UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number             811-07989                             

Metropolitan West Funds

(Exact name of registrant as specified in charter)

865 South Figueroa Street

Los Angeles, CA 90017

(Address of principal executive offices) (Zip code)

David B. Lippman

Metropolitan West Funds

865 South Figueroa Street

Los Angeles, CA 90017

(Name and address of agent for service)

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

Date of fiscal year end: March 31

Date of reporting period: June 30, 2013

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

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Schedule of Investments.

The Schedule(s) of Investments is attached herewith.

Ultra Short Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
BONDS – 80.74%
ASSET-BACKED SECURITIES — 1.18%**
Bayview Commercial Asset Trust, Series 2007-3, Class A1
0.43%		07/25/37	2,3		$1,008,390	$	788,563
GE Seaco Finance SRL, Series 2005-1A, Class A (Barbados)
0.44%		11/17/20	2,3,4		241,667		239,090
Goal Capital Funding Trust, Series 2006-1, Class A3
0.39%		11/25/26	2		350,000		344,579
Nelnet Student Loan Trust, Series 2012-5A, Class A
0.79%		10/27/36	2,3		275,254		271,238
Triton Container Finance LLC, Series 2006-1A, Class NOTE
0.37%		11/26/21	2,3		136,667		133,345
Triton Container Finance LLC, Series 2007-1A, Class NOTE
0.34%		02/26/19	2,3		62,500		61,718
Total Asset-Backed Securities
(Cost $2,045,842)							1,838,533
BANK LOANS — 0.41%*
Health Care — 0.41%
HCA, Inc., Term Loan B4
2.95%		05/01/18	2,5		640,641		638,537
Total Bank Loans
(Cost $640,641)
CORPORATES — 10.99%*
Automotive — 0.32%
Daimler Finance North America LLC
1.47%		09/13/13	2,3		500,000		500,973
Banking — 3.20%
Abbey National Treasury Services PLC/London (United Kingdom)
1.86%		04/25/14	2,4		550,000		554,433
Bank of America Corp. (MTN)
1.70%		01/30/14	2		550,000		553,212
Bank of America N.A. (BKNT)
0.57%		06/15/17	2		750,000		716,430
Commonwealth Bank of Australia (Australia)
1.00%		03/17/14	2,3,4		600,000		600,469
HSBC Bank PLC (United Kingdom)
1.08%		01/17/14	2,3,4		550,000		549,849
JPMorgan Chase Bank N.A.
0.60%		06/13/16	2		550,000		541,626
Lloyds TSB Bank PLC (United Kingdom)
2.62%		01/24/14	2,4		500,000		505,642

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Banking (continued)
National Australia Bank Ltd., Series REGS (Australia)
1.00%		04/11/14	2,4		$550,000	$	551,889
UBS AG/Stamford CT (BKNT) (Switzerland)
2.25%		08/12/13	4		425,000		425,859
							4,999,409
Communications — 0.43%
AT&T, Inc.
2.50%		08/15/15			650,000		670,129
Consumer Discretionary — 0.35%
Anheuser-Busch InBev Worldwide, Inc., Series FRN
0.83%		01/27/14	2		550,000		551,761
Energy — 1.42%
CNOOC Finance 2013 Ltd. (China)
1.12%		05/09/16	4		500,000		494,397
Florida Gas Transmission Co. LLC
4.00%		07/15/15	3		550,000		581,373
Petrobras Global Finance BV (Netherlands)
1.89%		05/20/16	2,4		500,000		496,391
Trans-Canada Pipelines Ltd. (Canada)
0.95%		06/30/16	4		650,000		650,000
							2,222,161
Finance — 1.89%
Ford Motor Credit Co. LLC, Series FRN
1.52%		05/09/16	2		600,000		602,786
General Electric Capital Corp. (MTN)
0.41%		06/20/14	2		250,000		250,333
General Electric Capital Corp., Series A (MTN)
0.53%		09/15/14	2		300,000		300,048
Goldman Sachs Group, Inc.
1.27%		02/07/14	2		430,000		431,185
Goldman Sachs Group, Inc., Series B (MTN)
0.68%		07/22/15	2		200,000		197,874
International Lease Finance Corp.
6.50%		09/01/14	3		350,000		364,000
Macquarie Group Ltd. (Australia)
7.30%		08/01/14	3,4		518,000		546,446
Morgan Stanley (MTN)
0.73%		10/18/16	2		260,000		251,589
							2,944,261
Food — 0.32%
Kraft Foods Group, Inc.
1.62%		06/04/15			500,000		506,068

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2013 / 1     

Ultra Short Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Industrials — 0.42%
Heathrow Funding Ltd. (United Kingdom)
2.50%		06/25/15	3,4		$650,000	$	660,261
Insurance — 0.67%
Farmers Insurance Exchange
6.00%		08/01/14	3		460,000		478,601
Metropolitan Life Global Funding I
1.70%		06/29/15	3		550,000		558,903
							1,037,504
Real Estate Investment Trust (REIT) — 1.78%
Camden Property Trust
5.00%		06/15/15			320,000		342,612
Duke Realty LP
5.40%		08/15/14			670,000		697,083
HCP, Inc.
2.70%		02/01/14			600,000		606,078
Nationwide Health Properties, Inc.
6.00%		05/20/15			550,000		600,155
WT Finance Aust Pty Ltd./Westfield Capital/WEA Finance LLC (Australia)
5.12%		11/15/14	3,4		500,000		531,805
							2,777,733
Transportation — 0.19%
JetBlue Airways Pass-Through Trust, Series 2004, Class G1
0.65%		08/15/16	2		304,465		287,720
Total Corporates
(Cost $16,954,764)							17,157,980
FOREIGN GOVERNMENT OBLIGATIONS — 0.41%
Foreign Government Obligations — 0.41%
Kommuninvest I Sverige AB (Sweden)
0.26%		09/12/14	2,3,4		645,000		644,862
Total Foreign Government Obligations
(Cost $645,000)
MORTGAGE-BACKED — 52.46%**
Commercial Mortgage-Backed — 10.12%
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2004-3, Class A5
5.74%		06/10/39	2		546,429		564,129
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2004-6, Class A3
4.51%		12/10/42			91,816		92,145
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-4, Class A4
5.37%		07/10/45	2		700,000		708,362
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-6, Class A4
5.36%		09/10/47	2		535,000		576,219

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Commercial Mortgage-Backed (continued)
Bear Stearns Commercial Mortgage Securities Trust, Series 2005-PWR7, Class A3
5.12%		02/11/41	2	$	700,000		$739,915
Bear Stearns Commercial Mortgage Securities Trust, Series 2007-PW16, Class AAB
5.90%		06/11/40	2		363,791		379,390
COMM Mortgage Trust, Series 2006-C8, Class AAB
5.29%		12/10/46			625,731		631,213
Commercial Mortgage Trust, Series 2005-GG5, Class A41
5.24%		04/10/37	2		415,000		422,691
Credit Suisse First Boston Commercial Mortgage Trust, Series 2005-C1, Class A4
5.01%		02/15/38	2		489,616		511,795
Credit Suisse First Boston Commercial Mortgage, Series 2004-C3, Class A4
4.84%		07/15/36			639,014		644,055
Credit Suisse Mortgage Capital Certificates, Series 2006-C1, Class A3
5.57%		02/15/39	2		485,158		488,097
GE Capital Commercial Mortgage Corp. 2005-C1 A5
4.77%		06/10/48	2		510,000		535,379
GE Capital Commercial Mortgage Corp. Trust, Series 2005-C1, Class A3
4.58%		06/10/48			357,141		362,919
GMAC Commercial Mortgage Securities, Inc., Series 2004-C1, Class A3
4.78%		03/10/38			468,478		469,830
GS Mortgage Securities Corp. II, Commercial Mortgage Pass-Through, Series 2004-GG2, Class A5
5.28%		08/10/38	2		328,984		329,767
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2003-PM1A, Class A4
5.33%		08/12/40	2		33,832		33,836
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2004-CBX, Class A5
4.65%		01/12/37			493,448		494,999
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP2, Class ASB
4.66%		07/15/42			354,889		363,890
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP5, Class A3
5.40%		12/15/44	2		580,000		591,280

See accompanying notes to Schedule of Portfolio Investments.

2 / N-Q Report June 2013

Ultra Short Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Commercial Mortgage-Backed (continued)
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP5, Class A4
5.37%		12/15/44	2	$	425,000	$	458,005
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2006-CB14, Class ASB
5.51%		12/12/44	2		344,857		363,850
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2006-CB15, Class ASB
5.79%		06/12/43	2		328,923		345,724
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2006-LDP9, Class A3S
5.24%		05/15/47	3		270,000		274,756
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-LD11, Class ASB
6.00%		06/15/49	2		442,032		477,311
Merrill Lynch Mortgage Trust, Series 2003-KEY1, Class A4
5.24%		11/12/35	2		826,399		831,961
Morgan Stanley Capital I Trust, Series 2005-IQ9, Class A3
4.54%		07/15/56			43,064		43,037
Morgan Stanley Capital I Trust, Series 2007-HQ12, Class A2
5.76%		04/12/49	2		1,167,124		1,171,799
Morgan Stanley Capital I, Series 2001-C3, Class A2
3.22%		08/15/49			650,000		682,906
Morgan Stanley Capital I, Series 2005-T19, Class A4A
4.89%		06/12/47			545,000		579,735
Morgan Stanley Capital I, Series 2006-T23, Class A4
5.99%		08/12/41	2		520,000		580,558
RBSCF Trust, Series 2010-MB1, Class A1
2.37%		04/15/24	3		335,566		339,667
Wachovia Bank Commercial Mortgage Trust, Series 2004-C15, Class A4
4.80%		10/15/41			415,000		431,699
WF-RBS Commercial Mortgage Trust, Series 2011-C2, Class A1
2.50%		02/15/44	3		275,383		279,757
							15,800,676
Non-Agency Mortgage-Backed — 12.31%
Aames Mortgage Trust, Series 2002-1, Class A3 (STEP)
6.50%		06/25/32			34,578		33,179

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Adjustable Rate Mortgage Trust, Series 2005-1, Class 1A1
3.11%		05/25/35	2	$	830,018	$	685,270
Adjustable Rate Mortgage Trust, Series 2005-11, Class 2A12
2.87%		02/25/36	2		468,333		453,513
Adjustable Rate Mortgage Trust, Series 2005-11, Class 2A41
2.87%		02/25/36	2		532,308		487,459
Asset Backed Securities Corp. Home Equity Loan Trust, Series 2005-HE4, Class M2
0.64%		05/25/35	2		656,229		653,152
Banc of America Funding Corp., Series 2003-2, Class 1A1
6.50%		06/25/32			10,297		10,888
Banc of America Funding Corp., Series 2006-G, Class 2A3
0.36%		07/20/36	2		238,125		229,923
Banc of America Mortgage Securities, Inc., Series 2003-A, Class 2A2
3.17%		02/25/33	2		4,056		3,954
BCAP LLC Trust, Series 2007-AA1, Class 1A2
0.35%		02/25/47	2		588,927		500,295
Centex Home Equity, Series 2005-D, Class M1
0.62%		10/25/35	2		575,000		554,886
Citigroup Mortgage Loan Trust, Inc., Series 2004-HYB1, Class A41
3.05%		02/25/34	2		171,179		165,385
Citigroup Mortgage Loan Trust, Inc., Series 2005-WF2, Class MV1
0.84%		08/25/35	2		780,000		759,417
Citigroup Mortgage Loan Trust, Inc., Series 2007-WFH2, Class A3
0.37%		03/25/37	2		2,500,000		2,272,743
Citigroup Mortgage Loan Trust, Inc., Series 2007-WFH4, Class A2C
1.49%		07/25/37	2		1,000,000		679,383
Conseco Financial Corp., Series 1994-1, Class A5
7.65%		04/15/19			1,478		1,553
Conseco Financial Corp., Series 1995-8, Class M1
7.30%		12/15/26			123,637		124,881
Conseco Financial Corp., Series 1996-8, Class A6
7.60%		10/15/27	2		731		735
Countrywide Alternative Loan Trust, Series 2004-J6, Class 2A1
6.50%		11/25/31			197,195		207,798

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2013 / 3     

Ultra Short Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Credit Suisse First Boston Mortgage Securities Corp., Series 2001-MH29, Class A (STEP)
5.60%		09/25/31		$	12,011	$	12,110
Credit Suisse First Boston Mortgage Securities Corp., Series 2002-AR31, Class 4A2
3.09%		11/25/32	2		200,000		175,026
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB4, Class A2A (STEP)
5.08%		04/25/37			114,748		116,912
DBRR Trust, Series 2012-EZ1, Class A
0.95%		09/25/45	3		559,203		560,301
DBRR Trust, Series 2013-EZ2, Class A
0.85%		02/25/43	2,3		613,811		613,602
Deutsche Financial Capital Securitization LLC, Series 1997-I, Class A3
6.75%		09/15/27			10,779		10,774
Downey Savings & Loan Association Mortgage Loan Trust, Series 2004-AR3, Class 2A2A
0.56%		07/19/44	2		410,554		376,921
Equifirst Mortgage Loan Trust, Series 2005-1, Class M1
0.61%		04/25/35	2		627,381		625,985
Fremont Home Loan Trust, Series 2005-C, Class M1
0.67%		07/25/35	2		400,911		400,646
GE Mortgage Services LLC, Series 1998-HE1, Class A7
6.46%		06/25/28			126		125
GMAC Mortgage Corp. Loan Trust, Series 2003-GH1, Class A5 (STEP)
5.60%		07/25/34			29,573		30,133
Green Tree Home Improvement Loan Trust, Series 1995-F, Class B2
7.10%		01/15/21			7,960		7,797
Greenwich Capital Commercial Funding Corp., Series 2005-GG3, Class A3
4.57%		08/10/42			231,799		231,641
GSAA Trust, Series 2006-2, Class 2A3
0.46%		12/25/35	2		500,000		486,124
Home Equity Loan Trust, Series 2007-3, Class APT
1.39%		11/20/36	2		539,977		539,275
Indymac Index Mortgage Loan Trust, Series 2004-AR12, Class A1
0.97%		12/25/34	2		760,139		544,118
Indymac Index Mortgage Loan Trust, Series 2004-AR6, Class 6A1
2.84%		10/25/34	2		686,729		675,567

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Indymac Manufactured Housing Contract, Series 1998-2, Class A4
6.64%		08/25/29	2	$	87,897	$	87,522
Irwin Home Equity Corp., Series 2003-A, Class M2
2.84%		10/25/27	2		83,349		80,478
JPMorgan Mortgage Trust, Series 2005-A2, Class 9A1
2.78%		04/25/35	2		550,190		533,801
Long Beach Mortgage Loan Trust, Series 2005-2, Class M2
0.88%		04/25/35	2		36,569		36,565
MASTR Adjustable Rate Mortgages Trust, Series 2004-1, Class 2A1
2.87%		01/25/34	2		14,837		13,985
MASTR Adjustable Rate Mortgages Trust, Series 2004-12, Class 5A1
3.30%		10/25/34	2		815,209		775,587
MASTR Adjustable Rate Mortgages Trust, Series 2004-5, Class 3A1
2.64%		06/25/34	2		21,640		19,708
MASTR Seasoned Securities Trust, Series 2004-1, Class 4A1
2.80%		10/25/32	2		106,213		104,945
Merrill Lynch Mortgage Investors, Inc., Series 2003-A1, Class 2A
2.35%		12/25/32	2		308,864		314,245
Mid-State Trust, Series 6, Class A4
7.79%		07/01/35			34,068		36,944
Oakwood Mortgage Investors, Inc., Series 1998-B, Class A3
6.20%		01/15/15			1,041		1,049
Oakwood Mortgage Investors, Inc., Series 1998-B, Class A4
6.35%		03/15/17			52,105		52,552
RBSSP Resecuritization Trust, 009-3, Series 2009-3, Class 1A3
5.50%		11/26/35	2,3		50,630		50,512
Residential Asset Mortgage Products, Inc., Series 2003-RZ3, Class A6 (STEP)
3.90%		03/25/33			451,947		454,560
Residential Asset Mortgage Products, Inc., Series 2003-SL1, Class A11
7.12%		03/25/16			11,010		11,417
Residential Asset Mortgage Products, Inc., Series 2004-SL1, Class A2
8.50%		11/25/31			93,633		93,530
Residential Asset Mortgage Products, Inc., Series 2004-SL1, Class A8
6.50%		11/25/31			151,818		157,040
Residential Asset Securities Corp., Series 2005-KS12, Class A3
0.51%		01/25/36	2		698,000		633,043

See accompanying notes to Schedule of Portfolio Investments.

4 / N-Q Report June 2013

Ultra Short Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Residential Asset Securitization Trust, Series 2004-IP2, Class 2A1
2.67%		12/25/34	2	$	371,078	$	369,907
Residential Funding Mortgage Securities II, Inc., Series 1999-HI6, Class AI7 (STEP)
8.60%		09/25/29			47,214		44,788
Residential Funding Mortgage Securities II, Inc., Series 2000-HI1, Class AI7 (STEP)
8.29%		02/25/25			4,178		4,124
Soundview Home Equity Loan Trust, Series 2006-WF2, Class A2C
0.33%		12/25/36	2		688,424		650,177
Structured Asset Securities Corp., Series 2001-15A, Class 4A1
2.31%		10/25/31	2		38,088		37,900
Terwin Mortgage Trust, Series 2004-13ALT, Class 2PX
0.34%		08/25/34	3,6		5,664,021		67,421
UCFC Home Equity Loan, Series 1998-D, Class BF1
8.96%		04/15/30	2		1,243		579
WaMu Mortgage Pass-Through Certificates, Series 2002-AR6, Class A
1.57%		06/25/42	2		88,066		80,683
WaMu Mortgage Pass-Through Certificates, Series 2003-AR6, Class A1
2.44%		06/25/33	2		310,250		312,967
Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2005-4, Class CB13
0.69%		06/25/35	2		470,975		333,167
Washington Mutual MSC Mortgage Pass-Through CTFS, Series 2003-MS9, Class 1A
7.00%		04/25/33			4,243		4,380
Wells Fargo Home Equity Trust, Series 2005-3, Class AII3
0.53%		11/25/35	2		104,909		104,673
Wells Fargo Home Equity Trust, Series 2005-4, Class AI3
0.57%		12/25/35	2		539,794		530,327
							19,230,047
U.S. Agency Mortgage-Backed — 30.03%
Fannie Mae Pool 111643
2.49%		09/01/20	2		16,642		16,991
Fannie Mae Pool 190656
6.50%		02/01/14			9,041		9,153
Fannie Mae Pool 254548
5.50%		12/01/32			560,876		614,739
Fannie Mae Pool 523829
8.00%		11/01/19			91,613		103,711

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae Pool 555098
2.82%		11/01/32	2	$	71,793	$	76,530
Fannie Mae Pool 555424
5.50%		05/01/33			359,306		393,300
Fannie Mae Pool 567002
8.00%		05/01/23			63,027		72,812
Fannie Mae Pool 646884
1.92%		05/01/32	2		6,329		6,402
Fannie Mae Pool 647903
1.78%		04/01/27	2		43,579		45,878
Fannie Mae Pool 648860
6.50%		05/01/17			220,571		235,387
Fannie Mae Pool 655127
7.00%		07/01/32			27,589		31,418
Fannie Mae Pool 655133
7.00%		08/01/32			33,161		37,887
Fannie Mae Pool 655151
7.00%		08/01/32			24,454		27,702
Fannie Mae Pool 745506
5.66%		02/01/16			466,348		510,334
Fannie Mae Pool 754001
2.94%		12/01/33	2		380,943		386,593
Fannie Mae Pool 762525
6.50%		11/01/33			61,321		68,874
Fannie Mae Pool 770900
2.31%		04/01/34	2		362,951		388,472
Fannie Mae Pool 893489
6.29%		09/01/36	2		112,432		117,462
Fannie Mae Pool AD0538
6.00%		05/01/24			324,784		358,687
Fannie Mae Pool AD0546
2.68%		11/01/37	2		149,157		159,189
Fannie Mae Pool AE0443
6.50%		10/01/39			588,195		653,862
Fannie Mae Pool AL0851
6.00%		10/01/40			518,340		566,566
Fannie Mae REMICS, Series 2003-64, Class KS
9.39%		07/25/18	2		243,601		267,985
Fannie Mae REMICS, Series 2003-90, Class SL
16.18%		03/25/31	2		94,480		97,941
Fannie Mae REMICS, Series 2006-84, Class WF
0.49%		02/25/36	2		944,596		946,431
Fannie Mae REMICS, Series 2009-111, Class DA
5.00%		12/25/39			448,749		470,266

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2013 / 5     

Ultra Short Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae REMICS, Series 2011-8, Class PF
0.69%		01/25/40	2	$	915,900		$920,846
Fannie Mae, Series 1988-12, Class A
3.84%		02/25/18	2		46,833		49,039
Fannie Mae, Series 1993-80, Class S
10.61%		05/25/23	2		4,321		4,804
Fannie Mae, Series 2001-42, Class SB
8.50%		09/25/31	2		3,950		4,020
Fannie Mae, Series 2001-60, Class OF
1.14%		10/25/31	2		417,640		427,535
Fannie Mae, Series 2002-30, Class FB
1.19%		08/25/31	2		559,560		572,398
Fannie Mae, Series 2003-117, Class XF
0.54%		08/25/33	2		935,779		937,789
Fannie Mae, Series 2003-124, Class TS
9.80%		01/25/34	2		58,200		66,918
Fannie Mae, Series 2003-134, Class FC
0.79%		12/25/32	2		718,372		725,025
Fannie Mae, Series 2004-60, Class FW
0.64%		04/25/34	2		601,189		605,145
Fannie Mae, Series 2004-79, Class F
0.49%		08/25/32	2		575,703		576,380
Fannie Mae, Series 2004-96, Class MT
7.00%		12/25/34	2		39,415		34,819
Fannie Mae, Series 2007-68, Class SC (IO)
6.51%		07/25/37	2		778,565		111,143
Fannie Mae, Series 2008-47, Class PF
0.69%		06/25/38	2		647,913		652,653
Fannie Mae, Series 2009-33, Class FB
1.01%		03/25/37	2		605,950		615,904
Fannie Mae, Series 2010-109, Class PF
0.59%		10/25/40	2		370,893		372,051
Fannie Mae, Series 2010-112, Class PI (IO)
6.00%		10/25/40			1,113,977		154,646
Fannie Mae, Series 2010-26, Class S (IO)
6.04%		11/25/36	2		1,997,502		279,834
Fannie Mae, Series 2011-71, Class FB
0.69%		05/25/37	2		702,222		708,949
Freddie Mac Gold Pool C90237
6.50%		11/01/18			57,659		63,965
Freddie Mac Gold Pool C90474
7.00%		08/01/21			82,243		90,997
Freddie Mac Gold Pool D93410
6.50%		04/01/19			45,764		49,449
Freddie Mac Gold Pool G13107
5.50%		07/01/20			468,019		499,250
Freddie Mac Gold Pool P20295
7.00%		10/01/29			55,486		57,298

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K701, Class A2
3.88%		11/25/17		$	625,000	$	684,816
Freddie Mac Non Gold Pool 775554
2.77%		10/01/18	2		3,701		3,714
Freddie Mac Non Gold Pool 865369
3.16%		06/01/22	2		1,717		1,733
Freddie Mac REMICS, Series 2733, Class FB
0.79%		10/15/33	2		1,060,000		1,072,851
Freddie Mac REMICS, Series 2817, Class FC
0.64%		07/15/31	2		1,824,244		1,827,509
Freddie Mac REMICS, Series 3001, Class HS
16.27%		02/15/35	2		131,245		155,596
Freddie Mac REMICS, Series 3085, Class FW
0.89%		08/15/35	2		659,238		667,684
Freddie Mac REMICS, Series 3652, Class PF
0.94%		07/15/32	2		820,766		828,510
Freddie Mac REMICS, Series 3828, Class TF
0.59%		04/15/29	2		1,006,843		1,011,871
Freddie Mac REMICS, Series 3831, Class PV
5.00%		05/15/25			1,091,624		1,172,677
Freddie Mac REMICS, Series 4170, Class FW
1.14%		01/15/33	2		939,508		945,774
Freddie Mac Strips, Series 263, Class F5
0.69%		06/15/42	2		1,007,233		1,018,068
Freddie Mac, Series 1526, Class L
6.50%		06/15/23			12,579		13,971
Freddie Mac, Series 2368, Class AF
1.14%		10/15/31	2		256,635		262,906
Freddie Mac, Series 2642, Class BW (IO)
5.00%		06/15/23			13,175		1,238
Freddie Mac, Series 2657, Class LX (IO)
6.00%		05/15/18			39,939		1,429
Freddie Mac, Series 2945, Class LD
4.00%		02/15/35			180,767		189,902
Freddie Mac, Series 2971, Class AB
5.00%		05/15/20			21,211		22,566
Freddie Mac, Series 3300, Class FA
0.49%		08/15/35	2		475,531		476,366
Freddie Mac, Series 3325, Class NF
0.49%		08/15/35	2		478,000		478,845
Freddie Mac, Series 3345, Class FP
0.39%		11/15/36	2		97,065		96,977
Freddie Mac, Series 3345, Class PF
0.37%		05/15/36	2		109,975		110,076

See accompanying notes to Schedule of Portfolio Investments.

6 / N-Q Report June 2013

Ultra Short Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Freddie Mac, Series 3346, Class FA
0.42%		02/15/19	2	$	1,521,751	$	1,524,347
Freddie Mac, Series 3626, Class MA
5.00%		02/15/30			432,897		446,486
Freddie Mac, Series 3895, Class BF
0.69%		07/15/41	2		748,802		752,418
Freddie Mac, Series 3946, Class FG
0.54%		10/15/39	2		1,285,843		1,294,143
Ginnie Mae II Pool 80546
1.62%		10/20/31	2		28,572		29,823
Ginnie Mae II Pool 80610
1.75%		06/20/32	2		338,617		353,544
Ginnie Mae II Pool 80614
1.75%		07/20/32	2		47,222		49,368
Ginnie Mae II Pool 80687
1.75%		04/20/33	2		228,371		238,438
Ginnie Mae II Pool 8339
1.62%		12/20/23	2		50,141		52,328
Ginnie Mae II Pool 8684
1.75%		08/20/25	2		70,106		73,286
Ginnie Mae II Pool MA0331
2.50%		08/20/42	2		933,174		961,618
Ginnie Mae, Series 2002-72, Class FB
0.59%		10/20/32	2		572,965		576,550
Ginnie Mae, Series 2002-72, Class FC
0.59%		10/20/32	2		546,463		549,882
Ginnie Mae, Series 2003-39, Class GF
0.54%		05/20/32	2		422,851		423,348
Ginnie Mae, Series 2004-2, Class FW
1.59%		01/16/34	2		332,600		356,192
Ginnie Mae, Series 2009-66, Class UF
1.19%		08/16/39	2		714,866		729,254
Ginnie Mae, Series 2009-92, Class FC
0.99%		10/16/39	2		747,022		756,625
Ginnie Mae, Series 2011-70, Class IL (IO)
0.60%		06/16/37	2		10,161,472		156,733
Ginnie Mae, Series 2012-13, Class KF
0.50%		07/20/38	2		2,071,442		2,074,521
Mortgage-Linked Amortizing Notes, Series 2012-1, Class A10
2.06%		01/15/22			1,170,557		1,185,669
NCUA Guaranteed Notes, Series 2010-R1, Class 1A
0.64%		10/07/20	2		1,648,992		1,656,206
NCUA Guaranteed Notes, Series 2010-R2, Class 1A
0.56%		11/06/17	2		1,324,968		1,328,384
NCUA Guaranteed Notes, Series 2010-R3, Class 1A
0.75%		12/08/20	2		1,035,724		1,044,058

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
NCUA Guaranteed Notes, Series 2011-C1, Class 2A
0.79%		03/09/21	2	$	1,167,494	$	1,175,069
NCUA Guaranteed Notes, Series 2011-R3, Class 1A
0.59%		03/11/20	2		797,240		799,731
NCUA Guaranteed Notes, Series 2011-R4, Class 1A
0.57%		03/06/20	2		609,944		611,064
NCUA Guaranteed Notes, Series 2011-R5, Class 1A
0.57%		04/06/20	2		1,063,577		1,065,530
NCUA Guaranteed Notes, Series 2011-R6, Class 1A
0.57%		05/07/20	2		338,521		339,010
							46,894,133
Total Mortgage-Backed
(Cost $82,018,366)							81,924,856
MUNICIPAL BONDS — 0.80%*
California — 0.34%
State of California, Taxable, Various Purpose, Series 3
5.45%		04/01/15			500,000		538,100
Illinois — 0.46%
State of Illinois, Taxable Bonds
4.03%		03/01/14			300,000		305,481
4.07%		01/01/14			400,000		406,104
Total Municipal Bonds
(Cost $1,239,788)							1,249,685
U.S. AGENCY SECURITIES — 4.70%
U.S. Agency Securities — 4.70%
Fannie Mae
0.36%		06/23/14	2		1,200,000		1,202,890
0.63%		05/23/16			1,120,000		1,112,841
0.65%		03/28/16			905,000		901,905
Federal Farm Credit Bank
0.17%		09/19/14	2		780,000		780,691
Federal Home Loan Bank
0.50%		07/01/15			755,000		755,192
0.55%		06/03/16			725,000		720,466
Federal Home Loan Bank (STEP)
0.75%		05/26/28			680,000		666,562
Freddie Mac
0.50%		09/14/15			1,210,000		1,209,312
Total U.S. Agency Securities
(Cost $7,373,508)							7,349,859

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2013 / 7     

Ultra Short Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
U.S. TREASURY SECURITIES — 9.79%
U.S. Treasury Notes — 9.79%
U.S. Treasury Notes
0.75%		08/15/13		$	3,870,000	$	3,873,325
U.S. Treasury Notes - Treasury Inflation Indexed Notes
0.50%		04/15/15	7		3,475,000		3,824,038
1.25%		04/15/14	7		3,465,000		3,861,705
2.00%		01/15/14	7		375,000		478,795
2.00%		07/15/14	7		2,550,000		3,249,522
Total U.S. Treasury Securities
(Cost $15,449,901)							15,287,385
Total Bonds – 80.74%
(Cost $126,367,810)							126,091,697
Issues	Maturity Date			Principal Amount/ Shares		Value
SHORT-TERM INVESTMENTS — 18.87%
Commercial Paper — 1.87%
Lloyds TSB Bank PLC (United Kingdom)
0.24%8		08/07/13	4		740,000		739,839
Macquarie Bank Ltd. (Australia)
0.32%8		10/24/13	3,4		955,000		954,130
RBS Holdings USA, Inc.
0.35%8		08/20/13			1,220,000		1,219,654
							2,913,623
Money Market Funds — 1.99%
BlackRock Liquidity Funds TempFund Portfolio
0.04%9					1,267,000		1,267,000
Dreyfus Cash Advantage Fund
0.07%9					328,000		328,000
DWS Money Market Series Institutional Funds
0.07%9					1,519,000		1,519,000
							3,114,000
U.S. Agency Discount Notes — 15.01%
Fannie Mae
0.08%8		08/21/13			3,500,000		3,499,852
0.12%8		08/01/13			1,400,000		1,399,964
Federal Home Loan Bank
0.08%8		09/13/13			5,000,000		4,999,229
0.08%8		07/19/13			2,580,000		2,579,961
0.10%8		09/25/13			1,655,000		1,654,881

Issues	Maturity Date		Principal Amount/ Shares		Value
SHORT-TERM INVESTMENTS (continued)
U.S. Agency Discount Notes (continued)
Freddie Mac
0.07%8		09/09/13	$	6,235,000	$	6,234,639
0.09%8		11/08/13		3,070,000		3,069,334
						23,437,860
Total Short-Term Investments
(Cost $29,463,573)						29,465,483
Total Investments – 99.61%
(Cost $155,831,383)1						155,557,180
Cash and Other Assets, Less
Liabilities – 0.39%						615,299
Net Assets – 100.00%					$	156,172,479

Notes:

¹  Cost for federal income tax purposes is $155,835,812 and net unrealized appreciation/ (depreciation) consists of:

Gross unrealized appreciation	$	1,373,371
Gross unrealized depreciation		(1,652,003	)
Net unrealized depreciation	$	(278,632	)

²  Floating rate security. The rate disclosed was in effect at June 30, 2013.

³  Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The market value of these securities at June 30, 2013, was $10,651,642, representing 6.82% of total net assets.

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

⁵  Non-Rule 144A securities determined to be restricted private placements under procedures approved by the Fund’s Board of Trustees. Information related to these securities is as follows:

Date of Purchase	Security	Amortized Cost	Value		%  of Total Net Assets
02/04/09	HCA, Inc., Term Loan B4, 2.95%, 05/01/18	$640,641	$	638,537	0.41%

⁶  Illiquid security as determined under procedures approved by the Fund’s Board of Trustees. The aggregate value of illiquid securities is $67,421, which is 0.04% of total net assets.

⁷  Inflation protected security. Principal amount reflects original security face amount.

⁸ Represents annualized yield at date of purchase.

⁹  Represents the current yield as of June 30, 2013.

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

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

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

(BKNT): Banker’s Note, Inc.

(IO): Interest only

(MTN): Medium-term note

(STEP): Step coupon bond

See accompanying notes to Schedule of Portfolio Investments.

8 / N-Q Report June 2013

Low Duration Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
BONDS – 77.15%
ASSET-BACKED SECURITIES — 6.91%**
Aircastle Aircraft Lease Backed Trust, Series 2007-1A, Class G1
0.50%		06/14/37	2,3		$4,659,893	$	4,285,704
Alm Loan Funding, Series 2012-7A, Class A1 (Cayman Islands)
1.70%		10/19/24	2,3,4		4,200,000		4,184,536
Apidos CDO II, Series 2005-2A, Class C (Cayman Islands)
2.08%		12/21/18	2,3,4		1,750,000		1,649,759
Arizona Educational Loan Marketing Corp., Series 2004-A, Class A2
0.50%		12/01/23	2		5,135,329		5,039,337
Arizona Educational Loan Marketing Corp., Series 2004-A, Class B3
0.37%		12/01/38			1,400,000		1,351,000
Avalon Capital Ltd. 3, Series 1A, Class C (Cayman Islands)
1.07%		02/24/19	2,3,4		4,000,000		3,908,084
Axis Equipment Finance Receivables LLC, Series 2012-1I, Class D
5.50%		11/20/15	†		1,000,000		954,900
Axis Equipment Finance Receivables LLC, Series 2012-1I, Class E1
6.25%		04/20/16	†		1,000,000		892,400
Babcock & Brown Air Funding I Ltd., Series 2007-1A, Class G1 (Bermuda)
0.49%		11/14/33	2,3,4		3,334,489		2,917,678
Bayview Commercial Asset Trust, Series 2005-1A, Class A1
0.49%		04/25/35	2,3		725,763		636,456
Bayview Commercial Asset Trust, Series 2005-2A, Class A1
0.50%		08/25/35	2,3		3,133,557		2,558,946
Bayview Commercial Asset Trust, Series 2007-1, Class A1
0.41%		03/25/37	2,3		588,935		466,982
Bayview Commercial Asset Trust, Series 2007-3, Class A1
0.43%		07/25/37	2,3		748,729		585,508
Brazos Higher Education Authority, Inc., Series 2003 I, Class A3
0.38%		09/26/22	2		4,550,000		4,487,007
Brazos Higher Education Authority, Inc., Series 2010-1, Class A2
1.47%		02/25/35	2		3,035,000		2,996,420
Brazos Higher Education Authority, Inc., Series 2011-2, Class A3
1.28%		10/27/36	2		5,040,000		4,948,973
Castle Trust, Series 2003-1AW, Class A1
0.94%		05/15/27	2,3		1,156,626		1,064,096
CIFC Funding Ltd., Series 2012-2A, Class A3L (Cayman Islands)
3.27%		12/05/24	2,3,4		1,000,000		994,471

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
Cronos Containers Program Ltd., Series 2012-2A, Class A (Bermuda)
3.81%		09/18/27	3,4		$3,700,000	$	3,717,901
GCO Education Loan Funding Trust, Series 2007-1A, Class A5L
0.34%		05/25/23	2,3		3,162,881		3,142,737
GE Business Loan Trust, Series 2004-2A, Class A
0.41%		12/15/32	2,3		5,189,159		5,010,587
GE Seaco Finance SRL, Series 2004-1A, Class A (Barbados)
0.49%		04/17/19	2,3,4		554,167		549,480
GE Seaco Finance SRL, Series 2005-1A, Class A (Barbados)
0.44%		11/17/20	2,3,4		3,269,750		3,234,884
Goal Capital Funding Trust, Series 2006-1, Class A3
0.39%		11/25/26	2		4,945,000		4,868,414
Goal Capital Funding Trust, Series 2006-1, Class B
0.72%		08/25/42	2		4,816,567		3,828,723
Highland Loan Funding Ltd., Series 1A, Class A2A (Cayman Islands)
0.95%		08/01/14	2,3,4		1,382,551		1,373,164
ING Investment Management Ltd., Series 2012-4A, Class A1 (Cayman Islands)
1.67%		10/15/23	2,3,4		4,550,000		4,543,057
Latitude CLO II Corp., Series 2006-2A, Class A2 (Cayman Islands)
0.60%		12/15/18	2,3,4		5,000,000		4,864,385
National Collegiate Student Loan Trust, Series 2006-3, Class A3
0.34%		10/25/27	2		2,800,000		2,651,354
National Collegiate Student Loan Trust, Series 2007-1, Class A3
0.43%		07/25/30	2		2,200,000		1,730,380
National Collegiate Student Loan Trust, Series 2007-4, Class A2A3
3.70%		12/26/25	2		1,400,000		1,393,868
Nelnet Student Loan Trust, Series 2007-1, Class A1
0.28%		11/27/18	2		874,740		871,866
Nelnet Student Loan Trust, Series 2012-5A, Class A
0.79%		10/27/36	2,3		4,024,407		3,965,683
Neptune Finance CCS Ltd., Series 2008-1A, Class A (Cayman Islands)
0.89%		04/20/20	2,3,4		1,700,000		1,691,498
North Carolina State Education Authority, Series 2011-1, Class A3
1.18%		10/25/41	2		5,500,000		5,374,765
Northstar Education Finance, Inc.
0.40%		04/28/30	2		5,605,000		5,370,136

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2013 / 9     

Low Duration Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
Oak Hill Credit Partners, Series 2012-7A, Class A (Cayman Islands)
1.69%		11/20/23	2,3,4	$	4,200,000	$	4,193,423
Octagon Investment Partners XI Ltd., Series 2007-1X, Class A1B
0.57%		08/25/21	5		3,750,000		3,618,705
Sagamore CLO Ltd., Series 2003-1A, Class B (Cayman Islands)
1.78%		10/15/15	2,3,4		2,207,996		2,208,016
SLM Private Credit Student Loan Trust, Series 2004-A, Class A3
0.67%		06/15/33	2		1,900,000		1,632,609
SLM Private Credit Student Loan Trust, Series 2004-B, Class A3
0.60%		03/15/24	2		1,800,000		1,542,174
SLM Student Loan Trust, Series 2006-2, Class A6
0.45%		01/25/41	2		6,000,000		5,064,897
SLM Student Loan Trust, Series 2006-4, Class A4
0.36%		04/25/23	2		2,512,812		2,511,310
SLM Student Loan Trust, Series 2006-8, Class A6
0.44%		01/25/41	2		6,000,000		5,081,214
SLM Student Loan Trust, Series 2007-2, Class A2
0.28%		07/25/17	2		2,490,699		2,482,086
SLM Student Loan Trust, Series 2008-5, Class A3
1.58%		01/25/18	2		6,100,000		6,172,868
Sound Point CLO Ltd., Series 2012-1A, Class C (Cayman Islands)
3.58%		10/20/23	2,3,4		1,750,000		1,745,107
South Carolina Student Loan Corp., Series A2
0.40%		12/01/20	2		4,905,000		4,835,059
Student Loan Consolidation Center Student Loan Trust I, Series 2002-2, Class B2
1.70%		07/01/42	2,3		4,500,000		3,439,777
Symphony CLO Ltd., Series 2012-9A, Class C (Cayman Islands)
3.53%		04/16/22	2,3,4		1,800,000		1,798,421
TAL Advantage LLC, Series 2006-1, Class NOTE
0.38%		04/20/21	2,3		1,664,583		1,639,103
TAL Advantage LLC, Series 2010-2A, Class A
4.30%		10/20/25	3,†		2,607,000		2,640,420
TAL Advantage LLC, Series 2011-1A, Class A
4.60%		01/20/26	3		1,137,500		1,151,561
TAL Advantage LLC, Series 2012-1A, Class A
3.86%		05/20/27	3		1,337,500		1,345,914
Textainer Marine Containers Ltd., Series 2005-1A, Class A (Bermuda)
0.44%		05/15/20	2,3,4		929,583		917,696

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
Triton Container Finance LLC, Series 2006-1A, Class NOTE
0.37%		11/26/21	2,3		$2,887,083	$	2,816,904
Triton Container Finance LLC, Series 2007-1A, Class NOTE
0.34%		02/26/19	2,3		1,286,458		1,270,364
U-Haul S Fleet LLC, Series 2007-BT1, Class BT
5.56%		02/25/20	3		1,576,530		1,604,537
Wind River CLO Ltd, Series 2004-1A, Class B1 (Cayman Islands)
1.37%		12/19/16	2,3,4		1,750,000		1,741,287
Total Asset-Backed Securities
(Cost $161,496,487)							163,558,591
BANK LOANS — 1.03%*
Electric — 0.17%
Texas Competitive Electric Holdings Co. LLC, Term Loan EXT, 1st Lien
4.72%		10/10/17	2,5		5,500,000		3,852,420
Texas Competitive Electric Holdings Co. LLC, Term Loan NONEXT, 1st Lien
3.72%		10/10/14	2,5		465,072		334,563
							4,186,983
Health Care — 0.47%
HCA, Inc., Term Loan B4
2.95%		05/01/18	2,5		6,081,382		6,061,405
Valeant Pharmaceuticals, Term Loan
0.00%		05/30/20	5		5,000,000		4,989,375
							11,050,780
Services — 0.07%
AABS Ltd., Series 2013-1, Class A (STEP)
4.88%		01/15/38	†		1,655,729		1,672,156
Transportation — 0.32%
US Airways, Inc., Term Loan B2, 1st Lien
3.50%		11/23/16	2,5		7,500,000		7,518,750
Total Bank Loans
(Cost $24,383,764)							24,428,669
CORPORATES — 19.19%*
Automotive — 0.38%
Daimler Finance North America LLC
1.47%		09/13/13	2,3		1,800,000		1,803,502
1.88%		09/15/14	3		7,000,000		7,073,674
							8,877,176

See accompanying notes to Schedule of Portfolio Investments.

10 / N-Q Report June 2013

Low Duration Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Banking — 5.31%
Abbey National Treasury Services PLC/London (United Kingdom)
1.86%		04/25/14	2,4	$	9,405,000	$	9,480,800
Ally Financial, Inc.
2.48%		12/01/14	2		1,424,000		1,440,533
Bank of America Corp.
6.50%		08/01/16			5,600,000		6,318,161
7.38%		05/15/14			1,365,000		1,436,935
Bank of America Corp., Series L (MTN)
5.65%		05/01/18			300,000		332,618
Bank of America N.A. (BKNT)
0.55%		06/15/16	2		800,000		773,857
0.57%		06/15/17	2		2,500,000		2,388,100
6.10%		06/15/17			5,000,000		5,616,829
Capital One Financial Corp.
7.38%		05/23/14			5,000,000		5,285,430
Chase Capital VI
0.90%		08/01/28	2		1,000,000		826,510
CIT Group, Inc.
4.75%		02/15/15	3		7,400,000		7,492,500
Commonwealth Bank of Australia (Australia)
2.12%		03/17/14	3,4		10,000,000		10,102,874
HSBC Bank PLC (United Kingdom)
1.08%		01/17/14	2,3,4		10,000,000		9,997,250
JPMorgan Chase & Co.
3.45%		03/01/16			5,300,000		5,515,732
JPMorgan Chase & Co., Series C (MTN)
0.00%		07/23/13	2		1,500,000		1,469,850
JPMorgan Chase Bank N.A.
0.60%		06/13/16	2		4,250,000		4,185,289
JPMorgan Chase Bank N.A. (BKNT)
6.00%		10/01/17			12,700,000		14,480,184
Lloyds TSB Bank PLC (United Kingdom)
4.88%		01/21/16	4		10,380,000		11,193,709
National Australia Bank Ltd., Series REGS (Australia)
1.00%		04/11/14	2,4		8,775,000		8,805,142
Royal Bank of Scotland PLC (United Kingdom)
2.55%		09/18/15	4		5,000,000		5,085,609
UBS AG/Stamford CT (BKNT) (Switzerland)
2.25%		08/12/13	4		3,341,000		3,347,749
Westpac Banking Corp. (Australia)
1.01%		03/31/14	2,3,4		5,000,000		5,028,450
2.10%		08/02/13	4		5,000,000		5,007,100
							125,611,211
Communications — 0.45%
AT&T, Inc.
2.50%		08/15/15			5,991,000		6,176,529

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Communications (continued)
Intelsat Jackson Holdings SA (Luxembourg)
8.50%		11/01/19	4		$4,120,000	$	4,439,300
							10,615,829
Electric — 0.83%
Cedar Brakes I LLC
8.50%		02/15/14	3		370,589		380,838
Energy Transfer Partners LP
3.29%		11/01/66	2,3		3,000,000		2,715,000
FirstEnergy Corp., Series A
2.75%		03/15/18			6,000,000		5,836,557
FPL Energy National Wind Portfolio LLC
6.12%		03/25/19	3		58,835		45,303
Ipalco Enterprises, Inc.
7.25%		04/01/16	3		2,500,000		2,712,500
Oncor Electric Delivery Co. LLC
6.80%		09/01/18			4,149,000		5,016,367
W3A Funding Corp.
8.09%		01/02/17			2,771,163		2,807,060
							19,513,625
Energy — 2.34%
Arch Coal, Inc. (WI)
8.75%		08/01/16			1,540,000		1,524,600
CNOOC Finance 2013 Ltd. (China)
1.12%		05/09/16	4		7,000,000		6,921,555
El Paso Pipeline Partners
4.10%		11/15/15			3,000,000		3,203,439
Florida Gas Transmission Co. LLC
4.00%		07/15/15	3		6,450,000		6,817,918
Panhandle Eastern Pipeline Co. LP
6.05%		08/15/13			2,375,000		2,389,052
Petrobras Global Finance BV (Netherlands)
1.89%		05/20/16	2,4		8,000,000		7,942,257
Sabine Pass LNG LP
7.50%		11/30/16			9,422,000		10,199,315
Sinopec Capital 2013 Ltd. (China)
1.25%		04/24/16	3,4		4,300,000		4,256,566
Tennessee Gas Pipeline Co.
8.00%		02/01/16			8,673,000		10,089,917
Trans-Canada Pipelines Ltd. (Canada)
0.95%		06/30/16	4		2,065,000		2,065,000
							55,409,619
Finance — 4.87%
Chase Capital II, Series B
0.77%		02/01/27	2		2,398,000		1,922,940
Citigroup, Inc.
5.50%		10/15/14			3,510,000		3,692,913

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2013 / 11     

Low Duration Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Finance (continued)
6.38%		08/12/14			$10,500,000	$	11,088,473
Ford Motor Credit Co. LLC
7.00%		04/15/15			1,500,000		1,626,300
Ford Motor Credit Co. LLC, Series FRN
1.52%		05/09/16	2		8,000,000		8,037,142
General Electric Capital Corp.
1.88%		09/16/13			2,200,000		2,206,533
General Electric Capital Corp. (MTN)
0.41%		06/20/14	2		3,500,000		3,504,659
0.65%		05/05/26	2		6,300,000		5,796,159
General Electric Capital Corp., Series A (MTN)
0.53%		09/15/14	2		10,169,000		10,170,652
General Electric Capital Corp., Series E (MTN)
0.40%		03/20/14	2		5,500,000		5,498,834
Goldman Sachs Group, Inc.
0.78%		01/12/15	2		1,900,000		1,896,211
1.27%		02/07/14	2		4,000,000		4,011,020
2.38%		01/22/18			1,000,000		980,435
5.12%		01/15/15			583,000		615,214
6.15%		04/01/18			3,500,000		3,948,042
International Lease Finance Corp.
6.50%		09/01/14	3		9,700,000		10,088,000
JPMorgan Chase Capital XIII, Series M
1.23%		09/30/34	2		2,465,000		1,988,040
JPMorgan Chase Capital XXI, Series U
1.22%		02/02/37	2		3,250,000		2,437,540
Macquarie Group Ltd. (Australia)
7.30%		08/01/14	3,4		5,000,000		5,274,575
Merrill Lynch & Co., Inc. (MTN)
8.68%		05/02/17	2		30,000		33,264
8.95%		05/18/17	2		30,000		33,525
9.57%		06/06/17	2		5,184,000		5,916,499
Morgan Stanley
0.76%		10/15/15	2		2,830,000		2,776,490
3.80%		04/29/16			3,800,000		3,941,148
4.20%		11/20/14			750,000		776,121
6.00%		05/13/14			3,890,000		4,048,109
Morgan Stanley, Series G (MTN)
0.58%		01/09/14	2		1,405,000		1,401,423
Prudential Holdings LLC (AGM)
1.15%		12/18/17	2,3		10,665,000		10,558,120
Woodbourne Capital Trust I
2.70%		04/29/49	2,3,6		595,000		330,225
Woodbourne Capital Trust IV
2.60%		04/08/49	2,3,6		1,000,000		555,000
							115,153,606

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Food — 0.23%
Kraft Foods Group, Inc.
1.62%		06/04/15			$5,325,000	$	5,389,619
Health Care — 0.29%
Boston Scientific Corp.
5.45%		06/15/14			1,653,000		1,721,930
HCA, Inc.
7.25%		09/15/20			1,750,000		1,883,437
HCA, Inc. (WI)
8.50%		04/15/19			3,000,000		3,226,875
							6,832,242
Industrials — 0.35%
Heathrow Funding Ltd. (United Kingdom)
2.50%		06/25/15	3,4		8,075,000		8,202,475
Insurance — 0.98%
Berkshire Hathaway, Inc.
0.98%		08/15/14	2		785,000		789,223
2.20%		08/15/16			1,010,000		1,043,809
Farmers Insurance Exchange
6.00%		08/01/14	3		6,835,000		7,111,389
Metropolitan Life Global Funding I
1.88%		06/22/18	3		7,500,000		7,331,035
5.12%		06/10/14	3		3,230,000		3,369,924
Nationwide Mutual Insurance Co.
5.81%		12/15/24	2,3		3,550,000		3,636,531
							23,281,911
Materials — 0.22%
Barrick Gold Corp. (Canada)
2.50%		05/01/18	3,4		3,265,000		2,933,221
Rio Tinto Finance USA PLC, Series FRN
1.11%		06/17/16	2		2,380,000		2,370,530
							5,303,751
Real Estate Investment Trust (REIT) — 2.51%
HCP, Inc.
6.00%		01/30/17			930,000		1,044,104
HCP, Inc. (MTN)
6.30%		09/15/16			7,600,000		8,638,434
HCP, Inc., Series E (MTN)
6.00%		06/15/14			4,985,000		5,214,929
Health Care REIT, Inc.
3.62%		03/15/16			3,000,000		3,147,714
4.70%		09/15/17			6,291,000		6,842,582
Healthcare Realty Trust, Inc.
6.50%		01/17/17			3,771,000		4,219,342
Kimco Realty Corp., Series C (MTN)
5.19%		10/01/13			6,000,000		6,065,732

See accompanying notes to Schedule of Portfolio Investments.

12 / N-Q Report June 2013

Low Duration Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Real Estate Investment Trust (REIT) (continued)
Liberty Property LP
5.12%		03/02/15		$	5,305,000	$	5,613,846
Nationwide Health Properties, Inc.
6.00%		05/20/15			3,000,000		3,273,573
Ventas Realty LP/Ventas Capital Corp.
2.00%		02/15/18			4,935,000		4,782,198
WEA Finance LLC/WT Finance Aust Pty Ltd.
5.75%		09/02/15	3		3,500,000		3,825,906
7.50%		06/02/14	3		6,415,000		6,815,732
							59,484,092
Transportation — 0.43%
Continental Airlines Pass-Through Trust, Series 1997, Class 4A
6.90%		01/02/18			140,271		149,695
JetBlue Airways Pass-Through Trust, Series 2004, Class G2
0.72%		11/15/16	2		7,725,000		6,981,469
UAL Pass-Through Trust, Series 2009-1
10.40%		11/01/16			2,611,528		3,003,257
							10,134,421
Total Corporates
(Cost $439,793,501)							453,809,577
FOREIGN GOVERNMENT OBLIGATIONS — 0.76%
Foreign Government Obligations — 0.76%
Kommunalbanken AS (Norway)
0.24%		08/28/14	2,3,4		8,580,000		8,576,228
Kommuninvest I Sverige AB (Sweden)
0.26%		09/12/14	2,3,4		9,490,000		9,487,963
							18,064,191
Total Foreign Government Obligations
(Cost $18,070,000)							18,064,191
MORTGAGE-BACKED — 36.13%**
Commercial Mortgage-Backed — 6.73%
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2004-1, Class A4
4.76%		11/10/39			3,758,561		3,788,157
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-1, Class A4
5.28%		11/10/42	2		3,311,520		3,356,162
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-4, Class A4
5.37%		07/10/45	2		10,000,000		10,119,455
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-6, Class A4
5.36%		09/10/47	2		6,715,000		7,232,351

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Commercial Mortgage-Backed (continued)
Bayview Commercial Asset Trust, Series 2006-1A, Class A1
0.46%		04/25/36	2,3	$	1,242,517	$	975,698
Bayview Commercial Asset Trust, Series 2006-3A, Class A1
0.44%		10/25/36	2,3		3,841,042		2,912,083
Bear Stearns Commercial Mortgage Securities Trust, Series 2004-T16, Class A6
4.75%		02/13/46	2		8,485,914		8,801,590
Bear Stearns Commercial Mortgage Securities Trust, Series 2005-T20, Class A4A
5.30%		10/12/42	2		7,125,000		7,700,955
Credit Suisse First Boston Commercial Mortgage Trust, Series 2004-C3, Class A5
5.11%		07/15/36	2		7,978,000		8,213,866
DBRR Trust, Series 2011-LC2, Class A4A
4.54%		04/12/21	3		3,480,000		3,756,074
DBUBS Mortgage Trust, Series 2011-LC1A, Class A1
3.74%		11/10/46	3		6,597,311		6,977,341
GE Business Loan Trust, Series 2003-2A, Class A
0.56%		11/15/31	2,3		3,882,992		3,748,438
GE Business Loan Trust, Series 2005-2A, Class B
0.69%		11/15/33	2,3		1,794,297		1,467,241
Greenwich Capital Commercial Funding Corp., Series 2004-GG1, Class A7
5.32%		06/10/36	2		6,994,443		7,126,841
GS Mortgage Securities Corp. II, Series 2011-GC5, Class A4
3.71%		08/10/44	2		8,850,000		9,029,779
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2003-PM1A, Class A4
5.33%		08/12/40	2		441,699		441,747
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2006-CB15, Class ASB
5.79%		06/12/43	2		1,069,667		1,124,305
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2006-LDP8, Class A4
5.40%		05/15/45			5,420,000		5,972,507
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2006-LDP9, Class A3S
5.24%		05/15/47	3		4,160,000		4,233,278
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-LD11, Class ASB
6.00%		06/15/49	2		7,669,254		8,281,345

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2013 / 13     

Low Duration Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Commercial Mortgage-Backed (continued)
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-CB20, Class ASB
5.69%		02/12/51		$	2,500,987	$	2,697,818
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-LD12, Class A3
6.12%		02/15/51	2		2,535,952		2,630,791
LB-UBS Commercial Mortgage Trust, Series 2007-C6, Class A3
5.93%		07/15/40			4,300,000		4,339,612
Merrill Lynch Mortgage Trust, Series 2003-KEY1, Class A4
5.24%		11/12/35	2		1,998,781		2,012,235
Morgan Stanley Capital I, Series 2001-C3, Class A2
3.22%		08/15/49			2,020,000		2,122,263
Morgan Stanley Capital I, Series 2005-T19, Class A4A
4.89%		06/12/47			405,000		430,812
Morgan Stanley Capital I, Series 2006-T23, Class A4
5.99%		08/12/41	2		8,185,000		9,138,205
Morgan Stanley Capital I, Series 2007-T27, Class A4
5.82%		06/11/42	2		265,000		301,146
RBSCF Trust, Series 2010-MB1, Class A2
3.69%		04/15/24	3		8,735,000		9,062,178
Spirit Master Funding LLC, Series 2005-1, Class A1
5.05%		07/20/23	3		3,922,694		3,934,462
Wachovia Bank Commercial Mortgage Trust, Series 2005-C21, Class A4
5.41%		10/15/44	2		8,688,786		9,355,334
Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, Class A3
6.12%		02/15/51	2		2,320,130		2,377,004
WF-RBS Commercial Mortgage Trust, Series 2011-C5, Class A4
3.67%		11/15/44			5,350,000		5,418,063
							159,079,136
Non-Agency Mortgage-Backed — 13.38%
Accredited Mortgage Loan Trust, Series 2007-1, Class A4
0.41%		02/25/37	2		12,000,000		7,164,358
American Home Mortgage Assets, Series 2007-4, Class A2
0.38%		08/25/37	2		6,876,741		6,026,116
Amresco Residential Securities Mortgage Loan Trust, Series 1998-1, Class A5 (STEP)
7.57%		10/25/27			27,919		28,844

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Asset Backed Securities Corp. Home Equity Loan Trust, Series 2005-HE4, Class M2
0.64%		05/25/35	2	$	1,378,081	$	1,371,620
Banc of America Funding Corp., Series 2006-G, Class 2A3
0.36%		07/20/36	2		3,798,185		3,667,372
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-3, Class A4
4.67%		07/10/43			7,820,000		8,287,144
Banco de Credito Y Securitizacion SA, Series 2001-1, Class AF (Argentina)
8.00%		06/30/20	3,4,6		7,000		490
BCAP LLC Trust, Series 2007-AA1, Class 1A2
0.35%		02/25/47	2		9,060,421		7,696,841
BCAP LLC Trust, Series 2011-RR5, Class 2A3
2.87%		06/26/37	2,3		6,419,073		6,408,559
Bear Stearns Asset Backed Securities Trust, Series 2000-2, Class M2 (STEP)
8.28%		08/25/30			493,483		486,845
Bear Stearns Asset Backed Securities Trust, Series 2005-SD1, Class 1A3
0.59%		08/25/43	2		1,687,008		1,650,269
BHN I Mortgage Fund, Series 2000-1, Class AF (Argentina)
8.00%		01/31/20	3,4,6,†		9,000		90
CC Mortgage Funding Corp., Series 2005-2A, Class A1
0.37%		05/25/36	2,3		2,382,946		1,930,756
Chase Funding Mortgage Loan Asset Backed Certificates, Series 2002-2, Class 2M1
1.09%		02/25/32	2		595,991		478,228
Chase Mortgage Finance Corp., Series 2007-A2, Class 2A3
3.03%		07/25/37	2		6,218,798		6,197,511
Citigroup Mortgage Loan Trust, Inc., Series 2004-HYB1, Class A41
3.05%		02/25/34	2		364,707		352,361
Citigroup Mortgage Loan Trust, Inc., Series 2006-AMC1, Class A2B
0.35%		09/25/36	2		5,704,527		2,885,772
Citigroup Mortgage Loan Trust, Inc., Series 2006-WFH4, Class A3
0.34%		11/25/36	2		6,233,236		6,031,195
Citigroup Mortgage Loan Trust, Inc., Series 2007-WFH2, Class A3
0.37%		03/25/37	2		1,650,000		1,500,010
Citigroup Mortgage Loan Trust, Inc., Series 2007-WFH4, Class A2C
1.49%		07/25/37	2		90,000		61,144

See accompanying notes to Schedule of Portfolio Investments.

14 / N-Q Report June 2013

Low Duration Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Conseco Finance Securitizations Corp., Series 2001-4, Class A4
7.36%		09/01/33		$	6,268,900	$	6,702,636
Conseco Finance, Series 2001-D, Class A5
6.69%		11/15/32	2		105,999		106,474
Conseco Financial Corp., Series 1994-1, Class A5
7.65%		04/15/19			87,192		91,656
Conseco Financial Corp., Series 1996-1, Class M1
7.00%		03/15/27	2		5,489,574		5,682,269
Conseco Financial Corp., Series 1997-2, Class A7
7.62%		06/15/28	2		3,018,936		3,222,245
Conseco Financial Corp., Series 1997-3, Class A7
7.64%		03/15/28	2		1,744,352		1,911,450
Conseco Financial Corp., Series 1997-7, Class A9
7.37%		07/15/29	2		5,494,603		5,956,460
Conseco Financial Corp., Series 1998-2, Class A5
6.24%		12/01/28	2		20,918		21,602
Countrywide Asset Backed Certificates, Series 2007-4, Class A1A
0.31%		09/25/37	2		68,945		68,776
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-14, Class 4A1
4.92%		08/25/34	2		66,718		67,418
Credit-Based Asset Servicing and Securitization LLC, Series 2005-CB7, Class AF3 (STEP)
4.50%		11/25/35			1,259,663		1,256,215
Credit-Based Asset Servicing and Securitization LLC, Series 2006-CB1, Class AF2 (STEP)
3.93%		01/25/36			2,401,821		1,499,524
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB2, Class A2B (STEP)
5.18%		02/25/37			19,567,633		15,662,442
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB5, Class A1
0.25%		04/25/37	2		4,807,106		2,697,492
DBRR Trust, Series 2012-EZ1, Class A
0.95%		09/25/45	3		6,136,889		6,148,942
DBRR Trust, Series 2013-EZ2, Class A
0.85%		02/25/43	2,3		9,585,266		9,582,005
Downey Savings & Loan Association Mortgage Loan Trust, Series 2005-AR2, Class 2A1A
0.40%		03/19/45	2		2,761,112		2,367,475

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Downey Savings & Loan Association Mortgage Loan Trust, Series 2006-AR1, Class 2A1A
1.11%		04/19/47	2	$	65,468	$	52,894
First Franklin Mortgage Loan Asset Backed Certificates, Series 2004-FF5, Class A3C
1.19%		08/25/34	2		1,852,058		1,775,520
First Horizon Alternative Mortgage Securities, Series 2004-AA3, Class A1
2.31%		09/25/34	2		28,753		28,367
First Horizon Mortgage Pass-Through Trust, Series 2004-AR7, Class 2A2
2.54%		02/25/35	2		4,028,953		4,017,634
GE Business Loan Trust, Series 2007-1A, Class A
0.36%		04/16/35	2,3		4,325,038		4,015,605
GMAC Mortgage Corp. Loan Trust, Series 2000-HE2, Class A1
0.63%		06/25/30	2		614,230		513,838
Green Tree Home Improvement Loan Trust, Series 1997-E, Class HEB1
7.53%		01/15/29			251,669		250,815
Home Equity Loan Trust, Series 2005-3, Class M1
0.61%		01/20/35	2		2,619,475		2,578,464
Home Equity Loan Trust, Series 2006-3, Class A4
0.43%		03/20/36	2		9,323,000		9,124,998
Home Equity Loan Trust, Series 2007-1, Class AS
0.39%		03/20/36	2		6,317,834		6,169,273
Home Equity Loan Trust, Series 2007-2, Class A3V
0.41%		07/20/36	2		6,823,795		6,759,850
Impac CMB Trust, Series 2005-5, Class A1
0.83%		08/25/35	2		4,157,660		3,459,585
Indymac Index Mortgage Loan Trust, Series 2004-AR12, Class A1
0.97%		12/25/34	2		488,814		349,900
Indymac Index Mortgage Loan Trust, Series 2004-AR8, Class 2A2A
0.99%		11/25/34	2		1,698,508		1,456,720
Indymac Manufactured Housing Contract, Series 1998-1, Class A4
6.49%		09/25/28			1,118,900		1,157,661
JPMorgan Mortgage Acquisition Corp., Series 2005-FRE1, Class A2F3 (STEP)
3.87%		10/25/35			2,313,764		2,095,934
JPMorgan Mortgage Acquisition Corp., Series 2007-HE1, Class AV4
0.47%		03/25/47	2		50,000		25,922

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2013 / 15     

Low Duration Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
JPMorgan Mortgage Trust, Series 2005-A3, Class 5A3
2.75%		06/25/35	2	$	104,651	$	94,243
JPMorgan Mortgage Trust, Series 2007-A1, Class 5A2
3.00%		07/25/35	2		1,096,416		1,103,758
Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class A3
4.35%		04/15/40			4,381,680		4,400,850
Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class A4
5.27%		04/15/40			3,632,820		3,890,547
Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class AIOC (IO)
0.55%		04/15/40	2,6		250,141,510		5,611,625
Long Beach Mortgage Loan Trust, Series 2005-1, Class M1
0.94%		02/25/35	2		1,076,298		1,067,708
MASTR Adjustable Rate Mortgages Trust, Series 2003-6, Class 4A2
4.85%		01/25/34	2		49,807		49,808
MASTR Adjustable Rate Mortgages Trust, Series 2004-1, Class 2A1
2.87%		01/25/34	2		58,434		55,078
MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 3A1
2.63%		11/21/34	2		5,005,130		5,127,996
MASTR Adjustable Rate Mortgages Trust, Series 2004-3, Class 3A3
2.17%		04/25/34	2		501,165		479,728
MASTR Adjustable Rate Mortgages Trust, Series 2004-5, Class 3A1
2.64%		06/25/34	2		114,385		104,170
MASTR Adjustable Rate Mortgages Trust, Series 2004-9, Class 1A4
0.79%		11/25/34	2		1,421,955		1,417,877
MASTR Seasoned Securities Trust, Series 2004-1, Class 4A1
2.80%		10/25/32	2		546,998		540,470
Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-3, Class A2C
0.37%		06/25/37	2		19,057,200		11,020,131
Merrill Lynch Mortgage Investors Trust, Series 2004-A4, Class A1
2.50%		08/25/34	2		4,804,384		4,929,589
Mid-State Trust, Series 2004-1, Class B
8.90%		08/15/37			1,936,601		2,392,633
Mid-State Trust, Series 2006-1, Class A
5.79%		10/15/40	3		7,963,315		8,416,707
Morgan Stanley ABS Capital I, Series 2004-NC7, Class M2
1.12%		07/25/34	2		13,000,000		12,304,344

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Morgan Stanley Mortgage Loan Trust, Series 2004-6AR, Class 1A
0.64%		07/25/34	2	$	1,568,224	$	1,509,945
Nationstar Home Equity Loan Trust, Series 2007-C, Class 2AV3
0.37%		06/25/37	2		7,807,200		5,683,634
Oakwood Mortgage Investors, Inc., Series 1997-B, Class M
7.78%		08/15/27			3,931,262		4,126,903
Park Place Securities, Inc., Pass-Through Certificates, Series 2005-WLL1, Class M1
0.61%		03/25/35	2		2,678,956		2,669,454
Park Place Securities, Inc., Series 2004-MHQ1, Class M1
1.24%		12/25/34	2		2,958,332		2,958,995
Park Place Securities, Inc., Series 2005-WCW1, Class A3D
0.53%		09/25/35	2		2,680,823		2,640,438
Park Place Securities, Inc., Series 2005-WCW3, Class A1B
0.49%		08/25/35	3		10,413,297		10,253,349
Park Place Securities, Inc., Series 2005-WHQ1, Class M2
0.69%		03/25/35	2		7,530,196		7,489,718
Park Place Securities, Inc., Series 2005-WHQ3, Class M1
0.61%		06/25/35	2		5,518,680		5,484,365
Popular ABS Mortgage Pass-Through Trust, Series 2007-A, Class A3
0.50%		06/25/47	2		70,000		37,063
RAAC, Series 2006-SP2, Class A2
0.36%		02/25/36	2		433,710		431,372
Residential Accredit Loans, Inc., Series 2005-QA3, Class NB1
3.04%		03/25/35	2		12,141,067		8,444,836
Residential Asset Mortgage Products, Inc., Series 2004-SL4, Class A3
6.50%		07/25/32			1,443,898		1,499,272
Residential Asset Mortgage Products, Inc., Series 2005-RS5, Class AI3
0.53%		05/25/35	2		614,119		604,564
Residential Asset Mortgage Products, Inc., Series 2005-RS8, Class A2
0.48%		10/25/33	2		1,150,732		1,141,452
Residential Asset Mortgage Products, Inc., Series 2005-SL1, Class A5
6.50%		05/25/32			3,430,410		3,343,353
Residential Asset Securities Corp., Series 2005-KS12, Class A2
0.44%		01/25/36	2		2,436,228		2,392,543
Residential Funding Mortgage Securities II, Inc., Series 2000-HI1, Class AI7 (STEP)
8.29%		02/25/25			3,094		3,055

See accompanying notes to Schedule of Portfolio Investments.

16 / N-Q Report June 2013

Low Duration Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
SG Mortgage Securities Trust, Series 2006-FRE1, Class A1B
0.46%		02/25/36	2	$	1,204,738	$	889,866
SLM Student Loan Trust, Series 2012-7, Class A3
0.84%		05/26/26	2		4,460,000		4,431,264
Soundview Home Equity Loan Trust, Series 2006-WF2, Class A2C
0.33%		12/25/36	2		7,830,406		7,395,374
Specialty Underwriting & Residential Finance, Series 2005-AB1, Class A1C
0.53%		03/25/36	2		1,641,083		1,629,173
Structured Asset Securities Corp., Series 2002-5A, Class 6A
2.12%		04/25/32	2		19,156		18,674
Structured Asset Securities Corp., Series 2003-26A, Class 3A5
2.57%		09/25/33	2		2,997,547		2,893,129
Terwin Mortgage Trust, Series 2004-7HE, Class A1
1.29%		07/25/34	2,3		142,962		133,595
WaMu Mortgage Pass-Through Certificates, Series 2002-AR18, Class A
2.44%		01/25/33	2		318,641		319,036
WaMu Mortgage Pass-Through Certificates, Series 2005-AR13, Class A1A1
0.48%		10/25/45	2		3,637,094		3,308,032
WaMu Mortgage Pass-Through Certificates, Series 2005-AR2, Class 2A21
0.52%		01/25/45	2		996,568		891,009
Wells Fargo Home Equity Trust, Series 2005-3, Class AII3
0.53%		11/25/35	2		1,714,689		1,710,825
Wells Fargo Home Equity Trust, Series 2007-2, Class A1
0.28%		04/25/37	2		114,151		113,426
							316,558,562
U.S. Agency Mortgage-Backed — 16.02%
Fannie Mae Pool 465761
3.16%		08/01/17			5,614,694		5,845,121
Fannie Mae Pool 555284
7.50%		10/01/17			870		941
Fannie Mae Pool 567002
8.00%		05/01/23			66,028		76,279
Fannie Mae Pool 735861
6.50%		09/01/33			33,740		36,992
Fannie Mae Pool 770900
2.31%		04/01/34	2		541,041		579,085
Fannie Mae Pool 942553
5.86%		08/01/37	2		4,161,670		4,491,319

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae Pool 995182
5.50%		06/01/20		$	7,735,316	$	8,350,432
Fannie Mae Pool 995793
5.50%		09/01/36			4,985,972		5,470,501
Fannie Mae Pool AD0538
6.00%		05/01/24			2,381,752		2,630,369
Fannie Mae Pool AE0083
6.00%		01/01/40			6,063,195		6,645,777
Fannie Mae Pool AL0851
6.00%		10/01/40			8,343,670		9,119,962
Fannie Mae REMICS, Series 2009-111, Class DA
5.00%		12/25/39			7,239,811		7,586,960
Fannie Mae, Series 1997-76, Class FS
0.67%		09/17/27	2		40,712		40,416
Fannie Mae, Series 2001-60, Class OF
1.14%		10/25/31	2		2,868,663		2,936,630
Fannie Mae, Series 2007-64, Class FA
0.66%		07/25/37	2		3,020,914		3,032,216
Fannie Mae, Series 2009-33, Class FB
1.01%		03/25/37	2		9,738,371		9,898,339
Fannie Mae, Series 2010-109, Class PF
0.59%		10/25/40	2		6,102,034		6,121,084
Fannie Mae, Series 2010-26, Class S (IO)
6.04%		11/25/36	2		36,085,026		5,055,216
Fannie Mae, Series 2010-43, Class DP
5.00%		05/25/40			6,067,396		6,599,834
Fannie Mae, Series 2010-95, Class S (IO)
6.41%		09/25/40	2		19,342,932		3,267,859
Fannie Mae, Series 2010-99, Class NI (IO)
6.00%		09/25/40			12,551,368		1,721,200
Fannie Mae, Series 2011-71, Class FB
0.69%		05/25/37	2		11,902,833		12,016,862
Fannie Mae, Series G92-10, Class Z
7.75%		01/25/22			7,415		8,150
Freddie Mac Gold Pool A45796
7.00%		01/01/33			20,983		24,397
Freddie Mac Gold Pool C46104
6.50%		09/01/29			27,155		30,824
Freddie Mac Gold Pool E04113
2.50%		11/01/27			12,095,534		12,177,273
Freddie Mac Gold Pool G13032
6.00%		09/01/22			3,944,393		4,356,636
Freddie Mac Gold Pool G13475
6.00%		01/01/24			504,147		555,142
Freddie Mac REMICS, Series 2733, Class FB
0.79%		10/15/33	2		5,335,000		5,399,678
Freddie Mac REMICS, Series 3828, Class TF
0.59%		04/15/29	2		3,463,688		3,480,984

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2013 / 17     

Low Duration Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Freddie Mac REMICS, Series 4170, Class FW
1.14%		01/15/33	2	$	13,377,036	$	13,466,260
Freddie Mac Strips, Series 263, Class F5
0.69%		06/15/42	2		7,492,373		7,572,965
Freddie Mac, Series 2174, Class PN
6.00%		07/15/29			1,595,136		1,766,265
Freddie Mac, Series 2454, Class FQ
1.19%		06/15/31	2		26,200		26,876
Freddie Mac, Series 2657, Class LX (IO)
6.00%		05/15/18			6,923		248
Freddie Mac, Series 3294, Class CB
5.50%		03/15/37			2,225,958		2,367,094
Freddie Mac, Series 3345, Class FP
0.39%		11/15/36	2		5,508,302		5,503,318
Freddie Mac, Series 3345, Class PF
0.37%		05/15/36	2		2,399,812		2,402,009
Freddie Mac, Series 3346, Class FA
0.42%		02/15/19	2		18,899,802		18,932,053
Freddie Mac, Series 3626, Class MA
5.00%		02/15/30			4,214,191		4,346,472
Freddie Mac, Series 3672, Class A
6.00%		05/15/40			2,117,170		2,260,798
Ginnie Mae (TBA)
3.00%		08/20/43			15,075,000		14,877,141
Ginnie Mae I Pool 422972
6.50%		07/15/29			44,318		51,054
Ginnie Mae II Pool 1849
8.50%		08/20/24			928		1,066
Ginnie Mae II Pool 2020
8.50%		06/20/25			2,225		2,596
Ginnie Mae II Pool 2286
8.50%		09/20/26			2,497		2,925
Ginnie Mae II Pool 2487
8.50%		09/20/27			16,933		19,809
Ginnie Mae II Pool 80059
1.75%		04/20/27	2		40,773		42,563
Ginnie Mae II Pool 80589
1.62%		03/20/32	2		81,227		84,339
Ginnie Mae II Pool 80610
1.75%		06/20/32	2		28,503		29,760
Ginnie Mae II Pool 80968
1.75%		07/20/34	2		819,775		856,090
Ginnie Mae II Pool 81201
2.12%		01/20/35	2		21,864		22,839
Ginnie Mae II Pool 8599
3.00%		02/20/25	2		33,356		35,019
Ginnie Mae, Series 2004-5, Class PF
0.74%		02/20/33	2		6,081,828		6,120,571

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Ginnie Mae, Series 2009-106, Class XI (IO)
6.61%		05/20/37	2	$	19,292,964	$	3,019,538
Ginnie Mae, Series 2012-13, Class KF
0.50%		07/20/38	2		6,777,077		6,787,151
Ginnie Mae, Series 2013-53, Class AD
1.50%		12/20/26			12,981,875		12,734,408
Mortgage-Linked Amortizing Notes, Series 2012-1, Class A10
2.06%		01/15/22			16,470,448		16,683,093
NCUA Guaranteed Notes, Series 2010-R1, Class 1A
0.64%		10/07/20	2		14,913,675		14,978,923
NCUA Guaranteed Notes, Series 2010-R2, Class 1A
0.56%		11/06/17	2		18,554,876		18,602,712
NCUA Guaranteed Notes, Series 2010-R2, Class 2A
0.66%		11/05/20	2		12,021,478		12,118,683
NCUA Guaranteed Notes, Series 2010-R3, Class 1A
0.75%		12/08/20	2		16,543,706		16,676,832
NCUA Guaranteed Notes, Series 2010-R3, Class 2A
0.75%		12/08/20	2		7,119,756		7,177,048
NCUA Guaranteed Notes, Series 2011-C1, Class 2A
0.79%		03/09/21	2		16,390,443		16,496,792
NCUA Guaranteed Notes, Series 2011-R1, Class 1A
0.64%		01/08/20	2		10,549,327		10,621,907
NCUA Guaranteed Notes, Series 2011-R2, Class 1A
0.59%		02/06/20	2		10,046,919		10,077,923
NCUA Guaranteed Notes, Series 2011-R3, Class 1A
0.59%		03/11/20	2		6,231,761		6,251,235
NCUA Guaranteed Notes, Series 2011-R4, Class 1A
0.57%		03/06/20	2		7,234,756		7,248,038
NCUA Guaranteed Notes, Series 2011-R5, Class 1A
0.57%		04/06/20	2		5,202,184		5,211,735
NCUA Guaranteed Notes, Series 2011-R6, Class 1A
0.57%		05/07/20	2		5,824,690		5,833,109
							378,865,735
Total Mortgage-Backed
(Cost $851,223,469)							854,503,433

See accompanying notes to Schedule of Portfolio Investments.

18 / N-Q Report June 2013

Low Duration Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MUNICIPAL BONDS — 0.96%*
California — 0.41%
State of California, Taxable, Various Purpose
4.85%		10/01/14		$	4,900,000	$	5,165,972
5.50%		03/01/16			1,775,000		1,976,764
6.20%		03/01/19			600,000		700,956
State of California, Taxable, Various Purpose, Series 3
5.45%		04/01/15			1,715,000		1,845,684
							9,689,376
Illinois — 0.55%
State of Illinois, Build America Bonds
6.20%		07/01/21			6,750,000		7,402,725
State of Illinois, Taxable Bonds
4.03%		03/01/14			525,000		534,592
5.36%		03/01/17			2,250,000		2,456,797
State of Illinois, Taxable-Pension
4.35%		06/01/18			2,445,000		2,554,560
							12,948,674
Total Municipal Bonds
(Cost $21,854,298)							22,638,050
U.S. AGENCY SECURITIES — 4.47%
Fannie Mae
0.50%		01/15/16			16,435,000		16,364,428
0.50%		01/29/16			12,850,000		12,805,899
0.65%		03/28/16			13,270,000		13,224,617
Federal Home Loan Bank
0.50%		07/01/15			11,185,000		11,187,845
0.55%		06/03/16			10,520,000		10,454,208
Federal Home Loan Bank (STEP)
0.75%		05/26/28			15,570,000		15,262,306
Freddie Mac
0.50%		09/14/15			17,660,000		17,649,964
0.60%		03/28/16			8,810,000		8,762,718
Total U.S. Agency Securities
(Cost $106,287,201)							105,711,985
U.S. TREASURY SECURITIES — 7.70%
U.S. Treasury Notes — 7.70%
U.S. Treasury Notes - Treasury Inflation Indexed Notes
0.50%		04/15/15	7		49,575,000		54,554,447
1.25%		04/15/14	7		52,673,000		58,703,493
1.62%		01/15/15	7		6,210,000		7,868,189
2.00%		01/15/14	7		5,520,000		7,047,866
2.00%		07/15/14	7		42,245,000		53,833,742
Total U.S. Treasury Securities
(Cost $184,564,454)							182,007,737

	Value
Total Bonds – 77.15%
(Cost $1,807,673,174)	$	1,824,722,233

Issues	Maturity Date			Principal Amount/ Share		Value
SHORT-TERM INVESTMENTS — 24.02%
Commercial Paper — 1.41%
Lloyds TSB Bank PLC (United Kingdom)
0.24%8		08/07/13	4	$	6,415,000		6,413,606
Macquarie Bank Ltd. (Australia)
0.32%8		10/24/13	3,4		15,930,000		15,915,485
RBS Holdings USA, Inc.
0.35%8		08/20/13			11,000,000		10,996,877
							33,325,968
Money Market Funds — 1.99%
BlackRock Liquidity Funds TempFund Portfolio
0.04%9					18,277,000		18,277,000
Dreyfus Cash Advantage Fund
0.07%9,10					6,402,000		6,402,000
DWS Money Market Series Institutional Funds
0.07%9					22,370,000		22,370,000
							47,049,000
U.S. Agency Discount Notes — 20.62%
Fannie Mae
0.09%8		09/11/13			25,000,000		24,998,500
0.11%8		08/14/13			75,000,000		74,996,359
Federal Home Loan Bank
0.06%8		07/19/13			40,000,000		39,999,400
0.06%8		08/09/13			28,000,000		27,999,090
0.07%8		09/06/13			69,000,000		68,996,136
0.08%8		09/13/13			72,000,000		71,995,536
0.10%8		09/18/13			90,000,000		89,994,060
0.10%8		09/25/13			36,000,000		35,997,408
Freddie Mac
0.09%8		10/21/13			52,800,000		52,793,453
							487,769,942
Total Short-Term Investments
(Cost $568,091,139)							568,144,910
Total Investments – 101.17%
(Cost $2,375,764,313)1							2,392,867,143
Liabilities in Excess of Other Assets – (1.17)%							(27,625,529	)
Net Assets – 100.00%						$	2,365,241,614

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2013 / 19     

Low Duration Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

	Expiration Date	Premiums (Received)			Notional Amount (000’s) a		Appreciation	Valueb
SWAPTION: RATE FLOOR INFLATION
The Fund received a fixed payment equal to $115,920 and the Fund will pay to the counterparty a floating rate based on the Consumer Price Indexes-Urban at expiration of the swaption 11/23/20. Counterparty: Citigroup, Inc.
	11/23/20		$(115,920	)		$10,080	$97,776		$(18,144	)
			$(115,920	)		$10,080	$97,776		$(18,144	)

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

^b  The values for credit default swap agreements serve as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should 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.

Notes:

¹  Cost for federal income tax purposes is $2,375,953,602 and net unrealized appreciation/(depreciation) consists of:

Gross unrealized appreciation	$	40,986,922
Gross unrealized depreciation		(24,073,381	)
Net unrealized appreciation	$	16,913,541

²  Floating rate security. The rate disclosed was in effect at June 30, 2013.

³  Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The market value of these securities at June 30, 2013, was $330,253,201, representing 13.96% of total net assets.

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

⁵  Non-Rule 144A securities determined to be restricted private placements under procedures approved by the Fund’s Board of Trustees. Information related to these securities is as follows:

Date of Purchase	Security	Amortized Cost		Value		% of Total Net Assets
06/09/11	HCA, Inc., Term Loan B4, 2.95%, 05/01/18	$	6,081,382	$	6,061,405	0.26%
10/11/12	Octagon Investment Partners XI Ltd., Series 2007-1X, Class A1B, 0.57%, 08/25/21		3,542,944		3,618,705	0.15%
05/10/12	Texas Competitive Electric Holdings Co. LLC, Term Loan EXT, 1st Lien, 4.72%, 10/10/17		3,740,165		3,852,420	0.16%

Date of Purchase	Security	Amortized Cost		Value		% of Total Net Assets
10/31/07	Texas Competitive Electric Holdings Co. LLC, Term Loan NONEXT, 1st Lien, 3.72%, 10/10/14		$     465,072		$     334,563	0.02%
05/21/13	US Airways, Inc., Term Loan B2, 1st Lien, 3.50%, 11/23/16		7,500,019		7,518,750	0.32%
06/27/13	Valeant Pharmaceuticals, Term Loan, 0.00%, 05/30/20		4,925,000		4,989,375	0.21%
			$26,254,582		$26,375,218	1.12%

⁶  Illiquid security as determined under procedures approved by the Fund’s Board of Trustees. The aggregate value of illiquid securities is $6,497,430, which is 0.27% of total net assets.

⁷  Inflation protected security. Principal amount reflects original security face amount.

⁸  Represents annualized yield at date of purchase.

⁹  Represents the current yield as of June 30, 2013.

¹⁰ Securities, or a portion thereof, pledged as collateral for swaps. The total market value of collateral pledged is $8,000.

^†  Fair valued security. The aggregate value of fair valued securities is $6,159,966, which is 0.26% of total net assets, which have not been valued utilizing an independent quote and were valued pursuant to guidelines established by the Board of Trustees. This figure represents securities that are priced using a benchmark pricing system and securities that have been deemed permanently stale, see Notes to Financial Statements.

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

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

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

(AGM): Assurance Guaranty Municipal Corp. (formerly known as FSA

(Financial Security Assurance, Inc.))

(BKNT): Banker’s Note, Inc.

(IO): Interest only

(MTN): Medium-term note

(STEP): Step coupon bond

(TBA): To be announced

(WI): When issued

See accompanying notes to Schedule of Portfolio Investments.

20 / N-Q Report June 2013

Intermediate Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
BONDS – 97.25%
ASSET-BACKED SECURITIES — 7.36%**
Academic Loan Funding Trust, Series 2012-1A, Class A2
1.29%		12/27/44	2,3	$	950,000	$	948,955
Aircastle Aircraft Lease Backed Trust, Series 2007-1A, Class G1
0.50%		06/14/37	2,3		795,094		731,248
Alm Loan Funding, Series 2012-7A, Class A1 (Cayman Islands)
1.70%		10/19/24	2,3,4		775,000		772,146
Avalon IV Capital Ltd., Series 2012-1A, Class C (Cayman Islands)
3.88%		04/17/23	2,3,4		275,000		275,739
Axis Equipment Finance Receivables LLC, Series 2012-1I, Class D
5.50%		11/20/15	†		175,000		167,109
Axis Equipment Finance Receivables LLC, Series 2012-1I, Class E1
6.25%		04/20/16	†		175,000		156,170
Bayview Commercial Asset Trust, Series 2004-3, Class A1
0.56%		01/25/35	2,3		1,285,843		1,163,599
Bayview Commercial Asset Trust, Series 2005-2A, Class A1
0.50%		08/25/35	2,3		517,189		422,350
Brazos Higher Education Authority, Inc., Series 2005-3, Class A16
0.47%		06/25/26	2		350,000		336,579
Brazos Higher Education Authority, Inc., Series 2010-1, Class A2
1.47%		02/25/35	2		650,000		641,737
Brazos Higher Education Authority, Inc., Series 2011-2, Class A3
1.28%		10/27/36	2		930,000		913,203
CIT Education Loan Trust, Series 2007-1, Class A
0.36%		03/25/42	2,3		551,706		511,257
Cronos Containers Program Ltd., Series 2012-1A, Class A (Bermuda)
4.21%		05/18/27	3,4		378,958		385,161
Cronos Containers Program Ltd., Series 2012-2A, Class A (Bermuda)
3.81%		09/18/27	3,4		462,500		464,738
Educational Funding of the South, Inc., Series 2011-1, Class A2
0.93%		04/25/35	2		780,000		775,822
GE Business Loan Trust, Series 2004-1, Class A
0.48%		05/15/32	2,3		682,001		655,457
GE Business Loan Trust, Series 2004-1, Class B
0.89%		05/15/32	2,3		370,645		306,322

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
GE Business Loan Trust, Series 2004-2A, Class A
0.41%		12/15/32	2,3		$854,074		$824,684
GE Business Loan Trust, Series 2005-1A, Class A3
0.44%		06/15/33	2,3		563,870		531,059
GE Seaco Finance SRL, Series 2004-1A, Class A (Barbados)
0.49%		04/17/19	2,3,4		91,667		90,891
GE Seaco Finance SRL, Series 2005-1A, Class A (Barbados)
0.44%		11/17/20	2,3,4		410,833		406,452
ING Investment Management Ltd., Series 2012-4A, Class A1 (Cayman Islands)
1.67%		10/15/23	2,3,4		800,000		798,779
LCM VI Ltd., Series 6A, Class A (Cayman Islands)
0.50%		05/28/19	2,3,4		953,000		911,564
National Collegiate Student Loan Trust, Series 2007-4, Class A2A3
3.70%		12/26/25	2		175,000		174,234
Neptune Finance CCS Ltd., Series 2008-1A, Class A (Cayman Islands)
0.89%		04/20/20	2,3,4		775,000		771,124
Oak Hill Credit Partners, Series 2012-7A, Class A (Cayman Islands)
1.69%		11/20/23	2,3,4		775,000		773,786
Peach Finance Co., Series 2000, Class A
4.71%		04/15/48	3		456,986		479,836
Sagamore CLO Ltd., Series 2003-1A, Class B (Cayman Islands)
1.78%		10/15/15	2,3,4		434,908		434,912
SLC Student Loan Trust, Series 2008-1, Class A4A
1.87%		12/15/32	2		625,000		644,853
SLM Student Loan Trust, Series 2006-2, Class A6
0.45%		01/25/41	2		925,000		780,838
SLM Student Loan Trust, Series 2006-8, Class A6
0.44%		01/25/41	2		925,000		783,354
SLM Student Loan Trust, Series 2011-2, Class A2
1.39%		10/25/34	2		500,000		506,380
Sound Point CLO Ltd., Series 2012-1A, Class C (Cayman Islands)
3.58%		10/20/23	2,3,4		325,000		324,091
South Carolina Student Loan Corp., Series A2
0.40%		12/01/20	2		725,000		714,662
Student Loan Consolidation Center Student Loan Trust I, Series 2002-2, Class B2
1.70%		07/01/42	2,3		750,000		573,296

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2013 / 21     

Intermediate Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
Symphony CLO Ltd., Series 2012-9A, Class C (Cayman Islands)
3.53%		04/16/22	2,3,4	$	300,000	$	299,737
TAL Advantage LLC, Series 2006-1, Class NOTE
0.38%		04/20/21	2,3		410,833		404,545
TAL Advantage LLC, Series 2010-2A, Class A
4.30%		10/20/25	3,†		458,333		464,209
TAL Advantage LLC, Series 2012-1A, Class A
3.86%		05/20/27	3		222,917		224,319
Textainer Marine Containers Ltd., Series 2005-1A, Class A (Bermuda)
0.44%		05/15/20	2,3,4		201,250		198,677
Trinity Rail Leasing LP, Series 2004-1A, Class A
5.27%		08/14/27	3		241,003		260,437
Trip Rail Master Funding LLC, Series 2011-1A, Class A1A
4.37%		07/15/41	3		558,721		605,011
Triton Container Finance LLC, Series 2006-1A, Class NOTE
0.37%		11/26/21	2,3		640,625		625,053
Triton Container Finance LLC, Series 2007-1A, Class NOTE
0.34%		02/26/19	2,3		182,292		180,011
U-Haul S Fleet LLC, Series 2007-BT1, Class BT
5.56%		02/25/20	3		362,421		368,859
Wind River CLO Ltd, Series 2004-1A, Class B1 (Cayman Islands)
1.37%		12/19/16	2,3,4		325,000		323,382
Total Asset-Backed Securities
(Cost $23,498,216)							24,106,627
BANK LOANS — 0.23%*
Health Care — 0.14%
HCA, Inc., Term Loan B4
2.95%		05/01/18	2,5		455,133		453,638
Services — 0.09%
AABS Ltd., Series 2013-1, Class A (STEP)
4.88%		01/15/38	†		292,188		295,086
Total Bank Loans
(Cost $750,229)							748,724
CORPORATES — 22.20%*
Banking — 4.34%
Abbey National Treasury Services PLC/London (United Kingdom)
2.88%		04/25/14	4		1,019,000		1,031,934
ANZ National International Ltd. (New Zealand)
6.20%		07/19/13	3,4		600,000		602,194

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Banking (continued)
Bank of America N.A. (BKNT)
0.57%		06/15/17	2	$	1,350,000	$	1,289,574
6.00%		06/15/16			650,000		715,873
6.10%		06/15/17			340,000		381,944
Barclays Bank PLC (United Kingdom)
5.20%		07/10/14	4		850,000		886,942
Chase Capital III, Series C
0.82%		03/01/27	2		500,000		414,805
Commonwealth Bank of Australia/New York (Australia)
1.95%		03/16/15	4		1,400,000		1,427,156
Credit Suisse/New York (Switzerland)
5.50%		05/01/14	4		500,000		520,484
6.00%		02/15/18	4		575,000		646,517
HBOS PLC, Series G (MTN) (United Kingdom)
6.75%		05/21/18	3,4		915,000		975,593
JPMorgan Chase Bank N.A.
0.60%		06/13/16	2		600,000		590,864
JPMorgan Chase Bank N.A. (BKNT)
6.00%		07/05/17			600,000		676,696
6.00%		10/01/17			500,000		570,086
National Australia Bank/New York (MTN) (Australia)
2.00%		03/09/15	4		1,200,000		1,222,144
Royal Bank of Scotland PLC (United Kingdom)
2.55%		09/18/15	4		1,370,000		1,393,457
Svenska Handelsbanken AB (Sweden)
4.88%		06/10/14	3,4		825,000		856,416
							14,202,679
Communications — 0.72%
Cellco Partnership/Verizon Wireless Capital LLC
5.55%		02/01/14			350,000		359,372
Intelsat Jackson Holdings SA (Luxembourg)
8.50%		11/01/19	4		1,300,000		1,400,750
Verizon Communications, Inc.
1.95%		03/28/14			600,000		606,085
							2,366,207
Electric — 2.44%
DPL, Inc.
6.50%		10/15/16			700,000		733,250
Energy Transfer Partners LP
3.29%		11/01/66	2,3		910,000		823,550
FirstEnergy Corp., Series A
2.75%		03/15/18			1,140,000		1,108,946

See accompanying notes to Schedule of Portfolio Investments.

22 / N-Q Report June 2013

Intermediate Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Electric (continued)
Mirant Mid Atlantic Pass-Through Trust, Series C
10.06%		12/30/28		$	682,006	$	760,437
Oncor Electric Delivery Co. LLC
6.80%		09/01/18			900,000		1,088,149
PG&E Corp.
5.75%		04/01/14			910,000		943,835
Public Service Co. of New Mexico
7.95%		05/15/18			475,000		572,213
Southwestern Electric Power Co.
6.45%		01/15/19			534,000		619,804
Texas-New Mexico Power Co.
9.50%		04/01/19	3		500,000		653,786
Tucson Electric Power
3.85%		03/15/23			700,000		695,764
							7,999,734
Energy — 1.62%
CNOOC Finance 2013 Ltd. (China)
1.12%		05/09/16	4		1,000,000		988,794
Florida Gas Transmission Co. LLC
3.88%		07/15/22	3		1,000,000		999,815
Petrobras Global Finance BV (Netherlands)
2.41%		01/15/19	2,4		1,194,000		1,169,835
Tennessee Gas Pipeline Co.
8.00%		02/01/16			1,250,000		1,454,214
Valero Energy Corp.
9.38%		03/15/19			471,000		618,308
Williams Cos., Inc.
7.88%		09/01/21			70,000		84,633
							5,315,599
Finance — 6.52%
Bear Stearns Cos. LLC
7.25%		02/01/18			1,140,000		1,358,797
Berkshire Hathaway, Inc.
3.00%		02/11/23			1,120,000		1,077,280
CIT Group, Inc.
4.25%		08/15/17			1,049,000		1,051,623
Citigroup, Inc.
0.82%		08/25/36	2		205,000		165,915
1.98%		05/15/18	2		583,000		600,702
5.50%		10/15/14			371,000		390,334
6.00%		08/15/17			250,000		281,955
6.12%		05/15/18			345,000		395,356
6.38%		08/12/14			535,000		564,984
6.50%		08/19/13			408,000		411,026
Ford Motor Credit Co. LLC, Series FRN
1.52%		05/09/16	2		1,000,000		1,004,643

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Finance (continued)
General Electric Capital Corp.
4.62%		01/07/21		$	700,000	$	749,076
5.62%		05/01/18			730,000		836,500
General Electric Capital Corp. (MTN)
0.65%		05/05/26	2		500,000		460,013
3.35%		10/17/16			750,000		789,302
General Electric Capital Corp., Series A (MTN)
0.53%		09/15/14	2		694,000		694,113
General Electric Capital Corp., Series E (MTN)
0.40%		03/20/14	2		300,000		299,936
Goldman Sachs Group, Inc.
5.95%		01/18/18			350,000		391,987
6.15%		04/01/18			1,100,000		1,240,813
7.50%		02/15/19			550,000		655,166
Goldman Sachs Group, Inc. (MTN)
6.00%		05/01/14			250,000		260,454
Goldman Sachs Group, Inc., Series B (MTN)
0.68%		07/22/15	2		100,000		98,937
International Lease Finance Corp.
6.50%		09/01/14	3		1,000,000		1,040,000
JPMorgan Chase Capital XIII, Series M
1.23%		09/30/34	2		1,070,000		862,962
Merrill Lynch & Co., Inc. (MTN)
8.68%		05/02/17	2		510,000		565,488
8.95%		05/18/17	2		410,000		458,175
9.57%		06/06/17	2		319,000		364,075
Morgan Stanley
0.76%		10/15/15	2		187,000		183,464
Morgan Stanley (MTN)
0.73%		10/18/16	2		1,185,000		1,146,668
6.25%		08/28/17			800,000		893,561
Prudential Holdings LLC (AGM)
1.15%		12/18/17	2,3		500,000		494,989
Reckson Operating Partnership LP
5.00%		08/15/18			700,000		752,135
ZFS Finance USA Trust II
6.45%		12/15/65	2,3		750,000		808,125
							21,348,554
Health Care — 0.66%
HCA, Inc. (WI)
7.88%		02/15/20			1,240,000		1,338,425
WellPoint, Inc.
6.00%		02/15/14			800,000		826,204
							2,164,629

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2013 / 23     

Intermediate Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Industrials — 0.57%
Heathrow Funding Ltd. (United Kingdom)
2.50%		06/25/15	3,4	$	1,000,000	$	1,015,786
Sydney Airport Finance Co. Pty Ltd. (Australia)
3.90%		03/22/23	3,4		900,000		850,802
							1,866,588
Insurance — 1.79%
Berkshire Hathaway, Inc.
3.00%		05/15/22			475,000		460,434
Farmers Insurance Exchange
6.00%		08/01/14	3		1,615,000		1,680,306
Metropolitan Life Global Funding I
3.88%		04/11/22	3		1,000,000		1,014,971
5.12%		06/10/14	3		800,000		834,656
Nationwide Mutual Insurance Co.
5.81%		12/15/24	2,3		502,000		514,236
6.60%		04/15/34	3		440,000		452,100
Pricoa Global Funding I
5.45%		06/11/14	3		850,000		888,527
							5,845,230
Materials — 0.12%
Barrick Gold Corp.
4.10%		05/01/23	3		475,000		400,965
Real Estate Investment Trust (REIT) — 2.28%
HCP, Inc.
2.62%		02/01/20			275,000		258,104
3.75%		02/01/19			525,000		539,337
7.07%		06/08/15			200,000		221,178
HCP, Inc. (MTN)
6.30%		09/15/16			500,000		568,318
Health Care REIT, Inc.
4.70%		09/15/17			1,000,000		1,087,678
6.12%		04/15/20			475,000		540,361
Simon Property Group LP
4.20%		02/01/15			400,000		416,694
UDR, Inc. (MTN)
5.25%		01/15/15			1,000,000		1,055,576
Ventas Realty LP/Ventas Capital Corp.
4.00%		04/30/19			1,200,000		1,249,896
WEA Finance LLC
7.12%		04/15/18	3		775,000		920,689
WEA Finance LLC/WT Finance Aust Pty Ltd.
7.50%		06/02/14	3		570,000		605,607
							7,463,438

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Transportation — 1.14%
Continental Airlines Pass-Through Trust, Series 1997, Class 4A
6.90%		01/02/18		$	61,368	$	65,492
Continental Airlines Pass-Through Trust, Series 1999, Class C2
7.26%		03/15/20			338,751		371,780
Continental Airlines Pass-Through Trust, Series 2007, Class 1A
5.98%		04/19/22			327,213		363,207
JetBlue Airways Pass-Through Trust, Series 2004, Class G1
0.65%		08/15/16	2		12,179		11,509
JetBlue Airways Pass-Through Trust, Series 2004, Class G2
0.72%		11/15/16	2		1,161,000		1,049,254
Northwest Airlines Pass-Through Trust, Series 2001-1, Class A-1
7.04%		04/01/22			184,141		203,476
UAL Pass-Through Trust, Series 2009-2A
9.75%		01/15/17			284,495		325,035
US Airways Pass-Through Trust, Series 2012-1, Class A
5.90%		10/01/24			798,559		843,977
US Airways Pass-Through Trust, Series 2012, Class 2A
4.62%		06/03/25			500,000		494,688
							3,728,418
Total Corporates
(Cost $69,111,824)							72,702,041
MORTGAGE-BACKED — 48.11%**
Commercial Mortgage-Backed — 4.84%
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-2, Class A5
4.86%		07/10/43	2		950,000		1,006,037
Bear Stearns Commercial Mortgage Securities Trust, Series 2005-T20, Class A4A
5.30%		10/12/42	2		1,140,000		1,232,153
Bear Stearns Commercial Mortgage Securities Trust, Series 2006-T22, Class A4
5.77%		04/12/38	2		1,100,000		1,208,017
DBRR Trust, Series 2011-LC2, Class A4A
4.54%		04/12/21	3		516,997		558,012
GE Business Loan Trust, Series 2003-2A, Class A
0.56%		11/15/31	2,3		876,011		845,655
GE Business Loan Trust, Series 2005-2A, Class B
0.69%		11/15/33	2,3		437,360		357,640

See accompanying notes to Schedule of Portfolio Investments.

24 / N-Q Report June 2013

Intermediate Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Commercial Mortgage-Backed (continued)
GS Mortgage Securities Corp. II, Series 2011-GC5, Class A4
3.71%		08/10/44	2	$	1,715,000	$	1,749,839
Merrill Lynch Mortgage Trust, Series 2005-LC1, Class A4
5.29%		01/12/44	2		1,156,394		1,252,930
Morgan Stanley Capital I Trust, Series 2012-C4, Class A4
3.24%		03/15/45			1,445,000		1,413,298
Morgan Stanley Capital I, Series 2001-C3, Class A2
3.22%		08/15/49			285,000		299,428
Morgan Stanley Capital I, Series 2005-T19, Class A4A
4.89%		06/12/47			1,040,000		1,106,284
Morgan Stanley Capital I, Series 2011-C3, Class A4
4.12%		08/15/49			165,000		172,760
Spirit Master Funding LLC, Series 2005-1, Class A1
5.05%		07/20/23	3		635,956		637,864
Wachovia Bank Commercial Mortgage Trust, Series 2005-C20, Class A7
5.12%		07/15/42	2		940,000		1,005,366
WF-RBS Commercial Mortgage Trust, Series 2011-C5, Class A4
3.67%		11/15/44			1,405,000		1,422,874
WF-RBS Commercial Mortgage Trust, Series 2012-C7, Class A2
3.43%		06/15/45			1,605,000		1,578,999
							15,847,156
Non-Agency Mortgage-Backed — 16.26%
Ameriquest Mortgage Securities, Inc., Series 2005-R5, Class M1
0.62%		07/25/35	2		1,645,065		1,614,565
Ameriquest Mortgage Securities, Inc., Series 2005-R6, Class A2
0.39%		08/25/35	2		375,966		367,495
Asset Backed Securities Corp. Home Equity Loan Trust, Series 2005-HE4, Class M2
0.64%		05/25/35	2		1,553,951		1,546,664
Banc of America Funding Corp., Series 2003-2, Class 1A1
6.50%		06/25/32			4,752		5,025
Banc of America Funding Corp., Series 2006-G, Class 2A3
0.36%		07/20/36	2		590,392		570,058
Bear Stearns Asset Backed Securities I Trust, Series 2005-HE9, Class M1
0.70%		10/25/35	2		1,505,022		1,478,986

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Bear Stearns Asset Backed Securities Trust, Series 2002-1, Class 1A5 (STEP)
6.89%		12/25/34		$	6,827	$	7,421
Bear Stearns Asset Backed Securities Trust, Series 2005-HE12, Class 1A3
0.58%		12/25/35	2		800,000		769,277
CC Mortgage Funding Corp., Series 2004-1A, Class A1
0.47%		01/25/35	2,3		264,434		236,248
CC Mortgage Funding Corp., Series 2005-2A, Class A1
0.37%		05/25/36	2,3		240,477		194,844
Centex Home Equity, Series 2005-D, Class M1
0.62%		10/25/35	2		1,710,000		1,650,182
Chase Funding Mortgage Loan Asset Backed Certificates, Series 2004-2, Class 1A4
5.32%		02/25/35			6,973		7,089
Citigroup Mortgage Loan Trust, Inc., Series 2004-HYB1, Class A41
3.05%		02/25/34	2		28,530		27,564
Citigroup Mortgage Loan Trust, Inc., Series 2007-WFH2, Class A3
0.37%		03/25/37	2		1,526,500		1,387,737
Conseco Finance Home Loan Trust, Series 2000-E, Class M1
8.13%		08/15/31	2		34,321		33,648
Conseco Finance Securitizations Corp., Series 2001-4, Class A4
7.36%		09/01/33			564,416		603,467
Conseco Finance, Series 2001-D, Class A5
6.69%		11/15/32	2		38,866		39,041
Conseco Finance, Series 2002-A, Class A5 (STEP)
7.55%		04/15/32			121,893		126,068
Conseco Finance, Series 2002-C, Class BF2
8.00%		06/15/32	2,3		267,279		295,193
Conseco Financial Corp., Series 1996-7, Class M1
7.70%		10/15/27	2		958,652		1,034,156
Conseco Financial Corp., Series 1997-3, Class A7
7.64%		03/15/28	2		330,583		362,251
Conseco Financial Corp., Series 1998-6, Class A8
6.66%		06/01/30			992,460		1,068,880
Countryplace Manufactured Housing Contract Trust, Series 2007-1, Class A4
5.85%		07/15/37	2,3		700,000		696,106
Countrywide Alternative Loan Trust, Series 2005-27, Class 3A2
1.27%		08/25/35	2		26,935		17,491

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2013 / 25     

Intermediate Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-14, Class 4A1
4.92%		08/25/34	2	$	307,113	$	310,338
Credit-Based Asset Servicing and Securitization LLC, Series 2003-CB3, Class AF1 (STEP)
3.38%		12/25/32			1,520,900		1,465,577
Credit-Based Asset Servicing and Securitization LLC, Series 2006-CB2, Class AF4 (STEP)
4.08%		12/25/36			1,199,554		949,561
Credit-Based Asset Servicing and Securitization LLC, Series 2006-CB6, Class A23
0.34%		07/25/36	2		1,314,352		1,054,728
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB5, Class A1
0.25%		04/25/37	2		239,725		134,521
DBRR Trust, Series 2012-EZ1, Class A
0.95%		09/25/45	3		1,582,017		1,585,124
DBRR Trust, Series 2013-EZ2, Class A
0.85%		02/25/43	2,3		1,065,575		1,065,213
Equifirst Mortgage Loan Trust, Series 2005-1, Class M1
0.61%		04/25/35	2		1,516,170		1,512,797
First Horizon Alternative Mortgage Securities, Series 2004-AA3, Class A1
2.31%		09/25/34	2		779,205		768,760
Green Tree Financial Corp., Series 1998-4, Class A5
6.18%		04/01/30			507,696		527,724
Green Tree Home Improvement Loan Trust, Series 1997-E, Class HEB1
7.53%		01/15/29			40,075		39,939
Green Tree, Series 2008-MH1, Class A2
8.97%		04/25/38	2,3		715,567		803,457
Green Tree, Series 2008-MH1, Class A3
8.97%		04/25/38	2,3		1,038,226		1,149,338
Greenpoint Manufactured Housing, Series 1999-5, Class A5
7.82%		12/15/29	2		686,680		717,399
Home Equity Loan Trust, Series 2006-2, Class A1
0.34%		03/20/36	2		1,350,100		1,338,634
Home Equity Loan Trust, Series 2006-4, Class A3V
0.34%		03/20/36	2		613,974		602,511
Indymac Index Mortgage Loan Trust, Series 2004-AR6, Class 6A1
2.84%		10/25/34	2		100,951		99,310

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Indymac Index Mortgage Loan Trust, Series 2004-AR8, Class 2A2A
0.99%		11/25/34	2	$	42,952	$	36,837
Indymac Index Mortgage Loan Trust, Series 2007-AR11, Class 1A1
2.48%		06/25/37	2		1,782,202		1,153,794
Indymac Manufactured Housing Contract, Series 1997-1, Class A3
6.61%		02/25/28			399,113		396,177
Indymac Manufactured Housing Contract, Series 1997-1, Class A4
6.75%		02/25/28			106,247		105,469
Indymac Manufactured Housing Contract, Series 1998-1, Class A4
6.49%		09/25/28			245,615		254,124
JPMorgan Mortgage Trust, Series 2007-A3, Class 3A2
5.18%		05/25/37	2		718,362		628,402
Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class A4
5.27%		04/15/40			357,097		382,431
Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class A5
5.87%		04/15/40			205,186		220,999
Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class A6
6.47%		04/15/40	2		646,636		711,361
MASTR Adjustable Rate Mortgages Trust, Series 2003-6, Class 4A2
4.85%		01/25/34	2		429,061		429,069
MASTR Adjustable Rate Mortgages Trust, Series 2004-1, Class 2A1
2.87%		01/25/34	2		742		699
MASTR Asset Securitization Trust, Series 2002-8, Class 1A1
5.50%		12/25/17			2,537		2,620
MASTR Seasoned Securities Trust, Series 2004-1, Class 4A1
2.80%		10/25/32	2		2,762		2,729
MASTR Seasoned Securities Trust, Series 2005-1, Class 4A1
2.45%		10/25/32	2		30,422		30,304
Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-3, Class A2C
0.37%		06/25/37	2		811,700		469,379
Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-3, Class A2D
0.44%		06/25/37	2		1,500,000		876,376
Mid-State Trust, Series 11, Class A1
4.86%		07/15/38			1,158,942		1,239,982
Mid-State Trust, Series 2004-1, Class A
6.00%		08/15/37			583,019		659,591

See accompanying notes to Schedule of Portfolio Investments.

26 / N-Q Report June 2013

Intermediate Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Mid-State Trust, Series 2004-1, Class B
8.90%		08/15/37		$	856,182	$	1,057,795
Mid-State Trust, Series 2004-1, Class M1
6.50%		08/15/37			611,558		703,380
Mid-State Trust, Series 2005-1, Class M2
7.08%		01/15/40			907,360		1,003,041
Morgan Stanley ABS Capital I, Series 2004-NC7, Class M2
1.12%		07/25/34	2		2,000,000		1,892,976
Morgan Stanley ABS Capital I, Series 2005-HE3, Class M3
0.72%		07/25/35	2		1,903,000		1,720,853
Oakwood Mortgage Investors, Inc., Series 1998-B, Class A4
6.35%		03/15/17			6,316		6,370
Origen Manufactured Housing, Series 2004-A, Class M2
6.64%		01/15/35	2		508,264		560,286
Park Place Securities, Inc., Series 2004-WWF1, Class M2
0.87%		12/25/34	2		1,766,735		1,738,038
Residential Asset Mortgage Products, Inc., Series 2002-RS4, Class AI5 (STEP)
6.16%		08/25/32			2,220		1,602
Residential Asset Mortgage Products, Inc., Series 2003-RS1, Class AI5 (STEP)
5.69%		03/25/33			15,836		14,592
Residential Asset Mortgage Products, Inc., Series 2003-SL1, Class A41
8.00%		04/25/31			45,490		49,851
Residential Asset Securities Corp., Series 2005-EMX4 Class A3
0.53%		11/25/35	2		901,748		898,582
Residential Asset Securitization Trust, Series 2004-IP2, Class 2A1
2.67%		12/25/34	2		79,276		79,026
Residential Funding Mortgage Securities II, Inc., Series 2001-HI3, Class AI7 (STEP)
7.56%		07/25/26			325,585		330,854
Residential Funding Mortgage Securities II, Inc., Series 2003-HS2, Class AI4 (STEP)
3.87%		07/25/33			9,874		9,361
SG Mortgage Securities Trust, Series 2006-FRE1, Class A1B
0.46%		02/25/36	2		61,781		45,634
SLM Student Loan Trust, Series 2012-7, Class A3
0.84%		05/26/26	2		800,000		794,846
Soundview Home Equity Loan Trust, Series 2006-WF2, Class A2C
0.33%		12/25/36	2		1,161,511		1,096,981

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Structured Asset Mortgage Investments, Inc., Series 2005-AR8, Class A2
1.65%		02/25/36	2	$	1,153,816	$	946,926
Structured Asset Mortgage Investments, Inc., Series 2006-AR3, Class 22A1
2.08%		05/25/36	2		3,564,466		2,264,537
UCFC Home Equity Loan, Series 1998-D, Class BF1
8.96%		04/15/30	2		3,657		1,702
UCFC Home Equity Loan, Series 1998-D, Class MF1
6.90%		04/15/30			115,559		116,601
Vanderbilt Mortgage Finance, Series 2000-C, Class ARM
0.54%		10/07/30	2		624,326		509,965
Vanderbilt Mortgage Finance, Series 2001-A, Class M1
7.74%		04/07/31	2		534,271		550,955
WaMu Mortgage Pass-Through Certificates, Series 2002-AR18, Class A
2.44%		01/25/33	2		17,567		17,589
Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2007-OA2, Class 2A
0.87%		01/25/472			1,648,274		961,248
							53,238,321
U.S. Agency Mortgage-Backed — 27.01%
Fannie Mae Pool (TBA)
2.00%		08/25/28			2,700,000		2,623,219
2.50%		08/25/28			7,805,000		7,835,488
3.00%		08/25/42			6,205,000		6,047,936
3.50%		08/25/43			18,750,000		18,990,233
Fannie Mae Pool 253974
7.00%		08/01/31			13,472		14,764
Fannie Mae Pool 254232
6.50%		03/01/22			19,090		21,196
Fannie Mae Pool 527247
7.00%		09/01/26			86		97
Fannie Mae Pool 545191
7.00%		09/01/31			6,231		6,830
Fannie Mae Pool 545646
7.00%		09/01/26			65		75
Fannie Mae Pool 549740
6.50%		10/01/27			20,663		22,784
Fannie Mae Pool 555284
7.50%		10/01/17			413		447
Fannie Mae Pool 606108
7.00%		03/01/31			997		1,043
Fannie Mae Pool 630599
7.00%		05/01/32			12,934		15,093

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2013 / 27     

Intermediate Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae Pool 655928
7.00%		08/01/32		$	7,910	$	9,124
Fannie Mae Pool 735207
7.00%		04/01/34			5,376		5,921
Fannie Mae Pool 735646
4.50%		07/01/20			8,979		9,556
Fannie Mae Pool 735686
6.50%		12/01/22			89,100		98,821
Fannie Mae Pool 735861
6.50%		09/01/33			195,592		214,448
Fannie Mae Pool 764388
5.01%		03/01/34	2		64,128		68,564
Fannie Mae Pool 776708
5.00%		05/01/34			357,476		395,335
Fannie Mae Pool 817611
5.29%		11/01/35	2		58,945		63,459
Fannie Mae Pool 844773
5.21%		12/01/35	2		5,435		5,856
Fannie Mae Pool 889125
5.00%		12/01/21			451,475		482,853
Fannie Mae Pool 889184
5.50%		09/01/36			443,591		485,559
Fannie Mae Pool 890221
5.50%		12/01/33			676,330		739,980
Fannie Mae Pool 895606
5.78%		06/01/36	2		123,467		130,569
Fannie Mae Pool 918445
5.83%		05/01/37	2		13,694		14,477
Fannie Mae Pool 939419
5.70%		05/01/37	2		274,289		296,063
Fannie Mae Pool AB3685
4.00%		10/01/41			2,484,105		2,606,010
Fannie Mae Pool AD0791
4.76%		02/01/20			970,594		1,095,041
Fannie Mae Pool AE0134
4.40%		02/01/20			1,350,000		1,488,663
Fannie Mae Pool AE0600
3.98%		11/01/20			1,020,600		1,112,823
Fannie Mae Pool AE0605
4.67%		07/01/20			976,865		1,097,885
Fannie Mae Pool AH3428
3.50%		01/01/26			2,445,304		2,588,134
Fannie Mae Pool AJ0764
4.50%		09/01/41			961,306		1,021,157
Fannie Mae Pool AL0209
4.50%		05/01/41			962,461		1,048,719
Fannie Mae Pool AL2602
2.65%		10/01/22			1,481,329		1,501,124

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae Pool FN0005
3.38%		11/01/20		$	1,426,449	$	1,489,451
Fannie Mae Pool FN0007
3.46%		11/01/20			1,390,000		1,458,270
Fannie Mae Pool MA1278
2.50%		12/01/22			2,759,116		2,802,335
Fannie Mae Whole Loan, Series 2003-W6, Class 5T (IO)
0.55%		09/25/42	2		25,686,826		460,583
Fannie Mae, Series 1989-25, Class G
6.00%		06/25/19			2,433		2,649
Fannie Mae, Series 1992-116, Class B
6.50%		06/25/22			262		281
Fannie Mae, Series 1993-225, Class SG
26.60%		12/25/13	2		8,164		8,565
Fannie Mae, Series 1993-80, Class S
10.61%		05/25/23	2		13,504		15,011
Fannie Mae, Series 2001-52, Class YZ
6.50%		10/25/31			287,284		324,497
Fannie Mae, Series 2007-64, Class FA
0.66%		07/25/37	2		487,419		489,243
Fannie Mae, Series 2008-50, Class SA (IO)
5.86%		11/25/36	2		4,736,342		722,858
Fannie Mae, Series 2012-M12, Class 1A
2.84%		08/25/22	2		2,078,988		2,075,232
Fannie Mae, Series 2012-M15, Class A
2.74%		10/25/22	2		1,628,877		1,595,793
Freddie Mac Gold Pool A25162
5.50%		05/01/34			566,342		614,570
Freddie Mac Gold Pool A33262
5.50%		02/01/35			100,291		112,703
Freddie Mac Gold Pool A68781
5.50%		10/01/37			25,114		27,096
Freddie Mac Gold Pool A94843
4.00%		11/01/40			1,955,535		2,059,422
Freddie Mac Gold Pool C03813
3.50%		04/01/42			1,963,440		1,993,735
Freddie Mac Gold Pool C90504
6.50%		12/01/21			2,371		2,634
Freddie Mac Gold Pool E01279
5.50%		01/01/18			2,701		2,897
Freddie Mac Gold Pool E90474
6.00%		07/01/17			5,082		5,463
Freddie Mac Gold Pool G01548
7.50%		07/01/32			650,822		779,801
Freddie Mac Gold Pool G01601
4.00%		09/01/33			11,766		12,306
Freddie Mac Gold Pool G01611
4.00%		09/01/33			4,829		5,051

See accompanying notes to Schedule of Portfolio Investments.

28 / N-Q Report June 2013

Intermediate Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Freddie Mac Gold Pool G01644
5.50%		02/01/34		$	359,407	$	389,555
Freddie Mac Gold Pool G02366
6.50%		10/01/36			329,468		369,851
Freddie Mac Gold Pool G06499
4.00%		03/01/41			1,430,218		1,496,422
Freddie Mac Gold Pool G11707
6.00%		03/01/20			5,082		5,463
Freddie Mac Gold Pool G12393
5.50%		10/01/21			373,330		401,795
Freddie Mac Gold Pool G12909
6.00%		11/01/22			472,393		523,569
Freddie Mac Gold Pool G13032
6.00%		09/01/22			315,759		348,761
Freddie Mac Gold Pool J06246
5.50%		10/01/21			176,559		191,738
Freddie Mac Gold Pool J13884
3.50%		12/01/25			1,844,217		1,939,679
Freddie Mac Gold Pool Q05261
3.50%		12/01/41			1,314,395		1,335,497
Freddie Mac REMICS, Series 3460, Class SA (IO)
6.01%		06/15/38	2		4,929,318		799,316
Freddie Mac REMICS, Series 4030, Class HS (IO)
6.42%		04/15/42	2		4,481,476		641,068
Freddie Mac, Series 1602, Class SN
10.09%		10/15/23	2		14,590		17,646
Freddie Mac, Series 1688, Class W
7.25%		03/15/14			416		422
Freddie Mac, Series 2174, Class PN
6.00%		07/15/29			114,946		127,277
Freddie Mac, Series 2929, Class PE
5.00%		05/15/33			14,052		14,209
Freddie Mac, Series K020, Class A2
2.37%		05/25/40			1,555,000		1,473,496
Ginnie Mae (TBA)
3.00%		08/20/43			2,430,000		2,398,106
Ginnie Mae I Pool 782810
4.50%		11/15/39			2,175,484		2,357,256
Ginnie Mae II Pool 80968
1.75%		07/20/34	2		58,489		61,080
Ginnie Mae, Series 2004-8, Class SE
13.91%		11/26/23	2		95,727		118,777
NCUA Guaranteed Notes, Series 2010-R2, Class 1A
0.56%		11/06/17	2		1,271,757		1,275,035
NCUA Guaranteed Notes, Series 2010-R2, Class 2A
0.66%		11/05/20	2		939,301		946,896

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
NCUA Guaranteed Notes, Series 2011-C1, Class 2A
0.79%		03/09/21	2	$	982,126	$	988,498
NCUA Guaranteed Notes, Series 2011-R2, Class 1A
0.59%		02/06/20	2		1,019,253		1,022,398
							88,463,602
Total Mortgage-Backed (Cost $150,813,792)							157,549,079
MUNICIPAL BONDS — 1.61%*
California — 0.63%
State of California, Build America Bonds
5.70%		11/01/21			700,000		800,590
State of California, Taxable, Various Purpose
6.20%		10/01/19			866,000		1,012,475
State of California, Taxable, Various Purpose, Series 3
5.95%		04/01/16			225,000		252,074
							2,065,139
Illinois — 0.70%
State of Illinois, Build America Bonds
6.20%		07/01/21			600,000		658,020
State of Illinois, Taxable Bonds
4.95%		06/01/23			210,000		208,437
5.66%		03/01/18			525,000		575,831
State of Illinois, Taxable-Pension
4.35%		06/01/18			800,000		835,848
							2,278,136
Texas — 0.28%
City of Houston Texas, Taxable Pension Obligation, Series A
6.29%		03/01/32			800,000		926,024
Total Municipal Bonds (Cost $5,119,270)							5,269,299
U.S. AGENCY SECURITIES — 3.53%
U.S. Agency Securities — 3.53%
Fannie Mae
0.65%		03/28/16			1,610,000		1,604,494
Federal Farm Credit Bank
0.17%		09/19/14	2		1,960,000		1,961,735
Federal Home Loan Bank
0.50%		07/01/15			1,640,000		1,640,417
0.55%		06/03/16			1,720,000		1,709,243
Federal Home Loan Bank (STEP)
0.75%		05/26/28			1,610,000		1,578,183

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2013 / 29     

Intermediate Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
U.S. AGENCY SECURITIES (continued)
U.S. Agency Securities (continued)
Freddie Mac
0.50%		09/14/15		$	3,065,000		$  3,063,258
Total U.S. Agency Securities
(Cost $11,602,591)							11,557,330
U.S. TREASURY SECURITIES — 14.21%
U.S. Treasury Bonds — 0.44%
U.S. Treasury Bonds (Strip Principal)
0.00%		11/15/27	6		2,285,000		1,442,048
U.S. Treasury Notes — 13.77%
U.S. Treasury Notes
0.25%		05/15/15			8,340,000		8,326,973
0.25%		08/15/15			3,095,000		3,084,604
0.75%		08/15/13			1,290,000		1,291,108
U.S. Treasury Notes - Treasury Inflation Indexed Notes
0.12%		04/15/17	7		6,380,000		6,706,179
0.12%		04/15/18	7		1,195,000		1,232,579
0.50%		04/15/15	7		8,455,000		9,304,243
1.25%		04/15/14	7		5,725,000		6,380,451
1.62%		01/15/15	7		1,130,000		1,431,732
2.00%		01/15/14	7		960,000		1,225,716
2.00%		07/15/14	7		4,780,000		6,091,260
Total U.S. Treasury Securities
(Cost $47,408,799)							46,516,893
Total Bonds – 97.25%
(Cost $308,304,721)							318,449,993
Issues	Maturity Date			Principal Amount/ Shares		Value
SHORT-TERM INVESTMENTS — 13.56%
Commercial Paper — 2.01%
Lloyds TSB Bank PLC (United Kingdom)
0.24%8		08/07/13	4		1,945,000		1,944,577
Macquarie Bank Ltd. (Australia)
0.32%8		10/24/13	3,4		3,090,000		3,087,184
RBS Holdings USA, Inc.
0.35%8		08/20/13			1,535,000		1,534,565
							6,566,326

Issues	Maturity Date			Principal Amount/ Shares		Value
SHORT-TERM INVESTMENTS (continued)
Money Market Funds — 2.00%
BlackRock Liquidity Funds TempFund Portfolio
0.04%9				$	3,239,000	$	3,239,000
Dreyfus Cash Advantage Fund
0.07%9					41,000		41,000
DWS Money Market Series Institutional Funds
0.07%9					3,265,000		3,265,000
							6,545,000
U.S. Agency Discount Notes — 9.54%
Federal Home Loan Bank
0.08%8		07/05/13			4,300,000		4,299,981
0.09%8		07/05/13			6,715,000		6,714,970
Freddie Mac
0.06%8		08/26/13			11,091,000		11,090,482
0.07%8		09/09/13			7,090,000		7,089,589
0.09%8		11/08/13			2,060,000		2,059,553
							31,254,575
U.S. Treasury Bills — 0.01%
U.S. Treasury Bills
0.04%8		08/22/13	10		20,000		19,999
Total Short-Term Investments
(Cost $44,383,841)							44,385,900
Total Investments – 110.81%
(Cost $352,688,562)1							362,835,893
Liabilities in Excess of Other
Assets – (10.81)%							(35,396,891	)
Net Assets – 100.00%						$	327,439,002

Contracts	Unrealized   (Depreciation)
FUTURES CONTRACTS: SHORT POSITIONS
9	U.S. Treasury Five Year Note, Expiration September 2013	$	(1,629	)
6	U.S. Treasury Ten Year Note, Expiration September 2013		(1,048	)
	Net unrealized (depreciation)	$	(2,677	)

See accompanying notes to Schedule of Portfolio Investments.

30 / N-Q Report June 2013

Intermediate Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

	Expiration Date	Premiums Paid/ (Received)	Notional Amount (000’s)	Appreciation	Value
SWAPS: INTEREST RATE
The Fund pays a fixed rate equal to 2.42% semi-annually and the Fund receives from the counterparty a floating rate based on 3-month USD LIBOR quarterly. Counterparty: Barclays, Inc.
	11/15/27	$–	$   725	$  74,888	$  74,888
The Fund pays a fixed rate equal to 2.48% semi-annually and the Fund receives from the counterparty a floating rate based on 3-month USD LIBOR quarterly. Counterparty: Barclays, Inc.
	11/15/27	–	720	68,084	68,084
		$–	$1,445	$142,972	$142,972
	Expiration Date	Premiums (Received)	Notional Amount (000’s)a	Appreciation	Valueb
SWAPTION: RATE FLOOR INFLATION
The Fund received a fixed payment equal to $ 13,685 and the Fund will pay to the counterparty a floating rate based on the Consumer Price Indexes-Urban at expiration of the swaption 11/23/20. Counterparty: Citigroup, Inc.
	11/23/20	$(13,685)	$1,190	$11,543	$(2,142)
		$(13,685)	$1,190	$11,543	$(2,142)

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

^b  The values for credit default swap agreements serve as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should 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.

Notes:

¹  Cost for federal income tax purposes is $352,743,152 and net unrealized appreciation/(depreciation) consists of:

Gross unrealized appreciation	$	12,637,938
Gross unrealized depreciation		(2,545,197	)
Net unrealized appreciation	$	10,092,741

²  Floating rate security. The rate disclosed was in effect at June 30, 2013.

³  Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The market value of these securities at June 30, 2013, was $45,456,677, representing 13.88% of total net assets.

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

⁵  Non-Rule 144A securities determined to be restricted private placements under procedures approved by the Fund’s Board of Trustees. Information related to these securities is as follows:

Date of Purchase	Security	Amortized Cost	Value	% of Total Net Assets
10/22/07	HCA, Inc., Term Loan B4, 2.95%, 05/01/18	$455,133	$453,638	0.14%

⁶  Zero coupon bond. The rate shown is the effective yield as of June 30, 2013.

⁷  Inflation protected security. Principal amount reflects original security face amount.

⁸  Represents annualized yield at date of purchase.

⁹  Represents the current yield as of June 30, 2013.

¹⁰ Securities, or a portion thereof, pledged as collateral for futures. The total market value of collateral pledged is $19,999.

^†  Fair valued security. The aggregate value of fair valued securities is $1,082,574, which is 0.33% of total net assets, which have not been valued utilizing an independent quote and were valued pursuant to guidelines established by the Board of Trustees. This figure represents securities that are priced using a benchmark pricing system and securities that have been deemed permanently stale, see Notes to Financial Statements.

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

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

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

(AGM): Assurance Guaranty Municipal Corp. (formerly known as FSA (Financial Security Assurance, Inc.))

(BKNT): Banker’s Note, Inc.

(IO): Interest only

(LIBOR): London InterBank Offer Rate

(MTN): Medium-term note

(STEP): Step coupon bond

(TBA): To be announced

(USD): U.S. dollar

(WI): When issued

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2013 / 31     

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
BONDS – 110.25%
ASSET-BACKED SECURITIES — 6.46%**
Academic Loan Funding Trust, Series 2012-1A, Class A2
1.29%		12/27/44	2,3	$	14,950,000	$	14,933,551
Access Group, Inc., Series 2001, Class 2A1
0.63%		05/25/29	2		817,855		739,435
Access Group, Inc., Series 2004-1, Class A2
0.48%		09/26/33	2		77,500		76,298
Aircastle Aircraft Lease Backed Trust, Series 2007-1A, Class G1
0.50%		06/14/37	2,3		41,623,329		38,280,976
Ally Auto Receivables Trust, Series 2012-1, Class A3
0.93%		02/16/16			917,000		919,653
American Money Management Corp., Series 2013-12A, Class D1 (Cayman Islands)
4.03%		05/10/25	2,3,4		1,650,000		1,559,250
AMURF, Series 2012, Class B
11.00%		12/17/17	5,†		15,283,931		15,283,895
ARES CLO Ltd., Series 2013-1A, Class E (Cayman Islands)
5.31%		04/15/25	2,3,4		475,000		405,401
Arizona Educational Loan Marketing Corp., Series 2004-A, Class A2
0.50%		12/01/23	2		58,224		57,135
Arizona Educational Loan Marketing Corp., Series 2004-A, Class B2
0.40%		12/01/38			9,450,000		8,930,420
Avalon IV Capital Ltd., Series 2012-1A, Class C (Cayman Islands)
3.88%		04/17/23	2,3,4		11,145,000		11,174,947
Axis Equipment Finance Receivables LLC, Series 2012-1I, Class D
5.50%		11/20/15	†		2,255,000		2,153,299
Axis Equipment Finance Receivables LLC, Series 2012-1I, Class E1
6.25%		04/20/16	†		2,669,000		2,381,815
Axis Equipment Finance Receivables LLC, Series 2012-1I, Class E2
7.00%		03/20/17	†		5,240,000		4,361,774
Axis Equipment Funding LLC, Series 2012-MI, Class A
16.00%		06/17/17	†		9,897,120		9,945,612
Babcock & Brown Air Funding I Ltd., Series 2007-1A, Class G1 (Bermuda)
0.49%		11/14/33	2,3,4		43,086,204		37,700,429
Babson CLO Ltd., Series 2005-3A, Class C
0.98%		11/10/19	2,3		1,700,000		1,612,353
Babson CLO Ltd., Series 2013-IA, Class C
2.91%		04/20/25	2,3		2,300,000		2,188,979
Babson CLO Ltd., Series 2013-IA, Class E
4.61%		04/20/25	2,3		1,750,000		1,518,003

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
Ballyrock Ltd., Series 2005-3A, Class C
1.01%		07/25/17	2,3	$	5,000,000	$	4,912,570
Ballyrock Ltd., Series 2005-3X, Class D
2.13%		07/25/17	5		7,260,530		7,044,682
Bayview Commercial Asset Trust, Series 2004-3, Class A1
0.56%		01/25/35	2,3		4,813,479		4,355,866
Bayview Commercial Asset Trust, Series 2005-1A, Class A1
0.49%		04/25/35	2,3		4,856,238		4,258,668
Bayview Commercial Asset Trust, Series 2005-2A, Class A1
0.50%		08/25/35	2,3		30,385,156		24,813,324
Bayview Commercial Asset Trust, Series 2006-4A, Class A1
0.42%		12/25/36	2,3		265,967		214,198
Bayview Commercial Asset Trust, Series 2007-1, Class A1
0.41%		03/25/37	2,3		11,161,952		8,850,608
Bayview Commercial Asset Trust, Series 2007-2A, Class A1
0.46%		07/25/37	2,3		17,250,079		13,138,677
Bayview Commercial Asset Trust, Series 2007-3, Class A1
0.43%		07/25/37	2,3		2,766,947		2,163,759
Beacon Container Finance LLC, Series 2012-1A, Class A
3.72%		09/20/27	3		15,971,111		16,188,074
BlueMountain CLO Ltd., Series, 2012-2A, Class A1 (Cayman Islands)
1.69%		11/20/24	2,3,4		50,000,000		49,746,350
Brazos Education Loan Authority, Inc., Series 2012-1, Class A1
0.89%		12/26/35	2		26,467		26,271
Brazos Higher Education Authority, Inc., Series 2003 I, Class A3
0.38%		09/26/22	2		50,000		49,308
Brazos Higher Education Authority, Inc., Series 2010-1, Class A2
1.47%		02/25/35	2		12,790,000		12,627,419
Brazos Higher Education Authority, Inc., Series 2011-1, Class A2
1.07%		02/25/30	2		60,000		59,812
Brazos Higher Education Authority, Inc., Series 2011-1, Class A3
1.32%		11/25/33	2		16,050,000		16,312,891
Brazos Higher Education Authority, Inc., Series 2011-2, Class A2
1.13%		07/25/29	2		4,100,000		4,105,519
Brazos Higher Education Authority, Inc., Series 2011-2, Class A3
1.28%		10/27/36	2		24,490,000		24,047,689

See accompanying notes to Schedule of Portfolio Investments.

32 / N-Q Report June 2013

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
Brazos Higher Education Authority, Series 2005-1, Class 1A4
0.42%		03/26/29	2	$	10,000,000	$	9,663,900
CAL Funding II Ltd., Series 2012-1A, Class A (Bermuda)
3.47%		10/25/27	3,4		233,333		231,030
CIFC Funding Ltd., Series 2012-2A, Class A1L (Cayman Islands)
1.67%		12/05/24	2,3,4		55,000,000		54,906,445
CIT Education Loan Trust, Series 2007-1, Class A
0.36%		03/25/42	2,3		20,675,536		19,159,695
CIT Education Loan Trust, Series 2007-1, Class B
0.57%		06/25/42	2,3		28,650,000		25,024,764
College Loan Corp. Trust, Series 2005-2, Class B
0.77%		01/15/37	2		6,305,536		5,208,789
Cronos Containers Program Ltd., Series 2012-1A, Class A (Bermuda)
4.21%		05/18/27	3,4		20,909,584		21,251,811
Cronos Containers Program Ltd., Series 2012-2A, Class A (Bermuda)
3.81%		09/18/27	3,4		3,954,375		3,973,507
Doral CLO 1 Ltd., Series 2012-2A, Class B (Cayman Islands)
2.77%		05/26/23	2,3,4		11,500,000		10,707,144
Dryden XXV Senior Loan Fund, Series 2012-25A, Class A (Cayman Islands)
1.71%		01/15/25	2,3,4		24,100,000		24,056,307
Educational Funding of the South, Inc., Series 2011-1, Class A2
0.93%		04/25/35	2		80,000		79,571
Educational Funding of the South, Inc., Series 2012-1, Class A
1.24%		03/25/36	2		36,552,300		36,801,503
FM Leveraged Capital Fund II, Series 2006-2A, Class C (Cayman Islands)
1.12%		11/15/20	2,3,4		4,250,000		4,247,271
FM Leveraged Capital Fund, Series 2006-2X, Class E
4.03%		11/15/20	5		4,600,000		4,605,851
GCO Education Loan Funding Trust, Series 2006-1, Class A11L
0.50%		05/25/36	2		25,000,000		22,294,095
GE Business Loan Trust, Series 2004-1, Class A
0.48%		05/15/32	2,3		25,663,623		24,664,769
GE Business Loan Trust, Series 2004-2A, Class A
0.41%		12/15/32	2,3		12,672,901		12,236,794
GE Business Loan Trust, Series 2005-1A, Class A3
0.44%		06/15/33	2,3		13,476,483		12,692,313

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
GE Business Loan Trust, Series 2005-2A, Class A
0.43%		11/15/33	2,3	$	30,480,627	$	28,567,389
GE Seaco Finance SRL, Series 2004-1A, Class A (Barbados)
0.49%		04/17/19	2,3,4		3,575,000		3,544,762
GE Seaco Finance SRL, Series 2005-1A, Class A (Barbados)
0.44%		11/17/20	2,3,4		32,225,042		31,881,416
Goal Capital Funding Trust, Series 2005-2, Class B
0.80%		11/25/44	2		17,430,661		14,497,917
Goal Capital Funding Trust, Series 2006-1, Class A3
0.39%		11/25/26	2		50,000		49,226
Goal Capital Funding Trust, Series 2006-1, Class B
0.72%		08/25/42	2		5,037,511		4,004,352
Goldentree Loan Opportunities V Ltd., Series 2007-5A, Class C (Cayman Islands)
2.28%		10/18/21	2,3,4		650,000		644,750
Great Lakes CLO, Ltd., Series 2012-1A, Class B (Cayman Islands)
3.32%		01/15/23	2,3,4		5,000,000		5,005,705
Gulf Stream Compass CLO Ltd., Series 2005-2X, Class D
2.48%		01/24/20	5		500,000		468,487
Halcyon Loan Advisors Funding Ltd., Series 2012-2A, Class C (Cayman Islands)
3.12%		12/20/24	2,3,4		8,650,000		8,212,094
Katonah V Ltd., Series 5A, Class C (Cayman Islands)
3.27%		05/21/15	2,3,4		827,121		819,870
Katonah VII CLO Ltd., Series 7A, Class C (Cayman Islands)
1.02%		11/15/17	2,3,4		3,250,000		3,070,775
Latitude CLO Ltd., Series 2005-1X, Class C
2.13%		12/15/17	5		5,000,000		4,639,260
LCM LP, Series 14A, Class C (Cayman Islands)
3.03%		07/15/25	2,3,4,†		800,000		762,166
LCM LP, Series 14A, Class D (Cayman Islands)
3.78%		07/15/25	2,3,4,†		725,000		678,895
National Collegiate Master Student Loan Trust I, Series 2002-2, Class AR10
3.69%		11/01/42	2,3		37,075,000		36,889,625
National Collegiate Student Loan Trust, Series 2006-3, Class A3
0.34%		10/25/27	2		42,665,000		40,400,000
National Collegiate Student Loan Trust, Series 2006-3, Class A4
0.46%		03/26/29	2		6,850,000		5,374,135

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2013 / 33     

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
National Collegiate Student Loan Trust, Series 2006-4, Class A2
0.33%		12/27/27	2	$	3,845,533	$	3,681,034
National Collegiate Student Loan Trust, Series 2007-1, Class A3
0.43%		07/25/30	2		15,000,000		11,798,046
National Collegiate Student Loan Trust, Series 2007-4, Class A2A3
3.70%		12/26/25	2		17,025,000		16,950,431
Nelnet Education Loan Funding, Inc., Series 2004-1A, Class B1
0.56%		02/25/36	2,3		10,125,000		7,087,500
Newstar Trust, Series 2012-2A, Class C
4.56%		01/20/23	2,3		5,000,000		4,937,420
North Carolina State Education Authority, Series 2011-1, Class A3
1.18%		10/25/41	2		24,000,000		23,453,520
Northstar Education Finance, Inc.
1.03%		01/29/46	2		42,825,000		40,668,933
Oak Hill Credit Partners, Series 2012-7A, Class A (Cayman Islands)
1.69%		11/20/23	2,3,4		11,950,000		11,931,286
Octagon Investment Partners XI Ltd., Series 2007-1X, Class A1B
0.57%		08/25/21	5		10,000,000		9,649,880
Pam Capital Funding LP, Series 1998-1A, Class B2 (Cayman Islands)
1.62%		05/01/14	2,3,4,6,†		704,095		200,667
Panhandle-Plains Higher Education Authority, Inc., Series 2011-1, Class A3
1.23%		10/01/37	2		16,950,000		16,880,400
Panthera Aviation, Series 2013-1
10.00%		01/25/22	5,†		19,225,000		19,224,950
Panthera Aviation, Series 2013-2
10.00%		03/20/24	5,†		34,625,000		34,624,915
Panthera Equipment Finance Axis, Series 2013-1
8.00%		02/25/22	†		2,745,329		2,745,322
PMC Aviation LLC, Series 2012-1I, Class A
18.00%		04/15/15	†		6,739,401		6,806,774
Race Point CLO Ltd., Series 2012-7A, Class A (Cayman Islands)
1.70%		11/08/24	2,3,4		59,075,000		59,021,537
Red River CLO Ltd., Series 1A, Class A (Cayman Islands)
0.54%		07/27/18	2,3,4		16,487,619		15,984,103
Scholar Funding Trust, Series 2012-B, Class A2
1.30%		03/28/46	2,3		38,825,000		38,571,779
SLC Student Loan Trust, Series 2008-1, Class A4A
1.87%		12/15/32	2		17,375,000		17,926,917

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
SLM Private Credit Student Loan Trust, Series 2004-A, Class A3
0.67%		06/15/33	2	$	40,400,000	$	34,714,427
SLM Private Credit Student Loan Trust, Series 2004-B, Class A3
0.60%		03/15/24	2		24,340,000		20,853,624
SLM Private Credit Student Loan Trust, Series 2005-A, Class A4
0.58%		12/15/38	2		9,280,000		7,527,908
SLM Private Credit Student Loan Trust, Series 2005-B, Class A3
0.54%		12/15/23	2		28,785,000		25,955,535
SLM Student Loan Trust, Series 2003-11, Class A6
0.56%		12/15/25	2,3		14,605,000		14,461,842
SLM Student Loan Trust, Series 2004-1, Class A4
0.54%		10/27/25	2		2,810,000		2,668,865
SLM Student Loan Trust, Series 2005-5, Class A5
1.03%		10/25/40	2		25,000		24,957
SLM Student Loan Trust, Series 2005-A, Class A3
0.47%		06/15/23	2		2,500,000		2,291,913
SLM Student Loan Trust, Series 2006-2, Class A6
0.45%		01/25/41	2		42,655,000		36,007,197
SLM Student Loan Trust, Series 2006-8, Class A6
0.44%		01/25/41	2		32,855,000		27,823,881
SLM Student Loan Trust, Series 2006-9, Class A5
0.38%		01/26/26	2		8,350,000		8,084,681
SLM Student Loan Trust, Series 2007-1, Class A5
0.37%		01/26/26	2		9,550,000		8,964,638
SLM Student Loan Trust, Series 2007-3, Class A4
0.34%		01/25/22	2		7,285,000		6,953,331
SLM Student Loan Trust, Series 2008-3, Class A3
1.28%		10/25/21	2		40,000		40,800
SLM Student Loan Trust, Series 2008-4, Class A4
1.93%		07/25/22	2		200,000		209,081
Sound Point CLO Ltd., Series 2012-1A, Class C (Cayman Islands)
3.58%		10/20/23	2,3,4		11,500,000		11,467,846
South Carolina Student Loan Corp., Series A2
0.40%		12/01/20	2		50,000		49,287
0.40%		12/01/22	2		29,000,000		28,026,180
Stone Tower CLO Ltd., Series 2006-5A, Class C1
1.88%		07/16/20	3		900,000		809,478

See accompanying notes to Schedule of Portfolio Investments.

34 / N-Q Report June 2013

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
Student Loan Consolidation Center Student Loan Trust I, Series 2002-2, Class B2
1.70%		07/01/42	2,3	$	25,050,000	$	19,148,095
Symphony CLO Ltd., Series 2012-9A, Class C (Cayman Islands)
3.53%		04/16/22	2,3,4		1,090,000		1,089,044
Symphony CLO Ltd., Series 2012-9A, Class D (Cayman Islands)
4.53%		04/16/22	3,4		1,700,000		1,670,250
TAL Advantage LLC, Series 2006-1, Class NOTE
0.38%		04/20/21	2,3		31,658,250		31,173,642
TAL Advantage LLC, Series 2010-2A, Class A
4.30%		10/20/25	3,†		8,330,667		8,437,462
TAL Advantage LLC, Series 2011-1A, Class A
4.60%		01/20/26	3		11,375,000		11,515,606
TAL Advantage LLC, Series 2012-1A, Class A
3.86%		05/20/27	3		9,117,292		9,174,649
Textainer Marine Containers Ltd., Series 2005-1A, Class A (Bermuda)
0.44%		05/15/20	2,3,4		2,443,750		2,412,501
Textainer Marine Containers Ltd., Series 2011-1A, Class A (Bermuda)
4.70%		06/15/26	3,4		19,488,000		19,514,348
Textainer Marine Containers Ltd., Series 2012-1A, Class A (Bermuda)
4.21%		04/15/27	3,4		13,250,000		13,448,359
Trinity Rail Leasing LP, Series 2006-1A, Class A1
5.90%		05/14/36	3		6,721,048		7,421,953
Triton Container Finance LLC, Series 2006-1A, Class NOTE
0.37%		11/26/21	2,3		23,602,675		23,028,941
Triton Container Finance LLC, Series 2007-1A, Class NOTE
0.34%		02/26/19	2,3		9,018,125		8,905,304
Triton Container Finance LLC, Series 2012-1A, Class A
4.21%		05/14/27	3		4,123,958		4,143,865
U-Haul S Fleet LLC, Series 2007-BT1, Class BT
5.56%		02/25/20	3		17,015,648		17,317,931
Venture X CDO Ltd., Series 2012-10A, Class C (Cayman Islands)
3.53%		07/20/22	2,3,4		10,000,000		9,961,380
Vermont Student Assistance Corp., Student Loan Asset Backed Notes, Series 2012-1, Class A
0.89%		07/28/34	2		11,811,250		11,707,503
Total Asset-Backed Securities
(Cost $1,589,297,565)							1,607,607,011

Issues	Maturity Date			Principal Amount		Value
BANK LOANS — 0.63%*
Communications — 0.06%
Intelsat Jackson Holdings, Term Loan B-1, 1st Lien (Luxembourg)
4.25%		04/02/18	4,5	$	15,721,000	$	15,774,058
Electric — 0.29%
Texas Competitive Electric Holdings Co. LLC, Term Loan EXT, 1st Lien
4.72%		10/10/17	2,5		77,033,320		53,957,219
Topaz Power Holdings LLC, Term Loan, 1st Lien
5.25%		02/26/20	2,5		18,880,125		18,908,445
							72,865,664
Energy — 0.06%
El Dorado, Secured Term Loan, 1st Lien
0.00%		04/03/17	2,5,6		14,682,035		14,682,035
Health Care — 0.14%
HCA, Inc., Term Loan B4
2.95%		05/01/18	2,5		20,950,678		20,881,855
Valeant Pharmaceuticals, Term Loan
0.00%		05/30/20	5		13,600,000		13,571,100
							34,452,955
Services — 0.08%
AABS Ltd., Series 2013-1, Class A (STEP)
4.88%		01/15/38	†		19,844,401		20,041,287
Total Bank Loans
(Cost $156,756,784)							157,815,999
CORPORATES — 17.77%*
Banking — 3.50%
Abbey National Treasury Services PLC/London (United Kingdom)
2.88%		04/25/14	4		837,000		847,624
3.88%		11/10/14	3,4		23,210,000		23,908,064
Ally Financial, Inc.
2.48%		12/01/14	2		9,009,000		9,113,594
Bank of America Corp.
5.62%		07/01/20			36,593,000		40,346,417
5.75%		12/01/17			1,145,000		1,273,775
6.00%		09/01/17			300,000		336,599
7.38%		05/15/14			45,000		47,371
Bank of America N.A. (BKNT)
0.55%		06/15/16	2		16,945,000		16,391,254
0.57%		06/15/17	2		33,420,000		31,924,121
5.30%		03/15/17			30,625,000		33,243,407
6.00%		06/15/16			1,345,000		1,481,306
6.10%		06/15/17			76,491,000		85,927,381
Bank One Corp. (STEP)
8.53%		03/01/19			1,810,000		2,279,610

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2013 / 35     

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Banking (continued)
Barclays Bank PLC (United Kingdom)
5.00%		09/22/16	4	$	110,000	$	121,599
5.20%		07/10/14	4		12,079,000		12,603,965
Capital One Financial Corp.
7.38%		05/23/14			3,710,000		3,921,789
Chase Capital III, Series C
0.82%		03/01/27	2		4,500,000		3,733,249
Chase Capital VI
0.90%		08/01/28	2		17,175,000		14,195,303
CIT Group, Inc.
4.75%		02/15/15	3		5,100,000		5,163,750
Commonwealth Bank of Australia (Australia)
1.00%		03/17/14	2,3,4		14,785,000		14,796,552
2.12%		03/17/14	3,4		28,275,000		28,565,877
Commonwealth Bank of Australia/New York (Australia)
1.95%		03/16/15	4		16,600,000		16,921,989
Credit Suisse USA, Inc.
5.12%		08/15/15			15,000		16,205
Credit Suisse/New York (Switzerland)
5.50%		05/01/14	4		11,790,000		12,273,001
6.00%		02/15/18	4		36,896,000		41,485,051
Discover Bank/Greenwood DE (BKNT)
8.70%		11/18/19			3,676,000		4,696,127
First Chicago NBD Institutional Capital I
0.82%		02/01/27	2		5,455,000		4,594,676
HBOS Capital Funding LP (United Kingdom)
6.07%		06/24/49	2,3,4		5,823,000		5,095,125
HBOS PLC (United Kingdom)
6.00%		11/01/33	3,4		3,500,000		3,045,000
HBOS PLC, Series G (MTN) (United Kingdom)
6.75%		05/21/18	3,4		63,967,000		68,203,026
HSBC Bank PLC (United Kingdom)
1.08%		01/17/14	2,3,4		29,100,000		29,091,997
3.10%		05/24/16	3,4		28,270,000		29,876,785
HSBC Holdings PLC (United Kingdom)
5.10%		04/05/21	4		23,495,000		25,756,629
JPMorgan Chase & Co.
4.25%		10/15/20			9,525,000		9,930,538
4.62%		05/10/21			51,300,000		54,398,390
6.30%		04/23/19			170,000		197,457
JPMorgan Chase & Co., Series C (MTN)
0.00%		07/23/13	2		2,500,000		2,449,750
JPMorgan Chase Bank N.A.
0.60%		06/13/16	2		14,944,000		14,716,463
JPMorgan Chase Bank N.A. (BKNT)
5.88%		06/13/16			5,040,000		5,623,385
6.00%		07/05/17			1,678,000		1,892,494

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Banking (continued)
6.00%		10/01/17		$	47,957,000	$	54,679,229
M&T Capital Trust III
9.25%		02/01/27			10,200,000		10,348,084
National Australia Bank/New York (MTN) (Australia)
2.75%		03/09/17	4		56,825,000		58,380,362
National Capital Trust II
5.49%		12/29/49	2,3		2,717,000		2,731,694
Royal Bank of Scotland PLC (United Kingdom)
2.55%		09/18/15	4		13,780,000		14,015,938
Svenska Handelsbanken AB (Sweden)
4.88%		06/10/14	3,4		23,240,000		24,124,979
Wachovia Corp.
0.62%		10/28/15	2		13,165,000		13,018,987
Westpac Banking Corp. (Australia)
1.01%		03/31/14	2,3,4		32,750,000		32,936,348
							870,722,316
Communications — 0.71%
Cablevision Systems Corp.
5.88%		09/15/22			24,630,000		23,891,100
CCO Holdings LLC/CCO Holdings Capital Corp.
7.00%		01/15/19			17,875,000		19,014,531
CCO Holdings LLC/CCO Holdings Capital Corp. (WI)
8.12%		04/30/20			17,944,000		19,738,400
Cellco Partnership/Verizon Wireless Capital LLC
7.38%		11/15/13			9,000,000		9,216,000
Intelsat Jackson Holdings SA (Luxembourg)
7.25%		10/15/20	4		30,820,000		32,515,100
8.50%		11/01/19	4		9,325,000		10,047,688
Sprint Nextel Corp.
7.00%		03/01/20	3		1,630,000		1,764,475
9.00%		11/15/18	3		41,220,000		48,124,350
Verizon Communications, Inc.
1.95%		03/28/14			9,746,000		9,844,841
Windstream Corp. (WI)
8.12%		09/01/18			2,730,000		2,904,037
							177,060,522
Consumer Discretionary — 0.06%
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC
7.88%		08/15/19			2,826,000		3,094,470

See accompanying notes to Schedule of Portfolio Investments.

36 / N-Q Report June 2013

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Consumer Discretionary (continued)
Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC (WI)
5.75%		10/15/20		$	11,650,000	$	11,766,500
							14,860,970
Electric — 1.71%
Alabama Power Capital Trust V
3.38%		10/01/42	2		290,000		270,063
Cedar Brakes I LLC
8.50%		02/15/14	3		1,042,470		1,071,301
Cleco Power LLC
6.65%		06/15/18			17,887,000		21,426,247
Coso Geothermal Power Holdings
7.00%		07/15/26	3		20,031,795		11,117,646
DPL, Inc.
6.50%		10/15/16			14,080,000		14,748,800
7.25%		10/15/21			23,670,000		24,616,800
Duquesne Light Holdings, Inc.
6.25%		08/15/35			42,000		46,201
Dynegy Escrow Holdings
0.00%		01/01/50	6,†		54,205,000		1,084,100
Energy Transfer Partners LP
3.29%		11/01/66	2,3		75,433,000		68,266,865
Entergy Gulf States Louisiana LLC (WI)
6.00%		05/01/18			17,500,000		20,015,275
FirstEnergy Corp.
4.25%		03/15/23			22,318,000		20,870,607
FirstEnergy Corp., Series C
7.38%		11/15/31			3,045,000		3,219,457
FPL Energy National Wind Portfolio LLC
6.12%		03/25/19	3		193,315		148,853
FPL Energy Wind Funding LLC
6.88%		06/27/17	3		510,600		431,457
GenOn Americas Generation LLC
8.50%		10/01/21			11,952,000		12,908,160
9.12%		05/01/31			8,569,000		9,211,675
Kansas City Power & Light Co.
6.38%		03/01/18			4,320,000		4,982,584
Metropolitan Edison Co.
3.50%		03/15/23	3		11,725,000		11,298,128
Mirant Mid Atlantic Pass-Through Trust, Series B
9.12%		06/30/17			26,645,089		29,309,598
Mirant Mid Atlantic Pass-Through Trust, Series C
10.06%		12/30/28			8,836,850		9,853,088
Nevada Power Co.
5.45%		05/15/41			600,000		679,140
Oncor Electric Delivery Co. LLC
5.25%		09/30/40			9,938,000		10,621,458

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Electric (continued)
5.30%		06/01/42		$	65,865,000	$	70,102,688
PNM Resources, Inc.
9.25%		05/15/15			15,387,000		17,464,245
Public Service Co. of New Hampshire
6.00%		05/01/18			5,000,000		5,648,230
Public Service Co. of New Mexico
5.35%		10/01/21			5,320,000		5,805,690
7.95%		05/15/18			41,187,000		49,616,291
PVNGS II Funding Corp., Inc.
8.00%		12/30/15			917,000		972,560
Texas-New Mexico Power Co.
6.95%		04/01/43	3		50,000		65,024
Tucson Electric Power
3.85%		03/15/23			85,000		84,486
							425,956,717
Energy — 1.52%
Arch Coal, Inc.
7.00%		06/15/19			39,074,000		32,822,160
7.25%		06/15/21			2,000,000		1,640,000
Continental Resources, Inc.
4.50%		04/15/23	3		6,000,000		5,850,000
El Paso Pipeline Partners
4.10%		11/15/15			46,175,000		49,306,265
5.00%		10/01/21			2,000,000		2,155,818
Newfield Exploration Co.
5.62%		07/01/24			51,020,000		49,967,713
Panhandle Eastern Pipeline Co. LP
8.12%		06/01/19			2,392,000		2,911,693
Petrobras Global Finance BV (Netherlands)
1.89%		05/20/16	2,4		18,970,000		18,833,077
4.38%		05/20/23	4		20,000,000		18,377,413
Petrobras International Finance Co. - Pifco (Cayman Islands)
5.38%		01/27/21	4		18,000,000		18,235,437
5.75%		01/20/20	4		8,000,000		8,237,266
6.88%		01/20/40	4		150,000		150,089
Plains Exploration & Production Co.
6.50%		11/15/20			11,000,000		11,660,000
6.75%		02/01/22			17,555,000		18,518,343
6.88%		02/15/23			27,775,000		29,760,746
Sabine Pass LNG LP
7.50%		11/30/16			33,822,000		36,612,315
7.50%		11/30/16	3		19,273,000		19,947,555
Sinopec Capital 2013 Ltd. (China)
1.25%		04/24/16	3,4		5,020,000		4,969,293
Tennessee Gas Pipeline Co.
8.00%		02/01/16			25,955,000		30,195,294

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2013 / 37     

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Energy (continued)
Tennessee Gas Pipeline Co. LLC
7.62%		04/01/37		$	40,000	$	52,379
8.38%		06/15/32			5,224,000		7,013,638
TransCanada Pipelines Ltd. (Canada)
6.35%		05/15/67	2,4		85,000		88,717
Williams Cos., Inc.
7.88%		09/01/21			5,881,000		7,110,382
8.75%		03/15/32			2,589,000		3,292,501
							377,708,094
Finance — 5.75%
Alta Wind Holdings LLC
7.00%		06/30/35	3		16,080,768		16,986,400
Astoria Depositor Corp.
8.14%		05/01/21	3		47,522,000		47,046,780
Bear Stearns Cos. LLC
4.65%		07/02/18			4,330,000		4,675,707
7.25%		02/01/18			20,725,000		24,702,687
Berkshire Hathaway, Inc.
3.00%		02/11/23			75,000		72,139
3.75%		08/15/21			50,000		51,661
4.50%		02/11/43			51,850,000		48,397,107
Cantor Fitzgerald LP
6.38%		06/26/15	3		10,320,000		10,378,277
Chase Capital II, Series B
0.77%		02/01/27	2		31,185,000		25,007,037
CIT Group, Inc.
4.25%		08/15/17			12,108,000		12,138,270
5.25%		04/01/14	3		32,395,000		32,921,419
5.50%		02/15/19	3		6,500,000		6,743,750
6.62%		04/01/18	3		20,150,000		21,862,750
Citigroup Capital III
7.62%		12/01/36			7,438,000		8,982,114
Citigroup, Inc.
0.55%		11/05/14	2		14,309,000		14,213,645
0.82%		08/25/36	2		49,749,000		40,263,995
1.98%		05/15/18	2		2,128,000		2,192,615
4.59%		12/15/15			4,650,000		4,968,785
5.30%		01/07/16			23,609,000		25,438,698
5.38%		08/09/20			8,425,000		9,330,233
5.50%		10/15/14			72,000		75,752
5.85%		08/02/16			155,000		173,329
6.00%		08/15/17			43,713,000		49,300,396
6.12%		11/21/17			10,055,000		11,439,131
6.12%		05/15/18			2,850,000		3,265,983
6.38%		08/12/14			3,950,000		4,171,378
8.12%		07/15/39			11,309,000		14,983,305
Countrywide Capital III, Series B
8.05%		06/15/27			3,000,000		3,678,750

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Finance (continued)
Discover Financial Services
3.85%		11/21/22		$	11,834,000	$	11,134,646
5.20%		04/27/22			4,515,000		4,668,456
Ford Motor Credit Co. LLC
1.70%		05/09/16			9,225,000		9,084,537
3.88%		01/15/15			26,042,000		26,852,635
7.00%		04/15/15			31,214,000		33,842,219
Ford Motor Credit Co. LLC, Series FRN
1.52%		05/09/16	2		10,525,000		10,573,865
General Electric Capital Corp.
4.62%		01/07/21			20,325,000		21,749,945
5.62%		05/01/18			295,000		338,038
5.90%		05/13/14			50,000		52,372
General Electric Capital Corp. (MTN)
0.41%		06/20/14	2		1,250,000		1,251,664
0.65%		05/05/26	2		57,410,000		52,818,647
0.76%		08/15/36	2		13,220,000		10,790,878
4.38%		09/16/20			30,715,000		32,421,488
5.38%		10/20/16			3,700,000		4,124,743
5.88%		01/14/38			9,795,000		10,818,293
General Electric Capital Corp., Series A (MTN)
6.75%		03/15/32			35,540,000		42,734,078
General Electric Capital Corp., Series E (MTN)
0.40%		03/20/14	2		30,100,000		30,093,619
General Electric Capital Corp., Series G (MTN)
3.10%		01/09/23			17,035,000		16,125,075
6.15%		08/07/37			19,383,000		22,005,055
6.88%		01/10/39			40,785,000		50,430,612
Goldman Sachs Group, Inc.
0.72%		03/22/16	2		1,325,000		1,313,751
1.27%		02/07/14	2		1,624,000		1,628,474
2.38%		01/22/18			18,810,000		18,441,986
3.62%		02/07/16			11,605,000		12,142,581
5.00%		10/01/14			50,000		52,220
5.25%		07/27/21			11,225,000		12,143,760
5.75%		10/01/16			3,600,000		4,002,806
5.95%		01/18/18			7,015,000		7,856,547
6.00%		06/15/20			9,510,000		10,715,333
6.15%		04/01/18			31,176,000		35,166,902
6.75%		10/01/37			500,000		514,165
7.50%		02/15/19			40,077,000		47,740,123
International Lease Finance Corp.
6.50%		09/01/14	3		32,080,000		33,363,200
6.75%		09/01/16	3		41,450,000		44,828,175
7.12%		09/01/18	3		3,955,000		4,387,578

See accompanying notes to Schedule of Portfolio Investments.

38 / N-Q Report June 2013

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Finance (continued)
JPMorgan Chase & Co.
4.35%		08/15/21		$	12,540,000	$	12,999,646
JPMorgan Chase Capital XIII, Series M
1.23%		09/30/34	2		5,763,000		4,647,900
JPMorgan Chase Capital XXI, Series U
1.22%		02/02/37	2		44,175,000		33,131,795
JPMorgan Chase Capital XXIII
1.28%		05/15/47	2		53,101,000		40,315,314
Macquarie Bank Ltd. (Australia)
6.62%		04/07/21	3,4		800,000		847,774
Macquarie Group Ltd. (Australia)
7.30%		08/01/14	3,4		9,175,000		9,678,845
Merrill Lynch & Co., Inc. (MTN)
8.68%		05/02/17	2		5,800,000		6,431,040
8.95%		05/18/17	2		5,990,000		6,693,825
9.57%		06/06/17	2		12,113,000		13,824,567
Morgan Stanley
0.76%		10/15/15	2		5,730,000		5,621,657
3.80%		04/29/16			9,140,000		9,479,497
4.20%		11/20/14			8,625,000		8,925,392
5.50%		07/24/20			32,400,000		34,942,298
6.00%		05/13/14			19,985,000		20,797,290
7.30%		05/13/19			205,000		238,420
Morgan Stanley (MTN)
0.73%		10/18/16	2		20,365,000		19,706,231
5.62%		09/23/19			600,000		641,536
5.75%		10/18/16			8,550,000		9,434,412
5.95%		12/28/17			125,000		138,830
6.25%		08/28/17			12,950,000		14,464,525
6.62%		04/01/18			7,930,000		8,997,568
Morgan Stanley, Series G (MTN)
0.58%		01/09/14	2		2,970,000		2,962,436
5.45%		01/09/17			100,000		108,029
Pipeline Funding Co. LLC
7.50%		01/15/30	3		26,750,000		31,081,804
Prudential Holdings LLC
8.70%		12/18/23	3		22,375,000		27,794,413
Raymond James Financial, Inc.
8.60%		08/15/19			8,453,000		10,524,179
Reckson Operating Partnership LP
5.00%		08/15/18			14,845,000		15,950,624
Woodbourne Capital Trust I
2.70%		04/29/49	2,3,6		900,000		499,500
Woodbourne Capital Trust II
2.70%		04/08/49	2,3,6		925,000		513,375
Woodbourne Capital Trust III
2.69%		04/08/49	2,3,6		1,525,000		846,375

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Finance (continued)
ZFS Finance USA Trust II
6.45%		12/15/65	2,3	$	9,561,000	$	10,301,978
							1,432,211,634
Health Care — 0.68%
CHS/Community Health Systems, Inc.
5.12%		08/15/18			3,725,000		3,790,187
8.00%		11/15/19			14,425,000		15,434,750
HCA, Inc.
7.25%		09/15/20			88,757,000		95,524,721
HCA, Inc. (WI)
7.88%		02/15/20			13,170,000		14,215,369
8.50%		04/15/19			9,343,000		10,049,564
North Shore Long Island Jewish Health Care, Inc.
4.80%		11/01/42			40,000		38,389
Tenet Healthcare Corp.
4.50%		04/01/21	3		7,100,000		6,656,250
VPI Escrow Corp.
6.38%		10/15/20	3		22,905,000		22,618,688
WellPoint, Inc.
6.00%		02/15/14			100,000		103,275
							168,431,193
Industrials — 0.22%
General Electric Co.
5.25%		12/06/17			17,228,000		19,472,360
Sydney Airport Finance Co. Pty Ltd. (Australia)
3.90%		03/22/23	3,4		10,000,000		9,453,360
Sydney Airport Finance Co., Pty Ltd. (Australia)
5.12%		02/22/21	3,4		23,825,000		25,007,435
							53,933,155
Insurance — 0.94%
Farmers Exchange Capital
7.05%		07/15/28	3		19,252,000		23,124,540
7.20%		07/15/48	3		18,265,000		21,563,493
Farmers Insurance Exchange
8.62%		05/01/24	3		18,595,000		24,167,184
MetLife, Inc.
2.38%		02/06/14			10,775,000		10,894,581
Metropolitan Life Global Funding I
1.50%		01/10/18	3		39,800,000		38,800,431
1.88%		06/22/18	3		23,650,000		23,117,196
3.88%		04/11/22	3		18,675,000		18,954,583
Nationwide Mutual Insurance Co.
5.81%		12/15/24	2,3		12,949,000		13,264,632
6.60%		04/15/34	3		19,568,000		20,106,120

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2013 / 39     

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Insurance (continued)
Pricoa Global Funding I
1.60%		05/29/18	3	$	24,825,000	$	24,055,701
5.45%		06/11/14	3		15,130,000		15,815,782
							233,864,243
Materials — 0.15%
ArcelorMittal (Luxembourg)
5.75%		08/05/20	4		140,000		138,950
7.25%		03/01/41	4		2,000,000		1,890,000
Barrick Gold Corp.
4.10%		05/01/23	3		15,015,000		12,674,702
Barrick NA Finance, LLC
5.75%		05/01/43	3		21,990,000		19,269,196
Barrick North America Finance, LLC
4.40%		05/30/21			5,000,000		4,526,745
Southern Copper Corp.
6.38%		07/27/15			100,000		108,258
							38,607,851
Real Estate Investment Trust (REIT) — 1.82%
BRE Properties, Inc.
5.50%		03/15/17			100,000		110,283
Camden Property Trust
4.62%		06/15/21			600,000		634,776
Duke Realty LP
5.40%		08/15/14			1,400,000		1,456,592
ERP Operating LP
5.12%		03/15/16			70,000		76,885
5.75%		06/15/17			100,000		113,209
First Industrial LP (MTN)
7.50%		12/01/17			80,000		89,800
HCP, Inc.
2.62%		02/01/20			47,295,000		44,389,271
3.75%		02/01/19			10,509,000		10,795,981
5.38%		02/01/21			20,035,000		21,717,636
5.62%		05/01/17			1,508,000		1,677,964
6.00%		01/30/17			16,320,000		18,322,350
6.75%		02/01/41			150,000		176,920
7.07%		06/08/15			125,000		138,236
HCP, Inc. (MTN)
6.30%		09/15/16			27,844,000		31,648,493
Health Care REIT, Inc.
4.12%		04/01/19			19,500,000		20,416,992
4.70%		09/15/17			28,088,000		30,550,700
4.95%		01/15/21			12,185,000		12,838,098
5.25%		01/15/22			26,870,000		28,785,745
6.12%		04/15/20			10,505,000		11,950,520
6.50%		03/15/41			13,430,000		15,093,158

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Real Estate Investment Trust (REIT) (continued)
Healthcare Realty Trust, Inc.
5.75%		01/15/21		$	21,375,000	$	23,372,562
6.50%		01/17/17			380,000		425,179
Highwoods Realty LP
7.50%		04/15/18			6,810,000		8,017,209
Kimco Realty Corp., Series C (MTN)
5.19%		10/01/13			100,000		101,096
Nationwide Health Properties, Inc.
6.00%		05/20/15			22,580,000		24,639,093
Post Apartment Homes LP
4.75%		10/15/17			21,885,000		23,606,780
PPF Funding, Inc.
5.50%		01/15/14	3		195,000		198,371
Simon Property Group LP
6.12%		05/30/18			1,290,000		1,517,249
SL Green Realty Corp./SL Green Operating Partnership
7.75%		03/15/20			36,116,000		43,101,946
UDR, Inc. (MTN)
4.25%		06/01/18			5,500,000		5,828,491
5.25%		01/15/15			200,000		211,115
UDR, Inc., Series E (MTN)
5.13%		01/15/14			7,075,000		7,225,843
Ventas Realty LP/Ventas Capital Corp.
2.00%		02/15/18			60,000		58,142
4.75%		06/01/21			10,925,000		11,460,093
WEA Finance LLC
4.62%		05/10/21	3		3,000,000		3,170,049
7.12%		04/15/18	3		38,063,000		45,218,311
WEA Finance LLC/WT Finance Aust Pty Ltd.
6.75%		09/02/19	3		30,000		35,476
7.50%		06/02/14	3		1,000,000		1,062,468
Weingarten Realty Investors (MTN)
4.99%		09/03/13			18,000		18,111
WT Finance Aust Pty Ltd./Westfield Capital/WEA Finance LLC (Australia)
5.12%		11/15/14	3,4		2,170,000		2,308,036
							452,559,229
Transportation — 0.71%
American Airlines Pass-Through Trust, Series 2013-1, Class A
4.00%		07/15/25	3		23,800,000		22,714,125
American Airlines, Series 2011-1, Class A Pass-Through Trust
5.25%		01/31/21			4,440,953		4,718,513
Continental Airlines 1999-2 Class C-2 Pass-Through Trust, Series AMBC
6.24%		03/15/20			107,351		117,818

See accompanying notes to Schedule of Portfolio Investments.

40 / N-Q Report June 2013

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Transportation (continued)
Continental Airlines Pass-Through Trust, Series 1997, Class 4A
6.90%		01/02/18		$	2,552,929	$	2,724,454
Continental Airlines Pass-Through Trust, Series 1999, Class C2
7.26%		03/15/20			10,107,201		11,092,653
Continental Airlines Pass-Through Trust, Series 1999-1, Class A
6.54%		08/02/20			76,621		83,325
Continental Airlines Pass-Through Trust, Series 2007, Class 1A
5.98%		04/19/22			4,289,734		4,761,605
Continental Airlines Pass-Through Trust, Series 2007, Class 1B
6.90%		04/19/22			2,334,738		2,474,822
Continental Airlines Pass-Through Trust, Series 2009, Class A2
7.25%		11/10/19			6,959,853		8,143,027
Delta Air Lines Pass-Through Trust, Series 2002, Class G1
6.72%		01/02/23			43,663,939		47,812,013
JetBlue Airways Pass-Through Trust, Series 2004, Class G2
0.72%		11/15/16	2		13,575,000		12,268,406
Northwest Airlines Pass-Through Trust, Series 2001-1, Class A-1
7.04%		04/01/22			2,881,809		3,184,399
UAL Pass-Through Trust, Series 2009-1
10.40%		11/01/16			49,305		56,701
UAL Pass-Through Trust, Series 2009-2A
9.75%		01/15/17			15,256,032		17,430,017
US Airways Pass-Through Trust, Series 2010-1, Class A
6.25%		04/22/23			19,921,461		21,266,160
US Airways Pass-Through Trust, Series 2011-1, Class A
7.12%		10/22/23			5,326,535		5,935,757
US Airways Pass-Through Trust, Series 2012-1, Class A
5.90%		10/01/24			11,978,380		12,659,650
							177,443,445
Total Corporates
(Cost $4,224,245,143)							4,423,359,369
FOREIGN GOVERNMENT OBLIGATIONS — 0.32%
Foreign Government Obligations — 0.32%
Kommunalbanken AS (Norway)
1.12%		05/23/18	3,4		81,650,000		79,323,120
Total Foreign Government Obligations
(Cost $81,448,488)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED — 53.87%**
Commercial Mortgage-Backed — 4.12%
Banc of America Large Loan, Inc., Series 2010-UB4, Class A4A
5.03%		12/20/41	2,3	$	14,383,132	$	14,869,290
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2004-3, Class A5
5.74%		06/10/39	2		77,479		79,988
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-2, Class A5
4.86%		07/10/43	2		1,000,000		1,058,987
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-4, Class A4
5.37%		07/10/45	2		6,800,000		6,881,229
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-6, Class A4
5.36%		09/10/47	2		105,251,000		113,359,969
Bayview Commercial Asset Trust, Series 2005-3A, Class A1
0.51%		11/25/35	2,3		32,211		25,625
Bayview Commercial Asset Trust, Series 2006-3A, Class A1
0.44%		10/25/36	2,3		5,782,032		4,383,643
Bayview Commercial Asset Trust 2004-2 A
0.62%		08/25/34	2,3		878,694		811,137
Bear Stearns Commercial Mortgage Securities Trust, Series 2004-PWR5, Class A5
4.98%		07/11/42	2		55,510,000		57,609,194
Bear Stearns Commercial Mortgage Securities Trust, Series 2005-T20, Class A4A
5.30%		10/12/42	2		75,225,000		81,305,873
Bear Stearns Commercial Mortgage Securities Trust, Series 2006-T22, Class A4
5.77%		04/12/38	2		21,441,490		23,546,980
Commercial Mortgage Pass-Through Certificates, Series 2005-C6, Class A5A
5.12%		06/10/44	2		47,895,000		51,160,337
Credit Suisse First Boston Mortgage Securities Corp., Series 2005-C6, Class A4
5.23%		12/15/40	2		1,367,142		1,470,895
DBRR Trust, Series 2011-LC2, Class A4A
4.54%		04/12/21	3		29,480,000		31,818,693
DBUBS Mortgage Trust, Series 2011-LC3A, Class A2
3.64%		08/10/44			48,755,000		51,610,678
GE Business Loan Trust, Series 2003-2A, Class A
0.56%		11/15/31	2,3		29,528		28,505
GMAC Commercial Mortgage Securities, Inc., Series 1998-C2, Class X
1.26%		05/15/35	2,6		11,046,883		336,030

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2013 / 41     

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Commercial Mortgage-Backed (continued)
Greenwich Capital Commercial Funding Corp., Series 2004-GG1, Class A7
5.32%		06/10/36	2	$	18,861,377	$	19,218,404
GS Mortgage Securities Corp. II, Series 2011-GC5, Class A4
3.71%		08/10/44	2		107,315,000		109,494,997
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2005-CB12, Class A4
4.90%		09/12/37			2,920,000		3,115,726
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2006-LDP9, Class A3S
5.24%		05/15/47	3		5,495,000		5,591,794
Lehman Brothers Small Balance Commercial, Series 2007-1A, Class 2A3
5.62%		03/25/37	2,3		15,000,000		13,089,669
Merrill Lynch Mortgage Trust, Series 2005-LC1, Class A4
5.29%		01/12/44	2		534,468		579,085
Merrill Lynch Mortgage Trust, Series 2005-MCP1, Class ASB
4.67%		06/12/43	2		27,939		27,868
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-4, Class ASB
5.13%		12/12/49	2		16,693,751		17,318,673
Morgan Stanley Capital I Trust, Series 2005-HQ6, Class A2A
4.88%		08/13/42			62,573		62,768
Morgan Stanley Capital I, Series 2001-C3, Class A2
3.22%		08/15/49			16,551,000		17,388,894
Morgan Stanley Capital I, Series 2005-IQ10, Class A4A
5.23%		09/15/42	2		53,813		57,412
Morgan Stanley Capital I, Series 2005-T19, Class A4A
4.89%		06/12/47			41,100,000		43,719,488
Morgan Stanley Capital I, Series 2006-IQ12, Class A4
5.33%		12/15/43			85,000		94,072
Morgan Stanley Capital I, Series 2006-T21, Class A4
5.16%		10/12/52	2		35,975,000		38,938,171
Morgan Stanley Capital I, Series 2006-T23, Class A2
5.75%		08/12/41	2		3,522		3,531
Morgan Stanley Capital I, Series 2006-T23, Class A4
5.99%		08/12/41	2		44,680,000		49,883,321
Morgan Stanley Capital I, Series 2011-C3, Class A4
4.12%		08/15/49			13,563,000		14,200,881

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Commercial Mortgage-Backed (continued)
Spirit Master Funding LLC, Series 2005-1, Class A1
5.05%		07/20/23	3	$	18,182,568	$	18,237,116
Spirit Master Funding LLC, Series 2006-1A, Class A
5.76%		03/20/24	3		8,432,046		8,432,046
Wachovia Bank Commercial Mortgage Trust, Series 2005-C16, Class A4
4.85%		10/15/41	2		4,320,113		4,514,920
Wachovia Bank Commercial Mortgage Trust, Series 2005-C20, Class A7
5.12%		07/15/42	2		37,720,000		40,342,992
WF-RBS Commercial Mortgage Trust, Series 2010-C8, Class A3
3.00%		08/15/45			52,205,000		49,528,711
WF-RBS Commercial Mortgage Trust, Series 2011-C5, Class A4
3.67%		11/15/44			62,612,000		63,408,550
WF-RBS Commercial Mortgage Trust, Series 2012-C7, Class A2
3.43%		06/15/45			68,158,000		67,053,840
							1,024,659,982
Non-Agency Mortgage-Backed — 17.20%
Aames Mortgage Trust, Series 2002-1, Class A3 (STEP)
6.50%		06/25/32			69,156		66,357
Accredited Mortgage Loan Trust, Series 2005-4, Class A2C
0.40%		12/25/35	2		3,319		3,317
Accredited Mortgage Loan Trust, Series 2007-1, Class A4
0.41%		02/25/37	2		46,125,000		27,538,000
ACE Securities Corp., Series 2006-HE3, Class A2C
0.34%		06/25/36	2		4,917,899		2,948,636
Adjustable Rate Mortgage Trust, Series 2005-10, Class 6A1
0.73%		01/25/36	2		589,663		490,637
Adjustable Rate Mortgage Trust, Series 2005-5, Class 6A21
0.42%		09/25/35	2		5,569,221		5,370,973
Aegis Asset Backed Securities Trust, Series 2005-5, Class 1A3
0.46%		12/25/35	2		9,339,134		9,179,911
American Home Mortgage Assets, Series 2007-1, Class A1
0.87%		02/25/47	2		109,522,774		63,456,433
American Home Mortgage Assets, Series 2007-2, Class A1
0.32%		03/25/47	2		1,065,607		784,269

See accompanying notes to Schedule of Portfolio Investments.

42 / N-Q Report June 2013

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
American Home Mortgage Assets, Series 2007-4, Class A2
0.38%		08/25/37	2	$	11,033,961	$	9,669,104
American Home Mortgage Investment Trust, Series 2006-1, Class 12A1
0.39%		03/25/46	2		3,088,146		2,255,163
American Home Mortgage Investment Trust, Series 2007-1, Class GA1C
0.38%		05/25/47	2		102,502,768		71,937,160
Ameriquest Mortgage Securities, Inc., Series 2005-R6, Class A2
0.39%		08/25/35	2		25,512		24,937
Amresco Residential Securities Mortgage Loan Trust, Series 1998-1, Class A5 (STEP)
7.57%		10/25/27			124,082		128,193
Argent Securities, Inc., Asset-Backed Pass-Through, Series 2005-W2, Class A2B1
0.39%		10/25/35	2		37,216		36,067
Argent Securities, Inc., Series 2005-W4, Class A2C
0.49%		02/25/36	2		2,006,720		1,987,169
Asset Backed Funding Certificates, Series 2006-OPT3, Class A3B
0.35%		11/25/36	2		15,148,617		7,120,183
Asset Backed Funding Certificates, Series 2007-WMC1, Class A2B
1.19%		06/25/37	2		41,281,042		25,886,726
Asset Backed Securities Corp Home Equity, Series 2005-HE6, Class M2
0.70%		07/25/35	2		60,000		59,408
Asset Backed Securities Corp. Home Equity, Series 2006-HE6, Class A5
0.42%		11/25/36	2		18,411,000		8,525,554
Banc of America Alternative Loan Trust, Series 2003-2, Class CB4
5.50%		04/25/33			2,234,102		2,409,023
Banc of America Funding Corp., Series 2003-2, Class 1A1
6.50%		06/25/32			43,168		45,645
Banc of America Funding Corp., Series 2006-E, Class 2A1
2.85%		06/20/36	2		282,200		218,074
Banc of America Funding Corp., Series 2006-G, Class 2A3
0.36%		07/20/36	2		39,449,962		38,091,266
Banc of America Funding Corp., Series 2006-H, Class 3A1
5.86%		09/20/46	2		5,366,408		4,207,084
Banc of America Mortgage Securities Trust, Series 2003-1, Class ASS 3A1
3.15%		10/25/33	2		3,084,424		3,093,039

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Banc of America Mortgage Securities, Inc., Series 2004-F, Class 1A1
3.00%		07/25/34	2	$	173,023	$	172,334
Banc of America Mortgage Securities, Inc., Series 2005-C, Class 2A2
2.94%		04/25/35	2		1,896,803		1,667,315
Banc of America Mortgage Securities, Inc., Series 2005-E, Class 2A6
3.00%		06/25/35	2		25,296		24,988
Banc of America Mortgage Securities, Inc., Series 2007-3, Class 1A1
6.00%		09/25/37			1,917,479		1,758,243
Banco de Credito Y Securitizacion SA, Series 2001-1, Class AF (Argentina)
8.00%		06/30/20	3,4,6		8,000		560
Bayview Financial Acquisition Trust, Series 2005-D, Class AF3
5.50%		12/28/35	2		721,485		720,145
BCAP LLC Trust, Series 2011-RR3, Class 1A5
2.87%		05/27/37	2,3		18,458,249		18,539,253
BCAP LLC Trust, Series 2007-AA1, Class 2A1
0.37%		03/25/37	2		1,646,064		1,309,536
BCAP LLC Trust, Series 2007-AA2, Class 2A5
6.00%		04/25/37			745,905		659,309
BCAP LLC Trust, Series 2010-RR11, Class 3A2
2.89%		06/27/36	2,3		11,772,917		11,832,659
BCAP LLC Trust, Series 2011-RR2, Class 3A6
2.92%		11/21/35	2,3		22,598,108		20,760,993
BCAP LLC Trust, Series 2011-RR3, Class 5A3
2.62%		11/27/37	2,3		14,400,288		13,941,502
BCAP LLC Trust, Series 2011-RR4, Class 1A3
2.89%		03/26/36	2,3		21,018,227		20,619,963
BCAP LLC Trust, Series 2011-RR5, Class 1A3
2.75%		03/26/37	2,3		1,592,179		1,524,949
BCAP LLC Trust, Series 2011-RR5, Class 2A3
2.87%		06/26/37	2,3		8,880,133		8,865,588
Bear Stearns Adjustable Rate Mortgage Trust, Series 2003-4, Class 3A1
3.43%		07/25/33	2		84,885		83,959
Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-1, Class 13A2
2.92%		04/25/34	2		30,330		29,891

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2013 / 43     

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-10, Class 14A1
5.14%		01/25/35	2	$	12,178,007	$	12,052,037
Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-4, Class 2A1
2.77%		10/25/36	2		1,826,437		1,458,250
Bear Stearns Alt-A Trust, Series 2006-3, Class 1A1
0.57%		05/25/36	2		3,638,792		2,191,526
Bear Stearns Alt-A Trust, Series 2006-4, Class 32A1
2.83%		07/25/36	2		4,761,726		3,121,340
Bear Stearns Asset Backed Securities Trust, Series 2002-1, Class 1A5 (STEP)
6.89%		12/25/34			93,871		102,033
Bear Stearns Asset Backed Securities Trust, Series 2003-AC7, Class A1 (STEP)
5.50%		01/25/34			2,000,606		2,067,713
Bear Stearns Asset Backed Securities Trust, Series 2003-AC7, Class A2 (STEP)
5.75%		01/25/34			1,803,681		1,880,383
Bear Stearns Asset Backed Securities Trust, Series 2005-AC5, Class 2A3
0.44%		08/25/20	2		5,530,020		4,168,875
Bear Stearns Asset Backed Securities Trust, Series 2005-SD1, Class 1A3
0.59%		08/25/43	2		33,663		32,930
Bear Stearns Asset Backed Securities Trust, Series 2005-TC2, Class A3
0.56%		08/25/35	2		11,455,659		11,287,106
Bear Stearns Asset Backed Securities Trust, Series 2006-AC2, Class 21A3
6.00%		03/25/36			3,972,229		3,552,819
Bear Stearns Mortgage Funding Trust, Series 2006-AR3, Class 1A1
0.37%		10/25/36	2		3,616,288		2,322,109
Bear Stearns Mortgage Funding Trust, Series 2007-AR4, Class 2A1
0.40%		06/25/37	2		374,859		282,492
BHN I Mortgage Fund, Series 1997-2, Class A1 (Argentina)7
1.47%		05/31/17	2,3,4,6,8,†		13,760		138
BHN I Mortgage Fund, Series 1997-2, Class A2 (Argentina)7
7.54%		05/31/17	3,4,6,8,†		2,500		25
BHN I Mortgage Fund, Series 2000-1, Class AF (Argentina)
8.00%		01/31/20	3,4,6,†		6,000		60
Bombardier Capital Mortgage Securitization Corp., Series 2001-A, Class A
6.80%		12/15/30	2		23,077,909		25,428,523

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
CC Mortgage Funding Corp., Series 2004-1A, Class A1
0.47%		01/25/35	2,3	$	1,792,825	$	1,601,725
Centex Home Equity, Series 2006-A, Class AV3
0.35%		06/25/36	2		33,922,205		33,392,374
Centex Home Equity, Series 2006-A, Class AV4
0.44%		06/25/36	2		200,000		176,165
Chase Mortgage Finance Corp., Series 2006-A1, Class 1A2
3.04%		09/25/36	2		2,110,767		1,688,366
Chase Mortgage Finance Corp., Series 2006-S3, Class 2A1
5.50%		11/25/21			4,243,517		4,063,098
Chase Mortgage Finance Corp., Series 2007-A2, Class 2A3
3.03%		07/25/37	2		9,437,798		9,405,492
Chaseflex Trust, Series 2005-2, Class 4A2
5.50%		05/25/20			10,418,962		10,260,808
Chaseflex Trust, Series 2006-2, Class A2B
0.39%		09/25/36	2		2,788,912		1,947,549
CIT Mortgage Loan Trust, Series 2007-1, Class 2A2
1.44%		10/25/37	2,3		14,662,488		14,402,299
Citicorp Mortgage Securities, Inc., Series 2005-1, Class 1A12
5.00%		02/25/35			703,000		702,350
Citicorp Residential Mortgage Securities 2006-2 A5 (STEP)
6.04%		09/25/36			525,000		506,267
Citicorp Residential Mortgage Securities, Inc., Series 2007-1, Class A5 (STEP)
6.05%		03/25/37			650,000		591,380
Citigroup Mortgage Loan Trust, Inc., Series 2004-HYB1, Class A41
3.05%		02/25/34	2		411,306		397,382
Citigroup Mortgage Loan Trust, Inc., Series 2004-RR2, Class A2
4.77%		05/25/34	2,3		10,380,171		10,848,556
Citigroup Mortgage Loan Trust, Inc., Series 2005-5, Class 3A2A
2.55%		10/25/35	2		1,563,488		1,098,414
Citigroup Mortgage Loan Trust, Inc., Series 2005-9, Class 1A1
0.45%		11/25/35	2		413,701		280,816
Citigroup Mortgage Loan Trust, Inc., Series 2006-AMC1, Class A2B
0.35%		09/25/36	2		6,340,680		3,207,585
Citigroup Mortgage Loan Trust, Inc., Series 2006-WFH2, Class A2A
0.34%		08/25/36	2		11,797,697		11,102,977

See accompanying notes to Schedule of Portfolio Investments.

44 / N-Q Report June 2013

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Citigroup Mortgage Loan Trust, Inc., Series 2007-WFH1, Class A4
0.39%		01/25/37	2	$	173,000	$	139,216
Citigroup Mortgage Loan Trust, Inc., Series 2007-WFH2, Class A3
0.37%		03/25/37	2		40,607,000		36,915,702
Citigroup Mortgage Loan Trust, Inc., Series 2009-2, Class 4A2
5.50%		03/25/36	3		3,534,925		3,569,374
Citigroup Mortgage Loan Trust, Inc., Series 2010-7, Class 2A1
2.65%		02/25/35	2,3		505,787		522,322
Citigroup Mortgage Loan Trust, Inc., Series 2010-9, Class 2A1
2.57%		11/25/35	2,3		528,320		546,700
Citigroup Mortgage Loan Trust, Inc., Series 2012-3, Class 4A1
2.28%		11/25/36	2,3		3,935,850		4,006,762
Citigroup Mortgage Loan Trust, Series 2006-AR3, Class 1A2A
5.53%		06/25/36	2		19,486,042		17,760,395
Citigroup Mortgage Loan Trust, Series 2007-6, Class 1A4A
5.50%		03/25/37	2		1,405,422		861,316
Collateralized Mortgage Obligation Trust, Series 57, Class D
9.90%		02/01/19			2,522		2,900
Conseco Finance Securitizations Corp., Series 2001-4, Class A4
7.36%		09/01/33			8,467,654		9,053,518
Conseco Finance, Series 2001-C, Class A5 (STEP)
7.29%		08/15/33			1,606,935		1,607,275
Conseco Finance, Series 2001-D, Class A5
6.69%		11/15/32	2		40,831		41,014
Conseco Finance, Series 2002-A, Class A5 (STEP)
7.55%		04/15/32			77,804		80,469
Conseco Finance, Series 2002-C, Class BF2
8.00%		06/15/32	2,3		458,193		506,045
Conseco Financial Corp., Series 1996-7, Class M1
7.70%		10/15/27	2		17,189,715		18,543,585
Conseco Financial Corp., Series 1998-2, Class A5
6.24%		12/01/28	2		138,384		142,905
Conseco Financial Corp., Series 1998-3, Class A6
6.76%		03/01/30	2		7,543,838		7,897,105
Conseco Financial Corp., Series 1998-6, Class A8
6.66%		06/01/30			9,956,499		10,723,155

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Countryplace Manufactured Housing Contract Trust, Series 2007-1, Class A4
5.85%		07/15/37	2,3	$	9,150,000	$	9,099,095
Countrywide Alternative Loan Trust, Series 2004-J6, Class 2A1
6.50%		11/25/31			24,088		25,384
Countrywide Alternative Loan Trust, Series 2005-27, Class 3A2
1.27%		08/25/35	2		9,507		6,173
Countrywide Alternative Loan Trust, Series 2005-84, Class 1A1
2.98%		02/25/36	2		197,234		142,875
Countrywide Alternative Loan Trust, Series 2006-24CB, Class A19
0.69%		06/25/36	2		2,542,080		1,696,194
Countrywide Alternative Loan Trust, Series 2006-HY13, Class 4A1
2.90%		02/25/37	2		5,290,326		4,427,373
Countrywide Alternative Loan Trust, Series 2006-OC5, Class 2A2A
0.36%		06/25/36	2		2,755,489		2,098,692
Countrywide Alternative Loan Trust, Series 2007-J1, Class 2A1
0.39%		03/25/37	2		1,278,073		602,651
Countrywide Asset Backed Certificates, Series 2005-11, Class AF4
5.21%		02/25/36	2		7,000,000		5,975,466
Countrywide Asset Backed Certificates, Series 2005-12, Class 2A5
5.24%		02/25/36	2		9,064,964		9,361,116
Countrywide Asset Backed Certificates, Series 2005-13, Class AF4
5.21%		04/25/36	2		275,000		191,275
Countrywide Asset Backed Certificates, Series 2005-2, Class M2
0.63%		08/25/35	2		14,000,000		13,648,205
Countrywide Asset Backed Certificates, Series 2005-4, Class MV1
0.65%		10/25/35	2		161,331		161,135
Countrywide Asset Backed Certificates, Series 2005-7, Class MV1
0.70%		11/25/35	2		5,818,121		5,783,488
Countrywide Asset Backed Certificates, Series 2007-13, Class 2A2
0.99%		10/25/47	2		25,654,440		21,568,663
Countrywide Asset Backed Certificates, Series 2007-4, Class A1A
0.31%		09/25/37	2		167,645		167,234
Countrywide Asset-Backed Certificates, Series 2005-BC2, Class M2
0.87%		05/25/35	2		23,275		23,026

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2013 / 45     

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2001-HYB1, Class 1A1
2.11%		06/19/31	2	$	47,250	$	46,735
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2002-38, Class A3
5.00%		02/25/18			2,710,149		2,727,376
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2003-J8, Class 1A4
5.25%		09/25/23			339,074		352,116
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-14, Class 4A1
4.92%		08/25/34	2		5,189,994		5,244,497
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-25, Class 1A1
0.52%		02/25/35	2		293,573		252,074
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-29, Class 3A1
2.49%		02/25/35	2		7,000,336		4,751,847
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-HYB3, Class 1A
2.53%		06/20/34	2		153,028		151,061
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-HYB4, Class 2A1
2.63%		09/20/34	2		4,486,477		4,214,709
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-HYB7, Class 3A
2.99%		11/20/34	2		4,437,183		4,111,181
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-11, Class 1A2
3.18%		04/25/35	2		2,067,785		1,701,855
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-31, Class 2A3
2.79%		01/25/36	2		643,901		489,467
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-4, Class 4A1
0.48%		02/25/35	2		236,183		168,338
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-9, Class 1A1
0.49%		05/25/35	2		9,350,865		7,927,738
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-HY5, Class 1A1
3.16%		09/25/47	2		2,915,845		2,368,165

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-HYB1, Class 1A1
3.14%		03/25/37	2	$	2,466,291	$	1,661,387
Credit Suisse First Boston Mortgage Securities Corp., Series 2001-MH29, Class A (STEP)
5.60%		09/25/31			13,512		13,623
Credit Suisse First Boston Mortgage Securities Corp., Series 2003-AR20, Class 2A4
2.57%		08/25/33	2		44,801		44,377
Credit Suisse First Boston Mortgage Securities Corp., Series 2004-1, Class 2A1
6.50%		02/25/34			81,743		87,758
Credit Suisse Mortgage Capital Certificates, Series 2006-2, Class 2A1
0.89%		03/25/36	2		8,526,429		5,982,151
Credit Suisse Mortgage Capital Certificates, Series 2007-2, Class 3A4
5.50%		03/25/37			8,256,873		7,851,164
Credit Suisse Mortgage Capital Certificates, Series 2007-5, Class 1A11
7.00%		08/25/37			4,110,835		2,403,774
Credit Suisse Mortgage Capital Certificates, Series 2010-17R, Class 1A1
2.58%		06/26/36	2,3		2,511,036		2,611,130
Credit-Based Asset Servicing and Securitization LLC, Series 2003-CB1, Class AF (STEP)
3.95%		01/25/33			34,496		34,228
Credit-Based Asset Servicing and Securitization LLC, Series 2003-CB4, Class M1
1.23%		03/25/33	2		7,648,781		7,070,832
Credit-Based Asset Servicing and Securitization LLC, Series 2003-CB5, Class M1
1.21%		11/25/33	2		61,653		56,628
Credit-Based Asset Servicing and Securitization LLC, Series 2006-CB1, Class AF2 (STEP)
3.93%		01/25/36			11,728,106		7,322,185
Credit-Based Asset Servicing and Securitization LLC, Series 2006-CB6, Class A23
0.34%		07/25/36	2		34,631,186		27,790,488
Credit-Based Asset Servicing and Securitization LLC, Series 2006-CB8, Class A2B
0.30%		10/25/36	2		15,128,894		14,329,430
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB1, Class AF4 (STEP)
4.65%		01/25/37			9,799,387		4,681,790

See accompanying notes to Schedule of Portfolio Investments.

46 / N-Q Report June 2013

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB1, Class AF5 (STEP)
4.65%		01/25/37		$	18,322,053	$	8,767,670
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB2, Class A2C (STEP)
5.15%		02/25/37			62,195,000		48,147,389
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB2, Class A2D (STEP)
5.18%		02/25/37			42,536,000		32,919,057
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB2, Class A2E (STEP)
5.18%		02/25/37			8,425,934		6,697,893
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB5, Class A2
0.36%		04/25/37	2		33,711,201		19,142,440
CSAB Mortgage Backed Trust, Series 2006-4, Class A6B (STEP)
5.78%		12/25/36			5,268,016		1,745,950
DBRR Trust, Series 2012-EZ1, Class A
0.95%		09/25/45	3		82,460,864		82,622,818
DBRR Trust, Series 2013-EZ2, Class A
0.85%		02/25/43	2,3		93,009,492		92,977,850
Deutsche Alt-A Securities Mortgage Loan Trust, Series 2006-AR3, Class A1
0.38%		08/25/36	2		3,133,782		2,056,613
Deutsche Alt-A Securities Mortgage Loan Trust, Series 2006-AR4, Class A1
0.32%		12/25/36	2		3,749,239		2,178,836
Deutsche ALT-A Securities, Inc. Alternate Loan Trust, Series 2005-3, Class 4A5
5.25%		06/25/35			29,621		28,975
Deutsche ALT-A Securities, Inc. Alternate Loan Trust, Series 2005-6, Class 1A7
5.50%		12/25/35			1,126,127		816,724
Deutsche ALT-A Securities, Inc. Alternate Loan Trust, Series 2006-AR6, Class A6
0.38%		02/25/37	2		2,110,300		1,382,165
Deutsche ALT-A Securities, Inc. Alternate Loan Trust, Series 2007-AR1, Class A2
0.37%		01/25/47	2		1,689,517		914,973
Deutsche ALT-A Securities, Inc. Mortgage Loan Trust, Series 2006-AR1, Class 2A1
3.02%		02/25/36	2		2,603,992		1,883,613
Deutsche Mortgage Securities, Inc., Series 2005-WF1, Class 1A2
5.22%		06/26/35	2,3		351,311		351,744

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Downey Savings & Loan Association Mortgage Loan Trust, Series 2005-AR3, Class 2A1A
0.43%		07/19/45	2	$	535,998	$	463,400
Downey Savings & Loan Association Mortgage Loan Trust, Series 2007-AR1, Class 2A1A
0.33%		04/19/48	2		13,992,463		10,350,635
DSLA Mortgage Loan Trust, Series 2004-AR4, Class 2A1A
0.55%		01/19/45	2		5,961,154		4,811,270
DSLA Mortgage Loan Trust, Series 2005-AR1, Class 2A1A
0.44%		03/19/45	2		1,121,335		955,197
Equifirst Mortgage Loan Trust, Series 2005-1, Class M1
0.61%		04/25/35	2		17,226,829		17,188,499
Equity One ABS, Inc., Series 1998-1, Class A2 (STEP)
7.48%		11/25/29			97,431		90,546
Equity One ABS, Inc., Series 2002-4, Class M1
5.22%		02/25/33	2		17,073		15,839
Equity One Mortgage Pass-Through Trust, Series 2002-5, Class M1 (STEP)
5.80%		11/25/32			172,623		166,395
First Franklin Mortgage Loan Asset Backed Certificates, Series 2005-FFH2, Class M1
0.91%		04/25/35	2,3		1,963,683		1,932,576
First Franklin Mortgage Loan Asset Backed Certificates, Series 2006-FF11, Class 2A3
0.34%		08/25/36	2		31,241,402		24,083,213
First Franklin Mortgage Loan Asset Backed Certificates, Series 2006-FF18, Class A2B
0.30%		12/25/37	2		20,671,354		11,711,345
First Franklin Mortgage Loan Asset Backed Certificates, Series 2006-FF18, Class A2C
0.35%		12/25/37	2		60,149,029		34,319,442
First Franklin Mortgage Loan Asset Backed Certificates, Series 2006-FF18, Class A2D
0.40%		12/25/37	2		43,594,318		25,088,574
First Franklin Mortgage Loan Asset Backed Certificates, Series 2007-FF1, Class A2C
0.33%		01/25/38	2		109,077,054		64,397,751
First Franklin Mortgage Loan Asset Backed Certificates, Series 2007-FF2, Class A2B
0.29%		03/25/37	2		59,199,537		32,379,950
First Franklin Mortgage Loan Asset Backed Certificates, Series 2007-FF2, Class A2C
0.34%		03/25/37	2		25,987,864		14,158,500
First Franklin Mortgage Loan Asset Backed Certificates, Series 2007-FF2, Class A2D
0.41%		03/25/37	2		48,388,714		26,632,205

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2013 / 47     

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
First Franklin Mortgage Loan Trust, Series 2006-FF1, Class A4
0.30%		11/25/36	2	$	15,927,283	$	15,823,429
First Franklin Mortgage Loan Trust, Series 2006-FF13, Class A2C
0.35%		10/25/36	2		7,358,998		4,800,579
First Horizon Alternative Mortgage Securities, Series 2004-AA3, Class A1
2.31%		09/25/34	2		183,060		180,607
First Horizon Alternative Mortgage Securities, Series 2004-AA4, Class A1
2.35%		10/25/34	2		6,509,226		6,385,785
First Horizon Alternative Mortgage Securities, Series 2006-FA8, Class 1A7
6.00%		02/25/37			30,014		25,865
First Horizon Asset Securities, Inc., Series 2004-AR5, Class 2A1
2.63%		10/25/34	2		3,843,580		3,674,030
First Horizon Asset Securities, Inc., Series 2007-AR3, Class 1A1
2.44%		11/25/37	2		849,171		716,183
First Horizon Mortgage Pass-Through Trust, Series 2004-AR1, Class 2A1
2.56%		02/25/34	2		2,285,034		2,235,041
First Horizon Mortgage Pass-Through Trust, Series 2004-AR6, Class 2A1
2.68%		12/25/34	2		1,522,958		1,465,362
First Horizon Mortgage Pass-Through Trust, Series 2006-AR4, Class 1A2
2.58%		01/25/37	2		454,290		383,669
FNBA Mortgage Pass-Through Certificates, Series 2004-AR1, Class A2
0.59%		08/19/34	2		43,553		39,479
Fremont Home Loan Trust, Series 2005-C, Class M1
0.67%		07/25/35	2		10,343,512		10,336,674
GE Business Loan Trust, Series 2004-2X, Class B
0.67%		12/15/32			1,621,612		1,475,667
GE Business Loan Trust, Series 2007-1A, Class A
0.36%		04/16/35	2,3		33,548,308		31,148,111
GMAC Mortgage Corp. Loan Trust, Series 2000-HE2, Class A1
0.63%		06/25/30	2		92,839		77,665
GMAC Mortgage Corp. Loan Trust, Series 2003-AR2, Class 3A5
3.37%		12/19/33	2		15,657,207		15,840,749
GMAC Mortgage Corp. Loan Trust, Series 2004-AR1, Class 22A
3.44%		06/25/34	2		15,578		14,563

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
GMAC Mortgage Corp. Loan Trust, Series 2005-AR6, Class 3A1
3.61%		11/19/35	2	$	2,638,581	$	2,432,744
GMAC Mortgage Corp. Loan Trust, Series 2006-AR2, Class 1A1
3.65%		05/19/36	2		3,659,683		2,712,363
Green Tree, Series 2008-MH1, Class A2
8.97%		04/25/38	2,3		37,766,056		42,404,671
Greenpoint Mortgage Funding Trust, Series 2005-AR3, Class 1A1
0.43%		08/25/45	2		3,519,841		2,803,225
Greenpoint Mortgage Funding Trust, Series 2006-AR8, Class 1A2A
0.37%		01/25/47	2		23,418,765		20,578,326
Greenpoint Mortgage Funding Trust, Series 2007-AR1, Class 3A2
0.35%		02/25/37	2		9,050,135		5,861,770
GS Mortgage Securities Corp., Series 2009-1R, Class 2A1
2.67%		11/25/35	2,3		104,066		105,857
GSAA Home Equity Trust, Series 2005-9, Class 2A3
0.56%		08/25/35	2		10,357,299		9,506,163
GSAA Trust, Series 2007-10, Class A2A
6.50%		11/25/37			2,778,371		2,004,813
GSAMP Trust, Series 2005-AHL2, Class A2D
0.54%		12/25/35	2		25,693,000		13,661,433
GSAMP Trust, Series 2005-HE5, Class M1
0.61%		11/25/35	2		17,000,000		15,694,808
GSR Mortgage Loan Trust, Series 2004-9, Class 3A1
2.82%		08/25/34	2		17,049		16,868
GSR Mortgage Loan Trust, Series 2004-9, Class 5A7
2.77%		08/25/34	2		1,469,000		1,383,135
GSR Mortgage Loan Trust, Series 2005-AR5, Class 2A3
2.92%		10/25/35	2		2,960,761		2,553,553
GSR Mortgage Loan Trust, Series 2005-AR5, Class 2A4
2.92%		10/25/35	2		8,417,481		8,322,805
GSR Mortgage Loan Trust, Series 2006-OA1, Class 2A1
0.38%		08/25/46	2		13,033,089		12,153,896
GSR Mortgage Loan Trust, Series 2007-AR2, Class 2A1
2.78%		05/25/47	2		7,707,309		6,424,686
Harborview Mortgage Loan Trust, Series 2004-1, Class 2A
2.70%		04/19/34	2		28,302		27,356

See accompanying notes to Schedule of Portfolio Investments.

48 / N-Q Report June 2013

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Harborview Mortgage Loan Trust, Series 2004-11, Class 3A2A
0.53%		01/19/35	2	$	901,070	$	723,459
Harborview Mortgage Loan Trust, Series 2005-4, Class 2A
2.86%		07/19/35	2		942,231		903,380
Harborview Mortgage Loan Trust, Series 2006-8, Class 2A1A
0.38%		07/21/36	2		479,597		366,652
Harborview Mortgage Loan Trust, Series 2007-7, Class 2A1A
1.19%		11/25/47	2		1,578,172		1,376,748
Home Equity Asset Trust, Series 2007-1, Class 2A1
0.25%		05/25/37	2		2,397		2,371
Home Equity Asset Trust, Series 2007-2, Class 2A1
0.30%		07/25/37	2		7,686		7,651
Home Equity Loan Trust, Series 2005-2, Class M1
0.65%		01/20/35	2		324,497		320,671
Home Equity Loan Trust, Series 2005-3, Class M1
0.61%		01/20/35	2		376,903		371,002
Home Equity Loan Trust, Series 2006-1, Class A1
0.35%		01/20/36	2		23,830,972		23,204,789
Home Equity Loan Trust, Series 2006-2, Class A1
0.34%		03/20/36	2		31,377,997		31,111,504
Home Equity Loan Trust, Series 2006-4, Class A3V
0.34%		03/20/36	2		40,932		40,167
Home Equity Loan Trust, Series 2007-1, Class AM
0.43%		03/20/36	2		2,574,517		2,526,950
Home Equity Loan Trust, Series 2007-3, Class A4
1.69%		11/20/36	2		13,120,000		12,616,743
Home Equity Loan Trust, Series 2007-3, Class APT
1.39%		11/20/36	2		42,868,386		42,812,700
Homestar Mortgage Acceptance Corp., Series 2004-5, Class A4
0.76%		10/25/34	2		7,335,909		7,200,870
HSI Asset Securitization Corp. Trust, Series 2006-OPT1, Class 2A3
0.38%		12/25/35	2		22,562,364		21,923,059
Impac CMB Trust, Series 2005-1, Class 1A1
0.71%		04/25/35	2		10,386,980		9,966,530
Impac Secured Assets Corp., CMN Owners Trust, Series 2004-3, Class 1
0.99%		11/25/34	2		1,525,344		1,398,928

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Indymac INDA Mortgage Loan Trust, Series 2007-AR1, Class 1A2
3.06%		03/25/37	2	$	2,495,678	$	2,139,359
Indymac INDA Mortgage Loan Trust, Series 2007-AR7, Class 1A1
3.21%		11/25/37	2		7,884,332		7,001,468
Indymac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A
2.53%		08/25/34	2		3,001,417		2,679,437
Indymac Index Mortgage Loan Trust, Series 2004-AR5, Class 2A1B
0.99%		08/25/34	2		43,564		36,174
Indymac Index Mortgage Loan Trust, Series 2004-AR6, Class 6A1
2.84%		10/25/34	2		367,274		361,304
Indymac Index Mortgage Loan Trust, Series 2004-AR7, Class A2
1.05%		09/25/34	2		139,294		108,862
Indymac Index Mortgage Loan Trust, Series 2004-AR8, Class 2A2A
0.99%		11/25/34	2		103,014		88,350
Indymac Index Mortgage Loan Trust, Series 2005-AR1, Class 4A1
2.64%		03/25/35	2		2,909,203		2,848,878
Indymac Index Mortgage Loan Trust, Series 2005-AR15, Class A1
4.70%		09/25/35	2		1,189,436		1,045,560
Indymac Index Mortgage Loan Trust, Series 2005-AR18, Class 2A1A
0.50%		10/25/36	2		323,715		249,767
Indymac Index Mortgage Loan Trust, Series 2005-AR25, Class 1A21
5.09%		12/25/35	2		10,947,469		9,263,562
Indymac Index Mortgage Loan Trust, Series 2005-AR31, Class 3A1
2.56%		01/25/36	2		4,525,875		3,736,811
Indymac Index Mortgage Loan Trust, Series 2005-AR6, Class 2A1
0.43%		04/25/35	2		1,396,784		1,222,042
Indymac Index Mortgage Loan Trust, Series 2006-AR14, Class 1A4A
0.36%		11/25/46	2		23,231,922		19,738,410
Indymac Index Mortgage Loan Trust, Series 2006-AR19, Class 1A2
2.96%		08/25/36	2		31,556,127		21,186,073
Indymac Index Mortgage Loan Trust, Series 2006-AR21, Class A1
0.31%		08/25/36	2		413,475		266,192
Indymac Index Mortgage Loan Trust, Series 2006-AR4, Class A1A
0.40%		05/25/46	2		2,122,540		1,689,190

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2013 / 49     

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Indymac Index Mortgage Loan Trust, Series 2006-AR7, Class 1A1
2.98%		05/25/36	2	$	8,581,627	$	6,029,048
Indymac Index Mortgage Loan Trust, Series 2006-AR8, Class A3A
0.42%		07/25/46	2		46,312,287		31,451,786
Indymac Index Mortgage Loan Trust, Series 2007-AR11, Class 1A1
2.48%		06/25/37	2		8,774,517		5,680,605
Indymac Index Mortgage Loan Trust, Series 2007-AR5, Class 2A1
2.79%		05/25/37	2		440,049		308,248
Indymac Index Mortgage Loan Trust, Series 2007-AR9, Class 2A1
5.01%		04/25/37	2		721,328		558,585
Indymac INDX Mortgage Loan Trust, Series 2005-AR13, Class 4A1
2.48%		08/25/35	2		230,141		187,199
Indymac Manufactured Housing Contract, Series 1997-1, Class A3
6.61%		02/25/28			329,327		326,905
JPMorgan Alternative Loan Trust, Series 2006-A2, Class 1A3
0.36%		05/25/36	2		6,921,394		6,159,244
JPMorgan Alternative Loan Trust, Series 2006-A2, Class 2A1
2.81%		05/25/36	2		2,055,004		1,436,503
JPMorgan Alternative Loan Trust, Series 2006-A2, Class 5A1
5.25%		05/25/36	2		21,179,925		15,582,621
JPMorgan Alternative Loan Trust, Series 2006-S4, Class A4 (STEP)
5.96%		12/25/36			38,700,000		29,186,007
JPMorgan Alternative Loan Trust, Series 2007-A2, Class 12A2
0.29%		06/25/37	2		780,651		780,006
JPMorgan Mortgage Acquisition Corp., Series 2006-WF1, Class A6 (STEP)
6.00%		07/25/36			6,930,124		4,336,622
JPMorgan Mortgage Acquisition Corp., Series 2006-WMC1, Class A5
0.46%		03/25/36	2		25,190,000		14,949,179
JPMorgan Mortgage Acquisition Corp., Series 2007-CH3, Class A4
0.40%		03/25/37	2		1,310,000		1,005,496
JPMorgan Mortgage Acquisition Corp., Series 2007-HE1, Class AF1
0.29%		03/25/47	2		384,478		260,479
JPMorgan Mortgage Acquisition Corp., Series 2007-HE1, Class AF2 (STEP)
4.93%		03/25/47			9,480,000		7,047,110

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
JPMorgan Mortgage Acquisition Corp., Series 2007-HE1, Class AF3 (STEP)
4.93%		03/25/47		$	10,000,000	$	7,431,510
JPMorgan Mortgage Acquisition Corp., Series 2007-HE1, Class AF4 (STEP)
4.93%		03/25/47			5,000,000		3,100,482
JPMorgan Mortgage Acquisition Corp., Series 2007-HE1, Class AV4
0.47%		03/25/47	2		90,000		46,660
JPMorgan Mortgage Trust, Series 2003-A2, Class 2A3
4.49%		11/25/33	2		607,828		581,274
JPMorgan Mortgage Trust, Series 2004-A4, Class 1A3
3.01%		09/25/34	2		2,998,261		3,024,060
JPMorgan Mortgage Trust, Series 2005-A3, Class 3A3
2.38%		06/25/35	2		2,692		2,690
JPMorgan Mortgage Trust, Series 2005-A3, Class 5A3
2.75%		06/25/35	2		274,085		246,827
JPMorgan Mortgage Trust, Series 2005-A5, Class 3A2
2.59%		08/25/35	2		12,454		12,395
JPMorgan Mortgage Trust, Series 2005-A5, Class TA1
5.29%		08/25/35	2		683,212		678,930
JPMorgan Mortgage Trust, Series 2005-S2, Class 4A3
5.50%		09/25/20			12,588,070		13,389,143
JPMorgan Mortgage Trust, Series 2006-A2, Class 5A3
2.90%		11/25/33	2		33,439		33,639
JPMorgan Mortgage Trust, Series 2006-A3, Class 2A1
2.85%		05/25/36	2		3,319,402		2,621,041
JPMorgan Mortgage Trust, Series 2006-A3, Class 3A3
2.80%		05/25/36	2		2,601,467		2,180,111
JPMorgan Mortgage Trust, Series 2006-A4, Class 1A1
2.86%		06/25/36	2		2,165,255		1,717,434
JPMorgan Mortgage Trust, Series 2006-A4, Class 1A4
2.86%		06/25/36	2		6,980,091		5,620,308
JPMorgan Mortgage Trust, Series 2006-A5, Class 2A4
2.94%		08/25/36	2		1,565,429		1,280,652
JPMorgan Mortgage Trust, Series 2007-A1, Class 5A2
3.00%		07/25/35	2		8,444,917		8,501,464

See accompanying notes to Schedule of Portfolio Investments.

50 / N-Q Report June 2013

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
JPMorgan Mortgage Trust, Series 2007-A3, Class 2A3
5.29%		05/25/37	2	$	10,624,324	$	8,917,314
JPMorgan Mortgage Trust, Series 2007-A3, Class 3A2
5.18%		05/25/37	2		35,918		31,420
JPMorgan Mortgage Trust, Series 2007-A4, Class 2A3
5.51%		06/25/37	2		1,909,057		1,606,963
JPMorgan Resecuritization Trust, Series 2010-1, Class 1A1
6.00%		02/26/37	3		5,816,248		6,020,055
JPMorgan Resecuritization Trust, Series 2010-4, Class 1A1
2.61%		07/26/36	2,3		840,362		844,201
Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class A4
5.27%		04/15/40			38,605		41,344
Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class A6
6.47%		04/15/40	2		11,182,443		12,301,756
Lehman XS Trust, Series 2005-2, Class 1A1
0.47%		08/25/35	2		618,646		588,155
Lehman XS Trust, Series 2005-5N, Class 1A1
0.49%		11/25/35	2		3,971,566		3,314,669
Lehman XS Trust, Series 2005-5N, Class 3A1A
0.49%		11/25/35	2		27,124,352		22,253,740
Lehman XS Trust, Series 2006-10N, Class 1A3A
0.40%		07/25/46	2		21,153,025		15,695,354
Lehman XS Trust, Series 2006-13, Class 1A2
0.36%		09/25/36	2		51,858,859		40,087,287
Lehman XS Trust, Series 2006-14N, Class 3A2
0.31%		08/25/36	2		275,383		184,503
Lehman XS Trust, Series 2006-16N, Class A4A
0.38%		11/25/46	2		695,961		523,722
Lehman XS Trust, Series 2006-18N, Class A2A
0.34%		12/25/36	2		15,145,849		12,499,778
Lehman XS Trust, Series 2006-19, Class A2
0.36%		12/25/36	2		36,752,738		27,722,554
Lehman XS Trust, Series 2006-9, Class A1B
0.35%		05/25/46	2		66,781,272		51,286,848

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Lehman XS Trust, Series 2007-10H, Class 2A2
7.50%		07/25/37		$	1,671,075	$	1,048,116
Long Beach Mortgage Loan Trust, Series 2004-4, Class M1
1.09%		10/25/34	2		75,000		69,218
MASTR Adjustable Rate Mortgages Trust, Series 2003-6, Class 4A2
4.85%		01/25/34	2		264,037		264,043
MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 3A1
2.63%		11/21/34	2		26,135,538		26,777,113
MASTR Adjustable Rate Mortgages Trust, Series 2004-15, Class 9A1
2.94%		10/25/34	2		2,672,296		2,646,564
MASTR Adjustable Rate Mortgages Trust, Series 2004-5, Class 3A1
2.64%		06/25/34	2		927		845
MASTR Alternative Loans Trust, Series 2004-6, Class 3A1
4.75%		07/25/19			6,360,380		6,634,008
MASTR Asset Backed Securities Trust, Series 2006-HE4, Class A3
0.34%		11/25/36	2		22,663,964		10,078,631
MASTR Asset Backed Securities Trust, Series 2006-HE4, Class A4
0.40%		11/25/36	2		6,295,546		2,834,868
MASTR Asset Backed Securities Trust, Series 2007-HE1, Class A3
0.40%		05/25/37	2		26,441,000		15,975,150
MASTR Asset Securitization Trust, Series 2002-8, Class 1A1
5.50%		12/25/17			40,784		42,117
MASTR Asset Securitization Trust, Series 2003-8, Class 3A12
5.25%		09/25/33			2,888,374		3,077,805
MASTR Asset Securitization Trust, Series 2004-3, Class 3A2
4.50%		03/25/19			3,686,472		3,824,468
MASTR Seasoned Securities Trust, Series 2004-1, Class 4A1
2.80%		10/25/32	2		47,966		47,393
Mellon Residential Funding Corp., Series 2001-TBC1, Class A1
0.89%		11/15/31	2		5,120,830		5,012,166
Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-1, Class A2C
0.44%		04/25/37	2		44,827,849		24,478,695
Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-2, Class A2B
0.36%		05/25/37	2		17,113,486		10,503,916

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2013 / 51     

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-2, Class A2C
0.43%		05/25/37	2		$63,388,973		$38,270,421
Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-2, Class A2D
0.51%		05/25/37	2		29,010,529		18,192,082
Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-3, Class A2C
0.37%		06/25/37	2		23,372,500		13,515,522
Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-3, Class A2D
0.44%		06/25/37	2		34,732,000		20,292,188
Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-4, Class 2A3
0.35%		07/25/37	2		40,061,215		21,606,716
Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-5, Class 2A2
1.19%		10/25/37	2		22,175,347		17,240,191
Merrill Lynch First Franklin Mortgage, Series 2007-1, Class A2B
0.36%		04/25/37	2		18,691,638		10,091,868
Merrill Lynch Mortgage Backed Securities Trust, Series 2007-2, Class 1A1
2.58%		08/25/36	2		2,313,726		1,988,942
Merrill Lynch Mortgage Investors Trust, Series 2004-A4, Class A1
2.50%		08/25/34	2		6,981,972		7,163,925
Merrill Lynch Mortgage Investors, Inc., Series 2005-A10, Class A
0.40%		02/25/36	2		33,334		28,626
Merrill Lynch Mortgage Investors, Inc., Series 2006-WMC2, Class A2B (STEP)
5.20%		03/25/37			39,261,360		16,164,185
Merrill Lynch Mortgage Investors, Inc., Series 2006-WMC2, Class A2D (STEP)
5.90%		03/25/37			29,630,724		12,274,842
Mid-State Trust, Series 11, Class A1
4.86%		07/15/38			418,565		447,834
Mid-State Trust, Series 2004-1, Class A
6.00%		08/15/37			615,635		696,491
Mid-State Trust, Series 2005-1, Class A
5.74%		01/15/40			27,202,392		30,435,152
Mid-State Trust, Series 2006-1, Class A
5.79%		10/15/40	3		18,542,737		19,598,468
Mid-State Trust, Series 6, Class A1
7.34%		07/01/35			143,445		156,420
Mid-State Trust, Series 6, Class A2
7.40%		07/01/35			8,965		9,717
Morgan Stanley ABS Capital I, Inc., Series 2005-HE3, Class M2
0.71%		07/25/35	2		88,002		86,947

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Morgan Stanley ABS Capital I, Series 2006-HE1, Class A4
0.48%		01/25/36	2		$  4,800,000		$  3,553,771
Morgan Stanley Home Equity Loan Trust, Series 2005-3, Class M1
0.64%		08/25/35	2		56,886		55,283
Morgan Stanley Mortgage Loan Trust, Series 2004-11AR, Class 1A1
0.51%		01/25/35	2		614,299		567,483
Morgan Stanley Mortgage Loan Trust, Series 2004-3, Class 2A2
5.50%		04/25/34			770,943		804,146
Morgan Stanley Mortgage Loan Trust, Series 2004-7AR, Class 2A4
2.20%		09/25/34	2		3,762,192		3,514,964
Morgan Stanley Mortgage Loan Trust, Series 2004-8AR, Class 4A1
2.65%		10/25/34	2		303,768		293,742
Morgan Stanley Mortgage Loan Trust, Series 2006-7, Class 5A2
5.96%		06/25/36	2		268,385		160,245
Morgan Stanley Mortgage Loan Trust, Series 2007-6XS, Class 1A2S (STEP)
5.50%		02/25/47			920,838		911,304
Morgan Stanley Mortgage Loan Trust, Series 2007-7AX, Class 2A1
0.31%		04/25/37	2		8,260,308		4,077,875
Morgan Stanley Resecuritization Trust, Series 2010-R4, Class 1B
0.52%		01/26/36	2,3		13,945,679		13,773,136
Morgan Stanley Resecuritization Trust, Series 2010-R9, Class 3A
3.25%		11/26/36	3		214,392		214,008
MortgageIT Trust, Series 2005-4, Class A1
0.47%		10/25/35	2		3,074,659		2,673,336
MortgageIT Trust, Series 2005-5, Class A1
0.45%		12/25/35	2		1,780,068		1,565,735
Nationstar Home Equity Loan Trust, Series 2007-C, Class 2AV4
0.44%		06/25/37	2		7,955,000		5,006,197
New Century Home Equity Loan Trust, Series 2003-6, Class M1
1.27%		01/25/34	2		55,713		54,064
New Century Home Equity Loan Trust, Series 2005-2, Class A2C
0.49%		06/25/35	2		975,302		971,942
New Century Home Equity Loan Trust, Series 2005-2, Class M1
0.62%		06/25/35	2		65,000		62,387
New Century Home Equity Loan Trust, Series 2005-4, Class A2B
0.46%		09/25/35	2		19,784		19,574

See accompanying notes to Schedule of Portfolio Investments.

52 / N-Q Report June 2013

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
New Century Home Equity Loan Trust, Series 2005-4, Class M1
0.67%		09/25/35	2		$36,420,000		$34,906,858
New Century Home Equity Loan Trust, Series 2005-C, Class A2D
0.53%		12/25/35	2		18,000,000		14,762,970
Newcastle Mortgage Securities Trust, Series 2006-1, Class A4
0.47%		03/25/36	2		71,929,000		66,561,083
Newcastle Mortgage Securities Trust, Series 2007-1, Class 2A3
0.42%		04/25/37	2		17,117,000		8,889,397
Oakwood Mortgage Investors, Inc., Series 1998-B, Class A4
6.35%		03/15/17			9,474		9,555
Option One Mortgage Loan Trust, Series 2005-4, Class A3
0.45%		11/25/35	2		51,167		50,202
Option One Mortgage Loan Trust, Series 2005-5, Class A3
0.40%		12/25/35	2		57,921		56,942
Option One Mortgage Loan Trust, Series 2007-1, Class 2A4
0.41%		01/25/37	2		6,000,000		3,006,243
Ownit Mortgage Loan Asset Backed Certificates, Series 2006-4, Class A2D
0.43%		05/25/37	2		36,376,581		16,841,011
Park Place Securities, Inc., Series 2004-MHQ1, Class M1
1.24%		12/25/34	2		3,604,171		3,604,978
Park Place Securities, Inc., Series 2005-WHQ4, Class A1A
0.45%		09/25/35	2		82,666,465		77,881,515
Popular ABS Mortgage Pass-Through Trust, Series 2005-3, Class AF6 (STEP)
4.76%		07/25/35			1,539,368		1,554,319
Popular ABS Mortgage Pass-Through Trust, Series 2005-6, Class A5 (STEP)
4.78%		01/25/36			22,910,000		16,964,317
Popular ABS Mortgage Pass-Through Trust, Series 2006-D, Class A3
0.45%		11/25/46	2		85,000		61,293
Popular ABS Mortgage Pass-Through Trust, Series 2007-A, Class A3
0.50%		06/25/47	2		23,015,500		12,186,014
Provident Funding Mortgage Loan Trust, Series 2003-1, Class A
2.50%		08/25/33	2		1,688,151		1,681,563
Residential Accredit Loans, Inc., Series 2003-QS3, Class A4
5.50%		02/25/18			121,668		126,181

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Residential Accredit Loans, Inc., Series 2005-QA10, Class A31
3.77%		09/25/35	2		$    1,270,701		$  1,023,733
Residential Accredit Loans, Inc., Series 2005-QA12, Class CB1
3.71%		12/25/35	2		8,424,255		6,094,439
Residential Accredit Loans, Inc., Series 2005-QA4, Class A41
3.08%		04/25/35	2		9,037,159		8,686,020
Residential Accredit Loans, Inc., Series 2005-QA7, Class A1
3.32%		07/25/35	2		7,633,514		5,321,587
Residential Accredit Loans, Inc., Series 2005-QA8, Class CB21
3.45%		07/25/35	2		6,534,089		5,170,115
Residential Accredit Loans, Inc., Series 2005-QA9, Class CB11
3.36%		08/25/35	2		13,913,848		11,176,964
Residential Accredit Loans, Inc., Series 2005-QO4, Class 2A1
0.47%		12/25/45	2		2,760,368		1,975,139
Residential Accredit Loans, Inc., Series 2005-QO5, Class A1
1.17%		01/25/46	2		15,070,829		10,271,154
Residential Accredit Loans, Inc., Series 2006-Q08, Class 1A2A
0.34%		10/25/46	2		12,267,192		11,441,050
Residential Accredit Loans, Inc., Series 2006-Q09, Class 1A2A
0.34%		12/25/46	2		23,022,628		21,948,680
Residential Accredit Loans, Inc., Series 2006-QA1, Class A11
3.42%		01/25/36	2		229,288		168,988
Residential Accredit Loans, Inc., Series 2006-QA1, Class A21
3.84%		01/25/36	2		5,290,605		3,999,277
Residential Accredit Loans, Inc., Series 2006-QS10, Class AV (IO)
0.54%		08/25/36	2,6		75,294,564		1,887,145
Residential Accredit Loans, Inc., Series 2006-QS12, Class 2A9
0.57%		09/25/36	2		657,170		407,726
Residential Accredit Loans, Inc., Series 2006-QS2, Class 1AV (IO)
0.48%		02/25/36	2,6		254,396,604		4,944,198
Residential Accredit Loans, Inc., Series 2006-QS7, Class AV (IO)
0.67%		06/25/36	2,6		131,629,464		3,700,104
Residential Accredit Loans, Inc., Series 2006-QS8, Class AV (IO)
0.76%		08/25/36	2,6		319,554,014		10,106,822

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2013 / 53     

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Residential Accredit Loans, Inc., Series 2007-QS10, Class AV (IO)
0.45%		09/25/37	2,6		$192,385,475		$3,563,749
Residential Accredit Loans, Inc., Series 2007-QS4, Class 3AV (IO)
0.37%		03/25/37	2,6		122,226,989		1,845,933
Residential Accredit Loans, Inc., Series 2007-QS5, Class AV (IO)
0.24%		03/25/37	2,6		154,290,928		1,435,523
Residential Accredit Loans, Inc., Series 2007-QS6, Class AV (IO)
0.32%		04/25/37	2,6		334,890,797		5,097,875
Residential Accredit Loans, Inc., Series 2007-QS7, Class 2AV (IO)
0.38%		06/25/37	2,6		100,119,309		1,570,371
Residential Accredit Loans, Inc., Series 2007-QS8, Class AV (IO)
0.39%		06/25/37	2,6		257,883,931		4,075,727
Residential Asset Mortgage Products, Inc., Series 2003-RS10, Class AI6 (STEP)
5.86%		11/25/33			658,604		681,390
Residential Asset Mortgage Products, Inc., Series 2003-RS11, Class AI6A (STEP)
5.98%		12/25/33			327,735		324,119
Residential Asset Mortgage Products, Inc., Series 2003-RS9, Class AI6A (STEP)
6.11%		10/25/33			38,118		37,644
Residential Asset Mortgage Products, Inc., Series 2004-RS12, Class MII2
1.39%		12/25/34	2		1,430,892		1,385,229
Residential Asset Mortgage Products, Inc., Series 2004-SL1, Class A8
6.50%		11/25/31			118,643		122,724
Residential Asset Mortgage Products, Inc., Series 2004-SL3, Class A2
6.50%		12/25/31			114,935		117,901
Residential Asset Mortgage Products, Inc., Series 2004-SL3, Class A4
8.50%		12/25/31			49,339		48,506
Residential Asset Mortgage Products, Inc., Series 2005-RS8, Class A2
0.48%		10/25/33	2		13,341		13,233
Residential Asset Securitization Trust, Series 2004-IP2, Class 1A1
2.64%		12/25/34	2		519,423		510,066
Residential Asset Securitization Trust, Series 2004-IP2, Class 2A1
2.67%		12/25/34	2		74,778		74,542
Residential Asset Securitization Trust, Series 2004-IP2, Class 3A1
2.66%		12/25/34	2		1,482,491		1,466,799

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Residential Asset Securitization Trust, Series 2006-A7CB, Class 1A3
6.25%		07/25/36			$  2,570,393		$  2,277,704
Residential Funding Mortgage Securities I, Inc., Series 2005-SA5, Class 1A
3.15%		11/25/35	2		15,727,547		12,093,658
Residential Funding Mortgage Securities I, Inc., Series 2006-SA3, Class 3A1
5.72%		09/25/36	2		3,293,123		2,749,052
Residential Funding Mortgage Securities I, Inc., Series 2006-SA3, Class 4A1
6.06%		09/25/36	2		1,369,134		1,146,386
Residential Funding Mortgage Securities I, Inc., Series 2006-SA4, Class 2A1
3.83%		11/25/36	2		258,782		215,160
Residential Funding Mortgage Securities I, Inc., Series 2007-SA2, Class 2A2
3.21%		04/25/37	2		1,778,366		1,493,587
Residential Funding Mortgage Securities II, Inc., Series 1999-HI6, Class AI7 (STEP)
8.60%		09/25/29			149,280		141,608
Residential Funding Mortgage Securities II, Inc., Series 2000-HI1, Class AI7 (STEP)
8.29%		02/25/25			122,229		120,660
Residential Funding Mortgage Securities Trust, Series 1999-HI1, Class A6 (STEP)
7.58%		09/25/29			25,236		25,792
Residential Funding Mortgage Securities Trust, Series 2003-S7, Class A7
5.50%		05/25/33			2,954,682		3,089,165
Residential Funding Mortgage Securities Trust, Series 2004-S2, Class A9
5.50%		03/25/34			1,620,155		1,741,126
Residential Funding Mortgage Securities Trust, Series 2004-S6, Class 1A6
5.50%		06/25/34			1,248,757		1,307,594
Saxon Asset Securities Trust, Series 2001-2, Class AF6 (STEP)
6.81%		06/25/16			26,483		27,221
Saxon Asset Securities Trust, Series 2005-2, Class M1
0.61%		10/25/35	2		25,431,194		25,423,628
Saxon Asset Securities Trust, Series 2007-1, Class A2C
0.34%		01/25/47	2		13,135,000		8,238,415
Saxon Asset Securities Trust, Series 2007-3, Class 2A3
0.59%		09/25/47	2		32,174,000		16,856,377
Securitized Asset Backed Receivables LLC Trust, Series 2005-FR3, Class M1
0.90%		04/25/35	2		2,456,430		2,391,629

See accompanying notes to Schedule of Portfolio Investments.

54 / N-Q Report June 2013

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Securitized Asset Backed Receivables LLC Trust, Series 2007-BR2, Class A2
0.42%		02/25/37	2	$	75,432,494	$	34,884,813
Securitized Asset Backed Receivables LLC Trust, Series 2007-BR3, Class A2B
0.41%		04/25/37	2		48,287,297		26,652,198
Securitized Asset Backed Receivables LLC Trust, Series 2007-BR5, Class A2A
0.32%		05/25/37	2		31,054,739		16,398,734
Securitized Asset Backed Receivables LLC Trust, Series 2007-BR5, Class A2C
0.54%		05/25/37	2		21,031,295		11,716,941
Securitized Asset Backed Receivables LLC Trust, Series 2007-NC1, Class A2B
0.34%		12/25/36	2		52,464,267		26,228,094
Securitized Asset Backed Receivables LLC Trust, Series 2007-NC2, Class A2B
0.33%		01/25/37	2		30,160,000		17,803,478
Securitized Asset Backed Receivables LLC, Series 2007-BR1, Class A2A
0.30%		02/25/37	2		9,786,429		5,254,114
Securitized Asset Backed Receivables LLC, Series 2007-BR1, Class A2B
0.46%		02/25/37	2		47,926,258		26,357,118
Sequoia Mortgage Trust, Series 2004-3, Class A
0.94%		05/20/34	2		1,858,504		1,626,889
SG Mortgage Securities Trust, Series 2006-FRE1, Class A1B
0.46%		02/25/36	2		2,149,130		1,587,430
SG Mortgage Securities Trust, Series 2007-NC1, Class A2
0.43%		12/25/36	2,3		14,510,075		8,378,705
Soundview Home Equity Loan Trust, Series 2006-1, Class A3
0.38%		02/25/36	2		13,177,834		12,849,746
Soundview Home Equity Loan Trust, Series 2006-WF2, Class A2C
0.33%		12/25/36	2		38,695,256		36,545,475
Soundview Home Equity Loan Trust, Series 2007-NS1, Class A4
0.49%		01/25/37	2		12,405,000		6,762,620
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-1, Class 3A3
2.65%		02/25/34	2		56,608		55,680
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-14, Class 1A
2.64%		10/25/34	2		394,818		393,856
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-14, Class 2A
2.50%		10/25/34	2		34,021,431		32,535,110

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-16, Class 3A1
2.64%		11/25/34	2	$	25,506,748	$	24,709,237
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-17, Class A1
1.14%		11/25/34	2		114,900		106,393
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-20, Class 1A2
2.61%		01/25/35	2		1,671,096		1,561,131
Structured Adjustable Rate Mortgage Loan Trust, Series 2006-1, Class 5A1
2.92%		02/25/36	2		4,425,124		4,301,449
Structured Adjustable Rate Mortgage Loan Trust, Series 2007-9, Class 2A1
2.88%		10/25/47	2		2,095,197		1,418,904
Structured Asset Investment Loan Trust, Series 2006-1, Class A3
0.39%		01/25/36	2		17,850,756		17,283,361
Structured Asset Mortgage Investments, Inc., Series 2006-AR3, Class 24A1
2.38%		05/25/36	2		856,162		528,811
Structured Asset Mortgage Investments, Inc., Series 2007-AR3, Class 1A2
0.36%		04/25/37	2		10,764,840		10,666,535
Structured Asset Mortgage Investments, Inc., Series 2007-AR6, Class A1
1.67%		08/25/47	2		155,182,565		121,062,823
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-BC4, Class A3
0.30%		12/25/36	2		23,834,626		23,469,875
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2007-BC1, Class A2
0.24%		02/25/37	2		35,641		35,563
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2004-23XS, Class 2A1
0.49%		01/25/35	2		5,919,028		4,970,974
Structured Asset Securities Corp. Trust, Series 2005-5, Class 2A4
5.50%		04/25/35			12,658,708		12,826,233
Structured Asset Securities Corp., Series 1997-2, Class 2A4
7.25%		03/28/30			4,133		4,193
Structured Asset Securities Corp., Series 2001-15A, Class 4A1
2.31%		10/25/31	2		11,850		11,791
Structured Asset Securities Corp., Series 2003-26A, Class 3A5
2.57%		09/25/33	2		695,563		671,334
Structured Asset Securities Corp., Series 2003-34A, Class 5A4
2.53%		11/25/33	2		4,925,884		4,882,088

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2013 / 55     

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Structured Asset Securities Corp., Series 2003-7H, Class A12
6.50%		03/25/33		$	58,434	$	61,399
Structured Asset Securities Corp., Series 2005-17, Class 4A4
5.50%		10/25/35			11,008,902		10,813,784
Structured Asset Securities Corp., Series 2005-WF4, Class A4
0.55%		11/25/35	2		16,944,988		16,879,428
Structured Asset Securities Corp., Series 2006-WF1, Class A5
0.49%		02/25/36	2		22,644,388		22,065,190
Structured Asset Securities Corp., Series 2006-WF2, Class A3
0.34%		07/25/36	2		14,232,948		13,801,976
Structured Asset Securities Corp., Series 2006-WF2, Class A4
0.50%		07/25/36	2		43,826,000		39,262,421
Structured Asset Securities Corp., Series 2006-WF3, Class A3
0.34%		09/25/36	2		6,173,684		5,845,841
Structured Asset Securities Corp., Series 2007-BC4, Class A3
0.44%		11/25/37	2		7,689,307		7,319,107
Structured Asset Securities Corp., Series 2007-EQ1, Class A4
0.44%		03/25/37	2		26,325,800		14,938,391
Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-3, Class 1A1
2.93%		06/25/37	2		16,025,842		14,006,529
Thornburg Mortgage Securities Trust, Series 2004-4, Class 2A
2.38%		12/25/44	2		435,371		414,130
Vanderbilt Acquisition Loan Trust, Series 2002-1, Class A4
6.57%		05/07/27	2		2,598,992		2,720,574
Wachovia Mortgage Loan Trust LLC, Series 2006-AMN1, Class A3
0.43%		08/25/36	2		1,981,615		1,120,255
WaMu Asset Backed Certificates, Series 2007-HE1, Class 2A2
0.30%		01/25/37	2		6,372,202		3,371,207
WaMu Asset Backed Certificates, Series 2007-HE1, Class 2A3
0.34%		01/25/37	2		58,822,588		31,274,676
WaMu Asset Backed Certificates, Series 2007-HE1, Class 2A4
0.42%		01/25/37	2		19,745,750		10,601,957
WaMu Asset Backed Certificates, Series 2007-HE2, Class 2A4
0.55%		04/25/37	2		1,647,102		756,773

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
WaMu Asset-Backed Certificates, Series 2007-HE3, Class 2A5
0.44%		05/25/47	2	$	11,069,537	$	6,456,330
WaMu Mortgage Pass-Through Certificates, Series 2002-AR18, Class A
2.44%		01/25/33	2		29,812		29,849
WaMu Mortgage Pass-Through Certificates, Series 2003-AR6, Class A1
2.44%		06/25/33	2		51,919		52,374
WaMu Mortgage Pass-Through Certificates, Series 2004-AR3, Class A2
2.46%		06/25/34	2		155,499		155,361
WaMu Mortgage Pass-Through Certificates, Series 2004-AR6, Class A
0.61%		05/25/44	2		155,264		143,386
WaMu Mortgage Pass-Through Certificates, Series 2005-AR11, Class A1A
0.51%		08/25/45	2		104,241,030		94,233,005
WaMu Mortgage Pass-Through Certificates, Series 2005-AR12, Class 1A6
2.45%		10/25/35	2		310,000		279,802
WaMu Mortgage Pass-Through Certificates, Series 2005-AR13, Class A1A1
0.48%		10/25/45	2		270,916		246,405
WaMu Mortgage Pass-Through Certificates, Series 2005-AR14, Class 2A1
2.88%		12/25/35	2		14,832,207		13,577,633
WaMu Mortgage Pass-Through Certificates, Series 2005-AR15, Class A1A1
0.45%		11/25/45	2		41,666,601		37,303,962
WaMu Mortgage Pass-Through Certificates, Series 2005-AR19, Class A1A1
0.46%		12/25/45	2		3,045,333		2,679,073
WaMu Mortgage Pass-Through Certificates, Series 2005-AR2, Class 2A1A
0.50%		01/25/45	2		3,270,332		2,991,989
WaMu Mortgage Pass-Through Certificates, Series 2005-AR6, Class 2A1A
0.42%		04/25/45	2		448,423		391,027
WaMu Mortgage Pass-Through Certificates, Series 2005-AR8, Class 1A1A
0.46%		07/25/45	2		440,485		388,997
WaMu Mortgage Pass-Through Certificates, Series 2006-AR1, Class 2A1A
1.24%		01/25/46	2		84,168,668		75,599,456
WaMu Mortgage Pass-Through Certificates, Series 2006-AR16, Class 3A1
4.63%		12/25/36	2		2,336,597		1,984,745
WaMu Mortgage Pass-Through Certificates, Series 2006-AR3, Class A1A
1.18%		02/25/46	2		1,902,080		1,679,450

See accompanying notes to Schedule of Portfolio Investments.

56 / N-Q Report June 2013

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
WaMu Mortgage Pass-Through Certificates, Series 2006-AR4, Class 1A1A
1.11%		05/25/46	2	$	1,875,919	$	1,713,355
WaMu Mortgage Pass-Through Certificates, Series 2006-AR7, Class 2A
1.15%		07/25/46	2		5,924,284		4,526,819
WaMu Mortgage Pass-Through Certificates, Series 2006-AR9, Class 2A
2.47%		08/25/46	2		2,022,891		1,764,139
WaMu Mortgage Pass-Through Certificates, Series 2007-HE2, Class 2A3
0.44%		04/25/37	2		37,370,435		16,945,923
WaMu Mortgage Pass-Through Certificates, Series 2007-HY1, Class 1A1
2.45%		02/25/37	2		2,697,158		2,083,116
WaMu Mortgage Pass-Through Certificates, Series 2007-HY1, Class 4A1
2.56%		02/25/37	2		1,100,931		911,822
WaMu Mortgage Pass-Through Certificates, Series 2007-HY6, Class 2A1
4.66%		06/25/37	2		884,253		710,247
WaMu Mortgage Pass-Through Certificates, Series 2007-HY7, Class 4A2
5.00%		07/25/37	2		923,865		833,608
WaMu Mortgage Pass-Through Certificates, Series 2007-OA1, Class A1A
0.87%		02/25/47	2		6,347,101		4,753,620
WaMu Mortgage Pass-Through Certificates, Series 2007-OA3, Class 5A
2.22%		04/25/47	2		8,145,934		5,444,490
Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2005-3, Class 2A3
0.74%		05/25/35	2		10,898,040		8,069,486
Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2005-4, Class CB13
0.69%		06/25/35	2		15,563,646		11,009,706
Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2006-AR2, Class A1A
1.11%		04/25/46	2		19,171,060		12,777,205
Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2006-AR3, Class A1A
1.14%		05/25/46	2		35,050,340		22,623,925
Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2006-AR7, Class A1A
1.09%		09/25/46	2		10,440,030		6,242,021
Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2007-1, Class 2A1
6.00%		01/25/22			1,021,783		988,430

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2007-OA1, Class 2A
0.89%		12/25/46	2	$	10,283,984	$	5,730,133
Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2007-OA2, Class 2A
0.87%		01/25/47	2		25,231,312		14,714,510
Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2007-OA3, Class 2A
0.92%		02/25/47	2		47,048,641		27,217,945
Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2007-OA3, Class 4A1
0.94%		04/25/47	2		2,912,442		2,175,815
Washington Mutual MSC Mortgage Pass-Through CTFS, Series 2002-AR1, Class 1A1
2.49%		11/25/30	2		725,953		714,445
Wells Fargo Alternative Loan Trust, Series 2007-PA5, Class 1A1
6.25%		11/25/37			789,554		738,123
Wells Fargo Home Equity Trust, Series 2004-2, Class AI6
5.00%		05/25/34	2		7,486,034		7,664,665
Wells Fargo Home Equity Trust, Series 2005-3, Class AII3
0.53%		11/25/35	2		6,091,501		6,077,770
Wells Fargo Home Equity Trust, Series 2007-2, Class A1
0.28%		04/25/37	2		1,718,735		1,707,826
Wells Fargo Mortgage Backed Securities Trust, Series 2003-17, Class 2A10
5.50%		01/25/34			10,270,289		10,450,522
Wells Fargo Mortgage Backed Securities Trust, Series 2003-M, Class A1
4.69%		12/25/33	2		3,264,462		3,291,516
Wells Fargo Mortgage Backed Securities Trust, Series 2004-L, Class A8
4.78%		07/25/34	2		1,143,176		1,140,335
Wells Fargo Mortgage Backed Securities Trust, Series 2004-S, Class A1
2.63%		09/25/34	2		8,798,200		8,918,181
Wells Fargo Mortgage Backed Securities Trust, Series 2006-10, Class A4
6.00%		08/25/36			9,434,040		9,499,666
Wells Fargo Mortgage Backed Securities Trust, Series 2006-2, Class 2A3
5.50%		03/25/36			865,815		829,304
Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR10, Class 5A1
2.60%		07/25/36	2		720,145		636,418

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2013 / 57     

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR10, Class 5A2
2.60%		07/25/36	2	$	244,231	$	215,835
Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR10, Class 5A3
2.60%		07/25/36	2		522,327		459,210
Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR10, Class 5A6
2.60%		07/25/36	2		2,467,322		2,169,172
Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR17, Class A1
2.63%		10/25/36	2		5,505,704		4,931,173
Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR8, Class 1A3
2.68%		04/25/36	2		34,339		33,634
							4,280,607,708
U.S. Agency Mortgage-Backed — 32.55%
Fannie Mae Pool (TBA)
2.00%		08/25/28			219,595,000		213,350,278
2.50%		08/25/28			1,233,925,000		1,238,744,958
3.00%		08/25/42			904,785,000		881,882,584
3.50%		08/25/43			1,486,765,000		1,505,814,102
Fannie Mae Pool 190375
5.50%		11/01/36			4,598,724		4,989,900
Fannie Mae Pool 254232
6.50%		03/01/22			75,955		84,335
Fannie Mae Pool 313182
7.50%		10/01/26			7,171		8,232
Fannie Mae Pool 394854
6.50%		05/01/27			3,047		3,436
Fannie Mae Pool 467243
4.55%		01/01/21			2,678,156		2,994,444
Fannie Mae Pool 468587
3.84%		08/01/21			812,365		870,716
Fannie Mae Pool 545191
7.00%		09/01/31			21,041		23,061
Fannie Mae Pool 545831
6.50%		08/01/17			29,788		32,146
Fannie Mae Pool 555284
7.50%		10/01/17			4,242		4,589
Fannie Mae Pool 606108
7.00%		03/01/31			6,433		6,733
Fannie Mae Pool 613142
7.00%		11/01/31			48,959		56,214
Fannie Mae Pool 625666
7.00%		01/01/32			21,982		25,670
Fannie Mae Pool 633698
7.50%		02/01/31			137,628		164,337

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae Pool 637093
8.50%		03/01/32		$	13,297	$	14,515
Fannie Mae Pool 642322
2.42%		05/01/32	2		942		986
Fannie Mae Pool 646884
1.92%		05/01/32	2		7,594		7,683
Fannie Mae Pool 655928
7.00%		08/01/32			380,650		439,085
Fannie Mae Pool 725257
5.50%		02/01/34			4,095,596		4,486,462
Fannie Mae Pool 734922
4.50%		09/01/33			5,860,183		6,258,543
Fannie Mae Pool 735207
7.00%		04/01/34			88,701		97,701
Fannie Mae Pool 735224
5.50%		02/01/35			17,725,461		19,402,475
Fannie Mae Pool 735646
4.50%		07/01/20			4,910,913		5,226,692
Fannie Mae Pool 735651
4.50%		06/01/35			17,378,422		18,386,340
Fannie Mae Pool 735686
6.50%		12/01/22			150,116		166,493
Fannie Mae Pool 740297
5.50%		10/01/33			8,669		9,489
Fannie Mae Pool 745592
5.00%		01/01/21			26,223		28,057
Fannie Mae Pool 817611
5.29%		11/01/35	2		1,648,845		1,775,117
Fannie Mae Pool 839109
5.24%		11/01/35	2		36,169		38,967
Fannie Mae Pool 841031
5.23%		11/01/35	2		116,218		125,213
Fannie Mae Pool 844773
5.21%		12/01/35	2		33,389		35,976
Fannie Mae Pool 888412
7.00%		04/01/37			2,627,928		2,928,863
Fannie Mae Pool 889125
5.00%		12/01/21			15,906,617		17,012,159
Fannie Mae Pool 889184
5.50%		09/01/36			15,767,051		17,258,780
Fannie Mae Pool 895606
5.78%		06/01/36	2		104,803		110,831
Fannie Mae Pool 908408
5.53%		04/01/37	2		8,037,160		8,649,951
Fannie Mae Pool 918445
5.83%		05/01/37	2		180,182		190,493
Fannie Mae Pool 933033
6.50%		10/01/37			3,778,870		4,102,731

See accompanying notes to Schedule of Portfolio Investments.

58 / N-Q Report June 2013

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae Pool AB1613
4.00%		10/01/40	$	83,813,388	$	87,985,669
Fannie Mae Pool AB1803
4.00%		11/01/40		88,141,716		92,753,490
Fannie Mae Pool AB1960
4.00%		12/01/40		51,190,968		53,544,554
Fannie Mae Pool AB2051
3.50%		01/01/26		119,068,451		126,023,239
Fannie Mae Pool AB2127
3.50%		01/01/26		65,635,847		68,915,670
Fannie Mae Pool AB3679
3.50%		10/01/41		29,919,501		30,452,442
Fannie Mae Pool AB3864
3.50%		11/01/41		24,265,472		24,705,284
Fannie Mae Pool AB3866
3.50%		11/01/41		87,594,758		89,127,667
Fannie Mae Pool AB4044
3.50%		12/01/41		37,135,696		37,785,571
Fannie Mae Pool AB4045
3.50%		12/01/41		25,298,873		25,773,226
Fannie Mae Pool AD0791
4.76%		02/01/20		19,228,638		21,694,092
Fannie Mae Pool AD0849
4.25%		02/01/20		29,583,638		32,680,613
Fannie Mae Pool AD0850
4.31%		02/01/20		49,610,068		54,754,508
Fannie Mae Pool AE0482
5.50%		01/01/38		37,085,302		40,509,900
Fannie Mae Pool AE0600
3.98%		11/01/20		41,591,247		45,349,491
Fannie Mae Pool AE0605
4.67%		07/01/20		33,183,683		37,294,660
Fannie Mae Pool AE0918
3.66%		10/01/20		6,257,120		6,651,899
Fannie Mae Pool AH3428
3.50%		01/01/26		203,473		215,357
Fannie Mae Pool AH3429
3.50%		01/01/26		60,316,744		63,485,825
Fannie Mae Pool AH3780
4.00%		02/01/41		36,027,010		37,910,584
Fannie Mae Pool AH4793
4.00%		02/01/41		103,200,089		107,944,878
Fannie Mae Pool AH4815
3.50%		02/01/26		219,793		232,631
Fannie Mae Pool AJ0764
4.50%		09/01/41		60,883		64,673
Fannie Mae Pool AJ1404
4.00%		09/01/41		65,051,351		68,182,616

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae Pool AL0209
4.50%		05/01/41		$	57,778,736	$	62,956,971
Fannie Mae Pool AL0290
4.45%		04/01/21			33,260,411		37,093,402
Fannie Mae Pool AL0600
4.30%		07/01/21			4,757,073		5,278,457
Fannie Mae Pool AL0834
4.06%		10/01/21			40,023,970		43,740,166
Fannie Mae Pool AL0851
6.00%		10/01/40			100,668,503		110,034,661
Fannie Mae Pool AL1410
4.50%		12/01/41			76,700,381		81,349,726
Fannie Mae Pool AL1445
4.34%		11/01/21			81,961,485		91,127,142
Fannie Mae Pool AL2602
2.65%		10/01/22			118,903		120,492
Fannie Mae Pool AL2669
4.48%		09/01/21			36,327,166		39,940,078
Fannie Mae Pool AL3306
2.46%		04/01/23			44,858		43,112
Fannie Mae Pool FN0000
3.58%		09/01/20			11,294,633		11,956,571
Fannie Mae Pool FN0001
3.76%		12/01/20			26,212,453		28,121,152
Fannie Mae Pool FN0002
3.31%		12/01/17			1,480,886		1,582,272
Fannie Mae Pool FN0003
4.30%		01/01/21			9,016,095		9,880,641
Fannie Mae Pool FN0005
3.38%		11/01/20			43,636,801		45,564,133
Fannie Mae Pool FN0007
3.46%		11/01/20			80,000		83,929
Fannie Mae Pool FN0010
3.84%		09/01/20			347,993		374,641
Fannie Mae Pool MA1241
2.50%		11/01/22			140,506		142,707
Fannie Mae Pool MA1275
3.00%		12/01/32			10,048,269		10,133,836
Fannie Mae Pool MA1278
2.50%		12/01/22			92,234,635		93,679,407
Fannie Mae Pool MA1307
3.00%		01/01/33			111,954,255		112,942,600
Fannie Mae Pool MA1490
3.00%		07/01/33			63,391,473		63,530,142
Fannie Mae REMICS, Series 2005-122, Class SG (IO)
6.41%		11/25/35	2		334,144		57,291

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2013 / 59     

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae REMICS, Series 2006-49, Class SE
28.23%		04/25/36	2	$	9,987,169	$	16,068,808
Fannie Mae REMICS, Series 2007-17, Class SI (IO)
6.21%		03/25/37	2		14,457,346		1,514,072
Fannie Mae REMICS, Series 2010-116, Class SE (IO)
6.41%		10/25/40	2		21,281,946		2,755,218
Fannie Mae REMICS, Series G92-12, Class B
7.70%		02/25/22			764		841
Fannie Mae Whole Loan, Series 2003-W2, Class 2A9
5.90%		07/25/42			59,228		67,223
Fannie Mae, Series 1988-28, Class H
9.05%		12/25/18			1,800		1,991
Fannie Mae, Series 1989-27, Class Y
6.90%		06/25/19			645		703
Fannie Mae, Series 1991-65, Class Z
6.50%		06/25/21			14,044		15,405
Fannie Mae, Series 1992-123, Class Z
7.50%		07/25/22			2,312		2,737
Fannie Mae, Series 1993-132, Class D (PO)
0.00%		10/25/22	9		119,722		109,170
Fannie Mae, Series 1993-199, Class SD (IO)
0.88%		10/25/23	2		219,895		3,126
Fannie Mae, Series 1993-29, Class PK
7.00%		03/25/23			34,773		38,590
Fannie Mae, Series 1994-55, Class H
7.00%		03/25/24			48,035		53,834
Fannie Mae, Series 1997-34, Class SA
5.38%		10/25/23	2		12,131		14,517
Fannie Mae, Series 1999-11, Class Z
5.50%		03/25/29			151,659		167,448
Fannie Mae, Series 2001-52, Class YZ
6.50%		10/25/31			345,363		390,099
Fannie Mae, Series 2003-106, Class WG
4.50%		11/25/23			32,004,000		34,719,050
Fannie Mae, Series 2005-104, Class NI (IO)
6.51%		03/25/35	2		62,220,586		9,287,686
Fannie Mae, Series 2005-117, Class LC
5.50%		11/25/35			36,399,233		39,316,814
Fannie Mae, Series 2005-92, Class US (IO)
5.91%		10/25/25	2		23,037,739		3,115,562
Fannie Mae, Series 2006-18, Class PD
5.50%		08/25/34			1,165,000		1,213,928
Fannie Mae, Series 2006-4, Class WE
4.50%		02/25/36			324,301		338,029

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae, Series 2006-80, Class PG
6.00%		06/25/35		$	9,743,574	$	9,921,160
Fannie Mae, Series 2007-34, Class SB (IO)
5.92%		04/25/37	2		17,575,871		2,756,405
Fannie Mae, Series 2008-24, Class NA
6.75%		06/25/37			6,039,575		6,541,167
Fannie Mae, Series 2010-17, Class SB (IO)
6.16%		03/25/40	2		29,854,539		4,684,706
Fannie Mae, Series 2010-43, Class KS (IO)
6.23%		05/25/40	2		56,055,697		9,059,694
Fannie Mae, Series 2010-99, Class NI (IO)
6.00%		09/25/40			41,837,893		5,737,335
Fannie Mae, Series 2011-101, Class HE
4.00%		10/25/41			10,100,000		9,752,304
Fannie Mae, Series 2011-111, Class DB
4.00%		11/25/41			24,977,334		26,511,941
Fannie Mae, Series 2012-M12, Class 1A
2.84%		08/25/22	2		147,770,394		147,503,432
Fannie Mae, Series 2012-M15, Class A
2.74%		10/25/22	2		116,171,726		113,812,150
Fannie Mae, Series G92-36, Class Z
7.00%		07/25/22			428		470
Fannie Mae, Series G93-21, Class Z
7.20%		05/25/23			9,076		10,264
Freddie Mac Gold Pool A14189
4.00%		10/01/33			115,667		120,977
Freddie Mac Gold Pool A24156
6.50%		10/01/31			920,726		1,055,587
Freddie Mac Gold Pool A25162
5.50%		05/01/34			8,643,570		9,379,624
Freddie Mac Gold Pool A39012
5.50%		06/01/35			137,801		149,084
Freddie Mac Gold Pool A54856
5.00%		01/01/34			11,371,917		12,217,452
Freddie Mac Gold Pool A61164
5.00%		04/01/36			49,595		53,223
Freddie Mac Gold Pool A97038
4.00%		02/01/41			32,273,425		33,900,025
Freddie Mac Gold Pool C01492
5.00%		02/01/33			2,809,506		3,021,314
Freddie Mac Gold Pool C46104
6.50%		09/01/29			58,780		66,722
Freddie Mac Gold Pool C55789
7.50%		10/01/27			27,673		31,717
Freddie Mac Gold Pool C90573
6.50%		08/01/22			191,079		214,767
Freddie Mac Gold Pool E02402
6.00%		10/01/22			52,760		58,201

See accompanying notes to Schedule of Portfolio Investments.

60 / N-Q Report June 2013

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Freddie Mac Gold Pool G00992
7.00%		11/01/28	$	3,323	$	3,886
Freddie Mac Gold Pool G01515
5.00%		02/01/33		2,778,712		2,988,293
Freddie Mac Gold Pool G01601
4.00%		09/01/33		455,928		476,856
Freddie Mac Gold Pool G01611
4.00%		09/01/33		132,080		138,143
Freddie Mac Gold Pool G02579
5.00%		12/01/34		3,554,968		3,818,814
Freddie Mac Gold Pool G02884
6.00%		04/01/37		14,293,167		15,739,621
Freddie Mac Gold Pool G02955
5.50%		03/01/37		12,066,019		13,224,832
Freddie Mac Gold Pool G03357
5.50%		08/01/37		4,164,480		4,493,084
Freddie Mac Gold Pool G03676
5.50%		12/01/37		10,519,552		11,334,912
Freddie Mac Gold Pool G03783
5.50%		01/01/38		6,120,099		6,618,313
Freddie Mac Gold Pool G03985
6.00%		03/01/38		116,899		126,836
Freddie Mac Gold Pool G04438
5.50%		05/01/38		20,908,072		22,914,720
Freddie Mac Gold Pool G04703
5.50%		08/01/38		24,157,042		25,976,120
Freddie Mac Gold Pool G04706
5.50%		09/01/38		563,903		623,442
Freddie Mac Gold Pool G05866
4.50%		02/01/40		46,829,083		51,090,999
Freddie Mac Gold Pool G06361
4.00%		03/01/41		56,799		59,945
Freddie Mac Gold Pool G06498
4.00%		04/01/41		59,324,589		62,476,207
Freddie Mac Gold Pool G06499
4.00%		03/01/41		28,098,752		29,399,418
Freddie Mac Gold Pool G06620
4.50%		07/01/41		75,031,534		80,842,036
Freddie Mac Gold Pool G11707
6.00%		03/01/20		1,713,051		1,841,539
Freddie Mac Gold Pool G12393
5.50%		10/01/21		12,369,225		13,312,329
Freddie Mac Gold Pool G12399
6.00%		09/01/21		6,820		7,462
Freddie Mac Gold Pool G12824
6.00%		08/01/22		5,303,253		5,876,486
Freddie Mac Gold Pool G12909
6.00%		11/01/22		14,352,388		15,907,249

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Freddie Mac Gold Pool G13032
6.00%		09/01/22		$	3,080,196	$	3,402,119
Freddie Mac Gold Pool G13058
4.50%		10/01/20			9,563,435		10,042,587
Freddie Mac Gold Pool H00790
5.50%		05/01/37			143,662		153,404
Freddie Mac Gold Pool H03161
6.50%		08/01/37			16,755		18,467
Freddie Mac Gold Pool H05069
5.50%		05/01/37			8,581,873		8,980,125
Freddie Mac Gold Pool H09082
6.50%		09/01/37			42,689		46,418
Freddie Mac Gold Pool J13884
3.50%		12/01/25			130,250,750		136,992,887
Freddie Mac Gold Pool Q05804
4.00%		01/01/42			88,134,931		93,028,378
Freddie Mac Gold Pool Q09896
3.50%		08/01/42			34,238,336		34,739,144
Freddie Mac Gold Pool Q17324
3.50%		04/01/43			66,889,161		67,858,532
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K010, Class A2
4.33%		10/25/20			60,000		65,571
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K013, Class A2
3.97%		01/25/21	2		22,640,000		24,233,607
Freddie Mac REMICS, Series 2313, Class LA
6.50%		05/15/31			43,992		49,846
Freddie Mac REMICS, Series 3019,
Class SW (IO)
7.01%		08/15/35	2		7,755,497		1,456,464
Freddie Mac REMICS, Series 3300,
Class SA (IO)
7.01%		08/15/35	2		3,428,878		463,234
Freddie Mac REMICS, Series 3425,
Class SV (IO)
5.86%		08/15/35	2		9,874,090		1,364,093
Freddie Mac REMICS, Series 3891,
Class HS (IO)
5.76%		07/15/41	2		27,993,508		3,691,946
Freddie Mac, Series 1004, Class H
7.95%		10/15/20			395		438
Freddie Mac, Series 1073, Class G
7.00%		05/15/21			1,758		1,960
Freddie Mac, Series 1107, Class ZC
6.50%		07/15/21			7,711		8,488
Freddie Mac, Series 165, Class K
6.50%		09/15/21			220		237

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2013 / 61     

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Freddie Mac, Series 1980, Class Z
7.00%		07/15/27		$	241,768	$	277,774
Freddie Mac, Series 1983, Class Z
6.50%		12/15/23			125,187		139,337
Freddie Mac, Series 2098, Class TZ
6.00%		01/15/28			1,020,785		1,058,128
Freddie Mac, Series 2174, Class PN
6.00%		07/15/29			65,583		72,618
Freddie Mac, Series 2433, Class SA
20.43%		02/15/32	2		38,568		59,363
Freddie Mac, Series 2481, Class AW
6.50%		08/15/32			141,078		157,338
Freddie Mac, Series 2642, Class BW (IO)
5.00%		06/15/23			97,054		9,121
Freddie Mac, Series 2929, Class PE
5.00%		05/15/33			404,965		409,465
Freddie Mac, Series 2971, Class AB
5.00%		05/15/20			9,109		9,691
Freddie Mac, Series 3063, Class YG
5.50%		11/15/35			8,794,000		9,849,246
Freddie Mac, Series 3067, Class SI (IO)
6.46%		11/15/35	2		36,048,644		5,711,464
Freddie Mac, Series 3210, Class PD
6.00%		08/15/35			360,000		378,497
Freddie Mac, Series 3345, Class FP
0.39%		11/15/36	2		13,494,041		13,481,832
Freddie Mac, Series 3345, Class PF
0.37%		05/15/36	2		14,528,487		14,541,789
Freddie Mac, Series 3707, Class EI (IO)
5.00%		12/15/38			60,855,475		8,796,093
Freddie Mac, Series 3752, Class XL
4.50%		11/15/40			66,277,000		73,264,120
Freddie Mac, Series 3904, Class JB
4.50%		08/15/41			18,155,000		19,924,640
Freddie Mac, Series 3925, Class LB
4.50%		09/15/41			9,215,000		9,424,699
Freddie Mac, Series 3928, Class JD
4.00%		09/15/41			32,095,702		33,972,832
Freddie Mac, Series K020, Class A2
2.37%		05/25/40			110,305,000		104,523,474
Ginnie Mae (TBA)
3.00%		08/20/43			181,235,000		178,856,300
Ginnie Mae I Pool 782817
4.50%		11/15/39			56,073,749		60,408,508
Ginnie Mae II Pool (TBA)
3.50%		08/20/43			95,355,000		97,660,655
Ginnie Mae II Pool 2631
7.00%		08/20/28			5,749		6,616

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Ginnie Mae II Pool 80968
1.75%		07/20/34	2	$	39,772	$	41,534
Ginnie Mae II Pool 81267
1.62%		03/20/35	2		78,133		81,655
Ginnie Mae II Pool 8631
2.00%		05/20/25	2		11,971		12,449
Ginnie Mae II Pool 8644
2.50%		06/20/25	2		19,728		20,599
Ginnie Mae II Pool G281432
1.75%		08/20/35	2		73,980		77,346
Ginnie Mae II Pool G281497
1.62%		10/20/35	2		66,191		69,091
Ginnie Mae, Series 2000-22, Class SG (IO)
10.61%		05/16/30	2		520,001		83,476
Ginnie Mae, Series 2003-86, Class ZK
5.00%		10/20/33			24,621,612		26,821,632
Ginnie Mae, Series 2004-93, Class PC
5.00%		04/16/34			280,000		298,341
Ginnie Mae, Series 2005-78, Class ZA
5.00%		10/16/35			22,869,585		25,512,108
Ginnie Mae, Series 2007-35, Class PY (IO)
6.56%		06/16/37	2		49,111,420		8,744,966
Ginnie Mae, Series 2009-106, Class SD (IO)
6.06%		03/20/36	2		46,243,829		6,813,570
Ginnie Mae, Series 2009-106, Class XI (IO)
6.61%		05/20/37	2		122,607,655		19,189,300
Ginnie Mae, Series 2009-124, Class SC (IO)
6.29%		12/20/39	2		20,408,566		2,865,691
Ginnie Mae, Series 2010-116, Class MP
3.50%		09/16/40			335,281		358,812
Ginnie Mae, Series 2010-4, Class SL (IO)
6.21%		01/16/40	2		236,367		36,564
Ginnie Mae, Series 2010-4, Class SM (IO)
5.61%		01/16/40	2		42,975,903		5,065,669
Ginnie Mae, Series 2010-6, Class BS (IO)
6.31%		09/16/39	2		21,785,455		2,741,320
Ginnie Mae, Series 2011-146, Class EI (IO)
5.00%		11/16/41			177,432		40,858
Ginnie Mae, Series 2011-50, Class PS (IO)
5.91%		02/20/41	2		101,414,130		15,711,239
NCUA Guaranteed Notes, Series 2010-C1,
Class A2
2.90%		10/29/20			773,000		805,759
NCUA Guaranteed Notes, Series 2010-R1,
Class 1A
0.64%		10/07/20	2		37,393,313		37,556,909
NCUA Guaranteed Notes, Series 2010-R3,
Class 1A
0.75%		12/08/20	2		48,957,898		49,351,857

See accompanying notes to Schedule of Portfolio Investments.

62 / N-Q Report June 2013

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
NCUA Guaranteed Notes, Series 2010-R3, Class 2A
0.75%		12/08/20	2	$	41,065,737	$	41,396,189
NCUA Guaranteed Notes, Series 2011-C1, Class 2A
0.79%		03/09/21	2		5,772,428		5,809,882
NCUA Guaranteed Notes, Series 2011-R6, Class 1A
0.57%		05/07/20	2		44,023		44,087
							8,103,769,967
Total Mortgage-Backed
(Cost $12,902,444,079)							13,409,037,657
MUNICIPAL BONDS — 1.84%*
California — 0.87%
Los Angeles Department of Water & Power, Build America Bonds
6.57%		07/01/45			36,785,000		46,811,487
Los Angeles Department of Water & Power, Build America Bonds, Series SY
6.01%		07/01/39			350,000		411,418
State of California, Build America Bonds
5.70%		11/01/21			24,230,000		27,711,851
6.65%		03/01/22			10,220,000		12,104,875
7.30%		10/01/39			21,990,000		28,398,326
7.35%		11/01/39			25,000,000		32,474,750
7.60%		11/01/40			2,525,000		3,421,981
7.95%		03/01/36			7,350,000		8,729,669
State of California, Build America Bonds, Various Purpose
7.50%		04/01/34			3,885,000		5,039,933
7.55%		04/01/39			6,800,000		9,112,272
State of California, Taxable, Various Purpose
5.50%		03/01/16			8,450,000		9,410,512
6.20%		03/01/19			10,675,000		12,471,176
6.20%		10/01/19			17,995,000		21,038,674
							217,136,924
Illinois — 0.58%
State of Illinois, Build America Bonds
6.20%		07/01/21			30,175,000		33,092,923
7.35%		07/01/35			8,935,000		9,854,501
State of Illinois, Build America Bonds, Series S
6.63%		02/01/35			11,275,000		11,640,085
State of Illinois, Taxable Bonds
4.07%		01/01/14			1,425,000		1,446,745
4.95%		06/01/23			28,910,000		28,694,910
5.66%		03/01/18			4,215,000		4,623,095
5.88%		03/01/19			16,000,000		17,507,040

Issues	Maturity Date		Principal Amount		Value
MUNICIPAL BONDS (continued)
Illinois (continued)
State of Illinois, Taxable-Pension
4.35%		06/01/18	$	6,200,000	$	6,477,822
5.10%		06/01/33		34,040,000		31,621,798
						144,958,919
New Jersey — 0.07%
New Jersey State Turnpike Authority A, Build America Bonds, Taxable
7.10%		01/01/41		10,550,000		13,592,304
New Jersey State Turnpike Authority, Build America Bonds
7.41%		01/01/40		2,495,000		3,324,113
						16,916,417
New York — 0.00%
City of New York, Build America Bonds
5.82%		10/01/31		220,000		246,083
City of New York, Build America Bonds, Series F1
6.65%		12/01/31		250,000		286,190
Fiscal Year 2005 Securitization Corp., Special Obligation, Series B
4.93%		04/01/20		70,000		76,877
New York City Municipal Water Finance Authority, Build America Bonds, Series SE
6.49%		06/15/42		400,000		458,360
						1,067,510
Texas — 0.32%
City of Houston Texas, Taxable Pension Obligation, Series A
6.29%		03/01/32		68,325,000		79,088,237
County of Harris Texas, Prerefunded, Flood Control Bonds, Series B
5.25%		10/01/13		7,000		7,085
North Texas Tollway Authority, Build America Bonds
6.72%		01/01/49		50,000		58,962
						79,154,284
Total Municipal Bonds
(Cost $444,926,499)						459,234,054
U.S. AGENCY SECURITIES — 1.23%
U.S. Agency Securities — 1.23%
Fannie Mae
0.50%		10/22/15		65,000		64,976
0.50%		01/29/16		130,000		129,554
0.65%		03/28/16		70,000		69,761
Federal Home Loan Bank (STEP)
0.75%		05/26/28		112,670,000		110,443,415

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2013 / 63     

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date	Principal Amount		Value
U.S. AGENCY SECURITIES (continued)
U.S. Agency Securities (continued)
Freddie Mac
0.39%	11/18/132	$	50,000,000	$	50,062,652
0.50%	09/14/15		145,420,000		145,337,358
0.60%	03/28/16		45,000		44,758
Total U.S. Agency Securities
(Cost $308,241,395)					306,152,474
U.S. TREASURY SECURITIES — 28.13%
U.S. Treasury Bonds — 2.25%
U.S. Treasury Bonds
2.75%	08/15/42		130,005,000		112,240,987
3.12%	02/15/42		155,870,000		145,969,761
U.S. Treasury Bonds - Treasury Inflation Indexed Bonds
2.12%	02/15/4110		157,325,000		203,297,504
U.S. Treasury Bonds (Strip Principal)
0.00%	11/15/279		158,200,000		99,838,913
					561,347,165
U.S. Treasury Notes — 25.88%
U.S. Treasury Notes
0.38%	01/15/16		42,000,000		41,852,328
0.75%	06/30/17		731,010,000		721,929,394
0.75%	12/31/17		99,106,800		96,954,319
0.88%	04/30/17		330,985,000		329,381,709
1.00%	01/15/14		149,000,000		149,712,965
1.38%	06/30/18		1,619,580,000		1,619,015,641
1.62%	11/15/22		105,055,000		98,083,363
1.75%	05/15/23		293,735,000		275,124,244
3.50%	02/15/18		289,560,000		318,708,268
U.S. Treasury Notes - Treasury Inflation Indexed Notes
0.12%	04/15/1610		485,560,000		525,005,218
0.12%	04/15/1710		790,100,000		830,494,061
0.12%	04/15/1810		411,280,000		424,213,355
0.50%	04/15/1510		405,205,000		445,904,883
1.25%	04/15/1410		360,665,000		401,957,268
2.00%	01/15/1410		21,655,000		27,648,828
2.00%	07/15/1410		106,630,000		135,880,977
					6,441,866,821
Total U.S. Treasury Securities
(Cost $7,178,684,390)					7,003,213,986
Total Bonds – 110.25%
(Cost $26,886,044,343)					27,445,743,670

Issues	Shares		Value
COMMON STOCK — 0.11%
Electric — 0.11%
Dynegy, Inc.7		1,255,250	$	28,305,883
Total Common Stock
(Cost $24,138,454)

Issues	Notional Amount		Value
PURCHASED SWAPTIONS — 0.25%
Option to enter into a 10-year Interest Rate Swap for the counterparty to pay the Fund a floating rate based on 3-month USD LIBOR in exchange for receiving from the Fund a fixed rate of 2.65% annually; Option Expiration Date of 03/27/14. Counterparty: Barclays, Inc.		272,400		1,303,243
Option to enter into a 10-year Interest Rate Swap for the counterparty to pay the Fund a floating rate based on 3-month USD LIBOR in exchange for receiving from the Fund a fixed rate of 2.65% annually; Option Expiration Date of 03/27/14. Counterparty: Citigroup, Inc.		1,063,150		5,086,429
Option to enter into a 10-year Interest Rate Swap for the counterparty to pay the Fund a floating rate based on 3-month USD LIBOR in exchange for receiving from the Fund a fixed rate of 2.65% annually; Option Expiration Date of 03/27/14. Counterparty: CS First Boston		1,269,550		6,073,908
Option to enter into a 30-year Interest Rate Swap for the counterparty to pay the Fund a floating rate based on 3-month USD LIBOR in exchange for receiving from the Fund a fixed rate of 4.50% annually; Option Expiration Date of 03/13/18. Counterparty: Barclays, Inc.		166,500		1,365,447
Option to enter into a 30-year Interest Rate Swap for the counterparty to pay the Fund a floating rate based on 3-month USD LIBOR in exchange for receiving from the Fund a fixed rate of 4.50% annually; Option Expiration Date of 03/13/18. Counterparty: Citigroup, Inc.		1,065,850		8,740,908
Option to enter into a 30-year Interest Rate Swap for the counterparty to pay the Fund a floating rate based on 3-month USD LIBOR in exchange for receiving from the Fund a fixed rate of 4.50% annually; Option Expiration Date of 03/13/18. Counterparty: Deutsche Bank AG		1,571,350		12,886,453
Option to enter into a 30-year Interest Rate Swap for the counterparty to pay the Fund a floating rate based on 3-month USD LIBOR in exchange for receiving from the Fund a fixed rate of 4.50% annually; Option Expiration Date of 03/13/18. Counterparty: Goldman Sachs Group, Inc.		994,500		8,155,775

See accompanying notes to Schedule of Portfolio Investments.

64 / N-Q Report June 2013

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Notional Amount		Value
PURCHASED SWAPTIONS (continued)
Option to enter into a 30-year Interest Rate Swap for the Fund to pay a floating rate based on 3-month USD LIBOR in exchange for receiving a fixed rate of 4.50% annually; Option Expiration Date of 04/09/18. Counterparty: Barclays, Inc.		654,500	$	5,408,094
Option to enter into a 30-year Interest Rate Swap for the Fund to pay a floating rate based on 3-month USD LIBOR in exchange for receiving a fixed rate of 4.50% annually; Option Expiration Date of 04/09/18. Counterparty: Deutsche Bank AG		1,500,000		12,394,410
Total Purchased Swaptions
(Cost $45,914,748)				61,414,667

Issues	Maturity Date			Principal Amount/ Shares		Value
SHORT-TERM INVESTMENTS — 7.37%
Commercial Paper — 1.93%
Lloyds TSB Bank PLC (United Kingdom)
0.24%11		08/07/13	4	$	149,220,000		149,187,578
Macquarie Bank Ltd. (Australia)
0.32%11		10/24/13	3,4		200,000,000		199,817,760
RBS Holdings USA, Inc.
0.35%11		08/20/13			130,295,000		130,258,016
							479,263,354
Money Market Funds — 2.00%
BlackRock Liquidity Funds
TempFund Portfolio
0.04%12					52,061,000		52,061,000
Dreyfus Cash Advantage Fund
0.07%12,13					191,013,000		191,013,000
DWS Money Market Series
Institutional Funds
0.07%12					254,799,000		254,799,000
							497,873,000
Repurchase Agreements — 0.20%
Deutsche Bank AG (Dated 6/28/13, total to be received $49,000,735, (collateralized by U.S. government sponsored agency obligations, 0.00% to 0.19%, due from 8/1/13 to 7/15/29, par and fair value of $69,258,000 and $49,980,929, respectively))
0.18%		07/01/13			49,000,000		49,000,000
U.S. Agency Discount Notes — 3.21%
Fannie Mae
0.07%11		10/01/13			150,000,000		149,984,700
Federal Home Loan Bank
0.06%11		07/19/13			278,190,000		278,185,828
0.10%11		09/25/13			144,000,000		143,989,632
0.11%11		07/17/13			77,965,000		77,963,968

Issues	Maturity Date			Principal Amount/ Shares		Value
SHORT-TERM INVESTMENTS (continued)
U.S. Agency Discount Notes (continued)
Freddie Mac
0.04%11		09/04/13		$	120,000	$	119,994
0.06%11		08/26/13			150,000,000		149,993,000
							800,237,122
U.S. Treasury Bills — 0.03%
U.S. Treasury Bills
0.05%11		08/22/13	14		7,642,000		7,641,697
Total Short-Term Investments
(Cost $1,833,911,790)							1,834,015,173
Total Investments – 117.98%
(Cost $28,790,009,335)1							29,369,479,393
Liabilities in Excess of Other
Assets – (17.98)%							(4,475,766,533	)
NET ASSETS – 100.00%						$	24,893,712,860

Contracts	Unrealized   (Depreciation)
FUTURES CONTRACTS: LONG POSITIONS
2,575	Euro Dollar Ninety Day,
	Expiration December 2014	$	(1,246,126	)
2,302	U.S. Treasury Ten Year Note,
	Expiration September 2013		(8,962,056	)
1,586	U.S. Treasury Thirty Year Long Bond,
	Expiration September 2013		(8,562,532	)
	Net unrealized (depreciation)	$	(18,770,714	)

Contracts	Unrealized   Appreciation
FUTURES CONTRACTS: SHORT POSITIONS
2,575	Euro Dollar Ninety Day,
	Expiration December 2015	$	4,153,879
	Net unrealized appreciation	$	4,153,879

	Expiration Date	Premiums Paid/ (Received)	Notional Amount (000’s)	Appreciation/ (Depreciation)	Value
SWAPS: INTEREST RATE
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 0.58% quarterly. Counterparty: Citigroup, Inc.
	06/09/14	$  55	$   5,000	$  (2,861)	$  (2,806)
The Fund pays a floating rate based on 3-month USD LIBOR quarterly and the Fund receives from the counterparty a fixed rate equal to 3.15% semi-annually. Counterparty: Barclays, Inc.
	03/15/26	–	105,370	(5,254,697)	(5,254,697)

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2013 / 65     

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

	Expiration Date	Premiums Paid/ (Received)	Notional Amount (000’s)		Appreciation/ (Depreciation)		Value
SWAPS: INTEREST RATE (continued)
The Fund pays a floating rate based on 3-month USD LIBOR quarterly and the Fund receives from the counterparty a fixed rate equal to 3.15% semi-annually. Counterparty: Deutsche Bank AG
	03/15/26	$–		$  176,000		$  (8,776,944)		$  (8,776,944)
The Fund pays a floating rate based on 3-month USD LIBOR quarterly and the Fund receives from the counterparty a fixed rate equal to 2.81% semi-annually. Counterparty: Barclays, Inc.
	04/09/26	–		195,580		(15,538,459)		(15,538,459)
The Fund pays a floating rate based on 3-month USD LIBOR quarterly and the Fund receives from the counterparty a fixed rate equal to 2.80% semi-annually. Counterparty: Goldman Sachs Group, Inc.
	04/09/26	–		100,730		(8,013,162)		(8,013,162)
The Fund pays a fixed rate equal to 2.42% semi-annually and the Fund receives from the counterparty a floating rate based on 3-month USD LIBOR quarterly. Counterparty: Barclays, Inc.
	11/15/27	–		49,760		5,139,898		5,139,898
The Fund pays a fixed rate equal to 2.48% semi-annually and the Fund receives from the counterparty a floating rate based on 3-month USD LIBOR quarterly. Counterparty: Barclays, Inc.
	11/15/27	–		50,120		4,739,405		4,739,405
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 2.72% quarterly. Counterparty: Morgan Stanley
	02/17/42	–		45,000		5,533,252		5,533,252
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 2.72% quarterly. Counterparty: Barclays, Inc.
	02/17/42	–		45,000		5,533,252		5,533,252
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 2.75% quarterly. Counterparty: Barclays, Inc.
	02/17/42	–		54,815		6,469,023		6,469,023
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 2.72% quarterly. Counterparty: Citigroup, Inc.
	08/15/42	–		53,985		6,824,465		6,824,465
The Fund pays a floating rate based on 3-month USD LIBOR quarterly and the Fund receives from the counterparty a fixed rate equal to 3.49% semi-annually. Counterparty: Barclays, Inc.
	03/15/46	–		47,250		3,172,015		3,172,015
The Fund pays a floating rate based on 3-month USD LIBOR quarterly and the Fund receives from the counterparty a fixed rate equal to 3.49% semi-annually. Counterparty: Deutsche Bank AG
	03/15/46	–		78,900		5,279,625		5,279,625
The Fund pays a floating rate based on 3-month USD LIBOR quarterly and the Fund receives from the counterparty a fixed rate equal to 3.13% semi-annually. Counterparty: Barclays, Inc.
	04/09/46	–		87,920		11,578,791		11,578,791
The Fund pays a floating rate based on 3-month USD LIBOR quarterly and the Fund receives from the counterparty a fixed rate equal to 3.13% semi-annually. Counterparty: Goldman Sachs Group, Inc.
	04/09/46	–		45,240		5,957,968		5,957,968
		$  55		$1,140,670		$ 22,641,571		$ 22,641,626

	Expiration Date	Premiums Paid			Notional Amount (000’s) a		(Depreciation)			Value
SWAPS: CREDIT DEFAULT (PURCHASED) - SINGLE ISSUES
The Fund pays a fixed rate equal to 1.00% and the Fund will receive from the counterparty at par, including interest accrued in the event of default of the Goldman Sachs Group, Inc., 6.60%, due 01/15/12. Counterparty: Deutsche Bank AG
	09/20/16		$   463,831			$  9,800		$  (430,825)			$  33,006
The Fund pays a fixed rate equal to 1.00% and the Fund will receive from the counterparty at par, including interest accrued in the event of default of the Goldman Sachs Group, Inc., 6.60%, due 01/15/12. Counterparty: JPMorgan Chase & Co.
	09/20/16		1,154,843			24,400		(1,072,665	)		82,178
			$1,618,674			$34,200		$(1,503,490	)		$115,184
	Expiration Date	Premiums (Received)			Notional Amount (000’s) a		Appreciation			Valueb
SWAPTION: RATE FLOOR INFLATION
The Fund received a fixed payment equal to $735,540 and the Fund will pay to the counterparty a floating rate based on the Consumer Price Indexes-Urban at expiration of the swaption 11/23/20. Counterparty: Citigroup, Inc.
	11/23/20		$(735,540	)		$63,960		$620,412			$(115,128	)
			$(735,540	)		$63,960		$620,412			$(115,128	)

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

^b  The values for credit default swap agreements serve as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should 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.

Notes:

¹  Cost for federal income tax purposes is $28,794,806,839 and net unrealized appreciation/(depreciation) consists of:

Gross unrealized appreciation	$	981,388,900
Gross unrealized depreciation		(406,716,346	)
Net unrealized appreciation	$	574,672,554

²  Floating rate security. The rate disclosed was in effect at June 30, 2013.

³  Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The market value of these securities at June 30, 2013, was $2,878,715,030, representing 11.56% of total net assets.

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

⁵  Non-Rule 144A securities determined to be restricted private placements under procedures approved by the Fund’s Board of Trustees. Information related to these securities is as follows:

Date of Purchase	Security	Amortized Cost		Value		% of Total Net Assets
11/16/12	AMURF, Series 2012, Class B, 11.00%, 12/17/17	$	15,283,931	$	15,283,895	0.06%
04/25/13	Ballyrock Ltd., Series 2005-3X, Class D, 2.13%, 07/25/17		7,068,868		7,044,682	0.03%

See accompanying notes to Schedule of Portfolio Investments.

66 / N-Q Report June 2013

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Date of Purchase	Security	Amortized Cost		Value		% of Total Net Assets
04/13/12	El Dorado, Secured Term Loan, 1st Lien, 0.00%, 04/03/17		$14,560,026		$14,682,035	0.06%
05/15/13	FM Leveraged Capital Fund, Series 2006-2X, Class E, 4.03%, 11/15/20		4,566,067		4,605,851	0.02%
05/15/13	Gulf Stream Compass CLO Ltd., Series 2005-2X, Class D, 2.48%, 01/24/20		485,258		468,487	0.00%
10/10/07	HCA, Inc., Term Loan B4, 2.95%, 05/01/18		20,950,678		20,881,855	0.08%
09/26/12	Intelsat Jackson Holdings, Term Loan B-1, 1st Lien (Luxembourg), 4.25%, 04/02/18		15,721,016		15,774,058	0.06%
04/24/13	Latitude CLO Ltd., Series 2005-1X, Class C, 2.13%, 12/15/17		4,638,971		4,639,260	0.02%
01/08/13	Octagon Investment Partners XI Ltd., Series 2007-1X, Class A1B, 0.57%, 08/25/21		9,456,234		9,649,880	0.04%
01/25/13	Panthera Aviation, Series 2013-1, 10.00%, 01/25/22		19,225,000		19,224,950	0.08%
03/06/13	Panthera Aviation, Series 2013-2, 10.00%, 03/20/24		34,625,000		34,624,915	0.14%
10/31/07	Texas Competitive Electric Holdings Co. LLC, Term Loan EXT, 1st Lien, 4.72%, 10/10/17		53,260,667		53,957,219	0.22%
02/25/13	Topaz Power Holdings LLC, Term Loan, 1st Lien, 5.25%, 02/26/20		18,827,679		18,908,445	0.08%
06/27/13	Valeant Pharmaceuticals, Term Loan, 0.00%, 05/30/20		13,396,000		13,571,100	0.05%
			$232,065,395		$233,316,632	0.94%

⁶  Illiquid security as determined under procedures approved by the Fund’s Board of Trustees. The aggregate value of illiquid securities is $56,390,312, which is 0.23% of total net assets.

⁷  Non-income producing security.

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

⁹  Zero coupon bond. The rate shown is the effective yield as of June 30, 2013.

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

¹¹  Represents annualized yield at date of purchase.

¹² Represents the current yield as of June 30, 2013.

¹³ Securities, or a portion thereof, pledged as collateral for swaps. The total market value of collateral pledged is $1,588,000.

¹⁴ Securities, or a portion thereof, pledged as collateral for futures. The total market value of collateral pledged is $7,641,694.

^†  Fair valued security. The aggregate value of fair valued securities is $128,733,156, which is 0.52% of total net assets, which have not been valued utilizing an independent quote and were valued pursuant to guidelines established by the Board of Trustees. This figure represents securities that are priced using a benchmark pricing system and securities that have been deemed permanently stale, see Notes to Financial Statements.

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

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

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

(BKNT): Banker’s Note, Inc.

(IO): Interest only

(LIBOR): London InterBank Offer Rate

(MTN): Medium-term Note

(PO): Principal only

(STEP): Step coupon bond

(TBA): To be announced

(USD): U.S. dollar

(WI): When issued

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2013 / 67     

High Yield Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
BONDS – 96.26%
ASSET-BACKED SECURITIES — 1.65%**
Alm Loan Funding, Series 2012-7A, Class B (Cayman Islands)
3.43%		10/19/24	2,3,4	$	3,250,000	$	3,180,238
BlueMountain CLO Ltd. Series 2012-2A, Class C (Cayman Islands)
3.02%		11/20/24	2,3,4		3,250,000		3,151,967
Cerberus Offshore Levered I LP, Series 2012-1A, Class B (Cayman Islands)
5.03%		11/30/18	2,3,4		1,850,000		1,873,671
CIFC Funding Ltd., Series 2012-2A, Class A3L (Cayman Islands)
3.27%		12/05/24	2,3,4		3,250,000		3,232,031
Dryden XXV Senior Loan Fund, Series 2012-25A, Class C (Cayman Islands)
3.33%		01/15/25	2,3,4		2,420,000		2,405,589
Galaxy CLO Ltd., Series 2012-14A, Class C1 (Cayman Islands)
3.38%		11/15/24	2,3,4		1,850,000		1,837,387
Halcyon Loan Advisors Funding Ltd., Series 2012-2A, Class C (Cayman Islands)
3.12%		12/20/24	2,3,4		3,250,000		3,085,469
LCM LP, Series 12A, Class C (Cayman Islands)
3.53%		10/19/22	2,3,4		2,300,000		2,258,292
LCM LP, Series 12A, Class D (Cayman Islands)
4.78%		10/19/22	2,3,4		2,300,000		2,198,552
Oak Hill Credit Partners, Series 2012-7A, Class C1 (Cayman Islands)
3.52%		11/20/23	2,3,4		2,800,000		2,790,421
Race Point CLO Ltd., Series 2012-7A, Class C (Cayman Islands)
3.28%		11/08/24	2,3,4		3,250,000		3,230,939
Slater Mill Loan Fund LP, Series 2012-1A, Class C (Cayman Islands)
4.07%		08/17/22	2,3,4		1,750,000		1,751,529
Sound Point CLO Ltd., Series 2012-1A, Class C (Cayman Islands)
3.58%		10/20/23	2,3,4		2,300,000		2,293,569
Total Asset-Backed Securities
(Cost $33,054,983)							33,289,654
BANK LOANS — 10.44%*
Automotive — 0.50%
Navistar, Inc., Term Loan B, 1st Lien
5.75%		08/17/17	3,5		10,000,000		10,034,400
Communications — 0.22%
Cricket Communications, Inc.
4.75%		03/08/20	3,5		2,000,000		1,988,120

Issues	Maturity Date			Principal Amount		Value
BANK LOANS (continued)
Communications (continued)
Univision Communications, Inc.
0.00%		03/01/20	3	$	2,526,517	$	2,507,568
							4,495,688
Consumer Products — 0.20%
Sun Products Corp., Term Loan B, 1st Lien
5.50%		03/18/20	5		2,992,500		2,968,186
WNA Holdings, Term Loan, 2nd Lien
8.50%		12/07/20	3,5		1,000,000		1,010,000
							3,978,186
Electric — 4.28%
Boston Generating LLC, Term Loan, 1st Lien6
0.01%		12/20/13	3,5,7,8,†		254,344		–
Dynegy, Inc., Term Loan B2, 1st Lien
4.00%		04/23/20	3,5		2,461,538		2,449,243
Entegra Holdings LLC, Term Loan B, 3rd Lien (PIK)
6.28%		10/19/15	3		29,272,531		16,099,892
La Frontera Generation LLC, Term Loan B, 1st Lien
4.50%		09/30/20	3,5		8,250,000		8,203,635
Texas Competitive Electric Holdings Co. LLC, Term Loan EXT, 1st Lien
4.72%		10/10/17	3,5		66,522,569		46,595,068
Topaz Power Holdings LLC, Term Loan, 1st Lien
5.25%		02/26/20	3,5		12,935,000		12,954,403
							86,302,241
Energy — 2.83%
El Dorado, Secured Term Loan, 1st Lien
0.00%		04/03/17	3,5,7		3,670,244		3,670,243
EP Energy LLC, Term Loan B2, 1st Lien
4.50%		04/30/19	3,5		3,250,000		3,261,603
Equipower Resources Holdings, Term Loan, 1st Lien
0.00%		12/21/19	5		3,500,000		3,482,500
Harvey Gulf International Marine, Term Loan B, 1st Lien
5.50%		06/14/20	3,5		6,250,000		6,265,625
MACH Gen LLC, Term Loan, 2nd Lien (PIK)
7.78%		02/15/15	3,5		36,091,306		23,143,550
Panda Temple Power II LLC
7.25%		03/28/19	3,5		2,000,000		2,020,000
Power Buyer LLC, Delayed Draw Term Loan, 1st Lien
0.00%		05/06/20	3,5		55,556		55,139
Power Buyer LLC, Term Loan, 1st Lien
4.25%		05/06/20	3,5		444,444		441,111

See accompanying notes to Schedule of Portfolio Investments.

68 / N-Q Report June 2013

High Yield Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
BANK LOANS (continued)
Energy (continued)
Power Buyer LLC, Term Loan, 2nd Lien
8.25%		11/06/20	3,5	$	5,400,000	$	5,332,500
Sabine Oil & Gas NFR Energy, Term Loan, 2nd Lien
8.75%		12/31/18	5		9,500,000		9,500,000
							57,172,271
Finance — 0.17%
Centaur Acquisition LLC, Term Loan, 1st Lien
5.24%		02/20/19	3,5		2,500,000		2,496,875
Centaur Acquisition LLC, Term Loan, 2nd Lien
0.00%		02/15/20	5		1,000,000		1,013,750
							3,510,625
Industrials — 0.84%
Schaeffler AG, Term Loan C2, 1st Lien
4.25%		01/27/17	3,5		17,000,000		17,051,000
Insurance — 0.30%
USI Insurance Services LLC/Compass Investors, Inc., Term Loan
5.25%		12/27/19	3,5		5,970,000		6,005,462
Materials — 1.10%
Fortescue Metals Group Ltd., Term Loan
5.25%		10/18/17	5		22,306,313		22,205,265
Total Bank Loans (Cost $229,064,059)							210,755,138
CORPORATES — 83.86%*
Automotive — 1.46%
Goodyear Tire & Rubber Co.
8.25%		08/15/20			19,110,000		21,021,000
Tenneco, Inc.
6.88%		12/15/20			7,850,000		8,438,750
							29,459,750
Banking — 1.21%
Ally Financial, Inc.
6.25%		12/01/17			2,000,000		2,155,000
Ally Financial, Inc. (WI)
7.50%		09/15/20			12,700,000		14,684,375
Chase Capital VI
0.90%		08/01/28	3		4,000,000		3,306,038
Royal Bank of Scotland PLC (United Kingdom)
6.12%		12/15/22	2		4,500,000		4,275,765
							24,421,178

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Communications — 17.43%
Cablevision Systems Corp.
5.88%		09/15/22		$	4,500,000	$	4,365,000
8.00%		04/15/20			1,995,000		2,179,537
CCO Holdings LLC/CCO Holdings Capital Corp.
5.75%		09/01/23	4		2,000,000		1,945,000
6.50%		04/30/21			3,000,000		3,142,500
7.00%		01/15/19			5,565,000		5,919,769
7.38%		06/01/20			350,000		382,375
CCO Holdings LLC/CCO Holdings Capital Corp. (WI)
8.12%		04/30/20			24,362,000		26,798,200
CenturyLink, Inc.
5.80%		03/15/22			10,350,000		10,272,381
CenturyLink, Inc., Series V
5.62%		04/01/20			1,000,000		1,016,984
Clear Channel Worldwide Holdings, Inc.
6.50%		11/15/22	4		29,235,000		29,965,875
6.50%		11/15/22	4		2,000,000		2,030,000
Clearwire Communications LLC/Clearwire Finance, Inc.
8.25%		12/01/40	4		2,650,000		2,938,187
DISH DBS Corp.
5.88%		07/15/22			5,250,000		5,361,563
DISH DBS Corp. (WI)
6.75%		06/01/21			12,500,000		13,343,750
GCI, Inc. (WI)
8.62%		11/15/19			14,350,000		14,780,500
Intelsat Jackson Holdings SA (Luxembourg)
7.25%		10/15/20	2		5,230,000		5,517,650
7.50%		04/01/21	2		15,000,000		15,694,500
8.50%		11/01/19	2		18,735,000		20,186,963
Level 3 Financing, Inc.
7.00%		06/01/20			6,033,000		6,063,165
Level 3 Financing, Inc. (WI)
8.12%		07/01/19			6,665,000		7,048,237
9.38%		04/01/19			9,295,000		10,085,075
MetroPCS Wireless, Inc.
6.25%		04/01/21	4		7,375,000		7,540,937
6.62%		04/01/23	4		3,400,000		3,476,500
Nara Cable Funding Ltd. (Ireland)
8.88%		12/01/18	2,4		5,615,000		5,867,675
Qwest Corp.
7.25%		09/15/25			5,055,000		5,794,188
Sinclair Television Group, Inc.
5.38%		04/01/21			10,000,000		9,575,000
6.12%		10/01/22			7,640,000		7,640,000
Softbank Corp. (Japan)
4.50%		04/15/20	2,4		19,475,000		18,647,313

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2013 / 69     

High Yield Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Communications (continued)
Sprint Nextel Corp.
7.00%		03/01/20	4	$	4,220,000	$	4,568,150
9.00%		11/15/18	4		29,899,000		34,907,083
9.25%		04/15/22			13,820,000		17,102,250
Townsquare Radio LLC/Townsquare Radio, Inc.
9.00%		04/01/19	4		6,475,000		6,928,250
Univision Communications, Inc.
6.88%		05/15/19	4		4,900,000		5,132,750
7.88%		11/01/20	4		5,500,000		6,022,500
Visant Corp.
10.00%		10/01/17			8,475,000		7,860,563
Windstream Corp.
7.75%		10/15/20			14,230,000		14,799,200
7.75%		10/01/21			2,042,000		2,123,680
Windstream Corp. (WI)
7.50%		04/01/23			4,600,000		4,692,000
							351,715,250
Consumer Discretionary — 1.95%
Amsurg Corp.
5.62%		11/30/20			2,660,000		2,673,300
LKQ Corp.
4.75%		05/15/23	4		3,350,000		3,207,625
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC
6.88%		02/15/21			4,000,000		4,210,000
7.12%		04/15/19			10,590,000		11,251,875
7.88%		08/15/19			945,000		1,034,775
9.00%		04/15/19			9,070,000		9,410,125
9.88%		08/15/19			1,000,000		1,072,500
Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC (WI)
5.75%		10/15/20			4,300,000		4,343,000
Tempur-Pedic International, Inc.
6.88%		12/15/20	4		2,025,000		2,126,250
							39,329,450
Electric — 9.37%
AES Corp.
4.88%		05/15/23			6,620,000		6,206,250
AES Red Oak LLC, Series A
8.54%		11/30/19			1,940,859		2,047,607
Amerenenergy Generating Co.
6.30%		04/01/20			1,720,000		1,320,100
Amerenenergy Generating Co., Series F
7.95%		06/01/32			3,550,000		2,733,500
Amerenenergy Generating Co., Series H
7.00%		04/15/18			3,665,000		3,032,787

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Electric (continued)
Astoria Depositor Corp.
7.90%		05/01/21	4	$	323,335	$	316,868
Calpine Corp.
7.50%		02/15/21	4		5,100,000		5,469,750
Coso Geothermal Power Holdings
7.00%		07/15/26	4		4,415,044		2,450,349
DPL, Inc.
7.25%		10/15/21			22,223,000		23,111,920
Dynegy Escrow Holdings
0.00%		06/01/15	7,†		8,350,000		62,625
0.00%		01/01/50	7,†		23,846,000		476,920
Dynegy, Inc.
5.88%		06/01/23	4		10,570,000		9,724,400
Edison Mission Energy6
7.00%		05/15/17	8		22,535,000		12,760,444
7.20%		05/15/19	8		5,890,000		3,357,300
7.62%		05/15/27	8		14,845,000		8,387,425
7.75%		06/15/16	8		2,540,000		1,435,100
Electricite de France SA (France)
5.25%		07/29/49	2,3,4		6,000,000		5,715,000
Energy Transfer Partners LP
3.29%		11/01/66	3,4		51,047,000		46,197,535
FPL Energy National Wind Portfolio LLC
6.12%		03/25/19	4		2,650,937		2,041,221
GenOn Americas Generation LLC
8.50%		10/01/21			11,979,000		12,937,320
9.12%		05/01/31			16,085,000		17,291,375
Homer City Generation LP (PIK)
8.73%		10/01/26			2,292,869		2,407,512
Indiantown Cogeneration LP, Series A-10
9.77%		12/15/20			1,006,074		1,121,773
Mirant Mid Atlantic Pass-Through Trust, Series B
9.12%		06/30/17			4,202,634		4,622,898
Mirant Mid Atlantic Pass-Through Trust, Series C
10.06%		12/30/28			12,358,925		13,780,201
							189,008,180
Energy — 22.08%
Approach Resources, Inc.
7.00%		06/15/21			5,500,000		5,568,750
Arch Coal, Inc.
7.00%		06/15/19			14,900,000		12,516,000
7.25%		10/01/20			1,250,000		1,037,500
Arch Coal, Inc. (WI)
8.75%		08/01/16			890,000		881,100
Chaparral Energy, Inc.
7.62%		11/15/22			1,359,000		1,392,975

See accompanying notes to Schedule of Portfolio Investments.

70 / N-Q Report June 2013

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Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Energy (continued)
8.25%		09/01/21		$	28,868,000	$	30,527,910
9.88%		10/01/20			14,038,000		15,652,370
Chesapeake Energy Corp.
2.25%		12/15/38			15,215,000		13,408,219
2.50%		05/15/37			20,440,000		19,354,125
5.75%		03/15/23			2,425,000		2,461,375
Cimarex Energy Co.
5.88%		05/01/22			5,120,000		5,209,600
Concho Resources, Inc.
5.50%		04/01/23			16,615,000		16,448,850
Continental Resources, Inc.
5.00%		09/15/22			10,810,000		11,026,200
El Paso LLC, Series G (MTN)
7.75%		01/15/32			2,497,000		2,665,370
7.80%		08/01/31			8,739,000		9,273,669
8.05%		10/15/30			7,658,000		8,186,027
EP Energy LLC/EP Energy Finance, Inc.
9.38%		05/01/20			2,045,000		2,300,625
Linn Energy LLC/Linn Energy Finance Corp.
6.25%		11/01/19	4		2,400,000		2,292,000
8.62%		04/15/20			18,545,000		19,564,975
Newfield Exploration Co.
5.62%		07/01/24			7,585,000		7,428,559
6.88%		02/01/20			4,875,000		5,045,625
Pacific Drilling SA (Luxembourg)
5.38%		06/01/20	2,4		11,000,000		10,477,500
Pacific Drilling V Ltd. (Luxembourg)
7.25%		12/01/17	2,4		23,995,000		25,074,775
Parker Drilling Co.
9.12%		04/01/18			9,974,000		10,597,375
Peabody Energy Corp.
4.75%		12/15/41			29,295,000		20,645,153
Penn Virginia Corp.
8.50%		05/01/20	4		12,220,000		11,914,500
Plains Exploration & Production Co.
6.88%		02/15/23			17,950,000		19,233,317
QEP Resources, Inc.
5.25%		05/01/23			9,700,000		9,506,000
Quicksilver Resources, Inc.
7.00%		06/21/19	3,4		10,295,000		9,291,237
11.00%		07/01/21	4		4,700,000		4,100,750
Rosetta Resources, Inc.
5.62%		05/01/21			2,385,000		2,331,337
Sabine Pass Liquefaction LLC
5.62%		02/01/21	4		11,400,000		11,086,500
5.62%		04/15/23	4		4,765,000		4,514,837
Sabine Pass LNG LP
7.50%		11/30/16			22,540,000		24,399,550

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Energy (continued)
Sanchez Energy Corp.
7.75%		06/15/21	4	$	4,400,000	$	4,356,000
SandRidge Energy, Inc.
7.50%		03/15/21			9,170,000		8,803,200
8.12%		10/15/22			17,600,000		17,512,000
SM Energy Co.
5.00%		01/15/24	4		4,780,000		4,517,100
6.50%		11/15/21			8,055,000		8,498,025
6.50%		01/01/23			4,960,000		5,232,800
Summit Midstream Holdings LLC/Summit Midstream Finance Corp.
7.50%		07/01/21	4		10,340,000		10,520,950
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.25%		11/15/23	4		3,595,000		3,235,500
Vanguard Natural Resources LLC/VNR Finance Corp.
7.88%		04/01/20			7,040,000		7,180,800
Walter Energy, Inc.
8.50%		04/15/21	4		9,985,000		7,988,000
9.88%		12/15/20	4		14,150,000		12,381,250
							445,640,280
Entertainment — 0.74%
Carmike Cinemas, Inc.
7.38%		05/15/19			3,900,000		4,212,000
Regal Cinemas Corp.
8.62%		07/15/19			9,950,000		10,621,625
							14,833,625
Finance — 8.06%
Alta Wind Holdings LLC
7.00%		06/30/35	4		2,379,865		2,513,893
Astoria Depositor Corp.
8.14%		05/01/21	4		27,758,000		27,480,420
Chase Capital II, Series B
0.77%		02/01/27	3		8,790,000		7,048,641
CIT Group, Inc.
4.25%		08/15/17			4,850,000		4,862,125
5.50%		02/15/19	4		15,015,000		15,578,063
6.62%		04/01/18	4		24,916,000		27,033,860
Citigroup, Inc.
0.82%		08/25/36	3		9,460,000		7,656,383
General Electric Capital Corp. (MTN)
0.76%		08/15/36	3		10,480,000		8,554,342
GMAC LLC
8.00%		11/01/31			1,125,000		1,350,000
International Lease Finance Corp.
7.12%		09/01/18	4		20,020,000		22,209,688

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2013 / 71     

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Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Finance (continued)
JPMorgan Chase Capital XIII, Series M
1.23%		09/30/34	3	$	10,917,000	$	8,804,637
JPMorgan Chase Capital XXI, Series U
1.22%		02/02/37	3		4,750,000		3,562,559
JPMorgan Chase Capital XXIII
1.28%		05/15/47	3		2,320,000		1,761,389
ZFS Finance USA Trust I
6.50%		05/09/37	3,4		10,154,000		10,890,165
ZFS Finance USA Trust II
6.45%		12/15/65	3,4		12,450,000		13,414,875
							162,721,040
Food — 0.49%
Hawk Acquisition Sub, Inc.
4.25%		10/15/20	4		2,470,000		2,365,025
Post Holdings, Inc.
7.38%		02/15/22			6,990,000		7,514,250
							9,879,275
Health Care — 7.84%
Accellent, Inc.
8.38%		02/01/17			22,528,000		23,429,120
Alere, Inc.
7.25%		07/01/18	4		6,000,000		6,390,000
CHS/Community Health Systems, Inc.
5.12%		08/15/18			6,115,000		6,222,013
8.00%		11/15/19			17,685,000		18,922,950
DaVita, Inc.
5.75%		08/15/22			7,735,000		7,754,337
HCA, Inc.
7.25%		09/15/20			32,269,000		34,729,511
7.50%		12/15/23			3,965,000		4,143,425
HCA, Inc. (WI)
7.88%		02/15/20			5,648,000		6,096,310
Tenet Healthcare Corp.
4.50%		04/01/21	4		11,090,000		10,396,875
Valeant Pharmaceuticals International
6.75%		08/15/21	4		17,741,000		17,851,881
6.88%		12/01/18	4		500,000		515,000
7.00%		10/01/20	4		1,500,000		1,530,000
7.25%		07/15/22	4		2,900,000		2,954,375
VPII Escrow Corp. (Canada)
7.50%		07/15/21	2,4		16,610,000		17,315,925
							158,251,722
Homebuilding — 0.11%
Shea Homes LP/Shea Homes Funding Corp. (WI)
8.62%		05/15/19			2,150,000		2,305,875

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Industrials — 5.48%
ARD Finance SA (PIK) (Luxembourg)
11.12%		06/01/18	2,4	$	12,323,044	$	13,216,465
Ardagh Packaging Finance PLC (Ireland)
9.12%		10/15/20	2,4		17,945,000		19,156,287
Ardagh Packaging Finance, PLC/Ardagh MP Holdings USA, Inc. (Ireland)
7.38%		10/15/17	2,4		1,760,000		1,878,800
Ball Corp.
4.00%		11/15/23			4,340,000		4,025,350
Bombardier, Inc. (Canada)
6.12%		01/15/23	2,4		4,700,000		4,676,500
BWAY Holding Co.
10.00%		06/15/18			6,015,000		6,616,500
Casella Waste Systems, Inc. (WI)
7.75%		02/15/19			3,300,000		3,135,000
Cequel Communications Escrow 1 LLC/Cequel Communications Escrow Capital Corp.
6.38%		09/15/20	4		13,590,000		13,895,775
Cleaver-Brooks, Inc.
8.75%		12/15/19	4		2,575,000		2,710,187
MasTec, Inc.
4.88%		03/15/23			6,690,000		6,288,600
Maxim Crane Works LP
12.25%		04/15/15	4		22,275,000		23,500,125
NESCO LLC/NESCO Holdings Corp.
11.75%		04/15/17	4		10,484,000		11,427,560
							110,527,149
Information Technology — 2.33%
Audatex North America, Inc.
6.00%		06/15/21	4		5,600,000		5,614,000
First Data Corp.
7.38%		06/15/19	4		20,840,000		21,517,300
8.88%		08/15/20	4		4,370,000		4,785,150
Freescale Semiconductor, Inc.
5.00%		05/15/21	4		7,200,000		6,840,000
NXP BV/NXP Funding LLC (Netherlands)
3.75%		06/01/18	2,4		6,000,000		5,805,000
5.75%		03/15/23	2,4		2,450,000		2,511,250
							47,072,700
Insurance — 0.65%
Nationwide Mutual Insurance Co.
5.81%		12/15/24	3,4		12,850,000		13,163,219
Materials — 1.69%
ArcelorMittal (Luxembourg)
6.00%		03/01/21	2		3,000,000		3,012,494
6.75%		02/25/22	2		5,435,000		5,598,593

See accompanying notes to Schedule of Portfolio Investments.

72 / N-Q Report June 2013

High Yield Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Materials (continued)
10.35%		06/01/19	2	$	18,825,000	$	22,354,688
Hexion US Finance Corp. (WI)
6.62%		04/15/20			3,140,000		3,124,300
							34,090,075
Real Estate Investment Trust (REIT) — 0.54%
Realogy Corp.
7.62%		01/15/20	4		10,065,000		10,920,525
Services — 0.53%
Ceridian Corp.
8.88%		07/15/19	4		9,545,000		10,642,675
Transportation — 1.90%
American Airlines Pass-Through Trust, Series 2013-1, Class B
5.62%		01/15/21	4		7,282,000		7,209,180
Continental Airlines Pass-Through Trust, Series 2007, Class 1B
6.90%		04/19/22			4,651,732		4,930,835
Continental Airlines Pass-Through Trust, Series 2009, Class 1
9.00%		07/08/16			1,411,212		1,622,894
Delta Air Lines Pass-Through Trust, Series 2002, Class G1
6.72%		01/02/23			13,699,793		15,001,273
Delta Air Lines Pass-Through Trust, Series 2009, Class B1
9.75%		12/17/16			1,236,566		1,366,406
JetBlue Airways Pass-Through Trust, Series 2004, Class G1
0.65%		08/15/16	3		1,420,838		1,342,695
US Airways Pass-Through Trust, Series 2010-1, Class A
6.25%		04/22/23			2,177,209		2,324,170
US Airways Pass-Through Trust, Series 2012-1, Class A
5.90%		10/01/24			3,194,235		3,375,907
US Airways Pass-Through Trust, Series 2012, Class 2B
6.75%		06/03/21			1,100,000		1,149,500
							38,322,860
Total Corporates (Cost $1,697,447,265)							1,692,304,828
MORTGAGE-BACKED — 0.02%**
Non-Agency Mortgage-Backed — 0.02%
BHN I Mortgage Fund, Series 2000-1,
Class AF (Argentina)
8.00%		01/31/20	2,4,7,†		2,890		29

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Countrywide Asset Backed Certificates, Series 2007-13, Class 2A1
1.09%		10/25/47	3	$	507,795		$   428,141
Home Equity Asset Trust, Series 2007-1, Class 2A1
0.25%		05/25/37	3		6,095		6,028
							434,198
U.S. Agency Mortgage-Backed — 0.00%
Fannie Mae, Series 1993-225, Class SG
26.60%		12/25/13	3		3,619		3,797
Total Mortgage-Backed (Cost $368,062)							437,995
U.S. TREASURY SECURITIES — 0.29%**
U.S. Treasury Notes — 0.29%
U.S. Treasury Notes - Treasury Inflation Indexed Notes
1.25%		04/15/14	9		5,215,000		5,812,061
Total U.S. Treasury Securities (Cost $5,851,173)
Total Bonds – 96.26% (Cost $1,965,785,542)							1,942,599,676
Issues				Shares		Value
COMMON STOCK — 0.84%
Electric — 0.84%
Dynegy, Inc.6					755,707		17,041,185
Total Common Stock (Cost $14,505,785)
Issues				Shares		Value
PREFERRED STOCK — 0.51%
Finance — 0.51%
Citigroup Capital XIII
0.05%					367,702		10,240,501
Total Preferred Stock (Cost $10,039,863)

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2013 / 73     

High Yield Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount/ Shares		Value
SHORT-TERM INVESTMENTS — 1.06%
Commercial Paper — 0.90%
Lloyds TSB Bank PLC (United Kingdom)
0.24%10		08/07/13	2	$	18,140,000		$18,136,059
Money Market Funds — 0.14%
Dreyfus Cash Advantage Fund
0.07%11					2,810,000		2,810,000
U.S. Treasury Bills — 0.02%
U.S. Treasury Bills
0.08%10		08/22/13			460,000		459,982
Total Short-Term Investments
(Cost $21,405,472)							21,406,041
Total Investments – 98.67%
(Cost $2,011,736,662)1							1,991,287,403
Cash and Other Assets, Less
Liabilities – 1.33%							26,859,063
Net Assets – 100.00%						$	2,018,146,466

Notes:

¹  Cost for federal income tax purposes is $2,011,972,921 and net unrealized appreciation/(depreciation) consists of:

Gross unrealized appreciation	$	46,132,389
Gross unrealized depreciation		(66,817,907	)
Net unrealized depreciation	$	(20,685,518	)

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

³  Floating rate security. The rate disclosed was in effect at June 30, 2013.

⁴  Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The market value of these securities at June 30, 2013, was $720,169,843, representing 35.68% of total net assets.

⁵  Non-Rule 144A securities determined to be restricted private placements under procedures approved by the Fund’s Board of Trustees. Information related to these securities is as follows:

Date of Purchase	Security	Amortized Cost		Value		% of Total Net Assets
12/19/06	Boston Generating LLC, Term Loan, 1st Lien, 0.01%, 12/20/13	$	214,955	$	–	0.00%
02/15/13	Centaur Acquisition LLC, Term Loan, 1st Lien, 5.24%, 02/20/19		2,487,918		2,496,875	0.12%
02/15/13	Centaur Acquisition LLC, Term Loan, 2nd Lien, 0.00%, 02/15/20		990,372		1,013,750	0.05%
03/01/13	Cricket Communications, Inc., 4.75%, 03/08/20		1,985,471		1,988,120	0.10%
04/23/13	Dynegy, Inc., Term Loan B2, 1st Lien, 4.00%, 04/23/20		2,464,578		2,449,243	0.12%

Date of Purchase	Security	Amortized Cost		Value		% of Total Net Assets
04/13/12	El Dorado, Secured Term Loan, 1st Lien, 0.00%, 04/03/17	$	3,639,743	$	3,670,243		0.18	%
10/31/12	EP Energy LLC, Term Loan B2, 1st Lien, 4.50%, 04/30/19		3,246,938		3,261,603		0.16	%
05/21/13	Equipower Resources Holdings, Term Loan, 1st Lien, 0.00%, 12/21/19		3,491,250		3,482,500		0.17	%
10/12/12	Fortescue Metals Group Ltd., Term Loan, 5.25%, 10/18/17		22,225,115		22,205,265		1.10	%
06/14/13	Harvey Gulf International Marine, Term Loan B, 1st Lien, 5.50%, 06/14/20		6,156,667		6,265,625		0.31	%
05/09/13	La Frontera Generation LLC, Term Loan B, 1st Lien, 4.50%, 09/30/20		8,168,927		8,203,635		0.41	%
08/05/10	MACH Gen LLC, Term Loan, 2nd Lien (PIK), 7.78%, 02/15/15		32,560,109		23,143,550		1.15	%
03/28/13	Navistar, Inc., Term Loan B, 1st Lien, 5.75%, 08/17/17		10,000,018		10,034,400		0.50	%
04/03/13	Panda Temple Power II LLC, 7.25%, 03/28/19		1,980,656		2,020,000		0.10	%
05/06/13	Power Buyer LLC, Delayed Draw Term Loan, 1st Lien, 0.00%, 05/06/20		55,278		55,139		0.00	%
05/06/13	Power Buyer LLC, Term Loan, 1st Lien, 4.25%, 05/06/20		442,281		441,111		0.02	%
05/06/13	Power Buyer LLC, Term Loan, 2nd Lien, 8.25%, 11/06/20		5,402,526		5,332,500		0.27	%
01/06/13	Sabine Oil & Gas NFR Energy, Term Loan, 2nd Lien, 8.75%, 12/31/18		9,411,944		9,500,000		0.47	%
02/14/12	Schaeffler AG, Term Loan C2, 1st Lien, 4.25%, 01/27/17		17,030,367		17,051,000		0.84	%
03/20/13	Sun Products Corp., Term Loan B, 1st Lien, 5.50%, 03/18/20		2,963,737		2,968,186		0.15	%
12/15/10	Texas Competitive Electric Holdings Co. LLC, Term Loan EXT, 1st Lien, 4.72%, 10/10/17		48,358,895		46,595,068		2.31	%
02/25/13	Topaz Power Holdings LLC, Term Loan, 1st Lien, 5.25%, 02/26/20		12,809,640		12,954,403		0.64	%
12/14/12	USI Insurance Services LLC/Compass Investors, Inc., Term Loan, 5.25%, 12/27/19		5,942,296		6,005,462		0.30	%
05/24/13	WNA Holdings, Term Loan, 2nd Lien, 8.50%, 12/07/20		990,056		1,010,000		0.05	%
		$	203,019,737	$	192,147,678		9.52	%

See accompanying notes to Schedule of Portfolio Investments.

74 / N-Q Report June 2013

High Yield Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

⁶  Non-income producing security.

⁷  Illiquid security as determined under procedures approved by the Fund’s Board of Trustees. The aggregate value of illiquid securities is $4,209,817, which is 0.21% of total net assets.

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

⁹  Inflation protected security. Principal amount reflects original security face amount.

¹⁰  Represents annualized yield at date of purchase.

¹¹  Represents the current yield as of June 30, 2013.

^†  Fair valued security. The aggregate value of fair valued securities is $539,574, which is 0.03% of total net assets, which have not been valued utilizing an independent quote and were valued pursuant to guidelines established by the Board of Trustees. This figure represents securities that are priced using a benchmark pricing system and securities that have been deemed permanently stale, see Notes to Financial Statements.

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

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

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

(MTN): Medium-term note

(PIK): Payment in kind

(WI): When issued

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2013 / 75     

Unconstrained Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
BONDS – 94.05%
ASSET-BACKED SECURITIES — 9.53%**
Aircastle Aircraft Lease Backed Trust, Series 2007-1A, Class G1
0.50%		06/14/37	2,3	$	116,497	$	107,143
ARES CLO Ltd., Series 2013-1A, Class E (Cayman Islands)
5.31%		04/15/25	2,3,4		920,000		785,198
Arizona Educational Loan Marketing Corp., Series 2003-C, Class D
0.30%		03/01/38			200,000		191,000
Avalon IV Capital Ltd., Series 2012-1A, Class C (Cayman Islands)
3.88%		04/17/23	2,3,4		15,000		15,040
Axis Equipment Finance Receivables LLC, Series 2012-1I, Class D
5.50%		11/20/15	†		10,000		9,553
Axis Equipment Finance Receivables LLC, Series 2012-1I, Class E1
6.25%		04/20/16	†		10,000		8,924
Axis Equipment Finance Receivables LLC, Series 2012-1I, Class E2
7.00%		03/20/17	†		15,000		12,486
Ballyrock Ltd., Series 2005-3X, Class D
2.13%		07/25/17	5		1,258,492		1,221,078
Bayview Commercial Asset Trust, Series 2006-4A, Class A1
0.42%		12/25/36	2,3		2,672,706		2,152,482
Bayview Commercial Asset Trust, Series 2007-1, Class A1
0.41%		03/25/37	2,3		2,464,298		1,954,007
Bayview Commercial Asset Trust, Series 2007-3, Class A1
0.43%		07/25/37	2,3		2,470,555		1,931,981
Beacon Container Finance LLC, Series 2012-1A, Class A
3.72%		09/20/27	3		115,901		117,475
Brazos Higher Education Authority, Inc., Series 2005-3, Class A16
0.47%		06/25/26	2		150,000		144,248
Brazos Higher Education Authority, Inc., Series 2006-2, Class A9
0.28%		12/26/24	2		35,195		34,532
Brazos Higher Education Authority, Inc., Series 2011-1, Class A2
1.07%		02/25/30	2		200,000		199,373
CAL Funding II Ltd., Series 2012-1A, Class A (Bermuda)
3.47%		10/25/27	3,4		326,667		323,442
CIFC Funding Ltd., Series 2012-2A, Class A1L (Cayman Islands)
1.67%		12/05/24	2,3,4		200,000		199,660
Cronos Containers Program Ltd., Series 2012-1A, Class A (Bermuda)
4.21%		05/18/27	3,4		44,583		45,313

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
Cronos Containers Program Ltd., Series 2012-2A, Class A (Bermuda)
3.81%		09/18/27	3,4	$	92,500	$	92,948
Educational Funding of the South, Inc., Series 2012-1, Class A
1.24%		03/25/36	2		221,556		223,066
Educational Services of America, Inc., Series 2012-2, Class A
0.92%		04/25/39	2,3		552,873		553,808
GCO Education Loan Funding Trust, Series 2007-1A, Class A5L
0.34%		05/25/23	2,3		466,901		463,928
GE Business Loan Trust, Series 2004-1, Class B
0.89%		05/15/32	2,3		60,893		50,325
GE Business Loan Trust, Series 2004-2A, Class A
0.41%		12/15/32	2,3		1,240,858		1,198,157
GE Business Loan Trust, Series 2005-1A, Class A3
0.44%		06/15/33	2,3		2,180,296		2,053,429
GE Seaco Finance SRL, Series 2005-1A, Class A (Barbados)
0.44%		11/17/20	2,3,4		48,333		47,818
Goal Capital Funding Trust, Series 2006-1, Class A3
0.39%		11/25/26	2		500,000		492,256
Halcyon Loan Advisors Funding Ltd., Series 2012-2A, Class C (Cayman Islands)
3.12%		12/20/24	2,3,4		400,000		379,750
Hewett’s Island CLO V Ltd., Series 2006-5A, Class D (Cayman Islands)
1.72%		12/05/18	2,3,4		600,000		546,364
Jasper CLO Ltd., Series 2005-1A, Class A (Cayman Islands)
0.54%		08/01/17	2,3,4		388,141		383,421
LCM VI Ltd., Series 6A, Class A (Cayman Islands)
0.50%		05/28/19	2,3,4		525,000		502,173
National Collegiate Student Loan Trust, Series 2007-1, Class A3
0.43%		07/25/30	2		750,000		589,902
National Collegiate Student Loan Trust, Series 2007-4, Class A2A3
3.70%		12/26/25	2		150,000		149,343
Nelnet Education Loan Funding, Inc., Series 2004-1A, Class B1
0.56%		02/25/36	2,3		150,000		105,000
Nelnet Education Loan Funding, Inc., Series 2004-1A, Class B2
0.72%		02/25/36	2,3		825,000		577,500
Nelnet Student Loan Trust, Series 2012-5A, Class A
0.79%		10/27/36	2,3		308,475		303,973

See accompanying notes to Schedule of Portfolio Investments.

76 / N-Q Report June 2013

Unconstrained Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
Northstar Education Finance, Inc.
1.03%		01/29/46	2	$	135,000	$	128,203
Oak Hill Credit Partners, Series 2012-7A, Class A (Cayman Islands)
1.69%		11/20/23	2,3,4		200,000		199,687
Panthera Equipment Finance Axis, Series 2013-1
8.00%		02/25/22	†		667,783		667,781
PMC Aviation LLC, Series 2012-1I, Class A
18.00%		04/15/15	†		26,994		27,263
Race Point CLO Ltd., Series 2012-7A, Class A (Cayman Islands)
1.70%		11/08/24	2,3,4		250,000		249,774
Red River CLO Ltd., Series 1A, Class A (Cayman Islands)
0.54%		07/27/18	2,3,4		302,525		293,286
Scholar Funding Trust, Series 2011-A, Class A
1.18%		10/28/43	2,3		295,667		291,961
Scholar Funding Trust, Series 2012-B, Class A2
1.30%		03/28/46	2,3		150,000		149,022
SLC Student Loan Trust, Series 2006-2, Class A5
0.37%		09/15/26	2		175,000		168,348
SLM Student Loan Trust, Series 2003-11, Class A6
0.56%		12/15/25	2,3		250,000		247,549
SLM Student Loan Trust, Series 2006-2, Class A6
0.45%		01/25/41	2		1,800,000		1,519,469
SLM Student Loan Trust, Series 2006-8, Class A6
0.44%		01/25/41	2		1,800,000		1,524,364
SLM Student Loan Trust, Series 2006-9, Class A5
0.38%		01/26/26	2		200,000		193,645
SLM Student Loan Trust, Series 2007-3, Class A4
0.34%		01/25/22	2		215,000		205,212
SLM Student Loan Trust, Series 2008-4, Class A4
1.93%		07/25/22	2		2,200,000		2,299,894
SLM Student Loan Trust, Series 2011-1, Class A2
1.34%		10/25/34	2		2,680,000		2,700,444
SLM Student Loan Trust, Series 2011-2, Class A2
1.39%		10/25/34	2		1,535,000		1,554,587
Sound Point CLO Ltd., Series 2012-1A, Class C (Cayman Islands)
3.58%		10/20/23	2,3,4		75,000		74,790

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
Student Loan Consolidation Center Student Loan Trust I, Series 2002-2, Class B2
1.70%		07/01/42	2,3	$	100,000	$	76,439
Symphony CLO Ltd., Series 2012-9A, Class C (Cayman Islands)
3.53%		04/16/22	2,3,4		20,000		19,982
TAL Advantage LLC, Series 2006-1, Class NOTE
0.38%		04/20/21	2,3		39,667		39,059
TAL Advantage LLC, Series 2010-2A, Class A
4.30%		10/20/25	3,†		44,000		44,564
Textainer Marine Containers Ltd., Series 2005-1A, Class A (Bermuda)
0.44%		05/15/20	2,3,4		81,458		80,417
Textainer Marine Containers Ltd., Series 2011-1A, Class A (Bermuda)
4.70%		06/15/26	3,4		40,000		40,054
Triton Container Finance LLC, Series 2006-1A, Class NOTE
0.37%		11/26/21	2,3		17,083		16,668
Triton Container Finance LLC, Series 2007-1A, Class NOTE
0.34%		02/26/19	2,3		71,250		70,359
U-Haul S Fleet LLC, Series 2007-BT1, Class BT
5.56%		02/25/20	3		54,363		55,329
Wind River CLO Ltd, Series 2004-1A, Class B1 (Cayman Islands)
1.37%		12/19/16	2,3,4		65,000		64,676
Total Asset-Backed Securities (Cost $31,744,554)							31,168,922
BANK LOANS — 0.41%*
Automotive — 0.15%
Navistar, Inc., Term Loan B, 1st Lien
5.75%		08/17/17	2,5		500,000		501,720
Electric — 0.19%
Dynegy, Inc., Term Loan B2, 1st Lien
4.00%		04/23/20	2,5		615,385		612,311
Services — 0.07%
AABS Ltd., Series 2013-1, Class A (STEP)
4.88%		01/15/38	†		224,010		226,233
Total Bank Loans (Cost $1,342,422)							1,340,264
CORPORATES — 29.69%*
Automotive — 1.07%
Automotores Gildemeister SA (Chile)
6.75%		01/15/23	3,4		500,000		435,000
Daimler Finance North America LLC
0.88%		01/09/15	2,3		500,000		500,342

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2013 / 77     

Unconstrained Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Automotive (continued)
Ford Motor Co.
6.50%		08/01/18		$	1,000,000	$	1,130,900
Tenedora Nemak SA de CV (Mexico)
5.50%		02/28/23	3,4		1,500,000		1,447,500
							3,513,742
Banking — 4.94%
Abbey National Treasury Services PLC/London (United Kingdom)
3.88%		11/10/14	3,4		125,000		128,759
Akbank TAS (Turkey)
5.00%		10/24/22	3,4		500,000		474,063
Akbank TAS, Series REGS (Turkey)
7.50%		02/05/18	4		377,000		182,763
Banco Davivienda SA (Colombia)
5.88%		07/09/22	3,4		900,000		902,250
Banco do Brasil SA/Cayman (Brazil)
6.25%		12/29/49	2,3,4		1,000,000		882,500
Bancolombia SA (Colombia)
5.12%		09/11/22	4		1,000,000		977,500
Bank of America Corp.
6.00%		09/01/17			75,000		84,150
Bank of America N.A. (BKNT)
0.55%		06/15/16	2		122,000		118,013
5.30%		03/15/17			275,000		298,512
6.10%		06/15/17			1,100,000		1,235,702
BBVA Bancomer SA/Texas (Mexico)
6.75%		09/30/22	3,4		1,200,000		1,299,000
CorpGroup Banking SA (Chile)
6.75%		03/15/23	3,4		1,500,000		1,533,750
Credit Bank of Moscow via CBOM Finance PLC (Ireland)
7.70%		02/01/18	3,4		900,000		918,000
HBOS PLC, Series G (MTN) (United Kingdom)
6.75%		05/21/18	3,4		1,425,000		1,519,366
Home Credit & Finance Bank OOO via Eurasia Capital SA (Luxembourg)
9.38%		04/24/20	2,3,4		500,000		512,500
National Australia Bank Ltd. (Australia)
1.60%		08/07/15	4		250,000		253,718
Royal Bank of Scotland PLC (United Kingdom)
2.55%		09/18/15	4		350,000		355,993
6.10%		06/10/23	4		975,000		916,443
6.12%		12/15/22	4		100,000		95,017
Sberbank of Russia via SB Capital SA (Luxembourg)
5.25%		05/23/23	3,4		1,500,000		1,425,000

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Banking (continued)
VTB Bank OJSC via VTB Capital SA (Luxembourg)
6.95%		10/17/22	3,4	$	1,000,000	$	1,025,000
Yapi ve Kredi Bankasi AS (Turkey)
5.50%		12/06/22	3,4		1,100,000		1,031,250
							16,169,249
Communications — 1.67%
Cablevision Systems Corp.
5.88%		09/15/22			60,000		58,200
CCO Holdings LLC/CCO Holdings Capital Corp.
7.38%		06/01/20			560,000		611,800
CCO Holdings LLC/CCO Holdings Capital Corp. (WI)
8.12%		04/30/20			65,000		71,500
CenturyLink, Inc.
5.80%		03/15/22			70,000		69,475
Intelsat Jackson Holdings SA (Luxembourg)
8.50%		11/01/19	4		480,000		517,200
Intelsat Jackson Holdings SA (WI) (Luxembourg)
7.25%		04/01/19	4		380,000		399,950
Qwest Corp.
7.25%		09/15/25			300,000		343,869
Sprint Nextel Corp.
7.00%		03/01/20	3		130,000		140,725
9.25%		04/15/22			810,000		1,002,375
VimpelCom Holdings BV (Netherlands)
5.95%		02/13/23	3,4		1,500,000		1,410,000
Windstream Corp. (WI)
8.12%		09/01/18			785,000		835,044
							5,460,138
Consumer Discretionary — 0.35%
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC
7.88%		08/15/19			500,000		547,500
Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC (WI)
5.75%		10/15/20			150,000		151,500
Virgolino de Oliveira Finance Ltd. (Luxembourg)
10.50%		01/28/18	3,4		500,000		460,000
							1,159,000
Electric — 2.77%
Calpine Corp.
7.50%		02/15/21	3		350,000		375,375
DPL, Inc.
6.50%		10/15/16			545,000		570,887

See accompanying notes to Schedule of Portfolio Investments.

78 / N-Q Report June 2013

Unconstrained Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Electric (continued)
Duquesne Light Holdings, Inc.
6.40%		09/15/20	3	$	171,000	$	199,312
Electricite de France SA (France)
5.25%		07/29/49	2,3,4		975,000		928,687
Florida Gas Transmission Co. LLC
7.90%		05/15/19	3		375,000		469,234
GenOn Americas Generation LLC
8.50%		10/01/21			150,000		162,000
9.12%		05/01/31			1,300,000		1,397,500
Hrvatska Elektroprivreda (Croatia)
6.00%		11/09/17	3,4		500,000		508,750
Instituto Costarricense de Electricidad (Costa Rica)
6.95%		11/10/21	3,4		1,520,000		1,622,600
Mexico Generadora de Energia S de RL (Mexico)
5.50%		12/06/32	3,4		1,500,000		1,440,000
Mirant Mid Atlantic Pass-Through Trust, Series C
10.06%		12/30/28			97,429		108,634
MMG SA (AES El Salvador Trust II) (Panama)
6.75%		03/28/23	3,4		1,000,000		990,000
PNM Resources, Inc.
9.25%		05/15/15			200,000		227,000
Public Service Co. of New Mexico
5.35%		10/01/21			50,000		54,565
							9,054,544
Energy — 5.59%
Arch Coal, Inc.
7.00%		06/15/19			25,000		21,000
Bumi Investment Pte Ltd. (Singapore)
10.75%		10/06/17	4		200,000		148,500
Chaparral Energy, Inc.
8.25%		09/01/21			116,000		122,670
CNOOC Finance 2013 Ltd. (China)
1.12%		05/09/16	4		1,000,000		988,794
EDC Finance Ltd.
4.88%		04/17/20	3		1,000,000		917,500
Florida Gas Transmission Co. LLC
3.88%		07/15/22	3		160,000		159,970
4.00%		07/15/15	3		500,000		528,521
GeoPark Latin America Ltd., Agencia En Chile (Bermuda)
7.50%		02/11/20	3,4		600,000		627,000
KazMunayGas National Co. JSC (Kazakhstan)
4.40%		04/30/23	3,4		1,000,000		932,500
Newfield Exploration Co.
5.62%		07/01/24			165,000		161,597

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Energy (continued)
6.88%		02/01/20		$	125,000	$	129,375
Novatek OAO via Novatek Finance Ltd. (Ireland)
4.42%		12/13/22	3,4		500,000		466,250
Pacific Drilling SA (Luxembourg)
5.38%		06/01/20	3,4		1,400,000		1,333,500
Pacific Drilling V Ltd. (Luxembourg)
7.25%		12/01/17	3,4		725,000		757,625
Peabody Energy Corp.
4.75%		12/15/41			900,000		634,260
Pertamina Persero PT (Indonesia)
4.30%		05/20/23	3,4		1,500,000		1,395,000
Petrobras Global Finance BV (Netherlands)
2.41%		01/15/19	2,4		1,200,000		1,175,714
4.38%		05/20/23	4		1,000,000		918,871
Petroleos de Venezuela SA, Series REGS (Venezuela)
8.50%		11/02/17	4		1,600,000		1,470,000
Petroleos Mexicanos (Mexico)
1.70%		12/20/22	4		142,500		144,236
Plains Exploration & Production Co.
6.88%		02/15/23			900,000		964,345
QGOG Constellation SA (Luxembourg)
6.25%		11/09/19	3,4		1,500,000		1,500,000
Sabine Pass LNG LP
7.50%		11/30/16			1,550,000		1,677,875
SandRidge Energy, Inc.
8.12%		10/15/22			550,000		547,250
SM Energy Co.
6.50%		01/01/23			165,000		174,075
Southern Natural Gas Co. LLC
8.00%		03/01/32			100,000		132,419
Tennessee Gas Pipeline Co.
8.00%		02/01/16			225,000		261,758
							18,290,605
Finance — 4.06%
Astoria Depositor Corp.
8.14%		05/01/21	3		440,000		435,600
Banco BTG Pactual SA/Cayman Islands (Brazil)
4.00%		01/16/20	3,4		500,000		436,250
CIT Group, Inc.
6.62%		04/01/18	3		1,000,000		1,085,000
Citigroup, Inc.
0.82%		08/25/36	2		1,050,000		849,810
1.98%		05/15/18	2		425,000		437,905
4.59%		12/15/15			125,000		133,569
6.12%		05/15/18			100,000		114,596

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2013 / 79     

Unconstrained Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Finance (continued)
Ford Motor Credit Co. LLC
3.88%		01/15/15		$	400,000	$	412,451
General Electric Capital Corp. (MTN)
0.76%		08/15/36	2		1,585,000		1,293,763
4.65%		10/17/21			70,000		74,142
Goldman Sachs Group, Inc.
5.95%		01/18/18			75,000		83,997
Grupo Aval Ltd. (Cayman Islands)
4.75%		09/26/22	3,4		1,100,000		1,061,500
Industrial Senior Trust (Cayman Islands)
5.50%		11/01/22	3,4		600,000		571,500
International Lease Finance Corp.
6.50%		09/01/14	3		175,000		182,000
6.75%		09/01/16	3		400,000		432,600
JPMorgan Chase Capital XIII, Series M
1.23%		09/30/34	2		225,000		181,464
JPMorgan Chase Capital XXI, Series U
1.22%		02/02/37	2		910,000		682,511
JPMorgan Chase Capital XXIII
1.28%		05/15/47	2		1,500,000		1,138,829
KKR Group Finance Co. LLC
6.38%		09/29/20	3		400,000		455,309
Macquarie Bank Ltd. (Australia)
5.00%		02/22/17	3,4		170,000		182,915
6.62%		04/07/21	3,4		1,074,000		1,138,137
Raymond James Financial, Inc.
8.60%		08/15/19			530,000		659,862
Reckson Operating Partnership LP
5.00%		08/15/18			145,000		155,799
Schahin II Finance Co. SPV Ltd. (Cayman Islands)
5.88%		09/25/22	3,4		981,333		981,333
ZFS Finance USA Trust II
6.45%		12/15/65	2,3		100,000		107,750
							13,288,592
Food — 0.29%
Pesquera Exalmar SAA (Peru)
7.38%		01/31/20	3,4		500,000		475,000
Tonon Bioenergia SA (Brazil)
9.25%		01/24/20	3,4		500,000		470,000
							945,000
Health Care — 1.23%
CHS/Community Health Systems, Inc.
5.12%		08/15/18			225,000		228,937
8.00%		11/15/19			175,000		187,250
DaVita, Inc.
5.75%		08/15/22			120,000		120,300

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Health Care (continued)
HCA, Inc.
7.25%		09/15/20		$	775,000	$	834,094
Tenet Healthcare Corp.
4.50%		04/01/21	3		1,000,000		937,500
VPII Escrow Corp. (Canada)
7.50%		07/15/21	3,4		1,650,000		1,720,125
							4,028,206
Industrials — 1.11%
Cemex Espana Luxembourg (Spain)
9.88%		04/30/19	3,4		1,200,000		1,326,654
Heathrow Funding Ltd. (United Kingdom)
2.50%		06/25/15	3,4		200,000		203,157
4.88%		07/15/21	3,4		700,000		747,469
Maxim Crane Works LP
12.25%		04/15/15	3		350,000		369,250
Sydney Airport Finance Co. Pty Ltd. (Australia)
3.90%		03/22/23	3,4		325,000		307,234
Sydney Airport Finance Co., Pty Ltd. (Australia)
5.12%		02/22/21	3,4		660,000		692,756
							3,646,520
Information Technology — 0.27%
First Data Corp.
7.38%		06/15/19	3		850,000		877,625
Insurance — 0.42%
Farmers Exchange Capital
7.20%		07/15/48	3		150,000		177,089
Farmers Insurance Exchange
6.00%		08/01/14	3		200,000		208,087
8.62%		05/01/24	3		40,000		51,986
Metropolitan Life Global Funding I
1.50%		01/10/18	3		500,000		487,443
1.70%		06/29/15	3		175,000		177,833
Nationwide Mutual Insurance Co.
5.81%		12/15/24	2,3		250,000		256,094
							1,358,532
Materials — 2.36%
ArcelorMittal (Luxembourg)
6.75%		02/25/22	4		240,000		247,224
Barrick Gold Corp.
4.10%		05/01/23	3		900,000		759,722
Cia. Minera Milpo SAA (Peru)
4.62%		03/28/23	3,4		1,500,000		1,395,000
Gold Fields Orogen Holding BVI Ltd. (British Virgin Islands)
4.88%		10/07/20	4		500,000		423,120

See accompanying notes to Schedule of Portfolio Investments.

80 / N-Q Report June 2013

Unconstrained Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Materials (continued)
Metalloinvest Finance Ltd. (Ireland)
5.62%		04/17/20	3,4	$	1,000,000	$	935,000
Mexichem SAB de CV (Mexico)
6.75%		09/19/42	3,4		500,000		500,000
Samarco Mineracao SA (Brazil)
4.12%		11/01/22	3,4		1,000,000		912,500
Southern Copper Corp.
5.25%		11/08/42			750,000		618,593
Vale Overseas Ltd. (Cayman Islands)
6.88%		11/21/36	4		125,000		127,186
Vedanta Resources PLC (United Kingdom)
8.25%		06/07/21	3,4		1,500,000		1,522,500
Xstrata Finance Canada Ltd. (Canada)
4.95%		11/15/21	3,4		271,000		262,802
							7,703,647
Real Estate Investment Trust (REIT) — 2.59%
Boston Properties LP
5.88%		10/15/19			200,000		230,990
Country Garden Holdings Co. Ltd. (Cayman Islands)
11.12%		02/23/18	3,4		1,100,000		1,207,250
Duke Realty LP
5.40%		08/15/14			160,000		166,468
Essex Portfolio LP
3.62%		08/15/22			250,000		244,102
HCP, Inc.
3.75%		02/01/19			210,000		215,735
5.62%		05/01/17			100,000		111,271
Health Care REIT, Inc.
6.12%		04/15/20			290,000		329,905
Healthcare Realty Trust, Inc.
5.75%		01/15/21			250,000		273,363
6.50%		01/17/17			875,000		979,031
Highwoods Realty LP
7.50%		04/15/18			800,000		941,816
Liberty Property LP (MTN)
7.50%		01/15/18			900,000		1,072,945
Post Apartment Homes LP
3.38%		12/01/22			100,000		93,601
4.75%		10/15/17			270,000		291,242
SL Green Realty Corp./SL Green Operating Partnership
7.75%		03/15/20			1,025,000		1,223,267
WEA Finance LLC/WCI Finance LLC
5.70%		10/01/16	3		125,000		139,792
WEA Finance LLC/WT Finance Aust Pty Ltd.
5.75%		09/02/15	3		150,000		163,967
6.75%		09/02/19	3		550,000		650,386

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Real Estate Investment Trust (REIT) (continued)
7.50%		06/02/14	3	$	125,000	$	132,809
							8,467,940
Transportation — 0.97%
American Airlines, Series 2011-1, Class A Pass-Through Trust
5.25%		01/31/21			67,629		71,856
Continental Airlines Pass-Through Trust, Series 1997, Class 4A
6.90%		01/02/18			118,354		126,305
Continental Airlines Pass-Through Trust, Series 1999-1, Class A
6.54%		08/02/20			1,025,185		1,114,889
Continental Airlines Pass-Through Trust, Series 2012-1, Class B
6.25%		04/11/20			75,000		77,484
Delta Air Lines Pass-Through Trust, Series 2002, Class G1
6.72%		01/02/23			373,178		408,630
Georgian Railway JSC (Georgia)
7.75%		07/11/22	4		800,000		878,000
JetBlue Airways Pass-Through Trust, Series 2004, Class G2
0.72%		11/15/16	2		250,000		225,937
JetBlue Airways, Series 2004-1, Class G-2 Pass-Through Trust
0.69%		03/15/14	2		130,000		127,201
US Airways Pass-Through Trust, Series 2012-1, Class A
5.90%		10/01/24			124,775		131,871
							3,162,173
Total Corporates (Cost $99,892,748)							97,125,513
FOREIGN GOVERNMENT OBLIGATIONS — 2.95%
Foreign Government Obligations — 2.95%
Argentine Republic Government International Bond, Series 1 (Argentina)
8.75%		06/02/17	4		500,000		383,750
Brazil Minas SPE via State of Minas Gerais (Brazil)
5.33%		02/15/28	3,4		1,500,000		1,485,000
Kommunalbanken AS (Norway)
0.24%		08/28/14	2,3,4		710,000		709,688
Mexican Bonos, Series M (Mexico)
6.50%		06/10/21	4		6,220,000		508,547
7.75%		11/13/42	4		7,800,000		649,257
Romanian Government International Bond (Romania)
4.38%		08/22/23	3,4		500,000		475,000

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2013 / 81     

Unconstrained Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Foreign Government Obligations (continued)
Russian Federal Bond - OFZ (Russia)
7.35%		01/20/16	4	$	21,000,000	$	655,035
Rwanda International Government Bond (Rwanda)
6.62%		05/02/23	3,4		1,500,000		1,350,000
Slovenia Government International Bond (Slovenia)
5.50%		10/26/22	3,4		1,500,000		1,398,750
South Africa Government Bond, Series R186 (South Africa)
10.50%		12/21/26	4		8,000,000		990,194
Ukraine Government International Bond (Ukraine)
7.80%		11/28/22	3,4		300,000		270,188
Venezuela Government International Bond, Series REGS (Venezuela)
8.25%		10/13/24	4		1,000,000		780,000
Total Foreign Government Obligations (Cost $10,637,467)							9,655,409
MORTGAGE-BACKED — 46.38%**
Commercial Mortgage-Backed — 13.31%
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2004-1, Class A4
4.76%		11/10/39			1,354,436		1,365,102
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2004-6, Class A3
4.51%		12/10/42			109,108		109,499
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-1, Class A4
5.28%		11/10/42	2		565,468		573,091
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-6, Class A4
5.36%		09/10/47	2		105,000		113,090
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2006-5, Class A2
5.32%		09/10/47			524,793		530,872
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2007-3, Class A2
5.86%		06/10/49	2		56,567		56,593
Bayview Commercial Asset Trust, Series 2005-3A, Class A1
0.51%		11/25/35	2,3		362,374		288,284
Bayview Commercial Asset Trust, Series 2006-1A, Class A1
0.46%		04/25/36	2,3		2,162,900		1,698,438
Bayview Commercial Asset Trust 2004-2 A
0.62%		08/25/34	2,3		1,361,695		1,257,004

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Commercial Mortgage-Backed (continued)
Bear Stearns Commercial Mortgage Securities Trust, Series 2004-PWR4, Class A3
5.47%		06/11/41	2	$	1,282,401	$	1,319,201
Bear Stearns Commercial Mortgage Securities Trust, Series 2004-PWRC, Class A4
4.72%		02/11/41			88,790		90,105
Bear Stearns Commercial Mortgage Securities Trust, Series 2004-T14, Class A4
5.20%		01/12/41	2		806,623		822,538
Bear Stearns Commercial Mortgage Securities Trust, Series 2006-PW14, Class A3
5.21%		12/11/38			1,155,000		1,164,760
Bear Stearns Commercial Mortgage Securities Trust, Series 2006-PWR11, Class A2
5.56%		03/11/39	2		257,083		256,993
Bear Stearns Commercial Mortgage Securities Trust, Series 2006-T22, Class A4
5.77%		04/12/38	2		120,000		131,784
Bear Stearns Commercial Mortgage Securities Trust, Series 2007-PW17, Class A3
5.74%		06/11/50			1,150,703		1,196,559
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD4, Class A2B
5.20%		12/11/49			125,313		126,275
COMM Mortgage Trust, Series 2006-C8, Class AAB
5.29%		12/10/46			1,251,463		1,262,426
Commercial Mortgage Pass-Through Certificates, Series 2005-C6, Class A5A
5.12%		06/10/44	2		654,000		698,588
Credit Suisse First Boston Commercial Mortgage Trust, Series 2004-C3, Class A5
5.11%		07/15/36	2		1,380,000		1,420,799
Credit Suisse First Boston Commercial Mortgage Trust, Series 2005-C1, Class A4
5.01%		02/15/38	2		1,258,314		1,315,313
Credit Suisse First Boston Mortgage Securities Corp., Series 2005-C5, Class A4
5.10%		08/15/38	2		65,000		69,415
Credit Suisse First Boston Mortgage Securities Corp., Series 2005-C6, Class A4
5.23%		12/15/40	2		76,662		82,480
DBUBS Mortgage Trust, Series 2011-LC3A, Class A2
3.64%		08/10/44			470,000		497,529

See accompanying notes to Schedule of Portfolio Investments.

82 / N-Q Report June 2013

Unconstrained Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Commercial Mortgage-Backed (continued)
GE Business Loan Trust, Series 2003-1, Class B
1.49%		04/15/31	2,3	$	34,878	$	30,714
GE Business Loan Trust, Series 2003-2A, Class A
0.56%		11/15/31	2,3		1,653,593		1,596,293
GE Business Loan Trust, Series 2004-2A, Class C
1.04%		12/15/32	2,3		72,000		57,600
GE Business Loan Trust, Series 2006-2A, Class A
0.37%		11/15/34	2,3		3,310,364		3,034,135
Greenwich Capital Commercial Funding Corp., Series 2006-GG7, Class A4
6.06%		07/10/38	2		1,270,000		1,407,608
GS Mortgage Securities Corp. II, Series 2011-GC5, Class A4
3.71%		08/10/44			163,000		166,311
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2003-PM1A, Class A4
5.33%		08/12/40	2		25,061		25,064
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2004-CBX, Class A5
4.65%		01/12/37			449,259		450,671
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2005-CB12, Class A4
4.90%		09/12/37			90,000		96,033
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP2, Class A3A
4.68%		07/15/42			524,791		528,153
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP3, Class A4A
4.94%		08/15/42	2		1,570,000		1,676,600
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP5, Class A3
5.40%		12/15/44	2		900,000		917,503
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2006-CB14, Class ASB
5.51%		12/12/44	2		200,448		211,488
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2006-CB17, Class ASB
5.42%		12/12/43			140,440		148,527
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2006-LDP8, Class A4
5.40%		05/15/45			175,000		192,839

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Commercial Mortgage-Backed (continued)
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-CB19, Class ASB
5.88%		02/12/49	2	$	277,688	$	299,974
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-C1, Class ASB
5.86%		02/15/51			503,994		547,620
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2011-C5, Class A3
4.17%		08/15/46			1,355,000		1,415,007
LB-UBS Commercial Mortgage Trust, Series 2004-C7, Class A1A
4.48%		10/15/29			222,053		230,735
Merrill Lynch Mortgage Trust, Series 2003-KEY1, Class A4
5.24%		11/12/35	2		321,928		324,094
Merrill Lynch Mortgage Trust, Series 2005-CIP1, Class A4
5.05%		07/12/38	2		120,000		128,783
Merrill Lynch Mortgage Trust, Series 2005-LC1, Class A4
5.29%		01/12/44	2		53,447		57,909
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2012-C6, Class A4
2.86%		11/15/45			1,360,000		1,265,810
Morgan Stanley Capital I Trust, Series 2012-C4, Class A4
3.24%		03/15/45			1,200,000		1,173,673
Morgan Stanley Capital I, Series 2001-C3, Class A2
3.22%		08/15/49			145,000		152,341
Morgan Stanley Capital I, Series 2005-IQ10, Class A4A
5.23%		09/15/42	2		831,650		887,269
Morgan Stanley Capital I, Series 2005-T19, Class A4A
4.89%		06/12/47			125,000		132,967
Morgan Stanley Capital I, Series 2006-IQ12, Class A4
5.33%		12/15/43			100,000		110,673
Morgan Stanley Capital I, Series 2006-T21, Class A4
5.16%		10/12/52	2		295,000		319,298
Morgan Stanley Capital I, Series 2006-T23, Class A2
5.75%		08/12/41	2		28,175		28,241
Morgan Stanley Capital I, Series 2006-T23, Class A4
5.99%		08/12/41	2		940,000		1,049,470
Morgan Stanley Capital I, Series 2007-T27, Class A4
5.82%		06/11/42	2		1,100,000		1,250,040

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2013 / 83     

Unconstrained Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Commercial Mortgage-Backed (continued)
Morgan Stanley Capital I, Series 2011-C3, Class A4
4.12%		08/15/49		$	90,000	$	94,233
RBSCF Trust, Series 2010-MB1, Class A2
3.69%		04/15/24	3		1,265,000		1,312,382
Spirit Master Funding LLC, Series 2005-1, Class A1
5.05%		07/20/23	3		132,973		133,372
Wachovia Bank Commercial Mortgage Trust, Series 2005-C20, Class A7
5.12%		07/15/42	2		595,000		636,375
WF-RBS Commercial Mortgage Trust, Series 2010-C8, Class A3
3.00%		08/15/45			1,380,000		1,309,254
WF-RBS Commercial Mortgage Trust, Series 2011-C2, Class A2
3.79%		02/15/44	3		1,100,000		1,164,285
WF-RBS Commercial Mortgage Trust, Series 2011-C5, Class A2
2.68%		11/15/44			110,000		113,478
WF-RBS Commercial Mortgage Trust, Series 2011-C5, Class A4
3.67%		11/15/44			1,300,000		1,316,539
WF-RBS Commercial Mortgage Trust, Series 2012-C9, Class A3
2.87%		11/15/45			1,185,000		1,105,963
							43,546,062
Non-Agency Mortgage-Backed — 26.37%
ACE Securities Corp., Series 2003-MH1, Class B1
6.50%		08/15/30	2,3		46,331		46,725
Adjustable Rate Mortgage Trust, Series 2005-5, Class 6A21
0.42%		09/25/35	2		958,262		924,151
American Home Mortgage Investment Trust, Series 2007-1, Class GA1C
0.38%		05/25/47	2		964,110		676,619
Banc of America Alternative Loan Trust, Series 2003-3, Class A4
5.75%		05/25/33			940,664		1,012,171
Banc of America Alternative Loan Trust, Series 2003-4, Class 1A5
5.50%		06/25/33			956,455		1,024,066
Banc of America Alternative Loan Trust, Series 2003-9, Class 1CB5
5.50%		11/25/33			934,835		1,032,673
Banc of America Alternative Loan Trust, Series 2005-2, Class 4A1
5.50%		03/25/20			303,882		304,078
Banc of America Funding Corp., Series 2006-G, Class 2A1
0.41%		07/20/36	2		1,260,812		1,121,695

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
BCAP LLC Trust, Series 2009-RR4, Class 1A1
9.50%		06/26/37	3	$	1,746,970	$	1,868,839
BCAP LLC Trust, Series 2013-RR2, Class 6A1
3.00%		06/26/37	2,3		1,053,307		1,054,248
BCAP LLC Trust, Series 2013-RR3, Class 8A1
0.34%		05/25/37	2,3		1,000,000		966,760
BCAP LLC Trust, Series 2013-RR4, Class 3A1
0.34%		05/26/37	2,3		1,250,000		1,203,992
Bear Stearns Alt-A Trust, Series 2005-7, Class 25A1
2.81%		09/25/35	2		137,914		103,943
Bear Stearns Asset Backed Securities Trust, Series 2005-AC6, Class 1A3
5.50%		09/25/35			1,649,173		1,644,049
Bear Stearns Asset Backed Securities Trust, Series 2006-AC2, Class 21A3
6.00%		03/25/36			466,025		416,820
Centex Home Equity, Series 2005-D, Class M1
0.62%		10/25/35	2		350,000		337,756
Citicorp Mortgage Securities, Inc., Series 2005-8, Class 1A2
5.50%		11/25/35			64,094		63,682
Citigroup Mortgage Loan Trust, Inc., Series 2005-9, Class 1A1
0.45%		11/25/35	2		169,724		115,206
Citigroup Mortgage Loan Trust, Inc., Series 2005-WF2, Class MV1
0.84%		08/25/35	2		1,220,000		1,187,806
Citigroup Mortgage Loan Trust, Inc., Series 2006-WFH2, Class A2A
0.34%		08/25/36	2		400,419		376,839
Citigroup Mortgage Loan Trust, Inc., Series 2007-WFH2, Class A3
0.37%		03/25/37	2		1,500,000		1,363,645
Citigroup Mortgage Loan Trust, Inc., Series 2010-9, Class 5A (STEP)
9.38%		03/25/37	3		290,000		312,421
Citigroup Mortgage Loan Trust, Series 2006-AR3, Class 1A2A
5.53%		06/25/36	2		1,389,676		1,266,609
Conseco Financial Corp., Series 1998-6, Class A8
6.66%		06/01/30			97,828		105,361
Countrywide Alternative Loan Trust, Series 2007-HY5R, Class 2A1A
4.96%		03/25/47	2		126,052		122,648

See accompanying notes to Schedule of Portfolio Investments.

84 / N-Q Report June 2013

Unconstrained Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-HYB7, Class 3A
2.99%		11/20/34	2	$	238,217	$	220,715
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-4, Class 4A1
0.48%		02/25/35	2		101,271		72,180
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-9, Class 1A1
0.49%		05/25/35	2		128,273		108,751
Credit Suisse Commercial Mortgage Trust, Series 2006-8, Class 3A1
6.00%		10/25/21			839,777		814,294
Credit Suisse First Boston Commercial Mortgage Trust, Series 2005-11, Class 1A1
6.50%		12/25/35			1,145,651		909,744
Credit Suisse First Boston Mortgage Securities Corp., Series 2004-AR5, Class 9A1
2.37%		06/25/34	2		1,199,788		1,189,940
Credit Suisse Mortgage Capital Certificates, Series 2013-3R, Class 5A1
2.77%		10/27/36	2,3		1,136,263		1,134,041
Credit-Based Asset Servicing and Securitization LLC, Series 2006-CB2, Class AF3 (STEP)
4.08%		12/25/36			1,000,000		638,404
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB1, Class AF2 (STEP)
4.64%		01/25/37			335,979		159,855
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB2, Class A2C (STEP)
5.15%		02/25/37			1,710,000		1,323,773
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB3, Class A3 (STEP)
4.52%		03/25/37			2,738,581		1,537,577
DBRR Trust, Series 2012-EZ1, Class A
0.95%		09/25/45	3		344,125		344,800
DBRR Trust, Series 2013-EZ2, Class A
0.85%		02/25/43	2,3		1,050,844		1,050,486
Downey Savings & Loan Association Mortgage Loan Trust, Series 2005-AR6, Class 2A1A
0.48%		10/19/45	2		275,403		220,344
Downey Savings & Loan Association Mortgage Loan Trust, Series 2006-AR2, Class 2A1A
0.39%		10/19/36	2		1,083,422		880,172

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Downey Savings & Loan Association Mortgage Loan Trust, Series 2007-AR1, Class 2A1A
0.33%		04/19/48	2	$	1,231,337	$	910,856
Equifirst Loan Securitization Trust, Series 2007-1, Class A2B
0.38%		04/25/37	2		330,000		188,468
First Franklin Mortgage Loan Asset Backed Certificates, Series 2005-FFA, Class M2 (STEP)
5.98%		03/25/25			158,578		163,710
First Franklin Mortgage Loan Asset Backed Certificates, Series 2007-FF2, Class A2B
0.29%		03/25/37	2		1,303,380		712,901
First Franklin Mortgage Loan Trust, Series 2006-FF13, Class A2C
0.35%		10/25/36	2		2,085,411		1,360,400
First Horizon Alternative Mortgage Securities Trust, Series 2004-AA7, Class 1A1
2.34%		02/25/35	2		243,679		233,595
First Horizon Alternative Mortgage Securities, Series 2004-AA3, Class A1
2.31%		09/25/34	2		431,294		425,513
First Horizon Asset Securities, Inc., Series 2004-AR5, Class 2A1
2.63%		10/25/34	2		238,456		227,937
First Horizon Mortgage Pass-Through Trust, Series 2005-AR4, Class 2A1
2.60%		10/25/35	2		467,776		396,156
First Horizon Mortgage Pass-Through Trust, Series 2007-AR2, Class 1A2
2.52%		08/25/37	2		489,936		397,918
GE Business Loan Trust, Series 2007-1A, Class A
0.36%		04/16/35	2,3		2,546,651		2,364,452
Green Tree, Series 2008-MH1, Class A3
8.97%		04/25/38	2,3		49,439		54,730
Greenpoint Mortgage Funding Trust, Series 2006-AR8, Class 1A2A
0.37%		01/25/47	2		751,784		660,600
Greenwich Capital Commercial Funding Corp., Series 2005-GG3, Class A3
4.57%		08/10/42			203,531		203,392
GSAA Home Equity Trust, Series 2006-4, Class 4A2
0.42%		03/25/36	2		1,480,073		1,171,845
GSAA Trust, Series 2006-2, Class 2A3
0.46%		12/25/35	2		500,000		486,124
GSAMP Trust, Series 2006-FM3, Class A2C
0.39%		11/25/36	2		2,066,308		1,112,623
GSR Mortgage Loan Trust, Series 2005-4F, Class 4A3
5.50%		05/25/35			372,046		381,883

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2013 / 85     

Unconstrained Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
GSR Mortgage Loan Trust, Series 2005-7F, Class 3A3 (IO)
5.31%		09/25/35	2,6	$	171,269	$	20,018
GSR Mortgage Loan Trust, Series 2006-AR2, Class 2A1
2.88%		04/25/36	2		765,613		705,396
Home Equity Loan Trust, Series 2007-2, Class A3V
0.41%		07/20/36	2		329,558		326,470
Indymac Index Mortgage Loan Trust, Series 2005-AR15, Class A1
4.70%		09/25/35	2		828,088		727,921
Indymac Index Mortgage Loan Trust, Series 2006-AR7, Class 3A1
2.74%		05/25/36	2		317,156		234,455
Indymac INDX Mortgage Loan Trust, Series 2005-AR19, Class A1
4.92%		10/25/35	2		1,775,998		1,493,344
Indymac Manufactured Housing Contract, Series 1998-1, Class A4
6.49%		09/25/28			122,808		127,062
JPMorgan Mortgage Trust, Series 2005-A6, Class 7A1
3.02%		08/25/35	2		201,740		186,338
JPMorgan Mortgage Trust, Series 2005-S2, Class 2A9
5.50%		09/25/35			675,168		672,689
JPMorgan Mortgage Trust, Series 2006-A3, Class 2A1
2.85%		05/25/36	2		146,973		116,052
JPMorgan Mortgage Trust, Series 2006-S2, Class 2A2
5.88%		06/25/21			1,719,585		1,719,542
JPMorgan Mortgage Trust, Series 2007-S1, Class 1A2
5.50%		03/25/22			1,749,504		1,739,406
Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class A3
4.35%		04/15/40			43,431		43,621
Lehman XS Trust, Series 2005-4, Class 1A3
0.59%		10/25/35	2		410,620		392,362
Lehman XS Trust, Series 2006-18N, Class A2A
0.34%		12/25/36	2		1,009,723		833,319
Luminent Mortgage Trust, Series 2007-2, Class 1A3
0.41%		05/25/37	2		1,048,480		888,005
MASTR Adjustable Rate Mortgages Trust, Series 2004-15, Class 8A1
4.67%		10/25/34	2		634,184		612,125
MASTR Adjustable Rate Mortgages Trust, Series 2004-3, Class 3A3
2.17%		04/25/34	2		230,945		221,067

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
MASTR Adjustable Rate Mortgages Trust, Series 2006-2, Class 4A1
2.65%		02/25/36	2	$	526,112	$	487,314
MASTR Adjustable Rate Mortgages Trust, Series 2007-2, Class A2
0.30%		03/25/47	2		397,818		385,066
MASTR Asset Backed Securities Trust, Series 2007-HE1, Class A4
0.47%		05/25/37	2		2,650,000		1,606,654
Merrill Lynch Alternative Note Asset, Series 2007-A3, Class A2D
0.52%		04/25/37	2		883,581		163,286
Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-2, Class A2B
0.36%		05/25/37	2		674,029		413,706
Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-4, Class 2A4
0.44%		07/25/37	2		2,101,096		1,161,416
Mid-State Trust, Series 2004-1, Class B
8.90%		08/15/37			122,312		151,114
Morgan Stanley Mortgage Loan Trust, Series 2004-7AR, Class 2A4
2.20%		09/25/34	2		1,714,959		1,602,263
Morgan Stanley Mortgage Loan Trust, Series 2005-6AR, Class 1A1
0.47%		11/25/35	2		514,859		481,791
Morgan Stanley Mortgage Loan Trust, Series 2006-2, Class 1A
5.25%		02/25/21			768,484		733,879
Morgan Stanley Reremic Trust, Series 2013-R3, Class 12A
2.89%		01/26/47	2,3		1,084,923		1,087,061
MortgageIT Trust, Series 2005-4, Class A1
0.47%		10/25/35	2		1,677,087		1,458,183
MortgageIT Trust, Series 2005-5, Class A1
0.45%		12/25/35	2		1,640,791		1,443,229
New York Mortgage Trust, Series 2005-3, Class A1
0.43%		02/25/36	2		183,157		166,890
RAAC Series, Series 2005-SP1, Class 4A1
7.00%		09/25/34			396,173		425,756
RAAC Series, Series 2007-SP1, Class A2
0.54%		03/25/37	2		145,731		143,659
RBSSP Resecuritization Trust, 009-3, Series 2009-3, Class 1A3
5.50%		11/26/35	2,3		34,078		33,998
Residential Accredit Loans, Inc., Series 2005-QA4, Class A41
3.08%		04/25/35	2		736,894		708,262
Residential Accredit Loans, Inc., Series 2005-QA8, Class CB21
3.45%		07/25/35	2		1,605,033		1,269,987

See accompanying notes to Schedule of Portfolio Investments.

86 / N-Q Report June 2013

Unconstrained Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Residential Accredit Loans, Inc., Series 2006-Q09, Class 1A4A
0.36%		12/25/46	2	$	435,602	$	364,646
Residential Accredit Loans, Inc., Series 2006-QS13, Class 2A1
5.75%		09/25/21			673,321		646,672
Residential Accredit Loans, Inc., Series 2007-QS1, Class 2AV (IO)
0.17%		01/25/37	2,6		7,827,723		89,150
Residential Asset Mortgage Products, Inc., Series 2006-RS3, Class A3
0.39%		05/25/36	2		244,004		228,806
Residential Asset Securities Corp., Series 2004-KS9, Class AII4
0.79%		10/25/34	2		36,576		25,293
Residential Asset Securities Corp., Series 2005-KS12, Class A3
0.51%		01/25/36	2		1,500,000		1,360,407
Residential Asset Securities Corp., Series 2006-EMX1, Class A2
0.42%		01/25/36	2		206,397		200,015
Residential Funding Mortgage Securities I, Series 2007-SA2, Class 1A
3.42%		04/25/37	2		750,960		501,237
Securitized Asset Backed Receivables LLC Trust, Series 2007-BR2, Class A2
0.42%		02/25/37	2		2,188,254		1,011,989
Securitized Asset Backed Receivables LLC Trust, Series 2007-NC1, Class A2B
0.34%		12/25/36	2		2,205,491		1,102,576
SLM Student Loan Trust, Series 2012-7, Class A3
0.84%		05/26/26	2		200,000		198,711
Soundview Home Equity Loan Trust, Series 2007-WMC1, Class 3A3
0.45%		02/25/37	2		1,423,035		591,507
Structured Adjustable Rate Mortgage Loan Trust, Series 2006-11, Class 1A1
0.35%		12/25/36	2		469,958		342,192
Structured Asset Mortgage Investments, Inc., Series 2006-AR3, Class 22A1
2.08%		05/25/36	2		623,782		396,294
Structured Asset Mortgage Investments, Inc., Series 2006-AR5, Class 1A1
0.40%		05/25/46	2		165,336		102,515
Structured Asset Securities Corp. Trust, Series 2005-5, Class 2A1
5.50%		04/25/35			621,871		621,301
Structured Asset Securities Corp., Series 2002-11A, Class 2A1
2.77%		06/25/32	2		218,549		205,782

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Structured Asset Securities Corp., Series 2003-34A, Class 3A3
2.58%		11/25/33	2	$	327,748	$	325,491
Structured Asset Securities Corp., Series 2005-2XS, Class 2A2
1.70%		02/25/35	2		259,368		249,345
Vanderbilt Mortgage Finance, Series 2001-C, Class M1
6.76%		01/07/32			43,823		44,347
WaMu Asset Backed Certificates, Series 2007-HE1, Class 2A2
0.30%		01/25/37	2		2,784,071		1,472,910
WaMu Mortgage Pass-Through Certificates, Series 2004-AR13, Class A1A
0.55%		11/25/34	2		610,164		573,978
WaMu Mortgage Pass-Through Certificates, Series 2004-AR6, Class A
0.61%		05/25/44	2		351,931		325,009
WaMu Mortgage Pass-Through Certificates, Series 2005-AR1, Class A1A
0.51%		01/25/45	2		450,495		418,734
WaMu Mortgage Pass-Through Certificates, Series 2005-AR11, Class A1A
0.51%		08/25/45	2		1,541,699		1,393,683
WaMu Mortgage Pass-Through Certificates, Series 2005-AR12, Class 1A6
2.45%		10/25/35	2		385,000		347,496
WaMu Mortgage Pass-Through Certificates, Series 2005-AR13, Class A1A1
0.48%		10/25/45	2		831,945		756,676
WaMu Mortgage Pass-Through Certificates, Series 2005-AR14, Class 2A1
2.88%		12/25/35	2		130,018		119,021
WaMu Mortgage Pass-Through Certificates, Series 2005-AR6, Class 2A1A
0.42%		04/25/45	2		756,581		659,742
WaMu Mortgage Pass-Through Certificates, Series 2005-AR8, Class 2A1A
0.48%		07/25/45	2		754,658		654,962
WaMu Mortgage Pass-Through Certificates, Series 2005-AR9, Class A1A
0.51%		07/25/45	2		685,091		633,849
WaMu Mortgage Pass-Through Certificates, Series 2007-HY3, Class 1A1
2.29%		03/25/37	2		398,323		298,443
Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2007-OA3, Class 2A
0.92%		02/25/47	2		716,010		414,216
Wells Fargo Alternative Loan Trust, Series 2007-PA5, Class 1A1
6.25%		11/25/37			147,876		138,244

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2013 / 87     

Unconstrained Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Wells Fargo Home Equity Asset-Backed Securities, Series 2007-1, Class A3
0.51%		03/25/37	2	$	4,690,000	$	2,899,686
Wells Fargo Home Equity Trust, Series 2006-2, Class A3
0.33%		07/25/36	2		99,065		98,076
Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR10, Class 5A2
2.60%		07/25/36	2		291,332		257,461
Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR17, Class A1
2.63%		10/25/36	2		532,956		477,341
							86,241,490
U.S. Agency Mortgage-Backed — 6.70%
Fannie Mae Pool AD0150
5.18%		05/01/19			336,797		383,864
Fannie Mae Pool AD0791
4.76%		02/01/20			341,149		384,891
Fannie Mae Pool AD0825
4.59%		02/01/20			227,963		258,515
Fannie Mae Pool AD0851
4.37%		02/01/20			480,930		535,616
Fannie Mae Pool AE0134
4.40%		02/01/20			740,000		816,008
Fannie Mae Pool AE0600
3.98%		11/01/20			308,106		335,947
Fannie Mae Pool AE0918
3.66%		10/01/20			370,398		393,768
Fannie Mae Pool AL0151
4.38%		04/01/21			485,709		539,633
Fannie Mae Pool AL0600
4.30%		07/01/21			138,968		154,199
Fannie Mae Pool AL2293
4.38%		06/01/21			1,540,528		1,699,509
Fannie Mae Pool AL3594
2.70%		04/01/23			1,453,203		1,410,641
Fannie Mae Pool FN0000
3.58%		09/01/20			483,255		511,577
Fannie Mae Pool FN0002
3.31%		12/01/17			1,673,209		1,787,762
Fannie Mae Pool FN0004
3.63%		12/01/20			927,144		986,068
Fannie Mae Pool FN0005
3.38%		11/01/20			790,330		825,237
Fannie Mae REMICS, Series 2003-64, Class KS
9.39%		07/25/18	2		30,240		33,267

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae REMICS, Series 2006-8, Class HJ (IO)
6.41%		03/25/36	2	$	4,754,748	$	720,360
Fannie Mae REMICS, Series 2007-52, Class LS (IO)
5.86%		06/25/37	2		255,616		32,572
Fannie Mae REMICS, Series 2007-88, Class JI (IO)
6.26%		04/25/37	2		3,787,843		637,853
Fannie Mae REMICS, Series 2008-62, Class SN (IO)
6.01%		07/25/38	2		1,355,968		177,070
Fannie Mae REMICS, Series 2010-116, Class SE (IO)
6.41%		10/25/40	2		302,262		39,132
Fannie Mae, Series 2006-11, Class PS
23.86%		03/25/36	2		79,527		107,545
Fannie Mae, Series 2007-77, Class SK (IO)
5.68%		08/25/37	2		477,630		60,251
Fannie Mae, Series 2008-18, Class SM (IO)
6.81%		03/25/38	2		291,410		40,299
Fannie Mae, Series 2010-35, Class IA (IO)
5.00%		07/25/38			165,184		7,455
Fannie Mae, Series 2010-M1, Class A2
4.45%		09/25/19			1,250,000		1,373,955
Fannie Mae, Series 2012-M12, Class 1A
2.84%		08/25/22	2		602,462		601,374
Fannie Mae, Series 2012-M15, Class A
2.74%		10/25/22	2		337,694		330,835
Fannie Mae-Aces, Series 2011-M1, Class A3
3.76%		06/25/21			600,000		628,900
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K014, Class A2
3.87%		04/25/21			930,000		988,612
Freddie Mac REMICS, Series 2711, Class FA
1.19%		11/15/33	2		279,685		283,333
Freddie Mac REMICS, Series 2733, Class FB
0.79%		10/15/33	2		545,000		551,607
Freddie Mac REMICS, Series 3001, Class HS
16.27%		02/15/35	2		58,736		69,634
Freddie Mac REMICS, Series 3327, Class LZ
6.00%		06/15/37			1,432,044		1,577,237
Freddie Mac REMICS, Series 3404, Class AS (IO)
5.70%		01/15/38	2		299,117		45,651
Freddie Mac REMICS, Series 3417, Class FA
0.69%		11/15/37	2		73,724		74,418

See accompanying notes to Schedule of Portfolio Investments.

88 / N-Q Report June 2013

Unconstrained Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Freddie Mac REMICS, Series 3828, Class TF
0.59%		04/15/29	2	$	515,408	$	517,982
Freddie Mac REMICS, Series 4030, Class HS (IO)
6.42%		04/15/42	2		687,946		98,410
Freddie Mac, Series 3262, Class KS (IO)
6.22%		01/15/37	2		238,744		29,231
Freddie Mac, Series 3339, Class JS
41.58%		07/15/37	2		66,094		131,319
Freddie Mac, Series 3439, Class SC (IO)
5.71%		04/15/38	2		245,281		32,599
Freddie Mac, Series 3885, Class PO (PO)
0.00%		11/15/33	7		108,261		98,264
Freddie Mac, Series K020, Class A2
2.37%		05/25/40			585,000		554,338
Ginnie Mae II Pool MA0243
2.00%		07/20/42	2		547,881		568,941
Ginnie Mae, Series 2011-146, Class EI (IO)
5.00%		11/16/41			338,733		78,003
Ginnie Mae, Series 2011-50, Class PS (IO)
5.91%		02/20/41	2		431,370		66,828
Ginnie Mae, Series 2011-69, Class GI (IO)
5.00%		05/16/40			884,274		124,879
Ginnie Mae, Series 2011-70, Class IL (IO)
0.60%		06/16/37	2		3,718,372		57,353
Ginnie Mae, Series 2011-81, Class IC (IO)
0.62%		07/20/35	2		8,218,329		117,509
Ginnie Mae, Series 2012-7, Class PI (IO)
3.50%		01/20/38			386,692		39,177
							21,919,428
Total Mortgage-Backed
(Cost $152,268,433)							151,706,980
MUNICIPAL BONDS — 0.81%*
California — 0.17%
State of California, Build America Bonds
5.70%		11/01/21			175,000		200,147
6.65%		03/01/22			150,000		177,665
7.95%		03/01/36			150,000		178,157
							555,969
Illinois — 0.64%
City of Chicago, Refunding Taxable Project, Series E
6.05%		01/01/29			300,000		327,939
State of Illinois, Build America Bonds
6.20%		07/01/21			75,000		82,253
State of Illinois, Taxable Bonds
4.95%		06/01/23			1,100,000		1,091,816

Issues	Maturity Date			Principal Amount		Value
MUNICIPAL BONDS (continued)
Illinois (continued)
State of Illinois, Taxable-Pension
4.35%		06/01/18		$	565,000	$	590,317
							2,092,325
Total Municipal Bonds
(Cost $2,708,459)							2,648,294
U.S. AGENCY SECURITIES — 1.38%
U.S. Agency Securities — 1.38%
Fannie Mae
0.50%		01/15/16			1,150,000		1,145,062
0.50%		01/29/16			1,250,000		1,245,710
Freddie Mac
0.50%		09/14/15			1,440,000		1,439,182
0.60%		03/28/16			705,000		701,216
Total U.S. Agency Securities
(Cost $4,543,874)							4,531,170
U.S. TREASURY SECURITIES — 2.90%
U.S. Treasury Notes — 2.90%
U.S. Treasury Notes
0.75%		08/15/13			2,380,000		2,382,044
U.S. Treasury Notes - Treasury Inflation Indexed Notes
0.50%		04/15/15	8		1,540,000		1,694,682
1.25%		04/15/14	8		2,505,000		2,791,796
2.00%		01/15/14	8		505,000		644,777
2.00%		07/15/14	8		1,545,000		1,968,828
Total U.S. Treasury Securities
(Cost $9,588,190)							9,482,127
Total Bonds – 94.05%
(Cost $312,726,147)							307,658,679

Issues	Maturity Date			Principal Amount/ Shares		Value
SHORT-TERM INVESTMENTS — 7.94%
Commercial Paper — 1.35%
Lloyds TSB Bank PLC (United Kingdom)
0.24%9		08/07/13	4		1,390,000		1,389,698
Macquarie Bank Ltd. (Australia)
0.32%9		10/24/13	3,4		1,815,000		1,813,346
RBS Holdings USA, Inc.
0.35%9		08/20/13			1,215,000		1,214,656
							4,417,700

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2013 / 89     

Unconstrained Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount/ Shares		Value
SHORT-TERM INVESTMENTS (continued)
Money Market Funds — 2.02%
Dreyfus Cash Advantage Fund
0.07%10				$	3,303,000	$	3,303,000
DWS Money Market Series Institutional Funds
0.07%10					3,303,000		3,303,000
							6,606,000
U.S. Agency Discount Notes — 4.37%
Federal Home Loan Bank
0.06%9		07/19/13			7,900,000		7,899,881
0.12%9		07/19/13			3,275,000		3,274,951
Freddie Mac
0.07%9		09/09/13			3,130,000		3,129,818
							14,304,650
U.S. Treasury Bills — 0.20%
U.S. Treasury Bills
0.04%9		08/22/13	11		285,000		284,989
0.05%9		08/22/13	11		15,000		14,999
0.06%9		08/22/13	11		105,000		104,996
0.08%9		08/22/13	11		245,000		244,990
							649,974
Total Short-Term Investments
(Cost $25,977,284)							25,978,324
Total Investments – 101.99%
(Cost $338,703,431)1							333,637,003
Liabilities in Excess of Other
Assets – (1.99)%							(6,513,047	)
NET ASSETS – 100.00%						$	327,123,956

Contracts		Unrealized Appreciation
FUTURES CONTRACTS: SHORT POSITIONS
44	U.S. Treasury Five Year Note,
	Expiration September 2013		$     66,241
502	U.S. Treasury Ten Year Note,
	Expiration September 2013		1,472,540
16	U.S. Treasury Thirty Year Long Bond,
	Expiration September 2013		78,330
	Net unrealized appreciation		$1,617,111

	Expiration Date	Premiums (Received)	Notional Amount (000’s)a	Appreciation	Valueb
SWAPS: CREDIT DEFAULT (WRITTEN) - TRADED INDICES
The Fund receives a fixed rate equal to 5.00% and the Fund will pay to the counterparty at par including interest accrued in the event of default of any issue in the Dow Jones CDX Series NA HY 18, due 06/20/17. Counterparty: JPMorgan Chase & Co.
	06/20/17	$(37,435)	$594	$68,643	$	31,208
		$(37,435)	$594	$68,643	$	31,208

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

^b  The values for credit default swap agreements serve as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should 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.

Notes:

¹  Cost for federal income tax purposes is $338,710,886 and net unrealized appreciation/(depreciation) consists of:

Gross unrealized appreciation	$	3,202,676
Gross unrealized depreciation		(8,276,559	)
Net unrealized depreciation	$	(5,073,883	)

²  Floating rate security. The rate disclosed was in effect at June 30, 2013.

³  Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The market value of these securities at June 30, 2013, was $102,834,736, representing 31.44% of total net assets.

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

⁵  Non-Rule 144A securities determined to be restricted private placements under procedures approved by the Fund’s Board of Trustees. Information related to these securities is as follows:

Date of Purchase	Security	Amortized Cost		Value		% of Total Net Assets
04/25/13	Ballyrock Ltd., Series 2005-3X, Class D, 2.13%, 07/25/17		$1,225,270		$1,221,078	0.37%
04/23/13	Dynegy, Inc., Term Loan B2, 1st Lien, 4.00%, 04/23/20		616,159		612,311	0.19%
03/28/13	Navistar, Inc., Term Loan B, 1st Lien, 5.75%, 08/17/17		500,018		501,720	0.15%
			$2,341,447		$2,335,109	0.71%

⁶  Illiquid security as determined under procedures approved by the Fund’s Board of Trustees. The aggregate value of illiquid securities is $109,168, which is 0.03% of total net assets.

⁷  Zero coupon bond. The rate shown is the effective yield as of June 30, 2013.

⁸  Inflation protected security. Principal amount reflects original security face amount.

⁹  Represents annualized yield at date of purchase.

¹⁰  Represents the current yield as of June 30, 2013.

See accompanying notes to Schedule of Portfolio Investments.

90 / N-Q Report June 2013

Unconstrained Bond Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

¹¹  Securities, or a portion thereof, pledged as collateral for futures. The total market value of collateral pledged is $649,974.

^†  Fair valued security. The aggregate value of fair valued securities is $996,804, which is 0.30% of total net assets, which have not been valued utilizing an independent quote and were valued pursuant to guidelines established by the Board of Trustees. This figure represents securities that are priced using a benchmark pricing system and securities that have been deemed permanently stale, see Notes to Financial Statements.

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

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

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

(BKNT): Banker’s Note, Inc.

(IO): Interest only

(MTN): Medium-term note

(PO): Principal only

(STEP): Step coupon bond

(WI): When issued

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2013 / 91     

Strategic Income Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
BONDS – 92.95%
ASSET-BACKED SECURITIES — 15.00%**
Aircastle Aircraft Lease Backed Trust, Series 2007-1A, Class G1
0.50%		06/14/37	2,3	$	774,707	$	712,498
Alm Loan Funding, Series 2012-7A, Class A1 (Cayman Islands)
1.70%		10/19/24	2,3,4		500,000		498,159
AMURF, Series 2012, Class B
11.00%		12/17/17	5,†		911,114		911,112
AMURF, Series 2012-I, Class A
14.00%		10/15/16	5,†		806,001		805,921
ARES CLO Ltd., Series 2013-1A, Class E (Cayman Islands)
5.31%		04/15/25	2,3,4		625,000		533,423
Arizona Educational Loan Marketing Corp., Series 2003-C, Class D
0.30%		03/01/38			350,000		334,250
Avalon IV Capital Ltd., Series 2012-1A, Class C (Cayman Islands)
3.88%		04/17/23	2,3,4		575,000		576,545
Axis Equipment Finance Receivables LLC, Series 2012-1I, Class D
5.50%		11/20/15	†		225,000		214,852
Axis Equipment Finance Receivables LLC, Series 2012-1I, Class E1
6.25%		04/20/16	†		225,000		200,790
Axis Equipment Finance Receivables LLC, Series 2012-1I, Class E2
7.00%		03/20/17	†		250,000		208,100
Bayview Commercial Asset Trust, Series 2004-3, Class A1
0.56%		01/25/35	2,3		492,906		446,046
Bayview Commercial Asset Trust, Series 2006-4A, Class A1
0.42%		12/25/36	2,3		1,473,248		1,186,490
Bayview Commercial Asset Trust, Series 2007-3, Class A1
0.43%		07/25/37	2,3		656,829		513,642
Brazos Higher Education Authority, Inc., Series 2011-1, Class A3
1.32%		11/25/33	2		1,050,000		1,067,198
Cerberus Offshore Levered I LP, Series 2012-1A, Class B (Cayman Islands)
5.03%		11/30/18	2,3,4		500,000		506,397
CIT Education Loan Trust, Series 2007-1, Class A
0.36%		03/25/42	2,3		1,789,315		1,658,130
Cronos Containers Program Ltd., Series 2012-1A, Class A (Bermuda)
4.21%		05/18/27	3,4		245,208		249,222
Cronos Containers Program Ltd., Series 2012-2A, Class A (Bermuda)
3.81%		09/18/27	3,4		370,000		371,790

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
Crystal River, Series 2005-1A, Class A (Cayman Islands)
0.64%		03/02/46	2,3,4	$	470,845	$	57,361
EFS Volunteer LLC, Series 2010-1, Class A2
1.13%		10/25/35	2,3		800,000		787,003
GE Business Loan Trust, Series 2004-1, Class A
0.48%		05/15/32	2,3		694,180		667,162
GE Business Loan Trust, Series 2004-2A, Class A
0.41%		12/15/32	2,3		462,160		446,255
GE Business Loan Trust, Series 2005-1A, Class A3
0.44%		06/15/33	2,3		1,127,739		1,062,118
GE Business Loan Trust, Series 2005-2A, Class A
0.43%		11/15/33	2,3		986,864		924,919
GE Seaco Finance SRL, Series 2004-1A, Class A (Barbados)
0.49%		04/17/19	2,3,4		100,000		99,154
GE Seaco Finance SRL, Series 2005-1A, Class A (Barbados)
0.44%		11/17/20	2,3,4		308,125		304,839
Hewett’s Island CLO V Ltd., Series 2006-5A, Class D (Cayman Islands)
1.72%		12/05/18	2,3,4		1,550,000		1,411,439
Highland Loan Funding Ltd., Series 1A, Class A2A (Cayman Islands)
0.95%		08/01/14	2,3,4		829,531		823,898
ING Investment Management Ltd., Series 2012-4A, Class A1 (Cayman Islands)
1.67%		10/15/23	2,3,4		500,000		499,237
National Collegiate Student Loan Trust, Series 2006-3, Class A4
0.46%		03/26/29	2		975,000		764,932
National Collegiate Student Loan Trust, Series 2007-1, Class A3
0.43%		07/25/30	2		1,320,000		1,038,228
Neptune Finance CCS Ltd., Series 2008-1A, Class A (Cayman Islands)
0.89%		04/20/20	2,3,4		500,000		497,499
North Carolina State Education Authority, Series 2011-1, Class A3
1.18%		10/25/41	2		2,000,000		1,954,460
Oak Hill Credit Partners, Series 2012-7A, Class A (Cayman Islands)
1.69%		11/20/23	2,3,4		500,000		499,217
Pam Capital Funding LP, Series 1998-1A, Class B2 (Cayman Islands)
1.62%		05/01/14	2,3,4,6,†		335,283		95,556
Panthera Aviation, Series 2013-1
10.00%		01/25/22	5,†		500,000		499,999
Peach Finance Co., Series 2000, Class A
4.71%		04/15/48	3		507,763		533,151

See accompanying notes to Schedule of Portfolio Investments.

92 / N-Q Report June 2013

Strategic Income Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
PMC Aviation LLC, Series 2012-1I, Class A
18.00%		04/15/15	†	$	427,399	$	431,671
Sagamore CLO Ltd., Series 2003-1A, Class B (Cayman Islands)
1.78%		10/15/15	2,3,4		301,090		301,093
Scholar Funding Trust, Series 2012-B, Class A2
1.30%		03/28/46	2,3		1,000,000		993,478
SLM Student Loan Trust, Series 2006-2, Class A6
0.45%		01/25/41	2		1,200,000		1,012,979
SLM Student Loan Trust, Series 2006-8, Class A6
0.44%		01/25/41	2		1,200,000		1,016,243
SLM Student Loan Trust, Series 2008-4, Class A4
1.93%		07/25/22	2		1,500,000		1,568,110
Sound Point CLO Ltd., Series 2012-1A, Class C (Cayman Islands)
3.58%		10/20/23	2,3,4		625,000		623,253
Symphony CLO Ltd., Series 2012-9A, Class C (Cayman Islands)
3.53%		04/16/22	2,3,4		575,000		574,496
TAL Advantage LLC, Series 2006-1, Class NOTE
0.38%		04/20/21	2,3		170,000		167,398
TAL Advantage LLC, Series 2010-2A, Class A
4.30%		10/20/25	3,†		377,667		382,508
TAL Advantage LLC, Series 2011-1A, Class A
4.60%		01/20/26	3		189,583		191,927
Textainer Marine Containers Ltd., Series 2005-1A, Class A (Bermuda)
0.44%		05/15/20	2,3,4		215,625		212,868
Triton Container Finance LLC, Series 2006-1A, Class NOTE
0.37%		11/26/21	2,3		435,625		425,036
Triton Container Finance LLC, Series 2007-1A, Class NOTE
0.34%		02/26/19	2,3		223,958		221,157
Wind River CLO Ltd, Series 2004-1A, Class B1 (Cayman Islands)
1.37%		12/19/16	2,3,4		500,000		497,511
Total Asset-Backed Securities (Cost $32,520,274)							32,580,720
BANK LOANS — 1.11%*
Electric — 0.24%
Boston Generating LLC, Term Loan, 1st Lien7
0.01%		12/20/13	2,5,6,8,†		107,166		–
Texas Competitive Electric Holdings Co. LLC, Term Loan EXT, 1st Lien
4.72%		10/10/17	2,5		750,000		525,330
							525,330

Issues	Maturity Date			Principal Amount		Value
BANK LOANS (continued)
Energy — 0.35%
MACH Gen LLC, Term Loan, 2nd Lien (PIK)
7.78%		02/15/15	2,5	$	1,172,947	$	752,152
Health Care — 0.34%
Valeant Pharmaceuticals, Term Loan
0.00%		05/30/20	5		750,000		748,406
Services — 0.18%
AABS Ltd., Series 2013-1, Class A (STEP)
4.88%		01/15/38	†		389,583		393,449
Total Bank Loans (Cost $2,853,719)							2,419,337
CORPORATES — 12.89%*
Banking — 0.92%
Bank of America Corp. (MTN)
5.00%		05/13/21			1,090,000		1,164,121
Chase Capital VI
0.90%		08/01/28	2		500,000		413,255
First Chicago NBD Institutional Capital I
0.82%		02/01/27	2		500,000		421,143
							1,998,519
Communications — 0.21%
CCO Holdings LLC/CCO Holdings Capital Corp.
7.00%		01/15/19			75,000		79,781
Windstream Corp. (WI)
8.12%		09/01/18			345,000		366,994
							446,775
Electric — 1.69%
Dynegy Escrow Holdings
0.00%		01/01/50	6,†		1,175,000		23,500
Energy Transfer Partners LP
3.29%		11/01/66	2,3		2,200,000		1,991,000
GenOn Americas Generation LLC
9.12%		05/01/31			800,000		860,000
Mirant Mid Atlantic Pass-Through Trust, Series C
10.06%		12/30/28			720,978		803,890
							3,678,390
Energy — 1.27%
Arch Coal, Inc.
7.00%		06/15/19			1,030,000		865,200
Pacific Drilling SA (Luxembourg)
5.38%		06/01/20	3,4		1,075,000		1,023,938

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2013 / 93     

Strategic Income Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Energy (continued)
Petrobras International Finance Co. - Pifco (Cayman Islands)
2.88%		02/06/15	4	$	865,000	$	874,959
							2,764,097
Finance — 4.95%
Astoria Depositor Corp.
8.14%		05/01/21	3		1,200,000		1,188,000
Chase Capital II, Series B
0.77%		02/01/27	2		1,500,000		1,202,840
CIT Group, Inc.
6.62%		04/01/18	3		1,195,000		1,296,575
Citigroup, Inc.
0.82%		08/25/36	2		3,350,000		2,711,298
General Electric Capital Corp. (MTN)
0.65%		05/05/26	2		819,000		753,501
0.76%		08/15/36	2		2,500,000		2,040,635
JPMorgan Chase Capital XIII, Series M
1.23%		09/30/34	2		700,000		564,555
JPMorgan Chase Capital XXIII
1.28%		05/15/47	2		200,000		151,844
Prudential Holdings LLC
8.70%		12/18/23	3		677,000		840,975
							10,750,223
Health Care — 0.60%
CHS/Community Health Systems, Inc.
8.00%		11/15/19			260,000		278,200
HCA, Inc.
7.25%		09/15/20			472,000		507,990
VPII Escrow Corp. (Canada)
7.50%		07/15/21	3,4		500,000		521,250
							1,307,440
Industrials — 0.39%
Maxim Crane Works LP
12.25%		04/15/15	3		800,000		844,000
Insurance — 0.55%
Farmers Exchange Capital
7.05%		07/15/28	3		1,000,000		1,201,150
Real Estate Investment Trust (REIT) — 0.26%
HCP, Inc.
7.07%		06/08/15			500,000		552,946
Transportation — 2.05%
AWAS Aviation Capital Ltd. (Ireland)
7.00%		10/15/16	3,4		494,000		516,230
Continental Airlines Pass-Through Trust, Series 2007, Class 1B
6.90%		04/19/22			2,474,822		2,623,311

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Transportation (continued)
Delta Air Lines Pass-Through Trust, Series 2002, Class G1
6.72%		01/02/23		$	642,696	$	703,752
JetBlue Airways Pass-Through Trust, Series 2004, Class G1
0.65%		08/15/16	2		649,526		613,802
							4,457,095
Total Corporates (Cost $25,927,515)							28,000,635
MORTGAGE-BACKED — 57.82%**
Commercial Mortgage-Backed — 6.29%
Bayview Commercial Asset Trust, Series 2005-A4, Class A1
0.49%		01/25/36	2,3		1,663,669		1,394,803
Bayview Commercial Asset Trust, Series 2006-SP1, Class M1
0.64%		04/25/36	2,3		1,275,000		1,017,075
Bear Stearns Commercial Mortgage Securities Trust, Series 2004-PWR4, Class A3
5.47%		06/11/41	2		989,634		1,018,033
COMM Mortgage Trust, Series 2006-C8, Class AAB
5.29%		12/10/46			955,979		964,353
GE Business Loan Trust, Series 2003-1, Class B
1.49%		04/15/31	2,3		205,392		180,873
GE Business Loan Trust, Series 2003-2A, Class A
0.56%		11/15/31	2,3		1,525,637		1,472,770
GE Business Loan Trust, Series 2005-1A, Class C
0.89%		06/15/33	2,3		459,394		374,955
GE Business Loan Trust, Series 2005-2A, Class B
0.69%		11/15/33	2,3		448,574		366,810
GE Business Loan Trust, Series 2006-2A, Class A
0.37%		11/15/34	2,3		2,240,993		2,053,997
Greenwich Capital Commercial Funding Corp., Series 2006-GG7, Class A4
6.06%		07/10/38	2		960,000		1,064,019
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2012-C6, Class A4
2.86%		11/15/45			1,040,000		967,972
WF-RBS Commercial Mortgage Trust, Series 2010-C8, Class A3
3.00%		08/15/45			1,055,000		1,000,915
WF-RBS Commercial Mortgage Trust, Series 2011-C2, Class A2
3.79%		02/15/44	3		900,000		952,597

See accompanying notes to Schedule of Portfolio Investments.

94 / N-Q Report June 2013

Strategic Income Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Commercial Mortgage-Backed (continued)
WF-RBS Commercial Mortgage Trust, Series 2011-C5, Class A4
3.67%		11/15/44		$	810,000	$	820,305
							13,649,477
Non-Agency Mortgage-Backed — 43.90%
ACE Securities Corp., Series 2003-MH1, Class B1
6.50%		08/15/30	2,3		186,168		187,751
ACE Securities Corp., Series 2006-HE3, Class A2C
0.34%		06/25/36	2		2,328,698		1,396,223
Adjustable Rate Mortgage Trust, Series 2005-11, Class 2A12
2.87%		02/25/36	2		428,785		415,216
Adjustable Rate Mortgage Trust, Series 2005-11, Class 2A41
2.87%		02/25/36	2		873,938		800,306
Adjustable Rate Mortgage Trust, Series 2005-5, Class 6A21
0.42%		09/25/35	2		793,044		764,814
Ameriquest Mortgage Securities, Inc., Series 2005-R2, Class M2
0.67%		04/25/35	2		1,200,000		1,150,844
Asset Backed Securities Corp. Home Equity, Series 2007-HE1, Class A4
0.33%		12/25/36	2		3,000,000		1,926,876
Banc of America Alternative Loan Trust, Series 2003-3, Class A4
5.75%		05/25/33			1,433,392		1,542,356
Banc of America Alternative Loan Trust, Series 2005-2, Class 4A1
5.50%		03/25/20			607,764		608,155
Banc of America Funding Corp., Series 2006-3, Class 5A3
5.50%		03/25/36			1,428,436		1,389,221
Banco de Credito Y Securitizacion SA, Series 2001-1, Class AF (Argentina)
8.00%		06/30/20	3,4,6		5,000		350
BCAP LLC Trust, Series 2011-RR3, Class 1A5
2.87%		05/27/37	2,3		1,599,395		1,606,414
BCAP LLC Trust, Series 2007-AA1, Class 1A2
0.35%		02/25/47	2		1,087,250		923,621
BCAP LLC Trust, Series 2009-RR4, Class 1A1
9.50%		06/26/37	3		1,053,423		1,126,910
BCAP LLC Trust, Series 2010-RR11, Class 3A2
2.89%		06/27/36	2,3		1,948,865		1,958,755

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
BCAP LLC Trust, Series 2011-RR3, Class 5A3
2.62%		11/27/37	2,3	$	2,287,513	$	2,214,634
BCAP LLC Trust, Series 2011-RR4, Class 1A3
2.89%		03/26/36	2,3		1,118,684		1,097,486
BCAP LLC Trust, Series 2013-RR4, Class 3A1
0.34%		05/26/37	2,3		1,100,000		1,059,513
Bear Stearns Alt-A Trust, Series 2005-1, Class A1
0.75%		01/25/35	2		1,017,414		972,492
BHN I Mortgage Fund, Series 2000-1, Class AF (Argentina)
8.00%		01/31/20	3,4,6,†		110		1
Centex Home Equity, Series 2006-A, Class AV4
0.44%		06/25/36	2		2,150,000		1,893,771
Chase Mortgage Finance Corp., Series 2007-A1, Class 8A1
3.07%		02/25/37	2		450,912		450,170
Citicorp Residential Mortgage Securities, Inc., Series 2007-1, Class A5 (STEP)
6.05%		03/25/37			1,750,000		1,592,177
Citigroup Mortgage Loan Trust, Inc., Series 2005-OPT3, Class M2
0.64%		05/25/35	2		1,100,000		1,008,103
Citigroup Mortgage Loan Trust, Inc., Series 2006-WFH4, Class A3
0.34%		11/25/36	2		1,054,855		1,020,664
Citigroup Mortgage Loan Trust, Inc., Series 2007-WFH2, Class A3
0.37%		03/25/37	2		2,500,000		2,272,743
Conseco Finance Securitizations Corp., Series 2001-4, Class A4
7.36%		09/01/33			776,072		829,768
Conseco Finance Securitizations Corp., Series 2002-1, Class A
6.68%		12/01/33	2		34,788		35,756
Conseco Finance, Series 2002-C, Class BF1
8.00%		06/15/32	2		2,816,290		3,101,464
Conseco Finance, Series 2002-C, Class BF2
8.00%		06/15/32	2,3		944,896		1,043,578
Conseco Financial Corp., Series 1996-7, Class M1
7.70%		10/15/27	2		1,050,900		1,133,669
Conseco Financial Corp., Series 1996-8, Class A6
7.60%		10/15/27	2		1,620		1,627
Conseco Financial Corp., Series 1997-3, Class A7
7.64%		03/15/28	2		407,953		447,033

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2013 / 95     

Strategic Income Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Conseco Financial Corp., Series 1998-3, Class A6
6.76%		03/01/30	2	$	804,311	$	841,976
Conseco Financial Corp., Series 1998-4, Class A6
6.53%		04/01/30	2		965,637		1,010,542
Conseco Financial Corp., Series 1998-4, Class A7
6.87%		04/01/30	2		478,153		510,019
Conseco Financial Corp., Series 1999-5, Class A5
7.86%		03/01/30	2		119,619		108,048
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB2, Class A2B (STEP)
5.18%		02/25/37			1,064,905		852,378
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB2, Class A2C (STEP)
5.15%		02/25/37			600,000		464,482
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB3, Class A1 (STEP)
4.55%		03/25/37			2,306,036		1,317,865
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB3, Class A3 (STEP)
4.52%		03/25/37			1,416,507		795,298
Deutsche Financial Capital Securitization LLC, Series 1997-I, Class A3
6.75%		09/15/27			4,349		4,348
First Franklin Mortgage Loan Asset Backed Certificates, Series 2006-FF18, Class A2B
0.30%		12/25/37	2		1,253,737		710,304
First Franklin Mortgage Loan Asset Backed Certificates, Series 2007-FF1, Class A2D
0.41%		01/25/38	2		3,583,829		2,189,712
First Franklin Mortgage Loan Asset Backed Certificates, Series 2007-FF2, Class A2B
0.29%		03/25/37	2		1,303,380		712,901
Green Tree Home Improvement Loan Trust, Series 1995-D, Class B2
7.45%		09/15/25			35,020		31,988
Green Tree Home Improvement Loan Trust, Series 1995-F, Class B2
7.10%		01/15/21			4,210		4,123
Green Tree, Series 2008-MH1, Class A2
8.97%		04/25/38	2,3		914,336		1,026,639
Green Tree, Series 2008-MH1, Class A3
8.97%		04/25/38	2,3		1,344,750		1,488,666
Greenpoint Mortgage Funding Trust, Series 2006-AR8, Class 1A2A
0.37%		01/25/47	2		1,517,752		1,333,665

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
GSAMP Trust, Series 2005-HE5, Class M1
0.61%		11/25/35	2	$	1,000,000	$	923,224
Harborview Mortgage Loan Trust, Series 2006-8, Class 2A1A
0.38%		07/21/36	2		606,036		463,315
Home Equity Loan Trust, Series 2007-3, Class A4
1.69%		11/20/36	2		1,040,000		1,000,108
Home Equity Loan Trust, Series 2007-3, Class APT
1.39%		11/20/36	2		992,477		991,188
Impac CMB Trust, Series 2004-4, Class 1A2
0.81%		09/25/34	2		1,030,063		971,358
Indymac Index Mortgage Loan Trust, Series 2007-FLX2, Class A1C
0.38%		04/25/37	2		2,641,969		1,776,488
Indymac INDX Mortgage Loan Trust, Series 2005-AR25, Class 2A1
4.82%		12/25/35	2		1,234,797		1,052,934
Indymac Manufactured Housing Contract, Series 1997-1, Class A3
6.61%		02/25/28			531,784		527,873
Indymac Manufactured Housing Contract, Series 1997-1, Class A4
6.75%		02/25/28			223,864		222,223
Indymac Manufactured Housing Contract, Series 1998-1, Class A4
6.49%		09/25/28			191,064		197,683
Indymac Manufactured Housing Contract, Series 1998-1, Class A5
6.96%		09/25/28	2		460,528		488,015
Indymac Manufactured Housing Contract, Series 1998-2, Class A2
6.17%		08/25/29			66,295		67,266
Indymac Manufactured Housing Contract, Series 1998-2, Class A4
6.64%		08/25/29	2		656,345		653,543
JPMorgan Mortgage Acquisition Corp., Series 2007-HE1, Class AF6 (STEP)
4.93%		03/25/47			1,557,084		1,224,933
JPMorgan Mortgage Trust, Series 2006-S2, Class 2A2
5.88%		06/25/21			1,375,668		1,375,633
JPMorgan Mortgage Trust, Series 2007-S1, Class 1A2
5.50%		03/25/22			1,272,366		1,265,023
Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class A6
6.47%		04/15/40	2		820,359		902,473
Lehman XS Trust, Series 2006-13, Class 1A2
0.36%		09/25/36	2		1,468,081		1,134,838

See accompanying notes to Schedule of Portfolio Investments.

96 / N-Q Report June 2013

Strategic Income Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Lehman XS Trust, Series 2006-18N, Class A2A
0.34%		12/25/36	2	$	1,565,071	$	1,291,644
Lehman XS Trust, Series 2006-19, Class A2
0.36%		12/25/36	2		1,426,384		1,075,920
Lehman XS Trust, Series 2006-9, Class A1B
0.35%		05/25/46	2		1,524,349		1,170,674
MASTR Asset Backed Securities Trust, Series 2007-HE1, Class A4
0.47%		05/25/37	2		1,460,500		885,479
Merrill Lynch Alternative Note Asset, Series 2007-A3, Class A2D
0.52%		04/25/37	2		1,696,107		313,441
Merrill Lynch Mortgage Investors, Inc., Series 2004-HE2, Class A2C
0.77%		08/25/35	2		709,726		654,108
Mid-State Trust, Series 11, Class B
8.22%		07/15/38			15,566		15,975
Mid-State Trust, Series 2004-1, Class B
8.90%		08/15/37			1,136,683		1,404,349
Mid-State Trust, Series 2004-1, Class M1
6.50%		08/15/37			786,138		904,172
Mid-State Trust, Series 2005-1, Class A
5.74%		01/15/40			299,789		335,416
Mid-State Trust, Series 6, Class A3
7.54%		07/01/35			484,128		524,439
Mid-State Trust, Series 6, Class A4
7.79%		07/01/35			39,448		42,777
Morgan Stanley Mortgage Loan Trust, Series 2004-7AR, Class 2A4
2.20%		09/25/34	2		1,114,723		1,041,471
Morgan Stanley Mortgage Loan Trust, Series 2006-7, Class 5A2
5.96%		06/25/36	2		3,131,159		1,869,529
Oakwood Mortgage Investors, Inc., Series 1998-A, Class M
6.82%		05/15/28	2		932,002		1,012,507
Oakwood Mortgage Investors, Inc., Series 1998-B, Class A4
6.35%		03/15/17			28,421		28,665
Oakwood Mortgage Investors, Inc., Series 1998-D, Class A
6.40%		01/15/29			491,937		496,455
Oakwood Mortgage Investors, Inc., Series 1999-A, Class A2
5.89%		04/15/29			110,371		111,437
Oakwood Mortgage Investors, Inc., Series 1999-B, Class A4
6.99%		12/15/26			979,192		1,052,669

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Oakwood Mortgage Investors, Inc., Series 2001-D, Class A3
5.90%		09/15/22	2	$	1,447,020	$	1,124,341
Oakwood Mortgage Investors, Inc., Series 2002-A, Class A3
6.03%		05/15/24	2		886,911		932,642
Oakwood Mortgage Investors, Inc. 2002-A AIO (IO)
6.00%		03/15/32	6,†		176,245		2
Opteum Mortgage Acceptance Corp., Series 2005-5, Class 2A1B
5.64%		12/25/35	2		212,401		209,656
Origen Manufactured Housing, Series 2005-A, Class M1
5.46%		06/15/36	2		858,274		902,008
Park Place Securities, Inc., Series 2004-WWF1, Class M2
0.87%		12/25/34	2		746,508		734,382
Park Place Securities, Inc., Series 2005-WCH1, Class M2
0.71%		01/25/36	2		771,764		757,391
Residential Accredit Loans, Inc., Series 2005-QA3, Class NB1
3.04%		03/25/35	2		1,557,077		1,083,040
Residential Asset Securities Corp., Series 2005-KS12, Class A3
0.51%		01/25/36	2		1,100,000		997,632
Securitized Asset Backed Receivables LLC Trust, Series 2007-BR4, Class A2C
0.48%		05/25/37	2		2,354,490		1,316,161
SG Mortgage Securities Trust, Series 2007-NC1, Class A2
0.43%		12/25/36	2,3		2,410,148		1,391,717
Specialty Underwriting & Residential Finance, Series 2006-AB3, Class A2B
0.34%		09/25/37	2		838,894		434,805
Structured Asset Investment Loan Trust, Series 2005-4, Class M2
0.63%		05/25/35	2		1,200,000		1,147,400
Terwin Mortgage Trust, Series 2004-7HE, Class A1
1.29%		07/25/34	2,3		122,539		114,510
UCFC Home Equity Loan, Series 1998-D, Class BF1
8.96%		04/15/30	2		585		272
UCFC Manufactured Housing Contract, Series 1997-4, Class A4
7.00%		04/15/29	2		372,700		379,221
Vanderbilt Acquisition Loan Trust, Series 2002-1, Class A4
6.57%		05/07/27	2		556,224		582,244

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2013 / 97     

Strategic Income Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Vanderbilt Mortgage Finance, Series 2000-C, Class ARM
0.54%		10/07/30	2	$	651,041	$	531,787
Vanderbilt Mortgage Finance, Series 2001-C, Class M1
6.76%		01/07/32			394,408		399,124
Vanderbilt Mortgage Finance, Series 2002-C, Class A5
7.60%		12/07/32			1,100,000		1,154,354
WaMu Mortgage Pass-Through Certificates, Series 2005-AR8, Class 2A1A
0.48%		07/25/45	2		212,361		184,306
Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2007-OA2, Class 2A
0.87%		01/25/47	2		2,025,023		1,180,962
Washington Mutual MSC Mortgage Pass-Through CTFS, Series 2003-MS9, Class 1A
7.00%		04/25/33			2,496		2,577
Wells Fargo Home Equity Asset-Backed Securities, Series 2007-1, Class A3
0.51%		03/25/37	2		1,500,000		927,405
							95,332,599
U.S. Agency Mortgage-Backed — 7.63%
Fannie Mae Pool 467225
3.63%		01/01/18			910,000		981,191
Fannie Mae Pool AB3866
3.50%		11/01/41			455,418		463,388
Fannie Mae Pool AD0660
4.53%		12/01/19			962,160		1,072,340
Fannie Mae Pool FN0003
4.30%		01/01/21			470,700		515,835
Fannie Mae REMICS, Series 2003-64, Class KS
9.39%		07/25/18	2		413,282		454,650
Fannie Mae, Series 1993-80, Class S
10.61%		05/25/23	2		7,832		8,707
Fannie Mae, Series 2000-45, Class SA (IO)
7.76%		12/18/30	2		1,373,403		243,255
Fannie Mae, Series 2001-42, Class SB
8.50%		09/25/31	2		1,455		1,481
Fannie Mae, Series 2003-124, Class TS
9.80%		01/25/34	2		19,922		22,906
Fannie Mae, Series 2005-92, Class US (IO)
5.91%		10/25/25	2		4,839,135		654,432
Fannie Mae, Series 2006-125, Class SM (IO)
7.01%		01/25/37	2		5,019,205		878,233
Fannie Mae, Series 2008-50, Class SA (IO)
5.86%		11/25/36	2		4,871,666		743,511

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae, Series 2010-112, Class PI (IO)
6.00%		10/25/40		$	3,016,572	$	418,770
Fannie Mae, Series 2010-43, Class KS (IO)
6.23%		05/25/40	2		3,977,033		642,766
Freddie Mac Gold Pool E04113
2.50%		11/01/27			450,441		453,485
Freddie Mac REMICS, Series 2990, Class ND
16.40%		12/15/34	2		493,950		619,998
Freddie Mac, Series 1602, Class SN
10.09%		10/15/23	2		14,590		17,646
Freddie Mac, Series 1673, Class SD
15.23%		02/15/24	2		378,055		468,817
Freddie Mac, Series 1760, Class ZD
1.43%		02/15/24	2		812,536		824,012
Freddie Mac, Series 2642, Class BW (IO)
5.00%		06/15/23			31,619		2,972
Freddie Mac, Series 2657, Class LX (IO)
6.00%		05/15/18			116,445		4,167
Freddie Mac, Series 3242, Class SA (IO)
6.16%		11/15/36	2		15,705,478		2,113,104
Freddie Mac, Series 3247, Class SI (IO)
0.15%		08/15/36	2		49,642,806		259,091
Freddie Mac, Series 3260, Class AS (IO)
6.19%		01/15/37	2		15,008,124		1,870,028
Freddie Mac, Series 3289, Class SD (IO)
5.93%		03/15/37	2		3,261,146		369,079
Ginnie Mae (TBA)
3.00%		08/20/43			1,665,000		1,643,147
Ginnie Mae, Series 2001-31, Class SJ
27.33%		02/20/31	2		47,117		82,671
Ginnie Mae, Series 2004-8, Class SE
13.91%		11/26/23	2		202,091		250,751
Ginnie Mae, Series 2012-7, Class PI (IO)
3.50%		01/20/38			4,856,128		491,989
							16,572,422
Total Mortgage-Backed (Cost $117,097,372)							125,554,498
U.S. AGENCY SECURITIES — 0.49%
U.S. Agency Securities — 0.49%
Federal Home Loan Bank (STEP)
0.75%		05/26/28			1,080,000		1,058,657
Total U.S. Agency Securities (Cost $1,078,496)

See accompanying notes to Schedule of Portfolio Investments.

98 / N-Q Report June 2013

Strategic Income Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
U.S. TREASURY SECURITIES — 5.64%
U.S. Treasury Notes — 5.64%
U.S. Treasury Notes - Treasury Inflation Indexed Notes
0.50%		04/15/15	9	$	4,390,000	$	4,830,943
1.25%		04/15/14	9		3,685,000		4,106,893
2.00%		01/15/14	9		650,000		829,912
2.00%		07/15/14	9		1,940,000		2,472,185
Total U.S. Treasury Securities
(Cost $12,464,805)							12,239,933
Total Bonds – 92.95%
(Cost $191,942,181)							201,853,780

Issues		Shares		Value
COMMON STOCK — 0.28%
Electric — 0.28%
Dynegy, Inc.7
			27,210		613,586
Total Common Stock
(Cost $523,248)
Issues		Shares		Value
PREFERRED STOCK — 0.45%
Finance — 0.45%
Citigroup Capital XIII
0.05%			35,000		974,750
Terwin Mortgage Trust 2005-P1 A
0.00%5,6,†	11/25/35		570		1
Total Preferred Stock
(Cost $877,893)					974,751

Issues	Maturity Date			Principal Amount/ Shares		Value
SHORT-TERM INVESTMENTS — 5.50%
Commercial Paper — 1.85%
Lloyds TSB Bank PLC (United Kingdom)
0.24%10		08/07/13	4		2,035,000		2,034,558
RBS Holdings USA, Inc.
0.35%10		08/20/13			1,995,000		1,994,434
							4,028,992
Money Market Funds — 1.35%
Dreyfus Cash Advantage Fund
0.07%11					1,017,000		1,017,000

Issues	Maturity Date		Principal Amount/ Shares		Value
SHORT-TERM INVESTMENTS (continued)
Money Market Funds (continued)
DWS Money Market Series Institutional Funds
0.07%11			$	1,923,000	$	1,923,000
						2,940,000
U.S. Agency Discount Notes — 2.30%
Federal Home Loan Bank
0.09%10		07/05/13		4,985,000		4,984,978
Total Short-Term Investments
(Cost $11,953,478)						11,953,970
Total Investments – 99.18%
(Cost $205,296,800)1						215,396,087
Cash and Other Assets, Less
Liabilities – 0.82%						1,772,133
NET ASSETS – 100.00%					$	217,168,220

	Expiration     Date	Notional   Amount   (000’s)	Appreciation	Value
SWAPS: TOTAL RETURN
Based on the change in the return of the market IOS Index referencing the interest component of the 6.00% coupon, 30-year, fixed rate Fannie Mae residential mortgage-backed securities pools. Counterparty: Deutsche Bank AG
	01/12/39	$395	$6,000	$6,000
		$395	$6,000	$6,000

Notes:

¹  Cost for federal income tax purposes is $205,397,560 and net unrealized appreciation/(depreciation) consists of:

Gross unrealized appreciation	$	10,524,311
Gross unrealized depreciation		(525,784	)
Net unrealized appreciation	$	9,998,527

²  Floating rate security. The rate disclosed was in effect at June 30, 2013.

³  Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The market value of these securities at June 30, 2013, was $52,105,797, representing 23.99% of total net assets.

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

⁵  Non-Rule 144A securities determined to be restricted private placements under procedures approved by the Fund’s Board of Trustees. Information related to these securities is as follows:

Date of Purchase	Security	Amortized Cost		Value		%of Total Net Assets
11/16/12	AMURF, Series 2012, Class B, 11.00%, 12/17/17		$911,114		$911,112	0.42%
11/05/12	AMURF, Series 2012-I, Class A, 14.00%, 10/15/16		806,001		805,921	0.37%

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2013 / 99     

Strategic Income Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Date of Purchase	Security	Amortized Cost		Value		%of Total Net Assets
12/19/06	Boston Generating LLC, Term Loan, 1st Lien, 0.01%, 12/20/13		$       107,166		$           –	0.00%
04/01/11	MACH Gen LLC, Term Loan, 2nd Lien (PIK), 7.78%, 02/15/15		1,100,194		752,152	0.35%
01/25/13	Panthera Aviation, Series 2013-1, 10.00%, 01/25/22		500,000		499,999	0.23%
04/19/05	Terwin Mortgage Trust 2005-P1 A, 0.00%, 11/25/35		2,893		1	0.00%
05/10/12	Texas Competitive Electric Holdings Co. LLC, Term Loan EXT, 1st Lien, 4.72%, 10/10/17		514,153		525,330	0.24%
06/27/13	Valeant Pharmaceuticals, Term Loan, 0.00%, 05/30/20		738,750		748,406	0.34%
			$    4,680,271		$4,242,921	1.95%

 ⁶ Illiquid security as determined under procedures approved by the Fund’s Board of Trustees. The aggregate value of illiquid securities is $119,410, which is 0.05% of total net assets.

⁷  Non-income producing security.

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

⁹  Inflation protected security. Principal amount reflects original security face amount.

¹⁰  Represents annualized yield at date of purchase.

¹¹  Represents the current yield as of June 30, 2013.

^†  Fair valued security. The aggregate value of fair valued securities is $4,167,462, which is 1.92% of total net assets, which have not been valued utilizing an independent quote and were valued pursuant to guidelines established by the Board of Trustees. This figure represents securities that are priced using a benchmark pricing system and securities that have been deemed permanently stale, see Notes to Financial Statements.

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

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

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

(IO): Interest only

(MTN): Medium-term note

(PIK): Payment in kind

(STEP): Step coupon bond

(TBA): To be announced

(WI): When issued

See accompanying notes to Schedule of Portfolio Investments.

100 / N-Q Report June 2013

AlphaTrak 500 Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
BONDS – 87.32%
ASSET-BACKED SECURITIES — 7.22%**
Access Group, Inc., Series 2005-2, Class A3
0.45%		11/22/24	2	$	43,802	$	43,150
Arizona Educational Loan Marketing Corp., Series 2003-C, Class C1
0.52%		06/01/23	2		4,977		4,975
Aviation Capital Group Trust, Series 2003-2A, Class G2
0.99%		09/20/33	2,3		46,556		32,589
Bayview Commercial Asset Trust, Series 2004-3, Class A1
0.56%		01/25/35	2,3		42,861		38,787
Brazos Higher Education Authority, Inc., Series 2004-I, Class A2
0.44%		06/27/22	2		7,899		7,885
Brazos Higher Education Authority, Inc., Series 2005-2, Class A10
0.39%		12/26/19	2		25,000		24,716
Brazos Higher Education Authority, Inc., Series 2010-1, Class A2
1.47%		02/25/35	2		15,000		14,809
Brazos Higher Education Authority, Inc., Series 2011-2, Class A3
1.28%		10/27/36	2		15,000		14,729
College Loan Corp. Trust, Series 2007-1, Class A3
0.38%		04/25/29	2		20,000		18,301
Collegiate Funding Services Education Loan Trust, Series 2004-A, Class A3
0.49%		09/28/26	2		16,832		16,664
Educational Funding of the South, Inc., Series 2011-1, Class A2
0.93%		04/25/35	2		10,000		9,946
Educational Funding of the South, Inc., Series 2012-1, Class A
1.24%		03/25/36	2		13,293		13,384
GCO Education Loan Funding Trust, Series 2007-1A, Class A5L
0.34%		05/25/23	2,3		30,123		29,931
Goal Capital Funding Trust, Series 2006-1, Class A3
0.39%		11/25/26	2		25,000		24,613
Iowa Student Loan Liquidity Corp., Series 2011-1, Class A
1.52%		06/25/42	2		17,323		17,673
Nelnet Student Loan Trust, Series 2007-1, Class A1
0.28%		11/27/18	2		9,613		9,581
Nelnet Student Loan Trust, Series 2012-5A, Class A
0.79%		10/27/36	2,3		28,475		28,059
North Carolina State Education Authority, Series 2011-1, Class A3
1.18%		10/25/41	2		15,000		14,658

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
Northstar Education Finance, Inc.
1.03%		01/29/46	2	$	10,000	$	9,497
Scholar Funding Trust, Series 2011-A, Class A
1.18%		10/28/43	2,3		11,157		11,017
SLC Student Loan Trust, Series 2006-2, Class A5
0.37%		09/15/26	2		15,000		14,430
SLM Student Loan Trust, Series 2006-4, Class A4
0.36%		04/25/23	2		6,282		6,278
South Carolina Student Loan Corp., Series A1
0.38%		12/03/18	2		7,033		7,026
South Carolina Student Loan Corp., Series A2
0.40%		12/01/20	2		10,000		9,857
Total Asset-Backed Securities
(Cost $415,541)							422,555
CORPORATES — 19.74%*
Banking — 2.92%
Lloyds TSB Bank PLC (United Kingdom)
2.62%		01/24/14	2,4		70,000		70,790
National Australia Bank Ltd., Series REGS (Australia)
1.00%		04/11/14	2,4		100,000		100,344
							171,134
Communications — 0.53%
AT&T, Inc.
2.50%		08/15/15			30,000		30,929
Electric — 0.48%
W3A Funding Corp.
8.09%		01/02/17			27,712		28,071
Energy — 1.51%
Florida Gas Transmission Co. LLC
4.00%		07/15/15	3		60,000		63,423
Petrobras Global Finance BV (Netherlands)
1.89%		05/20/16	2,4		25,000		24,820
							88,243
Finance — 8.47%
Chase Capital II, Series B
0.77%		02/01/27	2		100,000		80,189
Citigroup, Inc.
1.98%		05/15/18	2		142,000		146,312
General Electric Capital Corp. (MTN)
0.65%		05/05/26	2		30,000		27,601
0.76%		08/15/36	2		75,000		61,219
Macquarie Group Ltd. (Australia)
7.30%		08/01/14	3,4		35,000		36,922

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2013 / 101     

AlphaTrak 500 Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Finance (continued)
Prudential Holdings LLC (AGM)
1.15%		12/18/17	2,3	$	100,000	$	98,998
Woodbourne Capital Trust I
2.70%		04/29/49	2,3,5		80,000		44,400
							495,641
Industrials — 0.61%
Heathrow Funding Ltd. (United Kingdom)
2.50%		06/25/15	3,4		35,000		35,553
Real Estate Investment Trust (REIT) — 3.22%
Duke Realty LP
5.40%		08/15/14			50,000		52,021
HCP, Inc.
2.70%		02/01/14			50,000		50,505
Nationwide Health Properties, Inc.
6.00%		05/20/15			30,000		32,736
WEA Finance LLC/WT Finance Aust Pty Ltd.
7.50%		06/02/14	3		50,000		53,123
							188,385
Transportation — 2.00%
Continental Airlines Pass-Through Trust, Series 1997, Class 4A
6.90%		01/02/18			109,587		116,949
Total Corporates
(Cost $1,133,227)							1,154,905
MORTGAGE-BACKED — 36.73%**
Commercial Mortgage-Backed — 7.86%
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2004-3, Class A5
5.74%		06/10/39	2		32,623		33,679
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2006-5, Class A2
5.32%		09/10/47			31,321		31,683
Bear Stearns Commercial Mortgage Securities Trust, Series 2004-PWR4, Class A3
5.47%		06/11/41	2		33,812		34,783
Bear Stearns Commercial Mortgage Securities Trust, Series 2004-T14, Class A4
5.20%		01/12/41	2		47,448		48,385
Bear Stearns Commercial Mortgage Securities Trust, Series 2006-T22, Class A4
5.77%		04/12/38	2		30,000		32,946
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD4, Class A2B
5.20%		12/11/49			14,620		14,732

Issues	Maturity Date			Principal Amount	Value
MORTGAGE-BACKED (continued)
Commercial Mortgage-Backed (continued)
Commercial Mortgage Pass-Through Certificates, Series 2005-C6, Class A5A
5.12%		06/10/44	2	$33,000	$	35,250
Credit Suisse Mortgage Capital Certificates, Series 2006-C5, Class AAB
5.31%		12/15/39		18,082		18,137
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2004-C1, Class A3
4.72%		01/15/38		38,120		38,592
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP2, Class A3A
4.68%		07/15/42		13,843		13,931
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2005-LPD4, Class A4
4.92%		10/15/42	2	25,000		26,543
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-LD12, Class ASB
5.83%		02/15/51	2	27,743		30,133
LB-UBS Commercial Mortgage Trust, Series 2005-C3, Class A5
4.74%		07/15/30		20,000		21,049
LB-UBS Commercial Mortgage Trust, Series 2005-C7, Class A2
5.10%		11/15/30		6,638		6,672
Merrill Lynch Mortgage Trust, Series 2005-CIP1, Class A2
4.96%		07/12/38		13,638		13,779
Morgan Stanley Capital I Trust, Series 2003-T11, Class A4
5.15%		06/13/41		5,936		5,920
Wachovia Bank Commercial Mortgage Trust, Series 2005-C20, Class A7
5.12%		07/15/42	2	50,000		53,477
						459,691
Non-Agency Mortgage-Backed — 15.23%
Argent Securities, Inc., Asset-Backed Pass-Through, Series 2005-W2, Class A2B1
0.39%		10/25/35	2	26,389		25,575
Banc of America Alternative Loan Trust, Series 2003-4, Class 1A5
5.50%		06/25/33		34,780		37,239
Banc of America Alternative Loan Trust, Series 2003-9, Class 1CB5
5.50%		11/25/33		33,994		37,552
Banc of America Mortgage Securities, Inc., Series 2003-A, Class 2A2
3.17%		02/25/33	2	6,761		6,591

See accompanying notes to Schedule of Portfolio Investments.

102 / N-Q Report June 2013

AlphaTrak 500 Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount	Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Bear Stearns Asset Backed Securities Trust, Series 2005-3, Class A1
0.64%		09/25/35	2	$27,097	$	26,906
Conseco Finance Home Loan Trust, Series 2000-E, Class M1
8.13%		08/15/31	2	9,806		9,614
Conseco Financial Corp., Series 1997-4, Class A5
6.88%		02/15/29		29,920		31,729
Countrywide Alternative Loan Trust, Series 2005-27, Class 3A2
1.27%		08/25/35	2	63,773		41,413
Credit Suisse First Boston Mortgage Securities Corp., Series 1997-2, Class A
7.50%		06/25/20	3	5,217		5,369
Credit-Based Asset Servicing and Securitization LLC, Series 2003-CB5, Class M1
1.21%		11/25/33	2	35,230		32,359
Downey Savings & Loan Association Mortgage Loan Trust, Series 2004-AR1, Class A2A
1.01%		09/19/44	2	40,703		37,176
Downey Savings & Loan Association Mortgage Loan Trust, Series 2004-AR3, Class 2A2A
0.56%		07/19/44	2	11,565		10,618
Green Tree Home Improvement Loan Trust, Series 1995-F, Class B2
7.10%		01/15/21		18,446		18,067
Home Equity Loan Trust, Series 2006-1, Class A1
0.35%		01/20/36	2	15,818		15,402
Home Equity Loan Trust, Series 2006-2, Class A1
0.34%		03/20/36	2	58,544		58,047
Home Equity Loan Trust, Series 2007-3, Class APT
1.39%		11/20/36	2	30,599		30,559
Indymac Index Mortgage Loan Trust, Series 2004-AR5, Class 2A1A
1.05%		08/25/34	2	20,443		17,300
JPMorgan Mortgage Acquisition Corp., Series 2005-OPT1, Class M1
0.64%		06/25/35	2	34,103		33,677
LB-UBS Commercial Mortgage Trust, Series 2005-C5, Class A4
4.95%		09/15/30		25,000		26,520
Lehman XS Trust, Series 2006-2N, Class 1A1
0.45%		02/25/46	2	55,670		38,929

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
MASTR Asset Backed Securities Trust, Series 2005-HE1, Class M2
0.64%		05/25/35	2	$	30,489	$	30,386
Morgan Stanley Capital I, Inc., Series 2005-NC2, Class M2
0.61%		03/25/35	2		33,727		33,683
Morgan Stanley Capital, Inc., Series 2005-HE6, Class A2C
0.51%		11/25/35	2		31,093		30,183
New Century Home Equity Loan Trust, Series 2005-2, Class M1
0.62%		06/25/35	2		30,000		28,794
Residential Asset Mortgage Products, Inc., Series 2003-RZ3, Class A6 (STEP)
3.90%		03/25/33			33,231		33,424
Residential Asset Mortgage Products, Inc., Series 2004-SL1, Class A2
8.50%		11/25/31			11,097		11,085
Residential Asset Mortgage Products, Inc., Series 2006-EFC1, Class A2
0.39%		02/25/36	2		27,187		26,923
Residential Asset Securities Corp., Series 2005-KS12, Class A2
0.44%		01/25/36	2		13,450		13,209
Structured Asset Securities Corp., Series 2005-WF4, Class A4
0.55%		11/25/35	2		35,790		35,651
Terwin Mortgage Trust, Series 2004-13ALT, Class 2PX
0.34%		08/25/34	3,5		8,167,153		97,217
WaMu Mortgage Pass-Through Certificates, Series 2002-AR6, Class A
1.57%		06/25/42	2		10,672		9,778
							890,975
U.S. Agency Mortgage-Backed — 13.64%
Fannie Mae Pool 646884
1.92%		05/01/32	2		69,615		70,427
Fannie Mae Pool 802665
2.24%		12/01/34	2		4,035		4,070
Fannie Mae Pool AL0851
6.00%		10/01/40			26,118		28,548
Fannie Mae REMICS, Series 2003-11, Class FA
1.19%		09/25/32	2		31,410		32,141
Fannie Mae Whole Loan, Series 2003-W6, Class F
0.54%		09/25/42	2		96,269		95,370
Fannie Mae, Series 1997-91, Class SL (IO)
7.50%		11/25/23	2		146,025		27,611
Fannie Mae, Series 2004-33, Class MW
4.50%		01/25/30			39,752		41,474

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2013 / 103     

AlphaTrak 500 Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount	Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae, Series 2008-47, Class PF
0.69%		06/25/38	2	$32,324	$	32,560
Fannie Mae, Series 2010-109, Class PF
0.59%		10/25/40	2	31,684		31,783
Fannie Mae, Series G-36, Class ZB
7.00%		11/25/21		1,933		2,213
Freddie Mac REMICS, Series 2581, Class F
0.64%		12/15/32	2	27,849		27,935
Freddie Mac REMICS, Series 2684, Class F
1.09%		01/15/33	2	34,798		35,455
Freddie Mac REMICS, Series 3831, Class PV
5.00%		05/15/25		62,757		67,417
Freddie Mac Strips, Series 263, Class F5
0.69%		06/15/42	2	53,267		53,840
Freddie Mac, Series 2777, Class FE
0.54%		10/15/32	2	4,369		4,370
Freddie Mac, Series 3501, Class JA
4.00%		04/15/37		56,982		59,106
Freddie Mac-Ginnie Mae, Series 2, Class L
8.00%		11/25/22		8,892		9,632
NCUA Guaranteed Notes, Series 2010-R1, Class 1A
0.64%		10/07/20	2	66,687		66,979
NCUA Guaranteed Notes, Series 2010-R3, Class 1A
0.75%		12/08/20	2	55,770		56,218
NCUA Guaranteed Notes, Series 2011-R5, Class 1A
0.57%		04/06/20	2	51,177		51,271
						798,420
Total Mortgage-Backed
(Cost $2,151,238)						2,149,086
MUNICIPAL BONDS — 1.33%*
California — 0.90%
State of California, Taxable, Various Purpose
4.85%		10/01/14		50,000		52,715
Illinois — 0.43%
State of Illinois, Taxable Bonds
4.07%		01/01/14		25,000		25,381
Total Municipal Bonds
(Cost $75,559)						78,096
U.S. AGENCY SECURITIES — 9.54%
Fannie Mae
0.50%		10/22/15		30,000		29,989
0.50%		01/15/16		65,000		64,721
0.50%		01/29/16		65,000		64,777

Issues	Maturity Date			Principal Amount		Value
U.S. AGENCY SECURITIES (continued)
0.62%		05/23/16			$65,000	$	64,585
0.65%		03/28/16			50,000		49,829
Federal Home Loan Bank
0.17%		11/15/13	2		65,000		65,032
0.50%		01/08/16			65,000		64,809
0.55%		06/03/16			30,000		29,812
Freddie Mac
0.50%		09/14/15			65,000		64,963
0.60%		03/28/16			30,000		29,839
0.75%		10/05/16			30,000		29,750
Total U.S. Agency Securities
(Cost $559,928)							558,106
U.S. TREASURY SECURITIES — 12.76%
U.S. Treasury Notes — 12.76%
U.S. Treasury Notes
0.75%		08/15/13		$	180,000		180,155
U.S. Treasury Notes - Treasury Inflation Indexed Notes
0.50%		04/15/15	6		175,000		192,577
1.25%		04/15/14	6		170,000		189,463
2.00%		01/15/14	6		20,000		25,536
2.00%		07/15/14	6		125,000		159,290
							747,021
Total U.S. Treasury Securities
(Cost $755,673)
Total Bonds – 87.32%
(Cost $5,091,166)							5,109,769
Issues	Maturity Date			Principal Amount/ Shares		Value
SHORT-TERM INVESTMENTS — 9.90%
Money Market Funds — 0.58%
Dreyfus Cash Advantage Fund
0.07%7					16,000		16,000
DWS Money Market Series Institutional Funds
0.07%7					18,000		18,000
							34,000
U.S. Agency Discount Notes — 7.69%
Fannie Mae
0.08%8		09/03/13			150,000		149,992
Federal Home Loan Bank
0.06%8		08/21/13			100,000		99,991
0.09%8		08/19/13			100,000		99,996

See accompanying notes to Schedule of Portfolio Investments.

104 / N-Q Report June 2013

AlphaTrak 500 Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

Issues	Maturity Date			Principal Amount/ Shares		Value
SHORT-TERM INVESTMENTS (continued)
U.S. Agency Discount Notes (continued)
Freddie Mac
0.07%8		09/09/13		$	100,000		$  99,994
							449,973
U.S. Treasury Bills — 1.63%
U.S. Treasury Bills
0.08%8		08/22/13	9		95,000		94,996
Total Short-Term Investments
(Cost $578,933)							578,969
Total Investments – 97.22%
(Cost $5,670,099)1							5,688,738
Cash and Other Assets, Less Liabilities – 2.78%							162,914
Net Assets – 100.00%						$	5,851,652

Contracts		Unrealized Appreciation/ (Depreciation)
FUTURES CONTRACTS: LONG POSITIONS
3	S&P 500 E Mini Index, Expiration September 2013		$   1,594
3	S&P 500 Index, Expiration September 2013		(18,983	)
	Net unrealized (depreciation)		$(17,389	)

	Expiration Date	Notional Amount (000’s)	Depreciation			Value
SWAPS: TOTAL RETURN
The Fund pays a floating rate based on 1-month USD LIBOR plus 36 basis points and the Fund receives from the counterparty the price return on the Standard & Poor’s 500 Total Return Index. Counterparty: Barclays, Inc.
	07/03/13	$4		$(59,523	)		$(59,523	)
		$4		$(59,523	)		$(59,523	)

Notes:

¹ Cost for federal income tax purposes is $5,670,855 and net unrealized appreciation/(depreciation) consists of:

Gross unrealized appreciation	$	113,564
Gross unrealized depreciation		(95,681	)
Net unrealized appreciation	$	17,883

²  Floating rate security. The rate disclosed was in effect at June 30, 2013.

³  Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The market value of these securities at June 30, 2013, was $575,388, representing 9.83% of total net assets.

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

⁵  Illiquid security as determined under procedures approved by the Fund’s Board of Trustees. The aggregate value of illiquid securities is $141,617, which is 2.42% of total net assets.

⁶  Inflation protected security. Principal amount reflects original security face amount.

⁷  Represents the current yield as of June 30, 2013.

⁸  Represents annualized yield at date of purchase.

⁹  Securities, or a portion thereof, pledged as collateral for futures. The total market value of collateral pledged is $94,996.

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

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

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

(AGM): Assurance Guaranty Municipal Corp. (formerly known as FSA (Financial Security Assurance, Inc.))

(IO): Interest only

(LIBOR): London InterBank Offer Rate

(MTN): Medium-term note

(STEP): Step coupon bond

(USD): U.S. dollar

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2013 / 105

Notes to Financial Statements (Unaudited)

June 30, 2013

1. SIGNIFICANT ACCOUNTING POLICIES

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

Net Asset Value:

The Net Asset Value of each Fund’s shares is determined by dividing the net assets attributable to each class of shares of the Fund by the number of issued and outstanding shares of the Class/Fund on each business day as of 4 p.m. ET.

Security Valuation:

Fixed-income securities for which market quotations are readily available are valued at prices as provided by independent pricing vendors or broker quotes. The Funds receive pricing information from independent pricing vendors approved by the Board of Trustees (the “Board”). Securities with a demand feature exercisable within one to seven days are valued at par. The Funds also use a benchmark pricing system to the extent vendors’ prices for their securities are either inaccurate (such as when the reported prices are different from recent known market transactions) or are not available from another pricing source. For a security priced using this system, the Adviser initially selects a proxy composed of a relevant security (i.e., U.S. Treasury Note) or benchmark (e.g., LIBOR) and a multiplier, divisor or margin that the Adviser believes would together best reflect changes in the market value of the security. The value of the security changes daily based on changes to the market price of the assigned benchmark. The benchmark pricing system is continuously reviewed by the Adviser and implemented according to the pricing policy reviewed by the Board. Debt securities which mature in less than 60 days are valued at amortized cost if their original maturity was 60 days or less. If their original term to maturity exceeded 60 days, they are valued by amortizing the value as of the 61st day prior to maturity (unless the Board determines that this method does not represent fair value). S&P 500 Index futures contracts are valued at the first sale price after 4 p.m. ET on the Chicago Mercantile Exchange. All other futures contracts are valued at the official settlement price of the exchange where it is traded. Equity securities, including depository receipts, are valued at the last reported sale price or the market’s closing price on the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the average of the bid and asked prices. In cases where equity securities are traded on more than one exchange, the securities are valued on the exchange or market determined by the Adviser to be the broadest and most representative market, which may be either a securities exchange or the over-the-counter market. Securities and other assets that cannot be valued as described above will be valued at their fair value as determined by the Adviser under guidelines established by and under the general supervision and responsibility of the Board.

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

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

Foreign Currency Translation:

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

106 / N-Q Report June 2013

Notes to Financial Statements (Unaudited) (Continued)

Foreign Taxes:

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

Securities and Derivatives Transactions and Investment Income:

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

Distributions to Shareholders:

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

Federal Income Taxation:

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

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

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

As of and during the period ended June 30, 2013, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. The tax expense reported in the statement of operations represent Los Angeles city business tax. During the period, the Funds did not incur any interest or penalties.

Recent Accounting Pronouncements:

In December 2011, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2011-11, Balance Sheet (Topic 210), Disclosures about Offsetting Assets and Liabilities, which requires entities to disclose information about financial instruments and derivative instruments that have been offset or that are subject to enforceable master netting arrangements, to enable users of its financial statements to understand the effect of those arrangements on its financial position. Entities will be required to provide both net (offset amounts) and gross information in the notes to the financial statements for relevant assets and liabilities that are offset or subject to the arrangements. The amendments in ASU No. 2011-11 are effective for interim and annual periods beginning on or after January 1, 2013 and an entity should provide the disclosures required by the amendments retrospectively for all comparative periods presented. The Fund is in the process of evaluating the disclosure requirements and any impact the new disclosures will have on its financial statements.

In June 2013, the FASB issued ASU No. 2013-08 guidance that creates a two-tiered approach to assess whether an entity is an investment company. The guidance will also require an investment company to measure non controlling ownership interests in other investment companies at fair value and will require additional disclosures relating to investment company status, any changes there to and information about financial support provided or contractually required to be provided to any of the investment company’s investees. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2013 and interim periods within those fiscal years. Management is evaluating the impact of this guidance on the Fund’s financial statement disclosures.

N-Q Report June 2013 / 107

Notes to Financial Statements (Unaudited) (Continued)

Cash and cash equivalents:

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

Use of estimates:

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

Fair Value Measurements:

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

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

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

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

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

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

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

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

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

Short-term investments. Short-term investments (commercial paper and repurchase agreements) having a maturity of 60 days or less generally are valued at amortized cost which approximates fair market value. These investments are categorized as Level 2 of the fair value hierarchy.

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

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

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

108 / N-Q Report June 2013

Notes to Financial Statements (Unaudited) (Continued)

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

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

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

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

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

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

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

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

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

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

As of June 30, 2013 , Level 3 securities consist of certain asset-backed securities, bank loans, collateralized mortgage obligations, preferred stock and corporate bonds.

N-Q Report June 2013 / 109

Notes to Financial Statements (Unaudited) (Continued)

The summary of inputs used to value each Fund’s net assets as of June 30, 2013 is as follows:

ULTRA SHORT BOND FUND	LEVEL 1			LEVEL 2			LEVEL 3			TOTAL
Investments in Securities
Assets
Short-Term Investments:
Commercial Paper		$	–		$	2,913,623		$	–		$	2,913,623
Money Market Funds			3,114,000			–			–			3,114,000
U.S. Agency Discount Notes			–			23,437,860			–			23,437,860
Long-Term Investments:
Asset-Backed Securities			–			1,838,533			–			1,838,533
Bank Loans			–			638,537			–			638,537
Corporates			–			17,157,980			–			17,157,980
Foreign Government Obligations			–			644,862			–			644,862
Mortgage-Backed			–			81,857,435			67,421			81,924,856
Municipal Bonds			–			1,249,685			–			1,249,685
U.S. Agency Securities			–			7,349,859			–			7,349,859
U.S. Treasury Securities			15,287,385			–			–			15,287,385
Total		$	18,401,385		$	137,088,374		$	67,421		$	155,557,180

LOW DURATION BOND FUND	LEVEL 1			LEVEL 2			LEVEL 3			TOTAL
Investments in Securities
Assets
Short-Term Investments:
Commercial Paper		$	–		$	33,325,968		$	–		$	33,325,968
Money Market Funds			47,049,000			–			–			47,049,000
U.S. Agency Discount Notes			–			487,769,942			–			487,769,942
Long-Term Investments:
Asset-Backed Securities			–			163,558,591			–			163,558,591
Bank Loans			–			24,428,669			–			24,428,669
Corporates			–			452,924,352			885,225			453,809,577
Foreign Government Obligations			–			18,064,191			–			18,064,191
Mortgage-Backed			–			848,891,228			5,612,205			854,503,433
Municipal Bonds			–			22,638,050			–			22,638,050
U.S. Agency Securities			–			105,711,985			–			105,711,985
U.S. Treasury Securities			182,007,737			–			–			182,007,737
Other Financial Instruments *
Liabilities:
Interest rate contracts			–			(18,144)			–			(18,144)
Total		$	229,056,737		$	2,157,294,832		$	6,497,430		$	2,392,848,999

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

110 / N-Q Report June 2013

Notes to Financial Statements (Unaudited) (Continued)

INTERMEDIATE BOND FUND	LEVEL 1			LEVEL 2			LEVEL 3			TOTAL
Investments in Securities
Assets
Short-Term Investments:
Commercial Paper		$	–		$	6,566,326		$	–		$	6,566,326
Money Market Funds			6,545,000			–			–			6,545,000
U.S. Agency Discount Notes			–			31,254,575			–			31,254,575
U.S. Treasury Bills			19,999			–			–			19,999
Long-Term Investments:
Asset-Backed Securities			–			24,106,627			–			24,106,627
Bank Loans			–			748,724			–			748,724
Corporates			–			72,702,041			–			72,702,041
Mortgage-Backed			–			157,549,079			–			157,549,079
Municipal Bonds			–			5,269,299			–			5,269,299
U.S. Agency Securities			–			11,557,330			–			11,557,330
U.S. Treasury Securities			46,516,893			–			–			46,516,893
Other Financial Instruments *
Assets:
Interest rate contracts			–			142,972			–			142,972
Liabilities:
Interest rate contracts			(2,677)			(2,142)			–			(4,819)
Total		$	53,079,215		$	309,894,831		$	–		$	362,974,046

*Other financial instruments include futures, swaptions and swap contracts. Interest rate contracts include futures, swaptions and interest rate swap contracts.

N-Q Report June 2013 / 111

Notes to Financial Statements (Unaudited) (Continued)

TOTAL RETURN BOND FUND	LEVEL 1			LEVEL 2			LEVEL 3			TOTAL
Investments in Securities
Assets
Short-Term Investments:
Commercial Paper		$	–		$	479,263,354		$	–		$	479,263,354
Money Market Funds			497,873,000			–			–			497,873,000
Repurchase Agreements			–			49,000,000			–			49,000,000
U.S. Agency Discount Notes			–			800,237,122			–			800,237,122
U.S. Treasury Bills			7,641,697			–			–			7,641,697
Long-Term Investments:
Asset-Backed Securities			–			1,528,720,488			78,886,523			1,607,607,011
Bank Loans			–			143,133,964			14,682,035			157,815,999
Common Stock			28,305,883			–			–			28,305,883
Corporates			–			4,420,416,019			2,943,350			4,423,359,369
Foreign Government Obligations			–			79,323,120			–			79,323,120
Mortgage-Backed			–			13,370,473,397			38,564,260			13,409,037,657
Municipal Bonds			–			459,234,054			–			459,234,054
Purchased Swaptions			–			61,414,667			–			61,414,667
U.S. Agency Securities			–			306,152,474			–			306,152,474
U.S. Treasury Securities			7,003,213,986			–			–			7,003,213,986
Other Financial Instruments *
Assets:
Credit contracts			–			115,184			–			115,184
Interest rate contracts			4,153,879			60,227,694			–			64,381,573
Liabilities:
Interest rate contracts			(18,770,714)			(37,701,196)			–			(56,471,910)
Total		$	7,522,417,731		$	21,720,010,341		$	135,076,168		$	29,377,504,240

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

HIGH YIELD BOND FUND	LEVEL 1			LEVEL 2			LEVEL 3			TOTAL
Investments in Securities
Assets
Short-Term Investments:
Commercial Paper		$	–		$	18,136,059		$	–		$	18,136,059
Money Market Funds			2,810,000			–			–			2,810,000
U.S. Treasury Bills			459,982			–			–			459,982
Long-Term Investments:
Asset-Backed Securities			–			33,289,654			–			33,289,654
Bank Loans			–			207,084,895			3,670,243*			210,755,138
Common Stock			17,041,185			–			–			17,041,185
Corporates			–			1,691,765,283			539,545			1,692,304,828
Mortgage-Backed			–			437,966			29			437,995
Preferred Stock			–			10,240,501			–			10,240,501
U.S. Treasury Securities			5,812,061			–			–			5,812,061
Total		$	26,123,228		$	1,960,954,358		$	4,209,817		$	1,991,287,403

*As of June 30, 2013, Boston Generating LLC, Term Loan 1st Lien had a $0 market value.

112 / N-Q Report June 2013

Notes to Financial Statements (Unaudited) (Continued)

UNCONSTRAINED BOND FUND	LEVEL 1			LEVEL 2			LEVEL 3			TOTAL
Investments in Securities
Assets
Short-Term Investments:
Commercial Paper		$	–		$	4,417,700		$	–		$	4,417,700
Money Market Funds			6,606,000			–			–			6,606,000
U.S. Agency Discount Notes			–			14,304,650			–			14,304,650
U.S. Treasury Bills			649,974			–			–			649,974
Long-Term Investments:
Asset-Backed Securities			–			30,473,878			695,044			31,168,922
Bank Loans			–			1,340,264			–			1,340,264
Corporates			–			97,125,513			–			97,125,513
Foreign Government Obligations			–			9,655,409			–			9,655,409
Mortgage-Backed			–			151,597,812			109,168			151,706,980
Municipal Bonds			–			2,648,294			–			2,648,294
U.S. Agency Securities			–			4,531,170			–			4,531,170
U.S. Treasury Securities			9,482,127			–			–			9,482,127
Other Financial Instruments *
Assets:
Credit contracts			–			31,208			–			31,208
Interest rate contracts			1,617,111			–			–			1,617,111
Total		$	18,355,212		$	316,125,898		$	804,212		$	335,285,322

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

STRATEGIC INCOME FUND	LEVEL 1			LEVEL 2			LEVEL 3			TOTAL
Investments in Securities
Assets
Short-Term Investments:
Commercial Paper		$	–		$	4,028,992		$	–		$	4,028,992
Money Market Funds			2,940,000			–			–			2,940,000
U.S. Agency Discount Notes			–			4,984,978			–			4,984,978
Long-Term Investments:
Asset-Backed Securities			–			29,836,461			2,744,259			32,580,720
Bank Loans			–			2,419,337			–    **			2,419,337
Common Stock			613,586			–			–			613,586
Corporates			–			27,977,135			23,500			28,000,635
Mortgage-Backed			–			125,554,145			353			125,554,498
Preferred Stock			–			974,750			1			974,751
U.S. Agency Securities			–			1,058,657			–			1,058,657
U.S. Treasury Securities			12,239,933			–			–			12,239,933
Other Financial Instruments *
Assets:
Equity contracts			–			6,000			–			6,000
Total		$	15,793,519		$	196,840,455		$	2,768,113		$	215,402,087

*Other financial instruments include swap contracts. Equity contracts include total return swaps.

**As of June 30, 2013, Boston Generating LLC, Term Loan 1st Lien had a $0 market value.

N-Q Report June 2013 / 113

Notes to Financial Statements (Unaudited) (Continued)

ALPHATRAK 500 FUND	LEVEL 1			LEVEL 2			LEVEL 3			TOTAL
Investments in Securities
Assets
Short-Term Investments:
Money Market Funds		$	34,000		$	–		$	–		$	34,000
U.S. Agency Discount Notes			–			449,973			–			449,973
U.S. Treasury Bills			94,996			–			–			94,996
Long-Term Investments:
Asset-Backed Securities			–			422,555			–			422,555
Corporates			–			1,110,505			44,400			1,154,905
Mortgage-Backed			–			2,051,869			97,217			2,149,086
Municipal Bonds			–			78,096			–			78,096
U.S. Agency Securities			–			558,106			–			558,106
U.S. Treasury Securities			747,021			–			–			747,021
Other Financial Instruments *
Assets:
Equity contracts			1,594			–			–			1,594
Liabilities:
Equity contracts			(18,983)			(59,523)			–			(78,506)
Total		$	858,628		$	4,611,581		$	141,617		$	5,611,826

*Other financial instruments include swap contracts and futures. Equity contracts include total return swaps and futures.

There were no transfers in or transfers out of level 1 or level 2 securities in the fair value hierarchy.

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

For the period ended June 30, 2013, a reconciliation of level 3 investments is presented when the Fund had a significant amount of 1evel 3 investments at the beginning and/or end of the period in relation to net assets. The following tables are a reconciliation of level 3 investments for which significant unobservable inputs were used in determining fair value:

ULTRA SHORT      BOND FUND	MORTGAGE-BACKED SECURITIES
Balance as of April 1, 2013		$	71,286
Realized (loss)			(3,124	)
Change in unrealized (depreciation)*			(741	)
Transfers into Level 3**			–
Transfers out of Level 3**			–
Balance as of June 30, 2013		$	67,421

* The change in unrealized appreciation/(depreciation) on securities still held at June 30, 2013 was $(741).

** Transfers into and transfers out of level 3 represent the values as of the end of the reporting period. As of June 30, 2013, the Fund used observable inputs in determining the value of certain investments. As of June 30, 2013, the Fund used significant unobservable inputs in determining the value of the same investments. As a result, investments with a end of period value of $0 transferred from level 2 to level 3 in the disclosure hierarchy.

114 / N-Q Report June 2013

Notes to Financial Statements (Unaudited) (Continued)

LOW DURATION      BOND FUND	ASSET-BACKED SECURITIES				CORPORATES			MORTGAGE-BACKED SECURITIES
Balance as of April 1, 2013		$	4,160,478			$	813,450		$	3,839,878
Accrued discounts/premiums			–				23			–
Realized (loss)			–				–			(60,091	)
Change in unrealized appreciation/ (depreciation)*			(1,416	)			71,752			1,832,418
Sales			(4,159,062	)			–			–
Transfers into Level 3**			–				–			–
Transfers out of Level 3**			–				–			–
Balance as of June 30, 2013		$	–			$	885,225		$	5,612,205

* The change in unrealized appreciation/(depreciation) on securities still held at June 30, 2013 was $1,904,170.

** Transfers into and transfers out of level 3 represent the values as of the end of the reporting period. As of June 30, 2013, the Fund used observable inputs in determining the value of certain investments. As of June 30, 2013, the Fund used significant unobservable inputs in determining the value of the same investments. As a result, investments with a end of period value of $0 transferred from level 2 to level 3 in the disclosure hierarchy.

TOTAL RETURN      BOND FUND	ASSET-BACKED SECURITIES				BANK LOANS				CORPORATES				MORTGAGE-BACKED SECURITIES
Balance as of April 1, 2013		$	109,382,430			$	15,347,377			$	3,063,625			$	42,639,350
Accrued discounts/premiums			–				8,189				1,707				–
Realized (loss)			(1,002,454	)			(659,543	)			–				(1,919,035	)
Change in unrealized (depreciation)*			(37,182	)			(13,988	)			(121,982	)			(2,156,055	)
Sales			(29,456,271	)			–				–				–
Transfers into Level 3**			–				–				–				–
Transfers out of Level 3**			–				–				–				–
Balance as of June 30, 2013		$	78,886,523			$	14,682,035			$	2,943,350			$	38,564,260

* The change in unrealized appreciation/(depreciation) on securities still held at June 30, 2013 was $(165,339).

** Transfers into and transfers out of level 3 represent the values as of the end of the reporting period. As of June 30, 2013, the Fund used observable inputs in determining the value of certain investments. As of June 30, 2013, the Fund used significant unobservable inputs in determining the value of the same investments. As a result, investments with a end of period value of $0 transferred from level 2 to level 3 in the disclosure hierarchy.

HIGH YIELD      BOND FUND	BANK LOANS				CORPORATE BONDS				MORTGAGE-BACKED SECURITIES
Balance as of April 1, 2013		$	3,836,574	***		$	658,775			$	29
Realized (loss)			(162,834	)			–				–
Change in unrealized (depreciation)*			(3,497	)			(119,230	)			–
Transfers into Level 3**			–				–				–
Transfers out of Level 3**			–				–				–
Balance as of June 30, 2013		$	3,670,243	***		$	539,545			$	29

* The change in unrealized appreciation/(depreciation) on securities still held at June 30, 2013 was $(119,230).

N-Q Report June 2013 / 115

Notes to Financial Statements (Unaudited) (Continued)

** Transfers into and transfers out of level 3 represent the values as of the end of the reporting period. As of June 30, 2013, the Fund used observable inputs in determining the value of certain investments. As of June 30, 2013, the Fund used significant unobservable inputs in determining the value of the same investments. As a result, investments with a end of period value of $0 transferred from level 2 to level 3 in the disclosure hierarchy.

*** As of June 30, 2013 and March 31, 2013, Boston Generating LLC, Term Loan 1st Lien had a $0 market value.

UNCONSTRAINED      BOND FUND	ASSET-BACKED SECURITIES				MORTGAGE-BACKED SECURITIES
Balance as of April 1, 2013		$	703,410			$	118,466
Realized (loss)			(8,214	)			(4,895	)
Change in unrealized depreciation*			(152	)			(4,403	)
Transfers into Level 3**			–				–
Transfers out of Level 3**			–				–
Balance as of June 30, 2013		$	695,044			$	109,168

* The change in unrealized appreciation/(depreciation) on securities still held at June 30, 2013 was $(4,555).

** Transfers into and transfers out of level 3 represent the values as of the end of the reporting period. As of June 30, 2013, the Fund used observable inputs in determining the value of certain investments. As of June 30, 2013, the Fund used significant unobservable inputs in determining the value of the same investments. As a result, investments with a end of period value of $0 transferred from level 2 to level 3 in the disclosure hierarchy.

STRATEGIC      INCOME FUND

ASSET-BACKED SECURITIES

BANK LOANS

CORPORATES

MORTGAGE-BACKED SECURITIES

PREFERRED  STOCK  SECURITIES

Balance as of April 1, 2013

$

3,327,677

$

–

***

$

29,375

$

353

$

1

Realized (loss)

(123,221

)

–

–

–

–

Change in unrealized appreciation/ (depreciation)*

1,232

–

(5,875

)

–

–

Sales

(461,429

)

–

–

–

–

Transfers into Level 3**

–

–

–

–

–

Transfers out of Level 3**

–

–

–

–

–

Balance as of June 30, 2013

$

2,744,259

$

–

***

$

23,500

$

353

$

1

* The change in unrealized appreciation/(depreciation) on securities still held at June 30, 2013 was $(4,643).

** Transfers into and transfers out of level 3 represent the values as of the end of the reporting period. As of June 30, 2013, the Fund used observable inputs in determining the value of certain investments. As of June 30, 2013, the Fund used significant unobservable inputs in determining the value of the same investments. As a result, investments with a end of period value of $0 transferred from level 2 to level 3 in the disclosure hierarchy.

*** As of June 30, 2013 and March 31, 2013, Boston Generating LLC, Term Loan 1st Lien had a $0 market value.

116 / N-Q Report June 2013

Notes to Financial Statements (Unaudited) (Continued)

ALPHATRAK				MORTGAGE-BACKED
500 FUND	CORPORATES				SECURITIES
Balance as of April 1, 2013		$	40,800		$	102,790
Realized (loss)			–			(4,635	)
Change in unrealized appreciation/ (depreciation)*			3,600			(938	)
Transfers into Level 3**			–			–
Transfers out of Level 3**			–			–
Balance as of June 30, 2013		$	44,400		$	97,217

* The change in unrealized appreciation/(depreciation) on securities still held at June 30, 2013 was $2,662.

** Transfers into and transfers out of level 3 represent the values as of the end of the reporting period. As of June 30, 2013, the Fund used observable inputs in determining the value of certain investments. As of June 30, 2013, the Fund used significant unobservable inputs in determining the value of the same investments. As a result, investments with a end of period value of $0 transferred from level 2 to level 3 in the disclosure hierarchy.

Significant unobservable valuations inputs for Level 3 investments as of June 30, 2013, are as follows:

STRATEGIC INCOME FUND	FAIR VALUE AT 6/30/2013		VALUATION TECHNIQUE*	UNOBSERVABLE INPUT	RANGE		WEIGHTED AVERAGE
Asset-Backed Securities		$2,744,259	Methods of Comparables/Consensus Pricing	Offered Quote		28.50 - 101.00		97.66
Bank Loans		$–	Methods of Comparables/Consensus Pricing	Offered Quote		0.01		–
Corporate Securities		$23,500	Methods of Comparables/Consensus Pricing	Offered Quote		2.00		2.00
Mortgage-Backed Securities- Non-Agency		$353	Methods of Comparables/Consensus Pricing	Offered Quote		0.00 - 7.00		6.95
Preferred Stocks		$1	Methods of Comparables/Consensus Pricing	Offered Quote		–		–

* The Methods of Comparables/Consensus Pricing valuation technique for Level 3 securities involves gathering observable and unobservable data related to securities that exhibit characteristics that are comparable to that of the Level 3 security, and using such information as an input into the valuation of the Level 3 security. Such observable and unobservable data may include offered quotes (prices offered to the Fund by potential buyers in the market), broker quotes, and vendor prices for the comparable securities.

ALPHATRAK 500 FUND	FAIR VALUE AT 6/30/2013	VALUATION TECHNIQUE*	UNOBSERVABLE   INPUT	RANGE		WEIGHTED   AVERAGE
Corporate Securities	$44,400	Methods of Comparables/Consensus Pricing	Offered Quote		55.50		55.50
Mortgage-Backed Securities- Non-Agency	$97,217	Methods of Comparables/Consensus Pricing	Offered Quote		1.19		1.19

* The Methods of Comparables/Consensus Pricing valuation technique for Level 3 securities involves gathering observable and unobservable data related to securities that exhibit characteristics that are comparable to that of the Level 3 security, and using such information as an input into the valuation of the Level 3 security. Such observable and unobservable data may include offered quotes (prices offered to the Fund by potential buyers in the market), broker quotes, and vendor prices for the comparable securities.

Level 3 Valuation Process:

Investments classified within Level 3 of the fair value hierarchy may be fair valued by the Advisor with consent by the Fund’s Pricing Committee in accordance with procedures approved by the Board of Trustees, and under the general oversight of the Board of Trustees. The Fund’s Pricing Committee employs various methods to determine fair valuations including a regular review of key inputs and assumptions and review of any related market activity. The Fund’s Pricing Committee reports to the Board of Trustees at their regularly scheduled meetings. It is possible that fair value prices will be used by the Fund to a significant extent. The value determined for an investment using the Fund’s fair value procedures may differ from recent market prices for the investment and may be significantly different from the value realized upon the sale of such investment. The Advisor, as part of the daily process, conducts back-testing of prices based on daily trade activities.

The Pricing Committee consists of the Chief Risk Officer, Chief Compliance Officer, Treasurer, Assistant Treasurer, Secretary, and a representative from the portfolio management team as well as alternate members as the Board of Trustees may from time to time designate. The Pricing Committee reviews and makes recommendations concerning the fair valuation of portfolio securities and the Fund’s pricing procedures in general.

N-Q Report June 2013 / 117

Notes to Financial Statements (Unaudited) (Continued)

Derivative Instruments Categorized by Risk Exposure:

The following is a summary of the location of derivative instruments on the Funds’ statements of assets and liabilities as of June 30, 2013:

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

The following is a summary of the Funds’ derivative instrument holdings categorized by primary risk exposure as of June 30, 2013:

		ASSET DERIVATIVE  INVESTMENTS
	ULTRA  SHORT BOND FUND	LOW  DURATION BOND FUND	INTERMEDIATE BOND FUND	TOTAL RETURN  BOND FUND
Credit contracts:
Swaps	$–	$–	$       –	$     115,184
Interest contracts:
Futures1	–	–	–	4,153,879
Swaps	–	–	142,972	60,227,694
Total	$–	$–	$142,972	$64,496,757

118 / N-Q Report June 2013

Notes to Financial Statements (Unaudited) (Continued)

		ASSET DERIVATIVE  INVESTMENTS
	HIGH  YIELD BOND FUND	UNCONSTRAINED BOND FUND	STRATEGIC INCOME  FUND	ALPHATRAK 500 FUND
Credit contracts:
Swaps	$–	$     31,208	$    –	$   –
Equity contracts:
Futures1	–	–	–	1,594
Swaps	–	–	6,000	–
Interest contracts:
Futures1	–	1,617,111	–	–
Total	$–	$1,648,319	$6,000	$1,594
1 Includes cumulative appreciation/(depreciation) of financial futures contracts as reported in the Schedule of Portfolio Investments.
		LIABILITY DERIVATIVE  INVESTMENTS
	ULTRA SHORT BOND FUND	LOW DURATION BOND FUND	INTERMEDIATE BOND FUND	TOTAL RETURN  BOND FUND
Interest contracts:
Futures1	$–	$       –	$     –	$(18,770,714)
Swaps	–	(18,144)	(2,142)	(37,701,196)
Total	$–	$(18,144)	$(2,142)	$(56,471,910)
		LIABILITY DERIVATIVE  INVESTMENTS
	HIGH YIELD BOND FUND	UNCONSTRAINED BOND FUND	STRATEGIC INCOME FUND	ALPHATRAK 500 FUND
Equity contracts:
Futures1	$–	$      –	$–	$(18,983)
Swaps	–	–	–	(59,523)
Total	$–	$      –	$–	$(78,506)

¹ Includes cumulative appreciation/(depreciation) of financial futures contracts as reported in the Schedule of Portfolio Investments.

2. PORTFOLIO INVESTMENTS

The Funds may invest in mortgage pass-through securities which represent interests in pools of mortgages in which payments of both principal and interest on the securities are generally made monthly, in effect “passing through” monthly payments made by borrowers on the residential or commercial mortgage loans which underlie the securities (net of any fees paid to the issuer or guarantor of the securities). Mortgage pass-through securities differ from other forms of debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at maturity or specified call dates.

The Funds may invest in securities issued by Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corp. (“FHLMC”). These are fixed-income securities that derive their value from or represent interests in a pool of mortgages or mortgage securities. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of a mortgage-backed security and could result in losses to the Funds. The risk of such defaults is generally higher in the case of mortgage pools that include sub-prime mortgages. Sub-prime mortgages refer to loans made to borrowers with weakened credit histories or with a lower capacity to make timely payments on their mortgages.

Additionally, securities issued by FNMA and FHLMC are not backed by or entitled to the full faith and credit of the United States and are supported by the right to the issuer to borrow from the Treasury.

On September 7, 2008, the Federal Housing Finance Agency was appointed as conservator of FNMA and FHLMC. In addition, the U.S. Department of the Treasury has agreed to provide capital as needed to ensure FNMA and FHLMC continue to provide liquidity to the housing and mortgage markets.

N-Q Report June 2013 / 119

Notes to Financial Statements (Unaudited) (Continued)

The Funds may also invest in Collateralized Mortgage Obligations (“CMOs”). CMOs are debt obligations collateralized by residential or commercial mortgage loans or residential or commercial mortgage pass-through securities. Interest and principal are generally paid monthly. CMOs may be collateralized by whole mortgage loans or private mortgage pass-through securities but are more typically collateralized by portfolios of mortgage pass-through securities guaranteed by Government National Mortgage Association (“GNMA”), FHLMC, or FNMA. The issuer of a series of CMOs may elect to be treated for tax purposes as a Real Estate Mortgage Investment Conduit. CMOs are structured into multiple classes, each bearing a different stated maturity. Monthly payment of principal received from the pool of underlying mortgages, including prepayments, is first returned to investors holding the shortest maturity class. Investors holding the longer maturity classes usually receive principal only after shorter classes have been retired. An investor may be partially protected against a sooner than desired return of principal because of the sequential payments.

The Funds may enter into to be announced (“TBA”) commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to settlement date, which is in addition to the risk of decline in the value of the Funds’ other assets. Unsettled TBA commitments are valued at the current market value of the underlying securities, according to the procedures described in Note 2 under “Security Valuation”.

The Funds may invest in Collateralized Bond Obligations (“CBOs”), Collateralized Loan Obligations (“CLOs”) and other Collateralized Debt Obligations (“CDOs”), which are debt instruments backed solely by a pool of other debt securities. The risks of an investment in a CBO, CLO or other CDO depend largely on the type of the collateral securities and the class of the CBO, CLO or other CDO in which a Fund invests. Some CBOs, CLOs and other CDOs have credit ratings, but are typically issued in various classes with various priorities. Normally, CBOs, CLOs and other CDOs are privately offered and sold (that is, not registered under the securities laws) and may be characterized by the Funds as illiquid securities, but an active dealer market may exist for CBOs, CLOs and other CDOs that qualify for Rule 144A transactions. In addition to the normal interest rate, default and other risks of fixed income securities, CBOs, CLOs and other CDOs carry additional risks, including the possibility that distributions from collateral securities will not be adequate to make interest or other payments, the quality of the collateral may decline in value or default, the Funds may invest in CBOs, CLOs and other CDOs that are subordinate to other classes, volatility in value, and the complex structure of the security may not be fully understood at the time of investment and produce disputes with the issuer or unexpected investment results.

The Funds may invest in stripped mortgage-backed securities issued by the U.S. government, its agencies and instrumentalities. Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. In certain cases, one class will receive all of the interest (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). During the period ended June 30, 2013, certain interest only securities were held as part of the overall mortgage portfolio holdings. The yield to maturity on IOs is sensitive to the rate of principal repayments (including prepayments) on the related underlying mortgage assets, and principal payments may have a material effect on yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, a Fund may not fully recoup its initial investment in IOs. Such securities will be considered liquid only if so determined in accordance with guidelines established by the Board. The Funds also may invest in stripped mortgage-backed securities that are privately issued. These securities will be considered illiquid for purposes of each Fund’s limit on illiquid securities.

The Funds may purchase participations in commercial loans, or may purchase assignments of such loans. Such indebtedness may be secured or unsecured. Loan participations typically represent direct participation in a loan to a corporate borrower, and generally are offered by banks or other financial institutions or lending syndicates. The Funds may participate in such syndications, or can buy part of a loan, becoming a part lender. When purchasing loan participations, a Fund assumes the credit risk associated with the corporate borrower and may assume the credit risk associated with an interposed bank or other financial intermediary. The participation interests in which a Fund intends to invest may not be rated by any nationally recognized rating service. Participations and assignments also involve special types of risk, including interest rate risk, liquidity risk, and the risk of being a lender. If the Fund purchases a participation, it may only be able to enforce its rights through the lender, and may assume the credit risk of the lender in addition to the borrower.

The Funds may also sell a debt or equity security short that is, without owning it and borrow the same security from a broker or other institution to complete the sale. The Adviser may use short sales when it believes a security is overvalued or as a partial hedge against a position in a related security of the same issuer held by a Fund. The Ultra Short Bond Fund, Low Duration Bond Fund, Intermediate Bond Fund, and Total Return Bond Fund will not make total short sales exceeding 25% of the value of that Fund’s assets. The High Yield Bond Fund and Strategic Income Fund will not make total short sales exceeding 33 1/3% of the Fund’s assets. If the value of the security sold short increases, a Fund would lose money because it would need to replace the borrowed security by purchasing it at a higher price. The potential loss is unlimited. (If the short sale was intended as a hedge against another investment, the loss on the short sale may be fully or partially offset by gains in that other investment.) At June 30, 2013, the Funds did not hold any short debt or equity.

120 / N-Q Report June 2013

Notes to Financial Statements (Unaudited) (Continued)

A lender may request that the borrowed securities be returned on short notice; if that occurs at a time when other short sellers of the subject security are receiving similar requests, a “short squeeze” can occur. This means that the Fund might be compelled, at the most disadvantageous time, to replace borrowed securities previously sold short, with purchases on the open market at prices significantly greater than those at which the securities were sold short. Short selling also may produce higher than normal portfolio turnover and result in increased transaction costs to the Fund. The Funds also may make short sales “against-the-box”, in which the Funds sell short securities they own. The Funds will incur transaction costs, including interest expenses, in connection with opening, maintaining and closing short sales against-the-box, which result in a “constructive sale”, requiring the Fund to recognize any taxable gain from the transaction.

The Funds may invest in repurchase agreements. In a repurchase agreement, the Funds purchase a security from a counterparty who agrees to repurchase the same security at a mutually agreed upon date and price. On a daily basis, the counterparty is required to maintain collateral subject to the agreement and in value no less than the agreed repurchase amount. The agreements are conditioned upon the collateral being deposited under the Federal Reserve book entry system or held in a segregated account by the Funds’ custodian or designated sub-custodians under tri-party repurchase agreements. In the event the counterparty defaults and the fair value of the collateral declines, the Funds could experience losses, delays and costs in liquidating the collateral. As of June 30, 2013, the Total Return Bond Fund held repurchase agreements.

The Funds may enter into reverse repurchase agreements, whereby a Fund sells securities concurrently with entering into an agreement to repurchase those securities at a later date at a fixed price. During the reverse repurchase agreement period, the Fund continues to receive principal and interest payments on those securities. Reverse repurchase agreements are speculative techniques involving leverage and are considered borrowings by the Fund for purposes of the percentage limitations applicable to borrowings. There were no reverse repurchase agreements for the period ended June 30, 2013.

Each Fund may enter into when-issued, delayed-delivery, or forward commitment transactions in order to lock in the purchase price of the underlying security, or in order to adjust the interest rate exposure of the Fund’s existing portfolio. In when-issued, delayed-delivery, or forward commitment transactions, a Fund commits to purchase or sell particular securities, with payment and delivery to take place at a future date. Although a Fund does not pay for the securities or start earning interest on them until they are delivered, it immediately assumes the risks of ownership, including the risk of price fluctuation. If a Fund’s counterparty fails to deliver a security purchased on a when-issued, delayed-delivery, or forward commitment basis, there may be a loss, and that Fund may have missed an opportunity to make an alternative investment.

Prior to settlement of these transactions, the value of the subject securities will fluctuate, reflecting interest rate changes. In addition, because a Fund is not required to pay for when-issued, delayed-delivery, or forward commitment securities until the delivery date, they must result in a form of leverage to the extent a Fund does not maintain liquid assets equal to the face amount of the contract. The Funds segregate assets (cash and/or securities) to cover the amounts outstanding related to these transactions.

Derivatives:

The Funds engaged in various portfolio investment strategies both to increase the return of the Fund and to economically hedge, or protect, their exposure to interest rate movements and movements in the securities markets. Losses may arise if the value of the contract decreases due to an unfavorable change in the price of the underlying security or if the counterparty does not perform under the contract. The Funds are subject to credit risk, equity price risk and interest rate risk in the normal course of pursuing its investment objectives by investing in various derivative financial instruments, as described below:

Over the reporting period, the Funds engaged in interest rate futures contracts, foreign currency exchange contracts, swap agreements and swaptions as a means of managing interest rate risk and yield curve positioning consistent with the advisor’s current market perspectives. Additionally, credit default swaps were held for the purposes of (1) hedging valuation risks specific to identified market segments, industries and credits and (2) efficiently gaining income-bearing exposures to selected market segments, industries and credits. The market value of these instruments, realized and changes in unrealized gains and losses, the types of contracts are included in the Schedule of Portfolio Investments and the Notes to Financial Statements.

Options - The Funds may purchase and write call and put options on securities, securities indices and on foreign currencies. A Fund may purchase put options on securities to seek to protect holdings in an underlying or related security against a substantial decline in market value. A Fund may purchase call options on securities to seek to protect against substantial increases in prices of securities the Fund intends to purchase pending its ability to invest in such securities in an orderly manner. A Fund may write a call or put option only if the option is covered by the Fund holding a position in the underlying securities or by other means which would permit immediate satisfaction of the Fund’s obligation as writer of the option. The purchase and writing of options involves certain risks. During the option period, the covered call writer has, in return for the premium on the option, given up the opportunity to profit from a price increase in the underlying securities above the sum of the premium and exercise price, but, as long as its obligation as a writer

N-Q Report June 2013 / 121

Notes to Financial Statements (Unaudited) (Continued)

continues, has retained the risk of loss should the price of the underlying securities decline. The writer of an option has no control over the time when it may be required to fulfill its obligation as a writer of the option. Once an option writer has received an exercise notice, it cannot effect a closing purchase transaction in order to terminate its obligation under the option and must deliver the underlying securities at the exercise price. If a put or call option purchased by the Fund is not sold when it has remaining value, and if the market price of the underlying security, in the case of a put, remains equal to or greater than the exercise price or, in the case of a call, remains less than or equal to the exercise price, the Fund will lose its entire investment in the option. There can be no assurance that a liquid market will exist when a Fund seeks to close out an option position. Furthermore, if trading restrictions or suspensions are imposed on the options markets, a Fund may be unable to close out a position.

The Funds may execute transactions in both listed and over-the-counter options. Listed options involve minimal counterparty risk since listed options are guaranteed against default by the exchange on which they trade. Transactions in certain over-the-counter options may expose the Funds to the risk of default by the counterparty to the transaction. In the event of default by the counterparty to the over-the-counter option transaction, the Fund’s maximum amount of loss is the premium paid (as purchaser) or the unrealized loss of the contract (as writer). At June 30, 2013, the Funds did not hold any options.

Futures - The Funds purchased or sold exchange-traded futures contracts, which are contracts that obligate the Fund to make or take delivery of a financial instrument or the cash value of a security index at a specified future date at a specified price. The Funds may use futures contracts to manage exposure to the stock and bond markets or changes in interest rates and currency values, or for gaining exposure to markets. Risks of entering into futures contracts include the possibility that there may be an illiquid market at the time the Adviser to the Fund may be attempting to sell some or all the Fund holdings or that a change in the value of the contract may not correlate with changes in the value of the underlying securities. Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin). Subsequent payments (variation margin) are made or received by the Fund, generally on a daily basis. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains or losses. The Funds recognize a realized gain or loss when the contract is closed or expires.

Futures transactions involve minimal counterparty risk since futures contracts are guaranteed against default by the exchange on which they trade.

Foreign Currency - The Funds may hold foreign currency as an economic hedge against either specific transactions or portfolio instruments or to obtain exposure to foreign currencies (foreign currency exchange rate risk).

Foreign Currency Exchange Contracts - The Funds entered into foreign currency exchange contracts as an economic hedge against either specific transactions or portfolio instruments or to obtain exposure to foreign currencies (foreign currency exchange rate risk). A foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a future date. Foreign currency exchange contracts, when used by a Fund, help to manage the overall exposure to the currencies in which some of the investments held by a Fund are denominated. The contract is marked-to-market daily and the change in market value is recorded by a Fund as an unrealized gain or loss. When the contract is closed, a Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. The use of foreign currency exchange contracts involves the risk that the value of a foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies and the risk that a counterparty to the contract does not perform its obligations under the agreement.

Swaps - The Funds invested in swap agreements. Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than a year. In a standard swap transaction, two parties agree to exchange the returns earned on specific assets, such as the return on, or increase in value of, a particular dollar amount invested at a particular interest rate, in a particular foreign currency, or in a basket of securities representing a particular index. A swap contract may not be assigned without the consent of the counterparty (and in certain circumstances may not be assignable), and may result in losses in the event of a default or bankruptcy of the counterparty.

The Funds entered into credit default swap agreements. The buyer in a credit default contract is obligated to pay the seller a periodic, stream of payments over the term of the contract provided no event of default has occurred. In the event of default, the seller must pay the buyer the par value (full notional value) of the reference obligation in exchange for the reference obligation. The Funds may be either the buyer or seller in such transactions. If the Fund is a buyer and no event of default occurs, the Fund loses its investment and recovers nothing. However, if an event of default occurs, the buyer receives full notional value for a reference obligation that may have little or no value. As a seller of a credit default swap, the Fund receives a fixed rate of income throughout the term of the contract, provided there is no default event. If an event of default occurs, the seller may pay the notional value of the reference obligation. The value of the reference obligation received by the seller, coupled with the periodic payments previously received may be less than the full notional value it pays to the buyer, resulting in a loss of value to the Fund. Credit default swaps involve greater risks than if the Fund had invested in the reference obligation directly. In addition to general market risks, credit default swaps are subject to illiquidity risk, counterparty risk and credit risk.

122 / N-Q Report June 2013

Notes to Financial Statements (Unaudited) (Continued)

The aggregate fair value of credit default swaps in a net liability position is reflected as unrealized depreciation and is disclosed in the Notes to Schedules of Investments. The collateral posted, net of assets received as collateral, for swap contracts is also disclosed in the Notes to Schedules of Investments. The maximum potential amount of future payments (undiscounted) that a portfolio as a seller of protection could be required to make under a credit default swap agreement is an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of March 31, 2013, for which a portfolio is the seller of protection are disclosed in the Notes to Schedules of Investments. These potential amounts are partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a portfolio for the same referenced entity or entities.

The Funds entered into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a floating rate of interest on a notional principal amount and receives a fixed rate of interest on the same notional principal amount for a specified period of time. Alternatively, a party may pay a fixed rate and receive a floating rate. In more complex swaps, the notional principal amount may decline (or amortize) over time. The Funds’ maximum risk of loss due to counterparty default is the discounted net asset value of the cash flows paid to/received from the counterparty over the interest rate swap’s remaining life. The Funds enter into interest rate swaps to manage duration, the yield curve or interest rate risk by economically hedging the value of the fixed-rate bonds which may decrease when interest rates rise (interest rate risk).

The Funds may write (sell) and purchase put and call swaptions. Swaption contracts written by the Funds represent an option that gives the purchaser the right, but not the obligation, to enter into a new swap agreement, or to shorten, extend, cancel or modify an existing swap agreement, on a future date on specified terms. Depending on the terms of the particular option agreement, a Fund will generally incur a greater degree of risk when it writes a swaption than it will incur when it purchases a swaption. When a Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when a Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of the underlying agreement. At June 30, 2013, the Low Duration Bond Fund, the Intermediate Bond Fund, and the Total Return Bond Fund held swaptions.

In addition to the securities listed above, the AlphaTrak 500 Fund invested in the following equity derivative instruments with a notional or contractual value up to its total assets: S&P 500 Index futures contracts, Mini S&P 500 Index futures contracts, options on the S&P 500 Index and S&P futures, and swap agreements involving the S&P 500 Index. When the above listed S&P Index derivatives appear to be overvalued relative to the S&P 500 Index, the Fund may invest up to 100% in the common stocks that comprise the S&P 500 Index. The Fund may also invest up to 25% of its total assets in these stocks indirectly by purchasing interests in one or more mutual funds, asset pools, or trusts that invest in such stocks.

The Funds may enter into total return swap agreements. Total return swap is the generic name for any non-traditional swap where one party agrees to pay the other the “total return” of a defined underlying asset, usually in return for receiving a stream of LIBOR based cash flows. The total return swap may be applied to any underlying asset but is most commonly used with equity indices, single stocks, bonds and defined portfolios of loans and mortgages. The total return swap is a mechanism for the user to accept the economic benefits of asset ownership without utilizing the balance sheet. The other leg of the swap, usually LIBOR, is spread to reflect the non-balance sheet nature of the product. Total return swaps can be designed with any underlying asset agreed between two parties.

As a result, unrealized gains are reported as an asset and unrealized losses are reported as a liability in the statements of assets and liabilities. The change in the value of the swaps, including periodic amounts of interest paid or received on swaps is reported as unrealized gains or losses in both the statements of assets and liabilities and the statements of operations. A realized gain or loss is recorded upon payment or termination of swap agreements. Swap agreements are stated at fair value. Notional principal amounts are used upon payment or receipt of a periodic payment or termination of swap agreements to express the extent of involvement in these transactions, but the amounts subject to credit risk are much smaller. At June 30, 2013, the Funds had outstanding swap agreements as listed in the Funds’ Schedules of Portfolio Investments. Swap transactions present risk of loss in excess of the related amounts in the statements of assets and liabilities.

N-Q Report June 2013 / 123

Notes to Financial Statements (Unaudited) (Concluded)

3. FEDERAL TAX INFORMATION

Capital Loss Carryforwards:

At March 31, 2013, the following Funds had available for federal income tax purposes unused capital losses as follows:

FUND	EXPIRING IN 2014		EXPIRING IN 2015		EXPIRING IN 2016		EXPIRING IN 2017		EXPIRING IN 2018		EXPIRING IN 2019		NON-EXPIRING AMOUNTS*
Ultra Short Bond Fund	$	–	$	171,312	$	1,489,245	$	17,068,161	$	14,894,875	$	10,083,524	$	3,025,438
Low Duration Bond Fund		5,831,064		–		–		99,373,584		21,084,552		42,394,541		49,502,792
Strategic Income Fund		–		–		6,866,611		47,852,416		18,806,808		41,914,736		6,810,067
AlphaTrak 500 Fund		–		–		–		65,155,560		15,892,244		12,617,196		–

* Under the recently enacted Modernization Act of 2010, capital losses incurred by the Funds after March 31, 2011 will not be subject to expiration. In addition, these losses must be utilized prior to the losses incurred in the years preceding enactment. All such losses are long term in character.

4. SUBSEQUENT EVENTS

The MetropolitanWest Funds added a new fund, MetropolitanWest Floating Rate Income Fund - Class M and Class I, which commenced operations on July 1, 2013. The Metropolitan West Floating Rate Income Fund seeks primarily to maximize current income with a secondary objective of long term capital appreciation.

For additional information regarding the accounting policies of the Metropolitan West Funds, refer to the most recent financial statements in the N-CRS filing at www.sec.gov.

124 / N-Q Report June 2013

Item 2. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

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

(Registrant)     Metropolitan West Funds

By (Signature and Title)*	/s/ David B. Lippman
	David B. Lippman, President and Principal Executive Officer
	(principal executive officer)

Date 8/28/13

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ David B. Lippman
	David B. Lippman, President and Principal Executive Officer
	(principal executive officer)

Date 8/28/13

By (Signature and Title)*	/s/ David S. DeVito
	David S. DeVito, Treasurer
	(principal financial officer)

Date 8/28/13

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