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, 2015

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, 2015 (Unaudited)

	Maturity			Principal
Issues	Date			Amount		Value
BONDS – 86.13%
ASSET-BACKED SECURITIES — 3.82%**
Goal Capital Funding Trust, Series 2006-1, Class A3
0.40%		11/25/26	2	$	139,635	$	138,727
Nelnet Student Loan Trust, Series 2012-5A, Class A
0.78%		10/27/36	2,3		205,755		207,550
SLM Student Loan Trust, Series 2003-12, Class A5
0.55%		09/15/22	2,3		265,542		265,232
SLM Student Loan Trust, Series 2004-10, Class A6A
0.83%		04/27/26	2,3		770,000		770,956
SLM Student Loan Trust, Series 2004-3, Class A5
0.45%		07/25/23	2		767,347		764,013
SLM Student Loan Trust, Series 2005-8, Class A3
0.39%		10/25/24	2		507,430		506,724
SLM Student Loan Trust, Series 2006-4, Class A5
0.38%		10/27/25	2		674,705		672,060
SLM Student Loan Trust, Series 2007-7, Class A3
0.52%		04/25/17	2		746,634		746,110
SLM Student Loan Trust, Series 2008-5, Class A3
1.58%		01/25/18	2		381,942		383,175
SLM Student Loan Trust, Series 2008-8, Class A2
1.18%		10/25/17	2		109,207		109,416
SLM Student Loan Trust, Series 2012-6, Class A2
0.46%		09/25/19	2		423,258		423,070
SLM Student Loan Trust, Series 2013-4, Class A
0.73%		06/25/27	2		295,447		294,552
SLM Student Loan Trust, Series 2013-5, Class A1
0.44%		05/25/18	2		8,091		8,091
SLM Student Loan Trust, Series 2014-1, Class A2
0.56%		07/26/21	2		770,000		768,744
Total Asset-Backed Securities (Cost $6,058,993)							6,058,420
CORPORATES — 18.37%*
Automotive — 0.57%
Nissan Auto Receivables Owner Trust, Series 2012-B, Class A4
0.98%		09/26/16	2,3		900,000		904,508

	Maturity			Principal
Issues	Date			Amount		Value
CORPORATES (continued)
Banking — 4.76%
Bank of America Corp.
1.50%		10/09/15		$	500,000	$	500,850
Bank of America N.A. (BKNT)
0.59%		06/15/17	2		750,000		744,702
5.30%		03/15/17			250,000		264,856
Capital One Financial Co.
1.00%		11/06/15			700,000		699,796
Credit Suisse/New York (YCD) (Switzerland)
0.60%		08/24/15	2,4		850,000		850,002
JPMorgan Chase Bank N.A.
0.62%		06/13/16	2		1,550,000		1,546,475
JPMorgan Chase Bank N.A. (BKNT)
5.88%		06/13/16			295,000		308,251
Macquarie Bank Ltd. (Australia)
0.74%		06/15/16	2,3,4		500,000		500,072
0.91%		10/27/17	2,3,4		400,000		400,949
National City Bank (BKNT)
0.65%		06/07/17	2		700,000		696,077
Royal Bank of Scotland PLC (United Kingdom)
2.55%		09/18/15	4		500,000		501,110
UBS AG/Stamford CT (Switzerland)
0.84%		06/01/17	2,4		550,000		548,669
							7,561,809
Communications — 0.85%
AT&T, Inc.
2.50%		08/15/15			438,000		438,835
Verizon Communications, Inc., Series FRN
1.82%		09/15/16	2		900,000		912,448
							1,351,283
Electric — 0.38%
NextEra Energy Capital Holdings, Inc.
1.34%		09/01/15			600,000		600,582
Energy — 0.76%
Florida Gas Transmission Co. LLC
4.00%		07/15/15	3		550,000		550,546
Trans-Canada Pipelines Ltd. (Canada)
0.96%		06/30/16	2,4		650,000		652,294
							1,202,840
Finance — 3.80%
Citigroup, Inc.
1.24%		07/25/16	2		1,800,000		1,806,101
5.30%		01/07/16			275,000		281,257
Ford Motor Credit Co. LLC, Series FRN
1.53%		05/09/16	2		600,000		603,571

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015  / 1

Ultra Short Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

	Maturity			Principal
Issues	Date			Amount		Value
CORPORATES (continued)
Finance (continued)
General Electric Capital Corp. (MTN)
0.94%		07/12/16	2	$	500,000	$	503,088
General Motors Financial Co., Inc., Series 3YR
3.00%		09/25/17			650,000		663,000
Goldman Sachs Group, Inc.
3.63%		02/07/16			300,000		304,829
Goldman Sachs Group, Inc. (MTN)
1.60%		11/23/15			1,000,000		1,003,466
Goldman Sachs Group, Inc., Series B (MTN)
0.68%		07/22/15	2		200,000		200,016
Morgan Stanley
1.02%		01/05/18	2		400,000		400,606
Morgan Stanley (MTN)
0.73%		10/18/16	2		260,000		259,416
							6,025,350
Food — 0.30%
HJ Heinz Co.
1.60%		06/30/17	3		480,000		480,283
Health Care — 1.12%
McKesson Corp.
0.68%		09/10/15	2		800,000		799,973
Providence Health & Services Obligated Group
0.93%		10/01/15	2		975,000		975,295
							1,775,268
Insurance — 0.16%
Metropolitan Life Global Funding I
0.82%		07/15/16	2,3		250,000		251,197
Real Estate Investment Trust (REIT) — 5.12%
ARC Properties Operating Partnership LP/ Clark Acquisition LLC
2.00%		02/06/17			650,000		631,719
BioMed Realty LP
3.85%		04/15/16			463,000		471,570
HCP, Inc.
6.00%		01/30/17			1,100,000		1,173,872
Health Care REIT, Inc.
6.20%		06/01/16			600,000		626,072
Hospitality Properties Trust
6.30%		06/15/16			500,000		510,914
Kimco Realty Corp. (MTN)
5.58%		11/23/15			560,000		570,156
Mid-America Apartments LP
5.50%		10/01/15			900,000		909,625
Pan Pacific Retail Properties, Inc.
5.25%		09/01/15			500,000		503,225

	Maturity			Principal
Issues	Date			Amount		Value
CORPORATES (continued)
Real Estate Investment Trust (REIT) (continued)
Realty Income Corp.
5.50%		11/15/15		$	700,000	$	710,744
Reckson Operating Partnership LP
6.00%		03/31/16			500,000		517,279
Ventas Realty LP/Ventas Capital Corp.
3.13%		11/30/15			750,000		756,024
WEA Finance LLC/Westfield UK & Europe Finance PLC
1.75%		09/15/17	3		750,000		752,501
							8,133,701
Retail — 0.47%
Walgreens Boots Alliance, Inc.
0.73%		05/18/16	2		745,000		745,048
Transportation — 0.08%
JetBlue Airways Pass-Through Trust, Series 2004-2, Class G1
0.65%		08/15/16	2		134,607		133,261
Total Corporates (Cost $29,070,637)							29,165,130
MORTGAGE-BACKED — 60.50%**
Commercial Mortgage-Backed — 7.80%
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-6, Class A4
5.16%		09/10/47	2		390,492		392,269
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2007-3, Class A3
5.57%		06/10/49	2		316,274		317,745
Bear Stearns Commercial Mortgage Securities Trust, Series 2007-PW16, Class AAB
5.90%		06/11/40	2		380,524		382,049
Bear Stearns Commercial Mortgage Securities Trust, Series 2007-PW17, Class A3
5.74%		06/11/50			44,375		44,346
CD Commercial Mortgage Trust, Series 2006-CD3, Class A1S
5.61%		10/15/48			919,820		957,908
Commercial Mortgage Trust, Series 2012-CR3, Class A1
0.67%		10/15/45			1,010,250		1,007,839
Commercial Mortgage Trust, Series 2012-CR5, Class A2
1.68%		12/10/45			520,000		522,125
DBRR Trust, Series 2013-EZ3, Class A
1.64%		12/18/49	2,3		739,674		743,142
DBUBS Mortgage Trust, Series 2011-LX2A, Class A1
3.53%		07/10/44	3		795,618		836,190

See accompanying notes to Schedule of Portfolio Investments.

2 / N-Q Report June 2015

Ultra Short Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

	Maturity			Principal
Issues	Date			Amount		Value
MORTGAGE-BACKED (continued)
Commercial Mortgage-Backed (continued)
GMAC Commercial Mortgage Securities, Inc., Series 2006-C1, Class A4
5.24%		11/10/45	2	$	802,058	$	805,992
GS Mortgage Securities Trust, Series 2011-GC3, Class A2
3.65%		03/10/44	3		620,358		626,539
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2005-LDP5, Class A4
5.41%		12/15/44	2		697,181		700,110
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2006-LDP7, Class ASB
6.10%		04/15/45	2		129,999		130,694
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2006-LDP9, Class A3S
5.24%		05/15/47	3		98,728		98,805
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-CB20, Class ASB
5.69%		02/12/51			93,168		96,429
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-LD11, Class ASB
5.96%		06/15/49	2		198,016		204,977
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2011-C3, Class A2
3.67%		02/15/46	3		163,266		166,560
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2011-C3, Class A3
4.39%		02/15/46	3		1,100,000		1,172,732
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2011-C4, Class A3
4.11%		07/15/46	3		980,000		1,040,261
ML-CFC Commercial Mortgage Trust, Series 2006-4, Class A1A
5.17%		12/12/49			398,580		415,747
Morgan Stanley Capital I Trust, Series 2007-HQ11, Class A4
5.45%		02/12/44	2		800,000		840,372
Morgan Stanley Capital I Trust, Series 2007-HQ12, Class A2
5.86%		04/12/49	2		286,182		285,771
Wachovia Bank Commercial Mortgage Trust, Series 2005-C17, Class F
5.70%		03/15/42	3		555,140		555,026
Wachovia Bank Commercial Mortgage Trust, Series 2007-C31, Class A2
5.42%		04/15/47			42,768		42,760
							12,386,388

	Maturity			Principal
Issues	Date			Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed — 7.48%
Aames Mortgage Trust, Series 2002-1, Class A3 (STEP)
6.90%		06/25/32		$	34,302	$	33,419
Adjustable Rate Mortgage Trust, Series 2005-1, Class 1A1
3.02%		05/25/35	2		674,941		605,158
Adjustable Rate Mortgage Trust, Series 2005-11, Class 2A41
2.58%		02/25/36	2		198,558		195,951
Asset-Backed Securities Corp. Home Equity Loan Trust, Series 2005-HE4, Class M2
0.86%		05/25/35	2		6,982		7,000
Banc of America Funding Corp., Series 2003-2, Class 1A1
6.50%		06/25/32			7,639		8,141
Banc of America Mortgage Securities, Inc., Series 2003-A, Class 2A2
3.02%		02/25/33	2		2,884		2,863
BCAP LLC Trust, Series 2007-AA1, Class 1A2
0.34%		02/25/47	2		318,208		296,041
Centex Home Equity Loan Trust, Series 2005-D, Class M1
0.61%		10/25/35	2		447,014		446,582
Citigroup Mortgage Loan Trust, Inc., Series 2004-HYB1, Class A41
2.84%		02/25/34	2		117,936		115,904
Citigroup Mortgage Loan Trust, Inc., Series 2005-WF2, Class MV1
0.83%		08/25/35	2		79,116		78,975
Citigroup Mortgage Loan Trust, Inc., Series 2007-WFH2, Class A3
0.36%		03/25/37	2		1,835,484		1,812,536
Conseco Financial Corp., Series 1994-1, Class A5
7.65%		04/15/19			370		384
Countrywide Alternative Loan Trust, Series 2004-J6, Class 2A1
6.50%		11/25/31			124,484		132,429
Credit Suisse First Boston Mortgage Securities Corp., Series 2002-AR31, Class 4A2
2.57%		11/25/32	2		183,259		170,971
Credit Suisse Mortgage Trust, Series 2007-C5, Class AAB
5.62%		09/15/40	2		427,485		440,054
DBRR Trust, Series 2013-EZ2, Class A
0.85%		02/25/43	2,3		21,269		21,265
DSLA Mortgage Loan Trust, Series 2004-AR3, Class 2A2A
0.56%		07/19/44	2		317,346		308,600

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015  / 3

Ultra Short Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

	Maturity			Principal
Issues	Date			Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Equifirst Mortgage Loan Trust, Series 2005-1, Class M1
0.81%		04/25/35	2	$	169,471	$	169,863
Fremont Home Loan Trust, Series 2005-C, Class M1
0.66%		07/25/35	2		272,983		273,477
GE Mortgage Services LLC, Series 1998-HE1, Class A7
6.47%		06/25/28			49		49
GMAC Mortgage Corp. Loan Trust, Series 2003-GH1, Class A5 (STEP)
5.50%		07/25/34			18,343		18,711
Green Tree Home Improvement Loan Trust, Series 1995-F, Class B2
7.10%		01/15/21			2,049		2,052
GSAA Trust, Series 2006-2, Class 2A3
0.72%		12/25/35	2		158,458		158,292
Home Equity Loan Trust, Series 2007-3, Class APT
1.38%		11/20/36	2		555,839		554,352
IndyMac Index Mortgage Loan Trust, Series 2004-AR12, Class A1
0.96%		12/25/34	2		663,384		567,202
IndyMac Index Mortgage Loan Trust, Series 2004-AR6, Class 6A1
2.70%		10/25/34	2		538,751		520,569
IndyMac Manufactured Housing Contract, Series 1998-2, Class A4
6.64%		08/25/29	2		48,693		49,978
JPMorgan Mortgage Trust, Series 2005-A2, Class 9A1
2.40%		04/25/35	2		500,824		501,513
MASTR Adjustable Rate Mortgages Trust, Series 2004-1, Class 2A1
2.75%		01/25/34	2		13,766		13,555
MASTR Adjustable Rate Mortgages Trust, Series 2004-12, Class 5A1
2.57%		10/25/34	2		633,049		613,315
MASTR Adjustable Rate Mortgages Trust, Series 2004-5, Class 3A1
2.60%		06/25/34	2		15,699		15,096
MASTR Adjustable Rate Mortgages Trust, Series 2007-2, Class A2
0.29%		03/25/47	2		464,312		456,930
MASTR Seasoned Securities Trust, Series 2004-1, Class 4A1
2.50%		10/25/32	2		73,342		73,676
Merrill Lynch Mortgage Investors, Inc., Series 2003-A1, Class 2A
2.32%		12/25/32	2		213,714		212,815
Mid-State Trust, Series 2006, Class A4
7.79%		07/01/35			25,953		27,858

	Maturity			Principal
Issues	Date			Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Park Place Securities, Inc., Series 2005-WHQ2, Class A1B
0.45%		05/25/35	2	$	92,175	$	92,166
Residential Asset Mortgage Products, Inc., Series 2003-RZ3, Class A6 (STEP)
3.90%		03/25/33			159,712		160,758
Residential Asset Mortgage Products, Inc., Series 2003-SL1, Class A11
7.13%		03/25/16			1,170		1,176
Residential Asset Mortgage Products, Inc., Series 2004-SL1, Class A2
8.50%		11/25/31			34,570		14,001
Residential Asset Mortgage Products, Inc., Series 2004-SL1, Class A8
6.50%		11/25/31			92,552		95,502
Residential Asset Securities Corp., Series 2004-IP2, Class 2A1
2.49%		12/25/34	2		249,228		250,429
Residential Asset Securities Corp., Series 2005-KS12, Class A3
0.50%		01/25/36	2		524,772		518,876
Residential Funding Mortgage Securities II, Inc., Series 1999-HI6, Class AI7 (STEP)
8.60%		09/25/29			11,027		11,018
Residential Funding Mortgage Securities II, Inc., Series 2000-HI1, Class AI7 (STEP)
8.29%		02/25/25			392		391
Soundview Home Equity Loan Trust, Series 2006-WF2, Class A2C
0.32%		12/25/36	2		400,910		396,863
Structured Asset Investment Loan Trust, Series 2005-5, Class M1
0.81%		06/25/35	2		269,486		270,262
Structured Asset Securities Corp., Series 2001-15A, Class 4A1
2.18%		10/25/31	2		34,573		34,626
Terwin Mortgage Trust, Series 2004-13AL, Class 2PX (IO)
0.34%		08/25/34	3,5		4,057,307		58,115
UCFC Home Equity Loan, Series 1998-D, Class BF1
8.97%		04/15/30	2,5		1,243		162
WaMu Alternative Mortgage Pass-Through Certificates, Series 2005-4, Class CB13
0.68%		06/25/35	2		361,315		280,455
WaMu Mortgage Pass-Through Certificates, Series 2002-AR6, Class A
1.55%		06/25/42	2		70,768		68,621
WaMu Mortgage Pass-Through Certificates, Series 2003-AR6, Class A1
2.45%		06/25/33	2		202,209		202,884

See accompanying notes to Schedule of Portfolio Investments.

4 / N-Q Report June 2015

Ultra Short Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

	Maturity			Principal
Issues	Date			Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Wells Fargo Home Equity Trust, Series 2005-3, Class M1
0.59%		11/25/35	2	$	105,630	$	105,830
Wells Fargo Home Equity Trust, Series 2005-4, Class AI3
0.56%		12/25/35	2		406,959		403,957
							11,871,668
U.S. Agency Mortgage-Backed — 45.22%
Fannie Mae Pool 111643
1.93%		09/01/20	2		7,858		7,956
Fannie Mae Pool 254548
5.50%		12/01/32			293,880		331,537
Fannie Mae Pool 523829
8.00%		11/01/19			55,925		60,773
Fannie Mae Pool 555098
2.42%		11/01/32	2		52,376		55,646
Fannie Mae Pool 555424
5.50%		05/01/33			192,351		216,658
Fannie Mae Pool 567002
8.00%		05/01/23			49,890		57,068
Fannie Mae Pool 646884
1.79%		05/01/32	2		4,757		4,890
Fannie Mae Pool 648860
6.50%		05/01/17			75,430		77,642
Fannie Mae Pool 655133
7.00%		08/01/32			25,063		28,702
Fannie Mae Pool 655151
7.00%		08/01/32			17,461		18,827
Fannie Mae Pool 745506
5.67%		02/01/16			432,543		434,495
Fannie Mae Pool 754001
2.28%		12/01/33	2		200,548		205,391
Fannie Mae Pool 762525
6.50%		11/01/33			30,938		34,714
Fannie Mae Pool 770900
2.19%		04/01/34	2		334,652		357,685
Fannie Mae Pool 893489
2.23%		09/01/36	2		63,066		67,668
Fannie Mae Pool AD0538
6.00%		05/01/24			168,763		187,031
Fannie Mae Pool AE0443
6.50%		10/01/39			255,827		295,417
Fannie Mae Pool AL0561
3.74%		06/01/18			914,449		968,855
Fannie Mae Pool AL0851
6.00%		10/01/40			219,844		250,226

	Maturity			Principal
Issues	Date			Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae REMICS, Series 1988-12, Class A
3.82%		02/25/18	2	$	14,703	$	15,075
Fannie Mae REMICS, Series 1993-80, Class S
10.65%		05/25/23	2		2,678		3,092
Fannie Mae REMICS, Series 2001-42, Class SB
8.50%		09/25/31	2		2,722		3,454
Fannie Mae REMICS, Series 2001-60, Class OF
1.13%		10/25/31	2		249,975		257,613
Fannie Mae REMICS, Series 2002-30, Class FB
1.18%		08/25/31	2		339,841		347,924
Fannie Mae REMICS, Series 2003-117, Class XF
0.53%		08/25/33	2		341,048		341,762
Fannie Mae REMICS, Series 2003-134, Class FC
0.78%		12/25/32	2		1,090,684		1,105,109
Fannie Mae REMICS, Series 2003-29, Class F
0.68%		12/25/32	2		656,783		659,317
Fannie Mae REMICS, Series 2003-64, Class KS
9.41%		07/25/18	2		102,794		110,112
Fannie Mae REMICS, Series 2004-38, Class FT
0.61%		10/25/33	2		815,580		818,125
Fannie Mae REMICS, Series 2004-60, Class FW
0.63%		04/25/34	2		960,792		969,684
Fannie Mae REMICS, Series 2004-79, Class F
0.48%		08/25/32	2		315,416		316,493
Fannie Mae REMICS, Series 2005-57, Class EG
0.48%		03/25/35	2		1,007,261		1,009,780
Fannie Mae REMICS, Series 2006-56, Class FD
0.43%		07/25/36	2		1,087,235		1,090,530
Fannie Mae REMICS, Series 2006-84, Class WF
0.48%		02/25/36	2		374,254		375,565
Fannie Mae REMICS, Series 2007-68, Class SC (IO)
6.52%		07/25/37	2		367,714		68,477
Fannie Mae REMICS, Series 2008-47, Class PF
0.68%		06/25/38	2		232,219		233,682

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015  / 5

Ultra Short Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

	Maturity			Principal
Issues	Date			Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae REMICS, Series 2009-111, Class DA
5.00%		12/25/39		$	171,513	$	184,764
Fannie Mae REMICS, Series 2009-33, Class FB
1.00%		03/25/37	2		345,511		351,641
Fannie Mae REMICS, Series 2010-109, Class PF
0.58%		10/25/40	2		204,667		206,127
Fannie Mae REMICS, Series 2010-119, Class FK
0.68%		04/25/40	2		586,729		589,504
Fannie Mae REMICS, Series 2010-35, Class FL
0.63%		07/25/38	2		987,456		992,196
Fannie Mae REMICS, Series 2011-71, Class FB
0.68%		05/25/37	2		458,664		463,328
Fannie Mae REMICS, Series 2011-8, Class PF
0.68%		01/25/40	2		508,588		512,138
Fannie Mae REMICS, Series 2012-19, Class FP
0.68%		12/25/39	2		1,416,698		1,420,112
Fannie Mae REMICS, Series 2012-33, Class F
0.70%		04/25/42	2		1,442,013		1,458,271
Fannie Mae REMICS, Series 2013-75, Class FC
0.43%		07/25/42	2		1,304,320		1,306,421
Fannie Mae REMICS. Series 2004-92, Class FD
0.53%		05/25/34	2		1,363,955		1,369,282
Fannie Mae, Series 2003-124, Class TS
9.80%		01/25/34	2		35,315		45,775
Fannie Mae, Series 2004-96, Class MT
7.00%		12/25/34	2		10,049		11,828
Fannie Mae, Series 2010-26, Class S (IO)
6.05%		11/25/36	2		1,048,595		165,638
Fannie Mae, Series 2014-M12, Class FA
0.48%		10/25/21			680,371		684,193
Fannie Mae, Series 2014-M5, Class FA
0.51%		01/25/17			662,394		663,106
Fannie Mae, Series 2014-M6, Class FA
0.47%		12/25/17			780,431		776,111
Fannie Mae, Series 2014-M8, Class FA
0.44%		05/25/18			1,012,324		1,014,724
Freddie Mac Gold Pool C90237
6.50%		11/01/18			28,288		32,409
Freddie Mac Gold Pool C90474
7.00%		08/01/21			44,625		48,886

	Maturity			Principal
Issues	Date			Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Freddie Mac Gold Pool D93410
6.50%		04/01/19		$	28,248	$	32,363
Freddie Mac Gold Pool G13107
5.50%		07/01/20			210,632		221,463
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K004, Class A2
4.19%		08/25/19			855,000		930,505
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K010, Class A1
3.32%		07/25/20			624,776		648,485
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K502, Class A1
0.73%		12/25/16			228,448		228,792
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K701, Class A2
3.88%		11/25/17			745,000		784,347
Freddie Mac Non Gold Pool 775554
2.40%		10/01/18	2		2,119		2,137
Freddie Mac Non Gold Pool 865369
2.78%		06/01/22	2		228		230
Freddie Mac REMICS, Series 1526, Class L
6.50%		06/15/23			7,107		8,147
Freddie Mac REMICS, Series 2368, Class AF
1.14%		10/15/31	2		145,900		150,345
Freddie Mac REMICS, Series 2642, Class BW (IO)
5.00%		06/15/23			5,647		433
Freddie Mac REMICS, Series 2733, Class FB
0.79%		10/15/33	2		1,060,000		1,073,961
Freddie Mac REMICS, Series 2763, Class FC
0.54%		04/15/32	2		995,252		999,762
Freddie Mac REMICS, Series 2945, Class LD
4.00%		02/15/35			62,568		64,844
Freddie Mac REMICS, Series 2971, Class AB
5.00%		05/15/20			21,211		21,405
Freddie Mac REMICS, Series 2990, Class DE
0.57%		11/15/34	2		1,497,425		1,504,687
Freddie Mac REMICS, Series 2990, Class LE
0.51%		10/15/34	2		1,062,884		1,068,577

See accompanying notes to Schedule of Portfolio Investments.

6 / N-Q Report June 2015

Ultra Short Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

	Maturity			Principal
Issues	Date			Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Freddie Mac REMICS, Series 3001, Class HS
16.29%		02/15/35	2	$	39,147	$	43,777
Freddie Mac REMICS, Series 3085, Class FW
0.89%		08/15/35	2		1,341,934		1,364,878
Freddie Mac REMICS, Series 3174, Class FM
0.43%		05/15/36	2		638,237		638,647
Freddie Mac REMICS, Series 3196, Class FA
0.54%		04/15/32	2		1,091,957		1,095,352
Freddie Mac REMICS, Series 3300, Class FA
0.49%		08/15/35	2		1,248,890		1,252,349
Freddie Mac REMICS, Series 3325, Class NF
0.49%		08/15/35	2		250,884		251,580
Freddie Mac REMICS, Series 3345, Class FP
0.39%		11/15/36	2		15,886		15,897
Freddie Mac REMICS, Series 3345, Class PF
0.37%		05/15/36	2		17,843		17,858
Freddie Mac REMICS, Series 3346, Class FA
0.42%		02/15/19	2		749,754		750,603
Freddie Mac REMICS, Series 3423, Class FA
0.69%		06/15/36	2		560,946		561,756
Freddie Mac REMICS, Series 3652, Class PF
0.94%		07/15/32	2		233,085		235,932
Freddie Mac REMICS, Series 3767, Class JF
0.49%		02/15/39	2		1,426,321		1,430,058
Freddie Mac REMICS, Series 3792, Class DF
0.59%		11/15/40	2		1,809,871		1,816,485
Freddie Mac REMICS, Series 3806, Class DF
0.59%		08/15/25	2		582,139		585,488
Freddie Mac REMICS, Series 3828, Class TF
0.59%		04/15/29	2		527,633		529,240
Freddie Mac REMICS, Series 3831, Class PV
5.00%		05/15/25			949,938		1,023,388
Freddie Mac REMICS, Series 3845, Class FQ
0.44%		02/15/26	2		996,556		998,467

	Maturity			Principal
Issues	Date			Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Freddie Mac REMICS, Series 3895, Class BF
0.69%		07/15/41	2	$	574,237	$	579,802
Freddie Mac REMICS, Series 3946, Class FG
0.54%		10/15/39	2		921,777		925,972
Freddie Mac REMICS, Series 4109, Class KF
0.59%		05/15/32	2		1,585,658		1,588,872
Freddie Mac Strips, Series 263, Class F5
0.69%		06/15/42	2		859,016		867,714
Freddie Mac, Series KF02, Class A1
0.56%		07/25/20			597,904		601,073
Freddie Mac, Series KF05, Class A
0.53%		09/25/21			1,146,795		1,150,393
Freddie Mac, Series KS02, Class A
0.56%		08/25/23			985,011		987,472
Ginnie Mae II Pool 80546
1.63%		10/20/31	2		19,981		20,752
Ginnie Mae II Pool 80610
1.63%		06/20/32	2		244,534		254,607
Ginnie Mae II Pool 80614
1.63%		07/20/32	2		34,934		36,330
Ginnie Mae II Pool 80687
1.63%		04/20/33	2		171,266		178,416
Ginnie Mae II Pool 8339
1.63%		12/20/23	2		36,905		38,454
Ginnie Mae II Pool 8684
1.63%		08/20/25	2		50,120		52,164
Ginnie Mae II Pool MA0331
2.50%		08/20/42	2		562,588		579,934
Ginnie Mae, Series 2001-22, Class FK
0.53%		05/16/31	2		1,424,914		1,432,746
Ginnie Mae, Series 2001-51, Class FA
0.68%		10/16/31	2		1,464,539		1,476,991
Ginnie Mae, Series 2002-16, Class FV
0.58%		02/16/32	2		1,531,554		1,542,479
Ginnie Mae, Series 2002-20, Class FC
0.48%		03/16/32	2		619,440		620,033
Ginnie Mae, Series 2002-72, Class FB
0.58%		10/20/32	2		363,582		366,377
Ginnie Mae, Series 2002-72, Class FC
0.58%		10/20/32	2		346,765		349,431
Ginnie Mae, Series 2003-42, Class FA
0.58%		07/16/31	2		1,527,647		1,537,708
Ginnie Mae, Series 2004-2, Class FW
1.58%		01/16/34	2		489,080		516,439
Ginnie Mae, Series 2009-66, Class UF
1.18%		08/16/39	2		392,909		402,582

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015  / 7

Ultra Short Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

	Maturity			Principal
Issues	Date			Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Ginnie Mae, Series 2009-92, Class FC
0.98%		10/16/39	2	$	382,539	$	389,220
Ginnie Mae, Series 2010-108, Class PF
0.58%		02/20/38	2		965,858		970,819
Ginnie Mae, Series 2010-2, Class FA
0.68%		05/20/37	2		917,406		919,244
Ginnie Mae, Series 2010-66, Class C
3.24%		04/16/42			349,393		354,538
Ginnie Mae, Series 2011-70, Class IL (IO)
0.60%		06/16/37	2		5,145,432		96,913
Ginnie Mae, Series 2011-80, Class BF
0.51%		06/20/36	2		989,591		990,459
Ginnie Mae, Series 2012-10, Class FP
0.48%		01/20/41	2		753,007		753,272
Ginnie Mae, Series 2012-13, Class KF
0.48%		07/20/38	2		1,301,126		1,305,554
NCUA Guaranteed Notes, Series 2010-R1, Class A1
0.64%		10/07/20	2		1,197,150		1,203,650
NCUA Guaranteed Notes, Series 2010-R2, Class 1A
0.56%		11/06/17	2		1,430,486		1,433,326
NCUA Guaranteed Notes, Series 2010-R3, Class 1A
0.74%		12/08/20	2		1,008,324		1,016,004
NCUA Guaranteed Notes, Series 2011-C1, Class 2A
0.72%		03/09/21	2		865,653		868,918
NCUA Guaranteed Notes, Series 2011-R3, Class 1A
0.59%		03/11/20	2		554,959		556,767
NCUA Guaranteed Notes, Series 2011-R4, Class 1A
0.57%		03/06/20	2		308,363		308,966
NCUA Guaranteed Notes, Series 2011-R5, Class 1A
0.56%		04/06/20	2		418,313		418,509
NCUA Guaranteed Notes, Series 2011-R6, Class 1A
0.56%		05/07/20	2		43,643		43,647
							71,772,214
Total Mortgage-Backed (Cost $95,438,003)							96,030,270

	Maturity			Principal
Issues	Date			Amount		Value
U.S. AGENCY SECURITIES — 2.07%
Federal Farm Credit Bank
0.22%		04/26/17	2	$	2,000,000	$	2,001,840
0.24%		04/17/17	2		1,280,000		1,281,882
Total U.S. Agency Securities (Cost $3,279,908)							3,283,722
U.S. TREASURY SECURITIES — 1.37%
U.S. Treasury Notes — 1.37%
U.S. Treasury Notes - Treasury Inflation Indexed Notes
0.13%		04/15/16	6		2,159,858		2,170,658
Total U.S. Treasury Securities (Cost $2,174,735)
Total Bonds – 86.13% (Cost $136,022,276)							136,708,200

			Principal
	Maturity		Amount/
Issues	Date		Share		Value
SHORT-TERM INVESTMENTS — 12.29%
Money Market Funds — 2.02%
Dreyfus Cash Advantage Fund
0.01%7				1,602,000		1,602,000
Morgan Stanley Institutional Fund
0.04%7				1,602,000		1,602,000
						3,204,000
U.S. Agency Discount Notes — 10.27%
Federal Home Loan Bank
0.03%8		07/29/15		3,000,000		2,999,976
0.03%8		08/12/15		3,805,000		3,804,867
0.04%8		08/19/15		4,200,000		4,199,828
0.06%8		08/04/15		1,705,000		1,704,952
0.08%8		08/21/15		3,588,000		3,587,846
						16,297,469
Total Short-Term Investments (Cost $19,500,740)						19,501,469
Total Investments – 98.42% (Cost $155,523,016)1						156,209,669
Cash and Other Assets, Less Liabilities – 1.58%						2,513,206
Net Assets – 100.00%					$	158,722,875

See accompanying notes to Schedule of Portfolio Investments.

8 / N-Q Report June 2015

Ultra Short Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Notes:

¹  Cost for federal income tax purposes is $155,529,312 and net unrealized appreciation/(depreciation) consists of:

Gross unrealized appreciation	$	1,301,262
Gross unrealized (depreciation)		(620,905	)
Net unrealized appreciation	$	680,357

²  Floating rate security. The rate disclosed was in effect at June 30, 2015.

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

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

⁵  Illiquid security as determined under procedures approved by the Funds’ Board of Trustees. The aggregate value of illiquid securities is $58,277, which is 0.04% of total net assets.

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

⁷  Represents the current yield as of June 30, 2015.

⁸  Represents annualized yield at date of purchase.

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

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

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

(BKNT): Banker’s Note, Inc.

(IO): Interest only

(MTN): Medium-term note

(STEP): Step coupon bond

(YCD): Yankee Certificate of Deposit

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015  / 9

Low Duration Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
BONDS – 96.84%
ASSET-BACKED SECURITIES — 14.68%**
Alm Loan Funding, Series 2012-7A, Class A1 (Cayman Islands)
1.70%		10/19/24	2,3,4	$	4,950,000	$	4,950,036
ARES CLO Ltd., Series 2007-12A, Class A (Cayman Islands)
0.91%		11/25/20	2,3,4		3,758,463		3,719,371
Bayview Commercial Asset Trust, Series 2005-1A, Class A1
0.48%		04/25/35	3,4		517,755		477,242
Bayview Commercial Asset Trust, Series 2007-1, Class A1
0.40%		03/25/37	3,4		426,983		378,810
Bayview Commercial Asset Trust, Series 2007-3, Class A1
0.42%		07/25/37	3,4		3,738,884		3,241,981
Blue Hill CLO Ltd., Series 2013-1A, Class A (Cayman Islands)
1.76%		01/15/26	2,3,4		8,110,000		8,110,983
BlueMountain CLO Ltd., Series 2013-4A, Class A (Cayman Islands)
1.78%		04/15/25	2,3,4		4,235,000		4,235,314
Brazos Higher Education Authority, Inc., Series 2003 I, Class A3
0.01%		09/26/22	3		2,726,536		2,717,816
Brazos Higher Education Authority, Inc., Series 2010-1, Class A2
1.48%		02/25/35	3		3,070,000		3,131,997
Brazos Higher Education Authority, Inc., Series 2011-1, Class A2
1.06%		02/25/30	3		302,457		303,497
Brazos Higher Education Authority, Inc., Series 2011-2, Class A3
1.28%		10/27/36	3		5,075,000		5,121,791
Dryden 37 Senior Loan Fund, Series 2015-37A, Class A (Cayman Islands)
1.82%		04/15/27	2,3,4		9,280,000		9,287,357
Dryden XXII Senior Loan Fund, Series 2013-30A, Class A (Cayman Islands)
1.52%		11/15/25	2,3,4		7,500,000		7,431,645
Education Loan Asset-Backed Trust, Series 2013-1A, Class A2
0.98%		04/26/32	3,4		8,375,000		8,372,672
Flatiron CLO Ltd., Series 2013-1A, Class A1 (Cayman Islands)
1.67%		01/17/26	2,3,4		8,945,000		8,937,611
GCO Education Loan Funding Trust, Series 2006-2AR, Class A1RN
0.83%		08/27/46	3,4		8,395,516		8,117,800
GCO Education Loan Funding Trust, Series 2007-1A, Class A5L
0.35%		05/25/23	3,4		1,348,908		1,341,272

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
GE Business Loan Trust, Series 2004-2A, Class A
0.41%		12/15/32	3,4	$	1,968,440	$	1,901,241
GE Business Loan Trust, Series 2005-1A, Class A3
0.44%		06/15/33	3,4		1,542,001		1,496,298
Goal Capital Funding Trust, Series 2006-1, Class A3
0.40%		11/25/26	3		1,996,787		1,983,797
Goal Capital Funding Trust, Series 2006-1, Class B
0.73%		08/25/42	3		3,923,461		3,614,531
ING Investment Management Ltd., Series 2012-4A, Class A1 (Cayman Islands)
1.67%		10/15/23	2,3,4		4,550,000		4,545,112
J.G. Wentworth XXX LLC, Series 2013-3A, Class A
4.08%		01/17/73	4		5,202,621		5,383,269
Latitude CLO II Corp., Series 2006-2A, Class A2 (Cayman Islands)
0.60%		12/15/18	2,3,4		1,038,230		1,034,850
LCM VI LP, Series 2006-6A, Class A (Cayman Islands)
0.52%		05/28/19	2,3,4		1,983,511		1,965,068
Limerock CLO, Series 2014-2A, Class A (Cayman Islands)
1.78%		04/18/26	2,3,4		7,255,000		7,259,121
Magnetite XII CLO Ltd., Series 2015-12A, Class A (Cayman Islands)
1.82%		04/15/27	2,3,4		9,280,000		9,287,723
National Collegiate Student Loan Trust, Series 2006-1, Class A3
0.37%		05/25/26	3		1,692,035		1,686,640
National Collegiate Student Loan Trust, Series 2006-3, Class A3
0.33%		10/25/27	3		1,279,057		1,267,610
National Collegiate Student Loan Trust, Series 2007-1, Class A2
0.31%		11/27/28	3		468,165		463,599
National Collegiate Student Loan Trust, Series 2007-2, Class A2
0.31%		06/26/28	3		4,157,392		4,023,067
Navient Student Loan Trust, Series 2014-8, Class A2
0.62%		04/25/23	3		17,800,000		17,760,461
Nelnet Student Loan Trust, Series 2012-5A, Class A
0.78%		10/27/36	3,4		3,391,414		3,420,997
Nelnet Student Loan Trust, Series 2013-1A, Class A
0.78%		06/25/41	3,4		5,047,761		5,082,954
Nelnet Student Loan Trust, Series 2014-5A, Class A
0.73%		07/25/41	3,4		16,000,826		15,693,386

See accompanying notes to Schedule of Portfolio Investments.

10 / N-Q Report June 2015

Low Duration Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
North Carolina State Education Authority, Series 2011-1, Class A3
1.13%		10/25/41	3	$	5,500,000	$	5,513,365
Northstar Education Finance, Inc., Series 2007-1, Class A1
1.00%		04/28/30	3		5,605,000		5,506,016
Oak Hill Credit Partners, Series 2012-7A, Class A (Cayman Islands)
1.70%		11/20/23	2,3,4		5,350,000		5,350,064
Octagon Investment Partners XI Ltd., Series 2007-1X, Class A1B(Cayman Islands)
0.54%		08/25/21	2		2,776,382		2,701,389
OHA Loan Funding Ltd., Series 2012-1A, Class A (Cayman Islands)
1.67%		01/23/25	2,3,4		7,000,000		6,979,693
SLC Student Loan Trust I, Series 2002-2, Class B2
1.64%		07/01/42	3,4		4,100,000		3,136,307
SLC Student Loan Trust, Series 2004-1, Class B
0.56%		08/15/31	3		1,912,147		1,762,749
SLC Student Loan Trust, Series 2006-1, Class A4
0.37%		12/15/21	3		126,771		126,546
SLC Student Loan Trust, Series 2007-1, Class A3
0.30%		11/15/21	3		2,436,308		2,435,623
SLC Student Loan Trust, Series 2007-1, Class A4
0.33%		05/15/29	3		8,000,000		7,801,308
SLM Student Loan Trust, Series 2003-11, Class A5
0.32%		12/15/22	3,4		5,932,906		5,914,305
SLM Student Loan Trust, Series 2003-12, Class A5
0.55%		09/15/22	3,4		5,786,403		5,779,640
SLM Student Loan Trust, Series 2003-8, Class A4
0.49%		03/15/19	3		1,325,892		1,325,419
SLM Student Loan Trust, Series 2004-1, Class A3
0.49%		04/25/23	3		159,038		158,636
SLM Student Loan Trust, Series 2004-10, Class A6A
0.83%		04/27/26	3,4		18,130,000		18,152,507
SLM Student Loan Trust, Series 2004-10, Class A6B
1.01%		04/27/26	4		17,630,000		17,651,886
SLM Student Loan Trust, Series 2004-2, Class B
0.75%		07/25/39	3		2,248,420		2,060,527
SLM Student Loan Trust, Series 2004-5A, Class A5
0.86%		10/25/23	3,4		6,248,449		6,267,179

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
SLM Student Loan Trust, Series 2004-7, Class A5
0.45%		01/27/20	3	$	402,945	$	402,260
SLM Student Loan Trust, Series 2004-8, Class B
0.74%		01/25/40	3		834,130		762,599
SLM Student Loan Trust, Series 2004-9, Class A5
0.43%		01/27/20	3		233,607		232,951
SLM Student Loan Trust, Series 2005-10, Class A4
0.39%		10/25/19	3		4,969,017		4,962,159
SLM Student Loan Trust, Series 2005-2, Class A5
0.37%		04/27/20	3		2,265,804		2,258,105
SLM Student Loan Trust, Series 2005-4, Class A3
0.40%		01/25/27	3		6,340,000		6,216,047
SLM Student Loan Trust, Series 2005-4, Class B
0.46%		07/25/40	3		2,779,347		2,509,217
SLM Student Loan Trust, Series 2005-5, Class A3
0.38%		04/25/25	3		512,713		511,394
SLM Student Loan Trust, Series 2005-8, Class A3
0.39%		10/25/24	3		1,923,249		1,920,575
SLM Student Loan Trust, Series 2005-8, Class A4
1.03%		01/25/28	3		9,485,000		9,455,934
SLM Student Loan Trust, Series 2006-2, Class A4
0.37%		10/25/22	3		1,268,629		1,268,467
SLM Student Loan Trust, Series 2006-2, Class A6
0.45%		01/25/41	3		6,000,000		5,491,296
SLM Student Loan Trust, Series 2006-4, Class A5
0.38%		10/27/25	3		5,817,605		5,794,802
SLM Student Loan Trust, Series 2006-5, Class A5
0.39%		01/25/27	3		9,000,000		8,916,370
SLM Student Loan Trust, Series 2006-8, Class A6
0.44%		01/25/41	3		6,000,000		5,470,722
SLM Student Loan Trust, Series 2007-1, Class A5
0.37%		01/26/26	3		2,970,000		2,934,951
SLM Student Loan Trust, Series 2007-2, Class A2
0.28%		07/25/17	3		412,715		412,457
SLM Student Loan Trust, Series 2007-6, Class A4
0.66%		10/25/24	3		4,330,000		4,293,497

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 11

Low Duration Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
SLM Student Loan Trust, Series 2007-6, Class B
1.13%		04/27/43	3	$	981,846	$	892,169
SLM Student Loan Trust, Series 2007-7, Class A3
0.52%		04/25/17	3		5,279,228		5,275,522
SLM Student Loan Trust, Series 2008-2, Class B
1.48%		01/25/29	3		1,095,000		1,026,601
SLM Student Loan Trust, Series 2008-3, Class B
1.48%		04/25/29	3		1,095,000		1,022,591
SLM Student Loan Trust, Series 2008-4, Class A4
1.93%		07/25/22	3		4,531,000		4,716,232
SLM Student Loan Trust, Series 2008-4, Class B
2.13%		04/25/29	3		1,095,000		1,068,666
SLM Student Loan Trust, Series 2008-5, Class A3
1.58%		01/25/18	3		3,527,000		3,538,378
SLM Student Loan Trust, Series 2008-5, Class A4
1.98%		07/25/23	3		7,000,000		7,256,228
SLM Student Loan Trust, Series 2008-5, Class B
2.13%		07/25/29	3		1,095,000		1,095,702
SLM Student Loan Trust, Series 2008-6, Class A3
1.03%		01/25/19	3		3,370,000		3,385,020
SLM Student Loan Trust, Series 2008-6, Class B
2.13%		07/25/29	3		1,095,000		1,095,592
SLM Student Loan Trust, Series 2008-7, Class B
2.13%		07/25/29	3		1,095,000		1,102,592
SLM Student Loan Trust, Series 2008-8, Class A4
1.78%		04/25/23	3		8,200,000		8,334,505
SLM Student Loan Trust, Series 2008-8, Class B
2.53%		10/25/29	3		1,095,000		1,128,924
SLM Student Loan Trust, Series 2008-9, Class A
1.78%		04/25/23	3		15,189,486		15,597,711
SLM Student Loan Trust, Series 2008-9, Class B
2.53%		10/25/29	3		1,095,000		1,125,678
SLM Student Loan Trust, Series 2011-1, Class A1
0.70%		03/25/26	3		549,467		551,899
SLM Student Loan Trust, Series 2012-1, Class A2
0.63%		11/25/20	3		2,313,867		2,317,411

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
SLM Student Loan Trust, Series 2012-1, Class A3
1.13%		09/25/28	3	$	7,470,000	$	7,626,967
SLM Student Loan Trust, Series 2012-3, Class A
0.83%		12/26/25	3		15,868,860		15,856,641
SLM Student Loan Trust, Series 2012-5, Class A2
0.48%		06/25/19	3		1,673,977		1,671,969
SLM Student Loan Trust, Series 2012-6, Class A2
0.46%		09/25/19	3		1,061,167		1,060,698
SLM Student Loan Trust, Series 2012-6, Class A3
0.93%		05/26/26	3		8,877,000		8,904,826
SLM Student Loan Trust, Series 2012-7, Class A2
0.46%		09/25/19	3		15,687,184		15,678,195
SLM Student Loan Trust, Series 2012-7, Class A3
0.83%		05/26/26	3		4,460,000		4,449,255
SLM Student Loan Trust, Series 2013-1, Class A2
0.43%		09/25/19	3		1,109,323		1,107,914
SLM Student Loan Trust, Series 2013-2, Class A
0.63%		09/25/26	3		14,825,772		14,745,401
SLM Student Loan Trust, Series 2013-3, Class A2
0.48%		05/26/20	3		8,597,644		8,592,764
SLM Student Loan Trust, Series 2013-4, Class A
0.73%		06/25/27	3		6,725,309		6,704,941
SLM Student Loan Trust, Series 2013-5, Class A2
0.58%		10/26/20	3		8,745,000		8,759,202
SLM Student Loan Trust, Series 2013-6, Class A2
0.68%		02/25/21	3		8,830,000		8,840,238
SLM Student Loan Trust, Series 2014-1, Class A3
0.78%		02/26/29	3		6,865,000		6,805,685
SLM Student Loan Trust, Series 2014-2, Class A2
0.53%		10/25/21	3		4,665,000		4,641,084
South Carolina Student Loan Corp., Series 2005, Class A2
0.40%		12/01/20	3		898,025		897,210
Spirit Master Funding LLC, Series 2014-1A, Class A1
5.05%		07/20/40	4		3,023,330		3,174,496

See accompanying notes to Schedule of Portfolio Investments.

12 / N-Q Report June 2015

Low Duration Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
TAL Advantage LLC, Series 2006-1, Class NOTE
0.37%		04/20/21	3,4	$	489,583	$	487,306
Total Asset-Backed Securities (Cost $507,572,285)							510,720,094
BANK LOANS — 0.75%*
Communications — 0.06%
Level 3 Financing, Inc., Term Loan B5, 1st Lien
3.50%		05/31/22	3		2,000,000		1,988,960
Electric — 0.07%
Chief Power Finance LLC, Term Loan B, 1st Lien
5.75%		12/31/20	3		2,487,500		2,499,937
Energy — 0.09%
Offshore Group Investment Ltd., Term Loan B, 1st Lien
5.00%		10/25/17	3		4,360,101		3,089,023
Finance — 0.14%
ILFC AIG, Term Loan B, 1st Lien
3.50%		02/27/21	3		4,896,507		4,895,283
Health Care — 0.35%
HCA, Inc., Term Loan B4, 1st Lien
3.03%		05/01/18	3		5,974,958		5,981,083
Valeant Pharmaceuticals International, Inc., Term Loan B, 1st Lien (Canada)
3.50%		05/30/20	3		5,986,516		5,970,861
							11,951,944
Services — 0.04%
AABS Ltd., Term Loan, Series 2013-1, Class A (STEP) (Bermuda)
4.72%		01/15/38	2,3		1,443,229		1,493,742
Total Bank Loans (Cost $27,095,184)							25,918,889
CORPORATES — 20.90%*
Banking — 4.55%
Bank of America Corp.
6.50%		08/01/16			8,200,000		8,652,230
Bank of America Corp. (MTN)
8.68%		05/02/17	3		30,000		31,200
8.95%		05/18/17	3		30,000		31,350
9.57%		06/06/17	3		5,184,000		5,482,080
Bank of America Corp., Series L (MTN)
5.65%		05/01/18			300,000		329,798
Bank of America N.A. (BKNT)
0.57%		06/15/16	3		8,600,000		8,568,161
0.59%		06/15/17	3		2,500,000		2,482,340

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Banking (continued)
5.30%		03/15/17		$	3,850,000	$	4,078,779
6.10%		06/15/17			7,100,000		7,691,595
Capital One Bank USA NA (BKNT)
2.15%		11/21/18			4,295,000		4,276,256
Capital One Financial Co.
1.00%		11/06/15			7,600,000		7,597,781
Credit Suisse/New York (Switzerland)
3.00%		10/29/21	2		1,000,000		989,971
Credit Suisse/New York (YCD) (Switzerland)
0.60%		08/24/15	2,3		20,000,000		20,000,040
HBOS PLC, Series G (MTN) (United Kingdom)
6.75%		05/21/18	2,4		1,669,000		1,852,481
JPMorgan Chase & Co.
2.20%		10/22/19			5,000,000		4,958,122
3.45%		03/01/16			5,300,000		5,394,760
JPMorgan Chase Bank N.A.
0.62%		06/13/16	3		4,250,000		4,240,335
JPMorgan Chase Bank N.A. (BKNT)
6.00%		10/01/17			12,700,000		13,851,877
Lloyds TSB Bank PLC (United Kingdom)
4.88%		01/21/16	2		10,380,000		10,611,212
Macquarie Bank Ltd. (Australia)
0.74%		06/15/16	2,3,4		4,350,000		4,350,631
0.91%		10/27/17	2,3,4		7,000,000		7,016,604
Royal Bank of Scotland NV (Netherlands)
4.65%		06/04/18	2		1,500,000		1,554,862
Royal Bank of Scotland PLC (United Kingdom)
1.88%		03/31/17	2		625,000		622,233
2.55%		09/18/15	2		14,000,000		14,031,080
6.40%		10/21/19	2		3,000,000		3,355,749
UBS AG/Stamford CT (MTN) (Switzerland)
0.98%		03/26/18	2,3		8,000,000		8,007,508
2.38%		08/14/19	2		3,300,000		3,292,133
UBS AG/Stamford CT (Switzerland)
0.84%		06/01/17	2,3		5,000,000		4,987,900
							158,339,068
Communications — 1.03%
AT&T, Inc.
1.21%		06/30/20	3		11,000,000		11,055,979
2.50%		08/15/15			2,645,000		2,650,044
DISH DBS Corp.
4.25%		04/01/18			800,000		816,000
Verizon Communications, Inc.
1.05%		06/17/19	3		5,750,000		5,719,421
2.04%		09/14/18	3		2,950,000		3,066,352

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 13

Low Duration Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Communications (continued)
Verizon Communications, Inc. (WI)
2.63%		02/21/20		$	3,708,000	$	3,703,669
Verizon Communications, Inc., Series FRN
0.68%		06/09/17	3		5,000,000		4,990,395
Windstream Corp.
7.88%		11/01/17			3,450,000		3,670,627
							35,672,487
Consumer Discretionary — 0.38%
Catholic Health Initiatives
2.60%		08/01/18			13,000,000		13,201,624
Electric — 1.11%
AES Corp.
3.28%		06/01/19	3		3,000,000		2,992,500
FirstEnergy Corp., Series A
2.75%		03/15/18			6,000,000		6,095,838
FPL Energy National Wind Portfolio LLC
6.13%		03/25/19	4		6,708		6,741
Homer City Generation LP (PIK)
8.14%		10/01/19	5		7,210,260		7,327,427
Ipalco Enterprises, Inc. (WI)
5.00%		05/01/18			3,426,000		3,627,277
Oncor Electric Delivery Co. LLC
6.80%		09/01/18			14,109,000		16,352,945
W3A Funding Corp.
8.09%		01/02/17			2,103,054		2,103,634
							38,506,362
Energy — 1.64%
Boardwalk Pipelines LLC
5.50%		02/01/17			3,300,000		3,424,450
5.88%		11/15/16			4,000,000		4,150,044
Columbia Pipeline Group, Inc.
2.45%		06/01/18	4		3,000,000		3,025,218
El Paso Pipeline Partners Operating Co. LLC
4.10%		11/15/15			3,000,000		3,031,473
Energy Transfer Partners LP
2.50%		06/15/18			6,000,000		6,013,380
3.30%		11/01/66	3		3,746,000		3,221,560
Florida Gas Transmission Co. LLC
4.00%		07/15/15	4		6,450,000		6,456,403
7.90%		05/15/19	4		3,320,000		3,905,122
Panhandle Eastern Pipeline Co. LP
8.13%		06/01/19			1,000,000		1,170,001
Rockies Express Pipeline LLC
6.00%		01/15/19	4		1,500,000		1,576,875
Sabine Pass LNG LP
7.50%		11/30/16			6,652,000		7,017,860
7.50%		11/30/16	4		2,875,000		3,033,125

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Energy (continued)
Tennessee Gas Pipeline Co. LLC
8.00%		02/01/16		$	8,673,000	$	9,000,111
Trans-Canada Pipelines Ltd. (Canada)
0.96%		06/30/16	2,3		2,065,000		2,072,289
							57,097,911
Finance — 4.91%
Chase Capital II, Series B
0.78%		02/01/27	3		2,398,000		2,056,328
Chase Capital VI
0.90%		08/01/28	3		1,000,000		865,000
CIT Group, Inc.
5.00%		05/15/17			3,150,000		3,244,500
Citigroup, Inc.
1.24%		07/25/16	3		11,849,000		11,889,162
2.50%		09/26/18			10,000,000		10,129,930
2.50%		07/29/19			3,000,000		3,008,077
Ford Motor Credit Co. LLC
0.80%		09/08/17	3		1,440,000		1,432,398
1.22%		01/09/18	3		8,000,000		8,012,848
8.00%		12/15/16			1,325,000		1,443,676
Ford Motor Credit Co. LLC, Series FRN
1.53%		05/09/16	3		8,000,000		8,047,608
General Electric Capital Corp. (MTN)
0.66%		05/05/26	3		6,300,000		5,992,945
0.94%		07/12/16	3		5,485,000		5,518,881
General Motors Financial Co., Inc., Series 3YR
3.00%		09/25/17			11,000,000		11,220,000
Goldman Sachs Group, Inc.
0.95%		05/22/17	3		3,000,000		3,001,347
1.30%		10/23/19	3		5,000,000		5,035,947
2.38%		01/22/18			1,000,000		1,014,720
5.35%		01/15/16			3,500,000		3,584,519
5.95%		01/18/18			4,625,000		5,086,001
6.15%		04/01/18			3,500,000		3,893,067
6.25%		09/01/17			1,475,000		1,617,392
Goldman Sachs Group, Inc. (MTN)
1.60%		11/23/15			9,805,000		9,838,983
International Lease Finance Corp.
6.75%		09/01/16	4		6,000,000		6,322,800
7.13%		09/01/18	4		3,816,000		4,251,024
JPMorgan Chase Capital XIII, Series M
1.23%		09/30/34	3		2,465,000		2,092,169
JPMorgan Chase Capital XXI, Series U
1.23%		02/02/37	3		5,250,000		4,370,625
JPMorgan Chase Capital XXIII
1.27%		05/15/47	3		7,950,000		6,310,312

See accompanying notes to Schedule of Portfolio Investments.

14 / N-Q Report June 2015

Low Duration Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Finance (continued)
Morgan Stanley
0.77%		10/15/15	3	$	2,830,000	$	2,832,519
1.02%		01/05/18	3		6,000,000		6,009,096
3.80%		04/29/16			3,800,000		3,886,775
Morgan Stanley (MTN)
5.63%		09/23/19			2,000,000		2,240,987
6.63%		04/01/18			8,000,000		8,979,864
Reckson Operating Partnership LP
5.00%		08/15/18			8,000,000		8,578,084
ZFS Finance USA Trust II
6.45%		12/15/65	3,4		8,966,000		9,167,735
							170,975,319
Food — 0.15%
HJ Heinz Co.
1.60%		06/30/17	4		5,274,000		5,277,106
Health Care — 0.92%
Actavis Funding SCS (Luxembourg)
1.37%		03/12/18	2,3		10,825,000		10,877,501
CHS/Community Health Systems, Inc.
5.13%		08/15/18			2,155,000		2,214,263
HCA, Inc.
3.75%		03/15/19			1,000,000		1,010,000
Providence Health & Services
Obligated Group
0.93%		10/01/15	3		3,000,000		3,000,908
1.08%		10/01/16	3		2,750,000		2,759,288
1.23%		10/01/17	3		11,940,000		12,007,455
							31,869,415
Insurance — 0.61%
Berkshire Hathaway, Inc.
2.20%		08/15/16			1,010,000		1,026,751
Metropolitan Life Global Funding I
0.82%		07/15/16	3,4		2,000,000		2,009,578
1.88%		06/22/18	4		7,500,000		7,545,154
Nationwide Mutual Insurance Co.
2.58%		12/15/24	3,4		3,550,000		3,548,214
New York Life Global Funding
1.13%		03/01/17	4		7,000,000		6,998,841
							21,128,538
Materials — 0.07%
Rio Tinto Finance USA PLC, Series FRN (United Kingdom)
1.12%		06/17/16	2,3		2,380,000		2,386,725
Real Estate Investment Trust (REIT) — 4.22%
Alexandria Real Estate Equities, Inc.
2.75%		01/15/20			5,800,000		5,747,075

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Real Estate Investment Trust (REIT) (continued)
ARC Properties Operating Partnership LP/ Clark Acquisition LLC
2.00%		02/06/17		$	14,000,000	$	13,606,250
BioMed Realty LP
3.85%		04/15/16			2,500,000		2,546,277
Essex Portfolio LP
5.50%		03/15/17			6,820,000		7,259,767
HCP, Inc.
6.00%		01/30/17			16,073,000		17,152,398
HCP, Inc. (MTN)
6.30%		09/15/16			7,600,000		8,027,219
Health Care REIT, Inc.
3.63%		03/15/16			3,000,000		3,047,083
4.70%		09/15/17			6,291,000		6,696,424
Hospitality Properties Trust
6.30%		06/15/16			5,737,000		5,862,227
Kilroy Realty LP
5.00%		11/03/15			5,625,000		5,699,107
Kimco Realty Corp. (MTN)
5.78%		03/15/16			1,954,000		2,014,510
Mid-America Apartments LP
5.50%		10/01/15			9,640,000		9,743,090
6.05%		09/01/16			3,225,000		3,390,114
Pan Pacific Retail Properties, Inc.
5.25%		09/01/15			7,420,000		7,467,866
Realty Income Corp.
5.50%		11/15/15			9,815,000		9,965,650
UDR, Inc. (MTN)
5.25%		01/15/16			6,425,000		6,554,685
Ventas Realty LP/Ventas Capital Corp.
1.55%		09/26/16			15,485,000		15,561,287
2.00%		02/15/18			4,935,000		4,968,272
WEA Finance LLC/Westfield UK & Europe
Finance PLC
1.75%		09/15/17	4		11,500,000		11,538,347
							146,847,648
Retail — 0.37%
Walgreens Boots Alliance, Inc.
0.73%		05/18/16	3		13,000,000		13,000,832
Transportation — 0.94%
American Airlines Pass-Through Trust, Series 2011-1, Class A
5.25%		01/31/21			1,445,577		1,539,540
American Airlines Pass-Through Trust, Series 2013-2, Class A
4.95%		01/15/23			11,241,929		11,944,550

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 15

Low Duration Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (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		$	71,776	$	75,140
Continental Airlines Pass-Through Trust, Series 1999-1, Class A
6.55%		08/02/20			3,100,890		3,393,536
Continental Airlines Pass-Through Trust, Series 2000-2, Class A1
7.71%		10/02/22			2,369,726		2,624,471
JetBlue Airways Pass-Through Trust, Series 2004-2, Class G2
0.72%		11/15/16	3		7,725,000		7,580,156
UAL Pass-Through Trust, Series 2009-1
10.40%		11/01/16			2,448,292		2,668,638
UAL Pass-Through Trust, Series 2009-2A
9.75%		01/15/17			2,722,949		2,957,803
							32,783,834
Total Corporates (Cost $717,973,187)							727,086,869
MORTGAGE-BACKED — 48.17%**
Commercial Mortgage-Backed — 6.74%
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-6, Class A4
5.16%		09/10/47	3		4,901,223		4,923,532
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2006-3, Class A4
5.89%		07/10/44	3		5,513,361		5,700,677
Bear Stearns Commercial Mortgage Securities Trust, Series 2005-T20, Class A4A
5.26%		10/12/42	3		4,095,224		4,105,241
Bear Stearns Commercial Mortgage Securities Trust, Series 2007-PW16, Class AAB
5.90%		06/11/40	3		3,326,763		3,340,092
Citigroup Commercial Mortgage Trust, Series 2012-GC8, Class XA (IO)
2.19%		09/10/45	3,4		24,994,120		2,308,294
Commercial Mortgage Trust, Series 2012-CR4, Class A2
1.80%		10/15/45			8,580,000		8,646,624
Credit Suisse Mortgage Trust, Series 2007-C4, Class AAB
6.15%		09/15/39	3		1,284,269		1,320,248
DBUBS Mortgage Trust, Series 2011-LC1A, Class A1
3.74%		11/10/46	4		15,767,482		15,913,882
DBUBS Mortgage Trust, Series 2011-LC2A, Class A2
3.39%		07/10/44	4		7,225,908		7,351,670

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Commercial Mortgage-Backed (continued)
GE Business Loan Trust, Series 2006-2A, Class A
0.37%		11/15/34	3,4	$	5,853,723	$	5,630,980
GE Commercial Mortgage Corp., Series 2007-C1, Class A1A
5.48%		12/10/49	3		18,229,335		19,293,145
GS Mortgage Securities Trust, Series 2011-GC5, Class A2
3.00%		08/10/44			15,270,000		15,531,330
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2005-LDP3, Class ASB
4.89%		08/15/42	3		58		58
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2006-LDP8, Class A1A
5.40%		05/15/45			1,727,589		1,800,228
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2006-LDP9, Class A3S
5.24%		05/15/47	4		1,521,136		1,522,331
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2006-LDP9, Class A3SF
0.34%		05/15/47	3		8,228,897		8,184,443
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-C1, Class ASB
5.86%		02/15/51			3,811,671		3,962,952
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-CB20, Class ASB
5.69%		02/12/51			1,105,940		1,144,651
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-LD11, Class ASB
5.96%		06/15/49	3		7,608,439		7,875,895
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-LD12, Class A3
6.14%		02/15/51	3		134,708		134,810
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2010-C1, Class A1
3.85%		06/15/43	4		725,007		724,432
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2010-C2, Class A1
2.75%		11/15/43	4		6,653,403		6,679,300
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2011-C3, Class A2
3.67%		02/15/46	4		4,179,603		4,263,926

See accompanying notes to Schedule of Portfolio Investments.

16 / N-Q Report June 2015

Low Duration Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Commercial Mortgage-Backed (continued)
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2011-C3, Class A3
4.39%		02/15/46	4	$	17,565,000	$	18,726,398
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2011-C4, Class A3
4.11%		07/15/46	4		3,275,000		3,476,381
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2011-C5, Class A2
3.15%		08/15/46			12,835,161		13,121,321
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2011-C5, Class ASB
3.68%		08/15/46			1,513,000		1,596,483
LB-UBS Commercial Mortgage Trust, Series 2006-C1, Class A4
5.16%		02/15/31			5,193,771		5,246,077
LB-UBS Commercial Mortgage Trust, Series 2006-C7, Class A2
5.30%		11/15/38			2,435,214		2,456,826
Merrill Lynch Mortgage Trust, Series 2005-CIP1, Class AM
5.11%		07/12/38	3		10,131,967		10,134,141
Morgan Stanley Capital I Trust, Series 2001-C3, Class A2
3.22%		08/15/49			4,768,774		4,868,472
Morgan Stanley Capital I Trust, Series 2005-HQ7, Class A4
5.36%		11/14/42	3		2,868,155		2,869,582
Morgan Stanley Capital I Trust, Series 2007-HQ12, Class A2FL
0.44%		04/12/49	3		1,291,110		1,291,038
PNC Mortgage Acceptance Corp., Series 2001-C1, Class J
5.91%		03/12/34	4		2,941,006		2,975,011
UBS Commercial Mortgage Trust, Series 2012-C1, Class A1
1.03%		05/10/45			2,098,288		2,100,138
Wachovia Bank Commercial Mortgage Trust, Series 2004-C11, Class A5
5.22%		01/15/41	3		550,916		552,290
Wachovia Bank Commercial Mortgage Trust, Series 2005-C21, Class A4
5.43%		10/15/44	3		3,187,397		3,190,919
Wachovia Bank Commercial Mortgage Trust, Series 2007-C34, Class A1A
5.61%		05/15/46	3		15,244,246		16,122,146
WF-RBS Commercial Mortgage Trust, Series 2011-C2, Class A2
3.79%		02/15/44	4		9,382,530		9,437,849

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Commercial Mortgage-Backed (continued)
WF-RBS Commercial Mortgage Trust, Series 2011-C4, Class A2
3.45%		06/15/44	4	$	5,707,784	$	5,795,106
							234,318,919
Non-Agency Mortgage-Backed — 21.06%
Accredited Mortgage Loan Trust, Series 2007-1, Class A4
0.40%		02/25/37	3		12,000,000		9,943,172
ACE Securities Corp., Series 2005-HE6, Class A1
0.44%		10/25/35	3		10,638,590		10,612,238
American Home Mortgage Assets, Series 2007-4, Class A2
0.37%		08/25/37	3		1,381,585		1,348,143
Ameriquest Mortgage Securities, Inc., Series 2005-R5, Class M1
0.61%		07/25/35	3		2,057,139		2,060,159
Amresco Residential Securities Mortgage Loan Trust, Series 1998-1, Class A5 (STEP)
7.57%		10/25/27			21,750		22,757
Argent Securities, Inc., Series 2005-W2, Class A1
0.44%		10/25/35	3		17,538,660		17,229,699
Asset-Backed Securities Corp. Home Equity Loan Trust, Series 2005-HE4, Class M2
0.86%		05/25/35	3		14,663		14,700
Banc of America Alternative Loan Trust, Series 2003-8, Class 1CB1
5.50%		10/25/33			17,276,771		17,723,334
Banc of America Funding Corp., Series 2015-R2, Class 9A1
0.40%		03/25/37	3,4		14,524,548		14,020,953
Banc of America Funding Corp., Series 2015-R3, Class 8A1
0.34%		06/28/36	3,4		10,444,350		10,056,015
Banc of America Funding Corp., Series 2015-R4, Class 3A1
0.32%		07/25/36	3,4		13,736,296		12,888,251
Banco de Credito Y Securitizacion SA, Series 2001-1, Class AF (Argentina)6
8.00%		06/30/20	2,4,7,8		7,000		560
BCAP LLC Trust, Series 2007-AA1, Class 1A2
0.34%		02/25/47	3		4,895,514		4,554,473
BCAP LLC Trust, Series 2008-IND2, Class A1
1.83%		04/25/38	3		17,114,053		17,065,261
BCAP LLC Trust, Series 2011-RR5, Class 2A3
2.82%		06/26/37	3,4		4,856,317		4,873,620

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 17

Low Duration Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
BCAP LLC Trust, Series 2012-R11, Class 11A1
2.62%		09/26/36	3,4	$	9,075,872	$	9,147,603
BCAP LLC Trust, Series 2012-RR11, Class 1A1
0.34%		01/26/37	3,4		11,509,955		11,419,941
BCAP LLC Trust, Series 2013-RR2, Class 5A1
2.66%		03/26/36	3,4		6,887,406		6,990,600
BCAP LLC Trust, Series 2013-RR5, Class 2A1
2.14%		03/26/37	3,4		12,275,768		12,274,000
Bear Stearns ARM Trust, Series 2004-3, Class 4A
2.64%		07/25/34	3		5,856,934		5,710,228
Bear Stearns ARM Trust, Series 2005-2, Class A1
2.68%		03/25/35	3		5,416,869		5,477,213
Bear Stearns Asset-Backed Securities Trust, Series 2005-HE10, Class M1
0.73%		11/25/35	3		2,846,210		2,848,777
Bear Stearns Asset-Backed Securities Trust, Series 2005-SD1, Class 1A3
0.58%		08/25/43	3		876,397		866,544
BHN I Mortgage Fund, Series 2000-1, Class AF (Argentina)6
8.00%		01/31/20	2,4,7,8,†		9,000		3
CC Mortgage Funding Corp., Series 2005-2A, Class A1
0.36%		05/25/36	3,4		1,744,580		1,528,852
Chase Funding Mortgage Loan Asset-Backed Certificates, Series 2002-2, Class 2M1
1.08%		02/25/32	3		358,562		346,154
Chase Mortgage Finance Corp., Series 2007-A1, Class 8A1
2.50%		02/25/37	3		19,458,930		19,677,921
Chase Mortgage Finance Corp., Series 2007-A2, Class 2A3
2.51%		07/25/37	3		3,914,518		3,970,020
Citigroup Mortgage Loan Trust, Inc., Series 2004-HYB1, Class A41
2.84%		02/25/34	3		251,270		246,940
Citigroup Mortgage Loan Trust, Inc., Series 2005-HE3, Class M1
0.64%		09/25/35	3		6,821,643		6,810,619
Citigroup Mortgage Loan Trust, Inc., Series 2006-WFH4, Class A3
0.33%		11/25/36	3		11,973,875		11,945,185
Citigroup Mortgage Loan Trust, Inc., Series 2007-WFH2, Class A3
0.36%		03/25/37	3		1,211,419		1,196,274

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Citigroup Mortgage Loan Trust, Inc., Series 2007-WFH4, Class A2C
1.48%		07/25/37	3	$	90,000	$	78,897
Conseco Finance Securitizations Corp., Series 2001-4, Class A4
7.36%		09/01/33			3,987,442		4,390,867
Conseco Financial Corp., Series 1994-1, Class A5
7.65%		04/15/19			21,858		22,658
Conseco Financial Corp., Series 1996-1, Class M1
7.00%		03/15/27	3		1,587,389		1,611,911
Conseco Financial Corp., Series 1997-2, Class A7
7.62%		06/15/28	3		1,323,491		1,372,538
Conseco Financial Corp., Series 1997-3, Class A7
7.64%		03/15/28	3		952,032		1,009,447
Conseco Financial Corp., Series 1997-7, Class A9
7.37%		07/15/29	3		3,000,001		3,139,727
Conseco Financial Corp., Series 1998-2, Class A5
6.24%		12/01/28	3		13,663		14,129
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-14, Class 4A1
2.38%		08/25/34	3		31,490		30,994
Credit Suisse First Boston Mortgage Securities Corp., Series 2004-AR1, Class 5A1
2.39%		02/25/34	3		4,520,503		4,570,459
Credit Suisse First Boston Mortgage Securities Corp., Series 2013-7R, Class 5A1
0.44%		07/26/36	3,4		4,317,575		3,913,200
Credit Suisse Mortgage Trust, Series 2007-C1, Class AAB
5.34%		02/15/40			1,026,278		1,044,954
Credit Suisse Mortgage Trust, Series 2009-12R, Class 41A1
5.25%		03/27/37	3,4		2,788,474		2,804,405
Credit Suisse Mortgage Trust, Series 2014-9R, Class 8A1
0.34%		10/27/36	3,4		5,061,144		4,867,870
Credit-Based Asset Servicing and Securitization LLC, Series 2005-CB7, Class AF3 (STEP)
4.04%		11/25/35			1,259,663		1,335,272
Credit-Based Asset Servicing and Securitization LLC, Series 2006-CB1, Class AF2 (STEP)
3.41%		01/25/36			2,744,443		2,059,814

See accompanying notes to Schedule of Portfolio Investments.

18 / N-Q Report June 2015

Low Duration Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB2, Class A2B (STEP)
4.54%		02/25/37		$	15,059,225	$	11,276,965
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB5, Class A1
0.24%		04/25/37	3		4,135,877		2,815,552
DBRR Trust, Series 2013-EZ2, Class A
0.85%		02/25/43	3,4		727,097		726,960
DSLA Mortgage Loan Trust, Series 2005-AR2, Class 2A1A
0.40%		03/19/45	3		2,112,885		1,909,727
Encore Credit Receivables Trust, Series 2005-3, Class M1
0.65%		10/25/35	3		416,191		416,884
FBR Securitization Trust, Series 2005-02, Class M1
0.90%		09/25/35	3		17,219,765		17,121,406
First Franklin Mortgage Loan Asset-Backed Certificates, Series 2004-FF5, Class A3C
1.18%		08/25/34	3		1,837,893		1,857,117
First Franklin Mortgage Loan Asset-Backed Certificates, Series 2005-FF6, Class M1
0.60%		05/25/36	3		2,347,111		2,321,178
First Franklin Mortgage Loan Trust, Series 2007-3, Class A2C
0.36%		06/25/37	3		16,596,679		11,015,116
First Horizon Alternative Mortgage Securities Trust, Series 2004-AA3, Class A1
2.20%		09/25/34	3		20,364		19,976
First Horizon Mortgage Pass-Through Trust, Series 2004-AR7, Class 2A2
2.58%		02/25/35	3		2,609,388		2,622,855
GE Business Loan Trust, Series 2007-1A, Class A
0.36%		04/16/35	3,4		3,002,242		2,849,203
GMAC Mortgage Corp. Loan Trust, Series 2000-HE2, Class A1
0.62%		06/25/30	3		387,383		356,897
GSAA Home Equity Trust, Series 2005-9, Class 1A1
0.46%		08/25/35	3		4,920,559		4,756,527
GSAMP Trust, Series 2005-HE4, Class M1
0.63%		07/25/45	3		4,060,125		4,091,718
GSR Mortgage Loan Trust, Series 2005-AR6, Class 2A1
2.68%		09/25/35	3		3,586,747		3,603,365
GSR Mortgage Loan Trust, Series 2005-AR7, Class 2A1
2.72%		11/25/35	3		1,744,772		1,666,464

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
GSR Mortgage Loan Trust, Series 2006-OA1, Class 2A1
0.37%		08/25/46	3	$	6,276,513	$	6,109,188
Home Equity Asset Trust, Series 2006-4, Class 2A3
0.35%		08/25/36	3		9,967,054		9,896,626
Home Equity Loan Trust, Series 2006-3, Class A4
0.42%		03/20/36	3		6,026,525		5,968,213
Home Equity Loan Trust, Series 2007-1, Class AS
0.38%		03/20/36	3		6,199,320		6,162,986
Impac CMB Trust, Series 2005-5, Class A1
0.82%		08/25/35	3		3,328,388		3,008,926
IndyMac Index Mortgage Loan Trust, Series 2004-AR12, Class A1
0.96%		12/25/34	3		426,595		364,744
IndyMac Index Mortgage Loan Trust, Series 2004-AR8, Class 2A2A
0.98%		11/25/34	3		1,454,673		1,322,703
IndyMac Manufactured Housing Contract, Series 1998-1, Class A4
6.49%		09/25/28			832,589		866,317
JPMorgan Mortgage Acquisition Corp., Series 2005-FRE1, Class A2F3 (STEP)
3.54%		10/25/35			2,313,764		2,226,991
JPMorgan Mortgage Acquisition Corp., Series 2007-HE1, Class AV4
0.46%		03/25/47	3		50,000		36,707
JPMorgan Mortgage Trust, Series 2005-A3, Class 5A3
2.75%		06/25/35	3		94,886		87,921
JPMorgan Mortgage Trust, Series 2007-A1, Class 1A1
2.53%		07/25/35	3		3,027,885		3,091,497
JPMorgan Mortgage Trust, Series 2007-A1, Class 5A2
2.56%		07/25/35	3		719,711		731,912
Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class A3
4.35%		04/15/40			2,540,091		2,625,291
Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class A4
5.27%		04/15/40			2,105,972		2,215,264
Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class AIOC (IO)
0.55%		04/15/40	3,7		193,655,904		4,228,748
Long Beach Mortgage Loan Trust, Series 2005-2, Class M3
0.92%		04/25/35	3		4,286,686		4,293,931

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 19

Low Duration Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
MASTR Adjustable Rate Mortgages Trust, Series 2003-6, Class 4A2
2.67%		01/25/34	3	$	24,316	$	23,675
MASTR Adjustable Rate Mortgages Trust, Series 2004-1, Class 2A1
2.75%		01/25/34	3		54,215		53,383
MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 3A1
2.67%		11/21/34	3		2,972,224		3,052,428
MASTR Adjustable Rate Mortgages Trust, Series 2004-3, Class 3A3
2.17%		04/25/34	3		341,019		329,127
MASTR Adjustable Rate Mortgages Trust, Series 2004-5, Class 3A1
2.60%		06/25/34	3		82,982		79,792
MASTR Alternative Loan Trust, Series 2003-1, Class 1A1
6.25%		12/25/32			4,897,708		5,171,360
MASTR Alternative Loan Trust, Series 2003-5, Class 4A1
5.50%		07/25/33			9,090,245		9,633,846
MASTR Alternative Loan Trust, Series 2003-9, Class 4A1
5.25%		11/25/33			10,284,123		10,732,608
MASTR Alternative Loan Trust, Series 2004-7, Class 1A1
5.50%		07/25/34			9,682,950		9,920,696
MASTR Asset-Backed Securities Trust, Series 2006-AB1, Class A2
0.41%		02/25/36	3		6,064,407		6,035,991
MASTR Seasoned Securities Trust, Series 2004-1, Class 4A1
2.50%		10/25/32	3		377,709		379,432
Merrill Lynch Mortgage Investors, Inc., Series 2004-A4, Class A1
2.50%		08/25/34	3		3,041,349		3,108,489
Merrill Lynch Mortgage Investors, Inc., Series 2006-F1, Class 1A2
6.00%		04/25/36			3,928,233		3,663,128
Mid-State Trust, Series 2004-1, Class B
8.90%		08/15/37			1,654,400		1,979,121
Mid-State Trust, Series 2006-1, Class A
5.79%		10/15/40	4		6,989,045		7,552,425
Morgan Stanley Capital I Trust, Series 2004-NC7, Class M2
1.11%		07/25/34	3		10,318,596		9,997,765
Morgan Stanley Capital I Trust, Series 2005-HE3, Class M2
0.96%		07/25/35	3		2,499,723		2,502,805
Morgan Stanley Capital I Trust, Series 2005-NC2, Class M2
0.81%		03/25/35	3		9,475,268		9,427,522

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Morgan Stanley Mortgage Loan Trust, Series 2004-6AR, Class 1A
1.08%		07/25/34	3	$	1,034,526	$	1,005,448
Morgan Stanley Resecuritization Trust, Series 2014-R3, Class 3A
1.43%		03/26/37	3,4		9,318,917		9,296,152
MortgageIT Trust, Series 2005-3, Class A1
0.48%		08/25/35	3		892,538		844,028
MortgageIT Trust, Series 2005-4, Class A1
0.46%		10/25/35	3		13,880,983		12,325,757
Nationstar Home Equity Loan Trust, Series 2006-B, Class AV3
0.35%		09/25/36	3		4,573,847		4,573,718
Nationstar Home Equity Loan Trust, Series 2007-C, Class 2AV3
0.36%		06/25/37	3		7,807,200		6,901,796
New Century Home Equity Loan Trust, Series 2005-3, Class M2
0.67%		07/25/35	3		15,000,000		14,547,720
Nomura Home Equity Loan, Inc., Series 2006-HE1, Class A3
0.39%		02/25/36	3		1,431,073		1,432,290
Nomura Resecuritization Trust, Series 2013-1R, Class 3A1
0.34%		10/26/36	3,4		8,539,087		8,353,219
Nomura Resecuritization Trust, Series 2014-1R, Class 1A1
0.34%		10/25/36	3,4		7,957,481		7,752,579
Nomura Resecuritization Trust, Series 2014-1R, Class 3A1
0.33%		07/26/36	3,4		6,644,025		6,577,880
Nomura Resecuritization Trust, Series 2014-1R, Class 4A1
0.46%		01/25/37	3,4		5,910,212		5,805,471
Nomura Resecuritization Trust, Series 2015-4R, Class 3A1
2.26%		01/26/36	4		17,060,782		17,546,337
Oakwood Mortgage Investors, Inc., Series 1997-B, Class M
7.78%		08/15/27			929,689		940,182
Park Place Securities, Inc., Series 2004-WCW2, Class M2
1.16%		10/25/34	3		17,552,492		17,478,852
Park Place Securities, Inc., Series 2005-WCW1, Class M1
0.63%		09/25/35	3		17,738,863		17,656,395
Park Place Securities, Inc., Series 2005-WCW2, Class M1
0.68%		07/25/35	3		19,095,000		18,931,919
Park Place Securities, Inc., Series 2005-WCW3, Class A1B
0.48%		08/25/35	3		7,001,910		6,992,100

See accompanying notes to Schedule of Portfolio Investments.

20 / N-Q Report June 2015

Low Duration Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Park Place Securities, Inc., Series 2005-WHG4, Class A2D
0.55%		09/25/35	3	$	14,611,428	$	14,563,723
Park Place Securities, Inc., Series 2005-WHQ1, Class M2
0.68%		03/25/35	3		5,582,962		5,621,786
Park Place Securities, Inc., Series 2005-WHQ2, Class A1B
0.45%		05/25/35	3		1,164,503		1,164,394
Residential Accredit Loans, Inc., Series 2005-QA3, Class NB1
3.02%		03/25/35	3		8,580,080		6,171,514
Residential Asset Mortgage Products, Inc., Series 2004-SL4, Class A3
6.50%		07/25/32			933,507		965,562
Residential Asset Mortgage Products, Inc., Series 2005-SL1, Class A5
6.50%		05/25/32			2,191,695		2,055,788
Residential Asset Securities Corp., Series 2005-KS11, Class AI4
0.49%		12/25/35	3		14,446,361		14,350,059
Residential Funding Mortgage Securities II, Inc., Series 2000-HI1, Class AI7 (STEP)
8.29%		02/25/25			290		289
SG Mortgage Securities Trust, Series 2006-FRE1, Class A1B
0.45%		02/25/36	3		914,563		645,441
Soundview Home Equity Loan Trust, Series 2006-WF2, Class A2C
0.32%		12/25/36	3		3,533,844		3,498,176
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-16, Class 6A
2.49%		11/25/34	3		9,583,867		9,289,951
Structured Asset Investment Loan Trust, Series 2005-11, Class A5
0.47%		01/25/36	3		1,354,693		1,354,254
Structured Asset Investment Loan Trust, Series 2005-8, Class A4
0.54%		10/25/35	3		11,596,352		11,531,714
Structured Asset Securities Corp., Series 2007-GEL1, Class A1
0.28%		01/25/37	3,4		1,554,707		1,554,216
Structured Asset Securities Corp., Series 2003-26A, Class 3A5
2.44%		09/25/33	3		2,006,465		2,004,755
Structured Asset Securities Corp., Series 2005-WF4, Class A4
0.54%		11/25/35	3		144,677		144,971
Terwin Mortgage Trust, Series 2004-7HE, Class A1
0.73%		07/25/34	3,4		116,613		111,623

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
WaMu Mortgage Pass-Through Certificates, Series 2002-AR18, Class A
2.51%		01/25/33	3	$	217,281	$	219,833
WaMu Mortgage Pass-Through Certificates, Series 2004-AR14, Class A1
2.39%		01/25/35	3		1,713,677		1,731,010
WaMu Mortgage Pass-Through Certificates, Series 2004-CB2, Class 2A
5.50%		07/25/34			10,797,506		11,314,821
WaMu Mortgage Pass-Through Certificates, Series 2005-AR13, Class A1A1
0.47%		10/25/45	3		4,991,228		4,644,840
WaMu Mortgage Pass-Through Certificates, Series 2005-AR2, Class 2A21
0.51%		01/25/45	3		781,280		749,075
Wells Fargo Home Equity Trust, Series 2005-3, Class M1
0.59%		11/25/35	3		2,067,945		2,071,854
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-Q, Class 1A1
2.62%		09/25/34	3		3,002,218		3,055,984
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR10, Class 2A14
2.64%		06/25/35	3		10,386,340		10,414,913
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR9, Class 1A1
2.66%		05/25/35	3		277,190		285,978
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR2, Class 2A5
2.62%		03/25/36	3		2,917,402		2,808,318
							732,733,504
U.S. Agency Mortgage-Backed — 20.37%
Fannie Mae Pool (TBA)
2.50%		07/25/27			10,915,000		11,048,027
Fannie Mae Pool 465761
3.16%		08/01/17			5,407,441		5,432,123
Fannie Mae Pool 555284
7.50%		10/01/17			429		447
Fannie Mae Pool 567002
8.00%		05/01/23			52,266		59,786
Fannie Mae Pool 735861
6.50%		09/01/33			26,171		30,849
Fannie Mae Pool 745936
6.08%		08/01/16			21,354,745		22,076,653
Fannie Mae Pool 770900
2.19%		04/01/34	3		498,857		533,191
Fannie Mae Pool 995182
5.50%		06/01/20			3,305,959		3,471,931
Fannie Mae Pool AD0172
4.75%		04/01/16			12,517,207		12,832,000

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 21

Low Duration Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae Pool AD0538
6.00%		05/01/24		$	1,237,599	$	1,371,561
Fannie Mae Pool AD0791
4.69%		02/01/20			14,864,094		16,420,430
Fannie Mae Pool AE0083
6.00%		01/01/40			2,993,442		3,429,841
Fannie Mae Pool AL0851
6.00%		10/01/40			3,538,805		4,027,863
Fannie Mae Pool AL5262
2.98%		12/01/20			10,397,930		10,790,296
Fannie Mae Pool AL5584
4.42%		12/01/20			3,362,744		3,690,090
Fannie Mae Pool FN0002
3.35%		12/01/17			4,669,164		4,869,824
Fannie Mae REMICS, Series 1997-76, Class FS
0.63%		09/17/27	3		30,150		30,641
Fannie Mae REMICS, Series 2001-60, Class OF
1.13%		10/25/31	3		1,717,016		1,769,476
Fannie Mae REMICS, Series 2003-130, Class HF
0.63%		12/25/33	3		3,111,300		3,129,936
Fannie Mae REMICS, Series 2003-134, Class FC
0.78%		12/25/32	3		11,346,748		11,496,817
Fannie Mae REMICS, Series 2005-57, Class EG
0.48%		03/25/35	3		9,589,332		9,613,306
Fannie Mae REMICS, Series 2007-61, Class A
0.46%		03/25/37	3		4,371,812		4,385,376
Fannie Mae REMICS, Series 2007-64, Class FA
0.65%		07/25/37	3		1,222,023		1,233,738
Fannie Mae REMICS, Series 2009-111, Class DA
5.00%		12/25/39			2,767,082		2,980,863
Fannie Mae REMICS, Series 2009-33, Class FB
1.00%		03/25/37	3		5,552,791		5,651,303
Fannie Mae REMICS, Series 2009-85, Class LF
1.38%		10/25/49	3		7,780,518		7,938,486
Fannie Mae REMICS, Series 2009-96, Class FA
1.08%		11/25/49	3		5,438,950		5,530,689
Fannie Mae REMICS, Series 2010-109, Class PF
0.58%		10/25/40	3		3,367,235		3,391,260

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae REMICS, Series 2010-39, Class FE
0.95%		06/25/37	3	$	10,407,046	$	10,619,396
Fannie Mae REMICS, Series 2010-43, Class DP
5.00%		05/25/40			2,931,783		3,142,751
Fannie Mae REMICS, Series 2010-6, Class BF
0.94%		02/25/40	3		4,521,036		4,601,816
Fannie Mae REMICS, Series 2011-118, Class FB
0.63%		11/25/41	3		17,803,776		17,929,449
Fannie Mae REMICS, Series 2011-71, Class FB
0.68%		05/25/37	3		7,774,461		7,853,517
Fannie Mae REMICS, Series 2012-33, Class F
0.70%		04/25/42	3		14,002,429		14,160,298
Fannie Mae REMICS, Series 2013-54, Class HF
0.38%		10/25/41	3		15,084,291		15,074,292
Fannie Mae REMICS, Series 2013-75, Class FC
0.43%		07/25/42	3		11,798,005		11,817,012
Fannie Mae REMICS, Series G92-10, Class Z
7.75%		01/25/22			2,975		3,188
Fannie Mae, Series 2010-26, Class S (IO)
6.05%		11/25/36	3		18,942,938		2,992,269
Fannie Mae, Series 2010-95, Class S (IO)
6.42%		09/25/40	3		12,380,406		2,730,265
Fannie Mae, Series 2013-M11, Class A
1.50%		01/25/18			8,529,424		8,599,771
Fannie Mae, Series 2014-M12, Class FA
0.48%		10/25/21			13,068,798		13,142,215
Fannie Mae, Series 2014-M8, Class FA
0.44%		05/25/18			4,271,044		4,281,171
Fannie Mae, Series 2015-M10, Class FA
0.43%		03/25/19			17,715,000		17,724,504
Freddie Mac Gold Pool A45796
7.00%		01/01/33			12,347		14,246
Freddie Mac Gold Pool C46104
6.50%		09/01/29			17,769		20,750
Freddie Mac Gold Pool G13032
6.00%		09/01/22			2,062,907		2,260,094
Freddie Mac Gold Pool G13475
6.00%		01/01/24			264,980		289,978
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K004, Class A2
4.19%		08/25/19			17,405,000		18,942,044

See accompanying notes to Schedule of Portfolio Investments.

22 / N-Q Report June 2015

Low Duration Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K005, Class A2
4.32%		11/25/19		$	16,592,000	$	18,182,982
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K007, Class A2
4.22%		03/25/20			14,430,000		15,806,636
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K033, Class A1
2.87%		02/25/23			15,598,958		16,216,801
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K701, Class A2
3.88%		11/25/17			9,097,000		9,577,458
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KSCT, Class A1
3.19%		12/25/19			6,652,158		6,937,071
Freddie Mac REMICS, Series 2174, Class PN
6.00%		07/15/29			984,627		1,120,392
Freddie Mac REMICS, Series 2454, Class FQ
1.19%		06/15/31	3		15,554		16,045
Freddie Mac REMICS, Series 2733, Class FB
0.79%		10/15/33	3		5,335,000		5,405,264
Freddie Mac REMICS, Series 3084, Class FN
0.69%		12/15/34	3		8,049,319		8,106,296
Freddie Mac REMICS, Series 3294, Class CB
5.50%		03/15/37			798,669		861,056
Freddie Mac REMICS, Series 3300, Class FA
0.49%		08/15/35	3		2,185,676		2,191,730
Freddie Mac REMICS, Series 3325, Class NF
0.49%		08/15/35	3		5,636,524		5,652,155
Freddie Mac REMICS, Series 3345, Class FP
0.39%		11/15/36	3		901,497		902,157
Freddie Mac REMICS, Series 3345, Class PF
0.37%		05/15/36	3		389,351		389,681
Freddie Mac REMICS, Series 3346, Class FA
0.42%		02/15/19	3		6,767,151		6,774,817
Freddie Mac REMICS, Series 3524, Class FC
1.13%		06/15/38	3		2,978,749		3,009,318

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Freddie Mac REMICS, Series 3531, Class FM
1.09%		05/15/39	3	$	3,822,476	$	3,893,486
Freddie Mac REMICS, Series 3672, Class A
6.00%		05/15/40			542,572		583,064
Freddie Mac REMICS, Series 3828, Class TF
0.59%		04/15/29	3		1,815,133		1,820,664
Freddie Mac REMICS, Series 4109, Class KF
0.59%		05/15/32	3		26,384,449		26,437,933
Freddie Mac REMICS, Series 4235, Class FA
0.54%		01/15/34	3		12,141,333		12,186,104
Freddie Mac Strips, Series 240, Class F30
0.49%		07/15/36	3		6,923,160		6,945,110
Freddie Mac Strips, Series 263, Class F5
0.69%		06/15/42	3		6,389,845		6,454,545
Freddie Mac Strips, Series 319, Class F2
0.69%		11/15/43	3		27,541,960		27,756,787
Freddie Mac, Series KF02, Class A1
0.56%		07/25/20			17,178,235		17,269,289
Freddie Mac, Series KF05, Class A
0.53%		09/25/21			23,309,960		23,383,097
Freddie Mac, Series KF08, Class A
0.48%		01/25/22			17,700,000		17,722,125
Freddie Mac, Series KS02, Class A
0.56%		08/25/23			19,537,684		19,586,497
Ginnie Mae I Pool 422972
6.50%		07/15/29			32,592		37,203
Ginnie Mae II Pool (TBA)
3.00%		07/20/43			15,075,000		15,222,217
Ginnie Mae II Pool 1849
8.50%		08/20/24			540		569
Ginnie Mae II Pool 2020
8.50%		06/20/25			1,541		1,764
Ginnie Mae II Pool 2286
8.50%		09/20/26			1,709		1,982
Ginnie Mae II Pool 2487
8.50%		09/20/27			15,222		17,647
Ginnie Mae II Pool 80059
1.63%		04/20/27	3		30,631		31,886
Ginnie Mae II Pool 80589
1.75%		03/20/32	3		43,669		45,002
Ginnie Mae II Pool 80610
1.63%		06/20/32	3		20,584		21,432
Ginnie Mae II Pool 80968
1.63%		07/20/34	3		618,421		641,597

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 23

Low Duration Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Ginnie Mae II Pool 81201
2.25%		01/20/35	3	$	14,278	$	14,791
Ginnie Mae II Pool 8599
3.00%		02/20/25	3		24,937		26,526
Ginnie Mae, Series 2003-11, Class FK
0.48%		02/16/33	3		2,392,063		2,401,029
Ginnie Mae, Series 2004-5, Class PF
0.73%		02/20/33	3		2,769,158		2,780,916
Ginnie Mae, Series 2006-3, Class C
5.24%		04/16/39			5,138,974		5,240,006
Ginnie Mae, Series 2009-106, Class XI (IO)
6.62%		05/20/37	3		10,986,315		1,823,303
Ginnie Mae, Series 2011-78, Class AB
2.45%		02/16/39			1,823,153		1,840,672
Ginnie Mae, Series 2012-13, Class KF
0.48%		07/20/38	3		4,256,857		4,271,343
Ginnie Mae, Series 2013-53, Class AD
1.50%		12/20/26			7,573,395		7,533,532
NCUA Guaranteed Notes, Series 2010-R1, Class A1
0.64%		10/07/20	3		10,827,165		10,885,954
NCUA Guaranteed Notes, Series 2010-R2, Class 1A
0.56%		11/06/17	3		11,904,786		11,928,417
NCUA Guaranteed Notes, Series 2010-R3, Class 1A
0.74%		12/08/20	3		13,336,213		13,437,788
NCUA Guaranteed Notes, Series 2010-R3, Class 2A
0.75%		12/08/20	3		5,849,500		5,892,532
NCUA Guaranteed Notes, Series 2011-C1, Class 2A
0.72%		03/09/21	3		19,565,002		19,638,791
NCUA Guaranteed Notes, Series 2011-R1, Class 1A
0.64%		01/08/20	3		7,850,512		7,891,359
NCUA Guaranteed Notes, Series 2011-R2, Class 1A
0.59%		02/06/20	3		7,719,337		7,743,834
NCUA Guaranteed Notes, Series 2011-R3, Class 1A
0.59%		03/11/20	3		4,337,929		4,352,059
NCUA Guaranteed Notes, Series 2011-R4, Class 1A
0.57%		03/06/20	3		3,657,595		3,664,755
NCUA Guaranteed Notes, Series 2011-R5, Class 1A
0.56%		04/06/20	3		2,046,057		2,047,017

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
NCUA Guaranteed Notes, Series 2011-R6, Class 1A
0.56%		05/07/20	3	$	750,937	$	750,995
							708,811,307
Total Mortgage-Backed (Cost $1,666,456,879)							1,675,863,730
MUNICIPAL BONDS — 0.36%*
California — 0.36%
State of California, Taxable, Various Purpose
5.50%		03/01/16			1,775,000		1,833,202
6.20%		03/01/19			600,000		694,224
University of California, Floating Rate Notes, Series Y, Class 1
0.69%		07/01/41	3		10,000,000		10,005,400
							12,532,826
Total Municipal Bonds (Cost $12,459,117)							12,532,826
U.S. AGENCY SECURITIES — 4.18%
Federal Farm Credit Bank
0.21%		09/14/16	3		17,560,000		17,569,079
0.22%		04/26/17	3		35,365,000		35,397,536
0.24%		02/27/17	3		17,135,000		17,163,855
0.24%		04/17/17	3		22,785,000		22,818,494
Federal Home Loan Bank
0.22%		10/07/15	3		16,250,000		16,253,575
Fico Strip Principal, Series 5P
0.00%		02/08/18	9		37,445,000		36,392,814
Total U.S. Agency Securities (Cost $145,068,661)							145,595,353
U.S. TREASURY SECURITIES — 7.80%
U.S. Treasury Notes — 7.80%
U.S. Treasury Notes
1.13%		06/15/20			114,065,000		114,523,029
1.50%		05/31/20			105,125,000		104,554,203
U.S. Treasury Notes - Treasury Inflation Indexed Notes
0.13%		04/15/16	10		52,206,402		52,467,434
Total U.S. Treasury Securities (Cost $270,559,852)							271,544,666
Total Bonds – 96.84% (Cost $3,347,185,165)							3,369,262,427

See accompanying notes to Schedule of Portfolio Investments.

24 / N-Q Report June 2015

Low Duration Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Notional Amount (000’s)	Value
PURCHASED SWAPTIONS — 0.00%
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 6.00% annually; Option Expiration Date of 12/24/23. Counterparty: Goldman Sachs Group, Inc.
	$30,000	$231,075
Total Purchased Swaptions (Cost $939,000)

Issues	Maturity Date			Principal Amount/ Share		Value
SHORT-TERM INVESTMENTS — 3.36%
Foreign Government Obligations — 0.52%
Japan Treasury Discount Bill, Series 537 (Japan)
0.01%11		12/10/15	2		2,210,000,000		18,061,153
Money Market Funds — 0.87%
Dreyfus Cash Advantage Fund
0.01%12					5,778,000		5,778,000
Morgan Stanley Institutional Fund
0.04%12					24,320,000		24,320,000
							30,098,000
U.S. Agency Discount Notes — 1.97%
Federal Home Loan Bank
0.05%11		08/11/15			23,665,000		23,663,059
0.06%11		08/17/15			45,000,000		44,998,245
							68,661,304

Total Short-Term Investments (Cost $116,387,654)		116,820,457
Total Investments – 100.20% (Cost $3,464,511,819)1		3,486,313,959
Liabilities in Excess of Other
Assets – (0.20)%		(7,115,259	)
Net Assets – 100.00%	$	3,479,198,700

	Currency  Purchased		Currency Sold	Unrealized  (Depreciation)
FOREIGN CURRENCY EXCHANGE CONTRACT
Forward currency contract to sell Japanese Yen on 12/10/15 at 124.73 Counterparty: Citigroup, Inc.
		USD    $17,718,612	JPY    2,210,000,000	$(393,854)
Net unrealized (depreciation)				$(393,854)

Issues	Notional Amount (000’s)	Premiums (Received)	Value
WRITTEN SWAPTIONS
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 7.00% annually; Option Expiration Date of 12/24/23. Counterparty: Goldman Sachs Group, Inc.

	$(30,000)	$(540,000)	$(115,368)
Total Written Swaptions		$(540,000)	$(115,368)

Notes:

¹  Cost for federal income tax purposes is $3,465,189,520 and net unrealized appreciation/(depreciation) consists of:

Gross unrealized appreciation	$	45,369,624
Gross unrealized (depreciation)		(24,245,185	)
Net unrealized appreciation	$	21,124,439

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

³  Floating rate security. The rate disclosed was in effect at June 30, 2015.

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.

⁵  Payment-in-kind (“PIK”) security. Income may be paid in additional securities or cash at the discretion of the issuer. 8.14% cash or 8.64% payment-in-kind interest.

⁶  Non-income producing security.

⁷  Illiquid security as determined under procedures approved by the Funds’ Board of Trustees. The aggregate value of illiquid securities is $4,229,311, which is 0.12% of total net assets.

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, 2015.

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, 2015.

^†  Fair valued security. The aggregate value of fair valued securities is $3, which is 0.00% 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 sooner than the stated maturity.

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

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

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 25

Low Duration Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

(BKNT): Banker’s Note, Inc.

(IO): Interest only

(JPY): Japanese Yen

(LIBOR): London InterBank Offer Rate

(MTN): Medium-term note

(PIK): Payment in kind

(STEP): Step coupon bond

(TBA): To be announced

(USD): U.S. dollar

(WI): When issued

(YCD): Yankee Certificate of Deposit

See accompanying notes to Schedule of Portfolio Investments.

26 / N-Q Report June 2015

Intermediate Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
BONDS – 92.68%
ASSET-BACKED SECURITIES — 9.09%**
Academic Loan Funding Trust, Series 2012-1A, Class A2
1.28%		12/27/44	2,3	$	950,000	$	954,711
Alm Loan Funding, Series 2012-7A, Class A1 (Cayman Islands)
1.70%		10/19/24	2,3,4		775,000		775,006
American Money Management Corp., Series 2014-14A, Class A1L (Cayman Islands)
1.73%		07/27/26	2,3,4		1,100,000		1,099,935
Babson CLO Ltd., Series 2014-IIA, Class A (Cayman Islands)
1.66%		10/17/26	2,3,4		760,000		758,234
Ballyrock CLO LLC, Series 2014-1, Class A1 (Cayman Islands)
1.76%		10/20/26	2,3,4		1,680,000		1,681,760
Bayview Commercial Asset Trust, Series 2004-3, Class A1
0.55%		01/25/35	2,3		900,442		837,484
Brazos Higher Education Authority, Inc., Series 2005-3, Class A16
0.47%		06/25/26	2		350,000		342,320
Brazos Higher Education Authority, Inc., Series 2010-1, Class A2
1.48%		02/25/35	2		650,000		663,126
Brazos Higher Education Authority, Inc., Series 2011-2, Class A3
1.28%		10/27/36	2		930,000		938,574
CIT Education Loan Trust, Series 2007-1, Class A
0.36%		03/25/42	2,3		439,016		410,194
Dryden 37 Senior Loan Fund, Series 2015-37A, Class A (Cayman Islands)
1.82%		04/15/27	2,3,4		2,790,000		2,792,212
Educational Funding of the South, Inc., Series 2011-1, Class A2
0.93%		04/25/35	2		708,812		708,404
Flatiron CLO Ltd., Series 2014-1A, Class A1 (Cayman Islands)
1.65%		07/17/26	2,3,4		1,350,000		1,347,821
GCO Education Loan Funding Trust, Series 2006-2AR, Class A1RN
0.83%		08/27/46	2,3		931,927		901,100
GE Business Loan Trust, Series 2004-2A, Class A
0.41%		12/15/32	2,3		323,982		312,922
GE Business Loan Trust, Series 2005-1A, Class A3
0.44%		06/15/33	2,3		515,375		500,100
Global SC Finance SRL, Series 2014-1A, Class A2 (Barbados)
3.09%		07/17/24	3,4		1,521,458		1,519,155

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
Higher Education Funding, Series 2014-1, Class A
1.33%		05/25/34	2,3	$	1,237,147	$	1,240,225
ING Investment Management CLO Ltd., Series 2014-1A, Class A1 (Cayman Islands)
1.78%		04/18/26	2,3,4		1,210,000		1,209,178
ING Investment Management Ltd., Series 2012-4A, Class A1 (Cayman Islands)
1.67%		10/15/23	2,3,4		1,050,000		1,048,872
J.G. Wentworth XXX LLC, Series 2013-3A, Class A
4.08%		01/17/73	3		614,230		635,558
J.G. Wentworth XXXII LLC, Series 2014-2A, Class A
3.61%		01/17/73	3		1,128,906		1,137,933
LCM VI LP, Series 2006-6A, Class A (Cayman Islands)
0.52%		05/28/19	2,3,4		316,684		313,739
Limerock CLO, Series 2014-2A, Class A (Cayman Islands)
1.78%		04/18/26	2,3,4		1,200,000		1,200,682
Limerock CLO, Series 2014-3A, Class A1 (Cayman Islands)
1.76%		10/20/26	2,3,4		1,875,000		1,875,265
Magnetite XII CLO Ltd., Series 2015-12A, Class A (Cayman Islands)
1.82%		04/15/27	2,3,4		2,390,000		2,391,989
Magnetite XII Ltd., Series 2014-11A, Class A1 (Cayman Islands)
1.73%		01/18/27	2,3,4		2,400,000		2,400,451
Navient Student Loan Trust, Series 2014-1, Class A3
0.69%		06/25/31	2		2,765,000		2,754,031
Navient Student Loan Trust, Series 2014-2, Class A
0.82%		03/25/43	2		2,743,869		2,728,505
Navient Student Loan Trust, Series 2014-3, Class A
0.80%		03/25/43	2		2,741,697		2,724,802
Navient Student Loan Trust, Series 2014-4, Class A
0.80%		03/25/43	2		2,622,727		2,604,419
Navient Student Loan Trust, Series 2014-8, Class A3
0.78%		05/27/31	2		4,710,000		4,717,429
Nelnet Student Loan Trust, Series 2007-2A, Class A3L
0.62%		03/25/26	2,3		3,303,632		3,262,929
Nelnet Student Loan Trust, Series 2011-1A, Class A
1.03%		02/25/43	2,3		2,257,427		2,299,732
Nelnet Student Loan Trust, Series 2014-4A, Class A2
1.13%		11/25/43	2,3		1,370,000		1,347,942

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 27

Intermediate Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
Nelnet Student Loan Trust, Series 2015-2A, Class A2
0.78%		09/25/42	2,3	$	5,275,000	$	5,284,040
Oak Hill Credit Partners, Series 2012-7A, Class A (Cayman Islands)
1.70%		11/20/23	2,3,4		775,000		775,009
Peach Finance Co., Series 2000, Class A
4.71%		04/15/48	3		231,112		237,733
SLC Student Loan Trust I, Series 2002-2, Class B2
1.64%		07/01/42	2,3		650,000		497,219
SLC Student Loan Trust, Series 2004-1, Class B
0.56%		08/15/31	2		264,596		243,923
SLC Student Loan Trust, Series 2005-3, Class B
0.52%		06/15/40	2		1,015,772		910,821
SLC Student Loan Trust, Series 2008-1, Class A4A
1.87%		12/15/32	2		625,000		650,680
SLM Student Loan Trust, Series 2004-2, Class B
0.75%		07/25/39	2		302,451		277,176
SLM Student Loan Trust, Series 2004-8, Class B
0.74%		01/25/40	2		302,126		276,217
SLM Student Loan Trust, Series 2004-8A, Class A5
0.78%		04/25/24	2,3		2,222,887		2,226,044
SLM Student Loan Trust, Series 2005-4, Class A3
0.40%		01/25/27	2		3,035,000		2,975,663
SLM Student Loan Trust, Series 2005-4, Class B
0.46%		07/25/40	2		347,418		313,652
SLM Student Loan Trust, Series 2006-2, Class A6
0.45%		01/25/41	2		925,000		846,575
SLM Student Loan Trust, Series 2006-8, Class A6
0.44%		01/25/41	2		925,000		843,403
SLM Student Loan Trust, Series 2007-6, Class A4
0.66%		10/25/24	2		4,730,000		4,690,125
SLM Student Loan Trust, Series 2007-6, Class B
1.13%		04/27/43	2		143,466		130,363
SLM Student Loan Trust, Series 2008-2, Class B
1.48%		01/25/29	2		160,000		150,006
SLM Student Loan Trust, Series 2008-3, Class B
1.48%		04/25/29	2		160,000		149,420

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
SLM Student Loan Trust, Series 2008-4, Class B
2.13%		04/25/29	2	$	160,000	$	156,152
SLM Student Loan Trust, Series 2008-5, Class B
2.13%		07/25/29	2		2,210,000		2,211,417
SLM Student Loan Trust, Series 2008-6, Class A3
1.03%		01/25/19	2		5,190,000		5,213,131
SLM Student Loan Trust, Series 2008-6, Class B
2.13%		07/25/29	2		160,000		160,087
SLM Student Loan Trust, Series 2008-7, Class B
2.13%		07/25/29	2		160,000		161,109
SLM Student Loan Trust, Series 2008-8, Class B
2.53%		10/25/29	2		160,000		164,957
SLM Student Loan Trust, Series 2008-9, Class A
1.78%		04/25/23	2		4,514,203		4,635,524
SLM Student Loan Trust, Series 2008-9, Class B
2.53%		10/25/29	2		2,160,000		2,220,515
SLM Student Loan Trust, Series 2009-3, Class A
0.93%		01/25/45	2,3		5,575,173		5,593,465
SLM Student Loan Trust, Series 2011-2, Class A1
0.78%		11/25/27	2		1,361,921		1,364,976
SLM Student Loan Trust, Series 2011-2, Class A2
1.38%		10/25/34	2		500,000		514,406
SLM Student Loan Trust, Series 2012-3, Class A
0.83%		12/26/25	2		2,330,369		2,328,575
SLM Student Loan Trust, Series 2012-6, Class A2
0.46%		09/25/19	2		3,120,013		3,118,634
SLM Student Loan Trust, Series 2012-7, Class A3
0.83%		05/26/26	2		800,000		798,073
SLM Student Loan Trust, Series 2013-4, Class A
0.73%		06/25/27	2		633,656		631,737
South Carolina Student Loan Corp., Series 2005, Class A2
0.40%		12/01/20	2		137,211		137,087
Spirit Master Funding LLC, Series 2014-1A, Class A1
5.05%		07/20/40	3		490,149		514,656
Structured Receivables Finance LLC, Series 2010-A, Class B
7.61%		01/16/46	3,†		720,052		872,834

See accompanying notes to Schedule of Portfolio Investments.

28 / N-Q Report June 2015

Intermediate Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
Symphony CLO Ltd., Series 2013-11A, Class A (Cayman Islands)
1.57%		01/17/25	2,3,4	$	880,000	$	876,008
TAL Advantage LLC, Series 2006-1, Class NOTE
0.37%		04/20/21	2,3		120,833		120,271
Voya CLO Ltd., Series 2014-4A, Class A1 (Cayman Islands)
1.78%		10/14/26	2,3,4		2,150,000		2,150,882
Voya CLO Ltd., Series 2015-1A, Class A1 (Cayman Islands)
1.76%		04/18/27	2,3,4		990,000		990,333
Total Asset-Backed Securities (Cost $108,431,855)							108,849,637
BANK LOANS — 0.26%*
Finance — 0.24%
ILFC AIG, Term Loan B, 1st Lien
3.50%		02/27/21	2		2,795,136		2,794,437
Services — 0.02%
AABS Ltd., Term Loan, Series 2013-1, Class A (STEP) (Bermuda)
4.72%		01/15/38	2,4		254,688		263,602
Total Bank Loans (Cost $3,038,880)							3,058,039
CORPORATES — 21.34%*
Automotive — 0.10%
General Motors Financial Co., Inc.
3.45%		04/10/22			1,200,000		1,178,625
Banking — 3.82%
Bank of America Corp.
6.00%		09/01/17			440,000		478,937
6.50%		08/01/16			320,000		337,648
Bank of America Corp. (MTN)
1.15%		04/01/19	2		1,000,000		1,005,149
8.68%		05/02/17	2		510,000		530,400
8.95%		05/18/17	2		410,000		428,450
9.57%		06/06/17	2		319,000		337,342
Bank of America Corp., Series L (MTN)
5.65%		05/01/18			500,000		549,663
Bank of America N.A. (BKNT)
0.57%		06/15/16	2		2,000,000		1,992,596
0.59%		06/15/17	2		1,350,000		1,340,464
5.30%		03/15/17			2,510,000		2,659,152
6.00%		06/15/16			650,000		678,404
6.10%		06/15/17			1,340,000		1,451,653
Capital One Bank USA NA (BKNT)
1.15%		11/21/16			1,000,000		996,424
2.15%		11/21/18			2,500,000		2,489,090

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Banking (continued)
Credit Suisse/New York (Switzerland)
0.97%		01/29/18	2,4	$	2,000,000	$	1,995,609
6.00%		02/15/18	4		288,000		316,272
Credit Suisse/New York (YCD) (Switzerland)
0.60%		08/24/15	2,4		1,250,000		1,250,003
0.69%		12/07/15	2,4		800,000		800,231
Discover Bank (BKNT)
3.10%		06/04/20			3,000,000		2,997,993
HBOS PLC, Series G (MTN) (United Kingdom)
6.75%		05/21/18	3,4		2,915,000		3,235,459
JPMorgan Chase & Co.
2.20%		10/22/19			2,000,000		1,983,249
JPMorgan Chase & Co., Series G (MTN)
1.10%		10/15/15			2,500,000		2,502,368
JPMorgan Chase Bank N.A.
0.62%		06/13/16	2		600,000		598,636
JPMorgan Chase Bank N.A. (BKNT)
6.00%		07/05/17			600,000		652,694
6.00%		10/01/17			500,000		545,349
Macquarie Bank Ltd. (Australia)
0.74%		06/15/16	2,3,4		2,000,000		2,000,290
Royal Bank of Scotland NV (Netherlands)
4.65%		06/04/18	4		905,000		938,100
Royal Bank of Scotland PLC (United Kingdom)
2.55%		09/18/15	4		2,370,000		2,375,261
4.38%		03/16/16	4		1,050,000		1,074,142
6.40%		10/21/19	4		1,100,000		1,230,441
UBS AG/Stamford CT (MTN) (Switzerland)
0.98%		03/26/18	2,4		3,000,000		3,002,815
UBS AG/Stamford CT (Switzerland)
0.84%		06/01/17	2,4		1,500,000		1,496,370
US Bank NA
2.28%		04/29/20	2		1,400,000		1,400,980
							45,671,634
Communications — 0.72%
AT&T, Inc.
1.21%		06/30/20	2		4,000,000		4,020,356
Sprint Nextel Corp.
9.00%		11/15/18	3		1,900,000		2,152,557
Verizon Communications, Inc.
3.45%		03/15/21			765,000		780,789
Verizon Communications, Inc. (WI)
2.63%		02/21/20			1,609,000		1,607,121
							8,560,823

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 29

Intermediate Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Consumer Discretionary — 0.17%
Catholic Health Initiatives
2.60%		08/01/18			$1,000,000	$	1,015,510
4.20%		08/01/23			1,000,000		1,061,956
							2,077,466
Electric — 2.08%
AES Corp.
3.28%		06/01/19	2		500,000		498,750
Berkshire Hathaway Energy Co.
3.50%		02/01/25			1,480,000		1,476,796
DPL, Inc.
6.50%		10/15/16			123,000		127,305
Duquesne Light Holdings, Inc.
5.90%		12/01/21	3		625,000		717,076
6.40%		09/15/20	3		2,363,000		2,738,905
Entergy Corp.
4.00%		07/15/22			3,000,000		3,028,341
Exelon Corp.
1.55%		06/09/17			3,030,000		3,027,902
FirstEnergy Corp., Series A
2.75%		03/15/18			1,140,000		1,158,209
Homer City Generation LP (PIK)
8.73%		10/01/26	5		480,100		489,702
Ipalco Enterprises, Inc. (WI)
5.00%		05/01/18			1,615,000		1,709,881
KCP&L Greater Missouri Operations Corp.
8.27%		11/15/21			2,275,000		2,855,520
Metropolitan Edison Co.
7.70%		01/15/19			500,000		586,381
Mirant Mid Atlantic Pass-Through Trust, Series C
10.06%		12/30/28			682,006		750,207
Oncor Electric Delivery Co. LLC
4.10%		06/01/22			1,500,000		1,587,918
6.80%		09/01/18			900,000		1,043,139
Public Service Co. of New Mexico
7.95%		05/15/18			475,000		554,766
Southwestern Electric Power Co.
6.45%		01/15/19			1,109,000		1,262,245
Texas-New Mexico Power Co.
9.50%		04/01/19	3		500,000		618,951
Tucson Electric Power Co.
3.85%		03/15/23			700,000		712,664
							24,944,658
Energy — 2.80%
Boardwalk Pipelines LLC
4.95%		12/15/24			1,000,000		982,360
5.20%		06/01/18			1,000,000		1,045,470

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Energy (continued)
BP Capital Markets PLC (United Kingdom)
3.06%		03/17/22	4	$	1,700,000	$	1,694,523
Canadian Natural Resources Ltd. (Canada)
3.90%		02/01/25	4		1,000,000		990,016
Columbia Pipeline Group, Inc.
2.45%		06/01/18	3		3,135,000		3,161,353
Continental Resources, Inc. (WI)
3.80%		06/01/24			835,000		763,213
Energy Transfer Partners LP
2.50%		06/15/18			2,000,000		2,004,460
3.30%		11/01/66	2		910,000		782,600
3.60%		02/01/23			2,317,000		2,197,776
4.65%		06/01/21			600,000		616,563
Florida Gas Transmission Co. LLC
3.88%		07/15/22	3		1,000,000		1,001,196
7.90%		05/15/19	3		1,500,000		1,764,362
Noble Energy, Inc.
3.90%		11/15/24			600,000		594,950
Petroleos Mexicanos (Mexico)
2.00%		12/20/22	4		2,250,000		2,257,733
Rockies Express Pipeline LLC
5.63%		04/15/20	3		1,600,000		1,656,000
Ruby Pipeline LLC
6.00%		04/01/22	3		1,250,000		1,358,706
Shell International Finance BV (Netherlands)
3.25%		05/11/25	4		2,450,000		2,434,001
Spectra Energy Partners LP
2.95%		09/25/18			1,275,000		1,305,516
TC PipeLines LP
4.65%		06/15/21			2,575,000		2,682,811
Tennessee Gas Pipeline Co. LLC
8.00%		02/01/16			1,250,000		1,297,145
Texas Eastern Transmission LP
2.80%		10/15/22	3		3,080,000		2,893,557
Williams Cos., Inc.
7.88%		09/01/21			70,000		82,274
							33,566,585
Finance — 6.28%
Bear Stearns Cos. LLC
7.25%		02/01/18			2,140,000		2,425,112
Chase Capital III, Series C
0.83%		03/01/27	2		500,000		432,871
CIT Group, Inc.
4.25%		08/15/17			1,049,000		1,069,980
Citigroup, Inc.
0.77%		08/14/17	2		750,000		745,813
0.83%		08/25/36	2		205,000		157,832
1.25%		01/15/16			2,000,000		2,003,886

See accompanying notes to Schedule of Portfolio Investments.

30 / N-Q Report June 2015

Intermediate Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Finance (continued)
1.30%		11/15/16		$	1,000,000	$	1,000,064
1.97%		05/15/18	2		583,000		598,679
5.30%		01/07/16			625,000		639,220
6.00%		08/15/17			250,000		272,058
6.13%		05/15/18			345,000		385,245
Durrah MSN 35603 (Cayman Islands)
1.68%		01/22/25	4		5,302,431		5,144,119
Ford Motor Credit Co. LLC
1.22%		01/09/18	2		4,000,000		4,006,424
Ford Motor Credit Co. LLC, Series FRN
1.53%		05/09/16	2		1,000,000		1,005,951
General Electric Capital Corp.
4.63%		01/07/21			700,000		771,268
5.63%		05/01/18			730,000		809,518
General Electric Capital Corp. (MTN)
0.66%		05/05/26	2		1,610,000		1,531,530
3.35%		10/17/16			750,000		774,263
General Electric Capital Corp., Series G (MTN)
3.10%		01/09/23			800,000		798,591
General Motors Financial Co., Inc., Series 3YR
3.00%		09/25/17			2,000,000		2,040,000
Goldman Sachs Group, Inc.
0.95%		05/22/17	2		1,000,000		1,000,449
5.35%		01/15/16			1,000,000		1,024,148
5.95%		01/18/18			350,000		384,887
6.15%		04/01/18			1,100,000		1,223,536
6.25%		09/01/17			1,500,000		1,644,806
7.50%		02/15/19			550,000		646,347
Goldman Sachs Group, Inc. (MTN)
1.09%		12/15/17	2		1,000,000		1,001,725
1.60%		11/23/15			1,000,000		1,003,466
1.88%		11/29/23	2		2,900,000		2,949,682
Goldman Sachs Group, Inc., Series B (MTN)
0.68%		07/22/15	2		100,000		100,008
JPMorgan Chase Capital XIII, Series M
1.23%		09/30/34	2		1,070,000		908,163
JPMorgan Chase Capital XXI, Series U
1.23%		02/02/37	2		1,650,000		1,373,625
Morgan Stanley
0.77%		10/15/15	2		187,000		187,166
1.02%		01/05/18	2		3,000,000		3,004,548
Morgan Stanley (MTN)
0.73%		10/18/16	2		1,185,000		1,182,340
6.25%		08/28/17			800,000		877,392
6.63%		04/01/18			1,000,000		1,122,483
Morgan Stanley, Series G (MTN)
2.38%		07/23/19			1,000,000		993,588

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Finance (continued)
Private Export Funding Corp.
2.30%		09/15/20		$	12,330,000	$	12,435,445
Reckson Operating Partnership LP
5.00%		08/15/18			1,200,000		1,286,713
Safina Ltd. (Cayman Islands)
2.00%		12/30/23	4		10,037,970		9,955,358
Sandalwood 2013 LLC
2.90%		07/10/25			2,900,797		2,973,955
ZFS Finance USA Trust II
6.45%		12/15/65	2,3		1,250,000		1,278,125
							75,170,379
Food — 0.31%
HJ Heinz Co.
1.60%		06/30/17	3		3,680,000		3,682,168
Health Care — 1.29%
AbbVie, Inc.
1.80%		05/14/18			4,000,000		3,991,008
Actavis Funding SCS (Luxembourg)
3.45%		03/15/22	4		4,000,000		3,967,984
Catholic Health Initiatives
2.95%		11/01/22			500,000		489,383
CHS/Community Health Systems, Inc.
5.13%		08/15/18			1,100,000		1,130,250
Medtronic, Inc.
1.09%		03/15/20	2,3		1,500,000		1,512,909
Providence Health & Services Obligated Group
1.23%		10/01/17	2		1,975,000		1,986,158
VRX/Valeant Pharmaceuticals Escrow Corp. (Canada)
5.88%		05/15/23	3,4		2,350,000		2,420,500
							15,498,192
Insurance — 0.32%
Metropolitan Life Global Funding I
3.88%		04/11/22	3		1,000,000		1,051,731
Nationwide Mutual Insurance Co.
2.58%		12/15/24	2,3		1,552,000		1,551,219
New York Life Global Funding
1.13%		03/01/17	3		1,200,000		1,199,801
							3,802,751
Materials — 0.04%
Barrick Gold Corp. (WI) (Canada)
4.10%		05/01/23	4		475,000		459,287
Real Estate Investment Trust (REIT) — 2.40%
Alexandria Real Estate Equities, Inc.
3.90%		06/15/23			150,000		149,804

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 31

Intermediate Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Real Estate Investment Trust (REIT) (continued)
4.60%		04/01/22		$	2,000,000	$	2,099,816
ARC Properties Operating Partnership LP/ Clark Acquisition LLC
2.00%		02/06/17			2,445,000		2,376,234
BioMed Realty LP
3.85%		04/15/16			1,381,000		1,406,563
HCP, Inc.
2.63%		02/01/20			230,000		227,240
4.25%		11/15/23			915,000		926,645
5.38%		02/01/21			750,000		828,283
6.00%		01/30/17			1,000,000		1,067,156
HCP, Inc. (MTN)
6.30%		09/15/16			500,000		528,107
Health Care REIT, Inc.
3.75%		03/15/23			1,000,000		991,616
4.70%		09/15/17			1,000,000		1,064,445
5.25%		01/15/22			930,000		1,016,358
Hospitality Properties Trust
6.30%		06/15/16			2,000,000		2,043,656
Kilroy Realty LP
5.00%		11/03/15			1,125,000		1,139,821
Kimco Realty Corp. (MTN)
5.78%		03/15/16			2,175,000		2,242,353
Mid-America Apartments LP
5.50%		10/01/15			1,000,000		1,010,694
Reckson Operating Partnership LP
6.00%		03/31/16			650,000		672,463
Regency Centers LP
5.88%		06/15/17			2,000,000		2,163,896
SL Green Realty Corp.
7.75%		03/15/20			650,000		775,438
Ventas Realty LP/Ventas Capital Corp.
1.55%		09/26/16			1,000,000		1,004,926
2.70%		04/01/20			1,025,000		1,023,093
3.13%		11/30/15			1,000,000		1,008,032
WEA Finance LLC/Westfield UK & Europe Finance PLC
1.75%		09/15/17	3		2,000,000		2,006,669
2.70%		09/17/19	3		1,000,000		1,002,696
							28,776,004
Retail — 0.30%
Walgreens Boots Alliance, Inc.
0.73%		05/18/16	2		3,600,000		3,600,230
Transportation — 0.71%
American Airlines Pass-Through Trust, Series 2013-2, Class A
4.95%		01/15/23			961,631		1,021,733

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Transportation (continued)
Continental Airlines Pass-Through Trust, Series 1997, Class 4A
6.90%		01/02/18		$	31,402	$	32,874
Continental Airlines Pass-Through Trust, Series 1999-1, Class A
6.55%		08/02/20			573,649		627,787
Continental Airlines Pass-Through Trust, Series 1999-2, Class C2
7.26%		03/15/20			256,961		285,226
Continental Airlines Pass-Through Trust, Series 2007, Class 1A
5.98%		04/19/22			1,514,340		1,673,346
JetBlue Airways Pass-Through Trust, Series 2004-2, Class G1
0.65%		08/15/16	2		5,384		5,330
JetBlue Airways Pass-Through Trust, Series 2004-2, Class G2
0.72%		11/15/16	2		1,161,000		1,139,231
Northwest Airlines Pass-Through Trust, Series 2001-1, Class A1
7.04%		04/01/22			1,352,793		1,553,169
UAL Pass-Through Trust, Series 2009-2A
9.75%		01/15/17			189,951		206,334
US Airways Pass-Through Trust, Series 2001-1, Class G
7.08%		03/20/21			659,473		714,704
US Airways Pass-Through Trust, Series 2012, Class 2A
4.63%		06/03/25			432,811		453,099
US Airways Pass-Through Trust, Series 2012-1, Class A
5.90%		10/01/24			689,688		775,037
							8,487,870
Total Corporates (Cost $253,040,324)							255,476,672
MORTGAGE-BACKED — 31.17%**
Commercial Mortgage-Backed — 5.31%
Banc of America Commercial Mortgage Trust,
Series 2006-5, Class A4
5.41%		09/10/47			1,945,000		2,000,727
Bear Stearns Commercial Mortgage Securities Trust, Series 2005-T20, Class A4A
5.26%		10/12/42	2		602,705		604,180
Bear Stearns Commercial Mortgage Securities Trust, Series 2006-T22, Class A4
5.77%		04/12/38	2		867,416		884,300
Citigroup Commercial Mortgage Trust, Series 2012-GC8, Class XA (IO)
2.19%		09/10/45	2,3		9,036,336		834,537

See accompanying notes to Schedule of Portfolio Investments.

32 / N-Q Report June 2015

Intermediate Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Commercial Mortgage-Backed (continued)
Commercial Mortgage Trust, Series 2010-C1, Class A1
3.16%		07/10/46	3	$	2,707,854	$	2,709,752
Commercial Mortgage Trust, Series 2012-LC4, Class A3
3.07%		12/10/44			5,021,000		5,186,020
Credit Suisse Commercial Mortgage Trust, Series 2006-C2, Class A1A
5.86%		03/15/39	2		4,144,843		4,232,548
DBRR Trust, Series 2011-LC2, Class A4A
4.54%		04/12/21	2,3		516,997		570,159
DBRR Trust, Series 2012-EZ1, Class C
2.06%		09/25/45	3		3,789,234		3,806,734
DBUBS Mortgage Trust, Series 2011-LC1A, Class A1
3.74%		11/10/46	3		4,148,294		4,186,811
GE Capital Commercial Mortgage Corp., Series 2005-C4, Class A4
5.32%		11/10/45	2		1,312,426		1,315,841
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-LD12, Class ASB
5.83%		02/15/51	2		593,278		613,139
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2010-CNTR, Class A2
4.31%		08/05/32	3		3,000,000		3,273,285
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2011-C3, Class A2
3.67%		02/15/46	3		1,110,207		1,132,605
Morgan Stanley Capital I Trust, Series 2001-C3, Class A2
3.22%		08/15/49			222,439		227,089
Morgan Stanley Capital I Trust, Series 2007-HQ12, Class A5
5.86%		04/12/49	2		5,000,000		5,013,150
Morgan Stanley Capital I Trust, Series 2012-C4, Class A4
3.24%		03/15/45			1,445,000		1,484,947
Wachovia Bank Commercial Mortgage Trust, Series 2007-C34, Class A1A
5.61%		05/15/46	2		5,099,235		5,392,895
Wells Fargo Commercial Mortgage Trust, Series 2010-C1, Class A1
3.35%		11/15/43	3		3,222,676		3,306,592
WF-RBS Commercial Mortgage Trust, Series 2011-C2, Class A2
3.79%		02/15/44	3		12,961,965		13,038,388
WF-RBS Commercial Mortgage Trust, Series 2011-C5, Class A4
3.67%		11/15/44			1,405,000		1,484,839

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Commercial Mortgage-Backed (continued)
WF-RBS Commercial Mortgage Trust, Series 2012-C8, Class A1
0.86%		08/15/45		$	2,272,829	$	2,270,172
							63,568,710
Non-Agency Mortgage-Backed — 8.30%
Accredited Mortgage Loan Trust, Series 2005-3, Class A1
0.42%		09/25/35	2		852,313		847,405
Ameriquest Mortgage Securities, Inc., Series 2005-R4, Class 1
0.61%		07/25/35	2		1,910,000		1,868,434
Ameriquest Mortgage Securities, Inc., Series 2005-R5, Class M1
0.61%		07/25/35	2		4,417,425		4,423,910
Asset-Backed Securities Corp. Home Equity Loan Trust, Series 2004-HE9, Class M1
1.16%		12/25/34	2		790,239		748,303
Asset-Backed Securities Corp. Home Equity Loan Trust, Series 2005-HE4, Class M2
0.86%		05/25/35	2		16,534		16,576
Banc of America Funding Corp., Series 2003-2, Class 1A1
6.50%		06/25/32			3,526		3,758
Banc of America Funding Corp., Series 2015-R2, Class 9A1
0.40%		03/25/37	2,3		3,352,903		3,236,651
Bear Stearns Asset-Backed Securities Trust, Series 2002-1, Class 1A5 (STEP)
6.89%		12/25/34			3,390		3,481
Bear Stearns Asset-Backed Securities Trust, Series 2005-HE12, Class 1A3
0.57%		12/25/35	2		332,962		332,863
Bear Stearns Asset-Backed Securities Trust, Series 2005-HE9, Class M1
0.95%		10/25/35	2		561,658		559,293
CC Mortgage Funding Corp., Series 2004-1A, Class A1
0.46%		01/25/35	2,3		208,963		189,455
CC Mortgage Funding Corp., Series 2005-2A, Class A1
0.36%		05/25/36	2,3		176,056		154,285
Centex Home Equity Loan Trust, Series 2005-D, Class M1
0.61%		10/25/35	2		3,576,111		3,572,660
Chase Funding Mortgage Loan Asset-Backed Certificates, Series 2004-2, Class 1A4
5.32%		02/25/35			4,137		4,160
Citigroup Mortgage Loan Trust, Inc., Series 2004-HYB1, Class A41
2.84%		02/25/34	2		19,656		19,317

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 33

Intermediate Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Citigroup Mortgage Loan Trust, Inc., Series 2007-WFH2, Class A3
0.36%		03/25/37	2	$	1,612,656	$	1,592,494
Conseco Finance Securitizations Corp., Series 2000-E, Class M1
8.13%		08/15/31	2		582		584
Conseco Finance Securitizations Corp., Series 2001-4, Class A4
7.36%		09/01/33			359,007		395,329
Conseco Finance, Series 2002-A, Class A5 (STEP)
7.55%		04/15/32			27,045		27,331
Conseco Finance, Series 2002-C, Class BF2
8.00%		06/15/32	2,3		239,437		261,073
Conseco Financial Corp., Series 1996-7, Class M1
7.70%		10/15/27	2		646,200		717,014
Conseco Financial Corp., Series 1997-3, Class A7
7.64%		03/15/28	2		180,426		191,306
Conseco Financial Corp., Series 1998-6, Class A8
6.66%		06/01/30			691,729		737,936
Countryplace Manufactured Housing Contract Trust, Series 2007-1, Class A4
5.85%		07/15/37	2,3		700,000		705,018
Countrywide Alternative Loan Trust, Series 2005-27, Class 3A2
1.25%		08/25/35	2		18,984		13,510
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-14, Class 4A1
2.38%		08/25/34	2		144,954		142,669
Credit Suisse Mortgage Trust, Series 2014-4R, Class 16A1
0.37%		02/27/36	2,3		2,086,388		2,051,947
Credit-Based Asset Servicing and Securitization LLC, Series 2003-CB3, Class AF1 (STEP)
3.38%		12/25/32			1,401,745		1,370,432
Credit-Based Asset Servicing and Securitization LLC, Series 2006-CB2, Class AF4 (STEP)
3.61%		12/25/36			880,453		682,293
Credit-Based Asset Servicing and Securitization LLC, Series 2006-CB6, Class A23
0.33%		07/25/36	2		971,783		852,995
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB5, Class A1
0.24%		04/25/37	2		206,252		140,408

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB5, Class A3
0.43%		04/25/37	2	$	2,450,803	$	1,739,085
DBRR Trust, Series 2013-EZ2, Class A
0.85%		02/25/43	2,3		25,641		25,637
Equifirst Mortgage Loan Trust, Series 2005-1, Class M1
0.81%		04/25/35	2		409,556		410,502
First Franklin Mortgage Loan Asset-Backed Certificates, Series 2005-FF4, Class M1
0.61%		05/25/35	2		1,601,893		1,595,506
First Franklin Mortgage Loan Trust, Series 2007-3, Class A2C
0.36%		06/25/37	2		706,899		469,165
First Franklin Mortgage Loan Trust, Series 2007-3, Class A2D
0.43%		06/25/37	2		1,306,331		917,465
First Horizon Alternative Mortgage Securities Trust, Series 2004-AA3, Class A1
2.20%		09/25/34	2		551,866		541,347
Green Tree Financial Corp., Series 1998-4, Class A5
6.18%		04/01/30			359,550		376,713
Green Tree, Series 2008-MH1, Class A2
8.97%		04/25/38	2,3		283,781		297,786
Green Tree, Series 2008-MH1, Class A3
8.97%		04/25/38	2,3		411,742		431,442
GreenPoint Manufactured Housing, Series 1999-5, Class A5
7.82%		12/15/29	2		144,089		145,437
GSAA Home Equity Trust, Series 2005-9, Class 1A1
0.46%		08/25/35	2		1,710,466		1,653,445
Home Equity Loan Trust, Series 2007-3, Class APT
1.38%		11/20/36	2		1,179,371		1,176,215
IndyMac Index Mortgage Loan Trust, Series 2004-AR6, Class 6A1
2.70%		10/25/34	2		79,197		76,525
IndyMac Index Mortgage Loan Trust, Series 2004-AR8, Class 2A2A
0.98%		11/25/34	2		36,786		33,448
IndyMac Index Mortgage Loan Trust, Series 2007-AR11, Class 1A1
2.46%		06/25/37	2		1,408,040		1,074,768
IndyMac Manufactured Housing Contract, Series 1997-1, Class A3
6.61%		02/25/28			279,961		286,432
IndyMac Manufactured Housing Contract, Series 1997-1, Class A4
6.75%		02/25/28			74,528		77,166

See accompanying notes to Schedule of Portfolio Investments.

34 / N-Q Report June 2015

Intermediate Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
IndyMac Manufactured Housing Contract, Series 1998-1, Class A4
6.49%		09/25/28		$	182,766	$	190,170
JPMorgan Mortgage Trust, Series 2007-A3, Class 3A2
5.41%		05/25/37	2		500,402		459,843
Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class A4
5.27%		04/15/40			207,012		217,755
Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class A5
5.87%		04/15/40			118,948		124,292
Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class A6
6.47%		04/15/40	2		374,859		402,741
MASTR Adjustable Rate Mortgages Trust, Series 2003-6, Class 4A2
2.67%		01/25/34	2		209,470		203,949
MASTR Adjustable Rate Mortgages Trust, Series 2004-1, Class 2A1
2.75%		01/25/34	2		688		678
MASTR Asset Securitization Trust, Series 2002-8, Class 1A1
5.50%		12/25/17			944		952
MASTR Asset-Backed Securities Trust, Series 2006-AB1, Class A2
0.41%		02/25/36	2		998,256		993,579
MASTR Asset-Backed Securities Trust, Series 2006-HE1, Class A3
0.37%		01/25/36	2		1,263,133		1,258,558
MASTR Seasoned Securities Trust, Series 2004-1, Class 4A1
2.50%		10/25/32	2		1,907		1,916
MASTR Seasoned Securities Trust, Series 2005-1, Class 4A1
2.44%		10/25/32	2		21,132		21,281
Mid-State Trust, Series 2004-1, Class A
6.01%		08/15/37			532,891		561,017
Mid-State Trust, Series 2004-1, Class B
8.90%		08/15/37			731,419		874,980
Mid-State Trust, Series 2004-1, Class M1
6.50%		08/15/37			522,442		568,882
Mid-State Trust, Series 2005-1, Class M2
7.08%		01/15/40			802,457		892,307
Mid-State Trust, Series 2011, Class A1
4.86%		07/15/38			1,012,653		1,080,968
Morgan Stanley Capital I Trust, Series 2004-NC7, Class M2
1.11%		07/25/34	2		1,587,476		1,538,118

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Morgan Stanley Capital I Trust, Series 2005-HE3, Class M3
0.98%		07/25/35	2	$	1,903,000	$	1,845,408
Morgan Stanley Home Equity Loan Trust, Series 2005-3, Class M1
0.63%		08/25/35	2		913,247		914,338
New Century Home Equity Loan Trust, Series 2005-3, Class M1
0.66%		07/25/35	2		2,291,343		2,287,532
New York Mortgage Trust, Series 2005-3, Class A1
0.42%		02/25/36	2		3,888,606		3,620,798
Origen Manufactured Housing, Series 2004-A, Class M2
6.64%		01/15/35	2		363,106		396,736
Park Place Securities, Inc., Series 2004-WCW1, Class M2
1.20%		09/25/34	2		396,345		394,504
Park Place Securities, Inc., Series 2004-WWF1, Class M2
1.20%		12/25/34	2		438,995		438,295
Park Place Securities, Inc., Series 2005-WCW1, Class M1
0.63%		09/25/35	2		4,262,608		4,242,791
Park Place Securities, Inc., Series 2005-WCW2, Class A2D
0.55%		07/25/35	2		2,229,098		2,233,092
Park Place Securities, Inc., Series 2005-WHG4, Class A2D
0.55%		09/25/35	2		3,440,115		3,428,883
Park Place Securities, Inc., Series 2005-WHQ2, Class M1
0.60%		05/25/35	2		2,676,945		2,664,077
RBSSP Resecuritization Trust, Series 2009-6, Class 11A4
0.60%		08/26/36	2,3		1,939,970		1,859,400
Residential Asset Mortgage Products, Inc., Series 2002-RS4, Class AI5 (STEP)
6.16%		08/25/32			2,220		2,128
Residential Asset Mortgage Products, Inc., Series 2003-RS1, Class AI5 (STEP)
6.19%		03/25/33			15,836		16,427
Residential Asset Mortgage Products, Inc., Series 2003-SL1, Class A41
8.00%		04/25/31			34,743		38,294
Residential Asset Securities Corp., Series 2004-IP2, Class 2A1
2.49%		12/25/34	2		53,244		53,501
Residential Asset Securities Corp., Series 2005-KS11, Class AI4
0.49%		12/25/35	2		3,401,895		3,379,218

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 35

Intermediate Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Residential Funding Mortgage Securities II, Inc., Series 2001-HI3, Class AI7 (STEP)
7.56%		07/25/26		$	143,258	$	145,566
Residential Funding Mortgage Securities II, Inc., Series 2003-HS2, Class AI4 (STEP)
4.37%		07/25/33			4,149		4,143
SG Mortgage Securities Trust, Series 2006-FRE1, Class A1B
0.45%		02/25/36	2		46,901		33,100
Soundview Home Equity Loan Trust, Series 2006-WF2, Class A2C
0.32%		12/25/36	2		494,710		489,717
Soundview Home Loan Trust, Series 2005-OPT4, Class 2A3
0.44%		12/25/35	2		2,313,622		2,280,209
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-15, Class A
2.48%		10/25/34	2		2,163,186		2,076,284
Structured Asset Mortgage Investments II Trust, Series 2005-AR1, Class A1
0.67%		04/19/35	2		1,922,116		1,790,088
Structured Asset Mortgage Investments, Inc., Series 2005-AR8, Class A2
1.59%		02/25/36	2		1,027,084		901,266
Structured Asset Mortgage Investments, Inc., Series 2006-AR3, Class 22A1
1.99%		05/25/36	2		3,493,388		2,244,628
Structured Asset Securities Corp., Series 2005-WF2, Class A3
0.78%		05/25/35	2		3,103,146		3,112,689
UCFC Home Equity Loan, Series 1998-D, Class BF1
8.97%		04/15/30	2,6		3,657		478
UCFC Home Equity Loan, Series 1998-D, Class MF1
6.91%		04/15/30			62,684		64,327
WaMu Alternative Mortgage Pass-Through Certificates, Series 2007-OA2, Class 2A
0.85%		01/25/47	2		5,911,651		4,294,016
WaMu Mortgage Pass-Through Certificates, Series 2002-AR18, Class A
2.51%		01/25/33	2		11,979		12,120
WaMu Mortgage Pass-Through Certificates, Series 2005-AR13, Class A1A3
0.96%		10/25/45	2		2,148,583		2,011,883
Wells Fargo Home Equity Trust, Series 2005-3, Class M1
0.59%		11/25/35	2		205,508		205,897
Wells Fargo Home Equity Trust, Series 2006-1, Class A4
0.41%		05/25/36	2		5,337,050		5,300,774
							99,365,567

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed — 17.56%
Fannie Mae Pool (TBA)
2.50%		07/25/27		$	1,570,000	$	1,589,134
2.80%		06/01/25			3,045,000		3,043,317
3.00%		07/25/27			1,150,000		1,191,148
3.00%		07/25/43			14,140,000		14,081,452
3.50%		07/25/42			24,320,000		25,064,801
4.00%		07/25/41			23,685,000		25,085,746
4.50%		07/25/39			2,215,000		2,393,930
Fannie Mae Pool 253974
7.00%		08/01/31			6,841		7,850
Fannie Mae Pool 254232
6.50%		03/01/22			10,539		12,111
Fannie Mae Pool 468552
3.89%		07/01/21			1,871,300		2,012,264
Fannie Mae Pool 527247
7.00%		09/01/26			50		56
Fannie Mae Pool 545191
7.00%		09/01/31			3,699		4,197
Fannie Mae Pool 545646
7.00%		09/01/26			47		53
Fannie Mae Pool 549740
6.50%		10/01/27			13,803		15,862
Fannie Mae Pool 555284
7.50%		10/01/17			204		212
Fannie Mae Pool 606108
7.00%		03/01/31			853		892
Fannie Mae Pool 630599
7.00%		05/01/32			9,587		11,564
Fannie Mae Pool 655928
7.00%		08/01/32			5,060		6,087
Fannie Mae Pool 735207
7.00%		04/01/34			2,965		3,592
Fannie Mae Pool 735646
4.50%		07/01/20			4,286		4,499
Fannie Mae Pool 735686
6.50%		12/01/22			40,843		46,924
Fannie Mae Pool 735861
6.50%		09/01/33			151,714		178,834
Fannie Mae Pool 764388
1.78%		03/01/34	2		41,472		44,042
Fannie Mae Pool 776708
5.00%		05/01/34			239,767		268,930
Fannie Mae Pool 817611
5.38%		11/01/35	2		26,570		28,057
Fannie Mae Pool 844773
5.36%		12/01/35	2		1,612		1,721
Fannie Mae Pool 889125
5.00%		12/01/21			215,404		228,246

See accompanying notes to Schedule of Portfolio Investments.

36 / N-Q Report June 2015

Intermediate Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae Pool 889184
5.50%		09/01/36		$	244,689	$	276,014
Fannie Mae Pool 890221
5.50%		12/01/33			377,741		425,997
Fannie Mae Pool 918445
5.52%		05/01/37	2		3,157		3,383
Fannie Mae Pool 939419
1.87%		05/01/37	2		102,234		108,652
Fannie Mae Pool AB3685
4.00%		10/01/41			1,938,381		2,068,268
Fannie Mae Pool AE0605
4.67%		07/01/20			1,165,050		1,288,361
Fannie Mae Pool AJ0764
4.50%		09/01/41			678,182		734,786
Fannie Mae Pool AJ7696
4.50%		12/01/41			2,503,005		2,713,228
Fannie Mae Pool AL0151
4.38%		04/01/21			5,563,491		6,158,916
Fannie Mae Pool AL0209
4.50%		05/01/41			738,979		813,899
Fannie Mae Pool AL2293
4.38%		06/01/21			4,563,733		5,027,594
Fannie Mae Pool AL2602
2.65%		10/01/22			1,338,963		1,360,158
Fannie Mae Pool AL3306
2.46%		04/01/23			2,383,908		2,394,422
Fannie Mae Pool AL3366
2.44%		02/01/23			2,408,623		2,408,494
Fannie Mae Pool AL3400
2.55%		03/01/23			2,398,278		2,395,831
Fannie Mae Pool AL3594
2.70%		04/01/23			4,250,210		4,308,660
Fannie Mae Pool AL5866
2.75%		08/01/22			3,428,612		3,470,753
Fannie Mae Pool AL6829
2.97%		05/01/27			4,047,315		3,997,047
Fannie Mae Pool AM4125
3.74%		08/01/23			2,430,000		2,608,678
Fannie Mae Pool AM7009
2.95%		11/01/24			2,620,000		2,668,699
Fannie Mae Pool AM7150
3.05%		11/01/24			1,832,832		1,889,280
Fannie Mae Pool FN0005
3.38%		11/01/20			1,344,492		1,423,081
Fannie Mae Pool FN0007
3.46%		11/01/20			1,390,000		1,480,624
Fannie Mae Pool MA1561
3.00%		09/01/33			3,049,284		3,118,118

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae Pool MA1582
3.50%		09/01/43		$	2,266,267	$	2,339,974
Fannie Mae Pool MA1608
3.50%		10/01/33			3,092,365		3,237,475
Fannie Mae REMICS, Series 1989-25, Class G
6.00%		06/25/19			1,467		1,553
Fannie Mae REMICS, Series 1992-116, Class B
6.50%		06/25/22			110		115
Fannie Mae REMICS, Series 1993-80, Class S
10.65%		05/25/23	2		8,368		9,662
Fannie Mae REMICS, Series 2001-52, Class YZ
6.50%		10/25/31			195,923		222,160
Fannie Mae REMICS, Series 2007-64, Class FA
0.65%		07/25/37	2		197,171		199,061
Fannie Mae Whole Loan, Series 2003-W6, Class 5T (IO)
0.55%		09/25/42	2		20,498,411		306,466
Fannie Mae, Series 2008-50, Class SA (IO)
5.87%		11/25/36	2		2,726,668		474,944
Fannie Mae, Series 2009-M1, Class A2
4.29%		07/25/19			88,591		96,059
Fannie Mae, Series 2012-M12, Class 1A
2.93%		08/25/22	2		2,006,095		2,065,801
Fannie Mae, Series 2012-M15, Class A
2.74%		10/25/22	2		1,584,562		1,604,473
Fannie Mae, Series 2014-M12, Class FA
0.48%		10/25/21			2,608,090		2,622,741
Freddie Mac Gold Pool A25162
5.50%		05/01/34			326,009		366,366
Freddie Mac Gold Pool A33262
5.50%		02/01/35			78,458		88,876
Freddie Mac Gold Pool A68781
5.50%		10/01/37			16,250		18,382
Freddie Mac Gold Pool C03813
3.50%		04/01/42			1,697,493		1,755,446
Freddie Mac Gold Pool C90504
6.50%		12/01/21			1,278		1,465
Freddie Mac Gold Pool E01279
5.50%		01/01/18			1,009		1,053
Freddie Mac Gold Pool E90474
6.00%		07/01/17			1,769		1,824
Freddie Mac Gold Pool G01548
7.50%		07/01/32			499,580		615,010
Freddie Mac Gold Pool G01644
5.50%		02/01/34			201,712		227,634

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 37

Intermediate Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Freddie Mac Gold Pool G02366
6.50%		10/01/36		$	146,488	$	169,704
Freddie Mac Gold Pool G07848
3.50%		04/01/44			8,333,967		8,623,702
Freddie Mac Gold Pool G11707
6.00%		03/01/20			2,059		2,167
Freddie Mac Gold Pool G12393
5.50%		10/01/21			193,080		208,960
Freddie Mac Gold Pool G12909
6.00%		11/01/22			280,725		309,744
Freddie Mac Gold Pool G13032
6.00%		09/01/22			165,141		180,927
Freddie Mac Gold Pool J06246
5.50%		10/01/21			74,252		79,851
Freddie Mac Gold Pool Q05261
3.50%		12/01/41			1,074,809		1,112,511
Freddie Mac Gold Pool U99114
3.50%		02/01/44			8,229,361		8,471,327
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K004, Class A2
4.19%		08/25/19			3,385,000		3,683,931
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K017, Class A2
2.87%		12/25/21			2,040,000		2,100,651
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K018, Class A2
2.79%		01/25/22			2,235,000		2,289,530
Freddie Mac Multi-Family Structured Pass-Through Certificates, Series KF03, Class A
0.52%		01/25/21			4,111,234		4,118,943
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KSCT, Class A2
4.28%		01/25/20			1,505,000		1,673,899
Freddie Mac Pool G07786
4.00%		08/01/44			3,707,140		3,958,148
Freddie Mac Pool Q20178
3.50%		07/01/43			1,507,591		1,560,287
Freddie Mac REMICS, Series 1602, Class SN
10.09%		10/15/23	2		14,590		20,755
Freddie Mac REMICS, Series 2174, Class PN
6.00%		07/15/29			70,952		80,736
Freddie Mac REMICS, Series 3460, Class SA (IO)
6.02%		06/15/38	2		2,681,385		401,637

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Freddie Mac REMICS, Series 4030, Class HS (IO)
6.42%		04/15/42	2	$	2,620,546	$	508,092
Freddie Mac, Series 4044, Class A2
2.81%		01/25/25			1,445,000		1,431,614
Freddie Mac, Series K020, Class A2
2.37%		05/25/40			1,555,000		1,552,834
Freddie Mac, Series KF02, Class A3
0.81%		07/25/20			1,747,719		1,762,248
Freddie Mac, Series KF05, Class A
0.53%		09/25/21			5,310,694		5,327,357
Ginnie Mae I Pool 782810
4.50%		11/15/39			1,652,607		1,837,880
Ginnie Mae II Pool (TBA)
3.00%		07/20/43			835,000		843,154
3.50%		07/01/32			7,190,000		7,462,995
4.00%		07/20/44			1,905,000		2,017,365
Ginnie Mae II Pool 80968
1.63%		07/20/34	2		44,122		45,776
Ginnie Mae, Series 2004-8, Class SE
13.93%		11/26/23	2		61,777		74,000
Ginnie Mae, Series 2011-152, Class A
1.62%		07/16/33			1,437,415		1,437,937
NCUA Guaranteed Notes, Series 2010-R2, Class 1A
0.56%		11/06/17	2		815,958		817,577
NCUA Guaranteed Notes, Series 2011-C1, Class 2A
0.72%		03/09/21	2		623,931		626,285
NCUA Guaranteed Notes, Series 2011-R2, Class 1A
0.59%		02/06/20	2		783,121		785,606
							210,303,134
Total Mortgage-Backed (Cost $367,388,011)							373,237,411
MUNICIPAL BONDS — 0.42%*
California — 0.19%
State of California, Taxable, Various Purpose, Series 3
5.95%		04/01/16			225,000		234,011
University of California, Floating Rate Notes, Series Y, Class 1
0.69%		07/01/41	2		2,000,000		2,001,080
							2,235,091
New York — 0.15%
City of New York, Build America Bonds
5.05%		10/01/24			1,000,000		1,138,670

See accompanying notes to Schedule of Portfolio Investments.

38 / N-Q Report June 2015

Intermediate Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MUNICIPAL BONDS (continued)
New York (continued)
New York State Urban Development Corp., Series F
3.20%		03/15/22		$	700,000	$	719,635
							1,858,305
Texas — 0.08%
City of Houston Texas, Taxable Pension Obligation, Series A
6.29%		03/01/32			770,000		937,452
Total Municipal Bonds (Cost $4,994,710)							5,030,848
U.S. AGENCY SECURITIES — 0.78%
U.S. Agency Securities — 0.78%
Federal Farm Credit Bank
0.21%		09/14/16	2		2,460,000		2,461,272
0.24%		02/27/17	2		2,415,000		2,419,067
0.24%		04/17/17	2		2,505,000		2,508,682
Federal Home Loan Bank
0.22%		10/07/15	2		1,955,000		1,955,430
Total U.S. Agency Securities (Cost $9,334,705)							9,344,451
U.S. TREASURY SECURITIES — 29.62%
U.S. Treasury Bonds — 0.14%
U.S. Treasury Bonds (Strip Principal)
0.00%		11/15/27	7		2,300,000		1,647,101
U.S. Treasury Notes — 29.48%
U.S. Treasury Bonds - Treasury Inflation Indexed Notes
0.25%		01/15/25	8		11,997,029		11,786,145
U.S. Treasury Notes
0.63%		05/31/17			74,220,000		74,227,056
0.63%		06/30/17			72,390,000		72,375,859
0.88%		07/15/17			7,110,000		7,139,425
1.50%		05/31/20			42,710,000		42,478,098
1.63%		06/30/20			71,845,000		71,842,362
2.13%		05/15/25			46,265,000		45,422,831
U.S. Treasury Notes - Treasury Inflation Indexed Notes
0.13%		04/15/16	8		15,510,248		15,587,800
0.13%		04/15/17	8		2,661,518		2,698,529
0.13%		07/15/24	8		9,670,353		9,438,266
Total U.S. Treasury Securities (Cost $353,937,744)							354,643,472

	Value
Total Bonds – 92.68% (Cost $1,100,166,229)	$	1,109,640,530

Issues	Maturity Date			Principal Amount/ Shares		Value
SHORT-TERM INVESTMENTS — 10.10%
Foreign Government Obligations — 0.52%
Japan Treasury Discount Bill, Series 537 (Japan)
0.01%9		12/10/15	4	$	760,000,000		6,211,075
Money Market Funds — 2.00%
Dreyfus Cash Advantage Fund
0.01%10					11,951,000		11,951,000
Morgan Stanley Institutional Fund
0.04%10					11,951,000		11,951,000
							23,902,000
U.S. Agency Discount Notes — 7.53%
Federal Home Loan Bank
0.01%9		07/06/15			30,000,000		29,999,970
0.03%9		07/29/15			15,000,000		14,999,880
0.04%9		08/19/15			35,000,000		34,998,565
0.06%9		08/26/15			10,210,000		10,209,520
							90,207,935
U.S. Treasury Bills — 0.05%
U.S. Treasury Bills
0.00%9		07/23/15	11		210,000		210,000
0.00%9		09/03/15	11		400,000		399,996
0.00%9		09/10/15	11		5,000		5,000
							614,996
Total Short-Term Investments (Cost $120,785,154)							120,936,006

Total Investments – 102.78% (Cost $1,220,951,383)1		1,230,576,536
Liabilities in Excess of Other Assets – (2.78)%		(33,261,187	)
Net Assets – 100.00%	$	1,197,315,349

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 39

Intermediate Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

	Currency  Purchased		Currency Sold	Unrealized  (Depreciation)
FOREIGN CURRENCY EXCHANGE CONTRACT
Forward currency contract to sell Japanese Yen on 12/10/15 at 124.73 Counterparty: Citigroup, Inc.
		USD    $6,093,278	JPY    760,000,000	$(135,443)
Net unrealized (depreciation)				$(135,443)

Contracts		Unrealized  (Depreciation)
FUTURES CONTRACTS: LONG POSITIONS
447	U.S. Treasury Ten Year Note, Expiration September 2015	$(276,305)
	Net unrealized (depreciation)	$(276,305)

	Expiration Date	Premiums Paid/ (Received)	Notional Amount (000’s)	(Depreciation)	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	$(20,245)	$(20,245)
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	(27,428)	(27,428)
		$–	$1,445	$(47,673)	$(47,673)

Notes:

¹  Cost for federal income tax purposes is $1,220,953,762 and net unrealized appreciation/(depreciation) consists of:

Gross unrealized appreciation	$	12,884,498
Gross unrealized (depreciation)		(3,261,724	)
Net unrealized appreciation	$	9,622,774

²  Floating rate security. The rate disclosed was in effect at June 30, 2015.

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

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

⁵  Payment-in-kind (“PIK”) security. Income may be paid in additional securities or cash at the discretion of the issuer. 8.73% cash or 9.23% payment-in-kind interest.

⁶  Illiquid security as determined under procedures approved by the Funds’ Board of Trustees. The aggregate value of illiquid securities is $478, which is 0.00% of total net assets.

⁷  Zero coupon bond. The rate shown is the effective yield as of June 30, 2015.

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, 2015.

¹¹ Securities, or a portion thereof, pledged as collateral for futures. The total market value of collateral pledged is $615,000.

^†  Fair valued security. The aggregate value of fair valued securities is $872,834, which is 0.07% 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 sooner than the stated maturity.

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

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

(BKNT): Banker’s Note, Inc.

(IO): Interest only

(JPY): Japanese Yen

(LIBOR): London InterBank Offer Rate

(MTN): Medium-term note

(PIK): Payment in kind

(STEP): Step coupon bond

(TBA): To be announced

(USD): U.S. dollar

(WI): When issued

(YCD): Yankee Certificate of Deposit

See accompanying notes to Schedule of Portfolio Investments.

40 / N-Q Report June 2015

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
BONDS – 98.28%
ASSET-BACKED SECURITIES — 9.09%**
Academic Loan Funding Trust, Series 2012-1A, Class A2
1.28%		12/27/44	2,3	$	14,950,000	$	15,024,137
Access Group, Inc., Series 2001, Class 2A1
0.64%		05/25/29	2		2,669,120		2,532,106
Access Group, Inc., Series 2004-1, Class A2
0.48%		09/26/33	2		68,256		67,297
Aircastle Aircraft Lease Backed Trust, Series 2007-1A, Class G1
0.49%		06/14/37	2,3		2,650,030		2,589,848
American Money Management Corp., Series 2013-13A, Class A1L (Cayman Islands)
1.73%		01/24/26	2,3,4		21,500,000		21,480,908
American Money Management Corp., Series 2014-14A, Class A1L (Cayman Islands)
1.73%		07/27/26	2,3,4		24,485,000		24,483,554
American Money Management Corp., Series 2014-15A, Class A1 (Cayman Islands)
1.77%		12/09/26	2,3,4		52,200,000		52,262,032
American Money Management Corp., Series 2015-16A, Class A1 (Cayman Islands)
1.77%		04/14/27	2,3,4		80,380,000		80,420,351
Amur Finance IA LLC/Jet Midwest, Series 2014-1, Class A
11.00%		12/17/17	3,†		9,957,772		9,559,455
ARES XXVI CLO Ltd., Series 2013-1A, Class A (Cayman Islands)
1.38%		04/15/25	2,3,4		9,480,000		9,377,787
Avery Point CLO Ltd., Series 2014-1A, Class A (Cayman Islands)
1.80%		04/25/26	2,3,4		8,000,000		8,006,174
Babcock & Brown Air Funding I Ltd., Series 2007-1A, Class G1 (Bermuda)
0.49%		11/14/33	2,3,4		836,283		710,840
Babson CLO Ltd., Series 2013-IA, Class A (Cayman Islands)
1.38%		04/20/25	2,3,4		19,800,000		19,593,387
Babson CLO Ltd., Series 2014-3A, Class A (Cayman Islands)
1.73%		01/15/26	2,3,4		26,250,000		26,258,888
Babson CLO Ltd., Series 2015-IA, Class A (Cayman Islands)
1.71%		04/20/27	2,3,4		74,000,000		74,020,502
Ballyrock CLO LLC, Series 2014-1, Class A1 (Cayman Islands)
1.76%		10/20/26	2,3,4		91,100,000		91,195,418
Bayview Commercial Asset Trust, Series 2004-3, Class A1
0.55%		01/25/35	2,3		3,370,753		3,135,073

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
Bayview Commercial Asset Trust, Series 2005-1A, Class A1
0.48%		04/25/35	2,3	$	7,731,103	$	7,126,159
Bayview Commercial Asset Trust, Series 2006-4A, Class A1
0.41%		12/25/36	2,3		194,916		172,830
Bayview Commercial Asset Trust, Series 2007-1, Class A1
0.40%		03/25/37	2,3		8,092,521		7,179,505
Bayview Commercial Asset Trust, Series 2007-3, Class A1
0.42%		07/25/37	2,3		2,051,844		1,779,151
Betony CLO Ltd., Series 2015-1A, Class A (Cayman Islands)
1.82%		04/15/27	2,3,4		40,758,000		40,790,749
BlueMountain CLO Ltd., Series 2012-2A, Class A1 (Cayman Islands)
1.59%		11/20/24	2,3,4		40,500,000		40,501,334
BlueMountain CLO Ltd., Series 2014-1A, Class A (Cayman Islands)
1.80%		04/30/26	2,3,4		9,250,000		9,254,625
Brazos Higher Education Authority, Inc., Series 2003 I, Class A3
0.01%		09/26/22	2		29,798		29,703
Brazos Higher Education Authority, Inc., Series 2005-1, Class 1A4
0.01%		03/26/29	2		10,000,000		9,822,800
Brazos Higher Education Authority, Inc., Series 2010-1, Class A2
1.48%		02/25/35	2		13,355,000		13,624,696
Brazos Higher Education Authority, Inc., Series 2011-1, Class A3
1.31%		11/25/33	2		16,050,000		16,297,598
Brazos Higher Education Authority, Inc., Series 2011-2, Class A2
1.13%		07/25/29	2		3,113,807		3,129,354
Brazos Higher Education Authority, Inc., Series 2011-2, Class A3
1.28%		10/27/36	2		24,411,000		24,636,066
Brazos Higher Education Authority, Inc., Series 2012-1, Class A1
0.88%		12/26/35	2		43,761		43,430
CAL Funding II Ltd., Series 2012-1A, Class A (Bermuda)
3.47%		10/25/27	3,4		183,333		185,669
Cent CLO LP, Series 2104-21A, Class A1B (Cayman Islands)
1.67%		07/27/26	2,3,4		49,675,000		49,446,545
CIFC Funding Ltd., Series 2012-2A, Class A1R (Cayman Islands)
1.63%		12/05/24	2,3,4		53,045,000		53,046,005
CIT Education Loan Trust, Series 2007-1, Class A
0.36%		03/25/42	2,3		32,489,578		30,356,573

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 41

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
CIT Education Loan Trust, Series 2007-1, Class B
0.57%		06/25/42	2,3	$	22,798,063	$	20,582,828
Clear Creek CLO Ltd., Series 2015-1A, Class A (Cayman Islands)
1.71%		04/20/27	2,3,4		26,550,000		26,563,337
College Loan Corp. Trust, Series 2005-2, Class B
0.77%		01/15/37	2		5,036,135		4,562,141
Dryden 37 Senior Loan Fund, Series 2015-37A, Class A (Cayman Islands)
1.82%		04/15/27	2,3,4		44,367,500		44,402,672
Dryden XXV Senior Loan Fund, Series 2012-25A, Class A (Cayman Islands)
1.66%		01/15/25	2,3,4		24,100,000		24,079,202
Eaton Vance CLO Ltd., Series 2014-1A, Class A (Cayman Islands)
1.73%		07/15/26	2,3,4		48,665,000		48,666,066
Education Loan Asset-Backed Trust, Series 2013-1A, Class A2
0.98%		04/26/32	2,3		12,750,000		12,746,455
Educational Funding of the South, Inc., Series 2011-1, Class A2
0.93%		04/25/35	2		95,417		95,362
Educational Funding of the South, Inc., Series 2012-1, Class A
1.23%		03/25/36	2		32,031,235		32,340,994
EFS Volunteer No. 2 LLC, Series 2012-1, Class A2
1.53%		03/25/36	2,3		16,085,000		16,396,981
Flagship CLO, Series 2014-8A, Class A (Cayman Islands)
1.84%		01/16/26	2,3,4		114,760,000		114,779,251
Flatiron CLO Ltd., Series 2014-1A, Class A1 (Cayman Islands)
1.65%		07/17/26	2,3,4		26,383,000		26,340,418
Ford Credit Auto Owner Trust, Series 2012-C, Class A4
0.79%		11/15/17			155,000		155,134
GCO Education Loan Funding Trust, Series 2006-1, Class A11L
0.51%		05/25/36	2		25,000,000		23,133,982
GE Business Loan Trust, Series 2004-2A, Class A
0.41%		12/15/32	2,3		4,807,299		4,643,187
GE Business Loan Trust, Series 2005-1A, Class A3
0.44%		06/15/33	2,3		7,390,474		7,171,428
GE Business Loan Trust, Series 2005-2A, Class A
0.43%		11/15/33	2,3		18,030,870		17,484,552
Global SC Finance SRL, Series 2014-1A, Class A2 (Barbados)
3.09%		07/17/24	3,4		80,882,542		80,760,073

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
Goal Capital Funding Trust, Series 2005-2, Class A3
0.45%		05/28/30	2	$	26,266,698	$	25,978,463
Goal Capital Funding Trust, Series 2005-2, Class B
0.81%		11/25/44	2		14,467,350		13,520,426
Goal Capital Funding Trust, Series 2006-1, Class B
0.73%		08/25/42	2		4,103,436		3,780,336
Goal Capital Funding Trust, Series 2015-1, Class A
0.83%		09/25/41	2,3		186,658,834		184,386,412
GoldenTree Loan Opportunities VII Ltd., Series 2013-7A, Class A (Cayman Islands)
1.43%		04/25/25	2,3,4		24,680,000		24,412,222
J.G. Wentworth XXX LLC, Series 2013-3A, Class A
4.08%		01/17/73	3		1,003,854		1,038,710
J.G. Wentworth XXXII LLC, Series 2014-2A, Class A
3.61%		01/17/73	3		61,211,237		61,700,731
Limerock CLO, Series 2014-3A, Class A1 (Cayman Islands)
1.76%		10/20/26	2,3,4		90,000,000		90,012,717
Magnetite XII CLO Ltd., Series 2015-12A, Class A (Cayman Islands)
1.82%		04/15/27	2,3,4		13,437,700		13,448,883
Magnetite XII Ltd., Series 2014-11A, Class A1 (Cayman Islands)
1.73%		01/18/27	2,3,4		35,425,000		35,431,653
National Collegiate Student Loan Trust, Series 2006-1, Class A3
0.37%		05/25/26	2		2,389,704		2,382,084
National Collegiate Student Loan Trust, Series 2006-3, Class A3
0.33%		10/25/27	2		19,489,636		19,315,213
National Collegiate Student Loan Trust, Series 2006-4, Class A2
0.32%		12/27/27	2		1,659,407		1,643,693
Navient Student Loan Trust, Series 2014-1, Class A2
0.49%		03/27/23	2		2,750,000		2,746,793
Navient Student Loan Trust, Series 2014-1, Class A3
0.69%		06/25/31	2		1,175,000		1,170,339
Navient Student Loan Trust, Series 2014-2, Class A
0.82%		03/25/43	2		105,636,623		105,045,110
Navient Student Loan Trust, Series 2014-3, Class A
0.80%		03/25/43	2		108,494,873		107,826,273
Navient Student Loan Trust, Series 2014-4, Class A
0.80%		03/25/43	2		171,642,375		170,444,226

See accompanying notes to Schedule of Portfolio Investments.

42 / N-Q Report June 2015

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
Navient Student Loan Trust, Series 2014-5, Class A
0.80%		03/25/43	2	$	140,426,792	$	139,570,820
Navient Student Loan Trust, Series 2014-6, Class A
0.79%		03/25/43	2		140,765,889		139,678,684
Navient Student Loan Trust, Series 2014-7, Class A
0.79%		03/25/43	2		141,139,736		140,008,148
Navient Student Loan Trust, Series 2015-1, Class A2
0.78%		04/25/40	2		199,400,000		199,766,417
Navient Student Loan Trust, Series 2015-2, Class A1
0.49%		11/25/24	2		36,518,880		36,533,636
Navient Student Loan Trust, Series 2015-2, Class A3
0.79%		11/26/40	2		98,255,000		98,416,595
Nelnet Education Loan Funding, Inc., Series 2004-1A, Class B1
1.06%		02/25/36	2,3		10,125,000		7,515,180
Nelnet Student Loan Trust, Series 2006-1, Class A6
0.73%		08/23/36	2,3		12,500,000		11,949,119
Nelnet Student Loan Trust, Series 2007-2A, Class A3L
0.62%		03/25/26	2,3		73,008,536		72,109,023
Nelnet Student Loan Trust, Series 2008-3, Class A4
1.93%		11/25/24	2		2,520,000		2,574,295
Nelnet Student Loan Trust, Series 2014-2A, Class A1
0.46%		06/25/21	2,3		7,233,461		7,233,287
Nelnet Student Loan Trust, Series 2014-3A, Class A
0.76%		06/25/41	2,3		44,493,873		43,817,744
Nelnet Student Loan Trust, Series 2014-5A, Class A
0.73%		07/25/41	2,3		133,430,161		130,866,434
Nelnet Student Loan Trust, Series 2015-1A, Class A
0.77%		04/25/41	2,3		244,453,251		243,758,723
Nelnet Student Loan Trust, Series 2015-2A, Class A2
0.78%		09/25/42	2,3		293,110,000		293,612,332
Nelnet Student Loan Trust, Series 2015-3A, Class A2
0.79%		02/26/46	2,3		9,240,000		9,138,439
Nelnet Student Loan Trust, Series 2015-3A, Class A3
1.09%		06/25/49	2,3		13,095,000		12,670,756
Nissan Auto Receivables Owner Trust, Series 2012-B, Class A4
0.66%		12/17/18			85,000		84,946

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
North Carolina State Education Authority, Series 2011-1, Class A3
1.13%		10/25/41	2	$	24,545,000	$	24,604,644
Northstar Education Finance, Inc., Series 2007-1, Class A2
1.03%		01/29/46	2		42,825,000		42,578,489
Northwoods Capital Corp., Series 2014-11A, Class A (Cayman Islands)
1.88%		04/15/25	2,3,4		10,000,000		10,002,511
Oak Hill Credit Partners, Series 2012-7A, Class A (Cayman Islands)
1.70%		11/20/23	2,3,4		11,950,000		11,950,143
Octagon Investment Partners XI Ltd., Series 2007-1X, Class A1B(Cayman Islands)
0.54%		08/25/21	4		7,403,684		7,203,703
Octagon Investment Partners XIX Ltd., Series 2014-1A, Class A (Cayman Islands)
1.80%		04/15/26	2,3,4		10,000,000		10,001,863
Panhandle-Plains Higher Education Authority, Inc., Series 2011-1, Class A3
1.22%		10/01/37	2		16,950,000		16,949,447
Panthera Aviation, Series 2013-1
10.00%		01/25/22	2,3,†		19,225,000		18,840,489
Panthera Aviation, Series 2013-2
10.00%		03/20/24	2,3,†		33,758,488		33,083,299
PHEAA Student Loan Trust, Series 2015-1A, Class A
0.83%		10/25/41	2,3		290,550,561		288,013,532
Race Point CLO Ltd., Series 2012-7A, Class A (Cayman Islands)
1.70%		11/08/24	2,3,4		59,075,000		59,073,768
Red River CLO Ltd., Series 2001A, Class A (Cayman Islands)
0.55%		07/27/18	2,3,4		4,721,176		4,682,237
Scholar Funding Trust, Series 2012-B, Class A2
1.29%		03/28/46	2,3		38,825,000		39,020,781
SLC Student Loan Trust I, Series 2002-2, Class B2
1.64%		07/01/42	2,3		24,150,000		18,473,615
SLC Student Loan Trust, Series 2005-3, Class B
0.52%		06/15/40	2		549,066		492,336
SLC Student Loan Trust, Series 2006-1, Class A6
0.45%		12/15/38			9,470,000		8,429,238
SLC Student Loan Trust, Series 2006-1, Class B
0.48%		03/15/39	2		147,016		131,830
SLC Student Loan Trust, Series 2006-2, Class A6
0.43%		09/15/39			16,000,000		14,344,471

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 43

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
SLC Student Loan Trust, Series 2008-1, Class A4A
1.87%		12/15/32	2	$	27,300,000	$	28,421,694
SLM Student Loan Trust, Series 2003-11, Class A5
0.32%		12/15/22	2,3		55,259,200		55,085,946
SLM Student Loan Trust, Series 2003-11, Class A6
1.02%		12/15/25	2,3		16,255,000		16,233,491
SLM Student Loan Trust, Series 2003-4, Class A5E
1.02%		03/15/33	2,3		9,318,226		9,321,981
SLM Student Loan Trust, Series 2004-1, Class A4
0.54%		10/27/25	2		2,810,000		2,749,938
SLM Student Loan Trust, Series 2004-10, Class A5A
0.68%		04/25/23	2,3		10,840,897		10,846,165
SLM Student Loan Trust, Series 2004-10, Class A5B
0.68%		04/25/23	2,3		5,643,923		5,646,666
SLM Student Loan Trust, Series 2004-5A, Class A5
0.86%		10/25/23	2,3		10,350,749		10,381,776
SLM Student Loan Trust, Series 2004-8, Class B
0.74%		01/25/40	2		1,875,151		1,714,346
SLM Student Loan Trust, Series 2004-8A, Class A5
0.78%		04/25/24	2,3		119,025,065		119,194,081
SLM Student Loan Trust, Series 2005-4, Class B
0.46%		07/25/40	2		13,164,598		11,885,105
SLM Student Loan Trust, Series 2005-5, Class A5
1.03%		10/25/40	2		60,000		59,729
SLM Student Loan Trust, Series 2005-6, Class B
0.57%		01/25/44	2		14,717,751		13,310,682
SLM Student Loan Trust, Series 2005-8, Class A4
1.03%		01/25/28	2		5,160,000		5,144,187
SLM Student Loan Trust, Series 2006-10, Class B
0.50%		03/25/44	2		17,935,116		15,563,663
SLM Student Loan Trust, Series 2006-2, Class A6
0.45%		01/25/41	2		42,655,000		39,038,538
SLM Student Loan Trust, Series 2006-5, Class A5
0.39%		01/25/27	2		120,422,000		119,303,009
SLM Student Loan Trust, Series 2006-7, Class A5
0.38%		01/27/25	2		36,580,000		36,342,920

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
SLM Student Loan Trust, Series 2006-8, Class A6
0.44%		01/25/41	2	$	32,855,000	$	29,956,762
SLM Student Loan Trust, Series 2006-9, Class A5
0.38%		01/26/26	2		4,000,000		3,945,010
SLM Student Loan Trust, Series 2007-1, Class A5
0.37%		01/26/26	2		22,150,000		21,888,608
SLM Student Loan Trust, Series 2007-1, Class B
0.50%		01/27/42	2		7,253,679		6,450,690
SLM Student Loan Trust, Series 2007-3, Class A4
0.34%		01/25/22	2		3,160,000		3,036,293
SLM Student Loan Trust, Series 2007-6, Class A4
0.66%		10/25/24	2		43,820,000		43,450,591
SLM Student Loan Trust, Series 2007-6, Class B
1.13%		04/27/43	2		6,785,947		6,166,153
SLM Student Loan Trust, Series 2008-2, Class B
1.48%		01/25/29	2		38,874,000		36,445,745
SLM Student Loan Trust, Series 2008-3, Class A3
1.28%		10/25/21	2		40,000		40,561
SLM Student Loan Trust, Series 2008-3, Class B
1.48%		04/25/29	2		1,750,000		1,634,278
SLM Student Loan Trust, Series 2008-4, Class A4
1.93%		07/25/22	2		4,203,000		4,374,823
SLM Student Loan Trust, Series 2008-4, Class B
2.13%		04/25/29	2		4,384,000		4,278,569
SLM Student Loan Trust, Series 2008-5, Class A4
1.98%		07/25/23	2		34,509,000		35,772,167
SLM Student Loan Trust, Series 2008-5, Class B
2.13%		07/25/29	2		32,444,000		32,464,797
SLM Student Loan Trust, Series 2008-6, Class B
2.13%		07/25/29	2		31,644,000		31,661,121
SLM Student Loan Trust, Series 2008-7, Class B
2.13%		07/25/29	2		17,346,000		17,466,260
SLM Student Loan Trust, Series 2008-8, Class A4
1.78%		04/25/23	2		6,480,000		6,586,291
SLM Student Loan Trust, Series 2008-8, Class B
2.53%		10/25/29	2		525,000		541,265

See accompanying notes to Schedule of Portfolio Investments.

44 / N-Q Report June 2015

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
SLM Student Loan Trust, Series 2008-9, Class A
1.78%		04/25/23	2	$	266,882,084	$	274,054,673
SLM Student Loan Trust, Series 2008-9, Class B
2.53%		10/25/29	2		31,600,000		32,485,317
SLM Student Loan Trust, Series 2009-3, Class A
0.93%		01/25/45	2,3		283,818,312		284,749,520
SLM Student Loan Trust, Series 2012-1, Class A2
0.63%		11/25/20	2		28,978,954		29,023,350
SLM Student Loan Trust, Series 2012-2, Class A
0.88%		01/25/29	2		25,025,520		25,132,266
SLM Student Loan Trust, Series 2012-3, Class A
0.83%		12/26/25	2		56,152,363		56,109,126
SLM Student Loan Trust, Series 2012-6, Class A2
0.46%		09/25/19	2		28,832,908		28,820,166
SLM Student Loan Trust, Series 2012-7, Class A2
0.46%		09/25/19	2		7,357,630		7,353,414
SLM Student Loan Trust, Series 2013-3, Class A2
0.48%		05/26/20	2		14,008,782		14,000,832
SLM Student Loan Trust, Series 2013-6, Class A3
0.83%		06/26/28	2		31,570,000		31,429,266
SLM Student Loan Trust, Series 2014-2, Class A2
0.53%		10/25/21	2		29,660,000		29,507,944
SoFi Professional Loan Program LLC, Series 2014-A, Class A1
1.78%		06/25/25	2,3		10,928,580		11,068,194
South Carolina Student Loan Corp., Series 2005, Class A2
0.40%		12/01/20	2		9,463		9,454
South Carolina Student Loan Corp., Series 2006-1, Class A2
0.01%		12/01/22	2		22,077,217		21,983,465
Spirit Master Funding LLC, Series 2014-1A, Class A1
5.05%		07/20/40	3		14,013,810		14,714,501
Spirit Master Funding LLC, Series 2014-2A, Class A
5.76%		03/20/42	3		8,064,078		8,759,604
TAL Advantage LLC, Series 2006-1, Class NOTE
0.37%		04/20/21	2,3		9,311,250		9,267,934

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
Vermont Student Assistance Corp., Student Loan Asset-Backed Notes, Series 2012-1, Class A
0.01%		07/28/34	2	$	8,409,954	$	8,377,834
Voya CLO Ltd., Series 2015-1A, Class A1 (Cayman Islands)
1.76%		04/18/27	2,3,4		55,980,000		55,998,854
Total Asset-Backed Securities (Cost $6,026,520,304)							6,043,759,485
BANK LOANS — 0.17%*
Communications — 0.02%
Intelsat Jackson Holdings SA, Term Loan B1, 1st Lien (Luxembourg)
3.75%		06/30/19	2,4		15,151,012		15,057,909
Energy — 0.01%
Drillships Financing Holding, Term Loan B1, 1st Lien
6.00%		03/31/21	2		3,095,989		2,541,280
Finance — 0.07%
ILFC AIG, Term Loan B, 1st Lien
3.50%		02/27/21	2		49,009,581		48,997,329
Health Care — 0.04%
HCA, Inc., Term Loan B4, 1st Lien
3.03%		05/01/18	2		15,659,229		15,675,280
Valeant Pharmaceuticals International, Inc., Term Loan B, 1st Lien (Canada)
3.50%		05/30/20	2		10,828,274		10,799,958
							26,475,238
Services — 0.03%
AABS Ltd., Term Loan, Series 2013-1, Class A (STEP) (Bermuda)
4.72%		01/15/38	2,4		17,297,526		17,902,940
Total Bank Loans (Cost $111,034,113)							110,974,696
CORPORATES — 16.53%*
Automotive — 0.15%
Ford Motor Credit Co. LLC (WI)
3.98%		06/15/16			4,150,000		4,248,629
4.21%		04/15/16			6,100,000		6,240,148
General Motors Co.
5.00%		04/01/35			34,825,000		34,292,526
5.20%		04/01/45			14,225,000		14,141,926
General Motors Financial Co., Inc.
3.45%		04/10/22			25,017,000		24,571,385
ZF North America Capital, Inc.
4.50%		04/29/22	3		9,925,000		9,771,659

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 45

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Automotive (continued)
4.75%		04/29/25	3	$	5,000,000	$	4,856,250
							98,122,523
Banking — 3.27%
Bank of America Corp.
1.50%		10/09/15			12,115,000		12,135,589
4.00%		04/01/24			4,800,000		4,893,326
5.63%		10/14/16			12,690,000		13,402,797
5.63%		07/01/20			36,593,000		41,287,772
5.75%		12/01/17			37,170,000		40,515,151
6.50%		08/01/16			19,719,000		20,806,503
Bank of America Corp. (MTN)
0.93%		12/01/26	2		14,400,000		12,540,197
1.70%		08/25/17			2,500,000		2,504,169
2.00%		01/11/18			50,000		50,194
5.00%		05/13/21			15,455,000		16,987,657
5.00%		01/21/44			10,000,000		10,430,883
8.68%		05/02/17	2		5,800,000		6,032,000
8.95%		05/18/17	2		5,990,000		6,259,550
9.57%		06/06/17	2		12,113,000		12,809,497
Bank of America Corp., Series L (MTN)
5.65%		05/01/18			28,375,000		31,193,370
Bank of America N.A. (BKNT)
0.57%		06/15/16	2		24,645,000		24,553,758
0.59%		06/15/17	2		51,120,000		50,758,888
5.30%		03/15/17			97,912,000		103,730,225
6.00%		06/15/16			39,640,000		41,372,228
6.10%		06/15/17			83,241,000		90,176,915
Bank One Corp. (STEP)
8.53%		03/01/19			1,810,000		2,155,664
Barclays Bank PLC (United Kingdom)
5.00%		09/22/16	4		110,000		115,192
Capital One Bank USA NA
2.40%		09/05/19			17,050,000		16,928,595
Capital One Bank USA NA (BKNT)
1.15%		11/21/16			6,250,000		6,227,651
2.15%		11/21/18			11,602,000		11,551,367
2.25%		02/13/19			30,712,000		30,584,023
Capital One Financial Co.
1.00%		11/06/15			23,055,000		23,048,268
Credit Suisse USA, Inc.
5.13%		08/15/15			15,000		15,081

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Banking (continued)
Credit Suisse/New York (MTN) (Switzerland)
0.59%		03/11/16	2,4	$	7,610,000	$	7,607,930
3.63%		09/09/24	4		6,500,000		6,472,625
Credit Suisse/New York (Switzerland)
0.97%		01/29/18	2,4		64,525,000		64,383,335
3.00%		10/29/21	4		32,450,000		32,124,575
6.00%		02/15/18	4		18,692,000		20,526,956
Credit Suisse/New York (YCD) (Switzerland)
0.60%		08/24/15	2,4		105,983,000		105,983,212
0.65%		01/28/16	2,4		7,875,000		7,877,024
Discover Bank
2.00%		02/21/18			8,900,000		8,873,788
Discover Bank (BKNT)
3.10%		06/04/20			47,050,000		47,018,524
First Chicago NBD Institutional Capital I
0.83%		02/01/27	2		6,455,000		5,643,955
HBOS PLC (United Kingdom)
6.00%		11/01/33	3,4		3,500,000		3,816,271
HBOS PLC, Series G (MTN) (United Kingdom)
6.75%		05/21/18	3,4		110,294,000		122,419,116
JPMorgan Chase & Co.
1.23%		01/23/20	2		25,000,000		25,255,175
2.20%		10/22/19			52,150,000		51,713,218
2.60%		01/15/16			5,300,000		5,342,469
3.15%		07/05/16			3,804,000		3,882,851
3.63%		05/13/24			4,750,000		4,720,859
4.25%		10/15/20			9,525,000		10,206,761
4.35%		08/15/21			18,565,000		19,915,195
4.50%		01/24/22			320,000		343,078
4.63%		05/10/21			52,450,000		56,705,268
4.95%		06/01/45			16,210,000		15,816,770
5.60%		07/15/41			4,942,000		5,635,281
6.30%		04/23/19			170,000		194,343
JPMorgan Chase & Co., Series G (MTN)
1.10%		10/15/15			39,025,000		39,061,957
JPMorgan Chase Bank N.A.
0.62%		06/13/16	2		22,214,000		22,163,482
JPMorgan Chase Bank N.A. (BKNT)
5.88%		06/13/16			5,040,000		5,266,382
6.00%		07/05/17			1,678,000		1,825,367
6.00%		10/01/17			92,025,000		100,371,575

See accompanying notes to Schedule of Portfolio Investments.

46 / N-Q Report June 2015

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Banking (continued)
Lloyds Banking Group PLC (United Kingdom)
4.50%		11/04/24	4	$	10,200,000	$	10,193,089
Macquarie Bank Ltd. (Australia)
0.91%		10/27/17	2,3,4		91,445,000		91,661,908
1.60%		10/27/17	3,4		20,000,000		20,002,220
6.63%		04/07/21	3,4		4,728,000		5,422,113
Royal Bank of Scotland NV (Netherlands)
4.65%		06/04/18	4		20,000,000		20,731,490
Royal Bank of Scotland PLC (United Kingdom)
1.88%		03/31/17	4		82,319,000		81,954,615
2.55%		09/18/15	4		128,415,000		128,700,081
4.38%		03/16/16	4		14,009,000		14,331,095
5.13%		05/28/24	4		1,100,000		1,101,176
6.40%		10/21/19	4		23,175,000		25,923,161
UBS AG/Stamford CT (MTN) (Switzerland)
0.98%		03/26/18	2,4		80,250,000		80,325,315
1.80%		03/26/18	4		62,275,000		62,100,786
UBS AG/Stamford CT (Switzerland)
0.84%		06/01/17	2,4		33,900,000		33,817,962
1.38%		06/01/17	4		17,550,000		17,515,497
US Bank NA
2.28%		04/29/20	2		38,805,000		38,832,163
Wachovia Corp.
0.62%		10/28/15	2		13,165,000		13,158,839
Wells Fargo & Co.
1.50%		01/16/18			220,000		219,669
5.38%		11/02/43			22,731,000		24,392,409
Wells Fargo & Co. (MTN)
3.30%		09/09/24			46,810,000		46,190,837
4.65%		11/04/44			27,275,000		26,284,941
							2,177,093,218
Communications — 1.06%
Altice U.S. Finance I Corp.
5.38%		07/15/23	3		25,120,000		24,554,800
AT&T, Inc.
1.21%		06/30/20	2		16,863,000		16,948,816
2.45%		06/30/20			50,000,000		49,070,550
4.35%		06/15/45			13,810,000		11,846,287
4.50%		05/15/35			50,000,000		46,108,200
4.75%		05/15/46			42,590,000		38,905,369
4.80%		06/15/44			22,175,000		20,407,039

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Communications (continued)
Cablevision Systems Corp., Series B (WI)
8.63%		09/15/17		$	913,000	$	997,453
CCO Holdings LLC/CCO Holdings Capital Corp.
5.13%		05/01/23	3		19,425,000		18,963,656
6.50%		04/30/21			10,032,000		10,514,790
7.00%		01/15/19			2,042,000		2,123,680
Comcast Corp.
4.40%		08/15/35			17,230,000		17,142,902
4.60%		08/15/45			7,800,000		7,738,821
CSC Holdings LLC
6.75%		11/15/21			10,506,000		11,110,095
8.63%		02/15/19			3,000,000		3,408,750
Intelsat Jackson Holdings SA (Luxembourg)
7.25%		10/15/20	4		80,020,000		79,619,900
Intelsat Jackson Holdings SA (WI) (Luxembourg)
7.50%		04/01/21	4		37,055,000		36,777,087
Sprint Nextel Corp.
9.00%		11/15/18	3		85,325,000		96,666,826
Verizon Communications, Inc.
3.00%		11/01/21			53,560,000		52,914,870
4.40%		11/01/34			22,675,000		21,057,978
4.52%		09/15/48	3		7,130,000		6,289,016
4.67%		03/15/55	3		6,800,000		5,940,269
4.86%		08/21/46			35,850,000		33,732,771
5.05%		03/15/34			3,610,000		3,631,979
5.15%		09/15/23			18,525,000		20,272,686
6.55%		09/15/43			22,580,000		26,481,824
Verizon Communications, Inc., Series FRN
0.68%		06/09/17	2		43,035,000		42,952,330
							706,178,744
Consumer Discretionary — 0.13%
Anheuser-Busch Inbev Finance, Inc.
3.70%		02/01/24			1,250,000		1,283,438
DS Services of America, Inc.
10.00%		09/01/21	3		23,460,000		27,565,500
Northwestern University
4.64%		12/01/44			955,000		1,033,073
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC
6.88%		02/15/21			4,000,000		4,195,000

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 47

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (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		$	53,615,000	$	55,156,431
							89,233,442
Electric — 1.29%
Alabama Power Capital Trust V
3.38%		10/01/42	2		290,000		282,047
American Transmission Systems, Inc.
5.00%		09/01/44	3		10,915,000		11,288,531
Appalachian Power Co.
4.45%		06/01/45			7,190,000		6,926,530
Berkshire Hathaway Energy Co.
3.50%		02/01/25			21,895,000		21,847,597
4.50%		02/01/45			35,360,000		34,939,640
Centerpoint Energy Houston Electric LLC
4.50%		04/01/44			3,475,000		3,584,949
Cleco Power LLC
6.65%		06/15/18			17,887,000		20,265,238
DPL, Inc.
6.50%		10/15/16			2,462,000		2,548,170
Duke Energy Carolinas LLC
3.75%		06/01/45			35,725,000		32,859,623
4.00%		09/30/42			6,945,000		6,618,800
4.25%		12/15/41			16,413,000		16,185,680
Duke Energy Indiana, Inc., Series UUU
4.20%		03/15/42			7,700,000		7,520,159
Duke Energy Indiana, Inc., Series WWW
4.90%		07/15/43			7,000,000		7,568,904
Duke Energy Progress, Inc.
4.10%		05/15/42			8,915,000		8,552,070
4.15%		12/01/44			10,900,000		10,480,644
Duquesne Light Holdings, Inc.
6.25%		08/15/35			42,000		46,627
6.40%		09/15/20	3		33,450,000		38,771,208
El Paso Electric Co.
5.00%		12/01/44			10,675,000		10,575,488
Entergy Corp.
4.00%		07/15/22			17,822,000		17,990,364
Entergy Gulf States Louisiana LLC (WI)
6.00%		05/01/18			17,500,000		19,493,425

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Electric (continued)
Entergy Texas, Inc.
7.13%		02/01/19		$	35,000	$	40,762
Exelon Corp.
1.55%		06/09/17			8,735,000		8,728,951
FirstEnergy Transmission LLC
4.35%		01/15/25	3		25,530,000		26,156,548
5.45%		07/15/44	3		63,750,000		65,713,277
Florida Power & Light Co.
3.80%		12/15/42			5,300,000		4,953,311
FPL Energy National Wind Portfolio LLC
6.13%		03/25/19	3		22,040		22,150
FPL Energy Wind Funding LLC
6.88%		06/27/17	3		229,742		230,891
Homer City Generation LP (PIK)
8.14%		10/01/19	5		15,745,396		16,001,259
8.73%		10/01/26	6		44,452,866		45,341,923
Ipalco Enterprises, Inc. (WI)
5.00%		05/01/18			7,500,000		7,940,625
Jersey Central Power & Light Co.
4.70%		04/01/24	3		9,798,000		10,294,171
6.40%		05/15/36			8,900,000		9,887,820
Kansas City Power & Light Co.
6.38%		03/01/18			4,320,000		4,840,258
Metropolitan Edison Co.
3.50%		03/15/23	3		11,725,000		11,660,351
4.00%		04/15/25	3		9,850,000		9,936,456
MidAmerican Energy Co.
4.40%		10/15/44			3,375,000		3,411,637
4.80%		09/15/43			11,300,000		12,132,624
Mirant Americas Generation LLC
8.50%		10/01/21			22,932,000		21,900,060
9.13%		05/01/31			20,514,000		19,180,590
Mirant Mid Atlantic Pass-Through Trust, Series B
9.13%		06/30/17			10,796,069		11,450,581
Mirant Mid Atlantic Pass-Through Trust, Series C
10.06%		12/30/28			8,836,850		9,720,535
Nevada Power Co.
5.45%		05/15/41			600,000		686,673
NextEra Energy Capital Holdings, Inc.
1.59%		06/01/17			12,940,000		12,977,714

See accompanying notes to Schedule of Portfolio Investments.

48 / N-Q Report June 2015

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Electric (continued)
Niagara Mohawk Power Corp.
3.51%		10/01/24	3	$	6,000,000	$	6,023,211
Northeast Utilities, Series H
3.15%		01/15/25			9,500,000		9,197,738
Oncor Electric Delivery Co. LLC
4.10%		06/01/22			16,683,000		17,660,824
5.25%		09/30/40			9,938,000		11,177,867
5.30%		06/01/42			24,358,000		27,234,826
PacifiCorp
3.35%		07/01/25			7,200,000		7,214,141
Pennsylvania Electric Co.
4.15%		04/15/25	3		3,390,000		3,427,745
Potomac Electric Power Co.
4.15%		03/15/43			50,000,000		48,331,000
Public Service Co. of New Hampshire
6.00%		05/01/18			5,000,000		5,574,795
Public Service Co. of New Mexico
5.35%		10/01/21			5,320,000		5,792,223
7.95%		05/15/18			41,187,000		48,103,451
Public Service Electric & Gas Co. (MTN)
3.65%		09/01/42			7,215,000		6,458,652
Public Service Electric & Gas Co., Series K
4.05%		05/01/45			15,770,000		15,088,973
PVNGS II Funding Corp., Inc.
8.00%		12/30/15			8,000		8,020
Southern California Edison Co., Series C
3.60%		02/01/45			11,375,000		10,147,490
Southern California Gas Co.
3.75%		09/15/42			7,650,000		6,969,230
Southwestern Electric Power Co.
6.20%		03/15/40			5,060,000		6,129,284
Southwestern Electric Power Co., Series J
3.90%		04/01/45			33,886,000		29,718,615
Tucson Electric Power Co.
3.85%		03/15/23			85,000		86,538
							855,899,484
Energy — 2.25%
Access Midstream Partners LP/ACMP Finance Corp.
4.88%		05/15/23			2,175,000		2,153,444

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Energy (continued)
Anadarko Petroleum Corp.
4.50%		07/15/44		$	27,421,000	$	25,312,051
Arch Coal, Inc.
7.00%		06/15/19			14,345,000		2,151,750
Boardwalk Pipelines LLC
4.95%		12/15/24			94,255,000		92,592,342
5.20%		06/01/18			10,819,000		11,310,945
5.75%		09/15/19			7,000,000		7,407,961
BP Capital Markets PLC (United Kingdom)
3.06%		03/17/22	4		8,560,000		8,532,424
3.51%		03/17/25	4		56,965,000		56,397,913
3.54%		11/04/24	4		23,633,000		23,422,170
Canadian Natural Resources Ltd. (Canada)
3.90%		02/01/25	4		10,630,000		10,523,870
Chesapeake Energy Corp.
5.75%		03/15/23			10,620,000		9,664,200
6.63%		08/15/20			30,825,000		30,208,500
6.88%		11/15/20			5,000,000		4,900,000
Continental Resources, Inc. (WI)
4.90%		06/01/44			16,805,000		14,104,012
Crestwood Midstream Partners LP/ Crestwood Midstream Finance Corp.
6.13%		03/01/22			6,225,000		6,380,625
Devon Energy Corp.
4.75%		05/15/42			11,800,000		11,351,081
5.00%		06/15/45			3,590,000		3,557,733
El Paso LLC, Series G (MTN)
7.80%		08/01/31			3,000,000		3,434,475
El Paso Pipeline Partners Operating Co. LLC
4.10%		11/15/15			46,175,000		46,659,422
5.00%		10/01/21			2,000,000		2,119,024
Energy Transfer Partners LP
3.30%		11/01/66	2		75,433,000		64,872,380
3.60%		02/01/23			38,070,000		36,111,070
4.65%		06/01/21			5,618,000		5,773,089
4.75%		01/15/26			16,500,000		16,362,324
5.15%		03/15/45			46,320,000		41,128,339
5.20%		02/01/22			5,543,000		5,811,470
5.50%		06/01/27			75,022,000		75,209,555
5.95%		10/01/43			52,360,000		51,491,086
6.13%		12/15/45			6,685,000		6,690,625
EnLink Midstream Partners LP
4.15%		06/01/25			17,325,000		16,902,322

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 49

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Energy (continued)
Enterprise Products Operating LLC
4.90%		05/15/46		$	10,635,000	$	10,070,260
Exxon Mobil Corp.
3.57%		03/06/45			28,084,000		25,489,460
Florida Gas Transmission Co. LLC
7.90%		05/15/19	3		19,050,000		22,407,401
MarkWest Energy Partners LP/MarkWest Energy Finance Corp.
4.88%		12/01/24			9,105,000		8,968,425
Newfield Exploration Co.
5.38%		01/01/26			5,000,000		4,968,750
5.63%		07/01/24			46,879,000		47,757,981
NGPL Pipe Co. LLC
7.12%		12/15/17	3		17,310,000		17,829,300
Noble Energy, Inc.
5.05%		11/15/44			34,650,000		33,271,606
Panhandle Eastern Pipeline Co. LP
8.13%		06/01/19			2,392,000		2,798,643
QEP Resources, Inc.
6.88%		03/01/21			7,215,000		7,521,637
Rockies Express Pipeline LLC
5.63%		04/15/20	3		20,000,000		20,700,000
6.00%		01/15/19	3		38,849,000		40,840,011
6.85%		07/15/18	3		42,721,000		45,873,810
Ruby Pipeline LLC
6.00%		04/01/22	3		48,270,000		52,467,776
Sabine Pass Liquefaction LLC
5.63%		04/15/23			24,500,000		24,500,000
5.63%		03/01/25	3		22,830,000		22,687,312
5.75%		05/15/24			23,890,000		23,919,862
Sabine Pass LNG LP
7.50%		11/30/16			63,238,000		66,716,090
7.50%		11/30/16	3		19,273,000		20,333,015
Shell International Finance BV (Netherlands)
3.25%		05/11/25	4		65,565,000		65,136,861
4.38%		05/11/45	4		93,435,000		92,497,520
4.55%		08/12/43	4		4,075,000		4,129,422
Spectra Energy Partners LP
4.50%		03/15/45			43,788,000		38,939,596
TC PipeLines LP
4.38%		03/13/25			36,050,000		35,497,135

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Energy (continued)
Tennessee Gas Pipeline Co. LLC
7.63%		04/01/37		$	40,000	$	47,227
8.00%		02/01/16			25,955,000		26,933,919
8.38%		06/15/32			5,224,000		6,352,704
Texas Eastern Transmission LP
2.80%		10/15/22	3		22,278,000		20,929,435
Trans-Canada Pipelines Ltd. (Canada)
6.35%		05/15/67	2,4		85,000		80,962
Weatherford International Ltd. (Switzerland)
4.50%		04/15/22	4		220,000		206,890
Williams Cos., Inc.
4.55%		06/24/24			9,700,000		9,415,969
7.88%		09/01/21			5,881,000		6,912,180
							1,498,737,361
Finance — 3.64%
Alta Wind Holdings LLC
7.00%		06/30/35	3		13,350,657		15,620,469
Bear Stearns Cos. LLC
4.65%		07/02/18			4,330,000		4,677,712
7.25%		02/01/18			15,695,000		17,786,045
Chase Capital II, Series B
0.78%		02/01/27	2		23,335,000		20,010,183
Chase Capital III, Series C
0.83%		03/01/27	2		10,900,000		9,436,577
Chase Capital VI
0.90%		08/01/28	2		19,340,000		16,729,100
CIT Group, Inc.
4.25%		08/15/17			9,633,000		9,825,660
6.63%		04/01/18	3		6,627,000		7,049,471
Citigroup Capital III
7.63%		12/01/36			7,438,000		9,127,795
Citigroup, Inc.
0.77%		08/14/17	2		5,355,000		5,325,103
0.82%		03/10/17	2		4,345,000		4,331,413
0.83%		08/25/36	2		84,149,000		64,787,308
0.98%		11/24/17	2		46,230,000		46,231,895
1.24%		07/25/16	2		36,535,000		36,658,835
1.25%		01/15/16			55,815,000		55,923,457
1.30%		11/15/16			5,625,000		5,625,357
1.75%		05/01/18			17,650,000		17,578,201
2.50%		09/26/18			8,500,000		8,610,440

See accompanying notes to Schedule of Portfolio Investments.

50 / N-Q Report June 2015

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Finance (continued)
4.50%		01/14/22		$	265,000	$	285,656
4.59%		12/15/15			8,083,000		8,221,114
5.30%		01/07/16			23,609,000		24,146,163
5.38%		08/09/20			8,425,000		9,429,926
5.50%		09/13/25			10,000,000		10,829,230
5.85%		08/02/16			155,000		162,828
6.00%		08/15/17			28,913,000		31,464,052
6.13%		11/21/17			10,055,000		11,066,402
Countrywide Capital III, Series B
8.05%		06/15/27			3,000,000		3,715,158
Credit Suisse Group Funding Guernsey Ltd. (United Kingdom)
3.75%		03/26/25	3,4		22,625,000		21,751,166
Discover Bank (BKNT)
3.20%		08/09/21			6,970,000		6,859,414
8.70%		11/18/19			3,676,000		4,498,709
Discover Financial Services
3.85%		11/21/22			10,899,000		10,838,805
5.20%		04/27/22			4,515,000		4,807,554
Ford Motor Credit Co. LLC
1.22%		01/09/18	2		45,075,000		45,147,390
1.70%		05/09/16			37,250,000		37,316,510
8.00%		12/15/16			82,207,000		89,570,014
Ford Motor Credit Co. LLC, Series FRN
1.53%		05/09/16	2		10,525,000		10,587,634
General Electric Capital Corp.
4.63%		01/07/21			20,325,000		22,394,309
5.63%		05/01/18			295,000		327,134
General Electric Capital Corp. (MTN)
0.66%		05/05/26	2		57,410,000		54,611,900
0.75%		08/15/36	2		13,220,000		12,024,621
4.38%		09/16/20			30,715,000		33,449,341
5.00%		01/08/16			250,000		255,784
5.38%		10/20/16			3,803,000		4,022,819
5.88%		01/14/38			26,495,000		31,761,226
General Electric Capital Corp., Series A (MTN)
6.75%		03/15/32			13,915,000		18,094,635
General Electric Capital Corp., Series G (MTN)
3.10%		01/09/23			64,159,000		64,046,016
6.15%		08/07/37			14,393,000		17,931,433
6.88%		01/10/39			21,257,000		28,632,754

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Finance (continued)
General Motors Financial Co., Inc.
2.75%		05/15/16		$	32,499,000	$	32,844,302
4.00%		01/15/25			40,000,000		39,329,120
4.38%		09/25/21			10,000,000		10,372,098
4.75%		08/15/17			4,195,000		4,436,212
General Motors Financial Co., Inc., Series 3YR
3.00%		09/25/17			52,050,000		53,091,000
Goldman Sachs Group, Inc.
0.73%		03/22/16	2		1,325,000		1,324,385
0.95%		05/22/17	2		19,100,000		19,108,576
1.44%		04/23/20	2		26,625,000		26,856,717
2.38%		01/22/18			38,810,000		39,381,303
3.63%		02/07/16			23,485,000		23,863,003
5.15%		05/22/45			2,700,000		2,608,504
5.25%		07/27/21			37,200,000		41,399,080
5.35%		01/15/16			66,275,000		67,875,419
5.75%		10/01/16			3,600,000		3,800,997
5.95%		01/18/18			59,215,000		65,117,314
6.15%		04/01/18			31,176,000		34,677,221
6.25%		09/01/17			21,219,000		23,267,419
6.75%		10/01/37			9,500,000		11,177,291
7.50%		02/15/19			21,655,000		25,448,458
Goldman Sachs Group, Inc. (MTN)
1.09%		12/15/17	2		19,550,000		19,583,724
1.88%		11/29/23	2		110,660,000		112,555,788
3.85%		07/08/24			6,450,000		6,445,975
Goldman Sachs Group, Inc., Series 10YR
3.50%		01/23/25			17,575,000		17,007,591
Goldman Sachs Group, Inc., Series D
6.00%		06/15/20			9,510,000		10,971,102
Goldman Sachs Group, Inc., Series G (MTN)
5.38%		03/15/20			60,000		66,853
International Lease Finance Corp.
6.75%		09/01/16	3		61,375,000		64,676,975
7.13%		09/01/18	3		31,055,000		34,595,270
JPMorgan Chase Capital XIII, Series M
1.23%		09/30/34	2		4,238,000		3,597,002
JPMorgan Chase Capital XXI, Series U
1.23%		02/02/37	2		58,900,000		49,034,250
JPMorgan Chase Capital XXIII
1.27%		05/15/47	2		93,909,000		74,540,269

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 51

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Finance (continued)
KKR Group Finance Co. III LLC
5.13%		06/01/44	3	$	28,980,000	$	27,846,013
Morgan Stanley
0.77%		10/15/15	2		5,730,000		5,735,100
1.02%		01/05/18	2		81,335,000		81,458,304
3.70%		10/23/24			15,900,000		15,827,250
3.80%		04/29/16			9,140,000		9,348,716
4.30%		01/27/45			50,600,000		47,515,540
Morgan Stanley (MTN)
0.73%		10/18/16	2		20,365,000		20,319,287
5.63%		09/23/19			17,950,000		20,112,859
5.75%		10/18/16			8,550,000		9,037,346
5.95%		12/28/17			30,835,000		33,906,135
6.25%		08/28/17			12,950,000		14,202,783
6.63%		04/01/18			57,670,000		64,733,595
Morgan Stanley, Series G (MTN)
2.38%		07/23/19			24,305,000		24,149,159
5.45%		01/09/17			13,515,000		14,320,744
5.50%		07/24/20			35,400,000		39,726,694
7.30%		05/13/19			6,130,000		7,215,519
Pipeline Funding Co. LLC
7.50%		01/15/30	3		18,725,000		22,728,433
Raymond James Financial, Inc.
8.60%		08/15/19			8,453,000		10,339,659
Reckson Operating Partnership LP
5.00%		08/15/18			32,289,000		34,622,219
ZFS Finance USA Trust II
6.45%		12/15/65	2,3		25,896,000		26,478,660
							2,422,261,951
Food — 0.11%
HJ Heinz Co.
1.60%		06/30/17	3		58,685,000		58,719,565
5.20%		07/15/45	3		13,222,000		13,570,420
							72,289,985
Health Care — 1.07%
AbbVie, Inc.
1.80%		05/14/18			69,585,000		69,428,573
Actavis Funding SCS (Luxembourg)
3.45%		03/15/22	4		5,200,000		5,158,379
3.80%		03/15/25	4		82,800,000		81,499,543
4.75%		03/15/45	4		15,490,000		14,804,552

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Health Care (continued)
Amgen, Inc.
4.40%		05/01/45		$	4,300,000	$	3,978,240
Baylor Scott & White Holdings
4.19%		11/15/45			44,310,000		41,371,542
Catholic Health Initiatives
2.95%		11/01/22			24,505,000		23,984,649
CHS/Community Health Systems, Inc.
5.13%		08/15/18			7,475,000		7,680,563
5.13%		08/01/21			7,910,000		8,078,088
7.13%		07/15/20			8,747,000		9,289,314
8.00%		11/15/19			8,125,000		8,602,344
DaVita HealthCare Partners, Inc.
5.00%		05/01/25			19,683,000		19,006,397
5.13%		07/15/24			1,785,000		1,762,687
5.75%		08/15/22			16,375,000		17,418,906
Fresenius Medical Care U.S. Finance II, Inc.
4.13%		10/15/20	3		7,865,000		7,953,481
6.50%		09/15/18	3		6,024,000		6,656,520
HCA, Inc.
4.25%		10/15/19			9,790,000		10,034,750
4.75%		05/01/23			10,175,000		10,302,187
5.00%		03/15/24			12,935,000		13,193,700
5.25%		04/15/25			34,600,000		36,113,750
5.38%		02/01/25			6,490,000		6,612,012
5.88%		03/15/22			4,921,000		5,363,890
6.50%		02/15/20			11,100,000		12,432,000
Medtronic, Inc.
1.09%		03/15/20	2,3		5,650,000		5,698,624
4.63%		03/15/45	3		5,000,000		5,070,883
Memorial Sloan-Kettering, Series 2015
4.20%		07/01/55			30,550,000		27,736,498
Merck & Co., Inc.
2.75%		02/10/25			19,900,000		19,064,071
3.70%		02/10/45			9,505,000		8,505,397
New York and Presbyterian Hospital
4.02%		08/01/45			75,235,000		68,854,809
North Shore Long Island Jewish Health Care, Inc.
4.80%		11/01/42			40,000		37,405
6.15%		11/01/43			27,975,000		32,447,209
NYU Hospitals Center, Series 13, Class A
5.75%		07/01/43			6,040,000		6,909,826

See accompanying notes to Schedule of Portfolio Investments.

52 / N-Q Report June 2015

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Health Care (continued)
Providence Health & Services Obligated Group
0.93%		10/01/15	2	$	2,350,000	$	2,350,712
Roche Holdings, Inc.
3.35%		09/30/24	3		6,735,000		6,786,378
Tenet Healthcare Corp.
3.79%		06/15/20	2,3		2,000,000		2,020,000
4.50%		04/01/21			4,240,000		4,218,800
6.00%		10/01/20			12,333,000		13,180,894
Valeant Pharmaceuticals International, Inc. (Canada)
5.50%		03/01/23	3,4		6,572,000		6,621,290
5.63%		12/01/21	3,4		8,955,000		9,178,875
6.38%		10/15/20	3,4		4,400,000		4,644,750
6.75%		08/15/18	3,4		10,000,000		10,506,250
6.75%		08/15/21	3,4		20,000,000		20,900,000
7.25%		07/15/22	3,4		1,290,000		1,377,075
VRX Escrow Corp. (Canada)
5.38%		03/15/20	3,4		3,160,000		3,270,600
VRX/Valeant Pharmaceuticals Escrow Corp. (Canada)
5.88%		05/15/23	3,4		13,211,000		13,607,330
6.13%		04/15/25	3,4		14,980,000		15,411,424
							709,125,167
Industrials — 0.14%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (Ireland)
3.29%		12/15/19	2,3,4		11,400,000		11,129,250
General Electric Co.
4.50%		03/11/44			82,653,000		84,105,527
							95,234,777
Information Technology — 0.17%
Apple, Inc.
4.38%		05/13/45			17,230,000		16,978,003
Microsoft Corp.
3.75%		02/12/45			86,215,000		77,934,739
NXP BV/NXP Funding LLC (Netherlands)
4.13%		06/15/20	3,4		5,265,000		5,317,650
4.63%		06/15/22	3,4		10,900,000		10,777,375
Oracle Corp.
4.13%		05/15/45			4,800,000		4,462,123
							115,469,890
Insurance — 0.62%

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Insurance (continued)
Berkshire Hathaway Finance Corp.
4.30%		05/15/43		$	7,200,000	$	6,993,082
4.40%		05/15/42			57,751,000		56,335,985
Berkshire Hathaway, Inc.
4.50%		02/11/43			37,120,000		37,568,131
Farmers Exchange Capital
7.05%		07/15/28	3		10,634,000		12,918,236
7.20%		07/15/48	3		18,265,000		22,839,771
Farmers Exchange Capital II
6.15%		11/01/53	2,3		69,690,000		73,871,400
Farmers Exchange Capital III
5.45%		10/15/54	2,3		71,260,000		70,012,950
Metropolitan Life Global Funding I
1.50%		01/10/18	3		24,800,000		24,817,811
1.88%		06/22/18	3		23,650,000		23,792,386
3.88%		04/11/22	3		18,675,000		19,641,076
Nationwide Mutual Insurance Co.
2.58%		12/15/24	2,3		18,824,000		18,814,532
Pricoa Global Funding I
1.60%		05/29/18	3		24,825,000		24,729,374
Teachers Insurance & Annuity Association of America
4.38%		09/15/54	2,3		19,650,000		19,651,464
							411,986,198
Materials — 0.04%
Barrick Gold Corp. (WI) (Canada)
4.10%		05/01/23	4		1,215,000		1,174,808
Barrick North America Finance LLC
4.40%		05/30/21			5,000,000		5,123,855
5.75%		05/01/43			11,230,000		10,833,469
Barrick PD Australia Finance Pty Ltd. (Australia)
5.95%		10/15/39	4		7,080,000		6,854,923
							23,987,055
Real Estate Investment Trust (REIT) — 1.75%
Alexandria Real Estate Equities, Inc.
3.90%		06/15/23			25,677,000		25,643,492
4.60%		04/01/22			17,951,000		18,846,902
ARC Properties Operating Partnership LP/Clark Acquisition LLC
2.00%		02/06/17			122,995,000		119,535,766
3.00%		02/06/19			19,140,000		18,289,466

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 53

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
CORPORATES (continued)
Real Estate Investment Trust (REIT) (continued)
AvalonBay Communities, Inc., (MTN)
3.95%		01/15/21	$	7,245,000	$	7,635,571
Camden Property Trust
4.63%		06/15/21		600,000		649,536
CBL & Associates LP
4.60%		10/15/24		8,261,000		8,114,751
DDR Corp.
9.63%		03/15/16		12,685,000		13,417,062
ERP Operating LP
5.13%		03/15/16		70,000		72,016
5.75%		06/15/17		100,000		108,185
Essex Portfolio LP
5.50%		03/15/17		100,000		106,448
First Industrial LP (MTN)
7.50%		12/01/17		80,000		89,093
HCP, Inc.
2.63%		02/01/20		26,608,000		26,288,731
3.15%		08/01/22		12,660,000		12,223,806
3.40%		02/01/25		21,800,000		20,508,350
3.75%		02/01/16		30,882,000		31,346,481
3.75%		02/01/19		7,907,000		8,226,727
3.88%		08/15/24		24,650,000		24,179,259
4.20%		03/01/24		9,849,000		9,958,796
4.25%		11/15/23		32,075,000		32,483,219
5.38%		02/01/21		40,612,000		44,850,959
5.63%		05/01/17		1,508,000		1,617,862
6.00%		01/30/17		16,320,000		17,415,986
HCP, Inc. (MTN)
6.30%		09/15/16		41,812,000		44,162,378
Health Care REIT, Inc.
3.63%		03/15/16		10,630,000		10,796,833
3.75%		03/15/23		11,170,000		11,076,351
4.00%		06/01/25		25,700,000		25,416,349
4.13%		04/01/19		17,505,000		18,478,934
4.70%		09/15/17		28,088,000		29,898,131
4.95%		01/15/21		39,732,000		43,317,217
5.25%		01/15/22		28,770,000		31,441,539
6.13%		04/15/20		7,275,000		8,320,207
6.20%		06/01/16		24,371,000		25,430,021
6.50%		03/15/41		13,430,000		15,933,755
Healthcare Realty Trust, Inc.
5.75%		01/15/21		30,455,000		33,777,869

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Real Estate Investment Trust (REIT) (continued)
Highwoods Realty LP
7.50%		04/15/18		$	6,810,000	$	7,795,305
Hospitality Properties Trust
6.30%		06/15/16			3,315,000		3,387,360
Kimco Realty Corp. (MTN)
5.78%		03/15/16			5,710,000		5,886,822
Mid-America Apartments LP
5.50%		10/01/15			11,289,000		11,409,725
Post Apartment Homes LP
4.75%		10/15/17			21,885,000		23,331,839
Regency Centers LP
5.88%		06/15/17			1,800,000		1,947,506
Scentre Group Trust 1/Scentre Group Trust 2 (Australia)
2.38%		11/05/19	3,4		25,950,000		25,893,491
2.38%		04/28/21	3,4		33,895,000		33,028,362
Simon Property Group LP
6.13%		05/30/18			1,290,000		1,450,015
SL Green Realty Corp.
4.50%		12/01/22			8,570,000		8,764,119
7.75%		03/15/20			38,473,000		45,897,558
Ventas Realty LP/Ventas Capital Corp.
2.00%		02/15/18			60,000		60,405
2.70%		04/01/20			26,673,000		26,623,388
3.13%		11/30/15			33,257,000		33,524,137
3.50%		02/01/25			27,105,000		26,105,666
4.38%		02/01/45			7,600,000		6,791,292
4.75%		06/01/21			29,956,000		32,579,347
WEA Finance LLC/Westfield UK & Europe Finance PLC
1.75%		09/15/17	3		30,335,000		30,436,154
2.70%		09/17/19	3		99,256,000		99,523,559
							1,164,094,098
Retail — 0.15%
Walgreens Boots Alliance, Inc.
0.73%		05/18/16	2		50,070,000		50,073,204
Wal-Mart Stores, Inc.
4.00%		04/11/43			4,600,000		4,400,043
4.30%		04/22/44			11,028,000		11,084,320
4.75%		10/02/43			27,225,000		29,058,563
5.25%		09/01/35			5,745,000		6,535,409
							101,151,539
Services — 0.14%

See accompanying notes to Schedule of Portfolio Investments.

54 / N-Q Report June 2015

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Services (continued)
Catholic Health Initiatives
4.35%		11/01/42		$	77,295,000	$	70,844,114
Trinity Health Credit Group
4.13%		12/01/45			22,192,000		20,606,384
							91,450,498
Transportation — 0.55%
America West Airlines Pass-Through Trust, Series 2001-1, Class G
7.10%		04/02/21			1,623,029		1,775,188
American Airlines Pass-Through Trust, Series 2011-1, Class A
5.25%		01/31/21			3,559,734		3,791,117
American Airlines Pass-Through Trust, Series 2013-1, Class A
4.00%		07/15/25			21,985,535		22,521,432
American Airlines Pass-Through Trust, Series 2013-2, Class A
4.95%		01/15/23			78,991,153		83,928,100
Autopistas Metropolitanas de Puerto Rico LLC
6.75%		06/30/35	3		2,415,000		2,046,713
Burlington Northern Santa Fe LLC
4.15%		04/01/45			42,555,000		39,472,933
4.90%		04/01/44			39,425,000		41,174,246
Continental Airlines Pass-Through Trust, Series 1997, Class 4A
6.90%		01/02/18			1,306,314		1,367,548
Continental Airlines Pass-Through Trust, Series 1999-1, Class A
6.55%		08/02/20			1,757,596		1,923,469
Continental Airlines Pass-Through Trust, Series 1999-2 AMBC, Class C2
6.24%		03/15/20			81,431		87,793
Continental Airlines Pass-Through Trust, Series 1999-2, Class C2
7.26%		03/15/20			6,817,059		7,566,936
Continental Airlines Pass-Through Trust, Series 2000-2, Class A1
7.71%		10/02/22			1,722,791		1,907,991
Continental Airlines Pass-Through Trust, Series 2007, Class 1A
5.98%		04/19/22			10,506,591		11,609,783

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Transportation (continued)
Continental Airlines Pass-Through Trust, Series 2007, Class 1B
6.90%		04/19/22		$	2,228,030	$	2,367,282
Continental Airlines Pass-Through Trust, Series 2009, Class A2
7.25%		11/10/19			6,113,677		7,034,550
Delta Air Lines Pass-Through Trust, Series 2002, Class G1
6.72%		01/02/23			40,411,139		46,371,782
JetBlue Airways Pass-Through Trust, Series 2004-2, Class G2
0.72%		11/15/16	2		13,575,000		13,320,469
Northwest Airlines Pass-Through Trust, Series 2001-1, Class A1
7.04%		04/01/22			3,643,004		4,182,606
UAL Pass-Through Trust, Series 2009-1
10.40%		11/01/16			22,560		24,591
UAL Pass-Through Trust, Series 2009-2A
9.75%		01/15/17			13,662,230		14,840,598
US Airways Pass-Through Trust, Series 2010-1, Class A
6.25%		04/22/23			24,229,741		27,137,310
US Airways Pass-Through Trust, Series 2011-1, Class A
7.13%		10/22/23			4,589,089		5,329,080
US Airways Pass-Through Trust, Series 2012-1, Class A
5.90%		10/01/24			21,748,448		24,439,818
							364,221,335
Total Corporates (Cost $10,991,771,657)							10,996,537,265
MORTGAGE-BACKED — 43.27%**
Commercial Mortgage-Backed — 3.98%
Banc of America Commercial Mortgage Trust, Series 2006-5, Class A4
5.41%		09/10/47			32,736,576		33,674,528
Banc of America Large Loan Trust, Series 2009-FDG, Class A
5.20%		01/25/42	2,3		35,781,466		37,533,389
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-6, Class A4
5.16%		09/10/47	2		47,626,161		47,842,944
Banc of America Re-REMIC Trust, Series 2009-UB2, Class A4AA
5.82%		02/24/51	2,3		23,698,550		24,627,834

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 55

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Commercial Mortgage-Backed (continued)
Banc of America Re-REMIC Trust, Series 2009-UB2, Class A4AB
5.88%		12/24/49	2,3	$	24,239,872	$	25,320,407
Banc of America Re-REMIC Trust, Series 2010-UB5, Class A4B
5.67%		02/17/51	2,3		25,000,000		26,202,145
Bayview Commercial Asset Trust, Series 2004-2, Class A
0.61%		08/25/34	2,3		599,702		573,095
Bayview Financial Mortgage Pass-Through Trust, Series 2005-D, Class AF3
5.50%		12/28/35	2		223,983		224,902
Bear Stearns Commercial Mortgage Securities Trust, Series 2005-T20, Class A4A
5.26%		10/12/42	2		21,353,745		21,405,975
Bear Stearns Commercial Mortgage Securities Trust, Series 2006-T22, Class A4
5.77%		04/12/38	2		16,907,905		17,237,009
CD Commercial Mortgage Trust, Series 2007-CD4, Class A3
5.29%		12/11/49			6,462,994		6,512,591
CFCRE Commercial Mortgage Trust, Series 2011-C2, Class A2
3.06%		12/15/47			52,871,179		54,160,443
Commercial Mortgage Pass-Through Certificates, Series 2012-CR3, Class A2
1.77%		10/15/45			51,600,000		51,880,492
Commercial Mortgage Trust, Series 2010-C1, Class A1
3.16%		07/10/46	3		3,877,154		3,879,872
Commercial Mortgage Trust, Series 2012-9W57, Class A
2.36%		02/10/29	3		152,174,993		155,035,137
Commercial Mortgage Trust, Series 2012-CR2, Class A2
2.03%		08/15/45			34,958,000		35,435,177
Commercial Mortgage Trust, Series 2013-CR6, Class A2
2.12%		03/10/46			24,355,000		24,675,302
Commercial Mortgage Trust, Series 2013-LC6, Class A2
1.91%		01/10/46			20,000,000		20,176,809
Credit Suisse Mortgage Trust, Series 2007-C1, Class A1A
5.36%		02/15/40			50,540,494		52,880,140
Credit Suisse Mortgage Trust, Series 2007-C2, Class A1A
5.53%		01/15/49	2		165,695,242		173,663,692
Credit Suisse Mortgage Trust, Series 2007-C3, Class A1A1
5.89%		06/15/39	2		114,272		120,426

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Commercial Mortgage-Backed (continued)
Credit Suisse Mortgage Trust, Series 2007-C5, Class A1A
5.57%		09/15/40	2	$	44,212,672	$	47,276,953
DBUBS Mortgage Trust, Series 2011-LC1A, Class A2
4.53%		11/10/46	3		33,404,000		35,755,039
DBUBS Mortgage Trust, Series 2011-LC3A, Class A2
3.64%		08/10/44			94,762,589		96,490,538
GE Capital Commercial Mortgage Corp., Series 2005-C4, Class A4
5.32%		11/10/45	2		27,459,151		27,530,586
GE Commercial Mortgage Corp., Series 2007-C1, Class A1A
5.48%		12/10/49	2		44,706,542		47,315,481
GMAC Commercial Mortgage Securities, Inc., Series 1998-C2, Class X (IO)
1.25%		05/15/35	2,7		7,856,627		183,519
GS Mortgage Securities Corp. II, Series 2011-GC5, Class A4
3.71%		08/10/44	2		107,315,000		113,698,504
GS Mortgage Securities Corp. II, Series 2012-GCJ9, Class A2
1.76%		11/10/45			15,000,000		15,095,407
GS Mortgage Securities Trust, Series 2010-C2, Class A1
3.85%		12/10/43	3		41,078,020		41,819,417
GS Mortgage Securities Trust, Series 2011-GC3, Class A2
3.65%		03/10/44	3		15,151,625		15,302,591
GS Mortgage Securities Trust, Series 2011-GC5, Class A2
3.00%		08/10/44			44,196,000		44,952,368
GS Mortgage Securities Trust, Series 2012-GCJ7, Class A2
2.32%		05/10/45			20,000,000		20,323,294
GS Mortgage Securities Trust, Series 2013-GC16, Class A2
3.03%		11/10/46			23,000,000		23,840,481
GS Mortgage Securities Trust, Series 2014-3R, Class 2A
0.37%		09/26/36	2,3		24,179,316		23,467,293
JPMBB Commercial Mortgage Securities Trust, Series 2013-C12, Class A2
2.42%		07/15/45			20,000,000		20,394,083
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2005-CB12, Class A4
4.90%		09/12/37			135,120		135,042
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2005-CB13, Class A4
5.42%		01/12/43	2		47,951,406		48,032,611

See accompanying notes to Schedule of Portfolio Investments.

56 / N-Q Report June 2015

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Commercial Mortgage-Backed (continued)
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2005-LDP5, Class A4
5.41%		12/15/44	2	$	7,076,652	$	7,106,380
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2006-CB16, Class A4
5.55%		05/12/45			11,450,306		11,760,850
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2006-CB17, Class A4
5.43%		12/12/43			19,563,020		20,356,496
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2006-LDP9, Class A1A
5.26%		05/15/47			14,990,700		15,580,884
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2006-LDP9, Class A3S
5.24%		05/15/47	3		2,009,289		2,010,868
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2010-C1, Class A1
3.85%		06/15/43	3		1,592,214		1,590,952
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2010-C2, Class A1
2.75%		11/15/43	3		24,255,085		24,349,491
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2011-C4, Class A2
3.34%		07/15/46	3		11,965,412		12,152,426
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2011-PLSD, Class A2
3.36%		11/13/44	3		90,518,000		93,084,647
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2012-C8, Class A2
1.80%		10/15/45			31,150,000		31,382,083
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2012-LC9, Class A2
1.68%		12/15/47			22,156,000		22,264,764
LB Commercial Mortgage Trust, Series 2007-C3, Class A1A
6.06%		07/15/44	2		27,446,646		29,627,965
LB-UBS Commercial Mortgage Trust, Series 2007-C6, Class A4
5.86%		07/15/40	2		48,535,228		51,163,554
LB-UBS Commercial Mortgage Trust, Series 2007-C1, Class A1A
5.39%		02/15/40			99,593,484		105,079,501

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Commercial Mortgage-Backed (continued)
Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2007-1A, Class 2A3
5.62%		03/25/37	2,3	$	9,010,585	$	9,004,030
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-4, Class ASB
5.13%		12/12/49	2		4,331,287		4,364,459
ML-CFC Commercial Mortgage Trust, Series 2006-4, Class A1A
5.17%		12/12/49			22,087,673		23,038,990
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2012-C5, Class A2
1.97%		08/15/45			40,000,000		40,523,400
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2012-C6, Class A2
1.87%		11/15/45			73,000,000		73,668,771
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2012-C6, Class A3
2.51%		11/15/45			30,429,000		30,589,209
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C7, Class A2
1.86%		02/15/46			18,650,000		18,762,404
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C9, Class A2
1.97%		05/15/46			15,000,000		15,150,232
Morgan Stanley Capital I Trust, Series 2006-IQ11, Class A1A
5.83%		10/15/42	2		22,178,415		22,670,333
Morgan Stanley Capital I Trust, Series 2001-C3, Class A2
3.22%		08/15/49			26,248,547		26,797,312
Morgan Stanley Capital I Trust, Series 2006-IQ12, Class A4
5.33%		12/15/43			76,799		79,938
Morgan Stanley Capital I Trust, Series 2007-HQ12, Class A1A
5.86%		04/12/49	2		77,237,494		80,437,598
Morgan Stanley Capital I Trust, Series 2007-HQ12, Class A3
5.86%		04/12/49	2		37,055,000		37,001,715
Morgan Stanley Capital I Trust, Series 2012-C4, Class A2
2.11%		03/15/45			30,000,000		30,369,210
UBS-Barclays Commercial Mortgage Trust, Series 2012-C2, Class A2
2.11%		05/10/63			113,401,843		115,439,107
UBS-Barclays Commercial Mortgage Trust, Series 2012-C3, Class A2
1.85%		08/10/49			24,250,000		24,553,731
UBS-Barclays Commercial Mortgage Trust, Series 2012-C4, Class A2
1.71%		12/10/45			17,992,000		18,080,647

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 57

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Commercial Mortgage-Backed (continued)
Wachovia Bank Commercial Mortgage Trust, Series 2006-AMN1, Class A3
0.42%		08/25/36	2	$	31,618,288	$	19,641,973
Wells Fargo Commercial Mortgage Trust, Series 2010-C1, Class A2
4.39%		11/15/43	3		900,000		982,222
WF-RBS Commercial Mortgage Trust, Series 2010-C8, Class A3
3.00%		08/15/45			52,205,000		53,002,379
WF-RBS Commercial Mortgage Trust, Series 2011-C2, Class A2
3.79%		02/15/44	3		64,650,322		65,031,497
WF-RBS Commercial Mortgage Trust, Series 2011-C4, Class A3
4.39%		06/15/44	3		2,550,000		2,732,285
WF-RBS Commercial Mortgage Trust, Series 2011-C5, Class A4
3.67%		11/15/44			17,612,000		18,612,802
WF-RBS Commercial Mortgage Trust, Series 2012-C7, Class A2
3.43%		06/15/45			33,148,000		34,606,727
WF-RBS Commercial Mortgage Trust, Series 2013-C11, Class A2
2.03%		03/15/45			19,619,000		19,855,290
							2,647,182,638
Non-Agency Mortgage-Backed — 10.87%
Aames Mortgage Trust, Series 2002-1, Class A3 (STEP)
6.90%		06/25/32			68,604		66,837
ABFC Trust, Series 2005-HE1, Class M1
0.81%		03/25/35			24,967,875		24,458,156
Accredited Mortgage Loan Trust, Series 2006-2, Class A3
0.33%		09/25/36	2		26,846,176		26,641,235
Accredited Mortgage Loan Trust, Series 2007-1, Class A4
0.40%		02/25/37	2		46,125,000		38,219,069
ACE Securities Corp., Series 2006-ASP1, Class A1
0.42%		12/25/35	2		7,071,930		6,994,690
ACE Securities Corp., Series 2006-HE3, Class A2C
0.33%		06/25/36	2		4,606,134		3,296,875
Adjustable Rate Mortgage Trust, Series 2005-10, Class 6A1
0.72%		01/25/36	2		553,739		470,208
Adjustable Rate Mortgage Trust, Series 2005-11, Class 4A1
2.47%		02/25/36	2		86,395,170		62,423,215
Adjustable Rate Mortgage Trust, Series 2005-5, Class 6A21
0.41%		09/25/35	2		4,122,303		3,984,499

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Adjustable Rate Mortgage Trust, Series 2006-3, Class 4A32
0.38%		08/25/36	2	$	42,863,402	$	39,657,648
Aegis Asset-Backed Securities Trust, Series 2005-5, Class 1A3
0.45%		12/25/35	2		5,469,122		5,440,994
American Home Mortgage Assets, Series 2007-4, Class A2
0.37%		08/25/37	2		2,299,694		2,244,028
American Home Mortgage Investment Trust, Series 2004-3, Class 2A
1.86%		10/25/34	2		10,121,965		9,774,139
American Home Mortgage Investment Trust, Series 2006-1, Class 12A1
0.58%		03/25/46	2		2,553,147		2,149,356
American Home Mortgage Investment Trust, Series 2007-1, Class GA1C
0.37%		05/25/47	2		87,412,369		64,301,500
Ameriquest Mortgage Securities, Inc., Series 2004-R10, Class A1
0.84%		11/25/34	2		61,013,046		59,135,126
Amresco Residential Securities Mortgage Loan Trust, Series 1998-1, Class A5 (STEP)
7.57%		10/25/27			96,668		101,141
Argent Securities, Inc., Series 2004-W6, Class AV2
1.08%		05/25/34	2		18,496,542		17,762,664
Argent Securities, Inc., Series 2005-W2, Class A1
0.44%		10/25/35	2		68,738,786		67,527,883
Argent Securities, Inc., Series 2005-W3, Class A1
0.44%		11/25/35	2		77,948,951		75,783,389
Asset-Backed Funding Certificates, Series 2006-OPT3, Class A3B
0.34%		11/25/36	2		30,598,029		16,973,920
Asset-Backed Funding Certificates, Series 2007-WMC1, Class A2B
1.18%		06/25/37	2		34,182,375		25,407,047
Asset-Backed Securities Corp. Home Equity, Series 2005-HE6, Class M2
0.69%		07/25/35	2		36,474		36,274
Asset-Backed Securities Corp. Home Equity, Series 2006-HE6, Class A5
0.41%		11/25/36	2		18,411,000		13,548,850
Banc of America Alternative Loan Trust, Series 2003-2, Class CB4
5.50%		04/25/33			1,512,409		1,559,776
Banc of America Funding Corp., Series 2003-2, Class 1A1
6.50%		06/25/32			32,027		34,131

See accompanying notes to Schedule of Portfolio Investments.

58 / N-Q Report June 2015

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Banc of America Funding Corp., Series 2006-D, Class 3A1
2.82%		05/20/36	2	$	13,175,358	$	11,782,393
Banc of America Funding Corp., Series 2006-E, Class 2A1
2.73%		06/20/36	2		209,164		173,476
Banc of America Funding Corp., Series 2006-G, Class 2A1
0.40%		07/20/36	2		22,709,998		21,311,857
Banc of America Funding Corp., Series 2006-H, Class 3A1
2.80%		09/20/46	2		3,397,640		2,748,099
Banc of America Funding Corp., Series 2014-R8, Class A1
0.42%		06/26/36	2,3		22,286,730		21,564,129
Banc of America Funding Corp., Series 2015-R2, Class 1A1
0.32%		08/25/36	2,3		67,633,418		61,421,343
Banc of America Funding Corp., Series 2015-R2, Class 3A1
0.44%		04/25/37	2,3		48,831,871		47,585,868
Banc of America Funding Corp., Series 2015-R2, Class 7A1
0.47%		09/25/36	2,3		33,939,557		32,340,448
Banc of America Funding Corp., Series 2015-R2, Class 9A1
0.40%		03/25/37	2,3		21,280,131		20,542,306
Banc of America Funding Corp., Series 2015-R5, Class 1A1
0.31%		10/26/36	2,3		153,901,891		146,816,494
Banc of America Mortgage Securities, Inc., Series 2003-1, Class 3A1
2.68%		10/25/33	2		1,932,394		1,982,267
Banc of America Mortgage Securities, Inc., Series 2004-F, Class 1A1
2.51%		07/25/34	2		121,237		122,797
Banc of America Mortgage Securities, Inc., Series 2005-C, Class 2A2
2.57%		04/25/35	2		1,072,927		987,629
Banc of America Mortgage Securities, Inc., Series 2006-2, Class A2
6.00%		07/25/46	2		412,029		395,369
Banc of America Mortgage Securities, Inc., Series 2007-1, Class 1A24
6.00%		03/25/37			2,044,521		1,872,972
Banc of America Mortgage Securities, Inc., Series 2007-3, Class 1A1
6.00%		09/25/37			1,123,289		1,028,605
Banco de Credito Y Securitizacion SA, Series 2001-1, Class AF (Argentina)8
8.00%		06/30/20	3,4,7,9		8,000		640

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
BCAP LLC Trust, Series 2011-RR3, Class 1A5
2.71%		05/27/37	2,3	$	13,051,599	$	13,002,173
BCAP LLC Trust, Series 2007-AA1, Class 2A1
0.36%		03/25/37	2		1,428,436		1,229,542
BCAP LLC Trust, Series 2007-AA2, Class 2A5
6.00%		04/25/37			537,597		459,128
BCAP LLC Trust, Series 2007-AA5, Class A1
0.83%		09/25/47	2		59,139,727		50,637,268
BCAP LLC Trust, Series 2009-RR10, Class 7A1
2.41%		10/26/35	2,3		10,398,688		10,624,178
BCAP LLC Trust, Series 2010-RR11, Class 3A2
2.71%		06/27/36	2,3		3,991,553		4,002,322
BCAP LLC Trust, Series 2011-RR2, Class 3A6
2.63%		11/21/35	2,3		18,365,506		17,353,614
BCAP LLC Trust, Series 2011-RR3, Class 5A3
2.50%		11/27/37	2,3		12,085,020		11,764,411
BCAP LLC Trust, Series 2011-RR4, Class 1A3
2.90%		03/26/36	2,3		17,429,936		17,095,360
BCAP LLC Trust, Series 2011-RR5, Class 1A3
2.45%		03/26/37	2,3		1,130,051		1,112,791
BCAP LLC Trust, Series 2011-RR5, Class 2A3
2.82%		06/26/37	2,3		6,839,392		6,863,761
BCAP LLC Trust, Series 2012-RR2, Class 5A1
3.50%		02/26/36	2,3		12,287,392		12,391,958
BCAP LLC Trust, Series 2015-RA1, Class 1A1
1.18%		09/11/38	2,3		185,477,456		174,653,149
BCAP LLC Trust, Series 2015-RR2, Class 26A1
2.62%		03/28/36	2,3		27,805,762		28,641,481
Bear Stearns ALT-A Trust, Series 2006-4, Class 32A1
2.67%		07/25/36	2		3,862,638		2,804,434
Bear Stearns ARM Trust, Series 2003-4, Class 3A1
2.35%		07/25/33	2		57,632		57,905
Bear Stearns ARM Trust, Series 2004-1, Class 13A2
2.72%		04/25/34	2		16,755		16,218

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 59

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Bear Stearns ARM Trust, Series 2004-10, Class 14A1
2.74%		01/25/35	2	$	7,044,896	$	6,900,328
Bear Stearns ARM Trust, Series 2006-4, Class 2A1
2.52%		10/25/36	2		1,452,138		1,292,694
Bear Stearns Asset-Backed Securities Trust, Series 2002-1, Class 1A5 (STEP)
6.89%		12/25/34			46,618		47,864
Bear Stearns Asset-Backed Securities Trust, Series 2003-AC7, Class A1 (STEP)
5.50%		01/25/34			1,383,115		1,435,198
Bear Stearns Asset-Backed Securities Trust, Series 2003-AC7, Class A2 (STEP)
5.75%		01/25/34			1,246,971		1,309,179
Bear Stearns Asset-Backed Securities Trust, Series 2005-AC5, Class 2A3
0.43%		08/25/20	2		3,736,650		2,807,495
Bear Stearns Asset-Backed Securities Trust, Series 2005-SD1, Class 1A3
0.58%		08/25/43	2		17,488		17,291
Bear Stearns Asset-Backed Securities Trust, Series 2005-TC2, Class A3
0.55%		08/25/35	2		1,491,774		1,491,240
Bear Stearns Asset-Backed Securities Trust, Series 2006-AC2, Class 21A3
6.00%		03/25/36			2,441,070		2,200,817
Bear Stearns Mortgage Funding Trust, Series 2006-AR3, Class 1A1
0.36%		10/25/36	2		3,111,046		2,349,718
Bear Stearns Mortgage Funding Trust, Series 2007-AR4, Class 2A1
0.39%		06/25/37	2		315,724		256,912
BHN I Mortgage Fund, Series 1997-2, Class A1 (Argentina)8
1.46%		05/31/17	2,3,4,7,9,†		13,760		688
BHN I Mortgage Fund, Series 1997-2, Class A2 (Argentina)8
7.54%		05/31/17	3,4,7,9,†		2,500		125
BHN I Mortgage Fund, Series 2000-1, Class AF (Argentina)8
8.00%		01/31/20	3,4,7,9,†		6,000		2
Bombardier Capital Mortgage Securitization Corp., Series 2001-A, Class A
6.81%		12/15/30	2		12,979,099		13,439,454
Carrington Mortgage Loan Trust, Series 2006-NC1, Class A4
0.49%		01/25/36	2		36,750,000		30,558,911
CC Mortgage Funding Corp., Series 2004-1A, Class A1
0.46%		01/25/35	2,3		1,416,741		1,284,474

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Centex Home Equity Loan Trust, Series 2006-A, Class AV3
0.34%		06/25/36	2	$	16,825,312	$	16,775,341
Centex Home Equity Loan Trust, Series 2006-A, Class AV4
0.43%		06/25/36	2		27,500,000		25,119,588
Chase Mortgage Finance Corp., Series 2006-A1, Class 1A2
2.51%		09/25/36	2		2,000,803		1,724,222
Chase Mortgage Finance Corp., Series 2006-S3, Class 2A1
5.50%		11/25/21			3,051,556		2,561,601
Chase Mortgage Finance Corp., Series 2007-A2, Class 2A3
2.51%		07/25/37	2		5,940,767		6,024,999
Chaseflex Trust, Series 2005-2, Class 4A2
5.50%		05/25/20			5,921,909		5,751,364
Chaseflex Trust, Series 2006-2, Class A2B
0.38%		09/25/36	2		10,109,874		7,926,788
CIM Trust, Series 2015-1EC, Class A16
1.93%		04/25/55	2,3		199,117,872		199,156,700
CIT Mortgage Loan Trust, Series 2007-1, Class 2A2
1.43%		10/25/37	2,3		56,964		56,857
Citicorp Mortgage Securities, Inc., Series 2005-1, Class 1A12
5.00%		02/25/35			577,832		574,837
Citicorp Residential Mortgage Securities, Inc., Series 2006-2, Class A5 (STEP)
6.03%		09/25/36			525,000		537,936
Citicorp Residential Mortgage Securities, Inc., Series 2007-1, Class A5 (STEP)
5.88%		03/25/37			650,000		661,799
Citigroup Mortgage Loan Trust, Inc., Series 2004-HYB1, Class A41
2.84%		02/25/34	2		283,375		278,492
Citigroup Mortgage Loan Trust, Inc., Series 2004-RR2, Class A2
2.60%		05/25/34	2,3		5,540,720		5,740,249
Citigroup Mortgage Loan Trust, Inc., Series 2005-5, Class 3A2A
2.52%		10/25/35	2		1,396,307		1,140,498
Citigroup Mortgage Loan Trust, Inc., Series 2005-9, Class 1A1
0.44%		11/25/35	2		340,594		246,702
Citigroup Mortgage Loan Trust, Inc., Series 2006-AR3, Class 1A2A
5.26%		06/25/36	2		12,129,281		11,453,604
Citigroup Mortgage Loan Trust, Inc., Series 2006-WFH2, Class A2A
0.33%		08/25/36	2		27,879,364		27,230,068

See accompanying notes to Schedule of Portfolio Investments.

60 / N-Q Report June 2015

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Citigroup Mortgage Loan Trust, Inc., Series 2007-6, Class 1A4A
2.13%		03/25/37	2	$	1,058,793	$	787,521
Citigroup Mortgage Loan Trust, Inc., Series 2007-WFH1, Class A4
0.38%		01/25/37	2		173,000		164,013
Citigroup Mortgage Loan Trust, Inc., Series 2007-WFH2, Class A3
0.36%		03/25/37	2		29,813,395		29,440,662
Citigroup Mortgage Loan Trust, Inc., Series 2010-7, Class 2A1
2.36%		02/25/35	2,3		340,381		345,721
Citigroup Mortgage Loan Trust, Inc., Series 2010-9, Class 2A1
2.50%		11/25/35	2,3		270,844		273,485
Citigroup Mortgage Loan Trust, Inc., Series 2012-3, Class 4A1
2.19%		11/25/36	2,3		3,420,732		3,448,597
Citigroup Mortgage Loan Trust, Inc., Series 2014-6, Class 3A2
2.71%		11/25/35	2,3		22,191,426		22,502,323
Citigroup Mortgage Loan Trust, Inc., Series 2015-2, Class 1A1
0.38%		06/25/47	2,3		50,193,584		46,600,778
Citigroup Mortgage Loan Trust, Inc., Series 2015-2, Class 4A1
0.84%		03/25/47	2,3		35,757,995		34,428,080
Collateralized Mortgage Obligation Trust, Series 57, Class D
9.90%		02/01/19			1,192		1,315
Conseco Finance Securitizations Corp., Series 2001-4, Class A4
7.36%		09/01/33			5,385,997		5,930,920
Conseco Finance, Series 2001-C, Class A5 (STEP)
7.29%		08/15/33			150,604		151,891
Conseco Finance, Series 2002-A, Class A5 (STEP)
7.55%		04/15/32			17,263		17,445
Conseco Finance, Series 2002-C, Class BF2
8.00%		06/15/32	2,3		410,464		447,553
Conseco Financial Corp., Series 1996-7, Class M1
7.70%		10/15/27	2		11,587,098		12,856,876
Conseco Financial Corp., Series 1998-2, Class A5
6.24%		12/01/28	2		90,383		93,469
Conseco Financial Corp., Series 1998-3, Class A6
6.76%		03/01/30	2		5,303,950		5,608,691

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Conseco Financial Corp., Series 1998-6, Class A8
6.66%		06/01/30		$	6,939,523	$	7,403,083
Countryplace Manufactured Housing Contract Trust, Series 2007-1, Class A4
5.85%		07/15/37	2,3		9,150,000		9,215,595
Countrywide Alternative Loan Trust, Series 2004-J6, Class 2A1
6.50%		11/25/31			15,206		16,177
Countrywide Alternative Loan Trust, Series 2005-27, Class 3A2
1.25%		08/25/35	2		6,700		4,768
Countrywide Alternative Loan Trust, Series 2005-84, Class 1A1
2.46%		02/25/36	2		146,741		111,042
Countrywide Alternative Loan Trust, Series 2006-24CB, Class A19
0.68%		06/25/36	2		1,908,587		1,383,549
Countrywide Alternative Loan Trust, Series 2006-HY13, Class 4A1
2.61%		02/25/37	2		4,362,790		3,899,837
Countrywide Alternative Loan Trust, Series 2006-OC5, Class 2A2A
0.35%		06/25/36	2		1,890,455		1,810,260
Countrywide Alternative Loan Trust, Series 2007-J1, Class 2A1
0.38%		03/25/37	2		1,016,547		494,061
Countrywide Asset-Backed Certificates, Series 2005-11, Class AF4
4.91%		02/25/36	2		7,000,000		6,839,921
Countrywide Asset-Backed Certificates, Series 2005-12, Class 2A5
5.25%		02/25/36	2		6,479,566		6,683,503
Countrywide Asset-Backed Certificates, Series 2005-13, Class AF4
4.95%		04/25/36	2		275,000		237,523
Countrywide Asset-Backed Certificates, Series 2005-16, Class 4AV4
0.53%		05/25/36	2		10,923,338		10,609,013
Countrywide Asset-Backed Certificates, Series 2005-17, Class 4A2A
0.44%		05/25/36	2		534,142		535,247
Countrywide Asset-Backed Certificates, Series 2005-2, Class M2
0.84%		08/25/35	2		4,625,800		4,655,653
Countrywide Asset-Backed Certificates, Series 2005-7, Class MV1
0.69%		11/25/35	2		537,477		538,142
Countrywide Asset-Backed Certificates, Series 2005-9, Class 5
0.58%		01/25/36	2		16,895,558		16,768,598

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 61

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Countrywide Asset-Backed Certificates, Series 2007-13, Class 2A2
0.98%		10/25/47	2	$	22,246,727	$	20,191,419
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2001-HYB1, Class 1A1
2.14%		06/19/31	2		42,117		42,195
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2003-J8, Class 1A4
5.25%		09/25/23			248,739		258,411
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-14, Class 4A1
2.38%		08/25/34	2		2,449,629		2,411,002
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-25, Class 1A1
0.51%		02/25/35	2		237,193		214,989
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-29, Class 3A1
2.20%		02/25/35	2		5,649,221		4,203,158
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-HYB3, Class 1A
2.58%		06/20/34	2		100,056		99,931
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-HYB4, Class 2A1
2.45%		09/20/34	2		3,183,852		3,058,979
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-HYB7, Class 3A
2.38%		11/20/34	2		3,198,656		3,129,345
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-11, Class 1A2
2.80%		04/25/35	2		1,942,442		1,746,565
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-31, Class 2A3
2.46%		01/25/36	2		474,991		436,455
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-4, Class 4A1
0.47%		02/25/35	2		113,455		96,004
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-9, Class 1A1
0.48%		05/25/35	2		7,818,073		6,742,134
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-HY5, Class 1A1
2.66%		09/25/47	2		2,400,284		2,125,747

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
2.84%		03/25/37	2	$	2,121,219	$	1,748,175
Credit Suisse First Boston Mortgage Securities Corp., Series 2003-AR20, Class 2A4
2.49%		08/25/33	2		33,884		33,806
Credit Suisse First Boston Mortgage Securities Corp., Series 2004-1, Class 2A1
6.50%		02/25/34			65,155		69,451
Credit Suisse Mortgage Trust, Series 2004-AR5, Class 6A1
2.48%		06/25/34	2		435,375		438,172
Credit Suisse Mortgage Trust, Series 2006-2, Class 2A1
0.88%		03/25/36	2		6,626,297		3,994,193
Credit Suisse Mortgage Trust, Series 2007-2, Class 3A4
5.50%		03/25/37			5,051,477		4,769,327
Credit Suisse Mortgage Trust, Series 2009-14R, Class 2A1
5.00%		06/26/37	3		23,757,052		24,521,660
Credit Suisse Mortgage Trust, Series 2010-17R, Class 1A1
2.31%		06/26/36	2,3		1,564,545		1,591,495
Credit Suisse Mortgage Trust, Series 2011-12R, Class 1A1
1.02%		10/27/37	2,3		8,220,919		8,166,545
Credit Suisse Mortgage Trust, Series 2011-16R, Class 5A1
2.72%		09/27/35	2,3		7,285,935		7,232,136
Credit Suisse Mortgage Trust, Series 2014-10R, Class 3A1
1.94%		04/25/36	2,3		10,513,323		10,635,790
Credit Suisse Mortgage Trust, Series 2014-11R, Class 10A1
0.40%		05/27/37	2,3		19,982,313		19,016,322
Credit Suisse Mortgage Trust, Series 2014-12R, Class 1A1
1.93%		08/27/36	2,3		36,482,633		36,556,558
Credit Suisse Mortgage Trust, Series 2014-7R, Class 7A1
0.33%		08/27/36	2,3		31,698,474		31,118,579
Credit Suisse Mortgage Trust, Series 2014-CIM1, Class A1
1.93%		01/25/58	2,3		88,628,493		88,109,574
Credit Suisse Mortgage Trust, Series 2015-1R, Class 3A1
0.39%		05/27/36	2,3		77,656,756		72,727,773

See accompanying notes to Schedule of Portfolio Investments.

62 / N-Q Report June 2015

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Credit Suisse Mortgage Trust, Series 2015-1R, Class 5A1
2.48%		09/27/35	2,3	$	22,132,789	$	22,241,421
Credit Suisse Mortgage Trust, Series 2015-2R, Class 4A1
0.38%		06/27/47	2,3		61,076,722		56,791,347
Credit Suisse Mortgage Trust, Series 2015-6R, Class 2A1
0.38%		11/27/46	3,†		21,967,000		19,907,804
Credit-Based Asset Servicing and Securitization LLC, Series 2003-CB1, Class AF (STEP)
3.95%		01/25/33			25,124		25,412
Credit-Based Asset Servicing and Securitization LLC, Series 2003-CB4, Class M1
1.22%		03/25/33	2		6,039,880		5,763,483
Credit-Based Asset Servicing and Securitization LLC, Series 2003-CB5, Class M1
1.20%		11/25/33	2		44,431		42,503
Credit-Based Asset Servicing and Securitization LLC, Series 2005-FR3, Class M1
0.89%		04/25/35	2		738,274		733,974
Credit-Based Asset Servicing and Securitization LLC, Series 2006-CB1, Class AF2 (STEP)
3.41%		01/25/36			10,820,269		8,121,043
Credit-Based Asset Servicing and Securitization LLC, Series 2006-CB6, Class A23
0.33%		07/25/36	2		25,605,016		22,475,136
Credit-Based Asset Servicing and Securitization LLC, Series 2006-CB8, Class A1
0.32%		10/25/36	2		28,088,593		21,991,150
Credit-Based Asset Servicing and Securitization LLC, Series 2006-CB8, Class A2B
0.29%		10/25/36	2		9,556,107		9,390,520
Credit-Based Asset Servicing and Securitization LLC, Series 2006-CB9, Class A3
0.33%		11/25/36	2		39,089,966		22,401,209
Credit-Based Asset Servicing and Securitization LLC, Series 2007-BR1, Class A2A
0.29%		02/25/37	2		8,455,037		5,148,002
Credit-Based Asset Servicing and Securitization LLC, Series 2007-BR1, Class A2B
0.45%		02/25/37	2		41,406,145		25,781,951

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Credit-Based Asset Servicing and Securitization LLC, Series 2007-BR2, Class A2
0.41%		02/25/37	2	$	67,561,821	$	35,183,234
Credit-Based Asset Servicing and Securitization LLC, Series 2007-BR5, Class A2A
0.31%		05/25/37	2		26,651,508		18,943,012
Credit-Based Asset Servicing and Securitization LLC, Series 2007-BR5, Class A2C
0.53%		05/25/37	2		20,100,337		14,718,512
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB1, Class AF4 (STEP)
4.03%		01/25/37			9,009,633		5,169,581
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB1, Class AF5 (STEP)
4.03%		01/25/37			16,845,439		9,197,610
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB2, Class A2C (STEP)
4.54%		02/25/37			53,098,737		39,758,370
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB2, Class A2D (STEP)
4.54%		02/25/37			38,876,181		29,101,893
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB2, Class A2E (STEP)
4.54%		02/25/37			7,069,573		5,293,095
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB5, Class A2
0.35%		04/25/37	2		43,013,258		30,244,772
Credit-Based Asset Servicing and Securitization LLC, Series 2007-NC1, Class A2B
0.33%		12/25/36	2		46,533,274		26,211,588
Credit-Based Asset Servicing and Securitization LLC, Series 2007-NC2, Class A2B
0.32%		01/25/37	2		27,584,412		19,414,043
Credit-Based Asset Servicing and Securitization LLC, Series 2006-CB7, Class A1
0.32%		10/25/36	2		82,446,344		56,194,109
CSAB Mortgage-Backed Trust, Series 2006-4, Class A6B (STEP)
5.78%		12/25/36	7		5,268,016		1,627,833
Deutsche ALT-A Securities Mortgage Loan Trust, Series 2006-AR3, Class A1
0.37%		08/25/36	2		8,395,562		6,885,099

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 63

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Deutsche ALT-A Securities Mortgage Loan Trust, Series 2006-AR4, Class A1
0.31%		12/25/36	2	$	3,256,024	$	2,061,516
Deutsche ALT-A Securities, Inc. Alternate Loan Trust, Series 2005-3, Class 4A5
5.25%		06/25/35			25,373		25,863
Deutsche ALT-A Securities, Inc. Alternate Loan Trust, Series 2005-6, Class 1A7
5.50%		12/25/35			867,208		707,834
Deutsche ALT-A Securities, Inc. Alternate Loan Trust, Series 2006-AR6, Class AR6
0.37%		02/25/37	2		1,687,588		1,265,995
Deutsche ALT-A Securities, Inc. Mortgage Loan Trust, Series 2006-AR1, Class 2A1
2.85%		02/25/36	2		2,027,836		1,586,479
Deutsche Mortgage Securities, Inc., Series 2010-RS2, Class A3
3.78%		06/28/47	2,3		12,167,218		12,183,718
DSLA Mortgage Loan Trust, Series 2004-AR4, Class 2A1A
0.55%		01/19/45	2		4,688,690		3,884,325
DSLA Mortgage Loan Trust, Series 2005-AR1, Class 2A1A
0.44%		03/19/45	2		857,128		788,455
DSLA Mortgage Loan Trust, Series 2005-AR3, Class 2A1A
0.43%		07/19/45	2		423,549		387,195
DSLA Mortgage Loan Trust, Series 2006-AR2, Class 2A1A
0.39%		10/19/36	2		29,051,477		23,704,350
DSLA Mortgage Loan Trust, Series 2007-AR1, Class 2A1A
0.33%		04/19/48	2		17,225,321		14,415,079
Equifirst Mortgage Loan Trust, Series 2005-1, Class M1
0.81%		04/25/35	2		4,653,403		4,664,153
Equity One ABS, Inc., Series 1998-1, Class A2 (STEP)
7.48%		11/25/29			83,747		81,322
Equity One ABS, Inc., Series 2002-4, Class M1
5.22%		02/25/33	2		11,938		11,299
Equity One Mortgage Pass-Through Trust, Series 2002-5, Class M1 (STEP)
5.80%		11/25/32			108,963		110,954
First Franklin Mortgage Loan Asset-Backed Certificates, Series 2005-FF4, Class M1
0.61%		05/25/35	2		3,223,124		3,210,274
First Franklin Mortgage Loan Asset-Backed Certificates, Series 2006-FF18, Class A2B
0.29%		12/25/37	2		18,567,062		12,535,812

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
First Franklin Mortgage Loan Asset-Backed Certificates, Series 2006-FF18, Class A2C
0.34%		12/25/37	2	$	51,061,225	$	34,714,995
First Franklin Mortgage Loan Asset-Backed Certificates, Series 2006-FF18, Class A2D
0.39%		12/25/37	2		37,007,734		25,335,347
First Franklin Mortgage Loan Asset-Backed Certificates, Series 2006-FFS, Class IIA4
0.41%		07/25/36	2		31,440,000		24,368,012
First Franklin Mortgage Loan Asset-Backed Certificates, Series 2007-FF1, Class A2C
0.32%		01/25/38	2		122,186,864		74,371,222
First Franklin Mortgage Loan Asset-Backed Certificates, Series 2007-FF2, Class A2B
0.28%		03/25/37	2		42,254,587		27,272,505
First Franklin Mortgage Loan Asset-Backed Certificates, Series 2007-FF2, Class A2C
0.33%		03/25/37	2		21,843,570		14,131,414
First Franklin Mortgage Loan Asset-Backed Certificates, Series 2007-FF2, Class A2D
0.40%		03/25/37	2		40,672,149		26,465,571
First Franklin Mortgage Loan Trust, Series 2006-FF13, Class A2C
0.34%		10/25/36	2		6,343,077		4,659,738
First Franklin Mortgage Loan Trust, Series 2007-1, Class A2B
0.35%		04/25/37	2		19,657,092		11,451,455
First Franklin Mortgage Loan Trust, Series 2007-1, Class A2C
0.43%		04/25/37	2		82,342,799		48,606,460
First Franklin Mortgage Loan Trust, Series 2007-2, Class A2B
0.35%		05/25/37	2		14,878,193		8,965,510
First Franklin Mortgage Loan Trust, Series 2007-2, Class A2C
0.42%		05/25/37	2		51,071,435		30,123,781
First Franklin Mortgage Loan Trust, Series 2007-2, Class A2D
0.50%		05/25/37	2		25,221,292		15,540,200
First Franklin Mortgage Loan Trust, Series 2007-3, Class A2C
0.36%		06/25/37	2		20,354,821		13,509,371
First Franklin Mortgage Loan Trust, Series 2007-3, Class A2D
0.43%		06/25/37	2		30,247,668		21,243,603
First Franklin Mortgage Loan Trust, Series 2007-4, Class 2A3
0.34%		07/25/37	2		33,794,154		21,955,420
First Horizon Alternative Mortgage Securities Trust, Series 2004-AA2, Class 1A1
2.17%		08/25/34	2		19,755,518		19,713,260

See accompanying notes to Schedule of Portfolio Investments.

64 / N-Q Report June 2015

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
First Horizon Alternative Mortgage Securities Trust, Series 2004-AA3, Class A1
2.20%		09/25/34	2	$	129,651	$	127,180
First Horizon Alternative Mortgage Securities Trust, Series 2004-AA4, Class A1
2.25%		10/25/34	2		5,153,941		5,117,307
First Horizon Alternative Mortgage Securities Trust, Series 2005-AA10, Class 1A1
2.24%		12/25/35	2		40,155,145		34,983,283
First Horizon Alternative Mortgage Securities Trust, Series 2005-AA12, Class 2A1
2.29%		02/25/36	2		49,211,214		41,428,854
First Horizon Alternative Mortgage Securities Trust, Series 2005-AA7, Class 2A1
2.24%		09/25/35	2		47,518,033		42,807,998
First Horizon Alternative Mortgage Securities Trust, Series 2005-AA8, Class 2A1
2.25%		10/25/35	2		59,866,134		51,410,696
First Horizon Alternative Mortgage Securities Trust, Series 2005-AA9, Class 2A1
2.27%		11/25/35	2		49,642,846		44,852,312
First Horizon Alternative Mortgage Securities Trust, Series 2006-AA1, Class 1A1
2.27%		03/25/36	2		48,107,084		40,372,668
First Horizon Alternative Mortgage Securities Trust, Series 2006-FA8, Class 1A7
6.00%		02/25/37			22,658		18,845
First Horizon Asset Securities, Inc., Series 2004-AR5, Class 2A1
2.55%		10/25/34	2		2,124,661		2,078,227
First Horizon Asset Securities, Inc., Series 2007-AR3, Class 1A1
2.40%		11/25/37	2		705,149		611,192
First Horizon Mortgage Pass-Through Trust, Series 2004-AR1, Class 2A1
2.53%		02/25/34	2		1,430,679		1,441,988
First Horizon Mortgage Pass-Through Trust, Series 2004-AR6, Class 2A1
2.63%		12/25/34	2		905,682		909,166
First Horizon Mortgage Pass-Through Trust, Series 2006-AR4, Class 1A2
2.55%		01/25/37	2		343,255		306,126
FNBA Mortgage Pass-Through Certificates, Series 2004-AR1, Class A2
0.59%		08/19/34	2		30,404		29,564
Fremont Home Loan Trust, Series 2005-C, Class M1
0.66%		07/25/35	2		7,042,957		7,055,718
GE Business Loan Trust, Series 2007-1A, Class A
0.36%		04/16/35	2,3		23,287,686		22,100,597

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
GMAC Mortgage Corp. Loan Trust, Series 2000-HE2, Class A1
0.62%		06/25/30	2	$	58,552	$	53,944
GMAC Mortgage Corp. Loan Trust, Series 2003-AR2, Class 3A5
2.85%		12/19/33	2		10,226,846		10,223,675
GMAC Mortgage Corp. Loan Trust, Series 2004-AR1, Class 22A
2.95%		06/25/34	2		10,659		10,352
GMAC Mortgage Corp. Loan Trust, Series 2005-AR6, Class 3A1
2.83%		11/19/35	2		1,926,722		1,824,569
GMAC Mortgage Corp. Loan Trust, Series 2006-AR2, Class 1A1
2.53%		05/19/36	2		2,085,476		1,515,642
Green Tree, Series 2008-MH1, Class A2
8.97%		04/25/38	2,3		14,977,327		15,716,472
GreenPoint Mortgage Funding Trust, Series 2005-AR3, Class 1A1
0.42%		08/25/45	2		2,699,257		2,264,962
GreenPoint Mortgage Funding Trust, Series 2005-HY1, Class 1A1A
0.45%		07/25/35	2		27,308,445		26,445,621
GreenPoint Mortgage Funding Trust, Series 2006-AR8, Class 1A2A
0.36%		01/25/47	2		13,104,010		12,634,434
GreenPoint Mortgage Funding Trust, Series 2007-AR1, Class 3A2
0.34%		02/25/37	2		6,540,151		5,453,283
GS Mortgage Securities Corp., Series 2015-1R, Class 2A
2.54%		01/25/36	2,3		27,990,873		28,056,643
GS Mortgage Securities Trust., Series 2009-1R, Class 2A1
2.60%		11/25/35	2,3		47,674		48,181
GSAA Home Equity Trust, Series 2005-11, Class 1A1
0.46%		10/25/35	2		22,615,090		20,982,167
GSAA Home Equity Trust, Series 2005-9, Class 2A3
0.55%		08/25/35	2		7,243,160		7,017,630
GSAMP Trust, Series 2005-AHL2, Class A2D
0.53%		12/25/35	2		25,693,000		19,466,905
GSAMP Trust, Series 2005-HE5, Class M1
0.60%		11/25/35	2		17,000,000		16,403,419
GSR Mortgage Loan Trust, Series 2004-9, Class 3A1
2.53%		08/25/34	2		11,689		11,763
GSR Mortgage Loan Trust, Series 2004-9, Class 5A7
2.46%		08/25/34	2		1,135,347		1,116,834

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 65

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
GSR Mortgage Loan Trust, Series 2005-AR5, Class 2A3
2.59%		10/25/35	2	$	9,270,475	$	8,133,516
GSR Mortgage Loan Trust, Series 2005-AR5, Class 2A4
2.59%		10/25/35	2		2,135,789		2,133,002
GSR Mortgage Loan Trust, Series 2005-AR6, Class 4A5
2.69%		09/25/35	2		603,127		605,914
GSR Mortgage Loan Trust, Series 2006-OA1, Class 2A1
0.37%		08/25/46	2		7,163,408		6,972,439
GSR Mortgage Loan Trust, Series 2007-AR2, Class 2A1
2.71%		05/25/47	2		5,597,197		5,112,653
Harborview Mortgage Loan Trust, Series 2004-1, Class 2A
2.41%		04/19/34	2		18,416		18,207
Harborview Mortgage Loan Trust, Series 2004-11, Class 3A2A
0.87%		01/19/35	2		775,199		639,121
Harborview Mortgage Loan Trust, Series 2005-4, Class 2A
2.73%		07/19/35	2		835,195		735,041
Harborview Mortgage Loan Trust, Series 2006-8, Class 2A1A
0.38%		07/21/36	2		343,397		285,312
Harborview Mortgage Loan Trust, Series 2007-7, Class 2A1A
1.18%		11/25/47	2		1,278,508		1,134,116
Home Equity Loan Trust, Series 2007-1, Class AM
0.42%		03/20/36	2		1,266,277		1,259,568
Home Equity Loan Trust, Series 2007-3, Class A4
1.68%		11/20/36	2		13,120,000		13,084,432
Home Equity Loan Trust, Series 2007-3, Class APT
1.38%		11/20/36	2		35,014,886		34,921,186
Homestar Mortgage Acceptance Corp., Series 2004-5, Class A4
0.75%		10/25/34	2		4,369,446		4,377,721
HSI Asset Securitization Corp. Trust, Series 2006-OPT1, Class 2A3
0.37%		12/25/35	2		12,947,684		12,758,065
Impac CMB Trust, Series 2004-3, Class 1
0.98%		11/25/34	2		1,134,149		1,126,445
Impac CMB Trust, Series 2005-1, Class 1A1
0.70%		04/25/35	2		8,868,907		8,143,023
Impac CMB Trust, Series 2005-4, Class 1A1B
0.43%		05/25/35	2		12,782,620		10,942,454

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Impac CMB Trust, Series 2007-2, Class 1A1A
0.29%		05/25/37	2	$	26,894,475	$	18,124,238
Impac CMB Trust, Series 2007-2, Class 1A1B
0.43%		05/25/37	2		38,493,935		27,953,410
IndyMac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A
2.38%		08/25/34	2		2,333,758		2,069,656
IndyMac Index Mortgage Loan Trust, Series 2004-AR5, Class 2A1B
0.98%		08/25/34	2		36,838		33,157
IndyMac Index Mortgage Loan Trust, Series 2004-AR6, Class 6A1
2.70%		10/25/34	2		288,133		278,409
IndyMac Index Mortgage Loan Trust, Series 2004-AR7, Class A2
1.04%		09/25/34	2		112,590		99,780
IndyMac Index Mortgage Loan Trust, Series 2004-AR8, Class 2A2A
0.98%		11/25/34	2		88,225		80,222
IndyMac Index Mortgage Loan Trust, Series 2005-AR1, Class 4A1
2.47%		03/25/35	2		2,126,046		2,072,277
IndyMac Index Mortgage Loan Trust, Series 2005-AR13, Class 4A1
2.44%		08/25/35	2		184,780		159,475
IndyMac Index Mortgage Loan Trust, Series 2005-AR15, Class A1
4.51%		09/25/35	2		903,883		763,043
IndyMac Index Mortgage Loan Trust, Series 2005-AR17, Class 3A1
2.34%		09/25/35	2		8,927,784		8,043,692
IndyMac Index Mortgage Loan Trust, Series 2005-AR18, Class 2A1A
0.49%		10/25/36	2		295,962		217,529
IndyMac Index Mortgage Loan Trust, Series 2005-AR19, Class A1
4.58%		10/25/35	2		59,222,632		49,719,798
IndyMac Index Mortgage Loan Trust, Series 2005-AR25, Class 1A21
4.79%		12/25/35	2		8,715,020		6,854,947
IndyMac Index Mortgage Loan Trust, Series 2005-AR31, Class 3A1
2.46%		01/25/36	2		3,460,845		3,006,564
IndyMac Index Mortgage Loan Trust, Series 2005-AR6, Class 2A1
0.42%		04/25/35	2		1,153,875		1,033,617
IndyMac Index Mortgage Loan Trust, Series 2006-AR14, Class 1A4A
0.35%		11/25/46	2		10,816,683		10,088,193

See accompanying notes to Schedule of Portfolio Investments.

66 / N-Q Report June 2015

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
IndyMac Index Mortgage Loan Trust, Series 2006-AR19, Class 1A2
2.73%		08/25/36	2	$	28,517,580	$	20,198,032
IndyMac Index Mortgage Loan Trust, Series 2006-AR21, Class A1
0.30%		08/25/36	2		344,832		265,169
IndyMac Index Mortgage Loan Trust, Series 2006-AR27, Class 2A
0.38%		10/25/36	2		45,626,012		39,262,461
IndyMac Index Mortgage Loan Trust, Series 2006-AR4, Class A1A
0.39%		05/25/46	2		52,187,762		44,322,455
IndyMac Index Mortgage Loan Trust, Series 2006-AR7, Class 1A1
2.88%		05/25/36	2		7,345,643		5,537,461
IndyMac Index Mortgage Loan Trust, Series 2006-AR7, Class 2A1
2.77%		05/25/36	2		52,220,147		41,209,633
IndyMac Index Mortgage Loan Trust, Series 2006-AR8, Class A3A
0.41%		07/25/46	2		36,267,940		29,852,359
IndyMac Index Mortgage Loan Trust, Series 2007-AR1, Class 1A2
2.83%		03/25/37	2		1,933,995		1,803,311
IndyMac Index Mortgage Loan Trust, Series 2007-AR11, Class 1A1
2.46%		06/25/37	2		6,932,365		5,291,530
IndyMac Index Mortgage Loan Trust, Series 2007-AR5, Class 2A1
2.69%		05/25/37	2		378,741		299,850
IndyMac Index Mortgage Loan Trust, Series 2007-AR7, Class 1A1
2.71%		11/25/37	2		6,519,695		6,221,308
IndyMac Index Mortgage Loan Trust, Series 2007-AR9, Class 2A1
2.73%		04/25/37	2		593,990		429,988
IndyMac Manufactured Housing Contract, Series 1997-1, Class A3
6.61%		02/25/28			231,009		236,349
IndyMac Residential Asset-Backed Trust, Series 2005-C, Class AI1
0.44%		10/25/35	2		14,838,947		14,715,902
JPMorgan Alternative Loan Trust, Series 2006-A2, Class 1A3
0.35%		05/25/36	2		3,349,595		3,187,434
JPMorgan Alternative Loan Trust, Series 2006-A2, Class 2A1
2.72%		05/25/36	2		1,613,882		1,316,555
JPMorgan Alternative Loan Trust, Series 2006-A2, Class 5A1
4.80%		05/25/36	2		15,630,226		12,040,182

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
JPMorgan Mortgage Acquisition Corp., Series 2005-OPT2, Class A4
0.50%		12/25/35	2	$	26,343,140	$	26,300,821
JPMorgan Mortgage Acquisition Corp., Series 2006-WF1, Class A3A (STEP)
5.83%		07/25/36			32,888,363		19,797,262
JPMorgan Mortgage Acquisition Corp., Series 2006-WF1, Class A6 (STEP)
6.00%		07/25/36			6,731,609		4,121,326
JPMorgan Mortgage Acquisition Corp., Series 2007-CH1, Class AV5
0.42%		11/25/36	2		20,000,000		19,793,262
JPMorgan Mortgage Acquisition Corp., Series 2007-CH3, Class A4
0.39%		03/25/37	2		3,566,818		3,257,842
JPMorgan Mortgage Acquisition Corp., Series 2007-HE1, Class AF1
0.28%		03/25/47	2		206,448		129,836
JPMorgan Mortgage Acquisition Corp., Series 2007-HE1, Class AF2 (STEP)
4.41%		03/25/47			12,070,000		9,434,540
JPMorgan Mortgage Acquisition Corp., Series 2007-HE1, Class AF3 (STEP)
4.41%		03/25/47			10,000,000		7,814,940
JPMorgan Mortgage Acquisition Corp., Series 2007-HE1, Class AF4 (STEP)
4.41%		03/25/47			5,000,000		3,906,265
JPMorgan Mortgage Acquisition Corp., Series 2007-HE1, Class AV4
0.46%		03/25/47	2		90,000		66,073
JPMorgan Mortgage Trust, Series 2003-A2, Class 2A3
1.93%		11/25/33	2		361,644		347,708
JPMorgan Mortgage Trust, Series 2004-A4, Class 1A3
2.55%		09/25/34	2		1,853,365		1,907,687
JPMorgan Mortgage Trust, Series 2005-A3, Class 5A3
2.75%		06/25/35	2		248,511		230,269
JPMorgan Mortgage Trust, Series 2005-A5, Class TA1
4.87%		08/25/35	2		277,196		266,221
JPMorgan Mortgage Trust, Series 2005-S2, Class 4A3
5.50%		09/25/20			7,139,462		7,126,446
JPMorgan Mortgage Trust, Series 2006-A2, Class 5A3
2.43%		11/25/33	2		21,063		20,998
JPMorgan Mortgage Trust, Series 2006-A3, Class 2A1
2.64%		05/25/36	2		2,547,302		2,136,641

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 67

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
JPMorgan Mortgage Trust, Series 2006-A3, Class 3A3
2.66%		05/25/36	2	$	1,955,123	$	1,748,320
JPMorgan Mortgage Trust, Series 2006-A4, Class 1A1
2.60%		06/25/36	2		1,480,368		1,286,126
JPMorgan Mortgage Trust, Series 2006-A4, Class 1A4
2.60%		06/25/36	2		4,772,232		4,235,886
JPMorgan Mortgage Trust, Series 2006-A5, Class 2A4
2.56%		08/25/36	2		1,152,962		1,008,688
JPMorgan Mortgage Trust, Series 2007-A1, Class 5A2
2.56%		07/25/35	2		5,543,426		5,637,395
JPMorgan Mortgage Trust, Series 2007-A3, Class 2A3
2.57%		05/25/37	2		7,056,603		6,136,839
JPMorgan Mortgage Trust, Series 2007-A3, Class 3A2
5.41%		05/25/37	2		1,075,864		988,663
JPMorgan Mortgage Trust, Series 2007-A4, Class 1A1
2.80%		06/25/37	2		8,915,944		8,130,850
JPMorgan Mortgage Trust, Series 2007-A4, Class 2A3
2.71%		06/25/37	2		1,389,379		1,285,955
JPMorgan Resecuritization Trust, Series 2010-4, Class 1A1
2.72%		07/26/36	2,3		261,595		262,894
JPMorgan Resecuritization Trust, Series 2015-1, Class 3A1
0.38%		12/27/46	2,3		35,012,255		33,543,977
Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class A4
5.27%		04/15/40			22,380		23,541
Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class A6
6.47%		04/15/40	2		6,482,542		6,964,707
Lehman XS Trust, Series 2005-5N, Class 3A1A
0.48%		11/25/35	2		22,338,625		19,954,379
Lehman XS Trust, Series 2006-12N, Class A31A
0.38%		08/25/46	2		36,378,364		27,939,966
Lehman XS Trust, Series 2006-13, Class 1A2
0.35%		09/25/36	2		34,986,182		31,473,779
Lehman XS Trust, Series 2006-14N, Class 3A2
0.30%		08/25/36	2		187,988		146,311

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Lehman XS Trust, Series 2006-16N, Class A4A
0.37%		11/25/46	2	$	595,952	$	478,739
Lehman XS Trust, Series 2006-19, Class A2
0.35%		12/25/36	2		25,874,672		21,631,381
Lehman XS Trust, Series 2006-9, Class A1B
0.34%		05/25/46	2		42,721,905		36,491,215
Long Beach Mortgage Loan Trust, Series 2004-4, Class M1
1.08%		10/25/34	2		75,000		71,671
MASTR Adjustable Rate Mortgages Trust, Series 2003-6, Class 4A2
2.67%		01/25/34	2		128,904		125,507
MASTR Adjustable Rate Mortgages Trust, Series 2003-7, Class 3A1
2.04%		11/25/33	2		2,179,482		2,233,784
MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 3A1
2.67%		11/21/34	2		15,520,210		15,939,015
MASTR Adjustable Rate Mortgages Trust, Series 2004-15, Class 9A1
2.69%		10/25/34	2		1,554,012		1,494,613
MASTR Adjustable Rate Mortgages Trust, Series 2004-5, Class 3A1
2.60%		06/25/34	2		673		647
MASTR Adjustable Rate Mortgages Trust, Series 2004-8, Class 2A1
2.61%		09/25/34	2		6,654,472		6,418,901
MASTR Adjustable Rate Mortgages Trust, Series 2006-2, Class 5A1
2.64%		05/25/36	2		20,583,183		17,364,261
MASTR Alternative Loan Trust, Series 2004-6, Class 3A1
4.75%		07/25/19			3,212,211		3,313,118
MASTR Asset Securitization Trust, Series 2002-8, Class 1A1
5.50%		12/25/17			15,172		15,310
MASTR Asset Securitization Trust, Series 2003-8, Class 3A12
5.25%		09/25/33			1,659,100		1,799,480
MASTR Asset Securitization Trust, Series 2004-3, Class 3A2
4.50%		03/25/19			1,251,600		1,289,351
MASTR Asset-Backed Securities Trust, Series 2006-HE4, Class A3
0.33%		11/25/36	2		19,799,200		9,743,079
MASTR Asset-Backed Securities Trust, Series 2006-HE4, Class A4
0.39%		11/25/36	2		5,499,778		2,732,787

See accompanying notes to Schedule of Portfolio Investments.

68 / N-Q Report June 2015

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
MASTR Asset-Backed Securities Trust, Series 2007-HE1, Class A3
0.39%		05/25/37	2	$	26,441,000	$	19,497,388
MASTR Seasoned Securities Trust, Series 2004-1, Class 4A1
2.50%		10/25/32	2		33,121		33,272
Mellon Residential Funding Corp., Series 2001-TBC1, Class A1
0.89%		11/15/31	2		3,551,098		3,492,567
Merrill Lynch Mortgage Investors, Inc., Series 2003-A6, Class 2A
2.52%		10/25/33	2		1,149,218		1,144,971
Merrill Lynch Mortgage Investors, Inc., Series 2004-A4, Class A1
2.50%		08/25/34	2		4,419,840		4,517,412
Merrill Lynch Mortgage Investors, Inc., Series 2005-A10, Class A
0.39%		02/25/36	2		27,092		24,064
Merrill Lynch Mortgage Investors, Inc., Series 2006-WMC2, Class A2B (STEP)
4.42%		03/25/37			37,754,088		16,139,650
Merrill Lynch Mortgage Investors, Inc., Series 2006-WMC2, Class A2D (STEP)
4.42%		03/25/37			29,548,826		12,630,798
Merrill Lynch Mortgage Investors, Inc., Series 2007-2, Class 1A1
2.65%		08/25/36	2		13,580,150		12,614,927
Mid-State Trust, Series 2004-1, Class A
6.01%		08/15/37			525,925		553,683
Mid-State Trust, Series 2005-1, Class A
5.75%		01/15/40			24,057,435		26,073,809
Mid-State Trust, Series 2006, Class A1
7.34%		07/01/35			109,276		118,204
Mid-State Trust, Series 2006, Class A2
7.40%		07/01/35			6,830		7,328
Mid-State Trust, Series 2006-1, Class A
5.79%		10/15/40	3		16,274,129		17,585,971
Mid-State Trust, Series 2011, Class A1
4.86%		07/15/38			365,731		390,404
Morgan Stanley Capital I Trust, Series 2005-HE3, Class M2
0.96%		07/25/35	2		32,651		32,691
Morgan Stanley Capital I Trust, Series 2006-NC1, Class A4
0.48%		12/25/35	2		22,753,270		21,845,824
Morgan Stanley Home Equity Loan Trust, Series 2005-04, Class A1
0.42%		09/25/35	2		8,215,570		8,183,513
Morgan Stanley Home Equity Loan Trust, Series 2005-3, Class M1
0.63%		08/25/35	2		17,451		17,471

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Morgan Stanley Mortgage Loan Trust, Series 2004-11AR, Class 1A1
0.50%		01/25/35	2	$	409,506	$	384,910
Morgan Stanley Mortgage Loan Trust, Series 2004-3, Class 2A2
5.50%		04/25/34			479,994		498,261
Morgan Stanley Mortgage Loan Trust, Series 2004-7AR, Class 2A4
2.03%		09/25/34	2		2,706,057		2,627,598
Morgan Stanley Mortgage Loan Trust, Series 2004-8AR, Class 4A1
2.45%		10/25/34	2		213,815		212,119
Morgan Stanley Mortgage Loan Trust, Series 2005-2AR, Class A
0.44%		04/25/35	2		9,948,938		8,971,485
Morgan Stanley Mortgage Loan Trust, Series 2006-7, Class 5A2
5.96%		06/25/36	2		242,877		136,784
Morgan Stanley Mortgage Loan Trust, Series 2007-6XS, Class 1A2S (STEP)
5.50%		02/25/47			618,075		613,690
Morgan Stanley Mortgage Loan Trust, Series 2007-7AX, Class 2A1
0.30%		04/25/37	2		7,215,379		3,677,094
Morgan Stanley Resecuritization Trust, Series 2010-R4, Class 1B
0.51%		01/26/36	2,3		6,495,933		6,470,657
Morgan Stanley Resecuritization Trust, Series 2013-R9, Class 3A
2.38%		06/26/46	2,3		16,094,233		16,235,927
Morgan Stanley Resecuritization Trust, Series 2014-R2, Class 1A
0.96%		12/26/46	2,3		35,105,722		34,170,677
Morgan Stanley Resecuritization Trust, Series 2014-R3, Class 4A
1.12%		07/26/46	2,3		18,046,947		17,556,733
Morgan Stanley Resecuritization Trust, Series 2014-R4, Class 2A
2.47%		11/26/35	2,3		8,856,582		8,976,008
Morgan Stanley Resecuritization Trust, Series 2014-R8, Class 3A
0.89%		06/26/47	2,3		62,416,405		60,318,908
Morgan Stanley Resecuritization Trust, Series 2014-R8, Class 4A
1.10%		06/26/47	2,3		27,090,662		26,606,952
Morgan Stanley Resecuritization Trust, Series 2015-R4
0.58%		08/26/47	3,†		34,826,000		33,258,789
MortgageIT Trust, Series 2005-1, Class 1A1
0.82%		02/25/35	2		19,789,360		18,571,464
MortgageIT Trust, Series 2005-4, Class A1
0.46%		10/25/35	2		23,933,788		21,252,244

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 69

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
MortgageIT Trust, Series 2005-5, Class A1
0.44%		12/25/35	2	$	3,178,155	$	2,754,922
Nationstar Home Equity Loan Trust, Series 2006-B, Class AV4
0.46%		09/25/36	2		28,454,000		26,184,519
Nationstar Home Equity Loan Trust, Series 2007-C, Class 2AV4
0.43%		06/25/37	2		8,265,000		6,079,337
New Century Home Equity Loan Trust, Series 2003-6, Class M1
1.26%		01/25/34	2		43,799		42,190
New Century Home Equity Loan Trust, Series 2005-2, Class M1
0.61%		06/25/35	2		46,953		47,247
New Century Home Equity Loan Trust, Series 2005-4, Class M1
0.66%		09/25/35	2		36,420,000		35,976,332
Newcastle Mortgage Securities Trust, Series 2006-1, Class A4
0.46%		03/25/36	2		73,061,852		72,631,233
Nomura Home Equity Loan, Inc., Series 2006-HE2, Class A4
0.45%		03/25/36	2		19,042,000		16,064,383
Nomura Home Equity Loan, Inc., Series 2006-WF1, Class A4
0.42%		03/25/36	2		37,227,244		36,750,929
Nomura Resecuritization Trust, Series 2011-4RA, Class 1A1
2.22%		12/26/36	2,3		29,084,251		29,246,861
Nomura Resecuritization Trust, Series 2011-4RA, Class 2A1
2.08%		06/26/37	2,3		11,064,575		11,058,987
Nomura Resecuritization Trust, Series 2013-1R, Class 2A1
0.34%		11/26/36	2,3		15,969,118		15,340,864
Nomura Resecuritization Trust, Series 2013-1R, Class 3A1
0.34%		10/26/36	2,3		8,934,310		8,739,839
Nomura Resecuritization Trust, Series 2014-4R, Class 1A1
2.25%		01/25/36	2,3		25,409,956		25,875,667
Nomura Resecuritization Trust, Series 2014-4R, Class 3A1
0.33%		09/25/36	2,3		11,563,748		11,186,192
Nomura Resecuritization Trust, Series 2014-7R, Class 2A1
0.38%		12/26/35	2,3		38,878,062		38,338,932
Nomura Resecuritization Trust, Series 2014-7R, Class 4A1
0.31%		01/26/37	2,3		48,951,814		46,561,884

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Nomura Resecuritization Trust, Series 2015-4R, Class 1A1
0.54%		03/26/47	2,3	$	47,746,085	$	46,700,451
Oakwood Mortgage Investors, Inc., Series 2000-A, Class A5
8.16%		09/15/29	2		25,350,345		19,499,460
Option One Mortgage Loan Trust, Series 2005-4, Class A3
0.44%		11/25/35	2		23,916		23,712
Option One Mortgage Loan Trust, Series 2005-5, Class A3
0.39%		12/25/35	2		32,494		32,304
Ownit Mortgage Loan Asset-Backed Certificates, Series 2006-4, Class A2D
0.42%		05/25/37	2		32,412,168		22,888,176
Park Place Securities, Inc., Series 2005-WHQ4, Class A1A
0.44%		09/25/35	2		40,411,006		40,304,074
Popular ABS Mortgage Pass-Through Trust, Series 2005-6, Class A5 (STEP)
4.31%		01/25/36			22,910,000		18,352,459
Popular ABS Mortgage Pass-Through Trust, Series 2006-D, Class A3
0.44%		11/25/46	2		85,000		74,635
Popular ABS Mortgage Pass-Through Trust, Series 2007-A, Class A3
0.49%		06/25/47	2		23,015,500		16,544,754
Provident Funding Mortgage Loan Trust, Series 2003-1, Class A
2.54%		08/25/33	2		1,253,806		1,299,671
Residential Accredit Loans, Inc., Series 2003-QS3, Class A4
5.50%		02/25/18			110,173		111,610
Residential Accredit Loans, Inc., Series 2005-QA10, Class A31
3.54%		09/25/35	2		1,026,183		882,116
Residential Accredit Loans, Inc., Series 2005-QA12, Class CB1
3.49%		12/25/35	2		7,353,868		5,298,219
Residential Accredit Loans, Inc., Series 2005-QA4, Class A41
2.97%		04/25/35	2		6,510,437		6,451,924
Residential Accredit Loans, Inc., Series 2005-QA7, Class A1
2.98%		07/25/35	2		6,703,026		5,307,295
Residential Accredit Loans, Inc., Series 2005-QA8, Class CB21
3.19%		07/25/35	2		5,592,836		4,593,342
Residential Accredit Loans, Inc., Series 2005-QA9, Class CB11
2.98%		08/25/35	2		12,214,715		9,978,706

See accompanying notes to Schedule of Portfolio Investments.

70 / N-Q Report June 2015

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Residential Accredit Loans, Inc., Series 2005-QO4, Class 2A1
0.46%		12/25/45	2	$	2,364,886	$	1,702,494
Residential Accredit Loans, Inc., Series 2005-QO5, Class A1
1.15%		01/25/46	2		12,656,644		8,908,037
Residential Accredit Loans, Inc., Series 2006-QA1, Class A11
3.22%		01/25/36	2		201,931		159,283
Residential Accredit Loans, Inc., Series 2006-QA1, Class A21
3.76%		01/25/36	2		29,992,098		23,842,836
Residential Accredit Loans, Inc., Series 2006-Qa7, Class 2A1
0.37%		08/25/36	2		44,913,107		35,943,151
Residential Accredit Loans, Inc., Series 2006-QS10, Class AV (IO)
0.56%		08/25/36	2,7		56,151,709		1,277,143
Residential Accredit Loans, Inc., Series 2006-QS12, Class 2A9
0.56%		09/25/36	2		501,192		338,168
Residential Accredit Loans, Inc., Series 2006-QS2, Class 1AV (IO)
0.48%		02/25/36	2,7		193,622,468		3,800,809
Residential Accredit Loans, Inc., Series 2006-QS7, Class AV (IO)
0.65%		06/25/36	2,7		101,414,588		3,111,962
Residential Accredit Loans, Inc., Series 2006-QS8, Class AV (IO)
0.78%		08/25/36	2,7		235,630,495		7,457,022
Residential Accredit Loans, Inc., Series 2007-QH2, Class A1
0.32%		03/25/37	2		54,648,545		44,135,766
Residential Accredit Loans, Inc., Series 2007-QS10, Class AV (IO)
0.46%		09/25/37	2,7		148,933,225		2,723,691
Residential Accredit Loans, Inc., Series 2007-QS4, Class 3AV (IO)
0.38%		03/25/37	2,7		93,876,588		1,313,099
Residential Accredit Loans, Inc., Series 2007-QS5, Class AV (IO)
0.25%		03/25/37	2,7		115,360,535		1,438,200
Residential Accredit Loans, Inc., Series 2007-QS6, Class AV (IO)
0.33%		04/25/37	2,7		252,850,613		3,782,139
Residential Accredit Loans, Inc., Series 2007-QS7, Class 2AV (IO)
0.37%		06/25/37	2,7		77,206,078		1,235,066
Residential Accredit Loans, Inc., Series 2007-QS8, Class AV (IO)
0.39%		06/25/37	2,7		199,232,579		3,266,119

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Residential Asset Mortgage Products, Inc., Series 2003-RS10, Class AI6 (STEP)
5.86%		11/25/33		$	535,864	$	574,636
Residential Asset Mortgage Products, Inc., Series 2003-RS11, Class AI6A (STEP)
5.98%		12/25/33			289,980		315,631
Residential Asset Mortgage Products, Inc., Series 2003-RS9, Class AI6A (STEP)
5.94%		10/25/33			28,689		30,976
Residential Asset Mortgage Products, Inc., Series 2004-RS12, Class AI6
4.55%		12/25/34			14,587		14,786
Residential Asset Mortgage Products, Inc., Series 2004-RS12, Class MII2
1.38%		12/25/34	2		415,795		413,826
Residential Asset Mortgage Products, Inc., Series 2004-SL1, Class A8
6.50%		11/25/31			72,328		74,633
Residential Asset Mortgage Products, Inc., Series 2004-SL3, Class A2
6.50%		12/25/31			64,594		67,879
Residential Asset Mortgage Products, Inc., Series 2004-SL3, Class A4
8.50%		12/25/31			40,922		37,659
Residential Asset Mortgage Products, Inc., Series 2005-RS8, Class A3
0.55%		09/25/35	2		53,322,545		53,682,613
Residential Asset Mortgage Products, Inc., Series 2005-SA5, Class 1A
2.82%		11/25/35	2		11,975,673		9,923,654
Residential Asset Securities Corp., Series 2004-IP2, Class 1A1
2.49%		12/25/34	2		446,705		447,922
Residential Asset Securities Corp., Series 2004-IP2, Class 2A1
2.49%		12/25/34	2		50,223		50,465
Residential Asset Securities Corp., Series 2004-IP2, Class 3A1
2.48%		12/25/34	2		1,099,334		1,100,222
Residential Asset Securities Corp., Series 2006-A7CB, Class 1A3
6.25%		07/25/36			4,331,584		3,940,522
Residential Funding Mortgage Securities I, Inc., Series 2006-SA3, Class 3A1
3.75%		09/25/36	2		2,246,870		1,984,631
Residential Funding Mortgage Securities I, Inc., Series 2006-SA3, Class 4A1
6.06%		09/25/36	2		824,647		699,154
Residential Funding Mortgage Securities I, Inc., Series 2006-SA4, Class 2A1
3.51%		11/25/36	2		229,093		199,729

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 71

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Residential Funding Mortgage Securities I, Inc., Series 2007-SA2, Class 2A2
3.03%		04/25/37	2	$	4,515,602	$	3,966,486
Residential Funding Mortgage Securities II, Inc., Series 1999-HI6, Class AI7 (STEP)
8.60%		09/25/29			34,864		34,837
Residential Funding Mortgage Securities II, Inc., Series 2000-HI1, Class AI7 (STEP)
8.29%		02/25/25			11,459		11,426
Residential Funding Mortgage Securities Trust, Series 2003-S7, Class A7
5.50%		05/25/33			1,903,828		2,020,641
Residential Funding Mortgage Securities Trust, Series 2004-S2, Class A9
5.50%		03/25/34			1,030,736		1,058,717
Residential Funding Mortgage Securities Trust, Series 2004-S6, Class 1A6
5.50%		06/25/34			711,303		727,524
Saxon Asset Securities Trust, Series 2001-2, Class AF6 (STEP)
6.81%		06/25/16			14,863		15,403
Saxon Asset Securities Trust, Series 2005-2, Class M1
0.60%		10/25/35	2		14,623,331		14,529,200
Saxon Asset Securities Trust, Series 2007-1, Class A2C
0.33%		01/25/47	2		13,135,000		11,141,005
Saxon Asset Securities Trust, Series 2007-3, Class 2A3
0.58%		09/25/47	2		32,174,000		25,219,706
Sequoia Mortgage Trust, Series 2004-3, Class A
0.91%		05/20/34	2		1,241,790		1,193,282
SG Mortgage Securities Trust, Series 2006-FRE1, Class A1B
0.45%		02/25/36	2		1,631,486		1,151,400
SG Mortgage Securities Trust, Series 2007-NC1, Class A2
0.42%		12/25/36	2,3		12,797,747		7,728,201
Soundview Home Equity Loan Trust, Series 2006-1, Class A3
0.37%		02/25/36	2		6,481,857		6,428,774
Soundview Home Equity Loan Trust, Series 2006-EQ1, Class A4
0.43%		10/25/36	2		14,062,000		9,750,774
Soundview Home Equity Loan Trust, Series 2006-WF2, Class A2C
0.32%		12/25/36	2		21,025,189		20,812,978
STRU JEF-5628 COLL
3.15%		07/01/27			47,705,000		46,840,347

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-1, Class 3A3
2.55%		02/25/34	2	$	36,075	$	36,297
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-12, Class 2A
2.44%		09/25/34	2		21,749,045		21,662,570
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-14, Class 1A
2.41%		10/25/34	2		413,959		409,109
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-14, Class 2A
2.39%		10/25/34	2		25,915,830		26,648,471
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-15, Class A
2.48%		10/25/34	2		4,828,707		4,634,723
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-16, Class 3A1
2.52%		11/25/34	2		20,160,609		20,295,342
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-17, Class A1
1.03%		11/25/34	2		97,255		90,271
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-20, Class 1A2
2.43%		01/25/35	2		1,435,689		1,389,878
Structured Adjustable Rate Mortgage Loan Trust, Series 2005-12, Class 3A1
2.41%		06/25/35	2		5,608,769		5,258,238
Structured Adjustable Rate Mortgage Loan Trust, Series 2006-12, Class 1A1
0.34%		01/25/37	2		73,068,034		57,391,945
Structured Adjustable Rate Mortgage Loan Trust, Series 2007-9, Class 2A1
2.86%		10/25/47	2		1,674,007		1,323,296
Structured Asset Investment Loan Trust, Series 2005-HE3, Class A5
0.54%		09/25/35	2		25,979,878		25,809,660
Structured Asset Investment Loan Trust, Series 2006-1, Class A3
0.38%		01/25/36	2		19,052,243		18,610,793
Structured Asset Mortgage Investments, Inc., Series 2006-AR3, Class 24A1
2.37%		05/25/36	2		797,765		543,110
Structured Asset Mortgage Investments, Inc., Series 2007-AR6, Class A1
1.65%		08/25/47	2		129,938,137		109,544,087
Structured Asset Securities Corp., Series 1997-2, Class 2A4
7.25%		03/28/30			2,748		2,781
Structured Asset Securities Corp., Series 2001-15A, Class 4A1
2.18%		10/25/31	2		10,756		10,772

See accompanying notes to Schedule of Portfolio Investments.

72 / N-Q Report June 2015

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Structured Asset Securities Corp., Series 2003-26A, Class 3A5
2.44%		09/25/33	2	$	457,169	$	456,780
Structured Asset Securities Corp., Series 2003-34A, Class 5A4
2.46%		11/25/33	2		3,548,056		3,566,484
Structured Asset Securities Corp., Series 2004-23XS, Class 2A1
0.48%		01/25/35	2		4,240,979		3,699,247
Structured Asset Securities Corp., Series 2005-17, Class 4A4
5.50%		10/25/35			7,615,693		7,957,486
Structured Asset Securities Corp., Series 2005-5, Class 2A4
5.50%		04/25/35			6,864,355		6,875,818
Structured Asset Securities Corp., Series 2005-WF4, Class A4
0.54%		11/25/35	2		180,260		180,627
Structured Asset Securities Corp., Series 2006-WF1, Class A5
0.48%		02/25/36	2		9,618,067		9,600,523
Structured Asset Securities Corp., Series 2006-WF2, Class A3
0.33%		07/25/36	2		3,072,809		3,067,683
Structured Asset Securities Corp., Series 2006-WF2, Class A4
0.49%		07/25/36	2		43,826,000		41,164,622
Structured Asset Securities Corp., Series 2006-WF3, Class A1
0.32%		09/25/36	2		24,354,209		23,590,972
Structured Asset Securities Corp., Series 2006-WF3, Class A3
0.33%		09/25/36	2		2,862,381		2,833,986
Structured Asset Securities Corp., Series 2007-BC4, Class A3
0.43%		11/25/37	2		3,315,383		3,294,037
Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-3, Class 1A1
2.69%		06/25/37	2		12,592,351		11,494,021
Thornburg Mortgage Securities Trust, Series 2004-4, Class 2A
1.98%		12/25/44	2		311,315		302,631
Vanderbilt Acquisition Loan Trust, Series 2002-1, Class A4
6.57%		05/07/27	2		1,414,169		1,464,898
Wachovia Mortgage Loan Trust LLC, Series 2006-ALT1, Class A3
0.41%		01/25/37	2		30,367,708		20,934,745
WaMu Alternative Mortgage Pass-Through Certificates, Series 2005-3, Class 2A3
0.73%		05/25/35	2		6,551,472		5,162,285

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
WaMu Alternative Mortgage Pass-Through Certificates, Series 2005-4, Class CB13
0.68%		06/25/35	2	$	11,939,864	$	9,267,812
WaMu Alternative Mortgage Pass-Through Certificates, Series 2006-AR2, Class A1A
1.09%		04/25/46	2		51,384,730		40,557,248
WaMu Alternative Mortgage Pass-Through Certificates, Series 2006-AR3, Class A1A
1.12%		05/25/46	2		32,130,880		24,337,021
WaMu Alternative Mortgage Pass-Through Certificates, Series 2006-AR7, Class A1A
1.07%		09/25/46	2		7,953,685		5,449,499
WaMu Alternative Mortgage Pass-Through Certificates, Series 2007-1, Class 2A1
6.00%		01/25/22			648,721		635,009
WaMu Alternative Mortgage Pass-Through Certificates, Series 2007-OA1, Class 2A
0.87%		12/25/46	2		9,524,837		6,459,211
WaMu Alternative Mortgage Pass-Through Certificates, Series 2007-OA2, Class 2A
0.85%		01/25/47	2		24,926,988		18,106,092
WaMu Alternative Mortgage Pass-Through Certificates, Series 2007-OA3, Class 2A
0.90%		02/25/47	2		40,268,462		28,622,058
WaMu Alternative Mortgage Pass-Through Certificates, Series 2007-OA3, Class 4A1
0.92%		04/25/47	2		2,550,813		2,027,991
WaMu Asset-Backed Certificates, Series 2007-HE1, Class 2A2
0.29%		01/25/37	2		5,637,449		3,248,455
WaMu Asset-Backed Certificates, Series 2007-HE1, Class 2A3
0.33%		01/25/37	2		52,039,996		30,140,530
WaMu Asset-Backed Certificates, Series 2007-HE1, Class 2A4
0.41%		01/25/37	2		17,468,948		10,230,774
WaMu Asset-Backed Certificates, Series 2007-HE2, Class 2A2
0.37%		04/25/37	2		39,593,812		19,538,101
WaMu Asset-Backed Certificates, Series 2007-HE2, Class 2A4
0.54%		04/25/37	2		13,996,438		7,079,594
WaMu Asset-Backed Certificates, Series 2007-HE3, Class 2A5
0.43%		05/25/47	2		9,511,396		6,434,298
WaMu Mortgage Pass-Through Certificates, Series 2002-AR1, Class 1A1
2.35%		11/25/30	2		481,509		481,744
WaMu Mortgage Pass-Through Certificates, Series 2002-AR18, Class A
2.51%		01/25/33	2		20,329		20,568

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 73

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
WaMu Mortgage Pass-Through Certificates, Series 2003-AR6, Class A1
2.45%		06/25/33	2	$	11,382,324	$	11,420,272
WaMu Mortgage Pass-Through Certificates, Series 2004-AR3, Class A2
2.46%		06/25/34	2		106,112		107,486
WaMu Mortgage Pass-Through Certificates, Series 2004-AR6, Class A
0.60%		05/25/44	2		3,620,543		3,450,558
WaMu Mortgage Pass-Through Certificates, Series 2005-AR1, Class A1A
0.50%		01/25/45	2		1,623,275		1,552,294
WaMu Mortgage Pass-Through Certificates, Series 2005-AR11, Class A1A
0.50%		08/25/45	2		81,247,691		76,328,241
WaMu Mortgage Pass-Through Certificates, Series 2005-AR12, Class 1A6
2.33%		10/25/35	2		3,516,504		3,402,310
WaMu Mortgage Pass-Through Certificates, Series 2005-AR13, Class A1A1
0.47%		10/25/45	2		2,546,600		2,369,867
WaMu Mortgage Pass-Through Certificates, Series 2005-AR14, Class 2A1
2.39%		12/25/35	2		10,693,657		9,857,231
WaMu Mortgage Pass-Through Certificates, Series 2005-AR15, Class A1A1
0.44%		11/25/45	2		54,398,075		51,319,416
WaMu Mortgage Pass-Through Certificates, Series 2005-AR17, Class A1A1
0.45%		12/25/45	2		25,691,667		24,154,380
WaMu Mortgage Pass-Through Certificates, Series 2005-AR19, Class A1A2
0.47%		12/25/45	2		36,678,966		33,790,765
WaMu Mortgage Pass-Through Certificates, Series 2005-AR2, Class 1A1A
0.51%		01/25/45	2		25,089,324		23,375,221
WaMu Mortgage Pass-Through Certificates, Series 2005-AR2, Class 2A1A
0.49%		01/25/45	2		2,592,602		2,418,315
WaMu Mortgage Pass-Through Certificates, Series 2005-AR2, Class 2A23
0.56%		01/25/45	2		9,206,315		8,676,973
WaMu Mortgage Pass-Through Certificates, Series 2005-AR6, Class 2A1A
0.41%		04/25/45	2		359,063		341,215
WaMu Mortgage Pass-Through Certificates, Series 2006-AR1, Class 2A1A
1.22%		01/25/46	2		66,826,353		64,471,533
WaMu Mortgage Pass-Through Certificates, Series 2006-AR10, Class 1A4
2.25%		09/25/36	2		30,795,283		27,649,764

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
WaMu Mortgage Pass-Through Certificates, Series 2006-AR16, Class 3A1
3.87%		12/25/36	2	$	1,504,386	$	1,406,621
WaMu Mortgage Pass-Through Certificates, Series 2006-AR3, Class A1A
1.15%		02/25/46	2		1,621,767		1,509,939
WaMu Mortgage Pass-Through Certificates, Series 2006-AR4, Class 1A1A
1.08%		05/25/46	2		11,070,268		10,366,077
WaMu Mortgage Pass-Through Certificates, Series 2006-AR7, Class 2A
1.13%		07/25/46	2		25,124,090		20,963,111
WaMu Mortgage Pass-Through Certificates, Series 2006-AR9, Class 2A
2.20%		08/25/46	2		1,614,156		1,466,682
WaMu Mortgage Pass-Through Certificates, Series 2007-HE2, Class 2A3
0.43%		04/25/37	2		39,764,144		19,797,693
WaMu Mortgage Pass-Through Certificates, Series 2007-HY1, Class 1A1
2.17%		02/25/37	2		1,999,168		1,681,742
WaMu Mortgage Pass-Through Certificates, Series 2007-HY1, Class 4A1
2.38%		02/25/37	2		2,437,413		2,149,738
WaMu Mortgage Pass-Through Certificates, Series 2007-HY6, Class 2A1
2.16%		06/25/37	2		738,584		647,097
WaMu Mortgage Pass-Through Certificates, Series 2007-HY7, Class 4A2
4.53%		07/25/37	2		641,923		599,089
WaMu Mortgage Pass-Through Certificates, Series 2007-OA1, Class A1A
0.85%		02/25/47	2		27,505,590		22,211,231
WaMu Mortgage Pass-Through Certificates, Series 2007-OA3, Class 5A
1.95%		04/25/47	2		6,606,010		5,062,687
Wells Fargo Alternative Loan Trust, Series 2007-PA5, Class 1A1
6.25%		11/25/37			520,407		506,138
Wells Fargo Mortgage-Backed Securities Trust, Series 2003-M, Class A1
2.61%		12/25/33	2		2,067,495		2,074,649
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-L, Class A8
2.64%		07/25/34	2		507,203		507,854
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-S, Class A1
2.63%		09/25/34	2		5,209,783		5,341,458
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR10, Class 2A14
2.64%		06/25/35	2		2,210,992		2,217,075

See accompanying notes to Schedule of Portfolio Investments.

74 / N-Q Report June 2015

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR10, Class 2A17
2.64%		06/25/35	2	$	51,931,699	$	53,024,731
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-10, Class A4
6.00%		08/25/36			5,041,587		5,177,888
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-2, Class 2A3
5.50%		03/25/36			612,907		591,651
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR1, Class 1A1
5.59%		03/25/36	2		8,465,737		8,161,639
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR10, Class 5A1
2.68%		07/25/36	2		507,595		493,061
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR10, Class 5A2
2.68%		07/25/36	2		172,146		167,217
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR10, Class 5A3
2.68%		07/25/36	2		368,163		347,708
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR10, Class 5A6
2.68%		07/25/36	2		2,152,090		2,032,524
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR17, Class A1
2.61%		10/25/36	2		5,475,423		5,162,965
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR8, Class 1A3
2.63%		04/25/36	2		21,697		21,626
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-5, Class 1A1
5.50%		05/25/37			7,654,567		7,648,626
WF-RBS Commercial Mortgage Trust, Series 2011-C3, Class A3FL
1.14%		03/15/44	3		94,250,000		94,929,448
							7,227,162,251
U.S. Agency Mortgage-Backed — 28.42%
Fannie Mae Pool (TBA)
2.50%		07/25/27			213,390,000		215,990,691
2.80%		06/01/25			172,675,000		172,579,563
3.00%		07/25/27			129,580,000		134,216,534
3.00%		07/25/43			2,742,420,000		2,731,064,681
3.50%		07/25/26			64,500,000		67,997,109
3.50%		07/25/42			2,500,715,000		2,577,299,472
4.00%		07/25/41			1,284,425,000		1,360,386,691
4.50%		07/25/39			495,710,000		535,754,073
Fannie Mae Pool 190375
5.50%		11/01/36			2,119,563		2,379,991

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae Pool 254232
6.50%		03/01/22		$	41,933	$	48,185
Fannie Mae Pool 313182
7.50%		10/01/26			4,576		5,169
Fannie Mae Pool 394854
6.50%		05/01/27			2,039		2,352
Fannie Mae Pool 464367
4.54%		01/01/20			5,093,106		5,598,534
Fannie Mae Pool 466766
3.88%		12/01/20			18,413,402		19,942,532
Fannie Mae Pool 467243
4.55%		01/01/21			2,601,025		2,894,875
Fannie Mae Pool 468128
4.33%		07/01/21			1,970,000		2,179,172
Fannie Mae Pool 468551
3.98%		07/01/21			10,252,500		11,177,821
Fannie Mae Pool 468587
3.84%		08/01/21			755,150		815,416
Fannie Mae Pool 468764
4.16%		07/01/21			28,200,000		30,906,190
Fannie Mae Pool 545191
7.00%		09/01/31			12,491		14,170
Fannie Mae Pool 545831
6.50%		08/01/17			10,618		11,052
Fannie Mae Pool 555284
7.50%		10/01/17			2,090		2,180
Fannie Mae Pool 606108
7.00%		03/01/31			5,504		5,756
Fannie Mae Pool 613142
7.00%		11/01/31			19,484		22,934
Fannie Mae Pool 625666
7.00%		01/01/32			13,758		15,033
Fannie Mae Pool 633698
7.50%		02/01/31			74,590		92,227
Fannie Mae Pool 646884
1.79%		05/01/32	2		5,708		5,868
Fannie Mae Pool 655928
7.00%		08/01/32			243,496		292,914
Fannie Mae Pool 725257
5.50%		02/01/34			2,330,243		2,631,627
Fannie Mae Pool 734922
4.50%		09/01/33			3,854,106		4,210,727
Fannie Mae Pool 735207
7.00%		04/01/34			48,917		59,275
Fannie Mae Pool 735224
5.50%		02/01/35			9,722,419		10,971,517
Fannie Mae Pool 735646
4.50%		07/01/20			2,343,901		2,460,832

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 75

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae Pool 735651
4.50%		06/01/35		$	10,229,556	$	11,116,706
Fannie Mae Pool 735686
6.50%		12/01/22			68,812		79,057
Fannie Mae Pool 740297
5.50%		10/01/33			4,962		5,599
Fannie Mae Pool 745592
5.00%		01/01/21			12,186		12,976
Fannie Mae Pool 817611
5.38%		11/01/35	2		743,224		784,820
Fannie Mae Pool 839109
5.39%		11/01/35	2		15,895		16,900
Fannie Mae Pool 841031
5.34%		11/01/35	2		36,459		38,729
Fannie Mae Pool 844773
5.36%		12/01/35	2		9,904		10,573
Fannie Mae Pool 888412
7.00%		04/01/37			1,454,129		1,661,392
Fannie Mae Pool 889125
5.00%		12/01/21			7,589,244		8,041,690
Fannie Mae Pool 889184
5.50%		09/01/36			8,697,271		9,810,687
Fannie Mae Pool 918445
5.52%		05/01/37	2		41,541		44,507
Fannie Mae Pool 933033
6.50%		10/01/37			1,760,891		2,016,765
Fannie Mae Pool AB1613
4.00%		10/01/40			66,364,863		70,894,809
Fannie Mae Pool AB1803
4.00%		11/01/40			70,643,769		75,736,957
Fannie Mae Pool AB2127
3.50%		01/01/26			45,887,272		48,569,790
Fannie Mae Pool AB3679
3.50%		10/01/41			23,884,678		24,697,695
Fannie Mae Pool AB3864
3.50%		11/01/41			19,720,895		20,410,668
Fannie Mae Pool AB4045
3.50%		12/01/41			20,674,270		21,446,156
Fannie Mae Pool AB4262
3.50%		01/01/32			16,608,660		17,337,593
Fannie Mae Pool AB9703
3.50%		06/01/43			49,450,476		51,051,508
Fannie Mae Pool AD0791
4.69%		02/01/20			15,031,065		16,604,884
Fannie Mae Pool AD0849
4.25%		02/01/20			27,991,987		30,619,805
Fannie Mae Pool AD0850
4.32%		02/01/20			47,972,016		52,425,442

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae Pool AD0895
4.50%		07/01/19		$	61,327,886	$	67,200,164
Fannie Mae Pool AE0482
5.50%		01/01/38			20,869,434		23,535,518
Fannie Mae Pool AE0600
3.98%		11/01/20			40,188,944		43,461,318
Fannie Mae Pool AE0605
4.67%		07/01/20			29,941,556		33,110,628
Fannie Mae Pool AE0918
3.66%		10/01/20			5,491,931		5,901,280
Fannie Mae Pool AH3780
4.00%		02/01/41			28,710,632		30,778,034
Fannie Mae Pool AJ0764
4.50%		09/01/41			42,952		46,536
Fannie Mae Pool AJ1404
4.00%		09/01/41			47,210,572		50,300,301
Fannie Mae Pool AL0209
4.50%		05/01/41			44,362,569		48,860,220
Fannie Mae Pool AL0290
4.45%		04/01/21			32,241,009		35,947,208
Fannie Mae Pool AL0600
4.30%		07/01/21			4,625,422		5,101,494
Fannie Mae Pool AL0834
4.05%		10/01/21			37,948,643		41,295,016
Fannie Mae Pool AL0851
6.00%		10/01/40			42,696,581		48,597,185
Fannie Mae Pool AL1410
4.50%		12/01/41			49,856,389		53,997,271
Fannie Mae Pool AL1445
4.34%		11/01/21			79,542,648		87,692,457
Fannie Mae Pool AL2602
2.65%		10/01/22			107,475		109,177
Fannie Mae Pool AL2669
4.46%		09/01/21			24,409,657		27,102,141
Fannie Mae Pool AL3306
2.46%		04/01/23			43,083		43,273
Fannie Mae Pool AL4597
4.00%		01/01/44			104,909,540		112,455,526
Fannie Mae Pool AL5866
2.75%		08/01/22			182,576,217		184,820,225
Fannie Mae Pool AL6466
2.90%		11/01/26			102,357,892		103,765,937
Fannie Mae Pool AM7028
0.42%		10/01/19	2		40,000,000		40,068,369
Fannie Mae Pool AU3739
3.50%		08/01/43			70,123,910		72,743,018
Fannie Mae Pool FN0000
3.58%		09/01/20			10,761,018		11,504,372

See accompanying notes to Schedule of Portfolio Investments.

76 / N-Q Report June 2015

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae Pool FN0001
3.76%		12/01/20		$	25,739,148	$	27,657,449
Fannie Mae Pool FN0002
3.35%		12/01/17			1,169,189		1,219,436
Fannie Mae Pool FN0003
4.30%		01/01/21			8,159,319		8,991,109
Fannie Mae Pool FN0005
3.38%		11/01/20			41,129,635		43,533,793
Fannie Mae Pool FN0007
3.46%		11/01/20			80,000		85,216
Fannie Mae Pool FN0010
3.84%		09/01/20			336,027		361,397
Fannie Mae Pool MA1177
3.50%		09/01/42			122,461,498		126,438,864
Fannie Mae Pool MA1527
3.00%		07/01/33			118,674,807		121,353,716
Fannie Mae Pool MA1561
3.00%		09/01/33			73,594,639		75,255,929
Fannie Mae Pool MA1582
3.50%		09/01/43			32,868,823		33,937,835
Fannie Mae Pool MA1584
3.50%		09/01/33			134,171,579		140,459,083
Fannie Mae Pool MA1608
3.50%		10/01/33			90,574,692		94,824,929
Fannie Mae REMICS, Series 1988-28, Class H
9.05%		12/25/18			759		804
Fannie Mae REMICS, Series 1989-27, Class Y
6.90%		06/25/19			278		296
Fannie Mae REMICS, Series 1991-65, Class Z
6.50%		06/25/21			6,361		6,906
Fannie Mae REMICS, Series 1992-123, Class Z
7.50%		07/25/22			1,478		1,655
Fannie Mae REMICS, Series 1993-132, Class D (PO)
0.00%		10/25/22	10		73,277		70,732
Fannie Mae REMICS, Series 1993-199, Class SD (IO)
0.88%		10/25/232			80,663		588
Fannie Mae REMICS, Series 1993-29, Class PK
7.00%		03/25/23			14,461		15,840
Fannie Mae REMICS, Series 1994-55, Class H
7.00%		03/25/24			30,625		33,973
Fannie Mae REMICS, Series 1998-37, Class VZ
6.00%		06/17/28			20,678		23,636

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae REMICS, Series 1999-11, Class Z
5.50%		03/25/29		$	68,333	$	76,092
Fannie Mae REMICS, Series 2001-52, Class YZ
6.50%		10/25/31			235,531		267,073
Fannie Mae REMICS, Series 2005-104, Class NI (IO)
6.52%		03/25/35	2		34,910,023		3,918,430
Fannie Mae REMICS, Series 2005-117, Class LC
5.50%		11/25/35			18,710,610		20,433,746
Fannie Mae REMICS, Series 2005-122, Class SG (IO)
6.42%		11/25/35	2		204,647		32,972
Fannie Mae REMICS, Series 2006-18, Class PD
5.50%		08/25/34			334,742		345,514
Fannie Mae REMICS, Series 2006-4, Class WE
4.50%		02/25/36			178,939		190,130
Fannie Mae REMICS, Series 2006-49, Class SE
28.26%		04/25/36	2		5,892,916		9,380,874
Fannie Mae REMICS, Series 2007-17, Class SI (IO)
6.22%		03/25/37	2		6,634,770		742,386
Fannie Mae REMICS, Series 2007-34, Class SB (IO)
5.93%		04/25/37	2		9,717,003		2,052,733
Fannie Mae REMICS, Series 2008-24, Class NA
6.75%		06/25/37			2,665,542		2,900,304
Fannie Mae REMICS, Series 2010-116, Class SE (IO)
6.42%		10/25/40	2		11,767,241		2,025,930
Fannie Mae REMICS, Series 2010-135, Class EA
3.00%		01/25/40			38,794		40,304
Fannie Mae REMICS, Series 2010-17, Class SB (IO)
6.17%		03/25/40	2		18,229,888		3,200,712
Fannie Mae REMICS, Series 2010-43, Class KS (IO)
6.24%		05/25/40	2		33,081,200		5,899,321
Fannie Mae REMICS, Series 2011-101, Class HE
4.00%		10/25/41			10,100,000		10,839,855
Fannie Mae REMICS, Series 2011-111, Class DB
4.00%		11/25/41			24,977,334		27,047,874

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 77

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae REMICS, Series 2011-2, Class PD
4.00%		12/25/39		$	127,000	$	136,844
Fannie Mae REMICS, Series 2013-101, Class BO (PO)
0.00%		10/25/43	10		34,219,172		26,173,929
Fannie Mae REMICS, Series 2013-101, Class CO (PO)
0.00%		10/25/43	10		21,002,394		15,997,049
Fannie Mae REMICS, Series G92-12, Class B
7.70%		02/25/22			368		393
Fannie Mae REMICS, Series G92-36, Class Z
7.00%		07/25/22			207		223
Fannie Mae REMICS, Series G93-21, Class Z
7.20%		05/25/23			6,172		7,040
Fannie Mae Whole Loan, Series 2003-W2,
Class 2A9
5.90%		07/25/42			46,440		52,083
Fannie Mae, Series 1997-34, Class SA
3.77%		10/25/23	2		7,745		9,133
Fannie Mae, Series 2005-92, Class US (IO)
5.92%		10/25/25	2		13,627,824		1,766,037
Fannie Mae, Series 2012-M12, Class 1A
2.93%		08/25/22	2		142,589,294		146,833,080
Fannie Mae, Series 2012-M15, Class A
2.74%		10/25/22	2		113,011,189		114,431,174
Fannie Mae, Series 2014-M12, Class FA
0.48%		10/25/21			131,067,146		131,803,449
Fannie Mae, Series 2014-M6, Class FA
0.47%		12/25/17			70,582,196		70,191,523
Fannie Mae, Series 2014-M8, Class A1
2.35%		06/25/24			7,696,618		7,826,717
Fannie Mae, Series 2014-M8, Class FA
0.44%		05/25/18			128,950,831		129,256,573
Fannie Mae, Series 2015-M10, Class A2
3.09%		04/25/27			121,305,000		120,499,353
Fannie Mae, Series 2015-M10, Class FA
0.43%		03/25/19			139,250,000		139,324,708
Fannie Mae, Series 2015-M4, Class FA
0.39%		09/25/18			122,868,799		122,952,577
Fannie Mae, Series 2015-M8, Class A2
2.90%		01/25/25			4,065,000		4,028,598
Fannie Mae, Series 2015-M8, Class FA
0.36%		11/25/18			108,775,839		108,798,415
Freddie Mac Gold Pool A24156
6.50%		10/01/31			559,011		641,272

Issues	Maturity Date		Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Freddie Mac Gold Pool A25162
5.50%		05/01/34	$	4,975,575	$	5,591,507
Freddie Mac Gold Pool A39012
5.50%		06/01/35		89,030		101,111
Freddie Mac Gold Pool A54856
5.00%		01/01/34		8,061,613		8,994,602
Freddie Mac Gold Pool A61164
5.00%		04/01/36		28,901		31,986
Freddie Mac Gold Pool A97038
4.00%		02/01/41		24,807,028		26,427,235
Freddie Mac Gold Pool C01492
5.00%		02/01/33		1,624,338		1,794,431
Freddie Mac Gold Pool C04546
3.00%		02/01/43		32,014,697		31,937,345
Freddie Mac Gold Pool C04573
3.00%		03/01/43		39,170,736		39,055,765
Freddie Mac Gold Pool C46104
6.50%		09/01/29		38,462		44,916
Freddie Mac Gold Pool C55789
7.50%		10/01/27		18,466		21,016
Freddie Mac Gold Pool C90573
6.50%		08/01/22		117,283		134,403
Freddie Mac Gold Pool E02402
6.00%		10/01/22		33,585		37,372
Freddie Mac Gold Pool G00992
7.00%		11/01/28		2,282		2,701
Freddie Mac Gold Pool G01515
5.00%		02/01/33		1,630,181		1,800,284
Freddie Mac Gold Pool G02579
5.00%		12/01/34		2,046,810		2,278,522
Freddie Mac Gold Pool G02884
6.00%		04/01/37		7,147,776		8,120,418
Freddie Mac Gold Pool G02955
5.50%		03/01/37		7,551,839		8,622,177
Freddie Mac Gold Pool G03357
5.50%		08/01/37		2,888,096		3,267,384
Freddie Mac Gold Pool G03676
5.50%		12/01/37		5,522,702		6,221,497
Freddie Mac Gold Pool G03783
5.50%		01/01/38		3,951,633		4,471,829
Freddie Mac Gold Pool G03985
6.00%		03/01/38		67,772		77,541
Freddie Mac Gold Pool G04438
5.50%		05/01/38		11,926,321		13,470,170
Freddie Mac Gold Pool G04703
5.50%		08/01/38		11,869,233		13,351,192
Freddie Mac Gold Pool G04706
5.50%		09/01/38		369,853		422,273

See accompanying notes to Schedule of Portfolio Investments.

78 / N-Q Report June 2015

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Freddie Mac Gold Pool G05866
4.50%		02/01/40	$	35,341,501	$	38,912,168
Freddie Mac Gold Pool G06361
4.00%		03/01/41		44,860		47,990
Freddie Mac Gold Pool G06498
4.00%		04/01/41		46,503,587		49,644,050
Freddie Mac Gold Pool G06499
4.00%		03/01/41		21,828,479		23,241,598
Freddie Mac Gold Pool G06620
4.50%		07/01/41		53,349,049		57,954,574
Freddie Mac Gold Pool G07786
4.00%		08/01/44		398,013,480		424,962,786
Freddie Mac Gold Pool G07848
3.50%		04/01/44		142,177,093		147,119,972
Freddie Mac Gold Pool G07924
3.50%		01/01/45		40,680,307		42,050,682
Freddie Mac Gold Pool G07925
4.00%		02/01/45		25,284,033		27,010,457
Freddie Mac Gold Pool G08632
3.50%		03/01/45		508,386,105		523,170,421
Freddie Mac Gold Pool G08636
3.50%		04/01/45		253,550,008		260,923,465
Freddie Mac Gold Pool G08641
3.50%		05/01/45		114,907,439		118,249,048
Freddie Mac Gold Pool G11707
6.00%		03/01/20		694,016		730,410
Freddie Mac Gold Pool G12393
5.50%		10/01/21		6,397,152		6,923,276
Freddie Mac Gold Pool G12399
6.00%		09/01/21		3,541		3,882
Freddie Mac Gold Pool G12824
6.00%		08/01/22		3,066,395		3,384,064
Freddie Mac Gold Pool G12909
6.00%		11/01/22		8,529,089		9,410,760
Freddie Mac Gold Pool G13032
6.00%		09/01/22		1,610,934		1,764,918
Freddie Mac Gold Pool G13058
4.50%		10/01/20		4,172,315		4,354,276
Freddie Mac Gold Pool G60023
3.50%		04/01/45		33,634,479		34,730,227
Freddie Mac Gold Pool G60080
3.50%		06/01/45		397,213,799		409,657,772
Freddie Mac Gold Pool H00790
5.50%		05/01/37		78,363		86,947
Freddie Mac Gold Pool H03161
6.50%		08/01/37		3,299		3,439
Freddie Mac Gold Pool H05069
5.50%		05/01/37		3,610,640		4,018,247

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Freddie Mac Gold Pool H09082
6.50%		09/01/37		$	7,374	$	8,452
Freddie Mac Gold Pool Q05804
4.00%		01/01/42			73,018,534		78,139,585
Freddie Mac Gold Pool U95034
4.00%		09/01/42			55,036,807		58,605,600
Freddie Mac Gold Pool U99054
4.00%		06/01/43			60,024,135		63,916,325
Freddie Mac Gold Pool U99114
3.50%		02/01/44			210,424,848		216,611,928
Freddie Mac Gold Pool V80356
3.50%		08/01/43			73,212,228		75,723,177
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K010, Class A2
4.33%		10/25/20			60,000		66,343
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K013, Class A2
3.97%		01/25/21	2		22,640,000		24,682,773
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K038, Class A2
3.39%		03/25/24			86,940,000		90,815,568
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K040, Class A2
3.24%		09/25/24			2,840,000		2,938,108
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K041, Class A2
3.17%		10/25/24			7,085,000		7,246,906
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K043, Class A2
3.06%		12/25/24			254,075,000		257,238,234
Freddie Mac Multi-Family Structured Pass-Through Certificates, Series KF03, Class A
0.52%		01/25/21			38,989,153		39,062,258
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KF06, Class A
0.51%		11/25/21			164,359,636		164,870,005
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KF07, Class A
0.47%		02/25/25			19,334,183		19,358,351
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KLSF, Class A
0.51%		11/25/21			223,400,000		224,235,047

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 79

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KSCT, Class A1
3.19%		12/25/19		$	66,464,638	$	69,311,325
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KSCT, Class A2
4.28%		01/25/20			70,890,000		78,845,630
Freddie Mac Pool G07408
3.50%		06/01/43			39,034,494		40,401,786
Freddie Mac Pool U99097
3.50%		07/01/43			115,995,568		119,406,163
Freddie Mac REMICS, Series 1004, Class H
7.95%		10/15/20			257		279
Freddie Mac REMICS, Series 1073, Class G
7.00%		05/15/21			1,127		1,230
Freddie Mac REMICS, Series 1107, Class ZC
6.50%		07/15/21			5,029		5,444
Freddie Mac REMICS, Series 165, Class K
6.50%		09/15/21			105		113
Freddie Mac REMICS, Series 1980, Class Z
7.00%		07/15/27			162,384		184,880
Freddie Mac REMICS, Series 1983, Class Z
6.50%		12/15/23			85,784		94,845
Freddie Mac REMICS, Series 2098, Class TZ
6.00%		01/15/28			729,232		807,770
Freddie Mac REMICS, Series 2174, Class PN
6.00%		07/15/29			40,482		46,064
Freddie Mac REMICS, Series 2313, Class LA
6.50%		05/15/31			26,147		30,109
Freddie Mac REMICS, Series 2433, Class SA
20.45%		02/15/32	2		23,263		33,651
Freddie Mac REMICS, Series 2481, Class AW
6.50%		08/15/32			91,867		102,885
Freddie Mac REMICS, Series 2642, Class BW (IO)
5.00%		06/15/23			41,601		3,192
Freddie Mac REMICS, Series 2649, Class PC
5.50%		07/15/33			38,440		40,464

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Freddie Mac REMICS, Series 2971, Class AB
5.00%		05/15/20		$	9,109	$	9,192
Freddie Mac REMICS, Series 3019, Class SW (IO)
7.01%		08/15/35	2		4,070,571		989,246
Freddie Mac REMICS, Series 3063, Class YG
5.50%		11/15/35			8,794,000		9,774,404
Freddie Mac REMICS, Series 3210, Class PD
6.00%		08/15/35			25,352		25,456
Freddie Mac REMICS, Series 3300, Class SA (IO)
7.01%		08/15/35	2		1,799,690		314,436
Freddie Mac REMICS, Series 3345, Class FP
0.39%		11/15/36	2		2,208,455		2,210,071
Freddie Mac REMICS, Series 3345, Class PF
0.37%		05/15/36	2		2,357,132		2,359,130
Freddie Mac REMICS, Series 3707, Class EI (IO)
5.00%		12/15/38			41,590,455		6,211,663
Freddie Mac REMICS, Series 3730, Class JG
3.00%		09/15/39			47,646		48,983
Freddie Mac REMICS, Series 3752, Class XL
4.50%		11/15/40			66,277,000		72,775,228
Freddie Mac REMICS, Series 3891, Class HS (IO)
5.76%		07/15/41	2		17,724,051		2,471,695
Freddie Mac REMICS, Series 3904, Class JB
4.50%		08/15/41			18,155,000		19,903,508
Freddie Mac REMICS, Series 3925, Class LB
4.50%		09/15/41			9,215,000		10,540,692
Freddie Mac REMICS, Series 3928, Class JD
4.00%		09/15/41			32,095,702		34,744,095
Freddie Mac REMICS, Series 4102, Class TC
2.50%		09/15/41			34,363,605		34,918,199
Freddie Mac REMICS, Series 4161, Class BA
2.50%		12/15/41			50,586,835		51,343,551
Freddie Mac Strips, Series 309, Class PO (PO)
0.00%		08/15/43	10		54,083,897		43,256,317
Freddie Mac Strips, Series 319, Class F2
0.69%		11/15/43	2		10,880,956		10,965,828

See accompanying notes to Schedule of Portfolio Investments.

80 / N-Q Report June 2015

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Freddie Mac, Series 4044, Class A2
2.81%		01/25/25		$	80,160,000	$	79,417,398
Freddie Mac, Series K020, Class A2
2.37%		05/25/40			110,155,000		110,001,554
Freddie Mac, Series K046, Class A2
3.21%		03/25/25			22,895,000		23,399,606
Freddie Mac, Series KF02, Class A1
0.56%		07/25/20			190,526,637		191,536,523
Freddie Mac, Series KF05, Class A
0.53%		09/25/21			251,330,188		252,118,762
Freddie Mac, Series KF08, Class A
0.48%		01/25/22			71,285,000		71,374,106
Freddie Mac, Series KKA, Class A
0.47%		07/25/25			146,380,000		146,786,058
Freddie Mac, Series KX01, Class A
2.36%		02/25/23			81,051,076		82,209,418
Ginnie Mae I Pool 782817
4.50%		11/15/39			40,872,571		44,575,840
Ginnie Mae II Pool (TBA)
3.00%		07/20/43			97,930,000		98,886,350
3.50%		07/01/32			1,028,525,000		1,067,576,809
4.00%		07/20/44			288,775,000		305,808,214
4.50%		07/21/44			99,455,000		107,240,462
Ginnie Mae II Pool 2631
7.00%		08/20/28			4,009		4,677
Ginnie Mae II Pool 80968
1.63%		07/20/34	2		30,003		31,128
Ginnie Mae II Pool 81267
1.75%		03/20/35	2		59,243		61,518
Ginnie Mae II Pool 8631
2.00%		05/20/25	2		9,439		9,768
Ginnie Mae II Pool 8644
2.50%		06/20/25	2		15,582		16,034
Ginnie Mae II Pool G281432
1.63%		08/20/35	2		52,156		54,277
Ginnie Mae II Pool G281497
1.63%		10/20/35	2		50,351		52,385
Ginnie Mae II Pool MA2754
3.50%		04/20/45			301,394,804		313,179,808
Ginnie Mae II Pool MA2826
3.50%		05/20/45			81,121,019		84,334,613
Ginnie Mae, Series 2000-22, Class SG (IO)
10.62%		05/16/30	2		190,636		27,370
Ginnie Mae, Series 2003-86, Class ZK
5.00%		10/20/33			18,202,829		19,567,862
Ginnie Mae, Series 2004-93, Class PC
5.00%		04/16/34			154,239		162,394
Ginnie Mae, Series 2005-78, Class ZA
5.00%		10/16/35			25,269,549		28,641,025

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Ginnie Mae, Series 2007-35, Class PY (IO)
6.57%		06/16/37	2	$	31,533,599	$	5,841,369
Ginnie Mae, Series 2009-106, Class SD (IO)
6.07%		03/20/36	2		27,040,602		4,224,475
Ginnie Mae, Series 2009-106, Class XI (IO)
6.62%		05/20/37	2		69,818,527		11,587,173
Ginnie Mae, Series 2009-124, Class SC (IO)
6.30%		12/20/39	2		12,647,937		2,056,286
Ginnie Mae, Series 2009-17, Class P
4.00%		08/16/38			37,745		39,640
Ginnie Mae, Series 2010-4, Class SL (IO)
6.22%		01/16/40	2		143,727		26,167
Ginnie Mae, Series 2010-4, Class SM (IO)
5.62%		01/16/40	2		26,132,239		4,901,679
Ginnie Mae, Series 2010-6, Class BS (IO)
6.32%		09/16/39	2		10,898,139		1,245,928
Ginnie Mae, Series 2011-146, Class EI (IO)
5.00%		11/16/41			132,272		29,955
Ginnie Mae, Series 2013-113, Class LY
3.00%		05/20/43			51,184,000		50,327,328
NCUA Guaranteed Notes, Series 2010-R1, Class A1
0.64%		10/07/20	2		27,147,136		27,294,537
NCUA Guaranteed Notes, Series 2010-R3, Class 1A
0.74%		12/08/20	2		39,465,941		39,766,534
NCUA Guaranteed Notes, Series 2010-R3, Class 2A
0.75%		12/08/20	2		33,739,079		33,987,280
NCUA Guaranteed Notes, Series 2011-C1, Class 2A
0.72%		03/09/21	2		3,667,147		3,680,977
NCUA Guaranteed Notes, Series 2011-R6, Class 1A
0.56%		05/07/20	2		5,676		5,676
							18,900,723,398
Total Mortgage-Backed (Cost $28,318,558,166)							28,775,068,287
MUNICIPAL BONDS — 0.97%*
California — 0.19%
Los Angeles Department of Water & Power, Build America Bonds, Series SY
6.01%		07/01/39			350,000		431,158
State of California, Build America Bonds
6.65%		03/01/22			4,245,000		5,130,337
7.30%		10/01/39			5,540,000		7,841,427
7.95%		03/01/36			7,350,000		8,902,761

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 81

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MUNICIPAL BONDS (continued)
California (continued)
State of California, Build America Bonds, Various Purpose
7.50%		04/01/34		$	3,885,000	$	5,402,326
State of California, Taxable, Various Purpose
5.50%		03/01/16			8,450,000		8,727,076
6.20%		03/01/19			10,675,000		12,351,402
University of California, Floating Rate Notes, Series Y, Class 1
0.69%		07/01/41	2		12,485,000		12,491,742
University of California, Floating Rate Notes, Series Y, Class 2
0.69%		07/01/41	2		15,000,000		15,008,100
University of California, Revenue Bonds
3.93%		05/15/45			57,230,000		54,719,892
							131,006,221
Illinois — 0.01%
State of Illinois, Build America Bonds
6.63%		02/01/35			4,120,000		4,293,658
State of Illinois, Taxable Pension Bonds
5.10%		06/01/33			591,000		551,373
							4,845,031
New York — 0.60%
City of New York, Build America Bonds
4.77%		10/01/23			4,420,000		4,958,533
5.05%		10/01/24			13,820,000		15,736,419
5.21%		10/01/31			6,420,000		7,092,688
5.52%		10/01/37			6,075,000		7,210,600
5.82%		10/01/31			220,000		244,627
5.99%		12/01/36			14,055,000		17,022,854
City of New York, Build America Bonds, Series F1
6.65%		12/01/31			46,470,000		54,585,056
Fiscal Year 2005 Securitization Corp., Special Obligation, Series B
4.93%		04/01/20			55,000		60,098
New York City Municipal Water Finance Authority, Build America Bonds, Series SE
6.49%		06/15/42			3,405,000		3,854,800
New York City Transitional Finance Authority Revenue, Future Tax Secured Revenue, Build America Bonds
5.27%		05/01/27			8,050,000		9,140,694
5.51%		08/01/37			25,000,000		29,894,000
5.57%		11/01/38			41,825,000		50,860,036
New York City Water & Sewer System, Taxable Bonds
5.88%		06/15/44			29,220,000		37,065,278
New York City Water and Sewer Authority, Build America Bonds
5.44%		06/15/43			49,625,000		59,549,504

Issues	Maturity Date			Principal Amount		Value
MUNICIPAL BONDS (continued)
New York (continued)
New York State Dormitory Authority, Taxable, Build American Bonds
5.43%		03/15/39		$	28,100,000	$	32,892,455
New York State Dormitory Authority, Build American Bonds
5.29%		03/15/33			44,990,000		52,119,115
New York State Urban Development Corp., Series F
3.20%		03/15/22			15,870,000		16,315,153
							398,601,910
Texas — 0.17%
City of Houston Texas, Taxable Pension Obligation, Series A
6.29%		03/01/32			65,995,000		80,346,933
State of Texas, Build America Bonds
5.52%		04/01/39			27,345,000		34,090,191
							114,437,124
Total Municipal Bonds (Cost $654,437,342)							648,890,286
U.S. AGENCY SECURITIES — 1.63%
U.S. Agency Securities — 1.63%
Federal Farm Credit Bank
0.22%		04/26/17	2		152,825,000		152,965,599
0.22%		05/08/17	2		290,370,000		290,747,481
0.23%		05/24/17	2		70,685,000		70,796,258
0.24%		02/27/17	2		133,065,000		133,289,081
0.24%		04/17/17	2		27,465,000		27,505,374
Federal Home Loan Bank
0.22%		10/07/15	2		61,965,000		61,978,632
1.25%		06/28/30			344,995,000		345,193,717
Total U.S. Agency Securities (Cost $1,080,729,988)							1,082,476,142
U.S. TREASURY SECURITIES — 26.62%
U.S. Treasury Bonds — 5.00%
U.S. Treasury Bonds
0.00%		11/15/27	10		84,065,000		61,202,178
2.75%		08/15/42			59,290,000		55,172,132
2.88%		05/15/43			183,050,000		174,469,531
3.00%		05/15/45			892,830,000		875,112,681
3.13%		02/15/42			155,870,000		156,722,453
3.75%		11/15/43			583,360,000		656,280,000
U.S. Treasury Bonds - Treasury Inflation Indexed Bonds
0.63%		02/15/43	11		200,672,550		177,588,201
0.75%		02/15/45	11		614,238,841		559,429,112

See accompanying notes to Schedule of Portfolio Investments.

82 / N-Q Report June 2015

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
U.S. TREASURY SECURITIES (continued)
U.S. Treasury Bonds (continued)
1.38%		02/15/44	11	$	523,741,597	$	557,995,607
U.S. Treasury Bonds (Strip Principal)
0.00%		11/15/27	10		75,375,000		53,978,374
							3,327,950,269
U.S. Treasury Notes — 21.62%
U.S. Treasury Bonds - Treasury Inflation Indexed Notes
0.25%		01/15/25	11		682,706,879		670,706,258
U.S. Treasury Notes
0.25%		07/15/15			250,000,000		250,029,250
0.63%		05/31/17			3,055,075,000		3,055,365,446
0.63%		08/31/17			131,675,000		131,448,690
0.88%		07/15/17			339,960,000		341,366,924
1.50%		05/31/20			3,939,805,000		3,918,413,041
1.63%		06/30/20			971,548,000		971,512,325
1.75%		07/31/15			475,000,000		475,704,900
2.13%		05/15/25			2,927,410,000		2,874,121,917
U.S. Treasury Notes - Treasury Inflation Indexed Notes
0.13%		04/15/16	11		1,089,377,885		1,094,824,775
0.13%		04/15/17	11		140,534,398		142,488,669
0.13%		07/15/24	11		460,544,964		449,491,963
							14,375,474,158
Total U.S. Treasury Securities (Cost $17,761,119,283)							17,703,424,427
Total Bonds – 98.28% (Cost $64,944,170,853)							65,361,130,588

Issues	Notional Amount (000’s)		Value
PURCHASED SWAPTIONS — 0.00%
Option to enter into a 5-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 5.00% annually; Option Expiration Date of 01/14/19. Counterparty: Barclays, Inc.		57,150		979,631
Option to enter into a 5-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 5.00% annually; Option Expiration Date of 01/14/19. Counterparty: Morgan Stanley		90,000		1,542,726
Total Purchased Swaptions (Cost $9,841,750)				2,522,357

Issues	Maturity Date			Principal Amount/ Shares		Value
SHORT-TERM INVESTMENTS — 15.02%
Commercial paper — 0.59%
Macquarie Bank Ltd. (Australia)
0.16%12		08/26/15	3,4		190,000,000		189,942,540
0.25%12		09/02/15	3,4		200,000,000		199,928,888
							389,871,428
Foreign Government Obligations — 0.51%
Japan Treasury Discount Bill, Series 537 (Japan)
0.01%12		12/10/15	4		41,550,000,000		339,566,029
Money Market Funds — 2.01%
Dreyfus Cash Advantage Fund
0.01%13,14					672,224,064	$	672,224,064
Morgan Stanley Institutional Fund
0.04%13					663,914,000		663,914,000
							1,336,138,064
U.S. Agency Discount Notes — 11.85%
Federal Home Loan Bank
0.01%12		07/06/15		$	781,355,000		781,354,219
0.02%12		07/15/15			816,100,000		816,096,736
0.03%12		07/17/15			316,000,000		315,998,736
0.03%12		07/29/15			916,851,000		916,843,665
0.04%12		07/31/15			695,801,000		695,795,434
0.04%12		08/19/15			841,750,000		841,715,488
0.05%12		08/05/15			425,700,000		425,687,655
0.05%12		08/18/15			235,000,000		234,990,600
0.05%12		08/28/15			500,000,000		499,976,000
0.06%12		08/17/15			305,000,000		304,988,105
0.06%12		08/26/15			600,000,000		599,971,800
0.08%12		09/04/15			735,240,000		735,172,358
0.18%12		07/20/07			712,100,000		712,096,439
							7,880,687,235
U.S. Treasury Bills — 0.06%
U.S. Treasury Bills
0.00%12		07/23/15	15		17,250,000		17,250,034
0.00%12		09/03/15	15		18,300,000		18,299,837
0.01%12		08/20/15	15		6,020,000		6,019,969
							41,569,840
Total Short-Term Investments (Cost $9,979,325,036)							9,987,832,596
Total Investments – 113.30% (Cost $74,933,337,639)1							75,351,485,541
Liabilities in Excess of Other Assets – (13.30)%							(8,847,663,331	)
Net Assets – 100.00%						$	66,503,822,210

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 83

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Currency Purchased	Currency Sold		Unrealized (Depreciation)
FOREIGN CURRENCY EXCHANGE CONTRACT
Forward currency contract to sell Japanese Yen on 12/10/15 at 124.73 Counterparty: Citigroup, Inc.
USD  $333,125,948		JPY  41,550,000,000		$(7,404,802)
Net unrealized (depreciation)				$(7,404,802)

Contracts		Unrealized (Depreciation)
FUTURES CONTRACTS: LONG POSITIONS
7,181	U.S. Treasury Five Year Note, Expiration September 2015		$  (1,264,531)
19,971	U.S. Treasury Ten Year Note, Expiration September 2015		(12,308,206)
1,523	U.S. Treasury Ultra Bond, Expiration September 2015		(5,331,204)
	Net unrealized (depreciation)		$(18,903,941)

Issues	Notional Amount (000’s)		Premiums (Received)		Value
WRITTEN SWAPTIONS
Option to enter into a 5-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 5.00% annually; Option Expiration Date of 01/14/19. Counterparty: Barclays, Inc.
		$(216,060)		$  (5,592,141)		(1,284,066)
Option to enter into a 5-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 5.00% annually; Option Expiration Date of 01/14/19. Counterparty: Morgan Stanley
		(340,000)		(8,730,000)		(2,020,654)
Total Written Swaptions				$(14,322,141)		$(3,304,720)

Expiration Date	Premiums Paid/ (Received)	Notional Amount (000’s)		Appreciation/ (Depreciation)			Value
SWAPS: INTEREST RATE
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		$(1,909,260	)		$(1,909,260	)
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		(1,389,505	)		(1,389,505	)
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		1,049,256			1,049,256
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		1,085,925			1,085,925

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 and the Fund receives from the counterparty a fixed rate equal to 2.72% quarterly. Counterparty: Morgan Stanley
02/17/42	$–		$  45,000		$  1,085,925			$  1,085,925
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		1,457,974			1,457,974
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 3.68% quarterly. Clearinghouse: Chicago Mercantile Exchange
11/15/43	–		50,000		(7,493,178	)		(7,493,178	)
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 3.68% quarterly. Clearinghouse: Chicago Mercantile Exchange
11/15/43	–		43,685		(6,540,778	)		(6,540,778	)
	$–		$392,365		$(12,653,641	)		$(12,653,641	)

Notes:

¹  Cost for federal income tax purposes is $74,945,046,036 and net unrealized appreciation/(depreciation) consists of:

Gross unrealized appreciation	$	995,899,299
Gross unrealized (depreciation)		(589,459,794	)
Net unrealized appreciation	$	406,439,505

²  Floating rate security. The rate disclosed was in effect at June 30, 2015.

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

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

⁵  Payment-in-kind (“PIK”) security. Income may be paid in additional securities or cash at the discretion of the issuer. 8.14% cash or 8.64% payment-in-kind interest.

⁶  Payment-in-kind (“PIK”) security. Income may be paid in additional securities or cash at the discretion of the issuer. 8.73% cash or 9.23% payment-in-kind interest.

⁷  Illiquid security as determined under procedures approved by the Funds’ Board of Trustees. The aggregate value of illiquid securities is $31,218,057, which is 0.05% of total net assets.

⁸  Non-income producing security.

⁹ Security is currently in default with regard to scheduled interest or principal payments.

¹⁰  Zero coupon bond. The rate shown is the effective yield as of June 30, 2015.

¹¹  Inflation protected security. Principal amount reflects original security face amount.

¹²  Represents annualized yield at date of purchase.

¹³  Represents the current yield as of June 30, 2015.

¹⁴  Securities, or a portion thereof, pledged as collateral for swaps. The total market value of collateral pledged is $7,857,610.

¹⁵  Securities, or a portion thereof, pledged as collateral for futures and put options written. The total market value of collateral pledged is $39,469,961.

^†  Fair valued security. The aggregate value of fair valued securities is $114,650,651, which is 0.17% 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.

See accompanying notes to Schedule of Portfolio Investments.

84 / N-Q Report June 2015

Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

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

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

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

(BKNT): Banker’s Note, Inc.

(IO): Interest only

(JPY): Japanese Yen

(LIBOR): London InterBank Offer Rate

(MTN): Medium-term Note

(PIK): Payment in kind

(PO): Principal only

(STEP): Step coupon bond

(TBA): To be announced

(USD): U.S. dollar

(WI): When issued

(YCD): Yankee Certificate of Deposit

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 85

High Yield Bond Fund

Consolidated Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
BONDS – 90.52
BANK LOANS — 7.17%*
Automotive — 0.77%
Navistar, Inc., Term Loan B, 1st Lien
5.75%		08/17/17	2	$	10,000,000	$	10,035,950
Communications — 0.51%
Level 3 Financing, Inc., Term Loan, Tranche B 2020, 1st Lien
4.00%		01/15/20	2		2,000,000		2,003,130
Level 3 Financing, Inc., Term Loan, Tranche B-III 2019
4.00%		08/01/19	2		2,250,000		2,253,521
NEP/NCP Holdco, Term Loan B, 1st Lien
10.00%		07/22/20	2		1,451,250		1,442,782
Numericable U.S. LLC, Term Loan B1, 1st Lien
4.50%		04/23/20	2		533,473		535,474
Numericable U.S. LLC, Term Loan B2, 1st Lien
4.50%		04/23/20	2		461,527		463,258
							6,698,165
Consumer Discretionary — 0.31%
Hilton Worldwide Finance LLC, Term Loan B2
3.50%		09/23/20	2		3,998,356		4,004,613
Electric — 1.76%
Boston Generating LLC, Term Loan, 1st Lien3
0.00%		06/30/15	2,4,5,6,†		254,344		–
FR Utility Services LLC, Term Loan B, 1st Lien
6.75%		10/18/19	2		10,119,015		10,173,810
Moxie Liberty LLC (Panda), Term Loan B1, 1st Lien
7.50%		08/21/20	2		5,400,000		5,413,500
Panda Temple Power II LLC, Term Loan
7.25%		04/03/19	2		925,000		878,750
Viva Alamo LLC, Term Loan B, 1st Lien
5.25%		02/20/21	2		6,598,311		6,515,832
							22,981,892
Energy — 1.82%
Drillships Financing Holding, Term Loan B1, 1st Lien
6.00%		03/31/21	2		2,313,948		1,899,358
Entegra TC LLC, Senior Secured Term Loan, 3rd Lien
9.25%		10/02/20	2		9,320,948		9,204,437
Harvey Gulf International Marine, Term Loan B, 1st Lien
5.50%		06/18/20	2		6,140,625		4,983,762

Issues	Maturity Date			Principal Amount		Value
BANK LOANS (continued)
Energy (continued)
Pacific Drilling SA, Term Loan B, 1st Lien
4.50%		06/03/18	2	$	982,456	$	794,561
Power Buyer LLC, Delayed Draw Term Loan, 1st Lien
4.25%		05/06/20	2		23,376		23,405
Power Buyer LLC, Term Loan B, 1st Lien
4.25%		05/06/20	2		435,556		436,100
Power Buyer LLC, Term Loan, 2nd Lien
8.25%		11/06/20	2		4,150,000		4,108,500
Sabine Oil & Gas NFR Energy, Term Loan, 2nd Lien3
8.75%		12/31/18	2,6		6,350,000		2,241,042
							23,691,165
Finance — 0.21%
ILFC AIG, Term Loan B, 1st Lien
3.50%		02/27/21	2		2,750,000		2,749,312
Health Care — 0.49%
CHS/Community Health Systems, Inc., Term Loan G, 1st Lien
3.75%		12/31/19	2		1,217,001		1,218,699
CHS/Community Health Systems, Inc., Term Loan H, 1st Lien
4.00%		01/27/21	2		2,239,249		2,245,866
RegionalCare Hospital Partners, Inc., Senior Secured Term Loan, 1st Lien
5.25%		04/23/19	2		2,970,000		2,962,575
							6,427,140
Industrials — 0.92%
BWAY Holding Co., Term Loan B, 1st Lien
5.50%		08/14/20	2		3,980,000		3,991,602
Jazz Acquisition, Inc., Term Loan, 2nd Lien
7.75%		06/19/22	2		1,500,000		1,458,750
OSG International, Inc., Term Loan B-Exit, 1st Lien
5.75%		08/05/19	2		1,980,000		1,989,900
Synagro Infrastructure, Term Loan, 1st Lien
6.25%		08/22/20	2		4,713,605		4,525,060
							11,965,312
Retail — 0.38%
Family Tree Escrow LLC, Term Loan B2, 1st Lien
4.25%		03/09/22	2		4,900,000		4,893,875
Total Bank Loans
(Cost $102,277,199)							93,447,424

See accompanying notes to Schedule of Portfolio Investments.

86 / N-Q Report June 2015

High Yield Bond Fund

Consolidated Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES — 83.32%*
Automotive — 1.20%
Fiat Chrysler Automobiles NV (Netherlands)
4.50%		04/15/20	7,8	$	2,250,000	$	2,244,375
Lear Corp.
5.25%		01/15/25			4,205,000		4,152,437
Tenneco, Inc.
5.38%		12/15/24			2,600,000		2,684,500
ZF North America Capital, Inc.
4.50%		04/29/22	8		6,650,000		6,547,257
							15,628,569
Banking — 0.88%
Ally Financial, Inc.
4.75%		09/10/18			4,530,000		4,688,550
Ally Financial, Inc. (WI)
6.25%		12/01/17			1,650,000		1,765,500
7.50%		09/15/20			4,270,000		4,985,225
							11,439,275
Communications — 21.53%
Altice Financing SA (Luxembourg)
6.63%		02/15/23	7,8		2,300,000		2,294,250
Altice SA (Luxembourg)
7.63%		02/15/25	7,8		2,530,000		2,390,850
Altice U.S. Finance I Corp.
5.38%		07/15/23	8		5,225,000		5,107,438
Altice U.S. Finance II Corp.
7.75%		07/15/25	8		7,765,000		7,570,875
Altice U.S. Finance SA (Luxembourg)
7.75%		07/15/25	7,8		6,510,000		6,265,875
Cable One, Inc.
5.75%		06/15/22	8		3,420,000		3,471,300
CCO Holdings LLC/CCO Holdings Capital Corp.
5.13%		05/01/23	8		8,460,000		8,259,075
5.88%		05/01/27	8		4,100,000		4,012,875
6.50%		04/30/21			5,390,000		5,649,394
6.63%		01/31/22			800,000		836,000
CenturyLink, Inc., Series T
5.80%		03/15/22			4,000,000		3,835,000
Clear Channel Worldwide Holdings, Inc., Series B
6.50%		11/15/22			11,703,000		12,229,635
CommScope, Inc.
4.38%		06/15/20	8		1,525,000		1,544,063
CSC Holdings LLC
5.25%		06/01/24			1,175,000		1,133,875
6.75%		11/15/21			10,555,000		11,161,913
DISH DBS Corp.
5.88%		11/15/24			7,960,000		7,666,475

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Communications (continued)
DISH DBS Corp. (WI)
6.75%		06/01/21		$	10,155,000	$	10,611,975
Frontier Communications Corp.
7.13%		03/15/19			2,170,000		2,245,950
Frontier Communications Corp. (WI)
8.50%		04/15/20			5,400,000		5,710,500
Inmarsat Finance PLC (United Kingdom)
4.88%		05/15/22	7,8		7,305,000		7,067,587
Intelsat Jackson Holdings SA (Luxembourg)
7.25%		10/15/20	7		6,980,000		6,945,100
8.13%		06/01/23	7		5,170,000		4,316,950
Intelsat Jackson Holdings SA (WI) (Luxembourg)
7.50%		04/01/21	7		17,580,000		17,448,150
Level 3 Communications, Inc.
5.75%		12/01/22			2,000,000		2,000,000
Level 3 Financing, Inc.
5.13%		05/01/23	8		4,500,000		4,412,812
LIN Television Corp.
6.38%		01/15/21			4,860,000		4,987,575
Lynx I Corp. (United Kingdom)
5.38%		04/15/21	7,8		2,781,900		2,875,789
MetroPCS Wireless, Inc.
6.63%		11/15/20			14,142,000		14,743,035
Nexstar Broadcasting, Inc.
6.13%		02/15/22	8		650,000		661,375
Numericable Group SA (France)
4.88%		05/15/19	7,8		8,075,000		8,014,437
Outfront Media Capital LLC/Outfront Media Capital Corp. (WI)
5.25%		02/15/22			3,730,000		3,785,950
5.88%		03/15/25			5,765,000		5,952,363
Qwest Corp.
6.75%		12/01/21			5,155,000		5,716,011
7.25%		09/15/25			5,055,000		5,781,606
Sinclair Television Group, Inc.
5.38%		04/01/21			8,075,000		8,145,656
6.13%		10/01/22			2,865,000		2,950,950
Softbank Corp. (Japan)
4.50%		04/15/20	7,8		5,760,000		5,803,488
Sprint Nextel Corp.
9.00%		11/15/18	8		20,034,000		22,697,019
9.25%		04/15/22			10,015,000		10,991,462
T-Mobile USA, Inc.
6.25%		04/01/21			350,000		360,500
6.54%		04/28/20			1,440,000		1,511,266
6.63%		04/28/21			3,225,000		3,354,000
Tribune Media Co.
5.88%		07/15/22	8		3,400,000		3,434,000

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 87

High Yield Bond Fund

Consolidated Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Communications (continued)
Univision Communications, Inc.
5.13%		05/15/23	8	$	5,175,000	$	5,045,625
5.13%		02/15/25	8		5,000,000		4,844,750
Virgin Media Secured Finance PLC (United Kingdom)
5.25%		01/15/21	7		1,105,000		1,169,919
5.25%		01/15/26	7,8		5,600,000		5,425,000
5.50%		01/15/25	7,8		5,500,000		5,534,375
6.38%		04/15/23	7,8		1,455,000		1,509,562
Windstream Services LLC
6.38%		08/01/23			1,500,000		1,226,250
							280,709,880
Consumer Discretionary — 3.02%
Cott Beverages, Inc.
6.75%		01/01/20	8		7,890,000		8,185,875
DS Services of America, Inc.
10.00%		09/01/21	8		3,845,000		4,517,875
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. (WI)
5.63%		10/15/21			995,000		1,038,482
NCL Corp. Ltd. (Bermuda)
5.25%		11/15/19	7,8		2,505,000		2,577,019
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC (WI)
5.75%		10/15/20			14,260,000		14,669,975
RSI Home Products, Inc.
6.50%		03/15/23	8		5,270,000		5,322,700
Spectrum Brands, Inc.
5.75%		07/15/25	8		2,990,000		3,049,800
							39,361,726
Electric — 6.01%
AES Corp.
4.88%		05/15/23			5,975,000		5,721,063
7.38%		07/01/21			3,625,000		3,996,563
AES Red Oak LLC, Series A
8.54%		11/30/19			1,950,241		2,086,758
Calpine Corp.
5.88%		01/15/24	8		8,000,000		8,500,000
6.00%		01/15/22	8		3,200,000		3,404,160
DPL, Inc.
6.50%		10/15/16			90,000		93,150
Dynegy, Inc.
6.75%		11/01/19	8		4,680,000		4,904,640
FPL Energy National Wind Portfolio LLC
6.13%		03/25/19	8		302,232		303,743
Homer City Generation LP (PIK)
8.14%		10/01/19	9		7,366,213		7,485,914
8.73%		10/01/26	10		20,070,935		20,472,353

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Electric (continued)
Indiantown Cogeneration LP, Series A-10
9.77%		12/15/20		$	630,495	$	725,857
Mirant Americas Generation LLC
8.50%		10/01/21			5,709,000		5,452,095
Mirant Mid Atlantic Pass-Through Trust, Series C
10.06%		12/30/28			2,844,940		3,129,434
RJS Power Holdings LLC
4.63%		07/15/19	8		8,135,000		8,012,975
Talen Energy Supply LLC
6.50%		06/01/25	8		4,000,000		4,010,000
							78,298,705
Energy — 16.03%
American Energy-Permian Basin LLC/AEPB Finance Corp.
6.78%		08/01/19	2,8		1,600,000		1,107,392
8.00%		06/15/20	8		1,470,000		1,447,950
Approach Resources, Inc.
7.00%		06/15/21			1,725,000		1,569,750
Arch Coal, Inc.
7.00%		06/15/19			8,415,000		1,262,250
8.00%		01/15/19	8		5,990,000		1,287,850
Boardwalk Pipelines LLC
4.95%		12/15/24			4,500,000		4,420,620
Chaparral Energy, Inc.
9.88%		10/01/20			5,660,000		4,641,200
Chesapeake Energy Corp.
5.75%		03/15/23			1,600,000		1,456,000
6.63%		08/15/20			7,450,000		7,301,000
Concho Resources, Inc.
5.50%		04/01/23			9,826,000		9,875,130
Crestwood Midstream Partners LP/ Crestwood Midstream Finance Corp.
6.13%		03/01/22			4,330,000		4,438,250
El Paso LLC, Series G (MTN)
7.80%		08/01/31			4,681,000		5,358,926
Energy Transfer Partners LP
3.30%		11/01/66	2		21,987,000		18,908,820
5.50%		06/01/27			2,530,000		2,536,325
Gulfport Energy Corp.
6.63%		05/01/23	8		1,100,000		1,119,250
Halcon Resources Corp.
8.63%		02/01/20	8		2,990,000		2,963,838
MarkWest Energy Partners LP/MarkWest Energy Finance Corp.
4.88%		12/01/24			10,600,000		10,441,000
4.88%		06/01/25			3,095,000		3,033,100
MEG Energy Corp. (Canada)
6.50%		03/15/21	7,8		430,000		412,800

See accompanying notes to Schedule of Portfolio Investments.

88 / N-Q Report June 2015

High Yield Bond Fund

Consolidated Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Energy (continued)
7.00%		03/31/24	7,8	$	7,515,000	$	7,242,581
Newfield Exploration Co.
5.38%		01/01/26			2,540,000		2,524,125
5.63%		07/01/24			4,045,000		4,120,844
NGPL Pipe Co. LLC
7.12%		12/15/17	8		8,810,000		9,074,300
Peabody Energy Corp.
4.75%		12/15/41			28,795,000		5,003,131
6.50%		09/15/20			795,000		274,275
10.00%		03/15/22	8		530,000		331,250
Penn Virginia Corp.
8.50%		05/01/20			5,200,000		4,693,000
QEP Resources, Inc.
5.25%		05/01/23			10,098,000		9,719,325
Range Resources Corp.
4.88%		05/15/25	8		4,535,000		4,422,305
Regency Energy Partners LP/Regency Energy Finance Corp.
5.88%		03/01/22			4,788,000		5,125,703
Rockies Express Pipeline LLC
5.63%		04/15/20	8		4,445,000		4,600,575
6.00%		01/15/19	8		3,185,000		3,348,231
6.88%		04/15/40	8		1,390,000		1,466,450
Rose Rock Midstream LP/Rose Rock Finance Corp.
5.63%		07/15/22			5,915,000		5,811,488
Sabine Pass Liquefaction LLC
5.63%		02/01/21			12,090,000		12,392,250
5.75%		05/15/24			2,650,000		2,653,312
6.25%		03/15/22			2,050,000		2,142,250
Sabine Pass LNG LP
7.50%		11/30/16			1,855,000		1,957,025
Seventy Seven Energy, Inc.
6.50%		07/15/22			1,291,000		826,240
Southern Star Central Corp.
5.13%		07/15/22	8		6,885,000		7,022,700
Summit Midstream Holdings LLC/Summit Midstream Finance Corp.
7.50%		07/01/21			5,695,000		6,008,225
Sunoco LP/Finance Corp.
6.38%		04/01/23	8		3,600,000		3,753,000
Transocean, Inc. (Cayman Islands)
4.30%		10/15/22	7		1,475,000		1,117,312
Walter Energy, Inc.3
9.50%		10/15/19	6,8		7,490,000		4,082,050
Walter Energy, Inc. (PIK)
11.00%		04/01/20	6,8,11		15,537,550		854,565
Walter Energy, Inc. (WI)3
8.50%		04/15/21	6		8,905,000		311,675

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Energy (continued)
Whiting Petroleum Corp.
5.00%		03/15/19		$	9,915,000	$	9,791,062
WPX Energy, Inc.
5.25%		09/15/24			5,005,000		4,648,644
							208,899,344
Entertainment — 0.11%
Carmike Cinemas, Inc.
6.00%		06/15/23	8		1,470,000		1,490,213
Finance — 7.41%
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust (Ireland)
4.25%		07/01/20	7		2,820,000		2,825,288
5.00%		10/01/21	7,8		2,275,000		2,347,629
Ally Financial, Inc.
4.13%		02/13/22			6,080,000		5,852,000
4.63%		05/19/22			2,495,000		2,466,931
Alta Wind Holdings LLC
7.00%		06/30/35	8		2,091,538		2,447,131
Chase Capital II, Series B
0.78%		02/01/27	2		1,790,000		1,534,957
Chase Capital VI
0.90%		08/01/28	2		4,000,000		3,460,000
CIT Group, Inc.
5.00%		08/15/22			750,000		744,375
5.25%		03/15/18			2,900,000		3,005,270
6.63%		04/01/18	8		10,846,000		11,537,433
Citigroup, Inc.
0.83%		08/25/36	2		9,460,000		7,283,366
Energizer SpinCo, Inc.
5.50%		06/15/25	8		6,000,000		5,925,000
General Motors Financial Co., Inc.
4.00%		01/15/25			2,500,000		2,458,070
4.38%		09/25/21			4,925,000		5,108,259
International Lease Finance Corp.
6.25%		05/15/19			4,000,000		4,335,000
7.13%		09/01/18	8		7,705,000		8,583,370
JPMorgan Chase Capital XIII, Series M
1.23%		09/30/34	2		4,917,000		4,173,304
JPMorgan Chase Capital XXI, Series U
1.23%		02/02/37	2		2,750,000		2,289,375
JPMorgan Chase Capital XXIII
1.27%		05/15/47	2		2,320,000		1,841,500
National Financial Partners Corp.
9.00%		07/15/21	8		2,540,000		2,514,600
Navient Corp.
5.00%		10/26/20			2,650,000		2,603,625
Navient Corp. (MTN)
5.50%		01/15/19			3,595,000		3,684,875

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 89

High Yield Bond Fund

Consolidated Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Finance (continued)
Nielsen Co., Luxembourg SARL (Luxembourg)
5.50%		10/01/21	7,8	$	5,020,000	$	5,076,475
ZFS Finance USA Trust II
6.45%		12/15/65	2,8		4,450,000		4,550,125
							96,647,958
Food — 0.21%
HJ Heinz Co.
4.88%		02/15/25	8		2,500,000		2,728,125
Gaming — 0.87%
Boyd Gaming Corp.
6.88%		05/15/23			5,540,000		5,706,200
Isle of Capri Casinos, Inc.
5.88%		03/15/21			2,850,000		2,942,625
Pinnacle Entertainment, Inc.
6.38%		08/01/21			2,540,000		2,705,227
							11,354,052
Health Care — 12.32%
Alere, Inc.
7.25%		07/01/18			1,820,000		1,913,275
CHS/Community Health Systems, Inc.
5.13%		08/15/18			6,115,000		6,283,163
5.13%		08/01/21			1,333,000		1,361,326
7.13%		07/15/20			2,000,000		2,124,000
DaVita HealthCare Partners, Inc.
5.00%		05/01/25			4,200,000		4,055,625
5.13%		07/15/24			9,380,000		9,262,750
Endo Finance LLC/Endo Finco, Inc.
5.38%		01/15/23	8		2,230,000		2,207,700
6.00%		07/15/23	8		5,700,000		5,856,750
7.25%		01/15/22	8		895,000		954,294
Fresenius Medical Care U.S. Finance II, Inc.
4.13%		10/15/20	8		2,000,000		2,022,500
5.63%		07/31/19	8		5,366,000		5,822,110
5.75%		02/15/21	8		1,705,000		1,824,350
5.88%		01/31/22	8		720,000		766,800
HCA, Inc.
4.75%		05/01/23			2,700,000		2,733,750
5.25%		04/15/25			2,750,000		2,870,313
6.50%		02/15/20			15,896,000		17,803,520
7.50%		12/15/23			3,565,000		3,939,325
HealthSouth Corp.
5.75%		11/01/24			3,240,000		3,321,000
Hologic, Inc.
5.25%		07/15/22	8		2,375,000		2,431,406
LifePoint Hospitals, Inc.
5.50%		12/01/21			7,760,000		8,041,300

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Health Care (continued)
Mallinckrodt International Finance SA/Mallinckrodt CB LLC (Luxembourg)
5.50%		04/15/25	7,8	$	500,000	$	486,875
5.75%		08/01/22	7,8		11,500,000		11,801,875
Quintiles Transnational Corp.
4.88%		05/15/23	8		5,400,000		5,440,500
Tenet Healthcare Corp.
4.50%		04/01/21			6,190,000		6,159,050
6.00%		10/01/20			13,758,000		14,703,862
6.75%		06/15/23	8		3,725,000		3,808,812
Valeant Pharmaceuticals International, Inc. (Canada)
5.50%		03/01/23	7,8		6,600,000		6,649,500
6.75%		08/15/21	7,8		2,701,000		2,822,545
VRX Escrow Corp. (Canada)
5.38%		03/15/20	7,8		2,659,000		2,752,065
VRX/Valeant Pharmaceuticals Escrow Corp. (Canada)
5.88%		05/15/23	7,8		3,045,000		3,136,350
6.13%		04/15/25	7,8		11,900,000		12,242,720
WellCare Health Plans, Inc.
5.75%		11/15/20			4,805,000		5,015,219
							160,614,630
Holding Companies — 0.36%
Entegra TC LLC/Entegra Issuance Corp., Series A (PIK)
10.00%		10/03/17	2,8,12		4,540,943		4,665,819
Homebuilding — 0.16%
Shea Homes LP/Shea Homes Funding Corp.
6.13%		04/01/25	8		2,080,000		2,106,000
Industrials — 3.93%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (Ireland)
3.29%		12/15/19	2,7,8		9,445,000		9,220,681
Ball Corp.
4.00%		11/15/23			4,340,000		4,052,475
Berry Plastics Corp.
5.13%		07/15/23			4,870,000		4,766,513
Coveris Holdings SA (Luxembourg)
7.88%		11/01/19	7,8		3,520,000		3,520,000
KLX, Inc.
5.88%		12/01/22	8		6,800,000		6,909,820
Owens-Brockway Glass Container, Inc.
5.00%		01/15/22	8		2,600,000		2,577,250
SBA Communications Corp.
4.88%		07/15/22			2,500,000		2,446,875
5.63%		10/01/19			2,500,000		2,606,375

See accompanying notes to Schedule of Portfolio Investments.

90 / N-Q Report June 2015

High Yield Bond Fund

Consolidated Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Industrials (continued)
Sealed Air Corp.
5.50%		09/15/25	8	$	2,300,000	$	2,317,365
TransDigm, Inc.
5.50%		10/15/20			5,150,000		5,143,562
6.50%		05/15/25	8		6,125,000		6,086,719
TransDigm, Inc. (WI)
6.50%		07/15/24			1,605,000		1,592,962
							51,240,597
Information Technology — 3.47%
Audatex North America, Inc.
6.00%		06/15/21	8		10,875,000		11,214,844
First Data Corp.
6.75%		11/01/20	8		8,834,000		9,358,563
Freescale Semiconductor, Inc.
5.00%		05/15/21	8		3,690,000		3,819,150
IHS, Inc.
5.00%		11/01/22	8		2,500,000		2,493,750
MSCI, Inc.
5.25%		11/15/24	8		2,400,000		2,436,000
NXP BV/NXP Funding LLC (Netherlands)
4.13%		06/15/20	7,8		5,050,000		5,100,500
4.63%		06/15/22	7,8		3,540,000		3,500,175
SS&C Technologies Holdings, Inc.
5.88%		07/15/23	8		7,230,000		7,320,375
							45,243,357
Insurance — 0.27%
CNO Financial Group, Inc.
4.50%		05/30/20			3,505,000		3,566,338
Materials — 1.19%
ArcelorMittal (Luxembourg)
10.60%		06/01/19	7		3,525,000		4,234,406
Momentive Performance Materials, Inc.
3.88%		10/24/21			4,625,000		4,174,062
8.88%		10/15/20	4		4,625,000		–
Platform Specialty Products Corp.
6.50%		02/01/22	8		4,500,000		4,668,750
WR Grace & Co./Connecticut
5.13%		10/01/21	8		2,465,000		2,489,650
							15,566,868
Real Estate Investment Trust (REIT) — 0.55%
Crown Castle International Corp.
4.88%		04/15/22			2,490,000		2,521,125
DuPont Fabros Technology LP (WI)
5.88%		09/15/21			4,500,000		4,578,750
							7,099,875

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Retail — 0.19%
Family Tree Escrow LLC
5.75%		03/01/23	8	$	2,350,000	$	2,467,500
Services — 0.61%
ESH Hospitality, Inc.
5.25%		05/01/25	8		4,400,000		4,301,000
United Rentals North America, Inc.
4.63%		07/15/23			3,720,000		3,664,200
							7,965,200
Transportation — 3.00%
American Airlines Pass-Through Trust, Series 2013-1, Class B
5.63%		01/15/21	8		11,221,409		11,614,158
Continental Airlines Pass-Through Trust, Series 2007, Class 1B
6.90%		04/19/22			4,439,127		4,716,573
Continental Airlines Pass-Through Trust, Series 2009, Class 1
9.00%		07/08/16			1,215,057		1,294,036
Delta Air Lines Pass-Through Trust, Series 2002, Class G1
6.72%		01/02/23			12,237,607		14,042,654
Delta Air Lines Pass-Through Trust, Series 2009, Class B1
9.75%		12/17/16			1,038,460		1,139,066
US Airways Pass-Through Trust, Series 2010-1, Class A
6.25%		04/22/23			1,854,412		2,076,941
US Airways Pass-Through Trust, Series 2012, Class 2B
6.75%		06/03/21			987,446		1,073,847
US Airways Pass-Through Trust, Series 2012-1, Class A
5.90%		10/01/24			2,758,752		3,100,147
							39,057,422
Total Corporates (Cost $1,138,506,675)							1,086,151,453
MORTGAGE-BACKED — 0.03%**
Non-Agency Mortgage-Backed — 0.03%
BHN I Mortgage Fund, Series 2000-1, Class AF (Argentina)3
8.00%		01/31/20	4,6,7,8,†		2,890		1
Countrywide Asset-Backed Certificates, Series 2007-13, Class 2A1
1.08%		10/25/47	2		440,344		395,361
Total Mortgage-Backed (Cost $318,762)							395,362

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 91

High Yield Bond Fund

Consolidated Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

					Value
Total Bonds – 90.52% (Cost $1,241,102,636)						$1,179,994,239
Issues			Shares		Value
COMMON STOCK — 1.63%
Energy — 1.01%
MACH Gen LLC, Common Units4,8				347,486		13,247,904
Secured Assets — 0.62%
Entegra TC LLC13				28,545		8,063,963
Total Common Stock (Cost $45,880,089)						21,311,867
Issues	Maturity Date		Principal Amount/ Shares		Value
SHORT-TERM INVESTMENTS — 3.20%
Money Market Funds — 2.06%
Dreyfus Cash Advantage Fund
0.01%14			$	13,433,000		13,433,000
Morgan Stanley Institutional Fund
0.04%14				13,433,000		13,433,000
						26,866,000
U.S. Agency Discount Notes — 1.14%
Federal Home Loan Bank
0.01%15		07/06/15		14,790,000		14,789,985
Total Short-Term Investments (Cost $41,655,897)						41,655,985
Total Investments – 95.35% (Cost $1,328,638,622)1						1,242,962,091
Cash and Other Assets, Less Liabilities – 4.65%						60,641,218
Net Assets – 100.00%						$1,303,603,309

Expiration Date	Premiums Paid		Notional Amount (000’s)a		Appreciation/ (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 Alcoa, Inc., 5.72%, due 02/23/19 Counterparty: Morgan Stanley
03/20/19		$305,103		$10,000		$(251,655)	$	53,448
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 Freeport-McMoran Copper & Gold, Inc., 3.55%, due 03/01/22 Counterparty: Credit Suisse First Boston
03/20/19		159,773		9,850		98,896		258,669

Expiration Date	Premiums Paid		Notional Amount (000’s)a		Appreciation/ (Depreciation)			Value
SWAPS: CREDIT DEFAULT (PURCHASED) - SINGLE ISSUES (continued)
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 Alcoa, Inc., 5.72%, due 02/23/19 Counterparty: Goldman Sachs, Inc.
03/20/19		$  243,503		$  9,750		$  (191,391	)		$  52,112
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 Alcoa, Inc., 5.72%, due 02/23/19 Counterparty: Goldman Sachs, Inc.
03/20/19		285,391		9,650		(233,813	)		51,578
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 Teck Resources Limited, 3.15%, due 01/15/17. Counterparty: Morgan Stanley
03/20/19		138,047		5,000		129,827			267,874
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 Teck Resources Limited., 3.15%, due 01/15/17. Counterparty: Morgan Stanley
03/20/19		134,719		5,000		133,155			267,874
		$1,266,536		$49,250		$(314,981	)		$951,555

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

Notes:

¹  Cost for federal income tax purposes is $1,329,417,541 and net unrealized appreciation/(depreciation) consists of:

Gross unrealized appreciation	$	17,938,107
Gross unrealized (depreciation)		(104,393,557	)
Net unrealized (depreciation)	$	(86,455,450	)

²  Floating rate security. The rate disclosed was in effect at June 30, 2015.

³  Non-income producing security.

⁴  Illiquid security as determined under procedures approved by the Funds’ Board of Trustees. The aggregate value of illiquid securities is $21,313,135, which is 1.63% of total net assets.

⁵  Worthless due to company bankruptcy filing.

⁶  Security is currently in default with regard to scheduled interest or principal payments.

⁷  U.S. dollar-denominated security issued by foreign-domiciled entity.

⁸  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.

⁹  Payment-in-kind (“PIK”) security. Income may be paid in additional securities or cash at the discretion of the issuer. 8.14% cash or 8.64% payment-in-kind interest.

¹⁰ Payment-in-kind (“PIK”) security. Income may be paid in additional securities or cash at the discretion of the issuer. 8.73% cash or 9.23% payment-in-kind interest.

¹¹ Payment-in-kind (“PIK”) security. Income may be paid in additional securities or cash at the discretion of the issuer. 11.00% cash or 12.00% payment-in-kind interest.

¹² Payment-in-kind (“PIK”) security. Income paid in additional securities.

¹³ All or a portion of this security is owned by Metropolitan West HY Sub I LLC, a consolidated subsidiary.

¹⁴ Represents the current yield as of June 30, 2015.

¹⁵ Represents annualized yield at date of purchase.

^†  Fair valued security. The aggregate value of fair valued securities is $1, which is 0.00% 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.

See accompanying notes to Schedule of Portfolio Investments.

92 / N-Q Report June 2015

High Yield Bond Fund

Consolidated Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

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

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

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

(MTN): Medium-term note

(PIK): Payment in kind

(WI): When issued

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 93

Unconstrained Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
BONDS – 89.86%
ASSET-BACKED SECURITIES — 16.88%**
321 Henderson Receivables VI LLC Series 2010-1A, Class B
9.31%		07/15/61	2	$	607,429	$	745,445
Access Group, Inc., Series 2001, Class 2A1
0.64%		05/25/29	3		2,777,817		2,635,224
American Money Management Corp., Series 2013-13A, Class A1L (Cayman Islands)
1.73%		01/24/26	2,3,4		1,150,000		1,148,979
American Money Management Corp., Series 2014-14A, Class A1L (Cayman Islands)
1.73%		07/27/26	2,3,4		3,090,000		3,089,818
ARES CLO Ltd., Series 2007-12A, Class A (Cayman Islands)
0.91%		11/25/20	2,3,4		540,601		534,978
ARES XXVI CLO Ltd., Series 2013-1A, Class A (Cayman Islands)
1.38%		04/15/25	2,3,4		1,900,000		1,879,514
Babson CLO Ltd., Series 2013-IA, Class A (Cayman Islands)
1.38%		04/20/25	2,3,4		1,400,000		1,385,391
Babson CLO Ltd., Series 2014-IA, Class A1 (Cayman Islands)
1.77%		07/12/25	2,3,4		1,800,000		1,800,264
Babson CLO Ltd., Series 2015-IA, Class A (Cayman Islands)
1.71%		04/20/27	2,3,4		2,500,000		2,500,693
Betony CLO Ltd., Series 2015-1A, Class A (Cayman Islands)
1.82%		04/15/27	2,3,4		4,750,000		4,753,817
Brazos Higher Education Authority, Inc., Series 2005-3, Class A16
0.47%		06/25/26	3		150,000		146,708
Brazos Higher Education Authority, Inc., Series 2006-2, Class A9
0.29%		12/26/24	3		35,195		33,976
Brazos Higher Education Authority, Inc., Series 2011-1, Class A2
1.06%		02/25/30	3		144,027		144,522
CAL Funding II Ltd., Series 2012-1A, Class A (Bermuda)
3.47%		10/25/27	2,4		256,667		259,936
Cedar Funding Ltd., Series 2014-3A, Class A1 (Cayman Islands)
1.69%		05/20/26	2,3,4		5,284,000		5,296,936
CIFC Funding Ltd., Series 2012-2A, Class A1R (Cayman Islands)
1.63%		12/05/24	2,3,4		1,900,000		1,900,036
CIT Education Loan Trust, Series 2007-1, Class A
0.36%		03/25/42	2,3		4,447,116		4,155,154

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
CIT Education Loan Trust, Series 2007-1, Class B
0.57%		06/25/42	2,3	$	3,978,719	$	3,592,117
Clear Creek CLO Ltd., Series 2015-1A, Class A (Cayman Islands)
1.71%		04/20/27	2,3,4		4,500,000		4,502,261
Dryden 37 Senior Loan Fund, Series 2015-37A, Class A (Cayman Islands)
1.82%		04/15/27	2,3,4		4,270,000		4,273,385
Dryden Senior Loan Fund, Series 2013-28A, Class A1L (Cayman Islands)
1.37%		08/15/25	2,3,4		1,925,000		1,907,777
Eaton Vance CLO Ltd., Series 2014-1A, Class A (Cayman Islands)
1.73%		07/15/26	2,3,4		2,000,000		2,000,044
Education Loan Asset-Backed Trust, Series 2013-1A, Class A2
0.98%		04/26/32	2,3		3,465,000		3,464,037
Educational Funding of the South, Inc., Series 2012-1, Class A
1.23%		03/25/36	3		194,152		196,030
Educational Services of America, Inc., Series 2012-2, Class A
0.91%		04/25/39	2,3		352,927		353,408
EFS Volunteer No. 2 LLC, Series 2012-1, Class A2
1.53%		03/25/36	2,3		6,400,000		6,524,133
Flagship CLO, Series 2014-8A, Class A (Cayman Islands)
1.84%		01/16/26	2,3,4		2,420,000		2,420,406
Flatiron CLO Ltd., Series 2013-1A, Class A1 (Cayman Islands)
1.67%		01/17/26	2,3,4		2,390,000		2,388,026
Flatiron CLO Ltd., Series 2014-1A, Class A1 (Cayman Islands)
1.65%		07/17/26	2,3,4		1,900,000		1,896,933
GCO Education Loan Funding Trust, Series 2006-2AR, Class A1RN
0.83%		08/27/46	2,3		3,065,549		2,964,143
GCO Education Loan Funding Trust, Series 2007-1A, Class A5L
0.35%		05/25/23	2,3		191,817		190,731
GE Business Loan Trust, Series 2004-2A, Class A
0.41%		12/15/32	2,3		4,312,236		4,165,025
GE Business Loan Trust, Series 2005-1A, Class A3
0.44%		06/15/33	2,3		1,195,669		1,160,231
GE Business Loan Trust, Series 2005-2A, Class A
0.43%		11/15/33	2,3		6,822,276		6,615,568

See accompanying notes to Schedule of Portfolio Investments.

94 / N-Q Report June 2015

Unconstrained Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
Global SC Finance SRL, Series 2014-1A, Class A2 (Barbados)
3.09%		07/17/24	2,4	$	2,307,167	$	2,303,673
Goal Capital Funding Trust, Series 2006-1, Class A3
0.40%		11/25/26	3		199,479		198,182
Goal Capital Funding Trust, Series 2006-1, Class B
0.73%		08/25/42	3		719,901		663,217
Higher Education Funding, Series 2014-1, Class A
1.33%		05/25/34	2,3		1,738,567		1,742,892
ING Investment Management CLO Ltd., Series 2013-1A, Class A1 (Cayman Islands)
1.42%		04/15/24	2,3,4		1,350,000		1,336,052
Jasper CLO Ltd., Series 2005-1A, Class A (Cayman Islands)
0.55%		08/01/17	2,3,4		48,450		48,298
LCM VI LP, Series 2006-6A, Class A (Cayman Islands)
0.52%		05/28/19	2,3,4		174,459		172,836
Magnetite XII CLO Ltd., Series 2015-12A, Class A (Cayman Islands)
1.82%		04/15/27	2,3,4		4,540,000		4,543,778
National Collegiate Student Loan Trust, Series 2004-2, Class A4
0.49%		11/27/28	3		2,965,708		2,912,604
National Collegiate Student Loan Trust, Series 2006-1, Class A3
0.37%		05/25/26	3		317,122		316,111
National Collegiate Student Loan Trust, Series 2006-2, Class A2
0.33%		07/25/26	3		382,698		381,771
National Collegiate Student Loan Trust, Series 2006-3, Class A3
0.33%		10/25/27	3		299,208		296,530
National Collegiate Student Loan Trust, Series 2006-4, Class A2
0.32%		12/27/27	3		4,878,953		4,832,752
National Collegiate Student Loan Trust, Series 2007-2, Class A2
0.31%		06/26/28	3		5,824,999		5,636,793
Navient Student Loan Trust, Series 2014-1, Class A4
0.93%		02/25/39	3		3,840,000		3,790,875
Navient Student Loan Trust, Series 2014-8, Class A3
0.78%		05/27/31	3		6,120,000		6,129,652
Navient Student Loan Trust, Series 2015-1, Class A2
0.78%		04/25/40	3		9,370,000		9,387,218
Navient Student Loan Trust, Series 2015-1, Class B
1.68%		07/25/52	3		5,000,000		4,620,122

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
Navient Student Loan Trust, Series 2015-2, Class A1
0.49%		11/25/24	3	$	9,858,383	$	9,862,366
Nelnet Education Loan Funding, Inc., Series 2004-1A, Class B1
1.06%		02/25/36	2,3		150,000		111,336
Nelnet Education Loan Funding, Inc., Series 2004-1A, Class B2
1.19%		02/25/36	2,3		825,000		631,739
Nelnet Student Loan Trust, Series 2012-5A, Class A
0.78%		10/27/36	2,3		230,588		232,599
Nelnet Student Loan Trust, Series 2014-4A, Class A2
1.13%		11/25/43	2,3		1,865,000		1,834,973
Nelnet Student Loan Trust, Series 2015-1A, Class A
0.77%		04/25/41	2,3		9,121,028		9,095,114
Nelnet Student Loan Trust, Series 2015-3A, Class A3
1.09%		06/25/49	2,3		11,000,000		10,643,629
Neuberger Berman CLO Ltd., Series 2014-16A, Class A1 (Cayman Islands)
1.75%		04/15/26	2,3,4		1,710,000		1,710,286
Nomad CLO Ltd., Series 2013-1A, Class A1 (Cayman Islands)
1.48%		01/15/25	2,3,4		2,330,000		2,316,902
Northstar Education Finance, Inc., Series 2007-1, Class A2
1.03%		01/29/46	3		135,000		134,223
PHEAA Student Loan Trust, Series 2013-3A, Class A
0.93%		11/25/42	2,3		7,268,333		7,285,796
Race Point CLO Ltd., Series 2012-7A, Class A (Cayman Islands)
1.70%		11/08/24	2,3,4		250,000		249,995
Red River CLO Ltd., Series 2001A, Class A (Cayman Islands)
0.55%		07/27/18	2,3,4		86,627		85,913
Scholar Funding Trust, Series 2011-A, Class A
1.18%		10/28/43	2,3		201,658		202,634
Scholar Funding Trust, Series 2012-B, Class A2
1.29%		03/28/46	2,3		150,000		150,756
SLC Student Loan Trust I, Series 2002-2, Class B2
1.64%		07/01/42	2,3		100,000		76,495
SLC Student Loan Trust, Series 2004-1, Class B
0.56%		08/15/31	3		940,786		867,281
SLC Student Loan Trust, Series 2005-2, Class B
0.55%		03/15/40	3		767,059		701,099

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 95

Unconstrained Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
SLC Student Loan Trust, Series 2005-3, Class B
0.52%		06/15/40	3	$	1,578,565	$	1,415,466
SLC Student Loan Trust, Series 2006-1, Class A6
0.45%		12/15/38			13,120,000		11,678,099
SLC Student Loan Trust, Series 2006-1, Class B
0.48%		03/15/39	3		1,477,900		1,325,235
SLC Student Loan Trust, Series 2006-2, Class A5
0.37%		09/15/26	3		190,000		188,392
SLC Student Loan Trust, Series 2006-2, Class B
0.50%		12/15/39	3		1,033,985		923,854
SLC Student Loan Trust, Series 2008-1, Class A4A
1.87%		12/15/32	3		5,948,000		6,192,390
SLM Student Loan Trust, Series 2003-11, Class A6
1.02%		12/15/25	2,3		250,000		249,669
SLM Student Loan Trust, Series 2003-4, Class A5D
0.99%		03/15/33	2,3		3,970,721		3,972,322
SLM Student Loan Trust, Series 2003-7, Class B
0.84%		09/15/39	3		5,751,546		5,251,116
SLM Student Loan Trust, Series 2004-10, Class A6A
0.83%		04/27/26	2,3		10,700,000		10,713,283
SLM Student Loan Trust, Series 2004-2, Class B
0.75%		07/25/39	3		967,843		886,963
SLM Student Loan Trust, Series 2004-5A, Class A5
0.86%		10/25/23	2,3		1,485,464		1,489,917
SLM Student Loan Trust, Series 2004-8A, Class A5
0.78%		04/25/24	2,3		1,315,443		1,317,311
SLM Student Loan Trust, Series 2005-10, Class A4
0.39%		10/25/19	3		1,018,553		1,017,148
SLM Student Loan Trust, Series 2005-4, Class A3
0.40%		01/25/27	3		8,880,000		8,706,387
SLM Student Loan Trust, Series 2005-4, Class B
0.46%		07/25/40	3		987,400		891,432
SLM Student Loan Trust, Series 2005-6, Class B
0.57%		01/25/44	3		5,076,346		4,591,029
SLM Student Loan Trust, Series 2005-8, Class A3
0.39%		10/25/24	3		906,125		904,864

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
SLM Student Loan Trust, Series 2005-9, Class B
0.58%		01/25/41	3	$	1,839,777	$	1,638,689
SLM Student Loan Trust, Series 2006-10, Class B
0.50%		03/25/44	3		5,164,912		4,481,987
SLM Student Loan Trust, Series 2006-2, Class A4
0.37%		10/25/22	3		465,047		464,988
SLM Student Loan Trust, Series 2006-2, Class A6
0.45%		01/25/41	3		1,800,000		1,647,389
SLM Student Loan Trust, Series 2006-4, Class A5
0.38%		10/27/25	3		2,265,079		2,256,201
SLM Student Loan Trust, Series 2006-8, Class A6
0.44%		01/25/41	3		1,800,000		1,641,217
SLM Student Loan Trust, Series 2006-9, Class A5
0.38%		01/26/26	3		200,000		197,250
SLM Student Loan Trust, Series 2007-1, Class B
0.50%		01/27/42	3		4,804,606		4,272,731
SLM Student Loan Trust, Series 2007-3, Class A4
0.34%		01/25/22	3		215,000		206,583
SLM Student Loan Trust, Series 2007-6, Class A3
0.61%		01/25/21	3		5,912,502		5,913,282
SLM Student Loan Trust, Series 2007-6, Class A4
0.66%		10/25/24	3		8,520,000		8,448,175
SLM Student Loan Trust, Series 2007-6, Class B
1.13%		04/27/43	3		636,631		578,484
SLM Student Loan Trust, Series 2007-7, Class B
1.03%		10/25/28	3		2,195,000		1,977,350
SLM Student Loan Trust, Series 2007-8, Class B
1.28%		04/27/43	3		3,135,492		2,947,669
SLM Student Loan Trust, Series 2008-2, Class B
1.48%		01/25/29	3		1,000,000		937,535
SLM Student Loan Trust, Series 2008-3, Class B
1.48%		04/25/29	3		710,000		663,050
SLM Student Loan Trust, Series 2008-4, Class A4
1.93%		07/25/22	3		2,200,000		2,289,938
SLM Student Loan Trust, Series 2008-4, Class B
2.13%		04/25/29	3		710,000		692,925

See accompanying notes to Schedule of Portfolio Investments.

96 / N-Q Report June 2015

Unconstrained Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
SLM Student Loan Trust, Series 2008-5, Class A3
1.58%		01/25/18	3	$	85,539	$	85,815
SLM Student Loan Trust, Series 2008-5, Class A4
1.98%		07/25/23	3		2,930,000		3,037,250
SLM Student Loan Trust, Series 2008-5, Class B
2.13%		07/25/29	3		5,315,000		5,318,407
SLM Student Loan Trust, Series 2008-6, Class A3
1.03%		01/25/19	3		6,930,000		6,960,886
SLM Student Loan Trust, Series 2008-6, Class B
2.13%		07/25/29	3		710,000		710,384
SLM Student Loan Trust, Series 2008-7, Class B
2.13%		07/25/29	3		820,000		825,685
SLM Student Loan Trust, Series 2008-8, Class A4
1.78%		04/25/23	3		3,210,000		3,262,654
SLM Student Loan Trust, Series 2008-8, Class B
2.53%		10/25/29	3		710,000		731,997
SLM Student Loan Trust, Series 2008-9, Class A
1.78%		04/25/23	3		8,234,391		8,455,695
SLM Student Loan Trust, Series 2008-9, Class B
2.53%		10/25/29	3		5,235,000		5,381,666
SLM Student Loan Trust, Series 2011-1, Class A2
1.33%		10/25/34	3		2,680,000		2,720,284
SLM Student Loan Trust, Series 2011-2, Class A1
0.78%		11/25/27	3		1,055,615		1,057,983
SLM Student Loan Trust, Series 2011-2, Class A2
1.38%		10/25/34	3		4,035,000		4,151,258
SLM Student Loan Trust, Series 2012-1, Class A2
0.63%		11/25/20	3		4,466,430		4,473,273
SLM Student Loan Trust, Series 2012-1, Class A3
1.13%		09/25/28	3		1,300,000		1,327,317
SLM Student Loan Trust, Series 2012-2, Class A
0.88%		01/25/29	3		2,553,886		2,564,780
SLM Student Loan Trust, Series 2012-6, Class A2
0.46%		09/25/19	3		3,912,109		3,910,380
SLM Student Loan Trust, Series 2012-7, Class A3
0.83%		05/26/26	3		200,000		199,518

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
SLM Student Loan Trust, Series 2013-3, Class A2
0.48%		05/26/20	3	$	3,314,754	$	3,312,873
SLM Student Loan Trust, Series 2013-4, Class A
0.73%		06/25/27	3		2,643,474		2,635,468
SLM Student Loan Trust, Series 2013-6, Class A2
0.68%		02/25/21	3		1,760,000		1,762,041
SLM Student Loan Trust, Series 2013-6, Class A3
0.83%		06/26/28	3		4,830,000		4,808,469
SLM Student Loan Trust, Series 2014-1, Class A2
0.56%		07/26/21	3		2,320,000		2,316,217
SLM Student Loan Trust, Series 2014-1, Class A3
0.78%		02/26/29	3		1,670,000		1,655,571
SoFi Professional Loan Program LLC, Series 2014-A, Class A1
1.78%		06/25/25	2,3		1,092,858		1,106,819
SoFi Professional Loan Program, Series 2014-B, Class A1
1.43%		08/25/32	2,3		2,817,245		2,830,820
Spirit Master Funding LLC, Series 2013-2A, Class A
5.27%		12/20/43	2		1,499,381		1,608,630
Spirit Master Funding LLC, Series 2014-1A, Class A1
5.05%		07/20/40	2		147,045		154,397
Structured Receivables Finance LLC, Series 2010-A, Class B
7.61%		01/16/46	2,†		2,362,670		2,863,986
Structured Receivables Finance LLC, Series 2010-B, Class B
7.97%		08/15/36	2		1,558,298		1,910,746
TAL Advantage LLC, Series 2006-1, Class NOTE
0.37%		04/20/21	2,3		11,667		11,612
Voya CLO Ltd., Series 2014-4A, Class A1 (Cayman Islands)
1.78%		10/14/26	2,3,4		2,800,000		2,801,149
Voya CLO Ltd., Series 20150-1A, Class A1 (Cayman Islands)
1.76%		04/18/27	2,3,4		4,770,000		4,771,607
Total Asset-Backed Securities (Cost $368,982,622)							369,228,095
BANK LOANS — 0.57%*
Automotive — 0.02%
Navistar, Inc., Term Loan B, 1st Lien
5.75%		08/17/17	3		500,000		501,797

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 97

Unconstrained Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
BANK LOANS (continued)
Electric — 0.21%
Chief Power Finance LLC, Term Loan B, 1st Lien
5.75%		12/31/20	3	$	4,477,500	$	4,499,887
Finance — 0.18%
ILFC AIG, Term Loan B, 1st Lien
3.50%		02/27/21	3		3,855,629		3,854,665
Services — 0.16%
AABS Ltd., Term Loan, Series 2013-1, Class A (STEP) (Bermuda)
4.72%		01/15/38	3,4		3,421,302		3,541,048
Total Bank Loans (Cost $12,302,879)							12,397,397
CORPORATES — 18.20%*
Automotive — 0.27%
Ford Motor Co.
6.50%		08/01/18			1,000,000		1,129,904
General Motors Co.
4.88%		10/02/23			1,710,000		1,811,357
General Motors Financial Co., Inc.
3.45%		04/10/22			2,000,000		1,964,375
Tenedora Nemak SA de CV (Mexico)
5.50%		02/28/23	2,4		1,000,000		1,025,000
							5,930,636
Banking — 2.91%
Abbey National Treasury Services PLC/London (United Kingdom)
3.05%		08/23/18	4		425,000		440,031
Banco Continental Sa Via Continental Senior Trustees, Series REGS (Cayman Islands)
5.50%		11/18/20	4		950,000		1,023,499
Bank of America Corp.
1.50%		10/09/15			1,000,000		1,001,700
Bank of America Corp. (MTN)
0.93%		12/01/26	3		1,600,000		1,393,355
Bank of America N.A. (BKNT)
0.57%		06/15/16	3		1,122,000		1,117,846
0.59%		06/15/17	3		3,300,000		3,276,689
5.30%		03/15/17			4,575,000		4,846,860
6.00%		06/15/16			2,075,000		2,165,675
6.10%		06/15/17			2,667,000		2,889,223
BBVA Bancomer SA/Texas (Mexico)
6.75%		09/30/22	2,4		500,000		553,125
Credit Suisse/New York (YCD) (Switzerland)
0.60%		08/24/15	3,4		3,500,000		3,500,007
Discover Bank (BKNT)
3.10%		06/04/20			5,000,000		4,996,655

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Banking (continued)
HBOS PLC, Series G (MTN) (United Kingdom)
6.75%		05/21/18	2,4	$	3,425,000	$	3,801,526
ICICI Bank Ltd., Series REGS (India)
6.38%		04/30/22	3,4		1,200,000		1,239,492
Industrial & Commercial Bank of China Ltd. (China)
6.00%		12/10/48	2,3,4		1,000,000		1,038,750
JPMorgan Chase & Co.
3.88%		09/10/24			2,000,000		1,967,499
4.25%		10/15/20			530,000		567,935
4.95%		06/01/45			2,000,000		1,951,483
JPMorgan Chase & Co., Series G (MTN)
1.10%		10/15/15			3,000,000		3,002,841
Macquarie Bank Ltd. (Australia)
0.74%		06/15/16	2,3,4		1,500,000		1,500,218
5.00%		02/22/17	2,4		170,000		179,617
6.63%		04/07/21	2,4		2,824,000		3,238,589
National Australia Bank Ltd. (Australia)
1.60%		08/07/15	4		250,000		250,276
Royal Bank of Scotland NV (Netherlands)
4.65%		06/04/18	4		1,740,000		1,803,640
Royal Bank of Scotland PLC (United Kingdom)
1.88%		03/31/17	4		3,500,000		3,484,507
2.55%		09/18/15	4		3,350,000		3,357,437
6.10%		06/10/23	4		700,000		751,129
6.13%		12/15/22	4		100,000		108,021
6.40%		10/21/19	4		2,000,000		2,237,166
UBS AG/Stamford CT (MTN) (Switzerland)
0.98%		03/26/18	3,4		3,000,000		3,002,815
UBS AG/Stamford CT (Switzerland)
0.84%		06/01/17	3,4		3,000,000		2,992,740
							63,680,346
Communications —1.44%
Altice U.S. Finance I Corp.
5.38%		07/15/23	2		2,150,000		2,101,625
AT&T, Inc.
1.21%		06/30/20	3		4,800,000		4,824,427
CCO Holdings LLC/CCO Holdings Capital Corp.
5.13%		05/01/23	2		65,000		63,456
6.50%		04/30/21			1,000,000		1,048,125
Cox Communications, Inc.
5.88%		12/01/16	2		1,300,000		1,380,201
CSC Holdings LLC
6.75%		11/15/21			2,310,000		2,442,825
Intelsat Jackson Holdings SA (Luxembourg)
7.25%		10/15/20	4		1,360,000		1,353,200

See accompanying notes to Schedule of Portfolio Investments.

98 / N-Q Report June 2015

Unconstrained Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Communications (continued)
Intelsat Jackson Holdings SA (WI) (Luxembourg)
7.50%		04/01/21	4	$	3,150,000	$	3,126,375
Ooredoo International Finance Ltd., Series REGS (Bermuda)
3.25%		02/21/23	4		800,000		774,000
Qwest Corp.
7.25%		09/15/25			300,000		343,122
Sprint Nextel Corp.
9.00%		11/15/18	2		3,950,000		4,475,054
Tencent Holdings Ltd. (Cayman Islands)
2.88%		02/11/20	2,4		590,000		589,637
T-Mobile USA, Inc.
6.63%		04/28/21			2,450,000		2,548,000
Univision Communications, Inc.
5.13%		05/15/23	2		754,000		735,150
Verizon Communications, Inc.
4.52%		09/15/48	2		6,500,000		5,733,325
							31,538,522
Consumer Discretionary — 0.36%
Catholic Health Initiatives
4.20%		08/01/23			2,700,000		2,867,280
DS Services of America, Inc.
10.00%		09/01/21	2		1,850,000		2,173,750
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC (WI)
5.75%		10/15/20			2,750,000		2,829,062
							7,870,092
Electric — 1.50%
Alabama Power Capital Trust V
3.38%		10/01/42	3		1,300,000		1,264,347
Dominion Resources, Inc.
5.75%		10/01/54	3		2,875,000		3,004,320
DPL, Inc.
6.50%		10/15/16			96,000		99,360
Duquesne Light Holdings, Inc.
6.40%		09/15/20	2		4,641,000		5,379,288
Dynegy, Inc.
6.75%		11/01/19	2		1,250,000		1,310,000
Electricite de France SA (France)
5.25%		07/29/49	2,3,4		125,000		125,781
5.63%		12/29/49	2,3,4		1,275,000		1,294,380
Empresa de Energia de Bogota SA ESP, Series REGS (Colombia)
6.13%		11/10/21	4		500,000		531,900
Empresa Electrica Angamos SA (Chile)
4.88%		05/25/29	2,4		1,000,000		986,200

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Electric (continued)
Entergy Corp.
4.00%		07/15/22		$	4,000,000	$	4,037,788
FirstEnergy Transmission LLC
4.35%		01/15/25	2		2,000,000		2,049,083
Homer City Generation LP (PIK)
8.14%		10/01/19	5		1,846,530		1,876,536
Ipalco Enterprises, Inc. (WI)
5.00%		05/01/18			1,700,000		1,799,875
Metropolitan Edison Co.
7.70%		01/15/19			2,230,000		2,615,261
Mirant Americas Generation LLC
8.50%		10/01/21			2,525,000		2,411,375
Oncor Electric Delivery Co. LLC
6.80%		09/01/18			1,000,000		1,159,043
Perusahaan Gas Negara Persero TBK PT (Indonesia)
5.13%		05/16/24	2,4		750,000		756,165
Public Service Co. of New Mexico
5.35%		10/01/21			50,000		54,438
Southwestern Electric Power Co.
6.45%		01/15/19			1,885,000		2,145,474
							32,900,614
Energy — 2.48%
Access Midstream Partners LP/ACMP Finance Corp.
4.88%		05/15/23			2,500,000		2,475,223
Boardwalk Pipelines LLC
4.95%		12/15/24			1,000,000		982,360
5.88%		11/15/16			5,538,000		5,745,736
BP Capital Markets PLC (United Kingdom)
3.06%		03/17/22	4		2,395,000		2,387,285
Chesapeake Energy Corp.
6.63%		08/15/20			2,000,000		1,960,000
El Paso LLC, Series G (MTN)
7.80%		08/01/31			1,175,000		1,345,169
Energy Transfer Partners LP
4.65%		06/01/21			1,750,000		1,798,310
5.15%		03/15/45			5,000,000		4,439,588
5.50%		06/01/27			3,200,000		3,208,000
Florida Gas Transmission Co. LLC
4.00%		07/15/15	2		500,000		500,496
7.90%		05/15/19	2		1,375,000		1,617,332
Newfield Exploration Co.
5.63%		07/01/24			2,500,000		2,546,875
NGPL Pipe Co. LLC
7.12%		12/15/17	2		4,000,000		4,120,000
Noble Energy, Inc.
3.90%		11/15/24			934,000		926,139

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 99

Unconstrained Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Energy (continued)
Peabody Energy Corp.
4.75%		12/15/41		$	900,000	$	156,375
Pertamina Persero PT, Series REGS (Indonesia)
4.30%		05/20/23	4		1,000,000		963,400
Petrobras Global Finance BV (Netherlands)
5.88%		03/01/18	4		1,180,000		1,207,140
Petroleos Mexicanos (Mexico)
1.70%		12/20/22	4		112,500		111,165
Reliance Holding USA, Inc., Series REGS
4.50%		10/19/20			1,475,000		1,561,243
Rockies Express Pipeline LLC
5.63%		04/15/20	2		2,400,000		2,484,000
6.00%		01/15/19	2		1,000,000		1,051,250
6.85%		07/15/18	2		1,200,000		1,288,560
Ruby Pipeline LLC
6.00%		04/01/22	2		1,850,000		2,010,884
Sabine Pass Liquefaction LLC
5.75%		05/15/24			2,000,000		2,002,500
Sabine Pass LNG LP
7.50%		11/30/16			2,500,000		2,637,500
7.50%		11/30/16	2		500,000		527,500
TC PipeLines LP
4.38%		03/13/25			3,000,000		2,953,992
Tennessee Gas Pipeline Co. LLC
8.00%		02/01/16			225,000		233,486
Texas Eastern Transmission LP
2.80%		10/15/22	2		1,000,000		939,466
							54,180,974
Finance — 3.54%
Chase Capital VI
0.90%		08/01/28	3		1,500,000		1,297,500
CIT Group, Inc.
6.63%		04/01/18	2		1,000,000		1,063,750
Citigroup, Inc.
0.83%		08/25/36	3		10,300,000		7,930,092
0.98%		11/24/17	3		1,000,000		1,000,041
1.24%		07/25/16	3		1,000,000		1,003,390
4.59%		12/15/15			125,000		127,136
6.13%		05/15/18			100,000		111,665
Corp. Financiera de Desarrollo SA (Peru)
3.25%		07/15/19	2,4		1,200,000		1,206,720
Credit Suisse Group Funding Guernsey Ltd. (United Kingdom)
3.75%		03/26/25	2,4		3,000,000		2,884,133
Ford Motor Credit Co. LLC
1.22%		01/09/18	3		400,000		400,642
1.70%		05/09/16			3,000,000		3,005,357

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Finance (continued)
8.00%		12/15/16		$	1,000,000	$	1,089,567
General Electric Capital Corp. (MTN)
0.66%		05/05/26	3		1,000,000		951,261
0.75%		08/15/36	3		4,085,000		3,715,626
4.65%		10/17/21			70,000		76,798
General Motors Financial Co., Inc.
2.63%		07/10/17			2,500,000		2,528,438
General Motors Financial Co., Inc., Series 3YR
3.00%		09/25/17			1,000,000		1,020,000
Goldman Sachs Group, Inc.
2.90%		07/19/18			1,000,000		1,025,174
5.35%		01/15/16			2,000,000		2,048,296
5.95%		01/18/18			75,000		82,476
7.50%		02/15/19			2,475,000		2,908,563
Goldman Sachs Group, Inc. (MTN)
1.60%		11/23/15			2,000,000		2,006,932
1.88%		11/29/23	3		8,901,000		9,053,489
Guanay Finance Ltd. (Cayman Islands)
6.00%		12/15/20	2,4		1,000,000		1,037,200
Huarong Finance II Co. Ltd., Series E (MTN) (Vietnam)
4.50%		01/16/20	4		1,200,000		1,239,720
International Lease Finance Corp.
6.75%		09/01/16	2		2,184,000		2,301,499
7.13%		09/01/18	2		2,000,000		2,228,000
JPMorgan Chase Capital XIII, Series M
1.23%		09/30/34	3		225,000		190,969
JPMorgan Chase Capital XXI, Series U
1.23%		02/02/37	3		3,410,000		2,838,825
JPMorgan Chase Capital XXIII
1.27%		05/15/47	3		7,750,000		6,151,563
Morgan Stanley
1.02%		01/05/18	3		2,000,000		2,003,032
Morgan Stanley (MTN)
5.63%		09/23/19			2,000,000		2,240,987
Morgan Stanley, Series G (MTN)
2.38%		07/23/19			1,600,000		1,589,741
5.45%		01/09/17			2,000,000		2,119,237
7.30%		05/13/19			1,740,000		2,048,124
Raymond James Financial, Inc.
8.60%		08/15/19			530,000		648,293
Reckson Operating Partnership LP
5.00%		08/15/18			895,000		959,673
ZFS Finance USA Trust II
6.45%		12/15/65	2,3		3,325,000		3,399,812
							77,533,721

See accompanying notes to Schedule of Portfolio Investments.

100 / N-Q Report June 2015

Unconstrained Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Food — 0.26%
HJ Heinz Co.
5.20%		07/15/45	2	$	5,500,000	$	5,644,933
Health Care — 1.24%
Actavis Funding SCS (Luxembourg)
1.37%		03/12/18	3,4		3,000,000		3,014,550
CHS/Community Health Systems, Inc.
5.13%		08/15/18			1,300,000		1,335,750
5.13%		08/01/21			1,000,000		1,021,250
DaVita HealthCare Partners, Inc.
5.75%		08/15/22			2,525,000		2,685,969
Hartford HealthCare Corp.
5.75%		04/01/44			1,525,000		1,664,671
HCA, Inc.
6.50%		02/15/20			2,425,000		2,716,000
Hospira, Inc.
5.20%		08/12/20			1,000,000		1,120,004
North Shore Long Island Jewish Health Care, Inc.
4.80%		11/01/42			650,000		607,831
6.15%		11/01/43			2,250,000		2,609,695
Providence Health & Services Obligated Group
1.23%		10/01/17	3		3,200,000		3,218,078
Tenet Healthcare Corp.
3.79%		06/15/20	2,3		1,715,000		1,732,150
4.50%		04/01/21			1,000,000		995,000
Valeant Pharmaceuticals International, Inc. (Canada)
5.50%		03/01/23	2,4		500,000		503,750
VRX Escrow Corp. (Canada)
5.38%		03/15/20	2,4		2,750,000		2,846,250
VRX/Valeant Pharmaceuticals Escrow Corp. (Canada)
6.13%		04/15/25	2,4		1,000,000		1,028,800
							27,099,748
Industrials — 0.06%
Cemex Finance LLC
6.00%		04/01/24	2		600,000		593,280
Heathrow Funding Ltd. (United Kingdom)
4.88%		07/15/21	2,4		700,000		767,886
							1,361,166
Information Technology — 0.05%
NXP BV/NXP Funding LLC (Netherlands)
4.63%		06/15/22	2,4		1,000,000		988,750
Insurance — 0.40%
Farmers Exchange Capital
7.20%		07/15/48	2		150,000		187,570

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Insurance (continued)
Farmers Exchange Capital II
6.15%		11/01/53	2,3	$	2,500,000	$	2,650,000
Nationwide Mutual Insurance Co.
2.58%		12/15/24	2,3		3,825,000		3,823,076
Teachers Insurance & Annuity Association of America
4.38%		09/15/54	2,3		2,125,000		2,125,158
							8,785,804
Materials — 0.07%
Barrick Gold Corp. (WI) (Canada)
4.10%		05/01/23	4		900,000		870,228
OCP SA, Series REGS (Morocco and Antilles)
5.63%		04/25/24	4		600,000		627,822
							1,498,050
Real Estate Investment Trust (REIT) — 2.44%
Alexandria Real Estate Equities, Inc.
3.90%		06/15/23			1,650,000		1,647,847
4.60%		04/01/22			1,000,000		1,049,908
ARC Properties Operating Partnership LP/ Clark Acquisition LLC
2.00%		02/06/17			3,700,000		3,595,938
AvalonBay Communities, Inc.
2.95%		09/15/22			250,000		244,409
3.63%		10/01/20			1,500,000		1,562,281
BioMed Realty LP
4.25%		07/15/22			2,000,000		2,028,712
Boston Properties LP
5.63%		11/15/20			1,750,000		2,001,165
5.88%		10/15/19			200,000		227,287
CBL & Associates LP
4.60%		10/15/24			1,830,000		1,797,603
Essex Portfolio LP
5.50%		03/15/17			2,197,000		2,338,667
HCP, Inc.
3.75%		02/01/16			2,595,000		2,634,030
3.88%		08/15/24			2,000,000		1,961,806
4.25%		11/15/23			945,000		957,027
5.63%		05/01/17			100,000		107,285
6.00%		01/30/17			1,000,000		1,067,156
HCP, Inc. (MTN)
6.30%		09/15/16			2,000,000		2,112,426
Health Care REIT, Inc.
3.63%		03/15/16			742,000		753,645
4.95%		01/15/21			1,020,000		1,112,040
6.20%		06/01/16			5,270,000		5,499,003
Healthcare Realty Trust, Inc.
5.75%		01/15/21			1,250,000		1,386,384

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 101

Unconstrained Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Real Estate Investment Trust (REIT) (continued)
Highwoods Realty LP
7.50%		04/15/18		$	800,000	$	915,748
Hospitality Properties Trust
6.30%		06/15/16			2,900,000		2,963,301
Liberty Property LP (MTN)
7.50%		01/15/18			900,000		1,006,968
Mid-America Apartments LP
6.05%		09/01/16			3,000,000		3,153,594
Post Apartment Homes LP
3.38%		12/01/22			100,000		96,162
4.75%		10/15/17			270,000		287,850
Reckson Operating Partnership LP
6.00%		03/31/16			2,400,000		2,482,941
SL Green Realty Corp.
7.75%		03/15/20			2,375,000		2,833,330
Ventas Realty LP/Ventas Capital Corp.
3.13%		11/30/15			1,100,000		1,108,836
WEA Finance LLC/Westfield UK & Europe Finance PLC
1.75%		09/15/17	2		3,000,000		3,010,004
2.70%		09/17/19	2		1,500,000		1,504,043
							53,447,396
Retail — 0.15%
Walgreens Boots Alliance, Inc.
0.73%		05/18/16	3		3,220,000		3,220,206
Transportation — 1.03%
America West Airlines Pass-Through Trust, Series 2001-1, Class G
7.10%		04/02/21			1,687,950		1,846,195
American Airlines Pass-Through Trust, Series 2011-1, Class A
5.25%		01/31/21			54,209		57,733
American Airlines Pass-Through Trust, Series 2013-2, Class A
4.95%		01/15/23			4,533,405		4,816,743
Autopistas Metropolitanas de Puerto Rico LLC
6.75%		06/30/35	2		750,000		635,625
Continental Airlines Pass-Through Trust, Series 1997, Class 4A
6.90%		01/02/18			60,561		63,399
Continental Airlines Pass-Through Trust, Series 1999-1, Class A
6.55%		08/02/20			2,031,991		2,223,760
Continental Airlines Pass-Through Trust, Series 1999-2, Class C2
7.26%		03/15/20			2,261,978		2,510,796
Continental Airlines Pass-Through Trust, Series 2000-2, Class A1
7.71%		10/02/22			1,034,622		1,145,844

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Transportation (continued)
Continental Airlines Pass-Through Trust, Series 2001-1, Class A1
6.70%		06/15/21		$	175,997	$	186,997
Continental Airlines Pass-Through Trust, Series 2007, Class 1A
5.98%		04/19/22			2,627,658		2,903,562
Continental Airlines Pass-Through Trust, Series 2012, Class 1B
6.25%		04/11/20			59,797		63,815
Delta Air Lines Pass-Through Trust, Series 2002, Class G1
6.72%		01/02/23			1,125,978		1,292,060
JetBlue Airways Pass-Through Trust, Series 2004-2, Class G2
0.72%		11/15/16	3		1,200,000		1,177,500
UAL Pass-Through Trust, Series 2009-2A
9.75%		01/15/17			1,899,511		2,063,343
US Airways Pass-Through Trust, Series 2010-1, Class A
6.25%		04/22/23			1,261,000		1,412,320
US Airways Pass-Through Trust, Series 2012-1, Class A
5.90%		10/01/24			107,764		121,099
							22,520,791
Total Corporates
(Cost $397,534,206)							398,201,749
FOREIGN GOVERNMENT OBLIGATIONS — 1.13%
Foreign Government Obligations — 1.13%
Brazilian Government International Bond (Brazil)
4.88%		01/22/21	4		2,250,000		2,356,875
Colombia Government International Bond (Colombia)
4.38%		07/12/21	4		2,200,000		2,306,700
Croatia Government International Bond (Croatia)
6.63%		07/14/20	4		1,200,000		1,317,000
El Salvador Government International Bond, Series REGS (El Salvador)
7.38%		12/01/19	4		600,000		655,125
Export Credit Bank of Turkey (Turkey)
5.00%		09/23/21	2,4		1,200,000		1,214,400
Hazine Mustesarligi Varlik Kiralama AS (Turkey)
4.56%		10/10/18	2,4		2,000,000		2,090,000
Hungary Government International Bond (Hungary)
5.75%		11/22/23	4		1,250,000		1,393,750
Lithuania Government International Bond, Series REGS (Lithuania)
7.38%		02/11/20	4		700,000		836,472

See accompanying notes to Schedule of Portfolio Investments.

102 / N-Q Report June 2015

Unconstrained Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Foreign Government Obligations (continued)
Magyar Export-Import Bank Zrt (Hungary)
4.00%		01/30/20	2,4	$	900,000	$	906,750
Mexico Government International Bond, Series G (MTN) (Mexico)
3.50%		01/21/21	4		1,350,000		1,380,375
Panama Government International Bond (Panama)
5.20%		01/30/20	4		1,600,000		1,767,200
Perusahaan Penerbit SBSN, Indonesia III (Indonesia)
4.35%		09/10/24	2,4		750,000		736,200
Philippine Government International Bond (Philippines)
4.20%		01/21/24	4		1,700,000		1,856,400
Romanian Government International Bond, Series REGS (Romania)
4.88%		01/22/24	4		1,200,000		1,275,000
Russian Foreign Bond - Eurobond, Series REGS (Russia)
5.00%		04/29/20	4		1,900,000		1,957,095
South Africa Government International Bond (South Africa)
4.67%		01/17/24	4		1,100,000		1,130,250
Sri Lanka Government International Bond, Series REGS (Sri Lanka)
6.00%		01/14/19	4		900,000		925,560
Venezuela Government International Bond (Venezuela)
7.75%		10/13/19	4		1,500,000		594,750
Total Foreign Government Obligations
(Cost $25,475,051)							24,699,902
MORTGAGE-BACKED — 51.30%**
Commercial Mortgage-Backed — 16.99%
Banc of America Commercial Mortgage Trust, Series 2006-5, Class A4
5.41%		09/10/47			8,750,000		9,000,701
Banc of America Commercial Mortgage Trust, Series 2006-6, Class A3
5.37%		10/10/45			11,000,000		11,134,310
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-6, Class A4
5.16%		09/10/47	3		2,357,306		2,368,035
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2006-3, Class A4
5.89%		07/10/44	3		5,260,946		5,439,687

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Commercial Mortgage-Backed (continued)
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2006-5, Class A2
5.32%		09/10/47		$	225,668	$	225,651
Bayview Commercial Asset Trust, Series 2004-2, Class A
0.61%		08/25/34	2,3		2,203,537		2,105,770
Bear Stearns Commercial Mortgage Securities Trust, Series 2004-PWR3, Class E
5.00%		02/11/41	3		1,346,514		1,347,861
Bear Stearns Commercial Mortgage Securities Trust, Series 2005 PWR9, Class A4A
4.87%		09/11/42			538,921		538,510
Bear Stearns Commercial Mortgage Securities Trust, Series 2006-PW14, Class A3
5.21%		12/11/38			82,134		82,502
Bear Stearns Commercial Mortgage Securities Trust, Series 2006-T22, Class A4
5.77%		04/12/38	3		94,627		96,469
Bear Stearns Commercial Mortgage Securities Trust, Series 2007-PW16, Class A2
5.84%		06/11/40	3		2,298,094		2,312,960
Bear Stearns Commercial Mortgage Securities Trust, Series 2007-PW17, Class A3
5.74%		06/11/50			119,691		119,612
Bear Stearns Commercial Mortgage Securities, Series Trust 2004-PWR5, Class F
5.48%		07/11/42	2,3		1,990,000		2,149,570
CD Commercial Mortgage Trust, Series 2007-CD4, Class A1A
5.29%		12/11/49	3		2,330,886		2,442,590
Citigroup Commercial Mortgage Trust, Series 2012-GC8, Class XA (IO)
2.19%		09/10/45	2,3		72,588,691		6,703,820
Commercial Mortgage Trust, Series 2007-C9, Class AAB
5.80%		12/10/49	3		1,032,776		1,040,263
Commercial Mortgage Trust, Series 2010-C1, Class A1
3.16%		07/10/46	2		923,132		923,779
Commercial Mortgage Trust, Series 2012-LC-4, Class A2
2.26%		12/10/44			5,324,795		5,403,255
Commercial Mortgage Trust, Series 2013-CR6, Class A1
0.72%		03/10/46			1,930,686		1,923,378

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 103

Unconstrained Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Commercial Mortgage-Backed (continued)
Credit Suisse First Boston Mortgage Securities Corp., Series 2005-C5, Class A4
5.10%		08/15/38	3	$	1,619	$	1,617
Credit Suisse First Boston Mortgage Securities Corp., Series 2005-C6, Class A4
5.23%		12/15/40	3		49,008		49,137
Credit Suisse Mortgage Trust, Series 2007-C2, Class A1A
5.53%		01/15/49	3		1,888,241		1,979,049
Credit Suisse Mortgage Trust, Series 2007-C5, Class A3
5.69%		09/15/40	3		1,692,126		1,705,596
DBRR Trust, Series 2012-EZ1, Class C
2.06%		09/25/45	2		4,736,542		4,758,417
DBRR Trust, Series 2013-EZ3, Class A
1.64%		12/18/49	2,3		2,625,843		2,638,153
DBUBS Mortgage Trust, Series 2011-LC1A, Class A1
3.74%		11/10/46	2		11,112,803		11,215,984
DBUBS Mortgage Trust, Series 2011-LC2A, Class A2
3.39%		07/10/44	2		6,215,574		6,323,752
DBUBS Mortgage Trust, Series 2011-LC3A, Class A2
3.64%		08/10/44			11,028,766		11,229,870
DBUBS Mortgage Trust, Series 2011-LX2A, Class A1
3.53%		07/10/44	2		6,961,657		7,316,667
First Union Commercial Mortgage Trust, Series 1999-C1, Class F
5.35%		10/15/35	2		495,596		499,580
GE Business Loan Trust, Series 2006-2A, Class A
0.37%		11/15/34	2,3		8,970,624		8,629,278
GE Commercial Mortgage Corp., Series 2007-C1, Class A1A
5.48%		12/10/49	3		7,886,817		8,347,068
GMAC Commercial Mortgage Securities, Inc. Series 2006-C1, Class A1A
5.23%		11/10/45	3		1,346,240		1,356,698
GS Mortgage Securities Trust, Series 2006-GG6, Class AAB
5.55%		04/10/38	3		396,049		396,509
GS Mortgage Securities Trust, Series 2010-C1, Class A1
3.68%		08/10/43	2		3,933,741		4,081,335
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2004-CBX, Class AJ
4.95%		01/12/37	3		1,962,466		1,964,705

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Commercial Mortgage-Backed (continued)
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2004-LN2, Class A2
5.12%		07/15/41		$	2,351,736	$	2,356,287
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2005-CB12, Class A4
4.90%		09/12/37			4,165		4,162
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2005-CB12, Class AM
4.95%		09/12/37	3		3,000,000		2,998,044
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2005-LDP5, Class A4
5.41%		12/15/44	3		11,669,661		11,718,683
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2006-CB14, Class A4
5.48%		12/12/44	3		2,989,681		3,018,896
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2006-CB17, Class ASB
5.42%		12/12/43			43,406		44,010
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2006-LDP8, Class A1A
5.40%		05/15/45			1,895,325		1,975,017
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-C1, Class ASB
5.86%		02/15/51			232,774		242,012
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-CB19, Class ASB
5.87%		02/12/49	3		117,152		120,809
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2010-C1, Class A1
3.85%		06/15/43	2		147,967		147,850
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2010-CNTR, Class A1
3.30%		08/05/32	2		2,569,155		2,678,434
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2010-CNTR, Class A2
4.31%		08/05/32	2		7,385,000		8,057,735
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2011-C3, Class A2
3.67%		02/15/46	2		12,953,503		13,214,840
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2011-C5, Class A2
3.15%		08/15/46			7,102,123		7,260,464

See accompanying notes to Schedule of Portfolio Investments.

104 / N-Q Report June 2015

Unconstrained Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Commercial Mortgage-Backed (continued)
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2011-PLSD, Class A2
3.36%		11/13/44	2	$	2,800,000	$	2,879,394
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2012-CIBX, Class A3
3.14%		06/15/45			2,868,905		2,956,145
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2012-CIBX, Class XA
1.93%		06/15/45	3,6		93,546,164		6,711,993
LB-UBS Commercial Mortgage Trust, Series 2006-C1, Class A4
5.16%		02/15/31			5,840,385		5,899,204
LB-UBS Commercial Mortgage Trust, Series 2006-C7, Class A2
5.30%		11/15/38			5,235,179		5,281,639
Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2005-2A, Class 1A
0.43%		09/25/30	2,3		3,843,096		3,627,590
Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2006-2A, Class 1A
0.38%		09/25/36	2,3		4,242,472		3,976,236
Merrill Lynch Mortgage Trust, Series 2005-CIP1, Class AM
5.11%		07/12/38	3		5,242,509		5,243,633
Merrill Lynch Mortgage Trust, Series 2006-C1, Class A4
5.87%		05/12/39	3		10,550,137		10,745,961
ML-CFC Commercial Mortgage Trust, Series 2006-4, Class A1A
5.17%		12/12/49			7,110,913		7,417,180
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2012-C6, Class A2
1.87%		11/15/45			3,720,000		3,754,080
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2012-C6, Class A3
2.51%		11/15/45			947,000		951,986
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2012-C6, Class A4
2.86%		11/15/45			1,360,000		1,358,188
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C7, Class A1
0.74%		02/15/46			5,763,602		5,756,520
Morgan Stanley Capital I Trust, Series 2001-C3, Class A2
3.22%		08/15/49			3,773,653		3,852,547
Morgan Stanley Capital I Trust, Series 2004-HQ3, Class P
5.08%		01/13/41	2		1,692,728		1,695,717
Morgan Stanley Capital I Trust, Series 2006-HQ8, Class A4
5.60%		03/12/44	3		4,006,793		4,032,470

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Commercial Mortgage-Backed (continued)
Morgan Stanley Capital I Trust, Series 2006-IQ12, Class A4
5.33%		12/15/43		$	90,352	$	94,045
Morgan Stanley Capital I Trust, Series 2007-HQ12, Class A2
5.86%		04/12/49	3		6,943,414		6,933,429
Morgan Stanley Capital I Trust, Series 2007-HQ12, Class A2FX
5.86%		04/12/49	3		3,260,176		3,255,488
Morgan Stanley Capital I Trust, Series 2007-HQ12, Class A3
5.86%		04/12/49	3		13,820,000		13,800,127
Morgan Stanley Capital I Trust, Series 2007-HQ12, Class A4
5.86%		04/12/49			11,000,000		10,976,460
Morgan Stanley Capital I Trust, Series 2007-HQ12, Class A5
5.86%		04/12/49	3		6,810,000		6,827,910
Morgan Stanley Capital I Trust, Series 2007-IQ14, Class A2
5.61%		04/15/49			4,323,844		4,371,075
Morgan Stanley Capital I Trust, Series 2011-C1, Class A2
3.88%		09/15/47	2		2,544,756		2,563,101
Morgan Stanley Capital I Trust, Series 2012-C4, Class A4
3.24%		03/15/45			1,200,000		1,233,174
UBS-Barclays Commercial Mortgage Trust, Series 2012-C2, Class A3
3.06%		05/10/63			5,880,000		6,064,661
Wachovia Bank Commercial Mortgage Trust, Series 2005-C22, Class A4
5.45%		12/15/44	3		3,261,291		3,278,535
Wachovia Bank Commercial Mortgage Trust, Series 2007-C30, Class A3
5.25%		12/15/43			9,444,222		9,528,243
Wachovia Bank Commercial Mortgage Trust, Series 2007-C30, Class A4
5.31%		12/15/43			6,800,000		6,975,724
Wachovia Bank Commercial Mortgage Trust, Series 2007-C32, Class A2
5.90%		06/15/49	3		7,544,141		7,567,848
Wells Fargo Commercial Mortgage Trust, Series 2010-C1, Class A2
4.39%		11/15/43	2		4,555,000		4,971,136
WF-RBS Commercial Mortgage Trust, Series 2010-C8, Class A3
3.00%		08/15/45			1,380,000		1,401,078
WF-RBS Commercial Mortgage Trust, Series 2011-C2, Class A2
3.79%		02/15/44	2		11,259,036		11,325,419

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 105

Unconstrained Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Commercial Mortgage-Backed (continued)
WF-RBS Commercial Mortgage Trust, Series 2011-C4, Class A2
3.45%		06/15/44	2	$	8,781,206	$	8,915,548
WF-RBS Commercial Mortgage Trust, Series 2011-C5, Class A2
2.68%		11/15/44			110,000		111,623
WF-RBS Commercial Mortgage Trust, Series 2011-C5, Class XA (IO)
2.13%		11/15/44	2,3,6		28,713,124		2,326,228
WF-RBS Commercial Mortgage Trust, Series 2012-C9, Class A3
2.87%		11/15/45			1,185,000		1,185,149
							371,535,865
Non-Agency Mortgage-Backed — 29.59%
Aames Mortgage Investment Trust, Series 2006-1, Class A4
0.74%		04/25/36	3		2,082,000		1,817,423
Accredited Mortgage Loan Trust, Series 2006-1, Class A4
0.46%		04/25/36	3		7,000,000		6,117,328
ACE Securities Corp., Series 2003-MH1, Class B1
6.49%		08/15/30	2,3		9,529		9,739
ACE Securities Corp., Series 2006-OP2, Class A2C
0.33%		08/25/36	3		872,395		652,587
ACE Securities Corp., Series 2007-ASP1, Class A2D
0.56%		03/25/37	3		4,046,443		2,453,252
Adjustable Rate Mortgage Trust, Series 2005-4, Class 5A1
2.44%		08/25/35	3		4,953,605		4,665,805
Adjustable Rate Mortgage Trust, Series 2005-5, Class 6A21
0.41%		09/25/35	3		709,300		685,589
Adjustable Rate Mortgage Trust, Series 2007-1, Class 1A1
2.74%		03/25/37	3		8,692,153		7,384,037
American Home Mortgage Investment Trust, Series 2007-1, Class GA1C
0.37%		05/25/47	3		822,174		604,800
Asset-Backed Funding Certificates, Series 2007-NC1, Class A2
0.48%		05/25/37	2,3		6,032,000		4,641,003
Asset-Backed Funding Certificates, Series 2007-WMC1, Class A2B
1.18%		06/25/37	3		3,741,979		2,781,335
Asset-Backed Securities Corp. Home Equity Loan Trust, Series 2004-HE9, Class M1
1.16%		12/25/34	3		2,810,429		2,661,288

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Asset-Backed Securities Corp. Home Equity Loan Trust, Series 2006-HE1, Class A4
0.48%		01/25/36	3	$	5,000,000	$	4,495,429
Banc of America Alternative Loan Trust, Series 2003-3, Class A4
5.75%		05/25/33			1,055,016		1,084,602
Banc of America Alternative Loan Trust, Series 2003-4, Class 1A5
5.50%		06/25/33			1,067,399		1,102,098
Banc of America Alternative Loan Trust, Series 2003-8, Class 1CB1
5.50%		10/25/33			2,238,012		2,295,859
Banc of America Alternative Loan Trust, Series 2003-9, Class 1CB5
5.50%		11/25/33			989,798		1,013,302
Banc of America Alternative Loan Trust, Series 2005-2, Class 4A1
5.50%		03/25/20			154,681		155,461
Banc of America Funding Corp., Series 2004-B, Class 5A1
2.90%		11/20/34	3		889,860		854,740
Banc of America Funding Corp., Series 2006-D, Class 3A1
2.82%		05/20/36	3		3,164,411		2,829,854
Banc of America Funding Corp., Series 2006-G, Class 2A1
0.40%		07/20/36	3		4,900,017		4,598,348
Banc of America Funding Corp., Series 2006-G, Class 2A4
0.47%		07/20/36	3		4,913,010		4,605,475
Banc of America Funding Corp., Series 2006-H, Class 2A3
2.83%		09/20/46	3		1,775,168		1,506,719
Banc of America Mortgage Securities, Inc., Series 2005-K, Class 2A1
2.67%		12/25/35	3		4,871,347		4,264,028
BCAP LLC Trust, Series 2007-AA1, Class 2A1
0.36%		03/25/37	3		8,645,496		7,441,706
BCAP LLC Trust, Series 2009-RR4, Class 1A1
9.50%		06/26/37	2		1,343,719		1,491,240
BCAP LLC Trust, Series 2012-R11, Class 11A1
2.62%		09/26/36	2,3		1,580,458		1,592,949
BCAP LLC Trust, Series 2013-RR2, Class 6A1
2.71%		06/26/37	2,3		565,698		565,248
BCAP LLC Trust, Series 2015-RR2, Class 23A1
0.39%		03/28/37	2,3		6,469,148		6,322,371

See accompanying notes to Schedule of Portfolio Investments.

106 / N-Q Report June 2015

Unconstrained Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Bear Stearns ALT-A Trust, Series 2005-2, Class 2A4
2.52%		04/25/35	3	$	5,924,874	$	5,683,441
Bear Stearns ARM Trust, Series 2005-2, Class A1
2.68%		03/25/35	3		557,865		564,080
Bear Stearns ARM Trust, Series 2005-9, Class A1
2.41%		10/25/35	3		9,255,777		9,133,966
Bear Stearns Asset-Backed Securities Trust, Series 2005-AC6, Class 1A3
5.50%		09/25/35	3		1,163,782		1,168,135
Bear Stearns Asset-Backed Securities Trust, Series 2006-AC2, Class 21A3
6.00%		03/25/36			286,388		258,202
Bear Stearns Asset-Backed Securities Trust, Series 2006-HE9, Class 1A2
0.33%		11/25/36	3		2,528,842		2,074,750
Centex Home Equity Loan Trust, Series 2005-D, Class M1
0.61%		10/25/35	3		272,095		271,833
Centex Home Equity Loan Trust, Series 2006-A, Class AV4
0.43%		06/25/36	3		8,450,000		7,718,564
Chase Mortgage Finance Corp., Series 2007-A1, Class 8A1
2.50%		02/25/37	3		2,877,074		2,909,453
Citigroup Mortgage Loan Trust, Inc., Series 2005-9, Class 1A1
0.44%		11/25/35	3		139,731		101,211
Citigroup Mortgage Loan Trust, Inc., Series 2005-WF2, Class MV1
0.83%		08/25/35	3		123,745		123,525
Citigroup Mortgage Loan Trust, Inc., Series 2006-AR3, Class 1A2A
5.26%		06/25/36	3		865,018		816,831
Citigroup Mortgage Loan Trust, Inc., Series 2006-HE2, Class A2D
0.42%		08/25/36	3		2,300,000		2,005,718
Citigroup Mortgage Loan Trust, Inc., Series 2006-NC1, Class A2C
0.32%		08/25/36	3		3,351,562		3,089,664
Citigroup Mortgage Loan Trust, Inc., Series 2006-WFH2, Class A2A
0.33%		08/25/36	3		271,486		265,163
Citigroup Mortgage Loan Trust, Inc., Series 2007-WFH1, Class A4
0.38%		01/25/37	3		4,000,000		3,792,199
Citigroup Mortgage Loan Trust, Inc., Series 2007-WFH2, Class A3
0.36%		03/25/37	3		3,208,426		3,168,313

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Citigroup Mortgage Loan Trust, Inc., Series 2007-WFH2, Class A4
0.53%		03/25/37	3	$	10,233,000	$	9,399,399
Citigroup Mortgage Loan Trust, Inc., Series 2010-9, Class 5A (STEP)
4.87%		03/25/37	2		244,181		249,035
Conseco Financial Corp., Series 1998-6, Class A8
6.66%		06/01/30			68,185		72,739
Countrywide Alternative Loan Trust, Series 2005-76, Class 1A1
1.63%		01/25/36	3		5,544,378		5,147,523
Countrywide Alternative Loan Trust, Series 2006-HY12, Class A5
3.57%		08/25/36	3		4,493,554		4,334,620
Countrywide Alternative Loan Trust, Series 2007-HY5R, Class 2A1A
2.55%		03/25/47	3		20,091		20,047
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-HYB7, Class 3A
2.38%		11/20/34	3		171,725		168,003
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-4, Class 4A1
0.47%		02/25/35	3		48,647		41,165
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-9, Class 1A1
0.48%		05/25/35	3		214,493		184,974
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-J2, Class 2A1
0.83%		07/25/37	3		2,797,236		1,866,853
Countrywide Home Loans, Series 2005-3, Class 1A2
0.47%		04/25/35	3		3,195,407		2,830,917
Credit Suisse First Boston Mortgage Securities Corp., Series 2004-AR5, Class 9A1
2.22%		06/25/34	3		784,358		775,463
Credit Suisse Mortgage Trust, Series 2003-AR26, Class 3A1
2.48%		11/25/33	3		2,587,525		2,596,974
Credit Suisse Mortgage Trust, Series 2005-11, Class 1A1
6.50%		12/25/35			1,203,115		950,397
Credit Suisse Mortgage Trust, Series 2006-8, Class 3A1
6.00%		10/25/21			489,960		478,262
Credit Suisse Mortgage Trust, Series 2013-3R, Class 5A1
2.52%		10/27/36	2,3		1,362,703		1,364,551

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 107

Unconstrained Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Credit-Based Asset Servicing and Securitization LLC, Series 2006-CB1, Class AF4 (STEP)
3.41%		01/25/36		$	2,824,254	$	2,119,635
Credit-Based Asset Servicing and Securitization LLC, Series 2006-CB2, Class AF3 (STEP)
3.61%		12/25/36			1,000,000		770,777
Credit-Based Asset Servicing and Securitization LLC, Series 2006-CB3, Class AV4
0.44%		03/25/36	3		2,900,000		2,202,727
Credit-Based Asset Servicing and Securitization LLC, Series 2006-CB9, Class A2
0.29%		11/25/36	3		7,182,221		4,108,884
Credit-Based Asset Servicing and Securitization LLC, Series 2007-BR2, Class A2
0.41%		02/25/37	3		1,959,930		1,020,646
Credit-Based Asset Servicing and Securitization LLC, Series 2007-BR4, Class A2B
0.38%		05/25/37	3		3,635,077		2,501,231
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB1, Class AF2 (STEP)
4.03%		01/25/37			308,902		163,497
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB2, Class A2B (STEP)
4.54%		02/25/37			4,134,335		3,095,960
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB2, Class A2C (STEP)
4.54%		02/25/37			2,215,471		1,658,863
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB3, Class A3 (STEP)
4.00%		03/25/37			3,970,238		2,446,262
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB4, Class A1A
0.27%		04/25/37	3		6,754,954		5,734,163
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB5, Class A1
0.24%		04/25/37	3		2,732,450		1,860,151
Credit-Based Asset Servicing and Securitization LLC, Series 2007-NC1, Class A2B
0.33%		12/25/36	3		4,265,780		2,402,858
DBRR Trust, Series 2013-EZ2, Class A
0.85%		02/25/43	2,3		143,450		143,423

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Deutsche Mortgage Securities, Inc., Series 2010-RS2, Class A3
3.78%		06/28/47	2,3	$	1,378,951	$	1,380,821
DSLA Mortgage Loan Trust, Series 2004-AR4, Class 2A1A
0.55%		01/19/45	3		1,848,580		1,531,449
DSLA Mortgage Loan Trust, Series 2005-AR6, Class 2A1A
0.48%		10/19/45	3		10,023,845		8,510,913
DSLA Mortgage Loan Trust, Series 2006-AR2, Class 2A1A
0.39%		10/19/36	3		9,586,988		7,822,435
DSLA Mortgage Loan Trust, Series 2007-AR1, Class 2A1A
0.33%		04/19/48	3		3,753,162		3,140,848
First Franklin Mortgage Loan Asset-Backed Certificates, Series 2005-FFA, Class M2 (STEP)
5.98%		03/25/25			25,799		26,303
First Franklin Mortgage Loan Asset-Backed Certificates, Series 2006-FF18, Class A2D
0.39%		12/25/37	3		2,696,840		1,846,246
First Franklin Mortgage Loan Asset-Backed Certificates, Series 2007-FF1, Class A2D
0.40%		01/25/38	3		7,905,976		5,244,548
First Franklin Mortgage Loan Asset-Backed Certificates, Series 2007-FF2, Class A2B
0.28%		03/25/37	3		1,095,530		707,091
First Franklin Mortgage Loan Trust, Series 2006-FF13, Class A2C
0.34%		10/25/36	3		1,496,432		1,099,306
First Franklin Mortgage Loan Trust, Series 2007-2, Class A2B
0.35%		05/25/37	3		3,962,883		2,388,010
First Franklin Mortgage Loan Trust, Series 2007-4, Class 2A4
0.43%		07/25/37	3		1,772,406		1,160,323
First Horizon Alternative Mortgage Securities Trust, Series 2004-AA3, Class A1
2.20%		09/25/34	3		2,026,223		1,987,602
First Horizon Alternative Mortgage Securities Trust, Series 2004-AA3, Class A3
2.20%		09/25/34	3		3,115,700		3,056,313
First Horizon Alternative Mortgage Securities Trust, Series 2004-AA7, Class 1A1
2.20%		02/25/35	3		485,370		434,994
First Horizon Alternative Mortgage Securities Trust, Series 2005-AA10, Class 1A1
2.24%		12/25/35	3		4,166,061		3,629,485
First Horizon Alternative Mortgage Securities Trust, Series 2005-AA12, Class 2A1
2.29%		02/25/36	3		6,594,640		5,551,751

See accompanying notes to Schedule of Portfolio Investments.

108 / N-Q Report June 2015

Unconstrained Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
First Horizon Alternative Mortgage Securities Trust, Series 2005-AA2, Class 2A1
2.28%		04/25/35	3	$	7,846,884	$	7,741,673
First Horizon Alternative Mortgage Securities Trust, Series 2005-AA7, Class 2A1
2.24%		09/25/35	3		10,923,679		9,840,913
First Horizon Alternative Mortgage Securities Trust, Series 2005-AA8, Class 2A1
2.25%		10/25/35	3		11,900,540		10,219,718
First Horizon Alternative Mortgage Securities Trust, Series 2005-AA9, Class 2A1
2.27%		11/25/35	3		6,227,653		5,626,685
First Horizon Alternative Mortgage Securities Trust, Series 2006-AA1, Class 1A1
2.27%		03/25/36	3		6,517,869		5,469,958
First Horizon Alternative Mortgage Securities Trust, Series 2006-AA7, Class A1
2.24%		01/25/37	3		9,444,776		7,711,764
First Horizon Alternative Mortgage Securities, Series 2005-AA3, Class 3A1
2.26%		05/25/35	3		4,215,215		4,046,204
First Horizon Asset Securities, Inc., Series 2004-AR5, Class 2A1
2.55%		10/25/34	3		131,814		128,933
First Horizon Mortgage Pass-Through Trust, Series 2005-AR4, Class 1A1
2.63%		09/25/35	3		7,618,506		6,964,465
First Horizon Mortgage Pass-Through Trust, Series 2005-AR4, Class 2A1
2.56%		10/25/35	3		386,494		341,006
First Horizon Mortgage Pass-Through Trust, Series 2005-AR5, Class 2A1
2.61%		11/25/35	3		6,288,140		5,865,086
First Horizon Mortgage Pass-Through Trust, Series 2007-AR2, Class 1A2
2.65%		08/25/37	3		404,294		335,068
GE Business Loan Trust, Series 2007-1A, Class A
0.36%		04/16/35	2,3		8,246,289		7,825,935
GMAC Mortgage Corp. Loan Trust, Series 2005-AR5, Class 2A1
2.97%		09/19/35	3		3,748,834		3,462,088
GMAC Mortgage Corp. Loan Trust, Series 2005-AR5, Class 3A1
2.96%		09/19/35	3		6,273,438		6,048,206
GMAC Mortgage Corp. Loan Trust, Series 2006-AR1, Class 1A1
2.99%		04/19/36	3		6,997,252		6,305,994
Green Tree, Series 2008-MH1, Class A3
8.97%		04/25/38	2,3		19,607		20,545

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
GreenPoint Mortgage Funding Trust, Series 2005-HY1, Class 2A
0.47%		07/25/35	3	$	7,558,825	$	6,927,013
GreenPoint Mortgage Funding Trust, Series 2006-AR8, Class 1A2A
0.36%		01/25/47	3		367,467		354,299
GSAA Home Equity Trust, Series 2006-4, Class 4A2
0.41%		03/25/36	3		704,770		640,061
GSAA Trust, Series 2006-2, Class 2A3
0.72%		12/25/35	3		158,458		158,292
GSAMP Trust, Series 2006-FM3, Class A2C
0.38%		11/25/36	3		8,262,409		5,082,241
GSR Mortgage Loan Trust, Series 2005-4F, Class 4A3
5.50%		05/25/35			127,387		130,942
GSR Mortgage Loan Trust, Series 2005-7F, Class 3A3 (IO)
5.32%		09/25/35	3,6		82,458		7,242
GSR Mortgage Loan Trust, Series 2005-AR4, Class 5A1
4.67%		07/25/35	3		4,021,858		3,875,172
GSR Mortgage Loan Trust, Series 2005-AR6, Class 2A1
2.68%		09/25/35	3		1,552,927		1,560,121
GSR Mortgage Loan Trust, Series 2006-AR2, Class 2A1
2.57%		04/25/36	3		701,541		638,313
GSR Mortgage Loan Trust, Series 2007-AR2, Class 5A1A
5.12%		05/25/47	3		3,072,180		2,746,781
Impac CMB Trust, Series 2005-2, Class 1A1
0.70%		04/25/35	3		9,682,236		8,961,297
IndyMac Index Mortgage Loan Trust, Series 2005-AR15, Class A1
4.51%		09/25/35	3		3,203,636		2,704,455
IndyMac Index Mortgage Loan Trust, Series 2005-AR19, Class A1
4.58%		10/25/35	3		5,930,158		4,978,608
IndyMac Index Mortgage Loan Trust, Series 2005-AR25, Class 1A21
4.79%		12/25/35	3		4,216,485		3,316,548
IndyMac Index Mortgage Loan Trust, Series 2006-AR27, Class 1A3
0.45%		10/25/36	3		12,355,908		8,331,255
IndyMac Index Mortgage Loan Trust, Series 2006-AR4, Class A1A
0.39%		05/25/46	3		6,439,062		5,468,620
IndyMac Index Mortgage Loan Trust, Series 2006-AR7, Class 3A1
2.62%		05/25/36	3		1,165,983		988,489

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 109

Unconstrained Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
IndyMac Index Mortgage Loan Trust, Series 2007-AR5, Class 2A1
2.69%		05/25/37	3	$	2,155,036	$	1,706,144
IndyMac Manufactured Housing Contract, Series 1998-1, Class A4
6.49%		09/25/28			91,383		95,085
JPMorgan Mortgage Acquisition Corp., Series 2007-CH1, Class MV1
0.41%		11/25/36	3		8,500,000		7,905,952
JPMorgan Mortgage Acquisition Corp., Series 2007-CH5, Class A4
0.34%		05/25/37	3		1,773,000		1,630,386
JPMorgan Mortgage Trust, Series 2005-A6, Class 7A1
2.53%		08/25/35	3		144,619		137,552
JPMorgan Mortgage Trust, Series 2006-A3, Class 2A1
2.64%		05/25/36	3		107,810		90,430
JPMorgan Mortgage Trust, Series 2006-S2, Class 2A2
5.88%		06/25/21			951,099		952,902
JPMorgan Mortgage Trust, Series 2007-S1, Class 1A2
5.50%		03/25/22			659,284		658,417
Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class A3
4.35%		04/15/40			25,177		26,022
Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2007-2A, Class 1A4
0.43%		06/25/37	2,3		7,943,589		7,028,448
Lehman XS Trust, Series 2005-4, Class 1A3
0.98%		10/25/35	3		298,174		279,209
Lehman XS Trust, Series 2005-5N, Class 3A1A
0.48%		11/25/35	3		10,240,244		9,147,282
Lehman XS Trust, Series 2006-1, Class 1A1
0.43%		02/25/36	3		3,603,232		3,459,528
Luminent Mortgage Trust, Series 2007-2, Class 1A3
0.40%		05/25/37	3		1,427,687		1,315,846
MASTR Adjustable Rate Mortgages Trust, Series 2003-7, Class 3A1
2.04%		11/25/33	3		629,362		645,043
MASTR Adjustable Rate Mortgages Trust, Series 2004-15, Class 8A1
4.49%		10/25/34	3		1,270,529		1,240,720
MASTR Adjustable Rate Mortgages Trust, Series 2004-3, Class 3A3
2.17%		04/25/34	3		211,713		204,330

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
MASTR Adjustable Rate Mortgages Trust, Series 2006-2, Class 4A1
2.64%		02/25/36	3	$	318,604	$	313,897
MASTR Adjustable Rate Mortgages Trust, Series 2007-2, Class A2
0.29%		03/25/47	3		2,405,787		2,367,535
MASTR Asset-Backed Securities Trust, Series 2007-HE1, Class A4
0.46%		05/25/37	3		3,150,000		2,293,715
Merrill Lynch Alternative Note Asset, Series 2007-A3, Class A2D
0.51%		04/25/37	3		883,581		149,029
Merrill Lynch Mortgage Investors, Inc., Series 2003-A6, Class 2A
2.52%		10/25/33	3		550,157		548,125
Merrill Lynch Mortgage Investors, Inc., Series 2007-2, Class 1A1
2.65%		08/25/36	3		5,095,589		4,733,415
Mid-State Trust, Series 2004-1, Class B
8.90%		08/15/37			104,488		124,997
Morgan Stanley Capital I Trust, Series 2006-HE1, Class A4
0.47%		01/25/36	3		7,810,000		7,078,751
Morgan Stanley Capital, Inc., Series 2006-NC2, Class A2D
0.47%		02/25/36	3		5,589,269		5,023,120
Morgan Stanley Home Equity Loan Trust, Series 2006-2, Class A4
0.46%		02/25/36	3		6,000,000		5,573,524
Morgan Stanley Mortgage Loan Trust, Series 2004-7AR, Class 2A4
2.03%		09/25/34	3		1,403,141		1,362,458
Morgan Stanley Mortgage Loan Trust, Series 2005-6AR, Class 1A1
0.46%		11/25/35	3		309,616		300,325
Morgan Stanley Mortgage Loan Trust, Series 2006-2, Class 1A
5.25%		02/25/21			478,098		464,597
Morgan Stanley Resecuritization Trust, Series 2013-R3, Class 12A
2.76%		01/26/47	2,3		684,657		685,746
Morgan Stanley Resecuritization Trust, Series 2014-R9, Class 3A
0.98%		11/26/46	2,3		7,575,320		7,320,725
MortgageIT Trust, Series 2005-2, Class 2A
1.83%		05/25/35	3		5,925,506		5,848,104
MortgageIT Trust, Series 2005-4, Class A1
0.46%		10/25/35	3		9,011,572		8,001,915
MortgageIT Trust, Series 2005-5, Class A1
0.44%		12/25/35	3		1,347,738		1,168,261

See accompanying notes to Schedule of Portfolio Investments.

110 / N-Q Report June 2015

Unconstrained Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
New Century Home Equity Loan Trust, Series 2005-2, Class M1
0.61%		06/25/35	3	$	1,979,231	$	1,991,626
New Century Home Equity Loan Trust, Series 2005-D, Class A2D
0.51%		02/25/36	3		3,664,000		3,355,608
New York Mortgage Trust, Series 2005-3, Class A1
0.42%		02/25/36	3		2,333,164		2,172,479
Nomura Asset Acceptance Corp., Series 2005-AR4, Class 4A1
3.09%		08/25/35	3		10,124,077		9,680,551
Oakwood Mortgage Investors, Inc., Series 2000-A, Class A5
8.16%		09/15/29	3		12,822,957		9,863,406
Popular ABS Mortgage Pass-Through Trust, Series 2007-A, Class A3
0.49%		06/25/47	3		5,152,000		3,703,529
Residential Accredit Loans, Inc., Series 2005-QA13, Class 2A1
3.56%		12/25/35	3		5,169,511		4,482,296
Residential Accredit Loans, Inc., Series 2005-QA4, Class A41
2.97%		04/25/35	3		530,864		526,093
Residential Accredit Loans, Inc., Series 2005-QA7, Class A21
2.95%		07/25/35	3		3,152,733		2,814,744
Residential Accredit Loans, Inc., Series 2005-QA8, Class CB21
3.19%		07/25/35	3		2,264,061		1,859,452
Residential Accredit Loans, Inc., Series 2005-SP1, Class 4A1
7.00%		09/25/34			256,569		279,067
Residential Accredit Loans, Inc., Series 2006-QS13, Class 2A1
5.75%		09/25/21			398,664		387,247
Residential Accredit Loans, Inc., Series 2006-QS16, Class A6
6.00%		11/25/36			1,366,842		1,135,264
Residential Accredit Loans, Inc., Series 2007-QS1, Class 2AV (IO)
0.17%		01/25/37	3,6		5,863,951		43,933
Residential Asset Mortgage Products, Inc., Series 2006-RS3, Class A3
0.38%		05/25/36	3		38,944		38,503
Residential Asset Securities Corp., Series 2004-KS9, Class AII4
0.78%		10/25/34	3		26,104		19,484
Residential Asset Securities Corp., Series 2005-KS12, Class A3
0.50%		01/25/36	3		1,729,190		1,709,764

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Residential Asset Securities Corp., Series 2006-A9CB, Class A9
6.00%		09/25/36		$	7,645,152	$	5,232,123
Residential Funding Mortgage Securities I, Inc., Series 2007-SA2, Class 1A
2.90%		04/25/37	3		474,204		329,249
Soundview Home Equity Loan Trust, Series 2007-WMC1, Class 3A3
0.44%		02/25/37	3		1,285,313		557,746
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-12, Class 2A
2.44%		09/25/34	3		1,917,584		1,909,960
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, Class 4A2
2.51%		03/25/34	3		2,956,713		2,914,485
Structured Adjustable Rate Mortgage Loan Trust, Series 2005-12, Class 3A1
2.41%		06/25/35	3		3,716,669		3,484,388
Structured Adjustable Rate Mortgage Loan Trust, Series 2005-21, Class 2A
2.43%		11/25/35	3		3,496,092		3,188,835
Structured Adjustable Rate Mortgage Loan Trust, Series 2005-4XS, Class 2A1A
1.93%		03/25/35	3		4,713,875		4,528,219
Structured Adjustable Rate Mortgage Loan Trust, Series 2005-7, Class 1A3
2.48%		04/25/35	3		8,696,546		8,285,939
Structured Adjustable Rate Mortgage Loan Trust, Series 2006-11, Class 1A1
0.34%		12/25/36	3		363,735		306,449
Structured Asset Mortgage Investments, Inc., Series 2006-AR3, Class 22A1
1.99%		05/25/36	3		868,980		558,351
Structured Asset Mortgage Investments, Inc., Series 2006-AR5, Class 1A1
0.39%		05/25/46	3		748,618		549,009
Structured Asset Securities Corp., Series 2002-11A, Class 2A1
2.76%		06/25/32	3		161,909		158,353
Structured Asset Securities Corp., Series 2003-34A, Class 3A3
2.49%		11/25/33	3		208,720		206,698
Structured Asset Securities Corp., Series 2005-2XS, Class 2A2
1.68%		02/25/35	3		369,260		357,190
Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-04, Class 3A1
2.85%		10/25/37	3		4,944,020		4,391,467
Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-S1, Class 2A1
2.69%		01/25/37	3		2,321,299		2,305,681

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 111

Unconstrained Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-S1, Class 5A1
3.59%		01/25/37	3	$	1,790,456	$	1,757,237
WaMu Alternative Mortgage Pass-Through Certificates, Series 2006-AR2, Class A1A
1.09%		04/25/46	3		10,487,811		8,277,882
WaMu Alternative Mortgage Pass-Through Certificates, Series 2007-OA3, Class 2A
0.90%		02/25/47	3		1,086,166		772,026
WaMu Asset-Backed Certificates, Series 2007-HE1, Class 2A2
0.29%		01/25/37	3		4,716,528		2,717,795
WaMu Asset-Backed Certificates, Series 2007-HE2, Class 2A4
0.54%		04/25/37	3		10,019,522		5,068,015
WaMu Mortgage Pass-Through Certificates, Series 2004-AR13, Class A1A
0.90%		11/25/34	3		462,526		442,479
WaMu Mortgage Pass-Through Certificates, Series 2004-AR14, Class A1
2.39%		01/25/35	3		1,985,806		2,005,892
WaMu Mortgage Pass-Through Certificates, Series 2004-AR6, Class A
0.60%		05/25/44	3		270,138		257,455
WaMu Mortgage Pass-Through Certificates, Series 2005-AR1, Class A1A
0.50%		01/25/45	3		341,951		326,998
WaMu Mortgage Pass-Through Certificates, Series 2005-AR11, Class A1A
0.50%		08/25/45	3		1,201,523		1,128,772
WaMu Mortgage Pass-Through Certificates, Series 2005-AR12, Class 1A6
2.33%		10/25/35	3		4,802,677		4,646,717
WaMu Mortgage Pass-Through Certificates, Series 2005-AR13, Class A1A1
0.47%		10/25/45	3		834,090		776,205
WaMu Mortgage Pass-Through Certificates, Series 2005-AR14, Class 2A1
2.39%		12/25/35	3		91,671		84,501
WaMu Mortgage Pass-Through Certificates, Series 2005-AR16, Class 1A3
2.34%		12/25/35	3		4,868,936		4,642,725
WaMu Mortgage Pass-Through Certificates, Series 2005-AR2, Class 2A21
0.51%		01/25/45	3		2,182,502		2,092,539
WaMu Mortgage Pass-Through Certificates, Series 2005-AR6, Class 2A1A
0.41%		04/25/45	3		605,813		575,700
WaMu Mortgage Pass-Through Certificates, Series 2005-AR9, Class A1A
0.50%		07/25/45	3		514,876		490,773

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
WaMu Mortgage Pass-Through Certificates, Series 2006-AR4, Class 1A1A
1.08%		05/25/46	3	$	5,213,453	$	4,881,820
WaMu Mortgage Pass-Through Certificates, Series 2006-AR7, Class 2A
1.13%		07/25/46	3		11,078,078		9,243,359
WaMu Mortgage Pass-Through Certificates, Series 2007-HY3, Class 1A1
2.08%		03/25/37	3		5,321,848		4,457,504
WaMu Mortgage Pass-Through Certificates, Series 2007-HY6, Class 2A1
2.16%		06/25/37	3		2,039,133		1,786,550
WaMu Mortgage Pass-Through Certificates, Series 2007-OA2, Class 1A
0.85%		03/25/47	3		11,143,001		8,806,470
WaMu Mortgage Pass-Through Certificates, Series 2007-OA5, Class 1A
0.90%		06/25/47	3		3,540,593		3,029,073
Wells Fargo Alternative Loan Trust, Series 2007-PA5, Class 1A1
6.25%		11/25/37			97,468		94,795
Wells Fargo Home Equity Trust, Series 2006-1, Class A4
0.43%		07/25/36			5,675,500		5,383,552
Wells Fargo Home Equity Trust, Series 2006-2, Class A3
0.32%		07/25/36	3		29,951		29,901
Wells Fargo Home Equity Trust, Series 2007-1, Class A3
0.50%		03/25/37	3		4,690,000		3,516,563
Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR4, Class 1A1
5.83%		04/25/36	3		447,931		429,354
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR16, Class 7A1
5.24%		10/25/35	3		3,228,920		3,187,220
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR10, Class 5A2
2.68%		07/25/36	3		591,752		574,809
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR14, Class 2A1
2.63%		10/25/36	3		2,884,191		2,658,558
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR17, Class A1
2.61%		10/25/36	3		1,101,014		1,038,184
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR2, Class 2A1
2.62%		03/25/36	3		5,147,768		5,135,846
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR8, Class 3A2
2.60%		04/25/36	3		5,068,675		4,926,458
							647,343,540

See accompanying notes to Schedule of Portfolio Investments.

112 / N-Q Report June 2015

Unconstrained Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed — 4.72%
Fannie Mae Pool 468048
4.41%		05/01/21		$	1,731,509	$	1,934,273
Fannie Mae Pool 468861
3.84%		08/01/21			4,069,155		4,369,383
Fannie Mae Pool AD0150
5.18%		05/01/19			328,030		365,291
Fannie Mae Pool AD0791
4.69%		02/01/20			252,960		279,446
Fannie Mae Pool AD0851
4.37%		02/01/20			465,710		511,158
Fannie Mae Pool AE0134
4.40%		02/01/20			890,000		982,359
Fannie Mae Pool AE0600
3.98%		11/01/20			297,717		321,959
Fannie Mae Pool AE0918
3.66%		10/01/20			325,102		349,334
Fannie Mae Pool AL0151
4.38%		04/01/21			450,485		498,698
Fannie Mae Pool AL0600
4.30%		07/01/21			135,122		149,030
Fannie Mae Pool AL1598
3.43%		03/01/22			4,147,821		4,403,294
Fannie Mae Pool AL2293
4.38%		06/01/21			4,914,790		5,414,332
Fannie Mae Pool AL3594
2.70%		04/01/23			1,405,467		1,424,796
Fannie Mae Pool AM4125
3.74%		08/01/23			3,005,000		3,225,958
Fannie Mae Pool FN0000
3.58%		09/01/20			460,424		492,229
Fannie Mae Pool FN0002
3.35%		12/01/17			2,801,498		2,921,894
Fannie Mae Pool FN0004
3.62%		12/01/20			847,569		907,641
Fannie Mae Pool FN0005
3.38%		11/01/20			744,921		788,464
Fannie Mae REMICS, Series 2003-64, Class KS
9.41%		07/25/18	3		12,761		13,669
Fannie Mae REMICS, Series 2006-8, Class HJ (IO)
6.42%		03/25/36	3		2,731,400		520,603
Fannie Mae REMICS, Series 2007-52, Class LS (IO)
5.87%		06/25/37	3		127,875		22,213
Fannie Mae REMICS, Series 2007-77, Class SK (IO)
5.69%		08/25/37	3		244,476		35,796

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae REMICS, Series 2007-88, Class JI (IO)
6.27%		04/25/37	3	$	2,362,965	$	478,162
Fannie Mae REMICS, Series 2008-18, Class SM (IO)
6.82%		03/25/38	3		144,850		23,831
Fannie Mae REMICS, Series 2008-62, Class SN (IO)
6.02%		07/25/38	3		683,256		87,018
Fannie Mae REMICS, Series 2010-116, Class SE (IO)
6.42%		10/25/40	3		167,127		28,774
Fannie Mae REMICS, Series 2010-35, Class IA (IO)
5.00%		07/25/38			27,989		417
Fannie Mae, Series 2003-M2, Class D
4.68%		01/25/33			2,373,583		2,573,551
Fannie Mae, Series 2006-11, Class PS
23.89%		03/25/36	3		47,579		72,086
Fannie Mae, Series 2010-M1, Class A2
4.45%		09/25/19			2,164,742		2,378,060
Fannie Mae, Series 2012-M12, Class 1A
2.93%		08/25/22	3		581,339		598,641
Fannie Mae, Series 2012-M15, Class A
2.74%		10/25/22	3		328,507		332,635
Fannie Mae, Series 2012-M2, Class A2
2.72%		02/25/22			670,000		682,578
Fannie Mae, Series 2012-M2, Class X
0.90%		02/25/22			100,442,977		4,089,531
Fannie Mae, Series 2014-M5, Class FA
0.51%		01/25/17			16,476,359		16,494,071
Fannie Mae, Series 2014-M9, Class X1 (IO)
4.16%		04/25/17			24,887,693		1,037,300
Fannie Mae-Aces, Series 2011-M1, Class A3
3.76%		06/25/21			1,750,000		1,882,191
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K004, Class A2
4.19%		08/25/19			3,055,000		3,324,789
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K005, Class A2
4.32%		11/25/19			2,915,000		3,194,515
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K007, Class A2
4.22%		03/25/20			1,525,000		1,670,487
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K014, Class A2
3.87%		04/25/21			930,000		1,009,614

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 113

Unconstrained Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K017, Class A2
2.87%		12/25/21		$	1,960,000	$	2,018,273
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K018, Class A2
2.79%		01/25/22			1,975,000		2,023,186
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KSCT, Class A1
3.19%		12/25/19			6,452,912		6,729,291
Freddie Mac REMICS, Series 2711, Class FA
1.19%		11/15/33	3		188,183		191,928
Freddie Mac REMICS, Series 2733, Class FB
0.79%		10/15/33	3		545,000		552,178
Freddie Mac REMICS, Series 3001, Class HS
16.29%		02/15/35	3		17,519		19,592
Freddie Mac REMICS, Series 3262, Class KS (IO)
6.22%		01/15/37	3		112,835		19,471
Freddie Mac REMICS, Series 3327, Class LZ
6.00%		06/15/37			998,974		1,104,648
Freddie Mac REMICS, Series 3339, Class JS
41.63%		07/15/37	3		37,213		72,995
Freddie Mac REMICS, Series 3404, Class AS (IO)
5.71%		01/15/38	3		164,117		23,625
Freddie Mac REMICS, Series 3439, Class SC (IO)
5.71%		04/15/38	3		133,054		20,993
Freddie Mac REMICS, Series 3828, Class TF
0.59%		04/15/29	3		270,098		270,921
Freddie Mac REMICS, Series 4030, Class HS (IO)
6.42%		04/15/42	3		402,277		77,997
Freddie Mac, Series 3885, Class PO (PO)
0.00%		11/15/33	7		61,378		53,749
Freddie Mac, Series K020, Class A2
2.37%		05/25/40			585,000		584,185
Freddie Mac, Series K702, Class X1 (IO)
1.62%		02/25/18			60,090,353		2,051,058
Freddie Mac, Series KP01, Class X (IO)
3.27%		01/25/19			26,388,336		2,254,844
Ginnie Mae, Series 2006-3, Class C
5.24%		04/16/39			1,995,721		2,034,957

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Ginnie Mae, Series 20088-80, Class D
5.35%		01/16/41		$	8,560,282	$	9,004,313
Ginnie Mae, Series 2011-109, Class AB
2.70%		04/16/43			1,420,545		1,444,378
Ginnie Mae, Series 2011-146, Class EI (IO)
5.00%		11/16/41			252,519		57,187
Ginnie Mae, Series 2011-152, Class IO (IO)
1.09%		08/16/51			29,145,978		1,247,594
Ginnie Mae, Series 2011-69, Class GI (IO)
5.00%		05/16/40			583,931		77,632
Ginnie Mae, Series 2011-70, Class IL (IO)
0.60%		06/16/37	3		1,882,860		35,463
Ginnie Mae, Series 2011-81, Class IC (IO)
0.62%		07/20/35	3		4,137,311		80,028
Ginnie Mae, Series 2012-7, Class PI (IO)
3.50%		01/20/38			270,797		18,378
Ginnie Mae, Series 2013-135, Class CS (IO)
6.02%		09/16/43	3		8,650,828		1,204,627
							103,163,562
Total Mortgage-Backed (Cost $1,117,680,573)							1,122,042,967
MUNICIPAL BONDS — 0.36%*
Arizona — 0.11%
Arizona Health Facilities Authority, Banner Health, Series B
1.00%		01/01/37	3		2,590,000		2,336,776
California — 0.01%
State of California, Build America Bonds
7.95%		03/01/36			150,000		181,689
New York — 0.24%
City of New York, Build America Bonds, Series F1
6.65%		12/01/31			3,000,000		3,523,890
New York City Municipal Water Finance Authority, Build America Bonds, Series SE
6.49%		06/15/42			1,650,000		1,867,965
							5,391,855
Total Municipal Bonds (Cost $7,253,249)							7,910,320
U.S. AGENCY SECURITIES — 1.42%
U.S. Agency Securities — 1.42%
Federal Farm Credit Bank
0.21%		09/14/16	3		3,545,000		3,546,833
0.22%		04/26/17	3		4,850,000		4,854,462
0.22%		05/08/17	3		13,250,000		13,267,225

See accompanying notes to Schedule of Portfolio Investments.

114 / N-Q Report June 2015

Unconstrained Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
U.S. AGENCY SECURITIES (continued)
U.S. Agency Securities (continued)
0.23%		05/03/18			$3,250,000		$  3,261,138
0.24%		04/17/17	3		3,630,000		3,635,336
Federal Home Loan Bank
0.22%		10/07/15	3		2,510,000		2,510,552
Total U.S. Agency Securities (Cost $31,033,509)							31,075,546
Total Bonds – 89.86% (Cost $1,960,262,089)							1,965,555,976
Issues				Shares		Value
COMMON STOCK — 0.38%
Real Estate Investment Trust (REIT) — 0.38%
American Capital Agency Corp.
					460,166		8,453,249
Total Common Stock (Cost $9,750,173)
Issues	Maturity Date			Principal Amount/ Shares		Value
SHORT-TERM INVESTMENTS — 7.87%
Money Market Funds — 2.00%
Dreyfus Cash Advantage Fund
0.01%8					21,894,000		21,894,000
Morgan Stanley Institutional Fund
0.04%8					21,894,000		21,894,000
							43,788,000
U.S. Agency Discount Notes — 5.85%
Federal Home Loan Bank
0.04%9		08/19/15			45,000,000		44,998,155
0.05%9		08/11/15			20,000,000		19,998,360
0.06%9		08/04/15			43,000,000		42,998,796
0.06%9		08/17/15			20,000,000		19,999,220
							127,994,531
U.S. Treasury Bills — 0.02%
U.S. Treasury Bills
0.00%9		09/03/15	10		202,000		201,998
0.01%9		08/20/15	10		102,000		101,999
							303,997
Total Short-Term Investments (Cost $172,080,727)							172,086,528

	Value
Total Investments – 98.11% (Cost $2,142,092,989)1	$	2,146,095,753
Cash and Other Assets, Less
Liabilities – 1.89%		41,239,103
Net Assets – 100.00%	$	2,187,334,856

Contracts		Unrealized (Depreciation)
FUTURES CONTRACTS: SHORT POSITIONS
50	U.S. Treasury Ten Year Note,
	Expiration September 2015	$(35,257)
60	U.S. Treasury Ultra Bond,
	Expiration September 2015	(16,740)
	Net unrealized (depreciation)	$(51,997)

Notes:

¹  Cost for federal income tax purposes is $2,142,105,873 and net unrealized appreciation/(depreciation) consists of:

Gross unrealized appreciation	$	19,403,860
Gross unrealized (depreciation)		(15,413,980	)
Net unrealized appreciation	$	3,989,880

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

³  Floating rate security. The rate disclosed was in effect at June 30, 2015.

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

⁵  Payment-in-kind (“PIK”) security. Income may be paid in additional securities or cash at the discretion of the issuer. 8.14% cash or 8.64% payment-in-kind interest.

⁶  Illiquid security as determined under procedures approved by the Funds’ Board of Trustees. The aggregate value of illiquid securities is $9,089,396, which is 0.42% of total net assets.

⁷  Zero coupon bond. The rate shown is the effective yield as of June 30, 2015.

⁸  Represents the current yield as of June 30, 2015.

⁹  Represents annualized yield at date of purchase.

¹⁰  Securities, or a portion thereof, pledged as collateral for futures. The total market value of collateral pledged is $303,999.

^†  Fair valued security. The aggregate value of fair valued securities is $2,863,986, which is 0.13% 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 sooner than the stated maturity.

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

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 115

Unconstrained Bond Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

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

(PIK): Payment in kind

(PO): Principal only

(STEP): Step coupon bond

(WI): When issued

(YCD): Yankee Certificate of Deposit

See accompanying notes to Schedule of Portfolio Investments.

116 / N-Q Report June 2015

Floating Rate Income Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
BONDS – 92.00%
BANK LOANS — 81.06%*
Automotive — 2.74%
Allison Transmission, Inc., Term Loan B3, 1st Lien
3.50%		08/23/19	2	$	997,468	$	1,000,930
Fiat Chrysler Group LLC, Term Loan B, 1st Lien
3.50%		05/24/17	2		1,482,809		1,482,727
Goodyear Tire & Rubber Co., Term Loan, 2nd Lien
3.75%		04/30/19	2		416,667		418,317
Henniges Automotive Holdings, Inc., Term Loan B, 1st Lien
5.50%		06/12/21	2		990,000		991,856
MPG Holdco I, Inc.,
Guaranteed Senior Secured Term Loan, 1st Lien
3.75%		10/20/15	2		809,127		808,807
							4,702,637
Communications — 7.59%
Altice Financing SA,
Senior Secured Term Loan, 1st Lien
5.25%		01/30/22	2		1,000,000		1,007,085
Cincinnati Bell, Term Loan B, 1st Lien
4.00%		09/10/20	2		491,250		492,070
Consolidated Communications, Inc., Term Loan B, 1st Lien
4.25%		12/23/20	2		492,500		493,731
eResearchTechnology, Inc., Term Loan B, 1st Lien
5.50%		12/31/22	2		1,000,000		998,440
Integra Telecom, Term Loan B, 1st Lien
5.25%		08/08/20	2		997,500		992,388
Intelsat Jackson Holdings SA, Term Loan B1, 1st Lien (Luxembourg)
3.75%		06/30/19	2,3		481,872		478,911
Level 3 Financing, Inc., Term Loan, Tranche B 2020, 1st Lien
4.00%		01/15/20	2		1,000,000		1,001,565
Media General, Inc., Term Loan B, 1st Lien
4.00%		07/31/20	2		920,635		921,786
Mediarena Acquisition BV, Term Loan, 1st Lien
6.75%		08/13/21	2		1,095,986		1,085,717
Merrill Communications LLC,
Senior Secured Term Loan, 1st Lien
6.25%		05/29/22	2		500,000		499,687
Numericable U.S. LLC, Term Loan B1, 1st Lien
4.50%		04/23/20	2		533,473		535,474
Numericable U.S. LLC, Term Loan B2, 1st Lien
4.50%		04/23/20	2		461,527		463,258

Issues	Maturity Date			Principal Amount		Value
BANK LOANS (continued)
Communications (continued)
Sinclair Television Group, Inc., Term Loan B1, 1st Lien
3.50%		07/30/21	2	$	1,500,000	$	1,500,465
Tribune Media Co., Term Loan B, 1st Lien
3.75%		12/27/20	2		683,829		685,112
Univision Communications, Inc., 2013 Incremental Term Loan
4.00%		03/01/20	2		923,914		918,555
Univision Communications, Inc., Converted Extended Term Loan, 1st Lien
4.00%		03/01/20	2		269,964		268,228
WideOpenWest Finance LLC, Term Loan B, 1st Lien
4.50%		04/01/19	2		668,810		668,763
							13,011,235
Consumer Discretionary — 3.42%
Hanesbrands, Inc., Term Loan B, 1st Lien
3.25%		04/15/22	2		498,750		502,491
Hilton Worldwide Finance LLC, Term Loan B2
3.50%		09/23/20	2		779,167		780,386
La Quinta Intermediate Holdings LLC, Term Loan B, 1st Lien
4.00%		02/24/21	2		417,005		417,333
Laureate Education, Inc., Term Loan B, 1st Lien
5.00%		06/16/18	2		1,478,417		1,384,168
NCL Corp. Ltd., Term Loan B, 1st Lien (Bermuda)
4.00%		11/19/21	2,3		497,500		500,298
Reynolds Group Holdings, Inc., Incremental Term Loan
4.50%		12/01/18	2		768,548		772,152
Spectrum Brands Holdings, Inc., Term Loan, 1st Lien
3.75%		06/16/22	2		1,500,000		1,503,750
							5,860,578
Consumer Products — 0.58%
Anchor Hocking Co., Term Loan, 1st Lien
4.50%		06/24/22	2		1,000,000		1,002,190
Electric — 5.87%
Calpine Corp., Term Loan B5, 1st Lien
3.50%		05/22/22	2		750,000		744,750
Chief Power Finance LLC, Term Loan B, 1st Lien
5.75%		12/31/20	2		995,000		999,975
EFS Cogen Holdings I LLC, Term Loan B, 1st Lien
3.75%		12/17/20	2		779,845		782,769

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 117

Floating Rate Income Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
BANK LOANS (continued)
Electric (continued)
Essential Power LLC, Term Loan B
4.75%		08/08/19	2	$	870,856	$	875,937
ExGen Texas Power LLC, Term Loan B, 1st Lien
5.75%		09/18/21	2		1,488,333		1,469,737
GIM Channelview Cogeneration LLC, Term Loan B, 1st Lien
4.25%		05/02/20	2		1,249,592		1,251,154
Green Energy Partners/Stonewall LLC, Term Loan B1, 1st Lien
6.50%		11/13/21	2		500,000		507,395
Moxie Liberty LLC (Panda),
Term Loan B1, 1st Lien
7.50%		08/21/20	2		850,000		852,125
Panda Power Funds,
Term Loan B1,1st Lien
6.75%		12/19/20	2		1,000,000		1,002,500
Panda Temple Power II LLC, Term Loan
7.25%		04/03/19	2		125,000		118,750
Southeast Powergen LLC,
Term Loan B, 1st Lien
4.50%		12/02/21	2		497,500		500,923
Viva Alamo LLC, Term Loan B, 1st Lien
5.25%		02/20/21	2		971,516		959,372
							10,065,387
Energy — 4.49%
Alinta Energy Finance Pty Ltd., Term Loan B, 1st Lien
6.38%		08/13/19	2		1,406,692		1,418,121
Alinta Energy Finance Pty Ltd., Term Loan DD, 1st Lien
6.38%		08/13/18	2		93,073		93,830
Drillships Ocean Ventures, Inc., Term Loan B, 1st Lien
5.50%		07/25/21	2		496,250		424,294
EMG Utica LLC, Term Loan, 1st Lien
4.75%		03/27/20	2		1,029,251		1,007,379
EP Energy LLC, Term Loan B2, 1st Lien
4.50%		04/30/19	2		187,500		187,579
Harvey Gulf International Marine, Term Loan B, 1st Lien
5.50%		06/18/20	2		1,225,016		994,229
Pike Corp., Term Loan, 1st Lien
5.50%		12/22/21	2		482,621		485,034
Pike Corp., Term Loan, 2nd Lien
9.50%		06/22/22	2		500,000		496,668
Power Buyer LLC, Delayed Draw Term Loan, 1st Lien
4.25%		05/06/20	2		55,686		55,755
Power Buyer LLC, Term Loan B, 1st Lien
4.25%		05/06/20	2		1,037,592		1,038,889

Issues	Maturity Date			Principal Amount		Value
BANK LOANS (continued)
Energy (continued)
Seadrill Operating LP, Term Loan B, 1st Lien (Bermuda)
4.00%		02/21/21	2,3	$	492,500	$	374,147
TGGT Holdings LLC, Term Loan B
7.50%		11/15/18	2		362,682		361,775
Wheelabrator (Granite Acquisition, Inc.), Term Loan B, 1st Lien
5.00%		12/17/21	2		714,799		723,727
Wheelabrator (Granite Acquisition, Inc.), Term Loan C, 1st Lien
5.00%		12/17/21	2		31,609		32,004
							7,693,431
Entertainment — 0.58%
Six Flags Entertainment Corp., Term Loan B, 1st Lien
3.50%		06/17/22	2		1,000,000		1,002,030
Finance — 5.73%
American Beacon Advisors, Inc., Term Loan, 1st Lien
5.50%		03/06/22	2		1,000,000		1,011,250
Aruba Investments, Inc., Term Loan B, 1st Lien
4.50%		02/02/22	2		416,668		417,450
Black Knight, Term Loan B, 1st Lien
3.75%		05/07/22	2		1,000,000		1,002,500
CBAC Borrower LLC, Term Loan B, 1st Lien
8.25%		07/02/20	2		1,500,000		1,391,250
Fly Leasing, Term Loan, 1st Lien
3.50%		08/09/19	2		986,667		988,147
Freif NAP I Holdings III LLC, Term Loan B, 1st Lien
4.75%		03/27/22	2		1,271,186		1,285,487
Freif NAP I Holdings III LLC, Term Loan C, 1st Lien
4.75%		03/27/22	2		228,814		231,388
ILFC AIG, Term Loan B, 1st Lien
3.50%		02/27/21	2		1,000,000		999,750
Onex Wizard Acquisition Co. I SARL, Senior Secured Term Loan, 1st Lien
4.25%		03/13/22	2		1,496,250		1,497,559
RPI Finance Trust, Term Loan B4, 1st Lien
3.50%		12/18/20	2		996,247		998,737
							9,823,518
Food — 3.00%
Del Monte Foods, Inc., Term Loan, 1st Lien
4.25%		11/26/20	2		493,750		472,148
Diamond Foods, Inc., Term Loan, 1st Lien
4.25%		08/20/18	2		493,750		494,214

See accompanying notes to Schedule of Portfolio Investments.

118 / N-Q Report June 2015

Floating Rate Income Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
BANK LOANS (continued)
Food (continued)
Dole Food Co., Inc., Term Loan B, 1st Lien
4.50%		11/01/18	2	$	985,134	$	987,902
Hostess Brands, Inc., Term Loan, 1st Lien
6.75%		03/20/20	2		687,500		699,531
Pinnacle Foods LLC, Term Loan H, 1st Lien
3.00%		04/29/20	2		1,488,712		1,484,573
Post Holdings, Inc., Term Loan B, 1st Lien
3.75%		06/02/21	2		997,484		994,521
							5,132,889
Gaming — 3.97%
AMC Entertainment, Inc. Term Loan B, 1st Lien
3.50%		04/30/20	2		489,975		488,934
American Casino & Entertainment Properties LLC, Term Loan B, 1st Lien
4.50%		07/03/19	2		420,233		422,334
American Casino & Entertainment Properties LLC, Term Loan, 1st Lien
5.00%		06/18/22	2		1,000,000		1,004,380
Boyd Gaming Corp., Term Loan B, 1st Lien
4.00%		08/14/20	2		713,633		716,406
Golden Nugget, Inc., Delayed-Draw Term Loan B, 1st Lien
5.50%		11/21/19	2		508,818		514,224
Golden Nugget, Inc., Term Loan B, 1st Lien
5.50%		11/21/19	2		1,187,242		1,199,857
Las Vegas Sands LLC, Term Loan B, 1st Lien
3.25%		12/19/20	2		985,000		981,641
MotorCity Casino, Term Loan B, 1st Lien
4.50%		07/31/21	2		457,934		459,795
Penn National Gaming, Inc., Term Loan B, 1st Lien
3.25%		10/30/20	2		29,550		29,524
Tropicana Entertainment, Inc., Term Loan, 1st Lien
4.00%		11/27/20	2		982,500		979,636
							6,796,731
Health Care — 9.17%
Acadia Healthcare Co., Inc.,
Term Loan B, 1st Lien
4.25%		02/11/22	2		995,000		1,003,706
Accellent, Inc., Term Loan, 1st Lien
4.50%		03/12/21	2		493,750		491,694
Air Medical Group Holdings, Inc., Term Loan B, 1st Lien
4.50%		04/16/22	2		1,500,000		1,491,877
Amneal Pharmaceuticals LLC, Term Loan
4.50%		11/02/19	2		997,500		1,001,241

Issues	Maturity Date			Principal Amount		Value
BANK LOANS (continued)
Health Care (continued)
Carestream Health, Inc., Term Loan, 1st Lien
5.00%		06/07/19	2	$	305,366	$	305,534
CHS/Community Health Systems, Inc., Term Loan G, 1st Lien
3.75%		12/31/19	2		347,715		348,200
CHS/Community Health Systems, Inc., Term Loan H, 1st Lien
4.00%		01/27/21	2		639,785		641,676
Concentra, Term Loan, 1st Lien
4.00%		05/08/22	2		500,000		500,000
DaVita Healthcare Partners, Inc., Term Loan B, 1st Lien
3.50%		06/19/21	2		990,000		991,797
Endo International, Term Loan B1, 1st Lien
3.75%		06/24/22	2		1,000,000		1,003,520
Genoa Healthcare, Term Loan, 1st Lien
4.50%		04/22/22	2		1,500,000		1,501,875
Halyard Health, Inc., Term Loan B, 1st Lien
4.00%		10/31/21	2		434,647		438,722
Mallinckrodt International Finance, Term Loan B1, 1st Lien
3.50%		03/19/21	2		744,375		743,579
Millennium Laboratories, Inc., Term Loan B
5.25%		04/16/21	2		748,111		313,672
Pharmaceutical Product Development, Inc., 2013 Term Loan
4.00%		12/05/18	2		195,000		195,137
Physio-Control, Term Loan B, 1st Lien
5.50%		05/19/22	2		750,000		754,691
RegionalCare Hospital Partners, Inc., Senior Secured Term Loan, 1st Lien
5.25%		04/23/19	2		1,492,481		1,488,750
Sterigenics-Nordion Holdings LLC, Term Loan
4.25%		04/27/22	2		1,000,000		1,000,000
Surgery Center Holdings, Inc., Term Loan, 1st Lien
5.25%		11/03/20	2		497,500		498,433
Valeant Pharmaceuticals International, Inc., Term Loan B, 1st Lien (Canada)
4.00%		03/13/22	2,3		997,500		997,445
							15,711,549
Industrials — 14.67%
Ardagh Holdings USA, Inc.,
Term Loan B, 1st Lien
4.00%		12/17/19	2		493,750		493,594
B/E Aerospace, Inc., Term Loan B, 1st Lien
4.00%		12/16/21	2		995,000		1,001,995
Boyd LTI Flexible Products, Inc., Term Loan, 1st Lien
5.25%		04/17/22	2		1,500,000		1,506,248

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 119

Floating Rate Income Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
BANK LOANS (continued)
Industrials (continued)
BWAY Holding Co., Term Loan B, 1st Lien
5.50%		08/14/20	2	$	990,000	$	992,886
Consolidated Container Co. LLC, Term Loan B, 1st Lien
5.00%		07/03/19	2		489,924		481,351
Consolidated Container Co. LLC, Term Loan B, 2nd Lien
7.75%		01/03/20	2		1,000,000		952,500
Excelitas Technologies Corp., Term Loan B, 1st Lien
6.00%		10/30/20	2		486,040		487,760
Filtration Group, Inc., Term Loan B, 1st Lien
4.25%		11/21/20	2		493,750		494,755
Infiltrator Systems Integrated LLC, Term Loan, 1st Lien
5.25%		05/21/22	2		1,000,000		1,007,080
Intelligrated, Inc., Term Loan, 1st Lien
4.50%		07/30/18	2		1,476,083		1,477,315
Interline Brands, Inc., Term Loan, 1st Lien
4.00%		03/17/21	2		987,500		980,711
Jazz Acquisition, Inc., Term Loan, 1st Lien
4.50%		06/19/21	2		495,152		492,369
Jazz Acquisition, Inc., Term Loan, 2nd Lien
7.75%		06/19/22	2		1,500,000		1,458,750
Kloeckner Pentaplast of America, Term Loan, 1st Lien
5.00%		04/28/20	2		700,599		703,751
KP Germany Erste Gmbh, Term Loan, 1st Lien (Germany)
5.00%		04/22/20	2,3		299,401		300,749
Mauser Holding Gmbh, Term Loan, 1st Lien
4.50%		07/31/21	2		1,292,500		1,292,099
Multi Packaging Solutions, Inc.
4.25%		09/30/20	2		493,750		493,133
Multi Packaging Solutions, Inc., Term Loan, 1st Lien
4.25%		09/30/20	2		1,985,000		1,980,038
OSG Bulk Ships, Inc., Term Loan B-Exit, 1st Lien
5.25%		08/05/19	2		993,741		996,851
Patheon, Inc., Term Loan B, 1st Lien
4.25%		03/11/21	2		990,000		984,664
Penn Engineering & Manufacturing Corp., Term Loan, 1st Lien
4.00%		08/29/21	2		496,250		497,027
PGT, Inc., Term Loan B, 1st Lien
5.25%		09/22/21	2		992,500		1,002,425
Ply Gem Industries, Inc., Term Loan, 1st Lien
4.00%		01/30/21	2		493,750		491,281

Issues	Maturity Date			Principal Amount		Value
BANK LOANS (continued)
Industrials (continued)
Polarpack, Inc./WNA Holdings, Inc., Term Loan B, 1st Lien
4.50%		06/07/20	2	$	162,445	$	161,633
Polarpack, Inc./WNA Holdings, Inc., Term Loan, 1st Lien
4.50%		06/07/20	2		309,837		308,288
Polymer Group, Inc., Term Loan B, 1st Lien
5.25%		12/19/19	2		1,985,753		1,996,505
Synagro Infrastructure, Term Loan, 1st Lien
6.25%		08/22/20	2		673,372		646,437
Tank Holding Corp., Term Loan B, 1st Lien
5.25%		03/16/22	2		967,391		971,222
Zebra Technologies Corp., Term Loan B, 1st Lien
4.75%		10/27/21	2		481,818		487,843
							25,141,260
Information Technology — 3.50%
Activision Blizzard, Inc., Term Loan B, 1st Lien
3.25%		09/12/20	2		553,150		555,609
Dell, Inc., Term Loan B2, 1st Lien
4.00%		04/29/20	2		903,852		905,466
First Data Corp., 2021 Extended Term Loan
4.19%		03/24/21	2		230,043		230,882
First Data Corp., Term Loan B1, 1st Lien
3.69%		09/24/18	2		300,000		299,598
First Data Corp., Term Loan C1, 1st Lien
3.69%		03/24/18	2		500,000		498,973
FSL Corp., Term Loan B4, 1st Lien
4.25%		03/01/20	2		997,468		999,199
Mitel Networks, Term Loan B, 1st Lien
5.00%		04/13/22	2		1,000,000		1,007,815
SS&C Technologies, Inc., Term Loan B1, 1st Lien
4.00%		06/29/22	2		1,224,150		1,226,451
SS&C Technologies, Inc., Term Loan B2, 1st Lien
4.00%		06/29/22	2		275,850		276,369
							6,000,362
Insurance — 2.19%
Alliant Holdings I, Inc., Term Loan, 1st Lien
5.00%		12/20/19	2		995,374		999,107
AssuredPartners, Inc., Term Loan, 1st Lien
5.00%		04/01/21	2		496,252		497,495
Confie Seguros, Term Loan, 1st Lien
5.75%		12/10/18	2		1,250,000		1,253,125

See accompanying notes to Schedule of Portfolio Investments.

120 / N-Q Report June 2015

Floating Rate Income Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
BANK LOANS (continued)
Insurance (continued)
Hyperion Insurance Group Ltd., Term Loan B, 1st Lien
5.50%		03/26/22	2	$	997,500	$	1,003,111
							3,752,838
Materials — 4.04%
Chemours Co., Term Loan B, 1 Lien
3.75%		05/07/22	2		1,500,000		1,497,502
Chromaflo Technologies Corp., Term Loan B, 1st Lien
4.50%		12/02/19	2		984,609		980,508
Hoffmaster Group, Inc., Term Loan, 2nd Lien
10.00%		05/09/21	2		500,000		492,500
Ineos U.S. Finance LLC, Term Loan B, 1st Lien
4.25%		03/12/22	2		997,499		999,120
Macdermid, Inc., Term Loan B2, 1st Lien
4.75%		06/07/20	2		497,500		500,341
Novelis, Inc., Guaranteed Senior Secured Term Loan B, 1st Lien
4.00%		05/28/22	2		750,000		747,772
Orion Engineered Carbons, Term Loan B, 1st Lien
5.00%		07/25/21	2		496,250		497,803
Primesource Building Products, Term Loan B, 1st Lien
4.50%		05/01/22	2		250,000		248,437
Tata Chemicals North America, Inc., Term Loan B, 1st Lien
3.75%		08/09/20	2		951,498		952,692
							6,916,675
Real Estate Investment Trust (REIT) — 0.55%
Realogy Group LLC, Term Loan B, 1st Lien
3.75%		03/05/20	2		930,570		929,699
Realogy Group LLC, Extended Synthetic Commitment
0.04%		10/10/16	2		13,763		13,634
							943,333
Retail — 1.82%
Dollar Tree, Inc., Term Loan B, 1st Lien
3.50%		03/09/22	2		1,253,165		1,254,606
Hudson’s Bay Co., Term Loan B, 1st Lien
4.75%		10/07/20	2		409,500		411,087
PetSmart, Inc., Term Loan B, 1st Lien
4.25%		03/10/22	2		1,000,000		999,250
Serta Simmons Holdings LLC, Term Loan B, 1st Lien
4.25%		10/01/19	2		445,040		445,754
							3,110,697

Issues	Maturity Date			Principal Amount		Value
BANK LOANS (continued)
Services — 5.11%
Apollo Security Services LLC, Term Loan, 1st Lien
5.00%		06/19/21	2	$	1,500,000	$	1,503,750
Block and Co., Term Loan B, 1st Lien
4.00%		11/07/21	2		496,250		499,044
Bright Horizons Family Solutions, Inc., Term Loan B, 1st Lien
3.75%		01/30/20	2		489,950		489,568
ESH Hospitality, Inc., Term Loan B, 1st Lien
5.00%		06/24/19	2		977,234		996,778
HC, Inc., Guaranteed Senior Secured Term Loan B5, 1st Lien
2.94%		03/31/17	2		997,462		998,524
NEP/NCP Holdco, Term Loan B, 2nd Lien
4.25%		01/22/20	2		750,000		740,314
Pods LLC, Term Loan B, 1st Lien
5.25%		02/02/22	2		498,750		503,738
Protection One, Inc., Term Loan, 1st Lien
4.25%		03/21/19	2		784,853		786,571
Research Now Group, Inc., Term Loan B, 1st Lien
5.50%		03/18/21	2		750,000		751,875
Wash Multifamily Laundry Systems Corp., Term Loan B, 1st Lien
4.25%		05/05/22	2		1,276,455		1,270,073
4.25%		05/05/22	2		223,545		222,427
							8,762,662
Transportation — 2.04%
Air Canada, Term Loan B, 1st Lien (Canada)
5.50%		09/26/19	2,3		429,675		431,422
American Airlines, Inc., Term Loan B, 1st Lien
3.50%		06/27/20	2		982,500		975,750
Delta Air Lines, Inc., Term Loan B, 1st Lien
3.25%		04/20/17	2		194,924		194,883
Navios Maritime Partners LP, Term Loan B, 1st Lien (Greece)
5.25%		06/27/18	2,3		1,403,383		1,400,758
5.50%		06/12/20	2,3		500,000		497,812
							3,500,625
Total Bank Loans
(Cost $139,374,274)							138,930,627
CORPORATES — 9.82%*
Banking — 0.29%
Bank of America N.A. (BKNT)
0.59%		06/15/17	2		500,000		496,468

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 121

Floating Rate Income Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Communications — 2.95%
Cablevision Systems Corp.
8.00%		04/15/20		$	1,000,000	$	1,087,500
DISH DBS Corp.
4.25%		04/01/18			1,000,000		1,020,000
Sprint Nextel Corp.
9.00%		11/15/18	4		1,000,000		1,132,925
Verizon Communications, Inc.
2.04%		09/14/18	2		1,750,000		1,819,023
							5,059,448
Energy — 0.58%
Enbridge, Inc. (Canada)
0.93%		10/01/16	2,3		1,000,000		1,001,167
Finance — 2.73%
Chase Capital II, Series B
0.78%		02/01/27	2		500,000		428,759
Citigroup, Inc.
0.83%		08/25/36	2		1,800,000		1,385,841
General Electric Capital Corp. (MTN)
0.75%		08/15/36	2		850,000		773,141
Goldman Sachs Group, Inc. (MTN)
1.88%		11/29/23	2		1,000,000		1,017,132
JPMorgan Chase Capital XXI, Series U
1.23%		02/02/37	2		1,000,000		832,500
JPMorgan Chase Capital XXIII
1.27%		05/15/47	2		300,000		238,125
							4,675,498
Health Care — 1.01%
Actavis Funding SCS (Luxembourg)
1.37%		03/12/18	2,3		700,000		703,395
Hologic, Inc.
5.25%		07/15/22	4		500,000		511,875
LifePoint Hospitals, Inc.
5.50%		12/01/21			500,000		518,125
							1,733,395
Holding Companies — 0.55%
Entegra TC LLC/Entegra Issuance Corp., Series A (PIK)
10.00%		10/03/17	2,4,5		909,587		934,600
Industrials — 0.57%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (Ireland)
3.29%		12/15/19	2,3,4		1,000,000		976,250
Materials — 0.30%
Platform Specialty Products Corp.
6.50%		02/01/22	4		500,000		518,750

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Real Estate Investment Trust (REIT) — 0.30%
DuPont Fabros Technology LP (WI)
5.88%		09/15/21		$	500,000	$	508,750
Transportation — 0.54%
American Airlines Pass-Through Trust, Series 2013-2, Class B
5.60%		07/15/20	4		900,405		931,919
Total Corporates
(Cost $16,572,796)							16,836,245
U.S. AGENCY SECURITIES — 1.12%
U.S. Agency Securities — 1.12%
Federal Farm Credit Bank
0.21%		09/14/16	2		635,000		635,328
0.22%		04/26/17	2		680,000		680,626
0.24%		04/17/17	2		605,000		605,889
Total U.S. Agency Securities
(Cost $1,919,893)							1,921,843
Total Bonds – 92.00%
(Cost $157,866,963)							157,688,715

Issues	Maturity Date		Principal Amount/ Shares		Value
SHORT-TERM INVESTMENTS — 4.89%
Money Market Funds — 1.99%
Dreyfus Cash Advantage Fund
0.01%6				1,707,000		1,707,000
Morgan Stanley Institutional Fund
0.04%6				1,706,000		1,706,000
						3,413,000
U.S. Agency Discount Notes — 2.90%
Federal Home Loan Bank
0.03%7		08/12/15		1,155,000		1,154,960
0.06%7		08/26/15		3,805,000		3,804,821
						4,959,781
Total Short-Term Investments
(Cost $8,372,548)						8,372,781
Total Investments – 96.89%
(Cost $166,239,511)1						166,061,496
Cash and Other Assets, Less Liabilities – 3.11%						5,336,596
Net Assets – 100.00%					$	171,398,092

See accompanying notes to Schedule of Portfolio Investments.

122 / N-Q Report June 2015

Floating Rate Income Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Notes:

¹  Cost for federal income tax purposes is $166,239,848 and net unrealized appreciation/(depreciation) consists of:

Gross unrealized appreciation	$	1,176,690
Gross unrealized (depreciation)		(1,355,042	)
Net unrealized (depreciation)	$	(178,352	)

²  Floating rate security. The rate disclosed was in effect at June 30, 2015.

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

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.

⁵  Payment-in-kind (“PIK”) security. Income paid in additional securities.

⁶  Represents the current yield as of June 30, 2015.

⁷  Represents annualized yield at date of purchase.

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

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.

(MTN): Medium-term note

(PIK): Payment in kind

(WI): When issued

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 123

Strategic Income Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
BONDS – 90.67%
ASSET-BACKED SECURITIES — 18.36%**
Alm Loan Funding, Series 2012-7A, Class A1 (Cayman Islands)
1.70%		10/19/24	2,3,4	$	500,000	$	500,004
American Money Management Corp., Series 2014-14A, Class A1L (Cayman Islands)
1.73%		07/27/26	2,3,4		490,000		489,971
Amur Finance IA LLC/Jet Midwest, Series 2014-1, Class A
11.00%		12/17/17	4,†		593,608		569,863
ARES CLO Ltd., Series 2007-12A, Class A (Cayman Islands)
0.91%		11/25/20	2,3,4		283,172		280,227
ARES XXVI CLO Ltd., Series 2013-1A, Class A (Cayman Islands)
1.38%		04/15/25	2,3,4		500,000		494,609
Babson CLO Ltd., Series 2014-IA, Class A1 (Cayman Islands)
1.77%		07/12/25	2,3,4		500,000		500,073
Babson CLO Ltd., Series 2014-IIA, Class A (Cayman Islands)
1.66%		10/17/26	2,3,4		430,000		429,001
Bayview Commercial Asset Trust, Series 2004-3, Class A1
0.55%		01/25/35	3,4		345,169		321,035
Bayview Commercial Asset Trust, Series 2006-4A, Class A1
0.41%		12/25/36	3,4		1,079,680		957,343
Bayview Commercial Asset Trust, Series 2007-3, Class A1
0.42%		07/25/37	3,4		487,075		422,342
Betony CLO Ltd., Series 2015-1A, Class A (Cayman Islands)
1.82%		04/15/27	2,3,4		400,000		400,321
CIFC Funding Ltd., Series 2012-2A, Class A1R (Cayman Islands)
1.63%		12/05/24	2,3,4		600,000		600,011
CIT Education Loan Trust, Series 2007-1, Class A
0.36%		03/25/42	3,4		1,423,837		1,330,359
Crystal River, Series 2005-1A, Class A (Cayman Islands)
0.64%		03/02/46	2,3,4,5		470,845		47,085
Dryden 37 Senior Loan Fund, Series 2015-37A, Class A (Cayman Islands)
1.82%		04/15/27	2,3,4		420,000		420,333
Dryden Senior Loan Fund, Series 2014-33A, Class A (Cayman Islands)
1.76%		07/15/26	2,3,4		430,000		429,808
Education Loan Asset-Backed Trust, Series 2013-1A, Class A2
0.98%		04/26/32	3,4		645,000		644,821

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
EFS Volunteer LLC, Series 2010-1, Class A2
1.13%		10/25/35	3,4	$	800,000	$	795,315
GE Business Loan Trust, Series 2004-2A, Class A
0.41%		12/15/32	3,4		175,314		169,329
GE Business Loan Trust, Series 2005-1A, Class A3
0.44%		06/15/33	3,4		618,450		600,119
GE Business Loan Trust, Series 2005-2A, Class A
0.43%		11/15/33	3,4		643,486		623,989
Global SC Finance SRL, Series 2014-1A, Class A2 (Barbados)
3.09%		07/17/24	2,4		517,750		516,966
GoldenTree Loan Opportunities VIII Ltd., Series 2014-8A, Class A (Cayman Islands)
1.73%		04/19/26	2,3,4		600,000		600,105
Higher Education Funding, Series 2014-1, Class A
1.33%		05/25/34	3,4		468,616		469,782
ING Investment Management Ltd., Series 2012-4A, Class A1 (Cayman Islands)
1.67%		10/15/23	2,3,4		500,000		499,463
Leaf II Receivables Funding LLC, Series 2013-1, Class E2
6.00%		09/15/21	4		520,000		498,280
Limerock CLO, Series 2014-2A, Class A (Cayman Islands)
1.78%		04/18/26	2,3,4		580,000		580,329
Magnetite XII CLO Ltd., Series 2015-12A, Class A (Cayman Islands)
1.82%		04/15/27	2,3,4		420,000		420,350
National Collegiate Student Loan Trust, Series 2006-1, Class A3
0.37%		05/25/26	3		128,999		128,588
National Collegiate Student Loan Trust, Series 2007-2, Class A2
0.31%		06/26/28	3		435,329		421,264
Nelnet Student Loan Trust, Series 2014-4A, Class A2
1.13%		11/25/43	3,4		500,000		491,950
Neuberger Berman CLO Ltd., Series 2014-16A, Class A1 (Cayman Islands)
1.75%		04/15/26	2,3,4		580,000		580,097
Nomad CLO Ltd., Series 2013-1A, Class A1 (Cayman Islands)
1.48%		01/15/25	2,3,4		580,000		576,740
Oak Hill Credit Partners, Series 2012-7A, Class A (Cayman Islands)
1.70%		11/20/23	2,3,4		500,000		500,006
Panthera Aviation, Series 2013-1
10.00%		01/25/22	3,4,†		500,000		490,000
Peach Finance Co., Series 2000, Class A
4.71%		04/15/48	4		256,791		264,148

See accompanying notes to Schedule of Portfolio Investments.

124 / N-Q Report June 2015

Strategic Income Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
Scholar Funding Trust, Series 2012-B, Class A2
1.29%		03/28/46	3,4	$	1,000,000	$	1,005,043
SLC Student Loan Trust, Series 2004-1, Class B
0.56%		08/15/31	3		302,815		279,156
SLC Student Loan Trust, Series 2005-2, Class B
0.55%		03/15/40	3		439,316		401,538
SLC Student Loan Trust, Series 2005-3, Class B
0.52%		06/15/40	3		236,785		212,320
SLC Student Loan Trust, Series 2006-2, Class B
0.50%		12/15/39	3		543,349		485,476
SLM Student Loan Trust, Series 2004-2, Class B
0.75%		07/25/39	3		547,436		501,689
SLM Student Loan Trust, Series 2005-4, Class B
0.46%		07/25/40	3		329,133		297,144
SLM Student Loan Trust, Series 2005-9, Class B
0.58%		01/25/41	3		396,504		353,166
SLM Student Loan Trust, Series 2006-2, Class A6
0.45%		01/25/41	3		1,200,000		1,098,259
SLM Student Loan Trust, Series 2007-6, Class B
1.13%		04/27/43	3		304,866		277,021
SLM Student Loan Trust, Series 2007-7, Class B
1.03%		10/25/28	3		215,000		193,681
SLM Student Loan Trust, Series 2007-8, Class B
1.28%		04/27/43	3		349,983		329,019
SLM Student Loan Trust, Series 2008-2, Class B
1.48%		01/25/29	3		340,000		318,762
SLM Student Loan Trust, Series 2008-3, Class B
1.48%		04/25/29	3		340,000		317,517
SLM Student Loan Trust, Series 2008-4, Class A4
1.93%		07/25/22	3		1,500,000		1,561,321
SLM Student Loan Trust, Series 2008-4, Class B
2.13%		04/25/29	3		340,000		331,823
SLM Student Loan Trust, Series 2008-5, Class B
2.13%		07/25/29	3		235,000		235,151
SLM Student Loan Trust, Series 2008-6, Class B
2.13%		07/25/29	3		340,000		340,184

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
SLM Student Loan Trust, Series 2008-7, Class B
2.13%		07/25/29	3	$	340,000	$	342,357
SLM Student Loan Trust, Series 2008-8, Class B
2.53%		10/25/29	3		340,000		350,533
Structured Receivables Finance LLC, Series 2010-A, Class B
7.61%		01/16/46	4,†		432,031		523,700
Structured Receivables Finance LLC, Series 2010-B, Class B
7.97%		08/15/36	4		432,860		530,763
Symphony CLO XIV Ltd., Series 2014-14A, Class A2 (Cayman Islands)
1.75%		07/14/26	2,3,4		350,000		350,182
TAL Advantage LLC, Series 2006-1, Class NOTE
0.37%		04/20/21	3,4		50,000		49,767
Voya CLO Ltd., Series 2015-1A, Class A1 (Cayman Islands)
1.76%		04/18/27	2,3,4		330,000		330,111
Total Asset-Backed Securities
(Cost $28,934,014)							29,079,709
BANK LOANS — 0.60%*
Electric — 0.00%
Boston Generating LLC, Term Loan, 1st Lien6
0.00%		06/30/15	3,5,7,8,†		107,166		–
Health Care — 0.38%
Valeant Pharmaceuticals International, Inc., Term Loan B, 1st Lien (Canada)
3.50%		05/30/20	3		597,147		595,586
Services — 0.22%
AABS Ltd., Term Loan, Series 2013-1, Class A (STEP) (Bermuda)
4.72%		01/15/38	2,3		339,583		351,469
Total Bank Loans
(Cost $1,040,448)							947,055
CORPORATES — 11.72%*
Banking — 1.03%
Bank of America Corp. (MTN)
5.00%		05/13/21			1,090,000		1,198,094
First Chicago NBD Institutional Capital I
0.83%		02/01/27	3		500,000		437,177
							1,635,271
Communications — 0.30%
Verizon Communications, Inc.
4.86%		08/21/46			500,000		470,471

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 125

Strategic Income Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Electric — 0.18%
Mirant Americas Generation LLC
8.50%		10/01/21		$	300,000	$	286,500
Energy — 0.76%
Energy Transfer Partners LP
3.30%		11/01/66	3		1,400,000		1,204,000
Finance — 5.55%
Chase Capital II, Series B
0.78%		02/01/27	3		1,500,000		1,286,277
Chase Capital VI
0.90%		08/01/28	3		500,000		432,500
Citigroup, Inc.
0.83%		08/25/36	3		3,350,000		2,579,205
General Electric Capital Corp. (MTN)
0.66%		05/05/26	3		819,000		779,083
0.75%		08/15/36	3		2,500,000		2,273,945
General Motors Financial Co., Inc., Series 3YR
3.00%		09/25/17			1,000,000		1,020,000
JPMorgan Chase Capital XIII, Series M
1.23%		09/30/34	3		300,000		254,625
JPMorgan Chase Capital XXIII
1.27%		05/15/47	3		200,000		158,750
							8,784,385
Health Care — 0.11%
VRX Escrow Corp. (Canada)
5.38%		03/15/20	2,4		165,000		170,775
Insurance — 0.60%
Farmers Exchange Capital II
6.15%		11/01/53	3,4		900,000		954,000
Retail — 0.47%
Walgreens Boots Alliance, Inc.
0.73%		05/18/16	3		750,000		750,048
Transportation — 2.72%
American Airlines Pass-Through Trust, Series 2013-2, Class A
4.95%		01/15/23			457,920		486,540
AWAS Aviation Capital Ltd. (Ireland)
7.00%		10/15/16	2,4		369,200		375,199
Continental Airlines Pass-Through Trust, Series 2007, Class 1B
6.90%		04/19/22			2,361,712		2,509,319
Delta Air Lines Pass-Through Trust, Series 2002, Class G1
6.72%		01/02/23			574,101		658,781

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Transportation (continued)
JetBlue Airways Pass-Through Trust, Series 2004-2, Class G1
0.65%		08/15/16	3	$	287,161	$	284,290
							4,314,129
Total Corporates
(Cost $16,978,359)							18,569,579
MORTGAGE-BACKED — 59.28%**
Commercial Mortgage-Backed — 5.89%
Banc of America Commercial Mortgage Trust,
Series 2006-5, Class A4
5.41%		09/10/47			825,000		848,637
Citigroup Commercial Mortgage Trust, Series 2012-GC8, Class XA (IO)
2.19%		09/10/45	3,4		6,080,300		561,537
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2006-CB17, Class A4
5.43%		12/12/43			786,142		818,028
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2010-CNTR, Class A1
3.30%		08/05/32	4		212,105		221,127
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2010-CNTR, Class A2
4.31%		08/05/32	4		455,000		496,448
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2011-C3, Class A2
3.67%		02/15/46	4		391,838		399,743
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2012-C6, Class A4
2.86%		11/15/45			1,040,000		1,038,614
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C7, Class A1
0.74%		02/15/46			576,360		575,652
Morgan Stanley Capital I Trust, Series 2007-IQ14, Class A2FX
5.61%		04/15/49			802,363		808,849
Wachovia Bank Commercial Mortgage Trust, Series 2007-C32, Class A2
5.90%		06/15/49	3		406,467		407,744
WF-RBS Commercial Mortgage Trust, Series 2010-C8, Class A3
3.00%		08/15/45			1,055,000		1,071,114
WF-RBS Commercial Mortgage Trust, Series 2011-C2, Class A2
3.79%		02/15/44	4		844,428		849,406
WF-RBS Commercial Mortgage Trust, Series 2011-C5, Class A4
3.67%		11/15/44			810,000		856,028

See accompanying notes to Schedule of Portfolio Investments.

126 / N-Q Report June 2015

Strategic Income Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Commercial Mortgage-Backed (continued)
WF-RBS Commercial Mortgage Trust, Series 2011-C5, Class XA (IO)
2.13%		11/15/44	3,4,5	$	4,695,523	$	380,413
							9,333,340
Non-Agency Mortgage-Backed — 44.68%
ACE Securities Corp., Series 2003-MH1, Class B1
6.49%		08/15/30	3,4		38,291		39,133
ACE Securities Corp., Series 2006-HE3, Class A2C
0.33%		06/25/36	3		1,917,731		1,372,630
Adjustable Rate Mortgage Trust, Series 2005-11, Class 2A41
2.58%		02/25/36	3		217,978		215,116
Adjustable Rate Mortgage Trust, Series 2005-5, Class 6A21
0.41%		09/25/35	3		587,007		567,384
Ameriquest Mortgage Securities, Inc., Series 2005-R2, Class M2
0.66%		04/25/35	3		1,132,218		1,124,627
Banc of America Alternative Loan Trust, Series 2003-3, Class A4
5.75%		05/25/33			1,607,643		1,652,728
Banc of America Alternative Loan Trust, Series 2005-2, Class 4A1
5.50%		03/25/20			309,362		310,923
Banc of America Funding Corp., Series 2006-3, Class 5A3
5.50%		03/25/36			884,023		835,472
Banco de Credito Y Securitizacion SA, Series 2001-1, Class AF (Argentina)6
8.00%		06/30/20	2,4,5,8		5,000		400
BCAP LLC Trust, Series 2011-RR3, Class 1A5
2.71%		05/27/37	3,4		1,123,648		1,119,392
BCAP LLC Trust, Series 2007-AA1, Class 1A2
0.34%		02/25/47	3		587,462		546,537
BCAP LLC Trust, Series 2009-RR4, Class 1A1
9.50%		06/26/37	4		529,740		587,898
BCAP LLC Trust, Series 2010-RR11, Class 3A2
2.71%		06/27/36	3,4		647,836		649,584
BCAP LLC Trust, Series 2011-RR3, Class 5A3
2.50%		11/27/37	3,4		1,909,062		1,858,415
BCAP LLC Trust, Series 2011-RR4, Class 1A3
2.90%		03/26/36	3,4		924,262		906,520

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Bear Stearns ALT-A Trust, Series 2005-1, Class A1
0.74%		01/25/35	3	$	727,599	$	701,710
Bear Stearns ARM Trust, Series 2005-2, Class A1
2.68%		03/25/35	3		334,719		338,448
BHN I Mortgage Fund, Series 2000-1, Class AF (Argentina)6
8.00%		01/31/20	2,4,5,8,†		110		–
Centex Home Equity Loan Trust, Series 2006-A, Class AV4
0.43%		06/25/36	3		2,150,000		1,963,895
Chase Mortgage Finance Corp., Series 2007-A1, Class 8A1
2.50%		02/25/37	3		293,035		296,333
Citigroup Mortgage Loan Trust, Inc., Series 2005-OPT3, Class M2
0.63%		05/25/35	3		1,100,000		1,076,270
Citigroup Mortgage Loan Trust, Inc., Series 2006-WFH4, Class A3
0.33%		11/25/36	3		447,771		446,698
Citigroup Mortgage Loan Trust, Inc., Series 2007-WFH2, Class A3
0.36%		03/25/37	3		1,835,484		1,812,536
Conseco Finance Securitizations Corp., Series 2001-4, Class A4
7.36%		09/01/33			493,634		543,577
Conseco Finance, Series 2002-C, Class BF1
8.00%		06/15/32	3		1,776,435		1,909,153
Conseco Finance, Series 2002-C, Class BF2
8.00%		06/15/32	3,4		846,467		922,954
Conseco Financial Corp., Series 1996-7, Class M1
7.70%		10/15/27	3		708,382		786,010
Conseco Financial Corp., Series 1997-3, Class A7
7.64%		03/15/28	3		222,653		236,080
Conseco Financial Corp., Series 1998-3, Class A6
6.76%		03/01/30	3		565,498		597,989
Conseco Financial Corp., Series 1998-4, Class A6
6.53%		04/01/30	3		683,862		743,721
Conseco Financial Corp., Series 1998-4, Class A7
6.87%		04/01/30	3		338,627		371,369
Conseco Financial Corp., Series 1999-5, Class A5
7.86%		03/01/30	3		102,975		91,892

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 127

Strategic Income Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Credit Suisse Mortgage Trust, Series 2014-4R, Class 16A1
0.37%		02/27/36	3,4	$	819,652	$	806,122
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB2, Class A2B (STEP)
4.54%		02/25/37			1,551,290		1,161,670
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB2, Class A2C (STEP)
4.54%		02/25/37			512,248		383,552
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB3, Class A3 (STEP)
4.00%		03/25/37			1,308,870		806,460
First Franklin Mortgage Loan Asset-Backed Certificates, Series 2006-FF18, Class A2B
0.29%		12/25/37	3		1,064,313		718,586
First Franklin Mortgage Loan Asset-Backed Certificates, Series 2007-FF1, Class A2D
0.40%		01/25/38	3		3,083,331		2,045,374
First Franklin Mortgage Loan Asset-Backed Certificates, Series 2007-FF2, Class A2B
0.28%		03/25/37	3		1,095,530		707,091
GMAC Mortgage Corp. Loan Trust, Series 2006-AR1, Class 1A1
2.99%		04/19/36	3		833,715		751,352
Green Tree Home Improvement Loan Trust, Series 1995-D, Class B2
7.45%		09/15/25			7,332		7,338
Green Tree Home Improvement Loan Trust, Series 1995-F, Class B2
7.10%		01/15/21			1,083		1,085
Green Tree, Series 2008-MH1, Class A2
8.97%		04/25/38	3,4		362,609		380,504
Green Tree, Series 2008-MH1, Class A3
8.97%		04/25/38	3,4		533,303		558,820
GreenPoint Mortgage Funding Trust, Series 2006-AR8, Class 1A2A
0.36%		01/25/47	3		741,867		715,283
GSAMP Trust, Series 2005-HE5, Class M1
0.60%		11/25/35	3		1,285,000		1,239,905
GSR Mortgage Loan Trust, Series 2005-AR6, Class 2A1
2.68%		09/25/35	3		361,146		362,819
GSR Mortgage Loan Trust, Series 2007-AR2, Class 5A1A
5.12%		05/25/47	3		1,187,910		1,062,089
Harborview Mortgage Loan Trust, Series 2006-8, Class 2A1A
0.38%		07/21/36	3		433,929		360,531

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Home Equity Loan Trust, Series 2007-3, Class A4
1.68%		11/20/36	3	$	1,040,000	$	1,037,181
Home Equity Loan Trust, Series 2007-3, Class APT
1.38%		11/20/36	3		547,303		545,838
HSI Asset Loan Obligation Trust, Series 2007-2, Class 2A12
6.00%		09/25/37			759,802		715,354
Impac CMB Trust, Series 2004-4, Class 1A2
0.80%		09/25/34	3		819,605		725,649
IndyMac Index Mortgage Loan Trust, Series 2005-AR25, Class 2A1
4.42%		12/25/35	3		863,686		774,433
IndyMac Index Mortgage Loan Trust, Series 2007-FLX2, Class A1C
0.37%		04/25/37	3		2,642,440		1,940,682
IndyMac Manufactured Housing Contract, Series 1997-1, Class A3
6.61%		02/25/28			373,025		381,647
IndyMac Manufactured Housing Contract, Series 1997-1, Class A4
6.75%		02/25/28			157,031		162,589
IndyMac Manufactured Housing Contract, Series 1998-1, Class A4
6.49%		09/25/28			142,173		147,933
IndyMac Manufactured Housing Contract, Series 1998-1, Class A5
6.96%		09/25/28	3		342,686		360,414
IndyMac Manufactured Housing Contract, Series 1998-2, Class A2
6.17%		08/25/29			36,726		36,755
IndyMac Manufactured Housing Contract, Series 1998-2, Class A4
6.64%		08/25/29	3		363,603		373,196
JPMorgan Mortgage Acquisition Corp., Series 2007-HE1, Class AF6 (STEP)
4.41%		03/25/47			1,196,412		920,500
JPMorgan Mortgage Trust, Series 2006-S2, Class 2A2
5.88%		06/25/21			760,879		762,322
JPMorgan Mortgage Trust, Series 2007-S1, Class 1A2
5.50%		03/25/22			479,479		478,849
Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class A6
6.47%		04/15/40	3		475,568		510,940
Lehman XS Trust, Series 2006-13, Class 1A2
0.35%		09/25/36	3		966,550		869,514

See accompanying notes to Schedule of Portfolio Investments.

128 / N-Q Report June 2015

Strategic Income Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Lehman XS Trust, Series 2006-19, Class A2
0.35%		12/25/36	3	$	960,812	$	803,245
Lehman XS Trust, Series 2006-9, Class A1B
0.34%		05/25/46	3		945,136		807,294
MASTR Asset-Backed Securities Trust, Series 2007-HE1, Class A4
0.46%		05/25/37	3		1,810,500		1,318,340
Merrill Lynch Alternative Note Asset, Series 2007-A3, Class A2D
0.51%		04/25/37	3		1,696,107		286,073
Merrill Lynch Mortgage Investors, Inc., Series 2004-HE2, Class A2C
1.34%		08/25/35	3		709,726		764,027
Mid-State Trust, Series 2004-1, Class B
8.90%		08/15/37			971,046		1,161,640
Mid-State Trust, Series 2004-1, Class M1
6.50%		08/15/37			671,582		731,279
Mid-State Trust, Series 2005-1, Class A
5.75%		01/15/40			265,129		287,351
Mid-State Trust, Series 2006, Class A3
7.54%		07/01/35			368,808		395,525
Mid-State Trust, Series 2006, Class A4
7.79%		07/01/35			30,051		32,256
Mid-State Trust, Series 2011, Class B
8.22%		07/15/38			13,601		15,213
Morgan Stanley Mortgage Loan Trust, Series 2004-7AR, Class 2A4
2.03%		09/25/34	3		801,795		778,547
Morgan Stanley Mortgage Loan Trust, Series 2006-7, Class 5A2
5.96%		06/25/36	3		2,992,239		1,685,178
Oakwood Mortgage Investors, Inc., Series 1998-A, Class M
6.83%		05/15/28	3		615,807		660,938
Oakwood Mortgage Investors, Inc., Series 1998-D, Class A
6.40%		01/15/29			286,352		290,617
Oakwood Mortgage Investors, Inc., Series 1999-A, Class A2
5.89%		04/15/29			62,635		63,072
Oakwood Mortgage Investors, Inc., Series 1999-B, Class A4
6.99%		12/15/26			727,633		775,689
Oakwood Mortgage Investors, Inc., Series 2001-D, Class A3
5.90%		09/15/22	3		1,218,180		1,036,879
Oakwood Mortgage Investors, Inc., Series 2002-A, Class A3
6.03%		05/15/24	3		675,772		715,046

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Origen Manufactured Housing, Series 2005-A, Class M1
5.46%		06/15/36	3	$	615,006	$	643,261
Park Place Securities, Inc., Series 2004-WWF1, Class M2
1.20%		12/25/34	3		185,491		185,195
Park Place Securities, Inc., Series 2005-WCH1, Class M2
0.96%		01/25/36	3		419,195		417,752
Residential Accredit Loans, Inc., Series 2005-QA3, Class NB1
3.02%		03/25/35	3		1,100,385		791,489
Residential Asset Securities Corp., Series 2005-KS12, Class A3
0.50%		01/25/36	3		827,004		817,713
SG Mortgage Securities Trust, Series 2007-NC1, Class A2
0.42%		12/25/36	3,4		2,068,510		1,249,115
Specialty Underwriting & Residential Finance, Series 2006-AB3, Class A2B
0.33%		09/25/37	3		753,098		446,615
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-12, Class 2A
2.44%		09/25/34	3		958,792		954,980
Structured Asset Investment Loan Trust, Series 2005-4, Class M2
0.84%		05/25/35	3		1,062,628		1,059,299
Terwin Mortgage Trust, Series 2004-7HE, Class A1
0.73%		07/25/34	3,4		99,954		95,677
UCFC Home Equity Loan, Series 1998-D, Class BF1
8.97%		04/15/30	3,5		585		76
UCFC Manufactured Housing Contract, Series 1997-4, Class A4
7.00%		04/15/29	3		140,785		139,936
Vanderbilt Acquisition Loan Trust, Series 2002-1, Class A4
6.57%		05/07/27	3		302,654		313,510
Vanderbilt Mortgage Finance, Series 2002-C, Class A5
7.60%		12/07/32			1,100,000		1,153,202
WaMu Alternative Mortgage Pass-Through Certificates, Series 2007-OA2, Class 2A
0.85%		01/25/47	3		1,605,615		1,166,263
WaMu Mortgage Pass-Through Certificates, Series 2005-AR8, Class 2A1A
0.47%		07/25/45	3		170,055		158,921
Wells Fargo Home Equity Trust, Series 2007-1, Class A3
0.50%		03/25/37	3		1,500,000		1,124,700
							70,763,684

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 129

Strategic Income Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed — 8.71%
Fannie Mae Pool 467225
3.63%		01/01/18		$	910,000	$	959,741
Fannie Mae Pool AD0660
4.51%		12/01/19			894,605		986,690
Fannie Mae Pool FN0003
4.30%		01/01/21			425,971		469,396
Fannie Mae REMICS, Series 1993-80, Class S
10.65%		05/25/23	3		4,854		5,604
Fannie Mae REMICS, Series 2001-42, Class SB
8.50%		09/25/31	3		1,003		1,272
Fannie Mae REMICS, Series 2003-64, Class KS
9.41%		07/25/18	3		174,395		186,810
Fannie Mae REMICS, Series 2010-43, Class KS (IO)
6.24%		05/25/40	3		2,347,041		418,544
Fannie Mae, Series 2000-45, Class SA (IO)
7.77%		12/18/30	3		773,684		121,706
Fannie Mae, Series 2003-124, Class TS
9.80%		01/25/34	3		12,088		15,669
Fannie Mae, Series 2005-92, Class US (IO)
5.92%		10/25/25	3		2,862,559		370,960
Fannie Mae, Series 2006-125, Class SM (IO)
7.02%		01/25/37	3		2,427,221		466,517
Fannie Mae, Series 2008-50, Class SA (IO)
5.87%		11/25/36	3		2,804,572		488,514
Fannie Mae, Series 2013-M12, Class X1 (IO)
0.17%		10/25/17			291,866,929		292,888
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KSCT, Class A1
3.19%		12/25/19			523,353		545,768
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KSCT, Class AX
1.28%		01/25/20			3,852,262		164,334
Freddie Mac REMICS, Series 1602, Class SN
10.09%		10/15/23	3		14,590		20,755
Freddie Mac REMICS, Series 1673, Class SD
14.56%		02/15/24	3		232,663		290,447
Freddie Mac REMICS, Series 1760, Class ZD
1.40%		02/15/24	3		500,052		506,215
Freddie Mac REMICS, Series 2642, Class BW (IO)
5.00%		06/15/23			13,553		1,040

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Freddie Mac REMICS, Series 2990, Class ND
16.42%		12/15/34	3	$	225,635	$	268,937
Freddie Mac REMICS, Series 3242, Class SA (IO)
6.16%		11/15/36	3		8,475,952		1,294,749
Freddie Mac REMICS, Series 3247, Class SI (IO)
0.15%		08/15/36	3		31,451,269		176,177
Freddie Mac REMICS, Series 3260, Class AS (IO)
6.19%		01/15/37	3		6,352,376		824,500
Freddie Mac REMICS, Series 3289, Class SD (IO)
5.93%		03/15/37	3		1,633,067		229,144
Freddie Mac, Series K702, Class X1 (IO)
1.62%		02/25/18			11,159,637		380,911
Freddie Mac, Series KGRP, Class A
0.56%		04/25/20			837,581		842,295
Freddie Mac, Series KP01, Class X (IO)
3.27%		01/25/19			6,157,278		526,130
Ginnie Mae II Pool (TBA)
3.00%		07/20/43			1,665,000		1,681,260
3.50%		07/01/32			705,000		731,768
Ginnie Mae, Series 2001-31, Class SJ
27.36%		02/20/31	3		32,250		53,316
Ginnie Mae, Series 2004-8, Class SE
13.93%		11/26/23	3		130,419		156,223
Ginnie Mae, Series 2009-114, Class IO (IO)
0.18%		10/16/49	5		16,229,262		315,748
							13,794,028
Total Mortgage-Backed
(Cost $88,137,983)							93,891,052
U.S. AGENCY SECURITIES — 0.71%
U.S. Agency Securities — 0.71%
Federal Farm Credit Bank
0.22%		04/26/17	3		1,120,000		1,121,030
Total U.S. Agency Securities
(Cost $1,119,949)
Total Bonds – 90.67%
(Cost $136,210,753)							143,608,425

See accompanying notes to Schedule of Portfolio Investments.

130 / N-Q Report June 2015

Strategic Income Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Shares		Value
COMMON STOCK — 0.72%
Energy — 0.27%
MACH Gen LLC, Common
Units4,5		11,293		430,546
Real Estate Investment Trust (REIT) — 0.45%
American Capital Agency Corp.		38,899	$	714,575
Total Common Stock
(Cost $2,026,171)				1,145,121

Issues	Maturity Date			Principal Amount/ Shares		Value
SHORT-TERM INVESTMENTS — 7.51%
Money Market Funds — 2.03%
Dreyfus Cash Advantage Fund
0.01%9					1,606,000	1,606,000
Morgan Stanley Institutional Fund
0.04%9					1,606,000	1,606,000
						3,212,000
U.S. Agency Discount Notes — 5.47%
Federal Home Loan Bank
0.03%10		07/29/15			$3,000,000	2,999,976
0.03%10		08/12/15			2,660,000	2,659,907
0.04%10		08/19/15			3,000,000	2,999,877
						8,659,760
U.S. Treasury Bills — 0.01%
U.S. Treasury Bills
0.00%10		07/23/15	11		16,000	16,000
Total Short-Term Investments
(Cost $11,887,272)						11,887,760
Total Investments – 98.90%

(Cost $150,124,196)1	156,641,306
Cash and Other Assets, Less
Liabilities – 1.10%	1,739,366
Net Assets – 100.00%	$158,380,672

Contracts		Unrealized  Appreciation/  (Depreciation)
FUTURES CONTRACTS: SHORT POSITIONS
3	U.S. Treasury Five Year Note Expiration September 2015	$    (69)
6	U.S. Treasury Ten Year Note Expiration September 2015	2,465
	Net unrealized appreciation	$2,396

Notes:

¹  Cost for federal income tax purposes is $150,128,765 and net unrealized appreciation/(depreciation) consists of:

Gross unrealized appreciation	$	10,211,018
Gross unrealized (depreciation)		(3,698,477	)
Net unrealized appreciation	$	6,512,541

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

³  Floating rate security. The rate disclosed was in effect at June 30, 2015.

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.

⁵  Illiquid security as determined under procedures approved by the Funds’ Board of Trustees. The aggregate value of illiquid securities is $1,174,268, which is 0.74% of total net assets.

⁶  Non-income producing security.

⁷  Worthless due to company bankruptcy filing.

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

⁹  Represents the current yield as of June 30, 2015.

¹⁰ Represents annualized yield at date of purchase.

¹¹ Securities, or a portion thereof, pledged as collateral for futures. The total market value of collateral pledged is $16,000.

^† Fair valued security. The aggregate value of fair valued securities is $1,583,563, which is 1.00% 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 sooner than the stated maturity.

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

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

(IO): Interest only

(MTN): Medium-term note

(STEP): Step coupon bond

(TBA): To be announced

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 131

AlphaTrak 500 Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
BONDS – 37.81%
ASSET-BACKED SECURITIES — 11.98%**
Access Group, Inc., Series 2005-2, Class A3
0.46%		11/22/24	2	$	26,610	$	26,477
Ally Auto Receivables Trust, Series 2012-5, Class A3
0.62%		03/15/17			4,621		4,622
Bank of America Credit Card Trust, Series 2007-A1, Class A1
5.17%		06/15/19			20,000		21,253
Bayview Commercial Asset Trust, Series 2004-3, Class A1
0.55%		01/25/35	2,3		30,015		27,916
Brazos Higher Education Authority, Inc., Series 2005-2, Class A10
0.39%		12/26/19	2		11,022		10,998
Brazos Higher Education Authority, Inc., Series 2010-1, Class A2
1.48%		02/25/35	2		15,000		15,303
Brazos Higher Education Authority, Inc., Series 2011-2, Class A3
1.28%		10/27/36	2		15,000		15,138
College Loan Corp. Trust, Series 2007-1, Class A3
0.38%		04/25/29	2		20,000		19,688
Collegiate Funding Services Education Loan Trust, Series 2004-A, Class A3
0.48%		09/28/26	2		7,744		7,733
Educational Funding of the South, Inc., Series 2011-1, Class A2
0.93%		04/25/35	2		9,087		9,082
Educational Funding of the South, Inc., Series 2012-1, Class A
1.23%		03/25/36	2		11,649		11,762
GCO Education Loan Funding Trust, Series 2007-1A, Class A5L
0.35%		05/25/23	2,3		12,375		12,305
Goal Capital Funding Trust, Series 2006-1, Class A3
0.40%		11/25/26	2		9,974		9,909
Navient Student Loan Trust, Series 2014-8, Class A2
0.62%		04/25/23	2		30,000		29,933
Nelnet Student Loan Trust, Series 2012-5A, Class A
0.78%		10/27/36	2,3		21,285		21,471
Nelnet Student Loan Trust, Series 2014-3A, Class A
0.76%		06/25/41	2,3		34,686		34,159
North Carolina State Education Authority, Series 2011-1, Class A3
1.13%		10/25/41	2		15,000		15,036
Northstar Education Finance, Inc., Series 2007-1, Class A2
1.03%		01/29/46	2		10,000		9,942

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
Scholar Funding Trust, Series 2011-A, Class A
1.18%		10/28/43	2,3	$	7,610	$	7,647
SLC Student Loan Trust, Series 2006-2, Class A5
0.37%		09/15/26	2		45,000		44,619
SLM Student Loan Trust, Series 2003-11, Class A5
0.32%		12/15/22	2,3		26,093		26,011
SLM Student Loan Trust, Series 2003-12, Class A5
0.55%		09/15/22	2,3		10,622		10,609
SLM Student Loan Trust, Series 2004-10, Class A5B
0.68%		04/25/23	2,3		28,529		28,543
SLM Student Loan Trust, Series 2004-10, Class A6A
0.83%		04/27/26	2,3		50,000		50,062
SLM Student Loan Trust, Series 2004-10, Class A6B
1.01%		04/27/26	3		50,000		50,062
SLM Student Loan Trust, Series 2004-5A, Class A5
0.86%		10/25/23	2,3		12,955		12,993
SLM Student Loan Trust, Series 2004-7, Class A5
0.45%		01/27/20	2		10,564		10,546
SLM Student Loan Trust, Series 2004-8A, Class A5
0.78%		04/25/24	2,3		38,690		38,744
SLM Student Loan Trust, Series 2004-9, Class A5
0.43%		01/27/20	2		36,565		36,462
SLM Student Loan Trust, Series 2005-10, Class A4
0.39%		10/25/19	2		7,139		7,130
SLM Student Loan Trust, Series 2005-2, Class A5
0.37%		04/27/20	2		9,862		9,829
SLM Student Loan Trust, Series 2005-4, Class A3
0.40%		01/25/27	2		50,000		49,022
SLM Student Loan Trust, Series 2006-2, Class A4
0.37%		10/25/22	2		2,500		2,500
SLM Student Loan Trust, Series 2007-1, Class A5
0.37%		01/26/26	2		40,000		39,528
SLM Student Loan Trust, Series 2007-7, Class A3
0.52%		04/25/17	2		11,313		11,305
SLM Student Loan Trust, Series 2008-5, Class A4
1.98%		07/25/23	2		15,000		15,549

See accompanying notes to Schedule of Portfolio Investments.

132 / N-Q Report June 2015

AlphaTrak 500 Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
SLM Student Loan Trust, Series 2008-6, Class A3
1.03%		01/25/19	2	$	15,000	$	15,067
SLM Student Loan Trust, Series 2008-8, Class A4
1.78%		04/25/23	2		15,000		15,246
SLM Student Loan Trust, Series 2008-9, Class A
1.78%		04/25/23	2		35,030		35,971
SLM Student Loan Trust, Series 2011-2, Class A1
0.78%		11/25/27	2		30,377		30,446
SLM Student Loan Trust, Series 2012-1, Class A2
0.63%		11/25/20	2		11,124		11,141
SLM Student Loan Trust, Series 2012-2, Class A
0.88%		01/25/29	2		44,918		45,109
SLM Student Loan Trust, Series 2012-5, Class A2
0.48%		06/25/19	2		45,967		45,912
SLM Student Loan Trust, Series 2012-6, Class A2
0.46%		09/25/19	2		42,326		42,307
SLM Student Loan Trust, Series 2013-2, Class A
0.63%		09/25/26	2		22,832		22,708
SLM Student Loan Trust, Series 2013-3, Class A2
0.48%		05/26/20	2		19,731		19,719
SLM Student Loan Trust, Series 2013-4, Class A
0.73%		06/25/27	2		15,550		15,503
SLM Student Loan Trust, Series 2013-6, Class A2
0.68%		02/25/21	2		15,000		15,017
SLM Student Loan Trust, Series 2014-1, Class A3
0.78%		02/26/29	2		20,000		19,827
SLM Student Loan Trust, Series 2014-2, Class A2
0.53%		10/25/21	2		40,000		39,795
South Carolina Student Loan Corp., Series 2005, Class A2
0.40%		12/01/20	2		1,893		1,891
Total Asset-Backed Securities (Cost $1,125,094)							1,129,547
CORPORATES — 6.52%*
Banking — 0.27%
Credit Suisse/New York (YCD) (Switzerland)
0.60%		08/24/15	2,4		25,000		25,000

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Communications — 0.75%
AT&T, Inc.
2.50%		08/15/15		$	20,000	$	20,038
Verizon Communications, Inc., Series FRN
1.82%		09/15/16	2		50,000		50,692
							70,730
Electric — 0.90%
NextEra Energy Capital Holdings, Inc.
1.34%		09/01/15			35,000		35,034
Oncor Electric Delivery Co. LLC
6.80%		09/01/18			15,000		17,386
W3A Funding Corp.
8.09%		01/02/17			32,884		32,893
							85,313
Energy — 0.64%
Florida Gas Transmission Co. LLC
4.00%		07/15/15	3		60,000		60,060
Finance — 1.94%
Chase Capital II, Series B
0.78%		02/01/27	2		100,000		85,752
General Electric Capital Corp. (MTN)
0.66%		05/05/26	2		30,000		28,538
0.75%		08/15/36	2		75,000		68,218
							182,508
Health Care — 0.52%
CHS/Community Health Systems, Inc.
7.13%		07/15/20			4,000		4,248
Providence Health & Services Obligated Group
1.23%		10/01/17	2		25,000		25,141
VRX/Valeant Pharmaceuticals Escrow Corp. (Canada)
5.88%		05/15/23	3,4		19,000		19,570
							48,959
Real Estate Investment Trust (REIT) — 0.88%
HCP, Inc.
6.00%		01/30/17			30,000		32,015
Realty Income Corp.
5.50%		11/15/15			25,000		25,384
UDR, Inc. (MTN)
5.25%		01/15/16			25,000		25,505
							82,904

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 133

AlphaTrak 500 Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Transportation — 0.62%
Continental Airlines Pass-Through Trust, Series 1997, Class 4A
6.90%		01/02/18		$	56,075	$	58,703
Total Corporates (Cost $582,678)							614,177
MORTGAGE-BACKED — 18.41%**
Commercial Mortgage-Backed — 1.74%
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2006-5, Class A2
5.32%		09/10/47			2,502		2,502
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2005-LDP5, Class A4
5.41%		12/15/44	2		15,726		15,792
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-LD11, Class ASB
5.96%		06/15/49	2		26,402		27,330
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-LD12, Class ASB
5.83%		02/15/51	2		11,866		12,263
LB-UBS Commercial Mortgage Trust, Series 2006-C7, Class A2
5.30%		11/15/38			17,232		17,385
ML-CFC Commercial Mortgage Trust, Series 2006-4, Class A1A
5.17%		12/12/49			9,866		10,291
Morgan Stanley Capital I Trust, Series 2007-IQ14, Class A2FX
5.61%		04/15/49			47,547		47,932
Wachovia Bank Commercial Mortgage Trust, Series 2005-C21, Class A4
5.43%		10/15/44	2		12,750		12,764
Wachovia Bank Commercial Mortgage Trust, Series 2007-C32, Class APB
5.90%		06/15/49	2		17,418		17,478
							163,737
Non-Agency Mortgage-Backed — 11.14%
ACE Securities Corp., Series 2005-RM1, Class M2
0.93%		03/25/35	2		40,553		40,483
Asset-Backed Securities Corp. Home Equity, Series 2005-HE6, Class M2
0.69%		07/25/35	2		18,237		18,137
Banc of America Alternative Loan Trust, Series 2003-4, Class 1A5
5.50%		06/25/33			38,815		40,077
Banc of America Alternative Loan Trust, Series 2003-9, Class 1CB5
5.50%		11/25/33			35,993		36,848

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Banc of America Mortgage Securities, Inc., Series 2003-A, Class 2A2
3.02%		02/25/33	2	$	4,806	$	4,772
BCAP LLC Trust, Series 2011-RR3, Class 1A5
2.71%		05/27/37	2,3		30,252		30,137
Carrington Mortgage Loan Trust, Series 2005-NC5, Class A2
0.50%		10/25/35			37,577		37,479
Centex Home Equity Loan Trust, Series 2002-C, Class AF4 (STEP)
4.98%		06/25/31			24,731		24,866
CIT Mortgage Loan Trust, Series 2007-1, Class 2A2
1.43%		10/25/37	2,3		481		480
Conseco Finance Securitizations Corp., Series 2000-E, Class M1
8.13%		08/15/31	2		166		167
Conseco Financial Corp., Series 1997-4, Class A5
6.88%		02/15/29			7,359		7,490
Countrywide Alternative Loan Trust, Series 2005-27, Class 3A2
1.25%		08/25/35	2		44,948		31,988
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-9, Class 1A1
0.48%		05/25/35	2		38,353		33,075
Credit Suisse First Boston Mortgage Securities Corp., Series 1997-2, Class A
7.50%		06/25/20	3		2,465		2,564
Credit-Based Asset Servicing and Securitization LLC, Series 2003-CB1, Class AF (STEP)
3.95%		01/25/33			21,514		21,761
Credit-Based Asset Servicing and Securitization LLC, Series 2003-CB5, Class M1
1.20%		11/25/33	2		25,389		24,287
DSLA Mortgage Loan Trust, Series 2004-AR1, Class A2A
1.01%		09/19/44	2		32,228		29,825
DSLA Mortgage Loan Trust, Series 2004-AR3, Class 2A2A
0.56%		07/19/44	2		8,939		8,693
DSLA Mortgage Loan Trust, Series 2006-AR2, Class 2A1A
0.39%		10/19/36	2		39,526		32,251
First Franklin Mortgage Loan Trust, Series 2005-FFH4, Class 2A4
0.53%		12/25/35			13,068		13,053

See accompanying notes to Schedule of Portfolio Investments.

134 / N-Q Report June 2015

AlphaTrak 500 Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Green Tree Home Improvement Loan Trust, Series 1995-F, Class B2
7.10%		01/15/21		$	4,747	$	4,754
GSAMP Trust, Series 2005-HE4, Class M1
0.63%		07/25/45	2		16,241		16,367
Harborview Mortgage Loan Trust, Series 2005-4, Class 2A
2.73%		07/19/35	2		30,780		27,089
Home Equity Loan Trust, Series 2007-3, Class APT
1.38%		11/20/36	2		59,554		59,395
IndyMac Index Mortgage Loan Trust, Series 2004-AR5, Class 2A1A
1.04%		08/25/34	2		17,287		15,653
IndyMac Index Mortgage Loan Trust, Series 2007-FLX1, Class A2
0.36%		02/25/37	2		29,860		28,206
JPMorgan Mortgage Acquisition Corp., Series 2005-OPT1, Class M1
0.63%		06/25/35	2		29,466		29,325
Lehman XS Trust, Series 2005-5N, Class 3A1A
0.48%		11/25/35	2		38,445		34,342
MASTR Asset-Backed Securities Trust, Series 2005-HE1, Class M2
0.86%		05/25/35	2		6,804		6,818
Morgan Stanley Capital I Trust, Series 2005-NC2, Class M2
0.81%		03/25/35	2		27,722		27,582
Morgan Stanley Capital, Inc., Series 2005-HE6, Class A2C
0.50%		11/25/35	2		18,060		17,809
New Century Home Equity Loan Trust, Series 2005-3, Class M2
0.67%		07/25/35	2		40,000		38,794
Park Place Securities, Inc.,
Series 2004-MCW1, Class M1
1.12%		10/25/34	2		12,336		12,321
Park Place Securities, Inc.,
Series 2004-WWF1, Class M2
1.20%		12/25/34	2		19,111		19,081
Park Place Securities, Inc., Series 2005-WCH1, Class M2
0.96%		01/25/36	2		28,924		28,825
Park Place Securities, Inc., Series 2005-WHQ1, Class M2
0.68%		03/25/35	2		15,874		15,985
Park Place Securities, Inc., Series 2005-WHQ2, Class A1B
0.45%		05/25/35	2		3,135		3,135

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Residential Asset Mortgage Products, Inc., Series 2003-RZ3, Class A6 (STEP)
3.90%		03/25/33		$	11,743	$	11,820
Residential Asset Mortgage Products, Inc., Series 2004-SL1, Class A2
8.50%		11/25/31			4,097		1,659
Structured Asset Investment Loan Trust, Series 2005-HE2, Class A3
0.94%		07/25/35	2		6,846		6,850
Structured Asset Securities Corp., Series 2005-WF4, Class A4
0.54%		11/25/35	2		381		382
Terwin Mortgage Trust, Series 2004-13AL, Class 2PX (IO)
0.34%		08/25/34	3,5		5,850,375		83,798
WaMu Mortgage Pass-Through Certificates, Series 2002-AR6, Class A
1.55%		06/25/42	2		8,576		8,316
Wells Fargo Mortgage-Backed Securities Trust, Series 2003-I, Class A1
2.50%		09/25/33	2		71,685		71,416
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-I, Class AI
2.61%		07/25/34	2		12,827		12,618
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR14, Class 2A1
2.63%		10/25/36	2		32,047		29,540
							1,050,313
U.S. Agency Mortgage-Backed — 5.53%
Fannie Mae Pool 646884
1.79%		05/01/32	2		52,326		53,791
Fannie Mae Pool 802665
2.11%		12/01/34	2		3,727		3,821
Fannie Mae Pool AD0895
4.50%		07/01/19			25,785		28,253
Fannie Mae Pool AL0851
6.00%		10/01/40			11,077		12,608
Fannie Mae REMICS, Series 2003-11, Class FA
1.18%		09/25/32	2		18,065		18,554
Fannie Mae REMICS, Series 2004-33, Class MW
4.50%		01/25/30			1,334		1,335
Fannie Mae REMICS, Series 2008-47, Class PF
0.68%		06/25/38	2		11,585		11,658
Fannie Mae REMICS, Series 2010-109, Class PF
0.58%		10/25/40	2		17,484		17,609

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 135

AlphaTrak 500 Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae REMICS, Series G-36, Class ZB
7.00%		11/25/21		$	1,185	$	1,326
Fannie Mae Whole Loan, Series 2003-W6, Class F
0.53%		09/25/42	2		76,393		76,026
Fannie Mae, Series 1997-91, Class SL (IO)
7.50%		11/25/23	2		93,917		17,679
Fannie Mae, Series 2012-M2, Class A1
1.82%		02/25/22			25,923		26,016
Freddie Mac REMICS, Series 2581, Class F
0.64%		12/15/32	2		286		286
Freddie Mac REMICS, Series 2591, Class EF
0.69%		03/15/32	2		19,762		19,819
Freddie Mac REMICS, Series 2684, Class F
1.09%		01/15/33	2		18,702		19,106
Freddie Mac REMICS, Series 2835, Class LE
0.54%		11/15/30	2		13,083		13,096
Freddie Mac REMICS, Series 3501, Class JA
4.00%		04/15/37			22,311		23,167
Freddie Mac REMICS, Series 3831, Class PV
5.00%		05/15/25			54,612		58,834
Freddie Mac Strips, Series 263, Class F5
0.69%		06/15/42	2		45,429		45,889
Freddie Mac, Series KF02, Class A3
0.81%		07/25/20			13,798		13,912
Freddie Mac, Series KF05, Class A
0.53%		09/25/21			34,453		34,561
Freddie Mac-Ginnie Mae, Series 2, Class L
8.00%		11/25/22			3,009		3,142
NCUA Guaranteed Notes, Series 2011-R5, Class 1A
0.56%		04/06/20	2		20,128		20,137
							520,625
Total Mortgage-Backed
(Cost $1,729,222)							1,734,675
U.S. AGENCY SECURITIES — 0.90%
Federal Farm Credit Bank
0.21%		09/14/16	2		25,000		25,013
0.22%		04/26/17	2		25,000		25,023
0.24%		04/17/17	2		35,000		35,051
Total U.S. Agency Securities (Cost $84,996)
							85,087

Issues	Maturity Date	Principal Amount	Value
U.S. AGENCY SECURITIES (continued)
Total Bonds – 37.81%
(Cost $3,521,990)			$	3,563,486

Issues	Maturity Date			Principal Amount/ Shares		Value
SHORT-TERM INVESTMENTS — 57.17%
Money Market Funds — 2.06%
Dreyfus Cash Advantage Fund
0.01%6				$	97,000	$	97,000
Morgan Stanley Institutional Fund
0.04%6					97,000		97,000
							194,000
U.S. Agency Discount Notes — 37.07%
Fannie Mae
0.01%7		07/06/15			329,000		329,000
0.03%7		07/22/15			60,000		60,000
Federal Home Loan Bank
0.01%7		07/08/15			255,000		254,999
0.02%7		07/15/15			340,000		339,999
0.03%7		07/29/15			460,000		459,996
0.03%7		08/12/15			440,000		439,985
0.05%7		08/28/15			200,000		199,990
0.06%7		08/17/15			200,000		199,992
0.06%7		08/26/15			150,000		149,993
0.08%7		08/21/15			375,000		374,984
0.08%7		09/02/15			415,000		414,963
0.09%7		09/09/15			155,000		154,985
Freddie Mac
0.01%7		07/07/15			70,000		70,000
0.09%7		08/05/15			45,000		44,999
							3,493,885
U.S. Treasury Bills — 18.04%
U.S. Treasury Bills
0.00%7		07/09/15			725,000		725,003
0.00%7		07/23/15	8		180,000		180,000
0.00%7		09/10/15	8		10,000		10,000
0.01%7		08/20/15	8		61,000		61,000
0.01%7		10/01/15			725,000		724,971
							1,700,974
Total Short-Term Investments
(Cost $5,388,687)							5,388,859

See accompanying notes to Schedule of Portfolio Investments.

136 / N-Q Report June 2015

AlphaTrak 500 Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

	Value
Total Investments – 94.98% (Cost $8,910,677)1	$	8,952,345
Cash and Other Assets, Less
Liabilities – 5.02%		473,002
Net Assets – 100.00%	$	9,425,347

Contracts		Unrealized (Depreciation)
FUTURES CONTRACTS: LONG POSITIONS
54	S&P 500 E Mini Index,
	Expiration September 2015		$(66,477	)
	Net unrealized (depreciation)		$(66,477	)

	Expiration Date	Notional Amount (000’s)	(Depreciation)			Value
SWAPS: TOTAL RETURN
The Fund pays a floating rate based on 1-month USD LIBOR plus 40 basis points and the Fund receives from the counterparty the price return on the Standard & Poor’s 500 Total Return Index. Counterparty: Barclays, Inc.
	07/06/15	$1		$(77,257	)		$(77,257	)
The Fund pays a floating rate based on 1-month USD LIBOR plus 40 basis points and the Fund receives from the counterparty the price return on the Standard & Poor’s 500 Total Return Index. Counterparty: Barclays, Inc.
	08/05/15	1		–			$      –
		$2		$(77,257	)		$(77,257	)

Notes:

¹  Cost for federal income tax purposes is $8,910,677 and net unrealized appreciation/(depreciation) consists of:

Gross unrealized appreciation	$	148,952
Gross unrealized (depreciation)		(107,284	)
Net unrealized appreciation	$	41,668

²  Floating rate security. The rate disclosed was in effect at June 30, 2015.

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

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

⁵  Illiquid security as determined under procedures approved by the Funds’ Board of Trustees. The aggregate value of illiquid securities is $83,798, which is 0.89% of total net assets.

⁶  Represents the current yield as of June 30, 2015.

⁷  Represents annualized yield at date of purchase.

⁸  Securities, or a portion thereof, pledged as collateral for futures. The total market value of collateral pledged is $251,000.

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

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

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

(IO): Interest only

(LIBOR): London InterBank Offer Rate

(MTN): Medium-term note

(STEP): Step coupon bond

(TBA): To be announced

(USD): U.S. dollar

(YCD): Yankee Certificate of Deposit

See accompanying notes to Schedule of Portfolio Investments.

N-Q Report June 2015 / 137

Notes to Financial Statements

June 30, 2015 (Unaudited)

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. 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 Funds use 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 Funds’ 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 Funds cannot guarantee that values determined by the Board or persons acting at their direction would accurately reflect the price that the Funds could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Funds may differ from the value that would be realized if the securities were sold.

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

138 / N-Q Report June 2015

Notes to Financial Statements (Continued)

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.

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.

N-Q Report June 2015 / 139

Notes to Financial Statements (Continued)

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, 2015, Level 3 securities consist of certain asset-backed securities, bank loans, collateralized mortgage obligations and corporate bonds.

The summary of inputs used to value each Fund’s investments and other financial instruments carried at fair value June 30, 2015 is as follows:

ULTRA SHORT BOND FUND	LEVEL 1			LEVEL 2			LEVEL 3			TOTAL
Investments in Securities
Assets
Short-Term Investments:
Money Market Funds		$	3,204,000		$	–		$	–		$	3,204,000
U.S. Agency Discount Notes			–			16,297,469			–			16,297,469
Long-Term Investments:
Asset-Backed Securities			–			6,058,420			–			6,058,420
Corporates			–			29,165,130			–			29,165,130
Mortgage-Backed			–			95,971,993			58,277			96,030,270
U.S. Agency Securities			–			3,283,722			–			3,283,722
U.S. Treasury Securities			–			2,170,658			–			2,170,658
Total		$	3,204,000		$	152,947,392		$	58,277		$	156,209,669

140 / N-Q Report June 2015

Notes to Financial Statements (Continued)

LOW DURATION BOND FUND	LEVEL 1			LEVEL 2			LEVEL 3			TOTAL
Investments in Securities
Assets
Short-Term Investments:
Foreign Government Obligations		$	–		$	18,061,153		$	–		$	18,061,153
Money Market Funds			30,098,000			–			–			30,098,000
U.S. Agency Discount Notes			–			68,661,304			–			68,661,304
Long-Term Investments:
Asset-Backed Securities			–			510,720,094			–			510,720,094
Bank Loans			–			25,918,889			–			25,918,889
Corporates			–			727,086,869			–			727,086,869
Mortgage-Backed			–			1,671,634,419			4,229,311			1,675,863,730
Municipal Bonds			–			12,532,826			–			12,532,826
Purchased Swaptions			–			231,075			–			231,075
U.S. Agency Securities			–			145,595,353			–			145,595,353
U.S. Treasury Securities			219,077,232			52,467,434			–			271,544,666
Other Financial Instruments *
Liabilities:
Foreign currency exchange contracts			–			(393,854)			–			(393,854)
Interest rate contracts			–			(115,368)			–			(115,368)
Total		$	249,175,232		$	3,232,400,194		$	4,229,311		$	3,485,804,737

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

INTERMEDIATE BOND FUND	LEVEL 1			LEVEL 2			LEVEL 3			TOTAL
Investments in Securities
Assets
Short-Term Investments:
Foreign Government Obligations		$	–		$	6,211,075		$	–		$	6,211,075
Money Market Funds			23,902,000			–			–			23,902,000
U.S. Agency Discount Notes			–			90,207,935			–			90,207,935
U.S. Treasury Bills			614,996			–			–			614,996
Long-Term Investments:
Asset-Backed Securities			–			108,849,637			–			108,849,637
Bank Loans			–			3,058,039			–			3,058,039
Corporates			–			255,476,672			–			255,476,672
Mortgage-Backed			–			373,236,933			478			373,237,411
Municipal Bonds			–			5,030,848			–			5,030,848
U.S. Agency Securities			–			9,344,451			–			9,344,451
U.S. Treasury Securities			315,132,732			39,510,740			–			354,643,472
Other Financial Instruments *
Liabilities:
Foreign currency exchange contracts			–			(135,443)			–			(135,443)
Interest rate contracts			(276,305)			(47,673)			–			(323,978)
Total		$	339,373,423		$	890,743,214		$	478		$	1,230,117,115

*Other financial instruments include foreign currency exchange contracts, futures and swap contracts. Interest rate contracts include futures and interest rate swaps.

N-Q Report June 2015 / 141

Notes to Financial Statements (Continued)

TOTAL RETURN BOND FUND	LEVEL 1			LEVEL 2			LEVEL 3			TOTAL
Investments in Securities
Assets
Short-Term Investments:
Commercial Paper		$	–		$	389,871,428		$	–		$	389,871,428
Foreign Government Obligations			–			339,566,029			–			339,566,029
Money Market Funds			1,336,138,064			–			–			1,336,138,064
U.S. Agency Discount Notes			–			7,880,687,235			–			7,880,687,235
U.S. Treasury Bills			41,569,840			–			–			41,569,840
Long-Term Investments:
Asset-Backed Securities			–			5,982,276,242			61,483,243			6,043,759,485
Bank Loans			–			110,974,696			–			110,974,696
Corporates			–			10,996,537,265			–			10,996,537,265
Mortgage-Backed			–			28,743,850,230			31,218,057			28,775,068,287
Municipal Bonds			–			648,890,286			–			648,890,286
Purchased Swaptions			–			2,522,357			–			2,522,357
U.S. Agency Securities			–			1,082,476,142			–			1,082,476,142
U.S. Treasury Securities			14,050,899,842			3,652,524,585			–			17,703,424,427
Other Financial Instruments *
Assets:
Interest rate contracts			–			4,679,080			–			4,679,080
Liabilities:
Foreign currency exchange contracts			–			(7,404,802)			–			(7,404,802)
Interest rate contracts			(18,903,941)			(20,637,441)			–			(39,541,382)
Total		$	15,409,703,805		$	59,806,813,332		$	92,701,300		$	75,309,218,437

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

HIGH YIELD BOND FUND	LEVEL 1			LEVEL 2			LEVEL 3			TOTAL
Investments in Securities
Assets
Short-Term Investments:
Money Market Funds		$	26,866,000		$	–		$	–		$	26,866,000
U.S. Agency Discount Notes			–			14,789,985			–			14,789,985
Long-Term Investments:
Bank Loans			–			93,447,424			–     *			93,447,424
Common Stock			–			–			21,311,867			21,311,867
Corporates			–			1,086,151,453			–    **			1,086,151,453
Mortgage-Backed			–			395,361			1			395,362
Other Financial Instruments ***
Assets:
Credit contracts			–			951,555			–			951,555
Total		$	26,866,000		$	1,195,735,778		$	21,311,868		$	1,243,913,646

*As of June 30, 2015, Boston Generating LLC, Term Loan 1st Lien had a $0 market value.

**As of June 30, 2015, Momentive Performance had a $0 market value.

***Other financial instruments include swap contracts. Credit contracts include credit default swaps.

142 / N-Q Report June 2015

Notes to Financial Statements (Continued)

UNCONSTRAINED BOND FUND	LEVEL 1			LEVEL 2			LEVEL 3			TOTAL
Investments in Securities
Assets
Short-Term Investments:
Money Market Funds		$	43,788,000		$	–		$	–		$	43,788,000
U.S. Agency Discount Notes			–			127,994,531			–			127,994,531
U.S. Treasury Bills			303,997			–			–			303,997
Long-Term Investments:
Asset-Backed Securities			–			369,228,095			–			369,228,095
Bank Loans			–			12,397,397			–			12,397,397
Common Stock			8,453,249			–			–			8,453,249
Corporates			–			398,201,749			–			398,201,749
Foreign Government Obligations			–			24,699,902			–			24,699,902
Mortgage-Backed			–			1,112,953,571			9,089,396			1,122,042,967
Municipal Bonds			–			7,910,320			–			7,910,320
U.S. Agency Securities			–			31,075,546			–			31,075,546
Other Financial Instruments *
Liabilities:
Interest rate contracts			(51,997)			–			–			(51,997)
Total		$	52,493,249		$	2,084,461,111		$	9,089,396		$	2,146,043,756
*Other financial instruments include futures. Interest rate contracts include futures.
FLOATING RATE INCOME FUND	LEVEL 1			LEVEL 2			LEVEL 3			TOTAL
Investments in Securities
Assets
Short-Term Investments:
Money Market Funds			$3,413,000			$               –			$            –			$    3,413,000
U.S. Agency Discount Notes			–			4,959,781			–			4,959,781
Long-Term Investments:
Bank Loans			–			138,930,627			–			138,930,627
Corporates			–			16,836,245			–			16,836,245
U.S. Agency Securities			–			1,921,843			–			1,921,843
Total			$3,413,000			$162,648,496			$            –			$166,061,496

N-Q Report June 2015 / 143

Notes to Financial Statements (Continued)

STRATEGIC INCOME FUND	LEVEL 1			LEVEL 2			LEVEL 3			TOTAL
Investments in Securities
Assets
Short-Term Investments:
Money Market Funds		$	3,212,000		$	–		$	–		$	3,212,000
U.S. Agency Discount Notes			–			8,659,760			–			8,659,760
U.S. Treasury Bills			16,000			–			–			16,000
Long-Term Investments:
Asset-Backed Securities			–			27,972,761			1,106,948			29,079,709
Bank Loans			–			947,055			–    *			947,055
Common Stock			714,575			–			430,546			1,145,121
Corporates			–			18,569,579			–			18,569,579
Mortgage-Backed			–			93,194,415			696,637**			93,891,052
U.S. Agency Securities			–			1,121,030			–			1,121,030
Other Financial Instruments ***
Assets:
Interest rate contracts			2,465			–			–			2,465
Liabilities:
Interest rate contracts			(69)			–			–			(69)
Total		$	3,944,971		$	150,464,600		$	1,537,494		$	156,643,702
*As of June 30, 2015, Boston Generating LLC, Term Loan 1st Lien had a $0 market value.
**As of June 30, 2015, BHN I Mortgage Fund, Series 2000-1, Class AF (Argentina) had a $0 market value.
***Other financial instruments include futures. Interest rate contracts include futures.
ALPHATRAK 500 FUND	LEVEL 1			LEVEL 2			LEVEL 3			TOTAL
Investments in Securities
Assets
Short-Term Investments:
Money Market Funds		$	194,000		$	–		$	–		$	194,000
U.S. Agency Discount Notes			–			3,493,885			–			3,493,885
U.S. Treasury Bills			1,700,974			–			–			1,700,974
Long-Term Investments:
Asset-Backed Securities			–			1,129,547			–			1,129,547
Corporates			–			614,177			–			614,177
Mortgage-Backed			–			1,650,877			83,798			1,734,675
U.S. Agency Securities			–			85,087			–			85,087
Other Financial Instruments *
Liabilities:
Equity contracts			(66,477)			(77,257)			–			(143,734)
Total		$	1,828,497		$	6,896,316		$	83,798		$	8,808,611

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

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

U.S. Treasury securities in the amounts of $2,170,658, $52,467,434, $39,510,740 and $3,652,524,585 for Ultra Short Bond Fund, Low Duration Bond Fund, Intermediate Bond Fund and Total Return Bond Fund, respectively, transferred from level 1 to level 2 due to other observable input adjustments to quoted prices. There were no financial assets and/or liabilities transferred from level 2 to level 1 for the period ended June 30, 2015.

144 / N-Q Report June 2015

Notes to Financial Statements (Continued)

For the period ended June 30, 2015, 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, 2015		$	62,076
Accrued discounts/premiums			(1	)
Realized (loss)			(1,350	)
Change in unrealized (depreciation)*			(2,448	)
Purchases			–
Sales			–
Transfers into Level 3**			–
Transfers out of Level 3**			–
Balance as of June 30, 2015		$	58,277

* The change in unrealized appreciation/(depreciation) on securities still held at June 30, 2015 was $(2,448) and is included in the related realized gains/(losses) and net change in appreciation/(depreciation) in the statements of operations.

** There were no transfers between level 2 and 3 for the period ended June 30, 2015.

LOW DURATION     BOND FUND	MORTGAGE-BACKED SECURITIES
Balance as of April 1, 2015		$	4,350,497
Accrued discounts/premiums			–
Realized (loss)			(17,165	)
Change in unrealized (depreciation)*			(104,021	)
Purchases			–
Sales			–
Transfers into Level 3**			–
Transfers out of Level 3**			–
Balance as of June 30, 2015		$	4,229,311

* The change in unrealized appreciation/(depreciation) on securities still held at June 30, 2015 was $(104,021) and is included in the related realized gains/(losses) and net change in appreciation/(depreciation) in the statements of operations.

** There were no transfers between level 2 and 3 for the period ended June 30, 2015.

N-Q Report June 2015 / 145

Notes to Financial Statements (Continued)

INTERMEDIATE     BOND FUND	MORTGAGE-BACKED SECURITIES
Balance as of April 1, 2015		$	452
Accrued discounts/premiums			4
Change in unrealized appreciation*			22
Purchases			–
Sales			–
Transfers into Level 3**			–
Transfers out of Level 3**			–
Balance as of June 30, 2015		$	478

* The change in unrealized appreciation/(depreciation) on securities still held at June 30, 2015 was $22 and is included in the related realized gains/(losses) and net change in appreciation/(depreciation) in the statements of operations.

** There were no transfers between level 2 and 3 for the period ended June 30, 2015.

TOTAL RETURN     BOND FUND	ASSET-BACKED SECURITIES				MORTGAGE-BACKED SECURITIES
Balance as of April 1, 2015		$	63,116,072			$	32,475,908
Accrued discounts/premiums			–				29,988
Realized (loss)			(174,213	)			(629,440	)
Change in unrealized (depreciation)*			(1,458,616	)			(658,399	)
Purchases			–				–
Sales			–				–
Transfers into Level 3**			–				–
Transfers out of Level 3**			–				–
Balance as of June 30, 2015		$	61,483,243			$	31,218,057

* The change in unrealized appreciation/(depreciation) on securities still held at June 30, 2015 was $(2,117,015) and is included in the related realized gains/(losses) and net change in appreciation/(depreciation) in the statements of operations.

** There were no transfers between level 2 and 3 for the period ended June 30, 2015.

146 / N-Q Report June 2015

Notes to Financial Statements (Continued)

HIGH YIELD     BOND FUND

BANK    LOANS

COMMON STOCK

CORPORATES

MORTGAGE-BACKED     SECURITIES

Balance as of

April 1, 2015

$

–

***

$

22,408,323

$

–

****

$

1

Accrued discounts/premiums

–

–

–

–

Realized gain

–

–

–

–

Change in unrealized (depreciation)*

–

(1,096,457

)

–

–

Purchases

–

–

–

–

Sales

–

–

–

–

Corporation action

–

–

–

–

Transfers into Level 3**

–

–

–

–

Transfers out of Level 3**

–

–

–

–

Balance as of

June 30, 2015

$

–

***

$

21,311,866

$

–

****

$

1

* The change in unrealized appreciation/(depreciation) on securities still held at June 30, 2015 was $(1,096,457) and is included in the related realized gains/(losses) and net change in appreciation/(depreciation) in the statements of operations.

** There were no transfers between level 2 and 3 for the period ended June 30, 2015.

*** As of June 30, 2015 and March 31, 2015, Boston Generating LLC, Term Loan 1st Lien had a $0 market value.

**** As of June 30, 2015 and March 31, 2015, Momentive Performance had a $0 market value.

UNCONSTRAINED     BOND FUND	MORTGAGE-BACKED SECURITIES
Balance as of
April 1, 2015		$	2,523,167
Realized (loss)			(52,394	)
Change in unrealized (depreciation)*			(93,370	)
Purchases			6,711,993
Sales			–
Transfers into Level 3**			–
Transfers out of Level 3**			–
Balance as of
June 30, 2015		$	9,089,396

* The change in unrealized appreciation/(depreciation) on securities still held at June 30, 2015 was $(93,370) and is included in the related realized gains/(losses) and net change in appreciation/(depreciation) in the statements of operations.

** There were no transfers between level 2 and 3 for the period ended June 30, 2015.

N-Q Report June 2015 / 147

Notes to Financial Statements (Continued)

STRATEGIC     INCOME FUND

ASSET-BACKED     SECURITIES

BANK     LOANS

COMMON STOCK

MORTGAGE-BACKED     SECURITIES

Balance as of

April 1, 2015

$

1,132,251

$

–

***

$

457,367

$

748,672

Accrued discounts/premiums

87

–

–

–

Realized (loss)

(10,385

)

–

–

(13,865

)

Change in unrealized (depreciation)*

(15,005

)

–

(26,821

)

(38,170

)

Purchases

–

–

–

–

Sales

–

–

–

–

Transfers into Level 3**

–

–

–

–

Transfers out of Level 3**

–

–

–

–

Balance as of

June 30, 2015

$

1,106,948

$

–

***

$

430,546

$

696,637

****

* The change in unrealized appreciation/(depreciation) on securities still held at June 30, 2015 was $(79,996) and is included in the related realized gains/(losses) and net change in appreciation/(depreciation) in the statements of operations.

** There were no transfers between level 2 and 3 for the period ended June 30, 2015.

*** As of June 30, 2015 and March 31, 2015, Boston Generating LLC, Term Loan 1st Lien had a $0 market value.

*** As of June 30, 2015 and March 31, 2015, BHN I Mortgage Fund, Series 2000-1, Class AF (Argentina) had a $0 market value.

ALPHATRAK     500 FUND	MORTGAGE-BACKED SECURITIES
Balance as of
April 1, 2015		$	89,287
Realized (loss)			(1,967	)
Change in unrealized (depreciation)*			(3,522	)
Purchases			–
Sales			–
Transfers into Level 3**			–
Transfers out of Level 3**			–
Balance as of
June 30, 2015		$	83,798

* The change in unrealized appreciation/(depreciation) on securities still held at June 30, 2015 was $(3,522) and is included in the related realized gains/(losses) and net change in appreciation/(depreciation) in the statements of operations.

** There were no transfers between level 2 and 3 for the period ended June 30, 2015.

148 / N-Q Report June 2015

Notes to Financial Statements (Continued)

Significant unobservable valuations inputs for Level 3 investments as of June 30, 2015, are as follows:

ULTRA SHORT BOND FUND	FAIR VALUE AT 6/30/15	VALUATION TECHNIQUE*	UNOBSERVABLE INPUT	RANGE	WEIGHTED     AVERAGE
Mortgage-Backed Securities-Non-Agency	$58,277	Methods of Comparables/ Consensus Pricing	Offered Quote	1.43 - 13.06	1.46
LOW DURATION BOND     FUND	FAIR VALUE AT 6/30/15	VALUATION TECHNIQUE*	UNOBSERVABLE INPUT	RANGE	WEIGHTED     AVERAGE
Mortgage-Backed Securities-Non-Agency	$4,229,311	Methods of Comparables/ Consensus Pricing	Offered Quote	0.03 - 8.00	2.18
INTERMEDIATE BOND     FUND	FAIR VALUE AT 6/30/15	VALUATION TECHNIQUE*	UNOBSERVABLE INPUT	RANGE	WEIGHTED     AVERAGE
Mortgage-Backed Securities-Non-Agency	$478	Methods of Comparables/ Consensus Pricing	Offered Quote	13.06	13.06
TOTAL RETURN BOND     FUND	FAIR VALUE AT 6/30/15	VALUATION TECHNIQUE*	UNOBSERVABLE INPUT	RANGE	WEIGHTED     AVERAGE
Asset-Backed Securities	$61,483,243	Methods of Comparables/ Consensus Pricing	Offered Quote	96.00 - 98.00	97.69
Mortgage-Backed Securities-Non-Agency	$31,218,057	Methods of Comparables/ Consensus Pricing	Offered Quote	0.03 - 30.90	3.71
HIGH YIELD BOND FUND	FAIR VALUE AT 6/30/15	VALUATION TECHNIQUE*	UNOBSERVABLE INPUT	RANGE	WEIGHTED     AVERAGE
Common Stock	$21,311,867	Methods of Comparables/ Consensus Pricing	Offered Quote	38.13	38.13
Mortgage-Backed Securities-Non-Agency	$1	Methods of Comparables/ Consensus Pricing	Offered Quote	0.03	0.03
UNCONSTRAINED BOND     FUND	FAIR VALUE AT 6/30/15	VALUATION TECHNIQUE*	UNOBSERVABLE INPUT	RANGE	WEIGHTED     AVERAGE
Mortgage-Backed Securities- Commercial Mortgage-Backed	$9,038,221	Methods of Comparables/ Consensus Pricing	Offered Quote	7.18 - 8.10	7.41
Mortgage-Backed Securities-Non-Agency	$51,175	Methods of Comparables/ Consensus Pricing	Offered Quote	0.75 - 8.78	1.89
STRATEGIC INCOME FUND	FAIR VALUE AT 6/30/15	VALUATION TECHNIQUE*	UNOBSERVABLE INPUT	RANGE	WEIGHTED     AVERAGE
Asset-Backed Securities	$1,106,948	Methods of Comparables/ Consensus Pricing	Offered Quote	10.00 - 98.00	93.23
Common Stock	$430,546	Methods of Comparables/ Consensus Pricing	Offered Quote	38.13	38.13
Mortgage-Backed Securities- Commercial Mortgage Backed	$380,413	Methods of Comparables/ Consensus Pricing	Offered Quote	8.10	8.10
Mortgage-Backed Securities-Non-Agency	$476	Methods of Comparables/ Consensus Pricing	Offered Quote	0.03 - 13.06	8.81
Mortgage-Backed Securities- U.S. Agency	$315,748	Methods of Comparables/ Consensus Pricing	Offered Quote	1.95	1.95

N-Q Report June 2015 / 149

Notes to Financial Statements (Continued)

ALPHATRAK 500 FUND	FAIR VALUE AT 6/30/15	VALUATION TECHNIQUE*	UNOBSERVABLE INPUT	RANGE	WEIGHTED     AVERAGE
Mortgage-Backed Securities-Non Agency	$83,798	Methods of Comparables/ Consensus Pricing	Offered Quote	1.43	1.43

* 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 Advisor’s Pricing Working Group in accordance with procedures approved by the Board of Trustees, and under the general oversight of the Board of Trustees. The Advisor’s Pricing Working Group employs various methods to determine fair valuations including a regular review of key inputs and assumptions and review of any related market activity. The Advisor’s Pricing Working Group reports to the Board of Trustees at their regularly scheduled meetings. It is possible that fair value prices will be used by the Funds to a significant extent. The value determined for an investment using the Funds’ 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 Advisor’s Pricing Working Group consists of the Advisor’s General Counsel, Chief Compliance Officer, internal regulatory legal counsel, members of the Advisor’s Mutual Fund Administration Department, and a representative from the portfolio management team. The Advisor’s Pricing Working Group reviews and makes recommendations concerning the fair valuation of portfolio securities and the Funds’ pricing procedures in general.

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.

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

150 / N-Q Report June 2015

Notes to Financial Statements (Continued)

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, 2015, 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 a Fund purchases a participation, it may only be able to enforce its rights through the lender, and may assume the credit risk of the lender in addition to the borrower.

The Funds may also sell a debt or equity security short that is, without owning it and borrow the same security from a broker or other institution to complete the sale. The Adviser may use short sales when it believes a security is overvalued or as a partial hedge against a position in a related security of the same issuer held by a Fund. The Ultra Short Bond Fund, Low Duration Bond Fund, Intermediate Bond Fund, and Total Return Bond Fund will not make total short sales exceeding 25% of the value of each respective Fund’s assets. The High Yield Bond Fund and Strategic Income Fund will not make total short sales exceeding 33 1/3% of each respective Fund’s assets. If the value of the security sold short increases, a Fund would lose money because it would need to replace the borrowed security by purchasing it at a higher price. The potential loss is unlimited. (If the short sale was intended as a hedge against another investment, the loss on the short sale may be fully or partially offset by gains in that other investment.) At June 30, 2015, the Funds did not hold any short debt or equity.

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

The Funds may invest in payment-in-kind securities (“PIKs”). PIKs give the issuer the option at each interest payment date of making interest payments in either cash or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro-rata adjustment from the unrealized appreciation or depreciation on investments to interest receivable on the Statement of Assets and Liabilities.

N-Q Report June 2015 / 151

Notes to Financial Statements (Continued)

For the period ended June 30, 2015, the High Yield Bond Fund and the Floating Rate Income Fund received in-kind payments with respect to PIK securities of $570,017 and $23,493, respectively.

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

Master Repurchase Agreements (MRA) permit each Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from each Fund. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of a MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, each Fund receives securities as collateral with a market value in excess of the repurchase price to be received by each Fund upon the maturity of the repurchase transaction. Upon a bankruptcy or insolvency of the MRA counterparty, each Fund recognizes a liability with respect to such excess collateral to reflect each Fund’s obligation under bankruptcy law to return the excess to the counterparty.

The Funds may enter into reverse repurchase agreements, whereby a Fund sells securities concurrently with entering into an agreement to repurchase those securities at a later date at a fixed price. During the reverse repurchase agreement period, the Fund continues to receive principal and interest payments on those securities. Reverse repurchase agreements are speculative techniques involving leverage and are considered borrowings by the Fund for purposes of the percentage limitations applicable to borrowings.

Reverse repurchase transactions and treasury roll transactions are entered into by a Fund under Master Repurchase Agreements (MRA), which permit a Fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from a Fund. With reverse repurchase transactions and treasury roll transactions, typically the Funds and the counterparties are permitted to sell, re-pledge, or use the collateral associated with the transaction. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of a MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, a Fund receives or posts securities as collateral with a market value in excess of the repurchase price to be paid or received by a Fund upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRA counterparty, a Fund is considered an unsecured creditor with respect to excess collateral and, as such, the return of excess collateral may be delayed. There were no reverse repurchase agreements for the period ended June 30, 2015.

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.

152 / N-Q Report June 2015

Notes to Financial Statements (Continued)

Derivatives:

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

Over the reporting period, the Funds engaged in interest rate futures contracts, foreign currency exchange contracts, swap agreements and swaptions as a means of managing interest rate risk and yield curve positioning consistent with the 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 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 maybe 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, a Fund’s maximum amount of loss is the premium paid (as purchaser) or the unrealized loss of the contract (as writer). As of June 30, 2015, the Low Duration Bond Fund and the Total Return Bond Fund held written swaptions.

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

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

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

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

Swaps - The Funds invested in swap agreements. Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than a year. In a standard swap transaction, two parties agree to exchange the

N-Q Report June 2015 / 153

Notes to Financial Statements (Continued)

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.

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 June 30, 2015, 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, 2015, 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.

154 / N-Q Report June 2015

Notes to Financial Statements (Concluded)

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, 2015 (Unaudited), 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.

3. FEDERAL TAX INFORMATION

Capital Loss Carryforwards:

At June 30, 2015, the following Funds had available for federal income tax purposes unused capital losses as follows:

FUND	EXPIRING IN 2016			EXPIRING IN 2017			EXPIRING IN 2018			EXPIRING IN 2019			SHORT TERM NON-EXPIRING AMOUNTS*			LONG TERM   NON-EXPIRING   AMOUNTS*
Ultra Short Bond Fund		$	1,489,245		$	17,068,161		$	14,894,875		$	10,083,524		$	227,916		$	4,792,592
Low Duration Bond Fund			–			99,373,584			21,029,490			42,081,240			–			48,358,952
Unconstrained Bond Fund			–			–			–			–			–			919,424
Strategic Income Fund			6,589,872			47,852,416			18,413,032			41,345,040			–			1,869,186
AlphaTrak 500 Fund			–			63,409,884			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.

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.

N-Q Report June 2015 / 155

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   August 28, 2015

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   August 28, 2015

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

Date   August 28, 2015

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