UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

  Investment Company Act file number 811-01136  

Guggenheim Funds Trust

(Exact name of registrant as specified in charter)

702 King Farm Boulevard, Suite 200

Rockville, Maryland 20850

(Address of principal executive offices) (Zip code)

Amy J. Lee, Chief Legal Officer

Guggenheim Funds Trust

702 King Farm Boulevard, Suite 200

Rockville, Maryland 20850

(Name and address of agent for service)

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

  Date of fiscal year end: September 30  

  Date of reporting period: October 1, 2018 - December 31, 2018  

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

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

Item 1. Schedule of Investments.

Attached hereto.

Alpha Opportunity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Shares		Value
COMMON STOCKS† - 90.6%
Consumer, Non-cyclical - 27.6%
McKesson Corp.1		10,789	$	1,191,861
Archer-Daniels-Midland Co.		28,794		1,179,690
Cardinal Health, Inc.		23,588		1,052,025
Medtronic plc		10,611		965,177
Molson Coors Brewing Co. — Class B		16,541		928,942
Tyson Foods, Inc. — Class A		16,888		901,819
Pfizer, Inc.		20,454		892,817
Amgen, Inc.		4,513		878,546
Anthem, Inc.1		3,091		811,789
Kimberly-Clark Corp.1		6,935		790,174
Post Holdings, Inc.*,1		8,805		784,790
Baxter International, Inc.1		11,373		748,571
Humana, Inc.1		2,549		730,237
Performance Food Group Co.*		20,417		658,856
Western Union Co.		35,107		598,926
CVS Health Corp.		9,058		593,480
Abbott Laboratories1		8,169		590,864
Central Garden & Pet Co. — Class A*		18,871		589,719
Mondelez International, Inc. — Class A		14,425		577,433
Sysco Corp.		9,130		572,086
Premier, Inc. — Class A*		14,938		557,934
IQVIA Holdings, Inc.*,1		4,677		543,327
Thermo Fisher Scientific, Inc.		2,379		532,396
UnitedHealth Group, Inc.		2,065		514,433
Kellogg Co.		8,803		501,859
Procter & Gamble Co.		5,384		494,897
Bio-Rad Laboratories, Inc. — Class A*		2,061		478,606
Molina Healthcare, Inc.*		4,102		476,734
Hill-Rom Holdings, Inc.		5,237		463,736
Quest Diagnostics, Inc.1		5,494		457,485
MEDNAX, Inc.*		13,632		449,856
Ingredion, Inc.		4,905		448,317
Flowers Foods, Inc.		23,381		431,847
McCormick & Company, Inc.1		2,775		386,391
Danaher Corp.1		3,587		369,891
Laboratory Corporation of America Holdings*		2,885		364,549
Bruker Corp.		12,020		357,835
HCA Healthcare, Inc.1		2,833		352,567
US Foods Holding Corp.*		10,947		346,363
Innoviva, Inc.*		19,703		343,817
CoreLogic, Inc.*		10,264		343,023
Herbalife Nutrition Ltd.*		5,192		306,068
AbbVie, Inc.		3,314		305,518
Kroger Co.1		11,058		304,095
Sabre Corp.		14,038		303,782
PepsiCo, Inc.1		2,733		301,942
Kraft Heinz Co.1		6,874		295,857
AMERCO		894		293,330
Merck & Company, Inc.		3,788		289,441
ICU Medical, Inc.*		1,255		288,186
Edwards Lifesciences Corp.*		1,875		287,194
Brown-Forman Corp. — Class B		5,870		279,295
Simply Good Foods Co.*		14,764		279,039
Universal Health Services, Inc. — Class B		2,386		278,112
Amedisys, Inc.*		2,374		278,019
Teleflex, Inc.		1,067		275,798
Bristol-Myers Squibb Co.1		5,278		274,350
Hershey Co.1		2,559		274,274
Quanta Services, Inc.		9,028		271,743
CONMED Corp.		4,193		269,191
Colgate-Palmolive Co.1		4,503		268,019
Biogen, Inc.*,1		884		266,013
IDEXX Laboratories, Inc.*		1,423		264,706
WellCare Health Plans, Inc.*		1,109		261,824
Ligand Pharmaceuticals, Inc. — Class B*		1,899		257,694
Altria Group, Inc.1		5,206		257,124
Zoetis, Inc.		3,000		256,620
Estee Lauder Companies, Inc. — Class A		1,967		255,907
Mylan N.V.*,1		9,339		255,889
Cardtronics plc — Class A*		9,679		251,654
Gilead Sciences, Inc.1		4,007		250,638
Darling Ingredients, Inc.*		12,903		248,254
Vector Group Ltd.		25,381		246,957
PRA Health Sciences, Inc.*		2,682		246,637
Centene Corp.*		2,049		236,250
Catalent, Inc.*		7,320		228,238
Pilgrim's Pride Corp.*		14,476		224,523
Alexion Pharmaceuticals, Inc.*		2,298		223,733
Constellation Brands, Inc. — Class A1		1,389		223,379
Allergan plc1		1,644		219,737
Philip Morris International, Inc.		3,236		216,036
Jazz Pharmaceuticals plc*		1,708		211,724
Total Consumer, Non-cyclical				36,080,455
Industrial - 17.3%
Genesee & Wyoming, Inc. — Class A*,1		14,224		1,052,861
Kansas City Southern		9,637		919,852
Union Pacific Corp.		6,342		876,655
FedEx Corp.1		4,889		788,742
Regal Beloit Corp.1		10,508		736,085
Eaton Corporation plc1		10,684		733,563
Cummins, Inc.1		5,055		675,550
Norfolk Southern Corp.		4,382		655,284
TE Connectivity Ltd.		8,288		626,822
Parker-Hannifin Corp.1		3,808		567,925
Caterpillar, Inc.1		4,414		560,887
Boise Cascade Co.		21,792		519,739
Arrow Electronics, Inc.*		6,917		476,927
CSX Corp.1		7,523		467,404
EMCOR Group, Inc.		7,717		460,628
AECOM*		17,232		456,648
Avnet, Inc.		12,443		449,192
Landstar System, Inc.		4,620		441,995
AGCO Corp.		7,769		432,500
J.B. Hunt Transport Services, Inc.		4,546		422,960
Masco Corp.1		14,232		416,144
Gibraltar Industries, Inc.*		11,414		406,224
Jabil, Inc.		14,998		371,800
Corning, Inc.		12,001		362,550
Louisiana-Pacific Corp.		16,290		361,964

Alpha Opportunity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Shares		Value
COMMON STOCKS† - 90.6% (continued)
Industrial - 17.3% (continued)
Expeditors International of Washington, Inc.		5,292	$	360,332
Trinseo S.A.		7,377		337,719
Snap-on, Inc.		2,286		332,133
Tech Data Corp.*		3,974		325,113
Greenbrier Companies, Inc.		7,540		298,132
Ryder System, Inc.		6,148		296,026
Stericycle, Inc.*		8,020		294,254
Heartland Express, Inc.		15,589		285,279
CH Robinson Worldwide, Inc.		3,389		284,981
Oshkosh Corp.		4,580		280,800
Trinity Industries, Inc.		13,228		272,365
EnerSys		3,505		272,023
Sonoco Products Co.		5,106		271,282
Waters Corp.*		1,437		271,090
Old Dominion Freight Line, Inc.		2,168		267,726
Vishay Intertechnology, Inc.		14,855		267,539
Saia, Inc.*		4,780		266,820
Spirit AeroSystems Holdings, Inc. — Class A1		3,672		264,714
Werner Enterprises, Inc.		8,839		261,104
Gentex Corp.		12,829		259,274
United Parcel Service, Inc. — Class B		2,611		254,651
Knight-Swift Transportation Holdings, Inc.		10,112		253,508
Pentair plc		6,543		247,194
Schneider National, Inc. — Class B		13,185		246,164
Packaging Corporation of America1		2,922		243,870
Johnson Controls International plc		7,960		236,014
Rexnord Corp.*		9,957		228,513
Textron, Inc.		4,952		227,743
Belden, Inc.		5,441		227,271
Crane Co.		3,105		224,119
XPO Logistics, Inc.*		3,733		212,930
Total Industrial				22,611,584
Financial - 8.2%
Senior Housing Properties Trust REIT1		67,870		795,436
Ventas, Inc. REIT1		11,777		690,015
Medical Properties Trust, Inc. REIT1		39,820		640,306
Apartment Investment & Management Co. — Class A REIT		14,472		635,031
Equity Commonwealth REIT		17,671		530,307
Allstate Corp.		5,779		477,519
Park Hotels & Resorts, Inc. REIT		18,256		474,291
Hospitality Properties Trust REIT		19,456		464,609
Hartford Financial Services Group, Inc.1		10,020		445,389
Aflac, Inc.		9,604		437,558
Host Hotels & Resorts, Inc. REIT		25,937		432,370
Piedmont Office Realty Trust, Inc. — Class A REIT		22,709		386,961
Omega Healthcare Investors, Inc. REIT		10,581		371,922
Weingarten Realty Investors REIT		14,920		370,165
EPR Properties REIT		5,379		344,417
Franklin Resources, Inc.1		11,231		333,112
Prudential Financial, Inc.1		3,933		320,736
Brixmor Property Group, Inc. REIT		21,824		320,595
Lazard Ltd. — Class A		8,451		311,926
Visa, Inc. — Class A		2,157		284,595
Travelers Companies, Inc.1		2,283		273,389
Northern Trust Corp.		3,153		263,559
Summit Hotel Properties, Inc. REIT		26,323		256,123
Principal Financial Group, Inc.1		5,693		251,460
JPMorgan Chase & Co.		2,557		249,614
State Street Corp.1		3,869		244,018
Bank of New York Mellon Corp.		2,696		126,901
Total Financial				10,732,324
Consumer, Cyclical - 8.1%
Delta Air Lines, Inc.		17,268		861,673
Southwest Airlines Co.		11,957		555,761
BorgWarner, Inc.		15,461		537,115
United Continental Holdings, Inc.*,1		6,279		525,741
PACCAR, Inc.		8,466		483,747
Allison Transmission Holdings, Inc.		10,595		465,226
JetBlue Airways Corp.*		26,583		426,923
Lions Gate Entertainment Corp. — Class A		24,599		396,044
Nu Skin Enterprises, Inc. — Class A		6,253		383,497
Alaska Air Group, Inc.		6,270		381,529
Copa Holdings S.A. — Class A		4,735		372,692
PulteGroup, Inc.		14,295		371,527
La-Z-Boy, Inc.		12,950		358,845
American Airlines Group, Inc.		10,252		329,192
NIKE, Inc. — Class B		4,096		303,677
Spirit Airlines, Inc.*		5,203		301,358
Meritor, Inc.*		17,583		297,329
Toll Brothers, Inc.		8,499		279,872
Hyatt Hotels Corp. — Class A		4,100		277,160
DR Horton, Inc.1		7,965		276,067
Lowe's Companies, Inc.		2,984		275,602
Lennar Corp. — Class A		6,601		258,429
General Motors Co.1		7,535		252,046
Darden Restaurants, Inc.		2,505		250,149
KB Home		12,873		245,874
Lear Corp.		1,994		244,983
TRI Pointe Group, Inc.*		22,181		242,439
Best Buy Company, Inc.		4,215		223,226
PVH Corp.		2,379		221,128
Delphi Technologies plc		15,368		220,070
Total Consumer, Cyclical				10,618,921
Technology - 8.1%
HP, Inc.		31,033		634,935
Citrix Systems, Inc.1		6,187		633,920
Amdocs Ltd.		9,843		576,603
DXC Technology Co.1		10,432		554,669
Intel Corp.		10,516		493,516
Cirrus Logic, Inc.*		14,455		479,617

Alpha Opportunity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Shares		Value
COMMON STOCKS† - 90.6% (continued)
Technology - 8.1% (continued)
Fidelity National Information Services, Inc.		4,639	$	475,729
Cognizant Technology Solutions Corp. — Class A		7,464		473,815
Skyworks Solutions, Inc.		6,749		452,318
QUALCOMM, Inc.		7,017		399,337
Leidos Holdings, Inc.1		6,968		367,353
Paychex, Inc.1		5,461		355,784
Oracle Corp.1		7,685		346,978
MAXIMUS, Inc.		5,046		328,444
j2 Global, Inc.		4,580		317,760
Maxim Integrated Products, Inc.		5,870		298,489
ON Semiconductor Corp.*,1		18,011		297,362
Seagate Technology plc		7,382		284,871
Analog Devices, Inc.		3,252		279,119
NetApp, Inc.1		4,677		279,077
Take-Two Interactive Software, Inc.*		2,691		277,012
Accenture plc — Class A		1,939		273,418
Hewlett Packard Enterprise Co.		20,326		268,507
Texas Instruments, Inc.		2,812		265,734
CDK Global, Inc.		5,511		263,867
Broadridge Financial Solutions, Inc.1		2,590		249,288
Activision Blizzard, Inc.		5,244		244,213
Western Digital Corp.		6,181		228,512
Icad, Inc.*		54,644		202,183
Total Technology				10,602,430
Utilities - 7.2%
Exelon Corp.		22,331		1,007,128
Portland General Electric Co.1		20,899		958,219
National Fuel Gas Co.1		18,654		954,712
El Paso Electric Co.		17,418		873,165
UGI Corp.		15,264		814,334
PNM Resources, Inc.1		19,068		783,504
OGE Energy Corp.1		16,668		653,219
FirstEnergy Corp.1		15,353		576,505
AES Corp.		38,446		555,929
Entergy Corp.		5,572		479,582
Consolidated Edison, Inc.1		5,226		399,580
Ameren Corp.1		5,970		389,423
NRG Energy, Inc.		8,888		351,965
Edison International		5,248		297,929
Pinnacle West Capital Corp.		3,096		263,779
Total Utilities				9,358,973
Communications - 5.9%
Verizon Communications, Inc.		23,681		1,331,346
Cisco Systems, Inc.		19,381		839,779
Omnicom Group, Inc.1		9,918		726,394
Juniper Networks, Inc.1		17,293		465,355
InterDigital, Inc.		6,775		450,063
AMC Networks, Inc. — Class A*		8,147		447,107
Interpublic Group of Companies, Inc.		20,958		432,364
F5 Networks, Inc.*,1		2,478		401,511
Telephone & Data Systems, Inc.		11,295		367,539
Zayo Group Holdings, Inc.*		14,011		320,011
Shenandoah Telecommunications Co.		6,741		298,289
Scholastic Corp.		7,388		297,441
Alphabet, Inc. — Class C*		266		275,472
Facebook, Inc. — Class A*		1,923		252,086
Sirius XM Holdings, Inc.		44,030		251,411
TEGNA, Inc.		21,699		235,868
News Corp. — Class A		20,254		229,883
Total Communications				7,621,919
Energy - 5.2%
Chevron Corp.1		9,752		1,060,920
Exxon Mobil Corp.		14,445		985,005
Phillips 66		11,062		952,991
Valero Energy Corp.1		9,772		732,607
Occidental Petroleum Corp.1		10,952		672,234
ConocoPhillips		7,146		445,553
ONEOK, Inc.		6,064		327,153
Kinder Morgan, Inc.		17,865		274,763
Murphy USA, Inc.*		3,504		268,547
Williams Companies, Inc.		11,596		255,692
HollyFrontier Corp.1		4,829		246,858
PBF Energy, Inc. — Class A		7,545		246,495
Delek US Holdings, Inc.		7,480		243,175
Total Energy				6,711,993
Basic Materials - 3.0%
Westlake Chemical Corp.1		10,454		691,741
Cabot Corp.		13,101		562,557
Eastman Chemical Co.1		7,201		526,465
Olin Corp.		22,401		450,484
LyondellBasell Industries N.V. — Class A1		4,807		399,750
International Paper Co.1		8,807		355,451
Huntsman Corp.		13,334		257,213
Chemours Co.		8,939		252,258
Celanese Corp. — Class A1		2,775		249,667
Domtar Corp.		6,003		210,885
Total Basic Materials				3,956,471
Total Common Stocks
(Cost $131,771,222)				118,295,070

MONEY MARKET FUND† - 3.5%
Goldman Sachs Financial Square Treasury Instruments Fund — Institutional Class 2.22%2	4,536,186		4,536,186
Total Money Market Fund
(Cost $4,536,186)			4,536,186
Total Investments - 94.1%
(Cost $136,307,408)		$	122,831,256
Other Assets & Liabilities, net - 5.9%			7,753,283
Total Net Assets - 100.0%		$	130,584,539

Alpha Opportunity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

Custom Basket Swap Agreements
Counterparty	Index	Financing Rate Pay (Receive)			Payment Frequency	Maturity Date	Notional Amount		Value and Unrealized Appreciation (Depreciation)
OTC Custom Basket Swap Agreements††
Morgan Stanley	Alpha Opportunity Portfolio Long Custom Basket Swap3		2.80	%	At Maturity	02/01/19	$	53,963,209	$	(5,173,522	)
OTC Custom Basket Swap Agreements Sold Short††
Morgan Stanley	Alpha Opportunity Portfolio Short Custom Basket Swap4		(2.04	)%	At Maturity	02/01/19	$	142,915,120	$	14,116,047

Alpha Opportunity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

CUSTOM BASKET OF LONG SECURITIES3
	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Verizon Communications, Inc.		10,801		1.12	%	$	83,994
UGI Corp.		6,962		0.68	%		64,954
Exelon Corp.		10,185		0.84	%		63,678
Pfizer, Inc.		9,329		0.75	%		63,016
Portland General Electric Co.		9,532		0.81	%		53,092
Cisco Systems, Inc.		8,839		0.71	%		52,945
Procter & Gamble Co.		2,455		0.42	%		50,253
Medtronic plc		4,839		0.82	%		49,037
Amgen, Inc.		2,058		0.74	%		48,526
PNM Resources, Inc.		8,697		0.66	%		46,006
Telephone & Data Systems, Inc.		5,151		0.31	%		40,922
Merck & Company, Inc.		1,727		0.24	%		37,467
AES Corp.		17,535		0.47	%		37,346
Allison Transmission Holdings, Inc.		4,832		0.39	%		30,886
Ameren Corp.		2,723		0.33	%		28,168
OGE Energy Corp.		7,602		0.55	%		27,951
Kimberly-Clark Corp.		3,163		0.67	%		27,095
Kroger Co.		5,043		0.26	%		24,458
McCormick & Company, Inc.		1,266		0.33	%		21,947
Entergy Corp.		2,541		0.41	%		21,355
Ventas, Inc.		5,371		0.58	%		21,134
Innoviva, Inc.*		8,986		0.29	%		20,804
Shenandoah Telecommunications Co.		3,074		0.25	%		19,724
Edison International		2,394		0.25	%		18,550
WellCare Health Plans, Inc.*		506		0.22	%		17,960
FirstEnergy Corp.		7,002		0.49	%		17,278
Central Garden & Pet Co. — Class A*		8,607		0.50	%		15,878
Apartment Investment & Management Co. — Class A		6,600		0.54	%		15,292
Hershey Co.		1,167		0.23	%		15,041
Pinnacle West Capital Corp.		1,412		0.22	%		14,291
Cardtronics plc — Class A*		4,414		0.21	%		13,529
Spirit Airlines, Inc.*		2,373		0.25	%		12,337
Genesee & Wyoming, Inc. — Class A*		6,487		0.89	%		11,950
EnerSys		1,598		0.23	%		10,419
Herbalife Nutrition Ltd.*		2,368		0.26	%		9,031
National Fuel Gas Co.		8,508		0.81	%		8,551
Juniper Networks, Inc.		7,887		0.39	%		8,534
El Paso Electric Co.		7,944		0.74	%		7,785
QUALCOMM, Inc.		3,200		0.34	%		7,493
PepsiCo, Inc.		1,246		0.26	%		6,919
Edwards Lifesciences Corp.*		855		0.24	%		6,767
Fidelity National Information Services, Inc.		2,116		0.40	%		6,561
Icad, Inc.*		28,684		0.20	%		5,593
AbbVie, Inc.		1,511		0.26	%		5,192
F5 Networks, Inc.*		1,130		0.34	%		4,764
Simply Good Foods Co.*		6,734		0.24	%		3,970
Omega Healthcare Investors, Inc.		4,826		0.31	%		3,677
Corning, Inc.		5,473		0.31	%		2,885
TEGNA, Inc.		9,897		0.20	%		2,604
Darling Ingredients, Inc.*		5,885		0.21	%		2,531
Danaher Corp.		1,636		0.31	%		2,330
NRG Energy, Inc.		4,054		0.30	%		1,968
Consolidated Edison, Inc.		2,383		0.34	%		1,692
Abbott Laboratories		3,726		0.50	%		1,685
Lennar Corp. — Class A		3,011		0.22	%		813
Omnicom Group, Inc.		4,523		0.61	%		742
Bristol-Myers Squibb Co.		2,407		0.23	%		426
Teleflex, Inc.		487		0.23	%		263
NIKE, Inc. — Class B		1,868		0.26	%		173
United Continental Holdings, Inc.*		2,864		0.44	%		151
Thermo Fisher Scientific, Inc.		1,085		0.45	%		91
AMC Networks, Inc. — Class A*		3,716		0.38	%		(122	)
Gibraltar Industries, Inc.*		5,206		0.34	%		(669	)
Aflac, Inc.		4,380		0.37	%		(799	)
Snap-on, Inc.		1,042		0.28	%		(1,474	)
Lowe's Companies, Inc.		1,361		0.23	%		(1,496	)
Alphabet, Inc. — Class C*		121		0.23	%		(1,822	)
Performance Food Group Co.*		9,312		0.56	%		(2,832	)
Jabil, Inc.		6,840		0.31	%		(2,834	)
Visa, Inc. — Class A		983		0.24	%		(3,043	)
MAXIMUS, Inc.		2,301		0.28	%		(3,069	)
Zoetis, Inc.		1,368		0.22	%		(3,114	)
Archer-Daniels-Midland Co.		13,133		1.00	%		(3,137	)
Vishay Intertechnology, Inc.		6,775		0.23	%		(3,334	)
Medical Properties Trust, Inc.		18,162		0.54	%		(3,439	)
Amedisys, Inc.*		1,083		0.24	%		(3,487	)
US Foods Holding Corp.*		4,993		0.29	%		(4,654	)
Ingredion, Inc.		2,237		0.38	%		(4,659	)
AMERCO		407		0.25	%		(4,997	)
CDK Global, Inc.		2,513		0.22	%		(5,030	)
Waters Corp.*		655		0.23	%		(5,033	)
Maxim Integrated Products, Inc.		2,677		0.25	%		(5,127	)
Oracle Corp.		3,505		0.29	%		(5,767	)
Flowers Foods, Inc.		10,664		0.36	%		(5,983	)
j2 Global, Inc.		2,089		0.27	%		(6,398	)
Brown-Forman Corp. — Class B		2,677		0.24	%		(6,438	)
ICU Medical, Inc.*		572		0.24	%		(6,450	)
Bank of New York Mellon Corp.		1,229		0.11	%		(6,498	)
Brixmor Property Group, Inc.		9,954		0.27	%		(6,750	)
Landstar System, Inc.		2,107		0.37	%		(6,946	)
Biogen, Inc.*		403		0.22	%		(6,988	)
Equity Commonwealth		8,060		0.45	%		(7,181	)
Sonoco Products Co.		2,329		0.23	%		(7,272	)
Take-Two Interactive Software, Inc.*		1,227		0.23	%		(7,337	)
Colgate-Palmolive Co.		2,053		0.23	%		(7,566	)
HCA Healthcare, Inc.		1,292		0.30	%		(8,115	)
NetApp, Inc.		2,133		0.24	%		(8,515	)

Alpha Opportunity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Shares		Percentage Notional Amount			Value and Unrealized Depreciation
CONMED Corp.		1,912		0.23	%	$	(8,638	)
Hill-Rom Holdings, Inc.		2,389		0.39	%		(8,646	)
Toll Brothers, Inc.		3,876		0.24	%		(8,662	)
Analog Devices, Inc.		1,483		0.24	%		(8,672	)
Northern Trust Corp.		1,438		0.22	%		(8,879	)
Travelers Companies, Inc.		1,041		0.23	%		(9,598	)
IQVIA Holdings, Inc.*		2,133		0.46	%		(9,787	)
CVS Health Corp.		4,131		0.50	%		(9,927	)
Facebook, Inc. — Class A*		877		0.21	%		(10,062	)
CH Robinson Worldwide, Inc.		1,545		0.24	%		(10,427	)
Paychex, Inc.		2,490		0.30	%		(10,530	)
Norfolk Southern Corp.		1,999		0.55	%		(10,819	)
Tech Data Corp.*		1,812		0.27	%		(10,841	)
Estee Lauder Companies, Inc. — Class A		897		0.22	%		(10,987	)
PRA Health Sciences, Inc.*		1,223		0.21	%		(11,048	)
Sirius XM Holdings, Inc.		20,082		0.21	%		(11,176	)
Park Hotels & Resorts, Inc.		8,327		0.40	%		(11,411	)
Alaska Air Group, Inc.		2,860		0.32	%		(11,446	)
Scholastic Corp.		3,369		0.25	%		(11,572	)
ConocoPhillips		3,259		0.38	%		(11,803	)
EPR Properties		2,453		0.29	%		(12,019	)
Old Dominion Freight Line, Inc.		988		0.23	%		(12,048	)
Expeditors International of Washington, Inc.		2,414		0.30	%		(12,083	)
Heartland Express, Inc.		7,110		0.24	%		(12,222	)
JPMorgan Chase & Co.		1,166		0.21	%		(12,272	)
PulteGroup, Inc.		6,520		0.31	%		(12,467	)
Universal Health Services, Inc. — Class B		1,088		0.24	%		(12,574	)
Baxter International, Inc.		5,187		0.63	%		(12,582	)
UnitedHealth Group, Inc.		942		0.43	%		(12,687	)
Anthem, Inc.		1,409		0.69	%		(12,692	)
Sabre Corp.		6,403		0.26	%		(13,112	)
United Parcel Service, Inc. — Class B		1,191		0.22	%		(13,821	)
Eaton Corporation plc		4,873		0.62	%		(13,863	)
Murphy USA, Inc.*		1,598		0.23	%		(14,134	)
Activision Blizzard, Inc.		2,392		0.21	%		(14,179	)
Johnson Controls International plc		3,630		0.20	%		(14,256	)
Bruker Corp.		5,482		0.30	%		(14,419	)
Hyatt Hotels Corp. — Class A		1,870		0.23	%		(14,486	)
Intel Corp.		4,796		0.42	%		(14,491	)
Franklin Resources, Inc.		5,122		0.28	%		(14,727	)
Allergan plc		749		0.19	%		(15,185	)
DR Horton, Inc.		3,633		0.23	%		(15,696	)
Darden Restaurants, Inc.		1,142		0.21	%		(15,770	)
Post Holdings, Inc.*		4,016		0.66	%		(15,810	)
Texas Instruments, Inc.		1,282		0.22	%		(15,933	)
Altria Group, Inc.		2,374		0.22	%		(16,399	)
Interpublic Group of Companies, Inc.		9,559		0.37	%		(16,456	)
EMCOR Group, Inc.		3,520		0.39	%		(17,068	)
La-Z-Boy, Inc.		5,906		0.30	%		(17,072	)
Premier, Inc. — Class A*		6,813		0.47	%		(17,073	)
Pentair plc		2,984		0.21	%		(17,087	)
Gentex Corp.		5,851		0.22	%		(17,432	)
Gilead Sciences, Inc.		1,827		0.21	%		(17,580	)
Regal Beloit Corp.		4,793		0.62	%		(17,648	)
Saia, Inc.*		2,180		0.23	%		(17,672	)
Citrix Systems, Inc.		2,821		0.54	%		(17,747	)
Centene Corp.*		934		0.20	%		(17,815	)
Kinder Morgan, Inc.		8,148		0.23	%		(18,116	)
Accenture plc — Class A		884		0.23	%		(18,168	)
Trinity Industries, Inc.		6,033		0.23	%		(18,257	)
Pilgrim's Pride Corp.*		6,603		0.19	%		(18,683	)
ONEOK, Inc.		2,765		0.28	%		(18,798	)
Caterpillar, Inc.		2,013		0.47	%		(19,141	)
Piedmont Office Realty Trust, Inc. — Class A		10,357		0.33	%		(19,241	)
Quanta Services, Inc.		4,118		0.23	%		(19,341	)
Sysco Corp.		4,164		0.48	%		(19,378	)
Delek US Holdings, Inc.		3,411		0.21	%		(19,624	)
General Motors Co.		3,436		0.21	%		(19,653	)
Kansas City Southern		4,395		0.78	%		(19,710	)
Broadridge Financial Solutions, Inc.		1,181		0.21	%		(21,237	)
Chevron Corp.		4,448		0.90	%		(21,563	)
TRI Pointe Group, Inc.*		10,117		0.20	%		(21,856	)
Mondelez International, Inc. — Class A		6,579		0.49	%		(22,119	)
Humana, Inc.		1,162		0.62	%		(22,302	)
Molina Healthcare, Inc.*		1,871		0.40	%		(22,531	)
Ryder System, Inc.		2,804		0.25	%		(22,693	)
Schneider National, Inc. — Class B		6,014		0.21	%		(22,720	)
KB Home		5,871		0.21	%		(23,446	)
Crane Co.		1,416		0.19	%		(23,460	)
American Airlines Group, Inc.		4,676		0.28	%		(23,698	)
Oshkosh Corp.		2,089		0.24	%		(23,915	)
Textron, Inc.		2,258		0.19	%		(24,624	)
Catalent, Inc.*		3,339		0.19	%		(25,083	)
Delta Air Lines, Inc.		7,876		0.73	%		(26,398	)
Allstate Corp.		2,635		0.40	%		(26,446	)
Arrow Electronics, Inc.*		3,155		0.40	%		(26,914	)
Philip Morris International, Inc.		1,475		0.18	%		(27,407	)
Domtar Corp.		2,738		0.18	%		(27,441	)
Werner Enterprises, Inc.		4,031		0.22	%		(27,456	)
InterDigital, Inc.		3,090		0.38	%		(27,561	)
J.B. Hunt Transport Services, Inc.		2,073		0.36	%		(27,657	)
Rexnord Corp.*		4,541		0.19	%		(27,743	)
Avnet, Inc.		5,675		0.38	%		(28,914	)
Hartford Financial Services Group, Inc.		4,570		0.38	%		(29,334	)
Celanese Corp. — Class A		1,266		0.21	%		(29,371	)
Molson Coors Brewing Co. — Class B		7,544		0.79	%		(29,422	)
Hewlett Packard Enterprise Co.		9,270		0.23	%		(29,476	)
Quest Diagnostics, Inc.		2,506		0.39	%		(29,652	)
Williams Companies, Inc.		5,289		0.22	%		(29,690	)
Weingarten Realty Investors		6,805		0.31	%		(30,658	)
Amdocs Ltd.		4,489		0.49	%		(30,879	)
Spirit AeroSystems Holdings, Inc. — Class A		1,674		0.22	%		(31,030	)
Jazz Pharmaceuticals plc*		779		0.18	%		(31,396	)
Leidos Holdings, Inc.		3,178		0.31	%		(32,007	)
Alexion Pharmaceuticals, Inc.*		1,048		0.19	%		(32,064	)

Alpha Opportunity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Shares		Percentage Notional Amount			Value and Unrealized Depreciation
Constellation Brands, Inc. — Class A		633		0.19	%	$	(32,212	)
CSX Corp.		3,431		0.40	%		(32,422	)
AGCO Corp.		3,543		0.37	%		(32,792	)
Stericycle, Inc.*		3,657		0.25	%		(32,968	)
Meritor, Inc.*		8,019		0.25	%		(33,100	)
Nu Skin Enterprises, Inc. — Class A		2,852		0.32	%		(34,052	)
Prudential Financial, Inc.		1,794		0.27	%		(34,470	)
Union Pacific Corp.		2,893		0.74	%		(34,711	)
Parker-Hannifin Corp.		1,736		0.48	%		(34,865	)
Knight-Swift Transportation Holdings, Inc.		4,612		0.21	%		(35,023	)
XPO Logistics, Inc.*		1,702		0.18	%		(35,863	)
IDEXX Laboratories, Inc.*		649		0.22	%		(36,719	)
Packaging Corporation of America		1,333		0.21	%		(37,233	)
Principal Financial Group, Inc.		2,596		0.21	%		(37,614	)
Hospitality Properties Trust		8,874		0.39	%		(38,142	)
Western Union Co.		16,012		0.51	%		(38,197	)
JetBlue Airways Corp.*		12,124		0.36	%		(38,233	)
Lazard Ltd. — Class A		3,854		0.26	%		(39,684	)
Summit Hotel Properties, Inc.		12,006		0.22	%		(39,699	)
International Paper Co.		4,016		0.30	%		(39,787	)
HollyFrontier Corp.		2,202		0.21	%		(40,580	)
Louisiana-Pacific Corp.		7,430		0.31	%		(41,346	)
State Street Corp.		1,764		0.21	%		(41,997	)
Kraft Heinz Co.		3,135		0.25	%		(42,721	)
Best Buy Company, Inc.		1,922		0.19	%		(42,836	)
Greenbrier Companies, Inc.		3,439		0.25	%		(43,194	)
PBF Energy, Inc. — Class A		3,441		0.21	%		(43,283	)
News Corp. — Class A		9,237		0.19	%		(43,397	)
Seagate Technology plc		3,366		0.24	%		(44,574	)
PVH Corp.		1,085		0.19	%		(45,223	)
Mylan N.V.*		4,259		0.22	%		(46,408	)
BorgWarner, Inc.		7,052		0.45	%		(46,447	)
HP, Inc.		14,154		0.54	%		(46,582	)
McKesson Corp.		4,921		1.01	%		(46,791	)
Bio-Rad Laboratories, Inc. — Class A*		940		0.40	%		(47,056	)
Laboratory Corporation of America Holdings*		1,315		0.31	%		(47,469	)
Kellogg Co.		4,015		0.42	%		(48,331	)
PACCAR, Inc.		3,861		0.41	%		(48,624	)
ON Semiconductor Corp.*		8,215		0.25	%		(49,860	)
Cognizant Technology Solutions Corp. — Class A		3,404		0.40	%		(49,926	)
Cummins, Inc.		2,305		0.57	%		(50,800	)
MEDNAX, Inc.*		6,217		0.38	%		(50,881	)
Lear Corp.		909		0.21	%		(51,089	)
Ligand Pharmaceuticals, Inc. — Class B*		866		0.22	%		(51,645	)
Vector Group Ltd.		11,576		0.21	%		(51,698	)
Exxon Mobil Corp.		6,588		0.83	%		(53,491	)
Masco Corp.		6,491		0.35	%		(53,577	)
Host Hotels & Resorts, Inc.		11,830		0.37	%		(53,743	)
TE Connectivity Ltd.		3,780		0.53	%		(53,844	)
Copa Holdings S.A. — Class A		2,159		0.31	%		(56,830	)
CoreLogic, Inc.*		4,681		0.29	%		(56,997	)
Cirrus Logic, Inc.*		6,593		0.41	%		(58,115	)
Southwest Airlines Co.		5,453		0.47	%		(59,639	)
LyondellBasell Industries N.V. — Class A		2,192		0.34	%		(60,189	)
Huntsman Corp.		6,081		0.22	%		(60,294	)
Skyworks Solutions, Inc.		3,078		0.38	%		(61,797	)
AECOM*		7,859		0.39	%		(62,018	)
Delphi Technologies plc		7,009		0.19	%		(62,827	)
Cardinal Health, Inc.		10,758		0.89	%		(64,917	)
Occidental Petroleum Corp.		4,995		0.57	%		(65,080	)
Westlake Chemical Corp.		4,768		0.58	%		(66,270	)
Belden, Inc.		2,481		0.19	%		(69,258	)
Lions Gate Entertainment Corp. — Class A		11,220		0.33	%		(72,077	)
Trinseo S.A.		3,364		0.29	%		(72,210	)
Cabot Corp.		5,975		0.48	%		(73,072	)
Western Digital Corp.		2,819		0.19	%		(73,176	)
Zayo Group Holdings, Inc.*		6,390		0.27	%		(73,366	)
Chemours Co.		4,077		0.21	%		(74,900	)
Valero Energy Corp.		4,457		0.62	%		(81,314	)
Boise Cascade Co.		9,939		0.44	%		(86,279	)
Eastman Chemical Co.		3,284		0.44	%		(90,043	)
Olin Corp.		10,217		0.38	%		(90,304	)
DXC Technology Co.		4,758		0.47	%		(96,291	)
Tyson Foods, Inc. — Class A		7,702		0.76	%		(100,147	)
Phillips 66		5,045		0.81	%		(101,001	)
Senior Housing Properties Trust		30,956		0.67	%		(126,454	)
FedEx Corp.		2,230		0.67	%		(151,776	)
Total Custom Basket of Long Securities						$	(5,173,522	)

CUSTOM BASKET OF SHORT SECURITIES4
	Shares			Percentage Notional Amount			Value and Unrealized Appreciation
Southern Copper Corp.		(32,351	)		(0.71	%)	$	619,809
Sensient Technologies Corp.		(22,682	)		(0.90	%)		515,245
Compass Minerals International, Inc.		(14,974	)		(0.45	%)		413,804
Equifax, Inc.		(9,239	)		(0.61	%)		353,727
Texas Capital Bancshares, Inc.*		(6,767	)		(0.25	%)		326,792
First Horizon National Corp.		(47,729	)		(0.44	%)		273,755
Goldman Sachs Group, Inc.		(3,211	)		(0.38	%)		269,962
National Oilwell Varco, Inc.		(15,626	)		(0.28	%)		256,492
WPX Energy, Inc.*		(32,010	)		(0.25	%)		255,840
ASGN, Inc.*		(15,680	)		(0.60	%)		252,170
Leggett & Platt, Inc.		(28,584	)		(0.72	%)		240,007
PolyOne Corp.		(16,096	)		(0.32	%)		232,405
Wabtec Corp.		(4,930	)		(0.24	%)		212,755
Howard Hughes Corp.*		(7,471	)		(0.51	%)		211,921
Sterling Bancorp		(26,324	)		(0.30	%)		211,321
Healthcare Services Group, Inc.		(20,018	)		(0.56	%)		207,416
Steven Madden Ltd.		(35,295	)		(0.75	%)		205,543

Alpha Opportunity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Shares			Percentage Notional Amount			Value and Unrealized Appreciation
Multi-Color Corp.		(6,597	)		(0.16	%)	$	205,155
Core Laboratories N.V.		(8,086	)		(0.34	%)		195,008
Royal Caribbean Cruises Ltd.		(8,922	)		(0.61	%)		193,668
Balchem Corp.		(18,055	)		(0.99	%)		188,809
Corporate Office Properties Trust		(19,742	)		(0.29	%)		187,802
Polaris Industries, Inc.		(7,275	)		(0.39	%)		186,206
Scotts Miracle-Gro Co. — Class A		(11,217	)		(0.48	%)		181,961
Charles Schwab Corp.		(13,926	)		(0.40	%)		178,932
Marriott International, Inc. — Class A		(6,258	)		(0.48	%)		178,010
Tetra Tech, Inc.		(23,567	)		(0.85	%)		173,755
WR Grace & Co.		(22,062	)		(1.00	%)		173,017
Valley National Bancorp		(44,844	)		(0.28	%)		167,452
Guidewire Software, Inc.*		(7,850	)		(0.44	%)		166,642
Invitation Homes, Inc.		(56,872	)		(0.80	%)		160,221
General Dynamics Corp.		(4,180	)		(0.46	%)		159,274
Allegheny Technologies, Inc.*		(32,366	)		(0.49	%)		159,235
Mobile Mini, Inc.		(10,912	)		(0.24	%)		157,078
NewMarket Corp.		(5,150	)		(1.48	%)		156,589
Pinnacle Financial Partners, Inc.		(8,688	)		(0.28	%)		155,578
Graphic Packaging Holding Co.		(48,050	)		(0.36	%)		149,941
Associated Banc-Corp.		(18,434	)		(0.26	%)		149,773
Douglas Emmett, Inc.		(32,230	)		(0.77	%)		149,180
Eaton Vance Corp.		(11,572	)		(0.28	%)		148,150
Hanesbrands, Inc.		(26,559	)		(0.23	%)		144,701
KeyCorp		(22,156	)		(0.23	%)		144,166
Paramount Group, Inc.		(54,968	)		(0.48	%)		143,620
Robert Half International, Inc.		(6,544	)		(0.26	%)		138,180
Ulta Beauty, Inc.*		(2,642	)		(0.45	%)		136,738
First Republic Bank		(9,882	)		(0.60	%)		128,730
Martin Marietta Materials, Inc.		(2,168	)		(0.26	%)		128,094
Xylem, Inc.		(13,534	)		(0.63	%)		127,439
RPM International, Inc.		(18,552	)		(0.76	%)		122,210
Commercial Metals Co.		(24,936	)		(0.28	%)		120,681
HB Fuller Co.		(15,749	)		(0.47	%)		117,006
Equinix, Inc.		(1,759	)		(0.43	%)		114,074
People's United Financial, Inc.		(25,661	)		(0.26	%)		114,055
Pioneer Natural Resources Co.		(5,026	)		(0.46	%)		113,075
Washington Federal, Inc.		(14,701	)		(0.27	%)		110,693
LKQ Corp.*		(26,151	)		(0.43	%)		106,264
Vornado Realty Trust		(10,719	)		(0.47	%)		105,427
Vulcan Materials Co.		(3,891	)		(0.27	%)		104,344
Netflix, Inc.*		(1,333	)		(0.25	%)		103,761
Albemarle Corp.		(4,069	)		(0.22	%)		103,670
Northrop Grumman Corp.		(1,515	)		(0.26	%)		102,040
Choice Hotels International, Inc.		(10,303	)		(0.52	%)		100,946
Old National Bancorp		(22,085	)		(0.24	%)		96,352
Jacobs Engineering Group, Inc.		(5,836	)		(0.24	%)		95,411
Whirlpool Corp.		(3,472	)		(0.26	%)		95,300
Boston Properties, Inc.		(7,729	)		(0.61	%)		94,332
BB&T Corp.		(10,262	)		(0.31	%)		94,284
Huntington Bancshares, Inc.		(26,883	)		(0.22	%)		92,002
Signature Bank		(3,960	)		(0.28	%)		91,644
Sotheby's*		(10,450	)		(0.29	%)		91,580
New York Community Bancorp, Inc.		(42,290	)		(0.28	%)		90,983
Silgan Holdings, Inc.		(21,615	)		(0.36	%)		89,570
Covanta Holding Corp.		(26,123	)		(0.25	%)		88,291
Grand Canyon Education, Inc.*		(3,170	)		(0.21	%)		88,171
Wolverine World Wide, Inc.		(12,989	)		(0.29	%)		88,149
Fifth Third Bancorp		(14,776	)		(0.24	%)		88,014
AMETEK, Inc.		(10,077	)		(0.48	%)		87,729
CarMax, Inc.*		(6,651	)		(0.29	%)		87,554
Costco Wholesale Corp.		(3,791	)		(0.54	%)		84,254
Ross Stores, Inc.		(6,536	)		(0.38	%)		83,749
Roper Technologies, Inc.		(2,815	)		(0.52	%)		82,123
U.S. Bancorp		(9,454	)		(0.30	%)		81,511
Markel Corp.*		(1,024	)		(0.74	%)		80,088
Terreno Realty Corp.		(36,293	)		(0.89	%)		76,326
Ally Financial, Inc.		(17,710	)		(0.28	%)		74,026
US Ecology, Inc.		(5,611	)		(0.25	%)		73,114
Allegion plc		(8,021	)		(0.45	%)		71,879
Crown Holdings, Inc.*		(9,687	)		(0.28	%)		71,673
Adtalem Global Education, Inc.*		(7,038	)		(0.23	%)		71,269
IBERIABANK Corp.		(6,112	)		(0.27	%)		70,462
American Homes 4 Rent — Class A		(28,366	)		(0.39	%)		70,243
Capitol Federal Financial, Inc.		(83,918	)		(0.75	%)		69,923
Harley-Davidson, Inc.		(9,726	)		(0.23	%)		69,266
Viad Corp.		(8,007	)		(0.28	%)		68,823
Palo Alto Networks, Inc.*		(2,298	)		(0.30	%)		65,396
Sealed Air Corp.		(11,494	)		(0.28	%)		64,854
Floor & Decor Holdings, Inc. — Class A*		(8,829	)		(0.16	%)		63,774
IHS Markit Ltd.*		(24,400	)		(0.82	%)		63,628
Alexandria Real Estate Equities, Inc.		(6,807	)		(0.55	%)		63,336
Tesla, Inc.*		(2,032	)		(0.47	%)		62,128
Prologis, Inc.		(7,625	)		(0.31	%)		60,559
Camden Property Trust		(9,553	)		(0.59	%)		59,326
Retail Opportunity Investments Corp.		(51,851	)		(0.58	%)		58,160
Texas Roadhouse, Inc. — Class A		(13,119	)		(0.55	%)		56,223
General Mills, Inc.		(9,026	)		(0.25	%)		55,935
Empire State Realty Trust, Inc. — Class A		(43,194	)		(0.43	%)		54,472
Omnicell, Inc.*		(6,088	)		(0.26	%)		52,949
PPG Industries, Inc.		(5,484	)		(0.39	%)		52,459
Cheesecake Factory, Inc.		(7,967	)		(0.24	%)		52,165
Intuit, Inc.		(3,257	)		(0.45	%)		51,175
Haemonetics Corp.*		(3,759	)		(0.26	%)		50,392
Honeywell International, Inc.		(3,423	)		(0.32	%)		50,071
Team, Inc.*		(33,398	)		(0.34	%)		49,063
Atmos Energy Corp.		(10,807	)		(0.70	%)		47,996
Bio-Techne Corp.		(2,508	)		(0.25	%)		47,043
Service Corporation International		(12,404	)		(0.35	%)		44,429
Royal Gold, Inc.		(10,204	)		(0.61	%)		42,429

Alpha Opportunity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Shares			Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Marsh & McLennan Companies, Inc.		(5,579	)		(0.31	%)	$	41,935
Dunkin' Brands Group, Inc.		(5,670	)		(0.25	%)		41,779
Regency Centers Corp.		(7,211	)		(0.30	%)		40,844
West Pharmaceutical Services, Inc.		(3,796	)		(0.26	%)		39,457
Amazon.com, Inc.*		(368	)		(0.39	%)		39,096
Becton Dickinson and Co.		(3,012	)		(0.47	%)		37,853
Sherwin-Williams Co.		(1,273	)		(0.35	%)		36,586
Chemed Corp.		(1,370	)		(0.27	%)		35,271
Kilroy Realty Corp.		(12,338	)		(0.54	%)		34,354
Liberty Property Trust		(17,096	)		(0.50	%)		33,901
Tractor Supply Co.		(4,678	)		(0.27	%)		33,281
Fastenal Co.		(7,559	)		(0.28	%)		32,886
Gentherm, Inc.*		(9,028	)		(0.25	%)		31,416
Monolithic Power Systems, Inc.		(5,866	)		(0.48	%)		30,735
GCP Applied Technologies, Inc.*		(15,152	)		(0.26	%)		29,904
Arthur J Gallagher & Co.		(8,584	)		(0.44	%)		29,816
MGM Resorts International		(15,348	)		(0.26	%)		29,424
Boeing Co.		(1,635	)		(0.37	%)		28,735
Air Products & Chemicals, Inc.		(5,095	)		(0.57	%)		28,386
iRobot Corp.*		(4,377	)		(0.26	%)		27,889
South Jersey Industries, Inc.		(17,787	)		(0.35	%)		27,351
Sempra Energy		(6,129	)		(0.46	%)		26,678
Booking Holdings, Inc.*		(214	)		(0.26	%)		25,913
Axalta Coating Systems Ltd.*		(16,242	)		(0.27	%)		25,628
Genuine Parts Co.		(9,200	)		(0.62	%)		25,383
ABM Industries, Inc.		(13,446	)		(0.30	%)		25,277
Six Flags Entertainment Corp.		(7,179	)		(0.28	%)		24,239
Vail Resorts, Inc.		(1,532	)		(0.23	%)		23,881
AutoNation, Inc.*		(10,494	)		(0.26	%)		22,802
Hawaiian Electric Industries, Inc.		(28,832	)		(0.74	%)		22,748
Healthcare Trust of America, Inc. — Class A		(42,657	)		(0.76	%)		22,544
Linde plc		(2,583	)		(0.28	%)		21,852
Meredith Corp.		(14,221	)		(0.52	%)		21,513
Cable One, Inc.		(468	)		(0.27	%)		20,412
Asbury Automotive Group, Inc.*		(5,858	)		(0.27	%)		19,579
TopBuild Corp.*		(8,040	)		(0.25	%)		19,377
3M Co.		(2,071	)		(0.28	%)		19,359
McDonald's Corp.		(3,734	)		(0.46	%)		19,086
Everest Re Group Ltd.		(2,022	)		(0.31	%)		18,863
Domino's Pizza, Inc.		(1,600	)		(0.28	%)		18,528
salesforce.com, Inc.*		(8,752	)		(0.84	%)		18,323
Republic Services, Inc. — Class A		(12,676	)		(0.64	%)		17,973
Starbucks Corp.		(7,222	)		(0.33	%)		17,565
FireEye, Inc.*		(27,234	)		(0.31	%)		15,895
Physicians Realty Trust		(32,878	)		(0.37	%)		15,114
Pool Corp.		(4,946	)		(0.51	%)		14,916
Clorox Co.		(2,593	)		(0.28	%)		14,697
Public Storage		(2,658	)		(0.38	%)		12,793
Cannae Holdings, Inc.*		(31,695	)		(0.38	%)		11,842
Mettler-Toledo International, Inc.*		(692	)		(0.27	%)		11,741
Berry Global Group, Inc.*		(8,971	)		(0.30	%)		11,689
STORE Capital Corp.		(20,110	)		(0.40	%)		11,613
Insulet Corp.*		(5,037	)		(0.28	%)		11,577
CoStar Group, Inc.*		(2,085	)		(0.49	%)		11,385
Equity Residential		(10,159	)		(0.47	%)		10,339
Tyler Technologies, Inc.*		(3,172	)		(0.41	%)		9,762
Rexford Industrial Realty, Inc.		(27,695	)		(0.57	%)		8,843
Pegasystems, Inc.		(11,301	)		(0.38	%)		7,455
Hilton Worldwide Holdings, Inc.		(11,431	)		(0.57	%)		6,599
AvalonBay Communities, Inc.		(4,403	)		(0.54	%)		5,147
Waste Management, Inc.		(7,102	)		(0.44	%)		4,888
MSA Safety, Inc.		(5,262	)		(0.35	%)		4,783
O'Reilly Automotive, Inc.*		(1,178	)		(0.28	%)		2,269
Crown Castle International Corp.		(6,982	)		(0.53	%)		1,502
Hormel Foods Corp.		(20,121	)		(0.60	%)		666
NiSource, Inc.		(25,239	)		(0.45	%)		(302	)
Intercontinental Exchange, Inc.		(6,766	)		(0.36	%)		(2,335	)
SBA Communications Corp.*		(4,118	)		(0.47	%)		(2,878	)
Aon plc		(2,515	)		(0.26	%)		(3,249	)
National Retail Properties, Inc.		(10,056	)		(0.34	%)		(3,673	)
Coca-Cola Co.		(8,238	)		(0.27	%)		(5,615	)
AptarGroup, Inc.		(4,033	)		(0.27	%)		(5,652	)
TransUnion		(6,326	)		(0.25	%)		(6,293	)
Axis Capital Holdings Ltd.		(13,371	)		(0.48	%)		(6,723	)
Wayfair, Inc. — Class A*		(4,515	)		(0.28	%)		(7,912	)
Federal Realty Investment Trust		(3,589	)		(0.30	%)		(9,305	)
MarketAxess Holdings, Inc.		(2,327	)		(0.34	%)		(10,203	)
Incyte Corp.*		(6,340	)		(0.28	%)		(10,256	)
TransDigm Group, Inc.*		(2,574	)		(0.61	%)		(12,196	)
Digital Realty Trust, Inc.		(6,849	)		(0.51	%)		(12,607	)
Essex Property Trust, Inc.		(3,473	)		(0.60	%)		(13,201	)
American Campus Communities, Inc.		(21,917	)		(0.63	%)		(13,533	)
Alliant Energy Corp.		(14,196	)		(0.42	%)		(15,827	)
ServiceNow, Inc.*		(2,730	)		(0.34	%)		(16,640	)
Deere & Co.		(4,612	)		(0.48	%)		(19,001	)
White Mountains Insurance Group Ltd.		(1,205	)		(0.72	%)		(21,226	)
Dominion Energy, Inc.		(8,230	)		(0.41	%)		(25,211	)
Alleghany Corp.		(722	)		(0.31	%)		(30,311	)
Glacier Bancorp, Inc.		(12,154	)		(0.34	%)		(41,851	)
MSCI, Inc. — Class A		(3,276	)		(0.34	%)		(42,070	)
Church & Dwight Company, Inc.		(6,241	)		(0.29	%)		(53,377	)
Cintas Corp.		(3,632	)		(0.43	%)		(55,745	)
Eversource Energy		(13,414	)		(0.61	%)		(62,673	)
Copart, Inc.*		(8,334	)		(0.28	%)		(69,006	)
Welltower, Inc.		(12,200	)		(0.59	%)		(75,646	)
Ultimate Software Group, Inc.*		(2,118	)		(0.36	%)		(76,110	)
Sun Communities, Inc.		(16,398	)		(1.17	%)		(78,634	)
HCP, Inc.		(23,635	)		(0.46	%)		(82,928	)
EastGroup Properties, Inc.		(11,245	)		(0.72	%)		(89,648	)
American Tower Corp. — Class A		(5,448	)		(0.60	%)		(95,316	)

Alpha Opportunity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Shares			Percentage Notional Amount			Value and Unrealized Depreciation
Cornerstone OnDemand, Inc.*		(8,420	)		(0.30	%)	$	(99,378	)
Workday, Inc. — Class A*		(3,604	)		(0.40	%)		(99,841	)
Ecolab, Inc.		(5,870	)		(0.61	%)		(104,743	)
Equity LifeStyle Properties, Inc.		(15,389	)		(1.05	%)		(109,560	)
UDR, Inc.		(19,316	)		(0.54	%)		(119,872	)
SPS Commerce, Inc.*		(5,473	)		(0.32	%)		(124,423	)
American Water Works Company, Inc.		(12,886	)		(0.82	%)		(131,800	)
Realty Income Corp.		(18,995	)		(0.84	%)		(133,309	)
RLI Corp.		(17,420	)		(0.84	%)		(164,368	)
Verisk Analytics, Inc. — Class A*		(10,411	)		(0.79	%)		(180,708	)
Exponent, Inc.		(33,475	)		(1.19	%)		(228,222	)
Rollins, Inc.		(51,270	)		(1.30	%)		(240,884	)
Total Custom Basket of Short Securities							$	14,116,047

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	All or a portion of this security is pledged as custom basket swap collateral at December 31, 2018.
2	Rate indicated is the 7-day yield as of December 31, 2018.
3	Total Return based on the return of the custom long basket of securities +/- financing at a variable rate. Rate indicated is rate effective at December 31, 2018.
4	Total Return based on the return of the custom short basket of securities +/- financing at a variable rate. Rate indicated is rate effective at December 31, 2018.

plc — Public Limited Company

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2018 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	118,295,070	$	—	$	—	$	118,295,070
Money Market Fund		4,536,186		—		—		4,536,186
Custom Basket Swap Agreements**		—		14,116,047		—		14,116,047
Total Assets	$	122,831,256	$	14,116,047	$	—	$	136,947,303
Investments in Securities (Liabilities)		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Custom Basket Swap Agreements**	$	—	$	5,173,522	$	—	$	5,173,522

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

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the current fiscal period.

For the period ended December 31, 2018, there were no transfers between levels.

Capital Stewardship Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Shares		Value
COMMON STOCKS† - 99.2%
Consumer, Non-cyclical - 27.7%
Procter & Gamble Co.		50,051	$	4,600,688
Johnson & Johnson		31,671		4,087,143
Pfizer, Inc.		64,073		2,796,786
Kimberly-Clark Corp.		23,639		2,693,428
Merck & Company, Inc.		33,183		2,535,513
AbbVie, Inc.		25,643		2,364,028
PepsiCo, Inc.		20,863		2,304,944
Allergan plc		12,648		1,690,532
Humana, Inc.		5,238		1,500,582
Eli Lilly & Co.		12,872		1,489,548
Amgen, Inc.		7,590		1,477,545
Coca-Cola Co.		28,148		1,332,808
Kellogg Co.		23,099		1,316,874
Gilead Sciences, Inc.		19,747		1,235,175
Colgate-Palmolive Co.		20,017		1,191,412
Quest Diagnostics, Inc.		14,141		1,177,521
Hershey Co.		9,061		971,158
Regeneron Pharmaceuticals, Inc.*		2,575		961,762
Clorox Co.		6,239		961,680
Kroger Co.		34,402		946,055
Medtronic plc		10,368		943,073
Varian Medical Systems, Inc.*		8,214		930,728
JM Smucker Co.		9,893		924,896
Illumina, Inc.*		2,872		861,399
General Mills, Inc.		19,322		752,399
Vertex Pharmaceuticals, Inc.*		4,525		749,838
Verisk Analytics, Inc. — Class A*		6,038		658,383
Biogen, Inc.*		2,180		656,006
ResMed, Inc.		5,610		638,811
DaVita, Inc.*		11,496		591,584
Abbott Laboratories		7,833		566,561
Moody's Corp.		3,915		548,257
Anthem, Inc.		2,084		547,321
Hormel Foods Corp.		12,348		527,013
McCormick & Company, Inc.		3,594		500,428
Celgene Corp.*		7,677		492,019
IQVIA Holdings, Inc.*		3,875		450,159
Church & Dwight Company, Inc.		6,369		418,825
CVS Health Corp.		6,233		408,386
United Rentals, Inc.*		3,471		355,882
Bristol-Myers Squibb Co.		6,484		337,038
S&P Global, Inc.		1,580		268,505
IDEXX Laboratories, Inc.*		1,400		260,428
Stryker Corp.		1,249		195,781
Total Consumer, Non-cyclical				51,218,902
Technology - 16.8%
Apple, Inc.		39,438		6,220,950
Microsoft Corp.		37,849		3,844,323
Intel Corp.		57,279		2,688,103
Adobe, Inc.*		8,724		1,973,718
Accenture plc — Class A		12,628		1,780,674
Oracle Corp.		38,912		1,756,877
Texas Instruments, Inc.		17,340		1,638,630
HP, Inc.		68,462		1,400,733
Applied Materials, Inc.		29,765		974,506
QUALCOMM, Inc.		16,359		930,991
Lam Research Corp.		6,633		903,216
Intuit, Inc.		4,476		881,100
Ultimate Software Group, Inc.*		3,274		801,704
salesforce.com, Inc.*		5,545		759,498
Xilinx, Inc.		7,552		643,204
NetApp, Inc.		8,825		526,588
Paychex, Inc.		7,794		507,779
International Business Machines Corp.		4,235		481,392
Cognizant Technology Solutions Corp. — Class A		7,340		465,943
Micron Technology, Inc.*		12,613		400,211
Cirrus Logic, Inc.*		11,840		392,851
KLA-Tencor Corp.		3,588		321,090
Jack Henry & Associates, Inc.		2,440		308,709
Activision Blizzard, Inc.		6,138		285,847
Cerner Corp.*		2,988		156,691
Total Technology				31,045,328
Communications - 16.2%
Alphabet, Inc. — Class A*		3,837		4,009,512
Verizon Communications, Inc.		71,249		4,005,619
AT&T, Inc.		94,736		2,703,765
Cisco Systems, Inc.		62,252		2,697,379
Facebook, Inc. — Class A*		18,764		2,459,773
Omnicom Group, Inc.		33,474		2,451,636
Amazon.com, Inc.*		1,464		2,198,884
Walt Disney Co.		19,011		2,084,556
Comcast Corp. — Class A		47,485		1,616,864
AMC Networks, Inc. — Class A*		25,265		1,386,543
CenturyLink, Inc.		80,147		1,214,227
FactSet Research Systems, Inc.		4,983		997,248
T-Mobile US, Inc.*		15,357		976,859
Juniper Networks, Inc.		28,159		757,759
Netflix, Inc.*		1,123		300,582
Twilio, Inc. — Class A*		1,514		135,200
Total Communications				29,996,406
Industrial - 10.0%
Cummins, Inc.		16,811		2,246,622
3M Co.		10,623		2,024,106
Union Pacific Corp.		14,572		2,014,287
Caterpillar, Inc.		14,191		1,803,250
Eaton Corporation plc		21,995		1,510,177
Norfolk Southern Corp.		9,231		1,380,404
FedEx Corp.		7,882		1,271,603
Lockheed Martin Corp.		4,617		1,208,915
Mettler-Toledo International, Inc.*		1,502		849,501
Corning, Inc.		26,036		786,548
Oshkosh Corp.		12,082		740,748
AECOM*		23,497		622,671
Ryder System, Inc.		11,666		561,718
Rockwell Automation, Inc.		2,528		380,413
Illinois Tool Works, Inc.		2,940		372,469
Boeing Co.		970		312,825
United Parcel Service, Inc. — Class B		2,796		272,694
Waste Management, Inc.		1,913		170,238
Total Industrial				18,529,189
Financial - 9.9%
Mastercard, Inc. — Class A		13,848		2,612,425
JPMorgan Chase & Co.		22,564		2,202,698
Visa, Inc. — Class A		10,548		1,391,703
MetLife, Inc.		28,325		1,163,024
Prudential Financial, Inc.		13,933		1,136,236

Capital Stewardship Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Shares		Value
COMMON STOCKS† - 99.2% (continued)
Financial - 9.9% (continued)
Hartford Financial Services Group, Inc.		25,526	$	1,134,631
Ventas, Inc. REIT		16,663		976,285
Marsh & McLennan Companies, Inc.		11,758		937,700
BlackRock, Inc. — Class A		2,047		804,102
Progressive Corp.		13,203		796,537
T. Rowe Price Group, Inc.		7,783		718,526
Aflac, Inc.		14,585		664,493
State Street Corp.		10,489		661,541
American Tower Corp. — Class A REIT		4,022		636,240
Citigroup, Inc.		11,633		605,614
Franklin Resources, Inc.		18,154		538,448
Bank of New York Mellon Corp.		8,196		385,786
Allstate Corp.		3,736		308,706
Nasdaq, Inc.		3,773		307,764
American Express Co.		2,165		206,368
Prologis, Inc. REIT		2,963		173,988
Total Financial				18,362,815
Consumer, Cyclical - 7.6%
Home Depot, Inc.		14,751		2,534,517
Delta Air Lines, Inc.		27,936		1,394,006
Southwest Airlines Co.		29,619		1,376,691
Alaska Air Group, Inc.		21,370		1,300,365
JetBlue Airways Corp.*		77,834		1,250,014
Walgreens Boots Alliance, Inc.		13,597		929,083
Darden Restaurants, Inc.		8,987		897,442
Nordstrom, Inc.		16,118		751,260
Tractor Supply Co.		8,898		742,449
Starbucks Corp.		9,312		599,693
Costco Wholesale Corp.		2,637		537,183
L Brands, Inc.		16,394		420,834
VF Corp.		4,513		321,957
BorgWarner, Inc.		8,306		288,551
Best Buy Company, Inc.		4,736		250,818
Ross Stores, Inc.		2,925		243,360
Kohl's Corp.		2,659		176,398
Total Consumer, Cyclical				14,014,621
Energy - 6.3%
Chevron Corp.		32,517		3,537,524
ONEOK, Inc.		32,022		1,727,587
ConocoPhillips		27,086		1,688,812
Occidental Petroleum Corp.		24,999		1,534,439
Phillips 66		17,680		1,523,132
Valero Energy Corp.		20,294		1,521,441
Marathon Petroleum Corp.		3,692		217,865
Total Energy				11,750,800
Utilities - 4.0%
Duke Energy Corp.		13,889		1,198,621
NextEra Energy, Inc.		5,579		969,742
Sempra Energy		8,583		928,595
WEC Energy Group, Inc.		13,193		913,747
Pinnacle West Capital Corp.		10,322		879,434
American Water Works Company, Inc.		9,289		843,163
American Electric Power Company, Inc.		10,290		769,074
Entergy Corp.		3,681		316,824
Exelon Corp.		5,510		248,501
PG&E Corp.*		10,449		248,164
Total Utilities				7,315,865
Basic Materials - 0.7%
Domtar Corp.		22,284		782,837
Eastman Chemical Co.		6,921		505,994
Total Basic Materials				1,288,831
Total Common Stocks
(Cost $194,292,846)				183,522,757

EXCHANGE-TRADED FUNDS† - 0.5%
SPDR S&P 500 ETF Trust	3,750	937,200
Total Exchange-Traded Funds
(Cost $1,069,295)		937,200

MONEY MARKET FUND† - 0.6%
Dreyfus Treasury Securities Cash Management — Institutional Shares 2.20%1	1,164,482		1,164,482
Total Money Market Fund
(Cost $1,164,482)			1,164,482
Total Investments - 100.3%
(Cost $196,526,623)		$	185,624,439
Other Assets & Liabilities, net - (0.3)%			(508,145	)
Total Net Assets - 100.0%		$	185,116,294

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
1	Rate indicated is the 7-day yield as of December 31, 2018.

plc — Public Limited Company

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

Capital Stewardship Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

The following table summarizes the inputs used to value the Fund's investments at December 31, 2018 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	183,522,757	$	—	$	—	$	183,522,757
Exchange-Traded Funds		937,200		—		—		937,200
Money Market Fund		1,164,482		—		—		1,164,482
Total Assets	$	185,624,439	$	—	$	—	$	185,624,439

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the current fiscal period.

For the period ended December 31, 2018, there were no transfers between levels.

Diversified Income Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Shares		Value
EXCHANGE-TRADED FUNDS† - 9.5%
Invesco S&P High Income Infrastructure ETF		24,322	$	571,081
Total Exchange-Traded Funds
(Cost $570,713)				571,081

MUTUAL FUNDS† - 79.4%
Guggenheim Limited Duration Fund - Institutional Class1	51,406	1,265,105
Guggenheim Floating Rate Strategies Fund - Institutional Class1	48,979	1,216,140
Guggenheim Investment Grade Bond Fund - Institutional Class1	59,521	1,091,011
Guggenheim High Yield Fund - Institutional Class1	59,905	621,216
Guggenheim Risk Managed Real Estate Fund - Institutional Class1	10,204	282,544
Guggenheim World Equity Income Fund - Institutional Class1	20,472	278,014
Total Mutual Funds
(Cost $4,765,792)		4,754,030

CLOSED-END FUNDS† - 8.4%
Western Asset Premier Bond Fund	1,300	15,717
BlackRock Enhanced Capital and Income Fund, Inc.	1,076	15,150
BlackRock Multi-Sector Income Trust	950	14,592
Neuberger Berman High Yield Strategies Fund, Inc.	1,496	14,466
John Hancock Investors Trust	1,000	14,120
Nuveen Global High Income Fund	1,025	13,991
Eaton Vance Enhanced Equity Income Fund II	946	13,878
Apollo Tactical Income Fund, Inc.	975	13,426
Royce Value Trust, Inc.	1,135	13,393
BlackRock Limited Duration Income Trust	1,000	13,370
Invesco Dynamic Credit Opportunities Fund	1,270	13,043
PIMCO Corporate & Income Opportunity Fund	850	13,039
Ares Dynamic Credit Allocation Fund, Inc.	925	12,765
Eaton Vance Tax-Managed Diversified Equity Income Fund	1,250	12,750
PIMCO Corporate & Income Strategy Fund	850	12,657
PIMCO Dynamic Credit and Mortgage Income Fund	600	12,630
John Hancock Premium Dividend Fund	900	12,474
Blackstone / GSO Strategic Credit Fund	925	12,460
Eaton Vance Tax-Advantaged Dividend Income Fund	650	12,343
Ivy High Income Opportunities Fund	1,015	12,312
Western Asset High Income Fund II, Inc.	2,108	12,142
AllianzGI Diversified Income & Convertible Fund	650	12,103
BlackRock Corporate High Yield Fund, Inc.	1,300	12,064
BlackRock Credit Allocation Income Trust	1,078	12,052
Reaves Utility Income Fund	400	11,772
AllianzGI NFJ Dividend Interest & Premium Strategy Fund	1,100	11,748
Brookfield Real Assets Income Fund, Inc.	600	11,442
KKR Income Opportunities Fund	800	11,400
DoubleLine Income Solutions Fund	650	11,265
Western Asset Global Corporate Defined Opportunity Fund, Inc.	750	11,235
AllianceBernstein Global High Income Fund, Inc.	1,050	11,056
Nuveen Senior Income Fund	2,000	11,000
Eaton Vance Tax-Managed Buy-Write Income Fund	800	10,760
Pioneer High Income Trust	1,350	10,759
Cohen & Steers Total Return Realty Fund, Inc.	1,000	10,750
Barings Global Short Duration High Yield Fund	665	10,607
Voya Global Advantage and Premium Opportunity Fund	1,150	10,580
Nuveen Short Duration Credit Opportunities Fund	700	10,031
General American Investors Company, Inc.	350	9,954
Calamos Convertible Opportunities and Income Fund	1,100	9,746
Tortoise Energy Infrastructure Corp.	450	8,955
Total Closed-End Funds
(Cost $560,749)		499,997

MONEY MARKET FUND† - 2.5%
Goldman Sachs Financial Square Treasury Instruments Fund — Institutional Shares 2.22%2	149,000		149,000
Total Money Market Fund
(Cost $149,000)			149,000
Total Investments - 99.8%
(Cost $6,046,254)		$	5,974,108
Other Assets & Liabilities, net - 0.2%			14,419
Total Net Assets - 100.0%		$	5,988,527

Diversified Income Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

†	Value determined based on Level 1 inputs — See Note 3.
1	Affiliated issuer.
2	Rate indicated is the 7-day yield as of December 31, 2018.

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2018 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Exchange-Traded Funds	$	571,081	$	—	$	—	$	571,081
Mutual Funds		4,754,030		—		—		4,754,030
Closed-End Funds		499,997		—		—		499,997
Money Market Fund		149,000		—		—		149,000
Total Assets	$	5,974,108	$	—	$	—	$	5,974,108

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the current fiscal period.

For the period ended December 31, 2018, there were no transfers between levels.

Affiliated Transactions

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

Transactions during the period ended December 31, 2018, in which the company is an "affiliated person", were as follows:

Security Name	Value 09/30/18		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 12/31/18		Shares 12/31/18		Investment Income		Capital Gain Distributions
Mutual Funds
Guggenheim Floating Rate Strategies Fund - Institutional Class	$	639,499	$	628,527	$	–		$	–		$	(51,886	)	$	1,216,140		48,979	$	13,372	$	6
Guggenheim High Yield Fund - Institutional Class		1,072,867		14,703		(419,998	)		24,069			(70,425	)		621,216		59,905		14,581		2,178
Guggenheim Investment Grade Bond Fund - Institutional Class		1,278,508		7,069		(194,680	)		(3,513	)		3,627			1,091,011		59,521		6,976		–
Guggenheim Limited Duration Fund - Institutional Class		1,286,329		7,885		(24,991	)		(41	)		(4,077	)		1,265,105		51,406		7,812		24
Guggenheim Risk Managed Real Estate Fund - Institutional Class		469,932		4,095		(173,075	)		(2,806	)		(15,602	)		282,544		10,204		1,453		2,641
Guggenheim World Equity Income Fund - Institutional Class		316,169		4,712		–			–			(42,867	)		278,014		20,472		2,138		2,574
	$	5,063,304	$	666,991	$	(812,744	)	$	17,709		$	(181,230	)	$	4,754,030			$	46,332	$	7,423

Floating Rate Strategies Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Shares		Value
COMMON STOCKS† - 0.0%
Consumer, Non-cyclical - 0.0%
Targus Group International, Inc.*,†††,1,2		12,773	$	32,974
Energy - 0.0%
Titan Energy LLC*		10,110		3,033
Technology – 0.0%
Aspect Software Parent, Inc.*,†††,1,2		758		–
Total Common Stocks
(Cost $317,262)				36,007

WARRANT††† - 0.0%
Aspect Software, Inc.*,1,2	604,850	–
Total Warrant
(Cost $–)		–

MONEY MARKET FUND† - 10.9%
Federated U.S. Treasury Cash Reserve Fund Institutional Shares 2.19%3	263,701,304	263,701,304
Total Money Market Fund
(Cost $263,701,304)		263,701,304

	Face Amount~
SENIOR FLOATING RATE INTERESTS††,7 - 85.6%
Industrial - 17.0%
Engineered Machinery Holdings, Inc.
6.05% (3 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 07/19/24		29,577,392	28,505,211
Flex Acquisition Company, Inc.
5.35% (1 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 12/29/23		28,237,113	26,566,323
Lineage Logistics LLC
5.52% (1 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 02/27/25		27,140,262	25,613,622
Quikrete Holdings, Inc.
5.27% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 11/15/23		25,480,769	24,222,784
VC GB Holdings, Inc.
5.52% (1 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 02/28/24		25,741,584	24,197,089
TransDigm Group, Inc.
5.02% (1 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 05/30/25		17,926,002	16,875,718
5.02% (1 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 06/09/23		1,898,730	1,787,180
USIC Holding, Inc.
5.77% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 12/08/23		19,620,344	18,590,276
BWAY Holding Co.
5.66% (3 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 04/03/24		17,311,048	16,243,475
GYP Holdings III Corp.
5.27% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 06/01/25		16,985,845	15,966,694
Advanced Disposal Services, Inc.
4.67% (1 Week USD LIBOR + 2.25%, Rate Floor: 3.00%) due 11/10/23		15,998,731	15,343,743
Altra Industrial Motion Corp.
4.52% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 10/01/25		15,761,194	14,933,731
Arctic Long Carriers
7.02% (1 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 05/18/23		15,223,175	14,690,364
Hayward Industries, Inc.
6.02% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 08/05/24		14,269,375	13,692,607
CHI Overhead Doors, Inc.
5.77% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 07/29/22		14,175,909	13,679,752
CPG International LLC
6.63% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 05/05/24		12,655,496	12,117,637
Blitz F18-675 GmbH
3.75% (3 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 07/31/25		EUR 10,452,373	11,896,206
Hillman Group, Inc.
6.80% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 05/30/25		12,050,000	11,417,375
American Bath Group LLC
7.05% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 09/30/23		11,770,385	11,299,570
Hanjin International Corp.
4.94% (3 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 10/19/20		9,750,000	9,433,125
Charter Nex US, Inc.
5.27% (1 Month USD LIBOR + 2.75%, Rate Floor: 3.75%) due 05/16/24		9,974,684	9,417,797

Floating Rate Strategies Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
SENIOR FLOATING RATE INTERESTS††,7 - 85.6% (continued)
Industrial - 17.0% (continued)
Titan Acquisition Ltd. (Husky)
5.52% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 03/28/25		10,123,500	$	9,233,442
STS Operating, Inc. (SunSource)
6.77% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 12/11/24		9,153,767		8,879,154
Duran Group Holding GMBH
4.00% (3 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 03/29/24		EUR 4,003,529		4,449,895
4.00% (3 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 12/20/24		EUR 1,350,000		1,500,516
Gates Global LLC
5.27% (1 Month USD LIBOR + 2.75%, Rate Floor: 3.75%) due 04/01/24		5,115,938		4,848,937
Thermasys Corp.
8.50% (3 Month USD LIBOR + 4.00%, Rate Floor: 1.25%) due 05/03/19		5,971,875		4,299,750
12.40% (3 Month USD LIBOR + 10.00%, Rate Floor: 10.00%) due 11/11/18†††,1		485,382		478,102
Pelican Products, Inc.
5.88% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 05/01/25		4,746,150		4,485,112
Verallia Packaging Sasu
2.75% (1 Month EURIBOR + 2.75%, Rate Floor: 2.75%) due 08/01/25		EUR 3,650,000		4,080,246
Minerva Bidco Ltd.
5.82% (3 Month GBP LIBOR + 5.00%, Rate Floor: 5.00%) due 07/28/25		GBP 3,100,000		3,932,255
RBS Global, Inc.
4.52% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 08/21/24		3,788,888		3,665,749
Consolidated Container Co. LLC
5.27% (1 Month USD LIBOR + 2.75%, Rate Floor: 3.75%) due 05/22/24		3,703,219		3,530,390
Corialis Group Ltd.
3.50% (6 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 03/29/24		EUR 3,075,000		3,471,329
Reece Ltd.
4.81% (3 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 07/02/25		3,192,000		3,048,360
Survitec
4.75% (6 Month EURIBOR + 4.75%, Rate Floor: 4.75%) due 03/12/22		EUR 2,700,000		2,923,685
KUEHG Corp. (KinderCare)
6.55% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 02/21/25		2,872,849		2,752,563
Filtration Group Corp.
5.52% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 03/29/25		2,654,563		2,552,814
YAK MAT (YAK ACCESS LLC)
12.43% (1 Month USD LIBOR + 10.00%, Rate Floor: 10.00%) due 07/10/26		2,550,000		2,014,500
Wencor Group
6.14% ((1 Month USD LIBOR + 3.50%) and (Commercial Prime Lending Rate + 2.50%), Rate Floor: 3.50%) due 06/19/19		2,148,462		2,014,183
Penn Engineering & Manufacturing Corp.
5.27% (1 Month USD LIBOR + 2.75%, Rate Floor: 3.75%) due 06/27/24		1,975,000		1,902,577
Tank Holdings Corp.
5.64% ((3 Month USD LIBOR + 3.25%) and (1 Month USD LIBOR + 3.25%), Rate Floor: 4.25%) due 03/16/22		1,660,870		1,596,511
Fly Leasing Ltd.
4.60% (3 Month USD LIBOR + 2.00%, Rate Floor: 2.75%) due 02/09/23		1,491,979		1,440,998
Total Industrial				413,591,347
Technology - 15.9%
Optiv, Inc.
5.77% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 02/01/24		30,786,385		28,438,923
Misys Ltd.
6.30% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 06/13/24		28,106,745		26,119,317
Press Ganey Holdings, Inc.
5.27% (1 Month USD LIBOR + 2.75%, Rate Floor: 3.75%) due 10/23/23		26,873,883		25,765,335
LANDesk Group, Inc.
6.60% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 01/20/24		23,039,020		22,319,051
TIBCO Software, Inc.
6.01% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 12/04/20		19,009,891		18,692,996

Floating Rate Strategies Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
SENIOR FLOATING RATE INTERESTS††,7 - 85.6% (continued)
Technology - 15.9% (continued)
Seattle Spnco
5.02% (1 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 06/21/24		19,342,944	$	17,972,883
GTT Communications B.V.
3.25% (1 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 05/31/25		EUR 16,019,500		17,683,127
Planview, Inc.
7.77% (1 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 01/27/23†††,1		15,760,000		15,760,000
Peak 10 Holding Corp.
6.31% (3 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 08/01/24		17,182,500		15,578,857
Solera LLC
5.27% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 03/03/23		16,005,966		15,055,692
First Data Corp.
4.50% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 04/26/24		14,205,407		13,537,753
Evergood 4 ApS (Nets)
3.00% (3 Month EURIBOR + 3.00%, Rate Floor: 3.00%) due 02/06/25		EUR 11,950,342		13,494,562
WEX, Inc.
4.77% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 06/30/23		11,700,990		11,228,738
Vantiv LLC
4.19% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 08/09/24		11,562,625		11,066,357
Cologix Holdings, Inc.
5.52% (1 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 03/20/24		9,553,515		9,051,955
9.52% (1 Month USD LIBOR + 7.00%, Rate Floor: 8.00%) due 03/20/25		1,900,000		1,830,327
Micron Technology, Inc.
4.53% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 05/29/25		11,304,167		10,691,820
IRIS Software Group
5.23% (1 Month GBP LIBOR + 4.50%, Rate Floor: 4.50%) due 09/08/25		GBP 7,500,000		9,513,520
Greenway Health LLC
6.56% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 02/16/24		8,783,123		8,519,630
Eiger Acquisition B.V.
3.50% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 12/12/24		EUR 7,400,000		8,386,667
Informatica LLC
5.77% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 08/05/22		8,649,897		8,379,588
Cvent, Inc.
6.27% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 11/29/24		8,598,840		8,211,893
Jaggaer
6.53% ((1 Month USD LIBOR + 4.00%) and (Commercial Prime Lending Rate + 3.00%), Rate Floor: 5.00%) due 12/28/24		8,138,500		7,975,730
EIG Investors Corp.
6.44% ((3 Month USD LIBOR + 3.75%) and (1 Month USD LIBOR + 3.75%), Rate Floor: 4.75%) due 02/09/23		7,961,282		7,689,245
Park Place Technologies LLC
6.52% (1 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 03/29/25		6,801,625		6,699,601
10.52% (1 Month USD LIBOR + 8.00%, Rate Floor: 9.00%) due 03/29/26		408,434		404,349
MA Financeco LLC
4.77% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 11/19/21		6,227,938		5,916,541
Aspect Software, Inc.
13.52% (3 Month USD LIBOR + 11.00%, Rate Floor: 12.00%) due 05/25/202		6,718,039		5,575,972
Refinitiv (Financial & Risk Us Holdings, Inc.)
6.27% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 10/01/25		5,800,000		5,510,000
PISWBidCo GmbH
3.25% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 04/30/25		EUR 4,800,000		5,452,045
Epicor Software
5.78% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 06/01/22		4,980,972		4,750,602
Equian LLC
5.76% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 05/20/24		4,260,125		4,108,890

Floating Rate Strategies Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
SENIOR FLOATING RATE INTERESTS††,7 - 85.6% (continued)
Technology - 15.9% (continued)
Flexera Software LLC
5.78% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 02/26/25		3,452,146	$	3,317,512
Brave Parent Holdings, Inc.
6.52% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 04/18/25		3,241,855		3,120,285
Miami Escrow Borrower LLC
5.02% (1 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 06/21/24		2,864,244		2,661,369
Sabre GLBL, Inc.
4.52% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 02/22/24		2,345,468		2,265,324
EXC Holdings III Corp.
6.30% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 12/02/24		2,009,813		1,934,444
Targus Group International, Inc.
due 05/24/16†††,1,2,4		152,876		–
Total Technology				384,680,900
Consumer, Cyclical - 15.8%
Zephyr Bidco Ltd.
5.48% (1 Month GBP LIBOR + 4.75%, Rate Floor: 4.75%) due 07/23/25		GBP 14,265,000		17,976,508
8.23% (1 Month GBP LIBOR + 7.50%, Rate Floor: 7.50%) due 07/23/26		GBP 8,542,917		10,771,736
CD&R Firefly Bidco Ltd.
5.32% (3 Month GBP LIBOR + 4.50%, Rate Floor: 4.50%) due 06/23/25		GBP 17,450,000		21,801,099
3.50% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 06/23/25		EUR 2,500,000		2,824,567
Mavis Tire Express Services Corp.
5.75% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 03/20/25		22,965,215		22,104,019
American Tire Distributors, Inc.
10.02% (3 Month USD LIBOR + 7.50%, Rate Floor: 8.50%) due 09/01/21		16,940,254		13,749,896
11.25% (3 Month USD LIBOR + 8.75%, Rate Floor: 9.75%) due 10/05/19		3,361,909		3,345,100
Peer Holding III BV
3.25% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 03/08/25		EUR 15,075,000		16,851,456
Navistar Inc.
5.89% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 11/06/24		17,368,750		16,717,422
Crown Finance US, Inc.
5.02% (1 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 02/28/25		14,043,875		13,248,009
2.63% (1 Month EURIBOR + 2.63%, Rate Floor: 2.63%) due 02/28/25		EUR 2,863,288		3,203,030
Cartrawler
3.75% (1 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 04/29/21		EUR 14,363,130		16,334,830
Petco Animal Supplies, Inc.
5.78% (3 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 01/26/23		17,842,919		12,995,533
EG Finco Ltd.
6.81% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 02/07/25		6,500,885		6,248,975
4.00% (3 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 02/07/25		EUR 5,463,463		6,070,588
At Home Holding III Corp.
6.03% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 06/03/22		12,062,500		11,670,469
Amaya Holdings B.V.
3.75% (3 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 07/10/25		EUR 10,100,000		11,467,151
GVC Holdings plc
2.75% (6 Month EURIBOR + 2.75%, Rate Floor: 2.75%) due 03/29/24		EUR 6,350,000		7,190,773
4.53% (6 Month GBP LIBOR + 3.50%, Rate Floor: 3.50%) due 03/29/24		GBP 2,700,000		3,424,867
AI Aqua Zip Bidco Pty Ltd.
5.77% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 12/13/23		10,855,800		10,340,150
Argo Merchants
6.55% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 12/06/24		10,645,486		10,193,053
Party City Holdings, Inc.
5.03% (1 Month USD LIBOR + 2.50%, Rate Floor: 3.25%) due 08/19/22		9,961,768		9,592,385
Sapphire Bidco B.V.
3.25% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 05/05/25		EUR 8,100,000		8,979,890

Floating Rate Strategies Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
SENIOR FLOATING RATE INTERESTS††,7 - 85.6% (continued)
Consumer, Cyclical - 15.8% (continued)
Burlington Stores, Inc.
4.48% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.75%) due 11/17/24		8,693,188	$	8,432,393
Life Time Fitness, Inc.
5.46% (3 Month USD LIBOR + 2.75%, Rate Floor: 3.75%) due 06/10/22		8,746,074		8,398,680
Packers Sanitation Services, Inc.
5.43% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 12/04/24		8,628,500		8,326,502
IBC Capital Ltd.
6.55% (3 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 09/11/23		8,585,125		8,252,451
Leslie's Poolmart, Inc.
6.02% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 08/16/23		8,600,556		8,186,698
Truck Hero, Inc.
6.26% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 04/22/24		8,386,146		8,096,153
NVA Holdings, Inc
5.27% (1 Month USD LIBOR + 2.75%, Rate Floor: 3.75%) due 02/03/25		7,705,628		7,243,291
National Vision, Inc.
5.02% (1 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 11/20/24		6,927,791		6,702,638
Stars Group (Amaya)
6.30% (3 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 07/10/25		6,616,750		6,379,672
Columbus Finance, Inc.
4.75% (3 Month EURIBOR + 4.75%, Rate Floor: 4.75%) due 07/05/24		EUR 5,500,000		6,282,617
Wyndham Hotels & Resorts, Inc.
4.27% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 05/30/25		6,483,750		6,224,400
Eldorado Resorts, Inc.
4.50% (2 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 04/17/24		6,394,500		6,101,440
IRB Holding Corp.
5.68% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 02/05/25		5,800,000		5,518,700
Prime Security Services Borrower LLC
5.27% (1 Month USD LIBOR + 2.75%, Rate Floor: 3.75%) due 05/02/22		5,536,582		5,265,289
Midas Intermediate Holdco II LLC
5.56% (3 Month USD LIBOR + 2.75%, Rate Floor: 3.75%) due 08/18/21		5,211,625		4,922,797
Nellson Nutraceutical (US)
7.05% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 12/23/21		4,045,134		3,964,231
Belmond Interfin Ltd.
5.27% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 07/03/24		3,940,000		3,897,330
Belk, Inc.
7.36% (3 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 12/12/22		4,072,354		3,274,865
AMC Entertainment Holdings, Inc.
4.71% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 12/15/23		3,144,000		3,013,524
International Car Wash Group Ltd.
5.84% (3 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 10/03/24		2,912,367		2,781,311
Geo Group, Inc.
4.53% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.75%) due 03/22/24		2,505,375		2,329,999
Alexander Mann
6.23% (1 Month GBP LIBOR + 5.50%, Rate Floor: 5.50%) due 08/11/25		GBP 1,540,000		1,886,358
Total Consumer, Cyclical				382,582,845
Consumer, Non-cyclical - 13.7%
Examworks Group, Inc.
5.77% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 07/27/23		24,724,897		24,001,693
Dole Food Company, Inc.
5.25% ((1 Month USD LIBOR + 2.75%) and (3 Month USD LIBOR + 2.75%) and (Commercial Prime Lending Rate + 1.75%), Rate Floor: 3.75%) due 04/06/24		24,613,963		23,844,777
DJO Finance LLC
5.71% ((3 Month USD LIBOR + 3.25%) and (1 Month USD LIBOR + 3.25%), Rate Floor: 4.25%) due 06/08/20		21,927,250		21,609,305

Floating Rate Strategies Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
SENIOR FLOATING RATE INTERESTS††,7 - 85.6% (continued)
Consumer, Non-cyclical - 13.7% (continued)
Diamond (BC) B.V.
5.53% (3 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 09/06/24		10,840,500	$	9,973,260
3.25% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 09/06/24		EUR 9,009,000		9,919,913
Sterigenics-Norion Holdings
5.52% (1 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 05/15/22		17,172,662		16,414,146
Albertson's LLC
5.52% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.75%) due 11/17/25		10,690,000		10,115,412
5.82% (3 Month USD LIBOR + 3.00%, Rate Floor: 3.75%) due 12/21/22		6,189,986		5,931,183
Sigma Holding BV (Flora Food)
3.50% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 07/02/25		EUR 14,000,000		15,550,957
IQVIA Holdings, Inc.
4.27% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 06/11/25		15,223,500		14,662,210
Aspen Dental
5.52% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 04/30/25		15,372,750		14,578,440
Endo Luxembourg Finance Co.
6.81% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.00%) due 04/29/24		14,704,219		13,895,487
Springs Window Fashions
6.72% (1 Month USD LIBOR + 4.25%, Rate Floor: 4.25%) due 06/15/25		11,741,000		11,381,491
10.97% (1 Month USD LIBOR + 8.50%, Rate Floor: 8.50%) due 06/15/26		1,350,000		1,242,000
Chobani LLC
6.02% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 10/10/23		13,503,918		12,550,271
US Foods, Inc.
4.52% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 06/27/23		13,084,205		12,528,126
CPI Holdco LLC
6.02% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 03/21/24		10,750,947		10,441,857
Immucor, Inc.
7.80% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 06/15/21		10,391,758		10,196,913
PAREXEL International Corp.
5.27% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 09/27/24		10,480,338		9,445,404
Cidron New Bidco Ltd.
3.50% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 04/16/25		EUR 8,125,000		9,251,998
Syneos Health, Inc.
4.52% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 08/01/24		8,393,032		8,083,581
AI Aqua Zip Bidco Pty Ltd.
5.77% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 12/13/23		8,278,030		7,895,171
Smart & Final Stores LLC
6.02% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.25%) due 11/15/22		8,298,839		7,619,413
JBS USA Lux SA
5.26% ((3 Month USD LIBOR + 2.50%) and (1 Month USD LIBOR + 2.50%), Rate Floor: 3.25%) due 10/30/22		7,831,551		7,518,289
Alpha Bidco SAS
3.25% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 06/30/25		EUR 6,195,620		7,019,502
Recess Holdings, Inc.
6.41% ((3 Month USD LIBOR + 3.75%) and (1 Month USD LIBOR + 3.75%), Rate Floor: 4.75%) due 09/30/24		5,724,056		5,514,155
Avantor, Inc.
6.57% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 11/21/24		4,389,525		4,243,222
Global Healthcare Exchange LLC
6.06% (3 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 06/28/24		3,546,000		3,339,162
Cheese Bidco B.V.
3.25% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 06/30/25		EUR 2,904,380		3,290,599
CTI Foods Holding Co. LLC
6.10% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 06/29/20		3,662,453		2,722,412
due 06/28/215		7,420,000		544,109
Stratose Intermediate Holdings II LLC
5.77% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 06/22/23		3,250,500		3,189,553

Floating Rate Strategies Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
SENIOR FLOATING RATE INTERESTS††,7 - 85.6% (continued)
Consumer, Non-cyclical - 13.7% (continued)
Agiliti
3.00% (3 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 10/18/25		2,700,000	$	2,605,500
Arctic Glacier Group Holdings, Inc.
6.02% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 03/20/24		2,382,744		2,275,521
Universal Health Services, Inc.
4.27% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 10/31/25		2,200,000		2,161,500
Valeant Pharmaceuticals International, Inc.
5.38% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 06/01/25		2,189,046		2,086,292
BCPE Eagle Buyer LLC
6.77% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 03/18/24		2,122,990		1,974,381
Nellson Nutraceutical (CAD)
7.05% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 12/23/21		1,658,712		1,625,537
Acadia Healthcare Co., Inc.
5.02% (1 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 02/16/23		1,278,318		1,230,777
Catalent Pharma Solutions, Inc.
4.77% (1 Month USD LIBOR + 2.25%, Rate Floor: 3.25%) due 05/20/24		641,785		621,729
Jacobs Douwe Egberts
4.56% (3 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 11/01/25		588,495		572,311
Total Consumer, Non-cyclical				333,667,559
Communications - 10.2%
SFR Group S.A.
6.14% (1 Month USD LIBOR + 3.69%, Rate Floor: 3.69%) due 01/31/26		29,329,864		27,159,454
Cengage Learning Acquisitions, Inc.
6.75% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 06/07/23		24,758,699		21,137,740
CSC Holdings, LLC
4.71% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 07/17/25		21,436,062		20,289,232
Sprint Communications, Inc.
5.06% (1 Month USD LIBOR + 2.50%, Rate Floor: 3.25%) due 02/02/24		20,710,427		19,657,716
Mcgraw-Hill Global Education Holdings LLC
6.52% (1 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 05/04/22		21,035,624		18,938,582
Internet Brands, Inc.
6.25% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 09/13/24		16,567,193		15,676,707
Market Track LLC
6.87% (2 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 06/05/24		13,676,875		12,993,031
Radiate HoldCo LLC
5.52% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.75%) due 02/01/24		13,053,249		12,284,283
Authentic Brands
6.02% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 09/27/24		11,899,375		11,304,406
WMG Acquisition Corp.
4.65% (1 Month USD LIBOR + 2.13%, Rate Floor: 2.13%) due 11/01/23		11,662,894		11,205,126
Ziggo Secured Finance BV
4.96% (1 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 04/15/25		11,275,000		10,598,500
Imagine Print Solutions LLC
7.28% (1 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 06/21/22		10,561,875		10,139,400
Charter Communications Operating, LLC
4.53% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 04/30/25		10,444,500		9,988,911
Houghton Mifflin Co.
5.52% (1 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 05/28/21		10,520,937		9,508,297
Virgin Media Bristol LLC
4.96% (1 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 01/15/26		10,000,000		9,448,800
Trader Corp.
5.51% (1 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 09/28/23		9,052,876		8,668,129
Telenet Financing USD LLC
4.71% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 08/15/26		7,070,000		6,711,692
GTT Communications, Inc.
5.27% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 05/31/25		6,268,500		5,887,187

Floating Rate Strategies Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
SENIOR FLOATING RATE INTERESTS††,7 - 85.6% (continued)
Communications - 10.2% (continued)
Level 3 Financing, Inc.
4.75% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 02/22/24		4,450,000	$	4,216,375
Match Group, Inc.
5.09% (2 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 11/16/22		2,471,875		2,447,156
SFR Group SA
5.27% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 07/31/25		493,916		450,945
Total Communications				248,711,669
Financial - 7.3%
National Financial Partners Corp.
5.52% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 01/08/24		26,937,406		25,422,177
Amwins Group LLC
5.24% (1 Month USD LIBOR + 2.75%, Rate Floor: 3.75%) due 01/25/24		26,045,832		24,841,213
AlixPartners, LLP
5.27% (1 Month USD LIBOR + 2.75%, Rate Floor: 3.75%) due 04/04/24		24,936,548		23,903,427
Alliant Holdings Intermediate LLC
5.21% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 05/09/25		18,132,744		17,100,266
HUB International Ltd.
5.24% (3 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 04/25/25		17,014,500		16,030,892
LPL Holdings, Inc.
4.73% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 09/23/24		16,000,000		15,370,080
Delos Finance S.A.R.L (International Lease Finance)
4.55% (3 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 10/06/23		11,250,000		10,918,125
Aretec Group, Inc.
6.77% (1 Month USD LIBOR + 4.25%, Rate Floor: 4.25%) due 10/01/25		7,850,000		7,621,015
HarbourVest Partners LP
4.69% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 03/03/25		7,503,049		7,268,579
Camelia Bidco Banc Civica
5.66% (3 Month GBP LIBOR + 4.75%, Rate Floor: 4.75%) due 10/14/24		GBP 5,600,000		7,085,580
USI, Inc.
5.80% (3 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 05/16/24		7,064,575		6,649,531
PSS Companies
7.30% (3 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 01/28/20		5,477,513		5,340,575
Jefferies Finance LLC
4.94% (3 Month USD LIBOR + 2.50%, Rate Floor: 3.50%) due 08/02/24		5,431,250		5,309,047
Advisor Group, Inc.
6.27% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 08/15/25		3,192,000		3,128,160
Total Financial				175,988,667
Basic Materials - 4.1%
Alpha 3 B.V.
5.80% (3 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 01/31/24		25,653,296		24,332,151
PQ Corp.
5.03% (3 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 02/08/25		17,617,548		16,648,583
GrafTech Finance, Inc.
6.02% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 02/12/25		17,540,250		16,575,536
Messer Industries USA, Inc.
2.50% (3 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 09/27/25		12,075,000		11,431,040
2.75% (3 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 09/27/25		EUR 2,000,000		2,261,190
LTI Holdings, Inc.
6.02% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 09/06/25		9,127,125		8,571,922
Arch Coal, Inc.
5.27% (1 Month USD LIBOR + 2.75%, Rate Floor: 3.75%) due 03/07/24		6,750,098		6,547,595
PMHC II, Inc. (Prince)
6.16% ((6 Month USD LIBOR + 3.50%) and (1 Month USD LIBOR + 3.50%) and (12 Month USD Libor + 3.50%), Rate Floor: 4.50%) due 03/29/25		5,329,725		4,850,050
HB Fuller Co.
4.47% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 10/20/24		4,156,643		3,901,010
Platform Specialty Products
5.02% (1 Month USD LIBOR + 2.50%, Rate Floor: 3.50%) due 06/07/20		1,746,624		1,737,350

Floating Rate Strategies Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
SENIOR FLOATING RATE INTERESTS††,7 - 85.6% (continued)
Basic Materials - 4.1% (continued)
Pregis Holding I Corp.
6.31% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 05/20/21		1,342,734	$	1,262,170
Minerals Technologies, Inc.
4.80% ((1 Month USD LIBOR + 2.25%) and (3 Month USD LIBOR + 2.25%), Rate Floor: 3.00%) due 02/14/24		768,283		743,314
Total Basic Materials				98,861,911
Energy - 1.4%
Ultra Petroleum, Inc.
6.47% (3 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 04/12/24		16,726,793		14,865,938
Penn Virginia Holding Corp.
9.53% (1 Month USD LIBOR + 7.00%, Rate Floor: 8.00%) due 09/29/22		10,890,000		10,781,100
Permian Production Partners
8.51% (3 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 05/20/24		8,580,000		8,322,600
Summit Midstream Partners, LP
8.52% (1 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 05/13/22		755,833		738,827
Total Energy				34,708,465
Utilities - 0.2%
Helix Gen Funding LLC
6.27% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 06/03/24		5,655,519		5,279,088
Total Senior Floating Rate Interests
(Cost $2,204,413,807)				2,078,072,451

CORPORATE BONDS†† - 4.6%
Energy - 1.2%
Sabine Pass Liquefaction LLC
5.63% due 02/01/215	5,500,000	5,666,804
5.63% due 04/15/235	4,200,000	4,425,040
CNX Resources Corp.
5.88% due 04/15/225	6,750,000	6,480,000
Unit Corp.
6.63% due 05/15/215	4,000,000	3,640,000
Moss Creek Resources Holdings, Inc.
7.50% due 01/15/265,6	4,000,000	3,460,000
Cheniere Corpus Christi Holdings LLC
5.88% due 03/31/25	3,200,000	3,184,000
American Midstream Partners Limited Partnership / American Midstream Finance Corp.
9.50% due 12/15/215,6	1,268,000	1,191,920
Total Energy		28,047,764
Financial - 1.1%
Nexi Capital SpA
3.63% due 05/01/23	EUR 15,000,000	16,973,187
Icahn Enterprises, LP / Icahn Enterprises Finance Corp.
5.88% due 02/01/225	5,000,000	4,900,000
Kennedy-Wilson, Inc.
5.88% due 04/01/245	2,796,000	2,614,260
Icahn Enterprises Limited Partnership / Icahn Enterprises Finance Corp.
6.00% due 08/01/205	1,700,000	1,697,875
Jefferies Finance LLC / JFIN Company-Issuer Corp.
7.38% due 04/01/205,6	1,050,000	1,047,375
Total Financial		27,232,697
Communications - 1.0%
DISH DBS Corp.
7.75% due 07/01/265	10,700,000	8,854,250
Ziggo BV
5.50% due 01/15/275,6	5,000,000	4,475,000
Midcontinent Communications / Midcontinent Finance Corp.
6.87% due 08/15/235,6	4,000,000	4,100,000
Anixter, Inc.
5.50% due 03/01/235	3,000,000	2,992,500
Inmarsat Finance plc
4.88% due 05/15/225,6	3,095,000	2,918,276
MDC Partners, Inc.
6.50% due 05/01/245,6	1,700,000	1,547,000
Total Communications		24,887,026
Industrial - 0.6%
Reynolds Group Issuer Incorporated / Reynolds Group Issuer LLC / Reynolds Group Issuer Luxemburg
5.85% (3 Month USD LIBOR + 3.50%) due 07/15/215,6,7	7,500,000	7,471,875
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc.
4.62% due 05/15/235,6	2,100,000	2,005,500
4.25% due 09/15/225,6	1,500,000	1,428,750
Novelis Corp.
6.25% due 08/15/245,6	3,000,000	2,820,000
Grinding Media Inc. / MC Grinding Media Canada Inc.
7.38% due 12/15/235,6	750,000	725,625
Total Industrial		14,451,750
Consumer, Non-cyclical - 0.4%
Nathan's Famous, Inc.
6.63% due 11/01/256	4,275,000	4,157,437

Floating Rate Strategies Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
CORPORATE BONDS†† - 4.6% (continued)
Consumer, Non-cyclical - 0.4% (continued)
ServiceMaster Co. LLC
5.12% due 11/15/245,6		4,000,000	$	3,780,000
HCA, Inc.
4.50% due 02/15/275		1,500,000		1,417,500
Total Consumer, Non-cyclical				9,354,937
Utilities - 0.1%
AES Corp.
6.00% due 05/15/265		2,000,000		2,030,000
5.50% due 04/15/255		1,059,000		1,051,057
LBC Tank Terminals Holding Netherlands BV
6.88% due 05/15/235,8		630,000		560,700
Total Utilities				3,641,757
Technology - 0.1%
NCR Corp.
5.87% due 12/15/215		1,450,000		1,413,750
6.37% due 12/15/235		800,000		775,200
Total Technology				2,188,950
Consumer, Cyclical - 0.1%
Lennar Corp.
4.12% due 01/15/225		1,500,000		1,440,000
Basic Materials - 0.0%
Mirabela Nickel Ltd.
9.50% due 06/24/19 4,8		1,279,819		393,544
Eldorado Gold Corp.
6.13% due 12/15/205,6		265,000		241,150
Total Basic Materials				634,694
Total Corporate Bonds
(Cost $119,564,426)				111,879,575

ASSET-BACKED SECURITIES†† - 1.4%
Collateralized Loan Obligations - 1.4%
Cerberus Loan Funding XVII Ltd.
2016-3A, 4.88% (3 Month USD LIBOR + 2.53%, Rate Floor: 0.00%) due 01/15/286,7	5,000,000	4,965,717
OHA Credit Partners IX Ltd.
2013-9A, due 10/20/256,9	6,000,000	4,845,686
Fortress Credit Opportunities VII CLO Ltd.
2016-7A, 5.07% (3 Month USD LIBOR + 2.95%, Rate Floor: 0.00%) due 12/15/286,7	3,930,000	3,924,729
Jamestown CLO V Ltd.
2014-5A, 7.45% (3 Month USD LIBOR + 5.10%, Rate Floor: 0.00%) due 01/17/276,7	4,000,000	3,509,416
Avery Point II CLO Ltd.
2013-3X COM, due 01/18/259	4,300,020	3,250,650
ABPCI Direct Lending Fund CLO I LLC
2016-1A, 4.44% (3 Month USD LIBOR + 2.70%, Rate Floor: 0.00%) due 12/22/286,7	3,000,000	3,000,168
Halcyon Loan Advisors Funding Ltd.
2012-1A, 4.84% (3 Month USD LIBOR + 3.00%, Rate Floor: 0.00%) due 08/15/236,7	2,600,000	2,600,247
Treman Park CLO Ltd.
2015-1A, due 10/20/286,9	3,000,000	2,547,901
Ares XXXIII CLO Ltd.
2016-1A, 4.82% (3 Month USD LIBOR + 2.80%, Rate Floor: 0.00%) due 12/05/256,7	2,500,000	2,489,242
Octagon Loan Funding Ltd.
2014-1A, due 11/18/316,9	2,071,948	1,129,371
Newstar Commercial Loan Funding LLC
2017-1A, 5.13% (3 Month USD LIBOR + 3.50%, Rate Floor: 0.00%) due 03/20/276,7	1,000,000	995,132
ACIS CLO Ltd.
2015-6A, 5.91% (3 Month USD LIBOR + 3.37%, Rate Floor: 0.00%) due 05/01/276,7	1,000,000	983,678
Ares XXVI CLO Ltd.
2013-1A, due 04/15/256,9	1,250,000	10,105
Total Collateralized Loan Obligations		34,252,042
Collateralized Debt Obligations - 0.0%
N-Star REL CDO VIII Ltd.
2006-8A, 2.71% (1 Month USD LIBOR + 0.36%, Rate Floor: 0.36%) due 02/01/416,7	724,597	720,575
Transport-Aircraft - 0.0%
Airplanes Pass Through Trust
2001-1A, 2.71% (1 Month USD LIBOR + 0.55%, Rate Floor: 0.55%) due 03/15/197,8	896,492	22,243
Total Asset-Backed Securities
(Cost $37,036,884)		34,994,860

Floating Rate Strategies Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 1.1%
Residential Mortgage Backed Securities - 1.1%
RALI Series Trust
2006-QO6, 2.69% (1 Month USD LIBOR + 0.18%, Rate Floor: 0.18%) due 06/25/467		12,943,587	$	5,154,682
2006-QO2, 2.12% (1 Month USD LIBOR + 0.22%, Rate Floor: 0.22%) due 02/25/467		7,739,578		3,074,090
Washington Mutual Mortgage Pass-Through Certificates Trust
2007-OA6, 2.09% (1 Year CMT Rate + 0.81%, Rate Floor: 0.81%) due 07/25/477		4,241,187		3,831,911
American Home Mortgage Assets Trust
2006-4, 2.08% (1 Month USD LIBOR + 0.21%, Rate Floor: 0.21%) due 10/25/467		3,861,688		2,748,427
Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust
2006-AR9, 3.00% (1 Year CMT Rate + 0.84%, Rate Floor: 0.84%) due 11/25/467		3,100,125		2,715,026
Lehman XS Trust Series
2006-16N, 2.08% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 11/25/467		2,341,032		2,175,283
Wachovia Asset Securitization Issuance II LLC Trust
2007-HE1, 2.04% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 07/25/376,7		2,151,276		2,046,245
Nomura Resecuritization Trust
2015-4R, 4.99% (1 Month USD LIBOR + 0.43%, Rate Floor: 0.43%) due 03/26/366,7		1,749,808		1,693,090
Merrill Lynch Alternative Note Asset Trust Series
2007-OAR3, 2.06% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 07/25/477		1,457,472		1,342,479
Morgan Stanley Re-REMIC Trust
2010-R5, 3.72% due 06/26/366		701,435		638,810
Alliance Bancorp Trust
2007-OA1, 2.14% (1 Month USD LIBOR + 0.24%, Rate Floor: 0.24%) due 07/25/377		639,738		562,088
GSAA Home Equity Trust
2007-7, 2.17% (1 Month USD LIBOR + 0.27%) due 07/25/377		557,289		529,459
New Century Home Equity Loan Trust
2004-4, 2.67% (1 Month USD LIBOR + 0.80%, Rate Cap/Floor: 12.50%/0.53%) due 02/25/357		271,874		262,924
Total Residential Mortgage Backed Securities				26,774,514
Total Collateralized Mortgage Obligations
(Cost $26,283,730)				26,774,514
Total Investments - 103.6%
(Cost $2,651,317,413)			$	2,515,458,711
Other Assets & Liabilities, net - (3.6)%				(87,589,969	)
Total Net Assets - 100.0%			$	2,427,868,742

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS††
Counterparty	Contracts to Sell	Currency	Settlement Date		Settlement Value		Value at December 31, 2018		Unrealized Appreciation (Depreciation)
Barclays	60,745,000	GBP	01/14/19	$	76,452,139	$	77,485,872	$	(1,033,733	)
Morgan Stanley	200,410,000	EUR	01/14/19		228,451,367		229,869,823		(1,418,456	)
								$	(2,452,189	)
Counterparty	Contracts to Buy	Currency	Settlement Date		Settlement Value		Value at December 31, 2018		Unrealized Appreciation (Depreciation)
Citigroup	6,255,000	EUR	01/14/19	$	7,121,361	$	7,174,471	$	53,110
Morgan Stanley	160,000	GBP	01/14/19		202,522		204,095		1,573
JPMorgan Chase & Co.	95,000	EUR	01/14/19		107,899		108,965		1,066
								$	55,749

Floating Rate Strategies Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

~	The face amount is denominated in U.S. dollars unless otherwise indicated.
*	Non-income producing security.
†	Value determined based on Level 1 inputs, unless otherwise noted — See Note 3.
††	Value determined based on Level 2 inputs, unless otherwise noted — See Note 3.
†††	Value determined based on Level 3 inputs — See Note 3.
1	Security was fair valued by the Valuation Committee at December 31, 2018. The total market value of fair valued securities amounts to $16,271,076, (cost $16,237,488) or 0.7% of total net assets.
2	Affiliated issuer.
3	Rate indicated is the 7-day yield as of December 31, 2018.
4	Security is in default of interest and/or principal obligations.
5	All or a portion of this security is pledged as reverse repurchase agreements collateral at December 31, 2018. At December 31, 2018, the total market value of the pledged securities was $87,171,407.
6	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $77,470,020 (cost $80,097,558), or 3.2% of total net assets.
7	Variable rate security. Rate indicated is the rate effective at December 31, 2018. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
8	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be illiquid and restricted under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) illiquid and restricted securities is $976,487 (cost $2,526,699), or less than 0.1% of total net assets — See Note 6.
9	Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates.

CMT — Constant Maturity Treasury

EUR — Euro

EURIBOR — European Interbank Offered Rate

GBP — British Pound

LIBOR — London Interbank Offered Rate

plc — Public Limited Company

USD — United States Dollar

WAC — Weighted Average Coupon

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2018 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Total
Common Stocks	$	3,033	$	—	$	32,974		$	36,007
Warrant		—		—		—	*		—
Money Market Fund		263,701,304		—		—			263,701,304
Senior Floating Rate Interests		—		2,061,834,349		16,238,102			2,078,072,451
Corporate Bonds		—		111,879,575		—			111,879,575
Asset-Backed Securities		—		34,994,860		—			34,994,860
Collateralized Mortgage Obligations		—		26,774,514		—			26,774,514
Forward Foreign Currency Exchange Contracts**		—		55,749		—			55,749
Total Assets	$	263,704,337	$	2,235,539,047	$	16,271,076		$	2,515,514,460

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Forward Foreign Currency Exchange Contracts**	$	—	$	2,452,189	$	—	$	2,452,189
Unfunded Loan Commitments (Note 5)		—		1,099,012		—		1,099,012
Total Liabilities	$	—	$	3,551,201	$	—	$	3,551,201

*	Security has a market value less than $1.
**	This derivative is reported as unrealized appreciation/depreciation at period end.

Floating Rate Strategies Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of the period end, reverse repurchase agreements of $74,302,324 are categorized as Level 2 within the disclosure hierarchy.

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the current fiscal period.

For the period ended December 31, 2018, there were no transfers between levels.

Affiliated Transactions

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Cash Management Funds”), each of which are open-end management investment companies managed by GI. The Cash Management Funds, which launched on March 11, 2014, are offered as cash management options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Cash Management Funds pay no investment management fees. The Cash Management Funds’ annual report on Form N-CSR dated September 30, 2018, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000089180418000513/gug75569-ncsr.htm.

Transactions during the period ended December 31, 2018, in which the company is an "affiliated person", were as follows:

Security Name	Value 09/30/18		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 12/31/18			Shares/Face Amount 12/31/18		Investment Income		Capital Gain Distributions
Common Stocks
Aspect Software Parent, Inc.*,1	$	—**	$	–	$	–		$	–		$	—		$	—	**		758	$	–	$	–
Targus Group International, Inc *,1		33,063		–		–			–			(89	)		32,974			12,773		–		–
Warrants
Aspect Software, Inc.*,1		—**		–		–			–			—			—**			604,850		–		–
Mutual Funds
Guggenheim Strategy Fund II		7,554,385		61,982		(7,573,814	)		309			(42,862	)		–			–		58,319		4,053
Guggenheim Strategy Fund III		7,587,154		64,097		(7,593,287	)		(66,940	)		8,976			–			–		64,714		284
Guggenheim Ultra Short Duration Fund4		8,665,910		70,076		(8,689,421	)		845			(47,410	)		–			–		63,762		6,314
Senior Floating Rate Interests
Aspect Software, Inc. 13.52% (3 Month USD LIBOR + 11.00%, Rate Floor: 12.00%) due 05/25/202		5,601,165		–		–			–			(25,193	)		5,575,972			6,718,039		143,833		–
Targus Group International, Inc. due 05/24/161,2,3		–**		–		–			–			-			-	**		152,876		–		–
	$	29,441,677	$	196,155	$	(23,856,522	)	$	(65,786	)	$	(106,578	)	$	5,608,946				$	330,628	$	10,651

*	Non-income producing security.
**	Security has a market value less than $1.

1	Security was fair valued by the Valuation Committee at December 31, 2018. The total market value of fair valued securities amounts to $32,974, (cost $161,565) or less than 0.1% of total net assets.
2	Variable rate security. Rate indicated is the rate effective at December 31, 2018. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
3	Security is in default of interest and/or principal obligations.
4	Effective November 30, 2018, Guggenheim Strategy Fund I was reorganized with and into the Guggenheim Ultra Short Duration Fund.

High Yield Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Shares		Value
COMMON STOCKS† - 0.6%
Utilities - 0.3%
TexGen Power LLC*,††		26,665	$	1,026,603
Consumer, Cyclical - 0.2%
Metro-Goldwyn-Mayer, Inc.*,††		7,040		567,896
Energy - 0.1%
SandRidge Energy, Inc.*		51,278		390,225
Approach Resources, Inc.*		26,183		22,832
Titan Energy LLC*		17,186		5,156
Total Energy				418,213
Consumer, Non-cyclical - 0.0%
Targus Group International Equity, Inc.*,†††,1,2		12,825		33,107
Crimson Wine Group Ltd.*		8		63
Total Consumer, Non-cyclical				33,170
Communications - 0.0%
Cengage Learning Acquisitions, Inc.*,††		2,107		9,481
Financial - 0.0%
Jefferies Financial Group, Inc.		81		1,406
Technology – 0.0%
Aspect Software, Inc.*,†††,1,2		138		–
Total Common Stocks
(Cost $4,773,578)				2,056,769

PREFERRED STOCKS†† - 0.6%
Financial - 0.3%
Morgan Stanley 6.38%3,4	46,000	1,160,580
Industrial - 0.2%
Seapan Corp. 6.38% due 04/30/19	20,980	531,004
U.S. Shipping Corp.*,†††,1	14,718	–
Total Industrial		531,004
Communications - 0.1%
MediaNews Group, Inc.*,†††,1	11,074	515,827
Total Preferred Stocks
(Cost $2,213,132)		2,207,411

WARRANTS†† - 0.0%
SandRidge Energy, Inc.
$41.34, 10/04/22	488	49
SandRidge Energy, Inc.
$42.03, 10/04/22	205	20
Aspect Software, Inc.†††,1,2	58,710	–
Total Warrants
(Cost $43,811)		69

MONEY MARKET FUND† - 1.0%
Dreyfus Treasury Securities Cash Management - Institutional Shares 2.20%5	3,544,182	3,544,182
Total Money Market Fund
(Cost $3,544,182)		3,544,182

	Face Amount~
CORPORATE BONDS†† - 81.3%
Financial - 17.7%
Jefferies Finance LLC / JFIN Company-Issuer Corp.
6.88% due 04/15/226		3,865,000	3,758,713
7.25% due 08/15/246		2,500,000	2,312,500
7.50% due 04/15/216		850,000	847,875
Fidelity & Guaranty Life Holdings, Inc.
5.50% due 05/01/256		5,400,000	5,158,620
Icahn Enterprises, LP / Icahn Enterprises Finance Corp.
5.88% due 02/01/227		4,225,000	4,140,500
Quicken Loans, Inc.
5.25% due 01/15/286		4,350,000	3,849,750
Lincoln Finance Ltd.
7.38% due 04/15/216		3,560,000	3,604,500
Hunt Companies, Inc.
6.25% due 02/15/266		4,025,000	3,438,960
LoanCore Capital Markets LLC / JLC Finance Corp.
6.88% due 06/01/206		3,350,000	3,350,000
Newmark Group, Inc.
6.13% due 11/15/236		2,800,000	2,757,109
GEO Group, Inc.
5.88% due 10/15/24		2,000,000	1,765,000
6.00% due 04/15/26		1,050,000	921,375
Citigroup, Inc.
6.25%3,4		1,900,000	1,819,630
5.95%3,4		850,000	769,250
Greystar Real Estate Partners LLC
5.75% due 12/01/256		2,550,000	2,492,625
CoreCivic, Inc.
4.75% due 10/15/27		2,700,000	2,234,250
American Equity Investment Life Holding Co.
5.00% due 06/15/27		2,200,000	2,144,900
AmWINS Group, Inc.
7.75% due 07/01/266		2,200,000	2,079,000
Kennedy-Wilson, Inc.
5.88% due 04/01/24		1,957,000	1,829,795
Oxford Finance LLC / Oxford Finance Company-Issuer II, Inc.
6.38% due 12/15/226		1,850,000	1,822,250
JPMorgan Chase & Co.
6.13%3,4		1,250,000	1,240,625
6.00%3,4		500,000	488,750
HUB International Ltd.
7.00% due 05/01/266		1,850,000	1,669,625
Springleaf Finance Corp.
7.13% due 03/15/26		1,250,000	1,115,625
NFP Corp.
6.88% due 07/15/256		1,150,000	1,029,250
USIS Merger Sub, Inc.
6.88% due 05/01/256		1,100,000	1,009,910
Goldman Sachs Group, Inc.
5.30% 3,4		1,100,000	984,500
Assurant, Inc.
7.00% due 03/27/484		950,000	902,500
Wilton Re Finance LLC
5.88% due 03/30/334,6		650,000	676,687

High Yield Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
CORPORATE BONDS†† - 81.3% (continued)
Financial - 17.7% (continued)
Hospitality Properties Trust
4.95% due 02/15/27		500,000	$	489,937
EPR Properties
5.75% due 08/15/22		450,000		471,796
Wells Fargo & Co.
5.90% 3,4		250,000		238,187
Total Financial				61,413,994
Communications - 14.2%
Altice France S.A.
7.38% due 05/01/266		4,850,000		4,449,875
8.13% due 02/01/276		1,600,000		1,508,000
EIG Investors Corp.
10.88% due 02/01/24		5,500,000		5,885,000
MDC Partners, Inc.
6.50% due 05/01/246,7		5,855,000		5,328,050
Cengage Learning, Inc.
9.50% due 06/15/246		7,100,000		4,828,000
Level 3 Financing, Inc.
5.38% due 01/15/247		1,700,000		1,619,250
5.38% due 08/15/22		900,000		882,432
5.25% due 03/15/26		950,000		869,250
5.63% due 02/01/23		874,000		858,705
McGraw-Hill Global Education Holdings LLC / McGraw-Hill Global Education Finance
7.88% due 05/15/246		5,234,000		4,082,520
Inmarsat Finance plc
4.88% due 05/15/226		2,895,000		2,729,695
6.50% due 10/01/246		715,000		668,525
DISH DBS Corp.
5.88% due 11/15/247		3,350,000		2,696,750
7.75% due 07/01/26		560,000		463,400
Virgin Media Secured Finance plc
5.00% due 04/15/27		GBP 2,175,000		2,619,694
5.25% due 01/15/266		250,000		229,063
CCO Holdings LLC / CCO Holdings Capital Corp.
5.00% due 02/01/286		1,600,000		1,472,000
5.13% due 05/01/276		1,000,000		931,400
CSC Holdings LLC
5.25% due 06/01/24		2,050,000		1,878,312
5.50% due 04/15/276		550,000		511,500
Ziggo BV
5.50% due 01/15/276		1,900,000		1,700,500
Altice Financing S.A.
6.63% due 02/15/236,7		1,700,000		1,632,000
Anixter, Inc.
6.00% due 12/01/256		1,400,000		1,389,500
Total Communications				49,233,421
Energy - 12.1%
American Midstream Partners Limited Partnership / American Midstream Finance Corp.
9.50% due 12/15/216		6,240,000		5,865,600
Unit Corp.
6.63% due 05/15/21		6,054,000		5,509,140
Indigo Natural Resources LLC
6.88% due 02/15/266		5,450,000		4,687,000
Exterran Energy Solutions Limited Partnership / EES Finance Corp.
8.13% due 05/01/25		4,417,000		4,240,320
Moss Creek Resources Holdings, Inc.
7.50% due 01/15/266		4,250,000		3,676,250
CNX Resources Corp.
5.88% due 04/15/22		2,150,000		2,064,000
Parkland Fuel Corp.
6.00% due 04/01/266		2,100,000		1,968,750
PDC Energy, Inc.
5.75% due 05/15/26		1,325,000		1,179,250
6.13% due 09/15/24		850,000		786,250
Covey Park Energy LLC / Covey Park Finance Corp.
7.50% due 05/15/256		2,199,000		1,891,140
Summit Midstream Holdings LLC / Summit Midstream Finance Corp.
5.75% due 04/15/25		1,900,000		1,748,000
Pattern Energy Group, Inc.
5.88% due 02/01/246		1,275,000		1,230,375
SRC Energy, Inc.
6.25% due 12/01/25		1,375,000		1,141,250
Bruin E&P Partners LLC
8.88% due 08/01/236		1,250,000		1,112,500
Trinidad Drilling Ltd.
6.63% due 02/15/256		1,075,000		1,084,138
Basic Energy Services, Inc.
10.75% due 10/15/236		1,225,000		1,047,375
Range Resources Corp.
5.00% due 03/15/23		1,100,000		968,000
Murphy Oil USA, Inc.
5.63% due 05/01/27		1,000,000		960,000
NuStar Logistics, LP
5.63% due 04/28/27		550,000		512,875
Legacy Reserves Limited Partnership / Legacy Reserves Finance Corp.
8.00% due 09/20/23		1,017,000		401,715
SandRidge Energy, Inc.
7.50% due 03/15/21†††,1		250,000		–
Total Energy				42,073,928
Consumer, Cyclical - 10.9%
Suburban Propane Partners Limited Partnership/Suburban Energy Finance Corp.
5.50% due 06/01/24		1,575,000		1,464,750
5.88% due 03/01/27		1,575,000		1,393,875
5.75% due 03/01/25		1,350,000		1,235,250
Seminole Hard Rock Entertainment Inc. / Seminole Hard Rock International LLC
5.88% due 05/15/216		3,993,000		3,983,018
Williams Scotsman International, Inc.
6.88% due 08/15/236		1,950,000		1,872,000
7.88% due 12/15/226		1,650,000		1,612,875

High Yield Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
CORPORATE BONDS†† - 81.3% (continued)
Consumer, Cyclical - 10.9% (continued)
AMC Entertainment Holdings, Inc.
6.13% due 05/15/277		3,150,000	$	2,693,250
5.88% due 11/15/267		500,000		428,750
Ferrellgas Limited Partnership / Ferrellgas Finance Corp.
6.75% due 01/15/227		3,293,000		2,683,795
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.
5.50% due 03/01/256		2,500,000		2,331,250
Carrols Restaurant Group, Inc.
8.00% due 05/01/22		2,000,000		2,005,000
Titan International, Inc.
6.50% due 11/30/23		2,150,000		1,924,250
Delphi Technologies plc
5.00% due 10/01/256		2,080,000		1,747,200
HD Supply, Inc.
5.38% due 10/15/266		1,800,000		1,746,000
JB Poindexter & Company, Inc.
7.13% due 04/15/266		1,675,000		1,566,125
MGM Resorts International
5.25% due 03/31/20		1,525,000		1,528,812
VOC Escrow Ltd.
5.00% due 02/15/286		1,475,000		1,360,687
Sabre GLBL, Inc.
5.38% due 04/15/236		1,150,000		1,144,250
Party City Holdings, Inc.
6.63% due 08/01/266		1,250,000		1,137,500
Wyndham Hotels & Resorts, Inc.
5.38% due 04/15/266		975,000		936,000
Wabash National Corp.
5.50% due 10/01/256		875,000		749,219
Eldorado Resorts, Inc.
6.00% due 09/15/266		750,000		708,750
Allison Transmission, Inc.
4.75% due 10/01/276		600,000		534,000
TVL Finance PLC
8.50% due 05/15/23		GBP 320,000		418,010
QVC, Inc.
4.85% due 04/01/24		400,000		386,537
American Tire Distributors, Inc.
10.25% due 03/01/226,8		2,375,000		356,250
Total Consumer, Cyclical				37,947,403
Consumer, Non-cyclical - 9.4%
Bausch Health Companies, Inc.
7.00% due 03/15/246,7		5,575,000		5,630,750
6.50% due 03/15/226		1,000,000		1,005,000
Vector Group Ltd.
6.13% due 02/01/256		7,335,000		6,234,750
Midas Intermediate Holdco II LLC / Midas Intermediate Holdco II Finance, Inc.
7.88% due 10/01/226		4,927,000		4,483,570
FAGE International S.A. / FAGE USA Dairy Industry, Inc.
5.63% due 08/15/266		4,265,000		3,646,575
Nathan's Famous, Inc.
6.63% due 11/01/256		3,050,000		2,966,125
Beverages & More, Inc.
11.50% due 06/15/226		2,400,000		1,848,000
Endo Dac / Endo Finance LLC / Endo Finco, Inc.
5.88% due 10/15/246		1,918,000		1,812,510
Endo Finance LLC / Endo Finco, Inc.
5.38% due 01/15/236		1,950,000		1,482,000
KeHE Distributors LLC / KeHE Finance Corp.
7.63% due 08/15/219		1,470,000		1,396,500
Flexi-Van Leasing, Inc.
10.00% due 02/15/236		1,375,000		1,113,750
Tenet Healthcare Corp.
6.00% due 10/01/20		700,000		708,750
DaVita, Inc.
5.00% due 05/01/25		450,000		408,375
Total Consumer, Non-cyclical				32,736,655
Industrial - 7.5%
Great Lakes Dredge & Dock Corp.
8.00% due 05/15/22		5,701,000		5,793,641
Grinding Media Inc. / MC Grinding Media Canada Inc.
7.38% due 12/15/236		5,150,000		4,982,625
Cleaver-Brooks, Inc.
7.88% due 03/01/236		2,775,000		2,677,875
Standard Industries, Inc.
4.75% due 01/15/286,7		2,595,000		2,179,800
Yamana Gold, Inc.
4.95% due 07/15/24		1,625,000		1,589,657
4.63% due 12/15/27		300,000		278,583
Intertape Polymer Group, Inc.
7.00% due 10/15/266		1,800,000		1,777,500
Masonite International Corp.
5.75% due 09/15/266		1,600,000		1,508,000
Summit Materials LLC / Summit Materials Finance Corp.
8.50% due 04/15/22		1,305,000		1,363,725
JELD-WEN, Inc.
4.88% due 12/15/276		1,500,000		1,267,500
Resideo Funding, Inc.
6.13% due 11/01/266		1,050,000		1,034,250
New Enterprise Stone & Lime Company, Inc.
6.25% due 03/15/266		1,025,000		932,750
Amsted Industries, Inc.
5.00% due 03/15/226		500,000		486,250
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc.
7.25% due 05/15/246		375,000		374,063
Total Industrial				26,246,219
Utilities - 5.6%
LBC Tank Terminals Holding Netherlands BV
6.88% due 05/15/237,9		8,315,000		7,400,350

High Yield Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
CORPORATE BONDS†† - 81.3% (continued)
Utilities - 5.6% (continued)
Terraform Global Operating LLC
6.13% due 03/01/266		4,200,000	$	3,906,000
AmeriGas Partners Limited Partnership / AmeriGas Finance Corp.
5.50% due 05/20/25		2,850,000		2,607,750
Clearway Energy Operating LLC
5.75% due 10/15/256		1,950,000		1,862,250
Superior Plus Limited Partnership / Superior General Partner, Inc.
7.00% due 07/15/266		1,350,000		1,302,750
AmeriGas Partners, LP / AmeriGas Finance Corp.
5.75% due 05/20/27		1,450,000		1,283,250
DPL, Inc.
7.25% due 10/15/21		1,050,000		1,097,124
Total Utilities				19,459,474
Basic Materials - 2.4%
Eldorado Gold Corp.
6.13% due 12/15/206		6,960,000		6,333,600
Alcoa Nederland Holding BV
6.13% due 05/15/286		900,000		861,750
Valvoline, Inc.
5.50% due 07/15/24		700,000		684,250
Clearwater Paper Corp.
4.50% due 02/01/23		595,000		535,500
Mirabela Nickel Ltd.
9.50% due 06/24/19 8,9		278,115		85,520
Total Basic Materials				8,500,620
Technology - 1.5%
TIBCO Software, Inc.
11.38% due 12/01/216		1,825,000		1,911,687
Infor US, Inc.
5.75% due 08/15/206		1,550,000		1,554,650
Qorvo, Inc.
5.50% due 07/15/266		750,000		716,250
Ascend Learning LLC
6.88% due 08/01/256		650,000		622,375
First Data Corp.
5.00% due 01/15/246		550,000		529,375
Total Technology				5,334,337
Total Corporate Bonds
(Cost $310,130,747)				282,946,051

SENIOR FLOATING RATE INTERESTS††,10 - 22.4%
Industrial - 4.5%
Bhi Investments LLC
7.38% (3 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 08/28/24	1,789,310	1,762,471
11.63% (3 Month USD LIBOR + 8.75%, Rate Floor: 9.75%) due 02/28/25†††,1	1,500,000	1,485,000
Diversitech Holdings, Inc.
10.30% (3 Month USD LIBOR + 7.50%, Rate Floor: 8.50%) due 06/02/25	2,650,000	2,530,750
Coveris Rigid
4.50% (6 Month EURIBOR + 4.50%, Rate Floor: 4.50%) due 07/28/25	EUR 1,850,000	2,066,861
CPG International LLC
6.63% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 05/05/24	1,800,167	1,723,660
Arctic Long Carriers
7.02% (1 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 05/18/23	1,526,750	1,473,314
American Bath Group LLC
7.05% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 09/30/23	1,016,533	975,872
STS Operating, Inc. (SunSource)
6.77% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 12/11/24	771,105	747,972
Bioplan USA, Inc.
7.27% (1 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 09/23/21	753,050	702,844
Wencor Group
6.14% ((1 Month USD LIBOR + 3.50%) and (Commercial Prime Lending Rate + 2.50%), Rate Floor: 3.50%)due 06/19/19	716,154	671,394
YAK MAT (YAK ACCESS LLC)
12.43% (1 Month USD LIBOR + 10.00%, Rate Floor: 10.00%) due 07/10/26	800,000	632,000
ProAmpac PG Borrower LLC
11.14% (3 Month USD LIBOR + 8.50%, Rate Floor: 9.50%) due 11/18/24	350,000	349,125
KUEHG Corp. (KinderCare)
6.55% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 02/21/25	315,192	301,995
Advanced Integration Technology LP
7.46% (3 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 04/03/23	211,044	207,879
Total Industrial		15,631,137
Technology - 4.3%
MRI Software LLC
8.31% (3 Month USD LIBOR + 5.50%, Rate Floor: 6.50%) due 06/30/23	2,627,622	2,601,346
8.15% (3 Month USD LIBOR + 5.50%, Rate Floor: 6.50%) due 06/30/23	191,486	189,571
7.98% (1 Month USD LIBOR + 5.50%, Rate Floor: 6.50%) due 06/30/23†††,1	13,222	12,281

High Yield Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
SENIOR FLOATING RATE INTERESTS††,10 - 22.4% (continued)
Technology - 4.3% (continued)
Lytx, Inc.
9.27% (1 Month USD LIBOR + 6.75%, Rate Floor: 7.75%) due 08/31/23†††,1		2,291,602	$	2,247,541
Park Place Technologies LLC
6.52% (1 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 03/29/25		2,267,208		2,233,200
Bullhorn, Inc.
9.40% (3 Month USD LIBOR + 6.75%, Rate Floor: 7.75%) due 11/21/22†††,1		1,882,561		1,873,457
9.33% (3 Month USD LIBOR + 6.75%, Rate Floor: 7.75%) due 11/21/22†††,1		77,789		70,226
Planview, Inc.
7.77% (1 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 01/27/23†††,1		1,182,000		1,182,000
Advanced Computer Software
7.14% (1 Month USD LIBOR + 4.75%, Rate Floor: 4.75%) due 05/31/24		1,071,085		1,057,696
Refinitiv (Financial & Risk Us Holdings, Inc.)
6.27% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 10/01/25		937,500		890,625
Optiv, Inc.
5.77% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 02/01/24		817,119		754,814
Cvent, Inc.
6.27% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 11/29/24		748,116		714,450
Aspect Software, Inc.
13.52% (3 Month USD LIBOR + 11.00%, Rate Floor: 12.00%) due 05/25/202		652,086		541,231
Global Payments, Inc.
4.27% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 10/17/25		500,000		475,415
Solera LLC
7.02% (1 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 03/03/21†††,1		41,667		39,122
Targus Group International, Inc.
due 05/24/16†††,1,2,8		153,489		–
Total Technology				14,882,975
Communications - 4.3%
Resource Label Group LLC
7.25% (3 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 05/26/23		1,864,735		1,827,440
10.90% (3 Month USD LIBOR + 8.50%, Rate Floor: 9.50%) due 11/26/23		1,500,000		1,485,000
Houghton Mifflin Co.
5.52% (1 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 05/28/21		2,694,998		2,435,604
Market Track LLC
6.87% (2 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 06/05/24		2,468,750		2,345,313
Cengage Learning Acquisitions, Inc.
6.75% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 06/07/23		2,744,370		2,343,006
McGraw-Hill Global Education Holdings LLC
6.52% (1 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 05/04/22		1,917,073		1,725,960
GTT Communications, Inc.
5.27% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 05/31/25		1,442,750		1,354,988
Imagine Print Solutions LLC
7.28% (1 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 06/21/22		1,080,750		1,037,520
Liberty Cablevision of Puerto Rico LLC
5.94% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 01/07/22		300,000		286,689
Total Communications				14,841,520
Consumer, Non-cyclical - 3.4%
Springs Window Fashions
6.72% (1 Month USD LIBOR + 4.25%, Rate Floor: 4.25%) due 06/15/25		1,741,250		1,687,933
10.97% (1 Month USD LIBOR + 8.50%, Rate Floor: 8.50%) due 06/15/26		1,025,000		943,000
CTI Foods Holding Co. LLC
6.10% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 06/29/20		2,160,000		1,605,593
9.85% (3 Month USD LIBOR + 7.25%, Rate Floor: 8.25%) due 06/28/21		590,000		43,265
Recess Holdings, Inc.
6.41% ((1 Month USD LIBOR + 3.75%) and (3 Month USD LIBOR + 3.75%), Rate Floor: 4.75%)) due 09/30/24		1,381,669		1,331,003
ScribeAmerica Intermediate Holdco LLC (Healthchannels)
6.88% (1 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 04/03/25		1,191,000		1,165,691

High Yield Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
SENIOR FLOATING RATE INTERESTS††,10 - 22.4% (continued)
Consumer, Non-cyclical - 3.4% (continued)
Albertson's LLC
5.52% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.75%) due 11/17/25		1,000,000	$	946,250
IHC Holding Corp.
9.55% (3 Month USD LIBOR + 6.75%, Rate Floor: 7.75%) due 04/30/21†††,1		785,808		781,230
9.22% (3 Month USD LIBOR + 6.75%, Rate Floor: 7.75%) due 04/30/21†††,1		149,446		148,576
Smart & Final Stores LLC
6.02% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.25%) due 11/15/22		1,000,000		918,130
Packaging Coordinators Midco, Inc.
6.81% (3 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 06/30/23		523,796		515,284
6.09% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 07/01/21†††,1		276,923		259,615
Hearthside Group Holdings LLC
6.21% (1 Month USD LIBOR + 3.69%, Rate Floor: 3.69%) due 05/23/25		746,250		714,161
Give and Go Prepared Foods Corp.
7.05% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 07/29/23		701,125		613,484
Total Consumer, Non-cyclical				11,673,215
Consumer, Cyclical - 3.0%
American Tire Distributors, Inc.
10.02% (3 Month USD LIBOR + 7.50%, Rate Floor: 8.50%) due 09/01/21		1,113,929		904,143
11.25% (3 Month USD LIBOR + 8.75%, Rate Floor: 9.75%) due 10/05/19		551,540		548,782
Alexander Mann
6.23% (1 Month GBP LIBOR + 5.50%, Rate Floor: 5.50%) due 08/11/25		GBP 1,100,000		1,347,399
BBB Industries, LLC
6.88% (1 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 08/01/25		1,267,000		1,238,492
Midas Intermediate Holdco II LLC
5.56% (3 Month USD LIBOR + 2.75%, Rate Floor: 3.75%) due 08/18/21		1,290,127		1,218,628
Accuride Corp.
8.05% (3 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 11/17/23		978,519		926,335
Prime Security Services Borrower LLC
5.27% (1 Month USD LIBOR + 2.75%, Rate Floor: 3.75%) due 05/02/22		897,508		853,530
AVSC Holding Corp.
5.89% (3 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 03/03/25		895,489		846,237
Blue Nile, Inc.
9.02% (1 Month USD LIBOR + 6.50%, Rate Floor: 7.50%) due 02/17/23		716,875		709,706
EnTrans International, LLC
8.52% (1 Month USD LIBOR + 6.00%, Rate Floor: 6.00%) due 11/01/24		600,000		594,000
Belk, Inc.
7.36% (3 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 12/12/22		491,608		395,336
Acosta, Inc.
5.99% ((Commercial Prime Lending Rate + 2.25%) and (1 Month USD LIBOR + 3.25%), Rate Floor: 4.25%)) due 09/26/19		377,778		227,524
4.67% ((1 Month USD LIBOR + 3.25%) and (3 Month USD LIBOR + 3.25%) Rate Floor: 3.25%)) due 09/26/19		222,222		133,838
Mavis Tire Express Services Corp.
5.75% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 03/20/25		351,454		338,274
SMG US Midco 2, Inc.
9.52% (1 Month USD LIBOR + 7.00%, Rate Floor: 7.00%) due 01/23/26		300,000		294,249
Total Consumer, Cyclical				10,576,473
Basic Materials - 1.6%
A-Gas Ltd.
7.55% (3 Month USD LIBOR + 4.75%, Rate Floor: 4.75%) due 08/12/24†††,1		2,615,757		2,573,848
ICP Industrial, Inc.
6.52% (1 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 11/03/23		1,135,185		1,129,509
Element Solutions, Inc.
2.25% (3 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 11/15/25		1,000,000		968,750

High Yield Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
SENIOR FLOATING RATE INTERESTS††,10 - 22.4% (continued)
Basic Materials - 1.6% (continued)
Big River Steel LLC
7.80% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 08/23/23		888,750	$	877,640
Total Basic Materials				5,549,747
Energy - 0.5%
Permian Production Partners
8.51% (3 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 05/20/24		1,218,750		1,182,188
Riverstone Utopia Member LLC
6.75% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 10/17/24		398,000		392,695
Summit Midstream Partners, LP
8.52% (1 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 05/13/22		264,542		258,589
Total Energy				1,833,472
Utilities - 0.4%
Panda Power
9.30% (3 Month USD LIBOR + 6.50%, Rate Floor: 7.50%) due 08/21/20		963,375		859,013
MRP Generation Holding
9.80% (3 Month USD LIBOR + 7.00%, Rate Floor: 8.00%) due 10/18/22		708,688		676,797
Total Utilities				1,535,810
Financial - 0.4%
iStar, Inc.
5.18% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 06/28/23		997,500		955,106
PSS Companies
7.30% (3 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 01/28/20		521,577		508,538
Total Financial				1,463,644
Total Senior Floating Rate Interests
(Cost $81,972,274)				77,987,993

ASSET-BACKED SECURITIES††,10 - 0.4%
Collateralized Loan Obligations - 0.4%
WhiteHorse X Ltd.
2015-10A, 7.75% (3 Month USD LIBOR + 5.30%, Rate Floor: 5.30%) due 04/17/276	750,000		737,369
WhiteHorse VII Ltd.
2013-1A, 7.48% (3 Month USD LIBOR + 4.80%, Rate Floor: 0.00%) due 11/24/256	600,000		600,722
Total Collateralized Loan Obligations			1,338,091
Total Asset-Backed Securities
(Cost $1,181,790)			1,338,091
Total Investments - 106.3%
(Cost $403,859,514)		$	370,080,566
Other Assets & Liabilities, net - (6.3)%			(21,968,206	)
Total Net Assets - 100.0%		$	348,112,360

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS††
Counterparty	Contracts to Sell		Currency		Settlement Date	Settlement Value		Value at December 31, 2018		Net Unrealized Depreciation
Morgan Stanley		1,835,000		EUR	01/14/19	$	2,091,753	$	2,104,741	$	(12,988	)
Barclays		5,478,000		GBP	01/14/19		6,894,474		6,987,696		(93,222	)
										$	(106,210	)

High Yield Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

Counterparty	Contracts to Buy	Currency	Settlement Date		Settlement Value		Value at December 31, 2018		Net Unrealized Appreciation
Goldman Sachs	2,000,000	GBP	01/14/19	$	2,536,458	$	2,551,185	$	14,727

~	The face amount is denominated in U.S. dollars unless otherwise indicated.
*	Non-income producing security.
†	Value determined based on Level 1 inputs, unless otherwise noted — See Note 3.
††	Value determined based on Level 2 inputs, unless otherwise noted — See Note 3.
†††	Value determined based on Level 3 inputs — See Note 3.
1	Security was fair valued by the Valuation Committee at December 31, 2018. The total market value of fair valued securities amounts to $11,221,830, (cost $13,010,517) or 3.2% of total net assets.
2	Affiliated issuer.
3	Perpetual maturity.
4	Security has a fixed rate coupon which will convert to a floating or variable rate coupon on a future date.
5	Rate indicated is the 7-day yield as of December 31, 2018.
6	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $184,048,673 (cost $201,908,963), or 52.9% of total net assets.
7	All or a portion of this security is pledged as reverse repurchase agreements collateral at December 31, 2018. At December 31, 2018, the total market value of the pledged securities was $36,433,245.
8	Security is in default of interest and/or principal obligations.
9	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be illiquid and restricted under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) illiquid and restricted securities is $8,882,370 (cost $10,252,465), or 2.6% of total net assets — See Note 6.
10	Variable rate security. Rate indicated is the rate effective at December 31, 2018. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.

EUR — Euro

EURIBOR — European Interbank Offered Rate

GBP — British Pound

LIBOR — London Interbank Offered Rate

plc — Public Limited Company  

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2018 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Total
Common Stocks	$	419,682	$	1,603,980	$	33,107		$	2,056,769
Preferred Stocks		—		1,691,584		515,827			2,207,411
Warrants		—		69		—	*		69
Money Market Fund		3,544,182		—		—			3,544,182
Corporate Bonds		—		282,946,051		—	*		282,946,051
Senior Floating Rate Interests		—		67,315,097		10,672,896			77,987,993
Asset-Backed Securities		—		1,338,091		—			1,338,091
Forward Foreign Currency Exchange Contracts**		—		14,727		—			14,727
Total Assets	$	3,963,864	$	354,909,599	$	11,221,830		$	370,095,293
Investments in Securities (Liabilities)		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Total
Forward Foreign Currency Exchange Contracts**	$	—	$	106,210	$	—		$	106,210
Unfunded Loan Commitments (Note 5)		—		308,036		276,568			584,604
Total Liabilities	$	—	$	414,246	$	276,568		$	690,814

^* Includes securities with a market value of $0.

High Yield Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

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

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of the period end, reverse repurchase agreements of $22,892,544 are categorized as Level 2 within the disclosure hierarchy.

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

Category	Ending Balance at December 31, 2018		Valuation Technique	Unobservable Inputs	Input Range			Weighted Average
Assets:
Common Stocks	$	33,107	Enterprise Value	Valuation Multiple		4.6	x		—
Preferred Stocks		515,827	Enterprise Value	Valuation Multiple		3.7	x		—
Senior Floating Rate Interests		773,235	Model Price	Purchase Price		—			—
Senior Floating Rate Interests		2,111,806	Yield Analysis	Yield		7.8%-9.8%			8.7	%
Senior Floating Rate Interests		2,573,848	Enterprise Value	Valuation Multiple		11.9	x		—
Senior Floating Rate Interests		5,214,007	Model Price	Market Comparable Yields		8.1%-10.6%			8.8	%
Total Assets	$	11,221,830
Liabilities:
Unfunded Loan Commitments	$	276,568	Model Price	Purchase Price		—			—

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

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

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the current fiscal period.

For the period ended December 31, 2018, there were no transfers between levels.

Summary of Fair Value Level 3 Activity

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value for the period ended December 31, 2018:

	Assets											Liabilities
	Senior Floating Rate Interests			Common Stocks			Preferred Stocks		Total Assets			Unfunded Loan Commitments
Beginning Balance	$	10,442,995		$	33,198		$	515,827	$	10,992,020		$	(325,938	)
Purchases/(Receipts)		493,790			-			-		493,790			(54,442	)
(Sales, maturities and paydowns)/Fundings		(287,598	)		-			-		(287,598	)		77,000
Amortization of discount/premiums		9,205			-			-		9,205			-
Total realized gains or losses included in earnings		(1,696	)		-			-		(1,696	)		148
Total change in unrealized appreciation (depreciation) included in earnings		16,200			(91	)		-		16,109			26,664
Ending Balance	$	10,672,896		$	33,107		$	515,827	$	11,221,830		$	(276,568	)
Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at December 31, 2018	$	16,200		$	(91	)	$	-	$	16,109		$	29,637

Affiliated Transactions

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

Transactions during the period ended December 31, 2018, in which the company is an "affiliated person", were as follows:

Security Name	Value 09/30/18			Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 12/31/18			Shares/Face Amount 12/31/18		Investment Income
Common Stock
Aspect Software, Inc.*,1	$	–	**	$	–	$	–	$	–	$	–		$	–	**		138	$	–
Targus Group International Equity, Inc.*,1		33,198			–		–		–		(91	)		33,107			12,825		–
Senior Floating Rate Interests
Aspect Software, Inc. 13.52% (3 Month USD LIBOR + 11.00%, Floor: 12.00%) due 05/25/203		543,677			128		–		–		(2,574	)		541,231			652,086		13,961
Targus Group International, Inc. due 05/24/161,2		–	**		–		–		–		–			–	**		153,489		–
Warrants
Aspect Software, Inc.1		–	**		–		–		–		–			–	**		58,710		–
	$	576,875		$	128	$	–	$	–	$	(2,665	)	$	574,338				$	13,961

*	Non-income producing security.
**	Market value is less than $1.
1	Security was fair valued by the Valuation Committee at December 31, 2018. The total market value of fair valued securities amounts to $33,107, (cost $1,843,675) or less than 0.1% of total net assets.
2	Security is in default of interest and/or principal obligations.
3	Variable rate security. Rate indicated is the rate effective at December 31, 2018. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.

Investment Grade Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

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

PREFERRED STOCKS†† - 0.0%
Industrial - 0.0%
Seaspan Corp. 6.38% due 04/30/19	9,465	239,559
Constar International Holdings LLC*,†††,1	7	–
Total Industrial		239,559
Total Preferred Stocks
(Cost $236,625)		239,559

MUTUAL FUNDS† - 0.4%
Guggenheim Floating Rate Strategies Fund - Institutional Class2	97,176	2,412,873
Total Mutual Funds
(Cost $2,534,781)		2,412,873

	Face Amount~
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 23.7%
Residential Mortgage Backed Securities - 11.1%
CIM Trust
2018-R2, 3.69% (WAC) due 08/25/573,4		3,214,008	3,161,324
2018-R4, 4.07% (WAC) due 12/26/573,4		2,909,869	2,877,014
Structured Asset Securities Corporation Mortgage Loan Trust
2007-WF1, 2.72% (1 Month USD LIBOR + 0.21%, Rate Floor: 0.21%) due 02/25/374		3,020,126	2,967,987
2006-BC3, 2.67% (1 Month USD LIBOR + 0.16%, Rate Floor: 0.16%) due 10/25/364		1,034,990	906,118
2006-BC4, 2.68% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 12/25/364		874,211	837,709
Cascade Funding Mortgage Trust
2018-RM2, 4.00% (WAC) due 10/25/683,4		4,433,875	4,456,975
LSTAR Securities Investment Limited
2018-1, 4.35% due 04/01/21		3,586,815	3,587,586
GSAA Home Equity Trust
2005-6, 2.30% (1 Month USD LIBOR + 0.43%, Rate Floor: 0.43%) due 06/25/354		3,150,000	3,139,938
New Residential Mortgage Loan Trust
2018-2A, 3.50% (WAC) due 02/25/583,4		1,881,940	1,870,278
2017-5A, 4.01% (1 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 06/25/573,4		1,167,978	1,188,846
Home Equity Loan Trust
2007-FRE1, 2.70% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 04/25/374		3,256,545	3,021,058
Towd Point Mortgage Trust
2017-6, 2.75% (WAC) due 10/25/573,4		2,119,034	2,069,744
2017-5, 2.92% (1 Month USD LIBOR + 0.60%, Rate Floor: 0.00%) due 02/25/573,4		586,160	582,960
2018-1, 3.00% (WAC) due 01/25/583,4		317,267	311,472
Soundview Home Loan Trust
2006-OPT5, 2.65% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 07/25/364		3,077,162	2,962,827
CSMC Trust
2018-RPL9, 3.85% (WAC) due 09/25/573,4		2,909,361	2,942,819
HarborView Mortgage Loan Trust
2006-12, 2.66% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 01/19/384		2,006,814	1,927,548
2006-14, 2.62% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 01/25/474		995,791	951,272
Nomura Resecuritization Trust
2018-1R, 3.41% (1 Month USD LIBOR + 0.90%, Rate Floor: 0.00%) due 03/25/373,4		2,434,545	2,421,235
NovaStar Mortgage Funding Trust Series
2007-2, 2.71% (1 Month USD LIBOR + 0.20%, Rate Cap/Floor: 11.00%/0.20%) due 09/25/374		2,345,453	2,256,609

Investment Grade Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 23.7% (continued)
Residential Mortgage Backed Securities - 11.1% (continued)
Argent Securities Incorporated Asset-Backed Pass-Through Certificates Series
2005-W2, 3.00% (1 Month USD LIBOR + 0.49%, Rate Floor: 0.49%) due 10/25/354		2,000,000	$	1,982,835
JP Morgan Mortgage Acquisition Trust
2006-WMC4, 2.63% (1 Month USD LIBOR + 0.12%, Rate Floor: 0.12%) due 12/25/364		3,275,913		1,961,777
Countrywide Asset-Backed Certificates
2006-6, 2.68% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 09/25/364		1,820,595		1,789,269
Alternative Loan Trust
2007-OA4, 2.68% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 05/25/474		1,751,052		1,622,068
American Home Mortgage Investment Trust
2007-1, 2.08% due 05/25/475		9,627,857		1,514,250
COLT Mortgage Loan Trust
2018-3, 3.69% (WAC) due 10/26/483,4		1,408,173		1,406,669
Structured Asset Investment Loan Trust
2005-11, 3.23% (1 Month USD LIBOR + 0.72%, Rate Floor: 0.36%) due 01/25/364		1,227,411		1,205,168
GSAMP Trust
2007-NC1, 2.64% (1 Month USD LIBOR + 0.13%, Rate Floor: 0.13%) due 12/25/464		1,844,160		1,196,268
Park Place Securities Incorporated Asset Backed Pass Through Certificates Ser
2005-WHQ3, 3.45% (1 Month USD LIBOR + 0.95%, Rate Floor: 0.63%) due 06/25/354		1,000,000		994,571
Asset Backed Securities Corporation Home Equity Loan Trust Series AEG
2006-HE1, 2.91% (1 Month USD LIBOR + 0.40%, Rate Floor: 0.40%) due 01/25/364		1,000,000		960,576
Deephaven Residential Mortgage Trust
2017-3A, 2.58% (WAC) due 10/25/473,4		956,524		944,333
Nationstar Home Equity Loan Trust
2007-B, 2.73% (1 Month USD LIBOR + 0.22%, Rate Floor: 0.22%) due 04/25/374		952,586		934,987
Luminent Mortgage Trust
2006-2, 2.71% (1 Month USD LIBOR + 0.20%, Rate Floor: 0.20%) due 02/25/464		1,024,433		934,887
New Residential Mortgage Trust
2018-1A, 4.00% (WAC) due 12/25/573,4		836,242		840,487
Bear Stearns Asset Backed Securities I Trust
2006-HE9, 2.65% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 11/25/364		842,966		812,384
Legacy Mortgage Asset Trust
2018-GS3, 4.00% due 06/25/583,6		808,480		801,194
CSMC Series
2015-12R, 2.82% (WAC) due 11/30/373,4		769,012		765,699
RALI Series Trust
2006-QO2, 2.73% (1 Month USD LIBOR + 0.22%, Rate Floor: 0.22%) due 02/25/464		1,894,118		752,327
GSMSC Resecuritization Trust
2015-5R, 2.45% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 04/26/373,4		748,946		744,963
LSTAR Securities Investment Trust
2018-2, 3.85% (1 Month USD LIBOR + 1.50%, Rate Floor: 0.00%) due 04/01/233,4		717,267		716,281

Investment Grade Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 23.7% (continued)
Residential Mortgage Backed Securities - 11.1% (continued)
Angel Oak Mortgage Trust LLC
2017-3, 2.71% (WAC) due 11/25/473,4		650,427	$	645,194
Deutsche Alt-A Securities Mortgage Loan Trust Series
2007-OA2, 2.93% (1 Year CMT Rate + 0.77%, Rate Floor: 0.77%) due 04/25/474		668,902		627,044
CIT Mortgage Loan Trust
2007-1, 3.96% (1 Month USD LIBOR + 1.45%, Rate Floor: 1.45%) due 10/25/373,4		552,070		555,303
Banc of America Funding Trust
2015-R4, 2.49% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 01/27/353,4		554,739		529,009
MASTR Adjustable Rate Mortgages Trust
2003-5, 2.93% (WAC) due 11/25/334		479,951		452,475
Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust
2006-AR9, 3.00% (1 Year CMT Rate + 0.84%, Rate Floor: 0.84%) due 11/25/464		480,639		420,934
UCFC Manufactured Housing Contract
1997-2, 7.38% due 10/15/28		148,365		155,568
Total Residential Mortgage Backed Securities				70,707,839
Government Agency - 9.8%
Fannie Mae11
3.03% due 02/01/30		5,100,000		4,892,573
3.00% due 12/01/29		2,500,000		2,381,784
3.49% due 04/01/30		2,300,000		2,300,617
3.11% due 04/01/30		1,983,068		1,931,497
3.09% due 10/01/29		2,000,000		1,922,273
3.12% due 10/01/32		1,700,000		1,598,735
3.88% due 07/01/33		1,500,000		1,518,992
3.01% due 12/01/27		1,500,000		1,465,814
3.13% due 01/01/30		1,500,000		1,453,799
2.86% due 09/01/29		1,450,000		1,372,272
4.27% due 12/01/33		1,000,000		1,062,399
4.24% due 08/01/48		1,000,000		1,041,935
3.67% due 03/01/30		1,000,000		1,012,635
3.56% due 04/01/30		1,000,000		1,006,723
3.48% due 04/01/30		1,000,000		995,297
3.42% due 04/01/30		1,000,000		989,799
3.53% due 04/01/33		1,000,000		984,273
3.18% due 01/01/30		1,000,000		972,664
3.23% due 01/01/30		986,414		970,872
3.19% due 02/01/30		1,000,000		968,472
3.31% due 01/01/33		1,000,000		963,222
3.12% due 01/01/30		985,216		960,984
3.05% due 01/01/30		1,000,000		956,838
2.96% due 11/01/29		900,000		855,082
2.90% due 11/01/29		850,000		802,467
3.08% due 10/01/32		850,000		797,645
4.37% due 10/01/48		748,541		788,924
4.25% due 05/01/48		665,661		687,692
2.99% due 09/01/29		650,000		619,009
3.14% due 09/01/32		650,000		612,964
3.17% due 01/01/30		550,000		534,619
2.82% due 10/01/29		550,000		518,392
3.05% due 10/01/29		500,000		479,185
3.22% due 01/01/30		450,000		439,412
3.94% due 10/01/36		349,206		362,430
Freddie Mac Multifamily Structured Pass Through Certificates11
2017-KGX1, 3.00% due 10/25/27		3,500,000		3,428,664
2017-KW03, 3.02% due 06/25/27		3,000,000		2,942,714
2018-K073, 3.45% (WAC) due 01/25/284		1,200,000		1,206,301
2018-K078, 3.92% (WAC) due 06/25/284		1,000,000		1,039,110
2018-K074, 3.60% due 02/25/28		1,000,000		1,015,966
2017-K066, 3.20% due 06/25/27		1,000,000		990,187
Freddie Mac Seasoned Credit Risk Transfer Trust11
2017-3, 3.00% due 07/25/56		2,167,993		2,097,187
2017-4, 2.75% due 06/25/576		2,022,354		1,968,909
2017-4, 3.50% due 06/25/57		1,620,844		1,608,625
2018-1, 2.25% due 05/25/576		1,596,930		1,532,497
2017-3, 2.75% due 07/25/566		904,856		872,609
Fannie Mae-Aces11
2017-M11, 2.98% due 08/25/29		2,500,000		2,403,535
Total Government Agency				62,328,594
Commercial Mortgage Backed Securities - 1.8%
COMM Mortgage Trust
2015-CR24, 0.79% (WAC) due 08/10/484,5		20,616,721		871,613
2015-CR26, 0.96% (WAC) due 10/10/484,5		9,610,848		477,573
Americold LLC Trust
2010-ARTA, 7.44% due 01/14/293		1,250,000		1,333,326
Bancorp Commercial Mortgage Trust
2018-CR3, 3.71% (1 Month USD LIBOR + 1.25%, Rate Floor: 1.25%) due 01/15/333,4		1,000,000		993,452
GAHR Commercial Mortgage Trust
2015-NRF, 3.38% (WAC) due 12/15/193,4		1,000,000		991,349
SG Commercial Mortgage Securities Trust
2016-C5, 2.01% (WAC) due 10/10/484,5		9,769,093		985,858

Investment Grade Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 23.7% (continued)
Commercial Mortgage Backed Securities - 1.8% (continued)
BENCHMARK Mortgage Trust
2018-B6, 0.45% (WAC) due 10/10/514		31,483,926	$	960,896
UBS Commercial Mortgage Trust
2017-C2, 1.15% (WAC) due 08/15/504,5		11,876,069		840,844
Citigroup Commercial Mortgage Trust
2016-GC37, 1.79% (WAC) due 04/10/494,5		3,782,209		368,592
2016-C2, 1.78% (WAC) due 08/10/494,5		2,462,336		252,075
2016-P5, 1.54% (WAC) due 10/10/494,5		1,962,514		159,594
GE Business Loan Trust
2007-1A, 2.63% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 04/15/353,4		733,087		719,108
JPMDB Commercial Mortgage Securities Trust
2016-C2, 1.69% (WAC) due 06/15/494,5		8,805,444		684,407
Morgan Stanley Capital I Trust
2016-UB11, 1.66% (WAC) due 08/15/494,5		7,499,967		632,359
Wells Fargo Commercial Mortgage Trust
2016-NXS5, 1.53% (WAC) due 01/15/594,5		4,863,132		343,197
2016-C37, 1.01% (WAC) due 12/15/494,5		3,811,196		182,037
LSTAR Commercial Mortgage Trust
2014-2, 5.44% (WAC) due 01/20/413,4		500,000		498,382
CFCRE Commercial Mortgage Trust
2016-C3, 1.05% (WAC) due 01/10/484,5		5,845,465		344,374
CD Mortgage Trust
2016-CD1, 1.43% (WAC) due 08/10/494,5		2,553,473		202,033
Total Commercial Mortgage Backed Securities				11,841,069
Military Housing - 1.0%
Freddie Mac Military Housing Bonds Resecuritization Trust Certificates11
2015-R1, 5.24% (WAC) due 11/25/553,4		2,610,092		2,706,665
2015-R1, 4.49% (WAC) due 11/25/553,4		1,353,381		1,454,885
GMAC Commercial Mortgage Asset Corp.
2007-HCKM, 6.11% due 08/10/527		1,490,738		1,529,884
Capmark Military Housing Trust
2007-ROBS, 6.06% due 10/10/527		473,818		505,750
2007-AETC, 5.75% due 02/10/527		329,868		329,707
Total Military Housing				6,526,891
Total Collateralized Mortgage Obligations
(Cost $153,683,515)				151,404,393

FOREIGN GOVERNMENT DEBT†† - 22.4%
Government of Japan
due 02/25/198	JPY 934,000,000	8,523,097
due 01/10/198	JPY 763,000,000	6,961,190
due 01/28/198	JPY 381,500,000	3,480,891
due 02/04/198	JPY 361,000,000	3,293,956
due 02/12/198	JPY 322,900,000	2,946,415
due 03/11/198	JPY 244,400,000	2,230,379
State of Israel
6.00% due 02/28/19	ILS 28,390,000	8,052,801
2.25% due 05/31/19	ILS 29,100,000	7,952,723
5.00% due 01/31/20	ILS 10,400,000	3,044,052
Republic of France
due 01/16/198	EUR 5,090,000	5,833,850
due 01/04/198	EUR 3,510,000	4,022,001
due 01/30/198	EUR 3,140,000	3,599,871
due 02/25/198	EUR 2,370,000	2,718,097
due 01/23/198	EUR 2,280,000	2,613,559
Kingdom of Spain
due 01/18/198	EUR 9,670,000	11,083,125
due 02/15/198	EUR 4,127,000	4,747,918
Republic of Portugal
due 01/18/198	EUR 8,696,000	9,966,551
due 03/22/198	EUR 3,190,000	3,659,277
Federative Republic of Brazil
due 04/01/19	BRL 49,600,000	12,631,933
United Mexican States
due 01/03/198	MXN 87,400,000	4,444,995
due 05/23/198	MXN 59,970,000	2,953,085
due 02/07/198	MXN 36,000,000	1,817,594
due 01/24/198	MXN 17,500,000	886,401
due 03/14/198	MXN 8,500,000	425,454
Government of United Kingdom
due 01/21/198	GBP 2,800,000	3,568,263
due 01/28/198	GBP 1,870,000	2,382,770
due 02/25/198	GBP 1,640,000	2,088,552
due 02/18/198	GBP 540,000	687,788
Kingdom of Denmark
due 03/01/198	DKK 51,930,000	7,977,227
Republic of Hungary
due 02/27/198	HUF 1,470,860,000	5,251,775
due 01/09/198	HUF 208,500,000	744,531

Investment Grade Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~	Value
FOREIGN GOVERNMENT DEBT†† - 22.4% (continued)
Kingdom of Sweden
4.25% due 03/12/19	SEK 18,800,000	$	2,141,233
Total Foreign Government Debt
(Cost $141,230,596)			142,731,354

ASSET-BACKED SECURITIES†† - 19.3%
Collateralized Loan Obligations - 12.3%
Palmer Square Loan Funding Ltd.
2018-4A, 3.15% (3 Month USD LIBOR + 0.90%, Rate Floor: 0.00%) due 11/15/263,4	5,500,000	5,499,113
2018-4A, 3.70% (3 Month USD LIBOR + 1.45%, Rate Floor: 0.00%) due 11/15/263,4	1,000,000	980,375
Denali Capital CLO XI Ltd.
2018-1A, 3.60% (3 Month USD LIBOR + 1.13%, Rate Floor: 0.00%) due 10/20/283,4	3,000,000	2,980,677
2018-1A, 4.12% (3 Month USD LIBOR + 1.65%, Rate Floor: 0.00%) due 10/20/283,4	2,000,000	1,974,108
Golub Capital Partners CLO Ltd.
2018-36A, 3.88% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 02/05/313,4	4,100,000	3,960,662
Fortress Credit Opportunities IX CLO Ltd.
2017-9A, 4.17% (3 Month USD LIBOR + 1.55%, Rate Floor: 0.00%) due 11/15/293,4	3,555,000	3,510,028
Ladder Capital Commercial Mortgage Mortgage Trust
2017-FL1, 3.34% (1 Month USD LIBOR + 0.88%, Rate Floor: 0.88%) due 09/15/343,4	3,224,417	3,204,344
ALM VI Ltd.
2018-6A, 3.64% (3 Month USD LIBOR + 1.20%, Rate Floor: 0.00%) due 07/15/263,4	2,800,000	2,791,690
NXT Capital CLO LLC
2017-1A, 4.17% (3 Month USD LIBOR + 1.70%, Rate Floor: 0.00%) due 04/20/293,4	1,800,000	1,781,178
2018-1A, 3.34% (3 Month USD LIBOR + 1.60%, Rate Floor: 0.00%) due 04/21/273,4	1,000,000	964,722
OCP CLO Ltd.
2018-7A, 3.07% (3 Month USD LIBOR + 0.60%, Rate Floor: 0.00%) due 07/20/293,4	2,500,000	2,499,924
Cent CLO 24 Ltd.
2018-24A, 3.51% (3 Month USD LIBOR + 1.07%, Rate Floor: 0.00%) due 10/15/263,4	2,500,000	2,490,421
SCOF Ltd.
2018-2A, 3.62% (3 Month USD LIBOR + 1.18%, Rate Floor: 0.00%) due 07/15/283,4	2,500,000	2,484,727
Mountain View CLO Ltd.
2018-1A, 3.24% (3 Month USD LIBOR + 0.80%, Rate Floor: 0.80%) due 10/15/263,4	2,450,000	2,442,424
Figueroa CLO Ltd.
2018-2A, 3.64% (3 Month USD LIBOR + 0.85%, Rate Floor: 0.85%) due 06/20/273,4	2,350,000	2,340,057
ALM XII Ltd.
2018-12A, 3.33% (3 Month USD LIBOR + 0.89%, Rate Floor: 0.89%) due 04/16/273,4	2,300,000	2,281,787
Carlyle Global Market Strategies CLO Ltd.
2018-2A, 3.29% (3 Month USD LIBOR + 0.78%, Rate Floor: 0.00%) due 04/27/273,4	2,300,000	2,280,135
Atlas Senior Loan Fund IV Ltd.
2018-2A, 3.30% (3 Month USD LIBOR + 0.68%, Rate Floor: 0.00%) due 02/17/263,4	1,198,886	1,198,467
2018-2A, 3.92% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 02/17/263,4	1,000,000	995,361
MP CLO VIII Ltd.
2018-2A, 3.42% (3 Month USD LIBOR + 0.91%, Rate Floor: 0.00%) due 10/28/273,4	2,200,000	2,177,890

Investment Grade Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
ASSET-BACKED SECURITIES†† - 19.3% (continued)
Collateralized Loan Obligations - 12.3% (continued)
Venture XII CLO Ltd.
2018-12A, 3.51% (3 Month USD LIBOR + 0.80%, Rate Floor: 0.80%) due 02/28/263,4		2,100,000	$	2,092,537
Golub Capital Partners CLO 16 Ltd.
2017-16A, 4.21% (3 Month USD LIBOR + 1.85%, Rate Floor: 0.00%) due 07/25/293,4		2,000,000		2,008,345
TCP Waterman CLO Ltd.
2016-1A, 4.38% (3 Month USD LIBOR + 2.05%, Rate Floor: 0.00%) due 12/15/283,4		1,000,000		1,005,090
2016-1A, 4.42% (3 Month USD LIBOR + 2.30%, Rate Floor: 0.00%) due 12/15/283,4		1,000,000		1,001,567
Crown Point CLO III Ltd.
2017-3A, 3.89% (3 Month USD LIBOR + 1.45%, Rate Floor: 0.00%) due 12/31/273,4		2,000,000		1,987,267
Cerberus Loan Funding XVII Ltd.
2016-3A, 4.97% (3 Month USD LIBOR + 2.53%, Rate Floor: 0.00%) due 01/15/283,4		2,000,000		1,986,287
BSPRT Issuer Ltd.
2017-FL2, 3.28% (1 Month USD LIBOR + 0.82%, Rate Floor: 0.82%) due 10/15/343,4		1,968,280		1,965,821
VMC Finance LLC
2018-FL1, 3.28% (1 Month USD LIBOR + 0.82%) due 03/15/353,4		1,957,845		1,955,643
Fortress Credit Opportunities XI CLO Ltd.
2018-11A, 3.74% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 04/15/313,4		2,000,000		1,932,854
Garrison BSL CLO Ltd.
2018-1A, 3.32% (3 Month USD LIBOR + 0.95%, Rate Floor: 0.00%) due 07/17/283,4		1,300,000		1,295,495
KVK CLO Ltd.
2017-1A, 3.34% (3 Month USD LIBOR + 0.90%, Rate Floor: 0.00%) due 01/14/283,4		1,250,000		1,239,987
Mountain Hawk II CLO Ltd.
2018-2A, 3.29% (3 Month USD LIBOR + 0.82%, Rate Floor: 0.00%) due 07/20/243,4		1,180,115		1,178,325
FDF II Ltd.
2016-2A, 4.29% due 05/12/313		1,000,000		1,002,279
Monroe Capital CLO Ltd.
2017-1A, 3.82% (3 Month USD LIBOR + 1.35%, Rate Floor: 0.00%) due 10/22/263,4		1,000,000		992,796
Flatiron CLO Ltd.
2017-1A, 4.10% (3 Month USD LIBOR + 1.65%, Rate Floor: 0.00%) due 01/17/263,4		1,000,000		992,414
MONROE CAPITAL BSL CLO Ltd.
2017-1A, 4.43% (3 Month USD LIBOR + 1.75%, Rate Floor: 0.00%) due 05/22/273,4		1,000,000		987,717
Diamond CLO Ltd.
2018-1A, 3.93% (3 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 07/22/303,4		1,000,000		984,042
FDF I Ltd.
2015-1A, 4.40% due 11/12/303		1,000,000		979,834
NewStar Fairfield Fund CLO Ltd.
2018-2A, 3.74% (3 Month USD LIBOR + 1.27%, Rate Floor: 1.27%) due 04/20/303,4		1,000,000		965,697
Dryden 37 Senior Loan Fund
2015-37A, due 01/15/313,9		1,000,000		902,490
Avery Point V CLO Ltd.
2017-5A, 3.43% (3 Month USD LIBOR + 0.98%, Rate Floor: 0.00%) due 07/17/263,4		820,113		818,102
Bsprt Issuer Ltd.
2017-FL1, 3.81% (1 Month USD LIBOR + 1.35%, Rate Floor: 0.00%) due 06/15/273,4		434,324		434,169

Investment Grade Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
ASSET-BACKED SECURITIES†† - 19.3% (continued)
Collateralized Loan Obligations - 12.3% (continued)
Treman Park CLO Ltd.
2015-1A, due 10/20/283,9		500,000	$	424,650
Babson CLO Ltd.
2014-IA, due 07/20/253,9		650,000		216,600
2012-2A, due 05/15/233,9		1,000,000		52,956
PFP Ltd.
2017-3, 3.51% (1 Month USD LIBOR + 1.05%) due 01/14/353,4		126,976		126,202
Copper River CLO Ltd.
2007-1A, due 01/20/217,9		700,000		58,339
Total Collateralized Loan Obligations				78,425,595
Transport-Aircraft - 3.2%
Castlelake Aircraft Securitization Trust
2017-1, 3.97% due 07/15/42		1,819,702		1,815,881
2018-1, 4.13% due 06/15/433		1,735,740		1,763,109
2015-1A, 4.70% due 12/15/403,6		637,409		644,803
AASET US Ltd.
2018-2A, 4.45% due 11/16/383		3,475,850		3,511,198
Apollo Aviation Securitization Equity Trust
2016-2, 4.21% due 11/15/41		1,991,992		2,021,146
2016-1A, 4.88% due 03/17/363,6		683,302		697,038
SAPPHIRE AVIATION FINANCE I Ltd.
2018-1A, 4.25% due 03/15/403		2,572,570		2,577,503
Willis Engine Securitization Trust II
2012-A, 5.50% due 09/15/373,6		1,677,128		1,662,952
AIM Aviation Finance Ltd.
2015-1A, 4.21% due 02/15/403		1,021,780		1,028,495
MAPS Ltd.
2018-1A, 4.21% due 05/15/433		948,700		958,712
AASET Trust
2017-1A, 3.97% due 05/16/423		864,015		862,529
Falcon Aerospace Ltd.
2017-1, 4.58% due 02/15/423		746,462		748,671
Raspro Trust
2005-1A, 3.39% (3 Month USD LIBOR + 0.93%, Rate Floor: 0.93%) due 03/23/243,4		678,204		647,684
Rise Ltd.
2014-1A, 4.75% due 02/12/39		640,533		627,723
Turbine Engines Securitization Ltd.
2013-1A, 5.13% due 12/13/487		460,819		445,261
Diamond Head Aviation Ltd.
2015-1, 3.81% due 07/14/283		393,517		393,360
Total Transport-Aircraft				20,406,065
Transport-Container - 1.0%
Textainer Marine Containers Ltd.
2017-2A, 3.52% due 06/20/423		2,463,524		2,444,447
CLI Funding LLC
2018-1A, 4.03% due 04/18/433		1,198,696		1,212,748
CAL Funding III Ltd.
2018-1A, 3.96% due 02/25/433		1,145,833		1,151,208
Textainer Marine Containers V Ltd.
2017-1A, 3.72% due 05/20/423		850,500		848,788
Cronos Containers Program Ltd.
2013-1A, 3.08% due 04/18/283		780,000		772,869
Total Transport-Container				6,430,060
Net Lease - 0.9%
Capital Automotive LLC
2017-1A, 3.87% due 04/15/473		2,950,000		2,950,550
Store Master Funding I-VII
2016-1A, 3.96% due 10/20/463		2,786,713		2,754,244
Total Net Lease				5,704,794
Collateralized Debt Obligations - 0.8%
Anchorage Credit Funding Ltd.
2016-4A, 3.50% due 02/15/353		3,750,000		3,628,497
2016-3A, 3.85% due 10/28/333		1,000,000		983,624

Investment Grade Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
ASSET-BACKED SECURITIES†† - 19.3% (continued)
Collateralized Debt Obligations - 0.8% (continued)
Putnam Structured Product Funding Ltd.
2003-1A, 3.46% (1 Month USD LIBOR + 1.00%, Rate Floor: 0.00%) due 10/15/383,4		410,078	$	406,224
Highland Park CDO I Ltd.
2006-1A, 3.09% (3 Month USD LIBOR + 0.40%, Rate Floor: 0.00%) due 11/25/514,7		219,365		213,945
N-Star REL CDO VIII Ltd.
2006-8A, 2.71% (1 Month USD LIBOR + 0.36%, Rate Floor: 0.36%) due 02/01/413,4		111,476		110,858
Total Collateralized Debt Obligations				5,343,148
Whole Business - 0.5%
Taco Bell Funding LLC
2016-1A, 4.97% due 05/25/463		1,475,617		1,516,772
Domino's Pizza Master Issuer LLC
2017-1A, 3.74% (3 Month USD LIBOR + 1.25%, Rate Floor: 0.00%) due 07/25/473,4		987,500		986,572
Drug Royalty III Limited Partnership
2016-1A, 3.98% due 04/15/273		411,839		411,828
Total Whole Business				2,915,172
Infrastructure - 0.3%
Secured Tenant Site Contract Revenue Notes Series
2018-1A, 3.97% due 06/15/487		1,094,500		1,100,510
Vantage Data Centers Issuer LLC
2018-1A, 4.07% due 02/16/433		991,667		993,651
Total Infrastructure				2,094,161
Diversified Payment Rights - 0.2%
Bib Merchant Voucher Receivables Ltd.
4.18% due 04/07/28†††,1		1,000,000		998,307
CIC Receivables Master Trust
REGD, 4.89% due 10/07/21		173,523		175,258
Total Diversified Payment Rights				1,173,565
Insurance - 0.1%
Chesterfield Financial Holdings LLC
2014-1A, 4.50% due 12/15/343		464,250		464,103
Total Asset-Backed Securities
(Cost $123,794,512)				122,956,663

U.S. GOVERNMENT SECURITIES†† - 12.7%
U.S. Treasury Bonds
due 11/15/468,10	118,982,000	50,817,949
3.38% due 05/15/44	11,914,000	12,689,341
due 11/15/448,10	20,489,600	9,324,763
due 08/15/488,10	20,506,000	8,300,650
Total U.S. Government Securities
(Cost $81,326,570)		81,132,703

FEDERAL AGENCY BONDS†† - 4.4%
Freddie Mac Strips11
due 07/15/328	6,550,000	4,177,121
due 09/15/298	5,600,000	3,955,649
due 03/15/318	3,850,000	2,571,315
Fannie Mae Principal11
due 05/15/308	6,650,000	4,603,033
due 01/15/308	2,575,000	1,803,485
due 07/15/378	3,000,000	1,548,259
due 05/15/298	1,750,000	1,254,998
Residual Funding Corporation Principal
due 04/15/308,10	3,000,000	2,096,849
due 01/15/308,10	1,500,000	1,057,563
Freddie Mac11
due 12/14/298	2,900,000	2,027,316
due 01/02/348	1,850,000	1,099,620
Tennessee Valley Authority
4.25% due 09/15/65	1,300,000	1,479,096
5.38% due 04/01/56	600,000	818,611
Total Federal Agency Bonds
(Cost $28,575,844)		28,492,915

Investment Grade Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
U.S. TREASURY BILLS†† - 3.6%
U.S. Treasury Bills
2.27% due 01/08/1912		11,000,000	$	10,995,880
2.27% due 01/15/1912		5,000,000		4,995,894
2.26% due 01/31/1912		4,000,000		3,992,621
2.31% due 02/07/1912		3,000,000		2,992,909
Total U.S. Treasury Bills
(Cost $22,976,059)				22,977,304

FEDERAL AGENCY DISCOUNT NOTES†† - 2.7%
Fannie Mae11
2.26% due 01/02/1912	10,000,000	9,999,372
Federal Home Loan Bank13
2.39% due 01/23/1912	7,000,000	6,989,776
Total Federal Agency Discount Notes
(Cost $16,989,148)		16,989,148

CORPORATE BONDS†† - 2.2%
Financial - 1.9%
Station Place Securitization Trust
3.02% (1 Month USD LIBOR + 0.70%, Rate Floor: 0.00%) due 06/24/193,4	4,600,000	4,600,000
3.32% (1 Month USD LIBOR + 1.00%, Rate Floor: 0.00%) due 03/24/193,4	3,000,000	3,000,000
Assurant, Inc.
4.07% (3 Month USD LIBOR + 1.25%) due 03/26/214	1,745,000	1,744,380
Central Storage Safety Project Trust
4.82% due 02/01/387	1,000,000	1,013,566
American Equity Investment Life Holding Co.
5.00% due 06/15/27	953,000	929,132
Aurora Military Housing LLC
6.89% due 01/15/477	750,000	895,062
Hospitality Properties Trust
5.25% due 02/15/26	272,000	274,826
Total Financial		12,456,966
Industrial - 0.2%
Yamana Gold, Inc.
4.95% due 07/15/24	1,205,000	1,178,792
Reynolds Group Issuer Incorporated / Reynolds Group Issuer LLC / Reynolds Group Issuer Luxembourg
5.94% (3 Month USD LIBOR + 3.50%) due 07/15/213,4	26,000	25,902
Total Industrial		1,204,694
Consumer, Cyclical - 0.1%
Northern Group Housing LLC
6.80% due 08/15/533	444,000	542,998
Total Corporate Bonds
(Cost $14,135,533)		14,204,658

SENIOR FLOATING RATE INTERESTS††,4 - 0.7%
Technology - 0.3%
Misys Ltd.
6.30% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 06/13/24	1,173,183	1,090,227
Epicor Software
5.78% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 06/01/22	590,215	562,918
Total Technology		1,653,145
Consumer, Non-cyclical - 0.2%
Packaging Coordinators Midco, Inc.
6.81% (3 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 06/30/23	502,960	494,787
DJO Finance LLC
5.71% ((3 Month USD LIBOR + 3.25%) and (1 Month USD LIBOR + 3.25%), Rate Floor: 4.25%) due 06/08/20	487,406	480,338
Diamond (BC) B.V.
5.53% (3 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 09/06/24	396,000	364,320
Davis Vision
5.52% (1 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 12/02/24	78,302	74,035
Total Consumer, Non-cyclical		1,413,480
Consumer, Cyclical - 0.1%
Mavis Tire Express Services Corp.
5.75% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 03/20/25	702,569	676,222
Communications - 0.1%
Internet Brands, Inc.
6.25% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 09/13/24	374,048	353,943
Industrial - 0.0%
Titan Acquisition Ltd. (Husky)
5.52% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 03/28/25	248,125	226,310
Total Senior Floating Rate Interests
(Cost $4,533,912)		4,323,100

Investment Grade Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
MUNICIPAL BONDS†† - 0.4%
California - 0.3%
Newport Mesa Unified School District General Obligation Unlimited
due 08/01/418		1,540,000	$	645,599
due 08/01/468		750,000		253,635
Beverly Hills Unified School District California General Obligation Unlimited
due 08/01/398		1,410,000		618,412
Cypress School District General Obligation Unlimited
due 08/01/488		1,000,000		267,410
Hanford Joint Union High School District General Obligation Unlimited
due 08/01/398		500,000		209,085
Total California				1,994,141
Illinois - 0.1%
State of Illinois General Obligation Unlimited
5.65% due 12/01/38		500,000		542,625
Total Municipal Bonds
(Cost $2,478,692)				2,536,766

COMMERCIAL PAPER†† - 4.7%
American Water Capital Corp.
2.85% due 01/16/193,12	6,000,000	5,992,875
Anthem, Inc.
2.68% due 01/02/193,12	5,000,000	4,999,597
McDonald's Corp.
2.65% due 01/08/193,12	5,000,000	4,997,278
Walmart, Inc.
2.47% due 01/14/193,12	5,000,000	4,995,540
AutoZone, Inc.
2.50% due 01/03/193,12	4,000,000	3,999,444
E.I. du Pont de Nemours & Co.
2.94% due 02/11/193,12	2,700,000	2,690,960
FedEx Corp.
3.00% due 01/07/193,12	2,000,000	1,999,000
Total Commercial Paper
(Cost $29,674,694)		29,674,694

REPURCHASE AGREEMENTS††,14 - 1.4%
BNP Paribas issued 12/28/18 at 2.76% due 02/01/19	3,899,923	3,899,923
Barclays issued 09/05/18 at 2.80% (1 Month USD LIBOR + 0.30%) open maturity4	2,700,000	2,700,000
Deutsche Bank issued 10/26/18 at 2.86% due 01/28/19	2,338,000	2,338,000
Total Repurchase Agreements
(Cost $8,937,923)		8,937,923
	Contracts

OTC OPTIONS PURCHASED†† - 0.0%
Call options on:
BofA Merrill Lynch iShares MSCI Emerging Markets ETF Expiring January 2019 with strike price of $55.00 (Notional Value $10,151,694)	2,599		1,299
BofA Merrill Lynch S&P 500 Index Expiring January 2019 with strike price of $3,000.00 (Notional Value $14,289,045)	57		285
Total OTC Options Purchased
(Cost $723,428)			1,584
Total Investments - 98.6%
(Cost $631,831,832)		$	629,015,637
Other Assets & Liabilities, net - 1.4%			8,892,438
Total Net Assets - 100.0%		$	637,908,075

Investment Grade Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Depreciation**
Interest Rate Futures Contracts Sold Short†
U.S. Treasury Ultra Long Bond Futures Contracts		79	Mar 2019	$	12,726,406	$	(194,893	)

Centrally Cleared Credit Default Swap Agreements Protection Purchased††
Counterparty	Exchange	Index	Protection Premium Rate		Payment Frequency	Maturity Date		Notional Amount		Value			Upfront Premiums Received			Unrealized Appreciation**
Bank of America, N.A.	ICE	CDX.NA.IG.31	1.00	%	At Maturity	12/20/23	$	103,530,000	$	(582,034	)	$	(1,214,039	)	$	632,005

OTC Credit Default Swap Agreements Protection Purchased††
Counterparty	Index	Protection Premium Rate			Payment Frequency	Maturity Date	Notional Amount		Value		Upfront Premiums Received			Unrealized Appreciation
Goldman Sachs International	CDX.NA.IG.31		1.00	%	At Maturity	12/20/23	$	13,940,000	$	152,250	$	(22,950	)	$	175,200
Morgan Stanley Capital Services LLC	CDX.NA.IG.31		1.00	%	At Maturity	12/20/23		6,080,000		66,404		(1,347	)		67,751
									$	218,654	$	(24,297	)	$	242,951

CENTRALLY CLEARED INTEREST RATE SWAPS AGREEMENTS††
Counterparty	Exchange	Floating Rate Type	Floating Rate Index	Fixed Rate		Payment Frequency	Maturity Date		Notional Amount		Market Value			Premiums Paid			Unrealized Appreciation (Depreciation)**
BofA Merrill Lynch	CME	Receive	3-Month USD LIBOR	2.83	%	Quarterly	01/31/20	$	1,158,000	$	(1,189	)	$	288		$	(1,477	)
BofA Merrill Lynch	CME	Receive	3-Month USD LIBOR	2.84	%	Quarterly	01/31/20		1,854,000		(2,124	)		286			(2,410	)
BofA Merrill Lynch	CME	Receive	3-Month USD LIBOR	3.18	%	Quarterly	11/07/23		15,200,000		(414,239	)		(2,652	)		(411,587	)
BofA Merrill Lynch	CME	Receive	3-Month USD LIBOR	3.14	%	Quarterly	11/06/21		34,190,000		(518,057	)		8,493			(526,550	)
BofA Merrill Lynch	CME	Receive	3-Month USD LIBOR	3.21	%	Quarterly	11/07/25		16,500,000		(604,187	)		3,644			(607,831	)
BofA Merrill Lynch	CME	Receive	3-Month USD LIBOR	3.28	%	Quarterly	11/07/28		45,180,000		(2,170,799	)		(81,519	)		(2,089,280	)
										$	(3,710,595	)	$	(71,460	)	$	(3,639,135	)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS††
Counterparty	Contracts to Sell	Currency	Settlement Date		Settlement Value		Value at December 31, 2018		Unrealized Appreciation (Depreciation)
Goldman Sachs	9,322,000	BRL	01/02/19	$	2,487,525	$	2,410,467	$	77,058
JPMorgan Chase & Co.	7,950,000	ILS	02/28/19		2,209,253		2,137,935		71,318
Barclays	13,599,800	ILS	02/28/19		3,725,667		3,657,295		68,372
Citigroup	37,700,000	BRL	04/01/19		9,741,594		9,691,120		50,474
Barclays	2,800,000	GBP	01/22/19		3,608,878		3,573,185		35,693
Citigroup	4,830,000	EUR	01/18/19		5,571,240		5,541,982		29,258
Morgan Stanley	3,731,200	ILS	02/28/19		1,031,684		1,003,404		28,280

Investment Grade Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

Counterparty	Contracts to Sell	Currency	Settlement Date		Settlement Value		Value at December 31, 2018		Unrealized Appreciation (Depreciation)
Goldman Sachs	6,475,000	EUR	01/18/19	$	7,448,187	$	7,429,468	$	18,719
Citigroup	1,570,000	BRL	01/02/19		418,109		405,968		12,141
JPMorgan Chase & Co.	1,870,000	GBP	01/28/19		2,398,799		2,387,141		11,658
Goldman Sachs	208,500,000	HUF	01/09/19		754,287		744,954		9,333
JPMorgan Chase & Co.	1,640,000	GBP	02/25/19		2,102,229		2,096,315		5,914
Goldman Sachs	10,920,000	ILS	01/31/20		3,011,632		3,005,800		5,832
Goldman Sachs	29,754,750	ILS	05/31/19		8,062,527		8,060,124		2,403
BofA Merrill Lynch	1,120,000	EUR	01/30/19		1,286,734		1,286,476		258
JPMorgan Chase & Co.	540,000	GBP	02/19/19		690,169		690,059		110
Goldman Sachs	520,000	ILS	01/31/19		139,568		139,542		26
Morgan Stanley	3,151,000	EUR	01/18/19		3,614,446		3,615,483		(1,037	)
JPMorgan Chase & Co.	1,200,000	EUR	01/18/19		1,375,825		1,376,890		(1,065	)
Barclays	1,580,000	EUR	02/15/19		1,815,949		1,817,193		(1,244	)
BofA Merrill Lynch	142,900,000	JPY	02/12/19		1,306,682		1,307,951		(1,269	)
Citigroup	4,812,400	ILS	02/28/19		1,292,371		1,294,163		(1,792	)
Barclays	1,140,000	EUR	01/04/19		1,304,605		1,306,408		(1,803	)
BofA Merrill Lynch	697,000	EUR	02/15/19		799,647		801,635		(1,988	)
BofA Merrill Lynch	2,710,000	EUR	01/18/19		3,105,009		3,109,476		(4,467	)
BofA Merrill Lynch	2,280,000	EUR	01/23/19		2,611,268		2,617,260		(5,992	)
JPMorgan Chase & Co.	25,300,000	DKK	03/01/19		3,895,619		3,902,436		(6,817	)
BofA Merrill Lynch	13,600,000	DKK	03/01/19		2,090,795		2,097,752		(6,957	)
Citigroup	44,500,000	JPY	01/28/19		397,764		406,837		(9,073	)
BofA Merrill Lynch	701,940,000	HUF	02/27/19		2,508,542		2,518,312		(9,770	)
Barclays	13,030,000	DKK	03/01/19		1,999,822		2,009,832		(10,010	)
JPMorgan Chase & Co.	8,500,000	MXN	03/14/19		417,660		428,048		(10,388	)
Barclays	17,500,000	MXN	01/24/19		876,696		887,661		(10,965	)
Goldman Sachs	3,190,000	EUR	03/22/19		3,667,910		3,679,768		(11,858	)
Goldman Sachs	200,000,000	JPY	01/10/19		1,812,538		1,825,723		(13,185	)
Goldman Sachs	2,370,000	EUR	02/25/19		2,713,638		2,727,931		(14,293	)
BofA Merrill Lynch	2,370,000	EUR	01/04/19		2,700,493		2,715,953		(15,460	)
JPMorgan Chase & Co.	2,020,000	EUR	01/30/19		2,303,295		2,320,252		(16,957	)
JPMorgan Chase & Co.	1,850,000	EUR	02/15/19		2,109,683		2,127,726		(18,043	)
Goldman Sachs	244,400,000	JPY	03/11/19		2,213,777		2,241,754		(27,977	)
JPMorgan Chase & Co.	5,090,000	EUR	01/16/19		5,809,916		5,839,263		(29,347	)
JPMorgan Chase & Co.	768,920,000	HUF	02/27/19		2,724,973		2,758,612		(33,639	)
JPMorgan Chase & Co.	19,599,000	SEK	03/12/19		2,190,255		2,224,027		(33,772	)
Goldman Sachs	11,900,000	BRL	04/01/19		3,023,297		3,059,001		(35,704	)
Citigroup	36,000,000	MXN	02/07/19		1,782,001		1,822,176		(40,175	)
Goldman Sachs	180,000,000	JPY	02/12/19		1,603,514		1,647,524		(44,010	)
Citigroup	203,000,000	JPY	02/25/19		1,806,540		1,859,804		(53,264	)
JPMorgan Chase & Co.	59,970,000	MXN	05/23/19		2,924,439		2,984,866		(60,427	)
Morgan Stanley	337,000,000	JPY	01/28/19		3,018,631		3,080,988		(62,357	)
Citigroup	563,000,000	JPY	01/10/19		5,054,835		5,139,410		(84,575	)
Goldman Sachs	361,000,000	JPY	02/04/19		3,215,858		3,302,270		(86,412	)
Morgan Stanley	731,000,000	JPY	02/25/19		6,533,349		6,697,127		(163,778	)
JPMorgan Chase & Co.	87,400,000	MXN	01/03/19		4,273,421		4,448,064		(174,643	)
								$	(677,666	)
Counterparty	Contracts to Buy	Currency	Settlement Date		Settlement Value		Value at December 31, 2018		Unrealized Appreciation
Goldman Sachs	10,892,000	BRL	01/02/19	$	2,789,354	$	2,816,436	$	27,082

~	The face amount is denominated in U.S. dollars unless otherwise indicated.
*	Non-income producing security.
**	Includes cumulative appreciation (depreciation).
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs, unless otherwise noted — See Note 3.
†††	Value determined based on Level 3 inputs — See Note 3.
1	Security was fair valued by the Valuation Committee at December 31, 2018. The total market value of fair valued securities amounts to $998,307, (cost $1,000,000) or 0.2% of total net assets.
2	Affiliated issuer.
3	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $191,872,853 (cost $192,766,348), or 30.1% of total net assets.
4	Variable rate security. Rate indicated is the rate effective at December 31, 2018. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
5	Security is an interest-only strip.

Investment Grade Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

6	Security is a step up/down bond. The coupon increases or decreases at regular intervals until the bond reaches full maturity. Rate indicated is the rate at December 31, 2018. See table below for additional step information for each security.
7	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be illiquid and restricted under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) illiquid and restricted securities is $6,092,024 (cost $6,275,249), or 1.0% of total net assets — See Note 6.
8	Zero coupon rate security.
9	Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates.
10	Security is a principal-only strip.
11	On September 7, 2008, the issuer was placed in conservatorship by the Federal Housing Finance Agency (FHFA). As conservator, the FHFA has full powers to control the assets and operations of the firm.
12	Rate indicated is the effective yield at the time of purchase.
13	The issuer operates under a Congressional charter; its securities are neither issued nor guaranteed by the U.S. Government.
14	Repurchase Agreements — See additional disclosure in the repurchase agreements table below for more information on repurchase agreements.

BofA — Bank of America

BRL — Brazilian Real

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

CME — Chicago Mercantile Exchange

CMT — Constant Maturity Treasury

DKK — Danish Krone

EUR — Euro

GBP — British Pound

HUF — Hungarian Forint

ICE — Intercontinental Exchange

ILS — Israeli New Shekel

JPY — Japanese Yen

LIBOR — London Interbank Offered Rate

MXN — Mexican Peso

SEK — Swedish Krona

USD — United Stated Dollar

WAC — Weighted Average Coupon

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2018 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Total
Common Stocks	$	—	$	—	$	—	*	$	—
Preferred Stocks		—		239,559		—	*		239,559
Mutual Funds		2,412,873		—		—			2,412,873
Collateralized Mortgage Obligations		—		151,404,393		—			151,404,393
Foreign Government Debt		—		142,731,354		—			142,731,354
Asset-Backed Securities		—		121,958,356		998,307			122,956,663
U.S. Government Securities		—		81,132,703		—			81,132,703
Federal Agency Bonds		—		28,492,915		—			28,492,915
U.S. Treasury Bills		—		22,977,304		—			22,977,304
Federal Agency Discount Notes		—		16,989,148		—			16,989,148
Corporate Bonds		—		14,204,658		—			14,204,658
Senior Floating Rate Interests		—		4,323,100		—			4,323,100
Municipal Bonds		—		2,536,766		—			2,536,766
Commercial Paper		—		29,674,694		—			29,674,694
Repurchase Agreements		—		8,937,923		—			8,937,923
Options Purchased		—		1,584		—			1,584
Credit Default Swap Agreements**		—		874,956		—			874,956
Forward Foreign Currency Exchange Contracts**		—		453,929		—			453,929
Total Assets	$	2,412,873	$	626,933,342	$	998,307		$	630,344,522

Investment Grade Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Interest Rate Futures Contracts**	$	194,893	$	—	$	—	$	194,893
Forward Foreign Currency Exchange Contracts**		—		1,104,513		—		1,104,513
Interest Rate Swaps Agreements**		—		3,639,135		—		3,639,135
Unfunded Loan Commitments (Note 5)		—		3,523		—		3,523
Total Liabilities	$	194,893	$	4,747,171	$	—	$	4,942,064

^* Includes securities with a market value of $0.

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

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the current fiscal period.

For the period ended December 31, 2018, there were no transfers between levels.

Step Coupon Bonds

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

Name	Coupon rate at next step up date	Date of next rate change	Range of future rates	Range of future step up dates
Apollo Aviation Securitization Equity Trust 2016-1A, 4.88% due 03/17/36	6.88%	03/15/23	6.88%	03/15/23
Castlelake Aircraft Securitization Trust 2015-1A, 4.70% due 12/15/40	6.70%	11/30/22	6.70%	11/30/22
Freddie Mac Seasoned Credit Risk Transfer Trust 2017-3, 2.75% due 07/25/56	3.00%	03/25/19	3.25%	09/25/19
Freddie Mac Seasoned Credit Risk Transfer Trust 2017-4, 2.75% due 06/25/57	3.00%	06/25/19	3.25%	12/25/19
Freddie Mac Seasoned Credit Risk Transfer Trust 2018-1, 2.25% due 05/25/57	2.50%	03/25/19	2.75% - 3.00%	09/25/19 - 03/25/20
Legacy Mortgage Asset Trust 2018-GS3, 4.00% due 06/25/58	7.00%	07/26/21	8.00%	07/26/22
Willis Engine Securitization Trust II 2012-A, 5.50% due 09/15/37	8.50%	09/15/20	8.50%	09/15/20

Repurchase Agreeements
Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
Deutsche Bank					Morgan Stanley Capital Inc.
2.86%					2.64%
01/28/19	$	2,338,000	$	2,355,447	01/25/37	$	8,250,000	$	4,772,625
BNP Paribas					Morgan Stanley Capital Inc.
2.76%					3.18%
02/01/19		3,899,923		3,909,486	09/25/35		5,130,000		4,592,889
Barclays					Standard Chartered plc
2.80% (1 Month USD LIBOR + 0.30%)					4.03%
Open Maturity*		2,700,000		2,700,000	Perpetual Maturity		3,500,000		2,699,200

^* Variable rate security. Rate indicated is the rate effective at December 31, 2018. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.

Affiliated Transactions

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

Transactions during the period ended December 31, 2018, in which the company is an "affiliated person", were as follows:  

Security Name	Value 09/30/18		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 12/31/18		Shares 12/31/18		Investment Income		Capital Gain Distributions
Mutual Funds
Guggenheim Floating Rate Strategies Fund - Institutional Class	$	2,489,273	$	31,716	$	–	$	–	$	(108,116	)	$	2,412,873		97,176	$	31,391	$	12

Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Shares		Value
COMMON STOCKS† - 95.7%
Financial - 26.1%
JPMorgan Chase & Co.		23,403	$	2,284,601
Berkshire Hathaway, Inc. — Class B*		8,254		1,685,302
Bank of America Corp.		67,490		1,662,954
Citigroup, Inc.		22,081		1,149,537
MetLife, Inc.		17,054		700,237
BB&T Corp.		16,038		694,766
Zions Bancorp North America		15,175		618,229
SunTrust Banks, Inc.		11,705		590,400
Welltower, Inc. REIT		8,467		587,694
Wells Fargo & Co.		12,181		561,300
Allstate Corp.		6,658		550,151
Principal Financial Group, Inc.		11,831		522,575
Loews Corp.		10,029		456,520
Jefferies Financial Group, Inc.		22,875		397,110
Morgan Stanley		9,603		380,759
Equity Commonwealth REIT		12,360		370,924
Omega Healthcare Investors, Inc. REIT		10,091		354,699
Prudential Financial, Inc.		3,280		267,484
Voya Financial, Inc.		6,548		262,837
Regions Financial Corp.		19,250		257,565
KeyCorp		17,002		251,290
Realogy Holdings Corp.		12,908		189,489
Jones Lang LaSalle, Inc.		1,350		170,910
Total Financial				14,967,333
Consumer, Non-cyclical - 21.8%
Pfizer, Inc.		34,985		1,527,095
Merck & Company, Inc.		17,874		1,365,752
Procter & Gamble Co.		10,601		974,444
Johnson & Johnson		7,177		926,192
HCA Healthcare, Inc.		5,191		646,020
Amgen, Inc.		3,020		587,903
UnitedHealth Group, Inc.		2,051		510,945
Archer-Daniels-Midland Co.		12,163		498,318
CVS Health Corp.		7,439		487,403
Tyson Foods, Inc. — Class A		8,317		444,128
United Therapeutics Corp.*		3,933		428,304
Quest Diagnostics, Inc.		4,820		401,361
Zimmer Biomet Holdings, Inc.		3,805		394,654
Bunge Ltd.		6,688		357,407
Medtronic plc		3,728		339,099
Cigna Corp.		1,625		308,701
Hormel Foods Corp.		6,779		289,328
Biogen, Inc.*		961		289,184
Humana, Inc.		1,003		287,339
DaVita, Inc.*		5,534		284,780
AmerisourceBergen Corp. — Class A		3,822		284,357
Alexion Pharmaceuticals, Inc.*		2,319		225,778
Philip Morris International, Inc.		3,338		222,845
Dentsply Sirona, Inc.		4,013		149,324
Mylan N.V.*		4,959		135,877
Ingredion, Inc.		1,421		129,879
Total Consumer, Non-cyclical				12,496,417
Energy - 10.9%
Chevron Corp.		15,590		1,696,036
Exxon Mobil Corp.		23,361		1,592,987
Kinder Morgan, Inc.		52,029		800,206
Marathon Oil Corp.		43,193		619,388
Hess Corp.		11,220		454,410
ConocoPhillips		5,631		351,093
Whiting Petroleum Corp.*		15,179		344,411
Range Resources Corp.		29,532		282,621
Antero Resources Corp.*		14,782		138,803
Total Energy				6,279,955
Utilities - 8.2%
Exelon Corp.		19,930		898,843
Public Service Enterprise Group, Inc.		14,367		747,802
Ameren Corp.		10,541		687,590
OGE Energy Corp.		15,287		599,098
Duke Energy Corp.		6,688		577,174
Edison International		7,742		439,513
SCANA Corp.		8,068		385,489
Pinnacle West Capital Corp.		4,056		345,571
Total Utilities				4,681,080
Industrial - 6.8%
Republic Services, Inc. — Class A		8,692		626,606
Eaton Corporation plc		5,260		361,152
FedEx Corp.		2,157		347,989
WestRock Co.		8,779		331,495
Owens Corning		7,278		320,086
Corning, Inc.		10,086		304,698
3M Co.		1,557		296,671
Jabil, Inc.		11,304		280,226
Ingersoll-Rand plc		2,497		227,801
Carlisle Companies, Inc.		2,114		212,499
Honeywell International, Inc.		1,555		205,447
General Electric Co.		26,811		202,959
Timken Co.		5,146		192,049
Total Industrial				3,909,678
Communications - 6.3%
Cisco Systems, Inc.		32,277		1,398,562
Verizon Communications, Inc.		17,339		974,799
Comcast Corp. — Class A		19,207		653,998
Symantec Corp.		21,451		405,317
AT&T, Inc.		6,381		182,114
Total Communications				3,614,790
Consumer, Cyclical - 6.1%
Walmart, Inc.		8,786		818,416
Southwest Airlines Co.		12,524		582,115
PVH Corp.		3,928		365,108
JetBlue Airways Corp.*		21,229		340,938
PACCAR, Inc.		5,614		320,784
Lear Corp.		2,604		319,927
Carnival Corp.		6,345		312,809
DR Horton, Inc.		8,326		288,579
Macy's, Inc.		4,600		136,988
Total Consumer, Cyclical				3,485,664
Basic Materials - 5.0%
Nucor Corp.		11,063		573,174
Reliance Steel & Aluminum Co.		6,923		492,710
DowDuPont, Inc.		8,120		434,257
Huntsman Corp.		21,747		419,500
Steel Dynamics, Inc.		13,109		393,795
Alcoa Corp.*		13,599		361,461
Freeport-McMoRan, Inc.		21,118		217,727
Total Basic Materials				2,892,624

Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Shares		Value
COMMON STOCKS† - 95.7% (continued)
Technology - 4.5%
Intel Corp.		24,557	$	1,152,460
Apple, Inc.		2,826		445,773
Micron Technology, Inc.*		12,468		395,609
Oracle Corp.		7,552		340,973
Skyworks Solutions, Inc.		3,589		240,535
Total Technology				2,575,350
Total Common Stocks
(Cost $51,660,649)				54,902,891

EXCHANGE-TRADED FUNDS† - 1.3%
iShares Russell 1000 Value ETF	6,618	734,929
Total Exchange-Traded Funds
(Cost $788,006)		734,929

MONEY MARKET FUND† - 3.4%
Dreyfus Treasury Securities Cash Management - Institutional Shares 2.20%1	1,930,854		1,930,854
Total Money Market Fund
(Cost $1,930,854)			1,930,854
Total Investments - 100.4%
(Cost $54,379,509)		$	57,568,674
Other Assets & Liabilities, net - (0.4)%			(213,268	)
Total Net Assets - 100.0%		$	57,355,406

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
1	Rate indicated is the 7-day yield as of December 31, 2018.

plc — Public Limited Company

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2018 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	54,902,891	$	—	$	—	$	54,902,891
Exchange-Traded Funds		734,929		—		—		734,929
Money Market Fund		1,930,854		—		—		1,930,854
Total Assets	$	57,568,674	$	—	$	—	$	57,568,674

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the current fiscal period.

For the period ended December 31, 2018, there were no transfers between levels.

Limited Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Shares		Value
MUTUAL FUNDS† - 1.5%
Guggenheim Floating Rate Strategies Fund - Institutional Class1		1,165,773	$	28,946,152
Guggenheim Strategy Fund II1		501,972		12,458,956
Guggenheim Strategy Fund III1		430,927		10,682,673
Guggenheim Ultra Short Duration Fund1,2		954,360		9,505,429
Total Mutual Funds
(Cost $63,204,561)				61,593,210

MONEY MARKET FUND† - 2.5%
Dreyfus Treasury Securities Cash Management — Institutional Shares 2.20%3	102,561,399	102,561,399
Total Money Market Fund
(Cost $102,561,399)		102,561,399

	Face Amount~
FOREIGN GOVERNMENT DEBT†† - 21.9%
Government of Japan
due 02/25/194	JPY 5,720,000,000	52,197,127
due 01/10/194	JPY 4,852,300,000	44,269,701
due 02/04/194	JPY 2,352,000,000	21,460,900
due 01/28/194	JPY 2,189,700,000	19,979,309
due 02/12/194	JPY 2,030,500,000	18,528,012
due 03/11/194	JPY 1,612,500,000	14,715,574
Republic of France
due 01/16/194	EUR 31,690,000	36,321,163
due 01/04/194	EUR 21,475,000	24,607,540
due 01/30/194	EUR 19,860,000	22,768,612
due 01/23/194	EUR 14,370,000	16,472,298
State of Israel
6.00% due 02/28/19	ILS 177,720,000	50,410,138
2.25% due 05/31/19	ILS 181,870,000	49,703,149
Kingdom of Spain
due 01/18/194	EUR 60,285,000	69,094,747
due 02/15/194	EUR 26,342,000	30,305,223
Republic of Portugal
due 01/18/194	EUR 54,422,000	62,373,461
due 03/22/194	EUR 20,600,000	23,630,445
Federative Republic of Brazil
due 04/01/194	BRL 311,300,000	79,280,662
United Mexican States
due 01/03/194	MXN 545,000,000	27,717,642
due 02/28/194	MXN 255,100,000	12,809,398
due 02/07/194	MXN 225,630,000	11,391,771
due 05/23/194	MXN 229,540,000	11,303,172
due 01/24/194	MXN 81,400,000	4,123,031
due 03/14/194	MXN 47,500,000	2,377,538
Kingdom of Denmark
due 03/01/194	DKK 378,670,000	58,169,390
Government of United Kingdom
due 01/21/194	GBP 17,250,000	21,983,046
due 01/28/194	GBP 11,770,000	14,997,435
due 02/25/194	GBP 10,260,000	13,066,187
due 02/18/194	GBP 3,130,000	3,986,621
Republic of Hungary
due 02/27/194	HUF 7,765,640,000	27,727,583
due 02/20/194	HUF 571,000,000	2,038,811
due 02/13/194	HUF 211,160,000	754,044
Israel Government Bond - Fixed
5.00% due 01/31/20	ILS 65,800,000	19,259,482
Kingdom of Sweden
4.25% due 03/12/19	SEK 119,500,000	13,610,498
Total Foreign Government Debt
(Cost $871,872,283)		881,433,710

ASSET-BACKED SECURITIES†† - 20.8%
Collateralized Loan Obligations - 15.0%
Atlas Senior Loan Fund IV Ltd.
2018-2A, 3.30% (3 Month USD LIBOR + 0.68%, Rate Floor: 0.00%) due 02/17/265,6	33,514,320	33,502,600
2018-2A, 3.92% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 02/17/265,6	5,000,000	4,976,805
ALM XII Ltd.
2018-12A, 3.33% (3 Month USD LIBOR + 0.89%, Rate Floor: 0.89%) due 04/16/275,6	35,000,000	34,722,842
Figueroa CLO Ltd.
2018-2A, 3.64% (3 Month USD LIBOR + 0.85%, Rate Floor: 0.85%) due 06/20/275,6	31,470,000	31,336,850
2018-2A, 3.39% (3 Month USD LIBOR + 0.60%, Rate Floor: 0.60%) due 06/20/275,6	500,000	500,401
MP CLO VIII Ltd.
2018-2A, 3.42% (3 Month USD LIBOR + 0.91%, Rate Floor: 0.00%) due 10/28/275,6	30,300,000	29,995,491
Golub Capital Partners CLO Ltd.
2018-36A, 3.88% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 02/05/315,6	29,300,000	28,304,240
Ladder Capital Commercial Mortgage Mortgage Trust
2017-FL1, 3.34% (1 Month USD LIBOR + 0.88%, Rate Floor: 0.88%) due 09/15/345,6	25,795,333	25,634,751

Limited Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
ASSET-BACKED SECURITIES†† - 20.8% (continued)
Collateralized Loan Obligations - 15.0% (continued)
Venture XII CLO Ltd.
2018-12A, 3.51% (3 Month USD LIBOR + 0.80%, Rate Floor: 0.80%) due 02/28/265,6		23,000,000	$	22,918,258
Shackleton CLO Ltd.
2017-8A, 3.39% (3 Month USD LIBOR + 0.92%, Rate Floor: 0.00%) due 10/20/275,6		23,000,000		22,830,472
Fortress Credit Opportunities IX CLO Ltd.
2017-9A, 4.17% (3 Month USD LIBOR + 1.55%, Rate Floor: 0.00%) due 11/15/295,6		22,837,000		22,548,105
Flagship CLO VIII Ltd.
2018-8A, 3.29% (3 Month USD LIBOR + 0.85%, Rate Floor: 0.00%) due 01/16/265,6		21,150,000		21,089,621
West CLO Ltd.
2017-1A, 3.36% (3 Month USD LIBOR + 0.92%, Rate Floor: 0.00%) due 07/18/265,6		20,891,096		20,867,667
Telos CLO Ltd.
2017-6A, 3.72% (3 Month USD LIBOR + 1.27%, Rate Floor: 0.00%) due 01/17/275,6		19,900,000		19,875,979
Mountain View CLO Ltd.
2018-1A, 3.24% (3 Month USD LIBOR + 0.80%, Rate Floor: 0.80%) due 10/15/265,6		16,000,000		15,950,523
Carlyle Global Market Strategies CLO Ltd.
2018-2A, 3.29% (3 Month USD LIBOR + 0.78%, Rate Floor: 0.00%) due 04/27/275,6		15,950,000		15,812,243
Garrison BSL CLO Ltd.
2018-1A, 3.32% (3 Month USD LIBOR + 0.95%, Rate Floor: 0.00%) due 07/17/285,6		15,770,000		15,715,357
TICP CLO III-2 Ltd.
2018-3R, 3.31% (3 Month USD LIBOR + 0.84%, Rate Floor: 0.84%) due 04/20/285,6		14,800,000		14,579,399
Palmer Square Loan Funding Ltd.
2018-4A, 3.15% (3 Month USD LIBOR + 0.90%, Rate Floor: 0.00%) due 11/15/265,6		10,750,000		10,748,267
2018-4A, 3.70% (3 Month USD LIBOR + 1.45%, Rate Floor: 0.00%) due 11/15/265,6		3,500,000		3,431,311
SCOF Ltd.
2018-2A, 3.62% (3 Month USD LIBOR + 1.18%, Rate Floor: 0.00%) due 07/15/285,6		13,300,000		13,218,749
Fortress Credit Opportunities XI CLO Ltd.
2018-11A, 3.74% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 04/15/315,6		13,450,000		12,998,445
Ares XXXIII CLO Ltd.
2016-1A, 4.10% (3 Month USD LIBOR + 1.35%, Rate Floor: 0.00%) due 12/05/255,6		8,800,000		8,794,902
Crown Point CLO III Ltd.
2017-3A, 3.35% (3 Month USD LIBOR + 0.91%, Rate Floor: 0.00%) due 12/31/275,6		8,670,000		8,634,647
KVK CLO Ltd.
2018-1A, 3.34% (3 Month USD LIBOR + 0.70%, Rate Floor: 0.00%) due 05/20/295,6		5,681,817		5,679,351
2017-1A, 3.34% (3 Month USD LIBOR + 0.90%, Rate Floor: 0.00%) due 01/14/285,6		2,600,000		2,579,174

Limited Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
ASSET-BACKED SECURITIES†† - 20.8% (continued)
Collateralized Loan Obligations - 15.0% (continued)
Monroe Capital CLO Ltd.
2017-1A, 3.82% (3 Month USD LIBOR + 1.35%, Rate Floor: 0.00%) due 10/22/265,6		8,100,000	$	8,041,649
ABPCI Direct Lending Fund CLO I LLC
2016-1A, 5.17% (3 Month USD LIBOR + 2.70%, Rate Floor: 0.00%) due 12/22/285,6		8,000,000		8,000,448
NXT Capital CLO LLC
2017-1A, 4.17% (3 Month USD LIBOR + 1.70%, Rate Floor: 0.00%) due 04/20/295,6		7,700,000		7,619,485
VMC Finance LLC
2018-FL1, 3.28% (1 Month USD LIBOR + 0.82%) due 03/15/355,6		7,475,408		7,467,001
Mountain Hawk II CLO Ltd.
2018-2A, 3.29% (3 Month USD LIBOR + 0.82%, Rate Floor: 0.00%) due 07/20/245,6		7,449,476		7,438,177
ABPCI Direct Lending Fund CLO II LLC
2017-1A, 4.25% (3 Month USD LIBOR + 1.78%, Rate Floor: 0.00%) due 07/20/295,6		7,500,000		7,437,999
BSPRT Issuer Ltd.
2017-FL2, 3.28% (1 Month USD LIBOR + 0.82%, Rate Floor: 0.82%) due 10/15/345,6		7,213,583		7,204,573
Woodmont Trust
2017-3A, 4.17% (3 Month USD LIBOR + 1.73%, Rate Floor: 0.00%) due 10/18/295,6		4,700,000		4,648,859
2017-2A, 4.24% (3 Month USD LIBOR + 1.80%, Rate Floor: 0.00%) due 07/18/285,6		2,500,000		2,508,090
Seneca Park CLO Limited
2017-1A, 3.95% (3 Month USD LIBOR + 1.50%, Rate Floor: 0.00%) due 07/17/265,6		4,000,000		3,985,846
2017-1A, 3.57% (3 Month USD LIBOR + 1.12%, Rate Floor: 0.00%) due 07/17/265,6		3,075,780		3,068,201
Cerberus Loan Funding XVII Ltd.
2016-3A, 4.97% (3 Month USD LIBOR + 2.53%, Rate Floor: 0.00%) due 01/15/285,6		6,500,000		6,455,431
NewStar Fairfield Fund CLO Ltd.
2018-2A, 3.74% (3 Month USD LIBOR + 1.27%, Rate Floor: 1.27%) due 04/20/305,6		6,600,000		6,373,602
A Voce CLO Ltd.
2017-1A, 3.60% (3 Month USD LIBOR + 1.16%, Rate Floor: 0.00%) due 07/15/265,6		6,170,710		6,170,907
Diamond CLO Ltd.
2018-1A, 3.93% (3 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 07/22/305,6		6,000,000		5,904,250
Marathon CLO V Ltd.
2017-5A, 3.52% (3 Month USD LIBOR + 0.87%, Rate Floor: 0.00%) due 11/21/275,6		5,834,951		5,805,920
Avery Point V CLO Ltd.
2017-5A, 3.43% (3 Month USD LIBOR + 0.98%, Rate Floor: 0.00%) due 07/17/265,6		5,166,713		5,154,045
Golub Capital Partners CLO 16 Ltd.
2017-16A, 4.06% (3 Month USD LIBOR + 1.70%, Rate Floor: 0.00%) due 07/25/295,6		4,700,000		4,648,623

Limited Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
ASSET-BACKED SECURITIES†† - 20.8% (continued)
Collateralized Loan Obligations - 15.0% (continued)
FDF I Ltd.
2015-1A, 4.40% due 11/12/305		4,500,000	$	4,409,254
TCP Waterman CLO Ltd.
2016-1A, 4.38% (3 Month USD LIBOR + 2.05%, Rate Floor: 0.00%) due 12/15/285,6		4,000,000		4,020,358
FDF II Ltd.
2016-2A, 4.29% due 05/12/315		4,000,000		4,009,117
ACIS CLO Ltd.
2014-4A, 3.96% (3 Month USD LIBOR + 1.42%, Rate Floor: 0.00%) due 05/01/265,6		4,000,000		3,998,344
Newstar Commercial Loan Funding LLC
2017-1A, 5.29% (3 Month USD LIBOR + 2.50%, Rate Floor: 0.00%) due 03/20/275,6		3,000,000		2,968,065
2016-1A, 6.44% (3 Month USD LIBOR + 3.75%) due 02/25/285,6		1,000,000		1,003,459
Northwoods Capital XII-B Ltd.
2018-12BA, 3.54% (3 Month USD LIBOR + 0.75%, Rate Floor: 0.75%) due 06/15/315,6		3,500,000		3,501,495
Cent CLO Ltd.
2013-19A, 3.84% (3 Month USD LIBOR + 1.33%, Rate Floor: 0.00%) due 10/29/255,6		3,034,693		3,031,659
Resource Capital Corporation Ltd.
2017-CRE5, 3.26% (1 Month USD LIBOR + 0.80%) due 07/15/345,6		2,975,021		2,975,963
Marathon CLO VII Ltd.
2017-7A, 4.16% (3 Month USD LIBOR + 1.65%, Rate Floor: 0.00%) due 10/28/255,6		3,000,000		2,973,707
AIMCO CLO Series
2017-AA, 3.57% (3 Month USD LIBOR + 1.10%, Rate Floor: 0.00%) due 07/20/265,6		2,028,795		2,028,638
Oaktree CLO Ltd.
2017-1A, 3.34% (3 Month USD LIBOR + 0.87%) due 10/20/275,6		2,000,000		1,991,493
Recette Clo Ltd.
2017-1A, 3.77% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 10/20/275,6		2,000,000		1,944,961
Flagship VII Ltd.
2017-7A, 3.59% (3 Month USD LIBOR + 1.12%, Rate Floor: 0.00%) due 01/20/265,6		1,492,121		1,492,038
Dryden 37 Senior Loan Fund
2015-37A, due 01/15/315,7		1,500,000		1,353,735
Symphony CLO XII Ltd.
2017-12A, 3.94% (3 Month USD LIBOR + 1.50%, Rate Floor: 0.00%) due 10/15/255,6		1,250,000		1,247,335
LCM XXII Ltd.
2018-22A, 3.10% (3 Month USD LIBOR + 0.60%, Rate Floor: 0.60%) due 10/20/285,6		1,083,333		1,083,186
Treman Park CLO Ltd.
2015-1A, due 10/20/285,7		1,000,000		849,300
OHA Credit Partners IX Ltd.
2013-9A, due 10/20/255,7		1,000,000		807,614
Bsprt Issuer Ltd.
2017-FL1, 3.81% (1 Month USD LIBOR + 1.35%, Rate Floor: 0.00%) due 06/15/275,6		586,338		586,128
LMREC, Inc.
2016-CRE2, 4.20% (1 Month USD LIBOR + 1.70%, Rate Floor: 1.70%) due 11/24/315,6		501,689		501,689

Limited Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
ASSET-BACKED SECURITIES†† - 20.8% (continued)
Collateralized Loan Obligations - 15.0% (continued)
Halcyon Loan Advisors Funding Ltd.
2012-1A, 5.62% (3 Month USD LIBOR + 3.00%, Rate Floor: 0.00%) due 08/15/235,6		500,000	$	500,048
PFP Ltd.
2017-3, 3.51% (1 Month USD LIBOR + 1.05%) due 01/14/355,6		489,766		486,780
Venture VII CDO Ltd.
2006-7A, 2.70% (3 Month USD LIBOR + 0.23%, Rate Floor: 0.00%) due 01/20/225,6		357,695		357,680
A10 Term Asset Financing LLC
2016-1, 3.35% due 03/15/355		248,822		248,204
Cereberus ICQ Levered LLC
2015-1A, 4.49% (3 Month USD LIBOR + 2.05%, Rate Floor: 0.00%) due 11/06/255,6		234,698		234,733
Copper River CLO Ltd.
2007-1A, due 01/20/217,8		500,000		41,671
Babson CLO Ltd.
2012-2A, due 05/15/235,7		750,000		39,717
Total Collateralized Loan Obligations				603,865,927
Transport-Aircraft - 2.9%
AASET US Ltd.
2018-2A, 4.45% due 11/16/385		21,103,375		21,317,988
Castlelake Aircraft Securitization Trust
2018-1, 4.13% due 06/15/435		11,426,955		11,607,132
2017-1, 3.97% due 07/15/42		4,797,396		4,787,322
2015-1A, 4.70% due 12/15/405,9		2,549,635		2,579,212
SAPPHIRE AVIATION FINANCE I Ltd.
2018-1A, 4.25% due 03/15/405		15,716,065		15,746,202
Apollo Aviation Securitization Equity Trust
2016-2, 4.21% due 11/15/41		9,753,893		9,896,644
2016-1A, 4.88% due 03/17/365,9		2,414,333		2,462,869
KDAC Aviation Finance Ltd.
2017-1A, 4.21% due 12/15/425		10,937,568		10,951,933
MAPS Ltd.
2018-1A, 4.21% due 05/15/435		9,961,350		10,066,472
AASET Trust
2017-1A, 3.97% due 05/16/425		7,776,134		7,762,758
AIM Aviation Finance Ltd.
2015-1A, 4.21% due 02/15/405		6,190,786		6,231,468
Raspro Trust
2005-1A, 3.39% (3 Month USD LIBOR + 0.93%, Rate Floor: 0.93%) due 03/23/245,6		4,069,222		3,886,107
2005-1A, 3.19% (3 Month USD LIBOR + 0.40%, Rate Floor: 0.40%) due 03/23/245,6		1,344,634		1,342,434
Falcon Aerospace Ltd.
2017-1, 4.58% due 02/15/425		2,544,756		2,552,288
AASET 2018-1 US Ltd.
2018-1A, 3.84% due 01/16/385		1,684,590		1,690,552
Diamond Head Aviation Ltd.
2015-1, 3.81% due 07/14/285		1,495,363		1,494,768
ECAF I Ltd.
2015-1A, 3.47% due 06/15/405		930,528		921,860
Atlas Ltd.
2014-1 A, 4.88% due 12/15/39		736,071		699,803
Rise Ltd.
2014-1A, 4.75% due 02/12/39		256,213		251,089
Total Transport-Aircraft				116,248,901
Transport-Container - 1.1%
Textainer Marine Containers Ltd.
2017-2A, 3.52% due 06/20/425		13,652,322		13,546,604
CLI Funding LLC
2018-1A, 4.03% due 04/18/435		8,390,875		8,489,239
Global SC Finance II SRL
2013-1A, 2.98% due 04/17/285		6,835,833		6,737,302
CAL Funding III Ltd.
2018-1A, 3.96% due 02/25/435		6,600,000		6,630,956

Limited Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
ASSET-BACKED SECURITIES†† - 20.8% (continued)
Transport-Container - 1.1% (continued)
Textainer Marine Containers V Ltd.
2017-1A, 3.72% due 05/20/425		5,017,950	$	5,007,847
CLI Funding V LLC
2013-1A, 2.83% due 03/18/285		2,130,333		2,094,003
Cronos Containers Program Ltd.
2013-1A, 3.08% due 04/18/285		1,915,333		1,897,823
Total Transport-Container				44,403,774
Net Lease - 0.8%
Capital Automotive LLC
2017-1A, 3.87% due 04/15/475		16,618,333		16,621,433
STORE Master Funding I LLC
2015-1A, 4.17% due 04/20/455		10,503,833		10,610,226
2015-1A, 3.75% due 04/20/455		1,767,000		1,747,535
Capital Automotive REIT
2014-1A, 3.66% due 10/15/445		1,000,000		996,797
Total Net Lease				29,975,991
Collateralized Debt Obligations - 0.4%
Anchorage Credit Funding Ltd.
2016-4A, 3.50% due 02/15/355		11,650,000		11,272,531
2016-3A, 3.85% due 10/28/335		1,500,000		1,475,436
RB Commercial Trust
2012-RS1, 5.35% due 01/26/225		3,317,666		3,291,755
Putnam Structured Product Funding Ltd.
2003-1A, 3.46% (1 Month USD LIBOR + 1.00%, Rate Floor: 0.00%) due 10/15/385,6		1,230,234		1,218,671
H2 Asset Funding Ltd.
2014-1A, 4.37% due 03/19/37		48,648		48,971
Total Collateralized Debt Obligations				17,307,364
Infrastructure - 0.3%
Secured Tenant Site Contract Revenue Notes Series
2018-1A, 3.97% due 06/15/488		7,462,500		7,503,474
Vantage Data Centers Issuer LLC
2018-1A, 4.07% due 02/16/435		3,173,333		3,179,683
SBA Tower Trust
2014-1A, 2.90% due 10/15/195		1,725,000		1,714,832
Total Infrastructure				12,397,989
Whole Business - 0.3%
Domino's Pizza Master Issuer LLC
2017-1A, 3.74% (3 Month USD LIBOR + 1.25%, Rate Floor: 0.00%) due 07/25/475,6		5,184,375		5,179,502
Sonic Capital LLC
2016-1A, 4.47% due 05/20/465		3,281,716		3,329,662
Taco Bell Funding LLC
2016-1A, 4.97% due 05/25/465		2,648,543		2,722,411
Drug Royalty III Limited Partnership
2016-1A, 3.98% due 04/15/275		823,679		823,657
Drug Royalty II Limited Partnership 2
2014-1, 3.48% due 07/15/235		282,824		281,861
Total Whole Business				12,337,093
Transport-Rail - 0.0%
TRIP Rail Master Funding LLC
2017-1A, 2.71% due 08/15/475		1,501,644		1,489,060
Insurance - 0.0%
Chesterfield Financial Holdings LLC
2014-1A, 4.50% due 12/15/345		464,250		464,103
Total Asset-Backed Securities
(Cost $843,197,547)				838,490,202

COLLATERALIZED MORTGAGE OBLIGATIONS†† - 17.5%
Residential Mortgage Backed Securities - 13.2%
Towd Point Mortgage Trust
2017-6, 2.75% (WAC) due 10/25/575,6	29,381,698	28,698,271
2017-5, 2.92% (1 Month USD LIBOR + 0.60%, Rate Floor: 0.00%) due 02/25/575,6	18,889,009	18,785,873
2018-2, 3.25% (WAC) due 03/25/585,6	14,592,405	14,376,795
2018-1, 3.00% (WAC) due 01/25/585,6	2,327,434	2,284,919
CIM Trust
2018-R2, 3.69% (WAC) due 08/25/575,6	32,891,042	32,351,889
2018-R4, 4.07% (WAC) due 12/26/575,6	31,458,046	31,102,853

Limited Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 17.5% (continued)
Residential Mortgage Backed Securities - 13.2% (continued)
Structured Asset Securities Corporation Mortgage Loan Trust
2007-WF1, 2.72% (1 Month USD LIBOR + 0.21%, Rate Floor: 0.21%) due 02/25/376		20,394,185	$	20,042,104
2008-BC4, 3.14% (1 Month USD LIBOR + 0.63%, Rate Floor: 0.63%) due 11/25/376		14,934,636		14,725,280
2006-BC4, 2.68% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 12/25/366		1,991,257		1,908,114
2006-BC3, 2.67% (1 Month USD LIBOR + 0.16%, Rate Floor: 0.16%) due 10/25/366		1,949,231		1,706,523
2007-BC1, 2.64% (1 Month USD LIBOR + 0.13%, Rate Floor: 0.13%) due 02/25/376		318,848		312,798
Soundview Home Loan Trust
2006-OPT5, 2.65% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 07/25/366		23,998,361		23,106,680
2006-1, 2.81% (1 Month USD LIBOR + 0.30%, Rate Floor: 0.30%) due 02/25/366		8,652,524		8,609,643
2005-OPT3, 2.98% (1 Month USD LIBOR + 0.47%, Rate Floor: 0.47%) due 11/25/356		4,000,000		3,940,026
New Residential Mortgage Loan Trust
2018-2A, 3.50% (WAC) due 02/25/585,6		19,247,114		19,127,847
2017-5A, 4.01% (1 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 06/25/575,6		2,271,068		2,311,645
Home Equity Loan Trust
2007-FRE1, 2.70% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 04/25/376		22,423,130		20,801,673
CSMC Trust
2018-RPL9, 3.85% (WAC) due 09/25/575,6		17,456,167		17,656,913
Nomura Resecuritization Trust
2018-1R, 3.41% (1 Month USD LIBOR + 0.90%, Rate Floor: 0.00%) due 03/25/375,6		15,045,486		14,963,231
2015-4R, 1.39% (1 Month USD LIBOR + 0.43%, Rate Floor: 0.43%) due 03/26/365,6		1,166,539		1,128,726
NovaStar Mortgage Funding Trust Series
2007-2, 2.71% (1 Month USD LIBOR + 0.20%, Rate Cap/Floor: 11.00%/0.20%) due 09/25/376		15,843,307		15,243,176
Cascade Funding Mortgage Trust
2018-RM2, 4.00% (WAC) due 10/25/685,6		14,779,582		14,856,584
CIT Mortgage Loan Trust
2007-1, 3.86% (1 Month USD LIBOR + 1.35%, Rate Floor: 1.35%) due 10/25/375,6		12,897,887		13,033,996
2007-1, 3.96% (1 Month USD LIBOR + 1.45%, Rate Floor: 1.45%) due 10/25/375,6		887,500		892,698
Bear Stearns Asset Backed Securities I Trust
2006-HE9, 2.65% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 11/25/366		9,863,197		9,513,763
2006-HE3, 2.87% (1 Month USD LIBOR + 0.36%, Rate Floor: 0.36%) due 04/25/366		4,000,000		3,958,286
Banc of America Funding Trust
2015-R2, 2.77% (1 Month USD LIBOR + 0.26%, Rate Floor: 0.26%) due 04/29/375,6		10,278,000		9,973,910
2015-R4, 2.49% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 01/27/355,6		3,106,541		2,962,452

Limited Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 17.5% (continued)
Residential Mortgage Backed Securities - 13.2% (continued)
Alternative Loan Trust
2007-OA7, 2.65% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 05/25/476		9,305,726	$	8,937,137
2007-OH3, 2.80% (1 Month USD LIBOR + 0.29%, Rate Cap/Floor: 10.00%/0.29%) due 09/25/476		3,994,802		3,892,214
Ameriquest Mortgage Securities Incorporated Asset-Backed Pass Through Certificates Ser 2005-R10
2005-R10, 2.94% (1 Month USD LIBOR + 0.43%, Rate Floor: 0.43%) due 01/25/366		12,500,000		12,492,535
American Home Mortgage Investment Trust
2006-3, 2.87% (1 Month USD LIBOR + 0.36%, Rate Cap/Floor: 10.50%/0.18%) due 12/25/466		10,040,072		9,527,835
LSTAR Securities Investment Limited
2018-2, 4.35% due 04/01/21		6,725,278		6,726,724
2017-6, 4.10% (1 Month USD LIBOR + 1.75%, Rate Floor: 0.00%) due 09/01/225,6		2,433,565		2,432,804
Morgan Stanley Home Equity Loan Trust
2006-2, 2.79% (1 Month USD LIBOR + 0.28%, Rate Floor: 0.28%) due 02/25/366		8,590,981		8,575,871
COLT Mortgage Loan Trust
2018-3, 3.69% (WAC) due 10/26/485,6		8,214,343		8,205,568
JP Morgan Mortgage Acquisition Trust
2006-HE2, 2.65% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 07/25/366		7,652,503		7,589,339
Argent Securities Incorporated Asset-Backed Pass-Through Certificates Series
2005-W2, 3.00% (1 Month USD LIBOR + 0.49%, Rate Floor: 0.49%) due 10/25/356		7,250,000		7,187,776
Park Place Securities Incorporated Asset Backed Pass Through Certificates Ser
2005-WHQ3, 3.45% (1 Month USD LIBOR + 0.95%, Rate Floor: 0.63%) due 06/25/356		7,025,000		6,986,861
First NLC Trust
2005-4, 2.90% (1 Month USD LIBOR + 0.39%, Rate Cap/Floor: 14.00%/0.39%) due 02/25/366		7,024,129		6,945,517
HarborView Mortgage Loan Trust
2006-14, 2.62% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 01/25/476		3,877,549		3,704,195
2006-12, 2.66% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 01/19/386		3,323,786		3,192,501
Countrywide Asset-Backed Certificates
2006-6, 2.68% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 09/25/366		4,854,919		4,771,384
2006-5, 2.80% (1 Month USD LIBOR + 0.29%, Rate Floor: 0.29%) due 08/25/366		2,035,178		2,016,345
FBR Securitization Trust
2005-2, 3.26% (1 Month USD LIBOR + 0.75%, Rate Cap/Floor: 14.00%/0.50%) due 09/25/356		6,750,000		6,735,428
Nationstar Home Equity Loan Trust
2007-B, 2.73% (1 Month USD LIBOR + 0.22%, Rate Floor: 0.22%) due 04/25/376		6,765,804		6,640,804
Structured Asset Investment Loan Trust
2006-3, 2.66% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 06/25/366		5,437,240		5,249,265
2005-2, 3.24% (1 Month USD LIBOR + 0.74%, Rate Floor: 0.49%) due 03/25/356		668,457		666,980

Limited Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 17.5% (continued)
Residential Mortgage Backed Securities - 13.2% (continued)
2005-1, 3.23% (1 Month USD LIBOR + 0.72%, Rate Floor: 0.48%) due 02/25/355,6	288,947		$289,343
FirstKey Master Funding
2017-R1, 2.57% (1 Month USD LIBOR + 0.22%, Rate Floor: 0.22%) due 11/03/415,6		5,954,540		5,833,394
Legacy Mortgage Asset Trust
2018-GS3, 4.00% due 06/25/585,9		4,972,147		4,927,342
New Residential Mortgage Trust
2018-1A, 4.00% (WAC) due 12/25/575,6		4,850,201		4,874,824
LSTAR Securities Investment Trust
2018-2, 3.85% (1 Month USD LIBOR + 1.50%, Rate Floor: 0.00%) due 04/01/235,6		4,800,172		4,793,572
GSAMP Trust
2002-HE2, 3.51% (1 Month USD LIBOR + 1.04%, Rate Floor: 0.52%) due 10/20/325,6		4,351,120		4,377,811
2005-HE6, 2.95% (1 Month USD LIBOR + 0.44%, Rate Floor: 0.44%) due 11/25/356		239,340		239,411
CWABS Incorporated Asset-Backed Certificates Trust
2004-4, 3.23% (1 Month USD LIBOR + 0.72%, Rate Floor: 0.48%) due 07/25/346		4,435,899		4,438,050
Credit-Based Asset Servicing & Securitization LLC
2006-CB2, 2.70% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 12/25/366		4,451,461		4,405,798
CSMC Series
2015-12R, 2.82% (WAC) due 11/30/375,6		4,022,527		4,005,195
2014-2R, 2.51% (1 Month USD LIBOR + 0.20%, Rate Floor: 0.20%) due 02/27/465,6		271,046		260,378
Deephaven Residential Mortgage Trust
2017-3A, 2.58% (WAC) due 10/25/475,6		4,017,401		3,966,200
Asset Backed Securities Corporation Home Equity Loan Trust Series AEG
2006-HE1, 2.91% (1 Month USD LIBOR + 0.40%, Rate Floor: 0.40%) due 01/25/366		3,350,000		3,217,930
HSI Asset Securitization Corporation Trust
2005-OPT1, 3.14% (1 Month USD LIBOR + 0.63%, Rate Floor: 0.42%) due 11/25/356		2,156,886		2,142,750
ACE Securities Corporation Home Equity Loan Trust Series
2005-HE2, 3.53% (1 Month USD LIBOR + 1.02%, Rate Floor: 0.68%) due 04/25/356		2,000,000		1,980,088
Morgan Stanley Capital I Incorporated Trust
2006-HE1, 2.80% (1 Month USD LIBOR + 0.29%, Rate Floor: 0.29%) due 01/25/366		1,683,115		1,646,653
Morgan Stanley ABS Capital I Incorporated Trust
2006-NC1, 2.89% (1 Month USD LIBOR + 0.38%, Rate Floor: 0.38%) due 12/25/356		1,500,000		1,486,375
First Franklin Mortgage Loan Trust
2004-FF10, 3.78% (1 Month USD LIBOR + 1.28%, Rate Floor: 0.85%) due 07/25/346		1,388,576		1,389,829
Deutsche Alt-A Securities Mortgage Loan Trust Series
2006-AF1, 2.81% (1 Month USD LIBOR + 0.30%, Rate Floor: 0.30%) due 04/25/366		1,441,793		1,352,865
Fannie Mae Connecticut Avenue Securities
2016-C02, 4.66% (1 Month USD LIBOR + 2.15%, Rate Floor: 0.00%) due 09/25/286		627,371		628,279

Limited Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 17.5% (continued)
Residential Mortgage Backed Securities - 13.2% (continued)
2016-C01, 4.46% (1 Month USD LIBOR + 1.95%, Rate Floor: 0.00%) due 08/25/286	562,138		$	562,195
GE-WMC Asset-Backed Pass-Through Certificates Series
2005-2, 2.76% (1 Month USD LIBOR + 0.25%, Rate Floor: 0.25%) due 12/25/356		1,094,428		1,086,649
GSMSC Resecuritization Trust
2015-5R, 2.45% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 04/26/375,6		988,609		983,350
Encore Credit Receivables Trust
2005-4, 2.95% (1 Month USD LIBOR + 0.44%, Rate Floor: 0.44%) due 01/25/366		832,713		829,655
Ellington Loan Acquisition Trust
2007-2, 3.46% (1 Month USD LIBOR + 0.95%, Rate Floor: 0.95%) due 05/25/375,6		715,469		715,750
UCFC Manufactured Housing Contract
1997-2, 7.38% due 10/15/28		379,814		398,253
Popular ABS Mortgage Pass-Through Trust
2005-2, 2.69% (1 Month USD LIBOR + 0.18%, Rate Cap/Floor: 14.00%/0.18%) due 04/25/356		189,201		188,841
First Frankin Mortgage Loan Trust
2006-FF4, 2.69% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 03/25/366		130,946		130,154
Morgan Stanley Re-REMIC Trust
2010-R5, 3.72% due 06/26/365		124,699		113,566
Accredited Mortgage Loan Trust
2007-1, 2.64% (1 Month USD LIBOR + 0.13%, Rate Cap/Floor: 14.00%/0.13%) due 02/25/376		62,085		61,965
Total Residential Mortgage Backed Securities				532,180,216
Government Agency - 2.7%
Freddie Mac Seasoned Credit Risk Transfer Trust11
2018-1, 2.25% due 05/25/579		27,147,812		26,052,444
2017-4, 2.75% due 06/25/579		17,981,362		17,506,169
2017-4, 3.50% due 06/25/57		8,959,668		8,892,121
2017-3, 3.00% due 07/25/56		922,550		892,420
Freddie Mac Multifamily Structured Pass Through Certificates11
2018-K074, 3.60% due 02/25/28		14,000,000		14,223,521
2017-KGX1, 3.00% due 10/25/27		14,000,000		13,714,658
2018-K078, 3.92% (WAC) due 06/25/286		3,350,000		3,481,019
2013-K035, 0.40% (WAC) due 08/25/236,10		107,411,680		1,673,710
Fannie Mae11
3.01% due 12/01/27		4,600,000		4,480,402
2.99% due 03/01/30		4,000,000		3,807,283
3.13% due 01/01/30		3,050,000		2,956,057
3.23% due 01/01/30		2,959,242		2,912,617
3.12% due 01/01/30		2,955,649		2,882,950
3.21% due 08/01/27		2,173,937		2,163,528
3.17% due 01/01/30		1,700,000		1,652,459
3.22% due 01/01/30		1,300,000		1,269,414
Total Government Agency				108,560,772

Limited Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 17.5% (continued)
Commercial Mortgage Backed Securities - 1.6%
Wells Fargo Commercial Mortgage Trust
2016-C37, 1.01% (WAC) due 12/15/496,10		37,965,376	$	1,813,371
2017-C38, 1.08% (WAC) due 07/15/506,10		25,736,896		1,721,554
2015-LC22, 0.86% (WAC) due 09/15/586,10		24,027,402		1,053,976
2017-C42, 0.90% (WAC) due 12/15/506,10		14,941,260		950,194
2017-RB1, 1.28% (WAC) due 03/15/506,10		9,940,117		810,557
2016-NXS5, 1.53% (WAC) due 01/15/596,10		6,808,385		480,476
Americold LLC Trust
2010-ARTA, 7.44% due 01/14/295		3,500,000		3,733,313
2010-ARTA, 6.81% due 01/14/295		2,605,000		2,762,175
GAHR Commercial Mortgage Trust
2015-NRF, 3.38% (WAC) due 12/15/195,6		6,353,165		6,244,938
COMM Mortgage Trust
2015-CR24, 0.79% (WAC) due 08/10/486,10		65,786,084		2,781,238
2018-COR3, 0.45% (WAC) due 05/10/516,10		35,662,631		1,274,775
JP Morgan Chase Commercial Mortgage Securities Trust
2016-JP2, 1.84% (WAC) due 08/15/496,10		37,817,590		4,012,397
Banc of America Commercial Mortgage Trust
2017-BNK3, 1.13% (WAC) due 02/15/506,10		33,516,441		2,234,263
2016-UB10, 1.98% (WAC) due 07/15/496,10		19,047,863		1,745,357
DBJPM Mortgage Trust
2017-C6, 1.04% (WAC) due 06/10/506,10		62,778,409		3,840,758
BENCHMARK Mortgage Trust
2018-B2, 0.43% (WAC) due 02/15/516,10		123,902,619		3,483,968
UBS Commercial Mortgage Trust
2017-C2, 1.15% (WAC) due 08/15/506,10		32,857,125		2,326,334
2017-C5, 1.03% (WAC) due 11/15/506,10		14,001,639		879,453
Morgan Stanley Bank of America Merrill Lynch Trust
2015-C27, 0.97% (WAC) due 12/15/476,10		35,611,942		1,772,599
2017-C34, 0.83% (WAC) due 11/15/526,10		24,661,956		1,332,175
JPMDB Commercial Mortgage Securities Trust
2016-C4, 0.83% (WAC) due 12/15/496,10		39,556,881		2,017,674
2016-C2, 1.69% (WAC) due 06/15/496,10		8,805,444		684,407
2017-C5, 0.99% (WAC) due 03/15/506,10		3,700,232		222,955
BANK
2017-BNK7, 0.82% (WAC) due 09/15/606,10		34,914,212		1,778,107
2017-BNK6, 0.87% (WAC) due 07/15/606,10		15,450,995		811,248
Bancorp Commercial Mortgage Trust
2018-CR3, 3.71% (1 Month USD LIBOR + 1.25%, Rate Floor: 1.25%) due 01/15/335,6		2,200,000		2,185,595
BBCMS Mortgage Trust
2018-C2, 0.77% (WAC) due 12/15/516,10		30,000,000		1,800,801
CD Mortgage Trust
2017-CD6, 0.98% (WAC) due 11/13/506,10		14,863,246		860,927
2016-CD1, 1.43% (WAC) due 08/10/496,10		6,972,946		551,706
CD Commercial Mortgage Trust
2017-CD4, 1.32% (WAC) due 05/10/506,10		17,160,226		1,333,130
CGMS Commercial Mortgage Trust
2017-B1, 0.85% (WAC) due 08/15/506,10		22,363,624		1,199,160
Citigroup Commercial Mortgage Trust
2016-C2, 1.78% (WAC) due 08/10/496,10		6,697,553		685,643
2016-GC37, 1.79% (WAC) due 04/10/496,10		3,782,209		368,592

Limited Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 17.5% (continued)
Commercial Mortgage Backed Securities - 1.6% (continued)
CSAIL Commercial Mortgage Trust
2016-C6, 1.80% (WAC) due 01/15/496,10		9,843,114	$	874,917
Americold LLC
2010-ARTA, 4.95% due 01/14/295		840,000		867,708
GS Mortgage Securities Trust
2017-GS6, 1.05% (WAC) due 05/10/506,10		11,554,563		821,492
VSD
2017-PLT1 A, 3.60% due 12/25/43		806,473		805,776
JPMBB Commercial Mortgage Securities Trust
2013-C17, 0.80% (WAC) due 01/15/476,10		24,013,420		759,749
LSTAR Commercial Mortgage Trust
2014-2, 4.21% (WAC) due 01/20/415,6		489,543		488,144
GE Business Loan Trust
2007-1A, 2.63% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 04/15/355,6		247,417		242,699
Total Commercial Mortgage Backed Securities				64,614,301
Total Collateralized Mortgage Obligations
(Cost $707,817,579)				705,355,289

CORPORATE BONDS†† - 9.8%
Financial - 6.3%
Santander UK plc
3.36% (3 Month USD LIBOR + 0.62%) due 06/01/216	30,740,000	30,400,690
Capital One Financial Corp.
3.38% (3 Month USD LIBOR + 0.76%) due 05/12/206	22,900,000	22,899,999
Sumitomo Mitsui Trust Bank Ltd.
3.24% (3 Month USD LIBOR + 0.44%) due 09/19/195,6	14,350,000	14,355,851
3.35% (3 Month USD LIBOR + 0.91%) due 10/18/195,6	7,600,000	7,630,955
Station Place Securitization Trust
3.32% (1 Month USD LIBOR + 1.00%, Rate Floor: 0.00%) due 03/24/195,6	14,000,000	14,000,000
3.02% (1 Month USD LIBOR + 0.70%, Rate Floor: 0.00%) due 06/24/195,6	13,600,000	13,600,000
3.02% (1 Month USD LIBOR + 0.70%, Rate Floor: 0.70%) due 09/24/196	4,000,000	4,000,000
Mitsubishi UFJ Financial Group, Inc.
3.16% (3 Month USD LIBOR + 0.65%) due 07/26/216	11,450,000	11,407,172
3.84% (3 Month USD LIBOR + 1.06%) due 09/13/216	5,990,000	6,000,349
4.62% (3 Month USD LIBOR + 1.88%) due 03/01/216	453,000	464,015
Goldman Sachs Group, Inc.
3.55% (3 Month USD LIBOR + 0.73%) due 12/27/206	15,700,000	15,635,092
3.99% (3 Month USD LIBOR + 1.20%) due 09/15/206	1,000,000	1,004,690
Citibank North America
3.05% (3 Month USD LIBOR + 0.57%) due 07/23/216	16,390,000	16,240,121
Sumitomo Mitsui Banking Corp.
2.80% (3 Month USD LIBOR + 0.35%) due 01/17/206	15,450,000	15,436,415
Morgan Stanley
3.41% (3 Month USD LIBOR + 0.80%) due 02/14/206	13,650,000	13,650,355
3.77% (3 Month USD LIBOR + 0.98%) due 06/16/206	1,650,000	1,656,630
Svenska Handelsbanken AB
3.16% (3 Month USD LIBOR + 0.47%) due 05/24/216	13,500,000	13,377,800
Credit Agricole S.A.
3.74% (3 Month USD LIBOR + 0.97%) due 06/10/205,6	11,550,000	11,609,251
Assurant, Inc.
4.07% (3 Month USD LIBOR + 1.25%) due 03/26/216	9,552,000	9,548,608

Limited Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
CORPORATE BONDS†† - 9.8% (continued)
Financial - 6.3% (continued)
JPMorgan Chase & Co.
3.42% (3 Month USD LIBOR + 0.68%) due 06/01/216	$	8,100,000	$	8,050,752
Citizens Bank North America/Providence RI
3.26% (3 Month USD LIBOR + 0.57%) due 05/26/206		8,050,000		8,030,274
Lloyds Bank plc
3.08% (3 Month USD LIBOR + 0.49%) due 05/07/216		8,050,000		7,968,849
UBS Group Funding Switzerland AG
4.22% (3 Month USD LIBOR + 1.78%, Rate Floor: 0.00%) due 04/14/215,6		5,700,000		5,791,395
Westpac Banking Corp.
3.27% (3 Month USD LIBOR + 0.85%) due 01/11/226		5,000,000		5,003,621
Bank of America Corp.
3.05% (3 Month USD LIBOR + 0.65%) due 10/01/216		4,200,000		4,169,133
Sumitomo Mitsui Financial Group, Inc.
4.45% (3 Month USD LIBOR + 1.68%) due 03/09/216		1,000,000		1,019,254
3.59% (3 Month USD LIBOR + 1.14%) due 10/19/216		702,000		707,402
Mizuho Financial Group, Inc.
3.92% (3 Month USD LIBOR + 1.14%) due 09/13/216		1,500,000		1,505,510
American Equity Investment Life Holding Co.
5.00% due 06/15/27		324,000		315,885
Total Financial				251,880,068
Consumer, Non-cyclical - 2.2%
Express Scripts Holding Co.
3.46% (3 Month USD LIBOR + 0.75%) due 11/30/206		21,875,000		21,875,286
General Mills, Inc.
2.98% (3 Month USD LIBOR + 0.54%) due 04/16/216		20,750,000		20,428,125
CVS Health Corp.
3.40% (3 Month USD LIBOR + 0.63%) due 03/09/206		8,950,000		8,933,747
3.49% (3 Month USD LIBOR + 0.72%) due 03/09/216		8,500,000		8,431,475
Allergan Funding SCS
4.03% (3 Month USD LIBOR + 1.26%) due 03/12/206		11,300,000		11,334,324
Zimmer Biomet Holdings, Inc.
3.55% (3 Month USD LIBOR + 0.75%) due 03/19/216		11,050,000		10,946,527
Cigna Corp.
3.44% (3 Month USD LIBOR + 0.65%) due 09/17/215,6		4,100,000		4,042,087
Total Consumer, Non-cyclical				85,991,571
Communications - 0.5%
Discovery Communications LLC
3.50% (3 Month USD LIBOR + 0.71%) due 09/20/196		11,000,000		10,990,760
Deutsche Telekom International Finance BV
3.03% (3 Month USD LIBOR + 0.58%) due 01/17/205,6		9,400,000		9,418,016
Total Communications				20,408,776
Energy - 0.5%
Equities Corp.
3.17% (3 Month USD LIBOR + 0.77%) due 10/01/206		11,450,000		11,154,323
Phillips 66
3.29% (3 Month USD LIBOR + 0.60%) due 02/26/216		8,700,000		8,602,715
Total Energy				19,757,038
Reynolds Group Issuer Incorporated / Reynolds Group Issuer LLC / Reynolds Group Issuer Luxembourg
5.94% (3 Month USD LIBOR + 3.50%) due 07/15/215,6		1,232,000		1,227,380
Basic Materials - 0.0%
Yamana Gold, Inc.
4.95% due 07/15/24		1,116,000		1,091,728
Total Corporate Bonds
(Cost $396,039,435)				393,956,561

U.S. TREASURY BILLS†† - 9.7%
U.S. Treasury Bills
2.32% due 01/15/1912	55,000,000	54,954,841
2.27% due 01/31/1912	45,000,000	44,916,987
2.31% due 02/07/1912	45,000,000	44,893,631
2.27% due 01/08/1912	35,000,000	34,986,890
2.23% due 01/22/1912	35,000,000	34,955,278
2.23% due 01/10/1912	25,500,000	25,487,229
2.29% due 01/22/1912	25,000,000	24,968,055
2.27% due 01/24/1912	25,000,000	24,965,128
2.36% due 01/29/1912	25,000,000	24,954,672
2.37% due 03/14/1912	25,000,000	24,882,468
2.32% due 02/14/1912	20,000,000	19,942,786
2.27% due 01/15/1912	15,000,000	14,987,684
2.24% due 01/17/1912	15,000,000	14,985,719
Total U.S. Treasury Bills
(Cost $389,863,556)		389,881,368

FEDERAL AGENCY DISCOUNT NOTES†† - 5.3%
Federal Home Loan Bank13
2.20% due 01/09/1912	50,000,000	49,975,556
1.69% due 01/10/1912	40,000,000	39,978,000
2.34% due 01/11/1912	40,000,000	39,974,000
2.38% due 01/18/1912	30,600,000	30,565,609
2.31% due 01/25/1912	22,000,000	21,964,947
2.13% due 01/08/1912	20,000,000	19,990,970
2.38% due 01/24/1912	10,200,000	10,184,503
Total Federal Agency Discount Notes
(Cost $212,633,585)		212,633,585

SENIOR FLOATING RATE INTERESTS††,6 - 0.7%
Technology - 0.3%
Misys Ltd.
6.30% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 06/13/24	7,461,444	6,933,845
Epicor Software
5.78% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 06/01/22	4,411,082	4,207,069

Limited Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
SENIOR FLOATING RATE INTERESTS††,6 - 0.7% (continued)
Technology - 0.3% (continued)
Neustar, Inc.
6.02% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 08/08/24		297,739	$	285,457
Total Technology				11,426,371
Consumer, Non-cyclical - 0.2%
DJO Finance LLC
5.71% ((3 Month USD LIBOR + 3.25%) and (1 Month USD LIBOR + 3.25%), Rate Floor: 4.25%) due 06/08/20		3,959,101		3,901,695
Diamond (BC) B.V.
5.53% (3 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 09/06/24		2,178,000		2,003,760
Albertson's LLC
5.82% (3 Month USD LIBOR + 3.00%, Rate Floor: 3.75%) due 12/21/22		1,222,039		1,170,945
Total Consumer, Non-cyclical				7,076,400
Consumer, Cyclical - 0.1%
Mavis Tire Express Services Corp.
5.75% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 03/20/25		4,830,160		4,649,029
Prime Security Services Borrower LLC
5.27% (1 Month USD LIBOR + 2.75%, Rate Floor: 3.75%) due 05/02/22		521,049		495,518
Total Consumer, Cyclical				5,144,547
Financial - 0.1%
iStar, Inc.
5.18% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 06/28/23		3,990,000		3,820,425
Masergy Holdings, Inc.
6.05% (3 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 12/15/23		376,508		361,447
Total Financial				4,181,872
Industrial - 0.0%
CHI Overhead Doors, Inc.
5.77% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 07/29/22		981,830		947,466
ProAmpac PG Borrower LLC
6.05% ((3 Month USD LIBOR + 3.50%) and (1 Month USD LIBOR + 3.50%), Rate Floor: 4.50%) due 11/20/23		149,241		142,151
Total Industrial				1,089,617
Communications - 0.0%
Internet Brands, Inc.
6.25% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 09/13/24		1,081,932		1,023,779
Total Senior Floating Rate Interests
(Cost $31,399,737)				29,942,586

COMMERCIAL PAPER†† - 7.3%
Walmart, Inc.
2.38% due 01/14/195,12	24,500,000	24,478,059
2.47% due 01/14/195,12	15,000,000	14,986,621
Ryder System, Inc.
2.72% due 01/08/1912	20,000,000	19,989,033
2.94% due 01/23/1912	14,000,000	13,974,847
FedEx Corp.
2.90% due 01/14/195,12	15,300,000	15,283,978
3.00% due 01/07/195,12	15,000,000	14,992,500
E.I. du Pont de Nemours & Co.
2.96% due 02/04/195,12	28,950,000	28,869,069
American Water Capital Corp.
2.66% due 01/11/195,12	16,000,000	15,987,778
2.85% due 01/16/195,12	5,000,000	4,994,062
Anthem, Inc.
2.90% due 01/02/195,12	20,000,000	19,998,389
General Mills, Inc.
2.75% due 01/14/195,12	20,000,000	19,980,139
Marriott International, Inc.
2.62% due 01/02/1912	15,000,000	14,998,908
Waste Management, Inc.
2.60% due 01/02/195,12	15,000,000	14,998,896
AutoZone, Inc.
2.50% due 01/03/195,12	15,000,000	14,997,917
American Express Credit Corp.
2.69% due 02/08/1912	15,000,000	14,957,408
Rogers Communications, Inc.
2.85% due 01/02/195,12	10,000,000	9,999,208

Limited Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
COMMERCIAL PAPER††7.3% (continued)
Vodafone Group plc
2.78% due 01/07/1912		10,000,000	$	9,995,217
Mondelez International Co.
2.60% due 01/10/195,12		10,000,000		9,992,413
Nasdaq, Inc.
3.02% due 01/24/195,12		5,000,000		4,990,353
3.05% due 02/07/195,12		5,000,000		4,984,326
Total Commercial Paper
(Cost $293,450,207)				293,449,121

REPURCHASE AGREEMENTS††,14 - 1.6%
BNP Paribas issued 12/28/18 at 2.76% due 02/01/19	29,250,125	29,250,125
Barclays issued 09/06/18 at 2.80% (1 Month USD LIBOR + 0.30%) open maturity6	15,970,500	15,970,500
issued 07/11/18 at 2.80% (1 Month USD LIBOR + 0.30.%) open maturity6	878,281	878,281
Deutsche Bank issued 10/26/18 at 2.86% due 01/28/19	14,861,000	14,861,000
Jefferies LLC issued 12/28/18 at 3.00% open maturity6	2,313,000	2,313,000
Total Repurchase Agreements
(Cost $63,272,906)		63,272,906

	Contracts
OTC OPTIONS PURCHASED†† - 0.0%
Call options on:
BofA Merrill Lynch iShares MSCI Emerging Markets ETF Expiring January 2019 with strike price of $55.00 (Notional Value $68,616,702)		17,567		8,783
BofA Merrill Lynch S&P 500 Index Expiring January 2019 with strike price of $3,000.00 (Notional Value $96,012,355)		383		1,915
Total Call options				10,698
Total OTC Options Purchased
(Cost $4,875,424)				10,698
Total Investments - 98.6%
(Cost $3,980,188,219)			$	3,972,580,635
Other Assets & Liabilities, net - 1.4%				55,532,202
Total Net Assets - 100.0%			$	4,028,112,837

Centrally Cleared Credit Default Swap Agreements Protection Purchased ^††

Counterparty	Exchange		Index		Protection Premium Rate			Payment Frequency	Maturity Date	Notional Amount		Market Value			Premiums Received			Unrealized Appreciation**
BofA Merrill Lynch		ICE		CDX.NA. IG.31		1.00	%	Quarterly	12/20/23	$	642,110,000	$	(3,609,872	)	$	(7,532,664	)	$	3,922,792

Limited Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

OTC Credit Default Swap Agreements Protection Purchased ††
Counterparty	Index		Protection Premium Rate			Payment Frequency	Maturity Date	Notional Amount		Market Value		Premiums Received			Unrealized Appreciation**
Goldman Sachs International		CDX.NA. IG.31		1.00	%	Quarterly	12/20/23	$	87,130,000	$	951,614	$	(139,323	)	$	1,090,937
Morgan Stanley Capital Services LLC		CDX.NA. IG.31		1.00	%	Quarterly	12/20/23		37,820,000		413,061		(7,936	)		420,997
										$	1,364,675	$	(147,259	)	$	1,511,934

CENTRALLY CLEARED INTEREST RATE SWAP AGREEMENTS††
Counterparty	Exchange	Floating Rate Type	Floating Rate Index	Fixed Rate		Payment Frequency	Maturity Date	Notional Amount		Market Value			Premiums Paid (Received)			Unrealized Appreciation (Depreciation)**
BofA Merrill Lynch	CME	Receive	3-Month USD LIBOR	2.83	%	Quarterly	01/31/20	$	5,268,000	$	(5,409	)	$	297		$	(5,706	)
BofA Merrill Lynch	CME	Receive	3-Month USD LIBOR	2.84	%	Quarterly	01/31/20		8,574,000		(9,821	)		303			(10,124	)
BofA Merrill Lynch	CME	Receive	3-Month USD LIBOR	2.92	%	Quarterly	01/31/20		5,235,000		(10,583	)		289			(10,872	)
BofA Merrill Lynch	CME	Receive	3-Month USD LIBOR	3.21	%	Quarterly	11/07/25		2,000,000		(73,235	)		699			(73,934	)
BofA Merrill Lynch	CME	Receive	3-Month USD LIBOR	3.18	%	Quarterly	11/07/23		65,500,000		(1,785,045	)		(17,660	)		(1,767,385	)
BofA Merrill Lynch	CME	Receive	3-Month USD LIBOR	3.14	%	Quarterly	11/06/21		235,000,000		(3,560,788	)		57,234			(3,618,022	)
										$	(5,444,881	)	$	41,162		$	(5,486,043	)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS††
Counterparty	Contracts to Sell		Currency		Settlement Date	Settlement Value		Value at December 31, 2018		Net Unrealized Appreciation/ (Depreciation)
Goldman Sachs		58,380,000		BRL	01/02/19	$	15,578,385	$	15,095,803	$	482,582
Barclays		84,906,000		ILS	02/28/19		23,260,006		22,833,150		426,856
J.P. Morgan		46,110,000		ILS	02/28/19		12,813,672		12,400,025		413,647
Citigroup		234,800,000		BRL	04/01/19		60,658,229		60,357,431		300,798
Barclays		17,250,000		GBP	01/22/19		22,233,266		22,013,369		219,897
Morgan Stanley		24,613,200		ILS	02/28/19		6,805,729		6,619,048		186,681
Citigroup		30,885,000		EUR	01/18/19		35,621,464		35,437,702		183,762
Goldman Sachs		40,970,000		EUR	01/18/19		47,132,642		47,009,313		123,329
J.P. Morgan		11,770,000		GBP	01/28/19		15,098,321		15,024,946		73,375
Citigroup		9,326,000		BRL	01/02/19		2,483,622		2,411,502		72,120
Goldman Sachs		69,090,000		ILS	01/31/20		19,077,416		19,017,467		59,949
J.P. Morgan		10,260,000		GBP	02/25/19		13,151,750		13,114,751		36,999
Citigroup		32,754,000		ILS	02/28/19		8,835,975		8,808,294		27,681
Goldman Sachs		185,962,075		ILS	05/31/19		50,380,267		50,374,383		5,884
Citigroup		41,000,000		DKK	03/01/19		6,329,554		6,324,107		5,447
BofA Merrill Lynch		7,160,000		EUR	01/30/19		8,225,909		8,224,258		1,651
Goldman Sachs		211,160,000		HUF	02/13/19		758,164		756,772		1,392
Goldman Sachs		3,290,000		ILS	01/31/19		883,643		882,875		768
J.P. Morgan		3,130,000		GBP	02/19/19		4,000,425		3,999,788		637
Citigroup		423,071		CZK	01/17/19		18,577		18,890		(313	)
Morgan Stanley		19,122,000		EUR	01/18/19		21,934,475		21,940,739		(6,264	)
J.P. Morgan		7,600,000		EUR	01/18/19		8,713,559		8,720,302		(6,743	)
Barclays		10,170,000		EUR	02/15/19		11,688,737		11,696,742		(8,005	)
BofA Merrill Lynch		930,500,000		JPY	02/12/19		8,508,518		8,516,782		(8,264	)
Barclays		7,285,000		EUR	01/04/19		8,336,881		8,348,404		(11,523	)
Citigroup		265,000,000		HUF	02/27/19		938,457		950,726		(12,269	)
BofA Merrill Lynch		4,702,000		EUR	02/15/19		5,394,463		5,407,874		(13,411	)
Goldman Sachs		85,850,000		DKK	03/01/19		13,217,747		13,242,062		(24,315	)
BofA Merrill Lynch		16,130,000		EUR	01/18/19		18,481,109		18,507,694		(26,585	)
Citigroup		157,000,000		JPY	01/28/19		1,403,347		1,435,356		(32,009	)
BofA Merrill Lynch		73,000,000		DDK	03/01/19		11,222,654		11,259,995		(37,341	)
BofA Merrill Lynch		14,370,000		EUR	01/23/19		16,457,860		16,495,627		(37,767	)
Goldman Sachs		571,000,000		HUF	02/20/19		2,006,117		2,047,471		(41,354	)
BofA Merrill Lynch		3,537,800,000		HUF	02/27/19		12,643,128		12,692,371		(49,243	)
Barclays		81,400,000		MXN	01/24/19		4,077,891		4,128,893		(51,002	)
Barclays		71,900,000		DKK	03/01/19		11,035,110		11,090,323		(55,213	)
J.P. Morgan		106,920,000		DKK	03/01/19		16,435,630		16,492,036		(56,406	)
J.P. Morgan		47,500,000		MXN	03/14/19		2,333,980		2,392,031		(58,051	)
Goldman Sachs		20,600,000		EUR	03/22/19		23,688,615		23,762,760		(74,145	)
Goldman Sachs		1,157,300,000		JPY	01/10/19		10,488,778		10,564,546		(75,768	)
BofA Merrill Lynch		14,190,000		EUR	01/04/19		16,166,306		16,261,339		(95,033	)
J.P. Morgan		12,700,000		EUR	01/30/19		14,481,112		14,587,721		(106,609	)
J.P. Morgan		11,470,000		EUR	02/15/19		13,080,032		13,191,900		(111,868	)

Limited Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

Counterparty	Contracts to Sell		Currency		Settlement Date	Settlement Value			Value at December 31, 2018		Net Unrealized Depreciation
J.P. Morgan		3,962,840,000		HUF	02/27/19		14,043,853			14,217,263		(173,410	)
J.P. Morgan		31,690,000		EUR	01/16/19		36,172,108			36,354,863		(182,755	)
Goldman Sachs		1,612,500,000		JPY	03/11/19		14,607,659			14,790,621		(182,962	)
J.P. Morgan		124,578,750		SEK	03/12/19		13,920,279			14,136,770		(216,491	)
Citigroup		225,630,000		MXN	02/07/19		11,202,202			11,420,490		(218,288	)
Goldman Sachs		76,500,000		BRL	04/01/19		19,435,482			19,665,006		(229,524	)
J.P. Morgan		229,540,000		MXN	05/23/19		11,193,524			11,424,814		(231,290	)
Goldman Sachs		1,100,000,000		JPY	02/12/19		9,799,249			10,068,200		(268,951	)
Citigroup		1,255,000,000		JPY	02/25/19		11,168,511			11,497,803		(329,292	)
Morgan Stanley		2,032,700,000		JPY	01/28/19		18,207,632			18,583,753		(376,121	)
Goldman Sachs		255,100,000		MXN	02/28/19		12,426,021			12,874,883		(448,862	)
Citigroup		3,695,000,000		JPY	01/10/19		33,175,164			33,730,232		(555,068	)
Goldman Sachs		2,352,000,000		JPY	02/04/19		20,952,072			21,515,068		(562,996	)
Morgan Stanley		4,465,000,000		JPY	02/25/19		39,906,156			40,906,526		(1,000,370	)
J.P. Morgan		545,000,000		MXN	01/03/19		26,647,761			27,736,781		(1,089,020	)
											$	(4,441,446	)
Counterparty		Contracts to Buy		Currency	Settlement Date		Settlement Value			Value at December 31, 2018		Net Unrealized Appreciation
Goldman Sachs		67,706,000		BRL	01/02/19	$	(17,338,962	)	$	17,507,305	$	168,343
											$	168,343

~	The face amount is denominated in U.S. dollars unless otherwise indicated.
**	Includes cumulative appreciation (depreciation).
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	Affiliated issuer.
2	Effective November 30, 2018, Guggenheim Strategy Fund I was reorganized with and into the Guggenheim Ultra Short Duration Fund.
3	Rate indicated is the 7-day yield as of December 31, 2018.
4	Zero coupon rate security.
5	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $1,403,282,143 (cost $1,408,831,613), or 34.8%.
6	Variable rate security. Rate indicated is the rate effective at December 31, 2018. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
7	Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates.
8	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be illiquid and restricted under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) illiquid and restricted securities is $7,545,145 (cost $7,570,059), or 0.2% of total net assets — See Note 6.
9	Security is a step up/down bond. The coupon increases or decreases at regular intervals until the bond reaches full maturity. Rate indicated is the rate at December 31, 2018. See table below for additional step information for each security.
10	Security is an interest-only strip.
11	On September 7, 2008, the issuer was placed in conservatorship by the Federal Housing Finance Agency (FHFA). As conservator, the FHFA has full power to control the assets and operations of the firm.
12	Rate indicated is the effective yield at the time of purchase.
13	The issuer operates under a Congressional charter; its securities are neither issued nor guaranteed by the U.S. Government.
14	Repurchase Agreements — See additional disclosure for more information on repurchase agreements.

BofA — Bank of America

BRL — Brazilian Real

CME — Chicago Mercantile Exchange

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

CZK — Czech Koruna

DKK — Danish Krone

EUR — Euro

GBP — British Pound

HUF — Hungarian Forint

ICE — Intercontinental Exchange

ILS — Israeli New Shekel

JPY — Japanese Yen

LIBOR — London Interbank Offered Rate

MXN — Mexican Peso

plc — Public Limited Company

REIT — Real Estate Investment Trust

SEK — Swedish Krona

Limited Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

WAC — Weighted Average Coupon

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2018 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	61,593,210	$	—	$	—	$	61,593,210
Money Market Fund		102,561,399		—		—		102,561,399
Foreign Government Debt		—		881,433,710		—		881,433,710
Asset-Backed Securities		—		838,490,202		—		838,490,202
Collateralized Mortgage Obligations		—		705,355,289		—		705,355,289
Corporate Bonds		—		393,956,561		—		393,956,561
U.S. Treasury Bills		—		389,881,368		—		389,881,368
Federal Agency Discount Notes		—		212,633,585		—		212,633,585
Senior Floating Rate Interests		—		29,942,586		—		29,942,586
Commercial Paper		—		293,449,121		—		293,449,121
Repurchase Agreements		—		63,272,906		—		63,272,906
Options Purchased		—		10,698		—		10,698
Credit Default Swap Agreements**		—		5,434,726		—		5,434,726
Forward Foreign Currency Exchange Contracts**		—		2,791,798		—		2,791,798
Total Assets	$	164,154,609	$	3,816,652,550	$	—	$	3,980,807,159
Investments in Securities (Liabilities)		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Forward Foreign Currency Exchange Contracts**	$	—	$	7,064,901	$	—	$	7,064,901
Interest Rate Swaps Agreements**		—		5,486,043		—		5,486,043
Unfunded Loan Commitments (Note 5)		—		24,222		—		24,222
Total Liabilities	$	—	$	12,575,166	$	—	$	12,575,166

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

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the current fiscal period.

For the period ended December 31, 2018, there were no transfers between levels.

Step Coupon Bonds

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

Name	Coupon rate at next step up date	Date of next rate change	Range of future rates	Range of future step up dates
Apollo Aviation Securitization Equity Trust 2016-1A, 4.88% due 03/17/36	6.88%	03/15/23	6.88%	03/15/23
Castlelake Aircraft Securitization Trust 2015-1A, 4.70% due 12/15/40	6.70%	11/30/22	6.70%	11/30/22
Freddie Mac Seasoned Credit Risk Transfer Trust 2017-4, 2.75% due 06/25/57	3.00%	06/25/19	3.25%	12/25/19
Freddie Mac Seasoned Credit Risk Transfer Trust 2018-1, 2.25% due 05/25/57	2.50%	03/25/19	2.75% - 3.00%	09/25/19 - 03/25/20
Legacy Mortgage Asset Trust 2018-GS3, 4.00% due 06/25/58	7.00%	07/26/21	8.00%	07/26/22

Limited Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

Repurchase Agreements

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

Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
BNP Paribas					Mastr Specialized Loan Trust
2.76%					2.77%
02/01/19	$	29,250,125	$	29,321,846	06/25/46	$	37,319,000	$	34,908,193
					JP Morgan Mortgage Trust
					3.72%
					04/25/36		35,225,000		33,830,090
					Nationstar Home Equity Loan Trust
					2.83%
					04/25/37		11,731,000		10,709,230
					Morgan Stanley Capital Inc.
					3.29%
					01/25/35		8,000,000		7,543,200
						$	92,275,000	$	86,990,713
Deutsche Bank					Structured Asset Securities Corporation Trust
2.86%					2.66%
01/28/19		14,861,000		14,971,901	10/28/35	$	45,000,000	$	37,651,500
Barclays					Standard Chartered plc
2.80% (1 Month USD LIBOR + 0.30%)					4.03%
Open Maturity*		16,848,781		16,848,781	Perpetual Maturity	$	20,800,000	$	16,040,960
					Sprint Capital Corp.
					8.75%
					03/15/32		875,000		923,125
						$	21,675,000	$	16,964,085
Jefferies LLC					City of Lynn MA
3.00%					3.25%
Open Maturity*		2,313,000		2,313,000	09/01/19	$	2,700,000	$	2,721,060

^* Variable rate security. Rate indicated is the rate effective at December 31, 2018. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.

In the event of counterparty default, the Fund has the right to collect the collateral to off set losses incurred. There is potential loss to the Fund in the event the Fund is delayed or prevented from exercising its rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights. The Fund’s investment adviser, acting under the supervision of the Board, reviews the value of the collateral and the creditworthiness of those banks and dealers with which the Fund enters into repurchase agreements to evaluate potential risks.

Affiliated Transactions

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Cash Management Funds”), each of which are open-end management investment companies managed by GI. The Cash Management Funds, which launched on March 11, 2014, are offered as cash management options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Cash Management Funds pay no investment management fees. The Cash Management Funds’ annual report on Form N-CSR dated September 30, 2018, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000089180418000513/gug75569-ncsr.htm.

Transactions during the period ended December 31, 2018, in which the company is an "affiliated person", were as follows:  

Security Name	Value 09/30/18		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 12/31/18		Shares/Face Amount 12/31/18	Investment Income		Capital Gain Distributions
Mutual Funds
Guggenheim Floating Rate Strategies Fund - Institutional Class	$	34,179,223	$	405,243	$	(4,300,000	)	$	(35,948	)	$	(1,302,366	)	$	28,946,152	1,165,773	$	401,387	$	141
Guggenheim Strategy Fund II		14,722,876		122,126		(2,300,000	)		9,881			(95,927	)		12,458,956	501,972		113,381		7,204
Guggenheim Strategy Fund III		12,175,294		109,598		(1,500,000	)		(12,097	)		(90,122	)		10,682,673	430,927		107,683		456
Guggenheim Ultra Short Duration Fund 1		9,971,325		85,202		(500,000	)		3,594			(54,692	)		9,505,429	954,360		77,299		6,901
	$	71,048,718	$	722,169	$	(8,600,000	)	$	(34,570	)	$	(1,543,107	)	$	61,593,210		$	699,750	$	14,702

1 Effective November 30, 2018, Guggenheim Strategy Fund I was reorganized with and into the Guggenheim Ultra Short Duration Fund.

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Shares		Value
COMMON STOCKS† - 1.4%
Consumer, Non-cyclical - 0.4%
McKesson Corp.		7,399	$	817,367
Archer-Daniels-Midland Co.		19,747		809,035
Cardinal Health, Inc.		16,176		721,450
Medtronic plc		7,277		661,916
Molson Coors Brewing Co. — Class B		11,344		637,079
Tyson Foods, Inc. — Class A		11,581		618,425
Pfizer, Inc.		14,027		612,279
Amgen, Inc.		3,095		602,504
Anthem, Inc.		2,119		556,513
Kimberly-Clark Corp.		4,756		541,899
Post Holdings, Inc.*		6,038		538,167
Baxter International, Inc.		7,799		513,330
Humana, Inc.		1,748		500,767
Performance Food Group Co.*		14,002		451,845
Western Union Co.		24,077		410,754
CVS Health Corp.		6,212		407,010
Abbott Laboratories		5,602		405,193
Central Garden & Pet Co. — Class A*		12,941		404,406
Mondelez International, Inc. — Class A		9,893		396,017
Sysco Corp.		6,261		392,314
Premier, Inc. — Class A*		10,244		382,613
IQVIA Holdings, Inc.*		3,208		372,673
Thermo Fisher Scientific, Inc.		1,632		365,225
UnitedHealth Group, Inc.		1,416		352,754
Kellogg Co.		6,037		344,169
Procter & Gamble Co.		3,692		339,368
Bio-Rad Laboratories, Inc. — Class A*		1,413		328,127
Molina Healthcare, Inc.*		2,813		326,927
Hill-Rom Holdings, Inc.		3,592		318,072
Quest Diagnostics, Inc.		3,768		313,761
MEDNAX, Inc.*		9,349		308,517
Ingredion, Inc.		3,364		307,470
Flowers Foods, Inc.		16,034		296,148
McCormick & Company, Inc.		1,903		264,974
Danaher Corp.		2,460		253,675
Laboratory Corporation of America Holdings*		1,978		249,940
Bruker Corp.		8,243		245,394
HCA Healthcare, Inc.		1,942		241,682
US Foods Holding Corp.*		7,507		237,521
Innoviva, Inc.*		13,512		235,785
CoreLogic, Inc.*		7,039		235,243
Herbalife Nutrition Ltd.*		3,561		209,921
AbbVie, Inc.		2,273		209,548
Kroger Co.		7,584		208,560
Sabre Corp.		9,627		208,328
PepsiCo, Inc.		1,874		207,039
Kraft Heinz Co.		4,714		202,891
AMERCO		613		201,132
Merck & Company, Inc.		2,598		198,513
ICU Medical, Inc.*		861		197,711
Edwards Lifesciences Corp.*		1,286		196,977
Brown-Forman Corp. — Class B		4,026		191,557
Simply Good Foods Co.*		10,125		191,362
Universal Health Services, Inc. — Class B		1,636		190,692
Amedisys, Inc.*		1,628		190,655
Teleflex, Inc.		732		189,207
Bristol-Myers Squibb Co.		3,620		188,168
Hershey Co.		1,755		188,101
Quanta Services, Inc.		6,192		186,379
CONMED Corp.		2,875		184,575
Colgate-Palmolive Co.		3,088		183,798
Biogen, Inc.*		606		182,358
IDEXX Laboratories, Inc.*		976		181,556
WellCare Health Plans, Inc.*		760		179,428
Ligand Pharmaceuticals, Inc. — Class B*		1,302		176,681
Altria Group, Inc.		3,570		176,322
Zoetis, Inc.		2,057		175,956
Estee Lauder Companies, Inc. — Class A		1,349		175,505
Mylan N.V.*		6,404		175,470
Cardtronics plc — Class A*		6,638		172,588
Gilead Sciences, Inc.		2,748		171,887
Darling Ingredients, Inc.*		8,849		170,255
Vector Group Ltd.		17,406		169,360
PRA Health Sciences, Inc.*		1,839		169,114
Centene Corp.*		1,405		161,997
Catalent, Inc.*		5,020		156,524
Pilgrim's Pride Corp.*		9,928		153,983
Alexion Pharmaceuticals, Inc.*		1,576		153,439
Constellation Brands, Inc. — Class A		952		153,101
Allergan plc		1,127		150,635
Philip Morris International, Inc.		2,219		148,141
Jazz Pharmaceuticals plc*		1,172		145,281
Targus Group International Equity, Inc*,†††,1,3		12,773		32,973
Total Consumer, Non-cyclical				24,775,976
Industrial - 0.2%
Genesee & Wyoming, Inc. — Class A*		9,755		722,065
Kansas City Southern		6,609		630,829
Union Pacific Corp.		4,350		601,301
FedEx Corp.		3,353		540,940
Regal Beloit Corp.		7,206		504,780
Eaton Corporation plc		7,327		503,072
Cummins, Inc.		3,466		463,196
Norfolk Southern Corp.		3,005		449,368
TE Connectivity Ltd.		5,683		429,805
Parker-Hannifin Corp.		2,611		389,405
Caterpillar, Inc.		3,027		384,641
Boise Cascade Co.		14,945		356,438
Arrow Electronics, Inc.*		4,744		327,099
CSX Corp.		5,159		320,529
EMCOR Group, Inc.		5,292		315,880
AECOM*		11,818		313,177

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Shares		Value
COMMON STOCKS† - 1.4% (continued)
Industrial - 0.2% (continued)
Avnet, Inc.		8,533	$	308,041
Landstar System, Inc.		3,168		303,083
AGCO Corp.		5,328		296,610
J.B. Hunt Transport Services, Inc.		3,118		290,099
Masco Corp.		9,760		285,382
Gibraltar Industries, Inc.*		7,828		278,599
Jabil, Inc.		10,286		254,990
Corning, Inc.		8,230		248,628
Louisiana-Pacific Corp.		11,172		248,242
Expeditors International of Washington, Inc.		3,629		247,099
Trinseo S.A.		5,059		231,601
Snap-on, Inc.		1,568		227,815
Tech Data Corp.*		2,725		222,932
Greenbrier Companies, Inc.		5,171		204,461
Ryder System, Inc.		4,216		203,000
Stericycle, Inc.*		5,500		201,795
Heartland Express, Inc.		10,691		195,645
CH Robinson Worldwide, Inc.		2,324		195,425
Oshkosh Corp.		3,141		192,575
Trinity Industries, Inc.		9,072		186,792
EnerSys		2,404		186,574
Sonoco Products Co.		3,502		186,061
Waters Corp.*		986		186,009
Old Dominion Freight Line, Inc.		1,486		183,506
Vishay Intertechnology, Inc.		10,188		183,486
Saia, Inc.*		3,278		182,978
Spirit AeroSystems Holdings, Inc. — Class A		2,518		181,523
Werner Enterprises, Inc.		6,062		179,071
Gentex Corp.		8,798		177,808
United Parcel Service, Inc. — Class B		1,791		174,676
Knight-Swift Transportation Holdings, Inc.		6,935		173,860
Pentair plc		4,487		169,519
Schneider National, Inc. — Class B		9,042		168,814
Packaging Corporation of America		2,004		167,254
Johnson Controls International plc		5,459		161,859
Rexnord Corp.*		6,829		156,726
Textron, Inc.		3,396		156,182
Belden, Inc.		3,731		155,844
Crane Co.		2,129		153,671
XPO Logistics, Inc.*		2,560		146,022
Total Industrial				15,506,782
Utilities - 0.2%
TexGen Power LLC*,††		233,394		8,985,669
Exelon Corp.		15,314		690,661
Portland General Electric Co.		14,333		657,168
National Fuel Gas Co.		12,793		654,746
El Paso Electric Co.		11,945		598,803
UGI Corp.		10,468		558,468
PNM Resources, Inc.		13,077		537,334
OGE Energy Corp.		11,430		447,942
FirstEnergy Corp.		10,529		395,364
AES Corp.		26,367		381,267
Entergy Corp.		3,821		328,873
Consolidated Edison, Inc.		3,584		274,033
Ameren Corp.		4,094		267,052
NRG Energy, Inc.		6,095		241,362
Edison International		3,599		204,315
Pinnacle West Capital Corp.		2,123		180,879
Total Utilities				15,403,936
Energy - 0.2%
Maverick Natural Resources, LLC*,†††,1		7,168		5,288,857
SandRidge Energy, Inc.*		488,408		3,716,785
Chevron Corp.		6,688		727,588
Exxon Mobil Corp.		9,906		675,490
Phillips 66		7,586		653,534
Valero Energy Corp.		6,701		502,374
Occidental Petroleum Corp.		7,511		461,025
Approach Resources, Inc.*		357,054		311,351
ConocoPhillips		4,901		305,577
ONEOK, Inc.		4,158		224,324
Kinder Morgan, Inc.		12,252		188,436
Murphy USA, Inc.*		2,403		184,166
Williams Companies, Inc.		7,953		175,363
HollyFrontier Corp.		3,311		169,258
PBF Energy, Inc. — Class A		5,174		169,035
Delek US Holdings, Inc.		5,130		166,776
Titan Energy LLC*		35,116		10,535
Total Energy				13,930,474
Technology - 0.1%
HP, Inc.		21,282		435,430
Citrix Systems, Inc.		4,243		434,738
Amdocs Ltd.		6,750		395,415
DXC Technology Co.		7,154		380,378
Intel Corp.		7,212		338,459
Cirrus Logic, Inc.*		9,913		328,913
Fidelity National Information Services, Inc.		3,182		326,314
Cognizant Technology Solutions Corp. — Class A		5,119		324,954
Skyworks Solutions, Inc.		4,628		310,169
QUALCOMM, Inc.		4,812		273,851
Leidos Holdings, Inc.		4,779		251,949
Paychex, Inc.		3,745		243,987
Oracle Corp.		5,270		237,940
MAXIMUS, Inc.		3,460		225,211
j2 Global, Inc.		3,141		217,923
Maxim Integrated Products, Inc.		4,025		204,671
ON Semiconductor Corp.*		12,352		203,932
Seagate Technology plc		5,062		195,343
Analog Devices, Inc.		2,230		191,401
NetApp, Inc.		3,207		191,362

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Shares		Value
COMMON STOCKS† - 1.4% (continued)
Technology - 0.1% (continued)
Take-Two Interactive Software, Inc.*		1,846	$	190,027
Accenture plc — Class A		1,330		187,543
Hewlett Packard Enterprise Co.		13,939		184,134
Texas Instruments, Inc.		1,928		182,196
CDK Global, Inc.		3,779		180,938
Qlik Technologies, Inc. - Class A*,†††,1		177		180,638
Broadridge Financial Solutions, Inc.		1,776		170,940
Activision Blizzard, Inc.		3,596		167,466
Western Digital Corp.		4,239		156,716
Icad, Inc.*		37,475		138,657
Qlik Technologies, Inc. *,†††,1		11,400		1
Qlik Technologies, Inc. - Class B*,†††,1		43,738		–
Aspect Software Parent, Inc.*,†††,1,3		117		–
Total Technology				7,451,596
Financial - 0.1%
Senior Housing Properties Trust REIT		46,545		545,507
Ventas, Inc. REIT		8,076		473,173
Medical Properties Trust, Inc. REIT		27,309		439,129
Apartment Investment & Management Co. — Class A REIT		9,925		435,509
Equity Commonwealth REIT		12,119		363,691
Allstate Corp.		3,963		327,463
Park Hotels & Resorts, Inc. REIT		12,520		325,270
Hospitality Properties Trust REIT		13,343		318,631
Hartford Financial Services Group, Inc.		6,871		305,416
Aflac, Inc.		6,586		300,058
Host Hotels & Resorts, Inc. REIT		17,787		296,509
Piedmont Office Realty Trust, Inc. — Class A REIT		15,574		265,381
Omega Healthcare Investors, Inc. REIT		7,256		255,048
Weingarten Realty Investors REIT		10,232		253,856
EPR Properties REIT		3,689		236,207
Franklin Resources, Inc.		7,702		228,441
Prudential Financial, Inc.		2,697		219,940
Brixmor Property Group, Inc. REIT		14,967		219,865
Lazard Ltd. — Class A		5,796		213,931
Visa, Inc. — Class A		1,479		195,139
Travelers Companies, Inc.		1,565		187,409
Northern Trust Corp.		2,162		180,722
Summit Hotel Properties, Inc. REIT		18,052		175,646
Principal Financial Group, Inc.		3,904		172,439
JPMorgan Chase & Co.		1,753		171,128
State Street Corp.		2,653		167,325
Bank of New York Mellon Corp.		1,849		87,032
Total Financial				7,359,865
Consumer, Cyclical - 0.1%
Delta Air Lines, Inc.		11,842		590,916
Southwest Airlines Co.		8,200		381,136
BorgWarner, Inc.		10,603		368,348
United Continental Holdings, Inc.*		4,306		360,541
PACCAR, Inc.		5,806		331,755
Allison Transmission Holdings, Inc.		7,266		319,050
JetBlue Airways Corp.*		18,230		292,774
Lions Gate Entertainment Corp. — Class A		16,870		271,607
Nu Skin Enterprises, Inc. — Class A		4,288		262,983
Alaska Air Group, Inc.		4,300		261,655
Copa Holdings S.A. — Class A		3,247		255,571
PulteGroup, Inc.		9,803		254,780
La-Z-Boy, Inc.		8,881		246,093
American Airlines Group, Inc.		7,031		225,765
NIKE, Inc. — Class B		2,809		208,259
Spirit Airlines, Inc.*		3,568		206,659
Meritor, Inc.*		12,058		203,901
Toll Brothers, Inc.		5,829		191,949
Hyatt Hotels Corp. — Class A		2,812		190,091
DR Horton, Inc.		5,462		189,313
Lowe's Companies, Inc.		2,046		188,969
Lennar Corp. — Class A		4,527		177,232
General Motors Co.		5,167		172,836
Darden Restaurants, Inc.		1,718		171,559
KB Home		8,828		168,615
Lear Corp.		1,367		167,950
TRI Pointe Group, Inc.*		15,212		166,267
Best Buy Company, Inc.		2,890		153,054
PVH Corp.		1,631		151,602
Delphi Technologies plc		10,539		150,918
Total Consumer, Cyclical				7,282,148
Communications - 0.1%
Verizon Communications, Inc.		16,240		913,013
Cisco Systems, Inc.		13,291		575,899
Omnicom Group, Inc.		6,801		498,105
Juniper Networks, Inc.		11,860		319,152
InterDigital, Inc.		4,646		308,634
AMC Networks, Inc. — Class A*		5,587		306,615
Interpublic Group of Companies, Inc.		14,373		296,515
F5 Networks, Inc.*		1,699		275,289
Telephone & Data Systems, Inc.		7,746		252,055
Zayo Group Holdings, Inc.*		9,609		219,469
Shenandoah Telecommunications Co.		4,623		204,568
Scholastic Corp.		5,067		203,997

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Shares		Value
COMMON STOCKS† - 1.4% (continued)
Communications - 0.1% (continued)
Alphabet, Inc. — Class C*		182	$	188,481
Facebook, Inc. — Class A*		1,319		172,908
Sirius XM Holdings, Inc.		30,196		172,419
TEGNA, Inc.		14,881		161,756
News Corp. — Class A		13,890		157,652
Cengage Learning Acquisitions, Inc.*,††		21,660		97,470
Total Communications				5,323,997
Basic Materials - 0.0%
Westlake Chemical Corp.		7,169		474,373
Cabot Corp.		8,984		385,773
Eastman Chemical Co.		4,938		361,017
Olin Corp.		15,362		308,930
LyondellBasell Industries N.V. — Class A		3,296		274,095
International Paper Co.		6,039		243,734
Huntsman Corp.		9,144		176,388
Chemours Co.		6,130		172,989
Celanese Corp. — Class A		1,903		171,213
Domtar Corp.		4,117		144,630
Total Basic Materials				2,713,142
Total Common Stocks
(Cost $113,036,729)				99,747,916

PREFERRED STOCKS††- 0.1%
Industrial - 0.1%
Seaspan Corp. 6.38% due 04/30/19	420,975	10,654,877
Financial - 0.0%
Cent CLO 16, LP due 08/1/24*,2	7,000	31,574
Total Preferred Stocks
(Cost $10,526,280)		10,686,451

WARRANTS††† - 0.0%
Aspect Software, Inc.*,1,3	92,949	–
Total Warrants
(Cost $–)		–

EXCHANGE-TRADED FUNDS† - 0.2%
Invesco Solar ETF	700,700	12,997,985
Total Exchange-Traded Funds
(Cost $13,878,503)		12,997,985

MUTUAL FUNDS† - 9.6%
Guggenheim Limited Duration Fund - Institutional Class3	12,359,477	304,166,729
Guggenheim Alpha Opportunity Fund - Institutional Class3	3,887,405	102,044,379
Guggenheim Strategy Fund II3	4,069,608	101,007,659
Guggenheim Ultra Short Duration Fund3,4	9,060,366	90,241,241
Guggenheim Strategy Fund III3	3,219,775	79,818,222
Guggenheim Risk Managed Real Estate Fund - Institutional Class3	535,681	14,833,017
Total Mutual Funds
(Cost $706,786,280)		692,111,247

MONEY MARKET FUNDS† - 3.6%
Federated U.S. Treasury Cash Reserve Fund — Institutional Shares 2.19%5	253,944,610	253,944,610
Western Asset Institutional U.S. Treasury Reserves — Institutional Shares 2.19%5	8,081,462	8,081,462
Total Money Market Funds
(Cost $262,026,072)		262,026,072

	Face Amount~
ASSET-BACKED SECURITIES†† - 23.9%
Collateralized Loan Obligations - 15.4%
Fortress Credit Opportunities IX CLO Ltd.
2017-9A, 4.17% (3 Month USD LIBOR + 1.55%, Rate Floor: 0.00%) due 11/15/296,7		59,962,000	59,203,463
2017-9A, 4.57% (3 Month USD LIBOR + 1.95%, Rate Floor: 0.00%) due 11/15/296,7		34,300,000	32,909,553
SHACKLETON 2015-VIII CLO Ltd.
2017-8A, 3.39% (3 Month USD LIBOR + 0.92%, Rate Floor: 0.00%) due 10/20/276,7		62,000,000	61,543,010
Golub Capital Partners CLO Ltd.
2018-36A, 4.68% (3 Month USD LIBOR + 2.10%, Rate Floor: 0.00%) due 02/05/316,7		20,000,000	18,205,184
2018-25A, 4.48% (3 Month USD LIBOR + 1.90%, Rate Floor: 1.90%) due 05/05/306,7		18,500,000	17,596,105
2018-36A, 4.23% (3 Month USD LIBOR + 1.65%, Rate Floor: 0.00%) due 02/05/316,7		13,200,000	12,303,921
2018-39A, 4.66% (3 Month USD LIBOR + 2.20%, Rate Floor: 2.20%) due 10/20/286,7		5,000,000	4,852,450

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
ASSET-BACKED SECURITIES†† - 23.9% (continued)
Collateralized Loan Obligations - 15.4% (continued)
Telos CLO Ltd.
2017-6A, 3.72% (3 Month USD LIBOR + 1.27%, Rate Floor: 0.00%) due 01/17/276,7		24,950,000	$	24,919,883
2017-6A, 5.05% (3 Month USD LIBOR + 2.60%, Rate Floor: 0.00%) due 01/17/276,7		7,500,000		7,489,697
Tralee CLO III Ltd.
2017-3A, 3.92% (3 Month USD LIBOR + 1.45%, Rate Floor: 0.00%) due 10/20/277		31,000,000		30,786,859
ABPCI Direct Lending Fund CLO II LLC
2017-1A, 4.25% (3 Month USD LIBOR + 1.78%, Rate Floor: 0.00%) due 07/20/296,7		25,000,000		24,793,330
2017-1A, 4.82% (3 Month USD LIBOR + 2.35%, Rate Floor: 0.00%) due 07/20/296,7		4,650,000		4,540,079
Palmer Square Loan Funding Ltd.
2018-4A, 3.15% (3 Month USD LIBOR + 0.90%, Rate Floor: 0.00%) due 11/15/266,7		19,950,000		19,946,784
2018-4A, 3.70% (3 Month USD LIBOR + 1.45%, Rate Floor: 0.00%) due 11/15/266,7		6,500,000		6,372,434
2018-4A, 4.15% (3 Month USD LIBOR + 1.90%, Rate Floor: 0.00%) due 11/15/266,7		2,800,000		2,798,727
Diamond CLO Ltd.
2018-1A, 5.03% (3 Month USD LIBOR + 2.60%, Rate Floor: 2.60%) due 07/22/306,7		13,500,000		13,003,718
2018-1A, 4.23% (3 Month USD LIBOR + 1.80%, Rate Floor: 1.80%) due 07/22/306,7		11,000,000		10,679,388
2018-1A, 6.13% (3 Month USD LIBOR + 3.70%, Rate Floor: 3.70%) due 07/22/306,7		5,000,000		4,851,693
OCP CLO Ltd.
2017-8A, 3.90% (3 Month USD LIBOR + 1.45%, Rate Floor: 0.00%) due 04/17/276,7		27,500,000		26,966,429
BSPRT Issuer Ltd.
2017-FL2, 5.91% (1 Month USD LIBOR + 3.45%, Rate Floor: 3.45%) due 10/15/346,7		16,500,000		16,584,172
2017-FL2, 4.61% (1 Month USD LIBOR + 2.15%, Rate Floor: 2.15%) due 10/15/346,7		9,000,000		8,988,575
MP CLO VIII Ltd.
2018-2A, 3.93% (3 Month USD LIBOR + 1.42%, Rate Floor: 0.00%) due 10/28/276,7		14,000,000		13,941,606
2018-2A, 4.41% (3 Month USD LIBOR + 1.90%, Rate Floor: 0.00%) due 10/28/276,7		11,950,000		11,601,354
Treman Park CLO Ltd.
2015-1A, due 10/20/282,6		32,400,000		24,349,773
ABPCI Direct Lending Fund CLO I LLC
2016-1A, 5.17% (3 Month USD LIBOR + 2.70%, Rate Floor: 0.00%) due 12/22/286,7		24,000,000		24,001,344
A Voce CLO Ltd.
2017-1A, 3.60% (3 Month USD LIBOR + 1.16%, Rate Floor: 0.00%) due 07/15/266,7		23,501,726		23,502,476
Ares XXXIII CLO Ltd.
2016-1A, 4.10% (3 Month USD LIBOR + 1.35%, Rate Floor: 0.00%) due 12/05/256,7		18,250,000		18,239,428

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
ASSET-BACKED SECURITIES†† - 23.9% (continued)
Collateralized Loan Obligations - 15.4% (continued)
2016-1A, 5.55% (3 Month USD LIBOR + 2.80%, Rate Floor: 0.00%) due 12/05/256,7	5,000,000		$	4,978,483
FDF I Ltd.
2015-1A, 5.50% due 11/12/306		12,000,000		11,952,424
2015-1A, 4.40% due 11/12/306		10,000,000		9,798,342
KVK CLO Ltd.
2018-1A, 4.29% (3 Month USD LIBOR + 1.65%, Rate Floor: 0.00%) due 05/20/296,7		16,250,000		15,784,163
2013-1A, due 01/15/282,6		11,900,000		5,496,919
Monroe Capital CLO Ltd.
2017-1A, 3.82% (3 Month USD LIBOR + 1.35%, Rate Floor: 0.00%) due 10/22/266,7		18,500,000		18,366,730
2017-1A, 6.07% (3 Month USD LIBOR + 3.60%, Rate Floor: 0.00%) due 10/22/266,7		3,000,000		2,906,804
Mountain Hawk II CLO Ltd.
2018-2A, 3.29% (3 Month USD LIBOR + 0.82%, Rate Floor: 0.00%) due 07/20/246,7		10,326,006		10,310,344
2018-2A, 4.82% (3 Month USD LIBOR + 2.35%, Rate Floor: 0.00%) due 07/20/246,7		8,250,000		8,140,970
2013-2A, 5.62% (3 Month USD LIBOR + 3.15%, Rate Floor: 0.00%) due 07/22/246,7		2,750,000		2,608,646
Atlas Senior Loan Fund IV Ltd.
2018-2A, 4.32% (3 Month USD LIBOR + 1.70%, Rate Floor: 0.00%) due 02/17/266,7		12,000,000		11,857,226
2018-2A, 3.92% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 02/17/266,7		4,500,000		4,479,124
2018-2A, 5.22% (3 Month USD LIBOR + 2.60%, Rate Floor: 0.00%) due 02/17/266,7		4,500,000		4,315,760
Crown Point CLO III Ltd.
2017-3A, 3.89% (3 Month USD LIBOR + 1.45%, Rate Floor: 0.00%) due 12/31/276,7		15,000,000		14,904,501
2017-3A, 3.35% (3 Month USD LIBOR + 0.91%, Rate Floor: 0.00%) due 12/31/276,7		5,300,000		5,278,389
Ladder Capital Commercial Mortgage Trust
2017-FL1, 4.71% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 09/15/346,7		12,198,000		12,075,369
2017-FL1, 6.06% (1 Month USD LIBOR + 3.60%, Rate Floor: 3.60%) due 09/15/346,7		6,650,000		6,589,583
SCOF Ltd.
2018-2A, 4.29% (3 Month USD LIBOR + 1.85%, Rate Floor: 0.00%) due 07/15/286,7		18,250,000		18,188,578
Cerberus Loan Funding XVII Ltd.
2016-3A, 4.97% (3 Month USD LIBOR + 2.53%, Rate Floor: 0.00%) due 01/15/286,7		18,000,000		17,876,579
Marathon CLO V Ltd.
2017-5A, 3.52% (3 Month USD LIBOR + 0.87%, Rate Floor: 0.00%) due 11/21/276,7		8,120,307		8,079,905
2017-5A, 4.10% (3 Month USD LIBOR + 1.45%, Rate Floor: 0.00%) due 11/21/276,7		7,920,233		7,826,034
2013-5A, due 11/21/272,6		5,500,000		1,712,046

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
ASSET-BACKED SECURITIES†† - 23.9% (continued)
Collateralized Loan Obligations - 15.4% (continued)
Garrison BSL CLO Ltd.
2018-1A, 4.02% (3 Month USD LIBOR + 1.65%, Rate Floor: 0.00%) due 07/17/286,7		16,000,000	$	15,302,826
2018-1A, 2.80% (3 Month USD LIBOR + 0.70%, Rate Floor: 0.00%) due 07/17/286,7		2,000,000		1,994,338
West CLO Ltd.
2017-1A, 3.36% (3 Month USD LIBOR + 0.92%, Rate Floor: 0.00%) due 07/18/266,7		15,211,329		15,194,270
2013-1A, due 11/07/252,6		5,300,000		2,028,824
Shackleton 2014-VI-R CLO Ltd.
2018-6RA, 4.07% (3 Month USD LIBOR + 1.73%, Rate Floor: 1.73%) due 07/17/286,7		15,100,000		14,960,470
2018-6RA, 2.94% (3 Month USD LIBOR + 0.60%, Rate Floor: 0.60%) due 07/17/286,7		1,000,000		995,601
Voya CLO Ltd.
2013-1A, due 10/15/302,6		28,970,307		15,402,904
Avery Point II CLO Ltd.
2013-3X COM, due 01/18/252		19,800,000		14,968,042
Fortress Credit Opportunities VII CLO Ltd.
2016-7A, 5.28% (3 Month USD LIBOR + 2.95%, Rate Floor: 0.00%) due 12/15/286,7		12,560,000		12,543,155
NewStar Clarendon Fund CLO LLC
2015-1A, 5.19% (3 Month USD LIBOR + 2.70%, Rate Floor: 0.00%) due 01/25/276,7		7,000,000		7,006,305
2015-1A, 5.84% (3 Month USD LIBOR + 3.35%, Rate Floor: 0.00%) due 01/25/276,7		4,000,000		3,962,629
2015-1A, 6.84% (3 Month USD LIBOR + 4.35%, Rate Floor: 0.00%) due 01/25/276,7		1,300,000		1,302,665
OZLM XIII Ltd.
2018-13A, 4.62% (3 Month USD LIBOR + 2.10%, Rate Floor: 0.00%) due 07/30/276,7		12,650,000		12,200,764
Seneca Park CLO Limited
2017-1A, 3.57% (3 Month USD LIBOR + 1.12%, Rate Floor: 0.00%) due 07/17/266,7		11,540,326		11,511,890
OHA Credit Partners IX Ltd.
2013-9A, due 10/20/252,6		14,000,000		11,306,602
TCP Waterman CLO Ltd.
2016-1A, 5.33% (3 Month USD LIBOR + 3.00%, Rate Floor: 0.00%) due 12/15/286,7		11,000,000		10,904,511
Octagon Loan Funding Ltd.
2014-1A, due 11/18/312,6		19,435,737		10,593,973
SCOF-2 Ltd.
2018-2A, 4.29% (3 Month USD LIBOR + 1.85%, Rate Floor: 0.00%) due 07/15/286,7		10,500,000		10,499,181
Recette Clo Ltd.
2017-1A, 3.77% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 10/20/276,7		9,000,000		8,752,326
Dryden 37 Senior Loan Fund
2015-37A, due 01/15/312,6		9,500,000		8,573,652
Dryden 41 Senior Loan Fund
2015-41A, due 04/15/312,6		11,700,000		8,159,767
Flagship CLO VIII Ltd.
2018-8A, 4.24% (3 Month USD LIBOR + 1.80%, Rate Floor: 0.00%) due 01/16/266,7		8,025,000		7,914,204

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
ASSET-BACKED SECURITIES†† - 23.9% (continued)
Collateralized Loan Obligations - 15.4% (continued)
Golub Capital BDC CLO LLC
2018-1A, 3.89% (3 Month USD LIBOR + 1.40%, Rate Floor: 0.00%) due 04/25/266,7		8,000,000	$	7,785,721
Avery Point VI CLO Ltd.
2018-6A, 4.58% (3 Month USD LIBOR + 2.00%, Rate Floor: 0.00%) due 08/05/276,7		8,000,000		7,691,781
Newstar Commercial Loan Funding LLC
2017-1A, 6.29% (3 Month USD LIBOR + 3.50%, Rate Floor: 0.00%) due 03/20/276,7		7,500,000		7,463,488
Woodmont Trust
2017-3A, 4.69% (3 Month USD LIBOR + 2.25%, Rate Floor: 0.00%) due 10/18/296,7		7,400,000		7,163,266
Carlyle Global Market Strategies CLO Ltd.
2012-3A, due 01/14/322,6		6,400,000		4,468,026
2013-3X SUB, due 07/15/252		4,938,326		2,631,896
Octagon Investment Partners XIX Ltd.
2017-1A, 3.54% (3 Month USD LIBOR + 1.10%, Rate Floor: 0.00%) due 04/15/266,7		7,016,711		7,001,361
ACIS CLO Ltd.
2014-4A, 5.09% (3 Month USD LIBOR + 2.55%, Rate Floor: 0.00%) due 05/01/266,7		3,600,000		3,595,689
2015-6A, 5.91% (3 Month USD LIBOR + 3.37%, Rate Floor: 0.00%) due 05/01/276,7		3,250,000		3,196,955
Atlas Senior Loan Fund IX Ltd.
2018-9A, due 04/20/282,6		9,600,000		5,462,880
2018-9A, 4.27% (3 Month USD LIBOR + 1.80%, Rate Floor: 1.80%) due 04/20/286,7		1,250,000		1,191,453
Venture XIII CLO Ltd.
2013-13A, due 09/10/292,6		13,790,000		6,635,514
Marathon CRE Ltd.
2018-FL1, 5.46% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 06/15/286,7		6,000,000		5,934,824
2018-FL1, 5.06% (1 Month USD LIBOR + 2.60%, Rate Floor: 2.60%) due 06/15/286,7		650,000		643,545
Dryden 50 Senior Loan Fund
2017-50A, due 07/15/302,6		7,895,000		5,928,569
Hull Street CLO Ltd.
2014-1A, 4.90% (3 Month USD LIBOR + 3.60%, Rate Floor: 0.00%) due 10/18/266,7		5,785,000		5,728,719
Resource Capital Corp.
2017-CRE5, 4.46% (1 Month USD LIBOR + 2.00%) due 07/15/346,7		5,689,910		5,661,053
NXT Capital CLO LLC
2017-1A, 4.82% (3 Month USD LIBOR + 2.35%, Rate Floor: 0.00%) due 04/20/296,7		3,000,000		2,930,010
2018-1A, 5.77% (3 Month USD LIBOR + 3.30%, Rate Floor: 0.00%) due 04/21/276,7		2,750,000		2,637,642
Silvermore CLO Ltd.
2014-1A, 5.62% (3 Month USD LIBOR + 3.00%, Rate Floor: 0.00%) due 05/15/266,7		5,500,000		5,500,774
Flagship VII Ltd.
2017-7A, 3.59% (3 Month USD LIBOR + 1.12%, Rate Floor: 0.00%) due 01/20/266,7		5,471,111		5,470,808

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
ASSET-BACKED SECURITIES†† - 23.9% (continued)
Collateralized Loan Obligations - 15.4% (continued)
BNPP IP CLO Ltd.
2014-2A, 7.77% (3 Month USD LIBOR + 5.25%, Rate Floor: 0.00%) due 10/30/256,7		5,500,000	$	5,369,956
FDF II Ltd.
2016-2A, 6.29% due 05/12/316		5,250,000		5,245,956
Sudbury Mill CLO Ltd.
2017-1A, 4.90% (3 Month USD LIBOR + 2.45%, Rate Floor: 0.00%) due 01/17/266,7		5,000,000		4,997,174
WhiteHorse X Ltd.
2015-10A, 7.75% (3 Month USD LIBOR + 5.30%, Rate Floor: 5.30%) due 04/17/276,7		4,980,000		4,896,127
Greywolf CLO III Ltd.
2018-3RA, 3.12% (3 Month USD LIBOR + 0.65%, Rate Floor: 0.65%) due 10/22/286,7		4,800,000		4,800,578
Babson CLO Ltd.
2014-IA, due 07/20/252,6		11,900,000		3,965,437
2012-2A, due 05/15/232,6		11,850,000		627,529
Symphony Clo V Ltd.
2007-5A, 6.69% (3 Month USD LIBOR + 4.25%, Rate Floor: 0.00%) due 01/15/246,7		4,000,000		4,047,661
Jackson Mill CLO Ltd.
2018-1A, 4.29% (3 Month USD LIBOR + 1.85%, Rate Floor: 1.85%) due 04/15/276,7		4,150,000		3,993,093
Madison Park Funding XVI Ltd.
2016-16A, 5.12% (3 Month USD LIBOR + 2.65%, Rate Floor: 0.00%) due 04/20/266,7		4,000,000		3,980,100
Adams Mill CLO Ltd.
2014-1A, 7.44% (3 Month USD LIBOR + 5.00%, Rate Floor: 0.00%) due 07/15/266,7		4,000,000		3,965,347
Halcyon Loan Advisors Funding Ltd.
2012-2A, 4.18% (3 Month USD LIBOR + 2.85%, Rate Floor: 0.00%) due 12/20/246,7		2,829,481		2,831,133
2012-1A, 4.32% (3 Month USD LIBOR + 3.00%, Rate Floor: 0.00%) due 08/15/236,7		1,000,000		1,000,095
Denali Capital CLO XI Ltd.
2018-1A, 4.62% (3 Month USD LIBOR + 2.15%, Rate Floor: 0.00%) due 10/20/286,7		2,500,000		2,428,459
2018-1A, 3.17% (3 Month USD LIBOR + 0.70%, Rate Floor: 0.00%) due 10/20/286,7		1,000,000		999,873
OZLM XII Ltd.
2018-12A, 4.57% (3 Month USD LIBOR + 2.05%, Rate Floor: 0.00%) due 04/30/276,7		3,525,000		3,393,008
Flatiron CLO Ltd.
2013-1A, 6.05% (3 Month USD LIBOR + 3.60%, Rate Floor: 0.00%) due 01/17/266,7		3,200,000		3,199,178
AMMC CLO XI Ltd.
2012-11A, due 04/30/312,6		5,650,000		3,171,017
Mountain Hawk III CLO Ltd.
2014-3A, 5.24% (3 Month USD LIBOR + 2.80%, Rate Floor: 0.00%) due 04/18/256,7		3,000,000		2,984,891
Colombia Cent CLO 27 Ltd.
2018-27A, 3.19% (3 Month USD LIBOR + 0.70%, Rate Floor: 0.70%) due 10/25/286,7		1,750,000		1,748,977
Ivy Hill Middle Market Credit Fund X Ltd.
2018-10A, 3.14% (3 Month USD LIBOR + 0.70%, Rate Floor: 0.00%) due 07/18/306,7		1,500,000		1,494,058

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
ASSET-BACKED SECURITIES†† - 23.9% (continued)
Collateralized Loan Obligations - 15.4% (continued)
DRSLF
due 01/15/312		1,897,598	$	1,402,070
Great Lakes CLO Ltd.
2014-1A, due 10/15/292,6		1,500,000		1,074,622
PFP Ltd.
2017-3, 3.51% (1 Month USD LIBOR + 1.05%) due 01/14/356,7		779,997		775,242
Copper River CLO Ltd.
2007-1A, due 01/20/212,8		8,150,000		679,237
Total Collateralized Loan Obligations				1,112,372,045
Transport-Aircraft - 6.6%
Castlelake Aircraft Securitization Trust
2017-1, 3.97% due 07/15/42		30,562,723		30,498,541
2018-1, 4.13% due 06/15/436		25,650,380		26,054,827
2016-1, 4.45% due 08/15/41		23,286,375		22,585,292
2015-1A, 5.75% due 12/15/406,9		5,447,442		5,434,356
AASET Trust
2017-1A, 3.97% due 05/16/426		58,234,601		58,134,431
KDAC Aviation Finance Ltd.
2017-1A, 4.21% due 12/15/426		57,837,858		57,913,822
Raspro Trust
2005-1A, 3.39% (3 Month USD LIBOR + 0.93%, Rate Floor: 0.93%) due 03/23/246,7		48,932,392		46,730,434
2005-1A, 3.19% (3 Month USD LIBOR + 0.40%, Rate Floor: 0.40%) due 03/23/246,7		4,249,043		4,242,091
AASET US Ltd.
2018-2A, 5.43% due 11/16/386		21,053,720		21,482,713
2018-2A, 4.45% due 11/16/386		19,862,000		20,063,989
Apollo Aviation Securitization Equity Trust
2017-1A, 5.93% due 05/16/426		15,120,260		15,704,680
2016-2, 5.93% due 11/15/41		7,693,211		7,741,824
2016-2, 4.21% due 11/15/41		6,868,938		6,969,467
2016-1A, 6.50% due 03/17/366,9		3,540,414		3,552,260
2016-2, 7.87% due 11/15/41		2,575,695		2,573,884
2018-1A, 5.44% due 01/16/386		1,593,531		1,628,196
Falcon Aerospace Ltd.
2017-1, 4.58% due 02/15/426		35,490,867		35,595,920
SAPPHIRE AVIATION FINANCE I Ltd.
2018-1A, 4.25% due 03/15/406		31,993,419		32,054,769
MAPS Ltd.
2018-1A, 4.21% due 05/15/436		20,871,400		21,091,656
Rise Ltd.
2014-1A, 4.75% due 02/12/39		9,479,895		9,290,297
2014-1B, 6.50% due 02/12/39		4,894,256		4,756,938
AIM Aviation Finance Ltd.
2015-1A, 5.07% due 02/15/406		11,089,321		11,079,790
Falcon Aerospace Limited
2017-1, 6.30% due 02/15/426		8,167,555		8,315,372
Stripes Aircraft Ltd.
2013-1 A1, 5.97% due 03/20/23†††		6,134,285		6,045,813
Atlas Ltd.
2014-1 A, 4.88% due 12/15/39		5,336,516		5,073,570
Eagle I Ltd.
2014-1A, 5.29% due 12/15/396		3,779,716		3,815,328
Willis Engine Securitization Trust II
2012-A, 5.50% due 09/15/376,9		3,659,188		3,628,260
Turbine Engines Securitization Ltd.
2013-1A, 5.13% due 12/13/488		2,150,898		2,078,280
2013-1A, 6.38% due 12/13/488		1,547,712		1,294,104

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
ASSET-BACKED SECURITIES†† - 23.9% (continued)
Transport-Aircraft - 6.6% (continued)
Airplanes Pass Through Trust
2001-1A, 2.71% (1 Month USD LIBOR + 0.55%, Rate Floor: 0.55%) due 03/15/197,8		2,097,481	$	52,041
Total Transport-Aircraft				475,482,945
Whole Business - 0.6%
TSGE
2017-1, 6.25% due 09/25/31†††,1		42,550,000		43,219,075
Drug Royalty III Limited Partnership 1
2017-1A, 4.94% (3 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 04/15/276,7		2,799,390		2,825,005
Total Whole Business				46,044,080
Collateralized Debt Obligations - 0.4%
Putnam Structured Product Funding Ltd.
2003-1A, 3.46% (1 Month USD LIBOR + 1.00%, Rate Floor: 0.00%) due 10/15/386,7		11,195,128		11,089,905
Anchorage Credit Funding 4 Ltd.
2016-4A, 4.50% due 02/15/356		9,200,000		9,116,817
N-Star REL CDO VIII Ltd.
2006-8A, 2.71% (1 Month USD LIBOR + 0.36%, Rate Floor: 0.36%) due 02/01/416,7		8,165,648		8,120,328
Banco Bradesco SA
2014-1, 5.44% due 03/12/26		2,430,571		2,409,303
Highland Park CDO I Ltd.
2006-1A, 3.09% (3 Month USD LIBOR + 0.40%, Rate Floor: 0.00%) due 11/25/517,8		1,809,760		1,765,050
Pasadena CDO Ltd.
2002-1A, 3.64% (3 Month USD LIBOR + 0.85%, Rate Floor: 0.00%) due 06/19/376,7		170,726		170,509
Total Collateralized Debt Obligations				32,671,912
Insurance - 0.3%
LTCG Securitization Issuer LLC
2018-A, 4.59% due 06/15/486		19,228,956		19,251,359
Diversified Payment Rights - 0.3%
Bib Merchant Voucher Receivables Ltd.
4.18% due 04/07/28†††,1		15,300,000		15,274,092
CIC Receivables Master Trust
REGD, 4.89% due 10/07/21		3,759,668		3,797,265
Total Diversified Payment Rights				19,071,357
Transport-Rail - 0.1%
Trinity Rail Leasing, LP
2009-1A, 6.66% due 11/16/396		10,054,832		11,135,276
Transport-Container - 0.1%
Global SC Finance II SRL
2013-1A, 2.98% due 04/17/286		9,100,000		8,968,834
Infrastructure - 0.1%
Secured Tenant Site Contract Revenue Notes Series
2018-1A, 4.70% due 06/15/488		6,965,001		7,000,329
Total Asset-Backed Securities
(Cost $1,747,402,326)				1,731,998,137

FOREIGN GOVERNMENT DEBT†† - 23.8%
Government of Japan
due 02/25/1910	JPY 10,618,000,000	96,893,197
due 01/10/1910	JPY 10,214,600,000	93,192,359
due 01/28/1910	JPY 4,348,800,000	39,679,418
due 02/04/1910	JPY 4,334,000,000	39,545,724
due 02/12/1910	JPY 3,876,500,000	35,372,488
due 03/11/1910	JPY 2,076,300,000	18,948,184
Republic of France
due 01/16/1910	EUR 62,150,000	71,232,574
due 01/04/1910	EUR 43,560,000	49,914,060
due 01/30/1910	EUR 38,425,000	44,052,565
due 02/25/1910	EUR 26,340,000	30,208,723
due 01/23/1910	EUR 25,750,000	29,517,166

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

		Face Amount~	Value
FOREIGN GOVERNMENT DEBT†† - 23.8% (continued)
State of Israel
6.00% due 02/28/19		ILS 446,260,000	$	126,581,298
2.25% due 05/31/19		ILS 215,650,000		58,934,866
5.00% due 01/31/20		ILS 126,800,000		37,114,016
Kingdom of Spain
due 01/18/1910		EUR 118,525,000		135,845,649
due 02/15/1910		EUR 42,972,000		49,437,250
Republic of Portugal
due 01/18/1910		EUR 108,429,000		124,271,288
due 03/22/1910		EUR 34,500,000		39,575,260
Federative Republic of Brazil
due 04/01/1910		BRL 580,100,000		147,737,590
United Mexican States
due 01/03/1910		MXN 1,101,000,000		55,994,723
due 02/07/1910		MXN 695,360,000		35,107,841
due 05/23/1910		MXN 415,640,000		20,467,240
due 02/28/1910		MXN 244,900,000		12,297,223
due 01/24/1910		MXN 132,800,000		6,726,517
Kingdom of Denmark
due 03/01/1910		DKK 747,810,000		114,874,828
Government of United Kingdom
due 01/21/1910		GBP 35,530,000		45,278,702
due 01/28/1910		GBP 23,000,000		29,306,799
due 02/25/1910		GBP 19,800,000		25,215,448
due 02/18/1910		GBP 5,960,000		7,591,138
Republic of Hungary
due 02/27/1910	HUF 14,470,490,000			51,667,565
due 04/24/1910		HUF 4,780,000,000		17,065,389
due 02/20/1910		HUF 500,000,000		1,785,298
due 02/13/1910		HUF 247,400,000		883,455
due 01/02/1910		HUF 200,000,000		714,184
due 02/06/1910		HUF 199,100,000		710,928
Kingdom of Sweden
4.25% due 03/12/19		SEK 234,500,000		26,708,467
Total Foreign Government Debt
(Cost $1,702,215,380)				1,720,449,420

COLLATERALIZED MORTGAGE OBLIGATIONS†† - 16.9%
Residential Mortgage Backed Securities - 15.3%
LSTAR Securities Investment Limited
4.35% due 04/01/21	95,498,943	95,519,475
2017-9, 3.90% (1 Month USD LIBOR + 1.55%, Rate Floor: 0.00%) due 12/01/226,7	35,370,638	35,359,585
2017-8, 4.00% (1 Month USD LIBOR + 1.65%, Rate Floor: 0.00%) due 11/01/226,7	27,681,317	27,877,743
2017-6, 2.99% (1 Month USD LIBOR + 1.75%, Rate Floor: 0.00%) due 09/01/226,7	27,597,950	27,589,326
RALI Series Trust
2006-QO6, 2.69% (1 Month USD LIBOR + 0.18%, Rate Floor: 0.18%) due 06/25/467	37,912,775	15,098,467
2007-QO2, 2.66% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 02/25/477	19,873,638	11,879,544
2006-QO8, 2.71% (1 Month USD LIBOR + 0.20%, Rate Floor: 0.20%) due 10/25/467	10,310,572	9,747,380
2006-QO3, 2.72% (1 Month USD LIBOR + 0.21%, Rate Floor: 0.21%) due 04/25/467	13,398,468	6,060,457
2006-QO2, 2.78% (1 Month USD LIBOR + 0.27%, Rate Floor: 0.27%) due 02/25/467	11,817,045	4,810,457
2006-QO6, 2.74% (1 Month USD LIBOR + 0.23%, Rate Floor: 0.23%) due 06/25/467	9,864,387	4,020,356
2006-QO2, 2.85% (1 Month USD LIBOR + 0.34%, Rate Floor: 0.34%) due 02/25/467	7,412,640	3,120,110
2006-QO6, 2.77% (1 Month USD LIBOR + 0.26%, Rate Floor: 0.26%) due 06/25/467	6,223,588	2,571,308
2006-QO2, 2.73% (1 Month USD LIBOR + 0.22%, Rate Floor: 0.22%) due 02/25/467	3,977,457	1,579,810
GSAA Home Equity Trust
2006-12, 2.66% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 08/25/367	26,695,097	16,384,190
2006-3, 2.81% (1 Month USD LIBOR + 0.30%, Rate Floor: 0.30%) due 03/25/367	18,628,368	13,320,056

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 16.9% (continued)
Residential Mortgage Backed Securities - 15.3% (continued)
2006-16, 2.68% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 10/25/367		28,108,765	$	13,197,265
2006-9, 1.48% (1 Month USD LIBOR + 0.24%, Rate Floor: 0.24%) due 06/25/367		11,283,390		6,074,460
2007-7, 1.51% (1 Month USD LIBOR + 0.27%) due 07/25/377		2,103,766		1,998,709
2006-14, 1.49% (1 Month USD LIBOR + 0.25%, Rate Floor: 0.25%) due 09/25/367		3,229,135		1,766,822
Lehman XS Trust Series
2006-16N, 2.72% (1 Month USD LIBOR + 0.21%, Rate Floor: 0.21%) due 11/25/467		24,454,053		23,386,492
2006-18N, 2.69% (1 Month USD LIBOR + 0.18%, Rate Floor: 0.18%) due 12/25/367		23,101,277		21,043,376
2006-10N, 1.45% (1 Month USD LIBOR + 0.21%, Rate Floor: 0.21%) due 07/25/467		5,705,295		5,487,274
JP Morgan Mortgage Acquisition Trust
2006-WMC4, 2.66% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 12/25/367		28,687,642		17,245,017
2006-WMC3, 2.66% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 08/25/367		13,482,277		10,025,863
2006-HE3, 2.67% (1 Month USD LIBOR + 0.16%, Rate Floor: 0.16%) due 11/25/367		8,542,070		7,359,526
2006-WMC4, 2.63% (1 Month USD LIBOR + 0.12%, Rate Floor: 0.12%) due 12/25/367		9,874,539		5,913,355
2006-WMC4, 2.59% (1 Month USD LIBOR + 0.08%, Rate Floor: 0.08%) due 12/25/367		4,175,301		2,487,671
American Home Mortgage Assets Trust
2006-1, 2.70% (1 Month USD LIBOR + 0.19%) due 05/25/467		15,772,764		14,169,312
2006-6, 2.72% (1 Month USD LIBOR + 0.21%, Rate Floor: 0.21%) due 12/25/467		15,822,560		13,427,416
2006-5, 3.08% (1 Year CMT Rate + 0.92%, Rate Floor: 0.92%) due 11/25/467		14,491,208		7,203,007
2006-3, 3.10% (1 Year CMT Rate + 0.94%, Rate Floor: 0.94%) due 10/25/467		8,110,785		7,096,534
Nomura Resecuritization Trust
2018-1R, 3.41% (1 Month USD LIBOR + 0.90%, Rate Floor: 0.00%) due 07/25/366,7		36,828,384		36,638,342
2015-4R, 1.39% (1 Month USD LIBOR + 0.43%, Rate Floor: 0.43%) due 03/26/366,7		4,504,960		4,358,936
FirstKey Master Funding
2017-R1, 2.57% (1 Month USD LIBOR + 0.22%, Rate Floor: 0.22%) due 11/03/416,7		41,819,909		40,222,478
Morgan Stanley ABS Capital I Incorporated Trust
2006-HE8, 2.73% (1 Month USD LIBOR + 0.22%, Rate Floor: 0.22%) due 10/25/367		25,858,548		15,749,492
2007-HE1, 2.74% (1 Month USD LIBOR + 0.23%, Rate Floor: 0.23%) due 11/25/367		16,456,698		11,253,788

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 16.9% (continued)
Residential Mortgage Backed Securities - 15.3% (continued)
2007-HE6, 2.76% (1 Month USD LIBOR + 0.25%, Rate Floor: 0.25%) due 05/25/377		9,906,046	$	8,749,114
2006-HE6, 2.61% (1 Month USD LIBOR + 0.10%, Rate Floor: 0.10%) due 09/25/367		5,313,476		2,527,140
2007-HE4, 2.74% (1 Month USD LIBOR + 0.23%, Rate Floor: 0.23%) due 02/25/377		4,515,475		1,928,285
Structured Asset Securities Corporation Mortgage Loan Trust
2008-BC4, 3.14% (1 Month USD LIBOR + 0.63%, Rate Floor: 0.63%) due 11/25/377		40,161,511		39,598,519
LSTAR Securities Investment Trust
2018-2, 3.85% (1 Month USD LIBOR + 1.50%, Rate Floor: 0.00%) due 04/01/236,7		38,622,077		38,568,972
CIM Trust
2018-R2, 3.69% (WAC) due 08/25/576,7		38,871,300		38,234,118
WaMu Asset-Backed Certificates WaMu Series
2007-HE2, 2.87% (1 Month USD LIBOR + 0.36%, Rate Floor: 0.36%) due 04/25/377		30,932,305		16,063,715
2007-HE2, 2.70% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 04/25/377		23,570,143		12,017,713
2007-HE4, 2.68% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 07/25/477		9,551,972		7,392,703
2007-HE4, 2.76% (1 Month USD LIBOR + 0.25%, Rate Floor: 0.25%) due 07/25/477		2,967,765		2,095,244
Alternative Loan Trust
2007-OA6, 2.65% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 06/25/377		23,715,385		21,871,009
2007-OA7, 2.69% (1 Month USD LIBOR + 0.18%, Rate Floor: 0.18%) due 05/25/477		13,004,156		12,540,803
Long Beach Mortgage Loan Trust
2006-6, 2.76% (1 Month USD LIBOR + 0.25%, Rate Floor: 0.25%) due 07/25/367		17,314,101		8,805,289
2006-8, 2.67% (1 Month USD LIBOR + 0.16%, Rate Floor: 0.16%) due 09/25/367		20,249,564		7,836,468
2006-4, 2.67% (1 Month USD LIBOR + 0.16%, Rate Floor: 0.16%) due 05/25/367		12,746,811		5,717,322
2006-1, 2.70% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 02/25/367		5,091,466		4,120,932
2006-6, 2.66% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 07/25/367		5,391,402		2,699,382
2006-8, 2.60% (1 Month USD LIBOR + 0.09%, Rate Floor: 0.09%) due 09/25/367		5,487,251		2,105,353
2006-6, 2.61% (1 Month USD LIBOR + 0.10%, Rate Floor: 0.10%) due 07/25/367		3,120,968		1,550,027
GSAMP Trust
2007-NC1, 2.64% (1 Month USD LIBOR + 0.13%, Rate Floor: 0.13%) due 12/25/467		25,473,241		16,523,961
2002-HE2, 3.51% (1 Month USD LIBOR + 1.04%, Rate Floor: 0.52%) due 10/20/326,7		15,475,314		15,570,246
Legacy Mortgage Asset Trust
2018-GS3, 4.00% due 06/25/586,9		29,085,040		28,822,946

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 16.9% (continued)
Residential Mortgage Backed Securities - 15.3% (continued)
Ameriquest Mortgage Securities Trust
2006-M3, 2.68% (1 Month USD LIBOR + 0.18%, Rate Floor: 0.18%) due 10/25/367		26,862,099	$	17,078,546
2006-M3, 2.61% (1 Month USD LIBOR + 0.10%, Rate Floor: 0.10%) due 10/25/367		16,401,065		6,832,712
Morgan Stanley IXIS Real Estate Capital Trust
2006-2, 2.73% (1 Month USD LIBOR + 0.22%, Rate Floor: 0.22%) due 11/25/367		26,950,724		13,013,540
2006-2, 2.66% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 11/25/367		20,560,029		9,858,752
ACE Securities Corporation Home Equity Loan Trust Series
2007-HE1, 2.66% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 01/25/377		19,661,949		12,880,779
2007-ASP1, 2.89% (1 Month USD LIBOR + 0.38%, Rate Floor: 0.38%) due 03/25/377		14,441,364		8,332,387
IXIS Real Estate Capital Trust
2007-HE1, 2.67% (1 Month USD LIBOR + 0.16%, Rate Floor: 0.16%) due 05/25/377		27,288,141		9,052,887
2007-HE1, 2.74% (1 Month USD LIBOR + 0.23%, Rate Floor: 0.23%) due 05/25/377		19,333,265		6,457,243
2007-HE1, 2.57% (1 Month USD LIBOR + 0.06%, Rate Floor: 0.06%) due 05/25/377		17,198,972		5,648,321
Impac Secured Assets Trust
2006-3, 2.71% (1 Month USD LIBOR + 0.20%, Rate Floor: 0.20%) due 11/25/367		22,176,136		20,445,905
Nationstar Home Equity Loan Trust
2007-C, 2.68% (1 Month USD LIBOR + 0.18%, Rate Floor: 0.18%) due 06/25/377		17,009,147		16,343,809
Master Asset Backed Securities Trust
2006-WMC3, 2.67% (1 Month USD LIBOR + 0.16%, Rate Floor: 0.16%) due 08/25/367		12,765,125		6,259,392
2006-HE3, 2.61% (1 Month USD LIBOR + 0.10%, Rate Floor: 0.10%) due 08/25/367		11,249,974		4,771,808
2006-HE3, 2.66% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 08/25/367		9,458,542		4,045,727
Citigroup Mortgage Loan Trust, Inc.
2007-AMC3, 2.76% (1 Month USD LIBOR + 0.25%, Rate Floor: 0.25%) due 03/25/377		16,224,314		13,681,961
Home Equity Loan Trust
2007-FRE1, 2.70% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 04/25/377		13,961,039		12,951,491
Merrill Lynch Alternative Note Asset Trust Series
2007-OAR3, 2.51% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 07/25/477		13,187,866		12,147,354
HSI Asset Securitization Corporation Trust
2007-HE1, 2.70% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 01/25/377		8,613,200		6,711,336

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 16.9% (continued)
Residential Mortgage Backed Securities - 15.3% (continued)
2005-OPT1, 3.14% (1 Month USD LIBOR + 0.63%, Rate Floor: 0.42%) due 11/25/357		5,262,803	$	5,228,310
GSAA Trust
2007-3, 2.68% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 03/25/477		24,577,263		11,426,640
Banc of America Funding Trust
2015-R2, 2.77% (1 Month USD LIBOR + 0.26%, Rate Floor: 0.26%) due 04/29/376,7		10,000,000		9,704,135
First NLC Trust
2007-1, 2.79% (1 Month USD LIBOR + 0.28%, Rate Floor: 0.28%) due 08/25/376,7		8,923,150		5,349,628
2007-1, 2.58% (1 Month USD LIBOR + 0.07%, Rate Floor: 0.07%) due 08/25/376,7		6,766,710		3,959,238
WaMu Asset-Backed Certificates WaMu Series Trust
2007-HE1, 2.74% (1 Month USD LIBOR + 0.23%, Rate Floor: 0.23%) due 01/25/377		10,283,565		6,296,064
2007-HE4, 2.68% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 07/25/477		4,156,534		2,908,115
Luminent Mortgage Trust
2006-2, 2.71% (1 Month USD LIBOR + 0.20%, Rate Floor: 0.20%) due 02/25/467		8,881,658		8,105,308
CitiMortgage Alternative Loan Trust Series
2007-A7, 2.91% (1 Month USD LIBOR + 0.40%, Rate Cap/Floor: 7.50%/0.40%) due 07/25/377		9,326,260		7,764,446
Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust
2006-AR9, 3.00% (1 Year CMT Rate + 0.84%, Rate Floor: 0.84%) due 11/25/467		7,546,040		6,608,669
CWABS Asset-Backed Certificates Trust
2006-11, 2.77% (1 Month USD LIBOR + 0.26%, Rate Floor: 0.26%) due 09/25/467		6,400,000		5,992,284
Morgan Stanley Mortgage Loan Trust
2006-9AR, 2.66% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 08/25/367		11,630,596		5,495,738
Alliance Bancorp Trust
2007-OA1, 2.75% (1 Month USD LIBOR + 0.24%, Rate Floor: 0.24%) due 07/25/377		3,518,561		3,091,482
Wachovia Asset Securitization Issuance II LLC Trust
2007-HE1, 2.65% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 07/25/376,7		1,658,057		1,577,105
Morgan Stanley Re-REMIC Trust
2010-R5, 3.72% due 06/26/366		1,356,107		1,235,033

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 16.9% (continued)
Residential Mortgage Backed Securities - 15.3% (continued)
Asset Backed Securities Corporation Home Equity Loan Trust
2006-HE5, 2.65% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 07/25/367		879,560	$	856,613
Total Residential Mortgage Backed Securities				1,108,495,418
Commercial Mortgage Backed Securities - 1.1%
GAHR Commercial Mortgage Trust
2015-NRF, 3.38% (WAC) due 12/15/346,7		53,752,227		52,280,805
GS Mortgage Securities Corporation Trust
2017-STAY, 3.38% (1 Month USD LIBOR + 2.15%, Rate Floor: 2.15%) due 07/15/326,7		16,531,000		16,087,009
GS Mortgage Securities Trust
2014-GSFL, 5.13% (1 Month USD LIBOR + 3.90%, Rate Floor: 3.90%) due 07/15/316,7		6,038,536		6,033,376
GE Business Loan Trust
2007-1A, 2.91% (1 Month USD LIBOR + 0.45%, Rate Floor: 0.45%) due 04/16/356,7		1,649,447		1,579,387
2007-1A, 2.63% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 04/15/356,7		1,221,812		1,198,514
Total Commercial Mortgage Backed Securities				77,179,091
Government Agency - 0.3%
Fannie Mae15
3.00% due 02/01/57		25,204,345		24,331,981
Military Housing - 0.2%
GMAC Commercial Mortgage Asset Corp.
2004-POKA, 6.36% due 09/10/448		9,000,000		9,347,310
Capmark Military Housing Trust
2007-AET2, 6.06% due 10/10/526		5,746,274		6,137,010
Total Military Housing				15,484,320
Total Collateralized Mortgage Obligations
(Cost $1,262,111,344)				1,225,490,810

SENIOR FLOATING RATE INTERESTS††,7 - 9.2%
Technology - 2.2%
Misys Ltd.
6.30% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 06/13/24	26,276,725	24,418,698
Epicor Software
5.78% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 06/01/22	23,900,945	22,795,526
EIG Investors Corp.
6.44% ((3 Month USD LIBOR + 3.75%) and (1 Month USD LIBOR + 3.75%), Rate Floor: 4.75%) due 02/09/23	17,139,781	16,554,114
Datix Bidco Ltd.
7.28% (6 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 04/28/25†††,1	9,112,505	9,030,539
10.53% (6 Month USD LIBOR + 7.75%, Rate Floor: 7.75%) due 04/27/26†††,1	461,709	457,244
Planview, Inc.
7.77% (1 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 01/27/23†††,1	8,819,366	8,819,367
Nimbus Acquisitions Bidco Ltd.
7.25% (3 Month GBP LIBOR + 6.25%, Rate Floor: 7.25%), (in-kind rate was 1.00%) due 07/15/21†††,1,14	GBP 5,181,527	6,559,076
9.02% (3 Month USD LIBOR + 6.25%, Rate Floor: 7.25%) due 07/15/21†††,1	1,844,651	1,803,742
Cvent, Inc.
6.27% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 11/29/24	8,204,334	7,835,139

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
SENIOR FLOATING RATE INTERESTS††,7 - 9.2% (continued)
Technology - 2.2% (continued)
Lytx, Inc.
9.27% (1 Month USD LIBOR + 6.75%, Rate Floor: 7.75%) due 08/31/23†††,1		7,906,027	$	7,754,017
Optiv, Inc.
5.77% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 02/01/24		7,687,380		7,101,217
LANDesk Group, Inc.
6.60% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 01/20/24		6,353,509		6,154,962
Bullhorn, Inc.
9.40% (3 Month USD LIBOR + 6.75%, Rate Floor: 7.75%) due 11/21/22†††,1		5,378,745		5,352,735
9.33% (3 Month USD LIBOR + 6.75%, Rate Floor: 7.75%) due 11/21/22†††,1		222,254		200,646
Peak 10 Holding Corp.
6.31% (3 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 08/01/24		4,938,492		4,477,583
Neustar, Inc.
6.02% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 08/08/24		3,659,207		3,508,265
Greenway Health LLC
6.56% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 02/16/24		3,572,796		3,465,612
Jaggaer
6.53% ((1 Month USD LIBOR + 4.00%) and (Commercial Prime Lending Rate + 3.00%), Rate Floor: 5.00%) due 12/28/24		3,523,375		3,452,908
Advanced Computer Software
7.14% (1 Month USD LIBOR + 4.75%, Rate Floor: 4.75%) due 05/31/24		3,366,266		3,324,188
24-7 Intouch, Inc.
6.76% (1 Month USD LIBOR + 4.25%, Rate Floor: 4.25%) due 08/25/25		3,192,000		3,024,420
Brave Parent Holdings, Inc.
6.52% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 04/18/25		2,779,167		2,674,948
Ministry Brands LLC
6.52% (1 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 12/02/22		2,648,891		2,635,647
Ping Identity Corp.
6.27% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 01/24/25		2,089,500		2,058,157
Refinitiv (Financial & Risk Us Holdings, Inc.)
6.27% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 10/01/25		2,100,000		1,995,000
Park Place Technologies LLC
6.52% (1 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 03/29/25		1,943,321		1,914,172
MRI Software LLC
8.31% (3 Month USD LIBOR + 5.50%, Rate Floor: 6.50%) due 06/30/23		1,391,094		1,377,183
8.15% (3 Month USD LIBOR + 5.50%, Rate Floor: 6.50%) due 06/30/23		101,375		100,361
7.98% (1 Month USD LIBOR + 5.50%, Rate Floor: 6.50%) due 06/30/23†††,1		7,000		6,502
Project Accelerate Parent, LLC
6.64% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 01/02/25		1,488,750		1,458,975
CogitalGroup
4.50% (3 Month EURIBOR + 4.50%, Rate Floor: 4.50%) due 11/25/23†††		EUR 1,000,000		1,134,410
Aspect Software, Inc.
13.52% (3 Month USD LIBOR + 11.00%, Rate Floor: 12.00%) due 05/25/203		1,032,379		856,875

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
SENIOR FLOATING RATE INTERESTS††,7 - 9.2% (continued)
Technology - 2.2% (continued)
Solera LLC
7.02% (1 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 03/03/21†††,1		270,000	$	253,507
Total Technology				162,555,735
Consumer, Cyclical - 1.9%
Mavis Tire Express Services Corp.
5.75% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 03/20/25		11,636,294		11,199,933
Petco Animal Supplies, Inc.
5.78% (3 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 01/26/23		15,049,742		10,961,179
Navistar Inc.
5.89% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 11/06/24		8,237,750		7,928,834
Accuride Corp.
8.05% (3 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 11/17/23		7,686,917		7,276,974
AVSC Holding Corp.
6.01% (3 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 03/03/25		7,383,571		6,977,475
Zephyr Bidco Ltd.
8.23% (1 Month GBP LIBOR + 7.50%, Rate Floor: 7.50%) due 07/23/26		GBP 4,650,417		5,863,695
EG Finco Ltd.
6.81% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 02/07/25		4,298,352		4,131,791
5.66% (3 Month GBP LIBOR + 4.75%, Rate Floor: 4.75%) due 02/07/25		GBP 992,500		1,227,716
WESCO
6.34% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 06/14/24†††,1		CAD 4,000,000		2,918,033
7.06% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 06/14/24†††,1		2,388,000		2,377,188
IRB Holding Corp.
5.68% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 02/05/25		5,136,250		4,887,142
CD&R Firefly Bidco Ltd.
5.32% (3 Month GBP LIBOR + 4.50%, Rate Floor: 4.50%) due 06/23/25		GBP 3,800,000		4,747,517
Leslie's Poolmart, Inc.
6.02% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 08/16/23		4,453,446		4,239,146
NES Global Talent
8.03% (3 Month USD LIBOR + 5.50%, Rate Floor: 6.50%) due 05/11/23		4,196,035		4,185,545
Alexander Mann
6.23% (1 Month GBP LIBOR + 5.50%, Rate Floor: 5.50%) due 08/11/25		GBP 3,000,000		3,674,724
Galls LLC
8.77% (1 Month USD LIBOR + 6.25%, Rate Floor: 7.25%) due 01/31/25†††,1		3,133,989		3,103,337
8.75% (1 Month USD LIBOR + 6.25%, Rate Floor: 7.25%) due 01/31/25†††,1		352,164		348,720
9.23% ((Commercial Prime Lending Rate + 5.25%) and (1 Month USD LIBOR + 6.25%) and (3 Month USD LIBOR + 6.25%), Rate Floor: 7.25%) due 01/31/24†††,1		249,676		222,129
Acosta, Inc.
5.77% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 09/26/21		2,428,336		1,462,514
5.99% ((1 Month USD LIBOR + 3.25%) and (Commercial Prime Lending Rate + 2.25%), Rate Floor: 4.25%) due 09/26/19		2,266,667		1,365,145
4.67% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 09/26/19		1,333,333		803,027
Truck Hero, Inc.
6.26% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 04/22/24		3,721,662		3,592,967

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
SENIOR FLOATING RATE INTERESTS††,7 - 9.2% (continued)
Consumer, Cyclical - 1.9% (continued)
CPI Acquisition, Inc.
7.02% (3 Month USD LIBOR + 4.50%, Rate Floor: 6.50%) due 08/17/22		5,602,372	$	3,518,290
SHO Holding I Corp.
7.53% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 10/27/22		3,719,464		3,496,296
EnTrans International, LLC
8.52% (1 Month USD LIBOR + 6.00%, Rate Floor: 6.00%) due 11/01/24		3,500,000		3,465,000
OEConnection LLC
6.53% ((1 Month USD LIBOR + 4.00%) and (Commercial Prime Lending Rate + 3.00%), Rate Floor: 5.00%) due 11/22/24		3,327,090		3,252,231
BBB Industries, LLC
6.88% (1 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 08/01/25		3,291,750		3,217,686
Blue Nile, Inc.
9.02% (1 Month USD LIBOR + 6.50%, Rate Floor: 7.50%) due 02/17/23		3,237,500		3,205,125
Lands' End, Inc.
5.77% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 04/02/21		3,224,609		3,027,102
Belk, Inc.
7.36% (3 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 12/12/22		3,678,594		2,958,215
Checkers Drive-In Restaurants, Inc.
6.87% (2 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 04/25/24		3,399,731		2,889,772
At Home Holding III Corp.
6.03% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 06/03/22		2,944,225		2,848,537
Argo Merchants
6.55% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 12/06/24		2,970,833		2,844,573
Nellson Nutraceutical (US)
7.05% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 12/23/21		2,410,800		2,362,584
IBC Capital Ltd.
6.55% (3 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 09/11/23		1,914,550		1,840,361
Comet Bidco Ltd.
7.71% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 09/30/24		1,592,000		1,544,240
K & N Parent, Inc.
7.27% (1 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 10/20/23		976,113		956,590
Richmond UK Bidco Ltd.
4.98% (1 Month GBP LIBOR + 4.25%, Rate Floor: 4.25%) due 03/03/24		GBP 777,012		898,941
Safe Fleet Holdings LLC
5.38% (1 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 02/03/25		736,300		700,405
SMG US Midco 2, Inc.
9.52% (1 Month USD LIBOR + 7.00%, Rate Floor: 7.00%) due 01/23/26		600,000		588,498
American Tire Distributors, Inc.
11.25% (3 Month USD LIBOR + 8.75%, Rate Floor: 9.75%) due 10/05/19		416,056		413,976
Total Consumer, Cyclical				137,523,153
Industrial - 1.7%
DAE Aviation
6.27% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 07/07/22		14,298,118		14,101,519
Tronair Parent, Inc.
7.56% ((12 Month USD LIBOR + 4.75%) and (1 Month USD LIBOR + 4.75%), Rate Floor: 5.75%) due 09/08/23		6,617,273		6,352,582
USIC Holding, Inc.
5.77% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 12/08/23		6,692,628		6,341,265

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
SENIOR FLOATING RATE INTERESTS††,7 - 9.2% (continued)
Industrial - 1.7% (continued)
KUEHG Corp. (KinderCare)
6.55% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 02/21/25		6,032,029	$	5,779,468
CPG International LLC
6.63% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 05/05/24		5,929,855		5,677,836
Arctic Long Carriers
7.02% (1 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 05/18/23		5,319,000		5,132,835
Diversitech Holdings, Inc.
5.80% (3 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 06/03/24		4,327,223		4,077,067
10.30% (3 Month USD LIBOR + 7.50%, Rate Floor: 8.50%) due 06/02/25		1,000,000		955,000
PT Intermediate Holdings III LLC
6.80% (3 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 12/09/24		3,985,118		3,885,490
10.80% (3 Month USD LIBOR + 8.00%, Rate Floor: 9.00%) due 12/08/25		400,000		392,000
Hillman Group, Inc.
6.80% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 05/30/25		4,394,000		4,163,315
Learning Care Group (US), Inc.
5.76% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 03/13/25		4,168,500		3,991,339
Titan Acquisition Ltd. (Husky)
5.52% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 03/28/25		4,317,375		3,937,791
Hayward Industries, Inc.
6.02% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 08/05/24		3,900,625		3,742,962
Coveris Rigid
4.50% (6 Month EURIBOR + 4.50%, Rate Floor: 4.50%) due 07/28/25		EUR 3,175,000		3,547,181
CHI Overhead Doors, Inc.
5.77% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 07/29/22		3,484,485		3,362,528
Lineage Logistics LLC
5.52% (1 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 02/27/25		3,381,981		3,191,745
Flex Acquisition Company, Inc.
5.60% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 06/29/25		3,291,750		3,109,058
Capstone Logistics
7.02% (1 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 10/07/21		3,057,923		3,006,336
Minerva Bidco Ltd.
5.82% (3 Month GBP LIBOR + 5.00%, Rate Floor: 5.00%) due 07/28/25		GBP 2,200,000		2,790,632
YAK MAT (YAK ACCESS LLC)
12.43% (1 Month USD LIBOR + 10.00%, Rate Floor: 10.00%) due 07/10/26		3,400,000		2,686,000
Fortis Solutions Group LLC
7.00% (1 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 12/15/23†††,1		1,811,489		1,811,489
6.88% (1 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 12/15/23†††,1		747,121		747,121
Hanjin International Corp.
4.94% (3 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 10/19/20		2,600,000		2,515,500
Bioplan USA, Inc.
7.27% (1 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 09/23/21		2,634,388		2,458,753

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
SENIOR FLOATING RATE INTERESTS††,7 - 9.2% (continued)
Industrial - 1.7% (continued)
Dimora Brands, Inc.
6.02% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 08/24/24		2,471,231	$	2,350,759
Pelican Products, Inc.
5.88% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 05/01/25		2,487,500		2,350,687
STS Operating, Inc. (SunSource)
6.77% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 12/11/24		2,387,939		2,316,301
BWAY Holding Co.
5.66% (3 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 04/03/24		1,895,190		1,778,314
Thermasys Corp.
8.50% (3 Month USD LIBOR + 4.00%, Rate Floor: 1.25%) due 05/03/19		2,108,750		1,518,300
12.29% (3 Month USD LIBOR + 10.00%, Rate Floor: 10.00%) due 11/11/18†††,1		171,395		168,824
Survitec
6.15% (6 Month GBP LIBOR + 5.25%, Rate Floor: 5.25%) due 03/12/22		GBP 1,125,000		1,340,976
4.75% (6 Month EURIBOR + 4.75%, Rate Floor: 4.75%) due 03/12/22		EUR 300,000		324,854
Bhi Investments LLC
7.38% (3 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 08/28/24		1,547,125		1,523,918
National Technical Systems
8.60% (1 Month USD LIBOR + 6.25%, Rate Floor: 7.25%) due 06/12/21†††,1		1,561,367		1,522,333
American Bath Group LLC
7.05% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 09/30/23		1,563,960		1,501,402
SLR Consulting Ltd.
6.47% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 05/23/25†††,1		1,190,970		1,161,072
Klockner Pentaplast of America, Inc.
4.75% (3 Month EURIBOR + 4.75%, Rate Floor: 4.75%) due 06/30/22		EUR 1,100,000		1,075,585
Safety Bidco Ltd.
5.23% (1 Month GBP LIBOR + 4.50%, Rate Floor: 4.50%) due 10/25/24†††,1		GBP 850,000		1,074,536
Advanced Integration Technology LP
7.46% (3 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 04/03/23		735,061		724,035
Duran Group Holding GMBH
4.00% (3 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 03/29/24		EUR 439,412		488,403
4.00% (3 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 12/20/24		EUR 150,000		166,724
Transcendia Holdings, Inc.
6.02% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 05/30/24		643,500		608,107
Tank Holdings Corp.
5.64% ((3 Month USD LIBOR + 3.25%) and (1 Month USD LIBOR + 3.25%), Rate Floor: 4.25%) due 03/16/22		415,217		399,128
Wencor Group
6.14% ((1 Month USD LIBOR + 3.50%) and (Commercial Prime Lending Rate + 2.50%), Rate Floor: 3.50%) due 06/19/19		376,923		353,365
Total Industrial				120,504,435
Consumer, Non-cyclical - 1.4%
Springs Window Fashions
6.72% (1 Month USD LIBOR + 4.25%, Rate Floor: 4.25%) due 06/15/25		7,611,750		7,378,678
10.97% (1 Month USD LIBOR + 8.50%, Rate Floor: 8.50%) due 06/15/26		5,500,000		5,060,000

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
SENIOR FLOATING RATE INTERESTS††,7 - 9.2% (continued)
Consumer, Non-cyclical - 1.4% (continued)
Diamond (BC) B.V.
5.53% (3 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 09/06/24		11,246,244	$	10,346,544
Endo Luxembourg Finance Co.
6.81% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.00%) due 04/29/24		9,529,165		9,005,061
IHC Holding Corp.
9.55% (3 Month USD LIBOR + 6.75%, Rate Floor: 7.75%) due 04/30/21†††,1		6,933,598		6,893,202
9.22% (3 Month USD LIBOR + 6.75%, Rate Floor: 7.75%) due 04/30/21†††,1		1,354,356		1,346,466
ScribeAmerica Intermediate Holdco LLC (Healthchannels)
6.88% (1 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 04/03/25		7,604,595		7,442,997
Affordable Care Holdings Corp.
7.25% (2 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 10/24/22		7,032,500		6,970,966
AI Aqua Zip Bidco Pty Ltd.
5.77% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 12/13/23		6,281,684		5,988,686
Immucor, Inc.
7.80% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 06/15/21		5,466,754		5,364,253
IVC Acquisition Midco Ltd.
7.02% (1 Month GBP LIBOR + 4.50%, Rate Floor: 4.50%) due 01/26/24		GBP 3,405,000		4,319,138
Arctic Glacier Group Holdings, Inc.
6.02% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 03/20/24		4,373,693		4,176,877
One Call Medical, Inc.
7.71% (1 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 11/27/22		4,235,130		3,729,032
DJO Finance LLC
5.71% ((3 Month USD LIBOR + 3.25%) and (1 Month USD LIBOR + 3.25%), Rate Floor: 4.25%) due 06/08/20		3,649,386		3,596,470
Smart & Final Stores LLC
6.02% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.25%) due 11/15/22		3,200,000		2,938,016
Davis Vision
5.52% (1 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 12/02/24		2,932,774		2,772,938
BCPE Eagle Buyer LLC
6.77% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 03/18/24		2,855,175		2,655,312
Packaging Coordinators Midco, Inc.
6.81% (3 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 06/30/23		2,396,854		2,357,905
CTI Foods Holding Co. LLC
6.10% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 06/29/20		2,585,000		1,921,508
due 06/28/21		1,035,000		75,897
CPI Holdco LLC
6.02% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 03/21/24		1,905,308		1,850,531
Certara, Inc.
6.30% (3 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 08/15/24		1,671,500		1,633,891
Give and Go Prepared Foods Corp.
7.05% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 07/29/23		1,684,182		1,473,660
MDVIP LLC
6.75% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 11/14/24		990,000		980,100

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
SENIOR FLOATING RATE INTERESTS††,7 - 9.2% (continued)
Consumer, Non-cyclical - 1.4% (continued)
Nellson Nutraceutical
7.05% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 12/23/21		988,551	$	968,780
Executive Consultant Group
7.30% (3 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 06/20/24†††,1		953,493		944,802
Recess Holdings, Inc.
6.41% ((3 Month USD LIBOR + 3.75%) and (1 Month USD LIBOR + 3.75%), Rate Floor: 4.75%) due 09/30/24		789,525		760,573
Sunshine Investments B.V.
5.87% (3 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 03/28/25		200,000		191,000
Targus Group International, Inc.
due 05/24/16†††,1,3,11		152,876		–
Total Consumer, Non-cyclical				103,143,283
Communications - 0.9%
Cengage Learning Acquisitions, Inc.
6.75% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 06/07/23		19,920,918		17,007,484
Dominion Web Solutions LLC
9.02% (1 Month USD LIBOR + 6.50%, Rate Floor: 7.50%) due 06/15/24†††,1		10,955,430		10,807,305
Mcgraw-Hill Global Education Holdings LLC
6.52% (1 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 05/04/22		9,874,532		8,890,140
Authentic Brands
6.02% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 09/27/24		5,925,561		5,629,283
Flight Bidco, Inc.
6.02% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 07/23/25		3,955,448		3,915,894
10.02% (1 Month USD LIBOR + 7.50%, Rate Floor: 7.50%) due 07/23/26		1,000,000		977,500
Market Track LLC
6.87% (2 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 06/05/24		4,196,875		3,987,031
Resource Label Group LLC
6.90% (3 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 05/26/23		1,962,879		1,923,621
10.90% (3 Month USD LIBOR + 8.50%, Rate Floor: 9.50%) due 11/26/23		1,500,000		1,485,000
Internet Brands, Inc.
6.25% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 09/13/24		3,344,453		3,164,688
SFR Group S.A.
6.46% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 08/14/26		1,800,000		1,696,500
Imagine Print Solutions LLC
7.28% (1 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 06/21/22		1,621,125		1,556,280
Liberty Cablevision of Puerto Rico LLC
5.94% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 01/07/22		1,355,000		1,294,879

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
SENIOR FLOATING RATE INTERESTS††,7 - 9.2% (continued)
Communications - 0.9% (continued)
Houghton Mifflin Co.
5.52% (1 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 05/28/21		1,394,197	$	1,260,006
Total Communications				63,595,611
Basic Materials - 0.5%
A-Gas Ltd.
7.55% (3 Month USD LIBOR + 4.75%, Rate Floor: 4.75%) due 08/12/24†††,1		6,587,833		6,482,283
4.75% (3 Month EURIBOR + 4.75%, Rate Floor: 4.75%) due 07/25/24†††,1		EUR 2,750,000		3,137,274
GrafTech Finance, Inc.
6.02% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 02/12/25		9,423,375		8,905,089
Pregis Holding I Corp.
6.31% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 05/20/21		6,007,617		5,647,160
Dubois Chemicals, Inc.
5.77% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 03/15/24		3,299,415		3,179,811
Vectra Co.
5.77% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 03/08/25		2,736,250		2,587,480
ICP Industrial, Inc.
6.52% (1 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 11/03/23		2,270,370		2,259,019
Big River Steel LLC
7.80% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 08/23/23		1,678,750		1,657,766
LTI Holdings, Inc.
6.02% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 09/06/25		1,496,250		1,405,233
PMHC II, Inc. (Prince)
6.16% ((1 Month USD LIBOR + 3.50%) and (6 Month USD LIBOR + 3.50%) and (12 Month USD LIBOR + 3.50%), Rate Floor: 4.50%) due 03/29/25		1,389,500		1,264,445
ASP Chromaflo Dutch I B.V.
6.02% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 11/20/23		757,268		735,496
ASP Chromaflo Intermediate Holdings, Inc.
6.02% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 11/20/23		582,371		565,628
Total Basic Materials				37,826,684
Energy - 0.3%
Permian Production Partners
8.51% (3 Month USD LIBOR + 6.00%, Rate Floor: 1.00%) due 05/20/24		12,041,250		11,680,012
SeaPort Financing LLC
8.03% (1 Month USD LIBOR + 5.50%, Rate Floor: 5.50%) due 10/31/25		3,150,000		3,134,250
Summit Midstream Partners, LP
8.52% (1 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 05/13/22		1,662,833		1,625,420
Gavilan Resources LLC
8.50% (1 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 03/01/24		2,050,000		1,552,875
Ultra Petroleum, Inc.
6.47% (3 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 04/12/24		1,561,000		1,387,339
Riverstone Utopia Member LLC
6.75% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 10/17/24		1,343,250		1,325,344
Total Energy				20,705,240
Financial - 0.2%
USI, Inc.
5.80% (3 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 05/16/24		4,563,638		4,295,524
Camelia Bidco Banc Civica
5.66% (3 Month GBP LIBOR + 4.75%, Rate Floor: 4.75%) due 10/14/24		GBP 3,000,000		3,795,847

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
SENIOR FLOATING RATE INTERESTS††,7 - 9.2% (continued)
Financial - 0.2% (continued)
Aretec Group, Inc.
6.77% (1 Month USD LIBOR + 4.25%, Rate Floor: 4.25%) due 10/01/25		3,900,000	$	3,786,237
Masergy Holdings, Inc.
6.05% (3 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 12/15/23		3,642,182		3,496,495
Northstar Financial Services LLC
6.10% ((2 Month USD LIBOR + 3.50%) and (1 Month USD LIBOR + 3.50%), Rate Floor: 4.25%) due 05/25/25		1,691,500		1,642,159
PSS Companies
7.30% (3 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 01/28/20		834,714		813,846
Institutional Shareholder Services
6.55% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 10/16/24		726,000		706,035
6.52% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 10/16/24		66,333		64,509
Total Financial				18,600,652
Utilities - 0.1%
MRP Generation Holding
9.80% (3 Month USD LIBOR + 7.00%, Rate Floor: 8.00%) due 10/18/22		3,421,250		3,267,294
Panda Power
9.30% (3 Month USD LIBOR + 6.50%, Rate Floor: 7.50%) due 08/21/20		2,187,283		1,950,335
Total Utilities				5,217,629
Total Senior Floating Rate Interests
(Cost $705,586,108)				669,672,422

U.S. TREASURY BILLS†† - 4.4%
U.S. Treasury Bills
2.23% due 01/22/1912	50,000,000	49,936,111
2.27% due 01/08/1912	40,000,000	39,985,017
2.31% due 02/07/1912	40,000,000	39,905,450
2.23% due 01/10/1912	30,000,000	29,984,975
2.32% due 02/14/1912	30,000,000	29,914,179
2.26% due 01/31/1912	29,000,000	28,946,503
2.36% due 01/29/1912	25,000,000	24,954,672
2.27% due 01/15/1912	20,000,000	19,983,579
2.32% due 01/15/1912	20,000,000	19,983,578
2.29% due 01/22/1912	20,000,000	19,974,444
2.24% due 01/17/1912	15,000,000	14,985,719
Total U.S. Treasury Bills
(Cost $318,540,932)		318,554,227

CORPORATE BONDS†† - 3.3%
Financial - 1.9%
Station Place Securitization Trust
3.32% (1 Month USD LIBOR + 1.00%, Rate Floor: 0.00%) due 03/24/196,7	51,000,000	51,000,000
3.02% (1 Month USD LIBOR + 0.70%, Rate Floor: 0.00%) due 06/24/196,7	30,500,000	30,500,000
3.02% (1 Month USD LIBOR + 0.70%, Rate Floor: 0.70%) due 09/24/197	3,000,000	3,000,000
American Equity Investment Life Holding Co.
5.00% due 06/15/27	28,388,000	27,677,011
Atlas Mara Ltd.
8.00% due 12/31/20	14,400,000	12,692,059
Jefferies Finance LLC / JFIN Company-Issuer Corp.
7.25% due 08/15/246	7,000,000	6,475,000
Univest Financial Corp.
5.10% due 03/30/2513	2,500,000	2,505,639
Hospitality Properties Trust
5.25% due 02/15/26	1,567,000	1,583,281
Lincoln Finance Ltd.
7.38% due 04/15/216	1,275,000	1,290,937
Total Financial		136,723,927
Industrial - 0.8%
Encore Capital Group, Inc.
5.63% due 08/11/24†††	39,600,000	38,145,820
Yamana Gold, Inc.
4.95% due 07/15/24	14,734,000	14,413,541
4.76% due 03/23/22†††	4,750,000	4,646,618
4.63% due 12/15/27	3,200,000	2,971,557
4.78% due 06/10/23†††	550,000	531,624
Reynolds Group Issuer Incorporated / Reynolds Group Issuer LLC / Reynolds Group Issuer Luxembourg
5.94% (3 Month USD LIBOR + 3.50%) due 07/15/216,7	3,370,000	3,357,362
Princess Juliana International Airport Operating Company N.V.
5.50% due 12/20/278	1,492,943	1,353,905

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
CORPORATE BONDS†† - 3.3% (continued)
Industrial - 0.8% (continued)
Great Lakes Dredge & Dock Corp.
8.00% due 05/15/22		1,063,000	$	1,080,274
Total Industrial				66,500,701
Communications - 0.2%
Cengage Learning, Inc.
9.50% due 06/15/246		8,100,000		5,508,000
McGraw-Hill Global Education Holdings LLC / McGraw-Hill Global Education Finance
7.88% due 05/15/246		6,510,000		5,077,800
MDC Partners, Inc.
6.50% due 05/01/246		3,810,000		3,467,100
Altice France S.A.
7.38% due 05/01/266		2,920,000		2,679,100
EIG Investors Corp.
10.88% due 02/01/24		1,750,000		1,872,500
Total Communications				18,604,500
Consumer, Cyclical - 0.1%
Williams Scotsman International, Inc.
7.88% due 12/15/226		3,932,000		3,843,530
6.88% due 08/15/236		3,375,000		3,240,000
Ferrellgas Limited Partnership / Ferrellgas Finance Corp.
6.50% due 05/01/21		2,000,000		1,640,000
6.75% due 01/15/22		1,179,000		960,885
American Tire Distributors, Inc.
10.25% due 03/01/226,11		4,695,000		704,250
Total Consumer, Cyclical				10,388,665
Basic Materials - 0.1%
Eldorado Gold Corp.
6.13% due 12/15/206		7,175,000		6,529,250
Mirabela Nickel Ltd.
9.50% due 06/24/19 8,11		1,885,418		579,766
Total Basic Materials				7,109,016
Consumer, Non-cyclical - 0.1%
Endo Finance LLC / Endo Finco, Inc.
5.38% due 01/15/236		4,376,000		3,325,760
Beverages & More, Inc.
11.50% due 06/15/226		2,675,000		2,059,750
Flexi-Van Leasing, Inc.
10.00% due 02/15/236		1,475,000		1,194,750
Total Consumer, Non-cyclical				6,580,260
Energy - 0.1%
Indigo Natural Resources LLC
6.88% due 02/15/266		2,000,000		1,720,000
American Midstream Partners Limited Partnership / American Midstream Finance Corp.
9.50% due 12/15/216		1,435,000		1,348,900
Basic Energy Services, Inc.
10.75% due 10/15/236		1,500,000		1,282,500
Total Energy				4,351,400
Total Corporate Bonds
(Cost $262,120,611)				250,258,469

SENIOR FIXED RATE INTERESTS††† - 0.1%
Communications - 0.1%
MHGE Parent LLC
11.00% due 04/20/221	4,700,000	4,227,650
Total Senior Fixed Rate Interests
(Cost $4,602,816)		4,227,650

COMMERCIAL PAPER†† - 0.7%
Marriott International, Inc.
2.62% due 01/02/1912	15,000,000	14,998,908
AutoZone, Inc.
2.50% due 01/03/1912	15,000,000	14,997,917
Anthem, Inc.
2.90% due 01/02/196,12	10,000,000	9,999,194
Vodafone Group plc
2.78% due 01/07/1912	10,000,000	9,995,217
Total Commercial Paper
(Cost $49,991,236)		49,991,236

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
REPURCHASE AGREEMENTS††,16 - 2.3%
BNP Paribas
issued 12/28/18 at 2.76% due 02/01/19		51,969,621	$	51,969,621
Deusche Bank
issued 10/26/18 at 2.86% due 01/28/19		29,243,000		29,243,000
issued 12/14/18 at 2.86% due 01/28/19		2,676,000		2,676,000
Barclays
issued 09/27/18 at 1.80% open maturity19		11,616,843		11,616,843
issued 10/11/18 at 2.58% (1 Month USD LIBOR + 0.30%) open maturity7		7,000,000		7,000,000
issued 09/25/18 at 2.80% (1 Month USD LIBOR + 0.30%) open maturity7		6,199,583		6,199,583
issued 10/16/18 at 2.80% (1 Month USD LIBOR + 0.30%) open maturity7		3,310,445		3,310,445
issued 07/30/18 at 2.80% (1 Month USD LIBOR + 0.30%) open maturity7		1,178,451		1,178,451
issued 12/21/17 at 1.30% open maturity19		595,625		595,625
issued 10/29/18 at (0.75%) open maturity19		530,063		530,063
issued 06/18/18 at (2.00%) open maturity19		511,875		511,875
issued 06/20/18 at (2.00%) open maturity19		510,625		510,625
issued 06/27/18 at (2.25%) open maturity19		505,625		505,625
issued 09/08/17 at 0.50% open maturity19		499,375		499,375
issued 12/07/17 at 0.00% open maturity19		494,375		494,375
issued 04/02/18 at 1.30% open maturity19		346,875		346,875
issued 09/10/18 at (2.50%) open maturity19		313,875		313,875
issued 08/21/18 at (2.50%) open maturity19		311,625		311,625
issued 08/16/18 at (2.50%) open maturity19		307,875		307,875
issued 10/09/18 at 1.50% open maturity19		250,000		250,000
issued 4/13/18 at (8.75%) open maturity19		225,750		225,750
issued 09/27/18 at 0.25% open maturity19		219,000		219,000
issued 09/27/18 at 2.00% open maturity19		190,500		190,500
issued 11/03/17 at (8.75%) open maturity19		170,500		170,500
issued 12/28/18 at 1.60% open maturity19		92,538		92,538
issued 10/26/17 at (8.75%) open maturity19		87,625		87,625
issued 11/29/18 at (8.75%) open maturity19		31,680		31,680
Citigroup Global Markets
issued 12/10/18 at 2.10% open maturity19		10,958,000		10,958,000
issued 12/12/18 at 2.10% open maturity19		3,741,000		3,741,000
issued 11/29/18 at 2.05% open maturity19		1,264,000		1,264,000
issued 12/13/18 at 2.10% open maturity19		907,000		907,000
issued 01/29/18 at 1.55% open maturity19		542,000		542,000
issued 01/08/18 at 1.60% open maturity19		527,000		527,000
issued 03/23/18 at 0.00% open maturity19		346,000		346,000
issued 06/29/18 at (0.25%) open maturity19		320,000		320,000
issued 02/15/18 1.55% open maturity19		313,000		313,000
issued 10/29/18 at 1.80% due 01/01/19		289,000		289,000
issued 05/15/18 at 1.50% open maturity19		283,000		283,000
issued 04/02/18 at 1.50% open maturity19		279,000		279,000
issued 04/10/18 at 1.50% open maturity19		279,000		279,000
issued 02/27/18 at (8.00%) open maturity19		269,000		269,000
issued 01/08/18 at 0.00% open maturity19		228,000		228,000
issued 10/31/18 at 1.80% open maturity19		193,000		193,000
issued 04/13/18 at 1.50% open maturity19		186,000		186,000
issued 12/13/18 at 1.80% open maturity19		137,000		137,000
issued 01/05/2018 at 0.00% open maturity19		113,000		113,000
Bank of America
issued 11/21/18 at 2.15% open maturity19		6,196,000		6,196,000
issued 12/10/18 at 2.15% open maturity19		4,134,125		4,134,125
issued 11/27/18 at 2.15% open maturity19		3,158,400		3,158,400
issued 11/29/18 at 2.15% open maturity19		2,564,150		2,564,150
issued 12/17/18 at 2.12% open maturity19		1,890,500		1,890,500
issued 11/28/18 at 2.15% open maturity19		858,000		858,000
Jefferies & Company, Inc.
issued 12/13/18 at 5.43% due 01/14/19		1,519,000		1,519,000
issued 12/19/18 at 5.57% due 01/18/19		1,065,000		1,065,000
Mizuho
issued 12/28/18 at 3.11% due 01/16/19		2,218,000		2,218,000
Total Repurchase Agreements
(Cost $164,166,524)				164,166,524

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Contracts		Value
LISTED OPTIONS PURCHASED† - 0.2%
Put options on:
Eurodollar Futures Expiring December 2019 with strike price of $97.63 (Notional Value $4,277,559,000)		17,576	$	17,026,750
Total Listed Options Purchased
(Cost $18,740,867)				17,026,750

OTC OPTIONS PURCHASED†† - 0.0%
Call options on:
BofA Merrill Lynch S&P 500 Index Expiring January 2019 with strike price of $2,850.00 (Notional Value $701,667,315)	2,799		48,982
BofA Merrill Lynch SPDR S&P Oil & Gas Exploration & Production ETF Expiring January 2019 with strike price of $45.00 (Notional Value $85,665,370)	32,290		48,435
BofA Merrill Lynch iShares MSCI Emerging Markets ETF Expiring January 2019 with strike price of $54.00 (Notional Value $331,537,374)	84,879		42,440
BofA Merrill Lynch S&P 500 Index Expiring January 2019 with strike price of $3,000.00 (Notional Value $463,516,565)	1,849		9,245
Total OTC Options Purchased
(Cost $29,932,202)			149,102
Total Investments - 99.7%
(Cost $7,371,664,210)		$	7,229,554,418

	Face Amount
CORPORATE BONDS SOLD SHORT†† - (0.6%)
Enova International, Inc.
8.50% due 09/15/256		(110,000	)	(89,375	)
Herc Rentals, Inc.
7.75% due 06/01/246		(200,000	)	(208,500	)
Monitronics International, Inc.
9.13% due 04/01/20		(903,000	)	(224,621	)
INEOS Group Holdings S.A.
5.63% due 08/01/246		(550,000	)	(487,300	)
TMS International Corp.
7.25% due 08/15/256		(800,000	)	(748,000	)
AK Steel Corp.
6.38% due 10/15/25		(1,000,000	)	(770,000	)
Envision Healthcare Corp.
8.75% due 10/15/266		(900,000	)	(778,500	)
Harley-Davidson, Inc.
3.50% due 07/28/25		(1,330,000	)	(1,270,692	)
Park-Ohio Industries, Inc.
6.63% due 04/15/27		(1,400,000	)	(1,330,000	)
Staples, Inc.
8.50% due 09/15/256		(1,600,000	)	(1,443,520	)
Gogo Intermediate Holdings LLC / Gogo Finance Company, Inc.
12.50% due 07/01/226		(1,700,000	)	(1,812,625	)
Flex Ltd.
4.75% due 06/15/25		(2,210,000	)	(2,164,979	)
Quorum Health Corp.
11.63% due 04/15/23		(2,400,000	)	(2,256,000	)
Tenet Healthcare Corp.
8.13% due 04/01/22		(2,425,000	)	(2,431,062	)
Seagate HDD Cayman
4.75% due 01/01/25		(8,000,000	)	(7,095,135	)
Mylan N.V.
3.95% due 06/15/26		(8,640,000	)	(7,874,606	)
Spirit AeroSystems, Inc.
4.60% due 06/15/28		(10,110,000	)	(9,705,643	)
Dollar Tree, Inc.
4.00% due 05/15/25		(15,080,000	)	(14,497,218	)
Total Corporate Bonds
(Cost $57,242,097)				(55,187,776	)

	Contracts
LISTED OPTIONS WRITTEN† - (0.1)%
Put options on:
Eurodollar Futures Expiring December 2019 with strike price of $97.00 (Notional Value $4,277,559,000)		17,576	(3,295,500	)
Total Listed Options Written
(Premiums received $5,818,355)			(3,295,500	)

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Contracts		Value
OTC OPTIONS WRITTEN†† - 0.0%
Put options on:
BofA Merrill Lynch SPDR S&P Oil & Gas Exploration & Production ETF Expiring January 2019 with strike price of $52.00 (Notional Value $85,665,370)		32,290	$	(32,290	)
Total OTC Options Written
(Premiums received $3,939,380)				(32,290	)
Total Securities Sold Short - (0.7)%
(Proceeds $66,999,832)			$	(58,515,566	)
Other Assets & Liabilities, net - 1.0%				70,710,675
Total Net Assets - 100.0%			$	7,241,749,527

Centrally Cleared Credit Default Swap Agreements Protection Purchased††
Counterparty	Exchange	Index	Protection Premium Rate		Payment Frequency	Maturity Date	Notional Amount		Value			Upfront Premiums Received			Unrealized Appreciation**
Bank of America, N.A.	ICE	CDX.NA.IG.31	1.00	%	Quarterly	12/20/23	$	1,245,395,000	$	(7,001,474	)	$	(14,606,366	)	$	7,604,892

OTC Credit Default Swap Agreements Protection Purchased††
Counterparty	Index	Protection Premium Rate			Payment Frequency	Maturity Date	Notional Amount		Value		Upfront Premiums Paid (Received)			Unrealized Appreciation
Goldman Sachs International	CDX.NA.IG.31		1.00	%	Quarterly	12/20/23	$	166,760,000	$	1,859,518	$	(261,333	)	$	2,120,851
Morgan Stanley Capital Services LLC	CDX.NA.IG.31		1.00	%	Quarterly	12/20/23		73,830,000		806,356		(18,294	)		824,650
Barclays Bank plc	Kohl's Corp		1.00	%	Quarterly	12/20/23		7,450,000		284,529		133,199			151,330
Bank of America, N.A.	Kohl's Corp		1.00	%	Quarterly	06/20/23		6,950,000		170,420		111,005			59,415
									$	3,120,823	$	(35,423	)	$	3,156,246

CENTRALLY CLEARED INTEREST RATE SWAPS AGREEMENTS††
Counterparty	Exchange	Floating Rate Type	Floating Rate Index	Fixed Rate		Payment Frequency	Maturity Date		Notional Amount		Market Value			Upfront Premiums Paid (Received)			Unrealized Depreciation**
BofA Merrill Lynch	CME	Receive	3-Month USD LIBOR	2.83	%	Quarterly	01/31/20	$	10,276,000	$	(10,551	)	$	309		$	(10,860	)
BofA Merrill Lynch	CME	Receive	3-Month USD LIBOR	2.84	%	Quarterly	01/31/20		16,742,000		(19,178	)		321			(19,499	)
BofA Merrill Lynch	CME	Receive	3-Month USD LIBOR	2.92	%	Quarterly	01/31/20		9,744,000		(19,699	)		299			(19,998	)
BofA Merrill Lynch	CME	Receive	3-Month USD LIBOR	3.18	%	Quarterly	11/07/23		63,000,000		(1,716,914	)		(12,091	)		(1,704,823	)
BofA Merrill Lynch	CME	Receive	3-Month USD LIBOR	3.14	%	Quarterly	11/06/21		830,000,000		(12,576,400	)		201,669			(12,778,069	)
										$	(14,342,742	)	$	190,507		$	(14,533,249	)

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS††
Counterparty	Contracts to Sell	Currency	Settlement Date		Settlement Value		Value at December 31, 2018		Unrealized Appreciation (Depreciation)
Goldman Sachs	120,700,000	BRL	01/02/19	$	32,208,139	$	31,210,405	$	997,734
JPMorgan Chase & Co.	98,156,000	ILS	02/28/19		27,276,921		26,396,376		880,545
Barclays	168,338,600	ILS	02/28/19		46,116,374		45,270,069		846,305
Citigroup	438,900,000	BRL	04/01/19		113,396,620		112,823,153		573,467
Barclays	35,530,000	GBP	01/22/19		45,794,084		45,341,161		452,923
Citigroup	60,785,000	EUR	01/18/19		70,149,536		69,745,206		404,330
Morgan Stanley	51,357,000	ILS	02/28/19		14,204,147		13,811,062		393,085
Goldman Sachs	78,950,000	EUR	01/18/19		90,876,368		90,587,876		288,492
Citigroup	19,430,000	BRL	01/02/19		5,174,434		5,024,177		150,257
JPMorgan Chase & Co.	23,000,000	GBP	01/28/19		29,503,940		29,360,557		143,383
Goldman Sachs	133,140,000	ILS	01/31/20		36,761,653		36,647,641		114,012
Citigroup	2,396,000,000	HUF	02/27/19		8,703,492		8,595,999		107,493
Goldman Sachs	220,502,125	ILS	05/31/19		59,805,825		59,730,773		75,052
JPMorgan Chase & Co.	19,800,000	GBP	02/25/19		25,380,570		25,309,168		71,402
JPMorgan Chase & Co.	4,025,000	CAD	01/14/19		3,008,835		2,950,560		58,275
Citigroup	86,000,000	DKK	03/01/19		13,276,625		13,265,199		11,426
BNP Paribas	1,000,000,000	HUF	04/24/19		3,611,286		3,601,348		9,938
Citigroup	200,000,000	HUF	01/02/19		722,731		714,184		8,547
BofA Merrill Lynch	14,175,000	EUR	01/30/19		16,285,233		16,281,964		3,269
Goldman Sachs	6,340,000	ILS	01/31/19		1,702,787		1,701,346		1,441
JPMorgan Chase & Co.	5,960,000	GBP	02/19/19		7,617,422		7,616,209		1,213
Goldman Sachs	199,100,000	HUF	02/06/19		714,230		713,176		1,054
JPMorgan Chase & Co.	80,000,000	HUF	04/24/19		283,818		288,108		(4,290	)
BofA Merrill Lynch	7,858,470,000	HUF	02/27/19		28,185,877		28,193,401		(7,524	)
Goldman Sachs	400,000,000	HUF	02/27/19		1,425,821		1,435,058		(9,237	)
Goldman Sachs	247,400,000	HUF	02/13/19		875,573		886,652		(11,079	)
Barclays	14,820,000	EUR	02/15/19		17,033,144		17,044,809		(11,665	)
Morgan Stanley	39,379,000	EUR	01/18/19		45,170,936		45,183,786		(12,850	)
JPMorgan Chase & Co.	14,530,000	EUR	01/18/19		16,658,950		16,671,841		(12,891	)
Citigroup	1,000,000,000	HUF	04/24/19		3,585,772		3,601,348		(15,576	)
Goldman Sachs	1,400,000,000	HUF	04/24/19		5,025,367		5,041,887		(16,520	)
BofA Merrill Lynch	1,971,500,000	JPY	02/12/19		18,027,450		18,044,960		(17,510	)
BofA Merrill Lynch	6,182,000	EUR	02/15/19		7,092,423		7,110,055		(17,632	)
Citigroup	500,000,000	HUF	02/20/19		1,769,797		1,792,882		(23,085	)
Barclays	14,920,000	EUR	01/04/19		17,074,298		17,097,898		(23,600	)
BofA Merrill Lynch	1,300,000,000	HUF	04/24/19		4,655,326		4,681,752		(26,426	)
Goldman Sachs	40,000,000	MXN	01/03/19		2,008,306		2,035,727		(27,421	)
Citigroup	178,800,000	JPY	01/28/19		1,598,207		1,634,661		(36,454	)
Goldman Sachs	170,070,000	DKK	03/01/19		26,184,449		26,232,703		(48,254	)
BofA Merrill Lynch	33,310,000	EUR	01/18/19		38,165,266		38,220,167		(54,901	)
Morgan Stanley	8,868,000	EUR	01/14/19		10,108,810		10,171,576		(62,766	)
BofA Merrill Lynch	25,750,000	EUR	01/23/19		29,491,295		29,558,971		(67,676	)
BofA Merrill Lynch	140,500,000	DKK	03/01/19		21,599,766		21,671,633		(71,867	)
Barclays	132,800,000	MXN	01/24/19		6,652,873		6,736,081		(83,208	)
Barclays	139,340,000	DKK	03/01/19		21,385,656		21,492,708		(107,052	)
JPMorgan Chase & Co.	211,900,000	DKK	03/01/19		32,572,607		32,684,834		(112,227	)
Goldman Sachs	34,500,000	EUR	03/22/19		39,668,049		39,796,855		(128,806	)
Goldman Sachs	2,103,600,000	JPY	01/10/19		19,065,180		19,202,954		(137,774	)
Citigroup	155,184,000	ILS	02/28/19		41,576,326		41,732,498		(156,172	)
Goldman Sachs	26,340,000	EUR	02/25/19		30,159,168		30,318,020		(158,852	)
JPMorgan Chase & Co.	3,816,020,000	HUF	02/27/19		13,523,618		13,690,525		(166,907	)
BofA Merrill Lynch	28,640,000	EUR	01/04/19		32,631,849		32,820,631		(188,782	)
JPMorgan Chase & Co.	24,250,000	EUR	01/30/19		27,650,942		27,854,506		(203,564	)
JPMorgan Chase & Co.	21,970,000	EUR	02/15/19		25,053,907		25,268,182		(214,275	)
Goldman Sachs	2,076,300,000	JPY	03/11/19		18,808,672		19,044,816		(236,144	)
Goldman Sachs	300,000,000	MXN	02/07/19		14,848,545		15,184,803		(336,258	)

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

Counterparty	Contracts to Sell	Currency	Settlement Date		Settlement Value		Value at December 31, 2018		Unrealized Appreciation (Depreciation)
JPMorgan Chase & Co.	62,150,000	EUR	01/16/19	$	70,940,157	$	71,298,665	$	(358,508	)
Citigroup	395,360,000	MXN	02/07/19		19,627,366		20,011,545		(384,179	)
JPMorgan Chase & Co.	415,640,000	MXN	05/23/19		20,268,696		20,687,505		(418,809	)
Goldman Sachs	141,200,000	BRL	04/01/19		35,873,072		36,296,717		(423,645	)
JPMorgan Chase & Co.	244,466,250	SEK	03/12/19		27,316,675		27,741,194		(424,519	)
Goldman Sachs	244,900,000	MXN	02/28/19		11,929,175		12,360,090		(430,915	)
Goldman Sachs	1,905,000,000	JPY	02/12/19		16,970,518		17,436,292		(465,774	)
Barclays	28,842,000	GBP	01/14/19		36,299,820		36,790,641		(490,821	)
Citigroup	2,295,000,000	JPY	02/25/19		20,423,692		21,025,863		(602,171	)
Morgan Stanley	4,170,000,000	JPY	01/28/19		37,352,204		38,123,800		(771,596	)
Goldman Sachs	4,334,000,000	JPY	02/04/19		38,608,112		39,645,538		(1,037,426	)
Citigroup	8,111,000,000	JPY	01/10/19		72,823,749		74,042,196		(1,218,447	)
Morgan Stanley	8,323,000,000	JPY	02/25/19		74,387,219		76,251,963		(1,864,744	)
JPMorgan Chase & Co.	1,061,000,000	MXN	01/03/19		51,877,567		53,997,659		(2,120,092	)
								$	(8,227,248	)
Counterparty	Contracts to Buy	Currency	Settlement Date		Settlement Value		Value at December 31, 2018		Unrealized Appreciation
Goldman Sachs	140,130,000	BRL	01/02/19	$	35,886,165	$	36,234,582	$	348,417

Custom Basket Swap Agreements
Counterparty	Index	Financing Rate Pay (Receive)			Payment Frequency	Maturity Date	Notional Amount		Value and Unrealized Appreciation (Depreciation)
OTC Custom Basket Swap Agreement††
Morgan Stanley	Macro Opportunities Portfolio Long Custom Basket Swap17		2.80	%	At Maturity	07/22/19	$	39,145,536	$	(3,477,183	)
OTC Custom Basket Swap Agreement Sold Short††
Morgan Stanley	Macro Opportunities Portfolio Short Custom Basket Swap18		(2.04	)%	At Maturity	07/22/19	$	99,781,856	$	10,276,154

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

CUSTOM BASKET OF LONG SECURITIES17
	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Verizon Communications, Inc.		7,833		1.12	%	$	65,774
UGI Corp.		5,049		0.69	%		47,107
Exelon Corp.		7,387		0.85	%		46,185
Pfizer, Inc.		6,766		0.75	%		45,704
Medtronic plc		3,510		0.82	%		40,036
Portland General Electric Co.		6,913		0.81	%		38,505
Procter & Gamble Co.		1,781		0.42	%		36,457
Amgen, Inc.		1,493		0.74	%		35,966
PNM Resources, Inc.		6,308		0.66	%		33,369
Telephone & Data Systems, Inc.		3,736		0.31	%		29,681
AES Corp.		12,718		0.47	%		28,057
Merck & Company, Inc.		1,253		0.24	%		27,184
Allison Transmission Holdings, Inc.		3,505		0.39	%		23,595
Ameren Corp.		1,975		0.33	%		22,660
OGE Energy Corp.		5,513		0.55	%		21,038
Kimberly-Clark Corp.		2,294		0.67	%		19,651
Central Garden & Pet Co. — Class A*		6,242		0.50	%		16,917
Entergy Corp.		1,843		0.41	%		16,264
McCormick & Company, Inc.		918		0.33	%		15,914
Ventas, Inc.		3,896		0.58	%		15,392
Innoviva, Inc.*		6,518		0.29	%		15,090
WellCare Health Plans, Inc.*		367		0.22	%		15,045
Genesee & Wyoming, Inc. — Class A*		4,705		0.89	%		14,790
FirstEnergy Corp.		5,078		0.49	%		14,507
Shenandoah Telecommunications Co.		2,230		0.25	%		14,331
Edison International		1,736		0.25	%		13,451
Hershey Co.		846		0.23	%		11,648
Apartment Investment & Management Co. — Class A		4,787		0.54	%		11,091
Pinnacle West Capital Corp.		1,024		0.22	%		10,364
Archer-Daniels-Midland Co.		9,525		1.00	%		10,278
Cardtronics plc — Class A*		3,201		0.21	%		9,811
Spirit Airlines, Inc.*		1,721		0.25	%		8,962
EnerSys		1,159		0.23	%		7,557
Herbalife Nutrition Ltd.*		1,717		0.26	%		6,583
National Fuel Gas Co.		6,171		0.81	%		6,202
Fidelity National Information Services, Inc.		1,534		0.40	%		5,979
El Paso Electric Co.		5,762		0.74	%		5,647
F5 Networks, Inc.*		819		0.34	%		5,626
QUALCOMM, Inc.		2,321		0.34	%		5,583
Juniper Networks, Inc.		5,720		0.39	%		5,404
PepsiCo, Inc.		904		0.26	%		5,020
Edwards Lifesciences Corp.*		620		0.24	%		5,017
Icad, Inc.*		23,169		0.22	%		4,518
AbbVie, Inc.		1,096		0.26	%		3,929
Corning, Inc.		3,970		0.31	%		3,590
Omnicom Group, Inc.		3,280		0.61	%		3,132
Biogen, Inc.*		292		0.22	%		2,933
Simply Good Foods Co.*		4,884		0.24	%		2,880
Omega Healthcare Investors, Inc.		3,500		0.31	%		2,668
AMC Networks, Inc. — Class A*		2,695		0.38	%		2,133
TEGNA, Inc.		7,178		0.20	%		1,889
Darling Ingredients, Inc.*		4,268		0.21	%		1,835
United Continental Holdings, Inc.*		2,077		0.44	%		1,744
Danaher Corp.		1,186		0.31	%		1,689
NRG Energy, Inc.		2,940		0.30	%		1,428
Thermo Fisher Scientific, Inc.		787		0.45	%		1,254
Consolidated Edison, Inc.		1,728		0.34	%		1,227
Abbott Laboratories		2,702		0.50	%		1,222
Performance Food Group Co.*		6,754		0.56	%		837
Gibraltar Industries, Inc.*		3,776		0.34	%		814
Lennar Corp. — Class A		2,183		0.22	%		590
Bristol-Myers Squibb Co.		1,746		0.23	%		309
Teleflex, Inc.		353		0.23	%		208
NIKE, Inc. — Class B		1,355		0.26	%		129
Kroger Co.		3,658		0.26	%		(18	)
Aflac, Inc.		3,177		0.37	%		(301	)
Snap-on, Inc.		756		0.28	%		(1,070	)
Lowe's Companies, Inc.		987		0.23	%		(1,079	)
Alphabet, Inc. — Class C*		88		0.23	%		(1,246	)
Ingredion, Inc.		1,622		0.38	%		(1,372	)
Cisco Systems, Inc.		6,411		0.71	%		(1,694	)
Jabil, Inc.		4,961		0.31	%		(1,980	)
Vishay Intertechnology, Inc.		4,914		0.23	%		(2,039	)
MAXIMUS, Inc.		1,669		0.28	%		(2,076	)
Visa, Inc. — Class A		713		0.24	%		(2,207	)
Zoetis, Inc.		992		0.22	%		(2,258	)
Medical Properties Trust, Inc.		13,172		0.54	%		(2,464	)
Amedisys, Inc.*		785		0.23	%		(2,475	)
US Foods Holding Corp.*		3,621		0.29	%		(2,658	)
Tech Data Corp.*		1,314		0.27	%		(3,105	)
Flowers Foods, Inc.		7,734		0.36	%		(3,371	)
Oracle Corp.		2,542		0.29	%		(3,435	)
CDK Global, Inc.		1,823		0.22	%		(3,619	)
AMERCO		295		0.25	%		(3,622	)
Waters Corp.*		475		0.23	%		(3,650	)
Maxim Integrated Products, Inc.		1,941		0.25	%		(3,696	)
Norfolk Southern Corp.		1,449		0.55	%		(3,974	)
Brown-Forman Corp. — Class B		1,942		0.24	%		(4,535	)
ICU Medical, Inc.*		415		0.24	%		(4,631	)
j2 Global, Inc.		1,515		0.27	%		(4,635	)
Bank of New York Mellon Corp.		891		0.11	%		(4,677	)
NetApp, Inc.		1,547		0.24	%		(4,781	)
Brixmor Property Group, Inc.		7,219		0.27	%		(4,895	)
Landstar System, Inc.		1,528		0.37	%		(5,037	)
Equity Commonwealth		5,845		0.45	%		(5,150	)
Sonoco Products Co.		1,689		0.23	%		(5,239	)
Take-Two Interactive Software, Inc.*		890		0.23	%		(5,239	)

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Shares		Percentage Notional Amount			Value and Unrealized Depreciation
Park Hotels & Resorts, Inc.		6,039		0.40	%	$	(5,416	)
Colgate-Palmolive Co.		1,489		0.23	%		(5,421	)
HCA Healthcare, Inc.		937		0.30	%		(5,642	)
Baxter International, Inc.		3,762		0.63	%		(6,019	)
Analog Devices, Inc.		1,075		0.24	%		(6,138	)
Hill-Rom Holdings, Inc.		1,732		0.39	%		(6,193	)
CONMED Corp.		1,387		0.23	%		(6,256	)
Toll Brothers, Inc.		2,811		0.24	%		(6,282	)
Northern Trust Corp.		1,043		0.22	%		(6,440	)
IQVIA Holdings, Inc.*		1,547		0.46	%		(6,525	)
Intel Corp.		3,478		0.42	%		(6,633	)
CVS Health Corp.		2,996		0.50	%		(6,816	)
Travelers Companies, Inc.		755		0.23	%		(6,961	)
Facebook, Inc. — Class A*		636		0.21	%		(7,220	)
Paychex, Inc.		1,806		0.30	%		(7,354	)
ConocoPhillips		2,364		0.38	%		(7,398	)
CH Robinson Worldwide, Inc.		1,121		0.24	%		(7,509	)
Anthem, Inc.		1,022		0.69	%		(7,623	)
Scholastic Corp.		2,444		0.25	%		(7,771	)
Molson Coors Brewing Co. — Class B		5,471		0.78	%		(7,819	)
Estee Lauder Companies, Inc. — Class A		650		0.22	%		(7,961	)
PRA Health Sciences, Inc.*		887		0.21	%		(7,997	)
Sirius XM Holdings, Inc.		14,565		0.21	%		(8,105	)
PulteGroup, Inc.		4,729		0.31	%		(8,349	)
Expeditors International of Washington, Inc.		1,750		0.30	%		(8,706	)
Old Dominion Freight Line, Inc.		717		0.23	%		(8,709	)
EPR Properties		1,779		0.29	%		(8,717	)
Heartland Express, Inc.		5,157		0.24	%		(8,836	)
JPMorgan Chase & Co.		845		0.21	%		(8,894	)
Sabre Corp.		4,644		0.26	%		(8,940	)
DR Horton, Inc.		2,635		0.23	%		(9,013	)
Universal Health Services, Inc. — Class B		789		0.23	%		(9,072	)
UnitedHealth Group, Inc.		683		0.43	%		(9,128	)
Hyatt Hotels Corp. — Class A		1,356		0.23	%		(9,650	)
Bruker Corp.		3,976		0.30	%		(9,855	)
Murphy USA, Inc.*		1,159		0.23	%		(9,940	)
United Parcel Service, Inc. — Class B		863		0.22	%		(9,970	)
Eaton Corporation plc		3,534		0.62	%		(10,054	)
Franklin Resources, Inc.		3,715		0.28	%		(10,056	)
Activision Blizzard, Inc.		1,734		0.21	%		(10,260	)
Johnson Controls International plc		2,633		0.20	%		(10,339	)
Post Holdings, Inc.*		2,912		0.66	%		(10,371	)
Allergan plc		543		0.19	%		(10,648	)
Texas Instruments, Inc.		930		0.22	%		(11,277	)
Darden Restaurants, Inc.		828		0.21	%		(11,392	)
Caterpillar, Inc.		1,460		0.47	%		(11,519	)
Interpublic Group of Companies, Inc.		6,933		0.37	%		(11,563	)
Molina Healthcare, Inc.*		1,357		0.40	%		(11,680	)
La-Z-Boy, Inc.		4,284		0.30	%		(11,700	)
General Motors Co.		2,492		0.21	%		(11,868	)
Altria Group, Inc.		1,722		0.22	%		(11,895	)
Citrix Systems, Inc.		2,046		0.54	%		(12,041	)
Trinity Industries, Inc.		4,376		0.23	%		(12,177	)
Premier, Inc. — Class A*		4,941		0.47	%		(12,352	)
Gentex Corp.		4,244		0.22	%		(12,378	)
Pentair plc		2,164		0.21	%		(12,392	)
Regal Beloit Corp.		3,476		0.62	%		(12,427	)
Sysco Corp.		3,020		0.48	%		(12,689	)
Saia, Inc.*		1,581		0.23	%		(12,789	)
Centene Corp.*		678		0.20	%		(12,856	)
Kinder Morgan, Inc.		5,910		0.23	%		(13,009	)
Accenture plc — Class A		641		0.23	%		(13,052	)
Alaska Air Group, Inc.		2,074		0.32	%		(13,067	)
Pilgrim's Pride Corp.*		4,789		0.19	%		(13,550	)
ONEOK, Inc.		2,006		0.28	%		(13,578	)
Piedmont Office Realty Trust, Inc. — Class A		7,512		0.33	%		(13,840	)
Quanta Services, Inc.		2,986		0.23	%		(13,870	)
Kansas City Southern		3,188		0.78	%		(14,118	)
Delek US Holdings, Inc.		2,474		0.21	%		(14,178	)
Humana, Inc.		843		0.62	%		(14,823	)
KB Home		4,258		0.21	%		(14,850	)
Broadridge Financial Solutions, Inc.		856		0.21	%		(15,150	)
TRI Pointe Group, Inc.*		7,337		0.20	%		(15,362	)
InterDigital, Inc.		2,241		0.38	%		(15,668	)
Mondelez International, Inc. — Class A		4,772		0.49	%		(15,982	)
Chevron Corp.		3,226		0.90	%		(16,017	)
Schneider National, Inc. — Class B		4,361		0.21	%		(16,374	)
Ryder System, Inc.		2,033		0.25	%		(16,442	)
Crane Co.		1,027		0.19	%		(16,648	)
American Airlines Group, Inc.		3,391		0.28	%		(16,955	)
Oshkosh Corp.		1,515		0.24	%		(17,337	)
Textron, Inc.		1,638		0.19	%		(17,858	)
Catalent, Inc.*		2,421		0.19	%		(17,865	)
Werner Enterprises, Inc.		2,924		0.22	%		(18,487	)
Arrow Electronics, Inc.*		2,288		0.40	%		(18,684	)
Allstate Corp.		1,911		0.40	%		(19,180	)
Domtar Corp.		1,986		0.18	%		(19,766	)
Philip Morris International, Inc.		1,070		0.18	%		(19,882	)
Hartford Financial Services Group, Inc.		3,314		0.38	%		(19,904	)
Amdocs Ltd.		3,256		0.49	%		(19,984	)
J.B. Hunt Transport Services, Inc.		1,504		0.36	%		(20,007	)
Rexnord Corp.*		3,294		0.19	%		(20,085	)
Avnet, Inc.		4,116		0.38	%		(20,114	)
Celanese Corp. — Class A		918		0.21	%		(20,596	)
Nu Skin Enterprises, Inc. — Class A		2,068		0.32	%		(20,605	)
Hewlett Packard Enterprise Co.		6,724		0.23	%		(20,773	)
Gilead Sciences, Inc.		1,325		0.21	%		(21,001	)
Delta Air Lines, Inc.		5,712		0.73	%		(21,005	)
Williams Companies, Inc.		3,836		0.22	%		(21,067	)
Quest Diagnostics, Inc.		1,817		0.39	%		(21,428	)
Leidos Holdings, Inc.		2,305		0.31	%		(21,582	)
Spirit AeroSystems Holdings, Inc. — Class A		1,214		0.22	%		(21,816	)
AGCO Corp.		2,570		0.37	%		(21,911	)
Weingarten Realty Investors		4,935		0.31	%		(22,016	)
Meritor, Inc.*		5,816		0.25	%		(22,740	)

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Jazz Pharmaceuticals plc*		565		0.18	%	$	(22,771	)
Alexion Pharmaceuticals, Inc.*		760		0.19	%		(22,921	)
Constellation Brands, Inc. — Class A		459		0.19	%		(23,062	)
CSX Corp.		2,488		0.39	%		(23,392	)
Prudential Financial, Inc.		1,301		0.27	%		(23,605	)
Stericycle, Inc.*		2,653		0.25	%		(23,812	)
Union Pacific Corp.		2,098		0.74	%		(25,020	)
International Paper Co.		2,913		0.30	%		(25,027	)
Parker-Hannifin Corp.		1,259		0.48	%		(25,117	)
Delphi Technologies plc		5,083		0.19	%		(25,351	)
Knight-Swift Transportation Holdings, Inc.		3,345		0.21	%		(25,368	)
XPO Logistics, Inc.*		1,234		0.18	%		(25,865	)
IDEXX Laboratories, Inc.*		470		0.22	%		(26,577	)
JetBlue Airways Corp.*		8,793		0.36	%		(26,785	)
Packaging Corporation of America		966		0.21	%		(26,982	)
Principal Financial Group, Inc.		1,883		0.21	%		(26,993	)
Hospitality Properties Trust		6,436		0.39	%		(27,080	)
Lazard Ltd. — Class A		2,795		0.26	%		(27,623	)
Western Union Co.		11,613		0.51	%		(27,706	)
Summit Hotel Properties, Inc.		8,708		0.22	%		(28,118	)
HollyFrontier Corp.		1,597		0.21	%		(28,128	)
Ligand Pharmaceuticals, Inc. — Class B*		628		0.22	%		(28,224	)
Seagate Technology plc		2,442		0.24	%		(28,623	)
McKesson Corp.		3,569		1.01	%		(28,843	)
Kraft Heinz Co.		2,273		0.25	%		(29,218	)
BorgWarner, Inc.		5,114		0.45	%		(29,527	)
PBF Energy, Inc. — Class A		2,496		0.21	%		(29,624	)
Louisiana-Pacific Corp.		5,389		0.31	%		(29,879	)
Best Buy Company, Inc.		1,394		0.19	%		(30,314	)
Bio-Rad Laboratories, Inc. — Class A*		681		0.40	%		(30,435	)
State Street Corp.		1,280		0.21	%		(30,474	)
News Corp. — Class A		6,700		0.19	%		(30,684	)
Greenbrier Companies, Inc.		2,494		0.25	%		(31,325	)
MEDNAX, Inc.*		4,509		0.38	%		(31,651	)
PVH Corp.		787		0.19	%		(31,869	)
Southwest Airlines Co.		3,955		0.47	%		(32,921	)
Mylan N.V.*		3,089		0.22	%		(32,983	)
ON Semiconductor Corp.*		5,958		0.25	%		(33,570	)
Cummins, Inc.		1,672		0.57	%		(33,616	)
Kellogg Co.		2,912		0.42	%		(33,692	)
HP, Inc.		10,265		0.54	%		(33,724	)
PACCAR, Inc.		2,800		0.41	%		(33,757	)
Laboratory Corporation of America Holdings*		954		0.31	%		(34,320	)
Westlake Chemical Corp.		3,458		0.58	%		(35,213	)
Cognizant Technology Solutions Corp. — Class A		2,469		0.40	%		(35,781	)
Exxon Mobil Corp.		4,778		0.83	%		(35,848	)
Copa Holdings S.A. — Class A		1,566		0.31	%		(36,433	)
TE Connectivity Ltd.		2,741		0.53	%		(36,877	)
Lear Corp.		659		0.21	%		(37,038	)
Vector Group Ltd.		8,396		0.21	%		(37,369	)
Host Hotels & Resorts, Inc.		8,580		0.37	%		(38,419	)
Masco Corp.		4,708		0.35	%		(38,832	)
EMCOR Group, Inc.		2,553		0.39	%		(39,090	)
Huntsman Corp.		4,411		0.22	%		(40,778	)
CoreLogic, Inc.*		3,395		0.29	%		(40,798	)
Cirrus Logic, Inc.*		4,781		0.41	%		(41,421	)
Skyworks Solutions, Inc.		2,232		0.38	%		(42,568	)
Western Digital Corp.		2,044		0.19	%		(42,670	)
Occidental Petroleum Corp.		3,623		0.57	%		(43,021	)
Lions Gate Entertainment Corp. — Class A		8,137		0.33	%		(43,162	)
Cabot Corp.		4,333		0.48	%		(44,305	)
AECOM*		5,700		0.39	%		(44,502	)
Cardinal Health, Inc.		7,803		0.89	%		(44,522	)
Trinseo S.A.		2,440		0.29	%		(46,788	)
LyondellBasell Industries N.V. — Class A		1,590		0.34	%		(47,128	)
Valero Energy Corp.		3,232		0.62	%		(47,219	)
Belden, Inc.		1,800		0.19	%		(47,824	)
Zayo Group Holdings, Inc.*		4,635		0.27	%		(53,214	)
Chemours Co.		2,957		0.21	%		(54,076	)
Boise Cascade Co.		7,209		0.44	%		(54,313	)
Tyson Foods, Inc. — Class A		5,586		0.76	%		(62,324	)
Olin Corp.		7,410		0.38	%		(63,106	)
Eastman Chemical Co.		2,382		0.44	%		(64,742	)
DXC Technology Co.		3,451		0.47	%		(64,998	)
Phillips 66		3,659		0.81	%		(66,276	)
Senior Housing Properties Trust		22,452		0.67	%		(90,915	)
FedEx Corp.		1,617		0.67	%		(106,982	)
Total Custom Basket of Long Securities						$	(3,477,183	)

CUSTOM BASKET OF SHORT SECURITIES18
Sensient Technologies Corp.	(15,836	)	(0.89	%)	$	380,658
Southern Copper Corp.	(22,587	)	(0.70	%)		304,388
Compass Minerals International, Inc.	(10,455	)	(0.44	%)		290,678
Equifax, Inc.	(6,450	)	(0.60	%)		246,947
Texas Capital Bancshares, Inc.*	(4,725	)	(0.24	%)		228,180
First Horizon National Corp.	(33,323	)	(0.44	%)		194,786
Goldman Sachs Group, Inc.	(2,242	)	(0.38	%)		186,437
National Oilwell Varco, Inc.	(10,910	)	(0.28	%)		180,355
Healthcare Services Group, Inc.	(13,976	)	(0.56	%)		179,112
WPX Energy, Inc.*	(22,349	)	(0.25	%)		178,624
PolyOne Corp.	(11,238	)	(0.32	%)		177,522
ASGN, Inc.*	(10,947	)	(0.60	%)		176,147
Leggett & Platt, Inc.	(19,956	)	(0.72	%)		168,985
Steven Madden Ltd.	(24,643	)	(0.75	%)		162,617
Tetra Tech, Inc.	(16,454	)	(0.85	%)		160,653
Howard Hughes Corp.*	(5,216	)	(0.51	%)		157,785
Royal Caribbean Cruises Ltd.	(6,229	)	(0.61	%)		150,257

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Shares			Percentage Notional Amount			Value and Unrealized Appreciation
Wabtec Corp.		(3,442	)		(0.24	%)	$	148,549
Sterling Bancorp		(18,379	)		(0.30	%)		147,541
Multi-Color Corp.		(4,606	)		(0.16	%)		146,627
Polaris Industries, Inc.		(5,079	)		(0.39	%)		138,566
Core Laboratories N.V.		(5,646	)		(0.34	%)		136,217
Corporate Office Properties Trust		(13,783	)		(0.29	%)		131,126
Marriott International, Inc. — Class A		(4,369	)		(0.48	%)		130,822
Scotts Miracle-Gro Co. — Class A		(7,831	)		(0.48	%)		127,106
Charles Schwab Corp.		(9,723	)		(0.40	%)		124,973
WR Grace & Co.		(15,403	)		(1.00	%)		124,392
Balchem Corp.		(12,606	)		(0.99	%)		117,449
Invitation Homes, Inc.		(39,707	)		(0.80	%)		117,414
Valley National Bancorp		(31,309	)		(0.28	%)		116,911
Graphic Packaging Holding Co.		(33,547	)		(0.36	%)		116,730
Guidewire Software, Inc.*		(5,481	)		(0.44	%)		116,352
Eaton Vance Corp.		(8,079	)		(0.28	%)		114,055
Allegheny Technologies, Inc.*		(22,597	)		(0.49	%)		113,855
General Dynamics Corp.		(2,919	)		(0.46	%)		113,173
Mobile Mini, Inc.		(7,618	)		(0.24	%)		112,200
NewMarket Corp.		(3,596	)		(1.49	%)		111,296
Pinnacle Financial Partners, Inc.		(6,066	)		(0.28	%)		108,701
Associated Banc-Corp.		(12,870	)		(0.26	%)		104,566
Douglas Emmett, Inc.		(22,502	)		(0.77	%)		104,495
Ulta Beauty, Inc.*		(1,845	)		(0.45	%)		103,814
Hanesbrands, Inc.		(18,543	)		(0.23	%)		101,028
KeyCorp		(15,469	)		(0.23	%)		100,685
Paramount Group, Inc.		(38,377	)		(0.48	%)		100,271
Robert Half International, Inc.		(4,569	)		(0.26	%)		96,506
RPM International, Inc.		(12,953	)		(0.76	%)		92,809
First Republic Bank		(6,899	)		(0.60	%)		89,908
Xylem, Inc.		(9,449	)		(0.63	%)		89,044
Commercial Metals Co.		(17,410	)		(0.28	%)		84,642
HB Fuller Co.		(10,996	)		(0.47	%)		81,694
Equinix, Inc.		(1,228	)		(0.43	%)		80,310
Martin Marietta Materials, Inc.		(1,514	)		(0.26	%)		80,255
Pioneer Natural Resources Co.		(3,509	)		(0.46	%)		79,007
Choice Hotels International, Inc.		(7,194	)		(0.52	%)		76,109
LKQ Corp.*		(18,258	)		(0.43	%)		74,251
Vornado Realty Trust		(7,484	)		(0.47	%)		74,031
Costco Wholesale Corp.		(2,647	)		(0.54	%)		73,865
Washington Federal, Inc.		(10,264	)		(0.27	%)		72,608
Netflix, Inc.*		(931	)		(0.25	%)		72,569
Albemarle Corp.		(2,841	)		(0.22	%)		72,383
Vulcan Materials Co.		(2,717	)		(0.27	%)		72,001
Boston Properties, Inc.		(5,397	)		(0.61	%)		71,518
Northrop Grumman Corp.		(1,058	)		(0.26	%)		71,260
Old National Bancorp		(15,419	)		(0.24	%)		67,270
Jacobs Engineering Group, Inc.		(4,075	)		(0.24	%)		66,621
Whirlpool Corp.		(2,424	)		(0.26	%)		66,534
BB&T Corp.		(7,165	)		(0.31	%)		65,830
Huntington Bancshares, Inc.		(18,769	)		(0.22	%)		64,382
Silgan Holdings, Inc.		(15,091	)		(0.36	%)		64,251
Signature Bank		(2,765	)		(0.28	%)		63,989
Sotheby's*		(7,296	)		(0.29	%)		63,939
New York Community Bancorp, Inc.		(29,526	)		(0.28	%)		63,522
Covanta Holding Corp.		(18,238	)		(0.25	%)		61,641
Grand Canyon Education, Inc.*		(2,213	)		(0.21	%)		61,553
Wolverine World Wide, Inc.		(9,069	)		(0.29	%)		61,546
Fifth Third Bancorp		(10,316	)		(0.24	%)		61,466
AMETEK, Inc.		(7,036	)		(0.48	%)		61,394
CarMax, Inc.*		(4,643	)		(0.29	%)		61,120
People's United Financial, Inc.		(17,916	)		(0.26	%)		58,876
Ross Stores, Inc.		(4,564	)		(0.38	%)		58,633
Markel Corp.*		(715	)		(0.74	%)		57,576
Roper Technologies, Inc.		(1,966	)		(0.53	%)		57,452
U.S. Bancorp		(6,601	)		(0.30	%)		56,913
Terreno Realty Corp.		(25,339	)		(0.89	%)		54,320
Team, Inc.*		(23,318	)		(0.34	%)		53,608
Capitol Federal Financial, Inc.		(58,589	)		(0.75	%)		53,540
Ally Financial, Inc.		(12,365	)		(0.28	%)		51,929
US Ecology, Inc.		(3,918	)		(0.25	%)		51,053
IBERIABANK Corp.		(4,267	)		(0.27	%)		50,262
Allegion plc		(5,600	)		(0.45	%)		50,184
Crown Holdings, Inc.*		(6,763	)		(0.28	%)		50,072
Tesla, Inc.*		(1,419	)		(0.47	%)		49,817
Adtalem Global Education, Inc.*		(4,914	)		(0.23	%)		49,770
American Homes 4 Rent — Class A		(19,804	)		(0.39	%)		49,041
Harley-Davidson, Inc.		(6,790	)		(0.23	%)		48,356
Viad Corp.		(5,590	)		(0.28	%)		48,048
Palo Alto Networks, Inc.*		(1,605	)		(0.30	%)		45,896
Sealed Air Corp.		(8,025	)		(0.28	%)		45,280
Floor & Decor Holdings, Inc. — Class A*		(6,165	)		(0.16	%)		44,545
IHS Markit Ltd.*		(17,035	)		(0.82	%)		44,422
Alexandria Real Estate Equities, Inc.		(4,752	)		(0.55	%)		44,215
Texas Roadhouse, Inc. — Class A		(9,159	)		(0.55	%)		43,900
Prologis, Inc.		(5,324	)		(0.31	%)		42,284
Retail Opportunity Investments Corp.		(36,201	)		(0.58	%)		42,129
Camden Property Trust		(6,670	)		(0.59	%)		41,422
Atmos Energy Corp.		(7,545	)		(0.70	%)		40,852
General Mills, Inc.		(6,302	)		(0.25	%)		39,054
Empire State Realty Trust, Inc. — Class A		(30,157	)		(0.43	%)		38,031
Omnicell, Inc.*		(4,251	)		(0.26	%)		36,980
Royal Gold, Inc.		(7,124	)		(0.61	%)		36,634
PPG Industries, Inc.		(3,829	)		(0.39	%)		36,628
Cheesecake Factory, Inc.		(5,563	)		(0.24	%)		36,424
Intuit, Inc.		(2,274	)		(0.45	%)		35,741
Haemonetics Corp.*		(2,624	)		(0.26	%)		35,177
Honeywell International, Inc.		(2,390	)		(0.32	%)		34,960
Bio-Techne Corp.		(1,751	)		(0.25	%)		32,847
Service Corporation International		(8,660	)		(0.35	%)		31,344
Sherwin-Williams Co.		(889	)		(0.35	%)		30,808
Amazon.com, Inc.*		(257	)		(0.39	%)		30,018

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Shares			Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Marsh & McLennan Companies, Inc.		(3,895	)		(0.31	%)	$	29,295
Dunkin' Brands Group, Inc.		(3,959	)		(0.25	%)		29,210
Regency Centers Corp.		(5,035	)		(0.30	%)		28,519
West Pharmaceutical Services, Inc.		(2,650	)		(0.26	%)		27,671
Becton Dickinson and Co.		(2,103	)		(0.47	%)		26,429
Kilroy Realty Corp.		(8,614	)		(0.54	%)		25,895
Chemed Corp.		(957	)		(0.27	%)		24,748
Air Products & Chemicals, Inc.		(3,558	)		(0.57	%)		23,707
Liberty Property Trust		(11,936	)		(0.50	%)		23,669
Tractor Supply Co.		(3,266	)		(0.27	%)		23,293
Fastenal Co.		(5,278	)		(0.28	%)		23,041
Monolithic Power Systems, Inc.		(4,096	)		(0.48	%)		22,477
Gentherm, Inc.*		(6,303	)		(0.25	%)		21,982
Vail Resorts, Inc.		(1,070	)		(0.23	%)		21,239
GCP Applied Technologies, Inc.*		(10,579	)		(0.26	%)		20,879
Arthur J Gallagher & Co.		(5,993	)		(0.44	%)		20,854
FireEye, Inc.*		(19,014	)		(0.31	%)		20,669
MGM Resorts International		(10,716	)		(0.26	%)		20,544
Boeing Co.		(1,142	)		(0.37	%)		20,523
South Jersey Industries, Inc.		(12,419	)		(0.35	%)		20,066
iRobot Corp.*		(3,056	)		(0.26	%)		19,506
Booking Holdings, Inc.*		(149	)		(0.26	%)		19,170
Sempra Energy		(4,279	)		(0.46	%)		18,625
Genuine Parts Co.		(6,423	)		(0.62	%)		18,559
Meredith Corp.		(9,929	)		(0.52	%)		18,305
Axalta Coating Systems Ltd.*		(11,340	)		(0.27	%)		17,893
ABM Industries, Inc.		(9,387	)		(0.30	%)		17,647
Six Flags Entertainment Corp.		(5,012	)		(0.28	%)		16,947
Healthcare Trust of America, Inc. — Class A		(29,782	)		(0.76	%)		16,589
AutoNation, Inc.*		(7,326	)		(0.26	%)		15,919
Hawaiian Electric Industries, Inc.		(20,130	)		(0.74	%)		15,883
AvalonBay Communities, Inc.		(3,074	)		(0.54	%)		15,589
Linde plc		(1,804	)		(0.28	%)		15,262
Cable One, Inc.		(327	)		(0.27	%)		14,262
Asbury Automotive Group, Inc.*		(4,090	)		(0.27	%)		13,670
Everest Re Group Ltd.		(1,412	)		(0.31	%)		13,638
TopBuild Corp.*		(5,613	)		(0.25	%)		13,577
3M Co.		(1,446	)		(0.28	%)		13,516
McDonald's Corp.		(2,607	)		(0.46	%)		13,325
Domino's Pizza, Inc.		(1,117	)		(0.28	%)		13,031
salesforce.com, Inc.*		(6,111	)		(0.84	%)		12,794
Starbucks Corp.		(5,042	)		(0.33	%)		12,557
Republic Services, Inc. — Class A		(8,850	)		(0.64	%)		12,548
Rexford Industrial Realty, Inc.		(19,336	)		(0.57	%)		11,984
Cannae Holdings, Inc.*		(22,129	)		(0.38	%)		11,897
Pegasystems, Inc.		(7,890	)		(0.38	%)		11,813
Public Storage		(1,856	)		(0.38	%)		11,479
CoStar Group, Inc.*		(1,456	)		(0.49	%)		11,098
Hormel Foods Corp.		(14,048	)		(0.60	%)		10,850
Physicians Realty Trust		(22,955	)		(0.37	%)		10,567
Pool Corp.		(3,453	)		(0.51	%)		10,521
Clorox Co.		(1,810	)		(0.28	%)		10,395
Berry Global Group, Inc.*		(6,264	)		(0.30	%)		8,258
Insulet Corp.*		(3,517	)		(0.28	%)		8,245
Mettler-Toledo International, Inc.*		(483	)		(0.27	%)		8,195
STORE Capital Corp.		(14,041	)		(0.40	%)		8,169
Equity Residential		(7,093	)		(0.47	%)		7,219
Tyler Technologies, Inc.*		(2,215	)		(0.41	%)		6,973
MSA Safety, Inc.		(3,674	)		(0.35	%)		5,024
Hilton Worldwide Holdings, Inc.		(7,981	)		(0.57	%)		4,607
Waste Management, Inc.		(4,958	)		(0.44	%)		3,776
Crown Castle International Corp.		(4,875	)		(0.53	%)		1,996
O'Reilly Automotive, Inc.*		(822	)		(0.28	%)		1,683
TransDigm Group, Inc.*		(1,797	)		(0.61	%)		(66	)
NiSource, Inc.		(17,621	)		(0.45	%)		(160	)
Intercontinental Exchange, Inc.		(4,724	)		(0.36	%)		(637	)
Aon plc		(1,756	)		(0.26	%)		(1,117	)
Axis Capital Holdings Ltd.		(9,335	)		(0.48	%)		(1,540	)
SBA Communications Corp.*		(2,875	)		(0.47	%)		(1,959	)
Alliant Energy Corp.		(9,912	)		(0.42	%)		(2,026	)
National Retail Properties, Inc.		(7,021	)		(0.34	%)		(2,503	)
AptarGroup, Inc.		(2,816	)		(0.27	%)		(3,201	)
American Campus Communities, Inc.		(15,302	)		(0.63	%)		(3,797	)
Coca-Cola Co.		(5,752	)		(0.27	%)		(3,921	)
Wayfair, Inc. — Class A*		(3,152	)		(0.28	%)		(4,861	)
Federal Realty Investment Trust		(2,506	)		(0.30	%)		(5,718	)
Digital Realty Trust, Inc.		(4,782	)		(0.51	%)		(5,923	)
Incyte Corp.*		(4,427	)		(0.28	%)		(7,113	)
MarketAxess Holdings, Inc.		(1,625	)		(0.34	%)		(7,125	)
Essex Property Trust, Inc.		(2,425	)		(0.60	%)		(7,500	)
TransUnion		(4,417	)		(0.25	%)		(7,594	)
White Mountains Insurance Group Ltd.		(841	)		(0.72	%)		(10,364	)
ServiceNow, Inc.*		(1,906	)		(0.34	%)		(10,768	)
Deere & Co.		(3,220	)		(0.48	%)		(13,236	)
Dominion Energy, Inc.		(5,746	)		(0.41	%)		(17,229	)
Glacier Bancorp, Inc.		(8,486	)		(0.34	%)		(19,657	)
Alleghany Corp.		(504	)		(0.31	%)		(19,896	)
Eversource Energy		(9,365	)		(0.61	%)		(27,757	)
Ultimate Software Group, Inc.*		(1,479	)		(0.36	%)		(28,391	)
MSCI, Inc. — Class A		(2,287	)		(0.34	%)		(32,845	)
Church & Dwight Company, Inc.		(4,357	)		(0.29	%)		(37,264	)
Cintas Corp.		(2,536	)		(0.43	%)		(43,626	)
Sun Communities, Inc.		(11,449	)		(1.17	%)		(44,613	)
Welltower, Inc.		(8,518	)		(0.59	%)		(52,457	)
HCP, Inc.		(16,501	)		(0.46	%)		(54,128	)
Copart, Inc.*		(5,818	)		(0.28	%)		(55,265	)
EastGroup Properties, Inc.		(7,851	)		(0.72	%)		(55,329	)
Ecolab, Inc.		(4,099	)		(0.61	%)		(57,524	)
American Tower Corp. — Class A		(3,804	)		(0.60	%)		(66,490	)

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Shares			Percentage Notional Amount			Value and Unrealized Depreciation
Cornerstone OnDemand, Inc.*		(5,879	)		(0.30	%)	$	(68,063	)
Workday, Inc. — Class A*		(2,516	)		(0.40	%)		(69,249	)
Equity LifeStyle Properties, Inc.		(10,744	)		(1.05	%)		(75,842	)
UDR, Inc.		(13,486	)		(0.54	%)		(81,518	)
Realty Income Corp.		(13,262	)		(0.84	%)		(82,724	)
SPS Commerce, Inc.*		(3,821	)		(0.32	%)		(85,934	)
American Water Works Company, Inc.		(8,997	)		(0.82	%)		(87,166	)
RLI Corp.		(12,162	)		(0.84	%)		(107,979	)
Exponent, Inc.		(23,371	)		(1.19	%)		(121,245	)
Verisk Analytics, Inc. — Class A*		(7,269	)		(0.79	%)		(129,195	)
Rollins, Inc.		(35,795	)		(1.30	%)		(151,516	)
Total Custom Basket of Short Securities							$	10,276,154

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

~	The face amount is denominated in U.S. dollars unless otherwise indicated.
*	Non-income producing security.
**	Includes cumulative appreciation (depreciation).
†	Value determined based on Level 1 inputs, unless otherwise indicated — See Note 3.
††	Value determined based on Level 2 inputs, unless otherwise indicated — See Note 3.
†††	Value determined based on Level 3 inputs — See Note 3.
1	Security was fair valued by the Valuation Committee at December 31, 2018. The total market value of fair valued securities amounts to $153,526,775, (cost $153,798,095) or 2.1% of total net assets.
2	Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates.
3	Affiliated issuer.
4	Effective November 30, 2018, Guggenheim Strategy Fund I was reorganized with and into the Guggenheim Ultra Short Duration Fund.
5	Rate indicated is the 7-day yield as of December 31, 2018.
6	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $2,046,524,162 (cost $2,064,361,316), or 28.3% of total net assets.
7	Variable rate security. Rate indicated is the rate effective at December 31, 2018. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
8	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be illiquid and restricted under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) illiquid and restricted securities is $24,150,022 (cost $28,722,516), or 0.3% of total net assets — See Note 6.
9	Security is a step up/down bond. The coupon increases or decreases at regular intervals until the bond reaches full maturity. Rate indicated is the rate at December 31, 2018. See table below for additional step information for each security.
10	Zero coupon rate security.
11	Security is in default of interest and/or principal obligations.
12	Rate indicated is the effective yield at the time of purchase.
13	Security has a fixed rate coupon which will convert to a floating or variable rate coupon on a future date.
14	Payment in-kind security.
15	On September 7, 2009, the issuer was placed in conservatorship by the Federal Housing Agency (FHFA). As conservator, the FHFA has full powers to control the assets and operations of the firm.
16	Repurchase Agreements — The interest rate on repurchase agreements is market driven and based on the underlying collateral obtained. See additional disclosure in the repurchase agreements table below for more information on repurchase agreements.
17	Total Return based on the return of the custom long basket of securities +/- financing at a variable rate. Rate indicated is rate effective at December 31, 2018.
18	Total Return based on the return of the custom short basket of securities +/- financing at a variable rate. Rate indicated is rate effective at December 31, 2018.
19	The rate is adjusted periodically by the counterparty, subject to approval by the Adviser, and is not based upon a set reference rate and spread. Rate indicated is the rate effective at December 31, 2018.

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

BofA — Bank of America

BRL — Brazilian Real

CAD — Canadian Dollar

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

CME — Chicago Mercantile Exchange

CMT — Constant Maturity Treasury

DKK — Danish Krone

EUR — Euro

EURIBOR — European Interbank Offered Rate

GBP — British Pound

HUF — Hungarian Forint

ICE — Intercontinental Exchange

ILS — Israeli New Shekel

JPY — Japanese Yen

LIBOR — London Interbank Offered Rate

MXN — Mexican Peso

plc — Public Limited Company

SEK — Swedish Krona

REIT — Real Estate Investment Trust

USD — United Stated Dollar

WAC — Weighted Average Coupon

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2018 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Total
Common Stocks	$	85,162,308	$	9,083,139	$	5,502,469		$	99,747,916
Preferred Stocks		—		10,686,451		—			10,686,451
Warrants		—		—		—	*		—
Exchange-Traded Funds		12,997,985		—		—			12,997,985
Mutual Funds		692,111,247		—		—			692,111,247
Money Market Funds		262,026,072		—		—			262,026,072
Asset-Backed Securities		—		1,667,459,157		64,538,980			1,731,998,137
Foreign Government Debt		—		1,720,449,420		—			1,720,449,420
Collateralized Mortgage Obligations		—		1,225,490,810		—			1,225,490,810
Senior Floating Rate Interests		—		583,234,523		86,437,899			669,672,422
U.S. Treasury Bills		—		318,554,227		—			318,554,227
Corporate Bonds		—		206,934,407		43,324,062			250,258,469
Senior Fixed Rate Interests		—		—		4,227,650			4,227,650
Commercial Paper		—		49,991,236		—			49,991,236
Repurchase Agreements		—		164,166,524		—			164,166,524
Options Purchased		17,026,750		149,102		—			17,175,852
Credit Default Swap Agreements**		—		10,761,138		—			10,761,138
Forward Foreign Currency Exchange Contracts**		—		5,942,060		—			5,942,060
Custom Basket Swap Agreements**		—		10,276,154		—			10,276,154
Total Assets	$	1,069,324,362	$	5,983,178,348	$	204,031,060		$	7,256,533,770

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Corporate Bonds Sold Short	$	—	$	55,187,776	$	—	$	55,187,776
Options Written		3,295,500		32,290		—		3,327,790
Interest Rate Swaps Agreements**		—		14,533,249		—		14,533,249
Custom Basket Swap Agreements Sold Short**		—		3,477,183		—		3,477,183
Forward Foreign Currency Exchange Contracts**		—		13,820,891		—		13,820,891
Unfunded Loan Commitments (Note 5)		—		1,200,565		697,465		1,898,030
Total Liabilities	$	3,295,500	$	88,251,954	$	697,465	$	92,244,919

^* Includes securities with a market value of $0.

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

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

Category	Ending Balance at December 31, 2018		Valuation Technique	Unobservable Inputs	Input Range		Weighted Average
Assets:
Asset-Backed Securities	$	58,493,167	Yield Analysis	Yield		4.5%-6.0%		5.6	%
Asset-Backed Securities		6,045,813	Option Adjusted Spread off prior month end broker mark over the 3 month LIBOR	Indicative Quote		-		-
Common Stocks		5,502,469	Enterprise Value	Valuation Multiple		4.6x-8.7x		4.8	x
Corporate Bonds		43,324,062	Option Adjusted Spread off prior month end broker mark over the 3 month LIBOR	Indicative Quote		-		-
Senior Fixed Rate Interests		4,227,650	Model Price	Market Comparable Yields		10.7%		-
Senior Floating Rate Interests		54,094,704	Model Price	Market Comparable Yields		5.3%-10.9%		7.5	%
Senior Floating Rate Interests		17,059,035	Yield Analysis	Yield		7.8%-9.8%		8.70	%
Senior Floating Rate Interests		12,346,991	Enterprise Value	Valuation Multiple		9.6x-11.9x		11.4	x
Senior Floating Rate Interests		1,802,759	Model Price	Purchase Price		-		-
Senior Floating Rate Interests		1,134,410	Option Adjusted Spread off prior month end broker mark over the 3 month LIBOR	Indicative Quote		-		-
Total	$	204,031,060
Liabilities:
Unfunded Loan Commitments	$	697,465	Model Price	Purchase Price		-		-

Significant changes in an indicative quote, yield, market comparable yields, or valuation multiple would generally result in significant changes in the fait value of the security.

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

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the current fiscal period.

For the period ended December 31, 2018, the Fund had securities with a total value of $4,721,775 transfer into Level 3 from Level 2 due to lack of observable inputs and had securities with a total value of $2,409,303 transferred out of Level 3 into Level 2 due to the availability of current and reliable market-based data provided by a third-party pricing service which utilizes significant observable inputs.

Summary of Fair Value Level 3 Activity

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value for the period ended December 31, 2018:

	Assets																		Liabilities
	Asset-Backed Securities			Corporate Bonds			Senior Floating Rate Interests			Common Stocks			Senior Fixed Rate Interests			Total Assets			Unfunded Loan Commitments
Beginning Balance	$	66,401,735		$	43,444,723		$	75,522,776		$	5,502,560		$	4,448,080		$	195,319,874		$	(754,340	)
Purchases/(Receipts)		-			-			8,102,934			-			-			8,102,934			(90,530	)
(Sales, maturities and paydowns)/Fundings		(278,438	)		-			(1,737,478	)		-			-			(2,015,916	)		44,133
Amortization of discount/premiums		2,454			(965	)		66,389			-			7,278			75,156			-
Total realized gains (losses) included in earnings		-			-			(4,310	)		-			-			(4,310	)		307
Total change in unrealized appreciation (depreciation) included in earnings		822,532			(119,696	)		(234,187	)		(91	)		(227,708	)		240,850			102,965
Transfers into Level 3		-			-			4,721,775			-			-			4,721,775			-
Transfers out of Level 3		(2,409,303	)		-			-			-			-			(2,409,303	)		-
Ending Balance	$	64,538,980		$	43,324,062		$	86,437,899		$	5,502,469		$	4,227,650		$	204,031,060		$	(697,465	)
Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at December 31, 2018	$	827,134		$	(119,696	)	$	(397,497	)	$	(91	)	$	(227,708	)	$	82,142		$	121,768

Step Coupon Bonds

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

Name	Coupon rate at next step up date	Date of next rate change	Final future rates	Final future step up dates
Apollo Aviation Securitization Equity Trust 2016-1A, 6.50% due 03/17/36	8.50%	03/15/23	8.50%	03/15/23
Castlelake Aircraft Securitization Trust 2015-1A, 5.75% due 12/15/40	7.75%	11/30/22	7.75%	11/30/22
Legacy Mortgage Asset Trust 2018-GS3, 4.00% due 06/25/58	7.00%	07/26/21	8.00%	07/26/22
Willis Engine Securitization Trust II 2012-A, 5.50% due 09/15/37	8.50%	09/15/20	8.50%	09/15/20

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

Repurchase Agreements

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

Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
BNP Paribas					MASTR Adjustable Rate Mortgages Trust
2.76%					2.71%
Due 02/01/19	$	51,969,621	$	52,097,051	Due 05/25/47	$	64,321,000	$	51,347,454
					MASTR Specialized Loan Trust
					2.77%
					Due 06/25/46		31,581,000		29,540,867
					Park Place Securities Inc Asset-Backed Pass-Through Certificates Series
					3.78%
					Due 12/25/34		22,720,000		22,215,616
					JP Morgan Mortgage Acquisition Corp.
					3.13%
					Due 12/25/35		16,459,000		15,970,168
					Freddie Mac Structured Agency Credit Risk Debt Notes
					8.06%
					Due 07/25/28		2,450,000		2,878,995
						$	137,531,000	$	121,953,100
Deutsche Bank					Hospitality Mortgage Trust
2.86%					6.89%
Due 01/28/19		31,919,000		32,146,788	Due 05/08/30	$	35,000,000	$	35,000,000
					COMM Mortgage Trust
					6.64%
					Due 02/13/32		7,465,000		7,470,226
						$	42,465,000	$	42,470,226
Barclays					Hunt Cos, Inc.
2.58% - 2.80% (1 Month USD LIBOR + 0.30%)					6.25%
Open Maturity*		17,688,479		17,688,479	Due 02/15/26	$	9,950,000	$	8,501,280
(8.75)% - 2.00%
Open Maturity**		17,812,249		17,812,249	Seagate HDD Cayman
		35,500,728		35,500,728	4.75%
					Due 01/01/25		8,000,000		7,095,200
					SBA Communications Corp.
					4.88%
					Due 09/01/24		5,029,000		4,727,260
					Tenet Healthcare Corp.
					4.63%
					Due 07/15/24		5,000,000		4,650,000
					Quorum Health Corp.
					11.63%
					Due 04/15/23		2,400,000		2,256,000
					Tenet Healthcare Corp.
					8.13%
					Due 04/01/22		1,925,000		1,929,813
					Park-Ohio Industries, Inc.
					6.63%
					Due 04/15/27		1,400,000		1,330,000
					Gogo Intermediate Holdings LLC / Gogo Finance Co, Inc.
					12.50%
					Due 07/01/22		800,000		852,960
					AK Steel Corp.
					6.38%
					Due 10/15/25		1,000,000		770,000
					INEOS Group Holdings SA
					5.63%
					Due 08/01/24		550,000		487,300
					Staples Inc.
					8.50%
					Due 09/15/25		500,000		451,100
					Envision Healthcare Corp.
					8.75%
					Due 10/15/26		250,000		216,250
					Herc Rentals Inc.
					7.75%
					Due 06/01/24		200,000		208,500
					Monitronics International Inc.
					9.13%
					Due 04/01/20		648,000		161,222
					Enova International Inc.
					8.50%
					Due 09/15/25		110,000		89,375
						$	37,762,000	$	33,726,260
Citigroup Global Markets					Dollar Tree Inc.
(8.00%) - 2.10%					4.00%
Due 01/01/19 - Open Maturity**		21,174,000		21,174,000	Due 05/15/25	$	11,450,000	$	11,008,030
					Spirit AeroSystems Inc.
					4.60%
					Due 06/15/28		4,920,000		4,723,200
					Harley-Davidson Inc.
					3.50%
					Due 07/28/25		1,330,000		1,270,682
					Staples Inc.
					8.50%
					Due 09/15/25		1,100,000		992,420
					Gogo Intermediate Holdings LLC / Gogo Finance Co, Inc.
					12.50%
					Due 07/01/22		900,000		959,580
					TMS International Corp.
					7.25%
					Due 08/15/25		800,000		748,000
					Envision Healthcare Corp.
					8.75%
					Due 10/15/26		650,000		562,250
					Tenet Healthcare Corp.
					8.13%
					Due 04/01/22		500,000		501,250
					Monitronics International Inc.
					9.13%
					Due 04/01/20		300,000		74,640
						$	21,950,000	$	20,840,052
Bank of America					Mylan NV
2.12% - 2.15%					3.95%
Open Maturity**		18,801,175		18,801,175	Due 06/15/26	$	8,640,000	$	7,874,496
					Spirit AeroSystems Inc.
					4.60%
					Due 06/15/28		5,190,000		4,982,400
					Dollar Tree Inc.
					4.00%
					Due 05/15/25		3,630,000		3,489,882
					Flex Ltd.
					4.75%
					Due 06/15/25		2,210,000		2,164,916
						$	19,670,000	$	18,511,694
Jefferies & Company, Inc.					Tralee CLO Ltd.
5.43% - 5.57%					0.00%
Due 01/14/19 - 01/18/19		2,584,000		2,596,278	Due 10/20/27	$	5,000,000	$	3,414,000
					Cathedral Lake Ltd.
					0.00%
					Due 10/15/29		6,217,386		2,488,820
						$	11,217,386	$	5,902,820
Mizuho					Bear Stearns Asset-Backed Securities Trust
3.11%					5.32%
Due 01/16/19		2,218,000		2,221,641	Due 01/25/36	$	3,078,000	$	3,103,240

^* Variable rate security. Rate indicated is the rate effective at December 31, 2018. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.

^** The rate is adjusted periodically by the counterparty, subject to approval by the Adviser, and is not based upon a set reference rate and spread. Rate indicated is the rate effective at December 31, 2018.

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

In the event of counterparty default, the Fund has the right to collect the collateral to offset losses incurred. There is potential loss to the Fund in the event the Fund is delayed or prevented from exercising its right to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights. The Fund’s investment adviser, acting under the supervision of the Board of Trustees, reviews the value of the collateral and the creditworthiness of those banks and dealers with which the Fund enters into repurchase agreements to evaluate potential risks.

Affiliated Transactions

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Cash Management Funds”), each of which are open-end management investment companies managed by GI. The Cash Management Funds, which launched on March 11, 2014, are offered as cash management options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Cash Management Funds pay no investment management fees. The Cash Management Funds’ annual report on Form N-CSR dated September 30, 2018, is available publicly or upon request. This information is available from the EDGAR database on the SEC’s website at https://www.sec.gov/Archives/edgar/data/1601445/000089180418000513/gug75569-ncsr.htm.

Transactions during the period ended December 31, 2018, in which the company is an “affiliated person”, were as follows:  

Security Name	Value 09/30/18			Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 12/31/18			Shares/Face Amount 12/31/18	Investment Income		Capital Gain Distributions
Common Stocks
Aspect Software Parent, Inc.*,2	$	–	**	$	-	$	–		$	–		$	–		$	–	**	117	$	–	$	–
Targus Group International Equity, Inc.*,2		33,063			–		–			–			(90	)		32,973		12,773		–		–
Warrant
Aspect Software, Inc.*,2		–	**		–		–			–			–			–	**	92,949		–		–
Mutual Funds
Guggenheim Alpha Opportunity Fund - Institutional Class		162,817,511			1,810,030		(53,555,410	)		(1,247,974	)		(7,779,778	)		102,044,379		3,887,405		–		–
Guggenheim Floating Rate Strategies Fund - Institutional Class		13,448,684			116,194		(13,283,868	)		(80,136	)		(200,874	)		–		–		116,194		–
Guggenheim Limited Duration Fund - Institutional Class		303,269,766			1,882,161		–			–			(985,198	)		304,166,729		12,359,477		1,864,802		5,822
Guggenheim Risk Managed Real Estate Fund - Institutional Class		15,452,163			214,965		–			–			(834,111	)		14,833,017		535,681		76,311		138,655
Guggenheim Strategy Fund II		100,757,116			899,326		–			–			(648,783	)		101,007,659		4,069,608		832,765		54,065
Guggenheim Strategy Fund III		79,770,031			721,877		–			–			(673,686	)		79,818,222		3,219,775		707,980		2,987
Guggenheim Ultra Short Duration Fund 1		89,926,690			797,760		–			–			(483,209	)		90,241,241		9,060,366		722,736		65,518

Macro Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

Security Name	Value 09/30/18			Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 12/31/18			Shares/Face Amount 12/31/18	Investment Income		Capital Gain Distributions
Senior Floating Rate Interests
Aspect Software, Inc. 13.52% (1 Month USD LIBOR + 11.00%, Rate Floor: 12.00%) due 05/25/203	$	860,746		$	–	$	–		$	–		$	(3,871	)	$	856,875		1,032,379	$	22,103	$	–
Targus Group International, Inc. due 05/24/162,3,4		–	**		–		–			–			–			–	**	152,876		–		–
	$	766,335,770		$	6,442,313	$	(66,839,278	)	$	(1,328,110	)	$	(11,609,600	)	$	693,001,095			$	4,342,891	$	267,047

*	Non-Income producing security.
**	Market value is less than $1.
1	Effective November 30, 2018, Guggenheim Strategy Fund I was reorganized with and into the Guggenheim Ultra Short Duration Fund.
2	Security was fair valued by the Valuation Committee at December 31, 2018. The total market value of fair valued and affiliated securities amounts to $32,973, (cost $161,586) or less than 0.1% of total net assets.
3	Variable rate security. Rate indicated is the rate effective at December 31, 2018. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
4	Security is in default of interest and/or principal obligations.

Market Neutral Real Estate Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Shares		Value
COMMON STOCKS† - 68.6%
REITs - 64.7%
REITs-Apartments - 11.5%
Equity Residential		3,917	$	258,561
Apartment Investment & Management Co. — Class A		5,645		247,703
American Homes 4 Rent — Class A		12,134		240,860
Invitation Homes, Inc.		9,243		185,599
Total REITs-Apartments				932,723
REITs-Diversified - 10.7%
American Tower Corp. — Class A		1,601		253,262
Crown Castle International Corp.		2,131		231,491
Equinix, Inc.		630		222,113
Gaming and Leisure Properties, Inc.		4,754		153,602
Total REITs-Diversified				860,468
REITs-Health Care - 8.5%
Healthcare Trust of America, Inc. — Class A		8,940		226,271
HCP, Inc.		5,922		165,401
Ventas, Inc.		2,644		154,912
Sabra Health Care REIT, Inc.		8,542		140,772
Total REITs-Health Care				687,356
REITs-Warehouse/Industries - 7.1%
Rexford Industrial Realty, Inc.		7,535		222,056
Liberty Property Trust		4,564		191,140
CyrusOne, Inc.		3,042		160,861
Total REITs-Warehouse/Industries				574,057
REITs-Hotels - 6.9%
MGM Growth Properties LLC — Class A		11,955		315,732
Apple Hospitality REIT, Inc.		8,704		124,119
Sunstone Hotel Investors, Inc.		9,251		120,356
Total REITs-Hotels				560,207
REITs-Manufactured Homes - 6.0%
Sun Communities, Inc.		2,650		269,532
Equity LifeStyle Properties, Inc.		2,202		213,880
Total REITs-Manufactured Homes				483,412
REITs-Office Property - 5.6%
Hudson Pacific Properties, Inc.		5,322		154,657
JBG SMITH Properties		4,306		149,892
Kilroy Realty Corp.		2,365		148,711
Total REITs-Office Property				453,260
REITs-Regional Malls - 3.7%
Simon Property Group, Inc.		902		151,527
Macerich Co.		3,484		150,788
Total REITs-Regional Malls				302,315
REITs-Shopping Centers - 2.6%
Regency Centers Corp.		3,602		211,365
REITs-Single Tenant - 2.1%
STORE Capital Corp.		5,844		165,444
Total REITs				5,230,607
Lodging - 1.7%
Casino Hotels - 1.7%
Boyd Gaming Corp.		3,355		69,717
Las Vegas Sands Corp.		1,288		67,040
Total Casino Hotels				136,757
Total Lodging				136,757
Home Builders - 1.4%
Buildings - Residential/Commercial - 1.4%
DR Horton, Inc.		3,274		113,477
Entertainment - 0.8%
Racetracks - 0.8%
Penn National Gaming, Inc.*		3,574		67,298
Total Common Stocks
(Cost $5,777,426)				5,548,139

MONEY MARKET FUND† - 25.1%
Goldman Sachs Financial Square Treasury Instruments Fund — Institutional Class 2.22%1	2,027,563		2,027,563
Total Money Market Fund
(Cost $2,027,563)			2,027,563
Total Investments - 93.7%
(Cost $7,804,989)		$	7,575,702
Other Assets & Liabilities, net - 6.3%			507,323
Total Net Assets - 100.0%		$	8,083,025

Custom Basket Swap Agreements
Counterparty	Index	Financing Rate Pay (Receive)			Payment Frequency	Maturity Date	Notional Amount		Value and Unrealized Appreciation
OTC Custom Basket Swap Agreements Sold Short††
Morgan Stanley	Market Neutral Real Estate Portfolio Short Custom Basket Swap2		(1.99	)%	At Maturity	07/22/19	$	5,366,619	$	660,261

Market Neutral Real Estate Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

CUSTOM BASKET OF SHORT SECURITIES2
	Shares			Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
iShares U.S. Real Estate ETF		(24,072	)		(33.61	%)	$	161,887
Senior Housing Properties Trust		(17,577	)		(3.84	%)		125,961
Washington Prime Group, Inc.		(18,938	)		(1.72	%)		57,965
Chesapeake Lodging Trust		(9,043	)		(4.10	%)		57,673
Brandywine Realty Trust		(14,351	)		(3.44	%)		53,580
Piedmont Office Realty Trust, Inc. — Class A		(12,977	)		(4.12	%)		39,348
Tanger Factory Outlet Centers, Inc.		(10,090	)		(3.80	%)		30,195
Kimco Realty Corp.		(11,162	)		(3.05	%)		28,275
VEREIT, Inc.		(25,213	)		(3.36	%)		25,506
Hospitality Properties Trust		(8,036	)		(3.58	%)		20,991
Park Hotels & Resorts, Inc.		(5,086	)		(2.46	%)		19,926
Camden Property Trust		(2,178	)		(3.57	%)		10,786
STAG Industrial, Inc.		(5,941	)		(2.75	%)		10,249
Mid-America Apartment Communities, Inc.		(1,592	)		(2.84	%)		10,028
Omega Healthcare Investors, Inc.		(4,397	)		(2.88	%)		9,215
Public Storage		(751	)		(2.83	%)		6,034
WP Carey, Inc.		(2,378	)		(2.90	%)		5,491
Apollo Commercial Real Estate Finance, Inc.		(11,825	)		(3.67	%)		3,791
Marriott International, Inc. — Class A		(1,487	)		(3.01	%)		2,823
PS Business Parks, Inc.		(1,887	)		(4.61	%)		(6,767	)
American Assets Trust, Inc.		(5,159	)		(3.86	%)		(12,696	)
Total Custom Basket of Short Securities							$	660,261

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	Rate indicated is the 7-day yield as of December 31, 2018.
2	Total Return based on the return of the custom short basket of securities +/- financing at a variable rate. Rate indicated is rate effective at December 31, 2018.

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2018 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	5,548,139	$	—	$	—	$	5,548,139
Money Market Fund		2,027,563		—		—		2,027,563
Custom Basket Swap Agreements**		—		660,261		—		660,261
Total Assets	$	7,575,702	$	660,261	$	—	$	8,235,963

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

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the current fiscal period.

For the period ended December 31, 2018, there were no transfers between levels.

Mid Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Shares		Value
COMMON STOCKS† - 99.3%
Financial - 30.5%
Zions Bancorp North America		173,594	$	7,072,220
KeyCorp		463,390		6,848,904
Alleghany Corp.		10,883		6,783,592
Huntington Bancshares, Inc.		560,223		6,677,858
Voya Financial, Inc.		166,023		6,664,163
Equity Commonwealth REIT		206,832		6,207,028
Physicians Realty Trust REIT		347,242		5,566,289
Alexandria Real Estate Equities, Inc. REIT		42,650		4,914,986
Sun Communities, Inc. REIT		48,006		4,882,690
Willis Towers Watson plc		31,841		4,835,374
Radian Group, Inc.		275,443		4,506,247
Wintrust Financial Corp.		66,797		4,441,333
Umpqua Holdings Corp.		251,296		3,995,606
Cousins Properties, Inc. REIT		440,506		3,479,997
National Storage Affiliates Trust REIT		124,414		3,291,995
Federal Agricultural Mortgage Corp. — Class C		50,607		3,058,687
IBERIABANK Corp.		45,767		2,941,903
Pinnacle Financial Partners, Inc.		61,189		2,820,813
Redwood Trust, Inc. REIT		172,208		2,595,175
Camden Property Trust REIT		29,462		2,594,129
Old Republic International Corp.		103,749		2,134,117
Prosperity Bancshares, Inc.		31,877		1,985,937
Hilltop Holdings, Inc.		107,663		1,919,631
E*TRADE Financial Corp.		43,574		1,912,027
Unum Group		63,310		1,860,048
Old National Bancorp		112,597		1,733,994
First Horizon National Corp.		131,577		1,731,553
Howard Hughes Corp.*		16,738		1,633,964
Pebblebrook Hotel Trust REIT		48,340		1,368,506
American National Insurance Co.		10,072		1,281,561
Total Financial				111,740,327
Industrial - 13.7%
Carlisle Companies, Inc.		41,735		4,195,202
Jacobs Engineering Group, Inc.		63,697		3,723,726
Scorpio Tankers, Inc.		1,994,232		3,509,848
Berry Global Group, Inc.*		70,277		3,340,266
FLIR Systems, Inc.		75,006		3,265,761
US Concrete, Inc.*		87,081		3,072,218
Valmont Industries, Inc.		25,249		2,801,377
Graphic Packaging Holding Co.		239,555		2,548,865
Snap-on, Inc.		15,048		2,186,324
Owens Corning		45,630		2,006,807
Huntington Ingalls Industries, Inc.		10,484		1,995,210
Plexus Corp.*		38,934		1,988,749
ITT, Inc.		39,536		1,908,403
Park Electrochemical Corp.		105,474		1,905,915
Hub Group, Inc. — Class A*		51,283		1,901,061
Knight-Swift Transportation Holdings, Inc.		72,201		1,810,079
Rexnord Corp.*		76,713		1,760,563
Crane Co.		24,234		1,749,210
Astec Industries, Inc.		53,724		1,621,928
Kirby Corp.*		18,332		1,234,844
Oshkosh Corp.		17,085		1,047,481
Celadon Group, Inc.*		594,476		493,415
Total Industrial				50,067,252
Consumer, Non-cyclical - 13.6%
Bunge Ltd.		122,958		6,570,876
Euronet Worldwide, Inc.*		45,684		4,677,128
Premier, Inc. — Class A*		121,265		4,529,248
Encompass Health Corp.		62,746		3,871,428
Emergent BioSolutions, Inc.*		65,122		3,860,432
Central Garden & Pet Co. — Class A*		118,768		3,711,500
Ingredion, Inc.		30,531		2,790,533
Eagle Pharmaceuticals, Inc.*		62,668		2,524,893
Sanderson Farms, Inc.		22,941		2,277,812
US Foods Holding Corp.*		68,301		2,161,044
Cambrex Corp.*		56,806		2,144,995
Hostess Brands, Inc.*		174,494		1,908,964
SP Plus Corp.*		63,838		1,885,774
Perrigo Company plc		47,053		1,823,304
Myriad Genetics, Inc.*		48,030		1,396,232
TherapeuticsMD, Inc.*		361,895		1,378,820
Inovio Pharmaceuticals, Inc.*		285,661		1,142,644
Quest Diagnostics, Inc.		13,266		1,104,660
ACCO Brands Corp.		22,484		152,442
Total Consumer, Non-cyclical				49,912,729
Utilities - 12.8%
OGE Energy Corp.		227,518		8,916,430
Ameren Corp.		104,946		6,845,628
Portland General Electric Co.		121,208		5,557,387
Pinnacle West Capital Corp.		58,615		4,993,998
Black Hills Corp.		71,521		4,490,088
Edison International		69,474		3,944,039
Southwest Gas Holdings, Inc.		44,864		3,432,096
UGI Corp.		57,876		3,087,684
AES Corp.		212,764		3,076,568
American Electric Power Company, Inc.		33,996		2,540,861
Total Utilities				46,884,779
Consumer, Cyclical - 10.9%
LKQ Corp.*		233,131		5,532,199
UniFirst Corp.		28,370		4,058,896
Alaska Air Group, Inc.		55,160		3,356,486
PVH Corp.		34,916		3,245,442
WABCO Holdings, Inc.*		29,233		3,137,870
Acushnet Holdings Corp.		148,501		3,128,916
BorgWarner, Inc.		86,733		3,013,105
Caleres, Inc.		106,567		2,965,760
Wyndham Hotels & Resorts, Inc.		63,741		2,891,929
Foot Locker, Inc.		41,682		2,217,482
JetBlue Airways Corp.*		123,957		1,990,749
DR Horton, Inc.		55,229		1,914,237
Dana, Inc.		115,989		1,580,930
Unifi, Inc.*		43,347		990,046
Total Consumer, Cyclical				40,024,047
Basic Materials - 5.7%
Reliance Steel & Aluminum Co.		66,745		4,750,242
Huntsman Corp.		241,571		4,659,905
Ashland Global Holdings, Inc.		57,574		4,085,451
Alcoa Corp.*		151,060		4,015,174
Nucor Corp.		35,647		1,846,871

Mid Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Shares		Value
COMMON STOCKS† - 99.3% (continued)
Basic Materials - 5.7% (continued)
Tahoe Resources, Inc.*		447,792	$	1,634,441
Total Basic Materials				20,992,084
Technology - 4.5%
Cray, Inc.*		223,088		4,816,470
Evolent Health, Inc. — Class A*		160,934		3,210,633
Super Micro Computer, Inc.*		228,255		3,149,919
Amdocs Ltd.		35,577		2,084,100
CSG Systems International, Inc.		56,807		1,804,759
Maxwell Technologies, Inc.*		578,897		1,198,317
Total Technology				16,264,198
Energy - 4.0%
Kinder Morgan, Inc.		250,442		3,851,798
Range Resources Corp.		390,216		3,734,367
Whiting Petroleum Corp.*		133,763		3,035,082
Oasis Petroleum, Inc.*		524,586		2,900,961
Antero Resources Corp.*		135,685		1,274,082
Total Energy				14,796,290
Communications - 3.6%
Ciena Corp.*		111,788		3,790,731
Viavi Solutions, Inc.*		328,599		3,302,420
Symantec Corp.		174,176		3,291,056
Finisar Corp.*		133,175		2,876,580
Total Communications				13,260,787
Total Common Stocks
(Cost $385,896,653)				363,942,493

CONVERTIBLE PREFERRED STOCKS††† - 0.0%
Thermoenergy Corp.*,1,2	858,334	251
Total Convertible Preferred Stocks
(Cost $819,654)		251

MONEY MARKET FUND† - 1.3%
Dreyfus Treasury Securities Cash Management - Institutional Shares 2.20%3	4,641,640		4,641,640
Total Money Market Fund
(Cost $4,641,640)			4,641,640
Total Investments - 100.6%
(Cost $391,357,947)		$	368,584,384
Other Assets & Liabilities, net - (0.6)%			(2,133,444	)
Total Net Assets - 100.0%		$	366,450,940

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
†††	Value determined based on Level 3 inputs — See Note 3.
1	Security was fair valued by the Valuation Committee at December 31, 2018. The total market value of fair valued securities amounts to $251, (cost $819,654) or less than 0.01% of total net assets.
2	PIPE (Private Investment in Public Equity) - Stock issued by a company in the secondary market as a means of raising capital more quickly and less expensively than through registration of a secondary public offering.
3	Rate indicated is the 7-day yield as of December 31, 2018.

plc — Public Limited Company

REIT— Real Estate Investment Trust

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2018 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	363,942,493	$	—	$	—	$	363,942,493
Money Market Fund		4,641,640		—		—		4,641,640
Convertible Preferred Stocks		—		—		251		251
Total Assets	$	368,584,133	$	—	$	251	$	368,584,384

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the current fiscal period.

For the period ended December 31, 2018, there were no transfers between levels.

Mid Cap Value Institutional Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Shares		Value
COMMON STOCKS† - 99.4%
Financial - 30.4%
Zions Bancorp North America		26,437	$	1,077,043
KeyCorp		71,235		1,052,853
Alleghany Corp.		1,645		1,025,362
Huntington Bancshares, Inc.		85,165		1,015,167
Voya Financial, Inc.		25,195		1,011,327
Equity Commonwealth REIT		31,725		952,067
Physicians Realty Trust REIT		54,034		866,165
Alexandria Real Estate Equities, Inc. REIT		6,418		739,610
Sun Communities, Inc. REIT		7,259		738,313
Willis Towers Watson plc		4,808		730,143
Radian Group, Inc.		41,945		686,220
Wintrust Financial Corp.		10,100		671,549
Umpqua Holdings Corp.		38,797		616,872
Cousins Properties, Inc. REIT		66,648		526,519
National Storage Affiliates Trust REIT		19,106		505,545
Federal Agricultural Mortgage Corp. — Class C		7,735		467,504
IBERIABANK Corp.		7,004		450,217
Pinnacle Financial Partners, Inc.		9,577		441,500
Redwood Trust, Inc. REIT		27,045		407,568
Camden Property Trust REIT		4,478		394,288
Old Republic International Corp.		16,235		333,954
Prosperity Bancshares, Inc.		5,029		313,307
E*TRADE Financial Corp.		6,781		297,550
Hilltop Holdings, Inc.		16,518		294,516
Unum Group		9,832		288,864
Old National Bancorp		17,657		271,918
First Horizon National Corp.		20,436		268,938
Howard Hughes Corp.*		2,602		254,007
Pebblebrook Hotel Trust REIT		7,493		212,127
American National Insurance Co.		1,626		206,892
Total Financial				17,117,905
Industrial - 13.9%
Carlisle Companies, Inc.		6,357		639,006
Scorpio Tankers, Inc.		324,451		571,034
Jacobs Engineering Group, Inc.		9,672		565,425
Berry Global Group, Inc.*		10,959		520,881
FLIR Systems, Inc.		11,736		510,985
US Concrete, Inc.*		13,648		481,501
Valmont Industries, Inc.		3,953		438,585
Graphic Packaging Holding Co.		36,654		389,999
Snap-on, Inc.		2,345		340,705
Huntington Ingalls Industries, Inc.		1,647		313,440
Plexus Corp.*		6,092		311,179
Owens Corning		7,067		310,807
ITT, Inc.		6,213		299,902
Park Electrochemical Corp.		16,568		299,384
Hub Group, Inc. — Class A*		7,989		296,152
Knight-Swift Transportation Holdings, Inc.		11,290		283,040
Rexnord Corp.*		12,131		278,407
Crane Co.		3,808		274,861
Astec Industries, Inc.		8,412		253,958
Kirby Corp.*		2,877		193,795
Oshkosh Corp.		2,627		161,062
Celadon Group, Inc.*		96,025		79,701
Total Industrial				7,813,809
Consumer, Non-cyclical - 13.7%
Bunge Ltd.		18,893		1,009,642
Euronet Worldwide, Inc.*		6,950		711,541
Premier, Inc. — Class A*		18,584		694,112
Encompass Health Corp.		9,607		592,752
Emergent BioSolutions, Inc.*		9,968		590,903
Central Garden & Pet Co. — Class A*		18,334		572,937
Ingredion, Inc.		4,632		423,365
Eagle Pharmaceuticals, Inc.*		9,607		387,066
Sanderson Farms, Inc.		3,517		349,203
US Foods Holding Corp.*		10,839		342,946
Cambrex Corp.*		8,648		326,549
SP Plus Corp.*		10,088		297,999
Hostess Brands, Inc.*		26,386		288,663
Perrigo Company plc		7,415		287,331
Myriad Genetics, Inc.*		7,578		220,292
TherapeuticsMD, Inc.*		56,618		215,715
Inovio Pharmaceuticals, Inc.*		45,705		182,820
Quest Diagnostics, Inc.		2,118		176,366
ACCO Brands Corp.		3,601		24,415
Total Consumer, Non-cyclical				7,694,617
Utilities - 12.6%
OGE Energy Corp.		35,007		1,371,924
Ameren Corp.		15,853		1,034,091
Portland General Electric Co.		18,298		838,963
Pinnacle West Capital Corp.		8,908		758,962
Black Hills Corp.		10,865		682,105
Edison International		10,321		585,923
Southwest Gas Holdings, Inc.		6,932		530,298
UGI Corp.		8,777		468,253
AES Corp.		32,326		467,434
American Electric Power Company, Inc.		5,119		382,594
Total Utilities				7,120,547
Consumer, Cyclical - 10.9%
LKQ Corp.*		35,688		846,876
UniFirst Corp.		4,244		607,189
Alaska Air Group, Inc.		8,395		510,836
PVH Corp.		5,417		503,510
WABCO Holdings, Inc.*		4,517		484,855
Acushnet Holdings Corp.		22,727		478,858
BorgWarner, Inc.		13,204		458,707
Caleres, Inc.		16,393		456,217
Wyndham Hotels & Resorts, Inc.		9,615		436,233
Foot Locker, Inc.		6,456		343,459
JetBlue Airways Corp.*		18,635		299,278
DR Horton, Inc.		8,457		293,120
Dana, Inc.		18,221		248,352
Unifi, Inc.*		7,009		160,086
Total Consumer, Cyclical				6,127,576
Basic Materials - 5.8%
Reliance Steel & Aluminum Co.		10,274		731,201
Huntsman Corp.		37,839		729,914
Ashland Global Holdings, Inc.		8,884		630,409
Alcoa Corp.*		23,596		627,182
Nucor Corp.		5,508		285,369

Mid Cap Value Institutional Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Shares		Value
COMMON STOCKS† - 99.4% (continued)
Basic Materials - 5.8% (continued)
Tahoe Resources, Inc.*		68,759	$	250,970
Total Basic Materials				3,255,045
Technology - 4.5%
Cray, Inc.*		34,183		738,011
Evolent Health, Inc. — Class A*		24,831		495,378
Super Micro Computer, Inc.*		35,211		485,912
Amdocs Ltd.		5,575		326,583
CSG Systems International, Inc.		8,723		277,130
Maxwell Technologies, Inc.*		91,567		189,544
Total Technology				2,512,558
Energy - 4.0%
Kinder Morgan, Inc.		38,264		588,500
Range Resources Corp.		59,524		569,645
Whiting Petroleum Corp.*		20,263		459,768
Oasis Petroleum, Inc.*		79,336		438,728
Antero Resources Corp.*		20,767		195,003
HydroGen Corp.*,†††,1,2		1,265,700		–
Total Energy				2,251,644
Communications - 3.6%
Ciena Corp.*		16,996		576,334
Viavi Solutions, Inc.*		53,183		534,489
Symantec Corp.		26,673		503,987
Finisar Corp.*		20,698		447,077
Total Communications				2,061,887
Total Common Stocks
(Cost $60,922,812)				55,955,588

CONVERTIBLE PREFERRED STOCKS††† - 0.0%
Preferred Stock - 0.0%
Thermoenergy Corp.*,1,3	793,750		232
Total Convertible Preferred Stocks
(Cost $757,980)			232
Total Investments - 99.4%
(Cost $61,680,792)		$	55,955,820
Other Assets & Liabilities, net - 0.6%			337,530
Total Net Assets - 100.0%		$	56,293,350

*	Non-income producing security.
†	Value determined based on Level 1 inputs, unless otherwise noted — See Note 3.
†††	Value determined based on Level 3 inputs — See Note 3.
1	Security was fair valued by the Valuation Committee at December 31, 2018. The total market value of fair valued securities amounts to $232, (cost $760,511) or less than 0.01% of total net assets.
2	Affiliated issuer.
3	PIPE (Private Investment in Public Equity) - Stock issued by a company in the secondary market as a means of raising capital more quickly and less expensively than through registration of a secondary public offering.

plc — Public Limited Company

REIT — Real Estate Investment Trust  

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2018 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Total
Common Stocks	$	55,955,588	$	—	$	–	*	$	55,955,588
Convertible Preferred Stock		—		—		232			232
Total Assets	$	55,955,588	$	—	$	232		$	55,955,820

^* Includes securities with a market value of $0.

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the current fiscal period.

For the period ended December 31, 2018, there were no transfers between levels.

Affiliated Transactions

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

Mid Cap Value Institutional Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

Transactions during the period ended December 31, 2018, in which the company is an "affiliated person", were as follows:

Security Name

Value 09/30/18

Additions

Reductions

Realized Gain (Loss)

Change in Unrealized Appreciation (Depreciation)

Value 12/31/18

Shares 12/31/18

Investment Income

Common Stock

HydroGen Corp.*,1

$

–

**

$

–

$

–

$

–

$

–

$

–

**

1,265,700

$

–

$

–

$

–

$

–

$

–

$

–

$

–

$

–

*	Non-income producing security.
**	Market value is less than $1.
1	Security was fair valued by the Valuation Committee at December 31, 2018. The total market value of fair valued and affiliated securities amounts to $0. (cost $2,531) or 0.01% of total net assets.

Municipal Income Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Shares		Value
CLOSED-END FUNDS† - 0.4%
BlackRock MuniYield California Quality Fund, Inc.		10,000	$	126,400
Total Closed-End Funds
(Cost $127,689)				126,400

MONEY MARKET FUND† - 3.7%
Dreyfus AMT-Free Tax Exempt Cash Management —Institutional Shares 1.57%1	1,296,030	1,296,030
Total Money Market Fund
(Cost $1,296,030)		1,296,030

	Face Amount
MUNICIPAL BONDS†† - 95.6%
California - 21.8%
Stockton Public Financing Authority Revenue Bonds
6.25% due 10/01/38	$	1,000,000	1,172,120
6.25% due 10/01/40		250,000	292,540
5.00% due 10/01/33		200,000	232,654
Tustin Unified School District General Obligation Unlimited
6.00% due 08/01/21		1,000,000	1,109,330
College of the Sequoias Tulare Area Improvement District No. 3 General Obligation Unlimited
due 08/01/422,3		1,000,000	669,340
Newport Mesa Unified School District General Obligation Unlimited
due 08/01/393		1,300,000	595,829
Los Angeles Department of Water & Power Power System Revenue Bonds
5.00% due 07/01/43		500,000	543,500
Kings Canyon Unified School District General Obligation Unlimited
5.00% due 08/01/28		445,000	517,949
San Diego Unified School District General Obligation Unlimited
due 07/01/393		1,000,000	435,450
Riverside County Public Financing Authority Tax Allocation
5.00% due 10/01/28		300,000	355,980
Sacramento Municipal Utility District Revenue Bonds
5.00% due 08/15/37		300,000	336,117
Oakland Unified School District/Alameda County General Obligation Unlimited
5.00% due 08/01/22		265,000	284,130
Riverside County Redevelopment Successor Agency Tax Allocation
due 10/01/372,3		250,000	245,242
M-S-R Energy Authority Revenue Bonds
6.13% due 11/01/29		200,000	244,284
Alameda Corridor Transportation Authority Revenue Bonds
5.00% due 10/01/35		200,000	226,122
Stanton Redevelopment Agency Tax Allocation
5.00% due 12/01/40		180,000	200,884
Culver Redevelopment Agency Successor Agency Tax Allocation
due 11/01/233		195,000	173,868
Total California			7,635,339
Texas - 8.3%
North Texas Tollway Authority Revenue Bonds
due 01/01/363		1,000,000	546,240
Birdville Independent School District General Obligation Unlimited
5.00% due 02/15/27		305,000	353,239
State of Texas General Obligation Unlimited
5.00% due 10/01/29		250,000	290,242
Central Texas Regional Mobility Authority Revenue Bonds
5.00% due 01/01/27		200,000	226,958
Texas Water Development Board Revenue Bonds
5.00% due 10/15/46		200,000	225,502
Dallas Area Rapid Transit Revenue Bonds
5.00% due 12/01/41		200,000	223,472
Central Texas Turnpike System Revenue Bonds
5.00% due 08/15/34		200,000	215,592
Texas Tech University Revenue Bonds
5.00% due 08/15/32		200,000	214,054
Texas Municipal Gas Acquisition & Supply Corporation I Revenue Bonds
6.25% due 12/15/26		185,000	211,387
Arlington Higher Education Finance Corp. Revenue Bonds
5.00% due 12/01/46		200,000	210,668
Harris County-Houston Sports Authority Revenue Bonds
due 11/15/533		1,000,000	195,450
Total Texas			2,912,804
New Jersey - 6.3%
Hudson County Improvement Authority Revenue Bonds
6.00% due 01/01/40		1,000,000	1,038,480
New Jersey Health Care Facilities Financing Authority Revenue Bonds
5.00% due 07/01/41		300,000	318,861
5.00% due 07/01/36		200,000	215,390

Municipal Income Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount		Value
MUNICIPAL BONDS†† - 95.6% (continued)
New Jersey - 6.3% (continued)
New Jersey Turnpike Authority Revenue Bonds
5.00% due 01/01/31	$	300,000	$	352,419
New Jersey Economic Development Authority Revenue Bonds
5.00% due 06/01/28		250,000		285,720
Total New Jersey				2,210,870
Michigan - 6.1%
Detroit Wayne County Stadium Authority Revenue Bonds
5.00% due 10/01/26		1,000,000		1,082,460
Detroit City School District General Obligation Unlimited
5.00% due 05/01/32		500,000		538,330
5.00% due 05/01/30		300,000		323,796
City of Detroit Michigan Water Supply System Revenue Revenue Bonds
5.00% due 07/01/41		200,000		209,004
Total Michigan				2,153,590
Illinois - 6.0%
Will County Township High School District No. 204 Joliet General Obligation Ltd.
6.25% due 01/01/31		500,000		538,080
City of Chicago Illinois Wastewater Transmission Revenue Bonds
5.25% due 01/01/42		400,000		442,568
Chicago O'Hare International Airport Revenue Bonds
5.00% due 01/01/34		300,000		330,273
Chicago Board of Education General Obligation Unlimited
5.25% due 12/01/26		320,000		320,000
Metropolitan Water Reclamation District of Greater Chicago General Obligation Unlimited
5.00% due 12/01/25		200,000		231,276
University of Illinois Revenue Bonds
6.00% due 10/01/29		200,000		226,812
Total Illinois				2,089,009
Washington - 5.2%
Greater Wenatchee Regional Events Center Public Facilities Dist Revenue Bonds
5.00% due 09/01/27		500,000		508,320
5.25% due 09/01/32		500,000		506,100
King County School District No. 409 Tahoma General Obligation Unlimited
5.00% due 12/01/27		325,000		378,511
Central Puget Sound Regional Transit Authority Revenue Bonds
5.00% due 11/01/41		200,000		226,224
State of Washington General Obligation Unlimited
5.00% due 06/01/41		195,000		206,569
Total Washington				1,825,724
Massachusetts - 5.2%
Massachusetts Development Finance Agency Revenue Bonds
6.88% due 01/01/21		600,000		657,402
6.88% due 01/01/41		400,000		436,048
5.00% due 07/01/29		200,000		226,382
Commonwealth of Massachusetts General Obligation Limited
1.65% (VRDN) due 03/01/264		500,000		500,000
Total Massachusetts				1,819,832
New York - 5.1%
New York State Dormitory Authority Revenue Bonds
5.00% due 10/01/41		350,000		370,150
5.00% due 08/01/26		250,000		287,682
5.00% due 12/01/275		200,000		228,100
New York Transportation Development Corp. Revenue Bonds
5.00% due 07/01/34		200,000		214,568
5.00% due 08/01/26		200,000		208,684
New York State Urban Development Corp. Revenue Bonds
5.00% due 03/15/35		250,000		279,385
Westchester County Healthcare Corp. Revenue Bonds
5.00% due 11/01/44		193,000		205,452
Total New York				1,794,021
Colorado - 3.9%
University of Colorado Revenue Bonds
5.00% due 06/01/22		285,000		314,015
5.00% due 06/01/41		200,000		226,398
Auraria Higher Education Center Revenue Bonds
5.00% due 04/01/28		390,000		445,306
City & County of Denver Colorado Airport System Revenue Bonds
5.00% due 12/01/28		200,000		236,516
City & County of Denver Colorado Revenue Bonds
due 08/01/303		200,000		131,950
Total Colorado				1,354,185
Pennsylvania - 3.5%
Pennsylvania Economic Development Financing Authority Revenue Bonds
5.00% due 02/01/27		500,000		566,365

Municipal Income Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount		Value
MUNICIPAL BONDS†† - 95.6% (continued)
Pennsylvania - 3.5% (continued)
Reading School District General Obligation Unlimited
5.00% due 02/01/27	$	300,000	$	341,316
Pittsburgh Water & Sewer Authority Revenue Bonds
5.25% due 09/01/36		300,000		333,561
Total Pennsylvania				1,241,242
Louisiana - 2.9%
Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds
5.00% due 10/01/37		500,000		557,715
5.00% due 10/01/26		150,000		175,213
City of Shreveport Louisiana Water & Sewer Revenue Revenue Bonds
5.00% due 12/01/35		250,000		283,605
Total Louisiana				1,016,533
West Virginia - 2.5%
West Virginia Higher Education Policy Commission Revenue Bonds
5.00% due 04/01/29		500,000		540,325
West Virginia Hospital Finance Authority Revenue Bonds
5.00% due 06/01/42		300,000		323,907
Total West Virginia				864,232
District of Columbia - 2.4%
District of Columbia General Obligation Unlimited
5.00% due 06/01/41		285,000		321,206
5.00% due 06/01/32		275,000		308,550
5.00% due 06/01/31		175,000		204,580
Total District of Columbia				834,336
Mississippi - 2.2%
Mississippi Development Bank Revenue Bonds
6.50% due 10/01/31		500,000		523,400
6.25% due 10/01/26		230,000		240,808
Total Mississippi				764,208
Florida - 1.9%
Miami Beach Redevelopment Agency Tax Allocation
5.00% due 02/01/40		300,000		333,282
City of Jacksonville Florida Revenue Bonds
5.00% due 10/01/29		300,000		327,762
Total Florida				661,044
Oklahoma - 1.8%
Oklahoma Development Finance Authority Revenue Bonds
5.00% due 08/15/28		350,000		402,098
Oklahoma City Airport Trust Revenue Bonds
5.00% due 07/01/30		200,000		231,048
Total Oklahoma				633,146
Puerto Rico - 1.5%
Puerto Rico Public Buildings Authority Revenue Bonds
6.00% due 07/01/23		250,000		267,725
Puerto Rico Highway & Transportation Authority Revenue Bonds
5.25% due 07/01/41		250,000		263,225
Total Puerto Rico				530,950
Kentucky - 1.2%
Kentucky Economic Development Finance Authority Revenue Bonds
5.00% due 07/01/37		200,000		214,470
City of Ashland Kentucky Revenue Bonds
5.00% due 02/01/22		200,000		205,108
Total Kentucky				419,578
Arkansas - 1.0%
County of Baxter Arkansas Revenue Bonds
5.00% due 09/01/26		330,000		367,927
South Carolina - 1.0%
Anderson County School District No. 5 General Obligation Unlimited
5.00% due 03/01/27		300,000		353,622
North Carolina - 1.0%
North Carolina Turnpike Authority Revenue Bonds
5.00% due 01/01/27		300,000		350,727
Virginia - 0.8%
Virginia College Building Authority Revenue Bonds
5.00% due 02/01/25		250,000		291,783
Nevada - 0.8%
Las Vegas Valley Water District General Obligation Ltd.
5.00% due 06/01/27		230,000		267,113
Arizona - 0.7%
Salt Verde Financial Corp. Revenue Bonds
5.00% due 12/01/32		200,000		231,614
Georgia - 0.7%
Savannah Economic Development Authority Revenue Bonds
5.00% due 12/01/28		200,000		231,138
Delaware - 0.6%
Delaware State Health Facilities Authority Revenue Bonds
5.00% due 06/01/28		200,000		227,308

Municipal Income Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount		Value
MUNICIPAL BONDS†† - 95.6% (continued)
Vermont - 0.6%
Vermont Educational & Health Buildings Financing Agency Revenue Bonds
5.00% due 12/01/46	$	200,000	$	222,048
Ohio - 0.6%
American Municipal Power, Inc. Revenue Bonds
5.00% due 02/15/41		200,000		220,070
Total Municipal Bonds
(Cost $32,728,980)				33,523,993
Total Investments - 99.7%
(Cost $34,152,699)			$	34,946,423
Other Assets & Liabilities, net - 0.3%				104,581
Total Net Assets - 100.0%			$	35,051,004

†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	Rate indicated is the 7-day yield as of December 31, 2018.
2	Security is a step up/down bond. The coupon increases or decreases at regular intervals until the bond reaches full maturity. Rate indicated is the rate at December 31, 2018. See table below for additional step information for each security.
3	Zero coupon rate security.
4	The rate is adjusted periodically by the counterparty, subject to approval by the Adviser, and is not based upon a set reference rate and spread. Rate indicated is the rate effective at December 31, 2018.
5	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $228,100 (cost $216,391), or 0.7% of total net assets.

VRDN — Variable Rate Demand Note

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2018 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Closed-End Funds	$	126,400	$	—	$	—	$	126,400
Money Market Fund		1,296,030		—		—		1,296,030
Municipal Bonds		—		33,523,993		—		33,523,993
Total Assets	$	1,422,430	$	33,523,993	$	—	$	34,946,423

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the current fiscal period.

For the period ended December 31, 2018, there were no transfers between levels.

Municipal Income Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

Step Coupon Bonds

The following table discloses additional information related to step coupon bonds held by the Fund. Rates for all step coupon bonds held by the Fund are scheduled to increase, none are scheduled to decrease.

Name	Coupon rate at next and final step up date	Date of next and final rate change
College of the Sequoias Tulare Area Improvement District No. 3 General Obligation Unlimited, due 08/01/42	6.85%	08/01/32
Riverside County Redevelopment Successor Agency Tax Allocation, due 10/01/37	5.00%	10/01/21

Risk Managed Real Estate Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Shares		Value
COMMON STOCKS† - 93.2%
REITs - 91.9%
REITs-Apartments - 15.4%
Equity Residential		101,356	$	6,690,510
AvalonBay Communities, Inc.1		29,114		5,067,292
Apartment Investment & Management Co. — Class A		74,170		3,254,580
Essex Property Trust, Inc.		12,944		3,173,998
American Homes 4 Rent — Class A		124,746		2,476,208
Invitation Homes, Inc.		109,570		2,200,166
UDR, Inc.		35,901		1,422,398
Mid-America Apartment Communities, Inc.		9,621		920,730
Camden Property Trust		3,294		290,037
Total REITs-Apartments				25,495,919
REITs-Diversified - 13.2%
Equinix, Inc.		20,822		7,341,004
Digital Realty Trust, Inc.		38,402		4,091,733
Gaming and Leisure Properties, Inc.		105,068		3,394,747
American Tower Corp. — Class A		14,192		2,245,032
Crown Castle International Corp.		18,875		2,050,391
Cousins Properties, Inc.		111,512		880,945
EPR Properties		13,455		861,524
VICI Properties, Inc.		37,379		701,978
Duke Realty Corp.		11,037		285,858
Total REITs-Diversified				21,853,212
REITs-Health Care - 12.6%
Welltower, Inc.		83,436		5,791,293
Ventas, Inc.		88,534		5,187,207
HCP, Inc.		154,386		4,312,001
Healthcare Trust of America, Inc. — Class A		100,753		2,550,058
Healthcare Realty Trust, Inc.		64,648		1,838,589
Sabra Health Care REIT, Inc.		68,363		1,126,622
Total REITs-Health Care				20,805,770
REITs-Warehouse/Industries - 9.6%
Prologis, Inc.		91,487		5,372,117
CyrusOne, Inc.		55,197		2,918,817
Rexford Industrial Realty, Inc.		89,518		2,638,095
Liberty Property Trust		60,819		2,547,100
EastGroup Properties, Inc.		25,972		2,382,412
Total REITs-Warehouse/Industries				15,858,541
REITs-Office Property - 8.7%
Alexandria Real Estate Equities, Inc.		26,691		3,075,871
JBG SMITH Properties		79,116		2,754,028
Boston Properties, Inc.1		21,707		2,443,123
Kilroy Realty Corp.		37,493		2,357,560
Hudson Pacific Properties, Inc.		71,521		2,078,400
Highwoods Properties, Inc.		25,895		1,001,878
Douglas Emmett, Inc.		18,459		630,006
Total REITs-Office Property				14,340,866
REITs-Regional Malls - 7.6%
Simon Property Group, Inc.		66,387		11,152,352
Macerich Co.		31,322		1,355,616
Total REITs-Regional Malls				12,507,968
REITs-Single Tenant - 5.9%
Realty Income Corp.		77,895		4,910,501
STORE Capital Corp.		98,527		2,789,299
National Retail Properties, Inc.		41,111		1,994,295
Total REITs-Single Tenant				9,694,095
REITs-Storage - 5.5%
Public Storage		24,801		5,019,970
Extra Space Storage, Inc.		26,263		2,376,276
National Storage Affiliates Trust		35,263		933,059
Life Storage, Inc.		8,072		750,615
Total REITs-Storage				9,079,920
REITs-Manufactured Homes - 5.2%
Sun Communities, Inc.		45,398		4,617,431
Equity LifeStyle Properties, Inc.1		39,946		3,879,955
Total REITs-Manufactured Homes				8,497,386
REITs-Shopping Centers - 4.3%
Regency Centers Corp.		53,086		3,115,086
Federal Realty Investment Trust		18,857		2,225,880
Retail Properties of America, Inc. — Class A		97,264		1,055,314
Brixmor Property Group, Inc.		50,800		746,252
Total REITs-Shopping Centers				7,142,532
REITs-Hotels – 3.9%
MGM Growth Properties LLC — Class A		109,521		2,892,450
Sunstone Hotel Investors, Inc.		110,754		1,440,910
Pebblebrook Hotel Trust		35,555		1,006,562
Host Hotels & Resorts, Inc.		50,707		845,286
Apple Hospitality REIT, Inc.		18,395		262,313
Total REITs-Hotels				6,447,521
Total REITS				151,723,730
Home Builders - 0.6%
Buildings - Residential/Commercial - 0.6%
DR Horton, Inc.		28,915		1,002,194
Lodging - 0.4%
Casino Hotels - 0.4%
Boyd Gaming Corp.		23,225		482,615
Las Vegas Sands Corp.		2,651		137,985
Total Casino Hotels				620,600
Total Lodging				620,600
Entertainment - 0.3%
Racetracks - 0.3%
Penn National Gaming, Inc.*		24,967		470,128
(Cost $155,055,683)				153,816,652

MONEY MARKET FUND† - 6.6%
Dreyfus Treasury Securities Cash Management Fund - Institutional Shares 2.20%2	10,848,961		10,848,961
Total Money Market Fund
(Cost $10,848,961)			10,848,961
Total Investments - 99.8%
(Cost $165,904,644)		$	164,665,613

Risk Managed Real Estate Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Shares			Value
COMMON STOCKS SOLD SHORT† - (4.0%)
Lodging - (0.2)%
Hotels & Motels - (0.2)%
Marriott International, Inc. — Class A		(3,111	)	$	(337,730	)
REITs - (3.8)%
REITs-Warehouse/Industries - (0.2)%
STAG Industrial, Inc.		(12,648	)		(314,682	)
REITs-Shopping Centers - (0.2)%
Kimco Realty Corp.		(23,247	)		(340,569	)
REITs-Mortgage - (0.3)%
Apollo Commercial Real Estate Finance, Inc.		(24,844	)		(413,901	)
REITs-Regional Malls - (0.4)%
Washington Prime Group, Inc.		(40,334	)		(196,023	)
Tanger Factory Outlet Centers, Inc.		(21,612	)		(436,995	)
Total REITs-Regional Malls					(633,018	)
REITs-Health Care - (0.5)%
Omega Healthcare Investors, Inc.		(9,199	)		(323,345	)
Senior Housing Properties Trust		(38,640	)		(452,861	)
Total REITs-Health Care					(776,206	)
REITs-Hotels - (0.7)%
Park Hotels & Resorts, Inc.		(10,765	)		(279,675	)
Hospitality Properties Trust		(16,665	)		(397,960	)
Chesapeake Lodging Trust		(18,571	)		(452,204	)
Total REITs-Hotels					(1,129,839	)
REITs-Office Property - (0.7)%
VEREIT, Inc.		(51,647	)		(369,276	)
Brandywine Realty Trust		(29,480	)		(379,408	)
Piedmont Office Realty Trust, Inc. — Class A		(27,609	)		(470,457	)
Total REITs-Office Property					(1,219,141	)
REITs-Diversified - (0.8)%
WP Carey, Inc.		(5,041	)		(329,379	)
American Assets Trust, Inc.		(10,544	)		(423,553	)
PS Business Parks, Inc.		(3,891	)		(509,721	)
Total REITs-Diversified					(1,262,653	)
Total REITS					(6,090,009	)
Total Common Stocks Sold Short
(Cost $(7,213,084))					(6,427,739	)

EXCHANGE-TRADED FUNDS SOLD SHORT† - (2.3%)
iShares U.S. Real Estate ETF	50,578		(3,790,315	)
Total Exchange-Traded Funds Sold Short
(Proceeds $4,099,435)			(3,790,315	)
Total Securities Sold Short - (6.3)%
(Proceeds $11,312,519)		$	(10,218,054	)
Other Assets & Liabilities, net - 6.5%			10,756,550
Total Net Assets - 100.0%		$	165,204,109

Custom Basket Swap Agreements
Counterparty	Index	Financing Rate Pay (Receive)			Payment Frequency	Maturity Date	Notional Amount		Value and Unrealized Appreciation (Depreciation)
OTC Custom Basket Swap Agreements††
Morgan Stanley	Risk Managed Real Estate Portfolio Long Custom Basket Swap3		2.80	%	At Maturity	06/12/19	$	36,102,133	$	(1,414,259	)
OTC Custom Basket Swap Agreements Sold Short††
Morgan Stanley	Risk Managed Real Estate Portfolio Short Custom Basket Swap4		(1.93	)%	At Maturity	06/12/19	$	34,790,901	$	4,337,985

Risk Managed Real Estate Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

CUSTOM BASKET OF LONG SECURITIES3
	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
American Tower Corp. — Class A		10,326		4.53	%	$	222,906
HCP, Inc.		38,651		3.00	%		199,837
Sun Communities, Inc.		17,006		4.80	%		194,221
Equity LifeStyle Properties, Inc.		14,105		3.80	%		152,365
Rexford Industrial Realty, Inc.		49,520		4.04	%		54,384
Apartment Investment & Management Co. — Class A		35,951		4.37	%		52,074
Crown Castle International Corp.		13,820		4.16	%		49,357
STORE Capital Corp.		37,682		2.95	%		45,738
Ventas, Inc.		17,266		2.80	%		40,288
Equity Residential		25,089		4.59	%		(6,678	)
CyrusOne, Inc.		19,555		2.86	%		(12,595	)
Gaming and Leisure Properties, Inc.		31,616		2.83	%		(34,515	)
Simon Property Group, Inc.		5,890		2.74	%		(39,739	)
DR Horton, Inc.		21,452		2.06	%		(44,503	)
Healthcare Trust of America, Inc. — Class A		59,505		4.17	%		(60,738	)
Regency Centers Corp.		23,654		3.84	%		(68,731	)
Boyd Gaming Corp.		21,998		1.27	%		(72,422	)
Hudson Pacific Properties, Inc.		34,469		2.77	%		(72,974	)
Liberty Property Trust		29,996		3.48	%		(74,467	)
Las Vegas Sands Corp.		8,447		1.22	%		(78,332	)
JBG SMITH Properties		27,798		2.68	%		(82,691	)
Penn National Gaming, Inc.*		23,447		1.22	%		(90,752	)
Invitation Homes, Inc.		60,478		3.36	%		(108,975	)
Kilroy Realty Corp.		15,152		2.64	%		(114,925	)
American Homes 4 Rent — Class A		77,716		4.27	%		(152,690	)
Sabra Health Care REIT, Inc.		56,055		2.56	%		(153,965	)
Sunstone Hotel Investors, Inc.		60,509		2.18	%		(182,377	)
MGM Growth Properties LLC — Class A		80,004		5.85	%		(187,385	)
Apple Hospitality REIT, Inc.		55,702		2.20	%		(211,534	)
Equinix, Inc.		4,127		4.03	%		(263,121	)
Macerich Co.		22,810		2.73	%		(311,320	)
Total Custom Basket of Long Securities						$	(1,414,259	)

CUSTOM BASKET OF SHORT SECURITIES4
iShares U.S. Real Estate ETF	(156,518	)	(33.71	%)	$	1,047,528
Senior Housing Properties Trust	(111,585	)	(3.76	%)		921,045
Washington Prime Group, Inc.	(124,622	)	(1.74	%)		378,231
Chesapeake Lodging Trust	(58,440	)	(4.09	%)		366,088
Brandywine Realty Trust	(92,338	)	(3.42	%)		345,044
Piedmont Office Realty Trust, Inc. — Class A	(85,532	)	(4.19	%)		291,023
Tanger Factory Outlet Centers, Inc.	(67,274	)	(3.91	%)		201,818
Kimco Realty Corp.	(73,148	)	(3.08	%)		186,008
VEREIT, Inc.	(156,024	)	(3.21	%)		156,354
Park Hotels & Resorts, Inc.	(33,822	)	(2.53	%)		133,387
Hospitality Properties Trust	(50,952	)	(3.50	%)		94,989
Camden Property Trust	(14,117	)	(3.57	%)		69,909
Mid-America Apartment Communities, Inc.	(10,325	)	(2.84	%)		65,036
Omega Healthcare Investors, Inc.	(28,428	)	(2.87	%)		59,594
STAG Industrial, Inc.	(39,182	)	(2.80	%)		54,690
Public Storage	(4,919	)	(2.86	%)		39,524
WP Carey, Inc.	(15,616	)	(2.93	%)		36,056
Apollo Commercial Real Estate Finance, Inc.	(76,881	)	(3.68	%)		24,648
Marriott International, Inc. — Class A	(9,612	)	(3.00	%)		18,246
PS Business Parks, Inc.	(11,948	)	(4.50	%)		(48,479	)
American Assets Trust, Inc.	(32,998	)	(3.81	%)		(102,754	)
Total Custom Basket of Short Securities					$	4,337,985

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	All or a portion of this security is pledged as short security collateral at December 31, 2018.
2	Rate indicated is the 7-day yield as of December 31, 2018.
3	Total Return based on the return of the custom long basket of securities +/- financing at a variable rate. Rate indicated is rate effective at December 31, 2018.
4	Total Return based on the return of the custom short basket of securities +/- financing at a variable rate. Rate indicated is rate effective at December 31, 2018.

Risk Managed Real Estate Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2018 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	153,816,652	$	—	$	—	$	153,816,652
Money Market Fund		10,848,961		—		—		10,848,961
Custom Basket Swap Agreements**		—		4,337,985		—		4,337,985
Total Assets	$	164,665,613	$	4,337,985	$	—	$	169,003,598

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks Sold Short	$	6,427,739	$	—	$	—	$	6,427,739
Exchange-Traded Funds Sold Short		3,790,315		—		—		3,790,315
Custom Basket Swap Agreements**		—		1,414,259		—		1,414,259
Total Liabilities	$	10,218,054	$	1,414,259	$	—	$	11,632,313

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

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the current fiscal period.

For the period ended December 31, 2018, there were no transfers between levels.

Small Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Shares		Value
COMMON STOCKS† - 94.3%
Financial - 36.2%
Equity Commonwealth REIT		8,376	$	251,364
Cathay General Bancorp		6,730		225,657
Physicians Realty Trust REIT		13,329		213,664
Wintrust Financial Corp.		3,135		208,446
BancorpSouth Bank		7,664		200,337
Redwood Trust, Inc. REIT		12,088		182,166
Umpqua Holdings Corp.		11,449		182,039
Beneficial Bancorp, Inc.		12,538		179,168
Trustmark Corp.		6,268		178,199
Radian Group, Inc.		10,825		177,097
Invesco Mortgage Capital, Inc. REIT		11,953		173,079
TriCo Bancshares		5,072		171,383
Federal Agricultural Mortgage Corp. — Class C		2,752		166,331
Tier REIT, Inc.		7,598		156,747
Investors Bancorp, Inc.		14,843		154,367
Hanmi Financial Corp.		7,494		147,632
National Storage Affiliates Trust REIT		5,100		134,946
Cousins Properties, Inc. REIT		16,852		133,131
Prosperity Bancshares, Inc.		2,017		125,659
Berkshire Hills Bancorp, Inc.		4,553		122,794
Argo Group International Holdings Ltd.		1,823		122,597
RLJ Lodging Trust REIT		7,155		117,342
Pinnacle Financial Partners, Inc.		2,419		111,516
IBERIABANK Corp.		1,614		103,748
Old National Bancorp		6,516		100,346
Hancock Whitney Corp.		2,772		96,050
MB Financial, Inc.		2,354		93,289
Sunstone Hotel Investors, Inc. REIT		6,800		88,468
Lexington Realty Trust REIT		10,690		87,765
Piedmont Office Realty Trust, Inc. — Class A REIT		4,930		84,007
Fulton Financial Corp.		5,395		83,515
Hilltop Holdings, Inc.		4,256		75,884
Cohen & Steers, Inc.		2,197		75,401
Howard Hughes Corp.*		770		75,167
CNO Financial Group, Inc.		4,854		72,227
Flagstar Bancorp, Inc.*		2,670		70,488
First Horizon National Corp.		5,173		68,077
Washington Federal, Inc.		2,343		62,582
Stifel Financial Corp.		1,429		59,189
Pebblebrook Hotel Trust REIT		1,989		56,309
MBIA, Inc.*		6,260		55,839
RE/MAX Holdings, Inc. — Class A		1,813		55,750
American National Insurance Co.		408		51,914
Total Financial				5,351,676
Industrial - 14.0%
Louisiana-Pacific Corp.		7,351		163,339
Esterline Technologies Corp.*		1,190		144,526
Scorpio Tankers, Inc.		79,110		139,234
GATX Corp.		1,963		139,000
US Concrete, Inc.*		3,439		121,328
Valmont Industries, Inc.		1,043		115,721
ITT, Inc.		2,389		115,317
Graphic Packaging Holding Co.		10,582		112,592
Matson, Inc.		3,376		108,099
Trinseo S.A.		2,334		106,850
Worthington Industries, Inc.		2,733		95,218
Plexus Corp.*		1,718		87,756
Owens Corning		1,794		78,900
Sanmina Corp.*		3,202		77,040
Park Electrochemical Corp.		4,244		76,689
Gibraltar Industries, Inc.*		2,144		76,305
Kirby Corp.*		1,123		75,645
Crane Co.		943		68,066
Astec Industries, Inc.		2,124		64,124
KEMET Corp.		3,167		55,549
Oshkosh Corp.		846		51,868
Total Industrial				2,073,166
Consumer, Cyclical - 11.7%
Hawaiian Holdings, Inc.		6,334		167,281
UniFirst Corp.		1,124		160,811
Caleres, Inc.		4,228		117,665
Acushnet Holdings Corp.		5,461		115,063
Wyndham Hotels & Resorts, Inc.		2,525		114,559
Tenneco, Inc. — Class A		3,482		95,372
International Speedway Corp. — Class A		2,160		94,738
WABCO Holdings, Inc.*		880		94,459
Foot Locker, Inc.		1,646		87,567
La-Z-Boy, Inc.		2,887		79,999
MDC Holdings, Inc.		2,720		76,459
Unifi, Inc.*		3,345		76,400
Wabash National Corp.		5,436		71,103
PC Connection, Inc.		2,314		68,795
Century Communities, Inc.*		3,961		68,367
Methode Electronics, Inc.		2,915		67,890
Dana, Inc.		4,872		66,406
Asbury Automotive Group, Inc.*		904		60,261
Cato Corp. — Class A		3,556		50,744
Total Consumer, Cyclical				1,733,939
Consumer, Non-cyclical - 10.0%
Encompass Health Corp.		2,916		179,917
Central Garden & Pet Co. — Class A*		5,121		160,031
Euronet Worldwide, Inc.*		1,543		157,972
Navigant Consulting, Inc.		5,680		136,604
Emergent BioSolutions, Inc.*		1,804		106,941
SP Plus Corp.*		3,450		101,913
Fresh Del Monte Produce, Inc.		3,454		97,645
Sanderson Farms, Inc.		927		92,042
Cambrex Corp.*		2,190		82,694
Eagle Pharmaceuticals, Inc.*		2,021		81,426
AMAG Pharmaceuticals, Inc.*		5,351		81,282
Carriage Services, Inc. — Class A		4,493		69,642
Hostess Brands, Inc.*		6,010		65,749
Inovio Pharmaceuticals, Inc.*		12,963		51,852
ACCO Brands Corp.		848		5,750
Total Consumer, Non-cyclical				1,471,460
Utilities - 6.6%
Black Hills Corp.		3,651		229,210
Portland General Electric Co.		4,857		222,693
Southwest Gas Holdings, Inc.		1,797		137,471
PNM Resources, Inc.		2,628		107,985

Small Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Shares		Value
COMMON STOCKS† - 94.3% (continued)
Utilities - 6.6% (continued)
ALLETE, Inc.		1,330	$	101,373
Spire, Inc.		1,216		90,081
Ormat Technologies, Inc.		1,704		89,119
Total Utilities				977,932
Communications - 5.2%
Ciena Corp.*		4,768		161,683
Viavi Solutions, Inc.*		15,766		158,448
Finisar Corp.*		5,267		113,767
Scholastic Corp.		2,561		103,106
InterDigital, Inc.		1,200		79,716
Liberty Latin America Ltd. — Class C*		3,671		53,487
Gray Television, Inc.*		3,624		53,418
Tribune Publishing Co.*		4,081		46,278
Total Communications				769,903
Energy - 4.7%
Range Resources Corp.		15,428		147,646
Whiting Petroleum Corp.*		5,284		119,894
Oasis Petroleum, Inc.*		20,726		114,615
NOW, Inc.*		6,743		78,488
Gulfport Energy Corp.*		9,740		63,797
MRC Global, Inc.*		5,072		62,031
Antero Resources Corp.*		5,364		50,368
Oceaneering International, Inc.*		4,054		49,053
Total Energy				685,892
Technology - 3.9%
Evolent Health, Inc. — Class A*		6,329		126,263
Cray, Inc.*		5,127		110,692
ManTech International Corp. — Class A		2,004		104,799
CSG Systems International, Inc.		2,409		76,534
Lattice Semiconductor Corp.*		7,812		54,059
Nanometrics, Inc.*		1,924		52,583
TiVo Corp.		5,514		51,887
Total Technology				576,817
Basic Materials - 2.0%
Ashland Global Holdings, Inc.		2,223		157,744
Huntsman Corp.		3,781		72,935
Tahoe Resources, Inc.*		17,204		62,795
Total Basic Materials				293,474
Total Common Stocks
(Cost $14,918,417)				13,934,259

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

EXCHANGE-TRADED FUNDS† - 3.0%
iShares Russell 2000 Value ETF	4,171	448,549
Total Exchange-Traded Funds
(Cost $565,676)		448,549

MONEY MARKET FUND† - 2.4%
Dreyfus Treasury Securities Cash Management — Institutional Shares 2.20%3	355,282		355,282
Total Money Market Fund
(Cost $355,282)			355,282
Total Investments - 99.7%
(Cost $15,845,343)		$	14,738,092
Other Assets & Liabilities, net - 0.3%			40,916
Total Net Assets - 100.0%		$	14,779,008

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
†††	Value determined based on Level 3 inputs — See Note 3.
1	Security was fair valued by the Valuation Committee at December 31, 2018. The total market value of fair valued securities amounts to $2, (cost $5,968) or less than 0.1% of total net assets.
2	PIPE (Private Investment in Public Equity) - Stock issued by a company in the secondary market as a means of raising capital more quickly and less expensively than through registration of a secondary public offering.
3	Rate indicated is the 7-day yield as of December 31, 2018.

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2018 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	13,934,259	$	—	$	—	$	13,934,259
Convertible Preferred Stocks		—		—		2		2
Exchange-Traded Funds		448,549		—		—		448,549
Money Market Fund		355,282		—		—		355,282
Total Assets	$	14,738,090	$	—	$	2	$	14,738,092

Small Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the current fiscal period.

For the period ended December 31, 2018, there were no transfers between levels.

StylePlus—Large Core Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Shares		Value
COMMON STOCKS† - 20.3%
Consumer, Non-cyclical - 5.7%
Procter & Gamble Co.		7,848	$	721,388
PepsiCo, Inc.		5,573		615,705
Amgen, Inc.		2,904		565,322
Kimberly-Clark Corp.		3,996		455,304
Altria Group, Inc.		9,139		451,375
McKesson Corp.		3,957		437,130
Tyson Foods, Inc. — Class A		7,639		407,922
Humana, Inc.		1,223		350,365
Quest Diagnostics, Inc.		4,184		348,402
Archer-Daniels-Midland Co.		8,408		344,476
HCA Healthcare, Inc.		2,618		325,810
Western Union Co.		18,659		318,323
Molson Coors Brewing Co. — Class B		5,657		317,697
UnitedHealth Group, Inc.		1,273		317,130
Cardinal Health, Inc.		6,947		309,836
Philip Morris International, Inc.		4,070		271,713
Sysco Corp.		3,936		246,630
Gilead Sciences, Inc.		3,872		242,194
Johnson & Johnson		1,862		240,291
Allergan plc		1,770		236,578
Pfizer, Inc.		4,845		211,484
AbbVie, Inc.		2,139		197,195
Laboratory Corporation of America Holdings*		1,520		192,067
Merck & Company, Inc.		2,491		190,337
Kroger Co.		5,270		144,925
Regeneron Pharmaceuticals, Inc.*		367		137,074
CVS Health Corp.		2,063		135,168
WellCare Health Plans, Inc.*		504		118,989
Anthem, Inc.		442		116,082
Mondelez International, Inc. — Class A		2,859		114,446
Estee Lauder Companies, Inc. — Class A		850		110,585
DaVita, Inc.*		2,101		108,118
Abbott Laboratories		1,480		107,048
Baxter International, Inc.		1,590		104,654
Edwards Lifesciences Corp.*		683		104,615
Cigna Corp.		543		103,127
Medtronic plc		1,128		102,603
Constellation Brands, Inc. — Class A		636		102,282
Alexion Pharmaceuticals, Inc.*		1,049		102,131
Thermo Fisher Scientific, Inc.		440		98,468
Becton Dickinson and Co.		436		98,239
Mylan N.V.*		3,581		98,119
Total Consumer, Non-cyclical				10,321,347
Technology - 4.0%
Apple, Inc.		8,438		1,331,010
Microsoft Corp.		10,194		1,035,404
Intel Corp.		15,424		723,848
Oracle Corp.		13,242		597,876
QUALCOMM, Inc.		8,494		483,394
HP, Inc.		19,517		399,318
DXC Technology Co.		7,229		384,366
NetApp, Inc.		4,692		279,972
Citrix Systems, Inc.		2,508		256,970
Western Digital Corp.		6,564		242,671
Seagate Technology plc		5,499		212,206
International Business Machines Corp.		1,809		205,629
Texas Instruments, Inc.		1,869		176,620
Applied Materials, Inc.		5,186		169,790
Broadcom, Inc.		666		169,350
Lam Research Corp.		1,035		140,936
KLA-Tencor Corp.		1,416		126,718
Qorvo, Inc.*		2,053		124,679
Skyworks Solutions, Inc.		1,717		115,073
Electronic Arts, Inc.*		1,423		112,289
Activision Blizzard, Inc.		2,345		109,207
Total Technology				7,397,326
Communications - 2.9%
Alphabet, Inc. — Class C*		839		868,877
Amazon.com, Inc.*		550		826,083
Cisco Systems, Inc.		17,312		750,129
Verizon Communications, Inc.		11,909		669,524
Omnicom Group, Inc.		5,056		370,302
Juniper Networks, Inc.		11,976		322,274
Walt Disney Co.		2,759		302,524
Facebook, Inc. — Class A*		2,223		291,413
AT&T, Inc.		9,370		267,420
Comcast Corp. — Class A		7,749		263,854
Discovery, Inc. — Class A*		9,569		236,737
Twenty-First Century Fox, Inc. — Class B		3,162		151,080
Total Communications				5,320,217
Industrial - 2.7%
Caterpillar, Inc.		4,301		546,528
Union Pacific Corp.		3,526		487,399
Eaton Corporation plc		6,429		441,415
Cummins, Inc.		3,078		411,344
FedEx Corp.		2,271		366,381
Parker-Hannifin Corp.		2,440		363,902
Norfolk Southern Corp.		2,430		363,382
Textron, Inc.		7,775		357,572
CSX Corp.		5,726		355,756
Johnson Controls International plc		11,627		344,741
Kansas City Southern		3,520		335,984
Corning, Inc.		6,865		207,392
Expeditors International of Washington, Inc.		3,027		206,108
Snap-on, Inc.		770		111,873
United Technologies Corp.		968		103,073
Total Industrial				5,002,850
Energy - 2.1%
Exxon Mobil Corp.		13,166		897,790
Chevron Corp.		7,033		765,120
ConocoPhillips		6,463		402,968
Kinder Morgan, Inc.		21,721		334,069
Occidental Petroleum Corp.		5,389		330,777
Phillips 66		3,602		310,312
Valero Energy Corp.		4,073		305,353
HollyFrontier Corp.		4,543		232,238
Williams Companies, Inc.		6,397		141,054
Marathon Oil Corp.		7,841		112,440
Marathon Petroleum Corp.		1,546		91,229
Total Energy				3,923,350

StylePlus—Large Core Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Shares		Value
COMMON STOCKS† - 20.3% (continued)
Financial - 1.3%
JPMorgan Chase & Co.		4,153	$	405,416
Berkshire Hathaway, Inc. — Class B*		1,593		325,259
Hartford Financial Services Group, Inc.		6,859		304,882
State Street Corp.		3,706		233,737
Prudential Financial, Inc.		2,652		216,271
Bank of America Corp.		7,505		184,923
Visa, Inc. — Class A		1,172		154,634
Bank of New York Mellon Corp.		2,552		120,123
Travelers Companies, Inc.		1,000		119,750
Allstate Corp.		1,407		116,260
MetLife, Inc.		2,804		115,132
Citigroup, Inc.		1,296		67,470
Total Financial				2,363,857
Consumer, Cyclical - 1.1%
Delta Air Lines, Inc.		6,348		316,765
United Continental Holdings, Inc.*		3,594		300,926
Southwest Airlines Co.		6,409		297,890
American Airlines Group, Inc.		8,457		271,554
Alaska Air Group, Inc.		3,303		200,988
Best Buy Company, Inc.		2,699		142,939
Nike, Inc. — Class B		1,690		125,297
Dollar General Corp.		1,124		121,482
General Motors Co.		3,534		118,212
TJX Companies, Inc.		2,394		107,107
Total Consumer, Cyclical				2,003,160
Basic Materials - 0.5%
International Paper Co.		9,881		398,797
Linde plc		813		126,860
DowDuPont, Inc.		2,139		114,394
LyondellBasell Industries N.V. — Class A		1,344		111,767
Eastman Chemical Co.		1,517		110,908
Total Basic Materials				862,726
Total Common Stocks
(Cost $40,897,080)				37,194,833

MUTUAL FUNDS† - 74.2%
Guggenheim Strategy Fund III1	2,649,576	65,682,977
Guggenheim Strategy Fund II1	2,109,451	52,356,585
Guggenheim Limited Duration Fund - Institutional Class1	416,041	10,238,769
Guggenheim Ultra Short Duration Fund1,2	732,550	7,296,198
Total Mutual Funds
(Cost $136,055,536)		135,574,529

MONEY MARKET FUND† - 4.9%
Dreyfus Treasury Securities Cash Management - Institutional Shares 2.20%3	8,880,519		8,880,519
Total Money Market Fund
(Cost $8,880,519)			8,880,519
Total Investments - 99.4%
(Cost $185,833,135)		$	181,649,881
Other Assets & Liabilities, net - 0.6%			1,030,354
Total Net Assets - 100.0%		$	182,680,235

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Depreciation**
Equity Futures Contracts Purchased†
S&P 500 Index Mini Futures Contracts		12	Mar 2019	$	1,505,700	$	(16,874	)

Total Return Swap Agreements

Counterparty

Index

Financing Rate Pay

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Depreciation

OTC Equity Index Swap Agreements††,4

Wells Fargo Bank, N.A

S&P 500 Index

2.67

%

At Maturity

09/30/19

29,467

$

146,852,036

$

(22,017,536

)

*	Non-income producing security.
**	Includes cumulative appreciation (depreciation).
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	Affiliated issuer.
2	Effective November 30, 2018, Guggenheim Strategy Fund I was reorganized with and into the Guggenheim Ultra Short Duration Fund.
3	Rate indicated is the 7-day yield as of December 31, 2018.

StylePlus—Large Core Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

⁴ Total Return based on S&P 500 Index +/- financing at a variable rate. Rate indicated is the rate effective at December 31, 2018.

plc — Public Limited Company

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2018 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	37,194,833	$	—	$	—	$	37,194,833
Mutual Funds		135,574,529		—		—		135,574,529
Money Market Fund		8,880,519		—		—		8,880,519
Total Assets	$	181,649,881	$	—	$	—	$	181,649,881
Investments in Securities (Liabilities)		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	16,874	$	—	$	—	$	16,874
Equity Index Swap Agreements**		—		22,017,536		—		22,017,536
Total Liabilities	$	16,874	$	22,017,536	$	—	$	22,034,410

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

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the current fiscal period.

For the period ended December 31, 2018, there were no transfers between levels.

Affiliated Transactions

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Cash Management Funds”), each of which are open-end management investment companies managed by GI. The Cash Management Funds, which launched on March 11, 2014, are offered as cash management options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Cash Management Funds pay no investment management fees. The Cash Management Funds’ annual report on Form N-CSR dated September 30, 2018, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000089180418000513/gug75569-ncsr.htm.

Transactions during the period ended December 31, 2018, in which the company is an "affiliated person", were as follows:

Security Name	Value 09/30/18		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 12/31/18		Shares 12/31/18		Investment Income		Capital Gain Distributions
Mutual Funds
Guggenheim Limited Duration Fund - Institutional Class	$	16,592,241	$	100,709	$	(6,401,967	)	$	123,918		$	(176,132	)	$	10,238,769		416,041	$	100,002	$	319
Guggenheim Strategy Fund II		66,163,141		530,137		(13,968,303	)		(4,174	)		(364,216	)		52,356,585		2,109,451		492,730		30,930
Guggenheim Strategy Fund III		78,685,454		694,264		(13,063,355	)		(77,617	)		(555,769	)		65,682,977		2,649,576		682,511		2,778
Guggenheim Ultra Short Duration Fund1		17,256,263		73,949		(9,994,950	)		31,442			(70,506	)		7,296,198		732,550		67,883		5,297
	$	178,697,099	$	1,399,059	$	(43,428,575	)	$	73,569		$	(1,166,623	)	$	135,574,529			$	1,343,126	$	39,324

1 Effective November 30, 2018, Guggenheim Strategy Fund I was reorganized with and into the Guggenheim Ultra Short Duration Fund.

StylePlus—Mid Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Shares		Value
COMMON STOCKS† - 19.8%
Consumer, Non-cyclical - 5.0%
Centene Corp.*		1,863	$	214,804
McKesson Corp.		1,453		160,513
Edwards Lifesciences Corp.*		1,022		156,540
Kimberly-Clark Corp.		1,337		152,338
Post Holdings, Inc.*		1,627		145,014
Total System Services, Inc.		1,773		144,127
McCormick & Company, Inc.		969		134,924
Western Union Co.		7,723		131,754
Laboratory Corporation of America Holdings*		1,037		131,035
Sysco Corp.		1,933		121,122
FleetCor Technologies, Inc.*		647		120,161
CoreLogic, Inc.*		3,203		107,044
Kellogg Co.		1,877		107,008
AmerisourceBergen Corp. — Class A		1,345		100,068
Encompass Health Corp.		1,398		86,256
Herbalife Nutrition Ltd.*		1,458		85,949
Gartner, Inc.*		652		83,352
Baxter International, Inc.		1,265		83,262
Square, Inc. — Class A*		1,434		80,433
Align Technology, Inc.*		374		78,327
Sabre Corp.		3,550		76,822
Premier, Inc. — Class A*		2,007		74,961
Cardinal Health, Inc.		1,546		68,952
Performance Food Group Co.*		2,135		68,896
WellCare Health Plans, Inc.*		285		67,286
DaVita, Inc.*		1,304		67,104
US Foods Holding Corp.*		2,052		64,925
Henry Schein, Inc.*		766		60,146
Booz Allen Hamilton Holding Corp.		1,238		55,797
Church & Dwight Company, Inc.		823		54,121
ResMed, Inc.		473		53,861
Molina Healthcare, Inc.*		449		52,183
Keurig Dr Pepper, Inc.		2,026		51,946
ABIOMED, Inc.*		153		49,731
Brown-Forman Corp. — Class B		1,027		48,865
Hershey Co.		455		48,767
IDEXX Laboratories, Inc.*		246		45,761
PRA Health Sciences, Inc.*		486		44,693
Verisk Analytics, Inc. — Class A*		398		43,398
WEX, Inc.*		305		42,718
Alexion Pharmaceuticals, Inc.*		412		40,112
Avery Dennison Corp.		445		39,974
Bright Horizons Family Solutions, Inc.*		349		38,896
Cintas Corp.		225		37,798
CoStar Group, Inc.*		110		37,108
Total Consumer, Non-cyclical				3,758,852
Technology - 4.6%
Citrix Systems, Inc.		2,135		218,752
Paychex, Inc.		3,098		201,835
NetApp, Inc.		3,241		193,391
Fiserv, Inc.*		2,306		169,468
ServiceNow, Inc.*		873		155,438
Lam Research Corp.		1,141		155,370
Fidelity National Information Services, Inc.		1,392		142,750
Analog Devices, Inc.		1,437		123,338
Autodesk, Inc.*		927		119,221
Xilinx, Inc.		1,387		118,131
Cognizant Technology Solutions Corp. — Class A		1,855		117,755
Skyworks Solutions, Inc.		1,697		113,733
Cerner Corp.*		2,111		110,701
KLA-Tencor Corp.		1,185		106,046
Zebra Technologies Corp. — Class A*		647		103,022
Maxim Integrated Products, Inc.		1,829		93,005
Broadridge Financial Solutions, Inc.		860		82,775
CDK Global, Inc.		1,651		79,050
Akamai Technologies, Inc.*		1,176		71,830
MAXIMUS, Inc.		1,093		71,143
Black Knight, Inc.*		1,571		70,789
Workday, Inc. — Class A*		436		69,620
Cadence Design Systems, Inc.*		1,563		67,959
j2 Global, Inc.		975		67,645
Splunk, Inc.*		558		58,506
ON Semiconductor Corp.*		3,532		58,313
Advanced Micro Devices, Inc.*		2,970		54,826
Microchip Technology, Inc.		736		52,933
NCR Corp.*		2,244		51,792
Cypress Semiconductor Corp.		3,846		48,921
Veeva Systems, Inc. — Class A*		534		47,697
Take-Two Interactive Software, Inc.*		436		44,882
MKS Instruments, Inc.		668		43,159
Teradyne, Inc.		1,323		41,516
First Data Corp. — Class A*		2,446		41,362
NXP Semiconductor N.V.		540		39,571
Cirrus Logic, Inc.*		1,189		39,451
Applied Materials, Inc.		947		31,005
Total Technology				3,476,701
Industrial - 4.3%
Cummins, Inc.		1,313		175,469
Expeditors International of Washington, Inc.		2,537		172,744
CH Robinson Worldwide, Inc.		2,043		171,796
Ingersoll-Rand plc		1,658		151,259
Old Dominion Freight Line, Inc.		1,223		151,028
Parker-Hannifin Corp.		1,007		150,184
Rockwell Automation, Inc.		981		147,621
J.B. Hunt Transport Services, Inc.		1,585		147,469
Amphenol Corp. — Class A		1,774		143,730
Textron, Inc.		3,117		143,351
Masco Corp.		4,890		142,984
XPO Logistics, Inc.*		2,206		125,830
Landstar System, Inc.		1,311		125,423
Genesee & Wyoming, Inc. — Class A*		1,503		111,252
Harris Corp.		726		97,756
Huntington Ingalls Industries, Inc.		489		93,062
Xylem, Inc.		1,305		87,070
Waters Corp.*		442		83,383
Spirit AeroSystems Holdings, Inc. — Class A		1,142		82,327
Roper Technologies, Inc.		264		70,361

StylePlus—Mid Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Shares		Value
COMMON STOCKS† - 19.8% (continued)
Industrial - 4.3% (continued)
FLIR Systems, Inc.		1,561	$	67,966
Barnes Group, Inc.		1,254		67,239
Schneider National, Inc. — Class B		2,965		55,357
Sensata Technologies Holding plc*		1,180		52,911
Rexnord Corp.*		2,291		52,578
Fortive Corp.		734		49,662
EnerSys		601		46,644
Martin Marietta Materials, Inc.		258		44,343
Packaging Corporation of America		513		42,815
EMCOR Group, Inc.		715		42,678
Crown Holdings, Inc.*		972		40,406
Coherent, Inc.*		364		38,478
Vulcan Materials Co.		383		37,840
Gentex Corp.		1,803		36,439
Total Industrial				3,249,455
Consumer, Cyclical - 2.4%
Allison Transmission Holdings, Inc.		3,336		146,484
AutoZone, Inc.*		174		145,871
HD Supply Holdings, Inc.*		3,539		132,783
Delta Air Lines, Inc.		2,053		102,444
Southwest Airlines Co.		2,164		100,583
Dollar General Corp.		898		97,056
WW Grainger, Inc.		301		84,990
Aptiv plc		1,148		70,682
PulteGroup, Inc.		2,584		67,158
Toll Brothers, Inc.		1,735		57,134
Best Buy Company, Inc.		1,054		55,820
Wyndham Destinations, Inc.		1,550		55,552
Ross Stores, Inc.		637		52,998
DR Horton, Inc.		1,470		50,950
Lear Corp.		397		48,776
Burlington Stores, Inc.*		294		47,825
O'Reilly Automotive, Inc.*		135		46,484
Copart, Inc.*		971		46,395
Wynn Resorts Ltd.		464		45,894
Chipotle Mexican Grill, Inc. — Class A*		104		44,906
Live Nation Entertainment, Inc.*		905		44,571
VF Corp.		587		41,877
KAR Auction Services, Inc.		858		40,944
Nordstrom, Inc.		836		38,966
Lions Gate Entertainment Corp. — Class A		2,395		38,560
Visteon Corp.*		622		37,494
Dunkin' Brands Group, Inc.		575		36,869
Darden Restaurants, Inc.		367		36,649
Total Consumer, Cyclical				1,816,715
Communications - 2.3%
Omnicom Group, Inc.		2,615		191,523
CDW Corp.		1,799		145,809
F5 Networks, Inc.*		856		138,698
InterDigital, Inc.		1,700		112,931
Palo Alto Networks, Inc.*		588		110,750
Motorola Solutions, Inc.		941		108,252
GoDaddy, Inc. — Class A*		1,588		104,204
Twitter, Inc.*		3,498		100,532
AMC Networks, Inc. — Class A*		1,743		95,656
VeriSign, Inc.*		631		93,571
Expedia Group, Inc.		697		78,517
eBay, Inc.*		2,114		59,340
IAC/InterActiveCorp*		266		48,689
Arista Networks, Inc.*		231		48,672
LogMeIn, Inc.		545		44,456
Sirius XM Holdings, Inc.		7,625		43,539
Interpublic Group of Companies, Inc.		2,065		42,601
Sinclair Broadcast Group, Inc. — Class A		1,609		42,381
TripAdvisor, Inc.*		781		42,127
New York Times Co. — Class A		1,863		41,526
GrubHub, Inc.*		453		34,795
Total Communications				1,728,569
Energy - 0.8%
Cheniere Energy, Inc.*		3,089		182,838
ONEOK, Inc.		3,144		169,619
Delek US Holdings, Inc.		2,821		91,711
Anadarko Petroleum Corp.		1,835		80,446
CVR Energy, Inc.		2,159		74,442
Total Energy				599,056
Basic Materials - 0.3%
International Paper Co.		1,460		58,925
Westlake Chemical Corp.		688		45,525
Chemours Co.		1,587		44,785
FMC Corp.		597		44,154
Celanese Corp. — Class A		481		43,276
Total Basic Materials				236,665
Financial - 0.1%
Alliance Data Systems Corp.		573		85,996
Total Common Stocks
(Cost $16,787,153)				14,952,009

MUTUAL FUNDS† - 72.3%
Guggenheim Strategy Fund III1	1,058,463	26,239,285
Guggenheim Strategy Fund II1	819,289	20,334,753
Guggenheim Limited Duration Fund - Institutional Class1	172,964	4,256,645
Guggenheim Ultra Short Duration Fund1,2	349,223	3,478,258
Total Mutual Funds
(Cost $54,510,625)		54,308,941

MONEY MARKET FUND† - 5.4%
Dreyfus Treasury Securities Cash Management — Institutional Shares 2.20%3	4,035,567		4,035,567
Total Money Market Fund
(Cost $4,035,567)			4,035,567
Total Investments - 97.5%
(Cost $75,333,345)		$	73,296,517
Other Assets & Liabilities, net - 2.5%			1,855,835
Total Net Assets - 100.0%		$	75,152,352

StylePlus—Mid Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

Futures Contracts
Description	Contracts		Expiration Date	Notional Amount		Value and Unrealized Depreciation**
Equity Futures Contracts Purchased†
S&P 500 Index Mini Futures Contracts		2	Mar 2019	$	250,950	$	(2,812	)
NASDAQ-100 Index Mini Futures Contracts		2	Mar 2019		253,810		(5,500	)
S&P MidCap 400 Index Mini Futures Contracts		4	Mar 2019		665,440		(13,335	)
				$	1,170,200	$	(21,647	)

Total Return Swap Agreements

Counterparty

Index

Financing Rate Pay

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Depreciation

OTC Equity Index Swap Agreements††

Wells Fargo Bank, N.A

Russell MidCap Growth Index

2.58

%

At Maturity

09/30/19

21,759

$

58,722,536

$

(11,477,002

)

*	Non-income producing security.
**	Includes cumulative appreciation (depreciation).
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	Affiliated issuer.
2	Effective November 30, 2018, Guggenheim Strategy Fund I was reorganized with and into the Guggenheim Ultra Short Duration Fund.
3	Rate indicated is the 7-day yield as of December 31, 2018.

plc — Public Limited Company

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2018 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	14,952,009	$	—	$	—	$	14,952,009
Mutual Funds		54,308,941		—		—		54,308,941
Money Market Fund		4,035,567		—		—		4,035,567
Total Assets	$	73,296,517	$	—	$	—	$	73,296,517
Investments in Securities (Liabilities)		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	21,647	$	—	$	—	$	21,647
Equity Index Swap Agreements**		—		11,477,002		—		11,477,002
Total Liabilities	$	21,647	$	11,477,002	$	—	$	11,498,649

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

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the current fiscal period.

For the period ended December 31, 2018, there were no transfers between levels.

StylePlus—Mid Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

Affiliated Transactions

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Cash Management Funds”), each of which are open-end management investment companies managed by GI. The Cash Management Funds, which launched on March 11, 2014, are offered as cash management options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Cash Management Funds pay no investment management fees. The Cash Management Funds’ annual report on Form N-CSR dated September 30, 2018, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000089180418000513/gug75569-ncsr.htm.

Transactions during the period ended December 31, 2018, in which the company is an "affiliated person", were as follows:    

Security Name	Value 09/30/18		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 12/31/18		Shares 12/31/18		Investment Income		Capital Gain Distributions
Mutual Funds
Guggenheim Limited Duration Fund - Institutional Class	$	6,598,929	$	40,108	$	(2,361,609	)	$	45,744		$	(66,527	)	$	4,256,645		172,964	$	39,819	$	127
Guggenheim Strategy Fund II		25,058,692		201,566		(4,785,434	)		109			(140,180	)		20,334,753		819,289		187,304		11,746
Guggenheim Strategy Fund III		30,040,343		269,377		(3,819,309	)		(29,757	)		(221,369	)		26,239,285		1,058,463		264,667		1,125
Guggenheim Ultra Short Duration Fund1		8,642,455		3,841,980		(8,987,061	)		(7,143	)		(11,973	)		3,478,258		349,223		34,108		2,525
	$	70,340,419	$	4,353,031	$	(19,953,413	)	$	8,953		$	(440,049	)	$	54,308,941			$	525,898	$	15,523

¹ Effective November 30, 2018, Guggenheim Strategy Fund I was reorganized with and into the Guggenheim Ultra Short Duration Fund.

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Shares		Value
COMMON STOCKS† - 0.0%
Energy - 0.0%
Titan Energy LLC*		6,740	$	2,022
Technology – 0.0%
Aspect Software, Inc.*,†††,1,2		2		–
Total Common Stocks
(Cost $200,000)				2,022

PREFERRED STOCKS†† - 0.0%
Industrial - 0.0%
Seaspan Corp. 6.38% due 04/30/19	32,300	817,513
Total Preferred Stocks
(Cost $807,500)		817,513

WARRANTS††† - 0.0%
Aspect Software, Inc.1,2	1,318	–
Total Warrants
(Cost $–)		–

MUTUAL FUNDS† - 1.3%
Guggenheim Floating Rate Strategies Fund — Institutional Class2	2,851,508	70,802,935
Guggenheim Ultra Short Duration Fund2,3	2,564,993	25,547,327
Guggenheim Strategy Fund II2	1,027,350	25,498,827
Guggenheim Strategy Fund III2	1,027,004	25,459,439
Total Mutual Funds
(Cost $151,143,138)		147,308,528

MONEY MARKET FUND† - 2.7%
Federated U.S. Treasury Cash Reserve Fund — Institutional Shares 2.19%4	299,885,754	299,885,754
Total Money Market Fund
(Cost $299,885,754)		299,885,754

	Face Amount~
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 26.4%
Residential Mortgage Backed Securities - 12.0%
Soundview Home Loan Trust
2006-OPT5, 2.65% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 07/25/365		83,685,729	80,576,311
2005-OPT3, 2.98% (1 Month USD LIBOR + 0.47%, Rate Floor: 0.47%) due 11/25/355		19,495,000	19,202,704
2007-1, 2.68% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 03/25/375		2,909,476	2,887,460
Home Equity Loan Trust
2007-FRE1, 2.70% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 04/25/375		105,407,961	97,785,721
CIT Mortgage Loan Trust
2007-1, 3.86% (1 Month USD LIBOR + 1.35%, Rate Floor: 1.35%) due 10/25/375,6		56,518,830	57,115,262
2007-1, 3.96% (1 Month USD LIBOR + 1.45%, Rate Floor: 1.45%) due 10/25/375,6		4,142,427	4,166,688
Structured Asset Securities Corporation Mortgage Loan Trust
2008-BC4, 3.14% (1 Month USD LIBOR + 0.63%, Rate Floor: 0.63%) due 11/25/375		47,756,529	47,087,069
2006-BC4, 2.68% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 12/25/365		7,042,251	6,748,207
2006-BC3, 2.67% (1 Month USD LIBOR + 0.16%, Rate Floor: 0.16%) due 10/25/365		6,330,688	5,542,424
2006-BC6, 2.68% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 01/25/375		825,332	803,897
Alternative Loan Trust
2007-OA4, 2.68% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 05/25/475		31,292,128	28,987,116
2007-OH3, 2.80% (1 Month USD LIBOR + 0.29%, Rate Cap/Floor: 10.00%/0.29%) due 09/25/475		11,819,916	11,516,374

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 26.4% (continued)
Residential Mortgage Backed Securities - 12.0% (continued)
2005-38, 2.86% (1 Month USD LIBOR + 0.35%, Rate Floor: 0.35%) due 09/25/355		8,692,970	$	8,259,390
2007-OA7, 2.69% (1 Month USD LIBOR + 0.18%, Rate Floor: 0.18%) due 05/25/475		4,824,661		4,652,753
NovaStar Mortgage Funding Trust Series
2007-2, 2.71% (1 Month USD LIBOR + 0.20%, Rate Cap/Floor: 11.00%/0.20%) due 09/25/375		55,463,073		53,362,176
CSMC Trust
2018-RPL9, 3.85% (WAC) due 09/25/575,6		51,932,096		52,529,316
Nomura Resecuritization Trust
2018-1R, 3.41% (1 Month USD LIBOR + 0.90%, Rate Floor: 0.00%) due 01/25/375,6		45,024,268		44,766,528
2015-4R, 1.39% (1 Month USD LIBOR + 0.43%, Rate Floor: 0.43%) due 03/26/365,6		1,749,808		1,693,090
2015-4R, 4.08% (1 Month USD LIBOR + 0.39%, Rate Floor: 0.39%) due 12/26/365,6		1,187,693		1,174,982
CIM Trust
2018-R4, 4.07% (WAC) due 12/26/575,6		32,817,035		32,446,497
2018-R2, 3.69% (WAC) due 08/25/575,6		15,362,904		15,111,074
Morgan Stanley ABS Capital I Incorporated Trust
2007-HE6, 2.69% (1 Month USD LIBOR + 0.18%, Rate Floor: 0.18%) due 05/25/375		31,005,924		27,216,336
2006-NC1, 2.89% (1 Month USD LIBOR + 0.38%, Rate Floor: 0.38%) due 12/25/355		7,800,000		7,729,153

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 26.4% (continued)
Residential Mortgage Backed Securities - 12.0% (continued)
2007-HE6, 2.57% (1 Month USD LIBOR + 0.06%, Rate Floor: 0.06%) due 05/25/375		4,221,442	$	3,679,230
2007-HE6, 2.76% (1 Month USD LIBOR + 0.25%, Rate Floor: 0.25%) due 05/25/375		3,100,735		2,738,598
Towd Point Mortgage Trust
2017-6, 2.75% (WAC) due 10/25/575,6		16,535,126		16,150,514
2017-5, 2.92% (1 Month USD LIBOR + 0.60%, Rate Floor: 0.00%) due 02/25/575,6		14,776,119		14,695,440
2018-1, 3.00% (WAC) due 01/25/585,6		7,756,286		7,614,602
Bear Stearns Asset Backed Securities I Trust
2006-HE9, 2.65% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 11/25/365		30,869,239		29,774,894
2006-HE3, 2.87% (1 Month USD LIBOR + 0.36%, Rate Floor: 0.36%) due 04/25/365		7,600,000		7,520,744
RALI Series Trust
2007-QO4, 2.70% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 05/25/475		10,197,272		9,643,727
2006-QO2, 2.73% (1 Month USD LIBOR + 0.22%, Rate Floor: 0.22%) due 02/25/465		21,143,380		8,397,958
2007-QO2, 2.66% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 02/25/475		11,457,402		6,848,706
2005-QO1, 2.81% (1 Month USD LIBOR + 0.30%, Rate Floor: 0.30%) due 08/25/355		4,802,771		4,233,401
2006-QS8, 2.96% (1 Month USD LIBOR + 0.45%, Rate Floor: 0.45%) due 08/25/365		3,827,560		2,822,915
2006-QO2, 2.78% (1 Month USD LIBOR + 0.27%, Rate Floor: 0.27%) due 02/25/465		5,212,012		2,121,694
2007-QO3, 2.67% (1 Month USD LIBOR + 0.16%, Rate Floor: 0.16%) due 03/25/475		1,935,491		1,816,286
American Home Mortgage Investment Trust
2007-1, 2.08% due 05/25/477		189,779,877		29,848,199
HSI Asset Securitization Corporation Trust
2006-OPT2, 2.90% (1 Month USD LIBOR + 0.39%, Rate Floor: 0.39%) due 01/25/365		29,140,000		28,695,029
First NLC Trust
2005-4, 2.90% (1 Month USD LIBOR + 0.39%, Rate Cap/Floor: 14.00%/0.39%) due 02/25/365		25,668,317		25,381,048
2005-1, 1.19% (1 Month USD LIBOR + 0.46%, Rate Cap/Floor: 14.00%/0.23%) due 05/25/355		2,971,211		2,863,516
Countrywide Asset-Backed Certificates
2006-6, 2.68% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 09/25/365		24,186,078		23,769,928
2005-15, 2.77% (1 Month USD LIBOR + 0.45%, Rate Floor: 0.45%) due 03/25/365		1,500,000		1,464,708

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 26.4% (continued)
Residential Mortgage Backed Securities - 12.0% (continued)
FirstKey Master Funding
2017-R1, 2.57% (1 Month USD LIBOR + 0.22%, Rate Floor: 0.22%) due 11/03/415,6		24,673,248	$	24,171,271
GSAMP Trust
2007-NC1, 2.64% (1 Month USD LIBOR + 0.13%, Rate Floor: 0.13%) due 12/25/465		35,528,847		23,046,824
2005-HE6, 2.95% (1 Month USD LIBOR + 0.44%, Rate Floor: 0.44%) due 11/25/355		425,493		425,619
COLT Mortgage Loan Trust
2018-3, 3.69% (WAC) due 10/26/485,6		23,469,551		23,444,481
Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust
2006-AR9, 2.99% (1 Year CMT Rate + 0.83%, Rate Floor: 0.83%) due 11/25/465		15,710,503		14,188,702
2006-AR9, 3.00% (1 Year CMT Rate + 0.84%, Rate Floor: 0.84%) due 11/25/465		7,728,683		6,768,624
2006-7, 4.38% due 09/25/36		2,714,324		1,247,004
2006-8, 4.51% due 10/25/36		452,454		250,547
LSTAR Securities Investment Limited
4.35% due 04/01/21		22,417,592		22,422,412
Cascade Funding Mortgage Trust
2018-RM2, 4.00% (WAC) due 10/25/685,6		21,430,395		21,542,047
HarborView Mortgage Loan Trust
2006-14, 2.62% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 01/25/475		12,334,226		11,782,799

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 26.4% (continued)
Residential Mortgage Backed Securities - 12.0% (continued)
2006-12, 2.66% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 01/19/385	9,943,320		$	9,550,571
Nationstar Home Equity Loan Trust
2007-B, 2.73% (1 Month USD LIBOR + 0.22%, Rate Floor: 0.22%) due 04/25/375		21,002,814		20,614,781
Credit-Based Asset Servicing & Securitization LLC
2006-CB2, 2.70% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 12/25/365		19,872,593		19,668,742
New Residential Mortgage Trust
2018-1A, 4.00% (WAC) due 12/25/575,6		16,724,831		16,809,738
LSTAR Securities Investment Trust
2018-2, 3.85% (1 Month USD LIBOR + 1.50%, Rate Floor: 0.00%) due 04/01/235,6		15,614,354		15,592,884
WaMu Mortgage Pass-Through Certificates Series Trust
2007-OA6, 2.68% (1 Year CMT Rate + 0.81%, Rate Floor: 0.81%) due 07/25/475		8,469,327		7,652,035
2007-OA3, 2.93% (1 Year CMT Rate + 0.77%, Rate Floor: 0.77%) due 04/25/475		5,260,506		4,719,149
2006-AR13, 3.04% (1 Year CMT Rate + 0.88%, Rate Floor: 0.88%) due 10/25/465		1,858,380		1,729,989
2006-AR11, 3.08% (1 Year CMT Rate + 0.92%, Rate Floor: 0.92%) due 09/25/465		1,542,480		1,427,734
Legacy Mortgage Asset Trust
2018-GS3, 4.00% due 06/25/586,8		15,078,137		14,942,263
Angel Oak Mortgage Trust LLC
2017-3, 2.71% (WAC) due 11/25/475,6		14,526,210		14,409,335
American Home Mortgage Assets Trust
2006-4, 2.70% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 10/25/465		11,890,349		8,435,144
2006-6, 2.70% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 12/25/465		2,811,920		2,382,187
2006-5, 3.08% (1 Year CMT Rate + 0.92%, Rate Floor: 0.92%) due 11/25/465		4,576,171		2,274,634
Impac Secured Assets CMN Owner Trust
2005-2, 2.76% (1 Month USD LIBOR + 0.25%, Rate Floor: 0.25%) due 03/25/365		13,823,768		12,871,476
JP Morgan Mortgage Acquisition Trust
2006-WMC4, 2.63% (1 Month USD LIBOR + 0.12%, Rate Floor: 0.12%) due 12/25/365		15,677,586		9,388,502
2006-HE2, 2.65% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 07/25/365		3,342,935		3,315,343
Lehman XS Trust Series
2007-2N, 2.69% (1 Month USD LIBOR + 0.18%, Rate Floor: 0.18%) due 02/25/375		8,946,151		8,531,823
2007-15N, 2.76% (1 Month USD LIBOR + 0.25%, Rate Floor: 0.00%) due 08/25/375		4,140,459		4,019,026

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 26.4% (continued)
Residential Mortgage Backed Securities - 12.0% (continued)
CSMC Series
2015-12R, 2.82% (WAC) due 11/30/375,6		11,813,214	$	11,762,317
Citigroup Mortgage Loan Trust, Inc.
2005-HE3, 3.24% (1 Month USD LIBOR + 0.74%, Rate Floor: 0.49%) due 09/25/355		11,687,000		11,667,297
Wachovia Asset Securitization Issuance II LLC Trust
2007-HE1, 2.65% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 07/25/375,6		6,621,870		6,298,571
2007-HE2A, 2.64% (1 Month USD LIBOR + 0.13%, Rate Floor: 0.13%) due 07/25/375,6		5,519,287		5,216,434
Deutsche Alt-A Securities Mortgage Loan Trust Series
2006-AF1, 2.61% (1 Month USD LIBOR + 0.30%, Rate Floor: 0.30%) due 04/25/365		7,935,202		7,445,766
2007-OA2, 2.93% (1 Year CMT Rate + 0.77%, Rate Floor: 0.77%) due 04/25/475		4,023,165		3,771,411
Asset Backed Securities Corporation Home Equity Loan Trust Series AEG
2006-HE1, 2.91% (1 Month USD LIBOR + 0.40%, Rate Floor: 0.40%) due 01/25/365		10,072,000		9,674,921
New Residential Mortgage Loan Trust
2018-2A, 3.50% (WAC) due 02/25/585,6		4,790,393		4,760,709
2017-5A, 4.01% (1 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 06/25/575,6		3,893,259		3,962,819
First Frankin Mortgage Loan Trust
2006-FF3, 2.80% (1 Month USD LIBOR + 0.29%, Rate Floor: 0.29%) due 02/25/365		8,616,000		8,361,357
Deephaven Residential Mortgage Trust
2017-3A, 2.58% (WAC) due 10/25/475,6		7,556,539		7,460,233
First Franklin Mortgage Loan Trust
2004-FF10, 3.59% (1 Month USD LIBOR + 1.28%, Rate Floor: 0.85%) due 07/25/345		7,088,682		7,095,076
ASG Resecuritization Trust
2010-3, 2.90% (1 Month USD LIBOR + 0.29%, Rate Cap/Floor: 10.50%/0.29%) due 12/28/455,6		6,912,359		6,679,971
IndyMac INDX Mortgage Loan Trust
2005-AR18, 3.29% (1 Month USD LIBOR + 0.78%, Rate Cap/Floor: 10.50%/0.78%) due 10/25/365		7,763,489		6,430,503
Structured Asset Investment Loan Trust
2005-11, 3.23% (1 Month USD LIBOR + 0.72%, Rate Floor: 0.36%) due 01/25/365		5,876,231		5,769,744
ACE Securities Corporation Home Equity Loan Trust Series
2005-HE2, 3.53% (1 Month USD LIBOR + 1.02%, Rate Floor: 0.68%) due 04/25/355		5,700,000		5,643,250

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 26.4% (continued)
Residential Mortgage Backed Securities - 12.0% (continued)
Argent Securities Incorporated Asset-Backed Pass-Through Certificates Series
2005-W2, 3.00% (1 Month USD LIBOR + 0.49%, Rate Floor: 0.49%) due 10/25/355		5,435,000	$	5,388,354
Park Place Securities Incorporated Asset-Backed Pass-Through Certificates Series
2005-WCW2, 3.30% (1 Month USD LIBOR + 0.80%, Rate Floor: 0.53%) due 07/25/355		5,000,000		4,989,559
Morgan Stanley Resecuritization Trust
2014-R9, 2.45% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 11/26/465,6		4,670,033		4,534,806
Morgan Stanley Capital I Incorporated Trust
2006-HE1, 2.80% (1 Month USD LIBOR + 0.29%, Rate Floor: 0.29%) due 01/25/365		4,238,957		4,147,127
Luminent Mortgage Trust
2006-2, 2.71% (1 Month USD LIBOR + 0.20%, Rate Floor: 0.20%) due 02/25/465		4,160,206		3,796,561
GE-WMC Asset-Backed Pass-Through Certificates Series
2005-2, 2.76% (1 Month USD LIBOR + 0.25%, Rate Floor: 0.25%) due 12/25/355		3,811,299		3,784,209
WaMu Asset-Backed Certificates WaMu Series
2007-HE4, 2.76% (1 Month USD LIBOR + 0.25%, Rate Floor: 0.25%) due 07/25/475		5,022,478		3,545,872

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 26.4% (continued)
Residential Mortgage Backed Securities - 12.0% (continued)
Merrill Lynch Alternative Note Asset Trust Series
2007-OAR3, 2.51% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 07/25/475		3,815,927	$	3,514,853
CWABS Asset-Backed Certificates Trust
2004-15, 3.67% (1 Month USD LIBOR + 1.35%, Rate Floor: 0.90%) due 04/25/355		3,490,000		3,513,680
GSAA Trust
2005-10, 3.16% (1 Month USD LIBOR + 0.65%, Rate Floor: 0.65%) due 06/25/355		3,103,248		3,078,821
GSMSC Resecuritization Trust
2015-5R, 2.45% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 04/26/375,6		2,988,895		2,972,996
GSAA Home Equity Trust
2006-3, 2.70% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 03/25/365		4,087,324		2,384,414
2007-7, 2.78% (1 Month USD LIBOR + 0.27%) due 07/25/375		278,645		264,730
Banc of America Funding Trust
2015-R4, 2.49% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 01/27/355,6		2,440,853		2,327,641
Impac Secured Assets Trust
2006-2, 2.68% (1 Month USD LIBOR + 0.17%, Rate Cap/Floor: 11.50%/0.17%) due 08/25/365		1,886,220		1,597,173
RFMSI Series Trust
2006-S11, 6.00% due 11/25/36		1,582,310		1,447,168
BCAP LLC
2014-RR2, 2.92% (WAC) due 03/26/365,6		1,049,552		1,042,974
Alliance Bancorp Trust
2007-OA1, 2.75% (1 Month USD LIBOR + 0.24%, Rate Floor: 0.24%) due 07/25/375		959,607		843,131
UCFC Manufactured Housing Contract
1997-2, 7.38% due 10/15/28		640,936		672,053
Morgan Stanley Re-REMIC Trust
2010-R5, 3.72% due 06/26/366		311,749		283,916
Irwin Home Equity Loan Trust
2007-1, 5.85% due 08/25/376		237,878		235,561
Total Residential Mortgage Backed Securities				1,335,433,329
Government Agency - 11.4%
Fannie Mae14
2.89% due 10/01/29		38,458,000		36,450,031
3.01% due 09/01/29		36,899,000		35,803,682
3.56% due 04/01/30		26,340,332		26,193,113
3.40% due 02/01/33		25,000,000		24,306,681
3.12% due 10/01/32		24,800,000		23,322,724
3.23% due 01/01/33		23,651,502		22,783,943
2.90% due 11/01/29		21,078,000		19,899,300
2.87% due 09/01/29		20,000,000		18,890,735
3.49% due 04/01/30		18,617,924		18,661,623
3.17% due 02/01/28		18,350,000		18,007,124
2.96% due 11/01/29		18,620,000		17,690,706
3.19% due 02/01/30		13,765,833		13,376,809
3.07% due 01/01/28		13,100,000		12,913,418
3.42% due 09/01/47		13,230,422		12,377,968

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 26.4% (continued)
Government Agency - 11.4% (continued)
2.82% due 10/01/29		12,100,000	$	11,404,631
3.59% due 04/01/33		11,280,000		11,140,664
3.03% due 12/01/27		10,900,000		10,713,892
4.21% due 10/01/48		9,750,000		10,047,611
3.41% due 02/01/33		10,250,000		9,882,606
3.42% due 04/01/30		9,800,000		9,700,025
3.08% due 10/01/32		10,250,000		9,618,665
3.31% due 01/01/33		9,700,000		9,380,054
3.06% due 12/01/27		9,000,000		8,883,076
3.04% due 01/01/28		8,900,000		8,725,666
3.05% due 10/01/29		9,100,000		8,721,159
3.60% due 03/01/30		8,341,000		8,390,776
3.08% due 01/01/30		8,500,000		8,128,777
2.94% due 10/01/32		8,572,237		8,112,876
3.43% due 03/01/33		8,100,000		7,858,777
3.48% due 04/01/30		7,000,000		7,001,378
3.14% due 01/01/28		6,900,000		6,855,002
2.99% due 09/01/29		6,800,000		6,475,789
3.50% due 12/01/45		6,458,340		6,467,187
3.29% due 03/01/33		6,700,000		6,378,612
4.04% due 08/01/48		6,100,000		6,117,363
3.13% due 02/01/28		5,900,000		5,798,402
3.60% due 04/01/33		5,600,000		5,561,637
3.21% due 01/01/33		5,500,000		5,228,334
4.00% due 12/01/38		4,890,708		5,022,989
4.50% due 04/01/48		4,809,907		4,978,235
3.39% due 02/01/30		4,800,000		4,738,217
3.22% due 01/01/30		4,650,000		4,540,595
3.11% due 01/01/28		4,600,000		4,522,730
3.10% due 01/01/33		4,800,000		4,497,919
3.16% due 01/01/30		4,500,000		4,370,165
3.33% due 04/01/30		4,263,853		4,223,437
3.39% due 02/01/33		4,300,000		4,146,122
4.27% due 12/01/33		3,750,000		3,983,995
3.50% due 02/01/48		3,948,313		3,741,281
3.65% due 03/01/33		3,600,000		3,578,527
4.24% due 08/01/48		3,400,000		3,542,578
3.11% due 11/01/27		3,500,000		3,417,212
4.00% due 01/01/46		2,989,396		3,051,260
3.18% due 01/01/30		3,000,000		2,917,990
3.12% due 02/01/28		2,600,000		2,553,170
3.53% due 04/01/33		2,500,000		2,460,682
3.26% due 11/01/46		2,555,706		2,345,937
3.58% due 12/01/27		2,292,495		2,331,538
4.00% due 08/01/47		2,268,028		2,311,492
3.55% due 04/01/33		2,150,000		2,121,916
3.51% due 11/01/37		2,150,000		2,049,265
3.50% due 11/01/47		1,902,518		1,899,346
3.00% due 07/01/46		1,942,277		1,892,161
3.14% due 12/01/32		1,600,000		1,508,005
2.97% due 11/01/25		1,383,982		1,375,738
3.27% due 01/01/30		1,350,000		1,329,411
3.27% due 08/01/34		1,344,564		1,293,388
3.02% due 11/01/27		1,300,000		1,280,105
3.74% due 02/01/48		1,310,165		1,277,086
4.05% due 09/01/48		1,206,147		1,221,961
4.50% due 02/01/45		1,118,003		1,164,509
3.13% due 01/01/30		1,000,000		969,199

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 26.4% (continued)
Government Agency - 11.4% (continued)
3.60% due 10/01/47		982,134	$	935,945
5.00% due 05/01/44		803,752		843,446
4.50% due 10/01/43		711,220		740,805
3.63% due 01/01/37		736,014		714,857
5.00% due 12/01/44		631,972		663,183
3.50% due 08/01/43		632,676		636,132
2.75% due 11/01/31		658,158		613,452
4.33% due 09/01/48		348,811		365,625
3.50% due 06/01/46		79,817		79,835
Freddie Mac Multifamily Structured Pass Through Certificates14
2017-KIR3, 3.28% due 08/25/27		91,932,800		91,234,341
2017-KGX1, 3.00% due 10/25/27		81,400,000		79,740,938
2017-KW03, 3.02% due 06/25/27		65,900,000		64,641,626
2018-K074, 3.60% due 02/25/28		34,823,000		35,378,977
2017-K066, 3.20% due 06/25/27		19,507,000		19,315,568
2017-K061, 3.44% (WAC) due 11/25/265		15,000,000		15,143,670
2016-K060, 3.30% (WAC) due 10/25/265		13,000,000		12,982,893
2018-K073, 3.45% (WAC) due 01/25/285		11,600,000		11,660,906
2018-K078, 3.92% (WAC) due 06/25/285		10,150,000		10,546,969
2017-K069, 3.25% (WAC) due 09/25/275		10,000,000		9,904,787
2016-K057, 2.62% due 08/25/26		10,000,000		9,592,395
2018-K154, 3.46% due 11/25/32		8,500,000		8,335,735
2016-K152, 3.08% due 01/25/31		7,090,000		6,834,447
2017-K070, 3.36% (WAC) due 12/25/275		6,000,000		5,989,698
2015-K151, 3.51% due 04/25/30		2,105,000		2,090,929
2015-K043, 0.67% (WAC) due 12/25/245,7		44,301,088		1,237,338
2014-K715, 2.86% due 01/25/21		450,000		448,775
Freddie Mac Seasoned Credit Risk Transfer Trust14
2017-4, 2.75% due 06/25/578		62,780,893		61,121,782
2017-3, 3.00% due 07/25/56		60,104,133		58,141,181
2018-1, 2.25% due 05/25/578		42,483,038		40,768,919
2017-4, 3.50% due 06/25/57		31,291,301		31,055,396
2017-3, 2.75% due 07/25/568		9,048,560		8,726,094
Fannie Mae-Aces14
2017-M11, 2.98% due 08/25/29		52,100,000		50,089,669
2018-M3, 3.19% (WAC) due 02/25/305		7,800,000		7,483,515
Freddie Mac14
3.55% due 10/01/33		4,687,417		4,562,531
4.00% due 02/01/46		2,708,203		2,763,135
3.50% due 01/01/44		2,630,675		2,642,884
4.50% due 06/01/48		2,406,930		2,490,267
4.00% due 11/01/45		2,080,152		2,123,119
3.00% due 08/01/46		1,968,336		1,916,441
3.50% due 12/01/47		1,859,999		1,856,965
3.26% due 09/01/45		1,955,946		1,803,538
3.40% due 04/01/31		1,000,000		975,070
FREMF Mortgage Trust
2013-K29, 0.13% due 05/25/466,7		787,484,525		3,299,245
Total Government Agency				1,266,422,000
Commercial Mortgage Backed Securities - 1.6%
Wells Fargo Commercial Mortgage Trust
2017-C38, 1.08% (WAC) due 07/15/505,7		74,241,046		4,966,021
2016-BNK1, 1.78% (WAC) due 08/15/495,7		37,439,924		3,886,084

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 26.4% (continued)
Commercial Mortgage Backed Securities - 1.6% (continued)
2017-RB1, 1.28% (WAC) due 03/15/505,7		39,785,830	$	3,244,296
2016-C35, 1.98% (WAC) due 07/15/485,7		27,007,543		2,979,097
2017-C42, 0.90% (WAC) due 12/15/505,7		35,360,982		2,248,792
2016-NXS5, 1.53% (WAC) due 01/15/595,7		30,151,417		2,127,825
2015-NXS4, 0.93% (WAC) due 12/15/485,7		39,098,446		1,883,732
2017-RC1, 1.55% (WAC) due 01/15/605,7		21,038,097		1,840,074
2015-P2, 1.01% (WAC) due 12/15/485,7		34,414,199		1,654,617
2015-C30, 0.93% (WAC) due 09/15/585,7		32,001,855		1,508,900
2016-C32, 4.72% (WAC) due 01/15/595		1,400,000		1,439,757
2015-NXS1, 1.15% (WAC) due 05/15/485,7		11,578,431		547,887
2015-NXS4, 4.22% (WAC) due 12/15/485		64,000		64,155
GAHR Commercial Mortgage Trust
2015-NRF, 3.38% (WAC) due 12/15/345,6		23,829,324		23,363,359
JPMDB Commercial Mortgage Securities Trust
2017-C7, 0.91% (WAC) due 10/15/505,7		138,604,608		8,066,483
2016-C4, 0.83% (WAC) due 12/15/495,7		87,025,139		4,438,883
2016-C2, 1.69% (WAC) due 06/15/495,7		32,614,578		2,534,981
2017-C5, 0.99% (WAC) due 03/15/505,7		9,008,790		542,818
COMM Mortgage Trust
2015-CR26, 0.96% (WAC) due 10/10/485,7		88,382,112		4,391,796
2018-COR3, 0.45% (WAC) due 05/10/515,7		84,211,759		3,010,183
2015-CR24, 0.79% (WAC) due 08/10/485,7		49,480,131		2,091,871

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 26.4% (continued)
Commercial Mortgage Backed Securities - 1.6% (continued)
2015-CR23, 0.96% (WAC) due 05/10/485,7		48,266,609	$	1,880,385
2015-CR27, 1.13% (WAC) due 10/10/485,7		31,044,435		1,594,852
2013-CR13, 0.80% (WAC) due 11/10/465,7		39,643,731		1,350,702
2015-CR23, 3.80% due 05/10/48		700,000		700,307
2014-LC15, 1.25% (WAC) due 04/10/475,7		14,470,107		562,062
Citigroup Commercial Mortgage Trust
2016-C2, 1.78% (WAC) due 08/10/495,7		34,078,725		3,488,714
2016-P4, 2.15% (WAC) due 07/10/495,7		32,445,622		3,464,050
2016-P5, 1.54% (WAC) due 10/10/495,7		31,400,222		2,553,510
2016-GC37, 1.79% (WAC) due 04/10/495,7		19,044,649		1,855,979
2015-GC35, 0.87% (WAC) due 11/10/485,7		33,769,824		1,369,802
2015-GC29, 1.11% (WAC) due 04/10/485,7		23,913,690		1,171,666
2013-GC15, 4.37% (WAC) due 09/10/465		380,000		396,816
Bancorp Commercial Mortgage Trust
2018-CR3, 3.71% (1 Month USD LIBOR + 1.25%, Rate Floor: 1.25%) due 01/15/335,6		7,075,000		7,028,676
UBS Commercial Mortgage Trust
2017-C5, 1.03% (WAC) due 11/15/505,7		54,368,066		3,414,896
2017-C2, 1.15% (WAC) due 08/15/505,7		45,821,835		3,244,254
JP Morgan Chase Commercial Mortgage Securities Trust
2016-JP3, 1.50% (WAC) due 08/15/495,7		70,747,077		5,922,669
BENCHMARK Mortgage Trust
2018-B2, 0.43% (WAC) due 02/15/515,7		132,774,166		3,733,424
2018-B6, 0.45% (WAC) due 10/10/515,7		64,966,831		1,982,801
CD Mortgage Trust
2016-CD1, 1.43% (WAC) due 08/10/495,7		35,453,991		2,805,155
2017-CD6, 0.98% (WAC) due 11/13/505,7		47,562,386		2,754,966
CD Commercial Mortgage Trust
2017-CD4, 1.32% (WAC) due 05/10/505,7		32,435,803		2,519,847
2017-CD3, 1.03% (WAC) due 02/10/505,7		34,783,185		2,205,765
JPMCC Commercial Mortgage Securities Trust
2017-JP6, 1.32% (WAC) due 07/15/505,7		69,515,741		4,440,367
GS Mortgage Securities Trust
2017-GS6, 1.05% (WAC) due 05/10/505,7		42,781,765		3,041,647
2015-GC28, 1.10% (WAC) due 02/10/485,7		21,041,244		885,908
Morgan Stanley Bank of America Merrill Lynch Trust
2015-C27, 0.97% (WAC) due 12/15/475,7		74,409,736		3,703,774
CGMS Commercial Mortgage Trust
2017-B1, 0.85% (WAC) due 08/15/505,7		66,494,508		3,565,502
VSD
2017-PLT1 A, 3.60% due 12/25/43		3,528,321		3,525,271
BBCMS Mortgage Trust
2018-C2, 0.77% (WAC) due 12/15/515,7		58,500,000		3,511,562
GE Business Loan Trust
2007-1A, 2.63% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 04/15/355,6		3,414,965		3,349,846
CFCRE Commercial Mortgage Trust
2016-C3, 1.05% (WAC) due 01/10/485,7		39,944,011		2,353,225
BANK
2017-BNK6, 0.87% (WAC) due 07/15/605,7		43,975,910		2,308,938

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 26.4% (continued)
Commercial Mortgage Backed Securities - 1.6% (continued)
CSAIL Commercial Mortgage Trust
2015-C1, 0.92% (WAC) due 04/15/505,7		56,928,324	$	2,283,663
Banc of America Commercial Mortgage Trust
2017-BNK3, 1.13% (WAC) due 02/15/505,7		24,321,665		1,621,324
DBJPM Mortgage Trust
2017-C6, 1.04% (WAC) due 06/10/505,7		24,972,077		1,527,782
JPMBB Commercial Mortgage Securities Trust
2013-C12, 0.52% (WAC) due 07/15/455,7		40,126,983		738,361
LSTAR Commercial Mortgage Trust
2014-2, 5.44% (WAC) due 01/20/415,6		500,000		498,382
WFRBS Commercial Mortgage Trust
2013-C12, 1.28% (WAC) due 03/15/485,6,7		11,277,300		478,188
Morgan Stanley Capital I Trust
2016-UBS9, 4.54% (WAC) due 03/15/495		275,000		273,436
GS Mortgage Securities Corporation II
2013-GC10, 2.94% due 02/10/46		225,000		222,177
Total Commercial Mortgage Backed Securities				171,162,262
Military Housing - 1.4%
Freddie Mac Military Housing Bonds Resecuritization Trust Certificates
2015-R1, 5.24% (WAC) due 11/25/555,6		43,578,902		45,191,321
2015-R1, 4.49% (WAC) due 11/25/555,6		22,137,443		23,797,751
2015-R1, 4.11% (WAC) due 11/25/525,6		13,319,061		13,652,037
2015-R1, 4.10% (WAC) due 10/25/525,6		11,214,222		11,189,663
Capmark Military Housing Trust
2008-AMCW, 6.90% due 07/10/556		8,354,661		10,189,477

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 26.4% (continued)
Military Housing - 1.4% (continued)
2007-AETC, 5.75% due 02/10/5210		8,152,448	$	8,148,481
2006-RILY, 2.76% (1 Month USD LIBOR + 0.37%, Rate Floor: 0.37%) due 07/10/515,10		7,095,458		5,137,074
2007-ROBS, 6.06% due 10/10/5210		4,738,182		5,057,503
2007-AET2, 6.06% due 10/10/526		2,154,853		2,301,379
GMAC Commercial Mortgage Asset Corp.
2007-HCKM, 6.11% due 08/10/5210		22,505,333		23,096,311
2005-DRUM, 5.47% due 05/10/5010		4,622,931		4,784,734
2005-BLIS, 5.25% due 07/10/5010		2,500,000		2,481,813
Total Military Housing				155,027,544
Total Collateralized Mortgage Obligations
(Cost $2,973,385,599)				2,928,045,135

ASSET-BACKED SECURITIES†† - 20.3%
Collateralized Loan Obligations - 13.0%
Golub Capital Partners CLO Ltd.
2018-36A, 3.88% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 02/05/315,6	94,400,000	91,191,816
2018-36A, 4.23% (3 Month USD LIBOR + 1.65%, Rate Floor: 0.00%) due 02/05/315,6	13,250,000	12,350,526
Ladder Capital Commercial Mortgage Mortgage Trust
2017-FL1, 3.34% (1 Month USD LIBOR + 0.88%, Rate Floor: 0.88%) due 09/15/345,6	62,100,014	61,713,429
2017-FL1, 3.71% (1 Month USD LIBOR + 1.25%, Rate Floor: 1.25%) due 09/15/345,6	22,477,000	22,280,266
2017-FL1, 3.96% (1 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 09/15/345,6	14,269,000	14,102,398
Fortress Credit Opportunities IX CLO Ltd.
2017-9A, 4.17% (3 Month USD LIBOR + 1.55%, Rate Floor: 0.00%) due 11/15/295,6	91,283,000	90,128,243
MP CLO VIII Ltd.
2018-2A, 3.42% (3 Month USD LIBOR + 0.91%, Rate Floor: 0.00%) due 10/28/275,6	48,350,000	47,864,092
2018-2A, 3.93% (3 Month USD LIBOR + 1.42%, Rate Floor: 0.00%) due 10/28/275,6	5,000,000	4,979,145
Venture XII CLO Ltd.
2018-12A, 3.51% (3 Month USD LIBOR + 0.80%, Rate Floor: 0.80%) due 02/28/265,6	48,000,000	47,829,408
Denali Capital CLO XI Ltd.
2018-1A, 3.60% (3 Month USD LIBOR + 1.13%, Rate Floor: 0.00%) due 10/20/285,6	42,800,000	42,524,321
2018-1A, 4.12% (3 Month USD LIBOR + 1.65%, Rate Floor: 0.00%) due 10/20/285,6	4,600,000	4,540,449
Mountain View CLO Ltd.
2018-1A, 3.24% (3 Month USD LIBOR + 0.80%, Rate Floor: 0.80%) due 10/15/265,6	47,000,000	46,854,662
Fortress Credit Opportunities XI CLO Ltd.
2018-11A, 3.74% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 04/15/315,6	44,300,000	42,812,721

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
ASSET-BACKED SECURITIES†† - 20.3% (continued)
Collateralized Loan Obligations - 13.0% (continued)
Palmer Square Loan Funding Ltd.
2018-4A, 3.15% (3 Month USD LIBOR + 0.90%, Rate Floor: 0.00%) due 11/15/265,6		29,235,000	$	29,230,287
2018-4A, 3.70% (3 Month USD LIBOR + 1.45%, Rate Floor: 0.00%) due 11/15/265,6		12,000,000		11,764,494
SCOF Ltd.
2018-2A, 3.62% (3 Month USD LIBOR + 1.18%, Rate Floor: 0.00%) due 07/15/285,6		40,000,000		39,755,636
Woodmont Trust
2017-3A, 4.17% (3 Month USD LIBOR + 1.73%, Rate Floor: 0.00%) due 10/18/295,6		16,000,000		15,825,902
2017-2A, 4.24% (3 Month USD LIBOR + 1.80%, Rate Floor: 0.00%) due 07/18/285,6		10,100,000		10,132,684
2017-3A, 4.39% (3 Month USD LIBOR + 1.95%, Rate Floor: 0.00%) due 10/18/295,6		9,800,000		9,866,646
NXT Capital CLO LLC
2017-1A, 4.17% (3 Month USD LIBOR + 1.70%, Rate Floor: 0.00%) due 04/20/295,6		33,000,000		32,654,935
2018-1A, 4.67% (3 Month USD LIBOR + 2.20%, Rate Floor: 0.00%) due 04/21/275,6		1,000,000		961,051
Telos CLO Ltd.
2017-6A, 4.20% (3 Month USD LIBOR + 1.75%, Rate Floor: 0.00%) due 01/17/275,6		32,000,000		31,994,762
Cerberus Loan Funding XVII Ltd.
2016-3A, 4.97% (3 Month USD LIBOR + 2.53%, Rate Floor: 0.00%) due 01/15/285,6		31,500,000		31,284,014

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
ASSET-BACKED SECURITIES†† - 20.3% (continued)
Collateralized Loan Obligations - 13.0% (continued)
ABPCI Direct Lending Fund CLO II LLC
2017-1A, 4.25% (3 Month USD LIBOR + 1.78%, Rate Floor: 0.00%) due 07/20/295,6		29,700,000	$	29,454,476
VMC Finance LLC
2018-FL1, 3.28% (1 Month USD LIBOR + 0.82%) due 03/15/355,6		28,833,715		28,801,288
Monroe Capital CLO Ltd.
2017-1A, 3.82% (3 Month USD LIBOR + 1.35%, Rate Floor: 0.00%) due 10/22/265,6		18,300,000		18,168,170
2017-1A, 4.17% (3 Month USD LIBOR + 1.70%, Rate Floor: 0.00%) due 10/22/265,6		10,100,000		9,781,480
Mountain Hawk II CLO Ltd.
2018-2A, 4.07% (3 Month USD LIBOR + 1.60%, Rate Floor: 0.00%) due 07/20/245,6		14,750,000		14,749,796
2018-2A, 3.29% (3 Month USD LIBOR + 0.82%, Rate Floor: 0.00%) due 07/20/245,6		12,527,503		12,508,502
Garrison BSL CLO Ltd.
2018-1A, 3.32% (3 Month USD LIBOR + 0.95%, Rate Floor: 0.00%) due 07/17/285,6		27,300,000		27,205,405
Cent CLO 24 Ltd.
2018-24A, 3.51% (3 Month USD LIBOR + 1.07%, Rate Floor: 0.00%) due 10/15/265,6		26,500,000		26,398,463
FDF II Ltd.
2016-2A, 4.29% due 05/12/316		20,500,000		20,546,724
2016-2A, 5.29% due 05/12/316		5,000,000		4,998,201
Golub Capital Partners CLO 16 Ltd.
2017-16A, 4.06% (3 Month USD LIBOR + 1.70%, Rate Floor: 0.00%) due 07/25/295,6		17,500,000		17,308,704
2017-16A, 4.21% (3 Month USD LIBOR + 1.85%, Rate Floor: 0.00%) due 07/25/295,6		6,700,000		6,727,954
ALM XII Ltd.
2018-12A, 3.33% (3 Month USD LIBOR + 0.89%, Rate Floor: 0.89%) due 04/16/275,6		24,150,000		23,958,761
A Voce CLO Ltd.
2017-1A, 3.99% (3 Month USD LIBOR + 1.55%, Rate Floor: 0.00%) due 07/15/265,6		23,200,000		23,058,891
Marathon CLO V Ltd.
2017-5A, 3.52% (3 Month USD LIBOR + 0.87%, Rate Floor: 0.00%) due 11/21/275,6		10,794,661		10,740,953
2017-5A, 4.10% (3 Month USD LIBOR + 1.45%, Rate Floor: 0.00%) due 11/21/275,6		10,520,137		10,395,016
NewStar Fairfield Fund CLO Ltd.
2018-2A, 3.74% (3 Month USD LIBOR + 1.27%, Rate Floor: 1.27%) due 04/20/305,6		21,400,000		20,665,920
Atlas Senior Loan Fund III Ltd.
2017-1A, 3.94% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 11/17/275,6		20,669,840		19,938,248
Flagship VII Ltd.
2017-7A, 4.02% (3 Month USD LIBOR + 1.55%, Rate Floor: 0.00%) due 01/20/265,6		19,125,000		19,121,984

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
ASSET-BACKED SECURITIES†† - 20.3% (continued)
Collateralized Loan Obligations - 13.0% (continued)
Avery Point V CLO Ltd.
2017-5A, 3.43% (3 Month USD LIBOR + 0.98%, Rate Floor: 0.00%) due 07/17/265,6		18,616,571	$	18,570,923
Newstar Commercial Loan Funding LLC
2017-1A, 5.29% (3 Month USD LIBOR + 2.50%, Rate Floor: 0.00%) due 03/20/275,6		12,750,000		12,614,276
2016-1A, 6.44% (3 Month USD LIBOR + 3.75%) due 02/25/285,6		5,750,000		5,769,892
Atlas Senior Loan Fund IV Ltd.
2018-2A, 3.92% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 02/17/265,6		18,450,000		18,364,409
Diamond CLO Ltd.
2018-1A, 3.93% (3 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 07/22/305,6		18,000,000		17,712,749
West CLO Ltd.
2017-1A, 3.36% (3 Month USD LIBOR + 0.92%, Rate Floor: 0.00%) due 07/18/265,6		17,409,247		17,389,722
ABPCI Direct Lending Fund CLO I LLC
2016-1A, 5.17% (3 Month USD LIBOR + 2.70%, Rate Floor: 0.00%) due 12/22/285,6		17,000,000		17,000,952
BSPRT Issuer Ltd.
2017-FL2, 3.28% (1 Month USD LIBOR + 0.82%, Rate Floor: 0.82%) due 10/15/345,6		15,730,103		15,710,455
FDF I Ltd.
2015-1A, 4.40% due 11/12/306		15,000,000		14,697,513
Seneca Park CLO Limited
2017-1A, 3.95% (3 Month USD LIBOR + 1.50%, Rate Floor: 0.00%) due 07/17/265,6		12,900,000		12,854,353

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
ASSET-BACKED SECURITIES†† - 20.3% (continued)
Collateralized Loan Obligations - 13.0% (continued)
Marathon CLO VII Ltd.
2017-7A, 4.16% (3 Month USD LIBOR + 1.65%, Rate Floor: 0.00%) due 10/28/255,6		12,600,000	$	12,489,570
Sudbury Mill CLO Ltd.
2017-1A, 4.10% (3 Month USD LIBOR + 1.65%, Rate Floor: 0.00%) due 01/17/265,6		11,850,000		11,848,824
TCP Waterman CLO Ltd.
2016-1A, 4.38% (3 Month USD LIBOR + 2.05%, Rate Floor: 0.00%) due 12/15/285,6		7,150,000		7,186,390
2016-1A, 4.42% (3 Month USD LIBOR + 2.30%, Rate Floor: 0.00%) due 12/15/285,6		4,000,000		4,006,268
Resource Capital Corporation Ltd.
2017-CRE5, 3.26% (1 Month USD LIBOR + 0.80%) due 07/15/345,6		11,007,579		11,011,063
Recette Clo Ltd.
2017-1A, 3.77% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 10/20/275,6		11,000,000		10,697,288
Treman Park CLO Ltd.
2015-1A, due 10/20/286,11		13,600,000		10,630,871
Dryden 37 Senior Loan Fund
2015-37A, due 01/15/316,11		10,000,000		9,024,897
KVK CLO Ltd.
2017-1A, 3.34% (3 Month USD LIBOR + 0.90%, Rate Floor: 0.00%) due 01/14/285,6		8,600,000		8,531,113
Crown Point CLO III Ltd.
2017-3A, 3.89% (3 Month USD LIBOR + 1.45%, Rate Floor: 0.00%) due 12/31/275,6		8,280,000		8,227,285

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
ASSET-BACKED SECURITIES†† - 20.3% (continued)
Collateralized Loan Obligations - 13.0% (continued)
AIMCO CLO Series
2017-AA, 3.57% (3 Month USD LIBOR + 1.10%, Rate Floor: 0.00%) due 07/20/265,6		8,022,962	$	8,022,341
ACIS CLO Ltd.
2015-6A, 5.02% (3 Month USD LIBOR + 2.48%, Rate Floor: 0.00%) due 05/01/275,6		7,500,000		7,496,423
Flatiron CLO Ltd.
2017-1A, 4.10% (3 Month USD LIBOR + 1.65%, Rate Floor: 0.00%) due 01/17/265,6		7,100,000		7,046,139
Vibrant CLO IV Ltd.
2016-4A, 4.87% (3 Month USD LIBOR + 2.40%, Rate Floor: 2.40%) due 07/20/285,6		7,000,000		6,973,112
Carlyle Global Market Strategies CLO Ltd.
2012-3A, due 01/14/326,11		8,920,000		6,227,311
Symphony CLO XII Ltd.
2017-12A, 3.94% (3 Month USD LIBOR + 1.50%, Rate Floor: 0.00%) due 10/15/255,6		5,750,000		5,737,742
Avery Point II CLO Ltd.
2013-3X COM, due 01/18/2511		7,500,060		5,669,758
Voya CLO Ltd.
2013-1A, due 10/15/306,11		10,575,071		5,622,543
Shackleton CLO Ltd.
2017-8A, 3.77% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 10/20/275,6		5,510,000		5,457,727
SHACKLETON 2015-VIII CLO Ltd.
2017-8A, 3.39% (3 Month USD LIBOR + 0.92%, Rate Floor: 0.00%) due 10/20/275,6		4,900,000		4,863,883
OHA Credit Partners IX Ltd.
2013-9A, due 10/20/256,11		6,000,000		4,845,686
Oaktree CLO Ltd.
2017-1A, 3.34% (3 Month USD LIBOR + 0.87%) due 10/20/275,6		4,500,000		4,480,860
Bsprt Issuer Ltd.
2017-FL1, 3.81% (1 Month USD LIBOR + 1.35%, Rate Floor: 0.00%) due 06/15/275,6		4,167,341		4,165,853
Fortress Credit Opportunities VII CLO Ltd.
2016-7A, 5.28% (3 Month USD LIBOR + 2.95%, Rate Floor: 0.00%) due 12/15/285,6		3,930,000		3,924,729
Halcyon Loan Advisors Funding Ltd.
2012-2A, 5.64% (3 Month USD LIBOR + 2.85%, Rate Floor: 0.00%) due 12/20/245,6		3,482,438		3,484,471
Golub Capital BDC CLO 2014 LLC
2018-1A, 3.44% (3 Month USD LIBOR + 0.95%, Rate Floor: 0.00%) due 04/25/265,6		3,284,439		3,253,571
Golub Capital Partners CLO 39B Ltd.
2018-39A, 3.86% (3 Month USD LIBOR + 1.40%, Rate Floor: 1.40%) due 10/20/285,6		3,100,000		3,097,603
MONROE CAPITAL BSL CLO Ltd.
2017-1A, 4.43% (3 Month USD LIBOR + 1.75%, Rate Floor: 0.00%) due 05/22/275,6		3,000,000		2,963,149
Cereberus ICQ Levered LLC
2015-1A, 5.49% (3 Month USD LIBOR + 3.05%, Rate Floor: 0.00%) due 11/06/255,6		2,250,000		2,249,771
2015-1A, 4.49% (3 Month USD LIBOR + 2.05%, Rate Floor: 0.00%) due 11/06/255,6		469,396		469,467

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
ASSET-BACKED SECURITIES†† - 20.3% (continued)
Collateralized Loan Obligations - 13.0% (continued)
Ocean Trails CLO IV
2017-4A, 4.42% (3 Month USD LIBOR + 1.80%, Rate Floor: 0.00%) due 08/13/255,6		2,500,000	$	2,502,371
PFP Ltd.
2017-3, 3.51% (1 Month USD LIBOR + 1.05%) due 01/14/355,6		2,067,899		2,055,293
NewStar Clarendon Fund CLO LLC
2015-1A, 5.84% (3 Month USD LIBOR + 3.35%, Rate Floor: 0.00%) due 01/25/275,6		2,000,000		1,981,314
Ivy Hill Middle Market Credit Fund IX Ltd.
2017-9A, 4.19% (3 Month USD LIBOR + 1.75%, Rate Floor: 0.00%) due 01/18/305,6		1,000,000		942,149
2017-9A, 4.79% (3 Month USD LIBOR + 2.35%, Rate Floor: 0.00%) due 01/18/305,6		1,000,000		929,680
Venture XIII CLO Ltd.
2013-13A, due 09/10/296,11		3,700,000		1,780,377
Catamaran CLO Ltd.
2016-2A, 4.49% (3 Month USD LIBOR + 2.05%, Rate Floor: 2.05%) due 10/18/265,6		1,750,000		1,750,151
Dryden XXV Senior Loan Fund
2017-25A, 3.79% (3 Month USD LIBOR + 1.35%, Rate Floor: 0.00%) due 10/15/275,6		766,703		751,369
Babson CLO Ltd.
2014-IA, due 07/20/256,11		1,300,000		433,199
2012-2A, due 05/15/236,11		4,750,000		251,541
Atlas Senior Loan Fund IX Ltd.
2018-9A, due 04/20/286,11		1,200,000		682,860
Great Lakes CLO Ltd.
2014-1A, due 10/15/296,11		461,538		330,653

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
ASSET-BACKED SECURITIES†† - 20.3% (continued)
Collateralized Loan Obligations - 13.0% (continued)
Copper River CLO Ltd.
2007-1A, due 01/20/2110,11		1,500,000	$	125,013
Ares XXVI CLO Ltd.
2013-1A, due 04/15/256,11		4,300,000		34,761
Total Collateralized Loan Obligations				1,442,112,506
Transport-Aircraft - 3.3%
AASET US Ltd.
2018-2A, 4.45% due 11/16/386		55,861,875		56,429,968
2018-2A, 5.43% due 11/16/386		9,931,000		10,133,355
Castlelake Aircraft Securitization Trust
2018-1, 4.13% due 06/15/436		34,955,875		35,507,049
2017-1, 3.97% due 07/15/42		17,783,452		17,746,106
2015-1A, 4.70% due 12/15/406,8		9,348,661		9,457,110
SAPPHIRE AVIATION FINANCE I Ltd.
2018-1A, 4.25% due 03/15/406		47,475,614		47,566,653
Apollo Aviation Securitization Equity Trust
2016-2, 4.21% due 11/15/41		32,867,870		33,348,902
2016-1A, 4.88% due 03/17/366,8		10,613,952		10,827,330
KDAC Aviation Finance Ltd.
2017-1A, 4.21% due 12/15/426		39,375,243		39,426,959
MAPS Ltd.
2018-1A, 4.21% due 05/15/436		29,457,135		29,767,996
AIM Aviation Finance Ltd.
2015-1A, 4.21% due 02/15/406		19,894,663		20,025,396
2015-1A, 5.07% due 02/15/406		1,652,880		1,651,459
Raspro Trust
2005-1A, 3.39% (3 Month USD LIBOR + 0.93%, Rate Floor: 0.93%) due 03/23/245,6		16,276,887		15,544,427
AASET Trust
2017-1A, 3.97% due 05/16/426		15,422,665		15,396,136
Falcon Aerospace Ltd.
2017-1, 4.58% due 02/15/426		11,264,787		11,298,131
Diamond Head Aviation Ltd.
2015-1, 3.81% due 07/14/286		4,631,691		4,629,847
Atlas Ltd.
2014-1 A, 4.88% due 12/15/39		2,944,285		2,799,211
Rise Ltd.
2014-1A, 4.75% due 02/12/39		2,843,969		2,787,089
Eagle I Ltd.
2014-1A, 4.31% due 12/15/396		2,221,984		2,230,029
Stripes Aircraft Ltd.
2013-1 A1, 5.97% (1 Month USD LIBOR + 3.50%) due 03/20/23†††,5		1,259,719		1,241,551
ECAF I Ltd.
2015-1A, 3.47% due 06/15/406		930,528		921,860
Willis Engine Securitization Trust II
2012-A, 5.50% due 09/15/376,8		914,797		907,065
Turbine Engines Securitization Ltd.
2013-1A, 5.13% due 12/13/4810		768,441		742,497
Airplanes Pass Through Trust
2001-1A, 2.71% (1 Month USD LIBOR + 0.55%, Rate Floor: 0.55%) due 03/15/195,10		409,604		10,163
Total Transport-Aircraft				370,396,289
Transport-Container - 1.1%
Textainer Marine Containers Ltd.
2017-2A, 3.52% due 06/20/426		43,859,526		43,519,895
CLI Funding LLC
2018-1A, 4.03% due 04/18/436		27,293,395		27,613,350
CAL Funding III Ltd.
2018-1A, 3.96% due 02/25/436		21,129,167		21,228,269
Textainer Marine Containers V Ltd.
2017-1A, 3.72% due 05/20/426		14,756,175		14,726,463
Cronos Containers Program Ltd.
2013-1A, 3.08% due 04/18/286		6,868,333		6,805,543
CLI Funding V LLC
2013-1A, 2.83% due 03/18/286		3,243,917		3,188,595

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
ASSET-BACKED SECURITIES†† - 20.3% (continued)
Transport-Container - 1.1% (continued)
2013-2A, 3.22% due 06/18/286	1,050,215		$	1,040,429
Total Transport-Container				118,122,544
Net Lease - 1.1%
Capital Automotive LLC
2017-1A, 3.87% due 04/15/476		53,444,167		53,454,134
Store Master Funding I-VII
2016-1A, 3.96% due 10/20/466		29,981,184		29,631,861
2016-1A, 4.32% due 10/20/466		11,060,879		10,932,340
STORE Master Funding I LLC
2015-1A, 4.17% due 04/20/456		7,803,268		7,882,308
2015-1A, 3.75% due 04/20/456		1,472,500		1,456,279
Spirit Master Funding LLC
2014-2A, 5.76% due 03/20/416		4,778,230		4,929,433
2014-4A, 4.63% due 01/20/456		4,025,948		4,058,539
Capital Automotive REIT
2014-1A, 3.66% due 10/15/446		4,500,000		4,485,587
STORE Master Funding LLC
2013-3A, 4.24% due 11/20/436		1,008,420		1,009,998
Total Net Lease				117,840,479
Collateralized Debt Obligations - 0.9%
Anchorage Credit Funding Ltd.
2016-4A, 3.50% due 02/15/356		55,600,000		53,798,515
2016-3A, 3.85% due 10/28/336		7,500,000		7,377,183
RB Commercial Trust
2012-RS1, 5.35% due 01/26/226		15,640,425		15,518,273
Putnam Structured Product Funding Ltd.
2003-1A, 3.46% (1 Month USD LIBOR + 1.00%, Rate Floor: 0.00%) due 10/15/385,6		14,475,751		14,339,694
Anchorage Credit Funding 1 Ltd.
2015-1A, 4.30% due 07/28/306		3,000,000		2,998,129
Highland Park CDO I Ltd.
2006-1A, 3.09% (3 Month USD LIBOR + 0.40%, Rate Floor: 0.00%) due 11/25/515,10		1,645,237		1,604,591
N-Star REL CDO VIII Ltd.
2006-8A, 2.71% (1 Month USD LIBOR + 0.36%, Rate Floor: 0.36%) due 02/01/415,6		813,778		809,261
Total Collateralized Debt Obligations				96,445,646
Whole Business - 0.4%
Taco Bell Funding LLC
2016-1A, 4.97% due 05/25/466		20,885,652		21,468,153
Domino's Pizza Master Issuer LLC
2017-1A, 3.74% (3 Month USD LIBOR + 1.25%, Rate Floor: 0.00%) due 07/25/475,6		16,985,000		16,969,034
Sonic Capital LLC
2016-1A, 4.47% due 05/20/466		3,750,532		3,805,328
Drug Royalty III Limited Partnership
2016-1A, 3.98% due 04/15/276		1,853,277		1,853,229
Drug Royalty III Limited Partnership 1
2017-1A, 3.60% due 04/15/276		1,821,290		1,805,641
Total Whole Business				45,901,385
Infrastructure - 0.3%
Secured Tenant Site Contract Revenue Notes Series
2018-1A, 3.97% due 06/15/4810		22,835,250		22,960,632
Vantage Data Centers Issuer LLC
2018-1A, 4.07% due 02/16/436		10,362,917		10,383,652
Total Infrastructure				33,344,284
Diversified Payment Rights - 0.2%
Bib Merchant Voucher Receivables Ltd.
4.18% due 04/07/28†††,1		21,400,000		21,363,762
CCR Incorporated MT100 Payment Rights Master Trust
2012-CA, 4.75% due 07/10/226		486,310		481,960

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
ASSET-BACKED SECURITIES†† - 20.3% (continued)
Diversified Payment Rights - 0.2% (continued)
CIC Receivables Master Trust
4.89% due 10/07/21		289,205	$	292,097
Total Diversified Payment Rights				22,137,819
Transport-Rail - 0.0%
TRIP Rail Master Funding LLC
2017-1A, 2.71% due 08/15/476		5,405,918		5,360,616
Financial - 0.0%
Industrial DPR Funding Ltd.
2016-1A, 5.24% due 04/15/266		4,000,000		3,870,880
Insurance - 0.0%
Chesterfield Financial Holdings LLC
2014-1A, 4.50% due 12/15/346		3,868,750		3,867,527
Total Asset-Backed Securities
(Cost $2,270,889,174)				2,259,399,975

FOREIGN GOVERNMENT DEBT†† - 19.9%
Government of Japan
due 02/25/1912	JPY 15,434,000,000	140,840,988
due 01/10/1912	JPY 13,947,400,000	127,248,361
due 01/28/1912	JPY 6,383,700,000	58,246,297
due 02/04/1912	JPY 6,078,000,000	55,458,908
due 02/12/1912	JPY 5,604,000,000	51,135,670
due 03/11/1912	JPY 3,186,100,000	29,076,149
due 02/20/1912	JPY 1,000,000,000	9,125,171
due 01/21/1912	JPY 900,000,000	8,211,488
due 01/09/1912	JPY 100,000,000	912,341
State of Israel
2.25% due 05/31/19	ILS 532,400,000	145,499,293
6.00% due 02/28/19	ILS 460,130,000	130,515,513
5.00% due 01/31/20	ILS 185,800,000	54,383,157
Kingdom of Spain
due 01/18/1912	EUR 168,420,000	193,032,054
due 02/15/1912	EUR 71,311,000	82,039,927
Republic of Portugal
due 01/18/1912	EUR 155,227,000	177,906,826
due 03/22/1912	EUR 53,650,000	61,542,396
Federative Republic of Brazil
due 04/01/1912	BRL 860,930,000	219,258,272
United Mexican States
due 03/28/1912	MXN 1,000,000,000	49,894,142
due 03/14/1912	MXN 698,800,000	34,977,342
due 01/24/1912	MXN 660,980,000	33,479,618
due 02/21/1912	MXN 500,000,000	25,163,342
due 01/17/1912	MXN 477,250,000	24,194,527
due 02/07/1912	MXN 343,010,000	17,318,138
due 05/23/1912	MXN 175,780,000	8,655,884
Republic of France
due 01/04/1912	EUR 61,970,000	71,009,511
due 01/16/1912	EUR 47,110,000	53,994,635

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~	Value
FOREIGN GOVERNMENT DEBT†† - 19.9% (continued)
due 01/30/1912	EUR 20,150,000	$	23,101,085
Kingdom of Denmark
due 03/01/1912	DKK 866,600,000		133,122,753
Government of United Kingdom
due 01/21/1912	GBP 50,700,000		64,611,039
due 01/28/1912	GBP 33,000,000		42,048,885
due 01/07/1912	GBP 1,600,000		2,039,554
Kingdom of Sweden
4.25% due 03/12/19	SEK 333,800,000		38,018,278
Czech Republic
5.00% due 04/11/19	CZK 500,000,000		22,493,138
Republic of Hungary
due 02/27/1912	HUF 4,713,290,000		16,829,024
Total Foreign Government Debt
(Cost $2,181,737,316)			2,205,383,706

U.S. GOVERNMENT SECURITIES†† - 15.0%
U.S. Treasury Bonds
due 11/15/4612,13	1,297,398,000	554,126,717
due 08/15/4812,13	938,953,000	380,079,977
3.38% due 05/15/44	207,964,000	221,497,906
due 11/15/4412,13	250,660,400	114,074,896
due 05/15/4812,13	135,131,000	55,017,215
8.13% due 08/15/21	9,900,000	11,304,176
8.75% due 08/15/20	6,500,000	7,131,465
8.75% due 05/15/20	6,030,000	6,527,711
8.00% due 11/15/21	5,600,000	6,446,781
7.88% due 02/15/21	5,500,000	6,105,430
4.38% due 05/15/40	4,450,000	5,462,723
2.88% due 08/15/45	4,600,000	4,480,328
2.75% due 11/15/42	2,580,000	2,466,823
U.S. Treasury Bills
2.23% due 01/22/1916	70,000,000	69,910,555
2.32% due 02/14/1916	50,000,000	49,856,966
2.32% due 01/15/1916	33,000,000	32,972,904
2.27% due 01/24/1916	25,000,000	24,965,129
2.36% due 01/29/1916	25,000,000	24,954,672
2.24% due 01/17/1916	20,000,000	19,980,958
2.29% due 01/22/1916	20,000,000	19,974,444
2.31% due 02/07/1916	20,000,000	19,952,725
U.S. Treasury Notes
2.00% due 04/30/24	18,800,000	18,303,562
3.13% due 05/15/19	2,500,000	2,505,566
2.25% due 08/15/27	1,740,000	1,683,926
Total U.S. Government Securities
(Cost $1,652,772,941)		1,659,783,555

FEDERAL AGENCY BONDS†† - 4.6%
Fannie Mae Principal Strips14
due 01/15/3012,13	91,565,000	64,130,542
due 05/15/3012,13	86,472,000	59,854,661
due 05/15/2912,13	37,600,000	26,964,538
due 11/15/3012,13	37,570,000	25,477,101
due 07/15/3712,13	38,100,000	19,662,884
due 08/06/3812,13	2,250,000	1,110,038
Freddie Mac Principal Strips14
due 03/15/3112,13	81,957,000	54,736,958
due 07/15/3212,13	50,850,000	32,428,488
Residual Funding Corporation Principal
due 04/15/3012,13	98,239,000	68,664,129
due 01/15/3012,13	22,264,000	15,697,054
Tennessee Valley Authority
4.25% due 09/15/65	32,550,000	37,034,283
5.38% due 04/01/56	8,360,000	11,405,974
due 09/15/537,12	1,612,000	445,004
due 09/15/557,12	1,612,000	413,382
due 09/15/567,12	1,612,000	398,488
due 03/15/577,12	1,612,000	390,784
due 09/15/577,12	1,612,000	383,991
due 09/15/587,12	1,612,000	369,759
due 03/15/597,12	1,612,000	363,229
due 09/15/597,12	1,612,000	356,248
due 09/15/607,12	1,612,000	343,275
due 09/15/547,12	1,020,000	271,542
due 03/15/617,12	1,020,000	213,130
due 09/15/617,12	1,020,000	209,320
due 09/15/627,12	1,020,000	201,739
due 03/15/637,12	1,020,000	198,172
due 09/15/637,12	1,020,000	194,329
due 09/15/647,12	1,020,000	187,217
due 03/15/657,12	1,020,000	183,949
due 09/15/657,12	1,020,000	180,485
Freddie Mac14
due 12/14/2912	50,220,000	35,107,514
due 01/02/3412	18,000,000	10,699,001
1.25% due 10/02/19	2,500,000	2,474,168
Freddie Mac Coupon Strips14
due 03/15/307,12	12,050,000	8,360,508

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
FEDERAL AGENCY BONDS†† - 4.6% (continued)
due 07/15/307,12		8,600,000	$	5,902,940
due 01/15/317,12		7,750,000		5,212,785
due 09/15/307,12		2,906,000		1,982,545
due 03/15/317,12		2,500,000		1,672,335
due 07/15/317,12		1,800,000		1,190,929
due 01/15/307,12		1,050,000		732,819
Fannie Mae Interest Strips14
due 01/15/327,12		9,413,000		6,102,615
due 01/15/307,12		5,900,000		4,128,183
due 07/15/327,12		3,963,000		2,524,274
due 01/15/357,12		2,250,000		1,281,002
due 02/06/337,12		1,456,000		907,831
due 01/15/337,12		1,450,000		906,002
Total Federal Agency Bonds
(Cost $513,594,522)				511,656,144

CORPORATE BONDS†† - 2.6%
Financial - 2.2%
Station Place Securitization Trust
3.32% (1 Month USD LIBOR + 1.00%, Rate Floor: 0.00%) due 03/24/195,6	68,500,000	68,500,000
3.02% (1 Month USD LIBOR + 0.70%, Rate Floor: 0.00%) due 06/24/195,6	41,650,000	41,650,000
3.02% (1 Month USD LIBOR + 0.70%, Rate Floor: 0.70%) due 09/24/195	23,000,000	23,000,000
Assurant, Inc.
4.07% (3 Month USD LIBOR + 1.25%) due 03/26/215	27,620,000	27,610,190
6.75% due 02/15/34	1,450,000	1,638,215
American Equity Investment Life Holding Co.
5.00% due 06/15/27	22,855,000	22,282,587
Central Storage Safety Project Trust
4.82% due 02/01/3810	20,500,000	20,778,107
Hospitality Properties Trust
5.25% due 02/15/26	8,099,000	8,183,146
Atlas Mara Ltd.
8.00% due 12/31/20	6,600,000	5,817,194
Fort Benning Family Communities LLC
2.81% (1 Month USD LIBOR + 0.35%) due 01/15/365,10	6,000,000	5,052,075
Navigators Group, Inc.
5.75% due 10/15/23	4,050,000	4,234,221
Fort Knox Military Housing Privatization Project
5.82% due 02/15/5210	1,935,973	1,969,219
2.80% (1 Month USD LIBOR + 0.34%) due 02/15/525,10	1,735,384	1,255,630
Welltower, Inc.
6.50% due 03/15/41	1,470,000	1,716,737
EPR Properties
4.50% due 06/01/27	1,700,000	1,638,505
Transatlantic Holdings, Inc.
8.00% due 11/30/39	1,135,000	1,513,456
Lexington Realty Trust
4.25% due 06/15/23	1,300,000	1,284,742
Senior Housing Properties Trust
4.75% due 02/15/28	1,260,000	1,188,735
Univest Financial Corp.
5.10% due 03/30/2515	1,000,000	1,002,256
Atlantic Marine Corporations Communities LLC
5.37% due 12/01/506	790,309	795,774
Pacific Beacon LLC
5.51% due 07/15/3610	500,000	552,683
Total Financial		241,663,472
Industrial - 0.2%
Yamana Gold, Inc.
4.95% due 07/15/24	18,972,000	18,559,366
Agnico-Eagle Mines Ltd.
4.84% due 06/30/26†††	6,000,000	6,017,997
Princess Juliana International Airport Operating Company N.V.
5.50% due 12/20/2710	2,256,774	2,046,601

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
CORPORATE BONDS†† - 2.6% (continued)
Industrial - 0.2% (continued)
Reynolds Group Issuer Incorporated / Reynolds Group Issuer LLC / Reynolds Group Issuer Luxembourg
5.94% (3 Month USD LIBOR + 3.50%) due 07/15/215,6		608,000	$	605,720
Total Industrial				27,229,684
Consumer, Non-cyclical - 0.1%
Cardinal Health, Inc.
4.50% due 11/15/44		2,020,000		1,711,971
Verisk Analytics, Inc.
5.50% due 06/15/45		1,670,000		1,690,450
AmerisourceBergen Corp.
4.25% due 03/01/45		1,950,000		1,671,604
Philip Morris International, Inc.
6.38% due 05/16/38		1,430,000		1,656,927
Total Consumer, Non-cyclical				6,730,952
Consumer, Cyclical - 0.1%
Walgreens Boots Alliance, Inc.
4.80% due 11/18/44		1,830,000		1,666,167
HP Communities LLC
5.86% due 09/15/5310		1,420,000		1,630,475
Hasbro, Inc.
6.35% due 03/15/40		1,500,000		1,558,039
Northern Group Housing LLC
6.80% due 08/15/536		1,037,000		1,268,217
Total Consumer, Cyclical				6,122,898
Communications - 0.0%
Omnicom Group Incorporated / Omnicom Capital Inc
3.65% due 11/01/24		1,800,000		1,743,418
Interpublic Group of Companies, Inc.
5.40% due 10/01/48		1,770,000		1,676,194
Juniper Networks, Inc.
5.95% due 03/15/41		1,690,000		1,674,662
Motorola Solutions, Inc.
5.50% due 09/01/44		360,000		327,154
Total Communications				5,421,428
Utilities - 0.0%
Virginia Electric & Power Co.
8.88% due 11/15/38		1,100,000		1,659,663

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
CORPORATE BONDS†† - 2.6% (continued)
Utilities - 0.0% (continued)
Exelon Generation Company LLC
6.25% due 10/01/39		670,000	$	698,708
Total Utilities				2,358,371
Technology - 0.0%
Citrix Systems, Inc.
4.50% due 12/01/27		1,700,000		1,624,878
Basic Materials - 0.0%
Eldorado Gold Corp.
6.13% due 12/15/206		755,000		687,050
Total Corporate Bonds
(Cost $293,252,614)				291,838,733

FEDERAL AGENCY DISCOUNT NOTES†† - 1.8%
Federal Home Loan Bank17
2.20% due 01/09/1916	50,000,000	49,975,556
2.38% due 01/23/1916	50,000,000	49,927,278
2.38% due 01/18/1916	40,000,000	39,955,044
1.69% due 01/10/1916	35,000,000	34,980,750
2.34% due 01/11/1916	30,000,000	29,980,500
Total Federal Agency Discount Notes
(Cost $204,819,128)		204,819,128

SENIOR FLOATING RATE INTERESTS††,5 - 0.8%
Technology - 0.4%
Misys Ltd.
6.30% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 06/13/24	28,883,764	26,841,393
Epicor Software
5.78% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 06/01/22	20,569,704	19,618,355
Aspect Software, Inc.
13.52% (3 Month USD LIBOR + 11.00%, Rate Floor: 12.00%) due 05/25/202	14,635	12,147
Total Technology		46,471,895
Consumer, Non-cyclical - 0.2%
Diamond (BC) B.V.
5.53% (3 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 09/06/24	7,227,000	6,648,840
Albertson's LLC
5.82% (3 Month USD LIBOR + 3.00%, Rate Floor: 3.75%) due 12/21/22	2,714,704	2,601,202
DJO Finance LLC
5.71% ((3 Month USD LIBOR + 3.25%) and (1 Month USD LIBOR + 3.25%), Rate Floor: 4.25%) due 06/08/20	2,324,734	2,291,025
Packaging Coordinators Midco, Inc.
6.81% (3 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 06/30/23	2,312,072	2,274,501
Hearthside Group Holdings LLC
6.21% (1 Month USD LIBOR + 3.69%, Rate Floor: 3.69%) due 05/23/25	2,338,250	2,237,705
JBS USA Lux SA
5.26% ((3 Month USD LIBOR + 2.50%) and (1 Month USD LIBOR + 2.50%), Rate Floor: 3.25%) due 10/30/22	1,557,139	1,494,853
Davis Vision
5.52% (1 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 12/02/24	654,530	618,858
Total Consumer, Non-cyclical		18,166,984
Industrial - 0.1%
Hayward Industries, Inc.
6.02% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 08/05/24	5,184,375	4,974,823

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
SENIOR FLOATING RATE INTERESTS††,5 - 0.8% (continued)
Industrial - 0.1% (continued)
VC GB Holdings, Inc.
5.52% (1 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 02/28/24		2,286,412	$	2,149,227
Hillman Group, Inc.
6.80% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 05/30/25		997,500		945,131
Engineered Machinery Holdings, Inc.
6.05% (3 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 07/19/24		586,271		565,019
CHI Overhead Doors, Inc.
5.77% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 07/29/22		489,662		472,524
Wencor Group
6.30% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 06/19/21		287,606		269,631
USIC Holding, Inc.
5.77% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 12/08/23		156,864		148,628
Thermasys Corp.
8.50% (3 Month USD LIBOR + 4.00%, Rate Floor: 1.25%) due 05/03/19		87,500		63,000
12.40% (3 Month USD LIBOR + 10.00%, Rate Floor: 10.00%) due 11/11/18†††,1		7,112		7,005
Total Industrial				9,594,988
Consumer, Cyclical - 0.1%
Leslie's Poolmart, Inc.
6.02% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 08/16/23		4,125,735		3,927,205
Acosta, Inc.
5.99% ((1 Month USD LIBOR + 3.25%) and (Commercial Prime Lending Rate + 2.25%), Rate Floor: 4.25%) due 09/26/19		831,111		500,554
4.67% ((1 Month USD LIBOR + 3.25%) and 3 Month USD LIBOR + 3.25%), Rate Floor: 3.25%) due 09/26/19		488,889		294,443
Total Consumer, Cyclical				4,722,202
Basic Materials - 0.0%
Road Infrastructure Investment
6.02% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 06/13/23		4,350,242		4,284,989
Communications - 0.0%
Internet Brands, Inc.
6.25% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 09/13/24		3,437,248		3,252,496
Financial - 0.0%
USI, Inc.
5.80% (3 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 05/16/24		2,023,299		1,904,430
Total Senior Floating Rate Interests
(Cost $93,724,158)				88,397,984

MUNICIPAL BONDS†† - 0.6%
California - 0.4%
Newport Mesa Unified School District General Obligation Unlimited
due 08/01/4512	8,565,000	3,024,558
due 08/01/3912	4,000,000	1,833,320
due 08/01/4012	2,500,000	1,097,400
due 08/01/3812	2,000,000	994,620
due 08/01/4112	2,000,000	838,440
due 08/01/4312	1,900,000	730,512
Poway Unified School District General Obligation Unlimited
due 08/01/4012	10,000,000	4,254,600
due 08/01/3812	8,460,000	3,963,933
San Diego Unified School District General Obligation Unlimited
due 07/01/3912	7,150,000	3,305,659
due 07/01/4612	2,200,000	758,670
due 07/01/4312	1,350,000	527,945

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
MUNICIPAL BONDS†† - 0.6% (continued)
California - 0.4% (continued)
Cypress School District General Obligation Unlimited
due 08/01/4812		14,450,000	$	3,864,074
Beverly Hills Unified School District California General Obligation Unlimited
due 08/01/3412		5,295,000		3,103,029
Placentia-Yorba Linda Unified School District General Obligation Unlimited
due 08/01/4112		5,325,000		2,187,244
San Bernardino Community College District General Obligation Unlimited
due 08/01/4412		4,750,000		1,654,900
Hanford Joint Union High School District General Obligation Unlimited
due 08/01/4112		4,125,000		1,551,165
Antelope Valley Community College District General Obligation Unlimited
due 08/01/3612		2,800,000		1,383,704
Upland Unified School District General Obligation Unlimited
due 08/01/5012		5,040,000		1,344,571
San Marcos Unified School District General Obligation Unlimited
due 08/01/4712		3,600,000		1,143,396
Wiseburn School District General Obligation Unlimited
due 08/01/3412		900,000		507,798
Santa Ana Unified School District General Obligation Unlimited
due 08/01/3512		700,000		384,307
Total California				38,453,845
Illinois - 0.1%
State of Illinois General Obligation Unlimited
5.65% due 12/01/38		5,350,000		5,806,088
6.63% due 02/01/35		1,820,000		2,116,678

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
MUNICIPAL BONDS†† - 0.6% (continued)
Illinois - 0.1% (continued)
City of Chicago Illinois General Obligation Unlimited
6.31% due 01/01/44		4,500,000	$	5,288,175
Total Illinois				13,210,941
Texas - 0.1%
Wylie Independent School District General Obligation Unlimited
due 08/15/4612		10,000,000		3,277,700
due 08/15/4312		4,000,000		1,498,200
Harris County-Houston Sports Authority Revenue Bonds
due 11/15/4512		2,850,000		853,974
due 11/15/4112		1,500,000		552,645
Total Texas				6,182,519
Oregon - 0.0%
Washington & Multnomah Counties School District No. 48J Beaverton General Obligation Unlimited
due 06/15/3312		3,850,000		2,215,444
Florida - 0.0%
County of Miami-Dade Florida Revenue Bonds
due 10/01/4112		4,100,000		1,603,674
Pennsylvania - 0.0%
Pennsylvania Economic Development Financing Authority Revenue Bonds
due 01/01/4112		995,000		398,836
due 01/01/3712		570,000		276,547
Total Pennsylvania				675,383
Total Municipal Bonds
(Cost $61,185,063)				62,341,806

COMMERCIAL PAPER†† - 1.5%
Anthem, Inc.
2.90% due 01/02/196,16	20,000,000	19,998,389
2.68% due 01/02/196,16	18,000,000	17,998,550
FedEx Corp.
3.00% due 01/07/1916	25,000,000	24,987,500
American Water Capital Corp.
2.85% due 01/16/1916	25,000,000	24,970,312
Walmart, Inc.
2.47% due 01/14/1916	20,000,000	19,982,161
2.50% due 01/28/1916	2,000,000	1,996,250
Ryder System, Inc.
2.72% due 01/08/1916	20,000,000	19,989,033
Vodafone Group plc
2.78% due 01/07/1916	15,000,000	14,992,825
2.87% due 01/07/1916	4,000,000	3,998,087
Walgreens Boots Alliance, Inc.
2.90% due 01/09/1916	16,000,000	15,989,689
Rogers Communications, Inc.
2.85% due 01/02/1916	3,425,000	3,424,729
E.I. du Pont de Nemours & Co.
2.96% due 02/04/1916	500,000	498,602
Total Commercial Paper
(Cost $168,826,127)		168,826,127

REPURCHASE AGREEMENTS††,9 - 1.0%
BNP Paribas issued 12/28/18 at 2.76% due 02/01/19	66,673,481	66,673,481
Deutsche Bank issued 10/26/18 at 2.86% due 01/28/19	45,841,000	45,841,000
Total Repurchase Agreements
(Cost $112,514,481)		112,514,481

	Contracts
OTC OPTIONS PURCHASED†† - 0.0%
Call options on:
BofA Merrill Lynch iShares MSCI Emerging Markets ETF Expiring January 2019 with strike price of $54 (Notional Value $230,278,230)		58,955		29,477
BofA Merrill Lynch S&P 500 Index Expiring January 2019 with strike price of $3,000 (Notional Value $321,879,540)		1,284		6,420
Total OTC Options Purchased
(Cost $6,829,735)				35,897
Total Investments - 98.5%
(Cost $10,985,567,250)			$	10,941,056,488
Other Assets & Liabilities, net - 1.5%				170,101,005
Total Net Assets - 100.0%			$	11,111,157,493

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Depreciation**
Interest Rate Futures Contracts Sold Short†
U.S. Treasury Ultra Long Bond Futures Contracts		1,376	Mar 2019	$	221,665,000	$	(3,378,593	)

CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS PROTECTION PURCHASED††
Counterparty	Exchange	Index	Protection Premium Rate			Payment Frequency	Maturity Date	Notional Amount		Value			Upfront Premiums Received			Unrealized Appreciation**
BofA Merrill Lynch	ICE	CDX.NA.IG.31		1.00	%	Quarterly	12/20/23	$	1,801,020,000	$	(10,125,136	)	$	(21,127,641	)	$	11,002,505

OTC CREDIT DEFAULT SWAP AGREEMENTS PROTECTION PURCHASED††
Counterparty	Index	Protection Premium Rate		Payment Frequency	Maturity Date		Notional Amount		Value		Upfront Premiums Received			Unrealized Appreciation**
Goldman Sachs International	CDX.NA.IG.31	1.00	%	Quarterly	12/20/23	$	241,590,000	$	2,638,591	$	(404,792	)	$	3,043,382
Morgan Stanley Capital Services LLC	CDX.NA.IG.31	1.00	%	Quarterly	12/20/23		106,080,000		1,158,580		(23,433	)		1,182,014
								$	3,797,171	$	(428,225	)	$	4,225,396

CENTRALLY CLEARED INTEREST RATE SWAPS AGREEMENTS††
Counterparty	Exchange	Floating Rate Type	Floating Rate Index	Fixed Rate		Payment Frequency	Maturity Date	Notional Amount		Market Value			Upfront Premiums Paid (Received)			Unrealized Depreciation**
BofA Merrill Lynch	CME	Receive	3-Month USD LIBOR	2.83	%	Quarterly	01/31/20	$	15,573,000	$	(15,988	)	$	322		$	(16,310	)
BofA Merrill Lynch	CME	Receive	3-Month USD LIBOR	2.84	%	Quarterly	01/31/20		24,186,000		(27,705	)		339			(28,044	)
BofA Merrill Lynch	CME	Receive	3-Month USD LIBOR	2.92	%	Quarterly	01/31/20		14,106,000		(28,518	)		309			(28,827	)
BofA Merrill Lynch	CME	Receive	3-Month USD LIBOR	3.18	%	Quarterly	11/07/23		266,000,000		(7,249,189	)		(51,214	)		(7,197,975	)
BofA Merrill Lynch	CME	Receive	3-Month USD LIBOR	3.14	%	Quarterly	11/06/21		596,000,000		(9,030,765	)		144,807			(9,175,572	)
BofA Merrill Lynch	CME	Receive	3-Month USD LIBOR	3.21	%	Quarterly	11/07/25		429,000,000		(15,708,860	)		87,413			(15,796,273	)
BofA Merrill Lynch	CME	Receive	3-Month USD LIBOR	3.28	%	Quarterly	11/07/28		786,520,000		(37,790,548	)		(1,763,993	)		(36,026,555	)
										$	(69,851,573	)	$	(1,582,017	)	$	(68,269,556	)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS††
Counterparty	Contracts to Sell	Currency	Settlement Date		Settlement Value		Value at December 31, 2018		Unrealized Appreciation
Goldman Sachs	173,510,000	BRL	01/02/19	$	46,300,200	$	44,865,927	$	1,434,273
JPMorgan Chase & Co.	139,284,000	ILS	02/28/19		38,706,127		37,456,627		1,249,500
Barclays	236,698,000	ILS	02/28/19		64,843,437		63,653,462		1,189,975
Citigroup	647,630,000	BRL	04/01/19		167,289,135		166,479,059		810,076
Barclays	50,700,000	GBP	01/22/19		65,346,469		64,700,164		646,305
Citigroup	83,880,000	EUR	01/18/19		96,849,984		96,244,597		605,387
Morgan Stanley	69,970,600	ILS	02/28/19		19,353,359		18,816,681		536,678
Goldman Sachs	114,645,000	EUR	01/18/19		131,946,621		131,544,611		402,010
Citigroup	28,200,000	BRL	01/02/19		7,509,987		7,291,909		218,078
JPMorgan Chase & Co.	33,000,000	GBP	01/28/19		42,331,740		42,126,016		205,724
Citigroup	41,785,200	ILS	02/28/19		11,424,955		11,236,989		187,966
Goldman Sachs	195,090,000	ILS	01/31/20		53,865,793		53,699,777		166,016
Citigroup	123,000,000	DKK	03/01/19		18,988,661		18,972,320		16,341
BofA Merrill Lynch	20,150,000	EUR	01/30/19		23,149,730		23,145,084		4,646

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

Counterparty	Contracts to Sell	Currency	Settlement Date		Settlement Value		Value at December 31, 2018		Unrealized Appreciation (Depreciation)
JPMorgan Chase & Co.	1,600,000	GBP	01/07/19		2,044,162		2,040,186		3,976
Goldman Sachs	9,290,000	ILS	01/31/19		2,495,068		2,492,983		2,085
Citigroup	770,614	CZK	01/17/19		33,839		34,408		(569	)
Goldman Sachs	1,000,000,000	JPY	02/20/19		9,147,867		9,158,255		(10,388	)
Morgan Stanley	100,000,000	JPY	01/10/19		900,840		912,861		(12,021	)
Morgan Stanley	100,000,000	JPY	01/09/19		900,624		912,785		(12,161	)
JPMorgan Chase & Co.	20,490,000	EUR	01/18/19		23,492,215		23,510,393		(18,178	)
Morgan Stanley	56,672,000	EUR	01/18/19		65,007,436		65,025,916		(18,480	)
Barclays	27,890,000	EUR	02/15/19		32,054,953		32,076,905		(21,952	)
BofA Merrill Lynch	2,559,000,000	JPY	02/12/19		23,399,567		23,422,295		(22,728	)
Goldman Sachs	40,000,000	MXN	01/17/19		2,004,543		2,031,202		(26,659	)
BofA Merrill Lynch	2,077,750,000	HUF	02/27/19		7,425,309		7,454,229		(28,920	)
Barclays	21,240,000	EUR	01/04/19		24,306,844		24,340,440		(33,596	)
BofA Merrill Lynch	12,624,000	EUR	02/15/19		14,483,136		14,519,141		(36,005	)
Goldman Sachs	544,379,000	ILS	05/31/19		147,407,716		147,464,243		(56,527	)
Goldman Sachs	244,080,000	DKK	03/01/19		37,579,238		37,648,486		(69,248	)
BofA Merrill Lynch	47,960,000	EUR	01/18/19		54,950,650		55,029,697		(79,047	)
Citigroup	393,700,000	JPY	01/28/19		3,519,094		3,599,362		(80,268	)
Goldman Sachs	900,000,000	JPY	01/22/19		8,113,210		8,224,024		(110,814	)
JPMorgan Chase & Co.	2,635,540,000	HUF	02/27/19		9,339,993		9,455,382		(115,389	)
Barclays	211,800,000	MXN	01/24/19		10,610,531		10,743,238		(132,707	)
Barclays	201,520,000	DKK	03/01/19		30,929,022		31,083,755		(154,733	)
JPMorgan Chase & Co.	298,000,000	DKK	03/01/19		45,805,482		45,965,458		(159,976	)
Goldman Sachs	2,615,400,000	JPY	01/10/19		23,703,965		23,874,980		(171,015	)
JPMorgan Chase & Co.	175,780,000	MXN	05/23/19		8,571,916		8,749,036		(177,120	)
Goldman Sachs	53,650,000	EUR	03/22/19		61,694,724		61,886,993		(192,269	)
BofA Merrill Lynch	40,730,000	EUR	01/04/19		46,409,451		46,675,429		(265,978	)
JPMorgan Chase & Co.	47,110,000	EUR	01/16/19		53,767,350		54,044,733		(277,383	)
Citigroup	343,010,000	MXN	02/07/19		17,067,406		17,361,798		(294,392	)
JPMorgan Chase & Co.	30,797,000	EUR	02/15/19		35,119,944		35,420,310		(300,366	)
BofA Merrill Lynch	525,000,000	CZK	04/11/19		23,189,046		23,516,519		(327,473	)
Goldman Sachs	3,186,100,000	JPY	03/11/19		28,862,834		29,224,432		(361,598	)
JPMorgan Chase & Co.	347,986,500	SEK	03/12/19		38,882,255		39,488,317		(606,062	)
Goldman Sachs	213,300,000	BRL	04/01/19		54,190,696		54,830,664		(639,968	)
Goldman Sachs	3,045,000,000	JPY	02/12/19		27,126,103		27,870,608		(744,505	)
Citigroup	449,180,000	MXN	01/24/19		22,011,398		22,783,983		(772,585	)
JPMorgan Chase & Co.	437,250,000	MXN	01/17/19		21,428,487		22,203,581		(775,094	)
JPMorgan Chase & Co.	698,800,000	MXN	03/14/19		34,336,535		35,190,556		(854,021	)
Citigroup	500,000,000	MXN	02/21/19		24,375,041		25,259,317		(884,276	)
Citigroup	3,410,000,000	JPY	02/25/19		30,346,313		31,241,043		(894,730	)
Morgan Stanley	5,990,000,000	JPY	01/28/19		53,654,604		54,762,964		(1,108,360	)
JPMorgan Chase & Co.	1,000,000,000	MXN	03/28/19		49,002,793		50,241,549		(1,238,756	)
Goldman Sachs	6,078,000,000	JPY	02/04/19		54,144,003		55,598,888		(1,454,885	)
Citigroup	11,232,000,000	JPY	01/10/19		100,845,316		102,532,604		(1,687,288	)
Morgan Stanley	12,024,000,000	JPY	02/25/19		107,465,088		110,159,031		(2,693,943	)
								$	(10,243,397	)
Counterparty	Contracts to Buy	Currency	Settlement Date		Settlement Value		Value at December 31, 2018		Unrealized Appreciation
Goldman Sachs	201,710,000	BRL	01/02/19	$	51,656,307	$	52,157,836	$	501,529

~	The face amount is denominated in U.S. dollars unless otherwise indicated.
*	Non-income producing security.
**	Includes cumulative appreciation (depreciation).
†	Value determined based on Level 1 inputs, unless otherwise noted — See Note 3.
††	Value determined based on Level 2 inputs, unless otherwise noted — See Note 3.
†††	Value determined based on Level 3 inputs — See Note 3.
1	Security was fair valued by the Valuation Committee at December 31, 2018. The total market value of fair valued securities amounts to $21,370,767, (cost $21,407,005) or 0.2% of total net assets.
2	Affiliated issuer.
3	Effective November 30, 2018, Guggenheim Strategy Fund I was reorganized with and into the Guggenheim Ultra Short Duration Fund.
4	Rate indicated is the 7-day yield as of December 31, 2018.
5	Variable rate security. Rate indicated is the rate effective at December 31, 2018. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
6	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $2,880,466,587 (cost $2,911,115,285), or 25.9% of total net assets.

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

7	Security is an interest-only strip.
8	Security is a step up/down bond. The coupon increases or decreases at regular intervals until the bond reaches full maturity. Rate indicated is the rate at December 31, 2018. See table below for additional step information for each security.
9	Repurchase Agreements — See the repurchase agreements table below for additional information on repurchase agreements.
10	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be illiquid and restricted under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) illiquid and restricted securities is $107,433,602 (cost $109,947,578), or 1.0% of total net assets — See Note 6.
11	Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates.
12	Zero coupon rate security.
13	Security is a principal-only strip.
14	On September 7, 2008, the issuer was placed in conservatorship by the Federal Housing Finance Agency (FHFA). As conservator, the FHFA has full powers to control the assets and operations of the firm.
15	Security has a fixed rate coupon which will convert to a floating or variable rate coupon on a future date.
16	Rate indicated is the effective yield at the time of purchase.
17	The issuer operates under a Congressional charter; its securities are neither issued nor guaranteed by the U.S. Government.

BofA — Bank of America

BRL — Brazilian Real

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

CME — Chicago Mercantile Exchange

CMT — Constant Maturity Treasury

CZK — Czech Koruna

DKK — Danish Krone

EUR — Euro

GBP — British Pound

HUF — Hungarian Forint

ICE — Intercontinental Exchange

ILS — Israeli New Shekel

JPY — Japanese Yen

LIBOR — London Interbank Offered Rate

MXN — Mexican Peso

plc — Public Limited Company

REIT — Real Estate Investment Trust

REMIC — Real Estate Mortgage Investment Conduit 

SEK — Swedish Krona

WAC — Weighted Average Coupon

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2018 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Total
Common Stocks	$	2,022	$	—	$	—	*	$	2,022
Preferred Stocks		—		817,513		—			817,513
Warrants		—		—		—	*		—
Mutual Funds		147,308,528		—		—			147,308,528
Money Market Fund		299,885,754		—		—			299,885,754
Collateralized Mortgage Obligations		—		2,928,045,135		—			2,928,045,135
Asset-Backed Securities		—		2,236,794,662		22,605,313			2,259,399,975
Foreign Government Debt		—		2,205,383,706		—			2,205,383,706
U.S. Government Securities		—		1,659,783,555		—			1,659,783,555
Federal Agency Bonds		—		511,656,144		—			511,656,144
Corporate Bonds		—		285,820,736		6,017,997			291,838,733
Federal Agency Discount Notes		—		204,819,128		—			204,819,128
Senior Floating Rate Interests		—		88,390,979		7,005			88,397,984
Municipal Bonds		—		62,341,806		—			62,341,806
Commercial Paper		—		168,826,127		—			168,826,127
Repurchase Agreements		—		112,514,481		—			112,514,481
Options Purchased		—		35,897		—			35,897
Centrally Cleared Credit Default Swap Agreements**		—		11,002,505		—			11,002,505
OTC Credit Default Swap Agreements**		—		4,225,396		—			4,225,396
Forward Foreign Currency Exchange Contracts**		—		8,180,565		—			8,180,565
Total Assets	$	447,196,304	$	10,488,638,335	$	28,630,315		$	10,964,464,954

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Interest Rate Futures Contracts**	$	3,378,593	$	—	$	—	$	3,378,593
Forward Foreign Currency Exchange Contracts**		—		17,922,433		—		17,922,433
Interest Rate Swap Agreements**		—		68,269,556		—		68,269,556
Unfunded Loan Commitments (Note 5)		—		350,002		—		350,002
Total Liabilities	$	3,378,593	$	86,541,991	$	—	$	89,920,584

^* Includes securities with a market value of $0.

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

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the current fiscal period.

For the period ended December 31, 2018, the Fund had assets with a total value of $12,403,621 transfer out of Level 3 into Level 2 due to changes in the securities valuation methods based on availability of observable market inputs. There were no other securities that transferred between levels.

Step Coupon Bonds

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

Name	Coupon rate at next step up date	Date of next rate change	Range of future rates	Range of future step up dates
Apollo Aviation Securitization Equity Trust 2016-1A, 4.88% due 03/17/36	6.88%	03/15/23	6.88%	03/15/23
Castlelake Aircraft Securitization Trust 2015-1A, 4.70% due 12/15/40	6.70%	11/30/22	6.70%	11/30/22
Freddie Mac Seasoned Credit Risk Transfer Trust 2017-4, 2.75% due 06/25/57	3.00%	06/25/19	3.25%	12/25/19
Freddie Mac Seasoned Credit Risk Transfer Trust 2017-3, 2.75% due 07/25/56	3.00%	03/25/19	3.25%	09/25/19
Freddie Mac Seasoned Credit Risk Transfer Trust 2018-1, 2.25% due 05/25/57	2.50%	03/25/19	2.75% - 3.00%	09/25/19 - 03/25/20
Legacy Mortgage Asset Trust 2018-GS3, 4.00% due 06/25/58	7.00%	07/26/21	8.00%	07/26/22
Willis Engine Securitization Trust II 2012-A, 5.50% due 09/15/37	8.50%	09/15/20	8.50%	09/15/20

Repurchase Agreements

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

At December 31, 2018, the repurchase agreements entered into by the Fund were as follows:

Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
BNP Paribas					Morgan Stanley Capital Inc.
2.76%					3.53%
02/01/19	$	66,673,481	$	66,836,964	10/25/33	$	56,315,000	$	55,656,115
					HSI Asset Securitization Corp Trust
					2.70%
					01/25/37		49,500,000		38,570,400
					First Franklin Mortgage Loan Trust
					3.01%
					12/25/35		23,487,000		22,134,149
					Morgan Stanley Capital Inc.
					2.66%
					11/25/36		27,790,000		18,291,378
						$	157,092,000	$	134,652,042
Deutsche Bank					Great Wolf Trust
2.86%					6.68%
01/28/19		45,841,000		46,167,799	09/15/34	$	43,733,000	$	43,881,692
					Morgan Stanley Capital Inc.
					2.64%
					01/25/37		32,300,000		18,685,550
					COMM Mortgage Trust
					6.64%
					02/13/32		5,237,000		5,240,666
						$	81,270,000	$	67,807,908

Total Return Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

In the event of counterparty default, the Fund has the right to collect the collateral to offset losses incurred. There is potential loss to the Fund in the event the Fund is delayed or prevented from exercising its right to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights. The Fund’s investment adviser, acting under the supervision of the Board of Trustees, reviews the value of the collateral and the creditworthiness of those banks and dealers which the Fund enters into repurchase agreements to evaluate potential risks.

Affiliated Transactions

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Cash Management Funds”), each of which are open-end management investment companies managed by GI. The Cash Management Funds, which launched on March 11, 2014, are offered as cash management options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Cash Management Funds pay no investment management fees. The Cash Management Funds’ annual report on Form N-CSR dated September 30, 2018, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000089180418000513/gug75569-ncsr.htm.

Transactions during the period ended December 31, 2018, in which the company is an "affiliated person", were as follows:

Security Name	Value 09/30/18			Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 12/31/18			Shares/Face Amount 12/31/18		Investment Income		Capital Gain Distributions
Mutual Funds
Guggenheim Floating Rate Strategies Fund - Institutional Class	$	105,685,870		$	1,176,994	$	(32,270,000	)	$	(686,692	)	$	(3,103,237	)	$	70,802,935			2,851,508	$	1,167,392	$	392
Guggenheim Strategy Fund II		25,435,578			227,029		–			–			(163,780	)		25,498,827			1,027,350		210,227		13,648
Guggenheim Strategy Fund III		25,444,068			230,255		–			–			(214,884	)		25,459,439			1,027,004		225,823		953
Guggenheim Ultra Short Duration Fund1		25,458,278			225,846		–			–			(136,797	)		25,547,327			2,564,993		204,606		18,548
Senior Floating Rate Interests2
Aspect Software, Inc. 13.52% (3 Month USD LIBOR + 11.00%, Rate Floor: 12.00%) due 05/25/20		12,202			–		–			–			(55	)		12,147			14,635		313		–
Common Stocks
Aspect Software, Inc.*,3		–	**		–		–			–			–			–	**		2		–		–
Warrants
Aspect Software, Inc.3		–	**		–		–			–			–			–	**		1,318		–		–
	$	182,035,996		$	1,860,124	$	(32,270,000	)	$	(686,692	)	$	(3,618,753	)	$	147,320,675				$	1,808,361	$	33,541

*	Non-income producing security.
**	Security has a market value of $0.
1	Effective November 30, 2018, Guggenheim Strategy Fund I was reorganized with and into the Guggenheim Ultra Short Duration Fund.
2	Variable rate security. Rate indicated is the rate effective at December 31, 2018. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
3	Security was fair valued by the Valuation Committee at December 31, 2018. The total market value of fair valued securities amounts to $0, (cost $0) or less than 0.1% of total net assets.

Guggenheim Ultra-Short Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Shares		Value
MONEY MARKET FUND† - 0.2%
Dreyfus Treasury Securities Cash Management - Institutional Shares 2.20%1		757,407	$	757,407
Total Money Market Fund
(Cost $757,407)				757,407

	Face Amount~
FOREIGN GOVERNMENT DEBT†† - 24.3%
Government of Japan
due 01/10/192	JPY 505,300,000	4,610,077
due 02/25/192	JPY 495,000,000	4,517,059
due 02/12/192	JPY 200,500,000	1,829,533
due 02/04/192	JPY 169,000,000	1,542,046
due 01/28/192	JPY 134,000,000	1,222,646
due 03/11/192	JPY 110,000,000	1,003,853
Republic of France
due 01/16/192	EUR 4,210,000	4,825,248
due 01/30/192	EUR 1,660,000	1,903,117
due 02/25/192	EUR 1,220,000	1,399,189
due 01/23/192	EUR 1,140,000	1,306,779
due 01/04/192	EUR 530,000	607,311
State of Israel
2.25% due 05/31/19	ILS 20,700,000	5,657,091
6.00% due 02/28/19	ILS 11,720,000	3,324,369
5.00% due 01/31/20	ILS 5,500,000	1,609,835
Kingdom of Spain
due 01/18/192	EUR 5,020,000	5,753,598
due 02/15/192	EUR 2,458,000	2,827,812
Republic of Portugal
due 01/18/192	EUR 4,285,000	4,911,071
due 03/22/192	EUR 2,150,000	2,466,284
Federative Republic of Brazil
due 04/01/192	BRL 26,620,000	6,779,477
United Mexican States
due 01/03/192	MXN 4,670,000	2,375,071
due 03/14/192	MXN 4,160,000	2,082,223
due 05/23/192	MXN 1,448,000	713,035
due 01/24/192	MXN 1,197,000	606,298
Government of United Kingdom
due 01/28/192	GBP 2,570,000	3,274,716
due 02/25/192	GBP 860,000	1,095,217
due 02/18/192	GBP 300,000	382,104
Kingdom of Denmark
due 03/01/192	DKK 27,010,000	4,149,141
Republic of Hungary
due 02/27/192	HUF 898,390,000	3,207,744
Kingdom of Sweden
4.25% due 03/12/19	SEK 10,900,000	1,241,460
Total Foreign Government Debt
(Cost $76,381,412)		77,223,404

CORPORATE BONDS†† - 22.7%
Financial - 17.0%
Station Place Securitization Trust
3.02% (1 Month USD LIBOR + 0.70%, Rate Floor: 0.00%) due 06/24/193,4	3,550,000	3,550,000
3.32% (1 Month USD LIBOR + 1.00%, Rate Floor: 0.00%) due 03/24/193,4	1,250,000	1,250,000
3.02% (1 Month USD LIBOR + 0.70%, Rate Floor: 0.70%) due 09/24/194	1,000,000	1,000,000
Lloyds Bank plc
3.08% (3 Month USD LIBOR + 0.49%) due 05/07/214	2,600,000	2,573,790
HSBC Holdings plc
3.24% (3 Month USD LIBOR + 0.60%) due 05/18/214	2,600,000	2,561,417
Citigroup, Inc.
3.20% (3 Month USD LIBOR + 0.79%) due 01/10/204	2,300,000	2,303,058
4.18% (3 Month USD LIBOR + 1.38%) due 03/30/214	250,000	251,676
BNZ International Funding Ltd.
3.35% (3 Month USD LIBOR + 0.70%) due 02/21/203,4	2,550,000	2,554,407
UBS Group Funding Switzerland AG
4.22% (3 Month USD LIBOR + 1.78%, Rate Floor: 0.00%) due 04/14/213,4	1,400,000	1,422,448
4.26% (3 Month USD LIBOR + 1.44%) due 09/24/203,4	1,100,000	1,114,589
Sumitomo Mitsui Trust Bank Ltd.
3.35% (3 Month USD LIBOR + 0.91%) due 10/18/193,4	2,375,000	2,384,673
3.24% (3 Month USD LIBOR + 0.44%) due 09/19/193,4	150,000	150,061
Australia & New Zealand Banking Group Ltd.
3.48% (3 Month USD LIBOR + 0.66%) due 09/23/193,4	2,225,000	2,231,814
3.73% (3 Month USD LIBOR + 0.99%) due 06/01/213,4	300,000	302,157
Huntington National Bank
3.28% (3 Month USD LIBOR + 0.51%) due 03/10/204	2,525,000	2,524,447
Citizens Bank North America/Providence RI
3.28% (3 Month USD LIBOR + 0.54%) due 03/02/204	2,525,000	2,521,282
JPMorgan Chase & Co.
3.66% (3 Month USD LIBOR + 0.84%) due 03/22/194	2,520,000	2,521,034

Guggenheim Ultra-Short Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
CORPORATE BONDS†† - 22.7% (continued)
Financial - 17.0% (continued)
Capital One Financial Corp.
2.97% (3 Month USD LIBOR + 0.45%) due 10/30/204	$	2,535,000	$	2,516,936
Credit Agricole S.A.
3.74% (3 Month USD LIBOR + 0.97%) due 06/10/203,4		2,495,000		2,507,799
Morgan Stanley
3.92% (3 Month USD LIBOR + 1.38%) due 02/01/194		2,500,000		2,502,005
Goldman Sachs Group, Inc.
3.55% (3 Month USD LIBOR + 0.73%) due 12/27/204		1,400,000		1,394,212
4.46% (3 Month USD LIBOR + 1.77%) due 02/25/214		1,050,000		1,066,229
Svenska Handelsbanken AB
3.16% (3 Month USD LIBOR + 0.47%) due 05/24/214		2,250,000		2,229,633
American Express Co.
3.17% (3 Month USD LIBOR + 0.53%) due 05/17/214		2,150,000		2,140,322
AvalonBay Communities, Inc.
2.87% (3 Month USD LIBOR + 0.43%) due 01/15/214		2,050,000		2,035,184
Synchrony Financial
3.81% (3 Month USD LIBOR + 1.23%) due 02/03/204		1,800,000		1,798,638
Sumitomo Mitsui Financial Group, Inc.
4.45% (3 Month USD LIBOR + 1.68%) due 03/09/214		1,350,000		1,375,993
Mitsubishi UFJ Financial Group, Inc.
4.62% (3 Month USD LIBOR + 1.88%) due 03/01/214		1,234,000		1,264,004
Assurant, Inc.
4.07% (3 Month USD LIBOR + 1.25%) due 03/26/214		1,160,000		1,159,588
Santander UK plc
3.36% (3 Month USD LIBOR + 0.62%) due 06/01/214		980,000		969,183
Total Financial				54,176,579
Consumer, Non-cyclical - 4.0%
Allergan Funding SCS
4.03% (3 Month USD LIBOR + 1.26%) due 03/12/204		2,650,000		2,658,050
Express Scripts Holding Co.
3.46% (3 Month USD LIBOR + 0.75%) due 11/30/204		2,530,000		2,530,033
General Mills, Inc.
2.98% (3 Month USD LIBOR + 0.54%) due 04/16/214		2,450,000		2,411,996
CVS Health Corp.
3.40% (3 Month USD LIBOR + 0.63%) due 03/09/204		1,150,000		1,147,912
3.49% (3 Month USD LIBOR + 0.72%) due 03/09/214		1,050,000		1,041,535
Bayer US Finance II LLC
3.45% (3 Month USD LIBOR + 0.63%) due 06/25/213,4		1,700,000		1,677,355
Zimmer Biomet Holdings, Inc.
3.55% (3 Month USD LIBOR + 0.75%) due 03/19/214		1,400,000		1,386,890
Total Consumer, Non-cyclical				12,853,771
Communications - 0.9%
Deutsche Telekom International Finance BV
3.03% (3 Month USD LIBOR + 0.58%) due 01/17/203,4		2,515,000		2,519,820
Discovery Communications LLC
3.50% (3 Month USD LIBOR + 0.71%) due 09/20/194		300,000		299,748
Total Communications				2,819,568
Energy - 0.8%
Equities Corp.
3.17% (3 Month USD LIBOR + 0.77%) due 10/01/204		2,200,000		2,143,189
Phillips 66
3.29% (3 Month USD LIBOR + 0.60%) due 02/26/214		350,000		346,086
Total Energy				2,489,275
Total Corporate Bonds
(Cost $72,655,100)				72,339,193

ASSET-BACKED SECURITIES†† - 20.9%
Collateralized Loan Obligations - 20.5%
West CLO Ltd.
2017-1A, 3.36% (3 Month USD LIBOR + 0.92%, Rate Floor: 0.00%) due 07/18/263,4	7,311,884	7,303,683
Seneca Park CLO Limited
2017-1A, 3.57% (3 Month USD LIBOR + 1.12%, Rate Floor: 0.00%) due 07/17/263,4	5,712,162	5,698,088
Atlas Senior Loan Fund IV Ltd.
2018-2A, 3.30% (3 Month USD LIBOR + 0.68%, Rate Floor: 0.00%) due 02/17/263,4	5,449,483	5,447,577
Fortress Credit Opportunities IX CLO Ltd.
2017-9A, 4.17% (3 Month USD LIBOR + 1.55%, Rate Floor: 0.00%) due 11/15/293,4	4,227,000	4,173,527
Mountain View CLO Ltd.
2018-1A, 3.24% (3 Month USD LIBOR + 0.80%, Rate Floor: 0.80%) due 10/15/263,4	3,600,000	3,588,868

Guggenheim Ultra-Short Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
ASSET-BACKED SECURITIES†† - 20.9% (continued)
Collateralized Loan Obligations - 20.5% (continued)
OZLM XII Ltd.
2018-12A, 3.57% (3 Month USD LIBOR + 1.05%, Rate Floor: 0.00%) due 04/30/273,4	$	3,600,000	$	3,573,039
Avery Point VI CLO Ltd.
2018-6A, 3.63% (3 Month USD LIBOR + 1.05%, Rate Floor: 0.00%) due 08/05/273,4		3,600,000		3,572,251
Figueroa CLO Ltd.
2018-2A, 3.64% (3 Month USD LIBOR + 0.85%, Rate Floor: 0.85%) due 06/20/273,4		3,550,000		3,534,980
Cent CLO 24 Ltd.
2018-24A, 3.51% (3 Month USD LIBOR + 1.07%, Rate Floor: 0.00%) due 10/15/263,4		3,500,000		3,486,589
SCOF Ltd.
2018-2A, 3.62% (3 Month USD LIBOR + 1.18%, Rate Floor: 0.00%) due 07/15/283,4		3,500,000		3,478,618
MP CLO VIII Ltd.
2018-2A, 3.42% (3 Month USD LIBOR + 0.91%, Rate Floor: 0.00%) due 10/28/273,4		3,450,000		3,415,328
TICP CLO III-2 Ltd.
2018-3R, 3.31% (3 Month USD LIBOR + 0.84%, Rate Floor: 0.84%) due 04/20/283,4		3,400,000		3,349,321
Mountain Hawk II CLO Ltd.
2018-2A, 4.07% (3 Month USD LIBOR + 1.60%, Rate Floor: 0.00%) due 07/20/243,4		2,000,000		1,999,972
Palmer Square Loan Funding Ltd.
2018-4A, 3.15% (3 Month USD LIBOR + 0.90%, Rate Floor: 0.00%) due 11/15/263,4		2,000,000		1,999,678
KVK CLO Ltd.
2017-1A, 3.34% (3 Month USD LIBOR + 0.90%, Rate Floor: 0.00%) due 01/14/283,4		1,800,000		1,785,582
Garrison BSL CLO Ltd.
2018-1A, 3.32% (3 Month USD LIBOR + 0.95%, Rate Floor: 0.00%) due 07/17/283,4		1,750,000		1,743,936
Fortress Credit Opportunities XI CLO Ltd.
2018-11A, 3.74% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 04/15/313,4		1,800,000		1,739,569
Midocean Credit CLO V
2018-5A, 4.05% (3 Month USD LIBOR + 1.60%, Rate Floor: 0.00%) due 07/19/283,4		1,750,000		1,696,899
Oaktree CLO Ltd.
2017-1A, 3.82% (3 Month USD LIBOR + 1.35%, Rate Floor: 0.00%) due 10/20/273,4		1,700,000		1,672,643
VMC Finance LLC
2018-FL1, 3.28% (1 Month USD LIBOR + 0.82%) due 03/15/353,4		1,156,908		1,155,607
Marathon CLO V Ltd.
2017-5A, 3.52% (3 Month USD LIBOR + 0.87%, Rate Floor: 0.00%) due 11/21/273,4		1,021,117		1,016,037
Total Collateralized Loan Obligations				65,431,792
Transport-Aircraft - 0.4%
AIM Aviation Finance Ltd.
2015-1A, 4.21% due 02/15/403		1,202,094		1,209,994
Total Asset-Backed Securities
(Cost $67,084,887)				66,641,786

U.S. TREASURY BILLS†† - 11.1%
U.S. Treasury Bills
2.26% due 01/15/195	6,500,000	6,494,663
2.23% due 01/22/195	6,000,000	5,992,333
2.27% due 01/08/195	5,500,000	5,497,940
2.31% due 02/07/195	5,500,000	5,486,999
2.31% due 01/29/195	5,000,000	4,990,934
2.26% due 01/31/195	5,000,000	4,990,777
2.29% due 01/22/195	2,000,000	1,997,445
Total U.S. Treasury Bills
(Cost $35,449,718)		35,451,091

COLLATERALIZED MORTGAGE OBLIGATIONS†† - 10.5%
Residential Mortgage Backed Securities - 9.6%
CSMC Series
2014-7R, 2.46% (WAC) due 10/27/363,4	4,324,688	4,307,180
2014-2R, 2.51% (1 Month USD LIBOR + 0.20%, Rate Floor: 0.20%) due 02/27/463,4	3,913,412	3,759,389
2014-7R, 2.48% (WAC) due 12/27/373,4	2,943,229	2,902,377

Guggenheim Ultra-Short Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 10.5% (continued)
Residential Mortgage Backed Securities - 9.6% (continued)
Towd Point Mortgage Trust
2018-2, 3.25% (WAC) due 03/25/583,4	$	1,639,596	$	1,615,370
2017-6, 2.75% (WAC) due 10/25/573,4		1,483,324		1,448,821
2017-5, 2.92% (1 Month USD LIBOR + 0.60%, Rate Floor: 0.00%) due 02/25/573,4		1,074,627		1,068,759
CIM Trust
2018-R4, 4.07% (WAC) due 12/26/573,4		3,539,030		3,499,070
Soundview Home Loan Trust
2006-OPT5, 2.65% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 07/25/364		3,503,410		3,373,238
CIT Mortgage Loan Trust
2007-1, 3.86% (1 Month USD LIBOR + 1.35%, Rate Floor: 1.35%) due 10/25/373,4		2,738,989		2,767,894
New Residential Mortgage Loan Trust
2018-2A, 3.50% (WAC) due 02/25/583,4		2,224,111		2,210,329
Ameriquest Mortgage Securities Incorporated Asset-Backed Pass-Through Certificates Ser
2005-R10, 2.94% (1 Month USD LIBOR + 0.43%, Rate Floor: 0.43%) due 01/25/364		1,500,000		1,499,104
Banc of America Funding Trust
2015-R2, 2.77% (1 Month USD LIBOR + 0.26%, Rate Floor: 0.26%) due 04/29/373,4		1,200,000		1,164,496
GE-WMC Asset-Backed Pass-Through Certificates Series
2005-2, 2.76% (1 Month USD LIBOR + 0.25%, Rate Floor: 0.25%) due 12/25/354		672,017		667,241
Fannie Mae Connecticut Avenue Securities
2016-C02, 4.66% (1 Month USD LIBOR + 2.15%, Rate Floor: 0.00%) due 09/25/284		169,003		169,248
2016-C01, 4.46% (1 Month USD LIBOR + 1.95%, Rate Floor: 0.00%) due 08/25/284		110,830		110,841
Total Residential Mortgage Backed Securities				30,563,357
Commercial Mortgage Backed Securities - 0.9%
Morgan Stanley Capital I Trust
2018-H3, 0.84% (WAC) due 07/15/514,6		46,906,611		2,788,059
Total Collateralized Mortgage Obligations
(Cost $33,397,506)				33,351,416

Guggenheim Ultra-Short Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Face Amount~		Value
COMMERCIAL PAPER†† - 9.0%
Walgreens Boots Alliance, Inc.
2.90% due 01/09/195	$	3,300,000	$	3,297,873
E.I. du Pont de Nemours & Co.
2.94% due 02/11/195		3,200,000		3,189,285
Nasdaq, Inc.
3.01% due 02/25/195		3,100,000		3,086,320
Waste Management, Inc.
2.60% due 01/02/195		3,000,000		2,999,779
Clorox Co.
2.85% due 01/07/195		3,000,000		2,998,575
Keurig Dr Pepper, Inc.
2.87% due 01/14/195		3,000,000		2,996,891
Fidelity National Information Services, Inc.
3.00% due 01/28/195		2,400,000		2,394,600
Rogers Communications, Inc.
2.85% due 01/02/195		2,000,000		1,999,842
Vodafone Group plc
2.78% due 01/07/195		2,000,000		1,999,043
McDonald's Corp.
2.65% due 01/08/195		2,000,000		1,998,911
National Grid USA
2.95% due 02/07/195		1,625,000		1,620,073
Total Commercial Paper
(Cost $28,580,428)				28,581,192

REPURCHASE AGREEMENTS††,7 - 1.8%
Barclays issued 11/09/18 at 2.64% open maturity	2,394,408		2,394,408
BNP Paribas issued 10/30/18 at 2.76% due 02/01/19	2,098,204		2,098,204
Deutsche Bank issued 10/26/18 at 2.86% due 01/28/19	1,300,000		1,300,000
Total Repurchase Agreements
(Cost $5,792,612)			5,792,612
Total Investments - 100.5%
(Cost $320,099,070)		$	320,138,101
Other Assets & Liabilities, net - (0.5)%			(1,631,159	)
Total Net Assets - 100.0%		$	318,506,942

Centrally Cleared Credit Default Swap Agreements Purchased^††

Counterparty	Exchange	Index	Protection Premium Rate			Payment Frequency	Maturity Date	Notional Amount		Market Value			Premiums (Received)			Unrealized Appreciation**
BofA, N.A.	ICE	CDX.NA.IG.31		1.00	%	At Maturity	12/20/23	$	24,960,000	$	(140,322	)	$	(289,746	)	$	149,424

OTC Credit Default Swap Agreements Purchased††
Counterparty	Index	Protection Premium Rate			Payment Frequency	Maturity Date	Notional Amount		Market Value		Premiums Received			Unrealized Appreciation**
Goldman Sachs International	CDX.NA. IG.31		1.00	%	At Maturity	12/20/23	$	6,840,000	$	74,705	$	(15,725	)	$	90,430
Morgan Stanley Capital Services LLC	CDX.NA. IG.31		1.00	%	At Maturity	12/20/23		3,280,000		35,823		(958	)		36,781
									$	110,528	$	(16,683	)	$	127,211

CENTRALLY CLEARED INTEREST RATE SWAPS AGREEMENTS††
Counterparty	Exchange	Floating Rate Type	Floating Rate Index	Fixed Rate		Payment Frequency	Maturity Date	Notional Amount		Market Value			Premiums Paid (Received)			Unrealized Depreciation**
BofA Merrill Lynch	CME	Receive	3-Month USD LIBOR	2.83	%	Quarterly	01/31/20	$	579,000	$	(594	)	$	287		$	(881	)
BofA Merrill Lynch	CME	Receive	3-Month USD LIBOR	2.84	%	Quarterly	01/31/20		1,014,000		(1,162	)		284			(1,446	)
BofA Merrill Lynch	CME	Receive	3-Month USD LIBOR	3.28	%	Quarterly	11/07/28		550,000		(26,426	)		667			(27,093	)
BofA Merrill Lynch	CME	Receive	3-Month USD LIBOR	3.21	%	Quarterly	11/07/25		1,650,000		(60,419	)		532			(60,951	)
BofA Merrill Lynch	CME	Receive	3-Month USD LIBOR	3.18	%	Quarterly	11/07/23		2,450,000		(66,769	)		(303	)		(66,466	)
BofA Merrill Lynch	CME	Receive	3-Month USD LIBOR	3.14	%	Quarterly	11/06/21		11,700,000		(177,282	)		3,123			(180,405	)
										$	(332,652	)	$	4,590		$	(337,242	)

Guggenheim Ultra-Short Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS††
Counterparty	Contracts to Sell		Currency		Settlement Date	Settlement Value			Value at December 31, 2018		Net Unrealized Appreciation/ (Depreciation)
J.P. Morgan		5,088,000		ILS	02/28/19	$	1,413,923		$	1,368,279	$	45,644
Goldman Sachs		5,440,000		BRL	01/02/19		1,451,634			1,406,666		44,968
Morgan Stanley		4,028,000		ILS	02/28/19		1,112,070			1,083,220		28,850
Citigroup		18,720,000		BRL	04/01/19		4,837,006			4,812,143		24,863
Citigroup		2,765,000		EUR	01/18/19		3,191,591			3,172,584		19,007
Barclays		3,307,200		ILS	02/28/19		906,008			889,381		16,627
J.P. Morgan		2,570,000		GBP	01/28/19		3,296,745			3,280,723		16,022
Citigroup		949,000		BRL	01/02/19		252,730			245,391		7,339
Goldman Sachs		5,775,000		ILS	01/31/20		1,592,711			1,589,605		3,106
J.P. Morgan		860,000		GBP	02/25/19		1,102,388			1,099,287		3,101
BofA Merrill Lynch		610,000		EUR	01/30/19		700,811			700,670		141
J.P. Morgan		300,000		GBP	02/19/19		383,427			383,366		61
Goldman Sachs		275,000		ILS	01/31/19		73,811			73,797		14
Morgan Stanley		1,485,000		EUR	01/18/19		1,703,416			1,703,901		(485	)
J.P. Morgan		960,000		EUR	01/18/19		1,100,660			1,101,512		(852	)
Barclays		1,140,000		EUR	02/15/19		1,310,242			1,311,139		(897	)
BofA Merrill Lynch		110,500,000		JPY	02/12/19		1,010,415			1,011,396		(981	)
BofA Merrill Lynch		348,000		EUR	02/15/19		399,249			400,242		(993	)
Bank of America Merrill Lynch		1,480,000		EUR	01/18/19		1,695,725			1,698,164		(2,439	)
BofA Merrill Lynch		1,140,000		EUR	01/23/19		1,305,634			1,308,630		(2,996	)
J.P. Morgan		13,400,000		DKK	03/01/19		2,063,360			2,066,903		(3,543	)
BofA Merrill Lynch		7,100,000		DKK	03/01/19		1,091,518			1,095,150		(3,632	)
Goldman Sachs		21,165,750		ILS	05/31/19		5,729,816			5,733,490		(3,674	)
Barclays		7,900,000		MXN	01/24/19		395,766			400,716		(4,950	)
Barclays		6,510,000		DKK	03/01/19		999,144			1,004,145		(5,001	)
BofA Merrill Lynch		449,240,000		HUF	02/27/19		1,605,461			1,611,714		(6,253	)
Citigroup		4,070,000		MXN	01/24/19		199,445			206,445		(7,000	)
BofA Merrill Lynch		530,000		EUR	01/04/19		600,183			607,365		(7,182	)
Goldman Sachs		1,220,000		EUR	02/25/19		1,396,894			1,404,252		(7,358	)
Goldman Sachs		2,150,000		EUR	03/22/19		2,472,263			2,480,094		(7,831	)
Goldman Sachs		122,300,000		JPY	01/10/19		1,108,453			1,116,430		(7,977	)
J.P. Morgan		1,050,000		EUR	01/30/19		1,197,257			1,206,071		(8,814	)
J.P. Morgan		970,000		EUR	02/15/19		1,106,158			1,115,618		(9,460	)
Goldman Sachs		2,615,000		EUR	01/18/19		2,989,616			3,000,473		(10,857	)
Goldman Sachs		110,000,000		JPY	03/11/19		996,734			1,008,973		(12,239	)
J.P. Morgan		14,480,000		MXN	05/23/19		706,118			720,708		(14,590	)
J.P. Morgan		11,363,250		SEK	03/12/19		1,269,822			1,289,462		(19,640	)
J.P. Morgan		449,150,000		HUF	02/27/19		1,591,741			1,611,391		(19,650	)
Goldman Sachs		90,000,000		JPY	02/12/19		801,757			823,762		(22,005	)
Citigroup		90,000,000		JPY	02/25/19		800,929			824,544		(23,615	)
Goldman Sachs		7,900,000		BRL	04/01/19		2,007,062			2,030,765		(23,703	)
J.P. Morgan		4,210,000		EUR	01/16/19		4,805,267			4,829,725		(24,458	)
Morgan Stanley		134,000,000		JPY	01/28/19		1,200,286			1,225,081		(24,795	)
Goldman Sachs		169,000,000		JPY	02/04/19		1,505,485			1,545,938		(40,453	)
J.P. Morgan		41,600,000		MXN	03/14/19		2,044,076			2,094,916		(50,840	)
Citigroup		383,000,000		JPY	01/10/19		3,438,725			3,496,260		(57,535	)
Morgan Stanley		405,000,000		JPY	02/25/19		3,619,707			3,710,446		(90,739	)
J.P. Morgan		46,700,000		MXN	01/03/19		2,283,395			2,376,711		(93,316	)
											$	(411,010	)
Counterparty		Contracts to Buy		Currency	Settlement Date		Settlement Value			Value at December 31, 2018		Net Unrealized Appreciation
Goldman Sachs		6,389,000		BRL	01/02/19	$	(1,636,172	)	$	1,652,057	$	15,885

~	The face amount is denominated in U.S. dollars unless otherwise indicated.
**	Includes cumulative appreciation (depreciation).
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	Rate indicated is the 7-day yield as of December 31, 2018.
2	Zero coupon rate security.

Guggenheim Ultra-Short Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

3	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $113,050,596 (cost $113,474,115), or 35.5% of total net assets.
4	Variable rate security. Rate indicated is the rate effective at December 31, 2018. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
5	Rate indicated is the effective yield at the time of purchase.
6	Security is an interest-only strip.
7	Repurchase Agreements — See Note 4.

BofA — Bank of America

BRL — Brazilian Real

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

CME — Chicago Mercantile Exchange

DKK — Danish Krone

EUR — Euro

GBP — British Pound

HUF — Hungarian Forint

ICE — Intercontinental Exchange

ILS — Israeli New Shekel

JPY — Japanese Yen

LIBOR — London Interbank Offered Rate

MXN — Mexican Peso

plc — Public Limited Company

SEK — Swedish Krona

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2018 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Money Market Fund	$	757,407	$	—	$	—	$	757,407
Foreign Government Debt		—		77,223,403		—		77,223,403
Corporate Bonds		—		72,339,193		—		72,339,193
Asset-Backed Securities		—		66,641,786		—		66,641,786
U.S. Treasury Bills		—		35,451,091		—		35,451,091
Collateralized Mortgage Obligations		—		33,351,416		—		33,351,416
Commercial Paper		—		28,581,192		—		28,581,192
Repurchase Agreements		—		5,792,612		—		5,792,612
Credit Default Swap Agreements**		—		276,635		—		276,635
Forward Foreign Currency Exchange Contracts**		—		225,628		—		225,628
Total Assets	$	757,407	$	319,882,956	$	—	$	320,640,363
Investments in Securities (Liabilities)		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Forward Foreign Currency Exchange Contracts**	$	—	$	620,753	$	—	$	620,753
Interest Rate Swaps Agreements**		—		337,242		—		337,242
Total Liabilities	$	—	$	957,995	$	—	$	957,995

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

Guggenheim Ultra-Short Duration Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the current fiscal period.

For the period ended December 31, 2018, there were no transfers between levels.

Repurchase Agreements

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

Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
BNP Paribas					Morgan Stanley Capital Inc.
2.76%					3.18%
02/01/19	$	2,098,204	$	2,103,349	09/25/35	$	2,760,000	$	2,471,028
Barclays					Netflix Inc.
2.80% (1 Month USD LIBOR + 0.30%)					4.88%
Open Maturity*		2,394,408		2,394,408	04/15/28		2,664,000		2,424,240
Deutsche Bank					COMM Mortgage Trust
2.86%					6.64%
01/28/19		1,300,000		1,309,701	02/13/32		1,732,000		1,733,212

^* Variable rate security. Rate indicated is the rate effective at December 31, 2018. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.

In the event of counterparty default, the Fund has the right to collect the collateral to off set losses incurred. There is potential loss to the Fund in the event the Fund is delayed or prevented from exercising its rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights. The Fund’s investment adviser, acting under the supervision of the Board, reviews the value of the collateral and the creditworthiness of those banks and dealers with which the Fund enters into repurchase agreements to evaluate potential risks.

World Equity Income Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Shares		Value
COMMON STOCKS† - 98.4%
Consumer, Non-cyclical - 24.4%
Johnson & Johnson		10,400	$	1,342,120
Pfizer, Inc.		26,900		1,174,185
UnitedHealth Group, Inc.		4,400		1,096,128
Procter & Gamble Co.		11,700		1,075,464
Roche Holding AG††		3,900		968,367
AbbVie, Inc.		9,000		829,710
Kimberly-Clark Corp.		6,600		752,004
Altria Group, Inc.		15,100		745,789
Bristol-Myers Squibb Co.		14,000		727,720
Philip Morris International, Inc.		10,200		680,952
Hershey Co.		5,700		610,926
General Mills, Inc.		15,500		603,570
Kellogg Co.		9,300		530,193
Coloplast A/S — Class B††		5,400		502,276
Colgate-Palmolive Co.		8,200		488,064
Mowi ASA††		22,300		470,002
Allergan plc		3,500		467,810
Japan Tobacco, Inc.††		17,000		403,921
Wesfarmers Ltd.††		17,400		395,374
Medtronic plc		3,900		354,744
PepsiCo, Inc.		3,100		342,488
Woolworths Group Ltd.††		16,300		338,186
Verisk Analytics, Inc. — Class A*		2,700		294,408
Takeda Pharmaceutical Company Ltd.††		8,100		274,533
Danone S.A.††		3,800		267,862
Clorox Co.		1,600		246,624
IDEXX Laboratories, Inc.*		1,300		241,826
Intuitive Surgical, Inc.*		500		239,460
Merck & Company, Inc.		3,100		236,871
Stryker Corp.		1,500		235,125
McCormick & Company, Inc.		1,600		222,784
Rollins, Inc.		6,150		222,015
Imperial Brands plc††		7,100		215,493
Cardinal Health, Inc.		4,000		178,400
Amgen, Inc.		900		175,203
Wm Morrison Supermarkets plc††		61,200		166,368
Campbell Soup Co.		5,000		164,950
JM Smucker Co.		1,600		149,584
Gilead Sciences, Inc.		1,900		118,845
Total Consumer, Non-cyclical				18,550,344
Financial - 23.2%
Brilliance China Automotive Holdings Ltd. PLC*,††		15,000		765,249
Aflac, Inc.		16,600		756,296
Mastercard, Inc. — Class A		4,000		754,600
Westpac Banking Corp.††		40,200		710,454
National Australia Bank Ltd. ADR††		39,100		663,617
Essex Property Trust, Inc. REIT		2,700		662,067
Trinity Industries, Inc.††		427,200		660,949
BNP Paribas S.A.††		14,200		641,350
Public Storage REIT		3,100		627,471
Australia & New Zealand Banking Group Ltd.††		35,800		618,685
Bank Leumi Le-Israel BM††		100,300		606,899
AGNC Investment Corp. REIT		33,500		587,590
Canadian Imperial Bank of Commerce		7,800		581,208
Bank of Montreal		8,600		562,103
AXA S.A.††		25,300		546,079
Simon Property Group, Inc. REIT		3,100		520,769
Ageas††		11,200		504,228
Bank Hapoalim BM††		78,300		495,658
SmartCentres Real Estate Investment Trust REIT		21,300		481,232
DNB ASA††		29,800		478,313
RioCan Real Estate Investment Trust REIT		24,100		420,334
First Capital Realty, Inc.		29,100		401,981
Japan Retail Fund Investment Corp. REIT††		200		399,096
H&R Real Estate Investment Trust REIT		26,000		393,454
Swiss Re AG††		4,220		388,305
Annaly Capital Management, Inc. REIT		36,700		360,394
Toronto-Dominion Bank		7,100		353,080
United Urban Investment Corp. REIT††		200		309,731
Unibail-Rodamco-Westfield REIT††		1,900		294,045
Power Financial Corp.		14,100		266,897
ICADE REIT††		3,100		236,284
Daiwa House REIT Investment Corp. REIT††		100		224,002
VEREIT, Inc. REIT		30,500		218,075
AvalonBay Communities, Inc. REIT		1,100		191,455
IGM Financial, Inc.		8,200		186,465
JPMorgan Chase & Co.		1,800		175,716
Great-West Lifeco, Inc.		8,200		169,339
Invesco Ltd.		10,100		169,074
Societe Generale S.A.††		4,000		126,831
CI Financial Corp.		9,600		121,567
Total Financial				17,630,942
Communications - 13.2%
Verizon Communications, Inc.		20,000		1,124,400
AT&T, Inc.		35,000		998,900
Alphabet, Inc. — Class C*		800		828,488
Amazon.com, Inc.*		500		750,985
Vodafone Group plc††		325,400		632,710
Omnicom Group, Inc.		8,200		600,568
KDDI Corp.††		23,700		566,284
HKT Trust & HKT Ltd.††		359,300		517,605
BCE, Inc.		11,800		466,351
Walt Disney Co.		4,100		449,565
Interpublic Group of Companies, Inc.		21,300		439,419
PCCW Ltd.††		707,700		407,526
TELUS Corp.		12,200		404,557
Eutelsat Communications S.A.††		16,200		319,192
NTT DOCOMO, Inc.††		13,700		307,814
Comcast Corp. — Class A		7,100		241,755
Facebook, Inc. — Class A*		1,700		222,853
Nippon Telegraph & Telephone Corp.††		5,000		203,987
Telefonica Deutschland Holding AG††		50,800		199,966
WPP plc††		18,300		199,150

World Equity Income Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

	Shares		Value
COMMON STOCKS† - 98.4% (continued)
Communications - 13.2% (continued)
SES S.A.††		9,100	$	174,248
Total Communications				10,056,323
Technology - 10.2%
Apple, Inc.		7,100		1,119,954
Microsoft Corp.		10,000		1,015,700
Accenture plc — Class A		5,800		817,858
Paychex, Inc.		11,400		742,710
International Business Machines Corp.		6,400		727,488
Texas Instruments, Inc.		7,000		661,500
Canon, Inc.††		23,100		635,584
Fiserv, Inc.*		7,100		521,779
Intuit, Inc.		2,100		413,385
Xilinx, Inc.		4,100		349,197
Jack Henry & Associates, Inc.		2,685		339,706
Oracle Corporation Japan††		5,100		323,722
Broadridge Financial Solutions, Inc.		1,300		125,125
Total Technology				7,793,708
Utilities - 7.7%
Duke Energy Corp.		8,573		739,850
Dominion Energy, Inc.		9,868		705,167
National Grid plc††		63,900		625,192
Centrica plc††		361,600		623,638
SSE plc††		43,200		596,412
PPL Corp.		19,354		548,299
OGE Energy Corp.		13,300		521,227
CLP Holdings Ltd.††		34,837		393,707
Power Assets Holdings Ltd.††		53,100		368,923
WEC Energy Group, Inc.		4,000		277,040
Pinnacle West Capital Corp.		3,000		255,600
Edison International		3,000		170,310
Total Utilities				5,825,365
Consumer, Cyclical - 7.0%
Home Depot, Inc.		6,000		1,030,920
TJX Companies, Inc.		15,600		697,944
Lawson, Inc.††		7,100		449,086
Target Corp.		6,400		422,976
Harvey Norman Holdings Ltd.††		182,100		405,404
Crown Resorts Ltd.††		45,400		379,488
Ford Motor Co.		48,800		373,320
Iida Group Holdings Company Ltd.††		19,700		341,211
Darden Restaurants, Inc.		3,400		339,524
Las Vegas Sands Corp.		5,100		265,455
L Brands, Inc.		8,000		205,360
Macy's, Inc.		6,600		196,548
Walmart, Inc.		2,100		195,615
Total Consumer, Cyclical				5,302,851
Energy - 5.9%
Exxon Mobil Corp.		17,900		1,220,601
TOTAL S.A.††		15,500		817,634
BP plc††		121,900		770,683
Eni SpA††		41,800		660,392
Targa Resources Corp.		13,400		482,668
Royal Dutch Shell plc — Class A††		11,300		332,655
Koninklijke Vopak N.V.††		5,000		226,766
Total Energy				4,511,399
Industrial - 5.6%
3M Co.		4,400		838,376
United Parcel Service, Inc. — Class B		6,900		672,957
Emerson Electric Co.		9,600		573,600
Lockheed Martin Corp.		2,140		560,337
Pentair plc		12,200		460,916
Cummins, Inc.		3,300		441,012
CH Robinson Worldwide, Inc.		4,900		412,041
General Electric Co.		25,400		192,278
ComfortDelGro Corporation Ltd.††		82,900		130,986
Total Industrial				4,282,503
Basic Materials - 0.6%
Israel Chemicals Ltd.††		60,000		341,494
EMS-Chemie Holding AG††		300		142,858
Total Basic Materials				484,352
Diversified - 0.6%
Jardine Matheson Holdings Ltd.††		6,100		424,438
Total Common Stocks
(Cost $79,326,426)				74,862,225

EXCHANGE-TRADED FUNDS† - 0.9%
iShares Edge MSCI Min Vol Global ETF	8,600	698,836
Total Exchange-Traded Funds
(Cost $740,690)		698,836

MONEY MARKET FUND† - 0.5%
Goldman Sachs Financial Square Treasury Instruments Fund—Institutional Class 2.22%1	364,181		364,181
Total Money Market Fund
(Cost $364,181)			364,181
Total Investments - 99.8%
(Cost $80,431,297)		$	75,925,242
Other Assets & Liabilities, net - 0.2%			134,710
Total Net Assets - 100.0%		$	76,059,952

World Equity Income Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2018

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation (Depreciation)**
Currency Futures Contracts Sold Short†
Canadian Dollar Futures Contracts		68	Mar 2019	$	4,991,200	$	121,545
British Pound Futures Contracts		53	Mar 2019		4,237,681		(23,655	)
				$	9,228,881	$	97,890

*	Non-income producing security.
**	Includes cumulative appreciation (depreciation).
†	Value determined based on Level 1 inputs unless otherwise noted — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	Rate indicated is the 7-day yield as of December 31, 2018.

ADR — American Depositary Receipt

plc — Public Limited Company

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2018 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	49,671,313	$	25,190,912	$	—	$	74,862,225
Exchange-Traded Funds		698,836		—		—		698,836
Money Market Fund		364,181		—		—		364,181
Currency Futures Contracts**		121,545		—		—		121,545
Total Assets	$	50,855,875	$	25,190,912	$	—	$	76,046,787
Investments in Securities (Liabilities)		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Currency Futures Contracts**	$	23,655	$	—	$	—	$	23,655

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

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the current fiscal period.

For the year ended December 31, 2018, the Fund had securities with a total value of $20,270,535 transfer out of Level 1 into Level 2 due to utilizing fair value pricing for certain foreign equity securities at period end.

NOTES TO SCHEDULES OF INVESTMENTS (Unaudited)                             December 31, 2018

Note 1 – Organization, Consolidation of Subsidiary and Significant Accounting Policies

Organization

Guggenheim Funds Trust (the "Trust"), a Delaware statutory trust, is registered with the SEC under the Investment Company Act of 1940 ("1940 Act”), as an open-ended investment company of the series type. Each series, in effect, is representing a separate fund. The Trust is authorized to issue an unlimited number of shares. The Trust accounts for the assets of each fund separately.

This report covers Alpha Opportunity Fund, Capital Stewardship Fund, Diversified Income Fund, Floating Rate Strategies Fund, High Yield Fund, Investment Grade Bond Fund, Large Cap Value Fund, Limited Duration Fund, Macro Opportunities Fund, Market Neutral Real Estate Fund, Mid Cap Value Fund, Mid Cap Value Institutional Fund, Municipal Income Fund, Risk Managed Real Estate Fund, Small Cap Value Fund, StylePlus—Large Core Fund, StylePlus—Mid Growth Fund, Total Return Bond Fund, Ultra Short Duration Fund and World Equity Income Fund (the "Funds"), each a diversified investment company, with the exception of Large Cap Value Fund, Macro Opportunities Fund, Market Neutral Real Estate Fund and Risk Managed Real Estate Fund, each of which are a non-diversified investment company.

Consolidaton of Subsidiary

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

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

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

Significant Accounting Policies

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

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

(a) Valuation of Investments

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

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

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

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

Generally, trading in foreign securities markets is substantially completed each day at various times prior to the close of the NYSE. The values of foreign securities are determined as of the close of such foreign markets or the close of the NYSE, if earlier. All investments quoted in foreign currencies are valued in U.S. dollars on the basis of the foreign currency exchange rates prevailing at the close of U.S. business at 4:00 p.m. Investments in foreign securities may involve risks not present in domestic investments. The Valuation Committee will determine the current value of such foreign securities by taking into consideration certain factors which may include those discussed above, as well as the following factors, among others: the value of the securities traded on other foreign markets, ADR trading, closed-end fund trading, foreign currency exchange activity, and the trading prices of financial products that are tied to foreign securities. In addition, under the Valuation Procedures, the Valuation Committee and Guggenheim Investments ("GI") are authorized to use prices and other information supplied by a third party pricing vendor in valuing foreign securities.

NOTES TO SCHEDULES OF INVESTMENTS (Unaudited)                             December 31, 2018

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

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

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

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

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

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

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

The values of OTC swap agreements and credit default swap agreements entered into by a Fund are accounted for using the unrealized appreciation or depreciation on the agreements that are determined by marking the agreements to the last quoted value of the index that the swaps pertain to at the close of the NYSE.

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

The value of interest rate swap agreements entered into by a Fund is accounted for using the unrealized appreciation or depreciation on the agreements that is determined using the spread priced off the previous day’s Chicago Mercantile Exchange ("CME") price.

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

Investments for which market quotations are not readily available are fair-valued as determined in good faith by GI, subject to review and approval by the Valuation Committee, pursuant to methods established or ratified by the Board. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s or liability’s) “fair value". Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to market prices; sale prices; broker quotes; and models which derive prices based on inputs such as prices of securities with comparable maturities and characteristics, or based on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information analysis.

NOTES TO SCHEDULES OF INVESTMENTS (Unaudited)                             December 31, 2018

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

Senior loans in which the Funds invest generally pay interest rates which are periodically adjusted by reference to a base short-term, floating rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as the one-month or three-month London Inter-Bank Offered Rate (LIBOR), (ii) the prime rate offered by one or more major United States banks, or (iii) the bank’s certificate of deposit rate. Senior floating rate interests often require prepayments from excess cash flows or permit the borrower to repay at its election. The rate at which the borrower repays cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. The interest rate indicated is the rate in effect at December 31, 2018.

Note 2 – Financial Instruments and Derivatives

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

Short Sales

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

Derivatives

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

The Funds may utilize derivatives for the following purposes:

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

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

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

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

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

Liquidity: the ability to buy or sell exposure with little price/market impact.

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

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

NOTES TO SCHEDULES OF INVESTMENTS (Unaudited)                             December 31, 2018

Options Purchased and Written

A call option on a security gives the purchaser of the option the right to buy, and the writer of a call option the obligation to sell, the underlying security. The purchaser of a put option has the right to sell, and the writer of the put option the obligation to buy, the underlying security at any time during the option period. The risk associated with purchasing options is limited to the premium originally paid.

The risk in writing a call option is that a Fund may incur a loss if the market price of the underlying security increases and the option is exercised. The risk in writing a put option is that a Fund may incur a loss if the market price of the underlying security decreases and the option is exercised. In addition, there may be an imperfect correlation between the movement in prices of options and the underlying securities where a Fund may not be able to enter into a closing transaction because of an illiquid secondary market; or, for OTC options, a Fund may be at risk because of the counterparty’s inability to perform.

Futures

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

Swaps

A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. A Fund utilizing OTC swaps bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying asset declines in value. Certain standardized swaps are subject to mandatory central clearing and are executed on a multi-lateral or other trade facility platform, such as a registered exchange. There is limited counterparty credit risk with respect to centrally-cleared swaps as the transaction is facilitated through a central clearinghouse, much like exchange-traded futures contracts. Upon entering into certain centrally-cleared swap transactions, the Fund is required to deposit with its clearing broker an amount of cash or securities as an initial margin. Subsequent variation margin payments or receipts are made or received by the Fund, depending on fluctuations in the fair value of the reference entity. For a fund utilizing interest rate swaps, the exchange bears the risk of loss. There is no guarantee that a fund or an underlying fund could eliminate its exposure under an outstanding swap agreement by entering into an offsetting swap agreement with the same or another party.

Total return swaps and custom basket swaps involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset (such as index or a custom basket of securities) for a fixed or variable interest rate. Index swaps will usually be computed based on the current index value as of the close of regular trading on the NYSE or other exchange. A fund utilizing a total return index swap bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying index declines in value.

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

Credit default swaps are instruments which allow for the full or partial transfer of third party credit risk, with respect to a particular entity or entities, from one counterparty to the other. In accordance with its principal investment strategy, the Funds enter into credit default swaps as a seller of protection primarily to gain exposure similar to the high yield bond market. A seller of credit default swaps is selling credit protection or assuming credit risk with respect to the underlying entity or entities. If a credit event occurs, as defined under the terms of the swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. The Notional Principal reflects the maximum potential amount the Fund could be required to pay as a seller of credit protection if a credit event occurs. As the seller of protection, the Fund receives periodic premium payments from the counterparty and may also receive or pay an upfront premium adjustment to the stated periodic premium.

NOTES TO SCHEDULES OF INVESTMENTS (Unaudited)                             December 31, 2018

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

Forward Foreign Currency Exchange Contracts

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

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

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

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

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

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

Note 3 – Fair Value Measurement

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

NOTES TO SCHEDULES OF INVESTMENTS (Unaudited)                             December 31, 2018

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

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

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

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

Independent pricing services are used to value a majority of the Funds’ investments. When values are not available from a pricing service, they will be computed by the Funds' investment adviser or an affiliate. In any event, values may be determined using a variety of sources and techniques, including: market prices; broker quotes; and models which derive prices based on inputs such as prices of securities with comparable maturities and characteristics or based on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information and analysis. A significant portion of the Funds’ assets and liabilities are categorized as Level 2, as indicated in this report.

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

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

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

Note 4 – Federal Income Tax Information

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

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

At December 31, 2018, the cost of securities for Federal income tax purposes, the aggregate gross unrealized appreciation for all securities for which there was an excess of value over tax cost, and the aggregate gross unrealized depreciation for all securities for which there was an excess of tax cost over value were as follows:

Fund	Tax Cost		Tax Unrealized Appreciation		Tax Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Alpha Opportunity Fund	$	137,898,706	$	16,199,455	$	(22,324,380	)	$	(6,124,925	)
Capital Stewardship Fund		197,393,299		4,348,573		(16,117,433	)		(11,768,860	)
Diversified Income Fund		6,046,611		48,300		(120,803	)		(72,503	)
Floating Rate Strategies Fund		2,651,411,561		–		(138,349,290	)		(138,349,290	)
High Yield Fund		403,989,423		1,430,473		(35,430,813	)		(34,000,340	)
Investment Grade Bond Fund		632,619,629		5,453,349		(12,666,997	)		(7,213,648	)
Large Cap Value Fund		54,421,824		7,827,886		(4,681,036	)		3,146,850
Limited Duration Fund		3,980,195,621		24,122,704		(36,062,110	)		(11,939,406	)
Macro Opportunities Fund		7,310,319,464		86,807,005		(230,939,588	)		(144,132,583	)
Market Neutral Real Estate Fund		7,828,712		815,060		(407,809	)		407,251
Mid Cap Value Fund		391,673,220		35,341,866		(58,430,702	)		(23,088,836	)
Mid Cap Value Institutional Fund		61,952,132		3,263,911		(9,260,223	)		(5,996,312	)
Municipal Income Fund		34,152,699		1,003,296		(209,572	)		793,724
Risk Managed Real Estate Fund		156,476,368		10,218,389		(9,323,472	)		894,917
Small Cap Value Fund		15,873,185		1,221,050		(2,356,143	)		(1,135,093	)
StylePlus—Large Core Fund		185,967,074		1,254,039		(27,605,642	)		(26,351,603	)
StylePlus—Mid Growth Fund		75,375,426		422,885		(14,000,443	)		(13,577,558	)
Total Return Bond Fund		10,989,972,436		116,582,750		(231,660,814	)		(115,078,064	)
Ultra-Short Duration Fund		320,099,070		1,547,908		(1,964,609	)		(416,701	)
World Equity Income Fund		80,756,013		3,013,341		(7,746,222	)		(4,732,881	)

Note 5 – Unfunded Loan Commitments

Pursuant to the terms of certain loan agreements, certain Funds held unfunded loan commitments as of December 31, 2018. The Funds are obligated to fund these loan commitments at the borrower’s discretion.

NOTES TO SCHEDULES OF INVESTMENTS (Unaudited)                             December 31, 2018

The unfunded loan commitments as of December 31, 2018, were as follows:

Fund	Borrower	Maturity Date		Face Amount*		Value
Limited Duration Fund
	Mavis Tire Express Services Corp.	03/20/25			645,926	$24,222
Floating Rate Strategies Fund
	Advantage Sales & Marketing LLC	07/25/19			8,000,000	$940,000
	Mavis Tire Express Services Corp.	03/20/25			3,071,084	115,166
	Wencor Group	06/19/19			701,538	43,846
					11,772,622	$1,099,012
High Yield Fund
	Acosta, Inc.	09/26/19			400,000	$159,092
	Advantage Sales & Marketing LLC	07/25/19			1,100,000	129,250
	Cypress Intermediate Holdings III, Inc.	04/27/22			750,000	61,629
	Epicor Software	06/01/20			1,000,000	34,918
	ICP Industrial, Inc.	11/03/23			104,137	521
	Lytx, Inc.	08/31/22			105,263	9,649
	Mavis Tire Express Services Corp.	03/20/25			46,999	1,762
	MRI Software LLC	06/30/23			384,389	10,260
	National Technical Systems	06/12/21			250,000	12,737
	Packaging Coordinators Midco, Inc.	07/01/21			1,223,077	76,359
	Solera LLC	03/03/21			1,208,334	73,812
	Wencor Group	06/19/19			233,846	14,615
					6,806,045	$584,604
Investment Grade Bond Fund
	Mavis Tire Express Services Corp.	03/20/25			93,953	$3,523
Macro Opportunities Fund
	Acosta, Inc.	09/26/19			2,400,000	$954,552
	Advantage Sales & Marketing LLC	07/25/19			1,500,000	176,250
	Dominion Web Solutions LLC	06/15/23			461,538	–
	Epicor Software	06/01/20			2,000,000	69,837
	Fortis Solutions Group LLC	12/15/23			511,080	51,172
	Galls LLC	01/31/25			1,408,539	13,776
	Galls LLC	01/31/24			264,363	29,168
	ICP Industrial, Inc.	11/03/23			208,275	1,041
	Lytx, Inc.	08/31/22			363,158	33,288
	Mavis Tire Express Services Corp.	03/20/25			1,556,094	58,354
	Ministry Brands LLC	12/02/22			239,188	1,196
	MRI Software LLC	06/30/23			203,500	5,431
	National Technical Systems	06/12/21			250,000	12,737
	SLR Consulting Ltd.	05/23/25	GBP		300,000	5,237
	Solera LLC	03/03/21			7,830,000	478,299
	Wencor Group	06/19/19			123,077	7,692
						$1,898,030
Total Return Bond Fund
	Acosta, Inc.	09/26/19			880,000	$350,002

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

NOTES TO SCHEDULES OF INVESTMENTS (Unaudited)                             December 31, 2018

Note 6 – Restricted Securities

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

Fund	Restricted Securities	Acquisition Date	Cost		Value
Limited Duration Fund
	Copper River CLO Ltd.
	2007-1A, due 01/20/211	05/09/14	$	107,880	$	41,671
	Secured Tenant Site Contract Revenue Notes Series
	2018-1A, 3.97% due 06/15/48	05/25/18		7,462,179		7,503,474
			$	7,570,059	$	7,545,145
Floating Rate Strategies Fund
	Airplanes Pass Through Trust
	2001-1A, 2.71% (1 Month USD LIBOR + 0.55%, Rate Floor: 0.55%) due 03/15/192	12/27/11		723,184		22,243
	LBC Tank Terminals Holding Netherlands BV
	6.88% due 05/15/233	12/17/13		642,704		560,700
	Mirabela Nickle Ltd.
	9.50% due 06/24/194	12/31/13		1,160,811		393,544
			$	2,526,699	$	976,487
High Yield Fund
	KeHE Distributors LLC / KeHE Finance Corp.
	7.63% due 08/15/21	07/30/13		1,479,010		1,396,500
	LBC Tank Terminals Holding Netherlands BV
	6.88% due 05/15/233	05/08/13		8,521,086		7,400,350
	Mirabela Nickel Ltd.
	9.50% due 06/24/194	12/31/13		252,369		85,520
			$	10,252,465	$	8,882,370
Investment Grade Bond Fund
	Aurora Military Housing LLC
	6.89% due 01/15/47	12/02/15		832,334		895,062
	Capmark Military Housing Trust
	2007-ROBS, 6.06% due 10/10/52	04/23/15		465,650		505,750
	Capmark Military Housing Trust
	2007-AETC, 5.75% due 02/10/52	09/18/14		326,592		329,707
	Central Storage Safety Project Trust
	4.82% due 02/01/38	03/20/18		1,026,106		1,013,566
	Copper River CLO Ltd.
	2007-1A, due 01/20/211	05/09/14		151,033		58,339
	GMAC Commercial Mortgage Asset Corp.
	2007-HCKM, 6.11% due 08/10/52	10/07/16		1,714,821		1,529,884
	Highland Park CDO I Ltd.
	2006-1A, 3.09% (3 Month USD LIBOR + 0.40%, Rate Floor: 0.00%) due 11/25/512	07/01/16		206,859		213,945
	Secured Tenant Site Contract Revenue Notes Series
	2018-1A, 3.97% due 06/15/48	05/25/18		1,094,453		1,100,510
	Turbine Engines Securitization Ltd.
	2013-1A, 5.13% due 12/13/48	11/27/13		457,401		445,261
			$	6,275,249	$	6,092,024
Macro Opportunities Fund
	Airplanes Pass Through Trust
	2001-1A, 2.71% (1 Month USD LIBOR + 0.55%, Rate Floor: 0.55%) due 03/15/192	01/18/12		1,691,717		52,041
	Copper River CLO Ltd.
	2007-1A, due 01/20/211	05/09/14		1,758,452		679,237
	GMAC Commercial Mortgage Asset Corp.
	2004-POKA, 6.36% due 09/10/44	05/11/17		10,046,942		9,347,310
	Highland Park CDO I Ltd.
	2006-1A, 3.09% (3 Month USD LIBOR + 0.40%, Rate Floor: 0.00%) due 11/25/512	04/14/15		1,402,634		1,765,050
	Mirabela Nickle Ltd.
	9.50% due 06/24/194	12/31/13		1,710,483		579,766
	Princess Juliana International Airport Operating Company N.V.
	5.50% due 12/20/27	12/17/12		1,487,770		1,353,905
	Secured Tenant Site Contract Revenue Notes Series
	2018-1A, 4.70% due 06/15/48	05/25/18		6,962,917		7,000,329
	Turbine Engines Securitization Ltd.
	2013-1A, 5.13% due 12/13/48	11/27/13		2,134,945		2,078,280
	Turbine Engines Securitization Ltd.
	2013-1A, 6.38% due 12/13/48	11/27/13		1,526,656		1,294,104
			$	28,722,516	$	24,150,022
Total Return Bond Fund
	Airplanes Pass Through Trust
	2001-1A, 2.71% (1 Month USD LIBOR + 0.55%, Rate Floor: 0.55%) due 03/15/192	11/30/11		335,966		10,163
	Capmark Military Housing Trust
	2006-RILY, 2.76% (1 Month USD LIBOR + 0.37%, Rate Floor: 0.37%) due 07/10/512	10/11/16		4,296,248		5,137,074

NOTES TO SCHEDULES OF INVESTMENTS (Unaudited)                             December 31, 2018

Fund	Restricted Securities	Acquisition Date	Cost		Value
	Capmark Military Housing Trust
	2007-ROBS, 6.06% due 10/10/52	04/23/15		4,656,509		5,057,503
	Capmark Military Housing Trust
	2007-AETC, 5.75% due 02/10/52	09/18/14		8,167,288		8,148,481
	Central Storage Safety Project Trust
	4.82% due 02/01/38	02/02/18		21,240,777		20,778,107
	Copper River CLO Ltd.
	2007-1A, due 01/20/211	05/09/14		323,641		125,013
	Fort Benning Family Communities LLC
	2.81% (1 Month USD LIBOR + 0.35%) due 01/15/362	03/27/15		4,863,906		5,052,075
	Fort Knox Military Housing Privatization Project
	5.82% due 02/15/52	04/09/15		1,934,075		1,969,219
	Fort Knox Military Housing Privatization Project
	2.80% (1 Month USD LIBOR + 0.34%) due 02/15/522	04/09/15		1,120,895		1,255,630
	GMAC Commercial Mortgage Asset Corp.
	2005-DRUM, 5.47% due 05/10/50	05/20/16		4,935,461		4,784,734
	GMAC Commercial Mortgage Asset Corp.
	2007-HCKM, 6.11% due 08/10/52	10/07/16		25,888,286		23,096,311
	GMAC Commercial Mortgage Asset Corp.
	2005-BLIS, 5.25% due 07/10/50	05/20/16		2,592,286		2,481,813
	Highland Park CDO I Ltd.
	2006-1A, 3.09% (3 Month USD LIBOR + 0.40%, Rate Floor: 0.00%) due 11/25/512	07/01/16		1,551,444		1,604,591
	HP Communities LLC
	5.86% due 09/15/53	10/06/16		1,612,650		1,630,475
	Pacific Beacon LLC
	5.51% due 07/15/36	08/23/17		582,179		552,683
	Princess Juliana International Airport Operating Company N.V.
	5.50% due 12/20/27	12/17/12		2,248,958		2,046,601
	Secured Tenant Site Contract Revenue Notes Series
	2018-1A, 3.97% due 06/15/48	05/25/18		22,834,268		22,960,632
	Turbine Engines Securitization Ltd.
	2013-1A, 5.13% due 12/13/48	11/27/13		762,741		742,497
			$	109,947,578	$	107,433,602

1	Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates.
2	Variable rate security. Rate indicated is the rate effective at December 31, 2018. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
3	All or a portion of this security is pledged as reverse repurchase agreements collateral at December 31, 2018.
4	Security is in default of interest and/or principal obligations.

OTHER INFORMATION (Unaudited)

Sector Classification

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

Item 2. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “Investment Company Act”)) as of a date within 90 days of the filing date of this report and have concluded, based on such evaluation, that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There was no change in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) 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.

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

SIGNATURES

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

(Registrant)	Guggenheim Funds Trust
By (Signature and Title)*		/s/ Brian E. Binder
		Brian E. Binder, President and Chief Executive Officer
Date	March 1, 2019
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)*		/s/ Brian E. Binder
		Brian E. Binder, President and Chief Executive Officer
Date	March 1, 2019
By (Signature and Title)*		/s/ John L. Sullivan
		John L. Sullivan, Chief Financial Officer,
		Chief Accounting Officer and Treasurer
Date	March 1, 2019

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