Alpha Opportunity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Shares		Value
COMMON STOCKS† - 102.7%
Consumer, Non-cyclical - 33.1%
Archer-Daniels-Midland Co.		24,433	$	1,132,469
Kimberly-Clark Corp.1		8,151		1,121,170
McKesson Corp.1		7,580		1,048,466
Eli Lilly & Co.		7,833		1,029,491
Amgen, Inc.1		4,021		969,343
Merck & Company, Inc.1		10,416		947,335
Pfizer, Inc.1		24,139		945,766
Gilead Sciences, Inc.1		13,950		906,471
CVS Health Corp.1		12,133		901,361
Ingredion, Inc.1		9,634		895,480
JM Smucker Co.		8,392		873,859
Kellogg Co.		12,450		861,042
Molson Coors Beverage Co. — Class B1		15,697		846,068
General Mills, Inc.		15,615		836,339
Darling Ingredients, Inc.*,1		28,946		812,804
Sysco Corp.1		9,469		809,978
Post Holdings, Inc.*		7,190		784,429
Hormel Foods Corp.		17,364		783,290
Johnson & Johnson		4,904		715,347
Procter & Gamble Co.		4,802		599,770
Philip Morris International, Inc.		6,740		573,507
Campbell Soup Co.		11,600		573,272
Medtronic plc1		5,038		571,561
Hologic, Inc.*,1		10,917		569,976
Jazz Pharmaceuticals plc*		3,794		566,368
Baxter International, Inc.		6,762		565,438
Abbott Laboratories1		6,281		545,568
Zimmer Biomet Holdings, Inc.1		3,598		538,549
Cardinal Health, Inc.1		10,079		509,796
Becton Dickinson and Co.1		1,790		486,826
Clorox Co.		2,647		406,420
Herbalife Nutrition Ltd.*		8,238		392,705
Integer Holdings Corp.*		4,824		387,994
Alexion Pharmaceuticals, Inc.*		3,376		365,114
B&G Foods, Inc.		20,001		358,618
Thermo Fisher Scientific, Inc.		1,080		350,860
United Therapeutics Corp.*		3,952		348,092
STERIS plc		2,262		344,774
Cal-Maine Foods, Inc.		8,008		342,342
TrueBlue, Inc.*		13,695		329,502
Innoviva, Inc.*		22,816		323,075
H&R Block, Inc.		13,560		318,389
TreeHouse Foods, Inc.*		6,419		311,322
Molina Healthcare, Inc.*		2,154		292,276
John B Sanfilippo & Son, Inc.		3,191		291,275
Mondelez International, Inc. — Class A		5,286		291,153
Macquarie Infrastructure Corp.		6,148		263,380
PepsiCo, Inc.1		1,722		235,346
Hershey Co.		1,515		222,675
Total Consumer, Non-cyclical				29,496,451
Industrial - 17.1%
Norfolk Southern Corp.1		5,021		974,727
Lincoln Electric Holdings, Inc.		8,749		846,291
Crane Co.1		9,755		842,637
CSX Corp.1		10,197		737,855
CH Robinson Worldwide, Inc.		8,989		702,940
Werner Enterprises, Inc.		18,637		678,200
Gentex Corp.		22,954		665,207
Landstar System, Inc.1		5,409		615,923
FedEx Corp.1		3,985		602,572
Caterpillar, Inc.		4,032		595,446
Regal Beloit Corp.		6,822		584,031
Kansas City Southern1		3,491		534,682
Schneider National, Inc. — Class B		22,834		498,238
Kennametal, Inc.		13,009		479,902
Textron, Inc.		10,282		458,577
J.B. Hunt Transport Services, Inc.		3,844		448,902
Heartland Express, Inc.		19,291		406,076
Knight-Swift Transportation Holdings, Inc.		11,024		395,100
Union Pacific Corp.		2,156		389,783
Waters Corp.*		1,632		381,317
Marten Transport Ltd.		17,649		379,277
Echo Global Logistics, Inc.*		18,259		377,961
Sturm Ruger & Company, Inc.		7,431		349,480
Agilent Technologies, Inc.		3,996		340,899
Honeywell International, Inc.		1,848		327,096
Mettler-Toledo International, Inc.*		410		325,245
Garmin Ltd.		3,221		314,240
Oshkosh Corp.		3,060		289,629
Vishay Intertechnology, Inc.		11,577		246,474
MDU Resources Group, Inc.		7,593		225,588
Old Dominion Freight Line, Inc.		1,167		221,473
Total Industrial				15,235,768
Consumer, Cyclical - 16.1%
Lear Corp.		5,266		722,495
Southwest Airlines Co.1		12,784		690,080
World Fuel Services Corp.1		14,816		643,311
Carnival Corp.		12,486		634,664
Allison Transmission Holdings, Inc.		12,264		592,597
Whirlpool Corp.		3,955		583,481
Autoliv, Inc.		6,805		574,410
BorgWarner, Inc.1		12,813		555,828
Las Vegas Sands Corp.		7,962		549,697
Cracker Barrel Old Country Store, Inc.		3,544		544,855
Brunswick Corp.		8,987		539,040
Extended Stay America, Inc.		34,714		515,850
Gentherm, Inc.*		11,583		514,169
Wyndham Destinations, Inc.		9,441		488,005
Aptiv plc		5,116		485,867
Delta Air Lines, Inc.1		8,003		468,016
Toll Brothers, Inc.		10,428		412,010
Polaris, Inc.		3,791		385,545
Norwegian Cruise Line Holdings Ltd.*		6,386		373,006
AutoZone, Inc.*		305		363,349
Cummins, Inc.		2,020		361,499
Royal Caribbean Cruises Ltd.		2,563		342,186
PulteGroup, Inc.		8,742		339,190
SkyWest, Inc.		5,217		337,175
General Motors Co.		8,362		306,049
Allegiant Travel Co. — Class A		1,621		282,119
Lennar Corp. — Class A		5,034		280,847
United Airlines Holdings, Inc.*,1		3,112		274,136

Alpha Opportunity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Shares		Value
COMMON STOCKS† - 102.7% (continued)
Consumer, Cyclical - 16.1% (continued)
Goodyear Tire & Rubber Co.		17,606	$	273,861
Starbucks Corp.		3,053		268,420
DR Horton, Inc.		4,195		221,286
JetBlue Airways Corp.*		11,717		219,342
Mohawk Industries, Inc.*		1,501		204,706
Total Consumer, Cyclical				14,347,091
Utilities - 13.0%
AES Corp.1		48,677		968,672
PPL Corp.1		26,131		937,580
FirstEnergy Corp.1		18,829		915,089
Exelon Corp.		19,853		905,098
Evergy, Inc.		13,826		899,934
NRG Energy, Inc.		21,510		855,023
Pinnacle West Capital Corp.1		9,268		833,471
Portland General Electric Co.1		14,567		812,693
Vistra Energy Corp.		30,824		708,644
Avangrid, Inc.		13,482		689,739
National Fuel Gas Co.1		14,164		659,192
Ameren Corp.1		8,495		652,416
Public Service Enterprise Group, Inc.		8,093		477,892
Southern Co.		6,402		407,808
Entergy Corp.		2,732		327,294
NiSource, Inc.		11,477		319,520
Avista Corp.		5,211		250,597
Total Utilities				11,620,662
Communications - 8.3%
Omnicom Group, Inc.1		14,160		1,147,243
Verizon Communications, Inc.1		18,589		1,141,365
AT&T, Inc.1		24,441		955,154
Discovery, Inc. — Class A*		19,191		628,313
eBay, Inc.		16,615		599,967
AMC Networks, Inc. — Class A*		13,767		543,796
News Corp. — Class A		36,855		521,130
Booking Holdings, Inc.*		253		519,594
Yelp, Inc. — Class A*		10,102		351,853
TEGNA, Inc.		18,913		315,658
Alphabet, Inc. — Class C*		198		264,730
Scholastic Corp.		6,450		248,003
Juniper Networks, Inc.		8,713		214,601
Total Communications				7,451,407
Financial - 7.4%
Equity Commonwealth REIT1		32,037		1,051,775
Weingarten Realty Investors REIT		29,661		926,609
Lexington Realty Trust REIT		84,611		898,569
Apartment Investment & Management Co. — Class A REIT1		11,037		570,061
Brixmor Property Group, Inc. REIT		26,167		565,469
Summit Hotel Properties, Inc. REIT		30,773		379,739
Deluxe Corp.		6,580		328,473
Sunstone Hotel Investors, Inc. REIT		17,814		247,971
Janus Henderson Group plc		10,131		247,703
Franklin Resources, Inc.		9,303		241,692
JPMorgan Chase & Co.		1,719		239,628
M&T Bank Corp.		1,353		229,672
Comerica, Inc.		3,153		226,228
Travelers Companies, Inc.		1,646		225,420
Hartford Financial Services Group, Inc.1		3,592		218,286
Total Financial				6,597,295
Energy - 6.3%
Exxon Mobil Corp.1		16,052		1,120,109
Chevron Corp.1		6,360		766,444
Devon Energy Corp.		20,655		536,410
Valero Energy Corp.1		5,482		513,389
HollyFrontier Corp.1		8,567		434,433
ConocoPhillips		6,646		432,189
Kinder Morgan, Inc.		20,135		426,258
CVR Energy, Inc.		9,406		380,285
Phillips 661		3,398		378,571
Delek US Holdings, Inc.		11,268		377,816
ONEOK, Inc.		3,126		236,544
Total Energy				5,602,448
Technology - 1.1%
Activision Blizzard, Inc.		5,336		317,065
Skyworks Solutions, Inc.		2,184		264,002
Teradata Corp.*		8,755		234,371
Oracle Corp.1		3,929		208,159
Total Technology				1,023,597
Basic Materials - 0.3%
Domtar Corp.		6,748		258,043
Total Common Stocks
(Cost $85,801,909)				91,632,762

MONEY MARKET FUND† - 2.9%
Goldman Sachs Financial Square Treasury Instruments Fund — Institutional Shares 1.43%2	2,581,449		2,581,449
Total Money Market Fund
(Cost $2,581,449)			2,581,449
Total Investments - 105.6%
(Cost $88,383,358)		$	94,214,211
Other Assets & Liabilities, net - (5.6)%			(4,986,715	)
Total Net Assets - 100.0%		$	89,227,496

Alpha Opportunity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

Custom Basket Swap Agreements
Counterparty	Reference Obligation	Financing Rate Pay (Receive)	Payment Frequency	Maturity Date	Notional Amount		Value and Unrealized Appreciation (Depreciation)
OTC Custom Basket Swap Agreements ††
Morgan Stanley Capital Services LLC	MS Equity Custom Basket	1.95% (Federal Funds Rate + 0.40%)	At Maturity	02/01/24	$	9,562,162	$	621,631
Goldman Sachs International	GS Equity Custom Basket	2.00% (Federal Funds Rate + 0.45%)	At Maturity	05/06/24		9,536,732		578,950
					$	19,098,894	$	1,200,581
OTC Custom Basket Swap Agreements Sold Short ††
Morgan Stanley Capital Services LLC	MS Equity Custom Basket	(1.25)% (Federal Funds Rate - 0.30%)	At Maturity	02/01/24	$	42,698,365	$	(3,341,042	)
Goldman Sachs International	GS Equity Custom Basket	(1.35)% (Federal Funds Rate - 0.20%)	At Maturity	05/06/24		40,651,426		(2,565,898	)
					$	83,349,791	$	(5,906,940	)

Alpha Opportunity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

MS EQUITY LONG CUSTOM BASKET
	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Communications
TEGNA, Inc.		1,936		0.35	%	$	7,768
Discovery, Inc. — Class A		1,965		0.67	%		7,762
Verizon Communications, Inc.		1,903		1.22	%		7,078
News Corp. — Class A		3,774		0.56	%		5,750
Omnicom Group, Inc.		1,450		1.23	%		5,305
AT&T, Inc.		2,503		1.02	%		4,341
Booking Holdings, Inc.		26		0.56	%		2,642
Juniper Networks, Inc.		892		0.23	%		1,074
Alphabet, Inc. — Class C		20		0.28	%		696
Yelp, Inc. — Class A		1,034		0.38	%		393
Scholastic Corp.		660		0.27	%		306
AMC Networks, Inc. — Class A		1,409		0.58	%		(394	)
eBay, Inc.		1,701		0.64	%		(2,819	)
Total Communications							39,902
Consumer, Non-cyclical
CVS Health Corp.		1,242		0.96	%		24,250
Darling Ingredients, Inc.		2,964		0.87	%		21,161
Eli Lilly & Co.		802		1.10	%		18,842
Sysco Corp.		969		0.87	%		15,075
Amgen, Inc.		411		1.04	%		14,353
McKesson Corp.		682		0.99	%		14,187
Merck & Company, Inc.		1,066		1.01	%		13,175
Kimberly-Clark Corp.		834		1.20	%		12,825
Zimmer Biomet Holdings, Inc.		368		0.58	%		11,358
Kellogg Co.		1,275		0.92	%		9,765
Medtronic plc		516		0.61	%		9,474
Archer-Daniels-Midland Co.		2,502		1.21	%		9,162
Hologic, Inc.		1,118		0.61	%		7,701
Jazz Pharmaceuticals plc		388		0.61	%		7,424
Campbell Soup Co.		1,187		0.61	%		6,387
Johnson & Johnson		502		0.77	%		5,759
Becton Dickinson and Co.		183		0.52	%		5,468
Molina Healthcare, Inc.		220		0.31	%		5,248
Hormel Foods Corp.		1,778		0.84	%		5,143
Philip Morris International, Inc.		690		0.61	%		4,918
Thermo Fisher Scientific, Inc.		110		0.37	%		3,523
Herbalife Nutrition Ltd.		843		0.42	%		3,506
General Mills, Inc.		1,599		0.90	%		3,032
Baxter International, Inc.		692		0.61	%		3,011
Abbott Laboratories		643		0.58	%		2,735
Macquarie Infrastructure Corp.		629		0.28	%		2,451
Post Holdings, Inc.		736		0.84	%		2,123
Innoviva, Inc.		2,336		0.35	%		2,066
TrueBlue, Inc.		1,402		0.35	%		1,932
Procter & Gamble Co.		491		0.64	%		1,756
Gilead Sciences, Inc.		1,428		0.97	%		1,755
Alexion Pharmaceuticals, Inc.		345		0.39	%		1,751
Clorox Co.		271		0.44	%		1,684
Ingredion, Inc.		986		0.96	%		1,433
Molson Coors Beverage Co. — Class B		1,607		0.91	%		1,381
STERIS plc		231		0.37	%		1,315
PepsiCo, Inc.		176		0.25	%		1,192
Mondelez International, Inc. — Class A		541		0.31	%		297
Cardinal Health, Inc.		2,668		1.41	%		216
United Therapeutics Corp.		404		0.37	%		(404	)
TreeHouse Foods, Inc.		657		0.33	%		(439	)
Integer Holdings Corp.		494		0.42	%		(688	)
Hershey Co.		155		0.24	%		(1,001	)
Cal-Maine Foods, Inc.		820		0.37	%		(1,042	)
John B Sanfilippo & Son, Inc.		326		0.31	%		(1,924	)
Pfizer, Inc.		2,472		1.01	%		(1,963	)
JM Smucker Co.		859		0.94	%		(2,283	)
B&G Foods, Inc.		2,048		0.38	%		(4,147	)
H&R Block, Inc.		1,388		0.34	%		(5,645	)
Total Consumer, Non-cyclical							239,298
Consumer, Cyclical
World Fuel Services Corp.		1,548		0.70	%		22,047
Carnival Corp.		1,278		0.68	%		10,120
Las Vegas Sands Corp.		815		0.59	%		8,605
Lear Corp.		539		0.77	%		7,149
Norwegian Cruise Line Holdings Ltd.		654		0.40	%		6,376
BorgWarner, Inc.		1,521		0.69	%		5,443
Wyndham Destinations, Inc.		966		0.52	%		5,310
Aptiv plc		622		0.62	%		5,116
Royal Caribbean Cruises Ltd.		262		0.37	%		4,936
Autoliv, Inc.		696		0.61	%		4,662
Southwest Airlines Co.		1,309		0.74	%		4,353
Allison Transmission Holdings, Inc.		1,256		0.63	%		4,190
Gentherm, Inc.		1,186		0.55	%		3,985
AutoZone, Inc.		31		0.39	%		3,974
Delta Air Lines, Inc.		819		0.50	%		3,472
Toll Brothers, Inc.		1,067		0.44	%		3,286
JetBlue Airways Corp.		1,200		0.23	%		3,184
PulteGroup, Inc.		895		0.36	%		2,363
United Airlines Holdings, Inc.		318		0.29	%		1,232
Starbucks Corp.		312		0.29	%		1,212
SkyWest, Inc.		534		0.36	%		1,151
Extended Stay America, Inc.		3,555		0.55	%		919
Brunswick Corp.		920		0.58	%		898
Allegiant Travel Co. — Class A		166		0.30	%		793
DR Horton, Inc.		429		0.24	%		569
Polaris, Inc.		388		0.41	%		99
Cummins, Inc.		206		0.39	%		(280	)
Mohawk Industries, Inc.		153		0.22	%		(1,164	)
Lennar Corp. — Class A		515		0.30	%		(1,356	)
Whirlpool Corp.		405		0.62	%		(1,494	)
Goodyear Tire & Rubber Co.		1,803		0.29	%		(1,541	)
General Motors Co.		856		0.33	%		(1,978	)
Cracker Barrel Old Country Store, Inc.		363		0.58	%		(2,282	)
Total Consumer, Cyclical							105,349
Utilities
AES Corp.		4,985		1.04	%		16,428
FirstEnergy Corp.		1,928		0.98	%		16,399

Alpha Opportunity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
PPL Corp.		2,676		1.00	%	$	12,336
Portland General Electric Co.		1,491		0.87	%		11,085
Southern Co.		655		0.44	%		5,163
Avangrid, Inc.		1,380		0.74	%		3,070
NRG Energy, Inc.		2,202		0.92	%		2,922
Pinnacle West Capital Corp.		949		0.89	%		2,596
NiSource, Inc.		1,175		0.34	%		1,610
Avista Corp.		533		0.27	%		1,266
Ameren Corp.		869		0.70	%		1,180
Entergy Corp.		279		0.35	%		590
Evergy, Inc.		1,415		0.96	%		(115	)
Public Service Enterprise Group, Inc.		828		0.51	%		(919	)
Exelon Corp.		2,033		0.97	%		(2,989	)
Vistra Energy Corp.		3,792		0.91	%		(12,157	)
National Fuel Gas Co.		1,450		0.71	%		(17,719	)
Total Utilities							40,746
Financial
JPMorgan Chase & Co.		176		0.26	%		6,838
Weingarten Realty Investors		3,037		0.99	%		6,733
Deluxe Corp.		673		0.35	%		5,323
Hartford Financial Services Group, Inc.		367		0.23	%		3,944
Brixmor Property Group, Inc.		2,679		0.61	%		3,769
Janus Henderson Group plc		1,037		0.27	%		3,431
Summit Hotel Properties, Inc.		3,151		0.41	%		2,858
Lexington Realty Trust		8,665		0.96	%		1,795
Equity Commonwealth		3,280		1.13	%		1,659
Apartment Investment & Management Co. — Class A		1,130		0.61	%		1,516
M&T Bank Corp.		138		0.24	%		1,055
Comerica, Inc.		322		0.24	%		973
Sunstone Hotel Investors, Inc.		1,824		0.27	%		(32	)
Travelers Companies, Inc.		168		0.24	%		(505	)
Franklin Resources, Inc.		1,492		0.41	%		(1,479	)
Total Financial							37,878
Energy
Devon Energy Corp.		2,115		0.57	%		8,495
Kinder Morgan, Inc.		2,062		0.46	%		5,368
ConocoPhillips		680		0.46	%		5,247
Phillips 66		348		0.41	%		4,921
Valero Energy Corp.		561		0.55	%		3,006
ONEOK, Inc.		320		0.25	%		1,753
Delek US Holdings, Inc.		1,154		0.40	%		15
HollyFrontier Corp.		877		0.47	%		(17	)
Chevron Corp.		651		0.82	%		(1,133	)
CVR Energy, Inc.		963		0.41	%		(5,902	)
Exxon Mobil Corp.		1,643		1.20	%		(7,019	)
Total Energy							14,734
Industrial
Kansas City Southern		357		0.57	%		13,124
Lincoln Electric Holdings, Inc.		895		0.91	%		11,638
Regal Beloit Corp.		698		0.62	%		10,103
Caterpillar, Inc.		412		0.64	%		9,640
Crane Co.		999		0.90	%		9,249
Norfolk Southern Corp.		514		1.04	%		7,380
Agilent Technologies, Inc.		409		0.36	%		7,065
Marten Transport Ltd.		1,807		0.41	%		6,739
Union Pacific Corp.		220		0.42	%		6,325
Oshkosh Corp.		313		0.31	%		6,133
Old Dominion Freight Line, Inc.		119		0.24	%		5,546
Landstar System, Inc.		553		0.66	%		5,060
Knight-Swift Transportation Holdings, Inc.		1,128		0.42	%		5,031
Mettler-Toledo International, Inc.		42		0.35	%		4,936
Gentex Corp.		2,350		0.71	%		4,655
Werner Enterprises, Inc.		1,908		0.73	%		3,941
Garmin Ltd.		329		0.34	%		3,913
Heartland Express, Inc.		1,975		0.43	%		3,729
Vishay Intertechnology, Inc.		1,185		0.26	%		3,609
Kennametal, Inc.		1,332		0.51	%		3,280
Honeywell International, Inc.		189		0.35	%		3,130
Schneider National, Inc. — Class B		2,338		0.53	%		2,605
CSX Corp.		1,044		0.79	%		2,440
Sturm Ruger & Company, Inc.		761		0.37	%		1,906
MDU Resources Group, Inc.		777		0.24	%		443
J.B. Hunt Transport Services, Inc.		393		0.48	%		253
Echo Global Logistics, Inc.		1,869		0.40	%		(574	)
Waters Corp.		167		0.41	%		(1,513	)
CH Robinson Worldwide, Inc.		920		0.75	%		(1,569	)
Textron, Inc.		1,053		0.49	%		(3,423	)
FedEx Corp.		846		1.34	%		(4,560	)
Total Industrial							130,234
Technology
Skyworks Solutions, Inc.		223		0.28	%		10,138
Activision Blizzard, Inc.		546		0.34	%		3,780
Oracle Corp.		402		0.22	%		16
Teradata Corp.		896		0.25	%		(2,283	)
Total Technology							11,651
Basic Materials
Domtar Corp.		691		0.28	%		1,839
Total MS Equity Long Custom Basket						$	621,631

MS EQUITY SHORT CUSTOM BASKET
	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Financial
WP Carey, Inc.		6,304		(1.19	)%		44,418
Essential Properties Realty Trust, Inc.		11,213		(0.66	)%		18,570
Acadia Realty Trust		6,403		(0.39	)%		15,458
CME Group, Inc. — Class A		1,053		(0.50	)%		5,133
Northwest Bancshares, Inc.		9,815		(0.38	)%		2,761

Alpha Opportunity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
American Assets Trust, Inc.		8,232		(0.88	)%	$	645
National Storage Affiliates Trust		4,290		(0.34	)%		49
UDR, Inc.		6,369		(0.70	)%		(901	)
Realty Income Corp.		6,592		(1.14	)%		(1,187	)
American Campus Communities, Inc.		10,341		(1.14	)%		(1,243	)
BancorpSouth Bank		5,700		(0.42	)%		(1,361	)
Capitol Federal Financial, Inc.		11,172		(0.36	)%		(4,663	)
Global Net Lease, Inc.		6,841		(0.32	)%		(4,667	)
Atlantic Union Bankshares Corp.		3,300		(0.29	)%		(4,992	)
Armada Hoffler Properties, Inc.		17,323		(0.74	)%		(5,005	)
BankUnited, Inc.		2,544		(0.22	)%		(5,272	)
Reinsurance Group of America, Inc. — Class A		2,641		(1.01	)%		(9,388	)
CenterState Bank Corp.		5,742		(0.34	)%		(9,816	)
Mastercard, Inc. — Class A		559		(0.39	)%		(11,183	)
Camden Property Trust		2,204		(0.55	)%		(12,157	)
Douglas Emmett, Inc.		4,338		(0.45	)%		(13,491	)
STAG Industrial, Inc.		7,832		(0.58	)%		(14,434	)
UMB Financial Corp.		2,252		(0.36	)%		(14,456	)
QTS Realty Trust, Inc. — Class A		4,383		(0.56	)%		(15,266	)
RenaissanceRe Holdings Ltd.		1,521		(0.70	)%		(15,472	)
Columbia Financial, Inc.		9,116		(0.36	)%		(16,548	)
Washington Real Estate Investment Trust		9,405		(0.64	)%		(16,710	)
Intercontinental Exchange, Inc.		4,299		(0.93	)%		(16,797	)
Synovus Financial Corp.		3,942		(0.36	)%		(16,870	)
Healthcare Realty Trust, Inc.		13,056		(1.02	)%		(17,598	)
Brown & Brown, Inc.		11,048		(1.02	)%		(18,060	)
Glacier Bancorp, Inc.		4,457		(0.48	)%		(19,252	)
People's United Financial, Inc.		23,290		(0.92	)%		(21,464	)
Valley National Bancorp		20,353		(0.55	)%		(23,804	)
STORE Capital Corp.		10,145		(0.88	)%		(25,635	)
Agree Realty Corp.		7,178		(1.18	)%		(28,928	)
BOK Financial Corp.		4,072		(0.83	)%		(30,795	)
Crown Castle International Corp.		2,213		(0.74	)%		(34,472	)
Old National Bancorp		21,432		(0.92	)%		(38,290	)
Americold Realty Trust		28,980		(2.38	)%		(42,731	)
Athene Holding Ltd. — Class A		5,575		(0.61	)%		(44,780	)
American Tower Corp. — Class A		2,201		(1.18	)%		(45,189	)
EastGroup Properties, Inc.		2,231		(0.69	)%		(46,608	)
Arthur J Gallagher & Co.		5,645		(1.26	)%		(49,226	)
Alexandria Real Estate Equities, Inc.		3,966		(1.50	)%		(49,274	)
Easterly Government Properties, Inc.		26,684		(1.48	)%		(50,037	)
Equinix, Inc.		402		(0.55	)%		(53,560	)
Hudson Pacific Properties, Inc.		17,684		(1.56	)%		(55,785	)
Fifth Third Bancorp		12,309		(0.89	)%		(58,425	)
First Republic Bank		3,746		(1.03	)%		(59,036	)
Everest Re Group Ltd.		1,408		(0.91	)%		(59,273	)
SBA Communications Corp.		1,778		(1.00	)%		(61,411	)
RLI Corp.		5,055		(1.07	)%		(82,012	)
Sun Communities, Inc.		3,783		(1.33	)%		(120,753	)
Rexford Industrial Realty, Inc.		13,441		(1.44	)%		(136,378	)
Terreno Realty Corp.		10,129		(1.28	)%		(139,584	)
Total Financial							(1,537,205	)
Utilities
California Water Service Group		2,638		(0.32	)%		3,182
PNM Resources, Inc.		2,742		(0.33	)%		1,315
Eversource Energy		1,645		(0.33	)%		(1,724	)
WEC Energy Group, Inc.		1,516		(0.33	)%		(2,694	)
Sempra Energy		605		(0.21	)%		(2,796	)
South Jersey Industries, Inc.		4,356		(0.34	)%		(3,851	)
Alliant Energy Corp.		2,529		(0.32	)%		(3,949	)
MGE Energy, Inc.		1,190		(0.22	)%		(4,895	)
American States Water Co.		2,620		(0.53	)%		(7,685	)
Atmos Energy Corp.		1,220		(0.32	)%		(10,584	)
American Water Works Company, Inc.		1,897		(0.55	)%		(11,905	)
NextEra Energy, Inc.		584		(0.33	)%		(27,306	)
Dominion Energy, Inc.		12,444		(2.41	)%		(59,989	)
Total Utilities							(132,881	)
Technology
Appian Corp.		1,610		(0.14	)%		24,885
Workday, Inc. — Class A		400		(0.15	)%		13,392
Elastic N.V.		721		(0.11	)%		7,472
Alteryx, Inc. — Class A		617		(0.14	)%		6,330
MongoDB, Inc.		646		(0.20	)%		6,265
Veeva Systems, Inc. — Class A		449		(0.15	)%		5,209
Atlassian Corporation plc — Class A		512		(0.14	)%		2,836
Intuit, Inc.		339		(0.21	)%		2,768
ServiceNow, Inc.		263		(0.17	)%		2,581
Zscaler, Inc.		1,188		(0.13	)%		1,248
Manhattan Associates, Inc.		701		(0.13	)%		1,225
Twilio, Inc. — Class A		542		(0.12	)%		(131	)
Aspen Technology, Inc.		564		(0.16	)%		(711	)
Workiva, Inc.		1,313		(0.13	)%		(1,355	)
LivePerson, Inc.		1,505		(0.13	)%		(1,765	)
Paychex, Inc.		2,617		(0.52	)%		(2,978	)
Coupa Software, Inc.		490		(0.17	)%		(3,265	)
Guidewire Software, Inc.		573		(0.15	)%		(4,558	)
Fair Isaac Corp.		197		(0.17	)%		(4,782	)
Appfolio, Inc. — Class A		518		(0.13	)%		(5,293	)
Autodesk, Inc.		558		(0.24	)%		(5,360	)
HubSpot, Inc.		995		(0.37	)%		(6,559	)
Accenture plc — Class A		457		(0.23	)%		(7,204	)
PROS Holdings, Inc.		1,018		(0.14	)%		(7,481	)
Tyler Technologies, Inc.		159		(0.11	)%		(7,650	)
ANSYS, Inc.		233		(0.14	)%		(10,047	)
ExlService Holdings, Inc.		4,094		(0.67	)%		(13,276	)
Smartsheet, Inc. — Class A		2,416		(0.25	)%		(13,724	)
Five9, Inc.		836		(0.13	)%		(14,553	)
Paycom Software, Inc.		294		(0.18	)%		(14,825	)

Alpha Opportunity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Monolithic Power Systems, Inc.		416		(0.17	)%	$	(18,571	)
EPAM Systems, Inc.		1,184		(0.59	)%		(20,302	)
Science Applications International Corp.		4,926		(1.00	)%		(20,931	)
DocuSign, Inc.		1,955		(0.34	)%		(21,872	)
Broadcom, Inc.		532		(0.39	)%		(23,862	)
Adobe, Inc.		716		(0.55	)%		(27,003	)
Black Knight, Inc.		5,614		(0.85	)%		(30,519	)
salesforce.com, Inc.		2,476		(0.94	)%		(30,567	)
Genpact Ltd.		7,803		(0.77	)%		(31,611	)
ACI Worldwide, Inc.		8,034		(0.71	)%		(33,393	)
CACI International, Inc. — Class A		1,812		(1.06	)%		(47,568	)
Envestnet, Inc.		3,655		(0.60	)%		(54,951	)
Splunk, Inc.		1,788		(0.63	)%		(58,304	)
Total Technology							(470,760	)
Consumer, Non-cyclical
Rollins, Inc.		3,555		(0.28	)%		15,490
Guardant Health, Inc.		886		(0.16	)%		11,955
Verisk Analytics, Inc. — Class A		952		(0.33	)%		7,627
Gartner, Inc.		1,549		(0.56	)%		6,492
Glaukos Corp.		850		(0.11	)%		3,693
FleetCor Technologies, Inc.		926		(0.62	)%		3,545
Avalara, Inc.		742		(0.13	)%		(1,339	)
Booz Allen Hamilton Holding Corp.		1,223		(0.20	)%		(2,196	)
Intuitive Surgical, Inc.		121		(0.17	)%		(6,205	)
Bright Horizons Family Solutions, Inc.		1,527		(0.54	)%		(6,610	)
LiveRamp Holdings, Inc.		1,248		(0.14	)%		(6,745	)
Illumina, Inc.		224		(0.17	)%		(8,736	)
ResMed, Inc.		367		(0.13	)%		(9,278	)
Viad Corp.		3,645		(0.58	)%		(9,559	)
Paylocity Holding Corp.		406		(0.11	)%		(11,632	)
PayPal Holdings, Inc.		3,449		(0.87	)%		(15,958	)
Euronet Worldwide, Inc.		1,353		(0.50	)%		(18,156	)
IHS Markit Ltd.		1,264		(0.22	)%		(20,757	)
WEX, Inc.		2,271		(1.11	)%		(32,308	)
Brink's Co.		3,099		(0.66	)%		(35,946	)
MarketAxess Holdings, Inc.		393		(0.35	)%		(48,995	)
Avery Dennison Corp.		2,986		(0.91	)%		(63,679	)
Total Consumer, Non-cyclical							(249,297	)
Basic Materials
WR Grace & Co.		4,850		(0.79	)%		30,847
Allegheny Technologies, Inc.		5,984		(0.29	)%		28,783
Carpenter Technology Corp.		4,908		(0.57	)%		(2,916	)
Kaiser Aluminum Corp.		2,106		(0.55	)%		(13,859	)
Southern Copper Corp.		4,035		(0.40	)%		(21,962	)
Steel Dynamics, Inc.		4,684		(0.37	)%		(26,459	)
Reliance Steel & Aluminum Co.		1,461		(0.41	)%		(32,806	)
Commercial Metals Co.		6,884		(0.36	)%		(33,621	)
Balchem Corp.		3,547		(0.84	)%		(34,339	)
Freeport-McMoRan, Inc.		17,485		(0.54	)%		(40,642	)
Compass Minerals International, Inc.		5,757		(0.82	)%		(42,321	)
Air Products & Chemicals, Inc.		1,342		(0.74	)%		(48,344	)
PPG Industries, Inc.		2,798		(0.87	)%		(62,098	)
Sherwin-Williams Co.		633		(0.87	)%		(68,778	)
RPM International, Inc.		4,430		(0.80	)%		(69,056	)
Linde plc		3,202		(1.60	)%		(78,462	)
Total Basic Materials							(516,033	)
Industrial
HEICO Corp.		1,046		(0.28	)%		15,274
Roper Technologies, Inc.		670		(0.56	)%		6,460
Exponent, Inc.		2,484		(0.40	)%		2,525
Casella Waste Systems, Inc. — Class A		3,158		(0.34	)%		(9,042	)
Ball Corp.		4,134		(0.63	)%		(10,583	)
Universal Display Corp.		332		(0.16	)%		(11,387	)
Materion Corp.		5,495		(0.77	)%		(16,387	)
Sonoco Products Co.		3,220		(0.47	)%		(19,638	)
Westinghouse Air Brake Technologies Corp.		2,010		(0.37	)%		(26,687	)
Worthington Industries, Inc.		7,689		(0.76	)%		(41,778	)
Vulcan Materials Co.		2,641		(0.89	)%		(47,013	)
Martin Marietta Materials, Inc.		1,458		(0.95	)%		(99,389	)
TransDigm Group, Inc.		1,125		(1.48	)%		(123,212	)
Total Industrial							(380,857	)
Consumer, Cyclical
Wingstop, Inc.		2,607		(0.53	)%		18,718
McDonald's Corp.		683		(0.32	)%		3,454
Toro Co.		3,892		(0.73	)%		(28,014	)
Total Consumer, Cyclical							(5,842	)
Communications
8x8, Inc.		10,273		(0.44	)%		21,009
Palo Alto Networks, Inc.		871		(0.47	)%		10,072
Proofpoint, Inc.		2,079		(0.56	)%		5,143
Okta, Inc.		736		(0.20	)%		4,351
VeriSign, Inc.		358		(0.16	)%		1,444
Zendesk, Inc.		2,988		(0.54	)%		(6,738	)
Anaplan, Inc.		1,356		(0.17	)%		(7,339	)
Trade Desk, Inc. — Class A		233		(0.14	)%		(9,651	)
Charter Communications, Inc. — Class A		276		(0.31	)%		(10,133	)
RingCentral, Inc. — Class A		396		(0.16	)%		(17,632	)
Q2 Holdings, Inc.		3,311		(0.63	)%		(25,648	)
Total Communications							(35,122	)
Energy
Warrior Met Coal, Inc.		7,213		(0.36	)%		(13,045	)
Total MS Equity Short Custom Basket						$	(3,341,042	)

Alpha Opportunity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

GS EQUITY LONG CUSTOM BASKET
	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Consumer, Cyclical
World Fuel Services Corp.		1,549		0.70	%	$	15,876
Carnival Corp.		1,278		0.67	%		9,985
Las Vegas Sands Corp.		815		0.58	%		8,563
Norwegian Cruise Line Holdings Ltd.		654		0.39	%		6,257
Lear Corp.		539		0.78	%		6,218
BorgWarner, Inc.		1,521		0.69	%		5,299
Wyndham Destinations, Inc.		966		0.52	%		5,234
Aptiv plc		622		0.62	%		5,191
Allison Transmission Holdings, Inc.		1,256		0.64	%		5,162
Royal Caribbean Cruises Ltd.		262		0.37	%		4,872
Autoliv, Inc.		696		0.62	%		4,506
Gentherm, Inc.		1,186		0.55	%		3,934
AutoZone, Inc.		31		0.39	%		3,899
Southwest Airlines Co.		1,309		0.74	%		3,499
Toll Brothers, Inc.		1,067		0.44	%		2,564
PulteGroup, Inc.		895		0.36	%		2,336
Delta Air Lines, Inc.		819		0.50	%		1,997
SkyWest, Inc.		534		0.36	%		1,295
Starbucks Corp.		312		0.29	%		1,151
Brunswick Corp.		920		0.58	%		1,074
Extended Stay America, Inc.		3,555		0.55	%		894
Allegiant Travel Co. — Class A		166		0.30	%		848
DR Horton, Inc.		429		0.24	%		457
United Airlines Holdings, Inc.		318		0.29	%		427
Polaris, Inc.		388		0.41	%		131
Cummins, Inc.		206		0.39	%		(399	)
JetBlue Airways Corp.		1,200		0.24	%		(444	)
Mohawk Industries, Inc.		153		0.22	%		(1,092	)
Lennar Corp. — Class A		515		0.30	%		(1,486	)
Goodyear Tire & Rubber Co.		1,803		0.29	%		(1,520	)
Whirlpool Corp.		405		0.63	%		(1,631	)
General Motors Co.		856		0.33	%		(1,783	)
Cracker Barrel Old Country Store, Inc.		363		0.59	%		(2,256	)
Total Consumer, Cyclical							91,058
Consumer, Non-cyclical
Darling Ingredients, Inc.		2,964		0.87	%		24,394
CVS Health Corp.		1,242		0.97	%		23,244
Eli Lilly & Co.		802		1.11	%		18,446
Amgen, Inc.		411		1.04	%		15,401
Ingredion, Inc.		986		0.96	%		12,136
Zimmer Biomet Holdings, Inc.		368		0.58	%		10,622
Sysco Corp.		969		0.87	%		10,530
Kellogg Co.		1,275		0.92	%		9,613
Archer-Daniels-Midland Co.		2,502		1.22	%		8,953
Merck & Company, Inc.		1,066		1.02	%		8,238
Jazz Pharmaceuticals plc		388		0.61	%		7,398
Medtronic plc		516		0.61	%		6,672
Becton Dickinson and Co.		183		0.52	%		6,396
Campbell Soup Co.		1,187		0.62	%		6,061
Johnson & Johnson		502		0.77	%		5,196
Hormel Foods Corp.		1,778		0.84	%		5,041
Hologic, Inc.		1,118		0.61	%		5,026
Molina Healthcare, Inc.		220		0.31	%		4,853
Philip Morris International, Inc.		690		0.62	%		3,773
McKesson Corp.		682		0.99	%		3,690
Baxter International, Inc.		692		0.61	%		3,676
Herbalife Nutrition Ltd.		843		0.42	%		3,595
Thermo Fisher Scientific, Inc.		110		0.37	%		3,554
TrueBlue, Inc.		1,402		0.35	%		3,484
Post Holdings, Inc.		736		0.84	%		3,305
Kimberly-Clark Corp.		834		1.20	%		3,279
Abbott Laboratories		643		0.59	%		2,646
Macquarie Infrastructure Corp.		629		0.28	%		2,307
Clorox Co.		271		0.44	%		1,864
Procter & Gamble Co.		491		0.64	%		1,841
Integer Holdings Corp.		494		0.42	%		1,757
Alexion Pharmaceuticals, Inc.		345		0.39	%		1,668
General Mills, Inc.		1,599		0.90	%		1,585
Innoviva, Inc.		2,336		0.35	%		1,578
Molson Coors Beverage Co. — Class B		1,607		0.91	%		1,400
Cal-Maine Foods, Inc.		820		0.37	%		1,296
STERIS plc		231		0.37	%		1,259
PepsiCo, Inc.		176		0.25	%		611
Mondelez International, Inc. — Class A		541		0.31	%		278
Cardinal Health, Inc.		2,668		1.42	%		259
TreeHouse Foods, Inc.		657		0.33	%		(485	)
United Therapeutics Corp.		404		0.37	%		(742	)
Gilead Sciences, Inc.		1,428		0.97	%		(960	)
Hershey Co.		155		0.24	%		(1,095	)
John B Sanfilippo & Son, Inc.		326		0.31	%		(1,888	)
Pfizer, Inc.		2,472		1.02	%		(4,436	)
B&G Foods, Inc.		2,048		0.39	%		(5,036	)
JM Smucker Co.		859		0.94	%		(5,710	)
H&R Block, Inc.		1,388		0.34	%		(6,157	)
Total Consumer, Non-cyclical							210,416
Utilities
AES Corp.		4,985		1.04	%		17,926
PPL Corp.		2,676		1.01	%		13,609
FirstEnergy Corp.		1,928		0.98	%		9,785
Southern Co.		655		0.44	%		4,899
Avangrid, Inc.		1,380		0.74	%		3,187
NRG Energy, Inc.		2,202		0.92	%		2,428
Portland General Electric Co.		1,491		0.87	%		2,308
NiSource, Inc.		1,175		0.34	%		1,707
Avista Corp.		533		0.27	%		915
Ameren Corp.		869		0.70	%		863
Entergy Corp.		279		0.35	%		625
Evergy, Inc.		1,415		0.97	%		17
Public Service Enterprise Group, Inc.		828		0.51	%		(1,292	)
Exelon Corp.		2,033		0.97	%		(1,764	)
Pinnacle West Capital Corp.		949		0.89	%		(3,758	)
Vistra Energy Corp.		2,684		0.65	%		(7,026	)
National Fuel Gas Co.		1,450		0.71	%		(8,306	)
Total Utilities						$	36,123

Alpha Opportunity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Financial
Weingarten Realty Investors		3,037		0.99	%	$	6,747
Deluxe Corp.		673		0.35	%		5,114
JPMorgan Chase & Co.		176		0.26	%		4,950
Brixmor Property Group, Inc.		2,679		0.61	%		3,652
Janus Henderson Group plc		1,037		0.27	%		3,412
Hartford Financial Services Group, Inc.		367		0.23	%		1,982
Summit Hotel Properties, Inc.		3,151		0.41	%		1,918
Lexington Realty Trust		8,665		0.96	%		1,620
M&T Bank Corp.		138		0.25	%		986
Comerica, Inc.		322		0.24	%		746
Apartment Investment & Management Co. — Class A		1,130		0.61	%		588
Sunstone Hotel Investors, Inc.		1,824		0.27	%		(43	)
Travelers Companies, Inc.		168		0.24	%		(517	)
Franklin Resources, Inc.		1,492		0.41	%		(1,639	)
Equity Commonwealth		3,280		1.13	%		(1,956	)
Total Financial							27,560
Industrial
Kansas City Southern		357		0.57	%		11,747
Lincoln Electric Holdings, Inc.		895		0.91	%		11,365
Regal Beloit Corp.		698		0.63	%		9,829
Caterpillar, Inc.		412		0.64	%		9,071
Crane Co.		999		0.90	%		9,023
Werner Enterprises, Inc.		1,908		0.73	%		8,720
Schneider National, Inc. — Class B		2,338		0.53	%		8,683
Landstar System, Inc.		553		0.66	%		6,493
Vishay Intertechnology, Inc.		1,185		0.26	%		6,445
Agilent Technologies, Inc.		409		0.37	%		6,172
Union Pacific Corp.		220		0.42	%		6,042
Old Dominion Freight Line, Inc.		119		0.24	%		5,836
Knight-Swift Transportation Holdings, Inc.		1,128		0.42	%		5,392
Kennametal, Inc.		1,332		0.52	%		5,292
Marten Transport Ltd.		1,807		0.41	%		5,184
Oshkosh Corp.		313		0.31	%		4,861
Mettler-Toledo International, Inc.		42		0.35	%		4,757
Gentex Corp.		2,350		0.71	%		4,660
Heartland Express, Inc.		1,975		0.44	%		4,582
Waters Corp.		167		0.41	%		3,858
Garmin Ltd.		329		0.34	%		3,798
Norfolk Southern Corp.		514		1.05	%		3,355
Honeywell International, Inc.		189		0.35	%		2,977
Sturm Ruger & Company, Inc.		761		0.38	%		1,464
MDU Resources Group, Inc.		777		0.24	%		484
Echo Global Logistics, Inc.		1,869		0.41	%		235
J.B. Hunt Transport Services, Inc.		393		0.48	%		159
CH Robinson Worldwide, Inc.		920		0.75	%		(2,107	)
Textron, Inc.		1,053		0.49	%		(3,050	)
CSX Corp.		1,044		0.79	%		(4,552	)
FedEx Corp.		846		1.34	%		(4,564	)
Total Industrial							136,211
Communications
Verizon Communications, Inc.		1,903		1.23	%		7,600
News Corp. — Class A		3,774		0.56	%		6,523
Discovery, Inc. — Class A		1,965		0.67	%		6,438
AT&T, Inc.		2,503		1.03	%		4,179
TEGNA, Inc.		1,936		0.34	%		3,310
Omnicom Group, Inc.		1,450		1.23	%		3,303
Scholastic Corp.		660		0.27	%		3,214
Booking Holdings, Inc.		26		0.56	%		2,748
Juniper Networks, Inc.		892		0.23	%		954
Yelp, Inc. — Class A		1,034		0.38	%		569
Alphabet, Inc. — Class C		20		0.28	%		482
AMC Networks, Inc. — Class A		1,409		0.58	%		(447	)
eBay, Inc.		1,701		0.64	%		(3,056	)
Total Communications							35,817
Energy
Phillips 66		348		0.41	%		9,291
Devon Energy Corp.		2,115		0.58	%		8,817
HollyFrontier Corp.		877		0.47	%		8,642
Valero Energy Corp.		561		0.55	%		6,371
ConocoPhillips		680		0.46	%		5,288
ONEOK, Inc.		320		0.25	%		1,778
Kinder Morgan, Inc.		2,062		0.46	%		937
Chevron Corp.		651		0.82	%		(648	)
Delek US Holdings, Inc.		1,154		0.41	%		(2,571	)
Exxon Mobil Corp.		1,643		1.20	%		(3,836	)
CVR Energy, Inc.		963		0.41	%		(6,011	)
Total Energy							28,058
Technology
Skyworks Solutions, Inc.		223		0.28	%		10,461
Activision Blizzard, Inc.		546		0.34	%		3,683
Oracle Corp.		402		0.22	%		(350	)
Teradata Corp.		896		0.25	%		(1,926	)
Total Technology							11,868
Basic Materials
Domtar Corp.		691		0.28	%		1,839
Total GS Equity Long Custom Basket						$	578,950

GS EQUITY SHORT CUSTOM BASKET
	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Financial
WP Carey, Inc.		6,304		(1.25	)%		51,974
Essential Properties Realty Trust, Inc.		11,213		(0.69	)%		18,195
Acadia Realty Trust		6,403		(0.42	)%		15,445
CME Group, Inc. — Class A		1,053		(0.53	)%		5,442
Northwest Bancshares, Inc.		9,815		(0.41	)%		2,578

Alpha Opportunity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
National Storage Affiliates Trust		4,290		(0.35	)%	$	1,529
UDR, Inc.		6,369		(0.73	)%		1,320
American Assets Trust, Inc.		8,232		(0.93	)%		635
Capitol Federal Financial, Inc.		11,172		(0.38	)%		573
BancorpSouth Bank		5,700		(0.44	)%		(1,414	)
Camden Property Trust		2,204		(0.58	)%		(1,766	)
American Campus Communities, Inc.		10,341		(1.20	)%		(3,086	)
Atlantic Union Bankshares Corp.		3,300		(0.30	)%		(3,833	)
Global Net Lease, Inc.		6,841		(0.34	)%		(4,638	)
Armada Hoffler Properties, Inc.		17,323		(0.78	)%		(4,950	)
BankUnited, Inc.		2,544		(0.23	)%		(7,785	)
CenterState Bank Corp.		5,742		(0.35	)%		(8,319	)
Reinsurance Group of America, Inc. — Class A		2,641		(1.06	)%		(8,965	)
Realty Income Corp.		6,592		(1.19	)%		(9,229	)
Intercontinental Exchange, Inc.		4,299		(0.98	)%		(10,275	)
RLI Corp.		5,055		(1.12	)%		(11,396	)
Douglas Emmett, Inc.		4,338		(0.47	)%		(13,101	)
Crown Castle International Corp.		2,213		(0.77	)%		(13,788	)
STAG Industrial, Inc.		7,832		(0.61	)%		(14,273	)
UMB Financial Corp.		2,252		(0.38	)%		(14,279	)
RenaissanceRe Holdings Ltd.		1,521		(0.73	)%		(14,444	)
QTS Realty Trust, Inc. — Class A		4,383		(0.59	)%		(15,416	)
Synovus Financial Corp.		3,942		(0.38	)%		(15,688	)
Mastercard, Inc. — Class A		559		(0.41	)%		(15,959	)
Healthcare Realty Trust, Inc.		13,056		(1.07	)%		(16,346	)
Washington Real Estate Investment Trust		9,405		(0.68	)%		(16,390	)
Brown & Brown, Inc.		11,048		(1.07	)%		(18,076	)
Columbia Financial, Inc.		9,116		(0.38	)%		(18,323	)
Valley National Bancorp		20,353		(0.57	)%		(20,685	)
STORE Capital Corp.		10,145		(0.93	)%		(23,423	)
Glacier Bancorp, Inc.		4,457		(0.50	)%		(25,940	)
People's United Financial, Inc.		23,290		(0.97	)%		(26,533	)
Agree Realty Corp.		7,178		(1.24	)%		(26,774	)
Everest Re Group Ltd.		1,408		(0.96	)%		(29,460	)
SBA Communications Corp.		1,778		(1.05	)%		(31,323	)
Equinix, Inc.		402		(0.58	)%		(31,943	)
American Tower Corp. — Class A		2,201		(1.24	)%		(33,477	)
Old National Bancorp		21,432		(0.96	)%		(33,966	)
Alexandria Real Estate Equities, Inc.		3,966		(1.58	)%		(34,698	)
EastGroup Properties, Inc.		2,231		(0.73	)%		(40,582	)
BOK Financial Corp.		4,072		(0.88	)%		(42,442	)
Athene Holding Ltd. — Class A		5,575		(0.64	)%		(44,754	)
Arthur J Gallagher & Co.		5,645		(1.32	)%		(47,752	)
Easterly Government Properties, Inc.		26,684		(1.56	)%		(51,026	)
Fifth Third Bancorp		12,309		(0.93	)%		(56,331	)
Hudson Pacific Properties, Inc.		17,684		(1.64	)%		(59,090	)
First Republic Bank		3,745		(1.08	)%		(64,965	)
Terreno Realty Corp.		10,129		(1.35	)%		(71,469	)
Rexford Industrial Realty, Inc.		13,441		(1.51	)%		(80,215	)
Sun Communities, Inc.		3,783		(1.40	)%		(81,221	)
Total Financial							(1,122,117	)
Utilities
California Water Service Group		2,638		(0.33	)%		3,406
PNM Resources, Inc.		2,742		(0.34	)%		1,703
Eversource Energy		1,645		(0.34	)%		(1,423	)
WEC Energy Group, Inc.		1,516		(0.34	)%		(2,575	)
Sempra Energy		605		(0.23	)%		(3,098	)
Alliant Energy Corp.		2,529		(0.34	)%		(4,568	)
MGE Energy, Inc.		1,190		(0.23	)%		(4,992	)
South Jersey Industries, Inc.		4,356		(0.35	)%		(5,220	)
American States Water Co.		2,620		(0.56	)%		(7,167	)
American Water Works Company, Inc.		1,897		(0.57	)%		(9,089	)
Atmos Energy Corp.		1,220		(0.34	)%		(10,959	)
NextEra Energy, Inc.		584		(0.35	)%		(23,143	)
Total Utilities							(67,125	)
Technology
Appian Corp.		1,610		(0.15	)%		22,791
Elastic N.V.		721		(0.11	)%		18,926
Workday, Inc. — Class A		400		(0.16	)%		13,731
Alteryx, Inc. — Class A		617		(0.15	)%		12,019
Veeva Systems, Inc. — Class A		449		(0.16	)%		9,524
MongoDB, Inc.		646		(0.21	)%		9,128
Atlassian Corporation plc — Class A		512		(0.15	)%		6,478
Aspen Technology, Inc.		564		(0.17	)%		4,532
ServiceNow, Inc.		263		(0.18	)%		2,894
Zscaler, Inc.		1,188		(0.14	)%		2,027
Manhattan Associates, Inc.		701		(0.14	)%		1,842
Coupa Software, Inc.		490		(0.18	)%		1,522
Intuit, Inc.		339		(0.22	)%		353
Twilio, Inc. — Class A		542		(0.13	)%		(65	)
LivePerson, Inc.		1,505		(0.14	)%		(1,242	)
Workiva, Inc.		1,313		(0.14	)%		(1,653	)
Paychex, Inc.		2,617		(0.55	)%		(2,611	)
HubSpot, Inc.		995		(0.39	)%		(4,407	)
Fair Isaac Corp.		197		(0.18	)%		(4,737	)
Appfolio, Inc. — Class A		518		(0.14	)%		(5,464	)
Guidewire Software, Inc.		573		(0.15	)%		(5,936	)
Accenture plc — Class A		457		(0.24	)%		(6,961	)
Tyler Technologies, Inc.		159		(0.12	)%		(7,625	)
PROS Holdings, Inc.		1,018		(0.15	)%		(7,916	)
Autodesk, Inc.		558		(0.25	)%		(9,519	)
Paycom Software, Inc.		294		(0.19	)%		(11,279	)
ANSYS, Inc.		233		(0.15	)%		(11,801	)
Smartsheet, Inc. — Class A		2,416		(0.27	)%		(11,963	)
ExlService Holdings, Inc.		4,094		(0.70	)%		(13,239	)
Five9, Inc.		836		(0.13	)%		(13,757	)
Monolithic Power Systems, Inc.		416		(0.18	)%		(19,490	)

Alpha Opportunity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Science Applications International Corp.		4,926		(1.05	)%	$	(19,616	)
EPAM Systems, Inc.		1,184		(0.62	)%		(20,870	)
Broadcom, Inc.		532		(0.41	)%		(22,563	)
DocuSign, Inc.		1,955		(0.36	)%		(25,653	)
Adobe, Inc.		716		(0.58	)%		(28,432	)
Black Knight, Inc.		5,614		(0.89	)%		(29,644	)
Genpact Ltd.		7,803		(0.81	)%		(30,657	)
salesforce.com, Inc.		2,476		(0.99	)%		(33,338	)
ACI Worldwide, Inc.		8,034		(0.75	)%		(34,435	)
CACI International, Inc. — Class A		1,812		(1.11	)%		(46,657	)
Envestnet, Inc.		3,655		(0.63	)%		(54,481	)
Splunk, Inc.		1,788		(0.66	)%		(55,863	)
Total Technology							(436,107	)
Consumer, Non-cyclical
Rollins, Inc.		3,555		(0.29	)%		15,570
Verisk Analytics, Inc. — Class A		952		(0.35	)%		7,717
Gartner, Inc.		1,549		(0.59	)%		6,371
Avalara, Inc.		742		(0.13	)%		5,603
Glaukos Corp.		850		(0.11	)%		4,258
FleetCor Technologies, Inc.		926		(0.66	)%		4,010
Guardant Health, Inc.		886		(0.17	)%		2,045
Bright Horizons Family Solutions, Inc.		1,527		(0.56	)%		(470	)
Booz Allen Hamilton Holding Corp.		1,223		(0.21	)%		(1,679	)
LiveRamp Holdings, Inc.		1,248		(0.15	)%		(6,071	)
Paylocity Holding Corp.		406		(0.12	)%		(6,073	)
Intuitive Surgical, Inc.		121		(0.18	)%		(7,538	)
Illumina, Inc.		224		(0.18	)%		(7,862	)
ResMed, Inc.		367		(0.14	)%		(9,128	)
Viad Corp.		3,645		(0.61	)%		(10,428	)
PayPal Holdings, Inc.		3,449		(0.92	)%		(13,990	)
Euronet Worldwide, Inc.		1,353		(0.52	)%		(16,238	)
MarketAxess Holdings, Inc.		393		(0.37	)%		(16,632	)
IHS Markit Ltd.		1,264		(0.23	)%		(19,857	)
WEX, Inc.		2,271		(1.17	)%		(30,373	)
Brink's Co.		3,099		(0.69	)%		(32,801	)
Avery Dennison Corp.		2,986		(0.96	)%		(59,174	)
Total Consumer, Non-cyclical							(192,740	)
Basic Materials
WR Grace & Co.		4,850		(0.83	)%		22,747
Allegheny Technologies, Inc.		5,984		(0.30	)%		20,594
Carpenter Technology Corp.		4,908		(0.60	)%		(1,626	)
Balchem Corp.		3,547		(0.89	)%		(17,617	)
Southern Copper Corp.		4,035		(0.42	)%		(22,112	)
Air Products & Chemicals, Inc.		1,342		(0.78	)%		(26,590	)
Steel Dynamics, Inc.		4,684		(0.39	)%		(27,043	)
Compass Minerals International, Inc.		5,757		(0.86	)%		(27,131	)
Reliance Steel & Aluminum Co.		1,461		(0.43	)%		(32,602	)
Commercial Metals Co.		6,884		(0.38	)%		(33,618	)
Kaiser Aluminum Corp.		2,106		(0.57	)%		(35,379	)
Freeport-McMoRan, Inc.		17,472		(0.56	)%		(41,681	)
PPG Industries, Inc.		2,798		(0.92	)%		(51,021	)
Linde plc		3,202		(1.68	)%		(53,014	)
Sherwin-Williams Co.		633		(0.91	)%		(58,166	)
RPM International, Inc.		4,430		(0.84	)%		(68,889	)
Total Basic Materials							(453,148	)
Industrial
Materion Corp.		5,495		(0.80	)%		31,291
HEICO Corp.		1,046		(0.29	)%		16,678
Ball Corp.		4,134		(0.66	)%		8,862
Roper Technologies, Inc.		670		(0.58	)%		6,877
Exponent, Inc.		2,484		(0.42	)%		2,913
Universal Display Corp.		332		(0.17	)%		(4,670	)
Casella Waste Systems, Inc. — Class A		3,158		(0.36	)%		(8,779	)
Vulcan Materials Co.		2,641		(0.94	)%		(16,912	)
Sonoco Products Co.		3,220		(0.49	)%		(19,047	)
Westinghouse Air Brake Technologies Corp.		2,010		(0.38	)%		(24,797	)
Worthington Industries, Inc.		7,689		(0.80	)%		(41,517	)
Martin Marietta Materials, Inc.		1,458		(1.00	)%		(66,696	)
TransDigm Group, Inc.		1,125		(1.55	)%		(104,456	)
Total Industrial							(220,253	)
Communications
8x8, Inc.		10,273		(0.46	)%		20,770
Okta, Inc.		736		(0.21	)%		9,733
VeriSign, Inc.		358		(0.17	)%		3,100
Zendesk, Inc.		2,988		(0.56	)%		(2,110	)
Proofpoint, Inc.		2,079		(0.59	)%		(4,815	)
Anaplan, Inc.		1,356		(0.17	)%		(6,696	)
Trade Desk, Inc. — Class A		233		(0.15	)%		(7,377	)
Charter Communications, Inc. — Class A		276		(0.33	)%		(10,227	)
RingCentral, Inc. — Class A		396		(0.16	)%		(16,214	)
Q2 Holdings, Inc.		3,311		(0.66	)%		(19,925	)
Palo Alto Networks, Inc.		871		(0.50	)%		(23,456	)
Total Communications							(57,217	)
Consumer, Cyclical
Wingstop, Inc.		2,607		(0.55	)%		17,713
McDonald's Corp.		683		(0.33	)%		5,032
Toro Co.		3,892		(0.76	)%		(27,561	)
Total Consumer, Cyclical							(4,816	)
Energy
Warrior Met Coal, Inc.		7,213		(0.37	)%		(12,375	)
Total GS Equity Short Custom Basket						$	(2,565,898	)

Alpha Opportunity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

*	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 custom basket swap collateral at December 31, 2019.
2	Rate indicated is the 7-day yield as of December 31, 2019.

GS — Goldman Sachs International

MS — Morgan Stanley Capital Services LLC

plc — Public Limited Company

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2019 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	91,632,762	$	—	$	—	$	91,632,762
Money Market Fund		2,581,449		—		—		2,581,449
Custom Basket Swap Agreements**		—		1,200,581		—		1,200,581
Total Assets	$	94,214,211	$	1,200,581	$	—	$	95,414,792

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Custom Basket Swap Agreements**	$	—	$	5,906,940	$	—	$	5,906,940

** This derivative is reported as unrealized appreciation/depreciation at period end.

Capital Stewardship Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Shares		Value
COMMON STOCKS† - 99.8%
Consumer, Non-cyclical - 20.3%
Johnson & Johnson		29,990	$	4,374,641
Amgen, Inc.		16,960		4,088,547
Eli Lilly & Co.		22,411		2,945,478
Gilead Sciences, Inc.		44,714		2,905,516
Pfizer, Inc.		73,411		2,876,243
Procter & Gamble Co.		20,037		2,502,621
Kimberly-Clark Corp.		17,753		2,441,925
Merck & Company, Inc.		26,845		2,441,553
Quest Diagnostics, Inc.		15,573		1,663,041
Baxter International, Inc.		18,598		1,555,165
Humana, Inc.		3,783		1,386,545
S&P Global, Inc.		4,709		1,285,792
Zoetis, Inc.		9,604		1,271,089
Moody's Corp.		5,217		1,238,568
Kellogg Co.		17,486		1,209,332
Becton Dickinson and Co.		4,370		1,188,509
Regeneron Pharmaceuticals, Inc.*		2,510		942,455
Sysco Corp.		10,973		938,631
Abbott Laboratories		10,774		935,829
PepsiCo, Inc.		6,757		923,479
Colgate-Palmolive Co.		11,704		805,704
Molson Coors Beverage Co. — Class B		14,348		773,357
JM Smucker Co.		6,232		648,938
Bristol-Myers Squibb Co.		9,421		604,734
Coca-Cola Co.		9,854		545,419
Biogen, Inc.*		1,734		514,530
General Mills, Inc.		8,811		471,917
AbbVie, Inc.		4,913		434,997
Stryker Corp.		2,066		433,736
Constellation Brands, Inc. — Class A		1,693		321,247
Illumina, Inc.*		684		226,910
Total Consumer, Non-cyclical				44,896,448
Technology - 16.6%
Microsoft Corp.		58,214		9,180,348
Apple, Inc.		24,174		7,098,695
Accenture plc — Class A		12,616		2,656,551
Texas Instruments, Inc.		17,588		2,256,365
Intel Corp.		33,324		1,994,441
salesforce.com, Inc.*		11,174		1,817,339
Micron Technology, Inc.*		31,082		1,671,590
Oracle Corp.		28,637		1,517,188
Applied Materials, Inc.		19,255		1,175,325
Lam Research Corp.		3,945		1,153,518
Cerner Corp.		15,290		1,122,133
Intuit, Inc.		3,721		974,642
Adobe, Inc.*		2,396		790,225
NVIDIA Corp.		2,786		655,546
QUALCOMM, Inc.		7,092		625,727
NetApp, Inc.		9,024		561,744
ON Semiconductor Corp.*		17,631		429,844
Cognizant Technology Solutions Corp. — Class A		6,000		372,120
HubSpot, Inc.*		2,329		369,146
Fiserv, Inc.*		3,173		366,894
Total Technology				36,789,381
Financial - 16.4%
Visa, Inc. — Class A		17,587		3,304,597
Mastercard, Inc. — Class A		10,994		3,282,698
JPMorgan Chase & Co.		15,104		2,105,498
American Express Co.		14,201		1,767,883
Citigroup, Inc.		21,269		1,699,180
Prudential Financial, Inc.		16,892		1,583,456
Chubb Ltd.		9,176		1,428,336
Travelers Companies, Inc.		10,176		1,393,603
Morgan Stanley		26,781		1,369,045
Wells Fargo & Co.		23,139		1,244,878
Equinix, Inc. REIT		2,061		1,203,006
Marsh & McLennan Companies, Inc.		10,790		1,202,114
Northern Trust Corp.		10,668		1,133,368
Allstate Corp.		9,684		1,088,966
T. Rowe Price Group, Inc.		8,762		1,067,562
Prologis, Inc. REIT		11,864		1,057,557
Aflac, Inc.		19,604		1,037,052
Extra Space Storage, Inc. REIT		9,626		1,016,698
American Tower Corp. — Class A REIT		4,270		981,331
Bank of America Corp.		26,248		924,455
Intercontinental Exchange, Inc.		9,083		840,632
Capital One Financial Corp.		7,985		821,736
Ventas, Inc. REIT		11,693		675,154
Progressive Corp.		9,013		652,451
Sun Communities, Inc. REIT		3,954		593,495
Crown Castle International Corp. REIT		3,801		540,312
Credit Acceptance Corp.*		1,090		482,140
CBRE Group, Inc. — Class A*		7,054		432,340
Truist Financial Corp.		7,068		398,070
BlackRock, Inc. — Class A		697		350,382
U.S. Bancorp		5,415		321,055
Discover Financial Services		3,002		254,630
Total Financial				36,253,680
Communications - 15.6%
Amazon.com, Inc.*		2,949		5,449,280
Alphabet, Inc. — Class A*		3,984		5,336,130
Verizon Communications, Inc.		77,551		4,761,631
AT&T, Inc.		74,471		2,910,327
Facebook, Inc. — Class A*		12,684		2,603,391
Omnicom Group, Inc.		24,291		1,968,057
Cisco Systems, Inc.		37,911		1,818,212
eBay, Inc.		45,979		1,660,301
Comcast Corp. — Class A		25,546		1,148,804
CDW Corp.		7,906		1,129,293
Walt Disney Co.		7,620		1,102,081
Booking Holdings, Inc.*		523		1,074,101
Juniper Networks, Inc.		37,440		922,147
Discovery, Inc. — Class A*		23,188		759,175
Motorola Solutions, Inc.		4,579		737,860
Charter Communications, Inc. — Class A*		1,097		532,133
AMC Networks, Inc. — Class A*		12,669		500,425
Total Communications				34,413,348
Industrial - 12.7%
3M Co.		16,476		2,906,696
Union Pacific Corp.		13,528		2,445,727
Honeywell International, Inc.		13,464		2,383,128
FedEx Corp.		14,457		2,186,043
Landstar System, Inc.		16,240		1,849,249

Capital Stewardship Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Shares		Value
COMMON STOCKS† - 99.8% (continued)
Industrial - 12.7% (continued)
Caterpillar, Inc.		12,332	$	1,821,190
CH Robinson Worldwide, Inc.		23,110		1,807,202
United Parcel Service, Inc. — Class B		14,982		1,753,793
CSX Corp.		21,796		1,577,159
Gentex Corp.		47,057		1,363,712
Ingersoll-Rand plc		8,475		1,126,497
Illinois Tool Works, Inc.		6,164		1,107,239
Deere & Co.		6,233		1,079,930
Amphenol Corp. — Class A		9,917		1,073,317
Expeditors International of Washington, Inc.		13,353		1,041,801
Waste Management, Inc.		8,955		1,020,512
Republic Services, Inc. — Class A		7,618		682,801
United Technologies Corp.		3,412		510,981
Waters Corp.*		1,613		376,877
Total Industrial				28,113,854
Consumer, Cyclical - 12.2%
Home Depot, Inc.		25,560		5,581,793
Starbucks Corp.		29,705		2,611,663
Delta Air Lines, Inc.		42,387		2,478,792
General Motors Co.		54,770		2,004,582
Cummins, Inc.		9,619		1,721,416
AutoZone, Inc.*		1,154		1,374,772
Southwest Airlines Co.		24,854		1,341,619
BorgWarner, Inc.		30,876		1,339,401
Whirlpool Corp.		8,110		1,196,468
WW Grainger, Inc.		3,365		1,139,120
Lowe's Companies, Inc.		8,774		1,050,774
Pool Corp.		4,346		923,003
Best Buy Company, Inc.		9,409		826,110
NIKE, Inc. — Class B		7,531		762,966
Costco Wholesale Corp.		2,236		657,205
Lululemon Athletica, Inc.*		2,694		624,119
PulteGroup, Inc.		14,434		560,039
Walgreens Boots Alliance, Inc.		5,409		318,915
Allison Transmission Holdings, Inc.		5,899		285,040
Ross Stores, Inc.		2,005		233,422
Total Consumer, Cyclical				27,031,219
Energy - 3.4%
EOG Resources, Inc.		22,681		1,899,761
Chevron Corp.		13,791		1,661,953
ConocoPhillips		24,859		1,616,581
Phillips 66		7,272		810,173
Valero Energy Corp.		7,683		719,513
Hess Corp.		7,452		497,868
Baker Hughes Co.		14,987		384,117
Total Energy				7,589,966
Utilities - 1.6%
NextEra Energy, Inc.		7,411		1,794,648
Exelon Corp.		23,183		1,056,913
Duke Energy Corp.		7,555		689,091
Total Utilities				3,540,652
Basic Materials - 1.0%
Celanese Corp. — Class A		5,430		668,542
Air Products & Chemicals, Inc.		2,513		590,530
Ecolab, Inc.		2,446		472,053
Axalta Coating Systems Ltd.*		10,430		317,072
Steel Dynamics, Inc.		7,991		272,014
Total Basic Materials				2,320,211
Total Common Stocks
(Cost $198,593,937)				220,948,759

EXCHANGE-TRADED FUNDS† - 0.8%
SPDR S&P 500 ETF Trust	5,250	1,689,765
Total Exchange-Traded Funds
(Cost $1,473,335)		1,689,765

MONEY MARKET FUND† - 0.4%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares 1.44%1	867,508		867,508
Total Money Market Fund
(Cost $867,508)			867,508
Total Investments - 101.0%
(Cost $200,934,780)		$	223,506,032
Other Assets & Liabilities, net - (1.0)%			(2,296,671	)
Total Net Assets - 100.0%		$	221,209,361

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
1	Rate indicated is the 7-day yield as of December 31, 2019.

plc — Public Limited Company

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

Capital Stewardship Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

The following table summarizes the inputs used to value the Fund's investments at December 31, 2019 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	220,948,759	$	—	$	—	$	220,948,759
Exchange-Traded Funds		1,689,765		—		—		1,689,765
Money Market Fund		867,508		—		—		867,508
Total Assets	$	223,506,032	$	—	$	—	$	223,506,032

Diversified Income Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Shares		Value
EXCHANGE-TRADED FUNDS† - 5.2%
Invesco S&P High Income Infrastructure ETF		13,520	$	387,060
Total Exchange-Traded Funds
(Cost $292,635)				387,060

MUTUAL FUNDS† - 84.6%
Guggenheim High Yield Fund — R6-Class1	144,467	1,577,583
Guggenheim Investment Grade Bond Fund — Institutional Class1	82,148	1,535,340
Guggenheim Floating Rate Strategies Fund — R6-Class1	51,388	1,302,673
Guggenheim Limited Duration Fund — R6-Class1	31,246	767,408
Guggenheim Risk Managed Real Estate Fund — Institutional Class1	23,132	755,939
Guggenheim World Equity Income Fund — Institutional Class1	24,410	390,309
Total Mutual Funds
(Cost $6,099,040)		6,329,252

CLOSED-END FUNDS† - 9.4%
Neuberger Berman High Yield Strategies Fund, Inc.	2,113	26,096
John Hancock Investors Trust	1,278	22,697
Western Asset Premier Bond Fund	1,529	22,400
BlackRock Enhanced Capital and Income Fund, Inc.	1,199	20,683
Apollo Tactical Income Fund, Inc.	1,345	20,310
Pioneer High Income Trust	2,119	20,215
Western Asset High Income Fund II, Inc.	2,948	19,870
BlackRock Limited Duration Income Trust	1,200	19,668
John Hancock Preferred Income Fund III	1,000	19,290
PGIM High Yield Bond Fund, Inc.	1,242	19,127
Eaton Vance Enhanced Equity Income Fund II	1,058	18,864
Eaton Vance Tax-Advantaged Dividend Income Fund	712	18,170
Calamos Convertible Opportunities and Income Fund	1,644	18,084
Eaton Vance Tax-Advantaged Global Dividend Income Fund	1,000	18,020
AllianzGI Diversified Income & Convertible Fund	708	17,417
BlackRock Multi-Sector Income Trust	1,067	17,243
Eaton Vance Limited Duration Income Fund	1,300	17,225
Eaton Vance Tax-Managed Buy-Write Opportunities Fund	1,150	17,193
Cohen & Steers Quality Income Realty Fund, Inc.	1,150	17,112
BlackRock Credit Allocation Income Trust	1,209	16,902
Western Asset Global High Income Fund, Inc.	1,650	16,533
Clough Global Equity Fund	1,350	16,295
John Hancock Income Securities Trust	1,100	16,291
BlackRock Corporate High Yield Fund, Inc.	1,452	16,262
Apollo Senior Floating Rate Fund, Inc.	1,074	16,260
First Trust Energy Income and Growth Fund	700	15,827
Cohen & Steers Infrastructure Fund, Inc.	600	15,720
Western Asset Emerging Markets Debt Fund, Inc.	1,100	15,697
Ivy High Income Opportunities Fund	1,128	15,679
KKR Income Opportunities Fund	991	15,638
Nuveen Preferred & Income Term Fund	600	15,486
Western Asset Global Corporate Defined Opportunity Fund, Inc.	823	15,003
Reaves Utility Income Fund	400	14,824
Blackstone / GSO Strategic Credit Fund	1,030	14,811
ClearBridge MLP & Midstream Total Return Fund, Inc.	1,700	14,603
Eaton Vance Senior Floating-Rate Trust	1,077	14,593
Brookfield Real Assets Income Fund, Inc.	670	14,304
DoubleLine Income Solutions Fund	718	14,188
AllianceBernstein Global High Income Fund, Inc.	1,164	14,119
Voya Global Advantage and Premium Opportunity Fund	1,289	13,509
Nuveen Senior Income Fund	2,251	13,416
Total Closed-End Funds
(Cost $669,561)		705,644

MONEY MARKET FUND† - 0.4%
Goldman Sachs Financial Square Treasury Instruments Fund — Institutional Shares 1.43%2	29,973		29,973
Total Money Market Fund
(Cost $29,973)			29,973
Total Investments - 99.6%
(Cost $7,091,209)		$	7,451,929
Other Assets & Liabilities, net - 0.4%			31,482
Total Net Assets - 100.0%		$	7,483,411

Diversified Income Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

†	Value determined based on Level 1 inputs — See Note 3.
1	Affiliated issuer.
2	Rate indicated is the 7-day yield as of December 31, 2019.

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2019 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Exchange-Traded Funds	$	387,060	$	—	$	—	$	387,060
Mutual Funds		6,329,252		—		—		6,329,252
Closed-End Funds		705,644		—		—		705,644
Money Market Fund		29,973		—		—		29,973
Total Assets	$	7,451,929	$	—	$	—	$	7,451,929

Affiliated Transactions

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

Transactions during the period ended December 31, 2019, in which the company is an affiliated issuer, were as follows:  

Security Name	Value 09/30/19		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 12/31/19		Shares 12/31/19		Investment Income		Capital Gain Distributions
Mutual Funds
Guggenheim Floating Rate Strategies Fund — R6-Class	$	1,282,310	$	15,163	$	–	$	–	$	5,200		$	1,302,673		51,388	$	15,017	$	–
Guggenheim High Yield Fund — R6-Class		1,545,504		27,671		–		–		4,408			1,577,583		144,467		27,429		–
Guggenheim Investment Grade Bond Fund — Institutional Class		1,545,121		8,245		–		–		(18,026	)		1,535,340		82,148		8,167		–
Guggenheim Limited Duration Fund — R6-Class		766,309		4,214		–		–		(3,115	)		767,408		31,246		4,180		–
Guggenheim Risk Managed Real Estate Fund — Institutional Class		762,161		34,194		–		–		(40,416	)		755,939		23,132		5,685		28,509
Guggenheim World Equity Income Fund — Institutional Class		367,036		3,178		–		–		20,095			390,309		24,410		2,179		1,000
	$	6,268,441	$	92,665	$	–	$	–	$	(31,854	)	$	6,329,252			$	62,657	$	29,509

Floating Rate Strategies Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Shares		Value
COMMON STOCKS†† - 0.2%
Consumer, Non-cyclical - 0.1%
Chef Holdings, Inc.*,†††,1		14,334	$	1,675,358
Targus Group International, Inc.*,†††,1,2		12,773		22,826
Total Consumer, Non-cyclical				1,698,184
Industrial - 0.1%
API Heat Transfer Parent LLC*		2,902,566		464,411
BP Holdco LLC*,†††,1,2		244,278		86,255
Vector Phoenix Holdings, LP*,†††,1		244,278		20,441
Total Industrial				571,107
Total Common Stocks
(Cost $3,337,771)				2,269,291

PREFERRED STOCKS†† - 0.0%
Industrial - 0.0%
API Heat Transfer Intermediate*	618	451,374
Total Preferred Stocks
(Cost $493,920)		451,374

MONEY MARKET FUND† - 1.3%
Federated U.S. Treasury Cash Reserve Fund — Institutional Shares 1.46%3	17,551,354	17,551,354
Total Money Market Fund
(Cost $17,551,354)		17,551,354

	Face Amount~
SENIOR FLOATING RATE INTERESTS††,8 - 86.2%
Consumer, Cyclical - 19.9%
American Tire Distributors, Inc.
9.32% (1 Month USD LIBOR + 7.50% and 3 Month USD LIBOR + 7.50%, Rate Floor: 8.50%) due 09/02/24		19,080,084		16,933,575
7.93% (3 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 09/01/23		2,017,146		1,980,595
AI Aqua Zip Bidco Pty Ltd.
5.05% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 12/13/23		18,939,921		18,358,290
Petco Animal Supplies, Inc.
5.18% (3 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 01/26/23		17,659,444		14,966,379
Navistar, Inc.
5.24% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 11/06/24		14,899,588		14,837,456
Mavis Tire Express Services Corp.
5.05% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 03/20/25		13,965,278		13,569,642
Cartrawler
4.50% (1 Month EURIBOR + 4.50%, Rate Floor: 4.50%) due 04/29/21		EUR	13,258,129	13,090,041
EG Finco Ltd.
5.96% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 02/07/25		6,435,423		6,399,256
4.00% (3 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 02/07/25		EUR	5,408,540	6,010,015
Zephyr Bidco Ltd.
5.21% (1 Month GBP LIBOR + 4.50%, Rate Floor: 4.50%) due 07/23/25		GBP	5,265,000	6,873,020
8.21% (1 Month GBP LIBOR + 7.50%, Rate Floor: 7.50%) due 07/23/26		GBP	2,842,917	3,723,732
Argo Merchants
5.69% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 12/06/24		10,540,972		10,382,858
AMC Entertainment, Inc.
4.80% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 04/22/26		10,272,375		10,343,871
At Home Holding III Corp.
5.43% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 06/03/22		11,937,500		10,146,875
Life Time Fitness, Inc.
4.66% (3 Month USD LIBOR + 2.75%, Rate Floor: 3.75%) due 06/10/22		8,657,506		8,673,782
Packers Sanitation Services, Inc.
4.99% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 12/04/24		8,541,343		8,538,695
IBC Capital Ltd.
5.65% (3 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 09/11/23		8,498,625		8,488,002
Party City Holdings, Inc.
4.30% (1 Month USD LIBOR + 2.50%, Rate Floor: 3.25%) due 08/19/22		9,026,236		8,362,898
Power Solutions (Panther)
5.30% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 04/30/26		8,104,688		8,119,924
Leslie's Poolmart, Inc.
5.34% (2 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 08/16/23		8,513,682		7,949,651
Equinox Holdings, Inc.
4.80% (1 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 03/08/24		7,344,631		7,364,315

Floating Rate Strategies Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~			Value
SENIOR FLOATING RATE INTERESTS††,8 - 86.2% (continued)
Consumer, Cyclical - 19.9% (continued)
Titan AcquisitionCo New Zealand Ltd. (Trade Me)
6.19% (3 Month USD LIBOR + 4.25%, Rate Floor: 4.25%) due 05/01/26		6,716,250		$	6,734,720
Columbus Finance, Inc.
4.25% (3 Month EURIBOR + 4.25%, Rate Floor: 4.25%) due 07/05/24		EUR	5,500,000		6,178,475
Amaya Holdings BV
3.75% (3 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 07/10/25		EUR	5,100,000		5,763,864
IRB Holding Corp.
5.22% (3 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 02/05/25		5,727,136			5,757,375
Nellson Nutraceutical
6.20% (3 Month USD LIBOR + 4.25% and Commercial Prime Lending Rate + 3.25%, Rate Floor: 5.25%) due 12/23/21†††		5,649,261			5,084,335
Midas Intermediate Holdco II LLC
4.70% (3 Month USD LIBOR + 2.75%, Rate Floor: 3.75%) due 08/18/21		5,158,446			5,059,558
Burlington Stores, Inc.
3.74% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 11/17/24		5,000,000			5,015,650
Prime Security Services Borrower LLC (ADT)
4.94% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 09/23/26		4,788,000			4,797,576
Crown Finance US, Inc.
4.05% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 02/28/25		4,458,857			4,452,748
Playtika Holding Corp.
7.80% (1 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 12/09/24		3,225,000			3,255,638
International Car Wash Group Ltd.
4.99% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 10/03/24		2,883,023			2,801,347
Belk, Inc.
8.80% (3 Month USD LIBOR + 6.75%, Rate Floor: 7.75%) due 07/31/25		3,250,015			2,248,620
Alexander Mann
5.70% (1 Month GBP LIBOR + 5.00%, Rate Floor: 5.00%) due 06/16/25		GBP	1,540,000		1,927,882
SHO Holding I Corp.
6.93% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 10/27/22		572,028			503,385
Total Consumer, Cyclical					264,694,045
Industrial - 15.7%
VC GB Holdings, Inc.
4.80% (1 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 02/28/24		14,570,851			14,425,143
Engineered Machinery Holdings, Inc.
4.94% (3 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 07/19/24		13,425,210			13,257,395
Charter Nex US, Inc.
4.80% (1 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 05/16/24		10,940,212			10,885,511
5.30% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 05/16/24		2,288,500			2,299,943
BWAY Holding Co.
5.23% (3 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 04/03/24		13,155,709			13,098,219
Hillman Group, Inc.
5.80% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 05/30/25		11,898,997			11,684,816
American Bath Group LLC
6.05% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 09/29/23		11,651,792			11,680,922
STS Operating, Inc. (SunSource)
6.05% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 12/11/24		11,622,109			11,471,951
USIC Holding, Inc.
5.05% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 12/08/23		10,991,201			10,943,169
Altra Industrial Motion Corp.
3.80% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 10/01/25		10,000,000			10,020,800
Berry Global, Inc.
4.22% (1 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 07/01/26		10,000,000			10,016,700
Quikrete Holdings, Inc.
4.55% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 11/15/23		9,980,769			10,014,604
TransDigm Group, Inc.
4.30% (1 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 05/30/25		9,974,619			9,996,164

Floating Rate Strategies Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~			Value
SENIOR FLOATING RATE INTERESTS††,8 - 86.2% (continued)
Industrial - 15.7% (continued)
Titan Acquisition Ltd. (Husky)
4.80% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 03/28/25		10,021,500		$	9,842,516
CPG International LLC
5.93% (6 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 05/06/24		7,507,711			7,501,479
Hanjin International Corp.
4.30% (1 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 10/19/20		7,250,000			7,213,750
Hayward Industries, Inc.
5.30% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 08/05/24		6,206,703			6,150,843
Duran Group Holding GMBH
4.25% (3 Month EURIBOR + 4.25%, Rate Floor: 4.25%) due 03/29/24		EUR	3,992,645		4,389,984
4.25% (6 Month EURIBOR + 4.25%, Rate Floor: 4.25%) due 12/20/24		EUR	1,346,330		1,480,313
Consolidated Container Co. LLC
4.55% (1 Month USD LIBOR + 2.75%, Rate Floor: 3.75%) due 05/22/24		5,501,762			5,506,328
Pelican Products, Inc.
5.24% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 05/01/25†††		4,698,450			4,299,082
CHI Overhead Doors, Inc.
5.05% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 07/29/22		3,943,895			3,958,685
Reece Ltd.
3.95% (3 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 01/04/27†††		3,435,189			3,443,777
Corialis Group Ltd.
3.25% (6 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 03/29/24		EUR	3,075,000		3,440,357
KUEHG Corp. (KinderCare)
5.69% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 02/21/25		2,843,976			2,850,489
API Heat Transfer
7.94% (3 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 01/01/24†††		2,693,385			2,248,976
7.94% (3 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 10/02/23†††		480,529			432,476
Filtration Group Corp.
4.80% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 03/31/25		2,528,315			2,536,051
YAK MAT (YAK ACCESS LLC)
11.79% (1 Month USD LIBOR + 10.00%, Rate Floor: 10.00%) due 07/10/26		2,550,000			2,222,758
Lineage Logistics LLC
4.80% (1 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 02/27/25		2,009,531			2,005,351
Total Industrial					209,318,552
Communications - 13.2%
Sprint Communications, Inc.
4.31% (1 Month USD LIBOR + 2.50%, Rate Floor: 3.25%) due 02/02/24		15,525,209			15,373,838
SFR Group S.A.
5.43% (1 Month USD LIBOR + 3.69%, Rate Floor: 3.69%) due 01/31/26		14,961,832			14,961,832
McGraw-Hill Global Education Holdings LLC
5.80% (1 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 05/04/22		15,676,084			14,948,871
Radiate HoldCo LLC
4.80% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.75%) due 02/01/24		12,920,392			12,959,153
Internet Brands, Inc.
5.55% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 09/13/24		12,933,842			12,948,199
Market Track LLC
6.18% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 06/05/24†††		13,538,375			12,049,154
Cengage Learning Acquisitions, Inc.
6.05% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 06/07/23		12,270,003			11,687,178
GTT Communications BV
3.25% (1 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 05/31/25		EUR	10,908,751		11,537,109
Ziggo Secured Finance BV
4.24% (1 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 04/15/25		11,275,000			11,304,653
Charter Communications Operating, LLC
3.55% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 02/01/27		10,339,462			10,397,673
CSC Holdings, LLC
3.99% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 07/17/25		10,000,000			10,005,600

Floating Rate Strategies Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~			Value
SENIOR FLOATING RATE INTERESTS††,8 - 86.2% (continued)
Communications - 13.2% (continued)
ProQuest, LLC
due 10/23/26		9,400,000		$	9,452,922
Virgin Media Bristol LLC
4.24% (1 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 01/31/28		8,616,233			8,664,742
Authentic Brands
5.30% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 09/27/24		5,624,933			5,636,633
GTT Communications, Inc.
4.55% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 05/31/25		6,205,500			5,165,520
Imagine Print Solutions LLC
6.55% (1 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 06/21/22		10,454,375			3,632,895
Level 3 Financing, Inc.
3.55% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 03/01/27		3,339,546			3,349,999
SFR Group SA
4.55% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 07/31/25		1,679,741			1,665,396
Total Communications					175,741,367
Consumer, Non-cyclical - 11.4%
Diamond (BC) BV
4.93% (3 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 09/06/24		10,731,000			10,484,187
3.25% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 09/06/24		EUR	8,918,000		9,771,579
Endo Luxembourg Finance Co.
6.06% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.00%) due 04/29/24		15,596,922			14,895,060
Dole Food Company, Inc.
4.53% (1 Month USD LIBOR + 2.75%, Rate Floor: 3.75%) due 04/06/24		14,802,632			14,760,296
Springs Window Fashions
6.05% (1 Month USD LIBOR + 4.25%, Rate Floor: 4.25%) due 06/15/25		11,623,000			11,564,885
10.30% (1 Month USD LIBOR + 8.50%, Rate Floor: 8.50%) due 06/15/26		1,350,000			1,272,375
US Foods, Inc.
3.55% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 06/27/23		12,287,156			12,320,454
Immucor, Inc.
6.94% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 06/15/21		11,870,006			11,814,336
IQVIA Holdings, Inc.
3.69% (3 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 06/11/25		10,916,877			10,964,693
Sigma Holding BV (Flora Food)
3.50% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 07/02/25		EUR	9,000,000		10,105,486
Aspen Dental
4.55% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 04/30/25		9,198,758			9,204,553
PAREXEL International Corp.
4.55% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 09/27/24		9,372,847			9,182,015
Cidron New Bidco Ltd.
3.25% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 04/16/25		EUR	8,125,000		9,093,108
Recess Holdings, Inc.
5.55% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 09/30/24		5,666,091			5,628,298
CTI Foods Holding Co. LLC
8.91% (3 Month USD LIBOR + 7.00%, Rate Floor: 8.00%) due 05/03/24†††,1		1,894,904			1,894,904
10.91% (3 Month USD LIBOR + 9.00%, Rate Floor: 10.00%) due 05/03/24†††		525,035			493,533
Arctic Glacier Group Holdings, Inc.
5.30% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 03/20/24		2,272,564			2,186,389
BCPE Eagle Buyer LLC
6.05% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 03/18/24		2,101,382			2,018,651
Valeant Pharmaceuticals International, Inc.
4.74% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 06/02/25		1,927,766			1,937,405

Floating Rate Strategies Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
SENIOR FLOATING RATE INTERESTS††,8 - 86.2% (continued)
Consumer, Non-cyclical - 11.4% (continued)
Avantor, Inc.
4.80% (1 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 11/21/24		1,768,172	$	1,782,901
Total Consumer, Non-cyclical				151,375,108
Technology - 11.4%
Planview, Inc.
7.05% (1 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 01/27/23†††,1		15,600,000		15,600,000
Misys Ltd.
5.70% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 06/13/24		12,895,112		12,787,696
LANDesk Group, Inc.
5.97% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 01/20/24		11,199,217		11,185,218
Cologix Holdings, Inc.
4.80% (1 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 03/20/24		10,623,094		10,508,046
Seattle Spnco
4.30% (1 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 06/21/24		9,047,729		9,051,529
Cvent, Inc.
5.55% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 11/29/24		8,512,202		8,486,666
Peak 10 Holding Corp.
5.44% (3 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 08/01/24		9,617,403		7,982,444
Greenway Health LLC
5.69% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 02/16/24		8,693,955		7,737,620
WEX, Inc.
4.05% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 05/15/26		7,593,505		7,634,662
Micron Technology, Inc.
3.80% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 05/29/25		7,186,145		7,222,076
EIG Investors Corp.
5.67% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 02/09/23		7,305,337		7,206,714
Park Place Technologies LLC
5.80% (1 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 03/29/25		6,733,267		6,677,179
9.80% (1 Month USD LIBOR + 8.00%, Rate Floor: 9.00%) due 03/30/26		408,434		402,307
Solera LLC
4.55% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 03/03/23		6,802,379		6,808,773
TIBCO Software, Inc.
5.71% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 06/30/26		6,683,250		6,706,240
Emerald TopCo, Inc. (Press Ganey)
5.30% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 07/24/26		4,389,000		4,409,584
Aspect Software, Inc.
7.21% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 01/15/24		4,501,829		4,158,565
II-VI, Inc.
5.30% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 09/24/26		3,940,125		3,954,900
Optiv, Inc.
5.05% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 02/01/24		4,220,257		3,675,127
Brave Parent Holdings, Inc.
5.93% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 04/18/25		3,209,273		3,126,378
Sabre GLBL, Inc.
3.80% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 02/22/24		2,321,777		2,333,386
EXC Holdings III Corp.
5.44% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 12/02/24		1,984,500		1,978,308
Miami Escrow Borrower LLC
4.30% (1 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 06/21/24		1,339,760		1,340,322
Targus Group International, Inc.
due 05/24/16*,†††,1,2,4		152,876		–
Total Technology				150,973,740
Financial - 7.5%
National Financial Partners Corp.
4.80% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 01/08/24		14,922,539		14,847,927
Virtu Financial, Inc.
5.20% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 03/01/26		11,194,711		11,228,295

Floating Rate Strategies Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~			Value
SENIOR FLOATING RATE INTERESTS††,8 - 86.2% (continued)
Financial - 7.5% (continued)
Amwins Group LLC
4.53% (1 Month USD LIBOR + 2.75% and 3 Month USD LIBOR + 2.75%, Rate Floor: 3.75%) due 01/25/24		10,000,000		$	10,070,000
Alliant Holdings Intermediate LLC
4.80% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 05/09/25		10,000,000			9,994,400
HUB International Ltd.
4.69% (3 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 04/25/25		9,899,497			9,886,430
USI, Inc.
4.94% (3 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 05/16/24		8,134,279			8,126,144
Delos Finance S.a.r.l (International Lease Finance)
3.69% (3 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 10/06/23		7,875,000			7,901,224
Aretec Group, Inc.
6.05% (1 Month USD LIBOR + 4.25%, Rate Floor: 4.25%) due 10/01/25		7,771,500			7,659,823
Camelia Bidco Banc Civica
5.54% (3 Month GBP LIBOR + 4.75%, Rate Floor: 4.75%) due 10/14/24		GBP	5,600,000		7,388,822
HarbourVest Partners, LP
3.99% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 03/03/25		6,900,621			6,914,975
Jefferies Finance LLC
5.50% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 06/03/26		4,676,500			4,660,927
Nexus Buyer LLC
due 11/09/26		1,020,000			1,026,059
Total Financial					99,705,026
Basic Materials - 5.2%
Alpha 3 BV
4.94% (3 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 01/31/24		14,805,071			14,829,796
GrafTech Finance, Inc.
5.30% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 02/12/25		13,315,824			13,265,889
Messer Industries USA, Inc.
4.44% (3 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 03/01/26		12,313,125			12,371,243
PQ Corp.
4.43% (3 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 02/10/25		10,328,399			10,378,182
LTI Holdings, Inc.
5.30% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 09/06/25		9,035,625			8,090,137
Arch Coal, Inc.
4.55% (1 Month USD LIBOR + 2.75%, Rate Floor: 3.75%) due 03/07/24		6,681,395			6,380,732
HB Fuller Co.
3.76% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 10/21/24		3,545,923			3,554,043
Total Basic Materials					68,870,022
Energy - 1.9%
Penn Virginia Holding Corp.
8.81% (1 Month USD LIBOR + 7.00%, Rate Floor: 8.00%) due 09/29/22†††		10,890,000			10,617,750
Ultra Petroleum, Inc.
5.80% (1 Month USD LIBOR + 4.00%, Rate Floor: 5.00%)(in-kind rate was 0.25%) due 04/12/245		16,619,685			9,771,544
Permian Production Partners LLC
due 05/20/24†††,4		8,360,000			3,762,000
Summit Midstream Partners, LP
7.80% (1 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 05/13/22		482,636			455,487
Total Energy					24,606,781
Total Senior Floating Rate Interests
(Cost $1,193,390,759)					1,145,284,641

CORPORATE BONDS†† - 3.9%
Energy - 1.3%
Sabine Pass Liquefaction LLC
5.63% due 02/01/21	5,500,000	5,653,411
5.63% due 04/15/23	4,200,000	4,571,356
CNX Resources Corp.
5.88% due 04/15/22	4,398,000	4,401,079
Unit Corp.
6.63% due 05/15/21	3,166,000	1,741,300

Floating Rate Strategies Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~			Value
CORPORATE BONDS†† - 3.9% (continued)
Energy - 1.3% (continued)
American Midstream Partners, LP / American Midstream Finance Corp.
9.50% due 12/15/216		1,268,000		$	1,191,920
Total Energy					17,559,066
Consumer, Non-cyclical - 0.8%
Nathan's Famous, Inc.
6.63% due 11/01/256		4,275,000			4,360,500
ServiceMaster Co. LLC
5.13% due 11/15/246		4,000,000			4,150,000
HCA, Inc.
4.50% due 02/15/27		1,500,000			1,617,736
Total Consumer, Non-cyclical					10,128,236
Communications - 0.4%
Ziggo BV
5.50% due 01/15/276		5,000,000			5,312,500
MDC Partners, Inc.
6.50% due 05/01/246		688,000			622,640
Total Communications					5,935,140
Financial - 0.4%
Icahn Enterprises, LP / Icahn Enterprises Finance Corp.
5.88% due 02/01/22		5,000,000			5,006,250
Lincoln Financing SARL
3.88% due 04/01/24		EUR	350,000		395,434
Total Financial					5,401,684
Consumer, Cyclical - 0.3%
Anixter, Inc.
5.50% due 03/01/23		3,000,000			3,157,500
LBC Tank Terminals Holding Netherlands BV
6.88% due 05/15/236		630,000			637,088
Total Consumer, Cyclical					3,794,588
Utilities - 0.2%
AES Corp.
6.00% due 05/15/26		2,000,000			2,130,000
5.50% due 04/15/25		1,059,000			1,093,417
Total Utilities					3,223,417
Basic Materials - 0.2%
Novelis Corp.
6.25% due 08/15/246		2,530,000			2,653,337
Mirabela Nickel Ltd.
due 06/24/194,7		1,279,819			63,991
Total Basic Materials					2,717,328
Industrial - 0.2%
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc.
4.25% due 09/15/226		1,500,000			1,518,150
Grinding Media, Inc. / MC Grinding Media Canada, Inc.
7.38% due 12/15/236		750,000			764,062
Total Industrial					2,282,212
Technology - 0.1%
NCR Corp.
6.38% due 12/15/23		800,000			820,000
Total Corporate Bonds
(Cost $52,811,081)					51,861,671

ASSET-BACKED SECURITIES†† - 1.9%
Collateralized Loan Obligations - 1.8%
OHA Credit Partners IX Ltd.
2013-9A, due 10/20/256,9	6,000,000	5,050,837
Cerberus Loan Funding XVII Ltd.
2016-3A, 4.53% (3 Month USD LIBOR + 2.53%, Rate Floor: 0.00%) due 01/15/286,8	5,000,000	4,859,039
Jamestown CLO V Ltd.
2014-5A, 7.10% (3 Month USD LIBOR + 5.10%, Rate Floor: 0.00%) due 01/17/276,8	4,000,000	3,329,536
Avery Point II CLO Ltd.
2013-3X COM, due 01/18/259	4,300,020	3,097,371
Treman Park CLO Ltd.
2015-1A, due 10/20/286,9	3,000,000	2,435,910
Halcyon Loan Advisors Funding Ltd.
2012-1A, 4.91% (3 Month USD LIBOR + 3.00%, Rate Floor: 0.00%) due 08/15/236,8	2,416,487	2,421,611
Newstar Commercial Loan Funding LLC
2017-1A, 5.41% (3 Month USD LIBOR + 3.50%, Rate Floor: 0.00%) due 03/20/276,8	1,000,000	1,000,414
ACIS CLO Ltd.
2015-6A, 5.28% (3 Month USD LIBOR + 3.37%, Rate Floor: 0.00%) due 05/01/276,8	1,000,000	993,539

Floating Rate Strategies Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
ASSET-BACKED SECURITIES†† - 1.9% (continued)
Collateralized Loan Obligations - 1.8% (continued)
Octagon Loan Funding Ltd.
2014-1A, due 11/18/316,9		2,071,948	$	932,184
Total Collateralized Loan Obligations				24,120,441
Collateralized Debt Obligations - 0.1%
N-Star REL CDO VIII Ltd.
2006-8A, 2.49% (1 Month USD LIBOR + 0.36%, Rate Floor: 0.36%) due 02/01/416,8		685,362		679,152
Transport-Aircraft - 0.0%
Airplanes Pass Through Trust
2001-1A, due 03/15/19†††,4,7,8		896,492		14,008
Total Asset-Backed Securities
(Cost $27,647,912)				24,813,601

COLLATERALIZED MORTGAGE OBLIGATIONS†† - 1.5%
Residential Mortgage Backed Securities - 1.5%
RALI Series Trust
2006-QO6, 1.97% (1 Month USD LIBOR + 0.18%, Rate Floor: 0.18%) due 06/25/468	12,367,982	4,738,003
2006-QO2, 2.01% (1 Month USD LIBOR + 0.22%, Rate Floor: 0.22%) due 02/25/468	495,057	176,762
Washington Mutual Mortgage Pass-Through Certificates Trust
2007-OA6, 3.05% (1 Year CMT Rate + 0.81%, Rate Floor: 0.81%) due 07/25/478	3,638,776	3,278,591
Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust
2006-AR9, 3.08% (1 Year CMT Rate + 0.84%, Rate Floor: 0.84%) due 11/25/468	2,644,770	2,403,371
American Home Mortgage Assets Trust
2006-4, 2.00% (1 Month USD LIBOR + 0.21%, Rate Floor: 0.21%) due 10/25/468	3,389,204	2,318,242
Lehman XS Trust Series
2006-16N, 1.98% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 11/25/468	2,018,455	1,914,203
Wachovia Asset Securitization Issuance II LLC Trust
2007-HE1, 1.85% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 07/25/376,8	1,778,744	1,654,555
Nomura Resecuritization Trust
2015-4R, 3.03% (1 Month USD LIBOR + 0.43%, Rate Floor: 0.43%) due 03/26/366,8	1,471,480	1,442,756
Alliance Bancorp Trust
2007-OA1, 2.03% (1 Month USD LIBOR + 0.24%, Rate Floor: 0.24%) due 07/25/378	595,532	547,071
Morgan Stanley Re-REMIC Trust
2010-R5, 5.58% due 06/26/366	558,498	517,135
GSAA Home Equity Trust
2007-7, 2.06% (1 Month USD LIBOR + 0.27%, Rate Floor: 0.27%) due 07/25/378	431,021	420,037
New Century Home Equity Loan Trust
2004-4, 2.59% (1 Month USD LIBOR + 0.80%, Rate Cap/Floor: 12.50%/0.53%) due 02/25/358	241,740	236,252
Total Residential Mortgage Backed Securities		19,646,978
Total Collateralized Mortgage Obligations
(Cost $19,298,887)		19,646,978

COMMERCIAL PAPER†† - 2.9%
Nasdaq, Inc.
2.15% due 01/13/206,10	11,400,000		11,391,830
Spire, Inc.
2.11% due 02/12/206,10	10,000,000		9,974,917
McDonald's Corp.
1.80% due 01/14/206,10	9,300,000		9,293,955
Rogers Communications, Inc.
1.86% due 01/07/206,10	8,350,000		8,347,411
Total Commercial Paper
(Cost $39,008,113)			39,008,113
Total Investments - 97.9%
(Cost $1,353,539,797)		$	1,300,887,023
Other Assets & Liabilities, net - 2.1%			28,081,490
Total Net Assets - 100.0%		$	1,328,968,513

Floating Rate Strategies Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

Forward Foreign Currency Exchange Contracts††
Counterparty	Contracts to Sell		Currency		Settlement Date	Settlement Value		Value at December 31, 2019		Unrealized Depreciation
Bank of America, N.A.		25,955,000		GBP	01/14/20	$	34,266,699	$	34,394,921	$	(128,222	)
Bank of America, N.A.		88,576,000		EUR	01/14/20		98,521,933		99,449,711		(927,778	)
										$	(1,056,000	)

Counterparty	Contracts to Buy		Currency		Settlement Date	Settlement Value		Value at December 31, 2019		Unrealized Appreciation
Morgan Stanley Capital Services LLC		3,085,000		EUR	01/14/20	$	3,420,480	$	3,463,719	$	43,239
Citibank N.A., New York		810,000		GBP	01/14/20		1,062,169		1,073,392		11,223
JPMorgan Chase Bank, N.A.		1,545,000		EUR	01/14/20		1,725,351		1,734,666		9,315
										$	63,777

~	The face amount is denominated in U.S. dollars unless otherwise indicated.
*	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	Security was fair valued by the Valuation Committee at December 31, 2019. The total market value of fair valued securities amounts to $19,299,784 (cost $19,433,455) or 1.5% of total net assets.
2	Affiliated issuer.
3	Rate indicated is the 7-day yield as of December 31, 2019.
4	Security is in default of interest and/or principal obligations.
5	Payment-in-kind security.
6	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $85,534,978 (cost $86,160,428), or 6.4% of total net assets.
7	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be illiquid and restricted under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) illiquid and restricted securities is $77,999 (cost $1,883,995), or less than 0.1% of total net assets — See Note 6.
8	Variable rate security. Rate indicated is the rate effective at December 31, 2019. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
9	Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates.
10	Rate indicated is the effective yield at the time of purchase.

CMT — Constant Maturity Treasury

EURIBOR — European Interbank Offered Rate

EUR — Euro

GBP — British Pound

LIBOR — London Interbank Offered Rate

plc — Public Limited Company

See Sector Classification in Other Information section.

Floating Rate Strategies Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

The following table summarizes the inputs used to value the Fund's investments at December 31, 2019 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	—	$	464,411	$	1,804,880	$	2,269,291
Preferred Stocks		—		451,374		—		451,374
Money Market Fund		17,551,354		—		—		17,551,354
Senior Floating Rate Interests		—		1,085,358,654		59,925,987		1,145,284,641
Corporate Bonds		—		51,861,671		—		51,861,671
Asset-Backed Securities		—		24,799,593		14,008		24,813,601
Collateralized Mortgage Obligations		—		19,646,978		—		19,646,978
Commercial Paper		—		39,008,113		—		39,008,113
Forward Foreign Currency Exchange Contracts**		—		63,777		—		63,777
Total Assets	$	17,551,354	$	1,221,654,571	$	61,744,875	$	1,300,950,800

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Forward Foreign Currency Exchange Contracts**	$	—	$	1,056,000	$	—	$	1,056,000
Unfunded Loan Commitments (Note 5)		—		—		49,243		49,243
Total Liabilities	$	—	$	1,056,000	$	49,243	$	1,105,243

** This derivative is reported as unrealized appreciation/depreciation at period end.

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:

Category	Ending Balance at December 31, 2019		Valuation Technique	Unobservable Inputs	Input Range		Weighted Average*
Assets:
Asset-Backed Securities	$	14,008	Option Adjusted Spread off prior month broker quote	Broker Quote		—		—
Common Stocks		1,804,880	Enterprise Value	Valuation Multiple		1.8x-9.1x		8.6x
Senior Floating Rate Interests		42,431,083	Third Party Pricing	Broker Quote		—		—
Senior Floating Rate Interests		15,600,000	Model Price	Liquidation Value		—		—
Senior Floating Rate Interests		1,894,904	Option Adjusted Spread off prior month broker quote	Broker Quote		—		—
Total Assets	$	61,744,875
Liabilities:
Unfunded Loan Commitments	$	49,243	Model Price	Purchase Price		—		—

* Inputs are weighted by the fair value of the instruments.

Significant changes in a quote, liquidation value or valuation multiples would generally result in significant changes in the fair value of the security.

Transfers between Level 2 and Level 3 may occur as markets fluctuate and/or the availability of data used in an investment’s valuation changes. For the period ended December 31, 2019, the Fund had securities with a total value of $4,299,082 transfer into Level 3 from Level 2 due to lack of observable inputs and had securities with a total value of $20,759,851 transfer out of Level 3 and into Level 2 due to the availability of current and reliable market-based data provided by a third-party pricing service which utilizes significant observable inputs.

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 December 31, 2019:

	Assets												Liabilities
	Common Stocks			Senior Floating Rate Interests			Asset-Backed Securities			Total Assets			Unfunded Loan Commitments
Beginning Balance	$	2,795,632		$	76,387,868		$	14,848		$	79,198,348		$	(43,173	)
Purchases/(Receipts)		-			-			-			-			-
(Sales, maturities and paydowns)/Fundings		(140,596	)		(103,090	)		-			(243,686	)		-
Amortization of discount/premiums		-			31,044			-			31,044			-
Total realized gains or losses included in earnings		140,596			29,506			-			170,102			-
Total change in unrealized appreciation (depreciation) included in earnings		(526,341	)		(422,983	)		(840	)		(950,164	)		(6,070	)
Transfers into Level 3		-			4,299,082			-			4,299,082			-
Transfers out of Level 3		(464,411	)		(20,295,440	)		-			(20,759,851	)		-
Ending Balance	$	1,804,880		$	59,925,987		$	14,008		$	61,744,875		$	(49,243	)
Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at December 31, 2019	$	(127,239	)	$	(725,090	)	$	(840	)	$	(853,169	)	$	(6,070	)

Floating Rate Strategies Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

Affiliated Transactions

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

Transactions during the period ended December 31, 2019, in which the company is an affiliated issuer, were as follows:

Security Name	Value 09/30/19			Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 12/31/19			Shares/Face Amount 12/31/19		Investment Income
Common Stocks
BP Holdco LLC*,1	$	86,255		$	–	$	–	$	–	$	–	$	86,255			244,278	$	–
Targus Group International, Inc.*,1		21,632			–		–		–		1,194		22,826			12,773		–
Senior Floating Rate Interests
Targus Group International, Inc. due 05/24/16*,1,2,3		–	**		–		–		–		–		–	**		152,876		–
	$	107,887		$	–	$	–	$	–	$	1,194	$	109,081				$	–

*	Non-income producing security.
**	Market value is less than $1.
1	Security was fair valued by the Valuation Committee at December 31, 2019. The total market value of fair valued and affiliated securities amounts to $109,081, (cost $235,584) or less than 0.1% of total net assets.
2	Security is in default of interest and/or principal obligations.
3	Variable rate security. Rate indicated is the rate effective at December 31, 2019. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.

High Yield Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Shares		Value
COMMON STOCKS† - 0.9%
Utilities - 0.4%
TexGen Power LLC††		26,665	$	983,272
MediaNews Group, Inc.*,†††,1		1,107		920,245
Total Utilities				1,903,517
Consumer, Non-cyclical - 0.3%
Chef Holdings, Inc.*,†††,1		7,502		876,834
ATD New Holdings, Inc.*,††		21,488		537,200
Cengage Learning Holdings II, Inc.*,††		2,107		25,284
Targus Group International Equity, Inc.*,†††,1,2		12,825		22,919
Spectrum Brands Holdings, Inc.		2		129
Crimson Wine Group Ltd.*		8		59
Total Consumer, Non-cyclical				1,462,425
Consumer, Cyclical - 0.1%
Metro-Goldwyn-Mayer, Inc.*,††		7,040		535,040
Energy - 0.1%
SandRidge Energy, Inc.*		51,278		217,419
Industrial - 0.0%
BP Holdco LLC*,†††,1,2		23,711		8,372
Vector Phoenix Holdings, LP*,†††,1		23,711		1,984
Total Industrial				10,356
Financial - 0.0%
Jefferies Financial Group, Inc.		81		1,731
Total Common Stocks
(Cost $4,892,450)				4,130,488

PREFERRED STOCKS†† - 0.3%
Financial - 0.3%
American Equity Investment Life Holding Co.*	54,000	1,390,500
Industrial - 0.0%
U.S. Shipping Corp.*,†††,1	14,718	–
Total Preferred Stocks
(Cost $1,725,000)		1,390,500

WARRANTS†† - 0.0%
SandRidge Energy, Inc.
$42.03, 10/04/22*	205	90
SandRidge Energy, Inc.
$41.34, 10/04/22*	488	2
Total Warrants
(Cost $43,811)		92

EXCHANGE-TRADED FUNDS† - 1.9%
SPDR Bloomberg Barclays Short Term High Yield Bond ETF	300,000	8,082,000
Total Exchange-Traded Funds
(Cost $8,141,077)		8,082,000

MONEY MARKET FUND† - 0.5%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares 1.44%5	2,267,454	2,267,454
Total Money Market Fund
(Cost $2,267,454)		2,267,454

	Face Amount~
CORPORATE BONDS†† - 86.3%
Financial - 16.4%
Jefferies Finance LLC / JFIN Company-Issuer Corp.
6.25% due 06/03/266	3,950,000	4,137,625
7.25% due 08/15/246	3,950,000	4,068,500
Fidelity & Guaranty Life Holdings, Inc.
5.50% due 05/01/256,7	5,900,000	6,283,500
Hunt Companies, Inc.
6.25% due 02/15/266	5,315,000	5,248,562
LoanCore Capital Markets LLC / JLC Finance Corp.
6.88% due 06/01/206	5,075,000	5,075,000
Quicken Loans, Inc.
5.25% due 01/15/286	4,350,000	4,502,250
5.75% due 05/01/256	325,000	335,969
Icahn Enterprises, LP / Icahn Enterprises Finance Corp.
5.88% due 02/01/22	4,225,000	4,230,281
Springleaf Finance Corp.
6.13% due 03/15/24	1,125,000	1,231,875
7.13% due 03/15/26	1,050,000	1,214,010
6.63% due 01/15/28	450,000	507,960
5.38% due 11/15/29	475,000	495,805
AmWINS Group, Inc.
7.75% due 07/01/266	2,950,000	3,260,133
Newmark Group, Inc.
6.13% due 11/15/23	2,900,000	3,198,144
Kennedy-Wilson, Inc.
5.88% due 04/01/24	3,078,000	3,154,950
Citigroup, Inc.
6.25%3,4	1,900,000	2,158,970
5.95%3,4	850,000	927,563
NFP Corp.
8.00% due 07/15/256	1,200,000	1,224,000
6.88% due 07/15/256	1,150,000	1,152,875
American Equity Investment Life Holding Co.
5.00% due 06/15/27	2,200,000	2,348,834
Greystar Real Estate Partners LLC
5.75% due 12/01/256	2,050,000	2,126,875
JPMorgan Chase & Co.
6.13%3,4	1,250,000	1,365,625
6.00%3,4	500,000	536,875
Iron Mountain, Inc.
4.88% due 09/15/296	1,750,000	1,777,650
USI, Inc.
6.88% due 05/01/256	1,650,000	1,686,630
CNO Financial Group, Inc.
5.25% due 05/30/29	1,350,000	1,506,938
Oxford Finance LLC / Oxford Finance Company-Issuer II, Inc.
6.38% due 12/15/226	1,444,000	1,485,515
Goldman Sachs Group, Inc.
5.30%3,4,7	1,100,000	1,182,500
Assurant, Inc.
7.00% due 03/27/484	950,000	1,064,000

High Yield Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
CORPORATE BONDS†† - 86.3% (continued)
Financial - 16.4% (continued)
Alliant Holdings Intermediate LLC / Alliant Holdings Company-Issuer
6.75% due 10/15/276		975,000	$	1,044,176
LPL Holdings, Inc.
4.63% due 11/15/276		800,000		816,000
Wilton Re Finance LLC
5.88% due 03/30/334,6		650,000		665,784
Service Properties Trust
4.95% due 02/15/27		500,000		518,602
Equinix, Inc.
5.88% due 01/15/26		400,000		424,504
Wells Fargo & Co.
5.90%3,4		250,000		272,205
Total Financial				71,230,685
Communications - 14.7%
CCO Holdings LLC / CCO Holdings Capital Corp.
4.75% due 03/01/306		5,050,000		5,141,051
5.38% due 06/01/296		2,000,000		2,140,000
5.13% due 02/15/23		700,000		707,875
Level 3 Financing, Inc.
3.88% due 11/15/296		2,850,000		2,871,375
4.63% due 09/15/276		1,550,000		1,586,890
5.38% due 01/15/24		1,200,000		1,219,500
5.63% due 02/01/237		1,134,000		1,137,402
5.25% due 03/15/26		575,000		598,000
Altice France S.A.
7.38% due 05/01/266		5,150,000		5,529,246
8.13% due 02/01/276		1,600,000		1,802,000
Virgin Media Secured Finance plc
5.50% due 05/15/296		5,100,000		5,399,625
5.50% due 08/15/266		600,000		630,000
EIG Investors Corp.
10.88% due 02/01/24		5,609,000		5,594,977
Cengage Learning, Inc.
9.50% due 06/15/246		4,334,000		3,748,910
CSC Holdings LLC
6.50% due 02/01/296		3,200,000		3,568,000
Sirius XM Radio, Inc.
4.63% due 07/15/246		1,600,000		1,680,000
5.50% due 07/01/296		1,400,000		1,513,736
Sprint Communications, Inc.
7.00% due 03/01/206		2,750,000		2,764,630
McGraw-Hill Global Education Holdings LLC / McGraw-Hill Global Education Finance
7.88% due 05/15/246		3,087,000		2,654,820
Ziggo BV
5.50% due 01/15/276		1,900,000		2,018,750
4.88% due 01/15/306		600,000		619,386
Altice Financing S.A.
6.63% due 02/15/236		1,700,000		1,729,750
Houghton Mifflin Harcourt Publishers, Inc.
9.00% due 02/15/256		1,500,000		1,537,500
Telenet Finance Luxembourg Note
5.50% due 03/01/28		1,400,000		1,494,500
MDC Partners, Inc.
6.50% due 05/01/246		1,384,000		1,252,520
Midcontinent Communications / Midcontinent Finance Corp.
5.38% due 08/15/276		1,000,000		1,057,500
GrubHub Holdings, Inc.
5.50% due 07/01/276		1,045,000		978,434
Ziggo Bond Company BV
6.00% due 01/15/276		850,000		896,750
Match Group, Inc.
5.63% due 02/15/296		820,000		873,300
Outfront Media Capital LLC / Outfront Media Capital Corp.
4.63% due 03/15/306		500,000		508,750
Cogent Communications Group, Inc.
5.38% due 03/01/226		400,000		418,000
Total Communications				63,673,177
Consumer, Non-cyclical - 14.4%
Bausch Health Companies, Inc.
7.00% due 03/15/246		4,900,000		5,096,000
5.75% due 08/15/276		400,000		434,000
6.50% due 03/15/226		250,000		255,625
Vector Group Ltd.
6.13% due 02/01/256		5,735,000		5,641,806
Tenet Healthcare Corp.
6.25% due 02/01/276		2,000,000		2,152,500
5.13% due 11/01/276		2,000,000		2,112,500
5.13% due 05/01/25		850,000		875,500
Midas Intermediate Holdco II LLC / Midas Intermediate Holdco II Finance, Inc.
7.88% due 10/01/226		5,577,000		5,089,013
FAGE International S.A. / FAGE USA Dairy Industry, Inc.
5.63% due 08/15/266,7		4,790,000		4,406,800
Prime Security Services Borrower LLC / Prime Finance, Inc.
5.75% due 04/15/266		3,350,000		3,641,048
5.25% due 04/15/246		450,000		476,100
Harsco Corp.
5.75% due 07/31/276		3,550,000		3,785,259
Par Pharmaceutical, Inc.
7.50% due 04/01/276		3,125,000		3,109,375
Nathan's Famous, Inc.
6.63% due 11/01/256		2,500,000		2,550,000
Beverages & More, Inc.
11.50% due 06/15/228		3,525,000		2,414,625
HCA, Inc.
5.88% due 02/01/29		2,050,000		2,370,313
Nielsen Finance LLC / Nielsen Finance Co.
5.00% due 04/15/226		2,300,000		2,308,625
Endo Dac / Endo Finance LLC / Endo Finco, Inc.
5.88% due 10/15/246		1,168,000		1,132,960
6.00% due 07/15/236		1,500,000		1,083,750

High Yield Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~			Value
CORPORATE BONDS†† - 86.3% (continued)
Consumer, Non-cyclical - 14.4% (continued)
Centene Corp.
4.25% due 12/15/276		1,000,000		$	1,028,750
5.38% due 06/01/266		950,000			1,008,187
KeHE Distributors LLC / KeHE Finance Corp.
8.63% due 10/15/266		1,750,000			1,833,125
C&S Group Enterprises LLC
5.38% due 07/15/226		1,800,000			1,818,000
DaVita, Inc.
5.00% due 05/01/25		1,600,000			1,646,000
AMN Healthcare, Inc.
4.63% due 10/01/276		1,600,000			1,604,000
Flexi-Van Leasing, Inc.
10.00% due 02/15/236		1,375,000			1,302,812
Carriage Services, Inc.
6.63% due 06/01/266		900,000			958,500
Charles River Laboratories International, Inc.
4.25% due 05/01/286		775,000			789,531
Avanos Medical, Inc.
6.25% due 10/15/22		775,000			785,656
Sotheby's
7.38% due 10/15/276		750,000			759,375
United Rentals North America, Inc.
3.88% due 11/15/27		325,000			331,809
Total Consumer, Non-cyclical					62,801,544
Industrial - 11.5%
Grinding Media Inc. / MC Grinding Media Canada Inc.
7.38% due 12/15/236,7		5,150,000			5,246,562
Great Lakes Dredge & Dock Corp.
8.00% due 05/15/22		4,850,000			5,128,875
Standard Industries, Inc.
4.75% due 01/15/286,7		2,770,000			2,839,250
5.38% due 11/15/246		1,500,000			1,541,250
Masonite International Corp.
5.38% due 02/01/286,7		1,800,000			1,901,250
5.75% due 09/15/266		1,400,000			1,487,500
Amsted Industries, Inc.
5.63% due 07/01/276		1,650,000			1,749,000
4.63% due 05/15/306		1,500,000			1,510,845
Cleaver-Brooks, Inc.
7.88% due 03/01/236		2,975,000			2,967,563
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc.
5.25% due 08/15/276		2,800,000			2,947,056
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu
5.50% (3 Month USD LIBOR + 3.50%) due 07/15/216,7,9		1,067,000			1,068,334
5.13% due 07/15/236		1,000,000			1,023,750
5.75% due 10/15/20		726,831			727,739
Signature Aviation US Holdings, Inc.
4.00% due 03/01/286		2,400,000			2,367,120
Trinity Industries, Inc.
4.55% due 10/01/24		2,140,000			2,211,686
JELD-WEN, Inc.
4.88% due 12/15/276		1,950,000			1,993,875
Intertape Polymer Group, Inc.
7.00% due 10/15/266		1,800,000			1,903,500
Berry Global, Inc.
4.88% due 07/15/266		1,550,000			1,634,785
New Enterprise Stone & Lime Company, Inc.
6.25% due 03/15/266		1,525,000			1,597,438
American Woodmark Corp.
4.88% due 03/15/266		1,075,000			1,101,875
Netflix, Inc.
3.63% due 01/15/30		EUR	900,000		1,041,316
Swissport Financing S.a r.l.
5.25% due 08/14/24		EUR	800,000		953,214
Silgan Holdings, Inc.
4.13% due 02/01/286,7		950,000			950,285
Moog, Inc.
4.25% due 12/15/276		850,000			864,960
EnPro Industries, Inc.
5.75% due 10/15/26		750,000			798,750
Summit Materials LLC / Summit Materials Finance Corp.
6.50% due 03/15/276,7		700,000			752,500
EnerSys
4.38% due 12/15/276		750,000			740,700
Sealed Air Corp.
4.00% due 12/01/276		550,000			556,875
TransDigm, Inc.
6.25% due 03/15/266		350,000			378,914
Total Industrial					49,986,767
Consumer, Cyclical - 10.8%
LBC Tank Terminals Holding Netherlands BV
6.88% due 05/15/236		6,465,000			6,537,731
Suburban Propane Partners, LP/Suburban Energy Finance Corp.
5.75% due 03/01/25		1,950,000			2,003,625
5.88% due 03/01/27		1,610,000			1,674,400
5.50% due 06/01/24		1,225,000			1,258,687
Wabash National Corp.
5.50% due 10/01/256		3,685,000			3,685,000
AMC Entertainment Holdings, Inc.
6.13% due 05/15/27		3,150,000			2,874,375
5.88% due 11/15/26		500,000			450,625
Williams Scotsman International, Inc.
6.88% due 08/15/236		2,550,000			2,683,875
7.88% due 12/15/226		494,000			514,995
JB Poindexter & Company, Inc.
7.13% due 04/15/266		2,475,000			2,611,125

High Yield Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
CORPORATE BONDS†† - 86.3% (continued)
Consumer, Cyclical - 10.8% (continued)
Titan International, Inc.
6.50% due 11/30/23		2,635,000	$	2,252,925
Sabre GLBL, Inc.
5.38% due 04/15/236		2,100,000		2,151,450
Superior Plus, LP / Superior General Partner, Inc.
7.00% due 07/15/266		2,000,000		2,147,500
HD Supply, Inc.
5.38% due 10/15/266		1,800,000		1,908,000
Anixter, Inc.
6.00% due 12/01/25		1,400,000		1,456,000
VOC Escrow Ltd.
5.00% due 02/15/286,7		1,375,000		1,440,312
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.
5.50% due 03/01/256		1,250,000		1,337,500
Party City Holdings, Inc.
6.63% due 08/01/266		1,600,000		1,128,000
Panther BF Aggregator 2, LP / Panther Finance Company, Inc.
8.50% due 05/15/276		1,050,000		1,115,625
Lithia Motors, Inc.
4.63% due 12/15/276		1,025,000		1,053,557
Live Nation Entertainment, Inc.
4.75% due 10/15/276		950,000		983,250
MGM Resorts International
5.50% due 04/15/27		850,000		943,500
Boyne USA, Inc.
7.25% due 05/01/256		800,000		870,000
American Builders & Contractors Supply Company, Inc.
4.00% due 01/15/286		800,000		812,000
Cedar Fair, LP
5.25% due 07/15/296,7		750,000		808,125
1011778 BC ULC / New Red Finance, Inc.
3.88% due 01/15/286		750,000		751,875
Allison Transmission, Inc.
4.75% due 10/01/276		600,000		622,500
Beacon Roofing Supply, Inc.
4.50% due 11/15/266		500,000		515,000
QVC, Inc.
4.85% due 04/01/24		350,000		366,800
Total Consumer, Cyclical				46,958,357
Energy - 9.5%
Indigo Natural Resources LLC
6.88% due 02/15/266		7,050,000		6,627,000
American Midstream Partners, LP / American Midstream Finance Corp.
9.50% due 12/15/216		5,915,000		5,560,100
Exterran Energy Solutions, LP / EES Finance Corp.
8.13% due 05/01/25		3,917,000		3,858,245
PDC Energy, Inc.
6.13% due 09/15/24		2,750,000		2,784,375
Unit Corp.
6.63% due 05/15/21		4,992,000		2,745,600
NuStar Logistics, LP
5.63% due 04/28/27		1,510,000		1,551,525
6.00% due 06/01/26		750,000		793,125
6.75% due 02/01/21		250,000		259,375
Antero Midstream Partners, LP / Antero Midstream Finance Corp.
5.75% due 01/15/286		2,650,000		2,305,500
Antero Resources Corp.
5.13% due 12/01/22		2,225,000		1,985,812
Range Resources Corp.
5.00% due 03/15/23		1,400,000		1,287,748
5.88% due 07/01/22		650,000		645,125
Summit Midstream Holdings LLC / Summit Midstream Finance Corp.
5.75% due 04/15/25		2,475,000		1,890,281
CNX Resources Corp.
5.88% due 04/15/22		1,623,000		1,624,136
Global Partners, LP / GLP Finance Corp.
7.00% due 08/01/276		1,500,000		1,593,750
SRC Energy, Inc.
6.25% due 12/01/25		1,375,000		1,385,313
Crestwood Midstream Partners, LP / Crestwood Midstream Finance Corp.
5.63% due 05/01/276		1,250,000		1,267,188
Pattern Energy Group, Inc.
5.88% due 02/01/246		1,025,000		1,054,469
Basic Energy Services, Inc.
10.75% due 10/15/238		1,225,000		875,875
Bruin E&P Partners LLC
8.88% due 08/01/238		1,008,000		655,200
Viper Energy Partners, LP
5.38% due 11/01/276		400,000		416,000
Legacy Reserves, LP / Legacy Reserves Finance Corp.
due 09/20/2310		1,017,000		20,340
SandRidge Energy, Inc.
7.50% due 03/15/21†††,1		250,000		–
Total Energy				41,186,082
Technology - 3.2%
NCR Corp.
6.38% due 12/15/23		3,900,000		3,997,500
6.13% due 09/01/296		2,250,000		2,441,520
MSCI, Inc.
4.00% due 11/15/296,7		2,850,000		2,889,187
TIBCO Software, Inc.
11.38% due 12/01/216		2,000,000		2,072,600
Qorvo, Inc.
4.38% due 10/15/296		1,350,000		1,414,125

High Yield Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
CORPORATE BONDS†† - 86.3% (continued)
Technology - 3.2% (continued)
CDK Global, Inc.
5.25% due 05/15/296		950,000	$	1,018,875
Total Technology				13,833,807
Basic Materials - 3.0%
Alcoa Nederland Holding BV
6.75% due 09/30/246		1,750,000		1,841,157
6.13% due 05/15/286		900,000		974,250
Neon Holdings, Inc.
10.13% due 04/01/266		1,675,000		1,666,625
Valvoline, Inc.
5.50% due 07/15/24		1,500,000		1,556,250
Alcoa Nederland Holding BV
7.00% due 09/30/266		1,350,000		1,473,255
Compass Minerals International, Inc.
6.75% due 12/01/276		1,375,000		1,460,937
Novelis Corp.
5.88% due 09/30/266,7		1,300,000		1,383,337
Kaiser Aluminum Corp.
4.63% due 03/01/286		1,300,000		1,333,800
United States Steel Corp.
6.88% due 08/15/257		1,125,000		1,050,334
Yamana Gold, Inc.
4.63% due 12/15/27		256,000		267,834
Mirabela Nickel Ltd.
due 06/24/198,10		278,115		13,906
Total Basic Materials				13,021,685
Utilities - 2.8%
Terraform Global Operating LLC
6.13% due 03/01/266		5,330,000		5,543,200
AmeriGas Partners, LP / AmeriGas Finance Corp.
5.50% due 05/20/25		2,550,000		2,754,000
5.75% due 05/20/27		1,100,000		1,207,250
Clearway Energy Operating LLC
5.75% due 10/15/25		1,950,000		2,052,375
DPL, Inc.
7.25% due 10/15/21		512,000		537,600
Total Utilities				12,094,425
Total Corporate Bonds
(Cost $374,482,347)				374,786,529

SENIOR FLOATING RATE INTERESTS††,9 - 13.8%
Consumer, Cyclical - 3.3%
Power Solutions (Panther)
5.30% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 04/30/26	1,620,938		1,623,985
American Tire Distributors, Inc.
9.32% (1 Month USD LIBOR + 7.50% and 3 Month USD LIBOR + 7.50%, Rate Floor: 8.50%) due 09/02/24	1,326,772		1,177,510
7.93% (3 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 09/01/23	330,924		324,928
Alexander Mann
5.70% (1 Month GBP LIBOR + 5.00%, Rate Floor: 5.00%) due 06/16/25	GBP	1,100,000	1,377,058
World Triathlon Corp.
6.05% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 08/15/26	1,296,750		1,291,887
Midas Intermediate Holdco II LLC
4.70% (3 Month USD LIBOR + 2.75%, Rate Floor: 3.75%) due 08/18/21	1,276,962		1,252,483
BBB Industries, LLC
6.30% (1 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 08/01/25	1,254,298		1,218,764
Prime Security Services Borrower LLC (ADT)
4.94% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 09/23/26	1,047,375		1,049,470
Playtika Holding Corp.
7.80% (1 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 12/09/24	900,000		908,550
WIRB - Copernicus Group, Inc.
5.00% (0 - –%) due 12/12/26	775,000		775,000
Accuride Corp.
7.19% (3 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 11/17/23	968,534		765,142
PT Intermediate Holdings III LLC
7.44% (3 Month USD LIBOR + 5.50%, Rate Floor: 6.50%) due 10/15/25†††	750,000		746,250
Sotheby's
7.24% (1 Month USD LIBOR + 5.50%, Rate Floor: 6.50%) due 01/15/27	653,498		646,146
EnTrans International LLC
7.80% (1 Month USD LIBOR + 6.00%, Rate Floor: 6.00%) due 11/01/24†††	555,000		530,025
SMG US Midco 2, Inc.
8.80% (1 Month USD LIBOR + 7.00%, Rate Floor: 7.00%) due 01/23/26	300,000		302,064
Blue Nile, Inc.
8.41% (3 Month USD LIBOR + 6.50%, Rate Floor: 7.50%) due 02/17/23†††	678,125		278,031

High Yield Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
SENIOR FLOATING RATE INTERESTS††,9 - 13.8% (continued)
Consumer, Cyclical - 3.3% (continued)
Belk, Inc.
8.80% (3 Month USD LIBOR + 6.75%, Rate Floor: 7.75%) due 07/31/25		395,542	$	273,668
Total Consumer, Cyclical				14,540,961
Communications - 2.8%
Resource Label Group LLC
6.60% (3 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 05/26/23†††		1,845,795		1,642,757
10.60% (3 Month USD LIBOR + 8.50%, Rate Floor: 9.50%) due 11/26/23†††		1,500,000		1,245,000
Cengage Learning Acquisitions, Inc.
6.05% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 06/07/23		2,389,760		2,276,246
Market Track LLC
6.18% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 06/05/24†††		2,443,750		2,174,938
McGraw-Hill Global Education Holdings LLC
5.80% (1 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 05/04/22		1,881,468		1,794,187
GTT Communications, Inc.
4.55% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 05/31/25		1,428,250		1,188,890
Liberty Cablevision Of Puerto Rico LLC
6.74% (1 Month USD LIBOR + 5.00%, Rate Floor: 5.00%) due 10/15/26		650,000		657,312
Houghton Mifflin Co.
8.04% (1 Month USD LIBOR + 6.25%, Rate Floor: 7.25%) due 11/22/24		650,000		645,664
Imagine Print Solutions LLC
6.55% (1 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 06/21/22		1,069,750		371,738
Total Communications				11,996,732
Industrial - 2.4%
Bhi Investments LLC
6.42% (3 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 08/28/24		1,870,429		1,849,387
10.67% (3 Month USD LIBOR + 8.75%, Rate Floor: 9.75%) due 02/28/25†††,1		1,500,000		1,481,250
Diversitech Holdings, Inc.
9.44% (3 Month USD LIBOR + 7.50%, Rate Floor: 8.50%) due 06/02/25†††		2,650,000		2,583,750
American Bath Group LLC
6.05% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 09/29/23		1,006,291		1,008,807
STS Operating, Inc. (SunSource)
6.05% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 12/11/24		987,174		974,420
YAK MAT (YAK ACCESS LLC)
11.79% (1 Month USD LIBOR + 10.00%, Rate Floor: 10.00%) due 07/10/26		950,000		828,086
Bioplan USA, Inc.
6.55% (1 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 09/23/21		745,226		648,347
Avison Young (Canada), Inc.
6.93% (3 Month USD LIBOR + 5.00%, Rate Floor: 5.00%) due 01/31/26		544,500		533,610
ProAmpac PG Borrower LLC
10.40% (3 Month USD LIBOR + 8.50%, Rate Floor: 9.50%) due 11/18/24		350,000		335,125
Total Industrial				10,242,782
Technology - 2.3%
MRI Software LLC
7.55% (1 Month USD LIBOR + 5.75%, Rate Floor: 6.75%) due 06/30/23†††		2,521,557		2,496,342
7.55% (1 Month USD LIBOR + 5.75%, Rate Floor: 6.75%) due 06/30/23		539,889		534,490
7.55% (1 Month USD LIBOR + 5.75%, Rate Floor: 6.75%) due 06/30/23†††,1		11,806		11,152
Lytx, Inc.
8.55% (1 Month USD LIBOR + 6.75%, Rate Floor: 7.75%) due 08/31/23†††,1		2,267,371		2,294,555
GlobalFoundries, Inc.
6.75% (3 Month USD LIBOR + 4.75%, Rate Floor: 4.75%) due 06/05/26		1,492,500		1,442,128
Planview, Inc.
7.05% (1 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 01/27/23†††,1		1,170,000		1,170,000
Aston FinCo S.a.r.l.
6.26% (3 Month USD LIBOR + 4.25%, Rate Floor: 4.25%) due 10/09/26		800,000		792,000
Cvent, Inc.
5.55% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 11/29/24		740,578		738,356
Aspect Software, Inc.
7.21% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 01/15/24		436,970		403,651

High Yield Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
SENIOR FLOATING RATE INTERESTS††,9 - 13.8% (continued)
Technology - 2.3% (continued)
Targus Group International, Inc.
due 05/24/16†††,1,2,10		153,489	$	–
Total Technology				9,882,674
Consumer, Non-cyclical - 2.0%
Cambrex Corp.
6.70% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 12/04/26		1,575,000		1,567,125
Endo Luxembourg Finance Co.
6.06% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.00%) due 04/29/24		1,296,675		1,238,325
ScribeAmerica Intermediate Holdco LLC (Healthchannels)
6.24% (1 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 04/03/25		1,179,000		1,155,420
Springs Window Fashions
10.30% (1 Month USD LIBOR + 8.50%, Rate Floor: 8.50%) due 06/15/26		1,025,000		966,063
CTI Foods Holding Co. LLC
8.91% (3 Month USD LIBOR + 7.00%, Rate Floor: 8.00%) due 05/03/24†††,1		591,735		591,735
10.91% (3 Month USD LIBOR + 9.00%, Rate Floor: 10.00%) due 05/03/24†††		309,649		291,070
Hearthside Group Holdings LLC
5.49% (1 Month USD LIBOR + 3.69%, Rate Floor: 3.69%) due 05/23/25		738,750		729,885
Give and Go Prepared Foods Corp.
6.19% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 07/29/23		695,800		661,010
CPI Holdco LLC
6.19% (3 Month USD LIBOR + 4.25%, Rate Floor: 4.25%) due 11/04/26†††		550,000		551,375
Moran Foods LLC
due 12/05/2310		1,311,933		462,456
Albertson's LLC
4.55% (1 Month USD LIBOR + 2.75%, Rate Floor: 3.50%) due 11/17/25		376,875		379,954
Total Consumer, Non-cyclical				8,594,418
Basic Materials - 0.6%
ICP Industrial, Inc.
5.80% (1 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 11/03/23†††		1,227,083		1,190,270
Big River Steel LLC
6.94% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 08/23/23		879,750		877,551
DCG Acquisition Corp.
6.51% (3 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 09/30/26		710,286		712,061
Total Basic Materials				2,779,882
Utilities - 0.2%
Panda Power
8.44% (3 Month USD LIBOR + 6.50%, Rate Floor: 7.50%) due 08/21/20		1,102,721		974,067
Energy - 0.2%
Permian Production Partners LLC
due 05/20/24†††,10		1,187,500		534,375
Summit Midstream Partners, LP
7.80% (1 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 05/13/22		264,705		249,815
Total Energy				784,190
Total Senior Floating Rate Interests
(Cost $63,686,096)				59,795,706

ASSET-BACKED SECURITIES†† - 0.6%
Collateralized Loan Obligations - 0.6%
Barings Middle Market CLO Ltd.
2019-IA, 2.94% (3 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 10/15/316,9	1,500,000		1,499,747
WhiteHorse X Ltd.
2015-10A, 7.30% (3 Month USD LIBOR + 5.30%, Rate Floor: 5.30%) due 04/17/276,9	750,000		703,017
WhiteHorse VII Ltd.
2013-1A, 6.71% (3 Month USD LIBOR + 4.80%, Rate Floor: 0.00%) due 11/24/256,9	210,372		209,861
Total Collateralized Loan Obligations			2,412,625
Total Asset-Backed Securities
(Cost $2,345,894)			2,412,625
Total Investments - 104.3%
(Cost $457,584,129)		$	452,865,394
Other Assets & Liabilities, net - (4.3)%			(18,756,923	)
Total Net Assets - 100.0%		$	434,108,471

High Yield Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

Forward Foreign Currency Exchange Contracts††
Counterparty	Contracts to Sell		Currency		Settlement Date	Settlement Value		Value at December 31, 2019		Unrealized Depreciation
Bank of America, N.A.		1,047,000		GBP	01/14/20	$	1,382,286	$	1,387,458	$	(5,172	)
Bank of America, N.A.		1,760,000		EUR	01/14/20		1,957,625		1,976,060		(18,435	)
										$	(23,607	)

~	The face amount is denominated in U.S. dollars unless otherwise indicated.
*	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 was fair valued by the Valuation Committee at December 31, 2019. The total market value of fair valued securities amounts to $7,379,046 (cost $7,107,140) or 1.7% of total net assets.
2	Affiliated issuer.
3	Perpetual maturity.
4	Security has a fixed rate coupon which will convert to a floating or variable rate coupon on a future date.
5	Rate indicated is the 7-day yield as of December 31, 2019.
6	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $271,741,715 (cost $268,066,787), or 62.6% of total net assets.
7	All or a portion of this security is pledged as reverse repurchase agreements collateral at December 31, 2019. At December 31, 2019, the total market value of the pledged securities was $33,339,678.
8	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be illiquid and restricted under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) illiquid and restricted securities is $3,959,606 (cost $5,587,274), or 0.9% of total net assets — See Note 6.
9	Variable rate security. Rate indicated is the rate effective at December 31, 2019. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
10	Security is in default of interest and/or principal obligations.

EUR — Euro

GBP — British Pound

LIBOR — London Interbank Offered Rate

plc — Public Limited Company

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2019 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Total
Common Stocks	$	219,338	$	2,080,796	$	1,830,354		$	4,130,488
Preferred Stocks		—		1,390,500		—	*		1,390,500
Warrants		—		92		—			92
Exchange-Traded Funds		8,082,000		—		—			8,082,000
Money Market Fund		2,267,454		—		—			2,267,454
Corporate Bonds		—		374,786,529		—			374,786,529
Senior Floating Rate Interests		—		39,982,831		19,812,875			59,795,706
Asset-Backed Securities		—		2,412,625		—			2,412,625
Total Assets	$	10,568,792	$	420,653,373	$	21,643,229		$	452,865,394

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Forward Foreign Currency Exchange Contracts**	$	—	$	23,607	$	—	$	23,607
Unfunded Loan Commitments (Note 5)		—		—		174,371		174,371
Total Liabilities	$	—	$	23,607	$	174,371	$	197,978

* Security has a market value of $0.

** This derivative is reported as unrealized appreciation/depreciation at period end.

High Yield Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of the period end, reverse repurchase agreements of $21,334,276 are categorized as Level 2 within the disclosure hierarchy.

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:

Category	Ending Balance at December 31, 2019		Valuation Technique	Unobservable Inputs	Input Range		Weighted Average*
Assets:
Common Stocks	$	1,830,354	Enterprise Value	Valuation Multiple		1.8x-9.1x		6.2x
Senior Floating Rate Interests		14,264,183	Third Party Pricing	Broker Quote		—		—
Senior Floating Rate Interests		2,294,555	Yield Analysis	Yield		8.6%		—
Senior Floating Rate Interests		1,481,250	Model Price	Market Comparable Yields		10.2%		—
Senior Floating Rate Interests		1,170,000	Model Price	Liquidation Value		—		—
Senior Floating Rate Interests		591,735	Option Adjusted Spread off prior month broker quote	Broker Quote		—		—
Senior Floating Rate Interests		11,152	Model Price	Purchase Price		—		—
Total Assets	$	21,643,229
Liabilities:
Unfunded Loan Commitments	$	174,371	Model Price	Purchase Price		—		—

* Inputs are weighted by the fair value of the instruments.

Significant changes in a quote, liquidation value, yield, market comparable yields or valuation multiples would generally result in significant changes in the fair value of the security. Any remaining Level 3 securities held by the Fund and excluded from the table above, were not considered material to the Fund.

Transfers between Level 2 and Level 3 may occur as markets fluctuate and/or the availability of data used in an investment’s valuation changes. For the period ended December 31, 2019, the Fund had securities with a total value of $3,892,527 transfer into Level 3 from Level 2 due to lack of observable inputs and had securities with a total value of $983,272 transfer out of Level 3 and into Level 2 due to the availability of current and reliable market-based data provided by a third-party pricing service which utilizes significant observable inputs. For the period ended December 31, 2019 the Fund had liabilities with a total value of $2,783 transfer from Level 2 to Level 3 to due to lack of observable inputs.

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 December 31, 2019:

	Assets												Liabilities
	Common Stocks			Senior Floating Rate Interests			Preferred Stocks			Total Assets			Unfunded Loan Commitments
Beginning Balance	$	2,042,728		$	18,366,284		$	534,846		$	20,943,858		$	(301,483	)
Purchases/(Receipts)		-			100,962			-			100,962			(101,254	)
(Sales, maturities and paydowns)/Fundings		(14,338	)		(2,198,684	)		-			(2,213,022	)		129,728
Amortization of discount/premiums		-			15,550			-			15,550			-
Corporate actions		160,573			-			(160,573	)		-			-
Total realized gains or losses included in earnings		14,338			9,448			-			23,786			(81,831	)
Total change in unrealized appreciation (depreciation) included in earnings		610,325			(373,212	)		(374,273	)		(137,160	)		183,252
Transfers into Level 3		-			3,892,527			-			3,892,527			(2,783	)
Transfers out of Level 3		(983,272	)		-			-			(983,272	)		-
Ending Balance	$	1,830,354		$	19,812,875		$	-		$	21,643,229		$	(174,371	)
Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at December 31, 2019	$	693,653		$	(315,964	)	$	-		$	377,689		$	89,851

High Yield Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

Affiliated Transactions

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

Transactions during the period ended December 31, 2019, in which the company is an affiliated issuer, were as follows:  

Security Name	Value 09/30/19			Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 12/31/19			Shares/Face Amount 12/31/19		Investment Income
Common Stocks
BP Holdco LLC*,1	$	8,372		$	–	$	–	$	–	$	–	$	8,372			23,711	$	–
Targus Group International Equity, Inc.*,1		21,720			–		–		–		1,199		22,919			12,825		–
Senior Floating Rate Interests
Targus Group International, Inc. due 05/24/16*,1,2,3		–	**		–		–		–		–		–	**		153,489		–
	$	30,092		$	–	$	–	$	–	$	1,199	$	31,291				$	–

*	Non-income producing security.
**	Market value is less than $1.
1	Security was fair valued by the Valuation Committee at December 31, 2019. The total market value of fair valued and affiliated securities amounts to $31,291, (cost $152,098) or less than 0.1% of total net assets.
2	Security is in default of interest and/or principal obligations.
3	Variable rate security. Rate indicated is the rate effective at December 31, 2019. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.

Investment Grade Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Shares		Value
COMMON STOCKS††† - 0.0%
Industrial – 0.0%
Constar International Holdings LLC*,1		68	$	–
Total Common Stocks
(Cost $–)				–

EXCHANGE-TRADED FUNDS† - 1.0%
iShares Core U.S. Aggregate Bond ETF	79,510	8,934,539
Total Exchange-Traded Funds
(Cost $8,936,190)		8,934,539

MONEY MARKET FUND† - 0.7%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares 1.44%2	5,828,348	5,828,348
Total Money Market Fund
(Cost $5,828,348)		5,828,348

	Face Amount~
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 31.5%
Government Agency - 16.7%
Fannie Mae
3.59% due 02/01/29		6,435,000	6,939,705
3.71% due 02/01/34		5,700,000	6,263,418
3.03% due 02/01/30		5,100,000	5,347,376
2.50% due 12/01/29		4,804,814	4,872,440
2.43% due 01/01/30		4,500,000	4,419,920
3.66% due 03/01/34		4,000,000	4,319,138
3.60% due 03/01/31		4,000,000	4,302,448
2.55% due 12/01/29		3,000,000	2,993,722
3.00% due 12/01/29		2,500,000	2,623,642
3.61% due 04/01/34		2,300,000	2,502,471
3.49% due 04/01/30		2,300,000	2,475,262
3.37% due 05/01/31		2,250,000	2,387,513
4.17% due 02/01/49		2,000,000	2,241,746
3.19% due 02/01/29		2,000,000	2,114,318
3.26% due 05/01/34		2,000,000	2,074,158
3.09% due 10/01/29		2,000,000	2,073,754
3.11% due 04/01/30		1,967,741	2,053,122
2.39% due 02/01/27		2,000,000	1,999,716
2.46% due 01/01/30		2,000,000	1,980,283
2.30% due 11/01/29		2,000,000	1,965,365
2.81% due 09/01/39		2,000,000	1,961,996
2.70% due 10/01/39		1,994,253	1,936,048
3.33% due 05/01/34		1,500,000	1,613,829
3.13% due 01/01/30		1,500,000	1,574,593
3.01% due 12/01/27		1,500,000	1,560,908
2.86% due 09/01/29		1,450,000	1,503,352
3.83% due 05/01/49		1,000,000	1,113,796
4.24% due 08/01/48		1,000,000	1,100,990
3.68% due 04/01/34		1,000,000	1,090,235
3.67% due 03/01/30		1,000,000	1,090,110
3.70% due 03/01/31		1,000,000	1,087,378
3.74% due 02/01/30		1,000,000	1,087,139
4.27% due 12/01/33		985,468	1,085,490
3.43% due 09/01/34		1,000,000	1,083,416
3.56% due 03/01/31		1,000,000	1,082,761
3.56% due 04/01/30		1,000,000	1,081,628
3.53% due 04/01/33		1,000,000	1,081,086
3.51% due 04/01/34		1,000,000	1,076,827
3.48% due 04/01/30		1,000,000	1,076,237
3.66% due 03/01/34		989,439	1,076,054
3.34% due 05/01/34		1,000,000	1,075,296
3.42% due 04/01/30		1,000,000	1,070,100
3.31% due 01/01/33		1,000,000	1,069,330
3.36% due 05/01/34		991,236	1,063,726
3.19% due 02/01/30		1,000,000	1,059,858
3.18% due 01/01/30		1,000,000	1,057,083
3.05% due 01/01/30		1,000,000	1,054,054
3.46% due 08/01/49		994,954	1,051,826
3.23% due 01/01/30		970,982	1,028,862
3.12% due 01/01/30		968,480	1,023,753
2.79% due 01/01/32		1,000,000	1,002,450
2.57% due 10/01/29		1,000,000	999,313
2.99% due 01/01/40		1,000,000	997,716
2.34% due 05/01/27†††		1,000,000	987,597
2.69% due 10/01/34		996,991	985,201
2.96% due 11/01/29		900,000	933,212
1.95% due 11/01/20		900,000	897,639
3.08% due 10/01/32		850,000	888,188
4.07% due 05/01/49		794,016	885,035
2.90% due 11/01/29		850,000	877,055
4.37% due 10/01/48		739,359	828,325
4.25% due 05/01/48		656,110	707,503
3.14% due 09/01/32		650,000	678,672
2.99% due 09/01/29		650,000	675,685
3.17% due 01/01/30		550,000	581,358
2.82% due 10/01/29		550,000	568,383
3.05% due 10/01/29		500,000	524,356
3.22% due 01/01/30		450,000	477,614
3.94% due 10/01/36		344,247	376,851
Freddie Mac Multifamily Structured Pass Through Certificates
2019-K087, 3.77% due 12/25/28		4,250,000	4,667,998
2019-1513, 2.80% due 08/25/34		3,950,000	3,964,557
2017-KGX1, 3.00% due 10/25/27		3,500,000	3,642,376
2017-KW03, 3.02% due 06/25/27		3,000,000	3,119,700
2018-K073, 3.45% (WAC) due 01/25/283		1,200,000	1,286,038
2019-KJ27, 2.59% due 03/25/25		1,150,000	1,161,841
2018-K078, 3.92% due 06/25/28		1,000,000	1,102,659

Investment Grade Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 31.5% (continued)
Government Agency - 16.7% (continued)
2018-K074, 3.60% due 02/25/28		1,000,000	$	1,080,512
2017-K066, 3.20% due 06/25/27		1,000,000		1,054,069
Freddie Mac Seasoned Credit Risk Transfer Trust
2017-3, 3.00% due 07/25/56		2,014,933		2,053,344
2017-4, 3.25% due 06/25/57		1,784,219		1,838,750
2017-4, 3.50% due 06/25/57		1,470,818		1,527,540
2018-1, 2.75% due 05/25/574		1,455,681		1,482,703
2017-3, 3.25% due 07/25/56		833,337		858,390
Fannie Mae-Aces
2017-M11, 2.98% due 08/25/29		2,500,000		2,601,900
Freddie Mac
2018-4762, 4.00% due 01/15/46		1,000,000		1,040,543
Total Government Agency				149,222,351
Residential Mortgage Backed Securities - 11.1%
New Residential Advance Receivables Trust Advance Receivables Backed
2019-T3, 2.51% due 09/15/525		4,450,000		4,447,444
2019-T4, 2.33% due 10/15/515		3,750,000		3,744,701
2019-T5, 2.43% due 10/15/515		3,000,000		3,000,775
2019-T2, 2.52% due 08/15/535		2,000,000		1,984,670
New Residential Mortgage Loan Trust
2018-2A, 3.50% (WAC) due 02/25/583,5		1,522,975		1,554,248
2019-RPL1, 4.34% due 02/26/244,5		1,153,209		1,157,260
2019-6A, 3.50% (WAC) due 09/25/593,5		980,732		1,001,002
2017-5A, 3.29% (1 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 06/25/573,5		864,600		875,331
2018-1A, 4.00% (WAC) due 12/25/573,5		698,091		723,582
CIM Trust
2018-R2, 3.69% (WAC) due 08/25/573,5		2,648,917		2,659,142
2018-R4, 4.07% (WAC) due 12/26/573,5		2,480,789		2,504,092
Cascade Funding Mortgage Trust
2018-RM2, 4.00% (WAC) due 10/25/683,5		3,808,465		3,907,366
2019-RM3, 2.80% (WAC) due 06/25/693,5		946,469		947,766
BRAVO Residential Funding Trust
2019-NQM1, 2.67% (WAC) due 07/25/593,5		2,283,385		2,282,481
2019-NQM2, 2.75% (WAC) due 11/25/593,5		1,924,837		1,922,174
Structured Asset Securities Corporation Mortgage Loan Trust
2007-WF1, 2.00% (1 Month USD LIBOR + 0.21%, Rate Floor: 0.21%) due 02/25/373		2,550,935		2,503,007
2006-BC3, 1.95% (1 Month USD LIBOR + 0.16%, Rate Floor: 0.16%) due 10/25/363		914,643		845,364
2006-BC4, 1.96% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 12/25/363		715,292		693,118
Homeward Opportunities Fund I Trust
2019-3, 2.68% (WAC) due 11/25/593,5		1,952,741		1,947,374
2019-2, 2.70% (WAC) due 09/25/593,5		1,308,761		1,303,691
GSAA Home Equity Trust
2005-6, 2.22% (1 Month USD LIBOR + 0.43%, Rate Floor: 0.43%) due 06/25/353		3,150,000		3,144,834
Home Equity Loan Trust
2007-FRE1, 1.98% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 04/25/373		2,869,051		2,706,991
Soundview Home Loan Trust
2006-OPT5, 1.93% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 07/25/363		2,662,899		2,594,001

Investment Grade Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 31.5% (continued)
Residential Mortgage Backed Securities - 11.1% (continued)
Freddie Mac STACR Trust
2019-DNA4, 2.41% (1 Month USD LIBOR + 0.70%, Rate Floor: 0.00%) due 10/25/493,5		2,121,089	$	2,121,087
2019-DNA3, 2.52% (1 Month USD LIBOR + 0.73%, Rate Floor: 0.00%) due 07/25/493,5		444,489		444,488
HarborView Mortgage Loan Trust
2006-12, 1.95% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 01/19/383		1,781,786		1,686,150
2006-14, 1.91% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 01/25/473		863,754		856,551
CSMC Trust
2018-RPL9, 3.85% (WAC) due 09/25/573,5		2,410,748		2,503,269
Towd Point Mortgage Trust
2017-6, 2.75% (WAC) due 10/25/573,5		1,792,524		1,803,359
2017-5, 2.39% (1 Month USD LIBOR + 0.60%, Rate Floor: 0.00%) due 02/25/573,5		394,842		393,866
2018-1, 3.00% (WAC) due 01/25/583,5		263,194		265,977
Ocwen Master Advance Receivables Trust
2019-T2, 2.42% due 08/15/515		2,300,000		2,311,619
SG Residential Mortgage Trust
2019-3, 2.70% (WAC) due 09/25/593,5		2,294,035		2,290,032
Verus Securitization Trust
2019-4, 2.64% due 11/25/594,5		2,202,468		2,201,403
NovaStar Mortgage Funding Trust Series
2007-2, 1.99% (1 Month USD LIBOR + 0.20%, Rate Cap/Floor: 11.00%/0.20%) due 09/25/373		2,051,882		1,996,961
Argent Securities Incorporated Asset-Backed Pass-Through Certificates Series
2005-W2, 2.28% (1 Month USD LIBOR + 0.49%, Rate Floor: 0.49%) due 10/25/353		2,000,000		1,987,901
NRPL Trust
2019-3A, 3.00% due 07/25/595		1,966,577		1,959,177
JP Morgan Mortgage Acquisition Trust
2006-WMC4, 1.91% (1 Month USD LIBOR + 0.12%, Rate Floor: 0.12%) due 12/25/363		3,122,619		1,945,080
Countrywide Asset-Backed Certificates
2006-6, 1.96% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 09/25/363		1,613,939		1,592,389
Starwood Mortgage Residential Trust
2019-1, 2.94% (WAC) due 06/25/493,5		1,569,648		1,569,259
SPS Servicer Advance Receivables Trust Advance Receivables Backed Notes
2019-T1, 2.24% due 10/15/515		1,500,000		1,500,173
LSTAR Securities Investment Limited
2019-5, 3.21% (1 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 11/01/243,5		1,460,815		1,460,815
Alternative Loan Trust
2007-OA4, 1.96% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 05/25/473		1,497,403		1,414,400
Deephaven Residential Mortgage Trust
2019-3A, 2.96% (WAC) due 07/25/593,5		842,406		844,917
2017-3A, 2.58% (WAC) due 10/25/473,5		486,772		486,474
Citigroup Mortgage Loan Trust
2019-IMC1, 2.72% (WAC) due 07/25/493,5		1,320,512		1,322,141
American Home Mortgage Investment Trust
2007-1, 2.08% due 05/25/476		8,758,344		1,309,671
GSAMP Trust
2007-NC1, 1.92% (1 Month USD LIBOR + 0.13%, Rate Floor: 0.13%) due 12/25/463		1,735,606		1,105,657

Investment Grade Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 31.5% (continued)
Residential Mortgage Backed Securities - 11.1% (continued)
Structured Asset Investment Loan Trust
2005-11, 2.51% (1 Month USD LIBOR + 0.72%, Rate Floor: 0.36%) due 01/25/363		1,033,135	$	1,021,618
Park Place Securities Incorporated Asset Backed Pass Through Certificates Ser
2005-WHQ3, 2.74% (1 Month USD LIBOR + 0.95%, Rate Floor: 0.63%) due 06/25/353		1,000,000		999,508
Connecticut Avenue Securities Trust
2019-R07, 2.56% (1 Month USD LIBOR + 0.77%, Rate Floor: 0.00%) due 10/25/393,5		988,681		988,972
Asset Backed Securities Corporation Home Equity Loan Trust Series AEG
2006-HE1, 2.19% (1 Month USD LIBOR + 0.40%, Rate Floor: 0.40%) due 01/25/363		1,000,000		972,634
Nationstar HECM Loan Trust
2019-2A, 2.27% (WAC) due 11/25/293,5		916,341		916,140
Nationstar Home Equity Loan Trust
2007-B, 2.01% (1 Month USD LIBOR + 0.22%, Rate Floor: 0.22%) due 04/25/373		787,911		778,671
Luminent Mortgage Trust
2006-2, 1.99% (1 Month USD LIBOR + 0.20%, Rate Floor: 0.20%) due 02/25/463		879,189		774,234
COLT Mortgage Loan Trust
2018-3, 3.69% (WAC) due 10/26/483,5		747,337		751,260
Legacy Mortgage Asset Trust
2018-GS3, 4.00% due 06/25/584,5		741,581		748,186
Bear Stearns Asset Backed Securities I Trust
2006-HE9, 1.93% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 11/25/363		739,093		719,637
RALI Series Trust
2006-QO2, 2.01% (1 Month USD LIBOR + 0.22%, Rate Floor: 0.22%) due 02/25/463		1,766,658		630,792
CSMC Series
2015-12R, 2.32% (WAC) due 11/30/373,5		629,420		626,887
LSTAR Securities Investment Trust
2019-1, 3.41% (1 Month USD LIBOR + 1.70%, Rate Floor: 0.00%) due 03/01/243,5		621,401		621,407
Deutsche Alt-A Securities Mortgage Loan Trust Series
2007-OA2, 3.01% (1 Year CMT Rate + 0.77%, Rate Floor: 0.77%) due 04/25/473		603,705		578,697
CIT Mortgage Loan Trust
2007-1, 3.24% (1 Month USD LIBOR + 1.45%, Rate Floor: 1.45%) due 10/25/373,5		429,784		430,989
MASTR Adjustable Rate Mortgages Trust
2003-5, 3.19% (WAC) due 11/25/333		418,488		396,992
Banc of America Funding Trust
2015-R4, 1.88% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 01/27/353,5		393,252		389,661
Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust
2006-AR9, 3.08% (1 Year CMT Rate + 0.84%, Rate Floor: 0.84%) due 11/25/463		410,042		372,616
GSMSC Resecuritization Trust
2015-5R, 1.96% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 04/26/373,5		370,440		369,501
Angel Oak Mortgage Trust LLC
2017-3, 2.71% (WAC) due 11/25/473,5		323,102		322,768

Investment Grade Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 31.5% (continued)
Residential Mortgage Backed Securities - 11.1% (continued)
UCFC Manufactured Housing Contract
1997-2, 7.38% due 10/15/28		117,277	$	123,660
Total Residential Mortgage Backed Securities				99,358,060
Commercial Mortgage Backed Securities - 2.3%
CGBAM Mezzanine Securities Trust
2015-SMMZ, 8.21% due 04/10/285		2,650,000		2,648,887
COMM Mortgage Trust
2015-CR24, 0.77% (WAC) due 08/10/483,6		46,113,688		1,682,015
2015-CR26, 0.95% (WAC) due 10/10/483,6		9,380,699		419,359
BENCHMARK Mortgage Trust
2019-B14, 0.80% (WAC) due 12/15/623,6		19,994,088		1,121,928
2018-B6, 0.44% (WAC) due 10/10/513,6		31,378,216		874,978
Four Times Square Trust Commercial Mortgage Pass-Through Certificates Series
2006-4TS, 5.40% due 12/13/285		1,855,189		1,897,623
Citigroup Commercial Mortgage Trust
2019-GC43, 0.63% (WAC) due 11/10/523,6		19,997,287		1,024,069
2016-GC37, 1.76% (WAC) due 04/10/493,6		3,708,601		317,148
2016-C2, 1.77% (WAC) due 08/10/493,6		2,438,250		222,511
2016-P5, 1.52% (WAC) due 10/10/493,6		1,940,178		140,300
Americold LLC Trust
2010-ARTA, 7.44% due 01/14/295		1,250,000		1,283,906
2010-ARTA, 3.85% due 01/14/295		274,127		275,980
GRACE Mortgage Trust
2014-GRCE, 3.37% due 06/10/285		1,000,000		1,010,690
Bancorp Commercial Mortgage Trust
2018-CR3, 2.99% (1 Month USD LIBOR + 1.25%, Rate Floor: 1.25%) due 01/15/333,5		1,000,000		1,001,168
GS Mortgage Securities Trust
2019-GC42, 0.81% (WAC) due 09/01/523,6		14,990,867		959,883
CSAIL Commercial Mortgage Trust
2019-C15, 1.05% (WAC) due 03/15/523,6		12,482,094		929,405
SG Commercial Mortgage Securities Trust
2016-C5, 1.98% (WAC) due 10/10/483,6		9,649,484		843,859
UBS Commercial Mortgage Trust
2017-C2, 1.09% (WAC) due 08/15/503,6		11,182,429		707,641
GE Business Loan Trust
2007-1A, 1.91% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 04/15/353,5		610,198		598,436
JPMDB Commercial Mortgage Securities Trust
2016-C2, 1.67% (WAC) due 06/15/493,6		8,723,851		582,673
Morgan Stanley Capital I Trust
2016-UB11, 1.62% (WAC) due 08/15/493,6		7,353,649		544,880
Wells Fargo Commercial Mortgage Trust
2016-NXS5, 1.50% (WAC) due 01/15/593,6		4,791,738		285,363
2016-C37, 0.99% (WAC) due 12/15/493,6		3,751,957		153,756
Aventura Mall Trust
2013-AVM, 3.74% (WAC) due 12/05/323,5		425,000		427,981
CGBAM Commercial Mortgage Trust
2015-SMRT, 3.79% (WAC) due 04/10/283,5		350,000		349,801
CFCRE Commercial Mortgage Trust
2016-C3, 1.03% (WAC) due 01/10/483,6		5,764,877		300,317
CD Mortgage Trust
2016-CD1, 1.41% (WAC) due 08/10/493,6		2,523,428		179,911
Total Commercial Mortgage Backed Securities				20,784,468
Military Housing - 1.4%
Freddie Mac Military Housing Bonds Resecuritization Trust Certificates
2015-R1, 1.93% (WAC) due 11/25/553,5		3,916,633		4,418,372
2015-R1, 4.10% (WAC) due 11/25/523,5		1,619,842		1,797,623
2015-R1, 0.29% (WAC) due 11/25/553,5,6		10,555,803		840,853
Capmark Military Housing Trust
2006-RILY, 6.15% due 07/10/515		2,342,384		2,664,187

Investment Grade Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 31.5% (continued)
Military Housing - 1.4% (continued)
2007-ROBS, 6.06% due 10/10/525		469,599	$	552,882
2007-AETC, 5.75% due 02/10/525		277,603		303,674
GMAC Commercial Mortgage Asset Corp.
2007-HCKM, 6.11% due 08/10/525		1,477,271		1,577,610
Total Military Housing				12,155,201
Total Collateralized Mortgage Obligations
(Cost $275,296,860)				281,520,080

U.S. GOVERNMENT SECURITIES†† - 19.5%
U.S. Treasury Notes
2.38% due 02/29/24	42,382,000	43,590,549
1.50% due 10/31/24	22,019,000	21,835,795
2.50% due 02/28/26	17,598,000	18,339,728
2.38% due 03/15/22	16,297,000	16,579,015
1.63% due 10/31/26	15,753,000	15,556,703
1.75% due 06/30/24	10,388,000	10,420,868
1.50% due 09/30/24	10,192,000	10,107,200
1.63% due 09/30/26	9,196,000	9,086,438
1.88% due 06/30/26	2,551,000	2,563,655
U.S. Treasury Bonds
2.25% due 08/15/49	15,139,000	14,727,409
2.88% due 05/15/49	10,743,000	11,873,113
Total U.S. Government Securities
(Cost $172,923,517)		174,680,473

FOREIGN GOVERNMENT DEBT†† - 16.3%
Government of Japan
due 01/10/207	JPY	1,702,900,000	15,672,140
0.10% due 08/01/21	JPY	1,562,000,000	14,427,451
0.10% due 07/01/21	JPY	1,078,000,000	9,955,089
due 01/20/207	JPY	985,000,000	9,065,555
0.10% due 05/01/21	JPY	520,000,000	4,799,930
0.10% due 12/20/21	JPY	271,900,000	2,513,763
0.10% due 06/01/21	JPY	208,000,000	1,920,489
0.10% due 03/20/20	JPY	49,000,000	451,160
2.40% due 03/20/20	JPY	20,000,000	185,042
1.30% due 03/20/20	JPY	8,000,000	73,846
Kingdom of Spain
0.75% due 07/30/21	EUR	12,780,000	14,605,448
due 01/17/207	EUR	9,997,000	11,218,709
State of Israel
1.00% due 04/30/21	ILS	29,760,000	8,723,488
5.00% due 01/31/20	ILS	18,100,000	5,260,222
5.50% due 01/31/22	ILS	15,760,000	5,066,218
0.50% due 01/31/21	ILS	5,570,000	1,620,915
Federative Republic of Brazil
due 07/01/217	BRL	37,920,000	8,795,610
due 07/01/207	BRL	14,360,000	3,503,590
due 04/01/207	BRL	12,250,000	3,019,576
Republic of Portugal
due 01/17/207	EUR	10,269,000	11,523,591
Republic of France
due 01/08/207	EUR	6,260,000	7,023,691
United Mexican States
due 01/02/207	MXN	120,625,000	6,377,405
Total Foreign Government Debt
(Cost $145,190,873)			145,802,928

ASSET-BACKED SECURITIES†† - 15.4%
Collateralized Loan Obligations - 6.9%
Palmer Square Loan Funding Ltd.
2018-4A, 2.81% (3 Month USD LIBOR + 0.90%, Rate Floor: 0.00%) due 11/15/263,5	4,179,322	4,180,665
2019-3A, 2.75% (3 Month USD LIBOR + 0.85%, Rate Floor: 0.85%) due 08/20/273,5	1,422,748	1,419,857
2018-4A, 3.36% (3 Month USD LIBOR + 1.45%, Rate Floor: 0.00%) due 11/15/263,5	1,000,000	996,225
Golub Capital Partners CLO Ltd.
2018-36A, 3.19% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 02/05/313,5	4,100,000	4,011,646
NewStar Clarendon Fund CLO LLC
2019-1A, 3.24% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 01/25/273,5	3,653,231	3,650,279
Denali Capital CLO XI Ltd.
2018-1A, 3.10% (3 Month USD LIBOR + 1.13%, Rate Floor: 0.00%) due 10/20/283,5	3,000,000	2,996,278
Crown Point CLO III Ltd.
2017-3A, 3.45% (3 Month USD LIBOR + 1.45%, Rate Floor: 0.00%) due 12/31/273,5	2,000,000	1,994,150
2017-3A, 2.91% (3 Month USD LIBOR + 0.91%, Rate Floor: 0.00%) due 12/31/273,5	963,303	963,064
ALM VI Ltd.
2018-6A, 3.20% (3 Month USD LIBOR + 1.20%, Rate Floor: 0.00%) due 07/15/263,5	2,800,000	2,788,573

Investment Grade Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
ASSET-BACKED SECURITIES†† - 15.4% (continued)
Collateralized Loan Obligations - 6.9% (continued)
MP CLO VIII Ltd.
2018-2A, 2.85% (3 Month USD LIBOR + 0.91%, Rate Floor: 0.00%) due 10/28/273,5		2,200,000	$	2,195,756
Carlyle Global Market Strategies CLO Ltd.
2018-2A, 2.72% (3 Month USD LIBOR + 0.78%, Rate Floor: 0.00%) due 04/27/273,5		2,063,635		2,059,563
Halcyon Loan Advisors Funding Ltd.
2017-3A, 2.90% (3 Month USD LIBOR + 0.90%, Rate Floor: 0.00%) due 10/18/273,5		2,000,000		1,996,804
Golub Capital Partners CLO 16 Ltd.
2017-16A, 3.79% (3 Month USD LIBOR + 1.85%, Rate Floor: 0.00%) due 07/25/293,5		2,000,000		1,980,919
THL Credit Wind River CLO Ltd.
2019-1A, 2.88% (3 Month USD LIBOR + 0.88%, Rate Floor: 0.00%) due 01/15/263,5		1,973,887		1,972,812
Fortress Credit Opportunities XI CLO Ltd.
2018-11A, 3.30% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 04/15/313,5		2,000,000		1,959,309
Cerberus Loan Funding XVII Ltd.
2016-3A, 4.53% (3 Month USD LIBOR + 2.53%, Rate Floor: 0.00%) due 01/15/283,5		2,000,000		1,943,615
ALM XII Ltd.
2018-12A, 2.89% (3 Month USD LIBOR + 0.89%, Rate Floor: 0.89%) due 04/16/273,5		1,902,944		1,902,266
Mountain View CLO Ltd.
2018-1A, 2.80% (3 Month USD LIBOR + 0.80%, Rate Floor: 0.80%) due 10/15/263,5		1,886,275		1,883,835
NXT Capital CLO LLC
2017-1A, 3.67% (3 Month USD LIBOR + 1.70%, Rate Floor: 0.00%) due 04/20/293,5		1,800,000		1,800,206
Venture XII CLO Ltd.
2018-12A, 2.71% (3 Month USD LIBOR + 0.80%, Rate Floor: 0.80%) due 02/28/263,5		1,631,918		1,629,180
Figueroa CLO Ltd.
2018-2A, 2.76% (3 Month USD LIBOR + 0.85%, Rate Floor: 0.85%) due 06/20/273,5		1,585,174		1,581,558
Garrison BSL CLO Ltd.
2018-1A, 2.95% (3 Month USD LIBOR + 0.95%, Rate Floor: 0.00%) due 07/17/283,5		1,300,000		1,302,437
BSPRT Issuer Ltd.
2018-FL3, 2.79% (1 Month USD LIBOR + 1.05%, Rate Floor: 1.05%) due 03/15/283,5		1,250,000		1,250,204
KVK CLO Ltd.
2017-1A, 2.90% (3 Month USD LIBOR + 0.90%, Rate Floor: 0.00%) due 01/14/283,5		1,250,000		1,247,299
OCP CLO 2014-7 Ltd.
2018-7A, 2.57% (3 Month USD LIBOR + 0.60%, Rate Floor: 0.00%) due 07/20/293,5		1,071,429		1,070,900
FDF I Ltd.
2015-1A, 4.40% due 11/12/305		1,000,000		1,021,164
FDF II Ltd.
2016-2A, 4.29% due 05/12/315		1,000,000		1,016,818
NXT Capital CLO 2015-1 LLC
2018-1A, 3.57% (3 Month USD LIBOR + 1.60%, Rate Floor: 0.00%) due 04/21/273,5		1,000,000		1,000,007
TCP Waterman CLO Ltd.
2016-1A, 3.94% (3 Month USD LIBOR + 2.05%, Rate Floor: 0.00%) due 12/15/283,5		1,000,000		999,776
MONROE CAPITAL BSL CLO Ltd.
2017-1A, 3.65% (3 Month USD LIBOR + 1.75%, Rate Floor: 0.00%) due 05/22/273,5		1,000,000		997,899
Diamond CLO Ltd.
2018-1A, 3.45% (3 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 07/22/303,5		1,000,000		997,118

Investment Grade Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
ASSET-BACKED SECURITIES†† - 15.4% (continued)
Collateralized Loan Obligations - 6.9% (continued)
NewStar Fairfield Fund CLO Ltd.
2018-2A, 3.24% (3 Month USD LIBOR + 1.27%, Rate Floor: 1.27%) due 04/20/303,5		1,000,000	$	978,519
BDS
2018-FL2, 2.69% (1 Month USD LIBOR + 0.95%, Rate Floor: 0.95%) due 08/15/353,5		920,965		920,711
Dryden 37 Senior Loan Fund
2015-37A, due 01/15/315,8		1,000,000		864,472
Fortress Credit Opportunities IX CLO Ltd.
2017-9A, 3.46% (3 Month USD LIBOR + 1.55%, Rate Floor: 0.00%) due 11/15/293,5		636,000		631,683
Avery Point V CLO Ltd.
2017-5A, 2.98% (3 Month USD LIBOR + 0.98%, Rate Floor: 0.00%) due 07/17/263,5		607,333		606,880
Monroe Capital CLO Ltd.
2017-1A, 3.30% (3 Month USD LIBOR + 1.35%, Rate Floor: 0.00%) due 10/22/263,5		521,996		522,114
Treman Park CLO Ltd.
2015-1A, due 10/20/285,8		500,000		405,985
Copper River CLO Ltd.
2007-1A, due 01/20/218,9		700,000		93,800
Babson CLO Ltd.
2014-IA, due 07/20/255,8		650,000		93,292
VMC Finance LLC
2018-FL1, 2.56% (1 Month USD LIBOR + 0.82%, Rate Floor: 0.82%) due 03/15/353,5		44,412		44,312
Mountain Hawk II CLO Ltd.
2018-2A, 2.79% (3 Month USD LIBOR + 0.82%, Rate Floor: 0.00%) due 07/20/243,5		15,411		15,409
Total Collateralized Loan Obligations				61,987,359
Financial - 3.1%
Station Place Securitization Trust
2019-8, 2.38% (1 Month USD LIBOR + 0.60%, Rate Floor: 0.60%) due 03/24/203,5		6,750,000		6,749,996
2019-6, 2.38% (1 Month USD LIBOR + 0.60%, Rate Floor: 0.60%) due 07/24/21†††,3,5		5,500,000		5,500,000
2019-5, 2.48% (1 Month USD LIBOR + 0.70%, Rate Floor: 0.70%) due 06/24/20†††,3,5		2,950,000		2,950,000
2019-2, 2.33% (1 Month USD LIBOR + 0.55%, Rate Floor: 0.55%) due 04/24/213,5		1,400,000		1,400,268
2019-9, 2.48% (1 Month USD LIBOR + 0.70%, Rate Floor: 0.00%) due 10/24/20†††,3,5		1,350,000		1,350,000
2019-WL1, 2.44% (1 Month USD LIBOR + 0.65%, Rate Floor: 0.65%) due 08/25/523,5		1,000,000		1,000,150
Barclays Bank plc
GMTN, 2.48% (1 Month USD LIBOR + 0.68%) due 07/31/203,5		6,400,000		6,412,117
Madison Avenue Secured Funding Trust
2019-1, 3.22% (1 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 11/11/203,5		1,300,000		1,300,091
Nassau LLC
2019-1, 3.98% due 08/15/345		1,222,967		1,213,994
Total Financial				27,876,616
Transport-Aircraft - 1.9%
Castlelake Aircraft Securitization Trust
2017-1, 3.97% due 07/15/42		1,547,350		1,568,174
2018-1, 4.13% due 06/15/435		1,516,278		1,541,344
AASET US Ltd.
2018-2A, 4.45% due 11/18/385		2,976,324		3,033,431
MAPS Ltd.
2018-1A, 4.21% due 05/15/435		2,179,500		2,218,517
Sapphire Aviation Finance I Ltd.
2018-1A, 4.25% due 03/15/405		2,166,128		2,203,051
Willis Engine Securitization Trust II
2012-A, 5.50% due 09/15/374,5		1,491,857		1,534,497
Apollo Aviation Securitization Equity Trust
2016-2, 4.21% due 11/15/41		1,474,343		1,476,970

Investment Grade Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
ASSET-BACKED SECURITIES†† - 15.4% (continued)
Transport-Aircraft - 1.9% (continued)
AIM Aviation Finance Ltd.
2015-1A, 4.21% due 02/15/405		801,512	$	800,906
Falcon Aerospace Ltd.
2017-1, 4.58% due 02/15/425		677,465		679,891
Raspro Trust
2005-1A, 2.89% (3 Month USD LIBOR + 0.93%, Rate Floor: 0.93%) due 03/23/243,5		584,129		574,704
AASET Trust
2017-1A, 3.97% due 05/16/425		455,846		459,580
Turbine Engines Securitization Ltd.
2013-1A, 5.13% due 12/13/489		425,715		426,798
Total Transport-Aircraft				16,517,863
Transport-Container - 0.8%
Textainer Marine Containers Ltd.
2017-2A, 3.52% due 06/20/425		2,234,103		2,227,590
Global SC Finance II SRL
2014-1A, 3.19% due 07/17/295		1,604,167		1,602,408
CLI Funding LLC
2018-1A, 4.03% due 04/18/435		1,071,830		1,079,624
CAL Funding III Ltd.
2018-1A, 3.96% due 02/25/435		1,020,833		1,024,035
Textainer Marine Containers V Ltd.
2017-1A, 3.72% due 05/20/425		759,236		762,082
Cronos Containers Program Ltd.
2013-1A, 3.08% due 04/18/285		600,000		599,824
Total Transport-Container				7,295,563
Net Lease - 0.8%
Capital Automotive LLC
2017-1A, 3.87% due 04/15/475		2,837,690		2,859,306
Store Master Funding I-VII
2016-1A, 3.96% due 10/20/465		2,731,027		2,841,846
STORE Master Funding LLC
2014-1A, 5.00% due 04/20/445		1,458,125		1,534,295
Total Net Lease				7,235,447
Credit Card - 0.7%
Citibank Credit Card Issuance Trust
2017-A3, 1.92% due 04/07/22		6,000,000		5,999,678
Collateralized Debt Obligations - 0.6%
Anchorage Credit Funding Ltd.
2016-4A, 3.50% due 02/15/355		3,750,000		3,764,815
2016-3A, 3.85% due 10/28/335		1,000,000		1,004,446
Putnam Structured Product Funding Ltd.
2003-1A, 2.74% (1 Month USD LIBOR + 1.00%, Rate Floor: 0.00%) due 10/15/383,5		232,253		229,963
N-Star REL CDO VIII Ltd.
2006-8A, 2.49% (1 Month USD LIBOR + 0.36%, Rate Floor: 0.36%) due 02/01/413,5		105,440		104,485
Highland Park CDO I Ltd.
2006-1A, 3.05% (3 Month USD LIBOR + 0.40%, Rate Floor: 0.00%) due 11/25/513,9		90,059		89,291
Total Collateralized Debt Obligations				5,193,000
Infrastructure - 0.2%
Secured Tenant Site Contract Revenue Notes Series
2018-1A, 3.97% due 06/15/485		1,072,692		1,085,994
Vantage Data Centers Issuer LLC
2018-1A, 4.07% due 02/16/435		981,667		1,012,297
Total Infrastructure				2,098,291
Whole Business - 0.1%
Domino's Pizza Master Issuer LLC
2017-1A, 3.19% (3 Month USD LIBOR + 1.25%, Rate Floor: 0.00%) due 07/25/473,5		980,000		980,716

Investment Grade Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
ASSET-BACKED SECURITIES†† - 15.4% (continued)
Whole Business - 0.1% (continued)
Drug Royalty III Limited Partnership
2016-1A, 3.98% due 04/15/275		140,589	$	140,809
Total Whole Business				1,121,525
Diversified Payment Rights - 0.1%
Bib Merchant Voucher Receivables Ltd.
4.18% due 04/07/28†††,1		1,000,000		1,032,548
Automotive - 0.1%
Hertz Vehicle Financing II, LP
2017-1A, 2.96% due 10/25/215		500,000		502,558
Insurance - 0.1%
Chesterfield Financial Holdings LLC
2014-1A, 4.50% due 12/15/345		401,250		403,173
Total Asset-Backed Securities
(Cost $137,145,607)				137,263,621

CORPORATE BONDS†† - 7.6%
Financial - 3.1%
Synchrony Bank
2.59% (3 Month USD LIBOR + 0.63%) due 03/30/203	2,600,000	2,601,927
Discover Bank
3.10% due 06/04/20	2,000,000	2,007,444
AXIS Specialty Finance LLC
5.88% due 06/01/20	1,800,000	1,828,342
Capital One Financial Corp.
2.50% due 05/12/20	1,750,000	1,752,306
Morgan Stanley
5.50% due 07/24/20	1,700,000	1,734,306
Lloyds Bank Corporate Markets plc NY
2.26% (3 Month USD LIBOR + 0.37%) due 08/05/203	1,730,000	1,731,718
Credit Suisse AG NY
2.33% (3 Month USD LIBOR + 0.40%) due 07/31/203	1,720,000	1,722,458
Standard Chartered Bank
2.30% (3 Month USD LIBOR + 0.40%) due 08/04/203	1,710,000	1,712,009
ANZ New Zealand Int'l Ltd.
2.85% due 08/06/205	1,700,000	1,708,330
American Express Co.
2.20% due 10/30/20	1,700,000	1,703,494
UBS AG
2.47% (3 Month USD LIBOR + 0.58%, Rate Floor: 0.00%) due 06/08/203,5	1,700,000	1,702,813
American Tower Corp.
2.80% due 06/01/20	1,650,000	1,654,752
American International Group, Inc.
6.40% due 12/15/20	1,060,000	1,103,791
International Lease Finance Corp.
8.25% due 12/15/20	950,000	1,004,333
Santander UK plc
2.20% (3 Month USD LIBOR + 0.30%) due 11/03/203	629,000	629,263
2.13% due 11/03/20	211,000	211,252
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
4.25% due 07/01/20	785,000	792,903
American Equity Investment Life Holding Co.
5.00% due 06/15/27	670,000	715,327
Marsh & McLennan Cos., Inc.
4.80% due 07/15/21	400,000	414,529
Credit Suisse Group Funding Guernsey Ltd.
2.75% due 03/26/20	300,000	300,372
Assurant, Inc.
3.20% (3 Month USD LIBOR + 1.25%) due 03/26/213	289,000	289,033
Total Financial		27,320,702
Consumer, Non-cyclical - 1.9%
Quest Diagnostics, Inc.
2.50% due 03/30/20	1,800,000	1,800,431
4.70% due 04/01/21	300,000	309,969
Reynolds American, Inc.
3.25% due 06/12/20	1,920,000	1,928,739
Mondelez International, Inc.
3.00% due 05/07/20	1,920,000	1,925,510
Zimmer Biomet Holdings, Inc.
2.70% due 04/01/20	1,795,000	1,796,167
Cigna Corp.
2.25% (3 Month USD LIBOR + 0.35%) due 03/17/203	1,795,000	1,795,689
Allergan Incorporated/United States
3.38% due 09/15/20	1,635,000	1,649,028
Molson Coors Beverage Co.
2.25% due 03/15/20	1,600,000	1,599,317
Constellation Brands, Inc.
2.25% due 11/06/20	1,480,000	1,482,996
Coca-Cola Femsa SAB de CV
4.63% due 02/15/20	850,000	852,093
Anthem, Inc.
2.50% due 11/21/20	800,000	803,559
Coca-Cola European Partners plc
3.50% due 09/15/20	550,000	554,991

Investment Grade Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
CORPORATE BONDS†† - 7.6% (continued)
Consumer, Non-cyclical - 1.9% (continued)
Allergan Funding SCS
3.14% (3 Month USD LIBOR + 1.26%) due 03/12/203		165,000	$	165,310
Humana, Inc.
2.50% due 12/15/20		120,000		120,508
Conagra Brands, Inc.
2.51% (3 Month USD LIBOR + 0.50%) due 10/09/203		100,000		100,149
Kraft Heinz Foods Co.
2.80% due 07/02/20		84,000		84,134
Total Consumer, Non-cyclical				16,968,590
Technology - 0.6%
Fiserv, Inc.
2.70% due 06/01/20		2,000,000		2,004,956
Analog Devices, Inc.
2.95% due 01/12/21		1,800,000		1,815,055
Broadcom Corporation / Broadcom Cayman Finance Ltd.
2.38% due 01/15/20		1,800,000		1,800,081
Total Technology				5,620,092
Utilities - 0.6%
NextEra Energy Capital Holdings, Inc.
2.41% (3 Month USD LIBOR + 0.45%) due 09/28/203		1,830,000		1,832,562
Ameren Corp.
2.70% due 11/15/20		1,800,000		1,809,640
Exelon Corp.
2.85% due 06/15/20		860,000		861,978
Eversource Energy
2.50% due 03/15/21		500,000		502,933
PSEG Power LLC
5.13% due 04/15/20		250,000		252,226
Pennsylvania Electric Co.
5.20% due 04/01/20		50,000		50,358
Total Utilities				5,309,697
Energy - 0.5%
Occidental Petroleum Corp.
2.60% due 08/13/21		1,500,000		1,511,100
Sabine Pass Liquefaction LLC
5.63% due 02/01/21		1,100,000		1,130,682
Florida Gas Transmission Company LLC
5.45% due 07/15/205		740,000		752,441
Pioneer Natural Resources Co.
7.50% due 01/15/20		500,000		500,830
Reliance Holding USA, Inc.
4.50% due 10/19/205		350,000		355,547
Total Energy				4,250,600
Industrial - 0.4%
Rolls-Royce plc
2.38% due 10/14/205		1,800,000		1,806,880
Northrop Grumman Corp.
2.08% due 10/15/20		1,000,000		1,001,106
3.50% due 03/15/21		400,000		407,711
Ingersoll-Rand Luxembourg Finance S.A.
2.63% due 05/01/20		320,000		320,419
Vulcan Materials Co.
2.49% (3 Month USD LIBOR + 0.60%) due 06/15/203		200,000		200,204
Molex Electronic Technologies LLC
2.88% due 04/15/205		190,000		190,254
Total Industrial				3,926,574
Consumer, Cyclical - 0.3%
Marriott International, Inc.
2.51% (3 Month USD LIBOR + 0.60%) due 12/01/203		1,900,000		1,906,073
McDonald's Corp.
3.50% due 07/15/20		1,221,000		1,230,719
Total Consumer, Cyclical				3,136,792
Communications - 0.1%
Deutsche Telekom International Finance BV
2.23% due 01/17/205		580,000		580,032
Telefonica Emisiones S.A.
5.13% due 04/27/20		430,000		434,071
Total Communications				1,014,103
Basic Materials - 0.1%
Georgia-Pacific LLC
5.40% due 11/01/205		670,000		688,598
Total Corporate Bonds
(Cost $68,032,608)				68,235,748

FEDERAL AGENCY BONDS†† - 4.7%
Fannie Mae Principal Strips
due 07/15/377,10	13,000,000	8,140,371
due 05/15/307,10	6,120,000	4,788,761
Freddie Mac Principal Strips
due 07/15/327,10	10,550,000	7,746,158
due 03/15/317,10	3,850,000	2,939,608
Tennessee Valley Authority Principal
due 01/15/487,10	9,700,000	4,189,177
due 01/15/387	4,000,000	2,351,460
Residual Funding Corporation Principal
due 01/15/307,10	4,075,000	3,201,113
due 04/15/307,10	3,530,000	2,756,366
Tennessee Valley Authority
4.25% due 09/15/65	1,300,000	1,692,218
5.38% due 04/01/56	600,000	911,452
Freddie Mac
due 01/02/347	1,850,000	1,288,647
Private Export Funding Corp.
1.75% due 11/15/24	1,000,000	993,003

Investment Grade Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
FEDERAL AGENCY BONDS†† - 4.7% (continued)
Overseas Private Investment Corp.
due 01/17/267		800,000	$	795,343
Total Federal Agency Bonds
(Cost $37,855,616)				41,793,677

MUNICIPAL BONDS†† - 0.7%
California - 0.5%
Newport Mesa Unified School District General Obligation Unlimited
due 08/01/447	2,000,000	842,720
due 08/01/417	1,540,000	743,142
due 08/01/467	750,000	289,463
California Institute of Technology
3.65% due 09/01/19	1,400,000	1,357,915
Beverly Hills Unified School District California General Obligation Unlimited
due 08/01/397	1,410,000	702,547
Cypress School District General Obligation Unlimited
due 08/01/487	1,000,000	353,140
Hanford Joint Union High School District General Obligation Unlimited
due 08/01/397	500,000	238,270
Total California		4,527,197
Georgia - 0.1%
Central Storage Safety Project Trust
4.82% due 02/01/389	1,000,000	1,079,932
Illinois - 0.1%
State of Illinois General Obligation Unlimited
5.65% due 12/01/38	500,000	582,625
Total Municipal Bonds
(Cost $5,744,828)		6,189,754

SENIOR FLOATING RATE INTERESTS††,3 - 0.0%
Consumer, Non-cyclical - 0.0%
Packaging Coordinators Midco, Inc.
5.95% (3 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 06/30/23	497,802	494,899
Total Senior Floating Rate Interests
(Cost $493,752)		494,899

REPURCHASE AGREEMENTS††,11 - 2.6%
Societe Generale
issued 09/10/19 at 2.29% (3 Month USD LIBOR + 0.40%)  due 07/07/203	12,000,000	12,000,000
issued 12/06/19 at 2.29% (3 Month USD LIBOR + 0.40%)  due 07/07/203	1,490,000	1,490,000
BNP Paribas
issued 11/01/19 at 2.07%  due 02/03/20	6,000,000	6,000,000
issued 12/13/19 at 2.10%  due 03/16/20	3,940,000	3,940,000
Total Repurchase Agreements
(Cost $23,430,000)		23,430,000

	Notional Value
OTC OPTIONS PURCHASED†† - 0.2%
Put options on:
Bank of America, N.A. 2Y-10 CMS CAP Expiring July 2022 with strike price of $0.40	$	380,500,000		665,875
Morgan Stanley Capital Services LLC 2Y-10 CMS CAP Expiring July 2022 with strike price of $0.40		227,800,000		398,650
Goldman Sachs International 2Y-10 CMS CAP Expiring July 2022 with strike price of $0.61		192,600,000		213,786
Goldman Sachs International 2Y-10 CMS CAP Expiring July 2022 with strike price of $0.40		54,700,000		95,725
Bank of America, N.A. 2Y-10 CMS CAP Expiring July 2022 with strike price of $0.61		28,400,000		31,524
Total Put options				1,405,560
Total OTC Options Purchased
(Cost $1,814,555)			$	1,405,560
Total Investments - 100.2%
(Cost $882,692,754)			$	895,579,627
Other Assets & Liabilities, net - (0.2)%				(1,829,205	)
Total Net Assets - 100.0%			$	893,750,422

Investment Grade Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

Centrally Cleared Credit Default Swap Agreements Protection Purchased††
Counterparty	Exchange	Index	Protection Premium Rate		Payment Frequency	Maturity Date	Notional Amount		Value			Upfront Premiums Received			Unrealized Depreciation**
BofA Securities, Inc.	ICE	CDX.NA.IG.31		1.00%	Quarterly	12/20/23	$	119,420,000	$	(3,017,112	)	$	(1,159,276	)	$	(1,857,836	)

OTC Credit Default Swap Agreements Protection Purchased††
Counterparty	Index	Protection Premium Rate		Payment Frequency	Maturity Date	Notional Amount		Value			Upfront Premiums Received			Unrealized Depreciation
Morgan Stanley Capital Services LLC	CDX.NA.IG.31 (7-15%)		1.00%	Quarterly	12/20/23	$	6,080,000	$	(162,814	)	$	(1,075	)	$	(161,739	)
Goldman Sachs International	CDX.NA.IG.31 (7-15%)		1.00%	Quarterly	12/20/23		13,940,000		(373,294	)		(18,333	)		(354,961	)
								$	(536,108	)	$	(19,408	)	$	(516,700	)

Centrally Cleared Interest Rate Swap Agreements††
Counterparty	Exchange		Floating Rate Type	Floating Rate Index	Fixed Rate		Payment Frequency	Maturity Date	Notional Amount		Value			Upfront Premiums Paid		Unrealized Appreciation (Depreciation)**
BofA Securities, Inc.		CME	Receive	3-Month USD LIBOR		1.54%	Quarterly	08/04/21	$	2,940,000	$	7,988		$	251	$	7,737
BofA Securities, Inc.		CME	Pay	3-Month USD LIBOR		2.79%	Semi-Annually	01/21/20		9,259,000		3,643			2,540		1,103
BofA Securities, Inc.		CME	Pay	3-Month USD LIBOR		2.84%	Semi-Annually	01/31/20		1,854,000		1,284			819		465
BofA Securities, Inc.		CME	Pay	3-Month USD LIBOR		2.83%	Semi-Annually	01/31/20		1,158,000		791			515		276
BofA Securities, Inc.		CME	Receive	3-Month USD LIBOR		2.83%	Quarterly	01/31/20		1,158,000		(791	)		22		(813	)
BofA Securities, Inc.		CME	Receive	3-Month USD LIBOR		2.84%	Quarterly	01/31/20		1,854,000		(1,284	)		22		(1,306	)
BofA Securities, Inc.		CME	Receive	3-Month USD LIBOR		2.79%	Quarterly	01/21/20		9,259,000		(3,643	)		17		(3,660	)
BofA Securities, Inc.		CME	Pay	Federal Funds Rate		1.37%	Annually	12/04/21		19,400,000		(30,505	)		334		(30,839	)
BofA Securities, Inc.		CME	Pay	Federal Funds Rate		1.33%	Annually	11/29/21		18,500,000		(41,616	)		329		(41,945	)
BofA Securities, Inc.		CME	Pay	3-Month USD LIBOR		1.57%	Semi-Annually	08/14/21		33,100,000		(74,376	)		309		(74,685	)
BofA Securities, Inc.		CME	Pay	Federal Funds Rate		1.23%	Annually	08/22/21		26,300,000		(104,570	)		299		(104,869	)
BofA Securities, Inc.		CME	Pay	Federal Funds Rate		1.10%	Annually	08/28/24		29,610,000		(524,472	)		404		(524,876	)
											$	(767,551	)	$	5,861	$	(773,412	)

Total Return Swap Agreements
Counterparty	Reference Obligation	Financing Rate Receive	Payment Frequency	Maturity Date	Units		Notional Amount		Value and Unrealized Appreciation
OTC Fixed Income Index Swap Agreements Sold Short††
JPMorgan Chase Bank, N.A.	iShares Core U.S. Aggregate Bond ETF	(2.51)% (1 Month USD LIBOR + 0.80%)	At Maturity	01/09/20		20,810	$	2,338,420	$	6,451
JPMorgan Chase Bank, N.A.	iShares Core U.S. Aggregate Bond ETF	(2.76)% (1 Month USD LIBOR + 1.00%)	At Maturity	01/23/20		9,850		1,106,844		—
JPMorgan Chase Bank, N.A.	iShares Core U.S. Aggregate Bond ETF	(2.79)% (1 Month USD LIBOR + 1.00%)	At Maturity	01/23/20		25,850		2,904,765		—
JPMorgan Chase Bank, N.A.	iShares Core U.S. Aggregate Bond ETF	(2.64)% (1 Month USD LIBOR + 0.85%)	At Maturity	01/28/20		23,000		2,584,510		(2,990	)

Counterparty	Reference Obligation	Financing Rate Pay	Payment Frequency	Maturity Date	Units		Notional Amount		Value and Unrealized (Depreciation)
OTC Sovereign Debt Swap Agreements††
Deutsche Bank AG	Korea Monetary Stabilization Bond	2.34% (3 Month USD LIBOR + 0.45%)	At Maturity	08/04/21		N/A	$	3,044,529	$	(15,145	)

Investment Grade Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

Forward Foreign Currency Exchange Contracts††
Counterparty	Contracts to Sell		Currency		Settlement Date	Settlement Value		Value at December 31, 2019		Unrealized Appreciation (Depreciation)
Bank of America, N.A.		1,042,521,000		JPY	08/02/21	$	10,287,867	$	9,909,565	$	378,302
Citibank N.A., New York		560,280,000		JPY	07/01/21		5,516,848		5,316,708		200,140
Bank of America, N.A.		985,000,000		JPY	01/21/20		9,258,824		9,074,297		184,527
Barclays Bank plc		518,259,000		JPY	07/01/21		5,095,458		4,917,955		177,503
Goldman Sachs International		1,362,300,000		JPY	01/10/20		12,706,363		12,542,217		164,146
Morgan Stanley Capital Services LLC		520,260,000		JPY	08/02/21		5,106,095		4,945,272		160,823
Citibank N.A., New York		520,260,000		JPY	05/06/21		5,073,727		4,922,366		151,361
Goldman Sachs International		7,880,000		BRL	07/01/20		2,046,222		1,951,945		94,277
Barclays Bank plc		2,717,000		EUR	01/17/20		3,137,863		3,051,139		86,724
Goldman Sachs International		272,035,950		JPY	12/20/21		2,687,837		2,604,861		82,976
Goldman Sachs International		2,550,000		EUR	01/17/20		2,944,533		2,863,601		80,932
Barclays Bank plc		208,104,000		JPY	06/01/21		2,037,040		1,971,654		65,386
Citibank N.A., New York		6,480,000		BRL	07/01/20		1,669,070		1,605,152		63,918
Citibank N.A., New York		5,620,000		BRL	07/01/21		1,408,204		1,351,865		56,339
Citibank N.A., New York		340,600,000		JPY	01/10/20		3,175,668		3,135,784		39,884
Bank of America, N.A.		1,100,400		EUR	06/15/20		1,265,433		1,247,422		18,011
Goldman Sachs International		943,200		EUR	06/15/20		1,085,227		1,069,219		16,008
JPMorgan Chase Bank, N.A.		49,024,500		JPY	03/23/20		462,993		453,257		9,736
Goldman Sachs International		416,000		EUR	04/30/20		477,069		470,232		6,837
Goldman Sachs International		28,292,000		JPY	03/23/20		267,291		261,574		5,717
Goldman Sachs International		6,558,825		EUR	07/30/21		7,618,895		7,615,825		3,070
Bank of America, N.A.		521,000		JPY	02/01/21		5,090		4,905		185
Bank of America, N.A.		521,000		JPY	08/03/20		5,037		4,854		183
Bank of America, N.A.		521,000		JPY	02/03/20		4,984		4,803		181
Citibank N.A., New York		280,000		JPY	07/01/20		2,704		2,603		101
Citibank N.A., New York		280,000		JPY	01/06/20		2,678		2,577		101
Citibank N.A., New York		280,000		JPY	01/04/21		2,732		2,632		100
Barclays Bank plc		259,000		JPY	07/01/20		2,498		2,408		90
Barclays Bank plc		259,000		JPY	01/06/20		2,474		2,384		90
Barclays Bank plc		259,000		JPY	01/04/21		2,524		2,435		89
Morgan Stanley Capital Services LLC		260,000		JPY	02/01/21		2,525		2,448		77
Morgan Stanley Capital Services LLC		260,000		JPY	08/03/20		2,499		2,422		77
Morgan Stanley Capital Services LLC		260,000		JPY	02/03/20		2,472		2,397		75
Citibank N.A., New York		260,000		JPY	05/01/20		2,482		2,409		73
Citibank N.A., New York		260,000		JPY	11/02/20		2,508		2,435		73
Goldman Sachs International		135,950		JPY	06/21/21		1,329		1,289		40
Goldman Sachs International		135,950		JPY	12/21/20		1,315		1,277		38
Goldman Sachs International		135,950		JPY	06/22/20		1,301		1,263		38
Barclays Bank plc		104,000		JPY	12/01/20		1,007		976		31
Barclays Bank plc		104,000		JPY	06/01/20		996		965		31
Goldman Sachs International		48,825		EUR	07/30/20		55,499		55,505		(6	)
Citibank N.A., New York		4,112		ILS	04/30/20		1,182		1,202		(20	)
Bank of America, N.A.		22,060		ILS	04/30/20		6,348		6,446		(98	)
Deutsche Bank AG		9,139,684		KRW	05/07/21		7,768		8,020		(252	)
Deutsche Bank AG		9,447,763		KRW	02/04/21		8,010		8,268		(258	)
Deutsche Bank AG		9,447,763		KRW	11/04/20		7,986		8,246		(260	)
Deutsche Bank AG		9,447,763		KRW	08/05/20		7,962		8,225		(263	)
Deutsche Bank AG		9,242,377		KRW	05/11/20		7,763		8,026		(263	)
Deutsche Bank AG		9,447,763		KRW	02/05/20		7,909		8,184		(275	)
JPMorgan Chase Bank, N.A.		47,025		EUR	07/30/20		53,139		53,459		(320	)
Bank of America, N.A.		217,294		ILS	01/31/20		62,342		63,111		(769	)
Goldman Sachs International		235,243		ILS	04/30/20		67,725		68,731		(1,006	)
Bank of America, N.A.		216,700		ILS	02/01/21		63,316		64,413		(1,097	)
Citibank N.A., New York		400,000		CAD	01/02/20		303,349		308,145		(4,796	)
JPMorgan Chase Bank, N.A.		450,000		CAD	01/03/20		340,184		346,663		(6,479	)
Citibank N.A., New York		400,000		CAD	01/06/20		300,465		308,151		(7,686	)
Barclays Bank plc		15,880,000		MXN	04/08/20		820,222		828,136		(7,914	)
Citibank N.A., New York		15,200,000		MXN	04/23/20		782,747		790,944		(8,197	)
Citibank N.A., New York		22,140,000		MXN	02/27/20		1,152,699		1,161,542		(8,843	)
JPMorgan Chase Bank, N.A.		3,800,000		BRL	07/01/21		902,720		914,072		(11,352	)
Bank of America, N.A.		2,222,000		ILS	04/30/21		649,688		663,258		(13,570	)
JPMorgan Chase Bank, N.A.		1,025,000		CAD	01/08/20		775,199		789,648		(14,449	)
Citibank N.A., New York		11,540,000		MXN	04/02/20		587,024		602,333		(15,309	)
Citibank N.A., New York		16,360,000		MXN	04/08/20		832,824		853,168		(20,344	)
Bank of America, N.A.		4,156,700		ILS	01/31/22		1,232,345		1,256,932		(24,587	)
Citibank N.A., New York		4,141,000		ILS	04/30/21		1,209,580		1,236,071		(26,491	)
Citibank N.A., New York		14,745,000		MXN	01/02/20		750,592		779,878		(29,286	)
Goldman Sachs International		6,249,808		ILS	02/01/21		1,820,490		1,857,729		(37,239	)
Morgan Stanley Capital Services LLC		12,250,000		BRL	04/01/20		3,002,161		3,043,231		(41,070	)
Goldman Sachs International		21,060,000		MXN	01/16/20		1,069,981		1,111,621		(41,640	)
JPMorgan Chase Bank, N.A.		6,317,025		EUR	07/30/21		7,290,921		7,335,058		(44,137	)
Barclays Bank plc		3,900,000		EUR	01/17/20		4,335,025		4,379,625		(44,600	)
Bank of America, N.A.		3,819,000		EUR	01/17/20		4,242,936		4,288,664		(45,728	)
Goldman Sachs International		8,600,000		BRL	07/01/21		2,014,759		2,068,689		(53,930	)
Morgan Stanley Capital Services LLC		55,600,000		MXN	02/06/20		2,869,974		2,925,351		(55,377	)
Barclays Bank plc		8,085,000		ILS	01/31/20		2,287,452		2,348,214		(60,762	)
Goldman Sachs International		12,470,100		ILS	01/31/22		3,690,333		3,770,797		(80,464	)
Deutsche Bank AG		3,538,917,763		KRW	08/04/21		3,018,009		3,113,812		(95,803	)
Citibank N.A., New York		19,900,000		BRL	01/02/20		4,461,547		4,557,453		(95,906	)
BNP Paribas		6,260,000		EUR	01/08/20		6,915,010		7,025,738		(110,728	)
Morgan Stanley Capital Services LLC		7,280,000		EUR	01/17/20		8,045,719		8,175,300		(129,581	)
Citibank N.A., New York		19,900,000		BRL	07/01/21		4,653,868		4,786,852		(132,984	)
Goldman Sachs International		23,694,600		ILS	04/30/21		6,937,800		7,072,740		(134,940	)
Goldman Sachs International		11,597,950		ILS	01/31/20		3,205,748		3,368,519		(162,771	)
Goldman Sachs International		105,880,000		MXN	01/02/20		5,395,509		5,600,101		(204,592	)
										$	271,848

Investment Grade Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

Counterparty	Contracts to Buy		Currency		Settlement Date	Settlement Value		Value at December 31, 2019		Unrealized Appreciation (Depreciation)
Goldman Sachs International		11,900,000		BRL	01/02/20	$	2,873,494	$	2,963,590	$	90,096
Morgan Stanley Capital Services LLC		6,400,000		BRL	01/02/20		1,537,316		1,593,864		56,548
JPMorgan Chase Bank, N.A.		2,043,600		EUR	06/15/20		2,300,406		2,316,640		16,234
JPMorgan Chase Bank, N.A.		1,025,000		CAD	01/08/20		778,136		789,648		11,512
Goldman Sachs International		55,600,000		MXN	02/06/20		2,914,963		2,925,351		10,388
JPMorgan Chase Bank, N.A.		450,000		CAD	01/03/20		339,686		346,663		6,977
JPMorgan Chase Bank, N.A.		400,000		CAD	01/02/20		301,949		308,145		6,196
Citibank N.A., New York		400,000		CAD	01/06/20		303,361		308,151		4,790
Goldman Sachs International		32,240,000		MXN	04/08/20		1,676,774		1,681,305		4,531
Goldman Sachs International		21,060,000		MXN	01/16/20		1,107,151		1,111,621		4,470
Barclays Bank plc		22,140,000		MXN	02/27/20		1,157,829		1,161,542		3,713
Goldman Sachs International		416,000		EUR	04/30/20		467,539		470,232		2,693
Goldman Sachs International		15,200,000		MXN	04/23/20		788,320		790,943		2,623
JPMorgan Chase Bank, N.A.		11,540,000		MXN	04/02/20		600,712		602,331		1,619
										$	222,390

~	The face amount is denominated in U.S. dollars unless otherwise indicated.
*	Non-income producing security.
**	Includes cumulative appreciation (depreciation).
†	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 was fair valued by the Valuation Committee at December 31, 2019. The total market value of fair valued securities amounts to $1,032,548, (cost $1,000,000) or 0.1% of total net assets.
2	Rate indicated is the 7-day yield as of December 31, 2019.
3	Variable rate security. Rate indicated is the rate effective at December 31, 2019. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
4	Security is a step up/down bond. The coupon increases or decreases at regular intervals until the bond reaches full maturity. Rate indicated is the rate at December 31, 2019. See table below for additional step information for each security.
5	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $221,617,856 (cost $221,117,227), or 24.8% of total net assets.
6	Security is an interest-only strip.
7	Zero coupon rate security.
8	Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates.
9	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be illiquid and restricted under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) illiquid and restricted securities is $1,689,821 (cost $1,671,830), or 0.2% of total net assets — See Note 6.
10	Security is a principal-only strip.
11	Repurchase Agreements - The interest rate on repurchase agreements is market driven and based on the underlying collateral obtained. See additional disclosure in the repurchase agreements table below for more information on repurchase agreements.

BofA — Bank of America

BRL — Brazilian Real

CAD — Canadian Dollar

CDX.NA.IG.31 — Credit Default Swap North American Investment Grade Series 31 Index

CME — Chicago Mercantile Exchange

CMS — Constant Maturity Swap

CMT — Constant Maturity Treasury

EUR — Euro

ICE — Intercontinental Exchange

ILS — Israeli New Shekel

JPY — Japanese Yen

KRW — South Korean Won

LIBOR — London Interbank Offered Rate

MXN — Mexican Peso

plc — Public Limited Company

WAC — Weighted Average Coupon

See Sector Classification in Other Information section.

Investment Grade Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

The following table summarizes the inputs used to value the Fund's investments at December 31, 2019 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Total
Common Stocks	$	—	$	—	$	—	*	$	—
Exchange-Traded Funds		8,934,539		—		—			8,934,539
Money Market Fund		5,828,348		—		—			5,828,348
Collateralized Mortgage Obligations		—		280,532,483		987,597			281,520,080
U.S. Government Securities		—		174,680,473		—			174,680,473
Foreign Government Debt		—		145,802,928		—			145,802,928
Asset-Backed Securities		—		126,431,073		10,832,548			137,263,621
Corporate Bonds		—		68,235,748		—			68,235,748
Federal Agency Bonds		—		41,793,677		—			41,793,677
Municipal Bonds		—		6,189,754		—			6,189,754
Senior Floating Rate Interests		—		494,899		—			494,899
Repurchase Agreements		—		23,430,000		—			23,430,000
Options Purchased		—		1,405,560		—			1,405,560
Interest Rate Swap Agreements**		—		9,581		—			9,581
Forward Foreign Currency Exchange Contracts**		—		2,270,680		—			2,270,680
Total Return Swap Agreements**		—		6,451		—			6,451
Total Assets	$	14,762,887	$	871,283,307	$	11,820,145		$	897,866,339

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Credit Default Swap Agreements**	$	—	$	2,374,536	$	—	$	2,374,536
Interest Rate Swap Agreements**		—		782,993		—		782,993
Forward Foreign Currency Exchange Contracts**		—		1,776,442		—		1,776,442
Total Return Swap Agreements**		—		18,135		—		18,135
Total Liabilities	$	—	$	4,952,106	$	—	$	4,952,106

* Security has a market value of $0.

** This derivative is reported as unrealized appreciation/depreciation at period end.

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:

Category	Ending Balance at December 31, 2019		Valuation Technique	Unobservable Inputs	Input Range			Weighted Average*
Assets:
Asset-Backed Securities	$	9,800,000	Option Adjusted Spread off prior month broker quote	Broker Quote		—			—
Asset-Backed Securities		1,032,548	Yield Analysis	Yield		3.2	%		—
Collateralized Mortgage Obligations		987,597	Option Adjusted Spread off prior month broker quote	Broker Quote		—			—
Total Assets	$	11,820,145

* Inputs are weighted by the fair value of the instruments.

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

Significant changes in quote, yield, market comparable yields, liquidation value, purchase price or valuation multiples would generally result in significant changes in the fair value of the security.

The Fund’s fair valuation leveling guidelines were recently revised to classify a single daily broker quote, or a vendor price based on a single daily or monthly broker quote, as Level 3 rather than Level 2, if such a quote or price cannot be supported with other available market information.

Transfers between Level 2 and Level 3 may occur as markets fluctuate and//or the availability of data used in an investment’s valuation changes. For the period ended December 31, 2019, the Fund had securities with a total value of $1,350,000 transfer into Level 3 from Level 2 due to lack of observable inputs.

Investment Grade Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

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 December 31, 2019:

	Assets									Liabilities
	Asset Backed Securities			Collateralized Mortgage Obligations			Total Assets			Unfunded Loan Commitments
Beginning Balance	$	9,617,851		$	4,988,695		$	14,606,546		$	(929	)
Purchases/(Receipts)		-			(4,102,500	)		(4,102,500	)		-
(Sales, maturities and paydowns)/Fundings		(136,038	)		-			(136,038	)		800
Amortization of premiums/discounts		-			-			-			-
Total realized gains (losses) included in earnings		3,554			-			3,554			(600	)
Total change in unrealized appreciation (depreciation) included in earnings		(2,819	)		101,402			98,583			729
Transfers into Level 3		1,350,000			-			1,350,000			-
Ending Balance	$	10,832,548		$	987,597		$	11,820,145		$	-
Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at December 31, 2019	$	(213	)	$	(13,028	)	$	(13,241	)	$	-

Investment Grade Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

Step Coupon Bonds

The following table discloses additional information related to step coupon bonds held by the Fund. Certain securities are subject to multiple rate changes prior to maturity. For those securities a range of rates and corresponding dates have been provided. Rates for all step coupon bonds held by the Fund are scheduled to increase, none are scheduled to decrease.

Name	Coupon Rate at Next Reset Date			Next Rate Reset Date	Future Reset Rate(s)			Future Reset Date(s)
Freddie Mac Seasoned Credit Risk Transfer Trust 2018-1, 2.75% due 05/25/57		3.00	%	03/25/20		—		—
Legacy Mortgage Asset Trust 2018-GS3, 4.00% due 06/25/58		7.00	%	07/25/21		8.00	%	07/26/22
New Residential Mortgage Loan Trust 2019-RPL1, 4.34% due 02/26/24		7.33	%	02/25/22		8.33	%	02/25/23
Verus Securitization Trust 2019-4, 2.64% due 11/25/59		3.64	%	10/26/23		—		—
Willis Engine Securitization Trust II 2012-A, 5.50% due 09/15/37		8.50	%	09/15/20		—		—

Repurchase Agreements

In connection with transactions in repurchase agreements, it is the Fund’s policy that its custodian takes possession of the underlying collateral. For the following repurchase agreements, the collateral is in the possession of the Fund’s custodian and is evaluated to ensure that its market value exceeds, at a minimum, 102% of the original face amount of the repurchase agreements, with the exception of where securities are being sold short. The interest rate on repurchase agreements is market driven and based on the underlying collateral obtained.

The Fund may engage in repurchase agreements. Repurchase agreements are fixed income securities in the form of agreements backed by collateral. These agreements typically involve the acquisition by the Fund of securities from the selling institution coupled with the agreement that the selling institution will repurchase the underlying securities at a specified price and at a fixed time in the future. The Fund may accept a wide variety of underlying securities as collateral for the repurchase agreements entered into by the Fund. Any such securities serving as collateral are marked-to-market daily in order to maintain full collateralization.

The use of repurchase agreements involves certain risks. For example, if the selling institution defaults on its obligation to repurchase the underlying securities at a time when the value of securities has declined, the Fund may incur a loss upon disposition of them. In the event of an insolvency or bankruptcy by the selling institution, the Fund’s right to control the collateral could be affected and result in certain costs and delays. In addition, the Fund could incur a loss if the value of the underlying collateral falls below the agreed upon repurchase price.

Investment Grade Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

At December 31, 2019, the repurchase agreements in the account were as follows:

Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
BNP Paribas					Citigroup Mortgage Loan Trust
2.07% - 2.10%					1.93%
02/03/20 - 03/16/20	$	9,940,000	$	9,993,353	01/25/37	$	23,530,000	$	20,755,813
					Santander Drive Auto Receivables Trust
					5.02%
					09/15/25		7,008,000		7,153,766
							30,538,000		27,909,579
Societe Generale					Freddie Mac Structured Agency Credit Risk Debt Notes
2.29% (3 Month USD LIBOR + 0.40%)					3.94%
07/07/20*		13,490,000		13,739,788	12/25/30		3,741,000		3,777,288
					Freddie Mac Structured Agency Credit Risk Debt Notes
					4.44%
					12/25/29		3,740,000		3,774,408
					Fannie Mae Connecticut Avenue Securities
					3.89%
					03/25/31		3,750,000		3,771,000
					Fannie Mae Connecticut Avenue Securities
					3.79%
					03/25/31		3,742,000		3,757,716
					Hilton USA Trust
					4.33%
					11/05/38		1,814,000		1,800,576
							16,787,000		16,880,988

* Variable rate security. Rate indicated is the rate effective at December 31, 2019. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.

Investment Grade Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

Affiliated Transactions

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

Transactions during the period ended December 31, 2019, in which the company is an affiliated issuer, were as follows:

Security Name	Value 09/30/19		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 12/31/19		Investment Income
Mutual Funds
Guggenheim Floating Rate
Strategies Fund ‒ R6-Class	$	2,544,445	$	4,107	$	(2,529,943	)	$	(100,065	)	$	81,456	$	-	$	4,107

Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Shares		Value
COMMON STOCKS† - 99.6%
Financial - 30.3%
Bank of America Corp.		63,318	$	2,230,060
Citigroup, Inc.		20,389		1,628,877
JPMorgan Chase & Co.		10,351		1,442,929
Berkshire Hathaway, Inc. — Class B*		5,352		1,212,228
Wells Fargo & Co.		21,023		1,131,038
Truist Financial Corp.		15,157		853,642
Zions Bancorp North America		15,175		787,886
Allstate Corp.		6,100		685,945
Equity Commonwealth REIT		19,760		648,721
Voya Financial, Inc.		10,619		647,547
Prudential Financial, Inc.		6,727		630,589
MetLife, Inc.		11,959		609,550
Hartford Financial Services Group, Inc.		9,082		551,913
Principal Financial Group, Inc.		10,025		551,375
Loews Corp.		10,029		526,422
Morgan Stanley		9,603		490,905
Medical Properties Trust, Inc. REIT		18,212		384,455
KeyCorp		17,002		344,121
Charles Schwab Corp.		7,179		341,433
Regions Financial Corp.		19,250		330,330
Howard Hughes Corp.*		2,451		310,787
Marsh & McLennan Companies, Inc.		2,739		305,152
Old Republic International Corp.		11,695		261,617
American International Group, Inc.		4,983		255,778
Jones Lang LaSalle, Inc.		1,350		235,021
Park Hotels & Resorts, Inc. REIT		8,582		222,017
Total Financial				17,620,338
Consumer, Non-cyclical - 19.1%
Pfizer, Inc.		32,372		1,268,335
HCA Healthcare, Inc.		5,191		767,281
Tyson Foods, Inc. — Class A		8,317		757,180
Johnson & Johnson		5,163		753,127
McKesson Corp.		4,953		685,099
Archer-Daniels-Midland Co.		14,526		673,280
Humana, Inc.		1,800		659,736
Zimmer Biomet Holdings, Inc.		3,805		569,532
Alexion Pharmaceuticals, Inc.*		5,203		562,705
Merck & Company, Inc.		5,747		522,689
Quest Diagnostics, Inc.		4,820		514,728
Encompass Health Corp.		6,762		468,404
Amgen, Inc.		1,916		461,890
Medtronic plc		3,728		422,942
Biogen, Inc.*		1,377		408,597
Bunge Ltd.		6,688		384,895
United Therapeutics Corp.*		3,933		346,419
Ingredion, Inc.		3,468		322,350
Procter & Gamble Co.		2,377		296,887
UnitedHealth Group, Inc.		956		281,045
Total Consumer, Non-cyclical				11,127,121
Energy - 8.7%
Chevron Corp.		14,772		1,780,174
ConocoPhillips		14,810		963,094
Exxon Mobil Corp.		10,984		766,464
Marathon Oil Corp.		43,193		586,561
Cabot Oil & Gas Corp. — Class A		23,279		405,287
Parsley Energy, Inc. — Class A		15,065		284,879
Range Resources Corp.		29,532		143,230
Whiting Petroleum Corp.*		15,179		111,414
Antero Resources Corp.*		14,782		42,129
Total Energy				5,083,232
Communications - 8.5%
Verizon Communications, Inc.		25,389		1,558,885
Comcast Corp. — Class A		21,839		982,100
NortonLifeLock, Inc.		32,420		827,358
Cisco Systems, Inc.		12,528		600,843
Juniper Networks, Inc.		11,549		284,452
F5 Networks, Inc.*		1,914		267,290
AT&T, Inc.		6,381		249,369
T-Mobile US, Inc.*		2,160		169,387
Total Communications				4,939,684
Technology - 8.1%
Intel Corp.		27,022		1,617,267
Micron Technology, Inc.*		18,416		990,413
Apple, Inc.		2,656		779,934
Skyworks Solutions, Inc.		5,059		611,532
Qorvo, Inc.*		3,676		427,261
Amdocs Ltd.		4,135		298,506
Total Technology				4,724,913
Consumer, Cyclical - 7.8%
Walmart, Inc.		6,845		813,460
Southwest Airlines Co.		12,524		676,046
LKQ Corp.*		13,342		476,310
Lear Corp.		3,402		466,754
PACCAR, Inc.		5,614		444,067
Walgreens Boots Alliance, Inc.		7,342		432,884
PVH Corp.		3,928		413,029
Carnival Corp.		6,345		322,516
Home Depot, Inc.		1,181		257,907
Macy's, Inc.		12,315		209,355
Total Consumer, Cyclical				4,512,328
Utilities - 7.6%
Exelon Corp.		21,163		964,821
Public Service Enterprise Group, Inc.		14,367		848,371
Edison International		7,742		583,824
Duke Energy Corp.		5,815		530,386
AES Corp.		19,964		397,284
NiSource, Inc.		13,520		376,397
Pinnacle West Capital Corp.		4,056		364,756
PPL Corp.		8,969		321,808
Total Utilities				4,387,647
Basic Materials - 5.1%
Nucor Corp.		11,063		622,626
Freeport-McMoRan, Inc.		45,644		598,849
Huntsman Corp.		21,747		525,408
Olin Corp.		24,034		414,586
Reliance Steel & Aluminum Co.		2,787		333,771
DuPont de Nemours, Inc.		4,778		306,748
Dow, Inc.		2,706		148,099
Total Basic Materials				2,950,087
Industrial - 4.4%
Eaton Corporation plc		5,260		498,227
Owens Corning		7,278		473,944
FedEx Corp.		2,821		426,563
Valmont Industries, Inc.		2,034		304,652

Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Shares		Value
COMMON STOCKS† - 99.6% (continued)
Industrial - 4.4% (continued)
General Electric Co.		26,811	$	299,211
Knight-Swift Transportation Holdings, Inc.		7,738		277,330
Johnson Controls International plc		6,461		263,027
Total Industrial				2,542,954
Total Common Stocks
(Cost $47,841,430)				57,888,304

MONEY MARKET FUND† - 0.4%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares 1.44%1	243,638		243,638
Total Money Market Fund
(Cost $243,638)			243,638
Total Investments - 100.0%
(Cost $48,085,068)		$	58,131,942
Other Assets & Liabilities, net - 0.0%			27,603
Total Net Assets - 100.0%		$	58,159,545

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
1	Rate indicated is the 7-day yield as of December 31, 2019.

plc — Public Limited Company

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2019 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	57,888,304	$	—	$	—	$	57,888,304
Money Market Fund		243,638		—		—		243,638
Total Assets	$	58,131,942	$	—	$	—	$	58,131,942

Limited Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Shares		Value
MUTUAL FUNDS† - 1.0%
Guggenheim Strategy Fund II1		516,747	$	12,784,325
Guggenheim Strategy Fund III1		443,613		10,966,124
Guggenheim Ultra Short Duration Fund — Institutional Class1		875,759		8,713,805
Total Mutual Funds
(Cost $32,697,704)				32,464,254

MONEY MARKET FUND† - 1.8%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares 1.44%2	59,429,753	59,429,753
Total Money Market Fund
(Cost $59,429,753)		59,429,753

	Face Amount~
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 26.4%
Residential Mortgage Backed Securities - 17.7%
CIM Trust
2018-R2, 3.69% (WAC) due 08/25/573,4		27,108,089	27,212,735
2018-R4, 4.07% (WAC) due 12/26/573,4		26,819,337	27,071,267
New Residential Advance Receivables Trust Advance Receivables Backed
2019-T4, 2.33% due 10/15/513		23,000,000	22,967,499
2019-T3, 2.51% due 09/15/523		19,350,000	19,338,885
2019-T5, 2.43% due 10/15/513		11,000,000	11,002,840
Towd Point Mortgage Trust
2017-6, 2.75% (WAC) due 10/25/573,4		24,854,436	25,004,683
2017-5, 2.39% (1 Month USD LIBOR + 0.60%, Rate Floor: 0.00%) due 02/25/573,4		12,723,779	12,692,344
2018-2, 3.25% (WAC) due 03/25/583,4		12,073,080	12,280,812
2018-1, 3.00% (WAC) due 01/25/583,4		1,868,682	1,888,437
Structured Asset Securities Corporation Mortgage Loan Trust
2007-WF1, 2.00% (1 Month USD LIBOR + 0.21%, Rate Floor: 0.21%) due 02/25/374		17,225,853	16,902,205
2008-BC4, 2.42% (1 Month USD LIBOR + 0.63%, Rate Floor: 0.63%) due 11/25/374		13,204,099	13,146,813
2006-BC3, 1.95% (1 Month USD LIBOR + 0.16%, Rate Floor: 0.16%) due 10/25/364		1,722,578	1,592,103
2006-BC4, 1.96% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 12/25/364		1,629,277	1,578,768
2007-BC1, 1.92% (1 Month USD LIBOR + 0.13%, Rate Floor: 0.13%) due 02/25/374		258,389	251,447
New Residential Mortgage Loan Trust
2018-2A, 3.50% (WAC) due 02/25/583,4		15,575,885	15,895,717
2019-RPL1, 4.34% due 02/26/243,5		6,457,969	6,480,654
2018-1A, 4.00% (WAC) due 12/25/573,4		4,048,926	4,196,775
2019-6A, 3.50% (WAC) due 09/25/593,4		2,942,197	3,003,007
2017-5A, 3.29% (1 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 06/25/573,4		1,681,166	1,702,032
Soundview Home Loan Trust
2006-OPT5, 1.93% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 07/25/364		20,767,584	20,230,252
2006-1, 2.09% (1 Month USD LIBOR + 0.30%, Rate Floor: 0.30%) due 02/25/364		6,443,815	6,436,397
2005-OPT3, 2.26% (1 Month USD LIBOR + 0.47%, Rate Floor: 0.47%) due 11/25/354		4,000,000	3,946,960
Home Equity Loan Trust
2007-FRE1, 1.98% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 04/25/374		19,755,017	18,639,149
Verus Securitization Trust
2019-4, 2.64% due 11/25/593,5		16,885,585	16,877,424

Limited Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 26.4% (continued)
Residential Mortgage Backed Securities - 17.7% (continued)
Cascade Funding Mortgage Trust
2018-RM2, 4.00% (WAC) due 10/25/683,4		12,694,883	$	13,024,553
2019-RM3, 2.80% (WAC) due 06/25/693,4		3,785,874		3,791,063
CSMC Trust
2018-RPL9, 3.85% (WAC) due 09/25/573,4		14,464,486		15,019,614
NovaStar Mortgage Funding Trust Series
2007-2, 1.99% (1 Month USD LIBOR + 0.20%, Rate Cap/Floor: 11.00%/0.20%) due 09/25/374		13,860,261		13,489,273
Homeward Opportunities Fund I Trust
2019-3, 2.68% (WAC) due 11/25/593,4		7,322,779		7,302,653
2019-2, 2.70% (WAC) due 09/25/593,4		5,933,048		5,910,064
BRAVO Residential Funding Trust
2019-NQM1, 2.67% (WAC) due 07/25/593,4		10,175,085		10,171,054
2019-NQM2, 2.75% (WAC) due 11/25/593,4		2,887,256		2,883,260
Ameriquest Mortgage Securities Incorporated Asset-Backed Pass-Through Ctfs Series
2005-R10, 2.22% (1 Month USD LIBOR + 0.43%, Rate Floor: 0.43%) due 01/25/364		12,500,000		12,485,695
Banc of America Funding Trust
2015-R2, 2.05% (1 Month USD LIBOR + 0.26%, Rate Floor: 0.26%) due 04/29/373,4		10,278,000		10,086,520
2015-R4, 1.88% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 01/27/353,4		2,202,213		2,182,103
Bear Stearns Asset Backed Securities I Trust
2006-HE9, 1.93% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 11/25/364		8,537,806		8,318,513
2006-HE3, 2.15% (1 Month USD LIBOR + 0.36%, Rate Floor: 0.36%) due 04/25/364		3,686,538		3,667,079
CIT Mortgage Loan Trust
2007-1, 3.14% (1 Month USD LIBOR + 1.35%, Rate Floor: 1.35%) due 10/25/373,4		10,674,016		10,763,802
2007-1, 3.24% (1 Month USD LIBOR + 1.45%, Rate Floor: 1.45%) due 10/25/373,4		690,914		692,852
Alternative Loan Trust
2007-OA7, 1.93% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 05/25/474		8,397,836		7,954,150
2007-OH3, 2.08% (1 Month USD LIBOR + 0.29%, Rate Cap/Floor: 10.00%/0.29%) due 09/25/474		3,386,376		3,256,808
Freddie Mac STACR Trust
2019-DNA4, 2.41% (1 Month USD LIBOR + 0.70%, Rate Floor: 0.00%) due 10/25/493,4		8,484,355		8,484,350
2019-DNA3, 2.52% (1 Month USD LIBOR + 0.73%, Rate Floor: 0.00%) due 07/25/493,4		2,370,606		2,370,605
Ocwen Master Advance Receivables Trust
2019-T2, 2.42% due 08/15/513		9,000,000		9,045,464
American Home Mortgage Investment Trust
2006-3, 2.15% (1 Month USD LIBOR + 0.36%, Rate Cap/Floor: 10.50%/0.18%) due 12/25/464		9,176,097		8,781,097

Limited Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 26.4% (continued)
Residential Mortgage Backed Securities - 17.7% (continued)
NRPL Trust
2019-3A, 3.00% due 07/25/593		8,603,775	$	8,571,397
Starwood Mortgage Residential Trust
2019-1, 2.94% (WAC) due 06/25/493,4		7,673,833		7,671,934
Argent Securities Incorporated Asset-Backed Pass-Through Certificates Series
2005-W2, 2.28% (1 Month USD LIBOR + 0.49%, Rate Floor: 0.49%) due 10/25/354		7,250,000		7,206,141
Morgan Stanley Home Equity Loan Trust
2006-2, 2.07% (1 Month USD LIBOR + 0.28%, Rate Floor: 0.28%) due 02/25/364		7,236,446		7,185,319
Park Place Securities Incorporated Asset Backed Pass Through Certificates Ser
2005-WHQ3, 2.74% (1 Month USD LIBOR + 0.95%, Rate Floor: 0.63%) due 06/25/354		7,025,000		7,021,543
HarborView Mortgage Loan Trust
2006-14, 1.91% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 01/25/474		3,363,405		3,335,357
2006-12, 1.95% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 01/19/384		2,951,084		2,792,686
First NLC Trust
2005-4, 2.18% (1 Month USD LIBOR + 0.39%, Rate Cap/Floor: 14.00%/0.39%) due 02/25/364		5,955,025		5,966,558
Deephaven Residential Mortgage Trust
2019-3A, 2.96% (WAC) due 07/25/593,4		3,790,825		3,802,129
2017-3A, 2.58% (WAC) due 10/25/473,4		2,044,444		2,043,189
Countrywide Asset-Backed Certificates
2006-6, 1.96% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 09/25/364		4,303,837		4,246,370
2006-5, 2.08% (1 Month USD LIBOR + 0.29%, Rate Floor: 0.29%) due 08/25/364		1,491,088		1,489,309
Nationstar HECM Loan Trust
2019-2A, 2.27% (WAC) due 11/25/293,4		5,635,496		5,634,261
Nationstar Home Equity Loan Trust
2007-B, 2.01% (1 Month USD LIBOR + 0.22%, Rate Floor: 0.22%) due 04/25/374		5,596,187		5,530,560
FBR Securitization Trust
2005-2, 2.54% (1 Month USD LIBOR + 0.75%, Rate Cap/Floor: 14.00%/0.50%) due 09/25/354		5,233,725		5,239,715
Structured Asset Investment Loan Trust
2006-3, 1.94% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 06/25/364		4,554,579		4,442,427
2005-2, 2.53% (1 Month USD LIBOR + 0.74%, Rate Floor: 0.49%) due 03/25/354		488,389		488,547
2005-1, 2.51% (1 Month USD LIBOR + 0.72%, Rate Floor: 0.48%) due 02/25/353,4		193,987		194,072
JP Morgan Mortgage Acquisition Trust
2006-HE2, 1.93% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 07/25/364		4,888,788		4,870,526
Legacy Mortgage Asset Trust
2018-GS3, 4.00% due 06/25/583,5		4,560,718		4,601,339
Citigroup Mortgage Loan Trust
2019-IMC1, 2.72% (WAC) due 07/25/493,4		4,401,707		4,407,136

Limited Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 26.4% (continued)
Residential Mortgage Backed Securities - 17.7% (continued)
COLT Mortgage Loan Trust
2018-3, 3.69% (WAC) due 10/26/483,4		4,359,468	$	4,382,348
Credit-Based Asset Servicing & Securitization LLC
2006-CB2, 1.98% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 12/25/364		3,838,088		3,756,988
CWABS Incorporated Asset-Backed Certificates Trust
2004-4, 2.51% (1 Month USD LIBOR + 0.72%, Rate Floor: 0.48%) due 07/25/344		3,566,486		3,575,772
CSMC Series
2015-12R, 2.32% (WAC) due 11/30/373,4		3,292,352		3,279,104
2014-2R, 2.02% (1 Month USD LIBOR + 0.20%, Rate Floor: 0.20%) due 02/27/463,4		208,081		202,406
Connecticut Avenue Securities Trust
2019-R07, 2.56% (1 Month USD LIBOR + 0.77%, Rate Floor: 0.00%) due 10/25/393,4		3,460,383		3,461,403
Asset Backed Securities Corporation Home Equity Loan Trust Series AEG
2006-HE1, 2.19% (1 Month USD LIBOR + 0.40%, Rate Floor: 0.40%) due 01/25/364		3,350,000		3,258,326
LSTAR Securities Investment Trust
2019-1, 3.41% (1 Month USD LIBOR + 1.70%, Rate Floor: 0.00%) due 03/01/243,4		3,107,006		3,107,037
ACE Securities Corporation Home Equity Loan Trust Series
2005-HE2, 2.81% (1 Month USD LIBOR + 1.02%, Rate Floor: 0.68%) due 04/25/354		2,000,000		2,001,812
Morgan Stanley ABS Capital I Incorporated Trust
2006-NC1, 2.17% (1 Month USD LIBOR + 0.38%, Rate Floor: 0.38%) due 12/25/354		1,500,000		1,487,496
Morgan Stanley Capital I Incorporated Trust
2006-HE1, 2.08% (1 Month USD LIBOR + 0.29%, Rate Floor: 0.29%) due 01/25/364		1,466,095		1,450,817
First Franklin Mortgage Loan Trust
2004-FF10, 3.07% (1 Month USD LIBOR + 1.28%, Rate Floor: 0.85%) due 07/25/344		1,149,362		1,152,754
Deutsche Alt-A Securities Mortgage Loan Trust Series
2006-AF1, 2.09% (1 Month USD LIBOR + 0.30%, Rate Floor: 0.30%) due 04/25/364		1,172,562		1,132,500
Nomura Resecuritization Trust
2015-4R, 3.03% (1 Month USD LIBOR + 0.43%, Rate Floor: 0.43%) due 03/26/363,4		980,987		961,838
GE-WMC Asset-Backed Pass-Through Certificates Series
2005-2, 2.04% (1 Month USD LIBOR + 0.25%, Rate Floor: 0.25%) due 12/25/354		917,803		912,157
Encore Credit Receivables Trust
2005-4, 2.45% (1 Month USD LIBOR + 0.66%, Rate Floor: 0.44%) due 01/25/364		545,267		545,219
GSMSC Resecuritization Trust
2015-5R, 1.96% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 04/26/373,4		471,225		470,030

Limited Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 26.4% (continued)
Residential Mortgage Backed Securities - 17.7% (continued)
UCFC Manufactured Housing Contract
1997-2, 7.38% due 10/15/28		300,230	$	316,570
GSAMP Trust
2005-HE6, 2.23% (1 Month USD LIBOR + 0.44%, Rate Floor: 0.44%) due 11/25/354		150,602		150,862
Morgan Stanley Re-REMIC Trust
2010-R5, 5.58% due 06/26/363		99,288		91,935
Total Residential Mortgage Backed Securities				582,457,666
Government Agency - 6.2%
Fannie Mae
2.50% due 11/01/49		34,250,000		33,872,667
2.34% due 11/01/22		28,700,000		28,897,524
3.59% due 02/01/29		10,200,000		10,724,114
2.63% due 09/01/21		7,150,000		7,196,729
3.01% due 12/01/27		4,600,000		4,813,816
2.24% due 11/01/22		4,561,215		4,583,589
1.95% due 11/01/20		4,550,000		4,538,065
2.99% due 03/01/30		4,000,000		4,194,124
3.71% due 03/01/31		3,000,000		3,272,114
3.13% due 01/01/30		3,050,000		3,201,673
3.23% due 01/01/30		2,912,947		3,086,585
3.12% due 01/01/30		2,905,439		3,071,260
3.21% due 08/01/27		2,144,188		2,248,532
3.17% due 01/01/30		1,700,000		1,796,926
3.22% due 01/01/30		1,300,000		1,379,773
2.25% due 07/01/21		966,929		967,499
Freddie Mac Seasoned Credit Risk Transfer Trust
2018-1, 2.75% due 05/25/575		24,746,571		25,205,942
2017-4, 3.25% due 06/25/57		15,864,035		16,348,888
2017-4, 3.50% due 06/25/57		8,130,357		8,443,902
2017-3, 3.00% due 07/25/56		857,418		873,763
Freddie Mac Multifamily Structured Pass Through Certificates
2018-K074, 3.60% due 02/25/28		14,000,000		15,127,172
2017-KGX1, 3.00% due 10/25/27		14,000,000		14,569,505
2018-K078, 3.92% due 06/25/28		3,350,000		3,693,906
2013-K035, 0.52% (WAC) due 08/25/234,6		105,033,160		1,261,490
Total Government Agency				203,369,558
Commercial Mortgage Backed Securities - 2.5%
CGBAM Mezzanine Securities Trust
2015-SMMZ, 8.21% due 04/10/283		15,800,000		15,793,362
Americold LLC Trust
2010-ARTA, 6.81% due 01/14/293		8,995,000		9,213,555
2010-ARTA, 7.44% due 01/14/293		3,500,000		3,594,938
Wells Fargo Commercial Mortgage Trust
2017-C38, 1.06% (WAC) due 07/15/504,6		25,526,608		1,548,939
2016-C37, 0.99% (WAC) due 12/15/494,6		37,375,262		1,531,646
2017-C42, 0.89% (WAC) due 12/15/504,6		14,868,442		875,833
2015-LC22, 0.78% (WAC) due 09/15/584,6		22,602,952		807,203
2017-RB1, 1.27% (WAC) due 03/15/504,6		9,891,487		742,790
2016-NXS5, 1.50% (WAC) due 01/15/594,6		6,708,433		399,508
JP Morgan Chase Commercial Mortgage Securities Trust
2016-JP2, 1.83% (WAC) due 08/15/494,6		37,365,974		3,610,084
COMM Mortgage Trust
2015-CR24, 0.77% (WAC) due 08/10/484,6		64,229,780		2,342,807
2018-COR3, 0.45% (WAC) due 05/10/514,6		35,585,985		1,191,209

Limited Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 26.4% (continued)
Commercial Mortgage Backed Securities - 2.5% (continued)
Banc of America Commercial Mortgage Trust
2017-BNK3, 1.12% (WAC) due 02/15/504,6		33,240,137	$	2,001,415
2016-UB10, 1.96% (WAC) due 07/15/494,6		18,792,373		1,459,324
DBJPM Mortgage Trust
2017-C6, 1.03% (WAC) due 06/10/504,6		62,479,455		3,380,688
Morgan Stanley Capital I Trust
2014-MP, 3.69% (WAC) due 08/11/333,4		2,365,000		2,418,166
2014-MP, 3.47% due 08/11/333		800,000		814,910
BENCHMARK Mortgage Trust
2018-B2, 0.42% (WAC) due 02/15/514,6		123,361,340		3,119,167
UBS Commercial Mortgage Trust
2017-C2, 1.09% (WAC) due 08/15/504,6		30,938,053		1,957,806
2017-C5, 1.02% (WAC) due 11/15/504,6		13,895,048		790,200
Morgan Stanley Bank of America Merrill Lynch Trust
2015-C27, 0.92% (WAC) due 12/15/474,6		34,312,775		1,463,989
2017-C34, 0.82% (WAC) due 11/15/524,6		24,488,027		1,217,819
JPMDB Commercial Mortgage Securities Trust
2016-C4, 0.82% (WAC) due 12/15/494,6		39,205,858		1,797,659
2016-C2, 1.67% (WAC) due 06/15/494,6		8,723,851		582,673
2017-C5, 0.94% (WAC) due 03/15/504,6		3,552,254		197,151
BANK
2017-BNK7, 0.79% (WAC) due 09/15/604,6		34,449,685		1,579,759
2017-BNK6, 0.86% (WAC) due 07/15/604,6		15,318,215		738,148
Aventura Mall Trust
2013-AVM, 3.74% (WAC) due 12/05/323,4		2,200,000		2,214,866
Bancorp Commercial Mortgage Trust
2018-CR3, 2.99% (1 Month USD LIBOR + 1.25%, Rate Floor: 1.25%) due 01/15/333,4		2,200,000		2,202,569
CSAIL Commercial Mortgage Trust
2019-C15, 1.05% (WAC) due 03/15/524,6		19,971,351		1,487,049
2016-C6, 1.90% (WAC) due 01/15/494,6		7,572,529		646,074
BBCMS Mortgage Trust
2018-C2, 0.77% (WAC) due 12/15/514,6		29,922,070		1,725,420
BAMLL Commercial Mortgage Securities Trust
2012-PARK, 2.96% due 12/10/303		1,300,000		1,330,031
CD Mortgage Trust
2017-CD6, 0.96% (WAC) due 11/13/504,6		14,713,683		771,102
2016-CD1, 1.41% (WAC) due 08/10/494,6		6,890,899		491,296
CD Commercial Mortgage Trust
2017-CD4, 1.31% (WAC) due 05/10/504,6		17,034,971		1,184,007
CGMS Commercial Mortgage Trust
2017-B1, 0.84% (WAC) due 08/15/504,6		22,144,212		1,078,328
Citigroup Commercial Mortgage Trust
2016-C2, 1.77% (WAC) due 08/10/494,6		6,632,039		605,229
2016-GC37, 1.76% (WAC) due 04/10/494,6		3,708,601		317,149
Americold LLC
2010-ARTA, 4.95% due 01/14/293		840,000		852,549
GS Mortgage Securities Trust
2017-GS6, 1.04% (WAC) due 05/10/504,6		11,515,696		760,537
JPMBB Commercial Mortgage Securities Trust
2013-C17, 0.76% (WAC) due 01/15/474,6		23,337,080		599,401

Limited Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 26.4% (continued)
Commercial Mortgage Backed Securities - 2.5% (continued)
GE Business Loan Trust
2007-1A, 1.91% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 04/15/353,4		205,942	$	201,972
Total Commercial Mortgage Backed Securities				81,638,327
Total Collateralized Mortgage Obligations
(Cost $856,706,855)				867,465,551

FOREIGN GOVERNMENT DEBT†† - 25.2%
Government of Japan
due 01/10/207	JPY	11,558,600,000	106,376,179
due 01/20/207	JPY	5,903,000,000	54,328,908
0.10% due 06/01/20	JPY	3,700,800,000	34,089,551
0.10% due 09/01/20	JPY	3,432,000,000	31,632,478
0.10% due 07/01/21	JPY	1,755,000,000	16,207,032
0.10% due 06/20/20	JPY	1,397,000,000	12,870,127
0.10% due 04/15/20	JPY	1,204,700,000	11,094,203
2.20% due 06/22/20	JPY	55,850,000	519,591
Federative Republic of Brazil
due 04/01/207	BRL	173,420,000	42,747,344
due 07/01/217	BRL	179,720,000	41,686,365
due 07/01/207	BRL	70,200,000	17,127,576
Government of United Kingdom
due 01/27/207	GBP	44,790,000	59,301,705
due 01/13/207	GBP	30,120,000	39,890,217
Kingdom of Spain
due 01/17/207	EUR	51,969,000	58,320,005
0.75% due 07/30/21	EUR	32,750,000	37,427,889
State of Israel
0.50% due 01/31/21	ILS	114,000,000	33,174,915
1.00% due 04/30/21	ILS	90,090,000	26,407,899
5.00% due 01/31/20	ILS	65,800,000	19,122,797
5.50% due 01/31/22	ILS	52,470,000	16,867,032
United Mexican States
due 02/27/207	MXN	990,880,000	51,804,071
due 01/02/207	MXN	577,111,000	30,511,672
due 01/16/207	MXN	125,120,000	6,596,492
Republic of France
due 01/08/207	EUR	42,940,000	48,178,481
Republic of Portugal
due 01/17/207	EUR	24,980,000	28,031,875
Ontario T-Bill
due 01/02/207	CAD	1,859,000	1,431,975
Total Foreign Government Debt
(Cost $815,776,104)			825,746,379

ASSET-BACKED SECURITIES†† - 23.0%
Collateralized Loan Obligations - 12.5%
MP CLO VIII Ltd.
2018-2A, 2.85% (3 Month USD LIBOR + 0.91%, Rate Floor: 0.00%) due 10/28/273,4	30,300,000	30,241,545
ALM XII Ltd.
2018-12A, 2.89% (3 Month USD LIBOR + 0.89%, Rate Floor: 0.89%) due 04/16/273,4	28,957,845	28,947,525
Golub Capital Partners CLO Ltd.
2018-36A, 3.19% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 02/05/313,4	27,500,000	26,907,381
Shackleton CLO Ltd.
2017-8A, 2.89% (3 Month USD LIBOR + 0.92%, Rate Floor: 0.00%) due 10/20/273,4	23,000,000	22,963,770
Halcyon Loan Advisors Funding Ltd.
2017-3A, 2.90% (3 Month USD LIBOR + 0.90%, Rate Floor: 0.00%) due 10/18/273,4	21,850,000	21,815,086
2012-1A, 4.91% (3 Month USD LIBOR + 3.00%, Rate Floor: 0.00%) due 08/15/233,4	464,709	465,695
Figueroa CLO Ltd.
2018-2A, 2.76% (3 Month USD LIBOR + 0.85%, Rate Floor: 0.85%) due 06/20/273,4	21,227,844	21,179,417
Palmer Square Loan Funding Ltd.
2018-4A, 2.81% (3 Month USD LIBOR + 0.90%, Rate Floor: 0.00%) due 11/15/263,4	8,168,674	8,171,301
2019-3A, 2.75% (3 Month USD LIBOR + 0.85%, Rate Floor: 0.85%) due 08/20/273,4	6,402,364	6,389,357

Limited Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
ASSET-BACKED SECURITIES†† - 23.0% (continued)
Collateralized Loan Obligations - 12.5% (continued)
2018-4A, 3.36% (3 Month USD LIBOR + 1.45%, Rate Floor: 0.00%) due 11/15/263,4		3,500,000	$	3,486,789
Venture XII CLO Ltd.
2018-12A, 2.71% (3 Month USD LIBOR + 0.80%, Rate Floor: 0.80%) due 02/28/263,4		17,873,385		17,843,396
NewStar Clarendon Fund CLO LLC
2019-1A, 3.24% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 01/25/273,4		17,191,673		17,177,784
Telos CLO Ltd.
2017-6A, 3.27% (3 Month USD LIBOR + 1.27%, Rate Floor: 0.00%) due 01/17/273,4		17,038,813		17,044,861
Mountain View CLO Ltd.
2018-1A, 2.80% (3 Month USD LIBOR + 0.80%, Rate Floor: 0.80%) due 10/15/263,4		17,014,968		16,992,963
Garrison BSL CLO Ltd.
2018-1A, 2.95% (3 Month USD LIBOR + 0.95%, Rate Floor: 0.00%) due 07/17/283,4		15,770,000		15,799,558
Flagship CLO VIII Ltd.
2018-8A, 2.85% (3 Month USD LIBOR + 0.85%, Rate Floor: 0.00%) due 01/16/263,4		14,873,986		14,856,057
Carlyle Global Market Strategies CLO Ltd.
2018-2A, 2.72% (3 Month USD LIBOR + 0.78%, Rate Floor: 0.00%) due 04/27/273,4		14,310,858		14,282,619
Fortress Credit Opportunities XI CLO Ltd.
2018-11A, 3.30% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 04/15/313,4		13,450,000		13,176,352
Crown Point CLO III Ltd.
2017-3A, 2.91% (3 Month USD LIBOR + 0.91%, Rate Floor: 0.00%) due 12/31/273,4		8,351,839		8,349,761
NXT Capital CLO LLC
2017-1A, 3.67% (3 Month USD LIBOR + 1.70%, Rate Floor: 0.00%) due 04/20/293,4		7,700,000		7,700,882
West CLO Ltd.
2017-1A, 2.92% (3 Month USD LIBOR + 0.92%, Rate Floor: 0.00%) due 07/18/263,4		7,465,440		7,458,465
NewStar Fairfield Fund CLO Ltd.
2018-2A, 3.24% (3 Month USD LIBOR + 1.27%, Rate Floor: 1.27%) due 04/20/303,4		6,600,000		6,458,226
Cerberus Loan Funding XVII Ltd.
2016-3A, 4.53% (3 Month USD LIBOR + 2.53%, Rate Floor: 0.00%) due 01/15/283,4		6,500,000		6,316,750
KVK CLO Ltd.
2018-1A, 2.60% (3 Month USD LIBOR + 0.70%, Rate Floor: 0.00%) due 05/20/293,4		3,409,086		3,407,222
2017-1A, 2.90% (3 Month USD LIBOR + 0.90%, Rate Floor: 0.00%) due 01/14/283,4		2,600,000		2,594,382
Diamond CLO Ltd.
2018-1A, 3.45% (3 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 07/22/303,4		6,000,000		5,982,707
Marathon CLO V Ltd.
2017-5A, 2.77% (3 Month USD LIBOR + 0.87%, Rate Floor: 0.00%) due 11/21/273,4		5,834,951		5,818,672

Limited Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
ASSET-BACKED SECURITIES†† - 23.0% (continued)
Collateralized Loan Obligations - 12.5% (continued)
Seneca Park CLO Limited
2017-1A, 3.50% (3 Month USD LIBOR + 1.50%, Rate Floor: 0.00%) due 07/17/263,4		4,000,000	$	4,004,898
2017-1A, 3.12% (3 Month USD LIBOR + 1.12%, Rate Floor: 0.00%) due 07/17/263,4		1,145,694		1,147,320
FDF I Ltd.
2015-1A, 4.40% due 11/12/303		4,500,000		4,595,240
Monroe Capital CLO Ltd.
2017-1A, 3.30% (3 Month USD LIBOR + 1.35%, Rate Floor: 0.00%) due 10/22/263,4		4,228,171		4,229,127
FDF II Ltd.
2016-2A, 4.29% due 05/12/313		4,000,000		4,067,270
BSPRT Issuer Ltd.
2018-FL3, 2.79% (1 Month USD LIBOR + 1.05%, Rate Floor: 1.05%) due 03/15/283,4		4,000,000		4,000,651
TCP Waterman CLO Ltd.
2016-1A, 3.94% (3 Month USD LIBOR + 2.05%, Rate Floor: 0.00%) due 12/15/283,4		4,000,000		3,999,103
HPS Loan Management Ltd.
2019-19, 2.87% (3 Month USD LIBOR + 0.60%, Rate Floor: 0.60%) due 07/25/303,4		4,000,000		3,997,896
Avery Point V CLO Ltd.
2017-5A, 2.98% (3 Month USD LIBOR + 0.98%, Rate Floor: 0.00%) due 07/17/263,4		3,826,196		3,823,345
Marathon CLO VII Ltd.
2017-7A, 3.59% (3 Month USD LIBOR + 1.65%, Rate Floor: 0.00%) due 10/28/253,4		3,000,000		3,001,985
Newstar Commercial Loan Funding LLC
2017-1A, 4.41% (3 Month USD LIBOR + 2.50%, Rate Floor: 0.00%) due 03/20/273,4		3,000,000		2,999,375
Fortress Credit Opportunities IX CLO Ltd.
2017-9A, 3.46% (3 Month USD LIBOR + 1.55%, Rate Floor: 0.00%) due 11/15/293,4		2,982,000		2,961,757
ACIS CLO Ltd.
2014-4A, 3.33% (3 Month USD LIBOR + 1.42%, Rate Floor: 0.00%) due 05/01/263,4		2,700,027		2,699,163
Northwoods Capital XII-B Ltd.
2018-12BA, 2.64% (3 Month USD LIBOR + 0.75%, Rate Floor: 0.75%) due 06/15/313,4		2,625,000		2,622,005
Oaktree CLO Ltd.
2017-1A, 2.84% (3 Month USD LIBOR + 0.87%) due 10/20/273,4		2,000,000		1,998,175
Cent CLO Ltd.
2013-19A, 3.26% (3 Month USD LIBOR + 1.33%, Rate Floor: 0.00%) due 10/29/253,4		1,885,557		1,885,264
Dryden 37 Senior Loan Fund
2015-37A, due 01/15/313,8		1,500,000		1,296,709
California Street CLO XII Ltd.
2017-12A, 3.50% (3 Month USD LIBOR + 1.50%, Rate Floor: 0.00%) due 10/15/253,4		1,250,000		1,251,654
OHA Credit Partners IX Ltd.
2013-9A, due 10/20/253,8		1,000,000		841,806
Treman Park CLO Ltd.
2015-1A, due 10/20/283,8		1,000,000		811,970

Limited Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
ASSET-BACKED SECURITIES†† - 23.0% (continued)
Collateralized Loan Obligations - 12.5% (continued)
LCM XXII Ltd.
2018-22A, 2.57% (3 Month USD LIBOR + 0.60%, Rate Floor: 0.60%) due 10/20/283,4		722,222	$	721,808
VMC Finance LLC
2018-FL1, 2.56% (1 Month USD LIBOR + 0.82%, Rate Floor: 0.82%) due 03/15/353,4		169,571		169,191
Mountain Hawk II CLO Ltd.
2018-2A, 2.79% (3 Month USD LIBOR + 0.82%, Rate Floor: 0.00%) due 07/20/243,4		97,283		97,272
LMREC, Inc.
2016-CRE2, 3.48% (1 Month USD LIBOR + 1.70%, Rate Floor: 1.70%) due 11/24/313,4		67,564		67,815
Copper River CLO Ltd.
2007-1A, due 01/20/218,9		500,000		67,000
Total Collateralized Loan Obligations				409,186,322
Financial - 3.6%
Station Place Securitization Trust
2019-8, 2.38% (1 Month USD LIBOR + 0.60%, Rate Floor: 0.60%) due 03/24/203,4		35,800,000		35,799,975
2019-6, 2.38% (1 Month USD LIBOR + 0.60%, Rate Floor: 0.60%) due 07/24/21†††,3,4		18,500,000		18,500,000
2019-5, 2.48% (1 Month USD LIBOR + 0.70%, Rate Floor: 0.70%) due 06/24/20†††,3,4		10,800,000		10,800,000
2019-9, 2.48% (1 Month USD LIBOR + 0.70%, Rate Floor: 0.00%) due 10/24/20†††,3,4		7,200,000		7,200,000
2019-2, 2.33% (1 Month USD LIBOR + 0.55%, Rate Floor: 0.55%) due 04/24/213,4		5,400,000		5,401,034
2019-WL1, 2.44% (1 Month USD LIBOR + 0.65%, Rate Floor: 0.65%) due 08/25/523,4		5,000,000		5,000,750
Barclays Bank plc
GMTN, 2.31% (1 Month USD LIBOR + 0.60%) due 06/02/203,4		16,450,000		16,470,590
GMTN, 2.48% (1 Month USD LIBOR + 0.68%) due 07/31/203,4		13,950,000		13,976,412
Madison Avenue Secured Funding Trust
2019-1, 3.22% (1 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 11/11/203,4		6,200,000		6,200,434
Total Financial				119,349,195
Transport-Aircraft - 2.8%
AASET US Ltd.
2018-2A, 4.45% due 11/18/383		17,993,230		18,338,471
2018-1A, 3.84% due 01/16/383		1,385,186		1,388,953
Castlelake Aircraft Securitization Trust
2018-1, 4.13% due 06/15/433		9,982,161		10,147,181
2017-1, 3.97% due 07/15/42		4,079,377		4,134,278
Sapphire Aviation Finance I Ltd.
2018-1A, 4.25% due 03/15/403		13,233,070		13,458,639
KDAC Aviation Finance Ltd.
2017-1A, 4.21% due 12/15/423		9,910,849		10,018,051
MAPS Ltd.
2018-1A, 4.21% due 05/15/433		9,153,900		9,317,770
Apollo Aviation Securitization Equity Trust
2016-2, 4.21% due 11/15/41		7,219,197		7,232,062
AIM Aviation Finance Ltd.
2015-1A, 4.21% due 02/15/403		4,856,219		4,852,546
AASET Trust
2017-1A, 3.97% due 05/16/423		4,102,611		4,136,223
Raspro Trust
2005-1A, 2.89% (3 Month USD LIBOR + 0.93%, Rate Floor: 0.93%) due 03/23/243,4		3,504,776		3,448,227
Falcon Aerospace Ltd.
2017-1, 4.58% due 02/15/423		2,309,541		2,317,809
ECAF I Ltd.
2015-1A, 3.47% due 06/15/403		664,663		664,641

Limited Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
ASSET-BACKED SECURITIES†† - 23.0% (continued)
Transport-Aircraft - 2.8% (continued)
Atlas Ltd.
2014-1 A, 4.88% due 12/15/39		672,011	$	655,786
Total Transport-Aircraft				90,110,637
Automotive - 1.2%
Hertz Vehicle Financing II, LP
2015-1A, 2.73% due 03/25/213		31,572,000		31,607,408
Avis Budget Rental Car Funding AESOP LLC
2015-1A, 2.50% due 07/20/213		7,500,000		7,508,826
Total Automotive				39,116,234
Transport-Container - 1.1%
Textainer Marine Containers Ltd.
2017-2A, 3.52% due 06/20/423		12,380,921		12,344,828
CLI Funding LLC
2018-1A, 4.03% due 04/18/433		7,502,808		7,557,366
CAL Funding III Ltd.
2018-1A, 3.96% due 02/25/433		5,880,000		5,898,440
Global SC Finance II SRL
2013-1A, 2.98% due 04/17/283		5,258,333		5,254,161
Textainer Marine Containers V Ltd.
2017-1A, 3.72% due 05/20/423		4,479,491		4,496,287
Cronos Containers Program Ltd.
2013-1A, 3.08% due 04/18/283		1,473,333		1,472,901
Total Transport-Container				37,023,983
Net Lease - 0.9%
Capital Automotive LLC
2017-1A, 3.87% due 04/15/473		15,985,656		16,107,425
STORE Master Funding I LLC
2015-1A, 4.17% due 04/20/453		10,450,333		10,628,077
2015-1A, 3.75% due 04/20/453		1,758,000		1,760,528
Capital Automotive REIT
2014-1A, 3.66% due 10/15/443		957,364		955,710
Total Net Lease				29,451,740
Collateralized Debt Obligations - 0.4%
Anchorage Credit Funding Ltd.
2016-4A, 3.50% due 02/15/353		11,650,000		11,696,025
2016-3A, 3.85% due 10/28/333		1,500,000		1,506,669
Putnam Structured Product Funding Ltd.
2003-1A, 2.74% (1 Month USD LIBOR + 1.00%, Rate Floor: 0.00%) due 10/15/383,4		696,760		689,888
Total Collateralized Debt Obligations				13,892,582
Infrastructure - 0.3%
Secured Tenant Site Contract Revenue Notes Series
2018-1A, 3.97% due 06/15/483		7,313,811		7,404,503
Vantage Data Centers Issuer LLC
2018-1A, 4.07% due 02/16/433		3,141,333		3,239,353
Total Infrastructure				10,643,856
Whole Business - 0.2%
Domino's Pizza Master Issuer LLC
2017-1A, 3.19% (3 Month USD LIBOR + 1.25%, Rate Floor: 0.00%) due 07/25/473,4		5,145,000		5,148,756
Drug Royalty III Limited Partnership
2016-1A, 3.98% due 04/15/273		281,179		281,618
Drug Royalty II Limited Partnership 2
2014-1, 3.48% due 07/15/233		45,510		45,507
Total Whole Business				5,475,881
Transport-Rail - 0.0%
TRIP Rail Master Funding LLC
2017-1A, 2.71% due 08/15/473		519,595		519,677
Insurance - 0.0%
Chesterfield Financial Holdings LLC
2014-1A, 4.50% due 12/15/343		401,250		403,173
Total Asset-Backed Securities
(Cost $755,000,536)				755,173,280

CORPORATE BONDS†† - 17.5%
Financial - 8.5%
Santander UK plc
2.53% (3 Month USD LIBOR + 0.62%) due 06/01/214	30,740,000	30,845,887

Limited Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
CORPORATE BONDS†† - 17.5% (continued)
Financial - 8.5% (continued)
Wells Fargo & Co.
2.83% (3 Month USD LIBOR + 0.93%) due 02/11/224		29,450,000	$	29,651,339
Capital One Financial Corp.
2.66% (3 Month USD LIBOR + 0.76%) due 05/12/204		22,900,000		22,942,939
Mitsubishi UFJ Financial Group, Inc.
2.59% (3 Month USD LIBOR + 0.65%) due 07/26/214		11,450,000		11,500,176
2.95% (3 Month USD LIBOR + 1.06%) due 09/13/214		5,990,000		6,054,654
3.79% (3 Month USD LIBOR + 1.88%) due 03/01/214		453,000		461,148
Citibank North America
2.50% (3 Month USD LIBOR + 0.57%) due 07/23/214		16,390,000		16,459,927
Sumitomo Mitsui Banking Corp.
2.35% (3 Month USD LIBOR + 0.35%) due 01/17/204		15,450,000		15,453,011
Svenska Handelsbanken AB
2.38% (3 Month USD LIBOR + 0.47%) due 05/24/214		13,500,000		13,543,217
3.35% due 05/24/21		1,179,000		1,202,269
UBS Group AG
2.95% due 09/24/203		7,670,000		7,723,641
3.77% (3 Month USD LIBOR + 1.78%, Rate Floor: 0.00%) due 04/14/213,4		5,700,000		5,806,963
3.38% (3 Month USD LIBOR + 1.44%) due 09/24/203,4		1,000,000		1,009,150
Synchrony Bank
2.59% (3 Month USD LIBOR + 0.63%) due 03/30/204		14,450,000		14,460,710
JPMorgan Chase & Co.
2.59% (3 Month USD LIBOR + 0.68%) due 06/01/214		8,100,000		8,113,146
2.40% due 06/07/21		3,578,000		3,601,600
Credit Agricole S.A.
2.86% (3 Month USD LIBOR + 0.97%) due 06/10/203,4		11,550,000		11,592,851
Credit Suisse AG NY
2.33% (3 Month USD LIBOR + 0.40%) due 07/31/204		10,190,000		10,204,560
Standard Chartered Bank
2.30% (3 Month USD LIBOR + 0.40%) due 08/04/204		10,170,000		10,181,947
ANZ New Zealand Int'l Ltd.
2.85% due 08/06/203		10,000,000		10,049,002
Lloyds Bank plc
2.38% (3 Month USD LIBOR + 0.49%) due 05/07/214		8,050,000		8,076,201
Citizens Bank North America/Providence RI
2.49% (3 Month USD LIBOR + 0.57%) due 05/26/204		8,050,000		8,063,808
Morgan Stanley
5.50% due 07/24/20		4,951,000		5,050,912
2.87% (3 Month USD LIBOR + 0.98%) due 06/16/204		1,650,000		1,655,438
Westpac Banking Corp.
2.83% (3 Month USD LIBOR + 0.85%) due 01/11/224		5,000,000		5,056,603
Bank of America Corp.
2.75% (3 Month USD LIBOR + 0.65%) due 10/01/214		4,200,000		4,211,940
Essex Portfolio, LP
5.20% due 03/15/21		2,650,000		2,728,366
Lloyds Bank Corporate Markets plc NY
2.26% (3 Month USD LIBOR + 0.37%) due 08/05/204		2,070,000		2,072,056
AXIS Specialty Finance LLC
5.88% due 06/01/20		1,994,000		2,025,396
Sumitomo Mitsui Financial Group, Inc.
3.57% (3 Month USD LIBOR + 1.68%) due 03/09/214		1,000,000		1,016,395
3.11% (3 Month USD LIBOR + 1.14%) due 10/19/214		702,000		711,854
Assurant, Inc.
3.20% (3 Month USD LIBOR + 1.25%) due 03/26/214		1,592,000		1,592,185
Mizuho Financial Group, Inc.
3.03% (3 Month USD LIBOR + 1.14%) due 09/13/214		1,500,000		1,517,938

Limited Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
CORPORATE BONDS†† - 17.5% (continued)
Financial - 8.5% (continued)
Credit Suisse Group Funding Guernsey Ltd.
2.75% due 03/26/20		1,180,000	$	1,181,461
Goldman Sachs Group, Inc.
3.09% (3 Month USD LIBOR + 1.20%) due 09/15/204		1,000,000		1,006,405
UBS AG
2.39% (3 Month USD LIBOR + 0.48%) due 12/01/203,4		1,000,000		1,002,550
Total Financial				277,827,645
Consumer, Non-cyclical - 4.5%
Express Scripts Holding Co.
2.66% (3 Month USD LIBOR + 0.75%) due 11/30/204		21,875,000		21,878,407
Zimmer Biomet Holdings, Inc.
2.65% (3 Month USD LIBOR + 0.75%) due 03/19/214		11,050,000		11,051,083
2.70% due 04/01/20		9,780,000		9,786,356
General Mills, Inc.
2.54% (3 Month USD LIBOR + 0.54%) due 04/16/214		20,750,000		20,816,987
Mondelez International, Inc.
3.00% due 05/07/20		11,330,000		11,362,514
Allergan Funding SCS
3.14% (3 Month USD LIBOR + 1.26%) due 03/12/204		11,300,000		11,321,220
CVS Health Corp.
2.61% (3 Month USD LIBOR + 0.72%) due 03/09/214		9,200,000		9,256,412
2.52% (3 Month USD LIBOR + 0.63%) due 03/09/204		894,000		894,709
Biogen, Inc.
2.90% due 09/15/20		9,700,000		9,771,297
Coca-Cola Femsa SAB de CV
4.63% due 02/15/20		9,700,000		9,723,878
Molson Coors Beverage Co.
2.25% due 03/15/20		9,700,000		9,695,862
Coca-Cola European Partners plc
3.50% due 09/15/20		7,000,000		7,063,515
Reynolds American, Inc.
6.88% due 05/01/20		4,802,000		4,878,743
Anthem, Inc.
4.35% due 08/15/20		4,180,000		4,239,757
Cigna Corp.
2.55% (3 Month USD LIBOR + 0.65%) due 09/17/214		4,100,000		4,100,230
Zoetis, Inc.
3.45% due 11/13/20		2,180,000		2,203,522
Conagra Brands, Inc.
2.70% (3 Month USD LIBOR + 0.75%) due 10/22/204		850,000		850,077
Constellation Brands, Inc.
2.25% due 11/06/20		380,000		380,769
Total Consumer, Non-cyclical				149,275,338
Energy - 1.5%
Equities Corp.
2.87% (3 Month USD LIBOR + 0.77%) due 10/01/204		11,450,000		11,418,380
Marathon Petroleum Corp.
3.40% due 12/15/20		9,800,000		9,911,562
Phillips 66
2.52% (3 Month USD LIBOR + 0.60%) due 02/26/214		8,700,000		8,700,521
Sabine Pass Liquefaction LLC
5.63% due 02/01/21		7,600,000		7,811,986
Occidental Petroleum Corp.
2.60% due 08/13/21		6,650,000		6,699,208
Reliance Holding USA, Inc.
4.50% due 10/19/203		2,000,000		2,031,700
Energy Transfer Operating, LP
7.50% due 10/15/20		1,754,000		1,822,808
Florida Gas Transmission Company LLC
5.45% due 07/15/203		800,000		813,450
Total Energy				49,209,615
Industrial - 1.4%
Siemens Financieringsmaatschappij N.V.
2.50% (3 Month USD LIBOR + 0.61%) due 03/16/223,4		20,410,000		20,503,975
Aviation Capital Group LLC
2.88% due 01/20/223		8,000,000		8,057,634
7.13% due 10/15/203		2,500,000		2,594,376
Rolls-Royce plc
2.38% due 10/14/203		6,550,000		6,575,034
Textron, Inc.
2.45% (3 Month USD LIBOR + 0.55%) due 11/10/204		5,700,000		5,700,224
Molex Electronic Technologies LLC
2.88% due 04/15/203		1,030,000		1,031,378
Total Industrial				44,462,621
Communications - 0.6%
Telefonica Emisiones S.A.
5.13% due 04/27/20		9,600,000		9,690,888

Limited Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
CORPORATE BONDS†† - 17.5% (continued)
Communications - 0.6% (continued)
Deutsche Telekom International Finance BV
2.58% (3 Month USD LIBOR + 0.58%) due 01/17/203,4		9,400,000	$	9,402,344
Total Communications				19,093,232
Technology - 0.6%
International Business Machines Corp.
2.80% due 05/13/21		9,550,000		9,678,195
Broadcom Corporation / Broadcom Cayman Finance Ltd.
2.38% due 01/15/20		9,165,000		9,165,410
Total Technology				18,843,605
Utilities - 0.3%
NextEra Energy Capital Holdings, Inc.
2.41% (3 Month USD LIBOR + 0.45%) due 09/28/204		10,010,000		10,024,014
PSEG Power LLC
5.13% due 04/15/20		1,290,000		1,301,487
Total Utilities				11,325,501
Basic Materials - 0.1%
Georgia-Pacific LLC
5.40% due 11/01/203		3,159,000		3,246,689
Total Corporate Bonds
(Cost $571,549,603)				573,284,246

U.S. GOVERNMENT SECURITIES†† - 0.5%
U.S. Treasury Notes
2.38% due 03/15/22	15,262,000	15,526,104
Total U.S. Government Securities
(Cost $15,338,048)		15,526,104

SENIOR FLOATING RATE INTERESTS††,4 - 0.0%
Technology - 0.0%
Neustar, Inc.
5.30% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 08/08/24	105,208	96,765
Financial - 0.0%
Masergy Holdings, Inc.
5.19% (3 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 12/15/23	79,486	78,162
Total Senior Floating Rate Interests
(Cost $183,726)		174,927

REPURCHASE AGREEMENTS††,10 - 3.8%
Societe Generale
issued 09/10/19 at 2.29% (3 Month USD LIBOR + 0.40%)  due 07/07/204	15,000,000	15,000,000
issued 11/26/19 at 2.33% (3 Month USD LIBOR + 0.40%)  due 07/07/204	12,835,000	12,835,000
issued 12/05/19 at 2.33% (3 Month USD LIBOR + 0.40%)  due 07/07/204	11,000,000	11,000,000
issued 07/26/19 at 2.33% (3 Month USD LIBOR + 0.40%)  due 07/07/204	8,000,000	8,000,000
issued 10/11/19 at 2.33% (3 Month USD LIBOR + 0.40%)  due 07/07/204	4,865,000	4,865,000
BNP Paribas
issued 12/13/19 at 2.10%  due 03/16/20	22,320,000	22,320,000
issued 12/30/19 at 2.07%  due 02/03/20	12,757,612	12,757,612
Deutsche Bank AG
issued 11/07/19 at 2.28%  due 02/07/20	21,150,000	21,150,000
issued 11/19/19 at 2.28%  due 02/07/20	2,681,000	2,681,000
issued 11/12/19 at 2.28%  due 02/07/20	1,455,000	1,455,000
Barclays Capital, Inc.
issued 12/27/19 at 2.03% (1 Month USD LIBOR + 0.25%)  due 02/03/204	11,008,025	11,008,025
Total Repurchase Agreements
(Cost $123,071,637)		123,071,637

COMMERCIAL PAPER†† - 0.5%
Nasdaq, Inc.
2.15% due 01/09/203,11	15,000,000	14,992,833
Total Commercial Paper
(Cost $14,992,833)		14,992,833

Limited Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Notional Value		Value
OTC OPTIONS PURCHASED†† - 0.0%
Put options on:
Goldman Sachs International 2Y-10 CMS CAP Expiring July 2022 with strike price of $0.40		772,000,000	$	1,351,000
Goldman Sachs International 2Y-10 CMS CAP Expiring July 2022 with strike price of $0.61		296,000,000		328,560
Bank of America, N.A. 2Y-10 CMS CAP Expiring July 2022 with strike price of $0.40		115,000,000		201,250
Total OTC Options Purchased
(Cost $2,446,140)				1,880,810
Total Investments - 99.7%
(Cost $3,247,192,939)			$	3,269,209,774

	Face Amount~
COLLATERALIZED MORTGAGE OBLIGATIONS SOLD SHORT†† - (1.0)%
Government Agency - (1.0)%
Fannie Mae
2.50% due 01/15/20		34,250,000		(33,861,844	)
Total Collateralized Mortgage Obligations Sold Short
(Cost $33,826,375)				(33,861,844	)
Other Assets & Liabilities, net - 1.3%				42,843,056
Total Net Assets - 100.0%			$	3,278,190,986

Centrally Cleared Credit Default Swap Agreements Protection Purchased††
Counterparty	Exchange	Index	Protection Premium Rate		Payment Frequency	Maturity Date	Notional Amount		Value			Upfront Premiums Received			Unrealized Depreciation**
BofA Securities, Inc.	ICE	CDX.NA.IG.31		1.00%	Quarterly	12/20/23	$	539,980,000	$	(13,642,438	)	$	(5,048,780	)	$	(8,593,658	)

OTC Credit Default Swap Agreements Protection Purchased††
Counterparty	Index	Protection Premium Rate		Payment Frequency	Maturity Date	Notional Amount		Value			Upfront Premiums Received			Unrealized Depreciation
Morgan Stanley Capital Services LLC	CDX.NA.IG.31 (7-15%)		1.00%	Quarterly	12/20/23	$	37,820,000	$	(1,012,768	)	$	(6,339	)	$	(1,006,429	)
Goldman Sachs International	CDX.NA.IG.31 (7-15%)		1.00%	Quarterly	12/20/23		87,130,000		(2,333,224	)		(111,289	)		(2,221,935	)
								$	(3,345,992	)	$	(117,628	)	$	(3,228,364	)

Centrally Cleared Interest Rate Swap Agreements††
Counterparty	Exchange		Floating Rate Type	Floating Rate Index	Fixed Rate		Payment Frequency	Maturity Date	Notional Amount		Value			Upfront Premiums Paid		Unrealized Appreciation (Depreciation)**
BofA Securities, Inc.		CME	Receive	3-Month USD LIBOR		1.54%	Quarterly	08/04/21	$	13,030,000	$	35,401		$	271	$	35,130
BofA Securities, Inc.		CME	Pay	3-Month USD LIBOR		2.79%	Quarterly	01/21/20		55,487,000		21,832			15,089		6,743
BofA Securities, Inc.		CME	Pay	Federal Funds Rate		1.46%	Annually	09/17/21		216,600,000		15,819			716		15,103
BofA Securities, Inc.		CME	Pay	3-Month USD LIBOR		2.84%	Quarterly	01/31/20		8,574,000		5,940			3,646		2,294
BofA Securities, Inc.		CME	Pay	3-Month USD LIBOR		2.92%	Quarterly	01/31/20		5,235,000		3,990			2,570		1,420
BofA Securities, Inc.		CME	Pay	3-Month USD LIBOR		2.83%	Quarterly	01/31/20		5,268,000		3,597			2,204		1,393
BofA Securities, Inc.		CME	Receive	3-Month USD LIBOR		2.83%	Quarterly	01/31/20		5,268,000		(3,596	)		23		(3,619	)
BofA Securities, Inc.		CME	Receive	3-Month USD LIBOR		2.92%	Quarterly	01/31/20		5,235,000		(3,991	)		22		(4,013	)
BofA Securities, Inc.		CME	Receive	3-Month USD LIBOR		2.84%	Quarterly	01/31/20		8,574,000		(5,939	)		23		(5,962	)
BofA Securities, Inc.		CME	Receive	3-Month USD LIBOR		2.79%	Quarterly	01/21/20		55,487,000		(21,832	)		19		(21,851	)
BofA Securities, Inc.		CME	Pay	Federal Funds Rate		1.40%	Annually	12/13/21		54,950,000		(51,831	)		425		(52,256	)
BofA Securities, Inc.		CME	Pay	Federal Funds Rate		1.37%	Annually	09/30/21		43,200,000		(63,388	)		355		(63,743	)
BofA Securities, Inc.		CME	Pay	Federal Funds Rate		1.36%	Annually	12/09/21		46,500,000		(76,186	)		401		(76,587	)
BofA Securities, Inc.		CME	Pay	Federal Funds Rate		1.23%	Annually	08/22/21		44,400,000		(176,537	)		336		(176,873	)
BofA Securities, Inc.		CME	Pay	Federal Funds Rate		1.31%	Annually	11/25/21		98,600,000		(255,158	)		517		(255,675	)
BofA Securities, Inc.		CME	Pay	Federal Funds Rate		1.37%	Annually	12/04/21		177,800,000		(279,573	)		715		(280,288	)
BofA Securities, Inc.		CME	Pay	3-Month USD LIBOR		1.58%	Quarterly	08/14/21		139,000,000		(293,119	)		523		(293,642	)
BofA Securities, Inc.		CME	Pay	Federal Funds Rate		1.33%	Annually	11/29/21		133,700,000		(300,757	)		604		(301,361	)
BofA Securities, Inc.		CME	Pay	Federal Funds Rate		1.10%	Annually	08/28/24		84,270,000		(1,492,647	)		632		(1,493,279	)
											$	(2,937,975	)	$	29,091	$	(2,967,066	)

Limited Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

Total Return Swap Agreements
Counterparty	Reference Obligation	Financing Rate Pay	Payment Frequency	Maturity Date	Units		Notional Amount		Value and Unrealized Depreciation
OTC Sovereign Debt Swap Agreements††
Deutsche Bank AG	Korea Monetary Stabilization Bond	2.34% (3 Month USD LIBOR + 0.45%)	At Maturity	08/04/21		N/A	$	13,493,269	$	(67,122	)

Forward Foreign Currency Exchange Contracts††
Counterparty	Contracts to Sell	Currency	Settlement Date		Settlement Value		Value at December 31, 2019		Unrealized Appreciation (Depreciation)
Goldman Sachs International	9,246,900,000	JPY	01/10/20	$	86,247,131	$	85,132,953	$	1,114,178
Bank of America, N.A.	5,903,000,000	JPY	01/21/20		55,487,146		54,381,293		1,105,853
JPMorgan Chase Bank, N.A.	3,433,716,000	JPY	09/01/20		32,638,955		32,043,647		595,308
Citibank N.A., New York	3,193,596,000	JPY	06/01/20		30,212,631		29,644,082		568,549
Goldman Sachs International	15,990,000	EUR	01/17/20		18,463,952		17,956,463		507,489
Goldman Sachs International	38,600,000	BRL	07/01/20		10,023,371		9,561,556		461,815
Goldman Sachs International	26,208,000	EUR	04/30/20		30,055,335		29,624,636		430,699
Citibank N.A., New York	912,456,000	JPY	07/01/21		8,984,580		8,658,638		325,942
Barclays Bank plc	22,399,000	EUR	01/17/20		25,478,844		25,153,648		325,196
Citibank N.A., New York	31,600,000	BRL	07/01/20		8,139,296		7,827,595		311,701
Barclays Bank plc	843,421,500	JPY	07/01/21		8,292,415		8,003,544		288,871
Citibank N.A., New York	2,311,700,000	JPY	01/10/20		21,553,709		21,283,008		270,701
Bank of America, N.A.	1,397,698,500	JPY	06/22/20		13,219,507		12,989,275		230,232
Bank of America, N.A.	13,152,400	EUR	06/15/20		15,124,931		14,909,660		215,271
Bank of America, N.A.	1,205,302,350	JPY	04/15/20		11,368,739		11,158,425		210,314
Goldman Sachs International	11,224,080	EUR	06/15/20		12,914,202		12,723,702		190,500
JPMorgan Chase Bank, N.A.	509,054,400	JPY	06/01/20		4,811,251		4,725,222		86,029
Goldman Sachs International	56,471,082	JPY	06/22/20		534,437		524,804		9,633
Goldman Sachs International	11,989,250	EUR	07/30/21		13,927,012		13,921,401		5,611
JPMorgan Chase Bank, N.A.	1,716,000	JPY	03/02/20		16,126		15,846		280
Citibank N.A., New York	456,000	JPY	07/01/20		4,405		4,240		165
Citibank N.A., New York	456,000	JPY	01/06/20		4,361		4,197		164
Citibank N.A., New York	456,000	JPY	01/04/21		4,450		4,287		163
Barclays Bank plc	421,500	JPY	07/01/20		4,066		3,919		147
Barclays Bank plc	421,500	JPY	01/06/20		4,026		3,880		146
Barclays Bank plc	421,500	JPY	01/04/21		4,106		3,962		144
Goldman Sachs International	89,250	EUR	07/30/20		101,451		101,462		(11	)
Bank of America, N.A.	54,148	ILS	04/30/20		15,495		15,821		(326	)
Citibank N.A., New York	124,340	ILS	04/30/20		35,729		36,329		(600	)
JPMorgan Chase Bank, N.A.	156,375	EUR	07/30/20		176,707		177,771		(1,064	)
Deutsche Bank AG	40,506,828	KRW	05/07/21		34,430		35,545		(1,115	)
Deutsche Bank AG	41,872,227	KRW	02/04/21		35,500		36,643		(1,143	)
Deutsche Bank AG	41,872,227	KRW	11/04/20		35,395		36,546		(1,151	)
Deutsche Bank AG	41,872,227	KRW	08/05/20		35,288		36,452		(1,164	)
Deutsche Bank AG	40,961,962	KRW	05/11/20		34,401		35,569		(1,168	)
Deutsche Bank AG	41,872,227	KRW	02/05/20		35,054		36,272		(1,218	)
Bank of America, N.A.	686,075	ILS	01/31/20		196,837		199,264		(2,427	)
Goldman Sachs International	724,881	ILS	04/30/20		208,691		211,790		(3,099	)
Bank of America, N.A.	684,200	ILS	02/01/21		199,913		203,376		(3,463	)
Citibank N.A., New York	12,880,000	MXN	02/27/20		660,506		675,730		(15,224	)
JPMorgan Chase Bank, N.A.	1,730,000	CAD	01/03/20		1,307,820		1,332,727		(24,907	)
Citibank N.A., New York	1,859,000	CAD	01/02/20		1,400,685		1,432,104		(31,419	)
Bank of America, N.A.	5,454,000	ILS	04/30/21		1,586,156		1,627,996		(41,840	)
JPMorgan Chase Bank, N.A.	18,300,000	BRL	07/01/21		4,347,310		4,401,979		(54,669	)
JPMorgan Chase Bank, N.A.	4,000,000	CAD	01/08/20		3,025,167		3,081,553		(56,386	)
Citibank N.A., New York	4,500,000	CAD	01/09/20		3,389,814		3,466,770		(76,956	)
Bank of America, N.A.	13,124,200	ILS	01/31/22		3,890,958		3,968,588		(77,630	)
Citibank N.A., New York	12,524,000	ILS	04/30/21		3,658,244		3,738,362		(80,118	)
Citibank N.A., New York	93,700,000	MXN	04/23/20		4,764,447		4,875,750		(111,303	)
JPMorgan Chase Bank, N.A.	21,006,375	EUR	07/30/21		24,244,928		24,391,699		(146,771	)
Citibank N.A., New York	87,581,000	MXN	01/02/20		4,458,297		4,632,249		(173,952	)
Goldman Sachs International	125,120,000	MXN	01/16/20		6,356,884		6,604,274		(247,390	)
Goldman Sachs International	40,300,000	BRL	07/01/21		9,441,256		9,693,976		(252,720	)
Citibank N.A., New York	206,200,000	MXN	04/08/20		10,496,844		10,753,257		(256,413	)
Goldman Sachs International	42,231,650	ILS	01/31/22		12,500,228		12,770,303		(270,075	)
Citibank N.A., New York	121,120,000	BRL	07/01/21		28,823,147		29,134,847		(311,700	)
Citibank N.A., New York	64,400,000	BRL	01/02/20		15,691,327		16,038,252		(346,925	)
Bank of America, N.A.	19,400,000	CAD	01/16/20		14,587,793		14,946,327		(358,534	)
Citibank N.A., New York	20,255,000	CAD	01/16/20		15,245,695		15,605,044		(359,349	)
Goldman Sachs International	73,012,900	ILS	04/30/21		21,378,671		21,794,049		(415,378	)
Deutsche Bank AG	15,684,387,227	KRW	08/04/21		13,375,736		13,800,332		(424,596	)
Morgan Stanley Capital Services LLC	173,420,000	BRL	04/01/20		42,530,495		43,082,201		(551,706	)
Goldman Sachs International	116,779,244	ILS	02/01/21		34,113,577		34,712,131		(598,554	)
Morgan Stanley Capital Services LLC	38,560,000	EUR	01/17/20		42,615,787		43,302,141		(686,354	)
Citibank N.A., New York	541,950,000	MXN	04/02/20		27,568,227		28,287,188		(718,961	)
BNP Paribas	42,940,000	EUR	01/08/20		47,432,994		48,192,526		(759,532	)
Goldman Sachs International	489,530,000	MXN	01/02/20		24,945,839		25,891,742		(945,903	)
Citibank N.A., New York	30,120,000	GBP	01/13/20		38,966,723		39,913,061		(946,338	)
Goldman Sachs International	71,861,650	ILS	01/31/20		19,871,410		20,871,557		(1,000,147	)
Citibank N.A., New York	44,790,000	GBP	01/27/20		58,080,313		59,378,085		(1,297,772	)
Goldman Sachs International	978,000,000	MXN	02/27/20		49,318,218		51,309,288		(1,991,070	)
								$	(6,393,440	)

Limited Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

Forward Foreign Currency Exchange Contracts^††

Counterparty	Contracts to Buy		Currency	Settlement Date	Settlement Value		Value at December 31, 2019		Unrealized Appreciation
Morgan Stanley Capital Services LLC		39,655,000	CAD	01/16/20	$	30,106,496	$	30,551,371	$	444,875
Goldman Sachs International		41,900,000	BRL	01/02/20		10,117,596		10,434,826		317,230
Morgan Stanley Capital Services LLC		22,500,000	BRL	01/02/20		5,404,627		5,603,427		198,800
JPMorgan Chase Bank, N.A.		24,376,480	EUR	06/15/20		27,439,726		27,633,362		193,636
Goldman Sachs International		26,208,000	EUR	04/30/20		29,454,988		29,624,636		169,648
JPMorgan Chase Bank, N.A.		541,950,000	MXN	04/02/20		28,211,134		28,287,188		76,054
BNP Paribas		4,500,000	CAD	01/09/20		3,416,279		3,466,770		50,491
JPMorgan Chase Bank, N.A.		4,000,000	CAD	01/08/20		3,036,627		3,081,553		44,926
Goldman Sachs International		206,200,000	MXN	04/08/20		10,724,279		10,753,257		28,978
JPMorgan Chase Bank, N.A.		1,730,000	CAD	01/03/20		1,305,905		1,332,727		26,822
Goldman Sachs International		93,700,000	MXN	04/23/20		4,859,580		4,875,750		16,170
									$	1,567,630

~	The face amount is denominated in U.S. dollars unless otherwise indicated.
**	Includes cumulative appreciation (depreciation).
†	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	Affiliated issuer.
2	Rate indicated is the 7-day yield as of December 31, 2019.
3	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $1,250,379,268 (cost $1,246,811,937), or 38.1% of total net assets.
4	Variable rate security. Rate indicated is the rate effective at December 31, 2019. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
5	Security is a step up/down bond. The coupon increases or decreases at regular intervals until the bond reaches full maturity. Rate indicated is the rate at December 31, 2019. See table below for additional step information for each security.
6	Security is an interest-only strip.
7	Zero coupon rate security.
8	Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates.
9	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be illiquid and restricted under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) illiquid and restricted securities is $67,000 (cost $98,298), or less than 0.1% of total net assets — See Note 6.
10	Repurchase Agreements - See additional disclosure in the repurchase agreements table below for more information on repurchase agreements.
11	Rate indicated is the effective yield at the time of purchase.

BofA — Bank of America

BRL — Brazilian Real

CAD — Canadian Dollar

CDX.NA.IG.31 — Credit Default Swap North American Investment Grade Series 31 Index

CME — Chicago Mercantile Exchange

CMS — Constant Maturity Swap

EUR — Euro

GBP — British Pound

ICE — Intercontinental Exchange

ILS — Israeli New Shekel

JPY — Japanese Yen

KRW — South Korean Won

LIBOR — London Interbank Offered Rate

MXN — Mexican Peso

plc — Public Limited Company

REIT — Real Estate Investment Trust

WAC — Weighted Average Coupon

See Sector Classification in Other Information section.

Limited Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

The following table summarizes the inputs used to value the Fund's investments at December 31, 2019 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	32,464,254	$	—	$	—	$	32,464,254
Money Market Fund		59,429,753		—		—		59,429,753
Collateralized Mortgage Obligations		—		867,465,551		—		867,465,551
Foreign Government Debt		—		825,746,379		—		825,746,379
Asset-Backed Securities		—		718,673,280		36,500,000		755,173,280
Corporate Bonds		—		573,284,246		—		573,284,246
U.S. Government Securities		—		15,526,104		—		15,526,104
Senior Floating Rate Interests		—		174,927		—		174,927
Repurchase Agreements		—		123,071,637		—		123,071,637
Commercial Paper		—		14,992,833		—		14,992,833
Options Purchased		—		1,880,810		—		1,880,810
Interest Rate Swap Agreements**		—		62,083		—		62,083
Forward Foreign Currency Exchange Contracts**		—		8,822,731		—		8,822,731
Total Assets	$	91,894,007	$	3,149,700,581	$	36,500,000	$	3,278,094,588

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Collateralized Mortgage Obligations Sold Short	$	—	$	33,861,844	$	—	$	33,861,844
Credit Default Swap Agreements**		—		11,822,022		—		11,822,022
Interest Rate Swap Agreements**		—		3,029,149		—		3,029,149
Total Return Swap Agreements**		—		67,122		—		67,122
Forward Foreign Currency Exchange Contracts**		—		13,648,541		—		13,648,541
Total Liabilities	$	—	$	62,428,678	$	—	$	62,428,678

** This derivative is reported as unrealized appreciation/depreciation at period end.

Limited Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

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:

Category	Ending Balance at December 31, 2019		Valuation Technique	Unobservable Inputs	Input Range		Weighted Average
Assets:
Asset-Backed Securities	$	36,500,000	Option Adjusted Spread off prior month broker quote	Broker Quote		—		—
Total Assets	$	36,500,000

Transfers between Level 2 and Level 3 may occur as markets fluctuate and/or the availability of data used in an investment’s valuation changes. For the period ended December 31, 2019, the Fund had securities with a total value of $7,200,000 transfer into Level 3 from Level 2 due to lack of observable inputs.

Summary of Fair Value Level Activity

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value for the period ended December 31, 2019:

	Assets				Liabilities
	Asset-Backed Securities		Total Assets		Unfunded Loan Commitments
Beginning Balance	$	29,300,000	$	29,300,000	$	(6,385	)
Purchases/(Receipts)		-		-		-
(Sales, maturities and paydowns)/Fundings		-		-		5,502
Amortization of premiums/discounts		-		-		-
Total realized gains (losses) included in earnings		-		-		(4,127	)
Total change in unrealized appreciation (depreciation) included in earnings		-		-		5,010
Transfers into Level 3		7,200,000		7,200,000		-
Transfers out of Level 3		-		-		-
Ending Balance	$	36,500,000	$	36,500,000	$	-
Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at December 31, 2019	$	-	$	-	$	-

Step Coupon Bonds

The following table discloses additional information related to step coupon bonds held by the Fund. Certain securities are subject to multiple rate changes prior to maturity. For those securities a range of rates and corresponding dates have been provided. Rates for all step coupon bonds held by the Fund are scheduled to increase, none are scheduled to decrease.

Name	Coupon Rate at Next Reset Date			Next Rate Reset Date	Future Reset Rate(s)			Future Reset Date(s)
Freddie Mac Seasoned Credit Risk Transfer Trust 2018-1, 2.75% due 05/25/57		3.00	%	03/25/20		—			—
Legacy Mortgage Asset Trust 2018-GS3, 4.00% due 06/25/58		7.00	%	07/25/21		8.00	%		07/26/22
New Residential Mortgage Loan Trust 2019-RPL1, 4.34% due 02/26/24		7.33	%	02/25/22		8.33	%		02/25/23
Verus Securitization Trust 2019-4, 2.64% due 11/25/59		3.64	%	10/26/23		—			—

Limited Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

Repurchase Agreements

In connection with transactions in repurchase agreements, it is the Fund’s policy that its custodian takes possession of the underlying collateral. For the following repurchase agreements, the collateral is in the possession of the Fund’s custodian and is evaluated to ensure that its market value exceeds, at a minimum, 102% of the original face amount of the repurchase agreements, with the exception of where securities are being sold short. The interest rate on repurchase agreements is market driven and based on the underlying collateral obtained.

The Fund may engage in repurchase agreements. Repurchase agreements are fixed income securities in the form of agreements backed by collateral. These agreements typically involve the acquisition by the Fund of securities from the selling institution coupled with the agreement that the selling institution will repurchase the underlying securities at a specified price and at a fixed time in the future. The Fund may accept a wide variety of underlying securities as collateral for the repurchase agreements entered into by the Fund. Any such securities serving as collateral are marked-to-market daily in order to maintain full collateralization.

The use of repurchase agreements involves certain risks. For example, if the selling institution defaults on its obligation to repurchase the underlying securities at a time when the value of securities has declined, the Fund may incur a loss upon disposition of them. In the event of an insolvency or bankruptcy by the selling institution, the Fund’s right to control the collateral could be affected and result in certain costs and delays. In addition, the Fund could incur a loss if the value of the underlying collateral falls below the agreed upon repurchase price.

At December 31, 2019, the repurchase agreements in the account were as follows:

Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
BNP Paribas					Countrywide Asset-Backed Certificates
2.07% - 2.10%					2.03%
02/03/20 - 03/16/20	$	35,077,612	$	35,221,041	03/25/36	$	400,216,000	$	377,323,645
					Countrywide Asset-Backed Certificates
					1.92%
					12/25/36		23,257,000		21,749,946
					Nationstar Home Equity Loan Trust
					2.11%
					04/25/37		7,384,000		7,132,206
					CPS Auto Trust
					6.07%
					09/15/25		6,300,000		6,496,560
					Structured Asset Securities Corp. Mortgage Loan Trust
					1.99%
					06/25/37		2,626,000		1,878,903
							439,783,000		414,581,260
Societe Generale					Connecticut Avenue Securities Trust
2.29% - 2.33% (3 Month USD LIBOR + 0.40%)					3.94%
07/07/20*		51,700,000		52,587,769	09/25/31		14,000,000		14,105,000
					Ashford Hospitality Trust
					4.84%
					04/15/35		11,751,000		11,743,949
					Freddie Mac Structured Agency Credit Risk Debt Notes
					4.44%
					12/25/29		9,826,000		9,916,399
					Fannie Mae Connecticut Avenue Securities
					5.44%
					09/25/29		9,411,473		9,913,105
					Connecticut Avenue Securities Trust
					4.19%
					04/25/31		6,388,294		6,462,398
					GS Mortgage Securities Corp Trust
					5.74%
					07/15/32		6,066,000		6,089,051
					Atrium Hotel Portfolio Trust
					5.14%
					06/15/35		4,361,000		4,369,286
					HMH Trust
					8.48%
					07/05/31		1,830,000		1,952,427
							63,633,767		64,551,615

Limited Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
Deutsche Bank AG					Bank of America Merrill Lynch Large Loan Commercial Mortgage Securities Trust
2.28%					4.94%
02/07/20	$	25,286,000	$	25,429,670	03/15/34	$	9,992,000	$	10,064,942
					Hilton USA Trust
					6.16%
					11/05/35		10,000,000		10,028,000
					Venture XII CLO Ltd.
					7.41%
					02/28/26		7,000,000		6,582,800
					Neuberger Berman CLO XXI Ltd.
					7.17%
					04/20/27		4,000,000		3,730,000
					Galaxy XXIX CLO Ltd.
					6.46%
					11/15/26		2,000,000		1,826,800
					Covenant Credit Partners CLO III Ltd.
					8.45%
					10/15/29		1,484,000		1,362,015
					HMH Trust
					8.48%
					07/05/31		1,068,000		1,139,449
					CGGS Commercial Mortgage Trust
					4.89%
					02/15/37		444,000		443,911
					Octagon Investment Partners 29 Ltd.
					8.49%
					01/24/28		311,000		303,039
							36,299,000		35,480,956
Barclays Capital, Inc.					ADT Security Corp.
2.03% (1 Month USD LIBOR + 0.25%)					4.88%
02/03/20*		11,008,025		11,031,623	07/15/32		9,289,000		8,522,657
					Suburban Propane Partners LP/Suburban Energy Finance Corp.
					5.75%
					03/01/25		3,113,000		3,198,608
							12,402,000		11,721,265

* Variable rate security. Rate indicated is the rate effective at December 31, 2019. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.

Limited Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2019, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000089180419000405/gug78512-ncsr.htm.

Transactions during the period ended December 31, 2019, in which the company is an affiliated issuer, were as follows:

Security Name	Value 09/30/19		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 12/31/19		Shares 12/31/19		Investment Income
Mutual Funds
Guggenheim Floating Rate Strategies Fund — R6-Class	$	20,181,794	$	19,169	$	(20,115,702	)	$	(715,383	)	$	630,122		$	–		–	$	19,169
Guggenheim Strategy Fund II		12,723,014		107,578		–			–			(46,267	)		12,784,325		516,747		106,855
Guggenheim Strategy Fund III		10,915,565		94,697		–			–			(44,138	)		10,966,124		443,613		94,155
Guggenheim Ultra Short Duration Fund — Institutional Class		8,676,684		45,849		–			–			(8,728	)		8,713,805		875,759		45,443
	$	52,497,057	$	267,293	$	(20,115,702	)	$	(715,383	)	$	530,989		$	32,464,254			$	265,622

Macro Opportunities Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Shares		Value
COMMON STOCKS† - 0.3%
Utilities - 0.2%
TexGen Power LLC††		233,394	$	8,606,404
Energy - 0.1%
Maverick Natural Resources, LLC†††,1		7,168		3,225,600
SandRidge Energy, Inc.*		488,408		2,070,850
Total Energy				5,296,450
Consumer, Non-cyclical - 0.0%
ATD New Holdings, Inc.*,††		42,478		1,061,950
Chef Holdings, Inc.*,†††,1		9,061		1,059,050
Cengage Learning Holdings II, Inc.*,††		21,660		259,920
Targus Group International Equity, Inc.*, †††,1,2		12,773		22,826
Total Consumer, Non-cyclical				2,403,746
Technology - 0.0%
Qlik Technologies, Inc. - Class A*,†††,1		177		233,889
Qlik Technologies, Inc. - Class B*,†††,1		43,738		–
Total Technology				233,889
Industrial - 0.0%
API Heat Transfer Parent LLC*,††		1,024,936		163,990
BP Holdco LLC*,†††,1,2		37,539		13,255
Vector Phoenix Holdings, LP*,†††,1		37,539		3,141
Total Industrial				180,386
Total Common Stocks
(Cost $24,862,514)				16,720,875

PREFERRED STOCKS†† - 0.0%
Financial - 0.0%
AmTrust Financial Services, Inc. 7.50%	46,958	833,505
AmTrust Financial Services, Inc. 7.75%	21,450	378,378
AmTrust Financial Services, Inc. 7.25%	13,175	231,880
AmTrust Financial Services, Inc. 7.63%	5,592	98,419
Total Financial		1,542,182
Industrial - 0.0%
API Heat Transfer Intermediate*	218	159,388
Total Preferred Stocks
(Cost $1,456,204)		1,701,570

EXCHANGE-TRADED FUNDS† - 3.6%
iShares Core S&P 500 ETF	252,550	81,634,262
iShares Silver Trust*	3,649,600	60,875,328
iShares Core U.S. Aggregate Bond ETF	451,406	50,724,492
Total Exchange-Traded Funds
(Cost $184,727,709)		193,234,082

MUTUAL FUNDS† - 12.6%
Guggenheim Limited Duration Fund — R6-Class2	12,680,515	311,433,448
Guggenheim Strategy Fund II2	4,189,390	103,645,497
Guggenheim Ultra Short Duration Fund — Institutional Class2	9,291,314	92,448,569
Guggenheim Strategy Fund III2	3,314,567	81,936,094
Guggenheim Alpha Opportunity Fund — Institutional Class2	2,753,314	70,237,046
Guggenheim Risk Managed Real Estate Fund — Institutional Class2	569,614	18,614,991
Total Mutual Funds
(Cost $689,949,436)		678,315,645

MONEY MARKET FUND† - 1.1%
Federated U.S. Treasury Cash Reserve Fund — Institutional Shares 1.46%4	56,932,714	56,932,714
Total Money Market Fund
(Cost $56,932,714)		56,932,714

	Face Amount~
ASSET-BACKED SECURITIES†† - 26.1%
Collateralized Loan Obligations - 11.4%
Shackleton CLO Ltd.
2017-8A, 2.89% (3 Month USD LIBOR + 0.92%, Rate Floor: 0.00%) due 10/20/275,6		62,000,000	$	61,902,338
2018-6RA, 2.60% (3 Month USD LIBOR + 0.60%, Rate Floor: 0.60%) due 07/17/285,6		571,429		570,704
NewStar Clarendon Fund CLO LLC
2019-1A, 3.24% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 01/25/275,6		15,472,506		15,460,006
2019-1A, 3.99% (3 Month USD LIBOR + 2.05%, Rate Floor: 0.00%) due 01/25/275,6		14,050,000		14,034,870
2019-1A, 4.99% (3 Month USD LIBOR + 3.05%, Rate Floor: 0.00%) due 01/25/275,6		4,000,000		3,996,012
2015-1A, 6.29% (3 Month USD LIBOR + 4.35%, Rate Floor: 0.00%) due 01/25/275,6		1,300,000		1,300,501

Macro Opportunities Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
ASSET-BACKED SECURITIES†† - 26.1% (continued)
Collateralized Loan Obligations - 11.4% (continued)
Tralee CLO III Ltd.
2017-3A, 3.42% (3 Month USD LIBOR + 1.45%, Rate Floor: 0.00%) due 10/20/275,6		31,000,000	$	30,619,856
Halcyon Loan Advisors Funding Ltd.
2017-1A, 2.89% (3 Month USD LIBOR + 0.92%, Rate Floor: 0.00%) due 04/20/275,6		18,002,490		17,983,746
2017-3A, 2.90% (3 Month USD LIBOR + 0.90%, Rate Floor: 0.00%) due 10/18/275,6		10,000,000		9,984,021
2012-1A, 4.91% (3 Month USD LIBOR + 3.00%, Rate Floor: 0.00%) due 08/15/235,6		929,418		931,389
Diamond CLO Ltd.
2018-1A, 4.55% (3 Month USD LIBOR + 2.60%, Rate Floor: 2.60%) due 07/22/305,6		13,500,000		13,157,151
2018-1A, 3.75% (3 Month USD LIBOR + 1.80%, Rate Floor: 1.80%) due 07/22/305,6		11,000,000		10,815,945
2018-1A, 5.65% (3 Month USD LIBOR + 3.70%, Rate Floor: 3.70%) due 07/22/305,6		5,000,000		4,882,014
Telos CLO Ltd.
2017-6A, 3.27% (3 Month USD LIBOR + 1.27%, Rate Floor: 0.00%) due 01/17/275,6		21,362,732		21,370,316
2017-6A, 4.60% (3 Month USD LIBOR + 2.60%, Rate Floor: 0.00%) due 01/17/275,6		7,500,000		7,451,025
Golub Capital Partners CLO Ltd.
2018-36A, 3.99% (3 Month USD LIBOR + 2.10%, Rate Floor: 0.00%) due 02/05/315,6		20,000,000		18,509,056
2018-39A, 4.17% (3 Month USD LIBOR + 2.20%, Rate Floor: 2.20%) due 10/20/285,6		5,000,000		4,890,310
Crown Point CLO III Ltd.
2017-3A, 3.45% (3 Month USD LIBOR + 1.45%, Rate Floor: 0.00%) due 12/31/275,6		15,000,000		14,956,122
2017-3A, 2.91% (3 Month USD LIBOR + 0.91%, Rate Floor: 0.00%) due 12/31/275,6		7,995,417		7,993,428
FDF I Ltd.
2015-1A, 5.50% due 11/12/305		12,000,000		11,972,516
2015-1A, 4.40% due 11/12/305		10,000,000		10,211,644
Treman Park CLO Ltd.
2015-1A, due 10/20/285,7		32,400,000		22,028,801
Palmer Square Loan Funding Ltd.
2018-4A, 2.81% (3 Month USD LIBOR + 0.90%, Rate Floor: 0.00%) due 11/15/265,6		15,159,540		15,164,414
2018-4A, 3.81% (3 Month USD LIBOR + 1.90%, Rate Floor: 0.00%) due 11/15/265,6		2,800,000		2,760,601
Cerberus Loan Funding XVII Ltd.
2016-3A, 4.53% (3 Month USD LIBOR + 2.53%, Rate Floor: 0.00%) due 01/15/285,6		18,000,000		17,492,539
Avery Point II CLO Ltd.
2013-3X COM, due 01/18/257		19,800,000		14,262,249
Monroe Capital CLO Ltd.
2017-1A, 3.30% (3 Month USD LIBOR + 1.35%, Rate Floor: 0.00%) due 10/22/265,6		9,656,934		9,659,117
2017-1A, 5.55% (3 Month USD LIBOR + 3.60%, Rate Floor: 0.00%) due 10/22/265,6		3,000,000		2,928,076

Macro Opportunities Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
ASSET-BACKED SECURITIES†† - 26.1% (continued)
Collateralized Loan Obligations - 11.4% (continued)
OZLM XIII Ltd.
2018-13A, 4.04% (3 Month USD LIBOR + 2.10%, Rate Floor: 0.00%) due 07/30/275,6		12,650,000	$	12,318,177
Voya CLO Ltd.
2013-1A, due 10/15/305,7		28,970,307		12,113,325
OHA Credit Partners IX Ltd.
2013-9A, due 10/20/255,7		14,000,000		11,785,285
MP CLO VIII Ltd.
2018-2A, 3.84% (3 Month USD LIBOR + 1.90%, Rate Floor: 0.00%) due 10/28/275,6		11,950,000		11,654,166
Mountain Hawk II CLO Ltd.
2018-2A, 4.32% (3 Month USD LIBOR + 2.35%, Rate Floor: 0.00%) due 07/20/245,6		8,250,000		8,250,546
2013-2A, 5.12% (3 Month USD LIBOR + 3.15%, Rate Floor: 0.00%) due 07/22/245,6		2,750,000		2,742,276
2018-2A, 2.79% (3 Month USD LIBOR + 0.82%, Rate Floor: 0.00%) due 07/20/245,6		134,848		134,833
TCP Waterman CLO Ltd.
2016-1A, 4.89% (3 Month USD LIBOR + 3.00%, Rate Floor: 0.00%) due 12/15/285,6		11,000,000		11,001,279
Octagon Loan Funding Ltd.
2014-1A, due 11/18/315,7		19,435,737		8,744,274
Marathon CLO V Ltd.
2017-5A, 3.35% (3 Month USD LIBOR + 1.45%, Rate Floor: 0.00%) due 11/21/275,6		7,920,233		7,828,001
2013-5A, due 11/21/275,7		5,500,000		547,745
Dryden 37 Senior Loan Fund
2015-37A, due 01/15/315,7		9,500,000		8,212,488
Golub Capital BDC CLO LLC
2018-1A, 3.34% (3 Month USD LIBOR + 1.40%, Rate Floor: 0.00%) due 04/25/265,6		8,000,000		7,893,286
Avery Point VI CLO Ltd.
2018-6A, 3.89% (3 Month USD LIBOR + 2.00%, Rate Floor: 0.00%) due 08/05/275,6		8,000,000		7,861,703
Flagship CLO VIII Ltd.
2018-8A, 3.80% (3 Month USD LIBOR + 1.80%, Rate Floor: 0.00%) due 01/16/265,6		8,025,000		7,816,575
Atlas Senior Loan Fund IX Ltd.
2018-9A, due 04/20/285,7		9,600,000		3,970,560
2018-9A, 3.77% (3 Month USD LIBOR + 1.80%, Rate Floor: 1.80%) due 04/20/285,6		3,750,000		3,616,906
Newstar Commercial Loan Funding LLC
2017-1A, 5.41% (3 Month USD LIBOR + 3.50%, Rate Floor: 0.00%) due 03/20/275,6		7,500,000		7,503,103
ACIS CLO Ltd.
2014-4A, 4.46% (3 Month USD LIBOR + 2.55%, Rate Floor: 0.00%) due 05/01/265,6		3,600,000		3,576,144
2015-6A, 5.28% (3 Month USD LIBOR + 3.37%, Rate Floor: 0.00%) due 05/01/275,6		3,250,000		3,229,003
Marathon CRE Ltd.
2018-FL1, 4.74% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 06/15/285,6		6,000,000		6,008,524
2018-FL1, 4.34% (1 Month USD LIBOR + 2.60%, Rate Floor: 2.60%) due 06/15/285,6		650,000		650,629

Macro Opportunities Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
ASSET-BACKED SECURITIES†† - 26.1% (continued)
Collateralized Loan Obligations - 11.4% (continued)
Dryden 41 Senior Loan Fund
2015-41A, due 04/15/315,7		11,700,000	$	6,645,799
West CLO Ltd.
2017-1A, 2.92% (3 Month USD LIBOR + 0.92%, Rate Floor: 0.00%) due 07/18/265,6		5,435,773		5,430,695
2013-1A, due 11/07/255,7		5,300,000		788,025
Hull Street CLO Ltd.
2014-1A, 5.60% (3 Month USD LIBOR + 3.60%, Rate Floor: 0.00%) due 10/18/265,6		5,785,000		5,721,743
Silvermore CLO Ltd.
2014-1A, 4.91% (3 Month USD LIBOR + 3.00%, Rate Floor: 0.00%) due 05/15/265,6		5,500,000		5,504,125
Dryden 50 Senior Loan Fund
2017-50A, due 07/15/305,7		7,895,000		5,427,647
FDF II Ltd.
2016-2A, 6.29% due 05/12/315		5,250,000		5,246,268
Sudbury Mill CLO Ltd.
2017-1A, 4.45% (3 Month USD LIBOR + 2.45%, Rate Floor: 0.00%) due 01/17/265,6		5,000,000		4,964,762
Carlyle Global Market Strategies CLO Ltd.
2012-3A, due 01/14/325,7		6,400,000		3,178,650
2013-3X SUB, due 10/15/307		4,938,326		1,746,671
WhiteHorse X Ltd.
2015-10A, 7.30% (3 Month USD LIBOR + 5.30%, Rate Floor: 5.30%) due 04/17/275,6		4,980,000		4,668,029
BNPP IP CLO Ltd.
2014-2A, 7.19% (3 Month USD LIBOR + 5.25%, Rate Floor: 0.00%) due 10/30/255,6		5,500,000		4,629,659
Seneca Park CLO Limited
2017-1A, 3.12% (3 Month USD LIBOR + 1.12%, Rate Floor: 0.00%) due 07/17/265,6		4,298,643		4,304,745
Venture XIII CLO Ltd.
2013-13A, due 09/10/295,7		13,790,000		4,144,129
Jackson Mill CLO Ltd.
2018-1A, 3.85% (3 Month USD LIBOR + 1.85%, Rate Floor: 1.85%) due 04/15/275,6		4,150,000		4,093,686
Madison Park Funding XVI Ltd.
2016-16A, 4.62% (3 Month USD LIBOR + 2.65%, Rate Floor: 0.00%) due 04/20/265,6		4,000,000		3,972,698
KVK CLO Ltd.
2013-1A, due 01/14/285,7		11,900,000		3,778,976
Adams Mill CLO Ltd.
2014-1A, 7.00% (3 Month USD LIBOR + 5.00%, Rate Floor: 0.00%) due 07/15/265,6		4,000,000		3,711,485
Octagon Investment Partners XIX Ltd.
2017-1A, 3.10% (3 Month USD LIBOR + 1.10%, Rate Floor: 0.00%) due 04/15/265,6		3,029,201		3,032,111
Mountain Hawk III CLO Ltd.
2014-3A, 4.80% (3 Month USD LIBOR + 2.80%, Rate Floor: 0.00%) due 04/18/255,6		3,000,000		3,000,141
Denali Capital CLO XI Ltd.
2018-1A, 4.12% (3 Month USD LIBOR + 2.15%, Rate Floor: 0.00%) due 10/20/285,6		2,500,000		2,448,575
2018-1A, 2.67% (3 Month USD LIBOR + 0.70%, Rate Floor: 0.00%) due 10/20/285,6		400,000		399,863

Macro Opportunities Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
ASSET-BACKED SECURITIES†† - 26.1% (continued)
Collateralized Loan Obligations - 11.4% (continued)
Greywolf CLO III Ltd.
2018-3RA, 2.60% (3 Month USD LIBOR + 0.65%, Rate Floor: 0.65%) due 10/22/285,6		2,742,857	$	2,740,926
AMMC CLO XI Ltd.
2012-11A, due 04/30/315,7		5,650,000		2,502,080
Babson CLO Ltd.
2014-IA, due 07/20/255,7		11,900,000		1,707,959
Staniford Street CLO Ltd.
2017-1A, 3.07% (3 Month USD LIBOR + 1.18%, Rate Floor: 0.00%) due 06/15/255,6		1,700,684		1,700,341
Columbia Cent CLO Ltd.
2018-27A, 2.64% (3 Month USD LIBOR + 0.70%, Rate Floor: 0.70%) due 10/25/285,6		1,166,666		1,166,348
Figueroa CLO Ltd.
2018-2A, 2.76% (3 Month USD LIBOR + 0.85%, Rate Floor: 0.85%) due 06/20/275,6		1,146,722		1,144,106
DRSLF
due 01/15/317		1,897,598		1,141,625
Copper River CLO Ltd.
2007-1A, due 01/20/217,8		8,150,000		1,092,100
Garrison BSL CLO Ltd.
2018-1A, 2.70% (3 Month USD LIBOR + 0.70%, Rate Floor: 0.00%) due 07/17/285,6		857,143		856,864
Great Lakes CLO Ltd.
2014-1A, due 10/15/295,7		1,500,000		792,300
TICP CLO III-2 Ltd.
2018-3R, 2.81% (3 Month USD LIBOR + 0.84%, Rate Floor: 0.84%) due 04/20/285,6		250,000		249,629
Total Collateralized Loan Obligations				616,680,355
Transport-Aircraft - 6.5%
Castlelake Aircraft Securitization Trust
2017-1, 3.97% due 07/15/42		25,988,447		26,338,199
2018-1, 4.13% due 06/15/435		22,407,213		22,777,638
2016-1, 4.45% due 08/15/41		16,068,226		16,044,011
KDAC Aviation Finance Ltd.
2017-1A, 4.21% due 12/15/425		52,408,568		52,975,456
Raspro Trust
2005-1A, 2.89% (3 Month USD LIBOR + 0.93%, Rate Floor: 0.93%) due 03/23/245,6		42,144,935		41,464,926
AASET US Ltd.
2018-2A, 5.43% due 11/18/385		19,120,625		19,318,156
2018-2A, 4.45% due 11/18/385		17,136,409		17,465,211
Falcon Aerospace Ltd.
2017-1, 4.58% due 02/15/425		32,210,394		32,325,707
AASET Trust
2017-1A, 3.97% due 05/16/425		30,724,000		30,975,716
Sapphire Aviation Finance I Ltd.
2018-1A, 4.25% due 03/15/405		26,938,750		27,397,945
Apollo Aviation Securitization Equity Trust
2017-1A, 5.93% due 05/16/425		7,304,927		7,555,847
2016-2, 5.93% due 11/15/41		5,694,015		5,718,209
2016-2, 4.21% due 11/15/41		5,083,942		5,093,002
2016-2, 7.87% due 11/15/41		1,533,156		1,534,157
2018-1A, 5.44% due 01/16/385		1,310,311		1,327,835
AIM Aviation Finance Ltd.
2015-1A, 5.07% due 02/15/405		9,635,711		9,621,597
Falcon Aerospace Limited
2017-1, 6.30% due 02/15/425		7,430,547		7,497,867
MAPS Ltd.
2018-1A, 4.21% due 05/15/435		6,844,502		6,967,030
Atlas Ltd.
2014-1 A, 4.88% due 12/15/39		4,872,078		4,754,447
Stripes Aircraft Ltd.
2013-1 A1, 5.27% due 03/20/23†††		4,758,800		4,712,744
Willis Engine Securitization Trust II
2012-A, 5.50% due 09/15/375,9		3,254,961		3,347,992

Macro Opportunities Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
ASSET-BACKED SECURITIES†† - 26.1% (continued)
Transport-Aircraft - 6.5% (continued)
Turbine Engines Securitization Ltd.
2013-1A, 5.13% due 12/13/488		1,987,048	$	1,992,101
2013-1A, 6.38% due 12/13/488		1,467,625		1,299,252
Airplanes Pass Through Trust
2001-1A, due 03/15/19†††,6,8,13		2,097,481		32,773
Total Transport-Aircraft				348,537,818
Financial - 4.2%
Station Place Securitization Trust
2019-8, 2.38% (1 Month USD LIBOR + 0.60%, Rate Floor: 0.60%) due 03/24/205,6		38,300,000		38,299,973
2019-6, 2.38% (1 Month USD LIBOR + 0.60%, Rate Floor: 0.60%) due 07/24/21†††,5,6		38,000,000		38,000,000
2019-5, 2.48% (1 Month USD LIBOR + 0.70%, Rate Floor: 0.70%) due 06/24/20†††,5,6		18,550,000		18,550,000
2019-2, 2.33% (1 Month USD LIBOR + 0.55%, Rate Floor: 0.55%) due 04/24/215,6		10,200,000		10,201,954
2019-9, 2.48% (1 Month USD LIBOR + 0.70%, Rate Floor: 0.00%) due 10/24/20†††,5,6		7,700,000		7,700,000
Barclays Bank plc
GMTN, 2.48% (1 Month USD LIBOR + 0.68%) due 07/31/205,6		47,550,000		47,640,028
Madison Avenue Secured Funding Trust
2019-1, 3.22% (1 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 11/11/205,6		33,300,000		33,302,331
Nassau LLC
2019-1, 3.98% due 08/15/345		20,301,258		20,152,308
Station Place Securitization Trust Series
2019-WL1, 2.79% (1 Month USD LIBOR + 1.00%, Rate Floor: 1.00%) due 08/25/525,6		7,500,000		7,501,124
2019-WL1, 2.59% (1 Month USD LIBOR + 0.80%, Rate Floor: 0.80%) due 08/25/525,6		5,000,000		5,000,749
Total Financial				226,348,467
Credit Card - 1.3%
Citibank Credit Card Issuance Trust
2017-A3, 1.92% due 04/07/22		52,327,000		52,324,190
American Express Credit Account Master Trust
2018-1, 2.67% due 10/17/22		15,000,000		15,023,079
Total Credit Card				67,347,269
Whole Business - 0.8%
TSGE
2017-1, 6.25% due 09/25/31†††,1		42,550,000		43,771,275
Drug Royalty III Limited Partnership 1
2017-1A, 4.49% (3 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 04/15/275,6		1,915,676		1,924,814
Total Whole Business				45,696,089
Automotive - 0.6%
Avis Budget Rental Car Funding AESOP LLC
2015-1A, 2.50% due 07/20/215		23,660,000		23,687,843
Hertz Vehicle Financing II, LP
2015-1A, 2.73% due 03/25/215		8,150,000		8,159,140
Total Automotive				31,846,983
Collateralized Debt Obligations - 0.5%
Anchorage Credit Funding 4 Ltd.
2016-4A, 4.50% due 02/15/355		9,200,000		9,188,941
N-Star REL CDO VIII Ltd.
2006-8A, 2.49% (1 Month USD LIBOR + 0.36%, Rate Floor: 0.36%) due 02/01/415,6		7,723,497		7,653,523
Putnam Structured Product Funding Ltd.
2003-1A, 2.74% (1 Month USD LIBOR + 1.00%, Rate Floor: 0.00%) due 10/15/385,6		6,340,513		6,277,983

Macro Opportunities Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
ASSET-BACKED SECURITIES†† - 26.1% (continued)
Collateralized Debt Obligations - 0.5% (continued)
Banco Bradesco SA
2014-1, 5.44% due 03/12/26†††		2,113,487	$	2,101,596
Highland Park CDO I Ltd.
2006-1A, 3.05% (3 Month USD LIBOR + 0.40%, Rate Floor: 0.00%) due 11/25/516,8		742,990		736,654
Total Collateralized Debt Obligations				25,958,697
Insurance - 0.3%
LTCG Securitization Issuer LLC
2018-A, 4.59% due 06/15/485		16,175,154		16,300,130
Diversified Payment Rights - 0.3%
Bib Merchant Voucher Receivables Ltd.
4.18% due 04/07/28†††,1		15,300,000		15,797,982
Infrastructure - 0.1%
Secured Tenant Site Contract Revenue Notes Series
2018-1A, 4.70% due 06/15/488		6,826,225		7,000,641
Transport-Container - 0.1%
Global SC Finance II SRL
2013-1A, 2.98% due 04/17/285		7,000,000		6,994,446
Total Asset-Backed Securities
(Cost $1,432,207,579)				1,408,508,877

FOREIGN GOVERNMENT DEBT†† - 19.9%
Government of Japan
due 01/10/2010	JPY	13,267,000,000	122,098,937
0.10% due 07/01/21	JPY	12,332,000,000	113,883,258
due 01/20/2010	JPY	10,421,000,000	95,910,816
0.10% due 06/01/20	JPY	6,060,000,000	55,821,088
0.10% due 09/01/20	JPY	5,619,000,000	51,789,887
0.10% due 06/20/20	JPY	2,287,000,000	21,069,420
0.10% due 04/15/20	JPY	1,972,900,000	18,168,633
0.10% due 03/20/20	JPY	617,000,000	5,680,936
2.40% due 03/20/20	JPY	254,000,000	2,350,028
1.30% due 03/20/20	JPY	101,000,000	932,303
2.20% due 06/22/20	JPY	91,450,000	850,790
Federative Republic of Brazil
due 07/01/2010	BRL	373,800,000	91,200,682
due 07/01/2110	BRL	309,600,000	71,812,256
due 04/01/2010	BRL	40,200,000	9,909,141
State of Israel
1.00% due 04/30/21	ILS	309,410,000	90,696,725
0.75% due 07/31/22	ILS	91,540,000	26,895,282
0.50% due 01/31/21	ILS	69,480,000	20,219,237
5.50% due 01/31/22	ILS	61,420,000	19,744,104

Macro Opportunities Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~			Value
FOREIGN GOVERNMENT DEBT†† - 19.9% (continued)
Republic of Portugal
due 01/17/2010		EUR	62,998,000	$	70,694,637
Kingdom of Spain
0.75% due 07/30/21		EUR	60,710,000		69,381,592
Government of United Kingdom
due 01/27/2010		GBP	26,280,000		34,794,570
due 01/13/2010		GBP	17,680,000		23,414,975
United Mexican States
due 01/02/2010		MXN	993,851,000		52,544,581
Ontario Treasury Bill
due 01/02/2010		CAD	2,025,000		1,559,844
Total Foreign Government Debt
(Cost $1,070,765,071)					1,071,423,722

COLLATERALIZED MORTGAGE OBLIGATIONS†† - 17.3%
Residential Mortgage Backed Securities - 14.5%
New Residential Advance Receivables Trust Advance Receivables Backed
2019-T5, 2.60% due 10/15/515	10,028,000	10,030,538
2019-T5, 2.85% due 10/15/515	9,655,000	9,657,344
2019-T5, 2.55% due 10/15/515	9,261,000	9,263,355
2019-T4, 2.46% due 10/15/515	6,703,000	6,693,515
2019-T4, 2.51% due 10/15/515	4,595,000	4,588,496
2019-T3, 2.66% due 09/15/525	4,200,000	4,197,572
2019-T3, 2.71% due 09/15/525	3,000,000	2,998,258
2019-T4, 2.80% due 10/15/515	1,500,000	1,497,871
LSTAR Securities Investment Limited
2019-5, 3.21% (1 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 11/01/245,6	43,824,458	43,824,458
Lehman XS Trust Series
2006-16N, 2.00% (1 Month USD LIBOR + 0.21%, Rate Floor: 0.21%) due 11/25/466	21,002,107	20,018,390
2006-18N, 1.97% (1 Month USD LIBOR + 0.18%, Rate Floor: 0.18%) due 12/25/366	18,931,213	18,008,179
2006-10N, 2.00% (1 Month USD LIBOR + 0.21%, Rate Floor: 0.21%) due 07/25/466	4,793,785	4,761,210
RALI Series Trust
2006-QO6, 1.97% (1 Month USD LIBOR + 0.18%, Rate Floor: 0.18%) due 06/25/466	36,226,783	13,877,981
2007-QO2, 1.94% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 02/25/476	18,035,209	10,008,176
2006-QO8, 1.99% (1 Month USD LIBOR + 0.20%, Rate Floor: 0.20%) due 10/25/466	8,407,129	8,130,998
2006-QO6, 2.02% (1 Month USD LIBOR + 0.23%, Rate Floor: 0.23%) due 06/25/466	9,425,715	3,713,193
2006-QO2, 2.06% (1 Month USD LIBOR + 0.27%, Rate Floor: 0.27%) due 02/25/466	7,065,495	2,579,030
2006-QO6, 2.05% (1 Month USD LIBOR + 0.26%, Rate Floor: 0.26%) due 06/25/466	5,946,823	2,379,168
2006-QO2, 2.13% (1 Month USD LIBOR + 0.34%, Rate Floor: 0.34%) due 02/25/466	3,780,639	1,421,653
2006-QO2, 2.01% (1 Month USD LIBOR + 0.22%, Rate Floor: 0.22%) due 02/25/466	253,417	90,484
JP Morgan Mortgage Acquisition Trust
2006-WMC4, 1.94% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 12/25/366	27,345,218	17,133,843
2006-WMC3, 1.94% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 08/25/366	12,377,569	9,140,148

Macro Opportunities Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 17.3% (continued)
Residential Mortgage Backed Securities - 14.5% (continued)
2006-HE3, 1.95% (1 Month USD LIBOR + 0.16%, Rate Floor: 0.16%) due 11/25/366		7,942,703	$	7,315,229
2006-WMC4, 1.91% (1 Month USD LIBOR + 0.12%, Rate Floor: 0.12%) due 12/25/366		9,412,465		5,863,028
2006-WMC4, 1.87% (1 Month USD LIBOR + 0.08%, Rate Floor: 0.08%) due 12/25/366		3,979,920		2,459,592
Legacy Mortgage Asset Trust
2018-GS3, 4.00% due 06/25/585,9		26,678,350		26,915,964
2019-GS5, 3.20% due 05/25/595		9,437,518		9,448,818
WaMu Asset-Backed Certificates WaMu Series
2007-HE2, 2.15% (1 Month USD LIBOR + 0.36%, Rate Floor: 0.36%) due 04/25/376		29,424,998		15,494,671
2007-HE2, 1.98% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 04/25/376		22,421,588		11,486,292
2007-HE4, 1.96% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 07/25/476		8,935,287		7,048,423
2007-HE4, 2.04% (1 Month USD LIBOR + 0.25%, Rate Floor: 0.25%) due 07/25/476		2,804,273		1,934,912
Structured Asset Securities Corporation Mortgage Loan Trust
2008-BC4, 2.42% (1 Month USD LIBOR + 0.63%, Rate Floor: 0.63%) due 11/25/376		35,507,831		35,353,780
Long Beach Mortgage Loan Trust
2006-6, 2.04% (1 Month USD LIBOR + 0.25%, Rate Floor: 0.25%) due 07/25/366		16,747,915		8,594,543
2006-8, 1.95% (1 Month USD LIBOR + 0.16%, Rate Floor: 0.16%) due 09/25/366		19,527,043		8,153,101
2006-4, 1.95% (1 Month USD LIBOR + 0.16%, Rate Floor: 0.16%) due 05/25/366		12,145,981		5,552,409
2006-1, 1.98% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 02/25/366		4,874,535		4,309,815
2006-6, 1.94% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 07/25/366		5,215,098		2,611,584
2006-8, 1.88% (1 Month USD LIBOR + 0.09%, Rate Floor: 0.09%) due 09/25/366		5,291,462		2,177,263
2006-6, 1.89% (1 Month USD LIBOR + 0.10%, Rate Floor: 0.10%) due 07/25/366		3,018,910		1,493,030
CIM Trust
2018-R2, 3.69% (WAC) due 08/25/575,6		32,036,889		32,160,561
GSAA Home Equity Trust
2006-12, 1.94% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 08/25/366		23,383,676		14,208,111
2006-3, 2.09% (1 Month USD LIBOR + 0.30%, Rate Floor: 0.30%) due 03/25/366		15,879,129		11,295,656
2006-9, 2.03% (1 Month USD LIBOR + 0.24%, Rate Floor: 0.24%) due 06/25/366		10,085,848		5,014,095
2007-7, 2.06% (1 Month USD LIBOR + 0.27%, Rate Floor: 0.27%) due 07/25/376		1,627,105		1,585,641
American Home Mortgage Assets Trust
2006-6, 2.00% (1 Month USD LIBOR + 0.21%, Rate Floor: 0.21%) due 12/25/466		13,970,630		12,117,994
2006-1, 1.98% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 05/25/466		12,657,492		11,594,116

Macro Opportunities Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 17.3% (continued)
Residential Mortgage Backed Securities - 14.5% (continued)
2006-3, 3.18% (1 Year CMT Rate + 0.94%, Rate Floor: 0.94%) due 10/25/466		7,368,105	$	6,556,470
Morgan Stanley ABS Capital I Incorporated Trust
2006-HE8, 2.01% (1 Month USD LIBOR + 0.22%, Rate Floor: 0.22%) due 10/25/366		24,648,702		15,624,586
2007-HE6, 2.04% (1 Month USD LIBOR + 0.25%, Rate Floor: 0.25%) due 05/25/376		8,995,466		8,259,741
2006-HE6, 1.89% (1 Month USD LIBOR + 0.10%, Rate Floor: 0.10%) due 09/25/366		5,108,943		2,366,735
2007-HE4, 2.02% (1 Month USD LIBOR + 0.23%, Rate Floor: 0.23%) due 02/25/376		4,374,401		2,004,680
Ameriquest Mortgage Securities Trust
2006-M3, 1.97% (1 Month USD LIBOR + 0.18%, Rate Floor: 0.18%) due 10/25/366		25,319,245		17,706,194
2006-M3, 1.89% (1 Month USD LIBOR + 0.10%, Rate Floor: 0.10%) due 10/25/366		15,786,254		7,284,542
Ocwen Master Advance Receivables Trust
2019-T2, 2.42% due 08/15/515		20,000,000		20,101,032
2019-T2, 3.04% due 08/15/515		3,200,000		3,215,728
Morgan Stanley IXIS Real Estate Capital Trust
2006-2, 2.01% (1 Month USD LIBOR + 0.22%, Rate Floor: 0.22%) due 11/25/366		25,772,262		12,653,622
2006-2, 1.94% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 11/25/366		19,661,011		9,563,597
ACE Securities Corporation Home Equity Loan Trust Series
2007-HE1, 1.94% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 01/25/376		18,360,525		12,398,554
2007-ASP1, 2.17% (1 Month USD LIBOR + 0.38%, Rate Floor: 0.38%) due 03/25/376		13,364,271		8,361,183
IXIS Real Estate Capital Trust
2007-HE1, 1.95% (1 Month USD LIBOR + 0.16%, Rate Floor: 0.16%) due 05/25/376		26,585,448		9,402,909
2007-HE1, 2.02% (1 Month USD LIBOR + 0.23%, Rate Floor: 0.23%) due 05/25/376		18,835,416		6,729,636
GSAMP Trust
2007-NC1, 1.92% (1 Month USD LIBOR + 0.13%, Rate Floor: 0.13%) due 12/25/466		23,973,786		15,272,359
NRPL Trust
2019-3A, 3.00% due 07/25/595		15,240,973		15,183,618
Impac Secured Assets Trust
2006-3, 1.99% (1 Month USD LIBOR + 0.20%, Rate Floor: 0.20%) due 11/25/366		15,763,635		14,920,023
Master Asset Backed Securities Trust
2006-WMC3, 1.95% (1 Month USD LIBOR + 0.16%, Rate Floor: 0.16%) due 08/25/366		12,349,398		5,738,362
2006-HE3, 1.89% (1 Month USD LIBOR + 0.10%, Rate Floor: 0.10%) due 08/25/366		10,826,076		4,528,684
2006-HE3, 1.94% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 08/25/366		9,102,144		3,850,637

Macro Opportunities Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 17.3% (continued)
Residential Mortgage Backed Securities - 14.5% (continued)
Nationstar Home Equity Loan Trust
2007-C, 1.97% (1 Month USD LIBOR + 0.18%, Rate Floor: 0.18%) due 06/25/376		14,329,490	$	13,939,633
Citigroup Mortgage Loan Trust, Inc.
2007-AMC3, 2.04% (1 Month USD LIBOR + 0.25%, Rate Floor: 0.25%) due 03/25/376		15,149,116		13,103,833
Home Equity Loan Trust
2007-FRE1, 1.98% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 04/25/376		12,299,824		11,605,065
Alternative Loan Trust
2007-OA7, 1.97% (1 Month USD LIBOR + 0.18%, Rate Floor: 0.18%) due 05/25/476		11,735,438		11,170,036
Banc of America Funding Trust
2015-R2, 2.05% (1 Month USD LIBOR + 0.26%, Rate Floor: 0.26%) due 04/29/375,6		10,000,000		9,813,699
First NLC Trust
2007-1, 2.07% (1 Month USD LIBOR + 0.28%, Rate Floor: 0.28%) due 08/25/375,6		8,552,161		5,485,160
2007-1, 1.86% (1 Month USD LIBOR + 0.07%, Rate Floor: 0.07%) due 08/25/375,6		6,485,377		4,024,054
SPS Servicer Advance Receivables Trust Advance Receivables Backed Notes
2019-T2, 2.52% due 10/15/525		4,000,000		3,995,653
2019-T2, 2.77% due 10/15/525		2,068,000		2,065,768
2019-T1, 2.34% due 10/15/515		1,690,000		1,689,928
2019-T1, 2.39% due 10/15/515		1,374,000		1,373,946
WaMu Asset-Backed Certificates WaMu Series Trust
2007-HE1, 2.02% (1 Month USD LIBOR + 0.23%, Rate Floor: 0.23%) due 01/25/376		9,754,103		6,197,063
2007-HE4, 1.96% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 07/25/476		3,927,553		2,681,287
Luminent Mortgage Trust
2006-2, 1.99% (1 Month USD LIBOR + 0.20%, Rate Floor: 0.20%) due 02/25/466		7,622,415		6,712,474
CitiMortgage Alternative Loan Trust Series
2007-A7, 2.19% (1 Month USD LIBOR + 0.40%, Rate Cap/Floor: 7.50%/0.40%) due 07/25/376		7,896,469		6,419,202
HSI Asset Securitization Corporation Trust
2007-HE1, 1.98% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 01/25/376		8,102,932		6,355,989
Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust
2006-AR9, 3.08% (1 Year CMT Rate + 0.84%, Rate Floor: 0.84%) due 11/25/466		6,437,656		5,850,065
LSTAR Securities Investment Trust
2019-1, 3.41% (1 Month USD LIBOR + 1.70%, Rate Floor: 0.00%) due 03/01/245,6		5,592,611		5,592,667
Morgan Stanley Mortgage Loan Trust
2006-9AR, 1.94% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 08/25/366		10,632,594		4,635,978

Macro Opportunities Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 17.3% (continued)
Residential Mortgage Backed Securities - 14.5% (continued)
Nomura Resecuritization Trust
2015-4R, 3.03% (1 Month USD LIBOR + 0.43%, Rate Floor: 0.43%) due 03/26/365,6		3,788,392	$	3,714,442
Alliance Bancorp Trust
2007-OA1, 2.03% (1 Month USD LIBOR + 0.24%, Rate Floor: 0.24%) due 07/25/376		3,275,424		3,008,888
Wachovia Asset Securitization Issuance II LLC Trust
2007-HE1, 1.85% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 07/25/375,6		1,370,934		1,275,218
Morgan Stanley Re-REMIC Trust
2010-R5, 5.58% due 06/26/365		1,079,762		999,794
Asset Backed Securities Corporation Home Equity Loan Trust
2006-HE5, 1.93% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 07/25/366		705,902		685,096
Total Residential Mortgage Backed Securities				782,320,318
Commercial Mortgage Backed Securities - 2.0%
CGBAM Mezzanine Securities Trust
2015-SMMZ, 8.21% due 04/10/285		28,200,000		28,188,153
CGBAM Commercial Mortgage Trust
2015-SMRT, 3.79% (WAC) due 04/10/285,6		16,864,000		16,854,411
2015-SMRT, 3.77% due 04/10/285		1,400,000		1,399,204
GS Mortgage Securities Corporation Trust
2017-STAY, 3.89% (1 Month USD LIBOR + 2.15%, Rate Floor: 2.15%) due 07/15/325,6		16,531,000		16,490,606
OBP Depositor LLC Trust
2010-OBP, 4.65% due 07/15/455		11,650,000		11,640,204
Four Times Square Trust Commercial Mortgage Pass-Through Certificates Series
2006-4TS, 5.40% due 12/13/285		10,576,433		10,818,351
Morgan Stanley Capital I Trust
2014-MP, 3.47% due 08/11/335		4,735,000		4,823,246
Vornado DP LLC Trust
2010-VNO, 4.74% due 09/13/285		2,400,000		2,412,021
2010-VNO, 6.36% due 09/13/285		970,000		977,812
Wells Fargo Commercial Mortgage Trust
2015-NXS1, 2.63% due 05/15/48		2,901,056		2,898,714
GE Business Loan Trust
2007-1A, 2.19% (1 Month USD LIBOR + 0.45%, Rate Floor: 0.45%) due 04/16/355,6		1,372,946		1,319,779
2007-1A, 1.91% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 04/15/355,6		1,016,997		997,393
Aventura Mall Trust
2013-AVM, 3.74% (WAC) due 12/05/325,6		2,050,000		2,064,377
Americold LLC Trust
2010-ARTA, 7.44% due 01/14/295		1,435,000		1,473,925
Americold LLC
2010-ARTA, 4.95% due 01/14/295		1,000,000		1,014,939
JPMBB Commercial Mortgage Securities Trust
2015-C28, 2.77% due 10/15/48		583,054		582,817
Total Commercial Mortgage Backed Securities				103,955,952
Military Housing - 0.4%
GMAC Commercial Mortgage Asset Corp.
2004-POKA, 6.36% due 09/10/44†††,5		9,000,000		10,506,972

Macro Opportunities Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 17.3% (continued)
Military Housing - 0.4% (continued)
Capmark Military Housing Trust
2007-AET2, 6.06% due 10/10/525		5,695,150	$	6,708,857
Freddie Mac Military Housing Bonds Resecuritization Trust Certificates
2015-R1, 0.29% (WAC) due 11/25/555,6,11		67,203,684		5,353,304
Total Military Housing				22,569,133
Government Agency - 0.4%
Fannie Mae
3.00% due 02/01/57		21,475,515		22,075,195
Total Collateralized Mortgage Obligations
(Cost $953,708,460)				930,920,598

CORPORATE BONDS†† - 12.4%
Financial - 4.9%
Synchrony Bank
2.59% (3 Month USD LIBOR + 0.63%) due 03/30/206	25,800,000	25,819,122
ANZ New Zealand Int'l Ltd.
2.85% due 08/06/205	18,240,000	18,329,380
Lloyds Bank Corporate Markets plc NY
2.26% (3 Month USD LIBOR + 0.37%) due 08/05/206	18,210,000	18,228,087
Credit Suisse AG NY
2.33% (3 Month USD LIBOR + 0.40%) due 07/31/206	18,140,000	18,165,919
Standard Chartered Bank
2.30% (3 Month USD LIBOR + 0.40%) due 08/04/206	18,120,000	18,141,285
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
4.63% due 10/30/20	9,850,000	10,047,054
4.25% due 07/01/20	8,000,000	8,080,544
Morgan Stanley
5.50% due 07/24/20	17,500,000	17,853,155
UBS AG
2.47% (3 Month USD LIBOR + 0.58%, Rate Floor: 0.00%) due 06/08/205,6	14,689,000	14,713,308
2.39% (3 Month USD LIBOR + 0.48%) due 12/01/205,6	2,800,000	2,807,140
Credit Agricole Corporate & Investment Bank S.A.
2.30% (3 Month USD LIBOR + 0.40%, Rate Floor: 0.00%) due 05/03/215,6	17,375,000	17,405,740
Capital One Financial Corp.
2.50% due 05/12/20	7,370,000	7,379,710
2.39% (3 Month USD LIBOR + 0.45%) due 10/30/206	6,745,000	6,758,590
2.66% (3 Month USD LIBOR + 0.76%) due 05/12/206	2,741,000	2,746,140
Discover Bank
3.10% due 06/04/20	15,598,000	15,656,060
Atlas Mara Ltd.
8.00% due 12/31/208	14,400,000	12,744,000
American Equity Investment Life Holding Co.
5.00% due 06/15/27	10,849,000	11,582,955
American International Group, Inc.
6.40% due 12/15/20	10,339,000	10,766,130
Santander UK plc
2.20% (3 Month USD LIBOR + 0.30%) due 11/03/206	7,325,000	7,328,058
2.13% due 11/03/20	975,000	976,163
Aon Corp.
5.00% due 09/30/20	3,225,000	3,294,210
AXIS Specialty Finance LLC
5.88% due 06/01/20	3,110,000	3,158,968
Jefferies Finance LLC / JFIN Company-Issuer Corp.
7.25% due 08/15/245	2,750,000	2,832,500
Univest Financial Corp.
5.10% due 03/30/2512	2,500,000	2,505,373
Credit Suisse Group Funding Guernsey Ltd.
2.75% due 03/26/20	2,120,000	2,122,626
Total Financial		259,442,217
Consumer, Non-cyclical - 3.2%
Mondelez International, Inc.
3.00% due 05/07/20	20,210,000	20,267,998
Reynolds American, Inc.
3.25% due 06/12/20	20,093,000	20,184,459

Macro Opportunities Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
CORPORATE BONDS†† - 12.4% (continued)
Consumer, Non-cyclical - 3.2% (continued)
Zimmer Biomet Holdings, Inc.
2.70% due 04/01/20		17,689,000	$	17,700,496
Coca-Cola Femsa SAB de CV
4.63% due 02/15/20		17,500,000		17,543,079
Molson Coors Beverage Co.
2.25% due 03/15/20		17,497,000		17,489,535
Constellation Brands, Inc.
2.25% due 11/06/20		16,236,000		16,268,870
Allergan Funding SCS
3.14% (3 Month USD LIBOR + 1.26%) due 03/12/206		11,575,000		11,596,737
3.00% due 03/12/20		2,215,000		2,216,622
Cigna Corp.
3.20% due 09/17/20		7,850,000		7,911,079
2.25% (3 Month USD LIBOR + 0.35%) due 03/17/206		5,816,000		5,818,233
General Mills, Inc.
2.54% (3 Month USD LIBOR + 0.54%) due 04/16/216		13,150,000		13,192,452
Allergan Incorporated/United States
3.38% due 09/15/20		4,210,000		4,246,120
Zoetis, Inc.
3.45% due 11/13/20		3,980,000		4,022,944
Sotheby's
7.38% due 10/15/275		2,830,000		2,865,375
Vector Group Ltd.
6.13% due 02/01/255		2,500,000		2,459,375
Quest Diagnostics, Inc.
2.50% due 03/30/20		2,260,000		2,260,541
Biogen, Inc.
2.90% due 09/15/20		1,748,000		1,760,848
KeHE Distributors LLC / KeHE Finance Corp.
8.63% due 10/15/265		1,580,000		1,655,050
Conagra Brands, Inc.
2.70% (3 Month USD LIBOR + 0.75%) due 10/22/206		1,500,000		1,500,136
Sysco Corp.
2.60% due 10/01/20		997,000		1,001,139
Carriage Services, Inc.
6.63% due 06/01/265		790,000		841,350
Kraft Heinz Foods Co.
2.80% due 07/02/20		753,000		754,203
Total Consumer, Non-cyclical				173,556,641
Industrial - 1.6%
Encore Capital Group, Inc.
5.63% due 08/11/24†††		37,620,000		37,428,902
Molex Electronic Technologies LLC
2.88% due 04/15/205		16,475,000		16,497,034
Rolls-Royce plc
2.38% due 10/14/205		10,570,000		10,610,399
Textron, Inc.
2.45% (3 Month USD LIBOR + 0.55%) due 11/10/206		10,250,000		10,250,403
Yamana Gold, Inc.
4.76% due 03/23/22†††		4,750,000		4,848,782
4.78% due 06/10/23†††		99,699		102,313
Aviation Capital Group LLC
7.13% due 10/15/205		4,500,000		4,669,878
Princess Juliana International Airport Operating Company N.V.
5.50% due 12/20/278		1,360,936		1,338,671
GATX Corp.
2.60% due 03/30/20		1,209,000		1,209,727
Vulcan Materials Co.
2.49% (3 Month USD LIBOR + 0.60%) due 06/15/206		1,050,000		1,051,073
Penske Truck Leasing Company Lp / PTL Finance Corp.
3.05% due 01/09/205		500,000		500,066
Total Industrial				88,507,248
Utilities - 0.7%
NextEra Energy Capital Holdings, Inc.
2.41% (3 Month USD LIBOR + 0.45%) due 09/28/206		17,820,000		17,844,948
Exelon Corp.
2.85% due 06/15/20		17,356,000		17,395,917
PSEG Power LLC
5.13% due 04/15/20		4,522,000		4,562,265
Total Utilities				39,803,130
Energy - 0.7%
Marathon Petroleum Corp.
3.40% due 12/15/20		14,880,000		15,049,392
Sabine Pass Liquefaction LLC
5.63% due 02/01/21		13,800,000		14,184,922
Reliance Holding USA, Inc.
4.50% due 10/19/205		3,750,000		3,809,438
Energy Transfer Operating, LP
7.50% due 10/15/20		3,000,000		3,117,688
Florida Gas Transmission Company LLC
5.45% due 07/15/205		1,420,000		1,443,873
Basic Energy Services, Inc.
10.75% due 10/15/238		1,500,000		1,072,500
Total Energy				38,677,813
Communications - 0.7%
Telefonica Emisiones S.A.
5.13% due 04/27/20		17,300,000		17,463,787

Macro Opportunities Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
CORPORATE BONDS†† - 12.4% (continued)
Communications - 0.7% (continued)
Deutsche Telekom International Finance BV
2.23% due 01/17/205		5,985,000	$	5,985,332
Cengage Learning, Inc.
9.50% due 06/15/245		6,127,000		5,299,855
McGraw-Hill Global Education Holdings LLC / McGraw-Hill Global Education Finance
7.88% due 05/15/245		4,361,000		3,750,460
Total Communications				32,499,434
Technology - 0.4%
Broadcom Corporation / Broadcom Cayman Finance Ltd.
2.38% due 01/15/20		17,902,000		17,902,800
Fiserv, Inc.
2.70% due 06/01/20		2,850,000		2,857,063
Total Technology				20,759,863
Consumer, Cyclical - 0.2%
Starbucks Corp.
2.10% due 02/04/21		10,015,000		10,039,945
Panther BF Aggregator 2 Limited Partnership / Panther Finance Company, Inc.
8.50% due 05/15/275		1,730,000		1,838,125
Total Consumer, Cyclical				11,878,070
Basic Materials - 0.0%
Freeport-McMoRan, Inc.
3.88% due 03/15/23		1,750,000		1,781,902
Mirabela Nickel Ltd.
due 06/24/198,13		1,885,418		94,271
Total Basic Materials				1,876,173
Total Corporate Bonds
(Cost $667,955,114)				667,000,589

SENIOR FLOATING RATE INTERESTS††,6 - 4.5%
Consumer, Cyclical - 1.4%
Petco Animal Supplies, Inc.
5.18% (3 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 01/26/23	14,894,989		12,623,503
Mavis Tire Express Services Corp.
5.05% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 03/20/25	6,898,829		6,703,385
Accuride Corp.
7.19% (3 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 11/17/23	7,831,626		6,186,985
AI Aqua Zip Bidco Pty Ltd.
5.05% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 12/13/23	6,217,901		6,028,919
WESCO
6.23% (2 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 06/14/24†††,1	CAD	3,970,000	3,047,040
6.20% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 06/14/24†††,1	2,364,000		2,355,266
CPI Acquisition, Inc.
6.71% (3 Month USD LIBOR + 4.50%, Rate Floor: 6.50%) due 08/17/22	5,602,372		4,481,898
Leslie’s Poolmart, Inc.
5.34% (2 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 08/16/23	4,408,462		4,116,401
Galls LLC
8.09% (2 Month USD LIBOR + 6.25%, Rate Floor: 7.25%) due 01/31/25†††,1	3,204,445		3,178,250
8.48% (1 Month USD LIBOR + 6.25% and Commercial Prime Lending Rate + 5.25%, Rate Floor: 7.25%) due 01/31/24†††,1	417,445		380,440
8.08% (1 Month USD LIBOR + 6.25% and 2 Month USD LIBOR + 6.25%, Rate Floor: 7.25%) due 01/31/25†††,1	355,445		352,539
Alexander Mann
5.70% (1 Month GBP LIBOR + 5.00%, Rate Floor: 5.00%) due 06/16/25	GBP	3,000,000	3,755,614
SHO Holding I Corp.
6.93% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 10/27/22	3,690,705		3,247,821
EnTrans International, LLC
7.80% (1 Month USD LIBOR + 6.00%, Rate Floor: 6.00%) due 11/01/24†††	3,237,500		3,091,812

Macro Opportunities Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~			Value
SENIOR FLOATING RATE INTERESTS††,6 - 4.5% (continued)
Consumer, Cyclical - 1.4% (continued)
At Home Holding III Corp.
5.43% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 06/03/22		2,913,715		$	2,476,657
Checkers Drive-In Restaurants, Inc.
6.16% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 04/25/24		3,365,216			2,212,630
Nellson Nutraceutical
6.20% (3 Month USD LIBOR + 4.25% and Commercial Prime Lending Rate + 3.25%, Rate Floor: 5.25%) due 12/23/21†††		3,366,821			3,030,139
Belk, Inc .
8.80% (3 Month USD LIBOR + 6.75%, Rate Floor: 7.75%) due 07/31/25		2,938,961			2,033,409
Zephyr Bidco Ltd.
8.21% (1 Month GBP LIBOR + 7.50%, Rate Floor: 7.50%) due 07/23/26		GBP	1,540,417		2,017,681
EG Finco Ltd.
5.54% (3 Month GBP LIBOR + 4.75%, Rate Floor: 4.75%) due 02/07/25		GBP	982,500		1,277,965
Blue Nile, Inc.
8.41% (3 Month USD LIBOR + 6.50%, Rate Floor: 7.50%) due 02/17/23†††		3,062,500			1,255,625
K & N Parent, Inc.
6.55% (1 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 10/20/23†††		966,477			802,176
SMG US Midco 2, Inc.
8.80% (1 Month USD LIBOR + 7.00%, Rate Floor: 7.00%) due 01/23/26		600,000			604,128
American Tire Distributors, Inc.
7.93% (3 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 09/01/23		249,634			245,111
9.32% (1 Month USD LIBOR + 7.50% and 3 Month USD LIBOR + 7.50%, Rate Floor: 8.50%) due 09/02/24		164,766			146,229
Total Consumer, Cyclical					75,651,623
Technology - 0.9%
Datix Bidco Ltd.
6.43% (6 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 04/28/25†††,1		9,112,505			9,043,547
9.68% (6 Month USD LIBOR + 7.75%, Rate Floor: 7.75%) due 04/27/26†††,1		461,709			457,821
Planview, Inc.
7.05% (1 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 01/27/23†††,1		8,729,942			8,729,942
Lytx, Inc.
8.55% (1 Month USD LIBOR + 6.75%, Rate Floor: 7.75%) due 08/31/23†††,1		7,822,431			7,916,215
LANDesk Group, Inc.
5.97% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 01/20/24		6,307,578			6,299,694
GlobalFoundries, Inc.
6.75% (3 Month USD LIBOR + 4.75%, Rate Floor: 4.75%) due 06/05/26		4,875,500			4,710,952
Greenway Health LLC
5.69% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 02/16/24		3,536,524			3,147,506
Ministry Brands LLC
5.85% (2 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 12/02/22†††,1		2,676,065			2,676,064

Macro Opportunities Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~			Value
SENIOR FLOATING RATE INTERESTS††,6 - 4.5% (continued)
Technology - 0.9% (continued)
MRI Software LLC
7.55% (1 Month USD LIBOR + 5.75%, Rate Floor: 6.75%) due 06/30/23†††		1,334,942		$	1,321,592
7.55% (1 Month USD LIBOR + 5.75%, Rate Floor: 6.75%) due 06/30/23		541,829			536,410
7.55% (1 Month USD LIBOR + 5.75%, Rate Floor: 6.75%) due 06/30/23†††,1		6,250			5,904
Neustar, Inc.
5.30% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 08/08/24		1,258,198			1,157,228
24-7 Intouch, Inc.
6.05% (1 Month USD LIBOR + 4.25%, Rate Floor: 4.25%) due 08/25/25†††		1,165,051			1,124,274
Kar Finland Bidco Oy
4.50% (3 Month EURIBOR + 4.50%, Rate Floor: 4.50%) due 11/27/23†††		EUR	1,000,000		1,110,737
Aspect Software, Inc.
7.21% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 01/15/24		691,808			639,058
Targus Group International, Inc.
due 05/24/16†††,*,1,2,13		152,876			–
Total Technology					48,876,944
Communications - 0.6%
Trader Interactive
8.30% (1 Month USD LIBOR + 6.50%, Rate Floor: 7.50%) due 06/17/24†††,1		10,817,199			10,697,728
Mcgraw-Hill Global Education Holdings LLC
5.80% (1 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 05/04/22		9,691,135			9,241,563
Market Track LLC
6.18% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 06/05/24†††		4,154,375			3,697,394
Resource Label Group LLC
6.60% (3 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 05/26/23†††		1,942,942			1,729,218
10.60% (3 Month USD LIBOR + 8.50%, Rate Floor: 9.50%) due 11/26/23†††		1,500,000			1,245,000
Cengage Learning Acquisitions, Inc.
6.05% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 06/07/23		2,207,680			2,102,816
Flight Bidco, Inc.
9.30% (1 Month USD LIBOR + 7.50%, Rate Floor: 7.50%) due 07/23/26		1,000,000			987,500
Imagine Print Solutions LLC
6.55% (1 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 06/21/22		1,604,625			557,607
Total Communications					30,258,826
Industrial - 0.6%
Tronair Parent, Inc.
6.66% (3 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 09/08/23†††		6,566,501			5,909,851
Hillman Group, Inc.
5.80% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 05/30/25		4,338,937			4,260,836
YAK MAT (YAK ACCESS LLC)
11.79% (1 Month USD LIBOR + 10.00%, Rate Floor: 10.00%) due 07/10/26		3,400,000			2,963,678
Hanjin International Corp.
4.30% (1 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 10/19/20		2,600,000			2,587,000
Fortis Solutions Group LLC
6.30% (1 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 12/15/23†††,1		1,793,238			1,793,238
6.25% (1 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 12/15/23†††,1		594,091			594,091
Bioplan USA, Inc.
6.55% (1 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 09/23/21		2,607,017			2,268,105
Bhi Investments LLC
6.42% (3 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 08/28/24		1,620,772			1,602,538

Macro Opportunities Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~			Value
SENIOR FLOATING RATE INTERESTS††,6 - 4.5% (continued)
Industrial - 0.6% (continued)
SLR Consulting Ltd.
5.77% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 06/23/25†††,1		1,190,970		$	1,165,764
5.79% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 05/23/25†††,1		311,616			305,021
5.60% (1 Month USD LIBOR + 4.00% and 1 Month GBP LIBOR + 4.00%, Rate Floor: 4.00%) due 06/23/25†††,1		GBP	58,680		76,090
National Technical Systems
7.94% (1 Month USD LIBOR + 6.25%, Rate Floor: 7.25%) due 06/12/21†††,1		1,545,214			1,494,994
Safety Bidco Ltd.
5.20% (1 Month GBP LIBOR + 4.50%, Rate Floor: 4.50%) due 10/25/24†††,1		GBP	850,000		1,118,197
Klockner Pentaplast of America, Inc.
4.75% (3 Month EURIBOR + 4.75%, Rate Floor: 4.75%) due 06/30/22		EUR	1,100,000		1,044,920
Diversitech Holdings, Inc.
9.44% (3 Month USD LIBOR + 7.50%, Rate Floor: 8.50%) due 06/02/25†††		1,000,000			975,000
API Heat Transfer
7.94% (3 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 01/01/24†††		951,071			794,144
7.94% (3 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 10/02/23†††		169,681			152,713
Duran Group Holding GMBH
4.25% (3 Month EURIBOR + 4.25%, Rate Floor: 4.25%) due 03/29/24		EUR	438,217		481,827
4.25% (6 Month EURIBOR + 4.25%, Rate Floor: 4.25%) due 12/20/24		EUR	149,592		164,479
Transcendia Holdings, Inc.
5.30% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 05/30/24		637,000			455,060
Total Industrial					30,207,546
Consumer, Non-cyclical - 0.5%
Springs Window Fashions
6.05% (1 Month USD LIBOR + 4.25%, Rate Floor: 4.25%) due 06/15/25		6,268,114			6,236,774
10.30% (1 Month USD LIBOR + 8.50%, Rate Floor: 8.50%) due 06/15/26		5,500,000			5,183,750
ScribeAmerica Intermediate Holdco LLC (Healthchannels)
6.24% (1 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 04/03/25		4,656,451			4,563,322
BCPE Eagle Buyer LLC
6.05% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 03/18/24		2,826,114			2,714,850
Affordable Care Holdings Corp.
6.59% (2 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 10/24/22†††		2,688,653			2,614,715
Certara, Inc.
5.44% (3 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 08/15/24†††		1,654,573			1,646,300
Give and Go Prepared Foods Corp.
6.19% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 07/29/23		1,671,391			1,587,822
CTI Foods Holding Co. LLC
8.91% (3 Month USD LIBOR + 7.00%, Rate Floor: 8.00%) due 05/03/24†††,1		753,845			753,845
10.91% (3 Month USD LIBOR + 9.00%, Rate Floor: 10.00%) due 05/03/24†††		370,576			348,341

Macro Opportunities Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~			Value
SENIOR FLOATING RATE INTERESTS††,6 - 4.5% (continued)
Consumer, Non-cyclical - 0.5% (continued)
Recess Holdings, Inc.
5.55% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 09/30/24		781,530		$	776,317
Moran Foods LLC
due 12/05/2313		1,733,155			610,937
Total Consumer, Non-cyclical					27,036,973
Financial - 0.2%
Teneo Holdings LLC
6.99% (1 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 07/11/25		5,536,125			5,245,478
Camelia Bidco Banc Civica
5.54% (3 Month GBP LIBOR + 4.75%, Rate Floor: 4.75%) due 10/14/24		GBP	3,000,000		3,958,298
Aretec Group, Inc.
6.05% (1 Month USD LIBOR + 4.25%, Rate Floor: 4.25%) due 10/01/25		3,861,000			3,805,517
Masergy Holdings, Inc.
5.19% (3 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 12/15/23		767,879			755,079
Total Financial					13,764,372
Energy - 0.2%
Permian Production Partners LLC
10.90% (3 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 05/20/24†††		11,732,500			5,279,625
SeaPort Financing LLC
7.30% (1 Month USD LIBOR + 5.50%, Rate Floor: 5.50%) due 10/31/25†††		3,118,500			3,056,130
Summit Midstream Partners, LP
7.80% (1 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 05/13/22		1,061,799			1,002,072
Ultra Petroleum, Inc.
5.80% (1 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) (in-kind rate was 0.25%) due 04/12/2414		1,551,004			911,913
Gavilan Resources LLC
7.80% (1 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 03/01/24		2,050,000			779,000
Total Energy					11,028,740
Basic Materials - 0.1%
ICP Industrial, Inc.
5.80% (1 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 11/03/23†††		2,454,165			2,380,541
LTI Holdings, Inc.
5.30% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 09/06/25		1,481,250			1,326,252
Total Basic Materials					3,706,793
Utilities - 0.0%
Panda Power
8.44% (3 Month USD LIBOR + 6.50%, Rate Floor: 7.50%) due 08/21/20		2,363,819			2,088,032
Total Senior Floating Rate Interests
(Cost $266,019,028)					242,619,849

SENIOR FIXED RATE INTERESTS†† - 0.1%
Communications - 0.1%
MHGE Parent LLC
11.00% due 04/20/22†††,1	4,700,000	4,306,201
Total Senior Fixed Rate Interests
(Cost $4,632,042)		4,306,201

Macro Opportunities Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
MUNICIPAL BONDS†† - 0.0%
Texas - 0.0%
Lindale Independent School District General Obligation Unlimited
6.26% due 02/15/20	$	25,000	$	25,133
Total Municipal Bonds
(Cost $25,406)				25,133

REPURCHASE AGREEMENTS††,15 - 3.6%
Societe Generale
issued 07/09/19 at 2.43% (3 Month USD LIBOR + 0.40%) due 07/07/206	29,614,627	29,614,627
issued 09/10/19 at 2.29% (3 Month USD LIBOR + 0.40%) due 07/07/206	22,458,000	22,458,000
issued 07/26/19 at 2.33% (3 Month USD LIBOR + 0.40%) due 07/07/206	21,200,000	21,200,000
issued 11/14/19 at 2.43% (3 Month USD LIBOR + 0.40%) due 07/07/206	6,027,000	6,027,000
issued 08/15/19 at 2.43% (3 Month USD LIBOR + 0.40%) due 07/07/206	2,787,790	2,787,790
issued 07/22/19 at 2.43% (3 Month USD LIBOR + 0.40%) due 07/07/206	2,405,525	2,405,525
issued 12/04/19 at 2.43% (3 Month USD LIBOR + 0.40%) due 07/07/206	2,307,845	2,307,845
issued 11/04/19 at 2.43% (3 Month USD LIBOR + 0.40%) due 07/07/206	2,171,805	2,171,805
issued 07/15/19 at 2.43% (3 Month USD LIBOR + 0.40%) due 07/07/206	1,251,803	1,251,803
Deutsche Bank AG
issued 12/19/19 at 2.28% due 02/07/20	34,314,000	34,314,000
issued 11/07/19 at 2.28% due 02/07/20	8,776,000	8,776,000
issued 12/12/19 at 2.28% due 02/07/20	874,000	874,000
Citigroup Global Markets, Inc.
issued 10/16/19 at 1.35% open maturity3	12,652,000	12,652,000
issued 10/08/19 at 1.35% open maturity3	5,365,000	5,365,000
issued 10/24/19 at 1.25% open maturity3	4,270,000	4,270,000
issued 10/25/19 at 1.25% open maturity3	1,205,000	1,205,000
issued 12/27/19 at 1.35% open maturity3	989,000	989,000
issued 11/25/19 at 1.25% open maturity3	722,000	722,000
issued 12/10/19 at 1.25% open maturity3	698,000	698,000
issued 10/30/19 at 1.30% open maturity3	683,000	683,000
issued 11/25/19 at 1.10% open maturity3	551,000	551,000
BofA Securities, Inc.
issued 10/09/19 at 1.40% open maturity3	5,683,050	5,683,050
issued 10/16/19 at 1.35% open maturity3	4,125,400	4,125,400
issued 08/02/19 at 1.40% open maturity3	1,351,612	1,351,612
issued 10/25/19 at 1.35% open maturity3	1,212,737	1,212,737
issued 12/27/19 at 1.35% open maturity3	824,500	824,500
BNP Paribas
issued 12/20/19 at 2.07% due 02/03/20	7,907,781	7,907,781
issued 12/13/19 at 2.10% due 03/16/20	3,050,000	3,050,000
issued 12/10/19 at 1.35% open maturity3	186,913	186,913

Macro Opportunities Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
REPURCHASE AGREEMENTS††,15 - 3.6% (continued)
Barclays Capital, Inc.
issued 10/24/19 at 1.05% open maturity3		4,270,000	$	4,270,000
issued 10/10/19 at 1.05% open maturity3		2,076,594		2,076,594
issued 11/22/19 at (13.00)% open maturity3		1,107,125		1,107,125
issued 11/25/19 at 1.25% open maturity3		719,250		719,250
issued 12/16/19 at 1.05% open maturity3		707,875		707,875
issued 11/25/19 at 0.85% open maturity3		103,537		103,537
RBC Capital Markets LLC
issued 11/01/19 at 1.30% open maturity3		1,192,963		1,192,963
issued 11/01/19 at 1.40% open maturity3		212,313		212,313
Total Repurchase Agreements
(Cost $196,055,045)				196,055,045

	Notional Value
OTC OPTIONS PURCHASED†† - 0.2%
Put options on:
Morgan Stanley Capital Services LLC 2Y-10 CMS CAP Expiring July 2022 with strike price of $0.40		2,186,900,000		3,827,075
Bank of America, N.A. 2Y-10 CMS CAP Expiring July 2022 with strike price of $0.40		1,849,900,000		3,237,325
Goldman Sachs International 2Y-10 CMS CAP Expiring July 2022 with strike price of $0.61		1,417,800,000		1,573,758
Goldman Sachs International 2Y-10 CMS CAP Expiring July 2022 with strike price of $0.40		463,200,000		810,600
Bank of America, N.A. 2Y-10 CMS CAP Expiring July 2022 with strike price of $0.61		82,200,000		91,242
Total OTC Options Purchased
(Cost $12,768,924)				9,540,000
Total Investments - 101.7%
(Cost $5,562,065,246)			$	5,477,304,900

	Face Amount~
CORPORATE BONDS SOLD SHORT†† - (1.0)%
Financial - (0.0)%
Enova International, Inc.
8.50% due 09/15/255		110,000		(103,950	)
Acrisure LLC / Acrisure Finance, Inc.
7.00% due 11/15/255		1,000,000		(965,000	)
Total Financial				(1,068,950	)
Communications – (0.1)%
Univision Communications, Inc.
5.13% due 05/15/235		510,000		(508,725	)
5.13% due 02/15/255		2,620,000		(2,590,525	)
Total Communications				(3,099,250	)
Consumer, Non-cyclical - (0.1)%
Quorum Health Corp.
11.63% due 04/15/23		1,700,000		(1,448,188	)
Tenet Healthcare Corp.
8.13% due 04/01/22		2,425,000		(2,682,656	)
Total Consumer, Non-cyclical				(4,130,844	)
Technology - (0.2)%
Seagate HDD Cayman
4.75% due 01/01/25		8,000,000		(8,552,923	)
Industrial - (0.2)%
Park-Ohio Industries, Inc.
6.63% due 04/15/27		1,400,000		(1,425,277	)
Flex Ltd.
4.75% due 06/15/25		2,210,000		(2,406,805	)
Spirit AeroSystems, Inc.
4.60% due 06/15/28		10,110,000		(10,669,891	)
Total Industrial				(14,501,973	)
Consumer, Cyclical - (0.4)%
Harley-Davidson, Inc.
3.50% due 07/28/25		1,330,000		(1,384,446	)
Staples, Inc.
10.75% due 04/15/275		1,875,000		(1,903,125	)
Dollar Tree, Inc.
4.00% due 05/15/25		15,080,000		(16,133,873	)
Total Consumer, Cyclical				(19,421,444	)
Total Corporate Bonds Sold Short - (1.0)%
(Proceeds $46,734,941)			$	(50,775,384	)
Other Assets & Liabilities, net - (0.7)%				(38,580,868	)
Total Net Assets - 100.0%			$	5,387,948,648

Macro Opportunities Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

Centrally Cleared Credit Default Swap Agreements Protection Purchased††
Counterparty	Exchange	Index	Protection Premium Rate		Payment Frequency	Maturity Date	Notional Amount		Value			Upfront Premiums Received			Unrealized Depreciation**
BofA Securities, Inc.	ICE	CDX.NA.IG.31		1.00%	Quarterly	12/20/23	$	900,025,000	$	(22,738,871	)	$	(8,393,076	)	$	(14,345,795	)

OTC Credit Default Swap Agreements Protection Purchased††
Counterparty	Index/Reference Obligation	Protection Premium Rate		Payment Frequency	Maturity Date	Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Depreciation
Goldman Sachs International	L Brands, Inc.		1.00%	Quarterly	12/20/24	$	410,000	$	34,921		$	42,723		$	(7,802	)
Morgan Stanley Capital Services LLC	Hertz Corp.		5.00%	Quarterly	12/20/24		500,000		(44,141	)		(35,688	)		(8,453	)
Morgan Stanley Capital Services LLC	CDX.NA.IG.31 (7-15%)		1.00%	Quarterly	12/20/23		73,830,000		(1,977,068	)		(14,614	)		(1,962,454	)
Goldman Sachs International	CDX.NA.IG.31 (7-15%)		1.00%	Quarterly	12/20/23		166,350,000		(4,454,628	)		(236,508	)		(4,218,120	)
								$	(6,440,916	)	$	(244,087	)	$	(6,196,829	)

Centrally Cleared Interest Rate Swap Agreements††
Counterparty	Exchange		Floating Rate Type	Floating Rate Index	Fixed Rate	Payment Frequency	Maturity Date	Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)**
BofA Securities, Inc.		CME	Receive	3-Month USD LIBOR	1.54%	Quarterly	08/04/21	$	23,700,000	$	64,390		$	293		$	64,097
BofA Securities, Inc.		CME	Receive	Mexico Interbank TIIE 28 Day	6.51%	Annually	11/25/20		2,851,101,000		60,533			304			60,229
BofA Securities, Inc.		CME	Receive	Mexico Interbank TIIE 28 Day	6.56%	Annually	11/25/20		3,803,326,000		57,708			628			57,080
BofA Securities, Inc.		CME	Pay	3-Month USD LIBOR	2.79%	Quarterly	01/21/20		97,955,000		38,542			26,617			11,925
BofA Securities, Inc.		CME	Receive	Mexico Interbank TIIE 28 Day	6.57%	Annually	11/25/20		1,903,521,000		27,052			608			26,444
BofA Securities, Inc.		CME	Pay	3-Month USD LIBOR	2.84%	Quarterly	01/31/20		16,742,000		11,597			7,082			4,515
BofA Securities, Inc.		CME	Pay	3-Month USD LIBOR	2.92%	Quarterly	01/31/20		9,744,000		7,428			4,750			2,678
BofA Securities, Inc.		CME	Pay	3-Month USD LIBOR	2.83%	Quarterly	01/31/20		10,276,000		7,016			4,262			2,754
BofA Securities, Inc.		CME	Receive	3-Month USD LIBOR	2.83%	Quarterly	01/31/20		10,276,000		(7,017	)		23			(7,040	)
BofA Securities, Inc.		CME	Receive	3-Month USD LIBOR	2.92%	Quarterly	01/31/20		9,744,000		(7,428	)		23			(7,451	)
BofA Securities, Inc.		CME	Receive	3-Month USD LIBOR	2.84%	Quarterly	01/31/20		16,742,000		(11,598	)		24			(11,622	)
BofA Securities, Inc.		CME	Pay	Federal Funds Rate	1.31%	Annually	11/25/20		92,900,000		(35,790	)		291			(36,081	)
BofA Securities, Inc.		CME	Receive	3-Month USD LIBOR	2.79%	Quarterly	01/21/20		97,955,000		(38,541	)		22			(38,563	)
BofA Securities, Inc.		CME	Pay	Federal Funds Rate	1.29%	Annually	11/25/20		92,900,000		(41,494	)		309			(41,803	)
BofA Securities, Inc.		CME	Pay	Federal Funds Rate	1.29%	Annually	11/25/20		92,900,000		(41,962	)		309			(42,271	)
BofA Securities, Inc.		CME	Pay	Federal Funds Rate	1.28%	Annually	11/25/20		139,350,000		(63,188	)		301			(63,489	)
BofA Securities, Inc.		CME	Receive	3-Month USD LIBOR	3.18%	Quarterly	11/07/23		63,000,000		(3,475,352	)		(9,599	)		(3,465,753	)
BofA Securities, Inc.		CME	Receive	3-Month USD LIBOR	3.14%	Quarterly	11/06/21		830,000,000		(21,850,181	)		130,891			(21,981,072	)
										$	(25,298,285	)	$	167,138		$	(25,465,423	)

Macro Opportunities Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

Total Return Swap Agreements
Counterparty	Reference Obligation	Financing Rate Receive	Payment Frequency	Maturity Date	Units		Notional Amount		Value and Unrealized Appreciation
OTC Fixed Income Index Swap Agreements Sold Short††
JPMorgan Chase Bank, N.A.	iShares Core U.S. Aggregate Bond ETF	(2.49)% (1 Month USD LIBOR + 0.78%)	At Maturity	01/08/20		276,406	$	31,059,742	$	77,443
Bank of America, N.A.	iShares Core U.S. Aggregate Bond ETF	(2.49)% (1 Month USD LIBOR + 0.78%)	At Maturity	01/06/20		175,000		19,664,750		77,000
							$	50,724,492	$	154,443
OTC Equity Index Swap Agreements Sold Short††
Bank of America, N.A.	iShares Core S&P 500 ETF	(2.86)% (1 Month USD LIBOR + 1.08%)	At Maturity	01/22/20		62,550	$	20,218,662	$	(156,375	)
JPMorgan Chase Bank, N.A.	iShares Core S&P 500 ETF	(2.49)% (1 Month USD LIBOR + 0.71%)	At Maturity	01/23/20		190,000		61,415,600		(182,400	)
							$	81,634,262	$	(338,775	)

Counterparty	Reference Obligation	Financing Rate Pay	Payment Frequency	Maturity Date	Units		Notional Amount		Value and Unrealized Depreciation
OTC Sovereign Debt Swap Agreements††
Deutsche Bank AG	Korea Monetary Stabilization Bond	2.34% (3 Month USD LIBOR + 0.45%)	At Maturity	08/04/21		N/A	$	24,542,631	$	(122,086	)

Forward Foreign Currency Exchange Contracts††
Counterparty	Contracts to Sell		Currency		Settlement Date	Settlement Value		Value at December 31, 2019		Unrealized Appreciation (Depreciation)
Citibank N.A., New York		6,320,158,500		JPY	07/01/21	$	62,232,010	$	59,974,360	$	2,257,650
Barclays Bank plc		6,018,007,500		JPY	07/01/21		59,168,297		57,107,136		2,061,161
Bank of America, N.A.		10,421,000,000		JPY	01/21/20		97,955,539		96,003,296		1,952,243
Goldman Sachs International		10,613,600,000		JPY	01/10/20		98,994,535		97,715,679		1,278,856
JPMorgan Chase Bank, N.A.		5,621,809,500		JPY	09/01/20		53,437,730		52,463,069		974,661
Citibank N.A., New York		5,229,613,500		JPY	06/01/20		49,474,130		48,543,113		931,017
Goldman Sachs International		28,600,000		EUR	01/17/20		33,024,955		32,117,252		907,703
Goldman Sachs International		70,300,000		BRL	07/01/20		18,254,998		17,413,921		841,077
Goldman Sachs International		48,568,000		EUR	04/30/20		55,697,782		54,899,622		798,160
Citibank N.A., New York		303,500,000		BRL	07/01/20		75,789,060		75,179,589		609,471
Barclays Bank plc		46,140,000		EUR	01/17/20		52,350,618		51,814,336		536,282
Bank of America, N.A.		2,288,143,500		JPY	06/22/20		21,641,384		21,264,475		376,909
Bank of America, N.A.		1,973,886,450		JPY	04/15/20		18,618,233		18,273,808		344,425
Citibank N.A., New York		2,653,400,000		JPY	01/10/20		24,739,634		24,428,920		310,714
Citibank N.A., New York		122,150,000		BRL	07/01/21		29,677,306		29,382,608		294,698
Bank of America, N.A.		9,065,200		EUR	06/15/20		10,424,753		10,276,379		148,374
JPMorgan Chase Bank, N.A.		833,416,500		JPY	06/01/20		7,876,910		7,736,065		140,845
Goldman Sachs International		7,943,840		EUR	06/15/20		9,140,023		9,005,197		134,826
JPMorgan Chase Bank, N.A.		617,308,500		JPY	03/23/20		5,829,935		5,707,342		122,593
Goldman Sachs International		358,704,500		JPY	03/23/20		3,388,896		3,316,412		72,484
Goldman Sachs International		92,466,974		JPY	06/22/20		875,100		859,326		15,774
Goldman Sachs International		32,149,325		EUR	07/30/21		37,345,460		37,330,413		15,047
Citibank N.A., New York		3,158,500		JPY	07/01/20		30,507		29,368		1,139
Citibank N.A., New York		3,158,500		JPY	01/06/20		30,209		29,073		1,136
Citibank N.A., New York		3,158,500		JPY	01/04/21		30,823		29,691		1,132
Barclays Bank plc		3,007,500		JPY	07/01/20		29,011		27,964		1,047
Barclays Bank plc		3,007,500		JPY	01/06/20		28,722		27,683		1,039
Barclays Bank plc		3,007,500		JPY	01/04/21		29,299		28,271		1,028
JPMorgan Chase Bank, N.A.		2,809,500		JPY	03/02/20		26,402		25,943		459
Goldman Sachs International		239,325		EUR	07/30/20		272,041		272,070		(29	)
Bank of America, N.A.		793,970		ILS	04/30/20		231,603		231,976		(373	)
Barclays Bank plc		688,427		ILS	07/31/20		201,304		202,467		(1,163	)
Barclays Bank plc		684,673		ILS	08/02/21		204,027		205,287		(1,260	)
Bank of America, N.A.		384,952		ILS	01/31/20		110,444		111,806		(1,362	)
JPMorgan Chase Bank, N.A.		216,000		EUR	07/30/20		244,085		245,554		(1,469	)
Goldman Sachs International		384,350		ILS	04/30/20		110,657		112,297		(1,640	)
Bank of America, N.A.		383,900		ILS	02/01/21		112,170		114,113		(1,943	)
Deutsche Bank AG		73,677,040		KRW	05/07/21		62,624		64,653		(2,029	)
Deutsche Bank AG		76,160,536		KRW	02/04/21		64,570		66,650		(2,080	)
Deutsche Bank AG		76,160,536		KRW	11/04/20		64,379		66,472		(2,093	)
Deutsche Bank AG		76,160,536		KRW	08/05/20		64,184		66,301		(2,117	)
Deutsche Bank AG		74,504,872		KRW	05/11/20		62,572		64,696		(2,124	)
Deutsche Bank AG		76,160,536		KRW	02/05/20		63,759		65,975		(2,216	)
Citibank N.A., New York		1,924,258		ILS	04/30/20		556,890		562,215		(5,325	)
Bank of America, N.A.		2,522,000		EUR	01/14/20		2,805,188		2,831,604		(26,416	)
JPMorgan Chase Bank, N.A.		2,300,000		CAD	01/03/20		1,738,720		1,771,834		(33,114	)
Bank of America, N.A.		7,363,900		ILS	01/31/22		2,183,190		2,226,748		(43,558	)
Bank of America, N.A.		10,626,000		GBP	01/14/20		14,028,817		14,081,311		(52,494	)
Goldman Sachs International		8,850,000		BRL	07/01/21		2,073,328		2,128,826		(55,498	)
Citibank N.A., New York		4,000,000		CAD	01/14/20		3,024,052		3,081,676		(57,624	)
Barclays Bank plc		132,210,000		MXN	04/08/20		6,828,818		6,894,705		(65,887	)
JPMorgan Chase Bank, N.A.		5,325,000		CAD	01/08/20		4,027,253		4,102,317		(75,064	)
Citibank N.A., New York		5,200,000		CAD	01/09/20		3,917,118		4,006,045		(88,927	)
Citibank N.A., New York		7,005,000		CAD	01/02/20		5,302,459		5,396,390		(93,931	)
Citibank N.A., New York		4,980,000		CAD	01/06/20		3,740,797		3,836,482		(95,685	)
Morgan Stanley Capital Services LLC		40,200,000		BRL	04/01/20		9,864,546		9,986,763		(122,217	)
Bank of America, N.A.		12,798,000		EUR	01/17/20		14,218,668		14,371,909		(153,241	)
Citibank N.A., New York		118,490,000		MXN	04/02/20		6,027,418		6,184,609		(157,191	)
Bank of America, N.A.		79,971,800		ILS	04/30/21		23,698,473		23,871,252		(172,779	)
JPMorgan Chase Bank, N.A.		178,600,000		BRL	07/01/21		42,785,007		42,961,392		(176,385	)
Barclays Bank plc		92,228,427		ILS	08/01/22		27,935,310		28,114,335		(179,025	)
Citibank N.A., New York		148,000,000		MXN	04/08/20		7,534,107		7,718,147		(184,040	)
JPMorgan Chase Bank, N.A.		29,016,000		EUR	07/30/21		33,489,397		33,692,131		(202,734	)
Goldman Sachs International		38,713,300		ILS	04/30/21		11,336,277		11,555,760		(219,483	)
JPMorgan Chase Bank, N.A.		2,851,101,000		MXN	11/25/20		143,669,928		143,952,092		(282,164	)
Citibank N.A., New York		311,000,000		MXN	04/23/20		15,896,065		16,183,120		(287,055	)
Citibank N.A., New York		150,451,000		MXN	01/02/20		7,658,683		7,957,507		(298,824	)
Goldman Sachs International		57,434,200		ILS	01/31/22		17,016,596		17,367,356		(350,760	)
Morgan Stanley Capital Services LLC		383,500,000		MXN	02/06/20		19,795,592		20,177,556		(381,964	)
Goldman Sachs International		72,830,756		ILS	02/01/21		21,256,018		21,648,630		(392,612	)
Goldman Sachs International		214,930,000		MXN	01/16/20		10,919,797		11,344,762		(424,965	)
Citibank N.A., New York		401,820,000		MXN	02/27/20		20,639,015		21,080,877		(441,862	)
Barclays Bank plc		72,975,000		ILS	01/31/20		20,646,484		21,194,919		(548,435	)
Citibank N.A., New York		17,680,000		GBP	01/13/20		22,872,897		23,428,384		(555,487	)
Citibank N.A., New York		125,900,000		BRL	01/02/20		30,693,310		31,354,286		(660,976	)
Citibank N.A., New York		26,280,000		GBP	01/27/20		34,077,933		34,839,386		(761,453	)
Deutsche Bank AG		28,528,010,536		KRW	08/04/21		24,328,851		25,101,140		(772,289	)
Citibank N.A., New York		193,819,000		ILS	04/30/21		56,980,495		57,854,170		(873,675	)
Goldman Sachs International		774,364,000		MXN	02/27/20		39,136,339		40,625,834		(1,489,495	)
Goldman Sachs International		136,481,600		ILS	01/31/20		37,719,406		39,639,829		(1,920,423	)
Goldman Sachs International		1,487,700,000		MXN	01/02/20		76,315,068		78,685,975		(2,370,907	)
Citibank N.A., New York		1,871,006,000		MXN	08/25/20		92,395,358		95,663,676		(3,268,318	)
Goldman Sachs International		4,677,515,000		MXN	08/25/20		231,505,161		239,159,190		(7,654,029	)
JPMorgan Chase Bank, N.A.		4,676,586,000		MXN	08/25/20		231,303,569		239,111,691		(7,808,122	)
										$	(18,694,381	)

Macro Opportunities Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

Forward Foreign Currency Exchange Contracts^††

Counterparty	Contracts to Buy		Currency		Settlement Date	Settlement Value		Value at December 31, 2019		Unrealized Appreciation
JPMorgan Chase Bank, N.A.		4,752,764,000		MXN	11/25/20	$	232,079,966	$	239,967,059	$	7,887,093
Goldman Sachs International		4,754,622,000		MXN	11/25/20		232,336,237		240,060,869		7,724,632
Citibank N.A., New York		1,901,663,000		MXN	11/25/20		92,721,533		96,014,967		3,293,434
Goldman Sachs International		644,300,000		MXN	01/02/20		33,011,231		34,077,686		1,066,455
Goldman Sachs International		81,800,000		BRL	01/02/20		19,752,251		20,371,569		619,318
Morgan Stanley Capital Services LLC		44,100,000		BRL	01/02/20		10,593,068		10,982,717		389,649
JPMorgan Chase Bank, N.A.		2,805,580,000		MXN	08/25/20		143,068,843		143,448,015		379,172
Citibank N.A., New York		206,115,000		ILS	01/31/20		59,534,675		59,864,211		329,536
Goldman Sachs International		48,568,000		EUR	04/30/20		54,585,235		54,899,622		314,387
JPMorgan Chase Bank, N.A.		24,540,000		EUR	01/17/20		27,289,142		27,557,949		268,807
JPMorgan Chase Bank, N.A.		17,009,040		EUR	06/15/20		19,146,464		19,281,577		135,113
Citibank N.A., New York		1,176,184,000		MXN	02/27/20		61,591,601		61,706,712		115,111
JPMorgan Chase Bank, N.A.		4,980,000		CAD	01/02/20		3,759,268		3,836,406		77,138
Goldman Sachs International		383,500,000		MXN	02/06/20		20,105,904		20,177,556		71,652
JPMorgan Chase Bank, N.A.		5,325,000		CAD	01/08/20		4,042,509		4,102,317		59,808
Citibank N.A., New York		4,980,000		CAD	01/06/20		3,776,851		3,836,482		59,631
BNP Paribas		5,200,000		CAD	01/09/20		3,947,700		4,006,045		58,345
Goldman Sachs International		311,000,000		MXN	04/23/20		16,129,450		16,183,120		53,670
Goldman Sachs International		214,930,000		MXN	01/16/20		11,299,141		11,344,762		45,621
Goldman Sachs International		280,210,000		MXN	04/08/20		14,575,823		14,612,852		37,029
JPMorgan Chase Bank, N.A.		2,300,000		CAD	01/03/20		1,736,175		1,771,834		35,659
Goldman Sachs International		118,490,000		MXN	04/02/20		6,169,303		6,184,609		15,306
Citibank N.A., New York		436,000		GBP	01/14/20		571,735		577,776		6,041
										$	23,042,607

Macro Opportunities Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

~	The face amount is denominated in U.S. dollars unless otherwise indicated.
*	Non-income producing security.
**	Includes cumulative appreciation (depreciation).
†	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 was fair valued by the Valuation Committee at December 31, 2019. The total market value of fair valued securities amounts to $124,575,215, (cost $125,048,503) or 2.3% of total net assets.
2	Affiliated issuer.
3	The rate is adjusted periodically by the counterparty, subject to approval by the Adviser, and is not based upon a set reference rate and spread. Rate indicated is the rate effective at December 31, 2019.
4	Rate indicated is the 7-day yield as of December 31, 2019.
5	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $1,661,085,284 (cost $1,678,653,482), or 30.8% of total net assets.
6	Variable rate security. Rate indicated is the rate effective at December 31, 2019. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
7	Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates.
8	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be illiquid and restricted under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) illiquid and restricted securities is $27,402,963 (cost $32,500,623), or 0.5% of total net assets — See Note 6.
9	Security is a step up/down bond. The coupon increases or decreases at regular intervals until the bond reaches full maturity. Rate indicated is the rate at December 31, 2019. See table below for additional step information for each security.
10	Zero coupon rate security.
11	Security is an interest-only strip.
12	Security has a fixed rate coupon which will convert to a floating or variable rate coupon on a future date.
13	Security is in default of interest and/or principal obligations.
14	Payment-in-kind security.
15	Repurchase Agreements - The interest rate on repurchase agreements is market driven and based on the underlying collateral obtained. See additional disclosure in the repurchase agreements table below for more information on repurchase agreements.

BofA — Bank of America

BRL — Brazilian Real

CAD — Canadian Dollar

CDX.NA.IG.31 — Credit Default Swap North American Investment Grade Series 31 Index

CME — Chicago Mercantile Exchange

CMS — Constant Maturity Swap

CMT — Constant Maturity Treasury

EURIBOR — European Interbank Offered Rate

EUR — Euro

GBP — British Pound

ICE — Intercontinental Exchange

ILS — Israeli New Shekel

JPY — Japanese Yen

KRW — South Korean Won

LIBOR — London Interbank Offered Rate

MXN — Mexican Peso

plc — Public Limited Company

REMIC — Real Estate Mortgage Investment Conduit

WAC — Weighted Average Coupon

See Sector Classification in Other Information section.

Macro Opportunities Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

The following table summarizes the inputs used to value the Fund's investments at December 31, 2019 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	2,070,850	$	10,092,264	$	4,557,761	$	16,720,875
Preferred Stocks		—		1,701,570		—		1,701,570
Exchange-Traded Funds		193,234,082		—		—		193,234,082
Mutual Funds		678,315,645		—		—		678,315,645
Money Market Fund		56,932,714		—		—		56,932,714
Asset-Backed Securities		—		1,277,842,507		130,666,370		1,408,508,877
Foreign Government Debt		—		1,071,423,722		—		1,071,423,722
Collateralized Mortgage Obligations		—		920,413,626		10,506,972		930,920,598
Corporate Bonds		—		624,620,592		42,379,997		667,000,589
Senior Floating Rate Interests		—		144,912,526		97,707,323		242,619,849
Senior Fixed Rate Interests		—		—		4,306,201		4,306,201
Municipal Bonds		—		25,133		—		25,133
Repurchase Agreements		—		196,055,045		—		196,055,045
Options Purchased		—		9,540,000		—		9,540,000
Interest Rate Swap Agreements**		—		229,722		—		229,722
Total Return Swap Agreements**		—		154,443		—		154,443
Forward Foreign Currency Exchange Contracts**		—		38,174,557		—		38,174,557
Total Assets	$	930,553,291	$	4,295,185,707	$	290,124,624	$	5,515,863,622

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Corporate Bonds Sold Short	$	—	$	50,775,384	$	—	$	50,775,384
Credit Default Swap Agreements**		—		20,542,624		—		20,542,624
Interest Rate Swap Agreements**		—		25,695,145		—		25,695,145
Total Return Swap Agreements**		—		460,861		—		460,861
Forward Foreign Currency Exchange Contracts**		—		33,826,331		—		33,826,331
Unfunded Loan Commitments (Note 5)		—		—		402,388		402,388
Total Liabilities	$	—	$	131,300,345	$	402,388	$	131,702,733

** This derivative is reported as unrealized appreciation/depreciation at period end.

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:

Category	Ending Balance at December 31, 2019		Valuation Technique	Unobservable Inputs	Input Range			Weighted Average*
Assets:
Asset-Backed Securities	$	71,097,113	Option Adjusted Spread off prior month broker mark over the 3 Month LIBOR	Broker Quote		—			—
Asset-Backed Securities		59,569,257	Yield Analysis	Yield		3.2%-5.0%			4.5	%
Collateralized Mortgage Obligations		10,506,972	Option Adjusted Spread off prior month broker mark over the 3 Month LIBOR	Broker Quote		—			—
Common Stocks		4,557,761	Enterprise Value	Valuation Multiple		1.8x-15.8x			5.5	x
Corporate Bonds		42,379,997	Option Adjusted Spread off prior month broker mark over the 3 Month LIBOR	Broker Quote		—			—
Senior Fixed Rate Interests		4,306,201	Enterprise Value	Valuation Multiple		7.7	x		—
Senior Floating Rate Interests		40,454,590	Third Party Pricing	Broker Quote		—			—
Senior Floating Rate Interests		39,713,478	Yield Analysis	Yield		5.4%-9.9%			7.6	%
Senior Floating Rate Interests		8,729,942	Model Price	Liquidation Value		—			—
Senior Floating Rate Interests		3,062,408	Model Price	Purchase Price		—			—
Senior Floating Rate Interests		2,387,329	Enterprise Value	Valuation Multiple		11.1	x		—
Senior Floating Rate Interests		1,864,582	Option Adjusted Spread off prior month broker mark over the 3 Month LIBOR	Broker Quote		—			—
Senior Floating Rate Interests		1,494,994	Model Price	Market Comparable Yields		5.6	%		—
Total Assets	$	290,124,624
Liabilities:
Unfunded Loan Commitments		402,388	Model Price	Purchase Price		—			—

* Inputs are weighted by the fair value of the instruments.

Significant changes in a quote, yield, market comparable yields, liquidation value or valuation multiples would generally result in significant changes in the fair value of the security.

The Fund’s fair valuation leveling guidelines were recently revised to classify a single daily broker quote, or a vendor price based on a single daily or monthly broker quote, as Level 3 rather than Level 2, if such a quote or price cannot be supported with other available market information.

Transfers between Level 2 and Level 3 may occur as markets fluctuate and/or the availability of data used in an investment’s valuation changes. For the period ended December 31, 2019, the Fund had securities with a total value of $11,731,130 transfer into Level 3 from Level 2 due to lack of observable inputs and had securities with a total value of $9,416,700 transfer out of Level 3 and into Level 2 due to the availability of current and reliable market-based data provided by a third-party pricing service which utilizes significant observable inputs.

Macro Opportunities Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

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 December 31, 2019:

	Assets																					Liabilities
	Asset-Backed Securities			Collateralized Mortgage Obligations			Corporate Bonds			Senior Floating Rate Interests			Common Stocks			Senior Fixed Rate Interests			Total Assets			Unfunded Loan Commitments
Beginning Balance	$	126,277,348		$	10,909,455		$	44,402,417		$	104,821,440		$	15,982,467		$	4,504,269		$	306,897,396		$	(1,140,482	)
Purchases/(Receipts)		-			-			-			304,669			-			-			304,669			(277,121	)
(Sales, maturities and paydowns)/Fundings		(3,355,555	)		-			(1,980,000	)		(9,105,664	)		(21,606	)		-			(14,462,825	)		702,793
Amortization of premiums/discounts		2,430			(4,878	)		(1,017	)		100,108			-			7,324			103,967			(853	)
Total realized gains (losses) included in earnings		77,005			-			-			106,813			21,606			-			205,424			(515,539	)
Total change in unrealized appreciation (depreciation) included in earnings		(34,858	)		(397,605	)		(41,403	)		(1,904,867	)		(2,654,312	)		(205,392	)		(5,238,437	)		828,814
Transfers into Level 3		7,700,000			-			-			4,031,130			-			-			11,731,130			-
Transfers out of Level 3		-			-			-			(646,306	)		(8,770,394	)		-			(9,416,700	)		-
Ending Balance	$	130,666,370		$	10,506,972		$	42,379,997		$	97,707,323		$	4,557,761		$	4,306,201		$	290,124,624		$	(402,388	)
Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at December 31, 2019	$	21,599		$	(397,605	)	$	(41,403	)	$	(1,716,194	)	$	(1,784,027	)	$	(205,392	)	$	(4,123,022	)	$	253,559

Step Coupon Bonds

The following table discloses additional information related to step coupon bonds held by the Fund. Certain securities are subject to multiple rate changes prior to maturity. For those securities a range of rates and corresponding dates have been provided. Rates for all step coupon bonds held by the Fund are scheduled to increase, none are scheduled to decrease.

Name	Coupon Rate at Next Reset Date			Next Rate Reset Date	Future Reset Rate(s)			Future Reset Date(s)
Legacy Mortgage Asset Trust 2018-GS3, 4.00% due 06/25/58		7.00	%	07/25/21		8.00	%		07/26/22
Willis Engine Securitization Trust II 2012-A, 5.50% due 09/15/37		8.50	%	09/15/20		—			—

Repurchase Agreements

In connection with transactions in repurchase agreements, it is the Fund’s policy that its custodian takes possession of the underlying collateral. For the following repurchase agreements, the collateral is in the possession of the Fund’s custodian and is evaluated to ensure that its market value exceeds, at a minimum, 102% of the original face amount of the repurchase agreements, with the exception of where securities are being sold short. The interest rate on repurchase agreements is market driven and based on the underlying collateral obtained.

The Fund may engage in repurchase agreements. Repurchase agreements are fixed income securities in the form of agreements backed by collateral. These agreements typically involve the acquisition by the Fund of securities from the selling institution coupled with the agreement that the selling institution will repurchase the underlying securities at a specified price and at a fixed time in the future. The Fund may accept a wide variety of underlying securities as collateral for the repurchase agreements entered into by the Fund. Any such securities serving as collateral are marked-to-market daily in order to maintain full collateralization.

Macro Opportunities Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

The use of repurchase agreements involves certain risks. For example, if the selling institution defaults on its obligation to repurchase the underlying securities at a time when the value of securities has declined, the Fund may incur a loss upon disposition of them. In the event of an insolvency or bankruptcy by the selling institution, the Fund’s right to control the collateral could be affected and result in certain costs and delays. In addition, the Fund could incur a loss if the value of the underlying collateral falls below the agreed upon repurchase price.

At December 31, 2019, the repurchase agreements in the account were as follows:

Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
Societe Generale					Connecticut Avenue Securities Trust
2.29% - 2.43% (3 Month USD LIBOR + 0.40%)					3.89%
07/07/20*	$	90,224,395	$	92,161,874	06/25/39	$	26,385,455	$	26,543,768
					Connecticut Avenue Securities Trust
					3.79%
					07/25/39		20,816,000		20,920,080
					Connecticut Avenue Securities Trust
					4.09%
					08/25/31		9,100,000		9,183,720
					Freddie Mac Structured Agency Credit Risk Debt Notes
					3.89%
					09/25/48		9,100,000		9,172,800
					BX Trust
					5.99%
					07/15/34		8,500,000		8,497,450
					Fannie Mae Connecticut Avenue Securities
					4.64%
					11/25/29		8,130,000		8,407,233
					Hawaii Hotel Trust
					4.89%
					05/15/38		6,000,000		5,996,400
					Freddie Mac Structured Agency Credit Risk Debt Notes
					6.44%
					10/25/28		3,622,806		3,901,400
					Fannie Mae Connecticut Avenue Securities
					5.34%
					07/25/29		3,400,000		3,598,220
					JP Morgan Chase Commercial Mortgage Securities Trust
					4.15%
					06/15/35		3,000,000		3,000,000
					Fannie Mae Connecticut Avenue Securities
					4.79%
					10/25/29		2,870,829		2,998,868
					Freddie Mac Structured Agency Credit Risk Debt Notes
					4.14%
					02/25/49		2,851,000		2,880,365
					Bayview Financial Acquisition Trust
					6.73%
					05/28/37		2,000,000		2,240,000
					Freddie Mac Structured Agency Credit Risk Debt Notes
					6.04%
					11/25/23		1,716,893		1,850,467
					GS Mortgage Securities Corp. Trust
					5.74%
					07/15/32		1,600,000		1,606,080
					Natixis Commercial Mortgage Securities Trust
					5.03%
					02/15/33		1,600,000		1,590,720
					Carlyle Global Market Strategies CLO Ltd.
					9.24%
					04/22/32		1,500,000		1,362,750
					OHA Loan Funding Ltd.
					8.47%
					01/20/28		1,100,000		1,079,760
							113,292,983		114,830,081
Deutsche Bank AG					Motel 6 Trust
2.28%					4.99%
02/07/20		43,964,000		44,084,583	08/15/34		40,000,000		40,100,000
					Benchmark Mortgage Trust
					4.25%
					08/15/52		18,000,000		15,550,200
					CGGS Commercial Mortgage Trust
					4.89%
					02/15/37		12,518,000		12,515,496
					TICP CLO IX Ltd.
					7.57%
					01/20/31		1,360,000		1,267,792
							71,878,000		69,433,488

Macro Opportunities Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
Citigroup Global Markets, Inc.					Dollar Tree Inc.
1.10% - 1.35%					4.00%
Open Maturity**	$	27,135,000	$	27,135,000	05/15/251	$	11,450,000	$	12,250,355
					Spirit AeroSystems Inc.
					4.60%
					06/15/281		4,920,000		5,192,568
					Seagate HDD Cayman
					4.75%
					01/01/251		4,000,000		4,276,400
					Flex Ltd.
					4.75%
					06/15/251		1,105,000		1,203,455
					Univision Communications Inc.
					5.13%
					02/15/251		860,000		850,368
					Park-Ohio Industries Inc.
					6.63%
					04/15/271		700,000		712,670
					Staples Inc.
					10.75%
					04/15/271		700,000		710,500
					Harley-Davidson Inc.
					3.50%
					07/28/251		665,000		692,199
					Tenet Healthcare Corp.
					8.13%
					04/01/221		500,000		553,100
					Univision Communications Inc.
					5.13%
					05/15/231		310,000		309,225
					Acrisure LLC / Acrisure Finance Inc.
					7.00%
					11/15/251		150,000		144,750
							25,360,000		26,895,590
BofA Securities, Inc.					Spirit AeroSystems Inc.
1.35% - 1.40%					4.60%
Open Maturity**		13,197,299		13,197,299	06/15/281		5,190,000		5,477,526
					Dollar Tree Inc.
					4.00%
					05/15/251		3,630,000		3,883,737
					Univision Communications Inc.
					5.13%
					02/15/251		1,355,000		1,339,824
					Flex Ltd.
					4.75%
					06/15/251		1,105,000		1,203,456
					Acrisure LLC / Acrisure Finance Inc.
					7.00%
					11/15/251		850,000		820,250
					Univision Communications Inc.
					5.13%
					05/15/231		200,000		199,500
							12,330,000		12,924,293
BNP Paribas					HSI Asset Securitization Corp. Trust
2.07% - 2.10%					1.93%
02/03/20 - 03/16/20		10,957,781		10,993,073	01/25/37		45,185,000		35,646,446
1.35%
Open Maturity**		186,913		186,913	Citigroup Mortgage Loan Trust
		11,144,694		11,179,986	1.93%
					01/25/37		18,218,000		16,070,098
					Univision Communications Inc.
					5.13%
					02/15/251		190,000		187,872
							63,593,000		51,904,416
Barclays Capital, Inc.					Seagate HDD Cayman
(13.00)% - 1.25%					4.75%
Open Maturity**		8,984,381		8,984,381	01/01/251		4,000,000		4,276,400
					Tenet Healthcare Corp.
					8.13%
					04/01/221		1,925,000		2,129,435
					Quorum Health Corp.
					11.63%
					04/15/231		1,700,000		1,448,230
					Park-Ohio Industries Inc.
					6.63%
					04/15/271		700,000		712,670
					Staples Inc.
					10.75%
					04/15/271		700,000		710,500
					Enova International Inc.
					8.50%
					09/15/251		110,000		103,950
							9,135,000		9,381,185
RBC Capital Markets LLC					Harley-Davidson Inc.
1.30% - 1.40%					3.50%
Open Maturity**		1,405,276		1,405,276	07/28/251		665,000		692,199
					Staples Inc.
					10.75%
					04/15/271		475,000		482,125
					Univision Communications Inc.
					5.13%
					02/15/251		215,000		212,592
							1,355,000		1,386,916

* Variable rate security. Rate indicated is the rate effective at December 31, 2019. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.

** The rate is adjusted periodically by the counterparty, subject to approval by the Adviser, and is not based upon a set reference rate and spread. Rate indicated is the rate effective at December 31, 2019.

¹ Collateral is related to securities which are being sold short.

Macro Opportunities Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2019, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000089180419000405/gug78512-ncsr.htm.

Transactions during the period ended December 31, 2019, in which the company is an affiliated issuer, were as follows:  

Security Name	Value 09/30/19			Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 12/31/19			Shares/Face Amount 12/31/19		Investment Income		Capital Gain Distributions
Common Stocks
BP Holdco LLC*,1	$	13,255		$	–	$	–	$	–	$	–		$	13,255			37,539	$	–	$	–
Targus Group International Equity, Inc.*,1		21,632			–		–		–		1,194			22,826			12,773		–		–
Mutual Funds
Guggenheim Alpha Opportunity Fund — Institutional Class		69,165,665			689,432		–		–		381,949			70,237,046			2,753,314		689,432		–
Guggenheim Limited Duration Fund — R6-Class		310,987,415			1,710,384		–		–		(1,264,351	)		311,433,448			12,680,515		1,696,543		–
Guggenheim Risk Managed Real Estate Fund — Institutional Class		18,768,215			842,019		–		–		(995,243	)		18,614,991			569,614		139,988		702,031
Guggenheim Strategy Fund II		103,148,435			872,160		–		–		(375,098	)		103,645,497			4,189,390		866,301		–
Guggenheim Strategy Fund III		81,558,334			707,550		–		–		(329,790	)		81,936,094			3,314,567		703,502		–
Guggenheim Ultra Short Duration Fund — Institutional Class		92,054,728			486,439		–		–		(92,598	)		92,448,569			9,291,314		482,120		–
Senior Floating Rate Interests
Targus Group International, Inc. due 05/24/16*,1,2,3		—	**		–		–		–		–			—	**		152,876		–		–
	$	675,717,679		$	5,307,984	$	–	$	–	$	(2,673,937	)	$	678,351,726				$	4,577,886	$	702,031

*	Non-income producing security.
**	Market value is less than $1.
1	Security was fair valued by the Valuation Committee at December 31, 2019. The total market value of fair valued and affiliated securities amounts to $36,081, (cost $162,604) or less than 0.1% of total net assets.
2	Security is in default of interest and/or principal obligations.
3	Variable rate security. Rate indicated is the rate effective at December 31, 2019. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.

Market Neutral Real Estate Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Shares		Value
COMMON STOCKS† - 83.0%
REITs - 72.4%
REITs-Health Care - 13.0%
Omega Healthcare Investors, Inc.1		8,847	$	374,670
Healthpeak Properties, Inc.1		10,505		362,107
Ventas, Inc.1		5,430		313,528
CareTrust REIT, Inc.		8,947		184,577
Total REITs-Health Care				1,234,882
REITs-Diversified - 11.5%
Weyerhaeuser Co.		7,928		239,426
Equinix, Inc.1		409		238,733
Alexander & Baldwin, Inc.		11,266		236,135
PotlatchDeltic Corp.		4,398		190,302
Vornado Realty Trust1		2,821		187,597
Total REITs-Diversified				1,092,193
REITs-Warehouse/Industries - 10.8%
Americold Realty Trust1		7,787		273,012
CyrusOne, Inc.		3,744		244,970
STAG Industrial, Inc.		6,295		198,733
Terreno Realty Corp.1		2,832		153,325
Rexford Industrial Realty, Inc.1		3,290		150,254
Total REITs-Warehouse/Industries				1,020,294
REITs-Hotels - 8.6%
Pebblebrook Hotel Trust1		7,929		212,577
Park Hotels & Resorts, Inc.1		8,159		211,073
Host Hotels & Resorts, Inc.		10,458		193,996
MGM Growth Properties LLC — Class A		6,219		192,602
Total REITs-Hotels				810,248
REITs-Shopping Centers - 5.6%
Retail Opportunity Investments Corp.		10,203		180,185
Federal Realty Investment Trust		1,374		176,875
Regency Centers Corp.		2,803		176,841
Total REITs-Shopping Centers				533,901
REITs-Mortgage - 5.1%
Annaly Capital Management, Inc.		31,748		299,066
AGNC Investment Corp.		10,591		187,249
Total REITs-Mortgage				486,315
REITs-Office Property - 4.7%
Highwoods Properties, Inc.1		5,275		258,000
Paramount Group, Inc.		13,469		187,489
Total REITs-Office Property				445,489
REITs-Storage - 4.4%
Extra Space Storage, Inc.		2,123		224,231
National Storage Affiliates Trust		5,593		188,037
Total REITs-Storage				412,268
REITs-Manufactured Homes - 4.1%
Equity LifeStyle Properties, Inc.1		2,754		193,854
Sun Communities, Inc.1		1,270		190,627
Total REITs-Manufactured Homes				384,481
REITs-Single Tenant - 2.5%
Spirit Realty Capital, Inc.1		4,845		238,277
REITs-Apartments - 2.1%
Invitation Homes, Inc.1		6,526		195,584
Total REITs				6,853,932
Real Estate - 5.6%
Real Estate Management/Services - 5.6%
Safehold, Inc.		13,292		535,668
Entertainment - 2.5%
Gambling (Non-Hotel) - 2.5%
Red Rock Resorts, Inc. — Class A		9,957		238,470
Software - 2.5%
Computer Software - 2.5%
InterXion Holding N.V.*		2,790		233,830
Total Common Stocks
(Cost $7,382,415)				7,861,900

MONEY MARKET FUND† - 19.1%
Goldman Sachs Financial Square Treasury Instruments Fund — Institutional Shares 1.43%2	1,807,105		1,807,105
Total Money Market Fund
(Cost $1,807,105)			1,807,105
Total Investments - 102.1%
(Cost $9,189,520)		$	9,669,005
Other Assets & Liabilities, net - (2.1)%			(197,217	)
Total Net Assets - 100.0%		$	9,471,788

Market Neutral Real Estate Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

Custom Basket Swap Agreements
Counterparty	Reference Obligation	Financing Rate Pay (Receive)	Payment Frequency	Maturity Date	Notional Amount		Value and Unrealized Depreciation
OTC Custom Basket Swap Agreements Sold Short ††
Morgan Stanley Capital Services LLC	MS Equity Custom Basket	(1.17)% (Federal Funds Rate - 0.38%)	At Maturity	07/22/24	$	3,883,241	$	(78,574	)

Goldman Sachs International	GS Equity Custom Basket	(1.28)% (Federal Funds Rate - 0.28%)	At Maturity	05/06/24		3,883,241		(46,572	)
					$	7,766,482	$	(125,146	)

MS EQUITY SHORT CUSTOM BASKET
	Shares		Percentage Notional Amount	Value and Unrealized Appreciation (Depreciation)
Financial
Public Storage		545	(2.99)%	$	12,736
Hersha Hospitality Trust		8,329	(3.12)%		10,215
PS Business Parks, Inc.		510	(2.17)%		9,387
Washington Prime Group, Inc.		18,010	(1.69)%		4,503
Digital Realty Trust, Inc.		1,473	(4.54)%		4,445
American Finance Trust, Inc.		6,997	(2.39)%		3,805
Retail Properties of America, Inc. — Class A		6,796	(2.35)%		2,254
Service Properties Trust		4,174	(2.62)%		1,625
Life Storage, Inc.		1,276	(3.56)%		551
Healthcare Trust of America, Inc. — Class A		3,925	(3.06)%		(750	)
Columbia Property Trust, Inc.		4,463	(2.40)%		(1,498	)
Industrial Logistics Properties Trust		3,248	(1.88)%		(3,484	)
Brandywine Realty Trust		6,053	(2.46)%		(3,686	)
Xenia Hotels & Resorts, Inc.		4,568	(2.54)%		(4,013	)
Monmouth Real Estate Investment Corp.		9,556	(3.56)%		(4,543	)
VEREIT, Inc.		15,341	(3.65)%		(4,753	)
Healthcare Realty Trust, Inc.		3,821	(3.28)%		(5,133	)
Howard Hughes Corp.		962	(3.14)%		(5,245	)
Cushman & Wakefield plc		3,689	(1.94)%		(5,895	)
RLJ Lodging Trust		5,661	(2.58)%		(6,238	)
Brixmor Property Group, Inc.		5,717	(3.18)%		(6,564	)
Washington Real Estate Investment Trust		4,016	(3.02)%		(8,284	)
Kimco Realty Corp.		6,674	(3.56)%		(10,421	)
Physicians Realty Trust		8,709	(4.25)%		(17,524	)
Piedmont Office Realty Trust, Inc. — Class A		8,099	(4.64)%		(18,440	)
Total Financial					(56,950	)
Communications
Switch, Inc. — Class A		7,388	(2.82)%		6,270
Consumer, Cyclical
Toll Brothers, Inc.		1,831	(1.86)%		(1,077	)
KB Home		2,169	(1.91)%		(3,623	)
Royal Caribbean Cruises Ltd.		789	(2.71)%		(11,840	)
Total Consumer, Cyclical					(16,540	)
Exchange-Traded Funds
Vanguard Real Estate ETF		6,752	(16.13)%		(11,354	)
Total MS Equity Short Custom Basket				$	(78,574	)

Market Neutral Real Estate Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

GS EQUITY SHORT CUSTOM BASKET
	Shares		Percentage Notional Amount	Value and Unrealized Appreciation (Depreciation)
Financial
Hersha Hospitality Trust		8,329	(3.12)%	$	15,666
Public Storage		545	(2.99)%		12,730
PS Business Parks, Inc.		510	(2.17)%		9,367
Digital Realty Trust, Inc.		1,473	(4.54)%		5,888
Washington Prime Group, Inc.		18,010	(1.69)%		4,652
American Finance Trust, Inc.		6,997	(2.39)%		3,833
Retail Properties of America, Inc. — Class A		6,796	(2.35)%		2,365
Service Properties Trust		4,174	(2.62)%		1,286
Life Storage, Inc.		1,276	(3.56)%		69
Columbia Property Trust, Inc.		4,463	(2.40)%		(83	)
Healthcare Trust of America, Inc. — Class A		3,925	(3.06)%		(653	)
VEREIT, Inc.		15,341	(3.65)%		(1,662	)
Xenia Hotels & Resorts, Inc.		4,568	(2.54)%		(2,213	)
Brandywine Realty Trust		6,053	(2.46)%		(2,312	)
Healthcare Realty Trust, Inc.		3,821	(3.28)%		(3,347	)
Industrial Logistics Properties Trust		3,248	(1.88)%		(3,444	)
Monmouth Real Estate Investment Corp.		9,556	(3.56)%		(4,405	)
Howard Hughes Corp.		962	(3.14)%		(5,569	)
Cushman & Wakefield plc		3,689	(1.94)%		(6,054	)
RLJ Lodging Trust		5,661	(2.58)%		(6,167	)
Brixmor Property Group, Inc.		5,717	(3.18)%		(6,686	)
Washington Real Estate Investment Trust		4,016	(3.02)%		(6,974	)
Physicians Realty Trust		8,709	(4.25)%		(9,302	)
Kimco Realty Corp.		6,674	(3.56)%		(9,560	)
Piedmont Office Realty Trust, Inc. — Class A		8,099	(4.64)%		(13,757	)
Total Financial					(26,332	)
Consumer, Cyclical
Toll Brothers, Inc.		1,831	(1.86)%		(1,047	)
KB Home		2,169	(1.91)%		(3,605	)
Royal Caribbean Cruises Ltd.		789	(2.71)%		(11,807	)
Total Consumer, Cyclical					(16,459	)
Exchange-Traded Funds
Vanguard Real Estate ETF		6,752	(16.13)%		(10,057	)
Communications
Switch, Inc. — Class A		7,388	(2.82)%		6,276
Total GS Equity Short Custom Basket				$	(46,572	)

Market Neutral Real Estate Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

*	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 custom basket swap collateral at December 31, 2019.
2	Rate indicated is the 7-day yield as of December 31, 2019.

GS — Goldman Sachs International

MS — Morgan Stanley Capital Services LLC

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2019 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	7,861,900	$	—	$	—	$	7,861,900
Money Market Fund		1,807,105		—		—		1,807,105
Total Assets	$	9,669,005	$	—	$	—	$	9,669,005

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Custom Basket Swap Agreements**	$	—	$	125,146	$	—	$	125,146

** This derivative is reported as unrealized appreciation/depreciation at period end.

Municipal Income Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Shares		Value
CLOSED-END FUNDS† - 3.9%
BNY Mellon Strategic Municipals, Inc.		50,607	$	430,665
BlackRock MuniVest Fund, Inc.		30,457		277,463
DWS Municipal Income Trust		23,880		270,560
BlackRock MuniYield Quality Fund, Inc.		14,805		222,816
BlackRock Municipal Income Quality Trust		12,482		175,372
Invesco Trust for Investment Grade Municipals		13,276		170,597
Invesco Municipal Opportunity Trust		13,799		170,556
Invesco Municipal Trust		12,294		151,954
BlackRock MuniYield California Quality Fund, Inc.		10,063		142,995
Invesco Advantage Municipal Income Trust II		10,435		116,559
BlackRock MuniEnhanced Fund, Inc.		4,945		55,186
Eaton Vance Municipal Income Trust		2,500		31,875
BlackRock MuniHoldings Investment Quality Fund		7		93
Total Closed-End Funds
(Cost $2,229,598)				2,216,691

MONEY MARKET FUND† - 1.4%
Dreyfus AMT-Free Tax Exempt Cash Management Fund — Institutional Shares 1.29%1	835,660	835,660
Total Money Market Fund
(Cost $835,660)		835,660

	Face Amount
MUNICIPAL BONDS†† - 93.7%
California - 24.6 %
El Camino Healthcare District General Obligation Unlimited
due 08/01/292	$	2,500,000	2,026,900
Stockton Public Financing Authority Revenue Bonds
6.25% due 10/01/38		1,000,000	1,192,460
6.25% due 10/01/40		250,000	298,115
5.00% due 10/01/33		200,000	253,528
Tustin Unified School District General Obligation Unlimited
6.00% due 08/01/21		1,000,000	1,079,710
Sierra Joint Community College District School Facilities District No. 1 General Obligation Unlimited
due 08/01/312		705,000	543,534
due 08/01/302		415,000	329,751
College of the Sequoias Tulare Area Improvement District No. 3 General Obligation Unlimited
due 08/01/423,6		1,000,000	823,960
Newport Mesa Unified School District General Obligation Unlimited
due 08/01/392		1,300,000	689,273
Los Angeles Department of Water & Power Power System Revenue Bonds
5.00% due 07/01/43		500,000	546,275
Compton Unified School District General Obligation Unlimited
due 06/01/402		1,000,000	532,790
Kings Canyon Unified School District General Obligation Unlimited
5.00% due 08/01/28		445,000	531,753
San Diego Unified School District General Obligation Unlimited
due 07/01/392		1,000,000	487,560
Riverside County Public Financing Authority Tax Allocation
5.00% due 10/01/28		300,000	373,941
Oakland Unified School District/Alameda County General Obligation Unlimited
5.00% due 08/01/22		220,000	234,395
5.00% due 08/01/40		120,000	138,842
Sacramento Municipal Utility District Revenue Bonds
5.00% due 08/15/37		300,000	339,552
Placer Union High School District General Obligation Unlimited
due 08/01/302		375,000	300,472
Delhi Unified School District General Obligation Unlimited
5.00% due 08/01/44		250,000	297,335
Riverside County Redevelopment Successor Agency Tax Allocation
due 10/01/373,6		250,000	270,422
Gustine Unified School District General Obligation Unlimited
5.00% due 08/01/41		220,000	258,190
Freddie Mac Multifamily ML Certificates Revenue Bonds
2.49% due 07/25/35		249,556	252,056
M-S-R Energy Authority Revenue Bonds
6.13% due 11/01/29		195,000	248,709
Alameda Corridor Transportation Authority Revenue Bonds
5.00% due 10/01/35		200,000	237,168
Upland Unified School District General Obligation Unlimited
due 08/01/382		400,000	218,924
Department of Veterans Affairs Veteran's Farm & Home Purchase Program Revenue Bonds
3.45% due 12/01/39		200,000	215,802

Municipal Income Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount		Value
MUNICIPAL BONDS†† - 93.7% (continued)
California - 24.6 % (continued)
Stanton Redevelopment Agency Tax Allocation
5.00% due 12/01/40	$	180,000	$	211,122
Westside Elementary School District General Obligation Unlimited
5.00% due 08/01/48		155,000		186,287
Culver Redevelopment Agency Successor Agency Tax Allocation
due 11/01/232		195,000		184,544
Rio Hondo Community College District General Obligation Unlimited
due 08/01/292		200,000		165,412
Freddie Mac Multifamily VRD Certificates Revenue Bonds
2.40% due 10/15/29		150,000		154,104
City of Los Angeles Department of Airports Revenue Bonds
5.00% due 05/15/44		100,000		123,055
Washington Township Health Care District Revenue Bonds
5.00% due 07/01/32		100,000		122,068
Buena Park School District General Obligation Unlimited
5.00% due 08/01/47		100,000		118,648
Roseville Joint Union High School District General Obligation Unlimited
due 08/01/302		100,000		79,292
Sequoia Healthcare District Revenue Bonds
5.38% due 08/15/23		5,000		5,375
McKinleyville Union School District General Obligation Unlimited
due 08/01/212		40,000		3,662
Total California				14,074,986
Texas - 9.3 %
North Texas Tollway Authority Revenue Bonds
due 01/01/362		1,000,000		660,860
Birdville Independent School District General Obligation Unlimited
5.00% due 02/15/27		305,000		359,488
State of Texas General Obligation Unlimited
5.00% due 10/01/29		250,000		298,370
Bexar County Hospital District General Obligation Limited
5.00% due 02/15/32		200,000		247,424
Bexar County Health Facilities Development Corp. Revenue Bonds
5.00% due 07/15/22		225,000		242,800
United Independent School District General Obligation Unlimited
5.00% due 08/15/49		200,000		242,554
Harris County-Houston Sports Authority Revenue Bonds
due 11/15/532		1,000,000		242,410
Lindale Independent School District General Obligation Unlimited
5.00% due 02/15/49		200,000		241,618
Central Texas Regional Mobility Authority Revenue Bonds
5.00% due 01/01/27		200,000		239,180
Texas Water Development Board Revenue Bonds
5.00% due 10/15/46		200,000		237,236
Dallas Area Rapid Transit Revenue Bonds
5.00% due 12/01/41		200,000		235,526
Clifton Higher Education Finance Corp. Revenue Bonds
4.00% due 08/15/33		200,000		233,118
Central Texas Turnpike System Revenue Bonds
5.00% due 08/15/34		200,000		228,102
Arlington Higher Education Finance Corp. Revenue Bonds
5.00% due 12/01/46		200,000		221,778
Grand Parkway Transportation Corp. Revenue Bonds
5.00% due 10/01/43		175,000		211,643
Texas Tech University Revenue Bonds
5.00% due 08/15/32		200,000		210,868
Texas Municipal Gas Acquisition & Supply Corporation I Revenue Bonds
6.25% due 12/15/26		170,000		200,075
Spring Independent School District General Obligation Unlimited
4.00% due 08/15/37		150,000		171,349
City of Fort Worth Texas Water & Sewer System Revenue Bonds
5.00% due 02/15/32		100,000		124,308
Hutto Independent School District General Obligation Unlimited
5.00% due 08/01/49		100,000		120,762
Mansfield Independent School District General Obligation Unlimited
5.00% due 02/15/44		100,000		120,565
University of North Texas System Revenue Bonds
5.00% due 04/15/44		100,000		120,083

Municipal Income Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount		Value
MUNICIPAL BONDS†† - 93.7% (continued)
Texas - 9.3 % (continued)
City of Arlington Texas Special Tax Revenue Special Tax
5.00% due 02/15/48	$	100,000	$	118,119
Tarrant County Health Facilities Development Corp. Revenue Bonds
6.00% due 09/01/24		10,000		11,204
County of Tarrant Texas General Obligation Limited
5.00% due 07/15/20		10,000		10,106
City of Austin Texas Water & Wastewater System Revenue Bonds
5.00% due 11/15/21		5,000		5,304
Leander Independent School District General Obligation Unlimited
due 08/15/242		5,000		2,754
Total Texas				5,357,604
New York - 8.3 %
New York City Transitional Finance Authority Future Tax Secured Revenue Bonds
1.67% (VRDN) due 11/01/364		1,700,000		1,700,000
New York State Dormitory Authority Revenue Bonds
5.00% due 10/01/41		350,000		366,327
5.00% due 08/01/26		250,000		301,750
5.00% due 12/01/275		200,000		240,910
5.00% due 02/18/20		15,000		15,075
New York City Water & Sewer System Revenue Bonds
1.66% (VRDN) due 06/15/454		600,000		600,000
City of New York New York General Obligation Unlimited
1.65% (VRDN) due 10/01/464		500,000		500,000
New York Transportation Development Corp. Revenue Bonds
5.00% due 07/01/34		200,000		224,672
5.00% due 08/01/26		200,000		209,384
New York State Urban Development Corp. Revenue Bonds
5.00% due 03/15/35		250,000		284,995
Westchester County Healthcare Corp. Revenue Bonds
5.00% due 11/01/44		189,000		207,575
Brooklyn Arena Local Development Corp. Revenue Bonds
6.00% due 01/15/20		100,000		100,166
Total New York				4,750,854
Massachusetts - 5.1 %
Commonwealth of Massachusetts General Obligation Limited
1.64% (VRDN) due 03/01/264		1,500,000		1,500,000
Massachusetts Development Finance Agency Revenue Bonds
6.88% due 01/01/21		1,000,000		1,057,270
5.00% due 07/01/29		200,000		238,976
5.00% due 07/01/36		100,000		116,692
Total Massachusetts				2,912,938
Michigan - 4.5 %
Detroit Wayne County Stadium Authority Revenue Bonds
5.00% due 10/01/26		1,000,000		1,093,000
Detroit City School District General Obligation Unlimited
5.00% due 05/01/32		500,000		537,840
5.00% due 05/01/30		300,000		322,944
Michigan State Hospital Finance Authority Revenue Bonds
5.00% due 11/15/47		200,000		232,526
Michigan State Housing Development Authority Revenue Bonds
3.35% due 12/01/34		200,000		211,680
City of Detroit Michigan Water Supply System Revenue Bonds
5.00% due 07/01/41		200,000		208,544
Total Michigan				2,606,534
Washington - 4.5%
Greater Wenatchee Regional Events Center Public Facilities Dist Revenue Bonds
5.00% due 09/01/27		500,000		515,155
5.25% due 09/01/32		500,000		513,695
King County School District No. 409 Tahoma General Obligation Unlimited
5.00% due 12/01/27		325,000		391,872
Yakima & Kittitas Counties School District No. 119 Selah General Obligation Unlimited
5.00% due 12/01/42		200,000		241,516
County of King Washington Sewer Revenue Bonds
5.00% due 07/01/42		200,000		239,824
Washington State Convention Center Public Facilities District Revenue Bonds
5.00% due 07/01/48		200,000		238,344

Municipal Income Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount		Value
MUNICIPAL BONDS†† - 93.7% (continued)
Washington - 4.5% (continued)
Central Puget Sound Regional Transit Authority Revenue Bonds
5.00% due 11/01/41	$	200,000	$	237,492
State of Washington General Obligation Unlimited
5.00% due 06/01/41		195,000		205,618
Total Washington				2,583,516
New Jersey - 3.9%
Hudson County Improvement Authority Revenue Bonds
6.00% due 01/01/20		1,000,000		1,000,000
New Jersey Health Care Facilities Financing Authority Revenue Bonds
5.00% due 07/01/41		300,000		340,047
5.00% due 07/01/36		200,000		229,602
New Jersey Turnpike Authority Revenue Bonds
5.00% due 01/01/31		300,000		373,038
New Jersey Economic Development Authority Revenue Bonds
5.00% due 06/01/28		250,000		303,155
Total New Jersey				2,245,842
Colorado - 3.8 %
University of Colorado Revenue Bonds
5.00% due 06/01/22		285,000		311,649
5.00% due 06/01/26		200,000		246,344
Auraria Higher Education Center Revenue Bonds
5.00% due 04/01/28		390,000		455,844
City & County of Denver Colorado Airport System Revenue Bonds
5.00% due 12/01/28		200,000		250,518
Denver Health & Hospital Authority Revenue Bonds
5.00% due 12/01/30		200,000		250,218
Board of Governors of Colorado State University System Revenue Bonds
5.00% due 03/01/41		200,000		236,762
City & County of Denver Colorado Revenue Bonds
due 08/01/302		200,000		151,796
Colorado Educational & Cultural Facilities Authority Revenue Bonds
5.00% due 03/01/47		110,000		129,092
Colorado School of Mines Revenue Bonds
5.00% due 12/01/47		100,000		118,668
Total Colorado				2,150,891
Illinois - 3.2 %
Will County Township High School District No. 204 Joliet General Obligation Ltd.
6.25% due 01/01/31		500,000		523,425
City of Chicago Illinois Wastewater Transmission Revenue Bonds
5.25% due 01/01/42		400,000		469,912
Chicago O'Hare International Airport Revenue Bonds
5.00% due 01/01/34		300,000		346,569
Metropolitan Water Reclamation District of Greater Chicago General Obligation Unlimited
5.00% due 12/01/25		200,000		239,722
University of Illinois Revenue Bonds
6.00% due 10/01/29		200,000		228,774
Total Illinois				1,808,402
Pennsylvania - 2.6%
Pennsylvania Economic Development Financing Authority Revenue Bonds
5.00% due 02/01/27		500,000		580,765
Reading School District General Obligation Unlimited
5.00% due 02/01/27		300,000		349,884
Pittsburgh Water & Sewer Authority Revenue Bonds
5.25% due 09/01/36		300,000		339,219
Allegheny County Hospital Development Authority Revenue Bonds
5.00% due 07/15/32		100,000		125,523
Northeastern Pennsylvania Hospital & Education Authority Revenue Bonds
5.00% due 05/01/20		100,000		101,121
City of Erie Pennsylvania General Obligation Unlimited
3.10% due 11/15/25		5,000		5,217
Total Pennsylvania				1,501,729
Louisiana - 1.9 %
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds
5.00% due 10/01/37		500,000		579,060
5.00% due 10/01/26		150,000		180,606
City of Shreveport Louisiana Water & Sewer Revenue Bonds
5.00% due 12/01/35		250,000		302,117

Municipal Income Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount		Value
MUNICIPAL BONDS†† - 93.7% (continued)
Louisiana - 1.9 % (continued)
Louisiana Public Facilities Authority Revenue Bonds
5.00% due 05/15/26	$	5,000	$	6,019
Total Louisiana				1,067,802
North Carolina - 1.6 %
North Carolina Turnpike Authority Revenue Bonds
5.00% due 01/01/27		300,000		365,829
North Carolina Central University Revenue Bonds
5.00% due 04/01/44		300,000		365,154
County of New Hanover North Carolina Revenue Bonds
5.00% due 10/01/22		150,000		162,618
North Carolina Eastern Municipal Power Agency Revenue Bonds
4.50% due 01/01/22		10,000		10,304
Total North Carolina				903,905
West Virginia - 1.6%
West Virginia Higher Education Policy Commission Revenue Bonds
5.00% due 04/01/29		500,000		538,680
West Virginia Hospital Finance Authority Revenue Bonds
5.00% due 06/01/42		300,000		350,202
Total West Virginia				888,882
District of Columbia - 1.5 %
District of Columbia General Obligation Unlimited
5.00% due 06/01/41		285,000		335,468
5.00% due 06/01/32		275,000		317,716
5.00% due 06/01/31		175,000		213,489
Total District of Columbia				866,673
Florida - 1.4%
Miami Beach Redevelopment Agency Tax Allocation
5.00% due 02/01/40		300,000		338,685
City of Jacksonville Florida Revenue Bonds
5.00% due 10/01/29		300,000		328,083
Greater Orlando Aviation Authority Revenue Bonds
5.00% due 10/01/32		100,000		125,433
Total Florida				792,201
Mississippi - 1.3%
Mississippi Development Bank Revenue Bonds
6.50% due 10/01/31		500,000		523,960
6.25% due 10/01/26		230,000		240,932
Total Mississippi				764,892
Arizona - 1.2%
Maricopa County Industrial Development Authority Revenue Bonds
5.00% due 01/01/41		250,000		297,945
Salt Verde Financial Corp. Revenue Bonds
5.00% due 12/01/32		200,000		258,014
Pinal County Elementary School District No. 4 Casa Grande General Obligation Unlimited
5.00% due 07/01/37		100,000		123,839
Total Arizona				679,798
Oklahoma - 1.2%
Oklahoma Development Finance Authority Revenue Bonds
5.00% due 08/15/28		350,000		431,043
Oklahoma City Airport Trust Revenue Bonds
5.00% due 07/01/30		200,000		246,668
Total Oklahoma				677,711
Nebraska - 1.2%
Central Plains Energy Project Revenue Bonds
5.00% due 09/01/29		200,000		247,348
Nebraska Educational Health Cultural & Social Services Finance Authority Revenue Bonds
4.00% due 01/01/33		200,000		221,694
Nebraska Investment Finance Authority Revenue Bonds
3.40% due 09/01/39		200,000		208,578
Total Nebraska				677,620
Arkansas - 1.1%
County of Baxter Arkansas Revenue Bonds
5.00% due 09/01/26		330,000		384,057
University of Arkansas Revenue Bonds
5.00% due 11/01/47		200,000		238,714
Total Arkansas				622,771
Puerto Rico - 1.1%
Puerto Rico Highway & Transportation Authority Revenue Bonds
5.25% due 07/01/41		250,000		281,672
Puerto Rico Public Buildings Authority Revenue Bonds
6.00% due 07/01/23		250,000		273,143
Commonwealth of Puerto Rico General Obligation Unlimited
5.25% due 07/01/24		45,000		46,993
Total Puerto Rico				601,808
Alaska - 0.9%
University of Alaska Revenue Bonds
5.00% due 10/01/40		260,000		299,135

Municipal Income Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount		Value
MUNICIPAL BONDS†† - 93.7% (continued)
Alaska - 0.9% (continued)
CIVICVentures Revenue Bonds
5.00% due 09/01/27	$	200,000	$	233,848
Total Alaska				532,983
Virginia - 0.9 %
Virginia College Building Authority Revenue Bonds
5.00% due 02/01/25		250,000		297,475
Loudoun County Economic Development Authority Revenue Bonds
due 07/01/492		500,000		193,035
City of Norfolk Virginia General Obligation Unlimited
2.50% due 10/01/463		5,000		5,137
Total Virginia				495,647
Ohio - 0.8%
County of Miami Ohio Revenue Bonds
5.00% due 08/01/33		200,000		243,052
American Municipal Power, Inc. Revenue Bonds
5.00% due 02/15/41		200,000		231,028
Total Ohio				474,080
Nevada - 0.8%
Las Vegas Valley Water District General Obligation Ltd.
5.00% due 06/01/27		230,000		274,174
Las Vegas Convention & Visitors Authority Revenue Bonds
5.00% due 07/01/43		150,000		179,290
Total Nevada				453,464
Kentucky - 0.7 %
Kentucky Economic Development Finance Authority Revenue Bonds
5.00% due 07/01/37		200,000		224,806
City of Ashland Kentucky Revenue Bonds
5.00% due 02/01/20		200,000		200,600
Total Kentucky				425,406
Georgia - 0.5%
Savannah Economic Development Authority Revenue Bonds
5.00% due 12/01/28		200,000		238,100
Thomasville Hospital Authority Revenue Bonds
5.25% due 11/02/20		25,000		25,846
Total Georgia				263,946
South Carolina - 0.4%
Charleston County Airport District Revenue Bonds
5.00% due 07/01/43		200,000		246,002
Delaware - 0.4%
Delaware State Health Facilities Authority Revenue Bonds
5.00% due 06/01/28		200,000		243,822
Vermont - 0.4%
Vermont Educational & Health Buildings Financing Agency Revenue Bonds
5.00% due 12/01/46		200,000		230,224
North Dakota - 0.4%
City of Grand Forks North Dakota Revenue Bonds
5.00% due 12/01/24		200,000		229,626
Tennessee - 0.3 %
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Revenue Bonds
2.48% due 12/01/37		200,000		198,672
South Dakota - 0.3%
South Dakota Board of Regents Housing & Auxiliary Facilities System Revenue Bonds
5.00% due 04/01/34		150,000		181,772
Maryland - 0.3%
Maryland Economic Development Corp.
5.75% due 09/01/25		150,000		153,580
Maryland Health & Higher Educational Facilities Authority Revenue Bonds
5.00% due 07/01/27		5,000		5,736
Total Maryland				159,316
Idaho - 0.2%
Idaho Housing & Finance Association Revenue Bonds
5.00% due 07/15/30		100,000		128,093
Utah - 0.2%
South Davis Metro Fire Service Area Revenue Bonds
5.00% due 12/01/34		100,000		121,659
Rhode Island - 0.2%
Rhode Island Health & Educational Building Corp. Revenue Bonds
5.00% due 05/15/42		100,000		121,506
Oregon - 0.2%
University of Oregon Revenue Bonds
5.00% due 04/01/48		100,000		121,010
Montana - 0.2%
Montana State Board of Regents Revenue Bonds
5.00% due 11/15/43		100,000		120,513
Kansas - 0.2%
University of Kansas Hospital Authority Revenue Bonds
5.00% due 09/01/48		100,000		120,217
Iowa - 0.2%
PEFA, Inc. Revenue Bonds
5.00% (VRDN) due 09/01/264		100,000		118,390

Municipal Income Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount		Value
MUNICIPAL BONDS†† - 93.7% (continued)
Indiana - 0.2%
Indiana Finance Authority Revenue Bonds
5.00% due 10/01/41	$	100,000	$	117,726
New Mexico - 0.1%
City of Albuquerque New Mexico Revenue Bonds
5.00% due 07/01/25		30,000		34,213
Wisconsin - 0.0%
Public Finance Authority Revenue Bonds
5.00% due 12/01/20		5,000		5,362
Guam - 0.0%
Guam Power Authority Revenue Bonds
5.50% due 10/01/20		5,000		5,114
Total Municipal Bonds
(Cost $51,212,021)				53,686,122
Total Investments - 99.0%
(Cost $54,277,279)			$	56,738,473
Other Assets & Liabilities, net - 1.0%				574,310
Total Net Assets - 100.0%			$	57,312,783

†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	Rate indicated is the 7-day yield as of December 31, 2019.
2	Zero coupon rate security.
3	Security is a step up/down bond. The coupon increases or decreases at regular intervals until the bond reaches full maturity. Rate indicated is the rate at December 31, 2019. See table below for additional step information for each security.
4	The rate is adjusted periodically by the counterparty, allows the holder to tender the security upon a rate reset, and is not based upon a set reference rate and spread. Rate indicated is the rate effective at December 31, 2019.
5	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $240,910 (cost $214,708), or 0.4% of total net assets.
6	Security has no current coupon. However, a coupon rate will come into effect at a future rate reset date.

VRDN — Variable Rate Demand Note

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2019 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Closed-End Funds	$	2,216,691	$	—	$	—	$	2,216,691
Money Market Fund		835,660		—		—		835,660
Municipal Bonds		—		53,686,122		—		53,686,122
Total Assets	$	3,052,351	$	53,686,122	$	—	$	56,738,473

Step Coupon Bonds

The following table discloses additional information related to step coupon bonds held by the Fund. Certain securities are subject to multiple rate changes prior to maturity. For those securities a range of rates and corresponding dates have been provided. Rates for all step coupon bonds held by the Fund are scheduled to increase, none are scheduled to decrease.

Name	Coupon Rate at Next Reset Date			Next Rate Reset Date	Future Reset Rate(s)		Future Reset Date(s)
City of Norfolk Virginia General Obligation Unlimited, 2.50% due 10/01/46		3.00	%	10/01/22		3.00% - 5.00%		10/01/22 - 10/01/41
College of the Sequoias Tulare Area Improvement District No. 3 General Obligation Unlimited, due 08/01/42		6.85	%	08/01/32		—		—
Riverside County Redevelopment Successor Agency Tax Allocation, due 10/01/37		5.00	%	10/01/21		—		—

Risk Managed Real Estate Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Shares		Value
COMMON STOCKS† - 95.9%
REITs - 90.4%
REITs-Diversified - 14.0%
Equinix, Inc.1		21,678	$	12,653,449
Vornado Realty Trust		50,960		3,388,840
VICI Properties, Inc.		125,090		3,196,050
Weyerhaeuser Co.		99,580		3,007,316
WP Carey, Inc.		31,161		2,494,126
Digital Realty Trust, Inc.2		20,307		2,431,560
Gaming and Leisure Properties, Inc.		37,950		1,633,748
CoreSite Realty Corp.		10,570		1,185,108
Alexander & Baldwin, Inc.		50,056		1,049,174
PotlatchDeltic Corp.		19,531		845,106
Total REITs-Diversified				31,884,477
REITs-Health Care - 13.6%
Welltower, Inc.		109,250		8,934,465
Ventas, Inc.		136,341		7,872,329
Healthpeak Properties, Inc.1		210,545		7,257,486
Omega Healthcare Investors, Inc.		146,555		6,206,604
CareTrust REIT, Inc.		41,156		849,048
Total REITs-Health Care				31,119,932
REITs-Apartments - 12.6%
Equity Residential		68,362		5,531,853
Invitation Homes, Inc.2		182,107		5,457,747
AvalonBay Communities, Inc.1		25,991		5,450,313
Essex Property Trust, Inc.1		12,951		3,896,438
Mid-America Apartment Communities, Inc.		21,416		2,823,914
UDR, Inc.		53,988		2,521,240
Camden Property Trust		17,542		1,861,206
American Homes 4 Rent — Class A2		48,222		1,263,899
Total REITs-Apartments				28,806,610
REITs-Warehouse/Industries - 12.6%
Prologis, Inc.1		119,950		10,692,343
Rexford Industrial Realty, Inc.		78,196		3,571,211
Terreno Realty Corp.2		60,800		3,291,712
CyrusOne, Inc.		45,528		2,978,897
EastGroup Properties, Inc.2		21,999		2,918,607
Americold Realty Trust		75,366		2,642,332
STAG Industrial, Inc.		83,633		2,640,294
Total REITs-Warehouse/Industries				28,735,396
REITs-Office Property - 7.9%
Alexandria Real Estate Equities, Inc.2		26,482		4,278,962
Boston Properties, Inc.1		27,947		3,852,773
Highwoods Properties, Inc.		61,161		2,991,385
Paramount Group, Inc.		132,000		1,837,440
Cousins Properties, Inc.		39,758		1,638,030
SL Green Realty Corp.		16,451		1,511,518
Kilroy Realty Corp.		13,116		1,100,432
Douglas Emmett, Inc.2		19,004		834,276
Total REITs-Office Property				18,044,816
REITs-Storage - 6.0%
Extra Space Storage, Inc.		47,876		5,056,663
Public Storage		19,154		4,079,036
Iron Mountain, Inc.2		96,244		3,067,296
National Storage Affiliates Trust		25,468		856,234
CubeSmart		23,256		732,099
Total REITs-Storage				13,791,328
REITs-Single Tenant - 5.7%
Realty Income Corp.		59,135		4,354,110
Spirit Realty Capital, Inc.		75,440		3,710,139
STORE Capital Corp.2		87,866		3,272,130
National Retail Properties, Inc.		29,918		1,604,203
Total REITs-Single Tenant				12,940,582
REITs-Hotels - 4.6%
Host Hotels & Resorts, Inc.		184,327		3,419,266
MGM Growth Properties LLC — Class A		84,824		2,626,999
Park Hotels & Resorts, Inc.		81,487		2,108,069
Pebblebrook Hotel Trust		61,698		1,654,123
Ryman Hospitality Properties, Inc.		8,881		769,627
Total REITs-Hotels				10,578,084
REITs-Manufactured Homes - 4.5%
Sun Communities, Inc.1		34,466		5,173,347
Equity LifeStyle Properties, Inc.		70,997		4,997,479
Total REITs-Manufactured Homes				10,170,826
REITs-Shopping Centers - 4.2%
Regency Centers Corp.2		49,627		3,130,967
Federal Realty Investment Trust2		23,547		3,031,205
Retail Opportunity Investments Corp.		143,759		2,538,784
SITE Centers Corp.		58,595		821,502
Total REITs-Shopping Centers				9,522,458
REITs-Regional Malls - 2.4%
Simon Property Group, Inc.		37,274		5,552,335
REITs-Mortgage - 2.3%
Annaly Capital Management, Inc.		303,540		2,859,347
AGNC Investment Corp.		128,816		2,277,467
Total REITs-Mortgage				5,136,814
Total REITs				206,283,658
Real Estate - 2.8%
Real Estate Management/Services - 2.8%
Safehold, Inc.		161,570		6,511,271
Entertainment - 1.4%
Gambling (Non-Hotel) - 1.4%
Red Rock Resorts, Inc. — Class A		134,779		3,227,957
Software - 1.3%
Computer Software - 1.3%
InterXion Holding N.V.*		35,376		2,964,862
Total Common Stocks
(Cost $197,307,044)				218,987,748

Risk Managed Real Estate Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Shares		Value
MONEY MARKET FUND† - 7.1%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares 1.44%3		16,106,343	$	16,106,343
Total Money Market Fund
(Cost $16,106,343)				16,106,343
Total Investments - 103.0%
(Cost $213,413,387)			$	235,094,091

COMMON STOCKS SOLD SHORT† - (12.9)%
Leisure Time - (0.4)%
Cruise Lines - (0.4)%
Royal Caribbean Cruises Ltd.	7,099	(947,788	)
Telecommunications - (0.4)%
Telecommunication Services - (0.4)%
Switch, Inc. — Class A	66,501	(985,545	)
Home Builders - (0.6)%
Building-Residential/Commercial - (0.6)%
Toll Brothers, Inc.	16,256	(642,274	)
KB Home	19,259	(660,006	)
Total Home Builders		(1,302,280	)
Real Estate - (0.8)%
Real Estate Management/Services - (0.3)%
Cushman & Wakefield plc*	33,154	(677,667	)
Real Estate Operations/Development - (0.5)%
Howard Hughes Corp.*	8,546	(1,083,633	)
Total Real Estate		(1,761,300	)
REITs - (10.7)%
REITs-Regional Malls - (0.3)%
Washington Prime Group, Inc.	162,627	(591,962	)
REITs-Warehouse/Industries - (0.8)%
Industrial Logistics Properties Trust	29,109	(652,624	)
Monmouth Real Estate Investment Corp.	87,113	(1,261,396	)
Total REITs-Warehouse/Industries		(1,914,020	)
REITs-Storage - (1.0)%
Public Storage	4,907	(1,044,995	)
Life Storage, Inc.	11,497	(1,244,895	)
Total REITs-Storage		(2,289,890	)
REITs-Shopping Centers - (1.4)%
Retail Properties of America, Inc. — Class A	62,102	(832,167	)
Brixmor Property Group, Inc.	51,730	(1,117,885	)
Kimco Realty Corp.	60,583	(1,254,674	)
Total REITs-Shopping Centers		(3,204,726	)
REITs-Health Care - (1.6)%
Healthcare Trust of America, Inc. — Class A	36,109	(1,093,381	)
Healthcare Realty Trust, Inc.	34,995	(1,167,783	)
Physicians Realty Trust	79,503	(1,505,787	)
Total REITs-Health Care		(3,766,951	)
REITs-Hotels - (1.7)%
Xenia Hotels & Resorts, Inc.	42,032	(908,312	)
RLJ Lodging Trust	52,225	(925,427	)
Service Properties Trust	38,820	(944,491	)
Hersha Hospitality Trust	76,239	(1,109,277	)
Total REITs-Hotels		(3,887,507	)
REITs-Diversified - (1.9)%
PS Business Parks, Inc.	4,587	(756,259	)
American Finance Trust, Inc.	63,239	(838,549	)
Washington Real Estate Investment Trust	36,067	(1,052,435	)
Digital Realty Trust, Inc.	13,278	(1,589,908	)
Total REITs-Diversified		(4,237,151	)
REITs-Office Property - (2.0)%
Columbia Property Trust, Inc.	40,306	(842,798	)
Brandywine Realty Trust	54,662	(860,926	)
VEREIT, Inc.	135,386	(1,250,967	)
Piedmont Office Realty Trust, Inc. — Class A	73,029	(1,624,165	)
Total REITs-Office Property		(4,578,856	)
Total REITs		(24,471,063	)
Total Common Stocks Sold Short
(Proceeds $29,093,254)		(29,467,976	)

EXCHANGE-TRADED FUNDS SOLD SHORT† - (2.5)%
Vanguard Real Estate ETF	60,675		(5,630,033	)
Total Exchange-Traded Funds Sold Short
(Proceeds $5,577,084)			(5,630,033	)
Total Securities Sold Short - (15.4)%
(Proceeds $34,670,338)		$	(35,098,009	)
Other Assets & Liabilities, net - 12.4%			28,188,583
Total Net Assets - 100.0%		$	228,184,665

Risk Managed Real Estate Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

Custom Basket Swap Agreements
Counterparty	Reference Obligation	Financing Rate Pay (Receive)	Payment Frequency	Maturity Date	Notional Amount		Value and Unrealized Appreciation (Depreciation)
OTC Custom Basket Swap Agreements ††
Morgan Stanley Capital Services LLC	MS Equity Custom Basket	1.95% (Federal Funds Rate + 0.40%)	At Maturity	06/12/24	$	30,392,959	$	1,741,480

Goldman Sachs International	GS Equity Custom Basket	2.00% (Federal Funds Rate + 0.45%)	At Maturity	05/06/24		29,683,899		1,582,325
					$	60,076,858	$	3,323,805
OTC Custom Basket Swap Agreements Sold Short ††
Morgan Stanley Capital Services LLC	MS Equity Custom Basket	(1.17)% (Federal Funds Rate - 0.38%)	At Maturity	06/12/24	$	29,628,338	$	(259,925	)
Goldman Sachs International	GS Equity Custom Basket	(1.28)% (Federal Funds Rate - 0.28%)	At Maturity	05/06/24		29,628,337		(256,979	)
					$	59,256,675	$	(516,904	)

Risk Managed Real Estate Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

MS EQUITY LONG CUSTOM BASKET
	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Financial
Safehold, Inc.		49,616		6.58	%	$	505,865
Omega Healthcare Investors, Inc.		34,213		4.77	%		197,359
Equinix, Inc.		1,574		3.02	%		125,967
Highwoods Properties, Inc.		20,057		3.23	%		120,271
Healthpeak Properties, Inc.		40,549		4.60	%		111,122
Americold Realty Trust		43,436		5.01	%		104,246
Park Hotels & Resorts, Inc.		31,019		2.64	%		99,196
Sun Communities, Inc.		4,769		2.36	%		92,525
Equity LifeStyle Properties, Inc.		10,341		2.39	%		92,138
Invitation Homes, Inc.		24,502		2.42	%		73,506
Terreno Realty Corp.		10,683		1.90	%		72,324
Rexford Industrial Realty, Inc.		12,385		1.86	%		70,966
Spirit Realty Capital, Inc.		18,189		2.94	%		64,731
Annaly Capital Management, Inc.		121,947		3.78	%		58,943
STAG Industrial, Inc.		24,228		2.52	%		51,458
CyrusOne, Inc.		14,197		3.06	%		46,200
Host Hotels & Resorts, Inc.		39,904		2.44	%		31,448
Weyerhaeuser Co.		30,111		2.99	%		23,110
Vornado Realty Trust		10,762		2.35	%		2,215
Paramount Group, Inc.		51,377		2.35	%		1,675
AGNC Investment Corp.		39,761		2.31	%		(517	)
National Storage Affiliates Trust		21,488		2.38	%		(5,234	)
PotlatchDeltic Corp.		16,514		2.35	%		(5,747	)
Alexander & Baldwin, Inc.		42,323		2.92	%		(8,492	)
MGM Growth Properties LLC — Class A		23,366		2.38	%		(11,706	)
Federal Realty Investment Trust		5,256		2.23	%		(20,594	)
Retail Opportunity Investments Corp.		38,695		2.25	%		(30,372	)
Extra Space Storage, Inc.		8,211		2.85	%		(31,832	)
Regency Centers Corp.		10,661		2.21	%		(42,045	)
Pebblebrook Hotel Trust		31,651		2.79	%		(44,650	)
CareTrust REIT, Inc.		34,724		2.36	%		(46,944	)
Ventas, Inc.		20,638		3.92	%		(159,514	)
Total Financial							1,537,618
Consumer, Cyclical
Red Rock Resorts, Inc. — Class A		37,830		2.98	%		96,593
Technology
InterXion Holding N.V.		10,370		2.86	%		107,269
Total MS Equity Long Custom Basket							1,741,480

MS EQUITY SHORT CUSTOM BASKET
Financial
Hersha Hospitality Trust	64,325	(3.16	)%		116,354
Public Storage	4,140	(2.98	)%		99,424
PS Business Parks, Inc.	3,870	(2.15	)%		71,234
Digital Realty Trust, Inc.	11,203	(4.53	)%		58,534
Washington Prime Group, Inc.	137,365	(1.69	)%		34,341
American Finance Trust, Inc.	53,357	(2.39	)%		31,540
Retail Properties of America, Inc. — Class A	52,398	(2.37	)%		17,380
Service Properties Trust	32,754	(2.69	)%		10,433
Life Storage, Inc.	9,700	(3.54	)%		5,067
VEREIT, Inc.	114,229	(3.56	)%		1,341
Healthcare Trust of America, Inc. — Class A	30,467	(3.11	)%		(5,581	)
Columbia Property Trust, Inc.	34,048	(2.40	)%		(11,429	)
Xenia Hotels & Resorts, Inc.	35,464	(2.59	)%		(11,979	)
Healthcare Realty Trust, Inc.	29,526	(3.33	)%		(20,506	)
Industrial Logistics Properties Trust	24,560	(1.86	)%		(25,984	)
Monmouth Real Estate Investment Corp.	73,500	(3.59	)%		(27,902	)
Brandywine Realty Trust	46,176	(2.45	)%		(28,114	)
Howard Hughes Corp.	7,225	(3.09	)%		(39,387	)
Cushman & Wakefield plc	28,030	(1.93	)%		(44,792	)
RLJ Lodging Trust	44,064	(2.64	)%		(47,917	)
Washington Real Estate Investment Trust	30,431	(3.00	)%		(49,277	)
Brixmor Property Group, Inc.	43,646	(3.18	)%		(49,461	)
Kimco Realty Corp.	51,116	(3.57	)%		(59,442	)
Physicians Realty Trust	67,079	(4.29	)%		(61,807	)
Piedmont Office Realty Trust, Inc. — Class A	61,617	(4.63	)%		(102,072	)
Total Financial					(140,002	)
Communications
Switch, Inc. — Class A	56,021	(2.80	)%		47,546
Exchange-Traded Funds
Vanguard Real Estate ETF	51,297	(16.07	)%		(42,386	)
Consumer, Cyclical
Toll Brothers, Inc.	13,744	(1.83	)%		(8,084	)
KB Home	16,284	(1.88	)%		(27,201	)
Royal Caribbean Cruises Ltd.	5,984	(2.70	)%		(89,798	)
Total Consumer, Cyclical					(125,083	)
Total MS Equity Short Custom Basket				$	(259,925	)

Risk Managed Real Estate Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

GS EQUITY LONG CUSTOM BASKET
	Shares	Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Financial
Safehold, Inc.	49,800	6.77	%	$	492,096
Omega Healthcare Investors, Inc.	34,213	4.88	%		201,288
Equinix, Inc.	1,574	3.10	%		125,147
Highwoods Properties, Inc.	20,057	3.30	%		119,499
Healthpeak Properties, Inc.	40,549	4.71	%		112,946
Park Hotels & Resorts, Inc.	31,019	2.70	%		99,490
Equity LifeStyle Properties, Inc.	10,341	2.45	%		94,672
Sun Communities, Inc.	4,769	2.41	%		93,969
Rexford Industrial Realty, Inc.	12,385	1.91	%		76,539
Terreno Realty Corp.	10,683	1.95	%		75,529
Invitation Homes, Inc.	24,502	2.47	%		74,241
Spirit Realty Capital, Inc.	18,189	3.01	%		65,164
Annaly Capital Management, Inc.	121,947	3.87	%		59,709
STAG Industrial, Inc.	24,228	2.58	%		51,487
CyrusOne, Inc.	14,197	3.13	%		46,383
Host Hotels & Resorts, Inc.	39,904	2.49	%		31,484
Weyerhaeuser Co.	30,111	3.06	%		23,579
AGNC Investment Corp.	39,761	2.37	%		(266	)
Paramount Group, Inc.	51,377	2.41	%		(935	)
Vornado Realty Trust	10,762	2.41	%		(1,324	)
National Storage Affiliates Trust	21,488	2.43	%		(3,062	)
PotlatchDeltic Corp.	16,514	2.41	%		(6,335	)
MGM Growth Properties LLC — Class A	23,366	2.44	%		(11,276	)
Alexander & Baldwin, Inc.	42,323	2.99	%		(12,059	)
Federal Realty Investment Trust	5,256	2.28	%		(20,278	)
Retail Opportunity Investments Corp.	38,695	2.30	%		(29,997	)
Extra Space Storage, Inc.	8,211	2.92	%		(31,991	)
Regency Centers Corp.	10,661	2.27	%		(42,868	)
CareTrust REIT, Inc.	34,724	2.41	%		(45,060	)
Pebblebrook Hotel Trust	31,651	2.86	%		(47,231	)
Americold Realty Trust	23,000	2.72	%		(58,496	)
Ventas, Inc.	20,638	4.01	%		(154,925	)
Total Financial					1,377,119
Technology
InterXion Holding N.V.	10,370	2.93	%		108,391
Consumer, Cyclical
Red Rock Resorts, Inc. — Class A	37,830	3.05	%		96,815
Total GS Equity Long Custom Basket					1,582,325

GS EQUITY SHORT CUSTOM BASKET
Financial
Hersha Hospitality Trust	64,325	(3.16	)%		119,599
Public Storage	4,140	(2.98	)%		99,367
PS Business Parks, Inc.	3,870	(2.15	)%		71,080
Digital Realty Trust, Inc.	11,203	(4.53	)%		59,866
Washington Prime Group, Inc.	137,365	(1.69	)%		35,481
American Finance Trust, Inc.	53,357	(2.39	)%		32,381
Retail Properties of America, Inc. — Class A	52,398	(2.37	)%		18,235
Service Properties Trust	32,754	(2.69	)%		14,416
Life Storage, Inc.	9,700	(3.54	)%		887
Columbia Property Trust, Inc.	34,048	(2.40	)%		(637	)
VEREIT, Inc.	114,229	(3.56	)%		(4,040	)
Healthcare Trust of America, Inc. — Class A	30,467	(3.11	)%		(4,884	)
Xenia Hotels & Resorts, Inc.	35,464	(2.59	)%		(14,131	)
Brandywine Realty Trust	46,176	(2.45	)%		(17,635	)
Healthcare Realty Trust, Inc.	29,526	(3.33	)%		(24,820	)
Industrial Logistics Properties Trust	24,560	(1.86	)%		(25,664	)
Monmouth Real Estate Investment Corp.	73,500	(3.59	)%		(28,042	)
Howard Hughes Corp.	7,225	(3.09	)%		(41,815	)
Cushman & Wakefield plc	28,030	(1.93	)%		(46,003	)
RLJ Lodging Trust	44,064	(2.64	)%		(47,419	)
Washington Real Estate Investment Trust	30,431	(3.00	)%		(48,506	)
Brixmor Property Group, Inc.	43,646	(3.18	)%		(49,945	)
Kimco Realty Corp.	51,116	(3.57	)%		(60,228	)
Physicians Realty Trust	67,079	(4.29	)%		(71,305	)
Piedmont Office Realty Trust, Inc. — Class A	61,617	(4.63	)%		(101,748	)
Total Financial					(135,510	)
Consumer, Cyclical
Toll Brothers, Inc.	13,744	(1.83	)%		(7,863	)
KB Home	16,284	(1.88	)%		(27,064	)
Royal Caribbean Cruises Ltd.	5,984	(2.70	)%		(89,545	)
Total Consumer, Cyclical					(124,472	)
Communications
Switch, Inc. — Class A	56,021	(2.80	)%		47,587
Exchange-Traded Funds
Vanguard Real Estate ETF	51,297	(16.07	)%		(44,584	)
Total GS Equity Short Custom Basket				$	(256,979	)

Risk Managed Real Estate Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

*	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 December 31, 2019.
2	All or a portion of this security is pledged as custom basket swap collateral at December 31, 2019.
3	Rate indicated is the 7-day yield as of December 31, 2019.

GS — Goldman Sachs International

MS — Morgan Stanley Capital Services LLC

plc — Public Limited Company

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2019 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	218,987,748	$	—	$	—	$	218,987,748
Money Market Fund		16,106,343		—		—		16,106,343
Custom Basket Swap Agreements**		—		3,323,805		—		3,323,805
Total Assets	$	235,094,091	$	3,323,805	$	—	$	238,417,896

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks Sold Short	$	29,467,976	$	—	$	—	$	29,467,976
Exchange-Traded Funds Sold Short		5,630,033		—		—		5,630,033
Custom Basket Swap Agreements**		—		516,904		—		516,904
Total Liabilities	$	35,098,009	$	516,904	$	—	$	35,614,913

** This derivative is reported as unrealized appreciation/depreciation at period end.

Small Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Shares		Value
COMMON STOCKS† - 96.0%
Financial - 36.8%
Equity Commonwealth REIT		8,621	$	283,027
Radian Group, Inc.		11,142		280,333
Physicians Realty Trust REIT		13,719		259,838
Federal Agricultural Mortgage Corp. — Class C		2,765		230,878
Axis Capital Holdings Ltd.		3,874		230,270
Umpqua Holdings Corp.		11,784		208,577
Lexington Realty Trust REIT		18,262		193,943
First Horizon National Corp.		11,364		188,188
Investors Bancorp, Inc.		15,277		182,025
Pinnacle Financial Partners, Inc.		2,814		180,096
Cathay General Bancorp		4,709		179,177
Cousins Properties, Inc. REIT		4,336		178,643
WSFS Financial Corp.		3,888		171,033
Preferred Bank/Los Angeles CA		2,784		167,291
Howard Hughes Corp.*		1,314		166,615
CNO Financial Group, Inc.		9,059		164,240
Simmons First National Corp. — Class A		5,910		158,329
Hanmi Financial Corp.		7,713		154,221
Berkshire Hills Bancorp, Inc.		4,686		154,076
Hilltop Holdings, Inc.		5,825		145,217
First Midwest Bancorp, Inc.		5,434		125,308
Hancock Whitney Corp.		2,853		125,190
IBERIABANK Corp.		1,661		124,293
BOK Financial Corp.		1,408		123,059
Redwood Trust, Inc. REIT		7,090		117,269
Prosperity Bancshares, Inc.		1,614		116,030
Piedmont Office Realty Trust, Inc. — Class A REIT		5,074		112,846
Flagstar Bancorp, Inc.		2,748		105,111
Kennedy-Wilson Holdings, Inc.		4,658		103,873
Sunstone Hotel Investors, Inc. REIT		6,999		97,426
PennyMac Mortgage Investment Trust REIT		4,180		93,172
Stifel Financial Corp.		1,471		89,216
American National Insurance Co.		692		81,434
Heartland Financial USA, Inc.		1,621		80,629
MGIC Investment Corp.		5,666		80,287
Independent Bank Group, Inc.		1,430		79,279
RMR Group, Inc. — Class A		1,559		71,153
Third Point Reinsurance Ltd.*		6,030		63,436
Total Financial				5,665,028
Industrial - 16.6%
MDU Resources Group, Inc.		9,507		282,453
Graphic Packaging Holding Co.		10,891		181,335
GATX Corp.		2,020		167,357
Valmont Industries, Inc.		1,074		160,864
Sanmina Corp.*		4,513		154,525
Knight-Swift Transportation Holdings, Inc.		4,027		144,328
US Concrete, Inc.*		3,266		136,062
Plexus Corp.*		1,768		136,030
Advanced Energy Industries, Inc.*		1,695		120,684
Owens Corning		1,846		120,211
Rexnord Corp.*		3,583		116,877
Crane Co.		1,323		114,281
Kirby Corp.*		1,156		103,496
PGT Innovations, Inc.*		6,417		95,677
AquaVenture Holdings Ltd.*		3,421		92,778
Kennametal, Inc.		2,341		86,359
Vishay Intertechnology, Inc.		3,910		83,244
Park Aerospace Corp.		4,814		78,324
Dycom Industries, Inc.*		1,611		75,959
Encore Wire Corp.		1,082		62,107
EnerSys		505		37,789
Total Industrial				2,550,740
Consumer, Non-cyclical - 7.6%
Central Garden & Pet Co. — Class A*		7,348		215,737
Encompass Health Corp.		3,001		207,879
Ingredion, Inc.		1,817		168,890
Eagle Pharmaceuticals, Inc.*		2,080		124,967
Premier, Inc. — Class A*		2,907		110,117
Emergent BioSolutions, Inc.*		1,592		85,889
Perdoceo Education Corp.*		4,322		79,482
Andersons, Inc.		3,041		76,876
AMAG Pharmaceuticals, Inc.*		5,507		67,020
TreeHouse Foods, Inc.*		680		32,980
Total Consumer, Non-cyclical				1,169,837
Consumer, Cyclical - 7.0%
Hawaiian Holdings, Inc.		6,519		190,941
UniFirst Corp.		849		171,481
Abercrombie & Fitch Co. — Class A		6,735		116,448
MDC Holdings, Inc.		3,024		115,396
Asbury Automotive Group, Inc.*		930		103,965
Wabash National Corp.		5,595		82,191
Caleres, Inc.		3,413		81,059
MasterCraft Boat Holdings, Inc.*		4,598		72,418
Methode Electronics, Inc.		1,379		54,264
Tenneco, Inc. — Class A		3,584		46,950
La-Z-Boy, Inc.		1,238		38,972
Total Consumer, Cyclical				1,074,085
Communications - 6.7%
Infinera Corp.*		41,067		326,072
Viavi Solutions, Inc.*		12,400		186,000
Gray Television, Inc.*		5,796		124,266
Ciena Corp.*		2,633		112,403
Scholastic Corp.		2,636		101,354
InterDigital, Inc.		1,235		67,295
Entercom Communications Corp. — Class A		12,252		56,850
Tribune Publishing Co.		4,200		55,272
Total Communications				1,029,512
Utilities - 6.1%
Portland General Electric Co.		4,999		278,894
Black Hills Corp.		2,869		225,331
Avista Corp.		3,657		175,865
Southwest Gas Holdings, Inc.		1,850		140,545
ALLETE, Inc.		1,369		111,122
Total Utilities				931,757
Energy - 6.0%
Parsley Energy, Inc. — Class A		19,596		370,561
Range Resources Corp.		25,233		122,380
Oil States International, Inc.*		6,479		105,672
CNX Resources Corp.*		8,552		75,685

Small Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Shares		Value
COMMON STOCKS† - 96.0% (continued)
Energy - 6.0% (continued)
Delek US Holdings, Inc.		2,236	$	74,973
Oasis Petroleum, Inc.*		21,332		69,542
Whiting Petroleum Corp.*		8,985		65,950
Gulfport Energy Corp.*		10,025		30,476
Antero Resources Corp.*		5,521		15,735
Total Energy				930,974
Technology - 4.8%
MACOM Technology Solutions Holdings, Inc.*		8,895		236,607
Axcelis Technologies, Inc.*		4,663		112,355
Lumentum Holdings, Inc.*		1,333		105,707
Evolent Health, Inc. — Class A*		9,097		82,328
CSG Systems International, Inc.		1,463		75,754
Onto Innovation, Inc.*		1,980		72,349
TiVo Corp.		5,675		48,124
Total Technology				733,224
Basic Materials - 4.4%
Ashland Global Holdings, Inc.		2,288		175,101
Olin Corp.		7,389		127,460
Commercial Metals Co.		4,575		101,885
Reliance Steel & Aluminum Co.		836		100,120
Huntsman Corp.		4,128		99,732
Verso Corp. — Class A*		4,291		77,367
Total Basic Materials				681,665
Total Common Stocks
(Cost $13,874,314)				14,766,822

CONVERTIBLE PREFERRED STOCKS††† - 0.0%
Industrial - 0.0%
Thermoenergy Corp.*,1,2	6,250	18
Total Convertible Preferred Stocks
(Cost $5,968)		18

RIGHTS††† - 0.0%
Basic Materials – 0.0%
Pan American Silver Corp.*,1	17,705	–
Total Rights
(Cost $–)		–

EXCHANGE-TRADED FUNDS† - 3.1%
iShares Russell 2000 Value ETF	3,645	468,674
Total Exchange-Traded Funds
(Cost $441,963)		468,674

MONEY MARKET FUND† - 0.2%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares 1.44%3	36,735		36,735
Total Money Market Fund
(Cost $36,735)			36,735
Total Investments - 99.3%
(Cost $14,358,980)		$	15,272,249
Other Assets & Liabilities, net - 0.7%			109,714
Total Net Assets - 100.0%		$	15,381,963

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
†††	Value determined based on Level 3 inputs --- See Note 3
1	Security was fair valued by the Valuation Committee at December 31, 2019. The total market value of fair valued securities amounts to $18, (cost $5,968) or less than 0.1% of total net assets.
2	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.
3	Rate indicated is the 7-day yield as of December 31, 2019.

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2019 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Total
Common Stocks	$	14,766,822	$	—	$	—		$	14,766,822
Convertible Preferred Stocks		—		—		18			18
Rights		—		—		—	*		—
Exchange-Traded Funds		468,674		—		—			468,674
Money Market Fund		36,735		—		—			36,735
Total Assets	$	15,272,231	$	—	$	18		$	15,272,249

* Security has a market value of $0.

SMid Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Shares		Value
COMMON STOCKS† - 98.3%
Financial - 35.7%
Alleghany Corp.*		13,823	$	11,052,456
Voya Financial, Inc.		135,983		8,292,243
Willis Towers Watson plc		37,957		7,665,037
Radian Group, Inc.		275,443		6,930,146
Equity Commonwealth REIT		201,100		6,602,113
Zions Bancorp North America		125,968		6,540,258
Physicians Realty Trust REIT		342,926		6,495,019
KeyCorp		316,790		6,411,829
Alexandria Real Estate Equities, Inc. REIT		38,773		6,264,941
Axis Capital Holdings Ltd.		93,837		5,577,671
Sun Communities, Inc. REIT		34,608		5,194,661
First Horizon National Corp.		295,287		4,889,953
Pinnacle Financial Partners, Inc.		73,883		4,728,512
Cousins Properties, Inc. REIT		108,052		4,451,742
Umpqua Holdings Corp.		241,360		4,272,072
Howard Hughes Corp.*		32,760		4,153,968
Old Republic International Corp.		168,103		3,760,464
IBERIABANK Corp.		45,767		3,424,745
BOK Financial Corp.		35,787		3,127,784
WSFS Financial Corp.		68,485		3,012,655
Camden Property Trust REIT		28,376		3,010,694
Prosperity Bancshares, Inc.		41,008		2,948,065
VICI Properties, Inc. REIT		113,605		2,902,608
Redwood Trust, Inc. REIT		172,208		2,848,320
Hilltop Holdings, Inc.		105,434		2,628,470
Medical Properties Trust, Inc. REIT		115,845		2,445,488
Stifel Financial Corp.		35,863		2,175,091
Heartland Financial USA, Inc.		41,784		2,078,336
American National Insurance Co.		17,088		2,010,916
First Midwest Bancorp, Inc.		46,686		1,076,579
Total Financial				136,972,836
Industrial - 16.2%
MDU Resources Group, Inc.		232,625		6,911,289
Graphic Packaging Holding Co.		239,555		3,988,591
FLIR Systems, Inc.		73,874		3,846,619
Jacobs Engineering Group, Inc.		40,642		3,650,871
Valmont Industries, Inc.		24,153		3,617,636
Knight-Swift Transportation Holdings, Inc.		98,547		3,531,924
US Concrete, Inc.*		81,137		3,380,167
Owens Corning		45,092		2,936,391
PGT Innovations, Inc.*		195,917		2,921,123
Rexnord Corp.*		89,142		2,907,812
Advanced Energy Industries, Inc.*		40,506		2,884,027
Plexus Corp.*		37,143		2,857,783
Crane Co.		32,935		2,844,925
Johnson Controls International plc		67,116		2,732,292
Snap-on, Inc.		14,258		2,415,305
Kennametal, Inc.		59,958		2,211,851
GATX Corp.		24,902		2,063,131
Park Aerospace Corp.		122,623		1,995,076
Dycom Industries, Inc.*		41,306		1,947,578
Kirby Corp.*		18,332		1,641,264
EnerSys		12,570		940,613
Total Industrial				62,226,268
Utilities - 8.8%
OGE Energy Corp.		218,725		9,726,701
Portland General Electric Co.		116,633		6,506,955
AES Corp.		221,968		4,417,163
Black Hills Corp.		53,744		4,221,054
Southwest Gas Holdings, Inc.		44,864		3,408,318
Avista Corp.		70,820		3,405,734
Pinnacle West Capital Corp.		21,614		1,943,747
Total Utilities				33,629,672
Consumer, Non-cyclical - 8.4%
Bunge Ltd.		118,093		6,796,252
Encompass Health Corp.		75,910		5,258,286
Central Garden & Pet Co. — Class A*		173,605		5,097,043
Ingredion, Inc.		46,373		4,310,370
Eagle Pharmaceuticals, Inc.*		61,455		3,692,216
Emergent BioSolutions, Inc.*		61,457		3,315,605
Premier, Inc. — Class A*		72,288		2,738,270
TreeHouse Foods, Inc.*		17,532		850,302
Total Consumer, Non-cyclical				32,058,344
Consumer, Cyclical - 7.9%
LKQ Corp.*		145,208		5,183,926
UniFirst Corp.		19,683		3,975,572
DR Horton, Inc.		74,846		3,948,127
PVH Corp.		37,249		3,916,732
Alaska Air Group, Inc.		55,160		3,737,090
BorgWarner, Inc.		50,956		2,210,471
Skechers U.S.A., Inc. — Class A*		49,250		2,127,108
Lear Corp.		15,203		2,085,852
Caleres, Inc.		86,503		2,054,446
Newell Brands, Inc.		49,738		955,964
Total Consumer, Cyclical				30,195,288
Technology - 5.9%
MACOM Technology Solutions Holdings, Inc.*		217,348		5,781,457
Super Micro Computer, Inc.*		214,930		5,162,619
Qorvo, Inc.*		25,452		2,958,286
Lumentum Holdings, Inc.*		34,955		2,771,931
Evolent Health, Inc. — Class A*		235,626		2,132,415
Skyworks Solutions, Inc.		16,857		2,037,674
CSG Systems International, Inc.		37,739		1,954,126
Total Technology				22,798,508
Basic Materials - 5.7%
Ashland Global Holdings, Inc.		56,404		4,316,598
Olin Corp.		245,967		4,242,931
Freeport-McMoRan, Inc.		314,967		4,132,367
Reliance Steel & Aluminum Co.		31,915		3,822,140
Huntsman Corp.		95,764		2,313,658
Nucor Corp.		34,248		1,927,478
Commercial Metals Co.		59,062		1,315,311
Total Basic Materials				22,070,483
Communications - 5.4%
Infinera Corp.*		1,054,968		8,376,446
NortonLifeLock, Inc.		225,314		5,750,013
Viavi Solutions, Inc.*		243,831		3,657,465
Ciena Corp.*		64,973		2,773,697
Total Communications				20,557,621
Energy - 4.3%
Parsley Energy, Inc. — Class A		495,447		9,368,903
Delek US Holdings, Inc.		54,093		1,813,738
Range Resources Corp.		359,747		1,744,773

SMid Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Shares		Value
COMMON STOCKS† - 98.3% (continued)
Energy - 4.3% (continued)
Oasis Petroleum, Inc.*		514,384	$	1,676,892
Whiting Petroleum Corp.*		216,575		1,589,661
Antero Resources Corp.*		135,685		386,702
Total Energy				16,580,669
Total Common Stocks
(Cost $327,045,030)				377,089,689

CONVERTIBLE PREFERRED STOCKS††† - 0.0%
Industrial - 0.0%
Thermoenergy Corp.*,1,2	858,334	2,506
Total Convertible Preferred Stocks
(Cost $819,654)		2,506

RIGHTS††† - 0.0%
Basic Materials - 0.0%
Pan American Silver Corp.*,1	447,792	–
Total Rights
(Cost $–)		–

MONEY MARKET FUND† - 0.1%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares 1.44%3	289,456		289,456
Total Money Market Fund
(Cost $289,456)			289,456
Total Investments - 98.4%
(Cost $328,154,140)		$	377,381,651
Other Assets & Liabilities, net - 1.6%			6,151,381
Total Net Assets - 100.0%		$	383,533,032

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
†††	Value determined based on Level 3 inputs — See Note 3.
1	Security was fair valued by the Valuation Committee at December 31, 2019. The total market value of fair valued securities amounts to $2,506, (cost $819,654) or less than 0.1% of total net assets.
2	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.
3	Rate indicated is the 7-day yield as of December 31, 2019.

plc — Public Limited Company

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2019 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Total
Common Stocks	$	377,089,689	$	—	$	—		$	377,089,689
Convertible Preferred Stocks		—		—		2,506			2,506
Rights		—		—		—	*		—
Money Market Fund		289,456		—		—			289,456
Total Assets	$	377,379,145	$	—	$	—		$	377,381,651

* Security has a market value of $0.

SMid Cap Value Institutional Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Shares		Value
COMMON STOCKS† - 95.6%
Financial - 35.0%
Alleghany Corp.*		2,386	$	1,907,774
Voya Financial, Inc.		23,760		1,448,885
Willis Towers Watson plc		6,516		1,315,841
Radian Group, Inc.		46,333		1,165,738
Equity Commonwealth REIT		34,806		1,142,681
Zions Bancorp North America		21,901		1,137,100
KeyCorp		55,270		1,118,665
Alexandria Real Estate Equities, Inc. REIT		6,771		1,094,058
Physicians Realty Trust REIT		57,525		1,089,524
Axis Capital Holdings Ltd.		16,034		953,061
Sun Communities, Inc. REIT		5,913		887,541
First Horizon National Corp.		49,730		823,529
Pinnacle Financial Partners, Inc.		12,402		793,728
Umpqua Holdings Corp.		42,202		746,975
Cousins Properties, Inc. REIT		17,996		741,435
Howard Hughes Corp.*		5,597		709,700
Old Republic International Corp.		29,319		655,866
IBERIABANK Corp.		7,746		579,633
BOK Financial Corp.		6,072		530,693
Camden Property Trust REIT		4,786		507,795
WSFS Financial Corp.		11,517		506,633
Prosperity Bancshares, Inc.		6,959		500,282
VICI Properties, Inc. REIT		19,410		495,926
Redwood Trust, Inc. REIT		29,245		483,712
Hilltop Holdings, Inc.		17,771		443,031
Medical Properties Trust, Inc. REIT		19,746		416,838
Stifel Financial Corp.		6,308		382,580
Heartland Financial USA, Inc.		7,033		349,821
American National Insurance Co.		2,868		337,506
First Midwest Bancorp, Inc.		7,859		181,229
Total Financial				23,447,780
Industrial - 15.8%
MDU Resources Group, Inc.		39,313		1,167,990
Graphic Packaging Holding Co.		40,165		668,747
FLIR Systems, Inc.		12,472		649,417
Valmont Industries, Inc.		4,208		630,274
Jacobs Engineering Group, Inc.		6,917		621,354
Knight-Swift Transportation Holdings, Inc.		17,156		614,871
US Concrete, Inc.*		13,626		567,659
Plexus Corp.*		6,474		498,110
Owens Corning		7,626		496,605
Rexnord Corp.*		15,215		496,313
Crane Co.		5,621		485,542
PGT Innovations, Inc.*		32,387		482,890
Advanced Energy Industries, Inc.*		6,751		480,671
Johnson Controls International plc		11,455		466,333
Snap-on, Inc.		2,526		427,904
Kennametal, Inc.		10,084		371,999
GATX Corp.		4,144		343,330
Park Aerospace Corp.		20,570		334,674
Dycom Industries, Inc.*		6,874		324,109
Kirby Corp.*		3,190		285,601
EnerSys		2,172		162,531
Total Industrial				10,576,924
Utilities - 8.6%
OGE Energy Corp.		38,275		1,702,089
Portland General Electric Co.		20,352		1,135,438
AES Corp.		38,615		768,439
Black Hills Corp.		8,836		693,979
Avista Corp.		11,972		575,734
Southwest Gas Holdings, Inc.		7,565		574,713
Pinnacle West Capital Corp.		3,736		335,978
Total Utilities				5,786,370
Consumer, Non-cyclical - 8.2%
Bunge Ltd.		20,672		1,189,674
Encompass Health Corp.		12,783		885,478
Central Garden & Pet Co. — Class A*		28,755		844,247
Ingredion, Inc.		7,999		743,507
Eagle Pharmaceuticals, Inc.*		10,359		622,369
Emergent BioSolutions, Inc.*		10,703		577,427
Premier, Inc. — Class A*		12,346		467,666
TreeHouse Foods, Inc.*		2,950		143,075
Total Consumer, Non-cyclical				5,473,443
Consumer, Cyclical - 7.7%
LKQ Corp.*		25,471		909,315
PVH Corp.		6,512		684,737
DR Horton, Inc.		12,728		671,402
UniFirst Corp.		3,158		637,853
Alaska Air Group, Inc.		9,316		631,159
BorgWarner, Inc.		8,874		384,954
Skechers U.S.A., Inc. — Class A*		8,375		361,716
Lear Corp.		2,619		359,327
Caleres, Inc.		14,719		349,576
Newell Brands, Inc.		8,492		163,216
Total Consumer, Cyclical				5,153,255
Technology - 5.8%
MACOM Technology Solutions Holdings, Inc.*		38,343		1,019,924
Super Micro Computer, Inc.*		34,688		833,205
Qorvo, Inc.*		4,271		496,418
Lumentum Holdings, Inc.*		5,866		465,174
Evolent Health, Inc. — Class A*		39,694		359,231
Skyworks Solutions, Inc.		2,913		352,124
CSG Systems International, Inc.		6,352		328,906
Total Technology				3,854,982
Basic Materials - 5.6%
Ashland Global Holdings, Inc.		9,773		747,928
Freeport-McMoRan, Inc.		53,489		701,776
Olin Corp.		40,658		701,350
Reliance Steel & Aluminum Co.		5,570		667,063
Huntsman Corp.		17,025		411,324
Nucor Corp.		5,773		324,905
Commercial Metals Co.		9,823		218,758
Total Basic Materials				3,773,104
Communications - 4.8%
Infinera Corp.*		156,651		1,243,809
NortonLifeLock, Inc.		36,427		929,617
Viavi Solutions, Inc.*		38,838		582,570
Ciena Corp.*		10,104		431,340
Total Communications				3,187,336
Energy - 4.1%
Parsley Energy, Inc. — Class A		84,335		1,594,775
Delek US Holdings, Inc.		9,042		303,178
Range Resources Corp.		58,717		284,778

SMid Cap Value Institutional Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Shares		Value
COMMON STOCKS† - 95.6% (continued)
Energy - 4.1% (continued)
Oasis Petroleum, Inc.*		76,163	$	248,291
Whiting Petroleum Corp.*		32,623		239,453
Antero Resources Corp.*		20,767		59,186
HydroGen Corp.*,†††,1,2		1,265,700		1
Total Energy				2,729,662
Total Common Stocks
(Cost $57,316,613)				63,982,856

CONVERTIBLE PREFERRED STOCKS††† - 0.0%
Industrial - 0.0%
Thermoenergy Corp.*,1,3	793,750	2,318
Total Convertible Preferred Stocks
(Cost $757,980)		2,318

RIGHTS††† - 0.0%
Basic Materials - 0.0%
Pan American Silver Corp.*,1	68,759	–
Total Rights
(Cost $–)		–

MONEY MARKET FUND† - 4.6%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares 1.44%4	3,090,481		3,090,481
Total Money Market Fund
(Cost $3,090,481)			3,090,481
Total Investments - 100.2%
(Cost $61,165,074)		$	67,075,655
Other Assets & Liabilities, net - (0.2)%			(156,625	)
Total Net Assets - 100.0%		$	66,919,030

*	Non-income producing security.
†	Value determined based on Level 1 inputs, unless otherwise noted — See Note 3.
†††	Value determined based on Level 3 inputs — See Note 3.
1	Security was fair valued by the Valuation Committee at December 31, 2019. The total market value of fair valued securities amounts to $2,319, (cost $760,512) or less than 0.1% of total net assets.
2	Affiliated issuer.
3	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.
4	Rate indicated is the 7-day yield as of December 31, 2019.

plc — Public Limited Company

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2019 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Total
Common Stocks	$	63,982,855	$	—	$	1		$	63,982,856
Convertible Preferred Stocks				—		2,318			2,318
Rights		—		—		—	*		—
Money Market Fund		3,090,481		—		—			3,090,481
Total Assets	$	67,073,336	$	—	$	2,319		$	67,075,655

* Security has a market value of $0.

Affiliated Transactions

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

Transactions during the period ended December 31, 2019, in which the company is an affiliated issuer, were as follows:  

Security Name

Value 09/30/19

Additions

Reductions

Realized Gain (Loss)

Change in Unrealized Appreciation (Depreciation)

Value 12/31/19

Shares 12/31/19

Common Stock

HydroGen Corp.*,1

$

1

$

–

$

–

$

–

$

–

$

1

1,265,700

*	Non-income producing security.
1	Security was fair valued by the Valuation Committee at December 31, 2019. The total market value of fair valued and affiliated securities amounts to $1, (cost $2,531) or less than 0.1% of total net assets.

StylePlus—Large Core Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Shares		Value
COMMON STOCKS† - 22.1%
Consumer, Non-cyclical - 6.6%
Johnson & Johnson		6,537	$	953,552
Merck & Company, Inc.		8,890		808,546
Pfizer, Inc.		20,124		788,458
Amgen, Inc.		2,775		668,969
Medtronic plc		5,814		659,598
Eli Lilly & Co.		4,854		637,961
Kimberly-Clark Corp.		4,092		562,855
Baxter International, Inc.		6,601		551,976
Abbott Laboratories		6,140		533,320
Gilead Sciences, Inc.		8,080		525,038
Philip Morris International, Inc.		5,740		488,417
Anthem, Inc.		1,591		480,530
UnitedHealth Group, Inc.		1,504		442,146
Regeneron Pharmaceuticals, Inc.*		1,156		434,055
General Mills, Inc.		7,887		422,428
Archer-Daniels-Midland Co.		9,112		422,341
McKesson Corp.		3,010		416,343
Humana, Inc.		1,106		405,371
Altria Group, Inc.		7,968		397,683
Alexion Pharmaceuticals, Inc.*		3,237		350,082
Procter & Gamble Co.		2,769		345,848
CVS Health Corp.		4,421		328,436
Thermo Fisher Scientific, Inc.		991		321,946
HCA Healthcare, Inc.		2,095		309,662
Zimmer Biomet Holdings, Inc.		1,967		294,421
Biogen, Inc.*		893		264,980
Molson Coors Beverage Co. — Class B		4,489		241,957
H&R Block, Inc.		9,700		227,756
Cardinal Health, Inc.		4,176		211,222
AbbVie, Inc.		2,070		183,278
Bristol-Myers Squibb Co.		2,526		162,144
Tyson Foods, Inc. — Class A		1,602		145,846
Incyte Corp.*		1,610		140,585
Total Consumer, Non-cyclical				14,127,750
Communications - 3.6%
Alphabet, Inc. — Class C*		1,152		1,540,247
Amazon.com, Inc.*		687		1,269,466
Verizon Communications, Inc.		15,228		934,999
Facebook, Inc. — Class A*		4,276		877,649
AT&T, Inc.		21,549		842,135
Cisco Systems, Inc.		9,691		464,780
eBay, Inc.		11,970		432,237
Booking Holdings, Inc.*		184		377,886
Omnicom Group, Inc.		3,469		281,059
Juniper Networks, Inc.		10,401		256,177
Comcast Corp. — Class A		5,337		240,005
Discovery, Inc. — Class A*		6,799		222,599
Total Communications				7,739,239
Consumer, Cyclical - 3.5%
Aptiv plc		5,472		519,676
Cummins, Inc.		2,839		508,067
Walmart, Inc.		4,023		478,094
Delta Air Lines, Inc.		7,568		442,577
BorgWarner, Inc.		9,869		428,117
Whirlpool Corp.		2,812		414,854
Southwest Airlines Co.		7,273		392,596
Carnival Corp.		7,660		389,358
United Airlines Holdings, Inc.*		4,384		386,187
PACCAR, Inc.		4,085		323,124
General Motors Co.		8,633		315,968
Home Depot, Inc.		1,374		300,054
Royal Caribbean Cruises Ltd.		2,007		267,955
DR Horton, Inc.		4,926		259,846
AutoZone, Inc.*		204		243,027
Las Vegas Sands Corp.		3,472		239,707
Starbucks Corp.		2,715		238,703
Norwegian Cruise Line Holdings Ltd.*		4,066		237,495
Best Buy Company, Inc.		2,359		207,120
Lennar Corp. — Class A		3,686		205,642
NIKE, Inc. — Class B		1,871		189,551
Hanesbrands, Inc.		10,964		162,815
Alaska Air Group, Inc.		2,362		160,025
PulteGroup, Inc.		3,646		141,465
Total Consumer, Cyclical				7,452,023
Technology - 3.0%
Apple, Inc.		6,443		1,891,987
Microsoft Corp.		11,360		1,791,472
Intel Corp.		12,733		762,070
Oracle Corp.		8,224		435,707
Cerner Corp.		5,904		433,295
Seagate Technology plc		3,688		219,436
International Business Machines Corp.		1,436		192,481
QUALCOMM, Inc.		2,026		178,754
Activision Blizzard, Inc.		2,908		172,793
Skyworks Solutions, Inc.		1,399		169,111
NetApp, Inc.		2,563		159,547
Fidelity National Information Services, Inc.		1,008		140,203
Total Technology				6,546,856
Industrial - 2.3%
Caterpillar, Inc.		3,961		584,960
CSX Corp.		6,605		477,938
Norfolk Southern Corp.		2,410		467,853
Union Pacific Corp.		2,280		412,201
J.B. Hunt Transport Services, Inc.		3,294		384,673
FedEx Corp.		2,185		330,394
Kansas City Southern		1,857		284,418
CH Robinson Worldwide, Inc.		3,618		282,928
Textron, Inc.		5,795		258,457
Garmin Ltd.		2,618		255,412
General Electric Co.		20,979		234,126
United Parcel Service, Inc. — Class B		1,832		214,454
Agilent Technologies, Inc.		2,056		175,397
3M Co.		977		172,362
United Technologies Corp.		1,147		171,775
Waters Corp.*		647		151,172
Total Industrial				4,858,520
Energy - 1.7%
Exxon Mobil Corp.		10,474		730,876
Chevron Corp.		4,330		521,808
ConocoPhillips		7,622		495,659
EOG Resources, Inc.		5,561		465,789
Devon Energy Corp.		15,409		400,172
Marathon Oil Corp.		20,805		282,532
Pioneer Natural Resources Co.		1,701		257,480

StylePlus—Large Core Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Shares		Value
COMMON STOCKS† - 22.1% (continued)
Energy - 1.7% (continued)
HollyFrontier Corp.		4,996	$	253,347
Halliburton Co.		9,587		234,594
Total Energy				3,642,257
Financial - 1.3%
Berkshire Hathaway, Inc. — Class B*		2,496		565,344
JPMorgan Chase & Co.		4,012		559,273
Northern Trust Corp.		2,956		314,046
Bank of America Corp.		8,452		297,679
Citigroup, Inc.		2,689		214,824
Visa, Inc. — Class A		1,025		192,598
Franklin Resources, Inc.		7,079		183,912
Wells Fargo & Co.		3,013		162,099
U.S. Bancorp		2,359		139,865
Progressive Corp.		1,894		137,107
Total Financial				2,766,747
Utilities - 0.1%
PPL Corp.		4,671		167,596
Total Common Stocks
(Cost $42,210,557)				47,300,988
MUTUAL FUNDS† - 73.1%
Guggenheim Strategy Fund III1		2,768,812		68,445,026
Guggenheim Strategy Fund II1		2,468,617		61,073,577
Guggenheim Ultra Short Duration Fund — Institutional Class1		2,713,861		27,002,921
Total Mutual Funds
(Cost $157,534,355)				156,521,524
MONEY MARKET FUND† - 4.9%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares 1.44%2		10,515,406		10,515,406
Total Money Market Fund
(Cost $10,515,406)				10,515,406
Total Investments - 100.1%
(Cost $210,260,318)			$	214,337,918
Other Assets & Liabilities, net - (0.1)%				(279,744	)
Total Net Assets - 100.0%			$	214,058,174

Total Return Swap Agreements
Counterparty	Index	Financing Rate Pay	Payment Frequency	Maturity Date	Units		Notional Amount		Value and Unrealized Appreciation
OTC Equity Index Swap Agreements††
Citibank, N.A.	S&P 500 Index Total Return	2.28% (3 Month USD LIBOR + 0.19%)	At Maturity	10/30/20		25,692	$	168,356,079	$	13,983,385

*	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	Affiliated issuer.
2	Rate indicated is the 7-day yield as of December 31, 2019.

LIBOR — London Interbank Offered Rate

plc — Public Limited Company

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2019 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	47,300,988	$	—	$	—	$	47,300,988
Mutual Funds		156,521,524		—		—		156,521,524
Money Market Fund		10,515,406		—		—		10,515,406
Equity Index Swap Agreements**		—		13,983,385		—		13,983,385
Total Assets	$	214,337,918	$	13,983,385	$	—	$	228,321,303

** This derivative is reported as unrealized appreciation/depreciation at period end.

StylePlus—Large Core Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2019, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000089180419000405/gug78512-ncsr.htm.

Transactions during the period ended December 31, 2019, in which the company is an affiliated issuer, were as follows:  

Security Name	Value 09/30/19		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 12/31/19		Shares 12/31/19		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	60,780,681	$	513,925	$	–	$	–	$	(221,029	)	$	61,073,577		2,468,617	$	510,472
Guggenheim Strategy Fund III		68,129,466		591,050		–		–		(275,490	)		68,445,026		2,768,812		587,667
Guggenheim Ultra Short Duration Fund — Institutional Class		22,398,499		4,626,952		–		–		(22,530	)		27,002,921		2,713,861		125,694
	$	151,308,646	$	5,731,927	$	–	$	–	$	(519,049	)	$	156,521,524			$	1,223,833

StylePlus—Mid Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Shares		Value
COMMON STOCKS† - 20.7%
Consumer, Non-cyclical - 6.6%
Hill-Rom Holdings, Inc.		2,697	$	306,190
Service Corporation International		5,932		273,050
Molina Healthcare, Inc.*		1,995		270,701
Post Holdings, Inc.*		2,404		262,276
PRA Health Sciences, Inc.*		1,854		206,072
Bio-Rad Laboratories, Inc. — Class A*		532		196,856
Hologic, Inc.*		3,203		167,229
Baxter International, Inc.		1,965		164,313
Zimmer Biomet Holdings, Inc.		1,021		152,823
McKesson Corp.		1,075		148,694
Integra LifeSciences Holdings Corp.*		2,537		147,856
Encompass Health Corp.		2,129		147,476
Bio-Techne Corp.		659		144,657
Masimo Corp.*		884		139,725
Sabre Corp.		6,213		139,420
Aaron's, Inc.		2,391		136,550
Regeneron Pharmaceuticals, Inc.*		345		129,540
H&R Block, Inc.		5,471		128,459
West Pharmaceutical Services, Inc.		854		128,382
Universal Health Services, Inc. — Class B		880		126,245
Helen of Troy Ltd.*		699		125,673
Haemonetics Corp.*		1,091		125,356
STERIS plc		775		118,126
Exelixis, Inc.*		6,601		116,310
NuVasive, Inc.*		1,501		116,087
Globus Medical, Inc. — Class A*		1,928		113,521
ICU Medical, Inc.*		606		113,395
Charles River Laboratories International, Inc.*		719		109,834
LivaNova plc*		1,391		104,923
Catalent, Inc.*		1,849		104,099
Henry Schein, Inc.*		1,560		104,083
Humana, Inc.		283		103,725
Kimberly-Clark Corp.		754		103,713
Penumbra, Inc.*		622		102,176
Alexion Pharmaceuticals, Inc.*		912		98,633
ASGN, Inc.*		1,315		93,325
Robert Half International, Inc.		1,424		89,925
Kellogg Co.		1,241		85,828
Syneos Health, Inc.*		1,412		83,979
HealthEquity, Inc.*		1,125		83,329
Avanos Medical, Inc.*		2,448		82,498
Varian Medical Systems, Inc.*		479		68,023
HCA Healthcare, Inc.		453		66,958
Incyte Corp.*		731		63,831
Total Consumer, Non-cyclical				5,893,864
Industrial - 4.9%
Old Dominion Freight Line, Inc.		1,587		301,181
Gentex Corp.		9,990		289,510
ITT, Inc.		3,451		255,064
Crane Co.		2,887		249,379
Kennametal, Inc.		6,632		244,655
Lincoln Electric Holdings, Inc.		2,455		237,472
Regal Beloit Corp.		2,735		234,143
Landstar System, Inc.		1,807		205,763
Trimble, Inc.*		4,907		204,573
Carlisle Companies, Inc.		1,204		194,855
FedEx Corp.		1,135		171,623
National Instruments Corp.		3,733		158,055
Littelfuse, Inc.		812		155,336
Expeditors International of Washington, Inc.		1,947		151,905
Woodward, Inc.		1,252		148,287
J.B. Hunt Transport Services, Inc.		1,269		148,194
Kansas City Southern		967		148,106
Kirby Corp.*		1,613		144,412
Hubbell, Inc.		821		121,360
Curtiss-Wright Corp.		834		117,502
Garmin Ltd.		898		87,609
Mettler-Toledo International, Inc.*		102		80,915
XPO Logistics, Inc.*		985		78,504
Waters Corp.*		315		73,600
Masco Corp.		1,373		65,890
Agilent Technologies, Inc.		724		61,764
Total Industrial				4,329,657
Consumer, Cyclical - 3.2%
Wyndham Hotels & Resorts, Inc.		4,220		265,058
Domino's Pizza, Inc.		805		236,493
MSC Industrial Direct Company, Inc. — Class A		2,671		209,593
Wyndham Destinations, Inc.		3,968		205,106
Pool Corp.		925		196,452
Cracker Barrel Old Country Store, Inc.		1,273		195,711
Aptiv plc		1,889		179,398
Deckers Outdoor Corp.*		938		158,391
Dunkin' Brands Group, Inc.		1,672		126,303
Five Below, Inc.*		916		117,120
Tempur Sealy International, Inc.*		1,183		102,992
Six Flags Entertainment Corp.		2,105		94,957
AutoZone, Inc.*		79		94,113
GrubHub, Inc.*		1,679		81,667
Carter's, Inc.		729		79,709
Hanesbrands, Inc.		5,292		78,586
Scientific Games Corp. — Class A*		2,625		70,297
Jack in the Box, Inc.		889		69,369
Hasbro, Inc.		648		68,435
Mattel, Inc.*		4,922		66,693
Eldorado Resorts, Inc.*		1,095		65,306
Williams-Sonoma, Inc.		821		60,294
Total Consumer, Cyclical				2,822,043
Communications - 1.8%
AMC Networks, Inc. — Class A*		5,148		203,346
Ciena Corp.*		4,570		195,093
eBay, Inc.		4,243		153,215
FactSet Research Systems, Inc.		571		153,199
Yelp, Inc. — Class A*		4,065		141,584
InterDigital, Inc.		2,543		138,568
John Wiley & Sons, Inc. — Class A		2,745		133,188

StylePlus—Mid Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Shares		Value
COMMON STOCKS† - 20.7% (continued)
Communications - 1.8% (continued)
New York Times Co. — Class A		3,666	$	117,935
Viavi Solutions, Inc.*		7,092		106,380
Fox Corp. — Class A		2,399		88,931
Expedia Group, Inc.		732		79,158
Etsy, Inc.*		1,682		74,513
Total Communications				1,585,110
Technology - 1.7%
Teradyne, Inc.		2,509		171,089
Cerner Corp.		2,325		170,632
Teradata Corp.*		5,871		157,167
Fair Isaac Corp.*		320		119,897
Seagate Technology plc		2,002		119,119
Silicon Laboratories, Inc.*		970		112,501
CDK Global, Inc.		1,822		99,627
Cree, Inc.*		2,038		94,054
Skyworks Solutions, Inc.		751		90,781
Citrix Systems, Inc.		770		85,393
Tyler Technologies, Inc.*		271		81,305
Semtech Corp.*		1,469		77,710
Synaptics, Inc.*		1,128		74,188
NetApp, Inc.		1,148		71,463
Total Technology				1,524,926
Financial - 1.0%
Northern Trust Corp.		1,450		154,048
Medical Properties Trust, Inc. REIT		6,938		146,461
Weingarten Realty Investors REIT		3,889		121,492
Brixmor Property Group, Inc. REIT		3,896		84,193
Park Hotels & Resorts, Inc. REIT		2,455		63,511
Commerce Bancshares, Inc.		883		59,991
Brown & Brown, Inc.		1,468		57,956
Cousins Properties, Inc. REIT		1,380		56,856
First Financial Bankshares, Inc.		1,611		56,546
Hanover Insurance Group, Inc.		410		56,035
National Retail Properties, Inc. REIT		990		53,084
Total Financial				910,173
Energy - 0.9%
Devon Energy Corp.		6,743		175,116
Marathon Oil Corp.		10,622		144,247
HollyFrontier Corp.		1,735		87,982
Matador Resources Co.*		4,535		81,494
Apache Corp.		3,033		77,614
Cimarex Energy Co.		1,442		75,690
Southwestern Energy Co.*		31,159		75,405
Murphy Oil Corp.		2,462		65,982
CNX Resources Corp.*		6,895		61,021
Total Energy				844,551
Utilities - 0.5%
UGI Corp.		4,222		190,665
National Fuel Gas Co.		2,898		134,873
Aqua America, Inc.		1,608		75,480
NRG Energy, Inc.		1,676		66,621
Total Utilities				467,639
Basic Materials - 0.1%
Chemours Co.		3,650		66,029
RPM International, Inc.		745		57,186
Total Basic Materials				123,215
Total Common Stocks
(Cost $17,059,877)				18,501,178
EXCHANGE-TRADED FUNDS† - 0.7%
iShares S&P MidCap 400 Growth Index Fund		2,517		599,323
Total Exchange-Traded Funds
(Cost $598,746)				599,323
MUTUAL FUNDS† - 73.3%
Guggenheim Strategy Fund II1		1,202,603		29,752,391
Guggenheim Strategy Fund III1		1,131,474		27,970,035
Guggenheim Ultra Short Duration Fund — Institutional Class1		773,977		7,701,076
Total Mutual Funds
(Cost $65,856,235)				65,423,502
MONEY MARKET FUND† - 5.4%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares 1.44%2		4,814,014		4,814,014
Total Money Market Fund
(Cost $4,814,014)				4,814,014
Total Investments - 100.1%
(Cost $88,328,872)			$	89,338,017
Other Assets & Liabilities, net - (0.1)%				(71,544	)
Total Net Assets - 100.0%			$	89,266,473

StylePlus—Mid Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation**
Equity Futures Contracts Purchased†
S&P 500 Index Mini Futures Contracts		1	Mar 2020	$	161,475	$	1,582

Total Return Swap Agreements
Counterparty	Index	Financing Rate Pay	Payment Frequency	Maturity Date	Units		Notional Amount		Value and Unrealized Appreciation
OTC Equity Index Swap Agreements††
Wells Fargo Bank, N.A.	Russell MidCap Growth Index Total Return	2.19% (3 Month USD LIBOR + 0.10%)	At Maturity	10/30/20		19,394	$	70,901,749	$	5,356,409

*	Non-income producing security.
**	Includes cumulative appreciation (depreciation).
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	Affiliated issuer.
2	Rate indicated is the 7-day yield as of December 31, 2019.

LIBOR — London Interbank Offered Rate

plc — Public Limited Company

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2019 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	18,501,178	$	—	$	—	$	18,501,178
Exchange-Traded Funds		599,323		—		—		599,323
Mutual Funds		65,423,502		—		—		65,423,502
Money Market Fund		4,814,014		—		—		4,814,014
Equity Futures Contracts**		1,582		—		—		1,582
Equity Index Swap Agreements**		—		5,356,409		—		5,356,409
Total Assets	$	89,339,599	$	5,356,409	$	—	$	94,696,008

** This derivative is reported as unrealized appreciation/depreciation at period end.

StylePlus—Mid Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2019, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000089180419000405/gug78512-ncsr.htm.

Transactions during the period ended December 31, 2019, in which the company is an affiliated issuer, were as follows:

Security Name	Value 09/30/19		Additions		Reductions			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 12/31/19		Shares 12/31/19		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	29,609,705	$	250,362	$	–		$	–	$	(107,676	)	$	29,752,391	$	1,202,603	$	248,680
Guggenheim Strategy Fund III		27,841,081		241,532		–			–		(112,578	)		27,970,035		1,131,474		240,150
Guggenheim Ultra Short Duration Fund — Institutional Class		8,411,350		40,686		(743,992	)		746		(7,714	)		7,701,076		773,977		40,325
	$	65,862,136	$	532,580	$	(743,992	)	$	746	$	(227,968	)	$	65,423,502			$	529,155

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Shares		Value
COMMON STOCKS†† - 0.0%
Industrial - 0.0%
API Heat Transfer Parent LLC*		42,528	$	6,804
BP Holdco LLC*,†††,1		532		188
Vector Phoenix Holdings, LP*,†††,1		532		45
Total Industrial				7,037
Total Common Stocks
(Cost $21,071)				7,037

PREFERRED STOCKS†† - 0.0%
Industrial - 0.0%
API Heat Transfer Intermediate*	9	6,614
Total Preferred Stocks
(Cost $7,237)		6,614

EXCHANGE-TRADED FUNDS† - 1.0%
iShares Core U.S. Aggregate Bond ETF	1,270,940	142,815,528
Total Exchange-Traded Funds
(Cost $142,952,674)		142,815,528

MUTUAL FUNDS† - 0.5%
Guggenheim Ultra Short Duration Fund — Institutional Class2	2,630,374	26,172,223
Guggenheim Strategy Fund II2	1,057,588	26,164,734
Guggenheim Strategy Fund III2	1,057,240	26,134,972
Total Mutual Funds
(Cost $78,941,236)		78,471,929

MONEY MARKET FUND† - 0.4%
Federated U.S. Treasury Cash Reserve Fund — Institutional Shares 1.46%3	63,852,355	63,852,355
Total Money Market Fund
(Cost $63,852,355)		63,852,355

	Face Amount~
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 33.0%
Government Agency - 17.2%
Fannie Mae
3.59% due 02/01/29		110,478,825	119,031,118
2.50% due 12/01/29		77,317,420	78,405,638
3.37% due 06/01/39		69,825,000	73,609,483
2.43% due 01/01/30		71,700,000	70,424,061
2.89% due 10/01/29		38,458,000	39,978,129
3.01% due 09/01/29		36,899,000	38,547,397
3.26% due 05/01/34		37,000,000	38,371,923
3.61% due 04/01/34		31,110,000	33,929,269
3.19% due 02/01/29		29,250,000	30,921,905
3.71% due 04/01/34		26,913,000	29,411,501
3.56% due 04/01/30		26,228,275	28,091,892
3.33% due 05/01/34		25,400,000	27,327,499
3.40% due 02/01/33		25,000,000	26,629,660
3.60% due 03/01/31		24,586,000	26,444,995
3.23% due 01/01/33		23,539,622	24,958,153
3.43% due 09/01/34		22,550,000	24,431,039
3.48% due 04/01/29		21,529,000	23,180,938
2.90% due 11/01/29		21,378,000	22,058,454
3.68% due 04/01/34		20,000,000	21,804,702
3.83% due 05/01/49		19,000,000	21,162,113
2.87% due 09/01/29		20,000,000	20,759,581
2.81% due 09/01/39		20,780,000	20,385,142
3.56% due 03/01/31		18,550,000	20,085,223
3.49% due 04/01/30		18,500,026	19,880,975
2.96% due 11/01/29		18,620,000	19,307,112
3.17% due 02/01/28		18,350,000	19,177,746
3.66% due 03/01/31		16,821,000	18,211,751
2.70% due 10/01/39		18,646,265	18,102,046
4.17% due 02/01/49		15,500,000	17,373,531
2.30% due 11/01/29		17,060,000	16,764,561
2.24% due 11/01/22		15,900,310	15,978,304
3.62% due 04/01/34		14,435,000	15,714,109
2.55% due 12/01/29		15,713,000	15,675,150
1.95% due 11/01/20		15,550,000	15,509,211
3.75% due 03/01/34		13,500,000	14,929,536
3.19% due 02/01/30		13,670,130	14,423,823
4.08% due 04/01/49		12,879,000	14,122,344
3.42% due 09/01/47		13,024,098	13,555,064
3.07% due 01/01/28		13,100,000	13,526,934
2.46% due 01/01/30		13,500,000	13,366,911
3.66% due 03/01/34		11,996,944	13,047,151
2.81% due 01/01/40†††		12,650,000	12,629,580
2.82% due 10/01/29		12,100,000	12,504,415
3.59% due 04/01/33		11,280,000	11,814,325
3.03% due 12/01/27		10,900,000	11,230,102
4.21% due 10/01/48		9,750,000	10,967,254
3.41% due 02/01/33		10,250,000	10,942,035
3.08% due 10/01/32		10,250,000	10,710,508
3.51% due 04/01/34		9,820,000	10,574,445
3.42% due 04/01/30		9,800,000	10,486,981
3.31% due 01/01/33		9,700,000	10,357,552
3.05% due 10/01/29		9,100,000	9,543,288
3.04% due 01/01/28		8,900,000	9,177,165
3.60% due 03/01/30		8,341,000	9,056,257
3.08% due 01/01/30		8,500,000	8,967,733
2.94% due 10/01/32		8,413,070	8,672,117
3.43% due 03/01/33		8,100,000	8,376,489
3.57% due 06/01/34		7,510,000	8,168,759
3.48% due 04/01/30		7,000,000	7,484,414
3.14% due 01/01/28		6,900,000	7,084,993
2.99% due 09/01/29		6,800,000	7,068,700
3.34% due 05/01/34		6,500,000	6,989,426
3.63% due 04/01/34		6,338,000	6,930,049
3.29% due 03/01/33		6,700,000	6,915,452
4.04% due 08/01/48		6,100,000	6,666,532
2.79% due 01/01/32		6,600,000	6,616,170
2.51% due 11/01/34		6,663,000	6,509,317

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 33.0% (continued)
Government Agency - 17.2% (continued)
3.44% due 05/01/34		5,850,000	$	6,265,601
3.60% due 04/01/33		5,600,000		6,086,924
3.13% due 02/01/28		5,900,000		5,939,769
3.21% due 01/01/33		5,500,000		5,827,579
4.07% due 05/01/49		4,863,346		5,420,838
3.39% due 02/01/30		4,800,000		5,128,388
2.78% due 01/01/35†††		5,050,000		5,071,624
3.10% due 01/01/33		4,800,000		4,991,904
3.22% due 01/01/30		4,650,000		4,935,341
3.16% due 01/01/30		4,500,000		4,739,488
3.50% due 02/01/48		4,451,431		4,685,592
3.11% due 01/01/28		4,600,000		4,661,456
3.39% due 02/01/33		4,300,000		4,575,405
3.33% due 04/01/30		4,219,045		4,470,559
2.99% due 01/01/40		4,429,000		4,418,882
3.76% due 03/01/37		4,000,000		4,347,286
4.27% due 12/01/33		3,695,505		4,070,586
2.39% due 02/01/27		4,000,000		3,999,433
4.00% due 11/01/38		3,785,264		3,974,991
3.65% due 03/01/33		3,600,000		3,833,725
4.50% due 04/01/48		3,605,240		3,813,548
3.69% due 03/01/29		3,500,000		3,785,133
3.50% due 12/01/47		3,607,722		3,782,415
4.24% due 08/01/48		3,400,000		3,743,366
3.11% due 11/01/27		3,500,000		3,631,576
3.77% due 03/01/31		3,200,000		3,504,397
2.94% due 02/01/40†††		3,500,000		3,493,664
3.92% due 04/01/39		3,198,000		3,401,061
3.18% due 01/01/30		3,000,000		3,171,250
2.60% due 10/01/34		3,200,000		3,165,072
2.96% due 10/01/49		2,955,438		2,964,547
3.50% due 12/01/46		2,836,355		2,949,583
2.84% due 01/01/35†††		2,915,000		2,948,185
3.36% due 05/01/34		2,725,899		2,925,248
3.94% due 06/01/35		2,600,000		2,783,106
2.66% due 01/01/35		2,750,000		2,748,928
3.12% due 02/01/28		2,600,000		2,743,678
3.53% due 04/01/33		2,500,000		2,702,715
2.62% due 11/01/29		2,635,000		2,645,897
2.33% due 10/01/31		2,684,000		2,622,129
3.26% due 11/01/46		2,507,353		2,597,168
2.86% due 01/01/33		2,524,000		2,559,938
4.00% due 01/01/46		2,328,626		2,460,179
3.58% due 12/01/27		2,261,785		2,425,226
3.55% due 04/01/33		2,150,000		2,327,981
2.69% due 10/01/34		2,342,930		2,315,223
3.51% due 11/01/37		2,150,000		2,270,631
2.53% due 12/01/26		2,250,000		2,265,770
4.00% due 08/01/47		1,945,082		2,079,998
3.50% due 12/01/45		1,952,918		2,047,858
3.16% due 11/01/30		1,990,868		2,040,146
3.46% due 08/01/49		1,741,170		1,840,695
2.77% due 02/01/36		1,797,966		1,772,071
3.00% due 07/01/46		1,696,793		1,737,829
2.57% due 10/01/29		1,700,000		1,698,832
3.14% due 12/01/32		1,600,000		1,683,153
3.27% due 01/01/30		1,350,000		1,438,197
2.97% due 11/01/25		1,364,112		1,411,005
3.27% due 08/01/34		1,319,057		1,372,265
3.74% due 02/01/48		1,291,756		1,344,338
3.02% due 11/01/27		1,300,000		1,337,433
4.05% due 09/01/48		1,190,378		1,309,197
2.89% due 05/01/33		1,250,000		1,260,622
3.96% due 06/01/49		993,003		1,095,887
3.13% due 01/01/30		1,000,000		1,049,729
2.34% due 05/01/27†††		1,053,000		1,039,940
4.50% due 02/01/45		933,315		1,010,073
3.60% due 10/01/47		966,002		1,004,448
3.18% due 09/01/42†††,1		700,000		680,909
3.63% due 01/01/37		728,165		770,401
3.91% due 07/01/49		696,029		755,909
3.36% due 12/01/39		700,000		721,452
5.00% due 05/01/44		644,050		696,630
2.75% due 11/01/31		646,903		656,331
5.00% due 12/01/44		563,552		615,799
4.50% due 05/01/47		571,651		612,266
4.87% due 04/01/49		545,115		574,189
3.50% due 08/01/43		543,513		572,283
4.33% due 09/01/48		343,947		382,992
4.22% due 04/01/49		315,000		348,381
3.18% due 08/01/42†††,1		200,000		194,492
Freddie Mac Multifamily Structured Pass Through Certificates
2017-KIR3, 3.28% due 08/25/27		91,932,800		96,895,664
2019-K087, 3.77% due 12/25/28		80,750,000		88,691,956
2017-KGX1, 3.00% due 10/25/27		81,400,000		84,711,262
2017-KW03, 3.02% due 06/25/27		65,900,000		68,529,403
2019-1513, 2.80% due 08/25/34		67,000,000		67,246,922
2018-K074, 3.60% due 02/25/28		34,823,000		37,626,680
2017-K066, 3.20% due 06/25/27		19,507,000		20,561,722

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 33.0% (continued)
Government Agency - 17.2% (continued)
2019-KJ27, 2.59% due 03/25/25		18,500,000	$	18,690,482
2017-K061, 3.44% (WAC) due 11/25/264		15,000,000		16,005,016
2016-K060, 3.30% (WAC) due 10/25/264		13,000,000		13,750,390
2018-K073, 3.45% (WAC) due 01/25/284		11,600,000		12,431,706
2018-K078, 3.92% due 06/25/28		10,150,000		11,191,985
2017-K069, 3.25% (WAC) due 09/25/274		10,000,000		10,571,462
2016-K057, 2.62% due 08/25/26		10,000,000		10,179,646
2018-K154, 3.46% due 11/25/32		8,500,000		9,101,356
2016-K152, 3.08% due 01/25/31		7,090,000		7,308,057
2017-K070, 3.36% due 12/25/27		6,000,000		6,392,570
2015-K151, 3.51% due 04/25/30		2,105,000		2,246,547
2015-K043, 0.54% (WAC) due 12/25/244,5		43,857,561		1,030,131
2014-K715, 2.86% due 01/25/21		439,296		441,190
Freddie Mac Seasoned Credit Risk Transfer Trust
2017-4, 3.25% due 06/25/57		55,388,368		57,081,202
2017-3, 3.00% due 07/25/56		55,860,807		56,925,681
2018-1, 2.75% due 05/25/576		38,725,387		39,444,247
2017-4, 3.50% due 06/25/57		28,394,966		29,490,009
2017-3, 3.25% due 07/25/56		8,333,374		8,583,901
Fannie Mae-Aces
2017-M11, 2.98% due 08/25/29		52,100,000		54,223,591
2018-M3, 3.09% (WAC) due 02/25/304		7,800,000		8,199,075
Freddie Mac
3.55% due 10/01/33		4,630,941		4,903,009
2018-4762, 4.00% due 01/15/46		4,673,889		4,863,384
3.50% due 01/01/44		2,283,934		2,401,921
4.00% due 02/01/46		2,190,931		2,322,670
3.26% due 09/01/45		1,918,900		1,977,159
4.50% due 06/01/48		1,788,290		1,890,359
4.00% due 11/01/45		1,689,210		1,791,070
3.00% due 08/01/46		1,721,677		1,764,376
3.40% due 04/01/31		1,000,000		1,062,780
FREMF Mortgage Trust
2013-K29, 0.13% due 05/25/465,7		767,320,284		2,449,593
Total Government Agency				2,465,387,041
Residential Mortgage Backed Securities - 12.3%
New Residential Advance Receivables Trust Advance Receivables Backed
2019-T3, 2.51% due 09/15/527		74,650,000		74,607,121
2019-T4, 2.33% due 10/15/517		62,250,000		62,162,034
2019-T5, 2.43% due 10/15/517		51,500,000		51,513,297
2019-T2, 2.52% due 08/15/537		30,500,000		30,266,227
Soundview Home Loan Trust
2006-OPT5, 1.93% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 07/25/364		72,419,545		70,545,791
2005-OPT3, 2.26% (1 Month USD LIBOR + 0.47%, Rate Floor: 0.47%) due 11/25/354		19,495,000		19,236,496
2007-1, 1.96% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 03/25/374		1,596,437		1,592,726
Home Equity Loan Trust
2007-FRE1, 1.98% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 04/25/374		92,865,539		87,620,001
BRAVO Residential Funding Trust
2019-NQM1, 2.67% (WAC) due 07/25/594,7		37,575,706		37,560,822

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 33.0% (continued)
Residential Mortgage Backed Securities - 12.3% (continued)
2019-NQM2, 2.75% (WAC) due 11/25/594,7		19,248,372	$	19,221,736
New Residential Mortgage Loan Trust
2019-RPL1, 4.34% due 02/26/246,7		17,897,799		17,960,669
2019-6A, 3.50% (WAC) due 09/25/594,7		16,672,449		17,017,041
2018-1A, 4.00% (WAC) due 12/25/574,7		13,961,815		14,471,639
2018-2A, 3.50% (WAC) due 02/25/584,7		3,876,665		3,956,267
2017-5A, 3.29% (1 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 06/25/574,7		2,881,999		2,917,769
Structured Asset Securities Corporation Mortgage Loan Trust
2008-BC4, 2.42% (1 Month USD LIBOR + 0.63%, Rate Floor: 0.63%) due 11/25/374		42,222,783		42,039,600
2006-BC4, 1.96% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 12/25/364		5,762,078		5,583,448
2006-BC3, 1.95% (1 Month USD LIBOR + 0.16%, Rate Floor: 0.16%) due 10/25/364		5,594,567		5,170,812
2006-BC6, 1.96% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 01/25/374		672,018		662,167
Homeward Opportunities Fund I Trust
2019-3, 2.68% (WAC) due 11/25/594,7		30,658,036		30,573,775
2019-2, 2.70% (WAC) due 09/25/594,7		22,244,569		22,158,396
CIT Mortgage Loan Trust
2007-1, 3.14% (1 Month USD LIBOR + 1.35%, Rate Floor: 1.35%) due 10/25/374,7		46,773,779		47,167,222
2007-1, 3.24% (1 Month USD LIBOR + 1.45%, Rate Floor: 1.45%) due 10/25/374,7		3,224,859		3,233,905
NovaStar Mortgage Funding Trust Series
2007-2, 1.99% (1 Month USD LIBOR + 0.20%, Rate Cap/Floor: 11.00%/0.20%) due 09/25/374		48,520,972		47,222,245
Alternative Loan Trust
2007-OA4, 1.96% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 05/25/474		26,759,297		25,275,986
2007-OH3, 2.08% (1 Month USD LIBOR + 0.29%, Rate Cap/Floor: 10.00%/0.29%) due 09/25/474		10,019,689		9,636,320
2005-38, 2.14% (1 Month USD LIBOR + 0.35%, Rate Floor: 0.35%) due 09/25/354		7,512,422		7,444,762
2007-OA7, 1.97% (1 Month USD LIBOR + 0.18%, Rate Floor: 0.18%) due 05/25/474		4,353,955		4,144,186
CSMC Trust
2018-RPL9, 3.85% (WAC) due 09/25/574,7		43,031,845		44,683,351
CIM Trust
2018-R4, 4.07% (WAC) due 12/26/574,7		27,977,933		28,240,747
2018-R2, 3.69% (WAC) due 08/25/574,7		12,661,775		12,710,653
Freddie Mac STACR Trust
2019-DNA4, 2.41% (1 Month USD LIBOR + 0.70%, Rate Floor: 0.00%) due 10/25/494,7		32,240,550		32,240,531
2019-DNA3, 2.52% (1 Month USD LIBOR + 0.73%, Rate Floor: 0.00%) due 07/25/494,7		8,074,878		8,074,872

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 33.0% (continued)
Residential Mortgage Backed Securities - 12.3% (continued)
Morgan Stanley ABS Capital I Incorporated Trust
2007-HE6, 1.97% (1 Month USD LIBOR + 0.18%, Rate Floor: 0.18%) due 05/25/374		28,155,809	$	25,709,263
2006-NC1, 2.17% (1 Month USD LIBOR + 0.38%, Rate Floor: 0.38%) due 12/25/354		7,800,000		7,734,976
2007-HE6, 1.85% (1 Month USD LIBOR + 0.06%, Rate Floor: 0.06%) due 05/25/374		3,833,400		3,475,540
2007-HE6, 2.04% (1 Month USD LIBOR + 0.25%, Rate Floor: 0.25%) due 05/25/374		2,815,710		2,585,417
Ocwen Master Advance Receivables Trust
2019-T2, 2.42% due 08/15/517		39,100,000		39,297,518
Verus Securitization Trust
2019-4, 2.64% due 11/25/596,7		37,441,949		37,423,853
Deephaven Residential Mortgage Trust
2019-3A, 2.96% (WAC) due 07/25/594,7		22,678,584		22,746,205
2018-4A, 4.29% (WAC) due 10/25/584,7		6,642,567		6,716,952
2017-3A, 2.58% (WAC) due 10/25/474,7		3,845,502		3,843,142
2018-1A, 3.03% (WAC) due 12/25/574,7		2,018,175		2,015,828
SG Residential Mortgage Trust
2019-3, 2.70% (WAC) due 09/25/594,7		35,328,141		35,266,493
Bear Stearns Asset Backed Securities I Trust
2006-HE9, 1.93% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 11/25/364		26,730,367		26,043,334
2006-HE3, 2.15% (1 Month USD LIBOR + 0.36%, Rate Floor: 0.36%) due 04/25/364		7,004,423		6,967,451
NRPL Trust
2019-3A, 3.00% due 07/25/597		32,648,131		32,525,269
Cascade Funding Mortgage Trust
2018-RM2, 4.00% (WAC) due 10/25/684,7		18,407,581		18,885,601
2019-RM3, 2.80% (WAC) due 06/25/694,7		13,250,560		13,268,720
RALI Series Trust
2007-QO4, 1.98% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 05/25/474		8,361,420		8,175,352
2006-QO2, 2.01% (1 Month USD LIBOR + 0.22%, Rate Floor: 0.22%) due 02/25/464		19,643,278		7,013,701
2007-QO2, 1.94% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 02/25/474		10,397,524		5,769,839
2005-QO1, 2.09% (1 Month USD LIBOR + 0.30%, Rate Floor: 0.30%) due 08/25/354		4,081,056		3,653,548
2006-QS8, 2.24% (1 Month USD LIBOR + 0.45%, Rate Floor: 0.45%) due 08/25/364		3,311,549		2,601,102
2006-QO2, 2.06% (1 Month USD LIBOR + 0.27%, Rate Floor: 0.27%) due 02/25/464		4,842,225		1,767,497
2007-QO3, 1.95% (1 Month USD LIBOR + 0.16%, Rate Floor: 0.16%) due 03/25/474		1,554,754		1,470,679
Towd Point Mortgage Trust
2017-6, 2.75% (WAC) due 10/25/574,7		13,987,320		14,071,875
2017-5, 2.39% (1 Month USD LIBOR + 0.60%, Rate Floor: 0.00%) due 02/25/574,7		9,953,305		9,928,715

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 33.0% (continued)
Residential Mortgage Backed Securities - 12.3% (continued)
2018-1, 3.00% (WAC) due 01/25/584,7		6,303,513	$	6,370,149
HSI Asset Securitization Corporation Trust
2006-OPT2, 2.18% (1 Month USD LIBOR + 0.39%, Rate Floor: 0.39%) due 01/25/364		29,140,000		28,877,757
SPS Servicer Advance Receivables Trust Advance Receivables Backed Notes
2019-T1, 2.24% due 10/15/517		28,000,000		28,003,223
Starwood Mortgage Residential Trust
2019-1, 2.94% (WAC) due 06/25/494,7		27,120,023		27,113,311
American Home Mortgage Investment Trust
2007-1, 2.08% due 05/25/475		172,640,436		25,815,632
First NLC Trust
2005-4, 2.18% (1 Month USD LIBOR + 0.39%, Rate Cap/Floor: 14.00%/0.39%) due 02/25/364		21,761,483		21,803,631
2005-1, 1.08% (1 Month USD LIBOR + 0.46%, Rate Cap/Floor: 14.00%/0.23%) due 05/25/354		2,831,456		2,747,168
LSTAR Securities Investment Ltd.
2019-5, 3.21% (1 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 11/01/244,7		22,642,636		22,642,636
Countrywide Asset-Backed Certificates
2006-6, 1.96% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 09/25/364		21,440,717		21,154,432
2005-15, 2.24% (1 Month USD LIBOR + 0.45%, Rate Floor: 0.45%) due 03/25/364		1,500,000		1,444,187
GSAMP Trust
2007-NC1, 1.92% (1 Month USD LIBOR + 0.13%, Rate Floor: 0.13%) due 12/25/464		33,437,480		21,301,150
2005-HE6, 2.23% (1 Month USD LIBOR + 0.44%, Rate Floor: 0.44%) due 11/25/354		267,736		268,199
Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust
2006-AR9, 3.07% (1 Year CMT Rate + 0.83%, Rate Floor: 0.83%) due 11/25/464		14,234,134		13,304,403
2006-AR9, 3.08% (1 Year CMT Rate + 0.84%, Rate Floor: 0.84%) due 11/25/464		6,593,472		5,991,659
2006-7, 4.25% due 09/25/36		2,559,030		1,168,631
2006-8, 4.38% due 10/25/36		429,069		223,147
Citigroup Mortgage Loan Trust
2019-IMC1, 2.72% (WAC) due 07/25/494,7		20,115,802		20,140,613
HarborView Mortgage Loan Trust
2006-14, 1.91% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 01/25/474		10,698,770		10,609,551
2006-12, 1.95% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 01/19/384		8,828,355		8,354,499
Nationstar Home Equity Loan Trust
2007-B, 2.01% (1 Month USD LIBOR + 0.22%, Rate Floor: 0.22%) due 04/25/374		17,372,020		17,168,297

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 33.0% (continued)
Residential Mortgage Backed Securities - 12.3% (continued)
Credit-Based Asset Servicing & Securitization LLC
2006-CB2, 1.98% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 12/25/364		17,134,320	$	16,772,267
Connecticut Avenue Securities Trust
2019-R07, 2.56% (1 Month USD LIBOR + 0.77%, Rate Floor: 0.00%) due 10/25/394,7		14,088,702		14,092,854
Legacy Mortgage Asset Trust
2018-GS3, 4.00% due 06/25/586,7		13,830,472		13,953,654
COLT Mortgage Loan Trust
2018-3, 3.69% (WAC) due 10/26/484,7		12,455,624		12,520,995
Citigroup Mortgage Loan Trust, Inc.
2005-HE3, 2.53% (1 Month USD LIBOR + 0.74%, Rate Floor: 0.49%) due 09/25/354		11,687,000		11,687,608
JP Morgan Mortgage Acquisition Trust
2006-WMC4, 1.91% (1 Month USD LIBOR + 0.12%, Rate Floor: 0.12%) due 12/25/364		14,943,961		9,308,599
2006-HE2, 1.93% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 07/25/364		2,135,629		2,127,651
Impac Secured Assets CMN Owner Trust
2005-2, 2.04% (1 Month USD LIBOR + 0.25%, Rate Floor: 0.25%) due 03/25/364		11,753,266		11,325,150
Lehman XS Trust Series
2007-2N, 1.97% (1 Month USD LIBOR + 0.18%, Rate Floor: 0.18%) due 02/25/374		7,680,151		7,615,737
2007-15N, 2.04% (1 Month USD LIBOR + 0.25%, Rate Floor: 0.00%) due 08/25/374		3,246,136		3,224,746
Asset Backed Securities Corporation Home Equity Loan Trust Series AEG
2006-HE1, 2.19% (1 Month USD LIBOR + 0.40%, Rate Floor: 0.40%) due 01/25/364		10,072,000		9,796,376
Deutsche Alt-A Securities Mortgage Loan Trust Series
2006-AF1, 2.09% (1 Month USD LIBOR + 0.30%, Rate Floor: 0.30%) due 04/25/364		6,453,434		6,232,943
2007-OA2, 3.01% (1 Year CMT Rate + 0.77%, Rate Floor: 0.77%) due 04/25/474		3,631,034		3,480,624
CSMC Series
2015-12R, 2.32% (WAC) due 11/30/374,7		9,668,862		9,629,956
Wachovia Asset Securitization Issuance II LLC Trust
2007-HE1, 1.85% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 07/25/374,7		5,475,174		5,092,908
2007-HE2A, 1.84% (1 Month USD LIBOR + 0.13%, Rate Floor: 0.13%) due 07/25/374,7		4,650,950		4,457,540
LSTAR Securities Investment Trust
2019-1, 3.41% (1 Month USD LIBOR + 1.70%, Rate Floor: 0.00%) due 03/01/244,7		9,476,369		9,476,464
American Home Mortgage Assets Trust
2006-4, 1.98% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 10/25/464		10,435,546		7,112,216

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 33.0% (continued)
Residential Mortgage Backed Securities - 12.3% (continued)
2006-6, 1.98% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 12/25/464		2,482,803	$	2,151,411
WaMu Mortgage Pass-Through Certificates Series Trust
2007-OA6, 3.05% (1 Year CMT Rate + 0.81%, Rate Floor: 0.81%) due 07/25/474		7,266,358		6,547,096
2006-AR13, 3.12% (1 Year CMT Rate + 0.88%, Rate Floor: 0.88%) due 10/25/464		1,527,567		1,456,871
2006-AR11, 3.16% (1 Year CMT Rate + 0.92%, Rate Floor: 0.92%) due 09/25/464		1,259,805		1,207,774
First Franklin Mortgage Loan Trust
2006-FF3, 2.08% (1 Month USD LIBOR + 0.29%, Rate Floor: 0.29%) due 02/25/364		8,616,000		8,476,441
Angel Oak Mortgage Trust LLC
2017-3, 2.71% (WAC) due 11/25/474,7		7,215,950		7,208,491
First Franklin Mortgage Loan Trust
2004-FF10, 3.07% (1 Month USD LIBOR + 1.28%, Rate Floor: 0.85%) due 07/25/344		5,867,495		5,884,808
ACE Securities Corporation Home Equity Loan Trust Series
2005-HE2, 2.81% (1 Month USD LIBOR + 1.02%, Rate Floor: 0.68%) due 04/25/354		5,700,000		5,705,164
IndyMac INDX Mortgage Loan Trust
2005-AR18, 2.57% (1 Month USD LIBOR + 0.78%, Rate Cap/Floor: 10.50%/0.78%) due 10/25/364		6,841,617		5,630,703
Argent Securities Inc. Asset-Backed Pass-Through Certificates Series
2005-W2, 2.28% (1 Month USD LIBOR + 0.49%, Rate Floor: 0.49%) due 10/25/354		5,435,000		5,402,121
ASG Resecuritization Trust
2010-3, 2.40% (1 Month USD LIBOR + 0.29%, Rate Cap/Floor: 10.50%/0.29%) due 12/28/454,7		5,456,942		5,394,704
Structured Asset Investment Loan Trust
2005-11, 2.51% (1 Month USD LIBOR + 0.72%, Rate Floor: 0.36%) due 01/25/364		4,946,136		4,890,994
Nationstar HECM Loan Trust
2019-2A, 2.27% (WAC) due 11/25/294,7		4,581,704		4,580,700
Morgan Stanley Capital I Inc. Trust
2006-HE1, 2.08% (1 Month USD LIBOR + 0.29%, Rate Floor: 0.29%) due 01/25/364		3,692,388		3,653,909
CWABS Asset-Backed Certificates Trust
2004-15, 3.14% (1 Month USD LIBOR + 1.35%, Rate Floor: 0.90%) due 04/25/354		3,490,000		3,501,604
Morgan Stanley Resecuritization Trust
2014-R9, 1.84% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 11/26/464,7		3,416,758		3,351,611
WaMu Asset-Backed Certificates WaMu Series
2007-HE4, 2.04% (1 Month USD LIBOR + 0.25%, Rate Floor: 0.25%) due 07/25/474		4,745,793		3,274,536

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 33.0% (continued)
Residential Mortgage Backed Securities - 12.3% (continued)
GE-WMC Asset-Backed Pass-Through Certificates Series
2005-2, 2.04% (1 Month USD LIBOR + 0.25%, Rate Floor: 0.25%) due 12/25/354		3,196,209	$	3,176,546
Luminent Mortgage Trust
2006-2, 1.99% (1 Month USD LIBOR + 0.20%, Rate Floor: 0.20%) due 02/25/464		3,570,372		3,144,151
GSAA Trust
2005-10, 2.44% (1 Month USD LIBOR + 0.65%, Rate Floor: 0.65%) due 06/25/354		2,422,466		2,440,468
Nomura Resecuritization Trust
2015-4R, 3.03% (1 Month USD LIBOR + 0.43%, Rate Floor: 0.43%) due 03/26/364,7		1,471,480		1,442,757
2015-4R, 3.47% (1 Month USD LIBOR + 0.39%, Rate Floor: 0.39%) due 12/26/364,7		817,036		806,244
GSAA Home Equity Trust
2006-3, 1.98% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 03/25/364		3,613,977		1,978,531
2007-7, 2.06% (1 Month USD LIBOR + 0.27%, Rate Floor: 0.27%) due 07/25/374		215,511		210,019
Banc of America Funding Trust
2015-R4, 1.88% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 01/27/354,7		1,730,310		1,714,510
GSMSC Resecuritization Trust
2015-5R, 1.96% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 04/26/374,7		1,424,669		1,421,057
Impac Secured Assets Trust
2006-2, 1.96% (1 Month USD LIBOR + 0.17%, Rate Cap/Floor: 11.50%/0.17%) due 08/25/364		1,539,895		1,358,340
RFMSI Series Trust
2006-S11, 6.00% due 11/25/36		1,338,584		1,325,242
Alliance Bancorp Trust
2007-OA1, 2.03% (1 Month USD LIBOR + 0.24%, Rate Floor: 0.24%) due 07/25/374		893,297		820,606
UCFC Manufactured Housing Contract
1997-2, 7.38% due 10/15/28		506,639		534,212
Morgan Stanley Re-REMIC Trust
2010-R5, 5.58% due 06/26/367		248,221		229,838
BCAP LLC
2014-RR2, 2.31% (WAC) due 03/26/364,7		135,338		134,674
Irwin Home Equity Loan Trust
2007-1, 5.85% due 08/25/377		87,904		88,690
Total Residential Mortgage Backed Securities				1,767,425,870
Commercial Mortgage Backed Securities - 2.0%
CGBAM Mezzanine Securities Trust
2015-SMMZ, 8.21% due 04/10/287		44,400,000		44,381,348
Citigroup Commercial Mortgage Trust
2019-GC43, 0.63% (WAC) due 11/10/524,5		219,970,159		11,264,760
2019-GC41, 1.19% (WAC) due 08/10/564,5		104,935,128		8,231,080
2016-C2, 1.77% (WAC) due 08/10/494,5		33,745,376		3,079,549
2016-P4, 1.98% (WAC) due 07/10/494,5		32,085,249		3,009,850
2016-P5, 1.52% (WAC) due 10/10/494,5		31,042,844		2,244,792

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 33.0% (continued)
Commercial Mortgage Backed Securities - 2.0% (continued)
2016-GC37, 1.76% (WAC) due 04/10/494,5		18,674,012	$	1,596,945
2015-GC35, 0.85% (WAC) due 11/10/484,5		33,435,602		1,112,901
2015-GC29, 1.09% (WAC) due 04/10/484,5		23,525,301		937,897
2016-C3, 1.17% (WAC) due 11/15/494,5		12,122,862		671,513
2013-GC15, 4.37% (WAC) due 09/10/464		380,000		405,845
Wells Fargo Commercial Mortgage Trust
2017-C38, 1.06% (WAC) due 07/15/504,5		73,634,446		4,468,094
2016-BNK1, 1.76% (WAC) due 08/15/494,5		36,928,942		3,430,935
2017-RB1, 1.27% (WAC) due 03/15/504,5		40,877,077		3,069,619
2016-C35, 1.96% (WAC) due 07/15/484,5		26,591,771		2,581,744
2017-C42, 0.89% (WAC) due 12/15/504,5		35,188,645		2,072,805
2016-NXS5, 1.50% (WAC) due 01/15/594,5		29,708,773		1,769,250
2015-NXS4, 0.91% (WAC) due 12/15/484,5		38,682,285		1,593,958
2017-RC1, 1.50% (WAC) due 01/15/604,5		20,473,472		1,591,362
2016-C32, 4.72% (WAC) due 01/15/594		1,400,000		1,525,716
2015-P2, 0.99% (WAC) due 12/15/484,5		33,983,349		1,376,567
2015-C30, 0.90% (WAC) due 09/15/584,5		31,382,082		1,333,629
2015-NXS1, 1.13% (WAC) due 05/15/484,5		9,799,356		438,767
2015-NXS4, 4.22% (WAC) due 12/15/484		64,000		67,402
COMM Mortgage Trust
2018-COR3, 0.45% (WAC) due 05/10/514,5		198,194,999		6,634,399
2015-CR26, 0.95% (WAC) due 10/10/484,5		86,265,648		3,856,454
2013-WWP, 3.90% due 03/10/317		2,000,000		2,102,567
2015-CR24, 0.77% (WAC) due 08/10/484,5		48,309,578		1,762,111
2015-CR23, 0.93% (WAC) due 05/10/484,5		47,062,340		1,546,125
2015-CR27, 1.10% (WAC) due 10/10/484,5		30,570,023		1,296,279
2013-CR13, 0.77% (WAC) due 11/10/464,5		37,336,253		979,296
2015-CR23, 3.80% due 05/10/48		700,000		738,365
2014-LC15, 1.10% (WAC) due 04/10/474,5		11,569,948		448,175
CGBAM Commercial Mortgage Trust
2015-SMRT, 3.52% due 04/10/287		9,900,000		9,894,401
2015-SMRT, 3.79% (WAC) due 04/10/284,7		5,900,000		5,896,645
2015-SMRT, 3.77% due 04/10/287		2,400,000		2,398,636
JPMDB Commercial Mortgage Securities Trust
2017-C7, 0.90% (WAC) due 10/15/504,5		137,778,943		7,285,544
2016-C4, 0.82% (WAC) due 12/15/494,5		86,252,888		3,954,850
2016-C2, 1.67% (WAC) due 06/15/494,5		32,312,365		2,158,169
2017-C5, 0.94% (WAC) due 03/15/504,5		8,648,514		479,995
GS Mortgage Securities Trust
2019-GC42, 0.81% (WAC) due 09/01/524,5		69,957,381		4,479,455
2016-GS4, 2.99% due 11/10/297		4,055,000		4,068,812
2017-GS6, 1.04% (WAC) due 05/10/504,5		42,637,858		2,815,953

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 33.0% (continued)
Commercial Mortgage Backed Securities - 2.0% (continued)
2015-GC28, 1.06% (WAC) due 02/10/484,5		19,425,136	$	700,973
Morgan Stanley Capital I Trust
2014-MP, 3.47% due 08/11/337		11,000,000		11,205,006
2016-UBS9, 4.61% (WAC) due 03/15/494		275,000		291,207
BANK
2019-BN22, 0.61% (WAC) due 11/15/624,5		156,948,266		7,896,617
2017-BNK6, 0.86% (WAC) due 07/15/604,5		43,597,996		2,100,883
2017-BNK4, 1.43% (WAC) due 05/15/504,5		13,089,725		995,712
CSAIL Commercial Mortgage Trust
2019-C15, 1.05% (WAC) due 03/15/524,5		97,360,334		7,249,363
2015-C1, 0.84% (WAC) due 04/15/504,5		52,800,007		1,881,380
Bancorp Commercial Mortgage Trust
2018-CR3, 2.99% (1 Month USD LIBOR + 1.25%, Rate Floor: 1.25%) due 01/15/334,7		7,075,000		7,083,263
Aventura Mall Trust
2013-AVM, 3.74% (WAC) due 12/05/324,7		6,600,000		6,644,597
Benchmark Mortgage Trust
2019-B14, 0.80% (WAC) due 12/15/624,5		109,967,486		6,170,605
CD Mortgage Trust
2016-CD1, 1.41% (WAC) due 08/10/494,5		35,036,827		2,497,996
2017-CD6, 0.96% (WAC) due 11/13/504,5		47,083,786		2,467,525
2016-CD2, 0.67% (WAC) due 11/10/494,5		34,623,730		1,143,082
GRACE Mortgage Trust
2014-GRCE, 3.37% due 06/10/287		6,000,000		6,064,142
UBS Commercial Mortgage Trust
2017-C5, 1.02% (WAC) due 11/15/504,5		53,954,175		3,068,331
2017-C2, 1.09% (WAC) due 08/15/504,5		43,145,537		2,730,314
BENCHMARK Mortgage Trust
2018-B2, 0.42% (WAC) due 02/15/514,5		132,194,131		3,342,502
2018-B6, 0.44% (WAC) due 10/10/514,5		64,748,699		1,805,511
JP Morgan Chase Commercial Mortgage Securities Trust
2016-JP3, 1.43% (WAC) due 08/15/494,5		68,961,071		5,042,047
JPMBB Commercial Mortgage Securities Trust
2015-C27, 1.19% (WAC) due 02/15/484,5		79,477,627		3,804,960
2013-C12, 0.49% (WAC) due 07/15/454,5		36,122,224		480,476
CD Commercial Mortgage Trust
2017-CD4, 1.31% (WAC) due 05/10/504,5		32,199,049		2,237,979
2017-CD3, 1.02% (WAC) due 02/10/504,5		34,567,697		2,017,675
JPMCC Commercial Mortgage Securities Trust
2017-JP6, 1.14% (WAC) due 07/15/504,5		58,280,975		3,408,528
BBCMS Mortgage Trust
2018-C2, 0.77% (WAC) due 12/15/514,5		58,348,036		3,364,569
Vornado DP LLC Trust
2010-VNO, 4.00% due 09/13/287		3,260,000		3,271,801
CGMS Commercial Mortgage Trust
2017-B1, 0.84% (WAC) due 08/15/504,5		65,842,122		3,206,228
Morgan Stanley Bank of America Merrill Lynch Trust
2015-C27, 0.92% (WAC) due 12/15/474,5		71,695,180		3,058,947

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 33.0% (continued)
Commercial Mortgage Backed Securities - 2.0% (continued)
GE Business Loan Trust
2007-1A, 1.91% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 04/15/354,7		2,842,507	$	2,787,714
Cam Commercial Mortgage Corp.
2002-CAM2, 6.16% due 12/14/217		2,572,382		2,701,028
CFCRE Commercial Mortgage Trust
2016-C3, 1.03% (WAC) due 01/10/484,5		39,393,326		2,052,164
Banc of America Commercial Mortgage Trust
2017-BNK3, 1.12% (WAC) due 02/15/504,5		24,121,161		1,452,354
DBJPM Mortgage Trust
2017-C6, 1.03% (WAC) due 06/10/504,5		24,853,159		1,344,775
Americold LLC Trust
2010-ARTA, 3.85% due 01/14/297		534,882		538,497
BAMLL Commercial Mortgage Securities Trust
2012-PARK, 2.96% due 12/10/307		500,000		511,550
WFRBS Commercial Mortgage Trust
2013-C12, 1.22% (WAC) due 03/15/484,5,7		9,270,424		280,574
GS Mortgage Securities Corp. II
2013-GC10, 2.94% due 02/10/46		225,000		229,577
Total Commercial Mortgage Backed Securities				282,183,011
Military Housing - 1.4%
Freddie Mac Military Housing Bonds Resecuritization Trust Certificates
2015-R1, 1.93% (WAC) due 11/25/554,7		64,939,719		73,252,224
2015-R1, 4.10% (WAC) due 11/25/524,7		14,069,487		15,305,165
2015-R1, 4.10% (WAC) due 10/25/524,7		13,773,162		14,854,263
2015-R1, 0.29% (WAC) due 11/25/554,5,7		170,134,699		13,552,573
Capmark Military Housing Trust
2006-RILY, 6.15% due 07/10/517		12,180,395		13,853,773
2008-AMCW, 6.90% due 07/10/557		8,305,027		11,007,670
2007-AETC, 5.75% due 02/10/527		6,860,758		7,505,082
2007-ROBS, 6.06% due 10/10/527		4,695,990		5,528,814
2006-RILY, 2.42% (1 Month USD LIBOR + 0.37%, Rate Floor: 0.37%) due 07/10/514,7		7,030,773		4,934,673
2007-AET2, 6.06% due 10/10/527		2,135,681		2,515,821
GMAC Commercial Mortgage Asset Corp.
2007-HCKM, 6.11% due 08/10/527		22,302,020		23,816,826
2005-DRUM, 5.47% due 05/10/50†††,7		4,569,955		4,827,915
2005-BLIS, 5.25% due 07/10/507		2,500,000		2,691,678
Total Military Housing				193,646,477
Mortgage Securities - 0.1%
Cantor Commercial Real Estate Lending
2019-CF3, 0.84% (WAC) due 01/15/534,5		150,000,000		8,483,535
BANK
2019-BN23, 0.76% (WAC) due 12/15/524,5		100,000,000		5,842,750
Total Mortgage Securities				14,326,285
Total Collateralized Mortgage Obligations
(Cost $4,619,603,556)				4,722,968,684

U.S. GOVERNMENT SECURITIES†† - 18.0%
U.S. Treasury Notes
2.50% due 01/31/24	500,000,000	516,464,845
2.38% due 02/29/24	441,533,200	454,123,793
2.50% due 02/15/22	318,229,000	324,270,380
2.50% due 02/28/26	224,701,000	234,171,797
1.50% due 09/30/24	163,918,000	162,554,151
1.63% due 09/30/26	163,897,000	161,944,321
1.63% due 10/31/26	65,000,000	64,190,039
2.00% due 04/30/24	19,330,000	19,595,032
1.50% due 10/31/24	18,233,000	18,081,296
2.25% due 08/15/27	5,050,000	5,194,201
U.S. Treasury Bonds
2.88% due 05/15/49	264,527,000	292,354,000
2.25% due 08/15/49	287,528,000	279,710,833
8.13% due 08/15/21	9,900,000	10,930,992
8.75% due 08/15/20	6,500,000	6,777,266

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
U.S. GOVERNMENT SECURITIES†† - 18.0% (continued)
8.00% due 11/15/21		5,600,000	$	6,253,625
8.75% due 05/15/20		6,030,000		6,183,812
7.88% due 02/15/21		5,500,000		5,875,332
2.88% due 08/15/45		4,600,000		5,040,234
4.38% due 05/15/40		2,790,000		3,752,223
2.38% due 11/15/49		3,200,000		3,200,000
2.75% due 11/15/42		2,580,000		2,759,189
2.13% due 05/15/25		2,500,000		2,551,563
Total U.S. Government Securities
(Cost $2,552,634,820)				2,585,978,924

ASSET-BACKED SECURITIES†† - 15.8%
Collateralized Loan Obligations - 7.7%
THL Credit Wind River CLO Ltd.
2017-2A, 2.86% (3 Month USD LIBOR + 0.87%, Rate Floor: 0.00%) due 10/15/274,7	43,880,000	43,824,461
2019-1A, 2.88% (3 Month USD LIBOR + 0.88%, Rate Floor: 0.00%) due 01/15/264,7	34,202,083	34,183,460
Golub Capital Partners CLO Ltd.
2018-36A, 3.19% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 02/05/314,7	76,300,000	74,655,750
NewStar Clarendon Fund CLO LLC
2019-1A, 3.24% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 01/25/274,7	60,389,829	60,341,040
2019-1A, 4.99% (3 Month USD LIBOR + 3.05%, Rate Floor: 0.00%) due 01/25/274,7	2,000,000	1,998,006
Palmer Square Loan Funding Ltd.
2019-3A, 2.75% (3 Month USD LIBOR + 0.85%, Rate Floor: 0.85%) due 08/20/274,7	22,526,836	22,481,073
2018-4A, 2.81% (3 Month USD LIBOR + 0.90%, Rate Floor: 0.00%) due 11/15/264,7	22,214,995	22,222,137
2018-4A, 3.36% (3 Month USD LIBOR + 1.45%, Rate Floor: 0.00%) due 11/15/264,7	12,000,000	11,954,704
Halcyon Loan Advisors Funding Ltd.
2017-3A, 2.90% (3 Month USD LIBOR + 0.90%, Rate Floor: 0.00%) due 10/18/274,7	50,550,000	50,469,226
MP CLO VIII Ltd.
2018-2A, 2.85% (3 Month USD LIBOR + 0.91%, Rate Floor: 0.00%) due 10/28/274,7	48,350,000	48,256,723
Fortress Credit Opportunities XI CLO Ltd.
2018-11A, 3.30% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 04/15/314,7	44,300,000	43,398,690
Denali Capital CLO XI Ltd.
2018-1A, 3.10% (3 Month USD LIBOR + 1.13%, Rate Floor: 0.00%) due 10/20/284,7	42,800,000	42,746,898
Venture XII CLO Ltd.
2018-12A, 2.71% (3 Month USD LIBOR + 0.80%, Rate Floor: 0.80%) due 02/28/264,7	37,300,978	37,238,391
Mountain View CLO Ltd.
2018-1A, 2.80% (3 Month USD LIBOR + 0.80%, Rate Floor: 0.80%) due 10/15/264,7	36,185,678	36,138,880
NXT Capital CLO LLC
2017-1A, 3.67% (3 Month USD LIBOR + 1.70%, Rate Floor: 0.00%) due 04/20/294,7	33,000,000	33,003,782
Telos CLO Ltd.
2017-6A, 3.75% (3 Month USD LIBOR + 1.75%, Rate Floor: 0.00%) due 01/17/274,7	32,000,000	31,929,741
Cerberus Loan Funding XVII Ltd.
2016-3A, 4.53% (3 Month USD LIBOR + 2.53%, Rate Floor: 0.00%) due 01/15/284,7	31,500,000	30,611,943

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
ASSET-BACKED SECURITIES†† - 15.8% (continued)
Collateralized Loan Obligations - 7.7% (continued)
Garrison BSL CLO Ltd.
2018-1A, 2.95% (3 Month USD LIBOR + 0.95%, Rate Floor: 0.00%) due 07/17/284,7		27,300,000	$	27,351,168
FDF II Ltd.
2016-2A, 4.29% due 05/12/317		20,500,000		20,844,759
2016-2A, 5.29% due 05/12/317		5,000,000		4,992,805
Crown Point CLO III Ltd.
2017-3A, 2.91% (3 Month USD LIBOR + 0.91%, Rate Floor: 0.00%) due 12/31/274,7		16,231,660		16,227,622
2017-3A, 3.45% (3 Month USD LIBOR + 1.45%, Rate Floor: 0.00%) due 12/31/274,7		8,280,000		8,255,779
Marathon CLO V Ltd.
2017-5A, 2.77% (3 Month USD LIBOR + 0.87%, Rate Floor: 0.00%) due 11/21/274,7		10,794,661		10,764,545
2017-5A, 3.35% (3 Month USD LIBOR + 1.45%, Rate Floor: 0.00%) due 11/21/274,7		10,520,137		10,397,629
NewStar Fairfield Fund CLO Ltd.
2018-2A, 3.24% (3 Month USD LIBOR + 1.27%, Rate Floor: 1.27%) due 04/20/304,7		21,400,000		20,940,309
ALM XII Ltd.
2018-12A, 2.89% (3 Month USD LIBOR + 0.89%, Rate Floor: 0.89%) due 04/16/274,7		19,980,913		19,973,792
Monroe Capital CLO Ltd.
2017-1A, 3.65% (3 Month USD LIBOR + 1.70%, Rate Floor: 0.00%) due 10/22/264,7		10,100,000		10,062,339
2017-1A, 3.30% (3 Month USD LIBOR + 1.35%, Rate Floor: 0.00%) due 10/22/264,7		9,552,535		9,554,694
Diamond CLO Ltd.
2018-1A, 3.45% (3 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 07/22/304,7		18,000,000		17,948,120
Flagship VII Ltd.
2017-7A, 3.52% (3 Month USD LIBOR + 1.55%, Rate Floor: 0.00%) due 01/20/264,7		17,583,718		17,585,570
BSPRT Issuer Ltd.
2018-FL3, 2.79% (1 Month USD LIBOR + 1.05%, Rate Floor: 1.05%) due 03/15/284,7		17,500,000		17,502,849
FDF I Ltd.
2015-1A, 4.40% due 11/12/307		15,000,000		15,317,466
Mountain Hawk II CLO Ltd.
2018-2A, 3.57% (3 Month USD LIBOR + 1.60%, Rate Floor: 0.00%) due 07/20/244,7		14,750,000		14,756,853
2018-2A, 2.79% (3 Month USD LIBOR + 0.82%, Rate Floor: 0.00%) due 07/20/244,7		163,598		163,579
Avery Point V CLO Ltd.
2017-5A, 2.98% (3 Month USD LIBOR + 0.98%, Rate Floor: 0.00%) due 07/17/264,7		13,786,453		13,776,179
Seneca Park CLO Ltd.
2017-1A, 3.50% (3 Month USD LIBOR + 1.50%, Rate Floor: 0.00%) due 07/17/264,7		12,900,000		12,915,797
Newstar Commercial Loan Funding LLC
2017-1A, 4.41% (3 Month USD LIBOR + 2.50%, Rate Floor: 0.00%) due 03/20/274,7		12,750,000		12,747,344
Marathon CLO VII Ltd.
2017-7A, 3.59% (3 Month USD LIBOR + 1.65%, Rate Floor: 0.00%) due 10/28/254,7		12,600,000		12,608,337

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
ASSET-BACKED SECURITIES†† - 15.8% (continued)
Collateralized Loan Obligations - 7.7% (continued)
Sudbury Mill CLO Ltd.
2017-1A, 3.65% (3 Month USD LIBOR + 1.65%, Rate Floor: 0.00%) due 01/17/264,7		11,850,000	$	11,800,239
Fortress Credit Opportunities IX CLO Ltd.
2017-9A, 3.46% (3 Month USD LIBOR + 1.55%, Rate Floor: 0.00%) due 11/15/294,7		11,527,000		11,448,751
Shackleton CLO Ltd.
2017-8A, 3.27% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 10/20/274,7		5,510,000		5,443,484
2017-8A, 2.89% (3 Month USD LIBOR + 0.92%, Rate Floor: 0.00%) due 10/20/274,7		4,900,000		4,892,282
BDS
2018-FL2, 2.69% (1 Month USD LIBOR + 0.95%, Rate Floor: 0.95%) due 08/15/354,7		9,946,419		9,943,678
Woodmont Trust
2017-3A, 3.95% (3 Month USD LIBOR + 1.95%, Rate Floor: 0.00%) due 10/18/294,7		9,800,000		9,801,280
Treman Park CLO Ltd.
2015-1A, due 10/20/287,8		13,600,000		9,800,494
Neuberger Berman CLO XVI-S Ltd.
2018-16SA, 2.85% (3 Month USD LIBOR + 0.85%, Rate Floor: 0.00%) due 01/15/284,7		8,900,000		8,899,953
Dryden 37 Senior Loan Fund
2015-37A, due 01/15/317,8		10,000,000		8,644,724
KVK CLO Ltd.
2017-1A, 2.90% (3 Month USD LIBOR + 0.90%, Rate Floor: 0.00%) due 01/14/284,7		8,600,000		8,581,418
ACIS CLO Ltd.
2015-6A, 4.39% (3 Month USD LIBOR + 2.48%, Rate Floor: 0.00%) due 05/01/274,7		7,500,000		7,515,541
TCP Waterman CLO Ltd.
2016-1A, 3.94% (3 Month USD LIBOR + 2.05%, Rate Floor: 0.00%) due 12/15/284,7		7,150,000		7,148,397
Golub Capital Partners CLO 16 Ltd.
2017-16A, 3.79% (3 Month USD LIBOR + 1.85%, Rate Floor: 0.00%) due 07/25/294,7		6,700,000		6,636,079
TICP CLO I Ltd.
2018-1A, 2.77% (3 Month USD LIBOR + 0.80%, Rate Floor: 0.00%) due 07/20/274,7		6,468,068		6,464,894
West CLO Ltd.
2017-1A, 2.92% (3 Month USD LIBOR + 0.92%, Rate Floor: 0.00%) due 07/18/264,7		6,221,200		6,215,388
California Street CLO XII Ltd.
2017-12A, 3.50% (3 Month USD LIBOR + 1.50%, Rate Floor: 0.00%) due 10/15/254,7		5,750,000		5,757,606
Avery Point II CLO Ltd.
2013-3X COM, due 01/18/258		7,500,060		5,402,410
OHA Credit Partners IX Ltd.
2013-9A, due 10/20/257,8		6,000,000		5,050,837
TICP CLO III-2 Ltd.
2018-3R, 2.81% (3 Month USD LIBOR + 0.84%, Rate Floor: 0.84%) due 04/20/284,7		5,000,000		4,992,575
Oaktree CLO Ltd.
2017-1A, 2.84% (3 Month USD LIBOR + 0.87%) due 10/20/274,7		4,500,000		4,495,895

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
ASSET-BACKED SECURITIES†† - 15.8% (continued)
Collateralized Loan Obligations - 7.7% (continued)
Carlyle Global Market Strategies CLO Ltd.
2012-3A, due 01/14/327,8		8,920,000	$	4,430,243
Voya CLO Ltd.
2013-1A, due 10/15/307,8		10,575,071		4,421,744
Atlas Senior Loan Fund III Ltd.
2017-1A, 3.20% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 11/17/274,7		4,300,000		4,248,594
Golub Capital Partners CLO 39B Ltd.
2018-39A, 3.37% (3 Month USD LIBOR + 1.40%, Rate Floor: 1.40%) due 10/20/284,7		3,100,000		3,063,359
MONROE CAPITAL BSL CLO Ltd.
2017-1A, 3.65% (3 Month USD LIBOR + 1.75%, Rate Floor: 0.00%) due 05/22/274,7		3,000,000		2,993,696
Ocean Trails CLO IV
2017-4A, 3.71% (3 Month USD LIBOR + 1.80%, Rate Floor: 0.00%) due 08/13/254,7		2,500,000		2,488,224
Ivy Hill Middle Market Credit Fund IX Ltd.
2017-9A, 3.75% (3 Month USD LIBOR + 1.75%, Rate Floor: 0.00%) due 01/18/304,7		1,000,000		957,342
2017-9A, 4.35% (3 Month USD LIBOR + 2.35%, Rate Floor: 0.00%) due 01/18/304,7		1,000,000		931,921
Golub Capital BDC CLO 2014 LLC
2018-1A, 2.89% (3 Month USD LIBOR + 0.95%, Rate Floor: 0.00%) due 04/25/264,7		1,808,279		1,800,525
Catamaran CLO Ltd.
2016-2A, 4.05% (3 Month USD LIBOR + 2.05%, Rate Floor: 2.05%) due 10/18/264,7		1,750,000		1,746,402
Venture XIII CLO Ltd.
2013-13A, due 09/10/297,8		3,700,000		1,111,913
Dryden XXV Senior Loan Fund
2017-25A, 3.34% (3 Month USD LIBOR + 1.35%, Rate Floor: 0.00%) due 10/15/274,7		766,703		757,480
VMC Finance LLC
2018-FL1, 2.56% (1 Month USD LIBOR + 0.82%, Rate Floor: 0.82%) due 03/15/354,7		654,061		652,594
Atlas Senior Loan Fund IX Ltd.
2018-9A, due 04/20/287,8		1,200,000		496,320
Great Lakes CLO Ltd.
2014-1A, due 10/15/297,8		461,538		243,784
Copper River CLO Ltd.
2007-1A, due 01/20/218,9		1,500,000		201,000
Babson CLO Ltd.
2014-IA, due 07/20/257,8		1,300,000		186,584
Total Collateralized Loan Obligations				1,099,810,090
Financial - 3.3%
Station Place Securitization Trust
2019-8, 2.38% (1 Month USD LIBOR + 0.60%, Rate Floor: 0.60%) due 03/24/204,7		141,950,000		141,949,901
2019-6, 2.38% (1 Month USD LIBOR + 0.60%, Rate Floor: 0.60%) due 07/24/21†††,4,7		74,050,000		74,050,000
2019-5, 2.48% (1 Month USD LIBOR + 0.70%, Rate Floor: 0.70%) due 06/24/20†††,4,7		40,300,000		40,300,000

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
ASSET-BACKED SECURITIES†† - 15.8% (continued)
Financial - 3.3% (continued)
2019-9, 2.48% (1 Month USD LIBOR + 0.70%, Rate Floor: 0.00%) due 10/24/20†††,4,7		28,450,000	$	28,450,000
2019-2, 2.33% (1 Month USD LIBOR + 0.55%, Rate Floor: 0.55%) due 04/24/214,7		20,250,000		20,253,880
2019-WL1, 2.44% (1 Month USD LIBOR + 0.65%, Rate Floor: 0.65%) due 08/25/524,7		15,250,000		15,252,287
Barclays Bank plc
GMTN, 2.48% (1 Month USD LIBOR + 0.68%) due 07/31/204,7		108,050,000		108,254,574
Madison Avenue Secured Funding Trust
2019-1, 3.22% (1 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 11/11/204,7		21,350,000		21,351,495
Nassau LLC
2019-1, 3.98% due 08/15/347		20,594,770		20,443,666
Industrial DPR Funding Ltd.
2016-1A, 5.24% due 04/15/267		3,760,041		3,736,390
Total Financial				474,042,193
Transport-Aircraft - 2.0%
AASET US Ltd.
2018-2A, 4.45% due 11/18/387		48,072,137		48,994,512
2018-2A, 5.43% due 11/18/387		9,019,163		9,112,338
Castlelake Aircraft Securitization Trust
2018-1, 4.13% due 06/15/437		30,536,146		31,040,954
2017-1, 3.97% due 07/15/42		15,121,830		15,325,339
Sapphire Aviation Finance I Ltd.
2018-1A, 4.25% due 03/15/407		39,974,899		40,656,307
KDAC Aviation Finance Ltd.
2017-1A, 4.21% due 12/15/427		35,679,056		36,064,985
MAPS Ltd.
2018-1A, 4.21% due 05/15/437		27,069,390		27,553,978
Apollo Aviation Securitization Equity Trust
2016-2, 4.21% due 11/15/41		24,326,662		24,370,012
AIM Aviation Finance Ltd.
2015-1A, 4.21% due 02/15/407		15,605,908		15,594,104
2015-1A, 5.07% due 02/15/407		1,353,676		1,351,693
Raspro Trust
2005-1A, 2.89% (3 Month USD LIBOR + 0.93%, Rate Floor: 0.93%) due 03/23/244,7		14,019,105		13,792,907
Falcon Aerospace Ltd.
2017-1, 4.58% due 02/15/427		10,223,567		10,260,167
AASET Trust
2017-1A, 3.97% due 05/16/427		8,136,846		8,203,509
Atlas Ltd.
2014-1 A, 4.88% due 12/15/39		2,688,043		2,623,143
Stripes Aircraft Ltd.
2013-1 A1, 5.27% due 03/20/23†††		977,254		967,796
Willis Engine Securitization Trust II
2012-A, 5.50% due 09/15/376,7		813,740		836,998
Turbine Engines Securitization Ltd.
2013-1A, 5.13% due 12/13/489		709,903		711,708
ECAF I Ltd.
2015-1A, 3.47% due 06/15/407		664,663		664,641
Airplanes Pass Through Trust
2001-1A, due 03/15/19†††,4,9,10		409,604		6,400
Total Transport-Aircraft				288,131,491
Net Lease - 0.8%
Capital Automotive LLC
2017-1A, 3.87% due 04/15/477		51,409,492		51,801,099
Store Master Funding I-VII
2016-1A, 3.96% due 10/20/467		29,382,084		30,574,338
2016-1A, 4.32% due 10/20/467		10,846,305		11,373,637
Capital Automotive REIT
2014-1A, 3.66% due 10/15/447		11,392,627		11,372,945

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
ASSET-BACKED SECURITIES†† - 15.8% (continued)
Net Lease - 0.8% (continued)
STORE Master Funding I LLC
2015-1A, 4.17% due 04/20/457		7,763,523	$	7,895,569
2015-1A, 3.75% due 04/20/457		1,465,000		1,467,107
STORE Master Funding LLC
2014-1A, 5.00% due 04/20/447		4,374,375		4,602,885
Total Net Lease				119,087,580
Transport-Container - 0.8%
Textainer Marine Containers Ltd.
2017-2A, 3.52% due 06/20/427		39,775,016		39,659,064
CLI Funding LLC
2018-1A, 4.03% due 04/18/437		24,404,739		24,582,200
CAL Funding III Ltd.
2018-1A, 3.96% due 02/25/437		18,824,167		18,883,199
Global SC Finance II SRL
2014-1A, 3.19% due 07/17/297		13,649,167		13,634,200
Textainer Marine Containers V Ltd.
2017-1A, 3.72% due 05/20/427		13,172,740		13,222,131
Cronos Containers Program Ltd.
2013-1A, 3.08% due 04/18/287		5,283,333		5,281,784
Total Transport-Container				115,262,578
Collateralized Debt Obligations - 0.5%
Anchorage Credit Funding Ltd.
2016-4A, 3.50% due 02/15/357		55,600,000		55,819,653
2016-3A, 3.85% due 10/28/337		7,500,000		7,533,347
Putnam Structured Product Funding Ltd.
2003-1A, 2.74% (1 Month USD LIBOR + 1.00%, Rate Floor: 0.00%) due 10/15/384,7		8,198,538		8,117,685
N-Star REL CDO VIII Ltd.
2006-8A, 2.49% (1 Month USD LIBOR + 0.36%, Rate Floor: 0.36%) due 02/01/414,7		769,714		762,740
Highland Park CDO I Ltd.
2006-1A, 3.05% (3 Month USD LIBOR + 0.40%, Rate Floor: 0.00%) due 11/25/514,9		675,446		669,686
Total Collateralized Debt Obligations				72,903,111
Infrastructure - 0.2%
Secured Tenant Site Contract Revenue Notes Series
2018-1A, 3.97% due 06/15/487		22,380,262		22,657,780
Vantage Data Centers Issuer LLC
2018-1A, 4.07% due 02/16/437		10,258,417		10,578,510
Total Infrastructure				33,236,290
Diversified Payment Rights - 0.2%
Bib Merchant Voucher Receivables Ltd.
4.18% due 04/07/28†††,1		21,400,000		22,096,524
CCR Incorporated MT100 Payment Rights Master Trust
2012-CA, 4.75% due 07/10/227		350,595		353,990
Total Diversified Payment Rights				22,450,514
Whole Business - 0.2%
Domino's Pizza Master Issuer LLC
2017-1A, 3.19% (3 Month USD LIBOR + 1.25%, Rate Floor: 0.00%) due 07/25/474,7		16,856,000		16,868,305
Planet Fitness Master Issuer LLC
2018-1A, 4.26% due 09/05/487		2,962,500		3,011,737
Drug Royalty III LP 1
2017-1A, 3.60% due 04/15/277		1,246,343		1,247,610

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
ASSET-BACKED SECURITIES†† - 15.8% (continued)
Whole Business - 0.2% (continued)
Drug Royalty III LP
2016-1A, 3.98% due 04/15/277		632,652	$	633,642
Total Whole Business				21,761,294
Automotive - 0.1%
Hertz Vehicle Financing II, LP
2017-1A, 2.96% due 10/25/217		8,355,000		8,397,736
Insurance - 0.0%
Chesterfield Financial Holdings LLC
2014-1A, 4.50% due 12/15/347		3,343,750		3,359,777
Transport-Rail - 0.0%
TRIP Rail Master Funding LLC
2017-1A, 2.71% due 08/15/477		1,818,584		1,818,868
Total Asset-Backed Securities
(Cost $2,262,025,852)				2,260,261,522

FOREIGN GOVERNMENT DEBT†† - 15.2%
Government of Japan
0.10% due 08/01/21	JPY	26,008,000,000	240,223,532
due 01/20/2011	JPY	16,380,000,000	150,755,126
due 01/10/2011	JPY	14,083,400,000	129,612,434
0.10% due 07/01/21	JPY	10,000,000,000	92,347,761
0.10% due 05/01/21	JPY	8,670,000,000	80,029,603
0.10% due 06/01/20	JPY	6,393,900,000	58,896,774
0.10% due 09/01/20	JPY	5,928,000,000	54,637,916
0.10% due 12/20/21	JPY	4,530,600,000	41,886,192
0.10% due 06/01/21	JPY	3,468,000,000	32,020,459
0.10% due 06/20/20	JPY	2,412,000,000	22,221,006
0.10% due 04/15/20	JPY	2,082,050,000	19,173,806
2.20% due 06/22/20	JPY	96,500,000	897,772
State of Israel
1.00% due 04/30/21	ILS	530,470,000	155,495,593
5.00% due 01/31/20	ILS	278,300,000	80,879,551
5.50% due 01/31/22	ILS	227,470,000	73,122,620
0.50% due 01/31/21	ILS	103,010,000	29,976,737
Kingdom of Spain
0.75% due 07/30/21	EUR	214,670,000	245,332,670
due 01/17/2011	EUR	57,100,000	64,078,052
Federative Republic of Brazil
due 07/01/2111	BRL	653,060,000	151,478,397
due 04/01/2011	BRL	382,700,000	94,334,036
due 07/01/2011	BRL	242,295,000	59,115,755
Republic of Portugal
due 01/17/2011	EUR	149,112,000	167,329,419
United Mexican States
due 01/02/2011	MXN	2,433,773,000	128,672,791
Republic of France
due 01/08/2011	EUR	9,150,000	10,266,258
Ontario Treasury Bill
due 01/02/2011	CAD	623,000	479,893
Total Foreign Government Debt
(Cost $2,175,647,128)			2,183,264,153

CORPORATE BONDS†† - 7.3%
Financial - 2.9%
Synchrony Bank
2.59% (3 Month USD LIBOR + 0.63%) due 03/30/204	44,250,000	44,282,796
AXIS Specialty Finance LLC
5.88% due 06/01/20	32,000,000	32,503,853
Capital One Financial Corp.
2.50% due 05/12/20	30,800,000	30,840,581
2.66% (3 Month USD LIBOR + 0.76%) due 05/12/204	400,000	400,750
ANZ New Zealand Int'l Ltd.
2.85% due 08/06/207	29,500,000	29,644,556
Lloyds Bank Corporate Markets plc NY
2.26% (3 Month USD LIBOR + 0.37%) due 08/05/204	29,100,000	29,128,904
Standard Chartered Bank
2.30% (3 Month USD LIBOR + 0.40%) due 08/04/204	28,810,000	28,843,843
Credit Suisse AG NY
2.33% (3 Month USD LIBOR + 0.40%) due 07/31/204	28,730,000	28,771,051
UBS AG
2.47% (3 Month USD LIBOR + 0.58%, Rate Floor: 0.00%) due 06/08/204,7	22,000,000	22,036,407
2.39% (3 Month USD LIBOR + 0.48%) due 12/01/204,7	6,000,000	6,015,300
American Express Co.
2.20% due 10/30/20	26,950,000	27,005,394
Discover Bank
3.10% due 06/04/20	23,200,000	23,286,357
American Tower Corp.
3.30% due 02/15/21	14,278,000	14,472,152
2.80% due 06/01/20	6,920,000	6,939,928
Morgan Stanley
5.50% due 07/24/20	12,300,000	12,548,217
American Equity Investment Life Holding Co.
5.00% due 06/15/27	10,986,000	11,729,224
RBC USA Holdco Corp.
5.25% due 09/15/20	11,158,000	11,412,766
Swedbank AB
2.65% due 03/10/217	8,100,000	8,147,905

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
CORPORATE BONDS†† - 7.3% (continued)
Financial - 2.9% (continued)
Assurant, Inc.
3.20% (3 Month USD LIBOR + 1.25%) due 03/26/214		4,608,000	$	4,608,534
6.75% due 02/15/34		1,450,000		1,737,543
Marsh & McLennan Cos., Inc.
4.80% due 07/15/21		5,870,000		6,083,209
Atlas Mara Ltd.
8.00% due 12/31/209		6,600,000		5,841,000
Credit Suisse Group Funding Guernsey Ltd.
2.75% due 03/26/20		3,950,000		3,954,892
Fort Knox Military Housing Privatization Project
5.82% due 02/15/527		1,916,735		2,125,570
2.08% (1 Month USD LIBOR + 0.34%) due 02/15/524,7		1,718,892		1,096,650
MUFG Bank Ltd.
2.30% due 03/05/207		2,825,000		2,826,621
Nomura Holdings, Inc.
6.70% due 03/04/20		2,263,000		2,280,517
Standard Chartered plc
3.09% (3 Month USD LIBOR + 1.20%) due 09/10/224,7		1,900,000		1,914,307
Mizuho Financial Group, Inc.
2.56% due 09/13/2512		1,870,000		1,870,540
Transatlantic Holdings, Inc.
8.00% due 11/30/39		1,135,000		1,688,067
Brookfield Finance, Inc.
4.85% due 03/29/29		1,410,000		1,614,610
Hartford Financial Services Group, Inc.
6.10% due 10/01/41		1,160,000		1,591,025
EPR Properties
3.75% due 08/15/29		1,510,000		1,530,830
KKR Group Finance Company VI LLC
3.75% due 07/01/297		1,410,000		1,502,974
Barclays plc
4.97% due 05/16/2912		1,320,000		1,488,446
Lexington Realty Trust
4.25% due 06/15/23		1,300,000		1,339,070
Univest Financial Corp.
5.10% due 03/30/2512		1,000,000		1,002,149
Janus Capital Group, Inc.
4.88% due 08/01/25		780,000		849,709
Atlantic Marine Corporations Communities LLC
5.37% due 12/01/507		780,736		846,001
Pacific Beacon LLC
5.51% due 07/15/367		500,000		587,755
Essex Portfolio, LP
5.20% due 03/15/21		400,000		411,829
Total Financial				416,801,832
Consumer, Non-cyclical - 2.0%
Mondelez International, Inc.
3.00% due 05/07/20		32,300,000		32,392,693
Anthem, Inc.
2.50% due 11/21/20		23,600,000		23,705,005
4.35% due 08/15/20		7,900,000		8,012,939
Zimmer Biomet Holdings, Inc.
2.70% due 04/01/20		30,310,000		30,329,699
Allergan Funding SCS
3.00% due 03/12/20		29,600,000		29,621,673
Molson Coors Beverage Co.
2.25% due 03/15/20		28,977,000		28,964,637
Constellation Brands, Inc.
2.25% due 11/06/20		28,230,000		28,287,153
Quest Diagnostics, Inc.
2.50% due 03/30/20		20,950,000		20,955,015
4.70% due 04/01/21		5,000,000		5,166,152
Cigna Corp.
3.20% due 09/17/20		13,230,000		13,332,940
2.25% (3 Month USD LIBOR + 0.35%) due 03/17/204		9,175,000		9,178,523
General Mills, Inc.
2.54% (3 Month USD LIBOR + 0.54%) due 04/16/214		12,963,000		13,004,849
AstraZeneca plc
2.38% due 11/16/20		9,443,000		9,472,858
Coca-Cola European Partners plc
3.50% due 09/15/20		9,200,000		9,283,477
ERAC USA Finance LLC
5.25% due 10/01/207		4,260,000		4,361,777
Reynolds American, Inc.
6.88% due 05/01/20		2,890,000		2,936,186
BAT Capital Corp.
3.22% due 09/06/26		1,800,000		1,813,802
McKesson Corp.
4.88% due 03/15/44		1,650,000		1,800,175
Humana, Inc.
2.50% due 12/15/20		1,785,000		1,792,550
Biogen, Inc.
2.90% due 09/15/20		1,650,000		1,662,128
Aetna, Inc.
6.63% due 06/15/36		1,190,000		1,607,385
Conagra Brands, Inc.
2.51% (3 Month USD LIBOR + 0.50%) due 10/09/204		1,350,000		1,352,014
Global Payments, Inc.
3.80% due 04/01/21		700,000		713,771

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
CORPORATE BONDS†† - 7.3% (continued)
Consumer, Non-cyclical - 2.0% (continued)
Coca-Cola Femsa SAB de CV
4.63% due 02/15/20		459,000	$	460,130
Total Consumer, Non-cyclical				280,207,531
Industrial - 0.6%
Northrop Grumman Corp.
2.08% due 10/15/20		17,400,000		17,419,249
3.50% due 03/15/21		6,250,000		6,370,485
Rolls-Royce plc
2.38% due 10/14/207		20,350,000		20,427,778
Aviation Capital Group LLC
7.13% due 10/15/207		7,940,000		8,239,740
2.88% due 01/20/227		3,246,000		3,269,385
United Technologies Corp.
1.90% due 05/04/20		10,373,000		10,367,951
Ryder System, Inc.
2.50% due 05/11/20		8,627,000		8,636,671
Ingersoll-Rand Luxembourg Finance S.A.
2.63% due 05/01/20		4,247,000		4,252,562
Princess Juliana International Airport Operating Company N.V.
5.50% due 12/20/279		2,057,229		2,023,573
CRH America, Inc.
3.88% due 05/18/257		1,410,000		1,506,677
Oshkosh Corp.
4.60% due 05/15/28		1,380,000		1,472,358
Tyco Electronics Group S.A.
4.88% due 01/15/21		1,000,000		1,030,042
Vulcan Materials Co.
2.49% (3 Month USD LIBOR + 0.60%) due 06/15/204		895,000		895,915
Total Industrial				85,912,386
Utilities - 0.5%
NextEra Energy Capital Holdings, Inc.
2.41% (3 Month USD LIBOR + 0.45%) due 09/28/204		30,310,000		30,352,434
Ameren Corp.
2.70% due 11/15/20		17,540,000		17,633,932
Southern Power Co.
2.38% due 06/01/20		13,295,000		13,309,106
5.25% due 07/15/43		1,350,000		1,547,123
Eversource Energy
2.50% due 03/15/21		6,194,000		6,230,334
PSEG Power LLC
5.13% due 04/15/20		3,311,000		3,340,482
American Electric Power Co., Inc.
2.15% due 11/13/20		2,000,000		2,003,914
Virginia Electric & Power Co.
8.88% due 11/15/38		1,100,000		1,857,769
Pennsylvania Electric Co.
5.20% due 04/01/20		1,000,000		1,007,165
Total Utilities				77,282,259
Energy - 0.5%
Occidental Petroleum Corp.
2.60% due 08/13/21		24,500,000		24,681,295
Sabine Pass Liquefaction LLC
5.63% due 02/01/21		18,152,000		18,658,313
Florida Gas Transmission Company LLC
5.45% due 07/15/207		10,500,000		10,676,524
Marathon Petroleum Corp.
3.40% due 12/15/20		4,800,000		4,854,643
5.13% due 03/01/21		2,200,000		2,277,870
TransCanada PipeLines Ltd.
6.10% due 06/01/40		1,200,000		1,588,768
Hess Corp.
5.60% due 02/15/41		1,340,000		1,569,305
Halliburton Co.
5.00% due 11/15/45		1,320,000		1,508,932
Total Energy				65,815,650
Technology - 0.5%
Analog Devices, Inc.
2.95% due 01/12/21		26,950,000		27,175,410
Broadcom Corp. / Broadcom Cayman Finance Ltd.
2.38% due 01/15/20		26,890,000		26,891,202
Fiserv, Inc.
2.70% due 06/01/20		7,430,000		7,448,412
QUALCOMM, Inc.
2.25% due 05/20/20		2,600,000		2,602,858
Total Technology				64,117,882
Consumer, Cyclical - 0.2%
Marriott International, Inc.
2.51% (3 Month USD LIBOR + 0.60%) due 12/01/204		30,350,000		30,447,005
HP Communities LLC
5.86% due 09/15/537		1,420,000		1,747,625
Total Consumer, Cyclical				32,194,630
Basic Materials - 0.1%
Georgia-Pacific LLC
5.40% due 11/01/207		12,532,000		12,879,868

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
CORPORATE BONDS†† - 7.3% (continued)
Basic Materials - 0.1% (continued)
Southern Copper Corp.
7.50% due 07/27/35		1,150,000	$	1,585,156
Total Basic Materials				14,465,024
Communications - 0.0%
Telefonica Emisiones S.A.
5.13% due 04/27/20		2,710,000		2,735,657
Thomson Reuters Corp.
5.65% due 11/23/43		1,290,000		1,526,978
AT&T, Inc.
6.35% due 03/15/40		1,170,000		1,519,687
Motorola Solutions, Inc.
5.50% due 09/01/44		360,000		401,556
Total Communications				6,183,878
Total Corporate Bonds
(Cost $1,038,499,028)				1,042,981,072

FEDERAL AGENCY BONDS†† - 4.6%
Residual Funding Corporation Principal Strips
due 04/15/3011,13	105,135,000	82,093,626
due 01/15/3011,13	103,729,000	81,484,227
Freddie Mac Principal Strips
due 07/15/3211,13	123,250,000	90,494,216
due 03/15/3111,13	81,957,000	62,577,003
Fannie Mae Principal Strips
due 05/15/3011,13	79,586,000	62,274,233
due 07/15/3711,13	86,350,000	54,070,851
due 11/15/3011,13	37,570,000	28,896,419
due 08/06/3811,13	2,250,000	1,362,146
Tennessee Valley Authority
4.25% due 09/15/65	32,550,000	42,370,535
5.38% due 04/01/56	8,360,000	12,699,571
due 09/15/535,11	1,612,000	587,517
due 09/15/555,11	1,612,000	553,360
due 09/15/565,11	1,612,000	537,034
due 03/15/575,11	1,612,000	527,117
due 09/15/575,11	1,612,000	519,257
due 09/15/585,11	1,612,000	503,887
due 03/15/595,11	1,612,000	496,374
due 09/15/595,11	1,612,000	488,973
due 09/15/605,11	1,612,000	474,499
due 09/15/545,11	1,020,000	360,786
due 03/15/615,11	1,020,000	295,765
due 09/15/615,11	1,020,000	290,933
due 09/15/625,11	1,020,000	280,363
due 03/15/635,11	1,020,000	275,198
due 09/15/635,11	1,020,000	270,089
due 09/15/645,11	1,020,000	261,593
due 03/15/655,11	1,020,000	257,641
due 09/15/655,11	1,020,000	253,750
Freddie Mac
due 01/02/3411	18,000,000	12,538,184
due 03/15/3011	12,050,000	9,380,604
due 07/15/3011	8,600,000	6,640,321
due 01/15/3111	7,750,000	5,904,582
due 09/15/3011	2,906,000	2,234,651
due 03/15/3111	2,500,000	1,896,897
due 07/15/3111	1,800,000	1,354,593
due 01/15/3011	1,050,000	823,192
Tennessee Valley Authority Principal
due 01/15/4811,13	34,650,000	14,964,431
due 01/15/3811,13	15,800,000	9,288,268
Private Export Funding Corp.
1.75% due 11/15/24	19,500,000	19,363,553
Fannie Mae
due 01/15/3211	9,413,000	7,005,344
due 07/15/3211,13	3,963,000	2,913,371
due 01/15/3511	2,250,000	1,522,408
due 02/06/3311	1,456,000	1,053,072
due 01/15/3311,13	1,450,000	1,050,247
Freddie Mac
Overseas Private Investment Corp.
3.17% due 10/05/34	11,567,288	12,236,312
Federal Farm Credit Bank
3.58% due 04/11/47	4,900,000	5,519,043
2.53% due 09/04/29	3,600,000	3,555,266
Federal Farm Credit Banks Funding Corp.
3.08% due 08/12/39	7,550,000	7,558,247
Federal Home Loan Bank
2.69% due 09/26/34	1,350,000	1,354,492
Total Federal Agency Bonds
(Cost $601,608,968)		653,714,041

MUNICIPAL BONDS†† - 0.9%
California - 0.5%
California Institute of Technology
3.65% due 09/01/19	22,300,000	21,629,645
Poway Unified School District General Obligation Unlimited
due 08/01/4011	10,000,000	5,712,400
due 08/01/3811	8,460,000	5,177,774
Newport Mesa Unified School District General Obligation Unlimited
due 08/01/4511	8,565,000	3,454,607
due 08/01/3911	4,000,000	2,120,840
due 08/01/3811	2,000,000	1,279,160
due 08/01/4011	2,500,000	1,265,350
due 08/01/4111	2,000,000	965,120
due 08/01/4311	1,900,000	836,304
San Diego Unified School District General Obligation Unlimited
due 07/01/3911	7,150,000	4,302,799
due 07/01/4611	2,200,000	1,039,786
due 07/01/4311	1,350,000	708,885
Cypress School District General Obligation Unlimited
due 08/01/4811	14,450,000	5,102,873
Beverly Hills Unified School District California General Obligation Unlimited
due 08/01/3411	5,295,000	3,508,467

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
MUNICIPAL BONDS†† - 0.9% (continued)
California - 0.5% (continued)
Placentia-Yorba Linda Unified School District General Obligation Unlimited
due 08/01/4111		5,325,000	$	2,894,617
San Bernardino Community College District General Obligation Unlimited
due 08/01/4411		4,750,000		2,188,088
Upland Unified School District General Obligation Unlimited
due 08/01/5011		5,040,000		1,973,765
Hanford Joint Union High School District General Obligation Unlimited
due 08/01/4111		4,125,000		1,766,738
San Marcos Unified School District General Obligation Unlimited
due 08/01/4711		3,600,000		1,597,212
Antelope Valley Community College District General Obligation Unlimited
due 08/01/3611		2,800,000		1,519,896
Wiseburn School District General Obligation Unlimited
due 08/01/3411		900,000		629,820
Santa Ana Unified School District Public Facilities Corp. General Obligation Unlimited
due 08/01/3511		700,000		468,839
Total California				70,142,985
Georgia - 0.2%
Central Storage Safety Project Trust
4.82% due 02/01/389		20,500,000		22,138,616
Illinois - 0.1%
State of Illinois General Obligation Unlimited
5.65% due 12/01/38		5,350,000		6,234,087
6.63% due 02/01/35		1,820,000		2,235,451
City of Chicago Illinois General Obligation Unlimited
6.31% due 01/01/44		4,500,000		5,754,600
Total Illinois				14,224,138
Texas - 0.1%
Wylie Independent School District General Obligation Unlimited
due 08/15/4611		10,000,000		3,639,800
due 08/15/4311		4,000,000		1,663,360
Harris County-Houston Sports Authority Revenue Bonds
due 11/15/4511		2,850,000		1,065,444
due 11/15/4111		1,500,000		691,290
Total Texas				7,059,894
North Carolina - 0.0%
Charlotte Housing Authority Revenue Bonds
3.02% due 01/01/38		4,125,000		4,117,064
Oregon - 0.0%
Washington & Multnomah Counties School District No. 48J Beaverton General Obligation Unlimited
due 06/15/3311		3,850,000		2,527,910
Florida - 0.0%
County of Miami-Dade Florida Revenue Bonds
due 10/01/4111		4,100,000		2,081,980
Pennsylvania - 0.0%
Pennsylvania Economic Development Financing Authority Revenue Bonds
due 01/01/4111		995,000		521,141
due 01/01/3711		570,000		347,444
Total Pennsylvania				868,585
Minnesota - 0.0%
Dakota & Washington Counties Housing & Redevelopment Authority/City of Bloomington Minnesota Revenue Bonds
8.38% due 09/01/21		5,000		5,495
Total Municipal Bonds
(Cost $110,847,352)				123,166,667

SENIOR FLOATING RATE INTERESTS††,4 - 0.1%
Basic Materials - 0.1%
Road Infrastructure Investment
5.30% (1 Month USD LIBOR + 3.50% and Commercial Prime Lending Rate + 2.50%, Rate Floor: 4.50%) due 06/13/23	4,316,865	3,984,466
Consumer, Cyclical - 0.0%
Leslie's Poolmart, Inc.
5.34% (2 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 08/16/23	4,084,061	3,813,492

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
SENIOR FLOATING RATE INTERESTS††,4 - 0.1% (continued)
Industrial - 0.0%
Hayward Industries, Inc.
5.30% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 08/05/24		2,191,484	$	2,171,761
Hillman Group, Inc.
5.80% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 05/30/25		985,000		967,270
API Heat Transfer
7.94% (3 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 01/01/24†††		39,464		32,952
7.94% (3 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 10/02/23†††		7,041		6,337
Total Industrial				3,178,320
Consumer, Non-cyclical - 0.0%
Packaging Coordinators Midco, Inc.
5.95% (3 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 06/30/23		2,288,358		2,275,017
Technology - 0.0%
Aspect Software, Inc.
7.21% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 01/15/24		9,807		9,059
Total Senior Floating Rate Interests
(Cost $13,888,002)				13,260,354

REPURCHASE AGREEMENTS††,14 - 2.9%
Societe Generale
issued 07/09/19 at 2.43% (3 Month USD LIBOR + 0.40%)  due 07/07/204	70,498,667	70,498,667
issued 09/10/19 at 2.29% (3 Month USD LIBOR + 0.40%)  due 07/07/204	54,703,000	54,703,000
issued 12/06/19 at 2.29% (3 Month USD LIBOR + 0.40%)  due 07/07/204	16,880,000	16,880,000
issued 07/26/19 at 2.33% (3 Month USD LIBOR + 0.40%)  due 07/07/204	12,150,000	12,150,000
issued 11/25/19 at 2.33% (3 Month USD LIBOR + 0.40%)  due 07/07/204	9,912,000	9,912,000
issued 11/01/19 at 2.33% (3 Month USD LIBOR + 0.40%)  due 07/07/204	9,431,000	9,431,000
issued 10/23/19 at 2.29% (3 Month USD LIBOR + 0.40%)  due 07/07/204	8,827,000	8,827,000
issued 12/10/19 at 2.29% (3 Month USD LIBOR + 0.40%)  due 07/07/204	6,382,000	6,382,000
issued 12/06/19 at 2.33% (3 Month USD LIBOR + 0.40%)  due 07/07/204	5,618,000	5,618,000
issued 08/15/19 at 2.43% (3 Month USD LIBOR + 0.40%)  due 07/07/204	5,247,604	5,247,604
issued 07/22/19 at 2.43% (3 Month USD LIBOR + 0.40%)  due 07/07/204	4,570,497	4,570,497
issued 12/04/19 at 2.43% (3 Month USD LIBOR + 0.40%)  due 07/07/204	4,376,947	4,376,947

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
REPURCHASE AGREEMENTS††,14 - 2.9% (continued)
issued 12/16/19 at 2.29% (3 Month USD LIBOR + 0.40%)  due 07/07/204		3,220,000	$	3,220,000
issued 10/11/19 at 2.43% (3 Month USD LIBOR + 0.40%)  due 07/07/204		2,905,000		2,905,000
issued 07/15/19 at 2.43% (3 Month USD LIBOR + 0.40%)  due 07/07/204		2,503,606		2,503,606
issued 10/25/19 at 2.43% (3 Month USD LIBOR + 0.40%)  due 07/07/204		1,440,000		1,440,000
issued 10/11/19 at 2.33% (3 Month USD LIBOR + 0.40%)  due 07/07/204		305,000		305,000
BNP Paribas
issued 11/01/19 at 2.07%  due 02/03/20		109,010,143		109,010,143
issued 12/13/19 at 2.10%  due 03/16/20		56,640,487		56,640,487
issued 12/30/19 at 2.07%  due 02/03/20		13,032,116		13,032,116
Barclays Capital, Inc.
issued 12/27/19 at 2.03% (1 Month USD LIBOR + 0.25%)  due 02/03/204		17,797,500		17,797,500
Total Repurchase Agreements
(Cost $415,450,567)				415,450,567

COMMERCIAL PAPER†† - 0.0%
Public Service Enterprise Group
2.04% due 01/27/207,15	1,875,000	1,872,161
Nasdaq, Inc.
2.05% due 01/03/207,15	1,600,000	1,599,818
DowDuPont, Inc.
1.97% due 01/21/207,15	1,000,000	998,906
Total Commercial Paper
(Cost $4,470,968)		4,470,885

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Notional Value		Value
OTC OPTIONS PURCHASED†† - 0.2%
Put options on:
BofA Merrill Lynch 2Y-10 CMS CAP Expiring July 2022 with strike price of $0.40		5,927,600,000	$	10,373,300
Morgan Stanley Capital Services LLC 2Y-10 CMS CAP Expiring July 2022 with strike price of $0.40		3,921,300,000		6,862,275
Goldman Sachs International 2Y-10 CMS CAP Expiring July 2022 with strike price of $0.61		3,122,900,000		3,466,419
Goldman Sachs International 2Y-10 CMS CAP Expiring July 2022 with strike price of $0.40		816,100,000		1,428,175
BofA Merrill Lynch 2Y-10 CMS CAP Expiring July 2022 with strike price of $0.61		432,100,000		479,631
Total OTC Options Purchased
(Cost $29,493,876)				22,609,800
Total Investments - 99.9%
(Cost $14,109,944,690)			$	14,313,280,132
Other Assets & Liabilities, net - 0.1%				10,295,583
Total Net Assets - 100.0%			$	14,323,575,715

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

Centrally Cleared Credit Default Swap Agreements Protection Purchased††
Counterparty	Exchange		Index		Protection Premium Rate			Payment Frequency	Maturity Date	Notional Amount		Value			Upfront Premiums Received			Unrealized Depreciation**
BofA Securities, Inc.		ICE		CDX.NA.IG.31		1.00	%	Quarterly	12/20/23	$	1,801,020,000	$	(45,502,248	)	$	(16,876,490	)	$	(28,625,758	)

OTC Credit Default Swap Agreements Protection Purchased††
Counterparty	Index		Protection Premium Rate			Payment Frequency	Maturity Date	Notional Amount		Value			Upfront Premiums Received			Unrealized Depreciation**
Morgan Stanley Capital Services LLC		CDX.NA.IG.31 7-15%		1.00	%	Quarterly	12/20/23	$	106,080,000	$	(2,840,680	)	$	(18,718	)	$	(2,821,962	)
Goldman Sachs International		CDX.NA.IG.31 7-15%		1.00	%	Quarterly	12/20/23		241,590,000		(6,469,453	)		(323,342	)		(6,146,111	)
										$	(9,310,133	)	$	(342,060	)	$	(8,968,073	)

Centrally Cleared Interest Rate Swap Agreements††
Counterparty	Exchange	Floating Rate Type	Floating Rate Index	Fixed Rate		Payment Frequency	Maturity Date		Notional Amount		Value			Upfront Premiums Paid		Unrealized Appreciation (Depreciation)**
BofA Securities, Inc.	CME	Receive	3-Month USD LIBOR	1.54	%	Quarterly	08/04/21	$	49,180,000	$	133,616		$	345	$	133,271
BofA Securities, Inc.	CME	Pay	3-Month USD LIBOR	2.79	%	Quarterly	01/21/20		153,969,000		60,581			41,822		18,759
BofA Securities, Inc.	CME	Pay	3-Month USD LIBOR	2.84	%	Quarterly	01/31/20		24,186,000		16,754			10,213		6,541
BofA Securities, Inc.	CME	Pay	3-Month USD LIBOR	2.92	%	Quarterly	01/31/20		14,106,000		10,753			6,860		3,893
BofA Securities, Inc.	CME	Pay	3-Month USD LIBOR	2.83	%	Quarterly	01/31/20		15,573,000		10,633			6,459		4,174
BofA Securities, Inc.	CME	Receive	3-Month USD LIBOR	2.83	%	Quarterly	01/31/20		15,573,000		(10,633	)		24		(10,657	)
BofA Securities, Inc.	CME	Receive	3-Month USD LIBOR	2.92	%	Quarterly	01/31/20		14,106,000		(10,753	)		23		(10,776	)
BofA Securities, Inc.	CME	Receive	3-Month USD LIBOR	2.84	%	Quarterly	01/31/20		24,186,000		(16,754	)		25		(16,779	)
BofA Securities, Inc.	CME	Receive	3-Month USD LIBOR	2.79	%	Quarterly	01/21/20		153,969,000		(60,581	)		25		(60,606	)
BofA Securities, Inc.	CME	Pay	Federal Funds Rate	1.37	%	Annually	12/04/21		175,200,000		(275,484	)		709		(276,193	)
BofA Securities, Inc.	CME	Pay	Federal Funds Rate	1.34	%	Annually	11/27/21		164,500,000		(331,050	)		676		(331,726	)
BofA Securities, Inc.	CME	Pay	3-Month USD LIBOR	1.57	%	Quarterly	08/14/21		504,500,000		(1,133,616	)		1,261		(1,134,877	)
BofA Securities, Inc.	CME	Pay	Federal Funds Rate	1.23	%	Annually	08/22/21		456,100,000		(1,813,476	)		1,179		(1,814,655	)
BofA Securities, Inc.	CME	Pay	Federal Funds Rate	1.10	%	Annually	08/28/24		554,980,000		(9,830,177	)		2,605		(9,832,782	)
										$	(13,250,187	)	$	72,226	$	(13,322,413	)

Total Return Swap Agreements
Counterparty	Reference Obligation	Financing Rate Receive	Payment Frequency	Maturity Date	Units		Notional Amount		Value and Unrealized Appreciation
OTC Fixed Income Index Swap Agreements Sold Short††
JPMorgan Chase Bank, N.A.	iShares Core U.S. Aggregate Bond ETF	(2.51)% (1 Month USD LIBOR + 0.80%)	At Maturity	01/09/20	334,190	$	37,552,930	$	103,599
JPMorgan Chase Bank, N.A.	iShares Core U.S. Aggregate Bond ETF	(2.52)% (1 Month USD LIBOR + 0.80%)	At Maturity	01/13/20	293,600		32,991,832		61,656
JPMorgan Chase Bank, N.A.	iShares Core U.S. Aggregate Bond ETF	(2.76)% (1 Month USD LIBOR + 1.00%)	At Maturity	01/23/20	241,600		27,148,592		—
JPMorgan Chase Bank, N.A.	iShares Core U.S. Aggregate Bond ETF	(2.79)% (1 Month USD LIBOR + 1.00%)	At Maturity	01/23/20	401,550		45,122,174		—
						$	142,815,528	$	165,255

Counterparty	Reference Obligation	Financing Rate Pay	Payment Frequency	Maturity Date	Units	Notional Amount		Value and Unrealized Depreciation
OTC Sovereign Debt Swap Agreements††
Deutsche Bank AG	Korea Monetary Stabilization Bond	2.34% (3 Month USD LIBOR + 0.45%)	At Maturity	08/04/21	N/A	$	50,928,548	$	(253,341	)

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

Forward Foreign Currency Exchange Contracts††
Counterparty	Contracts to Sell	Currency	Settlement Date		Settlement Value		Value at December 31, 2019		Unrealized Appreciation (Depreciation)
Bank of America, N.A.	17,346,669,000	JPY	08/02/21	$	171,181,418	$	164,886,785	$	6,294,633
Bank of America, N.A.	16,380,000,000	JPY	01/21/20		153,969,075		150,900,488		3,068,587
JPMorgan Chase Bank, N.A.	10,005,000,000	JPY	07/01/21		97,867,554		94,941,207		2,926,347
Morgan Stanley Capital Services LLC	8,674,335,000	JPY	08/02/21		85,134,311		82,452,902		2,681,409
Citibank N.A., New York	8,674,335,000	JPY	05/06/21		84,594,646		82,070,989		2,523,657
Goldman Sachs International	133,295,000	BRL	07/01/20		34,613,087		33,018,330		1,594,757
Goldman Sachs International	4,532,865,300	JPY	12/20/21		44,786,734		43,404,130		1,382,604
Goldman Sachs International	11,266,700,000	JPY	01/10/20		105,086,090		103,728,541		1,357,549
Goldman Sachs International	42,650,000	EUR	01/17/20		49,248,752		47,895,132		1,353,620
Barclays Bank plc	3,469,734,000	JPY	06/01/21		33,963,724		32,873,530		1,090,194
Citibank N.A., New York	109,000,000	BRL	07/01/20		28,075,418		27,000,248		1,075,170
JPMorgan Chase Bank, N.A.	5,930,964,000	JPY	09/01/20		56,376,377		55,348,118		1,028,259
Citibank N.A., New York	5,517,757,500	JPY	06/01/20		52,200,082		51,217,767		982,315
Barclays Bank plc	104,090,000	EUR	01/17/20		117,714,559		116,891,074		823,485
Bank of America, N.A.	24,366,000	EUR	06/15/20		28,020,291		27,621,482		398,809
Bank of America, N.A.	2,413,206,000	JPY	06/22/20		22,824,231		22,426,722		397,509
Bank of America, N.A.	2,083,091,025	JPY	04/15/20		19,648,281		19,284,801		363,480
Goldman Sachs International	20,907,600	EUR	06/15/20		24,055,867		23,701,014		354,853
Citibank N.A., New York	2,816,700,000	JPY	01/10/20		26,262,202		25,932,365		329,837
JPMorgan Chase Bank, N.A.	879,339,450	JPY	06/01/20		8,310,944		8,162,338		148,606
Goldman Sachs International	7,904,000	EUR	04/30/20		9,064,307		8,934,414		129,893
Goldman Sachs International	108,769,700	EUR	07/30/21		126,349,602		126,298,696		50,906
Goldman Sachs International	99,838,432	JPY	06/22/20		945,114		927,831		17,283
Bank of America, N.A.	8,669,000	JPY	02/01/21		84,687		81,613		3,074
Bank of America, N.A.	8,669,000	JPY	08/03/20		83,799		80,762		3,037
Bank of America, N.A.	8,669,000	JPY	02/03/20		82,928		79,923		3,005
JPMorgan Chase Bank, N.A.	5,000,000	JPY	07/01/20		47,966		46,490		1,476
JPMorgan Chase Bank, N.A.	5,000,000	JPY	01/06/20		47,493		46,023		1,470
JPMorgan Chase Bank, N.A.	5,000,000	JPY	01/04/21		48,459		47,002		1,457
Morgan Stanley Capital Services LLC	4,335,000	JPY	02/01/21		42,095		40,811		1,284
Morgan Stanley Capital Services LLC	4,335,000	JPY	08/03/20		41,662		40,385		1,277
Morgan Stanley Capital Services LLC	4,335,000	JPY	02/03/20		41,219		39,966		1,253
Citibank N.A., New York	4,335,000	JPY	11/02/20		41,820		40,602		1,218
Citibank N.A., New York	4,335,000	JPY	05/01/20		41,379		40,169		1,210
Goldman Sachs International	2,265,300	JPY	06/21/21		22,155		21,485		670
Goldman Sachs International	2,265,300	JPY	12/21/20		21,919		21,278		641
Barclays Bank plc	1,734,000	JPY	06/01/20		16,618		16,096		522
Barclays Bank plc	1,734,000	JPY	12/01/20		16,788		16,268		520
JPMorgan Chase Bank, N.A.	2,964,000	JPY	03/02/20		27,855		27,370		485
Goldman Sachs International	809,700	EUR	07/30/20		920,386		920,486		(100	)
Bank of America, N.A.	328,899	ILS	04/30/20		94,116		96,095		(1,979	)
Citibank N.A., New York	745,838	ILS	04/30/20		214,315		217,913		(3,598	)
Deutsche Bank AG	152,887,630	KRW	05/07/21		129,951		134,161		(4,210	)
Deutsche Bank AG	158,041,145	KRW	02/04/21		133,990		138,306		(4,316	)
Deutsche Bank AG	158,041,145	KRW	11/04/20		133,594		137,937		(4,343	)
Deutsche Bank AG	158,041,146	KRW	08/05/20		133,188		137,582		(4,394	)
Deutsche Bank AG	154,605,468	KRW	05/11/20		129,844		134,251		(4,407	)
Deutsche Bank AG	158,041,146	KRW	02/05/20		132,307		136,905		(4,598	)
JPMorgan Chase Bank, N.A.	800,325	EUR	07/30/20		904,383		909,828		(5,445	)
Bank of America, N.A.	3,959,820	ILS	01/31/20		1,136,083		1,150,093		(14,010	)
Goldman Sachs International	4,244,498	ILS	04/30/20		1,221,972		1,240,126		(18,154	)
Bank of America, N.A.	3,949,000	ILS	02/01/21		1,153,835		1,173,823		(19,988	)
Citibank N.A., New York	1,400,000	CAD	01/09/20		1,054,609		1,078,551		(23,942	)
Citibank N.A., New York	4,183,000	CAD	01/02/20		3,169,216		3,222,427		(53,211	)
Citibank N.A., New York	3,560,000	CAD	01/06/20		2,674,145		2,742,546		(68,401	)
JPMorgan Chase Bank, N.A.	7,200,000	CAD	01/03/20		5,442,951		5,546,611		(103,660	)
Bank of America, N.A.	8,700,000	CAD	01/16/20		6,541,948		6,702,734		(160,786	)
Citibank N.A., New York	9,070,000	CAD	01/16/20		6,826,880		6,987,793		(160,913	)
BNP Paribas	9,150,000	EUR	01/08/20		10,107,404		10,269,251		(161,847	)
Barclays Bank plc	351,900,000	MXN	04/08/20		18,176,090		18,351,460		(175,370	)
Morgan Stanley Capital Services LLC	10,650,000	EUR	01/17/20		11,770,180		11,959,746		(189,566	)
JPMorgan Chase Bank, N.A.	67,200,000	BRL	07/01/21		15,963,892		16,164,645		(200,753	)
JPMorgan Chase Bank, N.A.	16,750,000	CAD	01/08/20		12,667,887		12,904,003		(236,116	)
Bank of America, N.A.	33,128,000	ILS	04/30/21		9,634,434		9,888,571		(254,137	)
Citibank N.A., New York	563,910,000	MXN	02/27/20		29,269,559		29,584,684		(315,125	)
Citibank N.A., New York	295,450,000	MXN	04/08/20		15,040,216		15,407,613		(367,397	)
Bank of America, N.A.	75,749,000	ILS	01/31/22		22,457,456		22,905,515		(448,059	)
Citibank N.A., New York	75,123,800	ILS	04/30/21		21,943,566		22,424,143		(480,577	)
Goldman Sachs International	252,516,000	MXN	02/27/20		12,747,673		13,247,869		(500,196	)
Citibank N.A., New York	404,290,000	MXN	04/02/20		20,565,658		21,101,997		(536,339	)
Bank of America, N.A.	48,822,000	EUR	01/17/20		54,241,584		54,826,170		(584,586	)
Goldman Sachs International	112,111,771	ILS	02/01/21		32,654,347		33,324,744		(670,397	)
Citibank N.A., New York	762,900,000	MXN	04/23/20		39,011,016		39,698,079		(687,063	)
Citibank N.A., New York	362,073,000	MXN	01/02/20		18,431,265		19,150,411		(719,146	)
Barclays Bank plc	97,125,000	ILS	01/31/20		27,479,134		28,209,065		(729,931	)
JPMorgan Chase Bank, N.A.	107,510,325	EUR	07/30/21		124,085,192		124,836,364		(751,172	)
Goldman Sachs International	149,210,000	BRL	07/01/21		34,956,073		35,891,765		(935,692	)
Goldman Sachs International	517,230,000	MXN	01/16/20		26,278,540		27,301,220		(1,022,680	)
Goldman Sachs International	164,231,850	ILS	01/31/22		48,573,457		49,661,580		(1,088,123	)
Citibank N.A., New York	436,650,000	BRL	07/01/21		103,795,927		105,034,109		(1,238,182	)
Morgan Stanley Capital Services LLC	382,700,000	BRL	04/01/20		93,832,677		95,072,992		(1,240,315	)
Morgan Stanley Capital Services LLC	1,370,600,000	MXN	02/06/20		70,747,948		72,113,058		(1,365,110	)
Citibank N.A., New York	291,100,000	BRL	01/02/20		70,969,754		72,495,891		(1,526,137	)
Deutsche Bank AG	59,198,631,145	KRW	08/04/21		50,484,932		52,087,514		(1,602,582	)
Goldman Sachs International	427,522,900	ILS	04/30/21		125,180,155		127,613,817		(2,433,662	)
Goldman Sachs International	204,166,900	ILS	01/31/20		56,463,634		59,298,402		(2,834,768	)
Goldman Sachs International	2,071,700,000	MXN	01/02/20		105,571,634		109,574,333		(4,002,699	)
								$	2,438,179

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

Counterparty	Contracts to Buy		Currency		Settlement Date	Settlement Value		Value at December 31, 2019		Unrealized Appreciation
Goldman Sachs International		189,200,000		BRL	01/02/20	$	45,686,137	$	47,118,593	$	1,432,456
Morgan Stanley Capital Services LLC		101,900,000		BRL	01/02/20		24,476,952		25,377,297		900,345
JPMorgan Chase Bank, N.A.		45,273,600		EUR	06/15/20		50,962,862		51,322,496		359,634
Goldman Sachs International		1,370,600,000		MXN	02/06/20		71,865,630		72,113,058		247,428
Morgan Stanley Capital Services LLC		17,770,000		CAD	01/16/20		13,491,172		13,690,527		199,355
JPMorgan Chase Bank, N.A.		16,750,000		CAD	01/08/20		12,715,876		12,904,003		188,127
Barclays Bank plc		816,426,000		MXN	02/27/20		42,695,638		42,832,553		136,915
Goldman Sachs International		762,900,000		MXN	04/23/20		39,566,424		39,698,079		131,655
JPMorgan Chase Bank, N.A.		7,200,000		CAD	01/03/20		5,434,984		5,546,611		111,627
Goldman Sachs International		517,230,000		MXN	01/16/20		27,191,433		27,301,220		109,787
Goldman Sachs International		647,350,000		MXN	04/08/20		33,668,099		33,759,073		90,974
JPMorgan Chase Bank, N.A.		404,290,000		MXN	04/02/20		21,045,261		21,101,997		56,736
JPMorgan Chase Bank, N.A.		3,560,000		CAD	01/02/20		2,687,348		2,742,491		55,143
Goldman Sachs International		7,904,000		EUR	04/30/20		8,883,250		8,934,414		51,164
Citibank N.A., New York		3,560,000		CAD	01/06/20		2,699,918		2,742,546		42,628
BNP Paribas		1,400,000		CAD	01/09/20		1,062,843		1,078,551		15,708
										$	4,129,682

~	The face amount is denominated in U.S. dollars unless otherwise indicated.
*	Non-income producing security.
**	Includes cumulative appreciation (depreciation).
†	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 was fair valued by the Valuation Committee at December 31, 2019. The total market value of fair valued securities amounts to $22,972,158, (cost $22,300,795) or 0.2% of total net assets.
2	Affiliated issuer.
3	Rate indicated is the 7-day yield as of December 31, 2019.
4	Variable rate security. Rate indicated is the rate effective at December 31, 2019. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
5	Security is an interest-only strip.
6	Security is a step up/down bond. The coupon increases or decreases at regular intervals until the bond reaches full maturity. Rate indicated is the rate at December 31, 2019. See table below for additional step information for each security.
7	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $3,634,734,284 (cost $3,626,947,069), or 25.4% of total net assets.
8	Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates.
9	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be illiquid and restricted under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) illiquid and restricted securities is $31,591,983 (cost $31,569,247), or 0.2% of total net assets — See Note 6.
10	Security is in default of interest and/or principal obligations.
11	Zero coupon rate security.
12	Security has a fixed rate coupon which will convert to a floating or variable rate coupon on a future date.
13	Security is a principal-only strip.
14	Repurchase Agreements - The interest rate on repurchase agreements is market driven and based on the underlying collateral obtained. See additional disclosure in the repurchase agreements table below for more information on repurchase agreements.
15	Rate indicated is the effective yield at the time of purchase.

BofA — Bank of America

BRL — Brazilian Real

CAD — Canadian Dollar

CDX.NA.IG.31 Index — Credit Default Swap North American Investment Grade Series 31 Index

CME — Chicago Mercantile Exchange

CMS — Constant Maturity Swap

CMT — Constant Maturity Treasury

EUR — Euro

ICE — Intercontinental Exchange

ILS — Israeli New Shekel

JPY — Japanese Yen

KRW — South Korean Won

LIBOR — London Interbank Offered Rate

MXN — Mexican Peso

plc — Public Limited Company

REIT — Real Estate Investment Trust

REMIC — Real Estate Mortgage Investment Conduit

WAC — Weighted Average Coupon

See Sector Classification in Other Information section.

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

The following table summarizes the inputs used to value the Fund's investments at December 31, 2019 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	—	$	6,804	$	233	$	7,037
Preferred Stocks		—		6,614		—		6,614
Exchange-Traded Funds		142,815,528		—		—		142,815,528
Mutual Funds		78,471,929		—		—		78,471,929
Money Market Fund		63,852,355		—		—		63,852,355
Collateralized Mortgage Obligations		—		4,692,082,375		30,886,309		4,722,968,684
U.S. Government Securities		—		2,585,978,924		—		2,585,978,924
Asset-Backed Securities		—		2,094,390,802		165,870,720		2,260,261,522
Foreign Government Debt		—		2,183,264,153		—		2,183,264,153
Corporate Bonds		—		1,042,981,072		—		1,042,981,072
Federal Agency Bonds		—		653,714,041		—		653,714,041
Municipal Bonds		—		123,166,667		—		123,166,667
Senior Floating Rate Interests		—		13,221,065		39,289		13,260,354
Repurchase Agreements		—		415,450,567		—		415,450,567
Commercial Paper		—		4,470,885		—		4,470,885
Options Purchased		—		22,609,800		—		22,609,800
Interest Rate Swap Agreements**		—		166,638		—		166,638
Total Return Swap Agreements**		—		165,255		—		165,255
Forward Foreign Currency Exchange Contracts**		—		34,526,043		—		34,526,043
Total Assets	$	285,139,812	$	13,866,201,705	$	196,796,551	$	14,348,138,068

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Credit Default Swap Agreements**	$	—	$	37,593,831	$	—	$	37,593,831
Interest Rate Swap Agreements**		—		13,489,051		—		13,489,051
Total Return Swap Agreements**		—		253,341		—		253,341
Forward Foreign Currency Exchange Contracts**		—		27,958,182		—		27,958,182
Unfunded Loan Commitments (Note 5)		—		—		24		24
Total Liabilities	$	—	$	79,294,405	$	24	$	79,294,429

** This derivative is reported as unrealized appreciation/depreciation at period end.

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:

Category	Ending Balance at December 31, 2019		Valuation Technique	Unobservable Inputs	Input Range			Weighted Average*
Assets:
Asset-Backed Securities	$	143,774,196	Option Adjusted Spread off the prior month end broker quote	Broker Quote		—			—
Asset-Backed Securities		22,096,524	Yield Analysis	Yield		3.2	%		—
Collateralized Mortgage Obligations		30,886,309	Option Adjusted Spread off the prior month end broker quote	Broker Quote		—			—
Common Stocks		233	Enterprise Value	Valuation Multiple		1.8x-8.1x			3.0	x
Senior Floating Rate Interests		39,289	Third Party Pricing	Broker Quote		—			—
Total	$	196,796,551
Liabilities:
Unfunded Loan Commitments		24	Model Price	Purchase Price		—			—

* Inputs are weighted by the fair value of the instruments.

Significant changes in a quote, yield, or valuation multiples would generally result in significant changes in the fair value of the security.

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

The Fund’s fair valuation leveling guidelines were recently revised to classify a single daily broker quote, or a vendor price based on a single daily or monthly broker quote, as Level 3 rather than Level 2, if such a quote or price cannot be supported with other available market information.

Transfers between Level 2 and Level 3 may occur as markets fluctuate and/or the availability of data used in an investment’s valuation changes. For the period ended December 31, 2019, the Fund had assets with a total value of $31,398,185 transfer into Level 3 from Level 2 due to the lack of observable inputs and had assets with a total value of $580,993 transfer out of Level 3 into Level 2 due to changes in the securities valuation methods based on the availability of observable market inputs.

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

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 December 31, 2019:

	Assets																		Liabilities
	Asset-Backed Securities			Collateralized Mortgage Obligations			Corporate Bonds			Senior Floating Rate Interests			Common Stocks			Total Assets			Unfunded Loan Commitments
Beginning Balance	$	137,712,008		$	61,127,008		$	6,422,750		$	2,274,404		$	12,885		$	207,549,055		$	(263,215	)
Purchases/(Receipts)		-			(33,414,068	)		-			-			-			(33,414,068	)		-
(Sales, maturities and paydowns)/Fundings		(293,821	)		(15,391	)		(6,562,080	)		(2,235,726	)		-			(9,107,018	)		251,205
Amortization of premiums/discounts		508			(1,139	)		-			(106	)		-			(737	)		-
Total realized gains (losses) included in earnings		5,923			(971	)		562,080			(46,769	)		-			520,263			(201,420	)
Total change in unrealized appreciation (depreciation) included in earnings		(3,898	)		816,874			(422,750	)		47,486			(5,848	)		431,864			213,406
Transfers into Level 3		28,450,000			2,948,185			-			-			-			31,398,185			-
Transfers out of Level 3		-			(574,189	)		-			-			(6,804	)		(580,993	)		-
Ending Balance	$	165,870,720		$	30,886,309		$	-		$	39,289		$	233		$	196,796,551		$	(24	)
Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at December 31, 2019	$	445		$	(444,084	)	$	-		$	606		$	-		$	(443,033	)	$	2

Step Coupon Bonds

The following table discloses additional information related to step coupon bonds held by the Fund. Certain securities are subject to multiple rate changes prior to maturity. For those securities a range of rates and corresponding dates have been provided. Rates for all step coupon bonds held by the Fund are scheduled to increase, none are scheduled to decrease.

Name	Coupon Rate at Next Reset Date			Next Rate Reset Date	Future Reset Rate(s)			Future Reset Date(s)
Freddie Mac Seasoned Credit Risk Transfer Trust 2018-1, 2.75% due 05/25/57		3.00	%	03/25/20		—			—
Legacy Mortgage Asset Trust 2018-GS3, 4.00% due 06/25/58		7.00	%	07/26/21		8.00	%		07/26/22
New Residential Mortgage Loan Trust 2019-RPL1, 4.34% due 02/26/24		7.33	%	02/25/22		8.33	%		02/25/23
Verus Securitization Trust 2019-4, 2.64% due 11/25/59		3.64	%	10/26/23		—			—
Willis Engine Securitization Trust II 2012-A, 5.50% due 09/15/37		8.50	%	09/15/20		—			—

Repurchase Agreements

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

The Fund may engage in repurchase agreements. Repurchase agreements are fixed income securities in the form of agreements backed by collateral. These agreements typically involve the acquisition by the Fund of securities from the selling institution coupled with the agreement that the selling institution will repurchase the underlying securities at a specified price and at a fixed time in the future. The Fund may accept a wide variety of underlying securities as collateral for the repurchase agreements entered into by the Fund. Any such securities serving as collateral are marked-to-market daily in order to maintain full collateralization.

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

The use of repurchase agreements involves certain risks. For example, if the selling institution defaults on its obligation to repurchase the underlying securities at a time when the value of securities has declined, the Fund may incur a loss upon disposition of them. In the event of an insolvency or bankruptcy by the selling institution, the Fund’s right to control the collateral could be affected and result in certain costs and delays. In addition, the Fund could incur a loss if the value of the underlying collateral falls below the agreed upon repurchase price.

At December 31, 2019, the repurchase agreements in the account were as follows:

Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
Societe Generale					Morgan Stanley Capital I Trust
2.29% - 2.43% (3 Month USD LIBOR + 0.40%)					6.09%
07/07/20*	$	218,970,321	$	223,314,805	11/15/34	$	21,800,000	$	21,813,080
					Connecticut Avenue Securities Trust
					4.09%
					08/25/31		17,200,000		17,358,240
					Freddie Mac Structured Agency Credit Risk Debt Notes
					3.89%
					09/25/48		17,100,000		17,236,800
					Fannie Mae Connecticut Avenue Securities
					4.64%
					11/25/29		16,090,000		16,638,669
					Connecticut Avenue Securities Trust
					3.94%
					09/25/31		15,097,162		15,210,391
					GS Mortgage Securities Corp. Trust
					5.74%
					07/15/32		14,971,000		15,027,890
					Hawaii Hotel Trust
					4.89%
					05/15/38		14,300,000		14,291,420
					JP Morgan Chase Commercial Mortgage Securities Trust
					4.74%
					06/15/35		14,000,000		14,026,600
					Waikiki Beach Hotel Trust
					4.82%
					12/15/33		12,232,000		12,282,151
					Freddie Mac Structured Agency Credit Risk Debt Notes
					4.44%
					12/25/29		11,760,000		11,868,192
					Motel 6 Trust
					5.99%
					08/15/34		9,553,000		9,579,749
					Fannie Mae Connecticut Avenue Securities
					4.14%
					01/25/31		7,417,000		7,522,321
					JP Morgan Chase Commercial Mortgage Securities Trust
					4.74%
					07/15/36		7,500,000		7,512,000
					Citigroup Commercial Mortgage Trust
					4.54%
					12/15/36		7,389,000		7,372,744
					HMH Trust
					8.48%
					07/05/31		6,857,000		7,315,733
					Fannie Mae Connecticut Avenue Securities
					3.79%
					03/25/31		7,007,000		7,036,429
					Freddie Mac Structured Agency Credit Risk Debt Notes
					5.04%
					07/25/29		6,500,000		6,831,500
					Freddie Mac Structured Agency Credit Risk Debt Notes
					6.44%
					10/25/28		6,156,847		6,630,309
					Fannie Mae Connecticut Avenue Securities
					5.34%
					07/25/29		6,200,000		6,561,460
					Fannie Mae Connecticut Avenue Securities
					4.59%
					02/25/30		6,300,000		6,470,100
					Bayview Financial Acquisition Trust
					6.73%
					05/28/37		5,701,000		6,385,120
					Freddie Mac Structured Agency Credit Risk Debt Notes
					4.14%
					02/25/49		5,784,000		5,843,575
					JP Morgan Chase Commercial Mortgage Securities Trust
					4.15%
					06/15/35		5,700,000		5,700,000
					Fannie Mae Connecticut Avenue Securities
					4.79%
					10/25/29		5,454,574		5,697,848
					Credit Suisse Mortgage Capital Certificates
					4.39%
					05/15/36		5,000,000		5,012,500
					Natixis Commercial Mortgage Securities Trust
					5.03%
					02/15/33		5,011,000		4,981,936
					Freddie Mac Structured Agency Credit Risk Debt Notes
					3.94%
					12/25/30		4,016,000		4,054,955
					Freddie Mac Structured Agency Credit Risk Debt Notes
					6.04%
					11/25/23		3,433,787		3,700,936
					Carlyle Global Market Strategies CLO Ltd.
					9.24%
					04/22/32		2,900,000		2,634,650
					Fannie Mae Connecticut Avenue Securities
					4.34%
					12/25/30		1,800,000		1,831,860
					OHA Loan Funding Ltd.
					8.47%
					01/20/28		1,400,000		1,374,240
					Hilton USA Trust
					4.33%
					11/05/38		1,066,000		1,058,112
							272,696,370		276,861,510

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
BNP Paribas					Countrywide Asset-Backed Certificates
2.07% - 2.10%					1.92%
02/03/20 - 03/16/20	$	178,682,746	$	179,598,239	12/25/36	$	166,583,000	$	155,788,422
					RALI Series Trust
					2.09%
					08/25/35		169,917,000		152,109,698
					MASTR Adjustable Rate Mortgages Trust
					1.99%
					05/25/47		64,321,000		71,415,606
					Morgan Stanley ABS Capital I Inc. Trust
					2.81%
					10/25/33		56,315,000		55,937,690
					HSI Asset Securitization Corp. Trust
					1.98%
					01/25/37		49,450,000		38,788,580
					Bear Stearns Mortgage Funding Trust
					1.99%
					02/25/37		33,661,000		36,754,446
					Countrywide Asset-Backed Certificates
					2.01%
					06/25/47		19,000,000		16,623,100
					JP Morgan Mortgage Acquisition Corp.
					2.41%
					12/25/35		16,459,000		16,131,466
					Soundview Home Loan Trust
					2.29%
					03/25/36		16,004,500		15,551,573
					Hertz Vehicle Financing II LP
					6.03%
					07/25/22		14,780,000		15,084,468
					Saxon Asset Securities Trust
					2.24%
					11/25/37		13,000,000		12,656,800
					Bayview Financial Mortgage Pass-Through Trust
					6.19%
					11/28/36		12,765,000		9,470,353
					Long Beach Mortgage Loan Trust
					2.84%
					06/25/35		7,300,000		7,291,240
					Fannie Mae Connecticut Avenue Securities
					6.24%
					01/25/29		4,463,000		4,713,821
					Nationstar Home Equity Loan Trust
					2.11%
					04/25/37		3,987,000		3,851,043
							648,005,500		612,168,306
Barclays Capital, Inc.					Standard Chartered plc
2.03% (1 Month USD LIBOR + 0.25%)					3.45%
02/03/20*		17,797,500		17,835,653	Perpetual Maturity		22,600,000		19,436,000

* Variable rate security. Rate indicated is the rate effective at December 31, 2019. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2019, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000089180419000405/gug78512-ncsr.htm.

Transactions during the period ended December 31, 2019, in which the company is an affiliated issuer, were as follows:

Security Name	Value 09/30/19		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 12/31/19		Shares 12/31/19		Investment Income
Common Stocks
BP Holdco LLC*,1	$	188	$	–	$	–		$	–		$	–		$	188		532	$	–
Mutual Funds
Guggenheim Floating Rate Strategies Fund — R6-Class		47,451,399		70,842		(47,199,315	)		(1,797,792	)		1,474,866			–		–		70,842
Guggenheim Strategy Fund II		26,039,254		220,171		–			–			(94,691	)		26,164,734		1,057,588		218,693
Guggenheim Strategy Fund III		26,014,479		225,685		–			–			(105,192	)		26,134,972		1,057,240		224,394
Guggenheim Ultra Short Duration Fund — Institutional Class		26,060,726		137,712		–			–			(26,215	)		26,172,223		2,630,374		136,488
	$	125,566,046	$	654,410	$	(47,199,315	)	$	(1,797,792	)	$	1,248,768		$	78,472,117			$	650,417

*	Non-income producing security.
1	Security was fair valued by the Valuation Committee at December 31, 2019. The total market value of fair valued and affiliated securities amounts to $188, (cost $188) or less than 0.1% of total net assets.

Ultra Short Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Shares		Value
MONEY MARKET FUND† - 0.0%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares 1.44%1		35,542	$	35,542
Total Money Market Fund
(Cost $35,542)				35,542

	Face Amount~
FOREIGN GOVERNMENT DEBT†† - 27.6%
Government of Japan
due 01/10/202		JPY	1,027,200,000	9,453,533
0.10% due 07/01/21		JPY	893,000,000	8,246,655
due 01/20/202		JPY	536,000,000	4,933,135
due 02/10/202		JPY	526,000,000	4,841,597
0.10% due 06/01/20		JPY	402,300,000	3,705,747
0.10% due 09/01/20		JPY	373,000,000	3,437,912
due 02/03/202		JPY	290,000,000	2,669,246
0.10% due 06/20/20		JPY	152,000,000	1,400,329
0.10% due 04/15/20		JPY	131,700,000	1,212,839
0.10% due 03/20/20		JPY	37,000,000	340,672
2.40% due 03/20/20		JPY	15,000,000	138,781
2.20% due 06/22/20		JPY	6,100,000	56,750
1.30% due 03/20/20		JPY	6,000,000	55,384
Kingdom of Spain
due 01/17/202		EUR	9,360,000	10,503,863
0.75% due 07/30/21		EUR	4,590,000	5,245,619
4.00% due 04/30/20		EUR	2,950,000	3,357,479
United Mexican States
due 02/27/202		MXN	217,540,000	11,373,181
due 01/02/202		MXN	89,852,000	4,750,446
due 01/16/202		MXN	19,560,000	1,031,229
Government of United Kingdom
due 01/06/202		GBP	5,000,000	6,622,838
due 01/27/202		GBP	4,980,000	6,593,492
due 01/13/202		GBP	2,700,000	3,575,816
Federative Republic of Brazil
due 04/01/202		BRL	27,100,000	6,680,043
due 07/01/202		BRL	22,160,000	5,406,653
due 07/01/212		BRL	19,000,000	4,407,083
Republic of France
due 01/02/202		EUR	7,800,000	8,751,262
due 01/08/202		EUR	6,580,000	7,382,730
State of Israel
0.50% due 01/31/21		ILS	18,000,000	5,238,144
1.00% due 04/30/21		ILS	12,120,000	3,552,711
5.00% due 01/31/20		ILS	9,600,000	2,789,952
0.75% due 07/31/22		ILS	8,460,000	2,485,625
5.50% due 01/31/22		ILS	3,710,000	1,192,619
Republic of Portugal
due 01/17/202		EUR	6,106,000	6,851,987
Quebec T-Bill
due 01/10/202		CAD	610,000	469,705
Ontario T-Bill
due 01/02/202		CAD	285,000	219,533
Total Foreign Government Debt
(Cost $147,516,070)				148,974,590

CORPORATE BONDS†† - 19.7%
Financial - 9.1%
Wells Fargo & Co.
2.83% (3 Month USD LIBOR + 0.93%) due 02/11/223	2,800,000	2,819,143
Lloyds Bank plc
2.38% (3 Month USD LIBOR + 0.49%) due 05/07/213	2,600,000	2,608,462
HSBC Holdings plc
2.50% (3 Month USD LIBOR + 0.60%) due 05/18/213	2,600,000	2,602,647
BNZ International Funding Ltd.
2.59% (3 Month USD LIBOR + 0.70%) due 02/21/203,4	2,550,000	2,552,377
Capital One Financial Corp.
2.39% (3 Month USD LIBOR + 0.45%) due 10/30/203	2,535,000	2,540,107
UBS Group AG
3.77% (3 Month USD LIBOR + 1.78%, Rate Floor: 0.00%) due 04/14/213,4	1,400,000	1,426,272
3.38% (3 Month USD LIBOR + 1.44%) due 09/24/203,4	1,100,000	1,110,065
Huntington National Bank
2.40% (3 Month USD LIBOR + 0.51%) due 03/10/203	2,525,000	2,527,064
Citizens Bank North America/Providence RI
2.45% (3 Month USD LIBOR + 0.54%) due 03/02/203	2,525,000	2,526,074
Credit Agricole S.A.
2.86% (3 Month USD LIBOR + 0.97%) due 06/10/203,4	2,495,000	2,504,256
Svenska Handelsbanken AB
2.38% (3 Month USD LIBOR + 0.47%) due 05/24/213	2,250,000	2,257,203
American Express Co.
2.43% (3 Month USD LIBOR + 0.53%) due 05/17/213	2,150,000	2,158,841
AvalonBay Communities, Inc.
2.43% (3 Month USD LIBOR + 0.43%) due 01/15/213	2,050,000	2,049,325
Synchrony Financial
3.13% (3 Month USD LIBOR + 1.23%) due 02/03/203	1,800,000	1,801,414

Ultra Short Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
CORPORATE BONDS†† - 19.7% (continued)
Financial - 9.1% (continued)
Sumitomo Mitsui Financial Group, Inc.
3.57% (3 Month USD LIBOR + 1.68%) due 03/09/213		1,350,000	$	1,372,133
Mitsubishi UFJ Financial Group, Inc.
3.79% (3 Month USD LIBOR + 1.88%) due 03/01/213		1,234,000		1,256,197
Willis Towers Watson plc
5.75% due 03/15/21		1,200,000		1,250,795
American Tower Corp.
3.30% due 02/15/21		870,000		881,830
2.80% due 06/01/20		230,000		230,662
Discover Bank
3.10% due 06/04/20		1,100,000		1,104,094
Goldman Sachs Group, Inc.
3.68% (3 Month USD LIBOR + 1.77%) due 02/25/213		1,050,000		1,067,625
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
4.25% due 07/01/20		900,000		909,061
4.63% due 10/30/20		150,000		153,001
AXIS Specialty Finance LLC
5.88% due 06/01/20		1,000,000		1,015,746
Santander UK plc
2.53% (3 Month USD LIBOR + 0.62%) due 06/01/213		980,000		983,376
Credit Suisse AG NY
2.33% (3 Month USD LIBOR + 0.40%) due 07/31/203		920,000		921,315
Standard Chartered Bank
2.30% (3 Month USD LIBOR + 0.40%) due 08/04/203		920,000		921,081
UBS AG
2.47% (3 Month USD LIBOR + 0.58%, Rate Floor: 0.00%) due 06/08/203,4		870,000		871,440
JPMorgan Chase & Co.
2.40% due 06/07/21		775,000		780,112
ANZ New Zealand Int'l Ltd.
2.85% due 08/06/204		600,000		602,940
Alleghany Corp.
5.63% due 09/15/20		555,000		568,545
Morgan Stanley
5.50% due 07/24/20		555,000		566,200
Delphi Financial Group, Inc.
7.88% due 01/31/20		545,000		547,237
Essex Portfolio, LP
5.20% due 03/15/21		300,000		308,872
Australia & New Zealand Banking Group Ltd.
2.90% (3 Month USD LIBOR + 0.99%) due 06/01/213,4		300,000		303,285
Swedbank AB
2.65% due 03/10/214		300,000		301,774
Citigroup, Inc.
3.34% (3 Month USD LIBOR + 1.38%) due 03/30/213		250,000		253,394
Credit Suisse Group Funding Guernsey Ltd.
2.75% due 03/26/20		250,000		250,310
Marsh & McLennan Cos., Inc.
4.80% due 07/15/21		200,000		207,264
Assurant, Inc.
3.20% (3 Month USD LIBOR + 1.25%) due 03/26/213		194,000		194,023
Total Financial				49,305,562
Consumer, Non-cyclical - 4.7%
Allergan Funding SCS
3.14% (3 Month USD LIBOR + 1.26%) due 03/12/203		2,650,000		2,654,977
Express Scripts Holding Co.
2.66% (3 Month USD LIBOR + 0.75%) due 11/30/203		2,530,000		2,530,394
Zimmer Biomet Holdings, Inc.
2.65% (3 Month USD LIBOR + 0.75%) due 03/19/213		1,400,000		1,400,137
2.70% due 04/01/20		1,070,000		1,070,696
General Mills, Inc.
2.54% (3 Month USD LIBOR + 0.54%) due 04/16/213		2,450,000		2,457,909
Bayer US Finance II LLC
2.58% (3 Month USD LIBOR + 0.63%) due 06/25/213,4		1,700,000		1,705,364
AbbVie, Inc.
2.24% (3 Month USD LIBOR + 0.35%) due 05/21/213,4		1,300,000		1,301,349
Global Payments, Inc.
3.80% due 04/01/21		1,200,000		1,223,607
Altria Group, Inc.
4.75% due 05/05/21		1,154,000		1,195,956
Quest Diagnostics, Inc.
2.50% due 03/30/20		1,030,000		1,030,247
4.70% due 04/01/21		150,000		154,984

Ultra Short Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
CORPORATE BONDS†† - 19.7% (continued)
Consumer, Non-cyclical - 4.7% (continued)
CVS Health Corp.
2.61% (3 Month USD LIBOR + 0.72%) due 03/09/213		1,050,000	$	1,056,438
2.52% (3 Month USD LIBOR + 0.63%) due 03/09/203		115,000		115,091
Ingredion, Inc.
4.63% due 11/01/20		1,143,000		1,166,498
Constellation Brands, Inc.
2.25% due 11/06/20		1,050,000		1,052,126
Mondelez International, Inc.
3.00% due 05/07/20		1,040,000		1,042,984
Molson Coors Beverage Co.
2.25% due 03/15/20		1,025,000		1,024,563
Conagra Brands, Inc.
2.70% (3 Month USD LIBOR + 0.75%) due 10/22/203		1,000,000		1,000,091
Coca-Cola Femsa SAB de CV
4.63% due 02/15/20		950,000		952,338
Keurig Dr Pepper, Inc.
3.55% due 05/25/21		500,000		510,680
Coca-Cola European Partners plc
3.50% due 09/15/20		300,000		302,722
Zoetis, Inc.
3.45% due 11/13/20		230,000		232,482
Biogen, Inc.
2.90% due 09/15/20		100,000		100,735
Total Consumer, Non-cyclical				25,282,368
Energy - 1.8%
Equities Corp.
2.87% (3 Month USD LIBOR + 0.77%) due 10/01/203		2,200,000		2,193,924
Marathon Petroleum Corp.
3.40% due 12/15/20		885,000		895,075
5.13% due 03/01/21		310,000		320,972
Halliburton Co.
3.25% due 11/15/21		1,130,000		1,153,121
Sabine Pass Liquefaction LLC
5.63% due 02/01/21		1,025,000		1,053,590
Florida Gas Transmission Company LLC
5.45% due 07/15/204		980,000		996,476
Energy Transfer Operating, LP
7.50% due 10/15/20		900,000		935,306
Reliance Holding USA, Inc.
4.50% due 10/19/204		900,000		914,265
Occidental Petroleum Corp.
2.60% due 08/13/21		850,000		856,290
Phillips 66
2.52% (3 Month USD LIBOR + 0.60%) due 02/26/213		350,000		350,021
Total Energy				9,669,040
Industrial - 1.6%
Siemens Financieringsmaatschappij N.V.
2.50% (3 Month USD LIBOR + 0.61%) due 03/16/223,4		1,870,000		1,878,610
Tyco Electronics Group S.A.
4.88% due 01/15/21		1,200,000		1,236,051
Aviation Capital Group LLC
2.88% due 01/20/224		1,200,000		1,208,645
Rolls-Royce plc
2.38% due 10/14/204		1,000,000		1,003,822
Molex Electronic Technologies LLC
2.88% due 04/15/204		900,000		901,204
Northrop Grumman Corp.
2.08% due 10/15/20		550,000		550,609
3.50% due 03/15/21		250,000		254,819
Textron, Inc.
2.45% (3 Month USD LIBOR + 0.55%) due 11/10/203		600,000		600,023
Ryder System, Inc.
2.50% due 05/11/20		540,000		540,605
Penske Truck Leasing Company LP / PTL Finance Corp.
3.05% due 01/09/204		320,000		320,042
Ingersoll-Rand Luxembourg Finance S.A.
2.63% due 05/01/20		170,000		170,223
GATX Corp.
2.60% due 03/30/20		70,000		70,042
Total Industrial				8,734,695
Technology - 0.7%
Fiserv, Inc.
2.70% due 06/01/20		1,100,000		1,102,726
International Business Machines Corp.
2.80% due 05/13/21		1,050,000		1,064,095
Analog Devices, Inc.
2.95% due 01/12/21		1,000,000		1,008,364
Broadcom Corp. / Broadcom Cayman Finance Ltd.
2.38% due 01/15/20		900,000		900,040
Total Technology				4,075,225
Communications - 0.7%
Deutsche Telekom International Finance BV
2.58% (3 Month USD LIBOR + 0.58%) due 01/17/203,4		2,515,000		2,515,627

Ultra Short Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
CORPORATE BONDS†† - 19.7% (continued)
Communications - 0.7% (continued)
Telefonica Emisiones S.A.
5.46% due 02/16/21		1,125,000	$	1,167,636
5.13% due 04/27/20		75,000		75,710
Total Communications				3,758,973
Utilities - 0.5%
Ameren Corp.
2.70% due 11/15/20		1,000,000		1,005,355
NextEra Energy Capital Holdings, Inc.
2.41% (3 Month USD LIBOR + 0.45%) due 09/28/203		1,000,000		1,001,400
Southern Power Co.
2.38% due 06/01/20		400,000		400,424
Eversource Energy
2.50% due 03/15/21		250,000		251,467
PSEG Power LLC
5.13% due 04/15/20		130,000		131,158
Total Utilities				2,789,804
Consumer, Cyclical - 0.5%
Marriott International, Inc.
2.51% (3 Month USD LIBOR + 0.60%) due 12/01/203		1,000,000		1,003,196
Starbucks Corp.
2.10% due 02/04/21		1,000,000		1,002,491
McDonald's Corp.
3.50% due 07/15/20		700,000		705,572
Total Consumer, Cyclical				2,711,259
Basic Materials - 0.1%
Georgia-Pacific LLC
5.40% due 11/01/204		400,000		411,103
Total Corporate Bonds
(Cost $106,487,102)				106,738,029

ASSET-BACKED SECURITIES†† - 19.1%
Collateralized Loan Obligations - 9.4%
Halcyon Loan Advisors Funding Ltd.
2017-3A, 2.90% (3 Month USD LIBOR + 0.90%, Rate Floor: 0.00%) due 10/18/273,4	4,650,000	4,642,570
Mountain View CLO Ltd.
2018-1A, 2.80% (3 Month USD LIBOR + 0.80%, Rate Floor: 0.80%) due 10/15/263,4	3,926,531	3,921,453
OZLM XII Ltd.
2018-12A, 2.99% (3 Month USD LIBOR + 1.05%, Rate Floor: 0.00%) due 04/30/273,4	3,600,000	3,594,017
MP CLO VIII Ltd.
2018-2A, 2.85% (3 Month USD LIBOR + 0.91%, Rate Floor: 0.00%) due 10/28/273,4	3,450,000	3,443,344
California Street CLO IX, LP
2019-9A, 2.70% (3 Month USD LIBOR + 0.70%, Rate Floor: 0.00%) due 07/16/323,4	3,000,000	2,997,475
West CLO Ltd.
2017-1A, 2.92% (3 Month USD LIBOR + 0.92%, Rate Floor: 0.00%) due 07/18/263,4	2,612,904	2,610,463
Palmer Square Loan Funding Ltd.
2018-4A, 2.81% (3 Month USD LIBOR + 0.90%, Rate Floor: 0.00%) due 11/15/263,4	1,519,753	1,520,242
2019-3A, 2.75% (3 Month USD LIBOR + 0.85%, Rate Floor: 0.85%) due 08/20/273,4	948,498	946,571
Figueroa CLO Ltd.
2018-2A, 2.76% (3 Month USD LIBOR + 0.85%, Rate Floor: 0.85%) due 06/20/273,4	2,462,079	2,456,462
Crown Point CLO III Ltd.
2017-3A, 2.91% (3 Month USD LIBOR + 0.91%, Rate Floor: 0.00%) due 12/31/273,4	2,215,598	2,215,046
Seneca Park CLO Ltd.
2017-1A, 3.12% (3 Month USD LIBOR + 1.12%, Rate Floor: 0.00%) due 07/17/263,4	2,127,717	2,130,737
Mountain Hawk II CLO Ltd.
2018-2A, 3.57% (3 Month USD LIBOR + 1.60%, Rate Floor: 0.00%) due 07/20/243,4	2,000,000	2,000,929
NewStar Clarendon Fund CLO LLC
2019-1A, 3.24% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 01/25/273,4	1,934,063	1,932,501
KVK CLO Ltd.
2017-1A, 2.90% (3 Month USD LIBOR + 0.90%, Rate Floor: 0.00%) due 01/14/283,4	1,800,000	1,796,111
Fortress Credit Opportunities XI CLO Ltd.
2018-11A, 3.30% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 04/15/313,4	1,800,000	1,763,378

Ultra Short Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
ASSET-BACKED SECURITIES†† - 19.1% (continued)
Collateralized Loan Obligations - 9.4% (continued)
Garrison BSL CLO Ltd.
2018-1A, 2.95% (3 Month USD LIBOR + 0.95%, Rate Floor: 0.00%) due 07/17/283,4		1,750,000	$	1,753,280
BlueMountain CLO XXV Ltd.
2019-25A, 2.94% (3 Month USD LIBOR + 0.65%, Rate Floor: 0.65%) due 07/15/323,4		1,750,000		1,748,728
Voya CLO Ltd.
2019-2A, 2.90% (3 Month USD LIBOR + 0.65%, Rate Floor: 0.65%) due 07/20/323,4		1,500,000		1,496,873
THL Credit Wind River CLO Ltd.
2019-1A, 2.88% (3 Month USD LIBOR + 0.88%, Rate Floor: 0.00%) due 01/15/263,4		1,076,666		1,076,080
Marathon CLO V Ltd.
2017-5A, 2.77% (3 Month USD LIBOR + 0.87%, Rate Floor: 0.00%) due 11/21/273,4		1,021,117		1,018,268
Neuberger Berman CLO XVI-S Ltd.
2018-16SA, 2.85% (3 Month USD LIBOR + 0.85%, Rate Floor: 0.00%) due 01/15/283,4		1,000,000		999,995
TICP CLO I Ltd.
2018-1A, 2.77% (3 Month USD LIBOR + 0.80%, Rate Floor: 0.00%) due 07/20/273,4		995,087		994,599
BDS
2018-FL2, 2.69% (1 Month USD LIBOR + 0.95%, Rate Floor: 0.95%) due 08/15/353,4		920,965		920,711
BSPRT Issuer Ltd.
2018-FL3, 2.79% (1 Month USD LIBOR + 1.05%, Rate Floor: 1.05%) due 03/15/283,4		750,000		750,122
GPMT Ltd.
2018-FL1, 2.67% (1 Month USD LIBOR + 0.90%, Rate Floor: 0.90%) due 11/21/353,4		517,500		516,479
Staniford Street CLO Ltd.
2017-1A, 3.07% (3 Month USD LIBOR + 1.18%, Rate Floor: 0.00%) due 06/15/253,4		447,548		447,458
Venture XVI CLO Ltd.
2018-16A, 2.85% (3 Month USD LIBOR + 0.85%, Rate Floor: 0.85%) due 01/15/283,4		400,000		398,794
Fortress Credit Opportunities IX CLO Ltd.
2017-9A, 3.46% (3 Month USD LIBOR + 1.55%, Rate Floor: 0.00%) due 11/15/293,4		382,000		379,407
VMC Finance LLC
2018-FL1, 2.56% (1 Month USD LIBOR + 0.82%, Rate Floor: 0.82%) due 03/15/353,4		26,243		26,184
Total Collateralized Loan Obligations				50,498,277
Credit Card - 4.0%
Capital One Multi-Asset Execution Trust
2017-A4, 1.99% due 07/17/23		12,750,000		12,763,491
American Express Credit Account Master Trust
2018-1, 2.67% due 10/17/22		5,650,000		5,658,693
Chase Issuance Trust
2015-A4, 1.84% due 04/15/22		3,100,000		3,099,284
Total Credit Card				21,521,468
Financial - 2.8%
Station Place Securitization Trust
2019-8, 2.38% (1 Month USD LIBOR + 0.60%, Rate Floor: 0.60%) due 03/24/203,4		3,100,000		3,099,998
2019-5, 2.48% (1 Month USD LIBOR + 0.70%, Rate Floor: 0.70%) due 06/24/20†††,3,4		3,050,000		3,050,000
2019-6, 2.38% (1 Month USD LIBOR + 0.60%, Rate Floor: 0.60%) due 07/24/21†††,3,4		1,850,000		1,850,000
2019-WL1, 2.44% (1 Month USD LIBOR + 0.65%, Rate Floor: 0.65%) due 08/25/523,4		1,000,000		1,000,150
2019-2, 2.33% (1 Month USD LIBOR + 0.55%, Rate Floor: 0.55%) due 04/24/213,4		900,000		900,172
2019-9, 2.48% (1 Month USD LIBOR + 0.70%, Rate Floor: 0.00%) due 10/24/20†††,3,4		600,000		600,000

Ultra Short Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
ASSET-BACKED SECURITIES†† - 19.1% (continued)
Financial - 2.8% (continued)
Barclays Bank plc
GMTn, 2.31% (1 Month USD LIBOR + 0.60%) due 06/02/203,4		2,150,000	$	2,152,691
GMTN, 2.48% (1 Month USD LIBOR + 0.68%) due 07/31/203,4		2,000,000		2,003,787
Madison Avenue Secured Funding Trust
2019-1, 3.22% (1 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 11/11/203,4		700,000		700,049
Total Financial				15,356,847
Automotive - 1.9%
Avis Budget Rental Car Funding AESOP LLC
2015-1A, 2.50% due 07/20/214		4,650,000		4,655,472
Hertz Vehicle Financing II, LP
2015-1A, 2.73% due 03/25/214		4,650,000		4,655,215
Carmax Auto Owner Trust
2019-3, 2.26% due 08/17/20		973,705		973,656
Total Automotive				10,284,343
Transport-Container - 0.7%
Global SC Finance II SRL
2014-1A, 3.19% due 07/17/294		2,979,167		2,975,900
Cronos Containers Program Ltd.
2013-1A, 3.08% due 04/18/284		1,011,667		1,011,370
Total Transport-Container				3,987,270
Transport-Aircraft - 0.3%
AIM Aviation Finance Ltd.
2015-1A, 4.21% due 02/15/404		942,955		942,242
Raspro Trust
2005-1A, 2.89% (3 Month USD LIBOR + 0.93%, Rate Floor: 0.93%) due 03/23/243,4		584,129		574,704
Total Transport-Aircraft				1,516,946
Total Asset-Backed Securities
(Cost $103,205,782)				103,165,151

COLLATERALIZED MORTGAGE OBLIGATIONS†† - 16.3%
Residential Mortgage Backed Securities - 14.0%
New Residential Advance Receivables Trust Advance Receivables Backed
2019-T5, 2.43% due 10/15/514	3,000,000	3,000,775
2019-T4, 2.33% due 10/15/514	3,000,000	2,995,761
2019-T3, 2.51% due 09/15/524	2,550,000	2,548,535
Ocwen Master Advance Receivables Trust
2019-T1, 2.51% due 08/15/504	8,200,000	8,222,598
Fannie Mae
2.50% due 11/01/49	7,096,060	7,019,353
CSMC Series
2014-7R, 1.86% (WAC) due 10/27/363,4	3,171,015	3,149,416
2014-2R, 2.02% (1 Month USD LIBOR + 0.20%, Rate Floor: 0.20%) due 02/27/463,4	3,004,306	2,922,381
Connecticut Avenue Securities Trust
2019-R05, 2.54% (1 Month USD LIBOR + 0.75%, Rate Floor: 0.00%) due 07/25/393,4	2,554,720	2,554,856
2019-R07, 2.56% (1 Month USD LIBOR + 0.77%, Rate Floor: 0.00%) due 10/25/393,4	1,235,851	1,236,215
Freddie Mac
2.50% due 12/01/49	3,753,406	3,712,055
Deephaven Residential Mortgage Trust
2019-3A, 2.96% (WAC) due 07/25/593,4	3,580,224	3,590,899
Towd Point Mortgage Trust
2018-2, 3.25% (WAC) due 03/25/583,4	1,356,526	1,379,867
2017-6, 2.75% (WAC) due 10/25/573,4	1,254,767	1,262,352
2017-5, 2.39% (1 Month USD LIBOR + 0.60%, Rate Floor: 0.00%) due 02/25/573,4	723,877	722,088
CIM Trust
2018-R4, 4.07% (WAC) due 12/26/573,4	3,017,175	3,045,517
Soundview Home Loan Trust
2006-OPT5, 1.93% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 07/25/363	3,031,764	2,953,321
Homeward Opportunities Fund I Trust
2019-3, 2.68% (WAC) due 11/25/593,4	1,806,286	1,801,321
2019-2, 2.70% (WAC) due 09/25/593,4	872,507	869,127

Ultra Short Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 16.3% (continued)
Residential Mortgage Backed Securities - 14.0% (continued)
Morgan Stanley ABS Capital I Incorporated Trust
2006-NC1, 2.17% (1 Month USD LIBOR + 0.38%, Rate Floor: 0.38%) due 12/25/353		2,550,000	$	2,528,742
Verus Securitization Trust
2019-4, 2.64% due 11/25/594,5		2,447,186		2,446,004
CIT Mortgage Loan Trust
2007-1, 3.14% (1 Month USD LIBOR + 1.35%, Rate Floor: 1.35%) due 10/25/373,4		2,266,729		2,285,796
Accredited Mortgage Loan Trust
2006-2, 2.05% (1 Month USD LIBOR + 0.26%, Rate Floor: 0.26%) due 09/25/363		2,304,017		2,253,671
New Residential Mortgage Loan Trust
2018-2A, 3.50% (WAC) due 02/25/583,4		1,799,880		1,836,838
Ameriquest Mortgage Securities Incorporated Asset-Backed Pass-Through Certificates Series
2005-R10, 2.22% (1 Month USD LIBOR + 0.43%, Rate Floor: 0.43%) due 01/25/363		1,500,000		1,498,283
Freddie Mac STACR Trust
2019-DNA4, 2.41% (1 Month USD LIBOR + 0.70%, Rate Floor: 0.00%) due 10/25/493,4		1,060,544		1,060,544
2019-DNA3, 2.52% (1 Month USD LIBOR + 0.73%, Rate Floor: 0.00%) due 07/25/493,4		296,326		296,326
BRAVO Residential Funding Trust
2019-NQM1, 2.67% (WAC) due 07/25/593,4		1,241,841		1,241,349
NRPL Trust
2019-3A, 3.00% due 07/25/594		1,229,111		1,224,485
Banc of America Funding Trust
2015-R2, 2.05% (1 Month USD LIBOR + 0.26%, Rate Floor: 0.26%) due 04/29/373,4		1,200,000		1,177,644
COLT Mortgage Loan Trust
2018-3, 3.69% (WAC) due 10/26/483,4		572,959		575,966
2018-2, 3.47% (WAC) due 07/27/483,4		349,824		350,700
Nationstar HECM Loan Trust
2019-2A, 2.27% (WAC) due 11/25/293,4		916,341		916,140
Citigroup Mortgage Loan Trust
2019-IMC1, 2.72% (WAC) due 07/25/493,4		880,341		881,427
Starwood Mortgage Residential Trust
2019-1, 2.94% (WAC) due 06/25/493,4		872,026		871,811
GE-WMC Asset-Backed Pass-Through Certificates Series
2005-2, 2.04% (1 Month USD LIBOR + 0.25%, Rate Floor: 0.25%) due 12/25/353		563,563		560,096
Cascade Funding Mortgage Trust
2019-RM3, 2.80% (WAC) due 06/25/693,4		473,234		473,883
Total Residential Mortgage Backed Securities				75,466,142
Commercial Mortgage Backed Securities - 2.3%
Americold LLC Trust
2010-ARTA, 7.44% due 01/14/294		2,524,000		2,592,464
Morgan Stanley Capital I Trust
2018-H3, 0.84% (WAC) due 07/15/513,6		46,666,471		2,577,044
GRACE Mortgage Trust
2014-GRCE, 3.37% due 06/10/284		2,000,000		2,021,380
Benchmark Mortgage Trust
2019-B14, 0.80% (WAC) due 12/15/623,6		34,989,654		1,963,374
Citigroup Commercial Mortgage Trust
2019-GC41, 1.19% (WAC) due 08/10/563,6		24,984,554		1,959,781
CGBAM Mezzanine Securities Trust
2015-SMMZ, 8.21% due 04/10/284		1,400,000		1,399,412
Total Commercial Mortgage Backed Securities				12,513,455
Total Collateralized Mortgage Obligations
(Cost $87,716,284)				87,979,597

Ultra Short Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Face Amount~		Value
MUNICIPAL BONDS†† - 0.0%
Colorado - 0.0%
State of Colorado Certificate Of Participation
4.86% due 03/15/20		25,000	$	25,161
Texas - 0.0%
Lindale Independent School District General Obligation Unlimited
6.16% due 02/15/20		10,000		9,952
Total Municipal Bonds
(Cost $35,270)				35,113

REPURCHASE AGREEMENTS††,7 - 7.1%
Barclays Capital, Inc.
issued 12/27/19 at 2.03% (1 Month USD LIBOR + 0.25%)  due 02/03/203	13,205,000	13,205,000
issued 12/09/19 at 2.03% (1 Month USD LIBOR + 0.25%)  due 02/03/203	2,038,950	2,038,950
issued 09/05/19 at 2.03% (1 Month USD LIBOR + 0.25%)  due 02/03/203	1,023,443	1,023,443
issued 12/20/19 at 2.03% (1 Month USD LIBOR + 0.25%)  due 02/03/203	159,165	159,165
BNP Paribas
issued 11/01/19 at 2.07%  due 02/03/20	5,000,000	5,000,000
issued 12/30/19 at 2.07%  due 02/03/20	4,148,744	4,148,744
issued 12/13/19 at 2.10%  due 03/16/20	2,100,000	2,100,000
Societe Generale
issued 09/10/19 at 2.29% (3 Month USD LIBOR + 0.40%)  due 07/07/203	2,250,000	2,250,000
issued 07/09/19 at 2.43% (3 Month USD LIBOR + 0.40%)  due 07/07/203	1,779,207	1,779,207
issued 07/26/19 at 2.33% (3 Month USD LIBOR + 0.40%)  due 07/07/203	1,650,000	1,650,000
issued 12/06/19 at 2.29% (3 Month USD LIBOR + 0.40%)  due 07/07/203	1,490,000	1,490,000
issued 10/25/19 at 2.43% (3 Month USD LIBOR + 0.40%)  due 07/07/203	879,993	879,993
Deutsche Bank AG
issued 12/17/19 at 2.28%  due 02/07/20	2,600,000	2,600,000
issued 11/07/19 at 2.28%  due 02/07/20	169,000	169,000
Total Repurchase Agreements
(Cost $38,493,502)		38,493,502

COMMERCIAL PAPER†† - 11.2%
Duke Energy Corp.
2.02% due 01/21/204,8	5,500,000		5,493,828
Tyson Foods, Inc.
2.06% due 01/21/204,8	5,500,000		5,493,706
McCormick & Co., Inc.
2.10% due 01/15/204,8	5,400,000		5,395,590
Bemis Co., Inc.
2.12% due 01/17/204,8	5,400,000		5,394,912
NextEra Energy Capital Holdings, Inc.
2.05% due 01/22/204,8	5,400,000		5,393,543
Nasdaq, Inc.
2.05% due 01/03/204,8	5,300,000		5,299,396
Entergy Corp.
1.88% due 01/14/204,8	5,200,000		5,196,248
American Electric Power
2.09% due 01/16/204,8	5,000,000		4,995,479
DowDuPont, Inc.
2.09% due 01/21/204,8	5,000,000		4,994,028
Clorox Co.
2.05% due 01/29/204,8	5,000,000		4,991,833
National Grid USA
1.95% due 02/06/204,8	5,000,000		4,989,373
Walgreens Boots Alliance, Inc.
2.41% due 01/13/208	3,000,000		2,997,939
Total Commercial Paper
(Cost $60,636,584)			60,635,875
Total Investments - 101.0%
(Cost $544,126,136)		$	546,057,399

COLLATERALIZED MORTGAGE OBLIGATIONS SOLD SHORT†† - (2.0)%
Government Agency - (2.0)%
Fannie Mae
2.50% due 01/15/20	10,850,000		(10,727,037	)
Total Collateralized Mortgage Obligations Sold Short
(Cost $10,712,939)			(10,727,037	)
Other Assets & Liabilities, net - 1.0%			5,261,939
Total Net Assets - 100.0%		$	540,592,301

Ultra Short Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

Centrally Cleared Credit Default Swap Agreements Protection Purchased††
Counterparty	Exchange		Index		Protection Premium Rate			Payment Frequency	Maturity Date	Notional Amount		Value			Upfront Premiums Received			Unrealized Depreciation**
BofA Securities, Inc.		ICE		CDX.NA.IG.31		1.00	%	Quarterly	12/20/23	$	24,960,000	$	(630,607	)	$	(231,445	)	$	(399,162	)

OTC Credit Default Swap Agreements Protection Purchased††
Counterparty	Index		Protection Premium Rate			Payment Frequency	Maturity Date	Notional Amount		Value			Upfront Premiums Received			Unrealized Depreciation
Morgan Stanley Capital Services LLC		CDX.NA.IG.31 (7-15%)		1.00	%	Quarterly	12/20/23	$	3,280,000	$	(87,834	)	$	(765	)	$	(87,069	)
Goldman Sachs International		CDX.NA.IG.31 (7-15%)		1.00	%	Quarterly	12/20/23		6,840,000		(183,166	)		(12,561	)		(170,605	)
										$	(271,000	)	$	(13,326	)	$	(257,674	)

Centrally Cleared Interest Rate Swap Agreements††
Counterparty	Exchange		Floating Rate Type	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date	Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)**
BofA Securities, Inc.		CME	Receive	3-Month USD LIBOR		1.54	%	Quarterly	08/04/21	$	1,550,000	$	4,211		$	248		$	3,963
BofA Securities, Inc.		CME	Pay	3-Month USD LIBOR		2.79	%	Quarterly	01/21/20		5,038,000		1,982			1,394			588
BofA Securities, Inc.		CME	Pay	3-Month USD LIBOR		2.84	%	Quarterly	01/31/20		1,014,000		702			465			237
BofA Securities, Inc.		CME	Pay	3-Month USD LIBOR		2.83	%	Quarterly	01/31/20		579,000		395			277			118
BofA Securities, Inc.		CME	Receive	3-Month USD LIBOR		2.83	%	Quarterly	01/31/20		579,000		(395	)		22			(417	)
BofA Securities, Inc.		CME	Receive	3-Month USD LIBOR		2.84	%	Quarterly	01/31/20		1,014,000		(702	)		22			(724	)
BofA Securities, Inc.		CME	Receive	3-Month USD LIBOR		2.79	%	Quarterly	01/21/20		5,038,000		(1,982	)		17			(1,999	)
BofA Securities, Inc.		CME	Receive	3-Month USD LIBOR		3.28	%	Quarterly	11/07/28		550,000		(64,065	)		599			(64,664	)
BofA Securities, Inc.		CME	Receive	3-Month USD LIBOR		3.21	%	Quarterly	11/07/25		1,650,000		(133,519	)		455			(133,974	)
BofA Securities, Inc.		CME	Receive	3-Month USD LIBOR		3.18	%	Quarterly	11/07/23		2,450,000		(135,152	)		(240	)		(134,912	)
BofA Securities, Inc.		CME	Receive	3-Month USD LIBOR		3.14	%	Quarterly	11/06/21		11,700,000		(308,009	)		2,027			(310,036	)
												$	(636,534	)	$	5,286		$	(641,820	)

Total Return Swap Agreements
Counterparty	Reference Obligation	Financing Rate Pay	Payment Frequency	Maturity Date	Units		Notional Amount		Value and Unrealized Depreciation
OTC Sovereign Debt Swap Agreements††
Deutsche Bank AG	Korea Monetary Stabilization Bond	2.34% (3 Month USD LIBOR + 0.45%)	At Maturity	08/04/21		N/A	$	1,605,109	$	(7,985	)

Ultra Short Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

Forward Foreign Currency Exchange Contracts††
Counterparty	Contracts to Sell		Currency		Settlement Date	Settlement Value		Value at December 31, 2019		Unrealized Appreciation (Depreciation)
Citibank N.A., New York		464,232,000		JPY	07/01/21	$	4,571,102	$	4,405,272	$	165,830
Barclays Bank plc		429,214,500		JPY	07/01/21		4,219,984		4,072,978		147,006
Bank of America, N.A.		536,000,000		JPY	01/21/20		5,038,304		4,937,891		100,413
Goldman Sachs International		821,800,000		JPY	01/10/20		7,665,044		7,566,024		99,020
JPMorgan Chase Bank, N.A.		373,186,500		JPY	09/01/20		3,547,299		3,482,599		64,700
Citibank N.A., New York		347,173,500		JPY	06/01/20		3,284,394		3,222,587		61,807
Goldman Sachs International		4,460,000		BRL	07/01/20		1,158,141		1,104,781		53,360
Goldman Sachs International		3,068,000		EUR	04/30/20		3,518,382		3,467,963		50,419
Goldman Sachs International		1,410,000		EUR	01/17/20		1,628,153		1,583,403		44,750
Citibank N.A., New York		17,700,000		BRL	07/01/20		4,423,348		4,384,444		38,904
Bank of America, N.A.		152,076,000		JPY	06/22/20		1,438,343		1,413,293		25,050
JPMorgan Chase Bank, N.A.		1,890,000		BRL	01/02/20		495,024		470,688		24,336
Citibank N.A., New York		205,400,000		JPY	01/10/20		1,915,098		1,891,046		24,052
Bank of America, N.A.		131,765,850		JPY	04/15/20		1,242,851		1,219,859		22,992
Barclays Bank plc		3,790,000		EUR	01/17/20		4,277,355		4,256,097		21,258
Citibank N.A., New York		526,000,000		JPY	02/10/20		4,867,758		4,851,325		16,433
Citibank N.A., New York		8,240,000		BRL	07/01/21		1,997,144		1,982,093		15,051
JPMorgan Chase Bank, N.A.		55,327,650		JPY	06/01/20		522,921		513,571		9,350
Bank of America, N.A.		513,520		EUR	06/15/20		590,535		582,130		8,405
JPMorgan Chase Bank, N.A.		37,018,500		JPY	03/23/20		349,608		342,256		7,352
Goldman Sachs International		419,200		EUR	06/15/20		482,323		475,208		7,115
Citibank N.A., New York		290,000,000		JPY	02/03/20		2,680,475		2,673,619		6,856
Goldman Sachs International		21,219,000		JPY	03/23/20		200,468		196,181		4,287
Goldman Sachs International		6,167,835		JPY	06/22/20		58,372		57,320		1,052
Goldman Sachs International		2,216,500		EUR	07/30/21		2,574,741		2,573,704		1,037
Citibank N.A., New York		232,000		JPY	07/01/20		2,241		2,157		84
Citibank N.A., New York		232,000		JPY	01/06/20		2,218		2,135		83
Citibank N.A., New York		232,000		JPY	01/04/21		2,264		2,181		83
Barclays Bank plc		214,500		JPY	07/01/20		2,069		1,994		75
Barclays Bank plc		214,500		JPY	01/06/20		2,048		1,974		74
Barclays Bank plc		214,500		JPY	01/04/21		2,089		2,016		73
JPMorgan Chase Bank, N.A.		186,500		JPY	03/02/20		1,752		1,722		30
Goldman Sachs International		16,500		EUR	07/30/20		18,756		18,758		(2	)
Bank of America, N.A.		39,207		ILS	04/30/20		11,425		11,455		(30	)
Citibank N.A., New York		40,711		ILS	04/30/20		11,853		11,895		(42	)
Barclays Bank plc		63,623		ILS	07/31/20		18,605		18,712		(107	)
Barclays Bank plc		63,277		ILS	08/02/21		18,856		18,972		(116	)
Bank of America, N.A.		33,642		ILS	01/31/20		9,652		9,771		(119	)
JPMorgan Chase Bank, N.A.		17,925		EUR	07/30/20		20,256		20,378		(122	)
Deutsche Bank AG		4,818,541		KRW	05/07/21		4,095		4,228		(133	)
Deutsche Bank AG		4,980,963		KRW	02/04/21		4,223		4,359		(136	)
Deutsche Bank AG		4,980,963		KRW	11/04/20		4,210		4,347		(137	)
Deutsche Bank AG		4,980,963		KRW	08/05/20		4,198		4,336		(138	)
Deutsche Bank AG		4,872,681		KRW	05/11/20		4,092		4,231		(139	)
Deutsche Bank AG		4,980,963		KRW	02/05/20		4,170		4,315		(145	)
Bank of America, N.A.		33,550		ILS	02/01/21		9,803		9,973		(170	)
Goldman Sachs International		41,614		ILS	04/30/20		11,981		12,159		(178	)
Citibank N.A., New York		6,040,000		MXN	02/27/20		313,816		316,879		(3,063	)
Barclays Bank plc		7,250,000		MXN	04/08/20		374,472		378,085		(3,613	)
JPMorgan Chase Bank, N.A.		253,000		CAD	01/03/20		191,259		194,902		(3,643	)
Citibank N.A., New York		6,900,000		MXN	04/23/20		355,326		359,047		(3,721	)
Bank of America, N.A.		643,550		ILS	01/31/22		190,794		194,601		(3,807	)
Citibank N.A., New York		285,000		CAD	01/02/20		214,736		219,553		(4,817	)
Goldman Sachs International		860,000		BRL	07/01/21		201,476		206,869		(5,393	)
JPMorgan Chase Bank, N.A.		575,000		CAD	01/08/20		434,868		442,973		(8,105	)
JPMorgan Chase Bank, N.A.		9,900,000		BRL	07/01/21		2,372,110		2,381,399		(9,289	)
Bank of America, N.A.		3,949,100		ILS	04/30/21		1,169,117		1,178,790		(9,673	)
Barclays Bank plc		610,000		CAD	01/10/20		459,252		469,943		(10,691	)
Citibank N.A., New York		700,000		CAD	01/09/20		527,304		539,275		(11,971	)
Citibank N.A., New York		4,100,600		ILS	04/30/21		1,211,791		1,224,012		(12,221	)
Barclays Bank plc		8,523,623		ILS	08/01/22		2,581,743		2,598,288		(16,545	)
JPMorgan Chase Bank, N.A.		2,407,925		EUR	07/30/21		2,779,155		2,795,979		(16,824	)
Goldman Sachs International		3,270,500		ILS	01/31/22		968,615		988,956		(20,341	)
Goldman Sachs International		4,177,700		ILS	04/30/21		1,223,306		1,247,026		(23,720	)
Citibank N.A., New York		13,692,000		MXN	01/02/20		696,989		724,184		(27,195	)
Bank of America, N.A.		2,396,000		EUR	01/17/20		2,661,973		2,690,662		(28,689	)
Morgan Stanley Capital Services LLC		29,300,000		MXN	02/06/20		1,512,414		1,541,597		(29,183	)
Barclays Bank plc		4,305,000		ILS	01/31/20		1,217,994		1,250,348		(32,354	)
JPMorgan Chase Bank, N.A.		7,800,000		EUR	01/02/20		8,713,973		8,751,262		(37,289	)
Citibank N.A., New York		30,830,000		MXN	04/08/20		1,569,436		1,607,774		(38,338	)
Goldman Sachs International		19,560,000		MXN	01/16/20		993,772		1,032,446		(38,674	)
Citibank N.A., New York		7,800,000		BRL	01/02/20		1,901,368		1,942,521		(41,153	)
Deutsche Bank AG		1,865,755,963		KRW	08/04/21		1,591,128		1,641,636		(50,508	)
Bank of America, N.A.		3,000,000		CAD	01/16/20		2,255,845		2,311,288		(55,443	)
Citibank N.A., New York		3,140,000		CAD	01/16/20		2,363,440		2,419,148		(55,708	)
Citibank N.A., New York		2,700,000		GBP	01/13/20		3,493,033		3,577,864		(84,831	)
Goldman Sachs International		6,035,500		ILS	01/31/20		1,667,385		1,752,956		(85,571	)
Morgan Stanley Capital Services LLC		27,100,000		BRL	04/01/20		6,645,455		6,732,370		(86,915	)
Goldman Sachs International		18,261,214		ILS	02/01/21		5,336,843		5,428,067		(91,224	)
Citibank N.A., New York		83,450,000		MXN	04/02/20		4,244,983		4,355,689		(110,706	)
BNP Paribas		6,580,000		EUR	01/08/20		7,268,494		7,384,882		(116,388	)
Citibank N.A., New York		4,980,000		GBP	01/27/20		6,480,251		6,601,984		(121,733	)
Morgan Stanley Capital Services LLC		7,870,000		EUR	01/17/20		8,697,776		8,837,859		(140,083	)
Barclays Bank plc		5,000,000		GBP	01/06/20		6,436,803		6,624,262		(187,459	)
Goldman Sachs International		131,860,000		MXN	01/02/20		6,762,962		6,974,210		(211,248	)
Goldman Sachs International		211,500,000		MXN	02/27/20		10,665,443		11,096,027		(430,584	)
										$	(1,249,090	)

Ultra Short Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

Forward Foreign Currency Exchange Contracts^††

Counterparty	Contracts to Buy		Currency		Settlement Date	Settlement Value		Value at December 31, 2019		Unrealized Appreciation
Goldman Sachs International		55,700,000		MXN	01/02/20	$	2,853,834	$	2,946,030	$	92,196
Morgan Stanley Capital Services LLC		6,140,000		CAD	01/16/20		4,661,553		4,730,436		68,883
Goldman Sachs International		6,290,000		BRL	01/02/20		1,518,847		1,566,469		47,622
Morgan Stanley Capital Services LLC		3,400,000		BRL	01/02/20		816,699		846,740		30,041
JPMorgan Chase Bank, N.A.		83,450,000		MXN	04/02/20		4,343,978		4,355,689		11,711
BNP Paribas		700,000		CAD	01/09/20		531,421		539,275		7,854
JPMorgan Chase Bank, N.A.		932,720		EUR	06/15/20		1,049,929		1,057,338		7,409
JPMorgan Chase Bank, N.A.		575,000		CAD	01/08/20		436,515		442,973		6,458
Goldman Sachs International		38,080,000		MXN	04/08/20		1,980,506		1,985,858		5,352
Goldman Sachs International		29,300,000		MXN	02/06/20		1,536,622		1,541,597		4,975
JPMorgan Chase Bank, N.A.		253,000		CAD	01/03/20		190,980		194,902		3,922
Goldman Sachs International		6,900,000		MXN	04/23/20		357,856		359,047		1,191
										$	287,614

~	The face amount is denominated in U.S. dollars unless otherwise indicated.
**	Includes cumulative appreciation (depreciation).
†	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	Rate indicated is the 7-day yield as of December 31, 2019.
2	Zero coupon rate security.
3	Variable rate security. Rate indicated is the rate effective at December 31, 2019. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
4	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $222,090,756 (cost $221,916,669), or 41.1% of total net assets.
5	Security is a step up/down bond. The coupon increases or decreases at regular intervals until the bond reaches full maturity. Rate indicated is the rate at December 31, 2019. See table below for additional step information for each security.
6	Security is an interest-only strip.
7	Repurchase Agreements - See additional disclosure in the repurchase agreements table below for more information on repurchase agreements.
8	Rate indicated is the effective yield at the time of purchase.

BofA — Bank of America

BRL — Brazilian Real

CAD — Canadian Dollar

CDX.NA.IG.31 – Credit Default Swap North American Investment Grade Series 31 Index

CME — Chicago Mercantile Exchange

EUR — Euro

GBP — British Pound

ICE — Intercontinental Exchange

ILS — Israeli New Shekel

JPY — Japanese Yen

KRW — South Korean Won

LIBOR — London Interbank Offered Rate

MXN — Mexican Peso

plc — Public Limited Company

WAC — Weighted Average Coupon

See Sector Classification in Other Information section.

Ultra Short Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

The following table summarizes the inputs used to value the Fund's investments at December 31, 2019 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Money Market Fund	$	35,542	$	—	$	—	$	35,542
Foreign Government Debt		—		148,974,590		—		148,974,590
Corporate Bonds		—		106,738,029		—		106,738,029
Asset-Backed Securities		—		97,665,151		5,500,000		103,165,151
Collateralized Mortgage Obligations		—		87,979,597		—		87,979,597
Municipal Bonds		—		35,113		—		35,113
Repurchase Agreements		—		38,493,502		—		38,493,502
Commercial Paper		—		60,635,875		—		60,635,875
Interest Rate Swap Agreements**		—		4,906		—		4,906
Forward Foreign Currency Exchange Contracts**		—		1,308,951		—		1,308,951
Total Assets	$	35,542	$	541,835,714	$	5,500,000	$	547,371,256

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Collateralized Mortgage Obligations Sold Short	$	—	$	10,727,037	$	—	$	10,727,037
Credit Default Swap Agreements**		—		656,836		—		656,836
Interest Rate Swap Agreements**		—		646,726		—		646,726
Total Return Swap Agreements**		—		7,985		—		7,985
Forward Foreign Currency Exchange Contracts**		—		2,270,427		—		2,270,427
Total Liabilities	$	—	$	14,309,011	$	—	$	14,309,011

** This derivative is reported as unrealized appreciation/depreciation at period end.

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:

Category	Ending Balance at December 31, 2019		Valuation Technique	Unobservable Inputs	Input Range		Weighted Average
Assets:
Asset-Backed Securities	$	5,500,000	Option Adjusted Spread off prior month broker quote	Broker Quote		—		—
Total Assets	$	5,500,000

Significant changes in a quote would generally result in significant changes in the fair value of the security.

Transfers between Level 2 and Level 3 may occur as markets fluctuate and/or the availability of data used in an investment’s valuation changes. For the period ended December 31, 2019, the Fund had securities with a total value of $600,000 transfer into Level 3 from Level 2 due to lack of observable inputs.

Ultra Short Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

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 December 31, 2019:

	Assets
	Asset-Backed Securities
Beginning Balance	$	4,900,000
Purchases/(Receipts)		-
(Sales, maturities and paydowns)/Fundings		-
Amortization of premiums/discounts		-
Total realized gains (losses) included in earnings		-
Total change in unrealized appreciation (depreciation) included in earnings		-
Transfers into Level 3		600,000
Transfers out of Level 3		-
Ending Balance	$	5,500,000
Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at December 31, 2019	$	-

Step Coupon Bonds

The following table discloses additional information related to step coupon bonds held by the Fund. Certain securities are subject to multiple rate changes prior to maturity. For those securities a range of rates and corresponding dates have been provided. Rates for all step coupon bonds held by the Fund are scheduled to increase, none are scheduled to decrease.

Name	Coupon Rate at Next Reset Date			Next Rate Reset Date	Future Reset Rate(s)		Future Reset Date(s)
Verus Securitization Trust 2019-4, 2.64% due 11/25/59		3.64	%	10/26/23		—		—

Repurchase Agreements

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

The Fund may engage in repurchase agreements. Repurchase agreements are fixed income securities in the form of agreements backed by collateral. These agreements typically involve the acquisition by the Fund of securities from the selling institution coupled with the agreement that the selling institution will repurchase the underlying securities at a specified price and at a fixed time in the future. The Fund may accept a wide variety of underlying securities as collateral for the repurchase agreements entered into by the Fund. Any such securities serving as collateral are marked-to-market daily in order to maintain full collateralization.

The use of repurchase agreements involves certain risks. For example, if the selling institution defaults on its obligation to repurchase the underlying securities at a time when the value of securities has declined, the Fund may incur a loss upon disposition of them. In the event of an insolvency or bankruptcy by the selling institution, the Fund’s right to control the collateral could be affected and result in certain costs and delays. In addition, the Fund could incur a loss if the value of the underlying collateral falls below the agreed upon repurchase price.

Ultra Short Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

At December 31, 2019, the repurchase agreements in the account were as follows:

Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
BNP Paribas					Citigroup Mortgage Loan Trust
2.07% - 2.10%					1.93%
02/03/20 - 03/16/20	$	11,248,744	$	11,295,036	01/25/37	$	12,520,000	$	11,043,892
					First Franklin Mortgage Loan Trust
					2.29%
					12/25/35		6,333,000		5,984,685
					Morgan Stanley ABS Capital I Inc. Trust
					2.47%
					09/25/35		4,075,000		3,869,212
					Morgan Stanley ABS Capital I Inc. Trust
					1.94%
					11/25/36		2,022,000		1,385,272
					Nationstar Home Equity Loan Trust
					2.11%
					04/25/37		255,000		246,305
							25,205,000		22,529,366
Barclays Capital, Inc.					Charter Communications Operating LLC / Charter Communications Operating Capital
2.03% (1 Month USD LIBOR + 0.25%)					4.20%
02/03/20*		16,426,558		16,470,402	03/15/28		9,426,000		10,049,059
					Hess Corp.
					5.60%
					02/15/41		2,735,000		3,202,958
					Cheniere Corpus Christi Holdings LLC
					5.13%
					06/30/27		2,793,000		3,086,824
					Quicken Loans Inc.
					5.75%
					05/01/25		1,047,000		1,082,388
					CCO Holdings LLC / CCO Holdings Capital Corp.
					5.13%
					05/01/27		162,000		170,910
							16,163,000		17,592,139

Ultra Short Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
Societe Generale					Freddie Mac Structured Agency Credit Risk Debt Notes
2.29% - 2.43% (3 Month USD LIBOR + 0.40%)					4.09%
07/07/20*	$	8,049,200	$	8,207,471	09/25/30	$	2,046,060	$	2,068,976
					Hilton USA Trust
					4.33%
					11/05/38		1,814,000		1,800,576
					Fannie Mae Connecticut Avenue Securities
					4.59%
					02/25/30		1,534,000		1,575,418
					Fannie Mae Connecticut Avenue Securities
					4.34%
					12/25/30		1,100,000		1,119,470
					BXP Trust
					5.74%
					11/15/34		1,106,000		1,111,419
					Citigroup Commercial Mortgage Trust
					4.54%
					12/15/36		1,100,000		1,097,580
					Freddie Mac Structured Agency Credit Risk Debt Notes
					4.44%
					12/25/29		623,000		628,732
					Connecticut Avenue Securities Trust
					3.79%
					07/25/39		624,000		627,120
							9,947,060		10,029,291
Deutsche Bank AG					Hospitality Mortgage Trust
2.28%					4.09%
02/07/20		2,769,000		2,778,554	11/15/36		3,750,000		3,754,500
					Covenant Credit Partners CLO III Ltd.
					8.45%
					10/15/29		249,000		228,532
							3,999,000		3,983,032

* Variable rate security. Rate indicated is the rate effective at December 31, 2019. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.

World Equity Income Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Shares		Value
COMMON STOCKS† - 97.6%
Financial - 20.7%
Mastercard, Inc. — Class A		3,391	$	1,012,519
HSBC Holdings plc		97,164		761,742
Intesa Sanpaolo SpA		242,147		638,037
Zurich Insurance Group AG		1,500		615,678
DBS Group Holdings Ltd.		30,200		581,339
Sampo Oyj — Class A		12,944		565,075
Assicurazioni Generali SpA		26,100		538,662
United Overseas Bank Ltd.		27,300		536,278
Chubb Ltd.		3,300		513,678
Swiss Life Holding AG		1,000		502,134
Annaly Capital Management, Inc. REIT		52,300		492,666
Simon Property Group, Inc. REIT		3,110		463,266
Swedbank AB — Class A		30,816		458,968
Extra Space Storage, Inc. REIT		4,300		454,166
Public Storage REIT		2,110		449,346
SmartCentres Real Estate Investment Trust		18,483		444,387
Vonovia SE		8,000		430,831
RioCan Real Estate Investment Trust		20,856		429,944
Marsh & McLennan Companies, Inc.		3,438		383,028
Aflac, Inc.		7,109		376,066
Intercontinental Exchange, Inc.		3,800		351,690
H&R Real Estate Investment Trust		20,000		325,093
First Capital Real Estate Investment Trust		20,000		318,468
Ageas		5,000		295,523
Covivio REIT		2,500		283,855
Vornado Realty Trust REIT		4,000		266,000
American Financial Group, Inc.		2,100		230,265
Klepierre S.A. REIT		6,000		227,869
American Express Co.		1,700		211,633
Host Hotels & Resorts, Inc. REIT		11,000		204,050
Swiss Prime Site AG*		1,700		196,626
SL Green Realty Corp. REIT		2,100		192,948
Mizuho Financial Group, Inc.		120,800		187,102
JPMorgan Chase & Co.		1,321		184,147
Prudential Financial, Inc.		1,800		168,732
Canadian Apartment Properties REIT		4,000		163,348
Visa, Inc. — Class A		570		107,103
Total Financial				14,562,262
Consumer, Non-cyclical - 19.2%
Roche Holding AG		2,612		847,745
AbbVie, Inc.		9,316		824,839
Medtronic plc		6,432		729,710
Amgen, Inc.		2,689		648,237
S&P Global, Inc.		2,354		642,759
CSL Ltd.		3,200		619,251
Kimberly-Clark Corp.		4,461		613,611
Sysco Corp.		6,400		547,456
Kellogg Co.		7,767		537,166
PepsiCo, Inc.		3,921		535,883
Quest Diagnostics, Inc.		5,000		533,950
Procter & Gamble Co.		4,181		522,207
Colgate-Palmolive Co.		7,105		489,108
Archer-Daniels-Midland Co.		10,000		463,500
Altria Group, Inc.		9,100		454,181
Novartis AG		4,700		446,453
Sonic Healthcare Ltd.		22,000		443,860
Ono Pharmaceutical Company Ltd.		18,800		432,884
Bunge Ltd.		7,000		402,850
HCA Healthcare, Inc.		2,700		399,087
Pfizer, Inc.		9,884		387,255
Shionogi & Company Ltd.		6,000		373,657
Zoetis, Inc.		2,800		370,580
Japan Tobacco, Inc.		14,200		317,883
Constellation Brands, Inc. — Class A		1,500		284,625
Orion Oyj — Class B		4,000		185,213
Cochlear Ltd.		1,100		173,476
Atlantia SpA		6,556		152,922
Cintas Corp.		500		134,540
Total Consumer, Non-cyclical				13,514,888
Technology - 14.1%
Microsoft Corp.		12,500		1,971,250
Apple, Inc.		5,130		1,506,424
Accenture plc — Class A		3,600		758,052
Texas Instruments, Inc.		5,868		752,806
International Business Machines Corp.		4,915		658,807
Micron Technology, Inc.*		12,000		645,360
HP, Inc.		30,100		618,555
Broadcom, Inc.		1,772		559,987
Seagate Technology plc		8,000		476,000
Maxim Integrated Products, Inc.		7,130		438,566
Canon, Inc.		14,600		401,275
Fiserv, Inc.*		2,947		340,762
Fidelity National Information Services, Inc.		2,283		317,542
Western Digital Corp.		4,000		253,880
Lam Research Corp.		500		146,200
Konica Minolta, Inc.		20,100		131,890
Total Technology				9,977,356
Industrial - 12.6%
3M Co.		3,700		652,754
Illinois Tool Works, Inc.		3,524		633,016
United Parcel Service, Inc. — Class B		5,259		615,619
Eaton Corporation plc		6,200		587,264
Lockheed Martin Corp.		1,455		566,548
Waste Management, Inc.		4,958		565,014
Amcor plc		48,724		528,168
Waste Connections, Inc.		5,653		513,236
Packaging Corporation of America		4,500		503,955
Kone Oyj — Class B		7,500		490,407
Westrock Co.		11,000		472,010
Komatsu Ltd.		19,100		464,400
Lennox International, Inc.		1,580		385,472
Geberit AG		600		336,879
Republic Services, Inc. — Class A		3,746		335,754
Sumitomo Heavy Industries Ltd.		11,000		316,857
FedEx Corp.		1,700		257,057
Garmin Ltd.		1,900		185,364
Amada Holdings Company Ltd.		14,100		162,202

World Equity Income Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

	Shares		Value
COMMON STOCKS† - 97.6% (continued)
Industrial - 12.6% (continued)
Ingersoll-Rand plc		1,200	$	159,504
Venture Corporation Ltd.		12,100		145,800
Total Industrial				8,877,280
Communications - 9.7%
Verizon Communications, Inc.		14,784		907,738
AT&T, Inc.		22,330		872,656
Alphabet, Inc. — Class C*		593		792,853
Amazon.com, Inc.*		422		779,788
Rogers Communications, Inc. — Class B		10,000		496,730
Elisa Oyj		8,108		448,019
TELUS Corp.		10,604		410,734
HKT Trust & HKT Ltd.		245,663		346,173
BCE, Inc.		7,201		333,730
Trend Micro, Inc.		6,000		309,219
Wolters Kluwer N.V.		3,300		240,734
Facebook, Inc. — Class A*		1,147		235,422
Telia Company AB		50,200		215,803
WPP plc		14,100		199,208
Nokia Oyj		40,200		148,658
Proximus SADP		4,031		115,417
Total Communications				6,852,882
Consumer, Cyclical - 7.8%
Home Depot, Inc.		4,308		940,781
Persimmon plc		18,395		656,729
Ford Motor Co.		60,132		559,227
General Motors Co.		15,000		549,000
Sands China Ltd.		100,000		534,523
McDonald's Corp.		2,021		399,370
Subaru Corp.		15,100		377,080
Harvey Norman Holdings Ltd.		121,897		348,155
Sumitomo Corp.		18,000		269,020
Bridgestone Corp.		5,900		220,990
Delta Air Lines, Inc.		3,000		175,440
USS Company Ltd.		8,900		169,218
Las Vegas Sands Corp.		2,250		155,340
Crown Resorts Ltd.		15,863		133,695
Total Consumer, Cyclical				5,488,568
Utilities - 7.6%
Fortis, Inc.		13,000		539,593
Fortum Oyj		21,000		518,344
Power Assets Holdings Ltd.		70,200		513,527
NextEra Energy, Inc.		2,043		494,733
Snam SpA		91,482		480,966
Terna Rete Elettrica Nazionale SpA		70,100		468,277
Duke Energy Corp.		5,099		465,080
AGL Energy Ltd.		32,000		461,025
Enel SpA		58,100		460,993
SSE plc		12,000		228,675
Algonquin Power & Utilities Corp.		15,900		225,010
Veolia Environnement S.A.		8,100		215,473
Iberdrola S.A.		16,000		164,793
Canadian Utilities Ltd. — Class A		5,000		150,875
Total Utilities				5,387,364
Basic Materials - 4.5%
International Paper Co.		12,763		587,736
Rio Tinto plc		8,907		531,267
LyondellBasell Industries N.V. — Class A		5,600		529,088
Air Products & Chemicals, Inc.		2,100		493,479
Nucor Corp.		4,000		225,120
Showa Denko K.K.		8,000		213,435
Westlake Chemical Corp.		3,000		210,450
Celanese Corp. — Class A		1,700		209,304
Nissan Chemical Corp.		4,000		169,150
Total Basic Materials				3,169,029
Energy - 1.4%
Exxon Mobil Corp.		7,300		509,394
Chevron Corp.		2,800		337,428
Occidental Petroleum Corp.		4,000		164,840
Total Energy				1,011,662
Total Common Stocks
(Cost $62,172,100)				68,841,291

EXCHANGE-TRADED FUNDS† - 1.4%
SPDR S&P 500 ETF Trust	1,537	494,699
iShares MSCI EAFE ETF	7,013	486,982
Total Exchange-Traded Funds
(Cost $917,384)		981,681

MONEY MARKET FUND† - 0.8%
Goldman Sachs Financial Square Treasury Instruments Fund — Institutional Shares 1.43%1	550,324		550,324
Total Money Market Fund
(Cost $550,324)			550,324
Total Investments - 99.8%
(Cost $63,639,808)		$	70,373,296
Other Assets & Liabilities, net - 0.2%			124,209
Total Net Assets - 100.0%		$	70,497,505

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Depreciation**
Currency Futures Contracts Sold Short†
Japanese Yen Futures Contracts		20	Mar 2020	$	2,309,750	$	(244	)

World Equity Income Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2019

*	Non-income producing security.
**	Includes cumulative appreciation (depreciation).
†	Value determined based on Level 1 inputs — See Note 3.
1	Rate indicated is the 7-day yield as of December 31, 2019.

plc — Public Limited Company

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2019 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	68,841,291	$	—	$	—	$	68,841,291
Exchange-Traded Funds		981,681		—		—		981,681
Money Market Fund		550,324		—		—		550,324
Total Assets	$	70,373,296	$	—	$	—	$	70,373,296

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Currency Futures Contracts**	$	244	$	—	$	—	$	244

** This derivative is reported as unrealized appreciation/depreciation at period end.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)                            

Note 1 – Organization and Significant Accounting Policies

Organization

Guggenheim Funds Trust (the "Trust"), a Delaware statutory trust, is registered with the SEC under the Investment Company Act of 1940 ("1940 Act"), as an open-ended investment company of the series type. Each series, in effect, is representing a separate fund (each, a "Fund"). The Trust is authorized to issue an unlimited number of no par value shares. The Trust accounts for the assets of each Fund separately.

This report covers the following funds (collectively, the “Funds”):

Fund Name	Investment Company Type
Alpha Opportunity Fund	Diversified
Capital Stewardship Fund	Diversified
Diversified Income Fund	Diversified
Floating Rate Strategies Fund	Diversified
High Yield Fund	Diversified
Investment Grade Bond Fund	Diversified
Large Cap Value Fund	Diversified
Limited Duration Fund	Diversified
Macro Opportunities Fund	Diversified
Market Neutral Real Estate Fund	Non-Diversified
Municipal Income Fund	Diversified
Risk Managed Real Estate Fund	Diversified
Small Cap Value Fund	Diversified
SMid Cap Value Fund	Diversified
SMid Cap Value Institutional Fund	Diversified
StylePlus—Large Core Fund	Diversified
StylePlus—Mid Growth Fund	Diversified
Total Return Bond Fund	Diversified
Ultra Short Duration Fund	Diversified
World Equity Income Fund	Diversified

For information on the Funds' policy regarding valuation of investments and other significant accounting policies, please refer to the Funds' most recent semi-annual or annual shareholder report.

Consolidation of Subsidiary

The Consolidated Schedule of Investments of the Macro Opportunities Fund includes the accounts of a wholly-owned and controlled Cayman Islands subsidiary (the “Subsidiary”). Intercompany accounts and transactions have been eliminated in consolidation for the Fund.

The Fund may invest up to 25% of its total assets in the Subsidiary which acts as an investment vehicle in order to effect certain investments consistent with the Fund’s investment objectives and policies.

Significant Accounting Policies

The Funds operate as investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

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, 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.

(a) Valuation of Investments

The Board of Trustees of the Funds (the “Board”) has adopted policies and procedures for the valuation of the Funds’ 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 Funds' securities and/or other assets.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)                            

Valuations of the Funds’ securities and other assets 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, to review the valuation of all assets which have been fair valued for reasonableness. The Funds’ officers, through the Valuation Committee and consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly review procedures used and valuations provided by the pricing services.

If the pricing service cannot or does not provide a valuation for a particular investment or such valuation is deemed unreliable, such investment is fair valued by the Valuation Committee.

Equity securities listed or traded on a recognized U.S. securities exchange or the National Association of Securities Dealers Automated Quotations (“NASDAQ”) National Market System shall generally be valued on the basis of the last sale price on the primary U.S. exchange or market on which the security is listed or traded; provided, however, that securities listed on NASDAQ will be valued at the NASDAQ Official Closing Price, which may not necessarily represent the last sale price. If there is no sale on the valuation date, exchange-traded U.S. equity securities will be valued on the basis of the last bid price.

Generally, trading in foreign securities markets is substantially completed each day at various times prior to the close of the New York Stock Exchange ("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 currencies are valued in U.S. dollars on the basis of the foreign currency exchange rates prevailing at the close of U.S. business at 4:00 p.m. 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. In addition, under the Valuation Procedures, the Valuation Committee and Guggenheim Investments (“GI”) are authorized to use prices and other information supplied by a third party pricing vendor in valuing foreign securities.

Open-end investment companies are valued at their net asset value as of the close of business, on the valuation date. Exchange-traded funds and closed-end investment companies are valued at the last quoted sale price.

U.S. Government securities are valued by independent pricing services, the last traded fill price, or at the reported bid price at the close of business.

Repurchase agreements are generally valued at amortized cost, provided such amounts approximate market value.

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, provided such amount approximates market value.

Typically, loans are valued using information provided by an independent third party pricing service that uses broker quotes, among other inputs. If the pricing service cannot or does not provide a valuation for a particular loan, or such valuation is deemed unreliable, such investment is valued based on a quote from a broker-dealer or is fair valued by the Valuation Committee.

Exchange-traded options are valued at the mean of the bid and ask prices on the principal exchange on which they are traded. Over-the-counter (“OTC”) options are valued using a price provided by a pricing service.

The value of futures contracts is accounted for using the unrealized appreciation or depreciation 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 interest rate swap agreements entered into by a fund is accounted for using the unrealized appreciation or depreciation on the agreements that is determined using the previous day’s Chicago Mercantile Exchange close price, adjusted for the current day's spreads.

The values of other swap agreements entered into by a fund are accounted for using the unrealized appreciation or depreciation on the agreements that are determined by marking the agreements to the last quoted value of the index or the underlying position that the swaps pertain to at the close of the NYSE.

Forward foreign currency exchange contracts are valued daily based on the applicable exchange rate of the underlying currency.

Investments for which market quotations are not readily available are fair-valued as determined in good faith by GI subject to review and approval by the Valuation Committee, pursuant to methods established or ratified by the Board. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s or liability’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 market prices; sale 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 U.S. Treasury securities, and other information analysis.

In connection with futures contracts and other derivative investments, such factors may include 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.

Note 2 – Financial Instruments and Derivatives

As part of their investment strategy, the Funds utilize short sales and a variety of derivative instruments. These investments involve, to varying degrees, elements of market risk. Valuation and accounting treatment of these instruments can be found under Significant Accounting Policies in Note 1 of these Notes to Schedule of Investments.

Short Sales

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, the Fund will realize a gain on the transaction. Conversely, if the security increases in price during the period, the Fund will realize a loss on the transaction. The risk of such price increases is the principal risk of engaging in short sales.

Derivatives

Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, such as securities, currencies, commodities or indices. Derivative instruments may be used to increase investment flexibility (including to maintain cash reserves while maintaining exposure to certain other assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. Derivative instruments may also be used to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. U.S. GAAP requires disclosures to enable investors to better understand how and why a Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund’s financial position and results of operations.

The Funds may utilize derivatives for the following purposes:

Duration: the use of an instrument to manage the interest rate risk of a portfolio.

Hedge: an investment made in order to reduce the risk of adverse price movements in a security, by taking an offsetting position to protect against broad market moves.

Income: the use of any instrument that distributes cash flows typically based upon some rate of interest.

Index Exposure: the use of an instrument to obtain exposure to a listed or other type of index.

Leverage: gaining total exposure to equities or other assets on the long and short sides at greater than 100% of invested capital.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)                            

Speculation: the use of an instrument to express macro-economic and other investment views.

For any Fund whose investment strategy consistently involves applying 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 or other asset. In addition, because an investment in derivative instruments generally requires a small investment relative to the amount of investment exposure assumed, an opportunity for increased net income is created; but, at the same time, leverage risk will increase. The Fund’s use of leverage, through borrowings or instruments such as derivatives, may cause the Fund to be more volatile and riskier than if they had not been leveraged.

Options Purchased and Written

A call option on a security gives the purchaser of the option the right to buy, and the writer of a call option the obligation to sell, the underlying security. The purchaser of a put option has the right to sell, and the writer of the put option the obligation to buy, the underlying security 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 where a Fund may not be able to enter into a closing transaction because of an illiquid secondary market; or, for OTC options, a Fund may be at risk because of the counterparty’s inability to perform.

Futures Contracts

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, 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 a 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 Schedules of Investments.

Swap Agreements

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. When utilizing OTC swaps, a fund 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 or if the underlying asset declines in value. Certain standardized swaps are subject to mandatory central clearing and are executed on a multi-lateral or other trade facility platform, such as a registered exchange. There is limited counterparty credit risk with respect to centrally-cleared swaps as the transaction is facilitated through a central clearinghouse, much like exchange-traded futures contracts. Upon entering into certain centrally-cleared swap transactions, the Fund is required to deposit with its clearing broker an amount of cash or securities as an initial margin. Subsequent variation margin payments or receipts are made or received by the Fund, depending on fluctuations in the fair value of the reference entity. For a fund utilizing centrally cleared swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. 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.

Total return and custom basket swaps involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset (such as an index or custom basket of securities) for a fixed or variable interest rate. Total return and custom basket swaps will usually be computed based on the current value of the reference asset as of the close of regular trading on the NYSE or other exchange, with the swap value being adjusted to include dividends accrued, financing charges and/or interest associated with the swap agreement. When utilizing total return or custom basket swaps, a fund 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 or if the underlying reference asset declines in value.

Interest rate swaps involve the exchange by the Funds with another party for their respective commitment to pay or receive a fixed or variable interest rate on a notional amount of principal. Interest rate swaps are generally centrally-cleared, but central clearing does not make interest rate swap transactions risk free.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)                            

Credit default swaps are instruments which allow for the full or partial transfer of third party credit risk, with respect to a particular entity or entities, from one counterparty to the other. A fund enters into credit default swaps as a "seller" or "buyer" of protection primarily to gain or reduce exposure similar to the investment grade and/or high yield bond market. A seller of credit default swaps is selling credit protection or assuming credit risk with respect to the underlying entity or entities. The buyer in a credit default swap is obligated to pay the seller a periodic stream of payments over the term of the contract provided that no event of default on an underlying reference obligation has occurred. If a credit event occurs, as defined under the terms of the swap agreement, the seller will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. The Notional Amount reflects the maximum potential amount the seller of credit protection could be required to pay to the buyer if a credit event occurs. The seller of protection receives periodic premium payments from the buyer and may also receive or pay an upfront premium adjustment to the stated periodic payments. In the event a credit default occurs on a credit default swap referencing an index, a factor adjustment will take place and the buyer of protection will receive a payment reflecting the par less the default recovery rate of the defaulted index component based on its weighting in the index. If no default occurs, the counterparty will pay the stream of payments and have no further obligations to the fund selling the credit protection. For a fund utilizing centrally cleared credit default swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. For OTC credit default swaps, a fund 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, or in the case of a credit default swap in which a fund is selling credit protection, the default of a third party issuer.

The quoted market prices and resulting market values for credit default swap agreements on securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

Forward Foreign Currency Exchange Contracts

A forward foreign currency exchange contract is an agreement between two parties to exchange two designated currencies at a specific time in the future. Certain types of contracts may be cash settled, in an amount equal to the change in exchange rates during the term of the contract. The contracts can be used to hedge or manage exposure to foreign currency risks with portfolio investments or to gain exposure to foreign currencies.

The market value of a forward foreign currency exchange contract changes with fluctuations in foreign currency exchange rates. Furthermore, the Funds may be exposed to risk if the counterparties cannot meet the contract terms or if the currency value changes unfavorably as compared to the U.S. dollar.

Foreign Investments

There are several risks associated with exposure to foreign currencies, foreign issuers and emerging markets. A fund’s indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, or in the case of short positions, that the U.S. dollar will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad. In addition, the Fund may incur transaction costs in connection with conversions between various currencies. The Fund may, but is not obligated to, engage in currency hedging transactions, which generally involve buying currency forward, options or futures contracts. However, not all currency risks may be effectively hedged, and in some cases the costs of hedging techniques may outweigh expected benefits. In such instances, the value of securities denominated in foreign currencies can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar.

The Funds may invest in securities of foreign companies directly, or in financial instruments, such as ADRs and exchange-traded funds, which are indirectly linked to the performance of foreign issuers. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Investing in securities of foreign companies directly, or in financial instruments that are indirectly linked to the performance of foreign issuers, may involve risks not typically associated with investing in U.S. issuers. The value of securities denominated in foreign currencies, and of dividends from such securities, can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar. Foreign securities markets generally have less trading volume and less liquidity than U.S. markets, and prices in some foreign markets may fluctuate more than those of securities traded on U.S. markets. Many foreign countries lack accounting and disclosure standards comparable to those that apply to U.S. companies, and it may be more difficult to obtain reliable information regarding a foreign issuer’s financial condition and operations. Transaction costs and costs associated with custody services are generally higher for foreign securities than they are for U.S. securities. Some foreign governments levy withholding taxes against dividend and interest income. Although in some countries portions of these taxes are recoverable, the non-recovered portion will reduce the income received by the Fund.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)                            

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.

Reverse Repurchase Agreements

The Fund may enter into reverse repurchase agreements as part of its financial leverage strategy. Under a reverse repurchase agreement, the Fund temporarily transfers possession of a portfolio instrument to another party, such as a bank or broker-dealer, in return for cash. At the same time, the Fund agrees to repurchase the instrument at an agreed upon time and price, which reflects an interest payment. Such agreements have the economic effect of borrowings. The Fund may enter into such agreements when it is able to invest the cash acquired at a rate higher than the cost of the agreement, which would increase earned income. When the Fund enters into a reverse repurchase agreement, any fluctuations in the market value of either the instruments transferred to another party or the instruments in which the proceeds may be invested would affect the market value of the Fund’s assets. As a result, such transactions may increase fluctuations in the market value of the

Fund’s assets.

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

Note 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.

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 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 U.S. Treasury securities, and other information and analysis. A significant portion of the Funds’ assets and liabilities are categorized as Level 2, as indicated in this report.

Quotes from broker-dealers, adjusted for fluctuations in criteria such as credit spreads and interest rates, may also be used to value the Fund’s 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 quotes are typically received from established market participants, the Fund may not have the transparency to view the underlying inputs which support the market quotations. Significant changes in a quote would generally result in significant changes in the fair value of the security.

Certain fixed income securities are valued by obtaining a monthly quote from a broker-dealer, adjusted for fluctuations in criteria such as credit spreads and interest rates.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)                            

Certain loans and other securities are valued using a single daily broker quote or a price from a third party vendor based on a single daily or monthly broker quote.

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.

Note 4 – Federal Income Tax Information

The Funds intend to comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the Funds from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax or federal excise tax is required.

Tax positions taken or expected to be taken in the course of preparing the Funds' tax returns are evaluated to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Funds' tax positions taken, or to be taken, on U.S. federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Funds' financial statements. The Funds' U.S. federal income tax returns are subject to examination by the Internal Revenue Service for a period of three years after they are filed.

The Macro Opportunities Fund intends to invest up to 25% of its assets in the Subsidiary which is expected to provide the Fund with exposure to the commodities markets within the limitations of the U.S. federal income tax requirements under Subchapter M of the Internal Revenue Code. The Fund has received a private letter ruling from the IRS that concludes that the income the Fund receives from the Subsidiary will constitute qualifying income for purposes of Subchapter M of the Internal Revenue Code. The Subsidiary will be classified as a corporation for U.S. federal income tax purposes. A foreign corporation, such as the Subsidiary, will generally not be subject to U.S. federal income taxation unless it is deemed to be engaged in a U.S. trade or business.

At December 31, 2019, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost, and the aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value, were as follows:

Fund	Tax Cost		Tax Unrealized Appreciation		Tax Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Alpha Opportunity Fund	$	88,819,262	$	7,854,089	$	(7,165,499	)	$	688,590
Capital Stewardship Fund		202,003,891		23,230,619		(1,728,478	)		21,502,141
Diversified Income Fund		7,092,811		378,786		(19,668	)		359,118
Floating Rate Strategies Fund		1,353,564,063		–		(53,669,263	)		(53,669,263	)
High Yield Fund		457,753,280		12,556,614		(17,468,107	)		(4,911,493	)
Investment Grade Bond Fund		882,757,894		18,632,715		(8,476,377	)		10,156,338
Large Cap Value Fund		48,120,233		12,685,480		(2,673,771	)		10,011,709
Limited Duration Fund		3,213,367,271		36,214,750		(33,916,111	)		2,298,639
Macro Opportunities Fund		5,515,492,777		77,664,450		(208,593,950	)		(130,929,500	)
Market Neutral Real Estate Fund		9,197,169		597,683		(250,993	)		346,690
Municipal Income Fund		54,277,279		2,549,481		(88,287	)		2,461,194
Risk Managed Real Estate Fund		180,403,198		27,138,562		(4,738,777	)		22,399,785
Small Cap Value Fund		14,399,316		2,422,870		(1,549,937	)		872,933
SMid Cap Value Fund		328,518,921		72,141,378		(23,278,648	)		48,862,730
SMid Cap Value Institutional Fund		61,377,507		9,640,351		(3,942,203	)		5,698,148
StylePlus—Large Core Fund		210,497,728		19,413,279		(1,589,704	)		17,823,575
StylePlus—Mid Growth Fund		88,366,781		7,205,076		(875,849	)		6,329,227
Total Return Bond Fund		14,110,139,519		305,423,204		(146,719,060	)		158,704,144
Ultra Short Duration Fund		533,424,229		3,537,832		(3,899,816	)		(361,984	)
World Equity Income Fund		63,839,950		7,421,084		(887,982	)		6,533,102

Note 5 – Unfunded Loan Commitments

Pursuant to the terms of certain loan agreements, certain Funds held unfunded loan commitments as of December 31, 2019. The Funds are obligated to fund these loan commitments at the borrower’s discretion.

The unfunded loan commitments as of December 31, 2019, were as follows:

Fund	Borrower	Maturity Date	Face Amount*			Value
Floating Rate Strategies Fund
	Aspect Software, Inc.	07/15/23		939,012	$	11,234
	Mavis Tire Express Services Corp.	03/20/25		1,341,657		38,009
						49,243
High Yield Fund
	Aspect Software, Inc.	07/15/23		91,145		1,090
	Cypress Intermediate Holdings III, Inc.	04/27/22		750,000		42,811
	DCG Acquisition Corp.	09/30/26		114,714		2,783
	Epicor Software	06/01/20		1,000,000		9,915
	Lytx, Inc.	08/31/22		105,263		7,019
	MRI Software LLC	06/30/23		106,250		5,883
	National Technical Systems	06/12/21		250,000		7,531
	Packaging Coordinators Midco, Inc.	07/01/21		1,500,000		56,127
	Solera LLC	03/03/21		1,250,000		41,212
						174,371
Macro Opportunities Fund
	Aspect Software, Inc.	07/15/23		144,301		1,726
	Epicor Software	06/01/20		2,000,000		19,830
	Fortis Solutions Group LLC	12/15/23		503,680		40,852
	Galls LLC	01/31/24		96,594		8,563
	Galls LLC	01/31/25		1,300,937		10,634
	Lytx, Inc.	08/31/22		363,158		24,214
	Mavis Tire Express Services Corp.	03/20/25		662,777		18,776
	MRI Software LLC	06/30/23		56,250		3,115
	National Technical Systems	06/12/21		250,000		7,531
	SLR Consulting Ltd.	05/23/25		GBP 3,434		96
	Solera LLC	03/03/21		8,100,000		267,051
	Trader Interactive	06/15/23		461,538		–	**
						402,388
Total Return Bond Fund
	Aspect Software, Inc.	07/15/23		2,046		24

* The face amount is denominated in U.S. dollars unless otherwise indicated.

** Security has a market value of $0.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)                            

Note 6 – Restricted Securities

The securities below are considered illiquid and restricted under guidelines established by the Board:

Fund	Restricted Securities	Acquisition Date	Cost		Value
Floating Rate Strategies Fund
	Airplanes Pass Through Trust
	2001-1A, due 03/15/191,3	12/27/11	$	723,184	$	14,008
	Mirabela Nickel Ltd.
	due 06/24/193	12/31/13		1,160,811		63,991
			$	1,883,995	$	77,999
High Yield Fund
	Basic Energy Services, Inc.
	10.75% due 10/15/23	09/25/18	$	1,215,613	$	875,875
	Beverages & More, Inc.
	11.50% due 06/15/22	06/16/17		3,141,764		2,414,625
	Bruin E&P Partners LLC
	8.88% due 08/01/23	10/11/18		977,528		655,200
	Mirabela Nickel Ltd.
	due 06/24/193	12/31/13		252,369		13,906
			$	5,587,274	$	3,959,606
Investment Grade Bond Fund
	Central Storage Safety Project Trust
	4.82% due 02/01/38	03/20/18	$	1,025,231	$	1,079,932
	Copper River CLO Ltd.
	2007-1A, due 01/20/212	05/09/14		137,616		93,800
	Highland Park CDO I Ltd.
	2006-1A, 3.05% (3 Month USD LIBOR + 0.40%, Rate Floor: 0.00%) due 11/25/511	07/01/16		85,983		89,291
	Turbine Engines Securitization Ltd.
	2013-1A, 5.13% due 12/13/48	11/27/13		423,000		426,798
			$	1,671,830	$	1,689,821
Limited Duration Fund
	Copper River CLO Ltd.
	2007-1A, due 01/20/212	05/09/14	$	98,298	$	67,000
Macro Opportunities Fund
	Airplanes Pass Through Trust
	2001-1A, due 03/15/191.3	01/18/12	$	1,691,717	$	32,773
	Atlas Mara Ltd.
	8.00% due 12/31/20	10/01/15		13,794,233		12,744,000
	Basic Energy Services, Inc.
	10.75% due 10/15/23	09/25/18		1,488,506		1,072,500
	Copper River CLO Ltd.
	2007-1A, due 01/20/212	05/09/14		1,602,252		1,092,100
	Highland Park CDO I Ltd.
	2006-1A, 3.05% (3 Month USD LIBOR + 0.40%, Rate Floor: 0.00%) due 11/25/511	04/14/15		607,826		736,654
	Mirabela Nickel Ltd.
	due 06/24/193	12/31/13		1,710,483		94,271
	Princess Juliana International Airport Operating Company N.V.
	5.50% due 12/20/27	12/17/12		1,356,639		1,338,671
	Secured Tenant Site Contract Revenue Notes Series
	2018-1A, 4.70% due 06/15/48	05/25/18		6,824,596		7,000,641
	Turbine Engines Securitization Ltd.
	2013-1A, 6.38% due 12/13/48	11/27/13		1,449,998		1,299,252
	Turbine Engines Securitization Ltd.
	2013-1A, 5.13% due 12/13/48	11/27/13		1,974,373		1,992,101
			$	32,500,623	$	27,402,963
Total Return Bond Fund
	Airplanes Pass Through Trust
	2001-1A, due 03/15/191,3	11/30/11	$	335,966	$	6,400
	Atlas Mara Ltd.
	8.00% due 12/31/20	10/01/15		6,321,673		5,841,000
	Central Storage Safety Project Trust
	4.82% due 02/01/38	02/02/18		21,215,736		22,138,616
	Copper River CLO Ltd.
	2007-1A, due 01/20/212	05/09/14		294,892		201,000
	Highland Park CDO I Ltd.
	2006-1A, 3.05% (3 Month USD LIBOR + 0.40%, Rate Floor: 0.00%) due 11/25/511	07/01/16		644,869		669,686
	Princess Juliana International Airport Operating Company N.V.
	5.50% due 12/20/27	12/17/12		2,050,736		2,023,573
	Turbine Engines Securitization Ltd.
	2013-1A, 5.13% due 12/13/48	11/27/13		705,375		711,708
			$	31,569,247	$	31,591,983

1	Variable rate security. Rate indicated is the rate effective at December 31, 2019. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
2	Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates.
3	Security is in default of interest and/or principal obligations.

OTHER INFORMATION (Unaudited)                            

Sector Classification

Information in the "Schedule of Investments" is categorized by sectors using sector-level classifications defined by the Bloomberg Industry Classification System, a widely recognized industry classification system provider. Each Fund's registration statement has investment policies relating to concentration in specific sectors/industries. For purposes of these investment policies, the Funds usually classify sectors/industries based on industry-level Classifications used by widely recognized industry classification system providers such as Bloomberg Industry Classification System, Global Industry Classification Standards and Barclays Global Classification Scheme.