UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-01136

Guggenheim Funds Trust

(Exact name of registrant as specified in charter)

805 King Farm Boulevard, Suite 600

Rockville, Maryland 20850

(Address of principal executive offices) (Zip code)

Donald C. Cacciapaglia, President and Chief Executive Officer

Guggenheim Funds Trust

805 King Farm Boulevard, Suite 600

Rockville, Maryland 20850

(Name and address of agent for service)

Registrant’s telephone number, including area code: 301-296-5100

Date of fiscal year end: September 30

Date of reporting period: June 30, 2014

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

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

Item 1. Schedule of Investments.

Enhanced World Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Shares		Value
EXCHANGE TRADED FUNDS† - 97.8%
SPDR S&P 500 ETF Trust1		13,866	$	2,713,853
iShares MSCI EAFE ETF		13,650		933,250
iShares MSCI Japan ETF1		52,877		636,639
SPDR S&P MidCap 400 ETF Trust1		1,192		310,588
iShares MSCI United Kingdom ETF		14,626		305,391
iShares MSCI South Korea Capped ETF		4,600		299,092
iShares MSCI Taiwan ETF		18,900		298,620
iShares China Large-Capital ETF1		7,800		288,912
SPDR S&P Homebuilders ETF1		5,025		164,569
Energy Select Sector SPDR Fund1		1,625		162,663
iShares MSCI Mexico Capped ETF1		2,384		161,659
Total Exchange Traded Funds
(Cost $6,242,752)				6,275,236
SHORT TERM INVESTMENTS† - 8.1%
Dreyfus Treasury Prime Cash Management Fund		524,352		524,352
Total Short Term Investments
(Cost $524,352)				524,352
Total Investments - 105.9%
(Cost $6,767,104)			$	6,799,588
		Contracts
OPTIONS WRITTEN† - (0.1)%
Call options on:
iShares MSCI Mexico Capped ETF Expiring July 2014 with strike price of $69.00		10		(230	)
iShares China Large-Cap ETF Expiring July 2014 with strike price of $38.00		35		(630	)
SPDR S&P Homebuilders ETF Expiring July 2014 with strike price of $33.00		21		(756	)
Energy Select Sector SPDR Fund Expiring July 2014 with strike price of $100.00		7		(819	)
SPDR S&P MidCap 400 ETF Trust Expiring July 2014 with strike price of $260.00		5		(1,250	)
SPDR S&P 500 ETF Trust Expiring July 2014 with strike price of $199.00		58		(1,508	)
iShares MSCI Japan ETF Expiring July 2014 with strike price of $12.00		220		(3,740	)
Total Options Written
(Premiums received $12,260)				(8,933	)
Other Assets & Liabilities, net - (5.8)%				(372,794	)
Total Net Assets - 100.0%			$	6,417,861

^† Value determined based on Level 1 inputs — See Note 3.

¹ All or a portion of this security is pledged as collateral for open options written contracts at June 30, 2014.

Floating Rate Strategies Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Shares		Value
SHORT TERM INVESTMENTS† - 7.8%
Federated U.S. Treasury Cash Reserve Fund		105,163,430	$	105,163,430
Total Short Term Investments
(Cost $105,163,430)				105,163,430
		Face Amount
SENIOR FLOATING RATE INTERESTS†† - 72.3%
Industrials - 17.0%
Flakt Woods
8.00% due 04/01/177	$	12,115,820		16,091,387
Crosby Worldwide
3.20% due 11/23/20		12,967,500		12,951,290
Brickman Group Holdings, Inc.
4.00% due 12/18/20		11,249,500		11,131,267
7.50% due 12/17/21		930,000		944,722
Sabre, Inc.
4.50% due 02/19/19		8,340,482		8,361,334
4.25% due 02/19/19		2,944,561		2,950,686
Travelport Holdings Ltd.
6.25% due 06/26/19		5,083,559		5,195,397
9.50% due 01/31/16		4,935,000		5,072,144
US Shipping Corp.
9.00% due 04/30/18		9,470,679		9,616,716
Mitchell International, Inc.
4.50% due 10/13/20		6,368,000		6,389,205
8.50% due 10/11/21		3,050,000		3,108,469
Minimax Viking
4.50% due 08/14/20		8,653,946		8,675,581
Rexnord LLC/ RBS Global, Inc.
4.00% due 08/21/20		8,337,000		8,324,495
US Infrastructure Corp.
4.00% due 07/10/20		6,831,000		6,762,690
Thermasys Corp.
5.25% due 05/03/19		6,697,031		6,663,546
SIRVA Worldwide, Inc.
7.50% due 03/27/19		5,925,000		6,028,688
Tank & Rast
3.85% due 12/10/19		2,340,000		3,208,845
3.60% due 12/10/18		1,750,000		2,392,445
Berlin Packaging LLC
4.75% due 04/02/19		3,564,000		3,586,275
8.75% due 04/10/20		1,900,000		1,942,750
Doncasters Group Ltd.
9.50% due 10/09/20		3,834,483		3,882,414
4.50% due 04/09/20		1,477,300		1,481,924
ServiceMaster Co.
4.25% due 06/25/21		3,550,000		3,543,362
5.50% due 01/31/17		1,757,934		1,756,053
Connolly Corp.
5.00% due 05/14/21		5,000,000		5,053,750
Transdigm, Inc.
3.75% due 06/04/21		4,800,000		4,776,000
Power Borrower, LLC
4.25% due 05/06/20		2,947,068		2,880,759
8.25% due 11/06/20		1,670,000		1,628,250
SRA International, Inc.
6.50% due 07/20/18		4,402,702		4,410,980
STG-Fairway Acquisitions, Inc.
6.25% due 02/28/19		2,962,515		2,951,406
10.50% due 08/28/19†††,7		1,300,000		1,287,000
syncreon
5.25% due 10/28/20		3,781,000		3,804,631
NaNa Development Corp.
8.00% due 03/15/187		3,825,000		3,786,750
Sutherland Global Services, Inc.
7.25% due 03/06/19		3,750,000		3,768,750
Ceva Logistics US Holdings
6.50% due 03/19/21		3,773,793		3,698,317
Knowledge Learning Corp.
5.25% due 03/18/21		3,541,125		3,585,389
Camp Systems International
4.75% due 05/31/19		1,890,426		1,896,721
8.25% due 11/29/19		1,150,000		1,175,875
Emerald Expositions
5.50% due 06/17/20		2,999,216		3,017,032
GYP Holdings III Corp.
4.75% due 04/01/21		2,800,000		2,786,000
Ceva Logistics Holdings BV (Dutch)
6.50% due 03/19/21		2,736,000		2,681,280
Mast Global
8.75% due 09/12/19†††,7		2,681,250		2,654,438
SI Organization
5.75% due 11/23/19		2,600,000		2,604,888
Learning Care Group (US), Inc.
6.05% due 05/05/21		2,550,000		2,588,250
Osmose Holdings, Inc.
4.75% due 11/26/18		2,566,864		2,560,447
Ceva Group Plc (United Kingdom)
6.50% due 03/19/21		2,600,985		2,548,966
Ranpak
4.50% due 04/25/19		2,000,073		2,005,073
8.50% due 04/23/20		500,000		509,375
Realogy Corp.
3.75% due 03/05/20		2,475,047		2,474,007
MRC Global, Inc.
5.00% due 11/08/19		2,358,125		2,369,916
Filtration Group Corp.
4.50% due 11/20/20		2,034,763		2,047,988
Berry Plastics Corp.
3.50% due 02/08/20		1,091,709		1,082,047
3.75% due 01/06/21		897,750		894,177
GCA Services Group, Inc.
4.27% due 11/01/19		1,769,652		1,766,697
9.25% due 11/01/20		200,000		202,000
Braas Monier Buildings Group
4.83% due 10/15/20		1,300,000		1,790,720

Floating Rate Strategies Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Face Amount		Value
SENIOR FLOATING RATE INTERESTS†† - 72.3% (continued)
Industrials - 17.0% (continued)
Nord Anglia Education Finance LLC
4.50% due 03/31/21	$	1,650,000	$	1,650,000
CareCore National LLC
5.50% due 03/05/21		1,346,625		1,357,573
Dematic S.A.
4.25% due 12/28/19		1,358,268		1,356,570
V.Group Ltd.
5.00% due 06/18/21		1,050,000		1,057,224
CPM Acquisition Corp.
6.25% due 08/29/17		378,192		379,768
10.25% due 03/01/18		325,000		329,469
Panolam Industries International, Inc.
7.26% due 08/23/17		556,982		554,894
Wireco Worldgroup, Inc.
6.00% due 02/15/17		486,599		489,032
Ceva Logistics Canada, ULC
6.50% due 03/19/21		471,724		462,290
Travelport LLC
0.01% due 06/21/18		416,667		377,130
Omnitracs, Inc.
8.75% due 05/25/21		350,000		353,500
Advanced Disposal Services, Inc.
3.75% due 10/09/19		350,480		348,570
Hunter Fan Co.
6.50% due 12/20/17		222,385		221,829
Total Safety U.S., Inc.
9.25% due 09/13/207		99,750		99,750
Total Industrials				230,387,163
Consumer Discretionary - 13.1%
Alliance Boots Ltd.
3.98% due 07/09/17		10,521,726		18,004,262
3.48% due 07/09/15		2,986,900		5,103,420
Smart & Final Stores LLC
4.75% due 11/15/19		12,431,835		12,447,375
BJ's Wholesale Club, Inc.
4.50% due 09/26/19		11,511,182		11,517,168
ABG Intermediate Holdings 2 LLC
5.50% due 05/27/21		8,500,000		8,521,250
Alexander Mann Solutions Ltd.
5.75% due 12/20/19		7,960,000		7,999,800
Neiman Marcus Group, Inc.
4.25% due 10/25/20		7,987,169		7,965,684
Lions Gate Entertainment Corp.
5.00% due 07/19/20		7,400,000		7,511,000
Sears Holdings Corp.
5.50% due 06/30/18		7,120,544		7,194,313
Hilton Worldwide Holdings, Inc.
3.50% due 10/26/20		6,679,474		6,665,580
Party City Holdings, Inc.
4.00% due 07/27/19		5,988,837		5,948,592
TI Automotive Ltd.
5.50% due 03/28/19		4,937,500		4,937,500
Nassa Midco AS
4.25% due 05/14/21		3,300,000		4,524,753
Metro-Goldwyn-Mayer, Inc.
due 06/26/201		4,370,000		4,417,327
Ollies Bargain Outlet
4.75% due 09/28/19		4,150,638		4,150,638
CPA Global
4.50% due 12/03/20		3,940,125		3,964,751
Digital Cinema
3.25% due 05/17/21		3,870,000		3,853,088
Pinnacle Entertainment, Inc.
3.75% due 08/13/20		3,662,747		3,668,827
Warner Music Group
3.75% due 07/01/20		3,721,875		3,659,087
Mcgraw-Hill Global Education Holdings LLC
11.00% due 03/22/187		3,500,000		3,500,000
Fitness International LLC
5.50% due 06/24/20		3,500,000		3,484,705
William Morris Endeavor
5.25% due 05/06/21		3,400,000		3,420,400
Men's Wearhouse
4.50% due 06/18/21		3,100,000		3,114,198
Compucom Systems, Inc.
4.25% due 05/07/20		2,990,806		2,958,415
Serta Simmons Holdings LLC
4.25% due 10/01/19		2,849,110		2,853,726
California Pizza Kitchen, Inc.
5.25% due 03/29/18		2,956,917		2,814,631
Fleetpride Corp.
5.25% due 11/19/19		1,972,469		1,962,606
9.25% due 05/15/20		304,000		297,920
Mitel Networks Corp.
5.25% due 01/31/20		2,215,715		2,233,729
Capital Automotive LP
6.00% due 04/30/20		2,000,000		2,039,160
SNL Financial
4.50% due 10/23/18		2,029,659		2,033,475
NES Global Talent
6.50% due 10/03/19		1,975,000		1,975,000
Southern Graphics, Inc.
4.26% due 10/17/19		1,860,439		1,860,439
CHG Healthcare Services, Inc.
4.25% due 11/19/19		1,840,038		1,846,165
Laureate Education, Inc.
5.00% due 06/15/18		1,484,213		1,448,963
AlixPartners, LLP
4.00% due 07/10/20		1,422,755		1,419,554
Fender Musical Instruments Corp.
5.75% due 04/03/19		1,337,500		1,347,531
1-800  Contacts, Inc.
4.25% due 01/29/21		1,296,750		1,295,946

Floating Rate Strategies Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Face Amount		Value
SENIOR FLOATING RATE INTERESTS†† - 72.3% (continued)
Consumer Discretionary - 13.1% (continued)
IntraWest Holdings S.à r.l.
5.50% due 12/09/20	$	1,054,700	$	1,070,521
Container Store, Inc.
4.25% due 04/06/19		892,905		889,931
Equinox Fitness
4.25% due 01/31/20		593,750		594,866
Jacobs Entertainment, Inc.
5.25% due 10/29/18		491,250		493,706
Reynolds Group Holdings
4.00% due 12/01/18		492,525		492,919
Navistar, Inc.
5.75% due 08/17/17		312,500		318,359
David'S Bridal, Inc.
5.00% due 10/11/19		238,861		230,740
Targus Group International, Inc.
12.00% due 05/24/167		228,823		192,784
CKX Entertainment, Inc.
9.00% due 06/21/177		145,875		129,099
Total Consumer Discretionary				178,373,903
Information Technology - 11.6%
Infor (US), Inc.
3.75% due 06/03/20		16,076,567		15,956,215
Active Network, Inc., The
5.50% due 11/13/20		12,234,029		12,165,274
Go Daddy Operating Company, LLC
4.75% due 05/13/21		12,100,931		12,029,052
Greenway Medical Technologies
6.00% due 11/04/207		9,950,000		9,937,563
GlobalLogic Holdings, Inc.
6.25% due 05/31/19		9,701,250		9,337,453
Wall Street Systems
4.50% due 04/30/21		9,200,000		9,205,796
CallCredit Info Group Ltd.
5.09% due 02/12/217		5,300,000		9,099,853
LANDesk Group, Inc.
5.00% due 02/25/20		8,436,356		8,438,381
Aspect Software, Inc.
7.25% due 05/07/16		8,101,342		8,167,206
Activision Blizzard
3.25% due 10/12/20		6,356,250		6,367,056
Evergreen Skill
4.50% due 04/28/21		5,750,000		5,746,435
Deltek, Inc.
4.50% due 10/10/18		5,622,753		5,655,533
EIG Investors Corp.
5.00% due 11/09/19		5,395,729		5,395,729
Applied Systems, Inc.
4.25% due 01/25/21		5,318,263		5,330,707
Avago Technologies Ltd.
3.75% due 05/06/21		5,000,000		5,013,850
CDW LLC
3.25% due 04/29/20		4,937,515		4,881,968
Sophos
5.00% due 01/29/21		4,458,825		4,472,781
Paradigm Ltd
4.75% due 07/30/197		4,088,324		4,088,323
Telx Group
4.50% due 04/09/20		2,950,000		2,950,000
7.50% due 04/09/21		600,000		600,000
Renaissance Learning Corp.
4.50% due 04/09/21		3,491,250		3,486,886
Kronos, Inc.
4.50% due 10/30/19		2,424,996		2,441,971
Lantiq Deutschland GmbH
11.00% due 11/16/157		1,881,406		1,862,592
Eze Castle Software, Inc.
7.25% due 04/05/21		1,441,176		1,433,971
Attachmate Group, Inc., The
7.25% due 11/22/17		1,119,620		1,127,546
Hyland Software, Inc.
4.75% due 02/19/21		1,086,278		1,090,036
American Builders & Contractors Supply Co., Inc.
3.50% due 04/16/20		694,750		692,360
P2 Energy Solutions
9.00% due 04/30/21		390,000		395,686
Sophia, LP
4.00% due 07/19/18		381,139		381,002
SumTotal Systems
6.25% due 11/16/18		201,073		196,046
Total Information Technology				157,947,271
Telecommunication Services - 10.9%
Cartrawler- Mustang Bidco Ltd.
4.35% due 04/29/21		17,700,000		24,234,955
Scout24 AG
4.44% due 02/12/21		12,000,000		16,555,843
Alcatel-Lucent, Inc.
4.50% due 01/30/19		11,415,508		11,417,335
Expert Global Solutions
8.50% due 04/03/18		8,896,195		8,829,474
0.08% due 04/02/177		716,667		645,000
Zayo Group LLC
4.00% due 07/02/19		8,817,567		8,824,004
Asurion Corp.
4.25% due 07/08/20		4,118,400		4,113,252
5.00% due 05/24/19		3,881,151		3,903,002
Ziggo BV
3.50% due 01/15/22		3,560,850		4,846,091
0.04% due 01/15/22		2,109,450		2,870,828
Avaya, Inc.
6.50% due 03/31/18		4,933,593		4,934,284
4.73% due 10/26/17		2,338,791		2,287,993
Light Tower Fiber LLC
4.00% due 04/13/20		6,442,462		6,420,622

Floating Rate Strategies Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Face Amount		Value
SENIOR FLOATING RATE INTERESTS†† - 72.3% (continued)
Telecommunication Services - 10.9% (continued)
Trader Media Corporation Ltd.
4.99% due 12/08/17	$	3,376,319	$	5,789,238
Cengage Learning Acquisitions, Inc.
7.00% due 03/31/20		5,635,875		5,695,784
Univision Communications, Inc.
4.00% due 03/01/20		5,497,790		5,491,987
Interactive Data Corp.
4.75% due 05/02/21		5,000,000		5,040,650
CBS Outdoor Americas Capital LLC
3.00% due 01/31/21		4,600,000		4,581,600
Gogo LLC
11.25% due 06/21/177		4,314,499		4,530,224
Associated Partners, Inc.
6.65% due 12/21/15†††,7		3,250,000		3,258,125
Cumulus Media, Inc.
4.25% due 12/23/20		3,152,275		3,160,156
Live Nation Worldwide, Inc.
3.50% due 08/14/20		2,977,500		2,970,056
Hemisphere Media Group, Inc.
6.25% due 07/30/20		2,574,000		2,606,175
Virgin Media Investment Holdings Ltd.
3.50% due 06/07/20		2,000,000		1,993,120
Anaren, Inc.
5.50% due 02/18/21		1,592,000		1,595,980
9.25% due 08/18/21		275,000		275,000
Level 3 Communications, Inc.
4.00% due 08/01/19		750,000		750,623
Clientlogic Corp.
6.98% due 01/30/17		250,000		251,875
Total Telecommunication Services				147,873,276
Financials - 9.6%
Impala Holdings
8.00% due 06/30/19†††		8,000,000		13,487,378
National Financial Partners
5.25% due 07/01/20		12,499,154		12,555,400
0.04% due 07/01/187		222,222		196,117
HUB International Ltd.
4.25% due 10/02/20		12,731,000		12,739,785
First Data Corp.
4.15% due 03/23/18		9,300,000		9,311,625
4.15% due 03/24/21		1,199,869		1,201,369
4.15% due 09/24/18		400,000		400,284
Magic Newco, LLC
5.00% due 12/12/18		9,059,801		9,120,955
12.00% due 06/12/19		500,000		571,665
Intertrust Group
8.00% due 04/15/22		3,300,000		3,310,989
4.23% due 04/16/21		2,616,000		2,616,654
7.50% due 02/15/19		1,475,000		1,979,188
American Stock Transfer & Trust
5.75% due 06/26/20		5,828,800		5,819,066
WTG Holdings
4.75% due 01/15/21		5,721,250		5,725,999
Ceridian Corp.
4.40% due 05/09/17		5,574,644		5,580,720
AmWINS Group, LLC
5.00% due 09/06/19		4,743,933		4,747,870
International Lease Finance
3.50% due 03/06/21		4,700,000		4,694,125
Wastequip, Inc.
5.50% due 08/09/19		4,417,875		4,439,964
RCS Capital
6.50% due 04/29/19		4,350,000		4,438,827
Nuveen Investments, Inc.
4.15% due 05/13/17		4,000,000		4,005,000
6.50% due 02/28/19		400,000		403,356
Lineage Logistics LLC
4.50% due 04/07/21		4,079,775		4,052,563
Topaz Power Holdings LLC
6.25% due 02/26/20		3,881,107		3,883,552
Genex Services, Inc.
5.25% due 05/28/21		2,800,000		2,814,000
Fly Leasing Ltd.
4.50% due 08/09/19		2,626,406		2,647,207
Transunion Holding Co.
4.00% due 04/09/21		2,493,750		2,492,852
USI Holdings Corp.
4.25% due 12/27/19		2,359,133		2,360,619
Cunningham Lindsey U.S., Inc.
5.00% due 12/10/19		1,627,472		1,618,651
9.25% due 06/10/207		194,886		194,766
AssuredPartners
4.50% due 04/02/21		1,600,000		1,600,496
Alliant Holdings I, LLC
4.25% due 12/20/19		869,304		868,652
Grosvenor Capital Management Holdings, LLLP
3.75% due 01/04/21		498,310		494,782
Hamilton Lane Advisors LLC
4.00% due 02/28/18		180,078		180,078
Total Financials				130,554,554
Consumer Staples - 4.2%
CTI Foods Holding Co. LLC
8.25% due 06/28/21		8,650,000		8,736,500
4.50% due 06/28/20		1,339,875		1,340,719
Performance Food Group
6.25% due 11/14/19		9,896,462		9,989,290
Dole Food Company, Inc.
4.50% due 11/01/18		7,906,667		7,913,229
Reddy Ice Holdings, Inc.
6.75% due 04/01/197		4,853,481		4,732,144
10.75% due 10/01/197		2,000,000		1,780,000
Grocery Outlet, Inc.
5.50% due 12/17/18		5,474,880		5,481,724

Floating Rate Strategies Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Face Amount		Value
SENIOR FLOATING RATE INTERESTS†† - 72.3% (continued)
Consumer Staples - 4.2% (continued)
Arctic Glacier Holdings, Inc.
5.00% due 05/10/19	$	5,461,648	$	5,420,686
Hearthside Foods
4.50% due 06/02/21		3,050,000		3,066,531
Hostess Brands
6.75% due 04/09/20		2,793,000		2,894,246
DS Waters of America, Inc.
5.25% due 08/30/20		2,481,250		2,506,063
AdvancePierre Foods, Inc.
5.75% due 07/10/17		1,462,648		1,462,034
9.50% due 10/10/17		541,000		521,053
Aramark Corp.
3.25% due 02/24/21		1,216,950		1,207,823
Rite Aid Corp.
5.75% due 08/21/20		500,000		510,470
Total Consumer Staples				57,562,512
Materials - 2.6%
Chromaflo Technologies
4.50% due 12/02/19		11,691,250		11,720,478
WR Grace & Co.
3.00% due 02/03/21		6,794,460		6,775,775
Royal Adhesives and Sealants
5.50% due 07/31/18		4,960,617		5,002,484
Minerals Technologies, Inc.
4.00% due 05/07/21		4,300,000		4,316,125
CPG International, Inc.
4.75% due 09/30/20		3,701,022		3,707,203
Ennis-Flint
4.25% due 03/31/21		2,094,750		2,092,132
7.75% due 09/30/21		550,000		546,332
Fortescue Metals Group Ltd.
3.75% due 06/30/19		992,500		992,877
Atkore International, Inc.
7.75% due 10/09/21		400,000		401,500
Total Materials				35,554,906
Energy - 1.8%
Floatel International Ltd.
6.00% due 05/22/20		6,750,000		6,788,003
Pacific Drilling
4.50% due 05/18/18		5,691,259		5,707,252
PSS Companies
5.50% due 01/28/20		5,236,614		5,275,888
Panda Temple II Power
7.25% due 04/03/19		4,500,000		4,590,000
Ocean Rig ASA
6.00% due 03/31/21		1,992,121		2,023,258
EP Energy LLC
4.50% due 04/30/19		281,250		282,797
Total Energy				24,667,198
Health Care - 1.0%
Akorn, Inc.
4.50% due 04/16/21		6,300,000		6,307,875
DJO Finance LLC
4.25% due 09/15/17		2,561,081		2,569,097
Ceramtec GMBH
4.25% due 08/30/20		2,273,129		2,281,653
Catalent Pharma Solutions, Inc.
4.50% due 05/20/21		1,178,462		1,184,355
Healthport, Inc.
5.25% due 10/04/19		746,250		748,586
Total Health Care				13,091,566
Utilities - 0.5%
Astoria Generating Company Acquisitions LLC
8.50% due 10/26/17		6,650,000		6,832,875
Total Senior Floating Rate Interests
(Cost $976,696,370)				982,845,224
ASSET BACKED SECURITIES†† - 9.8%
Gramercy Real Estate CDO 2007-1 Ltd.
2007-1A, 0.50% due 08/15/562,3		11,497,734		9,955,887
Castlelake Aircraft Securitization Trust
2014-1, 5.25% due 02/15/29†††		4,574,250		4,591,632
2014-1, 7.50% due 02/15/29†††		3,370,500		3,374,545
Cedar Woods CRE CDO Ltd.
0.42% due 07/25/51		8,696,142		7,256,931
GreenPoint Mortgage Funding Trust
2005-HE4, 0.86% due 07/25/302		7,300,000		6,784,860
RAIT CRE CDO I Ltd.
2006-1X, 0.48% due 11/20/46†††,2		6,426,386		5,680,925
Structured Asset Securities Corporation Mortgage Loan Trust
2006-OPT1, 0.41% due 04/25/362		4,300,000		3,839,440
2007-BC1, 0.28% due 02/25/372		900,000		767,721
N-Star REL CDO VIII Ltd.
2006-8A, 0.51% due 02/01/412,3		3,250,000		2,904,850
2006-8A, 0.44% due 02/01/412,3		1,684,240		1,599,186
N-Star Real Estate CDO IX Ltd.
0.44% due 02/01/417		4,547,448		4,318,712
KKR Financial CLO 2007-1 Ltd.
2007-1A, 2.47% due 05/15/212,3		4,100,000		4,021,280
CIT Mortgage Loan Trust
2007-1, 1.60% due 10/25/372,3		3,400,000		3,143,735
Newstar Commercial Loan Funding 2013-1 LLC
2013-1A, 4.78% due 09/20/232,3		2,750,000		2,731,300

Floating Rate Strategies Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Face Amount		Value
ASSET BACKED SECURITIES†† - 9.8% (continued)
2013-1A, 5.53% due 09/20/232,3	$	250,000	$	249,400
Jasper CLO Ltd.
2005-1A, 1.13% due 08/01/172,3		3,000,000		2,852,400
Lehman XS Trust
2007-9, 0.27% due 06/25/372		3,075,047		2,716,937
Halcyon Loan Advisors Funding 2012-1 Ltd.
2012-1A, 3.22% due 08/15/232,3		2,600,000		2,554,240
ALM XIV Ltd.
2014-14A, 3.68% due 07/28/262,3		2,650,000		2,525,185
Wachovia Asset Securitization Issuance II LLC Trust
2007-HE1, 0.29% due 07/25/372,3		2,820,790		2,359,196
Tricadia CDO 2006-6 Ltd.
2006-6A, 0.77% due 11/05/412,3		1,750,000		1,618,575
2006-6A, 0.97% due 11/05/412,3		550,000		495,990
TCW Global Project Fund III Ltd.
2005-1A, 0.88% due 09/01/17†††,2,3		1,750,000		1,626,625
2005-1A, 1.08% due 09/01/17†††,2,3		500,000		422,650
GSAMP Trust
2005-HE6, 0.59% due 11/25/352		2,250,000		2,015,048
Duane Street CLO IV Ltd.
2007-4A, 2.48% due 11/14/212,3		2,000,000		1,931,000
Highland Park CDO I Ltd.
2006-1A, 0.56% due 11/25/512,3		2,023,991		1,924,006
Copper River CLO Ltd.
2007-1A, 1.73% due 01/20/212,3		1,500,000		1,363,500
2007-1A, 1.03% due 01/20/212,3		500,000		454,050
Acis CLO 2013-2 Ltd.
4.08% due 10/14/222,3		1,800,000		1,754,460
Rockwall CDO II Ltd.
2007-1A, 0.48% due 08/01/242,3		1,740,241		1,653,577
Northwoods Capital VII Ltd.
2006-7A, 3.73% due 10/22/212,3		1,000,000		972,000
2006-7A, 1.78% due 10/22/212,3		700,000		673,050
DIVCORE CLO Ltd.
2013-1A B, 4.05% due 11/15/32		1,600,000		1,600,000
Drug Royalty II Limited Partnership 2
2014-1, 3.48% due 07/15/233		1,500,000		1,500,000
MCF CLO I LLC
2013-1A, 3.78% due 04/20/232,3		1,500,000		1,483,050
West Coast Funding Ltd.
2006-1A, 0.38% due 11/02/412,3		1,356,090		1,312,424
Global Leveraged Capital Credit Opportunity Fund
2006-1A, 1.23% due 12/20/182,3		1,288,000		1,241,503
GSAA Home Equity Trust
2007-7, 0.42% due 07/25/372		1,433,874		1,233,858
New Century Home Equity Loan Trust
2004-4, 0.95% due 02/25/352		1,266,689		1,164,416
Grayson CLO Ltd.
2006-1A, 0.64% due 11/01/212,3		1,200,000		1,112,520
Halcyon Structured Asset Management Long Secured/Short Unsecured 2007-1 Ltd.
2007-1A, 2.52% due 08/07/212,3		1,100,000		1,084,050
Putnam Structured Product CDO 2002-1 Ltd.
2002-1A, 0.83% due 01/10/382,3		1,176,535		1,061,470
Cerberus Onshore II CLO LLC
2014-1A, 4.23% due 10/15/232,3		600,000		568,560
2014-1A, 3.73% due 10/15/232,3		500,000		485,400
Telos CLO 2007-2 Ltd.
2007-2A, 2.43% due 04/15/222,3		1,100,000		1,045,880
Telos CLO Ltd.
2013-3A, 4.48% due 01/17/242,3		1,050,000		1,032,570
ARES XXVI CLO Ltd.
2013-1A, 0.00% due 04/15/253		1,250,000		1,016,250
Genesis Funding Ltd.
2006-1A, 0.40% due 12/19/322,3		1,046,068		1,004,225
KKR Financial CLO 2007-A Corp.
2007-AA, 4.73% due 10/15/172,3		1,000,000		1,003,900
Acis CLO 2013-1 Ltd.
2013-1A, 4.73% due 04/18/242,3		1,000,000		997,100
COA Summit CLO Ltd.
2014-1A, 4.09% due 04/20/232,3		1,000,000		994,400
Salus CLO 2012-1 Ltd.
2013-1AN, 6.98% due 03/05/212,3		1,000,000		988,600

Floating Rate Strategies Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Face Amount		Value
ASSET BACKED SECURITIES†† - 9.8% (continued)
Hewett's Island CDO Ltd.
2007-6A, 2.48% due 06/09/192,3	$	1,000,000	$	980,400
Liberty CLO Ltd.
2005-1A, 0.73% due 11/01/172,3		1,000,000		975,500
NewStar Commercial Loan Trust
2007-1A, 2.53% due 09/30/222,3		500,000		469,900
2007-1A, 1.53% due 09/30/222,3		500,000		465,600
Churchill Financial Cayman Ltd.
2007-1A, 2.83% due 07/10/192,3		1,000,000		931,800
Aerco Ltd.
2000-2A, 0.58% due 07/15/252		1,566,804		861,742
Airplanes Pass Through Trust
2001-1A, 0.70% due 03/15/192		1,705,538		801,603
Garrison Funding 2013-2 Ltd.
2013-2A, 4.88% due 09/25/232,3		750,000		741,975
Shackleton II CLO Ltd.
2012-2A, 4.29% due 10/20/232,3		750,000		739,725
Westchester CLO Ltd.
2007-1A, 0.57% due 08/01/222,3		750,000		704,925
KKR Financial CLO Ltd.
5.26% due 05/15/21		650,000		648,570
NewStar Arlington Senior Loan Program LLC
2014-1A, 3.53% due 07/25/252,3		600,000		586,440
ACA CLO 2007-1 Ltd.
2007-1A, 1.18% due 06/15/222,3		575,000		540,903
Cent CLO
2012-16A, 3.73% due 08/01/242,3		500,000		500,850
CIFC Funding 2012-II Ltd.
2012-2A, 4.48% due 12/05/242,3		500,000		500,100
Cerberus Offshore Levered I, LP
2012-1A, 6.23% due 11/30/182,3		250,000		250,050
2012-1A, 4.98% due 11/30/182,3		250,000		249,825
Gleneagles CLO Ltd.
2005-1A, 1.13% due 11/01/172,3		500,000		478,000
Pangaea CLO Ltd.
2007-1A, 0.73% due 10/21/212,3		500,000		475,450
Drug Royalty Limited Partnership 1
2012-1, 5.48% due 07/15/242,3		456,923		473,859
Westwood CDO I Ltd.
2007-1A, 0.90% due 03/25/212,3		500,000		463,350
Kingsland III Ltd.
2006-3A, 1.83% due 08/24/212,3		500,000		463,150
MCF CLO III LLC
2014-3A, 3.46% due 01/20/242,3		500,000		455,000
Kingsland IV Ltd.
2007-4A, 1.68% due 04/16/212,3		500,000		452,300
ACS 2007-1 Pass Through Trust
2007-1A, 0.46% due 06/14/372,3		424,788		412,044
Babcock & Brown Air Funding I Ltd.
2007-1A, 0.45% due 11/14/332,3		475,990		404,591
Northwind Holdings LLC
2007-1A, 1.01% due 12/01/372,3		440,750		398,879
OFSI Fund Ltd.
2006-1A, 1.08% due 09/20/192,3		370,000		355,274
Aircraft Lease Securitisation Ltd.
2007-1A, 0.41% due 05/10/322,3		349,985		340,360
Eastland CLO Ltd.
2007-1A, 0.63% due 05/01/222,3		350,000		325,780
Asset Backed Securities Corporation Home Equity Loan Trust Series
2004-HE8, 1.20% due 12/25/342		338,282		315,843
Raspro Trust
2005-1A, 0.63% due 03/23/242,3		308,632		297,830
Accredited Mortgage Loan Trust
2007-1, 0.28% due 02/25/372		308,176		292,667
Credit Card Pass-Through Trust
2012-BIZ, 0.00% due 12/15/493		320,980		278,578
Ivy Hill Middle Market Credit Fund Ltd.
2011-3A, 6.73% due 01/15/222,3		250,000		250,000
Newstar Commercial Loan Funding 2014-1 LLC
2014-1A, 5.07% due 04/20/252,3		250,000		247,775
Great Lakes CLO 2014-1 Ltd.
2014-1A, 4.42% due 04/15/25†††,2,3		250,000		243,175
Black Diamond CLO 2005-2 Delaware Corp.
2005-2A, 2.03% due 01/07/182,3		250,000		238,750

Floating Rate Strategies Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Face Amount		Value
ASSET BACKED SECURITIES†† - 9.8% (continued)
Diversified Asset Securitization Holdings II, LP
2000-1A, 0.72% due 09/15/352,3	$	222,252	$	217,185
Newcastle CDO IX 1 Ltd.
2007-9A, 0.41% due 05/25/522,3,4		174,349		174,349
Structured Asset Receivables Trust Series
2005-1A, 0.73% due 01/21/152,3		164,403		158,649
Castle Trust
2003-1AW, 0.90% due 05/15/272,3		50,331		49,325
Vega Containervessel plc
2006-1A, 5.56% due 02/10/213		41,372		40,752
Total Asset Backed Securities
(Cost $128,544,186)				132,315,892
CORPORATE BONDS†† - 7.5%
Energy - 2.3%
Crestwood Midstream Partners Limited Partnership / Crestwood Midstream Finance Corp.
6.00% due 12/15/20		6,300,000		6,615,000
Unit Corp.
6.63% due 05/15/21		4,000,000		4,270,000
Legacy Reserves Limited Partnership / Legacy Reserves Finance Corp.
8.00% due 12/01/20		2,750,000		2,956,250
Rosetta Resources, Inc.
5.88% due 06/01/22		2,700,000		2,821,500
Eagle Rock Energy Partners Limited Partnership / Eagle Rock Energy Finance Corp.
8.38% due 06/01/19		2,600,000		2,808,000
BreitBurn Energy Partners Limited Partnership / BreitBurn Finance Corp.
7.88% due 04/15/22		2,000,000		2,165,000
Ultra Petroleum Corp.
5.75% due 12/15/183		1,750,000		1,837,500
Penn Virginia Resource Partners Limited Partnership / Penn Virginia Resource Finance Corp.
8.38% due 06/01/20		1,612,000		1,823,575
Ultra Resources, Inc.
4.66% due 10/12/22†††,7		1,800,000		1,682,640
Atlas Energy Holdings Operating Company LLC / Atlas Resource Finance Corp.
9.25% due 08/15/21		1,500,000		1,620,000
Gibson Energy, Inc.
6.75% due 07/15/213		1,055,000		1,142,038
Bill Barrett Corp.
7.63% due 10/01/19		800,000		862,000
Midstates Petroleum Company Incorporated / Midstates Petroleum Co LLC
10.75% due 10/01/20		575,000		652,625
Total Energy				31,256,128
Financials - 1.9%
Icahn Enterprises Limited Partnership / Icahn Enterprises Finance Corp.
5.88% due 02/01/22		5,000,000		5,237,499
6.00% due 08/01/20		1,700,000		1,821,125
4.88% due 03/15/19		1,750,000		1,802,500
3.50% due 03/15/17		1,000,000		1,011,250
Citigroup, Inc.
5.35% due 05/29/492,5		4,000,000		3,837,500
Credit Acceptance Corp.
6.13% due 02/15/213		3,100,000		3,239,500
Cabot Financial Luxembourg S.A.
6.50% due 04/01/213		1,300,000		2,225,075
Nationstar Mortgage LLC / Nationstar Capital Corp.
6.50% due 07/01/21		2,000,000		2,005,000
Opal Acquisition, Inc.
8.88% due 12/15/213		1,775,000		1,868,188
Ally Financial, Inc.
3.50% due 01/27/19		1,750,000		1,766,975
Oxford Finance LLC / Oxford Finance Company-Issuer, Inc.
7.25% due 01/15/183		650,000		682,500
Fidelity & Guaranty Life Holdings, Inc.
6.38% due 04/01/213		450,000		482,625
LCP Dakota Fund
10.00% due 08/17/157		28,800		28,800
Total Financials				26,008,537
Materials - 0.8%
BMBG Bond Finance SCA
5.33% due 10/15/202,3		4,000,000		5,569,932
TPC Group, Inc.
8.75% due 12/15/203		2,000,000		2,215,000
Unifrax I LLC / Unifrax Holding Co.
7.50% due 02/15/193		1,525,000		1,593,625
Mirabela Nickel Ltd.
9.50% due 05/20/19		1,063,000		1,063,000
8.75% due 04/15/183,6		2,000,000		460,000
Total Materials				10,901,557
Consumer Staples - 0.8%
Premier Foods Finance plc
5.56% due 03/15/202,3		2,750,000		4,706,889
Harbinger Group, Inc.
7.75% due 01/15/22		1,975,000		2,021,906
7.88% due 07/15/19		490,000		535,938
Central Garden and Pet Co.
8.25% due 03/01/18		2,000,000		2,075,000

Floating Rate Strategies Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Face Amount		Value
CORPORATE BONDS†† - 7.5% (continued)
Consumer Staples - 0.8% (continued)
Vector Group Ltd.
7.75% due 02/15/21	$	1,000,000	$	1,065,000
Total Consumer Staples				10,404,733
Consumer Discretionary - 0.7%
GRD Holdings III Corp.
10.75% due 06/01/193		3,680,000		4,121,599
Travelport LLC
11.88% due 09/01/16		1,300,000		1,326,000
Checkers Drive-In Restaurants, Inc.
11.00% due 12/01/173		1,000,000		1,117,500
MDC Partners, Inc.
6.75% due 04/01/203		1,000,000		1,055,000
Travelport LLC / Travelport Holdings, Inc.
6.35% due 03/01/162,3		1,018,867		1,026,509
Men's Wearhouse, Inc.
7.00% due 07/01/223		525,000		543,375
Atlas Air 1999-1 Class A-1 Pass Through Trust
7.20% due 01/02/197		86,639		90,538
Laureate Education, Inc.
9.25% due 09/01/193		85,000		87,550
Total Consumer Discretionary				9,368,071
Information Technology - 0.5%
Alcatel-Lucent USA, Inc.
6.75% due 11/15/203		3,000,000		3,195,000
NCR Corp.
6.38% due 12/15/233		1,800,000		1,953,000
Eagle Midco, Inc.
9.00% due 06/15/183		1,400,000		1,445,500
Total Information Technology				6,593,500
Telecommunication Services - 0.3%
Virgin Media Secured Finance plc
5.38% due 04/15/213		1,800,000		1,890,000
SITEL LLC / Sitel Finance Corp.
11.00% due 08/01/173		670,000		713,550
CyrusOne Limited Partnership / CyrusOne Finance Corp.
6.38% due 11/15/22		600,000		646,500
Avaya, Inc.
7.00% due 04/01/193		610,000		610,000
UPCB Finance VI Ltd.
6.88% due 01/15/223		530,000		579,025
Total Telecommunication Services				4,439,075
Health Care - 0.2%
Valeant Pharmaceuticals International, Inc.
5.63% due 12/01/213		2,000,000		2,057,500
Utilities - 0.0%
LBC Tank Terminals Holding Netherlands BV
6.88% due 05/15/233		630,000		664,650
Total Corporate Bonds
(Cost $99,750,971)				101,693,751
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 2.1%
Nomura Resecuritization Trust
2012-1R,0.59% due 08/27/472,3		3,852,363		3,554,576
Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust
2006-AR9,0.96% due 11/25/462		5,092,720		3,512,557
2007-OA4,0.88% due 04/25/472		3,977,407		3,019,902
COMM 2006-FL12 Mortgage Trust
2006-FL12,0.44% due 12/15/202,3		2,235,549		2,222,613
2006-FL12,0.49% due 12/15/202,3		1,277,607		1,266,176
IndyMac INDX Mortgage Loan Trust
2006-AR4,0.36% due 05/25/462		3,815,516		3,308,872
Structured Asset Mortgage Investments II Trust
2006-AR1,0.38% due 02/25/362		3,836,947		3,266,531
Lehman XS Trust Series
2006-16N,0.34% due 11/25/462		3,419,744		2,809,987
GreenPoint Mortgage Funding Trust
2006-AR1,0.44% due 02/25/362		3,210,171		2,692,579
SRERS-2011 Funding Ltd.
2011-RS,0.40% due 05/09/462,3		1,599,247		1,501,853
Bear Stearns Mortgage Funding Trust
2007-AR5,0.32% due 06/25/472		992,811		807,591
Total Collateralized Mortgage Obligations
(Cost $27,212,401)				27,963,237

Floating Rate Strategies Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Face Amount		Value
MORTGAGE BACKED SECURITIES†† - 0.4%
HarborView Mortgage Loan Trust
2006-12,0.35% due 01/19/382	$	4,570,497	$	3,940,098
HSI Asset Securitization Corporation Trust
2007-WF1,0.32% due 05/25/372		1,627,291		1,511,195
Total Mortgage Backed Securities
(Cost $5,335,573)				5,451,293
COMMERCIAL PAPER†† - 5.5%
BAT International Finance plc
0.20% due 07/02/143		5,000,000		4,999,972
0.23% due 07/02/143		5,000,000		4,999,968
Total BAT International Finance plc				9,999,940
VW Credit, Inc.
0.18% due 07/09/14		10,000,000		9,999,600
Duke Energy Corp.
0.20% due 07/10/14		10,000,000		9,999,500
Northeast Utilities
0.20% due 07/10/143		10,000,000		9,999,500
Amcor Ltd.
0.25% due 07/14/143		10,000,000		9,999,097
Pacific Gas & Electric Co.
0.20% due 07/07/143		5,000,000		4,999,833
FMC Technologies, Inc.
0.24% due 07/11/143		5,000,000		4,999,667
Albemarle Corp.
0.20% due 07/17/143		5,000,000		4,999,556
American Water Capital Corp.
0.23% due 07/15/143		5,000,000		4,999,553
Pentair Finance S.A.
0.28% due 07/18/143		5,000,000		4,999,339
Total Commercial Paper
(Cost $74,995,585)				74,995,585
Total Investments - 105.4%
(Cost $1,417,698,516)			$	1,430,428,412
Other Assets & Liabilities, net - (5.4)%				(73,726,869	)
Total Net Assets - 100.0%			$	1,356,701,543

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS^††

Contracts to Sell		Currency	Counterparty	Settlement Date		Settlement Value		Value at 06/30/14		Unrealized Depreciation
	1,293,500	Euro	BNY Mellon		07/02/14	$	1,764,088	$	1,771,069	$	(6,980	)
	43,500,000	Euro	BNY Capital Markets		07/02/14		59,320,175		59,560,485		(240,310	)
	26,300,000	GBP	BNY Capital Markets		07/02/14		44,071,041		45,014,976		(943,935	)
										$	(1,191,225	)

†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs, unless otherwise noted — See Note 3.
†††	Value determined based on Level 3 inputs — See Note 3.
1	Security with no rate was unsettled at June 30, 2014.
2	Variable rate security.  Rate indicated is rate effective at June 30, 2014.
3	Security is a 144A or Section 4(a)(2) security.  The total market value of 144A or Section 4(a)(2) securities is $194,674,775 (cost $191,351,840), or 14.3% of total net assets.
4	Security or a portion thereof is held as collateral for reverse repurchase agreements.
5	Perpetual maturity.
6	Security is in default of interest and/or principal obligations.
7	Illiquid security.

plc — Public Limited Company

REIT — Real Estate Investment Trust

High Yield Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Shares		Value
COMMON STOCKS† - 0.7%
Consumer Discretionary - 0.4%
Metro-Goldwyn-Mayer, Inc.*,††		7,040	$	552,359
Cengage Learning*,††		2,107		74,546
Total Consumer Discretionary				626,905
Energy - 0.2%
Stallion Oilfield Holdings Ltd.*,††		8,257		236,398
Financials - 0.1%
CIT Group, Inc.		4,569		209,077
Leucadia National Corp.		81		2,124
Total Financials				211,201
Consumer Staples - 0.0%
Crimson Wine Group Ltd.*		8		72
Total Common Stocks
(Cost $470,854)				1,074,576
PREFERRED STOCKS†† - 4.0%
Seaspan Corp.
6.38% due 04/30/19*,†		80,000		2,044,000
Goldman Sachs Group, Inc.
5.50% due 05/10/23†		62,240		1,524,880
Kemper Corp.
7.38% due 02/27/54†		39,000		1,012,440
Aspen Insurance Holdings Ltd.
5.95% due 07/01/23†		40,000		996,000
Medianews Group, Inc.*		11,074		354,368
U.S. Shipping Corp.*,6		14,718		8,095
Total Preferred Stocks
(Cost $6,020,957)				5,939,783
SHORT TERM INVESTMENTS† - 0.6%
Dreyfus Treasury Prime Cash Management Fund		947,834		947,834
Total Short Term Investments
(Cost $947,834)				947,834
		Face Amount
CORPORATE BONDS†† - 83.7%
Energy -  19.5%
BreitBurn Energy Partners Limited Partnership / BreitBurn Finance Corp.
7.88% due 04/15/221	$	2,250,000		2,435,624
Atlas Energy Holdings Operating Company LLC / Atlas Resource Finance Corp.
7.75% due 01/15/211,2		1,250,000		1,293,750
9.25% due 08/15/21		1,000,000		1,080,000
Sabine Pass Liquefaction LLC
6.25% due 03/15/222		1,250,000		1,359,375
5.75% due 05/15/242		500,000		521,250
5.63% due 04/15/232		400,000		417,000
Gibson Energy, Inc.
6.75% due 07/15/212		1,800,000		1,948,500
Endeavor Energy Resources Limited Partnership / EER Finance, Inc.
7.00% due 08/15/212		1,800,000		1,921,500
Legacy Reserves Limited Partnership / Legacy Reserves Finance Corp.
6.63% due 12/01/211,2		1,340,000		1,360,100
8.00% due 12/01/20		465,000		499,875
Bill Barrett Corp.
7.00% due 10/15/221		1,100,000		1,166,000
7.63% due 10/01/191		500,000		538,750
Atlas Pipeline Partners Limited Partnership / Atlas Pipeline Finance Corp.
6.63% due 10/01/20		1,000,000		1,062,500
5.88% due 08/01/23		450,000		457,875
SandRidge Energy, Inc.
7.50% due 03/15/21		1,000,000		1,083,750
8.75% due 01/15/20		295,000		317,125
Unit Corp.
6.63% due 05/15/211		1,200,000		1,281,000
Eagle Rock Energy Partners Limited Partnership / Eagle Rock Energy Finance Corp.
8.38% due 06/01/19		1,165,000		1,258,200
Crestwood Midstream Partners Limited Partnership / Crestwood Midstream Finance Corp.
6.13% due 03/01/222		700,000		736,750
6.00% due 12/15/20		400,000		420,000
Hiland Partners Limited Partnership / Hiland Partners Finance Corp.
7.25% due 10/01/202		1,000,000		1,090,000
Precision Drilling Corp.
5.25% due 11/15/242		900,000		904,500
Rosetta Resources, Inc.
5.88% due 06/01/24		500,000		520,000
5.88% due 06/01/22		300,000		313,500
Denbury Resources, Inc.
5.50% due 05/01/221		800,000		818,000
Jones Energy Holdings LLC / Jones Energy Finance Corp.
6.75% due 04/01/222		600,000		633,000
Ultra Petroleum Corp.
5.75% due 12/15/182		600,000		630,000
FTS International, Inc.
6.25% due 05/01/222		550,000		562,375
Midstates Petroleum Company Incorporated / Midstates Petroleum Co LLC
10.75% due 10/01/20		200,000		227,000
9.25% due 06/01/21		200,000		219,500
Summit Midstream Holdings LLC / Summit Midstream Finance Corp.
7.50% due 07/01/21		350,000		381,500
SM Energy Co.
6.50% due 11/15/211		350,000		378,875

High Yield Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Face Amount		Value
CORPORATE BONDS†† - 83.7% (continued)
Energy -  19.5% (continued)
Pacific Drilling S.A.
5.38% due 06/01/202	$	350,000	$	343,000
Cimarex Energy Co.
4.38% due 06/01/24		300,000		305,625
CONSOL Energy, Inc.
5.88% due 04/15/222		250,000		261,875
Carrizo Oil & Gas, Inc.
7.50% due 09/15/20		225,000		246,938
Access Midstream Partners Limited Partnership / ACMP Finance Corp.
6.13% due 07/15/22		100,000		110,500
IronGate Energy Services LLC
11.00% due 07/01/182		100,000		103,500
Memorial Production Partners Limited Partnership / Memorial Production Finance Corp.
7.63% due 05/01/21		60,000		62,775
SemGroup, LP
8.75% due 11/15/15†††,6		1,300,000		–
Total Energy				29,271,387
Consumer Discretionary -  13.2%
GRD Holdings III Corp.
10.75% due 06/01/192		2,100,000		2,352,000
AmeriGas Finance LLC / AmeriGas Finance Corp.
7.00% due 05/20/22		1,320,000		1,461,900
6.75% due 05/20/201		650,000		705,250
MDC Partners, Inc.
6.75% due 04/01/202		2,000,000		2,110,000
Continental Airlines 2012-2 Class B Pass Through Trust
5.50% due 10/29/20		1,854,648		1,938,107
Travelport LLC / Travelport Holdings, Inc.
13.88% due 03/01/162		1,177,796		1,213,129
6.35% due 03/01/162,3		407,546		410,603
Checkers Drive-In Restaurants, Inc.
11.00% due 12/01/172		1,400,000		1,564,500
Guitar Center, Inc.
6.50% due 04/15/192		1,350,000		1,336,500
DreamWorks Animation SKG, Inc.
6.88% due 08/15/202		800,000		862,000
Suburban Propane Partners Limited Partnership/Suburban Energy Finance Corp.
5.50% due 06/01/24		650,000		658,125
7.38% due 08/01/21		149,000		162,038
Cedar Fair Limited Partnership / Canada's Wonderland Company / Magnum Management Corp.
5.38% due 06/01/242		750,000		759,375
Dufry Finance SCA
5.50% due 10/15/202		650,000		674,901
CPG Merger Sub LLC
8.00% due 10/01/212		600,000		631,500
Live Nation Entertainment, Inc.
5.38% due 06/15/222		550,000		556,875
Group 1 Automotive, Inc.
5.00% due 06/01/222		450,000		450,000
Vail Resorts, Inc.
6.50% due 05/01/19		365,000		383,706
GLP Capital Limited Partnership / GLP Financing II, Inc.
4.88% due 11/01/202		300,000		309,000
Seminole Hard Rock Entertainment Incorporated / Seminole Hard Rock International LLC
5.88% due 05/15/212		250,000		250,625
Travelport LLC
11.88% due 09/01/16		200,000		204,000
Ceridian LLC / Comdata, Inc.
8.13% due 11/15/172		200,000		202,000
Sirius XM Canada Holdings, Inc.
5.63% due 04/23/212		200,000		188,838
Men's Wearhouse, Inc.
7.00% due 07/01/222		150,000		155,250
Laureate Education, Inc.
9.25% due 09/01/192		110,000		113,300
Global Partners Limited Partnership/GLP Finance Corp.
6.25% due 07/15/222		90,000		90,000
Total Consumer Discretionary				19,743,522
Financials -  11.1%
Icahn Enterprises Limited Partnership / Icahn Enterprises Finance Corp.
6.00% due 08/01/201		1,750,000		1,874,688
5.88% due 02/01/22		300,000		314,250
4.88% due 03/15/19		200,000		206,000
Opal Acquisition, Inc.
8.88% due 12/15/212		2,200,000		2,315,500
Credit Acceptance Corp.
6.13% due 02/15/212		1,900,000		1,985,499
American Equity Investment Life Holding Co.
6.63% due 07/15/211		1,100,000		1,196,112
Lancashire Holdings Ltd.
5.70% due 10/01/222		1,000,000		1,113,420
Banco do Brasil S.A.
9.00% due 12/29/492,3,4		1,050,000		1,035,563
Citigroup, Inc.
6.30% due 12/29/493,4		700,000		713,125
iStar Financial, Inc.
5.00% due 07/01/19		700,000		700,000
Wilton Re Finance LLC
5.88% due 03/30/332,3		650,000		677,625
Jefferies Finance LLC / JFIN Company-Issuer Corp.
7.38% due 04/01/202		600,000		630,000
Apollo Management Holdings, LP
4.00% due 05/30/242		600,000		603,491

High Yield Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Face Amount		Value
CORPORATE BONDS†† - 83.7% (continued)
Financials -  11.1% (continued)
Kennedy-Wilson, Inc.
5.88% due 04/01/24	$	550,000	$	558,250
Nielsen Company Luxembourg SARL
5.50% due 10/01/212		500,000		516,250
Voya Financial, Inc.
5.65% due 05/15/533		475,000		483,313
DuPont Fabros Technology, LP
5.88% due 09/15/21		450,000		470,250
Nationstar Mortgage LLC / Nationstar Capital Corp.
6.50% due 06/01/22		350,000		350,000
Cabot Financial Luxembourg S.A.
6.50% due 04/01/212		200,000		342,319
Majid AL Futtaim Holding
7.12% due 12/31/49		300,000		322,503
Fidelity & Guaranty Life Holdings, Inc.
6.38% due 04/01/212		250,000		268,125
Total Financials				16,676,283
Information Technology -  8.0%
First Data Corp.
8.75% due 01/15/221,2		1,050,000		1,158,938
6.75% due 11/01/202		850,000		920,125
Eagle Midco, Inc.
9.00% due 06/15/182		1,300,000		1,342,249
Aspect Software, Inc.
10.63% due 05/15/17		1,235,000		1,298,294
Audatex North America, Inc.
6.00% due 06/15/212		700,000		747,250
6.13% due 11/01/232		350,000		373,625
Alcatel-Lucent USA, Inc.
8.88% due 01/01/202		600,000		679,500
6.75% due 11/15/202		350,000		372,750
NCR Corp.
6.38% due 12/15/232		550,000		596,750
5.88% due 12/15/212		400,000		422,000
CyrusOne Limited Partnership / CyrusOne Finance Corp.
6.38% due 11/15/221		650,000		700,375
Xerox Corp.
3.80% due 05/15/24		700,000		696,209
Brocade Communications Systems, Inc.
4.63% due 01/15/23		625,000		606,250
ViaSat, Inc.
6.88% due 06/15/201		500,000		538,750
CommScope, Inc.
5.50% due 06/15/242		500,000		508,125
IAC
4.75% due 12/15/22		495,000		486,956
iGATE Corp.
4.75% due 04/15/192		350,000		356,125
Advanced Micro Devices, Inc.
7.00% due 07/01/242		115,000		117,444
Total Information Technology				11,921,715
Consumer Staples -  7.9%
Central Garden and Pet Co.
8.25% due 03/01/18		2,250,000		2,334,375
Vector Group Ltd.
7.75% due 02/15/212		2,130,000		2,268,450
Harbinger Group, Inc.
7.75% due 01/15/22		1,336,000		1,367,730
7.88% due 07/15/19		385,000		421,094
R&R Ice Cream plc
8.25% due 05/15/202		1,550,000		1,483,568
Premier Foods Finance plc
6.50% due 03/15/212		500,000		862,216
KeHE Distributors LLC / KeHE Finance Corp.
7.63% due 08/15/212		750,000		817,500
Bumble Bee Holdco SCA
9.63% due 03/15/182		700,000		733,250
JBS USA LLC / JBS USA Finance, Inc.
5.88% due 07/15/242		600,000		598,500
US Foods, Inc.
8.50% due 06/30/191		395,000		422,848
Darling Ingredients, Inc.
5.38% due 01/15/222		300,000		311,250
Spectrum Brands, Inc.
6.63% due 11/15/22		225,000		243,563
Total Consumer Staples				11,864,344
Telecommunication Services -  7.2%
WMG Acquisition Corp.
6.75% due 04/15/222		1,050,000		1,050,000
6.00% due 01/15/212		600,000		619,500
5.63% due 04/15/222		150,000		150,938
UPCB Finance VI Ltd.
6.88% due 01/15/222		1,200,000		1,311,000
Sirius XM Radio, Inc.
6.00% due 07/15/242		1,200,000		1,247,999
Virgin Media Finance plc
6.38% due 04/15/232		950,000		1,030,750
Univision Communications, Inc.
5.13% due 05/15/232		450,000		476,438
6.75% due 09/15/222		295,000		326,344
CSC Holdings LLC
5.25% due 06/01/242		700,000		688,624
Unitymedia Hessen GmbH & Company KG / Unitymedia NRW GmbH
5.50% due 01/15/232		650,000		672,750
Avaya, Inc.
7.00% due 04/01/192		600,000		600,000
DISH DBS Corp.
6.75% due 06/01/21		300,000		342,000
5.88% due 07/15/22		150,000		162,750

High Yield Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Face Amount		Value
CORPORATE BONDS†† - 83.7% (continued)
Telecommunication Services -  7.2% (continued)
SITEL LLC / Sitel Finance Corp.
11.00% due 08/01/172	$	450,000	$	479,250
Expo Event Transco, Inc.
9.00% due 06/15/212		400,000		417,000
Inmarsat Finance plc
4.88% due 05/15/222		400,000		404,000
Nielsen Finance LLC / Nielsen Finance Co.
5.00% due 04/15/222		400,000		403,000
Level 3 Financing, Inc.
6.13% due 01/15/212		350,000		374,938
Total Telecommunication Services				10,757,281
Industrials -  6.4%
CNH Industrial Capital LLC
3.38% due 07/15/192		1,200,000		1,190,999
Deutsche Raststatten
6.75% due 12/30/20		800,000		1,174,034
FTI Consulting, Inc.
6.00% due 11/15/221		800,000		823,000
Marquette Transportation Company LLC / Marquette Transportation Finance Corp.
10.88% due 01/15/171		755,000		799,923
ADT Corp.
6.25% due 10/15/21		750,000		795,000
Odebrecht Offshore Drilling Finance Ltd.
6.63% due 10/01/222		692,230		737,225
Clean Harbors, Inc.
5.13% due 06/01/211		700,000		715,313
Briggs & Stratton Corp.
6.88% due 12/15/201		600,000		670,500
Amsted Industries, Inc.
5.00% due 03/15/222		650,000		650,000
Ultra Resources, Inc.
4.51% due 10/12/20†††,6		600,000		577,440
Building Materials Corporation of America
6.75% due 05/01/212		400,000		431,000
CEVA Group plc
7.00% due 03/01/212		400,000		411,000
LMI Aerospace, Inc.
7.38% due 07/15/192		350,000		357,875
USG Corp.
5.88% due 11/01/212		300,000		318,000
Total Industrials				9,651,309
Materials -  5.4%
TPC Group, Inc.
8.75% due 12/15/202		1,945,000		2,154,088
KGHM International Ltd.
7.75% due 06/15/192		1,150,000		1,234,812
Reynolds Group Issuer Incorporated / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu
6.88% due 02/15/21		1,000,000		1,079,125
BMBG Bond Finance SCA
5.33% due 10/15/202,3		550,000		765,866
Clearwater Paper Corp.
4.50% due 02/01/231		675,000		654,750
Kaiser Aluminum Corp.
8.25% due 06/01/20		575,000		646,875
Eldorado Gold Corp.
6.13% due 12/15/202		525,000		530,250
Unifrax I LLC / Unifrax Holding Co.
7.50% due 02/15/192		350,000		365,750
Cascades, Inc.
5.50% due 07/15/222		350,000		349,125
Mirabela Nickel Ltd.
9.50% due 05/20/19		231,000		231,000
8.75% due 04/15/182,5		435,000		100,050
Total Materials				8,111,691
Utilities -  3.2%
NGL Energy Partners Limited Partnership / NGL Energy Finance Corp.
6.88% due 10/15/212		850,000		905,250
5.13% due 07/15/192		600,000		601,500
LBC Tank Terminals Holding Netherlands BV
6.88% due 05/15/232		1,250,000		1,318,750
ContourGlobal Power Holdings S.A.
7.13% due 06/01/192		1,000,000		998,000
AES Corp.
5.50% due 03/15/241		650,000		664,625
4.88% due 05/15/23		250,000		247,500
Total Utilities				4,735,625
Health Care -  1.8%
Catalent Pharma Solutions, Inc.
7.88% due 10/15/181		750,000		763,125
Valeant Pharmaceuticals International, Inc.
5.63% due 12/01/212		600,000		617,250
Symbion, Inc.
8.00% due 06/15/16		475,000		496,375
HCA, Inc.
5.00% due 03/15/241		350,000		354,837
DaVita HealthCare Partners, Inc.
5.13% due 07/15/24		225,000		226,406
Catamaran Corp.
4.75% due 03/15/21		200,000		202,000
Total Health Care				2,659,993
Total Corporate Bonds
(Cost $121,838,260)				125,393,150
SENIOR FLOATING RATE INTERESTS†† - 25.1%
Industrials -  7.7%
Flakt Woods
8.00% due 04/01/176		1,600,000		2,125,008
Mitchell International, Inc.
8.50% due 10/11/21		1,250,000		1,273,963
Travelport Holdings Ltd.
9.50% due 01/31/16		988,752		1,016,229

High Yield Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Face Amount		Value
SENIOR FLOATING RATE INTERESTS†† - 25.1% (continued)
Industrials -  7.7% (continued)
Hillman Group, Inc.
6.50% due 06/13/19†††,6	$	1,000,000	$	1,000,000
GCA Services Group, Inc.
9.25% due 11/01/20		800,000		808,000
SI Organization
5.75% due 11/23/19		800,000		801,504
syncreon
5.25% due 10/28/20		606,950		610,743
US Shipping Corp.
9.00% due 04/30/18		533,758		541,988
CareCore National LLC
5.50% due 03/05/21		498,750		502,805
Learning Care Group (US), Inc.
7.75% due 05/05/21†††,6		500,000		500,000
Phillips-Medsize Corp.
7.00% due 06/13/19†††,6		500,000		500,000
SIRVA Worldwide, Inc.
7.50% due 03/27/19		395,000		401,912
Knowledge Learning Corp.
5.25% due 03/18/21		299,250		302,991
STG-Fairway Acquisitions, Inc.
6.25% due 02/28/19		246,876		245,951
Mast Global
8.75% due 09/12/19†††,6		243,750		241,313
Panolam Industries International, Inc.
7.26% due 08/23/17		198,922		198,176
Sabre, Inc.
4.25% due 02/19/19		110,025		110,254
Ceva Logistics US Holdings
6.50% due 03/19/21		98,276		96,310
NaNa Development Corp.
8.00% due 03/15/186		83,333		82,500
Ceva Logistics Holdings BV (Dutch)
6.50% due 03/19/21		71,250		69,825
Ceva Group Plc (United Kingdom)
6.50% due 03/19/21		67,734		66,379
Ceva Logistics Canada, ULC
6.50% due 03/19/21		12,284		12,039
Total Industrials				11,507,890
Consumer Discretionary -  5.1%
Nassa Midco AS
4.25% due 05/14/21		850,000		1,165,466
Mcgraw-Hill Global Education Holdings LLC
11.00% due 03/22/186		1,000,000		1,000,000
Fitness International LLC
5.50% due 06/24/20		750,000		746,722
Lions Gate Entertainment Corp.
5.00% due 07/19/20		600,000		608,999
IntraWest Holdings S.à r.l.
5.50% due 12/09/20		597,000		605,955
NES Global Talent
6.50% due 10/03/19		592,500		592,500
ABG Intermediate Holdings 2 LLC
5.50% due 05/27/21		548,625		549,997
Alexander Mann Solutions Ltd.
5.75% due 12/20/19		497,500		499,988
National Vision, Inc.
6.75% due 03/11/22		450,000		448,313
Tectum Holdings, Inc.
9.00% due 03/12/196		375,000		374,063
Neiman Marcus Group, Inc.
4.25% due 10/25/20		338,676		337,765
Pelican Products, Inc.
9.25% due 04/09/21		300,000		303,000
Targus Group International, Inc.
12.00% due 05/24/166		229,441		193,304
Fleetpride Corp.
9.25% due 05/15/20		192,000		188,160
Total Consumer Discretionary				7,614,232
Telecommunication Services -  4.3%
Scout24 AG
4.44% due 02/12/21		1,000,000		1,379,654
Expert Global Solutions
8.50% due 04/03/18		1,378,514		1,368,175
Associated Partners, Inc.
6.65% due 12/21/15†††,6		1,000,000		1,002,500
Cartrawler- Mustang Bidco Ltd.
4.35% due 04/29/21		650,000		889,984
Anaren, Inc.
9.25% due 08/18/21		500,000		500,000
Cengage Learning Acquisitions, Inc.
7.00% due 03/31/20		299,250		302,431
Avaya, Inc.
6.50% due 03/31/18		295,673		295,715
MergerMarket Ltd.
4.50% due 02/04/21		299,250		294,387
Cumulus Media, Inc.
4.25% due 12/23/20		246,157		246,773
Hemisphere Media Group, Inc.
6.25% due 07/30/20		222,750		225,534
Total Telecommunication Services				6,505,153
Information Technology -  2.7%
Greenway Medical Technologies
9.25% due 11/04/216		550,000		552,062
6.00% due 11/04/206		348,250		347,815
Applied Systems, Inc.
4.25% due 01/25/21		597,000		598,396
EIG Investors Corp.
5.00% due 11/09/19		397,000		397,000
Evergreen Skill
4.50% due 04/28/21		330,000		329,795
Sophos
5.00% due 01/29/21		299,250		300,187

High Yield Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Face Amount		Value
SENIOR FLOATING RATE INTERESTS†† - 25.1% (continued)
Information Technology -  2.7% (continued)
Telx Group
7.50% due 04/09/21	$	300,000	$	300,000
SumTotal Systems
6.25% due 11/16/18		284,755		277,636
Flexera Software LLC
8.00% due 04/02/21		250,000		249,688
P2 Energy Solutions
5.00% due 10/30/20		199,000		199,663
GlobalLogic Holdings, Inc.
6.25% due 05/31/19		199,000		191,538
LANDesk Group, Inc.
5.00% due 02/25/20		178,652		178,695
Active Network, Inc., The
5.50% due 11/13/20		149,624		148,783
Total Information Technology				4,071,258
Financials -  1.7%
Magic Newco, LLC
12.00% due 06/12/19		500,000		571,665
5.00% due 12/12/18		198,487		199,826
Cunningham Lindsey U.S., Inc.
9.25% due 06/10/206		623,636		623,250
Intertrust Group
8.00% due 04/15/22		500,000		501,665
Lineage Logistics LLC
4.50% due 04/07/21		448,875		445,881
National Financial Partners
5.25% due 07/01/20		247,501		248,615
Total Financials				2,590,902
Consumer Staples -  1.3%
Reddy Ice Holdings, Inc.
6.75% due 04/01/196		594,000		579,150
AdvancePierre Foods, Inc.
9.50% due 10/10/17		541,000		521,053
CTI Foods Holding Co. LLC
8.25% due 06/28/21		340,000		343,400
Performance Food Group
6.25% due 11/14/19		247,500		249,822
Arctic Glacier Holdings, Inc.
5.00% due 05/10/19		180,884		179,528
Total Consumer Staples				1,872,953
Utilities -  0.8%
Astoria Generating Company Acquisitions LLC
8.50% due 10/26/17		1,235,000		1,268,963
Materials -  0.6%
Atkore International, Inc.
7.75% due 10/09/21		450,000		451,688
Hoffmaster Group, Inc.
5.25% due 05/09/20		400,000		399,668
Total Materials				851,356
Energy -  0.5%
PSS Companies
5.50% due 01/28/20		498,725		502,466
FTS International
5.75% due 04/16/21		283,636		287,006
Total Energy				789,472
Health Care -  0.4%
Nextech Systems LLC
6.00% due 10/28/18†††,6		292,500		286,650
Catalent Pharma Solutions, Inc.
6.50% due 12/31/17		250,000		251,875
Total Health Care				538,525
Total Senior Floating Rate Interests
(Cost $37,291,944)				37,610,704
ASSET BACKED SECURITIES†† - 0.5%
ALM XIV Ltd.
2014-14A, 3.68% due 07/28/262,3		800,000		762,320
Total Asset Backed Securities
(Cost $760,320)				762,320
COLLATERALIZED MORTGAGE OBLIGATION†† - 0.3%
SRERS-2011 Funding Ltd.
2011-RS,0.40% due 05/09/462,3		533,082		500,618
Total Collateralized Mortgage Obligation
(Cost $493,115)				500,618
Total Investments - 114.9%
(Cost $167,823,284)			$	172,228,985
Other Assets & Liabilities, net - (14.9)%				(22,398,252	)
Total Net Assets - 100.0%			$	149,830,733

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS††
Contracts to Sell		Currency		Counterparty	Settlement Date	Settlement Value		Value at 06/30/14		Unrealized Depreciation
	200,000		CAD	BNY Capital Markets	07/02/14	$	184,196	$	187,433	$	(3,237	)
	1,550,000		AUD	BNY Mellon	08/05/14		1,452,009		1,457,974		(5,965	)
	3,050,000		EUR	BNY Capital Markets	07/02/14		4,159,387		4,176,080		(16,693	)
	700,000		GBP	BNY Capital Markets	07/02/14		1,172,994		1,198,117		(25,124	)
										$	(51,019	)

*	Non-income producing security.
†	Value determined based on Level 1 inputs, unless otherwise noted — See Note 3.
††	Value determined based on Level 2 inputs, unless otherwise noted — See Note 3.
†††	Value determined based on Level 3 inputs — See Note 3.
1	Security or a portion thereof is held as collateral for reverse repurchase agreements.
2	Security is a 144A or Section 4(a)(2) security.  The total market value of 144A or Section 4(a)(2) securities is $73,998,637 (cost $72,005,749), or 49.4% of total net assets.
3	Variable rate security.  Rate indicated is rate effective at June 30, 2014.
4	Perpetual maturity.
5	Security is in default of interest and/or principal obligations.

⁶ Illiquid security.

plc — Public Limited Company

REIT — Real Estate Investment Trust

Investment Grade Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Shares		Value
COMMON STOCKS† - 0.0%
Consumer Discretionary - 0.0%
Harry & David Holdings, Inc.*		7	$	963
Materials - 0.0%
Constar International Holdings LLC*,†††		68		–
Total Common Stocks
(Cost $570)				963
PREFERRED STOCKS† - 4.1%
Aspen Insurance Holdings Ltd.
5.95% due 07/01/233		48,000		1,195,200
Seaspan Corp.
6.38% due 04/30/19*		22,000		562,100
Woodbourne Capital Trust III
0.01%*,†††,1,2,3		950,000		523,830
Woodbourne Capital Trust IV
0.01%*,†††,1,2,3		950,000		523,830
Woodbourne Capital Trust II
0.01%*,†††,1,2,3		950,000		523,830
Woodbourne Capital Trust I
0.01%*,†††,1,2,3		950,000		523,830
Wells Fargo & Co.
5.85%2,3		15,000		389,100
Morgan Stanley
7.13%2,3		10,000		278,700
AgriBank FCB
6.88%2,3		1,500		159,375
City National Corp.
6.75%2,3		4,000		111,120
Constar International Holdings LLC*,†††,7		7		–
Total Preferred Stocks
(Cost $6,445,328)				4,790,915
UNIT INVESTMENT TRUSTS† - 0.1%
Rescap Liquidating Trust		5,199		80,116
Total Unit Investment Trusts
(Cost $262,501)				80,116
SHORT TERM INVESTMENTS† - 0.8%
Dreyfus Treasury Prime Cash Management Fund		955,632		955,632
Total Short Term Investments
(Cost $955,632)				955,632
		Face Amount
ASSET BACKED SECURITIES†† - 47.7%
Willis Engine Securitization Trust II
2012-A, 5.50% due 09/15/37†††,1	$	2,549,049		2,591,874
Northwoods Capital VIII Ltd.
2007-8A, 2.23% due 07/28/221,2		1,950,000		1,886,625
T2 Income Fund CLO Ltd.
2007-1A, 1.73% due 07/15/191,2		1,600,000		1,556,000
2007-1X, 1.73% due 07/15/192		250,000		243,125
Castlelake Aircraft Securitization Trust
2014-1, 5.25% due 02/15/29†††		1,203,750		1,208,324
2014-1, 7.50% due 02/15/29†††		481,500		482,078
Argent Securities Incorporated Asset-Backed Pass-Through Certificates Series
2005-W3, 0.49% due 11/25/352		1,654,735		1,562,916
Emerald Aviation Finance Ltd.
2013-1, 4.65% due 10/15/381		1,197,917		1,212,891
2013-1, 6.35% due 10/15/381		239,583		243,776
Grayson CLO Ltd.
2006-1A, 0.64% due 11/01/211,2		1,400,000		1,297,940
Garanti Diversified Payment Rights Finance Co.
2007-A, 0.41% due 07/09/17†††		1,352,000		1,287,915
Copper River CLO Ltd.
2007-1A, 0.00% due 01/20/211,2		700,000		793,520
2007-1A, 0.63% due 01/20/211,2		500,000		478,200
Telos CLO Ltd.
2013-3A, 3.23% due 01/17/241,2		1,250,000		1,229,500
Gramercy Real Estate CDO 2007-1 Ltd.
2007-1A, 0.50% due 08/15/561,2		1,412,002		1,222,653
GSAA Trust
2005-10, 0.80% due 06/25/352		1,250,000		1,169,579
CKE Restaurant Holdings, Inc.
2013-1A, 4.47% due 03/20/431		1,128,438		1,159,035
Telos CLO 2007-2 Ltd.
2007-2A, 2.43% due 04/15/221,2		1,100,000		1,045,880
Great Lakes CLO 2012-1 Ltd.
2012-1A, 4.33% due 01/15/231,2		1,000,000		1,008,900
KKR Financial CLO 2007-1 Ltd.
2007-1A, 2.47% due 05/15/211,2		1,000,000		980,800
Figueroa CLO 2013-1 Ltd.
2013-1A, 2.98% due 03/21/241,2		1,000,000		980,700
ALM VII R Ltd.
2013-7RA, 2.84% due 04/24/241,2		1,000,000		978,900
Genesis Funding Ltd.
2006-1A, 0.40% due 12/19/321,2		1,016,180		975,533
Rockwall CDO II Ltd.
2007-1A, 0.78% due 08/01/241,2		1,100,000		970,200
Venture XIV CLO Ltd.
2013-14A, 2.98% due 08/28/251,2		1,000,000		966,300

Investment Grade Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Face Amount		Value
ASSET BACKED SECURITIES†† - 47.7% (continued)
RAIT CRE CDO I Ltd.
2006-1X, 0.48% due 11/20/46†††,2	$	1,044,288	$	923,150
MCF CLO I LLC
2013-1A, 3.78% due 04/20/231,2		900,000		889,830
Turbine Engines Securitization Ltd.
2013-1A, 5.13% due 12/13/48†††,1		879,614		881,197
N-Star Real Estate CDO IX Ltd.
0.44% due 02/01/417		926,332		879,738
KKR Financial CLO 2007-A Corp.
2007-AA, 4.73% due 10/15/171,2		850,000		853,315
ICE EM CLO
2007-1A, 0.93% due 08/15/221,2		850,000		801,125
COA Summit CLO Limited
2014-1A, 3.04% due 04/20/231,2		800,000		793,440
Newstar Trust
2012-2A, 3.49% due 01/20/231,2		750,000		751,650
OZLM Funding Ltd.
2012-2A, 3.47% due 10/30/231,2		750,000		750,000
ARES XII CLO Ltd.
2007-12A, 3.48% due 11/25/201,2		750,000		743,700
Carlyle Global Market Strategies CLO 2014-2 Ltd.
2014-2A, 2.35% due 05/15/251,2		750,000		742,575
Tricadia CDO 2006-6 Ltd.
2006-6A, 0.77% due 11/05/411,2		750,000		693,675
Icon Brands Holdings LLC
2013-1A, 4.35% due 01/25/43†††,1		658,668		663,147
West Coast Funding Ltd.
2006-1A, 0.38% due 11/02/411,2		680,475		658,564
Babson CLO Limited 2014-I
2014-IA, 0.00% due 07/12/25†††,1		650,000		617,500
Ivy Hill Middle Market Credit Fund VII Ltd.
2013-7A, 3.68% due 10/20/251,2		600,000		594,900
Fortress Credit Opportunities III CLO, LP
2014-3A, 3.48% due 04/28/261,2		300,000		298,590
2014-3A, 2.73% due 04/28/261,2		300,000		294,000
Black Diamond CLO 2012-1 Ltd.
2013-1A, 3.48% due 02/01/231,2		550,000		550,000
Structured Asset Securities Corporation Mortgage Loan Trust
2006-OPT1, 0.41% due 04/25/362		600,000		535,736
Spirit Master Funding LLC
2014-3A, 5.74% due 03/20/221		357,305		394,929
2014-2A, 5.76% due 03/20/221		122,582		135,529
Cent CLO
2012-16A, 3.73% due 08/01/241,2		500,000		500,850
Apidos CDO IX
2012-9A, 3.98% due 07/15/231,2		500,000		500,000
KKR CLO Trust
2012-1A, 3.53% due 12/15/241,2		500,000		496,300
Acis CLO 2013-1 Ltd.
2013-1A, 3.18% due 04/18/241,2		500,000		489,900
Apidos CDO III Ltd.
2006-3A, 1.98% due 06/12/201,2		500,000		483,550
MCF CLO III LLC
2014-3A, 3.21% due 01/20/241,2		500,000		476,350
Triton Container Finance LLC
2012-1A, 4.21% due 05/14/271		475,000		475,000
Golub Capital Partners Fundings Ltd.
2007-1A, 0.98% due 03/15/221,2		500,000		474,000
FREMF Mortgage Trust
2012-K501, 3.61% due 11/25/461,2		450,000		461,686
Cerberus Offshore Levered I, LP
2012-1A, 4.98% due 11/30/181,2		450,000		449,685
N-Star REL CDO VIII Ltd.
2006-8A, 0.51% due 02/01/411,2		500,000		446,900
Eastland CLO Ltd.
2007-1A, 0.63% due 05/01/221,2		450,000		418,860
Lehman XS Trust
2007-9, 0.27% due 06/25/372		465,487		411,278
UCFC Manufactured Housing Contract
1997-2, 7.38% due 10/15/28		348,782		381,225
Westwood CDO I Ltd.
2007-1A, 0.90% due 03/25/211,2		400,000		370,680
Halcyon Loan Advisors Funding 2012-2 Ltd.
2012-2A, 4.73% due 12/20/241,2		350,000		351,365

Investment Grade Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Face Amount		Value
ASSET BACKED SECURITIES†† - 47.7% (continued)
Anchorage Capital CLO 4 Ltd.
2014-4A, 2.44% due 07/28/26†††,1,2	$	350,000	$	349,545
Newstar Commercial Loan Funding 2013-1 LLC
2013-1A, 4.78% due 09/20/231,2		350,000		347,620
Saxon Asset Securities Trust
2005-4, 0.59% due 11/25/372		400,000		343,861
Northwoods Capital VII Ltd.
2006-7A, 1.78% due 10/22/211,2		350,000		336,525
CIFC Funding 2012-II Ltd.
2012-2A, 4.48% due 12/05/241,2		300,000		300,060
DIVCORE CLO Ltd.
2013-1A B, 4.05% due 11/15/32		300,000		300,000
Salus CLO 2012-1 Ltd.
2013-1AN, 3.98% due 03/05/211,2		300,000		299,310
ALM VII R-2 Ltd.
2013-7R2A, 2.83% due 04/24/241,2		300,000		294,450
GreenPoint Mortgage Funding Trust
2005-HE4, 0.86% due 07/25/302		300,000		278,830
TICC CLO 2012-1 LLC
2012-1A, 4.98% due 08/25/231,2		250,000		251,150
Ivy Hill Middle Market Credit Fund Ltd.
2011-3A, 6.23% due 01/15/221,2		250,000		251,050
Dryden Senior Loan Fund
2014-23RA, 3.18% due 07/17/231,2		250,000		250,000
Drug Royalty II Limited Partnership 2
2014-1, 3.08% due 07/15/231,2		250,000		250,000
Great Lakes CLO 2014-1 Ltd.
2014-1A, 3.92% due 04/15/25†††,1,2		250,000		249,975
Golub Capital Partners CLO 17 Ltd.
2013-17A, 4.06% due 10/25/251,2		250,000		249,075
Acis CLO 2013-2 Ltd.
3.44% due 10/14/221,2		250,000		248,850
Gallatin CLO VII 2014-1 Ltd.
2014-1A, 3.06% due 07/15/231,2		250,000		248,700
Garrison Funding 2013-2 Ltd.
2013-2A, 3.63% due 09/25/231,2		250,000		247,375
ALM XIV Ltd.
2014-14A, 3.18% due 07/28/261,2		250,000		246,500
Cerberus Onshore II CLO LLC
2014-1A, 2.93% due 10/15/231,2		250,000		245,800
NewStar Arlington Senior Loan Program LLC
2014-1A, 3.53% due 07/25/251,2		250,000		244,350
Race Point IV CLO Ltd.
2007-4A, 2.23% due 08/01/211,2		250,000		242,700
Carlyle Global Market Strategies CLO 2012-3 Ltd.
2012-3A, 0.00% due 10/04/241		250,000		235,175
STORE Master Funding LLC
2013-2A, 4.37% due 07/20/431		98,650		101,935
2013-1A, 4.16% due 03/20/431		98,060		99,840
GSAA Home Equity Trust
2007-7, 0.42% due 07/25/372		215,081		185,079
New Century Home Equity Loan Trust
2005-1, 0.87% due 03/25/352		161,590		139,830
Credit-Based Asset Servicing and Securitization LLC
2005-CB5, 0.41% due 08/25/352		104,856		104,353
First Franklin Mortgage Loan Trust
2006-FF1, 0.49% due 01/25/362		50,000		43,651
Newcastle CDO IX 1 Ltd.
2007-9A, 0.41% due 05/25/521,2		36,072		36,072
Total Asset Backed Securities
(Cost $54,950,524)				56,188,744
CORPORATE BONDS†† - 27.3%
Financials -  17.4%
JPMorgan Chase & Co.
5.15% due 12/31/492,3		1,850,000		1,773,687
5.00% due 12/29/492,3		150,000		149,444
Prudential Financial, Inc.
5.63% due 06/15/432,4		1,750,000		1,871,939
Fifth Third Bancorp
5.10% due 12/31/492,3		1,820,000		1,748,565
Icahn Enterprises Limited Partnership / Icahn Enterprises Finance Corp.
6.00% due 08/01/20		800,000		857,000
4.88% due 03/15/19		450,000		463,500
Susquehanna Bancshares, Inc.
5.38% due 08/15/22		1,200,000		1,263,086
Kaupthing Bank HF
3.49% due 01/15/101,5		5,000,000		1,212,500
EPR Properties
5.25% due 07/15/234		1,000,000		1,040,261
5.75% due 08/15/224		100,000		108,646
PNC Financial Services Group, Inc.
4.85% due 05/29/492,3		1,100,000		1,057,375

Investment Grade Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Face Amount		Value
CORPORATE BONDS†† - 27.3% (continued)
Financials -  17.4% (continued)
General Electric Capital Corp.
5.25% due 06/29/492,3	$	750,000	$	758,438
7.13% due 12/29/492,3		250,000		295,050
AmTrust Financial Services, Inc.
6.13% due 08/15/231		1,000,000		1,012,380
Lancashire Holdings Ltd.
5.70% due 10/01/221		900,000		1,002,078
StanCorp Financial Group, Inc.
5.00% due 08/15/22		600,000		640,096
ACC Group Housing LLC
6.35% due 07/15/541		300,000		304,620
3.50% due 07/15/181		300,000		300,240
Credit Suisse AG
6.50% due 08/08/231,4		500,000		555,000
Leucadia National Corp.
5.50% due 10/18/23		500,000		531,112
Customers Bank
6.13% due 06/26/291,2		500,000		500,000
Wilton Re Finance LLC
5.88% due 03/30/331,2		475,000		495,188
National Rural Utilities Cooperative Finance Corp.
4.75% due 04/30/432		500,000		492,055
Bank of New York Mellon Corp.
4.50% due 12/31/492,3		440,000		409,200
Pacific Northwest Communities LLC
5.91% due 06/15/501		400,000		404,776
Royal Bank of Scotland Group plc
5.13% due 05/28/24		350,000		355,390
CIC Receivables Master Trust
4.89% due 10/07/21†††		300,000		303,480
Cadence Bank North America
6.25% due 06/28/292		200,000		201,840
Assured Guaranty US Holdings, Inc.
5.00% due 07/01/24		200,000		198,809
Cadence Financial Corp.
4.88% due 06/28/191		150,000		150,525
TIG Holdings, Inc.
8.60% due 01/15/271		34,000		30,430
Total Financials				20,486,710
Consumer Discretionary -  2.7%
Hawaiian Airlines 2013-1 Class A Pass Through Certificates
3.90% due 01/15/26		800,000		796,000
Sabre GLBL, Inc.
8.50% due 05/15/191		680,000		754,800
Northern Group Housing LLC
6.80% due 08/15/531		600,000		659,286
Continental Airlines 2012-2 Class B Pass Through Trust
5.50% due 10/29/20		380,441		397,560
GRD Holdings III Corp.
10.75% due 06/01/191		250,000		280,000
QVC, Inc.
7.38% due 10/15/201		200,000		214,686
Continental Airlines 2012-1 Class B Pass Through Trust
6.25% due 04/11/20		112,331		122,441
Total Consumer Discretionary				3,224,773
Materials -  2.7%
Newcrest Finance Pty Ltd.
4.20% due 10/01/221		1,200,000		1,118,300
4.45% due 11/15/211		500,000		488,738
AngloGold Ashanti Holdings plc
5.13% due 08/01/224		1,250,000		1,219,223
Yamana Gold, Inc.
4.95% due 07/15/241		350,000		352,301
Mosaic Global Holdings, Inc.
7.38% due 08/01/18		18,000		20,586
Constar International, Inc
11.00% due 12/31/17†††,7		5,747		–
Total Materials				3,199,148
Energy -  2.4%
Legacy Reserves Limited Partnership / Legacy Reserves Finance Corp.
8.00% due 12/01/20		1,200,000		1,290,000
BreitBurn Energy Partners Limited Partnership / BreitBurn Finance Corp.
7.88% due 04/15/22		600,000		649,500
Eagle Rock Energy Partners Limited Partnership / Eagle Rock Energy Finance Corp.
8.38% due 06/01/19		455,000		491,400
Midstates Petroleum Company Incorporated / Midstates Petroleum Co LLC
10.75% due 10/01/20		190,000		215,650
Crestwood Midstream Partners Limited Partnership / Crestwood Midstream Finance Corp.
7.75% due 04/01/19		150,000		160,875
Williams Companies, Inc.
8.75% due 03/15/32		12,000		15,645
Total Energy				2,823,070
Industrials -  1.3%
Chicago Bridge & Iron Co.
5.15% due 12/27/22†††,7		750,000		769,875
SBM Baleia Azul Sarl
5.50% due 09/15/27†††,7		466,100		468,337
ADT Corp.
6.25% due 10/15/21		150,000		159,000

Investment Grade Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Face Amount		Value
CORPORATE BONDS†† - 27.3% (continued)
Industrials -  1.3% (continued)
Prosight Global Inc.
7.50% due 11/26/20†††,7	$	100,000	$	101,370
Total Industrials				1,498,582
Telecommunication Services -  0.6%
Avaya, Inc.
7.00% due 04/01/191		650,000		650,000
Nortel Networks Ltd.
6.88% due 09/01/235		31,000		15,190
Total Telecommunication Services				665,190
Information Technology -  0.2%
First Data Corp.
8.75% due 01/15/221		250,000		275,938
Total Corporate Bonds
(Cost $35,328,708)				32,173,411
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 11.3%
Commercial Mortgage Pass Through Certificates
2014-KYO,2.50% due 06/11/271,2		1,750,000		1,750,000
CSMC Series 2014-ICE
2.40% due 04/15/271,2		1,150,000		1,154,369
Hilton USA Trust
2013-HLT,4.41% due 11/05/301		1,100,000		1,139,056
Alternative Loan Trust
2003-18CB,5.25% due 09/25/33		1,077,987		1,120,505
Boca Hotel Portfolio Trust
2013-BOCA,3.20% due 08/15/261,2		1,000,000		1,002,857
MASTR Adjustable Rate Mortgages Trust
2003-5,2.09% due 11/25/332		965,717		938,116
BBCMS Trust
2013-TYSN,3.71% due 09/05/321		900,000		862,419
Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust
2006-AR9,0.96% due 11/25/462		789,569		544,582
2006-8,5.76% due 10/25/36		471,834		356,416
Luminent Mortgage Trust
2006-2,0.35% due 02/25/462		705,705		532,431
LSTAR Commercial Mortgage Trust
2014-2,5.32% due 01/20/411,2		500,000		514,814
Chase Mortgage Finance Trust Series
2006-S3,6.00% due 11/25/36		570,945		508,129
Motel 6 Trust
2012-MTL6,3.78% due 10/05/251		500,000		507,673
GMAC Commercial Mortgage Asset Corp.
2003-PRES,6.24% due 10/10/41†††,1		484,925		448,604
Sequoia Mortgage Trust
2013-5,2.50% due 05/25/431,2		433,932		405,930
Residential Asset Securitization Trust
2006-A12,6.25% due 11/25/36		498,358		381,564
SRERS-2011 Funding Ltd.
2011-RS,0.40% due 05/09/461,2		355,388		333,745
Nomura Resecuritization Trust
2012-1R,0.59% due 08/27/471,2		347,060		320,232
American Home Mortgage Assets Trust
2007-1,0.82% due 02/25/472		310,536		198,665
Credit Suisse Mortgage Capital Certificates
2006-TF2A,0.55% due 10/15/211,2		200,000		194,115
JP Morgan Mortgage Trust
2006-A3,2.86% due 04/25/362		35,977		33,998
Total Collateralized Mortgage Obligations
(Cost $13,120,502)				13,248,220
SENIOR FLOATING RATE INTERESTS†† - 7.5%
Consumer Discretionary -  2.1%
Landry's, Inc.
4.00% due 04/24/18		754,168		755,820
Compucom Systems, Inc.
4.25% due 05/07/20		726,882		719,010
Ollies Bargain Outlet
4.75% due 09/28/19		388,929		388,929
Arby's
5.00% due 11/15/20		348,250		349,988
1-800  Contacts, Inc.
4.25% due 01/29/21		199,500		199,376
NES Global Talent
6.50% due 10/03/19		148,125		148,125
Total Consumer Discretionary				2,561,248
Industrials -  1.8%
Rise Ltd.
4.74% due 02/12/39†††		734,375		744,510
Travelport Holdings Ltd.
6.25% due 06/26/19		495,000		505,890
AABS Ltd.
4.87% due 01/15/38†††		458,856		464,592
VAT Holding AG
4.75% due 02/11/21		249,375		250,467

Investment Grade Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Face Amount		Value
SENIOR FLOATING RATE INTERESTS†† - 7.5% (continued)
Industrials -  1.8% (continued)
Emerald Expositions
5.50% due 06/17/20	$	95,039	$	95,603
Total Industrials				2,061,062
Information Technology -  1.4%
Avago Technologies Ltd.
3.75% due 05/06/21		1,000,000		1,002,769
P2 Energy Solutions
5.00% due 10/30/20		348,250		349,410
Greenway Medical Technologies
6.00% due 11/04/207		348,250		347,815
Total Information Technology				1,699,994
Telecommunication Services -  0.9%
MergerMarket Ltd.
4.50% due 02/04/21		598,500		588,774
Asurion Corp.
5.00% due 05/24/19		460,009		462,599
Total Telecommunication Services				1,051,373
Financials -  0.6%
Corporate Capital Trust
4.00% due 05/20/19		349,125		348,689
Magic Newco, LLC
5.00% due 12/12/18		247,483		249,154
American Stock Transfer & Trust
5.75% due 06/26/20		97,147		96,984
Total Financials				694,827
Materials -  0.5%
Fortescue Metals Group Ltd.
3.75% due 06/30/19		598,995		599,223
Consumer Staples -  0.1%
Performance Food Group
6.25% due 11/14/19		99,497		100,431
Health Care -  0.1%
Akorn, Inc.
4.50% due 04/16/21		100,000		100,125
Total Senior Floating Rate Interests
(Cost $8,823,703)				8,868,283
MUNICIPAL BONDS†† - 3.5%
California -  2.4%
Cypress School District
0.00% due 08/01/40		4,400,000		1,133,263
Stockton Unified School District
0.00% due 08/01/40		1,895,000		524,081
0.00% due 08/01/36		875,000		304,413
0.00% due 08/01/35		565,000		207,897
Inland Valley Development Agency
5.50% due 03/01/33		500,000		515,450
County of Sacramento California Revenue Bonds
7.25% due 08/01/25		100,000		116,412
Total California				2,801,516
Michigan -  0.7%
City of Detroit Michigan Water Supply System Revenue Revenue Bonds
5.00% due 07/01/33		300,000		302,033
5.00% due 07/01/23		250,000		251,128
5.00% due 07/01/30		50,000		49,512
Detroit City School District General Obligation Unlimited
7.74% due 05/01/39		100,000		122,022
City of Detroit Michigan Sewage Disposal System Revenue Revenue Bonds
5.50% due 07/01/22		100,000		104,063
Total Michigan				828,758
Illinois -  0.2%
City of Chicago Illinois General Obligation Unlimited
5.00% due 01/01/27		150,000		159,386
City of Chicago
0.00% due 01/01/30		150,000		72,147
Total Illinois				231,533
Alabama -  0.2%
County of Jefferson Alabama Sewer Revenue Revenue Bonds
0.00% due 10/01/34		350,000		108,560
County of Jefferson Sewer Revenue
0.00% due 10/01/32		300,000		108,333
Total Alabama				216,893
Total Municipal Bonds
(Cost $4,117,748)				4,078,700
MORTGAGE BACKED SECURITIES†† - 0.5%
GreenPoint Mortgage Funding Trust Series
2007-AR1,0.23% due 02/25/472		351,121		327,805
HarborView Mortgage Loan Trust
2006-12,0.35% due 01/19/382		286,937		247,360
Ginnie Mae
#518436, 7.25% due 09/15/29		9,538		10,070
#1849, 8.50% due 08/20/24		1,098		1,152
Fannie Mae6
1990-108,7.00% due 09/25/20		8,356		9,242
Total Mortgage Backed Securities
(Cost $581,929)				595,629
COMMERCIAL PAPER†† - 1.3%
Kinder Morgan Energy Partners, LP
0.22% due 07/02/141		500,000		499,997

Investment Grade Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Face Amount		Value
COMMERCIAL PAPER†† - 1.3% (continued)
Pentair Finance S.A.
0.26% due 07/02/141	$	500,000	$	499,997
American Water Capital Corp.
0.27% due 07/02/141		500,000		499,996
Total Commercial Paper
(Cost $1,499,990)				1,499,990
	Contracts
OPTIONS PURCHASED††, 7 - 0.1%
Call options on:
iShares 7-10 Year Treasury Bond ETF Expiring September 2014 with strike price of $104.00		2,251		146,315
Total Options Purchased
(Cost $139,562)				146,315
Total Investments - 104.2%
(Cost $126,226,697)			$	122,626,918
OPTIONS WRITTEN††, 7 - 0.0%
Call options on:
iShares 7-10 Year Treasury Bond ETF Expiring September 2014 with strike price of $106.00		2,251		(45,020	)
Total Options Written
(Premiums received $31,514)				(45,020	)
Other Assets & Liabilities, net - (4.2)%				(4,965,382	)
Total Net Assets - 100.0%			$	117,616,516

CENTRALLY CLEARED INTEREST RATE SWAP AGREEMENTS††
Counterparty	Floating Rate	Floating Rate Index	Fixed Rate			Maturity Date	Notional Amount		Market Value		Unrealized Appreciation
Merrill Lynch	Pay	3-Month USD-LIBOR		3.89	%	09/09/43	$	1,850,000	$	234,580	$	234,580
Merrill Lynch	Pay	3-Month USD-LIBOR		1.97	%	09/09/18		5,850,000		160,875		160,875
Merrill Lynch	Pay	3-Month USD-LIBOR		3.68	%	08/29/43		1,450,000		127,310		127,310
Merrill Lynch	Pay	3-Month USD-LIBOR		1.70	%	08/29/18		5,950,000		98,770		98,770
Merrill Lynch	Pay	3-Month USD-LIBOR		3.65	%	09/26/43		450,000		35,550		35,550
Merrill Lynch	Pay	3-Month USD-LIBOR		1.59	%	09/26/18		1,350,000		13,095		13,095
											$	670,180

*	Non-income producing security.
†	Value determined based on Level 1 inputs, unless otherwise noted — See Note 3.
††	Value determined based on Level 2 inputs, unless otherwise noted — See Note 3.
†††	Value determined based on Level 3 inputs — See Note 3.
1	Security is a 144A or Section 4(a)(2) security.  The total market value of 144A or Section 4(a)(2) securities is $66,603,666 (cost $68,956,723), or 56.6% of total net assets.
2	Variable rate security.  Rate indicated is rate effective at June 30, 2014.
3	Perpetual maturity.
4	Security or a portion thereof is held as collateral for reverse repurchase agreements.
5	Security is in default of interest and/or principal obligations.
6	On September 7, 2008, the issuer was placed in conservatorship by the Federal Housing Finance Agency (FHFA). As conservator, the FHFA has full powers to control the assets and operations of the firm.
7	Illiquid security.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust

Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Shares		Value
COMMON STOCKS† - 95.3%
Financials - 26.0%
Wells Fargo & Co.		59,530	$	3,128,896
American International Group, Inc.		40,512		2,211,145
JPMorgan Chase & Co.		31,180		1,796,592
Citigroup, Inc.		34,040		1,603,284
Allstate Corp.		24,955		1,465,358
Bank of New York Mellon Corp.		37,630		1,410,372
Reinsurance Group of America, Inc. — Class A		11,935		941,672
Aon plc		8,875		799,549
Bank of America Corp.		51,820		796,473
Franklin Resources, Inc.		11,220		648,965
CME Group, Inc. — Class A		7,920		561,924
U.S. Bancorp		12,813		555,059
Navient Corp.		19,200		340,032
Ocwen Financial Corp.*		9,040		335,384
NASDAQ OMX Group, Inc.		7,826		302,240
Home Loan Servicing Solutions Ltd.		10,019		227,732
Total Financials				17,124,677
Energy - 19.4%
Chevron Corp.		15,015		1,960,208
Apache Corp.		17,067		1,717,282
Halliburton Co.		18,925		1,343,864
Cameco Corp.		65,410		1,282,690
Phillips 66		14,205		1,142,508
Whiting Petroleum Corp.*		12,985		1,042,046
Marathon Oil Corp.		20,760		828,739
Exxon Mobil Corp.		8,020		807,454
Patterson-UTI Energy, Inc.		19,270		673,294
Suncor Energy, Inc.		14,360		612,167
Superior Energy Services, Inc.		16,480		595,587
Oasis Petroleum, Inc.*		7,290		407,438
ConocoPhillips		4,745		406,789
Total Energy				12,820,066
Industrials - 11.9%
Parker Hannifin Corp.		13,965		1,755,819
Republic Services, Inc. — Class A		41,410		1,572,337
United Technologies Corp.		11,870		1,370,392
Quanta Services, Inc.*		26,620		920,520
URS Corp.		16,780		769,363
Covanta Holding Corp.		35,210		725,678
General Cable Corp.		16,380		420,311
WESCO International, Inc.*		3,660		316,151
Total Industrials				7,850,571
Consumer Staples - 9.6%
CVS Caremark Corp.		30,020		2,262,607
Wal-Mart Stores, Inc.		17,395		1,305,843
Bunge Ltd.		15,980		1,208,727
Mondelez International, Inc. — Class A		29,650		1,115,137
Kraft Foods Group, Inc.		7,791		467,070
Total Consumer Staples				6,359,384
Information Technology - 9.2%
TE Connectivity Ltd.		26,090		1,613,406
Cisco Systems, Inc.		61,630		1,531,505
Computer Sciences Corp.		23,845		1,507,004
FLIR Systems, Inc.		17,390		603,955
QUALCOMM, Inc.		6,230		493,416
NetApp, Inc.		7,985		291,612
Total Information Technology				6,040,898
Consumer Discretionary - 6.2%
Time Warner, Inc.		26,335		1,850,034
DeVry Education Group, Inc.		16,050		679,557
Lowe's Companies, Inc.		13,960		669,940
PulteGroup, Inc.		26,880		541,901
Kohl's Corp.		5,680		299,222
Time, Inc.*		3,291		79,708
Total Consumer Discretionary				4,120,362
Health Care - 5.7%
Aetna, Inc.		15,170		1,229,983
Teva Pharmaceutical Industries Ltd. ADR		21,445		1,124,147
Pfizer, Inc.		24,420		724,786
UnitedHealth Group, Inc.		8,255		674,846
Total Health Care				3,753,762
Materials - 3.8%
Dow Chemical Co.		31,240		1,607,611
Coeur Mining, Inc.*		59,990		550,708
Rock-Tenn Co. — Class A		3,239		342,006
Total Materials				2,500,325
Utilities - 2.8%
Edison International		31,675		1,840,634
Telecommunication Services - 0.7%
Windstream Holdings, Inc.		47,961		477,692
Total Common Stocks
(Cost $47,550,615)				62,888,371
WARRANTS† - 0.4%
American International Group, Inc.
$45.00, 01/19/21		8,920		237,272
Total Warrants
(Cost $167,892)				237,272
EXCHANGE TRADED FUNDS† - 1.5%
iShares Russell 1000 Value ETF		9,750		987,383
Total Exchange Traded Funds
(Cost $986,557)				987,383
SHORT TERM INVESTMENTS† - 3.5%
Dreyfus Treasury Prime Cash Management Fund		2,322,301		2,322,301
Total Short Term Investments
(Cost $2,322,301)				2,322,301
Total Investments - 100.7%
(Cost $51,027,365)			$	66,435,327
Other Assets & Liabilities, net - (0.7)%				(459,218	)
Total Net Assets - 100.0%			$	65,976,109

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.

ADR — American Depositary Receipt

plc — Public Limited Company

Limited Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Shares		Value
PREFERRED STOCKS† - 1.2%
Seaspan Corp.
6.38% due 04/30/19*		20,000	$	511,000
Goldman Sachs Group, Inc.
5.50% due 05/10/23		13,540		331,730
Total Preferred Stocks
(Cost $829,774)				842,730
EXCHANGE TRADED FUNDS†,6 - 5.4%
Guggenheim BulletShares 2017 High Yield Corporate Bond ETF		52,178		1,440,114
Guggenheim BulletShares 2016 High Yield Corporate Bond ETF		44,894		1,231,442
Guggenheim BulletShares 2015 High Yield Corporate Bond ETF		45,200		1,216,874
Total Exchange Traded Funds
(Cost $3,865,007)				3,888,430
		Face Amount
ASSET BACKED SECURITIES†† - 55.4%
West Coast Funding Ltd.
2006-1A, 0.38% due 11/02/411,2	$	1,506,767		1,458,248
Aircraft Lease Securitisation Ltd.
2007-1A, 0.41% due 05/10/321,2		1,304,489		1,268,615
KKR Financial CLO 2007-A Corp.
2007-AA, 2.88% due 10/15/171,2		750,000		746,250
2007-AA, 4.73% due 10/15/171,2		500,000		501,950
Copper River CLO Ltd.
2007-1A, 0.00% due 01/20/211,2		500,000		566,800
2007-1A, 1.73% due 01/20/211,2		500,000		454,500
Drug Royalty II Limited Partnership 2
2014-1, 3.48% due 07/15/232		500,000		500,000
2014-1, 3.08% due 07/15/231,2		500,000		500,000
CIFC Funding 2012-III Ltd.
2013-3A, 3.23% due 01/29/251,2		600,000		596,640
2013-3A, 4.48% due 01/29/251,2		400,000		401,120
H2 Asset Funding Ltd.
2.05% due 03/19/37		1,000,000		995,400
Fortress Credit Opportunities III CLO, LP
2014-3A, 2.73% due 04/28/261,2		1,000,000		979,999
UCFC Manufactured Housing Contract
1997-2, 7.38% due 10/15/28		892,882		975,935
Duane Street CLO IV Ltd.
2007-4A, 2.48% due 11/14/211,2		1,000,000		965,499
Castlelake Aircraft Securitization Trust
2014-1, 5.25% due 02/15/29†††		481,500		483,330
2014-1, 7.50% due 02/15/29†††		481,500		482,078
Black Diamond CLO 2005-2 Delaware Corp.
2005-2A, 2.03% due 01/07/181,2		1,000,000		955,000
San Gabriel CLO Ltd.
2007-1A, 2.48% due 09/10/211,2		1,000,000		952,600
Flagship CLO VI
2007-1A, 2.63% due 06/10/211,2		1,000,000		949,300
Westbrook CLO Ltd.
2006-1A, 1.93% due 12/20/201,2		1,000,000		943,400
CCR Incorporated MT100 Payment Rights Master Trust
2010-CX, 0.60% due 07/10/17†††,1		969,306		941,003
Race Point V CLO Ltd.
2014-5AR, 3.98% due 12/15/221,2		750,000		746,250
Genesis Funding Ltd.
2006-1A, 0.40% due 12/19/321,2		777,079		745,996
Structured Asset Investment Loan Trust
2005-1, 0.87% due 02/25/351,2		550,000		518,260
FREMF Mortgage Trust
2012-K501, 3.61% due 11/25/461,2		500,000		512,984
Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC1, 0.28% due 02/25/371		600,000		511,814
Cent CLO
2012-16A, 3.73% due 08/01/241,2		500,000		500,850
Symphony CLO IX, LP
2012-9A, 3.48% due 04/16/221,2		500,000		500,000
OZLM Funding Ltd.
2012-2A, 3.47% due 10/30/231,2		500,000		500,000
Anchorage Capital CLO 4 Ltd.
2014-4A, 2.44% due 07/28/26†††,1,2		500,000		499,350
LCM X, LP
2014-10AR, 3.08% due 04/15/221,2		500,000		497,700
Gallatin CLO VII 2014-1 Ltd.
2014-1A, 3.06% due 07/15/231,2		500,000		497,400
COA Summit CLO Ltd.
2014-1A, 4.09% due 04/20/231,2		500,000		497,200
BlueMountain CLO 2012-2 Ltd.
2012-2A, 2.98% due 11/20/241,2		500,000		494,550

Limited Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Face Amount		Value
ASSET BACKED SECURITIES†† - 55.4% (continued)
Shackleton II CLO Ltd.
2012-2A, 4.29% due 10/20/231,2	$	500,000	$	493,150
Halcyon Loan Advisors Funding 2012-1 Ltd.
2012-1A, 3.22% due 08/15/231,2		500,000		491,200
ALM VII R-2 Ltd.
2013-7R2A, 2.83% due 04/24/241,2		500,000		490,750
Marathon CLO II Ltd.
2005-2A, 2.03% due 12/20/191,2		500,000		490,550
Figueroa CLO 2013-1 Ltd.
2013-1A, 2.98% due 03/21/241,2		500,000		490,350
KVK CLO 2014-2 Ltd.
2014-2A, 3.23% due 04/15/261,2		500,000		489,900
Golub Capital Partners CLO 18 Ltd.
2014-18A, 3.73% due 04/25/261,2		250,000		248,650
2014-18A, 4.23% due 04/25/261,2		250,000		239,575
Accredited Mortgage Loan Trust
2007-1, 0.28% due 02/25/371		513,627		487,779
NewStar Arlington Senior Loan Program LLC
2014-1A, 3.53% due 07/25/251,2		250,000		244,350
2014-1A, 4.48% due 07/25/251,2		250,000		242,675
Race Point IV CLO Ltd.
2007-4A, 2.23% due 08/01/211,2		500,000		485,400
Telos CLO 2013-4 Ltd.
2013-4A, 2.97% due 07/17/241,2		500,000		484,250
Apidos CDO III Ltd.
2006-3A, 1.98% due 06/12/201,2		500,000		483,550
NewStar Commercial Loan Trust
2006-1A, 0.91% due 03/30/221,2		500,000		482,800
Babson Mid-Market CLO Incorporated 2007-II
2007-2A, 1.92% due 04/15/211,2		500,000		481,900
ALM XIV Ltd.
2014-14A, 3.68% due 07/28/261,2		500,000		476,450
Triton Container Finance LLC
2012-1A, 4.21% due 05/14/272		475,000		475,000
Icon Brands Holdings LLC
2013-1A, 4.35% due 01/25/43†††,2		470,477		473,677
Katonah Ltd.
2007-10A, 2.23% due 04/17/201,2		500,000		473,300
Madison Park Funding Ltd.
2006-3A, 1.64% due 10/25/201,2		500,000		471,650
ColumbusNova CLO Limited 2007-I
2007-1A, 1.58% due 05/16/191,2		500,000		470,950
GSAA Home Equity Trust
2006-18, 6.00% due 11/25/36		680,020		470,719
Shasta CLO Ltd.
2007-1A, 1.62% due 04/20/211,2		500,000		467,700
Katonah IX CLO Ltd.
2006-9A, 1.62% due 01/25/191,2		500,000		466,100
Tricadia CDO 2006-6 Ltd.
2006-6A, 0.77% due 11/05/411,2		500,000		462,450
CIT Mortgage Loan Trust
2007-1, 1.60% due 10/25/371,2		500,000		462,314
Connecticut Valley Structured Credit CDO III Ltd.
2006-3A, 6.68% due 03/23/232		441,767		436,245
Gramercy Real Estate CDO 2007-1 Ltd.
2007-1A, 0.50% due 08/15/561,2		484,115		419,195
GSAMP Trust
2005-HE6, 0.59% due 11/25/351		450,000		403,010
Centerline REIT, Inc.
2004-RR3, 4.76% due 09/21/451,2		381,918		388,601
FM Leveraged Capital Fund II
2006-2X, 3.97% due 11/15/201		352,764		352,588
Soundview Home Loan Trust
2003-1, 2.40% due 08/25/311		324,008		330,498
Cronos Containers Program Ltd.
2012-1A, 4.21% due 05/18/272		257,292		257,709
CKE Restaurant Holdings, Inc.
2013-1A, 4.47% due 03/20/432		245,313		251,964
Great Lakes CLO 2014-1 Ltd.
2014-1A, 3.92% due 04/15/25†††,1,2		250,000		249,975
ALM IV Ltd.
2011-4A, 2.97% due 07/18/221,2		250,000		248,300
Cerberus Onshore II CLO LLC
2014-1A, 2.93% due 10/15/231,2		250,000		245,800
Hewett's Island CDO Ltd.
2007-6A, 2.48% due 06/09/191,2		250,000		245,100

Limited Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Face Amount		Value
ASSET BACKED SECURITIES†† - 55.4% (continued)
T2 Income Fund CLO Ltd.
2007-1A, 1.73% due 07/15/191,2	$	250,000	$	243,125
Kingsland IV Ltd.
2007-4A, 1.68% due 04/16/211,2		250,000		226,150
OFSI Fund V Ltd.
2013-5A, 3.43% due 04/17/251,2		200,000		199,440
Total Asset Backed Securities
(Cost $40,206,798)				40,134,860
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 11.2%
SRERS-2011 Funding Ltd.
2011-RS,0.40% due 05/09/461,2,3		2,025,712		1,902,347
Commercial Mortgage Pass Through Certificates
2014-KYO,2.50% due 06/11/271,2		1,500,000		1,500,000
CSMC Series 2014-ICE
2.40% due 04/15/271,2		1,000,000		1,003,799
CSMC Trust 2014-SURF
2.40% due 02/15/291,2		1,000,000		1,003,768
CSMC Series
2014-2R,0.35% due 02/27/461,2		538,240		504,562
Structured Asset Mortgage Investments II Trust
2006-AR1,0.38% due 02/25/361		579,162		493,061
Nomura Resecuritization Trust
2012-1R,0.59% due 08/27/471,2		520,590		480,349
Residential Asset Securitization Trust
2006-A12,6.25% due 11/25/36		619,580		474,376
First Horizon Alternative Mortgage Securities Trust
2006-FA1,5.75% due 04/25/36		548,534		473,107
Motel 6 Trust
2012-MTL6,3.78% due 10/05/252		250,000		253,836
Total Collateralized Mortgage Obligations
(Cost $8,076,197)				8,089,205
CORPORATE BONDS†† - 8.5%
Financials -  7.2%
JPMorgan Chase & Co.
5.00% due 12/29/491,4		1,030,000		1,026,182
Bank of America Corp.
5.13% due 06/17/191,4		900,000		896,627
Citigroup, Inc.
5.35% due 05/29/491,3,4		890,000		853,844
6.30% due 12/29/491,4		30,000		30,563
ICICI Bank Ltd.
4.75% due 11/25/162		750,000		789,813
Cadence Financial Corp.
4.88% due 06/28/192		500,000		501,750
Schahin II Finance Company SPV Ltd.
5.88% due 09/25/222		417,900		411,631
Morgan Stanley
5.45% due 07/29/491,4		350,000		356,384
Icahn Enterprises Limited Partnership / Icahn Enterprises Finance Corp.
3.50% due 03/15/173		350,000		353,938
Total Financials				5,220,732
Consumer Discretionary -  0.4%
AmeriGas Finance LLC / AmeriGas Finance Corp.
6.75% due 05/20/203		250,000		271,250
Industrials -  0.3%
ADT Corp.
4.13% due 04/15/193		250,000		251,563
Materials -  0.3%
KGHM International Ltd.
7.75% due 06/15/192,3		200,000		214,750
Energy -  0.3%
Precision Drilling Corp.
6.63% due 11/15/203		190,000		203,300
Total Corporate Bonds
(Cost $6,146,866)				6,161,595
SENIOR FLOATING RATE INTERESTS†† - 8.0%
Industrials -  2.5%
Rise Ltd.
4.74% due 02/12/39†††		489,583		496,339
AABS Ltd.
4.87% due 01/15/38†††		458,856		464,592
HD Supply, Inc.
4.00% due 06/28/18		397,970		398,137
Dematic S.A.
4.25% due 12/28/19		248,750		248,439
Sabre, Inc.
4.25% due 02/19/19		198,990		199,404
Total Industrials				1,806,911
Information Technology -  2.1%
Avago Technologies Ltd.
3.75% due 05/06/21		700,000		701,939
MSC Software Corp.
5.00% due 05/29/20		500,000		502,500
Blue Coat Systems, Inc.
4.00% due 05/31/19		199,498		199,414
Epicor Software
4.00% due 05/16/18		99,500		99,550
Total Information Technology				1,503,403
Consumer Discretionary -  1.4%
Smart & Final Stores LLC
4.75% due 11/15/19		323,361		323,765
Acosta, Inc.
4.25% due 03/05/18		249,373		250,370

Limited Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Face Amount		Value
SENIOR FLOATING RATE INTERESTS†† - 8.0% (continued)
Consumer Discretionary -  1.4% (continued)
Fitness International LLC
5.50% due 06/24/20	$	250,000	$	248,908
Arby's
5.00% due 11/15/20		199,000		199,993
Total Consumer Discretionary				1,023,036
Materials -  1.0%
Fortescue Metals Group Ltd.
3.75% due 06/30/19		746,866		747,149
Consumer Staples -  0.7%
Diamond Foods, Inc.
4.25% due 08/20/18		499,375		498,746
Telecommunication Services -  0.3%
Asurion Corp.
5.00% due 05/24/19		198,973		200,093
Total Senior Floating Rate Interests
(Cost $5,772,460)				5,779,338
MUNICIPAL BONDS†† - 2.1%
Michigan -  2.1%
City of Detroit
3.49% due 10/07/16		1,500,000		1,500,000
Total Municipal Bonds
(Cost $1,500,000)				1,500,000
MORTGAGE BACKED SECURITIES†† - 1.3%
HarborView Mortgage Loan Trust
2006-12,0.35% due 01/19/381		573,874		494,720
GreenPoint Mortgage Funding Trust Series
2007-AR1,0.23% due 02/25/471		505,614		472,039
Total Mortgage Backed Securities
(Cost $948,847)				966,759
REPURCHASE AGREEMENTS††,5 - 3.5%
Jefferies & Company, Inc. issued 06/30/14 at 2.65% due 07/09/14		1,360,000		1,360,000
issued 06/30/14 at 2.15% due 07/07/14 - 07/30/14		968,000		968,000
issued 06/30/14 at 2.65% due 07/30/14		237,000		237,000
Total Repurchase Agreements
(Cost $2,565,000)				2,565,000
Total Investments - 96.6%
(Cost $69,910,949)			$	69,927,917
Other Assets & Liabilities, net - 3.4%				2,495,038
Total Net Assets - 100.0%			$	72,422,955

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs, unless otherwise noted — See Note 3.
†††	Value determined based on Level 3 inputs — See Note 3.
1	Variable rate security.  Rate indicated is rate effective at June 30, 2014.
2	Security is a 144A or Section 4(a)(2) security.  The total market value of 144A or Section 4(a)(2) securities is $42,267,311 (cost $42,305,199), or 58.4% of total net assets.
3	Security or a portion thereof is held as collateral for reverse repurchase agreements.
4	Perpetual maturity.
5	Repurchase Agreements — See Note 4.
6	Investment in a product that pays a management fee to a party related to the Advisor.
	REIT — Real Estate Investment Trust

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Shares		Value
COMMON STOCKS†† - 0.1%
Consumer Discretionary - 0.1%
Cengage Learning*		21,660	$	766,331
Total Common Stocks
(Cost $474,841)				766,331
PREFERRED STOCKS†† - 2.5%
Seaspan Corp.
6.38% due 04/30/19*,†		490,000		12,519,500
Aspen Insurance Holdings Ltd.
5.95% due 07/01/23†		440,000		10,956,000
Goldman Sachs Group, Inc.
5.50% due 05/10/23†		260,000		6,370,000
GSC Partners CDO Fund Limited / GSC Partners CDO Fund Corp.
due 11/20/16*		5,200		1,850,888
Alm Loan Funding
due 06/20/23*		1,373		1,304,954
WhiteHorse II Ltd.
due 06/15/17*		2,100,000		21,000
Total Preferred Stocks
(Cost $34,026,178)				33,022,342
EXCHANGE TRADED FUNDS† - 2.8%
iShares MSCI Italy Capped ETF		718,200		12,482,316
iShares MSCI Spain Capped ETF		288,916		12,371,384
SPDR EURO STOXX 50 ETF		278,994		12,072,070
Total Exchange Traded Funds
(Cost $32,714,056)				36,925,770
MUTUAL FUNDS†,8 - 4.3%
Guggenheim Limited Duration Fund - Institutional Class		1,805,780		45,198,678
Guggenheim Risk Managed Real Estate Fund - Institutional Class		400,000		10,852,000
Total Mutual Funds
(Cost $55,162,556)				56,050,678
SHORT TERM INVESTMENTS† - 4.1%
Federated U.S. Treasury Cash Reserve Fund		53,485,156		53,485,156
Total Short Term Investments
(Cost $53,485,156)				53,485,156
	Face Amount
ASSET BACKED SECURITIES†† - 36.6%
Copper River CLO Ltd.
2007-1A, 0.00% due 01/20/211,2	$	8,150,000		9,238,840
2007-1A, 0.63% due 01/20/211,2		5,050,000		4,829,820
2007-1A, 1.73% due 01/20/211,2		2,500,000		2,272,500
2007-1A, 1.03% due 01/20/211,2		1,000,000		908,100
Castlelake Aircraft Securitization Trust
2014-1, 5.25% due 02/15/29†††		8,281,800		8,313,271
2014-1, 7.50% due 02/15/29†††		6,163,200		6,170,596
Gramercy Real Estate CDO 2007-1 Ltd.
2007-1A, 0.50% due 08/15/561,2		15,814,428		13,693,712
Cedar Woods CRE CDO Ltd.
0.42% due 07/25/51		16,321,990		13,620,701
N-Star Real Estate CDO IX Ltd.
0.44% due 02/01/419		13,473,921		12,796,183
GSAA Home Equity Trust
2007-7, 0.42% due 07/25/371		5,412,875		4,657,812
2006-18, 6.00% due 11/25/36		4,883,301		3,380,284
2006-14, 0.40% due 09/25/361		5,532,255		3,374,614
RAIT CRE CDO I Ltd.
2006-1X, 0.48% due 11/20/46†††,1		12,852,773		11,361,850
West Coast Funding Ltd.
2006-1A, 0.38% due 11/02/411,2		11,342,069		10,976,855
KKR Financial CLO 2007-1 Ltd.
2007-1A, 2.47% due 05/15/211,2		10,850,000		10,641,680
Centerline REIT, Inc.
2004-RR3, 4.76% due 09/21/451,2		8,545,412		8,694,957
CCR Incorporated MT100 Payment Rights Master Trust
2010-CX, 0.60% due 07/10/17†††,1		8,817,561		8,560,088
GreenPoint Mortgage Funding Trust
2005-HE4, 0.86% due 07/25/301		8,650,000		8,039,595
Genesis Funding Ltd.
2006-1A, 0.40% due 12/19/321,2		7,914,249		7,597,679
N-Star REL CDO VIII Ltd.
2006-8A, 0.51% due 02/01/411,2		5,350,000		4,781,830
2006-8A, 0.44% due 02/01/411,2		2,568,466		2,438,759
ARES XXVI CLO Ltd.
2013-1A, 0.00% due 04/15/252		6,450,000		5,243,850
2013-1A, 2.98% due 04/15/251,2		2,000,000		1,950,000
Turbine Engines Securitization Ltd.
2013-1A, 5.13% due 12/13/48†††,2		4,104,864		4,112,252
2013-1A, 6.38% due 12/13/48†††,2		2,738,095		2,784,369
Emerald Aviation Finance Ltd.
2013-1, 6.35% due 10/15/382		6,708,333		6,825,729
KKR Financial CLO 2007-A Corp.
2007-AA, 4.73% due 10/15/171,2		3,212,324		3,224,852

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Face Amount		Value
ASSET BACKED SECURITIES†† - 36.6% (continued)
2007-AA, 6.73% due 10/15/171,2	$	2,000,000	$	2,009,400
2007-AA, 2.88% due 10/15/171,2		1,459,809		1,452,510
Jasper CLO Ltd.
2005-1A, 1.13% due 08/01/171,2		7,000,000		6,655,600
AMMC CDO
2012-11A, 0.00% due 10/30/232		5,650,000		4,387,225
2014-14A, 3.03% due 07/27/261,2		2,000,000		1,938,600
Babson CLO Limited 2014-I
2014-IA, 0.00% due 07/12/25†††,2		6,400,000		6,080,000
Structured Asset Securities Corporation Mortgage Loan Trust
2006-OPT1, 0.41% due 04/25/361		6,613,922		5,905,525
Willis Engine Securitization Trust II
2012-A, 5.50% due 09/15/37†††,2,3		5,561,562		5,654,996
Highland Park CDO I Ltd.
2006-1A, 0.56% due 11/25/511,2		5,758,736		5,474,255
Fortress Credit Opportunities III CLO, LP
2014-3A, 3.48% due 04/28/261,2		5,500,000		5,474,150
ALM XIV Ltd.
2014-14A, 3.18% due 07/28/261,2		3,100,000		3,056,600
2014-14A, 3.68% due 07/28/261,2		2,500,000		2,382,250
Lehman XS Trust
2007-9, 0.27% due 06/25/371		6,020,973		5,319,788
Telos CLO Ltd.
2013-3A, 3.23% due 01/17/241,2		2,750,000		2,704,900
2013-3A, 4.48% due 01/17/241,2		2,550,000		2,507,670
Accredited Mortgage Loan Trust
2007-1, 0.28% due 02/25/371		5,307,479		5,040,380
Dryden Senior Loan Fund
2014-23RA, 3.18% due 07/17/231,2		5,000,000		5,000,000
NewStar Commercial Loan Trust
2006-1A, 0.91% due 03/30/221,2		3,200,000		3,089,920
2007-1A, 2.53% due 09/30/221,2		1,000,000		939,800
2007-1A, 1.53% due 09/30/221,2		1,000,000		931,200
New Century Home Equity Loan Trust
2004-4, 0.95% due 02/25/351		3,192,055		2,934,329
2005-1, 0.87% due 03/25/351		2,221,861		1,922,656
NewStar Arlington Senior Loan Program LLC
2014-1A, 4.48% due 07/25/251,2		2,750,000		2,669,425
2014-1A, 3.53% due 07/25/251,2		2,000,000		1,954,800
Great Lakes CLO 2014-1 Ltd.
2014-1A, 3.92% due 04/15/25†††,1,2		3,000,000		2,999,700
2014-1A, 4.42% due 04/15/25†††,1,2		1,500,000		1,459,050
Putnam Structured Product CDO 2002-1 Ltd.
2002-1A, 0.83% due 01/10/381,2		4,706,141		4,245,880
Atlas Senior Loan Fund II Ltd.
2012-2A, 0.00% due 01/30/242		4,450,000		4,239,960
Flagship CLO VI
2007-1A, 2.63% due 06/10/211,2		4,200,000		3,987,060
Newstar Commercial Loan Funding 2013-1 LLC
2013-1A, 4.78% due 09/20/231,2		3,250,000		3,227,900
2013-1A, 5.53% due 09/20/231,2		750,000		748,200
Saxon Asset Securities Trust
2005-4, 0.59% due 11/25/371		4,550,000		3,911,417
Northwoods Capital VII Ltd.
2006-7A, 3.73% due 10/22/211,2		2,000,000		1,944,000
2006-7A, 1.78% due 10/22/211,2		1,600,000		1,538,400
CIT Mortgage Loan Trust
2007-1, 1.60% due 10/25/371,2		3,750,000		3,467,355
Grayson CLO Ltd.
2006-1A, 0.64% due 11/01/211,2		3,700,000		3,430,270
Rockwall CDO II Ltd.
2007-1A, 0.48% due 08/01/241,2		2,592,421		2,463,318
2007-1A, 0.78% due 08/01/241,2		1,050,000		926,100
ACA CLO 2007-1 Ltd.
2007-1A, 1.18% due 06/15/221,2		3,550,000		3,339,485
Golub Capital Partners CLO 18 Ltd.
2014-18A, 3.73% due 04/25/261,2		2,200,000		2,188,120
2014-18A, 4.23% due 04/25/261,2		1,200,000		1,149,960
First Franklin Mortgage Loan Trust
2006-FF1, 0.49% due 01/25/361		2,750,000		2,400,822
2006-FF1, 0.59% due 01/25/361		1,225,000		921,654

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Face Amount		Value
ASSET BACKED SECURITIES†† - 36.6% (continued)
DIVCORE CLO Ltd.
2013-1A B, 4.05% due 11/15/32	$	3,250,000	$	3,250,000
Drug Royalty II Limited Partnership 2
2014-1, 3.48% due 07/15/232		3,250,000		3,250,000
Sands Point Funding Ltd.
2006-1A, 0.49% due 07/18/201,2		1,813,599		1,801,992
2006-1A, 1.98% due 07/18/201,2		1,500,000		1,427,550
ALM VII R-2 Ltd.
2013-7R2A, 2.83% due 04/24/241,2		3,250,000		3,189,875
ALM VII R Ltd.
2013-7RA, 3.68% due 04/24/241,2		3,250,000		3,127,475
Marathon CLO II Ltd.
2005-2A, 2.03% due 12/20/191,2		2,050,000		2,011,255
2005-2A, 0.00% due 12/20/192		2,250,000		972,900
Great Lakes CLO 2012-1 Ltd.
2012-1A, 0.00% due 01/15/232		3,250,000		2,940,600
KVK CLO 2014-2 Ltd.
2014-2A, 3.23% due 04/15/261,2		3,000,000		2,939,400
Battalion Clo 2007-I Ltd.
2007-1A, 2.38% due 07/14/221,2		3,100,000		2,922,680
KVK CLO Ltd.
2014-1A, 3.13% due 05/15/261,2		3,000,000		2,919,900
Vibrant CLO II Ltd.
2013-2A, 2.99% due 07/24/241,2		3,000,000		2,904,900
Race Point V CLO Ltd.
2014-5AR, 3.98% due 12/15/221,2		2,900,000		2,885,500
Wachovia Asset Securitization Issuance II LLC Trust
2007-HE1, 0.29% due 07/25/371,2		3,351,013		2,802,654
Home Equity Asset Trust
2005-7, 0.60% due 01/25/361		3,250,000		2,797,005
Park Place Securities Incorporated Series
2005-WHQ2, 0.61% due 05/25/351		3,000,000		2,788,644
Citigroup Mortgage Loan Trust
2007-WFH2, 0.50% due 03/25/371		3,200,000		2,758,227
Icon Brands Holdings LLC
2013-1A, 4.35% due 01/25/43†††,2		2,634,673		2,652,588
Finn Square CLO Ltd.
2012-1A, 0.00% due 12/24/232		3,250,000		2,613,975
Callidus Debt Partners Clo Fund VI Ltd.
2007-6A, 3.23% due 10/23/211,2		2,100,000		2,021,670
2007-6A, 1.48% due 10/23/211,2		500,000		471,350
Wells Fargo Home Equity Asset-Backed Securities 2005-4 Trust
2006-1, 0.41% due 05/25/361		2,800,000		2,448,664
San Gabriel CLO Ltd.
2007-1A, 2.48% due 09/10/211,2		2,450,000		2,333,870
GSAA Trust
2005-10, 0.80% due 06/25/351		2,462,000		2,303,605
Global Leveraged Capital Credit Opportunity Fund
2006-1A, 1.23% due 12/20/181,2		2,376,000		2,290,226
Bear Stearns Asset Backed Securities Trust
2005-3, 0.90% due 09/25/351		2,250,000		2,135,948
Acis CLO 2013-1 Ltd.
2013-1A, 4.73% due 04/18/241,2		2,100,000		2,093,910
Halcyon Structured Asset Management Long Secured/Short Unsecured 2007-1 Ltd.
2007-1A, 2.52% due 08/07/211,2		2,100,000		2,069,550
Ableco Capital LLC
2013-1, 4.92% due 05/31/191,9		2,000,000		2,000,000
Sound Point CLO Ltd.
2012-1A, 4.81% due 10/20/231,2		2,000,000		1,998,000
OCP CLO 2014-6 Ltd.
2014-6A, 3.36% due 07/17/261,2		2,000,000		1,981,600
Cent CLO 21 Ltd.
2014-21A, 3.03% due 07/27/26†††,1,2		2,000,000		1,945,000
Salus CLO 2012-1 Ltd.
2013-1AN, 6.98% due 03/05/211,2		1,200,000		1,186,320
2013-1AN, 4.98% due 03/05/211,2		750,000		751,725
Cerberus Onshore II CLO LLC
2014-1A, 3.73% due 10/15/231,2		1,000,000		970,800
2014-1A, 4.23% due 10/15/231,2		1,000,000		947,600
TCW Global Project Fund III Ltd.
2005-1A, 0.88% due 09/01/17†††,1,2		1,500,000		1,394,250

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Face Amount		Value
ASSET BACKED SECURITIES†† - 36.6% (continued)
2005-1A, 1.08% due 09/01/17†††,1,2	$	600,000	$	507,180
TCW Global Project Fund II Ltd.
2004-1A, 1.58% due 06/24/16†††,1,2		2,000,000		1,899,200
Airplanes Pass Through Trust
2001-1A, 0.70% due 03/15/191		3,990,370		1,875,474
Churchill Financial Cayman Ltd.
2007-1A, 1.48% due 07/10/191,2		1,000,000		942,900
2007-1A, 2.83% due 07/10/191,2		1,000,000		931,800
Acis CLO 2013-2 Ltd.
4.08% due 10/14/221,2		1,800,000		1,754,460
Kingsland III Ltd.
2006-3A, 1.83% due 08/24/211,2		1,890,000		1,750,707
Shackleton II CLO Ltd.
2012-2A, 4.29% due 10/20/231,2		1,750,000		1,726,025
Liberty CLO Ltd.
2005-1A, 0.73% due 11/01/171,2		1,750,000		1,707,125
CIFC Funding 2014 Ltd.
2014-1A, 2.96% due 04/18/251,2		1,750,000		1,699,688
Carlyle Global Market Strategies CLO 2012-3 Ltd.
2012-3A, 0.00% due 10/04/242		1,800,000		1,693,260
Ares XXV CLO Ltd.
2013-3A, 0.00% due 01/17/242		2,000,000		1,597,200
Telos CLO 2007-2 Ltd.
2007-2A, 2.43% due 04/15/221,2		1,650,000		1,568,820
Landmark VIII CDO Ltd.
2006-8A, 1.68% due 10/19/201,2		1,650,000		1,543,575
Asset Backed Securities Corporation Home Equity Loan Trust Series OOMC
2006-HE5, 0.29% due 07/25/361		1,658,159		1,537,354
ALM VI Ltd.
2012-6A, 0.00% due 06/14/232		1,600,000		1,520,640
LCM X, LP
2014-10AR, 3.98% due 04/15/221,2		1,500,000		1,492,200
Avalon IV Capital Ltd.
2014-1AR, 4.08% due 04/17/231,2		1,500,000		1,492,200
MCF CLO I LLC
2013-1A, 3.78% due 04/20/231,2		1,500,000		1,483,050
OZLM Funding V Ltd.
2013-5A, 3.26% due 01/17/261,2		1,500,000		1,482,300
Covanta Holding Corp.
0.00% due 07/20/26		1,500,000		1,466,400
Greywolf CLO III Ltd.
2014-1A, 3.08% due 04/22/261,2		1,500,000		1,464,600
Bacchus 2006-1 Ltd.
2006-1A, 1.78% due 01/20/191,2		1,500,000		1,447,350
Black Diamond CLO 2005-2 Delaware Corp.
2005-2A, 2.03% due 01/07/181,2		1,500,000		1,432,500
Westwood CDO II Ltd.
2007-2X, 2.03% due 04/25/221		1,550,000		1,428,945
Kingsland IV Ltd.
2007-4A, 1.68% due 04/16/211,2		1,500,000		1,356,900
Duane Street CLO IV Ltd.
2007-4A, 2.48% due 11/14/211,2		1,400,000		1,351,700
Cerberus Offshore Levered I, LP
2012-1A, 6.23% due 11/30/181,2		1,350,000		1,350,270
Structured Asset Investment Loan Trust
2005-2, 0.89% due 03/25/351		1,500,000		1,306,409
Ivy Hill Middle Market Credit Fund Ltd.
2011-3A, 6.73% due 01/15/221,2		1,250,000		1,250,000
COA Summit CLO Ltd.
2014-1A, 4.09% due 04/20/231,2		1,250,000		1,243,000
Newstar Commercial Loan Funding 2014-1 LLC
2014-1A, 5.07% due 04/20/251,2		1,250,000		1,238,875
Halcyon Loan Advisors Funding 2012-2 Ltd.
2012-2A, 3.08% due 12/20/241,2		1,250,000		1,225,250
Gallatin CLO VII 2014-1 Ltd.
2014-1A, 3.92% due 07/15/231,2		1,250,000		1,225,250
ColumbusNova CLO Limited 2007-I
2007-1A, 1.58% due 05/16/191,2		1,250,000		1,177,375
ICE EM CLO
2007-1A, 1.18% due 08/15/221,2		1,250,000		1,146,875
T2 Income Fund CLO Ltd.
2007-1A, 2.98% due 07/15/191,2		700,000		678,370
2007-1A, 1.73% due 07/15/191,2		400,000		389,000

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Face Amount		Value
ASSET BACKED SECURITIES†† - 36.6% (continued)
Aames Mortgage Investment Trust
2006-1, 0.47% due 04/25/361	$	1,115,823	$	1,044,239
Tricadia CDO 2006-6 Ltd.
2006-6A, 0.97% due 11/05/411,2		1,150,000		1,037,070
Black Diamond CLO 2006-1 Luxembourg S.A.
2007-1A, 0.92% due 04/29/191,2		1,100,000		1,005,730
Blade Engine Securitization Ltd.
2006-1A, 1.15% due 09/15/411		832,956		588,059
2006-1A, 3.15% due 09/15/411,2		1,035,829		414,332
OHA Credit Partners VII Ltd.
2012-7A, 4.23% due 11/20/231,2		1,000,000		997,200
CIFC Funding 2012-II Ltd.
2012-2A, 3.23% due 12/05/241,2		1,000,000		990,100
Palmer Square CLO 2014-1 Ltd.
2014-1A, 2.82% due 10/17/22†††,1,2		1,000,000		986,200
Halcyon Loan Advisors Funding 2012-1 Ltd.
2012-1A, 3.22% due 08/15/231,2		1,000,000		982,400
Fortress Credit Opportunities
0.57% due 07/15/193		1,100,000		974,820
WhiteHorse VIII Ltd.
2.96% due 05/01/261,2		1,000,000		961,500
Gleneagles CLO Ltd.
2005-1A, 1.13% due 11/01/171,2		1,000,000		956,000
Pacifica CDO V Corp.
2006-5A, 5.81% due 01/26/202		950,000		953,040
Pangaea CLO Ltd.
2007-1A, 0.73% due 10/21/211,2		1,000,000		950,900
Katonah Ltd.
2007-10A, 2.23% due 04/17/201,2		1,000,000		946,600
Eastland CLO Ltd.
2007-1A, 0.63% due 05/01/221,2		1,000,000		930,800
Halcyon Loan Investors CLO II, Inc.
2007-2A, 1.63% due 04/24/211,2		1,000,000		930,200
MCF CLO III LLC
2014-3A, 3.46% due 01/20/241,2		1,000,000		910,000
Babcock & Brown Air Funding I Ltd.
2007-1A, 0.45% due 11/14/331,2		1,001,909		851,622
Aerco Ltd.
2000-2A, 0.58% due 07/15/251		1,491,828		820,506
KKR Financial CLO Ltd.
5.26% due 05/15/21		800,000		798,240
Garrison Funding 2013-2 Ltd.
2013-2A, 4.88% due 09/25/231,2		750,000		741,975
Venture XV CLO Ltd.
2013-15A, 3.33% due 07/15/251,2		750,000		739,425
Central Park CLO Ltd.
2011-1A, 3.43% due 07/23/221,2		750,000		739,050
Octagon Investment Partners XV Ltd.
2013-1A, 3.08% due 01/19/251,2		750,000		737,100
Venture XIV CLO Ltd.
2013-14A, 2.98% due 08/28/251,2		750,000		724,725
Asset Backed Securities Corporation Home Equity Loan Trust Series
2004-HE8, 1.20% due 12/25/341		724,891		676,806
ACS 2007-1 Pass Through Trust
2007-1A, 0.46% due 06/14/371,2		679,660		659,271
Westwood CDO I Ltd.
2007-1A, 0.90% due 03/25/211,2		700,000		648,690
Credit Card Pass-Through Trust
2012-BIZ, 0.00% due 12/15/492		746,089		647,530
Northwind Holdings LLC
2007-1A, 1.01% due 12/01/371,2		681,625		616,871
Newcastle CDO IX 1 Ltd.
2007-9A, 0.41% due 05/25/521,2,3		511,023		511,023
MC Funding Limited / MC Funding 2006-1 LLC
2006-1A, 1.18% due 12/20/201,2		500,000		479,400
Connecticut Valley Structured Credit CDO III Ltd.
2006-3A, 6.68% due 03/23/232		441,767		436,245
Structured Asset Receivables Trust Series
2005-1A, 0.73% due 01/21/151,2		433,614		418,437
OFSI Fund Ltd.
2006-1A, 1.08% due 09/20/191,2		370,000		355,274
Diversified Asset Securitization Holdings II, LP
2000-1A, 0.72% due 09/15/351,2		335,475		327,826

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Face Amount		Value
ASSET BACKED SECURITIES†† - 36.6% (continued)
Garanti Diversified Payment Rights Finance Co.
2007-A, 0.41% due 07/09/17†††	$	338,000	$	321,979
Raspro Trust
2005-1A, 0.63% due 03/23/241,2		288,056		277,974
Drug Royalty Limited Partnership 1
2012-1, 5.48% due 07/15/241,2		243,692		252,725
Aircraft Lease Securitisation Ltd.
2007-1A, 0.41% due 05/10/321,2		230,672		224,328
Vega Containervessel plc
2006-1A, 5.56% due 02/10/212		154,206		151,893
Castle Trust
2003-1AW, 0.90% due 05/15/271,2		60,010		58,810
SBI Home Equity Loan Trust 2006-1
2006-1A, 0.30% due 04/25/351,2		58,815		57,471
BlackRock Senior Income Series
2004-1X, 0.00% due 09/15/16		2,400,000		240
Total Asset Backed Securities
(Cost $475,857,717)				481,085,469
SENIOR FLOATING RATE INTERESTS†† - 25.5%
Industrials - 8.0%
Travelport Holdings Ltd.
6.25% due 06/26/19		10,192,050		10,416,274
9.50% due 01/31/16		3,222,799		3,312,360
4.19% due 12/01/16		667,591		673,225
Rise Ltd.
4.74% due 02/12/39†††		6,854,167		6,948,753
ServiceMaster Co.
4.25% due 06/25/21		2,550,000		2,545,232
5.50% due 01/31/17		2,468,750		2,466,108
STG-Fairway Acquisitions, Inc.
6.25% due 02/28/19		2,814,390		2,803,836
10.50% due 08/28/19†††,9		1,400,000		1,386,000
SIRVA Worldwide, Inc.
7.50% due 03/27/19		3,851,250		3,918,647
AABS Ltd.
4.87% due 01/15/38†††		3,624,962		3,670,274
Connolly Corp.
5.00% due 05/14/21		3,600,000		3,638,700
Flakt Woods
8.00% due 04/01/179		2,650,000		3,519,545
Brickman Group Holdings, Inc.
4.00% due 12/18/20		3,042,356		3,010,381
Multiplan, Inc.
4.00% due 03/31/21		2,918,182		2,908,552
syncreon
5.25% due 10/28/20		2,835,750		2,853,473
Gates Global, Inc.
4.25% due 06/11/21		2,750,000		2,740,128
Berlin Packaging LLC
4.75% due 04/02/19		1,980,000		1,992,375
8.75% due 04/10/20		600,000		613,500
Nord Anglia Education Finance LLC
4.50% due 03/31/21		2,600,000		2,600,000
GYP Holdings III Corp.
4.75% due 04/01/21		2,500,000		2,487,500
Knowledge Learning Corp.
5.25% due 03/18/21		2,394,000		2,423,925
Thermasys Corp.
5.25% due 05/03/19		2,364,813		2,352,988
AlliedBarton Security Services LLC
4.25% due 02/12/21		2,161,664		2,153,558
0.03% due 02/12/21		179,586		178,912
MRC Global, Inc.
5.00% due 11/08/19		2,238,750		2,249,944
Sabre, Inc.
4.25% due 02/19/19		2,204,953		2,209,540
Ceva Logistics US Holdings
6.50% due 03/19/21		2,004,828		1,964,731
Hillman Group, Inc.
6.50% due 06/13/19†††,9		1,000,000		1,000,000
4.50% due 06/30/21		800,000		803,000
Mast Global
8.75% due 09/12/19†††,9		1,657,500		1,640,925
Phillips-Medsize Corp.
4.75% due 06/16/21		1,000,000		1,000,000
7.00% due 06/13/19†††,9		500,000		500,000
Emerald Expositions
5.50% due 06/17/20		1,425,583		1,434,051
Dematic S.A.
4.25% due 12/28/19		1,428,816		1,427,030
Ceva Logistics Holdings BV (Dutch)
6.50% due 03/19/21		1,453,500		1,424,430
Sutherland Global Services, Inc.
7.25% due 03/06/19		1,406,250		1,413,282
Ceva Group Plc (United Kingdom)
6.50% due 03/19/21		1,381,773		1,354,138
Power Borrower, LLC
4.25% due 05/06/20		1,088,932		1,064,432
8.25% due 11/06/20		275,000		268,125
CPM Acquisition Corp.
6.25% due 08/29/17		813,112		816,502
10.25% due 03/01/18		450,000		456,188
US Shipping Corp.
9.00% due 04/30/18		1,220,003		1,238,816
SI Organization
5.75% due 11/23/19		1,200,000		1,202,256
CareCore National LLC
5.50% due 03/05/21		1,047,375		1,055,890
Exopack Holdings SA
5.25% due 05/08/19		995,000		1,009,925

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Face Amount		Value
SENIOR FLOATING RATE INTERESTS†† - 25.5% (continued)
Industrials - 8.0% (continued)
NaNa Development Corp.
8.00% due 03/15/189	$	975,000	$	965,250
Mitchell International, Inc.
8.50% due 10/11/21		900,000		917,253
V.Group Ltd.
5.00% due 06/18/21		800,000		805,504
GCA Services Group, Inc.
9.25% due 11/01/20		440,000		444,400
4.27% due 11/01/19		324,027		323,486
Doncasters Group Ltd.
9.50% due 10/09/20		744,828		754,138
Husky International
4.25% due 06/10/21		700,000		702,625
Ranpak
8.50% due 04/23/20		650,000		662,188
Hunter Fan Co.
6.50% due 12/20/17		578,201		576,756
SRA International, Inc.
6.50% due 07/20/18		573,077		574,154
VAT Holding AG
4.75% due 02/11/21		498,750		500,935
Learning Care Group (US), Inc.
7.75% due 05/05/21†††,9		500,000		500,000
Panolam Industries International, Inc.
7.26% due 08/23/17		421,715		420,134
Ceva Logistics Canada, ULC
6.50% due 03/19/21		250,603		245,591
Travelport LLC
0.01% due 06/21/18		208,333		188,565
Camp Systems International
8.25% due 11/29/19		120,000		122,700
Total Industrials				105,851,130
Consumer Discretionary - 5.2%
Lions Gate Entertainment Corp.
5.00% due 07/19/20		7,650,000		7,764,749
Neiman Marcus Group, Inc.
4.25% due 10/25/20		4,780,273		4,767,413
Landry's, Inc.
4.00% due 04/24/18		4,430,740		4,440,442
National Vision, Inc.
4.00% due 03/12/21		3,150,000		3,114,562
David'S Bridal, Inc.
5.00% due 10/11/19		2,818,566		2,722,734
William Morris Endeavor
5.25% due 05/06/21		2,500,000		2,515,000
La Quinta Intermediate Holdings
4.00% due 04/14/21		2,404,762		2,406,277
CHG Healthcare Services, Inc.
4.25% due 11/19/19		2,312,093		2,319,793
Nassa Midco AS
4.25% due 05/14/21		1,650,000		2,262,376
Fleetpride Corp.
5.25% due 11/19/19		2,118,120		2,107,530
9.25% due 05/15/20		120,000		117,600
Sears Holdings Corp.
5.50% due 06/30/18		2,189,000		2,211,678
Winebow, Inc.
4.75% due 06/25/21		2,000,000		2,000,000
Mcgraw-Hill Global Education Holdings LLC
11.00% due 03/22/189		2,000,000		2,000,000
Men's Wearhouse
4.50% due 06/18/21		1,900,000		1,908,702
J. Crew Group, Inc.
4.00% due 03/05/21		1,900,000		1,872,982
Fitness International LLC
5.50% due 06/24/20		1,800,000		1,792,134
Stuart Weitzman Acquisition Co.
4.50% due 04/08/209		1,800,000		1,787,994
TI Automotive Ltd.
5.50% due 03/28/19		1,629,375		1,629,375
Southern Graphics, Inc.
4.26% due 10/17/19		1,534,863		1,534,863
Ollies Bargain Outlet
4.75% due 09/28/19		1,514,356		1,514,356
ABG Intermediate Holdings 2 LLC
5.50% due 05/27/21		1,396,500		1,399,991
Alexander Mann Solutions Ltd.
5.75% due 12/20/19		1,293,500		1,299,968
NES Global Talent
6.50% due 10/03/19		1,283,750		1,283,750
Capital Automotive LP
6.00% due 04/30/20		1,250,000		1,274,475
Jacobs Entertainment, Inc.
5.25% due 10/29/18		1,228,125		1,234,266
IntraWest Holdings S.à r.l.
5.50% due 12/09/20		1,094,500		1,110,918
1-800  Contacts, Inc.
4.25% due 01/29/21		1,097,500		1,096,820
Compucom Systems, Inc.
4.25% due 05/07/20		1,080,000		1,068,304
California Pizza Kitchen, Inc.
5.25% due 03/29/18		946,214		900,682
Fender Musical Instruments Corp.
5.75% due 04/03/19		801,000		807,008
American Tire Distributors, Inc.
5.75% due 06/01/18		767,732		772,530
Armored AutoGroup, Inc.
6.00% due 11/05/16		618,049		619,749
Acosta, Inc.
4.25% due 03/05/18		598,494		600,888
Bauer Performance Sports
4.50% due 04/15/21		514,045		514,369

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Face Amount		Value
SENIOR FLOATING RATE INTERESTS†† - 25.5% (continued)
Consumer Discretionary - 5.2% (continued)
TGI Friday's, Inc.
5.25% due 06/24/20	$	480,000	$	480,000
Mitel Networks Corp.
5.25% due 01/31/20		407,914		411,230
Navistar, Inc.
5.75% due 08/17/17		298,611		304,210
Metro-Goldwyn-Mayer, Inc.
due 06/26/204		235,000		237,545
Arby's
5.00% due 11/15/20		199,000		199,993
Targus Group International, Inc.
12.00% due 05/24/169		228,823		192,784
Laureate Education, Inc.
5.00% due 06/15/18		159,764		155,970
Container Store, Inc.
4.25% due 04/06/19		80,563		80,295
CKX Entertainment, Inc.
9.00% due 06/21/179		43,475		38,475
Total Consumer Discretionary				68,874,780
Financials - 3.6%
Impala Holdings
8.00% due 06/30/19†††		5,250,000		8,851,092
Intertrust Group
4.23% due 04/16/21		4,760,000		4,761,190
8.00% due 04/15/22		1,900,000		1,906,327
Magic Newco, LLC
5.00% due 12/12/18		3,415,270		3,438,322
12.00% due 06/12/19		1,075,000		1,229,080
Lineage Logistics LLC
4.50% due 04/07/21		3,631,525		3,607,303
First Data Corp.
4.15% due 03/23/18		3,110,000		3,113,888
4.15% due 03/24/21		178,213		178,435
Transunion Holding Co.
4.00% due 04/09/21		2,593,500		2,592,566
USI Holdings Corp.
4.25% due 12/27/19		2,299,905		2,301,354
RCS Capital
6.50% due 04/29/19		2,000,000		2,040,840
National Financial Partners
5.25% due 07/01/20		1,930,507		1,939,194
0.04% due 07/01/189		74,074		65,372
Topaz Power Holdings LLC
6.25% due 02/26/20		1,795,012		1,796,143
Ceridian Corp.
4.40% due 05/09/17		1,603,465		1,605,213
American Stock Transfer & Trust
5.75% due 06/26/20		1,602,920		1,600,243
AssuredPartners
4.50% due 04/02/21		1,300,000		1,300,403
7.75% due 04/02/22		200,000		200,000
ION Trading Technologies Ltd.
4.50% due 06/10/21		1,000,000		1,373,122
Cunningham Lindsey U.S., Inc.
5.00% due 12/10/19		689,500		685,763
9.25% due 06/10/209		116,932		116,859
Nuveen Investments, Inc.
4.15% due 05/13/17		800,000		801,000
Genex Services, Inc.
5.25% due 05/28/21		700,000		703,500
HDV Holdings
5.75% due 12/18/189		658,125		653,189
Total Financials				46,860,398
Information Technology - 3.1%
Greenway Medical Technologies
6.00% due 11/04/209		3,631,750		3,627,210
9.25% due 11/04/219		550,000		552,063
P2 Energy Solutions
5.00% due 10/30/20		2,985,000		2,994,940
9.00% due 04/30/21		600,000		608,748
Wall Street Systems
4.50% due 04/30/21		3,000,000		3,001,890
EIG Investors Corp.
5.00% due 11/09/19		2,748,661		2,748,661
Evergreen Skill
4.50% due 04/28/21		2,740,000		2,738,301
Telx Group
4.50% due 04/09/20		2,000,000		2,000,000
7.50% due 04/09/21		700,000		700,000
Blue Coat Systems, Inc.
4.00% due 05/31/19		2,662,140		2,661,022
Renaissance Learning Corp.
4.50% due 04/09/21		2,424,425		2,421,394
Deltek, Inc.
4.50% due 10/10/18		2,388,171		2,402,094
LANDesk Group, Inc.
5.00% due 02/25/20		2,233,153		2,233,689
Paradigm Ltd
4.75% due 07/30/199		2,127,016		2,127,016
Active Network, Inc., The
5.50% due 11/13/20		2,078,782		2,067,100
Flexera Software LLC
4.50% due 04/02/20		900,000		898,497
8.00% due 04/02/21		350,000		349,563
Sophos
5.00% due 01/29/21		1,197,000		1,200,747
GlobalLogic Holdings, Inc.
6.25% due 05/31/19		1,194,000		1,149,225
Aspect Software, Inc.
7.25% due 05/07/16		776,719		783,034
SumTotal Systems
6.25% due 11/16/18		782,997		763,422
Hyland Software, Inc.
4.75% due 02/19/21		638,400		640,609
Attachmate Group, Inc., The
7.25% due 11/22/17		610,702		615,025
Eze Castle Software, Inc.
7.25% due 04/05/21		400,000		398,000

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Face Amount		Value
SENIOR FLOATING RATE INTERESTS†† - 25.5% (continued)
Information Technology - 3.1% (continued)
Go Daddy Operating Company, LLC
4.75% due 05/13/21	$	336,428	$	334,429
Total Information Technology				40,016,679
Telecommunication Services - 2.7%
Avaya, Inc.
4.73% due 10/26/17		3,339,782		3,267,242
6.50% due 03/31/18		2,910,734		2,911,142
Associated Partners, Inc.
6.65% due 12/21/15†††,9		4,250,000		4,260,626
Anaren, Inc.
5.50% due 02/18/21		1,990,000		1,994,975
9.25% due 08/18/21		1,500,000		1,500,000
Cumulus Media, Inc.
4.25% due 12/23/20		3,101,583		3,109,337
Univision Communications, Inc.
4.00% due 03/01/20		2,893,434		2,891,237
Cengage Learning Acquisitions, Inc.
7.00% due 03/31/20		2,743,125		2,772,284
Alcatel-Lucent, Inc.
4.50% due 01/30/19		2,582,924		2,583,338
Expert Global Solutions
8.50% due 04/03/18		2,510,445		2,491,616
Interactive Data Corp.
4.75% due 05/02/21		2,300,000		2,318,699
Trader Media Corporation Ltd.
4.99% due 12/08/17		1,000,000		1,714,660
Gogo LLC
11.25% due 06/21/179		1,034,621		1,086,352
MergerMarket Ltd.
4.50% due 02/04/21		997,500		981,291
Liberty Cablevision of Puerto Rico LLC
4.50% due 12/24/21		600,000		600,498
Hemisphere Media Group, Inc.
6.25% due 07/30/20		544,500		551,306
Max Broadcast Group LLC
6.25% due 03/31/15†††,9		406,318		357,559
Total Telecommunication Services				35,392,162
Consumer Staples - 1.2%
Grocery Outlet, Inc.
5.50% due 12/17/18		2,518,280		2,521,428
Performance Food Group
6.25% due 11/14/19		2,351,498		2,373,555
Reddy Ice Holdings, Inc.
6.75% due 04/01/199		1,089,496		1,062,259
10.75% due 10/01/199		1,125,000		1,001,250
AdvancePierre Foods, Inc.
9.50% due 10/10/17		1,196,000		1,151,903
5.75% due 07/10/17		736,286		735,977
Diamond Foods, Inc.
4.25% due 08/20/18		1,845,375		1,843,050
Arctic Glacier Holdings, Inc.
5.00% due 05/10/19		1,549,744		1,538,121
Hearthside Foods
4.50% due 06/02/21		1,400,000		1,407,588
CTI Foods Holding Co. LLC
8.25% due 06/28/21		1,205,000		1,217,050
Hostess Brands
6.75% due 04/09/20		563,588		584,018
DS Waters of America, Inc.
5.25% due 08/30/20		198,500		200,485
Rite Aid Corp.
5.75% due 08/21/20		100,000		102,094
Total Consumer Staples				15,738,778
Health Care - 0.6%
Nextech Systems LLC
6.00% due 10/28/18†††,9		3,607,500		3,535,350
Harvard Drug
5.00% due 08/16/20		1,738,277		1,744,883
DJO Finance LLC
4.25% due 09/15/17		1,231,289		1,235,143
Akorn, Inc.
4.50% due 04/16/21		850,000		851,063
Catalent Pharma Solutions, Inc.
4.50% due 05/20/21		346,875		348,609
6.50% due 12/31/17		300,000		302,250
VWR Funding, Inc.
3.40% due 04/03/17		196,985		196,935
Total Health Care				8,214,233
Materials - 0.6%
Ennis-Flint
4.25% due 03/31/21		1,995,000		1,992,506
7.75% due 09/30/21		1,150,000		1,142,330
Atkore International, Inc.
4.50% due 04/09/21		1,800,000		1,798,506
7.75% due 10/09/21		850,000		853,188
Noranda Aluminum Acquisition Corp.
5.75% due 02/28/19		1,000,000		961,670
Royal Adhesives and Sealants
5.50% due 07/31/18		826,769		833,747
Total Materials				7,581,947
Energy - 0.3%
Panda Temple II Power
7.25% due 04/03/19		1,000,000		1,020,000
FTS International
5.75% due 04/16/21		945,455		956,687
PSS Companies
5.50% due 01/28/20		797,960		803,945
Ocean Rig ASA
6.00% due 03/31/21		528,402		536,660

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Face Amount		Value
SENIOR FLOATING RATE INTERESTS†† - 25.5% (continued)
Energy - 0.3% (continued)
Atlas Energy LP
6.50% due 07/31/19	$	446,625	$	452,766
Total Energy				3,770,058
Utilities -  0.2%
Astoria Generating Company Acquisitions LLC
8.50% due 10/26/17		1,425,000		1,464,187
Texas Competitive Electric Holdings Company LLC
3.75% due 05/05/16		733,663		737,332
due 05/13/16†††,4		566,337		570,230
Total Utilities				2,771,749
Total Senior Floating Rate Interests
(Cost $332,243,360)				335,071,914
CORPORATE BONDS†† - 21.2%
Financials - 9.2%
Bank of America Corp.
5.13% due 06/17/191,5		12,600,000		12,552,787
5.20% due 12/29/491,5		7,600,000		7,277,000
JPMorgan Chase & Co.
5.15% due 12/31/491,3,5		8,875,000		8,508,906
5.00% due 12/29/491,5		8,250,000		8,219,426
Fifth Third Bancorp
5.10% due 12/31/491,5		11,720,000		11,259,989
4.90% due 12/29/491,5		3,000,000		2,983,650
Citigroup, Inc.
5.35% due 05/29/491,5		6,725,000		6,451,797
5.95% due 12/29/491,5		3,800,000		3,838,000
Banco do Brasil S.A.
9.00% due 12/29/491,2,5		8,150,000		8,037,938
Nationstar Mortgage LLC / Nationstar Capital Corp.
6.50% due 06/01/22		4,435,000		4,435,000
6.50% due 07/01/21		2,200,000		2,205,500
CIC Receivables Master Trust
4.89% due 10/07/21†††		6,500,000		6,575,399
Customers Bank
6.13% due 06/26/291,2		6,000,000		6,000,000
Wilton Re Finance LLC
5.88% due 03/30/331,2		5,750,000		5,994,375
Opal Acquisition, Inc.
8.88% due 12/15/212,3		4,350,000		4,578,375
Cadence Financial Corp.
4.88% due 06/28/192		4,000,000		4,014,000
Oxford Finance LLC / Oxford Finance Company-Issuer, Inc.
7.25% due 01/15/182		3,801,000		3,991,050
Kennedy-Wilson, Inc.
8.75% due 04/01/193		3,425,000		3,705,508
Barclays plc
8.25% due 12/15/181,3,5		3,150,000		3,339,000
Schahin II Finance Company SPV Ltd.
5.88% due 09/25/222,3		2,414,533		2,378,315
QBE Capital Funding III Ltd.
7.25% due 05/24/411,2,3		1,650,000		1,777,875
Jefferies LoanCore LLC / JLC Finance Corp.
6.88% due 06/01/202		1,700,000		1,717,000
Jefferies Finance LLC / JFIN Company-Issuer Corp.
7.38% due 04/01/202		1,075,000		1,128,750
Ironshore Holdings US, Inc.
8.50% due 05/15/202		315,000		374,394
Scottrade Financial Services, Inc.
6.13% due 07/11/212		125,000		129,761
LCP Dakota Fund
10.00% due 08/17/159		69,000		69,000
Total Financials				121,542,795
Energy - 2.9%
Legacy Reserves Limited Partnership / Legacy Reserves Finance Corp.
8.00% due 12/01/203		5,000,000		5,374,999
6.63% due 12/01/212		3,000,000		3,045,000
Eagle Rock Energy Partners Limited Partnership / Eagle Rock Energy Finance Corp.
8.38% due 06/01/19		5,300,000		5,724,000
Penn Virginia Resource Partners Limited Partnership / Penn Virginia Resource Finance Corp.
8.38% due 06/01/203		4,846,000		5,482,038
BreitBurn Energy Partners Limited Partnership / BreitBurn Finance Corp.
7.88% due 04/15/223		4,075,000		4,411,187
Atlas Energy Holdings Operating Company LLC / Atlas Resource Finance Corp.
9.25% due 08/15/213		1,610,000		1,738,800
7.75% due 01/15/212		1,650,000		1,707,750
Crestwood Midstream Partners Limited Partnership / Crestwood Midstream Finance Corp.
7.75% due 04/01/193		2,745,000		2,944,013
SandRidge Energy, Inc.
7.50% due 03/15/213		1,525,000		1,652,719
7.50% due 02/15/23		250,000		271,250
Pacific Drilling S.A.
5.38% due 06/01/202		1,400,000		1,372,000
Endeavor Energy Resources Limited Partnership / EER Finance, Inc.
7.00% due 08/15/212		1,000,000		1,067,500
Precision Drilling Corp.
6.63% due 11/15/20		800,000		856,000

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Face Amount		Value
CORPORATE BONDS†† - 21.2% (continued)
Energy - 2.9% (continued)
Midstates Petroleum Company Incorporated / Midstates Petroleum Co LLC
10.75% due 10/01/20	$	445,000	$	505,075
9.25% due 06/01/21		310,000		340,225
Bill Barrett Corp.
7.00% due 10/15/22		550,000		583,000
7.63% due 10/01/19		77,000		82,968
IronGate Energy Services LLC
11.00% due 07/01/182		500,000		517,500
Memorial Production Partners Limited Partnership / Memorial Production Finance Corp.
7.63% due 05/01/21		215,000		224,944
Ultra Petroleum Corp.
5.75% due 12/15/182		200,000		210,000
Total Energy				38,110,968
Consumer Discretionary - 2.5%
MDC Partners, Inc.
6.75% due 04/01/202,3		8,700,000		9,178,500
Xefin Lux SCA
4.06% due 06/01/191,2		5,000,000		6,863,148
Guitar Center, Inc.
6.50% due 04/15/192		4,500,000		4,454,999
GRD Holdings III Corp.
10.75% due 06/01/192,3		3,605,000		4,037,600
Men's Wearhouse, Inc.
7.00% due 07/01/222		1,900,000		1,966,500
Sabre GLBL, Inc.
8.50% due 05/15/192		1,188,000		1,318,680
CPG Merger Sub LLC
8.00% due 10/01/212,3		1,050,000		1,105,125
DreamWorks Animation SKG, Inc.
6.88% due 08/15/202		675,000		727,313
Ceridian LLC / Comdata, Inc.
8.13% due 11/15/172		500,000		505,000
Checkers Drive-In Restaurants, Inc.
11.00% due 12/01/172		450,000		502,875
PF Chang's China Bistro, Inc.
10.25% due 06/30/202		465,000		474,300
Seminole Hard Rock Entertainment Incorporated / Seminole Hard Rock International LLC
5.88% due 05/15/212		400,000		401,000
Travelport LLC
11.88% due 09/01/16		250,000		255,000
Laureate Education, Inc.
9.25% due 09/01/192		241,000		248,230
Global Partners Limited Partnership/GLP Finance Corp.
6.25% due 07/15/222		100,000		100,000
Atlas Air 1999-1 Class A-1 Pass Through Trust
7.20% due 01/02/199		86,639		90,538
Empire Today LLC / Empire Today Finance Corp.
11.38% due 02/01/172		30,000		30,900
Total Consumer Discretionary				32,259,708
Consumer Staples - 1.4%
Vector Group Ltd.
7.75% due 02/15/213		4,475,000		4,765,875
Central Garden and Pet Co.
8.25% due 03/01/183		3,875,000		4,020,313
Premier Foods Finance plc
5.56% due 03/15/201,2		1,250,000		2,139,494
6.50% due 03/15/212		1,000,000		1,724,433
Harbinger Group, Inc.
7.75% due 01/15/22		2,187,000		2,238,942
7.88% due 07/15/19		511,000		558,906
R&R Ice Cream plc
8.25% due 05/15/202		1,500,000		1,435,711
Bumble Bee Holdings, Inc.
9.00% due 12/15/172		826,000		881,755
KeHE Distributors LLC / KeHE Finance Corp.
7.63% due 08/15/212		500,000		545,000
Total Consumer Staples				18,310,429
Telecommunication Services - 1.2%
Avaya, Inc.
7.00% due 04/01/192,3		6,605,000		6,605,000
Alcatel-Lucent USA, Inc.
8.88% due 01/01/202		2,200,000		2,491,500
SITEL LLC / Sitel Finance Corp.
11.00% due 08/01/172		2,020,000		2,151,300
Expo Event Transco, Inc.
9.00% due 06/15/212		1,975,000		2,058,938
WMG Acquisition Corp.
6.75% due 04/15/222,3		1,950,000		1,950,000
Total Telecommunication Services				15,256,738
Materials - 1.1%
TPC Group, Inc.
8.75% due 12/15/202,3		7,300,000		8,084,750
Eldorado Gold Corp.
6.13% due 12/15/202		2,350,000		2,373,500
Mirabela Nickel Ltd.
9.50% due 05/20/19		1,566,000		1,566,000
8.75% due 04/15/182,6		2,948,000		678,040
KGHM International Ltd.
7.75% due 06/15/192,3		1,435,000		1,540,831
Unifrax I LLC / Unifrax Holding Co.
7.50% due 02/15/192		500,000		522,500

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Face Amount		Value
CORPORATE BONDS†† - 21.2% (continued)
Materials - 1.1% (continued)
Kaiser Aluminum Corp.
8.25% due 06/01/20	$	250,000	$	281,250
Total Materials				15,046,871
Information Technology -  0.9%
Infor US, Inc.
9.38% due 04/01/193		7,250,000		8,074,688
Eagle Midco, Inc.
9.00% due 06/15/182		3,050,000		3,149,125
First Data Corp.
8.75% due 01/15/222		300,000		331,125
Total Information Technology				11,554,938
Industrials - 0.8%
Princess Juliana International Airport Operating Company N.V.
5.50% due 12/20/272		2,005,341		1,987,494
Chicago Bridge & Iron Co.
5.15% due 12/27/22†††,9		1,650,000		1,693,725
Ultra Resources, Inc.
4.51% due 10/12/20†††,9		1,500,000		1,443,600
Marquette Transportation Company LLC / Marquette Transportation Finance Corp.
10.88% due 01/15/17		1,340,000		1,419,730
Odebrecht Offshore Drilling Finance Ltd.
6.63% due 10/01/222		1,236,125		1,316,473
SBM Baleia Azul Sarl
5.50% due 09/15/27†††,9		1,025,420		1,030,342
Prosight Global Inc.
7.50% due 11/26/20†††,9		850,000		861,645
LMI Aerospace, Inc.
7.38% due 07/15/192		500,000		511,250
Quality Distribution LLC / QD Capital Corp.
9.88% due 11/01/18		200,000		214,000
CEVA Group plc
7.00% due 03/01/212		200,000		205,500
Total Industrials				10,683,759
Utilities - 0.6%
AES Corp.
3.23% due 06/01/191		3,900,000		3,929,250
NGL Energy Partners Limited Partnership / NGL Energy Finance Corp.
6.88% due 10/15/212		2,900,000		3,088,500
ContourGlobal Power Holdings S.A.
7.13% due 06/01/192		850,000		848,300
FPL Energy National Wind LLC
5.61% due 03/10/242		53,687		52,873
Total Utilities				7,918,923
Kenya - 0.5%
Kenya Government International Bond
6.88% due 06/24/242		5,850,000		6,084,000
Health Care - 0.1%
Symbion, Inc.
8.00% due 06/15/16		600,000		627,000
Physio-Control International, Inc.
9.88% due 01/15/192		303,000		334,815
Total Health Care				961,815
Total Corporate Bonds
(Cost $274,641,630)				277,730,944
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 9.6%
Nomura Resecuritization Trust
2012-1R,0.59% due 08/27/471,2		15,548,277		14,346,394
IndyMac INDX Mortgage Loan Trust
2006-AR4,0.36% due 05/25/461		12,969,737		11,247,551
Commercial Mortgage Pass Through Certificates
2014-KYO,2.50% due 06/11/271,2		10,500,000		10,500,000
Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust
2006-AR9,0.96% due 11/25/461		12,396,233		8,549,943
2006-8,5.76% due 10/25/36		4,409,465		3,099,845
2007-OA4,0.88% due 04/25/471		3,093,539		2,348,812
Lehman XS Trust Series
2006-16N,0.34% due 11/25/461		9,119,318		7,493,298
CSMC Trust 2014-SURF
3.26% due 02/15/291,2		7,300,000		7,307,942
GreenPoint Mortgage Funding Trust
2006-AR1,0.44% due 02/25/361		8,552,097		7,173,199
SRERS-2011 Funding Ltd.
2011-RS,0.40% due 05/09/461,2		6,752,375		6,341,155
Luminent Mortgage Trust
2006-2,0.35% due 02/25/461		8,309,320		6,269,108
Wells Fargo Alternative Loan Trust
2007-PA3,6.25% due 07/25/37		6,705,177		6,114,953
COMM Mortgage Trust
2006-FL12,0.44% due 12/15/201,2		3,193,641		3,175,163
2006-FL12,0.49% due 12/15/201,2		2,555,213		2,532,352
American Home Mortgage Assets Trust
2007-1,0.82% due 02/25/471		7,905,733		5,057,685
2006-4,0.34% due 10/25/461		2,579,607		1,745,628

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Face Amount		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 9.6% (continued)
Structured Asset Mortgage Investments II Trust
2006-AR1,0.38% due 02/25/361	$	5,646,828	$	4,807,348
Chase Mortgage Finance Trust Series
2006-S3,6.00% due 11/25/36		3,774,579		3,359,300
Residential Asset Securitization Trust
2006-A12,6.25% due 11/25/36		4,040,739		3,093,760
First Horizon Alternative Mortgage Securities Trust
2006-FA1,5.75% due 04/25/36		2,982,654		2,572,521
Alliance Bancorp Trust
2007-OA1,0.39% due 07/25/371		3,820,812		2,538,349
Wachovia Bank Commercial Mortgage Trust Series
2007-WHL8,0.85% due 06/15/201,2		2,190,914		2,151,123
Bear Stearns Mortgage Funding Trust
2007-AR5,0.32% due 06/25/471		1,886,341		1,534,424
Resource Capital Corporation CRE Notes 2013 Ltd.
3.65% due 12/15/281,2		1,000,000		1,010,780
Credit Suisse Mortgage Capital Certificates
2006-TF2A,0.55% due 10/15/211,2		1,000,000		970,577
BAMLL-DB Trust
2012-OSI,6.79% due 04/13/292		550,000		588,244
Total Collateralized Mortgage Obligations
(Cost $124,169,285)				125,929,454
MORTGAGE BACKED SECURITIES†† - 1.4%
HarborView Mortgage Loan Trust
2006-12,0.35% due 01/19/381		9,610,341		8,284,806
GreenPoint Mortgage Funding Trust Series
2007-AR1,0.23% due 02/25/471		8,485,894		7,922,380
HSI Asset Securitization Corporation Trust
2007-WF1,0.32% due 05/25/371		2,440,936		2,266,793
Total Mortgage Backed Securities
(Cost $17,878,540)				18,473,979
MUNICIPAL BONDS†† - 1.0%
Michigan -  1.0%
City of Detroit
3.49% due 10/07/16		13,600,000		13,600,000
Total Municipal Bonds
(Cost $13,600,000)				13,600,000
REPURCHASE AGREEMENTS††,7 - 0.6%
Jefferies & Company, Inc. issued 06/30/14 at 2.15% due 07/07/14		7,800,000		7,800,000
Total Repurchase Agreements
(Cost $7,800,000)				7,800,000
		Contracts
OPTIONS PURCHASED† - 0.2%
Call options on:
iShares 7-10 Year Treasury Bond ETF Expiring September 2014 with strike price of $104.00		25,343		1,647,295
SPDR Gold Shares Expiring January 2015 with strike price of $140.00		4,355		679,380
Total Options Purchased
(Cost $7,914,113)				2,326,675
Total Investments - 109.9%
(Cost $1,429,967,432)			$	1,442,268,712
OPTIONS WRITTEN† - 0.0%
Call options on:
SPDR Gold Trust Expiring January 2015 with strike price of $155.00		354		(16,992	)
iShares 7-10 Year Treasury Bond ETF Expiring September 2014 with strike price of $106.00		25,343		(506,860	)
Total Options Written
(Premiums received $579,611)				(523,852	)
Other Assets & Liabilities, net - (9.9)%				(129,989,850	)
Total Net Assets - 100.0%			$	1,311,755,010

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Units		Unrealized Gain (Loss)
OTC EQUITY INDEX SWAP AGREEMENTS††
Bank of America July 2014 S&P 500 HomeBuilding Index Swap, Terminating 07/11/1410 (Notional Value $30,888,440)		50,173	$	2,031,416
Bank of America August 2014 S&P 1500 Education Services Sub- Industry Index Swap, Terminating 08/04/1411 (Notional Value $32,751,568)		590,757		61,516
(Total Notional Value $63,640,008)			$	2,092,932
OTC CURRENCY INDEX SWAP AGREEMENTS††
Bank of America September 2014 U.S. Dollar Future Index Swap, Terminating 09/08/1412 (Notional Value $30,249,885)		379	$	(415,422	)
OTC INTEREST SWAPS SOLD SHORT††
Bank of America September 2014 Japan Government Bond 10 Year Future Index Swap, Terminating 09/11/1413 (Notional Value $126,488,599)		88	$	(499,188	)

CENTRALLY CLEARED INTEREST RATE SWAP AGREEMENTS^††

Counterparty	Floating Rate	Floating Rate Index	Fixed Rate			Maturity Date		Notional Amount			Market Value			Unrealized Appreciation/Depreciation
Merrill Lynch	Pay	3-Month USD-LIBOR		3.13	%		06/08/25	$	45,300,000		$	530,010		$	530,010
Merrill Lynch	Receive	3-Month USD-LIBOR		1.59	%		07/02/18		(34,550,000	)		(535,525	)		(535,525	)
Merrill Lynch	Receive	3-Month USD-LIBOR		1.89	%		06/08/25		(31,500,000	)		(604,800	)		(604,800	)
Merrill Lynch	Receive	3-Month USD-LIBOR		2.73	%		07/02/23		(23,800,000	)		(785,400	)		(785,400	)
														$	(1,395,715	)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS^††

Contracts to Sell	Currency	Counterparty	Settlement Date		Settlement Value		Value at 06/30/14			Unrealized Depreciation
1,500,000	AUD	BANK OF AMERICA OPTION & SWAP		08/05/14	$	1,404,750	$	(1,410,942	)	$	(6,192	)
2,276,549	EUR	BANK OF AMERICA OPTION & SWAP		08/29/14		3,100,000		(3,118,988	)		(18,988	)
7,540,000	EUR	BANK OF AMERICA OPTION & SWAP		07/02/14		10,280,866		(10,323,817	)		(42,952	)
3,300,000	GBP	BANK OF AMERICA OPTION & SWAP		07/02/14		5,532,830		(5,648,267	)		(115,438	)
15,700,000	EUR	BANK OF AMERICA OPTION & SWAP		09/17/14		21,263,091		(21,511,663	)		(248,572	)
										$	(432,141	)

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs, unless otherwise noted — See Note 3.
†††	Value determined based on Level 3 inputs — See Note 3.
1	Variable rate security.  Rate indicated is rate effective at June 30, 2014.
2	Security is a 144A or Section 4(a)(2) security.  The total market value of 144A or Section 4(a)(2) securities is $517,428,030 (cost $510,186,533), or 39.4% of total net assets.
3	Security or a portion thereof is held as collateral for reverse repurchase agreements.
4	Security with no rate was unsettled at June 30, 2014.
5	Perpetual maturity.
6	Security is in default of interest and/or principal obligations.
7	Repurchase Agreements — See Note 4.
8	Affiliated issuer — See Note 7.
9	Illiquid security.
10	Total return based on S&P 500 Homebuilding Index +/– financing at a variable rate.
11	Total return based on S&P 1500 Education Services Sub-Industry Index +/– financing at a variable rate.
12	Total return based on U.S. Dollar Future Index +/– financing at a variable rate.
13	Total return based on Japan Government Bond 10 Year Future Index +/– financing at a variable rate.

plc —   Public Limited Company

REIT —   Real Estate Investment Trust

Mid Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Shares		Value
COMMON STOCKS† - 97.1%
Financials - 26.6%
Hanover Insurance Group, Inc.		938,610	$	59,273,221
Reinsurance Group of America, Inc. — Class A		404,044		31,879,072
American Financial Group, Inc.		456,790		27,206,412
Northern Trust Corp.		344,430		22,115,850
WR Berkley Corp.		461,500		21,372,065
Endurance Specialty Holdings Ltd.		309,400		15,961,946
Alexandria Real Estate Equities, Inc.		205,230		15,934,057
BioMed Realty Trust, Inc.		688,600		15,032,138
Starwood Property Trust, Inc.		528,750		12,568,387
Popular, Inc.*		347,330		11,871,740
SVB Financial Group*		94,420		11,011,260
Lexington Realty Trust		968,970		10,668,360
Wintrust Financial Corp.		231,110		10,631,060
Home Loan Servicing Solutions Ltd.		423,227		9,619,950
First Niagara Financial Group, Inc.		1,064,300		9,301,982
Ocwen Financial Corp.*		230,694		8,558,747
Zions Bancorporation		288,250		8,494,728
City National Corp.		111,290		8,431,330
Employers Holdings, Inc.		391,750		8,297,265
FirstMerit Corp.		372,872		7,364,222
First Midwest Bancorp, Inc.		412,938		7,032,334
Huntington Bancshares, Inc.		709,170		6,765,482
Hancock Holding Co.		191,520		6,764,486
Investors Real Estate Trust		562,530		5,180,901
Redwood Trust, Inc.		263,753		5,135,271
Campus Crest Communities, Inc.		187,289		1,621,923
Total Financials				358,094,189
Industrials - 15.0%
Covanta Holding Corp.		1,933,010		39,839,336
Orbital Sciences Corp.*		885,090		26,154,409
Navigant Consulting, Inc.*		1,247,302		21,765,420
Quanta Services, Inc.*		561,970		19,432,922
Aegion Corp. — Class A*		724,491		16,858,906
DigitalGlobe, Inc.*		548,413		15,245,881
ICF International, Inc.*		358,960		12,692,826
URS Corp.		270,940		12,422,599
General Cable Corp.		390,595		10,022,668
KEYW Holding Corp.*		588,630		7,399,079
United Stationers, Inc.		150,582		6,244,636
Towers Watson & Co. — Class A		59,231		6,173,647
AZZ, Inc.		85,650		3,946,752
WESCO International, Inc.*		43,447		3,752,952
Oshkosh Corp.		3,783		210,070
Thermoenergy Corp.*		2,701,839		53,767
Total Industrials				202,215,870
Information Technology - 11.2%
Computer Sciences Corp.		702,560		44,401,793
Maxwell Technologies, Inc.*,3		1,704,971		25,796,211
IXYS Corp.3		2,012,549		24,794,603
FLIR Systems, Inc.		390,380		13,557,897
RF Micro Devices, Inc.*		1,338,373		12,834,997
Liquidity Services, Inc.*		503,210		7,930,590
Semtech Corp.*		281,417		7,359,055
Blackhawk Network Holdings, Inc.*		259,120		7,312,366
Diebold, Inc.		172,230		6,918,479
Total Information Technology				150,905,991
Energy - 11.2%
Whiting Petroleum Corp.*		347,602		27,895,061
Cameco Corp.		1,415,860		27,765,015
Superior Energy Services, Inc.		756,590		27,343,162
Oasis Petroleum, Inc.*		318,610		17,807,113
Patterson-UTI Energy, Inc.		383,270		13,391,454
Resolute Energy Corp.*		1,507,360		13,023,590
Sanchez Energy Corp.*		334,524		12,574,757
C&J Energy Services, Inc.*		319,620		10,796,764
Total Energy				150,596,916
Materials - 9.9%
Owens-Illinois, Inc.*		1,042,500		36,112,200
Sonoco Products Co.		561,950		24,686,464
Royal Gold, Inc.		241,838		18,408,709
Landec Corp.*		946,613		11,823,196
Coeur Mining, Inc.*		1,084,798		9,958,446
Olin Corp.		341,109		9,182,654
Berry Plastics Group, Inc.*		275,240		7,101,192
Bemis Company, Inc.		162,350		6,601,151
Rock-Tenn Co. — Class A		49,234		5,198,618
Allied Nevada Gold Corp.*		1,224,523		4,604,206
Total Materials				133,676,836
Consumer Discretionary - 9.1%
Brown Shoe Company, Inc.		771,195		22,063,889
DR Horton, Inc.		883,250		21,710,285
DeVry Education Group, Inc.		394,150		16,688,311
Chico's FAS, Inc.		819,150		13,892,784
Cabela's, Inc.*		211,150		13,175,760
Guess?, Inc.		468,658		12,653,766
Scholastic Corp.		353,560		12,052,860
Gentex Corp.		357,310		10,394,148
Total Consumer Discretionary				122,631,803
Health Care - 5.9%
Kindred Healthcare, Inc.		782,716		18,080,740
MEDNAX, Inc.*		268,542		15,615,717
Hologic, Inc.*		577,511		14,639,903
Alere, Inc.*		271,274		10,151,073
Edwards Lifesciences Corp.*		102,190		8,771,990
Impax Laboratories, Inc.*		254,840		7,642,652
Universal Health Services, Inc. — Class B		39,990		3,829,442
Emergent Biosolutions, Inc.*		25,365		569,698
Total Health Care				79,301,215
Consumer Staples - 4.3%
Bunge Ltd.		373,270		28,234,143
Hormel Foods Corp.		392,400		19,364,940
Ingredion, Inc.		144,250		10,824,520
Total Consumer Staples				58,423,603
Utilities - 3.9%
UGI Corp.		337,838		17,060,819
Black Hills Corp.		223,270		13,706,545

Mid Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Shares		Value
COMMON STOCKS† - 97.1% (continued)
Utilities - 3.9% (continued)
Great Plains Energy, Inc.		406,127	$	10,912,633
Westar Energy, Inc.		205,380		7,843,462
MDU Resources Group, Inc.		99,028		3,475,883
Total Utilities				52,999,342
Total Common Stocks
(Cost $957,574,673)				1,308,845,765
PREFERRED STOCKS††† - 0.0%
Thermoenergy Corp. *, 1, 2		853,334		49,876
Total Preferred Stocks
(Cost $819,654)				49,876
SHORT TERM INVESTMENTS† - 2.0%
Dreyfus Treasury Prime Cash Management Fund		27,035,004		27,035,004
Total Short Term Investments
(Cost $27,035,004)				27,035,004
		Face Amount
CONVERTIBLE BONDS†† - 0.6%
Industrials -  0.6%
DryShips, Inc.
5.00% due 12/01/14	$	7,525,000		7,430,938
Total Convertible Bonds
(Cost $7,196,758)				7,430,938
Total Investments - 99.7%
(Cost $992,626,089)			$	1,343,361,583
Other Assets & Liabilities, net - 0.3%				3,863,198
Total Net Assets - 100.0%			$	1,347,224,781

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
†††	Value determined based on Level 3 inputs — See Note 3.
1	PIPE (Private Investment in Public Equity) — Stock issued by a company in the secondary market as a means of raising capital more quickly and less expensively than through registration of a secondary public offering.
2	Illiquid security.
3	Affiliated issuer — See Note 7.

Mid Cap Value Institutional Fund
SCHEDULE OF INVESTMENTS(Unaudited)	June 30, 2014

	Shares		Value
COMMON STOCKS† - 96.2%
Financials - 26.3%
Hanover Insurance Group, Inc.		442,803	$	27,963,008
Reinsurance Group of America, Inc. — Class A		188,793		14,895,768
American Financial Group, Inc.		223,830		13,331,315
Northern Trust Corp.		167,370		10,746,828
WR Berkley Corp.		209,970		9,723,711
Endurance Specialty Holdings Ltd.		156,170		8,056,810
Alexandria Real Estate Equities, Inc.		98,540		7,650,645
BioMed Realty Trust, Inc.		326,690		7,131,643
Popular, Inc.*		175,920		6,012,945
Starwood Property Trust, Inc.		247,770		5,889,493
Lexington Realty Trust		462,850		5,095,979
SVB Financial Group*		40,730		4,749,933
Wintrust Financial Corp.		102,750		4,726,500
Home Loan Servicing Solutions Ltd.		201,820		4,587,368
First Niagara Financial Group, Inc.		499,510		4,365,717
City National Corp.		51,810		3,925,126
Ocwen Financial Corp.*		101,348		3,760,011
Zions Bancorporation		124,370		3,665,184
Employers Holdings, Inc.		165,394		3,503,045
FirstMerit Corp.		174,685		3,450,029
First Midwest Bancorp, Inc.		198,559		3,381,460
Huntington Bancshares, Inc.		347,910		3,319,061
Hancock Holding Co.		89,580		3,163,966
Investors Real Estate Trust		233,220		2,147,956
Redwood Trust, Inc.		101,306		1,972,428
Campus Crest Communities, Inc.		81,367		704,638
Total Financials				167,920,567
Industrials - 15.1%
Covanta Holding Corp.		989,050		20,384,321
Orbital Sciences Corp.*		432,098		12,768,495
Navigant Consulting, Inc.*		598,610		10,445,745
Quanta Services, Inc.*		263,260		9,103,531
Aegion Corp. — Class A*		340,985		7,934,721
DigitalGlobe, Inc.*		258,711		7,192,166
ICF International, Inc.*		171,165		6,052,394
General Cable Corp.		183,831		4,717,103
URS Corp.		98,427		4,512,878
KEYW Holding Corp.*		275,670		3,465,172
Towers Watson & Co. — Class A		27,361		2,851,837
United Stationers, Inc.		67,006		2,778,739
WESCO International, Inc.*		20,894		1,804,824
AZZ, Inc.		38,080		1,754,726
Oshkosh Corp.		1,782		98,954
Total Industrials				95,865,606
Information Technology - 11.2%
Computer Sciences Corp.		344,300		21,759,759
Maxwell Technologies, Inc.*		815,951		12,345,339
IXYS Corp.		919,109		11,323,422
FLIR Systems, Inc.		187,020		6,495,205
RF Micro Devices, Inc.*		547,967		5,255,004
Liquidity Services, Inc.*		238,470		3,758,287
Blackhawk Network Holdings, Inc.*		126,950		3,582,529
Semtech Corp.*		130,520		3,413,098
Diebold, Inc.		80,750		3,243,728
Total Information Technology				71,176,371
Energy - 11.0%
Cameco Corp.		667,520		13,090,067
Superior Energy Services, Inc.		358,800		12,967,032
Whiting Petroleum Corp.*		150,141		12,048,815
Oasis Petroleum, Inc.*		149,510		8,356,114
Resolute Energy Corp.*		741,910		6,410,102
Patterson-UTI Energy, Inc.		175,690		6,138,609
Sanchez Energy Corp.*		158,557		5,960,158
C&J Energy Services, Inc.*		156,170		5,275,423
Total Energy				70,246,320
Materials - 9.6%
Owens-Illinois, Inc.*		444,880		15,410,644
Sonoco Products Co.		265,606		11,668,072
Royal Gold, Inc.		109,938		8,368,480
Landec Corp.*		462,290		5,774,002
Coeur Mining, Inc.*		489,941		4,497,658
Olin Corp.		155,694		4,191,282
Berry Plastics Group, Inc.*		131,660		3,396,828
Bemis Company, Inc.		79,180		3,219,459
Rock-Tenn Co. — Class A		23,170		2,446,520
Allied Nevada Gold Corp.*		554,589		2,085,255
Total Materials				61,058,200
Consumer Discretionary - 9.2%
Brown Shoe Company, Inc.		382,938		10,955,857
DR Horton, Inc.		412,990		10,151,294
DeVry Education Group, Inc.		192,833		8,164,549
Chico's FAS, Inc.		391,700		6,643,232
Guess?, Inc.		223,871		6,044,517
Cabela's, Inc.*		92,110		5,747,664
Scholastic Corp.		166,890		5,689,280
Gentex Corp.		169,080		4,918,537
HydroGen Corp.*,†††		1,265,700		1
Total Consumer Discretionary				58,314,931
Health Care - 5.7%
Kindred Healthcare, Inc.		336,752		7,778,971
MEDNAX, Inc.*		127,606		7,420,289
Hologic, Inc.*		254,072		6,440,725
Alere, Inc.*		127,939		4,787,477
Edwards Lifesciences Corp.*		49,370		4,237,921
Impax Laboratories, Inc.*		124,870		3,744,851
Universal Health Services, Inc. — Class B		17,910		1,715,062
Emergent Biosolutions, Inc.*		11,921		267,746
Total Health Care				36,393,042
Consumer Staples - 4.2%
Bunge Ltd.		172,330		13,035,041
Hormel Foods Corp.		174,510		8,612,069
Ingredion, Inc.		66,610		4,998,414
Total Consumer Staples				26,645,524
Utilities - 3.9%
UGI Corp.		158,569		8,007,735
Black Hills Corp.		105,239		6,460,622
Great Plains Energy, Inc.		188,955		5,077,221
Westar Energy, Inc.		93,070		3,554,343

Mid Cap Value Institutional Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Shares		Value
COMMON STOCKS† - 96.2% (continued)
Utilities - 3.9% (continued)
MDU Resources Group, Inc.		46,677	$	1,638,363
Total Utilities				24,738,284
Total Common Stocks
(Cost $459,091,133)				612,358,845
PREFERRED STOCKS††† - 0.0%
Thermoenergy Corp.*, 1, 2		793,750		46,123
Total Preferred Stocks
(Cost $757,980)				46,123
SHORT TERM INVESTMENTS† - 2.7%
Dreyfus Treasury Prime Cash Management Fund		17,378,208		17,378,208
Total Short Term Investments
(Cost $17,378,208)				17,378,208
		Face Amount
CONVERTIBLE BONDS†† - 0.4%
Industrials -  0.4%
DryShips, Inc.
5.00% due 12/01/14	$	2,725,000		2,690,938
Total Convertible Bonds
(Cost $2,591,282)				2,690,938
Total Investments - 99.3%
(Cost $479,818,603)			$	632,474,114
Other Assets & Liabilities, net - 0.7%				4,170,831
Total Net Assets - 100.0%			$	636,644,945

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
†††	Value determined based on Level 3 inputs — See Note 3.
1	PIPE (Private Investment in Public Equity) — Stock issued by a company in the secondary market as a means of raising capital more quickly and less expensively than through registration of a secondary public offering.
2	Illiquid security.

Municipal Income Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Shares		Value
SHORT TERM INVESTMENTS† - 7.3%
Fidelity Institutional Tax-Exempt Portfolio		3,939,384	$	3,939,384
Total Short Term Investments
(Cost $3,939,384)				3,939,384
		Face Amount
MUNICIPAL BONDS†† - 101.0%
California - 28.7%
Los Angeles County Regional Financing Authority
5.00% due 11/15/44	$	2,000,000		2,142,519
State of California
0.02% due 05/01/34		2,000,000		2,000,000
Tustin Unified School District General Obligation Unlimited
6.00% due 08/01/36		1,600,000		1,900,943
San Gorgonio Memorial Health Care District
5.00% due 08/01/32		1,750,000		1,877,488
Oakland Unified School District/Alameda County General Obligation Unlimited
5.50% due 08/01/322		1,200,000		1,299,132
5.00% due 08/01/222		300,000		335,742
Stockton Public Financing Authority Revenue Bonds
6.25% due 10/01/38		1,000,000		1,135,220
6.25% due 10/01/40		250,000		285,233
Inland Valley Development Agency
5.00% due 09/01/44		1,000,000		1,068,720
Stockton Unified School District General Obligation Unlimited
5.00% due 07/01/282		500,000		551,585
5.00% due 01/01/292		200,000		219,318
Southwestern Community College District
due 08/01/411		2,380,000		640,196
State of California General Obligation Unlimited
5.00% due 02/01/27		500,000		579,970
San Bernardino City Unified School District General Obligation Unlimited
5.00% due 08/01/25		250,000		289,360
5.00% due 08/01/26		250,000		286,790
Rancho Cucamonga Redevelopment Agency Successor Agency
5.00% due 09/01/32		300,000		335,760
Santa Barbara Secondary High School District
due 08/01/401		1,060,000		309,753
Culver Redevelopment Agency
due 11/01/231		195,000		129,806
Total California				15,387,535
Michigan - 23.9%
City of Detroit Michigan Water Supply System Revenue Revenue Bonds
5.00% due 07/01/33		2,530,000		2,527,359
5.00% due 07/01/18		1,165,000		1,175,142
5.00% due 07/01/30		300,000		299,988
4.75% due 07/01/29		230,000		233,068
5.00% due 07/01/16		200,000		201,922
4.25% due 07/01/16		125,000		125,271
5.25% due 07/01/22		95,000		95,645
Michigan Finance Authority
5.00% due 07/01/44		2,000,000		2,070,060
City of Detroit
3.49% due 10/07/16		2,000,000		1,998,840
City of Detroit Michigan Sewage Disposal System Revenue Revenue Bonds
5.00% due 07/01/21		540,000		541,199
5.00% due 07/01/15		500,000		503,035
5.50% due 07/01/22		200,000		206,528
5.00% due 07/01/24		155,000		155,014
5.25% due 07/01/19		100,000		101,691
Detroit City School District General Obligation Unlimited
5.00% due 05/01/32		1,000,000		1,052,210
5.00% due 05/01/30		300,000		318,750
Michigan Finance Authority Revenue Notes
4.37% due 08/20/14		1,000,000		1,004,620
City of Detroit MI Water Supply System Revenue
5.00% due 07/01/34		155,000		154,718
Oakland University Revenue Bonds
5.00% due 03/01/32		100,000		107,914
Total Michigan				12,872,974
Texas - 9.9%
North Texas Tollway Authority Revenue Bonds
5.75% due 01/01/40		2,500,000		2,823,775
Decatur Hospital Authority
5.25% due 09/01/44		1,200,000		1,215,012
North Texas Tollway Authority
0.86% due 01/01/50		1,000,000		999,960
New Hope Cultural Education Facilities Corp.
5.00% due 04/01/46		250,000		266,860
Total Texas				5,305,607
Illinois - 7.2%
Will County Township High School District No. 204 Joliet General Obligation Limited
6.25% due 01/01/31		1,000,000		1,163,120

Municipal Income Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Face Amount		Value
MUNICIPAL BONDS†† - 101.0% (continued)
Illinois - 7.2% (continued)
Southern Illinois University Revenue Bonds
5.00% due 04/01/32	$	1,000,000	$	1,080,590
Chicago Park District General Obligation Limited
5.00% due 01/01/36		1,000,000		1,068,270
City of Chicago Illinois General Obligation Unlimited
5.00% due 01/01/26		100,000		104,071
5.00% due 01/01/24		100,000		101,503
5.00% due 01/01/23		70,000		76,474
5.00% due 01/01/22		55,000		57,631
University of Illinois Revenue Bonds
6.00% due 10/01/29		200,000		229,334
Total Illinois				3,880,993
New Jersey - 4.2%
Hudson County Improvement Authority Revenue Bonds
6.00% due 01/01/40		1,500,000		1,683,825
New Jersey State Turnpike Authority Revenue Bonds
5.00% due 01/01/28		500,000		564,605
Total New Jersey				2,248,430
Pennsylvania - 3.9%
State Public School Building Authority Revenue Bonds
5.00% due 04/01/28		1,000,000		1,091,800
Pennsylvania Turnpike Commission Revenue Bonds
1.32% due 12/01/20		500,000		506,875
Pennsylvania Turnpike Commission
1.05% due 12/01/21		500,000		500,145
Total Pennsylvania				2,098,820
Arizona - 3.2%
Arizona Health Facilities Authority
0.96% due 01/01/37		2,000,000		1,717,540
Louisiana - 3.0%
City of New Orleans
5.00% due 12/01/44		1,000,000		1,060,840
City of New Orleans Sewerage Service Revenue
5.00% due 06/01/44		500,000		535,935
Total Louisiana				1,596,775
Washington - 2.8%
Greater Wenatchee Regional Events Center Public Facilities Dist Revenue Bonds
5.00% due 09/01/272		1,000,000		1,002,920
5.25% due 09/01/322		500,000		503,095
Total Washington				1,506,015
Alabama - 2.8%
Regents of the University of California Medical Center Pooled Revenue
0.88% due 05/15/43		2,000,000		1,479,920
Massachusetts - 2.2%
Massachusetts Development Finance Agency Revenue Bonds
6.87% due 01/01/41		1,000,000		1,173,190
West Virginia - 2.1%
West Virginia Higher Education Policy Commission Revenue Bonds
5.00% due 04/01/29		1,000,000		1,111,070
South Carolina - 2.0%
South Carolina State Public Service Authority
5.00% due 12/01/49		1,000,000		1,071,240
Mississippi - 1.5%
Mississippi Development Bank Revenue Bonds
6.50% due 10/01/31		500,000		568,540
6.25% due 10/01/26		230,000		264,038
Total Mississippi				832,578
Wyoming - 1.0%
County of Sweetwater Wyoming Revenue Bonds
5.00% due 09/01/242		500,000		552,580
Indiana - 0.9%
County of Knox Indiana Revenue Bonds
5.00% due 04/01/27		470,000		505,090
New York - 0.9%
Metropolitan Transportation Authority
0.70% due 11/01/32		500,000		500,575
Florida - 0.4%
Miami-Dade County Health Facilities Authority Revenue Bonds
5.00% due 08/01/24		200,000		222,760
Kentucky - 0.4%
City of Owensboro Kentucky Electric Light & Power System Revenue Revenue Bonds
5.00% due 01/01/26		200,000		216,668
Total Municipal Bonds
(Cost $52,889,297)				54,280,360
Total Investments - 108.3%
(Cost $56,828,681)			$	58,219,744
Other Assets & Liabilities, net - (8.3)%				(4,458,689	)
Total Net Assets - 100.0%			$	53,761,055

†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	Zero coupon rate security.
2	Illiquid security.

Risk Managed Real Estate Fund
SCHEDULE OF INVESTMENTS(Unaudited)	June 30, 2014

	Shares			Value
COMMON STOCKS† - 91.6%
Real Estate Investment Trusts (REITs) - 84.0%
Retail REITs - 22.2%
Simon Property Group, Inc.		4,768		$	792,822
Regency Centers Corp.		4,372			243,432
Glimcher Realty Trust		20,192			218,679
Retail Properties of America, Inc. — Class A		13,820			212,552
Pennsylvania Real Estate Investment Trust		11,114			209,165
General Growth Properties, Inc.1		7,380			173,873
Excel Trust, Inc.		10,426			138,979
AmREIT, Inc. — Class B		7,090			129,747
Federal Realty Investment Trust		919			111,125
Macerich Co.		1,634			109,070
DDR Corp.		3,558			62,728
Kimco Realty Corp.		1,715			39,411
Total Retail REITs					2,441,583
Residential REITs - 14.2%
Sun Communities, Inc.		5,612			279,702
Camden Property Trust		3,831			272,576
Equity Residential		3,672			231,336
Equity Lifestyle Properties, Inc.		4,608			203,489
American Campus Communities, Inc.		5,144			196,707
Essex Property Trust, Inc.1		1,037			191,752
UDR, Inc.		2,948			84,401
Apartment Investment & Management Co. — Class A		1,716			55,375
AvalonBay Communities, Inc.		312			44,363
Total Residential REITs					1,559,701
Office REITs - 13.7%
Boston Properties, Inc.		3,024			357,377
Hudson Pacific Properties, Inc.		9,044			229,175
Gramercy Property Trust, Inc.		35,598			215,368
SL Green Realty Corp.		1,451			158,754
Columbia Property Trust, Inc.		6,000			156,060
Highwoods Properties, Inc.		2,580			108,231
BioMed Realty Trust, Inc.		3,834			83,696
Kilroy Realty Corp.		972			60,536
Douglas Emmett, Inc.		2,043			57,653
Digital Realty Trust, Inc.		948			55,287
CyrusOne, Inc.		995			24,776
Total Office REITs					1,506,913
Diversified REITs - 9.3%
Vornado Realty Trust1		3,380			360,748
WP Carey, Inc.1		4,873			313,821
American Assets Trust, Inc.		5,224			180,489
Duke Realty Corp.		6,706			121,781
Spirit Realty Capital, Inc.		4,277			48,587
Total Diversified REITs					1,025,426
Health Care REITs - 6.1%
Sabra Health Care REIT, Inc.		7,143			205,075
Aviv REIT, Inc.		6,542			184,288
Ventas, Inc.1		2,503			160,442
HCP, Inc.		1,849			76,512
Health Care REIT, Inc.		752			47,128
Total Health Care REITs					673,445
Industrial REITs - 6.0%
Prologis, Inc.1		5,588			229,611
DCT Industrial Trust, Inc.		26,170			214,856
Rexford Industrial Realty, Inc.		15,013			213,785
Total Industrial REITs					658,252
Hotel & Resort REITs - 5.7%
LaSalle Hotel Properties		6,561			231,539
Strategic Hotels & Resorts, Inc.*		17,880			209,375
Sunstone Hotel Investors, Inc.		12,053			179,951
Total Hotel & Resort REITs					620,865
Specialized REITs - 4.7%
American Tower Corp. — Class A		1,504			135,330
Public Storage		642			110,007
CubeSmart		5,938			108,784
Extra Space Storage, Inc.		1,880			100,110
Sovran Self Storage, Inc.		723			55,852
Total Specialized REITs					510,083
Mortgage REITs - 2.1%
Blackstone Mortgage Trust, Inc. — Class A		8,122			235,538
Total Real Estate Investment Trusts (REITs)					9,231,806
Hotels, Restaurants & Leisure - 3.7%
Hotels, Resorts & Cruise Lines - 3.7%
Marriott International, Inc. — Class A		3,224			206,659
Starwood Hotels & Resorts Worldwide, Inc.		2,503			202,292
Total Hotels, Restaurants & Leisure					408,951
Real Estate Management & Development - 2.2%
Real Estate Operating Companies - 2.2%
Forest City Enterprises, Inc. — Class A*		11,928			237,009
Health Care Providers & Services - 1.7%
Health Care Facilities - 1.7%
HCA Holdings, Inc.*		3,225			181,826
Total Common Stocks
(Cost $9,473,784)					10,059,592
Total Investments - 91.6%
(Cost $9,473,784)				$	10,059,592
COMMON STOCKS SOLD SHORT† - (20.1)%
Real Estate Investment Trusts (REITs) - (20.1)%
Residential REITs - (1.8)%
Home Properties, Inc.		(1,295	)		(82,828	)
American Homes 4 Rent — Class A		(6,225	)		(110,556	)
Total Residential REITs					(193,384	)
Health Care REITs - (2.1)%
Healthcare Realty Trust, Inc.		(4,281	)		(108,823	)

Risk Managed Real Estate Fund
SCHEDULE OF INVESTMENTS(Unaudited)	June 30, 2014

	Shares			Value
COMMON STOCKS SOLD SHORT† - (20.1)% (continued)
Real Estate Investment Trusts (REITs) - (20.1)% (continued)
Health Care REITs - (2.1)% (continued)
Omega Healthcare Investors, Inc.		(3,204	)	$	(118,099	)
Total Health Care REITs					(226,922	)
Hotel & Resort REITs - (2.1)%
Host Hotels & Resorts, Inc.		(52	)		(1,145	)
Chesapeake Lodging Trust		(2,437	)		(73,671	)
Hospitality Properties Trust		(2,496	)		(75,878	)
FelCor Lodging Trust, Inc.		(8,080	)		(84,921	)
Total Hotel & Resort REITs					(235,615	)
Office REITs - (3.3)%
CommonWealth REIT		(4,118	)		(108,386	)
Government Properties Income Trust		(4,488	)		(113,950	)
New York REIT, Inc.		(12,919	)		(142,884	)
Total Office REITs					(365,220	)
Diversified REITs - (3.4)%
First Potomac Realty Trust		(8,249	)		(108,227	)
Liberty Property Trust		(2,934	)		(111,287	)
Washington Real Estate Investment Trust		(5,707	)		(148,268	)
Total Diversified REITs					(367,782	)
Retail REITs - (7.4)%
Rouse Properties, Inc.		(4,473	)		(76,533	)
Kite Realty Group Trust		(18,338	)		(112,595	)
Tanger Factory Outlet Centers, Inc.		(3,321	)		(116,135	)
Equity One, Inc.		(5,062	)		(119,413	)
Weingarten Realty Investors		(3,782	)		(124,201	)
Realty Income Corp.		(2,945	)		(130,817	)
National Retail Properties, Inc.		(3,640	)		(135,372	)
Total Retail REITs					(815,066	)
Total Common Stocks Sold Short
(Proceeds $2,103,403)					(2,203,989	)
EXCHANGE TRADED FUNDS SOLD SHORT† - (7.8)%
iShares US Real Estate ETF		(11,996	)		(861,193	)
Total Exchange Traded Funds Sold Short
(Proceeds $841,645)					(861,193	)
Total Securities Sold Short- (27.9)%
(Proceeds $2,945,048)				$	(3,065,182	)
Other Assets & Liabilities, net - 36.3%					3,992,127
Total Net Assets - 100.0%				$	10,986,537
	Units			Unrealized Gain
OTC EQUITY INDEX SWAP AGREEMENTS††
Bank of America Corp. August 2014 Merrill Lynch Guggenheim Real Estate Investment Trust Basket Total Return Index Swap, Terminating 08/05/142 (Notional Value $3,233,674)		29,776		$	–

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.

¹ All or a portion of this security is pledged as short security collateral at June 30, 2014.

² Total Return based on Merrill Lynch Guggenheim Real Estate Investment Trust Basket Total Return Index +/- financing at a variable rate.

REIT— Real Estate Investment Trust

Small Cap Value Fund
SCHEDULE OF INVESTMENTS(Unaudited)	June 30, 2014

	Shares		Value
COMMON STOCKS† - 95.6%
Industrials - 24.8%
Covanta Holding Corp.		74,280	$	1,530,911
PMFG, Inc.*		174,473		919,472
KEYW Holding Corp.*		65,688		825,698
Curtiss-Wright Corp.		12,400		812,944
ABM Industries, Inc.		28,610		771,898
Celadon Group, Inc.		33,512		714,476
Orbital Sciences Corp.*		24,044		710,500
DigitalGlobe, Inc.*		20,809		578,490
Aegion Corp. — Class A*		24,183		562,739
Energy Recovery, Inc.*		112,657		554,272
Navigant Consulting, Inc.*		31,680		552,816
Powell Industries, Inc.		8,417		550,304
Great Lakes Dredge & Dock Corp.*		65,315		521,867
Dynamic Materials Corp.		22,682		501,953
ICF International, Inc.*		13,270		469,227
Sterling Construction Company, Inc.*		47,638		446,844
Luxfer Holdings plc ADR		21,150		400,793
General Cable Corp.		15,182		389,570
Rand Logistics, Inc.*		46,390		278,340
Marten Transport Ltd.		11,860		265,071
LMI Aerospace, Inc.*		18,000		235,440
Global Power Equipment Group, Inc.		12,777		206,476
WESCO International, Inc.*		1,812		156,521
AZZ, Inc.		2,710		124,877
Oshkosh Corp.		147		8,163
Total Industrials				13,089,662
Financials - 21.7%
Hanover Insurance Group, Inc.		34,140		2,155,940
Reinsurance Group of America, Inc. — Class A		13,690		1,080,141
Home Loan Servicing Solutions Ltd.		37,080		842,828
Horace Mann Educators Corp.		26,140		817,398
Endurance Specialty Holdings Ltd.		13,164		679,131
1st Source Corp.		19,910		609,644
Safeguard Scientifics, Inc.*		27,430		570,270
OFG Bancorp		28,864		531,386
PICO Holdings, Inc.*		21,672		514,927
BancFirst Corp.		7,325		453,418
Simmons First National Corp. — Class A		10,520		414,383
AMERISAFE, Inc.		8,905		362,166
Berkshire Hills Bancorp, Inc.		15,590		362,000
Navigators Group, Inc.*		4,780		320,499
PrivateBancorp, Inc. — Class A		10,626		308,792
Campus Crest Communities, Inc.		35,162		304,503
Employers Holdings, Inc.		13,766		291,564
Hancock Holding Co.		7,820		276,202
Blackstone Mortgage Trust, Inc. — Class A		9,490		275,210
Ocwen Financial Corp.*		7,401		274,577
Total Financials				11,444,979
Information Technology - 17.8%
Maxwell Technologies, Inc.*		92,518		1,399,798
Insight Enterprises, Inc.*		30,284		930,930
Global Cash Access Holdings, Inc.*		91,320		812,748
Silicon Graphics International Corp.*		66,837		642,971
Digi International, Inc.*		60,501		569,919
Spansion, Inc. — Class A*		26,300		554,141
FLIR Systems, Inc.		15,860		550,818
IXYS Corp.		41,620		512,758
RF Micro Devices, Inc.*		49,902		478,560
Newport Corp.*		21,590		399,415
Liquidity Services, Inc.*		21,120		332,851
Blackhawk Network Holdings, Inc.*		10,820		305,340
Diodes, Inc.*		10,360		300,026
Diebold, Inc.		7,150		287,216
Brooks Automation, Inc.		26,530		285,728
Semtech Corp.*		10,626		277,870
Mercury Systems, Inc.*		20,980		237,913
Rubicon Technology, Inc.*		22,950		200,813
Entropic Communications, Inc.*		55,450		184,649
Multi-Fineline Electronix, Inc.*		12,180		134,467
Total Information Technology				9,398,931
Consumer Discretionary - 8.2%
Brown Shoe Company, Inc.		28,134		804,915
International Speedway Corp. — Class A		21,071		701,243
Chico's FAS, Inc.		31,390		532,374
Guess?, Inc.		17,859		482,193
DeVry Education Group, Inc.		11,210		474,631
Scholastic Corp.		13,162		448,693
Cabela's, Inc.*		6,970		434,928
Gentex Corp.		10,670		310,390
Stage Stores, Inc.		7,338		137,147
Total Consumer Discretionary				4,326,514
Health Care - 7.2%
Emergent Biosolutions, Inc.*		31,230		701,426
Greatbatch, Inc.*		13,158		645,531
Kindred Healthcare, Inc.		27,244		629,336
Invacare Corp.		33,640		617,967
Tornier N.V.*		22,960		536,805
Alere, Inc.*		9,874		369,485
Impax Laboratories, Inc.*		10,650		319,394
Discovery Laboratories, Inc.*		2,781		4,950
Total Health Care				3,824,894
Energy - 7.2%
Patterson-UTI Energy, Inc.		27,680		967,139
Resolute Energy Corp.*		87,270		754,013
Oasis Petroleum, Inc.*		13,160		735,512
Sanchez Energy Corp.*		13,158		494,609
C&J Energy Services, Inc.*		13,360		451,301
Clayton Williams Energy, Inc.*		2,827		388,345
Total Energy				3,790,919
Utilities - 4.4%
UGI Corp.		19,853		1,002,577
Laclede Group, Inc.		18,546		900,408
South Jersey Industries, Inc.		6,710		405,351
Total Utilities				2,308,336
Materials - 4.3%
Royal Gold, Inc.		8,762		666,963
Landec Corp.*		39,116		488,559
Coeur Mining, Inc.*		39,196		359,819
Olin Corp.		11,552		310,980
Berry Plastics Group, Inc.*		11,140		287,412
Allied Nevada Gold Corp.*		49,714		186,925
Total Materials				2,300,658
Total Common Stocks
(Cost $39,810,273)				50,484,893
CONVERTIBLE PREFERRED STOCKS††† - 0.0%
Thermoenergy Corp.*,1,2		6,250		363
Total Convertible Preferred Stocks
(Cost $5,968)				363
SHORT TERM INVESTMENTS† - 3.1%
Dreyfus Treasury Prime Cash Management Fund		1,665,833		1,665,833
Total Short Term Investments
(Cost $1,665,833)				1,665,833

Small Cap Value Fund
SCHEDULE OF INVESTMENTS(Unaudited)	June 30, 2014

		Face Amount		Value
CONVERTIBLE BONDS†† - 0.4%
Industrials -  0.4%
DryShips, Inc.
5.00% due 12/01/14	$	200,000	$	197,500
Total Convertible Bonds
(Cost $190,805)				197,500
Total Investments - 99.1%
(Cost $41,672,879)			$	52,348,589
Other Assets & Liabilities, net - 0.9%				456,601
Total Net Assets - 100.0%			$	52,805,190

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
†††	Value determined based on Level 3 inputs — See Note 3.
1	PIPE (Private Investment in Public Equity) - Stock issued by a company in the secondary market as a means of raising capital more quickly and less expensively than through registration of a secondary public offering.

² Illiquid security.

ADR — American Depositary Receipt

plc — Public Limited Company

StylePlus—Large Core Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Shares		Value
COMMON STOCKS† - 20.0%
Information Technology - 4.4%
Apple, Inc.		15,557	$	1,445,713
International Business Machines Corp.		4,828		875,172
Microsoft Corp.		18,843		785,753
Cisco Systems, Inc.		30,074		747,339
eBay, Inc.*		11,157		558,519
EMC Corp.		20,264		533,754
Corning, Inc.		22,473		493,282
Hewlett-Packard Co.		14,203		478,357
Intel Corp.		15,419		476,448
TE Connectivity Ltd.		7,449		460,646
Google, Inc. — Class A*		600		350,802
Oracle Corp.		8,609		348,923
Texas Instruments, Inc.		6,912		330,324
Automatic Data Processing, Inc.		3,966		314,424
QUALCOMM, Inc.		3,959		313,553
SanDisk Corp.		2,366		247,081
Total Information Technology				8,760,090
Health Care - 3.5%
Pfizer, Inc.		29,990		890,103
Merck & Company, Inc.		14,566		842,643
UnitedHealth Group, Inc.		7,769		635,115
Eli Lilly & Co.		9,734		605,163
Express Scripts Holding Co.*		8,225		570,239
Medtronic, Inc.		8,131		518,432
Aetna, Inc.		6,194		502,210
WellPoint, Inc.		4,148		446,366
Cardinal Health, Inc.		6,469		443,515
Cigna Corp.		4,683		430,696
Becton Dickinson and Co.		3,243		383,647
Johnson & Johnson		3,571		373,598
Bristol-Myers Squibb Co.		2,965		143,832
Gilead Sciences, Inc.*		1,586		131,496
Amgen, Inc.		1,063		125,827
Total Health Care				7,042,882
Consumer Staples - 3.2%
Procter & Gamble Co.		10,328		811,677
CVS Caremark Corp.		8,174		616,074
PepsiCo, Inc.		6,662		595,183
Wal-Mart Stores, Inc.		7,820		587,047
Altria Group, Inc.		13,704		574,746
Kraft Foods Group, Inc.		8,316		498,545
Archer-Daniels-Midland Co.		11,119		490,459
Kimberly-Clark Corp.		4,385		487,700
Mondelez International, Inc. — Class A		11,151		419,389
Philip Morris International, Inc.		4,725		398,365
Kellogg Co.		4,473		293,876
Kroger Co.		5,853		289,314
Costco Wholesale Corp.		1,935		222,835
General Mills, Inc.		4,006		210,475
Total Consumer Staples				6,495,685
Industrials - 2.9%
General Electric Co.		40,710		1,069,859
Caterpillar, Inc.		5,864		637,241
Boeing Co.		4,887		621,773
FedEx Corp.		3,798		574,941
General Dynamics Corp.		4,664		543,589
Lockheed Martin Corp.		3,308		531,695
Northrop Grumman Corp.		3,913		468,112
Raytheon Co.		4,715		434,959
Deere & Co.		4,277		387,282
Emerson Electric Co.		4,288		284,552
United Technologies Corp.		1,423		164,285
CSX Corp.		5,331		164,248
Total Industrials				5,882,536
Energy - 2.5%
Exxon Mobil Corp.		12,176		1,225,880
ConocoPhillips		8,473		726,390
Apache Corp.		4,833		486,296
Marathon Oil Corp.		12,077		482,114
Hess Corp.		3,696		365,497
Anadarko Petroleum Corp.		3,249		355,668
Valero Energy Corp.		4,741		237,524
Marathon Petroleum Corp.		2,918		227,808
Pioneer Natural Resources Co.		954		219,239
Phillips 66		2,560		205,901
Chevron Corp.		1,285		167,757
Baker Hughes, Inc.		1,814		135,052
Occidental Petroleum Corp.		1,306		134,035
Total Energy				4,969,161
Financials - 2.3%
JPMorgan Chase & Co.		16,805		968,304
Citigroup, Inc.		13,162		619,930
Prudential Financial, Inc.		5,993		531,999
Capital One Financial Corp.		6,042		499,069
Aflac, Inc.		7,777		484,118
MetLife, Inc.		8,486		471,482
Bank of America Corp.		28,032		430,852
Wells Fargo & Co.		6,817		358,302
Allstate Corp.		2,875		168,820
Berkshire Hathaway, Inc. — Class B*		986		124,788
Total Financials				4,657,664
Consumer Discretionary - 0.6%
Target Corp.		7,905		458,095
Comcast Corp. — Class A		6,085		326,643
Ford Motor Co.		12,267		211,483
General Motors Co.		4,738		171,989
Macy's, Inc.		2,184		126,716
Total Consumer Discretionary				1,294,926
Telecommunication Services - 0.3%
CenturyLink, Inc.		9,687		350,669
AT&T, Inc.		4,894		173,052
Verizon Communications, Inc.		2,606		127,512
Total Telecommunication Services				651,233
Utilities - 0.2%
Exelon Corp.		4,860		177,293
AES Corp.		9,022		140,292
Total Utilities				317,585
Materials - 0.1%
Freeport-McMoRan Copper & Gold, Inc.		4,462		162,863

StylePlus—Large Core Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Shares		Value
COMMON STOCKS† - 20.0% (continued)
Total Common Stocks
(Cost $36,746,128)			$	40,234,625
EXCHANGE TRADED FUNDS†, 5 - 5.5%
Guggenheim BulletShares 2016 High Yield Corporate Bond ETF		143,700		3,941,691
Guggenheim BulletShares 2015 High Yield Corporate Bond ETF		143,700		3,868,691
Guggenheim BulletShares 2017 High Yield Corporate Bond ETF		118,900		3,281,640
Total Exchange Traded Funds
(Cost $10,939,310)				11,092,022
MUTUAL FUNDS†, 5 - 28.8%
Guggenheim Strategy Fund III		1,043,229		26,070,289
Guggenheim Strategy Fund I		681,292		16,998,233
Guggenheim Strategy Fund II		320,384		8,000,000
Floating Rate Strategies Fund Institutional Class		129,565		3,485,298
Macro Opportunities Fund Institutional Class		126,408		3,442,081
Total Mutual Funds
(Cost $58,116,896)				57,995,901
SHORT TERM INVESTMENTS† - 4.6%
Dreyfus Treasury Prime Cash Management Fund		9,203,987		9,203,987
Total Short Term Investments
(Cost $9,203,987)				9,203,987
		Face Amount
ASSET BACKED SECURITIES†† - 23.3%
JP Morgan Mortgage Acquisition Trust
2007-CH3, 0.30% due 03/25/371	$	1,624,594		1,596,334
2006-CH2, 0.25% due 10/25/361		914,750		911,989
Duane Street CLO IV Ltd.
2007-4A, 0.46% due 11/14/211,2		2,205,312		2,170,690
Garrison Funding Ltd.
2013-2A, 2.03% due 09/25/231,2		1,980,000		1,966,537
NewStar Commercial Loan Trust
2006-1A, 0.61% due 03/30/221,2		900,000		876,690
2006-1A, 0.50% due 03/30/221,2		501,522		497,861
2007-1A, 1.53% due 09/30/221,2		500,000		465,600
Brentwood CLO Corp.
2006-1A, 0.50% due 02/01/221,2		1,194,030		1,174,090
2006-1A, 1.05% due 02/01/221,2		500,000		454,900
Argent Securities Incorporated Asset-Backed Pass-Through Certificates Series
2005-W3, 0.49% due 11/25/351		1,691,507		1,597,648
Cornerstone CLO Ltd.
2007-1A, 0.45% due 07/15/211,2		1,600,000		1,574,400
Goldman Sachs Asset Management CLO plc
2007-1A, 2.98% due 08/01/221,2		1,500,000		1,468,800
ALM VII R-2 Ltd.
2013-7R2A, 2.83% due 04/24/241,2		1,450,000		1,423,175
Salus CLO 2012-1 Ltd.
2013-1AN, 2.48% due 03/05/211,2		1,400,000		1,397,620
Central Park CLO Ltd.
2011-1A, 3.43% due 07/23/221,2		1,320,000		1,300,728
Aegis Asset Backed Securities Trust
2005-3, 0.62% due 08/25/351		1,271,592		1,252,231
Cerberus Onshore II CLO LLC
2014-1A, 2.93% due 10/15/231,2		1,000,000		983,200
2014-1A, 2.23% due 10/15/231,2		250,000		249,425
Black Diamond CLO 2005-1 Delaware Corp.
2005-1A, 2.13% due 06/20/171,2		1,250,000		1,223,000
Lehman XS Trust
2007-9, 0.27% due 06/25/371		1,376,222		1,215,952
Symphony CLO IX, LP
2012-9A, 2.73% due 04/16/221,2		700,000		700,700
2012-9A, 3.48% due 04/16/221,2		500,000		500,000
Foothill CLO Ltd.
2007-1A, 0.47% due 02/22/211,2		1,196,167		1,180,258
N-Star REL CDO VIII Ltd.
2006-8A, 0.44% due 02/01/411,2		1,221,074		1,159,410
KKR Financial CLO 2007-1 Ltd.
2007-1A, 2.47% due 05/15/211,2		1,150,000		1,127,920
Wells Fargo Home Equity Asset-Backed Securities Trust
2006-3, 0.30% due 01/25/371		1,123,784		1,026,469
GreenPoint Mortgage Funding Trust
2005-HE4, 0.86% due 07/25/301		1,100,000		1,022,376
Symphony CLO VII Ltd.
2011-7A, 3.43% due 07/28/211,2		1,000,000		989,400
GSC Group CDO Fund VIII Ltd.
2007-8A, 0.61% due 04/17/211,2		1,000,000		967,100
Popular ABS Mortgage Pass-Through Trust
2005-A, 0.58% due 06/25/351		946,588		908,797

StylePlus—Large Core Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Face Amount		Value
ASSET BACKED SECURITIES†† - 23.3% (continued)
Hewett's Island CDO Ltd.
2007-6A, 2.48% due 06/09/191,2	$	900,000	$	882,360
TICC CLO LLC
2011-1A, 2.48% due 07/25/211,2		850,000		850,000
Race Point V CLO Ltd.
2014-5AR, 3.08% due 12/15/221,2		850,000		845,750
Black Diamond CLO 2006-1 Luxembourg S.A.
2007-1A, 0.62% due 04/29/191,2		900,000		839,700
California Republic Auto Receivables Trust
2013-2, 1.23% due 03/15/19		813,899		819,621
Northwoods Capital VII Ltd.
2006-7A, 1.78% due 10/22/211,2		810,000		778,815
OFSI Fund V Ltd.
2013-5A, 3.43% due 04/17/251,2		750,000		747,900
H2 Asset Funding Ltd.
2.05% due 03/19/37		750,000		746,550
Golub Capital Partners CLO 18 Ltd.
2014-18A, 2.73% due 04/25/261,2		720,000		716,904
Triton Container Finance LLC
2012-1A, 4.21% due 05/14/272		633,333		633,333
West Coast Funding Ltd.
2006-1A, 0.38% due 11/02/411,2		631,870		611,524
Accredited Mortgage Loan Trust
2007-1, 0.28% due 02/25/371		636,898		604,846
Tricadia CDO Ltd.
2006-6A, 0.77% due 11/05/411,2		600,000		554,940
Riverside Park CLO Ltd.
2011-1A, 2.98% due 09/27/211,2		550,000		540,375
Global Leveraged Capital Credit Opportunity Fund
2006-1A, 0.53% due 12/20/181,2		534,179		532,683
Soundview Home Loan Trust
2003-1, 2.40% due 08/25/311		506,263		516,403
Halcyon Loan Advisors Funding Ltd.
2012-1A, 3.22% due 08/15/231,2		500,000		491,200
ACS Pass Through Trust
2007-1A, 0.46% due 06/14/371,2		446,027		432,646
Race Point IV CLO Ltd.
2007-4A, 0.98% due 08/01/211,2		450,000		429,345
DIVCORE CLO Ltd.
2013-1A B, 4.05% due 11/15/32		400,000		400,000
Golub Capital Partners Fundings Ltd.
2007-1A, 0.48% due 03/15/221,2		369,241		363,887
Newcastle CDO IX 1 Ltd.
2007-9A, 0.41% due 05/25/521,2		240,481		240,481
Total Asset Backed Securities
(Cost $46,585,492)				46,962,563
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 4.6%
Boca Hotel Portfolio Trust
2013-BOCA,3.20% due 08/15/261,2		1,550,000		1,554,429
Resource Capital Corporation CRE Notes 2013 Ltd.
2013-CRE1,3.00% due 12/15/281,2		1,500,000		1,519,532
Hilton USA Trust
2013-HLF,2.90% due 11/05/301,2		1,350,000		1,355,941
SRERS-2011 Funding Ltd.
2011-RS,0.40% due 05/09/461,2		1,208,320		1,134,733
COMM Mortgage Trust
2007-FL14,0.90% due 06/15/221,2		1,096,136		1,081,851
Wachovia Bank Commercial Mortgage Trust Series
2007-WHL8,0.23% due 06/15/201,2		1,002,690		996,316
Banc of America Merrill Lynch Commercial Mortgage, Inc.
2005-6,6.33% due 09/10/471,2		887,000		908,645
Banc of America Large Loan Trust
2007-BMB1,1.25% due 08/15/291,2		800,000		799,810
Total Collateralized Mortgage Obligations
(Cost $9,247,119)				9,351,257
SENIOR FLOATING RATE INTERESTS†† - 2.8%
Industrials - 1.1%
Travelport Holdings Ltd.
6.25% due 06/26/19		1,554,300		1,588,495
Thermasys Corp.
5.25% due 05/03/19		637,813		634,623
Total Industrials				2,223,118
Financials - 0.8%
National Financial Partners
5.25% due 07/01/20		1,267,204		1,272,906
First Data Corp.
4.15% due 03/23/18		150,000		150,188
Cunningham Lindsey U.S., Inc.
5.00% due 12/10/19		108,622		108,033
Total Financials				1,531,127
Information Technology - 0.5%
Blue Coat Systems, Inc.
4.00% due 05/31/19		1,039,900		1,039,463

StylePlus—Large Core Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Face Amount		Value
SENIOR FLOATING RATE INTERESTS†† - 2.8% (continued)
Energy - 0.3%
Pacific Drilling
4.50% due 05/18/18	$	663,300	$	665,164
Consumer Discretionary -  0.1%
Sears Holdings Corp.
5.50% due 06/30/18		199,000		201,062
Laureate Education, Inc.
5.00% due 06/15/18		13,803		13,475
Total Consumer Discretionary				214,537
Total Senior Floating Rate Interests
(Cost $5,594,131)				5,673,409
CORPORATE BONDS†† - 1.9%
Financials - 0.6%
Icahn Enterprises Limited Partnership / Icahn Enterprises Finance Corp.
3.50% due 03/15/17		1,170,000		1,183,162
Telecommunication Services -  0.6%
Level 3 Financing, Inc.
3.82% due 01/15/181,2		1,120,000		1,139,600
Industrials - 0.3%
International Lease Finance Corp.
2.18% due 06/15/161		640,000		644,000
Consumer Staples -  0.3%
Harbinger Group, Inc.
7.88% due 07/15/19		500,000		546,875
Consumer Discretionary -  0.1%
Vail Resorts, Inc.
6.50% due 05/01/19		250,000		262,813
Total Corporate Bonds
(Cost $3,735,215)				3,776,450
MORTGAGE BACKED SECURITIES†† - 1.5%
HSI Asset Securitization Corporation Trust
2007-WF1,0.32% due 05/25/371		2,366,969		2,198,102
HarborView Mortgage Loan Trust
2006-12,0.35% due 01/19/381		1,065,766		918,767
Total Mortgage Backed Securities
(Cost $3,071,712)				3,116,869
MUNICIPAL BONDS†† - 0.2%
Michigan - 0.1%
Michigan Finance Authority Revenue Notes
4.37% due 08/20/14		300,000		301,575
Total Municipal Bonds
(Cost $300,000)				301,575
Total Investments - 93.2%
(Cost $183,539,990)			$	187,708,658
Other Assets & Liabilities, net - 6.8%				13,789,719
Total Net Assets - 100.0%			$	201,498,377

	Units		Unrealized Gain
OTC EQUITY INDEX SWAP AGREEMENTS††
Morgan Stanley Capital Services, Inc. June 2015 S&P 500 Total Return Index Swap, Terminating 06/03/153 (Notional Value $101,638,584)		28,613	$	4,263,917
Bank of America August 2015 S&P 500 Total Return Index Swap, Terminating 08/05/153 (Notional Value $40,001,099)		11,261		–
Bank of America August 2014 S&P 500 Index Swap, Terminating 08/05/144 (Notional Value $18,100,764)		9,234		–
(Total Notional Value $159,740,447)			$	4,263,917

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	Variable rate security.  Rate indicated is rate effective at June 30, 2014.
2	Security is a 144A or Section 4(a)(2) security.  The total market value of 144A or Section 4(a)(2) securities is $44,834,203 (cost $44,536,902), or 22.3% of total net assets.
3	Total Return based on S&P 500 Index +/- financing at a variable rate.
4	Based on S&P 500 Index +/- financing at a variable rate.
5	Affiliated issuer — See Note 7.

plc — Public Limited Company

StylePlus—Mid Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Shares		Value
COMMON STOCKS† - 20.2%
Information Technology - 4.3%
NetApp, Inc.		6,598	$	240,959
SanDisk Corp.		1,881		196,433
Juniper Networks, Inc.*		7,622		187,044
Western Union Co.		10,520		182,416
Symantec Corp.		7,843		179,605
Motorola Solutions, Inc.		2,530		168,422
Intuit, Inc.		1,831		147,449
Fidelity National Information Services, Inc.		2,649		145,006
Paychex, Inc.		3,223		133,948
Harris Corp.		1,607		121,730
Fiserv, Inc.*		1,949		117,564
Rovi Corp.*		4,889		117,140
DST Systems, Inc.		1,180		108,761
ARRIS Group, Inc.*		3,328		108,260
Teradata Corp.*		2,550		102,510
Broadcom Corp. — Class A		2,673		99,222
ON Semiconductor Corp.*		10,588		96,774
Xilinx, Inc.		2,022		95,661
Anixter International, Inc.		905		90,563
Booz Allen Hamilton Holding Corp.		3,818		81,094
Total System Services, Inc.		2,491		78,242
Maxim Integrated Products, Inc.		2,304		77,898
Applied Materials, Inc.		3,436		77,482
Electronic Arts, Inc.*		2,055		73,713
VeriSign, Inc.*		1,435		70,043
Alliance Data Systems Corp.*		231		64,969
Cadence Design Systems, Inc.*		3,493		61,093
Broadridge Financial Solutions, Inc.		1,400		58,296
Citrix Systems, Inc.*		929		58,109
SS&C Technologies Holdings, Inc.*		1,275		56,381
FactSet Research Systems, Inc.		461		55,449
Jack Henry & Associates, Inc.		930		55,270
Solera Holdings, Inc.		820		55,063
Aruba Networks, Inc.*		3,081		53,979
Global Payments, Inc.		729		53,108
Genpact Ltd.*		3,020		52,941
TIBCO Software, Inc.*		2,515		50,728
IAC/InterActiveCorp		701		48,530
Total Information Technology				3,821,855
Industrials - 4.4%
Fluor Corp.		2,680		206,092
Stanley Black & Decker, Inc.		2,178		191,272
Avis Budget Group, Inc.*		3,203		191,187
Waste Management, Inc.		4,108		183,751
Hertz Global Holdings, Inc.*		6,513		182,559
United Continental Holdings, Inc.*		4,381		179,929
Ingersoll-Rand plc		2,848		178,028
RR Donnelley & Sons Co.		9,933		168,464
Dover Corp.		1,849		168,167
Huntington Ingalls Industries, Inc.		1,621		153,330
AECOM Technology Corp.*		4,286		138,009
Southwest Airlines Co.		4,816		129,358
Pitney Bowes, Inc.		4,316		119,208
Waste Connections, Inc.		2,402		116,617
WW Grainger, Inc.		418		106,285
Delta Air Lines, Inc.		2,724		105,473
Nielsen N.V.		1,986		96,141
IHS, Inc. — Class A*		625		84,794
Carlisle Companies, Inc.		931		80,643
United Rentals, Inc.*		763		79,909
Rockwell Automation, Inc.		637		79,727
Masco Corp.		3,433		76,213
Kirby Corp.*		627		73,447
Lincoln Electric Holdings, Inc.		907		63,381
Alaska Air Group, Inc.		659		62,638
Roper Industries, Inc.		422		61,616
Cintas Corp.		919		58,393
Dun & Bradstreet Corp.		524		57,745
Manitowoc Company, Inc.		1,710		56,190
Allison Transmission Holdings, Inc.		1,797		55,887
Spirit AeroSystems Holdings, Inc. — Class A*		1,637		55,167
KAR Auction Services, Inc.		1,706		54,370
PACCAR, Inc.		859		53,971
Equifax, Inc.		729		52,882
Pall Corp.		617		52,686
Total Industrials				3,773,529
Health Care - 3.2%
Endo International plc*		3,975		278,329
Hologic, Inc.*		8,254		209,240
DaVita HealthCare Partners, Inc.*		2,685		194,179
Cigna Corp.		1,889		173,732
HCA Holdings, Inc.*		3,034		171,056
St. Jude Medical, Inc.		2,160		149,580
Laboratory Corporation of America Holdings*		1,393		142,643
Universal Health Services, Inc. — Class B		1,331		127,457
Quest Diagnostics, Inc.		1,880		110,337
Becton Dickinson and Co.		918		108,599
Intuitive Surgical, Inc.*		253		104,185
Perrigo Company plc		683		99,554
Aetna, Inc.		1,143		92,674
Alexion Pharmaceuticals, Inc.*		562		87,812
CR Bard, Inc.		596		85,234
Agilent Technologies, Inc.		1,443		82,886
Henry Schein, Inc.*		680		80,696
Mylan, Inc.*		1,400		72,184
Vertex Pharmaceuticals, Inc.*		735		69,590
Illumina, Inc.*		389		69,452
Salix Pharmaceuticals Ltd.*		493		60,812
Catamaran Corp.*		1,254		55,377
Varian Medical Systems, Inc.*		641		53,293
Cerner Corp.*		1,021		52,663
Total Health Care				2,731,564
Consumer Discretionary - 3.1%
Omnicom Group, Inc.		2,754		196,139
Macy's, Inc.		3,211		186,301
Bed Bath & Beyond, Inc.*		2,331		133,753
Liberty Interactive Corp. — Class A*		4,310		126,542
News Corp. — Class A*		6,381		114,475
Discovery Communications, Inc. — Class A*		1,496		111,123
VF Corp.		1,532		96,515

StylePlus—Mid Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Shares		Value
COMMON STOCKS† - 20.2% (continued)
Consumer Discretionary - 3.1% (continued)
Delphi Automotive plc		1,392	$	95,686
Harley-Davidson, Inc.		1,367		95,485
Best Buy Company, Inc.		2,763		85,681
Wyndham Worldwide Corp.		1,107		83,822
Mattel, Inc.		2,071		80,707
The Gap, Inc.		1,920		79,814
DISH Network Corp. — Class A*		1,210		78,747
Starwood Hotels & Resorts Worldwide, Inc.		935		75,567
Interpublic Group of Companies, Inc.		3,531		68,890
Dollar General Corp.*		1,185		67,972
Whirlpool Corp.		464		64,598
Wynn Resorts Ltd.		298		61,853
H&R Block, Inc.		1,792		60,068
Charter Communications, Inc. — Class A*		365		57,809
Goodyear Tire & Rubber Co.		2,069		57,477
Scripps Networks Interactive, Inc. — Class A		701		56,879
Netflix, Inc.*		127		55,956
PetSmart, Inc.		935		55,913
Genuine Parts Co.		635		55,753
Ross Stores, Inc.		843		55,748
Coach, Inc.		1,604		54,841
O'Reilly Automotive, Inc.*		363		54,668
Nordstrom, Inc.		803		54,548
PVH Corp.		461		53,753
Cablevision Systems Corp. — Class A		3,013		53,179
Jarden Corp.*		818		48,548
Darden Restaurants, Inc.		991		45,854
Total Consumer Discretionary				2,724,664
Consumer Staples - 2.8%
Kroger Co.		4,966		245,470
Dr Pepper Snapple Group, Inc.		3,218		188,511
JM Smucker Co.		1,627		173,388
Coca-Cola Enterprises, Inc.		3,527		168,520
Mead Johnson Nutrition Co. — Class A		1,716		159,880
Whole Foods Market, Inc.		4,024		155,447
ConAgra Foods, Inc.		4,821		143,087
Campbell Soup Co.		3,003		137,567
Constellation Brands, Inc. — Class A*		1,449		127,700
Clorox Co.		1,369		125,127
Lorillard, Inc.		1,850		112,795
Ingredion, Inc.		1,332		99,953
Kellogg Co.		1,425		93,623
Avon Products, Inc.		6,166		90,085
Hershey Co.		906		88,217
Hormel Foods Corp.		1,383		68,251
Church & Dwight Company, Inc.		794		55,540
McCormick & Company, Inc.		759		54,337
Brown-Forman Corp. — Class B		570		53,677
Rite Aid Corp.*		7,364		52,800
Total Consumer Staples				2,393,975
Energy - 1.7%
Pioneer Natural Resources Co.		789		181,319
ONEOK, Inc.		1,841		125,335
FMC Technologies, Inc.*		1,958		119,575
Concho Resources, Inc.*		800		115,600
Equities Corp.		890		95,141
Cabot Oil & Gas Corp.		2,785		95,080
Southwestern Energy Co.*		2,075		94,392
CVR Energy, Inc.		1,954		94,163
Cameron International Corp.*		1,271		86,059
Range Resources Corp.		984		85,559
Noble Energy, Inc.		1,084		83,967
SM Energy Co.		790		66,439
Cheniere Energy, Inc.*		920		65,964
Kosmos Energy Ltd.*		5,057		56,790
QEP Resources, Inc.		1,557		53,717
Cobalt International Energy, Inc.*		2,859		52,463
Total Energy				1,471,563
Financials - 0.5%
Progressive Corp.		3,884		98,499
Intercontinental Exchange, Inc.		386		72,915
T. Rowe Price Group, Inc.		703		59,340
Ameriprise Financial, Inc.		466		55,920
American Financial Group, Inc.		915		54,497
Axis Capital Holdings Ltd.		1,174		51,985
Total Financials				393,156
Materials - 0.1%
International Paper Co.		1,874		94,581
Telecommunication Services - 0.1%
Intelsat S.A.*		2,778		52,338
Total Common Stocks
(Cost $16,092,464)				17,457,225
EXCHANGE TRADED FUNDS†, 4 - 5.6%
Guggenheim BulletShares 2016 High Yield Corporate Bond ETF		60,500		1,659,515
Guggenheim BulletShares 2015 High Yield Corporate Bond ETF		60,400		1,626,089
Guggenheim BulletShares 2017 High Yield Corporate Bond ETF		56,400		1,556,640
Total Exchange Traded Funds
(Cost $4,775,403)				4,842,244
MUTUAL FUNDS†, 4 - 29.4%
Guggenheim Strategy Fund III		441,382		11,030,128
Guggenheim Strategy Fund I		320,608		7,999,169
Guggenheim Strategy Fund II		140,168		3,500,000
Floating Rate Strategies Fund Institutional Class		53,580		1,441,289
Macro Opportunities Fund Institutional Class		52,274		1,423,417
Total Mutual Funds
(Cost $25,446,237)				25,394,003
SHORT TERM INVESTMENTS† - 4.4%
Dreyfus Treasury Prime Cash Management Fund		3,789,612		3,789,612
Total Short Term Investments
(Cost $3,789,612)				3,789,612

StylePlus—Mid Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Face Amount		Value
ASSET BACKED SECURITIES†† - 23.5%
JP Morgan Mortgage Acquisition Trust
2007-CH3, 0.30% due 03/25/371	$	726,888	$	714,243
2006-CH2, 0.25% due 10/25/361		371,502		370,381
NewStar Commercial Loan Trust
2007-1A, 1.53% due 09/30/221,2		500,000		465,600
2006-1A, 0.61% due 03/30/221,2		400,000		389,640
2006-1A, 0.50% due 03/30/221,2		227,965		226,301
Duane Street CLO IV Ltd.
2007-4A, 0.46% due 11/14/211,2		915,413		901,040
Garrison Funding 2013-2 Ltd.
2013-2A, 2.03% due 09/25/231,2		830,000		824,355
N-Star REL CDO VIII Ltd.
2006-8A, 0.44% due 02/01/411,2		842,120		799,592
Brentwood CLO Corp.
2006-1A, 0.50% due 02/01/221,2		490,405		482,216
2006-1A, 1.05% due 02/01/221,2		250,000		227,450
Argent Securities Incorporated Asset-Backed Pass-Through Certificates Series
2005-W3, 0.49% due 11/25/351		735,438		694,630
Salus CLO 2012-1 Ltd.
2013-1AN, 2.48% due 03/05/211,2		600,000		598,980
Cerberus Onshore II CLO LLC
2014-1A, 2.93% due 10/15/231,2		350,000		344,120
2014-1A, 2.23% due 10/15/231,2		250,000		249,425
Cornerstone CLO Ltd.
2007-1A, 0.45% due 07/15/211,2		600,000		590,400
ALM VII R-2 Ltd.
2013-7R2A, 2.83% due 04/24/241,2		600,000		588,900
Central Park CLO Ltd.
2011-1A, 3.43% due 07/23/221,2		550,000		541,970
Aegis Asset Backed Securities Trust
2005-3, 0.62% due 08/25/351		544,968		536,670
Lehman XS Trust
2007-9, 0.27% due 06/25/371		576,799		509,627
Symphony CLO IX, LP
2012-9A, 3.48% due 04/16/221,2		500,000		500,000
TICC CLO LLC
2011-1A, 2.48% due 07/25/211,2		500,000		500,000
Foothill CLO Ltd.
2007-1A, 0.47% due 02/22/211,2		502,847		496,160
Symphony CLO VII Ltd.
2011-7A, 3.43% due 07/28/211,2		500,000		494,700
KKR Financial CLO 2007-1 Ltd.
2007-1A, 2.47% due 05/15/211,2		500,000		490,400
Goldman Sachs Asset Management CLO plc
2007-1A, 2.98% due 08/01/221,2		500,000		489,600
Black Diamond CLO 2005-1 Delaware Corp.
2005-1A, 2.13% due 06/20/171,2		500,000		489,200
Wells Fargo Home Equity Asset-Backed Securities 2006-2 Trust
2006-3, 0.30% due 01/25/371		466,477		426,082
Race Point V CLO Ltd.
2014-5AR, 3.08% due 12/15/221,2		400,000		398,000
Hewett's Island CDO Ltd.
2007-6A, 2.48% due 06/09/191,2		400,000		392,160
GSC Group CDO Fund VIII Ltd.
2007-8A, 0.61% due 04/17/211,2		400,000		386,840
Black Diamond CLO 2006-1 Luxembourg S.A.
2007-1A, 0.62% due 04/29/191,2		400,000		373,200
GreenPoint Mortgage Funding Trust
2005-HE4, 0.86% due 07/25/301		400,000		371,773
Popular ABS Mortgage Pass-Through Trust
2005-A, 0.58% due 06/25/351		386,866		371,421
Northwoods Capital VII Ltd.
2006-7A, 1.78% due 10/22/211,2		340,000		326,910
Golub Capital Partners CLO 18 Ltd.
2014-18A, 2.73% due 04/25/261,2		310,000		308,667
OFSI Fund V Ltd.
2013-5A, 3.43% due 04/17/251,2		300,000		299,160
H2 Asset Funding Ltd.
2.05% due 03/19/37		300,000		298,620
California Republic Auto Receivables Trust
2013-2, 1.23% due 03/15/19		287,258		289,278
Triton Container Finance LLC
2012-1A, 4.21% due 05/14/272		277,083		277,083
West Coast Funding Ltd.
2006-1A, 0.38% due 11/02/411,2		267,330		258,722
Accredited Mortgage Loan Trust
2007-1, 0.28% due 02/25/371		267,086		253,645

StylePlus—Mid Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Face Amount		Value
ASSET BACKED SECURITIES†† - 23.5% (continued)
DIVCORE CLO Ltd.
2013-1A B, 4.05% due 11/15/32	$	250,000	$	250,000
Riverside Park CLO Ltd.
2011-1A, 2.98% due 09/27/211,2		250,000		245,625
Race Point IV CLO Ltd.
2007-4A, 0.98% due 08/01/211,2		250,000		238,525
Tricadia CDO 2006-6 Ltd.
2006-6A, 0.77% due 11/05/411,2		250,000		231,225
Soundview Home Loan Trust
2003-1, 2.40% due 08/25/311		210,605		214,824
Global Leveraged Capital Credit Opportunity Fund
2006-1A, 0.53% due 12/20/181,2		213,672		213,073
ACS 2007-1 Pass Through Trust
2007-1A, 0.46% due 06/14/371,2		169,915		164,818
Golub Capital Partners Fundings Ltd.
2007-1A, 0.48% due 03/15/221,2		161,543		159,201
Newcastle CDO IX 1 Ltd.
2007-9A, 0.41% due 05/25/521,2		99,199		99,199
Total Asset Backed Securities
(Cost $20,198,354)				20,363,651
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 4.5%
Boca Hotel Portfolio Trust
2013-BOCA,3.20% due 08/15/261,2		650,000		651,856
Resource Capital Corporation CRE Notes 2013 Ltd.
2013-CRE1,3.00% due 12/15/281,2		600,000		607,813
Hilton USA Trust
2013-HLF,2.90% due 11/05/301,2		600,000		602,641
SRERS-2011 Funding Ltd.
2011-RS,0.40% due 05/09/461,2		533,082		500,618
COMM 2007-FL14 Mortgage Trust
2007-FL14,0.90% due 06/15/221,2		449,942		444,078
Wachovia Bank Commercial Mortgage Trust Series
2007-WHL8,0.23% due 06/15/201,2		422,995		420,306
Banc of America Merrill Lynch Commercial Mortgage, Inc.
2005-6,6.33% due 09/10/471,2		354,800		363,458
Banc of America Large Loan Trust
2007-BMB1,1.25% due 08/15/291,2		330,000		329,922
Total Collateralized Mortgage Obligations
(Cost $3,871,210)				3,920,692
SENIOR FLOATING RATE INTERESTS†† - 2.8%
Industrials -  1.1%
Travelport Holdings Ltd.
6.25% due 06/26/19		643,500		657,657
Thermasys Corp.
5.25% due 05/03/19		264,938		263,613
Total Industrials				921,270
Financials -  0.8%
National Financial Partners
5.25% due 07/01/20		524,702		527,063
First Data Corp.
4.15% due 03/23/18		100,000		100,125
Cunningham Lindsey U.S., Inc.
5.00% due 12/10/19		98,747		98,212
Total Financials				725,400
Information Technology -  0.5%
Blue Coat Systems, Inc.
4.00% due 05/31/19		457,299		457,106
Energy -  0.3%
Pacific Drilling
4.50% due 05/18/18		217,800		218,412
Consumer Discretionary -  0.1%
Sears Holdings Corp.
5.50% due 06/30/18		99,500		100,531
Total Senior Floating Rate Interests
(Cost $2,389,698)				2,422,719
CORPORATE BONDS†† - 1.8%
Telecommunication Services -  0.5%
Level 3 Financing, Inc.
3.82% due 01/15/181,2		480,000		488,400
Financials -  0.6%
Icahn Enterprises Limited Partnership / Icahn Enterprises Finance Corp.
3.50% due 03/15/17		480,000		485,400
Industrials -  0.3%
International Lease Finance Corp.
2.18% due 06/15/161		270,000		271,688
Consumer Staples -  0.3%
Harbinger Group, Inc.
7.88% due 07/15/19		200,000		218,750
Consumer Discretionary -  0.1%
Vail Resorts, Inc.
6.50% due 05/01/19		100,000		105,125
Total Corporate Bonds
(Cost $1,552,348)				1,569,363
MORTGAGE BACKED SECURITIES†† - 1.5%
HSI Asset Securitization Corporation Trust
2007-WF1,0.32% due 05/25/371		998,565		927,324
HarborView Mortgage Loan Trust
2006-12,0.35% due 01/19/381		409,910		353,372
Total Mortgage Backed Securities
(Cost $1,263,394)				1,280,696

StylePlus—Mid Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Face Amount		Value
MUNICIPAL BONDS†† - 0.1%
Michigan -  0.1%
Michigan Finance Authority Revenue Notes
4.37% due 08/20/14	$	120,000	$	120,630
Total Municipal Bonds
(Cost $120,000)				120,630
Total Investments - 93.8%
(Cost $79,498,720)			$	81,160,835
Other Assets & Liabilities, net - 6.2%				5,368,682
Total Net Assets - 100.0%			$	86,529,517
	Contracts		Unrealized Gain
EQUITY FUTURES CONTRACTS PURCHASED†
September 2014 S&P 500 Index Mini Futures Contracts (Aggregate Value of Contracts $390,400)		4	$	98,938
September 2014 NASDAQ-100 Index Mini Futures Contracts (Aggregate Value of Contracts $384,200)		5		79,825
September 2014 S&P MidCap 400 Index Mini Futures Contracts (Aggregate Value of Contracts $1,573,880)		11		35,495
(Total Aggregate Value of Contracts $2,348,480)			$	214,258
	Units
OTC EQUITY INDEX SWAP AGREEMENTS††
Morgan Stanley Capital Services, Inc. June 2015 Russell MidCap Growth Total Return Index Swap, Terminating 06/03/153 (Notional Value $43,959,043)		21,873	$	2,430,569
Bank of America August 2014 Russell MidCap Growth Total Return Index Swap, Terminating 08/05/143 (Notional Value $19,037,521)		9,473		95
Bank of America August 2014 Russell MidCap Growth Index Swap, Terminating 08/05/145 (Notional Value $5,800,153)		8,107		–
(Total Notional Value $68,759,373)			$	2,430,664

^* Non-income producing security.

^† Value determined based on Level 1 inputs — See Note 3.

^†† Value determined based on Level 2 inputs — See Note 3.

¹ Variable rate security.  Rate indicated is rate effective at June 30, 2014.

² Security is a 144A or Section 4(a)(2) security.  The total market value of 144A or Section 4(a)(2) securities is $19,471,550 (cost $19,331,727), or 22.5% of total net assets.

³ Total Return based on Russell MidCap Growth Index +/- financing at a variable rate.

⁴ Affiliated issuer — See Note 7.

⁵ Based on Russell MidCap Growth Index +/- financing at a variable rate.

plc — Public Limited Company

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Shares		Value
PREFERRED STOCKS†† - 2.4%
Aspen Insurance Holdings Ltd.
5.95% due 07/01/23†		94,000	$	2,340,600
Goldman Sachs Group, Inc.
5.50% due 05/10/23†		52,100		1,276,450
Seaspan Corp.
6.38% due 04/30/19*,†		44,000		1,124,200
Wells Fargo & Co.
5.85%†		30,000		778,200
GSC Partners CDO Fund Limited / GSC Partners CDO Fund Corp.
due 11/20/16*		1,325		471,621
Morgan Stanley
7.13%†		16,000		445,920
AgriBank FCB
6.88%†		2,500		265,625
City National Corp.†		8,000		222,240
WhiteHorse II Ltd.
due 06/15/17*		450,000		4,500
Total Preferred Stocks
(Cost $7,019,439)				6,929,356
MUTUAL FUNDS†,5 - 1.7%
Guggenheim Limited Duration Fund - Institutional Class		201,018		5,031,493
Total Mutual Funds
(Cost $5,031,466)				5,031,493
SHORT TERM INVESTMENTS† - 9.6%
Federated U.S. Treasury Cash Reserve Fund		27,812,512		27,812,512
Total Short Term Investments
(Cost $27,812,512)				27,812,512
		Face Amount
ASSET BACKED SECURITIES†† - 44.7%
Rockwall CDO II Ltd.
2007-1A, 0.78% due 08/01/241,2	$	1,900,000		1,675,800
2007-1A, 0.48% due 08/01/241,2		1,740,241		1,653,577
Copper River CLO Ltd.
2007-1A, 0.00% due 01/20/211,2		1,500,000		1,700,400
2007-1A, 0.63% due 01/20/211,2		1,000,000		956,400
2007-1A, 1.03% due 01/20/211,2		500,000		454,050
GSAA Trust
2005-10, 0.80% due 06/25/351		3,312,000		3,098,918
Rockwall CDO Ltd.
2006-1A, 0.73% due 08/01/211,2		2,900,000		2,741,079
2006-1A, 0.88% due 08/01/211,2		200,000		183,020
Castlelake Aircraft Securitization Trust
2014-1, 5.25% due 02/15/29†††		2,407,500		2,416,648
2014-1, 7.50% due 02/15/29†††		481,500		482,078
KKR Financial CLO 2007-1 Ltd.
2007-1A, 2.47% due 05/15/211,2		2,900,000		2,844,319
RAIT CRE CDO I Ltd.
2006-1X, 0.48% due 11/20/46†††,1		3,213,193		2,840,462
N-Star Real Estate CDO IX Ltd.
0.44% due 02/01/416		2,694,784		2,559,237
Emerald Aviation Finance Ltd.
2013-1, 4.65% due 10/15/382		2,012,500		2,037,656
2013-1, 6.35% due 10/15/382		431,250		438,797
CKE Restaurant Holdings, Inc.
2013-1A, 4.47% due 03/20/432		2,305,938		2,368,463
Great Lakes CLO 2012-1 Ltd.
2012-1A, 4.33% due 01/15/231,2		1,250,000		1,261,125
2012-1A, 0.00% due 01/15/232		1,000,000		904,800
T2 Income Fund CLO Ltd.
2007-1A, 1.73% due 07/15/191,2		1,250,000		1,215,625
2007-1X, 1.73% due 07/15/191		925,000		899,563
Genesis Funding Ltd.
2006-1A, 0.40% due 12/19/321,2		2,145,933		2,060,096
Telos CLO Ltd.
2013-3A, 3.23% due 01/17/241,2		2,000,000		1,967,200
ALM VII R Ltd.
2013-7RA, 2.84% due 04/24/241,2		2,000,000		1,957,800
TICP CLO I Ltd.
2014-1A, 3.23% due 04/26/261,2		2,000,000		1,953,800
Greywolf CLO III Ltd.
2014-1A, 3.08% due 04/22/261,2		2,000,000		1,952,800
Duane Street CLO IV Ltd.
2007-4A, 2.48% due 11/14/211,2		2,000,000		1,931,000
GSAA Home Equity Trust
2006-18, 6.00% due 11/25/36		1,775,608		1,229,099
2007-7, 0.42% due 07/25/371		716,937		616,929
Argent Securities Incorporated Asset-Backed Pass-Through Certificates Series
2005-W3, 0.49% due 11/25/351		1,912,138		1,806,038
Newstar Trust
2012-2A, 4.49% due 01/20/231,2		1,000,000		1,000,000

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Face Amount		Value
ASSET BACKED SECURITIES†† - 44.7% (continued)
2012-2A, 3.49% due 01/20/231,2	$	750,000	$	751,650
Westchester CLO Ltd.
2007-1A, 0.67% due 08/01/221,2		1,850,000		1,686,830
UCFC Manufactured Housing Contract
1997-2, 7.38% due 10/15/28		1,506,738		1,646,891
Race Point V CLO Ltd.
2014-5AR, 3.08% due 12/15/221,2		1,100,000		1,094,500
2014-5AR, 3.98% due 12/15/221,2		500,000		497,500
NewStar Arlington Senior Loan Program LLC
2014-1A, 4.76% due 07/25/252		700,000		696,010
2014-1A, 2.83% due 07/25/251,2		500,000		500,800
2014-1A, 3.53% due 07/25/251,2		400,000		390,960
Gramercy Real Estate CDO 2007-1 Ltd.
2007-1A, 0.50% due 08/15/561,2		1,775,089		1,537,049
ALM XIV Ltd.
2014-14A, 3.18% due 07/28/261,2		750,000		739,500
2014-14A, 2.33% due 07/28/261,2		500,000		494,500
2014-14A, 3.68% due 07/28/261,2		300,000		285,870
ARES XXVI CLO Ltd.
2013-1A, 0.00% due 04/15/252		1,850,000		1,504,050
MCF CLO I LLC
2013-1A, 3.78% due 04/20/231,2		1,500,000		1,483,050
ACA CLO 2007-1 Ltd.
2007-1A, 1.18% due 06/15/221,2		1,575,000		1,481,603
OCP CLO 2014-6 Ltd.
2014-6A, 2.31% due 07/17/261,2		1,500,000		1,481,550
Octagon Investment Partners XIX Ltd.
2014-1A, 3.08% due 04/15/261,2		1,500,000		1,471,950
Turbine Engines Securitization Ltd.
2013-1A, 5.13% due 12/13/48†††,2		1,466,023		1,468,662
Northwoods Capital Ltd.
2006-7X, 1.77% due 10/22/21		1,500,000		1,442,250
CCR Incorporated MT100 Payment Rights Master Trust
2010-CX, 0.60% due 07/10/17†††,1		1,469,593		1,426,681
Willis Engine Securitization Trust II
2012-A, 5.50% due 09/15/37†††,2,3		1,390,390		1,413,749
Garanti Diversified Payment Rights Finance Co.
2007-A, 0.41% due 07/09/17†††		1,352,000		1,287,915
N-Star REL CDO VIII Ltd.
2006-8A, 0.51% due 02/01/411,2		1,400,000		1,251,320
Structured Asset Securities Corporation Mortgage Loan Trust
2006-OPT1, 0.41% due 04/25/361		1,400,000		1,250,050
COA Summit CLO Limited
2014-1A, 3.04% due 04/20/231,2		1,250,000		1,239,750
Babson CLO Limited 2014-I
2014-IA, 0.00% due 07/12/25†††,2		1,300,000		1,235,000
Venture XIV CLO Ltd.
2013-14A, 2.98% due 08/28/251,2		1,250,000		1,207,875
Drug Royalty II Limited Partnership 2
2014-1, 3.08% due 07/15/231,2		1,100,000		1,100,000
Halcyon Loan Advisors Funding 2012-2 Ltd.
2012-2A, 4.73% due 12/20/241,2		600,000		602,340
2012-2A, 3.08% due 12/20/241,2		500,000		490,100
Marathon CLO II Ltd.
2005-2A, 2.03% due 12/20/191,2		1,000,000		981,100
2005-2A, 0.00% due 12/20/192		250,000		108,100
Salus CLO 2012-1 Ltd.
2013-1A, 5.73% due 03/05/211,2		750,000		777,600
2013-1AN, 3.98% due 03/05/211,2		300,000		299,310
Centerline REIT, Inc.
2004-RR3, 4.76% due 09/21/451,2		1,050,274		1,068,654
Apidos CDO III Ltd.
2006-3A, 1.98% due 06/12/201,2		1,100,000		1,063,810
Highland Park CDO I Ltd.
2006-1A, 0.56% due 11/25/511,2		1,108,376		1,053,622
Telos CLO 2007-2 Ltd.
2007-2A, 2.43% due 04/15/221,2		1,100,000		1,045,880
Fortress Credit Opportunities III CLO, LP
2014-3A, 2.73% due 04/28/261,2		650,000		637,000
2014-3A, 3.48% due 04/28/261,2		400,000		398,120
CIT Mortgage Loan Trust
2007-1, 1.60% due 10/25/371,2		1,100,000		1,017,091

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Face Amount		Value
ASSET BACKED SECURITIES†† - 44.7% (continued)
Dryden Senior Loan Fund
2014-23RA, 3.18% due 07/17/231,2	$	1,000,000	$	1,000,000
Global Leveraged Capital Credit Opportunity Fund
2006-1A, 1.23% due 12/20/181,2		1,036,000		998,600
Gallatin CLO VII 2014-1 Ltd.
2014-1A, 3.06% due 07/15/231,2		1,000,000		994,800
Ivy Hill Middle Market Credit Fund VII Ltd.
2013-7A, 3.68% due 10/20/251,2		1,000,000		991,500
West Coast Funding Ltd.
2006-1A, 0.38% due 11/02/411,2		1,015,853		983,142
FREMF Mortgage Trust
2012-K501, 3.61% due 11/25/461,2		950,000		974,670
San Gabriel CLO Ltd.
2007-1A, 2.48% due 09/10/211,2		1,000,000		952,600
Icon Brands Holdings LLC
2013-1A, 4.35% due 01/25/43†††,2		940,955		947,353
CCR, Inc.
2012-CA, 4.75% due 07/10/222		950,000		938,802
Churchill Financial Cayman Ltd.
2007-1A, 2.83% due 07/10/191,2		1,000,000		931,800
Spirit Master Funding LLC
2014-3A, 5.74% due 03/20/222		535,958		592,394
2014-2A, 5.76% due 03/20/222		204,304		225,883
Finn Square CLO Ltd.
2012-1A, 0.00% due 12/24/232		1,000,000		804,300
Acis CLO 2013-1 Ltd.
2013-1A, 3.18% due 04/18/241,2		800,000		783,840
ARES XII CLO Ltd.
2007-12A, 3.48% due 11/25/201,2		750,000		743,700
Central Park CLO Ltd.
2011-1A, 3.43% due 07/23/221,2		750,000		739,050
GSAMP Trust
2005-HE6, 0.59% due 11/25/351		800,000		716,462
Triton Container Finance LLC
2012-1A, 4.21% due 05/14/272		704,583		704,583
Lehman XS Trust
2007-9, 0.27% due 06/25/371		789,304		697,384
Grayson CLO Ltd.
2006-1A, 0.64% due 11/01/211,2		750,000		695,325
Newstar Commercial Loan Funding 2013-1 LLC
2013-1A, 4.78% due 09/20/231,2		700,000		695,240
GreenPoint Mortgage Funding Trust
2005-HE4, 0.86% due 07/25/301		700,000		650,603
Black Diamond CLO 2012-1 Ltd.
2013-1A, 3.48% due 02/01/231,2		650,000		650,000
Saxon Asset Securities Trust
2005-4, 0.59% due 11/25/371		750,000		644,739
Anchorage Capital CLO 4 Ltd.
2014-4A, 2.44% due 07/28/26†††,1,2		600,000		599,220
Ares XXV CLO Ltd.
2013-3A, 0.00% due 01/17/242		750,000		598,950
Babcock & Brown Air Funding I Ltd.
2007-1A, 0.45% due 11/14/331,2		702,335		596,985
Blade Engine Securitization Ltd.
2006-1A, 1.15% due 09/15/411		832,956		588,059
New Century Home Equity Loan Trust
2005-1, 0.87% due 03/25/351		646,360		559,318
KKR Financial CLO 2007-A Corp.
2007-AA, 4.73% due 10/15/171,2		500,000		501,950
Pacifica CDO V Corp.
2006-5A, 5.81% due 01/26/202		500,000		501,600
GoldenTree Credit Opportunities 2012-1 Financing Ltd.
2012-1A, 4.23% due 09/15/241,2		500,000		501,150
Ivy Hill Middle Market Credit Fund Ltd.
2011-3A, 6.23% due 01/15/221,2		250,000		251,050
2011-3A, 6.73% due 01/15/221,2		250,000		250,000
DIVCORE CLO Ltd.
2013-1A B, 4.05% due 11/15/32		500,000		500,000
Apidos CDO IX
2012-9A, 3.98% due 07/15/231,2		500,000		500,000
Cerberus Offshore Levered I, LP
2012-1A, 6.23% due 11/30/181,2		250,000		250,050
2012-1A, 4.98% due 11/30/181,2		250,000		249,825

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Face Amount		Value
ASSET BACKED SECURITIES†† - 44.7% (continued)
Golub Capital Partners CLO 18 Ltd.
2014-18A, 3.73% due 04/25/261,2	$	500,000	$	497,300
Newstar Commercial Loan Funding 2014-1 LLC
2014-1A, 3.92% due 04/20/251,2		500,000		497,150
KKR CLO Trust
2012-1A, 3.53% due 12/15/241,2		500,000		496,300
Garrison Funding 2013-2 Ltd.
2013-2A, 3.63% due 09/25/231,2		500,000		494,750
OZLM Funding V Ltd.
2013-5A, 3.26% due 01/17/261,2		500,000		494,100
CIFC Funding 2014 Ltd.
2014-1A, 2.96% due 04/18/251,2		500,000		485,625
AMMC CDO
2014-14A, 3.03% due 07/27/261,2		500,000		484,650
MC Funding Limited / MC Funding 2006-1 LLC
2006-1A, 1.18% due 12/20/201,2		500,000		479,400
Gleneagles CLO Ltd.
2005-1A, 1.13% due 11/01/171,2		500,000		478,000
Flagship CLO VI
2007-1A, 2.63% due 06/10/211,2		500,000		474,650
Golub Capital Partners Fundings Ltd.
2007-1A, 0.98% due 03/15/221,2		500,000		474,000
ICE EM CLO
2007-1A, 0.93% due 08/15/221,2		500,000		471,250
ColumbusNova CLO Limited 2007-I
2007-1A, 1.58% due 05/16/191,2		500,000		470,950
NewStar Commercial Loan Trust
2007-1A, 1.53% due 09/30/221,2		500,000		465,600
TCW Global Project Fund III Ltd.
2005-1A, 0.88% due 09/01/17†††,1,2		500,000		464,750
Westwood CDO I Ltd.
2007-1A, 0.90% due 03/25/211,2		500,000		463,350
Northwind Holdings LLC
2007-1A, 1.01% due 12/01/371,2		440,750		398,879
Golub Capital Partners CLO 17 Ltd.
2013-17A, 4.06% due 10/25/251,2		400,000		398,520
ALM VII R-2 Ltd.
2013-7R2A, 2.83% due 04/24/241,2		400,000		392,600
Acis CLO 2013-2 Ltd.
3.44% due 10/14/221,2		375,000		373,275
Airplanes Pass Through Trust
2001-1A, 0.70% due 03/15/191		779,254		366,250
OFSI Fund Ltd.
2006-1A, 1.08% due 09/20/191,2		370,000		355,274
TICC CLO 2012-1 LLC
2012-1A, 4.98% due 08/25/231,2		350,000		351,610
Aerco Ltd.
2000-2A, 0.58% due 07/15/251		627,683		345,226
Covanta Holding Corp.
due 07/20/26		350,000		342,160
Great Lakes CLO 2014-1 Ltd.
2014-1A, 3.92% due 04/15/25†††,1,2		250,000		249,975
Cent CLO 21 Ltd.
2014-21A, 3.03% due 07/27/26†††,1,2		250,000		243,125
Carlyle Global Market Strategies CLO 2012-3 Ltd.
2012-3A, 0.00% due 10/04/242		250,000		235,175
Eastland CLO Ltd.
2007-1A, 0.63% due 05/01/221,2		250,000		232,700
Drug Royalty Limited Partnership 1
2012-1, 5.48% due 07/15/241,2		152,308		157,953
First Franklin Mortgage Loan Trust
2006-FF1, 0.49% due 01/25/361		150,000		130,954
Newcastle CDO IX 1 Ltd.
2007-9A, 0.41% due 05/25/521,2,3		102,205		102,205
Structured Asset Receivables Trust Series
2005-1A, 0.73% due 01/21/151,2		95,902		92,545
Vega Containervessel plc
2006-1A, 5.56% due 02/10/212		88,386		87,061
Raspro Trust
2005-1A, 0.63% due 03/23/241,2		82,302		79,421
Castle Trust
2003-1AW, 0.90% due 05/15/271,2		50,331		49,325
BlackRock Senior Income Series
2004-1X, 0.00% due 09/15/16		500,000		50
Total Asset Backed Securities
(Cost $127,188,059)				128,998,056

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Face Amount		Value
CORPORATE BONDS†† - 27.6%
Financials -  17.9%
JPMorgan Chase & Co.
5.15% due 12/31/491,3,4	$	2,625,000	$	2,516,719
5.00% due 12/29/491,4		1,250,000		1,245,368
Fifth Third Bancorp
4.90% due 12/29/491,4		2,000,000		1,989,100
5.10% due 12/31/491,4		1,840,000		1,767,780
General Electric Capital Corp.
7.13% due 12/29/491,3,4		1,920,000		2,265,983
5.25% due 06/29/491,4		1,000,000		1,011,250
EPR Properties
5.25% due 07/15/233		2,250,000		2,340,587
5.75% due 08/15/22		680,000		738,793
Wintrust Financial Corp.
5.00% due 06/13/24		2,700,000		2,814,684
Itau Unibanco Holding S.A./Cayman Island
5.13% due 05/13/232,3		2,650,000		2,639,400
Susquehanna Bancshares, Inc.
5.38% due 08/15/22		2,300,000		2,420,916
Prudential Financial, Inc.
5.63% due 06/15/431,3		1,900,000		2,032,392
5.88% due 09/15/421		300,000		325,875
Icahn Enterprises Limited Partnership / Icahn Enterprises Finance Corp.
6.00% due 08/01/20		1,550,000		1,660,438
5.88% due 02/01/22		400,000		419,000
3.50% due 03/15/17		200,000		202,250
Assured Guaranty US Holdings, Inc.
5.00% due 07/01/24		2,100,000		2,087,491
AmTrust Financial Services, Inc.
6.13% due 08/15/232		2,000,000		2,024,760
Customers Bank
6.13% due 06/26/291,2		2,000,000		2,000,000
Bank of America Corp.
5.20% due 12/29/491,4		1,250,000		1,196,875
5.13% due 06/17/191,4		700,000		697,377
Banco do Brasil S.A.
9.00% due 12/29/491,2,4		1,550,000		1,528,688
ACC Group Housing LLC
6.35% due 07/15/542		625,000		634,625
3.50% due 07/15/182		625,000		625,500
Cadence Bank North America
6.25% due 06/28/291		1,200,000		1,211,040
Bank of New York Mellon Corp.
4.50% due 12/31/491,4		1,280,000		1,190,400
Credit Suisse AG
6.50% due 08/08/232		1,000,000		1,110,000
Citigroup, Inc.
5.35% due 05/29/491,4		750,000		719,531
6.30% due 12/29/491,4		375,000		382,031
Pacific Northwest Communities LLC
5.91% due 06/15/502		1,000,000		1,011,940
National Rural Utilities Cooperative Finance Corp.
4.75% due 04/30/431		1,000,000		984,110
Wilton Re Finance LLC
5.88% due 03/30/331,2		925,000		964,313
Ironshore Holdings US, Inc.
8.50% due 05/15/202		720,000		855,757
Schahin II Finance Company SPV Ltd.
5.88% due 09/25/222,3		835,800		823,263
ICICI Bank Ltd.
4.75% due 11/25/162		700,000		737,159
Royal Bank of Scotland Group plc
5.13% due 05/28/24		700,000		710,779
StanCorp Financial Group, Inc.
5.00% due 08/15/22		650,000		693,437
Kennedy-Wilson, Inc.
8.75% due 04/01/19		500,000		540,950
CIC Receivables Master Trust
4.89% due 10/07/21†††		500,000		505,800
Tri-Command Military Housing LLC
5.38% due 02/15/482		568,190		503,638
QBE Capital Funding III Ltd.
7.25% due 05/24/411,2		368,000		396,520
Allstate Corp.
5.75% due 08/15/531		250,000		268,514
Cadence Financial Corp.
4.88% due 06/28/192		250,000		250,875
Jackson National Life Insurance Co.
8.15% due 03/15/272		125,000		162,838
National Life Insurance Co.
10.50% due 09/15/392		100,000		143,826
MetLife Capital Trust IV
7.88% due 12/15/372		115,000		142,888
Scottrade Financial Services, Inc.
6.13% due 07/11/212		125,000		129,761
LCP Dakota Fund
10.00% due 08/17/156		28,800		28,800
Total Financials				51,654,021
Consumer Discretionary -  3.4%
HP Communities LLC
5.12% due 03/15/222		1,676,499		1,784,800
5.62% due 09/15/322		1,000,000		1,023,200
GLP Capital Limited Partnership / GLP Financing II, Inc.
4.88% due 11/01/202		2,000,000		2,060,000
Hawaiian Airlines 2013-1 Class A Pass Through Certificates
3.90% due 01/15/26		1,570,000		1,562,150
Northern Group Housing LLC
6.80% due 08/15/532		1,200,000		1,318,572

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Face Amount		Value
CORPORATE BONDS†† - 27.6% (continued)
Consumer Discretionary -  3.4% (continued)
QVC, Inc.
7.38% due 10/15/202	$	650,000	$	697,729
Xefin Lux SCA
4.06% due 06/01/191,2		450,000		617,683
Continental Airlines 2012-2 Class B Pass Through Trust
5.50% due 10/29/20		285,330		298,170
Continental Airlines 2012-1 Class B Pass Through Trust
6.25% due 04/11/20		269,594		293,858
GRD Holdings III Corp.
10.75% due 06/01/192		125,000		140,000
Atlas Air 1999-1 Class A-1 Pass Through Trust
7.20% due 01/02/196		86,639		90,538
Laureate Education, Inc.
9.25% due 09/01/192		25,000		25,750
Total Consumer Discretionary				9,912,450
Materials -  3.0%
Barrick Gold Corp.
4.10% due 05/01/233		2,300,000		2,290,453
AngloGold Ashanti Holdings plc
5.13% due 08/01/22		2,225,000		2,170,216
Yamana Gold, Inc.
4.95% due 07/15/242		1,700,000		1,711,178
Newcrest Finance Pty Ltd.
4.20% due 10/01/222		850,000		792,129
4.45% due 11/15/212,3		625,000		610,922
TPC Group, Inc.
8.75% due 12/15/202		1,000,000		1,107,500
Total Materials				8,682,398
Industrials -  1.8%
Princess Juliana International Airport Operating Company N.V.
5.50% due 12/20/272		3,031,330		3,004,351
Chicago Bridge & Iron Co.
5.15% due 12/27/22†††,6		750,000		769,875
ADT Corp.
4.13% due 04/15/19		650,000		654,063
SBM Baleia Azul Sarl
5.50% due 09/15/27†††,6		466,100		468,337
Marquette Transportation Company LLC / Marquette Transportation Finance Corp.
10.88% due 01/15/17		120,000		127,140
Prosight Global Inc.
7.50% due 11/26/20†††,6		100,000		101,370
Total Industrials				5,125,136
Energy -  0.7%
Reliance Holding USA, Inc.
5.40% due 02/14/222		550,000		593,866
Crestwood Midstream Partners Limited Partnership / Crestwood Midstream Finance Corp.
7.75% due 04/01/19		425,000		455,813
Legacy Reserves Limited Partnership / Legacy Reserves Finance Corp.
6.63% due 12/01/21		350,000		355,250
Odebrecht Drilling Norbe VIII/IX Ltd.
6.35% due 06/30/212		202,500		217,688
Bill Barrett Corp.
7.63% due 10/01/19		125,000		134,688
Eagle Rock Energy Partners Limited Partnership / Eagle Rock Energy Finance Corp.
8.38% due 06/01/19		110,000		118,800
Midstates Petroleum Company Incorporated / Midstates Petroleum Co LLC
10.75% due 10/01/20		65,000		73,775
Total Energy				1,949,880
Kenya -  0.4%
Kenya Government International Bond
6.88% due 06/24/242		1,200,000		1,248,000
Telecommunication Services -  0.2%
Avaya, Inc.
7.00% due 04/01/192		550,000		550,000
Consumer Staples -  0.2%
Bumble Bee Holdings, Inc.
9.00% due 12/15/172		224,000		239,120
Harbinger Group, Inc.
7.88% due 07/15/19		200,000		218,750
Total Consumer Staples				457,870
Cayman Islands -  0.0%
Government of the Cayman Islands
5.95% due 11/24/192		125,000		143,750
Bahamas -  0.0%
Commonwealth of the Bahamas
6.95% due 11/20/292		110,000		122,210
Total Corporate Bonds
(Cost $78,590,215)				79,845,715
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 10.5%
Commercial Mortgage Pass Through Certificates
2014-KYO,2.50% due 06/11/271,2		4,500,000		4,500,000
CSMC Series 2014-ICE
2.40% due 04/15/271,2		2,500,000		2,509,498
Alternative Loan Trust
2003-18CB,5.25% due 09/25/33		2,155,974		2,241,010
WaMu Mortgage Pass Through Certificates
2006-AR11,1.04% due 09/25/461		2,827,422		2,220,858
Hilton USA Trust
2013-HLT,4.41% due 11/05/302		1,750,000		1,812,133

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Face Amount		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 10.5% (continued)
Boca Hotel Portfolio Trust
2013-BOCA,3.20% due 08/15/261,2	$	1,700,000	$	1,704,857
BBCMS Trust
2013-TYSN,3.71% due 09/05/322		1,500,000		1,437,365
BB-UBS Trust
2012-SHOW,4.16% due 11/05/361,2		1,500,000		1,379,940
Luminent Mortgage Trust
2006-2,0.35% due 02/25/461		1,561,145		1,177,832
Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust
2006-8,5.76% due 10/25/36		1,565,769		1,148,107
2006-AR9,0.96% due 11/25/461		1,539,660		1,061,936
Chase Mortgage Finance Trust Series
2006-S3,6.00% due 11/25/36		1,173,609		1,044,488
CGBAM Commercial Mortgage Trust 2014-HD
2.15% due 02/15/311,2		1,000,000		1,001,654
Wells Fargo Alternative Loan 2007-PA3 Trust
2007-PA3,6.25% due 07/25/37		1,021,369		931,463
GMAC Commercial Mortgage Asset Corp.
2003-PRES,6.24% due 10/10/41†††,2		969,851		897,209
Sequoia Mortgage Trust
2013-5,2.50% due 05/25/431,2		896,164		838,334
Motel 6 Trust
2012-MTL6,3.78% due 10/05/252		750,000		761,510
SRERS-2011 Funding Ltd.
2011-RS,0.40% due 05/09/461,2		710,776		667,490
American Home Mortgage Assets Trust
2007-1,0.82% due 02/25/471		931,608		595,996
Residential Asset Securitization Trust
2006-A12,6.25% due 11/25/36		754,271		577,502
LSTAR Commercial Mortgage Trust
2014-2,5.32% due 01/20/411,2		500,000		514,814
Nomura Resecuritization Trust
2012-1R,0.59% due 08/27/471,2		555,296		512,371
Structured Asset Mortgage Investments II Trust
2006-AR1,0.38% due 02/25/361		579,162		493,061
Credit Suisse Mortgage Capital Certificates
2006-TF2A,0.55% due 10/15/211,2		250,000		242,644
BAMLL-DB Trust
2012-OSI,5.81% due 04/13/292		200,000		214,167
Total Collateralized Mortgage Obligations
(Cost $30,189,796)				30,486,239
SENIOR FLOATING RATE INTERESTS†† - 5.9%
Industrials -  1.7%
Rise Ltd.
4.74% due 02/12/39†††		1,175,074		1,191,291
Travelport Holdings Ltd.
6.25% due 06/26/19		1,009,800		1,032,016
ServiceMaster Co.
4.25% due 06/25/21		700,000		698,691
Brickman Group Holdings, Inc.
4.00% due 12/18/20		500,000		494,745
AABS Ltd.
4.87% due 01/15/38†††		458,856		464,592
Sabre, Inc.
4.25% due 02/19/19		372,653		373,428
Emerald Expositions
5.50% due 06/17/20		261,357		262,909
CPM Acquisition Corp.
6.25% due 08/29/17		170,186		170,895
10.25% due 03/01/18		70,000		70,963
Thermasys Corp.
5.25% due 05/03/19		98,125		97,634
Total Industrials				4,857,164
Information Technology -  1.2%
Avago Technologies Ltd.
3.75% due 05/06/21		2,150,000		2,155,955
EIG Investors Corp.
5.00% due 11/09/19		640,287		640,287
Evergreen Skill
4.50% due 04/28/21		350,000		349,783
Deltek, Inc.
4.50% due 10/10/18		217,443		218,711
SumTotal Systems
6.25% due 11/16/18		199,334		194,350
Aspect Software, Inc.
7.25% due 05/07/16		16,755		16,892
Total Information Technology				3,575,978
Financials -  0.8%
Corporate Capital Trust
4.00% due 05/20/19		997,500		996,253
Nuveen Investments, Inc.
4.15% due 05/13/17		750,000		750,938
National Financial Partners
5.25% due 07/01/20		396,001		397,783
American Stock Transfer & Trust
5.75% due 06/26/20		242,867		242,461

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Face Amount		Value
SENIOR FLOATING RATE INTERESTS†† - 5.9% (continued)
Financials -  0.8% (continued)
First Data Corp.
4.15% due 03/23/18	$	20,000	$	20,025
Total Financials				2,407,460
Telecommunication Services -  0.8%
Associated Partners, Inc.
6.65% due 12/21/15†††,6		1,000,000		1,002,499
Avaya, Inc.
4.73% due 10/26/17		982,179		960,846
Light Tower Fiber LLC
4.00% due 04/13/20		396,000		394,658
Total Telecommunication Services				2,358,003
Consumer Discretionary -  0.7%
Neiman Marcus Group, Inc.
4.25% due 10/25/20		598,500		596,891
Fleetpride Corp.
5.25% due 11/19/19		541,750		539,041
9.25% due 05/15/20		48,000		47,040
1-800  Contacts, Inc.
4.25% due 01/29/21		299,250		299,064
Compucom Systems, Inc.
4.25% due 05/07/20		300,000		296,751
Capital Automotive LP
6.00% due 04/30/20		100,000		101,958
Navistar, Inc.
5.75% due 08/17/17		62,500		63,672
Container Store, Inc.
4.25% due 04/06/19		35,806		35,686
Laureate Education, Inc.
5.00% due 06/15/18		28,232		27,561
Total Consumer Discretionary				2,007,664
Materials -  0.5%
Fortescue Metals Group Ltd.
3.75% due 06/30/19		1,397,864		1,398,396
Consumer Staples -  0.2%
Grocery Outlet, Inc.
5.50% due 12/17/18		295,784		296,154
Arctic Glacier Holdings, Inc.
5.00% due 05/10/19		121,778		120,865
Performance Food Group
6.25% due 11/14/19		99,497		100,431
Total Consumer Staples				517,450
Total Senior Floating Rate Interests
(Cost $16,994,895)				17,122,115
MUNICIPAL BONDS†† - 4.6%
California -  1.8%
Cypress School District
0.00% due 08/01/40		9,145,000		2,355,385
Stockton Unified School District
0.00% due 08/01/40		4,230,000		1,169,849
0.00% due 08/01/36		1,950,000		678,405
0.00% due 08/01/35		1,265,000		465,469
Inland Valley Development Agency
5.50% due 03/01/33		400,000		412,360
County of Sacramento California Revenue Bonds
7.25% due 08/01/25		180,000		209,542
Total California				5,291,010
Michigan -  1.7%
City of Detroit
3.49% due 10/07/16		4,000,000		4,000,000
City of Detroit Michigan Water Supply System Revenue Revenue Bonds
5.00% due 07/01/33		600,000		604,068
5.00% due 07/01/30		50,000		49,512
City of Detroit Michigan Sewage Disposal System Revenue Revenue Bonds
5.50% due 07/01/22		170,000		176,907
Total Michigan				4,830,487
Illinois -  1.0%
County of Cook Illinois General Obligation Unlimited
6.22% due 11/15/34		1,900,000		2,192,106
City of Chicago Illinois General Obligation Unlimited
6.31% due 01/01/44		300,000		329,319
5.00% due 01/01/27		200,000		212,514
City of Chicago
0.00% due 01/01/30		310,000		149,104
Total Illinois				2,883,043
Alabama -  0.1%
County of Jefferson Sewer Revenue
0.00% due 10/01/32		720,000		259,999
County of Jefferson Alabama Sewer Revenue Revenue Bonds
0.00% due 10/01/34		550,000		170,594
Total Alabama				430,593
Total Municipal Bonds
(Cost $13,431,156)				13,435,133
MORTGAGE BACKED SECURITIES†† - 0.7%
HarborView Mortgage Loan Trust
2006-12,0.35% due 01/19/381		1,598,649		1,378,150
GreenPoint Mortgage Funding Trust Series
2007-AR1,0.23% due 02/25/471		758,422		708,058
Total Mortgage Backed Securities
(Cost $2,046,170)				2,086,208
		Contracts
OPTIONS PURCHASED††, 6 - 0.1%
Call options on:
iShares 7-10 Year Treasury Bond ETF Expiring September 2014 with strike price of $104.00		4,990		324,350
Total Options Purchased
(Cost $309,380)				324,350
Total Investments - 107.8%
(Cost $308,613,088)			$	312,071,177

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Contracts		Value
OPTIONS WRITTEN†,6 - 0.0%
Call options on:
iShares 7-10 Year Treasury Bond ETF Expiring September 2014 with strike price of $106.00		4,990	$	(99,800	)
Total Options Written
(Premiums received $69,860)				(99,800	)
Other Assets & Liabilities, net - (7.8)%				(22,528,590	)
Total Net Assets - 100.0%			$	289,442,787

CENTRALLY CLEARED INTEREST RATE SWAP AGREEMENTS^††

	Floating						Notional				Unrealized
Counterparty	Rate	Floating Rate Index	Fixed Rate			Maturity Date	Amount		Market Value		Appreciation
Merrill Lynch	Pay	3-Month USD-LIBOR		3.89	%	09/09/43	$	2,750,000	$	348,700	$	348,700
Merrill Lynch	Pay	3-Month USD-LIBOR		3.68	%	08/29/43		2,000,000		175,600		175,600
Merrill Lynch	Pay	3-Month USD-LIBOR		1.70	%	08/29/18		8,200,000		136,120		136,120
Merrill Lynch	Pay	3-Month USD-LIBOR		1.59	%	09/26/18		12,650,000		122,705		122,705
Merrill Lynch	Pay	3-Month USD-LIBOR		3.65	%	09/26/43		900,000		71,100		71,100
											$	854,225

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS^††

Contracts to Sell		Currency		Counterparty	Settlement Date		Settlement Value		Value at 06/30/14			Unrealized Depreciation
	450,000		EUR	BNY CAPITAL MARKETS		07/02/14	$	613,706	$	(616,143	)	$	(2,437	)

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs, unless otherwise noted — See Note 3.
†††	Value determined based on Level 3 inputs — See Note 3.
1	Variable rate security.  Rate indicated is rate effective at June 30, 2014.
2	Security is a 144A or Section 4(a)(2) security.  The total market value of 144A or Section 4(a)(2) securities is $154,142,277 (cost $151,475,073), or 53.3% of total net assets.
3	Security or a portion thereof is held as collateral for reverse repurchase agreements.
4	Perpetual maturity.
5	Affiliated issuer — See Note 7.
6	Illiquid security.

plc  — Public Limited Company

REIT  — Real Estate Investment Trust

World Equity Income Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Shares		Value
COMMON STOCKS† - 96.5%
Financials - 18.3%
Banco Santander S.A.		166,300	$	1,737,343
Swedbank AB — Class A		45,300		1,201,336
National Australia Bank Ltd.		37,000		1,143,722
Annaly Capital Management, Inc.		89,100		1,018,413
People's United Financial, Inc.		66,500		1,008,805
Stockland		257,100		940,684
American Capital Agency Corp.		39,100		915,331
New York Community Bancorp, Inc.		56,200		898,076
Bendigo and Adelaide Bank Ltd.		77,000		885,850
Friends Life Group Ltd.		162,100		874,799
Insurance Australia Group Ltd.		154,500		850,846
CFS Retail Property Trust Group		413,600		795,647
Aozora Bank Ltd.		220,500		724,771
Hannover Rueck SE		7,900		711,849
Bank of Queensland Ltd.1		57,400		659,820
Admiral Group plc		20,700		548,457
CNP Assurances		20,900		433,825
HCP, Inc.		10,000		413,800
ASX Ltd.		10,300		346,166
ICAP plc		42,100		273,749
Total Financials				16,383,289
Industrials - 13.6%
Lockheed Martin Corp.		10,500		1,687,665
Raytheon Co.		17,100		1,577,475
ITOCHU Corp.		119,600		1,535,875
Mitsui & Company Ltd.		81,200		1,301,637
Sumitomo Corp.		88,400		1,193,675
Northrop Grumman Corp.		9,100		1,088,633
Delta Air Lines, Inc.		25,200		975,744
L-3 Communications Holdings, Inc.		7,100		857,325
Mitsubishi Corp.		30,000		623,927
Auckland International Airport Ltd.1		141,673		483,716
Bouygues S.A.		11,100		461,873
Marubeni Corp.		51,600		377,412
TNT Express N.V.		35		317
Total Industrials				12,165,274
Telecommunication Services - 12.7%
NTT DOCOMO, Inc.		100,900		1,724,991
Telstra Corporation Ltd.		324,400		1,593,780
Deutsche Telekom AG		72,700		1,274,129
Windstream Holdings, Inc.		103,800		1,033,848
Elisa Oyj		32,100		981,877
Belgacom S.A.		28,612		949,424
Frontier Communications Corp.		156,600		914,544
Telecom Corporation of New Zealand Ltd.		371,500		871,631
Bezeq The Israeli Telecommunication Corporation Ltd.		406,000		760,769
Swisscom AG		1,000		581,323
CenturyLink, Inc.		12,500		452,500
StarHub Ltd.		80,600		269,548
Total Telecommunication Services				11,408,364
Utilities - 12.1%
SSE plc		62,300		1,670,930
GDF Suez		47,200		1,299,317
Entergy Corp.		13,900		1,141,051
TransAlta Corp.		75,100		920,583
Cheung Kong Infrastructure Holdings Ltd.		126,500		872,397
PPL Corp.		24,200		859,826
CLP Holdings Ltd.		103,300		847,683
Southern Co.		17,200		780,536
Duke Energy Corp.		10,300		764,157
Pepco Holdings, Inc.		16,900		464,412
Consolidated Edison, Inc.		8,000		461,920
Power Assets Holdings Ltd.		46,100		402,982
Enagas S.A.		11,700		376,463
Total Utilities				10,862,257
Energy - 10.2%
ConocoPhillips		20,900		1,791,756
Baytex Energy Corp.1		23,600		1,089,265
Seadrill Ltd.		27,100		1,074,938
Canadian Oil Sands Ltd.1		41,500		940,415
Transocean Ltd.		19,000		854,043
TonenGeneral Sekiyu K.K.		81,700		775,791
Noble Corporation plc		20,600		691,336
Pengrowth Energy Corp.1		81,800		586,449
Diamond Offshore Drilling, Inc.		9,400		466,522
Penn West Petroleum Ltd.		45,700		446,272
Williams Companies, Inc.		7,400		430,754
Total Energy				9,147,541
Consumer Staples - 9.1%
General Mills, Inc.		33,100		1,739,075
Altria Group, Inc.		41,400		1,736,316
Kimberly-Clark Corp.		10,500		1,167,810
Dr Pepper Snapple Group, Inc.		17,900		1,048,582
Woolworths Ltd.		25,600		850,235
Safeway, Inc.		15,400		528,836
Metcash Ltd.		204,300		508,607
Wesfarmers Ltd.		10,400		410,331
Coca-Cola Amatil Ltd.		20,300		181,091
Total Consumer Staples				8,170,883
Health Care - 8.7%
WellPoint, Inc.		17,700		1,904,697
Eli Lilly & Co.		30,400		1,889,968
Cardinal Health, Inc.		18,000		1,234,080
Pfizer, Inc.		26,400		783,552
Coloplast A/S — Class B		6,300		569,725
UnitedHealth Group, Inc.		4,700		384,225
AmerisourceBergen Corp. — Class A		5,200		377,832
Humana, Inc.		2,900		370,388
Amgen, Inc.		2,200		260,414
Total Health Care				7,774,881
Consumer Discretionary - 4.9%
Ford Motor Co.		62,400		1,075,776
Darden Restaurants, Inc.		17,700		818,979
Sankyo Company Ltd.		15,800		607,452
Shaw Communications, Inc. — Class B		20,700		530,764
Target Corp.		8,700		504,165
Kohl's Corp.		8,900		468,852
Singapore Press Holdings Ltd.		118,000		394,624
Total Consumer Discretionary				4,400,612
Information Technology - 3.8%
Intel Corp.		35,700		1,103,130
Apple, Inc.		10,500		975,765
Seagate Technology plc		14,300		812,526
Leidos Holdings, Inc.		8,300		318,222
Avnet, Inc.		4,000		177,240
Total Information Technology				3,386,883
Materials - 3.1%
Avery Dennison Corp.		17,800		912,250
Dow Chemical Co.		13,300		684,418
International Paper Co.		12,500		630,875
Agnico Eagle Mines Ltd.		15,500		593,534
Total Materials				2,821,077
Total Common Stocks
(Cost $79,297,378)				86,521,061

World Equity Income Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2014

	Shares		Value
EXCHANGE TRADED FUNDS† - 0.4%
PowerShares S&P International Developed Low Volatility Portfolio1		10,000	$	334,600
Total Exchange Traded Funds
(Cost $333,446)				334,600
SHORT TERM INVESTMENTS† - 2.5%
Goldman Sachs Financial Square Funds - Treasury Instruments Fund		2,273,718		2,273,718
Total Short Term Investments
(Cost $2,273,718)				2,273,718
Total Investments - 99.4%
(Cost $81,904,542)			$	89,129,379
Other Assets & Liabilities, net - 0.6%				502,009
Total Net Assets - 100.0%			$	89,631,388

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
1	Illiquid security.
	plc — Public Limited Company

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semiannual or annual shareholder report.

1. The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") and are consistently followed by the Trust. This requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All time references are based on Eastern Time.

The Board of Trustees of the Trust (the “Board”) has adopted policies and procedures for the valuation of the Trust’s investments (the “Valuation Procedures”). Pursuant to the Valuation Procedures, the Board has delegated to a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), the day-to-day responsibility for implementing the Valuation Procedures, including, under most circumstances, the responsibility for determining the fair value of the Fund’s securities or other assets.

Valuations of the Trust’s securities are supplied primarily by pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Valuation Committee convenes monthly, or more frequently as needed and reviews the valuation of all assets which have been fair valued for reasonableness. The Fund’s officers, through the Valuation Committee and consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly review procedures used by, and valuations provided by, the pricing services.

Equity securities listed on an exchange (New York Stock Exchange (“NYSE”) or American Stock Exchange) are valued at the last quoted sales price as of the close of business on the NYSE, usually 4:00 p.m. on the valuation date. Equity securities listed on the NASDAQ market system are valued at the NASDAQ Official Closing Price on the valuation date, which may not necessarily represent the last sale price. If there has been no sale on such exchange or NASDAQ on such day, the security is valued at the closing bid price on such day.

Generally, trading in foreign securities markets is substantially completed each day at various times prior to the close of the NYSE. The values of foreign securities are determined as of the close of such foreign markets or the close of the NYSE, if earlier. All investments quoted in foreign currency are valued in U.S. dollars on the basis of the foreign currency exchange rates prevailing at the close of business. Investments in foreign securities may involve risks not present in domestic investments. The Valuation Committee will determine the current value of such foreign securities by taking into consideration certain factors which may include those discussed above, as well as the following factors, among others: the value of the securities traded on other foreign markets, ADR trading, closed-end fund trading, foreign currency exchange activity, and the trading prices of financial products that are tied to foreign securities such as WEBS®. In addition, the Board of Trustees has authorized the Valuation Committee and GI to use prices and other information supplied by a third party pricing vendor in valuing foreign securities.

Open-end investment companies ("Mutual Funds") are valued at their NAV as of the close of business, on the valuation date. Exchange-traded funds ("ETFs") are valued at the last quoted sales price.

Debt securities with a maturity of greater than 60 days at acquisition are valued at prices that reflect broker/dealer supplied valuations or are obtained from independent pricing services, which may consider the trade activity, treasury spreads, yields or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities. Short-term debt securities with a maturity of 60 days or less at acquisition are valued at amortized cost, which approximates market value.

Repurchase agreements are valued at amortized cost, which approximates market value.

Typically loans are valued using information provided by an independent third party pricing service which uses broker quotes in a non-active market. If the pricing service cannot or does not provide a valuation for a particular loan or such valuation is deemed unreliable, such loan is fair valued by the Valuation Committee.

Listed options are valued at the Official Settlement Price listed by the exchange, usually as of 4:00 p.m. Long options are valued using the bid price and short options are valued using the ask price. In the event that a settlement price is not available, fair valuation is enacted. Over-the-counter options are valued using the average bid price (for long options), or average ask price (for short options) obtained from one or more security dealers.

The value of futures contracts is accounted for using the unrealized gain or loss on the contracts that is determined by marking the contracts to their current realized settlement prices. Financial futures contracts are valued at the 4:00 p.m. price on the valuation date. In the event that the exchange for a specific futures contract closes earlier than 4:00 p.m., the futures contract is valued at the Official Settlement Price of the exchange. However, the underlying securities from which the futures contract value is derived are monitored until 4:00 p.m. to determine if fair valuation would provide a more accurate valuation.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

The value of swap agreements entered into by a Fund is accounted for using the unrealized gain or loss on the agreements that is determined by marking the agreements to the last quoted value of the index that the swap pertains to at the close of the NYSE. The swap's value is then adjusted to include dividends accrued, and financing charges and/or interest associated with the swap agreements.

The value of interest rate swap agreements entered into by a Fund are accounted for using the unrealized gain or loss on the agreements that is determined using the spread priced off the previous day’s CME price.

Investments for which market quotations are not readily available are fair valued as determined in good faith by Guggenheim Investments (“GI”) under the direction of the Board of Trustees using methods established or ratified by the Board of Trustees.

Valuations in accordance with these methods are intended to reflect each security’s (or asset’s) “fair value.” Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to: (i) the type of security, (ii) the initial cost of the security, (iii) the existence of any contractual restrictions on the security’s disposition, (iv) the price and extent of public trading in similar securities of the issuer or of comparable companies, (v) quotations or evaluated prices from broker-dealers and/or pricing services, (vi) information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), (vii) an analysis of the company’s financial statements, and (viii) an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold (e.g. the existence of pending merger activity, public offerings or tender offers that might affect the value of the security).

In connection with futures contracts and options thereupon, and other derivative investments, obtaining information as to how (a) these contracts and other derivative investments trade in the futures or other derivative markets, respectively, and (b) the securities underlying these contracts and other derivative investments trade in the cash market.

Under the Funds’ organizational documents, its Trustees and Officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, throughout the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties which provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds and/or their affiliates that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

2. As part of their investment strategy, the Funds utilize short sales and a variety of derivative instruments.

A short sale is a transaction in which a Fund sells a security it does not own. If the security sold short decreases in price between the time the Fund sells the security and closes its short position, that Fund will realize a gain on the transaction. Conversely, if the security increases in price during the period, that Fund will realize a loss on the transaction. The risk of such price increases is the principal risk of engaging in short sales.

An option on a security gives the purchaser of the option the right to sell, and the writer of the option the obligation to buy, the underlying security (put option) or the purchaser of the option the right to buy, and the writer of the option the obligation to sell, the underlying security (call option) at any time during the option period. The risk associated with purchasing options is limited to the premium originally paid. The risk in writing a call option is that a Fund may incur a loss if the market price of the underlying security increases and the option is exercised. The risk in writing a put option is that a Fund may incur a loss if the market price of the underlying security decreases and the option is exercised. In addition, there may be an imperfect correlation between the movement in prices of options and the underlying securities and a Fund may not be able to enter into a closing transaction because of an illiquid secondary market or, for over-the-counter options, because of the counterparty’s inability to perform.

A futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities or other instruments at a set price for delivery at a future date. There are significant risks associated with a Fund’s use of futures contracts and related options, including (i) there may be an imperfect or no correlation between the changes in market value of the underlying asset and the prices of futures contracts; (ii) there may not be a liquid secondary market for a futures contract; (iii) trading restrictions or limitations may be imposed by an exchange; and (iv) government regulations may restrict trading in futures contracts. When investing in futures, there is minimal counterparty credit risk to the Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. Securities held as collateral are noted on the Schedule of Investments.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. A Fund utilizing OTC swaps bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. For Funds utilizing interest rate swaps, the exchange bears the risk of loss. Additionally, there is no guarantee that a Fund or an underlying fund could eliminate its exposure under an outstanding swap agreement by entering into an offsetting swap agreement with the same or another party.

Forward foreign currency exchange contracts are valued daily based on the applicable exchange rate of the underlying currency. The change in value of the contract is recorded as unrealized appreciation or depreciation until the forward foreign currency contract is closed. When the forward foreign currency contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed.

Certain Funds use derivative instruments to achieve leveraged exposure to their respective underlying indices. Since these Funds’ investment strategy involves consistently applied leverage, the value of the Fund’s shares will tend to increase or decrease more than the value of any increase or decrease in the underlying index. In addition, as investment in derivative instruments generally requires a small investment relative to the amount of investment exposure assumed, this creates an opportunity for increased net income but, at the same time, additional leverage risk. The Funds’ use of leverage, through borrowings or instruments such as derivatives, may cause the Funds to be more volatile and riskier than if they had not been leveraged. 

In conjunction with the use of short sales and derivative instruments, the Funds are required to maintain collateral in various forms. The Funds use, where appropriate, depending on the financial instrument utilized and the broker involved, margin deposits at the broker, cash and/or securities segregated at the custodian bank, discount notes, or the repurchase agreements allocated to each Fund.

The Trust has established counterparty credit guidelines and enters into transactions only with financial institutions of investment grade or better. The Trust monitors the counterparty credit risk.

3. Fair Value Measurement

In accordance with U.S. GAAP, fair value is defined as the price that the Funds would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. U.S. GAAP establishes a three-tier fair value hierarchy based on the types of inputs used to value assets and liabilities and requires corresponding disclosure. The hierarchy and the corresponding inputs are summarized below:

Level 1 — quoted prices in active markets for identical assets or liabilities.

Level 2 — significant other observable inputs (for example quoted prices for securities that are similar based on characteristics such as interest rates, prepayment speeds, credit risk, etc.).

Level 3 — significant unobservable inputs based on the best information available under the circumstances, to the extent observable inputs are not available, which may include assumptions.

The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

The following table summarizes the inputs used to value the Funds’ net assets at June 30, 2014:

	Level 1 Investments In Securities		Level 1 Other Financial Instruments*		Level 2 Investments In Securities		Level 2 Other Financial Instruments*		Level 3 Investments In Securities		Total
Assets
Enhanced World Equity Fund	$	6,799,588	$	–	$	–	$	–	$	–	$	6,799,588
Floating Rate Strategies Fund		105,163,430		–		1,286,955,849		–		38,309,133		1,430,428,412
High Yield Fund		6,736,427		–		161,384,655		–		4,107,903		172,228,985
Investment Grade Bond Fund		3,732,306		–		104,097,504		816,495		14,650,793		123,297,098
Large Cap Value Fund		66,435,327		–		–		–		–		66,435,327
Limited Duration Fund		4,731,160		–		61,106,413		–		4,090,344		69,927,917
Macro Opportunities Fund		176,307,104		2,326,675		1,151,606,844		2,622,942		112,028,089		1,444,891,654
Mid Cap Value Fund		1,335,880,769		–		7,430,938		–		49,876		1,343,361,583
Mid Cap Value Institutional Fund		629,737,053		–		2,690,938		–		46,123		632,474,114
Municipal Income Fund		3,939,384		–		54,280,360		–		–		58,219,744
Risk Managed Real Estate Fund		10,059,592		–		–		–		–		10,059,592
Small Cap Value Fund		52,150,726		–		197,500		–		363		52,348,589
StylePlus—Large Core Fund		118,526,535		–		69,182,123		4,263,917		–		191,972,575
StylePlus—Mid Growth Fund		51,483,084		214,258		29,677,751		2,430,664		–		83,805,757
Total Return Bond Fund		39,297,240		–		251,972,996		1,178,575		20,476,591		312,925,402
World Equity Income Fund		89,129,379		–		–		–		–		89,129,379
Liabilities
Enhanced World Equity Fund	$	–	$	8,933	$	–	$	–	$	–	$	8,933
Floating Rate Strategies Fund		–		–		–		1,191,225		–		1,191,225
HighYield fund		–		–		–		51,019		–		51,019
Investment Grade Bond Fund		–		–		–		45,020		–		45,020
Macro Opportunities Fund		–		523,852		–		3,272,476		–		3,796,328
Risk Managed Real Estate Fund		3,065,182		–		–		–		–		3,065,182
Total Return Bond Fund		–		–		–		102,237		–		102,237

* Other financial instruments may include written options, forward foreign currency exchange contracts, futures contracts and/or swaps, which are reported as unrealized gain/loss at period end.

Independent pricing services are used to value a majority of the Funds’ investments. When values are not available from a pricing service, they will be determined under the valuation policies that have been reviewed and approved by the Board of Trustees. In any event, values are determined using a variety of sources and techniques, including: market prices; broker quotes; and models which derive prices based on inputs such as prices of securities with comparable maturities and characteristics or based on inputs such as anticipated cash flows or collateral, spread over Treasuries, and other information and analysis.

Indicative quotes from broker-dealers, adjusted for fluctuations in criteria such as credit spreads and interest rates, may be also used to value the Funds’ assets and liabilities, i.e. prices provided by a broker-dealer or other market participant who has not committed to trade at that price. Although Indicative quotes are typically received from established market participants, the Funds may not have the transparency to view the underlying inputs which support the market quotations. Significant changes in an indicative quote would generally result in significant changes in the fair value of the security.

Certain fixed income securities are valued by obtaining a monthly indicative quote from a broker-dealer, adjusted for fluctuations in criteria such as credit spreads and interest rates. The Funds’ fair valuation guidelines were recently revised to transition such monthly indicative quoted securities from Level 2 to Level 3.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability of the techniques and sources employed to determine fair valuation are regularly monitored and subject to change.  

The following is a summary of significant unobservable inputs used in the fair valuation of assets and liabilities categorized within Level 3 of the fair value hierarchy:

Fund	Category and Subcategory	Ending Balance at 06/30/14	Valuation Technique	Unobservable Inputs
	Investments, at value
Floating Rate Strategies Fund	Senior Floating Rate Interests	$20,686,941	Monthly Model Priced	Indicative Quote
	Asset-Backed Securities	15,939,552	Option Adjusted Spread off the month end broker mark over the 3 month LIBOR	Indicative Quote
	Corporate Bonds	1,682,640	Option Adjusted Spread off the trade price over the 3 month LIBOR	Trade Price
High Yield Fund	Senior Floating Rate Interests	3,530,463	Monthly Model Priced	Indicative Quote
	Corporate Bonds	577,440	Option Adjusted Spread off the trade price over the 3 month LIBOR	Trade Price
Investment Grade Bond Fund	Asset-Backed Securities	9,254,705	Option Adjusted Spread off the month end broker mark over the 3 month LIBOR	Indicative Quote
	Preferred Stock	2,095,320	Option Adjusted Spread off the month end broker mark over the 3 month LIBOR	Indicative Quote
	Corporate Bonds	1,339,582	Option Adjusted Spread off the month end broker mark over the 3 month LIBOR	Indicative Quote
		303,480	Option Adjusted Spread off the trade price over the 3 month LIBOR	Trade Price
	Total Corporate Bonds	1,643,062
	Senior Floating Rate Interests	1,209,102	Option Adjusted Spread off the month end broker mark over the 3 month LIBOR	Indicative Quote
	Collateralized Mortgage Obligation	448,604	Option Adjusted Spread off the month end broker mark over the 3 month LIBOR	Indicative Quote
Limited Duration Fund	Asset-Backed Securities	3,129,413	Option Adjusted Spread off the month end broker mark over the 3 month LIBOR	Indicative Quote
	Senior Floating Rate Interests	960,931	Monthly Model Priced	Indicative Quote
Macro Opportunities Fund	Asset-Backed Securities	66,216,369	Option Adjusted Spread off the month end broker mark over the 3 month LIBOR	Indicative Quote
		986,200	Option Adjusted Spread off the trade price over the 3 month LIBOR	Trade Price
	Total Asset-Backed Securities	67,202,569
	Senior Floating Rate Interests	22,601,781	Monthly Model Priced	Indicative Quote
		10,619,028	Option Adjusted Spread off the month end broker mark over the 3 month LIBOR	Indicative Quote
	Total Senior Floating Rate Interests	33,220,809
	Corporate Bonds	5,029,312	Option Adjusted Spread off the month end broker mark over the 3 month LIBOR	Indicative Quote
		6,575,399	Option Adjusted Spread off the trade price over the 3 month LIBOR	Trade Price
	Total Corporate Bonds	11,604,711
Total Return Bond Fund	Asset-Backed Securities	15,075,618	Option Adjusted Spread off the month end broker mark over the 3 month LIBOR	Indicative Quote
	Senior Floating Rate Interests	1,002,500	Monthly Model Priced	Indicative Quote
		1,655,882	Option Adjusted Spread off the month end broker mark over the 3 month LIBOR	Indicative Quote
	Total Senior Floating Rate Interests	2,658,382
	Corporate Bonds	1,339,582	Option Adjusted Spread off the month end broker mark over the 3 month LIBOR	Indicative Quote
		505,800	Option Adjusted Spread off the trade price over the 3 month LIBOR	Trade Price
	Total Corporate Bonds	1,845,382
	Collateralized Mortgage Obligation	897,209	Option Adjusted Spread off the month end broker mark over the 3 month LIBOR	Indicative Quote

Any remaining Level 3 securities held by the Funds and excluded from the tables above, were not considered material to the Funds.

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in the investment’s valuation changes. The Funds recognize transfers between the levels as of the beginning of the period. As of June 30, 2014, StylePlus—Large Core Fund had a security with a total value of $847,036 transfer from Level 3 to Level 2 due to changes in the securities valuation method.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

Summary of Fair Value Level 3 Activity

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value for the period ended June 30, 2014:

LEVEL 3 – Fair value measurement using significant unobservable inputs

	Total
Floating Rate Strategies Fund
Assets:
Beginning Balance	$	10,532,530
Purchases		32,303,558
Sales		(1,665,723	)
Total change in unrealized gains or losses included in earnings		1,043,764
Transfers into Level 3		6,627,534
Transfers out of Level 3		(10,532,530	)
Ending Balance	$	38,309,133
High Yield Fund
Assets:
Beginning Balance	$	3
Purchases		3,104,852
Sales		(13,750	)
Total change in unrealized gains or losses included in earnings		16,801
Transfers into Level 3		1,000,000
Transfers out of Level 3		(3	)
Ending Balance	$	4,107,903
Investment Grade Bond Fund
Assets:
Beginning Balance	$	382,749
Purchases		7,027,259
Sales		(648,161	)
Total change in unrealized gains or losses included in earnings		395,275
Transfers into Level 3		7,876,420
Transfers out of Level 3		(382,749	)
Ending Balance	$	14,650,793
Limited Duration Fund
Assets:
Beginning Balance	$	-
Purchases		4,184,193
Sales		(107,797	)
Total change in unrealized gains or losses included in earnings		13,948
Ending Balance	$	4,090,344
Macro Opportunities Fund
Assets:
Beginning Balance	$	24,277,702
Purchases		96,160,052
Sales		(5,664,946	)
Total realized gains or losses included in earnings		(2,587	)
Total change in unrealized gains or losses included in earnings		1,377,874
Transfers into Level 3		20,157,696
Transfers out of Level 3		(24,277,702	)
Ending Balance	$	112,028,089
Total Return Bond Fund
Assets:
Beginning Balance	$	2,590,364
Purchases		14,757,848
Sales		(963,455	)
Total realized gains or losses included in earnings		(588	)
Total change in unrealized gains or losses included in earnings		605,748
Transfers into Level 3		6,077,037
Transfers out of Level 3		(2,590,363	)
Ending Balance	$	20,476,591

4. Repurchase Agreements

In connection with transactions in repurchase agreements, it is the Funds' policy that their custodian takes possession of the underlying collateral. The collateral is in the possession of the Funds' custodian and is evaluated to ensure that its market value exceeds, at a minimum, 102% of the original face amount of the repurchase agreements.

At June 30, 2014, the collateral for the repurchase agreements was as follows:

Fund	Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral		Par Value		Fair Value
Limited Duration Bond Fund	Jefferies & Company, Inc.     2.15% - 2.65%						Puerto Rico Electric Power Authority
	Due 07/07/14 - 07/30/14						5.50%
		$	2,565,000	$	2,570,044		08/01/20	$	920,000	$	349,600
							Suntrust Adjustable Rate Mortgage Loan Trust
							5.36%
							02/25/37		7,320,448		1,918,111
							Puerto Rico Commonwealth Government Development Bank
							5.40%
							07/01/28		1,398,000		880,740
Macro Opportunities Fund	Jefferies & Company, Inc.      2.15%      Due 07/07/14						Puerto Rico Commonwealth Aqueduct & Sewer Authority
							5.35% - 6.00%
			7,800,000		7,808,762		07/01/27 - 07/01/44		14,405,000		8,738,600

In the event of counterparty default, the Funds have the right to collect the collateral to offset losses incurred. There is potential loss to the Funds in the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Funds seek to assert their rights. The Funds' investment advisor, acting under the supervision of the Board of Trustees, reviews the value of the collateral and the creditworthiness of those banks and dealers with which the Funds enter into repurchase agreements to evaluate potential risks.

5. Options Written

Information as to options written by the Funds during the period ended June 30, 2014, and options outstanding at period end is provided below:

Written Call Options

	Enhanced World Equity Fund						Investment Grade Bond Fund				Macro Opportunities Fund						Mid Cap Value Fund						Mid Cap Value Institutional Fund						Small Cap Value Fund						Total Return Bond Fund
	Number of contracts			Premium amount			Number of contracts		Premium amount		Number of contracts			Premium amount			Number of contracts			Premium amount			Number of contracts			Premium amount			Number of contracts			Premium amount			Number of contracts		Premium amount
Balance at September 30, 2013		370		$	34,151			–	$	–		354		$	225,834			1,154		$	390,057			517		$	174,748			107		$	31,283			–	$	–
Options Written		7,499			542,311			2,251		31,514		43,842			1,015,825			1,597			391,534			731			179,216			210			35,346			4,990		69,860
Options terminated in closing purchase transactions		(7,112	)		(526,355	)		–		–		–			–			–			–			–			–			–			–			–		–
Options expired		(295	)		(32,075	)		–		–		(14,377	)		(299,077	)		(2,751	)		(781,591	)		(1,248	)		(353,964	)		(317	)		(66,629	)		–		–
Options exercised		(106	)		(5,772	)		–		–		(4,122	)		(362,971	)		–			–			–			–			–			–			–		–
Balance at June 30, 2014		356		$	12,260			2,251	$	31,514		25,697		$	579,611			–		$	–			–		$	–			–		$	–			4,990	$	69,860

Written Put Options

Enhanced World Equity Fund

Investment Grade Bond Fund

Macro Opportunities Fund

Mid Cap Value Fund

Mid Cap Value Institutional Fund

Small Cap Value Fund

Total Return Bond Fund

Number of contracts

Premium amount

Number of contracts

Premium amount

Number of contracts

Premium amount

Number of contracts

Premium amount

Number of contracts

Premium amount

Number of contracts

Premium amount

Number of contracts

Premium amount

Balance at September 30, 2013

–

$

–

–

$

–

1,922

$

284,376

–

$

–

–

$

–

200

$

12,810

–

$

–

Options Written

–

–

–

–

–

–

1,609

215,880

715

95,933

60

8,050

–

–

Options terminated in closing purchase transactions

–

–

–

–

–

–

–

–

–

–

–

–

–

–

Options expired

–

–

–

–

(1,922

)

(284,376

)

(1,609

)

(215,880

)

(715

)

(95,933

)

(260

)

(20,860

)

–

–

Options exercised

–

–

–

–

–

–

–

–

–

–

–

–

–

–

Balance at June 30, 2014

–

$

–

–

$

–

–

$

0

–

$

–

–

$

–

–

$

–

–

$

–

6. Derivative Investment Holdings Categorized by Risk Exposure

U.S. GAAP requires disclosures to enable investors to better understand how and why the Funds use derivative instruments, how these derivative instruments are accounted for and their effects on the Funds’ financial position and results of operations.

Certain Funds utilized options to minimally hedge the Fund’s portfolio to increase returns, to maintain exposure to the equity markets and create liquidity.

The following Funds utilized derivatives for the following purposes:

Fund	Index Exposure	Hedge	Duration	Leverage
Floating Rate Strategies Fund		x		x
High Yield Fund		x		x
Investment Grade Bond Fund			x	x
Macro Opportunities Fund	x	x		x
Risk Managed Real Estate Fund				x
StylePlus-Large Core Fund	x
StylePlus-Mid Growth Fund	x			x
Total Return Bond Fund			x	x

7. Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a portfolio company of a fund, or control of or by, or common control under GI, result in that portfolio company being considered an affiliated company of such fund, as defined in the 1940 Act.

Item 2. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized, and reported timely.

(b) The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act (17 CFR 270.30a-2(a)) is attached hereto.

SIGNATURES

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

(Registrant)  Guggenheim Funds Trust

By (Signature and Title)* /s/ Donald C. Cacciapaglia

Donald C. Cacciapaglia, President and Chief Executive Officer

Date  August 25, 2014

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/ Donald C. Cacciapaglia

Donald C. Cacciapaglia, President and Chief Executive Officer

Date  August 25, 2014

By (Signature and Title)* /s/ John L. Sullivan

John L. Sullivan, Chief Financial Officer, Chief Accounting Officer and Treasurer

Date  August 25, 2014

* Print the name and title of each signing officer under his or her signature.