class A1
(LIBOR USD 1-Month plus 0.26%)
2.48%	10/25/351		4,487,875		4,486,698

Issues	Maturity Date	Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Banc of America Alternative Loan Trust, Series 2003-8, Class 1CB1
5.50%	10/25/33	$	9,231,784	$	9,505,466
Banc of America Funding Trust, Series 2015-R2, Class 9A1
(LIBOR USD 1-Month plus 0.22%)
2.43%	03/27/361,2		5,383,172		5,308,647
Banc of America Funding Trust, Series 2015-R4, Class 3A1
(LIBOR USD 1-Month plus 0.14%)
2.20%	07/27/361,2		5,646,763		5,556,300
BCAP LLC Trust, Series 2008-IND2, Class A1
(LIBOR USD 1-Month plus 1.65%)
3.87%	04/25/381		5,628,961		5,673,597
BCAP LLC Trust, Series 2013-RR5, Class 2A1
3.29%	03/26/372,6		4,943,058		4,987,103
Bear Stearns ARM Trust, Series 2004-3, Class 4A
4.42%	07/25/346		2,195,239		2,227,428
Chase Funding Trust, Series 2002-2, Class 2M1
(LIBOR USD 1-Month plus 0.90%)
3.12%	02/25/321		84,743		84,850
Chase Mortgage Finance Trust, Series 2007-A1, Class 8A1
4.14%	02/25/376		8,201,350		8,434,157
Chase Mortgage Finance Trust, Series 2007-A2, Class 2A3
4.12%	07/25/376		1,801,392		1,842,844
Chevy Chase Mortgage Funding LLC,
Mortgage-Backed Certificates, Series 2005-2A, Class A1
(LIBOR USD 1-Month plus 0.18%)
2.40%	05/25/361,2		947,376		938,392
CIM Trust, Series 2015-4AG, Class A1
(LIBOR USD 1-Month plus 2.00%)
4.10%	10/25/571,2		8,755,280		8,900,118
Citigroup Mortgage Loan Trust, Inc., Series 2004-HYB1, Class A41
3.34%	02/25/346		116,486		115,587
Citigroup Mortgage Loan Trust, Inc., Series 2007-WFH4, Class A2C
(LIBOR USD 1-Month plus 1.30%)
3.52%	07/25/371		90,000		85,700
Conseco Finance Corp., Series 1998-2, Class A5
6.24%	12/01/28		3,526		3,604
Conseco Finance Securitizations Corp., Series 2001-4, Class A4
7.36%	08/01/326		850,068		872,257

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 80

Low Duration Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date	Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-14, Class 4A1
3.89%	08/25/346	$	13,883	$	13,577
Credit Suisse First Boston Mortgage Securities Corp., Series 2004-AR1, Class 5A1
4.00%	02/25/346		2,062,163		2,092,311
Credit Suisse Mortgage Capital, Series 2014-9R, Class 8A1
(LIBOR USD 1-Month plus 0.16%)
2.22%	10/27/361,2		1,094,582		1,086,379
Credit-Based Asset Servicing and Securitization LLC, Series 2005-CB7, Class AF3 (STEP-reset date 11/25/18)
3.79%	11/25/35		163,485		163,897
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB5, Class A1
(LIBOR USD 1-Month plus 0.06%)
2.28%	04/25/371		3,025,432		2,166,681
DSLA Mortgage Loan Trust, Series 2005-AR2, Class 2A1A
(LIBOR USD 1-Month plus 0.21%)
2.38%	03/19/451		988,827		992,431
Encore Credit Receivables Trust, Series 2005-2, Class M2
(LIBOR USD 1-Month plus 0.69%)
2.91%	11/25/351		3,848,668		3,915,988
FBR Securitization Trust, Series 2005-02, Class M1
(LIBOR USD 1-Month plus 0.72%)
2.94%	09/25/351		1,194,901		1,198,768
First Horizon Alternative Mortgage Securities Trust, Series 2004-AA3, Class A1
4.17%	09/25/346		7,532		7,488
First Horizon Mortgage Pass-Through Trust, Series 2004-AR7, Class 2A2
3.72%	02/25/356		872,235		884,495
GMACM Home Equity Loan Trust, Series 2000-HE2, Class A1
(LIBOR USD 1-Month plus 0.44%)
2.66%	06/25/301		187,471		158,599
GSAA Home Equity Trust, Series 2005-9, Class 1A1
(LIBOR USD 1-Month plus 0.28%)
2.50%	08/25/351		544,059		544,332
GSAMP Trust, Series 2006-NC1, Class A3
(LIBOR USD 1-Month plus 0.29%)
2.51%	02/25/361		9,501,499		9,489,307

Issues	Maturity Date	Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
GSR Mortgage Loan Trust, Series 2005-AR7, Class 2A1
4.05%	11/25/356	$	623,969	$	628,266
Impac CMB Trust, Series 2005-5, Class A1
(LIBOR USD 1-Month plus 0.64%)
2.86%	08/25/351		1,908,067		1,875,417
IndyMac Index Mortgage Loan Trust, Series 2004-AR12, Class A1
(LIBOR USD 1-Month plus 0.78%)
3.00%	12/25/341		309,391		283,520
IndyMac Index Mortgage Loan Trust, Series 2004-AR8, Class 2A2A
(LIBOR USD 1-Month plus 0.80%)
3.02%	11/25/341		937,850		900,232
IndyMac Manufactured Housing Contract Pass-Through Certificates, Series 1998-1, Class A4
6.49%	09/25/28		568,072		604,552
JPMorgan Mortgage Acquisition Trust, Series 2007-HE1, Class AV4
(LIBOR USD 1-Month plus 0.28%)
2.50%	03/25/471		50,000		43,886
JPMorgan Mortgage Acquisition Trust., Series 2005-FRE1, Class A2F3 (STEP-reset date 11/25/18)
3.37%	10/25/35		1,607,380		1,615,898
JPMorgan Mortgage Trust, Series 2007-A1, Class 1A1
4.41%	07/25/356		1,191,691		1,226,028
JPMorgan Mortgage Trust, Series 2007-A1, Class 5A2
3.92%	07/25/356		316,175		327,335
Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class A3
4.35%	04/15/40		284,837		286,653
Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class A4
5.27%	04/15/40		236,156		238,142
Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class AIOC (IO)
0.55%	04/15/404,5,6		122,133,580		2,158,656
MASTR Adjustable Rate Mortgages Trust, Series 2003-6, Class 4A2
3.72%	01/25/346		9,690		9,640
MASTR Adjustable Rate Mortgages Trust, Series 2004-1, Class 2A1
4.87%	01/25/346		47,242		49,444
MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 3A1
4.42%	11/21/346		1,117,301		1,153,295

See accompanying notes to Schedule of Portfolio Investments.

81 / Semi-Annual Report September 2018

Low Duration Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date	Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
MASTR Adjustable Rate Mortgages Trust, Series 2004-3, Class 3A3
3.81%	04/25/346	$	138,591	$	139,243
MASTR Adjustable Rate Mortgages Trust, Series 2004-5, Class 3A1
2.62%	06/25/346		31,325		28,970
MASTR Alternative Loan Trust, Series 2003-1, Class 1A1
6.25%	12/25/32		2,859,777		2,979,496
MASTR Alternative Loan Trust, Series 2003-5, Class 4A1
5.50%	07/25/33		4,545,625		4,729,557
MASTR Alternative Loan Trust, Series 2003-9, Class 4A1
5.25%	11/25/33		4,746,472		4,926,543
MASTR Alternative Loan Trust, Series 2004-7, Class 1A1
5.50%	07/25/34		4,757,534		4,937,774
MASTR Seasoned Securitization Trust, Series 2004-1, Class 4A1
4.23%	10/25/326		221,220		225,461
Merrill Lynch First Franklin Mortgage Loan Trust, Series 2004-FF5, Class A3C
(LIBOR USD 1-Month plus 1.00%)
3.22%	08/25/341		942,768		922,052
Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-3, Class A2C
(LIBOR USD 1-Month plus 0.18%)
2.40%	06/25/371		11,865,480		8,953,093
Merrill Lynch Mortgage Investors Trust, Series 2004-A4, Class A1
4.10%	08/25/346		1,561,896		1,607,839
Merrill Lynch Mortgage Investors Trust, Series 2006-F1, Class 1A2
6.00%	04/25/36		1,881,591		1,644,149
Mid-State Capital Corp., Series 2004-1, Class B
8.90%	08/15/37		1,101,890		1,248,535
Mid-State Capital Corp., Series 2006-1, Class A
5.79%	10/15/402		5,165,076		5,689,124
Morgan Stanley ABS Capital I Trust, Series 2004-NC7, Class M2
(LIBOR USD 1-Month plus 0.93%)
3.15%	07/25/341		3,218,370		3,253,576
Morgan Stanley Mortgage Loan Trust, Series 2004-6AR, Class 1A
(LIBOR USD 1-Month plus 0.90%)
3.12%	07/25/341		274,366		274,503
Morgan Stanley Resecuritization Trust, Series 2014-R3, Class 3A
(LIBOR USD 1-Month plus 1.25%)

Issues	Maturity Date	Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
3.31%	03/26/371,2	$	858,316	$	860,352
MortgageIT Trust, Series 2005-3, Class A1
(LIBOR USD 1-Month plus 0.60%)
2.82%	08/25/351		370,572		363,493
MortgageIT Trust, Series 2005-4, Class A1
(LIBOR USD 1-Month plus 0.28%)
2.50%	10/25/351		5,740,066		5,659,941
New Century Home Equity Loan Trust, Series 2005-3, Class M2
(LIBOR USD 1-Month plus 0.74%)
2.95%	07/25/351		2,976,138		2,986,977
New Century Home Equity Loan Trust, Series 2005-D, Class A1
(LIBOR USD 1-Month plus 0.22%)
2.44%	02/25/361		10,881,820		10,814,731
Nomura Resecuritization Trust, Series 2014-1R, Class 4A1
0.00%	01/26/372,6		184,182		185,161
Option One Mortgage Loan Trust, Series 2005-1, Class A4
(LIBOR USD 1-Month plus 0.80%)
3.02%	02/25/351		297,924		298,553
Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-WCW2, Class M2
(LIBOR USD 1-Month plus 0.98%)
3.19%	10/25/341		6,785,061		6,946,270
Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2005-WCW2, Class M1
(LIBOR USD 1-Month plus 0.75%)
2.97%	07/25/351		5,875,583		5,903,417
Park Place Securities, Inc., Series 2005-WCW1, Class M1
(LIBOR USD 1-Month plus 0.45%)
2.67%	09/25/351		1,594,483		1,599,808
Residential Accredit Loans Trust, Series 2005-QA3, Class NB1
4.14%	03/25/356		3,427,584		2,447,231
Residential Asset Mortgage Products Trust, Series 2004-SL4, Class A3
6.50%	07/25/32		344,758		345,332
Residential Asset Mortgage Products Trust, Series 2005-SL1, Class A5
6.50%	05/25/32		941,273		932,035
Securitized Asset-Backed Receivables LLC Trust, Series 2006-CB1, Class AF2 (STEP-reset date 11/25/18)
3.47%	01/25/36		2,156,668		1,852,071
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-16, Class 6A
4.11%	11/25/346		3,635,691		3,696,705

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 82

Low Duration Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date	Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Structured Asset Investment Loan Trust, Series 2005-8, Class A4
(LIBOR USD 1-Month plus 0.72%)
2.94%	10/25/351	$	2,845,164	$	2,848,244
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-WF3, Class A5
(LIBOR USD 1-Month plus 0.14%)
2.36%	09/25/361		6,382,822		6,373,317
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2003-26A, Class 3A5
4.35%	09/25/336		842,856		851,827
Terwin Mortgage Trust, Series 2004-7HE, Class A1
(LIBOR USD 1-Month plus 0.55%)
2.77%	07/25/341,2		115,413		112,265
WaMu Mortgage Pass-Through Certificates, Series 2002-AR18, Class A
3.64%	01/25/336		105,786		108,616
WaMu Mortgage Pass-Through Certificates, Series 2004-AR14, Class A1
3.50%	01/25/356		832,354		855,620
WaMu Mortgage Pass-Through Certificates, Series 2004-CB2, Class 2A
5.50%	07/25/34		4,600,734		4,649,970
WaMu Mortgage Pass-Through Certificates, Series 2005-AR13, Class A1A1
(LIBOR USD 1-Month plus 0.29%)
2.51%	10/25/451		2,802,210		2,836,752
WaMu Mortgage Pass-Through Certificates, Series 2005-AR2, Class 2A21
(LIBOR USD 1-Month plus 0.33%)
2.55%	01/25/451		457,611		457,257
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-Q, Class 1A1
4.72%	09/25/346		1,252,074		1,337,693
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR10, Class 2A14
4.21%	06/25/356		4,171,065		4,289,611
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR9, Class 1A1
4.39%	05/25/356		114,287		118,326
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR2, Class 2A5
3.96%	03/25/366		1,044,029		1,037,195
					228,552,376
U.S. Agency Commercial
Mortgage-Backed — 10.00%
Fannie Mae-Aces, Series 2011-M4, Class A2
3.73%	06/25/21		11,022,792		11,173,188

Issues	Maturity Date	Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Commercial Mortgage-Backed (continued)
Fannie Mae-Aces, Series 2015-M10, Class FA
(LIBOR USD 1-Month plus 0.25%)
2.32%	03/25/191	$	4,129,217	$	4,123,406
Fannie Mae-Aces, Series 2017-M11, Class FA
(LIBOR USD 1-Month plus 0.47%)
2.54%	09/25/241		10,238,914		10,271,142
Freddie Mac Multifamily Structured Pass
Through Certificates, Series KC02, Class A1
3.25%	02/25/25		10,000,000		9,975,384
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KF34, Class A
(LIBOR USD 1-Month plus 0.36%)
2.47%	08/25/241		4,947,362		4,949,765
Freddie Mac Multifamily Structured Pass-Through Certificates, Series J19F, Class A1
2.91%	02/25/22		4,397,887		4,367,121
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K003, Class A5
5.09%	03/25/19		13,850,000		13,919,015
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K004, Class A2
4.19%	08/25/19		17,405,000		17,555,127
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K005, Class A2
4.32%	11/25/19		17,500,000		17,679,074
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K006, Class A1
3.40%	07/25/19		3,075,884		3,082,637
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K007, Class A2
4.22%	03/25/20		17,435,040		17,674,329
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K033, Class A1
2.87%	02/25/23		10,775,655		10,709,477
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KF08, Class A
(LIBOR USD 1-Month plus 0.30%)
2.41%	01/25/221		6,923,520		6,951,249
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KF09, Class A
(LIBOR USD 1-Month plus 0.38%)
2.49%	05/25/221		7,971,880		7,982,884

See accompanying notes to Schedule of Portfolio Investments.

83 / Semi-Annual Report September 2018

Low Duration Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Commercial Mortgage-Backed (continued)
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KF10, Class A
(LIBOR USD 1-Month plus 0.38%)
2.49%		07/25/22	1	$	6,163,019	$	6,180,525
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KGRP, Class A
(LIBOR USD 1-Month plus 0.38%)
2.49%		04/25/20	1		11,515,155		11,532,991
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KJ18, Class A1
2.46%		03/25/22			5,963,639		5,834,616
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KP04, Class AG1
(LIBOR USD 1-Month plus 0.22%)
2.33%		07/25/20	1		14,535,000		14,554,563
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KP04, Class AG2
(LIBOR USD 1-Month plus 0.20%)
2.31%		10/25/19	1		17,330,000		17,330,098
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KS02, Class A
(LIBOR USD 1-Month plus 0.38%)
2.49%		08/25/23	1		12,153,827		12,164,868
Freddie Mac Multifamily Structured Pass-Through Certificates, Series Q004, Class A2H
2.78%		01/25/21	6		12,828,910		12,822,522
Freddie Mac Multifamily Structured Pass-Through Certificates, Series Q004, Class AFL
(Federal Reserve US 12-Month Cumulative Average plus 0.74%)
2.58%		10/25/21	1		4,998,074		5,003,116
Ginnie Mae, Series 2006-3, Class C
5.24%		04/16/39	6		952,007		952,474
Ginnie Mae, Series 2007-12, Class C
5.28%		04/16/41	6		1,514,933		1,517,640
NCUA Guaranteed Notes Trust, Series 2011-C1, Class 2A
(LIBOR USD 1-Month plus 0.53%)
2.65%		03/09/21	1		8,683,500		8,687,339
							236,994,550
U.S. Agency Mortgage-Backed — 8.31%
Fannie Mae Pool 464321
4.36%		01/01/20			14,411,253		14,577,531

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae Pool 466973
3.85%		01/01/21		$	13,580,948	$	13,831,574
Fannie Mae Pool 567002
8.00%		05/01/23			27,523		29,158
Fannie Mae Pool 735861
6.50%		09/01/33			16,300		17,676
Fannie Mae Pool 770900
(LIBOR USD 12-Month plus 1.55%)
3.92%		04/01/34	1		256,907		262,186
Fannie Mae Pool 995182
5.50%		06/01/20			68,345		68,645
Fannie Mae Pool AD0538
6.00%		05/01/24			454,309		474,536
Fannie Mae Pool AE0083
6.00%		01/01/40			1,165,622		1,284,751
Fannie Mae Pool AL0851
6.00%		10/01/40			1,459,950		1,594,931
Fannie Mae Pool AM7028
(LIBOR USD 1-Month plus 0.24%)
2.35%		10/01/19	1		22,950,000		22,935,064
Fannie Mae REMICS, Series 1997-76, Class FS
LIBOR USD 1-Month
2.61%		09/17/27	1		16,736		16,430
Fannie Mae REMICS, Series 2001-60, Class OF
(LIBOR USD 1-Month plus 0.95%)
3.17%		10/25/31	1		856,114		873,820
Fannie Mae REMICS, Series 2003-130, Class HF
(LIBOR USD 1-Month plus 0.45%)
2.67%		12/25/33	1		538,908		539,697
Fannie Mae REMICS, Series 2003-134, Class FC
(LIBOR USD 1-Month plus 0.60%)
2.82%		12/25/32	1		5,304,599		5,368,719
Fannie Mae REMICS, Series 2005-59, Class NF
(LIBOR USD 1-Month plus 0.25%)
2.47%		05/25/35	1		2,761,103		2,757,505
Fannie Mae REMICS, Series 2007-61, Class AF
(LIBOR USD 1-Month plus 0.28%)
2.50%		03/25/37	1		1,356,663		1,357,148
Fannie Mae REMICS, Series 2007-64, Class FA
(LIBOR USD 1-Month plus 0.47%)
2.69%		07/25/37	1		426,867		430,583

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 84

Low Duration Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae REMICS, Series 2009-111, Class DA
5.00%		12/25/39		$	326,882	$	331,583
Fannie Mae REMICS, Series 2009-33, Class FB
(LIBOR USD 1-Month plus 0.82%)
3.04%		03/25/37	1		2,572,145		2,630,267
Fannie Mae REMICS, Series 2009-85, Class LF
(LIBOR USD 1-Month plus 1.20%)
3.42%		10/25/49	1		3,186,162		3,266,040
Fannie Mae REMICS, Series 2009-96, Class FA
(LIBOR USD 1-Month plus 0.90%)
3.12%		11/25/49	1		2,185,570		2,236,243
Fannie Mae REMICS, Series 2010-109, Class PF
(LIBOR USD 1-Month plus 0.40%)
2.62%		10/25/40	1		1,517,542		1,527,985
Fannie Mae REMICS, Series 2010-26, Class S (IO)
(-1.00 X LIBOR USD 1-Month plus 6.23%, 6.23% Cap)
4.01%		11/25/36	1		9,169,023		1,194,275
Fannie Mae REMICS, Series 2010-39, Class FE
(LIBOR USD 1-Month plus 0.77%)
2.99%		06/25/37	1		4,895,309		4,994,538
Fannie Mae REMICS, Series 2010-43, Class DP
5.00%		05/25/40			1,178,386		1,228,806
Fannie Mae REMICS, Series 2010-6, Class BF
(LIBOR USD 1-Month plus 0.76%)
2.98%		02/25/40	1		1,803,857		1,836,896
Fannie Mae REMICS, Series 2010-95, Class S (IO)
(-1.00 X LIBOR USD 1-Month plus 6.60%, 6.60% Cap)
4.38%		09/25/40	1		6,493,689		1,049,625
Fannie Mae REMICS, Series 2011-118, Class FB
(LIBOR USD 1-Month plus 0.45%)
2.67%		11/25/41	1		8,109,728		8,170,616
Fannie Mae REMICS, Series 2011-71, Class FB
(LIBOR USD 1-Month plus 0.50%)
2.72%		05/25/37	1		3,348,449		3,369,013
Fannie Mae REMICS, Series 2012-33, Class F
(LIBOR USD 1-Month plus 0.52%)
2.74%		04/25/42	1		6,562,409		6,629,840

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae REMICS, Series 2013-75, Class FC
(LIBOR USD 1-Month plus 0.25%)
2.47%		07/25/42	1	$	6,056,984	$	6,053,931
Fannie Mae REMICS, Series G92-10, Class Z
7.75%		01/25/22			410		427
Freddie Mac Gold Pool A45796
7.00%		01/01/33			5,942		6,422
Freddie Mac Gold Pool C46104
6.50%		09/01/29			7,856		8,697
Freddie Mac Gold Pool G13032
6.00%		09/01/22			540,991		557,192
Freddie Mac Gold Pool G13475
6.00%		01/01/24			70,290		72,509
Freddie Mac REMICS, Series 2174, Class PN
6.00%		07/15/29			533,792		566,802
Freddie Mac REMICS, Series 2454, Class FQ
(LIBOR USD 1-Month plus 1.00%)
3.16%		06/15/31	1		8,253		8,493
Freddie Mac REMICS, Series 2733, Class FB
(LIBOR USD 1-Month plus 0.60%)
2.76%		10/15/33	1		3,639,206		3,685,486
Freddie Mac REMICS, Series 3071, Class TF
(LIBOR USD 1-Month plus 0.30%)
2.46%		04/15/35	1		3,596,646		3,599,213
Freddie Mac REMICS, Series 3084, Class FN
(LIBOR USD 1-Month plus 0.50%)
2.66%		12/15/34	1		2,679,530		2,687,199
Freddie Mac REMICS, Series 3294, Class CB
5.50%		03/15/37			227,679		243,230
Freddie Mac REMICS, Series 3300, Class FA
(LIBOR USD 1-Month plus 0.30%)
2.46%		08/15/35	1		927,863		929,319
Freddie Mac REMICS, Series 3325, Class NF
(LIBOR USD 1-Month plus 0.30%)
2.46%		08/15/35	1		2,392,816		2,396,573
Freddie Mac REMICS, Series 3524, Class FC
(LIBOR USD 1-Month plus 0.94%)
3.10%		06/15/38	1		598,034		605,108

See accompanying notes to Schedule of Portfolio Investments.

85 / Semi-Annual Report September 2018

Low Duration Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Freddie Mac REMICS, Series 3531, Class FM
(LIBOR USD 1-Month plus 0.90%)
3.06%		05/15/39	1	$	600,170	$	613,138
Freddie Mac REMICS, Series 3672, Class A
6.00%		05/15/40			149,225		159,516
Freddie Mac REMICS, Series 3792, Class DF
(LIBOR USD 1-Month plus 0.40%)
2.56%		11/15/40	1		712,948		711,125
Freddie Mac REMICS, Series 3828, Class TF
(LIBOR USD 1-Month plus 0.40%)
2.56%		04/15/29	1		192,230		192,402
Freddie Mac REMICS, Series 4060, Class FJ
(LIBOR USD 1-Month plus 0.35%)
2.51%		02/15/41	1		6,780,083		6,783,127
Freddie Mac REMICS, Series 4109, Class KF
(LIBOR USD 1-Month plus 0.40%)
2.56%		05/15/32	1		1,844,087		1,848,934
Freddie Mac REMICS, Series 4235, Class FA
(LIBOR USD 1-Month plus 0.35%)
2.51%		01/15/34	1		2,615,112		2,620,663
Freddie Mac Strips, Series 240, Class F30
(LIBOR USD 1-Month plus 0.30%)
2.46%		07/15/36	1		2,704,807		2,708,188
Freddie Mac Strips, Series 263, Class F5
(LIBOR USD 1-Month plus 0.50%)
2.66%		06/15/42	1		3,925,330		3,968,052
Freddie Mac Strips, Series 319, Class F2
(LIBOR USD 1-Month plus 0.50%)
2.66%		11/15/43	1		17,567,683		17,707,790
Ginnie Mae I Pool 422972
6.50%		07/15/29			6,058		6,648
Ginnie Mae II Pool 1849
8.50%		08/20/24			326		331
Ginnie Mae II Pool 2020
8.50%		06/20/25			499		533
Ginnie Mae II Pool 2286
8.50%		09/20/26			1,249		1,353
Ginnie Mae II Pool 2487
8.50%		09/20/27			8,958		9,672
Ginnie Mae II Pool 80059
(US Treasury Yield Curve Rate T Note
Constant Maturity 1 Year plus 1.50%)
3.63%		04/20/27	1		17,854		18,365

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Ginnie Mae II Pool 80589
(US Treasury Yield Curve Rate T Note
Constant Maturity 1 Year plus 1.50%)
3.38%		03/20/32	1	$	36,417	$	36,324
Ginnie Mae II Pool 80610
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year plus 1.50%)
3.63%		06/20/32	1		10,992		11,374
Ginnie Mae II Pool 80968
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year plus 1.50%)
2.75%		07/20/34	1		363,887		373,832
Ginnie Mae II Pool 81201
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year plus 2.00%)
3.88%		01/20/35	1		11,561		11,663
Ginnie Mae II Pool 8599
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year plus 1.50%)
3.50%		02/20/25	1		14,699		14,953
Ginnie Mae, Series 2003-11, Class FK
(LIBOR USD 1-Month plus 0.30%)
2.46%		02/16/33	1		1,136,691		1,139,012
Ginnie Mae, Series 2004-5, Class PF
(LIBOR USD 1-Month plus 0.55%)
2.72%		02/20/33	1		119,238		119,578
Ginnie Mae, Series 2009-106, Class XI (IO)
(-1.00 X LIBOR USD 1-Month plus 6.80%, 6.80% Cap)
4.63%		05/20/37	1		5,533,880		686,131
Ginnie Mae, Series 2012-13, Class KF
(LIBOR USD 1-Month plus 0.30%)
2.47%		07/20/38	1		985,202		987,120
Ginnie Mae, Series 2013-53, Class AD
1.50%		12/20/26			2,962,815		2,829,905
NCUA Guaranteed Notes Trust, Series 2010-R1, Class 1A
(LIBOR USD 1-Month plus 0.45%)
2.57%		10/07/20	1		10,723,135		10,733,188
NCUA Guaranteed Notes Trust, Series 2010-R3, Class 1A
(LIBOR USD 1-Month plus 0.56%)
2.68%		12/08/20	1		7,863,941		7,886,980
NCUA Guaranteed Notes Trust, Series 2010-R3, Class 2A
(LIBOR USD 1-Month plus 0.56%)
2.68%		12/08/20	1		3,630,960		3,641,314
NCUA Guaranteed Notes Trust, Series 2011-R1, Class 1A
(LIBOR USD 1-Month plus 0.45%)
2.73%		01/08/20	1		3,009,635		3,014,254

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 86

Low Duration Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
NCUA Guaranteed Notes Trust, Series 2011-R3, Class 1A
(LIBOR USD 1-Month plus 0.40%)
2.54%		03/11/20	1	$	1,657,197	$	1,659,663
							196,801,410
Total Mortgage-Backed (Cost $670,672,941)							675,382,957
MUNICIPAL BONDS — 0.03%*
California — 0.03%
State of California, Taxable, Various Purpose
6.20%		03/01/19			600,000		608,640
Total Municipal Bonds (Cost $609,606)
U.S. TREASURY SECURITIES — 22.88%
U.S. Treasury Notes — 22.88%
U.S. Treasury Notes
2.63%		07/31/20			337,777,000		336,695,060
2.63%		07/15/21			59,180,000		58,776,605
2.75%		09/30/20			53,085,000		53,017,607
2.75%		09/15/21			94,070,000		93,720,912
Total U.S. Treasury Securities (Cost $543,435,791)							542,210,184
Total Bonds – 93.68% (Cost $2,218,135,791)							2,219,844,116

Issues			Shares		Value
COMMON STOCK — 0.04%
Electric — 0.04%
Homer City Holdings LLC2,4,5,7				106,501	$	905,259
Total Common Stock
(Cost $6,078,660)
Purchased Swaptions – 0.00%
(Cost $939,000)						28,932
Issues	Maturity Date		Principal Amount/ Shares		Value
SHORT-TERM INVESTMENTS — 7.84%
Foreign Government Obligations — 2.77%
Japan Treasury Discount Bill, Series 774 (Japan)
0.00%3,8		11/05/18		$7,455,000,000		65,641,739
Money Market Funds — 3.32%
Fidelity Investments Money Market Funds - Government Portfolio
1.99%9,10				44		44
Morgan Stanley Institutional Liquidity Funds-Government Portfolio
2.04%9				78,638,000		78,638,000
						78,638,044
U.S. Treasury Bills — 1.75%
U.S. Treasury Bills
2.05%8,11		12/13/18		4,693,000		4,672,813
2.09%8		01/10/19		12,000,000		11,927,028
2.10%8		01/24/19		25,000,000		24,824,305
						41,424,146
Total Short-Term Investments
(Cost $187,392,233)						185,703,929

See accompanying notes to Schedule of Portfolio Investments.

87 / Semi-Annual Report September 2018

Low Duration Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Value
Total Investments Before Written
Swaptions – 101.56%
(Cost $2,412,545,684)	$	2,406,482,236
Written Swaptions – 0.00%
(Cost $(540,000))		(11,109	)
Liabilities in Excess of Other
Assets – (1.55)%		(36,842,684	)
Net Assets – 100.00%	$	2,369,628,443

¹ Floating rate security. The rate disclosed was in effect at September 30, 2018.

² Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

³ U.S. dollar-denominated security issued by foreign-domiciled entity.

⁴ Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁵ Illiquid security as determined under procedures approved by the Board of Trustees. The aggregate value of illiquid securities is $5,371,027, which is 0.23% of total net assets.

⁶ Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

⁷ Non-income producing security.

⁸ Represents annualized yield at date of purchase.

⁹ Represents the current yield as of September 30, 2018.

¹⁰ Securities, or a portion thereof, pledged as collateral for swaps and foreign currency exchange contracts. The total market value of collateral pledged for swaps is $44. The total market value of collateral pledged for foreign currency exchange contracts is $1,542,554.

¹¹ Securities, or a portion thereof, pledged as collateral for futures. The total market value of collateral pledged is $4,672,679.

* Securities with a call or reset feature will have an effective maturity date sooner than the stated maturity.

** Securities backed by mortgage or consumer loans where payment is periodically made will have an effective maturity date sooner than the stated maturity date.

Note: For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for more meaningful presentation for investors.

(BKNT): Banker’s Note, Inc.

(CLO): Collateralized Loan Obligation

(GMTN): Global medium-term note

(IO): Interest only

(JPY): Japanese Yen

(LIBOR): London InterBank Offer Rate

(MTN): Medium-term note

(STEP): Step coupon bond

(USD): U.S. dollar

Currency to be Purchased	Currency to be Sold		Counterparty		Settlement Date		Unrealized Appreciation
FOREIGN CURRENCY EXCHANGE CONTRACT
USD 67,752,525		JPY 7,455,000,000		Goldman Sachs International		11/05/18		$1,933,865

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 88

Low Duration Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Description	Number of Contracts		Expiration Date		Notional Amount			Value				Unrealized Appreciation/ (Depreciation)
FUTURES CONTRACTS: LONG POSITIONS
U.S. Treasury Two Year Note		7,034		12/31/18		$	1,482,305,594		$	(4,542,920	)		$	(4,542,920	)
U.S. Treasury Five Year Note		582		12/31/18			65,461,359			(517,053	)			(517,053	)
							1,547,766,953			(5,059,973	)			(5,059,973	)
FUTURES CONTRACTS: SHORT POSITIONS
Euro-Bobl Five Year German Bond		423		12/06/18			64,214,482			353,046				353,046
TOTAL FUTURES CONTRACTS						$	1,611,981,435		$	(4,706,927	)		$	(4,706,927	)

Received by the Fund

Paid by the Fund

Descriptions

Counterparty

Maturity Date

Rate

Frequency

Rate

Frequency

Notional Amount

Value

Premiums Paid

Unrealized (Depreciation)

PURCHASED SWAPTIONS

Option to enter into a 30-year Interest Rate Swap

Goldman Sachs International

12/24/23

3 month USD LIBOR

Quarterly

6.00%

Quarterly

$

30,000,000

$

28,932

$

939,000

$

(910,068

)

Received by the Fund

Paid by the Fund

Descriptions

Counterparty

Maturity Date

Rate

Frequency

Rate

Frequency

Notional Amount

Value

Premiums (Received)

Unrealized Appreciation

WRITTEN SWAPTIONS

Option to enter into a 30-year Interest Rate Swap

Goldman Sachs International

12/24/23

7.50%

Quarterly

3 month USD LIBOR

Quarterly

$

30,000,000

$

(11,109

)

$

(540,000

)

$

528,891

See accompanying notes to Schedule of Portfolio Investments.

89 / Semi-Annual Report September 2018

Strategic Income Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
BONDS – 97.30%
ASSET-BACKED SECURITIES — 12.89%**
A Voce CLO Ltd., Series 2014-1A, Class A1R (Cayman Islands)
(LIBOR USD 3-Month plus 1.16%)
3.50%		07/15/26	1,2,3	$	250,000	$	250,025
Atrium XII, Series 12A, Class AR (Cayman Islands)
(LIBOR USD 3-Month plus 0.83%)
3.18%		04/22/27	1,2,3		165,000		164,383
Barings CLO Ltd., Series 2013-IA, Class AR (Cayman Islands)
(LIBOR USD 3-Month plus 0.80%)
3.15%		01/20/28	1,2,3		250,000		249,092
Barings CLO Ltd., Series 2018-3A, Class A1 (Cayman Islands)
(LIBOR USD 3-Month plus 0.95%)
3.02%		07/20/29	1,2,3		250,000		248,695
Bayview Commercial Asset Trust, Series 2004-3, Class A1
(LIBOR USD 1-Month plus 0.56%)
2.77%		01/25/35	2,3		193,316		191,240
BlueMountain CLO Ltd., Series 2014-2A, Class AR (Cayman Islands)
(LIBOR USD 3-Month plus 0.93%)
3.28%		07/20/26	1,2,3		250,000		250,029
Cedar Funding II CLO Ltd., Series 2013-1A, Class A1R (Cayman Islands)
(LIBOR USD 3-Month plus 1.23%)
3.56%		06/09/30	1,2,3		250,000		250,606
Crystal River CDO, Series 2005-1A, Class A (Cayman Islands)
(LIBOR USD 3-Month plus 0.36%)
2.68%		03/02/46	1,2,3,4,5		419,900		34,747
Dryden 30 Senior Loan Fund, Series 2013-30A, Class AR (Cayman Islands)
(LIBOR USD 3-Month plus 0.82%)
3.13%		11/15/28	1,2,3		250,000		248,889
Education Loan Asset-Backed Trust I, Series 2013-1, Class A2
(LIBOR USD 1-Month plus 0.80%)
3.02%		04/26/32	2,3		645,000		648,558
Flagship CLO VIII, Ltd., Series 2014-8A, Class ARR (Cayman Islands)
(LIBOR USD 3-Month plus 0.85%)
3.19%		01/16/26	1,2,3		110,000		109,866
Global SC Finance II SRL, Series 2014-1A, Class A2 (Barbados)
3.09%		07/17/29	1,3		177,917		172,453
Higher Education Funding I, Series 2014-1, Class A
(LIBOR USD 3-Month plus 1.05%)
3.36%		05/25/34	2,3		454,562		457,701

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
LCM XX LP, Series 20A, Class AR (Cayman Islands)
(LIBOR USD 3-Month plus 1.04%)
3.38%		10/20/27	1,2,3,†	$	200,000	$	200,000
Magnetite VII CLO Ltd., Series 2012-7A, Class A1R2 (Cayman Islands)
(LIBOR USD 3-Month plus 0.80%)
3.14%		01/15/28	1,2,3		250,000		248,721
Nelnet Student Loan Trust, Series 2014-4A, Class A2
(LIBOR USD 1-Month plus 0.95%)
3.17%		11/25/48	2,3		500,000		503,842
Neuberger Berman CLO XVI-S Ltd., Series 2017-16SA, Class A (Cayman Islands)
(LIBOR USD 3-Month plus 0.85%)
3.19%		01/15/28	1,2,3		250,000		249,114
Octagon Investment Partners 25 Ltd., Series 2015-1A, Class AR (Cayman Islands)
(LIBOR USD 3-Month plus 0.80%)
3.15%		10/20/26	1,2,3		240,000		238,541
Panthera Aviation, Series 2013-1
10.00%		01/25/22	3,4,5,†		338,214		104,841
Scholar Funding Trust, Series 2012-B, Class A2
(LIBOR USD 1-Month plus 1.10%)
3.34%		03/28/46	2,3		815,922		823,018
SLC Student Loan Trust, Series 2004-1, Class B
(LIBOR USD 3-Month plus 0.29%)
2.60%		08/15/31	2		204,254		193,438
SLM Student Loan Trust, Series 2004-2, Class B
(LIBOR USD 3-Month plus 0.47%)
2.81%		07/25/39	2		383,723		367,565
SLM Student Loan Trust, Series 2004-3A, Class A6A
(LIBOR USD 3-Month plus 0.55%)
2.89%		10/25/64	2,3		270,000		271,609
SLM Student Loan Trust, Series 2005-9, Class B
(LIBOR USD 3-Month plus 0.30%)
2.64%		01/25/41	2		293,387		280,928
SLM Student Loan Trust, Series 2006-2, Class A6
(LIBOR USD 3-Month plus 0.17%)
2.51%		01/25/41	2		895,768		877,903
SLM Student Loan Trust, Series 2007-7, Class B
(LIBOR USD 3-Month plus 0.75%)
3.09%		10/27/70	2		215,000		204,216

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 90

Strategic Income Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
SLM Student Loan Trust, Series 2008-1, Class A4
(LIBOR USD 3-Month plus 0.65%)
2.99%		01/25/22	2	$	230,399	$	228,865
SLM Student Loan Trust, Series 2008-2, Class B
(LIBOR USD 3-Month plus 1.20%)
3.54%		01/25/83	2		340,000		328,125
SLM Student Loan Trust, Series 2008-3, Class B
(LIBOR USD 3-Month plus 1.20%)
3.54%		04/26/83	2		340,000		333,487
SLM Student Loan Trust, Series 2008-4, Class B
(LIBOR USD 3-Month plus 1.85%)
4.19%		04/25/73	2		340,000		350,520
SLM Student Loan Trust, Series 2008-5, Class B
(LIBOR USD 3-Month plus 1.85%)
4.19%		07/25/73	2		235,000		241,254
SLM Student Loan Trust, Series 2008-6, Class B
(LIBOR USD 3-Month plus 1.85%)
4.19%		07/26/83	2		340,000		348,360
SLM Student Loan Trust, Series 2008-7, Class B
(LIBOR USD 3-Month plus 1.85%)
4.19%		07/26/83	2		340,000		346,964
SLM Student Loan Trust, Series 2008-8, Class B
(LIBOR USD 3-Month plus 2.25%)
4.59%		10/25/75	2		340,000		357,208
SLM Student Loan Trust, Series 2011-1, Class A2
(LIBOR USD 1-Month plus 1.15%)
3.37%		10/25/34	2		310,000		317,528
Structured Receivables Finance LLC, Series 2010-A, Class B
7.61%		01/16/46	3,†		343,257		382,719
Structured Receivables Finance LLC, Series 2010-B, Class B
7.97%		08/15/36	3		349,442		390,864
Wachovia Student Loan Trust, Series 2006-1, Class A6
(LIBOR USD 3-Month plus 0.17%)
2.51%		04/25/40	2,3		300,000		294,036
Total Asset-Backed Securities (Cost $12,078,976)							11,759,950

Issues	Maturity Date			Principal Amount		Value
CORPORATES — 35.28%*
Automotive — 0.27%
General Motors Co.
3.50%		10/02/18		$	250,000	$	250,000
Banking — 6.28%
Bank of America Corp.
2.74%		01/23/22	6		485,000		477,122
3.00%		12/20/23	6		431,000		418,503
3.71%		04/24/28	6		525,000		504,978
Bank of America Corp. (MTN)
4.27%		07/23/29	6		80,000		79,871
Bank of New York Mellon Corp. (The) (MTN)
2.66%		05/16/23	6		250,000		242,056
Discover Bank
2.60%		11/13/18			250,000		249,992
Goldman Sachs Bank USA (BKNT)
3.20%		06/05/20			300,000		301,079
JPMorgan Chase & Co.
3.22%		03/01/25	6		420,000		406,428
3.90%		07/15/25			250,000		249,832
(LIBOR USD 3-Month plus 0.68%)
3.00%		06/01/21	2		200,000		201,238
JPMorgan Chase Bank N.A.
2.60%		02/01/21	6		485,000		481,466
JPMorgan Chase Bank N.A. (BKNT)
(LIBOR USD 3-Month plus 0.25%)
2.59%		02/13/20	2		385,000		385,229
Lloyds Banking Group PLC (United Kingdom)
2.91%		11/07/23	1,6		200,000		190,902
Santander UK Group Holdings PLC
(United Kingdom)
2.88%		08/05/21	1		165,000		160,713
3.37%		01/05/24	1,6		200,000		192,237
UBS AG (GMTN) (Switzerland)
2.38%		08/14/19	1		250,000		249,036
Wells Fargo & Co.
3.00%		04/22/26			145,000		134,629
Wells Fargo & Co. (MTN)
3.58%		05/22/28	6		575,000		550,713
Wells Fargo Bank N.A. (BKNT)
3.33%		07/23/21	6		250,000		249,773
							5,725,797
Communications — 2.86%
AT&T, Inc.
4.80%		06/15/44			350,000		322,107
5.25%		03/01/37			265,000		264,858
CBS Corp.
3.38%		02/15/28			150,000		137,721

See accompanying notes to Schedule of Portfolio Investments.

91 / Semi-Annual Report September 2018

Strategic Income Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Communications (continued)
CCO Holdings LLC/CCO Holdings Capital Corp.
5.00%		02/01/28	3	$	54,000	$	50,963
5.13%		05/01/27	3		46,000		43,642
Charter Communications Operating LLC/Charter Communications Operating Capital
6.48%		10/23/45			200,000		215,657
Clear Channel International BV (Netherlands)
8.75%		12/15/20	1,3		19,000		19,665
Comcast Corp.
2.35%		01/15/27			100,000		88,063
Discovery Communications LLC
2.80%		06/15/20	3		150,000		148,537
Intelsat Jackson Holdings SA (Luxembourg)
5.50%		08/01/23	1		16,000		14,780
8.50%		10/15/24	1,3		31,000		31,252
9.75%		07/15/25	1,3		40,000		42,450
Level 3 Financing, Inc.
5.13%		05/01/23			20,000		20,175
Sprint Capital Corp.
8.75%		03/15/32			27,000		30,443
Sprint Communications, Inc.
7.00%		03/01/20	3		30,000		31,200
9.00%		11/15/18	3		50,000		50,438
Sprint Spectrum Co. LLC/Sprint Spectrum
Co. II LLC/Sprint Spectrum Co. III LLC
3.36%		09/20/21	3		150,000		150,000
4.74%		03/20/25	3		200,000		200,410
T-Mobile USA, Inc.
4.50%		02/01/26			45,000		42,806
4.75%		02/01/28			45,000		42,302
Verizon Communications, Inc.
4.13%		08/15/46			240,000		215,475
4.86%		08/21/46			150,000		151,112
Vodafone Group PLC (United Kingdom)
4.38%		05/30/28	1		100,000		98,715
Warner Media LLC
3.88%		01/15/26			200,000		194,372
							2,607,143
Consumer Discretionary — 0.56%
Anheuser-Busch InBev Finance, Inc.
3.65%		02/01/26			200,000		194,583
Anheuser-Busch InBev Worldwide, Inc.
4.00%		04/13/28			145,000		143,203
Bacardi Ltd. (Bermuda)
5.30%		05/15/48	1,3		100,000		98,414

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Consumer Discretionary (continued)
Central Garden & Pet Co.
5.13%		02/01/28		$	31,000	$	29,605
6.13%		11/15/23			40,000		41,450
							507,255
Electric — 2.71%
Duke Energy Carolinas LLC
3.75%		06/01/45			355,000		328,679
Entergy Texas, Inc.
3.45%		12/01/27			250,000		238,101
NextEra Energy Capital Holdings, Inc.
(LIBOR USD 3-Month plus 0.48%)
2.82%		05/04/21	2		485,000		486,528
Pennsylvania Electric Co.
5.20%		04/01/20			400,000		408,615
Puget Energy, Inc.
6.00%		09/01/21			250,000		265,943
Southern Co. Gas Capital Corp.
3.25%		06/15/26			500,000		468,662
Southwestern Electric Power Co., Series K
2.75%		10/01/26			300,000		274,732
							2,471,260
Energy — 2.36%
CrownRock LP/CrownRock Finance, Inc.
5.63%		10/15/25	3		10,000		9,751
Diamondback Energy, Inc.
4.75%		11/01/24			15,000		15,095
Energy Transfer Partners LP
6.00%		06/15/48			100,000		106,999
EQT Midstream Partners LP
4.13%		12/01/26			350,000		330,093
Florida Gas Transmission Co. LLC
7.90%		05/15/19	3		200,000		205,849
Gulfport Energy Corp.
6.38%		05/15/25			13,000		12,789
Kinder Morgan, Inc.
4.30%		03/01/28			175,000		173,389
5.63%		11/15/23	3		200,000		213,719
Matador Resources Co.
5.88%		09/15/26	3		15,000		15,225
NiSource, Inc.
2.65%		11/17/22			150,000		142,928
Parsley Energy LLC/Parsley Finance Corp.
5.25%		08/15/25	3		10,000		10,000
5.38%		01/15/25	3		35,000		35,263
Plains All American Pipeline LP/PAA
Finance Corp.
4.65%		10/15/25			125,000		126,785

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 92

Strategic Income Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Energy (continued)
Rockies Express Pipeline LLC
5.63%		04/15/20	3	$	142,000	$	146,615
Ruby Pipeline LLC
6.00%		04/01/22	3		178,788		183,671
Sunoco Logistics Partners Operations LP
5.40%		10/01/47			100,000		98,480
Texas Eastern Transmission LP
2.80%		10/15/22	3		150,000		144,084
Transocean Guardian Ltd. (Cayman Islands)
5.88%		01/15/24	1,3		22,000		22,275
Transocean Pontus Ltd. (Cayman Islands)
6.13%		08/01/25	1,3		20,000		20,375
Transocean Proteus Ltd. (Cayman Islands)
6.25%		12/01/24	1,3		16,150		16,493
Williams Cos., Inc. (The)
3.70%		01/15/23			110,000		109,005
WPX Energy, Inc.
5.75%		06/01/26			10,000		10,163
							2,149,046
Finance — 4.13%
Air Lease Corp.
3.38%		01/15/19			250,000		250,263
Citibank N.A. (BKNT)
3.05%		05/01/20			565,000		564,826
3.40%		07/23/21			250,000		250,056
Citigroup, Inc.
3.67%		07/24/28	6		405,000		385,970
Ford Motor Credit Co. LLC
3.16%		08/04/20			275,000		272,369
3.20%		01/15/21			175,000		172,328
8.13%		01/15/20			300,000		317,081
(LIBOR USD 3-Month plus 1.27%)
3.66%		03/28/22	2		115,000		114,905
General Motors Financial Co., Inc.
3.55%		04/09/21			95,000		94,991
Goldman Sachs Group, Inc. (The)
3.69%		06/05/28	6		200,000		190,385
3.81%		04/23/29	6		145,000		138,481
Morgan Stanley
(LIBOR USD 3-Month plus 0.93%)
3.28%		07/22/22	2		500,000		504,500
Morgan Stanley (GMTN)
7.30%		05/13/19			500,000		513,390
							3,769,545
Food — 1.10%
Campbell Soup Co. (LIBOR USD 3-Month plus 0.50%)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Food (continued)
2.83%		03/16/20	2	$	140,000	$	139,863
Chobani LLC/Chobani Finance Corp., Inc.
7.50%		04/15/25	3		22,000		20,075
General Mills, Inc.
4.20%		04/17/28			145,000		143,059
Kraft Heinz Foods Co.
3.00%		06/01/26			200,000		182,868
4.63%		01/30/29			190,000		190,070
Mondelez International Holdings Netherlands BV (Netherlands)
1.63%		10/28/19	1,3		300,000		295,715
Post Holdings, Inc.
5.75%		03/01/27	3		30,000		29,513
							1,001,163
Gaming — 0.30%
GLP Capital LP/GLP Financing II, Inc.
5.30%		01/15/29			65,000		65,513
5.38%		04/15/26			205,000		208,692
							274,205
Health Care — 5.65%
Abbott Laboratories
3.75%		11/30/26			205,000		204,270
AbbVie, Inc.
3.60%		05/14/25			100,000		96,928
4.50%		05/14/35			50,000		48,163
Allergan Funding SCS (Luxembourg)
3.80%		03/15/25	1		150,000		147,094
Amgen, Inc.
4.40%		05/01/45			200,000		194,353
Anthem, Inc.
2.25%		08/15/19			200,000		198,954
3.65%		12/01/27			145,000		138,229
Bausch Health Cos., Inc.
9.25%		04/01/26	3		16,000		17,340
Bausch Health Cos., Inc. (Canada)
5.50%		11/01/25	1,3		49,000		49,184
6.13%		04/15/25	1,3		57,000		54,435
Bayer U.S. Finance II LLC
4.38%		12/15/28	3		200,000		196,271
Bayer U.S. Finance LLC
2.38%		10/08/19	3		200,000		197,893
Becton Dickinson and Co.
(LIBOR USD 3-Month plus 0.88%)
3.26%		12/29/20	2		250,000		250,386
Boston Scientific Corp.
6.00%		01/15/20			200,000		207,046

See accompanying notes to Schedule of Portfolio Investments.

93 / Semi-Annual Report September 2018

Strategic Income Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Health Care (continued)
Catalent Pharma Solutions, Inc.
4.88%		01/15/26	3	$	30,000	$	29,025
Celgene Corp.
5.00%		08/15/45			320,000		317,498
Centene Corp.
4.75%		05/15/22			24,000		24,390
4.75%		01/15/25			13,000		13,000
CHS/Community Health Systems, Inc.
8.63%		01/15/24	3		14,000		14,595
CVS Health Corp.
5.05%		03/25/48			240,000		246,424
Fresenius Medical Care U.S. Finance II, Inc.
4.13%		10/15/20	3		400,000		404,653
5.63%		07/31/19	3		300,000		305,993
Fresenius US Finance II, Inc.
4.25%		02/01/21	3		150,000		151,207
Gilead Sciences, Inc.
4.15%		03/01/47			205,000		194,692
Halfmoon Parent, Inc.
4.13%		11/15/25	3		375,000		374,504
HCA, Inc.
4.75%		05/01/23			30,000		30,600
5.00%		03/15/24			80,000		82,200
5.25%		04/15/25			23,000		23,776
6.50%		02/15/20			54,000		56,322
Humana, Inc.
2.90%		12/15/22			195,000		189,127
Molina Healthcare, Inc.
5.38%		11/15/22			33,000		33,743
Shire Acquisitions Investments Ireland DAC (Ireland)
1.90%		09/23/19	1		300,000		296,863
Teleflex, Inc.
4.63%		11/15/27			10,000		9,525
Tenet Healthcare Corp.
4.63%		07/15/24			46,000		44,850
4.75%		06/01/20			10,000		10,113
Teva Pharmaceutical Finance Netherlands III BV (Netherlands)
1.70%		07/19/19	1		63,000		62,055
Universal Health Services, Inc.
3.75%		08/01/19	3		200,000		200,125
WellCare Health Plans, Inc.
5.25%		04/01/25			42,000		42,788
							5,158,614
Industrials — 1.49%
Amcor Finance USA, Inc.
4.50%		05/15/28	3		145,000		144,149

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Industrials (continued)
BAE Systems Holdings, Inc.
2.85%		12/15/20	3	$	200,000	$	197,439
Ball Corp.
4.00%		11/15/23			30,000		29,400
Berry Global, Inc.
4.50%		02/15/26	3		58,000		55,245
5.13%		07/15/23			6,000		6,067
Crown Americas LLC/Crown Americas
Capital Corp. V
4.25%		09/30/26			21,000		19,267
General Electric Co. (MTN)
(LIBOR USD 3-Month plus 0.48%)
2.79%		08/15/36	2		500,000		416,785
Graphic Packaging International LLC
4.88%		11/15/22			55,000		55,413
Itron, Inc.
5.00%		01/15/26	3		30,000		28,875
L3 Technologies, Inc.
4.40%		06/15/28			145,000		144,740
Multi-Color Corp.
4.88%		11/01/25	3		50,000		46,875
Northrop Grumman Corp.
3.20%		02/01/27			150,000		141,710
OI European Group BV (Netherlands)
4.00%		03/15/23	1,3		20,000		19,050
Silgan Holdings, Inc.
4.75%		03/15/25			60,000		57,825
							1,362,840
Information Technology — 0.55%
Broadcom Corp./Broadcom Cayman Finance
Ltd.
2.38%		01/15/20			200,000		197,714
Change Healthcare Holdings LLC/Change
Healthcare Finance, Inc.
5.75%		03/01/25	3		28,000		27,860
Dell International LLC/EMC Corp.
3.48%		06/01/19	3		250,000		250,673
MSCI, Inc.
4.75%		08/01/26	3		22,000		21,890
							498,137
Insurance — 0.96%
Farmers Exchange Capital II
6.15%		11/01/53	3,6		450,000		477,806
Nationwide Mutual Insurance Co.
4.62%		12/15/24	3,6		400,000		401,500
							879,306

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 94

Strategic Income Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Materials — 0.30%
Dow Chemical Co. (The)
8.55%		05/15/19		$	225,000	$	232,711
Valvoline, Inc.
5.50%		07/15/24			40,000		40,252
							272,963
Real Estate Investment Trust (REIT) — 3.12%
Alexandria Real Estate Equities, Inc.
3.45%		04/30/25			200,000		192,225
American Campus Communities Operating Partnership LP
3.35%		10/01/20			125,000		124,408
American Tower Corp.
3.00%		06/15/23			150,000		144,566
CC Holdings GS V LLC/Crown Castle
GS III Corp.
3.85%		04/15/23			200,000		198,883
Digital Realty Trust LP
5.88%		02/01/20			145,000		148,750
Greystar Student Housing Growth & Income OP LP
4.60%		12/01/24			300,000		309,075
HCP, Inc.
3.88%		08/15/24			325,000		317,980
SBA Communications Corp.
4.00%		10/01/22			78,000		76,537
SL Green Realty Corp.
4.50%		12/01/22			200,000		202,405
Ventas Realty LP
4.40%		01/15/29			250,000		249,129
VEREIT Operating Partnership LP
3.00%		02/06/19			240,000		239,916
WEA Finance LLC/Westfield UK & Europe Finance PLC
2.70%		09/17/19	3		250,000		249,333
Welltower, Inc.
3.75%		03/15/23			400,000		397,578
							2,850,785
Retail — 1.04%
BC ULC/New Red Finance, Inc. (Canada)
4.25%		05/15/24	1,3		20,000		19,000
Cumberland Farms, Inc.
6.75%		05/01/25	3		25,000		25,734
Dollar Tree, Inc.
(LIBOR USD 3-Month plus 0.70%)
3.04%		04/17/20	2		250,000		250,401
Rite Aid Corp.
6.13%		04/01/23	3		49,000		44,161

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Retail (continued)
Walgreens Boots Alliance, Inc.
3.80%		11/18/24		$	400,000	$	395,367
Walmart, Inc.
3.55%		06/26/25			215,000		216,259
							950,922
Services — 0.24%
IHS Markit Ltd. (Bermuda)
4.00%		03/01/26	1,3		7,000		6,716
4.75%		08/01/28	1		35,000		35,160
5.00%		11/01/22	1,3		170,000		175,882
							217,758
Transportation — 1.36%
Avolon Holdings Funding Ltd. (Cayman
Islands)
5.13%		10/01/23	1,3		56,000		56,744
Continental Airlines Pass-Through Trust,
Series 2007-1, Class B
6.90%		04/19/22			713,358		733,903
Delta Air Lines Pass-Through Trust,
Series 2002-1, Class G1
6.72%		01/02/23			331,527		351,792
Union Pacific Corp.
3.95%		09/10/28			100,000		100,691
							1,243,130
Total Corporates (Cost $32,555,538)							32,189,869
MORTGAGE-BACKED — 48.17%**
Non-Agency Commercial
Mortgage-Backed — 7.09%
Banc of America Commercial Mortgage
Trust, Series 2007-5, Class AJ
6.23%		02/10/51	6		179,499		184,008
Banc of America Merrill Lynch Commercial
Mortgage Trust, Series 2018-PARK, Class A
4.09%		08/10/38	3,6		140,000		143,016
Banc of America Merrill Lynch Trust, Series 2011-FSHN, Class A
4.42%		07/11/33	3		100,000		102,753
CGRBS Commercial Mortgage Trust,
Series 2013-VN05, Class A
3.37%		03/13/35	3		80,000		79,440
Citigroup Commercial Mortgage Trust,
Series 2012-GC8, Class XA (IO)
1.97%		09/10/45	3,6		1,654,661		89,045
COBALT CMBS Commercial Mortgage Trust,
Series 2007-C2, Class X (IO)
0.29%		04/15/47	3,6		10,122,916		20,195

See accompanying notes to Schedule of Portfolio Investments.

95 / Semi-Annual Report September 2018

Strategic Income Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Commercial Mortgage-Backed (continued)
Commercial Mortgage Trust, Series 2006-GG7, Class AM
5.93%		07/10/38	6	$	266,822	$	269,720
Commercial Mortgage Trust, Series 2013-CR12, Class XA (IO)
1.39%		10/10/46	6		2,009,651		91,233
Commercial Mortgage Trust, Series 2014-UBS5, Class XA (IO)
1.17%		09/10/47	4,5,6		2,786,953		97,581
Commercial Mortgage Trust, Series 2015-CR26, Class XA (IO)
1.17%		10/10/48	4,5,6		3,517,430		177,585
Commercial Mortgage Trust, Series 2018-HOME, Class A
3.82%		04/10/33	3,6		190,000		188,630
Credit Suisse Commercial Mortgage Trust, Series 2007-C2, Class AJ
5.75%		01/15/49	6		209,622		211,827
Four Times Square Trust Commercial Mortgage Pass-Through Certificates, Series 2006-4TS, Class A
5.40%		12/13/28	3		91,056		94,669
GS Mortgage Securities Trust, Series 2012-GC6, Class XB (IO)
0.26%		01/10/45	3,6		5,749,132		40,538
GS Mortgage Securities Trust, Series 2012-SHOP, Class A
2.93%		06/05/31	3		110,000		110,068
GS Mortgage Securities Trust, Series 2013-GC12, Class XA (IO)
1.58%		06/10/46	6		7,720,556		384,369
GS Mortgage Securities Trust, Series 2017-GPTX, Class XCP (IO)
0.91%		05/10/34	3,6		5,000,000		64,085
Irvine Core Office Trust, Series 2013-IRV, Class A1
2.07%		05/15/48	3		75,429		73,294
JPMBB Commercial Mortgage Securities Trust, Series 2013-C15, Class XA (IO)
1.33%		11/15/45	6		3,637,775		139,624
JPMBB Commercial Mortgage Securities Trust, Series 2014-C21, Class ASB
3.43%		08/15/47			680,000		682,652
JPMBB Commercial Mortgage Securities Trust, Series 2014-C24, Class XA (IO)
1.12%		11/15/47	6		3,108,692		116,306
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2005-CIBC12, Class AJ
4.99%		09/12/37	6		227,710		231,094

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Commercial Mortgage-Backed (continued)
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2005-CIBC13, Class AJ
5.77%		01/12/43	6	$	261,858	$	266,056
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2010-CNTR, Class A2
4.31%		08/05/32	3		78,221		79,799
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-C13, Class XA (IO)
0.31%		01/15/46	6		9,102,327		48,774
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-LC11, Class XA (IO)
1.41%		04/15/46	6		1,616,813		74,630
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2018-BCON, Class A
3.73%		01/05/31	3		95,000		95,839
Morgan Stanley Capital I Trust, Series 2011-C1, Class A4
5.03%		09/15/47	3,6		393,191		404,763
Morgan Stanley Capital I Trust, Series 2011-C3, Class A3
4.05%		07/15/49			439,819		442,679
OBP Depositor LLC Trust, Series 2010-OBP, Class A
4.65%		07/15/45	3		210,000		214,167
SFAVE Commercial Mortgage Securities Trust, Series 2015-5AVE, Class A2A
3.66%		01/05/43	3,6		120,000		112,113
UBS Commercial Mortgage Trust, Series 2012-C1, Class XA (IO)
2.26%		05/10/45	3,6		1,841,458		110,432
UBS Commercial Mortgage Trust, Series 2018-C12, Class A1
3.29%		08/15/51			484,592		484,757
VNDO Mortgage Trust, Series 2013-PENN, Class A
3.81%		12/13/29	3		102,500		103,473
Wachovia Bank Commercial Mortgage Trust, Series 2007-C30, Class AJ
5.41%		12/15/43	6		131,622		132,647
WF-RBS Commercial Mortgage Trust, Series 2011-C5, Class XA (IO)
1.90%		11/15/44	3,6		3,614,575		150,240
WF-RBS Commercial Mortgage Trust, Series 2012-C9, Class XA (IO)
2.05%		11/15/45	3,6		1,111,735		69,811

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 96

Strategic Income Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Commercial Mortgage-Backed (continued)
WF-RBS Commercial Mortgage Trust, Series 2013-C14, Class XA (IO)
0.87%		06/15/46	6	$	3,147,268	$	88,328
							6,470,240
Non-Agency Mortgage-Backed — 28.12%
ACE Securities Corp. Home Equity Loan Trust, Series 2006-HE3, Class A2C
(LIBOR USD 1-Month plus 0.15%)
2.37%		06/25/36	2		1,498,198		1,220,147
Banc of America Alternative Loan Trust, Series 2005-2, Class 4A1
5.50%		03/25/20			74,072		72,479
Banc of America Funding Trust, Series 2006-3, Class 5A3
5.50%		03/25/36			384,430		367,236
BCAP LLC Trust, Series 2011-RR3, Class 5A3
3.92%		11/27/37	3,6		415,452		415,850
Bear Stearns ALT-A Trust, Series 2005-1, Class A1
(LIBOR USD 1-Month plus 0.56%)
2.78%		01/25/35	2		169,245		168,813
Chase Mortgage Finance Trust, Series 2007-A1, Class 8A1
4.14%		02/25/37	6		123,506		127,011
Citigroup Mortgage Loan Trust, Series 2005-OPT3, Class M2
(LIBOR USD 1-Month plus 0.68%)
2.89%		05/25/35	2		13,968		13,984
Conseco Finance Corp., Series 1996-7, Class M1
7.70%		09/15/26	6		300,117		322,812
Conseco Finance Corp., Series 1998-3, Class A6
6.76%		03/01/30	6		224,005		235,409
Conseco Finance Corp., Series 1998-4, Class A6
6.53%		04/01/30	6		301,992		318,603
Conseco Finance Corp., Series 1998-4, Class A7
6.87%		04/01/30	6		149,537		158,673
Conseco Finance Corp., Series 1999-5, Class A5
7.86%		03/01/30	6		82,463		60,928
Conseco Finance Home Equity Loan Trust, Series 2002-C, Class BF1
8.00%		06/15/32	6		454,412		465,182
Conseco Finance Home Equity Loan Trust, Series 2002-C, Class BF2
8.00%		06/15/32	3,6		478,526		498,200

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Conseco Finance Securitizations Corp., Series 2001-4, Class A4
7.36%		08/01/32	6	$	105,236	$	107,983
Credit Suisse Mortgage Capital, Series 2014-4R, Class 16A1
(LIBOR USD 1-Month plus 0.20%)
2.26%		02/27/36	2,3		113,347		113,261
Credit-Based Asset Servicing and Securitization LLC, Mortgage Loan Trust, Series 2007-CB2, Class A2B (STEP-reset date 11/25/18)
4.10%		02/25/37			1,122,944		893,092
Credit-Based Asset Servicing and Securitization LLC, Mortgage Loan Trust, Series 2007-CB2, Class A2C (STEP-reset date 11/25/18)
4.10%		02/25/37			370,804		294,873
Credit-Based Asset Servicing and Securitization LLC, Mortgage Loan Trust, Series 2007-CB3, Class A3 (STEP-reset date 11/25/18)
3.85%		03/25/37			1,084,609		648,207
First Franklin Mortgage Loan Trust, Series 2006-FF18, Class A2B
(LIBOR USD 1-Month plus 0.11%)
2.33%		12/25/37	2		689,451		601,961
First Franklin Mortgage Loan Trust, Series 2007-FF2, Class A2B
(LIBOR USD 1-Month plus 0.10%)
2.32%		03/25/37	2		848,898		554,136
GMACM Mortgage Corp. Loan Trust, Series 2006-AR1, Class 1A1
3.80%		04/19/36	6		402,228		377,218
GreenPoint Mortgage Funding Trust, Series 2006-AR8, Class 1A2A7
0.00%		4,8,†			2,140,000		—
GSR Mortgage Loan Trust, Series 2007-AR2, Class 5A1A
3.96%		05/25/37	6		566,551		511,781
HSI Asset Loan Obligation Trust, Series 2007-2, Class 2A12
6.00%		09/25/37			371,582		337,635
Impac CMB Trust, Series 2004-4, Class 1A2
(LIBOR USD 1-Month plus 0.62%)
2.84%		09/25/34	2		331,842		331,948
IndyMac Index Mortgage Loan Trust, Series 2005-AR25, Class 2A1
3.70%		12/25/35	6		447,770		430,449
IndyMac Index Mortgage Loan Trust, Series 2007-FLX2, Class A1C
(LIBOR USD 1-Month plus 0.19%)
2.41%		04/25/37	2		1,636,563		1,545,484

See accompanying notes to Schedule of Portfolio Investments.

97 / Semi-Annual Report September 2018

Strategic Income Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
IndyMac Manufactured Housing Contract Pass-Through Certificates, Series 1997-1, Class A3
6.61%		02/25/28		$	207,996	$	210,040
IndyMac Manufactured Housing Contract Pass-Through Certificates, Series 1997-1, Class A4
6.75%		02/25/28			87,560		88,596
IndyMac Manufactured Housing Contract Pass-Through Certificates, Series 1998-1, Class A4
6.49%		09/25/28			97,004		103,234
IndyMac Manufactured Housing Contract Pass-Through Certificates, Series 1998-1, Class A5
6.96%		09/25/28	6		233,813		246,643
JPMorgan Mortgage Acquisition Trust, Series 2007-HE1, Class AF6 (STEP-reset date 11/25/18)
4.26%		03/25/47			884,155		623,235
JPMorgan Mortgage Trust, Series 2006-S2, Class 2A2
5.88%		06/25/21			180,703		172,522
JPMorgan Mortgage Trust, Series 2007-S1, Class 1A2
5.50%		03/25/22			93,334		103,845
Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class A6
6.47%		04/15/40	6		53,328		53,918
Lehman XS Trust, Series 2006-13, Class 1A2
(LIBOR USD 1-Month plus 0.17%)
2.39%		09/25/36	2		222,965		218,961
Lehman XS Trust, Series 2006-9, Class A1B
(LIBOR USD 1-Month plus 0.16%)
2.38%		05/25/46	2		183,028		238,543
MASTR Asset-Backed Securities Trust, Series 2007-HE1, Class A4
(LIBOR USD 1-Month plus 0.28%)
2.50%		05/25/37	2		1,810,500		1,322,013
Merrill Lynch Alternative Note Asset Trust, Series 2007-A3, Class A2D
(LIBOR USD 1-Month plus 0.33%)
2.55%		04/25/37	2,4,5		1,696,107		177,297
Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-FF1, Class A2D
(LIBOR USD 1-Month plus 0.22%)
2.44%		01/25/38	2		2,312,108		1,750,994
Merrill Lynch Mortgage Investors Trust, Series 2004-HE2, Class A2C
(LIBOR USD 1-Month plus 1.16%)
3.38%		08/25/35	2		709,726		700,981

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Mid-State Capital Corp., Series 2004-1, Class B
8.90%		08/15/37		$	646,751	$	732,825
Mid-State Capital Corp., Series 2004-1, Class M1
6.50%		08/15/37			447,298		475,188
Mid-State Capital Corp., Series 2005-1, Class A
5.75%		01/15/40			184,826		200,392
Mid-State Trust XI, Series 2011, Class B
8.22%		07/15/38			9,978		11,433
Morgan Stanley Mortgage Loan Trust, Series 2004-7AR, Class 2A4
3.94%		09/25/34	6		325,352		330,718
Morgan Stanley Mortgage Loan Trust, Series 2006-7, Class 5A2
5.96%		06/25/36	6		2,514,764		1,130,824
Oakwood Mortgage Investors, Inc., Series 1998-A, Class M
6.83%		05/15/28	6		231,706		241,164
Oakwood Mortgage Investors, Inc., Series 1999-B, Class A4
6.99%		12/15/26			357,840		372,586
Oakwood Mortgage Investors, Inc., Series 2001-D, Class A3
5.90%		09/15/22	6		882,067		715,730
Oakwood Mortgage Investors, Inc., Series 2002-A, Class A3
6.03%		05/15/24	6		357,965		372,136
Residential Accredit Loans Trust, Series 2005-QA3, Class NB1
4.14%		03/25/35	6		439,583		313,854
SG Mortgage Securities Trust, Series 2007-NC1, Class A2
(LIBOR USD 1-Month plus 0.24%)
2.46%		12/25/36	2,3		1,551,134		1,086,659
Specialty Underwriting & Residential Finance Trust, Series 2006-AB3, Class A2B
(LIBOR USD 1-Month plus 0.15%)
2.37%		09/25/37	2		587,622		363,598
STRU TCW-1149 Coll
3.82%		11/01/30			250,000		252,124
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-12, Class 2A
4.24%		09/25/34	6		435,780		432,033
Terwin Mortgage Trust, Series 2004-7HE, Class A1
(LIBOR USD 1-Month plus 0.55%)
2.77%		07/25/34	2,3		98,925		96,228
WaMu Mortgage Pass-Through Certificates, Series 2005-AR8, Class 2A1A
(LIBOR USD 1-Month plus 0.58%)

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 98

Strategic Income Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
2.80%		07/25/45	2	$	90,851	$	92,541
Wells Fargo Home Equity Asset-Backed Securities, Series 2007-1, Class A3
(LIBOR USD 1-Month plus 0.32%)
2.54%		03/25/37	2		1,500,000		1,232,776
							25,656,986
U.S. Agency Commercial Mortgage-Backed — 7.07%
Fannie Mae-Aces, Series 2011-M5, Class X (IO)
1.12%		07/25/21	6		4,567,504		120,519
Fannie Mae-Aces, Series 2012-M14, Class X2 (IO)
0.56%		09/25/22	6		5,415,314		76,938
Fannie Mae-Aces, Series 2012-M2, Class X (IO)
0.78%		02/25/22	6		3,210,781		57,564
Fannie Mae-Aces, Series 2016-M11, Class AL
2.94%		07/25/39			366,359		350,391
Fannie Mae-Aces, Series 2016-M11, Class X2 (IO)
2.73%		07/25/39	6		2,098,239		102,228
Fannie Mae-Aces, Series 2016-M13, Class FA (IO)
(LIBOR USD 1-Month plus 0.67%)
2.74%		11/25/23	2		401,002		404,155
Fannie Mae-Aces, Series 2016-M4, Class X2 (IO)
2.69%		01/25/39	6		683,418		56,966
Freddie Mac Multifamily Structured Pass Through Certificates, Series K157, Class A3
3.99%		08/25/33	6		250,000		253,877
Freddie Mac Multifamily Structured Pass Through Certificates, Series KC02, Class A1
3.25%		02/25/25			460,000		458,868
Freddie Mac Multifamily Structured Pass Through Certificates, Series Q007, Class APT1
3.00%		10/25/47	6		350,000		349,447
Freddie Mac Multifamily Structured Pass Through Certificates, Series Q007, Class APT2
3.33%		10/25/47	6		450,000		450,438
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K021, Class X3 (IO)
2.04%		07/25/40	6		850,000		59,134

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Commercial Mortgage-Backed (continued)
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K022, Class X3 (IO)
1.87%		08/25/40	6	$	850,000	$	55,135
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K712, Class X1 (IO)
1.44%		11/25/19	6		5,601,468		58,451
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K714, Class X1 (IO)
0.89%		10/25/20	6		10,807,398		117,781
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KAIV, Class X2 (IO)
3.61%		06/25/41	6		1,220,000		107,293
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KF15, Class A
(LIBOR USD 1-Month plus 0.67%)
2.78%		02/25/23	2		401,558		403,055
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KF17, Class A
(LIBOR USD 1-Month plus 0.55%)
2.66%		03/25/23	2		420,040		421,689
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KJ02, Class A2
2.60%		09/25/20			223,351		221,814
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KJ03, Class A1
1.67%		01/25/21			336,853		327,746
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KP01, Class X (IO)
3.94%		01/25/19	6		135,109		41
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KS07, Class X (IO)
0.78%		09/25/25	6		6,000,000		250,802
Freddie Mac Multifamily Structured Pass-Through Certificates, Series Q004, Class A2H
2.78%		01/25/21	6		562,319		562,039
Freddie Mac Multifamily Structured Pass-Through Certificates, Series Q006, Class APT1
2.53%		07/25/26	6		524,099		531,085
Ginnie Mae, Series 2008-92, Class E
5.56%		03/16/44	6		199,640		201,794
Ginnie Mae, Series 2009-114, Class IO (IO)
0.00%		10/16/49	6		7,625,490		24,912

See accompanying notes to Schedule of Portfolio Investments.

99 / Semi-Annual Report September 2018

Strategic Income Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Commercial Mortgage-Backed (continued)
Ginnie Mae, Series 2014-103, Class IO (IO)
0.62%		05/16/55	6	$	2,606,046	$	90,780
Ginnie Mae, Series 2014-125, Class IO (IO)
0.97%		11/16/54	6		2,461,265		157,884
Ginnie Mae, Series 2014-88, Class IE (IO)
0.33%		03/16/55	6		3,741,021		93,789
Ginnie Mae, Series 2015-47, Class IO (IO)
0.82%		10/16/56	6		1,423,561		78,827
							6,445,442
U.S. Agency Mortgage-Backed — 5.89%
Fannie Mae Pool 463408
5.25%		08/01/24			262,809		284,852
Fannie Mae Pool 466411
3.31%		11/01/20			340,000		342,475
Fannie Mae Pool 874941
6.32%		11/01/37			503,149		546,293
Fannie Mae Pool AL2293
4.38%		06/01/21			417,955		428,985
Fannie Mae Pool AN6168
3.13%		07/01/32			200,000		185,997
Fannie Mae Pool AN9163
3.49%		05/01/30			350,000		343,766
Fannie Mae Pool AN9420
3.77%		07/01/43			249,117		247,687
Fannie Mae Pool AN9619
3.77%		06/01/33			285,000		283,435
Fannie Mae Pool FN0003
4.28%		01/01/21			320,958		328,480
Fannie Mae REMICS, Series 1993-80, Class S
(-1.22 X LIBOR USD 1-Month plus 10.87%, 10.87% Cap)
8.17%		05/25/23	2		1,814		1,964
Fannie Mae REMICS, Series 2000-45, Class SA (IO)
(-1.00 X LIBOR USD 1-Month plus 7.95%, 7.95% Cap)
5.79%		12/18/30	2		261,329		26,473
Fannie Mae REMICS, Series 2001-42, Class SB
(-16.00 X LIBOR USD 1-Month plus 128.00%, 8.50% Cap)
8.50%		09/25/31	2		617		708
Fannie Mae REMICS, Series 2003-124, Class TS
(-14.00 X LIBOR USD 1-Month plus 100.80%, 9.80% Cap)
9.80%		01/25/34	2		6,609		7,539
Fannie Mae REMICS, Series 2005-92, Class US (IO)
(-1.00 X LIBOR USD 1-Month plus 6.10%, 6.10% Cap)
3.88%		10/25/25	2		1,288,444		91,240

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae REMICS, Series 2006-125, Class SM (IO)
(-1.00 X LIBOR USD 1-Month plus 7.20%, 7.20% Cap)
4.98%		01/25/37	2	$	1,171,857	$	195,524
Fannie Mae REMICS, Series 2008-50, Class SA (IO)
(-1.00 X LIBOR USD 1-Month plus 6.05%, 6.05% Cap)
3.83%		11/25/36	2		1,419,350		183,624
Fannie Mae REMICS, Series 2010-43, Class KS (IO)
(-1.00 X LIBOR USD 1-Month plus 6.42%, 6.42% Cap)
4.20%		05/25/40	2		1,213,014		171,516
Freddie Mac Gold Pool WA3303
3.83%		05/01/35			450,000		442,254
Freddie Mac REMICS, Series 1602, Class SN
(-4.25 X PRIME plus 46.22%, 10.09% Cap)
10.09%		10/15/23	2		14,590		15,672
Freddie Mac REMICS, Series 1673, Class SD
(-2.15 X US Treasury Yield Curve Rate T Note Constant Maturity 10 Year plus 19.39%, 18.31% Cap)
12.82%		02/15/24	2		90,356		104,157
Freddie Mac REMICS, Series 2642, Class BW (IO)
5.00%		06/15/23			2,150		51
Freddie Mac REMICS, Series 2990, Class ND
(-2.54 X LIBOR USD 1-Month plus 16.89%, 16.89% Cap)
11.41%		12/15/34	2		33,404		34,894
Freddie Mac REMICS, Series 3242, Class SA (IO)
(-1.00 X LIBOR USD 1-Month plus 6.35%, 6.35% Cap)
4.19%		11/15/36	2		3,909,340		534,925
Freddie Mac REMICS, Series 3247, Class SI (IO)
(-1.00 X LIBOR USD 1-Month plus 6.65%, 6.50% Cap)
0.15%		08/15/36	2		16,564,284		125,087
Freddie Mac REMICS, Series 3260, Class AS (IO)
(-1.00 X LIBOR USD 1-Month plus 6.38%, 6.38% Cap)
4.22%		01/15/37	2		2,474,621		328,180
Freddie Mac REMICS, Series 3289, Class SD (IO)
(-1.00 X LIBOR USD 1-Month plus 6.12%, 6.12% Cap)
3.96%		03/15/37	2		883,607		52,868
Ginnie Mae, Series 2004-8, Class SE

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 100

Strategic Income Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
(-2.00 X LIBOR USD 1-Month plus 14.30%, 14.30% Cap)
9.86%		11/26/23	2	$	57,015	$	61,150
							5,369,796
Total Mortgage-Backed (Cost $45,354,840)							43,942,464
MUNICIPAL BONDS — 0.96%*
California — 0.56%
San Jose Redevelopment Agency Successor Agency, Series A-T
3.23%		08/01/27			225,000		216,918
State of California, Taxable, Miscellaneous Revenue Bonds, Series B
2.19%		04/01/47			300,000		295,968
							512,886
New York — 0.40%
New York City Transitional Finance Authority Revenue, Future Tax Secured Revenue, Build America Bonds
5.81%		08/01/30			350,000		365,792
Total Municipal Bonds
(Cost $896,385)							878,678
Total Bonds – 97.30%
(Cost $90,885,739)							88,770,961

Issues	Maturity Date			Principal Amount/ Shares		Value
SHORT-TERM INVESTMENTS — 2.81%
Money Market Funds — 0.97%
Morgan Stanley Institutional Liquidity Funds-Government Portfolio
2.04%9				$	884,000	$	884,000
U.S. Treasury Bills — 1.84%
U.S. Treasury Bills
2.05%10		12/13/18	11		91,000		90,609
2.20%10		01/31/19			1,600,000		1,587,969
							1,678,578
Total Short-Term Investments
(Cost $2,562,675)							2,562,578
Total Investments – 100.11%
(Cost $93,448,414)							91,333,539
Liabilities in Excess of Other Assets – (0.11)%							(102,466	)
Net Assets – 100.00%						$	91,231,073

See accompanying notes to Schedule of Portfolio Investments.

101 / Semi-Annual Report September 2018

Strategic Income Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

¹ U.S. dollar-denominated security issued by foreign-domiciled entity.

² Floating rate security. The rate disclosed was in effect at September 30, 2018.

³ Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

⁴ Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁵ Illiquid security as determined under procedures approved by the Board of Trustees. The aggregate value of illiquid securities is $592,051, which is 0.65% of total net assets.

⁶ Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

⁷ Non-income producing security.

⁸ Security is currently in default with regard to scheduled interest or principal payments.

⁹ Represents the current yield as of September 30, 2018.

¹⁰ Represents annualized yield at date of purchase.

¹¹ Securities, or a portion thereof, pledged as collateral for futures. The total market value of collateral pledged is $90,606.

^† Fair valued security. The aggregate value of fair valued securities is $687,560, which is 0.75% of total net assets. These securities were not valued utilizing an independent quote but were valued pursuant to guidelines established by the Board of Trustees. This figure represents securities that are priced using a benchmark pricing system and securities that have been deemed permanently stale, see Notes to Financial Statements.

* Securities with a call or reset feature will have an effective maturity date sooner than the stated maturity.

** Securities backed by mortgage or consumer loans where payment is periodically made will have an effective maturity date sooner than the stated maturity date.

Note: For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management.This definition may not apply for purposes of this report, which may combine industry sub-classifications for more meaningful presentation for investors.

(BKNT): Banker’s Note, Inc.

(CDO): Collateralized Debt Obligations

(CLO): Collateralized Loan Obligation

(GMTN): Global medium-term note

(IO): Interest only

(LIBOR): London InterBank Offer Rate

(MTN): Medium-term note

(STEP): Step coupon bond

(USD): U.S. dollar

Description	Number of Contracts		Expiration Date		Notional Amount				Value			Unrealized Appreciation
FUTURES CONTRACTS: SHORT POSITIONS
U.S. Treasury Five Year Note		83		12/31/18		$	(9,335,555	)		$	36,036		$	36,036
U.S. Treasury Ten Year Ultra Bond		12		12/19/18			(1,512,000	)			4,292			4,292
TOTAL FUTURES CONTRACTS						$	(10,847,555	)		$	40,328		$	40,328

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 102

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date	Principal Amount		Value
BONDS – 100.25%
ASSET-BACKED SECURITIES — 5.60%**
A Voce CLO Ltd., Series 2014-1A, Class A1R (Cayman Islands)
(LIBOR USD 3-Month plus 1.16%)
3.50%	07/15/261,2,3	$	25,475,000	$	25,477,578
Academic Loan Funding Trust, Series 2012-1A, Class A2
(LIBOR USD 1-Month plus 1.10%)
3.32%	12/27/442,3		30,567,825		30,830,772
AIMCO CLO, Series 2014-AA, Class AR (Cayman Islands)
(LIBOR USD 3-Month plus 1.10%)
3.45%	07/20/261,2,3		17,910,000		17,912,109
Atrium XII, Series 12A, Class AR (Cayman Islands)
(LIBOR USD 3-Month plus 0.83%)
3.18%	04/22/271,2,3		22,000,000		21,917,788
Babcock & Brown Air Funding I Ltd., Series 2007-1A, Class G1 (Bermuda)
(LIBOR USD 1-Month plus 0.30%)
2.43%	11/14/331,2,3		153,917		146,222
Barings CLO Ltd., Series 2013-IA, Class AR (Cayman Islands)
(LIBOR USD 3-Month plus 0.80%)
3.15%	01/20/281,2,3		54,735,000		54,536,202
Barings CLO Ltd., Series 2018-3A, Class A1 (Cayman Islands)
(LIBOR USD 3-Month plus 0.95%)
3.02%	07/20/291,2,3		35,930,000		35,742,445
Bayview Commercial Asset Trust, Series 2004-3, Class A1
(LIBOR USD 1-Month plus 0.56%)
2.77%	01/25/352,3		1,887,824		1,867,551
Bayview Commercial Asset Trust, Series 2005-1A, Class A1
(LIBOR USD 1-Month plus 0.30%)
2.52%	04/25/352,3		4,155,251		4,054,117
BlueMountain CLO Ltd., Series 2014-2A, Class AR (Cayman Islands)
(LIBOR USD 3-Month plus 0.93%)
3.28%	07/20/261,2,3		23,000,000		23,002,695
BlueMountain CLO Ltd., Series 2015-2A, Class A1R (Cayman Islands)
(LIBOR USD 3-Month plus 0.93%)
3.26%	07/18/271,2,3		8,330,000		8,289,683
Brazos Education Loan Authority, Inc., Series 2012-1, Class A1
(LIBOR USD 1-Month plus 0.70%)
2.92%	12/26/352		54,150		54,099
Brazos Higher Education Authority, Inc., Series 2005-1, Class 1A4
(LIBOR USD 3-Month plus 0.15%)
2.52%	03/26/292		5,162,500		5,134,898

Issues	Maturity Date	Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
Brazos Higher Education Authority, Inc., Series 2010-1, Class A2
(LIBOR USD 3-Month plus 1.20%)
3.51%	02/25/352	$	14,230,000	$	14,623,684
Brazos Higher Education Authority, Inc., Series 2011-1, Class A3
(LIBOR USD 3-Month plus 1.05%)
3.36%	11/25/332		16,050,000		16,355,122
Brazos Higher Education Authority, Inc., Series 2011-2, Class A3
(LIBOR USD 3-Month plus 1.00%)
3.34%	10/27/362		24,361,000		24,779,161
CIT Education Loan Trust, Series 2007-1, Class A
(LIBOR USD 3-Month plus 0.09%)
2.46%	03/25/422,3		22,372,991		21,806,109
CIT Education Loan Trust, Series 2007-1, Class B
(LIBOR USD 3-Month plus 0.30%)
2.67%	06/25/422,3		15,659,326		14,272,735
Clear Creek CLO Ltd., Series 2015-1A, Class AR (Cayman Islands)
(LIBOR USD 3-Month plus 1.20%)
3.55%	10/20/301,2,3		27,190,000		27,249,410
College Loan Corp. Trust I, Series 2005-2, Class B
(LIBOR USD 3-Month plus 0.49%)
2.83%	01/15/372		3,242,404		3,053,363
Dryden 30 Senior Loan Fund, Series 2013-30A, Class AR (Cayman Islands)
(LIBOR USD 3-Month plus 0.82%)
3.13%	11/15/281,2,3		18,866,000		18,782,144
Dryden 33 Senior Loan Fund, Series 2014-33A, Class AR (Cayman Islands)
(LIBOR USD 3-Month plus 1.43%)
3.77%	10/15/281,2,3		4,000,000		4,008,580
Dryden XXV Senior Loan Fund, Series 2012-25A, Class ARR (Cayman Islands)
(LIBOR USD 3-Month plus 0.90%)
3.24%	10/15/271,2,3		19,550,000		19,559,778
Dryden XXVI Senior Loan Fund, Series 2013-26A, Class AR (Cayman Islands)
(LIBOR USD 3-Month plus 0.90%)
3.25%	04/15/291,2,3		10,510,000		10,480,280
Education Loan Asset-Backed Trust I, Series 2013-1, Class A1
(LIBOR USD 1-Month plus 0.80%)
3.02%	06/25/262,3		4,837,811		4,858,030

See accompanying notes to Schedule of Portfolio Investments.

103 / Semi-Annual Report September 2018

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date	Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
Education Loan Asset-Backed Trust I, Series 2013-1, Class A2
(LIBOR USD 1-Month plus 0.80%)
3.02%	04/26/322,3	$	12,740,000	$	12,810,275
Educational Funding of the South, Inc., Series 2011-1, Class A2
(LIBOR USD 3-Month plus 0.65%)
2.99%	04/25/352		26,497		26,542
Educational Funding of the South, Inc., Series 2012-1, Class A
(LIBOR USD 1-Month plus 1.05%)
3.27%	03/25/362		15,697,158		15,842,605
EFS Volunteer No. 2 LLC, Series 2012-1, Class A2
(LIBOR USD 1-Month plus 1.35%)
3.57%	03/25/362,3		16,085,000		16,378,948
GCO Education Loan Funding Trust, Series 2006-1, Class A11L
(LIBOR USD 3-Month plus 0.23%)
2.54%	05/25/362		25,000,000		24,412,965
Global SC Finance II SRL, Series 2014-1A, Class A2 (Barbados)
3.09%	07/17/291,3		51,942,917		50,347,759
Goal Capital Funding Trust, Series 2005-2, Class A3
(LIBOR USD 3-Month plus 0.17%)
2.48%	05/28/302		4,694,160		4,690,779
Goal Capital Funding Trust, Series 2005-2, Class B
(LIBOR USD 3-Month plus 0.53%)
2.84%	11/25/442		9,822,430		9,420,591
Goal Capital Funding Trust, Series 2006-1, Class B
(LIBOR USD 3-Month plus 0.45%)
2.76%	08/25/422		2,787,934		2,630,862
Goal Structured Solutions Trust, Series 2015-1, Class A
(LIBOR USD 1-Month plus 0.65%)
2.87%	09/25/412,3		85,393,279		85,042,381
GoldenTree Loan Opportunities IX, Ltd. (Cayman Islands)
(LIBOR USD 3-Month plus 1.11%)
0.00%	10/29/291,2,3,†		5,345,000		5,345,003
J.G. Wentworth XXX LLC, Series 2013-3A, Class A
4.08%	01/17/733		827,966		833,793
J.G. Wentworth XXXII LLC, Series 2014-2A, Class A
3.61%	01/17/733		48,543,335		46,533,464
LCM XX LP, Series 20A, Class AR (Cayman Islands)
(LIBOR USD 3-Month plus 1.04%)
3.38%	10/20/271,2,3,†		8,350,000		8,350,005

Issues	Maturity Date	Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
LCM XXI LP, Series 21A, Class AR (Cayman Islands)
(LIBOR USD 3-Month plus 0.88%)
3.23%	04/20/281,2,3	$	32,465,000	$	32,413,283
Limerock CLO III LLC, Series 2014-3A, Class A1R (Cayman Islands)
(LIBOR USD 3-Month plus 1.20%)
3.55%	10/20/261,2,3		77,695,000		77,705,780
Madison Park Funding XXX, Ltd., Series 2018-30A, Class A (Cayman Islands)
(LIBOR USD 3-Month plus 0.75%)
3.09%	04/15/291,2,3		19,392,500		19,227,121
Magnetite IX Ltd., Series 2014-9A, Class A1R (Cayman Islands)
(LIBOR USD 3-Month plus 1.00%)
3.34%	07/25/261,2,3		3,172,000		3,172,818
Magnetite XI Ltd., Series 2014-11A, Class A1R (Cayman Islands)
(LIBOR USD 3-Month plus 1.12%)
3.45%	01/18/271,2,3		55,905,000		55,911,054
Navient Student Loan Trust, Series 2014-1, Class A3
(LIBOR USD 1-Month plus 0.51%)
2.73%	06/25/312		1,083,267		1,086,155
Navient Student Loan Trust, Series 2014-2, Class A
(LIBOR USD 1-Month plus 0.64%)
2.86%	03/25/832		76,161,637		75,818,647
Navient Student Loan Trust, Series 2014-3, Class A
(LIBOR USD 1-Month plus 0.62%)
2.84%	03/25/832		79,503,613		79,243,263
Navient Student Loan Trust, Series 2014-4, Class A
(LIBOR USD 1-Month plus 0.62%)
2.84%	03/25/832		121,018,153		120,573,303
Navient Student Loan Trust, Series 2014-5, Class A
(LIBOR USD 1-Month plus 0.62%)
2.84%	03/25/832		98,118,089		97,889,837
Navient Student Loan Trust, Series 2014-6, Class A
(LIBOR USD 1-Month plus 0.61%)
2.83%	03/25/832		99,777,504		99,425,429
Navient Student Loan Trust, Series 2014-7, Class A
(LIBOR USD 1-Month plus 0.61%)
2.83%	03/25/832		101,690,171		101,288,891
Navient Student Loan Trust, Series 2014-8, Class A3
(LIBOR USD 1-Month plus 0.60%)
2.82%	05/27/492		800,000		804,129

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 104

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September 30, 2018 (Unaudited)

Issues	Maturity Date	Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
Navient Student Loan Trust, Series 2015-1, Class A2
(LIBOR USD 1-Month plus 0.60%)
2.82%	04/25/402	$	191,597,521	$	192,312,793
Navient Student Loan Trust, Series 2015-2, Class A3
(LIBOR USD 1-Month plus 0.57%)
2.79%	11/26/402		99,055,000		99,157,819
Navient Student Loan Trust, Series 2016-1A, Class A
(LIBOR USD 1-Month plus 0.70%)
2.92%	02/25/702,3		36,151,466		36,386,143
Navient Student Loan Trust, Series 2018-3A, Class A3
(LIBOR USD 1-Month plus 0.80%)
3.02%	03/25/672,3		60,000,000		60,674,142
Nelnet Student Loan Trust, Series 2006-1, Class A6
(LIBOR USD 3-Month plus 0.45%)
2.76%	08/23/362,3		12,500,000		12,371,666
Nelnet Student Loan Trust, Series 2007-2A, Class A3L
(LIBOR USD 3-Month plus 0.35%)
2.72%	03/25/262,3		36,901,963		36,322,405
Nelnet Student Loan Trust, Series 2008-3, Class A4
(LIBOR USD 3-Month plus 1.65%)
3.96%	11/25/242		1,792,042		1,814,168
Nelnet Student Loan Trust, Series 2014-3A, Class A
(LIBOR USD 1-Month plus 0.58%)
2.80%	06/25/412,3		27,943,566		27,953,547
Nelnet Student Loan Trust, Series 2014-4A, Class A2
(LIBOR USD 1-Month plus 0.95%)
3.17%	11/25/482,3		21,495,000		21,660,168
Nelnet Student Loan Trust, Series 2014-5A, Class A
(LIBOR USD 1-Month plus 0.55%)
2.77%	07/25/462,3		85,687,121		85,811,504
Nelnet Student Loan Trust, Series 2015-1A, Class A
(LIBOR USD 1-Month plus 0.59%)
2.81%	04/25/462,3		153,864,822		154,003,470
Nelnet Student Loan Trust, Series 2015-2A, Class A2
(LIBOR USD 1-Month plus 0.60%)
2.82%	09/25/472,3		184,140,750		184,035,523
Nelnet Student Loan Trust, Series 2015-3A, Class A2
(LIBOR USD 1-Month plus 0.60%)
2.82%	02/27/512,3		6,772,116		6,767,346

Issues	Maturity Date	Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
Nelnet Student Loan Trust, Series 2015-3A, Class A3
(LIBOR USD 1-Month plus 0.90%)
3.12%	06/25/542,3	$	13,095,000	$	13,103,598
Neuberger Berman CLO XVI-S Ltd., Series 2017-16SA, Class A (Cayman Islands)
(LIBOR USD 3-Month plus 0.85%)
3.19%	01/15/281,2,3		1,690,000		1,684,009
North Carolina State Education Authority, Series 2011-1, Class A3
(LIBOR USD 3-Month plus 0.90%)
3.24%	10/25/412		22,924,029		23,142,927
North Carolina State Education Authority, Series 2011-2, Class A2
(LIBOR USD 3-Month plus 0.80%)
3.14%	07/25/252		3,874		3,885
Northstar Education Finance, Inc., Series 2007-1, Class A1
(1.00 X LIBOR USD 3-Month plus 0.10%)
2.44%	04/28/302		6,373		6,350
Northstar Education Finance, Inc., Series 2007-1, Class A2
(1.00 X LIBOR USD 3-Month plus 0.75%)
3.09%	01/29/462		42,780,000		42,218,723
Octagon Investment Partners 25 Ltd., Series 2015-1A, Class AR (Cayman Islands)
(LIBOR USD 3-Month plus 0.80%)
3.15%	10/20/261,2,3		17,910,000		17,801,106
Octagon Investment Partners XXIII Ltd., Series 2015-1A, Class AR (Cayman Islands)
(LIBOR USD 3-Month plus 0.85%)
3.19%	07/15/271,2,3		22,105,000		22,112,992
Panhandle-Plains Higher Education Authority, Inc., Series 2011-1, Class A3
(LIBOR USD 3-Month plus 0.95%)
3.35%	10/01/372		16,955,000		17,120,308
Panthera Aviation, Series 2013-1
10.00%	01/25/223,4,5,†		13,004,312		4,031,146
Panthera Aviation, Series 2013-26
10.00%	03/20/243,4,5,7,†		15,944,679		5,261,511
PHEAA Student Loan Trust, Series 2015-1A, Class A
(LIBOR USD 1-Month plus 0.60%)
2.82%	10/25/412,3		170,389,462		168,720,242
Scholar Funding Trust, Series 2012-B, Class A2
(LIBOR USD 1-Month plus 1.10%)
3.34%	03/28/462,3		31,678,165		31,953,657
SLC Student Loan Trust, Series 2004-1, Class B
(LIBOR USD 3-Month plus 0.29%)
2.60%	08/15/312		317,287		300,486

See accompanying notes to Schedule of Portfolio Investments.

105 / Semi-Annual Report September 2018

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Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date	Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
SLC Student Loan Trust, Series 2006-1, Class A6
(LIBOR USD 3-Month plus 0.16%)
2.49%	03/15/552	$	9,495,000	$	9,217,366
SLC Student Loan Trust, Series 2006-2, Class A6
(LIBOR USD 3-Month plus 0.16%)
2.49%	09/15/392		16,000,000		15,600,357
SLC Student Loan Trust, Series 2008-1, Class A4A
(LIBOR USD 3-Month plus 1.60%)
3.93%	12/15/322		18,553,770		19,290,815
SLM Student Loan Trust, Series 2003-4, Class A5E
(LIBOR USD 3-Month plus 0.75%)
3.08%	03/15/332,3		6,332,259		6,336,483
SLM Student Loan Trust, Series 2004-1, Class A4
(LIBOR USD 3-Month plus 0.26%)
2.60%	10/27/252		2,810,000		2,811,996
SLM Student Loan Trust, Series 2004-3A, Class A6A
(LIBOR USD 3-Month plus 0.55%)
2.89%	10/25/642,3		82,990,000		83,484,446
SLM Student Loan Trust, Series 2005-4, Class A3
(LIBOR USD 3-Month plus 0.12%)
2.46%	01/25/272		184,514		184,056
SLM Student Loan Trust, Series 2005-5, Class A5
(LIBOR USD 3-Month plus 0.75%)
3.09%	10/25/402		7,134,000		7,112,922
SLM Student Loan Trust, Series 2005-9, Class A7A
(LIBOR USD 3-Month plus 0.60%)
2.94%	01/25/412		72,550,000		72,827,667
SLM Student Loan Trust, Series 2006-2, Class A6
(LIBOR USD 3-Month plus 0.17%)
2.51%	01/25/412		42,454,446		41,607,747
SLM Student Loan Trust, Series 2006-8, Class A6
(LIBOR USD 3-Month plus 0.16%)
2.50%	01/25/412		32,855,000		31,927,812
SLM Student Loan Trust, Series 2007-1, Class B
(LIBOR USD 3-Month plus 0.22%)
2.56%	01/27/422		5,224,892		4,983,154
SLM Student Loan Trust, Series 2007-3, Class A4
(LIBOR USD 3-Month plus 0.06%)
2.40%	01/25/222		3,160,000		3,094,861

Issues	Maturity Date	Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
SLM Student Loan Trust, Series 2007-6, Class A4
(LIBOR USD 3-Month plus 0.38%)
2.72%	10/25/242	$	22,880,081	$	22,937,832
SLM Student Loan Trust, Series 2007-6, Class B
(LIBOR USD 3-Month plus 0.85%)
3.19%	04/27/432		5,261,103		5,112,973
SLM Student Loan Trust, Series 2008-1, Class A4
(LIBOR USD 3-Month plus 0.65%)
2.99%	01/25/222		50,088,700		49,755,204
SLM Student Loan Trust, Series 2008-2, Class A3
(LIBOR USD 3-Month plus 0.75%)
3.09%	04/25/232		114,969,449		114,233,748
SLM Student Loan Trust, Series 2008-2, Class B
(LIBOR USD 3-Month plus 1.20%)
3.54%	01/25/832		38,874,000		37,516,285
SLM Student Loan Trust, Series 2008-3, Class A3
(LIBOR USD 3-Month plus 1.00%)
3.34%	10/25/212		23,822		23,934
SLM Student Loan Trust, Series 2008-3, Class B
(LIBOR USD 3-Month plus 1.20%)
3.54%	04/26/832		2,170,000		2,128,430
SLM Student Loan Trust, Series 2008-4, Class A4
(LIBOR USD 3-Month plus 1.65%)
3.99%	07/25/222		2,907,280		2,969,048
SLM Student Loan Trust, Series 2008-4, Class B
(LIBOR USD 3-Month plus 1.85%)
4.19%	04/25/732		8,759,000		9,030,013
SLM Student Loan Trust, Series 2008-5, Class A4
(LIBOR USD 3-Month plus 1.70%)
4.04%	07/25/232		78,181,980		80,273,817
SLM Student Loan Trust, Series 2008-5, Class B
(LIBOR USD 3-Month plus 1.85%)
4.19%	07/25/732		37,199,000		38,188,908
SLM Student Loan Trust, Series 2008-6, Class A4
(LIBOR USD 3-Month plus 1.10%)
3.44%	07/25/232		17,289,739		17,388,696
SLM Student Loan Trust, Series 2008-6, Class B
(LIBOR USD 3-Month plus 1.85%)
4.19%	07/26/832		31,644,000		32,422,090

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 106

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Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date	Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
SLM Student Loan Trust, Series 2008-7, Class B
(LIBOR USD 3-Month plus 1.85%)
4.19%	07/26/832	$	17,346,000	$	17,701,279
SLM Student Loan Trust, Series 2008-8, Class A4
(LIBOR USD 3-Month plus 1.50%)
3.84%	04/25/232		6,595,000		6,729,534
SLM Student Loan Trust, Series 2008-8, Class B
(LIBOR USD 3-Month plus 2.25%)
4.59%	10/25/752		545,000		572,583
SLM Student Loan Trust, Series 2008-9, Class A
(LIBOR USD 3-Month plus 1.50%)
3.84%	04/25/232		156,788,639		160,231,028
SLM Student Loan Trust, Series 2008-9, Class B
(LIBOR USD 3-Month plus 2.25%)
4.59%	10/25/832		45,100,000		46,998,259
SLM Student Loan Trust, Series 2009-3, Class A
(LIBOR USD 1-Month plus 0.75%)
2.97%	01/25/452,3		206,000,055		207,799,228
SLM Student Loan Trust, Series 2011-1, Class A2
(LIBOR USD 1-Month plus 1.15%)
3.37%	10/25/342		3,070,000		3,144,552
SLM Student Loan Trust, Series 2012-1, Class A3
(LIBOR USD 1-Month plus 0.95%)
3.17%	09/25/282		368,427		369,619
SLM Student Loan Trust, Series 2012-2, Class A
(LIBOR USD 1-Month plus 0.70%)
2.92%	01/25/292		16,637,529		16,564,897
SLM Student Loan Trust, Series 2012-3, Class A
(LIBOR USD 1-Month plus 0.65%)
2.87%	12/27/382		33,760,929		33,973,360
SLM Student Loan Trust, Series 2012-7, Class A3
(LIBOR USD 1-Month plus 0.65%)
2.87%	05/26/262		29,558,452		29,292,182
SLM Student Loan Trust, Series 2013-6, Class A3
(LIBOR USD 1-Month plus 0.65%)
2.87%	06/25/552		25,496,237		25,668,385
Student Loan Consolidation Center Student Loan Trust I, Series 2002-2, Class B2
(28 Day Auction Rate plus 0.00%)0
1.61%	07/01/422,3		23,450,000		18,699,898

Issues	Maturity Date	Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
Vermont Student Assistance Corp., Series 2012-1, Class A
(LIBOR USD 1-Month plus 0.70%)
2.94%	07/28/342	$	4,467,386	$	4,481,414
Voya CLO Ltd., Series 2014-3A, Class A1R (Cayman Islands)
(LIBOR USD 3-Month plus 0.72%)
3.06%	07/25/261,2,3		35,545,000		35,554,827
Voya CLO Ltd., Series 2015-2A, Class AR (Cayman Islands)
(LIBOR USD 3-Month plus 0.97%)
3.32%	07/23/271,2,3		8,805,000		8,808,390
Wachovia Student Loan Trust, Series 2006-1, Class A6
(LIBOR USD 3-Month plus 0.17%)
2.51%	04/25/402,3		20,000		19,602
Total Asset-Backed Securities (Cost $4,038,761,624)					4,049,821,568
BANK LOANS — 0.86%*
Communications — 0.15%
Intelsat Jackson Holdings SA, Term Loan B4, 1st Lien (Luxembourg)
(LIBOR plus 4.50%)
6.73%	01/02/241,2		2,000,000		2,107,510
Intelsat Jackson Holdings SA, Term Loan B5, 1st Lien (Luxembourg)
6.63%	01/02/241		10,225,000		10,682,569
Lamar Media Corp., Term Loan B, 1st Lien
(LIBOR plus 1.75%)
3.94%	03/14/252		2,487,500		2,502,015
Level 3 Financing, Inc., Term Loan B, 1st Lien
(LIBOR plus 2.25%)
4.43%	02/22/242		6,750,000		6,776,730
SBA Communications, Term Loan B, 1st Lien
(LIBOR plus 2.00%)
4.25%	04/04/252		44,967,300		45,067,127
Sprint Communications, Inc., Term Loan B, 1st Lien
(LIBOR plus 2.50%)
4.75%	02/02/242		17,610,606		17,676,646
Unitymedia Finance LLC, Term Loan B, 1st Lien
(LIBOR plus 2.00%)
4.16%	06/01/232		25,920,000		25,970,285
					110,782,882
Consumer Discretionary — 0.04%
Reynolds Group Holdings, Inc., Term Loan B, 1st Lien
(LIBOR plus 2.75%)
4.99%	02/05/232		26,657,190		26,807,137

See accompanying notes to Schedule of Portfolio Investments.

107 / Semi-Annual Report September 2018

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
BANK LOANS (continued)
Electric — 0.03%
Dayton Power & Light Co. (The), Term Loan B, 1st Lien
(LIBOR plus 2.00%)
4.25%		08/24/22	2	$	12,871,517	$	12,903,696
Homer City Generation LP, Term Loan B, 1st Lien
(LIBOR plus 11.00%)
13.25%		04/05/23	2,4,5		8,083,179		7,830,580
							20,734,276
Energy — 0.02%
Energizer Holdings, Inc., Term Loan B, 1st Lien
(LIBOR plus 2.25%)
2.25%		06/20/25	2		4,000,000		4,022,520
Vistra Operations Co., LLC, Term Loan B1, 1st Lien
(LIBOR plus 2.00%)
4.24%		08/04/23	2		11,753,454		11,782,838
Vistra Operations Co., LLC, Term Loan B3, 1st Lien
(LIBOR plus 2.00%)
4.16%		12/31/25	2		548,780		550,051
4.24%		12/31/25	2		199,345		199,806
							16,555,215
Finance — 0.09%
Delos Finance SARL, Term Loan B, 1st Lien
(LIBOR plus 1.75%)
4.14%		10/06/23	2		43,856,910		44,076,195
Telenet Financing USD LLC, Term Loan AN, 1st Lien
(LIBOR plus 2.25%)
4.41%		08/15/26	2		24,510,000		24,439,166
							68,515,361
Food — 0.01%
Houston Foods, Inc., Term Loan B, 1st Lien
(LIBOR plus 3.75%)
5.99%		07/20/25	2		6,832,875		6,854,228
Gaming — 0.09%
Caesars Entertainment LLC, Term Loan B, 1st Lien
(LIBOR plus 2.00%)
4.24%		10/06/24	2		11,414,994		11,423,955
Churchill Downs, Inc., Term Loan B, 1st Lien
(LIBOR plus 2.00%)
4.25%		12/27/24	2		12,902,500		12,946,885
Las Vegas Sands LLC, Term Loan B, 1st Lien

Issues	Maturity Date			Principal Amount		Value
BANK LOANS (continued)
Gaming (continued)
(LIBOR plus 1.75%)
3.99%		03/27/25	2	$	38,257,750	$	38,267,697
							62,638,537
Health Care — 0.04%
Catalent Pharma Solutions, Inc., Term Loan B, 1st Lien
(LIBOR plus 2.25%)
4.49%		05/20/24	2		2,275,508		2,293,109
Grifols Worldwide Operations U.S.A., Inc., Term Loan B, 1st Lien
(LIBOR plus 2.25%)
4.42%		01/31/25	2		6,179,781		6,219,115
Iqvia, Inc., Term Loan B3, 1st Lien
(LIBOR plus 1.75%)
4.14%		06/11/25	2		3,241,875		3,244,582
Kindred At Home, Term Loan, 1st Lien
(LIBOR plus 3.75%)
6.00%		07/02/25	2		2,150,226		2,178,448
Valeant Pharmaceuticals International, Inc., Term Loan B, 1st Lien
(LIBOR plus 3.00%)
5.10%		06/02/25	2		17,745,000		17,855,108
							31,790,362
Industrials — 0.01%
Clean Harbors, Inc., Term Loan B, 1st Lien
(LIBOR plus 1.75%)
3.99%		06/30/24	2		2,992,424		3,003,646
Tyco International Holdings SARL, Term Loan
(LIBOR plus 1.25%)
3.62%		03/02/20	2,4,5		3,672,358		3,668,925
							6,672,571
Information Technology — 0.25%
Dell International LLC, Term Loan A2, 1st Lien
(LIBOR plus 1.75%)
4.00%		09/07/21	2		13,401,899		13,422,270
Dell International LLC, Term Loan A3, 1st Lien
(LIBOR plus 1.50%)
3.75%		12/31/18	2		45,093,981		45,171,542
First Data Corp., Term Loan, 1st Lien
(LIBOR plus 2.00%)
4.21%		07/08/22	2		8,631,200		8,654,245
4.21%		04/26/24	2		72,048,232		72,189,446
Quintiles IMS, Inc., Term Loan B, 1st Lien
(LIBOR plus 2.00%)
4.39%		03/07/24	2		2,476,852		2,487,998

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 108

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Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
BANK LOANS (continued)
Information Technology (continued)
Quintiles IMS, Inc., Term Loan B2, 1st Lien
(LIBOR plus 2.00%)
4.39%		01/17/25	2	$	9,114,086	$	9,159,702
SS&C Technologies, Inc., Term Loan B3, 1st Lien
(LIBOR plus 2.25%)
4.49%		04/16/25	2		18,159,696		18,199,466
SS&C Technologies, Term Loan B5, 1st Lien
(LIBOR plus 2.25%)
4.51%		04/16/25	2		3,500,000		3,506,825
SS&C Technology Holdings Europe SARL, Term Loan B4, 1st Lien
(LIBOR plus 2.25%)
4.49%		04/16/25	2		7,048,982		7,064,419
							179,855,913
Real Estate Investment Trust (REIT) — 0.05%
MGM Growth Properties Operating Partnership LP, Term Loan B, 1st Lien
(LIBOR plus 2.00%)
4.24%		04/25/23	2		25,108,357		25,169,119
VICI Properties 1 LLC, Term Loan, 1st Lien
(LIBOR plus 2.00%)
4.21%		12/20/24	2		9,218,636		9,243,849
							34,412,968
Retail — 0.05%
BC ULC/New Red Finance, Inc., Term Loan B, 1st Lien (Canada)
(LIBOR plus 2.25%)
4.49%		02/16/24	1,2		36,788,582		36,852,962
Transportation — 0.03%
United Airlines, Inc.
(LIBOR plus 1.75%)
3.99%		04/01/24	2		18,739,474		18,751,187
Total Bank Loans (Cost $619,127,678)							621,223,599
CORPORATES — 33.50%*
Automotive — 0.07%
General Motors Co.
3.50%		10/02/18			29,890,000		29,890,000
6.60%		04/01/36			13,730,000		14,655,812
(LIBOR USD 3-Month plus 0.80%)
3.14%		08/07/20	2		5,000,000		5,018,136
							49,563,948
Banking — 6.74%
Bank of America Corp.
2.74%		01/23/22	8		173,119,000		170,306,817

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Banking (continued)
3.00%		12/20/23	8	$	109,382,000	$	106,210,491
3.37%		01/23/26	8		22,845,000		21,988,397
3.42%		12/20/28	8		90,541,000		85,080,005
3.71%		04/24/28	8		193,045,000		185,682,746
6.88%		11/15/18			53,286,000		53,572,492
7.63%		06/01/19			16,755,000		17,285,466
Bank of America Corp. (GMTN)
2.37%		07/21/21	8		73,736,000		72,452,035
3.59%		07/21/28	8		31,700,000		30,225,950
Bank of America Corp. (MTN)
3.09%		10/01/25	8		120,520,000		114,902,660
3.82%		01/20/28	8		18,232,000		17,760,649
3.97%		03/05/29	8		9,520,000		9,292,581
4.00%		04/01/24			13,547,000		13,692,509
4.13%		01/22/24			79,202,000		80,523,972
4.27%		07/23/29	8		9,790,000		9,774,267
Bank of America Corp., Series L
2.60%		01/15/19			5,239,000		5,238,389
Bank of New York Mellon Corp. (The) (MTN)
2.30%		09/11/19			15,100,000		15,023,541
2.66%		05/16/23	8		15,000,000		14,523,341
Bank One Corp. (STEP-reset date 03/01/19)
8.53%		03/01/19			1,810,000		1,852,938
Capital One Bank USA N.A. (BKNT)
2.15%		11/21/18			11,602,000		11,597,970
Capital One Financial Corp.
2.45%		04/24/19			300,000		299,361
Cooperatieve Rabobank UA (Netherlands)
3.13%		04/26/21	1		50,975,000		50,672,802
Discover Bank
2.60%		11/13/18			121,150,000		121,146,111
4.20%		08/08/23			9,960,000		10,006,343
7.00%		04/15/20			9,000,000		9,429,745
Discover Bank (BKNT)
3.10%		06/04/20			6,023,000		5,985,950
3.20%		08/09/21			6,635,000		6,544,651
8.70%		11/18/19			3,676,000		3,912,643
Goldman Sachs Bank USA (BKNT)
3.20%		06/05/20			650,000		652,338
JPMorgan Chase & Co.
2.25%		01/23/20			23,575,000		23,343,365
2.55%		10/29/20			47,905,000		47,232,007
2.70%		05/18/23			24,035,000		23,106,360
2.75%		06/23/20			127,075,000		126,152,904
3.20%		01/25/23			8,910,000		8,770,701
3.20%		06/15/26			69,766,000		66,413,395
3.22%		03/01/25	8		153,101,000		148,153,771
3.51%		01/23/29	8		18,275,000		17,330,286
3.54%		05/01/28	8		56,640,000		54,045,038

See accompanying notes to Schedule of Portfolio Investments.

109 / Semi-Annual Report September 2018

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Banking (continued)
3.78%		02/01/28	8	$	26,075,000	$	25,384,873
3.90%		07/15/25			60,789,000		60,748,180
4.25%		10/15/20			9,620,000		9,808,908
4.95%		03/25/20			20,000,000		20,525,420
6.30%		04/23/19			6,108,000		6,230,624
(LIBOR USD 3-Month plus 0.68%)
3.00%		06/01/21	2		25,310,000		25,466,682
(LIBOR USD 3-Month plus 0.96%)
3.30%		01/23/20	2		15,000,000		15,163,511
JPMorgan Chase Bank N.A. (BKNT)
3.09%		04/26/21	8		183,215,000		182,754,764
(LIBOR USD 3-Month plus 0.25%)
2.59%		02/13/20	2		317,960,000		318,149,297
(LIBOR USD 3-Month plus 0.29%)
2.63%		02/01/21	2		227,100,000		227,298,599
Lloyds Bank PLC (United Kingdom)
2.40%		03/17/20	1		2,450,000		2,418,205
3.30%		05/07/21	1		34,135,000		34,001,542
Lloyds Bank PLC (United Kingdom) (MTN)
5.80%		01/13/20	1,3		5,525,000		5,697,938
Lloyds Banking Group PLC (United Kingdom)
2.91%		11/07/23	1,8		66,720,000		63,684,974
3.57%		11/07/28	1,8		15,845,000		14,502,350
Macquarie Bank Ltd. (Australia)
2.35%		01/15/19	1,3		12,785,000		12,773,572
2.60%		06/24/19	1,3		10,870,000		10,844,066
PNC Bank N.A.
2.50%		01/22/21			104,610,000		102,781,413
PNC Bank N.A. (BKNT)
1.80%		11/05/18			26,460,000		26,444,706
1.95%		03/04/19			55,739,000		55,601,297
2.00%		05/19/20			27,000,000		26,517,698
2.45%		11/05/20			52,730,000		51,871,338
PNC Financial Services Group, Inc. (The)
5.13%		02/08/20			5,593,000		5,741,388
Santander UK Group Holdings PLC (United Kingdom)
2.88%		10/16/20	1		48,375,000		47,805,312
2.88%		08/05/21	1		58,564,000		57,042,244
3.13%		01/08/21	1		26,863,000		26,501,585
3.37%		01/05/24	1,8		65,990,000		63,428,565
Santander UK PLC (United Kingdom)
2.35%		09/10/19	1		38,080,000		37,840,705
2.50%		03/14/19	1		62,359,000		62,329,567
3.40%		06/01/21	1		49,965,000		49,788,030
UBS AG (GMTN) (Switzerland)
2.38%		08/14/19	1		4,431,000		4,413,919

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Banking (continued)
UBS AG/London (Switzerland)
(LIBOR USD 3-Month plus 0.32%)
2.63%		05/28/19	1,2,3	$	108,045,000	$	108,269,788
US Bank N.A. (BKNT)
3.05%		07/24/20			5,830,000		5,824,823
3.40%		07/24/23			10,965,000		10,919,523
Wells Fargo & Co.
2.15%		01/15/19			15,135,000		15,117,032
3.00%		04/22/26			89,555,000		83,149,892
3.00%		10/23/26			72,741,000		67,571,231
(LIBOR USD 3-Month plus 1.23%)
3.57%		10/31/23	2		14,962,000		15,369,923
Wells Fargo & Co. (GMTN)
2.60%		07/22/20			20,646,000		20,426,190
Wells Fargo & Co. (MTN)
2.63%		07/22/22			316,869,000		306,034,140
3.55%		09/29/25			45,743,000		44,633,044
3.58%		05/22/28	8		147,575,000		141,341,653
Wells Fargo & Co., Series N (MTN)
2.15%		01/30/20			6,040,000		5,969,665
Wells Fargo Bank N.A.
1.75%		05/24/19			60,000,000		59,652,720
Wells Fargo Bank N.A. (BKNT)
2.15%		12/06/19			170,315,000		168,705,915
2.40%		01/15/20			84,095,000		83,450,790
2.60%		01/15/21			316,350,000		310,913,525
(SOFR Rate plus 0.48%)
2.66%		03/25/20	2		16,800,000		16,808,736
							4,877,904,849
Communications — 2.78%
21st Century Fox America, Inc.
4.95%		10/15/45			1,155,000		1,288,713
5.40%		10/01/43			5,860,000		6,882,576
6.15%		03/01/37			3,931,000		4,893,467
6.90%		03/01/19			31,324,000		31,851,242
Altice U.S. Finance I Corp.
5.38%		07/15/23	3		11,509,000		11,667,249
5.50%		05/15/26	3		19,225,000		19,249,031
AT&T, Inc.
3.40%		05/15/25			115,476,000		110,049,321
3.95%		01/15/25			14,235,000		14,035,002
4.30%		02/15/30	3		33,600,000		32,476,653
4.35%		06/15/45			43,878,000		37,927,226
4.50%		05/15/35			31,270,000		29,272,144
4.75%		05/15/46			33,217,000		30,460,092
4.80%		06/15/44			109,028,000		100,339,030
5.15%		11/15/46	3		18,140,000		17,429,943
5.25%		03/01/37			161,485,000		161,398,250

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 110

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Communications (continued)
CBS Corp.
3.70%		06/01/28	3	$	51,505,000	$	48,146,204
CCO Holdings LLC/CCO Holdings Capital Corp.
5.00%		02/01/28	3		57,983,000		54,721,456
5.13%		05/01/27	3		15,817,000		15,006,260
Cequel Communications Holdings I LLC/Cequel Capital Corp.
7.50%		04/01/28	3		6,000,000		6,322,500
Charter Communications Operating LLC/Charter Communications Operating Capital
3.75%		02/15/28			10,735,000		9,904,404
5.75%		04/01/48			9,600,000		9,633,600
6.48%		10/23/45			52,103,000		56,181,873
Clear Channel International BV (Netherlands)
8.75%		12/15/20	1,3		15,286,000		15,821,010
Comcast Corp.
2.35%		01/15/27			13,285,000		11,699,150
3.38%		02/15/25			2,000,000		1,937,643
3.60%		03/01/24			600,000		595,193
3.90%		03/01/38			5,165,000		4,744,368
4.05%		11/01/52			1,975,000		1,755,963
4.40%		08/15/35			14,265,000		14,038,316
4.65%		07/15/42			4,905,000		4,876,368
Cox Communications, Inc.
3.15%		08/15/24	3		16,975,000		16,077,430
CSC Holdings LLC
5.38%		02/01/28	3		35,625,000		34,021,875
5.50%		04/15/27	3		14,749,000		14,417,147
6.75%		11/15/21			4,216,000		4,453,150
8.63%		02/15/19			8,975,000		9,132,063
Deutsche Telekom International Finance BV (Netherlands)
4.38%		06/21/28	1,3		4,865,000		4,859,559
Discovery Communications LLC
2.75%		11/15/19	3		8,235,000		8,196,385
DISH DBS Corp.
5.88%		07/15/22			1,846,000		1,806,496
Intelsat Jackson Holdings SA (Luxembourg)
5.50%		08/01/23	1		31,828,000		29,401,115
8.50%		10/15/24	1,3		20,544,000		20,710,920
9.75%		07/15/25	1,3		14,027,000		14,886,154
Level 3 Financing, Inc.
5.13%		05/01/23			3,110,000		3,137,213
5.25%		03/15/26			2,162,000		2,132,381
5.38%		01/15/24			14,457,000		14,493,143
5.38%		05/01/25			3,774,000		3,773,962
5.63%		02/01/23			2,936,000		2,976,664
Sirius XM Radio, Inc.
3.88%		08/01/22	3		1,525,000		1,502,964

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Communications (continued)
Sprint Capital Corp.
6.88%		11/15/28		$	5,930,000	$	5,974,475
8.75%		03/15/32			5,441,000		6,134,727
Sprint Communications, Inc.
7.00%		03/01/20	3		1,395,000		1,450,800
9.00%		11/15/18	3		55,529,000		56,014,879
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC
3.36%		09/20/21	3		32,421,000		32,421,000
4.74%		03/20/25	3		17,675,000		17,711,234
5.15%		03/20/28	3		210,925,000		212,485,845
Time Warner Cable LLC
4.50%		09/15/42			25,612,000		21,660,248
5.50%		09/01/41			22,031,000		21,287,394
5.88%		11/15/40			40,068,000		40,281,963
8.25%		04/01/19			8,442,000		8,659,192
8.75%		02/14/19			23,735,000		24,228,035
T-Mobile USA, Inc.
4.50%		02/01/26			25,198,000		23,969,597
4.75%		02/01/28			21,938,000		20,622,817
6.50%		01/15/24			12,118,000		12,648,163
Verizon Communications, Inc.
3.85%		11/01/42			32,548,000		28,400,441
4.13%		08/15/46			6,933,000		6,224,546
4.40%		11/01/34			26,685,000		26,096,844
4.81%		03/15/39			16,983,000		17,176,216
4.86%		08/21/46			66,050,000		66,539,563
5.01%		04/15/49			31,885,000		32,690,679
5.25%		03/16/37			111,664,000		119,139,737
Viacom, Inc.
3.45%		10/04/26			45,390,000		42,475,826
Virgin Media Secured Finance PLC (United Kingdom)
5.25%		01/15/26	1,3		2,575,000		2,527,465
5.50%		08/15/26	1,3		16,302,000		16,159,357
Vodafone Group PLC (United Kingdom)
3.75%		01/16/24	1		2,915,000		2,881,037
4.38%		05/30/28	1		63,890,000		63,068,895
5.25%		05/30/48	1		5,045,000		5,084,173
Warner Media LLC
3.80%		02/15/27			26,720,000		25,587,446
							2,010,185,462
Consumer Discretionary — 1.02%
Altria Group, Inc.
9.70%		11/10/18			47,493,000		47,842,097
Anheuser-Busch InBev Finance, Inc.
4.70%		02/01/36			54,590,000		54,759,638
4.90%		02/01/46			76,462,000		77,344,677

See accompanying notes to Schedule of Portfolio Investments.

111 / Semi-Annual Report September 2018

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Consumer Discretionary (continued)
Anheuser-Busch InBev Worldwide, Inc.
3.50%		01/12/24		$	42,645,000	$	42,251,507
4.00%		04/13/28			22,835,000		22,552,023
4.60%		04/15/48			39,165,000		38,073,471
6.88%		11/15/19			31,350,000		32,639,883
Bacardi Ltd. (Bermuda)
4.70%		05/15/28	1,3		10,000,000		9,946,624
5.15%		05/15/38	1,3		12,881,000		12,655,361
5.30%		05/15/48	1,3		25,923,000		25,511,765
BAT Capital Corp.
2.30%		08/14/20	3		68,745,000		67,398,252
2.76%		08/15/22	3		39,465,000		38,060,597
BAT International Finance PLC (EMTN) (United Kingdom)
1.63%		09/09/19	1		22,385,000		22,088,543
Central Garden & Pet Co.
5.13%		02/01/28			9,311,000		8,892,005
6.13%		11/15/23			14,925,000		15,466,031
Constellation Brands, Inc.
2.00%		11/07/19			69,620,000		68,842,766
3.88%		11/15/19			22,650,000		22,843,010
First Quality Finance Co., Inc.
4.63%		05/15/21	3		4,423,000		4,428,529
5.00%		07/01/25	3		15,921,000		14,925,937
KFC Holding Co./Pizza Hut Holdings LLC/ Taco Bell of America LLC
4.75%		06/01/27	3		6,067,000		5,847,071
5.00%		06/01/24	3		10,750,000		10,689,585
5.25%		06/01/26	3		6,241,000		6,233,199
Molson Coors Brewing Co.
1.45%		07/15/19			21,664,000		21,416,684
2.25%		03/15/20			13,040,000		12,854,091
Reynolds American, Inc.
4.00%		06/12/22			6,732,000		6,767,725
6.88%		05/01/20			5,845,000		6,163,170
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg S.A.
5.75%		10/15/20			35,676,731		35,721,327
(LIBOR USD 3-Month plus 3.50%)
5.84%		07/15/21	2,3		3,800,000		3,861,750
Spectrum Brands, Inc.
5.75%		07/15/25			2,056,000		2,087,046
6.13%		12/15/24			1,961,000		2,010,025
							740,174,389
Consumer Products — 0.07%
Newell Brands, Inc.
2.60%		03/29/19			10,962,000		10,936,174
3.85%		04/01/23			39,740,000		38,770,722
							49,706,896

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Electric — 2.14%
Alliant Energy Finance LLC
3.75%		06/15/23	3	$	26,375,000	$	26,287,168
Appalachian Power Co.
4.45%		06/01/45			23,066,000		23,135,394
Appalachian Power Co., Series X
3.30%		06/01/27			13,250,000		12,692,471
Consolidated Edison, Inc.
2.00%		03/15/20			400,000		393,081
Dominion Energy, Inc.
1.88%		12/15/18	3		27,940,000		27,898,653
(LIBOR USD 3-Month plus 0.40%)
2.72%		12/01/20	2,3		45,075,000		45,062,830
(LIBOR USD 3-Month plus 0.55%)
2.87%		06/01/19	2,3		70,520,000		70,707,827
DTE Energy Co.
2.40%		12/01/19			350,000		346,270
Duke Energy Carolinas LLC
3.75%		06/01/45			32,875,000		30,437,565
4.00%		09/30/42			16,040,000		15,521,635
4.25%		12/15/41			26,358,000		26,457,170
Duke Energy Indiana LLC, Series WWW
4.90%		07/15/43			6,395,000		6,986,445
Duke Energy Progress LLC
3.70%		10/15/46			12,165,000		11,158,121
4.10%		05/15/42			8,150,000		7,980,717
4.15%		12/01/44			9,960,000		9,810,306
4.20%		08/15/45			22,820,000		22,492,512
Duquesne Light Holdings, Inc.
6.40%		09/15/20	3		19,829,000		20,772,049
Entergy Corp.
4.00%		07/15/22			12,632,000		12,788,934
5.13%		09/15/20			9,800,000		10,061,472
Entergy Texas, Inc.
7.13%		02/01/19			20,982,000		21,265,047
Eversource Energy, Series H
3.15%		01/15/25			6,120,000		5,892,124
FirstEnergy Transmission LLC
4.35%		01/15/25	3		23,330,000		23,598,385
5.45%		07/15/44	3		24,625,000		27,018,008
Florida Power & Light Co.
3.95%		03/01/48			6,910,000		6,783,810
Indiana Michigan Power Co., Series J
3.20%		03/15/23			30,672,000		30,190,281
Indiana Michigan Power Co., Series K
4.55%		03/15/46			11,515,000		11,862,408
ITC Holdings Corp.
3.35%		11/15/27			6,225,000		5,869,876
3.65%		06/15/24			5,165,000		5,071,447

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 112

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Electric (continued)
Jersey Central Power & Light Co.
4.30%		01/15/26	3	$	4,980,000	$	4,999,727
4.70%		04/01/24	3		37,747,000		39,185,072
6.40%		05/15/36			12,630,000		15,108,003
Kansas City Power & Light Co.
3.15%		03/15/23			23,665,000		23,130,990
3.65%		08/15/25			13,885,000		13,602,829
KCP&L Greater Missouri Operations Co.
8.27%		11/15/21			75,000		83,698
LG&E & KU Energy LLC
4.38%		10/01/21			14,595,000		14,856,294
Metropolitan Edison Co.
3.50%		03/15/23	3		10,715,000		10,572,727
4.00%		04/15/25	3		35,719,000		35,450,652
7.70%		01/15/19			8,451,000		8,563,897
MidAmerican Energy Co.
4.25%		05/01/46			30,700,000		30,953,621
4.40%		10/15/44			8,110,000		8,332,202
4.80%		09/15/43			13,715,000		14,812,008
Minejesa Capital BV (Netherlands)
5.63%		08/10/37	1,3		4,200,000		3,874,500
Mississippi Power Co.
(LIBOR USD 3-Month plus 0.65%)
3.06%		03/27/20	2		6,300,000		6,300,824
NextEra Energy Capital Holdings, Inc.
2.30%		04/01/19			7,190,000		7,175,257
(LIBOR USD 3-Month plus 0.48%)
2.82%		05/04/21	2		268,945,000		269,792,174
(LIBOR USD 3-Month plus 0.55%)
2.86%		08/28/21	2		158,500,000		158,524,957
NextEra Energy Operating Partners LP
4.25%		09/15/24	3		1,798,000		1,771,030
4.50%		09/15/27	3		25,798,000		24,830,575
Oncor Electric Delivery Co. LLC
7.00%		09/01/22			23,645,000		26,734,775
PacifiCorp
3.35%		07/01/25			6,580,000		6,458,433
Pennsylvania Electric Co.
4.15%		04/15/25	3		23,140,000		23,066,239
5.20%		04/01/20			25,200,000		25,742,732
PNM Resources, Inc.
3.25%		03/09/21			34,295,000		33,963,264
Potomac Electric Power Co.
3.60%		03/15/24			6,783,000		6,781,423
Progress Energy, Inc.
4.88%		12/01/19			4,761,000		4,856,609
7.05%		03/15/19			7,050,000		7,186,040
Public Service Co. of New Mexico
3.85%		08/01/25			9,140,000		9,068,845

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Electric (continued)
5.35%		10/01/21		$	5,065,000	$	5,275,664
Rochester Gas & Electric Corp.
3.10%		06/01/27	3		5,605,000		5,305,315
South Carolina Electric & Gas Co.
3.50%		08/15/21			23,230,000		23,174,109
4.25%		08/15/28			8,930,000		8,911,809
Southern Co. Gas Capital Corp.
2.45%		10/01/23			10,065,000		9,441,121
Southwestern Electric Power Co.
3.55%		02/15/22			15,882,000		15,931,314
6.45%		01/15/19			66,720,000		67,261,983
Southwestern Electric Power Co., Series K
2.75%		10/01/26			36,488,000		33,414,689
Union Electric Co.
6.70%		02/01/19			12,983,000		13,141,055
WEC Energy Group, Inc.
3.38%		06/15/21			11,130,000		11,139,640
Wisconsin Public Service Corp.
1.65%		12/04/18			550,000		549,281
							1,547,867,383
Energy — 1.96%
Anadarko Petroleum Corp.
4.50%		07/15/44			20,146,000		18,520,067
Antero Resources Corp.
5.13%		12/01/22			4,576,000		4,664,088
BP Capital Markets PLC (United Kingdom)
3.51%		03/17/25	1		8,472,000		8,363,588
3.54%		11/04/24	1		19,083,000		18,932,235
Brooklyn Union Gas Co. (The)
3.41%		03/10/26	3		12,245,000		11,834,719
Canadian Natural Resources Ltd. (Canada)
3.85%		06/01/27	1		6,172,000		6,021,663
Centennial Resource Production LLC
5.38%		01/15/26	3		7,349,000		7,312,255
CrownRock LP/CrownRock Finance, Inc.
5.63%		10/15/25	3		3,017,000		2,941,726
Diamondback Energy, Inc.
4.75%		11/01/24			5,869,000		5,905,975
5.38%		05/31/25			12,688,000		13,021,060
Ecopetrol SA (Colombia)
5.88%		05/28/45	1		3,600,000		3,555,000
Enbridge Energy Partners LP
7.38%		10/15/45			12,955,000		17,156,788
Endeavor Energy Resources LP/EER Finance, Inc.
5.50%		01/30/26	3		2,394,000		2,405,970
5.75%		01/30/28	3		2,109,000		2,116,909
Energy Transfer Equity LP
4.25%		03/15/23			1,750,000		1,743,437

See accompanying notes to Schedule of Portfolio Investments.

113 / Semi-Annual Report September 2018

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Energy (continued)
5.50%		06/01/27		$	10,057,000	$	10,462,297
5.88%		01/15/24			25,073,000		26,546,039
Energy Transfer Partners LP
4.90%		03/15/35			6,490,000		6,133,913
4.95%		06/15/28			3,744,000		3,818,935
5.15%		03/15/45			83,802,000		79,535,473
EQT Corp.
3.90%		10/01/27			44,055,000		41,356,961
EQT Midstream Partners LP
5.50%		07/15/28			134,505,000		138,169,185
6.50%		07/15/48			5,145,000		5,498,696
Florida Gas Transmission Co. LLC
7.90%		05/15/19	3		21,200,000		21,820,026
Gulfport Energy Corp.
6.38%		05/15/25			5,618,000		5,526,707
Halliburton Co.
5.00%		11/15/45			10,689,000		11,419,180
Hess Corp.
5.60%		02/15/41			9,600,000		9,778,756
HollyFrontier Corp.
5.88%		04/01/26			18,275,000		19,499,105
KazMunayGas National Co. JSC (Kazakhstan)
5.38%		04/24/30	1		6,900,000		7,062,150
Kinder Morgan Energy Partners LP
5.00%		08/15/42			7,265,000		7,146,742
5.80%		03/15/35			8,465,000		9,270,084
Kinder Morgan, Inc.
5.30%		12/01/34			9,600,000		9,957,621
5.55%		06/01/45			11,525,000		12,205,298
5.63%		11/15/23	3		7,257,000		7,754,810
6.95%		06/01/28			6,665,000		7,623,718
Matador Resources Co.
5.88%		09/15/26	3		2,270,000		2,304,050
Newfield Exploration Co.
5.63%		07/01/24			747,000		789,019
5.75%		01/30/22			3,071,000		3,228,389
NGPL Pipe Co. LLC
4.38%		08/15/22	3		2,154,000		2,180,925
Noble Energy, Inc.
5.05%		11/15/44			9,088,000		8,794,085
Panhandle Eastern Pipeline Co. LP
8.13%		06/01/19			2,407,000		2,483,341
Parsley Energy LLC/Parsley Finance Corp.
5.25%		08/15/25	3		6,035,000		6,035,000
5.38%		01/15/25	3		7,313,000		7,367,847
5.63%		10/15/27	3		7,205,000		7,245,528
Peru LNG Srl (Peru)
5.38%		03/22/30	1		7,800,000		7,814,203

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Energy (continued)
Petrobras Global Finance BV (Netherlands)
5.75%		02/01/29	1	$	5,500,000	$	4,922,500
Petroleos del Peru SA, Series REGS (Peru)
4.75%		06/19/32	1		6,400,000		6,206,720
Petroleos Mexicanos (Mexico)
5.35%		02/12/28	1,3		7,800,000		7,378,800
6.75%		09/21/47	1		4,200,000		4,032,000
Plains All American Pipeline LP/PAA
Finance Corp.
3.60%		11/01/24			17,425,000		16,879,597
4.65%		10/15/25			103,903,000		105,386,688
Range Resources Corp.
4.88%		05/15/25			1,463,000		1,391,679
5.00%		03/15/23			2,630,000		2,590,550
Rockies Express Pipeline LLC
5.63%		04/15/20	3		36,054,000		37,225,755
6.00%		01/15/19	3		48,932,000		49,311,223
Ruby Pipeline LLC
6.00%		04/01/22	3		84,724,000		87,038,058
Sabine Pass Liquefaction LLC
4.20%		03/15/28			9,750,000		9,494,063
5.63%		03/01/25			33,017,000		35,276,601
5.75%		05/15/24			14,400,000		15,459,475
Shell International Finance BV (Netherlands)
4.38%		05/11/45	1		19,964,000		20,683,144
Spectra Energy Partners LP
4.60%		06/15/21			6,720,000		6,869,484
Sunoco Logistics Partners Operations LP
4.00%		10/01/27			12,107,000		11,516,076
5.40%		10/01/47			84,568,000		83,282,659
TC PipeLines LP
3.90%		05/25/27			61,814,000		58,665,411
4.38%		03/13/25			36,050,000		35,987,131
4.65%		06/15/21			6,108,000		6,213,442
Tennessee Gas Pipeline Co. LLC
8.38%		06/15/32			4,974,000		6,366,890
Transcontinental Gas Pipe Line Co. LLC
4.60%		03/15/48			11,280,000		11,022,357
TransMontaigne Partners LP/ TLP Finance Corp.
6.13%		02/15/26			2,548,000		2,414,230
Transocean Guardian Ltd. (Cayman Islands)
5.88%		01/15/24	1,3		11,760,000		11,907,000
Transocean Pontus Ltd. (Cayman Islands)
6.13%		08/01/25	1,3		16,376,000		16,682,886
Transocean Proteus Ltd. (Cayman Islands)
6.25%		12/01/24	1,3		15,240,500		15,564,361
Williams Cos., Inc. (The)
3.35%		08/15/22			9,200,000		9,012,130

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 114

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Energy (continued)
3.60%		03/15/22		$	5,990,000	$	5,955,809
3.70%		01/15/23			16,008,000		15,863,134
3.90%		01/15/25			7,257,000		7,059,011
4.50%		11/15/23			6,395,000		6,520,876
4.55%		06/24/24			30,550,000		31,121,844
6.30%		04/15/40			41,570,000		47,246,500
7.88%		09/01/21			4,318,000		4,801,959
WPX Energy, Inc.
5.75%		06/01/26			9,721,000		9,878,966
							1,420,552,572
Finance — 5.68%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)
3.50%		05/26/22	1		20,425,000		20,052,187
3.88%		01/23/28	1		6,245,000		5,792,237
3.95%		02/01/22	1		85,265,000		85,094,366
4.50%		05/15/21	1		16,345,000		16,651,469
4.63%		10/30/20	1		3,200,000		3,256,039
5.00%		10/01/21	1		52,862,000		54,461,075
Air Lease Corp.
2.13%		01/15/20			5,150,000		5,070,491
2.50%		03/01/21			28,960,000		28,211,036
3.00%		09/15/23			10,870,000		10,300,955
3.25%		03/01/25			15,100,000		14,073,645
3.38%		01/15/19			61,666,000		61,730,768
3.88%		07/03/23			3,285,000		3,258,847
4.75%		03/01/20			15,890,000		16,163,290
Alta Wind Holdings LLC
7.00%		06/30/35	3,4,5		19,538,171		20,913,988
American Express Credit Corp.
2.13%		03/18/19			24,197,000		24,145,835
American Express Credit Corp. (GMTN)
2.25%		08/15/19			300,000		298,604
American Express Credit Corp. (MTN)
1.88%		05/03/19			5,461,000		5,434,050
2.20%		03/03/20			20,090,000		19,869,119
Associates Corp. of North America
6.95%		11/01/18			25,559,000		25,628,866
BMW U.S. Capital LLC
3.10%		04/12/21	3		27,650,000		27,478,932
Citibank N.A. (BKNT)
3.05%		05/01/20			223,200,000		223,131,272
3.40%		07/23/21			25,065,000		25,070,616
Citigroup, Inc.
2.05%		12/07/18			352,946,000		352,675,961
2.05%		06/07/19			48,475,000		48,244,307
2.45%		01/10/20			8,190,000		8,121,025
2.50%		07/29/19			34,523,000		34,454,027

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Finance (continued)
2.55%		04/08/19		$	105,290,000	$	105,224,510
3.14%		01/24/23	8		32,045,000		31,452,818
3.67%		07/24/28	8		112,640,000		107,347,396
3.88%		10/25/23			14,165,000		14,227,142
3.89%		01/10/28	8		9,548,000		9,262,128
8.50%		05/22/19			47,207,000		48,868,545
Daimler Finance North America LLC
1.50%		07/05/19	3		11,600,000		11,487,485
1.75%		10/30/19	3		18,115,000		17,855,035
2.20%		05/05/20	3		5,950,000		5,850,933
2.30%		01/06/20	3		11,400,000		11,275,515
Discover Financial Services
3.85%		11/21/22			9,959,000		9,856,033
Ford Motor Credit Co. LLC
1.90%		08/12/19			14,465,000		14,314,412
2.02%		05/03/19			17,727,000		17,623,669
2.34%		11/02/20			31,147,000		30,237,268
2.43%		06/12/20			40,044,000		39,248,470
2.46%		03/27/20			4,410,000		4,337,487
2.55%		10/05/18			4,555,000		4,554,954
2.60%		11/04/19			350,000		347,347
2.68%		01/09/20			2,420,000		2,395,470
2.88%		10/01/18			26,346,000		26,346,000
3.16%		08/04/20			2,000,000		1,980,865
3.20%		01/15/21			10,360,000		10,201,821
3.22%		01/09/22			15,240,000		14,750,549
3.34%		03/18/21			24,035,000		23,721,596
3.34%		03/28/22			10,132,000		9,799,341
3.81%		10/12/21			22,199,000		22,056,536
5.75%		02/01/21			6,000,000		6,246,748
5.88%		08/02/21			11,055,000		11,569,214
8.13%		01/15/20			4,470,000		4,724,506
(LIBOR USD 3-Month plus 0.83%)
3.16%		03/12/19	2		15,000,000		15,016,111
(LIBOR USD 3-Month plus 0.88%)
3.08%		10/12/21	2		26,580,000		26,345,261
(LIBOR USD 3-Month plus 1.27%)
3.66%		03/28/22	2		30,153,000		30,127,977
Ford Motor Credit Co. LLC (MTN)
2.94%		01/08/19			63,346,000		63,358,669
GE Capital International Funding Co. (Ireland)
2.34%		11/15/20	1		74,285,000		72,455,323
3.37%		11/15/25	1		8,495,000		8,095,449
4.42%		11/15/35	1		115,439,000		108,837,234
General Motors Financial Co., Inc.
2.35%		10/04/19			19,090,000		18,971,338
2.40%		05/09/19			37,332,000		37,239,707
3.10%		01/15/19			161,350,000		161,466,938
3.20%		07/13/20			8,150,000		8,129,955

See accompanying notes to Schedule of Portfolio Investments.

115 / Semi-Annual Report September 2018

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Finance (continued)
3.55%		04/09/21		$	56,289,000	$	56,283,757
Goldman Sachs Group, Inc. (The)
2.55%		10/23/19			87,083,000		86,735,278
3.27%		09/29/25	8		128,010,000		122,339,407
3.69%		06/05/28	8		77,655,000		73,921,856
3.81%		04/23/29	8		63,900,000		61,026,986
3.85%		01/26/27			15,230,000		14,791,576
4.02%		10/31/38	8		6,115,000		5,679,004
5.25%		07/27/21			45,370,000		47,498,806
5.75%		01/24/22			11,425,000		12,155,202
Goldman Sachs Group, Inc. (The) (GMTN)
5.38%		03/15/20			60,000		61,860
Goldman Sachs Group, Inc. (The) (MTN)
3.85%		07/08/24			112,989,000		112,500,549
Goldman Sachs Group, Inc., Series D (The) (MTN)
6.00%		06/15/20			9,510,000		9,936,062
Morgan Stanley
2.50%		01/24/19			63,094,000		63,065,324
(LIBOR USD 3-Month plus 0.93%)
3.28%		07/22/22	2		166,435,000		167,932,915
Morgan Stanley (GMTN)
2.38%		07/23/19			27,425,000		27,325,447
2.45%		02/01/19			31,284,000		31,262,883
4.00%		07/23/25			19,191,000		19,065,155
5.50%		01/26/20			4,000,000		4,123,322
5.50%		07/24/20			41,588,000		43,167,385
7.30%		05/13/19			177,103,000		181,845,824
(LIBOR USD 3-Month plus 0.55%)
2.89%		02/10/21	2		229,580,000		230,360,244
(LIBOR USD 3-Month plus 1.38%)
3.72%		02/01/19	2		14,595,000		14,658,255
Morgan Stanley (MTN)
5.63%		09/23/19			102,468,000		105,085,427
Morgan Stanley, Series 3NC2
(LIBOR USD 3-Month plus 0.80%)
3.12%		02/14/20	2		185,790,000		186,238,575
Pipeline Funding Co. LLC
7.50%		01/15/30	3		26,063,536		30,432,079
Protective Life Global Funding
2.70%		11/25/20	3		29,420,000		28,982,569
Raymond James Financial, Inc.
4.95%		07/15/46			61,516,000		63,446,126
							4,106,712,635
Food — 0.89%
Campbell Soup Co.
3.30%		03/15/21			13,855,000		13,765,150
(LIBOR USD 3-Month plus 0.50%)
2.83%		03/16/20	2		78,590,000		78,513,360

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Food (continued)
Chobani LLC/Chobani Finance Corp., Inc.
7.50%		04/15/25	3	$	14,944,000	$	13,636,400
General Mills, Inc.
3.20%		04/16/21			9,140,000		9,086,245
3.70%		10/17/23			9,015,000		8,970,013
4.20%		04/17/28			65,555,000		64,677,652
Kraft Heinz Foods Co.
3.95%		07/15/25			29,054,000		28,672,800
4.38%		06/01/46			99,773,000		87,987,863
4.63%		01/30/29			20,885,000		20,892,710
5.20%		07/15/45			25,907,000		25,416,127
5.38%		02/10/20			3,505,000		3,603,408
(LIBOR USD 3-Month plus 0.42%)
2.76%		08/09/19	2		11,505,000		11,521,349
Lamb Weston Holdings, Inc.
4.63%		11/01/24	3		6,386,000		6,266,263
Mondelez International Holdings
Netherlands BV (Netherlands)
1.63%		10/28/19	1,3		121,532,000		119,796,037
2.00%		10/28/21	1,3		37,987,000		36,274,094
Mondelez International, Inc.
(LIBOR USD 3-Month plus 0.52%)
2.86%		02/01/19	2		11,740,000		11,756,339
Pilgrim’s Pride Corp.
5.88%		09/30/27	3		20,569,000		19,540,550
Post Holdings, Inc.
5.00%		08/15/26	3		6,794,000		6,445,807
5.63%		01/15/28	3		15,852,000		15,297,180
5.75%		03/01/27	3		10,574,000		10,402,173
Tyson Foods, Inc.
2.65%		08/15/19			50,879,000		50,779,226
							643,300,746
Gaming — 0.24%
GLP Capital LP/GLP Financing II, Inc.
4.38%		04/15/21			13,411,000		13,545,110
4.88%		11/01/20			14,594,000		14,906,312
5.25%		06/01/25			44,980,000		45,823,375
5.30%		01/15/29			18,660,000		18,807,414
5.38%		11/01/23			13,490,000		14,008,691
5.38%		04/15/26			47,881,000		48,743,337
5.75%		06/01/28			19,477,000		20,134,349
							175,968,588
Health Care — 5.67%
Abbott Laboratories
2.95%		03/15/25			10,040,000		9,599,178
3.75%		11/30/26			60,703,000		60,486,958

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 116

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Health Care (continued)
AbbVie, Inc.
2.00%		11/06/18		$	5,900,000	$	5,897,133
3.60%		05/14/25			49,022,000		47,515,901
4.25%		11/14/28			29,460,000		29,162,457
4.40%		11/06/42			17,333,000		16,084,209
4.50%		05/14/35			6,425,000		6,188,990
4.88%		11/14/48			45,815,000		45,125,319
Aetna, Inc.
4.13%		06/01/21			14,470,000		14,723,677
4.13%		11/15/42			7,005,000		6,414,776
Allergan Finance LLC
3.25%		10/01/22			11,837,000		11,621,532
Allergan Funding SCS (Luxembourg)
2.45%		06/15/19	1		13,082,000		13,041,022
3.45%		03/15/22	1		3,565,000		3,543,963
3.85%		06/15/24	1		64,733,000		64,108,367
Allergan Sales LLC
5.00%		12/15/21	3		24,925,000		25,841,978
Amgen, Inc.
4.40%		05/01/45			44,592,000		43,333,004
4.56%		06/15/48			21,700,000		21,295,487
4.66%		06/15/51			35,793,000		35,568,476
5.70%		02/01/19			63,260,000		63,931,314
Anthem, Inc.
2.25%		08/15/19			120,320,000		119,690,838
3.30%		01/15/23			25,705,000		25,305,493
3.35%		12/01/24			65,800,000		63,894,841
3.50%		08/15/24			11,095,000		10,826,499
3.65%		12/01/27			61,885,000		58,995,094
4.38%		12/01/47			6,894,000		6,564,269
4.65%		01/15/43			13,390,000		13,229,334
AstraZeneca PLC (United Kingdom)
1.75%		11/16/18	1		8,315,000		8,306,848
3.13%		06/12/27	1		89,510,000		83,423,410
3.38%		11/16/25	1		9,114,000		8,807,318
Bausch Health Cos., Inc.
9.25%		04/01/26	3		3,695,000		4,004,456
Bausch Health Cos., Inc. (Canada)
5.50%		03/01/23	1,3		700,000		676,375
5.50%		11/01/25	1,3		34,636,000		34,765,885
5.88%		05/15/23	1,3		16,808,000		16,408,810
6.13%		04/15/25	1,3		12,513,000		11,949,915
Baxalta, Inc.
2.88%		06/23/20			11,998,000		11,903,500
4.00%		06/23/25			5,160,000		5,117,538
Bayer U.S. Finance II LLC
2.13%		07/15/19	3		10,504,000		10,426,975
4.25%		12/15/25	3		12,551,000		12,485,366
4.38%		12/15/28	3		163,855,000		160,800,169

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Health Care (continued)
Bayer U.S. Finance LLC
2.38%		10/08/19	3	$	159,742,000	$	158,059,278
Becton Dickinson and Co.
2.68%		12/15/19			5,114,000		5,078,841
2.89%		06/06/22			13,340,000		12,921,791
3.25%		11/12/20			42,315,000		42,170,494
(LIBOR USD 3-Month plus 0.88%)
3.26%		12/29/20	2		119,397,000		119,581,332
Boston Scientific Corp.
6.00%		01/15/20			9,300,000		9,627,658
Catalent Pharma Solutions, Inc.
4.88%		01/15/26	3		7,723,000		7,472,003
Celgene Corp.
2.75%		02/15/23			65,075,000		62,445,607
2.88%		08/15/20			4,350,000		4,323,390
2.88%		02/19/21			21,625,000		21,389,422
3.45%		11/15/27			20,612,000		19,279,057
3.88%		08/15/25			20,105,000		19,835,705
3.90%		02/20/28			54,125,000		52,199,725
5.00%		08/15/45			127,831,000		126,831,362
Centene Corp.
4.75%		05/15/22			5,876,000		5,971,485
5.63%		02/15/21			3,755,000		3,830,100
CHS/Community Health Systems, Inc.
5.13%		08/01/21			1,841,000		1,799,577
8.63%		01/15/24	3		5,038,000		5,252,115
Cigna Corp.
3.05%		10/15/27			79,241,000		71,607,556
CVS Health Corp.
2.13%		06/01/21			15,110,000		14,593,889
2.25%		12/05/18			76,805,000		76,729,478
2.25%		08/12/19			12,000,000		11,935,873
2.75%		12/01/22			19,200,000		18,541,536
2.80%		07/20/20			74,671,000		73,947,177
3.13%		03/09/20			165,200,000		165,280,902
3.35%		03/09/21			20,127,000		20,097,291
3.88%		07/20/25			17,090,000		16,874,032
4.00%		12/05/23			24,268,000		24,343,370
4.13%		05/15/21			16,035,000		16,284,287
4.30%		03/25/28			50,320,000		50,021,750
4.78%		03/25/38			9,531,000		9,515,199
4.88%		07/20/35			34,160,000		34,448,396
5.05%		03/25/48			85,670,000		87,963,007
Elanco Animal Health, Inc.
3.91%		08/27/21	3		19,750,000		19,782,050
4.27%		08/28/23	3		6,000,000		6,030,811
4.90%		08/28/28	3		11,850,000		12,054,329
Fresenius Medical Care U.S. Finance II, Inc.
4.13%		10/15/20	3		3,850,000		3,894,789

See accompanying notes to Schedule of Portfolio Investments.

117 / Semi-Annual Report September 2018

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Health Care (continued)
5.63%		07/31/19	3	$	143,484,000	$	146,350,518
Gilead Sciences, Inc.
4.00%		09/01/36			18,275,000		17,638,981
4.50%		02/01/45			11,570,000		11,546,131
Halfmoon Parent, Inc.
3.20%		09/17/20	3		68,750,000		68,506,556
3.75%		07/15/23	3		96,000,000		95,534,928
4.38%		10/15/28	3		115,030,000		114,926,028
4.80%		08/15/38	3		69,938,000		70,354,261
4.90%		12/15/48	3		45,030,000		44,879,987
(LIBOR USD 3-Month plus 0.35%)
2.68%		03/17/20	2,3		25,000,000		25,041,637
(LIBOR USD 3-Month plus 0.65%)
2.98%		09/17/21	2,3		89,450,000		89,594,360
(LIBOR USD 3-Month plus 0.89%)
3.22%		07/15/23	2,3		75,000,000		75,053,102
HCA, Inc.
4.25%		10/15/19			9,790,000		9,887,900
4.75%		05/01/23			7,267,000		7,412,340
5.00%		03/15/24			48,736,000		50,076,240
5.25%		04/15/25			32,849,000		33,957,654
5.25%		06/15/26			5,387,000		5,548,610
6.50%		02/15/20			42,247,000		44,063,621
Hologic, Inc.
4.38%		10/15/25	3		8,394,000		8,037,255
4.63%		02/01/28	3		13,796,000		12,985,485
Humana, Inc.
2.63%		10/01/19			16,200,000		16,138,756
Johnson & Johnson
2.90%		01/15/28			18,650,000		17,711,909
3.40%		01/15/38			7,005,000		6,556,278
Kaiser Foundation Hospitals
4.15%		05/01/47			65,020,000		65,100,716
Molina Healthcare, Inc.
5.38%		11/15/22			18,703,000		19,123,817
Novartis Securities Investment Ltd. (Bermuda)
5.13%		02/10/19	1		33,393,000		33,642,062
Providence St. Joseph Health Obligated Group, Series H
2.75%		10/01/26			7,520,000		6,892,536
Shire Acquisitions Investments Ireland DAC (Ireland)
1.90%		09/23/19	1		68,138,000		67,425,596
2.40%		09/23/21	1		94,301,000		91,148,821
3.20%		09/23/26	1		8,400,000		7,768,315
Stryker Corp.
2.00%		03/08/19			29,913,000		29,826,970
Teleflex, Inc.
4.63%		11/15/27			4,186,000		3,987,165
Tenet Healthcare Corp.
4.38%		10/01/21			5,885,000		5,855,575

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Health Care (continued)
4.50%		04/01/21		$	23,904,000	$	23,933,880
4.63%		07/15/24			10,163,000		9,908,925
4.75%		06/01/20			1,290,000		1,304,513
Teva Pharmaceutical Finance IV LLC
2.25%		03/18/20			18,465,000		17,969,141
Teva Pharmaceutical Finance
Netherlands III BV (Netherlands)
1.70%		07/19/19	1		16,750,000		16,498,750
UnitedHealth Group, Inc.
3.95%		10/15/42			5,992,000		5,727,079
4.25%		03/15/43			12,365,000		12,372,335
4.75%		07/15/45			51,353,000		55,195,861
WellCare Health Plans, Inc.
5.25%		04/01/25			34,445,000		35,090,844
5.38%		08/15/26	3		1,901,000		1,943,773
Zimmer Biomet Holdings, Inc.
2.70%		04/01/20			250,000		247,654
(LIBOR USD 3-Month plus 0.75%)
3.09%		03/19/21	2		18,515,000		18,533,434
							4,104,381,637
Industrials — 0.89%
Amcor Finance USA, Inc.
3.63%		04/28/26	3		11,781,000		11,124,969
4.50%		05/15/28	3		4,210,000		4,185,297
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (Ireland)
4.25%		09/15/22	1,3		11,101,000		10,962,237
4.63%		05/15/23	1,3		15,515,000		15,456,819
6.00%		02/15/25	1,3		20,400,000		20,017,500
7.25%		05/15/24	1,3		14,860,000		15,603,000
BAE Systems Holdings, Inc.
6.38%		06/01/19	3		45,190,000		46,156,275
Ball Corp.
4.00%		11/15/23			9,502,000		9,311,960
Bemis Co., Inc.
6.80%		08/01/19			7,415,000		7,639,795
Berry Global, Inc.
4.50%		02/15/26	3		19,065,000		18,159,413
5.13%		07/15/23			3,836,000		3,879,155
Clean Harbors, Inc.
5.13%		06/01/21			24,390,000		24,511,950
Crown Americas LLC/Crown Americas Capital Corp. V
4.25%		09/30/26			3,847,000		3,529,623
General Electric Co. (GMTN)
2.20%		01/09/20			450,000		445,318
General Electric Co. (MTN)
4.38%		09/16/20			5,815,000		5,924,857
5.55%		05/04/20			5,825,000		6,013,468

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 118

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Industrials (continued)
5.88%		01/14/38		$	16,465,000	$	18,431,534
(LIBOR USD 3-Month plus 0.48%)
2.79%		08/15/36	2		12,690,000		10,578,016
General Electric Co., Series NOTZ (MTN)
(LIBOR USD 3-Month plus 0.80%)
3.14%		04/15/20	2		5,250,000		5,281,343
Graphic Packaging International LLC
4.13%		08/15/24			3,250,000		3,176,875
4.88%		11/15/22			7,563,000		7,619,723
Itron, Inc.
5.00%		01/15/26	3		19,844,000		19,099,850
L3 Technologies, Inc.
3.85%		06/15/23			106,275,000		106,601,907
4.40%		06/15/28			61,080,000		60,970,453
Multi-Color Corp.
4.88%		11/01/25	3		9,220,000		8,643,750
Northrop Grumman Corp.
3.20%		02/01/27			13,760,000		12,999,575
3.25%		01/15/28			44,655,000		42,072,962
OI European Group BV (Netherlands)
4.00%		03/15/23	1,3		7,036,000		6,701,790
Sealed Air Corp.
4.88%		12/01/22	3		6,050,000		6,133,187
5.13%		12/01/24	3		3,255,000		3,287,550
5.25%		04/01/23	3		610,000		623,725
5.50%		09/15/25	3		10,174,000		10,352,045
Siemens Financieringsmaatschappij NV (Netherlands)
1.30%		09/13/19	1,3		37,225,000		36,686,633
Silgan Holdings, Inc.
4.75%		03/15/25			3,730,000		3,594,787
United Technologies Corp.
4.50%		06/01/42			4,062,000		4,030,259
4.63%		11/16/48			2,885,000		2,920,097
8.75%		03/01/21			8,045,000		9,019,147
(LIBOR USD 3-Month plus 0.65%)
2.97%		08/16/21	2		36,840,000		36,942,615
Waste Management, Inc.
3.15%		11/15/27			7,500,000		7,149,030
WestRock MWV LLC
7.38%		09/01/19			11,000,000		11,395,333
WestRock RKT Co.
3.50%		03/01/20			5,395,000		5,397,017
4.45%		03/01/19			450,000		452,871
							643,083,710
Information Technology — 0.49%
Analog Devices, Inc.
2.85%		03/12/20			240,000		238,576

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Information Technology (continued)
Apple, Inc.
3.00%		11/13/27		$	7,770,000	$	7,384,105
Broadcom Corp./Broadcom Cayman Finance Ltd.
2.38%		01/15/20			205,809,000		203,457,015
Change Healthcare Holdings LLC/Change
Healthcare Finance, Inc.
5.75%		03/01/25	3		25,880,000		25,750,600
Dell International LLC/EMC Corp.
3.48%		06/01/19	3		41,913,000		42,025,763
IQVIA, Inc.
5.00%		10/15/26	3		5,800,000		5,705,170
MSCI, Inc.
4.75%		08/01/26	3		3,158,000		3,142,210
NXP BV/NXP Funding LLC (Netherlands)
3.88%		09/01/22	1,3		4,600,000		4,544,064
4.13%		06/01/21	1,3		14,690,000		14,710,860
Oracle Corp.
3.25%		11/15/27			23,940,000		23,029,909
Zayo Group LLC/Zayo Capital, Inc.
5.75%		01/15/27	3		27,608,000		27,677,020
							357,665,292
Insurance — 0.74%
Allstate Corp. (The)
(LIBOR USD 3-Month plus 0.43%)
2.82%		03/29/21	2		9,605,000		9,619,927
Berkshire Hathaway Finance Corp.
4.20%		08/15/48			56,331,000		56,084,834
4.30%		05/15/43			6,910,000		6,972,150
4.40%		05/15/42			5,472,000		5,558,055
Farmers Exchange Capital
7.05%		07/15/28	3		13,283,000		15,454,146
7.20%		07/15/48	3		18,265,000		21,538,517
Farmers Exchange Capital II
6.15%		11/01/53	3,8		64,140,000		68,103,275
Farmers Exchange Capital III
5.45%		10/15/54	3,8		72,575,000		71,849,250
Farmers Insurance Exchange
4.75%		11/01/57	3,8		19,580,000		17,717,896
Jackson National Life Global Funding
1.88%		10/15/18	3		55,605,000		55,582,091
MassMutual Global Funding II
2.00%		04/15/21	3		6,335,000		6,137,750
Metropolitan Life Global Funding I
1.55%		09/13/19	3		17,000,000		16,797,454
1.75%		12/19/18	3		46,175,000		46,107,654
2.50%		12/03/20	3		43,790,000		43,124,820
Nationwide Mutual Insurance Co.
4.62%		12/15/24	3,8		18,189,000		18,257,209

See accompanying notes to Schedule of Portfolio Investments.

119 / Semi-Annual Report September 2018

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Insurance (continued)
New York Life Global Funding
1.55%		11/02/18	3	$	32,050,000	$	32,025,145
2.00%		04/13/21	3		19,010,000		18,446,243
Pricoa Global Funding I
1.45%		09/13/19	3		8,500,000		8,353,481
Teachers Insurance & Annuity
Association of America
4.38%		09/15/54	3,8		19,825,000		19,958,670
							537,688,567
Materials — 0.32%
Axalta Coating Systems LLC
4.88%		08/15/24	3		49,795,000		49,048,075
Dow Chemical Co. (The)
8.55%		05/15/19			90,780,000		93,891,076
Georgia-Pacific LLC
2.54%		11/15/19	3		65,075,000		64,641,308
LyondellBasell Industries NV (Netherlands)
5.00%		04/15/19	1		4,194,000		4,215,309
Valvoline, Inc.
4.38%		08/15/25			16,105,000		14,997,781
5.50%		07/15/24			6,995,000		7,039,069
							233,832,618
Real Estate Investment Trust (REIT) — 2.38%
Alexandria Real Estate Equities, Inc.
2.75%		01/15/20			26,671,000		26,436,885
3.90%		06/15/23			50,429,000		50,647,610
4.60%		04/01/22			35,665,000		36,620,110
American Campus Communities
Operating Partnership LP
3.35%		10/01/20			14,995,000		14,923,969
3.63%		11/15/27			7,795,000		7,362,597
3.75%		04/15/23			43,679,000		43,168,087
American Tower Corp.
2.80%		06/01/20			15,030,000		14,877,986
3.00%		06/15/23			54,140,000		52,178,686
3.40%		02/15/19			22,278,000		22,323,123
3.60%		01/15/28			8,180,000		7,658,165
AvalonBay Communities, Inc. (GMTN)
3.95%		01/15/21			6,620,000		6,671,868
AvalonBay Communities, Inc. (MTN)
(LIBOR USD 3-Month plus 0.43%)
2.77%		01/15/21	2		66,515,000		66,495,031
Boston Properties LP
2.75%		10/01/26			45,114,000		40,907,152
3.20%		01/15/25			71,105,000		67,851,449
5.63%		11/15/20			7,914,000		8,233,282
5.88%		10/15/19			31,891,000		32,646,473

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Real Estate Investment Trust (REIT) (continued)
CC Holdings GS V LLC/Crown Castle
GS III Corp.
3.85%		04/15/23		$	14,119,000	$	14,040,174
Crown Castle International Corp.
3.15%		07/15/23			60,915,000		58,766,619
3.20%		09/01/24			29,440,000		27,958,345
4.75%		05/15/47			5,440,000		5,175,836
Digital Realty Trust LP
5.88%		02/01/20			18,197,000		18,667,621
Greystar Student Housing Growth & Income OP LP
4.60%		12/01/24			25,148,000		25,908,727
HCP, Inc.
2.63%		02/01/20			32,873,000		32,590,785
3.15%		08/01/22			11,570,000		11,273,866
3.75%		02/01/19			85,707,000		85,884,371
3.88%		08/15/24			26,674,000		26,097,868
4.00%		12/01/22			49,735,000		49,839,570
4.20%		03/01/24			22,759,000		22,718,455
4.25%		11/15/23			78,085,000		78,351,270
Healthcare Realty Trust, Inc.
3.75%		04/15/23			14,015,000		13,722,313
Healthcare Trust of America Holdings LP
3.75%		07/01/27			20,820,000		19,641,986
Host Hotels & Resorts LP
5.25%		03/15/22			23,035,000		23,822,456
Kilroy Realty LP
3.45%		12/15/24			27,770,000		26,562,047
Liberty Property LP
3.38%		06/15/23			9,128,000		8,920,703
Life Storage LP
3.88%		12/15/27			6,960,000		6,574,186
MGM Growth Properties Operating Partnership LP/MGP
Finance Co.-Issuer, Inc.
4.50%		01/15/28			5,612,000		5,163,601
Mid-America Apartments LP
4.30%		10/15/23			9,636,000		9,757,062
Reckson Operating Partnership LP
7.75%		03/15/20			26,913,000		28,440,986
SBA Communications Corp.
4.88%		09/01/24			2,494,000		2,469,060
SL Green Operating Partnership LP
3.25%		10/15/22			16,935,000		16,444,545
(LIBOR USD 3-Month plus 0.98%)
3.35%		08/16/21	2		19,510,000		19,536,028
SL Green Realty Corp.
4.50%		12/01/22			14,495,000		14,669,327
Ventas Realty LP
3.25%		10/15/26			11,135,000		10,304,084
3.50%		02/01/25			24,770,000		23,682,640

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 120

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September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Real Estate Investment Trust (REIT) (continued)
3.75%		05/01/24		$	15,995,000	$	15,667,486
4.13%		01/15/26			22,855,000		22,533,288
Ventas Realty LP/Ventas Capital Corp.
2.70%		04/01/20			55,838,000		55,369,866
3.25%		08/15/22			8,087,000		7,934,647
VEREIT Operating Partnership LP
3.00%		02/06/19			42,463,000		42,448,202
WEA Finance LLC/Westfield UK & Europe Finance PLC
2.70%		09/17/19	3		177,642,000		177,168,167
3.25%		10/05/20	3		100,965,000		100,367,136
Welltower, Inc.
4.00%		06/01/25			29,799,000		29,441,572
4.13%		04/01/19			74,948,000		75,191,169
4.95%		09/01/48			13,500,000		13,396,798
							1,725,505,335
Retail — 0.65%
Alimentation Couche-Tard, Inc. (Canada)
2.35%		12/13/19	1,3		55,703,000		55,180,236
3.55%		07/26/27	1,3		11,115,000		10,436,738
BC ULC/New Red Finance, Inc. (Canada)
4.25%		05/15/24	1,3		12,794,000		12,154,300
Cumberland Farms, Inc.
6.75%		05/01/25	3		4,404,000		4,533,367
Dollar Tree, Inc.
(LIBOR USD 3-Month plus 0.70%)
3.04%		04/17/20	2		40,895,000		40,960,535
Family Dollar Stores, Inc.
5.00%		02/01/21			20,090,000		20,680,780
Rite Aid Corp.
6.13%		04/01/23	3		39,110,000		35,247,887
Walgreens Boots Alliance, Inc.
2.70%		11/18/19			76,310,000		76,026,405
3.45%		06/01/26			45,960,000		43,686,117
3.80%		11/18/24			12,300,000		12,157,523
4.80%		11/18/44			15,564,000		15,105,018
Walmart, Inc.
3.55%		06/26/25			54,830,000		55,151,041
3.70%		06/26/28			77,680,000		77,704,508
4.05%		06/29/48			9,140,000		9,237,455
							468,261,910
Services — 0.21%
DP World Crescent, Ltd. (Cayman Islands)
4.85%		09/26/28	1,3		2,524,000		2,505,070
Gartner, Inc.
5.13%		04/01/25	3		1,488,000		1,502,002
IHS Markit Ltd. (Bermuda)
4.00%		03/01/26	1,3		23,253,000		22,308,347

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Services (continued)
4.13%		08/01/23	1	$	29,665,000	$	29,645,124
4.75%		02/15/25	1,3		20,397,000		20,744,361
4.75%		08/01/28	1		5,000,000		5,022,900
5.00%		11/01/22	1,3		34,227,000		35,411,254
Matthews International Corp.
5.25%		12/01/25	3		2,279,000		2,222,025
Moody’s Corp.
3.25%		06/07/21			6,700,000		6,684,801
Northwestern University
3.69%		12/01/38			20,570,000		19,891,479
Service Corp. International/U.S.
4.63%		12/15/27			2,428,000		2,336,489
							148,273,852
Transportation — 0.56%
America West Airlines Pass-Through Trust,
Series 1999-1, Class G
7.93%		01/02/19			1,120,189		1,138,392
America West Airlines Pass-Through Trust,
Series 2001-1, Class G
7.10%		04/02/21			5,762,107		6,053,669
American Airlines Pass-Through Trust,
Series 2011-1, Class A
5.25%		01/31/21			2,130,253		2,202,255
American Airlines Pass-Through Trust,
Series 2013-1, Class A
4.00%		07/15/25			17,844,649		17,679,104
American Airlines Pass-Through Trust,
Series 2013-2, Class A
4.95%		01/15/23			68,573,754		70,140,150
American Airlines Pass-Through Trust,
Series 2017-2, Class AA
3.35%		10/15/29			19,945,000		19,109,305
Continental Airlines Pass-Through Trust,
Series 1999-1, Class A
6.55%		02/02/19			1,009,035		1,021,052
Continental Airlines Pass-Through Trust,
Series 1999-2 AMBC, Class C2
6.24%		03/15/20			27,134		27,541
Continental Airlines Pass-Through Trust,
Series 1999-2, Class A
7.26%		03/15/20			2,271,504		2,335,333
Continental Airlines Pass-Through Trust,
Series 2000-1, Class A1
8.05%		11/01/20			7,910		8,257
Continental Airlines Pass-Through Trust,
Series 2000-2, Class A1
7.71%		04/02/21			1,599,508		1,684,410
Continental Airlines Pass-Through Trust,
Series 2007-1, Class A
5.98%		04/19/22			31,319,697		33,135,613

See accompanying notes to Schedule of Portfolio Investments.

121 / Semi-Annual Report September 2018

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Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Transportation (continued)
Continental Airlines Pass-Through Trust,
Series 2007-1, Class B
6.90%		04/19/22		$	672,979	$	692,361
Continental Airlines Pass-Through Trust,
Series 2009, Class A
7.25%		11/10/19			28,836,328		29,881,645
Delta Air Lines Pass-Through Trust,
Series 2002-1, Class G1
6.72%		01/02/23			37,385,226		39,670,436
Northwest Airlines Pass-Through Trust,
Series 2001-1, Class A1
7.04%		04/01/22			3,288,876		3,566,457
SMBC Aviation Capital Finance DAC (Ireland)
3.00%		07/15/22	1,3		22,325,000		21,461,819
U.S. Airways Pass-Through Trust,
Series 2001-1, Class G
7.08%		03/20/21			630,930		663,970
U.S. Airways Pass-Through Trust,
Series 2010-1, Class A
6.25%		04/22/23			18,588,349		19,884,273
U.S. Airways Pass-Through Trust,
Series 2011-1, Class A
7.13%		10/22/23			3,453,789		3,783,849
U.S. Airways Pass-Through Trust,
Series 2012-1, Class A
5.90%		10/01/24			43,137,114		46,015,783
U.S. Airways Pass-Through Trust,
Series 2012-2, Class A
4.63%		06/03/25			10,285		10,432
Union Pacific Corp.
3.95%		09/10/28			48,890,000		49,227,681
United Airlines Pass-Through Trust,
Series 2018-1, Class AA
3.50%		03/01/30			34,925,000		33,768,983
							403,162,770
Total Corporates
(Cost $24,545,743,921)							24,243,793,159
FOREIGN GOVERNMENT OBLIGATIONS — 0.06%
Foreign Government Obligations — 0.06%
Argentine Republic Government International Bond (Argentina)
6.88%		04/22/21	1		3,650,000		3,522,250
Bahrain Government International Bond,
Series REGS (Bahrain)
7.00%		10/12/28	1		1,612,000		1,612,000
Colombia Government International Bond (Colombia)
4.00%		02/26/24	1		4,500,000		4,503,375
Egypt Government International Bond (Egypt)
5.58%		02/21/23	1,3		2,294,000		2,230,915

Issues	Maturity Date			Principal Amount		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Foreign Government Obligations (continued)
Oman Government International Bond
(Oman)
5.63%		01/17/28	1,3	$	9,150,000	$	9,013,592
Perusahaan Penerbit SBSN Indonesia III
(Indonesia)
4.15%		03/29/27	1		9,100,000		8,861,125
Qatar Government International Bond
(Qatar)
4.50%		04/23/28	1		2,800,000		2,891,000
Saudi Government International Bond (Saudi
Arabia)
4.00%		04/17/25	1,3		6,800,000		6,827,200
Uruguay Government International Bond
(Uruguay)
4.38%		10/27/27	1		6,400,000		6,519,680
Total Foreign Government Obligations
(Cost $45,993,653)							45,981,137
MORTGAGE-BACKED — 40.52%**
Non-Agency Commercial
Mortgage-Backed — 1.68%
225 Liberty Street Trust,
Series 2016-225L, Class A
3.60%		02/10/36	3		63,710,000		63,060,872
Banc of America Merrill Lynch Commercial
Mortgage Trust, Series 2012-PARK, Class A
2.96%		12/10/30	3		19,773,000		19,537,154
Banc of America Merrill Lynch Commercial
Mortgage Trust, Series 2018-PARK, Class A
4.09%		08/10/38	3,8		99,295,000		101,433,789
Banc of America Merrill Lynch Trust, Series
2011-FSHN, Class A
4.42%		07/11/33	3		7,740,000		7,953,113
Bayview Commercial Asset Trust,
Series 2004-1, Class A
(LIBOR USD 1-Month plus 0.54%)
2.76%		04/25/34	2,3		31,233		30,987
Bayview Commercial Asset Trust,
Series 2004-2, Class A
(LIBOR USD 1-Month plus 0.43%)
2.65%		08/25/34	2,3		305,206		300,128
BB-UBS Trust, Series 2013-SHOW, Class A
3.43%		11/05/36	3		8,640,000		8,457,826
BENCHMARK Mortgage Trust,
Series 2018-B1, Class A2
3.57%		01/15/51			580,000		583,640
Capmark Mortgage Securities, Inc., Series
1998-C2, Class X (IO)
1.31%		05/15/35	8		3,077,644		4,455
CGRBS Commercial Mortgage Trust,
Series 2013-VN05, Class A

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 122

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Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Commercial Mortgage-Backed (continued)
3.37%		03/13/35	3	$	42,582,744	$	42,284,776
Citigroup Commercial Mortgage Trust,
Series 2013-375P, Class A
3.25%		05/10/35	3		5,000		4,953
Commercial Mortgage Trust,
Series 2013-300P, Class A1
4.35%		08/10/30	3		14,635,000		15,181,298
Commercial Mortgage Trust,
Series 2013-CR12, Class A4
4.05%		10/10/46			440,000		451,902
Commercial Mortgage Trust,
Series 2013-SFS, Class A2
3.09%		04/12/35	3,8		7,205,000		7,034,133
Commercial Mortgage Trust,
Series 2014-277P, Class A
3.73%		08/10/49	3,8		15,960,000		15,972,848
Commercial Mortgage Trust,
Series 2015-3BP, Class A
3.18%		02/10/35	3		16,440,000		16,014,658
Commercial Mortgage Trust,
Series 2016-787S, Class A
3.55%		02/10/36	3		74,550,000		73,421,074
Core Industrial Trust, Series 2015-CALW,
Class A
3.04%		02/10/34	3		45,744,931		45,328,424
Core Industrial Trust, Series 2015-TEXW,
Class A
3.08%		02/10/34	3		3,051,927		3,025,705
DBUBS Mortgage Trust, Series 2011-LC1A,
Class A2
4.53%		11/10/46	3		2,863,998		2,879,321
Eleven Madison Mortgage Trust,
Series 2015-11MD, Class A
3.67%		09/10/35	3,8		1,362,500		1,354,346
GE Business Loan Trust, Series 2007-1A,
Class A
(LIBOR USD 1-Month plus 0.17%)
2.33%		04/15/35	2,3		7,979,466		7,831,267
GRACE Mortgage Trust,
Series 2014-GRCE, Class A
3.37%		06/10/28	3		73,520,000		73,589,403
GS Mortgage Securities Corp. II,
Series 2013-KING, Class A
2.71%		12/10/27	3		7,416,070		7,395,119
GS Mortgage Securities Trust,
Series 2010-C2, Class A1
3.85%		12/10/43	3		3,257,365		3,284,365
GS Mortgage Securities Trust,
Series 2011-GC5, Class A4
3.71%		08/10/44			87,335,000		88,256,114
GS Mortgage Securities Trust,
Series 2012-ALOH, Class A

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Commercial Mortgage-Backed (continued)
3.55%		04/10/34	3	$	59,497,000	$	59,734,399
GS Mortgage Securities Trust,
Series 2012-SHOP, Class A
2.93%		06/05/31	3		60,259,000		60,296,517
Irvine Core Office Trust, Series 2013-IRV,
Class A1
2.07%		05/15/48	3		6,895,685		6,700,571
JPMorgan Chase Commercial Mortgage
Securities Trust, Series 2006-LDP9,
Class A3S
5.24%		05/15/47	3		1,298,011		1,293,593
JPMorgan Chase Commercial Mortgage
Securities Trust, Series 2011-C5,
Class A3
4.17%		08/15/46			38,652,854		39,485,570
JPMorgan Chase Commercial Mortgage
Securities Trust, Series 2012-HSBC,
Class A
3.09%		07/05/32	3		41,223,225		40,885,953
Lehman Brothers Small Balance Commercial
Mortgage Trust, Series 2007-1A, Class 2A3
5.62%		03/25/37	3,8		2,501,115		2,515,845
Morgan Stanley Bank of America Merrill
Lynch Trust, Series 2012-C6, Class A3
2.51%		11/15/45			13,876,401		13,778,062
Morgan Stanley Bank of America Merrill
Lynch Trust, Series 2014-C17, Class A3
3.53%		08/15/47			47,530,000		47,661,896
Morgan Stanley Capital I Trust,
Series 2013-WLSR, Class A
2.70%		01/11/32	3		3,720,000		3,688,095
Morgan Stanley Capital I Trust,
Series 2014-CPT, Class A
3.35%		07/13/29	3		975,000		975,080
Morgan Stanley Capital I Trust,
Series 2014-MP, Class A
3.47%		08/11/33	3		94,742,500		95,347,488
Morgan Stanley Capital I Trust,
Series 2015-420, Class A
3.73%		10/12/50	3		1,065,000		1,056,105
Queens Center Mortgage Trust, Series
2013-QCA, Class A
3.28%		01/11/37	3		15,810,000		15,346,857
RBS Commercial Funding, Inc., Trust,
Series 2013-GSP, Class A
3.96%		01/13/32	3,8		103,085,000		104,227,120
SFAVE Commercial Mortgage Securities
Trust, Series 2015-5AVE, Class A1
3.87%		01/05/43	3,8		20,040,000		19,111,120
VNDO Mortgage Trust, Series 2012-6AVE,
Class A
3.00%		11/15/30	3		19,925,000		19,627,829

See accompanying notes to Schedule of Portfolio Investments.

123 / Semi-Annual Report September 2018

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Commercial Mortgage-Backed (continued)
Wells Fargo Commercial Mortgage Trust,
Series 2010-C1, Class A2
4.39%		11/15/43	3	$	900,000	$	916,764
Wells Fargo Commercial Mortgage Trust,
Series 2013-120B, Class A
2.80%		03/18/28	3,8		30,580,000		30,250,592
WF-RBS Commercial Mortgage Trust,
Series 2010-C8, Class A3
3.00%		08/15/45			47,205,000		46,529,681
WF-RBS Commercial Mortgage Trust,
Series 2011-C4, Class A3
4.39%		06/15/44	3		231,415		232,552
							1,214,333,359
Non-Agency Mortgage-Backed — 6.92%
Aames Mortgage Trust,
Series 2002-1, Class A3
(STEP-reset date 11/25/18)
7.40%		06/25/32			48,458		48,614
Accredited Mortgage Loan Trust,
Series 2007-1, Class A4
(LIBOR USD 1-Month plus 0.22%)
2.44%		02/25/37	2		46,525,000		45,511,630
ACE Securities Corp. Home Equity Loan
Trust, Series 2004-IN1, Class A1
(LIBOR USD 1-Month plus 0.64%)
2.86%		05/25/34	2		4,201		3,983
ACE Securities Corp. Home Equity Loan
Trust, Series 2006-HE3, Class A2C
(LIBOR USD 1-Month plus 0.15%)
2.37%		06/25/36	2		3,598,471		2,930,629
ACE Securities Corp. Home Equity Loan
Trust, Series 2007-ASAP2, Class A1
(LIBOR USD 1-Month plus 0.19%)
2.41%		06/25/37	2		49,537,452		41,558,033
Adjustable Rate Mortgage Trust,
Series 2005-10, Class 6A1
(LIBOR USD 1-Month plus 0.54%)
2.76%		01/25/36	2		354,190		338,605
Adjustable Rate Mortgage Trust,
Series 2005-5, Class 6A21
(LIBOR USD 1-Month plus 0.23%)
2.45%		09/25/35	2		705,428		706,206
Adjustable Rate Mortgage Trust,
Series 2006-3, Class 4A32
(LIBOR USD 1-Month plus 0.20%)
2.42%		08/25/36	2		13,693,200		13,540,012
American Home Mortgage Assets Trust,
Series 2006-3, Class 2A12
(Federal Reserve US 12-Month Cumulative Average plus 1.15%)
2.99%		10/25/46	2		52,615,908		48,829,667

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
American Home Mortgage Assets Trust,
Series 2007-2, Class A1
(LIBOR USD 1-Month plus 0.13%)
2.34%		03/25/47	2	$	17,407,069	$	16,295,396
American Home Mortgage Investment Trust,
Series 2004-3, Class 2A
(LIBOR USD 6-Month plus 1.50%)
4.03%		10/25/34	2		7,178,352		7,101,394
Ameriquest Mortgage Securities Trust,
Series 2006-R1, Class M1
(LIBOR USD 1-Month plus 0.39%)
2.61%		03/25/36	2		20,041,967		20,504,946
Ameriquest Mortgage Securities, Inc.,
Asset-Backed Pass-Through Certificates,
Series 2004-R10, Class A1
(LIBOR USD 1-Month plus 0.66%)
2.88%		11/25/34	2		32,421,708		32,364,252
Ameriquest Mortgage Securities, Inc.,
Asset-Backed Pass-Through Certificates,
Series 2005-R11, Class M1
(LIBOR USD 1-Month plus 0.45%)
2.67%		01/25/36	2		19,225,000		19,296,967
Amresco Residential Securities Corp.
Mortgage Loan Trust, Series 1998-1,
Class A5 (STEP-reset date 11/25/18)
7.32%		10/25/27			51,781		53,387
Argent Securities, Inc., Asset-Backed
Pass-Through Certificates Series 2005-W3,
Class M1
(LIBOR USD 1-Month plus 0.44%)
2.66%		11/25/35	2		19,840,000		19,508,144
Argent Securities, Inc., Asset-Backed
Pass-Through Certificates, Series 2004-W6,
Class AV2
(LIBOR USD 1-Month plus 0.90%)
3.12%		05/25/34	2		13,828,146		13,822,958
Argent Securities, Inc., Asset-Backed
Pass-Through Certificates, Series 2005-W2,
Class A1
(LIBOR USD 1-Month plus 0.26%)
2.48%		10/25/35	2		17,589,203		17,584,591
Argent Securities, Inc., Asset-Backed
Pass-Through Certificates, Series 2005-W3,
Class A1
(LIBOR USD 1-Month plus 0.26%)
2.48%		11/25/35	2		36,958,483		37,035,953
Asset-Backed Funding Certificates,
Series 2005-HE1, Class M1
(LIBOR USD 1-Month plus 0.63%)
2.85%		03/25/35	2		9,964,163		9,986,310
Asset-Backed Funding Certificates,
Series 2006-OPT3, Class A3B

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 124

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Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
(LIBOR USD 1-Month plus 0.16%)
2.38%		11/25/36	2	$	23,754,616	$	14,751,467
Asset-Backed Funding Certificates, Series 2007-WMC1, Class A2B
(LIBOR USD 1-Month plus 1.00%)
3.22%		06/25/37	2		25,038,857		21,652,970
Asset-Backed Securities Corp. Home Equity Loan Trust, Series 2006-HE5, Class A1
(LIBOR USD 1-Month plus 0.13%)
2.34%		07/25/36	2		18,925,422		18,833,622
Asset-Backed Securities Corp. Home Equity Loan Trust, Series 2006-HE6, Class A5
(LIBOR USD 1-Month plus 0.23%)
2.45%		11/25/36	2		18,411,000		17,494,418
Banc of America Funding Trust, Series 2003-2, Class 1A1
6.50%		06/25/32			20,109		21,281
Banc of America Funding Trust, Series 2006-D, Class 3A1
3.91%		05/20/36	8		6,476,819		6,264,826
Banc of America Funding Trust, Series 2006-E, Class 2A1
4.26%		06/20/36	8		91,638		89,947
Banc of America Funding Trust, Series 2006-G, Class 2A1
(LIBOR USD 1-Month plus 0.22%)
2.39%		07/20/36	2		7,794,904		7,779,898
Banc of America Funding Trust, Series 2006-H, Class 3A1
4.25%		09/20/46	8		1,711,381		1,599,350
Banc of America Funding Trust, Series 2014-R8, Class A1
(LIBOR USD 1-Month plus 0.24%)
2.46%		06/26/36	2,3		8,215,492		8,183,797
Banc of America Funding Trust, Series 2015-R2, Class 1A1
(LIBOR USD 1-Month plus 0.14%)
2.36%		08/27/36	2,3		33,086,438		32,489,664
Banc of America Funding Trust, Series 2015-R2, Class 3A1
(LIBOR USD 1-Month plus 0.26%)
2.48%		04/29/37	2,3		17,447,045		17,291,278
Banc of America Funding Trust, Series 2015-R2, Class 7A1
(LIBOR USD 1-Month plus 0.28%)
2.50%		09/29/36	2,3		13,690,001		13,657,180
Banc of America Funding Trust, Series 2015-R2, Class 9A1
(LIBOR USD 1-Month plus 0.22%)
2.43%		03/27/36	2,3		7,886,965		7,777,777

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Banc of America Funding Trust, Series 2015-R5, Class 1A1
(LIBOR USD 1-Month plus 0.13%)
2.35%		10/26/36	2,3	$	46,649,937	$	46,016,034
Banc of America Funding Trust, Series 2015-R5, Class 1A2
(LIBOR USD 1-Month plus 0.13%)
2.35%		10/26/36	2,3		42,536,000		40,729,441
Banc of America Funding Trust, Series 2016-R1, Class A1
2.50%		03/25/40	3,8		38,084,361		37,069,900
Banc of America Mortgage Securities, Inc., Series 2004-F, Class 1A1
4.49%		07/25/34	8		52,170		53,503
Banc of America Mortgage Securities, Inc., Series 2005-C, Class 2A2
4.03%		04/25/35	8		510,201		491,048
Banc of America Mortgage Securities, Inc., Series 2006-2, Class A2
0.00 X LIBOR USD 1-Month plus 6.00%, 6.00% Cap)
6.00%		07/25/46	2		203,627		193,950
Banc of America Mortgage Securities, Inc., Series 2007-1, Class 1A24
6.00%		03/25/37			892,922		845,859
Banc of America Mortgage Securities, Inc., Series 2007-3, Class 1A1
6.00%		09/25/37			515,203		499,619
BCAP LLC Trust, Series 2007-AA2, Class 2A5
6.00%		04/25/37			321,839		267,603
BCAP LLC Trust, Series 2007-AA5, Class A1
(LIBOR USD 1-Month plus 0.65%)
2.87%		09/25/47	2		29,703,427		28,124,001
BCAP LLC Trust, Series 2009-RR10, Class 7A1
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year plus 2.30%)
4.77%		10/26/35	2,3		496,627		497,644
BCAP LLC Trust, Series 2011-RR3, Class 5A3
3.92%		11/27/37	3,8		2,629,953		2,632,475
BCAP LLC Trust, Series 2015-RR2, Class 26A1
3.96%		03/28/36	3,8		5,877,423		5,933,959
Bear Stearns ALT-A Trust, Series 2005-4, Class 22A2
4.01%		05/25/35	8		22,759		21,447
Bear Stearns ALT-A Trust, Series 2005-7, Class 11A1
(LIBOR USD 1-Month plus 0.54%)
2.76%		08/25/35	2		458,179		459,022

See accompanying notes to Schedule of Portfolio Investments.

125 / Semi-Annual Report September 2018

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Bear Stearns ALT-A Trust, Series 2006-4, Class 32A1
3.98%		07/25/36	8	$	2,273,947	$	1,979,866
Bear Stearns ARM Trust, Series 2004-1, Class 13A2
3.89%		04/25/34	8		8,974		9,038
Bear Stearns ARM Trust, Series 2004-10, Class 14A1
3.64%		01/25/35	8		3,460,453		3,439,959
Bear Stearns ARM Trust, Series 2006-4, Class 2A1
3.87%		10/25/36	8		744,676		711,860
Bear Stearns Asset-Backed Securities I Trust, Series 2005-AC5, Class 2A3
(LIBOR USD 1-Month plus 0.25%)
2.47%		08/25/20	2		1,698,497		1,170,561
Bear Stearns Asset-Backed Securities I Trust, Series 2006-AC2, Class 21A3
6.00%		03/25/36			953,092		1,062,602
Bear Stearns Asset-Backed Securities I Trust, Series 2006-HE9, Class 3A
(LIBOR USD 1-Month plus 0.14%)
2.36%		11/25/36	2		10,010,741		9,208,593
Bear Stearns Asset-Backed Securities Trust, Series 2003-AC7, Class A1 (STEP-reset date 11/25/18)
5.50%		01/25/34			757,570		762,957
Bear Stearns Asset-Backed Securities Trust, Series 2003-AC7, Class A2 (STEP-reset date 11/25/18)
5.75%		01/25/34			683,000		688,893
Bear Stearns Mortgage Funding Trust, Series 2006-AR3, Class 1A1
(LIBOR USD 1-Month plus 0.18%)
2.40%		10/25/36	2		2,580,195		2,419,850
Bear Stearns Mortgage Funding Trust, Series 2007-AR5, Class 1A1A
(LIBOR USD 1-Month plus 0.17%)
2.39%		06/25/47	2		647,328		612,327
Bombardier Capital Mortgage Securitization Corp., Series 2001-A, Class A
6.81%		12/15/30	8		1,132,729		1,137,467
Carrington Mortgage Loan Trust, Series 2005-NC5, Class M1
(LIBOR USD 1-Month plus 0.48%)
2.70%		10/25/35	2		724,824		727,112
Carrington Mortgage Loan Trust, Series 2006-NC1, Class A4
(LIBOR USD 1-Month plus 0.31%)
2.53%		01/25/36	2		75,435,000		74,899,223
Centex Home Equity Loan Trust, Series 2006-A, Class AV4

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
(LIBOR USD 1-Month plus 0.25%)
2.47%		06/25/36	2	$	11,869,808	$	11,903,697
Chase Funding Trust, Series 2003-5, Class 2A2
(LIBOR USD 1-Month plus 0.60%)
2.82%		07/25/33	2		3,059		2,945
Chase Funding Trust, Series 2004-2, Class 2A2
(LIBOR USD 1-Month plus 0.50%)
2.72%		02/26/35	2		5,668		5,078
Chase Mortgage Finance Trust, Series 2006-A1, Class 1A2
4.11%		09/25/36	8		1,013,288		952,149
Chase Mortgage Finance Trust, Series 2006-S3, Class 2A1
5.50%		11/25/21			1,908,896		1,415,999
Chase Mortgage Finance Trust, Series 2007-A2, Class 2A3
4.12%		07/25/37	8		2,733,836		2,796,745
Chaseflex Trust, Series 2005-2, Class 4A2
5.50%		05/25/20			1,236,752		1,112,759
Chaseflex Trust, Series 2006-2, Class A2B
(LIBOR USD 1-Month plus 0.20%)
2.42%		09/25/36	2		9,185,352		8,424,704
CIM Trust, Series 2015-4AG, Class A1
(LIBOR USD 1-Month plus 2.00%)
4.10%		10/25/57	2,3		47,021,004		47,798,867
CIM Trust, Series 2016-4, Class A1
(LIBOR USD 1-Month plus 2.00%)
4.10%		10/25/57	2,3		284,070,286		294,778,713
CIM Trust, Series 2017-5, Class A1
2.30%		05/25/57	3,8		14,671,141		14,504,860
CIM Trust, Series 2017-8, Class A1
3.00%		12/25/65	3,8		141,485,109		139,277,361
CIM Trust, Series 2018-R1, Class A1
3.65%		05/01/55	3		122,898,656		123,260,089
CIM Trust, Series 2018-R2, Class A1
3.69%		08/25/57	3,8		83,749,206		83,972,314
CIM Trust, Series 2018-R4, Class A1
4.07%		12/26/57	3,8		66,263,870		66,217,697
CIM Trust, Series 2018-R5, Class A1
3.75%		07/25/58	3,8		171,444,299		170,230,730
CIT Mortgage Loan Trust, Series 2007-1, Class 1A
(LIBOR USD 1-Month plus 1.35%)
3.57%		10/25/37	2,3		69,318,539		70,122,315
Citicorp Mortgage Securities, Inc., Series 2005-1, Class 1A12
5.00%		02/25/35			273,169		278,559

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 126

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Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Citicorp Residential Mortgage Trust, Series 2006-2, Class A5
(STEP-reset date 11/25/18)
5.45%		09/25/36		$	494,588	$	508,118
Citicorp Residential Mortgage Trust, Series 2007-1, Class A5
(STEP-reset date 11/25/18)
5.39%		03/25/37			650,000		680,181
Citigroup Mortgage Loan Trust, Inc., Series 2004-HYB1, Class A41
3.34%		02/25/34	8		131,370		130,355
Citigroup Mortgage Loan Trust, Inc., Series 2004-RR2, Class A2
4.16%		05/25/34	3,8		2,420,305		2,480,580
Citigroup Mortgage Loan Trust, Inc., Series 2005-5, Class 3A2A
4.00%		10/25/35	8		800,825		619,639
Citigroup Mortgage Loan Trust, Inc., Series 2005-9, Class 1A1
(LIBOR USD 1-Month plus 0.26%)
2.48%		11/25/35	2		201,156		163,574
Citigroup Mortgage Loan Trust, Inc., Series 2006-WFH2, Class A2A
(LIBOR USD 1-Month plus 0.15%)
2.37%		08/25/36	2		1,018,320		1,020,507
Citigroup Mortgage Loan Trust, Inc., Series 2007-WFH1, Class A4
(LIBOR USD 1-Month plus 0.20%)
2.42%		01/25/37	2		64,990		65,195
Citigroup Mortgage Loan Trust, Inc., Series 2007-WFH3, Class A3
(LIBOR USD 1-Month plus 0.25%)
2.47%		06/25/37	2		783,510		781,200
Citigroup Mortgage Loan Trust, Series 2006-HE1, Class M2
(LIBOR USD 1-Month plus 0.51%)
2.73%		01/25/36	2		3,851,941		3,863,087
Citigroup Mortgage Loan Trust, Series 2006-AR2, Class 1A1
3.92%		03/25/36	8		17,592,176		17,084,901
Citigroup Mortgage Loan Trust, Series 2006-AR3, Class 1A2A
4.05%		06/25/36	8		5,205,008		5,016,616
Citigroup Mortgage Loan Trust, Series 2006-HE2, Class M1
(LIBOR USD 1-Month plus 0.29%)
2.51%		08/25/36	2		305,000		307,692
Citigroup Mortgage Loan Trust, Series 2006-WF2, Class A1
(STEP-reset date 11/25/18)
6.75%		05/25/36			48,196,272		36,807,372

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Citigroup Mortgage Loan Trust, Series 2007-6, Class 1A4A
2.97%		03/25/37	8	$	547,673	$	464,495
Citigroup Mortgage Loan Trust, Series 2010-7, Class 2A1
3.84%		02/25/35	3,8		67,260		67,987
Citigroup Mortgage Loan Trust, Series 2012-3, Class 4A1
3.88%		11/25/36	3,8		628,075		629,606
Citigroup Mortgage Loan Trust, Series 2014-5, Class 2A2
(LIBOR USD 1-Month plus 1.75%)
3.70%		02/20/36	2,3		17,178,777		16,198,670
Citigroup Mortgage Loan Trust, Series 2014-6, Class 3A2
4.23%		11/25/35	3,8		2,645,275		2,655,882
Citigroup Mortgage Loan Trust, Series 2015-2, Class 1A1
(LIBOR USD 1-Month plus 0.20%)
2.26%		06/25/47	2,3		18,140,508		18,172,553
Citigroup Mortgage Loan Trust, Series 2015-2, Class 4A1
(LIBOR USD 1-Month plus 0.70%)
2.45%		03/25/47	2,3		19,239,497		18,612,563
Citigroup Mortgage Loan Trust, Series 2015-3, Class 1A1
(LIBOR USD 1-Month plus 0.27%)
2.60%		03/25/36	2,3		8,204,484		8,126,762
Collateralized Mortgage Obligation Trust, Series 57, Class D
9.90%		02/01/19			10		10
Conseco Finance Corp., Series 1996-7, Class M1
7.70%		09/15/26	8		4,909,064		5,280,286
Conseco Finance Corp., Series 1998-2, Class A5
6.24%		12/01/28			23,328		23,842
Conseco Finance Corp., Series 1998-3, Class A6
6.76%		03/01/30	8		2,101,004		2,207,958
Conseco Finance Corp., Series 1998-6, Class A8
6.66%		06/01/30	8		2,734,117		2,870,756
Conseco Finance Home Equity Loan Trust, Series 2002-C, Class BF2
8.00%		06/15/32	3,8		232,044		241,584
Conseco Finance Securitizations Corp., Series 2001-4, Class A4
7.36%		08/01/32	8		1,148,220		1,178,193
CountryPlace Manufactured Housing Contract Trust, Series 2007-1, Class A4
5.85%		07/15/37	3,8		7,267,403		7,384,917

See accompanying notes to Schedule of Portfolio Investments.

127 / Semi-Annual Report September 2018

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Countrywide Alternative Loan Trust, Series 2004-J6, Class 2A1
6.50%		11/25/31		$	11,070	$	11,592
Countrywide Alternative Loan Trust, Series 2005-38, Class A1
(Federal Reserve US 12-Month Cumulative Average plus 1.50%)
3.34%		09/25/35	2		660,477		673,358
Countrywide Alternative Loan Trust, Series 2005-76, Class 2A1
(Federal Reserve US 12-Month Cumulative Average plus 1.00%)
2.84%		02/25/36	2		56,772,718		54,639,550
Countrywide Alternative Loan Trust, Series 2005-84, Class 1A1
3.40%		02/25/36	8		75,723		61,830
Countrywide Alternative Loan Trust, Series 2006-24CB, Class A19
(LIBOR USD 1-Month plus 0.50%)
2.72%		08/01/36	2		1,123,268		820,703
Countrywide Alternative Loan Trust, Series 2006-HY13, Class 4A1
3.72%		02/25/37	8		2,071,438		2,021,926
Countrywide Alternative Loan Trust, Series 2006-OC5, Class 2A2A
(LIBOR USD 1-Month plus 0.17%)
2.39%		06/25/46	2		599,965		612,166
Countrywide Alternative Loan Trust, Series 2007-J1, Class 2A1
(LIBOR USD 1-Month plus 0.20%)
2.42%		03/25/37	2		687,544		285,681
Countrywide Asset-Backed Certificates, Series 2005-11, Class AF4
4.44%		03/25/34	8		6,595,622		6,649,768
Countrywide Asset-Backed Certificates, Series 2005-13, Class AF4
4.59%		04/25/36	8		261,007		237,714
Countrywide Asset-Backed Certificates, Series 2005-AB2, Class 1A1
(LIBOR USD 1-Month plus 0.46%)
2.68%		11/25/35	2		20,073,599		19,827,559
Countrywide Asset-Backed Certificates, Series 2007-13, Class 2A2
(LIBOR USD 1-Month plus 0.80%)
3.02%		10/25/47	2		12,879,289		12,779,581
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2001-HYB1, Class 1A1
3.81%		06/19/31	8		10,739		11,132
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2003-J8, Class 1A4

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
5.25%		09/25/23		$	77,006	$	78,026
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-14, Class 4A1
3.89%		08/25/34	8		1,122,248		1,097,516
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-25, Class 1A1
(LIBOR USD 1-Month plus 0.66%)
2.88%		02/25/35	2		134,315		138,652
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-HYB3, Class 1A
4.13%		06/20/34	8		28,819		29,320
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-HYB4, Class 2A1
4.18%		09/20/34	8		1,260,119		1,233,030
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-HYB7, Class 3A
4.47%		11/20/34	8		315,218		321,155
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-11, Class 1A2
4.06%		04/25/35	8		985,173		954,975
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-31, Class 2A3
3.32%		01/25/36	8		261,043		256,603
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-9, Class 1A1
(LIBOR USD 1-Month plus 0.60%)
2.82%		05/25/35	2		4,556,204		4,296,178
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-HY5, Class 1A1
4.51%		09/25/47	8		1,219,618		1,190,670
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-HYB1, Class 1A1
3.45%		03/25/37	8		1,505,801		1,270,753
Credit Suisse First Boston Mortgage Securities Corp., Series 2003-AR20, Class 2A4
4.20%		08/25/33	8		20,525		20,849
Credit Suisse First Boston Mortgage Securities Corp., Series 2005-6, Class 8A1
4.50%		07/25/20			7,337		7,280
Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates, Series 2004-1, Class 2A1

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 128

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Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
6.50%		02/25/34		$	35,492	$	37,107
Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates, Series 2004-AR5, Class 6A1
4.11%		06/25/34	8		188,182		192,654
Credit Suisse Mortgage Capital, Mortgage-Backed Trust, Series 2006-2, Class 5A1
(LIBOR USD 1-Month plus 0.70%)
2.92%		03/25/36	2		4,151,578		2,296,159
Credit Suisse Mortgage Capital, Mortgage-Backed Trust, Series 2007-2, Class 3A4
5.50%		03/25/37			2,182,196		1,876,690
Credit Suisse Mortgage Capital, Series 2009-14R, Class 2A1
5.00%		06/26/37	3		674,547		677,534
Credit Suisse Mortgage Capital, Series 2010-17R, Class 1A1
4.15%		06/26/36	3,8		305,771		307,809
Credit Suisse Mortgage Capital, Series 2011-16R, Class 5A1
2.72%		09/27/35	3,8		52,460		52,352
Credit Suisse Mortgage Capital, Series 2014-10R, Class 3A1
(LIBOR USD 1-Month plus 2.75%)
4.97%		04/27/36	2,3		2,628,952		2,679,675
Credit Suisse Mortgage Capital, Series 2014-11R, Class 10A1
(LIBOR USD 1-Month plus 0.22%)
2.28%		05/27/37	2,3		3,477,998		3,475,295
Credit Suisse Mortgage Capital, Series 2014-12R, Class 1A1
(LIBOR USD 1-Month plus 1.75%)
3.85%		08/27/36	2,3		11,402,807		11,538,419
Credit Suisse Mortgage Capital, Series 2014-7R, Class 7A1
2.21%		08/27/36	3,8		1,978,318		1,984,865
Credit Suisse Mortgage Capital, Series 2015-1R, Class 5A1
4.29%		09/27/35	3,8		6,694,399		6,730,259
Credit Suisse Mortgage Capital, Series 2015-2R, Class 4A1
2.26%		06/27/47	3,8		22,512,122		22,326,604
Credit Suisse Mortgage Capital, Series 2015-6R, Class 2A1
(LIBOR USD 1-Month plus 0.20%)
2.26%		11/27/46	2,3		11,587,156		11,222,167
Credit-Based Asset Servicing and Securitization LLC, Mortgage Loan Trust, Series 2007-CB2,
Class A2C (STEP-reset date 11/25/18)
4.10%		02/25/37			38,436,970		30,566,016

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Credit-Based Asset Servicing and Securitization LLC, Mortgage Loan Trust, Series 2007-CB2,
Class A2D (STEP-reset date 11/25/18)
4.10%		02/25/37		$	28,141,585	$	22,373,410
Credit-Based Asset Servicing and Securitization LLC, Mortgage Loan Trust, Series 2007-CB2,
Class A2E (STEP-reset date 11/25/18)
4.10%		02/25/37			5,117,503		4,069,333
Credit-Based Asset Servicing and Securitization LLC, Series 2003-CB1,
Class AF (STEP-reset date 11/25/18)
3.95%		01/25/33			15,548		15,672
Credit-Based Asset Servicing and Securitization LLC, Series 2003-CB4, Class M1
(LIBOR USD 1-Month plus 1.04%)
3.25%		03/25/33	2		3,634,124		3,633,696
Credit-Based Asset Servicing and Securitization LLC, Series 2003-CB5, Class M1
(LIBOR USD 1-Month plus 1.02%)
3.24%		11/25/33	2		87,763		86,016
Credit-Based Asset Servicing and Securitization LLC, Series 2006-CB8, Class A1
(LIBOR USD 1-Month plus 0.14%)
2.36%		10/25/36	2		18,245,525		16,394,146
Credit-Based Asset Servicing and Securitization LLC, Series 2006-CB9, Class A3
(LIBOR USD 1-Month plus 0.15%)
2.37%		11/25/36	2		32,481,887		21,405,317
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB1,
Class AF4 (STEP-reset date 11/25/18)
3.63%		01/25/37			7,738,391		3,769,241
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB1,
Class AF5 (STEP-reset date 11/25/18)
3.63%		01/25/37			14,542,280		7,283,152
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB5, Class A2
(LIBOR USD 1-Month plus 0.17%)
2.39%		04/25/37	2		31,464,595		24,057,615
Credit-Based Asset Servicing and Securitization LLC, Series 2006-CB7, Class A1
(LIBOR USD 1-Month plus 0.14%)
2.36%		10/25/36	2		61,996,572		48,581,798

See accompanying notes to Schedule of Portfolio Investments.

129 / Semi-Annual Report September 2018

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
CSAB Mortgage-Backed Trust, Series 2006-4, Class A6B
(STEP-reset date 11/25/18)
5.78%		12/25/36		$	5,268,016	$	733,249
Deutsche ALT-A Securities Mortgage Loan Trust, Series 2006-AR3, Class A1
(LIBOR USD 1-Month plus 0.19%)
2.41%		08/25/36	2		4,502,469		4,256,806
Deutsche ALT-A Securities Mortgage Loan Trust, Series 2006-AR4, Class A1
(LIBOR USD 1-Month plus 0.13%)
2.35%		12/25/36	2		2,251,933		1,332,180
Deutsche ALT-A Securities Mortgage Loan Trust, Series 2006-AR6, Class AR6
(LIBOR USD 1-Month plus 0.19%)
2.41%		02/25/37	2		902,692		821,574
Deutsche ALT-A Securities, Inc. Mortgage Loan Trust, Series 2005-6, Class 1A7
5.50%		12/25/35			508,235		429,395
Deutsche ALT-A Securities, Inc. Mortgage Loan Trust, Series 2006-AR1, Class 2A1
4.01%		02/25/36	8		1,268,603		1,070,562
DSLA Mortgage Loan Trust, Series 2004-AR4, Class 2A1A
(LIBOR USD 1-Month plus 0.36%)
2.53%		01/19/45	2		2,759,666		2,637,642
DSLA Mortgage Loan Trust, Series 2005-AR1, Class 2A1A
(LIBOR USD 1-Month plus 0.25%)
2.42%		02/19/45	2		446,242		444,381
DSLA Mortgage Loan Trust, Series 2005-AR3, Class 2A1A
(LIBOR USD 1-Month plus 0.24%)
2.41%		07/19/45	2		224,242		219,015
DSLA Mortgage Loan Trust, Series 2006-AR2, Class 2A1A
(LIBOR USD 1-Month plus 0.20%)
2.37%		10/19/36	2		20,588,545		18,694,280
DSLA Mortgage Loan Trust, Series 2007-AR1, Class 2A1A
(LIBOR USD 1-Month plus 0.14%)
2.31%		04/19/47	2		11,693,553		11,524,374
Equity One Mortgage Pass-Through Trust, Series 2002-4, Class M1
5.22%		02/25/33	8		11,640		11,646
Equity One Mortgage Pass-Through Trust, Series 2002-5, Class M1
(STEP-reset date 11/25/18)
5.80%		11/25/32			36,213		37,990
First Franklin Mortgage Loan Trust, Series 2006-FF13, Class A2C

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
(LIBOR USD 1-Month plus 0.16%)
2.38%		10/25/36	2	$	16,527,432	$	12,351,730
First Franklin Mortgage Loan Trust, Series 2006-FF13, Class A2D
(LIBOR USD 1-Month plus 0.24%)
2.46%		10/25/36	2		1,042,180		787,389
First Franklin Mortgage Loan Trust, Series 2006-FF18, Class A2B
(LIBOR USD 1-Month plus 0.11%)
2.33%		12/25/37	2		12,031,788		10,504,968
First Franklin Mortgage Loan Trust, Series 2006-FF18, Class A2C
(LIBOR USD 1-Month plus 0.16%)
2.38%		12/25/37	2		33,088,497		29,038,363
First Franklin Mortgage Loan Trust, Series 2006-FF18, Class A2D
(LIBOR USD 1-Month plus 0.21%)
2.43%		12/25/37	2		23,981,466		21,153,871
First Franklin Mortgage Loan Trust, Series 2006-FF5, Class 1A
(LIBOR USD 1-Month plus 0.15%)
2.37%		04/25/36	2		31,195,987		30,764,701
First Franklin Mortgage Loan Trust, Series 2006-FF8, Class IIA4
(LIBOR USD 1-Month plus 0.23%)
2.45%		07/25/36	2		31,440,000		29,397,796
First Franklin Mortgage Loan Trust, Series 2007-FF1, Class A2C
(LIBOR USD 1-Month plus 0.14%)
2.36%		01/25/38	2		91,624,685		68,657,317
First Franklin Mortgage Loan Trust, Series 2007-FF2, Class A2B
(LIBOR USD 1-Month plus 0.10%)
2.32%		03/25/37	2		32,742,003		21,373,020
First Franklin Mortgage Loan Trust, Series 2007-FF2, Class A2C
(LIBOR USD 1-Month plus 0.15%)
2.37%		03/25/37	2		16,926,026		11,126,107
First Franklin Mortgage Loan Trust, Series 2007-FF2, Class A2D
(LIBOR USD 1-Month plus 0.22%)
2.44%		03/25/37	2		31,515,812		20,917,993
First Horizon Alternative Mortgage Securities Trust, Series 2004-AA2, Class 1A1
4.06%		08/25/34	8		10,049,569		10,477,923
First Horizon Alternative Mortgage Securities Trust, Series 2004-AA3, Class A1
4.17%		09/25/34	8		47,952		47,671
First Horizon Alternative Mortgage Securities Trust, Series 2004-AA4, Class A1
4.03%		10/25/34	8		1,805,175		1,799,550

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 130

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Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
First Horizon Alternative Mortgage Securities Trust, Series 2005-AA10, Class 1A1
3.87%		12/25/35	8	$	19,571,556	$	18,092,900
First Horizon Alternative Mortgage Securities Trust, Series 2005-AA12, Class 2A1
4.04%		02/25/36	8		22,618,186		19,912,665
First Horizon Alternative Mortgage Securities Trust, Series 2005-AA4, Class 2A1
3.73%		06/25/35	8		20,083,421		18,852,602
First Horizon Alternative Mortgage Securities Trust, Series 2005-AA7, Class 2A1
4.11%		09/25/35	8		19,178,826		18,577,399
First Horizon Alternative Mortgage Securities Trust, Series 2005-AA8, Class 2A1
4.13%		10/25/35	8		25,027,689		21,486,216
First Horizon Alternative Mortgage Securities Trust, Series 2005-AA9, Class 2A1
3.77%		11/25/35	8		21,861,506		21,399,197
First Horizon Alternative Mortgage Securities Trust, Series 2006-AA1, Class 1A1
4.14%		03/25/36	8		25,281,386		22,582,396
First Horizon Alternative Mortgage Securities Trust, Series 2006-FA8, Class 1A7
6.00%		02/25/37			13,321		10,488
First Horizon Mortgage Pass-Through Trust, Series 2004-AR6, Class 2A1
3.93%		12/25/34	8		376,602		388,293
First Horizon Mortgage Pass-Through Trust, Series 2006-AR4, Class 1A2
3.71%		01/25/37	8		142,532		130,135
First Horizon Mortgage Pass-Through Trust, Series 2007-AR3, Class 1A1
4.17%		11/25/37	8		335,388		311,201
FNBA Mortgage Loan Trust, Series 2004-AR1, Class A2
(LIBOR USD 1-Month plus 0.40%)
2.57%		08/19/34	2		8,053		8,034
Fremont Home Loan Trust, Series 2005-C, Class M1
(LIBOR USD 1-Month plus 0.72%)
2.94%		07/25/35	2		908,456		911,694
GMACM Home Equity Loan Trust, Series 2000-HE2, Class A1
(LIBOR USD 1-Month plus 0.44%)
2.66%		06/25/30	2		28,336		23,972
GMACM Mortgage Corp. Loan Trust, Series 2003-AR2, Class 3A5
4.15%		12/19/33	8		2,214,118		2,238,786
GMACM Mortgage Corp. Loan Trust, Series 2004-AR1, Class 22A
4.21%		06/25/34	8		5,310		5,255

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
GMACM Mortgage Corp. Loan Trust, Series 2005-AR6, Class 3A1
3.94%		11/19/35	8	$	842,350	$	805,891
GMACM Mortgage Corp. Loan Trust, Series 2006-AR2, Class 1A1
3.94%		05/19/36	8		1,565,873		1,010,836
GreenPoint Mortgage Funding Trust, Series 2005-AR3, Class 1A1
(LIBOR USD 1-Month plus 0.24%)
2.46%		08/25/45	2		1,886,411		1,775,718
GreenPoint Mortgage Funding Trust, Series 2005-AR4, Class G41B
(LIBOR USD 1-Month plus 0.20%)
2.42%		10/25/45	2		17,939,519		16,599,349
GreenPoint Mortgage Funding Trust, Series 2005-HY1, Class 1A1A
(LIBOR USD 1-Month plus 0.27%)
2.49%		07/25/35	2		4,197,885		4,197,384
GreenPoint Mortgage Funding Trust, Series 2006-AR8, Class 1A2A6
0.00%		4,7,†			37,800,000		—
GreenPoint Mortgage Funding Trust, Series 2007-AR1, Class 3A2
(LIBOR USD 1-Month plus 0.16%)
2.38%		02/25/37	2		2,564,936		2,553,408
GS Mortgage Securities Resecuritization Trust, Series 2014-3R, Class 2A
(LIBOR USD 1-Month plus 0.18%)
2.24%		09/26/36	2,3		8,947,403		8,903,558
GS Mortgage Securities Resecuritization Trust, Series 2015-1R, Class 2A
3.99%		01/26/36	3,8		4,288,764		4,293,185
GSAA Home Equity Trust, Series 2005-11, Class 1A1
(LIBOR USD 1-Month plus 0.28%)
2.50%		10/25/35	2		6,691,909		6,683,317
GSAA Home Equity Trust, Series 2005-9, Class 2A3
(LIBOR USD 1-Month plus 0.37%)
2.59%		08/25/35	2		1,289,132		1,284,439
GSAMP Trust, Series 2005-AHL2, Class A2D
(LIBOR USD 1-Month plus 0.35%)
2.57%		12/25/35	2		25,693,000		24,651,347
GSR Mortgage Loan Trust, Series 2004-9, Class 3A1
4.31%		08/25/34	8		4,680		4,862
GSR Mortgage Loan Trust, Series 2004-9, Class 5A7
4.03%		08/25/34	8		391,091		392,061

See accompanying notes to Schedule of Portfolio Investments.

131 / Semi-Annual Report September 2018

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
GSR Mortgage Loan Trust, Series 2005-AR5, Class 2A3
4.19%		10/25/35	8	$	3,778,194	$	3,190,551
GSR Mortgage Loan Trust, Series 2005-AR6, Class 4A5
4.45%		09/25/35	8		184,697		189,193
GSR Mortgage Loan Trust, Series 2007-AR2, Class 2A1
3.87%		05/25/37	8		2,960,411		2,686,506
HarborView Mortgage Loan Trust, Series 2004-1, Class 2A
4.12%		04/19/34	8		7,711		7,908
HarborView Mortgage Loan Trust, Series 2004-11, Class 3A2A
(LIBOR USD 1-Month plus 0.68%)
2.85%		01/19/35	2		446,511		391,038
HarborView Mortgage Loan Trust, Series 2004-5, Class 2A6
3.86%		06/19/34	8		4,231		4,269
HarborView Mortgage Loan Trust, Series 2005-3, Class 2A1A
(LIBOR USD 1-Month plus 0.48%)
2.65%		06/19/35	2		505,138		503,030
HarborView Mortgage Loan Trust, Series 2005-4, Class 2A
4.65%		07/19/35	8		157,653		152,855
HarborView Mortgage Loan Trust, Series 2006-10, Class 1A1A
(LIBOR USD 1-Month plus 0.20%)
2.37%		11/19/36	2		85,970,271		76,016,694
HarborView Mortgage Loan Trust, Series 2006-7, Class 1A
(LIBOR USD 1-Month plus 0.21%)
2.38%		09/19/46	2		104,840,713		97,884,871
HarborView Mortgage Loan Trust, Series 2007-7, Class 1A1
(LIBOR USD 1-Month plus 1.00%)
3.22%		10/25/37	2		35,385,521		32,161,425
HarborView Mortgage Loan Trust, Series 2007-7, Class 2A1A
(LIBOR USD 1-Month plus 1.00%)
3.22%		10/25/37	2		10,954,790		11,034,817
Impac CMB Trust, Series 2005-1, Class 1A1
(LIBOR USD 1-Month plus 0.52%)
2.74%		04/25/35	2		5,397,293		5,211,899
Impac CMB Trust, Series 2005-4, Class 1A1B
(LIBOR USD 1-Month plus 0.25%)
2.47%		05/25/35	2		7,008,736		6,898,967
Impac Secured Assets Corp., Series 2004-3, Class 1A4

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
(LIBOR USD 1-Month plus 0.80%)
3.02%		11/25/34	2	$	58,293	$	58,389
Impac Secured Assets Corp., Series 2004-3, Class M1
(LIBOR USD 1-Month plus 0.90%)
3.12%		11/25/34	2		800,000		796,354
Impac Secured Assets Corp., Series 2004-4, Class M3
(LIBOR USD 1-Month plus 0.90%)
3.12%		02/25/35	2		670,000		662,269
Impac Secured Assets Trust, Series 2007-2, Class 1A1A
(LIBOR USD 1-Month plus 0.11%)
2.33%		05/25/37	2		10,037,291		8,579,789
Impac Secured Assets Trust, Series 2007-2, Class 1A1B
(LIBOR USD 1-Month plus 0.25%)
2.47%		05/25/37	2		75,798,471		66,554,059
IndyMac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A
3.94%		08/25/34	8		1,367,069		1,362,114
IndyMac Index Mortgage Loan Trust, Series 2004-AR5, Class 2A1B
(LIBOR USD 1-Month plus 0.80%)
3.02%		08/25/34	2		18,798		17,361
IndyMac Index Mortgage Loan Trust, Series 2004-AR7, Class A2
(LIBOR USD 1-Month plus 0.86%)
3.08%		09/25/34	2		73,256		70,102
IndyMac Index Mortgage Loan Trust, Series 2005-AR1, Class 4A1
3.88%		03/25/35	8		816,783		823,922
IndyMac Index Mortgage Loan Trust, Series 2005-AR17, Class 3A1
3.88%		09/25/35	8		5,188,997		4,745,513
IndyMac Index Mortgage Loan Trust, Series 2005-AR19, Class A1
3.78%		10/25/35	8		31,611,253		27,158,387
IndyMac Index Mortgage Loan Trust, Series 2005-AR31, Class 3A1
3.56%		01/25/36	8		1,489,568		1,419,718
IndyMac Index Mortgage Loan Trust, Series 2005-AR6, Class 2A1
(LIBOR USD 1-Month plus 0.48%)
2.70%		04/25/35	2		695,049		672,947
IndyMac Index Mortgage Loan Trust, Series 2006-AR19, Class 1A2
3.91%		08/25/36	8		17,609,725		14,421,667
IndyMac Index Mortgage Loan Trust, Series 2006-AR21, Class A1

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 132

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
(LIBOR USD 1-Month plus 0.12%)
2.34%		08/25/36	2	$	198,525	$	186,439
IndyMac Index Mortgage Loan Trust, Series 2006-AR27, Class 2A2
(LIBOR USD 1-Month plus 0.20%)
2.42%		10/25/36	2		28,678,450		26,956,111
IndyMac Index Mortgage Loan Trust, Series 2006-AR7, Class 1A1
3.54%		05/25/36	8		4,592,289		4,339,711
IndyMac Index Mortgage Loan Trust, Series 2006-AR7, Class 2A1
3.77%		05/25/36	8		32,352,671		28,571,077
IndyMac Index Mortgage Loan Trust, Series 2007-AR1, Class 1A2
3.74%		03/25/37	8		820,340		799,509
IndyMac Index Mortgage Loan Trust, Series 2007-AR11, Class 1A1
3.33%		06/25/37	8		4,658,884		3,970,917
IndyMac Index Mortgage Loan Trust, Series 2007-AR7, Class 1A1
3.83%		11/25/37	8		3,808,292		3,824,842
IndyMac Manufactured Housing Contract Pass-Through Certificates, Series 1997-1, Class A3
6.61%		02/25/28			128,809		130,075
JPMorgan Alternative Loan Trust, Series 2006-A2, Class 2A1
3.99%		05/25/36	8		906,429		775,032
JPMorgan Alternative Loan Trust, Series 2006-A2, Class 5A1
3.76%		05/25/36	8		8,746,309		7,512,223
JPMorgan Mortgage Acquisition Trust, Series 2005-WMC1, Class M2
(LIBOR USD 1-Month plus 0.66%)
2.88%		09/25/35	2		10,703,134		10,703,356
JPMorgan Mortgage Acquisition Trust, Series 2006-NC2, Class A4
(LIBOR USD 1-Month plus 0.15%)
2.37%		07/25/36	2		4,368,475		4,393,016
JPMorgan Mortgage Acquisition Trust, Series 2006-WF1, Class A3A
(STEP-reset date 11/25/18)
5.83%		07/25/36			38,544,778		20,774,995
JPMorgan Mortgage Acquisition Trust, Series 2006-WF1, Class A6
(STEP-reset date 11/25/18)
6.00%		07/25/36			5,374,976		2,813,024
JPMorgan Mortgage Acquisition Trust, Series 2007-CH1, Class AV5
(LIBOR USD 1-Month plus 0.24%)
2.46%		11/25/36	2		831,647		831,709

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
JPMorgan Mortgage Acquisition Trust, Series 2007-CH1, Class MV1
(LIBOR USD 1-Month plus 0.23%)
2.45%		11/25/36	2	$	810,000	$	810,770
JPMorgan Mortgage Acquisition Trust, Series 2007-CH3, Class A4
(LIBOR USD 1-Month plus 0.21%)
2.43%		03/25/37	2		1,572,274		1,570,786
JPMorgan Mortgage Acquisition Trust, Series 2007-CH4, Class A1
(LIBOR USD 1-Month plus 0.15%)
2.37%		05/25/37	2		67,193,254		64,722,971
JPMorgan Mortgage Acquisition Trust, Series 2007-HE1, Class AF1
(LIBOR USD 1-Month plus 0.10%)
2.32%		03/25/47	2		149,711		98,922
JPMorgan Mortgage Acquisition Trust, Series 2007-HE1, Class AF2
(STEP-reset date 11/25/18)
4.26%		03/25/47			9,793,799		6,903,698
JPMorgan Mortgage Acquisition Trust, Series 2007-HE1, Class AF3
(STEP-reset date 11/25/18)
4.26%		05/25/35			7,868,010		5,546,169
JPMorgan Mortgage Acquisition Trust, Series 2007-HE1, Class AF4
(STEP-reset date 11/25/18)
4.26%		03/25/47			3,746,671		2,641,002
JPMorgan Mortgage Acquisition Trust, Series 2007-HE1, Class AV4
(LIBOR USD 1-Month plus 0.28%)
2.50%		03/25/47	2		240,000		210,651
JPMorgan Mortgage Trust, Series 2003-A2, Class 2A3
3.56%		11/25/33	8		187,788		189,284
JPMorgan Mortgage Trust, Series 2004-A4, Class 1A3
4.64%		09/25/34	8		677,839		698,978
JPMorgan Mortgage Trust, Series 2005-A5, Class TA1
4.34%		08/25/35	8		148,730		150,063
JPMorgan Mortgage Trust, Series 2005-S2, Class 4A3
5.50%		09/25/20			2,933,708		2,789,203
JPMorgan Mortgage Trust, Series 2006-A2, Class 5A3
3.98%		11/25/33	8		7,407		7,662
JPMorgan Mortgage Trust, Series 2006-A3, Class 2A1
3.78%		05/25/36	8		1,465,133		1,405,992
JPMorgan Mortgage Trust, Series 2006-A3, Class 3A3

See accompanying notes to Schedule of Portfolio Investments.

133 / Semi-Annual Report September 2018

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
3.59%		05/25/36	8	$	958,751	$	931,412
JPMorgan Mortgage Trust, Series 2006-A4, Class 1A1
4.11%		06/25/36	8		750,096		722,443
JPMorgan Mortgage Trust, Series 2006-A4, Class 1A4
4.11%		06/25/36	8		2,418,071		2,328,875
JPMorgan Mortgage Trust, Series 2006-A5, Class 2A4
4.24%		08/25/36	8		519,789		485,213
JPMorgan Mortgage Trust, Series 2007-A1, Class 5A2
3.92%		07/25/35	8		2,435,270		2,521,226
JPMorgan Mortgage Trust, Series 2007-A3, Class 2A3
3.90%		05/25/37	8		3,388,507		3,073,011
JPMorgan Mortgage Trust, Series 2007-A3, Class 3A2
3.78%		05/25/37	8		541,929		529,257
JPMorgan Mortgage Trust, Series 2007-A4, Class 1A1
3.84%		06/25/37	8		5,044,999		4,983,062
JPMorgan Mortgage Trust, Series 2007-A4, Class 2A3
4.05%		06/25/37	8		783,856		742,720
JPMorgan Resecuritization Trust, Series 2015-1, Class 3A1
(LIBOR USD 1-Month plus 0.19%)
2.25%		12/27/46	2,3		14,919,351		14,627,075
Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class A4
5.27%		04/15/40			2,510		2,531
Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class A6
6.47%		04/15/40	8		726,929		734,964
Lehman XS Trust, Series 2005-5N, Class 3A1A
(LIBOR USD 1-Month plus 0.30%)
2.52%		11/25/35	2		13,411,164		13,321,665
Lehman XS Trust, Series 2005-7N, Class 1A1A
(LIBOR USD 1-Month plus 0.54%)
2.76%		12/25/35	2		544,909		549,997
Lehman XS Trust, Series 2006-12N, Class A31A
(LIBOR USD 1-Month plus 0.20%)
2.42%		08/25/46	2		21,335,646		19,917,387
Lehman XS Trust, Series 2006-13, Class 1A2
(LIBOR USD 1-Month plus 0.17%)
2.39%		09/25/36	2		8,070,665		7,925,735

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Lehman XS Trust, Series 2006-14N, Class 3A2
(LIBOR USD 1-Month plus 0.24%)
2.46%		08/25/36	2	$	82,434	$	78,773
Lehman XS Trust, Series 2006-8, Class 1A1A
(LIBOR USD 1-Month plus 0.16%)
2.38%		06/25/36	2		44,419,870		40,297,751
Lehman XS Trust, Series 2006-9, Class A1B
(LIBOR USD 1-Month plus 0.16%)
2.38%		05/25/46	2		8,273,227		10,782,601
Lehman XS Trust, Series 2007-4N, Class 1A3
(LIBOR USD 1-Month plus 0.24%)
2.46%		03/25/47	2		27,102,655		23,791,416
Long Beach Mortgage Loan Trust, Series 2004-4, Class M1
(LIBOR USD 1-Month plus 0.90%)
3.12%		10/25/34	2		51,320		51,498
MASTR Adjustable Rate Mortgages Trust, Series 2003-6, Class 4A2
3.72%		01/25/34	8		51,371		51,102
MASTR Adjustable Rate Mortgages Trust, Series 2003-7, Class 3A1
3.32%		11/25/33	8		1,373,903		1,459,140
MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 3A1
4.42%		11/21/34	8		5,834,266		6,022,221
MASTR Adjustable Rate Mortgages Trust, Series 2004-15, Class 9A1
4.47%		10/25/34	8		733,054		731,789
MASTR Adjustable Rate Mortgages Trust, Series 2004-5, Class 3A1
2.62%		06/25/34	8		254		235
MASTR Adjustable Rate Mortgages Trust, Series 2004-8, Class 2A1
4.36%		09/25/34	8		3,991,255		4,046,368
MASTR Adjustable Rate Mortgages Trust, Series 2006-2, Class 5A1
3.98%		05/25/36	8		8,038,384		6,399,552
MASTR Alternative Loan Trust, Series 2004-6, Class 3A1
4.75%		07/25/19			146,012		146,150
MASTR Asset Securitization Trust, Series 2004-3, Class 3A2
4.50%		03/25/19			26,904		26,988
MASTR Asset-Backed Securities Trust, Series 2006-HE4, Class A3
(LIBOR USD 1-Month plus 0.15%)
2.37%		11/25/36	2		16,091,151		7,438,825

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 134

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
MASTR Asset-Backed Securities Trust, Series 2006-HE4, Class A4
(LIBOR USD 1-Month plus 0.21%)
2.43%		11/25/36	2	$	4,469,764	$	2,084,734
MASTR Asset-Backed Securities Trust, Series 2007-HE1, Class A3
(LIBOR USD 1-Month plus 0.21%)
2.43%		05/25/37	2		40,571,323		38,768,735
MASTR Seasoned Securitization Trust, Series 2004-1, Class 4A1
4.23%		10/25/32	8		19,399		19,771
Mellon Residential Funding Corp. Mortgage Pass-Through Certificates, Series 2001-TBC1, Class A1
(LIBOR USD 1-Month plus 0.70%)
2.86%		11/15/31	2		1,624,018		1,627,975
Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-1, Class A2B
(LIBOR USD 1-Month plus 0.17%)
2.39%		04/25/37	2		37,502,275		22,743,337
Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-1, Class A2C
(LIBOR USD 1-Month plus 0.25%)
2.47%		04/25/37	2		81,387,531		49,847,641
Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-2, Class A2C
(LIBOR USD 1-Month plus 0.24%)
2.46%		05/25/37	2		38,695,471		27,125,150
Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-2, Class A2D
(LIBOR USD 1-Month plus 0.32%)
2.54%		05/25/37	2		19,109,504		13,541,510
Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-3, Class A2C
(LIBOR USD 1-Month plus 0.18%)
2.40%		06/25/37	2		16,191,164		12,217,036
Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-3, Class A2D
(LIBOR USD 1-Month plus 0.25%)
2.47%		06/25/37	2		21,624,995		16,998,961
Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-4, Class 2A2
(LIBOR USD 1-Month plus 0.12%)
2.34%		07/25/37	2		34,688,825		24,791,937
Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-4, Class 2A3
(LIBOR USD 1-Month plus 0.16%)
2.38%		07/25/37	2		25,427,771		18,278,056
Merrill Lynch Mortgage Investors Trust, Series 2003-A6, Class 2A
4.28%		10/25/33	8		487,482		493,716

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Merrill Lynch Mortgage Investors Trust, Series 2004-A4, Class A1
4.10%		08/25/34	8	$	2,269,825	$	2,336,592
Merrill Lynch Mortgage Investors Trust, Series 2005-A10, Class A
(LIBOR USD 1-Month plus 0.21%)
2.43%		02/25/36	2		14,147		13,694
Merrill Lynch Mortgage Investors Trust, Series 2005-A6, Class 2A4
(LIBOR USD 1-Month plus 0.34%)
2.56%		08/25/35	2		589,997		589,871
Merrill Lynch Mortgage Investors Trust, Series 2006-WMC2, Class A2B
(STEP-reset date 11/25/18)
5.61%		03/25/37			32,755,027		10,718,269
Merrill Lynch Mortgage Investors Trust, Series 2006-WMC2, Class A2D
(STEP-reset date 11/25/18)
5.90%		03/25/37			25,636,233		8,390,567
Merrill Lynch Mortgage-Backed Securities Trust, Series 2007-2, Class 1A1
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year plus 2.40%)
4.87%		08/25/36	2		5,701,630		5,586,858
Mid-State Capital Corp., Series 2004-1, Class A
6.01%		08/15/37			350,285		379,922
Mid-State Capital Corp., Series 2005-1, Class A
5.75%		01/15/40			16,770,870		18,183,246
Mid-State Capital Corp., Series 2006-1, Class A
5.79%		10/15/40	3		12,082,921		13,308,852
Mid-State Trust XI, Series 2011, Class A1
4.86%		07/15/38			268,323		279,100
Morgan Stanley ABS Capital I Trust, Series 2006-NC1, Class A4
(LIBOR USD 1-Month plus 0.30%)
2.52%		12/25/35	2		5,277,150		5,280,892
Morgan Stanley Mortgage Loan Trust, Series 2004-11AR, Class 1A1
(LIBOR USD 1-Month plus 0.32%)
2.54%		01/25/35	2		181,641		179,076
Morgan Stanley Mortgage Loan Trust, Series 2004-7AR, Class 2A4
3.94%		09/25/34	8		1,098,064		1,116,172
Morgan Stanley Mortgage Loan Trust, Series 2005-2AR, Class A
(LIBOR USD 1-Month plus 0.26%)
2.48%		04/25/35	2		4,519,729		4,485,340
Morgan Stanley Mortgage Loan Trust, Series 2006-7, Class 5A2

See accompanying notes to Schedule of Portfolio Investments.

135 / Semi-Annual Report September 2018

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date	Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
5.96%	06/25/368	$	850,502	$	382,449
Morgan Stanley Mortgage Loan Trust, Series 2007-6XS, Class 1A2S
(STEP-reset date 11/25/18)
5.50%	02/25/47		217,013		218,862
Morgan Stanley Mortgage Loan Trust, Series 2007-7AX, Class 2A1
(LIBOR USD 1-Month plus 0.12%)
2.34%	04/25/372		5,828,489		2,909,533
Morgan Stanley Resecuritization Trust, Series 2013-R9, Class 3A
3.53%	06/26/463,8		2,966,071		2,960,832
Morgan Stanley Resecuritization Trust, Series 2014-R2, Class 1A
(Federal Reserve US 12-Month Cumulative Average plus 0.82%)
2.57%	12/26/462,3		15,067,073		14,922,936
Morgan Stanley Resecuritization Trust, Series 2014-R3, Class 4A
(Federal Reserve US 12-Month Cumulative Average plus 0.98%)
2.73%	07/26/462,3		5,690,400		5,688,897
Morgan Stanley Resecuritization Trust, Series 2014-R4, Class 2A
4.17%	08/26/343,8		2,805,196		2,834,679
Morgan Stanley Resecuritization Trust, Series 2014-R8, Class 3A
(Federal Reserve US 12-Month Cumulative Average plus 0.75%)
2.46%	06/26/472,3		29,207,788		28,362,567
Morgan Stanley Resecuritization Trust, Series 2014-R8, Class 4A
(Federal Reserve US 12-Month Cumulative Average plus 0.96%)
2.71%	06/26/472,3		10,339,241		10,280,106
Morgan Stanley Resecuritization Trust, Series 2015-R4, Class 2A
(LIBOR USD 1-Month plus 0.40%)
2.86%	08/26/472,3		15,666,736		15,513,909
MortgageIT Trust, Series 2005-1, Class 1A1
(LIBOR USD 1-Month plus 0.64%)
2.86%	02/25/352		8,414,222		8,439,721
MortgageIT Trust, Series 2005-4, Class A1
(LIBOR USD 1-Month plus 0.28%)
2.50%	10/25/352		9,897,103		9,758,949
MortgageIT Trust, Series 2005-5, Class A1
(LIBOR USD 1-Month plus 0.26%)
2.48%	12/25/352		1,530,885		1,520,829
Nationstar Home Equity Loan Trust, Series 2006-B, Class AV4
(LIBOR USD 1-Month plus 0.28%)
2.50%	09/25/362		14,342,628		14,257,591

Issues	Maturity Date	Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Nationstar Home Equity Loan Trust, Series 2007-C, Class 2AV4
(LIBOR USD 1-Month plus 0.25%)
2.47%	06/25/372	$	8,265,000	$	7,742,233
New Century Home Equity Loan Trust, Series 2003-6, Class M1
(LIBOR USD 1-Month plus 1.08%)
3.30%	01/25/342		28,428		28,814
New Century Home Equity Loan Trust, Series 2005-1, Class M1
(LIBOR USD 1-Month plus 0.68%)
2.89%	03/25/352		778,833		779,986
New Century Home Equity Loan Trust, Series 2005-B, Class A1
(LIBOR USD 1-Month plus 0.25%)
2.47%	10/25/352		6,404,164		6,416,097
New Century Home Equity Loan Trust, Series 2005-D, Class A1
(LIBOR USD 1-Month plus 0.22%)
2.44%	02/25/362		370,000		367,719
Nomura Home Equity Loan, Inc., Series 2006-HE2, Class A4
(LIBOR USD 1-Month plus 0.27%)
2.49%	03/25/362		24,732,000		24,458,476
Nomura Home Equity Loan, Inc., Series 2006-WF1, Class A4
(LIBOR USD 1-Month plus 0.24%)
2.46%	03/25/362		210,584		210,651
Nomura Resecuritization Trust, Series 2014-6R, Class 2A1
(LIBOR USD 1-Month plus 0.16%)
1.48%	03/26/372,3		9,738,431		9,270,921
Nomura Resecuritization Trust, Series 2011-4RA, Class 2A1
3.56%	06/26/373,8		2,982,360		3,016,000
Nomura Resecuritization Trust, Series 2013-1R, Class 2A1
(LIBOR USD 1-Month plus 0.14%)
2.16%	11/26/362,3		6,068,413		5,999,504
Nomura Resecuritization Trust, Series 2014-4R, Class 1A1
3.96%	01/26/363,8		4,771,565		4,812,479
Nomura Resecuritization Trust, Series 2014-4R, Class 3A1
(LIBOR USD 1-Month plus 0.15%)
2.21%	09/26/362,3		4,227,468		4,143,938
Nomura Resecuritization Trust, Series 2014-7R, Class 4A1
(LIBOR USD 1-Month plus 0.13%)
2.19%	01/26/372,3		15,583,787		15,396,044

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 136

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date	Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Nomura Resecuritization Trust, Series 2015-4R, Class 1A1
(LIBOR USD 1-Month plus 0.19%)
2.42%	03/26/472,3	$	2,330,127	$	2,337,235
Oakwood Mortgage Investors, Inc., Series 2000-A, Class A5
8.16%	09/15/298		21,803,809		12,759,159
Option One Mortgage Loan Trust, Series 2006-1, Class 1A1
(LIBOR USD 1-Month plus 0.22%)
2.44%	01/25/362		24,007,618		23,909,523
Ownit Mortgage Loan Trust, Series 2006-4, Class A1
(LIBOR USD 1-Month plus 0.14%)
2.36%	05/25/372		26,368,786		25,713,672
Ownit Mortgage Loan Trust, Series 2006-4, Class A2D
(LIBOR USD 1-Month plus 0.24%)
2.46%	05/25/372		24,178,998		20,331,677
Popular ABS Mortgage Pass-Through Trust, Series 2005-6, Class A5
(STEP-reset date 11/25/18)
3.85%	01/25/36		22,910,000		20,890,511
Popular ABS Mortgage Pass-Through Trust, Series 2006-D, Class A3
(LIBOR USD 1-Month plus 0.26%)
2.48%	11/25/362		85,000		83,491
Popular ABS Mortgage Pass-Through Trust, Series 2007-A, Class A3
(LIBOR USD 1-Month plus 0.31%)
2.53%	06/25/472		23,015,500		18,702,598
Popular ABS, Inc., Series 1998-1, Class A2 (STEP-reset date 11/25/18)
7.48%	11/25/29		73,604		71,911
Provident Funding Mortgage Loan Trust, Series 2003-1, Class A
4.33%	08/25/338		599,140		606,705
Residential Accredit Loans Trust, Series 2003-QS3, Class A4
5.50%	02/25/18		1,221		1,261
Residential Accredit Loans Trust, Series 2005-QA10, Class A31
4.65%	09/25/358		545,979		496,242
Residential Accredit Loans Trust, Series 2005-QA12, Class CB1
4.41%	12/25/358		4,899,289		3,436,819
Residential Accredit Loans Trust, Series 2005-QA4, Class A41
4.24%	04/25/358		1,895,404		1,800,459
Residential Accredit Loans Trust, Series 2005-QA7, Class A1
4.20%	07/25/358		4,419,229		3,706,579

Issues	Maturity Date	Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Residential Accredit Loans Trust, Series 2005-QO5, Class A1
(Federal Reserve US 12-Month Cumulative Average plus 1.00%)
2.84%	01/25/462	$	7,313,071	$	6,740,152
Residential Accredit Loans Trust, Series 2006-QA1, Class A11
4.18%	01/25/368		174,958		147,551
Residential Accredit Loans Trust, Series 2006-QA1, Class A21
4.70%	01/25/368		18,265,766		16,138,685
Residential Accredit Loans Trust, Series 2006-QA7, Class 2A1
(LIBOR USD 1-Month plus 0.19%)
2.40%	08/25/362		31,634,065		29,160,440
Residential Accredit Loans Trust, Series 2006-QS10, Class AV (IO)
0.57%	08/25/364,5,8		32,705,631		763,990
Residential Accredit Loans Trust, Series 2006-QS12, Class 2A9
(LIBOR USD 1-Month plus 0.38%)
2.60%	09/25/362		290,927		239,995
Residential Accredit Loans Trust, Series 2006-QS2, Class 1AV (IO)
0.47%	02/25/364,5,8		108,621,964		1,748,607
Residential Accredit Loans Trust, Series 2006-QS7, Class AV (IO)
0.70%	06/25/364,5,8		56,700,353		1,444,308
Residential Accredit Loans Trust, Series 2006-QS8, Class AV (IO)
0.79%	08/25/364,5,8		126,372,503		4,054,750
Residential Accredit Loans Trust, Series 2007-QS10, Class AV (IO)
0.47%	09/25/374,5,8		88,845,362		1,535,301
Residential Accredit Loans Trust, Series 2007-QS4, Class 3AV (IO)
0.37%	03/25/374,5,8		55,578,544		800,520
Residential Accredit Loans Trust, Series 2007-QS5, Class AV (IO)
0.26%	03/25/374,5,8		66,403,646		602,042
Residential Accredit Loans Trust, Series 2007-QS6, Class AV (IO)
0.32%	04/25/374,5,8		140,072,102		1,912,348
Residential Accredit Loans Trust, Series 2007-QS7, Class 2AV (IO)
0.38%	06/25/374,5,8		44,442,061		632,575
Residential Accredit Loans Trust, Series 2007-QS8, Class AV (IO)
0.41%	06/25/374,5,8		116,276,382		1,946,067
Residential Asset Mortgage Products Trust, Series 2004-SL3, Class A2
6.50%	12/25/31		7,083		6,999

See accompanying notes to Schedule of Portfolio Investments.

137 / Semi-Annual Report September 2018

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date	Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Residential Asset Mortgage Products Trust, Series 2004-SL1, Class A8
6.50%	11/25/31	$	39,214	$	41,079
Residential Asset Mortgage Products Trust, Series 2004-SL3, Class A4
8.50%	12/25/31		33,203		24,089
Residential Asset Mortgage Products Trust, Series 2005-RS8, Class A3
(LIBOR USD 1-Month plus 0.37%)
2.59%	09/25/352		10,413,883		10,461,626
Residential Asset Mortgage Products Trust, Series 2005-RZ3, Class M3
(LIBOR USD 1-Month plus 0.55%)
2.77%	09/25/352		750,000		747,727
Residential Asset Securities Trust, Series 2006-KS3, Class M1
(LIBOR USD 1-Month plus 0.33%)
2.55%	04/25/362		815,000		811,295
Residential Asset Securitization Trust, Series 2004-IP2, Class 1A1
3.89%	12/25/348		264,992		270,094
Residential Asset Securitization Trust, Series 2004-IP2, Class 2A1
4.18%	12/25/348		24,173		24,342
Residential Asset Securitization Trust, Series 2004-IP2, Class 3A1
4.31%	12/25/348		565,159		571,234
Residential Asset Securitization Trust, Series 2006-A7CB, Class 1A3
6.25%	07/25/36		2,719,186		2,678,985
Residential Funding Mortgage Securities Trust, Series 2005-SA5, Class 1A
3.89%	11/25/358		6,446,023		5,321,386
Residential Funding Mortgage Securities Trust, Series 2006-SA3, Class 3A1
4.93%	09/25/368		1,024,539		983,640
Residential Funding Mortgage Securities Trust, Series 2006-SA3, Class 4A1
5.45%	09/25/368		372,758		312,283
Residential Funding Mortgage Securities Trust, Series 2006-SA4, Class 2A1
5.03%	11/25/368		119,219		114,255
Residential Funding Mortgage Securities Trust, Series 2007-SA2, Class 2A2
4.24%	04/25/378		2,328,221		2,237,089
Saxon Asset Securities Trust, Series 2001-2, Class AF6 (STEP-reset date 11/25/18)
6.81%	06/25/16		7,826		7,826
Saxon Asset Securities Trust, Series 2007-1, Class A2C
(LIBOR USD 1-Month plus 0.15%)
2.37%	01/25/472		7,798,109		7,727,712

Issues	Maturity Date	Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Saxon Asset Securities Trust, Series 2007-3, Class 2A3
(LIBOR USD 1-Month plus 0.40%)
2.62%	09/25/472	$	32,174,000	$	29,085,689
Securitized Asset-Backed Receivables LLC Trust, Series 2006-CB1, Class AF2 (STEP-reset date 11/25/18)
3.47%	01/25/36		8,502,900		7,301,991
Securitized Asset-Backed Receivables LLC Trust, Series 2007-BR1, Class A2A
(LIBOR USD 1-Month plus 0.11%)
2.33%	02/25/372		6,958,079		4,238,637
Securitized Asset-Backed Receivables LLC Trust, Series 2007-BR1, Class A2B
(LIBOR USD 1-Month plus 0.27%)
2.49%	02/25/372		34,444,666		21,576,943
Securitized Asset-Backed Receivables LLC Trust, Series 2007-BR2, Class A2
(LIBOR USD 1-Month plus 0.23%)
2.45%	02/25/372		55,564,116		31,770,784
Securitized Asset-Backed Receivables LLC Trust, Series 2007-BR5, Class A2A
(LIBOR USD 1-Month plus 0.13%)
2.35%	05/25/372		20,372,664		15,671,731
Securitized Asset-Backed Receivables LLC Trust, Series 2007-BR5, Class A2C
(LIBOR USD 1-Month plus 0.35%)
2.57%	05/25/372		15,364,887		12,012,172
Securitized Asset-Backed Receivables LLC Trust, Series 2007-NC1, Class A2B
(LIBOR USD 1-Month plus 0.15%)
2.37%	12/25/362		37,525,592		22,715,565
Securitized Asset-Backed Receivables LLC Trust, Series 2007-NC2, Class A2B
(LIBOR USD 1-Month plus 0.14%)
2.36%	01/25/372		20,546,808		15,577,250
Sequoia Mortgage Trust, Series 2003-2, Class A1
(LIBOR USD 1-Month plus 0.66%)
2.83%	06/20/332		968		963
Sequoia Mortgage Trust, Series 2003-8, Class A1
(LIBOR USD 1-Month plus 0.64%)
2.81%	01/20/342		2,172		2,153
Sequoia Mortgage Trust, Series 2004-3, Class A
(LIBOR USD 6-Month plus 0.50%)
2.86%	05/20/342		506,451		492,404
SG Mortgage Securities Trust, Series 2007-NC1, Class A2

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 138

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date	Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
(LIBOR USD 1-Month plus 0.24%)
2.46%	12/25/362,3	$	16,709,831	$	11,706,197
Soundview Home Loan Trust, Series 2005-OPT1, Class M2
(LIBOR USD 1-Month plus 0.68%)
2.89%	06/25/352		28,255,661		28,226,504
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-1, Class 3A3
4.14%	02/25/348		23,839		24,140
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-12, Class 2A
4.24%	09/25/348		9,885,138		9,800,160
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-14, Class 1A
3.99%	10/25/348		254,753		258,400
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-14, Class 2A
4.13%	10/25/348		10,361,056		10,562,906
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-15, Class A
4.16%	10/25/348		3,230,190		3,155,310
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-16, Class 3A1
4.06%	11/25/348		6,708,674		6,845,111
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-17, Class A1
2.74%	11/25/348		50,627		45,877
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-20, Class 1A2
4.08%	01/25/358		876,688		873,813
Structured Adjustable Rate Mortgage Loan Trust, Series 2005-12, Class 3A1
4.22%	06/25/358		2,697,292		2,630,281
Structured Adjustable Rate Mortgage Loan Trust, Series 2005-18, Class 7A3
4.08%	09/25/358		20,590,573		17,691,171
Structured Adjustable Rate Mortgage Loan Trust, Series 2006-12, Class 1A1
(LIBOR USD 1-Month plus 0.16%)
2.38%	01/25/372		37,215,858		34,841,509
Structured Adjustable Rate Mortgage Loan Trust, Series 2007-9, Class 2A1
4.05%	10/25/478		922,589		822,598
Structured Asset Mortgage Investments II, Series 2005-AR8, Class A1A
(LIBOR USD 1-Month plus 0.28%)
2.50%	02/25/362		723,224		689,742
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-WF2, Class A4
(LIBOR USD 1-Month plus 0.31%)
2.53%	07/25/362		11,287,798		11,317,931

Issues	Maturity Date	Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-WF3, Class A1
(LIBOR USD 1-Month plus 0.14%)
2.36%	09/25/362	$	5,661,944	$	5,653,512
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2004-23XS, Class 2A1
(LIBOR USD 1-Month plus 0.30%)
2.52%	01/25/352		2,105,815		2,071,706
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 1997-2, Class 2A4
7.25%	03/28/30		1,378		1,368
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2003-26A, Class 3A5
4.35%	09/25/338		199,664		201,789
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2003-34A, Class 5A4
4.10%	11/25/338		1,529,197		1,560,283
Structured Asset Securities Corp. Trust, Series 2005-17, Class 4A4
5.50%	10/25/35		3,360,562		3,460,686
Structured Asset Securities Corp. Trust, Series 2005-5, Class 2A4
5.50%	04/25/35		2,952,927		2,894,637
Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-3, Class 1A1
4.22%	06/25/378		3,970,798		3,720,415
Thornburg Mortgage Securities Trust, Series 2004-4, Class 2A
3.22%	12/25/448		150,289		148,360
Wachovia Mortgage Loan Trust LLC, Series 2006-ALT1, Class A3
(LIBOR USD 1-Month plus 0.23%)
2.45%	01/25/372		18,609,042		11,925,692
Wachovia Mortgage Loan Trust LLC, Series 2006-AMN1, Class A3
(LIBOR USD 1-Month plus 0.24%)
2.46%	08/25/362		21,071,505		12,781,157
WaMu Asset-Backed Certificates, Series 2007-HE1, Class 2A2
(LIBOR USD 1-Month plus 0.11%)
2.33%	01/25/372		4,202,061		2,634,604
WaMu Asset-Backed Certificates, Series 2007-HE1, Class 2A3
(LIBOR USD 1-Month plus 0.15%)
2.37%	01/25/372		38,789,745		24,375,821
WaMu Asset-Backed Certificates, Series 2007-HE1, Class 2A4

See accompanying notes to Schedule of Portfolio Investments.

139 / Semi-Annual Report September 2018

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date	Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
(LIBOR USD 1-Month plus 0.23%)
2.45%	01/25/372	$	13,021,062	$	8,251,150
WaMu Mortgage Pass-Through Certificates, Series 2003-AR6, Class A1
4.23%	06/25/338		4,567,144		4,632,103
WaMu Mortgage Pass-Through Certificates, Series 2004-AR3, Class A2
3.95%	06/25/348		50,207		51,404
WaMu Mortgage Pass-Through Certificates, Series 2004-AR6, Class A
(LIBOR USD 1-Month plus 0.42%)
2.64%	05/25/442		1,807,321		1,841,929
WaMu Mortgage Pass-Through Certificates, Series 2005-3, Class 2A3
(LIBOR USD 1-Month plus 0.55%)
2.77%	05/25/352		3,617,709		2,994,160
WaMu Mortgage Pass-Through Certificates, Series 2005-4, Class CB13
(LIBOR USD 1-Month plus 0.50%)
2.72%	06/25/352		6,518,070		5,816,457
WaMu Mortgage Pass-Through Certificates, Series 2005-AR1, Class A1A
(LIBOR USD 1-Month plus 0.64%)
2.86%	01/25/452		892,509		922,048
WaMu Mortgage Pass-Through Certificates, Series 2005-AR11, Class A1A
(LIBOR USD 1-Month plus 0.32%)
2.54%	08/25/452		47,266,003		48,037,020
WaMu Mortgage Pass-Through Certificates, Series 2005-AR12, Class 1A6
4.02%	10/25/358		1,570,101		1,574,025
WaMu Mortgage Pass-Through Certificates, Series 2005-AR13, Class A1A1
(LIBOR USD 1-Month plus 0.29%)
2.51%	10/25/452		6,964,076		7,049,922
WaMu Mortgage Pass-Through Certificates, Series 2005-AR14, Class 2A1
3.71%	12/25/358		4,878,213		4,753,073
WaMu Mortgage Pass-Through Certificates, Series 2005-AR15, Class A1A1
(LIBOR USD 1-Month plus 0.26%)
2.48%	11/25/452		35,584,758		35,649,148
WaMu Mortgage Pass-Through Certificates, Series 2005-AR17, Class A1A1
(LIBOR USD 1-Month plus 0.27%)
2.49%	12/25/452		16,424,487		16,441,447
WaMu Mortgage Pass-Through Certificates, Series 2005-AR19, Class A1A2
(LIBOR USD 1-Month plus 0.29%)
2.51%	12/25/452		19,421,147		19,374,286

Issues	Maturity Date	Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
WaMu Mortgage Pass-Through Certificates, Series 2005-AR2, Class 1A1A
(LIBOR USD 1-Month plus 0.33%)
2.55%	01/25/452	$	16,557,180	$	16,663,569
WaMu Mortgage Pass-Through Certificates, Series 2005-AR2, Class 2A1A
(LIBOR USD 1-Month plus 0.31%)
2.53%	01/25/452		1,518,540		1,526,831
WaMu Mortgage Pass-Through Certificates, Series 2005-AR2, Class 2A23
(LIBOR USD 1-Month plus 0.38%)
2.60%	01/25/452		5,392,327		5,413,447
WaMu Mortgage Pass-Through Certificates, Series 2005-AR6, Class 2A1A
(LIBOR USD 1-Month plus 0.46%)
2.68%	04/25/452		197,181		198,882
WaMu Mortgage Pass-Through Certificates, Series 2006-AR1, Class 2A1A
(Federal Reserve US 12-Month Cumulative Average plus 1.07%)
2.91%	01/25/462		38,300,902		40,012,397
WaMu Mortgage Pass-Through Certificates, Series 2006-AR10, Class 1A4
3.86%	09/25/368		15,798,498		15,110,936
WaMu Mortgage Pass-Through Certificates, Series 2006-AR16, Class 3A1
3.27%	12/25/368		894,221		872,648
WaMu Mortgage Pass-Through Certificates, Series 2006-AR3, Class A1A
(Federal Reserve US 12-Month Cumulative Average plus 1.00%)
2.84%	02/25/462		19,708,980		19,748,236
WaMu Mortgage Pass-Through Certificates, Series 2006-AR4, Class 1A1A
(Federal Reserve US 12-Month Cumulative Average plus 0.94%)
2.69%	05/25/462		6,717,497		6,775,830
WaMu Mortgage Pass-Through Certificates, Series 2006-AR7, Class 2A
(Federal Reserve US 12-Month Cumulative Average plus 0.98%)
2.82%	07/25/462		14,455,116		13,974,623
WaMu Mortgage Pass-Through Certificates, Series 2007-1, Class 2A1
6.00%	01/25/22		284,747		271,180
WaMu Mortgage Pass-Through Certificates, Series 2007-HY7, Class 4A2
3.88%	07/25/378		326,863		304,287
WaMu Mortgage Pass-Through Certificates, Series 2007-OA1, Class A1A

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 140

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Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
(Federal Reserve US 12-Month Cumulative Average plus 0.70%)
2.54%		02/25/47	2	$	16,667,625	$	15,787,111
WaMu MSC Mortgage Pass-Through Certificates, Series 2002-AR1, Class 1A1
3.60%		11/25/30	8		356,668		361,918
Wells Fargo Alternative Loan Trust, Series 2007-PA5, Class 1A1
6.25%		11/25/37			223,214		218,548
Wells Fargo Mortgage-Backed Securities Trust, Series 2003-M, Class A1
3.79%		12/25/33	8		954,672		983,871
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-L, Class A8
4.55%		07/25/34	8		187,386		191,592
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-S, Class A1
4.43%		09/25/34	8		1,839,796		1,894,048
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR10, Class 2A14
4.21%		06/25/35	8		887,915		913,151
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-10, Class A4
6.00%		08/25/36			1,977,864		1,993,423
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-2, Class 2A3
5.50%		03/25/36			224,081		220,538
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR1, Class 1A1
4.04%		03/25/36	8		3,675,270		3,547,945
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR10, Class 5A1
4.23%		07/25/36	8		184,603		187,785
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR10, Class 5A2
4.23%		07/25/36	8		62,606		63,686
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR10, Class 5A3
4.23%		07/25/36	8		133,894		136,202
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR10, Class 5A6
4.23%		07/25/36	8		782,675		796,168
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR8, Class 1A3
4.37%		04/25/36	8		3,994		4,011
							5,008,927,622
U.S. Agency Commercial
Mortgage-Backed — 2.07%
Fannie Mae-Aces, Series 2011-M2, Class A3
3.76%		04/25/21			674,720		685,235

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Commercial Mortgage-Backed (continued)
Fannie Mae-Aces, Series 2011-M5, Class X (IO)
1.12%		07/25/21	8	$	128,705,066	$	3,396,031
Fannie Mae-Aces, Series 2014-M12, Class FA
(LIBOR USD 1-Month plus 0.30%)
2.37%		10/25/21	2		14,971,073		14,983,873
Fannie Mae-Aces, Series 2014-M8, Class A1
2.35%		06/25/24			5,291,807		5,167,003
Fannie Mae-Aces, Series 2015-M10, Class A2
3.09%		04/25/27	8		122,515,000		118,183,850
Fannie Mae-Aces, Series 2015-M10, Class FA
(LIBOR USD 1-Month plus 0.25%)
2.32%		03/25/19	2		4,017,617		4,011,963
Fannie Mae-Aces, Series 2016-M13, Class FA (IO)
(LIBOR USD 1-Month plus 0.67%)
2.74%		11/25/23	2		45,358,697		45,715,332
Fannie Mae-Aces, Series 2017-M13, Class A2
3.04%		09/25/27	8		186,605,000		177,640,962
Fannie Mae-Aces, Series 2018-M1, Class A2
3.09%		12/25/27	8		810,000		773,924
Freddie Mac Multifamily Structured Pass- Through Certificates, Series KF34, Class A
(LIBOR USD 1-Month plus 0.36%)
2.47%		08/25/24	2		132,225,330		132,289,559
Freddie Mac Multifamily Structured Pass- Through Certificates, Series K053, Class A2
3.00%		12/25/25			205,000,000		200,071,759
Freddie Mac Multifamily Structured Pass- Through Certificates, Series K154, Class A2
3.42%		04/25/32			750,000		729,890
Freddie Mac Multifamily Structured Pass- Through Certificates, Series K154, Class A3
3.46%		11/25/32			72,550,000		69,940,986
Freddie Mac Multifamily Structured Pass- Through Certificates, Series KF03, Class A
(LIBOR USD 1-Month plus 0.34%)
2.45%		01/25/21	2		421,084		421,924
Freddie Mac Multifamily Structured Pass- Through Certificates, Series KF09, Class A
(LIBOR USD 1-Month plus 0.38%)
2.49%		05/25/22	2		38,111,607		38,164,216

See accompanying notes to Schedule of Portfolio Investments.

141 / Semi-Annual Report September 2018

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Commercial Mortgage-Backed (continued)
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KF10, Class A
(LIBOR USD 1-Month plus 0.38%)
2.49%		07/25/22	2	$	110,939,993	$	111,255,107
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KF15, Class A
(LIBOR USD 1-Month plus 0.67%)
2.78%		02/25/23	2		80,995,625		81,297,463
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KF17, Class A
(LIBOR USD 1-Month plus 0.55%)
2.66%		03/25/23	2		40,709,292		40,869,076
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KF29, Class A
(LIBOR USD 1-Month plus 0.36%)
2.47%		02/25/24	2		141,625,786		142,028,712
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KF39, Class A
(LIBOR USD 1-Month plus 0.32%)
2.43%		11/25/24	2		744,384		745,780
Freddie Mac Multifamily Structured Pass- Through Certificates, Series KP04, Class AG1
(LIBOR USD 1-Month plus 0.22%)
2.33%		07/25/20	2		96,600,000		96,730,014
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KS07, Class A2
2.74%		09/25/25			65,000,000		62,165,369
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KSW1, Class A
(LIBOR USD 1-Month plus 0.58%)
2.69%		02/25/26	2		10,299,428		10,327,890
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KW02, Class A1
2.90%		04/25/26			109,790,619		107,994,812
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KX01, Class A
2.36%		02/25/23			34,872,446		33,357,479
NCUA Guaranteed Notes Trust, Series 2011-C1, Class 2A
(LIBOR USD 1-Month plus 0.53%)
2.65%		03/09/21	2		1,678,015		1,678,757
							1,500,626,966

Issues	Maturity Date		Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed — 29.85%
Fannie Mae Pool (TBA)
3.00%		10/01/32	$	478,215,000	$	472,312,034
3.50%		10/25/25		185,920,000		186,893,170
3.50%		10/01/47		386,770,000		380,666,286
4.00%		10/25/41		299,070,000		302,013,970
4.50%		10/25/39		39,225,000		40,466,103
Fannie Mae Pool 190375
5.50%		11/01/36		964,062		1,040,610
Fannie Mae Pool 190396
4.50%		06/01/39		14,463		15,070
Fannie Mae Pool 254232
6.50%		03/01/22		12,548		13,049
Fannie Mae Pool 313182
7.50%		10/01/26		1,677		1,784
Fannie Mae Pool 394854
6.50%		05/01/27		1,171		1,285
Fannie Mae Pool 465721
4.04%		10/01/20		850,000		864,607
Fannie Mae Pool 466766
3.88%		12/01/20		17,254,380		17,573,001
Fannie Mae Pool 467243
4.55%		01/01/21		2,455,193		2,521,688
Fannie Mae Pool 468128
4.33%		07/01/21		1,911,519		1,971,325
Fannie Mae Pool 468491
3.95%		07/01/21		774,507		792,060
Fannie Mae Pool 468551
3.98%		07/01/21		10,252,500		10,432,735
Fannie Mae Pool 468587
3.84%		08/01/21		649,472		660,397
Fannie Mae Pool 468764
4.16%		07/01/21		28,200,000		28,935,323
Fannie Mae Pool 545191
7.00%		09/01/31		3,951		4,252
Fannie Mae Pool 545756
7.00%		06/01/32		923		1,036
Fannie Mae Pool 606108
7.00%		03/01/31		2,770		2,782
Fannie Mae Pool 613142
7.00%		11/01/31		9,717		10,953
Fannie Mae Pool 625666
7.00%		01/01/32		9,406		10,235
Fannie Mae Pool 633698
7.50%		02/01/31		41,507		46,866
Fannie Mae Pool 655928
7.00%		08/01/32		152,251		172,821
Fannie Mae Pool 725257
5.50%		02/01/34		1,080,203		1,166,696
Fannie Mae Pool 734830

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 142

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
4.50%		08/01/33		$	14,517	$	15,023
Fannie Mae Pool 734922
4.50%		09/01/33			2,357,686		2,451,352
Fannie Mae Pool 735207
7.00%		04/01/34			22,522		25,038
Fannie Mae Pool 735224
5.50%		02/01/35			4,448,914		4,807,607
Fannie Mae Pool 735646
4.50%		07/01/20			286,382		290,175
Fannie Mae Pool 735651
4.50%		06/01/35			5,026,158		5,240,521
Fannie Mae Pool 735686
6.50%		12/01/22			5,758		5,862
Fannie Mae Pool 740297
5.50%		10/01/33			2,095		2,263
Fannie Mae Pool 745147
4.50%		12/01/35			32,106		33,316
Fannie Mae Pool 745592
5.00%		01/01/21			580		598
Fannie Mae Pool 753168
4.50%		12/01/33			8,194		8,499
Fannie Mae Pool 815422
4.50%		02/01/35			39,798		41,194
Fannie Mae Pool 817611
(LIBOR USD 6-Month plus 1.58%)
3.83%		11/01/35	2		189,977		200,556
Fannie Mae Pool 839109
(LIBOR USD 12-Month plus 1.91%)
3.66%		11/01/35	2		7,639		7,975
Fannie Mae Pool 841031
(LIBOR USD 12-Month plus 1.84%)
3.59%		11/01/35	2		2,716		2,849
Fannie Mae Pool 844773
(LIBOR USD 12-Month plus 1.59%)
3.39%		12/01/35	2		5,286		5,515
Fannie Mae Pool 888412
7.00%		04/01/37			253,093		273,867
Fannie Mae Pool 889125
5.00%		12/01/21			850,338		858,305
Fannie Mae Pool 889184
5.50%		09/01/36			4,105,672		4,436,111
Fannie Mae Pool 918445
(LIBOR USD 12-Month plus 1.57%)
3.69%		05/01/37	2		7,115		7,397
Fannie Mae Pool 933033
6.50%		10/01/37			494,671		530,079
Fannie Mae Pool AB1613
4.00%		10/01/40			38,899,038		39,670,940

Issues	Maturity Date		Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae Pool AB1803
4.00%		11/01/40	$	44,208,432	$	45,085,693
Fannie Mae Pool AB2127
3.50%		01/01/26		22,004,141		22,161,169
Fannie Mae Pool AB3679
3.50%		10/01/41		15,023,506		14,839,746
Fannie Mae Pool AB3864
3.50%		11/01/41		12,868,640		12,790,724
Fannie Mae Pool AB4045
3.50%		12/01/41		13,594,349		13,492,973
Fannie Mae Pool AB4262
3.50%		01/01/32		9,441,422		9,472,098
Fannie Mae Pool AB9703
3.50%		06/01/43		34,553,972		34,109,263
Fannie Mae Pool AC8279
4.50%		08/01/39		21,904		22,731
Fannie Mae Pool AD0849
4.25%		02/01/20		16,974,288		17,214,074
Fannie Mae Pool AD0850
4.31%		02/01/20		28,704,057		29,043,817
Fannie Mae Pool AD0895
4.50%		07/01/19		15,197,165		15,332,347
Fannie Mae Pool AE0482
5.50%		01/01/38		10,423,191		11,263,632
Fannie Mae Pool AE0600
3.85%		11/01/20		15,414,810		15,647,065
Fannie Mae Pool AE0605
4.65%		07/01/20		14,453,863		14,645,236
Fannie Mae Pool AE0913
4.15%		09/01/20		79,849,207		81,436,904
Fannie Mae Pool AE0918
3.67%		10/01/20		3,105,012		3,135,251
Fannie Mae Pool AH3780
4.00%		02/01/41		17,315,373		17,695,733
Fannie Mae Pool AJ1404
4.00%		09/01/41		26,415,780		26,924,219
Fannie Mae Pool AL0024
3.69%		01/01/21		183,140,881		185,834,938
Fannie Mae Pool AL0209
4.50%		05/01/41		26,894,006		28,226,914
Fannie Mae Pool AL0290
4.45%		04/01/21		23,265,443		23,882,354
Fannie Mae Pool AL0834
4.07%		10/01/21		24,211,852		24,681,288
Fannie Mae Pool AL0851
6.00%		10/01/40		17,638,218		19,268,984
Fannie Mae Pool AL1445
4.36%		11/01/21		66,576,482		68,074,434

See accompanying notes to Schedule of Portfolio Investments.

143 / Semi-Annual Report September 2018

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae Pool AL2669
4.46%		09/01/21	$	18,133,704	$	18,546,763
Fannie Mae Pool AL4597
4.00%		01/01/44		66,574,608		67,867,091
Fannie Mae Pool AL6162
3.30%		02/01/23		18,599,013		18,534,670
Fannie Mae Pool AL6829
2.96%		05/01/27		2,756,874		2,667,364
Fannie Mae Pool AL8037
4.50%		07/01/34		303,967		314,922
Fannie Mae Pool AL8356
4.50%		07/01/34		807,391		836,427
Fannie Mae Pool AL8960
4.50%		05/01/46		69,737,818		72,385,031
Fannie Mae Pool AL9106
4.50%		02/01/46		91,403,633		94,770,571
Fannie Mae Pool AL9472
4.00%		10/01/43		12,646,982		12,882,991
Fannie Mae Pool AL9722
4.50%		08/01/46		308,455,059		319,817,290
Fannie Mae Pool AL9846
4.50%		02/01/47		308,723,819		320,095,950
Fannie Mae Pool AM0414
2.87%		09/01/27		39,760,000		37,690,678
Fannie Mae Pool AM2897
3.18%		03/01/28		546,925		531,242
Fannie Mae Pool AM4236
3.94%		08/01/25		9,275		9,503
Fannie Mae Pool AM4687
3.70%		12/01/25		5,173,311		5,245,614
Fannie Mae Pool AM4869
4.07%		12/01/25		1,839,685		1,900,777
Fannie Mae Pool AM6057
3.44%		08/01/26		6,750,000		6,741,641
Fannie Mae Pool AM6155
3.23%		07/01/26		2,893,619		2,861,351
Fannie Mae Pool AM6667
3.39%		09/01/26		3,461,000		3,435,748
Fannie Mae Pool AM7016
3.47%		10/01/29		4,993,015		4,906,557
Fannie Mae Pool AM8036
2.66%		03/01/27		1,965,000		1,850,905
Fannie Mae Pool AM8709
2.82%		04/01/27		6,344,101		6,096,264
Fannie Mae Pool AM8765
2.83%		06/01/27		4,000,000		3,801,483
Fannie Mae Pool AM8958
2.97%		06/01/30		5,500,000		5,089,625

Issues	Maturity Date		Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae Pool AM8969
3.27%		07/01/30	$	12,691,000	$	12,143,033
Fannie Mae Pool AM9004
2.80%		06/01/25		99,602,397		96,664,515
Fannie Mae Pool AM9440
3.05%		07/01/27		47,705,000		46,156,341
Fannie Mae Pool AM9602
3.57%		08/01/27		1,749,168		1,749,456
Fannie Mae Pool AM9623
3.34%		07/01/30		1,420,000		1,366,384
Fannie Mae Pool AM9749
3.48%		11/01/30		5,435,591		5,340,336
Fannie Mae Pool AM9954
3.22%		11/01/27		3,205,120		3,128,896
Fannie Mae Pool AN0153
3.36%		11/01/30		10,657,026		10,288,524
Fannie Mae Pool AN0154
3.36%		11/01/30		15,109,619		14,587,154
Fannie Mae Pool AN0648
3.28%		01/01/28		14,003,615		13,730,000
Fannie Mae Pool AN0959
2.92%		05/01/31		35,459,000		32,603,118
Fannie Mae Pool AN1161
3.05%		04/01/28		435,000		415,614
Fannie Mae Pool AN1210
2.85%		05/01/31		5,977,500		5,498,851
Fannie Mae Pool AN1427
2.96%		04/01/28		4,135,456		3,973,157
Fannie Mae Pool AN1482
3.03%		05/01/31		5,419,743		5,071,633
Fannie Mae Pool AN1686
2.32%		07/01/26		30,531,824		28,517,633
Fannie Mae Pool AN1688
2.32%		07/01/26		25,923,247		24,213,084
Fannie Mae Pool AN1954
2.26%		07/01/26		28,477,792		26,468,874
Fannie Mae Pool AN2118
2.32%		08/01/26		14,407,772		13,451,425
Fannie Mae Pool AN2228
2.52%		08/01/26		15,985,000		15,037,108
Fannie Mae Pool AN2248
2.48%		08/01/26		51,160,000		47,987,913
Fannie Mae Pool AN2270
2.51%		08/01/26		2,630,826		2,484,708
Fannie Mae Pool AN2271
2.33%		08/01/26		2,152,000		1,983,582
Fannie Mae Pool AN2309
2.21%		07/01/26		45,206,409		41,902,936

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 144

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae Pool AN2338
2.36%		09/01/26		$	41,229,112	$	38,559,857
Fannie Mae Pool AN2367
2.46%		08/01/26			12,485,305		11,735,653
Fannie Mae Pool AN2371
2.18%		09/01/26			36,097,414		33,320,482
Fannie Mae Pool AN3097
2.54%		11/01/28			35,120,000		32,215,625
Fannie Mae Pool AN3574
2.34%		11/01/26			28,210,000		25,956,929
Fannie Mae Pool AN3597
(LIBOR USD 1-Month plus 0.64%)
2.75%		11/01/26	2		23,520,000		23,495,787
Fannie Mae Pool AN3631
2.99%		02/01/29			37,752,000		35,701,304
Fannie Mae Pool AN4429
3.22%		01/01/27			23,130,000		22,657,128
Fannie Mae Pool AN4431
3.22%		01/01/27			49,395,000		48,385,164
Fannie Mae Pool AN4435
3.22%		01/01/27			29,420,000		28,818,535
Fannie Mae Pool AN5718
3.24%		06/01/29			3,805,000		3,646,002
Fannie Mae Pool AN5719
3.24%		06/01/29			3,405,000		3,262,717
Fannie Mae Pool AN6459
3.21%		08/01/29			786,730		761,736
Fannie Mae Pool AN6479
2.80%		12/01/22			600,000		586,156
Fannie Mae Pool AN9814
3.63%		08/01/28			136,394,100		136,785,983
Fannie Mae Pool AN9827
3.62%		08/01/28			37,930,000		38,060,324
Fannie Mae Pool AS8605
3.00%		01/01/32			340,877		337,127
Fannie Mae Pool AS8663
4.50%		01/01/47			54,268,014		56,101,682
Fannie Mae Pool AS9830
4.00%		06/01/47			221,739,080		224,151,133
Fannie Mae Pool AS9972
4.00%		07/01/47			191,352,288		193,433,797
Fannie Mae Pool AU3739
3.50%		08/01/43			46,163,569		45,855,143
Fannie Mae Pool BD2450
3.50%		01/01/47			194,571		191,646
Fannie Mae Pool BM2007
4.00%		09/01/48			200,896,422		203,011,627
Fannie Mae Pool CA1187

Issues	Maturity Date		Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
3.50%		02/01/48	$	214,339,972	$	211,086,668
Fannie Mae Pool CA1711
4.50%		05/01/48		49,351,031		50,956,867
Fannie Mae Pool CA2208
4.50%		08/01/48		118,924,402		122,778,829
Fannie Mae Pool FN0000
3.59%		09/01/20		6,142,882		6,194,658
Fannie Mae Pool FN0001
3.77%		12/01/20		37,341,481		37,793,739
Fannie Mae Pool FN0003
4.28%		01/01/21		6,147,838		6,291,910
Fannie Mae Pool FN0005
3.37%		11/01/20		33,590,730		33,710,398
Fannie Mae Pool MA1177
3.50%		09/01/42		79,047,691		78,277,325
Fannie Mae Pool MA1404
3.50%		04/01/43		6,069		5,991
Fannie Mae Pool MA1527
3.00%		08/01/33		73,641,917		72,402,531
Fannie Mae Pool MA1561
3.00%		09/01/33		45,873,187		45,020,234
Fannie Mae Pool MA1582
3.50%		09/01/43		23,334,057		23,034,417
Fannie Mae Pool MA1584
3.50%		09/01/33		74,954,372		74,790,432
Fannie Mae Pool MA1608
3.50%		10/01/33		51,623,359		51,510,464
Fannie Mae Pool MA2960
4.00%		04/01/47		125,642,776		126,959,771
Fannie Mae Pool MA3027
4.00%		06/01/47		220,577,385		222,892,188
Fannie Mae Pool MA3029
3.00%		06/01/32		73,386,599		72,513,682
Fannie Mae Pool MA3058
4.00%		07/01/47		86,258,085		87,163,035
Fannie Mae Pool MA3182
3.50%		11/01/47		131,035,158		129,042,095
Fannie Mae Pool MA3210
3.50%		12/01/47		285,083,462		280,747,302
Fannie Mae Pool MA3237
3.00%		01/01/48		953,544		913,009
Fannie Mae Pool MA3238
3.50%		01/01/48		189,155,917		186,278,829
Fannie Mae Pool MA3239
4.00%		01/01/48		1,475,436		1,491,039
Fannie Mae Pool MA3275
3.00%		02/01/48		1,595,074		1,527,069
Fannie Mae Pool MA3276

See accompanying notes to Schedule of Portfolio Investments.

145 / Semi-Annual Report September 2018

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
3.50%		02/01/48		$	80,583,191	$	79,357,509
Fannie Mae Pool MA3305
3.50%		03/01/48			234,670,700		231,083,890
Fannie Mae Pool MA3306
4.00%		03/01/48			387,189		391,267
Fannie Mae Pool MA3332
3.50%		04/01/48			441,235,081		434,491,050
Fannie Mae Pool MA3383
3.50%		06/01/48			272,805,930		268,690,762
Fannie Mae Pool MA3444
4.50%		08/01/48			145,413,472		150,167,811
Fannie Mae Pool MA3468
4.50%		09/01/48			46,205,000		47,715,687
Fannie Mae Pool MA3496
4.50%		10/01/48			23,829,721		24,603,256
Fannie Mae REMICS, Series 1989-27, Class Y
6.90%		06/25/19			20		21
Fannie Mae REMICS, Series 1991-65, Class Z
6.50%		06/25/21			1,449		1,490
Fannie Mae REMICS, Series 1992-123, Class Z
7.50%		07/25/22			654		688
Fannie Mae REMICS, Series 1993-132, Class D (PO)
0.00%		10/25/22	9		26,985		25,698
Fannie Mae REMICS, Series 1993-29, Class PK
7.00%		03/25/23			2,905		3,011
Fannie Mae REMICS, Series 1994-55, Class H
7.00%		03/25/24			11,925		12,846
Fannie Mae REMICS, Series 1997-34, Class SA
(Cost of Funds 11th District of San Francisco * 5.542, 37.68% Cap)
5.62%		10/25/23	2		3,176		3,880
Fannie Mae REMICS, Series 1998-37, Class VZ
6.00%		06/17/28			7,862		8,230
Fannie Mae REMICS, Series 1999-11, Class Z
5.50%		03/25/29			36,540		37,621
Fannie Mae REMICS, Series 2001-52, Class YZ
6.50%		10/25/31			134,439		148,256
Fannie Mae REMICS, Series 2005-104, Class NI (IO)
(-1.00 X LIBOR USD 1-Month plus 6.70%, 6.70% Cap)
4.48%		03/25/35	2		9,100,358		356,930

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae REMICS, Series 2005-117, Class LC
5.50%		11/25/35		$	7,352,796	$	7,626,313
Fannie Mae REMICS, Series 2005-122, Class SG (IO)
(-1.00 X LIBOR USD 1-Month plus 6.60%, 6.60% Cap)
4.38%		11/25/35	2		87,383		8,760
Fannie Mae REMICS, Series 2005-92, Class US (IO)
(-1.00 X LIBOR USD 1-Month plus 6.10%, 6.10% Cap)
3.88%		10/25/25	2		6,133,913		434,369
Fannie Mae REMICS, Series 2006-4, Class WE
4.50%		02/25/36			86,288		88,810
Fannie Mae REMICS, Series 2006-49, Class SE
(-4.00 X LIBOR USD 1-Month plus 29.00%, 29.00% Cap)
20.14%		04/25/36	2		2,431,434		3,443,589
Fannie Mae REMICS, Series 2007-17, Class SI (IO)
(-1.00 X LIBOR USD 1-Month plus 6.40%, 6.40% Cap)
4.18%		03/25/37	2		1,902,084		201,804
Fannie Mae REMICS, Series 2007-34, Class SB (IO)
(-1.00 X LIBOR USD 1-Month plus 6.11%, 6.11% Cap)
3.89%		04/25/37	2		4,372,078		562,129
Fannie Mae REMICS, Series 2007-64, Class FA
(LIBOR USD 1-Month plus 0.47%)
2.69%		07/25/37	2		5,663		5,712
Fannie Mae REMICS, Series 2008-24, Class NA
6.75%		06/25/37			616,014		671,409
Fannie Mae REMICS, Series 2010-116, Class SE (IO)
(-1.00 X LIBOR USD 1-Month plus 6.60%, 6.60% Cap)
4.38%		10/25/40	2		5,461,346		735,125
Fannie Mae REMICS, Series 2010-135, Class EA
3.00%		01/25/40			13,499		13,380
Fannie Mae REMICS, Series 2010-17, Class SB (IO)
(-1.00 X LIBOR USD 1-Month plus 6.35%, 6.35% Cap)
4.13%		03/25/40	2		9,611,956		1,525,394
Fannie Mae REMICS, Series 2010-43, Class KS (IO)
(-1.00 X LIBOR USD 1-Month plus 6.42%, 6.42% Cap)
4.20%		05/25/40	2		17,097,251		2,417,495
Fannie Mae REMICS, Series 2011-101, Class HE
4.00%		10/25/41			10,100,000		10,002,689

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 146

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae REMICS, Series 2011-111,
Class DB
4.00%		11/25/41		$	24,977,334	$	25,428,977
Fannie Mae REMICS, Series 2011-2, Class PD
4.00%		12/25/39			36,844		36,024
Fannie Mae REMICS, Series 2013-101, Class BO (PO)
0.00%		10/25/43	9		24,078,070		18,541,591
Fannie Mae REMICS, Series 2013-101, Class CO (PO)
0.00%		10/25/43	9		14,923,880		11,716,710
Fannie Mae REMICS, Series 2018-29, Class AP
3.50%		11/25/46			289,543,497		288,878,806
Fannie Mae REMICS, Series 2018-55, Class PA
3.50%		01/25/47			82,645,198		82,485,964
Fannie Mae REMICS, Series G92-12, Class B
7.70%		02/25/22			10		10
Fannie Mae REMICS, Series G92-36, Class Z
7.00%		07/25/22			42		44
Fannie Mae REMICS, Series G93-21, Class Z
7.20%		05/25/23			2,553		2,699
Fannie Mae Trust, Series 2003-W2, Class 2A9
5.90%		07/25/42			32,042		34,460
Freddie Mac Gold Pool (TBA)
4.00%		10/01/47			109,325,000		110,405,068
4.50%		10/01/47			394,500,000		407,213,374
Freddie Mac Gold Pool A24156
6.50%		10/01/31			254,940		282,244
Freddie Mac Gold Pool A25162
5.50%		05/01/34			2,462,331		2,666,500
Freddie Mac Gold Pool A39012
5.50%		06/01/35			46,921		50,947
Freddie Mac Gold Pool A54856
5.00%		01/01/34			4,479,574		4,752,729
Freddie Mac Gold Pool A61164
5.00%		04/01/36			13,862		14,702
Freddie Mac Gold Pool A97038
4.00%		02/01/41			14,310,074		14,538,796
Freddie Mac Gold Pool C01492
5.00%		02/01/33			713,490		755,723
Freddie Mac Gold Pool C04546
3.00%		02/01/43			22,480,588		21,714,247
Freddie Mac Gold Pool C04573

Issues	Maturity Date		Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
3.00%		03/01/43	$	28,141,304	$	27,030,398
Freddie Mac Gold Pool C46104
6.50%		09/01/29		17,006		18,826
Freddie Mac Gold Pool C55789
7.50%		10/01/27		8,830		9,412
Freddie Mac Gold Pool C90573
6.50%		08/01/22		44,214		46,681
Freddie Mac Gold Pool E02402
6.00%		10/01/22		11,755		12,098
Freddie Mac Gold Pool G00992
7.00%		11/01/28		878		953
Freddie Mac Gold Pool G01515
5.00%		02/01/33		801,442		848,167
Freddie Mac Gold Pool G02579
5.00%		12/01/34		1,044,717		1,109,248
Freddie Mac Gold Pool G02884
6.00%		04/01/37		2,718,060		2,964,110
Freddie Mac Gold Pool G02955
5.50%		03/01/37		3,959,493		4,324,294
Freddie Mac Gold Pool G03357
5.50%		08/01/37		1,549,715		1,690,461
Freddie Mac Gold Pool G03676
5.50%		12/01/37		2,721,903		2,972,065
Freddie Mac Gold Pool G03783
5.50%		01/01/38		2,077,056		2,268,916
Freddie Mac Gold Pool G03985
6.00%		03/01/38		24,918		27,452
Freddie Mac Gold Pool G04438
5.50%		05/01/38		5,589,317		6,064,878
Freddie Mac Gold Pool G04703
5.50%		08/01/38		4,985,663		5,320,645
Freddie Mac Gold Pool G04706
5.50%		09/01/38		207,790		226,988
Freddie Mac Gold Pool G05866
4.50%		02/01/40		20,416,899		21,431,020
Freddie Mac Gold Pool G06361
4.00%		03/01/41		26,759		27,271
Freddie Mac Gold Pool G06498
4.00%		04/01/41		27,144,642		27,683,294
Freddie Mac Gold Pool G06499
4.00%		03/01/41		13,177,895		13,439,394
Freddie Mac Gold Pool G07408
3.50%		06/01/43		25,285,038		25,121,080
Freddie Mac Gold Pool G07786
4.00%		08/01/44		245,736,284		250,295,844
Freddie Mac Gold Pool G07848
3.50%		04/01/44		125,586,325		124,654,236
Freddie Mac Gold Pool G07849

See accompanying notes to Schedule of Portfolio Investments.

147 / Semi-Annual Report September 2018

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
3.50%		05/01/44	$	18,054,630	$	17,903,704
Freddie Mac Gold Pool G07924
3.50%		01/01/45		26,347,839		26,100,269
Freddie Mac Gold Pool G07925
4.00%		02/01/45		15,986,684		16,283,138
Freddie Mac Gold Pool G08676
3.50%		11/01/45		96,125,346		94,871,208
Freddie Mac Gold Pool G08681
3.50%		12/01/45		63,532,060		62,703,163
Freddie Mac Gold Pool G08710
3.00%		06/01/46		309,527,791		296,593,101
Freddie Mac Gold Pool G08711
3.50%		06/01/46		28,261,215		27,876,804
Freddie Mac Gold Pool G08715
3.00%		08/01/46		441,731,309		423,272,038
Freddie Mac Gold Pool G08721
3.00%		09/01/46		29,687,854		28,447,244
Freddie Mac Gold Pool G08722
3.50%		09/01/46		123,595,502		121,882,711
Freddie Mac Gold Pool G08726
3.00%		10/01/46		482,608,331		462,440,872
Freddie Mac Gold Pool G08727
3.50%		10/01/46		100,647,573		99,239,662
Freddie Mac Gold Pool G08732
3.00%		11/01/46		285,771,912		273,829,944
Freddie Mac Gold Pool G08737
3.00%		12/01/46		166,646,435		159,682,537
Freddie Mac Gold Pool G08741
3.00%		01/01/47		164,924,751		158,032,800
Freddie Mac Gold Pool G08742
3.50%		01/01/47		153,551,770		151,351,566
Freddie Mac Gold Pool G08747
3.00%		02/01/47		53,322,967		51,094,683
Freddie Mac Gold Pool G08757
3.50%		04/01/47		76,411,214		75,263,567
Freddie Mac Gold Pool G08762
4.00%		05/01/47		63,380,367		64,131,312
Freddie Mac Gold Pool G08791
3.00%		12/01/47		307,034,135		293,973,685
Freddie Mac Gold Pool G08795
3.00%		01/01/48		50,906,835		48,749,261
Freddie Mac Gold Pool G08826
5.00%		06/01/48		55,405,112		58,219,451
Freddie Mac Gold Pool G08833
5.00%		07/01/48		31,252,191		32,834,160
Freddie Mac Gold Pool G08838
5.00%		09/01/48		16,934,991		17,804,232
Freddie Mac Gold Pool G08840

Issues	Maturity Date		Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
5.00%		08/01/48	$	6,291,780	$	6,614,725
Freddie Mac Gold Pool G08843
4.50%		10/01/48		44,534,671		46,014,924
Freddie Mac Gold Pool G11707
6.00%		03/01/20		42,417		42,676
Freddie Mac Gold Pool G12393
5.50%		10/01/21		1,515,611		1,548,648
Freddie Mac Gold Pool G12399
6.00%		09/01/21		910		933
Freddie Mac Gold Pool G12824
6.00%		08/01/22		1,055,847		1,095,208
Freddie Mac Gold Pool G12909
6.00%		11/01/22		2,691,524		2,795,549
Freddie Mac Gold Pool G13032
6.00%		09/01/22		422,462		435,114
Freddie Mac Gold Pool G13058
4.50%		10/01/20		187,669		190,093
Freddie Mac Gold Pool G16085
2.50%		02/01/32		6,348,101		6,128,830
Freddie Mac Gold Pool G18596
3.00%		04/01/31		75,837,028		74,911,729
Freddie Mac Gold Pool G60023
3.50%		04/01/45		22,190,610		22,018,979
Freddie Mac Gold Pool G60080
3.50%		06/01/45		267,496,389		265,009,502
Freddie Mac Gold Pool G60138
3.50%		08/01/45		186,910,417		185,464,777
Freddie Mac Gold Pool G60238
3.50%		10/01/45		82,135,275		81,238,394
Freddie Mac Gold Pool G67700
3.50%		08/01/46		60,470,703		59,832,925
Freddie Mac Gold Pool G67703
3.50%		04/01/47		602,582,810		596,039,123
Freddie Mac Gold Pool G67706
3.50%		12/01/47		315,178,126		311,320,289
Freddie Mac Gold Pool G67707
3.50%		01/01/48		687,047,691		679,504,319
Freddie Mac Gold Pool G67708
3.50%		03/01/48		782,220,392		772,050,205
Freddie Mac Gold Pool G67709
3.50%		03/01/48		506,738,863		500,760,915
Freddie Mac Gold Pool G67710
3.50%		03/01/48		536,231,441		528,846,194
Freddie Mac Gold Pool G67711
4.00%		03/01/48		144,033,491		146,452,807
Freddie Mac Gold Pool G67713
4.00%		06/01/48		213,554,013		216,645,018
Freddie Mac Gold Pool H00790

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 148

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
5.50%		05/01/37		$	16,977	$	17,888
Freddie Mac Gold Pool H03161
6.50%		08/01/37			1,143		1,226
Freddie Mac Gold Pool H05069
5.50%		05/01/37			588,455		620,015
Freddie Mac Gold Pool Q05804
4.00%		01/01/42			44,797,930		45,660,640
Freddie Mac Gold Pool Q56089
5.00%		05/01/48			27,190,195		28,615,743
Freddie Mac Gold Pool U99097
3.50%		07/01/43			76,723,248		75,966,071
Freddie Mac Gold Pool V80356
3.50%		08/01/43			47,290,374		46,939,389
Freddie Mac REMICS, Series 1004, Class H
7.95%		10/15/20			35		36
Freddie Mac REMICS, Series 1073, Class G
7.00%		05/15/21			153		158
Freddie Mac REMICS, Series 1107, Class ZC
6.50%		07/15/21			1,878		1,938
Freddie Mac REMICS, Series 165, Class K
6.50%		09/15/21			14		14
Freddie Mac REMICS, Series 1980, Class Z
7.00%		07/15/27			96,212		105,131
Freddie Mac REMICS, Series 1983, Class Z
6.50%		12/15/23			35,465		37,144
Freddie Mac REMICS, Series 2098, Class TZ
6.00%		01/15/28			401,181		425,055
Freddie Mac REMICS, Series 2174, Class PN
6.00%		07/15/29			21,946		23,304
Freddie Mac REMICS, Series 2313, Class LA
6.50%		05/15/31			11,748		13,128
Freddie Mac REMICS, Series 2433, Class SA (-2.60 X LIBOR USD 1-Month plus 20.93%, 20.93% Cap)
15.32%		02/15/32	2		11,048		14,286
Freddie Mac REMICS, Series 2481, Class AW
6.50%		08/15/32			44,568		47,654
Freddie Mac REMICS, Series 2642, Class BW (IO)
5.00%		06/15/23			6,600		158

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Freddie Mac REMICS, Series 2649, Class PC
5.50%		07/15/33		$	2,981	$	3,009
Freddie Mac REMICS, Series 3019, Class SW (IO)
(-1.00 X LIBOR USD 1-Month plus 7.20%, 7.20% Cap)
5.04%		08/15/35	2		1,728,038		311,063
Freddie Mac REMICS, Series 3063, Class YG
5.50%		11/15/35			4,687,818		5,033,667
Freddie Mac REMICS, Series 3300, Class SA (IO)
(-1.00 X LIBOR USD 1-Month plus 7.20%, 7.20% Cap)
5.04%		08/15/35	2		764,004		128,777
Freddie Mac REMICS, Series 3707, Class EI (IO)
5.00%		12/15/38			13,705,908		1,350,010
Freddie Mac REMICS, Series 3730, Class JG
3.00%		09/15/39			15,600		15,383
Freddie Mac REMICS, Series 3752, Class XL
4.50%		11/15/40			66,277,000		68,157,239
Freddie Mac REMICS, Series 3891, Class HS (IO)
(-1.00 X LIBOR USD 1-Month plus 5.95%, 5.95% Cap)
3.79%		07/15/41	2		8,053,142		549,354
Freddie Mac REMICS, Series 3904, Class JB
4.50%		08/15/41			18,155,000		18,750,738
Freddie Mac REMICS, Series 3925, Class LB
4.50%		09/15/41			9,215,000		9,741,726
Freddie Mac REMICS, Series 3928, Class JD
4.00%		09/15/41			32,095,702		32,713,818
Freddie Mac REMICS, Series 4102, Class TC
2.50%		09/15/41			19,816,243		19,285,557
Freddie Mac REMICS, Series 4161, Class BA
2.50%		12/15/41			30,182,452		29,349,524
Freddie Mac Strips, Series 309, Class PO (PO)
0.00%		08/15/43	9		36,270,284		28,355,371
Freddie Mac Strips, Series 319, Class F2 (LIBOR USD 1-Month plus 0.50%)
2.66%		11/15/43	2		6,940,435		6,995,787
Ginnie Mae I Pool 782817
4.50%		11/15/39			21,299,200		22,244,192
Ginnie Mae II Pool (TBA)

See accompanying notes to Schedule of Portfolio Investments.

149 / Semi-Annual Report September 2018

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
3.50%		10/20/47		$	354,630,000	$	352,607,503
4.00%		10/20/47			189,375,000		192,607,694
4.50%		10/20/47			22,400,000		23,151,759
5.00%		10/20/47			56,000,000		58,471,876
Ginnie Mae II Pool 2631
7.00%		08/20/28			2,279		2,523
Ginnie Mae II Pool 3388
4.50%		05/20/33			6,657		6,935
Ginnie Mae II Pool 3427
4.50%		08/20/33			2,146		2,239
Ginnie Mae II Pool 3554
4.50%		05/20/34			2,187		2,281
Ginnie Mae II Pool 4058
5.00%		12/20/37			1,291		1,361
Ginnie Mae II Pool 4342
5.00%		01/20/39			1,863		1,981
Ginnie Mae II Pool 4520
5.00%		08/20/39			36,631		39,011
Ginnie Mae II Pool 5175
4.50%		09/20/41			11,775		12,346
Ginnie Mae II Pool 5281
4.50%		01/20/42			23,296		24,431
Ginnie Mae II Pool 783591
4.50%		07/20/41			30,824		32,318
Ginnie Mae II Pool 80968
(US Treasury Yield Curve Rate T Note
Constant Maturity 1 Year plus 1.50%)
2.75%		07/20/34	2		17,654		18,137
Ginnie Mae II Pool 81267
(US Treasury Yield Curve Rate T Note
Constant Maturity 1 Year plus 1.50%)
3.38%		03/20/35	2		30,876		31,977
Ginnie Mae II Pool 81432
(US Treasury Yield Curve Rate T Note
Constant Maturity 1 Year plus 1.50%)
2.75%		08/20/35	2		31,910		33,068
Ginnie Mae II Pool 81497
(US Treasury Yield Curve Rate T Note
Constant Maturity 1 Year plus 1.50%)
3.13%		10/20/35	2		28,230		29,310
Ginnie Mae II Pool 8631
(US Treasury Yield Curve Rate T Note
Constant Maturity 1 Year plus 1.50%)
3.63%		05/20/25	2		5,333		5,463
Ginnie Mae II Pool 8644
(US Treasury Yield Curve Rate T Note
Constant Maturity 1 Year plus 1.50%)
3.63%		06/20/25	2		7,367		7,549
Ginnie Mae II Pool MA0627

Issues	Maturity Date		Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
4.50%		12/20/42	$	91,473	$	95,914
Ginnie Mae II Pool MA0701
4.50%		01/20/43		116,837		121,965
Ginnie Mae II Pool MA1997
4.50%		06/20/44		26,162		27,478
Ginnie Mae II Pool MA2374
5.00%		11/20/44		668,214		698,284
Ginnie Mae II Pool MA2756
4.50%		04/20/45		58,595		61,408
Ginnie Mae II Pool MA2828
4.50%		05/20/45		2,518,694		2,615,876
Ginnie Mae II Pool MA2894
4.50%		06/20/45		960,395		1,006,353
Ginnie Mae II Pool MA3036
4.50%		08/20/45		105,862		110,946
Ginnie Mae II Pool MA3456
4.50%		02/20/46		687,111		716,669
Ginnie Mae II Pool MA3521
3.50%		03/20/46		92,788,946		92,507,600
Ginnie Mae II Pool MA3524
5.00%		03/20/46		27,677		29,339
Ginnie Mae II Pool MA3597
3.50%		04/20/46		233,568,443		232,788,224
Ginnie Mae II Pool MA3600
5.00%		04/20/46		18,017,063		19,098,728
Ginnie Mae II Pool MA3663
3.50%		05/20/46		68,349,986		68,111,131
Ginnie Mae II Pool MA3665
4.50%		05/20/46		289,069		300,778
Ginnie Mae II Pool MA3666
5.00%		05/20/46		9,954,397		10,600,489
Ginnie Mae II Pool MA3738
4.50%		06/20/46		1,258,352		1,309,325
Ginnie Mae II Pool MA3739
5.00%		06/20/46		5,851,107		6,203,632
Ginnie Mae II Pool MA3805
4.50%		07/20/46		10,085,296		10,490,678
Ginnie Mae II Pool MA3806
5.00%		07/20/46		437,508		463,775
Ginnie Mae II Pool MA3876
4.50%		08/20/46		10,485,694		10,926,830
Ginnie Mae II Pool MA3877
5.00%		08/20/46		2,088,581		2,222,231
Ginnie Mae II Pool MA3937
3.50%		09/20/46		53,805,545		53,584,336
Ginnie Mae II Pool MA3939
4.50%		09/20/46		5,675,093		5,898,206
Ginnie Mae II Pool MA4003

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 150

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
3.00%		10/20/46	$	27,846,165	$	27,044,759
Ginnie Mae II Pool MA4006
4.50%		10/20/46		6,351,887		6,627,052
Ginnie Mae II Pool MA4007
5.00%		10/20/46		12,818,953		13,395,806
Ginnie Mae II Pool MA4069
3.50%		11/20/46		168,304,843		167,693,576
Ginnie Mae II Pool MA4071
4.50%		11/20/46		18,756,189		19,723,454
Ginnie Mae II Pool MA4072
5.00%		11/20/46		3,171,659		3,371,666
Ginnie Mae II Pool MA4126
3.00%		12/20/46		461,326,205		447,774,840
Ginnie Mae II Pool MA4127
3.50%		12/20/46		174,461,404		173,663,456
Ginnie Mae II Pool MA4129
4.50%		12/20/46		54,791,523		57,171,577
Ginnie Mae II Pool MA4198
4.50%		01/20/47		498,648		517,476
Ginnie Mae II Pool MA4199
5.00%		01/20/47		10,324,191		10,943,931
Ginnie Mae II Pool MA4264
4.50%		02/20/47		161,820,808		168,080,594
Ginnie Mae II Pool MA4265
5.00%		02/20/47		2,886,518		3,017,395
Ginnie Mae II Pool MA4324
5.00%		03/20/47		15,856,214		16,893,654
Ginnie Mae II Pool MA4382
3.50%		04/20/47		125,268,046		124,651,136
Ginnie Mae II Pool MA4384
4.50%		04/20/47		8,171,887		8,487,909
Ginnie Mae II Pool MA4385
5.00%		04/20/47		27,326,899		28,628,836
Ginnie Mae II Pool MA4453
4.50%		05/20/47		438,152,702		455,101,956
Ginnie Mae II Pool MA4454
5.00%		05/20/47		61,785,484		64,700,986
Ginnie Mae II Pool MA4511
4.00%		06/20/47		351,090		357,326
Ginnie Mae II Pool MA4512
4.50%		06/20/47		1,527,083		1,580,434
Ginnie Mae II Pool MA4513
5.00%		06/20/47		1,243,004		1,302,672
Ginnie Mae II Pool MA4589
5.00%		07/20/47		62,796,654		65,642,463
Ginnie Mae II Pool MA4652
3.50%		08/20/47		1,470,806		1,463,866
Ginnie Mae II Pool MA4655

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
5.00%		08/20/47		$	75,484,022	$	78,904,795
Ginnie Mae II Pool MA4719
3.50%		09/20/47			150,111,151		149,371,896
Ginnie Mae II Pool MA4722
5.00%		09/20/47			1,466,366		1,530,120
Ginnie Mae II Pool MA4781
5.00%		10/20/47			19,381,267		20,396,131
Ginnie Mae II Pool MA4836
3.00%		11/20/47			417,488,676		404,769,145
Ginnie Mae II Pool MA4838
4.00%		11/20/47			187,397,902		190,726,237
Ginnie Mae II Pool MA4840
5.00%		11/20/47			5,362,430		5,599,352
Ginnie Mae II Pool MA4961
3.00%		01/20/48			1,158,639		1,123,245
Ginnie Mae, Series 2000-22, Class SG (IO)
(-1.00 X LIBOR USD 1-Month plus 10.80%, 10.80% Cap)
8.64%		05/16/30	2		7,281		203
Ginnie Mae, Series 2003-86, Class ZK
5.00%		10/20/33			9,088,948		9,573,479
Ginnie Mae, Series 2004-93, Class PC
5.00%		04/16/34			2,830		2,829
Ginnie Mae, Series 2007-35, Class PY (IO)
(-1.00 X LIBOR USD 1-Month plus 6.75%, 6.75% Cap)
4.59%		06/16/37	2		16,954,561		2,673,784
Ginnie Mae, Series 2009-106, Class SD (IO)
(-1.00 X LIBOR USD 1-Month plus 6.25%, 6.25% Cap)
4.08%		03/20/36	2		13,987,518		1,274,292
Ginnie Mae, Series 2009-106, Class XI (IO)
(-1.00 X LIBOR USD 1-Month plus 6.80%, 6.80% Cap)
4.63%		05/20/37	2		35,168,053		4,360,392
Ginnie Mae, Series 2009-124, Class SC (IO)
(-1.00 X LIBOR USD 1-Month plus 6.48%, 6.48% Cap)
4.31%		12/20/39	2		5,765,950		894,449
Ginnie Mae, Series 2009-17, Class P
4.00%		08/16/38			12,378		12,464
Ginnie Mae, Series 2009-66, Class XS (IO)
(-1.00 X LIBOR USD 1-Month plus 6.80%, 6.80% Cap)
4.64%		07/16/39	2		63,260		6,358
Ginnie Mae, Series 2009-8, Class PS (IO)
(-1.00 X LIBOR USD 1-Month plus 6.30%, 6.30% Cap)
4.14%		08/16/38	2		104,204		8,155
Ginnie Mae, Series 2010-4, Class SL (IO)
(-1.00 X LIBOR USD 1-Month plus 6.40%, 6.40% Cap)
4.24%		01/16/40	2		72,358		9,882
Ginnie Mae, Series 2010-4, Class SM (IO)
(-1.00 X LIBOR USD 1-Month plus 5.80%, 5.80% Cap)
3.64%		01/16/40	2		13,155,989		1,487,098

See accompanying notes to Schedule of Portfolio Investments.

151 / Semi-Annual Report September 2018

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Ginnie Mae, Series 2010-6, Class BS (IO)
(-1.00 X LIBOR USD 1-Month plus 6.50%, 6.50% Cap)
4.34%		09/16/39	2	$	3,910,864	$	278,768
Ginnie Mae, Series 2011-146, Class EI (IO)
5.00%		11/16/41			167,398		34,938
Ginnie Mae, Series 2013-113, Class LY
3.00%		05/20/43			51,184,000		47,842,652
Ginnie Mae, Series 2018-124, Class NW
3.50%		09/20/48			2,205,000		2,184,339
NCUA Guaranteed Notes Trust, Series 2010-R1, Class 1A
(LIBOR USD 1-Month plus 0.45%)
2.57%		10/07/20	2		11,062,100		11,072,471
NCUA Guaranteed Notes Trust, Series 2010-R3, Class 1A
(LIBOR USD 1-Month plus 0.56%)
2.68%		12/08/20	2		7,744,647		7,767,337
NCUA Guaranteed Notes Trust, Series 2010-R3, Class 2A
(LIBOR USD 1-Month plus 0.56%)
2.68%		12/08/20	2		20,942,858		21,002,577
							21,594,631,092
Total Mortgage-Backed (Cost $29,682,396,239)							29,318,519,039
MUNICIPAL BONDS — 0.68%*
California — 0.25%
Los Angeles Department of Water & Power, Build America Bonds, Series SY
6.01%		07/01/39			350,000		423,433
Los Angeles Department of Water & Power, Electric Light and Power Improvements, Series C
5.52%		07/01/27			12,625,000		14,349,070
San Jose Redevelopment Agency Successor Agency, Series A-T
3.08%		08/01/25			3,250,000		3,166,670
3.18%		08/01/26			450,000		437,553
3.23%		08/01/27			11,865,000		11,438,809
State of California, Build America Bonds
6.65%		03/01/22			4,245,000		4,633,842
7.95%		03/01/36			77,500,000		82,629,725
State of California, Build America Bonds, Various Purpose
7.50%		04/01/34			3,885,000		5,382,823
State of California, Taxable, Miscellaneous Revenue Bonds, Series B
2.19%		04/01/47			17,800,000		17,560,768
State of California, Taxable, Various Purpose
6.20%		03/01/19			10,680,000		10,833,792

Issues	Maturity Date		Principal Amount		Value
MUNICIPAL BONDS (continued)
California (continued)
University of California, Taxable Revenue Bonds, Series AP
3.93%		05/15/45	$	30,040,000	$	29,112,365
						179,968,850
New Jersey — 0.00%
Jersey City Municipal Utilities Authority
5.47%		05/15/27		400,000		434,092
New Jersey Turnpike Authority
3.73%		01/01/36		300,000		282,636
						716,728
New York — 0.42%
City of New York, Build America Bonds
4.77%		10/01/23		4,420,000		4,718,217
5.05%		10/01/24		13,820,000		14,816,698
5.21%		10/01/31		6,420,000		7,134,546
5.52%		10/01/37		6,075,000		7,163,093
5.82%		10/01/31		220,000		230,208
5.99%		12/01/36		14,055,000		16,911,398
City of New York, Build America Bonds, Series F1
6.65%		12/01/31		46,470,000		49,492,873
Fiscal Year 2005 Securitization Corp., Special Obligation, Series B
4.93%		04/01/20		20,000		20,195
New York City Municipal Water Finance Authority, Build America Bonds, Series SE
6.49%		06/15/42		3,555,000		3,737,976
New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Public Improvements, Subseries F-2
2.90%		05/01/26		7,235,000		6,874,118
New York City Transitional Finance Authority Revenue, Future Tax Secured Revenue, Build America Bonds
5.51%		08/01/37		25,000,000		29,409,500
New York City Transitional Finance Authority Revenue, Future Tax Secured Revenue, Qualified School Construction Bonds
5.01%		08/01/27		5,225,000		5,712,388
New York City Transitional Finance Authority Revenue, Future Tax Secured Revenue, Qualified School Construction Bonds, Series G-3
5.27%		05/01/27		13,135,000		14,530,331
New York City Water and Sewer Authority, Build America, Taxable Bonds
5.88%		06/15/44		5,505,000		7,003,681
New York City Water and Sewer Authority, Build America, Taxable Bonds, Series SE
6.01%		06/15/42		3,945,000		5,065,183

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 152

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity       Date			Principal         Amount		Value
MUNICIPAL BONDS (continued)
New York (continued)
New York State Dormitory Authority, Taxable, Build America Bonds
5.43%		03/15/39		$	21,400,000	$	24,597,374
New York State Dormitory Authority,
Build America Bonds
5.29%		03/15/33			44,990,000		50,847,248
5.50%		03/15/30			21,430,000		24,044,674
New York State Urban Development Corp., Economic Improvements, Revenue Bonds, Series D-2
3.32%		03/15/29			18,330,000		17,657,289
New York State Urban Development Corp., Personal Income Tax, Series SE
3.20%		03/15/22			15,870,000		15,861,906
							305,828,896
Texas — 0.01%
Texas Transportation Commission State Highway Fund, Taxable, Fuel Sales Revenue Bonds, Series B
5.18%		04/01/30			3,075,000		3,464,879
Total Municipal Bonds
(Cost $499,418,832)							489,979,353
U.S. TREASURY SECURITIES — 19.03%
U.S. Treasury Bonds — 7.39%
U.S. Treasury Bonds
2.50%		02/15/46			432,510,000		377,500,113
3.00%		11/15/44			727,155,000		701,861,146
3.00%		02/15/48			375,300,000		361,262,902
3.13%		05/15/48			1,385,198,000		1,367,071,382
U.S. Treasury Bonds - Treasury Inflation Indexed Bonds
1.00%		02/15/48	10		221,047,666		218,422,895
U.S. Treasury Bonds (WI)
3.00%		08/15/48			2,411,366,000		2,321,128,151
							5,347,246,589
U.S. Treasury Notes — 11.64%
U.S. Treasury Notes
2.63%		06/30/23			1,002,394,000		988,303,057
2.75%		07/31/23			2,404,835,000		2,383,792,694
2.88%		09/30/23			2,018,620,000		2,011,913,458
U.S. Treasury Notes (WI)
2.88%		08/15/28			3,083,825,000		3,037,251,194
							8,421,260,403
Total U.S. Treasury Securities (Cost $13,930,617,177)							13,768,506,992

					Value
Total Bonds – 100.25% (Cost $73,362,059,124)					$	72,537,824,847
Issues			Shares		Value
COMMON STOCK — 0.02%
Electric — 0.02%
Homer City Holdings
LLC3,4,5,6				1,180,703		10,035,975
Energy — 0.00%
Ocean Rig UDW, Inc.
(Cayman Islands)1,6				54,501		1,886,825
Total Common Stock (Cost $66,956,791)						11,922,800
Purchased Options - 0.01%
(Cost $6,057,200)						9,250,000
Issues	Maturity Date		Principal Amount/ Shares		Value
SHORT-TERM INVESTMENTS — 8.31%
Foreign Government Obligations — 1.54%
Japan Treasury Discount Bill, Series 770 (Japan)
0.00%1,11		10/15/18	$	84,510,000,000		744,061,500
Japan Treasury Discount Bill, Series 786 (Japan)
0.00%1,11		01/09/19		42,250,000,000		372,260,868
						1,116,322,368
Money Market Funds — 4.54%
Dreyfus Government Cash Management Fund
2.01%12				2,587,171,000		2,587,171,000
Fidelity Investments Money Market Funds - Government Portfolio
1.99%12,13				24		24
Morgan Stanley Institutional Liquidity
Funds-Government Portfolio
2.04%12				695,297,000		695,297,000
						3,282,468,024
U.S. Agency Discount Notes — 0.83%
Federal Home Loan Bank
0.79%11		10/03/18		150,904,000		150,886,457
1.92%11		10/26/18		300,000,000		299,562,600
2.04%11		11/20/18		150,000,000		149,553,847
						600,002,904

See accompanying notes to Schedule of Portfolio Investments.

153 / Semi-Annual Report September 2018

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date		Principal Amount/ Shares		Value
SHORT-TERM INVESTMENTS (continued)
U.S. Treasury Bills — 1.40%
U.S. Treasury Bills
2.02%11		01/03/19	$	307,334,000	$	305,592,630
2.05%11,14		12/13/18		100,015,000		99,584,793
2.11%11		01/24/19		300,000,000		297,891,666
2.12%11		01/31/19		312,891,000		310,538,341
						1,013,607,430
Total Short-Term Investments
(Cost $6,017,573,972)						6,012,400,726
Total Investments Before Written Options – 108.59%
(Cost $79,452,647,087)						78,571,398,373
Written Options - 0.00%
(Cost $(1,633,400))						(1,250,000	)
Liabilities in Excess of Other Assets – (8.59)%						(6,215,233,558	)
Net Assets – 100.00%					$	72,354,914,815

¹ U.S. dollar-denominated security issued by foreign-domiciled entity.

² Floating rate security. The rate disclosed was in effect at September 30, 2018.

³ Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

⁴ Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁵ Illiquid security as determined under procedures approved by the Board of Trustees. The aggregate value of illiquid securities is $67,182,633 , which is 0.09% of total net assets.

⁶ Non-income producing security.

⁷ Security is currently in default with regard to scheduled interest or principal payments.

⁸ Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

⁹ Zero coupon bond. The rate shown is the effective yield as of September 30, 2018.

¹⁰ Inflation protected security. Principal amount reflects original security face amount.

¹¹ Represents annualized yield at date of purchase.

¹² Represents the current yield as of September 30, 2018.

¹³ Securities, or a portion thereof, pledged as collateral for swaps and foreign currency exchange contracts. The total market value of collateral pledged for swaps is $24. The total market value of collateral pledged for foreign currency exchange contracts is $7,244,558.

¹⁴ Securities, or a portion thereof, pledged as collateral for futures. The total market value of collateral pledged is $99,581,935.

^† Fair valued security. The aggregate value of fair valued securities is $22,987,665, which is 0.03% of total net assets. These securities were not valued utilizing an independent quote but were valued pursuant to guidelines established by the Board of Trustees. This figure represents securities that are priced using a benchmark pricing system and securities that have been deemed permanently stale, see Notes to Financial Statements.

* Securities with a call or reset feature will have an effective maturity date sooner than the stated maturity.

** Securities backed by mortgage or consumer loans where payment is periodically made will have an effective maturity date sooner than the stated maturity date.

Note: For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for more meaningful presentation for investors.

(BKNT): Banker’s Note, Inc.

(CLO): Collateralized Loan Obligation

(EMTN): Euro medium-term note

(GMTN): Global medium-term note

(IO): Interest only

(JPY): Japanese Yen

(LIBOR): London InterBank Offer Rate

(MTN): Medium-term Note

(PO): Principal only

(SOFR): Secured Overnight Financing Rate

(STEP): Step coupon bond

(TBA): To be announced

(USD): U.S. dollar

(WI): When issued

Currency to be Purchased	Currency to be Sold	Counterparty		Settlement Date		Unrealized Appreciation/ (Depreciation)
FOREIGN CURRENCY EXCHANGE CONTRACT
USD 754,233,699	JPY 84,510,000,000		Goldman Sachs International		10/15/18		$	9,266,503
USD 297,223,691	JPY 33,450,000,000		Goldman Sachs International		01/09/19			118,429
								9,384,932
USD 78,155,668	JPY 8,800,000,000		Bank of America N.A.		01/09/19			(6,554	)
NET UNREALIZED APPRECIATION							$	9,378,378

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 154

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Description	Number of Contracts	Expiration Date		Notional Amount			Value				Unrealized Appreciation/ (Depreciation)
FUTURES CONTRACTS: LONG POSITIONS
U.S. Treasury Five Year Note	95,217		12/31/18		$	10,709,680,852		$	(68,230,681	)		$	(68,230,681	)
U.S. Treasury Two Year Note	34,798		12/31/18			7,333,134,781			(22,470,744	)			(22,470,744	)
U.S. Treasury Ten Year Ultra Bond	1,677		12/19/18			211,302,000			864,644				864,644
U.S. Treasury Ultra Bond	1		12/19/18			154,281			(2,315	)			(2,315	)
						18,254,271,914			(89,839,096	)			(89,839,096	)
FUTURES CONTRACTS: SHORT POSITIONS
Euro-Bobl Five Year German Bond	12,703		12/06/18			1,928,407,940			11,293,492				11,293,492
U.S. Treasury Ten Year Note	4,900		12/19/18			582,028,125			5,655,237				5,655,237
						2,510,436,065			16,948,729				16,948,729
TOTAL FUTURES CONTRACTS					$	20,764,707,979		$	(72,890,367	)		$	(72,890,367	)

Description	Number of contracts		Exercise Price			Expiration Date		Notional Amount			Value
PURCHASED PUT OPTIONS EXCHANGE TRADED — (0.1)%
IMM Eurodollar 1 Year MIDCV Future Options		20,000		$	97.00		12/14/18		$	3,466,547,820		$	9,250,000

Description	Number of contracts		Exercise Price			Expiration Date		Notional Amount			Value
WRITTEN PUT OPTIONS EXCHANGE TRADED — 0.0%
IMM Eurodollar 1 Year MIDCV Future Options		40,000		$	96.63		12/14/18		$	1,557,476,640		$	(1,250,000	)

See accompanying notes to Schedule of Portfolio Investments.

155 / Semi-Annual Report September 2018

Ultra Short Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
BONDS – 88.09%
ASSET-BACKED SECURITIES — 2.32%**
Nelnet Student Loan Trust, Series 2012-5A, Class A
(LIBOR USD 1-Month plus 0.60%)
2.82%		10/27/36	1,2	$	124,807	$	124,752
SLM Student Loan Trust, Series 2003-10A, Class A3
(LIBOR USD 3-Month plus 0.47%)
2.80%		12/15/27	1,2		429,271		431,150
SLM Student Loan Trust, Series 2003-14, Class A6
(LIBOR USD 3-Month plus 0.30%)
2.64%		07/25/25	1		380,000		379,363
SLM Student Loan Trust, Series 2005-8, Class A4
(LIBOR USD 3-Month plus 0.55%)
2.89%		01/25/28	1		452,786		454,595
SLM Student Loan Trust, Series 2007-6, Class A4
(LIBOR USD 3-Month plus 0.38%)
2.72%		10/25/24	1		417,710		418,765
SLM Student Loan Trust, Series 2007-8, Class A4
(LIBOR USD 3-Month plus 0.47%)
2.81%		01/26/26	1		283,612		284,347
SLM Student Loan Trust, Series 2011-1, Class A1
(LIBOR USD 1-Month plus 0.52%)
2.74%		03/25/26	1		324,982		325,816
SLM Student Loan Trust, Series 2013-4, Class A
(LIBOR USD 1-Month plus 0.55%)
2.77%		06/25/43	1		166,069		167,107
Total Asset-Backed Securities
(Cost $2,581,800)							2,585,895
CORPORATES — 25.40%*
Banking — 5.64%
Bank of America Corp.
7.63%		06/01/19			500,000		515,830
Bank of America Corp. (GMTN)
2.37%		07/21/21	3		250,000		245,647
Bank of New York Mellon Corp.,
(The) Series G
2.20%		05/15/19			500,000		498,803
Discover Bank
2.60%		11/13/18			250,000		249,992
JPMorgan Chase & Co.
(LIBOR USD 3-Month plus 0.68%)
3.00%		06/01/21	1		400,000		402,476

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Banking (continued)
JPMorgan Chase Bank N.A. (BKNT)
3.09%		04/26/21	3	$	250,000	$	249,372
(LIBOR USD 3-Month plus 0.25%)
2.59%		02/13/20	1		515,000		515,307
(LIBOR USD 3-Month plus 0.29%)
2.63%		02/01/21	1		500,000		500,437
Lloyds Bank PLC (United Kingdom)
2.40%		03/17/20	4		350,000		345,458
Santander UK PLC (United Kingdom)
2.50%		03/14/19	4		450,000		449,788
US Bank N.A. (BKNT)
3.05%		07/24/20			550,000		549,512
Wells Fargo Bank N.A. (BKNT)
2.40%		01/15/20			1,000,000		992,340
3.33%		07/23/21	3		275,000		274,751
(SOFR Rate plus 0.48%)
2.66%		03/25/20	1		500,000		500,260
							6,289,973
Communications — 0.41%
21st Century Fox America, Inc.
6.90%		03/01/19			250,000		254,208
Discovery Communications LLC
2.75%		11/15/19	2		200,000		199,062
							453,270
Consumer Discretionary — 0.74%
Altria Group, Inc.
9.70%		11/10/18			325,000		327,389
Constellation Brands, Inc.
2.00%		11/07/19			200,000		197,767
Molson Coors Brewing Co.
1.45%		07/15/19			300,000		296,575
							821,731
Consumer Products — 0.22%
Newell Brands, Inc.
2.60%		03/29/19			250,000		249,411
Electric — 1.34%
Nevada Power Co.
7.13%		03/15/19			200,000		204,112
NextEra Energy Capital Holdings, Inc.
(LIBOR USD 3-Month plus 0.55%)
2.86%		08/28/21	1		250,000		250,039
Progress Energy, Inc.
7.05%		03/15/19			425,000		433,201
Union Electric Co.
6.70%		02/01/19			250,000		253,043

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 156

Ultra Short Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Electric (continued)
Wisconsin Public Service Corp.
1.65%		12/04/18		$	350,000	$	349,543
							1,489,938
Energy — 0.72%
ONE Gas, Inc.
2.07%		02/01/19			400,000		398,586
Phillips 66
(LIBOR USD 3-Month plus 0.65%)
2.99%		04/15/19	1,2		400,000		400,160
							798,746
Finance — 4.28%
American Express Credit Corp. (GMTN)
2.25%		08/15/19			300,000		298,604
Citigroup, Inc.
2.05%		12/07/18			800,000		799,388
8.50%		05/22/19			1,050,000		1,086,957
Daimler Finance North America LLC
1.75%		10/30/19	2		200,000		197,130
Ford Motor Credit Co. LLC
2.38%		03/12/19			200,000		199,519
2.55%		10/05/18			150,000		149,999
(LIBOR USD 3-Month plus 0.79%)
3.12%		06/12/20	1		250,000		250,014
General Motors Financial Co., Inc.
3.10%		01/15/19			400,000		400,290
Morgan Stanley (GMTN)
5.50%		07/24/20			500,000		518,988
7.30%		05/13/19			350,000		359,373
Morgan Stanley (MTN)
5.63%		09/23/19			500,000		512,772
							4,773,034
Food — 1.37%
Campbell Soup Co.
(LIBOR USD 3-Month plus 0.50%)
2.83%		03/16/20	1		240,000		239,766
Conagra Brands, Inc.
(LIBOR USD 3-Month plus 0.50%)
2.91%		10/09/20	1		325,000		324,369
Danone SA (France)
1.69%		10/30/19	2,4		250,000		246,383
Kraft Heinz Foods Co.
(LIBOR USD 3-Month plus 0.42%)
2.76%		08/09/19	1		350,000		350,497

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Food (continued)
Mondelez International Holdings
Netherlands BV (Netherlands)
1.63%		10/28/19	2,4	$	375,000	$	369,643
							1,530,658
Gaming — 0.25%
GLP Capital LP/GLP Financing II, Inc.
4.88%		11/01/20			275,000		280,885
Health Care — 2.46%
Bayer U.S. Finance LLC
2.38%		10/08/19	2		300,000		296,840
Becton Dickinson and Co.
(LIBOR USD 3-Month plus 0.88%)
3.26%		12/29/20	1		325,000		325,502
Boston Scientific Corp.
6.00%		01/15/20			200,000		207,046
CVS Health Corp.
2.25%		12/05/18			250,000		249,754
2.25%		08/12/19			325,000		323,263
Fresenius Medical Care U.S. Finance II, Inc.
5.63%		07/31/19	2		250,000		254,994
Humana, Inc.
2.63%		10/01/19			300,000		298,866
Novartis Securities Investment Ltd.
(Bermuda)
5.13%		02/10/19	4		250,000		251,865
Stryker Corp.
2.00%		03/08/19			300,000		299,137
Zimmer Biomet Holdings, Inc.
(LIBOR USD 3-Month plus 0.75%)
3.09%		03/19/21	1		240,000		240,239
							2,747,506
Industrials — 1.45%
BAE Systems Holdings, Inc.
6.38%		06/01/19	2		325,000		331,949
Bemis Co., Inc.
6.80%		08/01/19			300,000		309,095
General Electric Co. (GMTN)
2.20%		01/09/20			250,000		247,399
United Technologies Corp.
(LIBOR USD 3-Month plus 0.65%)
2.97%		08/16/21	1		250,000		250,696
WestRock RKT Co.
4.45%		03/01/19			475,000		478,031
							1,617,170

See accompanying notes to Schedule of Portfolio Investments.

157 / Semi-Annual Report September 2018

Ultra Short Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Information Technology — 0.94%
Analog Devices, Inc.
2.85%		03/12/20		$	120,000	$	119,288
Apple, Inc.
1.70%		02/22/19			435,000		433,580
Broadcom Corp./Broadcom Cayman Finance Ltd.
2.38%		01/15/20			250,000		247,143
Dell International LLC/EMC Corp.
3.48%		06/01/19	2		250,000		250,673
							1,050,684
Insurance — 0.76%
New York Life Global Funding
1.55%		11/02/18	2		500,000		499,612
Pricoa Global Funding I
1.45%		09/13/19	2		350,000		343,967
							843,579
Materials — 0.68%
Dow Chemical Co. (The)
8.55%		05/15/19			300,000		310,281
Georgia-Pacific LLC
2.54%		11/15/19	2		250,000		248,334
LyondellBasell Industries NV (Netherlands)
5.00%		04/15/19	4		200,000		201,016
							759,631
Real Estate Investment Trust (REIT) — 3.21%
Alexandria Real Estate Equities, Inc.
2.75%		01/15/20			300,000		297,367
American Campus Communities Operating Partnership LP
3.35%		10/01/20			400,000		398,105
American Tower Corp.
3.40%		02/15/19			350,000		350,709
Boston Properties LP
5.88%		10/15/19			500,000		511,845
HCP, Inc.
3.75%		02/01/19			700,000		701,449
Reckson Operating Partnership LP
7.75%		03/15/20			250,000		264,194
VEREIT Operating Partnership LP
3.00%		02/06/19			250,000		249,913
WEA Finance LLC/Westfield UK & Europe Finance PLC
2.70%		09/17/19	2		300,000		299,200
Welltower, Inc.
4.13%		04/01/19			500,000		501,622
							3,574,404

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Retail — 0.76%
Alimentation Couche-Tard, Inc. (Canada)
2.35%		12/13/19	2,4	$	300,000	$	297,185
Dollar Tree, Inc.
(LIBOR USD 3-Month plus 0.70%)
3.04%		04/17/20	1		300,000		300,481
Walgreens Boots Alliance, Inc.
2.70%		11/18/19			250,000		249,071
							846,737
Transportation — 0.17%
Continental Airlines Pass-Through Trust, Series 2000-1, Class A1
8.05%		11/01/20			179,779		187,653
Total Corporates
(Cost $28,373,247)							28,315,010
MORTGAGE-BACKED — 36.91%**
Non-Agency Commercial Mortgage-Backed — 0.51%
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2006-LDP9, Class A3S
5.24%		05/15/47	2		63,779		63,561
Morgan Stanley Capital I Trust, Series 2011-C1, Class A4
5.03%		09/15/47	2,3		491,488		505,954
							569,515
Non-Agency Mortgage-Backed — 2.59%
Aames Mortgage Trust, Series 2002-1, Class A3
(STEP-reset date 11/25/18)
7.40%		06/25/32			24,229		24,307
Adjustable Rate Mortgage Trust, Series 2005-1, Class 1A1
4.10%		05/25/35	3		222,746		218,220
Banc of America Funding Trust, Series 2003-2, Class 1A1
6.50%		06/25/32			4,797		5,076
Citigroup Mortgage Loan Trust, Inc., Series 2004-HYB1, Class A41
3.34%		02/25/34	3		54,674		54,252
Countrywide Alternative Loan Trust, Series 2004-J6, Class 2A1
6.50%		11/25/31			90,626		94,895
Credit Suisse First Boston Mortgage Securities Corp., Series 2002-AR31, Class 4A2
3.89%		11/25/32	3		52,849		53,195
DSLA Mortgage Loan Trust, Series 2004-AR3, Class 2A2A

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 158

Ultra Short Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
(LIBOR USD 1-Month plus 0.74%)
2.91%		07/19/44	1	$	177,857	$	179,266
Fremont Home Loan Trust, Series 2005-C, Class M1
(LIBOR USD 1-Month plus 0.72%)
2.94%		07/25/35	1		35,211		35,337
GE Mortgage Services LLC, Series 1998-HE1, Class A7
6.47%		06/25/28			10		10
IndyMac Index Mortgage Loan Trust, Series 2004-AR12, Class A1
(LIBOR USD 1-Month plus 0.78%)
3.00%		12/25/34	1		481,124		440,893
IndyMac Index Mortgage Loan Trust, Series 2004-AR6, Class 6A1
4.47%		10/25/34	3		142,509		139,352
JPMorgan Mortgage Trust, Series 2005-A2, Class 9A1
3.63%		04/25/35	3		187,509		192,056
MASTR Adjustable Rate Mortgages Trust, Series 2004-1, Class 2A1
4.87%		01/25/34	3		11,995		12,555
MASTR Adjustable Rate Mortgages Trust, Series 2004-12, Class 5A1
4.33%		10/25/34	3		292,050		300,239
MASTR Adjustable Rate Mortgages Trust, Series 2004-5, Class 3A1
2.62%		06/25/34	3		5,926		5,481
MASTR Adjustable Rate Mortgages Trust, Series 2007-2, Class A25
0.00%		03/25/47	6,7,8,†		4,000,000		—
MASTR Seasoned Securitization Trust, Series 2004-1, Class 4A1
4.23%		10/25/32	3		42,955		43,779
Merrill Lynch First Franklin Mortgage Loan Trust, Series 2006-FF10, Class A4
(LIBOR USD 1-Month plus 0.15%)
2.37%		07/25/36	1		228,028		228,150
Merrill Lynch Mortgage Investors Trust, Series 2003-A1, Class 2A
(LIBOR USD 12-Month plus 1.63%)
4.47%		12/25/32	1		171,497		172,474
Morgan Stanley ABS Capital I Trust, Series 2006-NC1, Class A4
(LIBOR USD 1-Month plus 0.30%)
2.52%		12/25/35	1		197,893		198,033
Residential Asset Mortgage Products Trust, Series 2004-SL1, Class A2
8.50%		11/25/31			34,570		5,961
Residential Asset Mortgage Products Trust, Series 2004-SL1, Class A8
6.50%		11/25/31			50,179		52,566

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Residential Asset Securitization Trust, Series 2004-IP2, Class 2A1
4.18%		12/25/34	3	$	119,954	$	120,796
Terwin NIMs Trust, Series 2004-13AL, Class 2PX (IO)
0.34%		08/25/34	2,6,7		2,145,396		25,531
WaMu Mortgage Pass-Through Certificates, Series 2002-AR6, Class A
(Federal Reserve US 12-Month Cumulative Average plus 1.40%)
3.24%		06/25/42	1		30,822		30,108
WaMu Mortgage Pass-Through Certificates, Series 2003-AR6, Class A1
4.23%		06/25/33	3		81,136		82,290
WaMu Mortgage Pass-Through Certificates, Series 2005-4, Class CB13
(LIBOR USD 1-Month plus 0.50%)
2.72%		06/25/35	1		197,245		176,013
							2,890,835
U.S. Agency Commercial Mortgage-Backed — 10.04%
Fannie Mae-Aces, Series 2014-M12, Class FA
(LIBOR USD 1-Month plus 0.30%)
2.37%		10/25/21	1		77,715		77,781
Fannie Mae-Aces, Series 2016-M6, Class ASQ2
1.79%		06/25/19			10,398		10,326
Fannie Mae-Aces, Series 2017-M11, Class FA
(LIBOR USD 1-Month plus 0.47%)
2.54%		09/25/24	1		491,484		493,031
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KF34, Class A
(LIBOR USD 1-Month plus 0.36%)
2.47%		08/25/24	1		220,716		220,823
Freddie Mac Multifamily Structured Pass-Through Certificates, Series J15F, Class A1
2.36%		07/25/20			300,051		298,817
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K003, Class A5
5.09%		03/25/19			550,000		552,741
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K004, Class A2
4.19%		08/25/19			855,000		862,375

See accompanying notes to Schedule of Portfolio Investments.

159 / Semi-Annual Report September 2018

Ultra Short Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Commercial Mortgage-Backed (continued)
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K005, Class A2
4.32%		11/25/19		$	795,000	$	803,135
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K006, Class A1
3.40%		07/25/19			216,684		217,160
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K007, Class A2
4.22%		03/25/20			886,527		898,695
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K010, Class A1
3.32%		07/25/20			49,726		49,765
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K707, Class A2
2.22%		12/25/18			517,723		516,812
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K717, Class A1
2.34%		02/25/21			218,088		217,391
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KC01, Class A1
1.98%		10/25/22			551,969		540,823
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KF05, Class A
(LIBOR USD 1-Month plus 0.35%)
2.46%		09/25/21	1		157,195		157,347
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KF08, Class A
(LIBOR USD 1-Month plus 0.30%)
2.41%		01/25/22	1		310,852		312,097
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KF09, Class A
(LIBOR USD 1-Month plus 0.38%)
2.49%		05/25/22	1		303,436		303,855
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KF10, Class A
(LIBOR USD 1-Month plus 0.38%)
2.49%		07/25/22	1		273,484		274,261
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KGRP, Class A
(LIBOR USD 1-Month plus 0.38%)
2.49%		04/25/20	1		359,849		360,406

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Commercial Mortgage-Backed (continued)
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KJ02, Class A2
2.60%		09/25/20		$	411,338	$	408,508
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KP02, Class A2
2.36%		04/25/21	3		815,122		811,662
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KP04, Class AG1
(LIBOR USD 1-Month plus 0.22%)
2.33%		07/25/20	1		705,000		705,949
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KP04, Class AG2
(LIBOR USD 1-Month plus 0.20%)
2.31%		10/25/19	1		625,000		625,004
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KS02, Class A
(LIBOR USD 1-Month plus 0.38%)
2.49%		08/25/23	1		612,747		613,303
Freddie Mac Multifamily Structured Pass-Through Certificates, Series Q004, Class AFL
(Federal Reserve US 12-Month Cumulative Average plus 0.74%)
2.58%		10/25/21	1		479,815		480,299
NCUA Guaranteed Notes Trust, Series 2011-C1, Class 2A
(LIBOR USD 1-Month plus 0.53%)
2.65%		03/09/21	1		384,201		384,371
							11,196,737
U.S. Agency Mortgage-Backed — 23.77%
Fannie Mae Pool 111643
(US Treasury Yield Curve Rate T Note Constant Maturity 3 Year plus 1.57%)
2.63%		09/01/20	1		756		754
Fannie Mae Pool 254548
5.50%		12/01/32			135,198		145,816
Fannie Mae Pool 464321
4.36%		01/01/20			656,848		664,427
Fannie Mae Pool 469632
2.56%		12/01/18			600,945		599,927
Fannie Mae Pool 523829
8.00%		11/01/19			11,032		11,098
Fannie Mae Pool 555098
(LIBOR USD 12-Month plus 1.54%)
3.58%		11/01/32	1		18,127		18,435

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 160

Ultra Short Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae Pool 555424
5.50%		05/01/33		$	88,660	$	95,945
Fannie Mae Pool 567002
8.00%		05/01/23			26,272		27,833
Fannie Mae Pool 655133
7.00%		08/01/32			7,676		7,903
Fannie Mae Pool 655151
7.00%		08/01/32			14,610		15,157
Fannie Mae Pool 762525
6.50%		11/01/33			27,232		29,020
Fannie Mae Pool 770900
(LIBOR USD 12-Month plus 1.55%)
3.92%		04/01/34	1		172,343		175,884
Fannie Mae Pool 893489
(LIBOR USD 12-Month plus 1.62%)
4.37%		09/01/36	1		30,251		31,562
Fannie Mae Pool AD0538
6.00%		05/01/24			61,951		64,709
Fannie Mae Pool AE0443
6.50%		10/01/39			99,300		108,934
Fannie Mae Pool AL0851
6.00%		10/01/40			90,698		99,083
Fannie Mae Pool AM7028
(LIBOR USD 1-Month plus 0.24%)
2.35%		10/01/19	1		1,040,000		1,039,323
Fannie Mae REMICS, Series 1993-80,
Class S
(-1.22 X LIBOR USD 1-Month plus 10.87%, 10.87% Cap)
8.17%		05/25/23	1		1,001		1,084
Fannie Mae REMICS, Series 2001-42,
Class SB
(-16.00 X LIBOR USD 1-Month plus 128.00%, 8.50% Cap)
8.50%		09/25/31	1		1,676		1,923
Fannie Mae REMICS, Series 2001-60,
Class OF
(LIBOR USD 1-Month plus 0.95%)
3.17%		10/25/31	1		124,639		127,217
Fannie Mae REMICS, Series 2002-30,
Class FB
(LIBOR USD 1-Month plus 1.00%)
3.22%		08/25/31	1		158,246		161,368
Fannie Mae REMICS, Series 2003-124,
Class TS
(-14.00 X LIBOR USD 1-Month plus 100.80%, 9.80% Cap)
9.80%		01/25/34	1		19,307		22,024
Fannie Mae REMICS, Series 2003-134,
Class FC
(LIBOR USD 1-Month plus 0.60%)
2.82%		12/25/32	1		509,894		516,058

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae REMICS, Series 2004-38,
Class FT
(LIBOR USD 1-Month plus 0.43%)
2.65%		10/25/33	1	$	25,653	$	25,653
Fannie Mae REMICS, Series 2004-60,
Class FW
(LIBOR USD 1-Month plus 0.45%)
2.67%		04/25/34	1		479,017		481,387
Fannie Mae REMICS, Series 2004-79,
Class F
(LIBOR USD 1-Month plus 0.30%)
2.52%		08/25/32	1		39,601		39,607
Fannie Mae REMICS, Series 2004-96,
Class MT
LIBOR USD 1-Month
7.00%		12/25/34	1		10,049		10,335
Fannie Mae REMICS, Series 2005-114,
Class PF
(LIBOR USD 1-Month plus 0.38%)
2.59%		08/25/35	1		637,009		637,791
Fannie Mae REMICS, Series 2006-84,
Class WF
(LIBOR USD 1-Month plus 0.30%)
2.52%		02/25/36	1		80,440		80,470
Fannie Mae REMICS, Series 2007-68,
Class SC (IO)
LIBOR USD 1-Month
4.48%		07/25/37	1		126,577		19,352
Fannie Mae REMICS, Series 2008-47,
Class PF
(LIBOR USD 1-Month plus 0.50%)
2.72%		06/25/38	1		13,609		13,618
Fannie Mae REMICS, Series 2009-111,
Class DA
5.00%		12/25/39			20,261		20,553
Fannie Mae REMICS, Series 2009-33,
Class FB
(LIBOR USD 1-Month plus 0.82%)
3.04%		03/25/37	1		160,046		163,663
Fannie Mae REMICS, Series 2010-109,
Class PF
(LIBOR USD 1-Month plus 0.40%)
2.62%		10/25/40	1		92,239		92,874
Fannie Mae REMICS, Series 2010-26,
Class S (IO)
(-1.00 X LIBOR USD 1-Month plus 6.23%, 6.23% Cap)
4.01%		11/25/36	1		507,555		66,110
Fannie Mae REMICS, Series 2010-35,
Class FL
(LIBOR USD 1-Month plus 0.45%)
2.67%		07/25/38	1		40,466		40,476

See accompanying notes to Schedule of Portfolio Investments.

161 / Semi-Annual Report September 2018

Ultra Short Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae REMICS, Series 2011-124, Class DF
(LIBOR USD 1-Month plus 0.45%)
2.67%		08/25/40	1	$	452,730	$	454,668
Fannie Mae REMICS, Series 2011-71, Class FB
(LIBOR USD 1-Month plus 0.50%)
2.72%		05/25/37	1		197,546		198,759
Fannie Mae REMICS, Series 2011-8, Class PF
(LIBOR USD 1-Month plus 0.50%)
2.72%		01/25/40	1		114,670		115,345
Fannie Mae REMICS, Series 2012-19, Class FP
(LIBOR USD 1-Month plus 0.50%)
2.72%		12/25/39	1		670,468		674,070
Fannie Mae REMICS, Series 2012-33, Class F
(LIBOR USD 1-Month plus 0.52%)
2.74%		04/25/42	1		675,817		682,761
Fannie Mae REMICS, Series 2013-75, Class FC
(LIBOR USD 1-Month plus 0.25%)
2.47%		07/25/42	1		669,626		669,288
Fannie Mae REMICS, Series 2014-19, Class FA
(LIBOR USD 1-Month plus 0.40%)
2.62%		11/25/39	1		293,618		294,235
Fannie Mae REMICS. Series 2004-92, Class FD
(LIBOR USD 1-Month plus 0.35%)
2.57%		05/25/34	1		629,626		631,020
Freddie Mac Gold Pool C90237
6.50%		11/01/18			639		640
Freddie Mac Gold Pool C90474
7.00%		08/01/21			13,926		14,280
Freddie Mac Gold Pool D93410
6.50%		04/01/19			2,293		2,301
Freddie Mac Gold Pool G13107
5.50%		07/01/20			13,469		13,641
Freddie Mac Multifamily Structured Pass Through Certificates
2.57%		09/25/20	3		1,196,809		1,191,406
Freddie Mac REMICS, Series 1526, Class L
6.50%		06/15/23			2,385		2,503
Freddie Mac REMICS, Series 2368, Class AF
(LIBOR USD 1-Month plus 0.95%)
3.11%		10/15/31	1		74,733		75,877

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Freddie Mac REMICS, Series 2642, Class BW (IO)
5.00%		06/15/23		$	896	$	21
Freddie Mac REMICS, Series 2733, Class FB
(LIBOR USD 1-Month plus 0.60%)
2.76%		10/15/33	1		927,708		939,505
Freddie Mac REMICS, Series 2763, Class FC
(LIBOR USD 1-Month plus 0.35%)
2.51%		04/15/32	1		272,902		273,134
Freddie Mac REMICS, Series 2945, Class LD
4.00%		02/15/35			2,490		2,491
Freddie Mac REMICS, Series 2990, Class DE
(LIBOR USD 1-Month plus 0.38%)
2.54%		11/15/34	1		341,408		342,355
Freddie Mac REMICS, Series 2990, Class LE
(LIBOR USD 1-Month plus 0.32%)
2.48%		10/15/34	1		379,417		380,007
Freddie Mac REMICS, Series 3066, Class PF
(LIBOR USD 1-Month plus 0.30%)
2.46%		04/15/35	1		650,175		650,874
Freddie Mac REMICS, Series 3085, Class FW
(LIBOR USD 1-Month plus 0.70%)
2.86%		08/15/35	1		569,678		580,001
Freddie Mac REMICS, Series 3139, Class FL
(LIBOR USD 1-Month plus 0.30%)
2.46%		01/15/36	1		491,964		492,170
Freddie Mac REMICS, Series 3172, Class FK
(LIBOR USD 1-Month plus 0.45%)
2.61%		08/15/33	1		157,830		157,976
Freddie Mac REMICS, Series 3196, Class FA
(LIBOR USD 1-Month plus 0.35%)
2.51%		04/15/32	1		729,183		729,845
Freddie Mac REMICS, Series 3300, Class FA
(LIBOR USD 1-Month plus 0.30%)
2.46%		08/15/35	1		530,178		531,011
Freddie Mac REMICS, Series 3325, Class NF
(LIBOR USD 1-Month plus 0.30%)
2.46%		08/15/35	1		106,505		106,673

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 162

Ultra Short Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Freddie Mac REMICS, Series 3652, Class PF
(LIBOR USD 1-Month plus 0.75%)
2.91%		07/15/32	1	$	40,196	$	40,471
Freddie Mac REMICS, Series 3767, Class JF
(LIBOR USD 1-Month plus 0.30%)
2.46%		02/15/39	1		434,452		435,836
Freddie Mac REMICS, Series 3792, Class DF
(LIBOR USD 1-Month plus 0.40%)
2.56%		11/15/40	1		215,557		215,006
Freddie Mac REMICS, Series 3806, Class DF
(LIBOR USD 1-Month plus 0.40%)
2.56%		08/15/25	1		186,467		186,904
Freddie Mac REMICS, Series 3828, Class TF
(LIBOR USD 1-Month plus 0.40%)
2.56%		04/15/29	1		55,879		55,929
Freddie Mac REMICS, Series 3845, Class FQ
(LIBOR USD 1-Month plus 0.25%)
2.41%		02/15/26	1		326,745		327,142
Freddie Mac REMICS, Series 3895, Class BF
(LIBOR USD 1-Month plus 0.50%)
2.66%		07/15/41	1		346,816		350,329
Freddie Mac REMICS, Series 3940, Class PF
(LIBOR USD 1-Month plus 0.35%)
2.51%		05/15/40	1		852,220		853,579
Freddie Mac REMICS, Series 3946, Class FG
(LIBOR USD 1-Month plus 0.35%)
2.51%		10/15/39	1		429,412		430,242
Freddie Mac REMICS, Series 4109, Class KF
(LIBOR USD 1-Month plus 0.40%)
2.56%		05/15/32	1		110,826		111,118
Freddie Mac Strips, Series 263, Class F5
(LIBOR USD 1-Month plus 0.50%)
2.66%		06/15/42	1		527,700		533,443
Ginnie Mae II Pool 80546
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year plus 1.50%)
3.13%		10/20/31	1		11,275		11,681
Ginnie Mae II Pool 80610
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year plus 1.50%)
3.63%		06/20/32	1		130,586		135,121

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Ginnie Mae II Pool 80614
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year plus 1.50%)
2.75%		07/20/32	1	$	17,611	$	18,245
Ginnie Mae II Pool 80687
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year plus 1.50%)
3.63%		04/20/33	1		115,550		119,657
Ginnie Mae II Pool 8339
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year plus 1.50%)
3.13%		12/20/23	1		16,373		16,706
Ginnie Mae II Pool 8684
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year plus 1.50%)
2.75%		08/20/25	1		28,610		29,345
Ginnie Mae II Pool MA0331
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year plus 1.50%)
2.75%		08/20/42	1		175,835		182,277
Ginnie Mae, Series 2001-22, Class FK
(LIBOR USD 1-Month plus 0.35%)
2.51%		05/16/31	1		782,380		786,002
Ginnie Mae, Series 2001-51, Class FA
(LIBOR USD 1-Month plus 0.50%)
2.66%		10/16/31	1		612,245		615,150
Ginnie Mae, Series 2002-16, Class FV
(LIBOR USD 1-Month plus 0.40%)
2.56%		02/16/32	1		853,764		859,165
Ginnie Mae, Series 2002-72, Class FB
(LIBOR USD 1-Month plus 0.40%)
2.57%		10/20/32	1		177,369		178,133
Ginnie Mae, Series 2002-72, Class FC
(LIBOR USD 1-Month plus 0.40%)
2.57%		10/20/32	1		169,165		169,894
Ginnie Mae, Series 2003-42, Class FA
(LIBOR USD 1-Month plus 0.40%)
2.56%		07/16/31	1		832,279		836,522
Ginnie Mae, Series 2004-2, Class FW
(LIBOR USD 1-Month plus 1.40%)
3.50%		01/16/34	1		488,349		505,608
Ginnie Mae, Series 2009-66, Class UF
(LIBOR USD 1-Month plus 1.00%)
3.16%		08/16/39	1		169,180		173,401
Ginnie Mae, Series 2009-92, Class FC
(LIBOR USD 1-Month plus 0.80%)
2.96%		10/16/39	1		176,544		179,692
Ginnie Mae, Series 2011-70, Class IL (IO)
(LIBOR USD 1-Month plus 7.10%)

See accompanying notes to Schedule of Portfolio Investments.

163 / Semi-Annual Report September 2018

Ultra Short Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
0.60%		06/16/37	1	$	2,392,967	$	46,032
Ginnie Mae, Series 2012-10, Class FP
(LIBOR USD 1-Month plus 0.30%)
2.47%		01/20/41	1		129,789		129,727
Ginnie Mae, Series 2012-13, Class KF
(LIBOR USD 1-Month plus 0.30%)
2.47%		07/20/38	1		301,131		301,717
NCUA Guaranteed Notes Trust, Series 2010-R1, Class 1A
(LIBOR USD 1-Month plus 0.45%)
2.57%		10/07/20	1		986,406		987,331
NCUA Guaranteed Notes Trust, Series 2010-R3, Class 1A
(LIBOR USD 1-Month plus 0.56%)
2.68%		12/08/20	1		594,577		596,319
NCUA Guaranteed Notes Trust, Series 2011-R3, Class 1A
(LIBOR USD 1-Month plus 0.40%)
2.54%		03/11/20	1		212,008		212,324
							26,494,278
Total Mortgage-Backed
(Cost $41,133,959)							41,151,365
U.S. TREASURY SECURITIES — 23.46%
U.S. Treasury Notes — 23.46%
U.S. Treasury Notes
2.63%		07/31/20			18,480,000		18,420,806
2.63%		07/15/21			4,600,000		4,568,644
2.75%		09/30/20			2,915,000		2,911,299
2.75%		09/15/21			250,000		249,072
Total U.S. Treasury Securities
(Cost $26,222,524)							26,149,821
Total Bonds – 88.09%
(Cost $98,311,530)							98,202,091

Issues	Maturity Date		Principal Amount/ Share		Value
SHORT-TERM INVESTMENTS — 14.49%
Money Market Funds — 4.26%
Morgan Stanley Institutional Liquidity
Funds-Government Portfolio
2.04%9				4,743,000	$	4,743,000
U.S. Agency Discount Notes — 1.03%
Federal Home Loan Bank
2.02%10		11/16/18	$	1,149,000		1,145,881
U.S. Treasury Bills — 9.20%
U.S. Treasury Bills
2.04%10		01/03/19		3,400,000		3,380,735
2.05%10,11		12/13/18		26,000		25,888
2.09%10		01/10/19		2,900,000		2,882,365
2.18%10		01/31/19		4,000,000		3,969,924
						10,258,912
Total Short-Term Investments
(Cost $16,149,294)						16,147,793
Total Investments – 102.58%
(Cost $114,460,824)						114,349,884
Liabilities in Excess of Other
Assets – (2.58)%						(2,871,298	)
Net Assets – 100.00%					$	111,478,586

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 164

Ultra Short Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

¹  Floating rate security. The rate disclosed was in effect at September 30, 2018.

²  Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

³  Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

⁴  U.S. dollar-denominated security issued by foreign-domiciled entity.

⁵  Non-income producing security.

⁶  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁷  Illiquid security as determined under procedures approved by the Board of Trustees. The aggregate value of illiquid securities is $25,531, which is 0.02% of total net assets.

⁸  Security is currently in default with regard to scheduled interest or principal payments.

⁹  Represents the current yield as of September 30, 2018.

¹⁰  Represents annualized yield at date of purchase.

¹¹  Securities, or a portion thereof, pledged as collateral for futures. The total market value of collateral pledged is $25,887.

^†  Fair valued security. The aggregate value of fair valued securities is $0, which is 0.00% of total net assets. These securities were not

valued utilizing an independent quote but were valued pursuant to guidelines established by the Board of Trustees. This figure represents securities that are priced using a benchmark pricing system and securities that have been deemed permanently stale, see Notes to Financial Statements.

* Securities with a call or reset feature will have an effective maturity date sooner than the stated maturity.

** Securities backed by mortgage or consumer loans where payment is periodically made will have an effective maturity date sooner than the stated maturity date.

Note: For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for more meaningful presentation for investors.

(BKNT): Banker’s Note, Inc.

(GMTN): Global medium-term note

(IO): Interest only

(LIBOR): London InterBank Offer Rate

(MTN): Medium-term note

(STEP): Step coupon bond

(SOFR): Secured Overnight Financing Rate

(USD): U.S. dollar

Description	Number of Contracts		Expiration Date		Notional Amount		Value			Unrealized (Depreciation)
FUTURES CONTRACTS: LONG POSITIONS
U.S. Treasury Two Year Note		38		12/31/18		$8,007,906		$(26,401	)		$(26,401	)

See accompanying notes to Schedule of Portfolio Investments.

165 / Semi-Annual Report September 2018

Unconstrained Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
BONDS – 97.33%
ASSET-BACKED SECURITIES — 14.40%**
321 Henderson Receivables VI LLC
Series 2010-1A, Class B
9.31%		07/15/61	1	$	405,286	$	471,029
Access Group, Inc., Series 2015-1, Class A
(LIBOR USD 1-Month plus 0.70%)
2.92%		07/25/56	1,2		4,602,434		4,595,593
AIMCO CLO, Series 2014-AA, Class AR
(Cayman Islands)
(LIBOR USD 3-Month plus 1.10%)
3.45%		07/20/26	1,2,3		2,900,000		2,900,341
ARES XXIX CLO Ltd., Series 2014-1A,
Class A1R (Cayman Islands)
(LIBOR USD 3-Month plus 1.19%)
3.53%		04/17/26	1,2,3		5,950,763		5,951,531
Babson CLO Ltd., Series 2044-1A,
Class A1R (Cayman Islands)
(LIBOR USD 3-Month plus 1.15%)
3.50%		07/20/25	1,2,3		7,005,000		7,008,579
Barings CLO Ltd., Series 2018-3A,
Class A1 (Cayman Islands)
(LIBOR USD 3-Month plus 0.95%)
3.02%		07/20/29	1,2,3		8,400,000		8,356,152
Bayview Commercial Asset Trust,
Series 2004-3, Class A1
(LIBOR USD 1-Month plus 0.56%)
2.77%		01/25/35	1,2		736,035		728,131
Bayview Commercial Asset Trust,
Series 2005-1A, Class A1
(LIBOR USD 1-Month plus 0.30%)
2.52%		04/25/35	1,2		1,340,859		1,308,224
BlueMountain CLO Ltd., Series 2014-2A,
Class AR (Cayman Islands)
(LIBOR USD 3-Month plus 0.93%)
3.28%		07/20/26	1,2,3		2,100,000		2,100,246
BlueMountain CLO Ltd., Series 2015-1A,
Class A1R (Cayman Islands)
(LIBOR USD 3-Month plus 1.33%)
3.67%		04/13/27	1,2,3		6,090,000		6,105,174
Brazos Higher Education Authority, Inc.,
Series 2005-3, Class A16
(LIBOR USD 3-Month plus 0.20%)
2.57%		06/25/26	2		77,551		76,776
Brazos Higher Education Authority, Inc.,
Series 2011-1, Class A2
(LIBOR USD 3-Month plus 0.80%)
3.11%		02/25/30	2		64,411		64,852
CIT Education Loan Trust, Series 2007-1,
Class A
(LIBOR USD 3-Month plus 0.09%)
2.46%		03/25/42	1,2		3,057,463		2,979,993

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
CIT Education Loan Trust, Series 2007-1,
Class B
(LIBOR USD 3-Month plus 0.30%)
2.67%		06/25/42	1,2	$	2,732,867	$	2,490,879
Dryden 30 Senior Loan Fund,
Series 2013-30A, Class AR
(Cayman Islands)
(LIBOR USD 3-Month plus 0.82%)
3.13%		11/15/28	1,2,3		7,500,000		7,466,664
Dryden XXV Senior Loan Fund,
Series 2012-25A, Class ARR
(Cayman Islands)
(LIBOR USD 3-Month plus 0.90%)
3.24%		10/15/27	1,2,3		9,500,000		9,504,752
Edsouth Indenture No. 3 LLC, Series 2012-2,
Class A
(LIBOR USD 1-Month plus 0.73%)
2.95%		04/25/39	1,2		173,262		173,848
Education Loan Asset-Backed Trust I,
Series 2013-1, Class A2
(LIBOR USD 1-Month plus 0.80%)
3.02%		04/26/32	1,2		3,465,000		3,484,113
Educational Funding of the South, Inc.,
Series 2012-1, Class A
(LIBOR USD 1-Month plus 1.05%)
3.27%		03/25/36	2		95,146		96,027
EFS Volunteer No. 2 LLC, Series 2012-1,
Class A2
(LIBOR USD 1-Month plus 1.35%)
3.57%		03/25/36	1,2		6,400,000		6,516,958
Flagship CLO VIII, Ltd., Series 2014-8A,
Class ARR (Cayman Islands)
(LIBOR USD 3-Month plus 0.85%)
3.19%		01/16/26	1,2,3		8,000,000		7,990,261
Galaxy XXIX CLO Ltd. (Cayman Islands)
(LIBOR USD 3-Month plus 0.79%)
3.10%		11/15/26	1,2,3		3,500,000		3,490,018
GCO Education Loan Funding Trust,
Series 2006-2AR, Class A1RN
(LIBOR USD 1-Month plus 0.65%)
2.87%		08/27/46	1,2		2,665,993		2,630,173
Global SC Finance II SRL, Series 2014-1A,
Class A2 (Barbados)
3.09%		07/17/29	1,3		1,481,667		1,436,165
Goal Capital Funding Trust, Series 2006-1,
Class B
(LIBOR USD 3-Month plus 0.45%)
2.76%		08/25/42	2		489,111		461,555
Higher Education Funding I, Series 2014-1,
Class A
(LIBOR USD 3-Month plus 1.05%)
3.36%		05/25/34	1,2		1,686,424		1,698,069

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 166

Unconstrained Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
J.G. Wentworth XXXVIII LLC,
Series 2017-1A, Class A
3.99%		08/16/60	1	$	3,871,801	$	3,817,165
LCM XXI LP, Series 21A,
Class AR (Cayman Islands)
(LIBOR USD 3-Month plus 0.88%)
3.23%		04/20/28	1,2,3		3,575,000		3,569,305
Limerock CLO III LLC, Series 2014-3A,
Class A1R (Cayman Islands)
(LIBOR USD 3-Month plus 1.20%)
3.55%		10/20/26	1,2,3		8,000,000		8,001,110
Mill Creek II CLO Ltd., Series 2016-1A,
Class A (Cayman Islands)
(LIBOR USD 3-Month plus 1.75%)
4.10%		04/20/28	1,2,3		5,590,000		5,643,325
Navient Student Loan Trust, Series 2014-1,
Class A4
(LIBOR USD 1-Month plus 0.75%)
2.97%		02/25/39	2		3,840,000		3,804,285
Navient Student Loan Trust, Series 2014-8,
Class A3
(LIBOR USD 1-Month plus 0.60%)
2.82%		05/27/49	2		6,120,000		6,151,588
Navient Student Loan Trust, Series 2015-1,
Class A2
(LIBOR USD 1-Month plus 0.60%)
2.82%		04/25/40	2		9,003,354		9,036,965
Navient Student Loan Trust, Series 2016-2A,
Class A3
(LIBOR USD 1-Month plus 1.50%)
3.72%		06/25/65	1,2		11,200,000		11,692,219
Navient Student Loan Trust, Series 2017-1A,
Class A3
(LIBOR USD 1-Month plus 1.15%)
3.37%		07/26/66	1,2		16,200,000		16,637,287
Navient Student Loan Trust, Series 2017-3A,
Class A3
(LIBOR USD 1-Month plus 1.05%)
3.27%		07/26/66	1,2		18,400,000		18,843,201
Navient Student Loan Trust, Series 2018-3A,
Class A3
(LIBOR USD 1-Month plus 0.80%)
3.02%		03/25/67	1,2		3,500,000		3,539,325
Nelnet Student Loan Trust, Series 2006-2,
Class B
(LIBOR USD 3-Month plus 0.20%)
2.54%		01/25/38	2		4,262,956		4,049,514
Nelnet Student Loan Trust, Series 2007-1,
Class A3
(LIBOR USD 3-Month plus 0.07%)
2.38%		05/27/25	2		2,233,045		2,223,901

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
Nelnet Student Loan Trust, Series 2012-5A,
Class A
(LIBOR USD 1-Month plus 0.60%)
2.82%		10/27/36	1,2	$	139,870	$	139,808
Nelnet Student Loan Trust, Series 2014-4A,
Class A2
(LIBOR USD 1-Month plus 0.95%)
3.17%		11/25/48	1,2		1,865,000		1,879,331
Nelnet Student Loan Trust, Series 2015-1A,
Class A
(LIBOR USD 1-Month plus 0.59%)
2.81%		04/25/46	1,2		2,687,275		2,689,697
Nelnet Student Loan Trust, Series 2015-3A,
Class A3
(LIBOR USD 1-Month plus 0.90%)
3.12%		06/25/54	1,2		11,000,000		11,007,223
Northstar Education Finance, Inc.,
Series 2007-1, Class A2
(1.00 X LIBOR USD 3-Month plus 0.75%)
3.09%		01/29/46	2		135,000		133,229
Octagon Investment Partners 25 Ltd.,
Series 2015-1A, Class AR (Cayman Islands)
(LIBOR USD 3-Month plus 0.80%)
3.15%		10/20/26	1,2,3		4,910,000		4,880,147
PHEAA Student Loan Trust, Series 2013-3A,
Class A
(LIBOR USD 1-Month plus 0.75%)
2.97%		11/25/42	1,2		4,231,282		4,251,476
Scholar Funding Trust, Series 2011-A,
Class A
(LIBOR USD 3-Month plus 0.90%)
3.24%		10/28/43	1,2		116,645		117,000
Scholar Funding Trust, Series 2012-B,
Class A2
(LIBOR USD 1-Month plus 1.10%)
3.34%		03/28/46	1,2		122,388		123,453
SLC Student Loan Trust, Series 2004-1,
Class B
(LIBOR USD 3-Month plus 0.29%)
2.60%		08/15/31	2		634,574		600,972
SLC Student Loan Trust, Series 2005-2,
Class A4
(LIBOR USD 3-Month plus 0.16%)
2.49%		12/15/39	2		12,000,000		11,660,087
SLC Student Loan Trust, Series 2005-3,
Class A4
(LIBOR USD 3-Month plus 0.15%)
2.48%		12/15/39	2		13,800,000		13,275,995
SLC Student Loan Trust, Series 2006-1,
Class A6
(LIBOR USD 3-Month plus 0.16%)
2.49%		03/15/55	2		13,120,000		12,736,371

See accompanying notes to Schedule of Portfolio Investments.

167 / Semi-Annual Report September 2018

Unconstrained Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
SLC Student Loan Trust, Series 2008-1,
Class A4A
(LIBOR USD 3-Month plus 1.60%)
3.93%		12/15/32	2	$	3,892,418	$	4,047,043
SLM Student Loan Trust, Series 2003-12,
Class B
(LIBOR USD 3-Month plus 0.59%)
2.92%		03/15/38	2		5,576,801		5,291,564
SLM Student Loan Trust, Series 2003-4,
Class A5D
(LIBOR USD 3-Month plus 0.75%)
3.08%		03/15/33	1,2		2,698,329		2,689,412
SLM Student Loan Trust, Series 2003-7,
Class B
(LIBOR USD 3-Month plus 0.57%)
2.90%		09/15/39	2		3,918,813		3,779,596
SLM Student Loan Trust, Series 2004-10,
Class B
(LIBOR USD 3-Month plus 0.37%)
2.71%		01/25/40	2		11,190,306		10,694,528
SLM Student Loan Trust, Series 2004-2,
Class B
(LIBOR USD 3-Month plus 0.47%)
2.81%		07/25/39	2		678,404		649,839
SLM Student Loan Trust, Series 2006-2,
Class A6
(LIBOR USD 3-Month plus 0.17%)
2.51%		01/25/41	2		13,735,116		13,461,186
SLM Student Loan Trust, Series 2006-8,
Class A6
(LIBOR USD 3-Month plus 0.16%)
2.50%		01/25/41	2		1,800,000		1,749,203
SLM Student Loan Trust, Series 2007-2,
Class B
(LIBOR USD 3-Month plus 0.17%)
2.51%		07/25/25	2		12,800,000		11,741,591
SLM Student Loan Trust, Series 2007-3,
Class A4
(LIBOR USD 3-Month plus 0.06%)
2.40%		01/25/22	2		215,000		210,568
SLM Student Loan Trust, Series 2007-3,
Class B
(LIBOR USD 3-Month plus 0.15%)
2.49%		01/25/28	2		12,800,000		11,734,125
SLM Student Loan Trust, Series 2007-7,
Class B
(LIBOR USD 3-Month plus 0.75%)
3.09%		10/27/70	2		2,195,000		2,084,901
SLM Student Loan Trust, Series 2008-2,
Class A3
(LIBOR USD 3-Month plus 0.75%)
3.09%		04/25/23	2		17,091,615		16,982,244

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
SLM Student Loan Trust, Series 2008-2,
Class B
(LIBOR USD 3-Month plus 1.20%)
3.54%		01/25/83	2	$	1,000,000	$	965,074
SLM Student Loan Trust, Series 2008-3,
Class B
(LIBOR USD 3-Month plus 1.20%)
3.54%		04/26/83	2		710,000		696,399
SLM Student Loan Trust, Series 2008-4,
Class A4
(LIBOR USD 3-Month plus 1.65%)
3.99%		07/25/22	2		1,521,774		1,554,106
SLM Student Loan Trust, Series 2008-4,
Class B
(LIBOR USD 3-Month plus 1.85%)
4.19%		04/25/73	2		710,000		731,968
SLM Student Loan Trust, Series 2008-5,
Class A4
(LIBOR USD 3-Month plus 1.70%)
4.04%		07/25/23	2		13,635,220		14,000,044
SLM Student Loan Trust, Series 2008-5,
Class B
(LIBOR USD 3-Month plus 1.85%)
4.19%		07/25/73	2		7,315,000		7,509,661
SLM Student Loan Trust, Series 2008-6,
Class A4
(LIBOR USD 3-Month plus 1.10%)
3.44%		07/25/23	2		11,451,529		11,517,070
SLM Student Loan Trust, Series 2008-6,
Class B
(LIBOR USD 3-Month plus 1.85%)
4.19%		07/26/83	2		710,000		727,458
SLM Student Loan Trust, Series 2008-7,
Class B
(LIBOR USD 3-Month plus 1.85%)
4.19%		07/26/83	2		820,000		836,795
SLM Student Loan Trust, Series 2008-8,
Class A4
(LIBOR USD 3-Month plus 1.50%)
3.84%		04/25/23	2		3,210,000		3,275,482
SLM Student Loan Trust, Series 2008-8,
Class B
(LIBOR USD 3-Month plus 2.25%)
4.59%		10/25/75	2		735,000		772,199
SLM Student Loan Trust, Series 2008-9,
Class A
(LIBOR USD 3-Month plus 1.50%)
3.84%		04/25/23	2		4,738,839		4,842,883
SLM Student Loan Trust, Series 2008-9,
Class B
(LIBOR USD 3-Month plus 2.25%)
4.59%		10/25/83	2		7,235,000		7,539,521

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 168

Unconstrained Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
SLM Student Loan Trust, Series 2009-3,
Class A
(LIBOR USD 1-Month plus 0.75%)
2.97%		01/25/45	1,2	$	9,586,240	$	9,669,964
SLM Student Loan Trust, Series 2011-1,
Class A2
(LIBOR USD 1-Month plus 1.15%)
3.37%		10/25/34	2		2,680,000		2,745,082
SLM Student Loan Trust, Series 2011-2,
Class A2
(LIBOR USD 1-Month plus 1.20%)
3.42%		10/25/34	2		4,035,000		4,157,589
SLM Student Loan Trust, Series 2012-1,
Class A3
(LIBOR USD 1-Month plus 0.95%)
3.17%		09/25/28	2		1,064,343		1,067,787
SLM Student Loan Trust, Series 2012-2,
Class A
(LIBOR USD 1-Month plus 0.70%)
2.92%		01/25/29	2		1,550,576		1,543,807
SLM Student Loan Trust, Series 2012-7,
Class A3
(LIBOR USD 1-Month plus 0.65%)
2.87%		05/26/26	2		4,011,634		3,975,497
SLM Student Loan Trust, Series 2012-7,
Class B
(LIBOR USD 1-Month plus 1.80%)
4.02%		09/25/43	2		2,200,000		2,218,299
SLM Student Loan Trust, Series 2013-4,
Class A
(LIBOR USD 1-Month plus 0.55%)
2.77%		06/25/43	2		1,485,879		1,495,169
SLM Student Loan Trust, Series 2014-1,
Class A3
(LIBOR USD 1-Month plus 0.60%)
2.82%		02/26/29	2		1,483,529		1,465,011
SLM Student Loan Trust, Series 2014-2,
Class A3
(LIBOR USD 1-Month plus 0.59%)
2.81%		03/25/55	2		13,670,689		13,762,127
Structured Receivables Finance LLC,
Series 2010-A, Class B
7.61%		01/16/46	1,†		1,877,185		2,092,996
Structured Receivables Finance LLC,
Series 2010-B, Class B
7.97%		08/15/36	1		1,257,993		1,407,109
Student Loan Consolidation Center Student
Loan Trust I, Series 2002-2, Class B2
(28 Day Auction Rate plus 0.00%)0
1.61%		07/01/42	1,2		200,000		159,487
Voya CLO Ltd., Series 2014-3A, Class A1R
(Cayman Islands)
(LIBOR USD 3-Month plus 0.72%)

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
3.06%		07/25/26	1,2,3	$	3,560,000	$	3,560,984
Voya CLO Ltd., Series 2015-2A, Class AR
(Cayman Islands)
(LIBOR USD 3-Month plus 0.97%)
3.32%		07/23/27	1,2,3		8,445,000		8,448,251
Total Asset-Backed Securities
(Cost $439,205,552)							448,443,701
BANK LOANS — 0.75%*
Communications — 0.14%
SBA Communications, Term Loan B, 1st Lien
(LIBOR plus 2.00%)
4.25%		04/04/25	2		2,279,288		2,284,348
Sprint Communications, Inc., Term Loan B, 1st Lien
(LIBOR plus 2.50%)
4.75%		02/02/24	2		497,475		499,340
Unitymedia Finance LLC,
Term Loan B, 1st Lien
(LIBOR plus 2.00%)
4.16%		06/01/23	2		1,600,000		1,603,104
							4,386,792
Consumer Discretionary — 0.03%
Reynolds Group Holdings, Inc., Term Loan B, 1st Lien
(LIBOR plus 2.75%)
4.99%		02/05/23	2		808,536		813,084
Electric — 0.06%
Chief Power Finance LLC, Term Loan B, 1st Lien
(LIBOR plus 4.75%)
7.00%		12/31/20	2,4,5		1,412,220		1,345,846
Homer City Generation LP,
Term Loan B, 1st Lien
(LIBOR plus 11.00%)
13.25%		04/05/23	2,4,5		715,045		692,700
							2,038,546
Energy — 0.00%
Vistra Operations Co., LLC, Term Loan B1, 1st Lien
(LIBOR plus 2.00%)
4.24%		08/04/23	2		115,276		115,564
Finance — 0.09%
Delos Finance SARL, Term Loan B, 1st Lien
(LIBOR plus 1.75%)
4.14%		10/06/23	2		2,652,629		2,665,892
Gaming — 0.05%
Las Vegas Sands LLC,
Term Loan B, 1st Lien

See accompanying notes to Schedule of Portfolio Investments.

169 / Semi-Annual Report September 2018

Unconstrained Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
BANK LOANS (continued)
Gaming (continued)
(LIBOR plus 1.75%)
3.99%		03/27/25	2	$	1,592,000	$	1,592,414
Health Care — 0.10%
Iqvia, Inc., Term Loan B3, 1st Lien
(LIBOR plus 1.75%)
4.14%		06/11/25	2		748,125		748,750
Kindred At Home, Term Loan, 1st Lien
(LIBOR plus 3.75%)
6.00%		07/02/25	2		1,466,063		1,485,305
Valeant Pharmaceuticals International, Inc.,
Term Loan B, 1st Lien
(LIBOR plus 3.00%)
5.10%		06/02/25	2		975,000		981,050
							3,215,105
Industrials — 0.02%
Tyco International Holdings SARL,
Term Loan
(LIBOR plus 1.25%)
3.62%		03/02/20	2,4,5		566,475		565,945
Information Technology — 0.24%
Dell International LLC,
Term Loan A3, 1st Lien
(LIBOR plus 1.50%)
3.75%		12/31/18	2		2,046,322		2,049,841
First Data Corp., Term Loan, 1st Lien
(LIBOR plus 2.00%)
4.21%		04/26/24	2		3,075,353		3,081,381
Quintiles IMS, Inc., Term Loan B, 1st Lien
(LIBOR plus 2.00%)
4.39%		03/07/24	2		675,505		678,545
SS&C Technologies, Inc.,
Term Loan B3, 1st Lien
(LIBOR plus 2.25%)
4.49%		04/16/25	2		1,128,097		1,130,567
SS&C Technology Holdings Europe SARL,
Term Loan B4, 1st Lien
(LIBOR plus 2.25%)
4.49%		04/16/25	2		437,889		438,848
							7,379,182
Retail — 0.02%
BC ULC/New Red Finance, Inc.,
Term Loan B, 1st Lien (Canada)
(LIBOR plus 2.25%)
4.49%		02/16/24	2,3		492,484		493,346
Total Bank Loans
(Cost $23,230,521)							23,265,870

Issues	Maturity Date			Principal Amount		Value
CORPORATES — 34.93%*
Automotive — 0.20%
General Motors Co.
3.50%		10/02/18		$	5,710,000	$	5,710,000
Metalsa SA de CV, Series REGS (Mexico)
4.90%		04/24/23	3		500,000		486,250
							6,196,250
Banking — 6.45%
Banco Continental Sa Via Continental Senior
Trustees, Series REGS (Cayman Islands)
5.50%		11/18/20	3		950,000		988,000
Banco Internacional del Peru SAA Interbank,
Series REGS (Peru)
6.63%		03/19/29	3,6		250,000		271,378
Banco Nacional de Comercio Exterior
SNC/Cayman Islands (Mexico)
3.80%		08/11/26	1,3,6		2,000,000		1,957,520
Bank of America Corp.
2.74%		01/23/22	6		10,270,000		10,103,172
3.42%		12/20/28	6		583,000		547,836
3.71%		04/24/28	6		10,760,000		10,349,641
Bank of America Corp. (GMTN)
2.37%		07/21/21	6		6,175,000		6,067,475
3.59%		07/21/28	6		9,295,000		8,862,783
Bank of America Corp. (MTN)
3.09%		10/01/25	6		5,605,000		5,343,755
4.00%		04/01/24			649,000		655,971
4.27%		07/23/29	6		3,135,000		3,129,962
Discover Bank
2.60%		11/13/18			10,870,000		10,869,651
Global Bank Corp. (Panama)
4.50%		10/20/21	1,3		1,198,000		1,190,213
Grupo Aval Ltd., Series REGS
(Cayman Islands)
4.75%		09/26/22	3		500,000		496,200
JPMorgan Chase & Co.
2.55%		10/29/20			657,000		647,770
3.22%		03/01/25	6		13,070,000		12,647,663
3.54%		05/01/28	6		7,499,000		7,155,433
3.90%		07/15/25			3,864,000		3,861,405
6.30%		04/23/19			4,925,000		5,023,874
JPMorgan Chase Bank N.A.
2.60%		02/01/21	6		10,835,000		10,756,059
JPMorgan Chase Bank N.A. (BKNT)
(LIBOR USD 3-Month plus 0.29%)
2.63%		02/01/21	2		9,000,000		9,007,871
Lloyds Banking Group PLC
(United Kingdom)
2.91%		11/07/23	3,6		5,780,000		5,517,074
PNC Bank N.A. (BKNT)
1.45%		07/29/19			4,000,000		3,954,130

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 170

Unconstrained Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Banking (continued)
Santander UK Group Holdings PLC
(United Kingdom)
2.88%		08/05/21	3	$	4,300,000	$	4,188,267
3.37%		01/05/24	3,6		3,000,000		2,883,553
Santander UK PLC (United Kingdom)
2.50%		03/14/19	3		3,000,000		2,998,584
5.00%		11/07/23	1,3		3,100,000		3,124,188
UBS AG (GMTN) (Switzerland)
2.38%		08/14/19	3		5,000,000		4,980,725
UBS AG/London (Switzerland)
(LIBOR USD 3-Month plus 0.32%)
2.63%		05/28/19	1,2,3		3,000,000		3,006,242
Wells Fargo & Co.
3.00%		04/22/26			16,985,000		15,770,207
3.00%		10/23/26			6,435,000		5,977,659
Wells Fargo & Co. (MTN)
3.58%		05/22/28	6		10,490,000		10,046,918
Wells Fargo Bank N.A. (BKNT)
2.15%		12/06/19			10,000,000		9,905,523
2.40%		01/15/20			15,000,000		14,885,093
3.33%		07/23/21	6		3,630,000		3,626,707
							200,798,502
Communications — 3.46%
Altice U.S. Finance I Corp.
5.38%		07/15/23	1		3,824,000		3,876,580
5.50%		05/15/26	1		832,000		833,040
AMC Networks, Inc.
4.75%		08/01/25			1,580,000		1,522,725
AT&T, Inc.
3.40%		05/15/25			4,000,000		3,812,024
4.30%		02/15/30	1		4,700,000		4,542,865
4.35%		06/15/45			4,300,000		3,716,830
4.80%		06/15/44			5,322,000		4,897,864
5.15%		11/15/46	1		3,900,000		3,747,342
5.25%		03/01/37			3,620,000		3,618,055
CBS Corp.
3.38%		02/15/28			3,000,000		2,754,411
CCO Holdings LLC/CCO Holdings
Capital Corp.
5.00%		02/01/28	1		2,381,000		2,247,069
5.13%		05/01/27	1		2,000,000		1,897,485
Cequel Communications Holdings I
LLC/Cequel Capital Corp.
5.13%		12/15/21	1		225,000		226,175
Charter Communications Operating
LLC/Charter Communications Operating
Capital
3.58%		07/23/20			1,250,000		1,251,225
6.48%		10/23/45			1,700,000		1,833,084

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Communications (continued)
Clear Channel International BV
(Netherlands)
8.75%		12/15/20	1,3	$	1,069,000	$	1,106,415
CSC Holdings LLC
5.38%		02/01/28	1		4,250,000		4,058,750
8.63%		02/15/19			700,000		712,250
Intelsat Jackson Holdings SA (Luxembourg)
5.50%		08/01/23	3		1,907,000		1,761,591
8.50%		10/15/24	1,3		1,936,000		1,951,730
9.75%		07/15/25	1,3		800,000		849,000
Level 3 Financing, Inc.
5.13%		05/01/23			1,178,000		1,188,307
5.38%		01/15/24			37,000		37,093
5.63%		02/01/23			1,190,000		1,206,481
Qwest Corp.
6.75%		12/01/21			2,235,000		2,400,379
Sirius XM Radio, Inc.
3.88%		08/01/22	1		1,379,000		1,359,073
Sprint Capital Corp.
6.88%		11/15/28			1,141,000		1,149,557
Sprint Communications, Inc.
7.00%		03/01/20	1		1,400,000		1,456,000
9.00%		11/15/18	1		2,940,000		2,965,725
Sprint Spectrum Co. LLC/Sprint Spectrum
Co. II LLC/Sprint Spectrum Co. III LLC
3.36%		09/20/21	1		7,132,500		7,132,500
4.74%		03/20/25	1		6,625,000		6,638,581
Time Warner Cable LLC
5.50%		09/01/41			3,392,000		3,277,511
5.88%		11/15/40			1,100,000		1,105,874
T-Mobile USA, Inc.
4.50%		02/01/26			577,000		548,871
4.75%		02/01/28			1,481,000		1,392,214
6.50%		01/15/24			1,200,000		1,252,500
Verizon Communications, Inc.
4.50%		08/10/33			5,430,000		5,371,413
4.86%		08/21/46			4,270,000		4,301,649
5.01%		04/15/49			2,810,000		2,881,004
Viacom, Inc.
3.45%		10/04/26			2,500,000		2,339,493
Virgin Media Secured Finance PLC
(United Kingdom)
5.25%		01/15/26	1,3		840,000		824,494
5.50%		08/15/26	1,3		2,260,000		2,240,225
Vodafone Group PLC (United Kingdom)
4.38%		05/30/28	3		3,000,000		2,961,444
Warner Media LLC
3.80%		02/15/27			2,520,000		2,413,187
							107,660,085

See accompanying notes to Schedule of Portfolio Investments.

171 / Semi-Annual Report September 2018

Unconstrained Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Consumer Discretionary — 1.17%
Altria Group, Inc.
9.70%		11/10/18		$	2,197,000	$	2,213,149
Anheuser-Busch InBev Finance, Inc.
3.65%		02/01/26			2,000,000		1,945,827
4.90%		02/01/46			3,370,000		3,408,903
Bacardi Ltd. (Bermuda)
5.15%		05/15/38	1,3		1,500,000		1,473,724
BAT Capital Corp.
2.30%		08/14/20	1		6,000,000		5,882,457
Central Garden & Pet Co.
5.13%		02/01/28			815,000		778,325
Constellation Brands, Inc.
2.00%		11/07/19			10,000,000		9,888,361
First Quality Finance Co., Inc.
5.00%		07/01/25	1		634,000		594,375
High Ridge Brands Co.
8.88%		03/15/25	1,4,5		2,175,000		1,063,031
Molson Coors Brewing Co.
1.45%		07/15/19			3,196,000		3,159,514
Reynolds Group Issuer, Inc./Reynolds Group
Issuer LLC/Reynolds Group Issuer
Luxembourg S.A.
5.75%		10/15/20			3,202,901		3,206,905
Suntory Holdings Ltd. (Japan)
2.55%		09/29/19	1,3		3,015,000		2,995,496
							36,610,067
Consumer Products — 0.09%
Newell Brands, Inc.
3.85%		04/01/23			3,000,000		2,926,829
Electric — 2.62%
AES Panama SRL, Series REGS (Panama)
6.00%		06/25/22	3		250,000		259,375
Alabama Power Capital Trust V
5.50%		10/01/42	6		1,300,000		1,304,118
Cleco Power LLC
6.00%		12/01/40			1,575,000		1,795,858
Dominion Energy, Inc.
1.88%		01/15/19			4,400,000		4,390,251
5.75%		10/01/54	6		2,875,000		3,006,246
Duke Energy Carolinas LLC
3.70%		12/01/47			2,070,000		1,888,611
Duke Energy Progress LLC
3.25%		08/15/25			3,000,000		2,918,523
Duquesne Light Holdings, Inc.
6.40%		09/15/20	1		4,641,000		4,861,722
Entergy Corp.
4.00%		07/15/22			2,000,000		2,024,847

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Electric (continued)
Eskom Holdings SOC Ltd., Series REGS
(South Africa)
7.13%		02/11/25	3	$	1,000,000	$	963,920
ITC Holdings Corp.
3.65%		06/15/24			1,426,000		1,400,171
Kansas City Power & Light Co.
3.15%		03/15/23			6,250,000		6,108,966
Metropolitan Edison Co.
4.00%		04/15/25	1		3,000,000		2,977,462
7.70%		01/15/19			7,230,000		7,326,586
MidAmerican Energy Co.
4.25%		05/01/46			3,310,000		3,337,345
NextEra Energy Capital Holdings, Inc.
(LIBOR USD 3-Month plus 0.55%)
2.86%		08/28/21	2		8,000,000		8,001,260
NextEra Energy Operating Partners LP
4.50%		09/15/27	1		2,412,000		2,321,550
Perusahaan Gas Negara Persero TBK PT
(Indonesia)
5.13%		05/16/24	1,3		1,650,000		1,668,893
Public Service Co. of New Mexico
3.85%		08/01/25			3,500,000		3,472,753
5.35%		10/01/21			50,000		52,080
Public Service Electric & Gas Co., Series CC
9.25%		06/01/21			7,920,000		9,017,510
Southern Co. Gas Capital Corp.
3.25%		06/15/26			3,350,000		3,140,037
Southwestern Electric Power Co.
3.55%		02/15/22			3,000,000		3,009,315
4.10%		09/15/28			2,500,000		2,503,885
6.45%		01/15/19			3,885,000		3,916,559
							81,667,843
Energy — 2.79%
Antero Resources Corp.
5.13%		12/01/22			400,000		407,700
Centennial Resource Production LLC
5.38%		01/15/26	1		400,000		398,000
CrownRock LP/CrownRock Finance, Inc.
5.63%		10/15/25	1		490,000		477,775
Diamondback Energy, Inc.
5.38%		05/31/25			750,000		769,687
Enbridge Energy Partners LP
5.88%		10/15/25			2,500,000		2,747,883
Energy Transfer Equity LP
5.50%		06/01/27			1,424,000		1,481,387
5.88%		01/15/24			1,745,000		1,847,519
Energy Transfer Partners LP
5.15%		03/15/45			3,556,000		3,374,957

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 172

Unconstrained Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Energy (continued)
EQT Midstream Partners LP
5.50%		07/15/28		$	4,800,000	$	4,930,762
Florida Gas Transmission Co. LLC
7.90%		05/15/19	1		1,375,000		1,415,214
Gulfport Energy Corp.
6.38%		05/15/25			315,000		309,881
Hess Corp.
7.88%		10/01/29			1,855,000		2,245,071
Kinder Morgan Energy Partners LP
5.80%		03/15/35			240,000		262,826
Kinder Morgan, Inc.
5.30%		12/01/34			1,000,000		1,037,252
5.63%		11/15/23	1		3,572,000		3,817,029
Matador Resources Co.
5.88%		09/15/26	1		643,000		652,645
Newfield Exploration Co.
5.75%		01/30/22			2,416,000		2,539,820
Petrobras Global Finance BV (Netherlands)
4.38%		05/20/23	3		360,000		342,900
Petroleos del Peru SA, Series REGS (Peru)
4.75%		06/19/32	3		500,000		484,900
Petroleos Mexicanos (Mexico)
1.70%		12/20/22	3		67,500		65,391
5.38%		03/13/22	3		4,250,000		4,366,875
Plains All American Pipeline LP/PAA
Finance Corp.
4.65%		10/15/25			6,250,000		6,339,247
Rockies Express Pipeline LLC
5.63%		04/15/20	1		6,234,000		6,436,605
6.00%		01/15/19	1		1,500,000		1,511,625
Ruby Pipeline LLC
6.00%		04/01/22	1		6,123,485		6,290,735
Sabine Pass Liquefaction LLC
5.63%		03/01/25			3,000,000		3,205,313
Spectra Energy Partners LP
4.60%		06/15/21			3,810,000		3,894,752
Sunoco Logistics Partners Operations LP
5.40%		10/01/47			5,000,000		4,924,005
Sunoco LP/Sunoco Finance Corp.
5.88%		03/15/28	1		993,000		959,486
Targa Resources Partners LP/Targa
Resources Partners Finance Corp.
5.88%		04/15/26	1		604,000		623,660
TC PipeLines LP
4.38%		03/13/25			3,000,000		2,994,768
4.65%		06/15/21			2,300,000		2,339,705
TransMontaigne Partners LP/
TLP Finance Corp.
6.13%		02/15/26			2,050,000		1,942,375

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Energy (continued)
Transocean Pontus Ltd. (Cayman Islands)
6.13%		08/01/25	1,3	$	955,000	$	972,897
Transocean Proteus Ltd. (Cayman Islands)
6.25%		12/01/24	1,3		1,598,850		1,632,826
USA Compression Partners LP/USA
Compression Finance Corp.
6.88%		04/01/26	1		1,709,000		1,770,951
Williams Cos., Inc. (The)
3.60%		03/15/22			1,354,000		1,346,271
4.55%		06/24/24			3,000,000		3,056,155
6.30%		04/15/40			2,000,000		2,273,106
WPX Energy, Inc.
5.75%		06/01/26			495,000		503,044
							86,993,000
Finance — 4.96%
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust (Ireland)
3.95%		02/01/22	3		1,500,000		1,496,998
Air Lease Corp.
2.50%		03/01/21			3,450,000		3,360,776
3.88%		07/03/23			2,862,000		2,839,215
Alta Wind Holdings LLC
7.00%		06/30/35	1,4,5		1,784,154		1,909,789
American Express Credit Corp. (MTN)
2.20%		03/03/20			5,000,000		4,945,027
Citibank N.A. (BKNT)
3.40%		07/23/21			6,965,000		6,966,561
Citigroup, Inc.
2.05%		12/07/18			5,000,000		4,996,175
2.55%		04/08/19			3,150,000		3,148,041
3.14%		01/24/23	6		5,000,000		4,907,601
3.67%		07/24/28	6		3,500,000		3,335,546
8.50%		05/22/19			3,050,000		3,157,351
Fondo MIVIVIENDA SA, Series REGS (Peru)
3.50%		01/31/23	3		1,000,000		970,000
Ford Motor Credit Co. LLC
2.02%		05/03/19			515,000		511,998
2.34%		11/02/20			3,295,000		3,198,761
2.98%		08/03/22			3,015,000		2,861,143
3.20%		01/15/21			5,970,000		5,878,849
3.22%		01/09/22			630,000		609,767
3.34%		03/28/22			4,735,000		4,579,538
8.13%		01/15/20			7,780,000		8,222,966
Ford Motor Credit Co. LLC (MTN)
2.94%		01/08/19			5,000,000		5,001,000
GE Capital International Funding Co.
(Ireland)
4.42%		11/15/35	3		4,462,000		4,206,826

See accompanying notes to Schedule of Portfolio Investments.

173 / Semi-Annual Report September 2018

Unconstrained Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Finance (continued)
General Motors Financial Co., Inc.
2.40%		05/09/19		$	2,500,000	$	2,493,819
3.10%		01/15/19			4,000,000		4,002,899
Goldman Sachs Group, Inc. (The)
2.55%		10/23/19			10,000,000		9,960,070
3.27%		09/29/25	6		5,650,000		5,399,716
3.81%		04/23/29	6		6,160,000		5,883,040
Goldman Sachs Group, Inc. (The) (MTN)
3.85%		07/08/24			9,710,000		9,668,024
Guanay Finance Ltd. (Cayman Islands)
6.00%		12/15/20	1,3		122,297		124,131
International Lease Finance Corp.
6.25%		05/15/19			3,000,000		3,058,816
Morgan Stanley
3.63%		01/20/27			2,725,000		2,619,520
(LIBOR USD 3-Month plus 0.93%)
3.28%		07/22/22	2		10,000,000		10,090,000
Morgan Stanley (GMTN)
5.50%		07/24/20			3,000,000		3,113,931
7.30%		05/13/19			2,740,000		2,813,377
(LIBOR USD 3-Month plus 0.55%)
2.89%		02/10/21	2		10,000,000		10,033,986
(LIBOR USD 3-Month plus 1.38%)
3.72%		02/01/19	2		4,000,000		4,017,336
Morgan Stanley (MTN)
5.63%		09/23/19			2,000,000		2,051,088
Morgan Stanley, Series 3NC2
(LIBOR USD 3-Month plus 0.80%)
3.12%		02/14/20	2		2,025,000		2,029,889
							154,463,570
Food — 0.94%
Chobani LLC/Chobani Finance Corp., Inc.
7.50%		04/15/25	1		1,549,000		1,413,463
Kraft Heinz Foods Co.
3.00%		06/01/26			3,478,000		3,180,068
5.20%		07/15/45			5,500,000		5,395,789
Mondelez International Holdings
Netherlands BV (Netherlands)
1.63%		10/28/19	1,3		6,700,000		6,604,297
Pilgrim’s Pride Corp.
5.88%		09/30/27	1		1,800,000		1,710,000
Post Holdings, Inc.
5.00%		08/15/26	1		3,206,000		3,041,693
5.63%		01/15/28	1		655,000		632,075
Tyson Foods, Inc.
2.65%		08/15/19			5,000,000		4,990,195
(LIBOR USD 3-Month plus 0.45%)
2.76%		08/21/20	2		2,185,000		2,183,286

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Food (continued)
				$		$	29,150,866
Gaming — 0.36%
GLP Capital LP/GLP Financing II, Inc.
4.88%		11/01/20			1,650,000		1,685,310
5.30%		01/15/29			2,280,000		2,298,012
5.38%		04/15/26			1,000,000		1,018,010
5.75%		06/01/28			1,600,000		1,654,000
Rivers Pittsburgh Borrower LP/Rivers
Pittsburgh Finance Corp.
6.13%		08/15/21	1		1,735,000		1,735,000
Sugarhouse HSP Gaming Prop Mezz LP/
Sugarhouse HSP Gaming Finance Corp.
5.88%		05/15/25	1		1,651,000		1,563,827
Wynn Las Vegas LLC/Wynn Las Vegas
Capital Corp.
5.25%		05/15/27	1		1,260,000		1,171,800
							11,125,959
Health Care — 4.95%
AbbVie, Inc.
3.20%		05/14/26			800,000		746,390
4.30%		05/14/36			1,000,000		940,911
4.88%		11/14/48			700,000		689,462
Aetna, Inc.
2.80%		06/15/23			1,577,000		1,512,612
4.13%		06/01/21			5,000,000		5,087,656
Allergan Funding SCS (Luxembourg)
4.55%		03/15/35	3		2,216,000		2,161,682
Amgen, Inc.
4.40%		05/01/45			4,080,000		3,964,807
Anthem, Inc.
2.50%		11/21/20			4,605,000		4,534,269
3.50%		08/15/24			8,171,000		7,973,261
3.65%		12/01/27			3,865,000		3,684,512
AstraZeneca PLC (United Kingdom)
3.13%		06/12/27	3		736,000		685,953
3.38%		11/16/25	3		3,640,000		3,517,516
Bausch Health Cos., Inc. (Canada)
5.50%		11/01/25	1,3		599,000		601,246
6.13%		04/15/25	1,3		3,248,000		3,101,840
Bayer U.S. Finance II LLC
4.38%		12/15/28	1		6,400,000		6,280,682
Bayer U.S. Finance LLC
2.38%		10/08/19	1		6,700,000		6,629,422
Becton Dickinson and Co.
2.13%		06/06/19			2,920,000		2,903,157
2.89%		06/06/22			2,000,000		1,937,300
(LIBOR USD 3-Month plus 0.88%)
3.26%		12/29/20	2		2,000,000		2,003,088

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 174

Unconstrained Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Health Care (continued)
Biogen, Inc.
5.20%		09/15/45		$	3,423,000	$	3,643,198
Catalent Pharma Solutions, Inc.
4.88%		01/15/26	1		880,000		851,400
Celgene Corp.
2.75%		02/15/23			5,780,000		5,546,456
2.88%		08/15/20			4,300,000		4,273,695
5.00%		08/15/45			3,250,000		3,224,585
Centene Corp.
4.75%		05/15/22			387,000		393,289
5.63%		02/15/21			838,000		854,760
CHS/Community Health Systems, Inc.
6.25%		03/31/23			136,000		129,499
Cigna Corp.
3.05%		10/15/27			5,570,000		5,033,431
CVS Health Corp.
2.25%		12/05/18			5,000,000		4,995,083
2.25%		08/12/19			5,000,000		4,973,281
4.30%		03/25/28			5,000,000		4,970,365
5.05%		03/25/48			2,500,000		2,566,914
Elanco Animal Health, Inc.
4.27%		08/28/23	1		6,355,000		6,387,634
Fresenius Medical Care U.S. Finance II, Inc.
4.13%		10/15/20	1		1,015,000		1,026,808
5.63%		07/31/19	1		6,446,000		6,574,778
Gilead Sciences, Inc.
4.15%		03/01/47			2,000,000		1,899,431
Halfmoon Parent, Inc.
4.13%		11/15/25	1		5,000,000		4,993,381
4.38%		10/15/28	1		2,000,000		1,998,192
Hartford HealthCare Corp.
5.75%		04/01/44			1,525,000		1,759,290
HCA, Inc.
5.00%		03/15/24			2,250,000		2,311,875
5.25%		04/15/25			2,227,000		2,302,161
6.50%		02/15/20			1,698,000		1,771,014
Hologic, Inc.
4.63%		02/01/28	1		1,000,000		941,250
Humana, Inc.
2.90%		12/15/22			5,475,000		5,310,101
Molina Healthcare, Inc.
5.38%		11/15/22			653,000		667,693
Shire Acquisitions Investments Ireland DAC
(Ireland)
1.90%		09/23/19	3		5,686,000		5,626,551
2.40%		09/23/21	3		6,225,000		6,016,918
Tenet Healthcare Corp.
4.50%		04/01/21			2,250,000		2,252,813

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Health Care (continued)
Teva Pharmaceutical Finance
Netherlands III BV (Netherlands)
1.70%		07/19/19	3	$	1,015,000	$	999,775
WellCare Health Plans, Inc.
5.25%		04/01/25			918,000		935,213
							154,186,600
Industrials — 0.86%
Amcor Finance USA, Inc.
3.63%		04/28/26	1		2,125,000		2,006,668
Ardagh Packaging Finance PLC/Ardagh
Holdings USA, Inc. (Ireland)
4.25%		09/15/22	1,3		1,000,000		987,500
4.63%		05/15/23	1,3		650,000		647,563
6.00%		02/15/25	1,3		1,000,000		981,250
7.25%		05/15/24	1,3		600,000		630,000
Ball Corp.
4.00%		11/15/23			1,000,000		980,000
Berry Global, Inc.
4.50%		02/15/26	1		1,500,000		1,428,750
Clean Harbors, Inc.
5.13%		06/01/21			3,000,000		3,015,000
Crown Americas LLC/Crown Americas
Capital Corp. V
4.25%		09/30/26			1,000,000		917,500
General Electric Co. (GMTN)
2.20%		01/09/20			2,030,000		2,008,880
General Electric Co. (MTN)
4.65%		10/17/21			70,000		72,593
(LIBOR USD 3-Month plus 0.48%)
2.79%		08/15/36	2		4,085,000		3,405,138
Graphic Packaging International LLC
4.88%		11/15/22			500,000		503,750
Heathrow Funding Ltd. (United Kingdom)
4.88%		07/15/21	1,3		700,000		727,013
Itron, Inc.
5.00%		01/15/26	1		1,648,000		1,586,200
L3 Technologies, Inc.
4.40%		06/15/28			4,810,000		4,801,373
Northrop Grumman Corp.
2.93%		01/15/25			940,000		894,226
Titan Acquisition Ltd./Titan Co-Borrower LLC
(Canada)
7.75%		04/15/26	1,3		1,450,000		1,266,937
							26,860,341
Information Technology — 0.48%
Broadcom Corp./Broadcom Cayman Finance
Ltd.
2.38%		01/15/20			8,297,000		8,202,182

See accompanying notes to Schedule of Portfolio Investments.

175 / Semi-Annual Report September 2018

Unconstrained Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Information Technology (continued)
Change Healthcare Holdings LLC/Change
Healthcare Finance, Inc.
5.75%		03/01/25	1	$	1,082,000	$	1,076,590
Dell International LLC/EMC Corp.
3.48%		06/01/19	1		1,203,000		1,206,237
IQVIA, Inc.
5.00%		10/15/26	1		1,200,000		1,180,380
NXP BV/NXP Funding LLC (Netherlands)
3.88%		09/01/22	1,3		300,000		296,352
4.13%		06/01/21	1,3		800,000		801,136
Zayo Group LLC/Zayo Capital, Inc.
5.75%		01/15/27	1		2,050,000		2,055,125
							14,818,002
Insurance — 0.47%
Farmers Exchange Capital
7.20%		07/15/48	1		150,000		176,884
Farmers Exchange Capital II
6.15%		11/01/53	1,6		2,500,000		2,654,477
Farmers Insurance Exchange
4.75%		11/01/57	1,6		3,800,000		3,438,611
8.63%		05/01/24	1		942,000		1,125,304
Nationwide Mutual Insurance Co.
4.62%		12/15/24	1,6		3,825,000		3,839,344
Teachers Insurance & Annuity
Association of America
4.38%		09/15/54	1,6		3,425,000		3,448,093
							14,682,713
Materials — 0.68%
Axalta Coating Systems LLC
4.88%		08/15/24	1		3,150,000		3,102,750
Dow Chemical Co. (The)
8.55%		05/15/19			5,000,000		5,171,353
Fresnillo PLC, Series REGS
(United Kingdom)
5.50%		11/13/23	3		500,000		515,300
Georgia-Pacific LLC
2.54%		11/15/19	1		10,000,000		9,933,355
Gerdau Holdings, Inc., Series REGS
7.00%		01/20/20			457,000		478,136
Gold Fields Orogen Holdings BVI Ltd., Series
REGS (British Virgin Islands)
4.88%		10/07/20	3		250,000		250,400
SASOL Financing USA LLC
5.88%		03/27/24			1,200,000		1,224,109
Vale Overseas Ltd. (Cayman Islands)
4.38%		01/11/22	3		167,000		168,637

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Materials (continued)
Volcan Cia Minera SAA, Series REGS (Peru)
5.38%		02/02/22	3	$	300,000	$	304,170
							21,148,210
Real Estate Investment Trust (REIT) — 2.99%
Alexandria Real Estate Equities, Inc.
2.75%		01/15/20			5,000,000		4,956,111
3.45%		04/30/25			3,040,000		2,921,817
3.90%		06/15/23			2,500,000		2,510,837
4.60%		04/01/22			1,000,000		1,026,780
American Campus Communities
Operating Partnership LP
3.35%		10/01/20			1,735,000		1,726,781
3.63%		11/15/27			2,566,000		2,423,659
American Tower Corp.
3.00%		06/15/23			3,130,000		3,016,610
3.40%		02/15/19			10,000,000		10,020,255
AvalonBay Communities, Inc. (GMTN)
3.63%		10/01/20			1,500,000		1,506,235
Boston Properties LP
5.63%		11/15/20			1,750,000		1,820,602
5.88%		10/15/19			200,000		204,738
CC Holdings GS V LLC/Crown Castle
GS III Corp.
3.85%		04/15/23			3,000,000		2,983,251
Crown Castle International Corp.
3.20%		09/01/24			5,360,000		5,090,242
Greystar Student Housing Growth & Income
OP LP
4.60%		12/01/24			3,240,000		3,338,010
HCP, Inc.
3.75%		02/01/19			13,255,000		13,282,431
3.88%		08/15/24			3,100,000		3,033,043
4.25%		11/15/23			945,000		948,222
Healthcare Realty Trust, Inc.
3.88%		05/01/25			2,500,000		2,425,167
MGM Growth Properties Operating
Partnership LP/MGP Finance Co.-Issuer, Inc.
5.63%		05/01/24			2,000,000		2,057,500
Piedmont Operating Partnership LP
3.40%		06/01/23			5,160,000		4,956,366
Post Apartment Homes LP
3.38%		12/01/22			100,000		98,433
Reckson Operating Partnership LP
7.75%		03/15/20			2,375,000		2,509,841
SL Green Realty Corp.
4.50%		12/01/22			3,000,000		3,036,080
Ventas Realty LP
3.25%		10/15/26			5,000,000		4,626,890
3.75%		05/01/24			1,000,000		979,524

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 176

Unconstrained Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Real Estate Investment Trust (REIT) (continued)
VEREIT Operating Partnership LP
3.00%		02/06/19		$	1,200,000	$	1,199,582
WEA Finance LLC/Westfield UK & Europe Finance PLC
2.70%		09/17/19	1		1,500,000		1,495,999
3.25%		10/05/20	1		7,000,000		6,958,550
Welltower, Inc.
4.95%		01/15/21			1,020,000		1,045,891
6.13%		04/15/20			995,000		1,034,390
							93,233,837
Retail — 0.77%
Alimentation Couche-Tard, Inc. (Canada)
3.55%		07/26/27	1,3		2,210,000		2,075,141
BC ULC/New Red Finance, Inc. (Canada)
4.25%		05/15/24	1,3		2,355,000		2,237,250
Party City Holdings, Inc.
6.63%		08/01/26	1		1,318,000		1,337,770
Rite Aid Corp.
6.13%		04/01/23	1		3,988,000		3,594,185
Walgreens Boots Alliance, Inc.
2.70%		11/18/19			2,000,000		1,992,567
3.80%		11/18/24			5,824,000		5,756,538
Walmart, Inc.
3.55%		06/26/25			7,015,000		7,056,074
							24,049,525
Services — 0.22%
DP World Crescent, Ltd. (Cayman Islands)
4.85%		09/26/28	1,3		868,000		861,490
Gartner, Inc.
5.13%		04/01/25	1		500,000		504,705
GFL Environmental, Inc. (Canada)
5.38%		03/01/23	1,3		1,779,000		1,676,707
IHS Markit Ltd. (Bermuda)
4.00%		03/01/26	1,3		1,731,000		1,660,678
4.75%		08/01/28	3		2,000,000		2,009,160
							6,712,740
Transportation — 0.47%
America West Airlines Pass-Through Trust, Series 2001-1, Class G
7.10%		04/02/21			1,033,205		1,085,486
American Airlines Pass-Through Trust, Series 2011-1, Class A
5.25%		01/31/21			32,440		33,537
American Airlines Pass-Through Trust, Series 2013-2, Class A
4.95%		01/15/23			1,616,017		1,652,931

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Transportation (continued)
American Airlines Pass-Through Trust, Series 2015-2, Class AA
3.60%		09/22/27		$	2,500,241	$	2,444,048
Avolon Holdings Funding Ltd. (Cayman Islands)
5.13%		10/01/23	1,3		2,163,000		2,191,725
Continental Airlines Pass-Through Trust, Series 1999-1, Class A
6.55%		02/02/19			913,015		923,889
Continental Airlines Pass-Through Trust, Series 1999-2, Class A
7.26%		03/15/20			753,711		774,890
Continental Airlines Pass-Through Trust, Series 2000-1, Class A1
8.05%		11/01/20			269,668		281,480
Continental Airlines Pass-Through Trust, Series 2000-2, Class A1
7.71%		04/02/21			273,518		288,036
Continental Airlines Pass-Through Trust, Series 2001-1, Class A1
6.70%		06/15/21			23,368		24,742
Continental Airlines Pass-Through Trust, Series 2007-1, Class A
5.98%		04/19/22			2,279,403		2,411,563
Continental Airlines Pass-Through Trust, Series 2012-1, Class B
6.25%		04/11/20			36,993		37,756
Delta Air Lines Pass-Through Trust, Series 2002-1, Class G1
6.72%		01/02/23			959,850		1,018,522
U.S. Airways Pass-Through Trust, Series 2001-1, Class G
7.08%		03/20/21			494,829		520,742
U.S. Airways Pass-Through Trust, Series 2010-1, Class A
6.25%		04/22/23			931,747		996,705
U.S. Airways Pass-Through Trust, Series 2012-1, Class A
5.90%		10/01/24			86,417		92,183
							14,778,235
Total Corporates (Cost $1,105,498,363)							1,088,063,174
FOREIGN GOVERNMENT OBLIGATIONS — 1.64%
Foreign Government Obligations — 1.64%
Argentine Republic Government International Bond (Argentina)
6.88%		04/22/21	3		1,014,000		978,510
Bahrain Government International Bond, Series REGS (Bahrain)
7.00%		10/12/28	3		501,000		501,000

See accompanying notes to Schedule of Portfolio Investments.

177 / Semi-Annual Report September 2018

Unconstrained Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Foreign Government Obligations (continued)
Brazilian Government International Bond (Brazil)
6.00%		04/07/26	3	$	3,100,000	$	3,188,381
Chile Government International Bond (Chile)
2.25%		10/30/22	3		5,200,000		4,997,408
Colombia Government International Bond (Colombia)
4.50%		01/28/26	3		5,100,000		5,205,825
Corp. Financiera de Desarrollo SA, Series REGS (Peru)
4.75%		07/15/25	3		2,000,000		2,018,800
Croatia Government International Bond, Series REGS (Croatia)
6.63%		07/14/20	3		2,300,000		2,419,025
Dominican Republic International Bond, Series REGS (Dominican Republic)
6.60%		01/28/24	3		3,750,000		3,977,813
Egypt Government International Bond (Egypt)
5.58%		02/21/23	1,3		815,000		792,587
Hazine Mustesarligi Varlik Kiralama AS, Series REGS (Turkey)
4.49%		11/25/24	3		270,000		239,625
Kazakhstan Government International Bond, Series REGS (EMTN) (Kazakhstan)
5.13%		07/21/25	3		4,650,000		5,014,123
Oman Government International Bond (Oman)
5.63%		01/17/28	1,3		3,120,000		3,073,487
Paraguay Government International Bond, Series REGS (Paraguay)
4.63%		01/25/23	3		950,000		960,688
Perusahaan Penerbit SBSN, Indonesia III (Indonesia)
4.35%		09/10/24	1,3		4,000,000		4,006,400
Qatar Government International Bond (Qatar)
4.50%		04/23/28	3		900,000		929,250
Republic of Azerbaijan International Bond, Series REGS (Azerbaijan)
4.75%		03/18/24	3		1,200,000		1,220,250
Russian Foreign Bond - Eurobond, Series REGS (Russia)
4.88%		09/16/23	3		4,200,000		4,344,900
Saudi Government International Bond (Saudi Arabia)
4.00%		04/17/25	1,3		2,200,000		2,208,800
South Africa Government International Bond (South Africa)
4.67%		01/17/24	3		900,000		881,010

Issues	Maturity Date			Principal Amount		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Foreign Government Obligations (continued)
Turkey Government International Bond (Turkey)
5.13%		03/25/22	3	$	2,700,000	$	2,571,037
Uruguay Government International Bond (Uruguay)
4.38%		10/27/27	3		1,357,835		1,383,226
Total Foreign Government Obligations (Cost $52,067,332)							50,912,145
MORTGAGE-BACKED — 44.98%**
Non-Agency Commercial
Mortgage-Backed — 7.45%
Banc of America Commercial Mortgage Trust, Series 2007-5, Class AJ
6.23%		02/10/51	6		6,192,699		6,348,260
Banc of America Merrill Lynch Commercial Mortgage Trust, Series 2018-PARK, Class A
4.09%		08/10/38	1,6		4,705,000		4,806,345
Banc of America Merrill Lynch Trust, Series 2011-FSHN, Class A
4.42%		07/11/33	1		4,970,000		5,106,844
Bayview Commercial Asset Trust,
Series 2004-2, Class A (LIBOR USD 1-Month plus 0.43%)
2.65%		08/25/34	1,2		1,121,442		1,102,788
BBCMS Trust, Series 2013-TYSN, Class A2
3.76%		09/05/32	1		4,675,000		4,715,088
Bear Stearns Commercial Mortgage Securities, Series Trust 2004-PWR5, Class F
5.48%		07/11/42	1,6		369,584		370,981
Citigroup Commercial Mortgage Trust, Series 2012-GC8, Class XA (IO)
1.97%		09/10/45	1,6		43,434,005		2,337,388
CityLine Commercial Mortgage Trust, Series 2016-CLNE, Class A
2.87%		11/10/31	1,6		4,900,000		4,728,378
Commercial Mortgage Trust, Series 2006-C8, Class AJ
5.38%		12/10/46			302,564		304,781
Commercial Mortgage Trust, Series 2012-CR4, Class XA (IO)
1.94%		10/15/45	6		49,145,102		2,919,956
Commercial Mortgage Trust, Series 2012-CR5, Class XA (IO)
1.69%		12/10/45	6		76,834,886		4,079,026
Commercial Mortgage Trust, Series 2013-300P, Class A1
4.35%		08/10/30	1		2,840,000		2,946,012

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 178

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Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Commercial
Mortgage-Backed (continued)
Commercial Mortgage Trust, Series 2013-LC6, Class XA (IO)
1.51%		01/10/46	6	$	37,484,431	$	1,769,651
Commercial Mortgage Trust, Series 2014-277P, Class A
3.73%		08/10/49	1,6		6,275,000		6,280,051
GE Business Loan Trust, Series 2006-2A, Class A
0.51%		11/15/34	1		9,049,072		8,894,727
GE Business Loan Trust, Series 2007-1A, Class A (LIBOR USD 1-Month plus 0.17%)
2.33%		04/15/35	1,2		4,033,299		3,958,391
GRACE Mortgage Trust, Series 2014-GRCE, Class A
3.37%		06/10/28	1		1,875,000		1,876,770
GS Mortgage Securities Corp. II, Series 2013-KING, Class A
2.71%		12/10/27	1		2,521,662		2,514,539
GS Mortgage Securities Trust, Series 2010-C1, Class X (IO)
1.50%		08/10/43	1,6		41,790,570		802,521
GS Mortgage Securities Trust, Series 2012-ALOH, Class A
3.55%		04/10/34	1		6,500,000		6,525,936
GS Mortgage Securities Trust, Series 2012-GC6, Class XA (IO)
2.14%		01/10/45	1,6		52,666,069		2,681,609
JPMBB Commercial Mortgage Securities Trust, Series 2013-C14, Class A2
3.02%		08/15/46			3,407,339		3,407,773
JPMBB Commercial Mortgage Securities Trust, Series 2013-C14, Class XA (IO)
0.73%		08/15/46	6		91,206,154		1,957,580
JPMBB Commercial Mortgage Securities Trust, Series 2013-C15, Class XA (IO)
1.33%		11/15/45	6		22,723,966		872,184
JPMBB Commercial Mortgage Securities Trust, Series 2014-C19, Class A2
3.05%		04/15/47			15,292,963		15,297,774
JPMorgan Chase Commercial Mortgage
Securities Trust, Series 2009-IWST, Class XA (IO)
1.85%		12/05/27	1,6		49,809,152		1,044,070
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2010-C1, Class A2
4.61%		06/15/43	1		11,666,650		11,839,041
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2010-CNTR, Class A2
4.31%		08/05/32	1		5,681,664		5,796,295

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Commercial
Mortgage-Backed (continued)
JPMorgan Chase Commercial Mortgage
Securities Trust, Series 2011-C3, Class XA (IO)
1.15%		02/15/46	1,6	$	19,570,823	$	370,551
JPMorgan Chase Commercial Mortgage
Securities Trust, Series 2013-LC11, Class XA (IO)
1.41%		04/15/46	6		13,021,391		601,048
JPMorgan Chase Commercial Mortgage
Securities Trust, Series 2014-C20, Class A3A2
3.47%		07/15/47	1		13,490,000		13,572,354
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2018-BCON, Class A
3.73%		01/05/31	1		4,240,000		4,277,456
JPMorgan Chase Commercial Mortgage
Securities Trust, Series 2012-CIBX, Class A3
3.14%		06/15/45			447,080		446,981
Lehman Brothers Small Balance Commercial
Mortgage Trust, Series 2005-2A, Class 1A (LIBOR USD 1-Month plus
0.25%) 2.47%		09/25/30	1,2		177,479		177,318
Lehman Brothers Small Balance Commercial
Mortgage Trust, Series 2007-2A, Class 1A4 (LIBOR USD 1-Month plus 0.25%)
2.47%		06/25/37	1,2		2,800,087		2,771,661
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2012-C6, Class A3
2.51%		11/15/45			431,856		428,796
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2012-C6, Class A4
2.86%		11/15/45			1,360,000		1,336,132
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C12, Class XA (IO)
0.81%		10/15/46	6		37,429,824		892,316
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C7, Class XA (IO)
1.50%		02/15/46	6		11,242,126		533,179
Morgan Stanley Capital I Trust, Series 2011-C3, Class A3
4.05%		07/15/49			5,227,052		5,261,038
Morgan Stanley Capital I Trust, Series 2014-CPT, Class A
3.35%		07/13/29	1		6,715,000		6,715,552
Morgan Stanley Capital I Trust, Series 2015-420, Class A
3.73%		10/12/50	1		7,000,000		6,941,533
RBS Commercial Funding, Inc., Trust, Series 2013-GSP, Class A
3.96%		01/13/32	1,6		3,460,000		3,498,335

See accompanying notes to Schedule of Portfolio Investments.

179 / Semi-Annual Report September 2018

Unconstrained Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Commercial
Mortgage-Backed (continued)
SFAVE Commercial Mortgage Securities Trust, Series 2015-5AVE, Class XA (IO)
0.45%		01/05/43	1,6	$	28,685,000	$	1,686,385
TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class AJ
5.48%		08/15/39	6		447,082		448,298
VNDO Mortgage Trust, Series 2012-6AVE, Class A
3.00%		11/15/30	1		4,370,000		4,304,824
VNDO Mortgage Trust, Series 2013-PENN, Class A
3.81%		12/13/29	1		3,314,000		3,345,443
Wells Fargo Commercial Mortgage Trust 2014-LC16 (IO)
1.50%		08/15/50	6		62,453,137		2,783,849
Wells Fargo Commercial Mortgage Trust, Series 2010-C1, Class A2
4.39%		11/15/43	1		21,025,000		21,416,626
Wells Fargo Commercial Mortgage Trust, Series 2013-120B, Class A
2.80%		03/18/28	1,6		3,845,000		3,803,582
WFRBS Commercial Mortgage Trust, Series 2012-C10, Class ASB
2.45%		12/15/45			9,503,743		9,378,540
WF-RBS Commercial Mortgage Trust, Series 2011-C4, Class A3
4.39%		06/15/44	1		453,755		455,984
WF-RBS Commercial Mortgage Trust, Series 2011-C5, Class A3
3.53%		11/15/44			8,510,668		8,550,466
WF-RBS Commercial Mortgage Trust, Series 2011-C5, Class XA (IO)
1.90%		11/15/44	1,6		22,103,125		918,716
WF-RBS Commercial Mortgage Trust, Series 2012-C10, Class XA (IO)
1.72%		12/15/45	1,6		31,815,758		1,683,556
WF-RBS Commercial Mortgage Trust, Series 2012-C8, Class XA (IO)
2.00%		08/15/45	1,6		47,593,513		2,676,224
WF-RBS Commercial Mortgage Trust, Series 2012-C9, Class XA (IO)
2.05%		11/15/45	1,6		43,024,129		2,701,700
WF-RBS Commercial Mortgage Trust, Series 2013-C14, Class XA (IO)
0.87%		06/15/46	6		78,335,921		2,198,498
WF-RBS Commercial Mortgage Trust, Series 2014-C23, Class XA (IO)
0.78%		10/15/57	6		95,045,913		2,640,480
							232,102,180

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed — 25.21%
Aames Mortgage Investment Trust,
Series 2006-1, Class A4 (LIBOR USD 1-Month plus 0.56%)
2.78%		04/25/36	2	$	2,082,000	$	2,087,950
Accredited Mortgage Loan Trust,
Series 2006-1, Class A4 (LIBOR USD 1-Month plus 0.28%)
2.50%		04/25/36	2		5,239,597		5,113,008
ACE Securities Corp. Home Equity Loan
Trust, Series 2006-OP2, Class A2C (LIBOR USD 1-Month plus 0.15%)
2.37%		08/25/36	2		570,567		561,167
ACE Securities Corp. Home Equity Loan
Trust, Series 2007-ASP1, Class A2D (LIBOR USD 1-Month plus 0.38%)
2.60%		03/25/37	2		3,093,865		1,943,441
Adjustable Rate Mortgage Trust, Series 2005-4, Class 5A1
3.83%		08/25/35	6		3,180,735		2,916,954
Adjustable Rate Mortgage Trust,
Series 2005-5, Class 6A21 (LIBOR USD 1-Month plus 0.23%)
2.45%		09/25/35	2		121,379		121,513
Adjustable Rate Mortgage Trust, Series 2007-1, Class 1A1
4.09%		03/25/37	6		3,598,347		3,389,740
Asset-Backed Funding Certificates,
Series 2007-NC1, Class A2 (LIBOR USD 1-Month plus 0.30%)
2.52%		05/25/37	1,2		6,001,073		5,871,342
Asset-Backed Funding Certificates,
Series 2007-WMC1, Class A2B (LIBOR USD 1-Month plus 1.00%)
3.22%		06/25/37	2		4,886,695		4,225,890
Asset-Backed Securities Corp. Home Equity
Loan Trust, Series 2004-HE9, Class M1 (LIBOR USD 1-Month plus 0.98%)
3.19%		12/25/34	2		1,932,352		1,899,801
Asset-Backed Securities Corp. Home Equity
Loan Trust, Series 2006-HE1, Class A4 (LIBOR USD 1-Month plus 0.30%)
2.52%		01/25/36	2		5,000,000		4,799,471
Asset-Backed Securities Corp. Home Equity
Loan Trust, Series 2006-HE5, Class A5 (LIBOR USD 1-Month plus 0.24%)
2.46%		07/25/36	2		9,754,000		9,086,012
Banc of America Alternative Loan Trust, Series 2003-8, Class 1CB1
5.50%		10/25/33			1,195,874		1,231,326
Banc of America Alternative Loan Trust, Series 2005-2, Class 4A1
5.50%		03/25/20			37,036		36,239

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 180

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Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Banc of America Funding Trust, Series 2004-B, Class 5A1
4.35%		11/20/34	6	$	460,817	$	452,626
Banc of America Funding Trust, Series 2006-D, Class 3A1
3.91%		05/20/36	6		1,555,580		1,504,664
Banc of America Funding Trust,
Series 2006-G, Class 2A1 (LIBOR USD 1-Month plus 0.22%)
2.39%		07/20/36	2		1,681,866		1,678,628
Banc of America Funding Trust,
Series 2006-G, Class 2A4 (LIBOR USD 1-Month plus 0.29%)
2.46%		07/20/36	2		6,716,917		6,722,562
Banc of America Funding Trust, Series 2015-R3, Class 6A2
2.23%		05/27/36	1,6		17,125,272		15,820,092
Banc of America Funding Trust, Series 2016-R1, Class A1
2.50%		03/25/40	1,6		5,451,604		5,306,389
Banc of America Mortgage Securities, Inc., Series 2005-K, Class 2A1
3.70%		12/25/35	6		2,139,865		2,107,650
BCAP LLC Trust, Series 2007-AA1, Class 2A1 (LIBOR USD 1-Month plus 0.18%)
2.40%		03/25/37	2		5,344,234		5,264,951
BCAP LLC Trust, Series 2014-RR2, Class 6A1
(LIBOR USD 1-Month plus 0.24%)
2.30%		10/26/36	1,2		12,080,887		11,980,659
Bear Stearns ALT-A Trust, Series 2005-1, Class M1
(LIBOR USD 1-Month plus 0.75%)
2.97%		01/25/35	2		14,935,000		15,027,178
Bear Stearns ALT-A Trust, Series 2005-2, Class 2A4
3.89%		04/25/35	6		2,406,480		2,405,724
Bear Stearns ALT-A Trust, Series 2005-8, Class 11A1
(LIBOR USD 1-Month plus 0.54%)
2.76%		10/25/35	2		11,869,617		11,665,167
Bear Stearns ARM Trust, Series 2005-9, Class A1
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year plus 2.30%)
4.73%		10/25/35	2		3,720,449		3,773,033
Bear Stearns Asset-Backed Securities I Trust, Series 2005-AC6, Class 1A3
5.50%		09/25/35	6		589,437		590,947

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Bear Stearns Asset-Backed Securities I Trust, Series 2006-AC2, Class 21A3
6.00%		03/25/36		$	111,817	$	124,665
Bear Stearns Mortgage Funding Trust,
Series 2007-AR4, Class 1A1
(LIBOR USD 1-Month plus 0.20%)
2.42%		09/25/47	2		11,731,976		11,505,921
Carrington Mortgage Loan Trust,
Series 2006-OPT1, Class M1 (LIBOR USD 1-Month plus 0.35%)
2.57%		02/25/362			3,620,000		3,604,426
Centex Home Equity Loan Trust,
Series 2006-A, Class AV4 (LIBOR USD 1-Month plus 0.25%)
2.47%		06/25/36	2		3,643,823		3,654,227
Chase Mortgage Finance Trust, Series 2007-A1, Class 8A1
4.14%		02/25/37	6		1,324,877		1,362,486
CIM Trust, Series 2016-4, Class A1 (LIBOR USD 1-Month plus 2.00%)
4.10%		10/25/57	1,2		8,664,483		8,991,103
CIM Trust, Series 2017-5, Class A1
2.30%		05/25/57	1,6		6,041,858		5,973,380
CIM Trust, Series 2017-8, Class A1
3.00%		12/25/65	1,6		15,779,163		15,532,943
CIM Trust, Series 2018-R4, Class A1
4.07%		12/26/57	1,6		14,373,318		14,363,303
CIM Trust, Series 2018-R5, Class A1
3.75%		07/25/58	1,6		14,985,038		14,878,966
Citigroup Mortgage Loan Trust, Inc.,
Series 2005-9, Class 1A1 (LIBOR USD 1-Month plus 0.26%)
2.48%		11/25/35	2		82,525		67,107
Citigroup Mortgage Loan Trust, Inc.,
Series 2006-WFH2, Class A2A (LIBOR USD 1-Month plus 0.15%)
2.37%		08/25/36	2		9,916		9,938
Citigroup Mortgage Loan Trust, Inc.,
Series 2006-WFH2, Class M1 (LIBOR USD 1-Month plus 0.27%)
2.49%		08/25/36	2		8,972,899		9,206,749
Citigroup Mortgage Loan Trust, Inc.,
Series 2006-WFH3, Class M1 (LIBOR USD 1-Month plus 0.29%)
2.51%		10/25/36	2		10,569,259		10,708,757
Citigroup Mortgage Loan Trust, Inc.,
Series 2007-WFH1, Class A4 (LIBOR USD 1-Month plus 0.20%)
2.42%		01/25/37	2		2,895,403		2,904,543

See accompanying notes to Schedule of Portfolio Investments.

181 / Semi-Annual Report September 2018

Unconstrained Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Citigroup Mortgage Loan Trust, Series 2006-AR3, Class 1A2A
4.05%		06/25/36	6	$	371,203	$	357,768
Citigroup Mortgage Loan Trust, Series 2006-HE2, Class A2D
(LIBOR USD 1-Month plus 0.24%)
2.46%		08/25/36	2		1,804,119		1,788,041
Citigroup Mortgage Loan Trust, Series 2006-NC1, Class A2C
(LIBOR USD 1-Month plus 0.14%)
2.36%		08/25/36	2		231,296		229,363
Citigroup Mortgage Loan Trust, Series 2007-WFHE2, Class A4
(LIBOR USD 1-Month plus 0.35%)
2.57%		03/25/37	2		4,887,161		4,893,053
Conseco Finance Corp., Series 1998-6, Class A8
6.66%		06/01/30	6		26,864		28,207
Countrywide Alternative Loan Trust, Series 2005-76, Class 1A1
(Federal Reserve US 12-Month Cumulative Average plus 1.48%)
3.32%		01/25/36	2		5,554,987		5,731,713
Countrywide Alternative Loan Trust, Series 2006-HY12, Class A5
3.85%		08/25/36	6		5,839,478		6,008,836
Countrywide Asset-Backed Certificates, Series 2004-15, Class MV4
(LIBOR USD 1-Month plus 1.28%)
3.49%		04/25/35	2		4,428,758		4,485,675
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-HYB7, Class 3A
4.47%		11/20/34	6		16,923		17,242
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-3, Class 1A2
(LIBOR USD 1-Month plus 0.58%)
2.80%		04/25/35	2		5,739,871		5,673,243
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-9, Class 1A1
(LIBOR USD 1-Month plus 0.60%)
2.82%		05/25/35	2		125,002		117,868
Credit Suisse First Boston Mortgage Securities Corp., Series 2003-AR26, Class 3A1
3.76%		11/25/33	6		1,011,473		1,010,363
Credit Suisse First Boston Mortgage Securities Corp., Series 2005-11, Class 1A1
6.50%		12/25/35			826,743		692,963

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates, Series 2004-AR5, Class 9A1
3.19%		06/25/34	6	$	110,692	$	108,973
Credit Suisse Mortgage Capital, Mortgage-Backed Trust, Series 2006-8, Class 3A1
6.00%		10/25/21			97,340		89,510
Credit-Based Asset Servicing and Securitization LLC, Mortgage Loan Trust, Series 2007-CB2, Class A2B (STEP-reset date 11/25/18)
4.10%		02/25/37			6,700,585		5,329,062
Credit-Based Asset Servicing and Securitization LLC, Mortgage Loan Trust, Series 2007-CB2, Class A2C (STEP-reset date 11/25/18)
4.10%		02/25/37			1,603,729		1,275,325
Credit-Based Asset Servicing and Securitization LLC, Mortgage Loan Trust, Series 2007-CB3, Class A3 (STEP-reset date 11/25/18)
3.85%		03/25/37			3,651,518		2,182,298
Credit-Based Asset Servicing and Securitization LLC, Series 2006-CB2, Class AF3 (STEP-reset date 08/25/18)
3.47%		12/25/36			947,779		826,565
Credit-Based Asset Servicing and Securitization LLC, Series 2006-CB9, Class A2
(LIBOR USD 1-Month plus 0.11%)
2.33%		11/25/36	2		10,069,195		6,600,826
Credit-Based Asset Servicing and
Securitization LLC, Series 2007-CB1, Class AF2 (STEP-reset date 08/25/18)
3.63%		01/25/37			1,112,854		563,978
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB4, Class A1A
(LIBOR USD 1-Month plus 0.09%)
2.31%		04/25/37	2		3,751,684		3,532,540
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB5, Class A1
(LIBOR USD 1-Month plus 0.06%)
2.28%		04/25/37	2		1,998,813		1,431,461
DSLA Mortgage Loan Trust, Series 2004-AR4, Class 2A1A
(LIBOR USD 1-Month plus 0.36%)
2.53%		01/19/45	2		1,095,921		1,047,463
DSLA Mortgage Loan Trust, Series 2005-AR6, Class 2A1A
(LIBOR USD 1-Month plus 0.29%)
2.46%		10/19/45	2		6,015,817		6,054,484

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 182

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Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
DSLA Mortgage Loan Trust, Series 2006-AR2, Class 2A1A
(LIBOR USD 1-Month plus 0.20%)
2.37%		10/19/36	2	$	6,794,220	$	6,169,112
DSLA Mortgage Loan Trust, Series 2007-AR1, Class 2A1A
(LIBOR USD 1-Month plus 0.14%)
2.31%		04/19/47	2		2,547,865		2,511,004
First Franklin Mortgage Loan Trust, Series 2006-FF13, Class A2C
(LIBOR USD 1-Month plus 0.16%)
2.38%		10/25/36	2		1,095,344		818,603
First Franklin Mortgage Loan Trust, Series 2006-FF18, Class A2D
(LIBOR USD 1-Month plus 0.21%)
2.43%		12/25/37	2		1,747,679		1,541,615
First Franklin Mortgage Loan Trust, Series 2007-FF2, Class A2B
(LIBOR USD 1-Month plus 0.10%)
2.32%		03/25/37	2		848,898		554,136
First Franklin Mortgage Loan Trust, Series 2006-FF4, Class A3 (LIBOR USD 1-Month plus 0.28%)
2.62%		03/25/36	2		15,096,000		14,887,920
First Horizon Alternative Mortgage Securities Trust, Series 2004-AA3, Class A1
4.17%		09/25/34	6		749,406		745,015
First Horizon Alternative Mortgage Securities Trust, Series 2004-AA3, Class A3
4.17%		09/25/34	6		1,152,352		1,145,601
First Horizon Alternative Mortgage Securities Trust, Series 2005-AA10, Class 1A1
3.87%		12/25/35	6		2,030,532		1,877,122
First Horizon Alternative Mortgage Securities Trust, Series 2005-AA12, Class 2A1
4.04%		02/25/36	6		3,030,992		2,668,434
First Horizon Alternative Mortgage Securities Trust, Series 2005-AA2, Class 2A1
4.06%		04/25/35	6		3,480,873		3,492,500
First Horizon Alternative Mortgage Securities Trust, Series 2005-AA3, Class 3A1
3.80%		05/25/35	6		3,548,745		3,621,121
First Horizon Alternative Mortgage Securities Trust, Series 2005-AA7, Class 2A1
4.11%		09/25/35	6		4,408,923		4,270,664
First Horizon Alternative Mortgage Securities Trust, Series 2005-AA8, Class 2A1
4.13%		10/25/35	6		4,975,150		4,271,155
First Horizon Alternative Mortgage Securities Trust, Series 2005-AA9, Class 2A1
3.77%		11/25/35	6		2,742,507		2,684,511

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
First Horizon Alternative Mortgage Securities Trust, Series 2006-AA1, Class 1A1
4.14%		03/25/36	6	$	3,425,291	$	3,059,614
First Horizon Alternative Mortgage Securities Trust, Series 2006-AA7, Class A1
3.90%		01/25/37	6		4,834,318		4,413,592
First Horizon Mortgage Pass-Through Trust, Series 2005-AR4, Class 1A1
4.43%		09/25/35	6		4,336,318		3,997,611
First Horizon Mortgage Pass-Through Trust, Series 2005-AR4, Class 2A1
4.04%		10/25/35	6		191,768		186,216
First Horizon Mortgage Pass-Through Trust, Series 2005-AR5, Class 2A1
3.69%		11/25/35	6		2,252,284		2,212,863
First Horizon Mortgage Pass-Through Trust, Series 2007-AR2, Class 1A2
4.33%		08/25/37	6		175,857		146,540
GMACM Mortgage Corp. Loan Trust, Series 2005-AR5, Class 2A1
4.64%		09/19/35	6		2,089,861		1,876,834
GMACM Mortgage Corp. Loan Trust, Series 2005-AR5, Class 3A1
4.29%		09/19/35	6		2,589,392		2,484,292
GMACM Mortgage Corp. Loan Trust, Series 2006-AR1, Class 1A1
3.80%		04/19/36	6		3,375,839		3,165,940
GreenPoint Mortgage Funding Trust, Series 2005-HY1, Class 2A
(LIBOR USD 1-Month plus 0.29%)
2.51%		07/25/35	2		2,086,189		2,071,605
GreenPoint Mortgage Funding Trust, Series 2006-AR8, Class 1A2A7
0.00%		4,8,†			1,060,000		—
GreenPoint Mortgage Funding Trust, Series 2007-AR1, Class 2A1A
(LIBOR USD 1-Month plus 0.20%)
2.42%		03/25/47	2		8,458,937		8,165,418
GSAMP Trust, Series 2005-HE5, Class M2
(LIBOR USD 1-Month plus 0.43%)
2.65%		11/25/35	2		8,184,918		8,219,296
GSR Mortgage Loan Trust, Series 2005-7F, Class 3A3 (IO) LIBOR USD 1-Month
3.28%		09/25/35	2,4,5		31,152		613
GSR Mortgage Loan Trust, Series 2005-AR4, Class 5A1
4.29%		07/25/35	6		1,405,120		1,318,693
GSR Mortgage Loan Trust, Series 2006-AR2, Class 2A1
3.60%		04/25/36	6		320,067		291,301

See accompanying notes to Schedule of Portfolio Investments.

183 / Semi-Annual Report September 2018

Unconstrained Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
GSR Mortgage Loan Trust, Series 2007-AR2, Class 5A1A
3.96%		05/25/37	6	$	1,465,218	$	1,323,571
HarborView Mortgage Loan Trust, Series 2006-7, Class 1A
(LIBOR USD 1-Month plus 0.21%)
2.38%		09/19/46	2		16,979,536		15,852,999
HarborView Mortgage Loan Trust, Series 2007-6, Class 1A1A
(LIBOR USD 1-Month plus 0.20%)
2.37%		08/19/37	2		17,641,293		16,734,954
Home Equity Mortgage Loan Asset-Backed Trust, Series 2005-D, Class AII4
(LIBOR USD 1-Month plus 0.35%)
2.57%		03/25/36	2		8,957,362		8,879,519
Impac CMB Trust, Series 2005-2, Class 1A1
(LIBOR USD 1-Month plus 0.52%)
2.74%		04/25/35	2		5,705,452		5,686,810
IndyMac Index Mortgage Loan Trust, Series 2005-AR19, Class A1
3.78%		10/25/35	6		3,165,339		2,719,459
IndyMac Index Mortgage Loan Trust, Series 2006-AR27, Class 1A3
(LIBOR USD 1-Month plus 0.27%)
2.49%		10/25/36	2		8,420,768		5,719,289
IndyMac Index Mortgage Loan Trust, Series 2006-AR7, Class 3A1
3.83%		05/25/36	6		620,389		553,643
IndyMac Index Mortgage Loan Trust, Series 2006-AR9, Class 3A3
3.62%		06/25/36	6		5,332,191		5,087,613
IndyMac Manufactured Housing Contract Pass-Through Certificates, Series 1998-1, Class A4
6.49%		09/25/28			62,350		66,354
JPMorgan Mortgage Acquisition Trust, Series 2006-ACC1, Class M1
(LIBOR USD 1-Month plus 0.27%)
2.49%		05/25/36	2		8,497,000		8,597,478
JPMorgan Mortgage Acquisition Trust, Series 2006-CH1, Class M2
(LIBOR USD 1-Month plus 0.29%)
2.51%		07/25/36	2		12,135,000		11,917,569
JPMorgan Mortgage Acquisition Trust, Series 2007-CH1, Class MV1
(LIBOR USD 1-Month plus 0.23%)
2.45%		11/25/36	2		8,500,000		8,508,083
JPMorgan Mortgage Acquisition Trust, Series 2007-CH1, Class MV3
(LIBOR USD 1-Month plus 0.32%)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
2.54%		11/25/36	2	$	14,417,000	$	14,541,272
JPMorgan Mortgage Acquisition Trust, Series 2007-CH5, Class A4
(LIBOR USD 1-Month plus 0.16%)
2.38%		06/25/36	2		4,723,291		4,707,537
JPMorgan Mortgage Trust, Series 2005-A6, Class 7A1
4.38%		08/25/35	6		63,450		62,240
JPMorgan Mortgage Trust, Series 2006-A3, Class 2A1
3.78%		05/25/36	6		52,168		50,062
JPMorgan Mortgage Trust, Series 2006-S2, Class 2A2
5.88%		06/25/21			225,878		215,652
JPMorgan Mortgage Trust, Series 2007-S1, Class 1A2
5.50%		03/25/22			128,335		142,786
Legacy Mortgage Asset Trust, Series 2017-RPL1, Class A
(LIBOR USD 1-Month plus 1.75%)
3.99%		01/28/70	1,2		17,562,585		17,934,727
Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class A3
4.35%		04/15/40			2,823		2,841
Lehman XS Trust, Series 2005-4, Class 1A3
(LIBOR USD 1-Month plus 0.80%)
3.02%		10/25/35	2		112,980		112,130
Lehman XS Trust, Series 2005-5N, Class 3A1A
(LIBOR USD 1-Month plus 0.30%)
2.52%		11/25/35	2		6,147,808		6,106,781
Lehman XS Trust, Series 2006-GP2, Class 1A5A
(LIBOR USD 1-Month plus 0.21%)
2.43%		06/25/46	2		9,083,747		8,955,874
Lehman XS Trust, Series 2007-18N, Class 1A1
(LIBOR USD 1-Month plus 0.85%)
3.07%		10/25/37	2		8,963,134		8,950,231
MASTR Adjustable Rate Mortgages Trust, Series 2003-7, Class 3A1
3.32%		11/25/33	6		396,738		421,352
MASTR Adjustable Rate Mortgages Trust, Series 2004-15, Class 8A1
5.29%		10/25/34	6		584,503		597,608
MASTR Adjustable Rate Mortgages Trust, Series 2004-3, Class 3A3
3.81%		04/25/34	6		86,041		86,445
MASTR Adjustable Rate Mortgages Trust, Series 2006-2, Class 4A1
4.22%		02/25/36	6		86,653		84,350

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 184

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Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
MASTR Adjustable Rate Mortgages Trust, Series 2007-2, Class A27
0.00%		03/25/47	4,5,8,†	$	20,725,600	$	—
MASTR Asset-Backed Securities Trust, Series 2007-HE1, Class A4
(LIBOR USD 1-Month plus 0.28%)
2.50%		05/25/37	2		3,150,000		2,300,105
Merrill Lynch Alternative Note Asset Trust, Series 2007-A3, Class A2D
(LIBOR USD 1-Month plus 0.33%)
2.55%		04/25/37	2,4,5		883,581		92,362
Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-4, Class 2A4
(LIBOR USD 1-Month plus 0.25%)
2.47%		07/25/37	2		1,333,614		894,083
Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-FF1, Class A2D
(LIBOR USD 1-Month plus 0.22%)
2.44%		01/25/38	2		5,928,482		4,489,728
Merrill Lynch Mortgage Investors Trust, Series 2003-A6, Class 2A
4.28%		10/25/33	6		233,369		236,353
Merrill Lynch Mortgage-Backed Securities Trust, Series 2007-2, Class 1A1
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year plus 2.40%)
4.87%		08/25/36	2		2,139,384		2,096,319
Mid-State Capital Corp., Series 2004-1, Class B
8.90%		08/15/37			69,593		78,855
Morgan Stanley Capital I, Inc., Trust, Series 2006-NC2, Class A2D
(LIBOR USD 1-Month plus 0.29%)
2.51%		02/25/36	2		3,373,525		3,363,880
Morgan Stanley Home Equity Loan Trust, Series 2006-2, Class A4
(LIBOR USD 1-Month plus 0.28%)
2.50%		02/25/36	2		3,793,423		3,790,275
Morgan Stanley Mortgage Loan Trust, Series 2004-7AR, Class 2A4
3.94%		09/25/34	6		569,366		578,756
Morgan Stanley Mortgage Loan Trust, Series 2005-6AR, Class 1A1
(LIBOR USD 1-Month plus 0.28%)
2.50%		11/25/35	2		52,022		52,353
Morgan Stanley Mortgage Loan Trust, Series 2006-2, Class 1A
5.25%		02/25/21			194,484		192,137
Morgan Stanley Resecuritization Trust, Series 2013-R3, Class 12A
3.59%		01/26/47	1,6		26,968		27,057

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Morgan Stanley Resecuritization Trust, Series 2014-R9, Class 3A
(Federal Reserve US 12-Month Cumulative Average plus 0.84%)
2.59%		11/26/46	1,2	$	3,378,046	$	3,315,993
MortgageIT Trust, Series 2005-2, Class 2A
(LIBOR USD 1-Month plus 1.65%)
3.75%		05/25/35	2		1,937,013		1,935,486
MortgageIT Trust, Series 2005-4, Class A1
(LIBOR USD 1-Month plus 0.28%)
2.50%		10/25/35	2		3,726,467		3,674,449
MortgageIT Trust, Series 2005-5, Class A1
(LIBOR USD 1-Month plus 0.26%)
2.48%		12/25/35	2		649,192		644,928
New Century Home Equity Loan Trust, Series 2005-D, Class A2D
(LIBOR USD 1-Month plus 0.33%)
2.55%		02/25/36	2		3,463,573		3,438,509
New York Mortgage Trust, Series 2005-3, Class A1
(LIBOR USD 1-Month plus 0.48%)
2.70%		02/25/36	2		895,025		888,616
Nomura Asset Acceptance Corp., Series 2005-AR4, Class 4A1
4.65%		08/25/35	6		4,749,343		4,767,194
Nomura Resecuritization Trust, Series 2016-2R, Class 1A1
2.21%		09/26/36	1,6		5,605,963		5,502,020
Nomura Resecuritization Trust, Series 2011-2RA, Class 1A2
3.81%		12/26/46	1,6		6,846,020		6,792,476
Oakwood Mortgage Investors, Inc., Series 2000-A, Class A5
8.16%		09/15/29	6		11,029,014		6,453,962
Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates, Series 2005-3, Class M2
(LIBOR USD 1-Month plus 0.48%)
2.70%		07/25/35	2		11,301,000		10,583,494
Ownit Mortgage Loan Trust, Series 2006-2, Class A1
(LIBOR USD 1-Month plus 0.21%)
2.43%		01/25/37	2		12,683,185		12,112,170
Popular ABS Mortgage Pass-Through Trust, Series 2007-A, Class A3
(LIBOR USD 1-Month plus 0.31%)
2.53%		06/25/47	2		5,152,000		4,186,561
RAAC Trust, Series 2005-SP1, Class 4A1
7.00%		09/25/34			117,093		117,831

See accompanying notes to Schedule of Portfolio Investments.

185 / Semi-Annual Report September 2018

Unconstrained Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Residential Accredit Loans Trust, Series 2005-QA13, Class 2A1
4.62%		12/25/35	6	$	2,916,847	$	2,666,726
Residential Accredit Loans Trust, Series 2005-QA4, Class A41
4.24%		04/25/35	6		154,552		146,810
Residential Accredit Loans Trust, Series 2005-QA7, Class A21
4.38%		07/25/35	6		1,424,518		1,351,062
Residential Accredit Loans Trust, Series 2005-QA8, Class CB21
4.63%		07/25/35	6		1,150,882		922,765
Residential Accredit Loans Trust, Series 2006-QS13, Class 2A1
5.75%		09/25/21			135,622		128,778
Residential Accredit Loans Trust, Series 2006-QS16, Class A6
6.00%		11/25/36			828,208		741,747
Residential Accredit Loans Trust, Series 2007-QS1, Class 2AV (IO)
0.18%		01/25/37	4,5,6		3,288,427		25,538
Residential Asset Securities Trust, Series 2004-KS9, Class AII4
(LIBOR USD 1-Month plus 0.60%)
2.82%		10/25/34	2		15,715		14,518
Residential Asset Securities Trust, Series 2005-KS9, Class M4
(LIBOR USD 1-Month plus 0.60%)
2.82%		10/25/35	2		5,465,000		5,462,761
Residential Asset Securitization Trust, Series 2006-A9CB, Class A9
6.00%		09/25/36			5,760,640		3,580,644
Residential Funding Mortgage Securities Trust, Series 2007-SA2, Class 1A
3.97%		04/25/37	6		325,348		219,652
Saxon Asset Securities Trust, Series 2005-4, Class M1
(LIBOR USD 1-Month plus 0.44%)
2.66%		11/25/37	2		8,400,000		8,426,807
Securitized Asset-Backed Receivables LLC Trust, Series 2006-CB1, Class AF4 (STEP-reset date 08/25/18)
3.47%		01/25/36			5,455,100		4,684,943
Securitized Asset-Backed Receivables LLC Trust, Series 2007-BR2, Class A2
(LIBOR USD 1-Month plus 0.23%)
2.45%		02/25/37	2		1,611,884		921,652
Securitized Asset-Backed Receivables LLC Trust, Series 2007-BR4, Class A2B
(LIBOR USD 1-Month plus 0.20%)
2.42%		05/25/37	2		2,774,557		1,856,673

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Securitized Asset-Backed Receivables LLC Trust, Series 2007-NC1, Class A2B
(LIBOR USD 1-Month plus 0.15%)
2.37%		12/25/36	2	$	8,011,788	$	4,849,818
Soundview Home Loan Trust, Series 2006-WF2, Class M1
(LIBOR USD 1-Month plus 0.22%)
2.44%		12/25/36	2		12,750,000		12,767,762
Soundview Home Loan Trust, Series 2007-WMC1, Class 3A3
(LIBOR USD 1-Month plus 0.26%)
2.48%		02/25/37	2		1,154,537		493,389
STRU TCW-1149 Coll
3.82%		11/01/30			15,550,000		15,682,097
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-12, Class 2A
4.24%		09/25/34	6		871,559		864,067
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, Class 4A2
4.14%		03/25/34	6		1,406,224		1,428,551
Structured Adjustable Rate Mortgage Loan Trust, Series 2005-12, Class 3A1
4.22%		06/25/35	6		1,787,369		1,742,964
Structured Adjustable Rate Mortgage Loan Trust, Series 2005-21, Class 2A
4.18%		11/25/35	6		1,641,572		1,560,396
Structured Adjustable Rate Mortgage Loan Trust, Series 2005-7, Class 1A3
3.93%		04/25/35	6		4,273,304		4,248,164
Structured Adjustable Rate Mortgage Loan Trust, Series 2006-11, Class 1A1
(LIBOR USD 1-Month plus 0.16%)
2.38%		12/25/36	2		176,696		166,587
Structured Asset Investment Loan Trust, Series 2004-6, Class A3
(LIBOR USD 1-Month plus 0.80%)
3.02%		07/25/34	2		17,210,208		17,101,805
Structured Asset Mortgage Investments II Trust, Series 2006-AR3, Class 22A1
3.70%		05/25/36	6		647,951		454,690
Structured Asset Mortgage Investments II Trust, Series 2006-AR5, Class 1A1
(LIBOR USD 1-Month plus 0.21%)
2.43%		05/25/36	2		521,733		482,363
Structured Asset Mortgage Investments, Inc., Series 2007-AR6, Class A1
(Federal Reserve US 12-Month Cumulative
Average plus 1.50%)
3.34%		08/25/47	2		12,527,152		11,972,673
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2005-2XS, Class 2A2
(LIBOR USD 1-Month plus 1.50%)

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 186

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Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
3.60%		02/25/35	2	$	170,878	$	168,762
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2005-4XS, Class 2A1A
(LIBOR USD 1-Month plus 1.75%)
3.85%		03/25/35	2		2,289,437		2,220,491
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2003-34A, Class 3A3
4.13%		11/25/33	6		89,310		89,977
Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-04, Class 3A1
4.28%		10/25/37	6		2,744,701		2,654,332
Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-S1, Class 2A1
4.21%		01/25/37	6		1,024,111		1,020,752
Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-S1, Class 5A1
4.18%		01/25/37	6		622,716		628,405
WaMu Asset-Backed Certificates, Series 2007-HE1, Class 2A2
(LIBOR USD 1-Month plus 0.11%)
2.33%		01/25/37	2		3,907,552		2,449,953
WaMu Mortgage Pass-Through Certificates, Series 2004-AR13, Class A1A
(LIBOR USD 1-Month plus 0.72%)
2.94%		11/25/34	2		258,529		260,681
WaMu Mortgage Pass-Through Certificates, Series 2004-AR14, Class A1
3.50%		01/25/35	6		964,530		991,491
WaMu Mortgage Pass-Through Certificates, Series 2004-AR6, Class A
(LIBOR USD 1-Month plus 0.42%)
2.64%		05/25/44	2		153,417		156,355
WaMu Mortgage Pass-Through Certificates, Series 2005-AR1, Class A1A
(LIBOR USD 1-Month plus 0.64%)
2.86%		01/25/45	2		273,012		282,048
WaMu Mortgage Pass-Through Certificates, Series 2005-AR11, Class A1A
(LIBOR USD 1-Month plus 0.32%)
2.54%		08/25/45	2		689,393		700,639
WaMu Mortgage Pass-Through Certificates, Series 2005-AR12, Class 1A6
4.02%		10/25/35	6		2,144,370		2,149,730
WaMu Mortgage Pass-Through Certificates, Series 2005-AR13, Class A1A1
(LIBOR USD 1-Month plus 0.29%)
2.51%		10/25/45	2		1,590,129		1,609,730
WaMu Mortgage Pass-Through Certificates, Series 2005-AR14, Class 2A1
3.71%		12/25/35	6		40,869		39,821

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
WaMu Mortgage Pass-Through Certificates, Series 2005-AR16, Class 1A3
3.44%		12/25/35	6	$	2,392,107	$	2,404,387
WaMu Mortgage Pass-Through Certificates, Series 2005-AR2, Class 2A21
(LIBOR USD 1-Month plus 0.33%)
2.55%		01/25/45	2		1,278,336		1,277,347
WaMu Mortgage Pass-Through Certificates, Series 2005-AR6, Class 2A1A
(LIBOR USD 1-Month plus 0.46%)
2.68%		04/25/45	2		1,373,729		1,385,574
WaMu Mortgage Pass-Through Certificates, Series 2005-AR9, Class A1A
(LIBOR USD 1-Month plus 0.64%)
2.86%		07/25/45	2		1,194,981		1,205,281
WaMu Mortgage Pass-Through Certificates, Series 2006-AR3, Class A1A
(Federal Reserve US 12-Month Cumulative Average plus 1.00%)
2.84%		02/25/46	2		7,593,627		7,608,752
WaMu Mortgage Pass-Through Certificates, Series 2006-AR4, Class 1A1A
(Federal Reserve US 12-Month Cumulative
Average plus 0.94%)
2.69%		05/25/46	2		3,163,551		3,191,022
WaMu Mortgage Pass-Through Certificates, Series 2006-AR7, Class 2A
(Federal Reserve US 12-Month Cumulative Average plus 0.98%)
2.82%		07/25/46	2		6,373,760		6,161,893
WaMu Mortgage Pass-Through Certificates, Series 2007-HY3, Class 1A1
3.14%		03/25/37	6		3,058,322		2,793,983
WaMu Mortgage Pass-Through Certificates, Series 2007-OA5, Class 1A
(Federal Reserve US 12-Month Cumulative Average plus 0.75%)
2.59%		06/25/47	2		2,383,732		2,288,730
Wells Fargo Alternative Loan Trust, Series 2007-PA5, Class 1A1
6.25%		11/25/37			3,774,480		3,695,574
Wells Fargo Home Equity Asset-Backed Securities, Series 2006-2, Class A4
(LIBOR USD 1-Month plus 0.25%)
2.47%		07/25/36	2		1,726,107		1,721,103
Wells Fargo Home Equity Asset-Backed Securities, Series 2007-1, Class A3
(LIBOR USD 1-Month plus 0.32%)
2.54%		03/25/37	2		4,690,000		3,854,479

See accompanying notes to Schedule of Portfolio Investments.

187 / Semi-Annual Report September 2018

Unconstrained Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR4, Class 1A1
4.22%		04/25/36	6	$	231,107	$	221,229
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR16, Class 7A1
4.56%		10/25/35	6		1,326,829		1,309,066
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR10, Class 5A2
4.23%		07/25/36	6		215,209		218,919
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR14, Class 2A1
4.60%		10/25/36	6		1,028,479		1,026,626
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR2, Class 2A1
3.96%		03/25/36	6		1,879,191		1,916,568
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR8, Class 3A2
3.78%		04/25/36	6		1,980,359		1,979,907
							785,293,589
U.S. Agency Commercial
Mortgage-Backed — 6.95%
Fannie Mae-Aces, Series 2003-M2, Class D
4.68%		01/25/33	6		529,336		535,168
Fannie Mae-Aces, Series 2009-M2, Class X (IO)
1.58%		01/25/19	6		16,118,374		29,189
Fannie Mae-Aces, Series 2010-M5, Class X (IO)
1.03%		07/25/20	6		17,627,386		265,344
Fannie Mae-Aces, Series 2011-M5, Class X (IO)
1.12%		07/25/21	6		64,377,376		1,698,671
Fannie Mae-Aces, Series 2012-M17, Class X2 (IO)
0.44%		11/25/22	6		122,255,655		1,483,572
Fannie Mae-Aces, Series 2012-M2, Class X (IO)
0.78%		02/25/22	6		70,178,035		1,258,187
Fannie Mae-Aces, Series 2012-M4, Class X1 (IO)
0.68%		04/25/22	6		72,063,113		1,046,522
Fannie Mae-Aces, Series 2016-M11, Class X2 (IO)
2.73%		07/25/39	6		85,261,769		4,154,030
Fannie Mae-Aces, Series 2016-M13, Class FA (IO)
(LIBOR USD 1-Month plus 0.67%)
2.74%		11/25/23	2		7,152,619		7,208,857

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Commercial Mortgage-Backed (continued)
Fannie Mae-Aces, Series 2016-M2, Class X3 (IO)
1.99%		04/25/36	6	$	26,360,776	$	1,240,854
Fannie Mae-Aces, Series 2016-M4, Class X2 (IO)
2.69%		01/25/39	6		34,376,334		2,865,439
Freddie Mac Multifamily Structured Pass Through Certificates, Series K157, Class A3
3.99%		08/25/33	6		9,550,000		9,698,116
Freddie Mac Multifamily Structured Pass Through Certificates, Series KC02, Class A1
3.25%		02/25/25			15,606,000		15,567,584
Freddie Mac Multifamily Structured Pass Through Certificates, Series Q007, Class APT1
3.00%		10/25/47	6		12,900,000		12,879,625
Freddie Mac Multifamily Structured Pass Through Certificates, Series Q007, Class APT2
3.33%		10/25/47	6		14,850,000		14,864,456
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K004, Class A2
4.19%		08/25/19			3,055,000		3,081,351
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K004, Class AX1 (IO)
1.43%		08/25/19	6		81,726,607		749,784
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K007, Class X1 (IO)
1.20%		04/25/20	6		49,650,275		619,079
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K008, Class X3 (IO)
5.44%		08/25/20	6		11,970,000		1,027,862
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K009, Class X2 (IO)
5.37%		09/25/40	6		10,498,652		963,545
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K015, Class X3 (IO)
2.90%		08/25/39	6		32,027,257		2,409,764
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K021, Class X3 (IO)
2.04%		07/25/40	6		19,350,000		1,346,176
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K022, Class X3 (IO)
1.87%		08/25/40	6		37,280,187		2,418,179

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 188

Unconstrained Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Commercial Mortgage-Backed (continued)
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K712, Class X3 (IO)
1.49%		05/25/40	6	$	79,541,384	$	1,329,705
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K719, Class X1 (IO)
0.57%		06/25/22	6		92,254,475		952,527
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KF09, Class A
(LIBOR USD 1-Month plus 0.38%)
2.49%		05/25/22	2		8,690,417		8,702,414
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KF10, Class A
(LIBOR USD 1-Month plus 0.38%)
2.49%		07/25/22	2		8,385,558		8,409,376
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KGRP, Class A
(LIBOR USD 1-Month plus 0.38%)
2.49%		04/25/20	2		11,515,155		11,532,991
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KJ04, Class A1
1.38%		10/25/20			2,381,810		2,371,678
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KJ05, Class A1
1.42%		05/25/21			10,966,735		10,800,805
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KJ18, Class A1
2.46%		03/25/22			7,816,847		7,647,729
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KJ20, Class A1
3.21%		10/25/24			4,527,539		4,519,826
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KP01, Class X (IO)
3.94%		01/25/19	6		579,037		176
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KS07, Class X (IO)
0.78%		09/25/25	6		104,500,000		4,368,131
Freddie Mac Multifamily Structured Pass-Through Certificates, Series Q004, Class A2H
2.78%		01/25/21	6		18,914,006		18,904,588

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Commercial Mortgage-Backed (continued)
Freddie Mac Multifamily Structured Pass-Through Certificates, Series Q006, Class APT2
2.49%		09/25/26	6	$	15,395,366	$	15,563,843
Freddie Mac Multifamily Structured Pass-Through Certificates, Series X3FX, Class A1FX
3.00%		03/25/25			3,999,205		3,925,119
Freddie Mac Multifamily Structured Pass-Through Certificates, Series X3FX, Class XFX (IO)
0.22%		06/25/27	6		276,397,618		2,510,312
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KC01, Class X1 (IO)
0.84%		12/25/22	6		97,669,327		1,745,654
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KS01, Class X1 (IO)
1.45%		01/25/23	6		30,574,198		1,164,868
Ginnie Mae, Series 2006-3, Class C
5.24%		04/16/39	6		369,712		369,893
Ginnie Mae, Series 2011-152, Class IO
0.36%		08/16/51	6		15,698,789		200,709
Ginnie Mae, Series 2011-86, Class B
3.00%		02/16/41			2,053,688		2,050,683
Ginnie Mae, Series 2012-112, Class IO
0.28%		02/16/53	6		64,718,751		1,305,507
Ginnie Mae, Series 2012-78, Class IO
0.49%		06/16/52	6		92,940,922		2,012,775
Ginnie Mae, Series 2014-103, Class IO (IO)
0.62%		05/16/55	6		42,894,029		1,494,192
Ginnie Mae, Series 2014-125, Class IO (IO)
0.97%		11/16/54	6		41,566,659		2,666,393
Ginnie Mae, Series 2016-22, Class IX
1.29%		06/16/38	6		5,508,090		1,170,724
Ginnie Mae, Series 2017-105, Class IO
0.74%		05/16/59	6		24,717,487		1,850,257
Ginnie Mae, Series 2017-142, Class IO
0.82%		11/16/59	6		56,158,316		4,256,435
Ginnie Mae, Series 2017-148, Class IO
0.66%		07/16/59	6		37,167,347		2,258,106
Ginnie Mae, Series 2017-44, Class IO
0.70%		04/17/51	6		26,452,903		1,623,401
Ginnie Mae, Series 2018-56, Class IO
0.63%		11/16/59	6		55,411,812		3,198,226
							216,318,397
U.S. Agency Mortgage-Backed — 5.37%
Fannie Mae Pool 464814
4.43%		04/01/20			2,795,255		2,849,215

See accompanying notes to Schedule of Portfolio Investments.

189 / Semi-Annual Report September 2018

Unconstrained Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae Pool 469853
3.32%		12/01/21		$	17,518,864	$	17,666,385
Fannie Mae Pool 471474
2.61%		05/01/19			3,190,000		3,180,958
Fannie Mae Pool AD0852
4.28%		01/01/20			8,847,628		8,950,994
Fannie Mae Pool AE0134
4.40%		02/01/20			98,167		99,589
Fannie Mae Pool AL5584
4.42%		12/01/20			2,497,972		2,554,511
Fannie Mae Pool AN0026
3.48%		11/01/35			3,659,779		3,522,171
Fannie Mae Pool AN0564
3.20%		03/01/31			7,500,000		7,183,264
Fannie Mae Pool AN0971
3.11%		02/01/28			7,535,000		7,302,092
Fannie Mae Pool AN0976
3.26%		02/01/28			2,970,000		2,912,619
Fannie Mae Pool AN1151
3.20%		03/01/31			3,659,967		3,483,210
Fannie Mae Pool AN2799
2.21%		09/01/26			12,655,000		11,477,142
Fannie Mae Pool AN3516
(LIBOR USD 1-Month plus 0.65%)
2.76%		11/01/26	2		17,245,000		17,300,435
Fannie Mae Pool AN3597
(LIBOR USD 1-Month plus 0.64%)
2.75%		11/01/26	2		15,000,000		14,984,558
Fannie Mae Pool AN6168
3.13%		07/01/32			5,800,000		5,393,913
Fannie Mae Pool AN9163
3.49%		05/01/30			11,124,000		10,925,858
Fannie Mae Pool AN9572
3.77%		07/01/30			6,384,000		6,439,993
Fannie Mae Pool AN9612
3.72%		07/01/33			4,059,000		4,009,938
Fannie Mae REMICS, Series 2006-11, Class PS
LIBOR USD 1-Month
16.44%		03/25/36	2		24,521		34,265
Fannie Mae REMICS, Series 2006-8, Class HJ (IO)
4.38%		03/25/36	2		1,334,285		191,133
Fannie Mae REMICS, Series 2007-52, Class LS (IO)
3.83%		06/25/37	2		53,551		4,969
Fannie Mae REMICS, Series 2007-77, Class SK (IO)
3.65%		08/25/37	2		97,134		11,075

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae REMICS, Series 2007-88, Class JI (IO)
4.23%		04/25/37	2	$	1,328,374	$	212,070
Fannie Mae REMICS, Series 2008-18, Class SM (IO)
4.78%		03/25/38	2		66,332		7,065
Fannie Mae REMICS, Series 2008-62, Class SN (IO)
3.98%		07/25/38	2		259,620		34,809
Fannie Mae REMICS, Series 2010-116, Class SE (IO)
4.38%		10/25/40	2		77,566		10,441
Fannie Mae REMICS, Series 2014-49, Class CF (IO)
(LIBOR USD 1-Month plus 1.00%)
3.26%		07/25/43	2		14,521,503		14,878,503
Federal Home Loan Bank
4.05%9		09/21/33			15,655,000		15,632,222
Freddie Mac REMICS, Series 2711, Class FA
(LIBOR USD 1-Month plus 1.00%)
3.16%		11/15/33	2		89,147		91,371
Freddie Mac REMICS, Series 2733, Class FB
(LIBOR USD 1-Month plus 0.60%)
2.76%		10/15/33	2		371,765		376,493
Freddie Mac REMICS, Series 3339, Class JS
LIBOR USD 1-Month
28.81%		07/15/37	2		18,170		31,146
Freddie Mac REMICS, Series 3404, Class AS (IO)
3.74%		01/15/38	2		80,157		10,045
Freddie Mac REMICS, Series 3439, Class SC (IO)
3.74%		04/15/38	2		58,965		7,169
Freddie Mac REMICS, Series 3828, Class TF
(LIBOR USD 1-Month plus 0.40%)
2.56%		04/15/29	2		28,604		28,630
Freddie Mac REMICS, Series 3885, Class PO (PO)
0.00%		11/15/33	10		27,810		24,133
Freddie Mac REMICS, Series 4030, Class HS (IO)
LIBOR USD 1-Month
4.45%		04/15/42	2		185,121		29,125
Freddie Mac REMICS, Series 4638, Class UF
(LIBOR USD 1-Month plus 1.00%)
3.26%		09/15/44	2		4,734,503		4,765,602

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 190

Unconstrained Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Ginnie Mae, Series 2011-146, Class EI (IO)
5.00%		11/16/41		$	144,964	$	30,256
Ginnie Mae, Series 2011-69, Class GI (IO)
5.00%		05/16/40			209,384		16,214
Ginnie Mae, Series 2011-70, Class IL (IO)
(LIBOR USD 1-Month plus 7.10%)
0.60%		06/16/37	2		875,655		16,844
Ginnie Mae, Series 2011-81, Class IC (IO)
0.62%		07/20/35	2		1,166,439		23,507
Ginnie Mae, Series 2012-7, Class PI (IO)
3.50%		01/20/38			48,159		1,465
Ginnie Mae, Series 2013-135, Class CS (IO)
4.04%		09/16/43	2		3,537,737		455,606
							167,161,003
Total Mortgage-Backed (Cost $1,414,246,138)							1,400,875,169
MUNICIPAL BONDS — 0.63%*
California — 0.30%
Los Angeles Department of Water & Power, Build America Bonds, Series SY
6.01%		07/01/39			1,950,000		2,359,129
State of California, Build America Bonds
7.95%		03/01/36			6,650,000		7,090,163
							9,449,292
New York — 0.33%
City of New York, Build America Bonds, Series F1
6.65%		12/01/31			3,000,000		3,195,150
City of New York, General Purpose, Public Improvements, Series B-3
3.05%		10/01/29			2,000,000		1,852,380
New York City Municipal Water Finance Authority, Build America Bonds, Series SE
6.49%		06/15/42			1,650,000		1,734,925
New York State Dormitory Authority, Build America Bonds
5.29%		03/15/33			3,100,000		3,503,589
							10,286,044
Total Municipal Bonds (Cost $20,119,582)							19,735,336
Total Bonds – 97.33% (Cost $3,054,367,488)							3,031,295,395

Issues				Shares		Value
COMMON STOCK — 0.03%
Electric — 0.03%
Homer City Holdings LLC1,4,5,7					112,222		953,887
Total Common Stock (Cost $5,519,754)							953,887
Issues	Maturity Date			Principal Amount/ Shares		Value
SHORT-TERM INVESTMENTS — 2.81%
Money Market Funds — 0.98%
Fidelity Investments Money Market Funds - Government Portfolio
1.99%11,12					1		1
Morgan Stanley Institutional Liquidity Funds-Government Portfolio
2.04%11					30,549,000		30,549,000
							30,549,001
U.S. Agency Discount Notes — 1.76%
Federal Home Loan Bank
1.85%9		10/29/18		$	55,000,000		54,910,185
U.S. Treasury Bills — 0.07%
U.S. Treasury Bills
2.05%9		12/13/18	13		2,066,000		2,057,113
Total Short-Term Investments (Cost $87,519,996)							87,516,299
Total Investments – 100.17% (Cost $3,147,407,238)							3,119,765,581
Liabilities in Excess of Other Assets – (0.17)%							(5,150,716	)
Net Assets – 100.00%						$	3,114,614,865

¹  Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

²  Floating rate security. The rate disclosed was in effect at September 30, 2018.

³  U.S. dollar-denominated security issued by foreign-domiciled entity.

⁴  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁵  Illiquid security as determined under procedures approved by the Board of Trustees. The aggregate value of illiquid securities is $6,649,711, which is 0.21% of total net assets.

⁶  Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

⁷  Non-income producing security.

⁸  Security is currently in default with regard to scheduled interest or principal payments.

⁹  Represents annualized yield at date of purchase.

¹⁰  Zero coupon bond. The rate shown is the effective yield as of September 30, 2018.

¹¹  Represents the current yield as of September 30, 2018.

See accompanying notes to Schedule of Portfolio Investments.

191 / Semi-Annual Report September 2018

Unconstrained Bond Fund

Schedule of Portfolio Investments

September 30, 2018 (Unaudited)

¹²  Securities, or a portion thereof, pledged as collateral for swaps. The total market value of collateral pledged is $1.

¹³  Securities, or a portion thereof, pledged as collateral for futures. The total market value of collateral pledged is $2,057,054.

^†  Fair valued security. The aggregate value of fair valued securities is $2,092,996, which is 0.10% of total net assets. These securities were not valued utilizing an independent quote but were valued pursuant to guidelines established by the Board of Trustees. This figure represents securities that are priced using a benchmark pricing system and securities that have been deemed permanently stale, see Notes to Financial Statements.

* Securities with a call or reset feature will have an effective maturity date sooner than the stated maturity.

** Securities backed by mortgage or consumer loans where payment is periodically made will have an effective maturity date sooner than the stated maturity date.

Note: For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for more meaningful presentation for investors.

(BKNT): Banker’s Note, Inc.

(CLO): Collateralized Loan Obligation

(EMTN): Euro medium-term note

(GMTN): Global medium-term note

(IO): Interest only

(JPY): Japanese Yen

(LIBOR): London InterBank Offer Rate

(MTN): Medium-term note

(PO): Principal only

(STEP): Step coupon bond

(USD): U.S. dollar

Description	Number of Contracts		Expiration Date		Notional Amount				Value				Unrealized Appreciation/ (Depreciation)
FUTURES CONTRACTS: LONG POSITIONS
U.S. Treasury Five Year Note		2,034		12/31/18		$	228,777,328			$	(1,610,506	)		$	(1,610,506	)
FUTURES CONTRACTS: SHORT POSITIONS
U.S. Treasury Ten Year Ultra Bond		698		12/19/18			(87,948,000	)			798,161				798,161
U.S. Treasury Ultra Bond		354		12/19/18			(54,615,563	)			2,003,050				2,003,050
							(142,563,563	)			2,801,211				2,801,211
TOTAL FUTURES CONTRACTS						$	86,213,765			$	1,190,705			$	1,190,705

See accompanying notes to Schedule of Portfolio Investments.

Semi-Annual Report September 2018 / 192

Metropolitan West Funds

Statements of Assets and Liabilities

September 30, 2018 (Unaudited)

ASSETS:	ALPHATRAK 500 FUND				CORPORATE BOND      FUND
Investments, at value - Unaffiliated (Cost $18,476,286, $2,027,544, $286,981,395, $528,439,556, and $725,117,452, respectively) (Note 2)		$	18,429,383			$	2,033,381
Cash and cash equivalents (Note 2)			83,838				20,459
Premiums paid for swap contracts			—				—
Unrealized appreciation on foreign currency exchange contracts			—				—
Dividends and interest receivable			91,689				26,381
Due from Adviser (Note 6)			1,252				19,279
Net unrealized appreciation on unfunded commitments (Note 8)			—				—
Receivable for securities sold			—				—
Receivable for capital stock sold			13,107				—
Receivable for daily variation margin on futures contracts (Note 3)			—				156
Other assets			8,971				—
Total assets			18,628,240				2,099,656
Liabilities:
Unrealized depreciation on foreign currency transactions			—				—
Unrealized depreciation on swap contracts			—				—
Payable for securities purchased			36,990				21,281
Payable for terminated swaps (Note 3)			—				—
Payable for capital stock redeemed			76,737				—
Payable for daily variation margin on futures contracts (Note 3)			5,490				—
Line of credit commitment fee payable			—				2
Distributions payable			399				—
Administrative fees payable			15,278				15,024
Advisory fees payable (Note 6)			107				667
Audit fees payable			21,318				5,310
Transfer agent fees payable			2,165				3,186
Legal fees payable			14				8,332
Custodian fees payable			4,300				4,500
Accrued trustees fees and expenses			68				7
Accrued distribution (12b-1) and service fees payable			—				155
Accrued other expenses			4,080				5,888
Total liabilities			166,946				64,352
Net assets		$	18,461,294			$	2,035,304
Class M Shares:
Net assets (Applicable to 1,684,665, 75,389, 2,055,734, 19,119,187, and 4,208,250, shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with a $0.01 par value)		$	18,461,294			$	757,856
Net asset value, offering and redemption price per Class M share		$	10.96			$	10.05
Class I Shares:
Net assets (Applicable to 0, 127,077, 25,577,228, 32,333,203, and 63,077,273, shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with a $0.01 par value)			N/A			$	1,277,448
Net asset value, offering and redemption price per Class I share			N/A			$	10.05
Net Assets Consist of:
Capital paid-in (Note 8)		$	29,468,711			$	2,024,860
Undistributed (distributions in excess of) net investment income			28,840				(52	)
Accumulated undistributed net realized gain/(loss) on investments, futures contracts, foreign currency exchange contracts, foreign currency transactions, options written and swap contracts			(11,222,455	)			7,097
Net unrealized appreciation/(depreciation) on investments			(46,903	)			5,837
Net unrealized appreciation/(depreciation) on futures contracts, foreign currency exchange contracts, foreign currency transactions, options written and swap contracts			233,101				(2,438	)
Net assets		$	18,461,294			$	2,035,304

¹ Consolidated Statement of Assets and Liabilities.

See accompanying notes to financial statements.

193 / Semi-Annual Report September 2018

Metropolitan West Funds

Statements of Assets and Liabilities

September 30, 2018 (Unaudited)

FLOATING RATE         INCOME FUND				HIGH YIELD         BOND FUND1				INTERMEDIATE         BOND FUND
	$	287,778,911			$	500,094,572			$	720,311,479
		1,954,248				703,653				330,879
		–				66,445				—
		174,271				—				141,442
		548,603				5,197,296				3,933,584
		2,223				22,176				—
		2,971				—				—
		2,213,750				10,824,985				4,199,568
		153,436				79,129				639,161
		–				41,889				58,352
		25,721				23,493				31,706
		292,854,134				517,053,638				729,646,171
		–				—				2,936
		–				146,633				—
		14,812,531				24,862,793				49,707,033
		–				—				—
		102,844				1,216,194				382,627
		–				1,123				47,145
		390				941				1,441
		14,833				75,024				28,625
		29,432				26,403				40,586
		124,232				203,406				210,665
		–				22,836				25,822
		27,456				131,318				247,383
		158				—				794
		7,108				9,242				15,889
		963				2,172				2,918
		4,205				37,796				7,990
		5,044				46,161				26,107
		15,129,196				26,782,042				50,747,961
	$	277,724,938			$	490,271,596			$	678,898,210
	$	20,667,643			$	182,217,433			$	42,471,972
	$	10.05			$	9.53			$	10.09
	$	257,057,295			$	308,054,163			$	636,426,238
	$	10.05			$	9.53			$	10.09
	$	278,374,362			$	598,417,539			$	715,484,958
		126,075				2,187,406				133,029
		(1,750,257	)			(81,425,458	)			(31,277,067	)
		800,487				(28,344,984	)			(4,805,973	)
		174,271				(562,907	)			(636,737	)
	$	277,724,938			$	490,271,596			$	678,898,210

See accompanying notes to financial statements.

Semi-Annual Report September 2018 / 194

Metropolitan West Funds

Statements of Assets and Liabilities

September 30, 2018 (Unaudited)

ASSETS:	INVESTMENT GRADE CREDIT FUND				LOW DURATION      BOND FUND
Investments, at value - Unaffiliated (Cost $5,722,836, $2,412,545,684, $93,448,414, $79,452,647,087, $114,460,824, and $3,147,407,238, respectively) (Note 2)		$	5,755,390			$	2,406,482,236
Cash and cash equivalents (Note 2)			20,245				181,380
Cash on deposit with brokers for collateral on swaps (Note 2)			—				—
Unrealized appreciation on foreign currency exchange contracts			—				1,933,865
Dividends and interest receivable			50,761				11,769,695
Due from Adviser (Note 6)			18,964				1,388
Receivable for securities sold			50,942				2,263,021
Receivable for capital stock sold			—				9,322,708
Receivable for daily variation margin on futures contracts (Note 3)			676				343,784
Other receivables			—				—
Other assets			—				27,490
Total assets			5,896,978				2,432,325,567
Liabilities:
Unrealized depreciation on foreign currency exchange contracts			—				—
Unrealized depreciation on foreign currency transactions			—				2,779
Options written, at value (Premiums received $0, $540,000, $0, $1,633,400, $0, and $0, respectively) (Note 3)			—				11,109
Payable for securities purchased			269,386				54,979,490
Payable for capital stock redeemed			—				5,852,128
Payable for daily variation margin on futures contracts (Note 3)			—				162,133
Line of credit commitment fee payable			2				4,014
Distributions payable			—				133,496
Administrative fees payable			15,024				56,968
Advisory fees payable (Note 6)			1,266				586,360
Audit fees payable			5,310				26,547
Transfer agent fees payable			3,185				656,655
Legal fees payable			8,332				2,032
Custodian fees payable			4,500				28,680
Accrued trustees fees and expenses			8				9,616
Accrued distribution (12b-1) and service fees payable			155				119,037
Accrued other expenses			5,889				66,080
Total liabilities			313,057				62,697,124
Net assets		$	5,583,921			$	2,369,628,443
Class M Shares:
Net assets (Applicable to 74,627, 88,425,177, 2,568,713, 993,993,270, 9,169,587, and 44,092,190, shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with a $0.01 par value)		$	759,284			$	758,142,071
Net asset value, offering and redemption price per Class M share		$	10.17			$	8.57
Class I Shares:
Net assets (Applicable to 474,194, 187,852,242, 8,986,385, 4,006,084,313, 17,069,657, and 221,027,176, shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with a $0.01 par value)		$	4,824,637			$	1,611,118,753
Net asset value, offering and redemption price per Class I share		$	10.17			$	8.58
Administrative Class:
Net assets (Applicable to 0, 33,181, 0, 89,728,385, 0, and 0, shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with a $0.01 par value)			N/A			$	367,619
Net asset value, offering and redemption price per Administrative Class share			N/A			$	11.08
Plan Class:
Net assets (Applicable to 0, 0, 0, 2,046,315,048, 0, and 0, shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with a $0.01 par value)			N/A				N/A
Net asset value, offering and redemption price per Plan Class share			N/A				N/A
Net Assets Consist of:
Capital paid-in (Note 8)		$	5,552,469			$	2,510,077,007
Undistributed (distributions in excess of) net investment income			1,281				(2,259,698	)
Accumulated undistributed net realized gain/(loss) on investments, futures contracts, foreign currency exchange contracts, foreign currency transactions, options written and swap contracts			4,823				(129,878,470	)
Net unrealized appreciation/(depreciation) on investments			32,554				(6,063,448	)
Net unrealized appreciation/(depreciation) on futures contracts, foreign currency exchange contracts, foreign currency transactions, options written and swap contracts			(7,206	)			(2,246,948	)
Net assets		$	5,583,921			$	2,369,628,443

See accompanying notes to financial statements.

195 / Semi-Annual Report September 2018

Metropolitan West Funds

Statements of Assets and Liabilities

September 30, 2018 (Unaudited)

STRATEGIC     INCOME FUND				TOTAL RETURN     BOND FUND				ULTRA SHORT     BOND FUND				UNCONSTRAINED     BOND FUND
	$	91,333,539			$	78,571,398,373			$	114,349,884			$	3,119,765,581
		356,599				6,219,443				26,551				213,842
		—				3,434,000				—				—
		—				9,384,932				—				—
		656,377				396,546,502				437,553				19,253,233
		—				—				19,386				—
		9,108				949,722,889				—				16,137,820
		10,869				121,068,598				41,101				4,659,704
		—				6,837,796				1,781				225,138
		—				—				—				—
		17,380				62,705				24,728				13,780
		92,383,872				80,064,675,238				114,900,984				3,160,269,098
		—				6,554				—				—
		—				286,474				—				—
		—				1,250,000				—				—
		779,036				6,793,756,314				3,160,042				27,528,139
		209,676				857,382,630				145,054				13,382,191
		4,538				5,022,441				—				562
		155				113,855				182				5,232
		1,232				12,506,141				2,692				1,691,669
		25,071				796,450				22,296				90,065
		66,272				21,118,716				22,960				1,714,514
		23,230				96,317				21,859				—
		24,645				12,458,075				27,646				991,827
		76				53,192				93				2,366
		5,676				678,720				6,314				51,017
		366				288,970				429				12,064
		4,241				2,096,159				5,238				107,020
		8,585				1,849,415				7,593				77,567
		1,152,799				7,709,760,423				3,422,398				45,654,233
	$	91,231,073			$	72,354,914,815			$	111,478,586			$	3,114,614,865
	$	20,288,513			$	10,253,524,730			$	38,915,268			$	518,365,658
	$	7.90			$	10.32			$	4.24			$	11.76
	$	70,942,560			$	41,314,078,857			$	72,563,318			$	2,596,249,207
	$	7.89			$	10.31			$	4.25			$	11.75
		N/A			$	926,080,947				N/A				N/A
		N/A			$	10.32				N/A				N/A
		N/A			$	19,861,230,281				N/A				N/A
		N/A			$	9.71				N/A				N/A
	$	134,166,930			$	75,390,990,068			$	127,295,323			$	3,146,677,789
		541,167				(11,050,800	)			(102,950	)			(2,292,413	)
		(41,402,477	)			(2,080,360,676	)			(15,576,446	)			(3,319,559	)
		(2,114,875	)			(881,248,714	)			(110,940	)			(27,641,657	)
		40,328				(63,415,063	)			(26,401	)			1,190,705
	$	91,231,073			$	72,354,914,815			$	111,478,586			$	3,114,614,865

See accompanying notes to financial statements.

Semi-Annual Report September 2018 / 196

Metropolitan West Funds

Statements of Operations

For the Six Months Ended September 30, 2018 (Unaudited)

	ALPHATRAK 500 FUND				CORPORATE BOND FUND1
Investment Income:
Interest		$	238,138			$	27,459
Dividends			5,624				329
Total investment income			243,762				27,788
Expenses:
Investment advisory fees (Note 6)			262				2,010
Administration fees			28,765				18,882
Commitment fee			—				2
Custodian fees			9,932				4,500
Distribution (12b-1) and service fees - class specific (Note 7):
Class M			—				468
Miscellaneous expenses			3,654				2,380
Professional fees			19,457				13,644
Registration and filing fees			14,827				9,439
Transfer agent fees			12,866				9,201
Trustees’ fees and expenses			125				7
Total operating expenses			89,888				60,533
Expenses waived and reimbursed (Note 6)			(8,023	)			(57,553	)
Net expenses			81,865				2,980
Net investment income (loss)			161,897				24,808
Realized and Change in Unrealized Gain/(Loss) on Investments, Futures Contracts, Foreign Currency Exchange Contracts, Foreign Currency Transactions, Options and Swaptions Written and Swap Contracts:
Net realized gain/(loss) on:
Investments - Unaffiliated			(24,496	)			6,805
Futures contracts			449,373				292
Foreign currency exchange contracts			(15,903	)			—
Foreign currency transactions			—				—
Swap contracts			—				—
Net change in unrealized appreciation/(depreciation) on:
Investments - Unaffiliated			38,286				5,837
Futures contracts			1,227,635				(2,438	)
Foreign currency exchange contracts			15,903				—
Foreign currency transactions			—				—
Swap contracts			—				—
Net change in realized and unrealized gain/(loss) on investments, futures contracts, foreign currency exchange contracts, options and swaptions written and swap contracts			1,690,798				10,496
Net Increase/(Decrease) in Net Assets from Operations		$	1,852,695			$	35,304

¹ Commencement of operations was June 29, 2018.

² Consolidated Statement of Operations.

See accompanying notes to financial statements.

197 / Semi-Annual Report September 2018

Metropolitan West Funds

Statements of Operations

For the Six Months Ended September 30, 2018 (Unaudited)

FLOATING RATE         INCOME FUND				HIGH YIELD         BOND FUND2				INTERMEDIATE         BOND FUND
	$	6,437,778			$	13,754,996			$	11,216,417
		45,587				95,843				174,567
		6,483,365				13,850,839				11,390,984
		718,787				1,370,982				1,311,113
		67,018				59,921				68,579
		831				1,763				2,572
		12,576				16,477				28,091
		22,419				247,467				51,052
		7,436				45,877				32,434
		20,295				22,927				25,728
		31,977				34,248				34,185
		69,638				258,057				356,942
		1,756				4,050				5,402
		952,733				2,061,769				1,916,098
		(19,980	)			(150,049	)			(29,488	)
		932,753				1,911,720				1,886,610
		5,550,612				11,939,119				9,504,374
		(1,027,198	)			(1,425,650	)			(4,665,743	)
		–				(340,734	)			(1,037,911	)
		329,126				—				291,498
		(24,566	)			—				(1,751	)
		–				(171,921	)			—
		533,734				579,556				(2,974,689	)
		–				(459,936	)			(959,811	)
		174,271				—				334,266
		–				—				(3,540	)
		–				161,894				—
		(14,633	)			(1,656,791	)			(9,017,681	)
	$	5,535,979			$	10,282,328			$	486,693

See accompanying notes to financial statements.

Semi-Annual Report September 2018 / 198

Metropolitan West Funds

Statements of Operations

For the Six Months Ended September 30, 2018 (Unaudited)

	INVESTMENT GRADE CREDIT FUND1				LOW DURATION BOND FUND
Investment Income:
Interest		$	57,208			$	33,569,595
Dividends			364				454,547
Total investment income			57,572				34,024,142
Expenses:
Investment advisory fees (Note 6)			2,451				3,718,604
Administration fees			18,882				120,543
Commitment fee			2				8,008
Custodian fees			4,500				49,920
Distribution (12b-1) and service fees - class specific (Note 7):
Class M			465				796,812
Administrative Class			—				4,425
Interest expense (Note 3)			—				—
Miscellaneous expenses			2,381				90,599
Professional fees			13,644				29,960
Registration and filing fees			9,439				56,301
Transfer agent fees			9,201				1,219,225
Trustees’ fees and expenses			7				17,763
Repayment of reimbursed expenses - Class I (Note 6)			—				—
Total operating expenses			60,972				6,112,160
Expenses waived and reimbursed (Note 6)			(57,150	)			(56,700	)
Net expenses			3,822				6,055,460
Net investment income			53,750				27,968,682
Realized and Change in Unrealized Gain/(Loss) on Investments, Futures Contracts, Foreign Currency Exchange Contracts, Foreign Currency Transactions and Options and Swaptions Written:
Net realized gain/(loss) on:
Investments - Unaffiliated			8,125				(5,380,622	)
Futures contracts			(3,302	)			(3,468,369	)
Foreign currency exchange contracts			—				—
Foreign currency transactions			—				(49,783	)
Options and swaptions written			—				—
Net change in unrealized appreciation/(depreciation) on:
Investments - Unaffiliated			32,554				(5,390,624	)
Futures contracts			(7,206	)			(5,177,711	)
Foreign currency exchange contracts			—				1,933,865
Foreign currency transactions			—				(4,349	)
Options and swaptions written			—				4,110
Net change in realized and unrealized gain/(loss) on investments, futures contracts, foreign currency exchange contracts and options and swaptions written			30,171				(17,533,483	)
Net Increase/(Decrease) in Net Assets from Operations		$	83,921			$	10,435,199

¹ Commencement of operations was June 29, 2018.

See accompanying notes to financial statements.

199 / Semi-Annual Report September 2018

Metropolitan West Funds

Statements of Operations

For the Six Months Ended September 30, 2018 (Unaudited)

STRATEGIC INCOME FUND				TOTAL RETURN BOND FUND				ULTRA SHORT BOND FUND				UNCONSTRAINED BOND FUND
	$	2,805,014			$	1,218,790,288			$	1,288,270			$	69,371,785
		8,090				7,849,099				22,832				363,596
		2,813,104				1,226,639,387				1,311,102				69,735,381
		559,231				132,402,454				140,139				10,341,576
		42,504				2,095,379				39,536				152,532
		302				242,830				357				10,643
		11,286				1,114,858				13,674				74,534
		31,643				11,428,164				34,654				721,962
		—				1,915,238				—				—
		—				232,565				—				61
		9,043				2,838,298				7,722				118,150
		21,536				247,099				20,200				38,419
		26,829				516,056				26,971				115,185
		72,598				25,550,173				67,916				1,532,704
		671				532,472				788				22,201
		117,930				—				—				—
		893,573				179,115,586				351,957				13,127,967
		—				—				(126,714	)			(304,966	)
		893,573				179,115,586				225,243				12,823,001
		1,919,531				1,047,523,801				1,085,859				56,912,380
		(186,340	)			(185,037,469	)			(443,554	)			(2,677,944	)
		14,130				(63,679,588	)			(15,413	)			(2,276,764	)
		96,350				31,005,527				357,348				458,759
		(168	)			(728,495	)			(239	)			—
		—				(730,650	)			—				—
		(1,122,513	)			(801,677,094	)			(41,929	)			(17,523,190	)
		59,122				(93,456,954	)			(31,670	)			2,288,658
		62,621				30,490,988				(53,541	)			(458,760	)
		—				(331,583	)			—				—
		—				383,400				—				—
		(1,076,798	)			(1,083,761,918	)			(228,998	)			(20,189,241	)
	$	842,733			$	(36,238,117	)		$	856,861			$	36,723,139

See accompanying notes to financial statements.

Semi-Annual Report September 2018 / 200

Metropolitan West Funds

Statements of Changes in Net Assets

	ALPHATRAK 500 FUND
	SIX MONTHS ENDED SEPTEMBER 30, 2018 (UNAUDITED)				YEAR ENDED MARCH 31, 2018
Operations:
Net investment income		$	161,897			$	192,222
Net realized gain/(loss) on investments			(24,496	)			140,374
Net realized gain/(loss) on futures contracts, foreign currency exchange contracts, foreign currency transactions and swap contracts			433,470				3,191,693
Net change in unrealized appreciation/(depreciation) on investments			38,286				(64,166	)
Net change in unrealized appreciation/(depreciation) on futures contracts, foreign currency exchange contracts, foreign currency transactions and swap contracts			1,243,538				(903,955	)
Net increase/(decrease) in net assets resulting from operations			1,852,695				2,556,168
Distributions to Shareholders from:
Net investment income:
Class M			(175,351	)			(172,484	)
Class I			—				—
Net decrease in net assets resulting from distributions			(175,351	)			(172,484	)
Capital Share Transactions:
Class M:
Proceeds from sale of shares			3,007,827				14,818,508
Shares issued in reinvestment of distributions			175,238				171,610
Cost of shares redeemed			(4,547,762	)			(19,939,388	)
Total Class M capital share transactions			(1,364,697	)			(4,949,270	)
Class I:
Proceeds from sale of shares			—				—
Shares issued in reinvestment of distributions			—				—
Cost of shares redeemed			—				—
Total Class I capital share transactions			—				—
Net increase/(decrease) in net assets resulting from capital share transactions			(1,364,697	)			(4,949,270	)
Net increase/(decrease) in net assets			312,647				(2,565,586	)
Net assets at beginning of period			18,148,647				20,714,233
Net assets at end of period (including undistributed (distributions in excess of) net investment income of $28,840, $42,294, $(52), $126,075 and $139,260, respectively)		$	18,461,294			$	18,148,647

¹Commencement of operations was June 29, 2018.

See accompanying notes to financial statements.

201 / Semi-Annual Report September 2018

Metropolitan West Funds

Statements of Changes in Net Assets

CORPORATE BOND          FUND1				FLOATING RATE INCOME FUND
PERIOD ENDED SEPTEMBER 30, 2018 (UNAUDITED)				SIX MONTHS ENDED SEPTEMBER 30, 2018 (UNAUDITED)				YEAR ENDED MARCH 31, 2018
	$	24,808			$	5,550,612			$	9,100,436
		6,805				(1,027,198	)			141,176
		292				304,560				(176,133	)
		5,837				533,734				(328,106	)
		(2,438	)			174,271				249,599
		35,304				5,535,979				8,986,972
		(8,965	)			(364,834	)			(697,310	)
		(15,895	)			(5,198,963	)			(8,403,151	)
		(24,860	)			(5,563,797	)			(9,100,461	)
		745,000				9,322,028				12,941,144
		8,965				360,709				689,781
		—				(4,831,802	)			(22,886,374	)
		753,965				4,850,935				(9,255,449	)
		1,255,000				37,864,018				48,177,026
		15,895				5,097,292				8,226,466
		—				(23,619,817	)			(24,822,189	)
		1,270,895				19,341,493				31,581,303
		2,024,860				24,192,428				22,325,854
		2,035,304				24,164,610				22,212,365
		—				253,560,328				231,347,963
	$	2,035,304			$	277,724,938			$	253,560,328

See accompanying notes to financial statements.

Semi-Annual Report September 2018 / 202

Metropolitan West Funds

Statements of Changes in Net Assets

	HIGH YIELD BOND FUND1
	SIX MONTHS ENDED SEPTEMBER 30, 2018 (UNAUDITED)				YEAR ENDED MARCH 31, 2018
Operations:
Net investment income		$	11,939,119			$	26,689,351
Net realized gain/(loss) on investments			(1,425,650	)			5,004,368
Net realized (loss) on futures contracts, foreign currency exchange contracts, foreign currency transactions, and swap contracts			(512,655	)			(141,304	)
Net change in unrealized appreciation/(depreciation) on investments			579,556				(5,744,616	)
Net change in unrealized appreciation/(depreciation) on futures contracts, foreign currency exchange contracts, foreign currency transactions and swap contracts			(298,042	)			118,950
Net increase in net assets resulting from operations			10,282,328				25,926,749
Distributions to Shareholders from:
Net investment income:
Class M			(4,122,799	)			(9,837,443	)
Class I			(7,718,006	)			(16,814,156	)
Administrative Class			—				—
Net decrease in net assets resulting from distributions			(11,840,805	)			(26,651,599	)
Capital Share Transactions:
Class M:
Proceeds from sale of shares			12,047,606				33,490,369
Shares issued in reinvestment of distributions			4,006,848				9,422,300
Cost of shares redeemed			(44,382,865	)			(176,667,817	)
Total Class M capital share transactions			(28,328,411	)			(133,755,148	)
Class I:
Proceeds from sale of shares			51,955,893				126,992,323
Shares issued in reinvestment of distributions			7,300,794				15,875,887
Cost of shares redeemed			(143,486,749	)			(280,398,449	)
Total Class I capital share transactions			(84,230,062	)			(137,530,239	)
Administrative Class:
Proceeds from sale of shares			—				—
Shares issued in reinvestment of distributions			—				—
Cost of shares redeemed			—				—
Total Administrative Class capital share transactions			—				—
Net increase/(decrease) in net assets resulting from capital share transactions			(112,558,473	)			(271,285,387	)
Net increase/(decrease) in net assets			(114,116,950	)			(272,010,237	)
Net assets at beginning of period			604,388,546				876,398,783
Net assets at end of period (including undistributed (distributions in excess of) net investment income of $2,187,406, $2,089,092, $133,029, $144,698, $1,281, $(2,259,698) and $(2,314,439), respectively)		$	490,271,596			$	604,388,546

¹Consolidated Statement of Changes in Net Assets.

²Commencement of operations was June 29, 2018.

See accompanying notes to financial statements.

203 / Semi-Annual Report September 2018

Metropolitan West Funds

Statements of Changes in Net Assets

INTERMEDIATE BOND FUND								INVESTMENT GRADE CREDIT FUND2				LOW DURATION BOND FUND
SIX MONTHS ENDED SEPTEMBER 30, 2018 (UNAUDITED)				YEAR ENDED MARCH 31, 2018				PERIOD ENDED SEPTEMBER 30, 2018 (UNAUDITED)				SIX MONTHS ENDED SEPTEMBER 30, 2018 (UNAUDITED)				YEAR ENDED MARCH 31, 2018
	$	9,504,374			$	21,291,507			$	53,750			$	27,968,682			$	46,311,407
		(4,665,743	)			(9,045,000	)			8,125				(5,380,622	)			(11,993,670	)
		(748,164	)			(1,971,891	)			(3,302	)			(3,518,152	)			(8,486,088	)
		(2,974,689	)			(5,963,919	)			32,554				(5,390,624	)			(9,892,436	)
		(629,085	)			781,889				(7,206	)			(3,244,085	)			3,450,566
		486,693				5,092,586				83,921				10,435,199				19,389,779
		(569,172	)			(1,240,600	)			(14,023	)			(8,824,082	)			(17,150,706	)
		(8,946,871	)			(20,051,776	)			(38,446	)			(19,067,800	)			(30,304,414	)
		—				—				—				(22,059	)			(91,114	)
		(9,516,043	)			(21,292,376	)			(52,469	)			(27,913,941	)			(47,546,234	)
		4,666,683				10,523,143				732,500				17,672,823				93,186,833
		559,446				1,200,819				14,023				8,737,717				16,843,760
		(15,090,829	)			(50,649,695	)			—				(237,658,293	)			(408,872,573	)
		(9,864,700	)			(38,925,733	)			746,523				(211,247,753	)			(298,841,980	)
		37,046,983				180,052,361				4,767,500				243,165,349				514,519,630
		8,621,806				19,116,311				38,446				18,309,522				28,588,695
		(169,072,513	)			(480,040,328	)			—				(324,308,060	)			(656,688,777	)
		(123,403,724	)			(280,871,656	)			4,805,946				(62,833,189	)			(113,580,452	)
		—				—				—				352,052				1,383,825
		—				—				—				1,495				19,578
		—				—				—				(5,341,971	)			(3,182,586	)
		—				—				—				(4,988,424	)			(1,779,183	)
		(133,268,424	)			(319,797,389	)			5,552,469				(279,069,366	)			(414,201,615	)
		(142,297,774	)			(335,997,179	)			5,583,921				(296,548,108	)			(442,358,070	)
		821,195,984				1,157,193,163				—				2,666,176,551				3,108,534,621
	$	678,898,210			$	821,195,984			$	5,583,921			$	2,369,628,443			$	2,666,176,551

See accompanying notes to financial statements.

Semi-Annual Report September 2018 / 204

Metropolitan West Funds

Statements of Changes in Net Assets

	STRATEGIC INCOME FUND
	SIX MONTHS ENDED SEPTEMBER 30, 2018 (UNAUDITED)				YEAR ENDED MARCH 31, 2018
Operations:
Net investment income/(loss)		$	1,919,531			$	3,490,316
Net realized gain/(loss) on investments			(186,340	)			1,073,578
Net realized gain/(loss) on futures contracts, foreign currency exchange contracts, foreign currency transactions and swap contracts			110,312				205,473
Net change in unrealized appreciation/(depreciation) on investments			(1,122,513	)			(1,767,819	)
Net change in unrealized appreciation/(depreciation) on futures contracts, foreign currency exchange contracts, foreign currency transactions and swap contracts			121,743				34,551
Net increase/(decrease) in net assets resulting from operations			842,733				3,036,099
Distributions to Shareholders from:
Net investment income:
Class M			(465,011	)			(1,280,849	)
Class I			(1,436,235	)			(2,592,698	)
Administrative Class			—				—
Plan Class			—				—
Net realized gains:
Class M			—				—
Class I			—				—
Net decrease in net assets resulting from distributions			(1,901,246	)			(3,873,547	)
Capital Share Transactions:
Class M:
Proceeds from sale of shares			2,365,301				8,682,030
Shares issued in reinvestment of distributions			460,289				1,180,927
Cost of shares redeemed			(8,677,364	)			(27,639,462	)
Total Class M capital share transactions			(5,851,774	)			(17,776,505	)
Class I:
Proceeds from sale of shares			7,591,017				13,810,788
Shares issued in reinvestment of distributions			1,436,234				2,591,575
Cost of shares redeemed			(7,096,877	)			(16,563,343	)
Total Class I capital share transactions			1,930,374				(160,980	)
Administrative Class:
Proceeds from sale of shares			—				—
Shares issued in reinvestment of distributions			—				—
Cost of shares redeemed			—				—
Total Administrative Class capital share transactions			—				—
Plan Class:
Proceeds from sale of shares			—				—
Shares issued in reinvestment of distributions			—				—
Cost of shares redeemed			—				—
Total Plan Class capital share transactions			—				—
Net increase/(decrease) in net assets resulting from capital share transactions			(3,921,400	)			(17,937,485	)
Net (decrease) in net assets			(4,979,913	)			(18,774,933	)
Net assets at beginning of period			96,210,986				114,985,919
Net assets at end of period (including undistributed (distributions in excess of) net investment income of $541,167, $522,882, $(11,050,800), $(10,456,097), $(102,950), $(100,899), $(2,292,413) and $(1,747,972), respectively)		$	91,231,073			$	96,210,986

See accompanying notes to financial statements.

205 / Semi-Annual Report September 2018

Metropolitan West Funds

Statements of Changes in Net Assets

TOTAL RETURN BOND FUND								ULTRA SHORT BOND FUND								UNCONSTRAINED BOND FUND
SIX MONTHS ENDED SEPTEMBER 30, 2018 (UNAUDITED)				YEAR ENDED MARCH 31, 2018				SIX MONTHS ENDED SEPTEMBER 30, 2018 (UNAUDITED)				YEAR ENDED MARCH 31, 2018				SIX MONTHS ENDED SEPTEMBER 30, 2018 (UNAUDITED)				YEAR ENDED MARCH 31, 2018
	$	1,047,523,801			$	1,729,777,007			$	1,085,859			$	1,574,913			$	56,912,380			$	96,725,079
		(185,037,469	)			(408,458,047	)			(443,554	)			(423,953	)			(2,677,944	)			4,241,998
		(34,133,206	)			(131,613,152	)			341,696				(14,498	)			(1,818,005	)			1,147,114
		(801,677,094	)			(321,481,208	)			(41,929	)			(65,892	)			(17,523,190	)			(16,600,295	)
		(62,914,149	)			34,120,058				(85,211	)			106,416				1,829,898				1,923,577
		(36,238,117	)			902,344,658				856,861				1,176,986				36,723,139				87,437,473
		(139,117,872	)			(265,786,055	)			(397,574	)			(684,925	)			(9,738,755	)			(34,139,078	)
		(630,590,307	)			(1,070,701,261	)			(690,336	)			(889,848	)			(47,718,066	)			(67,290,044	)
		(11,498,728	)			(17,022,659	)			—				—				—				—
		(266,911,597	)			(389,468,587	)			—				—				—				—
		—				—				—				—				—				(2,650,045	)
		—				—				—				—				—				(4,617,611	)
		(1,048,118,504	)			(1,742,978,562	)			(1,087,910	)			(1,574,773	)			(57,456,821	)			(108,696,778	)
		723,585,205				2,126,082,296				3,327,263				17,336,598				50,623,358				499,552,793
		137,996,249				261,630,926				379,153				607,170				9,350,477				32,139,335
		(2,067,792,239	)			(5,892,904,636	)			(15,480,298	)			(33,228,320	)			(180,723,236	)			(1,346,138,872	)
		(1,206,210,785	)			(3,505,191,414	)			(11,773,882	)			(15,284,552	)			(120,749,401	)			(814,446,744	)
		5,468,628,017				14,656,574,863				10,738,905				37,487,086				406,641,784				1,184,471,297
		563,142,661				945,922,333				689,261				762,162				38,720,601				53,530,492
		(11,409,768,827	)			(16,791,591,140	)			(7,419,906	)			(40,073,066	)			(459,557,599	)			(589,436,719	)
		(5,377,998,149	)			(1,189,093,944	)			4,008,260				(1,823,818	)			(14,195,214	)			648,565,070
		145,173,199				392,932,270				—				—				—				—
		11,358,992				16,813,716				—				—				—				—
		(192,779,958	)			(189,843,444	)			—				—				—				—
		(36,247,767	)			219,902,542				—				—				—				—
		3,922,266,687				8,302,903,199				—				—				—				—
		260,658,651				354,804,133				—				—				—				—
		(2,407,246,888	)			(3,751,717,579	)			—				—				—				—
		1,775,678,450				4,905,989,753				—				—				—				—
		(4,844,778,251	)			431,606,937				(7,765,622	)			(17,108,370	)			(134,944,615	)			(165,881,674	)
		(5,929,134,872	)			(409,026,967	)			(7,996,671	)			(17,506,157	)			(155,678,297	)			(187,140,979	)
		78,284,049,687				78,693,076,654				119,475,257				136,981,414				3,270,293,162				3,457,434,141
	$	72,354,914,815			$	78,284,049,687			$	111,478,586			$	119,475,257			$	3,114,614,865			$	3,270,293,162

See accompanying notes to financial statements.

Semi-Annual Report September 2018 / 206

Metropolitan West Funds

Financial Highlights

	ALPHATRAK 500 FUND CLASS M
	SIX MONTHS ENDED SEPTEMBER 30, 2018 (UNAUDITED)				YEAR ENDED MARCH 31, 2018				YEAR ENDED MARCH 31, 2017				YEAR ENDED MARCH 31, 2016				YEAR ENDED MARCH 31, 2015				YEAR ENDED MARCH 31, 2014
Net Asset Value, Beginning of Period		$	9.98			$	8.95			$	7.22			$	7.22			$	6.48			$	5.35
Income from Investment Operations:
Net investment income1			0.09				0.09				0.12				0.02				0.04				0.08
Net realized and unrealized gain			1.00				1.03				1.77				0.02				0.76				1.13
Total Income from Investment Operations			1.09				1.12				1.89				0.04				0.80				1.21
Less Distributions:
From net investment income			(0.11	)			(0.09	)			(0.16	)			(0.04	)			(0.06	)			(0.08	)
Total Distributions			(0.11	)			(0.09	)			(0.16	)			(0.04	)			(0.06	)			(0.08	)
Net Asset Value, End of Period		$	10.96			$	9.98			$	8.95			$	7.22			$	7.22			$	6.48
Total Return			10.90	%2			12.52	%			26.38	%			0.53	%			12.37	%			22.75	%
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	18,461			$	18,149			$	20,714			$	2,406			$	9,735			$	5,324
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			0.99	%3			0.90	%4			3.37	%			2.64	%			2.65	%			2.98	%
After expense waivers and reimbursements			0.90	%3			0.90	%			0.90	%			0.90	%			0.90	%			0.90	%
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			1.78	%3			0.90	%			1.49	%			0.31	%			0.54	%			1.43	%
Portfolio Turnover Rate			72	%2			115	%			505	%			59	%			30	%			50	%

¹  Per share numbers have been calculated using the average share method.

²  Non-Annualized.

³  Annualized.

⁴  Includes recoupment of past waived fees. Excluding the recoupment of past waived fees, the ratio would have been 0.88%

See accompanying notes to financial statements.

207 / Semi-Annual Report September 2018

Metropolitan West Funds

Financial Highlights

	CORPORATE BOND FUND CLASS M*
	PERIOD ENDED SEPTEMBER 30, 2018 (UNAUDITED)
Net Asset Value, Beginning of Period		$	10.00
Income from Investment Operations:
Net investment income1			0.12
Net realized and unrealized gain/(loss)			0.05
Total Income from Investment Operations			0.17
Less Distributions:
From net investment income			(0.12	)
Total Distributions			(0.12	)
Net Asset Value, End of Period		$	10.05
Total Return			1.70	%2
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	758
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			12.20	%3
After expense waivers and reimbursements			0.75	%3
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			4.78	%3
Portfolio Turnover Rate			144	%2

¹  Per share numbers have been calculated using the average share method.

²  Non-Annualized.

³  Annualized.

* The Corporate Bond Fund Class M Shares commenced operations on June 29, 2018.

See accompanying notes to financial statements.

Semi-Annual Report September 2018 / 208

Metropolitan West Funds

Financial Highlights

	CORPORATE BOND FUND CLASS I*
	PERIOD ENDED SEPTEMBER 30, 2018 (UNAUDITED)
Net Asset Value, Beginning of Period		$	10.00
Income from Investment Operations:
Net investment income1			0.13
Net realized and unrealized gain/(loss)			0.05
Total Income from Investment Operations			0.18
Less Distributions:
From net investment income			(0.13	)
Total Distributions			(0.13	)
Net Asset Value, End of Period		$	10.05
Total Return			1.76	%2
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	1,277
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			11.95	%3
After expense waivers and reimbursements			0.50	%3
After expense waivers and reimbursements			5.03	%3
Portfolio Turnover Rate			144	%2

¹  Per share numbers have been calculated using the average share method.

²  Non-Annualized.

³  Annualized.

* The Corporate Bond Fund Class I Shares commenced operations on June 29, 2018.

See accompanying notes to financial statements.

209 / Semi-Annual Report September 2018

Metropolitan West Funds

Financial Highlights

	FLOATING RATE INCOME FUND CLASS M*
	SIX MONTHS ENDED SEPTEMBER 30, 2018 (UNAUDITED)				YEAR ENDED MARCH 31, 2018				YEAR ENDED MARCH 31, 2017				YEAR ENDED MARCH 31, 2016				YEAR ENDED MARCH 31, 2015				PERIOD ENDED MARCH 31, 2014
Net Asset Value, Beginning of Period		$	10.06			$	10.06			$	9.80			$	10.13			$	10.28			$	10.00
Income from Investment Operations:
Net investment income1			0.20				0.36				0.33				0.34				0.32				0.26
Net realized and unrealized gain/(loss)			(0.01	)			—				0.26				(0.32	)			(0.06	)			0.25
Total Income from Investment Operations			0.19				0.36				0.59				0.02				0.26				0.51
Less Distributions:
From net investment income			(0.20	)			(0.36	)			(0.33	)			(0.34	)			(0.32	)			(0.22	)
From net capital gains			—				—				—				(0.01	)			(0.09	)			(0.01	)
Total Distributions			(0.20	)			(0.36	)			(0.33	)			(0.35	)			(0.41	)			(0.23	)
Net Asset Value, End of Period		$	10.05			$	10.06			$	10.06			$	9.80			$	10.13			$	10.28
Total Return			1.96	%2			3.61	%			6.08	%			0.23	%			2.53	%			5.15	%2
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	20,668			$	15,802			$	25,072			$	8,206			$	6,126			$	5,311
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			1.00	%3			1.04	%			1.05	%			1.07	%			1.10	%			1.11	%3
After expense waivers and reimbursements			0.90	%3			0.90	%			0.90	%			0.90	%			0.88	%			0.85	%3
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			4.06	%3			3.53	%			3.28	%			3.42	%			3.15	%			3.41	%3
Portfolio Turnover Rate			22	%2			71	%			40	%			66	%			49	%			67	%2

¹  Per share numbers have been calculated using the average share method.

²  Non-Annualized.

³  Annualized.

* The Floating Rate Income Fund Class M Shares commenced operations on June 28, 2013.

See accompanying notes to financial statements.

Semi-Annual Report September 2018 / 210

Metropolitan West Funds

Financial Highlights

	FLOATING RATE INCOME FUND CLASS I*
	SIX MONTHS ENDED SEPTEMBER 30, 2018 (UNAUDITED)				YEAR ENDED MARCH 31, 2018				YEAR ENDED MARCH 31, 2017				YEAR ENDED MARCH 31, 2016				YEAR ENDED MARCH 31, 2015				PERIOD ENDED MARCH 31, 2014
Net Asset Value, Beginning of Period		$	10.05			$	10.06			$	9.80			$	10.12			$	10.28			$	10.00
Income from Investment Operations:
Net investment income1			0.21				0.38				0.35				0.36				0.34				0.26
Net realized and unrealized gain/(loss)			(0.00	)2			(0.01	)			0.26				(0.31	)			(0.07	)			0.26
Total Income from Investment Operations			0.21				0.37				0.61				0.05				0.27				0.52
Less Distributions:
From net investment income			(0.21	)			(0.38	)			(0.35	)			(0.36	)			(0.34	)			(0.23	)
From net capital gains			—				—				—				(0.01	)			(0.09	)			(0.01	)
Total Distributions			(0.21	)			(0.38	)			(0.35	)			(0.37	)			(0.43	)			(0.24	)
Net Asset Value, End of Period		$	10.05			$	10.05			$	10.06			$	9.80			$	10.12			$	10.28
Total Return			2.16	%3			3.72	%			6.29	%			0.53	%			2.63	%			5.29	%3
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	257,057			$	237,759			$	206,276			$	139,472			$	138,190			$	115,448
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			0.71	%4			0.72	%			0.75	%			0.73	%			0.74	%			0.81	%4
After expense waivers and reimbursements			0.70	%4			0.70	%			0.70	%			0.70	%			0.68	%			0.65	%4
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			4.26	%4			3.77	%			3.48	%			3.61	%			3.33	%			3.34	%4
Portfolio Turnover Rate			22	%3			71	%			40	%			66	%			49	%			67	%3

¹  Per share numbers have been calculated using the average share method.

²  Amount is greater than $(0.005) per share.

³  Non-Annualized.

⁴  Annualized.

* The Floating Rate Income Fund Class I Shares commenced operations on June 28, 2013.

See accompanying notes to financial statements.

211 / Semi-Annual Report September 2018

Metropolitan West Funds

Financial Highlights

	HIGH YIELD BOND FUND CLASS M
	SIX MONTHS ENDED SEPTEMBER 30, 2018 (UNAUDITED)1				YEAR ENDED MARCH 31, 20181				YEAR ENDED MARCH 31, 20171				YEAR ENDED MARCH 31, 20161				YEAR ENDED MARCH 31, 20151				YEAR ENDED MARCH 31, 2014
Net Asset Value, Beginning of Period		$	9.55			$	9.60			$	9.09			$	9.72			$	10.37			$	10.59
Income from Investment Operations:
Net investment income2			0.20				0.34				0.34				0.39				0.45				0.54
Net realized and unrealized gain/(loss)			(0.02	)			(0.05	)			0.50				(0.63	)			(0.51	)			0.05
Total Income/(Loss) from Investment Operations			0.18				0.29				0.84				(0.24	)			(0.06	)			0.59
Less Distributions:
From net investment income			(0.20	)			(0.34	)			(0.33	)			(0.39	)			(0.45	)			(0.53	)
From net capital gains			—				—				—				—				(0.14	)			(0.28	)
Total Distributions			(0.20	)			(0.34	)			(0.33	)			(0.39	)			(0.59	)			(0.81	)
Net Asset Value, End of Period		$	9.53			$	9.55			$	9.60			$	9.09			$	9.72			$	10.37
Total Return			1.90	%3			3.01	%			9.35	%			(2.52	)%			(0.65	)%			5.89	%
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	182,217			$	211,021			$	344,328			$	498,128			$	764,684			$	1,323,298
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			0.94	%4			0.91	%			0.89	%			0.87	%			0.89	%			0.82	%
After expense waivers and reimbursements			0.86	%4			0.85	%			0.85	%			0.85	%			0.83	%			0.80	%
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			4.20	%4			3.47	%			3.55	%			4.19	%			4.41	%			5.20	%
Portfolio Turnover Rate			45	%3			167	%			185	%			139	%			61	%			66	%

¹  Consolidated Financial Highlights.

²  Per share numbers have been calculated using the average share method.

³  Non-Annualized.

⁴  Annualized.

See accompanying notes to financial statements.

Semi-Annual Report September 2018 / 212

Metropolitan West Funds

Financial Highlights

	HIGH YIELD BOND FUND CLASS I
	SIX MONTHS ENDED SEPTEMBER 30, 2018 (UNAUDITED)1				YEAR ENDED MARCH 31, 20181				YEAR ENDED MARCH 31, 20171				YEAR ENDED MARCH 31, 20161				YEAR ENDED MARCH 31, 20151				YEAR ENDED MARCH 31, 2014
Net Asset Value, Beginning of Period		$	9.55			$	9.60			$	9.09			$	9.72			$	10.37			$	10.59
Income from Investment Operations:
Net investment income2			0.21				0.36				0.36				0.42				0.47				0.57
Net realized and unrealized gain/(loss)			(0.02	)			(0.05	)			0.50				(0.64	)			(0.51	)			0.05
Total Income/(Loss) from Investment Operations			0.19				0.31				0.86				(0.22	)			(0.04	)			0.62
Less Distributions:
From net investment income			(0.21	)			(0.36	)			(0.35	)			(0.41	)			(0.47	)			(0.56	)
From net capital gains			—				—				—				—				(0.14	)			(0.28	)
Total Distributions			(0.21	)			(0.36	)			(0.35	)			(0.41	)			(0.61	)			(0.84	)
Net Asset Value, End of Period		$	9.53			$	9.55			$	9.60			$	9.09			$	9.72			$	10.37
Total Return			2.02	%3			3.27	%			9.62	%			(2.28	)%			(0.40	)%			6.16	%
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	308,054			$	393,368			$	532,071			$	572,436			$	755,786			$	910,268
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			0.65	%4			0.63	%			0.62	%			0.61	%			0.60	%			0.56	%
After expense waivers and reimbursements			0.61	%4			0.60	%			0.60	%			0.60	%			0.58	%			0.55	%
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			4.44	%4			3.74	%			3.78	%			4.44	%			4.65	%			5.45	%
Portfolio Turnover Rate			45	%3			167	%			185	%			139	%			61	%			66	%

¹  Consolidated Financial Highlights.

²  Per share numbers have been calculated using the average share method.

³  Non-Annualized.

⁴  Annualized.

See accompanying notes to financial statements.

213 / Semi-Annual Report September 2018

Metropolitan West Funds

Financial Highlights

	INTERMEDIATE BOND FUND CLASS M
	SIX MONTHS ENDED SEPTEMBER 30, 2018 (UNAUDITED)				YEAR ENDED MARCH 31, 2018				YEAR ENDED MARCH 31, 2017				YEAR ENDED MARCH 31, 2016				YEAR ENDED MARCH 31, 2015				YEAR ENDED MARCH 31, 2014
Net Asset Value, Beginning of Period		$	10.21			$	10.37			$	10.58			$	10.65			$	10.52			$	10.69
Income from Investment Operations:
Net investment income1			0.12				0.18				0.14				0.13				0.14				0.24
Net realized and unrealized gain/(loss)			(0.12	)			(0.16	)			(0.09	)			(0.03	)			0.16				(0.16	)
Total Income from Investment Operations			—				0.02				0.05				0.10				0.30				0.08
Less Distributions:
From net investment income			(0.12	)			(0.18	)			(0.15	)			(0.12	)			(0.14	)			(0.24	)
From net capital gains			—				—				(0.11	)			(0.05	)			(0.03	)			(0.01	)
Total Distributions			(0.12	)			(0.18	)			(0.26	)			(0.17	)			(0.17	)			(0.25	)
Net Asset Value, End of Period		$	10.09			$	10.21			$	10.37			$	10.58			$	10.65			$	10.52
Total Return			(0.01	)%2			0.19	%			0.43	%			1.03	%			2.87	%			0.80	%
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	42,472			$	52,942			$	92,642			$	199,031			$	163,048			$	144,635
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			0.72	%3			0.70	%4			0.70	%5			0.70	%			0.72	%			0.69	%
After expense waivers and reimbursements			0.70	%3			0.70	%			0.70	%			0.70	%			0.68	%			0.65	%
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			2.34	%3			1.71	%			1.35	%			1.20	%			1.30	%			2.25	%
Portfolio Turnover Rate			114	%2			251	%			252	%			309	%			253	%			208	%

¹  Per share numbers have been calculated using the average share method.

²  Non-Annualized.

³  Annualized.

⁴  Includes recoupment of past waived fees. Excluding the recoupment of past waived fees, the ratio would have been 0.67%

⁵  Includes recoupment of past waived fees. Excluding the recoupment of past waived fees, the ratio would have been 0.68%.

See accompanying notes to financial statements.

Semi-Annual Report September 2018 / 214

Metropolitan West Funds

Financial Highlights

	INTERMEDIATE BOND FUND CLASS I
	SIX MONTHS ENDED SEPTEMBER 30, 2018 (UNAUDITED)				YEAR ENDED MARCH 31, 2018				YEAR ENDED MARCH 31, 2017				YEAR ENDED MARCH 31, 2016				YEAR ENDED MARCH 31, 2015				YEAR ENDED MARCH 31, 2014
Net Asset Value, Beginning of Period		$	10.21			$	10.37			$	10.58			$	10.65			$	10.52			$	10.69
Income from Investment Operations:
Net investment income1			0.13				0.20				0.17				0.15				0.15				0.25
Net realized and unrealized gain/(loss)			(0.12	)			(0.15	)			(0.10	)			(0.02	)			0.17				(0.15	)
Total Income from Investment Operations			0.01				0.05				0.07				0.13				0.32				0.10
Less Distributions:
From net investment income			(0.13	)			(0.21	)			(0.17	)			(0.15	)			(0.16	)			(0.26	)
From net capital gains			—				—				(0.11	)			(0.05	)			(0.03	)			(0.01	)
Total Distributions			(0.13	)			(0.21	)			(0.28	)			(0.20	)			(0.19	)			(0.27	)
Net Asset Value, End of Period		$	10.09			$	10.21			$	10.37			$	10.58			$	10.65			$	10.52
Total Return			0.10	%2			0.43	%			0.68	%			1.28	%			3.09	%			1.02	%
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	636,426			$	768,254			$	1,064,551			$	1,094,444			$	1,051,372			$	356,129
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			0.50	%3			0.46	%			0.45	%			0.46	%			0.48	%4			0.46	%
After expense waivers and reimbursements			0.49	%3			0.46	%			0.45	%			0.46	%			0.48	%			0.44	%
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			2.55	%3			1.97	%			1.63	%			1.44	%			1.38	%			2.39	%
Portfolio Turnover Rate			114	%2			251	%			252	%			309	%			253	%			208	%

1 Per share numbers have been calculated using the average share method.

2 Non-Annualized.

3 Annualized.

4 Includes recoupment of past waived fees. Excluding the recoupment of past waived fees, the ratio would have been 0.46%.

See accompanying notes to financial statements.

215 / Semi-Annual Report September 2018

Metropolitan West Funds

Financial Highlights

	INVESTMENT GRADE CREDIT FUND CLASS M*
	PERIOD ENDED SEPTEMBER 30, 2018 (UNAUDITED)
Net Asset Value, Beginning of Period		$10.00
Income from Investment Operations:
Net investment income1		0.19
Net realized and unrealized gain		0.17
Total Income from Investment Operations		0.36
Less Distributions:
From net investment income		(0.19	)
Total Distributions		(0.19	)
Net Asset Value, End of Period		$10.17
Total Return		3.61	%2
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$   759
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements		10.26	%3
After expense waivers and reimbursements		0.70	%3
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements		7.64	%3
Portfolio Turnover Rate		184	%2

¹  Per share numbers have been calculated using the average share method.

²  Non-Annualized.

³  Annualized.

* The Investment Grade Credit Fund Class M Shares commenced operations on June 29, 2018.

See accompanying notes to financial statements.

Semi-Annual Report September 2018 / 216

Metropolitan West Funds

Financial Highlights

	INVESTMENT GRADE CREDIT FUND CLASS I*
	PERIOD ENDED SEPTEMBER 30, 2018 (UNAUDITED)
Net Asset Value, Beginning of Period		$10.00
Income from Investment Operations:
Net investment income1		0.19
Net realized and unrealized gain		0.18
Total Income from Investment Operations		0.37
Less Distributions:
From net investment income		(0.20	)
Total Distributions		(0.20	)
Net Asset Value, End of Period		$10.17
Total Return		3.67	%2
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$4,825
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements		8.14	%3
After expense waivers and reimbursements		0.49	%3
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements		7.69	%3
Portfolio Turnover Rate		184	%2

¹  Per share numbers have been calculated using the average share method.

²  Non-Annualized.

³  Annualized.

* The Investment Grade Credit Fund Class I Shares commenced operations on June 29, 2018.

See accompanying notes to financial statements.

217 / Semi-Annual Report September 2018

Metropolitan West Funds

Financial Highlights

	LOW DURATION BOND FUND CLASS M
	SIX MONTHS ENDED SEPTEMBER 30, 2018 (UNAUDITED)				YEAR ENDED MARCH 31, 2018				YEAR ENDED MARCH 31, 2017				YEAR ENDED MARCH 31, 2016				YEAR ENDED MARCH 31, 2015				YEAR ENDED MARCH 31, 2014
Net Asset Value, Beginning of Period		$	8.63			$	8.72			$	8.73			$	8.81			$	8.81			$	8.83
Income from Investment Operations:
Net investment income1			0.09				0.13				0.10				0.10				0.11				0.14
Net realized and unrealized gain/(loss)			(0.06	)			(0.09	)			(0.00	)2			(0.08	)			(0.00	)2			(0.01	)
Total Income from Investment Operations			0.03				0.04				0.10				0.02				0.11				0.13
Less Distributions:
From net investment income			(0.09	)			(0.13	)			(0.10	)			(0.10	)			(0.11	)			(0.15	)
From net capital gains			—				—				(0.01	)			—				—				—
Total Distributions			(0.09	)			(0.13	)			(0.11	)			(0.10	)			(0.11	)			(0.15	)
Net Asset Value, End of Period		$	8.57			$	8.63			$	8.72			$	8.73			$	8.81			$	8.81
Total Return			0.36	%3			0.48	%			1.25	%			0.22	%			1.24	%			1.45	%
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	758,142			$	975,388			$	1,284,692			$	1,492,411			$	1,749,130			$	1,918,474
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			0.64	%4			0.62	%			0.61	%			0.62	%			0.62	%			0.57	%
After expense waivers and reimbursements			0.63	%4			0.62	%			0.61	%			0.62	%			0.61	%			0.57	%
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			2.11	%4			1.45	%			1.19	%			1.16	%			1.21	%			1.60	%
Portfolio Turnover Rate			71	%3			200	%			95	%			119	%			30	%			31	%

¹  Per share numbers have been calculated using the average share method.

²  Amount is greater than $(0.005) per share.

³  Non-Annualized.

⁴  Annualized.

See accompanying notes to financial statements.

Semi-Annual Report September 2018 / 218

Metropolitan West Funds

Financial Highlights

	LOW DURATION BOND FUND CLASS I
	SIX MONTHS ENDED SEPTEMBER 30, 2018 (UNAUDITED)				YEAR ENDED MARCH 31, 2018				YEAR ENDED MARCH 31, 2017				YEAR ENDED MARCH 31, 2016				YEAR ENDED MARCH 31, 2015				YEAR ENDED MARCH 31, 2014
Net Asset Value, Beginning of Period		$	8.64			$	8.72			$	8.73			$	8.81			$	8.81			$	8.83
Income from Investment Operations:
Net investment income1			0.10				0.15				0.12				0.12				0.13				0.16
Net realized and unrealized gain/(loss)			(0.06	)			(0.08	)			(0.00	)2			(0.08	)			(0.00	)2			(0.02	)
Total Income from Investment Operations			0.04				0.07				0.12				0.04				0.13				0.14
Less Distributions:
From net investment income			(0.10	)			(0.15	)			(0.12	)			(0.12	)			(0.13	)			(0.16	)
From net capital gains			—				—				(0.01	)			—				—				—
Total Distributions			(0.10	)			(0.15	)			(0.13	)			(0.12	)			(0.13	)			(0.16	)
Net Asset Value, End of Period		$	8.58			$	8.64			$	8.72			$	8.73			$	8.81			$	8.81
Total Return			0.47	%3			0.81	%			1.46	%			0.44	%			1.46	%			1.64	%
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	1,611,119			$	1,685,415			$	1,816,633			$	1,915,270			$	1,915,434			$	1,695,160
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			0.42	%4			0.40	%			0.40	%			0.39	%			0.39	%			0.37	%
After expense waivers and reimbursements			0.42	%4			0.40	%			0.40	%			0.39	%			0.39	%			0.37	%
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			2.33	%4			1.68	%			1.40	%			1.39	%			1.42	%			1.78	%
Portfolio Turnover Rate			71	%3			200	%			95	%			119	%			30	%			31	%

¹  Per share numbers have been calculated using the average share method.

²  Amount is greater than $(0.005) per share.

³  Non-Annualized.

⁴  Annualized.

See accompanying notes to financial statements.

219 / Semi-Annual Report September 2018

Metropolitan West Funds

Financial Highlights

	LOW DURATION BOND FUND ADMINISTRATIVE CLASS
	SIX MONTHS ENDED SEPTEMBER 30, 2018 (UNAUDITED)				YEAR ENDED MARCH 31, 2018				YEAR ENDED MARCH 31, 2017				YEAR ENDED MARCH 31, 2016				YEAR ENDED MARCH 31, 2015				YEAR ENDED MARCH 31, 2014
Net Asset Value, Beginning of Period		$	11.16			$	11.27			$	11.27			$	11.37			$	11.38			$	11.41
Income from Investment Operations:
Net investment income1			0.11				0.15				0.12				0.12				0.12				0.14
Net realized and unrealized gain/(loss)			(0.08	)			(0.10	)			(0.01	)			(0.11	)2			—				—
Total Income from Investment Operations			0.03				0.05				0.13				0.01				0.12				0.14
Less Distributions:
From net investment income			(0.11	)			(0.16	)			(0.12	)			(0.11	)			(0.13	)			(0.17	)
From net capital gains			—				—				(0.01	)			—				—				—
Total Distributions			(0.11	)			(0.16	)			(0.13	)			(0.11	)			(0.13	)			(0.17	)
Net Asset Value, End of Period		$	11.08			$	11.16			$	11.27			$	11.27			$	11.37			$	11.38
Total Return			0.29	%3			0.43	%			1.22	%			0.13	%			1.04	%			1.21	%
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	368			$	5,374			$	7,210			$	7,359			$	4,599			$	3,623
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			0.72	%4			0.72	%			0.72	%			0.72	%			0.72	%			0.78	%
After expense waivers and reimbursements			0.72	%4			0.72	%			0.72	%			0.72	%			0.72	%			0.78	%
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			1.95	%4			1.35	%			1.08	%			1.07	%			1.09	%			1.24	%
Portfolio Turnover Rate			71	%3			200	%			95	%			119	%			30	%			31	%

¹  Per share numbers have been calculated using the average share method.

²  Amount is greater than $(0.005) per share.

³  Non-Annualized.

⁴  Annualized.

See accompanying notes to financial statements.

Semi-Annual Report September 2018 / 220

Metropolitan West Funds

Financial Highlights

	STRATEGIC INCOME FUND CLASS M
	SIX MONTHS ENDED SEPTEMBER 30, 2018 (UNAUDITED)				YEAR ENDED MARCH 31, 2018				YEAR ENDED MARCH 31, 2017				YEAR ENDED MARCH 31, 2016				YEAR ENDED MARCH 31, 2015				YEAR ENDED MARCH 31, 2014
Net Asset Value, Beginning of Period		$	7.99			$	8.05			$	7.99			$	8.32			$	8.29			$	8.32
Income from Investment Operations:
Net investment income1			0.15				0.25				0.27				0.28				0.18				0.22
Net realized and unrealized gain/(loss)			(0.09	)			(0.03	)			0.04				(0.33	)			0.02				(0.02	)
Total Income/(Loss) from Investment Operations			0.06				0.22				0.31				(0.05	)			0.20				0.20
Less Distributions:
From net investment income			(0.15	)			(0.28	)			(0.25	)			(0.28	)			(0.17	)			(0.23	)
Total Distributions			(0.15	)			(0.28	)			(0.25	)			(0.28	)			(0.17	)			(0.23	)
Net Asset Value, End of Period		$	7.90			$	7.99			$	8.05			$	7.99			$	8.32			$	8.29
Total Return			0.75	%2			2.78	%			3.91	%			(0.57	)%			2.37	%			2.42	%
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	20,289			$	26,420			$	44,430			$	59,072			$	73,453			$	73,180
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			2.08	%3,4			2.45	%			2.09	%			1.87	%			2.41	%			2.26	%
After expense waivers and reimbursements			2.08	%3			2.35	%			2.09	%			1.87	%			2.35	%			2.26	%
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			3.72	%3			3.15	%			3.36	%			3.46	%			2.20	%			2.62	%
Portfolio Turnover Rate			19	%2			32	%			42	%			20	%			32	%			51	%

¹  Per share numbers have been calculated using the average share method.

²  Non-Annualized.

³  Annualized.

⁴  Includes recoupment of past waived fees. Excluding the recoupment of past waived fees, the ratio would have been 1.79%.

See accompanying notes to financial statements.

221 / Semi-Annual Report September 2018

Metropolitan West Funds

Financial Highlights

	STRATEGIC INCOME FUND CLASS I
	SIX MONTHS ENDED SEPTEMBER 30, 2018 (UNAUDITED)				YEAR ENDED MARCH 31, 2018				YEAR ENDED MARCH 31, 2017				YEAR ENDED MARCH 31, 2016				YEAR ENDED MARCH 31, 2015				YEAR ENDED MARCH 31, 2014
Net Asset Value, Beginning of Period		$	7.98			$	8.05			$	7.98			$	8.31			$	8.29			$	8.32
Income from Investment Operations:
Net investment income1			0.16				0.27				0.29				0.31				0.20				0.25
Net realized and unrealized gain/(loss)			(0.09	)			(0.04	)			0.05				(0.33	)			—				(0.03	)
Total Income/(Loss) from Investment Operations			0.07				0.23				0.34				(0.02	)			0.20				0.22
Less Distributions:
From net investment income			(0.16	)			(0.30	)			(0.27	)			(0.31	)			(0.18	)			(0.25	)
Total Distributions			(0.16	)			(0.30	)			(0.27	)			(0.31	)			(0.18	)			(0.25	)
Net Asset Value, End of Period		$	7.89			$	7.98			$	8.05			$	7.98			$	8.31			$	8.29
Total Return			0.89	%2			2.90	%			4.32	%			(0.25	)%			2.49	%			2.69	%
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	70,943			$	69,791			$	70,556			$	61,018			$	90,718			$	146,485
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			1.77	%3,4			2.22	%			1.84	%			1.54	%			2.10	%			1.99	%
After expense waivers and reimbursements			1.77	%3			2.10	%			1.84	%			1.54	%			2.10	%			1.99	%
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			4.05	%3			3.40	%			3.64	%			3.78	%			2.37	%			3.07	%
Portfolio Turnover Rate			19	%2			32	%			42	%			20	%			32	%			51	%

¹  Per share numbers have been calculated using the average share method.

²  Non-Annualized.

³  Annualized.

⁴  Includes recoupment of past waived fees. Excluding the recoupment of past waived fees, the ratio would have been 1.54%.

See accompanying notes to financial statements.

Semi-Annual Report September 2018 / 222

Metropolitan West Funds

Financial Highlights

	TOTAL RETURN BOND FUND CLASS M
	SIX MONTHS ENDED SEPTEMBER 30, 2018 (UNAUDITED)				YEAR ENDED MARCH 31, 2018				YEAR ENDED MARCH 31, 2017				YEAR ENDED MARCH 31, 2016				YEAR ENDED MARCH 31, 2015				YEAR ENDED MARCH 31, 2014
Net Asset Value, Beginning of Period		$	10.46			$	10.57			$	10.83			$	11.02			$	10.68			$	10.92
Income from Investment Operations:
Net investment income1			0.13				0.21				0.18				0.18				0.19				0.29
Net realized and unrealized gain/(loss)			(0.14	)			(0.11	)			(0.11	)			(0.07	)			0.38				(0.18	)
Total Income from Investment Operations			(0.01	)			0.10				0.07				0.11				0.57				0.11
Less Distributions:
From net investment income			(0.13	)			(0.21	)			(0.18	)			(0.18	)			(0.20	)			(0.29	)
From net capital gains			—				—				(0.15	)			(0.12	)			(0.03	)			(0.06	)
Total Distributions			(0.13	)			(0.21	)			(0.33	)			(0.30	)			(0.23	)			(0.35	)
Net Asset Value, End of Period		$	10.32			$	10.46			$	10.57			$	10.83			$	11.02			$	10.68
Total Return			(0.07	)%2			0.94	%			0.70	%			0.99	%			5.38	%			1.07	%
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	10,253,525			$	11,617,735			$	15,223,666			$	16,488,095			$	16,558,422			$	10,587,362
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			0.68	%3			0.67	%			0.67	%			0.66	%			0.68	%			0.62	%
After expense waivers and reimbursements			0.68	%3			0.67	%			0.67	%			0.66	%			0.68	%			0.62	%
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			2.56	%3			1.96	%			1.71	%			1.64	%			1.79	%			2.70	%
Portfolio Turnover Rate			99	%2			291	%			313	%			303	%			246	%			255	%

¹  Per share numbers have been calculated using the average share method.

²  Non-Annualized.

³  Annualized.

See accompanying notes to financial statements.

223 / Semi-Annual Report September 2018

Metropolitan West Funds

Financial Highlights

	TOTAL RETURN BOND FUND CLASS I
	SIX MONTHS ENDED SEPTEMBER 30, 2018 (UNAUDITED)				YEAR ENDED MARCH 31, 2018				YEAR ENDED MARCH 31, 2017				YEAR ENDED MARCH 31, 2016				YEAR ENDED MARCH 31, 2015				YEAR ENDED MARCH 31, 2014
Net Asset Value, Beginning of Period		$	10.46			$	10.57			$	10.83			$	11.01			$	10.68			$	10.92
Income from Investment Operations:
Net investment income1			0.14				0.23				0.21				0.20				0.21				0.31
Net realized and unrealized gain/(loss)			(0.15	)			(0.11	)			(0.11	)			(0.06	)			0.38				(0.18	)
Total Income from Investment Operations			(0.01	)			0.12				0.10				0.14				0.59				0.13
Less Distributions:
From net investment income			(0.14	)			(0.23	)			(0.21	)			(0.20	)			(0.23	)			(0.31	)
From net capital gains			—				—				(0.15	)			(0.12	)			(0.03	)			(0.06	)
Total Distributions			(0.14	)			(0.23	)			(0.36	)			(0.32	)			(0.26	)			(0.37	)
Net Asset Value, End of Period		$	10.31			$	10.46			$	10.57			$	10.83			$	11.01			$	10.68
Total Return			(0.05	)%2			1.17	%			0.93	%			1.31	%			5.54	%			1.29	%
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	41,314,079			$	47,327,297			$	49,013,553			$	46,277,563			$	40,277,552			$	16,023,118
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			0.46	%3			0.44	%			0.44	%			0.43	%			0.44	%			0.40	%
After expense waivers and reimbursements			0.46	%3			0.44	%			0.44	%			0.43	%			0.44	%			0.40	%
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			2.78	%3			2.19	%			1.94	%			1.87	%			1.94	%			2.90	%
Portfolio Turnover Rate			99	%2			291	%			313	%			303	%			246	%			255	%

¹  Per share numbers have been calculated using the average share method.

²  Non-Annualized.

³  Annualized.

See accompanying notes to financial statements.

Semi-Annual Report September 2018 / 224

Metropolitan West Funds

Financial Highlights

	TOTAL RETURN BOND FUND ADMINISTRATIVE CLASS
	SIX MONTHS ENDED SEPTEMBER 30, 2018 (UNAUDITED)				YEAR ENDED MARCH 31, 2018				YEAR ENDED MARCH 31, 2017				YEAR ENDED MARCH 31, 2016				YEAR ENDED MARCH 31, 2015				YEAR ENDED MARCH 31, 2014
Net Asset Value, Beginning of Period		$	10.47			$	10.58			$	10.84			$	11.02			$	10.68			$	10.93
Income from Investment Operations:
Net investment income1			0.13				0.20				0.17				0.16				0.16				0.26
Net realized and unrealized gain/(loss)			(0.15	)			(0.11	)			(0.11	)			(0.06	)			0.40				(0.18	)
Total Income from Investment Operations			(0.02	)			0.09				0.06				0.10				0.56				0.08
Less Distributions:
From net investment income			(0.13	)			(0.20	)			(0.17	)			(0.16	)			(0.19	)			(0.27	)
From net capital gains			—				—				(0.15	)			(0.12	)			(0.03	)			(0.06	)
Total Distributions			(0.13	)			(0.20	)			(0.32	)			(0.28	)			(0.22	)			(0.33	)
Net Asset Value, End of Period		$	10.32			$	10.47			$	10.58			$	10.84			$	11.02			$	10.68
Total Return			(0.21	)%2			0.83	%			0.59	%			0.96	%			5.25	%			0.79	%
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	926,081			$	975,897			$	768,125			$	291,168			$	281,479			$	39,430
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			0.78	%3			0.78	%			0.78	%			0.78	%			0.80	%			0.81	%
After expense waivers and reimbursements			0.78	%3			0.78	%			0.78	%			0.78	%			0.80	%			0.81	%
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			2.46	%3			1.87	%			1.62	%			1.51	%			1.45	%			2.47	%
Portfolio Turnover Rate			99	%2			291	%			313	%			303	%			246	%			255	%

¹  Per share numbers have been calculated using the average share method.

²  Non-Annualized.

³  Annualized.

See accompanying notes to financial statements.

225 / Semi-Annual Report September 2018

Metropolitan West Funds

Financial Highlights

	TOTAL RETURN BOND FUND PLAN CLASS
	SIX MONTHS ENDED SEPTEMBER 30, 2018 (UNAUDITED)				YEAR ENDED MARCH 31, 2018				YEAR ENDED MARCH 31, 2017				YEAR ENDED MARCH 31, 2016				YEAR ENDED MARCH 31, 2015				YEAR ENDED MARCH 31, 2014
Net Asset Value, Beginning of Period		$	9.84			$	9.95			$	10.20			$	10.38			$	10.07			$	10.30
Income from Investment Operations:
Net investment income1			0.14				0.23				0.20				0.20				0.18				0.29
Net realized and unrealized gain/(loss)			(0.13	)			(0.11	)			(0.10	)			(0.07	)			0.38				(0.17	)
Total Income from Investment Operations			0.01				0.12				0.10				0.13				0.56				0.12
Less Distributions:
From net investment income			(0.14	)			(0.23	)			(0.20	)			(0.19	)			(0.22	)			(0.29	)
From net capital gains			—				—				(0.15	)			(0.12	)			(0.03	)			(0.06	)
Total Distributions			(0.14	)			(0.23	)			(0.35	)			(0.31	)			(0.25	)			(0.35	)
Net Asset Value, End of Period		$	9.71			$	9.84			$	9.95			$	10.20			$	10.38			$	10.07
Total Return			0.11	%2			1.18	%			1.03	%			1.33	%			5.60	%			1.30	%
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	19,861,230			$	18,363,121			$	13,687,733			$	10,702,029			$	7,179,308			$	535,236
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			0.37	%3			0.37	%			0.37	%			0.38	%			0.40	%			0.39	%
After expense waivers and reimbursements			0.37	%3			0.37	%			0.37	%			0.38	%			0.39	%			0.39	%
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			2.88	%3			2.28	%			2.01	%			1.93	%			1.77	%			2.88	%
Portfolio Turnover Rate			99	%2			291	%			313	%			303	%			246	%			255	%

¹  Per share numbers have been calculated using the average share method.

²  Non-Annualized.

³  Annualized.

See accompanying notes to financial statements.

Semi-Annual Report September 2018 / 226

Metropolitan West Funds

Financial Highlights

	ULTRA SHORT BOND FUND CLASS M
	SIX MONTHS ENDED SEPTEMBER 30, 2018 (UNAUDITED)				YEAR ENDED MARCH 31, 2018				YEAR ENDED MARCH 31, 2017				YEAR ENDED MARCH 31, 2016				YEAR ENDED MARCH 31, 2015				YEAR ENDED MARCH 31, 2014
Net Asset Value, Beginning of Period		$	4.25			$	4.27			$	4.27			$	4.29			$	4.30			$	4.31
Income from Investment Operations:
Net investment income1			0.04				0.05				0.04				0.03				0.03				0.04
Net realized and unrealized gain/(loss)			(0.01	)			(0.02	)			0.01				(0.02	)			(0.01	)			(0.01	)
Total Income from Investment Operations			0.03				0.03				0.05				0.01				0.02				0.03
Less Distributions:
From net investment income			(0.04	)			(0.05	)			(0.04	)			(0.03	)			(0.03	)			(0.04	)
From net capital gains			—				—				(0.01	)			—				—				—
Total Distributions			(0.04	)			(0.05	)			(0.05	)			(0.03	)			(0.03	)			(0.04	)
Net Asset Value, End of Period		$	4.24			$	4.25			$	4.27			$	4.27			$	4.29			$	4.30
Total Return			0.69	%2			0.68	%			1.14	%			0.18	%			0.42	%			0.74	%
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	38,915			$	50,777			$	66,238			$	78,212			$	69,868			$	97,090
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			0.74	%3			0.69	%			0.67	%			0.68	%			0.65	%			0.60	%
After expense waivers and reimbursements			0.50	%3			0.50	%			0.50	%			0.50	%			0.50	%			0.50	%
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			1.83	%3			1.14	%			0.97	%			0.66	%			0.63	%			0.92	%
Portfolio Turnover Rate			80	%2			183	%			63	%			37	%			16	%			31	%

¹  Per share numbers have been calculated using the average share method.

²  Non-Annualized.

³  Annualized.

See accompanying notes to financial statements.

227 / Semi-Annual Report September 2018

Metropolitan West Funds

Financial Highlights

	ULTRA SHORT BOND FUND CLASS I
	SIX MONTHS ENDED SEPTEMBER 30, 2018 (UNAUDITED)				YEAR ENDED MARCH 31, 2018				YEAR ENDED MARCH 31, 2017				YEAR ENDED MARCH 31, 2016				YEAR ENDED MARCH 31, 2015				YEAR ENDED MARCH 31, 2014
Net Asset Value, Beginning of Period		$	4.26			$	4.27			$	4.28			$	4.30			$	4.31			$	4.32
Income from Investment Operations:
Net investment income1			0.04				0.06				0.05				0.04				0.03				0.05
Net realized and unrealized gain/(loss)			(0.01	)			(0.01	)			(0.00	)2			(0.03	)			(0.00	)2			(0.01	)
Total Income from Investment Operations			0.03				0.05				0.05				0.01				0.03				0.04
Less Distributions:
From net investment income			(0.04	)			(0.06	)			(0.05	)			(0.03	)			(0.04	)			(0.05	)
From net capital gains			—				—				(0.01	)			—				—				—
Total Distributions			(0.04	)			(0.06	)			(0.06	)			(0.03	)			(0.04	)			(0.05	)
Net Asset Value, End of Period		$	4.25			$	4.26			$	4.27			$	4.28			$	4.30			$	4.31
Total Return			0.77	%3			1.08	%			1.06	%			0.34	%			0.59	%			0.90	%
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	72,563			$	68,698			$	70,744			$	74,751			$	80,530			$	100,622
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			0.56	%4			0.52	%			0.49	%			0.50	%			0.46	%			0.43	%
After expense waivers and reimbursements			0.34	%4			0.34	%			0.34	%			0.34	%			0.34	%			0.34	%
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			2.00	%4			1.30	%			1.13	%			0.83	%			0.79	%			1.09	%
Portfolio Turnover Rate			80	%3			183	%			63	%			37	%			16	%			31	%

¹  Per share numbers have been calculated using the average share method.

²  Amount is greater than $(0.005) per share.

³  Non-Annualized.

⁴  Annualized.

See accompanying notes to financial statements.

Semi-Annual Report September 2018 / 228

Metropolitan West Funds

Financial Highlights

	UNCONSTRAINED BOND FUND CLASS M
	SIX MONTHS ENDED SEPTEMBER 30, 2018 (UNAUDITED)				YEAR ENDED MARCH 31, 2018				YEAR ENDED MARCH 31, 2017				YEAR ENDED MARCH 31, 2016				YEAR ENDED MARCH 31, 2015				YEAR ENDED MARCH 31, 2014
Net Asset Value, Beginning of Period		$	11.83			$	11.90			$	11.72			$	11.95			$	11.87			$	11.81
Income from Investment Operations:
Net investment income1			0.20				0.29				0.25				0.23				0.21				0.29
Net realized and unrealized gain/(loss)			(0.07	)			(0.03	)			0.22				(0.23	)			0.08				0.07
Total Income/(Loss) from Investment Operations			0.13				0.26				0.47				—				0.29				0.36
Less Distributions:
From net investment income			(0.20	)			(0.31	)			(0.25	)			(0.23	)			(0.21	)			(0.29	)
From net capital gains			—				(0.02	)			(0.04	)			—				—				(0.01	)
Total Distributions			(0.20	)			(0.33	)			(0.29	)			(0.23	)			(0.21	)			(0.30	)
Net Asset Value, End of Period		$	11.76			$	11.83			$	11.90			$	11.72			$	11.95			$	11.87
Total Return			1.10	%2			2.18	%			4.11	%			(0.02	)%			2.47	%			3.09	%
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	518,366			$	642,999			$	1,460,884			$	827,053			$	738,090			$	305,872
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			1.15	%3			1.05	%			1.04	%4			1.04	%			1.04	%			1.04	%
After expense waivers and reimbursements			1.04	%3			1.04	%			1.04	%			1.04	%			1.03	%			0.99	%
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			3.33	%3			2.39	%			2.13	%			1.95	%			1.76	%			2.46	%
Portfolio Turnover Rate			19	%2			62	%			33	%			23	%			18	%			38	%

¹  Per share numbers have been calculated using the average share method.

²  Non-Annualized.

³  Annualized.

⁴  Includes recoupment of past waived fees. Excluding the recoupment of past waived fees, the ratio would have been 1.02%.

See accompanying notes to financial statements.

229 / Semi-Annual Report September 2018

Metropolitan West Funds

Financial Highlights

	UNCONSTRAINED BOND FUND CLASS I
	SIX MONTHS ENDED SEPTEMBER 30, 2018 (UNAUDITED)				YEAR ENDED MARCH 31, 2018				YEAR ENDED MARCH 31, 2017				YEAR ENDED MARCH 31, 2016				YEAR ENDED MARCH 31, 2015				YEAR ENDED MARCH 31, 2014
Net Asset Value, Beginning of Period		$	11.82			$	11.89			$	11.71			$	11.94			$	11.86			$	11.80
Income from Investment Operations:
Net investment income1			0.21				0.33				0.29				0.27				0.24				0.32
Net realized and unrealized gain/(loss)			(0.06	)			(0.04	)			0.22				(0.24	)			0.08				0.07
Total Income from Investment Operations			0.15				0.29				0.51				0.03				0.32				0.39
Less Distributions:
From net investment income			(0.22	)			(0.34	)			(0.29	)			(0.26	)			(0.24	)			(0.32	)
From net capital gains			—				(0.02	)			(0.04	)			—				—				(0.01	)
Total Distributions			(0.22	)			(0.36	)			(0.33	)			(0.26	)			(0.24	)			(0.33	)
Net Asset Value, End of Period		$	11.75			$	11.82			$	11.89			$	11.71			$	11.94			$	11.86
Total Return			1.25	%2			2.49	%			4.43	%			0.29	%			2.72	%			3.34	%
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	2,596,249			$	2,627,294			$	1,996,550			$	1,395,583			$	1,299,022			$	412,757
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			0.75	%3			0.73	%			0.73	%			0.73	%			0.79	%4			0.78	%
After expense waivers and reimbursements			0.75	%3			0.73	%			0.73	%			0.73	%			0.79	%			0.75	%
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			3.63	%3			2.77	%			2.46	%			2.25	%			2.00	%			2.70	%
Portfolio Turnover Rate			19	%2			62	%			33	%			23	%			18	%			38	%

¹  Per share numbers have been calculated using the average share method.

²  Non-Annualized.

³  Annualized.

⁴  Includes recoupment of past waived fees. Excluding the recoupment of past waived fees, the ratio would have been 0.76%.

See accompanying notes to financial statements.

Semi-Annual Report September 2018 / 230

Notes to Financial Statements

September 30, 2018 (Unaudited)

1. SUMMARY OF ORGANIZATION

The Metropolitan West Funds (the “Trust”) is an open-end management investment company organized as a Delaware statutory trust on December 9, 1996 and registered under the Investment Company Act of 1940, as amended (the “1940 Act”). Metropolitan West Asset Management, LLC (the “Adviser”), a federally registered investment adviser, provides the Funds (as defined below) with investment management services. The Trust currently consists of eleven separate portfolios (each a “Fund” and collectively, the “Funds”): MetropolitanWestAlphaTrak 500 Fund (the “AlphaTrak 500 Fund”), MetropolitanWest Corporate Bond Fund (the “Corporate Bond Fund”), Metropolitan West Floating Rate Income Fund (the “Floating Rate Income Fund”), Metropolitan West High Yield Bond Fund (the “High Yield Bond Fund”), Metropolitan West Intermediate Bond Fund (the “Intermediate Bond Fund”), Metropolitan West Investment Grade Credit Fund (the “Investment Grade Credit Fund”), Metropolitan West Low Duration Bond Fund (the “Low Duration Bond Fund”), Metropolitan West Strategic Income Fund (the “Strategic Income Fund”), Metropolitan West Total Return Bond Fund (the “Total Return Bond Fund”), Metropolitan West Ultra Short Bond Fund (the “Ultra Short Bond Fund”) and Metropolitan West Unconstrained Bond Fund (the “Unconstrained Bond Fund”). The AlphaTrak 500 Fund commenced investment operations on June 29, 1998 with Class M shares. The Corporate Bond Fund commenced investment operation on June 29, 2018 with Class M and Class I shares. The Floating Rate Income Fund commenced investment operation on June 28, 2013 with Class M and Class I shares. The High Yield Bond Fund commenced investment operations on September 30, 2002 with Class M shares. Class I was added on March 31, 2003. The Intermediate Bond Fund commenced investment operations on June 28, 2002 with the Class I shares. Class M was added on June 30, 2004. The Investment Grade Credit Fund commenced investment operation on June 29, 2018 with Class M and Class I shares. The Low Duration Bond Fund commenced investment operations on March 31, 1997 with the Class M shares. Class I was added on March 31, 2000, and the Administrative Class was added on September 22, 2009. The Strategic Income Fund commenced investment operations on June 30, 2003 with Class M shares. Class I was added on March 31, 2004. The Total Return Bond Fund commenced investment operations on March 31, 1997 with the Class M shares. Class I was added on March 31, 2000; Administrative Class was added on December 18, 2009; and the Plan Class added on July 31, 2011. The Ultra Short Bond Fund commenced investment operations on June 30, 2003 with the Class M shares. Class I was added on July 31, 2004. The Unconstrained Bond Fund commenced investment operations on September 30, 2011 with Class M and Class I shares. Each Fund is an investment company following the accounting and reporting guidance in Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification (the “ASC”) No. 946, Financial Services – Investment Companies.

The AlphaTrak 500 Fund seeks to achieve a total return that exceeds the total return of the Standard & Poor’s 500 Index (the “S&P 500 Index”). The Fund combines non-leveraged investments in S&P 500 Index futures contracts and/or swaps with a diversified portfolio of fixed-income securities of varying maturities with a portfolio duration of up to three years. The Fund’s dollar-weighted average maturity is up to five years.

The Corporate Bond Fund seeks to maximize long-term total return, by investing, under normal circumstances, at least 80% of its assets, which includes borrowings for investment purposes, in a diversified portfolio of corporate debt instruments of varying maturities issued by U.S. and foreign corporations domiciled in developed market and emerging market countries. There is no limit on the weighted average maturity of the Fund’s portfolio, and the Fund’s average portfolio duration is expected, but not required, to vary from three to nine years.

The Floating Rate Income Fund seeks primarily to maximize current income with a secondary objective of long term capital appreciation, by investing normally at least 80% of its net assets, which includes borrowings for investment purposes, in floating rate investments and in investments that are the economic equivalent of floating rate investments. The Fund’s portfolio securities may have any duration or maturity.

The High Yield Bond Fund seeks to maximize long-term total return consistent with preservation of capital. This Fund invests in a diversified portfolio of high-yield, fixed-income securities of varying maturities with a portfolio duration of two to eight years. The Fund’s dollar-weighted average maturity is expected to range from two to fifteen years.

The Intermediate Bond Fund seeks to maximize current income, consistent with preservation of capital. This Fund invests in a diversified portfolio of fixed-income securities of varying maturities with a portfolio duration of one to six years. The Fund’s dollar-weighted average maturity is expected to range from three to seven years.

The Investment Grade Credit Fund seeks to maximize long-term total return. This Fund invests in a diversified portfolio of investment grade fixed-income securities of varying maturities. There is no limit on the weighted average maturity of the Fund’s portfolio, and the Fund’s average portfolio duration is expected, but not required, to vary from two to eight years.

231 / Semi-Annual Report September 2018

Notes to Financial Statements (Continued)

The Low Duration Bond Fund seeks to maximize current income, consistent with preservation of capital. This Fund invests in a diversified portfolio of fixed-income securities of varying maturities with a portfolio duration of up to three years. The Fund’s dollar-weighted average maturity is expected to range from one to five years.

The Strategic Income Fund seeks to maximize long-term total return without tracking any particular markets or indices. This Fund uses techniques intended to provide absolute (positive) returns in all markets by employing a strategy intended to produce high income while exploiting disparities or inefficiencies in markets. The Fund focuses on inefficiencies related to secured or asset-backed debt compared with unsecured and subordinated debt or equity of companies and issuers. Additionally, the Fund focuses on longer-term cyclical anomalies in the fixed income markets to both enhance yield and realize potential price appreciation. These anomalies include shifts in the portfolio’s duration, yield curve anomalies, and sector- and issue-specific dislocations.

The Total Return Bond Fund seeks to maximize long-term total return. This Fund invests in a diversified portfolio of fixed-income securities of varying maturities with a portfolio duration of two to eight years. The Fund’s dollar-weighted average maturity is expected to range from two to fifteen years.

The Ultra Short Bond Fund seeks to maximize current income, consistent with preservation of capital. This Fund invests in a diversified portfolio of fixed-income securities of varying maturities with a portfolio duration of up to one year. The Fund’s dollar-weighted average portfolio maturity normally exceeds one year.

The Unconstrained Bond Fund seeks to provide investors with positive long-term returns irrespective of general securities market conditions. The Fund intends to pursue its objective by utilizing a flexible investment approach that allocates investments across a range of global investment opportunities related to credit, currencies and interest rates. There is no limit on the weighted average maturity of the Fund’s portfolio, and the average portfolio duration of the fixed-income portion of the Fund’s portfolio is expected to vary from negative three (-3) years to positive eight (8) years.

Basis of Consolidation:

The accompanying consolidated financial statements include the account of Metropolitan West HY Sub I, LLC (the “U.S. Subsidiary”), which is wholly owned taxable subsidiary of the High Yield Bond Fund. The U.S. Subsidiary enables the High Yield Bond Fund to hold investments in operating companies and satisfy regulated investment company tax requirements. Income earned and gains realized on the investments held by the U.S. Subsidiary are taxable to such subsidiary. A tax provision for income, if any, is shown as income tax in the Consolidated Statements of Operations for the High Yield Bond Fund. A tax provision for realized and unrealized gains, if any, is included as a reduction of realized and/or unrealized gain (loss) in the Consolidated Statements of Operations for the High Yield Bond Fund. The High Yield Bond Fund may invest up to 25% of its total assets in the U.S. Subsidiary. Intercompany accounts and transactions have been eliminated. The U.S. Subsidiary is subject to the same investment policies and restrictions that apply to the High Yield Bond Fund.

A more complete description of the objectives and strategies of each of the Funds can be found in the Prospectuses and the Statement of Additional Information, which can be obtained at www.tcw.com or by calling (800) 241-4671.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Net Asset Value:

The Net Asset Value (“NAV”) of each class of a Fund is determined by dividing the net assets attributable to each class of shares of the Fund by the number of issued and outstanding shares of the class of the Fund on each business day as of 4 p.m. ET.

Security Valuation:

Fixed-income securities for which market quotations are readily available are valued at prices as provided by independent pricing vendors or broker quotes. The Funds receive pricing information from independent pricing vendors approved by the Board of Trustees (the “Board” or the “Board of Trustees”). Securities with a demand feature exercisable within one to seven days are valued at par. The Funds also use a benchmark pricing system to the extent vendors’ prices for their securities are either inaccurate (such as when the reported prices are different from recent known market transactions) or are not available from another pricing source. For a security priced using this system, the Adviser initially selects a proxy composed of a relevant security (i.e., U.S. Treasury Note) or benchmark (e.g., LIBOR) and a multiplier, divisor or margin that the Adviser believes would together best reflect changes in the market value of the security. The value of the security changes daily based on changes to the market price of the assigned benchmark. The benchmark pricing system is continuously reviewed by the Adviser and implemented according to the pricing policy reviewed by the Board. S&P 500 Index futures contracts are valued at the first sale price after 4 p.m. ET on the Chicago Mercantile Exchange. All other futures

Semi-Annual Report September 2018 / 232

Notes to Financial Statements (Continued)

contracts are valued at the official settlement price of the exchange where it is traded. Equity securities, including depository receipts, are valued at the last reported sale price or the market’s closing price on the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the average of the bid and asked prices. In cases where equity securities are traded on more than one exchange, the securities are valued on the exchange or market determined by the Adviser to be the broadest and most representative market, which may be either a securities exchange or the over-the-counter market. Equity options are valued at the average of the bid and asked prices. Securities and other assets that cannot be valued as described above will be valued at their fair value as determined by the Adviser under guidelines established by and under the general supervision and responsibility of the Board.

Investments in registered open-ended investment companies, including those classified as money market funds, are valued based upon the reported NAV of such investments.

Fair value methods approved by the Board of Trustees include, but are not limited to, obtaining market quotations from secondary pricing services, broker-dealers, or widely used quotation systems. General factors considered in determining the fair value of securities include fundamental analytical data, the nature and duration of any restrictions on disposition of the securities, and an evaluation of the forces that influenced the market in which the investments are purchased and sold. These securities are either categorized as Level 2 or 3 depending on the relevant inputs used. In the event that the security or asset cannot be valued pursuant to one of the valuation methods established by the Board, the value of the security or asset will be determined in good faith by the Pricing Committee of the Board, generally based upon recommendation provided by the Adviser. When the Funds use these fair valuation methods applied by the Adviser that use significant unobservable inputs to determine its NAV, securities will be priced by a method that the Board or persons acting at their direction believe accurately reflect fair value and are categorized as Level 3 of the fair value hierarchy. These methods may require subjective determinations about the value of a security. While the Trust’s policy is intended to result in a calculation of a Fund’s NAV that fairly reflects security values as of the time of pricing, the Funds cannot guarantee that values determined by the Board or persons acting at their direction would accurately reflect the price that the Funds could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Funds may differ from the value that would be realized if the securities were sold.

Foreign Currency Translation:

The books and records of each Fund are maintained in U.S. dollars as follows: (1) the foreign currency market value of investment securities, and other assets and liabilities stated in foreign currencies, are translated using the daily spot rate; and (2) purchases, sales, income and expenses are translated at the rate of exchange prevailing on the respective dates of such transactions. The resultant exchange gains and losses are included in net realized or net unrealized gain (loss) in the Statements of Operations. Pursuant to U.S. federal income tax regulations, certain foreign exchange gains and losses included in realized and unrealized gains and losses are reclassified to ordinary income for federal income tax purposes.

Foreign Taxes:

The Funds may be subject to withholding taxes on income and capital gains imposed by certain countries in which they invest. The withholding tax on income is netted against the income accrued or received. Any reclaimable taxes are recorded as income. The withholding tax on realized or unrealized gain is recorded as a liability.

Securities and Derivatives Transactions and Investment Income:

Securities transactions are accounted for no later than the first NAV calculation on the first business day following the trade date. However, for financial reporting purposes, portfolio securities transactions are reported on the trade date. Cost is determined and gains and losses are based on the first-in, first-out method for both financial statement and federal income tax purposes. Dividend income is recorded on the ex-dividend date. Interest income is accrued daily. Discounts, including original issue discount, and premiums on securities are amortized using the effective interest method.

Distributions to Shareholders:

Distributions to shareholders are recorded on the ex-dividend date. The Funds (except the AlphaTrak 500 Fund) expect to declare dividends daily and pay them monthly to shareholders. The AlphaTrak 500 Fund expects to declare and pay dividends to shareholders quarterly. Distributions of net capital gains, if any, will be made at least annually. The Board may determine to declare and make distributions more or less frequently.

233 / Semi-Annual Report September 2018

Notes to Financial Statements (Continued)

Federal Income Taxation:

It is each Fund’s policy to continue to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net taxable income, including any net realized gain on investments, to its shareholders. Therefore, no federal income tax provision is required.

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions determined in accordance with tax regulations may differ in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences.

Management has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax years (current and prior three tax years), and has concluded that no provision for federal income tax is required in the Funds’ financial statements. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the prior three and four fiscal years, respectively.

As of and during the six months ended September 30, 2018, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the year, the Funds did not incur any interest or penalties.

Cash and cash equivalents:

The Trust has defined cash and cash equivalents as cash which can be in interest-bearing accounts. The Funds also maintain cash in bank account deposits that, at times, may exceed federally insured limits. The Funds have not experienced any losses in any such accounts.

Use of estimates:

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Fair Value Measurements:

Various inputs are used in determining the fair value of investments, which are as follows:

* Level 1 - unadjusted quoted prices in active markets for identical securities

* Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

* Level 3 - significant unobservable inputs that are not corroborated by observable market data

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition, as well as changes related to liquidity of investments, could cause a security to be reclassified between Level 1, Level 2, or Level 3.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Money market funds. Money market funds are open-ended mutual funds that invest in short-term debt securities. To the extent that these funds are valued based upon the reported NAV, they are categorized in Level 1 of the fair value hierarchy.

Short-term investments. Short-term investments (commercial paper and repurchase agreements) are valued using market price quotations, and are reflected as Level 2 of the fair value hierarchy.

Semi-Annual Report September 2018 / 234

Notes to Financial Statements (Continued)

Equity securities. Securities such as common stocks and warrants are generally valued based on quoted prices from the applicable exchange. To the extent these securities are actively traded, valuation adjustments are not applied and they are categorized in Level 1 of the fair value hierarchy. Restricted securities issued by publicly held companies are valued at a discount to similar publicly traded securities and may be categorized as Level 2 of the fair value hierarchy to the extent that the discount is considered to be insignificant to the fair value measurement in its entirety, otherwise they may be categorized as Level 3. Restricted securities held in non-public entities are included in Level 3 of the fair value hierarchy because they trade infrequently, and therefore, the inputs are unobservable.

Corporate bonds. The fair value of corporate bonds is estimated using recently executed transactions, market price quotations (where observable), bond spreads, or credit default swap spreads adjusted for any basis difference between cash and derivative instruments. Corporate bonds are generally categorized in Level 2 of the fair value hierarchy; in instances where prices, spreads, or any of the other aforementioned key inputs are unobservable, they are categorized in Level 3 of the hierarchy.

Asset-backed securities and mortgage-backed securities. The fair value of asset-backed securities and mortgage-backed securities is estimated based on models that consider the estimated cash flows of each debt tranche of the issuer, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche including, but not limited to, the prepayment speed assumptions and attributes of the collateral. To the extent the inputs are observable and timely, the values would be categorized in Level 2 of the fair value hierarchy, otherwise they would be categorized as Level 3.

Bank loans. The fair value of bank loans is estimated using recently executed transactions, market price quotations, credit/market events, and cross-asset pricing. Inputs are generally observable market inputs obtained from independent sources. Bank Loans are generally categorized in Level 2 of the fair value hierarchy, unless key inputs are unobservable which would then be in Level 3.

Municipal bonds. Municipal bonds are fair valued based on pricing models that take into account, among other factors, information received from market makers and broker-dealers, current trades, bid-want lists, offerings, market movements, the callability of the bond, state of issuance, benchmark yield curves, and bond insurance. To the extent that these inputs are observable and timely, the fair values of municipal bonds would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

U.S. and Foreign government and agency securities. U.S. and Foreign government and agency securities are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, quoted market prices, and reference data. Some government securities are actively traded and transparent in the market place. As such, they can be Level 1. Other government and agencies securities are quoted based in similar securities and yields and therefore, would be in Level 2.

Restricted securities. Restricted securities that are deemed to be both Rule 144A securities and illiquid, as well as restricted securities held in non-public entities, are included in Level 3 of the fair value hierarchy because they trade infrequently, and, therefore, the inputs are unobservable. Any other restricted securities are valued at a discount to similar publicly traded securities and may be categorized as Level 2 of the fair value hierarchy to the extent that the discount is considered to be insignificant to the fair value measurement in its entirety, otherwise they may be categorized as Level 3.

Foreign currency contracts. The fair value of foreign currency contracts are derived from indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of broker dealer quotations or by pricing service providers. Depending on the product and the terms of the transaction, the value of financial derivatives can be estimated by a pricing service provider using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as indices and exchange rates. Foreign currency contracts are categorized as Level 2 of the fair value hierarchy.

Futures contracts. Futures contracts and options on futures contracts are traded on commodity exchanges and are fair valued based on quoted prices from the applicable exchange, and to the extent valuation adjustments are not applied to futures contracts, they are categorized as Level 1. To the extent that valuation adjustments are observable and timely, the fair values of futures contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Options and Swaptions contracts. Exchange listed options contracts are traded on securities exchanges and are fair valued based on quoted prices from the applicable exchange, and to the extent valuation adjustments are not applied or mean variation to exchange listed options contracts, they are categorized as Level 1. If valuation adjustments are applied and such adjustments are observable and timely, the fair values of exchange listed options contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3. Options and swaptions contracts traded over the counter (“OTC”) are fair valued based on pricing models and incorporate various inputs such as interest rates, credit spreads, currency exchange rates and volatility measurements for in-the-money, at-the-money, and out-of-the-money contracts based on a given strike price. To the extent that these inputs are observable and timely, the fair values of OTC options and swaptions contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Interest rate swaps. Interest rate swaps are fair valued using pricing models that are based on real-time intraday snap shots of relevant interest rate curves that are built using the most actively traded securities for a given maturity. The pricing models also incorporate cash and money market rates. In addition, market data pertaining to interest rate swaps are monitored regularly to ensure that interest rates are properly depicting the current market rate. To the extent that these inputs are observable and timely, the fair values of interest rate swaps would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

235 / Semi-Annual Report September 2018

Notes to Financial Statements (Continued)

Credit default swaps. Credit default swaps are fair valued using pricing models that take into account, among other factors, information received from market makers and broker-dealers, default probabilities from index specific credit spread curves, recovery rates, and cash flows. To the extent that these inputs are observable and timely, the fair values of credit default swaps would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Total return swaps. Total return swaps are fair valued using pricing models that take into account among other factors, index spread curves, nominal values, modified duration values and cash flows. To the extent that these inputs are observable and timely, the fair values of total return swaps would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

As of September 30, 2018, Level 3 securities consist of certain asset-backed and mortgage-backed securities, bank loans, common stocks, corporate bonds and warrants.

The summary of inputs used to value each Fund’s investments and other financial instruments carried at fair value September 30, 2018 is as follows:

	ALPHATRAK 500 FUND	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
	Investments in Securities
	Assets
	Short-Term Investments:
	Money Market Funds		$   221,000		$           —		$      —		$   221,000
	U.S. Treasury Bills		2,134,488		—		—		2,134,488
	Long-Term Investments:
	Asset-Backed Securities		—		1,466,247		—		1,466,247
	Bank Loans		—		17,054		6,819		23,873
	Corporates		—		7,328,529		—		7,328,529
	Mortgage-Backed		—		5,796,867		228,573		6,025,440
	Mutual Funds		499,166		—		—		499,166
	U.S. Treasury Securities		730,640		—		—		730,640
	Other Financial Instruments *
	Assets:
	Equity contracts		233,101		—		—		233,101
	Total	$	3,818,395	$	14,608,697	$	235,392	$	18,662,484
*Other financial instruments include futures. Equity contracts include futures.

Semi-Annual Report September 2018 / 236

Notes to Financial Statements (Continued)

	CORPORATE BOND FUND	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
	Investments in Securities
	Assets
	Short-Term Investments:
	Money Market Funds	$	14,000	$	—	$	—	$	14,000
	U.S. Treasury Bills		129,791		—		—		129,791
	Long-Term Investments:
	Corporates		—		1,594,022		—		1,594,022
	Mortgage-Backed		—		188,429		75,887		264,316
	Municipal Bonds		—		16,302		—		16,302
	U.S. Treasury Securities		14,950		—		—		14,950
	Other Financial Instruments *
	Liabilities:
	Interest rate contracts		(2,438)		—		—		(2,438)
	Total	$	156,303	$	1,798,753	$	75,887	$	2,030,943
*Other financial instruments include futures. Interest rate contracts include futures.
	FLOATING RATE INCOME FUND	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
	Investments in Securities
	Assets
	Short-Term Investments:
	Foreign Government Obligations	$	—	$	7,440,085	$	—	$	7,440,085
	Money Market Funds		3,979,000		—		—		3,979,000
	U.S. Treasury Bills		18,596,762		—		—		18,596,762
	Long-Term Investments:
	Bank Loans		—		240,333,263		3,862,657		244,195,920
	Corporates		—		13,140,668		—		13,140,668
	Municipal Bonds		—		426,476		—		426,476
	Other Financial Instruments *
	Assets:
	Foreign currency exchange contracts		—		174,271		—		174,271
	Total	$	22,575,762	$	261,514,763	$	3,862,657	$	287,953,182

*Other financial instruments include foreign currency exchange contracts.

237 / Semi-Annual Report September 2018

Notes to Financial Statements (Continued)

HIGH YIELD BOND FUND	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Investments in Securities
Assets
Short-Term Investments:
Money Market Funds		$21,372,000		$                —		$        —		$  21,372,000
U.S. Agency Discount Notes		—		4,099,523		—		4,099,523
U.S. Treasury Bills		34,649,247		—		—		34,649,247
Long-Term Investments:
Bank Loans		—		75,502,641		444,142		75,946,783
Common Stock		—		—		4,625,508		4,625,508
Corporates		—		357,736,686		1,328,167		359,064,853
Mortgage-Backed		—		253,151		—		253,151
Warrant		—		—		83,507		83,507
Other Financial Instruments *
Assets:
Interest rate contracts		70,123		—		—		70,123
Liabilities:
Credit contracts		—		(80,188)		—		(80,188)
Interest rate contracts		(486,397)		—		—		(486,397)
Total		$    55,604,973		$    437,511,813		$    6,481,324		$    499,598,110

*Other financial instruments include swap contracts and futures. Credit contracts include credit default swaps. Interest rate contracts include futures.

Semi-Annual Report September 2018 / 238

Notes to Financial Statements (Continued)

INTERMEDIATE BOND FUND	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Investments in Securities
Assets
Short-Term Investments:
Foreign Government Obligations		$                —		$   8,146,934		$      —		$    8,146,934
Money Market Funds		41,374,018		—		—		41,374,018
U.S. Agency Discount Notes		—		10,298,803		—		10,298,803
U.S. Treasury Bills		6,314,502		—		—		6,314,502
Long-Term Investments:
Asset-Backed Securities		—		52,866,072		—		52,866,072
Bank Loans		—		4,049,403		290,928		4,340,331
Common Stock		—		—		68,119		68,119
Corporates		—		269,258,829		—		269,258,829
Mortgage-Backed		—		110,101,049		—		110,101,049
Municipal Bonds		—		13,286,667		—		13,286,667
U.S. Treasury Securities		204,256,155		—		—		204,256,155
Other Financial Instruments *
Assets:
Foreign currency exchange contracts		—		141,442		—		141,442
Interest rate contracts		102,700		—		—		102,700
Liabilities:
Interest rate contracts		(877,943)		—		—		(877,943)
Total	$	251,169,432	$	468,149,199	$	359,047	$	719,677,678

*Other financial instruments include foreign currency exchange contracts and futures. Interest rate contracts include futures.

239 / Semi-Annual Report September 2018

Notes to Financial Statements (Continued)

INVESTMENT GRADE CREDIT FUND	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Investments in Securities
Assets
Short-Term Investments:
Money Market Funds		$245,000		$          —		$      —		$   245,000
U.S. Treasury Bills		26,884		—		—		26,884
Long-Term Investments:
Asset-Backed Securities		—		433,018		—		433,018
Corporates		—		2,510,421		—		2,510,421
Mortgage-Backed		—		2,366,870		157,961		2,524,831
Municipal Bonds		—		10,253		—		10,253
U.S. Treasury Securities		4,983		—		—		4,983
Other Financial Instruments *
Assets:
Interest rate contracts		1,139		—		—		1,139
Liabilities:
Interest rate contracts		(8,345)		—		—		(8,345)
Total		$269,661		$5,320,562		$157,961		$5,748,184

*Other financial instruments include futures. Interest rate contracts include futures.

Semi-Annual Report September 2018 / 240

Notes to Financial Statements (Continued)

LOW DURATION BOND FUND	LEVEL 1			LEVEL 2			LEVEL 3			TOTAL
Investments in Securities
Assets
Short-Term Investments:
Foreign Government Obligations			$              —			$   65,641,739			$        —			$   65,641,739
Money Market Funds			78,638,044			—			—			78,638,044
U.S. Treasury Bills			41,424,146			—			—			41,424,146
Long-Term Investments:
Asset-Backed Securities			—			140,537,330			—			140,537,330
Bank Loans			—			11,709,466			2,307,112			14,016,578
Common Stock			—			—			905,259			905,259
Corporates			—			847,088,427			—			847,088,427
Mortgage-Backed			—			673,224,301			2,158,656			675,382,957
Municipal Bonds			—			608,640			—			608,640
Purchased Swaptions			—			28,932			—			28,932
U.S. Treasury Securities			542,210,184			—			—			542,210,184
Other Financial Instruments *
Assets:
Foreign currency exchange contracts			—			1,933,865			—			1,933,865
Interest rate contracts			353,046			—			—			353,046
Liabilities:
Interest rate contracts			(5,059,973)			(11,109)			—			(5,071,082)
Total		$	657,565,447		$	1,740,761,591		$	5,371,027		$	2,403,698,065

*Other financial instruments include foreign currency exchange contracts, futures and written swaptions. Interest rate contracts include futures and written swaptions.

241 / Semi-Annual Report September 2018

Notes to Financial Statements (Continued)

STRATEGIC INCOME FUND	LEVEL 1			LEVEL 2			LEVEL 3			TOTAL
Investments in Securities
Assets
Short-Term Investments:
Money Market Funds		$	884,000		$	—		$	—		$	884,000
U.S. Treasury Bills			1,678,578			—			—			1,678,578
Long-Term Investments:
Asset-Backed Securities			—			11,620,362			139,588			11,759,950
Corporates			—			32,189,869			—			32,189,869
Mortgage-Backed			—			43,490,001			452,463			43,942,464
Municipal Bonds			—			878,678			—			878,678
Other Financial Instruments *
Assets:
Interest rate contracts			40,328			—			—			40,328
Total		$	2,602,906		$	88,178,910		$	592,051		$	91,373,867

*Other financial instruments include futures. Interest rate contracts include futures.

Semi-Annual Report September 2018 / 242

Notes to Financial Statements (Continued)

TOTAL RETURN BOND FUND	LEVEL 1			LEVEL 2			LEVEL 3			TOTAL
Investments in Securities
Assets
Short-Term Investments:
Foreign Government Obligations		$	—		$	1,116,322,368		$	—		$	1,116,322,368
Money Market Funds			3,282,468,024			—			—			3,282,468,024
U.S. Agency Discount Notes			—			600,002,904			—			600,002,904
U.S. Treasury Bills			1,013,607,430			—			—			1,013,607,430
Long-Term Investments:
Asset-Backed Securities			—			4,040,528,911			9,292,657			4,049,821,568
Bank Loans			—			609,724,094			11,499,505			621,223,599
Common Stock			1,886,825			—			10,035,975			11,922,800
Corporates			—			24,222,879,171			20,913,988			24,243,793,159
Foreign Government Obligations			—			45,981,137			—			45,981,137
Mortgage-Backed			—			29,303,078,531			15,440,508			29,318,519,039
Municipal Bonds			—			489,979,353			—			489,979,353
Purchased Options - Exchange Traded			9,250,000			—			—			9,250,000
U.S. Treasury Securities			13,550,084,097			218,422,895			—			13,768,506,992
Other Financial Instruments *
Assets:
Foreign currency exchange contracts			—			9,384,932			—			9,384,932
Interest rate contracts			17,813,373			—			—			17,813,373
Liabilities:
Foreign currency exchange contracts			—			(6,554)			—			(6,554)
Interest rate contracts			(91,953,740)			—			—			(91,953,740)
Total		$	17,783,156,009		$	60,656,297,742		$	67,182,633		$	78,506,636,384

*Other financial instruments include foreign currency exchange contracts, futures and written options. Interest rate contracts include futures and written options.

243 / Semi-Annual Report September 2018

Notes to Financial Statements (Continued)

ULTRA SHORT BOND FUND	LEVEL 1			LEVEL 2			LEVEL 3			TOTAL
Investments in Securities
Assets
Short-Term Investments:
Money Market Funds		$	4,743,000		$	—		$	—		$	4,743,000
U.S. Agency Discount Notes			—			1,145,881			—			1,145,881
U.S. Treasury Bills			10,258,912			—			—			10,258,912
Long-Term Investments:
Asset-Backed Securities			—			2,585,895			—			2,585,895
Corporates			—			28,315,010			—			28,315,010
Mortgage-Backed			—			41,125,834			25,531			41,151,365
U.S. Treasury Securities			26,149,821			—			—			26,149,821
Other Financial Instruments *
Liabilities:
Interest rate contracts			(26,401)			—			—			(26,401)
Total		$	41,125,332		$	73,172,620		$	25,531		$	114,323,483

*Other financial instruments include futures. Interest contracts include futures.

Semi-Annual Report September 2018 / 244

Notes to Financial Statements (Continued)

UNCONSTRAINED BOND FUND	LEVEL 1			LEVEL 2			LEVEL 3			TOTAL
Investments in Securities
Assets
Short-Term Investments:
Money Market Funds			$30,549,001		$	—			$            —		$	30,549,001
U.S. Agency Discount Notes			—			54,910,185			—			54,910,185
U.S. Treasury Bills			2,057,113			—			—			2,057,113
Long-Term Investments:
Asset-Backed Securities			—			448,443,701			—			448,443,701
Bank Loans			—			20,661,379			2,604,491			23,265,870
Common Stock			—			—			953,887			953,887
Corporates			—			1,085,090,354			2,972,820			1,088,063,174
Foreign Government Obligations			—			50,912,145			—			50,912,145
Mortgage-Backed			—			1,400,756,656			118,513			1,400,875,169
Municipal Bonds			—			19,735,336			—			19,735,336
Other Financial Instruments *
Assets:
Interest rate contracts			2,801,211			—			—			2,801,211
Liabilities:
Interest rate contracts			(1,610,506)			—			—			(1,610,506)
Total		$	33,796,819		$	3,080,509,756		$	6,649,711		$	3,120,956,286

*Other financial instruments include futures. Interest rate contracts include futures.

245 / Semi-Annual Report September 2018

Notes to Financial Statements (Continued)

Certain of the Funds’ investments are categorized as Level 3 investments with values derived utilizing prices from prior transactions or third party pricing information without adjustment for which such inputs are unobservable. A significant change in the unobservable inputs could result in a significantly lower or higher value in such Level 3 investments.

For the six months ended September 30, 2018, a reconciliation of Level 3 investments is presented when the Fund had a significant amount of 1evel 3 investments at the beginning and/or end of the period in relation to net assets. The following tables are a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

ALPHATRAK 500 FUND	BANK LOANS				MORTGAGE-BACKED SECURITIES
Balance as of April 1, 2018		$	32,613			$	77,800
Accrued discounts/premiums			(11	)			(5,022	)
Realized (loss)			(35	)			—
Change in unrealized appreciation/ (depreciation)*			71				(5,081	)
Purchases			—				191,829
Sales			(25,819	)			—
Transfers into Level 3**			—				—
Transfers out of Level 3**			—				(30,953	)
Balance as of September 30, 2018		$	6,819			$	228,573

* The change in unrealized appreciation/(depreciation) on securities still held at September 30, 2018 was $(4,406) and is included in the related realized gains/(losses) and net change in appreciation/(depreciation) in the Statements of Operations.

** Transfers into and transfers out of level 3 represent the values as of the end of the reporting period. As of March 31, 2018, the Fund used unobservable inputs in determining the value of certain investments. As of September 30, 2018, the Fund used significant observable inputs in determining the value of the same investments. As a result, investments with an end of period value of $30,953 transferred from level 3 to level 2 in the disclosure hierarchy.

CORPORATE BOND FUND	MORTGAGE- BACKED SECURITIES
Balance as of June 29, 2018***		$	—
Accrued discounts/premiums			(221	)
Realized (loss)			—
Change in unrealized appreciation*			107
Purchases			76,001
Sales			—
Transfers into Level 3**			—
Transfers out of Level 3**			—
Balance as of September 30, 2018		$	75,887

* The change in unrealized appreciation/(depreciation) on securities still held at September 30, 2018 was $107 and is included in the related realized gains/(losses) and net change in appreciation/(depreciation) in the Statements of Operations.

** There were no transfers between level 2 and 3 for the period ended September 30, 2018.

*** Commencement of Operations.

Semi-Annual Report September 2018 / 246

Notes to Financial Statements (Continued)

FLOATING RATE INCOME FUND	BANK LOANS
Balance as of April 1, 2018	$	5,584,745
Accrued discounts/premiums		3,219
Realized (loss)		(4,958	)
Change in unrealized appreciation*		18,761
Purchases		—
Sales		(1,739,110	)
Transfers into Level 3**		—
Transfers out of Level 3**		—
Balance as of September 30, 2018	$	3,862,657

* The change in unrealized appreciation/(depreciation) on securities still held at September 30, 2018 was $13,779 and is included in the related realized gains/(losses) and net change in appreciation/(depreciation) in the Statements of Operations.

** There were no transfers between level 2 and 3 for the period ended September 30, 2018.

HIGH YIELD BOND FUND	BANK LOANS				COMMON STOCK				CORPORATES				WARRANT
Balance as of April 1, 2018		$	3,644,646			$	9,106,394			$	1,474,110			$	83,507
Accrued discounts/premiums			5,880				—				2,701				—
Realized gain/(loss)			(352,825	)			—				140,415				—
Change in unrealized appreciation/(depreciation)*			111,977				(4,480,886	)			(304,717	)			—
Purchases			—				—				347,000				—
Sales			(2,965,536	)			—				(687,342	)			—
Transfers into Level 3**			—				—				356,000				—
Transfers out of Level 3**			—				—				—				—
Balance as of September 30, 2018		$	444,142			$	4,625,508			$	1,328,167			$	83,507

* The change in unrealized appreciation/(depreciation) on securities still held at September 30, 2018 was $(4,411,328) and is included in the related realized gains/(losses) and net change in appreciation/(depreciation) in the Statements of Operations.

** Transfers into and transfers out of level 3 represent the values as of the end of the reporting period. As of March 31, 2018, the Fund used significant observable inputs in determining the value of certain investments. As of September 30, 2018, the Fund used unobservable inputs in determining the value of the same investments. As a result, investments with an end of period value of $356,000 transferred from level 2 to level 3 in the disclosure hierarchy.

247 / Semi-Annual Report September 2018

Notes to Financial Statements (Continued)

INTERMEDIATE BOND FUND	BANK LOANS				COMMON STOCK				MORTGAGE-BACKED SECURITIES
Balance as of April 1, 2018			$1,391,498				$136,238				$402,435
Accrued discounts/ premiums			199				—				(12,584	)
Realized gain			574				—				—
Change in unrealized appreciation/ (depreciation)*			257				(68,119	)			(44,686	)
Purchases			—				—				—
Sales			(1,101,600	)			—				—
Transfers into Level 3**			—				—				—
Transfers out of Level 3**			—				—				(345,165	)
Balance as of September 30, 2018		$	290,928			$	68,119			$	—

* The change in unrealized appreciation/(depreciation) on securities still held at September 30, 2018 was $(67,862) and is included in the related realized gains/(losses) and net change in appreciation/(depreciation) in the Statements of Operations.

** Transfers into and transfers out of level 3 represent the values as of the end of the reporting period. As of March 31, 2018, the Fund used unobservable inputs in determining the value of certain investments. As of September 30, 2018, the Fund used significant observable inputs in determining the value of the same investments. As a result, investments with an end of period value of $345,165 transferred from level 3 to level 2 in the disclosure hierarchy.

INVESTMENT GRADE CREDIT FUND	MORTGAGE- BACKED SECURITIES
Balance as of June 29, 2018***		$        —
Accrued discounts/premiums		(128	)
Realized gain		43,812
Change in unrealized appreciation*		3,281
Purchases		111,334
Sales		(338	)
Transfers into Level 3**		—
Transfers out of Level 3**		—
Balance as of September 30, 2018		$157,961

* The change in unrealized appreciation/(depreciation) on securities still held at September 30, 2018 was $3,281 and is included in the related realized gains/(losses) and net change in appreciation/(depreciation) in the Statements of Operations.

** There were no transfers between level 2 and 3 for the period ended September 30, 2018.

*** Commencement of Operations.

Semi-Annual Report September 2018 / 248

Notes to Financial Statements (Continued)

LOW DURATION BOND FUND	BANK LOANS				COMMON STOCK				MORTGAGE-BACKED SECURITIES
Balance as of April 1, 2018		$	7,723,606			$	1,810,517			$	3,501,547
Accrued discounts/premiums			(920	)			—				(52,222	)
Realized (loss)			(36,651	)			—				—
Change in unrealized appreciation/ (depreciation)*			151,242				(905,258	)			(335,959	)
Purchases			—				—				—
Sales			(5,530,165	)			—				—
Transfers into Level 3**			—				—				—
Transfers out of Level 3**			—				—				(954,710	)
Balance as of September 30, 2018		$	2,307,112			$	905,259			$	2,158,656

* The change in unrealized appreciation/(depreciation) on securities still held at September 30, 2018 was $(966,311) and is included in the related realized gains/(losses) and net change in appreciation/(depreciation) in the Statements of Operations.

** Transfers into and transfers out of level 3 represent the values as of the end of the reporting period. As of March 31, 2018, the Fund used unobservable inputs in determining the value of certain investments. As of September 30, 2018, the Fund used significant observable inputs in determining the value of the same investments. As a result, investments with an end of period value of $954,710 transferred from level 3 to level 2 in the disclosure hierarchy.

STRATEGIC INCOME FUND	ASSET-BACKED SECURITIES				MORTGAGE- BACKED SECURITIES
Balance as of April 1, 2018		$	211,574			$	1,238,386
Accrued discounts/premiums			151				6,668
Realized gain			579				—
Change in unrealized (depreciation)*			(21,771	)			(184,918	)
Purchases			—				276,613
Sales			(50,945	)			—
Corporate action			—				—
Transfers into Level 3**			—				—
Transfers out of Level 3**			—				(884,286)
Balance as of September 30, 2018		$	139,588			$	452,463	***

* The change in unrealized appreciation/(depreciation) on securities still held at September 30, 2018 was $(70,889) and is included in the related realized gains/(losses) and net change in appreciation/(depreciation) in the Statements of Operations.

** Transfers into and transfers out of level 3 represent the values as of the end of the reporting period. As of March 31, 2018, the Fund used unobservable inputs in determining the value of certain investments. As of September 30, 2018, the Fund used significant observable inputs in determining the value of the same investments. As a result, investments with an end of period value of $884,286 transferred from level 3 to level 2 in the disclosure hierarchy.

*** As of September 30, 2018 GreenPoint Mortgage Funding Trust, Series 2006-AR8, Class 1A2A had a $0 market value.

249 / Semi-Annual Report September 2018

Notes to Financial Statements (Continued)

TOTAL RETURN BOND FUND	ASSET-BACKED SECURITIES				BANK LOANS				COMMON STOCK				CORPORATES				MORTGAGE-     BACKED     SECURITIES
Balance as of April 1, 2018		$	10,392,233			$	24,876,384			$	20,071,951				$23,600,001			$	16,652,349
Accrued discounts/premiums			—				33,615				—				(26,903	)			(505,317	)
Realized (loss)			—				(13,846	)			—				—				—
Change in unrealized appreciation/ (depreciation)*			(1,099,576	)			536,775				(10,035,976	)			(1,325,962	)			(702,069	)
Purchases			—				(353,122	)			—				—				—
Sales			—				(13,580,301	)			—				(1,333,148	)			—
Transfers into Level 3**			—				—				—				—				—
Transfers out of Level 3**			—				—				—				—				(4,455	)
Balance as of September 30, 2018		$	9,292,657			$	11,499,505			$	10,035,975			$	20,913,988			$	15,440,508	***

* The change in unrealized appreciation/(depreciation) on securities still held at September 30, 2018 was $(12,647,755) and is included in the related realized gains/(losses) and net change in appreciation/(depreciation) in the Statements of Operations.

** Transfers into and transfers out of level 3 represent the values as of the end of the reporting period. As of March 31, 2018, the Fund used unobservable inputs in determining the value of certain investments. As of September 30, 2018, the Fund used significant observable inputs in determining the value of the same investments. As a result, investments with an end of period value of $4,455 transferred from level 3 to level 2 in the disclosure hierarchy.

*** As of September 30, 2018, GreenPoint Mortgage Funding Trust, Series 2006-AR8, Class 1A2A had a $0 market value.

ULTRA SHORT BOND FUND	MORTGAGE-BACKED SECURITIES
Balance as of April 1, 2018		$	31,324
Accrued discounts/premiums			(2,658	)
Realized (loss)			—
Change in unrealized (depreciation)*			(3,135	)
Purchases			—
Sales			—
Transfers into Level 3**			—
Transfers out of Level 3**			—
Balance as of September 30, 2018		$	25,531	***

* The change in unrealized appreciation/(depreciation) on securities still held at September 30, 2018 was $(3,135) and is included in the related realized gains/(losses) and net change in appreciation/(depreciation) in the Statements of Operations.

** There were no transfers between level 2 and 3 for the period ended September 30, 2018.

*** As of March 31, 2018 and September 30, 2018, MASTR Adjustable Rate Mortgages Trust, Series 2007-2, Class A2 had a $0 market value.

Semi-Annual Report September 2018 / 250

Notes to Financial Statements (Continued)

													MORTGAGE-
UNCONSTRAINED	BANK												BACKED
BOND FUND	LOANS				COMMON STOCK				CORPORATES				SECURITIES
Balance as of April 1, 2018		$	5,782,639			$	1,907,774			$	2,155,066			$	38,334,680
Accrued discounts/premiums			5,988				—				(4,276	)			(852,867	)
Realized (loss)			(117,823	)			—				(16,131	)			—
Change in unrealized appreciation/ (depreciation)*			354,841				(953,887	)			(975,851	)			(4,195,159	)
Purchases			—				—				—				—
Sales			(3,421,154	)			—				(121,738	)			—
Transfers into Level 3**			—				—				1,935,750				—
Transfers out of Level 3**			—				—				—				(33,168,141	)
Balance as of September 30, 2018		$	2,604,491			$	953,887			$	2,972,820			$	118,513	***
* The change in unrealized appreciation/(depreciation) on securities still held at September 30, 2018 was $(728,933) and is included in the related realized gains/(losses) and net change in appreciation/(depreciation) in the Statements of Operations. ** Transfers into and transfers out of level 3 represent the values as of the end of the reporting period. As of March 31, 2018, the Fund used significant observable inputs in determining the value of certain investments. As of September 30, 2018, the Fund used unobservable inputs in determining the value of the same investments. As a result, investments with an end of period value of $1,935,750 transferred from level 2 to level 3 in the disclosure hierarchy. As of March 31, 2018, the Fund used unobservable inputs in determining the value of certain other investments. As of September 30, 2018, the Fund used significant observable inputs in determining the value of the same investments. As a result, investments with an end of period value of $33,168,141 transferred from level 3 to level 2 in the disclosure hierarchy. *** As of March 31, 2018 and September 30, 2018, Master Adjustable Rate Mortgages Trust, Series 2007-2, Class A2 had a $0 market value. As of September 30, 2018, GreenPoint Mortgage Funding Trust, Series 2006-AR8, Class 1A2A had a $0 market value. Significant unobservable valuations inputs for Level 3 investments as of September 30, 2018, are as follows:

	FAIR VALUE	VALUATION	UNOBSERVABLE		WEIGHTED
ALPHATRAK 500 FUND	AT 9/30/18	TECHNIQUE*	INPUT	RANGE	AVERAGE
Bank Loans	$6,819	Third-party Vendor	Vendor Prices	$99.91	$99.91
Mortgage-Backed Securities -
Commercial Mortgage-Backed	$191,759	Third-party Vendor	Vendor Prices	0.90 - 5.00	3.72
Mortgage-Backed Securities-Non
Agency	$36,814	Third-party Vendor	Vendor Prices	1.19	1.19
	FAIR VALUE	VALUATION	UNOBSERVABLE		WEIGHTED
CORPORATE BOND FUND	AT 9/30/18	TECHNIQUE*	INPUT	RANGE	AVERAGE
Mortgage-Backed Securities-
Commercial Mortgage-Backed	$75,887	Third-party Vendor	Vendor Prices	$0.45 - $5.22	$2.34
	FAIR VALUE	VALUATION	UNOBSERVABLE		WEIGHTED
FLOATING RATE INCOME FUND	AT 9/30/18	TECHNIQUE*	INPUT	RANGE	AVERAGE
Bank Loans	$3,862,657	Third-party Vendor	Vendor Prices	$87.50 - $100.67	$96.48

251 / Semi-Annual Report September 2018

Notes to Financial Statements (Continued)

HIGH YIELD BOND FUND	FAIR VALUE     AT 9/30/18	VALUATION     TECHNIQUE*	UNOBSERVABLE     INPUT	RANGE	WEIGHTED     AVERAGE
Bank Loans	$444,142	Third-party Vendor	Vendor Prices	$87.50	$87.50
Common Stock	$4,625,508	Broker Quote	Offered Quote	6.00 - 51.00	10.06
Corporate Securities	$1,328,167	Third-party Vendor	Vendor Prices	48.88 - 106.88	94.63
Warrant	$83,507	Third-party Vendor	Vendor Prices	5.50 - 6.50	6.37
INTERMEDIATE BOND FUND	FAIR VALUE AT 9/30/18	VALUATION TECHNIQUE*	UNOBSERVABLE INPUT	RANGE	WEIGHTED AVERAGE
Bank Loans	$290,928	Third-party Vendor	Vendor Prices	$99.91	$99.91
Common Stock	$68,119	Third-party Vendor	Vendor Prices	8.50	8.50
INVESTMENT GRADE CREDIT FUND	FAIR VALUE AT 9/30/18	VALUATION TECHNIQUE*	UNOBSERVABLE INPUT	RANGE	WEIGHTED AVERAGE
Mortgage-Backed Securities-
Commercial Mortgage-Backed	$78,064	Third-party Vendor	Vendor Prices	$0.90 - $3.88	$2.61
Mortgage-Backed Securities-Non-Agency	$79,897	Third-party Vendor	Vendor Prices	80.39	80.39
LOW DURATION BOND FUND	FAIR VALUE AT 9/30/18	VALUATION TECHNIQUE*	UNOBSERVABLE INPUT	RANGE	WEIGHTED AVERAGE
Bank Loans	$2,307,112	Third-party Vendor	Vendor Prices	$95.30 - $99.91	$98.03
Common Stock	$905,259	Broker Quote	Offered Quote	8.50	8.50
Mortgage-Backed Securities-Non-Agency	$2,158,656	Third-party Vendor	Vendor Prices	1.77	1.77
STRATEGIC INCOME FUND	FAIR VALUE AT 9/30/18	VALUATION TECHNIQUE*	UNOBSERVABLE INPUT	RANGE	WEIGHTED     AVERAGE
Asset-Backed Securities	$139,588	Benchmark Pricing	Offered Quote	$8.28 - $31.00	$25.34
Mortgage-Backed Securities-
Commercial Mortgage Backed	$275,166	Third-party Vendor	Vendor Prices	3.50 - 5.05	4.50
Mortgage-Backed Securities-Non-Agency	$177,297	Third-party Vendor	Vendor Prices	0.00 - 10.45	10.45
TOTAL RETURN BOND FUND	FAIR VALUE AT 9/30/18	VALUATION TECHNIQUE*	UNOBSERVABLE INPUT	RANGE	WEIGHTED AVERAGE
Asset-Backed Securities	$9,292,657	Benchmark Pricing	Offered Quote	$31.00 - $33.00	$32.13
Bank Loans	$11,499,505	Third-party Vendor	Vendor Prices	96.88 - 99.91	97.84
Common Stock	$10,035,975	Broker Quote	Offered Quote	8.50	8.50
Corporate Securities	$20,913,988	Third-party Vendor	Vendor Prices	107.04	107.04
Mortgage-Backed Securities-Non-Agency	$15,440,508	Third-party Vendor	Vendor Prices	0.00 - 3.21	2.10
ULTRA SHORT BOND FUND	FAIR VALUE AT 9/30/18	VALUATION TECHNIQUE*	UNOBSERVABLE INPUT	RANGE	WEIGHTED AVERAGE
Mortgage-Backed Securities - Non-Agency	$25,531	Third-party Vendor	Vendor Prices	$0.00 - $1.19	$1.19

Semi-Annual Report September 2018 / 252

Notes to Financial Statements (Continued)

	FAIR VALUE	VALUATION	UNOBSERVABLE		WEIGHTED
UNCONSTRAINED BOND FUND	AT 9/30/18	TECHNIQUE*	INPUT	RANGE	AVERAGE
Bank Loans	$2,604,491	Third-party Vendor	Vendor Prices	$95.30 - $99.91	$96.72
Common Stock	$953,887	Broker Quote	Offered Quote	8.50	8.50
Corporate Securities	$2,972,820	Third-party Vendor	Vendor Prices	48.88 - 107.04	86.24
Mortgage-Backed Securities-Non- Agency	$118,513	Third-party Vendor	Vendor Prices	0.00 - 10.45	8.32

* The valuation technique employed on the Level 3 securities involves the use of vendor prices, broker quotes and benchmark pricing. The Adviser monitors the third-party brokers and vendors using the valuation process described below.

Derivative Instruments Categorized by Risk Exposure:

The following is a summary of the location of derivative instruments on the Funds’ Statements of Assets and Liabilities as of September 30, 2018:

	LOCATION ON THE STATEMENTS OF ASSETS AND LIABILITIES
	ASSET	LIABILITY
DERIVATIVE TYPE	DERIVATIVES	DERIVATIVES
Interest rate contracts	Unrealized appreciation on swap contracts Premiums paid for swap contracts Receivable for daily variation margin Investments, at value	Unrealized depreciation on swap contracts Premiums received on swap contracts Payable for daily variation margin Options written
Credit contracts	Unrealized appreciation on swap contracts Premiums paid for swap contracts	Unrealized depreciation on swap contracts Premiums received for swap contracts
Equity contracts	Unrealized appreciation on swap contracts Premiums paid for swap contracts Receivable for daily variation margin	Unrealized depreciation on swap contracts Premiums received for swap contracts Payable for daily variation margin
	—	Options written
Foreign currency exchange contracts	Unrealized appreciation on foreign currency exchange contracts	Unrealized depreciation on foreign currency exchange contracts
	—	Options written

The following is a summary of the Funds’ derivative instrument holdings categorized by primary risk exposure as of September 30, 2018:

253 / Semi-Annual Report September 2018

Notes to Financial Statements (Continued)

				ASSET DERIVATIVE INVESTMENTS
	ALPHATRAK 500 FUND			CORPORATE BOND FUND			FLOATING RATE INCOME FUND			HIGH YIELD BOND FUND			INTERMEDIATE     BOND FUND
Equity contracts:
Futures1		$	233,101		$	—		$	—		$	—		$	—
Interest contracts:
Futures1			—			—			—			70,123			102,700
Credit contracts:
Swaps			—			—			—			66,445			—
Foreign currency exchange contracts:
Forwards			—			—			174,271			—			141,442
Total		$	233,101		$	—		$	174,271		$	136,568		$	244,142

				ASSET DERIVATIVE INVESTMENTS
	INVESTMENT GRADE CREDIT FUND			LOW DURATION BOND FUND			STRATEGIC INCOME FUND			TOTAL RETURN BOND FUND			ULTRA SHORT BOND FUND			UNCONSTRAINED BOND FUND
Interest contracts:
Futures1		$	1,139		$	353,046		$	40,328		$	17,813,373		$	—		$	2,801,211
Options purchased			—			—			—			9,250,000			—			—
Swaptions purchased			—			28,932			—			—			—			—
Foreign currency exchange contracts:
Forwards			—			1,933,865			—			9,384,932			—			—
Total		$	1,139		$	2,315,843		$	40,328		$	36,448,305		$	—		$	2,801,211

¹Includes cumulative appreciation/(depreciation) of financial futures contracts as reported in the Schedule of Portfolio Investments. Only current day’s margin variation is reported within the Statements of Assets and Liabilities.

				LIABILITY DERIVATIVE INVESTMENTS
	ALPHATRAK 500 FUND			CORPORATE BOND FUND			FLOATING RATE INCOME FUND			HIGH YIELD BOND FUND			INTERMEDIATE     BOND FUND
Interest contracts:
Futures1		$	—		$	(2,438)		$	—		$	(486,397)		$	(877,943)
Total		$	—		$	(2,438)		$	—		$	(486,397)		$	(877,943)

					LIABILITY DERIVATIVE INVESTMENTS
	INVESTMENT GRADE CREDIT FUND				LOW DURATION BOND FUND				STRATEGIC INCOME FUND			TOTAL RETURN BOND FUND				ULTRA SHORT BOND FUND				UNCONSTRAINED BOND FUND
Interest contracts:
Futures1		$	(8,345	)		$	(5,059,973	)		$	—		$	(90,703,740	)		$	(26,401	)		$	(1,610,506	)
Options written			—				—				—			(1,250,000	)			—				—
Swaptions written			—				(11,109	)			—			—				—				—
Foreign currency exchange contracts:
Forwards			—				—				—			(6,554	)			—				—
Total		$	(8,345	)		$	(5,071,082	)		$	—		$	(91,960,294	)		$	(26,401	)		$	(1,610,506	)

¹Includes cumulative appreciation/(depreciation) of financial futures contracts as reported in the Schedule of Portfolio Investments. Only current day’s margin variation is reported within the Statements of Assets and Liabilities.

Semi-Annual Report September 2018 / 254

Notes to Financial Statements (Continued)

The following is a summary of the Funds’ realized gain/(loss) and change in unrealized appreciation/(depreciation) on derivative investments recognized in the Statements of Operations categorized by primary risk exposure for the six months ended September 30, 2018:

	REALIZED GAIN/(LOSS) ON DERIVATIVES RECOGNIZED IN THE STATEMENTS OF OPERATIONS
	ALPHATRAK 500 FUND				CORPORATE BOND FUND			FLOATING RATE INCOME FUND				HIGH YIELD BOND FUND				INTERMEDIATE BOND FUND
Credit contracts:
Swaps		$	—			$	—		$	—			$	(171,921	)		$	—
Equity contracts:
Futures			449,373				—			—				—				—
Interest contracts:
Futures			—				292			—				(340,734	)			(1,037,911	)
Foreign currency exchange contracts			(15,903	)			—			329,126				—				291,498
Foreign currency transactions			—				—			(24,566	)			—				(1,751	)
Total		$	433,470			$	292		$	304,560			$	(512,655	)		$	(748,164	)

	REALIZED GAIN/(LOSS) ON DERIVATIVES RECOGNIZED IN THE STATEMENTS OF OPERATIONS
	INVESTMENT GRADE CREDIT FUND				LOW DURATION BOND FUND				STRATEGIC INCOME FUND				TOTAL RETURN BOND FUND				ULTRA SHORT BOND FUND				UNCONSTRAINED BOND FUND
Interest contracts:
Futures		$	(3,302	)		$	(3,468,369	)		$	14,130			$	(63,679,588	)		$	(15,413	)		$	(2,276,764	)
Options and swaptions written			—				—				—				(730,650	)			—				—
Foreign currency exchange contracts			—				—				96,350				31,005,527				357,348				458,759
Foreign currency transactions			—				(49,783	)			(168	)			(728,495	)			(239	)			—
Total		$	(3,302	)		$	(3,518,152	)		$	110,312			$	(34,133,206	)		$	341,696			$	(1,818,005	)

	CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) ON DERIVATIVES RECOGNIZED
				IN THE STATEMENTS OF OPERATIONS
	ALPHATRAK 500 FUND			CORPORATE BOND FUND				FLOATING RATE INCOME FUND			HIGH YIELD BOND FUND				INTERMEDIATE BOND FUND
Credit contracts:
Swaps		$	—		$	—			$	—		$	161,894			$	—
Equity contracts:
Futures1			1,227,635			—				—			—				—
Interest contracts:
Futures1			—			(2,438	)			—			(459,936	)			(959,811	)
Foreign currency exchange contracts			15,903			—				174,271			—				334,266
Foreign currency transactions			—			—				—			—				(3,540	)
Total		$	1,243,538		$	(2,438	)		$	174,271		$	(298,042	)		$	(629,085	)

¹Includes cumulative appreciation/(depreciation) of financial futures contracts as reported in the Schedule of Portfolio Investments.

255 / Semi-Annual Report September 2018

Notes to Financial Statements (Continued)

	CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) ON DERIVATIVES  RECOGNIZED IN THE STATEMENTS OF OPERATIONS
	INVESTMENT GRADE CREDIT FUND				LOW DURATION BOND FUND				STRATEGIC INCOME FUND			TOTAL RETURN BOND FUND				ULTRA SHORT BOND FUND				UNCONSTRAINED  BOND FUND
Interest contracts:
Futures1		$	(7,206	)		$	(5,177,711	)		$	59,122		$	(93,456,954	)		$	(31,670	)		$	2,288,658
Options and swaptions written			—				4,110				—			383,400				—				—
Swap contracts			—				—				—			—				—				(458,760	)
Foreign currency exchange contracts			—				1,933,865				62,621			30,490,988				(53,541	)			—
Foreign currency transactions			—				(4,349	)			—			(331,583	)			—				—
Total		$	(7,206	)		$	(3,244,085	)		$	121,743		$	(62,914,149	)		$	(85,211	)		$	1,829,898

¹Includes cumulative appreciation/(depreciation) of financial futures contracts as reported in the Schedule of Portfolio Investments.

	AVERAGE PERIOD BALANCE OF OUTSTANDING DERIVATIVE FINANCIAL  INSTRUMENTS1
	ALPHATRAK 500 FUND			CORPORATE BOND FUND			FLOATING RATE INCOME FUND			HIGH YIELD BOND FUND			INTERMEDIATE BOND FUND
Financial futures contracts:
Average number of contracts purchased			129			3			—			507			1,372
Average number of contracts sold						—			—			17			133
Average value of contracts purchased		$	437,165		$	2,438		$	—		$	205,461		$	552,458
Average value of contracts sold		$	—		$	—		$	—		$	22,307		$	106,965
Credit default swaps:
Average number of contracts - buy protection			—			—			—			3			—
Average notional value - buy protection		$	—		$	—		$	—		$	19,750,000		$	—
Foreign currency exchange contracts:
Average number of contracts sold			1			—			1			1			2
Average value of contracts sold		$	4,647		$	—		$	132,805		$	22,708		$	248,465

	AVERAGE PERIOD BALANCE OF OUTSTANDING DERIVATIVE FINANCIAL INSTRUMENTS1
	INVESTMENT GRADE CREDIT FUND			LOW DURATION BOND FUND			STRATEGIC INCOME FUND			TOTAL RETURN BOND FUND			ULTRA SHORT BOND FUND			UNCONSTRAINED BOND FUND
Financial futures contracts:
Average number of contracts purchased			15			6,408			—			115,970			31			1,621
Average number of contracts sold			8			397			59			14,759			—			728
Average value of contracts purchased		$	8,345		$	2,135,665		$	—		$	50,749,584		$	9,937		$	1,032,636
Average value of contracts sold		$	1,139		$	320,526		$	25,907		$	11,953,626		$	—		$	1,335,342
Written options:
Average number of contracts			—			—			—			1			—			—
Average notional value		$	—		$	—		$	—		$	1,303,841		$	—		$	—
Written swaptions:
Average number of contracts			—			1			—			—			—			—
Average notional value		$	—		$	540,000		$	—		$	—		$	—		$	—
Foreign currency exchange contracts:
Average number of contracts sold			—			1			2			4			2			2
Average value of contracts sold		$	—		$	870,961		$	25,499		$	21,846,487		$	77,082		$	237,434

Semi-Annual Report September 2018 / 256

Notes to Financial Statements (Continued)

AVERAGE PERIOD BALANCE OF OUTSTANDING DERIVATIVE FINANCIAL  INSTRUMENTS1
INVESTMENT GRADE CREDIT FUND	LOW DURATION BOND FUND	STRATEGIC INCOME FUND	TOTAL RETURN BOND FUND	ULTRA SHORT BOND FUND	UNCONSTRAINED BOND FUND

¹Amounts disclosed represent the volume of derivative contracts for the period ended September 30, 2018.

Counterparty Credit Risk:

A derivative contract may suffer a mark to market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

A Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by such Fund. For OTC options purchased, each Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by such Fund should the counterparty fail to perform under the contracts. Options written by the Funds do not typically give rise to counterparty credit risk, as options written generally obligate the Funds, and not the counterparty to perform.

With exchange traded purchased options and futures and centrally cleared swaps, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency) of the clearing broker or clearinghouse. Additionally, credit risk exists in exchange traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

In order to better define its contractual rights and to secure rights that will help the Funds mitigate their counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between each Fund and a counterparty that governs OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, each Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event a Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Fund to accelerate payment of any net liability owed to the counterparty.

Collateral requirements:

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of a Fund, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged as collateral. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Portfolio Investments. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold typically $250,000 or $500,000, before a transfer is required, which is determined at the close of business of the Fund and additional required collateral is delivered to/pledged by the Fund on the next business day. Typically, the Funds and counterparties are not permitted to sell, repledge or use the collateral they receive. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. Each Fund attempts to mitigate counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

257 / Semi-Annual Report September 2018

Notes to Financial Statements (Continued)

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities.

The Funds have implemented the disclosure requirements pursuant to FASB Accounting Standards update No. 2011-11, Disclosures about Offsetting Assets and Liabilities, that requires disclosures to make financial statements that are prepared under U.S. GAAP more comparable to those prepared under International Financial Reporting Standards. Under this guidance the Funds disclose in the Statements of Assets and Liabilities both gross and net information about instruments and transactions eligible for offset such as instruments and transactions subject to an agreement similar to a master netting arrangement. In addition, the Funds disclose collateral received and posted in connection with master netting agreements or similar arrangements.

The following table presents the Floating Rate Income Fund’s OTC derivative assets by counterparty net of amounts available for offset under an ISDA Master agreement or similar agreements and net of the related collateral received or pledged by the Fund as of September 30, 2018:

			FLOATING RATE INCOME FUND
COUNTERPARTY	GROSS DERIVATIVE ASSETS IN THE STATEMENT OF ASSETS AND LIABILITIES		COLLATERAL RECEIVED1		DERIVATIVE (ASSETS)/LIABILITIES AVAILABLE FOR OFFSET		NET AMOUNT OF DERIVATIVE ASSETS2
Goldman Sachs International Forward Currency Contracts		$174,271		$—		$—		$174,271
Total Goldman Sachs International		174,271		—		—		174,271
Total		$174,271		$—		$—		$174,271

¹Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.

²Represents the net amount receivable from the counterparty in the event of default.

The following table presents High Yield Bond Fund’s OTC derivative assets by counterparty net of amounts available for offset under an ISDA Master agreement or similar agreements and net of the related collateral received or pledged by the Fund as of September 30, 2018:

				HIGH YIELD BOND FUND
COUNTERPARTY	GROSS DERIVATIVE ASSETS IN THE STATEMENT OF ASSETS AND LIABILITIES			COLLATERAL RECEIVED1			DERIVATIVE (ASSETS)/LIABILITIES AVAILABLE FOR OFFSET			NET AMOUNT OF DERIVATIVE ASSETS2
Goldman Sachs International Swap agreements		$	30,483		$	—		$	30,483		$	—
Total Goldman Sachs International			30,483			—			30,483			—
Morgan Stanley Capital Services LLC
Swap agreements		$	35,962		$	—		$	35,962		$	—
Total Morgan Stanley Capital Services LLC			35,962			—			35,962			—
Total		$	66,445		$	—		$	66,445		$	—

¹Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.

²Represents the net amount receivable from the counterparty in the event of default.

Semi-Annual Report September 2018 / 258

Notes to Financial Statements (Continued)

The following table presents High Yield Bond Fund’s OTC derivative liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of September 30, 2018:

				HIGH YIELD BOND FUND
	GROSS DERIVATIVE
	LIABILITIES IN THE STATEMENT OF ASSETS			COLLATERAL			DERIVATIVE (ASSETS)/LIABILITIES				NET AMOUNT  OF
COUNTERPARTY	AND LIABILITIES			PLEDGED3			AVAILABLE FOR OFFSET				DERIVATIVE LIABILITIES4
Goldman Sachs International
Swap agreements		$	68,284		$	—		$	(30,483	)		$	37,801
Total Goldman Sachs International			68,284			—			(30,483	)			37,801
Morgan Stanley Capital Services LLC
Swap agreements			$  78,349			$—			$(35,962	)			$42,387
Total Morgan Stanley Capital Services LLC			78,349			—			(35,962	)			42,387
Total			$146,633			$—			$(66,445	)			$80,188

³Excess of collateral pledged for individual counterparty may not be shown for financial reporting purposes.

⁴Represents the net amount payable from the counterparty in the event of default.

The following table presents Intermediate Bond Fund’s OTC derivative assets by counterparty net of amounts available for offset under an ISDA Master agreement or similar agreements and net of the related collateral received or pledged by the Fund as of September 30, 2018:

			INTERMEDIATE BOND FUND
	GROSS DERIVATIVE
	ASSETS IN THE STATEMENT OF ASSETS		COLLATERAL		DERIVATIVE (ASSETS)/LIABILITIES		NET AMOUNT     OF
COUNTERPARTY	AND LIABILITIES		RECEIVED1		AVAILABLE FOR OFFSET		DERIVATIVE ASSETS2
Goldman Sachs International
Foreign Currency Exchange Contracts		$141,442		$—		$—		$141,442
Total Goldman Sachs International		141,442		—		—		141,442
Total		$141,442		$—		$—		$141,442

¹Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.

²Represents the net amount receivable from the counterparty in the event of default.

259 / Semi-Annual Report September 2018

Notes to Financial Statements (Continued)

The following table presents Low Duration Bond Fund’s OTC derivative assets by counterparty net of amounts available for offset under an ISDA Master agreement or similar agreements and net of the related collateral received or pledged by the Fund as of September 30, 2018:

			LOW DURATION BOND FUND
COUNTERPARTY	GROSS DERIVATIVE ASSETS IN THE STATEMENT OF ASSETS AND LIABILITIES		COLLATERAL RECEIVED1			DERIVATIVE (ASSETS)/LIABILITIES AVAILABLE FOR OFFSET		NET AMOUNT OF DERIVATIVE  ASSETS2
Goldman Sachs International
Foreign Currency Exchange Contracts		$1,933,865		$(1,540,000	)		$—		$393,865
Swaptions		28,932		—			—		28,932
Total Goldman Sachs International		1,962,797		(1,540,000	)		—		422,797
Total		$1,962,797		$(1,540,000	)		$—		$422,797

¹Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.

²Represents the net amount receivable from the counterparty in the event of default.

The following table presents Low Duration Bond Fund’s OTC derivative liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of September 30, 2018:

			LOW DURATION BOND FUND
COUNTERPARTY	GROSS DERIVATIVE LIABILITIES IN THE STATEMENT OF ASSETS AND LIABILITIES		COLLATERAL PLEDGED3		DERIVATIVE (ASSETS)/LIABILITIES AVAILABLE FOR OFFSET		NET AMOUNT OF DERIVATIVE  LIABILITIES4
Goldman Sachs International Swaptions		$11,109		$—		$—		$11,109
Total Goldman Sachs International		11,109		—		—		11,109
Total		$11,109		$—		$—		$11,109

³Excess of collateral pledged for individual counterparty may not be shown for financial reporting purposes.

⁴Represents the net amount payable to the counterparty in the event of default.

Semi-Annual Report September 2018 / 260

Notes to Financial Statements (Continued)

The following table presents Total Return Bond Fund’s OTC derivative assets by counterparty net of amounts available for offset under an ISDA Master agreement or similar agreements and net of the related collateral received or pledged by the Fund as of September 30, 2018:

			TOTAL RETURN BOND FUND
COUNTERPARTY	GROSS DERIVATIVE ASSETS IN THE STATEMENT OF ASSETS AND LIABILITIES		COLLATERAL RECEIVED1			DERIVATIVE (ASSETS)/LIABILITIES AVAILABLE FOR OFFSET		NET AMOUNT OF DERIVATIVE ASSETS2
Goldman Sachs International
Foreign Currency Exchange Contracts		$9,384,932		$(7,210,000	)		$—		$2,174,932
Total Goldman Sachs International		9,384,932		(7,210,000	)		—		2,174,932
Total		$9,384,932		$(7,210,000	)		$—		$2,174,932

¹Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.

²Represents the net amount receivable from the counterparty in the event of default.

The following table presents Total Return Bond Fund’s OTC derivative liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of September 30, 2018:

			TOTAL RETURN BOND FUND
COUNTERPARTY	GROSS DERIVATIVE LIABILITIES IN THE STATEMENT OF ASSETS AND LIABILITIES		COLLATERAL PLEDGED3		DERIVATIVE (ASSETS)/LIABILITIES AVAILABLE FOR OFFSET		NET AMOUNT OF LIABILITIES4
Bank of America, NA
Foreign Currency Exchange Contracts		$6,554		$—		$—		$6,554
Total Bank of America, NA		6,554		—		—		6,554
Total		$6,554		$—		$—		$6,554

³Excess of collateral pledged for individual counterparty may not be shown for financial reporting purposes.

⁴Represents the net amount payable to the counterparty in the event of default.

261 / Semi-Annual Report September 2018

Notes to Financial Statements (Continued)

3. PORTFOLIO INVESTMENTS

The Funds may invest in mortgage pass-through securities which represent interests in pools of mortgages in which payments of both principal and interest on the securities are generally made monthly, in effect “passing through” monthly payments made by borrowers on the residential or commercial mortgage loans which underlie the securities (net of any fees paid to the issuer or guarantor of the securities). Mortgage pass-through securities differ from other forms of debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at maturity or specified call dates.

The Funds may invest in securities issued by Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corp. (“FHLMC”). These are fixed-income securities that derive their value from or represent interests in a pool of mortgages or mortgage securities. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of a mortgage-backed security and could result in losses to the Funds. The risk of such defaults is generally higher in the case of mortgage pools that include sub-prime mortgages. Sub-prime mortgages refer to loans made to borrowers with weakened credit histories or with a lower capacity to make timely payments on their mortgages.

Additionally, securities issued by FNMA and FHLMC are not backed by or entitled to the full faith and credit of the United States and are supported by the right to the issuer to borrow from the Treasury.

On September 7, 2008, the Federal Housing Finance Agency was appointed as conservator of FNMA and FHLMC. In addition, the U.S. Department of the Treasury has agreed to provide capital as needed to ensure FNMA and FHLMC continue to provide liquidity to the housing and mortgage markets.

The Funds may also invest in Collateralized Mortgage Obligations (“CMOs”). CMOs are debt obligations collateralized by residential or commercial mortgage loans or residential or commercial mortgage pass-through securities. Interest and principal are generally paid monthly. CMOs may be collateralized by whole mortgage loans or private mortgage pass-through securities but are more typically collateralized by portfolios of mortgage pass-through securities guaranteed by Government National Mortgage Association (“GNMA”), FHLMC, or FNMA. The issuer of a series of CMOs may elect to be treated for tax purposes as a Real Estate Mortgage Investment Conduit. CMOs are structured into multiple classes, each bearing a different stated maturity. Monthly payment of principal received from the pool of underlying mortgages, including prepayments, is first returned to investors holding the shortest maturity class. Investors holding the longer maturity classes usually receive principal only after shorter classes have been retired. An investor may be partially protected against a sooner than desired return of principal because of the sequential payments.

The Funds may enter into to be announced (“TBA”) commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to settlement date, which is in addition to the risk of decline in the value of the Funds’ other assets. Unsettled TBA commitments are valued at the current market value of the underlying securities, according to the procedures described in Note 2 under “Security Valuation”.

The Funds may invest in Collateralized Bond Obligations (“CBOs”), Collateralized Loan Obligations (“CLOs”) and other Collateralized Debt Obligations (“CDOs”), which are debt instruments backed solely by a pool of other debt securities. The risks of an investment in a CBO, CLO or other CDO depend largely on the type of the collateral securities and the class of the CBO, CLO or other CDO in which a Fund invests. Some CBOs, CLOs and other CDOs have credit ratings, but are typically issued in various classes with various priorities. Normally, CBOs, CLOs and other CDOs are privately offered and sold (that is, not registered under the securities laws) and may be characterized by the Funds as illiquid securities, but an active dealer market may exist for CBOs, CLOs and other CDOs that qualify for Rule 144A transactions. In addition to the normal interest rate, default and other risks of fixed income securities, CBOs, CLOs and other CDOs carry additional risks, including the possibility that distributions from collateral securities will not be adequate to make interest or other payments, the quality of the collateral may decline in value or default, the Funds may invest in CBOs, CLOs and other CDOs that are subordinate to other classes, volatility in value, and the complex structure of the security may not be fully understood at the time of investment and produce disputes with the issuer or unexpected investment results.

The Funds may invest in stripped mortgage-backed securities issued by the U.S. government, its agencies and instrumentalities. Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. In certain cases, one class will receive all of the interest (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). During the six months ended September 30, 2018, certain interest only securities were held as part of the overall mortgage portfolio holdings. The yield to maturity on IOs is sensitive to the rate of principal repayments (including prepayments) on the related underlying mortgage assets, and principal payments may have a material effect on yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, a Fund may not fully recoup its initial investment in IOs. Such securities will be considered liquid only if so determined in accordance with guidelines established by the Board. The Funds also may invest in stripped mortgage-backed securities that are privately issued. These securities will be considered illiquid for purposes of each Fund’s limit on illiquid securities.

Semi-Annual Report September 2018 / 262

Notes to Financial Statements (Continued)

The Funds may purchase participations in commercial loans, or may purchase assignments of such loans. Such indebtedness may be secured or unsecured. Loan participations typically represent direct participation in a loan to a corporate borrower, and generally are offered by banks or other financial institutions or lending syndicates. The Funds may participate in such syndications, or can buy part of a loan, becoming a part lender. When purchasing loan participations, a Fund assumes the credit risk associated with the corporate borrower and may assume the credit risk associated with an interposed bank or other financial intermediary. The participation interests in which a Fund intends to invest may not be rated by any nationally recognized rating service. Participations and assignments also involve special types of risk, including interest rate risk, liquidity risk, and the risk of being a lender. If a Fund purchases a participation, it may only be able to enforce its rights through the lender, and may assume the credit risk of the lender in addition to the borrower.

The Funds may also sell a debt or equity security short that is, without owning it and borrow the same security from a broker or other institution to complete the sale. The Adviser may use short sales when it believes a security is overvalued or as a partial hedge against a position in a related security of the same issuer held by a Fund. The Ultra Short Bond Fund, Low Duration Bond Fund, Intermediate Bond Fund, and Total Return Bond Fund will not make total short sales exceeding 25% of the value of each respective Fund’s assets. The High Yield Bond Fund, Unconstrained Bond Fund, Floating Rate Income Fund and Strategic Income Fund will not make total short sales exceeding 33 1/3% of each respective Fund’s assets. If the value of the security sold short increases, a Fund would lose money because it would need to replace the borrowed security by purchasing it at a higher price. The potential loss is unlimited. (If the short sale was intended as a hedge against another investment, the loss on the short sale may be fully or partially offset by gains in that other investment.) At September 30, 2018, the Funds did not hold any short debt or equity.

A lender may request that the borrowed securities be returned on short notice; if that occurs at a time when other short sellers of the subject security are receiving similar requests, a “short squeeze” can occur. This means that the Funds might be compelled, at the most disadvantageous time, to replace borrowed securities previously sold short, with purchases on the open market at prices significantly greater than those at which the securities were sold short. Short selling also may produce higher than normal portfolio turnover and result in increased transaction costs to the Funds. The Funds also may make short sales “against-the-box”, in which the Funds sell short securities they own. The Funds will incur transaction costs, including interest expenses, in connection with opening, maintaining and closing short sales against-the-box, which result in a “constructive sale”, requiring the Fund to recognize any taxable gain from the transaction.

The Funds may invest in payment-in-kind securities (“PIKs”). PIKs give the issuer the option at each interest payment date of making interest payments in either cash or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro-rata adjustment from the unrealized appreciation or depreciation on investments to interest receivable on the Statements of Assets and Liabilities.

For the six months ended September 30, 2018, the Funds did not receive any in-kind payments with respect to PIK securities.

The Funds may invest in repurchase agreements. In a repurchase agreement, the Funds purchase a security from a counterparty who agrees to repurchase the same security at a mutually agreed upon date and price. On a daily basis, the counterparty is required to maintain collateral subject to the agreement and in value no less than the agreed repurchase amount. The agreements are conditioned upon the collateral being deposited under the Federal Reserve book entry system or held in a segregated account by the Funds’ custodian or designated sub-custodians under tri-party repurchase agreements. In the event the counterparty defaults and the fair value of the collateral declines, the Funds could experience losses, delays and costs in liquidating the collateral.

Master Repurchase Agreements (“MRAs”) permit each Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from each Fund. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of a MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, each Fund receives securities as collateral with a market value in excess of the repurchase price to be received by each Fund upon the maturity of the repurchase transaction. Upon a bankruptcy or insolvency of the MRA counterparty, each Fund recognizes a liability with respect to such excess collateral to reflect each Fund’s obligation under bankruptcy law to return the excess to the counterparty. As of September 30, 2018, the Funds did not hold any repurchase agreements.

The Funds may enter into reverse repurchase agreements, whereby a Fund sells securities concurrently with entering into an agreement to repurchase those securities at a later date at a fixed price. During the reverse repurchase agreement period, the Fund continues to receive principal and interest payments on those securities. Reverse repurchase agreements are speculative techniques involving leverage and are considered borrowings by the Fund for purposes of the percentage limitations applicable to borrowings.

Reverse repurchase transactions and treasury roll transactions are entered into by a Fund under MRAs. With reverse repurchase transactions and treasury roll transactions, typically the Funds and the counterparties are not permitted to sell, re-pledge, or use the collateral associated with the transaction. Pursuant to the terms of the MRA, a Fund receives or posts securities as collateral with a

263 / Semi-Annual Report September 2018

Notes to Financial Statements (Continued)

market value in excess of the repurchase price to be paid or received by a Fund upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRA counterparty, a Fund is considered an unsecured creditor with respect to excess collateral and, as such, the return of excess collateral may be delayed. There were no reverse repurchase agreements held on September 30, 2018.

Each Fund may enter into when-issued, delayed-delivery, or forward commitment transactions in order to lock in the purchase price of the underlying security, or in order to adjust the interest rate exposure of the Fund’s existing portfolio. In when-issued, delayed-delivery, or forward commitment transactions, a Fund commits to purchase or sell particular securities, with payment and delivery to take place at a future date. Although a Fund does not pay for the securities or start earning interest on them until they are delivered, it immediately assumes the risks of ownership, including the risk of price fluctuation. If a Fund’s counterparty fails to deliver a security purchased on a when-issued, delayed-delivery, or forward commitment basis, there may be a loss, and that Fund may have missed an opportunity to make an alternative investment. Prior to settlement of these transactions, the value of the subject securities will fluctuate, reflecting interest rate changes. In addition, because a Fund is not required to pay for when-issued, delayed-delivery, or forward commitment securities until the delivery date, they must result in a form of leverage to the extent a Fund does not maintain liquid assets equal to the face amount of the contract. The Funds segregate assets (cash and/or securities) to cover the amounts outstanding related to these transactions.

Derivatives:

The Funds engaged in various portfolio investment strategies both to increase the return of the Funds and to economically hedge, or protect, their exposure to interest rate movements and movements in the securities markets. Losses may arise if the value of the contract decreases due to an unfavorable change in the price of the underlying security or if the counterparty does not perform under the contract. The Funds are subject to credit risk, equity price risk and interest rate risk in the normal course of pursuing its investment objectives by investing in various derivative financial instruments, as described below:

Over the reporting period, the Funds engaged in interest rate futures contracts, foreign currency exchange contracts, swap agreements and swaptions as a means of managing interest rate risk and yield curve positioning consistent with the Adviser’s current market perspectives. Additionally, credit default swaps were held for the purposes of (1) hedging valuation risks specific to identified market segments, industries and credits and (2) efficiently gaining income-bearing exposures to selected market segments, industries and credits. The market value of these instruments, realized and changes in unrealized gains and losses, and the types of contracts are included in the Schedule of Portfolio Investments and the Notes to Financial Statements.

Options- The Funds may purchase and write call and put options on securities, securities indices and on foreign currencies. A Fund may purchase put options on securities to seek to protect holdings in an underlying or related security against a substantial decline in market value. A Fund may purchase call options on securities to seek to protect against substantial increases in prices of securities the Fund intends to purchase pending its ability to invest in such securities in an orderly manner. The Fund pays a premium which is included as an asset on the Statements of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. A Fund may write a call or put option only if the option is covered by the Fund holding a position in the underlying securities or by other means which would permit immediate satisfaction of the Fund’s obligation as writer of the option. When the Fund writes a call or put, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are included on the Statements of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). The purchase and writing of options involves certain risks. During the option period, the covered call writer has, in return for the premium on the option, given up the opportunity to profit from a price increase in the underlying securities above the sum of the premium and exercise price, but, as long as its obligation as a writer continues, has retained the risk of loss should the price of the underlying securities decline. The writer of an option has no control over the time when it may be required to fulfill its obligation as a writer of the option. Once an option writer has received an exercise notice, it cannot effect a closing purchase transaction in order to terminate its obligation under the option and must deliver the underlying securities at the exercise price. If a put or call option purchased by the Fund is not sold when it has remaining value, and if the market price of the underlying security, in the case of a put, remains equal to or greater than the exercise price or, in the case of a call, remains less than or equal to the exercise price, the Fund will lose its entire investment in the option. There can be no assurance that a liquid market will exist when a Fund seeks to close out an option position. Furthermore, if trading restrictions or suspensions are imposed on the options markets, a Fund may be unable to close out a position.

The Funds may execute transactions in both listed and over-the-counter options. Listed options involve minimal counterparty risk since listed options are guaranteed against default by the exchange on which they trade. Transactions in certain over-the-counter options may expose the Funds to the risk of default by the counterparty to the transaction. In the event of default by the counterparty

Semi-Annual Report September 2018 / 264

Notes to Financial Statements (Continued)

to the over-the-counter option transaction, a Fund’s maximum amount of loss is the premium paid (as purchaser) or the unrealized loss of the contract (as writer). As of September 30, 2018, the Low Duration Bond Fund held written swaptions.

Futures - The Funds purchased or sold exchange-traded futures contracts, which are contracts that obligate the Funds to make or take delivery of a financial instrument or the cash value of a security index at a specified future date at a specified price. The Funds may use futures contracts to manage exposure to the stock and bond markets or changes in interest rates and currency values, or for gaining exposure to markets. Risks of entering into futures contracts include the possibility that there may be an illiquid market at the time the Adviser to the Fund may be attempting to sell some or all the Fund holdings or that a change in the value of the contract may not correlate with changes in the value of the underlying securities. Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin). Subsequent payments (variation margin) are made or received by the Fund, generally on a daily basis. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains or losses. The Funds recognize a realized gain or loss when the contract is closed or expires.

Futures transactions involve minimal counterparty risk since futures contracts are guaranteed against default by the exchange on which they trade.

Foreign Currency - The Funds may hold foreign currency as an economic hedge against either specific transactions or portfolio instruments or to obtain exposure to foreign currencies (foreign currency exchange rate risk).

Foreign Currency Exchange Contracts - The Funds entered into foreign currency exchange contracts as an economic hedge against either specific transactions or portfolio instruments or to obtain exposure to foreign currencies (foreign currency exchange rate risk). A foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a future date. Foreign currency exchange contracts, when used by a Fund, help to manage the overall exposure to the currencies in which some of the investments held by a Fund are denominated. The contract is marked-to-market daily and the change in market value is recorded by a Fund as an unrealized gain or loss. When the contract is closed, a Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. The use of foreign currency exchange contracts involves the risk that the value of a foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies and the risk that a counterparty to the contract does not perform its obligations under the agreement.

Swaps - The Funds invested in swap agreements. Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than a year. In a standard swap transaction, two parties agree to exchange the returns earned on specific assets, such as the return on, or increase in value of, a particular dollar amount invested at a particular interest rate, in a particular foreign currency, or in a basket of securities representing a particular index. A swap contract may not be assigned without the consent of the counterparty (and in certain circumstances may not be assignable), and may result in losses in the event of a default or bankruptcy of the counterparty.

The Funds entered into credit default swap agreements to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer’s default. The buyer in a credit default contract is obligated to pay the seller a periodic, stream of payments over the term of the contract provided no event of default has occurred. In the event of default, the seller must pay the buyer the par value (full notional value) of the reference obligation in exchange for the reference obligation. The Funds may be either the buyer or seller in such transactions. If a Fund is a buyer and no event of default occurs, the Fund loses its investment and recovers nothing. However, if an event of default occurs, the buyer receives full notional value for a reference obligation that may have little or no value. As a seller of a credit default swap, the Fund receives a fixed rate of income throughout the term of the contract, provided there is no default event. If an event of default occurs, the seller may pay the notional value of the reference obligation. The value of the reference obligation received by the seller, coupled with the periodic payments previously received may be less than the full notional value it pays to the buyer, resulting in a loss of value to the Fund. Credit default swaps involve greater risks than if the Fund had invested in the reference obligation directly. In addition to general market risks, credit default swaps are subject to illiquidity risk, counterparty risk and credit risk.

The aggregate fair value of credit default swaps in a net liability position is reflected as unrealized depreciation. The collateral posted, net of assets received as collateral, for swap contracts is also disclosed in the Notes to Schedules of Portfolio Investments. The maximum potential amount of future payments (undiscounted) that a portfolio as a seller of protection could be required to make under a credit default swap agreement is an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of September 30, 2018, for which a portfolio is the seller of protection are also disclosed. These potential amounts are 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 a portfolio for the same referenced entity or entities.

265 / Semi-Annual Report September 2018

Notes to Financial Statements (Continued)

The Funds entered into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a floating rate of interest on a notional principal amount and receives a fixed rate of interest on the same notional principal amount for a specified period of time. Alternatively, a party may pay a fixed rate and receive a floating rate. In more complex swaps, the notional principal amount may decline (or amortize) over time. The Funds’ maximum risk of loss due to counterparty default is the discounted NAV of the cash flows paid to/received from the counterparty over the interest rate swap’s remaining life. The Funds enter into interest rate swaps to manage duration, the yield curve or interest rate risk by economically hedging the value of the fixed-rate bonds which may decrease when interest rates rise (interest rate risk).

The Funds may write (sell) and purchase put and call swaptions. Swaption contracts written by the Funds represent an option that gives the purchaser the right, but not the obligation, to enter into a new swap agreement, or to shorten, extend, cancel or modify an existing swap agreement, on a future date on specified terms. Depending on the terms of the particular option agreement, a Fund will generally incur a greater degree of risk when it writes a swaption than it will incur when it purchases a swaption. When a Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when a Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of the underlying agreement. At September 30, 2018, the Low Duration Bond Fund held swaptions.

In addition to the securities listed above, the AlphaTrak 500 Fund invested in the following equity derivative instruments with a notional or contractual value up to its total assets: S&P 500 Index futures contracts, Mini S&P 500 Index futures contracts, options on the S&P 500 Index and S&P futures, and swap agreements involving the S&P 500 Index. When the above listed S&P Index derivatives appear to be overvalued relative to the S&P 500 Index, the Fund may invest up to 100% in the common stocks that comprise the S&P 500 Index. The Fund may also invest up to 25% of its total assets in these stocks indirectly by purchasing interests in one or more mutual funds, asset pools, or trusts that invest in such stocks.

The Funds may enter into total return swap agreements. Total return swap is the generic name for any non-traditional swap where one party agrees to pay the other the “total return” of a defined underlying asset, usually in return for receiving a stream of LIBOR based cash flows. The total return swap may be applied to any underlying asset but is most commonly used with equity indices, single stocks, bonds and defined portfolios of loans and mortgages. The total return swap is a mechanism for the user to accept the economic benefits of asset ownership without utilizing the balance sheet. The other leg of the swap, usually LIBOR, is spread to reflect the non-balance sheet nature of the product. Total return swaps can be designed with any underlying asset agreed between two parties.

As a result, unrealized gains are reported as an asset and unrealized losses are reported as a liability in the Statements of Assets and Liabilities. The change in the value of the swaps, including periodic amounts of interest paid or received on swaps is reported as unrealized gains or losses in both the Statements of Assets and Liabilities and the Statements of Operations. A realized gain or loss is recorded upon payment or termination of swap agreements. Swap agreements are stated at fair value. Notional principal amounts are used upon payment or receipt of a periodic payment or termination of swap agreements to express the extent of involvement in these transactions, but the amounts subject to credit risk are much smaller. At September 30, 2018, the Funds had outstanding swap agreements as listed in the Funds’ Schedules of Portfolio Investments. Swap transactions present risk of loss in excess of the related amounts in the Statements of Assets and Liabilities.

4. RISK CONSIDERATIONS

Foreign Investing Risk: The Funds may be exposed to the risk that the Funds’ share prices will fluctuate with market conditions, currency exchange rates and the economic and political climates in countries where the Funds invest.

Market Risk: Because the values of the Funds’ investments will fluctuate with market conditions, so will the value of your investment in the Funds. You could lose money on your investment in the Funds or the Funds could underperform other investments.

Liquidity Risk: The Funds’ investments in illiquid securities may reduce the returns of the Funds because they may not be able to sell the illiquid securities at an advantageous time or price. Investments in high-yield securities, foreign securities, derivatives or other securities with substantial market and/or credit risk tend to have the greatest exposure to liquidity risk. Certain investments in private placements and Rule 144A securities may be considered illiquid investments. The Funds may invest in private placements and Rule 144A securities.

Interest Rate Risk: The values of the Funds’ investments fluctuate in response to movements in interest rates. If rates rise, the values of debt securities generally fall. The longer the average duration of the Funds’ investment portfolio, the greater the change in value.

Mortgage-Backed and Other Asset-Backed Securities Risk: Each Fund may invest in mortgage-backed or other asset-backed securities. The values of some mortgaged-backed or other asset-backed securities may expose a Fund to a lower rate of return upon reinvestment of principal. When interest rates rise, the value of mortgage-related securities generally will decline; however, when interest rates are declining, the value of mortgage related-securities with prepayment features may not increase as much as other

Semi-Annual Report September 2018 / 266

Notes to Financial Statements (Continued)

fixed-income securities. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may shorten or extend the effective maturity of the security beyond what was anticipated at the time of purchase. If unanticipated rate of prepayment on underlying mortgages increases the effective maturity of a mortgage-related security, the volatility of the security can be expected to increase. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

Derivatives Risk: Use of derivatives, which at times is an important part of the Funds’ investment strategy, involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Investments in derivatives could cause the Funds to lose more than the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances and there can be no assurance that the Funds will engage in these transactions to reduce exposure to other risks when that would be beneficial.

Credit Risk: The values of any of the Funds’ investments may also decline in response to events affecting the issuer or its credit rating. The lower rated debt securities in which the Fund may invest are considered speculative and are subject to greater volatility and risk of loss than investment-grade securities, particularly in deteriorating economic conditions. The value of some mortgage-related securities in which the Funds invest also may fall because of unanticipated levels of principal prepayments that can occur when interest rates decline.

Certain of the Funds invest a material portion of their assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults. Continuing shifts in the market’s perception of credit quality on securities backed by commercial and residential mortgage loans and other financial assets may result in increased volatility of market price and periods of illiquidity that can negatively impact the valuation of certain issuers held by the Funds.

Mortgage-backed securities (“MBS”) and Asset-backed securities (“ABS”) are characterized and classified in a variety of different ways. These classifications include a view of the securities’ cash flow structure (pass-through, sequential pay, prepayment-protected, interest-only, principal-only, etc.), the security of the claim on the underlying assets, (senior, mezzanine and subordinated), as well as types of underlying collateral (prime conforming loans, prime non-conforming loans, Alt-A loans, subprime loans, commercial loans, etc.) In many cases, the classification incorporates a degree of subjectivity: a particular loan might be categorized as “prime” by the underwriting standards of one mortgage issuer while another might classify the loan as “subprime.” In addition to other functions, the risk associated with an investment in a mortgage loan must take into account the nature of the collateral, the form and the level of credit enhancement, the vintage of the loan, the geography of the loan, the purpose of the loan (refinance versus purchase versus equity take-out), the borrower’s credit quality (e.g. FICO score), and whether the loan is a first trust deed or a second lien.

The mortgage industry lacks a single bright-line as to what separates a subprime loan from an Alt-A loan. Often it is a combination of loan characteristics involving both borrower criteria as well as collateral criteria that determine which category a loan is placed in. However, in order to be both conservative and objective as possible, the Adviser applied the following criteria to the Funds’ residential mortgage and asset-backed holdings in coming up with its categorizations:

Sub Prime - Any asset-backed bond whose collateral was residential mortgages were considered to be subprime, provided that the loans did not belong to the classification of manufactured housing loans.

Alt-A - Any mortgage-backed security whose average borrower FICO score was less than 730 and/or was listed as an Alt-A pool by Bloomberg were considered to be Alt-A bonds.

Counterparty Risk: The Funds may be exposed to counterparty risk, or the risk that an entity with which the Funds have unsettled or open transactions may default. Financial assets, which potentially expose the Funds to credit and counterparty risks, consist principally of investments and cash due from counterparties. The extent of the Funds’ exposure to credit and counterparty risks with respect to these financial assets is approximated by their fair value recorded in the Funds’ Statements of Assets and Liabilities.

267 / Semi-Annual Report September 2018

Notes to Financial Statements (Continued)

5. SECURITIES TRANSACTIONS

Investment transactions for the six months ended September 30, 2018, excluding U.S. government and short-term investments, were as follows:

PORTFOLIO	PURCHASES		SALES
AlphaTrak 500 Fund	$	5,990,205	$	4,716,340
Corporate Bond Fund*		1,868,421		98,548
Floating Rate Income Fund		78,637,834		53,670,876
High Yield Bond Fund		197,894,999		291,316,352
Intermediate Bond Fund		54,163,963		189,979,176
Investment Grade Credit Fund*		4,553,753		533,698
Low Duration Bond Fund		224,665,300		436,620,860
Strategic Income Fund		12,973,256		15,189,218
Total Return Bond Fund		7,767,646,369		8,653,312,230
Ultra Short Bond Fund		7,830,961		10,988,774
Unconstrained Bond Fund		440,061,646		568,553,102

     ^* The Fund commenced operations on June 29, 2018.    

Investment transactions in U.S. government securities for the six months ended September 30, 2018 were as follows:

PORTFOLIO	PURCHASES		SALES
AlphaTrak 500 Fund	$	4,910,317	$	5,207,607
Corporate Bond Fund*		2,649,233		2,562,014
Floating Rate Income Fund		—		—
High Yield Bond Fund		19,284,880		36,748,284
Intermediate Bond Fund		765,267,609		779,637,674
Investment Grade Credit Fund*		6,629,564		5,242,186
Low Duration Bond Fund		1,416,445,056		1,602,949,364
Strategic Income Fund		6,713,148		2,058,127
Total Return Bond Fund		66,777,936,889		72,641,630,832
Ultra Short Bond Fund		68,405,291		72,874,530
Unconstrained Bond Fund		122,327,124		105,554,094

     ^* The Fund commenced operations on June 29, 2018.

During the six months ended September 30, 2018, the Total Return Bond Fund permitted an in-kind purchase of its shares, accepting payment for such shares in the form of securities that are permissible investments of the Fund and cash. The purchase in-kind occurred on June 27, 2018 and totaled $161,197,777, of which $7,400,000 was in cash.

6. INVESTMENT ADVISORY SERVICES AND OTHER TRANSACTIONS

As compensation for advisory services, the Adviser charges the Corporate Bond Fund, the Floating Rate Income Fund, the High Yield Bond Fund, the Intermediate Bond Fund, the Investment Grade Credit Fund, the Low Duration Bond Fund, the Total Return Bond Fund, the Ultra Short Bond Fund and the Unconstrained Bond Fund a fee, computed daily and payable monthly, at an annual rate of 0.40%, 0.55%, 0.50%, 0.35%, 0.35%, 0.30%, 0.35%, 0.25% and 0.65%, respectively, of each Fund’s average daily net assets. The Adviser charges the Strategic Income Fund a basic fee of 1.20% of the Fund’s average daily net assets. The basic fee may be adjusted upward or downward (by up to 0.70% of the Fund’s average daily net assets for the relevant 12-month performance period), depending on whether, and to what extent, the investment performance of the Strategic Income Fund, for the relevant performance period, exceeds or is exceeded by, the performance of the ICE BofAML 3-Month U.S. Treasury Bill Index over the same period. Under this agreement, the basic fee was increased by 1.16% resulting in $559,231 of total management fees for the six months ended September 30, 2018. The Adviser charges the AlphaTrak 500 Fund a basic fee of 0.35% of the Fund’s average daily net assets. The basic fee may be adjusted upward or downward (by up to 0.35% of the Fund’s average daily net assets for the relevant three-month performance period), depending on whether, and to what extent, the investment performance of the AlphaTrak 500 Fund before management fees, for the relevant performance period, exceeds or is exceeded by, the performance of the S&P 500 Index, plus an annualized margin of 1.00% over the same period. Under this agreement, the basic fee stayed the same resulting in $262 total management fees for the six months ended September 30, 2018.

Semi-Annual Report September 2018 / 268

Notes to Financial Statements (Continued)

The Adviser has agreed in an operating expenses agreement with the Trust to limit each Fund’s expenses, (excluding interest, taxes, brokerage commissions, short sales dividend expense, acquired fund fees and expenses, and any expenses incurred in connection with any merger or reorganization or extraordinary expenses such as litigation) as described in the table below. The operating expenses agreement has a one-year term, renewable at the end of each fiscal year. Each Fund has agreed to reimburse the Adviser, for a period of up to three years, for any such payments to the extent that the Fund’s operating expenses are otherwise below its expense cap at both the time of the waiver and the recoupment. The Adviser’s obligation will not be recorded as a liability on the books of the applicable Fund to the extent that the total operating expenses of the Fund are at or above the expense cap. However, if the total operating expenses of a Fund fall below the expense cap, the reimbursement to the Adviser (up to the cap) will be accrued by the Fund as a liability if the Adviser seeks to recoup those amounts and the independent trustees have approved that reimbursement. The Adviser may not request or receive reimbursement from a Fund for prior reductions or reimbursements before the payment of a Fund’s operating expenses for the year.

Investment advisory fees and related contractual expense limitations for the six months ended September 30, 2018, were as follows:

	INVESTMENT ADVISORY FEE RATE				CONTRACTUAL EXPENSE LIMITATION1
PORTFOLIO	CLASS M	CLASS I	ADMINISTRATIVE CLASS	PLAN CLASS	CLASS M	CLASS I	ADMINISTRATIVE CLASS	PLAN  CLASS
AlphaTrak 500 Fund	0.00%-0.70%	N/A	N/A	N/A	0.90%	N/A	N/A	N/A
Corporate Bond Fund	0.40%	0.40%	N/A	N/A	0.75%	0.50%	N/A	N/A
Floating Rate Income Fund	0.55%	0.55%	N/A	N/A	0.90%	0.70%	N/A	N/A
High Yield Bond Fund	0.50%	0.50%	N/A	N/A	0.85%	0.60%	N/A	N/A
Intermediate Bond Fund	0.35%	0.35%	N/A	N/A	0.70%	0.49%	N/A	N/A
Investment Grade Credit Fund	0.35%	0.35%	N/A	N/A	0.70%	0.49%	N/A	N/A
Low Duration Bond Fund	0.30%	0.30%	0.30%	N/A	0.63%	0.44%	0.83%	N/A
Strategic Income Fund	0.50%-1.90%	0.50%-1.90%	N/A	N/A	2.35%	2.10%	N/A	N/A
Total Return Bond Fund	0.35%	0.35%	0.35%	0.35%	0.70%	0.49%	0.90%	0.39%
Ultra Short Bond Fund	0.25%	0.25%	N/A	N/A	0.50%	0.34%	N/A	N/A
Unconstrained Bond Fund	0.65%	0.65%	N/A	N/A	1.04%	0.80%	N/A	N/A

¹The Adviser has agreed not to reduce or discontinue this contractual expense limitation until July 31, 2019, unless approved by the Board.

At September 30, 2018, the balance of recoupable expenses with expiration dates for the Funds were as follows:

PORTFOLIO	2019		2020		2021		2022		TOTAL
AlphaTrak 500 Fund		$120,243		$131,176		$        —		$   8,023		$   259,442
Corporate Bond Fund		—		—		—		57,553		57,553
Floating Rate Income Fund		60,249		101,217		69,036		19,980		250,482
High Yield Bond Fund		173,972		239,308		252,493		150,049		815,822
Intermediate Bond Fund		—		—		—		29,489		29,489
Investment Grade Credit Fund		—		—		—		57,150		57,150
Low Duration Bond Fund		—		—		—		56,700		56,700
Ultra Short Bond Fund		256,571		227,293		233,733		126,714		844,311
Unconstrained Bond Fund		—		—		194,740		304,966		499,706
Total		$611,035		$698,994		$750,002		$810,624		$2,870,655

During the six months ended September 30, 2018, the Adviser recouped $117,930 from the Strategic Income Fund.

Certain officers and trustees of the Funds are also officers and directors of the Adviser. Such officers and trustees serve without direct compensation from the Funds. Each of the independent trustees receives an annual retainer of $120,000 and $10,000 for each meeting of the Board attended. The chairman of the Board receives an annual retainer of $170,000. The respective chairman of the Audit Committee and the Nominating Committee each receive additional annual retainer of $34,000 and $17,000, respectively. The Trust has an unfunded, nonqualified deferred compensation plan (the “Deferred Compensation Plan”) for certain eligible Trustees. The Deferred Compensation Plan allows Trustees to defer some or all of their annual trustees’ fees otherwise payable by the Trust for a minimum of three years. The fees deferred are posted to a bookkeeping account maintained by the Trust. The various series of the

269 / Semi-Annual Report September 2018

Notes to Financial Statements (Continued)

Trust will use the returns on those Funds selected by the Trustee to determine the income, gains and losses to allocate to the account. At the time for commencing distributions from a Trustee’s deferral account, which is no later than when the Trustee ceases to be a member of the Board, deferred fees will be paid out in a single sum in cash or a maximum of 10 annual installments. The expenses related to the annual retainer, meeting fees, and/or any fluctuation in the selected Funds under the Deferred Compensation Plan are recorded in Trustees’ fees and expenses in the Statements of Operations.

7. SHARE MARKETING (12b-1) PLAN AND SHAREHOLDER SERVICING PLAN

The Trust has a Share Marketing Plan (or the “12b-1 Plan”) pursuant to Rule 12b-1 of the 1940 Act with respect to Class M shares of the Ultra Short Bond Fund, the Low Duration Bond Fund, the Intermediate Bond Fund, the Total Return Bond Fund, the High Yield Bond Fund, the Unconstrained Bond Fund, the Floating Rate Income Fund, the Strategic Income Fund, the Corporate Bond Fund, the Investment Grade Credit Fund, and the Administrative Class shares of the Low Duration Bond Fund and Total Return Bond Fund. Under the 12b-1 Plan, the Trust pays Foreside Funds Distributor LLC, as the Trust’s distribution coordinator, an annual fee up to 0.25% of the particular Fund’s average daily net assets attributable to Class M shares and Administrative Class shares to reimburse expenses in connection with the promotion and distribution of shares of the respective Fund. The Adviser has undertaken to limit the Rule 12b-1 expenses to 0.16% for the Ultra Short Bond Fund, 0.19% for the Low Duration Bond Fund, and 0.21% for the Intermediate Bond Fund and the Total Return Bond Fund, for the six months ended September 30, 2018. The AlphaTrak 500 Fund is currently not incurring Rule 12b-1 fees. The Adviser has contractually agreed, through July 31, 2019, to pay the distribution expenses of the AlphaTrak 500 Fund out of its own resources.

The Board of Trustees has adopted a Shareholder Servicing Plan that allows each Fund to pay to broker-dealers and other financial intermediaries a fee for shareholder services provided to Fund shareholders who invest in the Administrative Class shares of a Fund through the intermediary. The fee is payable under the Shareholder Servicing Plan at an annual rate not to exceed 0.25% of the particular Fund’s average daily net assets attributable to the Administrative Share class but the Adviser has undertaken to limit these expenses for the current fiscal year to 0.20% of the Fund’s average daily net assets invested through the intermediary.

The Board of Trustees has approved a Supplemental Administration Agreement, dated and effective as of July 29, 2015, between the Adviser and the Trust. The Supplemental Administration Agreement provides for payment to the Adviser for a variety of supplemental administrative services either not provided by BNY Mellon Investment Servicing (US) Inc., the Funds’ administrator, or services related to additional support or review and supervision of the administrator’s services. The fee payable under this Agreement is an amount set from time to time by the Board of Trustees, which may not exceed $650,000 annually for all Funds. To date, no fees have been charged or paid under the Agreement.

8. COMMITMENTS AND CONTINGENCIES

The Floating Rate Income Fund had the following unfunded commitments and unrealized gain/(loss) by investment as of September 30, 2018:

UNFUNDED COMMITMENTS	MATURITY			AMOUNT			UNREALIZED GAIN
Romulus Merger Sub LLC,
Delayed-Draw Term Loan, 1st Lien		February	2025		$	323,910		$	(2,961	)
Carlisle Foodservice Products, Inc.
Term Loan, 1st Lien		March	2025			91,708			(316	)
Heartland Dental LLC, Term Loan, 1st Lien		April	2025			261,304			434
GFL Environmental, Inc., Term Loan B, 1st Lien		May	2025			166,160			414
Premise Health Holding Corp., Term Loan, 1st Lien		July	2025			55,721			295
University Support Services LLC, Term Loan B, 1st Lien		July	2025			240,254			2,966
GlobalLogic Holdings, Inc., Term Loan B, 1st Lien		August	2025			63,106			918
VT Topco, Inc., Term Loan, 1st Lien		August	2025			163,981			1,221
Total Unfunded Commitments					$	1,366,144		$	2,971

In the normal course of business, the Trust enters into contracts which provide a variety of representations and warranties, and that provide general indemnifications. Such contracts include those with certain service providers, brokers and trading counterparties. Any exposure to the Trust under these arrangements is unknown as it would involve future claims that may be made against the Trust; however, based on the Trust’s experience, the risk of loss is remote and no such claims are expected to occur. As such, the Trust has not accrued any liability in connection with such indemnifications.

Semi-Annual Report September 2018 / 270

Notes to Financial Statements (Continued)

9. CAPITAL SHARE TRANSACTIONS

Each Fund is authorized to issue an unlimited number of shares of beneficial interest with a par value of $0.01 per share. Transactions in shares of beneficial interest were as follows:

	ALPHATRAK FUND
	CLASS M			CLASS M
	SIX MONTHS ENDED SEPTEMBER 30, 2018       (UNAUDITED)			YEAR ENDED MARCH 31,         2018
Change in Fund shares:
Shares outstanding at beginning of period		1,819,250			2,314,322
Shares sold		285,780			1,580,421
Shares issued through reinvestment of distributions		16,409			17,635
Shares redeemed		(436,774	)		(2,093,128	)
Net increase/(decrease) in fund shares		(134,585	)		(495,072	)
Shares outstanding at end of period		1,684,665			1,819,250

	CORPORATE BOND FUND
	CLASS M		CLASS I
	PERIOD ENDED SEPTEMBER 30, 2018   (UNAUDITED)*		PERIOD ENDED SEPTEMBER 30, 2018   (UNAUDITED)*
Change in Fund shares:
Shares outstanding at beginning of period		—		—
Shares sold		74,500		125,500
Shares issued through reinvestment of distributions		889		1,577
Shares redeemed		—		—
Net increase/(decrease) in fund shares		75,389		127,077
Shares outstanding at end of period		75,389		127,077
*The Fund commenced operations on June 29, 2018.

	FLOATING RATE INCOME FUND
	CLASS M			CLASS M			CLASS I			CLASS I
	SIX MONTHS ENDED SEPTEMBER 30, 2018       (UNAUDITED)			YEAR ENDED MARCH 31,         2018			SIX MONTHS ENDED SEPTEMBER 30, 2018       (UNAUDITED)			YEAR ENDED MARCH 31,         2018
Change in Fund shares:
Shares outstanding at beginning of period		1,570,979			2,491,449			23,648,073			20,507,647
Shares sold		930,088			1,285,551			3,775,297			4,790,545
Shares issued through reinvestment of distributions		35,939			68,549			507,958			817,832
Shares redeemed		(481,272	)		(2,274,570	)		(2,354,100	)		(2,467,951	)
Net increase/(decrease) in fund shares		484,755			(920,470	)		1,929,155			3,140,426
Shares outstanding at end of period		2,055,734			1,570,979			25,577,228			23,648,073

271 / Semi-Annual Report September 2018

Notes to Financial Statements (Continued)

	HIGH YIELD BOND FUND
	CLASS M			CLASS M			CLASS I			CLASS I
	SIX MONTHS ENDED SEPTEMBER 30, 2018       (UNAUDITED)			YEAR ENDED MARCH 31,         2018			SIX MONTHS ENDED SEPTEMBER 30, 2018       (UNAUDITED)			YEAR ENDED MARCH 31,         2018
Change in Fund shares:
Shares outstanding at beginning of period		22,090,985			35,874,114			41,195,325			55,451,183
Shares sold		1,262,101			3,456,370			5,431,619			13,075,188
Shares issued through reinvestment of distributions		420,750			971,536			766,733			1,637,526
Shares redeemed		(4,654,649	)		(18,211,035	)		(15,060,474	)		(28,968,572	)
Net (decrease) in fund shares		(2,971,798	)		(13,783,129	)		(8,862,122	)		(14,255,858	)
Shares outstanding at end of period		19,119,187			22,090,985			32,333,203			41,195,325

	INTERMEDIATE BOND FUND
	CLASS M			CLASS M			CLASS I			CLASS I
	SIX MONTHS ENDED SEPTEMBER 30, 2018       (UNAUDITED)			YEAR ENDED MARCH 31,         2018			SIX MONTHS ENDED SEPTEMBER 30, 2018       (UNAUDITED)			YEAR ENDED MARCH 31,         2018
Change in Fund shares:
Shares outstanding at beginning of period		5,183,235			8,930,814			75,238,162			102,657,569
Shares sold		460,128			1,015,450			3,656,978			17,352,718
Shares issued through reinvestment of distributions		55,167			115,749			850,239			1,844,006
Shares redeemed		(1,490,280	)		(4,878,778	)		(16,668,106	)		(46,616,131	)
Net (decrease) in fund shares		(974,985	)		(3,747,579	)		(12,160,889	)		(27,419,407	)
Shares outstanding at end of period		4,208,250			5,183,235			63,077,273			75,238,162

	INVESTMENT GRADE CREDIT FUND
	CLASS M		CLASS I
	PERIOD ENDED SEPTEMBER 30, 2018    (UNAUDITED)*		PERIOD ENDED SEPTEMBER 30, 2018    (UNAUDITED)*
Change in Fund shares:
Shares outstanding at beginning of period		—		—
Shares sold		73,250		470,417
Shares issued through reinvestment of distributions		1,377		3,777
Shares redeemed		—		—
Net increase in fund shares		74,627		474,194
Shares outstanding at end of period		74,627		474,194
* The Fund commenced operations on June 29, 2018.

Semi-Annual Report September 2018 / 272

Notes to Financial Statements (Continued)

	LOW DURATION BOND FUND
	CLASS M			CLASS M			CLASS I			CLASS I
	SIX MONTHS ENDED SEPTEMBER 30, 2018       (UNAUDITED)			YEAR ENDED MARCH 31,         2018			SIX MONTHS ENDED SEPTEMBER 30, 2018       (UNAUDITED)			YEAR ENDED MARCH 31,         2018
Change in Fund shares:
Shares outstanding at beginning of period		112,971,343			147,299,850			195,150,136			208,222,371
Shares sold		2,054,255			10,695,919			28,245,299			59,084,070
Shares issued through reinvestment of distributions		1,015,710			1,935,913			2,128,256			3,285,628
Shares redeemed		(27,616,131	)		(46,960,339	)		(37,671,449	)		(75,441,933	)
Net (decrease) in fund shares		(24,546,166	)		(34,328,507	)		(7,297,894	)		(13,072,235	)
Shares outstanding at end of period		88,425,177			112,971,343			187,852,242			195,150,136

	LOW DURATION BOND FUND
	ADMINISTRATIVE CLASS			ADMINISTRATIVE CLASS
	SIX MONTHS ENDED SEPTEMBER 30, 2018       (UNAUDITED)			YEAR ENDED MARCH 31,             2018
Change in Fund shares:
Shares outstanding at beginning of period		481,657			639,733
Shares sold		31,667			122,944
Shares issued through reinvestment of distributions		134			1,721
Shares redeemed		(480,277	)		(282,741	)
Net (decrease) in fund shares		(448,476	)		(158,076	)
Shares outstanding at end of period		33,181			481,657

	STRATEGIC INCOME FUND
	CLASS M			CLASS M			CLASS I			CLASS I
	SIX MONTHS ENDED SEPTEMBER 30, 2018       (UNAUDITED)			YEAR ENDED MARCH 31,         2018			SIX MONTHS ENDED SEPTEMBER 30, 2018         (UNAUDITED)			YEAR ENDED MARCH 31,         2018
Change in Fund shares:
Shares outstanding at beginning of period		3,308,284			5,516,252			8,744,185			8,764,620
Shares sold		298,058			1,079,210			958,241			1,716,900
Shares issued through reinvestment of distributions		58,221			146,807			181,547			322,338
Shares redeemed		(1,095,850	)		(3,433,985	)		(897,588	)		(2,059,673	)
Net increase/(decrease) in fund shares		(739,571	)		(2,207,968	)		242,200			(20,435	)
Shares outstanding at end of period		2,568,713			3,308,284			8,986,385			8,744,185

273 / Semi-Annual Report September 2018

Notes to Financial Statements (Continued)

	TOTAL RETURN BOND FUND
	CLASS M			CLASS M			CLASS I			CLASS I
	SIX MONTHS ENDED SEPTEMBER 30, 2018       (UNAUDITED)			YEAR ENDED MARCH 31,         2018			SIX MONTHS ENDED SEPTEMBER 30, 2018       (UNAUDITED)			YEAR ENDED MARCH 31,         2018
Change in Fund shares:
Shares outstanding at beginning of period		1,110,357,245			1,440,045,438			4,524,412,707			4,637,417,821
Shares sold		69,721,059			200,011,154			527,216,219			1,379,650,099
Shares issued through reinvestment of distributions		13,296,562			24,632,131			54,286,610			89,111,567
Shares redeemed		(199,381,596	)		(554,331,478	)		(1,099,831,223	)		(1,581,766,780	)
Net (decrease) in fund shares		(116,363,975	)		(329,688,193	)		(518,328,394	)		(113,005,114	)
Shares outstanding at end of period		993,993,270			1,110,357,245			4,006,084,313			4,524,412,707
	TOTAL RETURN BOND FUND
	ADMINISTRATIVE CLASS			ADMINISTRATIVE CLASS			PLAN CLASS			PLAN CLASS
	SIX MONTHS ENDED SEPTEMBER 30, 2018        (UNAUDITED)			YEAR ENDED MARCH 31,         2018			SIX MONTHS ENDED SEPTEMBER 30, 2018       (UNAUDITED)			YEAR ENDED MARCH 31,         2018
Change in Fund shares:
Shares outstanding at beginning of period		93,216,336			72,617,898			1,865,273,582			1,376,039,895
Shares sold		13,994,558			36,885,884			401,092,896			830,381,527
Shares issued through reinvestment of distributions		1,093,999			1,583,326			26,695,721			35,548,697
Shares redeemed		(18,576,508	)		(17,870,772	)		(246,747,151	)		(376,696,537	)
Net increase/(decrease) in fund shares		(3,487,951	)		20,598,438			181,041,466			489,233,687
Shares outstanding at end of period		89,728,385			93,216,336			2,046,315,048			1,865,273,582
	ULTRA SHORT BOND FUND
	CLASS M			CLASS M			CLASS I			CLASS I
	SIX MONTHS ENDED SEPTEMBER 30, 2018       (UNAUDITED)			YEAR ENDED MARCH 31,         2018			SIX MONTHS ENDED SEPTEMBER 30, 2018       (UNAUDITED)			YEAR ENDED MARCH 31,         2018
Change in Fund shares:
Shares outstanding at beginning of period		11,940,212			15,523,122			16,126,155			16,555,337
Shares sold		782,971			4,065,009			2,524,101			8,775,321
Shares issued through reinvestment of distributions		89,249			142,392			161,932			178,509
Shares redeemed		(3,642,845	)		(7,790,311	)		(1,742,531	)		(9,383,012	)
Net (decrease) in fund shares		(2,770,625	)		(3,582,910	)		943,502			(429,182	)
Shares outstanding at end of period		9,169,587			11,940,212			17,069,657			16,126,155

Semi-Annual Report September 2018 / 274

Notes to Financial Statements (Continued)

	UNCONSTRAINED BOND FUND
	CLASS M			CLASS M			CLASS I			CLASS I
	SIX MONTHS ENDED SEPTEMBER 30, 2018       (UNAUDITED)			YEAR ENDED MARCH 31,         2018			SIX MONTHS ENDED SEPTEMBER 30, 2018       (UNAUDITED)			YEAR ENDED MARCH 31,         2018
Change in Fund shares:
Shares outstanding at beginning of period		54,336,734			122,812,923			222,210,891			167,977,081
Shares sold		4,298,192			41,799,083			34,544,217			99,192,116
Shares issued through reinvestment of distributions		793,949			2,690,178			3,291,225			4,489,214
Shares redeemed		(15,336,685	)		(112,965,450	)		(39,019,157	)		(49,447,520	)
Net increase/(decrease) in fund shares		(10,244,544	)		(68,476,189	)		(1,183,715	)		54,233,810
Shares outstanding at end of period		44,092,190			54,336,734			221,027,176			222,210,891

10.  LITIGATION

From time to time, a Fund may become a party to certain legal proceedings incidental to the normal course of its business. The Metropolitan West High Yield Bond Fund (“Fund”) was served in May of 2015 with a complaint naming it as a defendant along with others in a lawsuit brought by a trust (the “Avoidance Trust”), created pursuant to the General Motors Corporation (“GM”) Chapter 11 reorganization in 2009. The action involves a secured term loan to GM (“Term Loan”) that was paid off after GM’s bankruptcy filing, and seeks recovery of the amount paid to each Term Loan lender because of a purportedly unperfected lien on the date of bankruptcy. The Avoidance Trust seeks to recover (i) cash paid to Term Loan lenders both immediately before and after the GM bankruptcy filing, and (ii) unspecified interest on the amounts recovered. The approximate amount the Fund received on account of the Term Loan after the GM’s bankruptcy filing is $3.5 million. The Fund has engaged counsel and with others and has filed an answer to the complaint and a crossclaim against J.P. Morgan Chase, the agent bank for the Term Loan. The parties are engaging in mediation as well as pursuing targeted discovery and motions before the trial court. The Fund intends to vigorously contest this litigation.

11.  FEDERAL TAX INFORMATION

Capital Loss Carryforwards:

At September 30, 2018 , the following Funds had available for federal income tax purposes unused capital losses as follows:

FUND	EXPIRING IN   2019		EXPIRING IN   2020	SHORT TERM   NON-EXPIRING   AMOUNTS*		LONG TERM   NON-EXPIRING   AMOUNTS*
AlphaTrak 500 Fund		$12,617,196	$—		$                 —		$             —
Floating Rate Income Fund		—	—		—		1,027,619
High Yield Bond Fund		—	—		—		78,611,678
Intermediate Bond Fund		—	—		23,617,689		1,676,650
Low Duration Bond Fund		42,081,240	—		15,297,621		62,789,709
Strategic Income Fund		41,345,040	—		—		—
Total Return Bond Fund		—	—		1,611,508,344		98,450,214
Ultra Short Bond Fund		10,083,524	—		512,256		4,871,467
Unconstrained Bond Fund		—	—		—		—

* Under the Modernization Act of 2010, capital losses incurred by the Funds after March 31, 2011 will not be subject to expiration. In addition, these losses must be utilized prior to the losses incurred in the years preceding enactment.

275 / Semi-Annual Report September 2018

Notes to Financial Statements (Continued)

Tax Basis of Distributable Income:

As of September 30, 2018, the components of accumulated earnings/(accumulated losses) on a tax basis were as follows:

	ALPHATRAK 500 FUND				FLOATING RATE INCOME FUND				HIGH YIELD BOND FUND				INTERMEDIATE BOND FUND
Undistributed ordinary income (inclusive of short-term gains)		$	26,902			$	157,006			$	2,224,675			$	256,367
Other temporary differences			(510	)			(17,746	)			(135,582	)			(111,670	)
Accumulated capital loss carryforwards and post-October losses			(12,617,196	)			(1,027,619	)			(78,611,678	)			(25,294,339	)
Net unrealized appreciation/(depreciation)			(93,956	)			266,753				(30,064,880	)			(2,407,755	)
Total accumulated earnings/(losses)		$	(12,684,760	)		$	(621,606	)		$	(106,587,465	)		$	(27,557,397	)

	LOW DURATION BOND FUND				STRATEGIC INCOME FUND				TOTAL RETURN BOND FUND				ULTRA SHORT BOND FUND				UNCONSTRAINED BOND FUND
Undistributed ordinary income (inclusive of short-term capital gains)		$	—			$	529,641			$	3,185,114			$	—			$	784,813
Other temporary differences			(2,314,438	)			(6,759	)			(13,639,656	)			(47,358	)			(1,738,763	)
Accumulated capital loss carryforwards and post-October losses			(120,168,570	)			(41,345,040	)			(1,709,958,558	)			(15,467,247	)			—
Net unrealized (depreciation)			(486,812	)			(1,055,185	)			(231,305,531	)			(71,083	)			(10,375,295	)
Total accumulated earnings/(losses)		$	(122,969,820	)		$	(41,877,343	)		$	(1,951,718,631	)		$	(15,585,688	)		$	(11,329,245	)

Permanent differences incurred during the fiscal year ended March 31, 2018, resulting from differences in book and tax accounting have been reclassified at year-end as follows:

FUND	INCREASE/(DECREASE) UNDISTRIBUTED NET INVESTMENT INCOME/(LOSS)			INCREASE/(DECREASE) ACCUMULATED NET REALIZED GAIN/(LOSS)			INCREASE/(DECREASE) PAID-IN-CAPITAL
AlphaTrak 500 Fund		$       17,474			$  13,449,137			$ (13,466,611)
Floating Rate Income Fund		(176,133	)		176,133			—
High Yield Bond Fund		(103,296	)		(620,609	)		723,905
Intermediate Bond Fund		557,406			(557,406	)		—
Low Duration Bond Fund		1,797,780			19,231,710			(21,029,490	)
Strategic Income Fund		65,990			17,741,628			(17,807,618	)
Total Return Bond Fund		53,340,645			(53,340,645	)		—
Ultra Short Bond Fund		66,908			14,870,250			(14,937,158	)
Unconstrained Bond Fund		(154,341	)		154,341			—

The permanent differences are due to investments in swaps, foreign currency, the U.S. subsidiary, expired capital loss carryforwards and redesignation of dividends paid.

Tax Basis of Distributions to Shareholders:

	ALPHATRAK 500 FUND						FLOATING RATE INCOME FUND
	MARCH 31, 2018			MARCH 31, 2017			MARCH 31, 2018			MARCH 31, 2017
Distributions from:
Ordinary income (inclusive of short-term capital gains)		$	172,470		$	84,991		$	9,097,841		$	6,476,329
Net long-term capital gains			—			—			—			—
Total taxable distributions		$	172,470		$	84,991		$	9,097,841		$	6,476,329

Semi-Annual Report September 2018 / 276

Notes to Financial Statements (Continued)

					HIGH YIELD BOND FUND				INTERMEDIATE BOND FUND
					MARCH 31, 2018		MARCH 31, 2017		MARCH 31, 2018		MARCH 31, 2017
Distributions from:
Ordinary income (inclusive of short-term capital gains)					$	26,729,019	$	35,532,953	$	21,257,599	$	28,388,404
Net long-term capital gains						—		—		—		4,082,458
Total taxable distributions					$	26,729,019	$	35,532,953	$	21,257,599	$	32,470,862
					LOW DURATION BOND FUND				STRATEGIC INCOME FUND
					MARCH 31, 2018		MARCH 31, 2017		MARCH 31, 2018		MARCH 31, 2017
Distributions from:
Ordinary income (inclusive of short-term capital gains)					$	47,578,780	$	47,400,208	$	3,883,583	$	4,080,266
Net long-term capital gains						—		—		—		—
Total taxable distributions					$	47,578,780	$	47,400,208	$	3,883,583	$	4,080,266
	TOTAL RETURN BOND FUND				ULTRA SHORT BOND FUND				UNCONSTRAINED BOND FUND
	MARCH 31, 2018		MARCH 31, 2017		MARCH 31, 2018		MARCH 31, 2017		MARCH 31, 2018		MARCH 31, 2017
Distributions from:
Ordinary income (inclusive of short-term capital gains)	$	1,745,362,589	$	2,498,180,916	$	1,586,800	$	1,750,866	$	105,370,055	$	69,187,248
Net long-term capital gains		—		117,591,899		—		—		3,040,227		—
Total taxable distributions	$	1,745,362,589	$	2,615,772,815	$	1,586,800	$	1,750,866	$	108,410,282	$	69,187,248

Tax Cost

As of September 30, 2018, gross unrealized appreciation/(depreciation) based on cost for federal income tax purposes were as follows:

	ALPHATRAK 500 FUND				CORPORATE BOND FUND				FLOATING RATE   INCOME FUND				HIGH YIELD   BOND FUND				INTERMEDIATE   BOND FUND
Tax Cost		$	18,476,612			$	2,027,544			$	286,981,395			$	529,040,570			$	725,193,982
Gross unrealized appreciation			291,107				14,626				1,918,017				5,154,642				3,836,890
Gross unrealized (depreciation)			(105,235	)			(11,227	)			(946,230	)			(34,663,547	)			(9,353,194	)
Net unrealized appreciation/(depreciation)		$	185,872			$	3,399			$	971,787			$	(29,508,905	)		$	(5,516,304	)

	INVESTMENT GRADE CREDIT FUND				LOW DURATION   BOND FUND				STRATEGIC   INCOME FUND				TOTAL RETURN   BOND FUND				ULTRA SHORT   BOND FUND				UNCONSTRAINED   BOND FUND
Tax Cost		$	5,722,836			$	2,412,533,252			$	93,448,541			$	79,464,158,825			$	114,474,069			$	3,147,503,154
Gross unrealized appreciation			55,247				17,242,755				2,899,314				482,404,477				242,059				56,068,433
Gross unrealized (depreciation)			(29,899	)			(26,077,942	)			(4,973,988	)			(1,439,926,918	)			(392,645	)			(82,615,301	)
Net unrealized (depreciation)		$	25,348			$	(8,835,187	)		$	(2,074,674	)		$	(957,522,441	)		$	(150,586	)		$	(26,546,868	)

Domestic Blocker Income Tax

The Domestic Blocker in the High Yield Bond Fund recorded a provision for income tax expense (benefit) for the six months ended September 30, 2018. This provision for income tax expense (benefit) is comprised of the following current and deferred income tax expense (benefit):

277 / Semi-Annual Report September 2018

Notes to Financial Statements (Continued)

Current $ –

Deferred $ –

The Tax Cuts and Jobs Act (TCJA) was signed into law on December 22, 2017. The provisions applicable to the Domestic Blocker include changes to the corporate tax rate and modifications to net operating loss deductions. For tax years beginning after December 31, 2017, corporations will be taxed at a flat rate of 21%. The TCJA eliminated the net operating loss carryback ability and replaced the 20 year carryforward period with an indefinite carryforward period for any net operating losses arising in tax years ending after December 31, 2017. The TCJA also established a limitation for any net operating losses generated in tax years beginning after December 31, 2017 to the lesser of the aggregate of available net operating losses or 80% of taxable income before any net operating loss utilization.

Deferred income taxes reflect the net tax effect of temporary differences between the carrying amount of the assets and liabilities for financial reporting and tax purposes. Components of the Blocker Corporation’s deferred tax assets and liabilities as of March 31, 2018 are as follows:

Deferred Tax Assets:
Net Operating Loss Carryforward	$	1,346,099
Capital Loss Carryforward		105,865
Charitable Contribution Carryforward		371
Less Deferred Tax Liabilities:
Unrealized depreciation on investment in Entegra TC, LLC		200,276
Total net deferred tax assets before valuation allowance		1,252,059
Less: Valuation Allowance		(1,252,059	)
Net deferred tax asset	$	—

The capital loss carryforwards are available to offset future capital gains of the Domestic Blocker. For federal income tax purposes, capital losses of a corporation can be carried forward for 5 years. The Domestic Blocker has the following capital loss amounts:

Fiscal Year Ended Capital Loss	Amount		Expiration
March 31, 2015	$	418,735	March 31, 2020

Net operating loss carryforwards are available to offset future taxable income of the Domestic Blocker subject to expiration and limitation based on the fiscal year generated. For federal income tax purposes, the Domestic Blocker has net operating loss carryforwards as follows.

Fiscal Net Operating Loss	Amount		Expiration
March 31, 2016	$	1,928,674	March 31, 2036
March 31, 2018	$	3,395,662	Indefinite

Total income tax (current and deferred) is computed by applying the federal statutory income tax rate of 21% and applicable state tax statutory rates (net of federal tax benefit) to net investment income and realized and unrealized gains/(losses) on investments before taxes for the year ended March 31, 2018 as follows:

Income tax expense at Federal statutory rate of 21%	$	274,003
State income tax expense, net of federal benefit		55,871
Effect of permanent difference		3
Effect of change in federal tax rate used		876,000
Effect of change in state tax rates used		(3,067	)
Valuation allowance changes affecting the provision for income taxes		(1,202,810	)
Total income tax expense	$	—

The Domestic Blocker recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Blocker Corporation’s tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on U.S. tax returns and state

Semi-Annual Report September 2018 / 278

Notes to Financial Statements (Concluded)

tax returns filed since inception of the Blocker Corporation. Tax periods ended March 31, 2016 and 2017 remain subject to examination by tax authorities in the United States. Due to the nature of the Blocker Corporation’s investments, the Blocker Corporation may be required to file income tax returns in several states. The Blocker Corporation is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

12. COMMITTED LINE OF CREDIT

The Funds have entered into a $350,000,000 committed revolving line of credit agreement with The Bank of New York Mellon (the “Bank”) for temporary borrowing purpose with an expiration date of September 13, 2019. The interest rate on borrowing is the higher of the federal funds rate or the overnight LIBOR rate, plus 1.15%. There were no borrowings from the line of credit as of or during the six months ended September 30, 2018. The Funds pay the Bank a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount. The commitment fees incurred by the Funds are presented in the Statements of Operations. The commitment fees are allocated to each applicable portfolio in proportion to its relative average daily net assets and the interest expenses are charged directly to the applicable portfolio.

13. INDEMNIFICATIONS

Under the Funds’ organizational documents, its officers and trustees are indemnified against certain liability arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts with their vendors and others that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown, as this would involve further claims that may be made against the Funds. However, based on experience, the Funds expect the risk of loss to be remote.

279 / Semi-Annual Report September 2018

Approval of Investment Management Agreement by Trustees (Unaudited)

The Adviser provides investment advisory services to each Fund under an Investment Management Agreement dated February 6, 2013, as amended (the “Agreement”), between the Trust, on behalf of each Fund, and the Adviser. The Agreement was approved for a two-year initial term by the shareholders of each Fund then existing at a special meeting of shareholders held on November 28, 2012, which was adjourned until December 20, 2012 with respect to certain Funds. The Agreement was most recently amended on June 26, 2013 for the purpose of adding the Floating Rate Income Fund. Following the Agreement’s initial two-year term with respect to each Fund, the Agreement continues in effect from year-to-year provided that the continuance is specifically approved at least annually by the vote of the holders of at least a majority of the outstanding shares of the Funds, or by the Board of Trustees of the Trust (the “Board”), and, in either event, by a majority of the Trustees who are not “interested persons” of the Trust, as such term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended, (the “Independent Trustees”) casting votes in person at a meeting called for that purpose.

On September 24, 2018, the Board approved the renewal of the Agreement for an additional one-year term from February 6, 2019 through February 5, 2020 with respect to each Fund except for the Corporate Bond Fund and the Investment Grade Credit Fund, for which the Agreement remains in the initial two-year term. The renewal of the Agreement was approved by the Board (including by a majority of the Independent Trustees) upon the recommendation of the Independent Trustees. The Independent Trustees met separately by telephone on August 28, 2018, and in person on September 24, 2018, with their independent legal counsel to review and discuss the information that had been requested on their behalf by their independent legal counsel and presented by the Adviser for their consideration. The information, material facts, and conclusions that formed the basis for the Independent Trustees’ recommendation and the Board’s subsequent approval are described below.

1. Information received

Materials reviewed - During the course of each year, the Trustees receive a wide variety of materials relating to the services provided by the Adviser, including reports on the Adviser’s investment processes, as well as on each Fund’s investment results, portfolio composition, portfolio trading practices, compliance monitoring, shareholder services, and other information relating to the nature, extent, and quality of services provided by the Adviser to the Funds. In addition, the Board reviewed information furnished to the Independent Trustees in response to a detailed request sent to the Adviser on their behalf. The information in the Adviser’s responses included extensive materials regarding each Fund’s investment results, advisory fee comparisons to advisory fees charged by the Adviser to its institutional clients, financial and profitability information regarding the Adviser, descriptions of various services provided to the Funds and to other advisory and sub-advisory clients, descriptions of functions such as compliance monitoring and portfolio trading practices, and information about the personnel providing investment management services to each Fund. The Trustees also considered information provided by an independent data provider, Broadridge, comparing the investment performance and the fee and expense levels of each Fund to peer groups of mutual funds selected by Broadridge. After reviewing this information, the Trustees requested additional financial, profitability and service information from the Adviser, which the Adviser provided and the Trustees considered.

Review process - The Trustees’ determinations were made on the basis of each Trustee’s business judgment after consideration of all the information presented. The Independent Trustees were advised by their independent legal counsel throughout the renewal process and received and reviewed advice from their independent legal counsel regarding legal and industry standards applicable to the renewal of the Agreement, including a legal memorandum from their independent legal counsel discussing their fiduciary duties related to their approval of the continuation of the Agreement. The Independent Trustees also discussed the renewal of the Agreement with the Adviser’s representatives and in private sessions at which no representatives of the Adviser were present. In deciding to recommend the renewal of the Agreement with respect to each Fund, the Independent Trustees did not identify any single piece of information or particular factor that, in isolation, was the controlling factor. Each Independent Trustee may also have weighed factors differently. This summary describes the most important, but not all, of the factors considered by the Board and Independent Trustees.

2. Nature, extent, and quality of services provided by the Adviser

The Board and the Independent Trustees considered the depth and quality of the Adviser’s investment management process, including its research and strong analytical capabilities; the experience, capability, and integrity of its senior management and other personnel; the relatively low turnover rates of its key personnel; the overall resources available to the Adviser; and the ability of its organizational structure to address the growth in assets over the past several years. The Board and the Independent Trustees considered the ability of the Adviser to attract and retain well-qualified investment professionals, noting in particular the Adviser’s recent hiring of professionals in various areas over the past several years, continued upgrading of resources in its middle office and back office operations and other areas, as well as a continuing and extensive program of infrastructure and systems enhancements. The Board and the Independent Trustees also considered that the Adviser made available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, operations, administration, research, and portfolio accounting. They noted the substantial additional resources made

Semi-Annual Report September 2018 / 280

Approval of Investment Management Agreement by Trustees (Unaudited) (Continued)

available by The TCW Group, Inc. (“TCW”), the parent company of the Adviser. The Board and the Independent Trustees examined and discussed a detailed description of the extensive additional services provided to the Funds to support their operations and compliance, as compared to the much narrower range of services provided to the Adviser’s institutional and sub-advised clients, as well as the Adviser’s oversight and coordination of numerous outside service providers to the Funds. They further noted the high level of regular communication between theAdviser and the Independent Trustees. The Adviser explained its responsibility to supervise the activities of the Funds’ various service providers, as well as supporting the Independent Trustees and their meetings, regulatory filings, and various operational personnel, and the related costs.

The Board and the Independent Trustees concluded that the nature, extent, and quality of the services provided by the Adviser are of a high quality and have benefited and should continue to benefit the Funds and their shareholders.

3. Investment results

The Board and the Independent Trustees considered the investment results of each Fund in light of its investment objective(s) and principal investment strategies. They compared each Fund’s total returns with the total returns of other mutual funds in peer group reports prepared by Broadridge with respect to various longer and more recent periods all ended May 31, 2018. The Board and the Independent Trustees reviewed information as to peer group selections presented by Broadridge and discussed the methodology for those selections with the Adviser. In reviewing each Fund’s relative performance, the Board and the Independent Trustees took into account each Fund’s investment strategies, distinct characteristics, asset size and diversification.

The Board and the Independent Trustees noted that each Fund’s performance was satisfactory over the relevant periods and in some cases very favorable, particularly over longer periods, which the Board and the Independent Trustees believe are generally the most relevant. The Board and the Independent Trustees indicated their belief that the performance of each Fund for periods where the Fund lagged its respective peer group average remained satisfactory when assessed on a risk-adjusted basis because performance quintiles do not necessarily reflect the amount of risk employed by peer funds to achieve their returns. The Board and the Independent Trustees recognized theAdviser’s deliberate strategy to manage risk in light of its critical view of the fixed-income securities markets and overall investment market conditions at present and in the near term. For that reason, the Board and the Independent Trustees believed that relative performance also should be considered in light of future market conditions expected by the Adviser. The Board and the Independent Trustees noted the Adviser’s view that longer term performance can be more meaningful for active fixed income funds such as the Funds because market cycles in fixed income are generally longer than three years. The Board and the Independent Trustees also considered data showing that the Funds generally experienced less volatility for many periods compared to other funds in the applicable peer groups.

For the Metropolitan West Total Return Bond Fund, the Board and the Independent Trustees noted that the Fund’s performance was in the first quintile for the ten-year period, the third (Class I)/fourth (Class M) quintile for the five-year period, the fourth quintile for the three-year period and the third quintile for the one-year period.

For the Metropolitan West Unconstrained Bond Fund, the Board and the Independent Trustees noted that the Fund’s performance was in the second quintile for the five-year period and the third quintile for the three- and one-year periods. The Board and the Independent Trustees noted the substantially lower volatility for this Fund compared to the funds in the peer group. They also considered the limitations of using the alternative credit focus funds peer group for this Fund because of the significant differences in the strategies used by those funds.

For the Metropolitan West Low Duration Bond Fund, the Board and the Independent Trustees noted that the Fund’s performance was in the first quintile for the ten-year period, the second quintile for the five-year period, the third quintile for the three-year period and the second quintile for the one-year period.

For the Metropolitan West Intermediate Bond Fund, the Board and the Independent Trustees noted that the Fund’s performance was in the first quintile for the ten-year period, the second quintile for the five-year period, the third quintile for the three-year period and the fourth quintile for the one-year period.

For the Metropolitan West High Yield Bond Fund, the Board and the Independent Trustees noted that the Fund’s performance was in the second quintile for the ten-year period, the fifth quintile for the five-year period, the third quintile for the three-year period and the second quintile for the one-year period.

For the Metropolitan West Floating Rate Income Fund, the Board and the Independent Trustees noted that the Fund’s performance was in the third quintile for the three-year period and the second quintile for the one-year period. The Board and the Independent Trustees noted the substantially lower volatility for this Fund compared to the funds in the peer group.

For the Metropolitan West Ultra Short Bond Fund, the Board and the Independent Trustees noted that the Fund’s performance was in the fourth quintile for the ten- and five-year periods, the third quintile for the three-year period and the second quintile for the one-year period.

281 / Semi-Annual Report September 2018

Approval of Investment Management Agreement by Trustees (Unaudited) (Continued)

The Board and the Independent Trustees also considered that the peer group funds can have substantially longer dollar-weighted average maturities than would be permitted for this Fund, and those longer averages can result in higher performance under the prevailing market conditions over the applicable periods.

For the Metropolitan West Strategic Income Fund, the Board and the Independent Trustees noted that the Fund’s performance was in the first quintile for the ten-year period and the third quintile for the five-, three- and one-year periods. The Board and the Independent Trustees also considered the limitations of using the absolute return funds peer group for this Fund because of the significant differences in the strategies used by those funds.

For the Metropolitan West AlphaTrak 500 Fund, the Board and the Independent Trustees noted that the Fund was in the first quintile for the ten-, five- and three-year periods and the third quintile for the one-year period.

The Board and the Independent Trustees concluded that the Adviser was implementing each Fund’s investment objective(s) and that the Adviser’s record in managing the Funds indicated that its continued management should benefit each Fund and its shareholders over the long term.

4. Advisory fees and total expenses

The Board and the Independent Trustees compared the management fees (which Broadridge defines to include advisory fee and administrative fee) and total expenses of each Fund (each as a percentage of average net assets) with the median management fee and operating expense levels of the other mutual funds in the relevant Broadridge peer groups. These comparisons assisted the Board and the Independent Trustees by providing a reasonable statistical measure to assess each Fund’s fees relative to its relevant peers. The Board and the Independent Trustees observed that each Fund’s management fee was below or near the median of the peer group funds on a current basis, with the exception of the Strategic Income Fund and the Floating Rate Income Fund. The Board and the Independent Trustees considered the Adviser’s view that the Broadridge peer group did not provide a suitable comparison for either the Unconstrained Bond Fund or the Strategic Income Fund given the significant differences in the strategies used by the Fund as compared to those used by funds in the peer group. In particular, the Adviser’s view is that the Strategic Income Fund should instead be compared to private absolute return funds, which the Adviser views as that Fund’s closest relevant comparison and to which its fees and expenses compare very favorably. The Board and the Independent Trustees further noted that the AlphaTrak 500 Fund and the Strategic Income Fund each employ a fulcrum fee that adjusts upward from a basic fee only if the Fund has favorable performance against its specified benchmark (and adjusts downward in the case of unfavorable relative performance). The Board and the Independent Trustees noted that such a fee structure is designed so that the advisory fee payable to theAdviser by either Fund would be on the higher end of the fee range only if the Fund had favorable relative net performance. The Board and the Independent Trustees also noted the contractual expense limitations to which the Adviser has agreed with respect to each Fund and that the Adviser historically has absorbed any expenses in excess of these limits. They noted that although the Adviser may recoup, and has recouped in the past, certain fees and/or expenses previously waived or reimbursed for certain Funds, such recoupment is permitted only if it does not cause the applicable Fund’s annual expense ratio to exceed the lesser of (i) the expense limitation applicable at the time of that fee waiver and/or expense reimbursement or (ii) the expense limitation in effect at the time of recoupment. The Board and the Independent Trustees concluded that the competitive fees charged by the Adviser, and competitive expense ratios, should continue to benefit each Fund and its shareholders.

The Board and the Independent Trustees also reviewed information regarding the advisory fees charged by the Adviser to its institutional and sub-advisory clients with similar investment mandates. The Board and the Independent Trustees concluded that, although the fees paid by those clients generally were lower than advisory fees paid by the Funds, the differences appropriately reflected the more extensive services provided by the Adviser to the Funds and the Adviser’s significantly greater responsibilities and expenses with respect to the Funds, including the additional time spent by portfolio managers for reasons such as managing the more active cash flows from purchases and redemptions by shareholders, the additional risks of managing a pool of assets for public investors, administrative burdens, daily pricing, valuation and liquidity responsibilities, the supervision of vendors and service providers, and the costs of additional infrastructure and operational resources and personnel and of complying with and supporting the more comprehensive regulatory and governance regime applicable to mutual funds.

5. The Adviser’s costs, level of profits, and economies of scale

The Board and the Independent Trustees reviewed information regarding the Adviser’s costs of providing services to the Funds, as well as the resulting level of profits to the Adviser. They reviewed the Adviser’s stated assumptions and methods of allocating certain costs, such as personnel costs, which constitute the Adviser’s largest operating cost. The Board and the Independent Trustees recognized that the Adviser should be entitled to earn a reasonable level of profits for the services that it provides to each Fund. The Board and the Independent Trustees also reviewed a comparison of the Adviser’s profitability with respect to the Funds to the profitability of certain unaffiliated

Semi-Annual Report September 2018 / 282

Approval of Investment Management Agreement by Trustees (Unaudited) (Concluded)

publicly traded asset managers, which the Adviser believed supported its view that the Adviser’s profitability was reasonable. Based on their review, the Board and the Independent Trustees concluded that they were satisfied that the Adviser’s level of profitability from its relationship with each Fund was not unreasonable or excessive.

The Board and the Independent Trustees considered the extent to which potential economies of scale could be realized as the Funds grow and whether the advisory fees reflect those potential economies of scale. They recognized that the advisory fees for the Funds do not have breakpoints, which would otherwise result in lower advisory fee rates as the Funds grow larger. They also recognized the Adviser’s view that the advisory fees compare favorably to peer group fees and expenses and remain competitive even at higher asset levels and that the relatively low advisory fees reflect the potential economies of scale. For example, the largest Fund, the Total Return Bond Fund, is one of the largest mutual funds in its peer group, but its contractual advisory fee and total expenses remain at or below the peer group median. The Board and the Independent Trustees recognized the benefits of the Adviser’s substantial past and on-going investment in the advisory business, such as successfully recruiting and retaining key professional talent, systems and technology upgrades, added resources dedicated to legal and compliance programs, and improvements to the overall firm infrastructure, as well as the financial pressures of competing against much larger firms and passive investment products. The Board and the Independent Trustees also noted the Adviser’s explanation of the increased resources required to manage the Funds as a result of both asset growth and increased competitive pressures. The Board and the Independent Trustees further noted the Adviser’s past subsidies of the Funds’ operating expenses when they were newer and smaller and the Adviser’s commitment to maintain reasonable overall operating expenses for each Fund. The Board and the Independent Trustees also recognized that the Funds benefit from receiving investment advice from an organization with other types of advisory clients in addition to mutual funds. The Board and the Independent Trustees concluded that the Adviser was satisfactorily sharing potential economies of scale with the Funds through low fees and expenses, and through reinvesting in its capabilities for serving the Funds and their shareholders.

6. Ancillary benefits

The Board and the Independent Trustees also considered other actual and potential financial benefits to the Adviser or its affiliates. In particular, they noted that the Adviser does not have any affiliates that materially benefit from the Adviser’s relationship to the Funds except through TCW’s ownership of the Adviser.

7. Conclusions

Based on their overall review, including their consideration of each of the factors referred to above (and others), the Board and the Independent Trustees concluded that the Agreement is fair and reasonable to each Fund and its shareholders, that each Fund’s shareholders received reasonable value in return for the advisory fees and other amounts paid to the Adviser by each Fund, and that the renewal of the Agreement was in the best interests of each Fund and its shareholders.

283 / Semi-Annual Report September 2018

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Metropolitan West Funds

Privacy Policy

The TCW Group, Inc. and Subsidiaries TCW Investment Management Company LLC TCW Asset Management Company LLC Metropolitan West Asset Management, LLC
TCW Funds, Inc.	Sepulveda Management LLC
TCW Strategic Income Fund, Inc.	TCW Direct Lending LLC
Metropolitan West Funds	TCW Direct Lending VII LLC

Effective May 2018

WHAT YOU SHOULD KNOW

At TCW, we recognize the importance of keeping information about you secure and confidential. We do not sell or share your nonpublic personal and financial information with marketers or others outside our affiliated group of companies.

We carefully manage information among our affiliated group of companies to safeguard your privacy and to provide you with consistently excellent service.

We are providing this notice to you to comply with the requirements of Regulation S-P, “Privacy of Consumer Financial Information,” issued by the U.S. Securities and Exchange Commission.

OUR PRIVACY POLICY

We, The TCW Group, Inc. and its subsidiaries, the TCW Funds, Inc., TCW Strategic Income Fund, Inc., the Metropolitan West Funds, Sepulveda Management LLC, TCW Direct Lending LLC and TCW Direct Lending VII LLC (collectively, “TCW”) are committed to protecting the nonpublic personal and financial information of our customers and consumers who obtain or seek to obtain financial products or services primarily for personal, family or household purposes. We fulfill our commitment by establishing and implementing policies and systems to protect the security and confidentiality of this information.

In our offices, we limit access to nonpublic personal and financial information about you to those TCW personnel who need to know the information in order to provide products or services to you. We maintain physical, electronic and procedural safeguards to protect your nonpublic personal and financial information.

CATEGORIES OF INFORMATION WE COLLECT

We may collect the following types of nonpublic personal and financial information about you from the following sources:

• Your name, address and identifying numbers, and other personal and financial information, from you and from identification cards and papers you submit to us, on applications, subscription agreements or other forms or communications.

• Information about your account balances and financial transactions with us, our affiliated entities, or nonaffiliated third parties, from our internal sources, from affiliated entities and from nonaffiliated third parties.

• Information about your account balances and financial transactions and other personal and financial information, from consumer credit reporting agencies or other nonaffiliated third parties, to verify information received from you or others.

285 / Semi-Annual Report September 2018

CATEGORIES OF INFORMATION WE DISCLOSE TO NONAFFILIATED THIRD PARTIES

We may disclose your name, address and account and other identifying numbers, as well as information about your pending or past transactions and other personal financial information, to nonaffiliated third parties, for our everyday business purposes such as necessary to execute, process, service and confirm your securities transactions and mutual fund transactions, to administer and service your account and commingled investment vehicles in which you are invested, to market our products and services through joint marketing arrangements or to respond to court orders and legal investigations.

We may disclose nonpublic personal and financial information concerning you to law enforcement agencies, federal regulatory agencies, self-regulatory organizations or other nonaffiliated third parties, if required or requested to do so by a court order, judicial subpoena or regulatory inquiry.

We do not otherwise disclose your nonpublic personal and financial information to nonaffiliated third parties, except where we believe in good faith that disclosure is required or permitted by law. Because we do not disclose your nonpublic personal and financial information to nonaffiliated third parties, our Customer Privacy Policy does not contain opt-out provisions.

CATEGORIES OF INFORMATION WE DISCLOSE TO OUR AFFILIATED ENTITIES

• We may disclose your name, address and account and other identifying numbers, account balances, information about your pending or past transactions and other personal financial information to our affiliated entities for any purpose.

• We regularly disclose your name, address and account and other identifying numbers, account balances and information about your pending or past transactions to our affiliates to execute, process and confirm securities transactions or mutual fund transactions for you, to administer and service your account and commingled investment vehicles in which you are invested, or to market our products and services to you.

INFORMATION ABOUT FORMER CUSTOMERS

We do not disclose nonpublic personal and financial information about former customers to nonaffiliated third parties unless required or requested to do so by a court order, judicial subpoena or regulatory inquiry, or otherwise where we believe in good faith that disclosure is required or permitted by law.

QUESTIONS

Should you have any questions about our Customer Privacy Policy, please contact us by email or by regular mail at the address at the end of this policy.

REMINDER ABOUT TCW’S FINANCIAL PRODUCTS

Financial products offered by The TCW Group, Inc. and its subsidiaries, the TCW Funds, Inc., TCW Strategic Income Fund, Inc., the Metropolitan West Funds, Sepulveda Management LLC, TCW Direct Lending LLC and TCW Direct Lending VII LLC.

• Are not guaranteed by a bank;

• Are not obligations of The TCW Group, Inc. or of its subsidiaries;

• Are not insured by the Federal Deposit Insurance Corporation; and

• Are subject to investment risks, including possible loss of the principal amount committed or invested, and earnings thereon.

THE TCW GROUP, INC	TCW STRATEGIC INCOME FUND, INC.
TCW FUNDS, INC.	METROPOLITAN WEST FUNDS
SEPULVEDA MANAGEMENT LLC	TCW DIRECT LENDING LLC
TCW DIRECT LENDING VII LLC

Attention: Privacy Officer | 865 South Figueroa St. Suite 1800 | Los Angeles, CA 90017 | email: privacy@tcw.com

Semi-Annual Report September 2018 / 286

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MetWest Funds

865 South Figueroa Street

Los Angeles, California 90017

800 241 4671

www.TCW.com

BOARD OF TRUSTEES

Andrew Tarica

Laird R. Landmann

Peter McMillan

Martin Luther King, III

Ronald J. Consiglio

Robert G. Rooney

Patrick C. Haden

Patrick Moore

OFFICERS

David Lippman

President and Principal Executive Officer

David S. DeVito

Treasurer, Chief Financial Officer and Principal

Accounting Officer

Jeffrey A. Engelsman

Chief Compliance Officer

ADVISER

Metropolitan West Asset Management, LLC

865 South Figueroa Street, Floor 1800

Los Angeles, California 90017

CUSTODIAN

The Bank of New York Mellon

One Wall Street

New York, New York 10286

TRANSFER AGENT

BNY Mellon Investment Servicing (U.S.) Inc.

760 Moore Road

King of Prussia, Pennsylvania 19406

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Deloitte & Touche LLP

555 West 5th Street, Suite 2700

Los Angeles, California 90013

DISTRIBUTOR

TCW Funds Distributors LLC

865 South Figueroa Street

Los Angeles, California 90017

LEGAL COUNSEL

Paul Hastings LLP

55 Second Street, 24th Floor

San Francisco, California 94105-3441

For Additional Information about the Metropolitan West Funds call: (213) 244-0000 or (800) 241-4671 (toll-free)

www.TCW.com

A description of the Funds’ proxy voting policies and procedures, and how the Funds’ voted proxies relating to portfolio’s securities during the most recent 12 month period ending June 30 are available (i) without charge, upon request, by calling (800) 241-4671; (ii) on the Securities and Exchange Commission’s website at www.sec.gov.

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at www.sec.gov. The Funds’ Forms N-Q may also be obtained upon request and without charge by calling (800) 241-4671.

To reduce expenses, we may mail only one copy of the Fund’s prospectus and each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call us at (800) 241-4671 (or contact your financial institution). We will begin sending you individual copies thirty days after receiving your request.

This report is submitted for general information to the shareholders of the Funds. It is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective Prospectus, which includes details regarding the Funds’ objectives, policies, expenses and other information.

FUNDmwSAR  11/27/18

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

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 registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 11. Controls and Procedures.

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

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

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1) Not applicable.

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

(a)(3) Not applicable.

(a)(4) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto.

SIGNATURES

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

(Registrant)                              Metropolitan West Funds

By (Signature and Title)*	/s/ David B. Lippman
	David B. Lippman, President and Principal Executive Officer
	(principal executive officer)

Date                          12/7/2018

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

By (Signature and Title)*	/s/ David B. Lippman
	David B. Lippman, President and Principal Executive Officer
	(principal executive officer)

Date                          12/7/2018

By (Signature and Title)*	/s/ David S. DeVito
	David S. DeVito, Treasurer, Principal Financial Officer and Principal Accounting Officer
	(principal financial officer)

Date                          12/7/2018

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

EX-99.CERT

Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the

Sarbanes-Oxley Act

I, David B. Lippman, certify that:

1. I have reviewed this report on Form N-CSR of Metropolitan West Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:    12/7/2018	/s/ David B. Lippman
	David B. Lippman, President and Principal
	Executive Officer
	(principal executive officer)

Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the

Sarbanes-Oxley Act

I, David S. DeVito, certify that:

1. I have reviewed this report on Form N-CSR of Metropolitan West Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:    12/7/2018		/s/ David S. DeVito
		David S. DeVito, Treasurer, Principal Financial
	Officer and Principal Accounting Officer
		(principal financial officer)

EX-99.906CERT

Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the

Sarbanes-Oxley Act

I, David B. Lippman, President and Principal Executive Officer of Metropolitan West Funds (the “Registrant”), certify that, to my knowledge:

1. The periodic report on Form N-CSR of the Registrant for the period ended September 30, 2018 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date:    12/7/2018	/s/ David B. Lippman
	David B. Lippman, President and Principal
	Executive Officer
	(principal executive officer)

I, David S. DeVito, Treasurer, Principal Financial Officer and Principal Accounting Officer of Metropolitan West Funds (the “Registrant”), certify that, to my knowledge:

1. The periodic report on Form N-CSR of the Registrant for the period ended September 30, 2018 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date:    12/7/2018		/s/ David S. DeVito
		David S. DeVito, Treasurer, Principal Financial
	Officer and Principal Accounting Officer
		(principal financial officer)