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                   811-21771

	YieldQuest Funds Trust
(Exact name of registrant as specified in charter)
3575 Piedmont Road, Suite 1550, Atlanta, Georgia 30305
(Address of principal executive offices)       (Zip code)
	BISYS Fund Services Ohio, Inc.
	3435 Stelzer Road
	Columbus, Ohio 43219
(Name and address of agent for service)

Registrant’s telephone number, including area code: 404-446-3370

Date of fiscal year end: 10/31

Date of reporting period: 4/30/07

Item 1. Reports to Stockholders.

         Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

YIELDQUEST CORE EQUITY FUND
YIELDQUEST TOTAL RETURN BOND FUND
YIELDQUEST TAX-EXEMPT BOND FUND

SEMI-ANNUAL REPORT

APRIL 30, 2007

3575 PIEDMONT ROAD, SUITE 1550
ATLANTA, GA 30305
1-877-497-3634
www.YieldQuest-Funds.com

Distributed by YieldQuest Securities, LLC
NASD Member

YIELDQUEST FUNDS’ PORTFOLIO BREAKDOWNS (Unaudited)

CORE EQUITY FUND
Portfolio Breakdown	% of
as of April 30, 2007	Net Assets
Airlines		2.85	%
Financial Services		3.15	%
Real Estate Investment Trust		2.42	%
Retail		1.21	%
Equity Closed-End Funds		43.22	%
Equity ETFs		45.61	%
Other / Cash Equivalents		1.54	%
Total Net Assets		100.0	%
TOTAL RETURN BOND FUND
Portfolio Breakdown	% of
as of April 30, 2007	Net Assets
Corporate Bonds		11.84	%
Mortgage-Backed Securities		7.98	%
U.S. Government & Agency		20.93	%
Foreign Bonds		10.66	%
Common Stock		2.14	%
Municipal and Fixed Income Closed-End Funds		37.56	%
Short-Term Investment		3.14	%
Other / Cash Equivalents		1.72	%
Other Exchange Traded / Closed-End Funds		4.03	%
Total Net Assets		100.00	%
TAX-EXEMPT BOND FUND
Portfolio Breakdown	% of
as of April 30, 2007	Net Assets
Municipal Bonds		52.71	%
Common Stock		1.42	%
Municipal Closed-End Funds		35.40	%
Short-Term Investment		3.38	%
Other / Cash Equivalents		1.45	%
Other Exchange Traded / Closed-End Funds		5.64	%
Total Net Assets		100.0	%

* Percentages indicated are based on net assets as of April 30, 2007.

See accompanying notes to financial statements.

1

  YIELDQUEST CORE EQUITY FUND
  SCHEDULE OF INVESTMENTS (Unaudited)
April 30, 2007  

% of
Net Assets	Description	Shares		Value
9.95%	COMMON STOCKS
2.85%	Airlines
	Air France-KLM*		400	$	20,356
	AirTran Holdings, Inc.*		3,590		39,525
	Alaska Air Group, Inc.*		1,155		34,188
	AMR Corp.*		3,995		104,229
	Continental Airlines, Inc.*		2,860		104,561
	Deutsche Lufthansa AG		375		11,267
	Gol - Linhas Aereas Inteligentes S.A.		675		19,251
	JetBlue Airways Corp.*		3,480		34,486
	Mesa Air Group, Inc.*		4,700		31,772
	Singapore Airlines Ltd.		950		11,134
	UAL Corp.*		2,895		96,693
	US Airways Group, Inc.*		2,630		97,152
					604,618
0.11%	Auction House/Art Dealer
	Sotheby’s		475		24,519
3.15%	Financial Services
	Countrywide Financial Corp.		3,150		116,802
	Mitsubishi UFJ Financial Group, Inc.		10,400		108,680
	Mizuho Financial Group, Inc. ADR*		9,100		110,656
	Nomura Holdings, Inc. ADR		5,700		109,782
	Sumitomo Mitsui Financial Group, Inc. ADR		11,100		97,526
	Thornburg Mortgage, Inc.		4,500		125,100
					668,548
0.10%	Lodging
	Orient-Express Hotels Ltd.		400		21,060
0.11%	Optical Supplies
	Luxottica Group S.p.A. ADR		700		24,248
2.42%	Real Estate Investment Trust
	American Home Mortgage Investment Corp.		2,200		54,516
	Annaly Capital Management, Inc.		5,200		82,732
	Anthracite Capital, Inc.		2,300		26,680
	Capital Trust, Inc.		650		30,790
	Deerfield Triarc Capital Corp.		2,100		33,999
	Gramercy Capital Corp.		800		25,912
	iStar Financial, Inc.		1,965		94,162
	MFA Mortgage Investments, Inc.		3,300		24,090
	Newcastle Investment Corp.		1,940		56,667
	RAIT Financial Trust		1,150		32,372
	Redwood Trust, Inc.		1,045		52,469
					514,392
1.21%	Retail
	Bulgari S.p.A.		1,600		24,604
	Burberry Group PLC		1,700		23,623
	Christian Dior S.A.		180		23,384
	Coach, Inc.*		450		21,973
	Compagnie Financiere Richemont S.A.		400		24,300
	Hermes International		160		23,157
	LVMH Moet Hennessy Louis Vuitton S.A.		200		23,461
	Polo Ralph Lauren Corp.		250		23,027
	PPR		130		22,694
	Tiffany & Co.		475		22,652
	Valentino Fashion Group S.p.A.		550		24,112
					256,993
	Total Common Stocks
	(Cost $2,156,535)				2,114,377

See accompanying notes to financial statements.

2

  YIELDQUEST CORE EQUITY FUND
  SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2007  

% of
Net Assets	Description	Principal		Value
0.33%	COMMON STOCKS
0.33%	Airline
	Delta Airlines, 0.00%, 12/15/2029(a)
	(Cost $81,571)	$	130,000	$	68,900
		Shares
88.83%	EXCHANGE TRADED/CLOSED-END FUNDS
43.22%	Equity Closed-End Funds
	Adams Express Co.		34,045		499,099
	Asia Tigers Fund, Inc.		2,600		54,183
	Boulder Total Return Fund, Inc.		19,550		434,205
	Central Securities Corp.		9,575		262,929
	Chartwell Dividend & Income Fund, Inc.		10,900		110,744
	China Fund, Inc.		5,350		180,829
	Claymore/Raymond James SB-1 Equity Fund		29,015		553,606
	Clough Global Allocation Fund		14,900		315,581
	Clough Global Equity Fund		27,499		558,504
	Clough Global Opportunities Fund		16,264		284,294
	Cohen & Steers Dividend Majors Fund, Inc.		8,639		187,898
	Cohen & Steers Select Utility Fund, Inc.		10		273
	Dreman/Claymore Dividend & Income Fund		5,750		127,247
	DWS Global Commodities Stock Fund, Inc.		27,000		458,729
	Eaton Vance Tax-Advantaged Dividend Income Fund		6,700		197,381
	Eaton Vance Tax-Advantaged Global Dividend Income Fund		6,100		172,873
	First Financial Fund, Inc.		37,500		534,374
	Gabelli Dividend & Income Trust		19,350		429,376
	General American Investors Company, Inc.		2,800		108,975
	India Fund, Inc.		10,900		434,146
	John Hancock Tax-Advantaged Dividend Income Fund		13,900		288,285
	Korea Equity Fund, Inc.		9,700		106,311
	Liberty All-Star Equity Fund		16,640		147,929
	Liberty All-Star Growth Fund, Inc.		60,912		342,934
	Morgan Stanley China A Share Fund		8,650		296,781
	Morgan Stanley Eastern Europe Fund, Inc.		5,200		191,411
	Morgan Stanley India Investment Fund, Inc.		3,150		140,048
	New Germany Fund, Inc.		8,100		143,612
	SunAmerica Focused Alpha Growth Fund, Inc.		7,933		157,549
	Templeton Emerging Markets Fund		43,100		760,283
	The Central Europe and Russia Fund, Inc.		7,826		400,847
	The European Equity Fund, Inc.		8,500		111,519
	Tri-Continental Corp.		7,451		187,467
					9,180,246
45.61%	Equity ETFs
	Biotech HOLDRs Trust		800		149,720
	Consumer Discretionary Select Sector SPDR Fund		6,900		268,962
	Energy Select Sector SPDR Fund		7,600		481,992
	First Trust Dow Jones Internet Index Fund		6,300		154,539
	Internet Architecture HOLDRs Trust		20,500		908,355
	Internet HOLDRs Trust		2,700		160,110
	Internet Infrastructure HOLDRs Trust		28,000		143,640
	iShares Dow Jones US Health Care Index Fund		8,100		475,632
	iShares Dow Jones US Home Construction Index Fund		14,600		528,082
	iShares Dow Jones US Oil & Gas Exploration & Production Index Fund		4,150		226,631
	iShares Dow Jones US Transportation Index Fund		5,605		505,346
	iShares NASDAQ Biotechnology Index Fund		1,625		133,217
	iShares S &P Global Energy Sector Index Fund		1,600		186,800

See accompanying notes to financial statements.

3

  YIELDQUEST CORE EQUITY FUND
  SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2007  

% of
Net Assets	Description	Shares		Value
	Equity ETFs (Continued)
	iShares S &P GSTI Semiconductor Index Fund		7,505	$	480,019
	iShares S &P GSTI Software Index Fund		4,665		216,875
	KBW Bank ETF		19,450		1,128,100
	KBW Capital Markets ETF		18,350		1,260,645
	Pharmaceuticals HOLDRs Trust		1,500		126,030
	PowerShares Aerospace & Defense Portfolio		12,690		255,957
	PowerShares Dynamic Leisure & Entertainment Portfolio		10,200		188,904
	Retail HOLDRs Trust		3,000		309,990
	Semiconductor HOLDRs Trust		10,500		384,300
	Software HOLDRs Trust		9,000		365,940
	Telecom HOLDRs Trust		8,300		314,570
	Wireless HOLDRs Trust		1,100		68,640
	WisdomTree International Communications Sector Fund		3,725		114,134
	WisdomTree International HealthCare Sector Fund		5,400		152,928
					9,690,061
	Total Exchange Traded/Closed-End Funds
	(Cost $18,065,507)				18,870,307
0.16%	SHORT-TERM INVESTMENT
0.16%	Money Market Fund
	BNY Hamilton Money Fund, 5.17%, 5/1/07
	(Cost $34,704)		34,704		34,704
99.27%	Total Investments
	(Cost $20,338,317)				21,088,288
0.73%	Other assets in excess of liabilities				155,996
100.00%	NET ASSETS			$	21,244,284

(a)	Security in default.
*	Non-income producing securities.
ADR	American Depository Receipt PLC Public Limited Company
PLC	Public Limited Company

See accompanying notes to financial statements.

4

  YIELDQUEST TOTAL RETURN BOND FUND
  SCHEDULE OF INVESTMENTS (Unaudited)
April 30, 2007  

% of
Net Assets	Description	Principal		Value
11.84%	CORPORATE BONDS
3.79%	Airlines
	American Airlines Inc.:
	6.82%, 5/23/2011, Series 01-1	$	402,000	$	409,447
	6.98%, 5/23/2021, Series 01-1		1,055,582		1,053,603
	7.38%, 5/23/2019, Series 01-1		61,123		60,702
	7.38%, 5/23/2016, Series 01-1		305,685		300,526
	7.86%, 10/1/2011, Series 01-2		100,000		108,413
	AMR Corp.:
	9.75%, 8/15/2021		469,000		466,655
	9.88%, 6/15/2020		343,000		336,569
	10.55%, 3/12/2021		100,000		100,250
	Continental Airlines, Inc.:
	6.65%, 9/15/2017, Series 981A		334,035		346,770
	6.70%, 6/15/2021, Series 01-1		137,814		143,758
	6.75%, 3/15/2017, Series 981B		405,301		404,541
	6.80%, 8/2/2018, Series 991B		218,285		217,876
	6.95%, 8/2/2009, Series 991C		65,287		65,327
	7.03%, 6/15/2011, Series 01-1		284,556		285,446
	7.46%, 4/1/2013, Series 971B		91,672		92,417
	7.46%, 4/1/2015, Series 971A		488,452		510,127
	7.57%, 3/15/2020, Series 99-2		67,186		68,740
	7.88%, 7/2/2018, Series RJ03		1,024,830		1,066,464
	8.56%, 7/2/2014, Series 962B		82,441		83,936
	Delta Airlines:
	0.00%, 8/15/2008(a)		500,000		257,500
	0.00%, 12/15/2009(a)		165,000		87,038
	0.00%, 5/15/2016(a)		635,000		330,200
	0.00%, 5/15/2021(a)		165,000		85,800
	0.00%, 3/15/2022(a)		165,000		85,800
	0.00%, 12/15/2029(a)		2,550,000		1,351,500
	6.62%, 3/18/2011, Series 01-1		353,104		357,518
	7.71%, 9/18/2011, Series 01-1		925,000		948,703
	7.92%, 11/18/2010, Series 00-1		700,000		718,813
	Northwest Airlines, Inc.:
	6.84%, 4/1/2011, Series 1A-2		100,000		100,063
	7.04%, 4/1/2022, Series 1A-1		65,745		65,786
	Southwest Airlines Co., 7.22%, 7/1/2013, Series 95A3		149,424		153,444
	United Airlines:
	6.60%, 9/1/2013, Series 01-1		321,127		326,546
	7.03%, 10/1/2010, Series 00-2		623,126		634,420
					11,624,698
1.20%	Automotive
	Ford Motor Company:
	7.40%, 11/1/2046		1,600,000		1,220,000
	8.90%, 1/15/2032		360,000		311,400
	General Motors:
	8.25%, 7/15/2023		1,500,000		1,365,000
	9.40%, 7/15/2021		800,000		788,000
					3,684,400
0.43%	Banks
	Bank of America Corp.:
	4.75%, 8/1/2015		750,000		721,562
	5.75%, 8/15/2016		600,000		614,301
					1,335,863

See accompanying notes to financial statements.

5

  YIELDQUEST TOTAL RETURN BOND FUND
  SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2007  

% of
Net Assets	Description	Principal		Value
3.58%	Financial Services
	Berkshire Hathaway, Inc., 4.125%, 1/15/2010	$	450,000	$	441,215
	Credit Suisse First Boston USA, Inc., 6.50%, 1/15/2012		80,000		84,723
	Ford Motor Credit Co.:
	7.00%, 10/1/2013		450,000		426,053
	7.25%, 10/25/2011		450,000		441,183
	7.88%, 6/15/2010		450,000		452,698
	9.88%, 8/10/2011		1,000,000		1,065,785
	General Electric Capital Corp.:
	4.38%, 11/21/2011		230,000		223,938
	5.00%, 1/8/2016		500,000		490,037
	6.00%, 6/15/2012		500,000		519,948
	6.88%, 11/15/2010		250,000		265,106
	General Motors Acceptance Corp.:
	5.85%, 1/14/2009		1,115,000		1,103,033
	6.88%, 8/28/2012		2,200,000		2,200,876
	8.00%, 11/1/2031		710,000		764,189
	General Motors Nova Finance, 6.85%, 10/15/2008		700,000		697,375
	Goldman Sachs Group, Inc.:
	4.50%, 6/15/2010		80,000		78,797
	4.75%, 7/15/2013		800,000		776,052
	5.25%, 4/1/2013		300,000		299,042
	HSBC Finance Corp., 5.875%, 2/1/2009		80,000		80,950
	Toll Brothers Finance Corp., 6.875%, 11/15/2012		550,000		565,210
					10,976,210
1.19%	Gambling & Casinos
	Harrah’s Operating Co., Inc.:
	5.38%, 12/15/2013		1,030,000		912,779
	5.50%, 7/1/2010		375,000		368,704
	6.50%, 6/1/2016		1,025,000		916,322
	MGM Mirage, Inc.:
	6.75%, 4/1/2013		475,000		473,219
	6.88%, 4/1/2016		475,000		469,063
	8.50%, 9/15/2010		475,000		511,812
					3,651,899
0.30%	Health Care
	UnitedHealth Group, Inc., 3.30%, 1/30/2008		940,000		924,953
0.60%	Home Builders
	Centex Corp., 5.45%, 8/15/2012		350,000		337,605
	D.R. Horton, Inc., 5.625%, 9/15/2014		250,000		238,348
	K Hovnanian Enterprises, 8.625%, 1/15/2017		350,000		353,500
	KB Home, 6.25%, 6/15/2015		625,000		584,375
	Pulte Homes, Inc., 5.20%, 2/15/2015		350,000		323,505
					1,837,333
0.03%	Metals & Mining
	Alcoa, Inc., 6.00%, 1/15/2012		80,000		82,312
0.08%	Photography
	Eastman Kodak Co., 3.625%, 5/15/2008		260,000		253,500
0.64%	Telecommunications
	Sprint Capital Corp.:
	6.88%, 11/15/2028		650,000		646,798
	6.90%, 5/1/2019		650,000		671,151

See accompanying notes to financial statements.

6

  YIELDQUEST TOTAL RETURN BOND FUND
  SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2007  

% of
Net Assets	Description	Principal		Value
	Telecommunications (Continued)
	Sprint Nextel Corp., 6.00%, 12/1/2016	$	650,000	$	639,068
					1,957,017
	Total Corporate Bonds & Notes
	(Cost $36,513,383)				36,328,185
7.98%	MORTGAGE-BACKED SECURITIES
	Fannie Mae Benchmark REMIC, 6.00%, 6/25/2016,
	Series 2006-B1, Class AB		821,696		830,066
	Federal Farm Credit Bank:
	5.59%, 12/11/2012, Series 2006 IAB3, Class 1		1,220,921		1,220,945
	Federal Home Loan Bank:
	4.72%, 9/20/2012		1,253,223		1,231,768
	Federal Home Loan Mortgage Corp.:
	5.00%, 9/15/2017, Series 3221, Class VA		4,797,525		4,764,453
	5.25%, 8/15/2011, Series 3196, Class PA		838,510		838,031
	5.50%, 7/18/2016 – 2/15/2036, Series 3257, Class MA		2,227,549		2,261,301
	Federal Home Loan Mortgage Corp. REMIC:
	4.75%, 7/15/2015, Series R002, Class AH		1,329,259		1,311,922
	5.13%, 12/15/2013, Series R004, Class AL		1,404,034		1,396,400
	5.13%, 10/15/2015, Series R003, Class AG		757,351		753,240
	5.50%, 12/15/2018, Series R005, Class AB		845,936		849,268
	5.50%, 12/15/2019, Series R010, Class AB		1,951,238		1,960,130
	5.50%, 12/15/2020, Series R011, Class AB		2,000,000		2,009,755
	5.75%, 12/15/2018, Series R009, Class AJ		4,200,712		4,240,053
	5.75%, 12/15/2018, Series R006, Class AK		806,863		811,829
	Total Mortgage-Backed Securities
	(Cost $22,626,521)				24,479,161
20.93%	U.S.GOVERNMENT & AGENCY
	Federal Farm Credit Bank:
	3.50%, 4/15/2009		100,000		97,541
	4.88%, 4/12/2012, Series 1		2,200,000		2,205,735
	Federal Home Loan Bank:
	3.88%, 2/12/2010, Series RH10		150,000		146,544
	4.38%, 3/17/2010		150,000		148,567
	5.13%, 6/13/2008 – 3/10/2017		4,400,000		4,427,141
	Treasury Inflation Index Note, 2.50%, 7/15/2016		5,500,000		5,690,569
	United States Treasury Note:
	4.50%, 3/31/2009 – 3/31/2012		21,190,000		21,176,881
	4.63%, 8/31/2011 – 2/15/2017		12,175,000		12,196,998
	4.75%, 12/31/2008 – 1/31/2012		8,500,000		8,567,292
	4.88%, 5/31/2011 – 8/15/2016		6,900,000		7,016,189
	5.13%, 6/30/2011		2,500,000		2,558,497
	Total U.S.Government & Agency
	(Cost $65,309,919)				64,231,954
10.66%	FOREIGN BONDS
0.88%	Banks
	European Investment Bank, 4.50%, 1/14/2013		1,000,000		1,902,415
	Inter-American Development Bank, 6.25%, 6/22/2016		1,000,000		696,802
	International Bank of Reconstruction & Development,
	Zero coupon, 8/20/2007		150,000		108,524
9.78%	Sovereign Bonds
	Bundesobligation, Germany, 3.50%, 10/14/2011, Series 149		1,825,000		2,427,972
	Bundesrepublik Deutschland, Germany, 4.00%, 7/4/2016, Series 06		6,170,000		8,327,804

See accompanying notes to financial statements.

7

  YIELDQUEST TOTAL RETURN BOND FUND
  SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2007  

% of
Net Assets	Description	Principal		Value
	Sovereign Bonds (Continued)
	Canadian Government, 2.75%, 12/1/2007	$	2,718,000	$	2,428,955
	Federal Republic of Brazil, 7.875%, 3/7/2015		475,000		545,063
	Federal Republic of Brazil, 12.50%, 1/5/2016		300,000		178,809
	Mexican Fixed Rate Bonds, 8.00%, 12/17/2015, Series M 10		7,500,000		696,622
	New South Wales Treasury Corp.:
	7.00%, 12/1/2010, Series 10RG		2,152,000		1,829,429
	5.50%, 8/1/2014, Series 14RG		4,540,000		3,617,502
	8.00%, 3/1/2008, Series 08RG		425,000		357,550
	New Zealand Government:
	6.00%, 12/15/2017, Series 1217		3,290,000		2,420,664
	6.00%, 11/15/2011, Series 1111		2,788,000		2,004,100
	UK Treasury:
	5.00%, 3/7/2008		1,073,000		2,136,122
	4.75%, 9/7/2015		1,560,000		3,044,750
	Total Foreign Bonds
	(Cost $31,549,293)				32,723,083
0.92%	MUNICIPAL BONDS & NOTES
0.05%	Alabama
	Alabaster, Taxable, Series A, General Obligation 5.34%, 4/1/2017,
	Callable 4/1/2015 @ $100, XLCA		170,000		166,663
0.19%	California
	Howell Mountain Elementary School District, Election,
	General Obligation, Zero Coupon, 8/1/2028		190,000		75,683
	Howell Mountain Elementary School District, Election,
	General Obligation, Zero Coupon, 8/1/2029		150,000		56,475
	Los Angeles County Pension Obligation, Taxable, Series C,
	Revenue Zero Coupon, 6/30/2008, MBIA		135,000		127,379
	Thousand Oaks Redevelopment Agency, Taxable, Series B,
	Tax Allocation 5.00%, 12/1/2009, AMBAC		250,000		249,215
	Watsonville Redevelopment Agency, Taxable, Tax Allocation
	5.20%, 9/1/2012, FGIC		60,000		59,912
					568,664
0.03%	Florida
	State Governmental Utility Authority, Revenue 4.625%, 7/1/2035,
	Callable 7/1/2015 @ $100		105,000		106,025
0.12%	Georgia
	College Park Business & Industrial Development Authority, Taxable,
	Revenue 5.75%, 9/1/2015		250,000		256,122
	Douglasville-Douglas County Water & Sewer Authority,
	Revenue 5.625%, 6/1/2015, AMBAC		100,000		106,688
					362,810
0.09%	Illinois
	Aurora Metropolitan Exposition Auditorium & Office Building Authority,
	Taxable, Revenue 3.00%, 7/1/2008		165,000		160,900
	City of Bellwood, Series B, General Obligation 4.45%, 12/1/2020,
	Callable 12/1/2015 @ $100, MBIA		100,000		102,361
					263,261
0.11%	Maine
	Auburn, Taxable, General Obligation 5.125%, 8/1/2011		330,000		329,657
0.03%	Michigan
	Detroit Sewage Disposal System, Revenue 3.50%, 7/1/2014		100,000		98,377

See accompanying notes to financial statements.

8

  YIELDQUEST TOTAL RETURN BOND FUND
  SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2007  

% of
Net Assets	Description	Principal		Value
0.01%	New Jersey
	Orange Township, Taxable, Series C, General Obligation 5.17%,
	12/1/2011, FSA	$	35,000	$	35,055
0.05%	North Carolina
	Charlotte Airport, Taxable, Series C, Revenue 4.05%, 7/1/2009		150,000		147,016
0.11%	Pennsylvania
	Beaver County, Taxable-Pension, General Obligation 5.00%,
	12/15/2011, FSA		60,000		59,437
	Duquesne, Taxable-Pension, Series B, General Obligation 5.00%,
	12/15/2013, FSA		170,000		166,896
	Washington, Taxable, Series A, General Obligation 5.40%,
	9/1/2008, FGIC		100,000		100,271
					326,604
0.10%	South Carolina
	Richland Lexington Airport District, Revenue 6.59%, 1/1/2017, FSA		300,000		320,652
0.03%	Texas
	Brazoria County Municipal Utility District No. 26, General Obligation 4.60%,
	9/1/2028, Callable 9/1/2013 @ $100, FGIC		100,000		101,199
	Total Municipal Bonds & Notes
	(Cost $2,811,053)				2,825,983
		Shares
2.14%	COMMON STOCK
1.10%	Financial Services
	Centerline Holding Co.		61,605		1,103,962
	Countrywide Financial Corp.		13,700		507,996
	Municipal Mortgage & Equity, LLC		17,180		475,027
	Thornburg Mortgage, Inc.		46,087		1,281,218
					3,368,203
1.04%	Real Estate Investment Trust
	American Home Mortgage Investment Corp.		34,810		862,592
	iStar Financial, Inc.		9,650		462,428
	MFA Mortgage Investments, Inc.		70,100		511,730
	Newcastle Investment Corp.		23,300		680,593
	Redwood Trust, Inc.		13,775		691,643
					3,208,986
	Total Common Stocks
	(Cost $6,543,180)				6,577,189
0.16%	PREFERRED STOCKS
0.07%	Banks
	BAC Capital Trust I, 7.00%, 12/15/2031, Callable 6/11/2007 @ $25.00		2,302		58,241
	Bank One Capital Trust VI, 7.20%, 10/15/2031, Callable 6/25/2007 @ $25.00		2,862		72,494
	Compass Capital III, 7.35%, 4/1/2032, Calllable 6/25/2007 @ $25.00		1,568		39,514
	Wells Fargo Capital Trust IV, 7.00%, 9/1/2031, Callable 7/2/2007 @ $25.00		1,165		29,579
					199,828
0.01%	Electric Utility
	Georgia Power Capital Trust V, 7.125%, 3/31/2042, Callable 6/21/2007 @ $25.00		1,609		40,482
0.06%	Financial Services
	Citigroup Capital VIII, 6.95%, 9/15/2031, Callable 6/25/2007 @ $25.00		2,098		53,331
	Citigroup Capital VIII, 6.95%, 9/15/2031, Callable 6/27/2007 @ $25.00		1,168		29,551

See accompanying notes to financial statements.

9

  YIELDQUEST TOTAL RETURN BOND FUND
  SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2007  

% of
Net Assets	Description	Shares		Value
	Financial Services (Continued)
	Merrill Lynch Preferred Capital Trust III, 7.00%,
	Callable 3/30/2008 @ $25.00		1,559	$	39,583
	Merrill Lynch Preferred Capital Trust IV, 7.12%,
	Callable 6/30/2008 @ $25.00		1,320		33,726
	Morgan Stanley Capital Trust II, 7.25%, 7/31/2031		1,360		34,136
					190,327
0.02%	Telecommunications
	US Cellular Corp., 8.75%, 11/1/2032, Callable 11/1/2032 @ $25.00		2,526		63,832
	Total Preferred Stocks
	(Cost $499,610)				494,469
41.59%	EXCHANGE TRADED / CLOSED-END FUNDS
40.68%	Closed-End Funds
1.68%	Asset Allocation Closed-End Fund
	John Hancock Patriot Preferred Dividend Fund		14,822		198,022
	John Hancock Patriot Premium Dividend Fund II		264,046		3,126,305
	John Hancock Patriot Select Dividend Trust		55,565		775,687
	Pioneer Tax Advantaged Balanced Fund		70,923		1,063,845
					5,163,859
1.82%	Equity Closed-End Funds
	DWS RREEF Real Estate Fund II, Inc.		10,350		278,001
	DWS RREEF Real Estate Fund, Inc.		13,750		280,500
	ING Clarion Global Real Estate Income Fund		40,629		906,027
	LMP Capital and Income Fund, Inc.		182,343		3,584,863
	Neuberger Berman Real Estate Securities Income Fund, Inc.		14,742		283,489
	RMR Real Estate Fund		15,462		266,720
					5,599,600
2.38%	Municipal Closed-End Funds
	BlackRock Long-Term Municipal Advantage Trust		20,000		275,800
	BlackRock MuniEnhanced Fund, Inc.		50,742		557,147
	BlackRock MuniHoldings Florida Insured Fund		55,293		765,808
	BlackRock MuniHoldings Insured Fund, Inc.		64,072		841,265
	BlackRock MuniYield Insured Fund, Inc.		49,500		709,335
	BlackRock MuniYield Michigan Insured Fund, Inc.		21,127		302,750
	DWS Municipal Income Trust		54,200		613,002
	Eaton Vance Municipal Income Trust		13,700		219,063
	Nuveen Florida Investment Quality Municipal Fund		52,120		734,892
	Nuveen Florida Quality Income Municipal Fund		39,064		548,459
	Nuveen Insured Quality Municipal Fund, Inc.		39,625		582,091
	Nuveen New Jersey Investment Quality Municipal Fund		21,745		310,954
	Nuveen Pennsylvania Investment Quality Municipal Fund		19,871		278,393
	Nuveen Pennsylvania Premium Income Municipal Fund 2		17,900		244,693
	Nuveen Premier Municipal Income Fund, Inc.		23,309		329,123
					7,312,775
34.80%	Taxable Fixed Income Closed-End Funds
	40/86 Strategic Income Fund		103,628		1,046,643
	ACM Income Fund, Inc.		468,200		3,951,608
	Alliance World Dollar Government Fund II		55,108		768,205
	Bancroft Fund, Ltd.		41,390		855,945
	BlackRock Core Bond Trust		634,657		8,218,808
	BlackRock Corporate High Yield Fund, Inc.		54,085		453,773
	BlackRock High Income Shares		154,600		408,144

See accompanying notes to financial statements.

10

  YIELDQUEST TOTAL RETURN BOND FUND
  SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2007  

% of
Net Assets	Description	Shares		Value
	Taxable Fixed Income Closed-End Funds (Continued)
	BlackRock High Yield Trust		29,000	$	241,280
	BlackRock Income Trust		692,396		4,299,779
	BlackRock Preferred Income Strategies Fund, Inc.		106,675		2,218,840
	BlackRock Strategic Bond Trust		90,832		1,198,074
	Castle Convertible Fund, Inc.		16,832		420,800
	Chartwell Dividend & Income Fund, Inc.		73,600		747,776
	Dreyfus High Yield Strategies Fund		515,166		2,246,124
	Duff & Phelps Utility & Corporate Bond Trust, Inc.		596,149		6,819,945
	DWS Global High Income Fund, Inc.		54,180		501,165
	Ellsworth Fund, Ltd.		221,489		1,982,326
	First Trust/FIDAC Mortgage Income Fund		47,020		785,234
	Hyperion Strategic Mortgage Income Fund, Inc.		170,375		2,216,579
	Hyperion Total Return Fund		169,400		1,538,152
	MFS Charter Income Trust		1,494,181		12,790,189
	MFS Intermediate Income Trust		1,271,783		7,872,337
	MFS Multimarket Income Trust		659,275		4,008,392
	Montgomery Street Income Securities, Inc.		75,269		1,310,433
	Morgan Stanley Emerging Markets Debt Fund, Inc.		66,858		701,340
	Morgan Stanley Global Opportunity Bond Fund, Inc.		117,542		959,143
	Morgan Stanley High Yield Fund, Inc.		247,213		1,512,944
	Pacholder High Yield Fund, Inc.		30,382		307,770
	PIMCO Commercial Mortgage Securities Trust, Inc.		209,292		2,515,690
	Prospect Street High Income Portfolio, Inc.		2,700		8,964
	Putnam Master Intermediate Income Trust		323,967		2,138,182
	Putnam Premier Income Trust		674,251		4,456,799
	The High Yield Plus Fund, Inc.		96,760		359,947
	Transamerica Income Shares, Inc.		7,253		151,878
	Van Kampen Bond Fund		79,742		1,409,041
	Van Kampen High Income Trust II		114,677		470,176
	Western Asset Emerging Markets Debt Fund, Inc.		546,774		9,940,351
	Western Asset Emerging Markets Income Fund II, Inc.		183,040		2,489,344
	Western Asset Inflation Management Fund, Inc.		87,415		1,416,123
	Western Asset Variable Rate Strategic Fund, Inc.		60,899		1,083,393
	Western Asset Worldwide Income Fund, Inc.		148,278		2,072,926
	Western Asset Zenix Income Fund, Inc.		79,700		245,476
	Western Asset/Claymore US Treasury Inflation Protected Securities Fund		347,383		4,050,486
	Western Asset/Claymore US Treasury Inflation Protected Securities Fund 2		299,476		3,572,749
					106,763,273
0.91%	Equity ETFs
	iShares Dow Jones US Real Estate Index Fund		23,875		2,040,357
	iShares Silver Trust(b)		5,480		728,402
					2,768,759
	Total Exchange Traded / Closed-End Funds
	(Cost $125,461,560)				127,608,266
		Contracts
0.17%	PURCHASED OPTIONS
	iShares Dow Jones US Real Estate, Put @ $85, Expire Jun 2007		187		34,595
	iShares Lehman 20+ Year Treasury, Put @ $95, Expire Jun 2007		312		21,060
	iShares MSCI Emerging Market Index:
	Put @ $105, Expire Jun 2007		237		29,625
	Put @ $115, Expire Jun 2007		65		18,200
	Put @ $115, Expire Sep 2007		168		99,120

See accompanying notes to financial statements.

11

  YIELDQUEST TOTAL RETURN BOND FUND
  SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2007  

% of
Net Assets	Description	Contracts		Value
	PURCHASED OPTIONS (Continued)
	iShares Russell 2000:
	Put @ $76, Expire Jun 2007		307	$	30,546
	Put @ $78, Expire Jun 2007		108		15,336
	KBW Mortgage Finance Index:
	Put @ $90, Expire Jun 2007		160		17,200
	Put @ $92.50, Expire Jun 2007		59		10,178
	Powershares QQQ:
	Put @ $42, Expire Jun 2007		533		9,061
	Put @ $42, Expire Jun 2007		203		5,075
	Put @ $43, Expire Jun 2007		293		10,401
	SPDR Trust Series 1:
	Put @ $139, Expire Jun 2007		129		5,805
	Put @ $139, Expire Jun 2007		79		5,925
	Put @ $140, Expire Jun 2007		414		38,295
	Put @ $140, Expire Sep 2007		163		33,415
	Put @ $146, Expire Sep 2007		270		91,800
	US Long Bond Future, Call @ $108, Expire May 2007		138		32,344
	Total Purchased Options
	(Cost $1,101,095)				507,981
		Shares
3.14%	SHORT-TERM INVESTMENT
3.14%	Money Market Fund
	BNY Hamilton Money Fund, 5.17%, 5/1/07(c)
	(Cost $9,642,916)		9,642,916		9,642,916
99.53%	Total Investments
	(Cost $302,099,352)				305,419,187
0.47%	Other assets in excess of liabilities				1,446,905
100.00%	NET ASSETS			$	306,866,092

(a)	Security in default.
(b)	Non-income producing securities.
(c)	All or a portion of this security is segregated with the custodian for futures contracts.
AMBAC	Insured by American Municipal Bond Insurance Assurance Corp.
CMO	Collateralized Mortgage Obligation
FGIC	Insured by Financial Guaranty Insurance Co.
FSA	Insured by Federal Financial Security Assurance
LLC	Limited Liability Co.
MBIA	Insured by Municipal Bond Insurance Organization Association
XLCA	XL Capital Assurance

		Number of		Notional		Unrealized
		Contracts			Value	Gain/(Loss)
0.01%	FUTURES CONTRACTS SOLD SHORT
	Copper Jul 07, expires 7/25/2007		17	$	1,511,513	$	26,581
0.03%	FUTURES CONTRACTS PURCHASED
	3 Month Eurodollar Euribor, expires 12/17/2007		70		22,845,969		(193	)
	90 Day Eurodollar, expires 12/17/2007		291		69,105,225		4,211
	90 Day Sterling, expires 12/19/2007		91		21,404,460		(2,547	)
	Corn Jul 07, expires 7/14/2007		40		735,000		(9,653	)

See accompanying notes to financial statements.

12

  YIELDQUEST TOTAL RETURN BOND FUND
  SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2007  

% of		Number of		Notional		Unrealized
Net Assets	Description	Contracts		Value		Gain/(Loss)
	FUTURES CONTRACTS PURCHASED (Continued)
	Lumber Jul 07, expires 7/30/2007		54	$	1,455,300	$	(36,943	)
	Natural Gas Jul 07, expires 7/25/2007		2		160,320		6,432
	Sugar #11 (World) Jul 07, expires 7/15/2007		141		1,437,072		(65,001	)
	US 10 Year Note, expires 6/29/2007		102		11,049,469		49,128
	US 2 Year Note, expires 6/29/2007		199		40,739,031		30,628
	US 5 Year Note, expires 6/29/2007		169		17,884,953		48,495
	US Long Bond, expires 6/20/2007		71		7,934,250		55,102
	WTI Crude May 07, expires 6/19/2007		5		328,550		3,885
	Total Futures Purchased
	(Cost $194,993,780)						83,544

See accompanying notes to financial statements.

13

  YIELDQUEST TAX-EXEMPT BOND FUND
  SCHEDULE OF INVESTMENTS (Unaudited)
April 30, 2007  

% of
Net Assets	Description	Principal		Value
0.21%	CORPORATE BONDS
0.21%	Airline
	Delta Airlines, Zero coupon, 12/15/2029(a)
	(Cost $340,094)	$	600,000	$	318,000
52.71%	MUNICIPAL BONDS
0.43%	Alabama
	Birmingham Jefferson Civic Center Authority, Series A,
	Special Tax 4.125%, 7/1/2017, Callable 7/1/2008 @ $100, AMBAC		100,000		100,091
	City of Mobile, General Obligation 5.375%, 8/15/2014,
	Callable 8/15/2011 @ $102, AMBAC		500,000		542,240
					642,331
0.16%	Arkansas
	Arkansas Development Finance Authority, Series B,
	Revenue 5.00%, 11/1/2014, FSA		220,000		236,779
1.56%	California
	Berryessa Union School District, Series B, General Obligation 4.75%,
	8/1/2016, Callable 8/1/2011 @ $101, FSA		100,000		104,716
	California State, General Obligation 5.00%, 9/1/2016		500,000		541,820
	Chabot-Las Positas Community College District, General Obligation
	Zero Coupon, 8/1/2014, AMBAC		500,000		377,425
	Foothill-De Anza Community College, General Obligation
	Zero Coupon, 8/1/2018, MBIA		1,000,000		632,190
	Las Virgenes School District, Series D, General Obligation
	Zero Coupon, 9/1/2020, FGIC		970,000		552,357
	Oakland Redevelopment Agency, Tax Allocation 5.50%,
	2/1/2014, AMBAC		145,000		153,852
					2,362,360
0.69%	Colorado
	Arkansas River Power Authority, Revenue 5.25%, 10/1/2016, XLCA		300,000		330,891
	Douglas County School District No. RE1 Douglas & Elber Counties,
	General Obligation 7.00%, 12/15/2012, MBIA State Aid Withholding		585,000		679,168
	Garfield Pitkin & Eagle Counties School District No. RE001 Roaring Fork,
	General Obligation 5.25%, 12/15/2012, FSA State Aid Withholding		35,000		37,745
					1,047,804
2.99%	Florida
	Bay County Sales Tax, Revenue 4.00%, 9/1/2018,
	Callable 9/1/2017 @ $100, AMBAC		585,000		582,865
	Dunedin Utility System, Revenue 6.25%, 10/1/2011, FGIC		50,000		55,122
	Jea Water & Sewer System, Series A, Revenue 4.20%, 10/1/2019,
	Callable 4/1/2012 @ $100, XLCA		510,000		504,635
	Jea Water & Sewer Systems, Series A, Revenue 4.125%, 10/1/2018,
	Callable 4/1/2012 @ $100, XLCA		535,000		528,510
	Jea, St. Johns River Power Park System, Series 22, Revenue 4.00%,
	10/1/2014, Callable 4/1/2012 @ $100, MBIA		800,000		807,800
	Lakeland Energy System, Revenue 5.00%, 10/1/2018,
	Callable 10/1/2016 @ $100, XLCA		555,000		597,702
	Lee County Optional Gas Tax, Revenue 5.00%, 10/1/2016,
	Callable 10/1/2014 @ $100, FGIC		690,000		738,879
	Orange County Health Facilities Authority, Revenue 5.75%, 12/1/2032,
	Prerefunded 12/1/12 @ $100, Suntrust Bank		600,000		661,458
	Orlando Utilities Commission, Revenue 6.00%, 10/1/2010, Suntrust Bank		30,000		32,221
					4,509,192

See accompanying notes to financial statements.

14

  YIELDQUEST TAX-EXEMPT BOND FUND
  SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2007  

% of
Net Assets	Description	Principal		Value
0.07%	Georgia
	Atlanta Water & Wastewater, Series A, Revenue 5.00%, 11/1/2029,
	Prerefunded 5/1/2009 @ $101, FGIC	$	35,000	$	35,981
	Fulton County Development Authority, Revenue, 5/1/2033,
	Callable 5/1/2008 @ $101, Wilmington Trust Co.(a)		105,000		63,602
					99,583
4.55%	Illinois
	Chicago O’Hare International Airport, Series B, Revenue 5.
	1/1/2016, MBIA		260,000		284,776
	Chicago Transit Authority Capital Grant Receipts, Revenue 5.25%,
	6/1/2009, AMBAC		500,000		515,245
	City of Bellwood, Series B, General Obligation 4.45%, 12/1/2020,
	Callable 12/1/2015 @ $100, MBIA		100,000		102,361
	City of Oak Park, Series B, General Obligation Zero Coupon, 11/1/2013,
	Callable 11/1/2012 @ $100		500,000		385,620
	City of Orland Park, General Obligation 4.125%, 12/1/2018,
	Callable 12/1/2014 @ $100, XCLA		260,000		261,422
	Cook County Community School District No. 97 Oak Park, Series B,
	General Obligation 9.00%, 12/1/2015, FGIC		300,000		409,305
	Cook County School District No. 100, General Obligation 8.10%,
	12/1/2015, Prerefunded, FSA		300,000		392,379
	Cook County Township High School District 225 North Field Township,
	Series A, General Obligation 5.75%, 12/1/2013, Prerefunded
	12/1/2010 @ $100		1,000,000		1,068,770
	Development Finance Authority Pollution Control, Revenue 3.75%,
	4/15/2013, Callable 6/12/2007 @ $100, AMBAC(b)		3,000,000		3,000,000
	Jackson & Williamson Counties Community High School District No. 165,
	General Obligation 7.50%, 12/1/2009, AMBAC		250,000		272,820
	Winnebago County, General Obligation 4.25%, 12/30/2013, MBIA		175,000		179,795
					6,872,493
2.00%	Indiana
	Decatur Township Marion County Multi-School Building Corp.,
	Series B, Revenue 5.00%, 7/15/2015, FSA State Aid Withholding		605,000		653,932
	Greenfield Central Community Building Corp., Revenue 2.80%,
	7/15/2008, FSA		100,000		98,404
	Hammond Local Public Improvement Bond Bank, Series A,
	Revenue 4.50%, 8/15/2017, Callable 8/15/2011 @ $100, XLCA		895,000		914,180
	Hammond Public Library Leasing Corp., Revenue 5.00%, 7/10/2014, XLCA		410,000		439,331
	Indiana Transportation Finance Authority, Series C, Revenue 5.50%,
	12/1/2015, FGIC		585,000		654,925
	Randolph Central School Building Corp., Revenue 4.75%, 7/15/2011,
	FSA St Aid Withholding		250,000		260,903
					3,021,675
2.16%	Iowa
	Polk County, Series C, General Obligation 4.00%, 6/1/2020,
	Callable 6/1/2014 @ $100		1,150,000		1,120,226
	Sioux City Community School District School Infrastructure,
	Series B, Revenue, 4.00%, 10/1/2015, Callable 10/1/2014 @ $100, CIFG		650,000		654,128
	Sioux City Community School District School Infrastructure,
	Revenue, 4.00%, 10/1/2016, Callable 10/1/2014 @ $100, AMBAC		1,470,000		1,484,053
					3,258,407
0.72%	Kansas
	Miami County Unified School District No. 416, General Obligation 5.00%,
	9/1/2016, MBIA		1,000,000		1,090,170

See accompanying notes to financial statements.

15

  YIELDQUEST TAX-EXEMPT BOND FUND
  SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2007  

% of
Net Assets	Description	Principal		Value
0.75%	Louisiana
	Louisiana State, Series A, General Obligation, 5.00%, 8/1/2012, MBIA	$	350,000	$	370,804
	Louisiana State, Series B, General Obligation, 5.00%, 7/15/2015, CIFG		500,000		539,345
	Louisiana State, Series A, General Obligation, 5.25%, 10/15/2015,
	Callable 10/15/2014 @ $100, AMBAC		200,000		218,116
					1,128,265
0.44%	Massachusetts
	Dedham/Westwood Water District, General Obligation 2.00%,
	10/15/2007, AMBAC		100,000		98,879
	Massachusetts State, Series C, General Obligation, 5.75%,
	10/1/2012, Prerefunded 10/1/2010 @ $100		500,000		533,040
	Massachusetts State, Series D, General Obligation 6.00%, 11/1/2013, MBIA		25,000		28,246
					660,165
1.37%	Michigan
	City of Detroit, Series C, General Obligation 5.00%, 4/1/2012, FSA		50,000		52,664
	Northville Public Schools, General Obligation 5.00%, 5/1/2018,
	Callable 11/1/2014 @ $100, FSA Q-SBLF		500,000		535,445
	Plymouth-Canton Community School District, General Obligation, 4.50%,
	5/1/2012, Callable 5/1/2008 @ $100, FGIC Q-SBLF		1,100,000		1,108,624
	Plymouth-Canton Community School District, General Obligation, 5.25%,
	5/1/2015, Callable 5/1/2013 @ $100, Q-SBLF		350,000		378,927
					2,075,660
0.29%	Mississippi
	Itawamba Community College District, General Obligation 5.00%,
	2/1/2011, XLCA-ICR		50,000		52,215
	Mississippi State, General Obligation, 6.00%, 9/1/2011, FSA		265,000		289,375
	Mississippi State, General Obligation, 4.25%, 8/1/2016,
	Callable 8/1/2013 @ $100		100,000		101,475
					443,065
1.74%	Missouri
	Joint Municipal Electric Utility Commission Power Project,
	Revenue 5.00%, 1/1/2015, MBIA		620,000		668,590
	St. Louis Airport, Series A, Revenue 5.00%, 7/1/2015, FSA		825,000		887,873
	St. Louis County Annual Appropriation-Supported Tax, Series A,
	Tax Allocation 5.00%, 2/15/2018, Callable 2/15/2016 @ $100, AMBAC		1,000,000		1,073,390
					2,629,853
2.10%	Nevada
	Clark County, General Obligation, 5.00%, 11/1/2017,
	Callable 11/1/2016 @ $100, AMBAC		825,000		895,752
	Clark County, General Obligation 4.50%, 6/1/2018,
	Callable 6/1/2016 @ $100, FSA		275,000		285,373
	North Las Vegas Local Improvement, Special Assessment 4.125%,
	12/1/2014, AMBAC		290,000		296,148
	Truckee Meadows Water Authority, Series A, Revenue 5.25%,
	7/1/2034, Callable 7/1/2011 @ $100, FSA		340,000		360,135
	Washoe County School District, General Obligation 5.25%, 6/1/2014, FGIC		1,000,000		1,089,860
	Water Pollution Control, General Obligation 3.25%, 8/1/2010, FSA		250,000		245,260
					3,172,528
1.33%	New Jersey
	City of Clifton, General Obligation 4.25%, 8/1/2017,
	Callable 7/1/2011 @ $100, CIFG		560,000		576,380
	City of East Orange, Series B, General Obligation 4.125%, 11/1/2017,
	Callable 11/1/2015 @ $100, CIFG State Aid Withholding		1,115,000		1,129,763
	New Jersey State Educational Facilities Authority, Series A, Revenue 4.25%,
	3/1/2012, Callable 3/1/2011 @ $100		300,000		305,181
					2,011,324

See accompanying notes to financial statements.

16

  YIELDQUEST TAX-EXEMPT BOND FUND
  SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2007  

% of
Net Assets	Description	Principal		Value
1.29%	New Mexico
	Gallup Joint Utility, Revenue 5.00%, 6/1/2017,
	Callable 6/1/2014 @ $100, AMBAC	$	820,000	$	874,776
	New Mexico State Highway Common, Series A, Revenue 5.50%,
	6/15/2013, Callable 6/15/2011 @ $100		1,000,000		1,068,110
					1,942,886
2.33%	New York
	City of New York, Series G, General Obligation, 5.25%, 8/1/2007		45,000		45,147
	City of New York, Series I, General Obligation, 5.00%, 8/1/2014, FSA-CR		500,000		537,985
	City of New York, Series E, General Obligation, 5.25%, 8/1/2014,
	Callable 8/1/2013		850,000		916,419
	City of New York, Series F-1, General Obligation, 3.90%, 9/1/2016,
	Callable 9/1/2015 @ $100		100,000		99,070
	City of Utica Public Improvement, General Obligation 4.75%,
	4/1/2015, FSA		335,000		357,030
	Erie County Public Improvement, Series A, General Obligation 5.00%,
	12/1/2015, MBIA		100,000		108,406
	New York City Municipal Water Finance Authority, Series C,
	Revenue 2.375%, 6/15/2010		50,000		47,038
	New York City Transitional Finance Authority, Series B,
	Revenue, 5.25%, 8/1/2011		750,000		805,282
	New York City Transitional Finance Authority, Revenue, 5.50%,
	5/1/2025, Prerefunded 5/1/2009 @ $101		300,000		313,728
	Troy Industrial Development Authority Civic Facility, Revenue
	Callable 9/1/2011 @ $100 4.05%, 4/1/2037, Callable 9/1/2001 @ $100(b)		290,000		291,131
					3,521,236
0.31%	North Carolina
	North Carolina Eastern Municipal Power Agency Power System,
	Series A, Revenue 5.00%, 1/1/2017, Callable 1/1/2017 @ $100		435,000		471,475
0.76%	Ohio
	City of Cleveland Various Purpose, General Obligation 5.50%, 12/1/2013,
	Callable 12/1/2012 @ $100, MBIA		570,000		620,365
	Jefferson County, General Obligation 5.70%, 12/1/2013, FSA		30,000		33,437
	New Albany Plain Local School District, General Obligation 3.875%,
	12/1/2017, Callable 12/1/2016 @ $100, MBIA		500,000		498,485
					1,152,287
1.19%	Oklahoma
	Tulsa County Public Facilities Authority Capital Improvement,
	Revenue 6.95%, 11/1/2011, Callable 11/1/2009 @ $102		1,670,000		1,804,836
0.98%	Pennsylvania
	Pennsylvania State Public School Building Authority, Revenue 4.00%,
	5/1/2019, Callable 5/1/2017 @ $100, FSA		735,000		717,867
	Philadelphia Authority for Industrial Development, Revenue 5.00%,
	12/1/2016, FGIC		500,000		541,930
	St. Clair Area School District, General Obligation 2.15%, 11/15/2008,
	FGIC State Aid Withholding		235,000		227,205
					1,487,002
0.33%	Puerto Rico
	Puerto Rico Commonwealth Highway & Transportation Authority,
	Series AA, Revenue 5.50%, 7/1/2016, FGIC		445,000		501,208

See accompanying notes to financial statements.

17

  YIELDQUEST TAX-EXEMPT BOND FUND
  SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2007  

% of
Net Assets	Description	Principal		Value
1.31%	South Carolina
	Beaufort County, General Obligation 8.00%, 3/1/2016,
	MBIA State Aid Withholding	$	850,000	$	1,106,623
	State Highway, Series A, General Obligation 3.00%, 8/1/2020,
	Callable 5/1/2015 @ $100		1,000,000		865,130
					1,971,753
0.82%	Tennessee
	Memphis-Shelby County Sports Authority Inc., Series C,
	Revenue 5.00%, 11/1/2016, MBIA		1,135,000		1,238,921
15.98%	Texas
	Aledo Independent School District, Series A, General Obligation 5.00%,
	2/15/2016, Callable 2/15/2015 @ $100, PSF-GTD		530,000		569,151
	Arlington Independent School District, General Obligation 5.00%,
	2/15/2013, PSF-GTD		1,000,000		1,062,790
	Austin Water & Wastewater System, Revenue 5.00%, 11/15/2015, MBIA		1,005,000		1,089,129
	Birdville Independent School District, General Obligation Zero Coupon,
	2/15/2012, PSF-GTD		465,000		385,290
	Brazoria County Municipal Utility District No. 26, General Obligation 4.60%,
	9/1/2028, Callable 9/1/2013 @ $100, FGIC		100,000		101,199
	Bryan Waterworks & Sewer Revenue, Revenue 4.25%, 7/1/2018,
	Callable 7/1/2014 @ $100, MBIA		90,000		91,105
	City of Corsicana, General Obligation 4.00%, 2/15/2010, XLCA		300,000		302,346
	City of Midlothian, General Obligation 5.50%, 8/15/2013, MBIA		175,000		191,581
	City of Rowlett, General Obligation 4.50%, 2/15/2014, MBIA		715,000		744,208
	City of San Marcos, General Obligation 4.45%, 8/15/2021,
	Callable 8/15/2014 @ $100, FSA		140,000		141,555
	City of Southlake, General Obligation 4.00%, 2/15/2017,
	Callable 2/15/2014 @ $100, AMBAC		285,000		284,530
	City of Waco, General Obligation 4.40%, 2/1/2029,
	Callable 2/1/2015 @ $100, XLCA		340,000		335,760
	Conroe Independent School District, Series A, General Obligation 5.00%,
	2/15/2014, PSF-GTD		750,000		802,867
	Corpus Christi, Series A, General Obligation 4.00%, 3/1/2016, MBIA		1,015,000		1,023,232
	Corpus Christi Utility System, Series A, Revenue, 5.50%, 7/15/2009, FSA		50,000		51,893
	Corpus Christi Utility System, Revenue, 5.25%, 7/15/2016, FSA		950,000		1,049,835
	Dallas County Community College District, Revenue 5.375%, 2/15/2018,
	Callable 2/15/2010 @ $100, AMBAC		1,095,000		1,143,607
	Dallas Waterworks & Sewer Systems, Series A, Revenue 5.00%, 10/1/2011		600,000		630,708
	Dallas-Fort Worth International Airport Facility Improvement Corp.,
	Revenue, 6.00%, 11/1/2014, Callable 11/1/2007 @ $100		140,000		140,899
	Dallas-Fort Worth International Airport Facility Improvement Corp.,
	Revenue, 7.25%, 11/1/2030, Callable 6/25/2007 @ $100		300,000		303,693
	Ennis Independent School District, General Obligation, 4.00%, 8/15/2017,
	Callable 8/15/2016 @ $100, PSF-GTD		850,000		845,002
	Ennis Independent School District, General Obligation, 5.00%, 8/15/2020,
	Callable 8/15/2016 @ $100, PSF-GTD		875,000		935,944
	Fort Bend County, General Obligation 5.00%, 3/1/2019,
	Callable 9/1/2014 @ $100, FGIC		500,000		531,460
	Klein Independent School District, General Obligation 5.50%,
	8/1/2015, PSF-GTD		1,505,000		1,677,774
	La Joya Independent School District, General Obligation 5.00%,
	2/15/2012, PSF-GTD		500,000		526,885
	Laguna Madre Water District, Revenue 4.50%, 3/1/2024,
	Callable 3/1/2016 @ $100, AMBAC		595,000		598,415

See accompanying notes to financial statements.

18

  YIELDQUEST TAX-EXEMPT BOND FUND
  SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2007  

% of
Net Assets	Description	Principal		Value
	Texas (Continued)
	Leander Independent School District, General Obligation 5.375%,
	8/15/2017, Callable 8/15/2012 @ $100, PSF-GTD	$	550,000	$	590,535
	Lewisville Independent School District, General Obligation 5.00%,
	8/15/2012, PSF-GTD		1,000,000		1,058,370
	Lower Colorado River Authority, Revenue 5.25%, 1/1/2015,
	Callable 1/1/2015 @ $100, MBIA		25,000		27,389
	North East Independent School District, General Obligation 5.25%,
	8/1/2011, PSF-GTD		140,000		148,330
	Northwest Harris County Municipal Utility District No. 5, Series A,
	General Obligation 5.50%, 5/1/2016, AMBAC		585,000		655,908
	Pearland Waterworks & Sewer System, Revenue 6.00%,
	9/1/2011, AMBAC		135,000		146,910
	Pearland Waterworks & Sewer Systems, Revenue 5.50%, 9/1/2012, MBIA		830,000		899,927
	Port Arthur Independent School District, General Obligation 5.00%,
	2/15/2014, AMBAC		840,000		899,212
	San Benito Consolidated Independent School District,
	General Obligation 5.00%, 2/15/2012, PSF-GTD		450,000		474,196
	State Municipal Power Agency, Revenue Zero Coupon, 9/1/2010,
	Unrefunded, AMBAC		250,000		220,132
	State Transportaion Community Mobility, Series A,
	General Obligation 5.00%, 4/1/2010		170,000		175,993
	State Turnpike Authority Central Texas Turnpike System, Series A,
	Revenue Zero Coupon, 8/15/2015, AMBAC		705,000		505,358
	Upper Trinity Regional Water District, Revenue 4.00%, 8/1/2020,
	Callable 2/1/2017 @ $100, XCLA		1,100,000		1,078,869
	Williamson County Pass Through Toll, General Obligation 4.25%,
	2/15/2020, Callable 2/15/2013 @ $100, FSA		1,705,000		1,698,248
					24,140,235
0.37%	Utah
	Alpine School District, General Obligation 4.25%, 3/15/2013,
	School Board GTY		500,000		513,300
	Central Utah Water Conservancy District, Series D,
	General Obligation 4.25%, 4/1/2008		50,000		50,247
					563,547
0.07%	Virginia
	City of Suffolk, Public Improvement, General Obligation 2.50%, 8/1/2007		100,000		99,528
1.91%	Washington
	King County, Series B, General Obligation 5.85%, 12/1/2013,
	Callable 12/1/2007 @ $102		25,000		25,803
	Kitsap County Sewer, Revenue 4.20%, 12/1/2007, FGIC		150,000		150,429
	Klickitat County Public Utility District No. 001, Series B, Revenue, 5.25%,
	12/1/2013, Callable 12/1/2011 @ $100, AMBAC		1,000,000		1,064,690
	Washington State University Athletic Facilities, Revenue, 4.00%,
	10/1/2016, AMBAC		570,000		574,885
	Washington State University Athletic Facilities, Revenue 4.00%, 10/1/2017,
	Callable 4/1/2017 @ $100, AMBAC		555,000		556,787
	Yakima County School District No. 201 Sunnyside, General Obligation 4.50%,
	12/1/2017, Callable 6/1/2014 @ $100, FSA		500,000		518,070
					2,890,664
0.08%	West Virginia
	State Water Development Authority Infrastructure, Series A, Revenue 2.50%,
	10/1/2007, AMBAC		125,000		124,076

See accompanying notes to financial statements.

19

  YIELDQUEST TAX-EXEMPT BOND FUND
  SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2007  

% of
Net Assets	Description	Principal		Value
1.63%	Wisconsin
	Monona Grove School District, General Obligation 4.50%, 5/1/2019,
	Callable 5/1/2016 @ $100, MBIA	$	1,225,000	$	1,256,911
	State Petroleum Inspection Fee, Series 1, Revenue 5.00%, 7/1/2011,
	Callable 7/1/2009 @ $102, FSA		900,000		939,519
	Wisconsin State, General Obligation 6.25%, 5/1/2012		235,000		261,419
					2,457,849
	Total Municipal Bonds
	(Cost $79,263,090)				79,629,157
		Shares
1.42%	COMMON STOCKS
0.83%	Financial Services
	Centerline Holding Co.		22,860		409,651
	Countrywide Financial Corp.		3,700		137,196
	Municipal Mortgage & Equity, LLC		5,315		146,960
	Thornburg Mortgage, Inc.		19,925		553,915
					1,247,722
0.59%	Real Estate Investment Trust
	American Home Mortgage Investment Corp.		10,560		261,677
	iStar Financial, Inc.		2,650		126,988
	MFA Mortgage Investments, Inc.		20,150		147,095
	Newcastle Investment Corp.		5,375		157,003
	Redwood Trust, Inc.		3,995		200,589
					893,352
	Total Common Stocks
	(Cost $2,100,995)				2,141,074
41.04%	EXCHANGE TRADED / CLOSED-END FUNDS
40.65%	Closed-End Funds
0.29%	Asset Allocation Closed-End Fund
	Pioneer Tax Advantaged Balanced Fund		29,256		438,840
0.91%	Equity Closed-End Funds
	Chartwell Dividend & Income Fund		11,000		111,760
	DWS RREEF Real Estate Fund II, Inc.		9,944		267,096
	DWS RREEF Real Estate Fund, Inc.		11,250		229,500
	ING Clarion Global Real Estate Income Fund		15,217		339,339
	Neuberger Berman Real Estate Securities Income Fund, Inc.		12,330		237,106
	RMR Real Estate Fund		10,814		186,541
					1,371,342
35.40%	Municipal Closed-End Funds
	BlackRock Florida Municipal 2020 Term Trust		10,900		151,510
	BlackRock Insured Municipal Term Trust, Inc.		231,575		2,283,329
	BlackRock Long-Term Municipal Advantage Trust		192,924		2,660,422
	BlackRock MuniEnhanced Fund, Inc.		75,525		829,265
	BlackRock MuniHoldings California Insured Fund, Inc.		44,917		644,110
	BlackRock MuniHoldings Florida Insured Fund		117,963		1,633,788
	BlackRock MuniHoldings Insured Fund II, Inc.		84,200		1,117,334
	BlackRock MuniHoldings Insured Fund, Inc.		33,630		441,562
	BlackRock MuniYield Florida Fund		64,462		899,245
	BlackRock MuniYield Florida Insured Fund		97,745		1,341,061
	BlackRock MuniYield Insured Fund, Inc.		36,031		516,324
	BlackRock MuniYield Michigan Insured Fund II, Inc.		53,278		726,179
	BlackRock MuniYield Michigan Insured Fund, Inc.		46,346		664,138

See accompanying notes to financial statements.

20

  YIELDQUEST TAX-EXEMPT BOND FUND
  SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2007  

% of
Net Assets	Description	Shares		Value
	Municipal Closed-End Funds (Continued)
	BlackRock MuniYield New Jersey Insured Fund, Inc.		44,507	$	652,473
	BlackRock MuniYield Pennsylvania Insured Fund		63,143		957,879
	BlackRock MuniYield Quality Fund		24,600		353,994
	Colonial Insured Municipal Fund		5,100		70,686
	Delaware Investments Minnesota Municipal Income Fund II		76,378		1,126,575
	DTF Tax Free Income, Inc.		45,700		684,586
	DWS Municipal Income Trust		124,534		1,408,480
	Eaton Vance Florida Municipal Income Fund		500		7,200
	Eaton Vance Insured Municipal Bond Fund II		35,160		555,176
	Eaton Vance Massachusetts Municipal Income Fund		24,250		362,780
	Eaton Vance Michigan Municipal Income Trust		5,600		80,360
	Eaton Vance Municipal Income Trust		115,878		1,852,889
	Eaton Vance Pennsylvania Municipal Income Trust		400		5,808
	Insured Municipal Income Fund		32,400		437,076
	Investment Grade Municipal Income Fund		48,400		671,792
	MBIA Capital/Claymore Managed Duration Investment Grade Municipal Fund		118,000		1,571,760
	Minnesota Municipal Income Portfolio		3,600		51,012
	Morgan Stanley Municipal Income Opportunities Trust II		22,834		215,781
	Neuberger Berman Intermediate Municipal Fund, Inc.		42,388		589,193
	Nuveen Arizona Premium Income Municipal Fund		16,872		239,751
	Nuveen Dividend Advantage Municipal Fund		4,600		69,276
	Nuveen Florida Investment Quality Municipal Fund		209,869		2,959,153
	Nuveen Florida Quality Income Municipal Fund		126,380		1,774,375
	Nuveen Georgia Premium Income Municipal Fund		33,600		483,504
	Nuveen Insured California Premium Income Municipal Fund 2		31,440		460,282
	Nuveen Insured Florida Premium Income Municipal Fund		32,055		472,491
	Nuveen Insured Florida Tax-Free Advantage Municipal Fund		70,442		964,351
	Nuveen Insured Massachusetts Tax-Free Advantage Municipal Fund		19,406		274,595
	Nuveen Insured Premium Income Municipal Fund		44,997		591,261
	Nuveen Insured Quality Municipal Fund, Inc.		99,265		1,458,203
	Nuveen Massachusetts Premium Income Municipal Fund		50,667		741,765
	Nuveen Michigan Premium Income Municipal Fund		28,000		407,400
	Nuveen Michigan Quality Income Municipal Fund		110,469		1,651,512
	Nuveen New Jersey Investment Quality Municipal Fund		231,713		3,313,496
	Nuveen North Carolina Premium Income Municipal Fund		40,570		583,802
	Nuveen Ohio Quality Income Municipal Fund		65,079		1,036,708
	Nuveen Pennsylvania Investment Quality Municipal Fund		153,633		2,152,398
	Nuveen Pennsylvania Premium Income Municipal Fund 2		118,759		1,623,436
	Nuveen Premier Municipal Income Fund, Inc.		57,266		808,596
	PIMCO Municipal Advantage Fund, Inc.		52,606		722,280
	Pioneer Municipal High Income Advantage Trust		14,011		223,616
	Pioneer Municipal High Income Trust		33,879		509,879
	Putnam Investment Grade Municipal Trust		78,380		797,908
	Putnam Municipal Opportunities Trust		113,204		1,381,089
	Seligman Select Municipal Fund, Inc.		36,126		372,459
	Van Kampen Advantage Municipal Income Trust II		30,989		429,198
	Van Kampen Pennsylvania Value Municipal Income Trust		52,373		765,693
	Western Asset Intermediate Muni Fund, Inc.		64,055		590,587
	Western Asset Municipal Partners Fund		5,400		74,034
					53,496,865
4.04%	Taxable Fixed Income Closed-End Funds
	40/86 Strategic Income Fund		27,000		272,700
	BlackRock Core Bond Trust		24,200		313,390
	BlackRock High Yield Trust		8,000		66,560
	BlackRock Income Trust		142,635		885,764

See accompanying notes to financial statements.

21

  YIELDQUEST TAX-EXEMPT BOND FUND
  SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2007  

% of
Net Assets	Description	Shares		Value
	Taxable Fixed Income Closed-End Funds (Continued)
	Chartwell Dividend & Income Fund, Inc.		11,000	$	111,760
	Dreyfus High Yield Strategies Fund		60,000		261,600
	Duff & Phelps Utility & Corporate Bond Trust, Inc.		47,675		545,402
	MFS Intermediate Income Trust		173,600		1,074,584
	MFS Multimarket Income Trust		57,500		349,600
	Morgan Stanley High Yield Fund, Inc.		20,000		122,400
	Putnam Master Intermediate Income Trust		80,100		528,660
	Putnam Premier Income Trust		44,800		296,128
	Western Asset Emerging Markets Debt Fund, Inc.		41,444		753,452
	Western Asset/Claymore US Treasury Inflation Protected Securities Fund		36,526		425,893
	Western Asset/Claymore US Treasury Inflation Protected Securities Fund 2		16,800		200,424
					6,096,557
					61,403,604
0.39%	Equity ETFs
	iShares Dow Jones US Real Estate Index Fund		4,275		365,341
	iShares Silver Trust*		1,660		220,647
					585,988
	Total Exchange Traded / Closed-End Funds
	(Cost $60,543,755)				61,989,592
		Principal
0.54%	FOREIGN BONDS
0.54%	Sovereign Bonds
	Canadian Government, 2.75%, 12/1/2007	$	110,000		98,302
	New South Wales Treasury Corp.:
	7.00%, 12/1/2010, Series 10RG		500,000		425,053
	5.50%, 8/1/2014, Series 14RG		120,000		95,617
	New Zealand Government:
	6.00%, 11/15/2011, Series 1111		135,000		97,042
	6.00%, 12/15/2017, Series 1217		135,000		99,328
	Total Foreign Bonds
	(Cost $755,588)				815,342
		Contracts
0.13%	PURCHASED OPTIONS
	iShares Dow Jones US Real Estate, Put @ $85, Expire Jun 2007		81		14,985
	iShares Lehman 20+ Year Treasury, Put @ $95, Expire Jun 2007		107		7,223
	iShares MSCI Emerging Market Index:
	Put @ $105, Expire Jun 2007		79		9,875
	Put @ $115, Expire Jun 2007		30		8,400
	Put @ $115, Expire Sep 2007		67		39,530
	iShares Russell 2000:
	Put @ $76, Expire Jun 2007		150		14,925
	Put @ $78, Expire Jun 2007		50		7,100
	KBW Mortgage Finance Index:
	Put @ $90, Expire Jun 2007		33		3,548
	Put @ $92.50, Expire Jun 2007		55		9,487
	Nasdaq-100 Trust Series 1 Put Option, Put @ $41, Expire June 2007		96		1,104
	Powershares QQQ:
	Put @ $42, Expire Jun 2007		172		2,924
	Put @ $43, Expire Jun 2007		141		5,006
	SPDR Trust Series 1:
	Put @ $146, Expire Sep 2007		118		40,120

See accompanying notes to financial statements.

22

  YIELDQUEST TAX-EXEMPT BOND FUND
  SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2007  

% of
Net Assets	Description	Contracts		Value
0.13%	PURCHASED OPTIONS
	Put @ $139, Expire Jun 2007		53	$	2,385
	Put @ $140, Expire Jun 2007		179		16,557
	Put @ $140, Expire Sep 2007		64		13,120
	Put @ $136, Expire June 2007		74		2,960
	Total Purchased Options
	(Cost $400,872)				199,249
3.38%	SHORT-TERM INVESTMENT
3.38%	Money Market Fund
	Federated Tax-Free Obligations Fund, 3.48%, 5/1/07(b)
	(Cost $5,110,838)		5,110,838		5,110,838
99.43%	Total Investments
	(Cost $148,515,232)				150,203,252
0.57%	Other Assets				860,786
100.00%	NET ASSETS			$	151,064,038

(a)	Security in Default
(b)	All or a portion of this security is segregated with custodian for futures contracts.
*	Non-income producing securities.
AMBAC	Insured by American Municipal Bond Insurance Assurance Corp.
AMT	Subject to alternative minimum tax
FGIC	Insured by Financial Guaranty Insurance Co.
FHA	Federal Housing Administration
FNMA	Federal National Mortgage Association
FSA	Insured by Federal Financial Security Assurance
GNMA	Government National Mortgage Association
GO	General Obligation
LLC	Limited Liability Co.
MBIA	Insured by Municipal Bond Insurance Organization Association
XLCA	XL Capital Assurance

				Notional		Unrealized
		Contracts		Value		Gain/(Loss)
(0.02)%	FUTURES CONTRACTS PURCHASED
	Corn Jul 07, expires 7/14/2007		12	$	220,500	$	(2,896	)
	Heating Oil May 07, expires 6/16/2007		1		79,582		94
	Lumber Jul 07, expires 7/30/2007		16		431,200		(10,558	)
	Natural Gas Jul 07, expires 7/25/2007		1		80,160		3,216
	Sugar #11 (World) Jul 07, expires 7/15/2007		41		417,872		(18,980	)
	WTI Crude May 07, expires 6/19/2007		4				3,108
	Total Futures Purchased
	(Cost $1,518,170)						(26,016	)
0.02%	FUTURES CONTRACTS SOLD SHORT
	90 Day Eurodollar Dec 07, expires 12/17/2007		90		262,840		29,275
	Copper Jul 07, expires 12/17/2007		5		21,372,750		7,818
	US 10 Year Note Jun 07, expires 6/29/2007		19		2,058,234		(5,500	)
	US 2 Year Bond Jun 07, expires 6/29/2007		61		12,487,844		3,391
	US 30 Year Treas Bond Jun 2007, expires 6/29/2007		14		1,564,500		6,461
	US 5 Year Note Jun 07, expires 6/29/2007		31		3,280,672		(10,281	)
	Total Futures Contracts Sold Short
	(Cost $(41,239,726))					$	31,163

See accompanying notes to financial statements.

23

 STATEMENTS OF ASSETS AND LIABILITIES

 April 30, 2007 (Unaudited)

	YieldQuest Core Equity Fund		YieldQuest Total Return Bond Fund		YieldQuest Tax-Exempt Bond Fund
Assets:
Investments, at cost	$	20,338,317	$	302,099,352	$	148,515,232
Investments in securities, at value	$	21,088,288	$	305,419,188	$	150,203,252
Foreign currency, at value (cost $281, $125,034 and $24,881)		286		125,762		25,097
Unrealized gain on forward foreign exchange contracts		-		-		48,052
Variation margin		-		165,803		-
Receivable for securities sold		713,224		14,564,864		248,239
Interest and dividends receivable		41,633		2,635,727		1,322,705
Receivable for fund shares sold		8,692		872,267		469,484
Prepaid expenses and other assets		13,258		61,813		51,598
Total Assets		21,865,381		323,845,424		152,368,427
Liabilities:
Payable for securities purchased		576,360		16,219,966		897,543
Unrealized loss on forward foreign exchange contracts		-		353,765		32,116
Distributions payable		-		9,733		933
Payable for fund shares redeemed		16,401		232,614		202,815
Variation margin		-		-		78,735
Accrued expenses and other payables:
Investment advisor		7,200		149,445		77,073
Administration		-		11,839		5,446
Fund accounting fees		4,012		115		5,879
Transfer agent fees		4,361		-		1,858
Trustee fees		2,701		1,855		1,991
Other accrued expenses		10,062		-		-
Total Liabilities		621,097		16,979,332		1,304,389
Net Assets	$	21,244,284	$	306,866,092	$	151,064,038
Net Assets Consist Of:
Paid in capital	$	19,143,863	$	302,516,503	$	149,183,944
Undistributed net investment income		142,671		937,909		75,408
Accumulated net realized gain (loss) on investments, futures contracts, options and foreign currency transactions		1,207,774		314,639		94,052
Net unrealized appreciation (depreciation) on investments, futures contracts, options and foreign currency transactions		749,976		3,097,041		1,710,634
Net Assets	$	21,244,284	$	306,866,092	$	151,064,038
Net Asset Value Per Share:
Net Assets	$	21,244,284	$	306,866,092	$	151,064,038
Shares of Beneficial Interest Outstanding (unlimited, no par value)		1,772,984		28,859,652		14,253,505
Net Asset Value, Offering & Redemption Price (Net Assets divided by Shares Outstanding)*	$	11.98	$	10.63	$	10.60

* As of April 30, 2007, each fund imposed a 2% redemption fee for any redemptions occurring within 90 days of purchase.

See accompanying notes to financial statements.

24

 STATEMENTS OF OPERATIONS

 For the Six Months Ended April 30, 2007 (Unaudited)

	YieldQuest Core Equity Fund			YieldQuest Total Return Bond Fund			YieldQuest Tax-Exempt Bond Fund
Investment Income:
Dividend income	$	395,551		$	3,994,248		$	1,788,446
Interest income		3,133			3,114,881			1,193,846
Less: Foreign withholding taxes		(1,341	)		(3,746	)		(231	)
Total Investment Income		397,343			7,105,383			2,982,061
Operating Expenses:
Investment advisory fees		100,609			656,123			351,737
Administration fees		11,967			60,993			24,572
Fund accounting fees		13,047			17,344			16,588
Custodian fees		37,324			31,415			26,138
Transfer agent fees		10,175			12,092			9,823
Trustees’ fees		1,406			4,988			3,151
Recoupment of expense waivers and reimbursements from prior periods		–			14,005			–
Other expenses		17,051			69,856			40,534
Total Operating Expenses		191,579			866,816			472,543
Less: Expenses waived		(70,724	)		–			(1,804	)
Net Operating Expenses		120,855			866,816			470,739
Net Investment Income		276,488			6,238,567			2,511,322
Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Options and Foreign Currency Transactions
Net realized gain from security transactions		1,530,647			877,396			633,831
Net realized gain (loss) from futures contracts		(7,351	)		348,815			(29,075	)
Net realized gain (loss) from foreign currency transactions		57,792			(467,592	)		49,416
Net realized gain (loss) from option transactions		(296,345	)		(201,241	)		(215,031	)
Net change in unrealized appreciation (depreciation) on investments, futures contracts, options and foreign currency transactions		(197,402	)		973,097			166,154
Net Realized and Unrealized Gain		1,087,341			1,530,475			605,295
Change in Net Assets Resulting From Operations	$	1,363,829		$	7,769,042		$	3,116,617

See accompanying notes to financial statements.

25

 STATEMENTS OF CHANGES IN NET ASSETS

	YieldQuest Core Equity Fund
	Six Months Ended April 30, 2007 (Unaudited)			Year Ended October 31, 2006(1)
Operations:
Net investment income	$	276,488		$	118,103
Net realized gain (loss) from investments, futures contracts, options and foreign currency transactions		1,284,743			(52,617	)
Net change in unrealized appreciation (depreciation) on investments, futures contracts, options and foreign currency transactions		(197,402	)		947,378
Change in Net Assets Resulting From Operations		1,363,829			1,012,864
Distributions to Shareholders:
From net investment income		(269,413	)		(6,859	)
Total Distributions to Shareholders		(269,413	)		(6,859	)
Share Transactions of Beneficial Interest:
Net proceeds from shares sold		3,067,291			18,162,706
Reinvestment of distributions		268,712			6,859
Redemption fee proceeds		694			753
Cost of shares redeemed		(1,968,740	)		(434,412	)
Change in Net Assets From Share Transactions of Beneficial Interest		1,367,957			17,735,906
Change in Net Assets		2,462,373			18,741,911
Net Assets:
Beginning of period		18,781,911			40,000
End of period	$	21,244,284		$	18,781,911
Undistributed net investment income	$	142,671		$	135,596
Share Transactions:
Issued		264,759			1,689,074
Reinvested		23,046			668
Redeemed		(168,780	)		(39,783	)
Change in Shares		119,025			1,649,959

(1) Commenced investment operations on November 1, 2005.

See accompanying notes to financial statements.

26

 STATEMENTS OF CHANGES IN NET ASSETS

	YieldQuest Total Return Bond Fund
	Six Months Ended April 30, 2007 (Unaudited)			Year Ended October 31, 2006(1)
Operations:
Net investment income	$	6,238,567		$	2,855,154
Net realized gain (loss) from investments, futures contracts, options and foreign currency transactions		557,378			(74,853	)
Net change in unrealized appreciation (depreciation) on investments, futures contracts, options and foreign currency transactions		973,097			2,123,944
Change in Net Assets Resulting From Operations		7,769,042			4,904,245
Distributions to Shareholders:
From net investment income		(5,431,850	)		(2,891,848	)
Total Distributions to Shareholders		(5,431,850	)		(2,891,848	)
Share Transactions of Beneficial Interest:
Net proceeds from shares sold		172,308,145			136,956,813
Reinvestment of distributions		5,373,388			2,870,539
Redemption fee proceeds		5,320			5,990
Cost of shares redeemed		(11,396,922	)		(3,646,770	)
Change in Net Assets From Share Transactions of Beneficial Interest		166,289,931			136,186,572
Change in Net Assets		168,627,123			138,198,969
Net Assets:
Beginning of period		138,238,969			40,000
End of period	$	306,866,092		$	138,238,969
Undistributed net investment income	$	937,909		$	131,192
Share Transactions:
Issued		16,270,004			13,227,349
Reinvested		506,582			276,631
Redeemed		(1,074,344	)		(350,570	)
Change in Shares		15,702,242			13,153,410

(1) Commenced investment operations on November 1, 2005.

See accompanying notes to financial statements.

27

 STATEMENTS OF CHANGES IN NET ASSETS

	YieldQuest Tax-Exempt Bond Fund
	Six Months Ended April 30, 2007 (Unaudited)			Year Ended October 31, 2006(1)
Operations:
Net investment income	$	2,511,322		$	1,274,993
Net realized gain (loss) from investments, futures contracts, options and foreign currency transactions		439,141			(321,809	)
Net change in unrealized appreciation (depreciation) on investments, futures contracts, options and foreign currency transactions		166,154			1,544,480
Change in Net Assets Resulting From Operations		3,116,617			2,497,664
Distributions to Shareholders:
From net investment income		(2,458,391	)		(1,275,796	)
Total Distributions to Shareholders		(2,458,391	)		(1,275,796	)
Share Transactions of Beneficial Interest:
Net proceeds from shares sold		74,463,492			88,625,559
Reinvestment of distributions		2,450,136			1,271,403
Redemption fee proceeds		8,873			6,856
Cost of shares redeemed		(12,716,031	)		(4,966,344	)
Change in Net Assets From Share Transactions of Beneficial Interest		64,206,470			84,937,474
Change in Net Assets		64,864,696			86,159,342
Net Assets:
Beginning of period		86,199,342			40,000
End of period	$	151,064,038		$	86,199,342
Undistributed net investment income	$	75,408		$	22,477
Share Transactions:
Issued		7,037,119			8,535,914
Reinvested		231,554			122,126
Redeemed		(1,199,845	)		(477,363	)
Change in Shares		6,068,828			8,180,677

(1) Commenced investment operations on November 1, 2005.

See accompanying notes to financial statements.

28

  NOTES TO FINANCIAL STATEMENTS (Unaudited)

NOTE 1. ORGANIZATION
The YieldQuest Core Equity Fund (“Core Equity Fund”), YieldQuest Total Return Bond Fund (“Total Return Bond Fund”) and YieldQuest Tax-Exempt Bond Fund (“Tax-Exempt Bond Fund”) (each a “Fund” or collectively, the “Funds”) were organized as diversified series of YieldQuest Funds Trust (the “Trust”) on June 27, 2005. The Trust was organized as a business trust under the laws of the State of Delaware pursuant to a Certificate of Trust filed with the State of Delaware on May 9, 2005, and an Agreement and Declaration of Trust (the “Declaration of Trust”) of even date therewith. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Declaration of Trust permits the Board of Trustees of the Trust (the “Board”) to issue an unlimited number of shares of beneficial interest of separate series without par value. Each Fund is one of a series of funds currently authorized by the Trustees. The investment advisor to each Fund is YieldQuest Advisors, LLC (the “Advisor”). YieldQuest Securities, LLC serves as principal underwriter of the Funds. The Funds commenced investment operations on November 1, 2005. Each Fund’s investment objective is as follows:

Core Equity Fund – Long-term capital appreciation and, secondarily, income.
Total Return Bond Fund – Total return, comprised of both income and capital appreciation.
Tax-Exempt Bond Fund – Maximum current tax-exempt income.

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting policies followed by the Trust in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the period. Actual results could differ from these estimates.

Security Valuation - Security prices are generally provided by a third party pricing service. Portfolio securities and other assets for which market quotes are readily available are stated at market value. Market value is generally determined on the basis of last reported sales prices prior to the time at which each fund determines its net asset value, or if no sales prices are reported, based on the quotes obtained from a quotation reporting system, established market makers, or pricing services. NASDAQ-traded securities are valued at the NASDAQ Official Closing Price (“NOCP”). Certain securities or investments for which daily market quotations are not readily available may be valued, pursuant to guidelines established by the Board of Trustees, with reference to other securities or indices. Short-term investments having a maturity of 60 days or less are generally valued at amortized cost. Exchange-traded funds, exchange-traded options, futures and options on futures are valued at the settlement price determined by the exchange. Other securities for which market quotes are not readily available are valued at fair value as determined in good faith by the Board of Trustees or persons acting at their direction. Investments initially valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services.

In unusual circumstances, instead of valuing securities in the usual manner, the Funds may value securities at a fair value as determined in good faith by the Advisor according to procedures approved by the Board of Trustees. Fair valuation may also be used if extraordinary events occur after the close of the relevant market but prior to the NYSE close. Fair value pricing requires subjective determinations about the value of a security. The Valuation Committee of the Board acts as a liaison between the full Board of Trustees and the Advisor, with respect to the fair value pricing of securities held in the Funds’ portfolios. The Valuation Committee is responsible for reviewing and approving the price of any security in a Fund’s portfolio that is fair value priced.

As a general principle, the “fair value” of a security is the amount that a Fund might reasonably expect to realize upon its current sale. There is no single standard for determining the fair value of a security. Rather, in determining the fair value of a security, the Valuation Committee shall take into account the relevant factors and surrounding circumstances, which may include: (i) the nature and pricing history (if any) of the security; (ii) whether any dealer quotations for the security are available; (iii) possible valuation methodologies that could be used to determine the fair value of the security; (iv) the recommendation of the portfolio manager of the Fund with respect to the valuation of the security; (v) whether the same or similar securities are held by other funds managed by the Advisor or other funds

29

  NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

and the method used to price the security in those funds; (vi) the extent to which the fair value to be determined for the security will result from the use of data or formula produced by third parties independent of the Advisor; and (vii) the liquidity or illiquidity of the market for the security.

In September 2006, the Financial Accounting Standards Board (“FASB”) issued FASB Statement No. 157, “Fair Value Measurement” (“SFAS 157”), which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. SFAS 157 is effective for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. The Funds believe the adoption of SFAS 157 will have no material impact on its financial statements.

Security Transactions and Investment Income - Securities transactions are recorded on trade date. In determining net realized gain or loss from the sale of securities, the cost of securities sold is determined on the identified cost basis. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Purchase discounts and premiums on securities are accreted and amortized over the life of the respective securities.

Expenses - Expenses directly attributable to a Fund are charged directly to the Fund. Expenses relating the Trust are allocated proportionately to each Fund within the Trust according to net assets of each Fund or another reasonable basis.

Federal Income Taxes - It is the Trust’s policy to comply with all sections of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income and any realized capital gains to its shareholders. Therefore, no federal income tax provision is required. Each Fund is treated as a separate taxpayer for federal income tax purposes.

Capital loss carry forwards, as of each Fund’s most recent tax year-end, available to offset future capital gains, if any, are as follows: Core Equity Fund, $59,362; Total Return Bond Fund, $200,584; and Tax-Exempt Bond Fund, $303,683.

On July 13, 2006, the FASB released FASB Interpretation No. 48 “Accounting for Uncertainty in Income Taxes’ (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likelythan-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likelythan-not threshold would be recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is required no later than the last business day of the first financial reporting period which occurs during the fiscal year beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. At this time management believes that the adoption of FIN 48 will have no impact on the financial statements of the Funds.

Dividends and Distributions - The Equity Fund will pay dividends from net investment income, if any, on an annual basis and will declare and pay distributions from net realized capital gains, if any, at least annually. The Total Return Bond Fund and the Tax-Exempt Bond Fund will pay dividends from net investment income on a monthly basis and will declare and pay distributions from net realized capital gains, if any, at least annually. The amounts of distributions from net investment income and capital gains are determined in accordance with federal income tax regulations, which may differ from those amounts determined under accounting principles generally accepted in the United States of America. To the extent these book/tax differences are permanent; they are charged or credited to paid-in-capital in the period that the difference arises.

Foreign Currency Transactions - The accounting records of the Funds are maintained in U.S. dollars. Financial instruments and other assets and liabilities of a Fund denominated in a foreign currency, if any, are translated into U.S. dollars at current exchange rates. Purchases and sales of financial instruments, income receipts and expense payments are translated into U.S. dollars at the exchange rate on the date of the transaction. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates from those resulting from changes in market values of financial instruments. Such fluctuations are included with the net realized and unrealized gains or losses from investments. Realized foreign exchange gains or losses arise from transactions in financial

30

  NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

instruments and foreign currencies, currency exchange fluctuations between the trade and settlement date of such transactions, and the difference between the amount of assets and liabilities recorded and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, including financial instruments, resulting from changes in currency exchange rates.

Foreign Currency Contracts - The Funds may invest in forward currency contracts for investment or risk management purposes. A forward currency contract is an obligation to buy or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. The Funds could be exposed to risks if the counterparties to the contracts are unable to meet the terms of the contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The forward currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.

Futures Contracts - Each Fund may use futures contracts for hedging or speculative purposes consistent with its investment objective. Upon entering into a stock index futures contract with a broker, the Fund is required to deposit in a segregated account a specified amount of cash or U.S. government securities. Futures contracts are valued daily and unrealized gains or losses are recorded in a “variation margin” account. Daily, the Fund receives from or pays to the broker a specified amount of cash based upon changes in the variation margin account. When a contract is closed, the Fund recognizes a realized gain or loss. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with changes in the value of the underlying securities.

NOTE 3. INVESTMENT ADVISORY FEES AND OTHER RELATED PARTY TRANSACTIONS
The Trust has entered into an investment advisory agreement with the Advisor on behalf of each Fund. The Advisor has overall supervisory responsibility for the general management and investment of each Fund and its securities portfolio, subject to the oversight of the Board. The following table sets forth the annual investment advisory fee rates payable by each Fund to the Advisor pursuant to the investment advisory agreement, expressed as a percentage of the Fund’s average daily net assets, along with the actual investment advisory fees earned during the period ended April 30, 2007.

	Investment		Investment
	Advisory		Advisory
	Fee Rate		Fee*
Core Equity Fund	0.99	%	$	100,609
Total Return Bond Fund	0.59	%		656,123
Tax-Exempt Bond Fund	0.59	%		351,737

* These figures represent the investment advisory fees accrued, excluding the effects of any fee waivers/reimbursements.

The Advisor has contractually agreed to waive its investment advisory fees and/or make payments to limit Fund expenses to the amount described below under “Expense Limitation”, other than brokerage fees and commissions, borrowing costs (such as interest and dividend expenses on securities sold short, if any), taxes, indirect expenses of investing in other investment companies and extraordinary or non-recurring expenses, at least until October 31, 2008.

The expense limitations, expressed as a percentage of each Fund’s average daily net assets, along with the actual investment advisory fee waivers for the six months ended April 30, 2007 were as follows:

				Investment
	Expense			Advisory Fee
	Limitation			Waived
Core Equity Fund		1.19	%		$	70,274
Total Return Bond Fund		0.79	%			-
Tax-Exempt Fund		0.79	%			1,804

31

  NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Each waiver or reimbursement by the Advisor is subject to repayment by a Fund within three fiscal years following the fiscal year in which that particular expense was incurred; provided that the Fund is able to make repayment without exceeding its expense limitation. For the six months ended April 30, 2007, Total Return Bond Fund repaid $14,005 of such waivers and reimbursements.

Beginning April 13, 2007, pursuant to a Master Services Agreement (“agreement”), BISYS Fund Services Ohio, Inc. (“BISYS”) provides administration, accounting and transfer agency services to the Funds. Under the terms of the agreement, BISYS is paid an annual fee, computed daily and payable monthly based on a percentage of average daily net assets, subject to certain minimums and certain transaction fees. Prior to April 13, 2007, Gemini Fund Services, LLC served the Funds in similar capacities.

A trustee and certain officers of the Funds are also officers of the Advisor and its affiliates.

Subject to policies established by the Board, the Advisor is responsible for each Fund’s portfolio decisions and the placing of each Fund’s portfolio transactions. The Advisor typically executes each Fund’s portfolio transactions through its affiliated broker-dealer, YieldQuest Securities LLC (which also serves as the Funds’ distributor), on an agency basis; while principal trades on behalf of the Funds are executed solely through independent broker-dealers. In placing portfolio transactions, the Advisor seeks the best qualitative execution for the Funds, taking into account such factors as price (including the applicable brokerage commission or dealer spread), the execution capability, financial responsibility, responsiveness of the broker-dealer, clearance procedures, wire service quotations, statistical ands other research services provided by the broker or dealer to the Funds and the Advisor. The Advisor generally seeks favorable prices and commission rates that are reasonable in relation to the benefits received. Under the Investment Company Act of 1940, persons affiliated with the Advisor (such as YieldQuest Securities LLC) are prohibited from dealing with the Funds as a principal in the purchase and sale of securities. Therefore, YieldQuest Securities will not serve as dealer in connection with the Fund’s over-the-counter transactions. However, YieldQuest Securities may serve as broker in the Funds’ over-the-counter transactions conducted on an agency basis and may receive brokerage commissions in connection with such transactions. Such transactions will be executed on a fully disclosed basis through its clearing firm. As of April 30, 2007, YieldQuest Securities had received brokerage commissions of $52,851, $335,029 and $145,889, respectively, for the Core Equity Fund, the Total Return Bond Fund and the Tax-Exempt Bond Fund. The total value of transactions generating brokerage commissions were $110,973,124, $256,281,049 and $160,419,937, respectively, for the Core Equity Fund, the Total Return Bond Fund and the Tax-Exempt Bond Fund.

Contingencies and Commitments
In the normal course of business, the Funds enter into contracts that contain various representations and warranties and provide general indemnifications. The Funds’ maximum exposure under these arrangements is dependent on future claims against the Funds and is presently unknown. However, based on experience, the Funds consider the risk of loss from such potential claims to be remote.

NOTE 4. INVESTMENT TRANSACTIONS
The cost of security purchases and the proceeds from the sales of securities, other than short-term securities, for the period ended April 30, 2007, were as follows:

	Purchases		Sales
Core Equity Fund	$	62,221,772	$	61,350,005
Total Return Bond Fund		351,039,780		187,483,318
Tax-Exempt Bond Fund		208,154,989		114,926,711

At April 30, 2007, the Total Return Bond Fund and Tax-Exempt Bond Fund each had open forward foreign currency contracts. Each Fund bears the market risk that arises from changes in foreign currency exchange rates. The unrealized gain (loss) on the contracts reflected in the accompanying financial statements were as follows:

32

  NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

TOTAL RETURN BOND FUND
	Local	Market		Settlement	Unrealized
Foreign Currency	Currency	Value		Date	Gain (Loss)
To Buy:
Australian Dollar	2,987,994	$	2,480,170	05/11/07	$	265,170
Euro	366,481		500,063	05/11/07		1,648
Japanese Yen	582,667,124		4,884,769	05/11/07		(15,711	)
New Zealand Dollar	2,731,092		2,021,123	05/11/07		(253,877	)
						(2,770	)
To Sell:
Australian Dollar	7,858,161		6,522,628	05/11/07		(39,645	)
British Pound	3,207,744		6,413,445	05/11/07		(64,109	)
Canadian Dollar	168,187		151,628	05/11/07		(4,482	)
Euro	5,751,611		7,851,761	05/11/07		(89,688	)
Icelandic Krona	84,686,430		1,319,386	05/11/07		(46,862	)
New Zealand Dollar	8,143,516		6,026,545	05/11/07		(106,209	)
						(350,995	)
Total Net Unrealized Loss on Open Forward Foreign Currency Contracts					$	(353,765	)
TAX-EXEMPT BOND FUND
	Local	Market		Settlement	Unrealized
Foreign Currency	Currency	Value		Date	Gain (Loss)
To Buy:
British Pound	203,149	$	406,168	05/11/07	$	4,137
Canadian Dollar	739,947		667,090	05/11/07		19,718
Euro	1,315,542		1,795,90	05/11/07		27,286
Japanese Yen	114,542,330		960,262	05/11/07		(3,089	)
						48,052
To Sell:
Australian Dollar	1,386,450		1,150,816	05/11/07		(45,723	)
Icelandic Krona	30,427,800		474,055	05/11/07		(16,838	)
New Zealand Dollar	1,012,239		749,100	05/11/07		30,445
						(32,116	)
Total Net Unrealized Gain on Open Forward Foreign Currency Contracts					$	15,936

NOTE 5. REDEMPTION FEES
Each Fund imposes a 2% redemption fee for any redemptions occurring within 90 days of purchase. Such fees amounted to $694, $5,320 and $8,873, respectively, for the Core Equity Fund, Total Return Bond Fund and the Tax-Exempt Bond Fund for the period ended April 30, 2007. (See Note 8 below.)

33

  NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

NOTE 6. DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL
At April 30, 2007, the cost, gross unrealized appreciation, gross unrealized depreciation on securities and net unrealized appreciation and depreciation for federal income tax purposes were as follows:

										Net Tax
			Tax Unrealized			Tax Unrealized				Unrealized
		Tax Cost	Appreciation			(Depreciation)				Appreciation
Core Equity Fund	$	20,445,049		$	810,610		$	(167,371	)		$	643,239
Total Return Bond Fund		302,408,855			4,519,719			(1,509,386	)			3,010,333
Tax-Exempt Bond Fund		148,658,902			1,972,034			(427,684	)			1,544,350

The difference between book basis unrealized appreciation and depreciation is attributable primarily to tax deferral of losses on wash sales and on investments in Passive Foreign Investment Companies.

NOTE 7. CONTROL OWNERSHIP
The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the Investment Company Act of 1940. As of April 30, 2007, Charles Schwab & Co., Inc. held 74%, 66% and 72%, respectively, of the outstanding shares of the Core Equity Fund, the Total Return Bond Fund and the Tax-Exempt Bond Fund for the benefit of others.

NOTE 8. SUBSEQUENT EVENT
On June 18, 2007, the Board approved the elimination of the redemption fees effective immediately. (See Note 5.)

34

 FINANCIAL HIGHLIGHTS

The table sets forth financial data for one share of beneficial interest outstanding throughout the entire period.

	YieldQuest								YieldQuest								YieldQuest
	Core Equity Fund								Total Return Bond Fund								Tax-Exempt Bond Fund
	For the six months ended 4/30/2007 (Unaudited)				For the year ended 10/31/2006*				For the six months ended 4/30/2007 (Unaudited)				For the year ended 10/31/2006*				For the six months ended 4/30/2007 (Unaudited)				For the year ended 10/31/2006*
Net Asset Value, beginning of period	$	11.36			$	10.00			$	10.51			$	10.00			$	10.53			$	10.00
Change in net assets from operations:
Net investment income		0.08				0.13				0.23				0.41				0.21				0.31
Net realized and unrealized gains on investments		0.70				1.29				0.13				0.51				0.07				0.53
Total from investment activities		0.78				1.42				0.36				0.92				0.28				0.84
Distributions:
Net investment income		(0.16	)			(0.06	)			(0.24	)			(0.41	)			(0.21	)			(0.31	)
Net realized gains from investments		-		(1)		-		(1)		-		(1)		-		(1)		-		(1)		-		(1)
Total Distributions		(0.16	)			(0.06	)			(0.24	)			(0.41	)			(0.21	)			(0.31	)
Paid-in capital from redemption fees		-		(2)		-		(2)		-		(2)		-		(2)		-		(2)		-		(2)
Net Asset Value, end of year	$	11.98			$	11.36			$	10.63			$	10.51			$	10.60			$	10.53
Net assets at end of period (000’s)	$	21,244			$	18,782			$	306,866			$	138,239			$	151,064			$	86,199
Total return †		6.86%		(3)		14.24%				3.47%		(3)		9.31%				2.68%		(3)		8.51%
Ratios/Supplemental Data:
Ratio of expenses to average net assets before advisory fee waivers		1.88%		(4)		2.85%				0.78%		(4)		0.94%				0.79%		(4)		1.09%
Ratio of expenses to average net assets after advisory fee waivers		1.19%		(4)		1.19%				0.78%		(4)		0.79%				0.79%		(4)		0.79%
Ratio of net investment income to average net assets before advisory fee waivers		1.94%		(4)		(0.29)%				4.16%		(4)		4.70%				3.40%		(4)		3.25%
Ratio of net investment income to average net assets after advisory fee waivers		2.60%		(4)		1.37%				4.16%		(4)		4.85%				3.40%		(4)		3.55%
Portfolio turnover rate		304%				455%				87%				137%				119%				72%

*	Commenced investment operations on November 1, 2005.
†	Assumes reinvestment of all dividends and distributions, if any. Total return does not reflect the deductions of taxes that a shareholder would pay on distributions or on the redemption of shares.
(1)	Includes distributions of capital gains from underlying mutual funds.
(2)	Amount represents less than $0.01 per share.
(3)	Not annualized for periods less than one year.
(4)	Annualized.

35

  SUPPLEMENTAL INFORMATION (Unaudited)

Shareholders of the Funds will pay ongoing expenses, such as advisory fees and other fund expenses. The following examples are intended to help the shareholder understand the ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note, the expenses shown in the tables below are meant to highlight ongoing costs only and do not reflect any transactional costs, such as redemption fees which may be assessed by mutual funds. Therefore, the hypothetical examples below are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. This example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses: The table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount invested, to estimate the expenses that were paid over the period. 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 in the table under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during the period.

	Beginning Account Value 11/1/06	Ending Account Value 4/30/07	Expenses Paid 11/1/06 – 4/30/07*	Expense Ratio [Annualized] 11/1/06 – 4/30/07
Actual Expenses
YieldQuest Core Equity Fund	$1,000.00	$1,068.60	$6.10	1.19%
YieldQuest Total Return Bond Fund	1,000.00	1,034.70	3.94	0.78%
YieldQuest Tax-Exempt Bond Fund	1,000.00	1,026.80	3.97	0.79%

Hypothetical Examples for Comparison Purposes: The second table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses paid for the period. This information may be used to compare the ongoing costs of investing in a Fund and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

	Beginning Account Value 11/1/06	Ending Account Value 4/30/07	Expenses Paid 11/1/06 – 4/30/07*	Expense Ratio [Annualized] 11/1/06 – 4/30/07
Hypothetical Expenses
YieldQuest Core Equity Fund	$1,000.00	$1,018.89	$5.96	1.19%
YieldQuest Total Return Bond Fund	1,000.00	1,020.93	3.91	0.78%
YieldQuest Tax-Exempt Bond Fund	1,000.00	1,020.88	3.96	0.79%

* Expenses are equal to the Funds’ annualized individual expense ratios (after waiver and reimbursement), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the days in reporting period).

36

SUPPLEMENTAL INFORMATION (Unaudited) (Continued)

Proxy Voting Policy: Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 as well as a description of the policies and procedures that the Funds use to determine how to vote proxies will be available without charge, upon request, by calling 1-877-497-3634 or by referring to the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

Portfolio Holding Disclosure: Each Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Each Fund’s form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (1-800-SEC-0330). Each Fund makes the information on Form N-Q available to shareholders without charge, upon request, by calling 1-877-497-3634.

37

Item 2. Code of Ethics.   Not applicable – only for annual reports

Item 3. Audit Committee Financial Expert.    Not applicable – only for annual reports

Item 4. Principal Accountant Fees and Services.   Not applicable – only for annual reports

Item 5. Audit Committee of Listed Registrants.   Not applicable – only for annual reports

Item 6. Schedule of Investments.   See Item 1

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies

Item 10. Submission of Matters to a Vote of Security Holders. None

Item 11. Controls and Procedures.

      (a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

      (b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

There were no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Not applicable for open-end investment companies.

(a)(2) Certification(s) required by Section 302 of the Sarbanes-Oxley Act of 2002 (and Item 11(a)(2) of Form N-CSR) are filed herewith.

(a)(3) Not applicable for open-end investment companies.

(b) Certification(s) required by Section 906 of the Sarbanes-Oxley Act of 2002 (and Item 11(b) of Form N-CSR) are filed herewith.

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) YieldQuest Funds Trust

By (Signature and Title)*	/s/ Jay K. Chitnis
	Jay K. Chitnis, President

Date July 6, 2007           

          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/ Jay K. Chitnis
	Jay K. Chitnis, President

Date July 6, 2007           

By (Signature and Title)*	/s/ David Summers
	David Summers, Treasurer

Date July 6, 2007