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 811-21732

MGI Funds

(Exact name of registrant as specified in charter)

99 High Street
Boston, MA 02110

(Address of principal executive offices)(Zip Code)

Scott M. Zoltowski, Esq.
Mercer Global Investments, Inc.
99 High Street
Boston, MA 02110

(Name and address of agent for service)

Registrant’s telephone number, including area code: (617) 747-9500

Date of fiscal year end: March 31, 2012

Date of reporting period: June 30, 2011

TABLE OF CONTENTS

	Item 1. Schedule of Investments
	Item 2. Controls and Procedures
	Item 3. Exhibits
SIGNATURES

Item 1. Schedule of Investments. — The schedule of investments for the period ended June 30, 2011, is filed herewith.

MGI US Large Cap Growth Equity Fund
Schedule of Investments
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		COMMON STOCKS — 98.0%
		Aerospace & Defense — 2.3%
	26,262	Boeing Co. (The)		1,941,550
	17,200	Goodrich Corp.		1,642,600
	24,724	Raytheon Co.		1,232,491
	19,577	Rockwell Collins, Inc.		1,207,705
	42,693	United Technologies Corp.		3,778,758
				9,803,104
		Agriculture — 1.1%
	66,440	Monsanto Co.		4,819,558
		Apparel — 2.1%
	21,700	Coach, Inc.		1,387,281
	40,200	NIKE, Inc. Class B		3,617,196
	5,800	Polo Ralph Lauren Corp.		769,138
	28,558	VF Corp.		3,100,256
				8,873,871
		Auto Manufacturers — 0.1%
	44,700	Ford Motor Co.*		616,413
		Auto Parts & Equipment — 1.1%
	41,843	BorgWarner, Inc.*		3,380,496
	26,690	Johnson Controls, Inc.		1,111,905
				4,492,401
		Banks — 0.8%
	36,007	Comerica, Inc.		1,244,762
	78,380	Wells Fargo & Co.		2,199,343
				3,444,105
		Beverages — 2.4%
	64,038	Coca-Cola Co. (The)		4,309,117
	41,270	Green Mountain Coffee Roasters, Inc.*		3,683,760
	30,294	PepsiCo, Inc.		2,133,607
				10,126,484
		Biotechnology — 2.0%
	45,500	Alexion Pharmaceuticals, Inc.*		2,139,865
	84,877	Illumina, Inc.*		6,378,506
				8,518,371
		Chemicals — 1.2%
	19,500	Ecolab, Inc.		1,099,410
	30,401	Potash Corp. of Saskatchewan, Inc.		1,732,553

See accompanying Notes to the Schedule of Investments.

1

MGI US Large Cap Growth Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		Chemicals — continued
	14,700	Praxair, Inc.		1,593,333
	9,404	Sigma-Aldrich Corp.		690,065
				5,115,361
		Coal — 0.3%
	10,300	Walter Energy, Inc.		1,192,740
		Commercial Services — 2.1%
	103,400	Visa, Inc. Class A		8,712,484
		Computers — 8.3%
	66,355	Apple, Inc. *		22,273,383
	83,900	Cognizant Technology Solutions Corp. Class A*		6,153,226
	178,597	EMC Corp.*		4,920,347
	26,300	NetApp, Inc.*		1,388,114
				34,735,070
		Cosmetics & Personal Care — 1.4%
	12,300	Estee Lauder Cos. (The), Inc. Class A		1,293,837
	72,209	Procter & Gamble Co.(The)		4,590,326
				5,884,163
		Distribution & Wholesale — 0.5%
	13,700	W.W. Grainger, Inc.		2,105,005
		Diversified Financial Services — 4.7%
	23,360	American Express Co.		1,207,712
	254,780	Charles Schwab Corp. (The)		4,191,131
	7,867	CME Group, Inc.		2,293,939
	14,500	Franklin Resources, Inc.		1,903,705
	29,850	IntercontinentalExchange, Inc.*		3,722,593
	76,980	JPMorgan Chase & Co.		3,151,561
	32,580	T. Rowe Price Group, Inc.		1,965,877
	56,800	TD Ameritrade Holding Corp.		1,108,168
				19,544,686
		Electric — 0.3%
	31,745	American Electric Power Co., Inc.		1,196,152
		Electronics — 0.5%
	22,265	Waters Corp.*		2,131,651
		Engineering & Construction — 0.8%
	51,500	Fluor Corp.		3,329,990

See accompanying Notes to the Schedule of Investments.

2

MGI US Large Cap Growth Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		Food — 0.6%
	63,567	Kroger Co. (The)		1,576,462
	57,900	Tyson Foods, Inc. Class A		1,124,418
				2,700,880
		Health Care - Products — 4.0%
	25,661	Covidien Plc		1,365,935
	21,940	Edwards Lifesciences Corp.*		1,912,729
	12,400	Intuitive Surgical, Inc.*		4,614,164
	38,076	Johnson & Johnson		2,532,816
	54,339	Stryker Corp.		3,189,156
	45,400	Varian Medical Systems, Inc.*		3,178,908
				16,793,708
		Health Care - Services — 1.2%
	98,500	UnitedHealth Group, Inc.		5,080,630
		Insurance — 0.1%
	9,720	Aflac, Inc.		453,730
		Internet — 12.5%
	72,884	Amazon.Com, Inc.*		14,904,049
	13,900	Baidu, Inc., Sponsored ADR*		1,947,807
	23,044	Check Point Software Technologies*		1,310,051
	28,000	Ctrip.com International, Ltd., ADR*		1,206,240
	25,600	F5 Networks, Inc.*		2,822,400
	19,664	Google, Inc. Class A*		9,957,456
	14,400	MercadoLibre, Inc.		1,142,496
	37,394	Netflix, Inc.*		9,823,030
	13,200	OpenTable, Inc.*		1,097,184
	9,960	priceline.com, Inc.*		5,098,823
	17,614	SINA Corp.*		1,833,618
	35,300	VeriSign, Inc.		1,181,138
				52,324,292
		Iron & Steel — 0.8%
	24,741	Allegheny Technologies, Inc.		1,570,311
	21,300	Cliffs Natural Resources, Inc.		1,969,185
				3,539,496
		Lodging — 1.7%
	135,050	Las Vegas Sands Corp.*		5,700,461
	23,910	Starwood Hotels & Resorts Worldwide, Inc.		1,339,916
				7,040,377

See accompanying Notes to the Schedule of Investments.

3

MGI US Large Cap Growth Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		Machinery - Construction & Mining — 0.3%
	11,106	Caterpillar, Inc.		1,182,345
		Machinery - Diversified — 0.9%
	5,871	Cummins, Inc.		607,590
	24,800	Deere & Co.		2,044,760
	12,238	Rockwell Automation, Inc.		1,061,769
				3,714,119
		Media — 1.0%
	25,100	Scripps Networks Interactive, Inc. Class A		1,226,888
	35,671	Time Warner, Inc.		1,297,354
	44,500	Walt Disney Co. (The)		1,737,280
				4,261,522
		Metal Fabricate & Hardware — 0.6%
	16,341	Precision Castparts Corp.		2,690,546
		Mining — 1.2%
	14,350	BHP Billiton, Ltd., Sponsored ADR		1,357,940
	67,109	Freeport-McMoran Copper & Gold, Inc. Class B		3,550,066
				4,908,006
		Miscellaneous - Manufacturing — 3.6%
	35,256	3M Co.		3,344,032
	86,561	Danaher Corp.		4,586,867
	66,600	General Electric Co.		1,256,076
	38,000	Honeywell International, Inc.		2,264,420
	38,200	Illinois Tool Works, Inc.		2,157,918
	27,235	Tyco International, Ltd.		1,346,226
				14,955,539
		Oil & Gas — 3.9%
	21,550	Apache Corp.		2,659,054
	10,204	BG Group Plc, Sponsored ADR		1,165,807
	48,864	Canadian Natural Resources, Ltd.		2,045,447
	21,900	Concho Resources Inc.*		2,011,515
	16,376	EOG Resources, Inc.		1,712,111
	23,200	Occidental Petroleum Corp.		2,413,728
	15,651	Range Resources Corp.		868,631
	36,300	Southwestern Energy Co.*		1,556,544
	45,400	Suncor Energy, Inc.		1,775,140
				16,207,977
		Oil & Gas Services — 6.7%
	20,355	Baker Hughes, Inc.		1,476,959
	30,280	Cameron International Corp.*		1,522,781

See accompanying Notes to the Schedule of Investments.

4

MGI US Large Cap Growth Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		Oil & Gas Services — continued
	109,600	FMC Technologies, Inc.*		4,908,984
	83,300	Halliburton Co.		4,248,300
	86,787	National Oilwell Varco, Inc.		6,787,611
	106,007	Schlumberger, Ltd.		9,159,005
				28,103,640
		Pharmaceuticals — 5.2%
	82,722	Allergan, Inc.		6,886,606
	94,244	Express Scripts, Inc.*		5,087,291
	38,550	Gilead Sciences, Inc.*		1,596,356
	27,058	Mead Johnson Nutrition Co.		1,827,768
	121,250	Mylan, Inc.*		2,991,238
	11,700	Perrigo Co.		1,028,079
	16,800	Shire Plc, ADR		1,582,728
	19,370	Teva Pharmaceutical Industries, Ltd., Sponsored ADR		934,021
				21,934,087
		Retail — 5.2%
	55,500	CarMax, Inc.*		1,835,385
	2,600	Chipotle Mexican Grill, Inc. Class A*		801,294
	27,600	Costco Wholesale Corp.		2,242,224
	24,020	CVS Caremark Corp.		902,672
	34,790	Darden Restaurants, Inc.		1,731,150
	22,778	McDonald’s Corp.		1,920,641
	24,300	O’Reilly Automotive, Inc.*		1,591,893
	130,953	Starbucks Corp.		5,171,334
	22,760	Urban Outfitters, Inc.*		640,694
	33,761	Wal-Mart Stores, Inc.		1,794,059
	56,740	Yum! Brands, Inc.*		3,134,318
				21,765,664
		Semiconductors — 1.9%
	32,800	Altera Corp.		1,520,280
	41,400	ASML Holding NV, ADR		1,530,144
	54,050	Broadcom Corp. Class A*		1,818,242
	78,911	Intel Corp.		1,748,668
	46,800	Texas Instruments, Inc.		1,536,444
				8,153,778
		Software — 7.7%
	98,170	Activision Blizzard, Inc.		1,146,625
	40,300	Autodesk, Inc.*		1,555,580
	23,400	Cerner Corp.*		1,429,974
	63,380	Citrix Systems, Inc.*		5,070,400
	22,600	Intuit, Inc.*		1,172,036
	18,120	Microsoft Corp.		471,120

See accompanying Notes to the Schedule of Investments.

5

MGI US Large Cap Growth Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		Software — continued
	249,858	Oracle Corp.		8,222,827
	75,408	Salesforce.com, Inc.*		11,234,284
	21,770	VMware, Inc. Class A*		2,182,007
				32,484,853
		Telecommunications — 4.2%
	18,230	Acme Packet, Inc.*		1,278,470
	40,500	American Tower Corp. Class A*		2,119,365
	45,468	Juniper Networks, Inc.*		1,432,242
	222,600	Qualcomm, Inc.		12,641,454
				17,471,531
		Transportation — 2.7%
	50,050	CH Robinson Worldwide, Inc.		3,945,942
	24,970	Expeditors International of Washington, Inc.		1,278,214
	24,640	J.B. Hunt Transport Services, Inc.		1,160,298
	48,630	Union Pacific Corp.		5,076,972
				11,461,426
		TOTAL COMMON STOCKS (COST $325,723,220)		411,869,755
Par Value ($)		Description	Value ($)
		SHORT-TERM INVESTMENTS — 2.1%
		Bank Deposits — 2.1%
	8,680,001	State Street Bank & Trust Euro Time Deposit, 0.01%, due 07/01/11		8,680,001
		TOTAL SHORT-TERM INVESTMENTS (COST $8,680,001)		8,680,001
		TOTAL INVESTMENTS — 100.1% (Cost $334,403,221)		420,549,756
		Other Assets and Liabilities (net) — (0.1)%		(341,295	)
		NET ASSETS — 100.0%	$	420,208,461
		Notes to Schedule of Investments:
		ADR — American Depository Receipt
		* Non-income producing security

See accompanying Notes to the Schedule of Investments.

6

MGI US Large Cap Growth Equity Fund
Schedule of Investments (Continued)
June 30, 2011 (Unaudited)

Asset Class Summary (Unaudited)	% of Total Net Assets
Common Stocks		98.0
Short-Term Investments		2.1
Other Assets and Liabilities (net)		(0.1	)
		100.0	%

See accompanying Notes to the Schedule of Investments.

7

MGI US Large Cap Value Equity Fund
Schedule of Investments
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		COMMON STOCKS — 98.8%
		Advertising — 0.5%
	47,350	Omnicom Group, Inc.		2,280,376
		Aerospace & Defense — 4.8%
	6,881	BAE Systems Plc, Sponsored ADR		140,854
	10,111	Boeing Co. (The)		747,506
	10,111	General Dynamics Corp.		753,472
	49,585	Lockheed Martin Corp.		4,014,897
	69,570	Northrop Grumman Corp.		4,824,680
	119,670	Raytheon Co.		5,965,550
	39,791	United Technologies Corp.		3,521,901
				19,968,860
		Agriculture — 1.3%
	79,654	Philip Morris International, Inc.		5,318,497
	6,296	Reynolds American, Inc.		233,267
				5,551,764
		Airlines — 0.2%
	69,600	Delta Air Lines, Inc.*		638,232
		Auto Manufacturers — 0.5%
	17,900	General Motors Co.*		543,444
	14,813	Navistar International Corp.*		836,342
	9,530	Oshkosh Corp.*		275,798
	21,092	Tata Motors, Ltd., Sponsored ADR		474,781
				2,130,365
		Auto Parts & Equipment — 1.0%
	14,948	Autoliv, Inc.		1,172,671
	25,295	Lear Corp.		1,352,777
	10,043	TRW Automotive Holdings Corp.*		592,838
	12,615	Visteon Corp.*		862,992
				3,981,278
		Banks — 7.1%
	42,239	Banco Santander SA, Sponsored ADR		486,171
	148,428	Bank of America Corp.		1,626,771
	51,065	Barclays Plc, Sponsored ADR		838,998
	26,970	BNP Paribas SA, ADR		1,042,390
	50,500	Capital One Financial Corp.		2,609,335
	79,505	Fifth Third Bancorp		1,013,689
	16,901	HSBC Holdings Plc, Sponsored ADR		838,628
	101,108	KeyCorp		842,230
	5,100	M&T Bank Corp.		448,545
	19,000	Marshall & Ilsley Corp.		151,430

See accompanying Notes to the Schedule of Investments.

8

MGI US Large Cap Value Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		Banks — continued
	62,293	PNC Financial Services Group, Inc.		3,713,286
	6,200	State Street Corp.		279,558
	30,298	SunTrust Banks, Inc.		781,688
	242,961	US Bancorp		6,197,935
	306,623	Wells Fargo & Co.		8,603,841
				29,474,495
		Beverages — 1.6%
	15,711	Anheuser-Busch InBev NV, Sponsored ADR		911,395
	79,632	Coca-Cola Enterprises, Inc.		2,323,662
	17,900	Constellation Brands, Inc. Class A*		372,678
	40,720	Dr Pepper Snapple Group, Inc.		1,707,390
	20,085	PepsiCo, Inc.		1,414,586
				6,729,711
		Biotechnology — 0.7%
	50,461	Amgen, Inc.*		2,944,399
		Chemicals — 0.9%
	6,106	Air Products & Chemicals, Inc.		583,612
	8,364	Albemarle Corp.		578,789
	11,700	CF Industries Holdings, Inc.		1,657,539
	10,946	PPG Industries, Inc.		993,787
				3,813,727
		Coal — 0.5%
	35,405	Peabody Energy Corp.		2,085,709
		Commercial Services — 2.3%
	10,400	DeVry, Inc.		614,952
	80,200	Hertz Global Holdings, Inc.*		1,273,576
	5,000	ITT Educational Services, Inc.*		391,200
	17,430	Manpower, Inc.		935,119
	1,170	Mastercard, Inc. Class A		352,568
	28,760	McKesson Corp.		2,405,774
	32,100	Visa, Inc. Class A		2,704,746
	35,128	Western Union Co. (The)		703,614
				9,381,549
		Computers — 3.1%
	30,639	Accenture Plc		1,851,208
	8,357	Apple, Inc.*		2,805,194
	13,301	CGI Group, Inc. Class A*		327,870
	44,056	EMC Corp.*		1,213,743
	34,884	Hewlett-Packard Co.		1,269,778

See accompanying Notes to the Schedule of Investments.

9

MGI US Large Cap Value Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		Computers — continued
	17,140	International Business Machines Corp.		2,940,367
	4,817	Research In Motion, Ltd.*		138,970
	7,300	SanDisk Corp.*		302,950
	90,649	Seagate Technology PLC		1,464,888
	16,063	Western Digital Corp.*		584,372
				12,899,340
		Cosmetics & Personal Care — 0.0%
	1,306	Procter & Gamble Co. (The)		83,022
		Diversified Financial Services — 7.3%
	59,246	American Express Co.		3,063,018
	14,639	Ameriprise Financial, Inc.		844,377
	96,839	Citigroup, Inc.		4,032,376
	88,545	Discover Financial Services		2,368,579
	36,632	Goldman Sachs Group, Inc.		4,875,353
	301,885	JPMorgan Chase & Co.		12,359,172
	1,400	LPL Investment Holdings, Inc.*		47,894
	2,100	Nasdaq OMX Group (The), Inc.*		53,130
	15,446	Raymond James Financial, Inc.		496,589
	132,861	SLM Corp.		2,233,393
				30,373,881
		Electric — 2.3%
	139,600	AES Corp. (The)*		1,778,504
	9,500	Alliant Energy Corp.		386,270
	5,000	Ameren Corp.		144,200
	34,724	American Electric Power Co., Inc.		1,308,400
	17,100	DTE Energy Co.		855,342
	29,725	Edison International		1,151,844
	6,000	NRG Energy, Inc.*		147,480
	41,036	NV Energy, Inc.		629,903
	13,617	PG&E Corp.		572,322
	23,830	PPL Corp.		663,189
	38,469	Public Service Enterprise Group, Inc.		1,255,628
	28,400	TECO Energy, Inc.		536,476
				9,429,558
		Electronics — 1.1%
	2,000	Agilent Technologies, Inc.*		102,220
	42,051	Avnet, Inc.*		1,340,586
	40,600	Jabil Circuit, Inc.		820,120
	9,100	PerkinElmer, Inc.		244,881
	31,972	TE Connectivity, Ltd.		1,175,291
	13,481	Thermo Fisher Scientific, Inc.*		868,041
				4,551,139

See accompanying Notes to the Schedule of Investments.

10

MGI US Large Cap Value Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		Engineering & Construction — 0.1%
	4,700	Fluor Corp.		303,902
		Entertainment — 0.2%
	31,470	Cinemark Holdings, Inc.		651,744
		Food — 3.0%
	23,060	ConAgra Foods, Inc.		595,179
	28,595	Kraft Foods, Inc. Class A		1,007,402
	37,572	Nestle SA, Sponsored ADR		2,343,741
	99,778	Safeway, Inc.		2,331,812
	191,581	Sara Lee Corp.		3,638,123
	85,515	Tyson Foods, Inc. Class A		1,660,701
	30,469	Unilever NV, ADR		1,000,907
				12,577,865
		Forest Products & Paper — 0.4%
	8,769	Domtar Corp.		830,600
	13,775	Rayonier, Inc.		900,196
				1,730,796
		Gas — 0.6%
	9,600	Energen Corp.		542,400
	17,795	Petrobakken Energy Ltd. Class A		241,122
	22,809	Sempra Energy		1,206,140
	18,300	UGI Corp.		583,587
				2,573,249
		Health Care - Products — 2.4%
	41,500	CareFusion Corp.*		1,127,555
	48,324	Covidien Plc		2,572,287
	91,364	Johnson & Johnson		6,077,533
				9,777,375
		Health Care - Services — 4.2%
	40,605	Aetna, Inc.		1,790,274
	6,791	DaVita, Inc.*		588,169
	52,097	Humana, Inc.		4,195,892
	13,500	Quest Diagnostics, Inc.		797,850
	97,258	UnitedHealth Group, Inc.		5,016,568
	1,000	WellCare Health Plans, Inc.*		51,410
	62,035	WellPoint, Inc.		4,886,497
				17,326,660

See accompanying Notes to the Schedule of Investments.

11

MGI US Large Cap Value Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		Household Products & Wares — 0.0%
	2,500	Tupperware Brands Corp.		168,625
		Insurance — 6.6%
	17,323	ACE, Ltd.		1,140,200
	3,700	Allied World Assurance Co. Holdings, Ltd.		213,046
	17,895	American Financial Group, Inc.		638,673
	23,600	Assurant, Inc.		855,972
	13,104	Assured Guaranty, Ltd.		213,726
	45,858	Berkshire Hathaway, Inc. Class B*		3,548,951
	53,782	Chubb Corp.		3,367,291
	14,962	Hartford Financial Services Group (The), Inc.		394,548
	49,316	Lincoln National Corp.		1,405,013
	77,413	Metlife, Inc.		3,396,108
	8,703	Protective Life Corp.		201,300
	52,318	Prudential Financial, Inc.		3,326,902
	10,653	Reinsurance Group of America, Inc.		648,342
	102,354	Travelers Cos. (The), Inc.		5,975,426
	19,491	Unum Group		496,631
	27,815	Validus Holdings, Ltd.		860,874
	5,200	Willis Group Holdings Plc		213,772
	26,894	XL Group Plc		591,130
				27,487,905
		Internet — 0.8%
	59,938	eBay, Inc.*		1,934,199
	32,580	IAC/InterActiveCorp*		1,243,579
				3,177,778
		Investment Companies — 0.1%
	42,300	American Capital, Ltd.*		420,039
		Iron & Steel — 0.4%
	10,100	Cliffs Natural Resources, Inc.		933,745
	12,570	Reliance Steel & Aluminum Co.		624,100
				1,557,845
		Leisure Time — 0.3%
	25,362	Carnival Corp.		954,372
	3,400	Polaris Industries, Inc.		377,978
				1,332,350
		Media — 6.2%
	58,655	CBS Corp. Class B		1,671,081
	121,368	Comcast Corp. Class A		3,075,465
	71,138	DIRECTV Class A*		3,615,233
	56,100	DISH Network Corp. Class A*		1,720,587

See accompanying Notes to the Schedule of Investments.

12

MGI US Large Cap Value Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		Media — continued
	60,292	Liberty Global, Inc.*		2,715,552
	14,509	Liberty Media Corp. — Starz Series A*		1,091,657
	20,495	McGraw-Hill Cos. (The), Inc.		858,945
	44,396	Time Warner Cable, Inc.		3,464,664
	93,057	Time Warner, Inc.		3,384,483
	57,661	Viacom, Inc. Class B		2,940,711
	34,043	Walt Disney Co. (The)		1,329,039
				25,867,417
		Mining — 0.9%
	19,234	BHP Billiton, Ltd., Sponsored ADR		1,820,113
	34,043	Freeport-McMoran Copper & Gold, Inc. Class B		1,800,875
				3,620,988
		Miscellaneous - Manufacturing — 2.8%
	124,938	General Electric Co.		2,356,331
	31,690	Honeywell International, Inc.		1,888,407
	47,542	Illinois Tool Works, Inc.		2,685,647
	15,975	ITT Corp.		941,407
	6,115	Siemens AG, Sponsored ADR		840,996
	58,328	Tyco International, Ltd.		2,883,153
				11,595,941
		Office & Business Equipment — 0.2%
	93,675	Xerox Corp.		975,157
		Oil & Gas — 9.0%
	8,800	Anadarko Petroleum Corp.		675,488
	23,660	Apache Corp.		2,919,408
	20,435	Canadian Natural Resources, Ltd.		855,409
	71,112	Chevron Corp.		7,313,158
	58,580	ConocoPhillips		4,404,630
	4,600	CVR Energy, Inc.*		113,252
	30,836	Devon Energy Corp.		2,430,185
	11,264	EOG Resources, Inc.		1,177,651
	55,463	Exxon Mobil Corp.		4,513,579
	28,596	Hess Corp.		2,137,837
	13,916	Noble Energy, Inc.		1,247,291
	56,374	Occidental Petroleum Corp.		5,865,151
	21,545	Royal Dutch Shell PLC, ADR		1,532,496
	7,225	SM Energy Co.		530,893
	69,551	Valero Energy Corp.		1,778,419
				37,494,847

See accompanying Notes to the Schedule of Investments.

13

MGI US Large Cap Value Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		Oil & Gas Services — 0.2%
	11,400	Complete Production Services, Inc.*		380,304
	8,400	Oceaneering International, Inc.		340,200
				720,504
		Packaging & Containers — 0.3%
	16,497	Ball Corp.		634,475
	8,750	Rock-Tenn Co. Class A		580,475
				1,214,950
		Pharmaceuticals — 5.3%
	11,721	AstraZeneca Plc, Sponsored ADR		586,870
	87,302	Bristol-Myers Squibb Co.		2,528,266
	6,127	Eli Lilly & Co.		229,946
	40,502	Gilead Sciences, Inc.*		1,677,188
	11,748	Herbalife, Ltd.		677,155
	45,875	Medco Health Solutions, Inc.*		2,592,855
	111,054	Merck & Co., Inc.		3,919,096
	10,885	Omnicare, Inc.		347,123
	460,805	Pfizer, Inc.		9,492,583
				22,051,082
		REITS — 1.6%
	6,741	AvalonBay Communities, Inc. REIT		865,544
	8,341	Boston Properties, Inc. REIT		885,481
	8,300	CBL & Associates Properties, Inc. REIT		150,479
	7,388	CommonWealth REIT		190,906
	13,000	Developers Diversified Realty Corp. REIT		183,300
	16,300	Duke Realty Corp. REIT		228,363
	2,400	Equity Lifestyle Properties, Inc. REIT		149,856
	10,100	Hospitality Properties Trust REIT		244,925
	10,500	Public Storage REIT		1,197,105
	20,213	Simon Property Group, Inc. REIT		2,349,357
				6,445,316
		Retail — 5.7%
	24,662	Best Buy Co., Inc.		774,633
	120,906	CVS Caremark Corp.		4,543,647
	142,150	Gap , Inc.(The)		2,572,915
	16,520	Home Depot, Inc.		598,354
	32,191	Kohl’s Corp.		1,609,872
	49,550	Lowe’s Cos., Inc.		1,155,011
	44,406	Macy’s, Inc.		1,298,431
	23,616	McDonald’s Corp.		1,991,301
	40,949	Target Corp.		1,920,918
	38,503	TJX Cos. (The), Inc.		2,022,563

See accompanying Notes to the Schedule of Investments.

14

MGI US Large Cap Value Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		Retail — continued
	90,982	Wal-Mart Stores, Inc.		4,834,784
	12,398	Walgreen Co.		526,419
				23,848,848
		Semiconductors — 0.5%
	19,800	Intel Corp.		438,768
	49,703	Texas Instruments, Inc.		1,631,749
				2,070,517
		Shipbuilding — 0.2%
	21,509	Huntington Ingalls Industries, Inc.*		742,060
		Software — 2.9%
	58,200	Activision Blizzard, Inc.		679,776
	11,000	Global Payments, Inc.		561,000
	255,021	Microsoft Corp.		6,630,546
	125,118	Oracle Corp.		4,117,633
				11,988,955
		Telecommunications — 7.9%
	1,700	Amdocs, Ltd.*		51,663
	163,238	AT&T, Inc.		5,127,306
	11,007	BCE, Inc.		432,465
	9,700	Cisco Systems, Inc.		151,417
	8,300	Corning, Inc.		150,645
	183,238	Deutsche Telekom AG, Sponsored ADR		2,864,010
	55,895	France Telecom SA, Sponsored ADR		1,190,004
	36,197	Harris Corp.		1,631,037
	198,856	Koninklijke KPN NV, Sponsored ADR		2,911,252
	48,561	Portugal Telecom, SGPS, SA, Sponsored ADR		477,840
	84,605	Rogers Communications, Inc. Class B		3,343,590
	17,749	Tele Norte Leste Participacoes SA, ADR		275,819
	44,431	Telecomunicacoes de Sao Paulo SA, ADR		1,319,601
	84,828	Telefonica SA, Sponsored ADR		2,077,438
	218,561	Telstra Corp., Ltd., ADR		3,411,737
	150,053	Verizon Communications, Inc.		5,586,473
	70,600	Vodafone Group Plc, Sponsored ADR		1,886,432
				32,888,729
		Transportation — 0.7%
	19,400	CSX Corp.		508,668
	1,600	FedEx Corp.		151,760
	20,063	Union Pacific Corp.		2,094,577
	2,000	United Parcel Service, Inc. Class B		145,860
				2,900,865

See accompanying Notes to the Schedule of Investments.

15

MGI US Large Cap Value Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		Water — 0.1%
	19,906	American Water Works Co., Inc.		586,232
		TOTAL COMMON STOCKS (COST $357,296,720)		410,415,946
Par Value ($)		Description	Value ($)
		SHORT-TERM INVESTMENTS — 1.3%
		Bank Deposit — 1.3%
	5,277,586	State Street Bank & Trust Euro Time Deposit, 0.01%, due 07/01/11		5,277,586
		TOTAL SHORT-TERM INVESTMENTS (COST $5,277,586)		5,277,586
		TOTAL INVESTMENTS — 100.1% (Cost $362,574,306)		415,693,532
		Other Assets and Liabilities (net) — (0.1)%		(368,603	)
		NET ASSETS — 100.0%	$	415,324,929
		Notes to Schedule of Investments:
		ADR — American Depository Receipt
		REIT — Real Estate Investment Trust
		* Non-income producing security

See accompanying Notes to the Schedule of Investments.

16

MGI US Large Cap Value Equity Fund
Schedule of Investments (Continued)
June 30, 2011 (Unaudited)

Asset Class Summary (Unaudited)	% of Total Net Assets
Common Stocks		98.8
Short-Term Investments		1.3
Other Assets and Liabilities (net)		(0.1	)
		100.0	%

See accompanying Notes to the Schedule of Investments.

17

MGI US Small/Mid Cap Growth Equity Fund
Schedule of Investments
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		COMMON STOCKS — 98.0%
		Advertising — 0.6%
	61,866	Lamar Advertising Co. Class A*		1,693,272
		Aerospace & Defense — 1.6%
	25,704	Aerovironment, Inc.*		908,637
	57,821	BE Aerospace, Inc.*		2,359,675
	7,575	Teledyne Technologies, Inc.*		381,477
	8,907	TransDigm Group, Inc.*		812,229
				4,462,018
		Apparel — 1.9%
	17,406	Ascena Retail Group, Inc.*		592,675
	19,837	Carter’s, Inc.*		610,186
	51,583	CROCS, Inc.*		1,328,262
	27,345	Phillips-Van Heusen Corp.		1,790,277
	8,290	Under Armour, Inc. Class A*		640,900
	9,360	Wolverine World Wide, Inc.		390,780
				5,353,080
		Auto Manufacturers — 0.2%
	11,800	Navistar International Corp.*		666,228
		Auto Parts & Equipment — 1.0%
	49,727	Amerigon, Inc. Class A*		864,255
	96,150	Goodyear Tire & Rubber Co. (The)*		1,612,436
	17,939	Titan International, Inc.		435,200
				2,911,891
		Banks — 0.9%
	38,743	Eagle Bancorp, Inc.*		515,282
	34,473	East-West Bancorp, Inc.		696,699
	19,881	First Republic Bank/San Francisco CA*		641,759
	212,643	Popular, Inc.*		586,895
				2,440,635
		Beverages — 0.7%
	37,300	Peet’s Coffee & Tea, Inc.*		2,152,210
		Biotechnology — 2.3%
	48,112	Alexion Pharmaceuticals, Inc.*		2,262,707
	44,100	Halozyme Therapeutics, Inc.*		304,731
	24,339	Illumina, Inc.*		1,829,076
	24,448	Incyte Corp.*		463,045
	19,830	Life Technologies Corp.*		1,032,548

See accompanying Notes to the Schedule of Investments.

18

MGI US Small/Mid Cap Growth Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		Biotechnology — continued
	34,550	NPS Pharmaceuticals, Inc.*		326,498
	5,261	United Therapeutics Corp.*		289,881
				6,508,486
		Chemicals — 1.5%
	21,293	Airgas, Inc.		1,491,362
	29,930	Celanese Corp.		1,595,568
	24,320	Westlake Chemical Corp.		1,262,208
				4,349,138
		Coal — 1.5%
	49,189	Alpha Natural Resources, Inc.*		2,235,148
	33,360	Consol Energy, Inc.		1,617,293
	4,546	Walter Energy, Inc.		526,427
				4,378,868
		Commercial Services — 8.8%
	15,040	Alliance Data Systems Corp.*		1,414,813
	34,468	Coinstar, Inc.*		1,879,885
	37,870	ExamWorks Group, Inc.*		961,519
	35,514	FleetCor Technologies, Inc.*		1,052,635
	61,349	Genpact, Ltd.*		1,057,657
	83,680	Healthcare Services Group		1,359,800
	81,568	Heartland Payment Systems, Inc.		1,680,301
	110,370	Hertz Global Holdings, Inc.*		1,752,676
	28,742	iSoftstone Holdings, Ltd., ADR*		440,040
	17,100	ITT Educational Services, Inc.*		1,337,904
	6,810	New Oriental Education & Technology Group, Sponsored ADR*		760,813
	17,044	Parexel International Corp.*		401,557
	58,911	Quanta Services, Inc.*		1,190,002
	92,927	Ritchie Bros Auctioneers, Inc.		2,554,563
	25,455	RSC Holdings, Inc.*		304,442
	3,223	Sotheby’s		140,200
	17,300	Strayer Education, Inc.		2,186,547
	29,139	Verisk Analytics, Inc. Class A*		1,008,792
	48,265	Weight Watchers International, Inc.		3,642,559
				25,126,705
		Computers — 3.0%
	162,530	Brocade Communications Systems, Inc.*		1,049,944
	16,973	Fortinet, Inc.*		463,193
	16,965	IHS, Inc. Class A*		1,415,220
	25,772	MICROS Systems, Inc.*		1,281,126
	66,363	RealD, Inc.*		1,552,231

See accompanying Notes to the Schedule of Investments.

19

MGI US Small/Mid Cap Growth Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		Computers — continued
	18,330	Syntel, Inc.		1,083,670
	31,700	Teradata Corp.*		1,908,340
				8,753,724
		Distribution & Wholesale — 1.9%
	69,899	Fastenal Co.		2,515,665
	37,008	LKQ Corp.*		965,539
	32,460	Pool Corp.		967,633
	18,240	WESCO International, Inc.*		986,601
				5,435,438
		Diversified Financial Services — 4.8%
	33,805	Affiliated Managers Group, Inc.*		3,429,517
	25,030	CBOE Holdings, Inc.		615,738
	12,990	Eaton Vance Corp.		392,688
	44,944	Evercore Partners, Inc. Class A		1,497,534
	5,728	Greenhill & Co., Inc.		308,281
	18,100	IntercontinentalExchange, Inc.*		2,257,251
	20,476	Lazard, Ltd. Class A		759,660
	135,400	MF Global Holdings, Ltd.*		1,047,996
	76,400	optionsXpress Holdings, Inc.		1,274,352
	51,839	SLM Corp.		871,413
	34,420	Waddell & Reed Financial, Inc. Class A		1,251,167
				13,705,597
		Electrical Components & Equipment — 1.0%
	28,180	Ametek, Inc.		1,265,282
	13,606	General Cable Corp.*		579,343
	15,710	Hubbell, Inc.		1,020,365
				2,864,990
		Electronics — 3.7%
	47,304	Amphenol Corp. Class A		2,553,943
	26,183	Dolby Laboratories, Inc. Class A*		1,111,730
	58,750	FLIR Systems, Inc.		1,980,462
	76,893	Gentex Corp.		2,324,475
	30,697	National Instruments Corp.		911,394
	19,227	Sensata Technologies Holding NV*		723,897
	28,556	Trimble Navigation, Ltd.*		1,131,960
				10,737,861
		Engineering & Construction — 1.1%
	18,168	Aecom Technology Corp.*		496,713
	15,528	Chicago Bridge & Iron Co. NV		604,039
	21,970	KBR, Inc.		828,049

See accompanying Notes to the Schedule of Investments.

20

MGI US Small/Mid Cap Growth Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		Engineering & Construction — continued
	37,935	McDermott International, Inc.*		751,493
	12,054	URS Corp.*		539,296
				3,219,590
		Environmental Control — 1.3%
	27,812	Nalco Holding Co.		773,452
	12,405	Stericycle, Inc.*		1,105,534
	54,809	Waste Connections, Inc.		1,739,089
				3,618,075
		Food — 1.3%
	20,280	Ralcorp Holdings, Inc.*		1,755,842
	59,964	Smart Balance, Inc.*		310,614
	27,800	Whole Foods Market, Inc.		1,763,910
				3,830,366
		Hand & Machine Tools — 1.0%
	42,101	Kennametal, Inc.		1,777,083
	16,460	Snap-On, Inc.		1,028,421
				2,805,504
		Health Care - Products — 5.1%
	72,966	ABIOMED, Inc.*		1,182,049
	53,146	Bruker Corp.*		1,082,053
	33,323	CareFusion Corp.*		905,386
	10,678	Cooper Cos. (The), Inc.		846,125
	7,937	Given Imaging, Ltd.*		161,518
	31,467	Henry Schein, Inc.*		2,252,723
	40,110	Hill-Rom Holdings, Inc.		1,846,664
	25,495	Hologic, Inc.*		514,234
	22,702	IDEXX Laboratories, Inc.*		1,760,767
	35,230	Natus Medical, Inc.*		533,734
	31,829	Techne Corp.		2,653,584
	12,521	Tornier BV*		337,441
	8,146	Varian Medical Systems, Inc.*		570,383
				14,646,661
		Health Care - Services — 3.4%
	30,019	Brookdale Senior Living, Inc.*		727,961
	33,300	Community Health Systems, Inc.*		855,144
	35,360	Coventry Health Care, Inc.*		1,289,579
	105,317	Health Management Associates, Inc. Class A*		1,135,317
	41,143	HealthSouth Corp.*		1,080,004
	13,002	LifePoint Hospitals, Inc.*		508,118
	8,450	Mettler-Toledo International, Inc.*		1,425,262

See accompanying Notes to the Schedule of Investments.

21

MGI US Small/Mid Cap Growth Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		Health Care - Services — continued
	24,553	Pediatrix Medical Group, Inc.*		1,772,481
	21,498	Universal Health Services, Inc. Class B		1,107,792
				9,901,658
		Home Furnishings — 0.8%
	8,949	DTS, Inc.*		362,882
	29,130	Harman International Industries, Inc.		1,327,454
	9,499	Tempur-Pedic International, Inc.*		644,222
				2,334,558
		Household Products & Wares — 0.4%
	5,960	Fossil, Inc.*		701,611
	9,390	Scotts Miracle-Gro Co. (The) Class A		481,801
				1,183,412
		Housewares — 0.4%
	73,616	Newell Rubbermaid, Inc.		1,161,660
		Internet — 4.5%
	27,569	21Vianet Group, Inc., ADR*		378,798
	30,030	Check Point Software Technologies*		1,707,206
	11,074	Equinix, Inc.*		1,118,695
	8,370	F5 Networks, Inc.*		922,793
	783	HomeAway, Inc.*		30,302
	22,029	IAC/InterActiveCorp*		840,847
	84,940	j2 Global Communications, Inc.*		2,397,856
	23,204	Pandora Media, Inc.*		438,788
	17,161	Rackspace Hosting, Inc.*		733,461
	53,553	Renren, Inc., ADR*		473,944
	90,120	VeriSign, Inc.		3,015,415
	18,224	WebMD Health Corp.*		830,650
				12,888,755
		Iron & Steel — 0.2%
	11,958	Schnitzer Steel Industries, Inc. Class A		688,781
		Leisure Time — 0.5%
	60,165	Interval Leisure Group, Inc.*		823,659
	16,207	WMS Industries, Inc.*		497,879
				1,321,538
		Lodging — 0.2%
	21,056	Choice Hotels International, Inc.		702,428

See accompanying Notes to the Schedule of Investments.

22

MGI US Small/Mid Cap Growth Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		Lodging — continued
		Machinery — Construction & Mining — 0.3%
	7,572	Joy Global, Inc.		721,157
		Machinery - Diversified — 2.9%
	44,800	Graco, Inc.		2,269,568
	46,609	IDEX Corp.		2,137,023
	44,901	Manitowoc Co. (The), Inc.		756,133
	4,279	Middleby Corp.*		402,397
	12,272	Robbins & Myers, Inc.		648,575
	26,925	Roper Industries, Inc.		2,242,852
				8,456,548
		Mining — 0.6%
	14,220	Compass Minerals International, Inc.		1,223,915
	30,219	Titanium Metals Corp.		553,612
				1,777,527
		Miscellaneous - Manufacturing — 1.5%
	19,469	Actuant Corp. Class A		522,353
	16,064	CLARCOR, Inc.		759,506
	30,590	Crane Co.		1,511,452
	9,971	Polypore International, Inc.*		676,432
	63,491	STR Holdings, Inc.*		947,286
				4,417,029
		Oil & Gas — 3.2%
	66,860	Denbury Resources, Inc.*		1,337,200
	25,810	Ensco Plc, Sponsored ADR		1,375,673
	9,521	Helmerich & Payne, Inc.		629,529
	19,150	Patterson-UTI Energy, Inc.		605,332
	35,165	PetroHawk Energy Corp.*		867,521
	102,464	Rex Energy Corp.*		1,052,305
	62,140	Tesoro Corp.*		1,423,627
	31,175	Whiting Petroleum Corp.*		1,774,169
				9,065,356
		Oil & Gas Services — 2.6%
	16,225	Complete Production Services, Inc.*		541,266
	48,257	Core Laboratories NV		5,382,586
	21,134	Dril-Quip, Inc.*		1,433,519
				7,357,371
		Packaging & Containers — 0.8%
	30,790	Crown Holdings, Inc.*		1,195,268
	36,960	Packaging Corp. of America		1,034,510
				2,229,778

See accompanying Notes to the Schedule of Investments.

23

MGI US Small/Mid Cap Growth Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		Pharmaceuticals — 2.7%
	21,304	BioMarin Pharmaceutical, Inc.*		579,682
	13,048	Catalyst Health Solutions, Inc.*		728,339
	103,630	Elan Corp. Plc, Sponsored ADR*		1,178,273
	27,183	Impax Laboratories, Inc.*		592,318
	19,651	Medicis Pharmaceutical Corp. Class A		750,079
	27,300	Perrigo Co.		2,398,851
	8,312	Pharmasset, Inc.*		932,606
	18,633	Sagent Pharmaceuticals, Inc.*		502,718
	37,600	Santarus, Inc.*		126,712
				7,789,578
		Real Estate — 0.5%
	59,950	CB Richard Ellis Group, Inc. Class A*		1,505,345
		REITS — 0.6%
	44,890	Hospitality Properties Trust REIT		1,088,582
	26,925	Lasalle Hotel Properties REIT		709,205
				1,797,787
		Retail — 4.7%
	55,202	Dick’s Sporting Goods, Inc.*		2,122,517
	25,000	DineEquity, Inc.*		1,306,750
	69,032	Foot Locker, Inc.		1,640,200
	30,559	GameStop Corp. Class A*		815,009
	13,373	MSC Industrial Direct Co., Inc Class A*		886,764
	16,740	O’Reilly Automotive, Inc.*		1,096,637
	106,432	OfficeMax, Inc.*		835,491
	4,611	Panera Bread Co. Class A*		579,418
	35,033	Petsmart, Inc.		1,589,447
	23,791	Rue21, Inc.*		773,208
	40,113	Texas Roadhouse, Inc. Class A		703,381
	42,330	Urban Outfitters, Inc.*		1,191,590
				13,540,412
		Semiconductors — 5.1%
	44,687	Atmel Corp.*		628,746
	32,252	Avago Technologies, Ltd.		1,225,576
	19,463	Cavium, Inc.*		848,392
	24,658	Cypress Semiconductor Corp.*		521,270
	34,396	Hittite Microwave Corp.*		2,129,456
	22,810	International Rectifier Corp.*		637,996
	24,574	Linear Technology Corp.		811,433
	165,560	LSI Corp.*		1,178,787
	27,119	Microsemi Corp.*		555,939
	14,006	Netlogic Microsystems, Inc.*		566,123
	9,920	Novellus Systems, Inc.*		358,509

See accompanying Notes to the Schedule of Investments.

24

MGI US Small/Mid Cap Growth Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		Semiconductors — continued
	140,300	ON Semiconductor Corp.*		1,468,941
	20,016	Rovi Corp.*		1,148,118
	47,160	Teradyne, Inc.*		697,968
	47,274	Xilinx, Inc.		1,724,083
				14,501,337
		Software — 8.5%
	29,679	ANSYS, Inc.*		1,622,551
	28,000	athenahealth, Inc.*		1,150,800
	74,842	Blackbaud, Inc.		2,074,620
	27,180	BMC Software, Inc.*		1,486,746
	7,287	Concur Technologies, Inc.*		364,860
	85,791	Emdeon, Inc. Class A*		1,125,578
	36,643	Global Payments, Inc.		1,868,793
	25,770	Informatica Corp.*		1,505,741
	45,398	InterXion Holding NV*		687,326
	58,601	Medassets, Inc.*		782,910
	120,215	MSCI, Inc. Class A*		4,529,701
	77,440	Nuance Communications, Inc.*		1,662,637
	60,718	SuccessFactors, Inc.*		1,785,109
	85,817	VeriFone Systems, Inc.*		3,805,984
				24,453,356
		Telecommunications — 6.3%
	26,768	ADTRAN, Inc.		1,036,189
	26,296	Aruba Networks, Inc.*		777,047
	44,956	DigitalGlobe, Inc.*		1,142,332
	10,716	IPG Photonics Corp.*		779,160
	26,387	JDS Uniphase Corp.*		439,607
	35,786	NICE Systems, Ltd., Sponsored ADR*		1,301,179
	49,722	NII Holdings, Inc. Class B*		2,107,218
	58,165	Polycom, Inc.*		3,740,010
	135,983	SBA Communications Corp.*		5,193,191
	72,702	tw telecom, Inc. Class A*		1,492,572
				18,008,505
		Transportation — 2.1%
	8,013	Atlas Air Worldwide Holdings, Inc.*		476,854
	41,000	Expeditors International of Washington, Inc.		2,098,790
	13,582	Genesee & Wyoming, Inc. Class A*		796,448
	9,454	Kirby Corp.*		535,758

See accompanying Notes to the Schedule of Investments.

25

MGI US Small/Mid Cap Growth Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		Transportation — continued
	31,430	Landstar System, Inc.		1,460,866
	37,745	Roadrunner Transportation Systems, Inc.*		569,195
				5,937,911
		TOTAL COMMON STOCKS (COST $228,789,907)		281,402,124
Par Value ($)		Description	Value ($)
		SHORT-TERM INVESTMENTS — 1.8%
		Bank Deposits — 1.8%
	5,149,692	State Street Bank & Trust Euro Time Deposit, 0.01%, due 07/01/11		5,149,692
		TOTAL SHORT-TERM INVESTMENTS (COST $5,149,692)		5,149,692
		TOTAL INVESTMENTS — 99.8% (Cost $233,939,599)		286,551,816
		Other Assets and Liabilities (net) — 0.2%		568,105
		NET ASSETS — 100.0%	$	287,119,921
		Notes to Schedule of Investments:
		ADR — American Depository Receipt
		REIT — Real Estate Investment Trust
		* Non-income producing security

See accompanying Notes to the Schedule of Investments.

26

MGI US Small/Mid Cap Growth Equity Fund
Schedule of Investments (Continued)
June 30, 2011 (Unaudited)

Asset Class Summary (Unaudited)	% of Total Net Assets
Common Stocks		98.0
Short-Term Investments		1.8
Other Assets and Liabilities (net)		0.2
		100.0	%

See accompanying Notes to the Schedule of Investments.

27

MGI US Small/Mid Cap Value Equity Fund
Schedule of Investments
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		COMMON STOCKS — 98.7%
		Aerospace & Defense — 1.1%
	3,100	Alliant Techsystems, Inc.		221,123
	3,900	Curtiss-Wright Corp.		126,243
	7,800	Esterline Technologies Corp.*		595,920
	9,000	GenCorp, Inc.*		57,780
	50,900	Orbital Sciences Corp.*		857,665
	12,375	Triumph Group, Inc.		1,232,303
				3,091,034
		Agriculture — 0.0%
	2,100	Universal Corp.		79,107
		Airlines — 0.3%
	3,500	Alaska Air Group, Inc.*		239,610
	7,130	Allegiant Travel Co.*		352,935
	23,400	Hawaiian Holdings, Inc.*		133,380
	5,600	Skywest, Inc.		84,336
	18,100	US Airways Group, Inc.*		161,271
				971,532
		Apparel — 1.4%
	26,790	Ascena Retail Group, Inc.*		912,200
	20,300	Guess?, Inc.		853,818
	25,275	Phillips-Van Heusen Corp.		1,654,754
	8,980	Skechers U.S.A., Inc. Class A*		130,030
	15,100	True Religion Apparel, Inc.*		439,108
				3,989,910
		Auto Parts & Equipment — 1.6%
	52,500	American Axle & Manufacturing Holdings, Inc.*		597,450
	1,500	Autoliv, Inc.		117,675
	64,500	Exide Technologies*		492,780
	47,050	Lear Corp.		2,516,234
	3,800	Superior Industries International, Inc.		84,018
	11,100	TRW Automotive Holdings Corp.*		655,233
				4,463,390
		Banks — 6.3%
	7,400	Associated Banc-Corp.		102,860
	6,400	Bank of Hawaii Corp.		297,728
	9,400	BOK Financial Corp.		514,838
	1,500	Chemical Financial Corp.		28,140
	5,900	City Holding Co.		194,877
	1,200	City National Corp.		65,100
	21,453	Commerce Bancshares, Inc.		922,479
	2,600	Cullen/Frost Bankers, Inc.		147,810

See accompanying Notes to the Schedule of Investments.

28

MGI US Small/Mid Cap Value Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		Banks — continued
	102,100	Fifth Third Bancorp		1,301,775
	2,500	First Citizens BancShares, Inc. Class A		468,050
	93,900	First Commonwealth Financial Corp.		538,986
	120,900	Fulton Financial Corp.		1,294,839
	5,852	Hancock Holding Co.		181,295
	411,450	Huntington Bancshares, Inc.		2,699,112
	55,100	International Bancshares Corp.		921,823
	267,750	KeyCorp		2,230,357
	37,100	Marshall & Ilsley Corp.		295,687
	8,400	NBT Bancorp, Inc.		185,892
	56,200	Northwest Bancshares, Inc.		706,996
	60,454	People’s United Financial, Inc.		812,502
	109,900	Popular, Inc.*		303,324
	33,000	Prosperity Bancshares, Inc.		1,446,060
	3,900	S&T Bancorp, Inc.		72,501
	34,000	Texas Capital Bancshares, Inc.*		878,220
	17,700	Webster Financial Corp.		372,054
	100,150	Western Alliance Bancorp*		711,065
	3,900	Zions BanCorp		93,639
				17,788,009
		Beverages — 0.4%
	31,400	Constellation Brands, Inc. Class A*		653,748
	52,600	Cott Corp.*		442,366
				1,096,114
		Biotechnology — 0.2%
	5,200	Medicines Co. (The)*		85,852
	59,800	PDL BioPharma, Inc.		351,026
				436,878
		Building Materials — 1.3%
	11,000	Apogee Enterprises, Inc.		140,910
	61,600	Gibraltar Industries, Inc.*		697,312
	46,600	Owens Corning, Inc.*		1,740,510
	34,300	Quanex Building Products Corp.		562,177
	21,000	Simpson Manufacturing Co., Inc.		627,270
				3,768,179
		Chemicals — 1.6%
	1,700	Ashland, Inc.		109,854
	500	Eastman Chemical Co.		51,035
	31,700	Ferro Corp.*		426,048
	56,725	Huntsman Corp.		1,069,266
	20,325	Innophos Holdings, Inc.		991,860
	5,900	Innospec, Inc.*		198,299

See accompanying Notes to the Schedule of Investments.

29

MGI US Small/Mid Cap Value Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		Chemicals — continued
	11,750	Intrepid Potash, Inc.*		381,875
	3,800	Minerals Technologies, Inc.		251,902
	2,800	OM Group, Inc.*		113,792
	33,800	PolyOne Corp.		522,886
	1,400	Spartech Corp.*		8,526
	7,590	Stepan Co.		538,131
				4,663,474
		Coal — 1.3%
	5,765	Alpha Natural Resources, Inc.*		261,962
	59,700	Cloud Peak Energy, Inc.*		1,271,610
	17,425	Walter Energy, Inc.		2,017,815
				3,551,387
		Commercial Services — 3.7%
	5,030	ABM Industries, Inc.		117,400
	21,900	Career Education Corp.*		463,185
	5,880	Chemed Corp.		385,258
	35,900	Convergys Corp.*		489,676
	33,935	Equifax, Inc.		1,178,223
	6,500	Euronet Worldwide, Inc.*		100,165
	52,480	Geo Group (The), Inc.*		1,208,615
	9,600	Great Lakes Dredge & Dock Corp.		53,568
	18,500	Heidrick & Struggles International, Inc.		418,840
	90,025	Hertz Global Holdings, Inc.*		1,429,597
	8,900	ICF International, Inc.*		225,882
	14,020	Insperity, Inc.		415,132
	13,647	Ituran Location and Control, Ltd.		192,286
	14,300	Kelly Services, Inc. Class A*		235,950
	10,700	Korn/Ferry International*		235,293
	3,900	Lincoln Educational Services Corp.		66,885
	35,940	Rent-A-Center, Inc.		1,098,326
	29,500	Service Corp. International		344,560
	10,400	Stewart Enterprises, Inc. Class A		75,920
	5,100	TeleTech Holdings, Inc.*		107,508
	37,170	Total System Services, Inc.		690,619
	10,700	Viad Corp.		238,503
	10,125	Weight Watchers International, Inc.		764,134
				10,535,525
		Computers — 2.1%
	225,316	Brocade Communications Systems, Inc.*		1,455,541
	126,300	Cadence Design Systems, Inc.*		1,333,728
	20,920	DST Systems, Inc.		1,104,576
	14,000	Lexmark International, Inc. Class A*		409,640

See accompanying Notes to the Schedule of Investments.

30

MGI US Small/Mid Cap Value Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		Computers — continued
	10,600	Unisys Corp.*		272,420
	35,600	Western Digital Corp.*		1,295,128
				5,871,033
		Cosmetics & Personal Care — 0.6%
	62,380	Elizabeth Arden, Inc.*		1,810,891
		Distribution & Wholesale — 1.2%
	78,530	Ingram Micro, Inc. Class A*		1,424,534
	32,200	United Stationers, Inc.		1,140,846
	14,411	WESCO International, Inc.*		779,491
				3,344,871
		Diversified Financial Services — 3.3%
	8,890	Artio Global Investors, Inc.		100,457
	78,200	Discover Financial Services		2,091,850
	28,430	Federated Investors, Inc. Class B		677,771
	39,700	Invesco, Ltd.		928,980
	26,800	Investment Technology Group, Inc.*		375,736
	78,050	Knight Capital Group, Inc. Class A*		860,111
	25,200	Nelnet, Inc. Class A		555,912
	9,400	Oppenheimer Holdings, Inc. Class A		265,174
	64,125	Raymond James Financial, Inc.		2,061,619
	83,400	SLM Corp.		1,401,954
				9,319,564
		Electric — 2.8%
	19,830	Avista Corp.		509,433
	114,675	CMS Energy Corp.		2,257,951
	4,000	DPL, Inc.		120,640
	7,700	El Paso Electric Co.		248,710
	19,100	Integrys Energy Group, Inc.		990,144
	12,000	Northeast Utilities		422,040
	7,300	NSTAR		335,654
	10,500	NV Energy, Inc.		161,175
	58,400	Pepco Holdings, Inc.		1,146,392
	13,700	Pinnacle West Capital Corp.		610,746
	9,000	Portland General Electric Co.		227,520
	7,400	TECO Energy, Inc.		139,786
	21,540	Unisource Energy Corp.		804,088
				7,974,279

See accompanying Notes to the Schedule of Investments.

31

MGI US Small/Mid Cap Value Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		Electrical Components & Equipment — 0.7%
	18,100	Belden, Inc.		630,966
	63,500	GrafTech International, Ltd.*		1,287,145
	1,400	Hubbell, Inc.		90,930
				2,009,041
		Electronics — 2.5%
	34,462	Arrow Electronics, Inc.*		1,430,173
	38,494	Avnet, Inc.*		1,227,189
	25,200	AVX Corp.		384,048
	21,804	Coherent, Inc.*		1,205,107
	8,490	Cubic Corp.		432,905
	10,700	Kemet Corp.*		152,903
	10,600	Methode Electronics, Inc.		123,066
	4,500	Newport Corp.*		81,765
	4,900	Park Electrochemical Corp.		136,955
	7,300	Thomas & Betts Corp.*		393,105
	82,700	Vishay Intertechnology, Inc.*		1,243,808
	3,800	Watts Water Technologies, Inc.		134,558
				6,945,582
		Energy-Alternate Sources — 0.0%
	4,600	Covanta Holding Corp.		75,854
	317	Sunpower Corp. Class A*		6,128
				81,982
		Engineering & Construction — 1.5%
	8,500	Dycom Industries, Inc.*		138,890
	82,625	KBR, Inc.		3,114,136
	25,680	Tutor Perini Corp.		492,543
	11,100	URS Corp.*		496,614
				4,242,183
		Entertainment — 0.8%
	10,550	Ascent Media Corp.*		558,833
	6,055	International Speedway Corp. Class A		172,023
	44,110	Madison Square Garden, Inc.*		1,214,348
	6,600	Penn National Gaming, Inc.*		266,244
				2,211,448
		Environmental Control — 0.0%
	2,250	Waste Connections, Inc.		71,393
		Food — 4.4%
	12,000	B&G Foods, Inc. Class A		247,440
	12,500	Chiquita Brands International, Inc.*		162,750
	8,000	Dole Food Co., Inc.*		108,160

See accompanying Notes to the Schedule of Investments.

32

MGI US Small/Mid Cap Value Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		Food — continued
	2,550	Flowers Foods, Inc.		56,202
	45,700	Fresh Del Monte Produce, Inc.		1,218,819
	32,250	Hain Celestial Group (The), Inc.*		1,075,860
	42,700	Hormel Foods Corp.		1,272,887
	12,524	Industries Bachoco, S.A.B., Sponsored ADR		301,828
	11,200	J&J Snack Foods Corp.		558,320
	16,900	Nash Finch Co.		605,189
	50,010	Ruddick Corp.		2,177,435
	121,375	Smithfield Foods, Inc.*		2,654,471
	18,350	TreeHouse Foods, Inc.*		1,002,094
	16,563	Village Super Market, Inc. Class A		458,961
	65,930	Winn-Dixie Stores, Inc.*		557,109
				12,457,525
		Forest Products & Paper — 2.4%
	82,900	Boise, Inc.		645,791
	2,000	Buckeye Technologies, Inc.		53,960
	8,550	Clearwater Paper Corp.*		583,794
	20,800	Domtar Corp.		1,970,176
	31,700	KapStone Paper and Packaging Corp.*		525,269
	41,275	MeadWestvaco Corp.		1,374,870
	3,900	Potlatch Corp.		137,553
	9,400	Rayonier, Inc.		614,290
	28,216	Temple-Inland, Inc.		839,144
				6,744,847
		Gas — 1.9%
	4,700	AGL Resources, Inc.		191,337
	6,700	Atmos Energy Corp.		222,775
	41,660	Energen Corp.		2,353,790
	12,200	Laclede Group (The), Inc.		461,526
	3,200	Nicor, Inc.		175,168
	69,325	NiSource, Inc.		1,403,831
	4,400	Southwest Gas Corp.		169,884
	9,700	UGI Corp.		309,333
				5,287,644
		Health Care - Products — 1.9%
	12,300	Cooper Cos. (The), Inc.		974,652
	14,100	Greatbatch, Inc.*		378,162
	2,400	Hill-Rom Holdings, Inc.		110,496
	22,290	ICU Medical, Inc.*		974,073
	27,420	Immucor, Inc.*		559,917
	11,300	Invacare Corp.		375,047

See accompanying Notes to the Schedule of Investments.

33

MGI US Small/Mid Cap Value Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		Health Care - Products — continued
	10,400	Kinetic Concepts, Inc.*		599,352
	37,240	STERIS Corp.		1,302,655
				5,274,354
		Health Care - Services — 2.8%
	4,900	Almost Family, Inc.*		134,260
	3,800	Amedisys, Inc.*		101,194
	5,200	Amsurg Corp.*		135,876
	16,090	Ensign Group (The), Inc.		488,975
	209,475	Health Management Associates, Inc. Class A*		2,258,140
	76,975	Health Net, Inc.*		2,470,128
	10,100	Healthways, Inc.*		153,318
	8,400	Kindred Healthcare, Inc.*		180,348
	15,400	LifePoint Hospitals, Inc.*		601,832
	9,600	Magellan Health Services, Inc.*		525,504
	4,100	National Healthcare Corp.		203,237
	14,500	WellCare Health Plans, Inc.*		745,445
				7,998,257
		Home Builders — 0.1%
	35,500	D.R. Horton, Inc.		408,960
		Home Furnishings — 0.1%
	10,600	Leggett & Platt, Inc.		258,428
		Household Products & Wares — 0.3%
	29,300	American Greetings Corp. Class A		704,372
	25,100	Central Garden and Pet Co. Class A*		254,765
				959,137
		Insurance — 7.1%
	2,303	Alleghany Corp.*		767,152
	28,250	Allied World Assurance Co. Holdings, Ltd.		1,626,635
	40,340	Alterra Capital Holdings, Ltd.		899,582
	19,200	American Financial Group, Inc.		685,248
	14,700	Arch Capital Group, Ltd.*		469,224
	8,100	Argo Group International Holdings, Ltd.		240,732
	12,600	Aspen Insurance Holdings, Ltd.		324,198
	2,300	Assurant, Inc.		83,421
	8,800	Axis Capital Holdings, Ltd.		272,448
	15,900	CNO Financial Group, Inc.*		125,769
	23,100	Endurance Specialty Holdings, Ltd.		954,723
	5,000	Fidelity National Financial, Inc. Class A		78,700
	53,900	Horace Mann Educators Corp.		841,379
	11,300	Infinity Property & Casualty Corp.		617,658
	78,000	Lincoln National Corp.		2,222,220

See accompanying Notes to the Schedule of Investments.

34

MGI US Small/Mid Cap Value Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		Insurance — continued
	12,800	Meadowbrook Insurance Group, Inc.		126,848
	8,175	Navigators Group, Inc.*		384,225
	26,760	PartnerRe, Ltd.		1,842,426
	7,700	Primerica, Inc.		169,169
	7,300	Protective Life Corp.		168,849
	23,590	Reinsurance Group of America, Inc.		1,435,687
	3,200	Tower Group, Inc.		76,224
	6,000	Transatlantic Holdings, Inc.		294,060
	9,200	Unitrin, Inc.		272,964
	17,700	Universal American Corp.		193,815
	24,345	Validus Holdings, Ltd.		753,478
	3,028	White Mountains Insurance Group, Ltd.		1,272,245
	14,800	Willis Group Holdings Plc		608,428
	22,660	WR Berkley Corp.		735,090
	74,125	XL Group Plc		1,629,268
				20,171,865
		Internet — 0.9%
	16,400	IAC/InterActiveCorp*		625,988
	9,100	j2 Global Communications, Inc.*		256,893
	93,025	ValueClick, Inc.*		1,544,215
				2,427,096
		Investment Companies — 0.4%
	11,000	Apollo Investment Corp.		112,310
	2,700	Capital Southwest Corp.		249,129
	86,400	MCG Capital Corp.		525,312
	9,200	Solar Capital, Ltd.		227,148
	9,900	TICC Capital Corp.		95,040
				1,208,939
		Iron & Steel — 0.1%
	13,400	Steel Dynamics, Inc.		217,750
		Leisure Time — 0.4%
	25,000	Harley-Davidson, Inc.		1,024,250
		Lodging — 0.6%
	25,675	Ameristar Casinos, Inc.		608,754
	28,650	Wyndham Worldwide Corp.		964,073
				1,572,827
		Machinery - Construction & Mining — 0.1%
	1,300	Astec Industries, Inc.*		48,074
	3,400	Terex Corp.*		96,730
				144,804

See accompanying Notes to the Schedule of Investments.

35

MGI US Small/Mid Cap Value Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		Machinery - Diversified — 0.9%
	8,200	AGCO Corp.*		404,752
	21,700	Applied Industrial Technologies, Inc.		772,737
	21,600	Briggs & Stratton Corp.		428,976
	2,100	Kadant, Inc.*		66,171
	5,050	Middleby Corp.*		474,902
	2,800	NACCO Industries, Inc. Class A		271,096
				2,418,634
		Media — 0.6%
	24,500	Dolan Co. (The)*		207,515
	14,400	Gannett Co., Inc.		206,208
	2,600	Liberty Media Corp. — Capital Series A*		222,950
	3,300	Liberty Media Corp. — Starz Series A*		248,292
	25,000	Scholastic Corp.		665,000
	9,000	Sinclair Broadcast Group, Inc.		98,820
				1,648,785
		Metal Fabricate & Hardware — 1.5%
	27,200	CIRCOR International, Inc.		1,164,976
	14,200	Mueller Industries, Inc.		538,322
	52,550	Timken Co. (The)		2,648,520
				4,351,818
		Mining — 2.3%
	109,200	Aurizon Mines, Ltd.*		610,428
	20,400	Century Aluminum Co.*		319,260
	9,100	Coeur d’Alene Mines Corp.*		220,766
	18,800	Globe Specialty Metals, Inc.		421,496
	5,300	Horsehead Holding Corp.*		70,596
	1,700	Materion Corp.*		62,849
	122,325	Noranda Aluminum Holding Corp.*		1,852,000
	384,216	Northgate Minerals Corp.*		998,962
	14,300	Royal Gold, Inc.		837,551
	107,200	Thompson Creek Metals Co., Inc.*		1,069,856
				6,463,764
		Miscellaneous - Manufacturing — 2.6%
	7,800	Ameron International Corp.		512,304
	13,190	Aptargroup, Inc.		690,364
	43,125	Brink’s Co. (The)		1,286,419
	20,400	Ceradyne, Inc.*		795,396
	136,464	Griffon Corp.*		1,375,557
	3,700	Harsco Corp.		120,620
	47,300	Pentair, Inc.		1,909,028

See accompanying Notes to the Schedule of Investments.

36

MGI US Small/Mid Cap Value Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		Miscellaneous - Manufacturing — continued
	3,300	Teleflex, Inc.		201,498
	14,050	Trinity Industries, Inc.		490,064
				7,381,250
		Oil & Gas — 3.9%
	9,900	Delek US Holdings, Inc.		155,430
	143,414	Denbury Resources, Inc.*		2,868,280
	21,050	Endeavour International Corp.*		317,224
	19,200	Penn Virginia Corp.		253,632
	48,200	Petroquest Energy, Inc.*		338,364
	6,700	Pioneer Drilling Co.*		102,108
	20,890	Rex Energy Corp.*		214,540
	5,800	Rowan Cos., Inc.*		225,098
	29,014	SM Energy Co.		2,131,949
	26,500	Stone Energy Corp.*		805,335
	4,000	Unit Corp.*		243,720
	8,500	Vaalco Energy, Inc.*		51,170
	59,000	W&T Offshore, Inc.		1,541,080
	105,650	Western Refining, Inc.*		1,909,095
				11,157,025
		Oil & Gas Services — 2.2%
	17,200	Exterran Holdings, Inc.*		341,076
	69,700	Global Industries, Ltd.*		381,956
	38,300	Helix Energy Solutions Group, Inc.*		634,248
	17,650	Oil States International, Inc.*		1,410,411
	18,900	SEACOR Holdings, Inc.		1,889,244
	1,800	SemGroup Corp.*		46,206
	28,325	Superior Energy Services*		1,051,991
	34,170	Tetra Technologies, Inc.*		434,984
				6,190,116
		Packaging & Containers — 0.5%
	20,300	Ball Corp.		780,738
	15,314	Packaging Corp. of America		428,639
	8,700	Sealed Air Corp.		206,973
				1,416,350
		Pharmaceuticals — 0.9%
	3,600	Omega Protein Corp.*		49,680
	31,400	Omnicare, Inc.		1,001,346
	6,800	Salix Pharmaceuticals, Ltd.*		270,844
	25,400	Sirona Dental Systems, Inc.*		1,348,740
				2,670,610

See accompanying Notes to the Schedule of Investments.

37

MGI US Small/Mid Cap Value Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		Pipelines — 0.0%
	3,600	Questar Corp.		63,756
		Real Estate — 0.7%
	101,000	Forestar Group, Inc.*		1,659,430
	34,130	Hilltop Holdings, Inc.*		301,709
				1,961,139
		REITS — 6.1%
	2,000	Acadia Realty Trust REIT		40,660
	4,200	Alexandria Real Estate Equities, Inc. REIT		325,164
	5,068	American Campus Communities, Inc. REIT		180,015
	7,000	American Capital Agency Corp. REIT		203,770
	8,200	Anworth Mortgage Asset Corp. REIT		61,582
	112,425	BioMed Realty Trust, Inc. REIT		2,163,057
	8,300	Brandywine Realty Trust REIT		96,197
	4,300	Bre Properties, Inc. REIT		214,484
	5,100	Camden Property Trust REIT		324,462
	4,600	Capstead Mortgage Corp. REIT		61,640
	86,700	CBL & Associates Properties, Inc. REIT		1,571,871
	66,100	Chimera Investment Corp. REIT		228,706
	6,000	Colonial Properties Trust REIT		122,400
	4,775	CommonWealth REIT		123,386
	14,800	Developers Diversified Realty Corp. REIT		208,680
	11,153	DiamondRock Hospitality Co. REIT		119,672
	9,500	Douglas Emmett, Inc. REIT		188,955
	18,600	Duke Realty Corp. REIT		260,586
	31,550	DuPont Fabros Technology, Inc. REIT		795,060
	1,000	EastGroup Properties, Inc. REIT		42,510
	3,500	Entertainment Properties Trust REIT		163,450
	2,700	Equity One, Inc. REIT		50,328
	1,900	Essex Property Trust, Inc. REIT		257,051
	6,600	Extra Space Storage, Inc. REIT		140,778
	3,300	Federal Realty Investment Trust REIT		281,094
	1,000	First Industrial Realty Trust, Inc. REIT*		11,450
	2,800	First Potomac Realty Trust REIT		42,868
	2,200	Government Properties Income Trust REIT		59,444
	3,600	Hatteras Financial Corp. REIT		101,628
	10,800	Health Care, Inc. REIT		566,244
	4,500	Healthcare Realty Trust, Inc. REIT		92,835
	4,900	Highwoods Properties, Inc. REIT		162,337
	34,750	Home Properties, Inc. REIT		2,115,580
	9,700	Hospitality Properties Trust REIT		235,225
	5,300	Inland Real Estate Corp. REIT		46,799
	3,200	Invesco Mortgage Capital, Inc. REIT		67,616
	4,500	Investors Real Estate Trust REIT		38,970
	6,400	iStar Financial, Inc. REIT*		51,904
	800	Kilroy Realty Corp. REIT		31,592
	5,100	Lasalle Hotel Properties REIT		134,334

See accompanying Notes to the Schedule of Investments.

38

MGI US Small/Mid Cap Value Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		REITS — continued
	7,073	Lexington Realty Trust REIT		64,576
	8,300	Liberty Property Trust REIT		270,414
	3,500	LTC Properties, Inc. REIT		97,370
	1,929	Macerich Co. (The) REIT		103,202
	5,300	Mack-Cali Realty Corp. REIT		174,582
	8,100	Medical Properties Trust, Inc. REIT		93,150
	18,800	MFA Financial, Inc. REIT		151,152
	1,000	Mid-America Apartment Communities, Inc. REIT		67,470
	1,600	National Health Investors, Inc. REIT		71,088
	6,300	National Retail Properties, Inc. REIT		154,413
	9,200	Nationwide Health Properties, Inc. REIT		380,972
	5,400	Omega Healthcare Investors, Inc. REIT		113,454
	2,700	Pebblebrook Hotel Trust REIT		54,513
	3,400	Pennsylvania Real Estate Investment Trust REIT		53,380
	3,500	Piedmont Office Realty Trust, Inc. REIT		71,365
	3,600	Post Properties, Inc. REIT		146,736
	11,300	Prologis, Inc. REIT		404,992
	1,100	PS Business Parks, Inc. REIT		60,610
	7,900	Realty Income Corp. REIT		264,571
	6,000	Redwood Trust, Inc. REIT		90,720
	800	Regency Centers Corp. REIT		35,176
	4,500	Retail Opportunity Investments Corp. REIT		48,420
	10,700	Sabra Healthcare, Inc. REIT		178,797
	9,100	Senior Housing Properties Trust REIT		213,031
	2,100	Sovran Self Storage, Inc. REIT		86,100
	3,200	Starwood Property Trust, Inc. REIT		65,632
	69,200	Summit Hotel Properties, Inc. REIT		785,420
	1,300	Sun Communities, Inc. REIT		48,503
	6,600	Sunstone Hotel Investors, Inc. REIT*		61,182
	2,600	Tanger Factory Outlet Centers REIT		69,602
	4,000	Taubman Centers, Inc. REIT		236,800
	6,600	U-Store-It Trust REIT		69,432
	4,084	UDR, Inc. REIT		100,262
	3,700	Urstadt Biddle Properties, Inc. REIT Class A		67,007
	3,500	Washington Real Estate Investment Trust REIT		113,820
	8,600	Weingarten Realty Investors REIT		216,376
				17,268,674
		Retail — 7.2%
	35,600	American Eagle Outfitters, Inc.		453,900
	44,390	Big Lots, Inc.*		1,471,528
	4,170	BJ’s Wholesale Club, Inc.*		209,960
	83,050	Bob Evans Farms, Inc.		2,904,258
	51,025	Brinker International, Inc.		1,248,071
	11,700	Casey’s General Stores, Inc.		514,800
	14,300	Cracker Barrel Old Country Store, Inc.		705,133
	1,700	Dillard’s, Inc. Class A		88,638

See accompanying Notes to the Schedule of Investments.

39

MGI US Small/Mid Cap Value Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		Retail — continued
	27,500	Finish Line (The) Class A		588,500
	32,750	Foot Locker, Inc.		778,140
	47,900	Fred’s, Inc. Class A		691,197
	20,900	GameStop Corp. Class A*		557,403
	30,000	Insight Enterprises, Inc.*		531,300
	5,000	Jack in the Box, Inc.*		113,900
	64,075	Macy’s, Inc.		1,873,553
	14,975	Nu Skin Enterprises, Inc. Class A		562,311
	2,510	Papa John’s International, Inc.*		83,483
	45,020	Pep Boys — Manny, Moe & Jack (The)		492,069
	19,100	Petsmart, Inc.		866,567
	79,875	Pier 1 Imports, Inc.*		924,154
	14,400	RadioShack Corp.		191,664
	40,600	Regis Corp.		621,992
	388,000	Rite Aid Corp.*		516,040
	63,800	Signet Jewelers, Ltd.*		2,986,478
	12,025	Williams-Sonoma, Inc.		438,792
				20,413,831
		Savings & Loans — 1.0%
	17,700	Astoria Financial Corp.		226,383
	148,300	First Niagara Financial Group, Inc.		1,957,560
	38,500	Provident Financial Services, Inc.		551,320
				2,735,263
		Semiconductors — 3.5%
	8,700	Amtech Systems, Inc.*		179,568
	131,500	Atmel Corp.*		1,850,205
	93,675	Brooks Automation, Inc.*		1,017,310
	72,550	Entropic Communications, Inc.*		644,970
	10,400	International Rectifier Corp.*		290,888
	36,400	Kulicke & Soffa Industries, Inc.*		405,496
	7,100	LTX-Credence Corp.*		63,474
	60,600	MKS Instruments, Inc.		1,601,052
	24,000	Novellus Systems, Inc.*		867,360
	194,400	PMC-Sierra, Inc.*		1,471,608
	94,400	Teradyne, Inc.*		1,397,120
	2,900	Tessera Technologies, Inc.*		49,706
				9,838,757
		Shipbuilding — 0.1%
	4,300	Huntington Ingalls Industries, Inc.*		148,350
		Software — 1.3%
	11,300	Broadridge Financial Solutions, Inc.		271,991
	24,080	CSG Systems International, Inc.*		444,998
	17,240	Mantech International Corp.		765,801

See accompanying Notes to the Schedule of Investments.

40

MGI US Small/Mid Cap Value Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		Software — continued
	74,500	Progress Software Corp.*		1,797,685
	29,400	Schawk, Inc.		486,864
				3,767,339
		Telecommunications — 1.6%
	9,150	Atlantic Tele-Network, Inc.		350,994
	2,900	Black Box Corp.		90,683
	15,400	Cincinnati Bell, Inc.*		51,128
	19,500	Comtech Telecommunications Corp.		546,780
	10,800	MasTec, Inc.*		212,976
	81,525	MetroPCS Communications, Inc.*		1,403,045
	32,050	NeuStar, Inc. Class A*		839,710
	6,800	Oplink Communications, Inc.*		126,684
	12,100	TeleNav, Inc.*		214,533
	11,400	Telephone & Data Systems, Inc.		354,312
	48,200	Vonage Holdings Corp.*		212,562
				4,403,407
		Textiles — 0.8%
	17,620	G&K Services, Inc. Class A		596,613
	30,355	UniFirst Corp.		1,705,648
				2,302,261
		Toys, Games & Hobbies — 0.1%
	22,300	Jakks Pacific, Inc.*		410,543
		Transportation — 1.6%
	29,750	Atlas Air Worldwide Holdings, Inc.*		1,770,423
	5,500	Knightsbridge Tankers, Ltd.		121,165
	47,300	Ryder System, Inc.		2,689,005
				4,580,593
		Trucking & Leasing — 0.1%
	1,900	Amerco, Inc.*		182,685
		Water — 1.0%
	92,700	American Water Works Co., Inc.		2,730,015
		TOTAL COMMON STOCKS (COST $242,651,800)		278,978,454

See accompanying Notes to the Schedule of Investments.

41

MGI US Small/Mid Cap Value Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Par Value ($)		Description	Value ($)
		SHORT-TERM INVESTMENTS — 1.2%
		Bank Deposits — 1.2%
	3,353,280	State Street Bank & Trust Euro Time Deposit, 0.01%, due 07/01/11		3,353,280
		TOTAL SHORT-TERM INVESTMENTS (COST $3,353,280)		3,353,280
		TOTAL INVESTMENTS — 99.9% (Cost $246,005,080)		282,331,734
		Other Assets and Liabilities (net) — 0.1%		170,915
		NET ASSETS — 100.0%	$	282,502,649
		Notes to Schedule of Investments:
		ADR — American Depository Receipt
		REIT — Real Estate Investment Trust
		* Non-income producing security

See accompanying Notes to the Schedule of Investments.

42

MGI US Small/Mid Cap Value Equity Fund
Schedule of Investments (Continued)
June 30, 2011 (Unaudited)

A summary of outstanding financial instruments at June 30, 2011 is as follows:

Futures Contracts

							Net
							Unrealized
Number of					Contract		Appreciation
Contracts		Type		Expiration Date	Value		(Depreciation)
	Buys
	4		Russell 2000 Mini Index	September 2011	$	330,160	$	19,684

See accompanying Notes to the Schedule of Investments.

43

MGI US Small/Mid Cap Value Equity Fund
Schedule of Investments (Continued)
June 30, 2011 (Unaudited)

Asset Class Summary (Unaudited)	% of Total Net Assets
Common Stocks		98.7
Short-Term Investments		1.2
Futures		0.0
Other Assets and Liabilities (net)		0.1
		100.0	%

See accompanying Notes to the Schedule of Investments.

44

MGI Non-US Core Equity Fund
Schedule of Investments
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		COMMON STOCKS — 96.2%
		Argentina — 0.1%
	31,776	YPF SA, Sponsored ADR		1,431,509
		Australia — 3.7%
	33,596	Acrux, Ltd.*		122,192
	49,000	Austria & New Zealand Banking Group, Ltd.		1,155,106
	294,129	BGP Holdings Plc****		—
	218,835	BHP Billiton, Ltd.		10,324,049
	181,658	Brambles, Ltd.		1,408,719
	105,712	Caltex Australia, Ltd.		1,335,166
	129,265	Challenger, Ltd.		679,716
	145,268	Computershare, Ltd.		1,380,381
	59,399	CSL, Ltd.		2,101,569
	80,061	David Jones, Ltd.		349,056
	269,624	Echo Entertainment Group, Ltd.*		1,186,390
	972,525	Emeco Holdings, Ltd.		1,186,426
	33,025	Fleetwood Corp., Ltd.		400,977
	47,422	Flight Centre, Ltd.		1,099,979
	44,254	Fortescue Metals Group, Ltd.		302,993
	550,506	Goodman Fielder, Ltd.		625,636
	43,046	GrainCorp, Ltd.		384,375
	30,920	Incitec Pivot, Ltd.		128,618
	106,503	JB Hi-Fi, Ltd.		1,954,985
	32,205	Mesoblast, Ltd.*		297,935
	22,755	Minara Resources, Ltd.		18,208
	583,359	Mount Gibson Iron, Ltd.*		1,156,188
	858,604	Myer Holdings, Ltd.		2,430,779
	127,171	National Australia Bank, Ltd.		3,502,305
	298,777	OneSteel, Ltd.		594,378
	167,853	OZ Minerals, Ltd.		2,392,422
	658,787	Pacific Brands, Ltd.		492,503
	32,013	Ramsay Health Care, Ltd.		624,627
	789,907	Spark Infrastructure Group 144A		1,092,348
	193,402	Tabcorp Holdings, Ltd.		683,824
	2,351,208	Telstra Corp., Ltd.		7,287,741
	36,070	Transurban Group		202,727
	85,204	Treasury Wine Estates, Ltd.*		310,146
	167,649	Wesfarmers, Ltd.		5,734,923
	201,949	West Australian Newspapers Holdings, Ltd.		877,154
	262,266	Westpac Banking Corp.		6,279,837
		Total Australia		60,104,378
		Austria — 0.8%
	13,354	Andritz AG		1,374,735
	2,431	Austriamicrosystems AG		120,113
	1,283	Flughafen Wien AG		65,241
	1,461	Mayr Melnhof Karton AG		172,345

See accompanying Notes to the Schedule of Investments.

45

MGI Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		Austria — continued
	11,117	Oesterreichische Post AG		357,822
	111,306	OMV AG		4,862,145
	2,216	Palfinger AG		80,013
	7,086	Semperit AG Holding		353,376
	11,577	Strabag SE		344,026
	100,013	Vienna Insurance Group		5,496,208
		Total Austria		13,226,024
		Belgium — 1.4%
	44,869	AGFA-Gevaert NV*		200,855
	144,827	Anheuser-Busch InBev NV		8,396,068
	3,275	Barco NV		242,367
	19,308	Bekaert SA		1,469,504
	3,771	Cie d’Entreprises CFE		273,313
	4,453	D’ieteren SA		304,571
	23,732	Delhaize Group		1,778,932
	3,031	EVS Broadcast Equipment SA		205,133
	14,803	Groupe Bruxelles Lambert SA		1,315,609
	53,200	KBC Groep NV		2,089,319
	10,372	Melexis NV		189,331
	92,830	Nyrstar*		1,343,228
	22,581	Solvay SA		3,488,400
	4,277	Telenet Group Holding NV*		203,376
	19,022	Tessenderlo Chemie NV		819,680
		Total Belgium		22,319,686
		Bermuda — 0.8%
	333,984	BW Offshore, Ltd.		764,836
	324,441	Catlin Group, Ltd.		2,092,313
	127,500	Dickson Concepts International, Ltd.		99,810
	764,233	Esprit Holdings, Ltd.		2,380,765
	383,450	Hiscox, Ltd.		2,578,904
	720,000	Huabao International Holdings, Ltd.		656,498
	83,868	Lancashire Holdings, Ltd.		878,610
	1,884,000	Li & Fung, Ltd.		3,789,368
		Total Bermuda		13,241,104
		Brazil — 2.6%
	245,203	Banco do Brasil SA		4,394,741
	464,302	BR Malls Participacoes SA		5,305,035
	27,010	CCR SA		803,082
	37,700	Cia de Bebidas das Americas, ADR		1,271,621
	112,300	Cia Siderurgica Nacional SA, Sponsored ADR		1,399,258
	128,760	Cielo SA		3,214,364
	65,540	Companhia Energetica de Minas Gerais, Sponsored ADR		1,352,746
	447,600	Diagnosticos da America SA		6,016,707

See accompanying Notes to the Schedule of Investments.

46

MGI Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		Brazil — continued
	224,177	Itau Unibanco Holding SA, ADR		5,279,368
	56,100	Natura Cosmeticos SA		1,400,480
	144,052	Petroleo Brasileiro SA, Sponsored ADR		4,419,515
	207,618	Redecard SA		3,125,732
	87,380	Souza Cruz SA		1,110,812
	90,400	Vale SA, Sponsored ADR		2,888,280
	52,800	Vale SA, ADR		1,529,088
		Total Brazil		43,510,829
		British Virgin Islands — 0.0%
	8,055	Playtech, Ltd.		43,989
		Canada — 1.1%
	19,700	Agrium, Inc.		1,728,725
	187,545	Cameco Corp.		4,943,679
	12,300	First Quantum Minerals, Ltd.		1,792,173
	6,629	Industrial Alliance Insurance and Financial Services, Inc.		275,436
	49,800	Magna International, Inc. Class A		2,690,985
	14,485	National Bank of Canada		1,173,989
	111,200	New Gold, Inc.*		1,146,451
	97,192	Nexen, Inc.		2,189,363
	62,613	Penn West Petroleum, Ltd.		1,444,816
		Total Canada		17,385,617
		Cayman Islands — 0.4%
	621,000	Evergrande Real Estate Group, Ltd.		409,465
	670,000	Hutchison Telecommunications Hong Kong Holdings, Ltd.		207,462
	11,800	Netease.com, Inc., ADR*		532,062
	211,000	Tencent Holdings, Ltd.		5,792,657
		Total Cayman Islands		6,941,646
		China — 0.1%
	1,044,190	China Construction Bank Class H		870,501
	784,000	China Petroleum & Chemical Corp. Class H		795,180
	133,900	Weichai Power Co., Ltd.		788,950
		Total China		2,454,631
		Cyprus — 0.1%
	152,912	Bank of Cyprus Public Co., Ltd.		451,147
	104,205	ProSafe SE		788,881
	170,881	Songa Offshore SE*		850,431
		Total Cyprus		2,090,459
		Czech Republic — 0.0%
	3,084	Komercni Banka AS		751,191

See accompanying Notes to the Schedule of Investments.

47

MGI Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		Czech Republic — continued
		Denmark — 0.9%
	327	Christian Hansen Holding AS		7,753
	4,483	Coloplast AS		681,388
	73,208	Danske Bank AS*		1,359,286
	13,917	Jyske Bank AS*		549,747
	66,944	Novo Nordisk AS		8,391,030
	25,267	Sydbank AS		564,148
	278,160	TDC AS*		2,541,673
		Total Denmark		14,095,025
		Egypt — 0.2%
	199,933	Commercial International Bank		1,003,433
	17,998	Eastern Tobacco		316,929
	12,877	Egyptian Co. for Mobile Services		276,169
	24,899	Orascom Construction Industries		1,118,626
		Total Egypt		2,715,157
		Finland — 1.1%
	4,797	Cargotec OYJ		245,804
	217,234	Fortum OYJ		6,289,977
	31,387	Huhtamaki OYJ		400,922
	108,344	M-real OYJ*		461,826
	707,531	Nokia OYJ		4,568,716
	30,707	Nokian Renkaat OYJ		1,538,883
	61,025	Sampo OYJ Class A		1,969,932
	30,593	Tieto OYJ		517,354
	66,347	UPM-Kymmene OYJ		1,213,003
	13,925	Uponor OYJ		230,967
		Total Finland		17,437,384
		France — 10.1%
	5,889	Alten, Ltd.		234,253
	119,914	Altran Technologies SA*		969,049
	6,482	April Group		182,169
	261,019	AXA SA		5,924,949
	150,105	BNP Paribas		11,574,518
	92,500	Bouygues SA		4,065,836
	117,864	Carrefour SA*		4,839,754
	14,909	CFAO SA		645,648
	16,404	Christian Dior SA		2,580,635
	9,300	Cie de Saint-Gobain		602,158
	177,765	Cie Generale de Geophysique-Veritas*		6,547,031
	1,485	Ciments Francais SA		157,132
	45,258	CNP Assurances		986,605
	61,651	Compagnie Generale des Etablissements Michelin		6,028,498
	353,927	Credit Agricole SA		5,321,865
	68,406	Dassault Systemes SA		5,823,047

See accompanying Notes to the Schedule of Investments.

48

MGI Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		France — continued
	26,634	Essilor International		2,159,835
	13,968	Euler Hermes SA		1,179,900
	990	Euro Disney SCA*		11,641
	189,969	Faurecia		8,135,506
	20,558	GameLoft SA*		149,037
	110,005	Groupe Danone SA		8,206,253
	5,836	Imerys SA		410,892
	2,813	Ingenico SA		137,090
	36,015	Ipsen SA		1,277,247
	4,461	Lagardere S.C.A.		185,539
	85,640	Legrand SA		3,606,014
	33,045	LVMH Moet Hennessy Louis Vuitton SA		5,946,127
	642,321	Natixis		3,222,411
	46,926	Neopost SA		4,030,571
	13,611	Nexity SA		650,247
	42,732	PagesJaunes Groupe		384,346
	3,087	Parrot SA*		125,103
	75,458	Peugeot SA		3,377,552
	11,874	Plastic Omnium SA		386,511
	101,710	Renault SA		6,020,564
	22,709	Rhodia SA		1,029,879
	135,150	Sanofi, ADR		5,428,975
	270,945	Sanofi-Aventis		21,772,426
	57,131	SCOR SE		1,623,010
	20,884	Sequana		313,385
	136,288	Societe Generale		8,076,323
	778	Societe Internationale de Plantations d’Heveas SA*		101,745
	3,245	Societe Television Francaise 1		59,064
	23,474	Soitec*		261,164
	185,743	Theolia SA*		350,929
	82,318	Total SA, Sponsored ADR		4,761,273
	26,898	Total SA		1,555,352
	138,749	UBISOFT Entertainment*		1,390,742
	37,716	Valeo SA		2,574,635
	918	Virbac SA		156,853
	345,459	Vivendi SA		9,604,728
		Total France		165,146,016
		Germany — 6.9%
	27,715	ADVA AG Optical Networking*		169,766
	7,955	Aixtron AG		271,438
	4,259	Aixtron SE NA, Sponsored ADR		145,317
	32,332	Allianz AG		4,516,401
	205,762	Bayer AG		16,539,023
	30,748	Bayerische Motoren Werke AG		3,063,292
	4,006	Bertrandt AG		302,831
	5,042	Celesio AG		100,508

See accompanying Notes to the Schedule of Investments.

49

MGI Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		Germany — continued
	19,673	Continental AG*		2,065,123
	45,600	Deutsche Bank AG		2,693,872
	169,757	Deutsche Lufthansa		3,696,508
	422,511	Deutsche Post AG		8,112,085
	327,177	Deutsche Telekom AG		5,130,738
	209,960	Deutsche Wohnen AG		3,648,935
	133,006	Deutz AG*		1,313,128
	273,182	E.ON AG		7,753,475
	4,416	E.ON AG, Sponsored ADR		125,591
	91,044	Freenet AG		1,261,109
	98,507	Fresenius SE		10,279,484
	204,776	GEA Group AG		7,321,044
	10,505	Gerresheimer AG		501,301
	93,761	Gildemeister AG*		1,968,923
	73,377	GSW Immobilien AG*		2,515,946
	15,329	Hannover Rueckversicherung AG		799,400
	4,343	HeidelbergCement AG		276,798
	308,035	Infineon Technologies AG		3,455,789
	12,484	Kabel Deutschland Holding AG*		767,416
	1,445	Lanxess AG		118,440
	12,118	Leoni AG		717,674
	31,586	Linde AG		5,536,712
	52,398	Muenchener Rueckver AG		7,997,693
	60,254	Q-Cells AG*		115,330
	60,517	Rhoen Klinikum AG		1,460,517
	14,115	RWE AG		781,026
	12,957	Software AG		776,112
	72,654	Solarworld AG		981,267
	77,428	Symrise AG		2,466,121
	47,500	Thyssenkrupp AG		2,463,565
	650	Tognum AG*		24,305
	24,279	United Internet AG		510,216
	654	Volkswagen AG		120,133
	2,754	Wincor Nixdorf AG		198,721
		Total Germany		113,063,073
		Greece — 0.4%
	167,364	Coca Cola Hellenic Bottling Co. SA*		4,484,101
	12,632	JUMBO SA		95,348
	27,488	Mytilineos Holdings SA*		190,000
	72,007	OPAP SA		1,124,875
	35,774	Public Power Corp. SA		513,203
		Total Greece		6,407,527
		Hong Kong — 0.6%
	3,313,800	China Resources Power Holdings Co., Ltd.		6,485,398
	837,830	China Unicom Hong Kong, Ltd.		1,698,833

See accompanying Notes to the Schedule of Investments.

50

MGI Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		Hong Kong — continued
	594,903	New World Development, Ltd.		903,721
	1,827,000	PCCW, Ltd.		791,551
		Total Hong Kong		9,879,503
		Hungary — 0.1%
	29,980	OTP Bank Nyrt		976,998
		India — 0.7%
	94,140	Bank of India		872,139
	38,039	Bharat Heavy Electricals, Ltd.		1,745,588
	69,911	Hindalco Industries, Ltd., GDR 144A		283,139
	9,500	Infosys, Ltd., Sponsored ADR		619,685
	72,001	ITC, Ltd.		327,257
	70,533	Jindal Steel & Power, Ltd.		1,025,378
	78,624	Punjab National Bank		1,909,380
	90,430	Reliance Industries, Ltd., GDR 144A		3,641,585
	6,728	Reliance Industries, Ltd., (OTC Exchange), GDR 144A		270,735
	482,944	Shree Ashtavinyak Cine Vision, Ltd.		53,512
	7,568	SRF, Ltd.		48,434
	54,600	Tata Steel, Ltd., GDR		726,337
		Total India		11,523,169
		Indonesia — 0.4%
	1,104,711	Bank Mandiri		931,238
	1,472,500	Perusahaan Gas Negara PT		692,682
	53,810	PT Telekomunikasi Indonesia, Sponsored ADR		1,856,445
	771,600	Semen Gresik Persero Tbk PT		865,488
	296,500	Tambang Batubara Bukit Asam Tbk PT		720,476
	319,414	United Tractors Tbk PT		930,008
		Total Indonesia		5,996,337
		Ireland — 0.7%
	29,158	C&C Group Plc		152,106
	10,464	CRH Plc		232,655
	220,700	CRH Plc (Dublin Exchange)		4,886,233
	207,897	Ryanair Holdings Plc, Sponsored ADR		6,099,698
		Total Ireland		11,370,692
		Israel — 1.0%
	606,241	Bezeq Israeli Telecommunication Corp., Ltd.		1,534,046
	314,741	Israel Chemicals, Ltd.		5,023,168
	761	Israel Corp., Ltd. (The)		832,636
	9,924	Makhteshim-Agan Industries, Ltd.*		55,485
	194,020	Teva Pharmaceutical Industries, Ltd., Sponsored ADR		9,355,644
		Total Israel		16,800,979

See accompanying Notes to the Schedule of Investments.

51

MGI Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		Italy — 1.7%
	11,982	Autostrada Torino-Milano Spa		175,639
	1,624	Benetton Group Spa		12,846
	79,793	Davide Campari-Milano Spa		655,699
	20,102	De’Longhi Spa		234,187
	26,796	DiaSorin Spa		1,285,993
	334,968	ENI Spa		7,939,266
	25,041	ERG Spa		337,657
	375,750	Fiat Spa (MIL Exchange)		4,124,369
	63,268	Geox Spa		379,045
	91,925	Impregilo Spa*		288,149
	101,952	Mediolanum Spa		470,671
	74,308	Pirelli & C Spa		802,770
	57,155	Recordati Spa		628,558
	76,239	Sorin Spa*		215,991
	2,448,018	Telecom Italia Spa		3,405,661
	2,140,441	Telecom Italia Spa-RNC		2,490,523
	5,361	Tod’s Spa		716,658
	1,670,513	UniCredito Italiano Spa		3,532,620
	119,783	Unione di Banche Italiane SCPA		674,228
		Total Italy		28,370,530
		Japan — 19.6%
	11,200	ADEKA Corp.		113,395
	21,000	Aichi Steel Corp.		143,681
	6,800	Ain Pharmaciez, Inc.		279,593
	45,000	Air Water, Inc.		540,629
	126,700	Aisin Seiki Co., Ltd.		4,890,619
	98,000	Ajinomoto Co., Inc.		1,161,699
	20,100	Alfresa Holdings Corp.		779,883
	92,300	Alpine Electronics, Inc.		1,276,132
	41,100	Alps Electric Co., Ltd.		417,322
	41,300	AOC Holdings, Inc.		295,775
	64,900	Asahi Breweries, Ltd.		1,303,582
	265,000	Asahi Glass Co., Ltd.		3,084,520
	16,800	Astellas Pharma, Inc.		647,558
	60,500	Best Denki Co., Ltd.*		167,898
	161,800	Bridgestone Corp.		3,712,003
	305,000	Calsonic Kansei Corp.		1,834,936
	113,000	Central Glass Co., Ltd.		542,183
	168,294	Chiba Bank, Ltd. (The)		1,051,780
	7,400	Chiyoda Co., Ltd.		109,546
	77,600	Chugai Pharmaceutical Co., Ltd.		1,269,123
	11,200	Circle K Sunkus Co., Ltd.		174,592
	53,700	Coca-Cola Central Japan Co., Ltd.		710,715
	2,500	Cosmos Pharmaceutical Corp.		105,330
	56,000	Dai Nippon Printing Co., Ltd.		629,240
	162,932	Daiei, Inc.*		592,030

See accompanying Notes to the Schedule of Investments.

52

MGI Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		Japan — continued
	246,000	Daihatsu Motor Co., Ltd.		4,179,043
	94,700	Daiichi Sanyko Co., Ltd.		1,846,469
	17,000	Daiichikosho Co., Ltd.		274,394
	44,000	Dainippon Screen Manufacturing Co., Ltd.		373,817
	18,100	Dainippon Sumitomo Pharma Co., Ltd.		171,601
	468,000	Daiwa House Industry Co., Ltd.		5,873,685
	863,246	Daiwa Securities Group, Inc.		3,791,018
	167,700	Dena Co., Ltd.		7,209,585
	47,400	Denso Corp.		1,754,342
	246,000	DIC Corp.		583,257
	151,000	Dowa Holdings Co., Ltd.		932,841
	78	Dr Ci:Labo Co., Ltd.		397,162
	20,422	East Japan Railway Co.		1,169,826
	110,600	EDION Corp.		1,041,109
	74,100	Elpida Memory, Inc.*		869,599
	3,200	Exedy Corp.		109,664
	157,000	Fuji Heavy Industries, Ltd.		1,216,033
	1,937	Fuji Media Holdings, Inc.		2,863,429
	313,000	Fujitsu, Ltd.		1,783,268
	216,000	Furukawa Electric Co., Ltd.		898,687
	74,197	Glory, Ltd.		1,664,844
	174,294	Hachijuni Bank, Ltd. (The)		976,697
	44,500	Heiwa Corp.		688,254
	212,000	Hino Motors, Ltd.		1,233,486
	32,259	Hisamitsu Pharmaceutical Co., Inc.		1,371,079
	18,600	Honda Motor Co., Ltd.		714,647
	11,450	Honeys Co., Ltd.		125,169
	4,600	Ibiden Co., Ltd.		143,417
	1,410	Inpex Holdings, Inc.		10,376,781
	459,000	Isuzu Motors, Ltd.		2,168,255
	3,050	Japan Tobacco, Inc.		11,733,483
	68,900	JFE Holdings, Inc.		1,889,910
	253,714	Joyo Bank, Ltd. (The)		1,064,027
	34,200	JTEKT Corp.		500,883
	107,900	JVC Kenwood Holdings, Inc.*		534,191
	452,500	JX Holdings, Inc.		3,046,016
	73,000	Kaken Pharmaceutical Co., Ltd.		1,022,104
	36,900	Kansai Electric Power		734,169
	54,200	Kanto Auto Works, Ltd.		496,379
	322,808	Kao Corp.		8,456,870
	105,000	Kawasaki Kisen Kaisha, Ltd.		366,153
	1,600	KDDI Corp.		11,475,813
	7,400	Keihin Corp.		156,102
	42,000	Kirin Holdings Co., Ltd.		585,356
	54,100	Kobayashi Pharmaceutical Co., Ltd.		2,716,026
	19,600	Kohnan Shoji Co., Ltd.		336,550
	44,000	Kojima Co., Ltd.		285,131

See accompanying Notes to the Schedule of Investments.

53

MGI Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		Japan — continued
	172,100	Komatsu, Ltd.		5,337,680
	33,000	Konami Corp.		780,500
	531,264	Konica Minolta Holdings, Inc.		4,418,732
	69,786	Kose Corp.		1,805,721
	2,000	Kuraray Co., Ltd.		29,263
	42,000	KYB Co., Ltd.		317,810
	24,000	Kyowa Hakko Kirin Co., Ltd.		228,205
	73,673	Lawson, Inc.		3,857,099
	81,600	Matsushita Electric Industrial Co., Ltd.		993,973
	132,000	Mazda Motor Corp.*		346,260
	21,600	MEIJI Holdings Co., Ltd.		907,372
	88,100	Miraca Holdings, Inc.		3,562,962
	156,500	Mitsubishi Chemical Holdings Corp.		1,106,670
	65,500	Mitsubishi Co.		1,635,917
	361,000	Mitsubishi Electric Corp.		4,179,294
	129,000	Mitsubishi Gas Chemical Co., Inc.		943,532
	142,000	Mitsubishi Heavy Industries, Ltd.		666,976
	186,000	Mitsubishi Steel Manufacturing Co., Ltd.		637,891
	22,100	Mitsubishi Tanabe Pharma Corp.		369,628
	253,700	Mitsubishi UFJ Financial Group, Inc.		1,231,181
	82,000	Mitsui & Co., Ltd.		1,413,557
	46,000	Mitsui Chemicals, Inc.		167,510
	225,000	Mitsui OSK Lines, Ltd.		1,206,987
	90,000	Mitsui Sugar Co., Ltd.		361,585
	23,000	Mochida Pharmaceutical Co., Ltd.		245,317
	198,000	Morinaga Milk Industry Co., Ltd.		844,969
	33,607	Namco Bandai Holdings, Inc.		403,280
	88,000	NGK Spark Plug Co., Ltd.		1,211,396
	44,000	NHK Spring Co., Ltd.		448,882
	52,800	Nidec Corp.		4,913,095
	10,300	Nihon Kohden Corp.		254,436
	83,100	Nikon Corp.		1,954,502
	420,000	Nippon Electric Glass Co., Ltd.		5,363,359
	323,000	Nippon Express Co., Ltd.		1,305,579
	81,000	Nippon Flour Mills Co., Ltd.		375,535
	162,000	Nippon Light Metal Co., Ltd.		333,469
	52,000	Nippon Meat Packers, Inc.		743,241
	83,000	Nippon Sharyo, Ltd.		363,835
	80,000	Nippon Sheet Glass Co., Ltd.		247,588
	34,000	Nippon Shinyaku Co., Ltd.		433,214
	212,065	Nippon Telegraph & Telephone Corp.		10,279,197
	40,900	Nippon Telegraph & Telephone Corp., ADR		988,962
	19,700	Nippon Television Network Corp.		2,794,462
	169,000	Nippon Yusen KK		627,233
	450,961	Nissan Motor Company, Ltd.		4,718,911
	38,000	Nissan Shatai Co., Ltd.		292,884
	56,400	Nitori Co., Ltd.		5,342,500

See accompanying Notes to the Schedule of Investments.

54

MGI Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		Japan — continued
	164,041	Nomura Research Institute, Ltd.		3,579,161
	5,228	NTT DoCoMo, Inc.		9,297,006
	22,935	NTT DoCoMo, Inc., Sponsored ADR		410,766
	13,650	Obic Co., Ltd.		2,540,752
	23,000	Olympus Corp.		772,756
	26,100	Ono Pharmaceutical Co., Ltd.		1,388,866
	16,621	Orix Corp.		1,611,784
	24,500	Otsuka Holdings Co., Ltd.		647,435
	82,300	Pioneer Corp.*		368,315
	9,600	Pola Orbis Holdings, Inc.		251,534
	6,663	Rakuten, Inc.		6,883,846
	28,034	Sankyo Co., Ltd.		1,444,294
	12,400	Sanoh Industrial Co., Ltd.		105,202
	79,833	Santen Pharmaceutical Co., Ltd.		3,235,007
	203,041	Sapporo Hokuyo Holdings, Inc.		845,076
	56,000	Sega Sammy Holdings, Inc.		1,081,210
	26,400	Seiko Epson Corp.		456,033
	124,000	Sekisui Chemical Co., Ltd.		1,055,164
	83,800	Seven & I Holdings Co., Ltd.		2,247,259
	262,588	Sharp Corp.		2,387,359
	186,140	Shin-Etsu Chemical Co., Ltd.		9,952,883
	38,900	Showa Corp.*		278,740
	27,800	Showa Shell Sekiyu KK		257,169
	205,800	Softbank Corp.		7,770,013
	88,800	Sojitz Corp.		166,064
	61,624	Sony Corp.		1,626,011
	300,556	Sony Financial Holdings, Inc.		5,417,435
	40,700	Sumco Corp.*		685,217
	324,300	Sumitomo Electric Industries, Ltd.		4,717,610
	46,000	Sumitomo Metal Mining Co., Ltd.		752,750
	175,566	Sumitomo Mitsui Financial Group		5,386,150
	86,500	Sumitomo Rubber Industries, Ltd.		1,044,018
	16,300	Suzuki Motor Corp.		366,166
	54,500	Tachi-S Co., Ltd.		1,009,721
	34,000	Taihei Dengyo Kaisha, Ltd.		255,732
	57,000	Taisho Pharmaceutical Co., Ltd.		1,281,007
	40,000	Takara Holdings, Inc.		203,512
	5,000	Takashimaya Co., Ltd.		34,377
	44,500	Takeda Pharmaceutical Co., Ltd.		2,051,669
	10,800	Terumo Corp.		581,771
	12,500	Toho Holdings Co., Ltd.		124,315
	26,700	Tokai Rika Co., Ltd.		515,384
	17,000	Tokai Rubber Industries, Ltd.		226,565
	207,043	Tokyo Electric Power Company		847,749
	263,000	Tokyo Gas Co., Ltd.		1,185,965
	15,300	Tomy Co., Ltd.		129,471
	349,463	Toshiba Corp.		1,843,677

See accompanying Notes to the Schedule of Investments.

55

MGI Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		Japan — continued
	665,000	TOTO, Ltd.		5,154,843
	11,800	Toyota Industries Corp.		387,483
	98,400	Toyota Motor Corp.		4,129,834
	3,099	Toyota Motor Corp., Sponsored ADR		255,420
	9,500	Toyota Tsusho Corp.		162,301
	134,000	Tsubakimoto Chain Co.		825,704
	8,100	Tsuruha Holdings, Inc.		387,736
	196,000	Ube Industries Ltd		588,480
	39,300	Unipres Corp.		1,017,694
	155,100	UNY Co., Ltd.		1,439,364
	27,827	USS Co., Ltd.		2,151,716
	36,100	Yamaha Corp.		409,215
	55,400	Yamaha Motor Co., Ltd.*		1,014,303
	326,862	Yamato Holdings Co., Ltd.		5,117,763
	13,500	Yorozu Corp.		296,425
	48,000	Zeon Corp.		448,455
		Total Japan		322,133,238
		Luxembourg — 0.8%
	5,671	Aperam		183,610
	190,352	Gagfah SA		1,383,844
	46,901	Millicom International Cellular SA		4,865,979
	1,541	Millicom International Cellular SA, ADR		161,166
	14,860	Oriflame Cosmetics SA, SDR		732,740
	7,239	SAF-Holland SA*		90,123
	237,245	Tenaris SA		5,415,720
		Total Luxembourg		12,833,182
		Malaysia — 0.0%
	34,800	British American Tobacco Malaysia Berhad		538,096
		Mexico — 0.6%
	110,745	America Movil SA de CV Series L, ADR		5,966,941
	17,080	Desarrolladora Homex SA de CV, ADR*		430,928
	495,170	Grupo Mexico SAB de CV		1,632,424
	38,480	Grupo Televisa SA, Sponsored ADR		946,608
	100,060	Kimberly-Clark de Mexico SAB de CV		657,004
		Total Mexico		9,633,905
		Netherlands — 2.7%
	366,300	Aegon NV*		2,495,888
	39,946	Akzo Nobel NV		2,519,379
	36,262	ASM International NV		1,430,758
	14,142	ASML Holding NV, ADR		522,688
	37,174	ASML Holding NV		1,369,300
	14,686	CSM		493,962
	9,536	Delta Lloyd NV		226,422

See accompanying Notes to the Schedule of Investments.

56

MGI Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		Netherlands — continued
	170,388	Heineken NV		10,246,197
	790,949	ING Groep NV*		9,754,569
	111,600	Koninklijke Ahold NV		1,499,317
	58,710	Koninklijke DSM NV		3,809,635
	9,823	Nutreco NV		721,887
	372,013	Royal KPN NV		5,406,486
	158,006	SNS REAAL NV*		705,407
	220,549	STMicroelectronics NV		2,197,604
	78,469	STMicroelectronics NV — NY Shares, ADR		781,551
		Total Netherlands		44,181,050
		New Zealand — 0.0%
	334,518	Telecom Corp. of New Zealand, Ltd.		676,529
		Norway — 0.8%
	50,263	Austevoll Seafood ASA		291,207
	26,075	Cermaq ASA*		419,066
	210,269	DnB NOR ASA		2,947,196
	545,115	DNO International ASA*		627,918
	34,734	Fred Olsen Energy ASA		1,237,883
	4,055	Leroy Seafood Group ASA		95,983
	1,147,627	Marine Harvest ASA		925,574
	667,670	Norsk Hydro ASA		5,140,720
	190,818	Norske Skogindustrier ASA*		317,829
	86,100	Telenor ASA		1,417,832
	1,963	TGS Nopec Geophysical Co. ASA		55,359
		Total Norway		13,476,567
		Pakistan — 0.1%
	295,500	Oil & Gas Development Co., Ltd.		525,894
	264,040	Pakistan Petroleum		636,537
		Total Pakistan		1,162,431
		Philippines — 0.1%
	31,470	Philippine Long Distance Telephone Co., Sponsored ADR		1,700,639
		Poland — 0.3%
	3,312	Bank Handlowy w Warszawie SA		104,882
	9,458	Grupa Lotos SA*		155,591
	12,300	KGHM Polska Miedz SA*		882,656
	126,768	Polski Koncern Naftowy Orlen SA*		2,391,283
	524,318	Polskie Gornictwo Naftowe i Gazownictwo SA		803,717
	15,834	Tauron Polska Energia SA		37,953
	35,963	Telekomunikacja Polska SA		218,251
		Total Poland		4,594,333

See accompanying Notes to the Schedule of Investments.

57

MGI Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		Portugal — 0.1%
	435,800	EDP — Energias de Portugal SA		1,546,863
	18,033	Jeronimo Martins SGPS SA		346,347
	21,006	Semapa-Sociedade de Investimento e Gestao		227,506
		Total Portugal		2,120,716
		Russia — 0.9%
	586,491	Gazprom OAO-SA, Sponsored ADR*		8,533,444
	16,299	LUKOIL OAO, Sponsored ADR		1,039,061
	23,749	Magnit OJSC, GDR * 144A		639,743
	88,625	Mobile Telesystems, Sponsored ADR		1,685,648
	3,262	Severstal OAO, GDR		60,184
	12,600	Tatneft, Sponsored ADR		543,060
	222,932	TNK-BP Holding		691,089
	22,700	Uralkali (Ordinary Shares), GDR*		1,021,526
		Total Russia		14,213,755
		Singapore — 1.3%
	748,946	DBS Group Holdings, Ltd.		8,969,707
	26,000	Fraser and Neave, Ltd.		122,815
	551,000	Keppel Corp., Ltd.		4,988,441
	2,415,000	Olam International, Ltd.		5,373,503
	174,000	SembCorp Industries, Ltd.		709,913
	254,230	Venture Corp., Ltd.		1,771,107
		Total Singapore		21,935,486
		South Africa — 0.7%
	4,151	African Rainbow Minerals, Ltd.		115,574
	20,950	AVI, Ltd.		96,437
	56,026	Bidvest Group, Ltd.		1,245,358
	17,563	Kumba Iron Ore, Ltd.		1,255,914
	20,572	Massmart Holdings, Ltd.		424,747
	74,998	MTN Group, Ltd.		1,593,941
	145,745	Murray & Roberts Holdings		645,415
	41,606	Nedbank Group, Ltd.		899,925
	181,589	Pretoria Portland Cement Co., Ltd.		718,568
	204,128	Salam, Ltd.		830,687
	2,550	Sasol, Ltd.		134,063
	75,221	Shoprite Holdings, Ltd.		1,130,376
	54,042	Standard Bank Group, Ltd.		797,645
	31,604	Tiger Brands, Ltd.		921,342
	101,087	Truworths International, Ltd.		1,093,961
	28,019	Vodacom Group, Ltd.		347,010
		Total South Africa		12,250,963

See accompanying Notes to the Schedule of Investments.

58

MGI Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		South Korea — 2.2%
	6,378	AtlasBX Co., Ltd.		186,814
	201,613	Celltrion, Inc.		8,361,167
	3,570	Global & Yuasa Battery Co., Ltd.		160,126
	6,262	GS Home Shopping, Inc.		801,529
	5,770	Halla Climate Control Corp.		139,619
	16,874	Hana Financial Group, Inc.		593,936
	4,227	Hite Brewery Co., Ltd.		443,881
	2,692	Hyundai Mobis		1,010,222
	24,957	Hyundai Motor Co.		5,573,161
	30,167	KB Financial Group, Inc.		1,434,856
	7,258	KB Financial Group, Inc., ADR		346,932
	177,392	Korea Life Insurance Co., Ltd.		1,287,701
	12,650	KP Chemical Corp.		293,326
	26,020	KT&G Corp.		1,618,229
	1,145	LG Chem, Ltd.		526,248
	17,500	LG Display Co., Ltd.		486,925
	10,530	LG Electronics, Inc.		821,860
	6,946	NHN Corp.*		1,232,176
	8,381	Samsung Electronics Co., Ltd.		6,514,042
	1	Samsung Electronics REGS, GDR		388
	54,567	Shinhan Financial Group Co., Ltd.		2,606,424
	4,111	Unid Co., Ltd.		264,790
	28,005	Woongjin Coway Co., Ltd.		998,880
		Total South Korea		35,703,232
		Spain — 2.5%
	9,157	Acciona SA		971,739
	199,324	Amadeus IT Holding SA*		4,145,578
	25,749	Antena 3 de Television SA		212,510
	432,980	Banco Santander SA		4,994,884
	2,779	Corp. Financiera Alba SA		156,941
	100,937	Criteria Caixacorp SA		703,958
	10,276	Duro Felguera SA		85,657
	60,300	Gas Natural SDG SA		1,263,975
	64,257	Iberdrola Renovables SA		283,784
	94,529	Iberdrola SA*		841,135
	104,206	Inditex SA		9,513,792
	846	MAPFRE SA		3,041
	26,472	NH Hoteles SA*		199,130
	115,545	Red Electrica Corp. SA		6,980,619
	223,429	Repsol VPF SA		7,755,579
	31,706	Repsol YPF, SA, Sponsored ADR		1,102,101
	131,625	Sacyr Vallehermoso SA		1,244,349
	89,965	Sol Melia SA		1,087,145
	5,620	Viscofan SA		223,858
		Total Spain		41,769,775

See accompanying Notes to the Schedule of Investments.

59

MGI Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		Sweden — 1.3%
	16,274	Axfood AB		573,315
	49,771	Axis Communications AB		1,013,646
	45,390	Billerud AB		476,566
	148,381	Boliden AB		2,749,464
	124,406	Swedish Match AB		4,181,798
	396,337	Tele2 AB		7,851,728
	294,692	Telefonaktiebolaget LM Ericsson		4,248,596
		Total Sweden		21,095,113
		Switzerland — 7.8%
	221,810	ABB, Ltd.*		5,743,289
	34,489	Actelion, Ltd-REG*		1,695,727
	90,523	Adecco SA*		5,795,139
	9,789	Aryzta AG		523,765
	27,259	Baloise-Holding AG		2,806,286
	1,518	Barry Callebaut AG-REG*		1,500,786
	955	Basilea Pharmaceutica*		69,592
	3,167	Bucher Industries AG		700,485
	78,300	Clariant AG*		1,494,482
	1,411	Flughafen Zuerich AG		642,770
	676	Forbo Holding AG*		512,234
	87,827	GAM Holding AG*		1,438,981
	605	Gategroup Holding AG*		26,658
	13,414	Geberit AG*		3,173,608
	2,559	Georg Fischer AG*		1,404,943
	9,599	Givaudan SA*		10,140,582
	1,433	Helvetia Holding AG		612,707
	37,690	Julius Baer Group, Ltd.*		1,553,400
	2,321	Lonza Group AG*		181,382
	274,965	Nestle SA		17,063,500
	76,484	Novartis AG		4,678,261
	198,518	OC Oerlikon Corp. AG Class R*		1,599,084
	121,841	Roche Holding AG		20,353,621
	17,229	Schindler Holding AG		2,091,306
	4,160	SGS SA		7,885,683
	524	Swatch Group AG (The) Class B		263,984
	13,138	Swatch Group AG (The)		1,178,119
	22,883	Swiss Life Holding*		3,746,170
	182,352	Swiss Re, Ltd.*		10,224,273
	5,772	Swisscom AG		2,641,317
	17,405	Syngenta AG*		5,866,864
	355,430	UBS AG*		6,471,682
	14,877	Zurich Financial Services*		3,754,529
		Total Switzerland		127,835,209

See accompanying Notes to the Schedule of Investments.

60

MGI Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		Taiwan — 0.9%
	1,566,346	Acer, Inc.		2,744,982
	127,000	Asustek Computer, Inc.*		1,264,740
	754,369	AU Optronics Corp.*		516,896
	162,000	Delta Electronics, Inc.		597,608
	169,278	Hon Hai Precision Industry Co., Ltd., GDR		1,155,899
	20,662	HTC Corp.		705,823
	106,053	MediaTek, Inc.		1,156,183
	457,000	Pegatron Corp.*		475,048
	436,392	Taiwan Semiconductor Manufacturing Co., Ltd., Sponsored ADR		5,502,903
		Total Taiwan		14,120,082
		Thailand — 0.2%
	122,200	Advanced Info Service PCL		414,696
	48,100	Banpu PCL		1,123,865
	35,200	Electricity Generating PCL		106,656
	158,800	Kasikornbank PCL		648,891
	241,400	Major Cineplex Group PCL		121,355
	10,300	PTT Exploration & Production PCL		57,490
	53,600	Siam Cement PCL		712,232
	20,800	Siam Makro PCL		132,877
		Total Thailand		3,318,062
		Turkey — 0.5%
	175,725	Akbank TAS		811,763
	5,300	BIM Birlesik Magazalar AS		172,201
	64,231	Dogus Otomotiv Servis ve Ticaret AS*		180,402
	19,605	Gubre Fabrikalari TAS*		175,197
	175,967	KOC Holding AS		756,513
	181,909	Turk Telekomunikasyon AS		960,906
	56,275	Turk Traktor ve Ziraat Makineleri AS		1,289,274
	117,360	Turkcell Iletisim Hizmetleri AS, ADR*		1,590,228
	779,071	Turkiye Is Bankasi		2,389,644
	255,524	Turkiye Vakiflar Bankasi Tao		577,565
	23,527	Vestel Elektronik Sanayi ve Ticaret AS*		38,810
		Total Turkey		8,942,503
		United Kingdom — 16.6%
	44,659	Admiral Group Plc		1,190,174
	186,684	Amlin Plc		1,217,181
	15,265	ARM Holdings Plc		144,415
	83,873	ARM Holdings Plc, Sponsored ADR		2,384,509
	452,616	Ashtead Group Plc		1,235,192
	76,764	AstraZeneca Plc, Sponsored ADR		3,843,573
	326,310	AstraZeneca Plc		16,298,290
	1,206,348	Aviva Plc		8,496,677
	852,621	BAE Systems Plc		4,360,002
	590,967	Barclays Plc		2,433,301

See accompanying Notes to the Schedule of Investments.

61

MGI Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		United Kingdom — continued
	245,869	Beazley Plc		493,435
	23,982	Berendsen Plc		209,778
	38,600	Bodycote Plc		230,479
	1,702,255	BP Plc		12,546,114
	191,719	British American Tobacco Plc		8,406,305
	9,949	BT Group Plc, Sponsored ADR		325,332
	1,374,650	BT Group Plc		4,460,269
	316,563	Bunzl Plc		3,964,344
	53,780	Burberry Group Plc		1,250,775
	324,476	Cable & Wireless Communications Plc		211,159
	765,783	Cable & Wireless Worldwide Plc		565,908
	1,334,511	Cobham Plc		4,530,239
	509,290	Compass Group Plc		4,914,282
	89,800	Cookson Group Plc		969,617
	62,103	Domino’s Pizza UK & IRL Plc		402,517
	104,489	Drax Group Plc		844,353
	133,414	Electrocomponents Plc		583,911
	61,354	Ferrexpo Plc		462,572
	13,515	Firstgroup Plc		73,987
	754,981	GKN Plc		2,809,828
	602,649	Glaxosmithkline Plc		12,907,135
	179,726	GlaxoSmithKline Plc, Sponsored ADR		7,710,245
	12,858	Go-Ahead Group Plc		326,459
	527,321	Halma Plc		3,507,578
	67,472	Healthcare Locums Plc		121,863
	358,674	Home Retail Group		941,906
	1,195,176	HSBC Holdings Plc		11,860,471
	54,500	Imperial Tobacco Group Plc		1,812,599
	1,133,820	Inchcape Plc		7,607,473
	195,900	Informa Plc		1,359,063
	743,998	Inmarsat Plc		6,643,464
	52,991	Intercontinental Hotels Group Plc		1,084,762
	19,124	Interserve Plc		99,020
	1,057,183	ITV Plc*		1,212,613
	180,952	Jardine Lloyd Thompson Group Plc		1,978,463
	83,306	Kesa Electricals Plc		184,109
	17,376	Kier Group Plc		379,309
	693,049	Kingfisher Plc		2,973,192
	3,504,200	Lloyds TSB Group Plc*		2,754,329
	81,244	Logica Plc		174,664
	49,606	Man Group Plc		188,548
	23,172	Melrose Plc		134,675
	284,797	Morgan Crucible Co. Plc		1,407,897
	2,592	Next Plc		96,832
	1,190,173	Old Mutual Plc		2,549,151
	45,118	Pace Plc		77,146
	54,239	Paragon Group of Cos. Plc		172,700

See accompanying Notes to the Schedule of Investments.

62

MGI Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		United Kingdom — continued
	244,550	Persimmon Plc		1,893,724
	66,651	Premier Farnell Plc		266,456
	315,836	Premier Foods Plc*		96,461
	700,900	Prudential Plc		8,102,499
	245,977	QinetiQ Group Plc*		476,672
	76,987	Reckitt Benckiser Group Plc		4,252,030
	11,814	Renishaw Plc		332,484
	1,253,137	Rentokil Initial Plc*		1,912,354
	172,956	Resolution, Ltd.		816,395
	68,536	Restaurant Group Plc		323,583
	96,000	Rio Tinto Plc		6,934,256
	187,839	Royal Dutch Shell Plc Class A (Amsterdam Exchange)		6,666,839
	269,113	Royal Dutch Shell Plc Class A (London Exchange)		9,592,094
	463,010	RSA Insurance Group Plc		1,001,955
	186,207	SABMiller Plc		6,790,916
	382,449	Sage Group Plc (The)		1,773,938
	10,255	Schroders Plc		254,707
	25,254	Shire Plc		788,617
	258,713	Smith & Nephew Plc		2,760,985
	6,432	Smith & Nephew Plc, Sponsored ADR		348,357
	124,220	Spectris Plc		3,175,064
	291,140	Standard Chartered Plc		7,652,853
	40,222	Standard Life Plc		135,938
	712,799	Taylor Wimpey Plc*		432,518
	1,508,877	Tesco Plc		9,748,092
	309,603	Thomas Cook Group Plc		661,118
	14,457	TT electronics Plc		46,610
	17,202	Ultra Electronics Holdings Plc		473,930
	113,193	United Business Media, Ltd.		1,011,351
	164,408	Vedanta Resources Plc		5,532,165
	187,272	Vodafone Group Plc, Sponsored ADR		5,003,908
	6,757,479	Vodafone Group Plc		17,964,485
	154,056	WH Smith Plc		1,212,780
	21,726	Whitbread Plc		563,340
	150,399	Xstrata Plc		3,317,901
		Total United Kingdom		272,441,559
		United States — 0.3%
	27,366	Southern Copper Corp.		899,520
	18,502	Synthes, Inc. 144A		3,253,202
		Total United States		4,152,722
		TOTAL COMMON STOCKS (COST $1,432,099,989)		1,578,112,600

See accompanying Notes to the Schedule of Investments.

63

MGI Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		INVESTMENT COMPANY — 0.9%
		United States — 0.9%
	247,977	iShares MSCI EAFE Index Fund		14,913,337
		TOTAL INVESTMENT COMPANY (COST $14,711,300)		14,913,337
		PREFERRED STOCKS — 0.4%
		Brazil — 0.1%
	5,800	Fertilizantes Fosfatados SA, 0.70%		87,655
	8,600	Ultrapar Participacoes SA, 3.48%		152,210
	106,700	Usinas Siderurgicas de Minas Gerais SA, 3.88%		935,695
		Total Brazil		1,175,560
		Germany — 0.3%
	78,436	Henkel AG & Co. KGaA, 1.51%		5,436,863
		TOTAL PREFERRED STOCKS (COST $5,858,742)		6,612,423
		RIGHTS — 0.0%
		Spain — 0.0%
	100,937	Criteria CaixaCorp. SA, Strike Price $0.00, Expires 07/15/11*		7,610
		TOTAL RIGHTS (COST $7,428)		7,610
		WARRANTS — 0.6%
		Bermuda — 0.6%
	199,251	CLSA Financial Products, Strike Price $0.00, Expires 05/10/15* ¤		4,858,422
	173,419	CLSA Financial Products, Strike Price $0.00, Expires 05/26/16* ¤		5,320,149
		Total Bermuda		10,178,571
		TOTAL WARRANTS (COST $11,607,655)		10,178,571
Notional		Description	Value ($)
		OPTIONS PURCHASED — 0.0%
		Call Options — 0.0%
	4,054,805	OTC Euro versus Japanese Yen with JP Morgan Securities, Inc., Strike Price $120.00, Expires 08/18/11		32,022
	4,210,342	OTC Euro versus Japanese Yen with JP Morgan Securities, Inc., Strike Price $120.90, Expires 01/18/12		137,574
	2,470,136	OTC Euro versus Japanese Yen with JP Morgan Securities, Inc., Strike Price $126.50, Expires 03/08/12		47,324
	507,764,368	OTC USD versus Japanese Yen with Deutsche Bank AG, Strike Price $90.50, Expires 01/18/12		20,597
		TOTAL CALL OPTIONS PURCHASED (COST $417,499)		237,517

See accompanying Notes to the Schedule of Investments.

64

MGI Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Notional		Description	Value ($)
		Put Options — 0.0%
	491,512,161	OTC Japanese Yen versus U.S. Dollar with Barclays Capital, Inc., Strike Price $93.00, Expires 08/18/11		—
	304,255,244	OTC Japanese Yen versus U.S. Dollar with Deutsche Bank AG, Strike Price $90.55, Expires 03/08/12		18,999
		TOTAL PUT OPTIONS PURCHASED (COST $137,692)		18,999
Par Value ($)		Description	Value ($)
		SHORT-TERM INVESTMENTS — 1.9%
		Bank Deposit — 1.9%
	30,411,555	State Street Bank & Trust Euro Time Deposit, 0.01%, due 07/01/11		30,411,555
		TOTAL SHORT-TERM INVESTMENTS (COST $30,411,555)		30,411,555
		TOTAL INVESTMENTS — 100.0% (Cost $1,495,251,860)		1,640,492,612
		Other Assets and Liabilities (net) — 0.0%		408,715
		NET ASSETS — 100.0%	$	1,640,901,327
		Notes to Schedule of Investments:
		ADR — American Depository Receipt
		GDR — Global Depository Receipt
		REIT — Real Estate Investment Trust
		SDR — Swedish Depository Receipt
		* Non-income producing security
		¤ Illiquid security. The total market value of the securities at period end is $10,178,571 which represents 0.6% of net assets. The aggregate tax cost of these securities held at June 30, 2011 was $11,607,655.
		**** Securities fair valued by the Valuation Committee as approved by the Board of Trustees. The total market value of the securities at period end is $0 which represents 0.0% of net assets. The aggregate tax cost of these securities held at June 30, 2011 was $0.
		144A — Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total market value of the securities at year end is $9,180,752 which represents 0.6% of net assets.

See accompanying Notes to the Schedule of Investments.

65

MGI Non-US Core Equity Fund
Schedule of Investments (Continued)
June 30, 2011 (Unaudited)

A summary of outstanding financial instruments at June 30, 2011 is as follows:

Forward Currency Contracts

								Net
								Unrealized
Settlement				Units of				Appreciation
Date	Deliver/Receive		Counterparty	Currency		Value		(Depreciation)
Buys
			State Street Bank and
7/15/11		AUD	Trust Company		3,800,000	$	4,063,117	$	272,160
7/15/11		AUD	Westpac Banking Corp.		8,332,000		8,908,917		172,699
10/14/11		AUD	Westpac Banking Corp.		964,000		1,019,063		6,097
			Credit Suisse London
7/15/11		CAD	Branch (GFX)		825,000		854,619		878
7/15/11		CAD	Deutsche Bank AG		909,000		941,635		(422	)
			Royal Bank Of Scotland
7/15/11		CHF	Plc		11,661,000		13,849,965		754,242
			State Street Bank and
7/15/11		CHF	Trust Company		4,107,000		4,877,953		325,545
7/15/11		EUR	Deutsche Bank AG		15,893,000		23,035,935		172,107
			State Street Bank and
7/15/11		EUR	Trust Company		3,852,000		5,583,239		266,324
7/15/11		GBP	BNP Paribas SA		5,329,000		8,554,399		(109,276	)
10/14/11		GBP	HSBC Bank USA		1,389,000		2,227,212		(44,873	)
			State Street Bank and
7/15/11		GBP	Trust Company		3,242,000		5,204,234		(94,718	)
7/15/11		JPY	Citibank N.A.		90,765,000		1,123,939		(3,862	)
7/15/11		JPY	Standard Chartered Bank		656,490,000		8,129,289		1,827
7/15/11		NOK	Citibank N.A.		5,442,000		1,013,638		11,225
10/14/11		NOK	HSBC Bank USA		3,817,000		706,710		4,501
7/15/11		NOK	Royal Bank Of Canada		64,766,000		12,063,451		91,252
7/15/11		SEK	Royal Bank Of Canada		42,721,000		6,766,464		(99,656	)
7/15/11		SEK	UBS AG		31,288,000		4,955,622		(45,273	)
								$	1,680,777
Sales
7/15/11		AUD	Westpac Banking Corp.		2,990,000	$	3,197,031	$	(73,961	)
			State Street Bank and
7/15/11		CAD	Trust Company		944,000		977,892		(15,854	)
7/15/11		CAD	UBS AG		9,648,000		9,994,386		69,336
7/15/11		CHF	Deutsche Bank AG		720,000		855,156		(861	)
			Royal Bank Of Scotland
7/15/11		CHF	Plc		8,539,000		10,141,913		(587,787	)
7/15/11		EUR	BNP Paribas SA		15,222,000		22,063,362		(495,568	)
			State Street Bank and
7/15/11		EUR	Trust Company		6,546,000		9,488,028		(213,721	)
7/15/11		GBP	BNP Paribas SA		8,571,000		13,758,632		218,946
7/15/11		JPY	BNP Paribas SA		331,049,000		4,099,366		(203,022	)
7/15/11		JPY	Citibank N.A.		1,078,519,000		13,355,256		(382,854	)
			Royal Bank Of Scotland
7/15/11		JPY	Plc		99,816,000		1,236,018		(8,766	)

See accompanying Notes to the Schedule of Investments.

66

MGI Non-US Core Equity Fund
Schedule of Investments (Continued)
June 30, 2011 (Unaudited)

Forward Currency Contracts — continued

								Net
								Unrealized
Settlement				Units of				Appreciation
Date	Deliver/Receive		Counterparty	Currency		Value		(Depreciation)
			State Street Bank and
7/15/11		JPY	Trust Company		364,763,000	$	4,516,845	$	(71,877	)
			State Street Bank and
7/15/11		NOK	Trust Company		10,792,000		2,010,141		(87,290	)
7/15/11		NOK	UBS AG		59,416,000		11,066,948		(326,587	)
7/15/11		SEK	Deutsche Bank AG		24,431,000		3,869,560		(23,431	)
7/15/11		SEK	HSBC Bank USA		5,458,000		864,478		(1,601	)
								$	(2,204,898	)

Currency Abbreviations

AUD	Australian Dollar
CAD	Canadian Dollar
CHF	Swiss Franc
EUR	Euro
GBP	British Pound Sterling
JPY	Japanese Yen
NOK	Norwegian Krona
SEK	Swedish Krona

Futures Contracts

							Net
							Unrealized
Number of					Contract		Appreciation
Contracts		Type		Expiration Date	Value		(Depreciation)
	Buys
	23		STOXX 50 Index	September 2011	$	949,709	$	29,011
	9		TOPIX Index	September 2011		946,694		49,480
							$	78,491

See accompanying Notes to the Schedule of Investments.

67

MGI Non-US Core Equity Fund
Schedule of Investments (Continued)
June 30, 2011 (Unaudited)

Industry Sector Summary (Unaudited)	% of Total Net Assets
Telecommunications		9.3
Pharmaceuticals		8.2
Banks		8.1
Insurance		6.4
Oil & Gas		6.3
Chemicals		4.7
Food		3.8
Auto Parts & Equipment		3.4
Mining		3.3
Retail		2.9
Auto Manufacturers		2.7
Electric		2.5
Beverages		2.1
Diversified Financial Services		2.1
Commercial Services		1.8
Agriculture		1.7
Semiconductors		1.7
Media		1.5
Electronics		1.4
Holding Companies — Diversified		1.4
Health Care — Products		1.3
Internet		1.3
Electrical Components & Equipment		1.2
Software		1.2
Transportation		1.2
Building Materials		1.1
Engineering & Construction		1.0
Distribution & Wholesale		0.9
Equity Fund		0.9
Iron & Steel		0.9
Real Estate		0.9
Computers		0.8
Cosmetics & Personal Care		0.8
Miscellaneous — Manufacturing		0.8
Aerospace & Defense		0.6
Airlines		0.6
Biotechnology		0.6
Home Builders		0.6
Household Products & Wares		0.6
Metal Fabricate & Hardware		0.6
Oil & Gas Services		0.6
Apparel		0.5
Machinery — Diversified		0.5
Health Care — Services		0.4
Machinery — Construction & Mining		0.4
Food Service		0.3
Home Furnishings		0.3
Leisure Time		0.3
Lodging		0.3
Entertainment		0.2

See accompanying Notes to the Schedule of Investments.

68

MGI Non-US Core Equity Fund
Schedule of Investments (Continued)
June 30, 2011 (Unaudited)

Industry Sector Summary (Unaudited)	% of Total Net Assets
Gas		0.2
Hand & Machine Tools		0.2
Investment Companies		0.2
Office & Business Equipment		0.2
Energy-Alternate Sources		0.1
Environmental Control		0.1
Forest Products & Paper		0.1
Coal		0.0
Packaging & Containers		0.0
Textiles		0.0
Toys, Games & Hobbies		0.0
Short-Term Investments and Other Assets and Liabilities (net)		1.9
		100.0	%

See accompanying Notes to the Schedule of Investments.

69

MGI Core Opportunistic Fixed Income Fund
Schedule of Investments
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Par Value ($)		Description	Value ($)
		DEBT OBLIGATIONS — 92.1%
		Asset Backed Securities — 4.4%
	90,831	ACE Securities Corp., Series 2005-SD3, Class A, 0.59%, due 08/25/45†		85,462
	42,210	American Airlines Pass Through Trust, Series 2001-1, Class A, 6.98%, due 11/23/22		36,089
	34,136	American Airlines, Inc., Series 2001-1, Class B, 7.38%, due 05/23/19		29,357
	97,285	American Home Mortgage Investment Trust, Series 2005-4, Class 1A1, 0.48%, due 11/25/45†		61,957
	372,200	Ameriquest Mortgage Securities, Inc., Series 2004-R2, Class A1A, 0.53%, due 04/25/34†		311,366
	706,087	Argent Securities, Inc., Series 2003-W9, Class M1, 1.22%, due 03/25/34†		632,851
	292,552	Asset Backed Securities Corp. Home Equity, Series 2003-HE7, Class M1, 1.16%, due 12/15/33†		251,285
	320,000	Avis Budget Rental Car Funding AESOP LLC, Series 2010-3A, Class A, 4.64%, due 05/20/16 144A		344,591
	210,000	Avis Budget Rental Car Funding AESOP LLC, Series 2010-5A, Class A, 3.15%, due 03/20/16¤ 144A		212,513
	46,083	Bayview Financial Acquisition Trust, Series 2004-A, Class A, 0.86%, due 02/28/44†		42,150
	91,817	Bayview Financial Acquisition Trust, Series 2004-C, Class A1, 0.82%, due 05/28/44†		86,035
	224,550	Bear Stearns Asset Backed Securities Trust, Series 2004-SD3, Class A3, 0.76%, due 09/25/34†		201,747
	319,923	Bear Stearns Asset Backed Securities Trust, Series 2006-SD3, Class 1A1A, 5.50%, due 08/25/36		218,160
	367,279	Bear Stearns Asset Backed Securities, Inc., Series 2005-AQ2, Class A3, 0.55%, due 09/25/35†		319,894
	68,934	Bear Stearns Asset Backed Securities, Inc., Series 2005-SD4, Class 2A1, 0.59%, due 12/25/42†		62,522
	262,657	Bear Stearns Asset Backed Securities, Inc., Series 2006-HE10, Class 1A1, 0.30%, due 10/25/36†		258,178
	1,566,713	BNSF Railway Co. 2007-1 Pass Through Trust, 6.00%, due 04/01/24		1,791,419
	400,000	Brazos Higher Education Authority, Series 2010-1, Class A2, 1.46%, due 02/25/35†		381,957
	913,441	Burlington Northern and Santa Fe Railway Co. 2006-1 Pass Through Trust, 5.72%, due 01/15/24		1,004,500
	421,363	Citigroup Mortgage Loan Trust, Inc., Series 2006-SHL1, Class A, 0.39%, due 11/25/45† 144A		370,679
	115,559	Citigroup Mortgage Loan Trust, Inc., Series 2007-AHL2, Class A3A, 0.26%, due 05/25/37†		103,489
	137,206	Continental Airlines Pass Through Trust, Series 1998-1, Class A, 6.65%, due 03/15/19		144,574
	37,937	Continental Airlines Pass Through Trust, Series 2003-ERJ1, Class A, 7.88%, due 01/02/20		37,842
	249,990	Continental Airlines Pass Through Trust, Series 2004-ERJ1, Class A, 9.56%, due 03/01/21		263,739
	345,470	Continental Airlines Pass Through Trust, Series 2005-ERJ1, 9.80%, due 04/01/21		361,017

See accompanying Notes to the Schedule of Investments.

70

MGI Core Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Par Value ($)		Description	Value ($)
		Asset Backed Securities — continued
	1,129,010	Countrywide Asset-Backed Certificates, Series 2007-SD1, Class A1, 0.64%, due 02/25/37† 144A		543,265
	76,948	Countrywide Home Equity Loan Trust, Series 2005-F, Class 2A, 0.43%, due 12/15/35†		40,766
	52,672	Countrywide Home Equity Loan Trust, Series 2005-G, Class 2A, 0.42%, due 12/15/35†		29,568
	103,066	CVS Pass-Through Trust, 5.88%, due 01/10/28		106,545
	239,385	CVS Pass-Through Trust, 6.04%, due 12/10/28		254,760
	55,554	CVS Pass-Through Trust, 6.94%, due 01/10/30		62,654
	320,000	CVS Pass-Through Trust, 9.35%, due 01/10/23¤ 144A		349,211
	235,469	Delta Air Lines Pass Through Trust, Series 2007-1, Class A, 6.82%, due 08/10/22		244,888
	150,000	Education Funding Capital Trust I, Series 2004-1, Class A5, 1.45%, due 06/15/43†		138,844
	425,000	Greenpoint Manufactured Housing, Series 1999-2, Class A2, 3.11%, due 03/18/29†		353,564
	820,000	Greenpoint Manufactured Housing, Series 1999-3, Class 1A7, 7.27%, due 06/15/29		738,466
	250,000	Greenpoint Manufactured Housing, Series 1999-3, Class 2A2, 3.70%, due 06/19/29†		208,753
	250,000	Greenpoint Manufactured Housing, Series 1999-4, Class A2, 3.70%, due 02/20/30†		206,995
	325,000	Greenpoint Manufactured Housing, Series 2000-6, Class A3, 2.20%, due 11/22/31†		269,329
	775,000	Greenpoint Manufactured Housing, Series 2000-7, Class A2, 3.69%, due 11/17/31†		766,688
	375,000	Greenpoint Manufactured Housing, Series 2001-2, Class IA2, 3.69%, due 02/20/32†		305,336
	500,000	Greenpoint Manufactured Housing, Series 2001-2, Class IIA2, 3.69%, due 03/13/32†		394,259
	55,038	Greenpoint Mortgage Funding Trust, Series 2005-HE4, Class 2A1, 0.41%, due 07/25/30†		43,637
	252,771	GSAA Trust, Series 2006-14, Class A1, 0.24%, due 09/25/36†		114,303
	798,908	GSAMP Trust, Series 2004-SEA2, Class A2B, 0.74%, due 03/25/34†		776,166
	164,664	GSAMP Trust, Series 2006-S4, Class A1, 0.28%, due 05/25/36†		16,909
	410,000	Hertz Vehicle Financing LLC, Series 2009-2A, Class A2, 5.29%, due 03/25/16¤ 144A		449,995
	593,500	Home Equity Asset Trust, Series 2003-8, Class M1, 1.27%, due 04/25/34†		505,496
	800,000	Illinois Student Assistance Commission, Series 2010-1, Class A3, 1.17%, due 07/25/45†		761,272
	372,905	Impac Secured Assets CMN Owner Trust, Series 2006-1, Class 1A2B, 0.39%, due 05/25/36†		162,436
	926,240	Keycorp Student Loan Trust, Series 2003-A, Class 1A2, 0.53%, due 10/25/32†		866,928
	221,390	Merrill Lynch Mortgage Investors, Inc., Series 2007-MLN1, Class A2A, 0.30%, due 03/25/37†		156,967
	544,801	Morgan Stanley ABS Capital I, Series 2003-NC10, Class M1, 1.21%, due 10/25/33†		444,423
	455,269	Morgan Stanley ABS Capital I, Series 2003-NC6, Class M1, 1.39%, due 06/25/33†		405,470
	362,287	Morgan Stanley ABS Capital I, Series 2003-NC7, Class M1, 1.24%, due 06/25/33†		313,786
	166,629	Morgan Stanley ABS Capital I, Series 2007-NC2, Class A2FP, 0.34%, due 02/25/37†		105,781
	1,100,000	Nelnet Student Loan Trust, Series 2005-4, Class A4R2, 0.74%, due 03/22/32†		998,937
	761,769	North Carolina State Education Assistance Authority, Series 2010-1, Class A1, 1.17%, due 07/25/41†		743,738
	353,151	Novastar Home Equity Loan, Series 2003-3, Class A3, 1.09%, due 12/25/33†		305,304

See accompanying Notes to the Schedule of Investments.

71

MGI Core Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Par Value ($)		Description	Value ($)
		Asset Backed Securities — continued
	347,719	NovaStar Mortgage Funding Trust, Series 2003-3, Class A2C, 1.25%, due 12/25/33†		308,969
	1,700,000	Origen Manufactured Housing, Series 2006-A, Class A2, 3.70%, due 10/15/37†		1,548,282
	1,700,000	Origen Manufactured Housing, Series 2007-A, Class A2, 3.70%, due 04/15/37†		1,561,174
	692,689	Park Place Securities, Inc., Series 2004-WCW2, Class M1, 0.81%, due 10/25/34†		664,130
	225,986	RAAC Series, Series 2006-RP2, Class A, 0.44%, due 02/25/37 † 144A		166,520
	158,759	Renaissance Home Equity Loan Trust, Series 2007-2, Class AF1, 5.89%, due 06/25/37††		105,502
	33,098	SACO I, Inc., Series 2005-7, Class A, 0.75%, due 09/25/35†		29,136
	448,827	SACO I, Inc., Series 2006-5, Class 1A, 0.49%, due 04/25/36†		158,353
	172,317	SACO I, Inc., Series 2006-6, Class A, 0.45%, due 06/25/36†		59,590
	607,660	Saxon Asset Securities Trust, Series 2005-1, Class M1, 0.65%, due 05/25/35†		455,534
	1,100,000	SLM Student Loan Trust, Series 2002-5, Class B, 0.68%, due 09/16/24†		1,020,729
	500,000	SLM Student Loan Trust, Series 2003-11, Class A6, 0.54%, due 12/15/25¤ † 144A		483,766
	530,000	SLM Student Loan Trust, Series 2008-5, Class A3, 1.57%, due 01/25/18†		544,985
	1,908,092	SLM Student Loan Trust, Series 2008-9, Class A, 1.77%, due 04/25/23†		1,971,909
	7,310,975	SLM Student Loan Trust, Series 2009-B, Class A1, 6.19%, due 07/15/42 † 144A		6,960,989
	1,344,486	SLM Student Loan Trust, Series 2009-CT, Class 1A, 2.35%, due 04/15/39 † 144A		1,347,992
	2,792,482	SLM Student Loan Trust, Series 2009-D, Class A, 3.50%, due 08/17/43 † 144A		2,799,808
	1,106,854	SLM Student Loan Trust, Series 2010-1, Class A, 0.59%, due 07/25/17†		1,106,125
	3,722,894	SLM Student Loan Trust, Series 2010-A, Class 2A, 3.44%, due 05/16/44 † 144A		3,921,951
	549,630	Small Business Administration Participation Certificates, Series 2008-20L, Class 1, 6.22%, due 12/01/28		610,694
	134,016	Soundview Home Equity Loan Trust, Series 2006-EQ2, Class A2, 0.30%, due 01/25/37†		114,586
	109,831	Soundview Home Equity Loan Trust, Series 2007-OPT1, Class 2A1, 0.27%, due 06/25/37†		92,654
	46,876	Structured Asset Securities Corp., Series 2002-AL1, Class A3, 3.45%, due 02/25/32		43,902
	356,064	Structured Asset Securities Corp., Series 2006-ARS1, Class A1, 0.30%, due 02/25/36† 144A		16,938
	54,547	UAL Pass Through Trust, Series 2009-1, 10.40%, due 05/01/18		61,840
	110,742	UAL Pass Through Trust, Series 2009-2A, 9.75%, due 01/15/17		126,523
	1,749,609	Washington Mutual Alternative Mortgage Pass Through Certificates, Series 2006-AR3, Class A1A, 1.25%, due 05/25/46†		938,277
	56,050	Washington Mutual, Inc., Series 2005-AR8, Class 2A1A, 0.48%, due 07/25/45†		45,684
				47,065,354
		Convertible Debt — 0.0%
	245,000	Icahn Enterprises, LP, 4.00%, due 08/15/13†		235,519
		Corporate Debt — 28.0%
	85,000	ACCO Brands Corp., 10.63%, due 03/15/15		95,306
	680,000	AES Corp. (The), Senior Note, 8.00%, due 06/01/20		727,600
	300,000	Alcatel-Lucent USA, Inc., 6.45%, due 03/15/29		271,500
	155,000	Alere, Inc., 8.63%, due 10/01/18		158,875
	115,000	Alere, Inc., 9.00%, due 05/15/16		120,319

See accompanying Notes to the Schedule of Investments.

72

MGI Core Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	275,000	Aleris International, Inc., 7.63%, due 02/15/18 144A		275,687
	170,000	Aleris International, Inc., Senior Note, (PIK), 9.00%, due 12/15/14**** †††		—
	350,000	Alliant Techsystems, Inc., 6.88%, due 09/15/20		365,750
	1,575,000	Ally Financial, Inc., 4.50%, due 02/11/14		1,578,937
	185,000	Ally Financial, Inc., 6.75%, due 12/01/14		191,938
	1,800,000	Ally Financial, Inc., 6.88%, due 09/15/11		1,815,750
	1,550,000	Ally Financial, Inc., 7.50%, due 09/15/20		1,627,500
	200,000	Alpha Natural Resources, Inc., 6.00%, due 06/01/19		200,500
	35,000	Alpha Natural Resources, Inc., 6.25%, due 06/01/21		35,350
	490,000	Altria Group, Inc., 4.75%, due 05/05/21		490,618
	270,000	Altria Group, Inc., 8.50%, due 11/10/13		313,103
	490,000	Altria Group, Inc., 9.25%, due 08/06/19		639,898
	370,000	Amerada Hess Corp., 7.30%, due 08/15/31		443,582
	290,000	America Movil SAB de CV, 5.00%, due 03/30/20		303,978
	150,000	America Movil SAB de CV, Guaranteed Senior Note, 5.63%, due 11/15/17		169,072
	970,000	American Express Co., 8.13%, due 05/20/19		1,231,626
	690,000	American Express Co., Subordinated Note, 6.80%, due 09/01/66†		711,562
	1,900,000	American Express Credit Corp., 5.88%, due 05/02/13		2,046,321
	100,000	American General Finance Corp., 5.40%, due 12/01/15		92,000
	300,000	American International Group, Inc., 3.75%, due 11/30/13¤ 144A		307,126
	1,500,000	American International Group, Inc., 5.85%, due 01/16/18		1,573,816
	850,000	American International Group, Inc., 6.40%, due 12/15/20		916,561
	7,150,000	American International Group, Inc., 8.25%, due 08/15/18		8,216,258
	460,000	American International Group, Inc., Junior Subordinated Note, Series A, 6.25%, due 03/15/87		420,900
	330,000	American Railcar Industries, Inc., Senior Note, 7.50%, due 03/01/14		339,075
	210,000	AmeriGas Partners LP/AmeriGas Finance Corp., 6.50%, due 05/20/21		212,363
	310,000	Amsted Industries, Inc., 8.13%, due 03/15/18 144A		327,050
	430,000	Anadarko Finance Co., Senior Note, 7.50%, due 05/01/31		498,038
	220,000	Anadarko Petroleum Corp., 6.38%, due 09/15/17		252,521
	740,000	Anglo American Capital Plc, 4.45%, due 09/27/20¤ 144A		753,249
	660,000	Anheuser-Busch InBev Worldwide, Inc., 5.00%, due 04/15/20		710,222
	340,000	Anheuser-Busch InBev Worldwide, Inc., 5.38%, due 01/15/20		375,190
	700,000	Apache Corp., 5.25%, due 04/15/13		754,501
	150,000	APERAM, 7.38%, due 04/01/16 144A		151,500
	265,000	ARAMARK Corp., Senior Note, 8.50%, due 02/01/15		276,594
	110,000	ARAMARK Holdings Corp., 8.63%, due 05/01/16 144A		112,475
	740,000	Arch Coal, Inc., 7.00%, due 06/15/19 144A		741,850
	250,000	Ardagh Packaging Finance, 9.13%, due 10/15/20 144A		264,375
	200,000	Associated Materials LLC, 9.13%, due 11/01/17 144A		200,000
	210,000	Astoria Depositor Corp., Series B, 8.14%, due 05/01/21 144A		201,600
	80,000	AT&T, Inc., Global Note, 5.50%, due 02/01/18		89,350
	780,000	AT&T, Inc., Global Note, 6.30%, due 01/15/38		828,733
	1,250,000	AT&T, Inc., Global Note, 6.55%, due 02/15/39		1,375,619
	160,000	Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 8.25%, due 01/15/19		162,800
	15,000	Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 9.63%, due 03/15/18		16,088
	1,715,000	BAC Capital Trust VI, 5.63%, due 03/08/35		1,481,813
	20,000	BAC Capital Trust XIV, 5.63%, due 12/31/49†		15,025

See accompanying Notes to the Schedule of Investments.

73

MGI Core Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	410,000	Baker Hughes, Inc., Senior Note, 7.50%, due 11/15/18		517,674
	610,000	Ball Corp., 5.75%, due 05/15/21		613,050
	250,000	Ball Corp., 6.75%, due 09/15/20		266,562
	85,000	Ball Corp., 7.38%, due 09/01/19		93,288
	210,000	Ball Corp., Senior Note, 6.63%, due 03/15/18		217,088
	400,000	Bank of America Corp., 4.50%, due 04/01/15		418,559
	710,000	Bank of America Corp., 5.00%, due 05/13/21		702,722
	380,000	Bank of America Corp., 5.63%, due 07/01/20		393,045
	2,835,000	Bank of America Corp., 7.63%, due 06/01/19		3,289,031
	70,000	Bank of America Corp., 8.00%, due 12/29/49†		73,195
	500,000	Bank of America Corp., (MTN), Series L, 5.65%, due 05/01/18		527,911
	2,670,000	Bank of America Corp., Senior Note, 5.75%, due 12/01/17		2,842,754
	280,000	Bank of Tokyo-Mitsubishi UFJ, Ltd., 3.85%, due 01/22/15¤ 144A		295,256
	100,000	Bank One Capital III, 8.75%, due 09/01/30		127,099
	140,000	Barclays Bank Plc, 5.20%, due 07/10/14		151,555
	2,300,000	Barclays Bank Plc, 7.43%, due 09/29/49 † 144A		2,363,250
	400,000	Barclays Bank Plc, 10.18%, due 06/12/21 144A		503,868
	120,000	Barclays Bank Plc, Subordinated Note, 6.05%, due 12/04/17¤ 144A		127,224
	580,000	Barrick Gold Corp., 6.95%, due 04/01/19		690,580
	50,000	Barrick North America Finance LLC, 4.40%, due 05/30/21 144A		49,867
	45,000	Basic Energy Services, Inc., 7.75%, due 02/15/19 144A		45,338
	215,000	Basic Energy Services, Inc., Senior Note, 7.13%, due 04/15/16		216,075
	1,000,000	BBVA US Senior SAU, 3.25%, due 05/16/14		989,600
	225,000	BE Aerospace, Inc., Senior Note, 8.50%, due 07/01/18		246,094
	255,000	Beazer Homes USA, Inc., 8.13%, due 06/15/16		225,038
	40,000	Berkshire Hathaway, Inc., 3.20%, due 02/11/15		41,726
	900,000	BHP Billiton Finance USA, Ltd., 6.50%, due 04/01/19		1,078,641
	255,000	Boart Longyear Management Pty, Ltd., 7.00%, due 04/01/21 144A		262,012
	260,000	Boeing Capital Corp., 4.70%, due 10/27/19		279,151
	280,000	Boeing Co. (The), 4.88%, due 02/15/20		303,561
	285,000	Boise Cascade LLC, Senior Subordinated Note, 7.13%, due 10/15/14		283,575
	180,000	Boise Paper Holdings LLC/Boise Finance Co., 9.00%, due 11/01/17		196,650
	90,000	Bombardier, Inc., 7.50%, due 03/15/18 144A		101,250
	245,000	Bombardier, Inc., 7.75%, due 03/15/20 144A		276,850
	1,350,000	Boston Properties, LP REIT, 4.13%, due 05/15/21		1,294,601
	250,000	Boston Properties, LP REIT, 5.88%, due 10/15/19		274,362
	1,400,000	Boston Scientific Corp., 6.00%, due 01/15/20		1,518,118
	30,000	Boyd Gaming Corp., 7.13%, due 02/01/16		27,825
	270,000	BP Capital Markets Plc, 3.13%, due 10/01/15		277,482
	500,000	BP Capital Markets Plc, 5.25%, due 11/07/13		542,032
	160,000	BP Capital Markets Plc, Guaranteed Note, 3.88%, due 03/10/15		168,649
	255,000	Caesars Entertainment Operating Co., Inc., 10.00%, due 12/15/18		231,413
	85,000	Caesars Entertainment Operating Co., Inc., 12.75%, due 04/15/18		85,213
	180,000	Caesars Entertainment Operating Co., Inc., Guaranteed Note, 10.00%, due 12/15/18		156,150
	195,000	Calpine Construction Finance Co., LP and CCFC Finance Corp., 8.00%, due 06/01/16¤ 144A		211,575
	140,000	Calpine Corp., 7.25%, due 10/15/17 144A		142,800
	240,000	Calpine Corp., 7.50%, due 02/15/21¤ 144A		246,000

See accompanying Notes to the Schedule of Investments.

74

MGI Core Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	245,000	Calpine Corp., 7.88%, due 07/31/20 144A		257,250
	4,000,000	Canadian Imperial Bank of Commerce, 2.00%, due 02/04/13 144A		4,076,672
	1,625,000	Capital One Financial Corp., 6.75%, due 09/15/17		1,881,137
	310,000	Case New Holland, Inc., 7.88%, due 12/01/17 144A		342,550
	340,000	Caterpillar, Inc., 3.90%, due 05/27/21		340,738
	205,000	CCO Holdings LLC/CCO Holdings Capital Corp., 7.00%, due 01/01/19		212,175
	1,680,000	CCO Holdings LLC/CCO Holdings Capital Corp., 7.00%, due 01/15/19¤ 144A		1,734,600
	205,000	CCO Holdings LLC/CCO Holdings Capital Corp., 7.25%, due 10/30/17		213,456
	1,320,000	Cellco Partnership/Verizon Wireless Capital LLC, 8.50%, due 11/15/18		1,716,570
	319,300	Century Aluminum Co., 8.00%, due 05/15/14		331,673
	280,000	Cequel Communications Holdings I LLC and Cequel Capital Corp., 8.63%, due 11/15/17 144A		292,600
	280,000	CF Industries, Inc., 6.88%, due 05/01/18		318,150
	5,000	CF Industries, Inc., 7.13%, due 05/01/20		5,831
	340,000	CHC Helicopter SA, 9.25%, due 10/15/20 144A		308,550
	95,000	Chesapeake Energy Corp., 6.50%, due 08/15/17		100,938
	440,000	Chesapeake Energy Corp., 6.63%, due 08/15/20		465,300
	200,000	Chesapeake Energy Corp., 6.88%, due 08/15/18		211,000
	335,000	Chesapeake Energy Corp., Senior Note, 7.25%, due 12/15/18		366,825
	230,000	Chesapeake Midstream Partners, LP/CHKM Finance Corp., 5.88%, due 04/15/21 144A		227,700
	430,000	Cie Generale de Geophysique-Veritas SA, 6.50%, due 06/01/21 144A		417,100
	120,000	Cie Generale de Geophysique-Veritas SA, Senior Note, 7.75%, due 05/15/17		124,200
	385,000	CIGNA Corp., 5.38%, due 03/15/17		426,506
	1,100,000	CIGNA Corp., 6.15%, due 11/15/36		1,150,108
	44,058	CIT Group, Inc., 7.00%, due 05/01/14		44,664
	79,501	CIT Group, Inc., 7.00%, due 05/01/15		79,799
	75,000	CIT Group, Inc., 7.00%, due 05/04/15 144A		75,281
	132,504	CIT Group, Inc., 7.00%, due 05/01/16		132,173
	195,000	CIT Group, Inc., 7.00%, due 05/02/16 144A		194,756
	185,106	CIT Group, Inc., 7.00%, due 05/01/17		184,875
	233,000	CIT Group, Inc., 7.00%, due 05/02/17 144A		233,000
	100,000	Citigroup, Inc., 1.69%, due 06/28/13†		142,500
	560,000	Citigroup, Inc., 3.95%, due 06/15/16		573,917
	790,000	Citigroup, Inc., 5.38%, due 08/09/20		825,897
	830,000	Citigroup, Inc., 6.00%, due 12/13/13		902,957
	1,250,000	Citigroup, Inc., 6.01%, due 01/15/15		1,376,647
	3,300,000	Citigroup, Inc., Global Senior Note, 6.13%, due 11/21/17		3,649,546
	540,000	Citigroup, Inc., Global Senior Note, 6.50%, due 08/19/13		587,575
	400,000	Citigroup, Inc., Senior Note, 6.88%, due 03/05/38		446,574
	600,000	Citigroup, Inc., Subordinated Note, 5.00%, due 09/15/14		629,239
	50,000	Clear Channel Communications, Inc., 5.50%, due 12/15/16		33,250
	110,000	Clear Channel Communications, Inc., 6.88%, due 06/15/18		73,700
	65,000	Clear Channel Communications, Inc., 7.25%, due 10/15/27		37,375
	150,000	Clear Channel Communications, Inc., 9.00%, due 03/01/21 144A		144,375
	100,000	Clear Channel Worldwide Holdings, Inc., 9.25%, due 12/15/17		109,500
	195,000	Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp., 8.25%, due 12/15/17		209,625

See accompanying Notes to the Schedule of Investments.

75

MGI Core Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	105,000	Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp., 8.50%, due 12/15/19		114,056
	25,000	CNH Americah LLC, 7.25%, due 01/15/16		27,344
	320,000	Comcast Corp., 5.65%, due 06/15/35		314,466
	1,375,000	Comcast Corp., 5.88%, due 02/15/18		1,544,305
	190,000	Comcast Corp., 6.30%, due 11/15/17		220,528
	370,000	Comcast Corp., 6.40%, due 03/01/40		397,327
	870,000	Comcast Corp., 6.50%, due 01/15/15		996,147
	130,000	Comcast Corp., 6.50%, due 01/15/17		151,695
	40,000	Comcast Corp., 6.95%, due 08/15/37		45,299
	100,000	Comcast Corp., Guaranteed Note, 6.45%, due 03/15/37		107,301
	310,000	Commonwealth Bank of Australia, 3.75%, due 10/15/14¤ 144A		325,950
	130,000	Commonwealth Bank of Australia, 5.00%, due 10/15/19¤ 144A		135,508
	290,000	CommScope, Inc., 8.25%, due 01/15/19 144A		300,150
	130,000	Complete Production Services, Inc., Senior Note, 8.00%, due 12/15/16		136,500
	553,000	Concho Resources Inc/Midland TX, 6.50%, due 01/15/22		555,074
	490,000	ConocoPhillips Holding Co., 6.95%, due 04/15/29		596,765
	240,000	ConocoPhillips, Guaranteed Note, 5.90%, due 05/15/38		260,702
	90,000	Consol Energy, Inc., 6.38%, due 03/01/21¤ 144A		90,000
	220,000	Consol Energy, Inc., 8.25%, due 04/01/20		240,900
	250,000	Constellation Brands, Inc., Senior Note, 7.25%, due 05/15/17		273,125
	460,000	Continental Airlines, Inc., 6.75%, due 09/15/15¤ 144A		464,600
	210,000	Countrywide Financial Corp., Subordinated Note, 6.25%, due 05/15/16		221,534
	240,000	Cox Communications, Inc., 5.45%, due 12/15/14		267,700
	2,150,000	COX Communications, Inc., 5.88%, due 12/01/16 144A		2,431,809
	450,000	Credit Agricole SA, 2.63%, due 01/21/14¤ 144A		450,657
	1,020,000	Credit Agricole SA, 8.38%, due 12/31/49¤ † 144A		1,071,000
	190,000	Credit Suisse AG Guernsey Branch, 5.86%, due 05/29/49†		182,495
	500,000	Credit Suisse/New York, Subordinated Note, 6.00%, due 02/15/18		540,270
	240,000	Crown Americas LLC/Crown Americas Capital Corp. II, 7.63%, due 05/15/17		257,100
	300,000	Crown Castle International Corp., 7.13%, due 11/01/19		317,250
	150,000	Crown Castle International Corp., Senior Note, 9.00%, due 01/15/15		163,500
	700,000	CVS Caremark Corp., 6.60%, due 03/15/19		813,744
	3,000,000	Daimler Finance North America LLC, 5.75%, due 09/08/11		3,027,381
	700,000	Daimler Finance North America LLC, Senior Note, 6.50%, due 11/15/13		779,171
	600,000	Delos Aircraft, Inc., 7.00%, due 03/17/16		604,072
	235,000	Delta Air Lines 2010-1 Class B Pass Through Trust, 6.38%, due 01/02/16 144A		225,600
	375,000	Delta Air Lines, Inc., 12.25%, due 03/15/15 144A		417,187
	255,000	Denbury Resources, Inc., 6.38%, due 08/15/21		255,637
	95,000	Denbury Resources, Inc., 8.25%, due 02/15/20		104,025
	35,000	Denbury Resources, Inc., 9.75%, due 03/01/16		39,288
	500,000	Deutsche Bank AG/London, 4.88%, due 05/20/13		531,414
	310,000	Deutsche Telekom International Finance BV, 5.75%, due 03/23/16		350,957
	650,000	Devon Energy Corp., 7.95%, due 04/15/32		846,243
	730,000	Diageo Capital Plc, 4.83%, due 07/15/20		767,888
	65,000	DISH DBS Corp., 6.75%, due 06/01/21 144A		66,950
	115,000	DISH DBS Corp., 7.88%, due 09/01/19		124,631
	500,000	Dominion Resources, Inc., 5.20%, due 08/15/19		545,409

See accompanying Notes to the Schedule of Investments.

76

MGI Core Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	410,000	Dominion Resources, Inc., 5.70%, due 09/17/12		433,529
	215,000	Domtar Corp., 10.75%, due 06/01/17		280,844
	1,250,000	Dow Chemical Co. (The), 5.70%, due 05/15/18		1,387,126
	575,000	Dow Chemical Co. (The), 9.40%, due 05/15/39		855,569
	500,000	Duke Energy Corp., 5.63%, due 11/30/12		532,644
	155,000	Echostar DBS Corp., Senior Note, 6.63%, due 10/01/14		163,525
	40,000	Echostar DBS Corp., Senior Note, 7.00%, due 10/01/13		43,150
	745,000	Echostar DBS Corp., Senior Note, 7.13%, due 02/01/16		789,700
	110,000	Echostar DBS Corp., Senior Note, 7.75%, due 05/31/15		119,625
	5,000	Edison Mission Energy, Senior Note, 7.20%, due 05/15/19		4,000
	70,000	Edison Mission Energy, Senior Note, 7.63%, due 05/15/27		51,800
	65,000	EH Holding Corp., 7.63%, due 06/15/21 144A		66,625
	78,000	El Paso Corp., 7.75%, due 01/15/32		91,125
	180,000	El Paso Corp., Senior Note, 6.88%, due 06/15/14		202,038
	480,000	El Paso Corp., Senior Note, 7.00%, due 06/15/17		545,460
	190,000	El Paso Natural Gas Co., 8.38%, due 06/15/32		241,162
	430,000	El Paso Performance Linked Trust, 7.75%, due 07/15/11 144A		430,799
	1,778,000	Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc., 10.00%, due 12/01/20		1,905,056
	300,000	Energy Transfer Equity, LP, 7.50%, due 10/15/20		319,500
	720,000	Energy Transfer Partners, LP, 9.00%, due 04/15/19		896,556
	185,000	EnergySolutions, Inc./EnergySolutions LLC, 10.75%, due 08/15/18		196,100
	1,000,000	Enterprise Products Operating LLC, 5.25%, due 01/31/20		1,065,749
	2,045,000	Escrow GCB General Motors, 8.38%, due 07/15/49		61,350
	175,000	Ferrellgas, LP/Ferrellgas Finance Corp., 6.50%, due 05/01/21 144A		166,250
	600,000	Fiat Finance & Trade SA, 9.00%, due 07/30/12		912,326
	250,000	Fifth Third Capital Trust IV, 6.50%, due 04/15/67†		247,500
	9,000	FirstEnergy Corp., Series B, 6.45%, due 11/15/11		9,169
	1,245,000	FirstEnergy Corp., Series C, 7.38%, due 11/15/31		1,421,539
	310,000	FMG Resources August 2006 Pty, Ltd., 6.88%, due 02/01/18 144A		316,200
	205,000	Ford Holdings LLC, 9.30%, due 03/01/30		254,213
	750,000	Ford Motor Co., 6.63%, due 10/01/28		739,026
	110,000	Ford Motor Co., 7.13%, due 11/15/25		109,244
	1,206,000	Ford Motor Credit Co., 8.00%, due 12/15/16		1,359,145
	1,000,000	Ford Motor Credit Co. LLC, 5.63%, due 09/15/15		1,037,689
	1,200,000	Ford Motor Credit Co. LLC, 5.75%, due 02/01/21		1,201,523
	440,000	Ford Motor Credit Co. LLC, 12.00%, due 05/15/15		546,088
	1,080,000	Freeport-McMoRan Copper & Gold, Inc., Senior Note, 8.38%, due 04/01/17		1,181,252
	380,000	Freescale Semiconductor, Inc., Series 1, 9.25%, due 04/15/18 144A		411,350
	130,000	Fresenius Medical Care US Finance, Inc., 6.88%, due 07/15/17		138,125
	90,000	Frontier Communications Corp., 7.00%, due 11/01/25		85,725
	103,000	Frontier Communications Corp., 7.05%, due 10/01/46		87,679
	3,000,000	Gazprom Via Gaz Capital SA, 6.51%, due 03/07/22 144A		3,187,500
	2,600,000	General Electric Capital Corp., 0.55%, due 06/20/14†		2,548,512
	1,020,000	General Electric Capital Corp., 2.13%, due 12/21/12		1,044,688
	1,020,000	General Electric Capital Corp., 4.38%, due 09/16/20		1,010,200
	1,630,000	General Electric Capital Corp., 4.63%, due 01/07/21		1,642,725

See accompanying Notes to the Schedule of Investments.

77

MGI Core Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	1,450,000	General Electric Capital Corp., 5.50%, due 01/08/20		1,555,451
	960,000	General Electric Capital Corp., 6.00%, due 08/07/19		1,064,692
	860,000	General Electric Capital Corp., 6.38%, due 11/15/67†		884,725
	170,000	GenOn Americas Generation LLC, 9.13%, due 05/01/31		171,700
	180,000	Geokinetics Holdings USA, Inc., 9.75%, due 12/15/14		173,700
	120,000	Giant Funding Corp., 8.25%, due 02/01/18¤ 144A		125,700
	580,000	GlaxoSmithKline Capital, Inc., Guaranteed Note, 5.65%, due 05/15/18		662,522
	225,000	Glencore Funding LLC, Guaranteed Note, 6.00%, due 04/15/14 144A		244,905
	150,000	Glitnir Banki HF, 6.33%, due 07/28/11¤ ††† 144A		42,375
	290,000	Glitnir Banki HF, 6.38%, due 09/25/12¤ ††† 144A		81,925
	320,000	Glitnir Banki HF, Subordinated Note, 6.69%, due 06/15/16¤ ††† 144A		1,632
	15,000	GMAC LLC, Global Note, 6.75%, due 12/01/14		15,732
	30,000	Goldman Sachs Capital II, Guaranteed Note, 5.79%, due 12/29/49†		24,150
	90,000	Goldman Sachs Group (The), Inc., 3.63%, due 08/01/12		92,653
	30,000	Goldman Sachs Group (The), Inc., 4.75%, due 07/15/13		31,684
	30,000	Goldman Sachs Group (The), Inc., 5.30%, due 02/14/12		30,779
	480,000	Goldman Sachs Group (The), Inc., 5.38%, due 03/15/20		496,528
	140,000	Goldman Sachs Group (The), Inc., 5.45%, due 11/01/12		148,010
	1,110,000	Goldman Sachs Group (The), Inc., 5.95%, due 01/18/18		1,198,064
	350,000	Goldman Sachs Group (The), Inc., 6.00%, due 06/15/20		377,251
	200,000	Goldman Sachs Group (The), Inc., 6.15%, due 04/01/18		217,971
	1,160,000	Goldman Sachs Group (The), Inc., 6.25%, due 02/01/41		1,173,427
	60,000	Goldman Sachs Group (The), Inc., 6.60%, due 01/15/12		61,861
	480,000	Goldman Sachs Group (The), Inc., 7.50%, due 02/15/19		559,329
	130,000	Goldman Sachs Group (The), Inc., Global Note, 5.25%, due 10/15/13		139,557
	2,600,000	Goldman Sachs Group (The), Inc., Senior Note, 6.25%, due 09/01/17		2,872,548
	80,000	Goodyear Tire & Rubber Co. (The), 8.25%, due 08/15/20		86,800
	15,000	Gulfmark Offshore, Inc., Senior Note, 7.75%, due 07/15/14		15,225
	75,000	Hapag-Lloyd AG, 9.75%, due 10/15/17 144A		75,750
	165,000	Hartford Financial Services Group, Inc., 6.00%, due 01/15/19		176,488
	110,000	HBOS Capital Funding, LP, 6.07%, due 06/30/49† 144A		95,700
	100,000	HBOS Treasury Services Plc/New York, NY, 5.25%, due 02/21/17 144A		107,057
	20,000	HCA, Inc., 5.75%, due 03/15/14		20,375
	9,000	HCA, Inc., 6.25%, due 02/15/13		9,360
	570,000	HCA, Inc., 6.50%, due 02/15/16		582,825
	3,200,000	HCA, Inc., 6.75%, due 07/15/13		3,352,000
	230,000	HCA, Inc., 7.88%, due 02/15/20		250,700
	67,000	HCA, Inc., Senior Note, (PIK), 9.63%, due 11/15/16		71,439
	450,000	Health Net, Inc., 6.38%, due 06/01/17		465,750
	215,000	Helix Energy Solutions Group, Inc., Senior Note, 9.50%, due 01/15/16 144A		222,525
	180,000	Hertz Corp. (The), 6.75%, due 04/15/19 144A		179,100
	190,000	Hertz Corp. (The), 7.50%, due 10/15/18 144A		196,650
	19,000	Hertz Corp., Senior Note, 8.88%, due 01/01/14		19,570
	40,000	Hess Corp., 7.88%, due 10/01/29		50,357
	570,000	Hess Corp., 8.13%, due 02/15/19		722,289
	78,000	Hexcel Corp., Senior Subordinated Note, 6.75%, due 02/01/15		79,755
	285,000	Hexion US Finance Corp./Hexion Nova Scotia Finance ULC, 8.88%, due 02/01/18		297,825
	185,000	Hilcorp Energy I LP/Hilcorp Finance Co., Senior Note, 9.00%, due 06/01/16 144A		193,556

See accompanying Notes to the Schedule of Investments.

78

MGI Core Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	110,000	Hornbeck Offshore Services, Inc., 8.00%, due 09/01/17		111,375
	250,000	Hornbeck Offshore Services, Inc., Senior Note, Series B, 6.13%, due 12/01/14		248,750
	300,000	HSBC Finance Capital Trust IX, 5.91%, due 11/30/35†		285,000
	960,000	HSBC Finance Corp., 6.68%, due 01/15/21¤ 144A		986,701
	350,000	HSBC Holdings Plc, 5.10%, due 04/05/21		359,361
	1,100,000	HSBC Holdings Plc, Subordinated Note, 6.50%, due 09/15/37		1,138,853
	75,000	Huntsman International LLC, 8.63%, due 03/15/20		82,125
	100,000	Huntsman International LLC, 8.63%, due 03/15/21		109,250
	103,000	Huntsman International LLC, Senior Subordinated Note, 7.38%, due 01/01/15		105,833
	75,000	Icahn Enterprises, LP/Icahn Enterprises Finance Corp., 7.75%, due 01/15/16		77,344
	300,000	ICICI Bank, Ltd., Reg S, Subordinated Note, 6.38%, due 04/30/22† 144A		292,849
	190,000	Inergy LP/Inergy Finance Corp., 6.88%, due 08/01/21 144A		190,238
	140,000	Inergy LP/Inergy Finance Corp., 7.00%, due 10/01/18		142,100
	16,000	Inergy, LP/Inergy Finance Corp., 8.75%, due 03/01/15		17,120
	30,000	ING Capital Funding Trust III, 3.85%, due 12/29/49†		28,470
	350,000	Intelsat Jackson Holdings SA, 7.25%, due 10/15/20¤ 144A		349,125
	110,000	Intelsat Jackson Holdings SA, 8.50%, due 11/01/19		116,875
	20,000	Intelsat Jackson Holdings SA, 9.50%, due 06/15/16		21,025
	300,000	Intelsat Luxembourg SA, 11.25%, due 02/04/17		322,875
	125,000	Intelsat Luxembourg SA, 11.50%, due 02/04/17		134,688
	285,000	Interface, Inc., 7.63%, due 12/01/18		297,825
	190,000	Intergen NV, Senior Note, 9.00%, due 06/30/17 144A		201,875
	300,000	International Lease Finance Corp., 0.63%, due 07/13/12†		295,388
	220,000	International Lease Finance Corp., 6.50%, due 09/01/14¤ 144A		234,300
	1,400,000	International Lease Finance Corp., 6.75%, due 03/17/15†		1,405,950
	1,130,000	International Lease Finance Corp., 6.75%, due 09/01/16¤ 144A		1,209,100
	370,000	Intesa Sanpaolo Spa, 3.63%, due 08/12/15¤ 144A		360,800
	345,000	Iron Mountain, Inc., 8.38%, due 08/15/21		363,975
	75,000	Iron Mountain, Inc., 8.75%, due 07/15/18		78,281
	270,000	Isle of Capri Casinos, Inc., 7.00%, due 03/01/14		268,987
	310,000	Jarden Corp., 7.50%, due 01/15/20		323,950
	1,500,000	JPMorgan Chase & Co., 4.25%, due 10/15/20		1,470,283
	860,000	JPMorgan Chase & Co., 4.40%, due 07/22/20		844,068
	1,100,000	JPMorgan Chase & Co., 4.95%, due 03/25/20		1,138,271
	1,030,000	JPMorgan Chase & Co., Global Subordinated Note, 5.15%, due 10/01/15		1,113,508
	1,440,000	JPMorgan Chase & Co., Subordinated Note, 6.13%, due 06/27/17		1,611,212
	300,000	JPMorgan Chase Bank NA, 0.58%, due 06/13/16†		281,197
	280,000	K Hovnanian Enterprises, Inc., 10.63%, due 10/15/16		280,700
	115,000	K Hovnanian Enterprises, Inc., Guaranteed Senior Note, 6.50%, due 01/15/14		99,763
	100,000	Kaupthing Bank HF, 7.13%, due 05/19/16¤ ††† 144A		510
	1,680,000	Kaupthing Bank HF, 7.63%, due 02/28/15¤ ††† 144A		424,200
	170,000	Kerr-McGee Corp., 6.95%, due 07/01/24		194,144
	720,000	Kerr-McGee Corp., 7.88%, due 09/15/31		867,707
	120,000	Key Energy Services, Inc., 6.75%, due 03/01/21		120,300
	1,000,000	KeyCorp, 6.50%, due 05/14/13		1,088,630
	20,000	Kinder Morgan Energy Partners, LP, 7.13%, due 03/15/12		20,881
	60,000	Kinder Morgan Energy Partners, LP, Senior Note, 5.00%, due 12/15/13		65,099
	770,000	Kinder Morgan Energy Partners, LP, Senior Note, 6.00%, due 02/01/17		869,385

See accompanying Notes to the Schedule of Investments.

79

MGI Core Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	2,300,000	Kinder Morgan Finance Co. ULC, Guranteed Note, 5.70%, due 01/05/16		2,406,375
	1,300,000	Kraft Foods, Inc., 5.38%, due 02/10/20		1,423,625
	400,000	Kroger Co. (The), Senior Note, 6.15%, due 01/15/20		461,508
	600,000	Lafarge SA, 5.85%, due 07/09/15 144A		642,062
	1,225,000	Lafarge SA, 6.50%, due 07/15/16		1,325,384
	60,000	Lamar Media Corp., Senior Subordinated Note, Series C, 6.63%, due 08/15/15		60,975
	245,000	Lamar Media Corp., Senior Subordinated Note, 6.63%, due 08/15/15		249,900
	290,000	Landsbanki Islands HF, 6.10%, due 08/25/11¤ ††† 144A		21,750
	600,000	LBG Capital No.1 Plc, 7.88%, due 11/01/20 144A		567,000
	470,000	Lehman Brothers Holdings Capital Trust VII, (MTN), 5.86%, due 11/29/49†††		282
	270,000	Lehman Brothers Holdings, Inc., (MTN), Series I, 6.75%, due 12/28/17†††		405
	890,000	Lehman Brothers Holdings, Inc., Subordinated Note, 6.50%, due 07/19/17†††		1,335
	198,000	Libbey Glass, Inc., 10.00%, due 02/15/15		215,820
	375,000	Liberty Mutual Group, Inc., Junior Subordinated Note, Series A, 7.80%, due 03/07/87 144A		377,812
	335,000	Linn Energy LLC/Linn Energy Finance Corp., 8.63%, due 04/15/20		365,150
	810,000	Lloyds TSB Bank Plc, 5.80%, due 01/13/20¤ 144A		812,523
	180,000	Lloyds TSB Bank Plc, 6.38%, due 01/21/21		187,725
	300,000	Lloyds TSB Bank Plc, 6.50%, due 09/14/20¤ 144A		283,462
	1,700,000	Macquarie Bank, Ltd., 4.10%, due 12/17/13 144A		1,829,610
	2,765,000	Macys Retail Holdings, Inc., 6.65%, due 07/15/24		3,124,505
	125,000	MarkWest Energy Partners, LP/MarkWest Energy Finance Corp., 6.50%, due 08/15/21		124,375
	160,000	MBNA Capital A, Series A, 8.28%, due 12/01/26		164,200
	240,000	Medtronic, Inc., 4.45%, due 03/15/20		251,372
	700,000	Merrill Lynch & Co., Inc., 1.73%, due 05/30/14†		985,189
	190,000	Merrill Lynch & Co., Inc., 5.45%, due 02/05/13		201,627
	9,450,000	Merrill Lynch & Co., Inc., 6.88%, due 04/25/18		10,469,995
	840,000	Merrill Lynch & Co., Inc., Subordinated Note, 5.70%, due 05/02/17		876,024
	250,000	MetLife, Inc., 4.75%, due 02/08/21		255,342
	560,000	Metlife, Inc., Subordinated Note, 6.40%, due 12/15/36		548,800
	60,000	MetroPCS Wireless, Inc., 6.63%, due 11/15/20		59,550
	135,000	MetroPCS Wireless, Inc., 7.88%, due 09/01/18		143,606
	10,000	MGM Resorts International, 5.88%, due 02/27/14		9,663
	260,000	MGM Resorts International, 6.63%, due 07/15/15		245,050
	200,000	MGM Resorts International, 7.50%, due 06/01/16		191,000
	40,000	MGM Resorts International, 7.63%, due 01/15/17		38,700
	15,000	MGM Resorts International, 10.38%, due 05/15/14		17,100
	35,000	MGM Resorts International, 11.13%, due 11/15/17		40,163
	80,000	MGM Resorts International, 11.38%, due 03/01/18		90,200
	210,000	Mizuho Capital Investment USD 2, Ltd., 14.95%, due 12/31/49† 144A		265,317
	40,000	Mohegan Tribal Gaming Authority, Series 1, 11.50%, due 11/01/17 144A		41,400
	265,000	Mohegan Tribal Gaming Authority, Senior Note, 6.13%, due 02/15/13		221,275
	75,000	Moog, Inc., 7.25%, due 06/15/18		79,969
	830,000	Morgan Stanley, 5.63%, due 01/09/12		850,362
	1,000,000	Morgan Stanley, 6.60%, due 04/01/12		1,044,611
	5,000,000	Morgan Stanley, 7.30%, due 05/13/19		5,678,755
	130,000	Morgan Stanley, (MTN), Series F, 0.73%, due 10/18/16†		119,831

See accompanying Notes to the Schedule of Investments.

80

MGI Core Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	900,000	Morgan Stanley, (MTN), Series F, 5.75%, due 08/31/12		947,688
	1,000,000	Morgan Stanley, (MTN), Series F, 6.63%, due 04/01/18		1,103,102
	150,000	Mueller Water Products, Inc., 8.75%, due 09/01/20		163,125
	85,000	Mueller Water Products, Inc., Senior Subordinated Note, 7.38%, due 06/01/17		80,325
	100,000	MUFG Capital Finance 1, Ltd., Secured Note, 6.35%, due 07/25/99		101,737
	180,000	Nalco Co., 6.63%, due 01/15/19 144A		185,400
	50,000	National Semiconductor Corp., Senior Note, 6.60%, due 06/15/17		58,921
	155,000	Navistar International Corp., 8.25%, due 11/01/21		166,625
	30,000	News America, Inc., Senior Note, 6.65%, due 11/15/37		32,254
	330,000	Nordea Bank AB, 3.70%, due 11/13/14¤ 144A		345,526
	200,000	Nordea Bank AB, 4.88%, due 01/27/20¤ 144A		207,677
	1,000,000	Nordstrom, Inc., 6.25%, due 01/15/18		1,157,090
	250,000	Norske Skogindustrier ASA, 7.13%, due 10/15/33 144A		174,375
	225,000	Novelis, Inc., 8.38%, due 12/15/17		241,313
	100,000	Novelis, Inc., 8.75%, due 12/15/20		108,500
	335,000	NRG Energy, Inc., 8.25%, due 09/01/20		343,375
	265,000	OGX Petroleo e Gas Participacoes SA, Series 1, 8.50%, due 06/01/18 144A		273,877
	540,000	Pacific Gas & Electric Co., 6.05%, due 03/01/34		572,791
	10,000	Pacific Gas & Electric Co., Senior Note, 5.63%, due 11/30/17		11,367
	205,000	Packaging Dynamics Corp., 8.75%, due 02/01/16 144A		209,100
	800,000	Peabody Energy Corp., 6.50%, due 09/15/20		864,000
	606,000	Pemex Project Funding Master Trust, 6.63%, due 06/15/35		641,769
	171,000	PepsiCo, Inc., Senior Note, 7.90%, due 11/01/18		220,697
	1,280,000	Petrobras International Finance Co. — PIFCo, 5.38%, due 01/27/21		1,320,716
	196,000	Petrobras International Finance Co. — PIFCo, 5.75%, due 01/20/20		210,064
	160,000	Petrobras International Finance Co. — PIFCo, 6.13%, due 10/06/16		178,931
	100,000	Petroleos Mexicanos, 5.50%, due 01/21/21		105,350
	210,000	Pfizer, Inc., 7.20%, due 03/15/39		264,542
	205,000	PHI, Inc., 8.63%, due 10/15/18		215,250
	165,000	Pinafore LLC/Pinafore, Inc., 9.00%, due 10/01/18 144A		178,613
	225,000	Pinnacle Entertainment, Inc., Senior Subordinated Note, 7.50%, due 06/15/15		230,063
	235,000	Pittsburgh Glass Works LLC, 8.50%, due 04/15/16 144A		242,638
	200,000	Polypore International, Inc., 7.50%, due 11/15/17		212,500
	90,000	Potash Corp. of Saskatchewan, Inc., 4.88%, due 03/30/20		95,322
	370,000	QEP Resources, Inc., 6.88%, due 03/01/21		392,200
	200,000	QVC, Inc., 7.38%, due 10/15/20 144A		211,500
	20,000	Qwest Communications International, Inc., Senior Note, Series B, 7.50%, due 02/15/14		20,350
	100,000	Qwest Corp., 6.88%, due 09/15/33		96,875
	45,000	Qwest Corp., 7.50%, due 10/01/14		50,681
	295,000	Rabobank Nederland NV, 11.00%, due 12/29/49¤ † 144A		377,514
	140,000	RailAmerica, Inc., 9.25%, due 07/01/17		154,350
	500,000	Range Resources Corp., 6.75%, due 08/01/20		520,000
	487,000	Range Resources Corp., 8.00%, due 05/15/19		530,830
	73,453	RathGibson, Inc., Senior Note, 11.25%, due 02/15/14¤ †††		—
	220,000	Raytheon Co., 3.13%, due 10/15/20		206,943
	1,070,000	Reed Elsevier Capital, Inc., Guaranteed Note, 8.63%, due 01/15/19		1,362,204
	299,000	Regency Energy Partners, LP/Regency Energy Finance Corp., 6.50%, due 07/15/21		304,232

See accompanying Notes to the Schedule of Investments.

81

MGI Core Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	590,000	Resona Preferred Global Securities, Cayman, 7.19%, due 12/29/49† 144A		591,442
	755,000	Reynolds American, Inc., Senior Note, 6.75%, due 06/15/17		872,791
	190,000	Reynolds American, Inc., Senior Secured Note, 7.25%, due 06/01/12		200,741
	410,000	Reynolds Group DL Escrow Inc/Reynolds Group Escrow LLC, 8.50%, due 10/15/16¤ 144A		429,475
	290,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu, 6.88%, due 02/15/21¤ 144A		284,200
	120,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu, 7.13%, due 04/15/19¤ 144A		119,700
	310,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu, 8.75%, due 05/15/18 144A		306,125
	125,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu, 9.00%, due 04/15/19 144A		124,063
	130,000	Rio Tinto Finance USA, Ltd., 6.50%, due 07/15/18		152,047
	1,240,000	Rio Tinto Finance USA, Ltd., 9.00%, due 05/01/19		1,645,499
	720,000	Roche Holdings, Inc., Guaranteed Note, 6.00%, due 03/01/19¤ 144A		830,853
	40,000	Rogers Cable, Inc., 6.25%, due 06/15/13		43,889
	20,000	Rogers Communications, Inc., Senior Note, 6.80%, due 08/15/18		23,633
	200,000	Royal Bank of Scotland Group Plc, 0.00%, due 10/29/49 144A		181,000
	110,000	Royal Bank of Scotland Group Plc, 5.00%, due 11/12/13		112,178
	550,000	Royal Bank of Scotland Group Plc, 5.00%, due 10/01/14		543,269
	140,000	Royal Bank of Scotland Group Plc, 5.05%, due 01/08/15		139,325
	710,000	Royal Bank of Scotland Group Plc, 6.40%, due 10/21/19		730,453
	100,000	Royal Bank of Scotland Group Plc, 7.65%, due 08/29/49†		90,500
	400,000	Royal Bank of Scotland Plc (The), 0.45%, due 08/29/17†		350,733
	460,000	Royal Bank of Scotland Plc (The), 3.95%, due 09/21/15		462,605
	375,000	Royal Bank of Scotland Plc (The), 4.38%, due 03/16/16		378,673
	1,100,000	Royal Bank of Scotland Plc (The), 6.13%, due 01/11/21		1,129,649
	150,000	RSHB Capital SA for OJSC Russian Agricultural Bank, 6.30%, due 05/15/17 144A		160,125
	1,070,000	Safeway, Inc., 3.95%, due 08/15/20		1,042,534
	500,000	Santander US Debt SA Unipersonal, Series 1, 3.72%, due 01/20/15¤ 144A		484,378
	400,000	Santander US Debt SA Unipersonal, 3.78%, due 10/07/15¤ 144A		386,076
	110,000	Service Corp. International, Senior Note, 7.50%, due 04/01/27		105,600
	10,000	Service Corp. International, Senior Note, 7.63%, due 10/01/18		11,025
	235,000	Shea Homes, LP/Shea Homes Funding Corp., 8.63%, due 05/15/19 144A		232,063
	580,000	Shell International Finance BV, 4.38%, due 03/25/20		610,558
	400,000	Sheraton Holding Corp., 7.38%, due 11/15/15		455,000
	10,000	SLM Corp., 5.00%, due 04/15/15		10,059
	65,000	SLM Corp., 5.63%, due 08/01/33		54,744
	1,080,000	SLM Corp., 8.00%, due 03/25/20		1,161,542
	65,000	Smithfield Foods, Inc., 10.00%, due 07/15/14		75,725
	200,000	Sonat, Inc., 7.63%, due 07/15/11		200,366
	405,000	Springleaf Finance Corp., 6.90%, due 12/15/17		373,612
	80,000	Sprint Capital Corp., 8.75%, due 03/15/32		87,000
	1,060,000	Sprint Capital Corp., Guaranteed Note, 6.90%, due 05/01/19		1,097,100
	1,150,000	Sprint Nextel Corp., 6.00%, due 12/01/16		1,154,312
	225,000	SPX Corp., 6.88%, due 09/01/17 144A		241,875
	245,000	Standard Pacific Corp., 8.38%, due 05/15/18		244,081

See accompanying Notes to the Schedule of Investments.

82

MGI Core Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	1,000,000	State Bank of India (London Branch), 4.50%, due 10/23/14		1,037,800
	780,000	State Street Corp., 4.96%, due 03/15/18		828,345
	135,000	Station Casinos, Inc., 7.75%, due 08/15/16¤ †††		14
	160,000	Steel Dynamics, Inc., 7.63%, due 03/15/20		170,000
	60,000	Steel Dynamics, Inc., 7.75%, due 04/15/16		63,300
	100,000	Steel Dynamics, Inc., Senior Note, 6.75%, due 04/01/15		102,500
	15,000	Steel Dynamics, Inc., Senior Note, 7.38%, due 11/01/12		15,900
	105,000	Stora Enso Oyj, 7.25%, due 04/15/36 144A		100,013
	400,000	Sumitomo Mitsui Banking Corp., 3.10%, due 01/14/16¤ 144A		405,709
	550,000	Sumitomo Mitsui Banking Corp., 3.15%, due 07/22/15¤ 144A		563,197
	100,000	SunGard Data Systems, Inc., 7.38%, due 11/15/18		100,500
	100,000	SunGard Data Systems, Inc., 7.63%, due 11/15/20		101,500
	110,000	SunGard Data Systems, Inc., Senior Subordinated Note, 10.25%, due 08/15/15		114,125
	99,000	SunTrust Preferred Capital I, 5.85%, due 12/31/49†		82,665
	1,910,000	Svensk Exportkredit AB, Global Note, (MTN), Series G, 4.88%, due 09/29/11		1,931,058
	175,000	Swift Energy Co., 8.88%, due 01/15/20		188,125
	55,000	Targa Resources Partners, LP/Targa Resources Partners Finance Corp., Series 1, 6.88%, due 02/01/21 144A		54,588
	95,000	Targa Resources Partners, LP/Targa Resources Partners Finance Corp., 7.88%, due 10/15/18 144A		100,700
	95,000	Targa Resources Partners, LP/Targa Resources Partners Finance Corp., 8.25%, due 07/01/16		100,700
	380,000	Teachers Insurance & Annuity Association of America, 6.85%, due 12/16/39¤ 144A		433,847
	8,000	Teck Resources, Ltd., 9.75%, due 05/15/14		9,690
	12,000	Teck Resources, Ltd., 10.25%, due 05/15/16		14,354
	35,000	Teekay Corp., 8.50%, due 01/15/20		36,313
	300,000	Telecom Italia Capital SA, 7.00%, due 06/04/18		328,557
	280,000	Telefonica Emisiones SAU, 5.13%, due 04/27/20		278,042
	120,000	Tenet Healthcare Corp., 8.88%, due 07/01/19		133,050
	115,000	Tenet Healthcare Corp., 10.00%, due 05/01/18		131,244
	20,000	Tennessee Gas Pipeline Co., 7.63%, due 04/01/37		24,214
	240,000	Terex Corp., 8.00%, due 11/15/17		247,200
	110,000	Tesoro Corp., Senior Note, 6.50%, due 06/01/17		112,750
	130,000	Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc., Series 1, 11.50%, due 10/01/20 144A		128,375
	295,000	Texas Industries, Inc., 9.25%, due 08/15/20		286,887
	130,000	Time Warner Cable, Inc., 4.13%, due 02/15/21		125,900
	740,000	Time Warner Cable, Inc., 5.85%, due 05/01/17		833,207
	690,000	Time Warner Cable, Inc., 5.88%, due 11/15/40		683,365
	160,000	Time Warner Cable, Inc., 7.30%, due 07/01/38		186,580
	655,000	Time Warner Cable, Inc., 8.25%, due 04/01/19		818,135
	1,590,000	Time Warner Cable, Inc., 8.75%, due 02/14/19		2,028,948
	240,000	Time Warner Entertainment Co. LP, Senior Subordinated Note, 8.38%, due 07/15/33		307,616
	260,000	Time Warner, Inc., 4.70%, due 01/15/21		263,929
	230,000	Time Warner, Inc., 4.75%, due 03/29/21		234,422
	50,000	Time Warner, Inc., 6.25%, due 03/29/41		52,117

See accompanying Notes to the Schedule of Investments.

83

MGI Core Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	200,000	Time Warner, Inc., 7.63%, due 04/15/31		240,616
	1,700,000	Time Warner, Inc., 7.70%, due 05/01/32		2,058,280
	10,000	TL Acquisitions, Inc., Senior Subordinated Note, 10.50%, due 01/15/15 144A		9,100
	130,000	TNK-BP Finance SA, 6.63%, due 03/20/17 144A		141,193
	1,100,000	TNK-BP Finance SA, 7.50%, due 07/18/16 144A		1,256,750
	3,200,000	TNK-BP Finance SA, 7.88%, due 03/13/18 144A		3,688,000
	440,000	Total Capital SA, 4.25%, due 12/15/21		451,841
	500,000	Total Capital SA, 4.45%, due 06/24/20		522,830
	325,000	TransDigm, Inc., Series 1, 7.75%, due 12/15/18 144A		342,875
	330,000	Transocean, Inc., Senior Note, 5.25%, due 03/15/13		351,651
	1,025,000	Travelers Cos. (The), Inc., 5.80%, due 05/15/18		1,150,222
	240,000	Triumph Group, Inc., 8.63%, due 07/15/18		264,300
	990,000	Tyco International Finance SA, 6.00%, due 11/15/13		1,095,018
	370,000	UBS AG/Stamford Branch, 2.25%, due 01/28/14		374,101
	270,000	UBS AG/Stamford Branch, 4.88%, due 08/04/20		273,589
	500,000	UBS AG/Stamford Branch, 5.75%, due 04/25/18		542,856
	1,837,000	Union Pacific Corp., 4.16%, due 07/15/22 144A		1,822,475
	300,000	United Business Media, Ltd., 5.75%, due 11/03/20¤ 144A		298,606
	210,000	United Parcel Service, Inc., Senior Note, 4.50%, due 01/15/13		221,976
	320,000	United Rentals North America, Inc., 9.25%, due 12/15/19		348,800
	150,000	United States Steel Corp., 7.38%, due 04/01/20		154,875
	95,000	United States Steel Corp., Senior Note, 7.00%, due 02/01/18		96,425
	520,000	UnitedHealth Group, Inc., Senior Note, 6.00%, due 02/15/18		590,433
	245,000	USG Corp., 6.30%, due 11/15/16		216,825
	105,000	USG Corp., 8.38%, due 10/15/18 144A		103,950
	390,000	Vale Overseas, Ltd., Guaranteed Note, 6.88%, due 11/21/36		424,432
	320,000	Vedanta Resources Plc, 8.25%, due 06/07/21 144A		324,000
	220,000	Vedanta Resources Plc, Senior Global Note, 8.75%, due 01/15/14 144A		237,050
	650,000	Verizon Communications, Inc., 4.60%, due 04/01/21		671,980
	410,000	Verizon Communications, Inc., 6.00%, due 04/01/41		429,656
	110,000	Verizon Communications, Inc., 6.10%, due 04/15/18		126,232
	270,000	Verizon Global Funding Corp., Global Note, 7.38%, due 09/01/12		290,455
	195,000	Vertellus Specialties, Inc., 9.38%, due 10/01/15 144A		202,313
	225,000	Vulcan Materials Co., 6.50%, due 12/01/16		223,866
	400,000	Vulcan Materials Co., 7.50%, due 06/15/21		400,163
	1,500,000	Wachovia Bank NA, 0.58%, due 03/15/16†		1,426,830
	820,000	Wachovia Capital Trust III, 5.57%, due 03/15/42†		753,375
	220,000	Wachovia Capital Trust III, 5.57%, due 03/29/49†		202,125
	700,000	Wachovia Corp., 5.75%, due 02/01/18		775,118
	700,000	Wachovia Corp., Senior Note, 5.63%, due 10/15/16		760,779
	640,000	Wachovia Corp., Subordinated Note, 5.25%, due 08/01/14		686,481
	550,000	Wal-Mart Stores, Inc., 5.63%, due 04/15/41		569,511
	730,000	WellPoint, Inc., 5.88%, due 06/15/17		835,684
	200,000	WellPoint, Inc., 7.00%, due 02/15/19		239,245
	420,000	Wells Fargo & Co., 3.68%, due 06/15/16		431,968
	130,000	Wells Fargo & Co., 5.30%, due 08/26/11		130,884
	1,000,000	Wells Fargo Bank NA, Subordinated Note, 4.75%, due 02/09/15		1,070,471
	350,000	Wells Fargo Capital X, 5.95%, due 12/15/36		344,146

See accompanying Notes to the Schedule of Investments.

84

MGI Core Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	130,000	Williams Cos. (The), Inc., 7.88%, due 09/01/21		161,425
	437,000	Williams Cos., Inc., Series A, 7.50%, due 01/15/31		501,127
	290,000	Williams Partners, LP/Williams Partners Finance Corp., Senior Note, 7.25%, due 02/01/17		342,304
	75,000	Windstream Corp., 8.13%, due 09/01/18		79,875
	510,000	Wyeth, 5.95%, due 04/01/37		549,158
	120,000	Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 7.88%, due 11/01/17		131,250
	255,000	Wynn Las Vegas, LLC, 7.75%, due 08/15/20		278,269
	2,100,000	Xerox Corp., 1.08%, due 05/16/14†		2,111,905
	300,000	Xerox Corp., 5.63%, due 12/15/19		329,153
	1,750,000	Xerox Corp., 6.35%, due 05/15/18		2,008,785
				298,507,931
		Mortgage Backed Securities - Private Issuers — 3.5%
	400,000	Americold LLC Trust, Series 2010-ARTA, Class A2FX, 4.95%, due 01/14/29¤ 144A		410,863
	210,000	Banc of America Commercial Mortgage, Inc., Series 2005-5, Class A4, 5.12%, due 10/10/45†		228,184
	150,000	Banc of America Commercial Mortgage, Inc., Series 2006-2, Class A4, 5.92%, due 05/10/45†		166,187
	189,671	Banc of America Funding Corp., Series 2005-E, Class 8A1, 2.79%, due 06/20/35†		99,675
	318,955	Banc of America Mortgage Securities, Series 2005-A, Class 2A1, 2.83%, due 02/25/35†		276,826
	1,200,000	Bear Stearns Commercial Mortgage Securities, Series 2006-PW12, Class A4, 5.90%, due 09/11/38†		1,322,984
	591,013	Citigroup Mortgage Loan Trust, Inc., Series 2010-3, Class 4A1, 3.24%, due 02/25/36¤ † 144A		579,621
	136,271	Countrywide Alternative Loan Trust, Series 2005-59, Class 1A1, 0.53%, due 11/20/35†		85,979
	92,976	Countrywide Alternative Loan Trust, Series 2005-61, Class 1A1, 0.45%, due 12/25/35†		67,201
	107,886	Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-3, Class 1A2, 0.48%, due 04/25/35†		68,662
	98,983	Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-9, Class 1A1, 0.49%, due 05/25/35†		68,167
	91,412	Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-R3, Class AF, 0.59%, due 09/25/35† 144A		81,827
	429,088	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-AR30, Class 2A1, 2.75%, due 01/25/34†		395,947
	1,000,000	Credit Suisse First Boston Mortgage Securities Corp., Series 2005-C5, Class A4, 5.10%, due 08/15/38†		1,087,416
	260,000	Credit Suisse Mortgage Capital Certificates, Series 2007-C4, Class A3, 5.99%, due 09/15/39†		273,927
	553,980	Downey Savings & Loan Association Mortgage Loan Trust, Series 2004-AR1, Class A2A, 0.60%, due 09/19/44†		396,396
	395,675	Extended Stay America Trust, Series 2010-ESHA, Class A, 2.95%, due 11/05/15¤ 144A		393,871

See accompanying Notes to the Schedule of Investments.

85

MGI Core Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Par Value ($)		Description	Value ($)
		Mortgage Backed Securities - Private Issuers — continued
	261,011	First Horizon Alternative Mortgage Securities, Series 2004-AA4, Class A1, 2.36%, due 10/25/34†		233,505
	352,056	First Horizon Alternative Mortgage Securities, Series 2006-FA1, Class 1A6, 0.94%, due 04/25/36†		294,385
	522,714	First Horizon Alternative Mortgage Securities, Series 2006-FA8, Class 1A8, 0.56%, due 02/25/37†		296,726
	290,000	Fremont Home Loan Trust, Series 2004-B, Class M1, 1.06%, due 05/25/34†		224,026
	210,000	GMAC Commercial Mortgage Securities, Inc., Series 2006-C1, Class A4, 5.24%, due 11/10/45†		226,812
	306,258	Granite Mortgages Plc, Series 2003-2, Class 1A3, 0.77%, due 07/20/43 † 144A		295,385
	198,611	Granite Mortgages Plc, Series 2004-3, Class 2A1, 0.39%, due 09/20/44†		191,163
	522,507	Greenpoint Mortgage Funding Trust, Series 2007-AR2, Class 1A1, 0.32%, due 04/25/47†		443,469
	7,081,605	GS Mortgage Securities Corp., Series 2011, 1.34%, due 03/10/44¤ † 144A		420,627
	640,000	GS Mortgage Securities Corp. II, Series 2007-GG10, Class A4, 5.99%, due 08/10/45†		688,133
	310,686	GSMPS Mortgage Loan Trust, Series 2005-RP2, Class 1AF, 0.54%, due 03/25/35¤ † 144A		265,318
	887,975	GSMPS Mortgage Loan Trust, Series 2005-RP3, Class 1AF, 0.54%, due 09/25/35¤ † 144A		750,713
	205,590	GSR Mortgage Loan Trust, Series 2004-7, Class 4A1, 4.87%, due 06/25/34†		202,928
	93,610	Harborview Mortgage Loan Trust, Series 2005-9, Class 2A1A, 0.53%, due 06/20/35†		75,071
	1,300,296	Harborview Mortgage Loan Trust, Series 2006-13, Class A, 0.37%, due 11/19/46†		688,330
	1,230,504	Harborview Mortgage Loan Trust, Series 2007-4, Class 2A1, 0.41%, due 06/25/37†		852,006
	430,798	Indymac Index Mortgage Loan Trust, Series 2005-AR15, Class A2, 4.97%, due 09/25/35†		352,187
	972,244	Indymac Index Mortgage Loan Trust, Series 2007-AR15, Class 2A1, 5.14%, due 08/25/37†		595,675
	219,324	Indymac Index Mortgage Loan Trust, Series 2007-AR7, Class 1A1, 5.84%, due 11/25/37†		177,338
	1,110,000	LB-UBS Commercial Mortgage Trust, Series 2005-C3, Class A5, 4.74%, due 07/15/30		1,189,248
	2,000,000	LB-UBS Commercial Mortgage Trust, Series 2007-C7, Class A3, 5.87%, due 09/15/45†		2,177,867
	62,230	Lehman XS Trust, Series 2005-5N, Class 1A1, 0.49%, due 11/25/35†		45,108
	135,373	Lehman XS Trust, Series 2005-7N, Class 1A1B, 1.00%, due 12/25/35†		48,906
	301,436	Lehman XS Trust, Series 2006-2N, Class 1A1, 1.00%, due 02/25/46†		162,355
	61,104	Lehman XS Trust, Series 2007-2N, Class 3A1, 1.00%, due 02/25/37†		59,004
	154,995	MASTR Adjustable Rate Mortgages Trust, Series 2006-2, Class 3A1, 2.95%, due 01/25/36†		125,989
	1,384,210	MASTR Adjustable Rate Mortgages Trust, Series 2007-3, Class 12A1, 0.39%, due 05/25/47†		730,717
	558,916	MASTR Adjustable Rate Mortgages Trust, Series 2007-R5, Class A1, 2.69%, due 11/25/35¤ † 144A		317,448
	379,287	MASTR Reperforming Loan Trust, Series 2005-1, Class 1A3, 7.00%, due 08/25/34¤ 144A		389,711

See accompanying Notes to the Schedule of Investments.

86

MGI Core Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Par Value ($)		Description	Value ($)
		Mortgage Backed Securities - Private Issuers — continued
	498,825	MASTR Reperforming Loan Trust, Series 2005-2, Class 1A1F, 0.54%, due 05/25/35¤ † 144A		410,251
	100,102	Merrill Lynch Mortgage Investors, Inc., Series 2005-A3, Class A1, 0.46%, due 04/25/35†		72,427
	520,000	Merrill Lynch Mortgage Trust, Series 2005-CKI1, Class A6, 5.39%, due 11/12/37†		569,371
	300,000	Merrill Lynch Mortgage Trust, Series 2006-C1, Class A4, 5.86%, due 05/12/39†		332,035
	330,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-6, Class A4, 5.49%, due 03/12/51†		351,000
	340,000	MLCC Mortgage Investors, Inc., Series 2007-1, Class 4A3, 5.69%, due 01/25/37†		333,578
	258,884	Morgan Stanley Mortgage Loan Trust, Series 2004-5AR, Class 2A, 2.79%, due 07/25/34†		227,399
	391,561	Morgan Stanley Mortgage Loan Trust, Series 2004-7AR, Class 2A6, 2.58%, due 09/25/34†		358,229
	50,000	NCUA Guaranteed Notes, Series 2010-C1, Class A2, 2.90%, due 10/29/20		49,982
	519,258	Nomura Asset Acceptance Corp., Series 2004-R3, Class A1, 6.50%, due 02/25/35¤ 144A		531,815
	475,246	Novastar Mortgage-Backed Notes, Series 2006-MTA1, Class 2A1A, 0.38%, due 09/25/46†		353,449
	419,541	Prime Mortgage Trust, Series 2006-DR1, Class 1A1, 5.50%, due 05/25/35 144A		412,691
	184,351	Prime Mortgage Trust, Series 2006-DR1, Class 1A2, 6.00%, due 05/25/35 144A		184,863
	1,486,168	Prime Mortgage Trust, Series 2006-DR1, Class 2A1, 5.50%, due 05/25/35 144A		1,284,810
	1,162,016	Prime Mortgage Trust, Series 2006-SRS12, Class AF, 6.00%, due 05/25/35 144A		1,025,333
	569,046	Provident Funding Mortgage Loan Trust, Series 2005-1, Class 2A1, 2.67%, due 05/25/35†		545,033
	307,453	RBSSP Resecuritization Trust, Series 2010-3, Class 4A1, 3.31%, due 12/26/35¤ † 144A		310,417
	109,791	Residential Accredit Loans, Inc., Series 2005-QQ3, Class A1, 0.59%, due 10/25/45†		62,768
	236,418	Residential Asset Securitization Trust, Series 2003-A8, Class A2, 0.54%, due 10/25/18†		231,218
	1,066,140	Sequoia Mortgage Trust, Series 2007-3, Class 1A1, 0.39%, due 07/20/36†		841,615
	202,538	Structured Asset Securities Corp., Series 2002-9, Class A2, 0.49%, due 10/25/27†		178,513
	266,594	WaMu Mortgage Pass Through Certificates, Series 2002-AR19, Class A6, 2.58%, due 02/25/33†		250,509
	807,135	WaMu Mortgage Pass Through Certificates, Series 2003-AR10, Class A7, 2.62%, due 10/25/33†		797,661
	1,097,276	WaMu Mortgage Pass Through Certificates, Series 2003-AR11, Class A6, 2.71%, due 10/25/33†		1,078,228
	99,396	WaMu Mortgage Pass Through Certificates, Series 2003-AR9, Class 1A7, 2.71%, due 09/25/33†		95,505
	370,530	WaMu Mortgage Pass Through Certificates, Series 2004-AR13, Class A1A, 0.55%, due 11/25/34†		304,298
	956,297	WaMu Mortgage Pass Through Certificates, Series 2004-AR14, Class A1, 2.58%, due 01/25/35†		923,437
	551,621	WaMu Mortgage Pass Through Certificates, Series 2004-CB2, Class 4A, 6.50%, due 08/25/34		590,191

See accompanying Notes to the Schedule of Investments.

87

MGI Core Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Par Value ($)		Description	Value ($)
		Mortgage Backed Securities - Private Issuers — continued
	1,034,559	WaMu Mortgage Pass Through Certificates, Series 2005-AR11, Class A1A, 0.51%, due 08/25/45†		849,900
	639,698	WaMu Mortgage Pass Through Certificates, Series 2005-AR3, Class A2, 2.58%, due 03/25/35†		593,437
	387,732	WaMu Mortgage Pass Through Certificates, Series 2005-AR6, Class 2A1A, 0.42%, due 04/25/45†		323,191
	108,328	WaMu Mortgage Pass Through Certificates, Series 2006-AR14, Class 1A1, 5.39%, due 11/25/36†		95,442
	141,028	Washington Mutual, Inc., Series 2005-AR13, Class A1A1, 0.48%, due 10/25/45†		116,222
	132,870	Washington Mutual, Inc., Series 2005-AR15, Class A1A1, 0.45%, due 11/25/45†		110,770
	132,870	Washington Mutual, Inc., Series 2005-AR15, Class A1A2, 0.47%, due 11/25/45†		103,696
	311,283	Washington Mutual, Inc., Series 2005-AR17, Class A1A1, 0.46%, due 12/25/45†		251,924
	155,641	Washington Mutual, Inc., Series 2005-AR17, Class A1A2, 0.48%, due 12/25/45†		114,494
	198,278	Washington Mutual, Inc., Series 2005-AR19, Class A1A1, 0.46%, due 12/25/45†		164,761
	247,848	Washington Mutual, Inc., Series 2005-AR19, Class A1A2, 0.48%, due 12/25/45†		189,329
	339,464	Washington Mutual, Inc., Series 2006-AR14, Class 1A4, 5.39%, due 11/25/36†		257,764
	836,811	Washington Mutual, Inc., Series 2006-AR16, Class 1A1, 5.30%, due 12/25/36†		616,986
	359,830	Washington Mutual, Inc., Series 2006-AR20, Class 1A1, 5.84%, due 09/25/36†		271,608
	367,815	Wells Fargo Mortgage Backed Securities Trust, Series 2004-Y, Class 1A2, 2.76%, due 11/25/34†		354,239
	359,855	Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR8, Class 2A1, 2.81%, due 06/25/35†		347,651
	871,593	Wells Fargo Mortgage Loan Trust, Series 2010-RR4, Class 2A1, 3.14%, due 08/27/35¤ † 144A		838,098
				36,830,021
		Mortgage Backed Securities - U.S. Government Agency Obligations — 34.0%
	11,880,758	FHLMC, Pool # A96413, 4.00%, due 01/01/41		11,891,777
	311,827	FHLMC, Pool # A39306, 5.50%, due 11/01/35		339,074
	459,839	FHLMC, Pool # G02427, 5.50%, due 12/01/36		498,655
	790,616	FHLMC, Pool # G03695, 5.50%, due 11/01/37		857,352
	457,647	FHLMC, Pool # G04222, 5.50%, due 04/01/38		495,562
	42,493	FHLMC, Pool # 1N1589, 5.80%, due 05/01/37†		45,213
	61,547	FHLMC, Pool # 1Q0136, 5.91%, due 09/01/36†		64,857
	6,599,615	FHLMC, Pool # G02988, 6.00%, due 05/01/37		7,265,165
	111,800	FHLMC, Pool # H09061, 6.00%, due 06/01/37		122,254
	329,537	FHLMC, Series 2808, Class FT, 0.54%, due 04/15/33†		330,466
	600,000	FHLMC, Series 3738, Class BP, 4.00%, due 12/15/38		600,035
	900,000	FHLMC, Series 3871, Class JB, 5.50%, due 06/15/41		982,651
	1,721,245	FHLMC Gold, Pool # G01749, 5.50%, due 01/01/35		1,872,721
	3,067,530	FHLMC Gold, Pool # G06172, 5.50%, due 12/01/38		3,321,668
	1,693,248	FHLMC Multifamily Structured Pass Through Certificates, Series K006, Class AX1, 1.23%, due 01/25/20¤ †		111,626
	3,266,846	FHLMC Multifamily Structured Pass Through Certificates, Series K007, Class X1, 1.41%, due 04/25/20¤ †		244,614
	3,983,763	FHLMC Multifamily Structured Pass Through Certificates, Series K008, Class X1, 1.84%, due 06/25/20¤ †		399,346

See accompanying Notes to the Schedule of Investments.

88

MGI Core Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Par Value ($)		Description	Value ($)
		Mortgage Backed Securities - U.S. Government Agency Obligations — continued
	1,809,247	FHLMC Multifamily Structured Pass Through Certificates, Series K009, Class X1, 1.69%, due 08/25/20¤ †		164,077
	1,760,000	FHLMC Multifamily Structured Pass Through Certificates, Series K702, Class X1, 1.57%, due 02/25/18†		144,001
	480,045	FHLMC Structured Pass Through Securities, Series T-61, Class 1A1, 1.69%, due 07/25/44†		469,226
	19,000,000	FHLMC TBA, 4.50%, due 04/01/39		19,632,339
	100,000	FHLMC TBA, 5.50%, due 06/01/35		108,031
	2,000,000	FHLMC TBA Gold Pool, 3.50%, due 09/01/40		1,910,312
	100,000	FHLMC TBA Gold Pool, 4.00%, due 11/01/39		99,937
	2,256,225	FNMA, Pool # AE6618, 3.50%, due 10/01/25		2,301,478
	2,955,577	FNMA, Pool # AE7509, 3.50%, due 11/01/25		3,014,857
	2,703,561	FNMA, Pool # AE7087, 3.50%, due 12/01/25		2,757,786
	2,661,579	FNMA, Pool # AH2531, 3.50%, due 01/01/26		2,715,794
	2,376,633	FNMA, Pool # AH5510, 3.50%, due 01/01/26		2,424,300
	349,324	FNMA, Pool # AH2810, 3.50%, due 02/01/26		356,440
	2,697,106	FNMA, Pool # AH4468, 3.50%, due 02/01/26		2,752,044
	6,554,689	FNMA, Pool # AH4428, 3.50%, due 01/01/41		6,278,295
	5,445,305	FNMA, Pool # AH6567, 3.50%, due 02/01/41		5,215,691
	8,979,627	FNMA, Pool # AE0937, 3.50%, due 02/01/41		8,600,980
	4,482,292	FNMA, Pool # 935983, 4.00%, due 05/01/25		4,680,047
	2,798,333	FNMA, Pool # AD9338, 4.00%, due 09/01/25		2,921,793
	116,721	FNMA, Pool # 776565, 4.00%, due 04/01/34		118,235
	129,762	FNMA, Pool # AA4432, 4.00%, due 03/01/39		130,148
	22,497	FNMA, Pool # MA0006, 4.00%, due 03/01/39		22,592
	137,485	FNMA, Pool # 982569, 4.00%, due 04/01/39		137,894
	72,419	FNMA, Pool # AE9244, 4.00%, due 11/01/40		72,544
	2,988,358	FNMA, Pool # AE8321, 4.00%, due 11/01/40		2,993,509
	7,960,791	FNMA, Pool # AH1230, 4.00%, due 12/01/40		7,974,514
	12,915,229	FNMA, Pool # AH0946, 4.00%, due 12/01/40		12,937,492
	747,515	FNMA, Pool # AH1338, 4.00%, due 12/01/40		749,971
	851,975	FNMA, Pool # AE7295, 4.00%, due 12/01/40		853,444
	991,892	FNMA, Pool # AB2088, 4.00%, due 01/01/41		993,601
	364,278	FNMA, Pool # AH2399, 4.00%, due 01/01/41		364,906
	239,913	FNMA, Pool # AH2926, 4.00%, due 01/01/41		240,327
	6,960,602	FNMA, Pool # AH5575, 4.00%, due 02/01/41		6,972,600
	200,393	FNMA, Pool # AH6392, 4.00%, due 02/01/41		200,927
	1,991,560	FNMA, Pool # AE4476, 4.00%, due 03/01/41		1,994,993
	3,167,049	FNMA, Pool # AI1707, 4.00%, due 03/01/41		3,172,508
	919,916	FNMA, Pool # AH7287, 4.00%, due 03/01/41		921,789
	4,795,165	FNMA, Pool # MA0735, 4.00%, due 04/01/41		4,803,431
	995,652	FNMA, Pool # AH9138, 4.00%, due 04/01/41		997,369
	76,910	FNMA, Pool # AH9139, 4.00%, due 04/01/41		77,043
	33,535	FNMA, Pool # 995373, 4.50%, due 02/01/39		34,797
	993,154	FNMA, Pool # 931487, 4.50%, due 07/01/39		1,029,611
	96,973	FNMA, Pool # AC8568, 4.50%, due 01/01/40		100,533
	30,837	FNMA, Pool # AC5613, 4.50%, due 03/01/40		31,959
	66,174	FNMA, Pool # AD1656, 4.50%, due 03/01/40		68,582

See accompanying Notes to the Schedule of Investments.

89

MGI Core Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Par Value ($)		Description	Value ($)
		Mortgage Backed Securities - U.S. Government Agency Obligations — continued
	32,461	FNMA, Pool # AH4709, 4.50%, due 04/01/41		33,645
	751,194	FNMA, Pool # AH6923, 4.50%, due 04/01/41		778,593
	46,982	FNMA, Pool # AH8029, 4.50%, due 04/01/41		48,695
	99,066	FNMA, Pool # AH5442, 4.50%, due 05/01/41		102,679
	9,072,723	FNMA, Pool # AI0736, 4.50%, due 05/01/41		9,403,644
	7,724,884	FNMA, Pool # AI3399, 4.50%, due 05/01/41		8,006,643
	4,930,893	FNMA, Pool # 995253, 5.50%, due 12/01/23		5,352,797
	1,014,817	FNMA, Pool # AE0011, 5.50%, due 05/01/25		1,108,942
	6,558,822	FNMA, Pool # AL0278, 5.50%, due 05/01/26		7,114,525
	38,073	FNMA, Pool # 254548, 5.50%, due 12/01/32		41,465
	435,260	FNMA, Pool # 555591, 5.50%, due 07/01/33		474,041
	5,093,997	FNMA, Pool # 725221, 5.50%, due 01/01/34		5,547,861
	248,748	FNMA, Pool # 735224, 5.50%, due 02/01/35		270,911
	535,763	FNMA, Pool # 990906, 5.50%, due 10/01/35		583,163
	3,016,319	FNMA, Pool # 849077, 5.50%, due 01/01/36		3,280,353
	130,759	FNMA, Pool # 852523, 5.50%, due 02/01/36		141,817
	461,954	FNMA, Pool # 878059, 5.50%, due 03/01/36		501,020
	109,255	FNMA, Pool # 256219, 5.50%, due 04/01/36		117,334
	326,329	FNMA, Pool # 868658, 5.50%, due 04/01/36		353,925
	412,997	FNMA, Pool # 190375, 5.50%, due 11/01/36		447,923
	377,661	FNMA, Pool # 968968, 5.50%, due 01/01/38		410,720
	688,324	FNMA, Pool # 995072, 5.50%, due 11/01/38		749,007
	10,700,000	FNMA, Pool # AL0484, 5.50%, due 06/01/41		11,593,159
	3,700,000	FNMA, Pool # AL0520, 5.50%, due 06/01/41		4,003,516
	1,351,591	FNMA, Pool # 745506, 5.66%, due 02/01/16		1,518,066
	61,203	FNMA, Pool # 840483, 6.00%, due 11/01/21		67,080
	801,508	FNMA, Pool # 256517, 6.00%, due 12/01/26		879,105
	756,126	FNMA, Pool # 256962, 6.00%, due 11/01/27		831,434
	29,210	FNMA, Pool # 745000, 6.00%, due 10/01/35		32,346
	488,014	FNMA, Pool # 882524, 6.00%, due 05/01/36		537,915
	93,071	FNMA, Pool # 887324, 6.00%, due 08/01/36		102,588
	228,699	FNMA, Pool # 893282, 6.00%, due 08/01/36		252,085
	230,025	FNMA, Pool # 878210, 6.00%, due 09/01/36		253,546
	40,724	FNMA, Pool # 882321, 6.00%, due 09/01/36		44,888
	44,704	FNMA, Pool # 900746, 6.00%, due 09/01/36		49,275
	248,511	FNMA, Pool # 898198, 6.00%, due 11/01/36		273,922
	1,058,468	FNMA, Pool # 948690, 6.00%, due 08/01/37		1,169,676
	6,797,583	FNMA, Pool # 967691, 6.00%, due 01/01/38		7,479,910
	1,445,308	FNMA, Pool # 889552, 6.00%, due 05/01/38		1,589,030
	3,345,573	FNMA, Pool # AL0406, 6.00%, due 06/01/38		3,653,689
	897,605	FNMA, Pool # AE0028, 6.00%, due 10/01/39		989,387
	4,488,255	FNMA, Pool # AE0469, 6.00%, due 10/01/40		4,938,777
	22,555	FNMA, Pool # 869972, 6.50%, due 04/01/36		25,584
	215,652	FNMA, Pool # 955797, 6.50%, due 10/01/37		244,510
	5,276,874	FNMA, Pool # 888369, 7.00%, due 03/01/37		6,078,240
	420,695	FNMA, Series 2004-38, Class FK, 0.54%, due 05/25/34†		422,892
	1,000,000	FNMA, Series 2011-59, Class NZ, 5.50%, due 07/25/41		1,062,709

See accompanying Notes to the Schedule of Investments.

90

MGI Core Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Par Value ($)		Description	Value ($)
		Mortgage Backed Securities - U.S. Government Agency Obligations — continued
	1,300,000	FNMA, Series 2011-63, Class SW, 6.48%, due 07/25/41†		205,959
	195,327	FNMA Grantor Trust, Series 2004-T1, Class 1A2, 6.50%, due 01/25/44		218,245
	390,002	FNMA Interest Strip, Series 407, Class C10, 5.00%, due 01/25/38		83,413
	16,000,000	FNMA TBA, 3.50%, due 09/01/25		16,295,008
	1,000,000	FNMA TBA, 3.50%, due 07/01/40		956,562
	1,300,000	FNMA TBA, 4.00%, due 04/01/24		1,354,437
	1,000,000	FNMA TBA, 4.50%, due 03/01/21		1,060,312
	18,300,000	FNMA TBA, 4.50%, due 03/01/39		18,937,645
	7,700,000	FNMA TBA, 5.00%, due 08/01/36		8,182,451
	50,000	FNMA TBA, 5.50%, due 04/01/35		54,070
	6,742,967	FNMA TBA, 6.00%, due 02/01/34		7,480,921
	3,200,000	FNMA TBA, 6.00%, due 09/01/35		3,515,501
	2,100,000	FNMA TBA, 6.50%, due 09/01/34		2,377,922
	27,623	FNMA Whole Loan, Series 2003-W1, Class 1A1, 6.35%, due 12/25/42†		31,708
	222,875	FNMA Whole Loan, Series 2004-W9, Class 2A1, 6.50%, due 02/25/44		250,133
	726,032	GNMA, Pool # 734712, 4.50%, due 03/15/40		767,930
	194,394	GNMA, Pool # 004854, 4.50%, due 11/20/40		205,076
	391,787	GNMA, Pool # 004883, 4.50%, due 12/20/40		413,315
	98,270	GNMA, Pool # 004923, 4.50%, due 01/20/41		103,669
	493,793	GNMA, Pool # 004946, 4.50%, due 02/20/41		520,926
	7,851,084	GNMA, Pool # 004978, 4.50%, due 03/20/41		8,282,485
	298,751	GNMA, Pool # 005017, 4.50%, due 04/20/41		315,167
	335,409	GNMA, Pool # 641779, 5.00%, due 09/15/35		365,194
	13,462	GNMA, Pool # 653562, 5.00%, due 04/15/36		14,637
	188,223	GNMA, Pool # 733600, 5.00%, due 04/15/40		205,491
	566,463	GNMA, Pool # 733627, 5.00%, due 05/15/40		618,432
	92,064	GNMA, Pool # 004747, 5.00%, due 07/20/40		100,086
	92,249	GNMA, Pool # 783050, 5.00%, due 07/20/40		100,277
	1,487,609	GNMA, Pool # 004772, 5.00%, due 08/20/40		1,617,232
	366,257	GNMA, Pool # 004802, 5.00%, due 09/20/40		398,170
	544,823	GNMA, Pool # 510835, 5.50%, due 02/15/35		602,115
	555,019	GNMA, Pool # 004040, 6.50%, due 10/20/37		627,460
	1,122,867	GNMA, Series 2009-61, Class SB, 6.51%, due 08/20/39†		187,737
	239,906	GNMA, Series 2009-68, Class SL, 6.56%, due 04/16/39†		37,911
	2,098,809	GNMA, Series 2010-117, Class PS, 5.81%, due 10/20/39†		362,695
	775,462	GNMA, Series 2010-146, Class GS, 5.91%, due 06/20/39†		139,844
	584,828	GNMA, Series 2010-160, Class SW, 6.36%, due 10/20/38†		104,826
	412,125	GNMA, Series 2010-31, Class GS, 6.31%, due 03/20/39†		74,521
	914,383	GNMA, Series 2010-91, Class SI, 6.38%, due 07/20/40†		179,432
	195,236	GNMA, Series 2011-32, Class S, 5.81%, due 03/16/41†		34,804
	995,334	GNMA, Series 2011-70, Class BS, 6.51%, due 12/16/36†		197,916
	700,000	GNMA, Series 2011-80, Class SA, 5.21%, due 06/20/41†		108,516
	289,376	GNMA REMIC, 5.86%, due 12/20/39†		50,171
	500,000	GNMA TBA, 4.00%, due 05/01/40		509,453
	13,700,000	GNMA TBA Pool I, 4.50%, due 07/01/39		14,462,062
	900,000	GNMA TBA Pool I, 6.00%, due 01/01/36		1,002,797
	10,300,000	GNMA TBA Pool II, 4.50%, due 03/01/40		10,842,357
	5,400,000	GNMA TBA Pool II, 5.00%, due 04/01/39		5,858,158

See accompanying Notes to the Schedule of Investments.

91

MGI Core Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Par Value ($)		Description	Value ($)
		Mortgage Backed Securities - U.S. Government Agency Obligations — continued
	5,200,000	GNMA TBA Pool II, 5.50%, due 07/01/36		5,716,750
	9,400,000	GNMA TBA Pool II, 6.00%, due 05/01/36		10,389,933
				363,470,647
		Municipal Obligations — 3.4%
	2,250,000	American Municipal Power-Ohio, Inc., 8.08%, due 02/15/50		2,800,417
	2,700,000	California East Bay Municipal Utility District, 5.87%, due 06/01/40		2,825,550
	600,000	Chicago Transit Authority, Series A, 6.90%, due 12/01/40		639,726
	600,000	Chicago Transit Authority, Series B, 6.90%, due 12/01/40		639,726
	1,200,000	Florida Educational Loan Marketing Corp., 0.41%, due 12/01/18†		999,503
	450,000	Florida Educational Loan Marketing Corp., 0.49%, due 12/01/36†		379,959
	155,000	Los Angeles Unified School District, 5.75%, due 07/01/34		152,928
	510,000	Los Angeles Unified School District, 6.76%, due 07/01/34		577,697
	1,000,000	New Jersey State Turnpike Authority, 7.10%, due 01/01/41		1,163,760
	1,800,000	New York City Transitional Finance Authority, 4.73%, due 11/01/23		1,906,074
	1,300,000	New York City Transitional Finance Authority, 4.91%, due 11/01/24		1,387,217
	1,300,000	New York City Transitional Finance Authority, 5.08%, due 11/01/25		1,398,150
	700,000	Northstar Education Finance, Inc., 0.66%, due 01/29/46†		595,438
	80,000	Ohio Housing Finance Agency, 6.04%, due 09/01/17		82,955
	3,100,000	Ohio Tobacco Settlement Financing Authority, 6.50%, due 06/01/47		2,463,663
	100,000	State of California General Obligation, 3.95%, due 11/01/15		104,231
	575,000	State of California General Obligation, 6.20%, due 03/01/19		628,314
	4,150,000	State of California General Obligation, 7.30%, due 10/01/39		4,605,421
	800,000	State of California General Obligation, 7.50%, due 04/01/34		905,600
	1,950,000	State of California General Obligation, 7.55%, due 04/01/39		2,233,452
	4,100,000	State of Illinois General Obligation, 2.77%, due 01/01/12		4,122,468
	1,125,000	State of Illinois General Obligation, 5.37%, due 03/01/17		1,163,948
	1,000,000	State of Kentucky Property & Building Commission, 4.30%, due 11/01/19		1,002,930
	1,200,000	State of Kentucky Property & Building Commission, 4.40%, due 11/01/20		1,187,556
	2,400,000	State of Kentucky Property & Building Commission, 5.37%, due 11/01/25		2,413,800
	160,000	Tulsa Airports Improvement Trust, 7.75%, due 06/01/35†		165,560
				36,546,043
		Sovereign Debt Obligations — 2.0%
	6,500,000	Australia Government Bond, 4.75%, due 06/15/16		6,923,853
	3,900,000	Australia Government Bond, 6.00%, due 02/15/17		4,393,291
	900,000	Bundesrepublik Deutschland, 4.25%, due 07/04/18		1,436,171
	2,500,000	Canadian Government Bond, 1.50%, due 03/01/12		2,596,286
	2,500,000	Korea Housing Finance Corp., 4.13%, due 12/15/15 144A		2,579,290
	2,600,000	Province of Ontario Canada, 2.70%, due 06/16/15		2,700,287
	6,920	Russian Foreign — Eurobond, 7.50%, due 03/31/30†† 144A		8,174
	112,000	United Mexican States, 6.75%, due 09/27/34		130,760
				20,768,112
		U.S. Government and Agency Obligations — 16.8%
	351,010	FHLMC, 5.68%, due 02/01/37†		373,610
	90,000	Financing Corp. FICO STRIPS, 0.00%, due 02/08/18¤ ‡		75,351

See accompanying Notes to the Schedule of Investments.

92

MGI Core Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Par Value ($)		Description	Value ($)
		U.S. Government and Agency Obligations — continued
	280,000	Financing Corp. FICO STRIPS, 0.00%, due 04/06/18¤ ‡		232,661
	350,000	Financing Corp. FICO STRIPS, 0.00%, due 05/11/18¤ ‡		289,472
	330,000	Financing Corp. FICO STRIPS, Series D, 0.00%, due 08/03/18¤ ‡		269,673
	270,000	Financing Corp. FICO STRIPS, Series 7, 0.00%, due 08/03/18¤ ‡		220,641
	150,000	Financing Corp. FICO STRIPS, Series 7, 0.00%, due 08/03/18¤ ‡		122,579
	140,000	Financing Corp. FICO STRIPS, Series 8, 0.00%, due 08/03/18¤ ‡		114,407
	330,000	Financing Corp. FICO STRIPS, 0.00%, due 11/02/18¤ ‡		266,063
	150,000	Financing Corp. FICO STRIPS, 0.00%, due 03/07/19¤ ‡		118,772
	50,000	Financing Corp. FICO STRIPS, 0.00%, due 06/06/19¤ ‡		39,067
	20,000	Financing Corp. FICO STRIPS, 0.00%, due 09/26/19¤ ‡		15,356
	830,000	FNMA, 0.00%, due 10/09/19‡		582,203
	350,898	FNMA, 3.83%, due 06/01/36†		369,465
	360,000	FNMA, 4.38%, due 10/15/15		399,331
	148,585	FNMA, 5.05%, due 09/01/35†		158,025
	1,850,000	FNMA, 5.25%, due 08/01/12		1,946,681
	555,000	FNMA, 5.63%, due 07/15/37		627,524
	434,038	FNMA, 5.78%, due 08/01/37†		465,754
	585,000	FNMA, 6.63%, due 11/15/30		741,134
	1,174,364	GNMA, 0.59%, due 12/20/60†		1,163,006
	2,089,414	GNMA, 0.66%, due 02/20/61†		2,075,094
	2,067,419	GNMA, 0.71%, due 01/20/61†		2,078,354
	496,303	GNMA, 0.71%, due 03/20/61†		494,890
	545,543	GNMA, 5.86%, due 09/20/40†		85,879
	1,851,343	GNMA, 5.86%, due 11/20/40†		342,290
	1,606,620	GNMA, 6.36%, due 11/20/38†		291,558
	122,925	GNMA, 6.36%, due 11/20/38†		21,846
	1,091,854	GNMA, 6.46%, due 01/20/40†		200,718
	190,000	Tennessee Valley Authority, 5.25%, due 09/15/39		201,931
	178,402	U.S. Treasury Bond, 2.38%, due 01/15/27		203,768
	3,200,000	U.S. Treasury Bond, 3.88%, due 08/15/40		2,930,499
	200,000	U.S. Treasury Bond, 4.25%, due 11/15/40		195,531
	200,000	U.S. Treasury Bond, 4.38%, due 02/15/38		201,344
	2,380,000	U.S. Treasury Bond, 4.38%, due 11/15/39		2,381,487
	2,520,000	U.S. Treasury Bond, 4.38%, due 05/15/41		2,516,462
	4,000,000	U.S. Treasury Bond, 4.50%, due 02/15/36		4,134,376
	7,650,000	U.S. Treasury Bond, 4.75%, due 02/15/41		8,132,906
	1,800,000	U.S. Treasury Bond, 5.25%, due 02/15/29		2,077,313
	800,000	U.S. Treasury Bond, 7.50%, due 11/15/24		1,126,750
	16,343,769	U.S. Treasury Inflation Indexed Bond, 1.13%, due 01/15/21(a)		16,987,305
	1,897,150	U.S. Treasury Inflation Indexed Bond, 1.25%, due 07/15/20		2,008,608
	1,320,196	U.S. Treasury Inflation Indexed Bond, 1.75%, due 01/15/28(a)		1,383,936
	101,962	U.S. Treasury Inflation Indexed Bond, 2.00%, due 01/15/26(a)		111,569
	2,652,867	U.S. Treasury Inflation Indexed Bond, 2.13%, due 02/15/40		2,892,662
	2,669,654	U.S. Treasury Inflation Indexed Bond, 2.13%, due 02/15/41		2,906,378
	1,195,606	U.S. Treasury Inflation Indexed Bond, 3.63%, due 04/15/28(a)		1,576,613
	1,354,132	U.S. Treasury Inflation Indexed Bond, 3.88%, due 04/15/29		1,858,017
	10,000	U.S. Treasury Note, 0.50%, due 05/31/13		10,012

See accompanying Notes to the Schedule of Investments.

93

MGI Core Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Par Value ($)		Description	Value ($)
		U.S. Government and Agency Obligations — continued
	11,800,000	U.S. Treasury Note, 0.63%, due 07/31/12		11,849,761
	200,000	U.S. Treasury Note, 0.75%, due 03/31/13		201,203
	1,100,000	U.S. Treasury Note, 0.88%, due 01/31/12		1,104,984
	12,835,000	U.S. Treasury Note, 1.00%, due 07/31/11		12,847,039
	10,000,000	U.S. Treasury Note, 1.00%, due 09/30/11		10,025,000
	11,500,000	U.S. Treasury Note, 1.00%, due 10/31/11		11,536,834
	12,000,000	U.S. Treasury Note, 1.00%, due 04/30/12		12,081,564
	2,190,000	U.S. Treasury Note, 1.25%, due 04/15/14		2,221,140
	70,000	U.S. Treasury Note, 1.38%, due 02/15/13		71,124
	530,000	U.S. Treasury Note, 1.50%, due 06/30/16		523,623
	10,380,000	U.S. Treasury Note, 1.75%, due 05/31/16		10,397,822
	200,000	U.S. Treasury Note, 2.38%, due 08/31/14		209,297
	23,610,000	U.S. Treasury Note, 2.38%, due 05/31/18		23,488,314
	500,000	U.S. Treasury Note, 2.63%, due 11/15/20		481,640
	6,400,000	U.S. Treasury Note, 2.75%, due 02/15/19(a)		6,462,502
	3,500,000	U.S. Treasury Note, 2.88%, due 03/31/18		3,606,095
	1,710,000	U.S. Treasury Note, 3.13%, due 05/15/21		1,705,462
	800,000	U.S. Treasury Note, 3.25%, due 05/31/16		859,125
	300,000	U.S. Treasury Note, 3.38%, due 11/15/19		312,797
	1,050,000	U.S. Treasury Note, 3.63%, due 02/15/21		1,095,036
				179,099,233
		TOTAL DEBT OBLIGATIONS (COST $969,489,639)		982,522,860
Shares		Description	Value ($)
		COMMON STOCKS — 0.0%
		Auto Manufacturers — 0.0%
	7,935	General Motors Co.*		240,907
		Building Materials — 0.0%
	280	Nortek, Inc.*		10,077
	10,371	US Concrete, Inc.*¤		90,746
				100,823
		Diversified Financial Services — 0.0%
	1,754	CIT Group, Inc.*		77,632
		Oil & Gas Services — 0.0%
	181	SemGroup Corp.*		4,646
		TOTAL COMMON STOCKS (COST $487,778)		424,008
		PREFERRED STOCKS — 0.2%
		Banks — 0.1%
	600	Wells Fargo & Co., 7.50% Class A		636,000

See accompanying Notes to the Schedule of Investments.

94

MGI Core Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Shares		Description	Value ($)
		Diversified Financial Services — 0.1%
	10,250	Citigroup Capital XII, 8.50%		264,655
	27,625	Citigroup Capital XIII, 7.88%		767,423
				1,032,078
		Sovereign — 0.0%
	1,450	FHLMC, 8.38%		4,278
	700	FNMA, 0.00%		2,520
	3,950	FNMA, 8.25%		8,492
				15,290
		TOTAL PREFERRED STOCKS (COST $1,535,272)		1,683,368
		WARRANTS — 0.0%
		Auto Manufacturers — 0.0%
	7,214	General Motors Co., Strike Price $10.00, Expires 7/10/16*		154,380
	7,214	General Motors Co., Strike Price $18.33, Expires 7/10/19*		114,919
				269,299
		Media — 0.0%
	307	Charter Communications, Inc., Strike Price $46.68, Expires 11/30/14*		4,298
		Oil & Gas Services — 0.0%
	190	SemGroup Corp., Strike Price $25.00, Expires 11/30/14* ¤		1,282
		TOTAL WARRANTS (COST $307,300)		274,879
Notional		Description	Value ($)
		OPTIONS PURCHASED — 0.0%
		Call Options — 0.0%
	31,000	OTC — U.S. Treasury 10-Year Futures Option with Merrill Lynch, Pierce, Fenner & Smith, Inc., Strike Price $124.00, Expires 08/26/11		21,797
	63,000	OTC — U.S. Treasury 10-Year Futures Option with Merrill Lynch, Pierce, Fenner & Smith, Inc., Strike Price $123.50, Expires 07/22/11		24,609
		TOTAL CALL OPTIONS PURCHASED (COST $37,102)		46,406
		Put Options — 0.0%
	160,000	Eurodollar Mid-Curve 1-Year Futures Option with Merrill Lynch, Pierce, Fenner & Smith, Inc., Strike Price $99.00, Expires 09/16/11		11,600
	5,000,000	OTC 1-Year Interest Rate Swaption with Goldman Sachs Capital Markets, Strike Price $2.00, Expires 11/19/12		11,687
		TOTAL PUT OPTIONS PURCHASED (COST $26,733)		23,287

See accompanying Notes to the Schedule of Investments.

95

MGI Core Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Par Value ($)		Description	Value ($)
		SHORT-TERM INVESTMENTS — 20.7%
		U.S. Government and Agency Obligations — 6.9%
	10,800,000	FHLB, 0.20%, due 08/03/11		10,799,792
	17,000,000	FHLB Discount Note, 0.00%, due 07/13/11‡		16,999,720
	7,100,000	FHLMC Discount Note, 0.00%, due 08/11/11‡		7,099,434
	7,100,000	FHLMC Discount Note, 0.00%, due 08/22/11‡		7,098,974
	10,800,000	FHLMC Discount Note, 0.00%, due 08/30/11‡		10,799,816
	16,000,000	FNMA Discount Note, 0.00%, due 08/08/11‡		15,998,987
	2,900,000	FNMA Discount Note, 0.00%, due 10/04/11‡		2,899,771
	1,200,000	FNMA Discount Note, 0.00%, due 12/01/11‡		1,199,592
	378,000	United States Treasury Bill, 0.16%, due 08/25/11(a)		377,913
	241,000	United States Treasury Bill, 0.25%, due 08/25/11		240,943
		TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (COST $73,510,962)		73,514,942
		Repurchase Agreements — 7.0%
	6,600,000	Citigroup Global Markets, Inc. (Dated 6/30/2011 Collateralized by a Federal National Mortgage Association, with a rate of 3.650% with a maturity of 12/08/2020, valued at $6,775,420. Repurchase proceeds are $6,600,007), 0.04%, due 07/01/11		6,600,000
	7,500,000	JPMorgan Securities LLC (Dated 6/30/2011 Collateralized by a Federal Home Loan Bank, with a rate of 0.450% with a maturity of 07/15/2011, valued at $7,625,000. Repurchase proceeds are $7,500,008), 0.04%, due 07/01/11		7,500,000
	28,400,000	Morgan Stanley & Co. LLC (Dated 6/30/2011 Collateralized by U.S. Treasury Notes, with rates from 0.000% — 1.500% with maturities from 06/28/2012 — 06/30/2016, valued at $ 29,236,507. Repurchase proceeds are $28,400,008), 0.01%, due 07/01/11		28,400,000
	30,200,000	Merrill Lynch, Pierce, Fenner & Smith, Inc. (Dated 6/30/2011 Collateralized by a U.S. Treasury Note, with a rate of 1.875% with a maturity of 04/30/2014, valued at $31,046,346. Repurchase proceeds are $30,200,008), 0.01%, due 07/01/11		30,200,000
	2,500,000	Barclays Capital, Inc. (Dated 06/30/2011. Collateralized by a U.S. Treasury Note, with a rate of 1.875% with a maturity of 07/15/2015, valued at $2,573,810. Repurchase proceeds are $2,500,000), 0.01%, due 07/01/11		2,500,000
		TOTAL REPURCHASE AGREEMENTS (COST $75,200,000)		75,200,000
		Bank Deposit — 6.8%
	72,894,353	State Street Bank & Trust Euro Time Deposit, 0.01%, due 07/01/11		72,894,353
		TOTAL SHORT-TERM INVESTMENTS (COST $221,605,315)		221,609,295
		TOTAL INVESTMENTS BEFORE TBA COMMITMENTS — 113.0% (Cost $1,193,489,139)		1,206,584,103

See accompanying Notes to the Schedule of Investments.

96

MGI Core Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Par Value ($)			Description	Value ($)
			TBA SALE COMMITMENTS — (2.4)%
			TBA Sale Commitments — (2.4)%
	(8,000,000	)	FNMA TBA, 4.00%, due 11/01/39		(8,002,496	)
	(17,000,000	)	FNMA TBA, 4.50%, due 03/01/39		(17,592,348	)
					(25,594,844	)
			TOTAL TBA SALE COMMITMENTS (PROCEEDS $25,645,820)		(25,594,844	)
			TOTAL INVESTMENTS NET OF TBA SALE COMMITMENTS — 110.6% (Cost $1,167,843,319)		1,180,989,259
			Other Assets and Liabilities (net) — (10.6)%		(112,875,567	)
			NET ASSETS — 100.0%	$	1,068,113,692
			Notes to Schedule of Investments:
			FHLB — Federal Home Loan Bank
			FHLMC — Federal Home Loan Mortgage Corporation
			FNMA — Federal National Mortgage Association
			GNMA — Government National Mortgage Association
			MTN — Medium Term Note
			PIK — Payment In Kind
			REIT — Real Estate Investment Trust
			REMIC — Real Estate Mortgage Investment Conduit
			TBA — To Be Announced
			(a) All or a portion of this security is held for open futures collateral.
			* Non-income producing security
			¤ Illiquid security. The total market value of the securities at period end is $26,203,591 which represents 2.5% of net assets. The aggregate tax cost of these securities held at June 30, 2011 was $27,981,708.
			**** Securities fair valued by the Valuation Committee as approved by the Board of Trustees. The total market value of the securities at period end is $0 which represents 0.0% of net assets. The aggregate tax cost of these securities held at June 30, 2011 was $143,015.
			† Floating rate note. Rate shown is as of June 30, 2011.
			†† Debt obligation initially issued in zero coupon form which converts to coupon form at a specific rate and date. The rate shown is the rate at period end.
			††† Security is currently in default.
			‡ Zero coupon bond

See accompanying Notes to the Schedule of Investments.

97

MGI Core Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

144A — Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total market value of the securities at year end is $83,929,960 which represents 7.9% of net assets.

See accompanying Notes to the Schedule of Investments.

98

MGI Core Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
June 30, 2011 (Unaudited)

A summary of outstanding financial instruments at June 30, 2011 is as follows:

Forward Currency Contracts

									Net
									Unrealized
Settlement					Units of				Appreciation
Date	Deliver/Receive		Counterparty		Currency		Value		(Depreciation)
Buys
9/19/11		CAD		Royal Bank of Canada		520,000	$	538,256	$	10,955
9/14/11		CNY		Bank of America N.A.		4,046,805		626,524		17,525
9/14/11		CNY		Citibank N.A.		1,407,680		217,936		5,936
2/13/12		CNY		Citibank N.A.		4,642,400		723,856		4,160
11/15/11		CNY		JPMorgan Chase Bank		5,986,164		929,348		(1,916	)
2/13/12		CNY		JPMorgan Chase Bank		41,623,700		6,490,086		99,081
9/14/11		CNY		Royal Bank of Scotland Plc		875,160		135,492		3,492
9/14/11		CNY		UBS AG		2,095,080		324,359		8,359
7/18/11		EUR		JPMorgan Chase Bank		393,000		570,569		15,358
8/12/11		INR		HSBC Bank USA		57,057,480		1,268,212		4,761
8/12/11		KRW		JPMorgan Chase Bank		4,489,590,000		4,195,297		106,975
9/09/11		SGD		Goldman Sachs		1,000,000		814,753		2,530
9/09/11		SGD		JPMorgan Chase Bank		1,723,693		1,404,383		3,997
9/09/11		SGD		Royal Bank of Scotland Plc		1,000,000		814,753		10,228
9/09/11		SGD		UBS AG		700,000		570,327		422
1/11/12		TWD		Citibank N.A.		121,918,080		4,262,497		12,259
									$	304,122
Sales
7/29/11		AUD		Bank of America N.A.		10,740,000	$	11,490,680	$	(300,674	)
7/18/11		EUR		Citibank N.A.		43,000		62,429		(1,422	)
8/18/11		EUR		Citibank N.A.		576,166		834,308		(16,325	)
7/18/11		EUR		Credit Suisse Londan Branch (GFX)		6,437,000		9,345,432		(69,096	)
7/18/11		EUR		Royal Bank of Scotland Plc		1,022,000		1,483,771		(21,258	)
9/13/11		GBP		UBS AG		1,750,000		2,809,472		64,050
									$	(344,725	)

Currency Abbreviations

AUD	Australian Dollar
CAD	Canadian Dollar
CNY	Chinese Yuan
EUR	Euro
GBP	British Pound Sterling
INR	Indian Rupee
KRW	South Korean Won
SGD	Singapore Dollar
TWD	Taiwan Dollar

See accompanying Notes to the Schedule of Investments.

99

MGI Core Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
June 30, 2011 (Unaudited)

Futures Contracts

							Net
							Unrealized
Number of					Contract		Appreciation
Contracts		Type		Expiration Date	Value		(Depreciation)
	Buys
	75		Eurodollar 90 Day	September 2015	$	18,043,125	$	(31,875	)
	38		Eurodollar 90 Day	June 2015		9,160,850		(16,150	)
	13		Euribor 90 Day	March 2012		4,619,183		21,675
	204		Eurodollar 90 Day	March 2014		49,791,300		336,600
	29		Euro-Bobl	September 2011		4,901,679		5,596
	108		Eurodollar 90 Day	March 2012		26,869,050		79,363
	143		Euribor 90 Day	September 2011		50,935,406		46,305
	376		Eurodollar 90 Day	December 2011		93,605,200		160,663
	132		U.S. Treasury Bond 30 Yr.	September 2011		16,665,000		(163,938	)
							$	438,239
	Sales
	31		Eurodollar 90 Day	March 2013	$	7,647,700	$	5,112
	447		U.S. Treasury Note 10 Yr.	September 2011		54,680,672		(50,203	)
	41		U.S. Treasury Bond 30 Yr.	September 2011		5,044,281		38,086
	102		U.S. Treasury Note 5 Yr.	September 2011		12,157,922		71,977
	89		U.S. Treasury Note 2 Yr.	September 2011		19,521,594		(39,656	)
							$	25,316

Written Options

		Number of		Premiums		Value at
Type of Contract	Counterparty	Contracts		Received		June 30, 2011
CALL — EURODOLLAR FUTURES	Citigroup Global Markets, Inc.		49		21,428		(37,975	)
Strike @ $99.38 Expires 09/19/2011
CALL — EURODOLLAR FUTURES	Merrill Lynch, Pierce, Fenner, & Smith, Inc.		26		18,441		(22,750	)
Strike @ $99.25 Expires 03/19/2012
CALL — EURODOLLAR FUTURES	Merrill Lynch, Pierce, Fenner, & Smith, Inc.		38		21,039		(23,513	)
Strike @ $99.38 Expires 03/19/2012
CALL — EURODOLLAR FUTURES	Merrill Lynch, Pierce, Fenner, & Smith, Inc.		44		15,044		(17,050	)
Strike @ $99.50 Expires 03/19/2012
CALL — OTC 10 YEAR INTEREST RATE SWAPTION	Merrill Lynch, Pierce, Fenner, & Smith, Inc.		21		8,135		(1,312	)
Strike @ $125.50 Expires 07/22/2011

See accompanying Notes to the Schedule of Investments.

100

MGI Core Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
June 30, 2011 (Unaudited)

Written Options — continued

		Number of		Premiums		Value at
Type of Contract	Counterparty	Contracts		Received		June 30, 2011
CALL — OTC 10 YEAR INTEREST RATE SWAPTION	Merrill Lynch, Pierce, Fenner, & Smith, Inc.		21		17,979		(6,562	)
Strike @ $125.50 Expires 08/26/2011
CALL — OTC 10 YEAR INTEREST RATE SWAPTION	Royal Bank of Scotland Plc		1,700,000		8,372		(10,668	)
Strike @ $3.00 Expires 10/11/2011
CALL — OTC 1YR. VS. 1YR. FORWARD VOLATILITY AGREEMENT	Goldman Sachs Capital Markets		20,700,000		109,300		(133,974	)
Strike @ TBD Expires 10/11/2011
CALL — OTC 1YR. VS. 2YR. FORWARD VOLATILITY AGREEMENT	Morgan Stanley Capital Services, Inc.		21,200,000		231,398		(347,511	)
Strike @ TBD Expires 11/14/2011
CALL — OTC 5 YEAR INTEREST RATE SWAPTION	Credit Suisse Securities		28		8,889		(6,344	)
Strike @ $120.00 Expires 07/22/2011
PUT — 5 YEAR CREDIT DEFAULT SWAPTION ON DOW JONES CDX INDEX	Morgan Stanley Capital Services, Inc.		21,100,000		97,060		(82,616	)
Strike @ $1.20 Expires 12/21/2011
PUT — EURODOLLAR FUTURES	Citigroup Global Markets, Inc.		49		28,553		(3,675	)
Strike @ $99.38 Expires 09/19/2011
PUT — EURODOLLAR FUTURES	Merrill Lynch, Pierce, Fenner, & Smith, Inc.		44		18,220		(15,400	)
Strike @ $99.50 Expires 03/19/2012
PUT — EURODOLLAR FUTURES	Merrill Lynch, Pierce, Fenner, & Smith, Inc.		26		14,215		(5,525	)
Strike @ $99.25 Expires 03/19/2012
PUT — EURODOLLAR FUTURES	Merrill Lynch, Pierce, Fenner, & Smith, Inc.		38		15,076		(10,212	)
Strike @ $99.38 Expires 03/19/2012
PUT — EURODOLLAR MID-CURVE 1 YEAR FUTURES	Merrill Lynch, Pierce, Fenner, & Smith, Inc.		64		7,242		(1,200	)
Strike @ $98.25 Expires 09/16/2011

See accompanying Notes to the Schedule of Investments.

101

MGI Core Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
June 30, 2011 (Unaudited)

Written Options — continued

		Number of		Premiums		Value at
Type of Contract	Counterparty	Contracts		Received		June 30, 2011
PUT — OTC 1 YEAR INTEREST RATE SWAPTION	Goldman Sachs Capital Markets		5,000,000		28,526		(28,749	)
Strike @ $1.00 Expires 11/19/2012
PUT — OTC 10 YEAR INTEREST RATE SWAPTION	Merrill Lynch, Pierce, Fenner, & Smith, Inc.		21		13,385		(22,313	)
Strike @ $121.50 Expires 08/26/2011
PUT — OTC 10 YEAR INTEREST RATE SWAPTION	Royal Bank of Scotland Plc		1,700,000		12,750		(3,413	)
Strike @ $4.25 Expires 10/11/2011
PUT — OTC 10 YEAR INTEREST RATE SWAPTION	Royal Bank of Scotland Plc		300,000		2,040		(4	)
Strike @ $10.00 Expires 07/10/2012
PUT — OTC 10 YEAR INTEREST RATE SWAPTION	Credit Suisse Securities		100,000		690		(1	)
Strike @ $10.00 Expires 07/10/2012
PUT — OTC 10 YEAR INTEREST RATE SWAPTION	Morgan Stanley Capital Services, Inc.		4,000,000		24,503		(54	)
Strike @ $10.00 Expires 07/10/2012
PUT — OTC 2 YEAR INTEREST RATE SWAPTION	Bank of America N.A.		500,000		3,417		(2,541	)
Strike @ $2.25 Expires 09/24/2012
PUT — OTC 2 YEAR INTEREST RATE SWAPTION	Citibank N.A.		400,000		2,725		(2,033	)
Strike @ $2.25 Expires 09/24/2012
PUT — OTC 2 YEAR INTEREST RATE SWAPTION	Morgan Stanley Capital Services, Inc.		1,000,000		6,400		(5,082	)
Strike @ $2.25 Expires 09/24/2012
PUT — OTC 2 YEAR INTEREST RATE SWAPTION	Goldman Sachs Capital Markets		100,000		593		(508	)
Strike @ $2.25 Expires 09/24/2012
PUT — OTC 3 YEAR INTEREST RATE SWAPTION	Morgan Stanley Capital Services, Inc.		1,600,000		14,049		(5,846	)
Strike @ $3.00 Expires 06/18/2012
PUT — OTC 3 YEAR INTEREST RATE SWAPTION	Royal Bank of Scotland Plc		6,300,000		61,740		(30,036	)
Strike @ $2.75 Expires 06/18/2012

See accompanying Notes to the Schedule of Investments.

102

MGI Core Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
June 30, 2011 (Unaudited)

Written Options — continued

		Number of		Premiums		Value at
Type of Contract	Counterparty	Contracts		Received		June 30, 2011
PUT — OTC 5 YEAR INTEREST RATE SWAPTION	Credit Suisse Securities		28		8,511		(5,906	)
Strike @ $118.00 Expires 07/22/2011
TOTAL				$	819,720	$	(832,773	)

Interest Rate Swaps

			Unrealized
	Notional		Appreciation
Description	Amount		(Depreciation)
Agreement with Royal Bank of Scotland Plc dated 06/07/11 receiving a fixed rate of 3.50% paying the notional amount multiplied by the three-month LIBOR rate. Expiring 06/17/16	$	59,200,000	$	(103,961	)
			$	(103,961	)

Credit Default Swaps (See Note 2(a))

Notional Amount		Expiration Date		Counterparty		Value
$	1,600,000		12/20/19		Bank Of America N.A.	$	(19,602	)
	8,500,000		06/20/15		Morgan Stanley Capital Services, Inc.		(100,770	)
	4,400,000		03/20/21		Goldman Sachs International		114,125
	1,300,000		12/20/19		UBS AG		(15,927	)
	900,000		03/20/16		Deutsche Bank AG		26,145
	1,400,000		03/20/16		Morgan Stanley Capital Services, Inc.		40,669
	400,000		12/20/15		Deutsche Bank AG		5,684
						$	50,324

See accompanying Notes to the Schedule of Investments.

103

MGI Core Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
June 30, 2011 (Unaudited)

Asset Class Summary (Unaudited)	% of Total Net Assets
Debt Obligations		92.1
Short-Term Investments		20.7
Preferred Stocks		0.2
Futures Contracts		0.0
Common Stocks		0.0
Warrants		0.0
Options Purchased		0.0
Forward Foreign Currency Contracts		0.0
Swaps		0.0
Written Options		(0.1	)
TBA Sale Commitments		(2.4	)
Other Assets and Liabilities (net)		(10.5	)
		100.0	%

See accompanying Notes to the Schedule of Investments.

104

MGI US Short Maturity Fixed Income Fund
Schedule of Investments
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Par Value ($)		Description	Value ($)
		DEBT OBLIGATIONS — 99.3%
		Asset Backed Securities — 13.1%
	175,000	Ally Auto Receivables Trust, Series 2010-1, Class A3, 1.45%, due 05/15/14		176,279
	200,000	Ally Auto Receivables Trust, Series 2010-2, Class A4, 2.09%, due 05/15/15		204,259
	65,000	Ally Auto Receivables Trust, Series 2010-3, Class A4, 1.55%, due 08/17/15		65,331
	200,000	Ally Auto Receivables Trust, Series 2011-1, Class A4, 2.23%, due 03/15/16		204,037
	179,724	AmeriCredit Automobile Receivables Trust, Series 2010-2, Class A2, 1.22%, due 10/08/13		180,172
	135,000	AmeriCredit Automobile Receivables Trust, Series 2010-2, Class A3, 1.71%, due 08/08/14		136,275
	167,548	Bank of America Auto Trust, Series 2009-2A, Class A3, 2.13%, due 09/15/13 144A		168,555
	210,000	Bank of America Auto Trust, Series 2010-2, Class A3, 1.31%, due 07/14/14		211,407
	187,303	Capital Auto Receivables Asset Trust, Series 2007-4A, Class A4, 5.30%, due 05/15/14		190,646
	73,092	CarMax Auto Owner Trust, Series 2007-2, Class A4, 5.27%, due 11/15/12		73,496
	81,820	CarMax Auto Owner Trust, Series 2009-1, Class A3, 4.12%, due 03/15/13		82,746
	184,305	CarMax Auto Owner Trust, Series 2009-2, Class A3, 1.74%, due 04/15/14		185,774
	108,788	Chase Funding Mortgage Loan Asset-Backed Certificates, Series 2003-2, Class 1A6, 4.36%, due 08/25/14		109,870
	303,664	Chrysler Financial Auto Securitization Trust, Series 2009-A, Class A3, 2.82%, due 01/15/16		307,440
	400,000	CitiFinancial Auto Issuance Trust, Series 2009-1, Class A3, 2.59%, due 10/15/13 144A		404,209
	22,047	CNH Equipment Trust, Series 2009-A, Class A3, 5.28%, due 11/15/12		22,139
	230,000	CNH Equipment Trust, Series 2010-A, Class A4, 2.49%, due 01/15/16		235,857
	115,000	CNH Equipment Trust, Series 2011-A, Class A3, 1.20%, due 05/16/16		115,338
	172,349	Ford Credit Auto Owner Trust, Series 2009-B, Class A3, 2.79%, due 08/15/13		174,045
	116,363	Ford Credit Auto Owner Trust, Series 2009-E, Class A3, 1.51%, due 01/15/14		117,074
	124,000	Ford Credit Auto Owner Trust, Series 2009-E, Class A4, 2.42%, due 11/15/14		127,352
	200,000	Ford Credit Auto Owner Trust, Series 2011-A, Class A3, 0.97%, due 01/15/15		200,690
	100,000	GE Capital Credit Card Master Note Trust, Series 2009-4, Class A, 3.80%, due 11/15/17		106,582
	128,793	Harley-Davidson Motorcycle Trust, Series 2009-3, Class A3, 1.74%, due 09/15/13		129,430
	125,000	Harley-Davidson Motorcycle Trust, Series 2009-3, Class A4, 2.54%, due 04/15/17		127,177
	120,000	Honda Auto Receivables Owner Trust, Series 2010-2, Class A3, 1.34%, due 05/20/13		120,831
	30,000	Hyundai Auto Receivables Trust, Series 2010-A, Class A4, 2.45%, due 12/15/16		30,895
	25,000	Hyundai Auto Receivables Trust, Series 2010-B, Class A3, 0.97%, due 04/15/15		25,093
	65,000	Hyundai Auto Receivables Trust, Series 2010-B, Class A4, 1.63%, due 03/15/17		65,027
	40,800	John Deere Owner Trust, Series 2009-A, Class A3, 2.59%, due 10/15/13		41,051
	450,000	John Deere Owner Trust, Series 2009-A, Class A4, 3.96%, due 05/16/16		462,746
	25,000	John Deere Owner Trust, Series 2011-A, Class A3, 1.29%, due 01/15/16		25,184
	185,000	Mercedes-Benz Auto Receivables Trust, Series 2010-1, Class A3, 1.42%, due 08/15/14		186,554
	164,408	Nissan Auto Receivables Owner Trust, Series 2009-1, Class A3, 5.00%, due 09/15/14		167,789
	62,472	Nissan Auto Receivables Owner Trust, Series 2009-A, Class A3, 3.20%, due 02/15/13		63,007
	20,000	Santander Drive Auto Receivables Trust, Series 2010-3, Class A3, 1.20%, due 06/16/14		20,069

See accompanying Notes to the Schedule of Investments.

105

MGI US Short Maturity Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Par Value ($)		Description	Value ($)
		Asset Backed Securities — continued
	300,000	Santander Drive Auto Receivables Trust, Series 2010-A, Class A3, 1.83%, due 11/17/14 144A		303,453
	78,746	Securitized Asset Backed NIM Trust, Series 2005-FR4, Class NIM, 6.00%, due 01/25/36¤ 144A		1
	178,000	USAA Auto Owner Trust, Series 2009-2, Class A4, 2.53%, due 07/15/15		183,124
	32,301	World Omni Auto Receivables Trust, Series 2009-A, Class A3, 3.33%, due 05/15/13		32,553
	260,000	World Omni Auto Receivables Trust, Series 2010-A, Class A4, 2.21%, due 05/15/15		265,431
				6,048,988
		Corporate Debt — 19.6%
	20,000	Abbott Laboratories, 2.70%, due 05/27/15		20,811
	45,000	Alabama Power Co., Series 2, 5.80%, due 11/15/13		49,832
	80,000	Allstate Life Global Funding Trusts, 5.38%, due 04/30/13		86,254
	35,000	American Express Co., 7.25%, due 05/20/14		40,055
	25,000	American Express Credit Corp., 5.13%, due 08/25/14		27,303
	105,000	American Express Credit Corp., 7.30%, due 08/20/13		116,922
	150,000	American Honda Finance Corp., 2.38%, due 03/18/13 144A		152,911
	60,000	AON Corp., 3.50%, due 09/30/15		61,732
	60,000	Arrow Electronics, Inc., 6.88%, due 07/01/13		65,400
	55,000	Atmos Energy Corp., 4.95%, due 10/15/14		60,181
	15,000	BAE Systems Holdings, Inc., 4.95%, due 06/01/14 144A		16,127
	10,000	BAE Systems Holdings, Inc., 5.20%, due 08/15/15 144A		10,867
	25,000	Bank of New York Mellon Corp. (The), 4.30%, due 05/15/14		27,042
	80,000	Bank of New York Mellon Corp. (The), 5.13%, due 08/27/13		86,885
	65,000	Bank of Nova Scotia, 2.25%, due 01/22/13		66,565
	40,000	BB&T Corp., 3.20%, due 03/15/16		40,962
	100,000	BB&T Corp., 5.70%, due 04/30/14		111,055
	170,000	BellSouth Corp., 5.20%, due 09/15/14		187,428
	30,000	BHP Billiton Finance USA, Ltd., 4.80%, due 04/15/13		32,077
	30,000	BHP Billiton Finance USA, Ltd., 8.50%, due 12/01/12		33,139
	35,000	BlackRock, Inc., 3.50%, due 12/10/14		36,915
	20,000	Boeing Co. (The), 5.00%, due 03/15/14		22,009
	80,000	BP Capital Markets Plc, 3.63%, due 05/08/14		84,147
	30,000	Burlington Northern Santa Fe LLC, 7.00%, due 02/01/14		34,172
	15,000	Canadian Imperial Bank of Commerce/Canada, 2.35%, due 12/11/15		14,980
	15,000	Canadian National Railway Co., 4.40%, due 03/15/13		15,908
	25,000	Canadian Natural Resources, Ltd., 4.90%, due 12/01/14		27,594
	35,000	Capital One Financial Corp., 7.38%, due 05/23/14		39,991
	25,000	Cargill, Inc., 4.38%, due 06/01/13 144A		26,451
	75,000	Caterpillar Financial Services Corp., 6.13%, due 02/17/14		84,347
	25,000	Caterpillar, Inc., 7.00%, due 12/15/13		28,554
	15,000	CBS Corp., 8.20%, due 05/15/14		17,573
	195,000	Cellco Partnership/Verizon Wireless Capital LLC, 5.55%, due 02/01/14		215,065
	15,000	CenterPoint Energy Houston Electric LLC, Series U, 7.00%, due 03/01/14		17,161
	25,000	CenterPoint Energy Resources Corp., 5.95%, due 01/15/14		27,540
	25,000	Charles Schwab Corp. (The), 4.95%, due 06/01/14		27,429
	20,000	Cisco Systems, Inc., 5.50%, due 02/22/16		22,764

See accompanying Notes to the Schedule of Investments.

106

MGI US Short Maturity Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	315,000	Citigroup, Inc., Global Note, 5.50%, due 04/11/13		334,569
	100,000	CME Group, Inc., 5.75%, due 02/15/14		111,143
	35,000	CNA Financial Corp., 5.85%, due 12/15/14		37,946
	40,000	Coca-Cola Co. (The), 1.50%, due 11/15/15		39,312
	30,000	Comcast Cable Communications LLC, 7.13%, due 06/15/13		33,376
	70,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands, 1.85%, due 01/10/14		70,800
	50,000	Cox Communications, Inc., 5.45%, due 12/15/14		55,771
	150,000	Credit Suisse, 5.00%, due 05/15/13		160,184
	80,000	Credit Suisse, 5.13%, due 01/15/14		86,795
	30,000	Crown Castle Towers LLC, 3.21%, due 08/15/15 144A		30,491
	60,000	CSX Corp., 6.30%, due 03/15/12		62,353
	15,000	Daimler Finance North America LLC, 7.30%, due 01/15/12		15,524
	30,000	Daimler Finance North America LLC, Senior Note, 6.50%, due 11/15/13		33,393
	20,000	Dell, Inc., 4.70%, due 04/15/13		21,316
	60,000	Delmarva Power & Light Co., Series I, 6.40%, due 12/01/13		67,184
	25,000	Deutsche Bank AG, 3.88%, due 08/18/14		26,297
	65,000	Deutsche Bank Financial LLC, 5.38%, due 03/02/15		69,279
	75,000	Deutsche Telekom International Finance BV, 4.88%, due 07/08/14		81,914
	60,000	Diageo Finance BV, 5.50%, due 04/01/13		64,830
	30,000	Dow Chemical Co. (The), 5.90%, due 02/15/15		33,727
	10,000	Dow Chemical Co. (The), 7.60%, due 05/15/14		11,604
	20,000	Duke Energy Carolinas LLC, 5.75%, due 11/15/13		22,199
	15,000	Duke Energy Corp., 3.35%, due 04/01/15		15,592
	35,000	Duke Energy Corp., 5.65%, due 06/15/13		37,973
	25,000	eBay, Inc., 1.63%, due 10/15/15		24,453
	10,000	EI Du Pont de Nemours & Co., 5.88%, due 01/15/14		11,127
	35,000	Emerson Electric Co., 5.00%, due 12/15/14		39,075
	25,000	ERAC USA Finance Co., Series 1, 2.75%, due 07/01/13 144A		25,517
	55,000	General Electric Capital Corp., 4.75%, due 09/15/14		59,661
	485,000	General Electric Capital Corp., 4.88%, due 03/04/15		527,848
	30,000	General Electric Capital Corp., 5.50%, due 06/04/14		33,010
	30,000	General Mills, Inc., 5.65%, due 09/10/12		31,706
	85,000	Goldman Sachs Group (The), Inc., 3.63%, due 02/07/16		86,013
	106,000	Goldman Sachs Group (The), Inc., 3.70%, due 08/01/15		108,038
	116,000	Goldman Sachs Group (The), Inc., 5.00%, due 10/01/14		124,340
	50,000	Goldman Sachs Group (The), Inc., 5.70%, due 09/01/12		52,591
	120,000	Hewlett-Packard Co., 6.13%, due 03/01/14		134,695
	45,000	Honeywell International, Inc., 3.88%, due 02/15/14		48,377
	50,000	International Business Machines Corp., 7.50%, due 06/15/13		56,373
	20,000	Intuit, Inc., 5.40%, due 03/15/12		20,629
	50,000	Jackson National Life Global Funding, 5.38%, due 05/08/13 144A		53,553
	61,000	Jefferies Group, Inc., 3.88%, due 11/09/15		62,052
	60,000	John Deere Capital Corp., 4.50%, due 04/03/13		63,846
	20,000	John Deere Capital Corp., 4.90%, due 09/09/13		21,719
	35,000	Johnson Controls, Inc., 4.88%, due 09/15/13		37,737
	15,000	KCP&L Greater Missouri Operations Co., 11.88%, due 07/01/12		16,530
	60,000	KeyCorp, 6.50%, due 05/14/13		65,318

See accompanying Notes to the Schedule of Investments.

107

MGI US Short Maturity Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	15,000	Macquarie Group, Ltd., 7.30%, due 08/01/14 144A		16,800
	45,000	Merck & Co., Inc., 4.75%, due 03/01/15		50,159
	50,000	Merrill Lynch & Co., Inc., 5.45%, due 02/05/13		53,060
	160,000	Merrill Lynch & Co., Inc., 6.15%, due 04/25/13		171,871
	100,000	Metropolitan Life Global Funding I, 2.88%, due 09/17/12 144A		102,226
	100,000	Metropolitan Life Global Funding I, 5.13%, due 04/10/13 144A		106,448
	100,000	Morgan Stanley, 4.10%, due 01/26/15		102,824
	100,000	Morgan Stanley, 6.00%, due 05/13/14		108,984
	25,000	NASDAQ OMX Group (The), Inc., 4.00%, due 01/15/15		25,310
	50,000	National City Corp., 4.90%, due 01/15/15		54,690
	40,000	National Rural Utilities Cooperative Finance Corp., 2.63%, due 09/16/12		40,929
	50,000	National Semiconductor Corp., 3.95%, due 04/15/15		53,204
	65,000	New York Life Global Funding, 3.00%, due 05/04/15 144A		67,286
	15,000	News America, Inc., 7.60%, due 10/11/15		17,847
	50,000	Nisource Finance Corp., 6.15%, due 03/01/13		53,806
	20,000	Nomura Holdings, Inc., 4.13%, due 01/19/16		20,275
	40,000	Nomura Holdings, Inc., 5.00%, due 03/04/15		42,209
	10,000	Northern States Power Co., Series B, 8.00%, due 08/28/12		10,822
	25,000	Northern Trust Corp., 4.63%, due 05/01/14		27,320
	60,000	Northern Trust Corp., 5.50%, due 08/15/13		65,710
	20,000	Nucor Corp., 5.00%, due 12/01/12		21,120
	60,000	Ohio Power Co., Series L, 5.75%, due 09/01/13		65,488
	20,000	Oncor Electric Delivery Co. LLC, 6.38%, due 01/15/15		22,772
	45,000	Oracle Corp., 3.75%, due 07/08/14		48,278
	25,000	PACCAR, Inc., 6.38%, due 02/15/12		25,851
	160,000	PacifiCorp, 5.45%, due 09/15/13		174,954
	25,000	PC Financial Partnership, 5.00%, due 11/15/14		27,454
	80,000	PepsiCo, Inc., 3.75%, due 03/01/14		85,424
	25,000	PG&E Corp., 5.75%, due 04/01/14		27,613
	15,000	Pitney Bowes, Inc., 3.88%, due 06/15/13		15,666
	10,000	Pitney Bowes, Inc., 4.88%, due 08/15/14		10,761
	30,000	Potash Corp. of Saskatchewan, Inc., 3.75%, due 09/30/15		31,904
	35,000	PPG Industries, Inc., 5.75%, due 03/15/13		37,612
	80,000	Praxair, Inc., 2.13%, due 06/14/13		82,056
	60,000	Pricoa Global Funding I, 5.45%, due 06/11/14 144A		65,734
	65,000	Procter & Gamble Co. (The), 4.95%, due 08/15/14		72,818
	50,000	Protective Life Secured Trusts, 5.45%, due 09/28/12		52,260
	15,000	Public Service Electric & Gas Co., 2.70%, due 05/01/15		15,333
	10,000	Rio Tinto Finance USA, Ltd., 1.88%, due 11/02/15		9,866
	30,000	Rio Tinto Finance USA, Ltd., 8.95%, due 05/01/14		36,049
	25,000	Ryder System, Inc., 6.00%, due 03/01/13		26,792
	60,000	SABMiller Plc, 5.50%, due 08/15/13 144A		65,023
	50,000	Sempra Energy, 6.00%, due 02/01/13		53,622
	40,000	Shell International Finance BV, 1.88%, due 03/25/13		40,878
	45,000	Shell International Finance BV, 4.00%, due 03/21/14		48,478
	30,000	Southern California Edison Co., 4.15%, due 09/15/14		32,404
	15,000	Spectra Energy Capital LLC, 5.67%, due 08/15/14		16,619
	15,000	State Street Corp., 2.88%, due 03/07/16		15,234

See accompanying Notes to the Schedule of Investments.

108

MGI US Short Maturity Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	55,000	State Street Corp., 4.30%, due 05/30/14		59,520
	35,000	TCI Communications, Inc., Senior Note, 8.75%, due 08/01/15		42,998
	15,000	Telecom Italia Capital SA, 6.18%, due 06/18/14		16,152
	55,000	Time Warner Cable, Inc., 3.50%, due 02/01/15		57,418
	50,000	Time Warner Cable, Inc., 8.25%, due 02/14/14		58,192
	22,000	Total Capital Canada, Ltd., 1.63%, due 01/28/14		22,333
	36,000	Toyota Motor Credit Corp., 3.20%, due 06/17/15		37,450
	20,000	Transocean, Inc., Senior Note, 5.25%, due 03/15/13		21,312
	30,000	Travelers Property Casualty Corp., 5.00%, due 03/15/13		31,987
	25,000	Union Pacific Corp., 5.45%, due 01/31/13		26,753
	60,000	United Technologies Corp., 4.88%, due 05/01/15		66,795
	15,000	UnitedHealth Group, Inc., 5.00%, due 08/15/14		16,453
	70,000	US Bancorp, 1.38%, due 09/13/13		70,355
	75,000	US Bancorp, 3.15%, due 03/04/15		78,389
	35,000	Verizon Communications, Inc., 5.55%, due 02/15/16		39,469
	50,000	Verizon New Jersey, Inc., Series A, 5.88%, due 01/17/12		51,381
	65,000	Vodafone Group Plc, 4.15%, due 06/10/14		69,789
	60,000	Wachovia Corp., 4.88%, due 02/15/14		63,865
	70,000	Wachovia Corp., 5.50%, due 05/01/13		75,308
	50,000	Wal-Mart Stores, Inc., 4.55%, due 05/01/13		53,517
	40,000	Wal-Mart Stores, Inc., 7.25%, due 06/01/13		44,881
	50,000	WEA Finance LLC/WT Finance Aust Pty, Ltd., 7.50%, due 06/02/14 144A		57,670
	30,000	WellPoint, Inc., 5.00%, due 12/15/14		33,079
	100,000	Wells Fargo & Co., 4.38%, due 01/31/13		104,992
	55,000	Westpac Banking Corp., 4.20%, due 02/27/15		58,250
	15,000	Wisconsin Electric Power Co., 6.00%, due 04/01/14		16,925
	65,000	Wyeth, 5.50%, due 02/01/14		72,112
	25,000	Xerox Corp., 4.25%, due 02/15/15		26,641
	20,000	Xerox Corp., 5.65%, due 05/15/13		21,542
				9,079,299
		Mortgage Backed Securities - Private Issuers — 5.2%
	215,000	Banc of America Mortgage Securities, Inc., Series 2004-3, Class 1A26, 5.50%, due 04/25/34		220,961
	130,131	Bear Stearns Commercial Mortgage Securities, Series 2004-T14, Class A3, 4.80%, due 01/12/41		132,654
	50,427	Bear Stearns Commercial Mortgage Securities, Series 2005-T18, Class AAB, 4.82%, due 02/13/42†		52,711
	108,511	Citigroup Mortgage Loan Trust, Inc., Series 2003-1, Class 3A4, 5.25%, due 09/25/33		113,881
	147,177	Commercial Mortgage Acceptance Corp., Series 1998-C2, Class F, 5.44%, due 09/15/30† 144A		152,625
	250,000	Commercial Mortgage Asset Trust, Series 1999-C1, Class C, 7.35%, due 01/17/32†		275,486
	2,041	Countrywide Alternative Loan Trust, Series 2002-11, Class A4, 6.25%, due 10/25/32		2,084
	57,375	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-17, Class 2A6, 3.50%, due 07/25/18		58,861

See accompanying Notes to the Schedule of Investments.

109

MGI US Short Maturity Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Par Value ($)		Description	Value ($)
		Mortgage Backed Securities - Private Issuers — continued
	118,724	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-27, Class 5A4, 5.25%, due 11/25/33		123,214
	90,000	Credit Suisse Mortgage Capital Certificates, Series 2006-C2, Class A3, 5.85%, due 03/15/39†		98,168
	90,000	GS Mortgage Securities Corp. II, Series 2004-GG2, Class A6, 5.40%, due 08/10/38†		97,419
	122,521	Honda Auto Receivables Owner Trust, Series 2010-1, Class A3, 1.25%, due 10/21/13		123,101
	92,619	MASTR Alternative Loans Trust, Series 2004-8, Class 7A1, 5.00%, due 09/25/19		96,717
	128,516	MASTR Asset Securitization Trust, Series 2003-8, Class 2A1, 4.50%, due 09/25/18		131,506
	100,000	Morgan Stanley Re-REMIC Trust, Series 2010-HQ4B, Class A7A, 4.97%, due 04/16/40 144A		105,624
	122,615	NCUA Guaranteed Notes, Series 2010-C1, Class A1, 1.60%, due 10/29/20		122,476
	66,416	NCUA Guaranteed Notes, Series 2010-R3, Class 3A, 2.40%, due 12/08/20		66,447
	87,509	Residential Asset Securitization Trust, Series 2003-A14, Class A1, 4.75%, due 02/25/19		88,538
	181,740	WaMu Mortgage Pass-Through Certificates, Series 2003-S1, Class A5, 5.50%, due 04/25/33		187,645
	163,424	Washington Mutual MSC Mortgage Pass-Through Certificates, Series 2003-MS2, Class 3A1, 5.00%, due 03/25/18		166,863
				2,416,981
		Mortgage Backed Securities - U.S. Government Agency Obligations — 17.5%
	54,209	FHLMC, Pool # B14248, 4.00%, due 05/01/14		55,696
	66,085	FHLMC, Pool # C91030, 5.50%, due 05/01/27		71,684
	172,728	FHLMC, Pool # G11977, 6.00%, due 05/01/21		189,100
	30,249	FHLMC, Series 2394, Class KD, 6.00%, due 12/15/16		32,506
	101,487	FHLMC, Series 2405, Class PE, 6.00%, due 01/15/17		109,052
	69,687	FHLMC, Series 2513, Class DM, 5.50%, due 10/15/17		75,717
	53,783	FHLMC, Series 2566, Class LH, 5.00%, due 04/15/32		55,846
	195,352	FHLMC, Series 2590, Class AQ, 4.25%, due 03/15/18		208,127
	41,149	FHLMC, Series 2594, Class YA, 4.00%, due 04/15/23		43,341
	29,323	FHLMC, Series 2610, Class DJ, 4.00%, due 03/15/33		29,976
	42,133	FHLMC, Series 2614, Class NA, 3.75%, due 04/15/33		43,438
	70,544	FHLMC, Series 2614, Class UD, 5.50%, due 06/15/31		72,782
	38,408	FHLMC, Series 2617, Class KD, 5.00%, due 05/15/20		40,483
	76,603	FHLMC, Series 2644, Class ED, 4.00%, due 02/15/18		79,709
	150,000	FHLMC, Series 2668, Class OG, 5.00%, due 03/15/32		160,967
	17,936	FHLMC, Series 2672, Class HA, 4.00%, due 09/15/16		18,149
	60,000	FHLMC, Series 2675, Class CK, 4.00%, due 09/15/18		63,385
	170,000	FHLMC, Series 2682, Class LC, 4.50%, due 07/15/32		181,835
	200,000	FHLMC, Series 2695, Class BG, 4.50%, due 04/15/32		214,061
	185,000	FHLMC, Series 2709, Class PE, 5.00%, due 12/15/22		202,233
	50,000	FHLMC, Series 2714, Class BQ, 4.50%, due 12/15/18		54,152
	66,865	FHLMC, Series 2751, Class VC, 5.00%, due 02/15/15		67,175
	169,340	FHLMC, Series 2758, Class VG, 5.50%, due 02/15/15		180,372
	111,396	FHLMC, Series 2760, Class LB, 4.50%, due 01/15/33		118,002
	120,000	FHLMC, Series 2827, Class QE, 5.50%, due 03/15/33		128,629

See accompanying Notes to the Schedule of Investments.

110

MGI US Short Maturity Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Par Value ($)		Description	Value ($)
		Mortgage Backed Securities - U.S. Government Agency Obligations — continued
	120,000	FHLMC, Series 2840, Class BC, 5.00%, due 01/15/32		125,431
	82,730	FHLMC, Series 2864, Class NA, 5.50%, due 01/15/31		86,331
	99,993	FHLMC, Series 2866, Class W, 4.50%, due 08/15/34		106,267
	139,687	FHLMC, Series 2881, Class AE, 5.00%, due 08/15/34		150,344
	130,000	FHLMC, Series 2899, Class KB, 4.50%, due 03/15/19		138,734
	76,304	FHLMC, Series 2931, Class AM, 4.50%, due 07/15/19		80,276
	200,000	FHLMC, Series 2931, Class DC, 4.00%, due 06/15/18		208,899
	225,000	FHLMC, Series 2931, Class QC, 4.50%, due 01/15/19		237,508
	50,000	FHLMC, Series 2962, Class YE, 4.50%, due 09/15/18		53,458
	59,974	FHLMC, Series 3001, Class BN, 4.50%, due 06/15/33		63,443
	174,961	FHLMC, Series 3035, Class PA, 5.50%, due 09/15/35		189,020
	87,000	FHLMC, Series 3088, Class CK, 5.50%, due 06/15/33		90,380
	75,919	FNMA, Pool # 255598, 5.00%, due 12/01/14		79,152
	104,926	FNMA, Pool # 254762, 5.00%, due 05/01/23		113,189
	56,520	FNMA, Pool # 254831, 5.00%, due 08/01/23		60,971
	147,626	FNMA, Pool # 254420, 6.00%, due 07/01/22		163,099
	198,584	FNMA, Pool # 254471, 6.00%, due 09/01/22		219,398
	85,019	FNMA, Pool # AE0081, 6.00%, due 06/01/25		93,025
	28,730	FNMA, Pool # 251812, 6.50%, due 07/01/13		29,947
	47,870	FNMA, Series 2001-51, Class GH, 5.50%, due 10/25/31		52,700
	31,677	FNMA, Series 2002-19, Class PE, 6.00%, due 04/25/17		34,074
	89,847	FNMA, Series 2002-63, Class NB, 5.50%, due 10/25/32		98,903
	103,747	FNMA, Series 2003-14, Class AQ, 3.50%, due 03/25/33		108,251
	129,234	FNMA, Series 2003-21, Class OA, 4.00%, due 03/25/33		133,972
	95,099	FNMA, Series 2003-35, Class UN, 4.25%, due 05/25/33		100,557
	108,617	FNMA, Series 2003-39, Class LD, 4.50%, due 10/25/22		113,376
	44,432	FNMA, Series 2003-42, Class EP, 4.00%, due 11/25/22		46,159
	38,391	FNMA, Series 2003-45, Class AB, 3.75%, due 05/25/33		39,789
	98,882	FNMA, Series 2003-64, Class TH, 5.00%, due 07/25/23		107,993
	30,000	FNMA, Series 2003-9, Class EB, 5.00%, due 02/25/18		33,314
	89,647	FNMA, Series 2003-92, Class GA, 4.50%, due 09/25/18		93,163
	110,000	FNMA, Series 2004-81, Class KD, 4.50%, due 07/25/18		114,997
	157,464	FNMA, Series 2005-62, Class CQ, 4.75%, due 07/25/35		167,021
	140,720	FNMA, Series 2007-59, Class AQ, 5.75%, due 07/25/35		152,819
	83,800	FNMA REMIC, Series 1998-37, Class VZ, 6.00%, due 06/17/28		92,701
	125,000	FNMA REMIC, Series 2004-101, Class PD, 5.00%, due 06/25/30		131,096
	217,927	FNMA REMIC, Series 2004-90, Class GA, 4.35%, due 03/25/34		227,462
	153,827	FNMA REMIC, Series 2005-31, Class PA, 5.50%, due 10/25/34		168,389
	46,553	FNMA REMIC, Series 2005-58, Class MA, 5.50%, due 07/25/35		51,135
	160,000	GNMA, Series 2003-105, Class VH, 4.50%, due 01/16/28		169,766
	123,521	GNMA, Series 2003-15, Class PE, 5.50%, due 02/20/33		137,000
	76,764	GNMA, Series 2003-18, Class OA, 5.00%, due 10/20/31		83,726
	228,000	GNMA, Series 2005-77, Class BA, 5.00%, due 11/20/32		241,856
	86,982	GNMA, Series 2008-49, Class PG, 5.25%, due 11/20/37		93,214
	131,499	GNMA, Series 2008-51, Class PG, 5.00%, due 06/20/38		141,710
	71,437	GNMA REMIC, Series 2001-52, 6.00%, due 10/20/31		79,989

See accompanying Notes to the Schedule of Investments.

111

MGI US Short Maturity Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Par Value ($)		Description	Value ($)
		Mortgage Backed Securities - U.S. Government Agency Obligations — continued
	174,111	GNMA REMIC, Series 2004-047, 5.00%, due 08/16/33		183,140
	108,309	GNMA REMIC, Series 2008-050, 5.50%, due 03/16/37		118,777
				8,102,338
		U.S. Government and Agency Obligations — 43.9%
	150,000	Federal Farm Credit Bank, 3.70%, due 05/15/13		159,005
	225,000	Federal Farm Credit Bank, 4.63%, due 06/11/12		234,085
	117,000	Federal Farm Credit Bank, 5.45%, due 12/11/13		130,463
	900,000	Federal Home Loan Bank, 1.13%, due 03/09/12		905,304
	1,000,000	Federal Home Loan Bank, 2.00%, due 09/14/12		1,019,923
	235,000	Federal Home Loan Bank, 2.38%, due 03/14/14		244,906
	125,000	Federal Home Loan Bank, 3.13%, due 03/11/16		131,554
	910,000	Federal Home Loan Bank, 4.25%, due 06/14/13		976,495
	195,000	Federal Home Loan Bank, 5.13%, due 05/24/13		212,131
	300,000	Federal Home Loan Bank, 6.05%, due 05/12/14		343,389
	1,000,000	Federal Home Loan Mortgage Corp., 1.00%, due 08/28/12		1,007,763
	700,000	Federal Home Loan Mortgage Corp., 1.75%, due 06/15/12		709,742
	280,000	Federal Home Loan Mortgage Corp., 4.00%, due 06/12/13		297,420
	300,000	Federal Home Loan Mortgage Corp., 4.13%, due 12/21/12		316,378
	175,000	Federal Home Loan Mortgage Corp., 5.00%, due 01/30/14		193,819
	250,000	FHLMC, 5.25%, due 04/18/16		288,245
	200,000	FNMA, 1.00%, due 09/23/13		201,711
	100,000	FNMA, 2.25%, due 03/15/16		101,703
	560,000	FNMA, 4.63%, due 10/15/13		611,019
	445,000	FNMA, 4.75%, due 02/21/13		476,226
	150,000	U.S. Treasury Note, 0.38%, due 10/31/12		150,170
	1,000,000	U.S. Treasury Note, 0.63%, due 06/30/12		1,004,067
	200,000	U.S. Treasury Note, 0.63%, due 12/31/12		200,852
	70,000	U.S. Treasury Note, 0.63%, due 01/31/13		70,287
	1,000,000	U.S. Treasury Note, 0.75%, due 08/15/13		1,005,469
	250,000	U.S. Treasury Note, 0.75%, due 06/15/14		249,746
	1,465,000	U.S. Treasury Note, 0.88%, due 02/29/12		1,472,319
	1,900,000	U.S. Treasury Note, 1.00%, due 04/30/12		1,912,914
	1,300,000	U.S. Treasury Note, 1.00%, due 07/15/13		1,314,023
	125,000	U.S. Treasury Note, 1.00%, due 05/15/14		125,850
	300,000	U.S. Treasury Note, 1.25%, due 04/15/14		304,266
	200,000	U.S. Treasury Note, 1.25%, due 08/31/15		199,141
	200,000	U.S. Treasury Note, 1.38%, due 01/15/13		203,125
	2,000,000	U.S. Treasury Note, 1.38%, due 03/15/13		2,033,134
	260,000	U.S. Treasury Note, 1.75%, due 04/15/13		266,156
	150,000	U.S. Treasury Note, 1.75%, due 07/31/15		152,566
	250,000	U.S. Treasury Note, 1.88%, due 06/30/15		255,898
	125,000	U.S. Treasury Note, 2.00%, due 04/30/16		126,915
	200,000	U.S. Treasury Note, 2.13%, due 12/31/15		205,344
	135,000	U.S. Treasury Note, 2.13%, due 02/29/16		138,227

See accompanying Notes to the Schedule of Investments.

112

MGI US Short Maturity Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2011 (Unaudited)

Par Value ($)		Description	Value ($)
		U.S. Government and Agency Obligations — continued
	200,000	U.S. Treasury Note, 2.25%, due 01/31/15		208,140
	190,000	U.S. Treasury Note, 2.25%, due 03/31/16		195,449
				20,355,339
		TOTAL DEBT OBLIGATIONS (COST $45,683,659)		46,002,945
		SHORT-TERM INVESTMENTS — 0.2%
		Bank Deposits — 0.2%
	102,150	State Street Bank & Trust Euro Time Deposit, 0.01%, due 07/01/11		102,150
		TOTAL SHORT-TERM INVESTMENTS (COST $102,150)		102,150
		TOTAL INVESTMENTS — 99.5% (Cost $45,785,809)		46,105,095
		Other Assets and Liabilities (net) — 0.5%		223,723
		NET ASSETS — 100.0%	$	46,328,818
		Notes to Schedule of Investments:
		FHLMC — Federal Home Loan Mortgage Corporation
		FNMA — Federal National Mortgage Association
		GNMA — Government National Mortgage Association
		REMIC — Real Estate Mortgage Investment Conduit
		¤ Illiquid security. The total market value of the securities at period end is $1 which represents 0.0% of net assets. The aggregate tax cost of these securities held at June 30, 2011 was $77,673.
		† Floating rate note. Rate shown is as of June 30, 2011.
		144A — Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total market value of the securities at year end is $1,931,571 which represents 4.2% of net assets.

See accompanying Notes to the Schedule of Investments.

113

MGI US Short Maturity Fixed Income Fund
Schedule of Investments (Continued)
June 30, 2011 (Unaudited)

Asset Class Summary (Unaudited)	% of Total Net Assets
Debt Obligations		99.3
Short-Term Investments		0.2
Other Assets and Liabilities (net)		0.5
		100.0	%

See accompanying Notes to the Schedule of Investments.

114

MGI Funds

Notes to Schedule Investments
June 30, 2011 (Unaudited)

1.    Organization

MGI Funds (the “Trust”) consists of seven series as follows: MGI US Large Cap Growth Equity Fund (“Large Cap Growth”), MGI US Large Cap Value Equity Fund (“Large Cap Value”), MGI US Small/Mid Cap Growth Equity Fund (“Small/Mid Cap Growth”), MGI US Small/Mid Cap Value Equity Fund (“Small/Mid Cap Value”), MGI Non-US Core Equity Fund (“Non-US Core Equity”), MGI Core Opportunistic Fixed Income Fund (“Core Opportunistic”), and MGI US Short Maturity Fixed Income Fund (“Short Maturity”) (each a “Fund,” and collectively referred to as the “Funds”). The Trust is a Delaware statutory trust, established on March 11, 2005. The Trust is registered as an investment company under the Investment Company Act of 1940 (the “1940 Act”). The Funds’ investment advisor is Mercer Global Investments, Inc. (the “Advisor”). The Advisor manages each Fund using a “manager of managers” approach by selecting one or more subadvisors (each a “Subadvisor,” and collectively referred to as the “Subadvisors”) to manage each Fund.

Each Fund is classified as “diversified” for purposes of the Investment Company Act of 1940 (“1940 Act”).

The investment objectives of the Funds are:

Fund	Investment Objective
Large Cap Growth	Long-term total return, which includes capital appreciation and income
Large Cap Value	Long-term total return, which includes capital appreciation and income
Small/Mid Cap Growth	Long-term total return, comprised primarily of capital appreciation
Small/Mid Cap Value	Long-term total return, comprised primarily of capital appreciation
Non-US Core Equity	Long-term total return, which includes capital appreciation and income
Core Opportunistic	Total return, consisting of both current income and capital appreciation
Short Maturity	Safety of principal and a moderate level of income

There can be no guarantee that a Fund will achieve its investment objective. Each Fund is authorized to offer interests in four classes of shares: Class S, Class Y-1, Class Y-2 and Class Y-3. The principal difference between the classes of shares is the level of shareholder service, marketing and administrative fees borne by the classes. As of June 30, 2011, only the Class Y-3 shares of each Fund had commenced operations.

2.    Significant Accounting Policies

The following are significant accounting policies followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from these estimates.

(a) Security Valuation

Each Fund’s investments are valued as of the close of regular trading on the New York Stock Exchange (“NYSE”) on each day when the NYSE is open. Portfolio securities listed on an exchange normally are valued at the last sale or official closing price on the day on which the securities are valued or, lacking any sales on such day, at the last available bid price using prices as of the close of trading. In cases where securities are traded on more than one exchange, the securities are generally valued on the exchange considered by the Advisor or the applicable Subadvisor as the primary market for such securities. Securities traded in the over-the-counter market and listed on the NASDAQ Stock Market (“NASDAQ”) normally are valued at the NASDAQ Official Closing

115

MGI Funds

Notes to Schedule Investments (Continued)
June 30, 2011 (Unaudited)

Price; other over-the-counter securities are valued at the last bid price available prior to valuation (other than short-term investments, which are valued as described below). The Funds may invest in securities that are traded in foreign markets. Foreign securities will be converted into U.S. dollar equivalents based on the rate in effect at a uniform time on each business day (“Valuation Date”). Investments in open-end investment companies are valued at their net asset value (“NAV”) per share.

The Board of Trustees of the Trust (the “Board”) has delegated its responsibility for valuing portfolio securities to the Advisor, subject to continuing Board oversight. The Advisor has appointed a Valuation Committee that is responsible for overseeing the day-to-day process of valuing portfolio securities. With respect to portfolio securities for which market quotations are not readily available or (in the opinion of the Advisor or the applicable Subadvisor) do not otherwise accurately reflect the fair values of the securities, the Valuation Committee will value such securities at fair value based upon procedures approved by the Board. In that regard, at June 30, 2011, substantially all foreign equity securities held by Non-US Core Equity were fair valued using valuations provided by an independent valuation service consistent with the valuation procedures approved by the Board.Certain fixed-income securities may be valued based upon appraisals received from a pricing service using a computerized matrix system or based upon appraisals derived from information concerning the securities or similar securities received from a recognized dealer or dealers in those securities. It should be recognized that judgment often plays a greater role in valuing thinly traded securities, as well as bonds and other securities with few dealer quotations, than is the case with respect to securities for which a broader range of dealer quotations and last-sale information is available. Each Fund generally values short-term investments, which mature in 60 days or less, at amortized cost, which approximates market value; unless the Board determines that this approach does not represent fair value.

The application of fair value pricing represents a good faith determination based on specific procedures performed under the supervision of the Board. Due to the subjective nature of fair value pricing, there can be no assurance that a Fund could realize the fair value assigned to the security if the Fund was to sell the security at approximately the time at which the Fund determines its NAV per share. A Fund’s value for a particular security may be different from the last quoted market price.

The valuation techniques used by the Funds to measure fair value for the period ended June 30, 2011 maximized the use of observable inputs and minimized the use of unobservable inputs. The Funds follow Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements” (“ASC 820”). Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

•   Level 1 — quoted prices unadjusted in active markets for identical investments

•   Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•   Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At June 30, 2011, Large Cap Growth, Large Cap Value and Small/Mid Cap Growth each held long-term investments determined using Level 1 inputs, with corresponding major categories as shown in the schedules of investments, and a short-term investment position in Euro Time Deposits as shown in the schedules of investments, which is determined using Level 2 inputs.

116

MGI Funds

Notes to Schedule Investments (Continued)
June 30, 2011 (Unaudited)

The following is a summary of the inputs used as of June 30, 2011 in valuing the assets and liabilities of Small/Mid Cap Value, Non-US Core Equity, Core Opportunistic, and Short Maturity for which fair valuation was used:

Small/Mid Cap Value

ASSETS VALUATION INPUT

	Quoted Prices		Significant
	in Active		Other		Significant
	Markets for		Observable		Unobservable
	Identical Assets		Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
Common Stocks
Aerospace & Defense	$	3,091,034	$	—	$	—	$	3,091,034
Agriculture		79,107		—		—		79,107
Airlines		971,532		—		—		971,532
Apparel		3,989,910		—		—		3,989,910
Auto Parts & Equipment		4,463,390		—		—		4,463,390
Banks		17,788,009		—		—		17,788,009
Beverages		1,096,114		—		—		1,096,114
Biotechnology		436,878		—		—		436,878
Building Materials		3,768,179		—		—		3,768,179
Chemicals		4,663,474		—		—		4,663,474
Coal		3,551,387		—		—		3,551,387
Commercial Services		10,535,525		—		—		10,535,525
Computers		5,871,033		—		—		5,871,033
Cosmetics & Personal Care		1,810,891		—		—		1,810,891
Distribution & Wholesale		3,344,871		—		—		3,344,871
Diversified Financial Services		9,319,564		—		—		9,319,564
Electric		7,974,279		—		—		7,974,279
Electrical Components & Equipment		2,009,041		—		—		2,009,041
Electronics		6,945,582		—		—		6,945,582
Energy-Alternate Sources		81,982		—		—		81,982
Engineering & Construction		4,242,183		—		—		4,242,183
Entertainment		2,211,448		—		—		2,211,448
Environmental Control		71,393		—		—		71,393
Food		12,457,525		—		—		12,457,525
Forest Products & Paper		6,744,847		—		—		6,744,847
Gas		5,287,644		—		—		5,287,644
Health Care — Products		5,274,354		—		—		5,274,354
Health Care — Services		7,998,257		—		—		7,998,257
Home Builders		408,960		—		—		408,960
Home Furnishings		258,428		—		—		258,428
Household Products & Wares		959,137		—		—		959,137
Insurance		20,171,865		—		—		20,171,865
Internet		2,427,096		—		—		2,427,096
Investment Companies		1,208,939		—		—		1,208,939
Iron & Steel		217,750		—		—		217,750
Leisure Time		1,024,250		—		—		1,024,250
Lodging		1,572,827		—		—		1,572,827

117

MGI Funds

Notes to Schedule Investments (Continued)
June 30, 2011 (Unaudited)

	Quoted Prices		Significant
	in Active		Other		Significant
	Markets for		Observable		Unobservable
	Identical Assets		Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
Machinery — Construction & Mining	$	144,804	$	—	$	—	$	144,804
Machinery — Diversified		2,418,634		—		—		2,418,634
Media		1,648,785		—		—		1,648,785
Metal Fabricate & Hardware		4,351,818		—		—		4,351,818
Mining		6,463,764		—		—		6,463,764
Miscellaneous — Manufacturing		7,381,250		—		—		7,381,250
Oil & Gas		11,157,025		—		—		11,157,025
Oil & Gas Services		6,190,116		—		—		6,190,116
Packaging & Containers		1,416,350		—		—		1,416,350
Pharmaceuticals		2,670,610		—		—		2,670,610
Pipelines		63,756		—		—		63,756
Real Estate		1,961,139		—		—		1,961,139
REITS		17,268,674		—		—		17,268,674
Retail		20,413,831		—		—		20,413,831
Savings & Loans		2,735,263		—		—		2,735,263
Semiconductors		9,838,757		—		—		9,838,757
Shipbuilding		148,350		—		—		148,350
Software		3,767,339		—		—		3,767,339
Telecommunications		4,403,407		—		—		4,403,407
Textiles		2,302,261		—		—		2,302,261
Toys, Games & Hobbies		410,543		—		—		410,543
Transportation		4,580,593		—		—		4,580,593
Trucking & Leasing		182,685		—		—		182,685
Water		2,730,015		—		—		2,730,015
Total Common Stocks		278,978,454		—		—		278,978,454
Short-Term Investments
Bank Deposits		—		3,353,280		—		3,353,280
Total Short-Term Investments		—		3,353,280		—		3,353,280
Futures
Buys		—		19,684		—		19,684
Total	$	278,978,454	$	3,372,964	$	—	$	282,351,418

118

MGI Funds

Notes to Schedule Investments (Continued)
June 30, 2011 (Unaudited)

Non-US Core Equity

ASSETS VALUATION INPUT

	Quoted Prices		Significant
	in Active		Other		Significant
	Markets for		Observable		Unobservable
	Identical Assets		Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
Common Stocks
Argentina	$	1,431,509	$	—	$	—	$	1,431,509
Australia		—		60,104,378		—		60,104,378
Austria		—		13,226,024		—		13,226,024
Belgium		—		22,319,686		—		22,319,686
Bermuda		—		13,241,104		—		13,241,104
Brazil		43,510,829		—		—		43,510,829
British Virgin Islands		—		43,989		—		43,989
Canada		17,385,617		—		—		17,385,617
Cayman Islands		532,062		6,409,584		—		6,941,646
China		—		2,454,631		—		2,454,631
Cyprus		—		2,090,459		—		2,090,459
Czech Republic		—		751,191		—		751,191
Denmark		—		14,095,025		—		14,095,025
Egypt		—		2,715,157		—		2,715,157
Finland		—		17,437,384		—		17,437,384
France		10,190,248		154,955,768		—		165,146,016
Germany		270,908		112,792,165		—		113,063,073
Greece		—		6,407,527		—		6,407,527
Hong Kong		—		9,879,503		—		9,879,503
Hungary		—		976,998		—		976,998
India		1,899,896		9,623,273		—		11,523,169
Indonesia		1,856,445		4,139,892		—		5,996,337
Ireland		6,099,698		5,270,994		—		11,370,692
Israel		9,355,644		7,445,335		—		16,800,979
Italy		—		28,370,530		—		28,370,530
Japan		1,655,148		320,478,090		—		322,133,238
Luxembourg		4,865,979		7,967,203		—		12,833,182
Malaysia		—		538,096		—		538,096
Mexico		9,633,905		—		—		9,633,905
Netherlands		1,304,239		42,876,811		—		44,181,050
New Zealand		—		676,529		—		676,529
Norway		—		13,476,567		—		13,476,567
Pakistan		—		1,162,431		—		1,162,431
Philippines		1,700,639		—		—		1,700,639
Poland		—		4,594,333		—		4,594,333
Portugal		—		2,120,716		—		2,120,716
Russia		13,192,229		1,021,526		—		14,213,755
Singapore		—		21,935,486		—		21,935,486
South Africa		—		12,250,963		—		12,250,963
South Korea		346,932		35,356,300		—		35,703,232
Spain		1,102,101		40,667,674		—		41,769,775
Sweden		—		21,095,113		—		21,095,113

119

MGI Funds

Notes to Schedule Investments (Continued)
June 30, 2011 (Unaudited)

	Quoted Prices		Significant
	in Active		Other		Significant
	Markets for		Observable		Unobservable
	Identical Assets		Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
Switzerland	$	—	$	127,835,209	$	—	$	127,835,209
Taiwan		5,502,903		8,617,179		—		14,120,082
Thailand		—		3,318,062		—		3,318,062
Turkey		1,590,228		7,352,275		—		8,942,503
United Kingdom		19,615,924		252,825,635		—		272,441,559
United States		899,520		3,253,202		—		4,152,722
Total Common Stocks		153,942,603		1,424,169,997		—		1,578,112,600
Investment Company
United States		14,913,337		—		—		14,913,337
Total Investment Companies		14,913,337		—		—		14,913,337
Preferred Stocks
Brazil		1,175,560		—		—		1,175,560
Germany		—		5,436,863		—		5,436,863
Total Preferred Stocks		1,175,560		5,436,863		—		6,612,423
Rights
Spain		—		7,610		—		7,610
Total Rights		—		7,610		—		7,610
Warrants
Bermuda		—		10,178,571		—		10,178,571
Total Warrants		—		10,178,571		—		10,178,571
Options Purchased
Call Options		—		237,517		—		237,517
Put Options		—		18,999		—		18,999
Total Options Purchased		—		256,516		—		256,516
Short-Term Investments
Bank Deposit		—		30,411,555		—		30,411,555
Total Short-Term Investments		—		30,411,555		—		30,411,555
Forward Foreign Currency Contracts
Buys		—		2,078,857		—		2,078,857
Sales		—		288,282		—		288,282
Total Forward Foreign Currency Contracts		—		2,367,139		—		2,367,139
Futures Contracts
Buys		—		78,491		—		78,491
Total Futures Contracts		—		78,491		—		78,491
Total	$	170,031,500	$	1,472,906,742	$	—	$	1,642,938,242

120

MGI Funds

Notes to Schedule Investments (Continued)
June 30, 2011 (Unaudited)

LIABILITIES VALUATION INPUT

	Quoted Prices		Significant
	in Active		Other			Significant
	Markets for		Observable			Unobservable
	Identical Assets		Inputs			Inputs
Description	(Level 1)		(Level 2)			(Level 3)		Total
Forward Foreign Currency Contracts
Buys	$	—	$	(398,080	)	$	—	$	(398,080	)
Sales		—		(2,493,180	)		—		(2,493,180	)
Total Forward Foreign Currency Contracts	$	—	$	(2,891,260	)	$	—	$	(2,891,260	)

Core Opportunistic

ASSETS VALUATION INPUT

	Quoted Prices		Significant
	in Active		Other		Significant
	Markets for		Observable		Unobservable
	Identical Assets		Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
Debt Obligations
Asset Backed Securities	$	—	$	47,065,354	$	—	$	47,065,354
Convertible Debt		—		235,519		—		235,519
Corporate Debt		—		298,507,931		—		298,507,931
Mortgage Backed Securities — Private Issuers		—		36,830,021		—		36,830,021
Mortgage Backed Securities — U.S. Government Agency Obligations		—		363,470,647		—		363,470,647
Municipal Obligations		—		36,546,043		—		36,546,043
Sovereign Debt Obligations		—		20,768,112		—		20,768,112
U.S. Government and Agency Obligations		164,715,898		14,383,335		—		179,099,233
Total Debt Obligations		164,715,898		817,806,962		—		982,522,860
Common Stocks
Auto Manufacturers		240,907		—		—		240,907
Building Materials		100,823		—		—		100,823
Diversified Financial Services		77,632		—		—		77,632
Oil & Gas Services		4,646		—		—		4,646
Total Common Stocks		424,008		—		—		424,008
Preferred Stocks
Banks		636,000		—		—		636,000
Diversified Financial Services		1,032,078		—		—		1,032,078
Sovereign		15,290		—		—		15,290
Total Preferred Stocks		1,683,368		—		—		1,683,368

121

MGI Funds

Notes to Schedule Investments (Continued)
June 30, 2011 (Unaudited)

	Quoted Prices		Significant
	in Active		Other		Significant
	Markets for		Observable		Unobservable
	Identical Assets		Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
Warrants
Auto Manufacturers	$	269,299	$	—	$	—	$	269,299
Media		4,298		—		—		4,298
Oil & Gas Services		1,282		—		—		1,282
Total Warrants		274,879		—		—		274,879
Options Purchased
Call Options		—		46,406		—		46,406
Put Options		—		23,287		—		23,287
Total Options Purchased		—		69,693		—		69,693
Short-Term Investments
U.S. Government and Agency Obligations		—		73,514,942		—		73,514,942
Repurchase Agreements		—		75,200,000		—		75,200,000
Bank Deposit		—		72,894,353		—		72,894,353
Total Short-Term Investments		—		221,609,295		—		221,609,295
Forward Foreign Currency Contracts
Buys		—		306,038		—		306,038
Sales		—		64,050		—		64,050
Total Forward Foreign Currency Contracts		—		370,088		—		370,088
Futures Contracts
Buys		—		650,202		—		650,202
Sales		—		115,175		—		115,175
Total Futures Contracts		—		765,377		—		765,377
Credit Default Swaps		—		186,623		—		186,623
Total	$	167,098,153	$	1,040,808,038	$	—	$	1,207,906,191

LIABILITIES VALUATION INPUT

	Quoted Prices		Significant
	in Active		Other			Significant
	Markets for		Observable			Unobservable
	Identical Assets		Inputs			Inputs
Description	(Level 1)		(Level 2)			(Level 3)		Total
Total TBA Sale Commitments	$	—	$	(25,594,844	)	$	—	$	(25,594,844	)
Forward Foreign Currency Contracts
Buys		—		(1,916	)		—		(1,916	)
Sales		—		(408,775	)		—		(408,775	)
Total Forward Foreign Currency Contracts		—		(410,691	)		—		(410,691	)

122

MGI Funds

Notes to Schedule Investments (Continued)
June 30, 2011 (Unaudited)

	Quoted Prices		Significant
	in Active		Other			Significant
	Markets for		Observable			Unobservable
	Identical Assets		Inputs			Inputs
Description	(Level 1)		(Level 2)			(Level 3)		Total
Futures Contracts
Buys	$	—	$	(211,963	)	$	—	$	(211,963	)
Sales		—		(89,859	)		—		(89,859	)
Total Futures Contracts		—		(301,822	)		—		(301,822	)
Written Options		—		(832,773	)		—		(832,773	)
Interest Rate Swaps		—		(103,961	)		—		(103,961	)
Credit Default Swaps		—		(136,299	)		—		(136,299	)
Total	$	—	$	(27,380,390	)	$	—	$	(27,380,390	)

Short Maturity

ASSETS VALUATION INPUT

	Quoted Prices		Significant
	in Active		Other		Significant
	Markets for		Observable		Unobservable
	Identical Assets		Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
Debt Obligations
Asset Backed Securities	$	—	$	6,048,988	$	—	$	6,048,988
Corporate Debt		—		9,079,299		—		9,079,299
Mortgage Backed Securities — Private Issuers		—		2,416,981		—		2,416,981
Mortgage Backed Securities — U.S. Government Agency Obligations		—		8,102,338		—		8,102,338
U.S. Government and Agency Obligations		11,794,058		8,561,281		—		20,355,339
Total Debt Obligations		11,794,058		34,208,887		—		46,002,945
Short-Term Investments
Bank Deposits		—		102,150		—		102,150
Total Short-Term Investments		—		102,150		—		102,150
Total	$	11,794,058	$	34,311,037	$	—	$	46,105,095

The following table shows transfers between Level 1 and Level 2 of the fair value hierarchy:

	Transfers In				Transfers Out
			Level 2 — Other					Level 2 — Other
	Level 1 — Quoted		Significant		Level 1 — Quoted			Significant
	Prices		Observable Inputs		Prices			Observable Inputs
Non US Core Equity*	$	—	$	1,324,140,825	$	(1,324,140,825	)		—

123

MGI Funds

Notes to Schedule Investments (Continued)
June 30, 2011 (Unaudited)

The Funds recognize transfers between the Levels as of the end of the reporting period.

*  Transfers occurred between Level 1 and Level 2 as a result of applying a pricing factor, consistent with the Funds’ valuation and liquidity procedures, to certain foreign equity securities to reflect significant market movements between the time at which the Fund valued its securities and the earlier closing of foreign markets.

Disclosures about Derivative Instruments and Hedging Activities

The Funds follow FASB ASC 815 “Disclosures about Derivative Instruments and Hedging Activities” (“ASC 815”), which requires enhanced disclosures about the Funds’ use of, and accounting for, derivative instruments and the effect on the results of each Fund’s operations and financial position.

Non-US Core Equity held rights during the period as a result of corporate actions. Non-US Core Equity and Core Opportunistic held warrants during the period as a result of corporate actions.

At June 30, 2011 and during the period then ended, the Funds had the following derivatives and transactions in derivatives, grouped into appropriate risk categories:

Small/Mid Cap Value

ASSET DERIVATIVES

	Equity Risk		Total
Futures Contracts(3)	$	19,684	$	19,684
Total Value	$	19,684	$	19,684

NUMBER OF CONTRACTS⁽⁷⁾

	Equity Risk		Total
Futures Contracts		4		4

Non-US Core Equity

ASSET DERIVATIVES

	Foreign
	Exchange Risk		Equity Risk		Total
Rights(1)	$	—	$	7,610	$	7,610
Warrants(1)		—		10,178,571		10,178,571
Options Purchased(1)		256,516		—		256,516
Forward Foreign Currency Contracts(2)		2,367,139		—		2,367,139
Futures Contracts(3)		—		78,491		78,491
Total Value	$	2,623,655	$	10,264,672	$	12,888,327

LIABILITY DERIVATIVES

	Foreign
	Exchange Risk			Equity Risk		Total
Forward Foreign Currency Contracts(4)	$	(2,891,260	)	$	—	$	(2,891,260	)
Total Value	$	(2,891,260	)	$	—	$	(2,891,260	)

124

MGI Funds

Notes to Schedule Investments (Continued)
June 30, 2011 (Unaudited)

NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS⁽⁷⁾

	Foreign
	Exchange Risk		Equity Risk		Total
Rights		—		100,937		100,937
Warrants		—		304,937		304,937
Options Purchased		1,389,193,789		—		1,389,193,789
Forward Foreign Currency Contracts		1,099,149		—		1,099,149
Futures Contracts		—		32		32

Core Opportunistic

ASSET DERIVATIVES

	Interest Rate		Foreign
	Risk		Exchange Risk		Credit Risk		Equity Risk		Total
Warrants(1)	$	—	$	—	$	—	$	274,879	$	274,879
Options Purchased(1)		—		—		—		69,693		69,693
Forward Foreign Currency Contracts(2)		—		370,088		—		—		370,088
Futures Contracts(3)		765,377		—		—		—		765,377
Swap Contracts(4)		—		—		186,623		—		186,623
Total Value	$	765,377	$	370,088	$	186,623	$	344,572	$	1,666,660

LIABILITY DERIVATIVES

	Interest Rate			Foreign
	Risk			Exchange Risk			Credit Risk			Equity Risk		Total
Forward Foreign Currency Contracts(4)	$	—		$	(410,691	)	$	—		$	—	$	(410,691	)
Futures Contracts(3)		(301,822	)		—			—			—		(301,822	)
Options Written(5)		(750,157	)		—			(82,616	)		—		(832,773	)
Swap Contracts(6)		(103,961	)		—			(136,299	)		—		(240,260	)
Total Value	$	(1,155,940	)	$	(410,691	)	$	(218,915	)	$	—	$	(1,785,546	)

NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS⁽⁷⁾

	Interest			Foreign
	Rate Risk			Exchange Risk			Credit Risk			Equity Risk		Total
Warrants		—			—			—			14,925		14,925
Options Purchased		5,196,333			—			—			—		5,196,333
Forward Foreign Currency Contracts		—			(168,467	)		—			—		(168,467	)
Futures Contracts		(2,174	)		—			—			—		(2,174	)
Options Written		(79,780,667	)		—			(30,966,667	)		—		(110,747,334	)
Swap Contracts		18,500,000			—			59,200,000			—		77,700,000

(1)	Statement of Assets and Liabilities location: Investments, at value.
(2)	Statement of Assets and Liabilities location: Receivable for open forward foreign currency contracts.
(3)	Cumulative appreciation (depreciation) on futures contracts is reported within the Schedule of Investments under the open “Futures Contracts” section. Only current day’s variation margin, if any, is reported within the Statements of Assets and Liabilities.
(4)	Statement of Assets and Liabilities location: Payable for open forward foreign currency contracts.

125

MGI Funds

Notes to Schedule Investments (Continued)
June 30, 2011 (Unaudited)

(5)	Statement of Assets and Liabilities location: Written options, at value.
(6)	Statement of Assets and Liabilities location: Swap contracts, at value.
(7)	Amounts disclosed represent average number of contracts, notional amounts, or shares/units outstanding for the months that the Fund held such derivatives during the period ended June 30, 2011.

The Funds follow FASB ASC 815-10-50 “Disclosures about Credit Derivative and Certain Guarantees”. This applies to written credit derivatives, hybrid instruments that have embedded credit derivatives (for example, credit-linked notes), and certain guarantees. See Note 2 for a description of credit derivative instruments.

The following is a summary of open credit default swaps positions held in Core Opportunistic at June 30, 2011:

									Maximum
									Potential Amount
									of Future		Receive
									Payments by		(Pay)				Unrealized
Notional				Expiration			Buy/Sell		the Fund Under		Fixed			Deliverable	Appreciation
Amount		Currency		Date		Counterparty	Protection		the Contract		Rate			on Default	(Depreciation)			Value
	400,000		USD		12/20/2015	Deutsche Bank AG		Buy	$	400,000		(1.00	%)	Starwood Hotels and Resorts, 6.75%, 05/15/18	$	(23,120	)	$	5,684
	900,000		USD		3/20/2016	Deutsche Bank AG		Buy		900,000		(1.00	%)	Kinder Morgan, Inc., 6.50%, 09/01/12		(16,049	)		26,145
	1,400,000		USD		3/20/2016	Morgan Stanley Capital Services, Inc.		Buy		1,400,000		(1.00	%)	Kinder Morgan, Inc., 6.50%, 09/01/12		(26,425	)		40,669
	1,600,000		USD		12/20/2019	Bank of America N.A.		Sell		1,600,000		1.00	%	CDX.NA.IG.I3 (Rating: BAA+)*		2,255			(19,602	)
	1,300,000		USD		12/20/2019	UBS AG		Sell		1,300,000		1.00	%	CDX.NA.IG.I3 (Rating: BAA+)*		3,625			(15,927	)
	8,500,000		USD		06/20/2015	Morgan Stanley Capital Services, Inc.		Buy		8,500,000		(1.00	%)	CDX.NA.IG.I4		(63,548	)		(100,770	)
	4,400,000		USD		03/20/2021	Goldman Sachs International		Sell		4,400,000		1.60	%	State of Connecticut (Moody’s Rating: Aa2; S&P Rating: AA)		114,125			114,125
									$	18,500,000					$	(9,137	)	$	50,324

^* Represents an investment grade index of single name credit default swaps (CDS). All of the companies underlying the single name CDS within the index are rated investment grade or higher. Rating represents a weighted average of the credit ratings of all the companies underlying the single name CDS within the index.

(b) Security transactions and related investment income

Security transactions are accounted for on trade date. Dividend income, net of applicable withholding taxes, is recorded on the ex-dividend date or when the Fund is informed of the ex-dividend date, if later. Interest income is recorded on the accrual basis, and is adjusted for amortization of premium and discounts for debt securities. Income is not recognized, nor are premium and discount amortized, on securities for which collection is not expected. Withholding taxes on foreign dividend, interest, and capital gains have been provided for in accordance with the respective country’s tax rules and rates. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Interest income on inflation indexed securities is accrued daily based upon an inflation-adjusted principal. Additionally, any increase in the principal or face amount of these securities is recorded as interest income. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified-cost basis.

The Non-US Core Equity Fund is subject to a 2% Imposto sobre Operacoes Financeiras (“IOF”) transaction tax levied by the Brazilian government on certain foreign exchange transactions related to security transactions executed across Brazilian exchanges. The IOF tax has been included in net realized gain (loss) on forward contracts and foreign currency related transactions in the Statement of Operations.

126

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Notes to Schedule Investments (Continued)
June 30, 2011 (Unaudited)

(c) Cash and short term investments

A Fund may invest a portion of its assets in short-term debt securities (including repurchase agreements and reverse repurchase agreements) of corporations, the U.S. government and its agencies and instrumentalities and banks and finance companies, which may be denominated in any currency.

A Fund may invest a portion of its assets in shares issued by money market mutual funds. A Fund also may invest in collective investment vehicles that are managed by an unaffiliated investment manager, pending investment of the Fund’s assets in portfolio securities. When unusual market conditions warrant, a Fund may make substantial temporary defensive investments in cash equivalents, up to a maximum of 100% of the Fund’s net assets. Cash equivalent holdings may be in any currency. When a Fund invests for temporary defensive purposes, such investments may affect the Fund’s ability to achieve its investment objective.

(d) Securities lending

A Fund may lend its portfolio securities to qualified broker-dealers and financial institutions pursuant to agreements, provided: (1) the loan is secured continuously by collateral marked-to-market daily and maintained in an amount at least equal to the current market value of the securities loaned; (2) the Fund may call the loan at any time and receive the securities loaned; (3) the Fund will receive any interest or dividends paid on the loaned securities; and (4) the aggregate market value of securities loaned will not at any time exceed 331/3% of the total assets of the Fund. Collateral will consist of U.S. and non-U.S. securities, cash equivalents or irrevocable letters of credit. As with other extensions of credit, there are risks of delay in recovery or even loss of rights in collateral in the event of default or insolvency of a borrower of a Fund’s portfolio securities. A Fund may not retain voting rights on securities while they are on loan.

Effective October 6, 2008, the Funds suspended their participation in the securities lending arrangement under which State Street Bank and Trust Company serves as lending agent (the “State Street Program”). As of June 30, 2011, no Fund had any portfolio securities on loan. The Advisor will determine if or when it becomes appropriate for the Funds to resume their participation in the State Street Program.

(e) Repurchase agreements

A Fund may enter into a repurchase agreement where the Fund purchases securities from a bank or broker-dealer who simultaneously agrees to repurchase the securities at a mutually agreed upon time and price, thereby determining the yield during the term of the agreement. As a result, a repurchase agreement provides a fixed rate of return insulated from market fluctuations during the term of the agreement. The term of a repurchase agreement generally is short, possibly overnight or for a few days, although it may extend over a number of months (up to one year) from the date of delivery. Repurchase agreements are considered under the 1940 Act to be collateralized loans by a Fund to a seller secured by the securities transferred to the Fund. Repurchase agreements will be fully collateralized and the collateral will be marked-to-market daily. A Fund may not enter into a repurchase agreement having more than seven days remaining to maturity if, as a result, such agreement, together with any other illiquid securities held by the Fund, would exceed 15% of the value of the net assets of the Fund. See the Core Opportunistic Schedule of Investments for open repurchase agreements held as of June 30, 2011.

(f) Swaps

A Fund may engage in swaps, including, but not limited to, interest rate, currency, credit default, and index swaps, and the purchase or sale of related caps, floors, collars, and other derivative instruments. A Fund expects to enter into these transactions to preserve a return or spread on a particular investment or portion of the portfolio, to modify the portfolio’s duration, to protect against any increase in the price of securities the Fund anticipates purchasing at a later date, or to gain exposure to certain markets in the most economical way possible.

127

MGI Funds

Notes to Schedule Investments (Continued)
June 30, 2011 (Unaudited)

Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to receive or pay interest (e.g., an exchange of fixed rate payments for floating rate payments) with respect to a notional amount of principal. Currency swaps involve the exchange of cash flows on a notional amount based on changes in the values of referenced currencies.

The purchase of a cap entitles the purchaser to receive payments on a notional principal amount from the party selling the cap to the extent that a specified index exceeds a predetermined interest rate or amount. The purchase of an interest rate floor entitles the purchaser to receive payments on a notional principal amount from the party selling the floor to the extent that a specified index falls below a predetermined interest rate or amount. A collar is a combination of a cap and a floor that preserves a certain return with a predetermined range of interest rates or values.

Swaps do not involve the delivery of securities or other underlying assets or principal, and are subject to counterparty risk. If the other party to a swap defaults and fails to consummate the transaction, a Fund’s risk of loss consists of the net amount of interest payments that the Fund is contractually entitled to receive. Under Internal Revenue Service rules, any nonperiodic payments received or due under the notional principal contract must be recognized over the term of the notional principal contract in a manner that reflects the economic substance of the contract.

Whether a Fund’s use of swap agreements or swap options will be successful in achieving the Fund’s investment objective will depend on the Subadvisor’s ability to predict correctly whether certain types of investments are likely to produce greater returns than other investments. Moreover, a Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. The Funds will enter into swap agreements only with counterparties that meet certain standards of creditworthiness.

If there is a default by the counterparty to a swap contract, a Fund will be limited to contractual remedies pursuant to the agreements related to the transaction. There is no assurance that a swap contract counterparty will be able to meet its obligations pursuant to a swap contract or that, in the event of a default, a Fund will succeed in pursuing contractual remedies. A Fund thus assumes the risk that it may be delayed in, or prevented from, obtaining payments owed to it pursuant to a swap contract. However, the amount at risk is only the net unrealized gain, if any, on the swap, not the entire notional amount. The Subadvisor that enters into the swap agreement will closely monitor, subject to the oversight of the Board, the creditworthiness of swap counterparties in order to minimize the risk of swaps.

Swaps are highly specialized instruments that require investment techniques, risk analyses, and tax planning different from those associated with traditional investments. The use of a swap requires an understanding not only of the referenced asset, reference rate, or index but also of the swap itself, without the benefit of observing the performance of the swap under all possible market conditions. Because swaps are two party contracts that may be subject to contractual restrictions on transferability and termination, and they may have terms of greater than seven days, swap agreements may be considered to be illiquid and subject to a Fund’s limitation on investments in illiquid securities. However, the Trust has adopted procedures pursuant to which the Advisor may determine that swaps (including swap options) are liquid under certain circumstances. To the extent that a swap is not liquid, it may not be possible to initiate a transaction or liquidate a position at an advantageous time or price, which may result in significant losses.

Certain restrictions imposed on the Funds by the Code may limit the Funds’ ability to use swap agreements. The swaps market is largely unregulated. It is possible that developments in the swaps market, including potential government regulation, could adversely affect a Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements.

The credit default swap agreements may have as reference obligations one or more securities that are not currently held by a Fund. The protection “buyer” in a credit default swap agreement is generally obligated to pay

128

MGI Funds

Notes to Schedule Investments (Continued)
June 30, 2011 (Unaudited)

the protection “seller” an upfront or a periodic stream of payments over the term of the contract provided that no credit event, such as a default, on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the “par value” (full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount, if the swap is cash settled. A Fund may be either the buyer or seller in the transaction. If a Fund is a buyer and no credit event occurs, the Fund may recover nothing if the swap is held through its termination date. However, if a credit event occurs, the buyer generally may elect to receive the full notional value of the swap in exchange for an equal face amount of deliverable obligations of the reference entity whose value may have significantly decreased. As a seller, a Fund generally receives an upfront payment or a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

The spread of a credit default swap is the annual amount the protection buyer must pay the protection seller over the length of the contract, expressed as a percentage of the notional amount. When spreads rise, market perceived credit risk rises and when spreads fall, market perceived credit risk falls. Wider credit spreads and decreasing market values, when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values, as well as the annual payment rates, serve as an indication of the current status of the payment/performance risk.

Credit default swap agreements involve greater risks than if a Fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to illiquidity risk, counterparty risk and credit risk. A Fund will enter into credit default swap agreements only with counterparties that meet certain standards of creditworthiness. A buyer generally also will lose its investment and recover nothing should no credit event occur and the swap is held to its termination date. If a credit event were to occur, the value of any deliverable obligation received by the seller, coupled with the upfront or 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 seller. A Fund’s obligations under a credit default swap agreement will be accrued daily (offset against any amounts owing to the Fund). In connection with credit default swaps in which a Fund is the buyer, the Fund will segregate or “earmark” cash or assets determined to be liquid by the Advisor and/or the Subadvisor in accordance with procedures established by the Board of Trustees, or enter into certain offsetting positions, with a value at least equal to the Fund’s exposure (any accrued but unpaid net amounts owed by the Fund to any counterparty), on a marked-to-market basis. In connection with credit default swaps in which a Fund is the seller, the Fund will segregate or “earmark” cash or assets determined to be liquid by the Advisor and/or Subadvisor in accordance with procedures established by the Board of Trustees, or enter into offsetting positions, with a value at least equal to the full notional amount of the swap (minus any amounts owed to the Fund). Such segregation or “earmarking” will ensure that a Fund has assets available to satisfy its obligations with respect to the transaction and will limit any potential leveraging of the Fund’s portfolio. Such segregation or “earmarking” will not limit the Fund’s exposure to loss.

Like most other investments, swap agreements are subject to the risk that the market value of the instrument will change in a way detrimental to a Fund’s interest. A Fund bears the risk that Subadvisor will not accurately forecast future market trends or the values of assets, reference rates, indexes, or other economic factors in establishing swap positions for the Fund. If a Subadvisor attempts to use a swap as a hedge against, or as a substitute for, a portfolio investment, the Fund will be exposed to the risk that the swap will have or will develop imperfect or no correlation with the portfolio investment. This could cause substantial losses for the Fund. While hedging strategies involving swap instruments can reduce the risk of loss, they can also reduce the opportunity for gain or even result in losses by offsetting favorable price movements in other Fund investments. Many swaps are complex and often valued subjectively.

129

MGI Funds

Notes to Schedule Investments (Continued)
June 30, 2011 (Unaudited)

During the period ended June 30, 2011, Core Opportunistic used swap agreements to control credit event risk and to increase or decrease credit exposure.

See the Core Opportunistic Schedule of Investments for a listing of open swap agreements as of June 30, 2011.

(g) Futures

A futures contract is a contractual agreement to buy or sell a specific amount of a commodity or financial instrument at a predetermined price on a stipulated future date. A Fund may enter into contracts for the purchase or sale for future delivery of securities, indices and foreign currencies. Futures contracts may be opened to protect against the adverse effects of fluctuations in security prices, interest rates, or foreign exchange rates without actually buying or selling the securities or foreign currency. A Fund also may enter into futures contracts as a low cost method for gaining or reducing exposure to a particular currency or securities market without directly investing in those currencies or securities.

A purchase of a futures contract means the acquisition of a contractual right of a Fund to obtain delivery of the securities or foreign currency underlying the contract at a specified price on a specified future date. When a futures contract is sold, a Fund incurs a contractual obligation to deliver the securities or foreign currency underlying the contract at a specified price on a specified date.

When a Fund enters into a futures contract, it must deliver to the futures commission merchant selected by the Fund an amount referred to as “initial margin.” This amount is maintained by the futures commission merchant in a segregated account at the custodian bank. Futures contracts are marked-to-market daily, depending upon changes in the price of the underlying securities subject to the futures contracts, and the change in value is recorded by the Fund as a variation margin payable or receivable. The Fund recognizes gains and losses on futures contracts in addition to the variation margin, which gains and losses are considered realized at the time the contracts expire or close.

A Fund may enter into futures transactions on domestic exchanges and, to the extent such transactions have been approved by the CFTC for sale to customers in the United States, on foreign exchanges. In addition, a Fund may sell stock index futures in anticipation of, or during a market decline to attempt to offset the decrease in the market value of the Fund’s common stocks that might otherwise result, and a Fund may purchase such contracts in order to offset increases in the cost of common stocks that it intends to purchase. Unlike other futures contracts, a stock index futures contract specifies that no delivery of the actual stocks making up the index will take place. Instead, settlement in cash must occur upon the termination of the contract.

While futures contracts provide for the delivery of securities, deliveries usually do not occur. Contracts are generally terminated by entering into offsetting transactions.

During the period ended June 30, 2011, Small/Mid Cap Value used futures to equitize cash. Non-US Core Equity used futures to adjust exposure to certain markets and maintain liquidity. Core Opportunistic used futures to adjust interest rate exposure and replicate government bond positions.

See the Small/Mid Cap Value, Non-US Core Equity and Core Opportunistic Schedules of Investments for a listing of open futures contracts as of June 30, 2011.

(h) Options

The Funds may purchase and sell (write) put and call options on debt securities and indices to enhance investment performance, manage duration, or protect against changes in market prices. The Funds may also buy and sell combinations of put and call options on the same underlying security, currency or index. Short (sold) options positions will generally be hedged by the Funds with cash, cash equivalents, current portfolio security holdings, or other options or futures positions.

130

MGI Funds

Notes to Schedule Investments (Continued)
June 30, 2011 (Unaudited)

The Funds may enter into swap options (“swaptions”). A swaption is a contract that gives a counterparty the right (but not the obligation), in return for payment of a premium, to enter into a new swap agreement or to shorten, extend, cancel, or otherwise modify an existing swap agreement, at some designated future time on specified terms. Each Fund may write (sell) and purchase put and call swaptions. Depending on the terms of the particular option agreement, a Fund generally will incur a greater degree of risk when the Fund writes a swaption than the Fund will incur when it purchases a swaption. When a Fund purchases a swaption, the Fund’s risk of loss is limited to the amount of the premium it has paid should it decide to let the swaption 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.

When the Fund writes a covered call or a put option, an amount equal to the premium received by the Fund is included in the Fund’s Statement of Assets and Liabilities as an asset and as an equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written. The Fund receives a premium on the sale of a call option but gives up the opportunity to profit from any increase in stock value above the exercise price of the option, and when the Fund writes a put option, it is exposed to a decline in the price of the underlying security.

Whether an option which the Fund has written expires on its stipulated expiration date or the Fund enters into a closing purchase transaction, the Fund realizes a gain (or loss, if the cost of a closing purchase transaction exceeds the premium received when the option was sold) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a call option which the Fund has written is exercised, the Fund realizes a capital gain or loss from the sale of the underlying security, and the cost basis of the lots sold are decreased by the premium originally received. When a put option which a Fund has written is exercised, the amount of the premium originally received will reduce the cost of the security which a Fund purchases upon exercise of the option. Realized gains (losses) on purchased options are included in net realized gain (loss) from investments.

The Funds’ use of written options involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statements of Assets and Liabilities. The face or contract amounts of these instruments reflect the extent of the Fund’s exposure to market risk. The risks may be caused by an imperfect correlation between movements in the price of the instrument and the price of the underlying securities and interest rates.

During the period ended June 30, 2011, Non-US Core Equity used options to adjust exposure to foreign currency and to efficiently maintain liquidity. Core Opportunistic used options to manage interest rate and volatility exposure.

See the Non-US Core Equity and Core Opportunistic Schedules of Investments for a listing of options contracts as of June 30, 2011.

Transactions in written option contracts for Core Opportunistic for the period ended June 30, 2011, is as follows:

	Number of			Premiums
	Contracts			Received
Options outstanding at March 31, 2011		118,500,230		$	1,013,596
Options written		24,500,739			392,118
Options terminated in closing purchase transactions		(57,300,420	)		(543,663	)
Options expired		(52	)		(42,331	)
Options outstanding at June 30, 2011		85,700,497		$	819,720

(i) Forward foreign currency contracts

The Funds may purchase or sell currencies and/or engage in forward foreign currency transactions in order to expedite settlement of portfolio transactions and to manage currency risk.

131

MGI Funds

Notes to Schedule Investments (Continued)
June 30, 2011 (Unaudited)

Forward foreign currency contracts are traded in the inter-bank market conducted directly between currency traders (usually large commercial banks) and their customers. A forward contract generally has no deposit requirement and no commissions are charged at any stage for trades. The Funds will account for forward contracts by marking-to-market each day at current forward contract values. The change in market value is recorded by the Fund as an unrealized gain or loss. When the contract is closed, the Fund recognizes a realized gain or loss equal to the difference between the value of the contract at the time the contract was opened and the value at the time the contract was closed.

The Funds will only enter into forward contracts to sell, for a fixed amount of U.S. dollars or other appropriate currency, an amount of foreign currency, to the extent that the value of the short forward contract is covered by the underlying value of securities denominated in the currency being sold. Alternatively, when a Fund enters into a forward contract to sell an amount of foreign currency, the Custodian or the Fund’s sub-custodian will segregate assets in a segregated account of the Fund in an amount not less than the value of the Fund’s total assets committed to the consummation of such forward contract. If the additional segregated assets placed in the segregated account decline, additional cash or securities will be placed in the account on a daily basis so that the value of the account will equal the amount of the Fund’s commitments with respect to such contract.

During the period ended June 30, 2011, Non-US Core Equity used forward foreign currency contracts to adjust exposure to foreign currencies and to efficiently maintain liquidity. Core Opportunistic used forward foreign currency contracts to hedge, cross-hedge or to actively manage non-US Dollar exposures in the Fund.

See the Non-US Core Equity and Core Opportunistic Schedules of Investments for a listing of open forward foreign currency contracts as of June 30, 2011.

(j) Foreign currency translation

The books and records of each Fund are maintained in US dollars. Foreign currencies, investments and other assets and liabilities denominated in foreign currencies are translated into US dollars at the exchange rates prevailing at the end of the period, and purchases and sales of investment securities, income and expenses are translated at exchange rates prevailing on the dates of such transactions. Unrealized gains and losses that result from changes in foreign currency exchange rates have been included in the unrealized gains (losses) on foreign currency translations within the Statements of Operations. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions and the difference between the amounts of interest and dividends recorded on the books of the Fund and the amount actually received. The portion of foreign currency gains and losses related to fluctuations in exchange rates between the purchase settlement date and subsequent sale trade date is included in realized gains and losses on investment transactions.

(k) When-issued securities/TBA securities

Purchasing securities on a “when-issued” basis is a commitment by a Fund to buy a security before the security is actually issued. A Fund may purchase securities offered on a “when-issued” or “forward delivery” basis such as “to-be-announced” (“TBA”) securities. When so offered, the price, which is generally expressed in yield terms, is fixed at the time the commitment to purchase is made, but delivery and payment for the when-issued or forward delivery securities take place at a later date. During the period between purchase and settlement, no payment is made by the purchaser to the issuer and no interest on the when-issued or forward delivery security accrues to the purchaser. While when-issued or forward delivery securities may be sold prior to the settlement date, it is intended that a Fund will purchase such securities with the purpose of actually acquiring the securities unless a sale appears desirable for investment reasons. At the time a Fund makes the commitment to purchase a security on a when-issued or forward delivery basis, the Fund will record the transaction and reflect the value of the security in determining the Fund’s NAV. The market value of when-issued or forward delivery securities may be more or less than the purchase price. Certain risks may arise upon entering into when-issued or forward delivery securities transactions, including the potential inability of counterparties to meet the terms of their contracts, and the issuer’s

132

MGI Funds

Notes to Schedule Investments (Continued)
June 30, 2011 (Unaudited)

failure to issue the securities due to political, economic, or other factors. Additionally, losses may arise due to declines in the value of the securities prior to settlement date. See the Core Opportunistic Schedule of Investments for TBA sale commitments held as of June 30, 2011.

(l) Real estate investment trusts

The Funds may invest in real estate investment trusts (“REITs”), which pool investors’ funds for investment, primarily in income producing real estate or real estate-related loans or interests. A REIT is not taxed on income distributed to its shareholders or unitholders if it complies with regulatory requirements relating to its organization, ownership, assets and income, and with a regulatory requirement to distribute to its shareholders or unitholders at least 90% of its taxable income for each taxable year.

A shareholder in a Fund, by investing in REITs through the Fund, will bear not only the shareholder’s proportionate share of the expenses of the Fund, but also, indirectly, the management expenses of the underlying REITs. REITs depend generally on their ability to generate cash flow to make distributions to shareholders or unitholders, and may be subject to defaults by borrowers and to self-liquidations. In addition, the performance of a REIT may be affected by its failure to qualify for tax-free pass-through of income, or the REIT’s failure to maintain exemption from registration under the 1940 Act. Dividends representing a return of capital are reflected as a reduction of cost and/or as a realized gain when the amount of the return of capital is conclusively determined. See each Funds’ Schedule of Investments for REIT securities held as of June 30, 2011.

(m) Mortgage-Related and other Asset-Backed securities

The Funds may invest in mortgage-backed and asset-backed securities. Mortgage-backed securities represent an interest in a pool of mortgages. Asset-backed securities are structured like mortgage-backed securities, but instead of mortgage loans or interests in mortgage loans, the underlying assets may include such items as motor vehicle installment sales or installment loan contracts, leases of various types of real and personal property, and receivables from credit card agreements. The value of some mortgage or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Fund to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

One type of stripped mortgage-backed security has one class receiving all of the interest from the mortgage assets (the interest-only, or “IO” class), while the other class will receive all of the principal (the principal-only, or “PO” class). Payments received for the IOs are included in interest income on the Statements of Operations. Because principal will not be received at the maturity of an IO, adjustments are made to the cost basis of the security on a daily basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities. See the Schedules of Investments for mortgage-backed and asset-backed securities held by Core Opportunistic and Short Maturity as of June 30, 2011.

(n) Indexed securities

The Funds may invest in indexed securities where the redemption values and/or coupons are linked to the prices of other securities, securities indices, or other financial indicators. The Funds use indexed securities to increase or decrease their exposure to different underlying instruments and to gain exposure to markets in which it may be difficult to invest through conventional securities. Indexed securities may be more volatile than their underlying instruments, but any loss is limited to the amount of the original investment. See the Core Opportunistic Schedule of Investments for indexed securities held as of June 30, 2011.

133

MGI Funds

Notes to Schedule Investments (Continued)
June 30, 2011 (Unaudited)

(o) Taxes and distributions

The Funds intend to qualify each year as regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Funds intend to distribute substantially all of their net investment income and net realized short-term and long-term gains, if any, after giving effect to any available capital loss carryovers for U.S. federal income tax purposes. Therefore, no provision for U.S. federal income or excise tax is necessary.

(p) Allocation of expenses and operating income

The majority of expenses of the Trust are directly identifiable to an individual Fund. Expenses which are not readily identifiable to a specific Fund are allocated among the applicable Funds, taking into consideration, among other things, the nature and type of expense and the relative size of each applicable Fund.

3.    Federal income taxes

As of June 30, 2011, the cost for U.S. federal income tax purposes and gross unrealized appreciation and depreciation in value of investments were as follows:

								Net
	Federal		Tax Basis		Tax Basis			Unrealized
	Income Tax		Unrealized		Unrealized			Appreciation
	Cost		Appreciation		Depreciation			(Depreciation)
Large Cap Growth	$	343,352,540	$	80,447,293	$	(3,250,077	)	$	77,197,216
Large Cap Value		371,563,295		48,350,365		(4,220,128	)		44,130,237
Small/Mid Cap Growth		235,814,238		54,596,878		(3,859,300	)		50,737,578
Small/Mid Cap Value		247,423,631		39,174,022		(4,265,919	)		34,908,103
Non-US Core Equity		1,521,870,968		159,278,774		(40,657,130	)		118,621,644
Core Opportunistic		1,194,128,012		26,938,471		(14,482,380	)		12,456,091
Short Maturity		45,802,758		464,167		(161,830	)		302,337

The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are primarily due to wash sale loss deferrals, investments in passive foreign investment companies and other basis adjustments.

4.    Subsequent events

In accordance with the provisions set forth in FASB ASC 855 (“Subsequent Events”), management has evaluated the possibility of subsequent events existing in the Funds’ financial statements for the period ended June 30, 2011 and determined that there are no material events that would require adjustment to or disclosure in the Funds’ financial statements through the date of issuance.

134

Item 2. Controls and Procedures.

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer 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, (17CFR 270.30a-3(c))), are effective based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days prior to the filing date of this report.

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

Item 3. Exhibits.

Certifications of the Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, (17 CFR 270.30a-2(a)) are attached hereto as Exhibit 99CERT.

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.

	MGI FUNDS
By	/s/ Richard Nuzum
	Richard Nuzum
	President and Chief Executive Officer
Date	August 17, 2011

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

By	/s/ Richard Nuzum
	Richard Nuzum
	President and Chief Executive Officer
Date	August 17, 2011
By	/s/ Richard S. Joseph
	Richard S. Joseph
	Vice President, Treasurer and Principal Accounting Officer
Date	August 17, 2011