SEC Info - Virtus Opportunities Trust - ‘N-Q’ for 12/31/17

Senior Vice President, Chief Legal Officer, Counsel and Secretary for Registrant

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.


	SHARES		VALUE
COMMON STOCKS—98.3%
Energy—16.9%
Antero Midstream GP LP (United States)		61,570	$	1,214
Cheniere Energy, Inc. (United States)⁽¹⁾		30,740		1,655
Enbridge, Inc. (Canada)		85,368		3,339
Kinder Morgan, Inc. (United States)		141,075		2,549
ONEOK, Inc. (United States)		22,280		1,191
Pembina Pipeline Corp. (Canada)		52,890		1,915
Targa Resources Corp. (United States)		21,960		1,063
TransCanada Corp. (Canada)		86,265		4,196
Williams Cos., Inc. (The) (United States)		95,550		2,913

				20,035

Industrials—31.3%
Abertis Infraestructuras SA (Spain)		79,490		1,769
Aena SME SA (Spain)⁽²⁾		19,620		3,978
Atlantia SpA (Italy)		200,171		6,321
Auckland International Airport Ltd. (New Zealand)		347,919		1,598
Canadian National Railway Co. (Canada)		25,825		2,130
East Japan Railway Co. (Japan)		15,430		1,506
Flughafen Zuerich AG Registered Shares (Switzerland)		9,600		2,196
Fraport AG Frankfurt Airport Services Worldwide (Germany)		16,875		1,860
Norfolk Southern Corp. (United States)		15,670		2,271
Sydney Airport (Australia)		321,190		1,767
Transurban Group (Australia)		752,060		7,294
Union Pacific Corp. (United States)		21,095		2,829
Vinci SA (France)		16,195		1,655

				37,174

Real Estate—7.9%
American Tower Corp. (United States)		36,040		5,142
Crown Castle International Corp. (United States)		38,440		4,267

				9,409

Telecommunication Services—2.9%
Cellnex Telecom SA (Spain)⁽²⁾		83,535		2,140
TELUS Corp. (Canada)		33,210		1,258

				3,398

Utilities—39.3%
ALLETE, Inc. (United States)		15,625		1,162
American Electric Power Co., Inc. (United States)		46,280		3,405
American Water Works Co., Inc. (United States)		24,400		2,232


	SHARES		VALUE
Utilities—(continued)
Aqua America, Inc. (United States)		34,490	$	1,353
Atmos Energy Corp. (United States)		23,375		2,008
CenterPoint Energy, Inc. (United States)		31,875		904
CMS Energy Corp. (United States)		31,975		1,512
Dominion Energy, Inc. (United States)⁽¹⁾		46,245		3,749
DTE Energy Co. (United States)		23,235		2,543
Edison International (United States)		19,920		1,260
Emera, Inc. (Canada)		36,650		1,370
Engie SA (France)		76,845		1,322
Fortis, Inc. (Canada)		54,415		1,996
Iberdrola SA (Spain)		166,970		1,294
National Grid plc (United Kingdom)		198,496		2,345
NextEra Energy, Inc. (United States)		37,535		5,863
NiSource, Inc. (United States)		62,060		1,593
ONE Gas, Inc. (United States)		14,290		1,047
Orsted A/S (Denmark)⁽²⁾		21,050		1,149
Public Service Enterprise Group, Inc. (United States)		22,780		1,173
Sempra Energy (United States)		33,020		3,530
Spire, Inc. (United States)		12,970		975
Vectren Corp. (United States)		20,900		1,359
Xcel Energy, Inc. (United States)		29,075		1,399

				46,543

TOTAL COMMON STOCKS (Identified Cost $99,087)				116,559

TOTAL LONG TERM INVESTMENTS—98.3% (Identified Cost $99,087)				116,559

SHORT-TERM INVESTMENT—1.4%
Money Market Mutual Fund—1.4%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 1.190%)⁽³⁾		1,715,469		1,715

TOTAL SHORT-TERM INVESTMENT (Identified Cost $1,715)				1,715

TOTAL INVESTMENTS—99.7% (Identified Cost $100,802)				118,274
Other assets and liabilities, net—0.3%				315

NET ASSETS—100.0%			$	118,589

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2017 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2017.

There were no transfers between Level 1, Level 2, or Level 3 related to securities held at December 31, 2017.


	SHARES		VALUE
COMMON STOCKS—98.4%
Australia—5.7%
Dexus Property Group		273,339	$	2,079
GPT Group (The) - In Specie⁽¹⁾⁽²⁾		13,566		—	⁽³⁾
National Storage REIT		2,310,000		2,767
Scentre Group		951,389		3,110
Westfield Corp.		458,350		3,394

				11,350

Canada—3.0%
Allied Properties Real Estate Investment Trust		64,885		2,172
First Capital Realty, Inc.		67,880		1,119
RioCan Real Estate Investment Trust		141,662		2,745

				6,036

France—2.6%
Klepierre SA		76,620		3,371
Mercialys SA		82,150		1,818

				5,189

Germany—6.5%
ADO Properties SA⁽⁴⁾		47,142		2,392
Deutsche Wohnen SE		35,275		1,543
TLG Immobilien AG		128,900		3,425
Vonovia SE		113,548		5,639

				12,999

Hong Kong—6.0%
Hysan Development Co., Ltd.		269,000		1,427
Link REIT		481,504		4,465
Swire Properties Ltd.		899,000		2,900
Wharf Real Estate Investment Co., Ltd⁽¹⁾		477,000		3,175

				11,967

Ireland—0.4%
Green REIT plc		414,723		774

Japan—7.6%
GLP J-REIT		1,432		1,549
Hulic Co., Ltd.		166,900		1,875
Invincible Investment Corp.		4,935		2,100
Japan Real Estate Investment Corp.		318		1,510
Kenedix Office Investment Corp.		324		1,840
Kenedix Retail REIT Corp.		661		1,367
LaSalle Logiport REIT		1,011		1,035


	SHARES		VALUE
Japan—(continued)
Nippon Building Fund, Inc.		500	$	2,445
Nippon Prologis REIT, Inc.		763		1,614

				15,335

Mexico—0.2%
Prologis Property Mexico SA de CV		278,800		482

Netherlands—1.0%
Unibail-Rodamco SE		8,148		2,053

Norway—1.0%
Entra ASA⁽⁴⁾		132,500		1,969

Singapore—0.9%
Mapletree Industrial Trust		1,148,500		1,743

Spain—1.3%
Axiare Patrimonio SOCIMI SA		30,724		679
Hispania Activos Inmobiliarios SOCIMI SA		104,318		1,965

				2,644

Sweden—1.2%
Castellum AB		145,410		2,453

United Kingdom—7.3%
Derwent London plc		45,910		1,933
Great Portland Estates plc		185,312		1,723
Land Securities Group plc		101,372		1,380
Safestore Holdings plc		412,557		2,783
Segro plc		275,628		2,184
UNITE Group plc (The)		428,900		4,661

				14,664

United States—53.7%
Alexandria Real Estate Equities, Inc.		28,000		3,657
American Campus Communities, Inc.		28,238		1,159
American Homes 4 Rent Class A		172,250		3,762
Apartment Investment & Management Co. Class A		71,800		3,138
AvalonBay Communities, Inc.		28,965		5,168
Boston Properties, Inc.		11,378		1,480
Brixmor Property Group, Inc.		128,633		2,400
CoreSite Realty Corp.		13,200		1,504
Cousins Properties, Inc.		255,400		2,362
CubeSmart		121,475		3,513
CyrusOne, Inc.		36,600		2,179


	SHARES		VALUE
United States—(continued)
DCT Industrial Trust, Inc.		66,298	$	3,897
Digital Realty Trust, Inc.		56,550		6,441
Douglas Emmett, Inc.		68,195		2,800
Duke Realty Corp.		149,531		4,069
Equinix, Inc.		4,500		2,040
Equity LifeStyle Properties, Inc.		17,596		1,566
Equity Residential		61,215		3,904
Essex Property Trust, Inc.		9,227		2,227
Extra Space Storage, Inc.		44,545		3,895
Federal Realty Investment Trust		15,200		2,019
Healthcare Realty Trust, Inc.		50,821		1,632
Healthcare Trust of America, Inc. Class A		111,500		3,349
Highwoods Properties, Inc.		52,206		2,658
Host Hotels & Resorts, Inc.		60,708		1,205
Kilroy Realty Corp.		32,822		2,450
Mid-America Apartment Communities, Inc.		30,000		3,017
Paramount Group, Inc.		178,440		2,828
Prologis, Inc.		115,098		7,425
Regency Centers Corp.		58,550		4,051
RLJ Lodging Trust		87,550		1,923
Simon Property Group, Inc.		36,231		6,222
Sun Communities, Inc.		42,350		3,929
Vornado Realty Trust		47,600		3,721

				107,590

TOTAL COMMON STOCKS (Identified Cost $170,989)				197,248

TOTAL LONG TERM INVESTMENTS—98.4% (Identified Cost $170,989)				197,248

SHORT-TERM INVESTMENT—2.1%
Money Market Mutual Fund—2.1%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 1.190%)⁽⁵⁾		4,110,907		4,111

TOTAL SHORT-TERM INVESTMENT (Identified Cost $4,111)				4,111


	VALUE
TOTAL INVESTMENTS—100.5% (Identified Cost $175,100)	$	201,359
Other assets and liabilities, net—(0.5)%		(1,054	)

NET ASSETS—100.0%	$	200,305

Abbreviation:


REIT		Real Estate Investment Trust

Footnote Legend:

⁽¹⁾	Non-income producing.

⁽²⁾	Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments.

⁽³⁾	Amount is less than $500.

⁽⁴⁾	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2017, these securities amounted to a value of $4,361 or 2.2% of net assets.

⁽⁵⁾	Shares of this fund are publicly offered and its prospectus and annual report are publicly available.

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2017 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

There were no securities valued using significant observable inputs (Level 2) at December 31, 2017.

There were no transfers between Level 1, Level 2, or Level 3 related to securities held at December 31, 2017.


	SHARES		VALUE
COMMON STOCKS—95.1%
Consumer Discretionary—7.9%
Ctrip.com International Ltd. ADR (China)⁽¹⁾		2,109	$	93
IMAX Corp. (Canada)⁽¹⁾		3,921		91
Sony Corp. Sponsored ADR (Japan)		2,533		114

				298

Consumer Staples—5.0%
Fomento Economico Mexicano SAB de CV Sponsored ADR (Mexico)		1,113		104
Marine Harvest ASA Sponsored ADR (Norway)⁽¹⁾		4,942		84

				188

Energy—6.4%
Statoil ASA (Norway)		5,759		123
TechnipFMC plc (France)		3,790		117

				240

Financials—27.5%
BOC Hong Kong Holdings Ltd. (Hong Kong)		21,000		106
CaixaBank SA (Spain)		22,071		103
China Construction Bank Corp. Class H (China)		124,000		114
Credit Agricole SA (France)		6,467		107
DBS Group Holdings Ltd. (Singapore)		7,465		139
ING Groep NV (Netherlands)		6,398		118
Nomura Holdings, Inc. (Japan)		18,200		107
ORIX Corp. (Japan)		6,840		116
UBS Group AG Registered Shares (Switzerland)		6,460		119

				1,029

Health Care—4.9%
Allergan plc (Ireland)		660		108
ICON plc (Ireland)⁽¹⁾		660		74

				182

Industrials—15.6%
Airbus SE (Netherlands)		1,186		118
Ashtead Group plc (United Kingdom)		4,837		130
Hitachi Ltd. (Japan)		15,195		118
Nidec Corp. (Japan)		1,010		142
RELX plc (United Kingdom)		3,183		75

				583


	SHARES		VALUE
Information Technology—8.2%
Broadcom Ltd. (Singapore)		432	$	111
Check Point Software Technologies Ltd. (Israel)⁽¹⁾		870		90
SAP SE Sponsored ADR (Germany)		960		108

				309

Materials—12.8%
Anhui Conch Cement Co., Ltd. Class H (China)		27,500		129
Glencore plc (Switzerland)⁽¹⁾		24,554		129
HeidelbergCement AG (Germany)		1,017		110
Toray Industries, Inc. (Japan)		11,735		111

				479

Real Estate—2.0%
LendLease Group (Australia)		5,798		74

Telecommunication Services—1.9%
BT Group plc (United Kingdom)		19,817		73

Utilities—2.9%
Veolia Environnement SA (France)		4,304		110

TOTAL COMMON STOCKS (Identified Cost $2,935)				3,565

TOTAL LONG TERM INVESTMENTS—95.1% (Identified Cost $2,935)				3,565

SHORT-TERM INVESTMENT—3.8%
Money Market Mutual Fund—3.8%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 1.190%)⁽²⁾		143,015		143

TOTAL SHORT-TERM INVESTMENT (Identified Cost $143)				143

TOTAL INVESTMENTS—98.9% (Identified Cost $3,078)				3,708
Other assets and liabilities, net—1.1%				40

NET ASSETS—100.0%			$	3,748

Abbreviation:


ADR		American Depositary Receipt

Footnote Legend:

⁽¹⁾	Non-income producing.

⁽²⁾	Shares of this fund are publicly offered and its prospectus and annual report are publicly available.


Country Weightings †
Japan	19	%
China	9
France	9
United Kingdom	7
Singapore	7
Netherlands	6
Germany	6
Other (includes short-term investment)	37

Total	100	%

†	% of total investments as of December 31, 2017.

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2017 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2017.

There were no transfers between Level 1, Level 2, or Level 3 related to securities held at December 31, 2017.


	SHARES		VALUE
COMMON STOCKS—96.8%
Australia—12.9%
Dexus Property Group		83,518	$	635
GPT Group (The) - In Specie⁽¹⁾⁽²⁾		588,920		—	⁽³⁾
National Storage REIT		621,000		744
Scentre Group		291,171		952
Westfield Corp.		148,473		1,099

				3,430

Canada—6.9%
Allied Properties Real Estate Investment Trust		19,065		638
First Capital Realty, Inc.		23,205		383
RioCan Real Estate Investment Trust		41,650		807

				1,828

France—6.0%
Klepierre SA		23,556		1,036
Mercialys SA		25,600		567

				1,603

Germany—11.2%
ADO Properties SA⁽⁴⁾		8,522		432
Deutsche Wohnen SE		11,575		506
TLG Immobilien AG		23,000		611
Vonovia SE		28,545		1,418

				2,967

Hong Kong—13.2%
Hysan Development Co., Ltd.		82,000		435
Link REIT		140,441		1,303
Swire Properties Ltd.		263,000		848
Wharf Real Estate Investment Co., Ltd⁽¹⁾		140,000		932

				3,518

Ireland—0.7%
Green REIT plc		102,542		191

Japan—17.7%
GLP J-REIT		420		454
Hulic Co., Ltd.		56,500		635
Invincible Investment Corp.		1,402		597
Japan Real Estate Investment Corp.		98		465
Kenedix Office Investment Corp.		100		568
Kenedix Retail REIT Corp.		214		443
LaSalle Logiport REIT		320		327


	SHARES		VALUE
Japan—(continued)
Nippon Building Fund, Inc.		148	$	724
Nippon Prologis REIT, Inc.		234		495

				4,708

Mexico—0.4%
Prologis Property Mexico SA de CV		63,000		109

Netherlands—3.8%
Unibail-Rodamco SE		4,000		1,008

Norway—1.9%
Entra ASA⁽⁴⁾		33,000		490

Singapore—1.9%
Mapletree Industrial Trust		333,400		506

Spain—2.9%
Axiare Patrimonio SOCIMI SA⁽¹⁾		8,970		198
Hispania Activos Inmobiliarios SOCIMI SA		31,027		585

				783

Sweden—2.7%
Castellum AB		42,699		720

United Kingdom—14.6%
Derwent London plc		14,146		596
Great Portland Estates plc		56,397		524
Land Securities Group plc		32,517		443
Safestore Holdings plc		120,376		812
Segro plc		91,368		724
UNITE Group plc (The)		71,700		779

				3,878

TOTAL COMMON STOCKS (Identified Cost $18,133)				25,739

TOTAL LONG TERM INVESTMENTS—96.8% (Identified Cost $18,133)				25,739

SHORT-TERM INVESTMENT—2.7%
Money Market Mutual Fund—2.7%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 1.190%)⁽⁵⁾		731,063		731

TOTAL SHORT-TERM INVESTMENT (Identified Cost $731)				731


	VALUE
TOTAL INVESTMENTS—99.5% (Identified Cost $18,864)	$	26,470
Other assets and liabilities, net—0.5%		120

NET ASSETS—100.0%	$	26,590

Abbreviation:


REIT		Real Estate Investment Trust

Footnote Legend:

⁽¹⁾	Non-income producing.

⁽²⁾	Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments.

⁽³⁾	Amount is less than $500.

⁽⁴⁾	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2017, these securities amounted to a value of $922 or 3.5% of net assets.

⁽⁵⁾	Shares of this fund are publicly offered and its prospectus and annual report are publicly available.

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2017 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

There were no securities valued using significant observable inputs (Level 2) at December 31, 2017.

There were no transfers between Level 1, Level 2, or Level 3 related to securities held at December 31, 2017.


	SHARES		VALUE
COMMON STOCKS—99.8%
Real Estate Investment Trusts—99.8%
DATA CENTERS—13.1%
CoreSite Realty Corp.		118,600	$	13,509
CyrusOne, Inc.		278,400		16,573
Digital Realty Trust, Inc.		379,450		43,219
Equinix, Inc.		90,500		41,016

				114,317

DIVERSIFIED—3.0%
Vornado Realty Trust		338,600		26,472

HEALTH CARE—4.3%
Healthcare Realty Trust, Inc.		366,275		11,765
Healthcare Trust of America, Inc. Class A		860,700		25,855

				37,620

INDUSTRIAL/OFFICE—31.1%
Industrial—14.6%
DCT Industrial Trust, Inc.		568,893		33,440
Duke Realty Corp.		1,225,659		33,350
Prologis, Inc.		929,452		59,959

				126,749

Office—16.5%
Alexandria Real Estate Equities, Inc.		214,100		27,959
Boston Properties, Inc.		57,683		7,501
Cousins Properties, Inc.		2,014,470		18,634
Douglas Emmett, Inc.		596,529		24,493
Highwoods Properties, Inc.		401,731		20,452
Kilroy Realty Corp.		285,666		21,325
Paramount Group, Inc.		1,488,974		23,600

				143,964

Total Industrial / Office				270,713

LODGING/RESORTS—3.0%
Host Hotels & Resorts, Inc.		435,786		8,651
RLJ Lodging Trust		779,302		17,121

				25,772


	SHARES		VALUE
Real Estate Investment Trusts—(continued)
RESIDENTIAL—25.1%
Apartments—16.6%
Apartment Investment & Management Co. Class A		728,300	$	31,834
AvalonBay Communities, Inc.		223,490		39,873
Equity Residential		489,945		31,244
Essex Property Trust, Inc.		82,604		19,938
Mid-America Apartment Communities, Inc.		211,800		21,298

				144,187

Manufactured Homes—4.8%
Equity LifeStyle Properties, Inc.		136,403		12,143
Sun Communities, Inc.		324,500		30,107

				42,250

Single Family Homes—3.7%
American Homes 4 Rent Class A		1,469,700		32,098

Total Residential				218,535

RETAIL—13.9%
Regional Malls—6.6%
Simon Property Group, Inc.		332,341		57,076

Shopping Centers—7.3%
Brixmor Property Group, Inc.		955,296		17,826
Federal Realty Investment Trust		116,300		15,446
Regency Centers Corp.		436,700		30,211

				63,483

Total Retail				120,559

SELF STORAGE—6.3%
CubeSmart		946,650		27,377
Extra Space Storage, Inc.		284,184		24,852
Public Storage		10,692		2,235

				54,464

TOTAL COMMON STOCKS (Identified Cost $592,470)				868,452

TOTAL LONG TERM INVESTMENTS—99.8% (Identified Cost $592,470)				868,452


	SHARES		VALUE
SHORT-TERM INVESTMENT—0.2%
Money Market Mutual Fund—0.2%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 1.190%)⁽¹⁾		1,793,473	$	1,793

TOTAL SHORT-TERM INVESTMENT (Identified Cost $1,793)				1,793

TOTAL INVESTMENTS—100.0% (Identified Cost $594,263)				870,245
Other assets and liabilities, net—0.0%				151

NET ASSETS—100.0%			$	870,396

Footnote Legend:

⁽¹⁾	Shares of this fund are publicly offered and its prospectus and annual report are publicly available.

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2017 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2017.

There were no transfers between Level 1, Level 2, or Level 3 related to securities held at December 31, 2017.


	SHARES		VALUE
CLOSED END FUNDS⁽¹⁾—80.1%
Equity Funds—40.8%
Adams Diversified Equity Fund, Inc.		88,791	$	1,334
Adams Natural Resources Fund, Inc.		119,562		2,372
AllianzGI NFJ Dividend Interest & Premium Strategy Fund		95,676		1,249
Boulder Growth & Income Fund, Inc.		335,689		3,723
Central Securities Corp.		153,635		4,210
Cohen & Steers MLP Income and Energy Opportunity Fund, Inc.		29,854		306
First Trust Energy Income and Growth Fund		6,257		166
Gabelli Healthcare & WellnessRx Trust (The)		85,355		882
General American Investors Co., Inc.		39,772		1,368
Kayne Anderson Energy Development Co.		27,549		480
Kayne Anderson Midstream/Energy Fund, Inc.		76,696		1,058
Kayne Anderson MLP Investment Co.⁽²⁾		17,000		324
Liberty All Star Equity Fund		218,235		1,375
Neuberger Berman MLP Income Fund, Inc.		88,863		833
Source Capital, Inc.		20,883		851
Tekla Healthcare Opportunities Fund		196,563		3,444
Tortoise Energy Independence Fund, Inc.		6,850		91
Tortoise Energy Infrastructure Corp.		39,662		1,153
Tortoise MLP Fund, Inc.		25,000		439
Tortoise Pipeline & Energy Fund, Inc.		81,083		1,524
Tortoise Power and Energy Infrastructure Fund, Inc.		20,432		421

				27,603

Fixed Income Funds—16.1%
Apollo Tactical Income Fund, Inc.		68,533		1,079
NexPoint Credit Strategies Fund		182,861		4,625
PIMCO Dynamic Credit and Mortgage Income Fund		117,292		2,632
Western Asset/Claymore Inflation-Linked Opportunities & Income Fund		154,645		1,766
Western Asset/Claymore Inflation-Linked Securities & Income Fund		70,938		836

				10,938

International Fixed Income Fund—1.9%
DoubleLine Income Solutions Fund		64,372		1,300

International Equity Funds—21.3%
Aberdeen Japan Equity Fund, Inc.		92,393		835


	SHARES		VALUE
International Equity Funds—(continued)
Aberdeen Latin America Equity Fund, Inc.		23,110	$	618
Alpine Global Dynamic Dividend Fund		96,056		1,041
Alpine Total Dynamic Dividend Fund		218,231		2,067
BlackRock Science & Technology Trust		47,897		1,278
China Fund, Inc. (The)		11,037		239
Japan Smaller Capitalization Fund, Inc.		97,928		1,157
Mexico Equity & Income Fund, Inc.		133,415		1,369
New Germany Fund, Inc. (The)		64,901		1,262
Taiwan Fund, Inc. (The)		73,711		1,538
Tekla World Healthcare Fund		188,692		2,568
Templeton Dragon Fund, Inc.		19,655		423

				14,395

TOTAL CLOSED END FUNDS (Identified Cost $48,672)				54,236

PREFERRED STOCKS—10.1%
Financials—10.1%
Eagle Point Credit Co., Inc. 6.75%		34,138		867
Eagle Point Credit Co., Inc. 7.00%		145,392		3,652
Eagle Point Credit Co., Inc. Series A 7.75%		10,600		273
Medallion Financial Corp. 9.00%		18,009		472
Oxford Lane Capital Corp. 7.50%		61,448		1,561

TOTAL PREFERRED STOCKS (Identified Cost $6,638)				6,825

TOTAL LONG TERM INVESTMENTS—90.2% (Identified Cost $55,310)				61,061

SHORT-TERM INVESTMENT—8.3%
Money Market Mutual Fund⁽¹⁾—8.3%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 1.190%)		5,640,950		5,641

TOTAL SHORT-TERM INVESTMENT (Identified Cost $5,641)				5,641

TOTAL INVESTMENTS—98.5% (Identified Cost $60,951)				66,702
Other assets and liabilities, net—1.5%				1,023

NET ASSETS—100.0%			$	67,725

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2017 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2017.

There were no transfers between Level 1, Level 2, or Level 3 related to securities held at December 31, 2017.


	SHARES		VALUE
PREFERRED STOCKS—0.4%
Consumer Discretionary—0.4%
Schaeffler AG, 3.12% (Germany)		1,746	$	31

TOTAL PREFERRED STOCKS (Identified Cost $31)				31

COMMON STOCKS—98.9%
Consumer Discretionary—30.0%
adidas AG (Germany)		145		29
Altice NV Class A (Netherlands)⁽¹⁾		4,817		51
Autogrill S.p.A (Italy)		738		10
Autoneum Holding AG (Switzerland)		89		26
Axel Springer SE (Germany)		368		29
Bayerische Motoren Werke AG (Germany)		286		30
Benesse Holdings, Inc. (Japan)		1,140		40
Brembo S.p.A (Italy)		635		10
Brunello Cucinelli S.p.A (Italy)		307		10
Carnival plc (United Kingdom)		714		47
CECONOMY AG (Germany)		2,076		31
Chow Tai Fook Jewellery Group Ltd. (Hong Kong)		5,400		6
Cie Financiere Richemont SA Registered Shares (Switzerland)		280		25
Continental AG (Germany)		109		29
Crown Resorts Ltd. (Australia)		2,666		27
CTS Eventim AG & Co. KGaA (Germany)		636		30
Daily Mail & General Trust plc Class A (United Kingdom)		5,627		45
De’ Longhi S.p.A (Italy)		323		10
Dixons Carphone plc (United Kingdom)		19,139		51
Domino’s Pizza Enterprises Ltd. (Australia)		739		27
Don Quijote Holdings Co., Ltd. (Japan)		825		43
Dufry AG Registered Shares (Switzerland)⁽¹⁾		180		27
Dunelm Group plc (United Kingdom)		4,807		45
Fast Retailing Co., Ltd. (Japan)		104		41
Fielmann AG (Germany)		335		30
Fnac Darty SA (France)⁽¹⁾		165		20
Forbo Holding AG Registered Shares (Switzerland)		16		25
Galaxy Entertainment Group Ltd. (Hong Kong)		780		6
Genting Singapore plc (Singapore)		8,000		8
Geox S.p.A (Italy)		2,742		10
Global Brands Group Holding Ltd. (Hong Kong)⁽¹⁾		68,000		6


	SHARES		VALUE
Consumer Discretionary—(continued)
Harvey Norman Holdings Ltd. (Australia)		7,988	$	26
Heiwa Corp. (Japan)		2,335		44
Hennes & Mauritz AB Class B (Sweden)		400		8
Hermes International (France)		36		19
Hikari Tsushin, Inc. (Japan)		290		42
Hong Kong and Shanghai Hotels Ltd. (The) (Hong Kong)		4,350		6
Industria de Diseno Textil SA (Spain)		605		21
Izumi Co., Ltd. (Japan)		685		43
Jardine Cycle & Carriage Ltd. (Singapore)		259		8
JCDecaux SA (France)		467		19
Kering (France)		41		19
L’Occitane International SA (France)		10,250		19
Li & Fung Ltd. (Hong Kong)⁽¹⁾		12,000		7
LVMH Moet Hennessy Louis Vuitton SE (France)		64		19
Man Wah Holdings Ltd. (Hong Kong)		6,800		6
Mediaset S.p.A (Italy)⁽¹⁾		2,571		10
Mekonomen AB (Sweden)		572		10
Melco International Development Ltd. (Hong Kong)		2,150		6
Melco Resorts & Entertainment Ltd. ADR (Hong Kong)		235		7
Melia Hotels International SA (Spain)		1,672		23
Merlin Entertainments plc (United Kingdom)⁽²⁾		9,401		46
Metropole Television SA (France)		721		19
MGM China Holdings Ltd. (Hong Kong)		1,900		6
Moncler S.p.A (Italy)		327		10
Nitori Holdings Co., Ltd. (Japan)		268		38
NOS SGPS SA (Portugal)		669		4
Ocado Group plc (United Kingdom)⁽¹⁾		10,090		54
Plastic Omnium SA (France)		442		20
PRADA S.p.A (Italy)		2,650		10
Premier Investments Ltd. (Australia)		2,291		27
Publicis Groupe SA (France)		269		18
Rakuten, Inc. (Japan)⁽¹⁾		4,010		37
Royal Caribbean Cruises Ltd. (Norway)		59		7
Salvatore Ferragamo S.p.A (Italy)		358		9
Sands China Ltd. (Hong Kong)		1,250		6
Sankyo Co., Ltd. (Japan)		1,300		41
Sega Sammy Holdings, Inc. (Japan)		3,305		41
Seven West Media Ltd. (Australia)		54,616		26
Shangri-La Asia Ltd. (Hong Kong)		2,850		6
Shimamura Co., Ltd. (Japan)		347		38


	SHARES		VALUE
Consumer Discretionary—(continued)
SJM Holdings Ltd. (Hong Kong)		7,300	$	7
Sodexo SA (France)		140		19
Sports Direct International plc (United Kingdom)⁽¹⁾		8,990		46
Start Today Co., Ltd. (Japan)		1,325		40
Steinhoff International Holdings NV (Germany)		39,687		15
Summit Ascent Holdings Ltd. (Hong Kong)⁽¹⁾		51,600		6
Swatch Group AG (The) (Switzerland)		64		26
Techtronic Industries Co., Ltd. (Hong Kong)		1,000		7
Television Francaise 1 (France)		1,224		18
Tod’s S.p.A (Italy)		134		10
Universal Entertainment Corp. (Japan)		1,136		42
Vivendi SA (France)		695		19
Wynn Macau Ltd. (Hong Kong)		1,950		6
Yoox Net-A-Porter Group S.p.A (Italy)⁽¹⁾		263		9
Yue Yuen Industrial Holdings Ltd. (Hong Kong)		1,625		6
Zensho Holdings Co., Ltd. (Japan)		2,400		41

				1,966

Consumer Staples—11.7%
AAK AB (Sweden)		122		10
Anheuser-Busch InBev NV (Belgium)		557		62
Associated British Foods plc (United Kingdom)		1,187		45
Axfood AB (Sweden)		529		10
Barry Callebaut AG Registered Shares (Switzerland)⁽¹⁾		13		27
Beiersdorf AG (Germany)		245		29
Carrefour SA (France)		887		19
Casino Guichard Perrachon SA (France)		312		19
Cosmos Pharmaceutical Corp. (Japan)		188		39
Dairy Farm International Holdings Ltd. (Singapore)		1,060		8
Davide Campari-Milano S.p.A (Italy)		1,233		10
First Resources Ltd. (Singapore)		5,530		8
Golden Agri-Resources Ltd. (Singapore)		28,900		8
Heineken Holding NV (Netherlands)		481		48
Henkel AG & Co. KGaA (Germany)		240		29
Jeronimo Martins SGPS SA (Portugal)		212		4
Kose Corp. (Japan)		270		42
L’Oreal SA (France)		84		19
Marine Harvest ASA (Norway)⁽¹⁾		402		7
MARR S.p.A (Italy)		376		10
METRO AG (Germany)⁽¹⁾		1,469		29
Orkla ASA (Norway)		670		7


	SHARES		VALUE
Consumer Staples—(continued)
Pernod Ricard SA (France)		122	$	19
Pola Orbis Holdings, Inc. (Japan)		1,136		40
Rallye SA (France)		1,073		19
Remy Cointreau SA (France)		134		19
Sonae SGPS SA (Portugal)		3,193		4
Sugi Holdings Co., Ltd. (Japan)		786		40
Sundrug Co., Ltd. (Japan)		870		40
Suntory Beverage & Food Ltd. (Japan)		910		41
Unicharm Corp. (Japan)		1,535		40
WH Group Ltd. (Hong Kong)⁽²⁾		5,400		6
Wilmar International Ltd. (Singapore)		3,290		8

				765

Energy—2.8%
Akastor ASA (Norway)⁽¹⁾		3,271		7
Aker BP ASA (Norway)		288		7
Aker Solutions ASA (Norway)⁽¹⁾		1,334		7
Avance Gas Holding Ltd. (Norway)⁽¹⁾⁽²⁾		2,499		7
BW LPG Ltd. (Norway)⁽¹⁾⁽²⁾		1,674		8
BW Offshore Ltd. (Norway)⁽¹⁾		1,899		8
Delek Group Ltd. (Israel)		34		5
Galp Energia SGPS SA (Portugal)		252		5
Petrofac Ltd. (United Kingdom)		7,570		52
Saras S.p.A (Italy)		4,099		10
Ship Finance International Ltd. (Norway)		475		7
Tecnicas Reunidas SA (Spain)		741		24
Tenaris SA ADR (Italy)		312		10
Transocean Ltd. (United States)⁽¹⁾		2,515		27

				184

Financials—9.4%
Acom Co., Ltd. (Japan)⁽¹⁾		9,400		40
Ashmore Group plc (United Kingdom)		8,748		48
Assicurazioni Generali S.p.A (Italy)		500		9
Banca Mediolanum S.p.A (Italy)		1,127		10
Banco Santander SA (Spain)		3,413		22
Bank Hapoalim BM (Israel)		782		6
Bank of East Asia Ltd. (The) (Hong Kong)		1,400		6
Bankinter SA (Spain)		2,394		23
Dah Sing Financial Holdings Ltd. (Hong Kong)		1,000		6
EFG International AG (Switzerland)⁽¹⁾		2,508		27
First Pacific Co., Ltd. (Hong Kong)		8,800		6
Goldin Financial Holdings Ltd. (Hong Kong)⁽¹⁾		12,000		6
Groupe Bruxelles Lambert SA (Belgium)		575		62


	SHARES		VALUE
Financials—(continued)
Industrivarden AB Class A (Sweden)		409	$	11
Investment AB Latour Class B (Sweden)		811		10
Jardine Lloyd Thompson Group plc (United Kingdom)		2,503		47
Kingston Financial Group Ltd. (Hong Kong)		6,000		6
L E Lundbergforetagen AB Class B (Sweden)		139		10
Matsui Securities Co., Ltd. (Japan)		4,745		40
Mizrahi Tefahot Bank Ltd. (Israel)		298		5
Oversea-Chinese Banking Corp., Ltd. (Singapore)		845		8
Pargesa Holding SA (Switzerland)		289		25
Partners Group Holding AG (Switzerland)		37		25
Platinum Asset Management Ltd. (Australia)		4,551		27
Reinet Investments SCA (United Kingdom)		2,193		49
Schroders plc (United Kingdom)		989		47
Svenska Handelsbanken AB Class A (Sweden)		756		10
United Overseas Bank Ltd. (Singapore)		400		8
Wendel SE (France)		110		19

				618

Health Care—4.3%
Arjo AB (Sweden)⁽¹⁾		3,480		10
BioMerieux (France)		211		19
CYBERDYNE, Inc. (Japan)⁽¹⁾		2,785		48
DiaSorin S.p.A (Italy)		102		9
Essilor International SA (France)		141		19
Eurofins Scientific SE (France)		31		19
Getinge AB Class B (Sweden)		684		10
Ipsen SA (France)		157		19
RHOEN-KLINIKUM AG (Germany)		803		29
Roche Holding AG (Switzerland)		101		25
Straumann Holding AG Registered Shares (Switzerland)		35		25
Taisho Pharmaceutical Holdings Co., Ltd. (Japan)		525		42
Taro Pharmaceutical Industries Ltd. (Israel)⁽¹⁾		49		5

				279

Industrials—14.3%
ACS Actividades de Construccion y Servicios SA (Spain)		588		23
Alfa Laval AB (Sweden)		455		11
Alstom SA (France)⁽¹⁾		465		19
ANDRITZ AG (Austria)		718		41


	SHARES		VALUE
Industrials—(continued)
Arbonia AG (Switzerland)⁽¹⁾		1,543	$	26
Assa Abloy AB Class B (Sweden)		492		10
Bollore SA (France)		3,488		19
Bouygues SA (France)		355		18
Cargotec Oyj Class B (Finland)		623		35
CK Hutchison Holdings Ltd. (Hong Kong)		490		6
Dassault Aviation SA (France)		12		19
easyJet plc (United Kingdom)		2,415		48
Ferrovial SA (Spain)		1,051		24
Fomento de Construcciones y Contratas SA (Spain)⁽¹⁾		2,106		22
Golden Ocean Group Ltd. (Norway)⁽¹⁾		750		6
Hutchison Port Holdings Trust Class U (Singapore)		19,500		8
Indutrade AB (Sweden)		385		11
IWG plc (United Kingdom)		17,495		61
Jardine Matheson Holdings Ltd. (Singapore)		118		7
Jardine Strategic Holdings Ltd. (Singapore)		186		7
Johnson Electric Holdings Ltd. (Hong Kong)		1,550		7
Kloeckner & Co. SE (Germany)		2,411		30
Kone Oyj Class B (Finland)		672		36
Kuehne & Nagel International AG Registered Shares (Switzerland)		142		25
Nidec Corp. (Japan)		300		42
Noble Group Ltd. (Singapore)⁽¹⁾		50,800		8
Nordex SE (Germany)⁽¹⁾		2,896		31
NWS Holdings Ltd. (Hong Kong)		3,425		6
Obrascon Huarte Lain SA (Spain)⁽¹⁾		3,896		23
OC Oerlikon Corp. AG Registered Shares (Switzerland)⁽¹⁾		1,533		26
Orient Overseas International Ltd. (Hong Kong)		630		6
Persol Holdings Co., Ltd. (Japan)		1,720		43
Prosegur Cia de Seguridad SA (Spain)		2,736		22
Rieter Holding AG Registered Shares (Switzerland)⁽¹⁾		108		26
Ryanair Holdings plc Sponsored ADR (United Kingdom)⁽¹⁾		398		41
Salini Impregilo S.p.A (Italy)		2,339		9
Securitas AB Class B (Sweden)		584		10
Seven Group Holdings Ltd. (Australia)		2,423		29
SGL Carbon SE (Germany)⁽¹⁾		2,054		28
SGS SA Registered Shares (Switzerland)		10		26
Shun Tak Holdings Ltd. (Hong Kong)		15,700		6


	SHARES		VALUE
Industrials—(continued)
Skanska AB Class B (Sweden)		465	$	10
Sulzer AG Registered Shares (Switzerland)		209		25

				936

Information Technology—10.3%
Check Point Software Technologies Ltd. (Israel)⁽¹⁾		49		5
COLOPL, Inc. (Japan)		3,700		40
Dassault Systemes SE (France)		176		19
Gree, Inc. (Japan)		6,120		39
GungHo Online Entertainment, Inc. (Japan)		14,700		41
Hexagon AB Class B (Sweden)		206		10
Keyence Corp. (Japan)		73		41
Koei Tecmo Holdings Co., Ltd. (Japan)		2,020		41
Konami Holdings Corp. (Japan)		735		40
Lenovo Group Ltd. (Hong Kong)		11,000		6
Mixi, Inc. (Japan)		850		38
Nemetschek SE (Germany)		322		29
Nexon Co., Ltd. (Japan)⁽¹⁾		1,440		42
OBIC Co., Ltd. (Japan)		574		42
Otsuka Corp. (Japan)		535		41
Renishaw plc (United Kingdom)		695		49
SAP SE (Germany)		256		29
Silverlake Axis Ltd. (Singapore)		17,800		8
Square Enix Holdings Co., Ltd. (Japan)		850		40
United Internet AG Registered Shares (Germany)		421		29
VTech Holdings Ltd. (Hong Kong)		457		6
Yahoo Japan Corp. (Japan)		8,925		41

				676

Materials—7.7%
APERAM SA (Netherlands)		914		47
ArcelorMittal (Netherlands)⁽¹⁾		1,457		47
EMS-Chemie Holding AG Registered Shares (Switzerland)		37		25
Evolution Mining Ltd. (Australia)		14,057		29
Fortescue Metals Group Ltd. (Australia)		6,883		26
Frutarom Industries Ltd. (Israel)		62		6
Glencore plc (Switzerland)⁽¹⁾		9,692		51
HeidelbergCement AG (Germany)		273		29
Hexpol AB (Sweden)		1,037		10
Holmen AB Class B (Sweden)		200		11
Imerys SA (France)		200		19
Israel Chemicals Ltd. (Israel)		1,223		5
Israel Corp., Ltd. (The) (Israel)⁽¹⁾		27		5


	SHARES		VALUE
Materials—(continued)
LafargeHolcim Ltd. Registered Shares (Switzerland)⁽¹⁾		460	$	26
Nippon Paint Holdings Co., Ltd. (Japan)		1,300		41
OCI NV (Netherlands)⁽¹⁾		1,878		47
Pact Group Holdings Ltd. (Australia)		6,014		27
Singamas Container Holdings Ltd. (Hong Kong)		30,000		6
Vicat SA (France)		237		19
Wacker Chemie AG (Germany)		159		31

				507

Real Estate—4.8%
Abacus Property Group (Australia)		7,970		26
Champion REIT (Hong Kong)		8,800		6
Chinese Estates Holdings Ltd. (Hong Kong)		3,700		6
City Developments Ltd. (Singapore)		850		8
CK Asset Holdings Ltd. (Hong Kong)		750		7
Fabege AB (Sweden)		479		10
Fonciere Des Regions (France)		171		19
Fortune REIT (Hong Kong)		5,400		7
Hang Lung Group Ltd. (Hong Kong)		1,600		6
Hang Lung Properties Ltd. (Hong Kong)		2,500		6
Henderson Land Development Co., Ltd. (Hong Kong)		897		6
Hongkong Land Holdings Ltd. (Singapore)		1,100		8
Hufvudstaden AB Class A (Sweden)		610		10
Hysan Development Co., Ltd. (Hong Kong)		1,170		6
Intu Properties plc (United Kingdom)		14,361		49
Kerry Properties Ltd. (Hong Kong)		1,500		7
Melisron Ltd. (Israel)		104		5
New World Development Co., Ltd. (Hong Kong)		4,300		6
Scentre Group (Australia)		7,538		25
Sino Land Co., Ltd. (Hong Kong)		3,625		6
Sun Hung Kai Properties Ltd. (Hong Kong)		370		6
Suntec REIT (Singapore)		5,200		8
UOL Group Ltd. (Singapore)		1,308		9
Westfield Corp. (Australia)		3,449		26
Wharf Holdings Ltd. (The) (Hong Kong)		1,750		6
Wharf Real Estate Investment Co., Ltd. (Hong Kong)⁽¹⁾		910		6
Wheelock & Co., Ltd. (Hong Kong)		855		6
Wihlborgs Fastigheter AB (Sweden)		452		11
Yanlord Land Group Ltd. (Singapore)		6,800		8

				315


	SHARES		VALUE
Telecommunication Services—2.5%
HKT Trust & HKT Ltd. (Hong Kong)		5,000	$	6
Hutchison Telecommunications Hong Kong Holdings Ltd. (Hong Kong)		15,650		6
Iliad SA (France)		78		19
Partner Communications Co., Ltd. (Israel)⁽¹⁾		920		6
PCCW Ltd. (Hong Kong)		10,400		6
SmarTone Telecommunications Holdings Ltd. (Hong Kong)		5,000		6
SoftBank Group Corp. (Japan)		496		39
TalkTalk Telecom Group plc (United Kingdom)		25,399		52
TPG Telecom Ltd. (Australia)		5,271		27

				167

Utilities—1.1%
CK Infrastructure Holdings Ltd. (Hong Kong)		720		6
CLP Holdings Ltd. (Hong Kong)		639		7
Engie SA (France)		1,069		19
HK Electric Investments & HK Electric Investments Ltd. (Hong Kong)⁽²⁾		6,600		6
Hong Kong & China Gas Co., Ltd. (Hong Kong)		3,113		6
Kenon Holdings Ltd. (Israel)⁽¹⁾		252		5
Power Assets Holdings Ltd. (Hong Kong)		750		6
Rubis SCA (France)		269		19

				74

TOTAL COMMON STOCKS (Identified Cost $5,375)				6,487

TOTAL LONG TERM INVESTMENTS—99.3% (Identified Cost $5,406)				6,518

SHORT-TERM INVESTMENT—0.3%
Money Market Mutual Fund—0.3%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 1.190%)⁽³⁾		16,986		17

TOTAL SHORT-TERM INVESTMENT (Identified Cost $17)				17


	SHARES	VALUE
TOTAL INVESTMENTS—99.6% (Identified Cost $5,423)			6,535
Other assets and liabilities, net—0.4%			23

NET ASSETS—100.0%		$	6,558

Abbreviations:


ADR		American Depositary Receipt
REIT		Real Estate Investment Trust

Footnote Legend:

⁽¹⁾	Non-income producing.

⁽²⁾	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2017, these securities amounted to a value of $73 or 1.1% of net assets.

⁽³⁾	Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2017 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2017.

There were no transfers between Level 1, Level 2, or Level 3 related to securities held at December 31, 2017.


	SHARES		VALUE
COMMON STOCKS—99.6%
Consumer Discretionary—33.4%
Amazon.com, Inc.⁽¹⁾		344	$	402
AMC Networks, Inc. Class A⁽¹⁾		7,443		403
American Eagle Outfitters, Inc.		22,704		427
AutoNation, Inc.⁽¹⁾		7,377		379
Buckle, Inc. (The)		17,862		424
Carnival Corp.		6,109		405
CBS Corp. Class B		6,999		413
Choice Hotels International, Inc.		5,270		409
Columbia Sportswear Co.		5,789		416
Comcast Corp. Class A		10,362		415
Dick’s Sporting Goods, Inc.		13,225		380
Dillard’s, Inc. Class A		6,885		413
Discovery Communications, Inc. Class C⁽¹⁾		21,628		458
DISH Network Corp. Class A⁽¹⁾		8,163		390
DSW, Inc. Class A		18,820		403
Expedia, Inc.		3,374		404
Gap, Inc. (The)		11,666		397
Garmin Ltd.		6,573		392
Horton (D.R.), Inc.		8,035		410
Hyatt Hotels Corp. Class A⁽¹⁾		5,650		416
International Speedway Corp. Class A		9,920		395
L Brands, Inc.		6,795		409
Lands’ End, Inc.⁽¹⁾		22,089		432
Las Vegas Sands Corp.		5,652		393
Lennar Corp. Class A		6,546		414
Liberty Braves Group Class C⁽¹⁾		17,581		391
Liberty Broadband Corp. Class C⁽¹⁾		4,685		399
Liberty Expedia Holdings, Inc. Class A⁽¹⁾		9,024		400
Liberty Global plc Class C⁽¹⁾		12,998		440
Liberty Global plc Class C⁽¹⁾		18,801		374
Liberty Interactive Corp. Class A⁽¹⁾		16,305		398
Liberty Media Corp. Class C⁽¹⁾		11,369		388
Liberty Sirius XM Group Class C⁽¹⁾		9,477		376
Liberty TripAdvisor Holdings, Inc. Class A⁽¹⁾		42,585		401
Liberty Ventures Class A⁽¹⁾		7,029		381
Lions Gate Entertainment Corp. Class B⁽¹⁾		13,622		432
Madison Square Garden Co. (The) Class A⁽¹⁾		1,896		400
Marriott International, Inc. Class A		3,115		423
Marriott Vacations Worldwide Corp.		3,017		408
Mohawk Industries, Inc.⁽¹⁾		1,451		400
MSG Networks, Inc. Class A⁽¹⁾		20,445		414


	SHARES		VALUE
Consumer Discretionary—(continued)
News Corp. Class A		24,569	$	398
NIKE, Inc. Class B		6,220		389
Nordstrom, Inc.		8,646		410
Papa John’s International, Inc.		6,881		386
Penn National Gaming, Inc.⁽¹⁾		13,790		432
Penske Automotive Group, Inc.		8,313		398
Ralph Lauren Corp.		4,154		431
Restaurant Brands International, Inc.		6,493		399
Sears Holdings Corp.⁽¹⁾		99,665		357
Sears Hometown and Outlet Stores, Inc.⁽¹⁾		216,335		563
Starbucks Corp.		6,723		386
Tesla, Inc.⁽¹⁾		1,181		368
Twenty-First Century Fox, Inc. Class A		12,224		422
Under Armour, Inc. Class C⁽¹⁾		32,339		431
Urban Outfitters, Inc.⁽¹⁾		12,227		429
Viacom, Inc. Class B		13,544		417
Weight Watchers International, Inc.⁽¹⁾		8,697		385
Wendy’s Co. (The)		25,587		420
Wynn Resorts Ltd.		2,426		409

				24,454

Consumer Staples—6.1%
Boston Beer Co., Inc. (The) Class A⁽¹⁾		2,161		413
Brown-Forman Corp. Class B		6,129		421
Estee Lauder Cos., Inc. (The) Class A		3,126		398
Hostess Brands Inc.⁽¹⁾		27,847		412
HRG Group, Inc.⁽¹⁾		23,887		405
Kraft Heinz Co.(The)		5,048		392
Lancaster Colony Corp.		3,086		399
Monster Beverage Corp.⁽¹⁾		6,297		399
Nomad Foods Ltd.⁽¹⁾		24,122		408
PriceSmart, Inc.		4,685		403
Tootsie Roll Industries, Inc.		10,918		397

				4,447

Energy—5.3%
Cheniere Energy, Inc.⁽¹⁾		8,253		444
Continental Resources, Inc.⁽¹⁾		8,446		448
CVR Energy, Inc.		11,579		431
Exterran Corp.⁽¹⁾		14,081		443
Hess Corp.		9,078		431
Par Pacific Holdings, Inc.⁽¹⁾		19,785		382
RPC, Inc.		16,346		417


	SHARES		VALUE
Energy—(continued)
Transocean Ltd.⁽¹⁾		40,750	$	435
W&T Offshore, Inc.⁽¹⁾		137,508		455

				3,886

Financials—13.3%
American Financial Group, Inc.		3,843		417
AmTrust Financial Services, Inc.		39,903		402
Berkley (W.R.) Corp.		5,682		407
Berkshire Hathaway, Inc. Class B⁽¹⁾		2,025		401
BOK Financial Corp.		4,483		414
Brown & Brown, Inc.		7,799		401
Charles Schwab Corp. (The)		7,942		408
Cohen & Steers, Inc.		8,793		416
Erie Indemnity Co. Class A		3,400		414
First Citizens BancShares, Inc. Class A		975		393
Franklin Resources, Inc.		9,148		396
Greenlight Capital Re Ltd. Class A⁽¹⁾		19,765		397
Hilltop Holdings, Inc.		16,728		424
Leucadia National Corp.		15,666		415
Loews Corp.		8,021		401
Mercury General Corp.		7,601		406
Morningstar, Inc.		4,150		403
National General Holdings Corp.		19,646		386
Ocwen Financial Corp.⁽¹⁾		129,388		405
PJT Partners, Inc. Class A		9,020		411
Raymond James Financial, Inc.		4,556		407
Third Point Reinsurance Ltd.⁽¹⁾		26,861		394
Virtu Financial, Inc. Class A		22,434		411
WisdomTree Investments, Inc.		34,426		432

				9,761

Health Care—3.5%
AquaBounty Technologies, Inc.⁽¹⁾		69,696		245
Bruker Corp.		11,690		401
Danaher Corp.		4,245		394
Halozyme Therapeutics, Inc.⁽¹⁾		19,208		389
Intrexon Corp.⁽¹⁾		30,342		350
NantKwest, Inc.⁽¹⁾		79,212		356
OPKO Health, Inc.⁽¹⁾		78,019		382

				2,517

Industrials—12.0%
Air Lease Corp.		8,878		427
American Railcar Industries, Inc.		9,865		411


	SHARES		VALUE
Industrials—(continued)
Cintas Corp.		2,545	$	397
Colfax Corp.⁽¹⁾		10,870		431
Covanta Holding Corp.		26,498		448
FedEx Corp.		1,654		413
Fortive Corp.		5,522		399
Heartland Express, Inc.		17,645		412
Herc Holdings, Inc.⁽¹⁾		6,402		401
Hertz Global Holdings, Inc.⁽¹⁾		18,182		402
Manitowoc Co., Inc. (The)⁽¹⁾		10,098		397
MasTec, Inc.⁽¹⁾		8,577		420
MSC Industrial Direct Co., Inc. Class A		4,472		432
Navistar International Corp.⁽¹⁾		9,729		417
Rollins, Inc.		8,729		406
Seaspan Corp.		68,028		459
Timken Co. (The)		8,207		403
W.W. Grainger, Inc.		1,785		422
Welbilt, Inc.⁽¹⁾		18,034		424
Werner Enterprises, Inc.		10,330		399
XPO Logistics, Inc.⁽¹⁾		5,187		475

				8,795

Information Technology—11.4%
Alphabet, Inc. Class C⁽¹⁾		385		403
Amkor Technology, Inc.⁽¹⁾		39,340		395
Anixter International, Inc.⁽¹⁾		5,690		433
CommerceHub, Inc. Class C⁽¹⁾		18,554		382
Conduent, Inc.⁽¹⁾		25,414		411
eBay, Inc.⁽¹⁾		10,684		403
EchoStar Corp. Class A⁽¹⁾		6,746		404
Facebook, Inc. Class A⁽¹⁾		2,242		396
IAC/InterActiveCorp⁽¹⁾		3,335		408
Intuit, Inc.		2,556		403
National Instruments Corp.		9,538		397
Oracle Corp.		7,997		378
Paychex, Inc.		5,816		396
PayPal Holdings, Inc.⁽¹⁾		5,393		397
Pegasystems, Inc.		8,023		378
RealPage, Inc.⁽¹⁾		8,981		398
salesforce.com, Inc.⁽¹⁾		3,849		394
SS&C Technologies Holdings, Inc.		9,633		390
Syntel, Inc.⁽¹⁾		15,800		363
TeleTech Holdings, Inc.		10,020		403


	SHARES		VALUE
Information Technology—(continued)
Xerox Corp.		13,594	$	396

				8,328

Materials—5.8%
Freeport-McMoRan, Inc.⁽¹⁾		24,490		464
Huntsman Corp.		12,574		418
LyondellBasell Industries N.V. Class A		3,721		410
NewMarket Corp.		1,036		412
Novagold Resources, Inc.⁽¹⁾		109,420		430
Platform Specialty Products Corp.⁽¹⁾		42,298		420
Scotts Miracle-Gro Co. (The)		3,905		418
Silgan Holdings, Inc.		13,832		406
TimkenSteel Corp.⁽¹⁾		29,474		448
Westlake Chemical Corp.		3,939		420

				4,246

Real Estate—8.8%
Altisource Portfolio Solutions SA⁽¹⁾		14,672		411
American Homes 4 Rent Class A		18,238		398
Boston Properties, Inc.		3,165		412
Colony NorthStar, Inc. Class A		32,622		372
Equity LifeStyle Properties, Inc.		4,386		390
Equity Residential		6,096		389
Gaming and Leisure Properties, Inc.		11,102		411
Host Hotels & Resorts, Inc.		20,166		400
Howard Hughes Corp. (The)⁽¹⁾		3,111		408
JBG SMITH Properties		11,659		405
Marcus & Millichap, Inc.⁽¹⁾		12,584		410
Seritage Growth Properties Class A		9,808		397
Simon Property Group, Inc.		2,412		414
Taubman Centers, Inc.		6,289		412
Urban Edge Properties		15,770		402
Vornado Realty Trust		5,169		404

				6,435

TOTAL COMMON STOCKS (Identified Cost $52,190)				72,869

TOTAL LONG TERM INVESTMENTS—99.6% (Identified Cost $52,190)				72,869


	SHARES		VALUE
SHORT-TERM INVESTMENT—0.3%
Money Market Mutual Fund—0.3%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 1.190%)⁽²⁾		238,565	$	239

TOTAL SHORT-TERM INVESTMENT (Identified Cost $239)				239

TOTAL INVESTMENTS—99.9% (Identified Cost $52,429)				73,108
Other assets and liabilities, net—0.1%				107

NET ASSETS—100.0%			$	73,215

Footnote Legend:

⁽¹⁾	Non-income producing.

⁽²⁾	Shares of this fund are publicly offered and its prospectus and annual report are publicly available.

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2017 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2017.

There were no transfers between Level 1, Level 2, or Level 3 related to securities held at December 31, 2017.


	SHARES		VALUE
COMMON STOCKS—89.3%
Consumer Discretionary—8.2%
Ace Hardware Indonesia Tbk PT (Indonesia)		4,591,000	$	391
Fila Korea Ltd. (South Korea)		3,100		236
Goldlion Holdings Ltd. (Hong Kong)		500,284		198
Pico Far East Holdings Ltd. (Hong Kong)		636,780		254
Whirlpool SA (Brazil)		54,761		77

				1,156

Consumer Staples—18.0%
AVI Ltd. (South Africa)		39,810		356
Compania Cervecerias Unidas SA Sponsored ADR (Chile)		8,140		241
Distell Group Ltd. (South Africa)		30,200		346
Heineken Malaysia Bhd (Malaysia)		80,000		374
Oldtown Bhd (Malaysia)		376,750		288
Taisun International Holding Corp. (Taiwan)		72,000		307
Union de Cervecerias Peruanas Backus y Johnston SAA Class I (Peru)		57,300		325
Wawel SA (Poland)		1,011		299

				2,536

Financials—11.0%
BFI Finance Indonesia Tbk PT (Indonesia)		5,330,000		267
CARE Ratings Ltd. (India)		15,800		330
Korea Ratings Corp. (South Korea)		3,600		182
Tisco Financial Group PCL (Thailand)		66,700		181
Vostok New Ventures Ltd. (Sweden)⁽¹⁾		77,400		590

				1,550

Industrials—21.3%
104 Corp. (Taiwan)		54,000		296
Blue Dart Express Ltd. (India)		3,400		243
Freight Management Holdings Bhd (Malaysia)		262,729		81
Hy-Lok Corp. (South Korea)		7,000		147
Kerry TJ Logistics Co., Ltd. (Taiwan)		334,906		431
Lumax International Corp., Ltd. (Taiwan)		163,379		307
S-1 Corp. (South Korea)		3,200		320
Sarine Technologies Ltd. (Israel)		229,000		171
Sinmag Equipment Corp. (Taiwan)		61,520		351
Sporton International Inc. (Taiwan)		26,000		140
Taiwan Secom Co., Ltd. (Taiwan)		99,874		307
Turk Traktor ve Ziraat Makineleri AS (Turkey)		10,100		203

				2,997


	SHARES		VALUE
Information Technology—17.5%
Autohome, Inc. ADR (China)⁽¹⁾		10,625	$	687
Cartrack Holdings Ltd. (South Africa)		105,600		163
Douzone Bizon Co., Ltd. (South Korea)		10,950		341
e-Credible Co., Ltd. (South Korea)		14,700		200
Hancom, Inc. (South Korea)		17,650		296
Linx SA (Brazil)		40,100		259
Yandex N.V. Class A (Russia)⁽¹⁾		16,110		527

				2,473

Materials—12.3%
Corp. Moctezuma SAB de C.V. (Mexico)		91,400		344
Enaex SA (Chile)		19,181		283
SH Kelkar & Co., Ltd. (India)⁽²⁾		70,300		329
Sniezka SA (Poland)		15,138		322
Transpaco Ltd. (South Africa)		86,890		154
Yung Chi Paint & Varnish Manufacturing Co., Ltd. (Taiwan)		112,000		305

				1,737

Telecommunication Services—1.0%
Sarana Menara Nusantara Tbk PT (Indonesia)		460,000		136

TOTAL COMMON STOCKS (Identified Cost $10,839)				12,585

TOTAL LONG TERM INVESTMENTS—89.3% (Identified Cost $10,839)				12,585

SHORT-TERM INVESTMENT—9.6%
Money Market Mutual Fund—9.6%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 1.190%)⁽³⁾		1,361,252		1,361

TOTAL SHORT-TERM INVESTMENT (Identified Cost $1,361)				1,361

TOTAL INVESTMENTS—98.9% (Identified Cost $12,200)				13,946
Other assets and liabilities, net—1.1%				159

NET ASSETS—100.0%			$	14,105

Abbreviation:


ADR		American Depositary Receipt

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2017 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2017.

There were no transfers between Level 1, Level 2, or Level 3 related to securities held at December 31, 2017.


	SHARES		VALUE
COMMON STOCKS—85.7%
Consumer Discretionary—6.5%
Ascential plc (United Kingdom)		1,679,200	$	8,735
Goldlion Holdings Ltd. (Hong Kong)		17,054,316		6,745
Pico Far East Holdings Ltd. (Hong Kong)		13,581,668		5,424

				20,904

Consumer Staples—7.1%
Distell Group Ltd. (South Africa)		33,697		386
Heineken Malaysia Bhd (Malaysia)		2,070,200		9,668
Taisun International Holding Corp. (Taiwan)		885,000		3,777
Union de Cervecerias Peruanas Backus y Johnston SAA Class I (Peru)		547,908		3,111
Wawel SA (Poland)		19,592		5,802

				22,744

Energy—2.1%
Pason Systems, Inc. (Canada)		427,010		6,179
Qualitech PCL (Thailand)		3,073,163		585

				6,764

Financials—10.9%
Euler Hermes Group SA (France)		75,260		10,999
Euroz Ltd. (Australia)		3,005,713		2,791
Korea Ratings Corp. (South Korea)		67,093		3,390
Sabre Insurance Group plc (United Kingdom)⁽¹⁾		777,900		2,857
Vostok New Ventures Ltd. (Sweden)⁽¹⁾		1,958,600		14,923

				34,960

Health Care—3.1%
Haw Par Corp., Ltd. (Singapore)		403,219		3,422
Software Service, Inc. (Japan)		4,000		246
WIN-Partners Co., Ltd. (Japan)		480,065		6,059

				9,727

Industrials—17.9%
104 Corp. (Taiwan)		93,000		509
AIT Corp. (Japan)		360,500		4,367
Amadeus Fire AG (Germany)		35,295		3,270
Asiakastieto Group Oyj (Finland)		214,697		6,157
Golden Friends Corp. (Taiwan)		879,065		1,640
Howden Joinery Group plc (United Kingdom)		1,682,300		10,603
Hy-Lok Corp. (South Korea)		252,043		5,297
Interworks, Inc. (Japan)		474,800		5,137
JOST Werke AG (Germany)⁽¹⁾		101,850		5,157


	SHARES		VALUE
Industrials—(continued)
Kerry TJ Logistics Co., Ltd. (Taiwan)		1,109,669	$	1,426
Lumax International Corp., Ltd. (Taiwan)		3,102,259		5,827
SJR in Scandinavia AB Class B (Sweden)		733,950		4,026
WABCO Holdings, Inc. (United States)⁽¹⁾		26,000		3,731

				57,147

Information Technology—32.5%
Alten SA (France)		92,144		7,696
Altran Technologies SA (France)		219,500		3,658
Auto Trader Group plc (United Kingdom)		3,478,440		16,569
Autohome, Inc. ADR (China)⁽¹⁾		215,265		13,921
Bouvet ASA (Norway)		247,945		6,160
Computer Modelling Group Ltd. (Canada)		473,600		3,617
e-Credible Co., Ltd. (South Korea)		296,500		4,030
Firstlogic, Inc. (Japan)⁽¹⁾		485,800		4,376
REA Group Ltd. (Australia)		55,510		3,320
Rightmove plc (United Kingdom)		276,160		16,779
Scout24 AG (Germany)		367,125		14,999
Webstep AS (Norway)⁽¹⁾		2,760,800		8,742

				103,867

Materials—5.6%
Corp. Moctezuma SAB de C.V. (Mexico)		1,190,630		4,480
Rimoni Industries Ltd. (Israel)		89,509		1,565
SH Kelkar & Co., Ltd. (India)⁽²⁾		81,404		381
Sniezka SA (Poland)		402,634		8,559
Transpaco Ltd. (South Africa)		1,705,262		3,032

				18,017

TOTAL COMMON STOCKS (Identified Cost $242,193)				274,130

TOTAL LONG TERM INVESTMENTS—85.7% (Identified Cost $242,193)				274,130

SHORT-TERM INVESTMENT—13.3%
Money Market Mutual Fund—13.3%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 1.190%)⁽³⁾		42,410,887		42,411

TOTAL SHORT-TERM INVESTMENT (Identified Cost $42,411)				42,411


	VALUE
TOTAL INVESTMENTS—99.0% (Identified Cost $284,604)	$	316,541
Other assets and liabilities, net—1.0%		3,045

NET ASSETS—100.0%	$	319,586

Abbreviation:


ADR		American Depositary Receipt

Footnote Legend:

⁽¹⁾	Non-income producing.

⁽²⁾	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2017, these securities amounted to a value of $381 or 0.1% of net assets.

⁽³⁾	Shares of this fund are publicly offered and its prospectus and annual report are publicly available.

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2017 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2017.

There were no transfers between Level 1, Level 2, or Level 3 related to securities held at December 31, 2017.


	PAR VALUE		VALUE
U.S. GOVERNMENT SECURITIES—5.6%
U.S. Treasury Bond 2.500%, 2/15/46	$	2,573	$	2,446
U.S. Treasury Note
1.125%, 2/28/19		330		327
1.625%, 2/15/26		1,455		1,374

TOTAL U.S. GOVERNMENT SECURITIES (Identified Cost $4,082)				4,147

MUNICIPAL BONDS—2.5%
California—1.1%
State of California, Build America Bonds Taxable 7.600%, 11/1/40		520		831

Georgia—0.4%
Rockdale County Water & Sewerage Authority Revenue Taxable 3.060%, 7/1/24		255		256

New York—1.0%
Port Authority of New York & New Jersey, Consolidated Bonds Revenue 5.000%, 4/15/57		640		749

TOTAL MUNICIPAL BONDS (Identified Cost $1,812)				1,836

FOREIGN GOVERNMENT SECURITIES—2.7%
Argentine Republic
7.500%, 4/22/26		155		175
7.625%, 4/22/46		150		169
Dominican Republic 144A 6.600%, 1/28/24⁽²⁾		135		152
Kingdom of Abu Dhabi 144A 2.500%, 10/11/22⁽²⁾		200		196
Kingdom of Bahrain 144A 7.000%, 10/12/28⁽²⁾		200		203
Republic of Costa Rica 144A 7.000%, 4/4/44⁽²⁾		200		207
Republic of Indonesia 144A 4.350%, 1/8/27⁽²⁾		200		212
Republic of South Africa
4.665%, 1/17/24		100		102
4.300%, 10/12/28		200		193
Republic of Turkey 4.875%, 10/9/26		200		197
Sultanate of Oman 144A 4.750%, 6/15/26⁽²⁾		200		194

TOTAL FOREIGN GOVERNMENT SECURITIES (Identified Cost $1,923)				2,000

MORTGAGE-BACKED SECURITIES—18.1%
Agency—7.0%
FHLMC


	PAR VALUE		VALUE
Agency—(continued)
5.000%, 12/1/35	$	24	$	26
4.000%, 2/1/45		327		342
3.500%, 3/1/45		280		289
3.500%, 4/1/46		327		336
FNMA
5.000%, 4/1/20		20		21
5.000%, 8/1/21		3		3
6.000%, 5/1/29		21		24
6.500%, 5/1/30		1		1
7.000%, 7/1/31		7		8
5.500%, 4/1/36		26		29
5.500%, 9/1/36		121		134
6.000%, 9/1/37		20		23
6.000%, 8/1/38		141		161
6.000%, 8/1/38		11		12
5.000%, 6/1/39		431		470
5.000%, 9/1/39		120		131
5.500%, 9/1/39		257		284
4.500%, 9/1/40		188		205
3.500%, 12/1/42		240		248
4.000%, 9/1/44		80		84
3.500%, 8/1/45		496		510
3.500%, 1/1/46		123		126
4.000%, 1/1/46		202		211
3.500%, 6/1/46		212		217
3.000%, 12/1/46		354		354
3.500%, 1/1/47		532		547
4.000%, 4/1/47		101		106
3.500%, 7/1/47		171		176
3.500%, 7/1/47		68		70
GNMA 6.500%, 9/15/28		25		28

				5,176

Non-Agency—11.1%
American Homes 4 Rent Trust
2014-SFR2, C 144A, 4.705%, 10/17/36⁽²⁾		195		207
2015-SFR2, C 144A, 4.691%, 10/17/45⁽²⁾		125		133
2015-SFR1, A 144A, 3.467%, 4/17/52⁽²⁾		214		219
Ameriquest Mortgage Securities, Inc. Pass-Through Certificates, 2003-AR3, M4 , (5.850% minus 1 month LIBOR) 4.593%, 6/25/33⁽¹⁾		124		123


	PAR VALUE		VALUE
Non-Agency—(continued)
AMSR Trust 2016-SFR1, C 144A , (1 month LIBOR + 2.250%) 3.741%, 11/17/33⁽¹⁾⁽²⁾	$	100	$	101
Aventura Mall Trust 2013-AVM, C 144A 3.743%, 12/5/32⁽¹⁾⁽²⁾		325		331
Banc of America Funding Trust 2004-B, 2A1, 3.776%, 11/20/34⁽¹⁾		75		75
2005-1, 1A1, 5.500%, 2/25/35		71		71
Banc of America Mortgage Trust 2005-3, 1A15 5.500%, 4/25/35		53		54
Bank of America (Countrywide) Asset-Backed Certificates 2005-1, AF5A 5.042%, 7/25/35⁽¹⁾		198		204
Bank of America (Merrill Lynch - Countrywide) Home Loan Mortgage Pass-Through-Trust 2004-6, 1A2 3.572%, 5/25/34⁽¹⁾		188		187
Bayview Opportunity Master Fund IVa Trust 2016-SPL1, B1 144A, 4.250%, 4/28/55⁽²⁾		160		165
2017-SPL5, B1 144A, 4.000%, 6/28/57⁽¹⁾⁽²⁾		100		105
2017-SPL1, B1 144A, 4.250%, 10/28/64⁽¹⁾⁽²⁾		114		117
Bayview Opportunity Master Fund IVb Trust 2016-SPL2, B1 144A, 4.250%, 6/28/53⁽¹⁾⁽²⁾		100		103
2017-SPL3, B1 144A, 4.250%, 11/28/53⁽¹⁾⁽²⁾		145		152
Caesars Palace Las Vegas Trust 2017-VICI, C 144A 4.138%, 10/15/34⁽²⁾		120		123
Colony Starwood Homes Trust 2016-2A, C 144A , (1 month LIBOR + 2.150%) 3.627%, 12/17/33⁽¹⁾⁽²⁾		195		195
COLT Mortgage Loan Trust 2016-1, A2 144A 3.500%, 5/25/46⁽²⁾		79		79
COLT Mortgage Loan Trust Funding LLC 2017-1, A3 144A 3.074%, 5/27/47⁽¹⁾⁽²⁾		70		70
Credit Suisse Commercial Mortgage-Backed Trust 2006-8, 3A1 6.000%, 10/25/21		52		49
Galton Funding Mortgage Trust 2017-1, A21 144A 3.500%, 7/25/56⁽¹⁾⁽²⁾		112		113
GSAA Home Equity Trust 2005-12, AF3W 4.999%, 9/25/35⁽¹⁾		53		54
Jefferies Resecuritization Trust 2014-R1, 1A1 144A 4.000%, 12/27/37⁽²⁾		14		14
JPMorgan Chase (WaMu) Mortgage Pass-Through Certificates 2003-S11, 3A5 5.950%, 11/25/33		146		153


	PAR VALUE		VALUE
Non-Agency—(continued)
JPMorgan Chase Commercial Mortgage Securities Trust 2014-C22, A4 3.801%, 9/15/47	$	195	$	204
JPMorgan Chase Mortgage Trust
2004-A4, 2A1, 3.492%, 9/25/34⁽¹⁾		149		152
2016-1, M2 144A, 3.750%, 4/25/45⁽¹⁾⁽²⁾		117		119
2016-2, M2 144A, 3.750%, 12/25/45⁽¹⁾⁽²⁾		156		158
2017-3, 2A2 144A, 2.500%, 8/25/47⁽¹⁾⁽²⁾		138		137
2017-5, A1 144A, 3.188%, 10/25/48⁽¹⁾⁽²⁾		307		309
MASTR Specialized Loan Trust 2005-3, A2 144A 5.704%, 11/25/35⁽¹⁾⁽²⁾		87		90
MetLife Securitization Trust 2017-1A, M1 144A 3.601%, 4/25/55⁽¹⁾⁽²⁾		100		103
Morgan Stanley - Bank of America (Merrill Lynch) Trust
2013-C13, AS, 4.266%, 11/15/46		360		380
2015-C22, AS, 3.561%, 4/15/48		310		312
New Residential Mortgage Loan Trust
2014-1A, A 144A, 3.750%, 1/25/54⁽¹⁾⁽²⁾		198		202
2015-2A, A1 144A, 3.750%, 8/25/55⁽¹⁾⁽²⁾		147		150
2016-1A, A1 144A, 3.750%, 3/25/56⁽¹⁾⁽²⁾		121		123
2016-4A, B1A 144A, 4.500%, 11/25/56⁽¹⁾⁽²⁾		173		183
NovaStar Mortgage Funding Trust 2004-4, M5 , (1 month LIBOR + 1.725%) 3.277%, 3/25/35⁽¹⁾		179		180
One Market Plaza Trust 2017-1MKT, A 144A 3.614%, 2/10/32⁽²⁾		150		154
Pretium Mortgage Credit Partners I LLC 2017-NPL5, A1 144A 3.327%, 12/30/32⁽¹⁾⁽²⁾		97		97
Residential Asset Securitization Trust 2005-A1, A3 5.500%, 4/25/35		118		121
Sequoia Mortgage Trust 2013-8, B1 3.534%, 6/25/43⁽¹⁾		107		107
Towd Point Mortgage Trust
2015-1, A2 144A, 3.250%, 10/25/53⁽¹⁾⁽²⁾		150		151
2016-1, A1B 144A, 2.750%, 2/25/55⁽¹⁾⁽²⁾		129		129
2015-5, A2 144A, 3.500%, 5/25/55⁽¹⁾⁽²⁾		220		226
2017-1, M1 144A, 3.750%, 10/25/56⁽¹⁾⁽²⁾		100		102
2015-2, 1M1 144A, 3.250%, 11/25/60⁽¹⁾⁽²⁾		445		453
Tricon American Homes Trust 2017-SFR1, A 144A 2.716%, 9/17/34⁽²⁾		100		99
Vericrest Opportunity Loan Trust LX LLC 2017-NPL7, A1 144A 3.250%, 4/25/59⁽¹⁾⁽²⁾		68		68


	PAR VALUE		VALUE
Non-Agency—(continued)
Verus Securitization Trust 2017-2A, A1 144A 2.485%, 7/25/47⁽¹⁾⁽²⁾	$	190	$	190
Wells Fargo Commercial Mortgage Trust 2015-LC20, B 3.719%, 4/15/50		300		300

				8,196

TOTAL MORTGAGE-BACKED SECURITIES (Identified Cost $13,153)				13,372

ASSET-BACKED SECURITIES—7.9%
Auto Floor Plan—0.4%
Navistar Financial Dealer Note Master Owner Trust II 2016-1, B 144A , (1 month LIBOR + 1.750%) 3.302%, 9/27/21⁽¹⁾⁽²⁾		310		312

Automobiles—4.8%
American Credit Acceptance Receivables Trust 2017-2, C 144A 2.860%, 6/12/23⁽²⁾		185		185
AmeriCredit Automobile Receivables Trust 2014-1, D 2.540%, 6/8/20		235		236
Avis Budget Rental Car Funding LLC
(AESOP) 2012-3A, A 144A, 2.100%, 3/20/19⁽²⁾		188		187
(AESOP) 2016-1A, A 144A, 2.990%, 6/20/22⁽²⁾		200		201
Capital Auto Receivables Asset Trust 2017-1, C 144A 2.700%, 9/20/22⁽²⁾		185		185
CarMax Auto Owner Trust 2015-2, C 2.390%, 3/15/21		235		235
Centre Point Funding LLC 2012-2A, 1 144A 2.610%, 8/20/21⁽²⁾		161		161
Drive Auto Receivables Trust
2015-DA, C 144A, 3.380%, 11/15/21⁽²⁾		189		190
2017-2, C, 2.750%, 9/15/23		220		220
DT Auto Owner Trust 2016-4A, C 144A 2.740%, 10/17/22⁽²⁾		235		235
Exeter Automobile Receivables Trust 2015-2A, C 144A 3.900%, 3/15/21⁽²⁾		255		258
Flagship Credit Auto Trust 2017-3, C 144A 2.910%, 9/15/23⁽²⁾		220		219
Foursight Capital Automobile Receivables Trust 2017-1, B 144A 3.050%, 12/15/22⁽²⁾		175		174
GLS Auto Receivables Trust 2017-1A, B 144A 2.980%, 12/15/21⁽²⁾		220		219


	PAR VALUE		VALUE
Automobiles—(continued)
OneMain Direct Auto Receivables Trust 2017-2A, C 144A 2.820%, 7/15/24⁽²⁾	$	185	$	185
Prestige Auto Receivables Trust 2017-1A, C 144A 2.810%, 1/17/23⁽²⁾		220		219
Westlake Automobile Receivables Trust 2017-2A, C 144A 2.590%, 12/15/22⁽²⁾		220		218

				3,527

Other—2.3%
Aqua Finance Trust 2017-A, A 144A 3.720%, 11/15/35⁽²⁾		219		218
DB Master Finance LLC 2017-1A, A2I 144A 3.629%, 11/20/47⁽²⁾		185		186
Dell Equipment Finance Trust 2017-2, A3 144A 2.190%, 10/24/22⁽²⁾		170		169
Diamond Resorts Owner Trust 2017-1A, A 144A 3.270%, 10/22/29⁽²⁾		170		169
Drug Royalty II LP 2 2014-1, A2 144A 3.484%, 7/15/23⁽²⁾		96		96
Mariner Finance Issuance Trust 2017-AA, A 144A 3.620%, 2/20/29⁽²⁾		185		186
Murray Hill Marketplace Trust 2016-LC1, A 144A 4.190%, 11/25/22⁽²⁾		18		18
MVW Owner Trust 2017-1A, A 144A 2.420%, 12/20/34⁽²⁾		211		210
Orange Lake Timeshare Trust 2012-AA, A 144A 3.450%, 3/10/27⁽²⁾		22		22
Prosper Marketplace Issuance Trust 2017-2A, B 144A 3.480%, 9/15/23⁽²⁾		185		186
Sierra Timeshare Receivables Funding LLC 2013-1A, A 144A 1.590%, 11/20/29⁽²⁾		37		37
TGIF Funding LLC 2017-1A, A2 144A 6.202%, 4/30/47⁽²⁾		183		187

				1,684

Student Loans—0.4%
Laurel Road Prime Student Loan Trust 2017-B, A2FX 144A 2.770%, 8/25/42⁽²⁾		220		219
SoFi Professional Loan Program LLC 2015-A, A2 144A 2.420%, 3/25/30⁽²⁾		56		56

				275

TOTAL ASSET-BACKED SECURITIES (Identified Cost $5,801)				5,798


	PAR VALUE		VALUE
CORPORATE BONDS AND NOTES—51.5%
Consumer Discretionary—5.2%
Beazer Homes USA, Inc. 6.750%, 3/15/25	$	140	$	147
CalAtlantic Group, Inc. 5.250%, 6/1/26		150		159
Charter Communications Operating LLC 4.908%, 7/23/25		185		197
Cooper-Standard Automotive, Inc. 144A 5.625%, 11/15/26⁽²⁾		155		160
Discovery Communications LLC 3.950%, 3/20/28		175		174
Eldorado Resorts, Inc. 6.000%, 4/1/25		75		78
Ford Motor Credit Co., LLC 5.750%, 2/1/21		235		255
Gateway Casinos & Entertainment Ltd. 144A 8.250%, 3/1/24⁽²⁾		60		64
General Motors Financial Co., Inc.
4.200%, 3/1/21		90		94
3.450%, 4/10/22		30		30
Horton (D.R.), Inc. 4.750%, 2/15/23		220		235
L Brands, Inc. 6.875%, 11/1/35		82		83
Lear Corp. 3.800%, 9/15/27		220		220
Lennar Corp. 144A 4.750%, 11/29/27⁽²⁾		145		149
MDC Holdings, Inc. 5.500%, 1/15/24		180		190
PulteGroup, Inc. 6.375%, 5/15/33		130		146
QVC, Inc. 4.375%, 3/15/23		265		272
Scientific Games International, Inc.
6.625%, 5/15/21		95		98
144A, 5.000%, 10/15/25⁽²⁾		75		75
SFR Group S.A. 144A 7.375%, 5/1/26⁽²⁾		200		206
Sirius XM Radio, Inc. 144A 5.000%, 8/1/27⁽²⁾		145		145
TRI Pointe Group, Inc. 5.875%, 6/15/24		175		187
Vista Outdoor, Inc. 5.875%, 10/1/23		150		144
Wyndham Worldwide Corp.
5.100%, 10/1/25		245		257
4.500%, 4/1/27		50		51

				3,816

Consumer Staples—1.5%
Anheuser-Busch InBev Finance, Inc. 3.650%, 2/1/26		185		191
CVS Health Corp. 2.875%, 6/1/26		255		244
Flowers Foods, Inc. 4.375%, 4/1/22		275		292
Kraft Heinz Foods Co. (The) 3.000%, 6/1/26		180		173
Safeway, Inc. 7.250%, 2/1/31		115		96


	PAR VALUE		VALUE
Consumer Staples—(continued)
Tops Holding LLC 144A 8.000%, 6/15/22⁽²⁾	$	155	$	84

				1,080

Energy—5.0%
Alta Mesa Holdings LP 7.875%, 12/15/24		75		82
Andeavor Logistics LP 4.250%, 12/1/27		185		187
Cheniere Corpus Christi Holdings LLC 5.875%, 3/31/25		110		119
Crestwood Midstream Partners LP 5.750%, 4/1/25		125		129
Enbridge Energy Partners LP
4.375%, 10/15/20		30		31
5.875%, 10/15/25		145		164
Energy Transfer Equity LP 4.250%, 3/15/23		165		164
Energy Transfer Partners LP 4.200%, 4/15/27		185		184
EP Energy LLC 144A 8.000%, 11/29/24⁽²⁾		75		78
FTS International, Inc. 6.250%, 5/1/22		60		58
Helmerich & Payne International Drilling Co. 4.650%, 3/15/25		115		121
HollyFrontier Corp. 5.875%, 4/1/26		190		211
Kinder Morgan Energy Partners LP 7.500%, 11/15/40		245		313
MPLX LP 4.875%, 12/1/24		255		275
NGL Energy Partners LP 5.125%, 7/15/19		155		158
NuStar Logistics LP 5.625%, 4/28/27		165		168
Oasis Petroleum, Inc. 6.875%, 1/15/23		70		72
Parsley Energy LLC 144A 5.625%, 10/15/27⁽²⁾		160		164
Petrobras Global Finance BV
144A, 5.299%, 1/27/25⁽²⁾		110		110
7.375%, 1/17/27		240		264
Petroleos Mexicanos
6.875%, 8/4/26		170		193
144A, 6.500%, 3/13/27⁽²⁾		110		120
QEP Resources, Inc. 5.625%, 3/1/26		15		15
Range Resources Corp. 4.875%, 5/15/25		145		140
Sabine Pass Liquefaction LLC
6.250%, 3/15/22		140		156
4.200%, 3/15/28		35		35

				3,711

Financials—17.3%
AerCap Ireland Capital Ltd. 3.950%, 2/1/22		200		206
Allstate Corp. (The) 5.750%, 8/15/53⁽³⁾		180		196
Ally Financial, Inc. 5.750%, 11/20/25		120		131


	PAR VALUE		VALUE
Financials—(continued)
Apollo Management Holdings LP 144A 4.000%, 5/30/24⁽²⁾	$	190	$	195
Ares Capital Corp.
4.875%, 11/30/18		26		27
3.875%, 1/15/20		71		72
3.500%, 2/10/23		75		74
Ares Finance Co., LLC 144A 4.000%, 10/8/24⁽²⁾		270		260
Aviation Capital Group LLC 144A 3.500%, 11/1/27⁽²⁾		85		83
Banco de Credito del Peru 144A 6.125%, 4/24/27⁽²⁾		175		192
Banco de Credito e Inversiones 144A 3.500%, 10/12/27⁽²⁾		300		293
Banco Internacional del Peru SAA Interbank 144A 6.625%, 3/19/29⁽²⁾		185		209
Banco Santander Chile 144A 3.875%, 9/20/22⁽²⁾		215		223
Bancolombia S.A. 5.125%, 9/11/22		260		272
Bank of America Corp.
2.000%, 1/11/18		150		150
144A, 3.004%, 12/20/23⁽²⁾		255		256
4.200%, 8/26/24		338		356
Bank of Montreal 3.803%, 12/15/32		53		52
Brookfield Finance LLC 4.000%, 4/1/24		232		240
Capital One Financial Corp.
4.200%, 10/29/25		180		185
3.750%, 7/28/26		200		199
Citigroup, Inc. 3.200%, 10/21/26		330		327
Compass Bank 3.875%, 4/10/25		250		251
Development Bank of Kazakhstan JSC 144A 4.125%, 12/10/22⁽²⁾		290		298
Discover Financial Services 3.950%, 11/6/24		190		194
FS Investment Corp.
4.250%, 1/15/20		165		168
4.750%, 5/15/22		40		41
Goldman Sachs Group, Inc. (The) 5.750%, 1/24/22		500		554
ICAHN Enterprises LP 144A 6.375%, 12/15/25⁽²⁾		145		145
iStar, Inc.
6.000%, 4/1/22		65		67
5.250%, 9/15/22		50		50
Jefferies Group LLC
5.125%, 1/20/23		85		92


	PAR VALUE		VALUE
Financials—(continued)
4.850%, 1/15/27	$	100	$	106
JPMorgan Chase & Co. 3.300%, 4/1/26		365		368
Kazakhstan Temir Zholy Finance BV 144A 6.950%, 7/10/42⁽²⁾		215		252
Kimco Realty Corp. 3.300%, 2/1/25		225		223
Leucadia National Corp. 5.500%, 10/18/23		150		161
Liberty Mutual Group, Inc. 144A 4.250%, 6/15/23⁽²⁾		245		258
Lincoln National Corp. 4.200%, 3/15/22		250		263
Macquarie Group Ltd. 144A 6.250%, 1/14/21⁽²⁾		210		230
Manulife Financial Corp. 4.150%, 3/4/26		215		228
Morgan Stanley
4.100%, 5/22/23		155		162
3.125%, 7/27/26		365		360
6.375%, 7/24/42		435		604
Navient Corp.
7.250%, 9/25/23		40		43
6.750%, 6/25/25		110		113
Nordea Bank AB 144A 2.125%, 5/29/20⁽²⁾		200		199
OM Asset Management plc 4.800%, 7/27/26		200		207
Powszechna Kasa Oszczednosci Bank Polski S.A. 144A 4.630%, 9/26/22⁽²⁾⁽⁴⁾		255		273
Prudential Financial, Inc.
5.875%, 9/15/42		75		82
5.625%, 6/15/43⁽³⁾		160		173
S&P Global, Inc. 4.000%, 6/15/25		195		205
Santander Holdings USA, Inc.
144A, 3.700%, 3/28/22⁽²⁾		185		187
144A, 4.400%, 7/13/27⁽²⁾		70		72
SBA Tower Trust 144A 2.877%, 7/9/21⁽²⁾		320		318
Societe Generale S.A. 144A 4.750%, 11/24/25⁽²⁾		200		210
Teachers Insurance & Annuity Association of America 144A 4.375%, 9/15/54⁽²⁾		160		162
Trinity Acquisition plc
3.500%, 9/15/21		15		15
4.400%, 3/15/26		80		85
Turkiye Vakiflar Bankasi TAO 144A 5.625%, 5/30/22⁽²⁾		200		199
UBS AG 7.625%, 8/17/22		500		584
VICI Properties 1 LLC , (3 month LIBOR + 3.500%) 4.850%, 10/15/22⁽¹⁾		4		4
Wells Fargo & Co.
3.069%, 1/24/23		95		96


	PAR VALUE		VALUE
Financials—(continued)
Series S, 5.900%, 12/29/49	$	255	$	273

				12,773

Health Care—3.5%
Abbott Laboratories
3.400%, 11/30/23		40		41
3.750%, 11/30/26		215		221
AbbVie, Inc.
2.850%, 5/14/23		135		135
3.600%, 5/14/25		65		67
3.200%, 5/14/26		110		110
AmerisourceBergen Corp. 3.450%, 12/15/27		145		144
Anthem, Inc. 3.650%, 12/1/27		50		51
Becton Dickinson & Co.
3.363%, 6/6/24		38		38
3.700%, 6/6/27		225		227
Cardinal Health, Inc.
3.200%, 3/15/23		130		130
3.079%, 6/15/24		10		10
3.410%, 6/15/27		75		73
Catalent Pharma Solutions, Inc. 144A 4.875%, 1/15/26⁽²⁾		15		15
Community Health Systems, Inc. 6.250%, 3/31/23		95		85
Envision Healthcare Corp. 144A 6.250%, 12/1/24⁽²⁾		35		36
Forest Laboratories LLC 144A 4.875%, 2/15/21⁽²⁾		75		79
Fresenius U.S. Finance II, Inc. 144A 4.500%, 1/15/23⁽²⁾		35		37
HCA, Inc. 5.375%, 2/1/25		80		83
Mylan NV
3.150%, 6/15/21		55		55
3.950%, 6/15/26		145		146
Owens & Minor, Inc. 3.875%, 9/15/21		35		35
Shire Acquisitions Investments Ireland DAC 2.400%, 9/23/21		80		79
Surgery Center Holdings, Inc. 144A 8.875%, 4/15/21⁽²⁾		120		124
Teleflex, Inc. 4.625%, 11/15/27		65		66
Tenet Healthcare Corp.
4.500%, 4/1/21		85		85
144A, 4.625%, 7/15/24⁽²⁾		75		73
Valeant Pharmaceuticals International, Inc.


	PAR VALUE		VALUE
Health Care—(continued)
144A, 7.500%, 7/15/21⁽²⁾	$	25	$	25
144A, 6.500%, 3/15/22⁽²⁾		10		11
144A, 5.500%, 3/1/23⁽²⁾		50		46
144A, 7.000%, 3/15/24⁽²⁾		20		21
Zimmer Biomet Holdings, Inc. 3.550%, 4/1/25		255		255

				2,603

Industrials—1.9%
Ashtead Capital, Inc. 144A 4.375%, 8/15/27⁽²⁾		200		203
Bombardier, Inc. 144A 6.125%, 1/15/23⁽²⁾		115		113
CNH Industrial N.V.
4.500%, 8/15/23		153		159
3.850%, 11/15/27		98		98
Masco Corp.
5.950%, 3/15/22		84		93
4.450%, 4/1/25		55		58
Owens Corning 3.400%, 8/15/26		200		196
Penske Truck Leasing Co., LP 144A 3.375%, 2/1/22⁽²⁾		75		76
Pitney Bowes, Inc. 4.125%, 5/15/22		176		162
Prime Security Services Borrower LLC 144A 9.250%, 5/15/23⁽²⁾		75		83
TransDigm, Inc.
6.000%, 7/15/22		115		118
6.500%, 5/15/25		45		46

				1,405

Information Technology—3.0%
Apple, Inc.
2.900%, 9/12/27		305		301
3.000%, 11/13/27		125		124
Arrow Electronics, Inc. 3.875%, 1/12/28		185		184
Broadcom Corp.
144A, 3.000%, 1/15/22⁽²⁾		80		79
144A, 3.625%, 1/15/24⁽²⁾		145		144
Citrix Systems, Inc. 4.500%, 12/1/27		170		173
Dell International LLC
144A, 6.020%, 6/15/26⁽²⁾		40		44
144A, 8.100%, 7/15/36⁽²⁾		85		107
First Data Corp. 144A 5.000%, 1/15/24⁽²⁾		230		237
Flex Ltd. 4.750%, 6/15/25		200		214
Hewlett Packard Enterprise Co. 4.900%, 10/15/25		120		127
Match Group, Inc. 144A 5.000%, 12/15/27⁽²⁾		85		86


	PAR VALUE		VALUE
Information Technology—(continued)
Verisk Analytics, Inc. 4.000%, 6/15/25	$	190	$	197
VMware, Inc.
2.950%, 8/21/22		94		94
3.900%, 8/21/27		100		101

				2,212

Materials—4.4%
Alpek SAB de C.V. 144A 5.375%, 8/8/23⁽²⁾		310		327
Anglo American Capital plc 144A 4.000%, 9/11/27⁽²⁾		200		199
BHP Billiton Finance USA Ltd. 144A 6.750%, 10/19/75⁽²⁾⁽³⁾		200		234
CRH America Finance, Inc. 144A 3.400%, 5/9/27⁽²⁾		200		200
Glencore Funding LLC 144A 4.000%, 3/27/27⁽²⁾		185		186
INEOS Group Holdings S.A. 144A 5.625%, 8/1/24⁽²⁾		200		208
Inversiones CMPC S.A. 144A 4.375%, 5/15/23⁽²⁾		375		392
NewMarket Corp. 4.100%, 12/15/22		288		301
NOVA Chemicals Corp.
144A, 4.875%, 6/1/24⁽²⁾		80		80
144A, 5.000%, 5/1/25⁽²⁾		100		100
OCP SA 144A 5.625%, 4/25/24⁽²⁾		200		214
Rusal Capital DAC 144A 5.125%, 2/2/22⁽²⁾		200		204
Severstal OAO Via Steel Capital S.A. 144A 3.850%, 8/27/21⁽²⁾⁽⁴⁾		220		223
Standard Industries, Inc. 144A 6.000%, 10/15/25⁽²⁾		145		155
Vulcan Materials Co. 3.900%, 4/1/27		185		189

				3,212

Real Estate—4.7%
Alexandria Real Estate Equities, Inc. 3.950%, 1/15/27		120		123
American Tower Corp. 3.000%, 6/15/23		86		86
Brixmor Operating Partnership LP 3.875%, 8/15/22		55		56
Corporate Office Properties LP 3.600%, 5/15/23		265		265
Digital Realty Trust LP 5.250%, 3/15/21		165		177
Education Realty Operating Partnership LP 4.600%, 12/1/24		205		213
EPR Properties 4.750%, 12/15/26		245		251
Greystar Real Estate Partners LLC 144A 5.750%, 12/1/25⁽²⁾		45		46
Healthcare Realty Trust, Inc. 3.875%, 5/1/25		125		127


	PAR VALUE		VALUE
Real Estate—(continued)
Healthcare Trust of America Holdings LP 3.750%, 7/1/27	$	190	$	189
Hospitality Properties Trust 4.950%, 2/15/27		220		232
Kilroy Realty LP 4.375%, 10/1/25		190		199
LifeStorage LP
3.500%, 7/1/26		125		122
3.875%, 12/15/27		75		75
MPT Operating Partnership LP
6.375%, 3/1/24		20		21
5.500%, 5/1/24		90		93
5.000%, 10/15/27		85		87
National Retail Properties, Inc. 4.000%, 11/15/25		60		61
Physicians Realty LP 3.950%, 1/15/28		200		198
Retail Opportunity Investments Partnership LP 4.000%, 12/15/24		155		152
Select Income REIT 4.500%, 2/1/25		190		192
Uniti Group, Inc. 144A 7.125%, 12/15/24⁽²⁾		150		136
Welltower, Inc. 4.000%, 6/1/25		200		207
WP Carey, Inc. 4.600%, 4/1/24		160		167

				3,475

Telecommunication Services—2.5%
AT&T, Inc.
3.900%, 8/14/27		155		156
144A, 4.100%, 2/15/28⁽²⁾		449		450
Frontier Communications Corp. 10.500%, 9/15/22		145		110
Level 3 Financing, Inc. 5.375%, 1/15/24		145		145
Qwest Corp. 7.250%, 9/15/25		150		161
Telefonica Emisiones SAU 4.570%, 4/27/23		225		243
Telenet Finance Luxembourg Notes S.a.r.l. 144A 5.500%, 3/1/28⁽²⁾		200		200
Verizon Communications, Inc.
2.946%, 3/15/22		220		221
4.125%, 3/16/27		180		188

				1,874

Utilities—2.5%
American Electric Power Co., Inc. 3.200%, 11/13/27		170		169
Duke Energy Corp. 2.650%, 9/1/26		205		196
Dynegy, Inc. 7.375%, 11/1/22		165		174
Eskom Holdings SOC Ltd. 144A 7.125%, 2/11/25⁽²⁾		200		204


	PAR VALUE		VALUE
Utilities—(continued)
Exelon Corp. 3.497%, 6/1/22	$	255	$	260
FirstEnergy Transmission LLC 144A 4.350%, 1/15/25⁽²⁾		210		222
Southern Power Co. 4.150%, 12/1/25		230		242
State Grid Overseas Investment 2014 Ltd. 144A 4.125%, 5/7/24⁽²⁾		200		211
TerraForm Power Operating LLC 144A 5.000%, 1/31/28⁽²⁾		130		129

				1,807

TOTAL CORPORATE BONDS AND NOTES (Identified Cost $37,119)				37,968

LOAN AGREEMENTS⁽¹⁾—4.4%
Consumer Discretionary—0.9%
Global Appliance, Inc. Tranche B , (1 month LIBOR + 4.000%) 5.570%, 9/29/24		60		60
Playa Resorts Holding B.V. , (3 month LIBOR + 3.000%) 4.453%, 4/29/24		95		95
Seminole Tribe of Florida Tranche B , (1 month LIBOR + 2.000%) 3.569%, 7/8/24		120		120
Sinclair Television Group, Inc. Tranche B , (3 month LIBOR + 2.500%) 0.000%, 12/12/24⁽⁶⁾		95		95
Station Casinos LLC Tranche B , (1 month LIBOR + 2.500%) 4.060%, 6/8/23		84		84
U.S. Farathane LLC Tranche B-4 , (3 month LIBOR + 3.500%) 5.193%, 12/23/21		107		107
UFC Holdings LLC First Lien , (1 month LIBOR + 3.250%) 4.810%, 8/18/23		98		98

				659

Consumer Staples—0.5%
Albertson’s LLC 2017-1, Tranche B-4 , (1 month LIBOR + 2.750%) 4.319%, 8/25/21		102		100
Aramark Intermediate HoldCo Corp. Tranche B-1 , (1 month LIBOR + 2.000%) 3.569%, 3/11/25		75		76
JBS USA Lux S.A. , (3 month LIBOR + 2.500%) 4.100%, 10/30/22		109		107
TKC Holdings, Inc. First Lien , (2 month LIBOR + 4.250%) 5.673%, 2/1/23		79		80

				363


	PAR VALUE		VALUE
Energy—0.2%
Ultra Resources, Inc. , (3 month LIBOR + 3.000%) 4.413%, 4/12/24	$	120	$	120

Health Care—0.6%
CHG Healthcare Services, Inc. 2017, First Lien , (3 month LIBOR + 3.000%) 4.476%, 6/7/23		118		119
Envision Healthcare Corp. , (1 month LIBOR + 3.000%) 4.570%, 12/1/23		20		20
HLF Financing S.a.r.l. Senior Lien , (1 month LIBOR + 5.500%) 7.069%, 2/15/23		38		38
MMM Holdings, Inc. , (3 month LIBOR + 8.750%) 10.324%, 6/30/19		40		39
MSO of Puerto Rico, Inc. , (3 month LIBOR + 8.750%) 10.324%, 6/30/19		29		28
NVA Holdings, Inc. Second Lien , (3 month LIBOR + 7.000%) 8.693%, 8/14/22		73		73
Parexel International Corp. Tranche B , (1 month LIBOR + 3.000%) 4.569%, 9/27/24		20		20
Quorum Health Corp. , (1 month LIBOR + 6.750%) 8.319%, 4/29/22		86		87
Wink Holdco, Inc. First Lien , (3 month LIBOR + 3.000%) 4.490%, 12/2/24		5		5

				429

Industrials—0.8%
Accudyne Industries LLC , (1 month LIBOR + 3.750%) 5.319%, 8/18/24		85		85
Advanced Disposal Services, Inc. , (weekly LIBOR + 2.250%) 3.739%, 11/10/23		17		17
Beacon Roofing Supply, Inc. Tranche B , (3 month LIBOR + 2.250%) 0.000%, 1/2/25⁽⁶⁾		125		125
Navistar, Inc. Tranche B , (1 month LIBOR + 3.500%) 4.900%, 11/6/24		95		95
Red Ventures LLC First Lien , (1 month LIBOR + 4.000%) 5.569%, 11/8/24		75		75
Sedgwick Claims Management Services, Inc. Second Lien , (3 month LIBOR + 5.750%) 7.229%, 2/28/22		120		121
Zodiac Pool Solutions LLC Tranche B-1, First Lien , (3 month LIBOR + 4.000%) 5.693%, 12/20/23		99		99

				617


	PAR VALUE		VALUE
Information Technology—0.2%
Rackspace Hosting, Inc. 2017, Tranche B, First Lien , (3 month LIBOR + 3.000%) 4.403%, 11/3/23	$	163	$	165

Materials—0.2%
CPI Acquisition, Inc. First Lien , (3 month LIBOR + 4.500%) 5.962%, 8/17/22		160		115
Tronox Ltd.
First Lien, (3 month LIBOR + 3.000%) 4.693%, 9/23/24		17		17
First Lien, (3 month LIBOR + 3.000%) 4.693%, 9/23/24		8		8

				140

Real Estate—0.2%
Capital Automotive LP Tranche B-2, First Lien , (1 month LIBOR + 2.500%) 4.070%, 3/25/24		164		164

Telecommunication Services—0.4%
CenturyLink, Inc. Tranche B , (3 month PRIME + 1.750%) 0.000%, 1/31/25⁽⁶⁾		115		111
Level 3 Financing, Inc. 2024, Tranche B , (3 month LIBOR + 2.250%) 3.696%, 2/22/24		145		145
UPC Financing Partnership Tranche A-R , (1 month LIBOR + 2.500%) 3.977%, 1/15/26		60		60

				316

Utilities—0.4%
Energy Future Intermediate Holding Co., LLC , (1 month LIBOR + 3.000%) 4.546%, 6/30/18		85		85
NRG Energy, Inc. , (3 month LIBOR + 2.250%) 3.943%, 6/30/23		109		109
Vistra Operations Co., LLC
Tranche C, (1 month LIBOR + 2.500%) 3.834%, 8/4/23		13		13
(1 month LIBOR + 2.750%) 3.996%, 8/4/23		70		70

				277

TOTAL LOAN AGREEMENTS (Identified Cost $3,277)				3,250


	PAR VALUE			VALUE
PREFERRED STOCKS—3.2%
Financials—2.2%
Bank of New York Mellon Corp. (The) Series E, 4.950%		150	⁽⁵⁾	$	155
Citigroup, Inc.		155	⁽⁵⁾		171
Citigroup, Inc. Series J, 7.125%		8	⁽⁵⁾		231
JPMorgan Chase & Co. Series Z, 5.300%		225	⁽⁵⁾		233
KeyCorp Series D, 5.000%		190	⁽⁵⁾		196
M&T Bank Corp. Series F, 5.125%		195	⁽⁵⁾		208
PNC Financial Services Group, Inc. (The)		215	⁽⁵⁾		219
PNC Financial Services Group, Inc. (The)		195	⁽⁵⁾		206

					1,619

Industrials—1.0%
General Electric Co. Series D, 5.000%		686	⁽⁵⁾		707

TOTAL PREFERRED STOCKS (Identified Cost $2,197)					2,326

EXCHANGE-TRADED FUND⁽⁷⁾—0.6%
iShares iBoxx $ Investment Grade Corporate Bond Index Fund		3,365			409

TOTAL EXCHANGE-TRADED FUND (Identified Cost $401)					409

AFFILIATED MUTUAL FUND⁽⁷⁾—1.5%
Virtus Newfleet Credit Opportunities Fund Class R6		117,904			1,141

TOTAL AFFILIATED MUTUAL FUND (Identified Cost $1,179)					1,141

TOTAL LONG TERM INVESTMENTS—98.0% (Identified Cost $70,944)					72,247

SHORT-TERM INVESTMENT—1.5%
Money Market Mutual Fund⁽⁷⁾—1.5%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 1.190%)		1,140,254			1,140

TOTAL SHORT-TERM INVESTMENT (Identified Cost $1,140)					1,140


	VALUE
TOTAL INVESTMENTS—99.5% (Identified Cost $72,084)	$	73,387
Other assets and liabilities, net—0.5%		346

NET ASSETS—100.0%	$	73,733

Abbreviations:


FHLMC		Federal Home Loan Mortgage Corporation (“Freddie Mac”)
FNMA		Federal National Mortgage Association (“Fannie Mae”)
GNMA		Government National Mortgage Association (“Ginnie Mae”)
LIBOR		London Interbank Offered Rate
REIT		Real Estate Investment Trust

Footnote Legend:

⁽¹⁾

Variable rate security. Rate disclosed is as of December 31, 2017. For loan agreements, the rate shown may represent a weighted average interest rate. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

⁽²⁾	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2017, these securities amounted to a value of $23,569 or 32.0% of net assets.

⁽³⁾	Interest payments may be deferred.

⁽⁴⁾	This Note was issued for the sole purpose of funding a loan agreement between the issuer and the borrower. As the credit risk for this security lies solely with the borrower, the name represented here is that of the borrower.

⁽⁵⁾	Value shown as par value.

⁽⁶⁾	This loan will settle after December 31, 2017, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.

⁽⁷⁾	Shares of these funds are publicly offered and the prospectus and annual reports of each are publicly available.

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2017 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

There were no securities valued using significant unobservable inputs (Level 3) at December 31, 2017.

There were no transfers between Level 1, Level 2, or Level 3 related to securities held at December 31, 2017.


	PAR VALUE		VALUE
MUNICIPAL TAX-EXEMPT BONDS⁽¹⁾—97.9%
Electric Revenue—5.3%
Northern California Power Agency, Hydroelectric Project No.1, 5.000%, 7/1/32	$	200	$	225
Roseville Natural Gas Financing Authority,
5.000%, 2/15/24		450		516
5.000%, 2/15/27		210		249
Sacramento Municipal Utility District, 5.000%, 8/15/29		150		175
Southern California Public Power Authority, Windy Point Project, 5.000%, 7/1/28		250		270

				1,435

General Obligation—13.6%
Cajon Valley Union School District, 5.000%, 8/1/31		250		295
California State of, (AMBAC Insured), 5.000%, 2/1/27		290		361
5.000%, 9/1/32		300		334
6.000%, 4/1/38		250		263
Gilroy Unified School District 4.000%, 8/1/41		250		266
Grossmont Healthcare District 5.000%, 7/15/25		400		489
Long Beach Community College District, 5.000%, 5/1/32		225		266
Los Alamitos Unified School District, School Facilities Improvement District No. 1, 5.250%, 8/1/39		100		116
Midpeninsula Regional Open Space District 4.000%, 9/1/36		100		110
Oakland Unified School District (AGM Insured) 5.000%, 8/1/24		200		240
Ross Valley School District, 5.000%, 8/1/37		350		392
San Diego Unified School District, (AGM Insured) 5.500%, 7/1/25		225		282
Temple City Unified School District, 4.000%, 8/1/33		250		272

				3,686

General Revenue—5.6%
California Infrastructure & Economic Development Bank
5.000%, 10/1/23		200		237
5.000%, 10/1/33		500		610


	PAR VALUE		VALUE
General Revenue—(continued)
California State Municipal Finance Authority, Bowles Hall Foundation 4.000%, 6/1/22	$	100	$	107
Golden State Tobacco Securitization Corp., 5.000%, 6/1/29		350		404
Midpeninsula Regional Open Space District, Promissory Notes 5.000%, 9/1/23		145		171

				1,529

Healthcare Revenue—11.4%
California State Health Facilities Financing Authority,
El Camino Hospital, 5.000%, 2/1/26		100		119
Kaiser Permanente Revenue, 5.000%, 11/1/27		100		126
Cedars-Sinai Medical Center, 5.000%, 11/15/31		260		315
Cedars-Sinai Medical Center, 5.000%, 8/15/34		300		357
Sutter Health, 5.000%, 11/15/35		125		148
Providence St. Joseph Health Revenue, 4.000%, 10/1/36		50		53
Sutter Health, 5.000%, 8/15/43		135		157
Lucille Salter Packard Children’s Hospital at Stanford, 5.000%, 8/15/43		100		113
Sutter Health, 5.000%, 11/15/46		100		117
Lucille Salter Packard Children’s Hospital at Stanford, 4.000%, 11/15/47		250		267
California State Municipal Finance Authority,
Community Medical Centers Revenue, 5.000%, 2/1/27		100		117
Community Medical Centers, 5.000%, 2/1/47		150		171
California Statewide Communities Development Authority,
Loma Linda University Medical Center, 5.000%, 12/1/30⁽²⁾		100		112
John Muir Health Center, 5.000%, 8/15/41		100		115
Cottage Health System, 5.000%, 11/1/43		250		284
Loma Linda University Medical Center, 5.250%, 12/1/56⁽²⁾		100		111
Regents of The University of California Medical Center Pooled Revenue 4.500%, 5/15/36		250		280
San Benito Health Care District, (CHFCLIF Insured) 4.000%, 3/1/18		140		141

				3,103


	PAR VALUE		VALUE
Higher Education Revenue—4.6%
California Municipal Finance Authority, University of La Verne, 5.000%, 6/1/43	$	60	$	70
California State University
5.000%, 11/1/32		125		151
5.000%, 11/1/41		300		354
California Statewide Communities Development Authority, The Culinary Institute of America 5.000%, 7/1/46		250		282
University of California,
General Revenue, 5.000%, 5/15/23		100		117
Limited Projects Revenue, 5.000%, 5/15/23		225		263

				1,237

Lease Revenue—6.7%
California State Public Works Board,
Department of Forestry & Fire Protection, 5.000%, 11/1/32		500		501
Department of Corrections, 4.000%, 12/1/33		150		163
Municipal Improvement Corp. of Los Angeles Real Property 5.000%, 11/1/36		150		178
San Diego Regional Building Authority, County Operations Center 5.000%, 10/15/35		335		393
Ventura County Public Financing Authority, 5.000%, 11/1/25		250		288
West Hollywood Public Financing Authority, West Hollywood Park Phase II 5.000%, 4/1/34		250		296

				1,819

Pre-Refunded—17.8%
California State Health Facilities Financing Authority,
Providence Health & Services (Pre-refunded 10/1/18 @100), 6.500%, 10/1/38		5		5
Providence Health & Services (Pre-refunded 10/1/18 @100), 6.500%, 10/1/38		195		202
California State Infrastructure & Economic Development Bank,
Bay Area Toll Bridges (AMBAC Insured) (Pre-refunded 1/1/28 @ 100), 5.000%, 7/1/36		175		221
Bay Area Toll Bridges (AMBAC Insured) (Pre-refunded 7/1/26 @100), 5.125%, 7/1/37		530		663
California State of, (Pre-Refunded 3/1/18 @ 100) 5.500%, 3/1/26		250		252


	PAR VALUE		VALUE
Pre-Refunded—(continued)
California State Public Works Board,
Department of General Services, Buildings 8&9 (Pre-refunded 4/1/19 @100), 6.125%, 4/1/29	$	500	$	529
Capital Projects (Pre-refunded 10/1/19 @100), 5.750%, 10/1/30		550		590
Los Alamitos Unified School District, School Facilities Improvement District No. 1, (Pre-refunded 8/1/23 @ 100) 5.250%, 8/1/39		150		177
Northern California Power Agency, (AMBAC Insured) (Pre-refunded 7/1/21 @ 100) 7.500%, 7/1/23		175		198
Riverside County Single Family Mortgage, (Escrowed to Maturity) (GNMA Collateralized) 7.800%, 5/1/21		1,140		1,358
Santa Margarita-Dana Point Authority, Water Improvement Districts Nos. 2,3,4 (Pre-refunded 8/1/18 @100) 5.125%, 8/1/38		630		643

				4,838

Special Tax Revenue—4.4%
Chula Vista Municipal Financing Authority, 5.000%, 9/1/27		200		237
Los Angeles County Transportation Authority, Special Tax, 5.000%, 7/1/29		400		499
San Diego County Regional Transportation Commission, Sales Tax Revenue 5.000%, 4/1/36		150		180
Tustin Unified School District, Community Facilities District No. 97-1 (BAM Insured) 5.000%, 9/1/33		250		288

				1,204

Tax Allocation Revenue—13.3%
Garden Grove Agency for Community Development Successor Agency, Garden Grove Community Project (BAM Insured) 5.000%, 10/1/29		350		417
Lafayette Redevelopment Agency Successor Agency, Lafayette Redevelopment Project (AGM Insured) 5.000%, 8/1/38		250		286
Lancaster Redevelopment Agency Successor Agency, Combined Redevelopment Project Areas (AGM Insured) 5.000%, 8/1/33		70		84


	PAR VALUE		VALUE
Tax Allocation Revenue—(continued)
Los Angeles County Redevelopment Refunding Authority, Long Beach Project, 5.000%, 8/1/34	$	215	$	251
Menlo Park Community Development Agency Successor Agency, Las Pulgas Community Development Project (AGM Insured) 5.000%, 10/1/29		100		119
Milpitas Redevelopment Agency Successor Agency Redevelopment Project Area No.1, 5.000%, 9/1/30		300		359
Palm Desert Redevelopment Agency Successor Agency (BAM Insured), 5.000%, 10/1/28		100		123
Palmdale Community Redevelopment Agency Successor Agency, Subordinate Lien (NATL Insured) 5.000%, 9/1/34		300		351
Rancho Cucamonga Redevelopment Agency Successor Agency, Rancho Redevelopment Project Area (NATL Insured) 4.000%, 9/1/34		200		218
Sacramento Redevelopment Agency Successor Agency
(BAM Insured), 5.000%, 12/1/33		75		88
(BAM Insured), 5.000%, 12/1/34		75		87
San Marcos Redevelopment Agency Successor Agency, 5.000%, 10/1/33		300		354
San Mateo Redevelopment Agency Successor Agency, 5.000%, 8/1/30		250		289
Union City Redevelopment Agency Successor Agency, Union City Redevelopment Project, 5.000%, 10/1/36		215		250
Westminster Redevelopment Agency Successor Agency,
(BAM Insured), 4.000%, 11/1/34		75		81
(BAM Insured), 4.000%, 11/1/36		250		269

				3,626

Transportation Revenue—7.6%
Bay Area Toll Authority, San Francisco Bay Area Toll Bridge, Senior Lien 1.375%, 4/1/53⁽³⁾		150		148
Fontana Redevelopment Agency Successor Agency 5.000%, 10/1/32		200		244
Los Angeles Department of Airports, Los Angeles International Airport, Subordinate Lien 5.000%, 5/15/32		210		248


	PAR VALUE		VALUE
Transportation Revenue—(continued)
Los Angeles Harbor Department, 5.000%, 8/1/35	$	235	$	276
San Diego County Regional Airport Authority, 5.000%, 7/1/40		400		428
San Diego Unified Port District, 5.000%, 9/1/28		200		231
San Francisco City & County Airport Commission, San Francisco International Airport, 5.000%, 5/1/43		150		170
San Francisco Municipal Transportation Agency,
5.000%, 3/1/31		125		145
5.000%, 3/1/33		150		175

				2,065

Water & Sewer Revenue—7.6%
California State Municipal Finance Authority, San Bernardino Municipal Water Department Project (BAM Insured) 5.000%, 8/1/41		250		291
East Bay Municipal Utility District Water System Revenue 5.000%, 6/1/42		250		303
Los Angeles Department of Water & Power, 5.000%, 7/1/35		295		346
Oakland, City of, Sewer Revenue, 5.000%, 6/15/29		230		269
Ross Valley Public Financing Authority, Sanitary District No.1 (AGM Insured) 5.000%, 10/1/33		225		257
San Diego County Water Authority Financing Corp. 5.000%, 5/1/37		500		601

				2,067

TOTAL MUNICIPAL TAX-EXEMPT BONDS (Identified Cost $25,391)				26,609

TOTAL LONG TERM INVESTMENTS—97.9% (Identified Cost $25,391)				26,609

TOTAL INVESTMENTS—97.9% (Identified Cost $25,391)				26,609
Other assets and liabilities, net—2.1%				572

NET ASSETS—100.0%			$	27,181

Abbreviations:


AGM		Assured Guaranty Municipal Corp.
AMBAC		American Municipal Bond Assurance Corp.
BAM		Build America Municipal Insured
CHFCLIF		California Health Facility Construction Loan Insurance Fund
GNMA		Government National Mortgage Association (“Ginnie Mae”)
NATL		National Public Finance Guarantee Corp.

Footnote Legend:

⁽¹⁾

At December 31, 2017, the concentration of the Fund’s investments by state or territory determined as a percentage of net assets is as follows: California 100%. At December 31, 2017, 28.53% of the securities in the portfolio are backed by insurance of financial institutions and financial guaranty assurance agencies. None of the insurers’ concentration exceeds 10% of the Fund’s net assets.

⁽²⁾	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2017, these securities amounted to a value of $223 or 0.8% of net assets.

⁽³⁾

Variable or step coupon security. Interest rates reset periodically. Interest rate shown reflects the rate in effect at December 31, 2017. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2017 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

There were no securities valued using quoted prices (Level 1) or significant unobservable inputs (Level 3) at December 31, 2017.

There were no transfers between Level 1, Level 2, or Level 3 related to securities held at December 31, 2017.


	PAR VALUE		VALUE
FOREIGN GOVERNMENT SECURITIES—0.6%
Argentine Republic 7.125%, 7/6/36	$	210	$	228
Pakistan Government International Bond 144A 6.875%, 12/5/27⁽²⁾		200		200

TOTAL FOREIGN GOVERNMENT SECURITIES (Identified Cost $411)				428

ASSET-BACKED SECURITIES—0.9%
Automobiles—0.6%
Carnow Auto Receivables Trust 2016-1A, D 144A 7.340%, 11/15/21⁽²⁾		215		217
First Investors Auto Owner Trust 2015-2A, E 144A 5.590%, 11/15/22⁽²⁾		225		225

				442

Other—0.3%
TGIF Funding LLC 2017-1A, A2 144A 6.202%, 4/30/47⁽²⁾		178		181

TOTAL ASSET-BACKED SECURITIES (Identified Cost $619)				623

CORPORATE BONDS AND NOTES—78.0%
Consumer Discretionary—18.2%
Beacon Escrow Corp. 144A 4.875%, 11/1/25⁽²⁾		185		186
Beazer Homes USA, Inc.
6.750%, 3/15/25		95		100
144A, 5.875%, 10/15/27⁽²⁾		250		252
Cablevision Systems Corp. 5.875%, 9/15/22		250		246
CalAtlantic Group, Inc. 5.250%, 6/1/26		265		280
CCO Holdings LLC 144A 5.125%, 5/1/27⁽²⁾		350		345
Cequel Communications Holdings I LLC 144A 6.375%, 9/15/20⁽²⁾		280		284
Churchill Downs, Inc. 144A 4.750%, 1/15/28⁽²⁾		325		323
Clear Channel Worldwide Holdings, Inc.
Series A, 7.625%, 3/15/20		150		147
Series B, 7.625%, 3/15/20		480		470
Cooper-Standard Automotive, Inc. 144A 5.625%, 11/15/26⁽²⁾		220		227
CRC Escrow Issuer LLC 144A 5.250%, 10/15/25⁽²⁾		325		328
CSC Holdings LLC 5.250%, 6/1/24		290		284
Dana Financing Luxembourg S.a.r.l. 144A, 5.750%, 4/15/25⁽²⁾		40		42


	PAR VALUE		VALUE
Consumer Discretionary—(continued)
144A, 6.500%, 6/1/26⁽²⁾	$	55	$	60
Diamond Resorts International, Inc. 144A 10.750%, 9/1/24⁽²⁾		250		268
DISH DBS Corp.
5.000%, 3/15/23		475		451
7.750%, 7/1/26		160		168
Eldorado Resorts, Inc. 6.000%, 4/1/25		130		136
Gateway Casinos & Entertainment Ltd. 144A 8.250%, 3/1/24⁽²⁾		315		337
Golden Nugget, Inc. 144A 6.750%, 10/15/24⁽²⁾		225		229
Goodyear Tire & Rubber Co. (The) 4.875%, 3/15/27		125		128
iHeartCommunications, Inc. 9.000%, 12/15/19		400		297
Intelsat Jackson Holdings SA 5.500%, 8/1/23		220		180
International Game Technology plc 144A 6.250%, 2/15/22⁽²⁾		200		216
L Brands, Inc. 6.875%, 11/1/35		152		154
Laureate Education, Inc. 144A 8.250%, 5/1/25⁽²⁾		85		90
Lennar Corp. 144A 4.750%, 11/29/27⁽²⁾		210		216
M/I Homes, Inc. 5.625%, 8/1/25		205		208
McGraw-Hill Global Education Holdings LLC 144A 7.875%, 5/15/24⁽²⁾		295		291
MDC Holdings, Inc. 5.500%, 1/15/24		325		343
MGM Growth Properties Operating Partnership LP
5.625%, 5/1/24		65		69
144A, 4.500%, 1/15/28⁽²⁾		120		118
MGM Resorts International 4.625%, 9/1/26		230		232
Neiman Marcus Group Ltd. 144A 8.000%, 10/15/21⁽²⁾		400		230
PetSmart, Inc. 144A 7.125%, 3/15/23⁽²⁾		115		68
Pinnacle Entertainment, Inc. 5.625%, 5/1/24		190		203
PulteGroup, Inc. 5.500%, 3/1/26		200		218
Scientific Games International, Inc.
6.625%, 5/15/21		205		212
144A, 7.000%, 1/1/22⁽²⁾		245		258
144A, 5.000%, 10/15/25⁽²⁾		250		251
ServiceMaster Co., LLC (The) 144A 5.125%, 11/15/24⁽²⁾		180		182
SFR Group S.A.
144A, 6.000%, 5/15/22⁽²⁾		465		471
144A, 7.375%, 5/1/26⁽²⁾		340		350


	PAR VALUE		VALUE
Consumer Discretionary—(continued)
Sinclair Television Group, Inc. 144A 5.125%, 2/15/27⁽²⁾	$	200	$	198
Sirius XM Radio, Inc. 144A 5.375%, 7/15/26⁽²⁾		205		213
Sonic Automotive, Inc. 6.125%, 3/15/27		200		199
Station Casinos LLC 144A 5.000%, 10/1/25⁽²⁾		70		70
Tenneco, Inc. 5.000%, 7/15/26		175		179
TI Group Automotive Systems LLC 144A 8.750%, 7/15/23⁽²⁾		166		178
TRI Pointe Group, Inc. 5.875%, 6/15/24		345		368
Univision Communications, Inc. 144A 5.125%, 5/15/23⁽²⁾		230		229
Viking Cruises Ltd. 144A 5.875%, 9/15/27⁽²⁾		285		290
Vista Outdoor, Inc. 5.875%, 10/1/23		185		178
Weekley Homes LLC 144A 6.625%, 8/15/25⁽²⁾		255		254
Wolverine World Wide, Inc. 144A 5.000%, 9/1/26⁽²⁾		250		249

				12,753

Consumer Staples—3.8%
Albertsons’s Cos LLC 5.750%, 3/15/25		195		176
Cumberland Farms, Inc. 144A 6.750%, 5/1/25⁽²⁾		350		371
Dole Food Co., Inc. 144A 7.250%, 6/15/25⁽²⁾		325		351
JBS USA LUX SA 144A 5.750%, 6/15/25⁽²⁾		120		115
Kronos Acquisition Holdings, Inc. 144A 9.000%, 8/15/23⁽²⁾		185		173
MARB BondCo plc 144A 7.000%, 3/15/24⁽²⁾		200		201
Post Holdings, Inc. 144A, 5.500%, 3/1/25⁽²⁾		65		67
144A, 5.000%, 8/15/26⁽²⁾		305		300
144A, 5.625%, 1/15/28⁽²⁾		25		25
Prestige Brands, Inc. 144A 6.375%, 3/1/24⁽²⁾		200		207
Rite Aid Corp.
6.750%, 6/15/21		250		249
144A, 6.125%, 4/1/23⁽²⁾		225		203
Safeway, Inc. 7.250%, 2/1/31		215		180
Tops Holding LLC 144A 8.000%, 6/15/22⁽²⁾		130		70

				2,688

Energy—13.5%
Alliance Resource Operating Partners LP 144A 7.500%, 5/1/25⁽²⁾		243		258
Alta Mesa Holdings LP 7.875%, 12/15/24		215		236
American Midstream Partners LP 144A 8.500%, 12/15/21⁽²⁾		175		180


	PAR VALUE		VALUE
Energy—(continued)
Antero Resources Corp. 5.625%, 6/1/23	$	155	$	161
Archrock Partners LP 6.000%, 10/1/22		300		300
Blue Racer Midstream LLC 144A 6.125%, 11/15/22⁽²⁾		245		255
California Resources Corp.
144A, 8.000%, 12/15/22⁽²⁾		169		139
6.000%, 11/15/24		16		11
Callon Petroleum Co. 6.125%, 10/1/24		125		129
Carrizo Oil & Gas, Inc. 6.250%, 4/15/23		210		218
Cheniere Corpus Christi Holdings LLC 5.875%, 3/31/25		475		515
Chesapeake Energy Corp. 144A 8.000%, 6/15/27⁽²⁾		435		418
Continental Resources, Inc. 4.500%, 4/15/23		145		148
Crestwood Midstream Partners LP 6.250%, 4/1/23		295		307
CrownRock LP 144A 5.625%, 10/15/25⁽²⁾		260		261
Denbury Resources, Inc. 5.500%, 5/1/22		170		116
Energy Transfer Equity LP
4.250%, 3/15/23		30		30
5.875%, 1/15/24		200		210
EP Energy LLC
9.375%, 5/1/20		70		59
144A, 8.000%, 11/29/24⁽²⁾		105		108
144A, 8.000%, 2/15/25⁽²⁾		80		58

FTS International, Inc.
144A, (3 month LIBOR + 7.500%) 9.089%,
6/15/20⁽¹⁾⁽²⁾		190		194
6.250%, 5/1/22		190		184
Geopark Ltd. 144A 6.500%, 9/21/24⁽²⁾		215		221
MEG Energy Corp. 144A 6.500%, 1/15/25⁽²⁾		180		178
NGL Energy Partners LP 5.125%, 7/15/19		200		204
NuStar Logistics LP 5.625%, 4/28/27		225		229
Oasis Petroleum, Inc. 6.875%, 1/15/23		280		286
Peabody Energy Corp.
144A, 6.000%, 3/31/22⁽²⁾		145		150
144A, 6.375%, 3/31/25⁽²⁾		210		218
Petrobras Global Finance BV
144A, 5.299%, 1/27/25⁽²⁾		244		245
7.375%, 1/17/27		65		72
144A, 5.999%, 1/27/28⁽²⁾		116		116
QEP Resources, Inc. 5.625%, 3/1/26		80		81
Range Resources Corp. 4.875%, 5/15/25		180		174


	PAR VALUE		VALUE
Energy—(continued)
Rowan Cos., Inc. 5.400%, 12/1/42	$	265	$	197
RSP Permian, Inc. 5.250%, 1/15/25		190		195
SESI LLC 144A 7.750%, 9/15/24⁽²⁾		230		244
Seven Generations Energy Ltd. 144A 5.375%, 9/30/25⁽²⁾		215		217
Southern Gas Corridor CJSC 144A 6.875%, 3/24/26⁽²⁾		200		227
SRC Energy, Inc. 144A 6.250%, 12/1/25⁽²⁾		120		123
Tapstone Energy LLC 144A 9.750%, 6/1/22⁽²⁾		175		150
Transocean, Inc.
144A, 7.500%, 1/15/26⁽²⁾		65		67
6.800%, 3/15/38		300		242
Ultra Resources, Inc.
144A, 6.875%, 4/15/22⁽²⁾		13		13
144A, 7.125%, 4/15/25⁽²⁾		55		55
Vine Oil & Gas LP 144A 8.750%, 4/15/23⁽²⁾		290		281
Weatherford International Ltd.
8.250%, 6/15/23		190		192
9.875%, 2/15/24		30		32
Whiting Petroleum Corp. 144A 6.625%, 1/15/26⁽²⁾		165		168
YPF S.A. 144A 6.950%, 7/21/27⁽²⁾		365		387

				9,459

Financials—6.1%
Acrisure LLC 144A 7.000%, 11/15/25⁽²⁾		350		337
Ally Financial, Inc. 5.750%, 11/20/25		235		256
Altice US Finance I Corp. 144A 5.375%, 7/15/23⁽²⁾		210		215
Banco de Bogota S.A. 144A 6.250%, 5/12/26⁽²⁾		200		216
ICAHN Enterprises LP
5.875%, 2/1/22		295		299
144A, 6.375%, 12/15/25⁽²⁾		175		175
ING Groep N.V. 6.000% ⁽³⁾⁽⁴⁾		200		207
iStar, Inc.
5.000%, 7/1/19		255		256
6.000%, 4/1/22		170		176
5.250%, 9/15/22		165		166
Ladder Capital Finance Holdings LLLP
144A, 5.875%, 8/1/21⁽²⁾		265		273
144A, 5.250%, 3/15/22⁽²⁾		80		83
LPL Holdings Inc. 144A 5.750%, 9/15/25⁽²⁾		125		127
Nationstar Mortgage LLC 6.500%, 7/1/21		250		253
Navient Corp.


	PAR VALUE		VALUE
Financials—(continued)
6.500%, 6/15/22	$	208	$	218
7.250%, 9/25/23		60		64
6.750%, 6/25/25		190		195
Springleaf Finance Corp. 6.125%, 5/15/22		335		348
Sprint Capital Corp. 6.900%, 5/1/19		195		204
VICI Properties 1 LLC , (3 month LIBOR + 3.500%) 4.850%, 10/15/22⁽¹⁾		11		11
Voya Financial, Inc. 5.650%, 5/15/53		205		218

				4,297

Health Care—8.5%
Avantor, Inc. 144A 6.000%, 10/1/24⁽²⁾		130		130
Catalent Pharma Solutions, Inc. 144A 4.875%, 1/15/26⁽²⁾		35		35
Change Healthcare Holdings LLC 144A 5.750%, 3/1/25⁽²⁾		85		85
Community Health Systems, Inc.
6.875%, 2/1/22		115		66
6.250%, 3/31/23		375		337
Concordia International Corp. 144A 9.000%, 4/1/22⁽²⁾		65		56
DaVita, Inc.
5.125%, 7/15/24		100		101
5.000%, 5/1/25		100		100
DJO Finco, Inc. 144A 8.125%, 6/15/21⁽²⁾		215		201
Eagle Holding Co. II, LLC PIK Interest Capitalization, 144A 7.625%, 5/15/22⁽²⁾⁽⁵⁾		195		198
Endo Finance LLC 144A 5.375%, 1/15/23⁽²⁾		250		195
Envision Healthcare Corp. 144A 6.250%, 12/1/24⁽²⁾		70		72
HCA, Inc.
5.375%, 2/1/25		330		342
5.250%, 6/15/26		230		244
4.500%, 2/15/27		10		10
Hill-Rom Holdings, Inc. 144A 5.000%, 2/15/25⁽²⁾		145		148
Kindred Healthcare, Inc. 8.000%, 1/15/20		100		108
Mallinckrodt International Finance S.A. 144A 5.625%, 10/15/23⁽²⁾		110		94
MPH Acquisition Holdings LLC 144A 7.125%, 6/1/24⁽²⁾		225		240
Ortho-Clinical Diagnostics, Inc. 144A 6.625%, 5/15/22⁽²⁾		210		211


	PAR VALUE		VALUE
Health Care—(continued)
Polaris Intermediate Corp. PIK Interest Capitalization, 144A 8.500%, 12/1/22⁽²⁾⁽⁵⁾	$	105	$	109
Sterigenics-Nordion Holdings LLC 144A 6.500%, 5/15/23⁽²⁾		325		339
Surgery Center Holdings, Inc.
144A, 8.875%, 4/15/21⁽²⁾		200		207
144A, 6.750%, 7/1/25⁽²⁾		55		52
Teleflex, Inc. 4.625%, 11/15/27		95		96
Tenet Healthcare Corp.
6.000%, 10/1/20		230		243
8.125%, 4/1/22		85		86
144A, 5.125%, 5/1/25⁽²⁾		110		107
144A, 7.000%, 8/1/25⁽²⁾		380		357
Valeant Pharmaceuticals International, Inc.
144A, 5.375%, 3/15/20⁽²⁾		142		142
144A, 7.250%, 7/15/22⁽²⁾		70		71
144A, 5.875%, 5/15/23⁽²⁾		200		185
144A, 7.000%, 3/15/24⁽²⁾		25		27
144A, 6.125%, 4/15/25⁽²⁾		140		128
144A, 5.500%, 11/1/25⁽²⁾		350		356
144A, 9.000%, 12/15/25⁽²⁾		70		73
Wellcare Health Plans, Inc. 5.250%, 4/1/25		135		142
West Street Merger Sub, Inc. 144A 6.375%, 9/1/25⁽²⁾		220		221

				5,914

Industrials—6.1%
ADT Corp. (The) 6.250%, 10/15/21		200		219
Advanced Disposal Services, Inc. 144A 5.625%, 11/15/24⁽²⁾		205		210
Bombardier, Inc.
144A, 6.125%, 1/15/23⁽²⁾		300		294
144A, 7.500%, 12/1/24⁽²⁾		155		157
GrafTech International Ltd. 6.375%, 11/15/20		290		289
Harland Clarke Holdings Corp. 144A 9.250%, 3/1/21⁽²⁾		150		152
JSL Europe S.A. 144A 7.750%, 7/26/24⁽²⁾		200		212
KAR Auction Services, Inc. 144A 5.125%, 6/1/25⁽²⁾		80		82
Latam Finance Ltd. 144A 6.875%, 4/11/24⁽²⁾		205		214
Navistar International Corp. 144A 6.625%, 11/1/25⁽²⁾		285		297


	PAR VALUE		VALUE
Industrials—(continued)
NCI Building Systems, Inc. 144A 8.250%, 1/15/23⁽²⁾	$	290	$	308
New Enterprise Stone & Lime Co., Inc. 144A 10.125%, 4/1/22⁽²⁾		130		140
Prime Security Services Borrower LLC 144A 9.250%, 5/15/23⁽²⁾		195		217
Standard Industries, Inc.
144A, 5.500%, 2/15/23⁽²⁾		90		94
144A, 4.750%, 1/15/28⁽²⁾		100		100
Topaz Marine S.A. 144A 9.125%, 7/26/22⁽²⁾		360		372
TransDigm, Inc.
6.000%, 7/15/22		105		107
6.500%, 7/15/24		95		97
6.500%, 5/15/25		230		235
Vertiv Intermediate Holding Corp. PIK Interest Capitalization, 144A 12.000%, 2/15/22⁽²⁾⁽⁵⁾		220		237
Wrangler Buyer Corp. 144A 6.000%, 10/1/25⁽²⁾		192		198

				4,231

Information Technology—3.2%
Blackboard, Inc. 144A 9.750%, 10/15/21⁽²⁾		129		118
BMC Software Finance, Inc. 144A 8.125%, 7/15/21⁽²⁾		220		221
Corporate Risk Holdings LLC 144A 9.500%, 7/1/19⁽²⁾		210		219
Everi Payments, Inc. 144A 7.500%, 12/15/25⁽²⁾		65		64
First Data Corp.
144A, 5.000%, 1/15/24⁽²⁾		105		108
144A, 5.750%, 1/15/24⁽²⁾		450		467
Match Group, Inc. 144A 5.000%, 12/15/27⁽²⁾		140		142
Rackspace Hosting, Inc. 144A 8.625%, 11/15/24⁽²⁾		400		427
Radiate Holdco LLC 144A 6.625%, 2/15/25⁽²⁾		240		227
ViaSat, Inc. 144A 5.625%, 9/15/25⁽²⁾		215		217

				2,210

Materials—9.1%
AK Steel Corp.
7.625%, 10/1/21		100		104
7.500%, 7/15/23		140		152
7.000%, 3/15/27		145		147
Alpha 3 BV 144A 6.250%, 2/1/25⁽²⁾		280		287
Ardagh Packaging Finance plc 144A, 7.250%, 5/15/24⁽²⁾		345		376


	PAR VALUE		VALUE
Materials—(continued)
144A, 6.000%, 2/15/25⁽²⁾	$	200	$	210
BlueScope Steel Finance Ltd. 144A 6.500%, 5/15/21⁽²⁾		235		245
BWAY Holding Co. 144A 5.500%, 4/15/24⁽²⁾		75		78
Bway Holding Co. 144A 7.250%, 4/15/25⁽²⁾		190		196
Cascades, Inc.
144A, 5.500%, 7/15/22⁽²⁾		140		144
144A, 5.750%, 7/15/23⁽²⁾		115		119
CSTN Merger Sub, Inc. 144A 6.750%, 8/15/24⁽²⁾		200		200
Flex Acquisition Co., Inc. 144A 6.875%, 1/15/25⁽²⁾		100		104
FMG Resources August 2006 Pty Ltd. 144A 9.750%, 3/1/22⁽²⁾		100		111
Freeport-McMoRan, Inc.
3.550%, 3/1/22		160		158
3.875%, 3/15/23		250		249
Hexion Inc. 6.625%, 4/15/20		75		67
Hexion U.S. Finance Corp.
144A, 10.375%, 2/1/22⁽²⁾		75		70
144A, 13.750%, 2/1/22⁽²⁾		190		156
INEOS Group Holdings S.A. 144A 5.625%, 8/1/24⁽²⁾		315		328
James Hardie International Finance DAC
144A, 4.750%, 1/15/25⁽²⁾		200		201
144A, 5.000%, 1/15/28⁽²⁾		200		201
Kraton Polymers LLC 144A 7.000%, 4/15/25⁽²⁾		230		246
Mercer International, Inc. 144A 5.500%, 1/15/26⁽²⁾		80		81
NOVA Chemicals Corp.
144A, 4.875%, 6/1/24⁽²⁾		110		110
144A, 5.000%, 5/1/25⁽²⁾		175		175
Owens-Brockway Glass Container, Inc. 144A 6.375%, 8/15/25⁽²⁾		180		201
Platform Specialty Products Corp. 144A 5.875%, 12/1/25⁽²⁾		290		288
PQ Corp. 144A 5.750%, 12/15/25⁽²⁾		150		153
Reynolds Group Issuer, Inc. 7.000%, 7/15/24⁽⁶⁾		185		198
Rusal Capital DAC 144A 5.125%, 2/2/22⁽²⁾		255		260
Standard Industries, Inc. 144A 6.000%, 10/15/25⁽²⁾		155		165
Teck Resources Ltd. 6.125%, 10/1/35		150		168
Vedanta Resources plc
144A, 8.250%, 6/7/21⁽²⁾		200		221
144A, 6.375%, 7/30/22⁽²⁾		200		209

				6,378


	PAR VALUE		VALUE
Real Estate—1.3%
CoreCivic, Inc. 5.000%, 10/15/22	$	145	$	152
ESH Hospitality, Inc. 144A 5.250%, 5/1/25⁽²⁾		170		172
Greystar Real Estate Partners LLC 144A 5.750%, 12/1/25⁽²⁾		150		154
MPT Operating Partnership LP
6.375%, 3/1/24		65		69
5.000%, 10/15/27		130		132
Uniti Group, Inc. 144A 7.125%, 12/15/24⁽²⁾		270		246

				925

Telecommunication Services—5.3%
Altice Luxembourg S.A. 144A 7.625%, 2/15/25⁽²⁾		300		287
CenturyLink, Inc. Series Y 7.500%, 4/1/24		175		175
CSC Holdings LLC 144A 5.500%, 4/15/27⁽²⁾		135		138
Frontier Communications Corp.
8.500%, 4/15/20		296		246
10.500%, 9/15/22		180		136
GTH Finance BV 144A 7.250%, 4/26/23⁽²⁾		200		225
Level 3 Financing, Inc.
5.375%, 1/15/24		80		80
5.250%, 3/15/26		135		133
Qwest Corp. 7.250%, 9/15/25		130		140
Sprint Capital Corp. 6.875%, 11/15/28		250		252
Sprint Communications, Inc. 6.000%, 11/15/22		235		235
Sprint Corp. 7.875%, 9/15/23		115		122
T-Mobile USA, Inc. 6.500%, 1/15/24		275		291
Telenet Finance Luxembourg Notes S.a.r.l. 144A 5.500%, 3/1/28⁽²⁾		400		400
Virgin Media Finance plc 144A 6.000%, 10/15/24⁽²⁾		250		257
West Corp. 144A 8.500%, 10/15/25⁽²⁾		200		197
Windstream Services LLC
144A, 8.750%, 12/15/24⁽²⁾		98		68
144A, 8.625%, 10/31/25⁽²⁾		56		54
Zayo Group LLC
6.000%, 4/1/23		180		187
6.375%, 5/15/25		70		74
144A, 5.750%, 1/15/27⁽²⁾		35		36

				3,733

Utilities—2.9%
AmeriGas Partners LP 5.500%, 5/20/25		105		106
Calpine Corp. 5.375%, 1/15/23		350		341
Dynegy, Inc. 7.375%, 11/1/22		425		448


	PAR VALUE		VALUE
Utilities—(continued)
Ferrellgas Partners LP
8.625%, 6/15/20	$	140	$	119
6.750%, 6/15/23		210		193
NRG Energy, Inc.
7.250%, 5/15/26		185		201
144A, 5.750%, 1/15/28⁽²⁾		55		56
Suburban Propane Partners LP 5.500%, 6/1/24		145		144
TerraForm Power Operating LLC
144A, 4.250%, 1/31/23⁽²⁾		175		174
144A, 5.000%, 1/31/28⁽²⁾		240		238
Vistra Operations Co. LLC 0.000%, 10/1/20^(9)(13)		500		— ⁽¹²⁾

				2,020

TOTAL CORPORATE BONDS AND NOTES (Identified Cost $53,866)				54,608

LOAN AGREEMENTS⁽¹⁾—11.6%
Consumer Discretionary—2.2%
Advantage Sales & Marketing, Inc. Second Lien, (3 month LIBOR + 6.500%) 7.878%, 7/25/22		180		167
Deck Chassis Acquisition, Inc. Second Lien, (3 month LIBOR + 6.000%) 0.000%, 6/15/23⁽⁷⁾		35		35
Gateway Casinos & Entertainment Ltd. Tranche B-1, (3 month LIBOR + 3.750%) 5.443%, 2/22/23		30		30
Global Appliance, Inc. Tranche B, (1 month LIBOR + 4.000%) 5.570%, 9/29/24		145		146
Laureate Education, Inc. 2024, (1 month LIBOR + 4.500%) 6.069%, 4/26/24		322		324
Leslie’s Poolmart, Inc. Tranche B-1, (2 month LIBOR + 3.750%) 5.374%, 8/16/23		109		108
Mohegan Tribal Gaming Authority Tranche B, (3 month PRIME + 3.000%) 6.535%, 10/13/23		188		190
Toys ‘R’ US-Delaware, Inc., (1 month LIBOR + 6.750%) 8.320%, 1/18/19		110		110
U.S. Farathane LLC Tranche B-4, (3 month LIBOR + 3.500%) 5.193%, 12/23/21		232		233
UFC Holdings LLC First Lien, (1 month LIBOR + 3.250%) 4.810%, 8/18/23		193		194

				1,537

Consumer Staples—1.5%
Albertson’s LLC 2017-1, Tranche B-4, (1 month LIBOR + 2.750%) 4.319%, 8/25/21		191		187


	PAR VALUE		VALUE
Consumer Staples—(continued)
Amplify Snack Brands, Inc., (1 month LIBOR + 5.500%) 6.880%, 9/2/23	$	108	$	108
Chobani LLC First Lien, (1 month LIBOR + 3.500%) 5.069%, 10/10/23		79		80
Crossmark Holdings, Inc. Second Lien, (3 month LIBOR + 7.500%) 9.193%, 12/21/20		190		18
Diamond (BC) B.V., (2 month LIBOR + 3.000%) 4.423%, 9/6/24		60		60
Milk Specialties Co., (3 month LIBOR + 4.000%) 5.693%, 8/16/23		147		148
Parfums Holdings Co., Inc. First Lien, (3 month LIBOR + 4.750%) 6.443%, 6/30/24		254		256
TKC Holdings, Inc. First Lien, (2 month LIBOR + 4.250%) 5.673%, 2/1/23		159		160

				1,017

Energy—1.0%
California Resources Corp.
(1 month LIBOR + 10.375%) 11.876%, 12/31/21		155		170
(3 month LIBOR + 4.750%) 0.000%, 12/31/22⁽⁷⁾		55		55
Chesapeake Energy Corp. Tranche A , (3 month LIBOR + 7.500%) 8.954%, 8/23/21		31		33
Contura Energy, Inc. , (2 month LIBOR + 5.000%) 6.630%, 3/18/24		181		178
MEG Energy Corp. , (3 month LIBOR + 3.500%) 5.200%, 12/31/23		72		73
Traverse Midstream Partners LLC , (3 month LIBOR + 4.000%) 5.850%, 9/27/24		185		187

				696

Financials—0.5%
Asurion LLC Tranche B-2, Second Lien , (1 month LIBOR + 6.000%) 7.569%, 8/4/25		278		286
Lightstone HoldCo., LLC Tranche B, (1 month LIBOR + 4.500%) 6.069%, 1/30/24		79		79
Tranche C, (1 month LIBOR + 4.500%) 6.069%, 1/30/24		5		5

				370

Health Care—1.2%
21st Century Oncology Holdings, Inc. Tranche B , (3 month LIBOR + 6.125%) 7.825%, 4/30/22⁽¹⁴⁾		157		148


	PAR VALUE		VALUE
Health Care—(continued)
HLF Financing S.a.r.l. Senior Lien, (1 month LIBOR + 5.500%) 7.069%, 2/15/23	$	104	$	103
Immucor, Inc. Tranche B-3, (1 month LIBOR + 5.000%) 6.569%, 6/15/21		20		20
MMM Holdings, Inc., (3 month LIBOR + 8.750%) 10.324%, 6/30/19		64		62
MSO of Puerto Rico, Inc., (3 month LIBOR + 8.750%) 10.324%, 6/30/19		47		45
NVA Holdings, Inc.
Tranche B-2, First Lien, (3 month LIBOR + 3.500%) 5.193%, 8/14/21		82		82
Second Lien, (3 month LIBOR + 7.000%) 8.693%, 8/14/22		259		260
PharMerica Corp. Second Lien, (3 month LIBOR + 7.750%) 9.153%, 9/26/25		15		15
Quorum Health Corp., (1 month LIBOR + 6.750%) 8.319%, 4/29/22		93		94

				829

Industrials—1.2%
84 Lumber Co. Tranche B-1, (1 month LIBOR + 5.250%) 6.802%, 10/25/23		136		137
Accudyne Industries LLC, (1 month LIBOR + 3.750%) 5.319%, 8/18/24		30		30
Brickman Group Ltd. LLC (The) Second Lien, (1 month LIBOR + 6.500%) 7.991%, 12/17/21		51		52
PAE Holding Corp. First Lien, (2 month LIBOR + 5.500%) 7.124%, 10/20/22		69		69
Red Ventures LLC First Lien, (1 month LIBOR + 4.000%) 5.569%, 11/8/24		180		179
Sedgwick Claims Management Services, Inc. Second Lien , (3 month LIBOR + 5.750%) 7.229%, 2/28/22		390		392

				859

Information Technology—1.2%
Blackboard, Inc. Tranche B-4, First Lien, (3 month LIBOR + 5.000%) 6.354%, 6/30/21		81		80
Intralinks, Inc. First Lien, (3 month LIBOR + 4.000%) 5.700%, 11/14/24		140		139
Kronos, Inc. Second Lien, (3 month LIBOR + 8.250%) 9.627%, 11/1/24		78		81


	PAR VALUE		VALUE
Information Technology—(continued)
Presidio LLC Tranche B, (3 month PRIME + 2.250%) 5.668%, 2/2/22	$	115	$	115
Rackspace Hosting, Inc. 2017, Tranche B, First Lien, (3 month LIBOR + 3.000%) 4.403%, 11/3/23		144		146
Sorenson Communications LLC First Lien, (3 month LIBOR + 5.750%) 8.000%, 4/30/20		110		110
Veritas US, Inc. Tranche B, (3 month LIBOR + 4.500%) 6.193%, 1/27/23		140		140

				811

Materials—1.5%
Anchor Glass Container Corp. Second Lien, (1 month LIBOR + 7.750%) 9.182%, 12/7/24		64		65
CPG International LLC, (3 month LIBOR + 3.750%) 5.593%, 5/5/24		149		149
CPI Acquisition, Inc. First Lien, (3 month LIBOR + 4.500%) 5.962%, 8/17/22		320		230
Klockner Pentaplast of America, Inc., (3 month LIBOR + 4.250%) 5.943%, 6/30/22		354		357
KMG Chemicals, Inc., (1 month LIBOR + 2.750%) 4.319%, 6/15/24		39		39
New Arclin U.S. Holding Corp. First Lien, (3 month LIBOR + 4.250%) 5.943%, 2/14/24		50		50
Omnova Solutions, Inc. Tranche B-2, (1 month LIBOR + 4.250%) 5.819%, 8/25/23		169		170

				1,060

Real Estate—0.2%
Capital Automotive LP Tranche B, Second Lien, (1 month LIBOR + 6.000%) 7.570%, 3/24/25		113		116

Telecommunication Services—0.5%
Securus Technologies Holdings, Inc. Second Lien, (2 month LIBOR + 8.250%) 9.874%, 11/1/25		260		262
Sprint Communications, Inc., (1 month LIBOR + 2.500%) 4.125%, 2/2/24		114		114

				376

Utilities—0.6%
APLP Holdings LP, (1 month LIBOR + 3.500%) 5.069%, 4/13/23		181		183
Talen Energy Supply LLC, (1 month LIBOR + 4.000%) 5.569%, 4/15/24		109		110


	PAR VALUE			VALUE
Utilities—(continued)
Vistra Operations Co., LLC
Tranche C, (1 month LIBOR + 2.500%) 3.834%, 8/4/23	$	24		$	24
(1 month LIBOR + 2.750%) 3.996%, 8/4/23		136			137

					454

TOTAL LOAN AGREEMENTS (Identified Cost $8,310)					8,125


	SHARES
PREFERRED STOCKS—1.2%
Financials—1.2%
Citigroup, Inc.		205	⁽⁸⁾		226
Goldman Sachs Group, Inc. (The) Series L, 5.700%		215	⁽⁸⁾		222
JPMorgan Chase & Co. Series V, 5.000%		145	⁽⁸⁾		148
KeyCorp Series D, 5.000%		250	⁽⁸⁾		257

TOTAL PREFERRED STOCKS (Identified Cost $816)					853

COMMON STOCKS—0.9%
Consumer Discretionary—0.1%
Caesars Entertainment Corp.⁽¹¹⁾		6,615			83

Energy—0.2%
Frontera Energy Corp.⁽¹¹⁾		557			17
Linn Energy, Inc.⁽¹¹⁾		3,000			121
Sabine Oil & Gas LLC⁽¹¹⁾		157			7

					145

Financials—0.4%
VICI Properties, Inc.⁽¹¹⁾		11,360			233

Utilities—0.2%
Vistra Energy Corp.⁽¹¹⁾		8,562			157

TOTAL COMMON STOCKS (Identified Cost $493)					618


	SHARES		VALUE
EXCHANGE-TRADED FUNDS⁽¹⁵⁾—2.0%
iShares iBoxx $ High Yield Corporate Bond Index Fund		8,000	$	698
SPDR Barclays High Yield Bond Index Fund		19,000		698

TOTAL EXCHANGE-TRADED FUNDS (Identified Cost $1,394)				1,396

RIGHTS—0.0%
Vistra Energy Corp.		8,563		8

TOTAL RIGHTS (Identified Cost $7)				8

WARRANTS—0.0%
Sabine Oil & Gas LLC⁽¹¹⁾		89		—	⁽¹²⁾
Sabine Oil & Gas LLC⁽¹¹⁾		501		4

TOTAL WARRANTS (Identified Cost $4)				4

TOTAL LONG TERM INVESTMENTS—95.2% (Identified Cost $65,920)				66,663	⁽¹⁰⁾

SHORT-TERM INVESTMENT—4.4%
Money Market Mutual Fund⁽¹⁵⁾—4.4%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 1.190%)		3,047,394		3,047

TOTAL SHORT-TERM INVESTMENT (Identified Cost $3,047)				3,047

TOTAL INVESTMENTS—99.6% (Identified Cost $68,967)				69,710
Other assets and liabilities, net—0.4%				258

NET ASSETS—100.0%			$	69,968

Abbreviations:


LIBOR		London Interbank Offered Rate
PIK		Payment-in-Kind Security
SPDR		S&P Depositary Receipt

⁽¹⁾

⁽²⁾	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2017, these securities amounted to a value of $33,936 or 48.5% of net assets.

⁽³⁾	No contractual maturity date.

⁽⁴⁾	Interest payments may be deferred.

⁽⁵⁾	100% of the income received was in cash.

⁽⁶⁾	Regulation S security. Security is offered and sold outside of the United States, therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933.

⁽⁷⁾	This loan will settle after December 31, 2017, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.

⁽⁸⁾	Value shown as par value.

⁽⁹⁾	Security in default, no interest payments are being received during the bankruptcy proceedings.

⁽¹⁰⁾	All or a portion of the Fund’s assets have been segregated for delayed delivery securities.

⁽¹¹⁾	Non-income producing.

⁽¹²⁾	Amount is less than $500.

⁽¹³⁾	Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments.

⁽¹⁴⁾	Security in default, interest payments are being received during the bankruptcy proceedings.

⁽¹⁵⁾	Shares of these funds are publicly offered and the prospectus and annual reports of each are publicly available.

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2017 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

There were no transfers between Level 1, Level 2, or Level 3 related to securities held at December 31, 2017.


	PAR VALUE		VALUE
U.S. GOVERNMENT SECURITIES—6.0%
U.S. Treasury Note 0.750%, 12/31/17	$	22,600	$	22,600

TOTAL U.S. GOVERNMENT SECURITIES (Identified Cost $22,600)				22,600

MUNICIPAL BOND—0.1%
Illinois—0.1%
State of Illinois Build America Taxable 5.547%, 4/1/19		190		195

TOTAL MUNICIPAL BOND (Identified Cost $195)				195

FOREIGN GOVERNMENT SECURITIES—0.9%
Argentine Republic 5.625%, 1/26/22		715		754
Republic of Indonesia 144A 5.875%, 1/15/24⁽²⁾		775		881
Republic of South Africa 4.665%, 1/17/24		875		895
Republic of Turkey 6.250%, 9/26/22		825		895

TOTAL FOREIGN GOVERNMENT SECURITIES (Identified Cost $3,422)				3,425

MORTGAGE-BACKED SECURITIES—31.0%
Agency—10.0%
FHLMC 4.000%, 2/1/45		292		306
FNMA
4.000%, 8/1/25		59		62
3.000%, 6/1/27		198		202
3.000%, 11/1/27		749		765
2.500%, 5/1/28		606		609
2.500%, 11/1/29		583		585
2.500%, 9/1/30		1,378		1,381
3.000%, 9/1/30		2,258		2,304
3.000%, 10/1/30		1,300		1,327
3.000%, 10/1/30		4,293		4,383
2.500%, 2/1/31		5,457		5,454
4.000%, 11/1/31		333		352
5.000%, 10/1/39		245		269
4.500%, 4/1/40		95		101
4.000%, 10/1/44		734		769
3.500%, 8/1/45		682		701
3.500%, 1/1/46		2,262		2,325
3.500%, 1/1/46		412		424
4.000%, 1/1/46		1,321		1,383


	PAR VALUE		VALUE
Agency—(continued)
3.500%, 4/1/46	$	450	$	463
3.500%, 12/1/46		2,456		2,524
3.500%, 1/1/47		1,208		1,241
4.000%, 4/1/47		927		970
3.500%, 7/1/47		1,031		1,059
3.500%, 7/1/47		2,045		2,102
4.000%, 7/1/47		2,538		2,657
4.000%, 8/1/47		2,327		2,437
FNMA REMIC 1997-70, PE (P.O.) 0.000%, 4/25/22		3		3
GNMA
7.000%, 7/15/23		2		2
7.000%, 9/15/23		7		7
7.000%, 1/15/24		1		1
7.000%, 9/15/24		4		5
7.000%, 7/15/25		1		1
7.000%, 7/15/25		10		10

				37,184

Non-Agency—21.0%
Access Point Funding I LLC 2017-A, A 144A 3.060%, 4/15/29⁽²⁾		629		628
American Homes 4 Rent Trust 2015-SFR1, A 144A 3.467%, 4/17/52⁽²⁾		190		195
Ameriquest Mortgage Securities, Inc. 2003-10, AF6 5.210%, 11/25/33⁽¹⁾		103		106
AMSR Trust
2016-SFR1, A 144A, (1 month LIBOR + 1.400%) 2.891%, 11/17/33⁽¹⁾⁽²⁾		498		501
2016-SFR1, C 144A, (1 month LIBOR + 2.250%) 3.741%, 11/17/33⁽¹⁾⁽²⁾		498		504
Angel Oak Mortgage Trust LLC 2017-3, A1 144A 2.708%, 11/25/47⁽¹⁾⁽²⁾		429		428
Asset Backed Funding Certificates 2005-AQ1, A6 4.780%, 1/25/35⁽¹⁾		52		53
Aventura Mall Trust
2013-AVM, C 144A, 3.743%, 12/5/32⁽¹⁾⁽²⁾		1,130		1,151
2013-AVM, A 144A, 3.743%, 12/5/32⁽¹⁾⁽²⁾		1,721		1,773
Banc of America Funding Trust
2004-B, 2A1, 3.776%, 11/20/34⁽¹⁾		50		50
2005-1, 1A1, 5.500%, 2/25/35		121		121
2006-2, 3A1, 6.000%, 3/25/36		27		27


	PAR VALUE		VALUE
Non-Agency—(continued)
Bank of America (Merrill Lynch - Countrywide) Alternative Loan Trust
2004-22CB, 1A1, 6.000%, 10/25/34	$	302	$	311
2004-24CB, 1A1, 6.000%, 11/25/34		201		203
Bank of America (Merrill Lynch) Commercial Mortgage Securities Trust 2015-200P, A 144A 3.218%, 4/14/33⁽²⁾		790		798
Bank of America (Merrill Lynch) Investors Trust 2004-A4, A1 3.270%, 8/25/34⁽¹⁾		612		623
Bayview Commercial Asset Trust
2006-2A, A2 144A, (1 month LIBOR + 0.280%) 1.832%, 7/25/36⁽¹⁾⁽²⁾		289		280
2008-1, A3 144A, (1 month LIBOR + 1.500%) 3.052%, 1/25/38⁽¹⁾⁽²⁾		58		58
Bayview Financial Acquisition Trust 2007-A, 1A2 6.205%, 5/28/37⁽¹⁾		230		237
Bayview Koitere Fund Trust 2017-RT4, A 144A 3.500%, 7/28/57⁽¹⁾⁽²⁾		337		344
Bayview Opportunity Master Fund IIIb Trust 2017-RN2, A1 144A 3.475%, 4/28/32⁽¹⁾⁽²⁾		194		194
Bayview Opportunity Master Fund IVa Trust 2017-RT1, A1 144A 3.000%, 3/28/57⁽¹⁾⁽²⁾		410		410
Bayview Opportunity Master Fund IVb Trust 2017-SPL4, A 144A 3.500%, 1/28/55⁽¹⁾⁽²⁾		630		639
Caesars Palace Las Vegas Trust 2017-VICI, C 144A 4.138%, 10/15/34⁽²⁾		590		606
Centex Home Equity Loan Trust
2002-A, AF6, 5.540%, 1/25/32		53		53
2004-D, AF5, 5.850%, 9/25/34⁽¹⁾		283		291
Citigroup Commercial Mortgage Trust 2016-SMPL, A 144A 2.228%, 9/10/31⁽²⁾		750		736
Citigroup Mortgage Loan Trust, Inc.
2004-NCM2, 2CB2, 6.750%, 8/25/34		140		151
2014-A, A 144A, 4.000%, 1/25/35⁽¹⁾⁽²⁾		384		400
2015-PS1, A1 144A, 3.750%, 9/25/42⁽¹⁾⁽²⁾		317		323
2015-A, A1 144A, 3.500%, 6/25/58⁽¹⁾⁽²⁾		838		848
Cold Storage Trust 2017-ICE3, A 144A , (1 month LIBOR + 1.000%) 2.477%, 4/15/36⁽¹⁾⁽²⁾		1,090		1,093
Colony American Finance Ltd. 2015-1, A 144A 2.896%, 10/15/47⁽²⁾		493		494
Colony Multi-Family Mortgage Trust 2014-1, A 144A 2.543%, 4/20/50⁽²⁾		248		247


	PAR VALUE		VALUE
Non-Agency—(continued)
Colony Starwood Homes Trust 2016-2A, C 144A , (1 month LIBOR + 2.150%) 3.627%, 12/17/33⁽¹⁾⁽²⁾	$	1,000	$	1,001
COLT Mortgage Loan Trust 2016-1, A2 144A 3.500%, 5/25/46⁽²⁾		714		718
COLT Mortgage Loan Trust Funding LLC
2016-1, A1 144A, 3.000%, 5/25/46⁽²⁾		331		335
2016-2, A1 144A, 2.750%, 9/25/46⁽¹⁾⁽²⁾		809		820
2017-1, A3 144A, 3.074%, 5/27/47⁽¹⁾⁽²⁾		432		432
Commercial Mortgage Lease-Backed Certificates 2001-CMLB, A3 144A 7.471%, 6/20/31⁽¹⁾⁽²⁾		460		504
Commercial Mortgage Trust 2014-277P, A 144A 3.611%, 8/10/49⁽¹⁾⁽²⁾		2,595		2,692
Credit Suisse Commercial Mortgage Trust 2014-IVR2, A2 144A 3.807%, 4/25/44⁽¹⁾⁽²⁾		722		741
Credit Suisse First Boston Mortgage Securities Corp.
2003-27, 5A3, 5.250%, 11/25/33		48		49
2003-AR30, 5A1, 3.475%, 1/25/34⁽¹⁾		259		266
Credit Suisse Mortgage Capital Trust
2016-BDWN, A 144A, (1 month LIBOR + 2.900%) 4.377%, 2/15/29⁽¹⁾⁽²⁾		875		879
2013-HYB1, A16 144A, 3.006%, 4/25/43⁽¹⁾⁽²⁾		737		741
Credit Suisse Mortgage Trust 2017-FHA1, A1 144A 3.250%, 4/25/47⁽¹⁾⁽²⁾		700		708
Deephaven Residential Mortgage Trust
2017-1A, A1 144A, 2.725%, 12/26/46⁽¹⁾⁽²⁾		291		289
2017-2A, A1 144A, 2.453%, 6/25/47⁽¹⁾⁽²⁾		246		243
2017-3A, A3 144A, 2.813%, 10/25/47⁽¹⁾⁽²⁾		764		764
GAHR Commercial Mortgage Trust 2015-NRF, CFX 144A 3.382%, 12/15/34⁽¹⁾⁽²⁾		810		815
Galton Funding Mortgage Trust 2017-1, A21 144A 3.500%, 7/25/56⁽¹⁾⁽²⁾		1,095		1,105
GMAC Mortgage Corp. Loan Trust 2004-AR1, 12A 3.979%, 6/25/34⁽¹⁾		120		122
GSAA Home Equity Trust
2005-1, AF4, 5.619%, 11/25/34⁽¹⁾		129		131
2005-12, AF3W, 4.999%, 9/25/35⁽¹⁾		41		42
GSR Mortgage Loan Trust 2003-3F, 1A6 6.000%, 4/25/33		394		407
Hilton USA Trust 2016-SFP, B 144A 3.323%, 11/5/35⁽²⁾		650		647


	PAR VALUE		VALUE
Non-Agency—(continued)
Home Equity Loan Trust 2003-HS2, AIIB , (1 month LIBOR + 0.250%) 1.802%, 6/25/28⁽¹⁾	$	149	$	148
Hospitality Mortgage Trust 2017-HIT, B 144A , (1 month LIBOR + 1.180%) 2.424%, 5/8/30⁽¹⁾⁽²⁾		1,045		1,045
IMC Home Equity Loan Trust 1997-5, A9 7.310%, 11/20/28		87		87
Jefferies Resecuritization Trust 2014-R1, 1A1 144A 4.000%, 12/27/37⁽²⁾		44		44
JPMorgan Chase (Bear Stearns) Adjustable Rate Mortgage Trust
2004-1, 21A1, 3.396%, 4/25/34⁽¹⁾		56		56
2004-9, 22A1, 3.869%, 11/25/34⁽¹⁾		463		464
2004-10, 21A1, 3.774%, 1/25/35⁽¹⁾		512		516
JPMorgan Chase (Washington Mutual) Mortgage Pass-Through Certificates Trust
2003-S8, A2, 5.000%, 9/25/18		9		9
2003-AR6, A1, 3.227%, 6/25/33⁽¹⁾		215		217
2003-AR4, 2A1, 3.045%, 8/25/33⁽¹⁾		124		123
JPMorgan Chase Commercial Mortgage Securities Trust
2010-CNTR, A2 144A, 4.311%, 8/5/32⁽²⁾		80		82
2015-SGP, B 144A, (1 month LIBOR + 2.750%) 4.227%, 7/15/36⁽¹⁾⁽²⁾		759		765
2011-C4, A3 144A, 4.106%, 7/15/46⁽²⁾		1,379		1,384
2014-C22, A4, 3.801%, 9/15/47		1,695		1,776
2007-LDPX, AM, 5.464%, 1/15/49⁽¹⁾		412		414
JPMorgan Chase Mortgage Trust
2014-2, 2A2 144A, 3.500%, 6/25/29⁽¹⁾⁽²⁾		588		600
2006-A2, 4A1, 3.726%, 8/25/34⁽¹⁾		114		115
2004-A4, 2A1, 3.492%, 9/25/34⁽¹⁾		102		103
2005-A4, 3A1, 3.408%, 7/25/35⁽¹⁾		452		459
2015-1, AM1 144A, 2.605%, 12/25/44⁽¹⁾⁽²⁾		614		614
2016-1, M2 144A, 3.750%, 4/25/45⁽¹⁾⁽²⁾		675		683
2015-5, A2 144A, 2.864%, 5/25/45⁽¹⁾⁽²⁾		733		733
2016-2, M2 144A, 3.750%, 12/25/45⁽¹⁾⁽²⁾		1,058		1,069
2011-C4, A4 144A, 4.388%, 7/15/46⁽²⁾		295		310
2017-3, 2A2 144A, 2.500%, 8/25/47⁽¹⁾⁽²⁾		1,088		1,078
2017-5, A1 144A, 3.188%, 10/25/48⁽¹⁾⁽²⁾		2,464		2,484
2017-4, A3 144A, 3.500%, 11/25/48⁽¹⁾⁽²⁾		233		236
Loandepot Station Place Agency Securitization Trust 2017-LD1, C 144A , (1 month LIBOR + 1.300%) 2.852%, 11/25/50⁽¹⁾⁽²⁾		775		775


	PAR VALUE		VALUE
Non-Agency—(continued)
MASTR Alternative Loan Trust
2003-8, 2A1, 5.750%, 11/25/33	$	97	$	100
2004-4, 6A1, 5.500%, 4/25/34		138		143
2004-7, 9A1, 6.000%, 8/25/34		113		116
2005-2, 2A1, 6.000%, 1/25/35		397		409
MASTR Asset Securitization Trust 2005-1, 1A1 5.000%, 5/25/20		204		206
MASTR Specialized Loan Trust 2005-3, A2 144A 5.704%, 11/25/35⁽¹⁾⁽²⁾		289		297
Mill City Mortgage Trust
2015-1, A3 144A, 3.000%, 6/25/56⁽¹⁾⁽²⁾		600		596
2016-1, A1 144A, 2.500%, 4/25/57⁽¹⁾⁽²⁾		873		868
2017-1, A1 144A, 2.750%, 11/25/58⁽¹⁾⁽²⁾		458		458
Morgan Stanley - Bank of America (Merrill Lynch) Trust 2013-C13, AS 4.266%, 11/15/46		1,515		1,597
Morgan Stanley Capital Barclays Bank Trust 2016-MART, A 144A 2.200%, 9/13/31⁽²⁾		1,660		1,632
Morgan Stanley Capital I Trust
2017-CLS, A 144A, (1 month LIBOR + 0.700%) 1.950%, 11/15/34⁽¹⁾⁽²⁾		500		500
2008-T29, AM, 6.313%, 1/11/43⁽¹⁾		62		62
Morgan Stanley Residential Mortgage Loan Trust 2014-1A, B2 144A 2.962%, 6/25/44⁽¹⁾⁽²⁾		355		355
Motel 6 Trust 2017-MTL6, A 144A , (1 month LIBOR + 0.920%) 2.397%, 8/15/34⁽¹⁾⁽²⁾		888		890
National City Mortgage Capital Trust 2008-1, 2A1 6.000%, 3/25/38		159		165
New Residential Mortgage Loan Trust
2016-2A, A1 144A, 3.750%, 11/26/35⁽¹⁾⁽²⁾		619		632
2014-1A, A 144A, 3.750%, 1/25/54⁽¹⁾⁽²⁾		1,728		1,762
2014-2A, A3 144A, 3.750%, 5/25/54⁽¹⁾⁽²⁾		159		161
2014-3A, AFX3 144A, 3.750%, 11/25/54⁽¹⁾⁽²⁾		1,437		1,468
2015-2A, A1 144A, 3.750%, 8/25/55⁽¹⁾⁽²⁾		1,258		1,288
2016-1A, A1 144A, 3.750%, 3/25/56⁽¹⁾⁽²⁾		498		507
2016-3A, A1 144A, 3.750%, 9/25/56⁽¹⁾⁽²⁾		1,104		1,127
2016-4A, A1 144A, 3.750%, 11/25/56⁽¹⁾⁽²⁾		295		301
2017-2A, A3 144A, 4.000%, 3/25/57⁽¹⁾⁽²⁾		485		501
NovaStar Mortgage Funding Trust 2004-4, M5 , (1 month LIBOR + 1.725%) 3.277%, 3/25/35⁽¹⁾		1,510		1,514
Oak Hill Advisors Residential Loan Trust 2017-NPL2, A1 144A 3.000%, 7/25/57⁽¹⁾⁽²⁾		429		428
Pretium Mortgage Credit Partners I LLC


	PAR VALUE		VALUE
Non-Agency—(continued)
2017-NPL3, A1 144A, 3.250%, 6/29/32⁽¹⁾⁽²⁾	$	90	$	90
2017-NPL5, A1 144A, 3.327%, 12/30/32⁽¹⁾⁽²⁾		1,005		1,002
2017-NPL2, A1 144A, 3.250%, 3/28/57⁽¹⁾⁽²⁾		626		626
Progress Residential Trust 2017-SFR1, B 144A 3.017%, 8/17/34⁽²⁾		690		681
RCO Mortgage LLC 2017-1, A1 144A 3.375%, 8/25/22⁽¹⁾⁽²⁾		306		307
Starwood Waypoint Homes Trust 2017-1, A 144A , (1 month LIBOR + 0.950%) 2.441%, 1/17/35⁽¹⁾⁽²⁾		678		681
Structured Adjustable Rate Mortgage Loan Trust
2004-1, 6A, 3.579%, 2/25/34⁽¹⁾		533		524
2004-4, 3A1, 3.542%, 4/25/34⁽¹⁾		118		119
2004-4, 3A2, 3.542%, 4/25/34⁽¹⁾		568		575
2004-14, 7A, 3.428%, 10/25/34⁽¹⁾		220		221
Structured Asset Securities Corp. 2003-37A, 2A 3.315%, 12/25/33⁽¹⁾		109		109
Structured Asset Securities Corp. Assistance Loan Trust 2003-AL1, A 144A 3.357%, 4/25/31⁽²⁾		139		138
Structured Asset Securities Corp. Mortgage-Pass-Through Certificates
2003-33H, 1A1, 5.500%, 10/25/33		343		350
2003-34A, 6A, 3.670%, 11/25/33⁽¹⁾		317		314
Structured Asset Securities Corp. Pass-Through Certificates 2002-AL1, A2 3.450%, 2/25/32		121		120
Towd Point Mortgage Trust
2015-3, A1B 144A, 3.000%, 3/25/54⁽¹⁾⁽²⁾		464		466
2016-1, A1B 144A, 2.750%, 2/25/55⁽¹⁾⁽²⁾		529		529
2015-5, A1B 144A, 2.750%, 5/25/55⁽¹⁾⁽²⁾		809		809
2015-5, A2 144A, 3.500%, 5/25/55⁽¹⁾⁽²⁾		275		283
2016-2, A1 144A, 3.000%, 8/25/55⁽¹⁾⁽²⁾		293		295
2016-4, A1 144A, 2.250%, 7/25/56⁽¹⁾⁽²⁾		680		675
Tricon American Homes Trust 2017-SFR1, A 144A 2.716%, 9/17/34⁽²⁾		360		355
Velocity Commercial Capital Loan Trust 2017-1, AFX 144A 3.000%, 5/25/47⁽¹⁾⁽²⁾		157		157
Vericrest Opportunity Loan Trust LVI LLC 2017-NPL3, A1 144A 3.500%, 3/25/47⁽¹⁾⁽²⁾		714		717
Vericrest Opportunity Loan Trust LVIII LLC 2017-NPL5, A1 144A 3.375%, 5/28/47⁽¹⁾⁽²⁾		105		105
Vericrest Opportunity Loan Trust LX LLC 2017-NPL7, A1 144A 3.250%, 4/25/59⁽¹⁾⁽²⁾		930		932


	PAR VALUE		VALUE
Non-Agency—(continued)
Vericrest Opportunity Loan Trust LXIII LLC 2017-NP10, A1 144A 3.000%, 10/25/47⁽¹⁾⁽²⁾	$	300	$	300
Vericrest Opportunity Loan Trust LXIV LLC 2017-NP11, A1 144A 3.375%, 10/25/47⁽¹⁾⁽²⁾		717		717
Verus Securitization Trust
2017-1A, A1 144A, 2.853%, 1/25/47⁽¹⁾⁽²⁾		243		244
2017-2A, A1 144A, 2.485%, 7/25/47⁽¹⁾⁽²⁾		1,207		1,208
VSD 2017-PLT1, A 3.600%, 12/25/43		320		320
Wells Fargo Mortgage Backed Securities Trust
2003-G, A1, 3.365%, 6/25/33⁽¹⁾		54		54
2003-J, 2A1, 3.484%, 10/25/33⁽¹⁾		128		130
2003-J, 5A1, 3.490%, 10/25/33⁽¹⁾		192		195
2004-A, A1, 3.560%, 2/25/34⁽¹⁾		58		60
2004-K, 1A2, 3.477%, 7/25/34⁽¹⁾		190		192
2004-U, A1, 3.602%, 10/25/34⁽¹⁾		66		67
2004-Z, 2A1, 3.744%, 12/25/34⁽¹⁾		149		151
2005-14, 2A1, 5.500%, 12/25/35		53		54

				78,671

TOTAL MORTGAGE-BACKED SECURITIES (Identified Cost $115,894)				115,855

ASSET-BACKED SECURITIES—26.8%
Auto Floor Plan—0.7%
Navistar Financial Dealer Note Master Owner Trust II 2016-1, B 144A , (1 month LIBOR + 1.750%) 3.302%, 9/27/21⁽¹⁾⁽²⁾		1,710		1,720
Nextgear Floorplan Master Owner Trust 2017-2A, A2 144A 2.560%, 10/17/22⁽²⁾		920		917

				2,637

Automobiles—16.4%
American Credit Acceptance Receivables Trust
2016-1A, B 144A, 4.240%, 6/13/22⁽²⁾		698		702
2017-2, C 144A, 2.860%, 6/12/23⁽²⁾		920		920
AmeriCredit Automobile Receivables Trust
2014-1, D, 2.540%, 6/8/20		650		652
2016-1, B, 2.300%, 3/8/21		2,045		2,048
2015-3, C, 2.730%, 3/8/21		615		618
2016-2, B, 2.210%, 5/10/21		1,000		999
2015-4, C, 2.880%, 7/8/21		700		706
2016-4, C, 2.410%, 7/8/22		725		720
2017-1, C, 2.710%, 8/18/22		915		914


	PAR VALUE		VALUE
Automobiles—(continued)
Avis Budget Rental Car Funding LLC
(AESOP) 2012-3A, A 144A, 2.100%, 3/20/19⁽²⁾	$	270	$	270
(AESOP) 2013-1A, A 144A, 1.920%, 9/20/19⁽²⁾		1,000		998
(AESOP) 2013-2A, A 144A, 2.970%, 2/20/20⁽²⁾		1,905		1,918
(AESOP) 2015-2A, A 144A, 2.630%, 12/20/21⁽²⁾		910		908
(AESOP) 2016-1A, A 144A, 2.990%, 6/20/22⁽²⁾		800		805
California Republic Auto Receivables Trust
2015-3, B, 2.700%, 9/15/21		650		650
2016-1, B, 3.430%, 2/15/22		785		792
Capital Auto Receivables Asset Trust 2017-1, C 144A 2.700%, 9/20/22⁽²⁾		920		918
CarFinance Capital Auto Trust 2014-2A, B 144A 2.640%, 11/16/20⁽²⁾		425		425
CarMax Auto Owner Trust
2014-4, B, 2.200%, 9/15/20		700		700
2015-2, C, 2.390%, 3/15/21		1,495		1,497
2016-2, B, 2.160%, 12/15/21		750		745
2017-1, B, 2.540%, 9/15/22		900		901
Carnow Auto Receivables Trust 2017-1A, A 144A 2.920%, 9/15/22⁽²⁾		925		924
Centre Point Funding LLC 2012-2A, 1 144A 2.610%, 8/20/21⁽²⁾		970		967
Chrysler Capital Auto Receivables Trust
2014-BA, D 144A, 3.440%, 8/16/21⁽²⁾		750		755
2015-BA, D 144A, 4.170%, 1/16/23⁽²⁾		965		983
CPS Auto Receivables Trust
2013-B, A 144A, 1.820%, 9/15/20⁽²⁾		468		468
2017-C, B 144A, 2.300%, 7/15/21⁽²⁾		1,085		1,080
Drive Auto Receivables Trust
2016-AA, B 144A, 3.170%, 5/15/20⁽²⁾		107		107
2016-BA, B 144A, 2.560%, 6/15/20⁽²⁾		815		816
2016-CA, C 144A, 3.020%, 11/15/21⁽²⁾		995		1,003
2015-DA, C 144A, 3.380%, 11/15/21⁽²⁾		1,093		1,100
2017-AA, C 144A, 2.980%, 1/18/22⁽²⁾		900		906
DT Auto Owner Trust
2016-1A, B 144A, 2.790%, 5/15/20⁽²⁾		23		23
2014-3A, C 144A, 3.040%, 9/15/20⁽²⁾		30		30
2015-3A, C 144A, 3.250%, 7/15/21⁽²⁾		541		543
2016-2A, C 144A, 3.670%, 1/18/22⁽²⁾		820		825
2016-3A, C 144A, 3.150%, 3/15/22⁽²⁾		865		868
2016-4A, C 144A, 2.740%, 10/17/22⁽²⁾		1,200		1,199
Exeter Automobile Receivables Trust


	PAR VALUE		VALUE
Automobiles—(continued)
2014-1A, C 144A, 3.570%, 7/15/19⁽²⁾	$	29	$	30
2014-2A, C 144A, 3.260%, 12/16/19⁽²⁾		215		216
2016-1A, A 144A, 2.350%, 7/15/20⁽²⁾		161		161
2015-1A, C 144A, 4.100%, 12/15/20⁽²⁾		1,000		1,012
2015-2A, C 144A, 3.900%, 3/15/21⁽²⁾		1,510		1,529
2016-3A, B 144A, 2.840%, 8/16/21⁽²⁾		1,400		1,398
2017-3A, B 144A, 2.810%, 9/15/22⁽²⁾		545		541
First Investors Auto Owner Trust
2016-2A, C 144A, 2.530%, 7/15/22⁽²⁾		1,490		1,476
2017-2A, B 144A, 2.650%, 11/15/22⁽²⁾		900		899
2015-2A, E 144A, 5.590%, 11/15/22⁽²⁾		345		346
Flagship Credit Auto Trust
2016-1, A 144A, 2.770%, 12/15/20⁽²⁾		356		357
2014-2, D 144A, 5.210%, 2/15/21⁽²⁾		905		930
2015-2, C 144A, 4.080%, 12/15/21⁽²⁾		505		516
2016-2, B 144A, 3.840%, 9/15/22⁽²⁾		825		841
Foursight Capital Automobile Receivables Trust
2016-1, A2 144A, 2.870%, 10/15/21⁽²⁾		693		694
2017-1, B 144A, 3.050%, 12/15/22⁽²⁾		855		849
GM Financial Consumer Automobile Receivables Trust 2017-1A, B 144A 2.300%, 6/16/23⁽²⁾		915		908
Hertz Vehicle Financing LLC
2015-2A, A 144A, 2.020%, 9/25/19⁽²⁾		1,080		1,078
2016-1A, A 144A, 2.320%, 3/25/20⁽²⁾		750		747
Hyundai Auto Receivables Trust, 2014-B, D, 2.510%, 12/15/20		400		401
2015-A, D, 2.730%, 6/15/21		550		553
2015-C, B, 2.150%, 11/15/21		1,500		1,499
OneMain Direct Auto Receivables Trust
2016-1A, B 144A, 2.760%, 5/15/21⁽²⁾		645		647
2017-2A, C 144A, 2.820%, 7/15/24⁽²⁾		925		923
Santander Drive Auto Receivables Trust
2013-5, D, 2.730%, 10/15/19		538		540
2014-4, D, 3.100%, 11/16/20		1,095		1,105
2016-2, B, 2.080%, 2/16/21		1,000		1,000
2016-1, C, 3.090%, 4/15/22		2,010		2,031
2017-1, C, 2.580%, 5/16/22		915		912
TCF Auto Receivables Owner Trust 2014-1A, B 144A 2.330%, 5/15/20⁽²⁾		475		475
Tidewater Auto Receivables Trust 2016-AA, B 144A 3.130%, 3/15/20⁽²⁾		598		598
Westlake Automobile Receivables Trust


	PAR VALUE		VALUE
Automobiles—(continued)
2016-2A, C 144A, 2.830%, 5/17/21⁽²⁾	$	1,030	$	1,033
2016-3A, B 144A, 2.070%, 12/15/21⁽²⁾		1,688		1,683
2017-2A, C 144A, 2.590%, 12/15/22⁽²⁾		910		903

				61,234

Home Equity Loans—0.0%
Structured Asset Securities Corp. Mortgage Pass-Through Certificates 2001-SB1, A2 3.375%, 8/25/31		108		107

Manufactured Housing—0.1%
Associates Manufactured Housing Pass-Through Certificates 1996-1, B1 8.000%, 3/15/27⁽¹⁾		277		282
Conseco Financial Corp. 1997-3, A5 7.140%, 3/15/28		14		14

				296

Other—7.1%
Ajax Mortgage Loan Trust 2017-B, A 144A 3.163%, 9/25/56⁽¹⁾⁽²⁾		550		549
Aqua Finance Trust 2017-A, A 144A 3.720%, 11/15/35⁽²⁾		915		911
BRE Grand Islander Timeshare Issuer LLC 2017-1A, A 144A 2.940%, 5/25/29⁽²⁾		766		761
BXG Receivables Note Trust
2012-A, A 144A, 2.660%, 12/2/27⁽²⁾		37		37
2013-A, A 144A, 3.010%, 12/4/28⁽²⁾		128		127
2015-A, A 144A, 2.880%, 5/2/30⁽²⁾		298		297
CKE Restaurant Holdings, Inc. 2013-1A, A2 144A 4.474%, 3/20/43⁽²⁾		589		591
Corevest American Finance Trust 2017-1, A 144A 2.968%, 10/15/49⁽²⁾		200		199
DB Master Finance LLC 2015-1A, A2II 144A 3.980%, 2/20/45⁽²⁾		890		908
Dell Equipment Finance Trust 2017-2, A3 144A 2.190%, 10/24/22⁽²⁾		830		827
Diamond Resorts Owner Trust
2014-1, A 144A, 2.540%, 5/20/27⁽²⁾		549		545
2017-1A, A 144A, 3.270%, 10/22/29⁽²⁾		843		836
Gold Key Resorts LLC 2014-A, A 144A 3.220%, 3/17/31⁽²⁾		246		245
GreatAmerica Leasing Receivables Funding LLC 2017-1, A4 144A 2.360%, 1/20/23⁽²⁾		905		900


	PAR VALUE		VALUE
Other—(continued)
Hilton Grand Vacations Trust
2013-A, A 144A, 2.280%, 1/25/26⁽²⁾	$	507	$	503
2014-AA, A 144A, 1.770%, 11/25/26⁽²⁾		155		152
2017-AA, A 144A, 2.660%, 12/26/28⁽²⁾		762		757
Leaf Receivables Funding 12 LLC 2017-1, B 144A 2.650%, 2/15/22⁽²⁾		1,080		1,069
Mariner Finance Issuance Trust 2017-AA, A 144A 3.620%, 2/20/29⁽²⁾		900		905
Marriott Vacation Club Owner Trust 2012-1A, A 144A 2.510%, 5/20/30⁽²⁾		203		202
MVW Owner Trust
2015-1A, B 144A, 2.960%, 12/20/32⁽²⁾		264		261
2016-1A, A 144A, 2.250%, 12/20/33⁽²⁾		781		772
2017-1A, A 144A, 2.420%, 12/20/34⁽²⁾		1,053		1,043
OneMain Financial Issuance Trust 2015-1A, A 144A 3.190%, 3/18/26⁽²⁾		1,660		1,668
Orange Lake Timeshare Trust
2012-AA, A 144A, 3.450%, 3/10/27⁽²⁾		273		274
2015-AA, A 144A, 2.880%, 9/8/27⁽²⁾		255		252
Sierra Timeshare Receivables Funding LLC
2013-1A, A 144A, 1.590%, 11/20/29⁽²⁾		44		44
2014-1A, A 144A, 2.070%, 3/20/30⁽²⁾		65		65
2014-2A, A 144A, 2.050%, 6/20/31⁽¹⁾⁽²⁾		42		42
2016-1A, A 144A, 3.080%, 3/21/33⁽²⁾		326		327
2016-2A, A 144A, 2.330%, 7/20/33⁽²⁾		424		420
Silverleaf Finance LLC
XVII 2013-A, A 144A, 2.680%, 3/16/26⁽²⁾		29		29
XVIII 2014-A, A 144A, 2.810%, 1/15/27⁽²⁾		109		108
SoFi Consumer Loan Program LLC
2016-3, A 144A, 3.050%, 12/26/25⁽²⁾		560		563
2017-1, A 144A, 3.280%, 1/26/26⁽²⁾		1,191		1,203
2017-5, A2 144A, 2.780%, 9/25/26⁽²⁾		545		540
2017-6, A2 144A, 2.820%, 11/25/26⁽²⁾		925		924
Springleaf Funding Trust 2016-AA, A 144A 2.900%, 11/15/29⁽²⁾		1,090		1,092
SVO VOI Mortgage Corp. 2012-AA, A 144A 2.000%, 9/20/29⁽²⁾		792		786
TRIP Rail Master Funding LLC 2017-1A, A1 144A 2.709%, 8/15/47⁽²⁾		860		857
Volvo Financial Equipment LLC 2014-1A, C 144A 1.940%, 11/15/21⁽²⁾		205		205
VSE VOI Mortgage LLC


	PAR VALUE		VALUE
Other—(continued)
2016-A, A 144A, 2.540%, 7/20/33⁽²⁾	$	1,031	$	1,021
2017-A, A 144A, 2.330%, 3/20/35⁽²⁾		853		841
Welk Resorts LLC
2013-AA, A 144A, 3.100%, 3/15/29⁽²⁾		87		87
2015-AA, A 144A, 2.790%, 6/16/31⁽²⁾		205		204
2017-AA, A 144A, 2.820%, 6/15/33⁽²⁾		821		816
Westgate Resorts LLC 2016-1A, A 144A 3.500%, 12/20/28⁽²⁾		879		884

				26,649

Student Loans—2.5%
Commonbond Student Loan Trust 2017-AGS, A1 144A 2.550%, 5/25/41⁽²⁾		816		811
DRB Prime Student Loan Trust 2015-D, A3 144A 2.500%, 1/25/36⁽²⁾		247		248
Earnest Student Loan Program LLC 2017-A, A2 144A 2.650%, 1/25/41⁽²⁾		765		761
Laurel Road Prime Student Loan Trust 2017-B, A2FX 144A 2.770%, 8/25/42⁽²⁾		1,090		1,084
Navient Private Education Loan Trust 2017-A, A2A 144A 2.880%, 12/16/58⁽²⁾		920		912
SLM Private Education Loan Trust
2014-A, A2A 144A, 2.590%, 1/15/26⁽²⁾		1,101		1,103
2013-B, A2A 144A, 1.850%, 6/17/30⁽²⁾		854		851
2013-C, A2A 144A, 2.940%, 10/15/31⁽²⁾		213		214
SoFi Professional Loan Program LLC
2014-B, A2 144A, 2.550%, 8/27/29⁽²⁾		372		372
2015-A, A2 144A, 2.420%, 3/25/30⁽²⁾		147		147
2016-A, A2 144A, 2.760%, 12/26/36⁽²⁾		384		383
2017-B, A1FX 144A, 1.830%, 5/25/40⁽²⁾		617		615
2017-C, A2A 144A, 1.750%, 7/25/40⁽²⁾		856		853
2017-E, A2B 144A, 2.720%, 11/26/40⁽²⁾		1,100		1,094

				9,448

TOTAL ASSET-BACKED SECURITIES (Identified Cost $100,406)				100,371

CORPORATE BONDS AND NOTES—25.4%
Consumer Discretionary—2.8%
Aptiv plc 3.150%, 11/19/20		540		548
CalAtlantic Group, Inc. 5.250%, 6/1/26		565		598
Daimler Finance North America LLC 144A 2.200%, 10/30/21⁽²⁾		1,195		1,173


	PAR VALUE		VALUE
Consumer Discretionary—(continued)
Delphi Corp. 4.150%, 3/15/24	$	360	$	380
Discovery Communications LLC 2.950%, 3/20/23		910		900
Ford Motor Credit Co., LLC 5.750%, 2/1/21		400		434
General Motors Financial Co., Inc.
3.700%, 11/24/20		670		688
4.200%, 3/1/21		405		421
3.200%, 7/6/21		975		984
Horton (D.R.), Inc. 4.750%, 2/15/23		895		956
Hyundai Capital America 144A 2.450%, 6/15/21⁽²⁾		855		837
Lennar Corp. 144A 2.950%, 11/29/20⁽²⁾		685		680
Newell Brands, Inc. 3.150%, 4/1/21		279		282
Scientific Games International, Inc. 144A 5.000%, 10/15/25⁽²⁾		360		361
Sirius XM Radio, Inc. 144A 3.875%, 8/1/22⁽²⁾		740		742
TRI Pointe Group, Inc.
4.875%, 7/1/21		400		415
5.875%, 6/15/24		175		187
Wyndham Worldwide Corp. 4.150%, 4/1/24		45		45

				10,631

Consumer Staples—0.2%
CVS Health Corp. 2.800%, 7/20/20		540		542
Kraft Heinz Foods Co. (The) 3.500%, 7/15/22		90		92

				634

Energy—2.8%
Anadarko Petroleum Corp. 4.850%, 3/15/21		530		560
Andeavor Logistics LP (Tesoro Logistics Finance Corp.) 3.500%, 12/1/22		1,000		998
Enbridge Energy Partners LP 4.375%, 10/15/20		90		94
Energy Partners Equity LP 4.500%, 11/1/23		310		321
Energy Transfer Equity LP
5.000%, 10/1/22		575		613
4.250%, 3/15/23		315		313
EP Energy LLC 144A 8.000%, 11/29/24⁽²⁾		70		72
Kinder Morgan, Inc.
3.150%, 1/15/23		1,005		999
144A, 5.625%, 11/15/23⁽²⁾		85		94
NGL Energy Partners LP 5.125%, 7/15/19		705		717
Oasis Petroleum, Inc. 6.875%, 1/15/23		350		358
Petrobras Global Finance BV
144A, 5.299%, 1/27/25⁽²⁾		750		752
144A, 5.999%, 1/27/28⁽²⁾		904		906


	PAR VALUE		VALUE
Energy—(continued)
Petroleos Mexicanos 4.875%, 1/24/22	$	1,370	$	1,428
Range Resources Corp. 5.000%, 3/15/23		510		507
Sabine Pass Liquefaction LLC 6.250%, 3/15/22		1,240		1,379
Sinopec Capital Ltd. 144A 1.875%, 4/24/18⁽²⁾		250		250

				10,361

Financials—10.4%
Air Lease Corp. 2.625%, 9/4/18		550		552
Ally Financial, Inc. 5.750%, 11/20/25		330		360
Ares Capital Corp. 4.875%, 11/30/18		62		63
3.875%, 1/15/20		173		176
3.500%, 2/10/23		740		729
Aviation Capital Group Corp. 144A, 2.875%, 9/17/18⁽²⁾		115		115
RegS, 2.875%, 9/17/18⁽³⁾		220		221
Banco de Credito del Peru 144A 4.250%, 4/1/23⁽²⁾		865		907
Banco de Credito e Inversiones 144A 3.500%, 10/12/27⁽²⁾		755		736
Bank of America Corp.
5.490%, 3/15/19		66		68
Series L, 2.650%, 4/1/19		350		352
(3 month LIBOR + 1.180%) 2.543%, 10/21/22⁽¹⁾		1,835		1,871
4.200%, 8/26/24		1,375		1,448
BBVA Banco Continental S.A. RegS 5.000%, 8/26/22⁽³⁾		520		561
Brookfield Finance LLC 4.000%, 4/1/24		789		817
Capital One N.A. 2.950%, 7/23/21		1,085		1,091
Citigroup, Inc. , (3 month LIBOR + 1.430%) 2.911%, 9/1/23⁽¹⁾		1,090		1,122
Development Bank of Kazakhstan JSC 144A 4.125%, 12/10/22⁽²⁾		895		920
Fifth Third Bancorp 4.500%, 6/1/18		150		151
First Horizon National Corp. 3.500%, 12/15/20		440		449
First Tennessee Bank N.A. 2.950%, 12/1/19		250		252
FS Investment Corp. 4.250%, 1/15/20		300		305
4.750%, 5/15/22		185		190
Goldman Sachs Group, Inc. (The)
2.350%, 11/15/21		350		345
3.000%, 4/26/22		900		903
4.250%, 10/21/25		320		334


	PAR VALUE		VALUE
Financials—(continued)
(3 month LIBOR + 1.750%) 3.128%, 10/28/27⁽¹⁾	$	2,015	$	2,131
Guanay Finance Ltd. 144A 6.000%, 12/15/20⁽²⁾		651		669
HSBC Holdings plc
2.950%, 5/25/21		860		866
(3 month LIBOR + 1.500%) 2.843%, 1/5/22⁽¹⁾		476		492
Huntington Bancshares, Inc. 7.000%, 12/15/20		245		274
ICAHN Enterprises LP 144A 6.250%, 2/1/22⁽²⁾		695		711
Industrial & Commercial Bank of China Ltd. 3.231%, 11/13/19		250		252
(3 month LIBOR + 0.750%) 2.147%, 11/8/20⁽¹⁾		370		370
2.957%, 11/8/22		370		367
iStar, Inc. 5.000%, 7/1/19		270		271
6.000%, 4/1/22		105		109
5.250%, 9/15/22		330		332
JPMorgan Chase & Co. 2.250%, 1/23/20		540		540
2.295%, 8/15/21		300		297
KeyCorp 5.100%, 3/24/21		185		199
Kimco Realty Corp. 3.300%, 2/1/25		1,120		1,111
Lincoln National Corp. 8.750%, 7/1/19		69		75
4.200%, 3/15/22		470		495
(3 month LIBOR + 2.040%) 3.403%, 4/20/67⁽¹⁾⁽⁴⁾		75		69
Macquarie Group Ltd. 144A 3.000%, 12/3/18⁽²⁾		75		76
MetLife, Inc. 4.368%, 9/15/23		365		394
Metropolitan Life Global Funding I 144A 2.500%, 12/3/20⁽²⁾		650		651
Mizuho Financial Group, Inc. 2.273%, 9/13/21		565		555
Morgan Stanley
(3 month LIBOR + 0.930%) 2.293%, 7/22/22⁽¹⁾		725		731
4.100%, 5/22/23		730		760
(3 month LIBOR + 1.400%) 2.765%, 10/24/23⁽¹⁾		730		751
Navient Corp. 6.500%, 6/15/22		473		496
Nordea Bank AB 144A 1.625%, 9/30/19⁽²⁾		1,005		994
Nuveen Finance LLC 144A 2.950%, 11/1/19⁽²⁾		430		434
Prudential Financial, Inc. 8.875%, 6/15/38		100		103
S&P Global, Inc. 3.300%, 8/14/20		519		529
Santander Holdings USA, Inc. 144A 3.700%, 3/28/22⁽²⁾		910		921
SBA Tower Trust 144A, 3.156%, 10/8/20⁽²⁾		750		756


	PAR VALUE		VALUE
Financials—(continued)
144A, 2.877%, 7/9/21⁽²⁾	$	800	$	794
144A, 3.168%, 4/11/22⁽²⁾		730		727
State Bank of India 144A 3.250%, 4/18/18⁽²⁾		300		301
State Street Corp. 4.956%, 3/15/18		525		528
Toronto-Dominion Bank (The) 2.125%, 4/7/21		700		693
Turkiye Is Bankasi 144A 5.500%, 4/21/22⁽²⁾		800		807
Turkiye Vakiflar Bankasi TAO 144A 5.625%, 5/30/22⁽²⁾		530		528
UBS Group Funding Jersey Ltd. 144A 2.650%, 2/1/22⁽²⁾		400		395
Wells Fargo & Co.
3.069%, 1/24/23		470		473
(3 month LIBOR + 1.230%) 2.610%, 10/31/23⁽¹⁾		730		749
XLIT Ltd. 2.300%, 12/15/18		135		135

				38,949

Health Care—2.0%
Abbott Laboratories 2.900%, 11/30/21		500		506
AbbVie, Inc.
2.500%, 5/14/20		370		371
2.300%, 5/14/21		495		491
3.200%, 11/6/22		45		46
2.850%, 5/14/23		495		494
Allergan Funding SCS
3.000%, 3/12/20		85		86
3.450%, 3/15/22		90		91
Anthem, Inc. 3.350%, 12/1/24		215		218
Becton Dickinson & Co.
2.894%, 6/6/22		322		320
3.363%, 6/6/24		192		192
Cardinal Health, Inc.
2.616%, 6/15/22		735		723
3.079%, 6/15/24		735		723
Community Health Systems, Inc. 6.250%, 3/31/23		150		135
Fresenius U.S. Finance II, Inc. 144A 4.500%, 1/15/23⁽²⁾		95		100
Mylan NV 3.150%, 6/15/21		230		231
Mylan, Inc. 144A 3.125%, 1/15/23⁽²⁾		740		730
Owens & Minor, Inc. 3.875%, 9/15/21		65		66
Shire Acquisitions Investments Ireland DAC 2.400%, 9/23/21		435		428
Tenet Healthcare Corp. 144A 4.625%, 7/15/24⁽²⁾		550		536


	PAR VALUE		VALUE
Health Care—(continued)
Valeant Pharmaceuticals International, Inc. 144A 6.500%, 3/15/22⁽²⁾	$	105	$	110
Zimmer Biomet Holdings, Inc. 3.150%, 4/1/22		825		827
Zoetis, Inc. 3.450%, 11/13/20		165		169

				7,593

Industrials—1.0%
America West Airlines Pass-Through-Trust 2001-1, G 7.100%, 4/2/21		837		909
British Airways Pass-Through-Trust 2013-1, B 144A 5.625%, 6/20/20⁽²⁾		470		487
CNH Industrial N.V. 4.500%, 8/15/23		754		784
Masco Corp. 5.950%, 3/15/22		224		248
Penske Truck Leasing Co., LP
RegS, 2.500%, 6/15/19⁽³⁾		150		150
144A, 3.375%, 2/1/22⁽²⁾		205		209
Pitney Bowes, Inc. 4.125%, 5/15/22		858		788
TransDigm, Inc. 6.500%, 7/15/24		395		405

				3,980

Information Technology—1.1%
Apple, Inc.
2.400%, 1/13/23		815		808
2.750%, 1/13/25		445		441
Broadcom Corp.
144A, 2.375%, 1/15/20⁽²⁾		545		541
144A, 3.000%, 1/15/22⁽²⁾		385		382
Dell International LLC 144A 5.450%, 6/15/23⁽²⁾		685		740
Hewlett Packard Enterprise Co.
2.850%, 10/5/18		325		326
3.600%, 10/15/20		60		61
VMware, Inc.
2.300%, 8/21/20		225		224
2.950%, 8/21/22		465		464

				3,987

Materials—1.5%
Anglo American Capital plc 144A 3.625%, 9/11/24⁽²⁾		910		905
FMG Resources August 2006 Pty Ltd. 144A 9.750%, 3/1/22⁽²⁾		915		1,013
Glencore Funding LLC 144A 4.125%, 5/30/23⁽²⁾		900		931
NOVA Chemicals Corp.


	PAR VALUE		VALUE
Materials—(continued)
144A, 4.875%, 6/1/24⁽²⁾	$	380	$	379
144A, 5.000%, 5/1/25⁽²⁾		520		519
OCP SA 144A 5.625%, 4/25/24⁽²⁾		790		846
Severstal OAO Via Steel Capital S.A. 144A 3.850%, 8/27/21⁽²⁾⁽⁷⁾		1,075		1,092

				5,685

Real Estate—1.2%
American Tower Corp. 3.000%, 6/15/23		430		429
Brixmor Operating Partnership LP 3.875%, 8/15/22		140		143
Corporate Office Properties LP 3.700%, 6/15/21		220		224
Healthcare Trust of America Holdings LP
3.375%, 7/15/21		135		138
2.950%, 7/1/22		920		917
Hospitality Properties Trust 4.650%, 3/15/24		430		452
Kilroy Realty LP 3.450%, 12/15/24		163		163
Select Income REIT 4.150%, 2/1/22		580		586
Senior Housing Properties Trust 3.250%, 5/1/19		125		126
Ventas Realty LP
4.000%, 4/30/19		505		514
2.700%, 4/1/20		152		153
West Europe Finance LLC 144A 3.250%, 10/5/20⁽²⁾		535		544

				4,389

Telecommunication Services—1.7%
AT&T, Inc.
(3 month LIBOR + 0.890%) 2.303%, 2/14/23⁽¹⁾		475		479
2.850%, 2/14/23		925		929
3.400%, 8/14/24		550		553
Frontier Communications Corp. 10.500%, 9/15/22		455		344
Level 3 Financing, Inc. 5.375%, 1/15/24		725		724
Sprint Spectrum Co., LLC 144A 3.360%, 9/20/21⁽²⁾		844		849
T-Mobile USA, Inc. 6.000%, 4/15/24		555		588
Telefonica Emisiones SAU 3.192%, 4/27/18		195		196
Verizon Communications, Inc.
2.946%, 3/15/22		1,364		1,372
3.125%, 3/16/22		306		310

				6,344


	PAR VALUE		VALUE
Utilities—0.7%
American Electric Power Co., Inc. 2.150%, 11/13/20	$	925	$	921
Exelon Corp.
2.850%, 6/15/20		805		812
3.497%, 6/1/22		196		200
TerraForm Power Operating LLC 144A 4.250%, 1/31/23⁽²⁾		735		729

				2,662

TOTAL CORPORATE BONDS AND NOTES (Identified Cost $94,936)				95,215

LOAN AGREEMENTS⁽¹⁾—6.2%
Consumer Discretionary—1.9%
Altice US Finance I Corp. 2017 Refinancing , (1 month LIBOR + 2.250%) 3.819%, 7/28/25		318		316
Aristocrat Leisure Ltd.
2017, Tranche B-2, (3 month LIBOR + 2.000%) 3.363%, 10/20/21		522		525
Tranche B-2, (3 month LIBOR + 2.000%) 3.357%, 10/19/24		145		146
Boyd Gaming Corp. Refinancing, Tranche B , (weekly LIBOR + 2.500%) 3.975%, 9/15/23		773		776
Caesars Entertainment Operating Co. LLC Tranche B , (1 month LIBOR + 2.500%) 4.069%, 10/7/24		760		760
Charter Communications Operating LLC Tranche B , (3 month LIBOR + 2.000%) 0.000%, 4/30/25⁽⁸⁾		1,110		1,110
CityCenter Holdings LLC Tranche B , (1 month LIBOR + 2.500%) 4.069%, 4/18/24		318		320
El Dorado Resorts, Inc. , (1 month LIBOR + 2.250%) 3.750%, 4/17/24		485		485
Hilton Worldwide Finance LLC Series B-2 , (1 month LIBOR + 2.000%) 3.552%, 10/25/23		728		731
Las Vegas Sands LLC 2017 Refinancing , (1 month LIBOR + 2.000%) 3.569%, 3/29/24		554		557
MGM Growth Properties Operation Partnership LP Tranche B , (1 month LIBOR + 2.250%) 3.819%, 4/25/23		280		281
PetSmart, Inc. Tranche B-2 , (1 month LIBOR + 3.000%) 4.570%, 3/11/22		304		243


	PAR VALUE		VALUE
Consumer Discretionary—(continued)
Sinclair Television Group, Inc. Tranche B , (3 month LIBOR + 2.500%) 0.000%, 12/12/24⁽⁸⁾	$	490	$	489
Station Casinos LLC Tranche B , (1 month LIBOR + 2.500%) 4.060%, 6/8/23		360		360

				7,099

Consumer Staples—0.4%
Albertson’s LLC
2017-1, Tranche B-4, (1 month LIBOR + 2.750%) 4.319%, 8/25/21		185		181
2017-1, Tranche B-5, (3 month LIBOR + 3.000%) 4.675%, 12/21/22		331		324
Aramark Intermediate HoldCo Corp.
Tranche B, (1 month LIBOR + 2.000%) 3.569%, 3/28/24		359		360
Tranche B-1, (1 month LIBOR + 2.000%) 3.569%, 3/11/25		370		372
JBS USA Lux S.A. , (3 month LIBOR + 2.500%) 4.100%, 10/30/22		243		239
Prestige Brands, Inc. Tranche B-4 , (1 month LIBOR + 2.750%) 4.319%, 1/26/24		53		53

				1,529

Energy—0.1%
MEG Energy Corp. , (3 month LIBOR + 3.500%) 5.200%, 12/31/23		210		210
Paragon Offshore Finance Co. , (3 month LIBOR + 2.750%) 0.000%, 7/16/21^(6)(10)		1		—
Ultra Resources, Inc. , (3 month LIBOR + 3.000%) 4.413%, 4/12/24		410		409

				619

Financials—0.1%
FinCo I LLC , (1 month LIBOR + 2.750%) 4.319%, 12/27/22		260		263

Health Care—1.2%
Community Health Systems, Inc. 2021, Tranche H , (3 month LIBOR + 3.000%) 4.479%, 1/27/21		446		425
Endo Luxembourg Finance Co. S.a.r.l. , (1 month LIBOR + 4.250%) 5.875%, 4/29/24		512		515
Envision Healthcare Corp. , (1 month LIBOR + 3.000%) 4.570%, 12/1/23		617		618


	PAR VALUE		VALUE
Health Care—(continued)
HCA, Inc. Tranche B-9 , (1 month LIBOR + 2.000%) 3.569%, 3/17/23	$	2,164	$	2,172
INC Research Holdings, Inc. Tranche B , (1 month LIBOR + 2.250%) 3.819%, 8/1/24		291		291
Quintiles IMS, Inc. Tranche B-2 , (3 month LIBOR + 2.000%) 3.693%, 1/17/25		35		35
Valeant Pharmaceuticals International, Inc. Series F-4, Tranche B , (1 month LIBOR + 3.500%) 4.940%, 4/1/22		396		401

				4,457

Industrials—0.8%
American Airlines, Inc. 2017, Tranche B , (1 month LIBOR + 2.000%) 3.569%, 4/28/23		653		653
Beacon Roofing Supply, Inc. Tranche B, (3 month LIBOR + 2.250%) 0.000%, 1/2/25⁽⁸⁾		80		80
TransDigm, Inc.
Tranche E, (1 month LIBOR + 2.750%) 4.319%, 5/14/22		78		78
Tranche F, (3 month LIBOR + 2.750%) 4.381%, 6/9/23		737		738
United Airlines, Inc. Tranche B , (3 month LIBOR + 2.000%) 3.380%, 4/1/24		1,558		1,561

				3,110

Information Technology—0.6%
Kronos, Inc. First Lien , (3 month LIBOR + 3.500%) 4.903%, 11/1/23		489		492
Leidos Innovations Corp. Tranche B , (1 month LIBOR + 2.000%) 3.625%, 8/16/23		256		258
Rackspace Hosting, Inc. 2017, Tranche B, First Lien , (3 month LIBOR + 3.000%) 4.385%, 11/3/23		828		836
Western Digital Corp. Tranche B-3 , (1 month LIBOR + 2.000%) 3.569%, 4/29/23		546		548

				2,134

Telecommunication Services—0.6%
CenturyLink, Inc. Tranche B , (3 month PRIME + 1.750%) 4.319%, 1/31/25		620		597
Level 3 Financing, Inc. 2024, Tranche B , (3 month LIBOR + 2.250%) 3.696%, 2/22/24		913		913


	PAR VALUE			VALUE
Telecommunication Services—(continued)
UPC Financing Partnership Tranche A-R , (1 month LIBOR + 2.500%) 3.977%, 1/15/26	$	655		$	655

					2,165

Utilities—0.5%
Calpine Corp. 2016 , (3 month LIBOR + 2.500%) 4.200%, 5/31/23		665			664
NRG Energy, Inc. , (3 month LIBOR + 2.250%) 3.943%, 6/30/23		991			991
Vistra Operations Co., LLC
Tranche C,
(1 month LIBOR + 2.500%) 3.834%, 8/4/23		41			41
(1 month LIBOR + 2.750%) 3.951%, 8/4/23		232			233
2016, (1 month LIBOR + 2.750%) 4.162%, 12/14/23		82			83

					2,012

TOTAL LOAN AGREEMENTS (Identified Cost $23,432)					23,388


	SHARES
PREFERRED STOCKS—0.7%
Financials—0.7%
Bank of New York Mellon Corp. (The) Series E, 4.950%		390	⁽⁵⁾		404
Citigroup, Inc.		660	⁽⁵⁾		728
JPMorgan Chase & Co. Series Z, 5.300%		1,155	⁽⁵⁾		1,198
Wells Fargo & Co. Series K, 7.980%		325	⁽⁵⁾		330

TOTAL PREFERRED STOCKS (Identified Cost $2,588)					2,660

TOTAL LONG TERM INVESTMENTS—97.1% (Identified Cost $363,473)					363,709

SHORT-TERM INVESTMENT—2.4%
Money Market Mutual Fund—2.4%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 1.190%)⁽⁹⁾		8,836,722			8,837

TOTAL SHORT-TERM INVESTMENT (Identified Cost $8,837)					8,837


	VALUE
TOTAL INVESTMENTS—99.5% (Identified Cost $372,310)	$	372,546
Other assets and liabilities, net—0.5%		1,755

NET ASSETS—100.0%	$	374,301

Abbreviations:


FHLMC		Federal Home Loan Mortgage Corporation (“Freddie Mac”)
FNMA		Federal National Mortgage Association (“Fannie Mae”)
GNMA		Government National Mortgage Association (“Ginnie Mae”)
LIBOR		London Interbank Offered Rate
REIT		Real Estate Investment Trust
REMIC		Real Estate Mortgage Investment Conduit

Footnote Legend:

⁽¹⁾

⁽²⁾	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2017, these securities amounted to a value of $172,891 or 46.2% of net assets.

⁽³⁾	Regulation S security. Security is offered and sold outside of the United States, therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933.

⁽⁴⁾	Interest payments may be deferred.

⁽⁵⁾	Value shown as par value.

⁽⁶⁾	Security in default, no interest payments are being received during the bankruptcy proceedings.

⁽⁷⁾	This Note was issued for the sole purpose of funding a loan agreement between the issuer and the borrower. As the credit risk for this security lies solely with the borrower, the name represented here is that of the borrower.

⁽⁸⁾	This loan will settle after December 31, 2017, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.

⁽⁹⁾	Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

⁽¹⁰⁾	Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments.

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2017 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

There were no transfers between Level 1, Level 2, or Level 3 related to securities held at December 31, 2017.


	PAR VALUE			VALUE
U.S. GOVERNMENT SECURITIES—0.9%
U.S. Treasury Note 1.875%, 2/28/22	$	3,615		$	3,576

TOTAL U.S. GOVERNMENT SECURITIES (Identified Cost $3,574)					3,576

MUNICIPAL BONDS—0.1%
Michigan—0.0%
Tobacco Settlement Finance Authority Taxable Series A, 7.309%, 6/1/34		140			140

Virginia—0.1%
Tobacco Settlement Financing Corp. Series A-1, Taxable 6.706%, 6/1/46		325			293

TOTAL MUNICIPAL BONDS (Identified Cost $460)					433

FOREIGN GOVERNMENT SECURITIES—10.6%
Argentine Republic
5.625%, 1/26/22		465			491
7.500%, 4/22/26		1,765			1,996
6.875%, 1/26/27		655			716
Series NY, 8.280%, 12/31/33		1,570			1,851
7.125%, 7/6/36		735			796
7.625%, 4/22/46		370			417
Bolivarian Republic of Venezuela
7.650%, 4/21/25⁽¹⁵⁾		1,500			307
9.375%, 1/13/34		920			186
Dominican Republic 144A 6.875%, 1/29/26⁽²⁾		180			205
Federative Republic of Brazil 12.500%, 1/5/22		2,645	^BRL		898
Treasury Note Series F, 10.000%, 1/1/23		2,480	^BRL		757
Series F, 10.000%, 1/1/25		3,235	^BRL		974
10.250%, 1/10/28		2,315	^BRL		749
5.625%, 1/7/41		670			684
Kingdom of Bahrain 144A 7.000%, 10/12/28⁽²⁾		910			924
Kingdom of Jordan 144A 5.750%, 1/31/27⁽²⁾		1,075			1,066
Kingdom of Morocco 144A 5.500%, 12/11/42⁽²⁾		800			906
Pakistan Government International Bond 144A 6.875%, 12/5/27⁽²⁾		1,015			1,018
Provincia de Buenos Aires
144A, 9.125%, 3/16/24⁽²⁾		730			856
144A, 7.875%, 6/15/27⁽²⁾		1,180			1,313


	PAR VALUE			VALUE
Republic of Chile 5.500%, 8/5/20		474,000	^CLP	$	806
Republic of Colombia
4.375%, 3/21/23		3,746,000	^COP		1,186
3.875%, 4/25/27	$	400			407
9.850%, 6/28/27		2,429,000	^COP		1,017
Republic of Costa Rica
144A, 4.375%, 4/30/25⁽²⁾		795			767
144A, 7.000%, 4/4/44⁽²⁾		200			206
Republic of Ecuador 144A 8.875%, 10/23/27⁽²⁾		325			357
Republic of Ghana 144A 10.750%, 10/14/30⁽²⁾		665			915
Republic of Indonesia
Series FR70, 8.375%, 3/15/24		9,640,000	^IDR		790
Series FR56, 8.375%, 9/15/26		13,950,000	^IDR		1,165
144A, 4.350%, 1/8/27⁽²⁾		460			487
Republic of Iraq RegS 5.800%, 1/15/28⁽³⁾		610			590
Republic of Kazakhstan 144A 5.125%, 7/21/25⁽²⁾		245			273
Republic of South Africa
Series R208, 6.750%, 3/31/21		10,230	^ZAR		808
4.875%, 4/14/26		430			439
4.300%, 10/12/28		2,140			2,065
Republic of Turkey 6.250%, 9/26/22		515			559
4.875%, 10/9/26		2,440			2,407
4.875%, 4/16/43		945			829
Russian Federation
144A, 7.850%, 3/10/18⁽²⁾		60,000	^RUB		1,041
Series 6216, 6.700%, 5/15/19		57,000	^RUB		989
Series 6215, 7.000%, 8/16/23		55,005	^RUB		955
Sultanate of Oman 144A 4.750%, 6/15/26⁽²⁾		1,170			1,136
Ukraine
144A , 7.750%, 9/1/22⁽²⁾		900			957
144A, 7.750%, 9/1/26⁽²⁾		850			878
United Mexican States
Series M, 6.500%, 6/9/22		16,410	^MXN		799
4.150%, 3/28/27		460			477
4.750%, 3/8/44		508			514

TOTAL FOREIGN GOVERNMENT SECURITIES (Identified Cost $42,051)					40,929

MORTGAGE-BACKED SECURITIES—12.5%
Agency—2.9%
FHLMC 3.500%, 4/1/46		1,093			1,124


	PAR VALUE		VALUE
Agency—(continued)
FNMA
4.000%, 10/1/44	$	940	$	985
3.500%, 9/1/45		1,702		1,749
3.500%, 1/1/46		951		978
3.500%, 5/1/46		906		931
4.000%, 7/1/47		2,566		2,687
4.000%, 8/1/47		2,540		2,660

				11,114

Non-Agency—9.6%
American Homes 4 Rent Trust
2014-SFR2, C 144A, 4.705%, 10/17/36⁽²⁾		915		972
2015-SFR2, C 144A, 4.691%, 10/17/45⁽²⁾		1,011		1,079
2015-SFR1, A 144A, 3.467%, 4/17/52⁽²⁾		666		681
Ameriquest Mortgage Securities, Inc. Pass-Through Certificates, 2003-AR3, M4, (5.850% minus 1 month LIBOR) 4.593%, 6/25/33⁽¹⁾		1,081		1,074
AMSR Trust 2016-SFR1, D 144A, (1 month LIBOR + 2.400%) 3.891%, 11/17/33⁽¹⁾⁽²⁾		765		772
Banc of America Funding Trust
2004-D, 5A1, 3.626%, 1/25/35⁽¹⁾		761		719
2005-1, 1A1, 5.500%, 2/25/35		327		328
2006-2, 3A1, 6.000%, 3/25/36		162		164
Bank of America (Countrywide) Asset-Backed Certificates 2005-1, AF5A 5.042%, 7/25/35⁽¹⁾		763		786
Bank of America (Merrill Lynch - Countrywide) Alternative Loan Trust
2004-22CB, 1A1, 6.000%, 10/25/34		327		337
2004-24CB, 1A1, 6.000%, 11/25/34		74		75
Bank of America (Merrill Lynch) Commercial Mortgage Securities Trust 2015-200P, A 144A 3.218%, 4/14/33⁽²⁾		705		713
Bayview Opportunity Master Fund IIIb Trust 2017-RN2, A1 144A 3.475%, 4/28/32⁽¹⁾⁽²⁾		224		225
Bayview Opportunity Master Fund IVa Trust
2016-SPL1, B1 144A, 4.250%, 4/28/55⁽²⁾		625		646
2017-SPL5, B1 144A, 4.000%, 6/28/57⁽¹⁾⁽²⁾		700		736
2017-SPL1, B1 144A, 4.250%, 10/28/64⁽¹⁾⁽²⁾		493		504
Bayview Opportunity Master Fund IVb Trust
2016-SPL2, B1 144A, 4.250%, 6/28/53⁽¹⁾⁽²⁾		445		460
2017-SPL3, B1 144A, 4.250%, 11/28/53⁽¹⁾⁽²⁾		745		779


	PAR VALUE		VALUE
Non-Agency—(continued)
Caesars Palace Las Vegas Trust 2017-VICI, C 144A 4.138%, 10/15/34⁽²⁾	$	630	$	647
Citigroup Mortgage Loan Trust, Inc. 2015-A, A1 144A 3.500%, 6/25/58⁽¹⁾⁽²⁾		493		499
Colony American Finance Ltd. 2015-1, A 144A 2.896%, 10/15/47⁽²⁾		512		513
Colony Starwood Homes Trust 2016-2A, C 144A, (1 month LIBOR + 2.150%) 3.627%, 12/17/33⁽¹⁾⁽²⁾		770		771
COLT Mortgage Loan Trust Funding LLC 2017-1, A3 144A 3.074%, 5/27/47⁽¹⁾⁽²⁾		496		496
Credit Suisse Commercial Mortgage Trust 2014-IVR2, A2 144A 3.807%, 4/25/44⁽¹⁾⁽²⁾		289		296
Credit Suisse Commercial Mortgage-Backed Trust 2006-8, 3A1 6.000%, 10/25/21		232		219
Deephaven Residential Mortgage Trust
2017-1A, A2 144A, 2.928%, 12/26/46⁽¹⁾⁽²⁾		410		408
2017-2A, A2 144A, 2.606%, 6/25/47⁽¹⁾⁽²⁾		257		255
GAHR Commercial Mortgage Trust 2015-NRF, CFX 144A 3.382%, 12/15/34⁽¹⁾⁽²⁾		600		604
Galton Funding Mortgage Trust 2017-1, A21 144A 3.500%, 7/25/56⁽¹⁾⁽²⁾		479		484
GSAA Home Equity Trust 2005-12, AF3W 4.999%, 9/25/35⁽¹⁾		238		241
Home Equity Loan Trust 2003-HS3, AI4 5.550%, 9/25/33⁽¹⁾		66		67
Jefferies Resecuritization Trust 2014-R1, 2A1 144A 4.000%, 12/27/37⁽²⁾		28		28
JPMorgan Chase Commercial Mortgage Securities Trust 2007-LDPX, AM 5.464%, 1/15/49⁽¹⁾		207		207
JPMorgan Chase Mortgage Trust
2014-5, B2 144A, 3.000%, 10/25/29⁽¹⁾⁽²⁾		363		353
2016-1, M2 144A, 3.750%, 4/25/45⁽¹⁾⁽²⁾		660		668
2016-2, M2 144A, 3.750%, 12/25/45⁽¹⁾⁽²⁾		825		834
2017-3, 2A2 144A, 2.500%, 8/25/47⁽¹⁾⁽²⁾		528		522
2017-4, A3 144A, 3.500%, 11/25/48⁽¹⁾⁽²⁾		485		492
2017-5, A1 144A, 3.188%, 10/25/48⁽¹⁾⁽²⁾		1,135		1,145
MASTR Alternative Loan Trust
2005-5, 2A3, 5.500%, 7/25/25		702		660
2005-2, 2A1, 6.000%, 1/25/35		369		381


	PAR VALUE		VALUE
Non-Agency—(continued)
MASTR Specialized Loan Trust 2005-3, A2 144A 5.704%, 11/25/35⁽¹⁾⁽²⁾	$	228	$	234
MetLife Securitization Trust 2017-1A, M1 144A 3.601%, 4/25/55⁽¹⁾⁽²⁾		425		439
New Residential Mortgage Loan Trust
2016-4A, B1A 144A, 4.500%, 11/25/56⁽¹⁾⁽²⁾		681		722
2017-2A, A3 144A, 4.000%, 3/25/57⁽¹⁾⁽²⁾		424		438
Oak Hill Advisors Residential Loan Trust 2017-NPL2, A1 144A 3.000%, 7/25/57⁽¹⁾⁽²⁾		628		628
One Market Plaza Trust 2017-1MKT, A 144A 3.614%, 2/10/32⁽²⁾		795		818
Pretium Mortgage Credit Partners I LLC
2017-NPL5, A1 144A, 3.327%, 12/30/32⁽¹⁾⁽²⁾		379		378
2017-NPL2, A1 144A, 3.250%, 3/28/57⁽¹⁾⁽²⁾		494		494
Progress Residential Trust 2017-SFR1, B 144A 3.017%, 8/17/34⁽²⁾		385		380
RCO Mortgage LLC 2017-1, A1 144A 3.375%, 8/25/22⁽¹⁾⁽²⁾		1,439		1,440
Resecuritization Pass-Through Trust 2005-8R, A5 6.000%, 10/25/34		299		301
Residential Asset Securitization Trust 2005-A1, A3 5.500%, 4/25/35		549		564
Sequoia Mortgage Trust 2013-8, B1 3.534%, 6/25/43⁽¹⁾		722		720
Towd Point Mortgage Trust
2015-1, A2 144A, 3.250%, 10/25/53⁽¹⁾⁽²⁾		555		559
2015-6, M1 144A, 3.750%, 4/25/55⁽¹⁾⁽²⁾		760		789
2015-5, A2 144A, 3.500%, 5/25/55⁽¹⁾⁽²⁾		690		709
2017-1, M1 144A, 3.750%, 10/25/56⁽¹⁾⁽²⁾		450		458
2015-2, 1M1 144A, 3.250%, 11/25/60⁽¹⁾⁽²⁾		1,920		1,952
Tricon American Homes Trust 2017-SFR1, A 144A 2.716%, 9/17/34⁽²⁾		185		183
Vericrest Opportunity Loan Trust LVI LLC 2017-NPL3, A1 144A 3.500%, 3/25/47⁽¹⁾⁽²⁾		1,230		1,235
Vericrest Opportunity Loan Trust LVIII LLC 2017-NPL5, A1 144A 3.375%, 5/28/47⁽¹⁾⁽²⁾		287		288
Vericrest Opportunity Loan Trust LXIII LLC 2017-NP10, A1 144A 3.000%, 10/25/47⁽¹⁾⁽²⁾		400		399
VSD 2017-PLT1, A 3.600%, 12/25/43		280		280


	PAR VALUE		VALUE
Non-Agency—(continued)
Wells Fargo Commercial Mortgage Trust 2015-LC20, B 3.719%, 4/15/50	$	875	$	875

				37,123

TOTAL MORTGAGE-BACKED SECURITIES (Identified Cost $47,951)				48,237

ASSET-BACKED SECURITIES—6.1%
Automobiles—3.6%
AmeriCredit Automobile Receivables Trust 2017-3, D 3.180%, 7/18/23		1,110		1,112
Avis Budget Rental Car Funding LLC (AESOP) 2015-2A, A 144A 2.630%, 12/20/21⁽²⁾		1,105		1,103
Capital Auto Receivables Asset Trust 2017-1, D 144A 3.150%, 2/20/25⁽²⁾		985		979
Carnow Auto Receivables Trust 2016-1A, D 144A 7.340%, 11/15/21⁽²⁾		745		750
Chrysler Capital Auto Receivables Trust 2016-BA, D 144A 3.510%, 9/15/23⁽²⁾		860		850
Drive Auto Receivables Trust 2017-2, C 2.750%, 9/15/23		1,105		1,107
DT Auto Owner Trust 2017-2A, D 144A 3.890%, 1/15/23⁽²⁾		1,180		1,188
Exeter Automobile Receivables Trust 2014-3A, D 144A 5.690%, 4/15/21⁽²⁾		965		990
First Investors Auto Owner Trust 2015-2A, E 144A 5.590%, 11/15/22⁽²⁾		950		952
Flagship Credit Auto Trust
2015-1, D 144A, 5.260%, 7/15/21⁽²⁾		885		911
2014-1, E 144A, 5.710%, 8/16/21⁽²⁾		665		679
GLS Auto Receivables Trust
2017-1A, B 144A, 2.980%, 12/15/21⁽²⁾		1,180		1,176
2017-1A, C 144A, 3.500%, 7/15/22⁽²⁾		1,180		1,177
Santander Drive Auto Receivables Trust 2017-2, D 3.490%, 7/17/23		1,020		1,030

				14,004

Other—2.5%
Aqua Finance Trust 2017-A, A 144A 3.720%, 11/15/35⁽²⁾		1,174		1,168
CKE Restaurant Holdings, Inc. 2013-1A, A2 144A 4.474%, 3/20/43⁽²⁾		532		533


	PAR VALUE		VALUE
Other—(continued)
CLUB Credit Trust 2017-P1, B 144A 3.560%, 9/15/23⁽²⁾	$	750	$	752
DB Master Finance LLC 2017-1A, A2I 144A 3.629%, 11/20/47⁽²⁾		940		946
Drug Royalty III LP 1 2016-1A, A 144A 3.979%, 4/15/27⁽²⁾		809		808
HOA Funding LLC 2014-1A, A2 144A 4.846%, 8/20/44⁽²⁾		1,033		1,005
Mariner Finance Issuance Trust 2017-AA, A 144A 3.620%, 2/20/29⁽²⁾		775		779
Prosper Marketplace Issuance Trust
2017-1A, B 144A, 3.650%, 6/15/23⁽²⁾		848		855
2017-2A, B 144A, 3.480%, 9/15/23⁽²⁾		740		742
TGIF Funding LLC 2017-1A, A2 144A 6.202%, 4/30/47⁽²⁾		1,119		1,139
Wendy’s Funding LLC 2015-1A, A2II 144A 4.080%, 6/15/45⁽²⁾		674		691

				9,418

TOTAL ASSET-BACKED SECURITIES (Identified Cost $23,330)				23,422

CORPORATE BONDS AND NOTES—55.4%
Consumer Discretionary—6.6%
Beacon Escrow Corp. 144A 4.875%, 11/1/25⁽²⁾		915		918
Beazer Homes USA, Inc.
6.750%, 3/15/25		325		342
144A, 5.875%, 10/15/27⁽²⁾		815		821
Cablevision Systems Corp. 5.875%, 9/15/22		835		823
CalAtlantic Group, Inc. 5.000%, 6/15/27		550		571
Cequel Communications Holdings I LLC 144A 5.125%, 12/15/21⁽²⁾		655		655
Charter Communications Operating LLC 4.908%, 7/23/25		860		914
Clear Channel Worldwide Holdings, Inc.
Series B, 7.625%, 3/15/20		435		426
Series A, 7.625%, 3/15/20		320		313
CRC Escrow Issuer LLC 144A 5.250%, 10/15/25⁽²⁾		865		874
Discovery Communications LLC 3.950%, 3/20/28		900		895
DISH DBS Corp. 7.750%, 7/1/26		610		641
Eldorado Resorts, Inc. 6.000%, 4/1/25		545		570
Ford Motor Credit Co., LLC 4.389%, 1/8/26		925		970


	PAR VALUE		VALUE
Consumer Discretionary—(continued)
Gateway Casinos & Entertainment Ltd. 144A 8.250%, 3/1/24⁽²⁾	$	710	$	760
Goodyear Tire & Rubber Co. (The) 4.875%, 3/15/27		455		466
Horton (D.R.), Inc. 4.750%, 2/15/23		620		662
iHeartCommunications, Inc. 9.000%, 12/15/19		550		408
L Brands, Inc. 6.875%, 11/1/35		679		686
Laureate Education, Inc. 144A 8.250%, 5/1/25⁽²⁾		210		223
Lear Corp. 3.800%, 9/15/27		1,105		1,106
Lennar Corp. 144A 4.750%, 11/29/27⁽²⁾		1,155		1,189
M/I Homes, Inc. 5.625%, 8/1/25		780		792
McGraw-Hill Global Education Holdings LLC 144A 7.875%, 5/15/24⁽²⁾		700		691
MDC Holdings, Inc. 5.500%, 1/15/24		880		928
PetSmart, Inc. 144A 8.875%, 6/1/25⁽²⁾		485		292
QVC, Inc. 5.125%, 7/2/22		240		254
Scientific Games International, Inc.
6.625%, 5/15/21		540		558
144A, 7.000%, 1/1/22⁽²⁾		590		622
144A, 5.000%, 10/15/25⁽²⁾		375		376
SFR Group S.A. 144A 7.375%, 5/1/26⁽²⁾		905		932
Station Casinos LLC 144A 5.000%, 10/1/25⁽²⁾		220		221
TRI Pointe Group, Inc. 5.875%, 6/15/24		815		870
Viking Cruises Ltd. 144A 5.875%, 9/15/27⁽²⁾		940		956
Vista Outdoor, Inc. 5.875%, 10/1/23		850		816
Weekley Homes LLC 144A 6.625%, 8/15/25⁽²⁾		960		955
Wyndham Worldwide Corp. 4.500%, 4/1/27		795		808

				25,304

Consumer Staples—1.5%
Albertsons’s Cos LLC 5.750%, 3/15/25		435		393
BAT Capital Corp. 144A 3.557%, 8/15/27⁽²⁾		1,125		1,126
Cumberland Farms, Inc. 144A 6.750%, 5/1/25⁽²⁾		395		419
Kraft Heinz Foods Co. (The) 3.000%, 6/1/26		1,000		962
Kronos Acquisition Holdings, Inc. 144A 9.000%, 8/15/23⁽²⁾		485		453
MARB BondCo plc 144A 7.000%, 3/15/24⁽²⁾		955		959
Post Holdings, Inc. 144A 5.625%, 1/15/28⁽²⁾		135		136
Rite Aid Corp. 144A 6.125%, 4/1/23⁽²⁾		785		708
Safeway, Inc. 7.250%, 2/1/31		510		426
Tops Holding LLC 144A 8.000%, 6/15/22⁽²⁾		760		410

				5,992


	PAR VALUE		VALUE
Energy—13.3%
Afren plc 144A 11.500%, 2/1/20⁽²⁾⁽⁸⁾	$	464	$	—	⁽¹⁰⁾
Alliance Resource Operating Partners LP 144A 7.500%, 5/1/25⁽²⁾		815		866
Alta Mesa Holdings LP 7.875%, 12/15/24		455		499
American Midstream Partners LP 144A 8.500%, 12/15/21⁽²⁾		365		375
Anadarko Finance Co. Series B 7.500%, 5/1/31		245		314
Anadarko Petroleum Corp. 6.600%, 3/15/46		460		591
Antero Resources Corp. 5.625%, 6/1/23		375		390
Archrock Partners LP 6.000%, 10/1/22		740		740
Blue Racer Midstream LLC 144A 6.125%, 11/15/22⁽²⁾		380		395
Callon Petroleum Co. 6.125%, 10/1/24		800		824
Cheniere Corpus Christi Holdings LLC 7.000%, 6/30/24		680		774
Chesapeake Energy Corp. 144A 8.000%, 6/15/27⁽²⁾		885		850
Compagnie Generale de Geophysique-Veritas SA 6.500%, 6/1/21⁽⁸⁾		725		334
Continental Resources, Inc. 4.500%, 4/15/23		700		714
Crestwood Midstream Partners LP 5.750%, 4/1/25		670		692
CrownRock LP 144A 5.625%, 10/15/25⁽²⁾		975		980
Denbury Resources, Inc. 5.500%, 5/1/22		360		246
Ecopetrol S.A.
5.875%, 9/18/23		615		680
5.375%, 6/26/26		1,705		1,841
Encana Corp. 8.125%, 9/15/30		330		444
Energy Transfer Equity LP
5.000%, 10/1/22		1,010		1,077
4.250%, 3/15/23		250		248
5.875%, 1/15/24		885		931
EP Energy LLC
9.375%, 5/1/20		380		321
144A, 8.000%, 11/29/24⁽²⁾		530		547
FTS International, Inc. 6.250%, 5/1/22		450		435
Gazprom OAO 144A 4.950%, 2/6/28^(2)(16)		750		780
Geopark Ltd. 144A 6.500%, 9/21/24⁽²⁾		960		985
Helmerich & Payne International Drilling Co. 4.650%, 3/15/25		540		568
HollyFrontier Corp. 5.875%, 4/1/26		900		1,001
KazMunayGas National Co. JSC 144A 4.750%, 4/19/27⁽²⁾		1,165		1,227


	PAR VALUE		VALUE
Energy—(continued)
Kinder Morgan, Inc. 7.750%, 1/15/32	$	1,115	$	1,439
MEG Energy Corp. 144A 6.500%, 1/15/25⁽²⁾		450		444
Nabors Industries, Inc. 5.500%, 1/15/23		855		827
NGL Energy Partners LP 5.125%, 7/15/19		925		941
Novatek OAO (Novatek Finance Ltd.) 144A 4.422%, 12/13/22^(2)(16)		1,105		1,137
NuStar Logistics LP 5.625%, 4/28/27		895		911
Oasis Petroleum, Inc. 6.875%, 1/15/23		1,000		1,023
Occidental Petroleum Corp. 4.400%, 4/15/46		700		774
Odebrecht Offshore Drilling Finance Ltd.
144A, 6.720%, 12/1/22⁽²⁾		272		259
144A, 0.000%, 12/1/26⁽²⁾		748		150
Odebrecht Oil & Gas Finance Ltd. 144A 0.000%, 12/29/49⁽²⁾		124		3
Parker Drilling Co. 7.500%, 8/1/20		1,075		978
Peabody Energy Corp.
144A 6.375%, 3/31/25⁽²⁾		1,030		1,071
Pertamina Persero PT
144A, 6.000%, 5/3/42⁽²⁾		400		454
144A, 5.625%, 5/20/43⁽²⁾		320		348
Petrobras Global Finance BV 144A, 5.299%, 1/27/25⁽²⁾		1,441		1,445
7.375%, 1/17/27		2,292		2,523
144A, 5.999%, 1/27/28⁽²⁾		198		198
Petroleos de Venezuela S.A. 144A 6.000%, 5/16/24^(2)(15)		1,580		354
Petroleos Mexicanos
4.875%, 1/24/22		375		391
6.875%, 8/4/26		2,050		2,324
144A, 6.500%, 3/13/27⁽²⁾		580		634
6.500%, 6/2/41		465		478
5.500%, 6/27/44		650		598
PTTEP Treasury Center Co., Ltd. 144A 4.875% ⁽²⁾⁽⁴⁾		315		320
QEP Resources, Inc. 5.625%, 3/1/26		130		132
Range Resources Corp. 4.875%, 5/15/25		990		955
RSP Permian, Inc. 5.250%, 1/15/25		1,110		1,138
Sabine Pass Liquefaction LLC 4.200%, 3/15/28		320		324
SESI LLC 144A 7.750%, 9/15/24⁽²⁾		730		776
Seven Generations Energy Ltd. 144A 5.375%, 9/30/25⁽²⁾		900		909
Southern Gas Corridor CJSC 144A 6.875%, 3/24/26⁽²⁾		895		1,017


	PAR VALUE			VALUE
Energy—(continued)
SRC Energy, Inc. 144A 6.250%, 12/1/25⁽²⁾	$	540		$	552
State Oil Co. of the Azerbaijan Republic 6.950%, 3/18/30		855			949
Transocean, Inc. 144A,
9.000%, 7/15/23⁽²⁾		440			476
6.800%, 3/15/38		250			202
Ultra Resources, Inc.
144A, 6.875%, 4/15/22⁽²⁾		37			37
144A, 7.125%, 4/15/25⁽²⁾		185			185
Vine Oil & Gas LP 144A 8.750%, 4/15/23⁽²⁾		800			776
Weatherford International Ltd. 9.875%, 2/15/24		250			266
Whiting Petroleum Corp. 144A 6.625%, 1/15/26⁽²⁾		370			377
YPF S.A. 144A,
8.500%, 3/23/21⁽²⁾		376			425
144A, 8.750%, 4/4/24⁽²⁾		115			132
144A, 6.950%, 7/21/27⁽²⁾		945			1,003

					51,324

Financials—12.0%
Acrisure LLC 144A 7.000%, 11/15/25⁽²⁾		1,110			1,070
AerCap Ireland Capital DAC 3.650%, 7/21/27		975			965
Akbank TAS 144A 7.500%, 2/5/18⁽²⁾		2,440	^TRY		640
Allstate Corp. (The) 5.750%, 8/15/53⁽⁵⁾		845			922
Ares Capital Corp.
3.625%, 1/19/22		465			467
3.500%, 2/10/23		565			556
Australia & New Zealand Banking Group Ltd. 144A 4.400%, 5/19/26⁽²⁾		725			754
Aviation Capital Group LLC 144A 3.500%, 11/1/27⁽²⁾		620			607
Banco Bilbao Vizcaya Argentaria Bancomer S.A. 144A 6.500%, 3/10/21⁽²⁾		425			463
Banco de Bogota S.A. 144A 6.250%, 5/12/26⁽²⁾		730			787
Banco de Credito del Peru 144A 6.125%, 4/24/27⁽²⁾		1,095			1,203
Bancolombia S.A. 5.125%, 9/11/22		1,015			1,061
Bank of America Corp. 4.200%, 8/26/24		1,977			2,081
Bank of China Ltd. 144A 5.000%, 11/13/24⁽²⁾		875			933
Bank of Montreal 3.803%, 12/15/32		204			202
Bonos del Banco Central de Chile En Pesos 4.500%, 6/1/20		425,000	^CLP		710


	PAR VALUE		VALUE
Financials—(continued)
Brighthouse Financial, Inc. 144A 3.700%, 6/22/27⁽²⁾	$	1,155	$	1,136
Capital One Financial Corp. 3.750%, 7/28/26		1,030		1,025
Citigroup, Inc. 3.200%, 10/21/26		1,420		1,408
Compass Bank 3.875%, 4/10/25		900		903
Development Bank of Kazakhstan JSC 144A 4.125%, 12/10/22⁽²⁾		1,090		1,121
Drawbridge Special Opportunities Fund LP 144A 5.000%, 8/1/21⁽²⁾		915		944
Eurasian Development Bank 144A 4.767%, 9/20/22⁽²⁾		925		979
FS Investment Corp.
4.250%, 1/15/20		525		534
4.750%, 5/15/22		200		206
GrupoSura Finance S.A. 144A 5.500%, 4/29/26⁽²⁾		725		786
ICAHN Enterprises LP
5.875%, 2/1/22		510		516
6.250%, 2/1/22		195		199
144A, 6.375%, 12/15/25⁽²⁾		780		780
ING Groep N.V. 6.000% ⁽⁴⁾⁽⁵⁾		865		897
iStar, Inc.
6.000%, 4/1/22		350		362
5.250%, 9/15/22		510		513
Jefferies Group LLC 4.850%, 1/15/27		360		383
JPMorgan Chase & Co.
3.300%, 4/1/26		740		746
2.950%, 10/1/26		1,200		1,178
Kazakhstan Temir Zholy Finance BV 144A 6.950%, 7/10/42⁽²⁾		795		930
Kazakhstan Temir Zholy National Co. JSC 144A 4.850%, 11/17/27⁽²⁾		1,260		1,313
Leucadia National Corp. 5.500%, 10/18/23		575		619
Lincoln National Corp., (3 month LIBOR + 2.040%) 3.403%, 4/20/67⁽⁵⁾		300		274
Morgan Stanley 3.125%, 7/27/26		850		838
Navient Corp.
7.250%, 9/25/23		190		202
6.750%, 6/25/25		715		735
OM Asset Management plc 4.800%, 7/27/26		785		813
PNC Financial Services Group, Inc. (The) 6.750%, 12/31/49		1,000		1,110
Prudential Financial, Inc. 5.875%, 9/15/42		1,430		1,562


	PAR VALUE		VALUE
Financials—(continued)
Santander Holdings USA, Inc. 144A 4.400%, 7/13/27⁽²⁾	$	700	$	716
Sberbank of Russia 144A 5.500%, 2/26/24^(2)(16)		450		457
Springleaf Finance Corp. 6.125%, 5/15/22		945		980
Synchrony Financial 3.950%, 12/1/27		885		881
TC Ziraat Bankasi AS 144A 5.125%, 5/3/22⁽²⁾		635		630
Teachers Insurance & Annuity Association of America 144A 4.375%, 9/15/54⁽²⁾		740		751
Toronto-Dominion Bank (The) 3.625%, 9/15/31		295		294
Turkiye Vakiflar Bankasi TAO 144A 5.625%, 5/30/22⁽²⁾		910		907
VICI Properties 1 LLC, (3 month LIBOR + 3.500%) 4.847%, 10/15/22		9		9
Voya Financial, Inc. 5.650%, 5/15/53		870		927
Wells Fargo & Co.
3.550%, 9/29/25		870		893
Series S, 5.900%, 8/15/27		2,210		2,364

				46,242

Health Care—3.6%
Abbott Laboratories 3.750%, 11/30/26		1,030		1,057
Anthem, Inc. 3.650%, 12/1/27		265		270
Avantor, Inc. 144A 6.000%, 10/1/24⁽²⁾		415		413
Becton Dickinson & Co. 3.700%, 6/6/27		1,050		1,058
Catalent Pharma Solutions, Inc. 144A 4.875%, 1/15/26⁽²⁾		85		85
Community Health Systems, Inc. 6.250%, 3/31/23		355		319
Concordia International Corp. 144A 9.000%, 4/1/22⁽²⁾		185		158
DJO Finco, Inc. 144A 8.125%, 6/15/21⁽²⁾		345		323
Eagle Holding Co. II, LLC PIK Interest Capitalization, 144A 7.625%, 5/15/22^(2)(14)		445		453
Endo Finance LLC 144A 5.375%, 1/15/23⁽²⁾		660		515
Envision Healthcare Corp. 144A 6.250%, 12/1/24⁽²⁾		165		170
HCA, Inc. 5.375%, 2/1/25		435		450
MPH Acquisition Holdings LLC 144A 7.125%, 6/1/24⁽²⁾		675		719
Mylan NV 3.950%, 6/15/26		985		993
Ortho-Clinical Diagnostics, Inc. 144A 6.625%, 5/15/22⁽²⁾		420		422


	PAR VALUE		VALUE
Health Care—(continued)
Polaris Intermediate Corp. PIK Interest Capitalization, 144A 8.500%, 12/1/22^(2)(14)	$	115	$	119
Surgery Center Holdings, Inc.
144A, 8.875%, 4/15/21⁽²⁾		570		590
144A, 6.750%, 7/1/25⁽²⁾		190		180
Teleflex, Inc. 4.625%, 11/15/27		430		434
Tenet Healthcare Corp.
8.125%, 4/1/22		205		209
144A, 5.125%, 5/1/25⁽²⁾		260		254
144A, 7.000%, 8/1/25⁽²⁾		785		738
Valeant Pharmaceuticals International, Inc.
144A, 7.500%, 7/15/21⁽²⁾		130		132
144A, 5.625%, 12/1/21⁽²⁾		140		137
144A, 6.500%, 3/15/22⁽²⁾		70		74
144A, 5.875%, 5/15/23⁽²⁾		660		611
144A, 7.000%, 3/15/24⁽²⁾		80		86
144A, 5.500%, 11/1/25⁽²⁾		1,010		1,028
144A, 9.000%, 12/15/25⁽²⁾		150		156
West Street Merger Sub, Inc. 144A 6.375%, 9/1/25⁽²⁾		565		566
Zimmer Biomet Holdings, Inc. 3.550%, 4/1/25		1,030		1,029

				13,748

Industrials—4.0%
Alfa SAB de CV 144A 5.250%, 3/25/24⁽²⁾		765		809
Ashtead Capital, Inc. 144A 4.375%, 8/15/27⁽²⁾		1,025		1,040
Bombardier, Inc. 144A 6.125%, 1/15/23⁽²⁾		975		956
CNH Industrial N.V.
4.500%, 8/15/23		708		736
3.850%, 11/15/27		522		521
DP World Ltd. 144A 6.850%, 7/2/37⁽²⁾		400		492
Embraer Netherlands Finance BV 5.400%, 2/1/27		370		400
GrafTech International Ltd. 6.375%, 11/15/20		1,010		1,007
JBS Investments GmbH 144A 7.250%, 4/3/24⁽²⁾		830		815
JSL Europe S.A. 144A 7.750%, 7/26/24⁽²⁾		910		963
Latam Finance Ltd. 144A 6.875%, 4/11/24⁽²⁾		795		829
Masco Corp. 5.950%, 3/15/22		486		538
Navistar International Corp. 144A 6.625%, 11/1/25⁽²⁾		1,025		1,069
New Enterprise Stone & Lime Co., Inc. 144A 10.125%, 4/1/22⁽²⁾		60		65
Owens Corning 3.400%, 8/15/26		1,260		1,236


	PAR VALUE		VALUE
Industrials—(continued)
Pitney Bowes, Inc. 4.125%, 5/15/22	$	939	$	863
Prime Security Services Borrower LLC 144A 9.250%, 5/15/23⁽²⁾		490		544
SCF Capital Designated Activity Co. 144A 5.375%, 6/16/23⁽²⁾		470		487
Standard Industries, Inc.
144A, 5.500%, 2/15/23⁽²⁾		225		235
144A, 4.750%, 1/15/28⁽²⁾		370		371
TransDigm, Inc. 6.500%, 7/15/24		630		646
6.500%, 5/15/25		270		276
Wrangler Buyer Corp. 144A 6.000%, 10/1/25⁽²⁾		609		627

				15,525

Information Technology—2.9%
Arrow Electronics, Inc. 3.875%, 1/12/28		860		857
Blackboard, Inc. 144A 9.750%, 10/15/21⁽²⁾		503		458
Broadcom Corp. 144A,
3.000%, 1/15/22⁽²⁾		250		248
144A, 3.625%, 1/15/24⁽²⁾		1,145		1,138
144A, 3.125%, 1/15/25⁽²⁾		1,595		1,525
Citrix Systems, Inc. 4.500%, 12/1/27		940		954
Dell International LLC 144A, 5.450%, 6/15/23⁽²⁾		150		162
144A, 8.100%, 7/15/36⁽²⁾		295		372
Everi Payments, Inc. 144A 7.500%, 12/15/25⁽²⁾		250		248
Hewlett Packard Enterprise Co. 4.900%, 10/15/25		425		449
Match Group, Inc. 144A 5.000%, 12/15/27⁽²⁾		555		563
Rackspace Hosting, Inc. 144A 8.625%, 11/15/24⁽²⁾		1,085		1,158
Radiate Holdco LLC 144A 6.625%, 2/15/25⁽²⁾		930		879
ViaSat, Inc. 144A 5.625%, 9/15/25⁽²⁾		945		952
VMware, Inc.
2.950%, 8/21/22		597		595
3.900%, 8/21/27		636		642

				11,200

Materials—5.8%
AK Steel Corp.
7.500%, 7/15/23		385		417
7.000%, 3/15/27		630		641
Alpek SAB de C.V. 144A 5.375%, 8/8/23⁽²⁾		1,110		1,172
Anglo American Capital plc 144A 4.000%, 9/11/27⁽²⁾		1,200		1,192


	PAR VALUE		VALUE
Materials—(continued)
BHP Billiton Finance USA Ltd. 144A 6.750%, 10/19/75⁽²⁾⁽⁵⁾	$	1,015	$	1,185
BlueScope Steel Finance Ltd. 144A 6.500%, 5/15/21⁽²⁾		500		521
Equate Petrochemical BV 144A 4.250%, 11/3/26⁽²⁾		765		778
Fibria Overseas Finance Ltd. 4.000%, 1/14/25		1,415		1,401
FMG Resources August 2006 Pty Ltd. 144A 9.750%, 3/1/22⁽²⁾		375		415
Freeport-McMoRan, Inc.
3.550%, 3/1/22		255		252
3.875%, 3/15/23		385		383
Gerdau Holdings, Inc. 144A 7.000%, 1/20/20⁽²⁾		580		622
Glencore Funding LLC 144A 4.000%, 3/27/27⁽²⁾		950		954
INEOS Group Holdings S.A. 144A 5.625%, 8/1/24⁽²⁾		910		949
James Hardie International Finance DAC 144A 5.000%, 1/15/28⁽²⁾		940		947
Kraton Polymers LLC 144A 7.000%, 4/15/25⁽²⁾		1,120		1,198
Mercer International, Inc. 144A 5.500%, 1/15/26⁽²⁾		185		188
NOVA Chemicals Corp. 144A,
4.875%, 6/1/24⁽²⁾		395		394
144A, 5.000%, 5/1/25⁽²⁾		790		788
OCP SA 144A 5.625%, 4/25/24⁽²⁾		690		739
Platform Specialty Products Corp. 144A 5.875%, 12/1/25⁽²⁾		960		953
PQ Corp. 144A 5.750%, 12/15/25⁽²⁾		340		346
Reynolds Group Issuer, Inc. 144A 7.000%, 7/15/24⁽²⁾		715		767
Rusal Capital DAC 144A 5.125%, 2/2/22⁽²⁾		930		950
Severstal OAO Via Steel Capital S.A.
144A, 3.850%, 8/27/21^(2)(16)		620		630
144A, 5.900%, 10/17/22^(2)(16)		275		304
Standard Industries, Inc. 144A 6.000%, 10/15/25⁽²⁾		450		480
Vale Overseas Ltd.
5.875%, 6/10/21		535		583
6.250%, 8/10/26		500		579
Vedanta Resources plc 144A 6.125%, 8/9/24⁽²⁾		775		791
Yamana Gold, Inc. 144A 4.625%, 12/15/27⁽²⁾		1,010		1,015

				22,534

Real Estate—1.9%
EPR Properties 4.750%, 12/15/26		815		836


	PAR VALUE			VALUE
Real Estate—(continued)
ESH Hospitality, Inc. 144A 5.250%, 5/1/25⁽²⁾	$	605		$	611
Greystar Real Estate Partners LLC 144A 5.750%, 12/1/25⁽²⁾		475			489
Healthcare Trust of America Holdings LP 3.750%, 7/1/27		455			453
Hospitality Properties Trust 4.950%, 2/15/27		925			975
LifeStorage LP 3.875%, 12/15/27		385			383
MPT Operating Partnership LP
5.500%, 5/1/24		455			471
5.000%, 10/15/27		415			423
Physicians Realty LP 4.300%, 3/15/27		790			804
Select Income REIT 4.500%, 2/1/25		900			908
Uniti Group, Inc. 144A 7.125%, 12/15/24⁽²⁾		900			819

					7,172

Telecommunication Services—2.7%
Altice Luxembourg S.A. 144A 7.625%, 2/15/25⁽²⁾		715			685
America Movil SAB de C.V. Series 12 6.450%, 12/5/22		5,000	^MXN		235
AT&T, Inc.
3.400%, 8/14/24		749			753
4.250%, 3/1/27		470			479
3.900%, 8/14/27		995			1,001
5.250%, 3/1/37		155			164
4.800%, 6/15/44		580			573
5.650%, 2/15/47		300			328
Axtel SAB de C.V. 144A 6.375%, 11/14/24⁽²⁾		900			927
Digicel Group Ltd. 144A 8.250%, 9/30/20⁽²⁾		665			654
Frontier Communications Corp.
6.250%, 9/15/21		370			263
10.500%, 9/15/22		695			526
GTH Finance BV 144A 7.250%, 4/26/23⁽²⁾		700			787
Level 3 Financing, Inc. 5.375%, 1/15/24		945			944
Qwest Corp. 7.250%, 9/15/25		400			429
Telenet Finance Luxembourg Notes S.a.r.l. 144A 5.500%, 3/1/28⁽²⁾		1,000			1,001
West Corp. 144A 8.500%, 10/15/25⁽²⁾		300			296
Windstream Services LLC 144A 8.625%, 10/31/25⁽²⁾		520			500

					10,545

Utilities—1.1%
AmeriGas Partners LP 5.500%, 5/20/25		340			343


	PAR VALUE		VALUE
Utilities—(continued)
Dynegy, Inc. 7.375%, 11/1/22	$	675	$	712
Eskom Holdings SOC Ltd. 144A 7.125%, 2/11/25⁽²⁾		600		613
Ferrellgas Partners LP
8.625%, 6/15/20		155		132
6.750%, 6/15/23		855		785
Lamar Funding Ltd. 144A 3.958%, 5/7/25⁽²⁾		910		840
TerraForm Power Operating LLC 144A 5.000%, 1/31/28⁽²⁾		810		802
Texas Competitive Electric Escrow Series A 0.000%, 11/1/36^(8)(13)		200		—	⁽¹⁰⁾
Vistra Operations Co. LLC 0.000%, 10/1/20^(2)(8)(13)		375		—	⁽¹⁰⁾

				4,227

TOTAL CORPORATE BONDS AND NOTES (Identified Cost $213,569)				213,813

LOAN AGREEMENTS⁽¹⁾—8.6%
Consumer Discretionary—1.8%
Advantage Sales & Marketing, Inc.
Tranche B-2, First Lien, (3 month LIBOR + 3.250%) 4.630%, 7/23/21		343		334
Second Lien, (3 month LIBOR + 6.500%) 7.878%, 7/25/22		680		630
Affinity Gaming LLC, (3 month LIBOR + 3.500%) 5.193%, 7/1/23		519		521
Bass Pro Group LLC, (1 month LIBOR + 5.000%) 6.569%, 9/25/24		374		373
Gateway Casinos & Entertainment Ltd. Tranche B-1, (3 month LIBOR + 3.750%) 5.443%, 2/22/23		139		140
Global Appliance, Inc. Tranche B, (1 month LIBOR + 4.000%) 5.570%, 9/29/24		643		650
Hoya Midco LLC First Lien, (1 month LIBOR + 4.000%) 5.569%, 6/30/24		244		243
Laureate Education, Inc. 2024, (1 month LIBOR + 4.500%) 6.069%, 4/26/24		760		766
Leslie’s Poolmart, Inc. Tranche B-1, (2 month LIBOR + 3.750%) 5.374%, 8/16/23		301		300
Mohegan Tribal Gaming Authority Tranche B, (3 month PRIME + 3.000%) 6.535%, 10/13/23		446		449
Neiman Marcus Group, Inc. (The), (1 month LIBOR + 3.250%) 0.000%, 10/25/20⁽⁶⁾		690		562


	PAR VALUE		VALUE
Consumer Discretionary—(continued)
Playa Resorts Holding B.V., (3 month LIBOR + 3.000%) 4.620%, 4/29/24	$	628	$	631
Seminole Tribe of Florida Tranche B, (1 month LIBOR + 2.000%) 3.569%, 7/8/24		549		551
U.S. Farathane LLC Tranche B-4, (3 month LIBOR + 3.500%) 5.193%, 12/23/21		468		469
UFC Holdings LLC First Lien, (1 month LIBOR + 3.250%) 4.810%, 8/18/23		393		395

				7,014

Consumer Staples—0.9%
Albertson’s LLC 2017-1, Tranche B-4, (1 month LIBOR + 2.750%) 4.319%, 8/25/21		608		596
Amplify Snack Brands, Inc., (1 month LIBOR + 5.500%) 6.880%, 9/2/23		641		642
Chobani LLC First Lien, (1 month LIBOR + 3.500%) 5.069%, 10/10/23		335		337
Galleria Co. Tranche B, (1 month LIBOR + 3.000%) 4.375%, 9/29/23		236		237
JBS USA Lux S.A., (3 month LIBOR + 2.500%) 4.100%, 10/30/22		208		205
Milk Specialties Co., (3 month LIBOR + 4.000%) 5.693%, 8/16/23		553		557
Parfums Holdings Co., Inc. First Lien, (3 month LIBOR + 4.750%) 6.443%, 6/30/24		358		361
TKC Holdings, Inc. First Lien, (2 month LIBOR + 4.250%) 5.673%, 2/1/23		477		480

				3,415

Energy—0.9%
California Resources Corp., (1 month LIBOR + 10.375%) 11.876%, 12/31/21		420		460
Chesapeake Energy Corp. Tranche A, (3 month LIBOR + 7.500%) 8.954%, 8/23/21		122		130
Contura Energy, Inc., (2 month LIBOR + 5.000%) 6.630%, 3/18/24		464		457
Medallion Midland Acquisition LLC, (1 month LIBOR + 3.250%) 4.819%, 10/30/24		595		596
Seadrill Operating LP, (3 month LIBOR + 3.000%) 4.693%, 2/21/21		491		395
Traverse Midstream Partners LLC, (3 month LIBOR + 4.000%) 5.850%, 9/27/24		535		542


	PAR VALUE		VALUE
Energy—(continued)
Ultra Resources, Inc., (3 month LIBOR + 3.000%) 4.413%, 4/12/24	$	945	$	943

				3,523

Financials—0.6%
Asurion LLC Tranche B-2, Second Lien, (1 month LIBOR + 6.000%) 7.569%, 8/4/25		1,174		1,205
FinCo I LLC, (1 month LIBOR + 2.750%) 4.319%, 7/14/22		200		202
Walter Investment Management Corp. Tranche B, (1 month LIBOR + 3.750%) 5.319%, 12/18/20⁽¹⁵⁾		1,042		994

				2,401

Health Care—0.7%
21st Century Oncology Holdings, Inc. Tranche B, (3 month LIBOR + 6.125%) 7.825%, 4/30/22⁽¹⁵⁾		159		150
Change Healthcare Holdings, Inc., (1 month LIBOR + 2.750%) 4.319%, 3/1/24		328		328
CHG Healthcare Services, Inc. 2017, First Lien, (3 month LIBOR + 3.000%) 4.476%, 6/7/23		474		477
Envision Healthcare Corp., (1 month LIBOR + 3.000%) 4.570%, 12/1/23		95		95
HLF Financing S.a.r.l. Senior Lien, (1 month LIBOR + 5.500%) 7.069%, 2/15/23		208		207
MMM Holdings, Inc., (3 month LIBOR + 8.750%) 10.324%, 6/30/19		198		190
MSO of Puerto Rico, Inc., (3 month LIBOR + 8.750%) 10.324%, 6/30/19		144		138
NVA Holdings, Inc. Second Lien, (3 month LIBOR + 7.000%) 8.693%, 8/14/22		569		572
PharMerica Corp. Second Lien, (3 month LIBOR + 7.750%) 9.153%, 9/26/25		80		80
Quorum Health Corp., (1 month LIBOR + 6.750%) 8.319%, 4/29/22		234		236
U.S. Renal Care, Inc. First Lien, (3 month LIBOR + 4.250%) 5.943%, 12/30/22		383		377
Wink Holdco, Inc. First Lien, (3 month LIBOR + 3.000%) 4.490%, 12/2/24		35		35

				2,885

Industrials—1.3%
84 Lumber Co. Tranche B-1, (1 month LIBOR + 5.250%) 6.802%, 10/25/23		462		466


	PAR VALUE		VALUE
Industrials—(continued)
Accudyne Industries LLC, (1 month LIBOR + 3.750%) 5.319%, 8/18/24	$	105	$	105
Navistar, Inc. Tranche B, (1 month LIBOR + 3.500%) 4.900%, 11/6/24		830		832
PAE Holding Corp. First Lien, (2 month LIBOR + 5.500%) 7.124%, 10/20/22		267		269
Red Ventures LLC First Lien, (1 month LIBOR + 4.000%) 5.569%, 11/8/24		783		782
Sedgwick Claims Management Services, Inc. Second Lien, (3 month LIBOR + 5.750%) 7.229%, 2/28/22		1,105		1,111
TransDigm, Inc.
Tranche F, (3 month LIBOR + 2.750%) 4.381%, 6/9/23		854		854
Tranche G, (3 month LIBOR + 3.000%) 4.562%, 8/22/24		75		75
Zodiac Pool Solutions LLC Tranche B-1, First Lien, (3 month LIBOR + 4.000%) 5.693%, 12/20/23		416		418

				4,912

Information Technology—0.6%
Applied Systems, Inc. Second Lien, (3 month LIBOR + 7.000%) 8.693%, 9/19/25		100		103
Blackboard, Inc. Tranche B-4, First Lien, (3 month LIBOR + 5.000%) 6.354%, 6/30/21		172		170
Everi Payments, Inc. Tranche B, (3 month LIBOR + 3.500%) 4.979%, 5/9/24		224		226
Intralinks, Inc. First Lien, (3 month LIBOR + 4.000%) 5.700%, 11/14/24		355		353
Kronos, Inc. Second Lien, (3 month LIBOR + 8.250%) 9.627%, 11/1/24		193		200
NAB Holdings LLC, (1 month LIBOR + 3.250%) 4.819%, 7/1/24		299		299
Presidio LLC Tranche B, (3 month PRIME + 2.250%) 5.668%, 2/2/22		528		529
Veritas US, Inc. Tranche B, (3 month LIBOR + 4.500%) 6.193%, 1/27/23		346		347

				2,227

Materials—0.7%
Anchor Glass Container Corp. Second Lien, (1 month LIBOR + 7.750%) 9.182%, 12/7/24		202		204


	PAR VALUE		VALUE
Materials—(continued)
CPG International LLC, (3 month LIBOR + 3.750%) 5.593%, 5/5/24	$	571	$	572
CPI Acquisition, Inc. First Lien, (3 month LIBOR + 4.500%) 5.962%, 8/17/22		1,049		755
IPS Acquisition LLC First Lien, (1 month LIBOR + 3.250%) 4.819%, 11/7/24		95		95
KMG Chemicals, Inc., (1 month LIBOR + 2.750%) 4.319%, 6/15/24		97		97
New Arclin U.S. Holding Corp. First Lien, (3 month LIBOR + 4.250%) 5.943%, 2/14/24		348		351
Omnova Solutions, Inc. Tranche B-2, (1 month LIBOR + 4.250%) 5.819%, 8/25/23		518		522

				2,596

Real Estate—0.1%
Capital Automotive LP Tranche B, Second Lien, (1 month LIBOR + 6.000%) 7.570%, 3/24/25		251		257

Telecommunication Services—0.5%
CenturyLink, Inc. Tranche B, (3 month PRIME + 1.750%) 0.000%, 1/31/25⁽⁶⁾		605		583
Digicel International Finance Ltd. Tranche-B, First Lien, (1 month LIBOR + 3.750%) 5.310%, 5/27/24		80		80
Securus Technologies Holdings, Inc.
First Lien, (2 month LIBOR + 4.500%) 6.124%, 11/1/24		695		702
Second Lien, (2 month LIBOR + 8.250%) 9.874%, 11/1/25		390		393
West Corp. Tranche B, (1 month LIBOR + 4.000%) 5.350%, 10/10/24		237		237

				1,995

Utilities—0.5%
APLP Holdings LP, (1 month LIBOR + 3.500%) 5.069%, 4/13/23		559		566
Energy Future Intermediate Holding Co., LLC, (1 month LIBOR + 3.000%) 4.552%, 6/30/18		620		621
Talen Energy Supply LLC, (1 month LIBOR + 4.000%) 5.569%, 4/15/24		406		409
Vistra Operations Co., LLC
Tranche C, (1 month LIBOR + 2.500%) 3.834%, 8/4/23		57		57


	PAR VALUE			VALUE
Utilities—(continued)
(1 month LIBOR + 2.750%) 3.951%, 8/4/23	$	321		$	323

					1,976

TOTAL LOAN AGREEMENTS (Identified Cost $33,337)					33,201


	SHARES
PREFERRED STOCKS—3.0%
Financials—2.6%
Bank of America Corp. Series X, 6.250%		920	⁽⁷⁾		1,017
Citigroup, Inc.
Series P, 5.950%		735	⁽⁷⁾		783
Series T, 6.250%		1,010	⁽⁷⁾		1,114
JPMorgan Chase & Co. Series Z, 5.300%		1,280	⁽⁷⁾		1,327
KeyCorp Series D, 5.000%		1,655	⁽⁷⁾		1,705
M&T Bank Corp. Series F, 5.125%		930	⁽⁷⁾		992
PNC Financial Services Group, Inc. (The)
Series R, 4.850%		965	⁽⁷⁾		984
Series S, 5.000%		775	⁽⁷⁾		819
Zions Bancorp 6.950%		38,525			1,160

					9,901

Industrials—0.4%
General Electric Co. Series D, 5.000%		1,485	⁽⁷⁾		1,530

TOTAL PREFERRED STOCKS (Identified Cost $10,787)					11,431

COMMON STOCKS—0.1%
Consumer Discretionary—0.0%
Mark IV Industries⁽¹²⁾		446			14

Energy—0.0%
Frontera Energy Corp.⁽¹²⁾		3,405			105

Financials—0.1%
VICI Properties, Inc.⁽¹²⁾		12,950			265

Utilities—0.0%
Vistra Energy Corp.⁽¹²⁾		6,252			115

TOTAL COMMON STOCKS (Identified Cost $464)					499


	SHARES		VALUE
AFFILIATED MUTUAL FUND⁽⁹⁾—2.3%
Virtus Newfleet Credit Opportunities Fund Class R6		934,418	$	9,045

TOTAL AFFILIATED MUTUAL FUND (Identified Cost $9,341)				9,045

RIGHTS—0.0%
Vistra Energy Corp.⁽¹²⁾		6,252		6

TOTAL RIGHTS (Identified Cost $5)				6

TOTAL LONG TERM INVESTMENTS—99.6% (Identified Cost $384,869)				384,592	⁽¹¹⁾

SHORT-TERM INVESTMENT—0.5%
Money Market Mutual Fund⁽⁹⁾—0.5%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 1.190%)		1,987,442		1,987

TOTAL SHORT-TERM INVESTMENT (Identified Cost $1,987)				1,987

TOTAL INVESTMENTS—100.1% (Identified Cost $386,856)				386,579
Other assets and liabilities, net—(0.1)%				(442	)

NET ASSETS—100.0%			$	386,137

Abbreviations:


FHLMC		Federal Home Loan Mortgage Corporation (“Freddie Mac”)
FNMA		Federal National Mortgage Association (“Fannie Mae”)
LIBOR		London Interbank Offered Rate
PIK		Payment-in-Kind Security
REIT		Real Estate Investment Trust

Footnote Legend:

⁽¹⁾

Variable rate security. Rate disclosed is as of December 31, 2017. For loan agreements, the rate shown may represent a weighted average interest rate. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individu al mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

⁽²⁾	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2017, these securities amounted to a value of $167,929 or 43.5% of net assets.

⁽³⁾	Regulation S security. Security is offered and sold outside of the United States, therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933.

⁽⁴⁾	No contractual maturity date.

⁽⁵⁾	Interest payments may be deferred.

⁽⁶⁾	This loan will settle after December 31, 2017, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.

⁽⁷⁾	Value shown as par value.

⁽⁸⁾	Security in default, no interest payments are being received during the bankruptcy proceedings.

⁽⁹⁾	Shares of these funds are publicly offered and the prospectus and annual reports of each are publicly available.

⁽¹⁰⁾	Amount is less than $500.

⁽¹¹⁾	All or a portion of the Fund’s assets have been segregated for delayed delivery securities.

⁽¹²⁾	Non-income producing.

⁽¹³⁾	Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments.

⁽¹⁴⁾	100% of the income received was in cash.

⁽¹⁵⁾	Security in default, interest payments are being received during the bankruptcy proceedings.

⁽¹⁶⁾	This Note was issued for the sole purpose of funding a loan agreement between the issuer and the borrower. As the credit risk for this security lies solely with the borrower, the name represented here is that of the borrower.

Foreign Currencies:


BRL		Brazilian Real
CLP		Chilean Peso
COP		Colombian Peso
IDR		Indonesian Rupiah
MXN		Mexican Peso
RUB		Russian Ruble
TRY		Turkish Lira
ZAR		South African Rand

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2017 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

There were no transfers between Level 1, Level 2, or Level 3 related to securities held at December 31, 2017.


	PAR VALUE			VALUE
U.S. GOVERNMENT SECURITIES—1.4%
U.S. Treasury Note 1.375%, 1/15/20	$	101,020		$	99,965

TOTAL U.S. GOVERNMENT SECURITIES (Identified Cost $100,595)					99,965

MUNICIPAL BONDS—0.1%
Virginia—0.1%
Tobacco Settlement Financing Corp. Series A-1, Taxable 6.706%, 6/1/46		4,635			4,179

TOTAL MUNICIPAL BONDS (Identified Cost $4,323)					4,179

FOREIGN GOVERNMENT SECURITIES—6.5%
Argentine Republic
6.875%, 4/22/21		19,945			21,720
5.625%, 1/26/22		10,455			11,030
7.500%, 4/22/26		12,545			14,190
Series NY, 8.280%, 12/31/33		24,360			28,721
Bolivarian Republic of Venezuela
7.000%, 12/1/18⁽¹⁰⁾		20,999			7,717
RegS, 7.750%, 10/13/19^(4)(10)		9,851			2,290
Dominican Republic
144A, 6.600%, 1/28/24⁽³⁾		7,115			7,978
144A, 6.875%, 1/29/26⁽³⁾		3,300			3,763
Federative Republic of Brazil
12.500%, 1/5/22		62,795	^BRL		21,332
Treasury Note Series F, 10.000%, 1/1/23		72,460	^BRL		22,111
8.500%, 1/5/24		10,945	^BRL		3,324
Treasury Note Series F, 10.000%, 1/1/25		37,510	^BRL		11,294
10.250%, 1/10/28		9,945	^BRL		3,217
Provincia de Buenos Aires 144A 7.875%, 6/15/27⁽³⁾		5,000			5,562
Provincia de Buenos Aires Argentina
144A, 5.750%, 6/15/19⁽³⁾		5,795			6,018
144A, 6.500%, 2/15/23⁽³⁾		18,460			19,878
Republic of Chile 5.500%, 8/5/20		11,647,000	^CLP		19,808
Republic of Colombia
Treasury Note, Series B, 11.250%, 10/24/18		21,072,000	^COP		7,463
4.375%, 3/21/23		33,056,000	^COP		10,469
9.850%, 6/28/27		24,145,000	^COP		10,106
Republic of Costa Rica 144A 4.375%, 4/30/25⁽³⁾		18,640			17,988


	PAR VALUE			VALUE
Republic of Indonesia
144A, 5.875%, 1/15/24⁽³⁾	$	9,500		$	10,802
Series FR70, 8.375%, 3/15/24		177,598,000	^IDR		14,554
Series FR56, 8.375%, 9/15/26		258,591,000	^IDR		21,592
Republic of Kazakhstan 144A 5.125%, 7/21/25⁽³⁾		6,495			7,232
Republic of South Africa
Series R208, 6.750%, 3/31/21		146,750	^ZAR		11,586
5.875%, 5/30/22		9,500			10,374
4.665%, 1/17/24		29,080			29,737
Republic of Turkey 5.625%, 3/30/21		39,640			41,725
Russian Federation
144A, 7.850%, 3/10/18⁽³⁾		410,000	^RUB		7,114
Series 6216, 6.700%, 5/15/19		1,682,000	^RUB		29,195
Series 6215, 7.000%, 8/16/23		1,030,690	^RUB		17,886
Sultanate of Oman
144A, 3.625%, 6/15/21⁽³⁾		9,610			9,610
144A, 4.750%, 6/15/26⁽³⁾		5,295			5,139
United Mexican States Series M 6.500%, 6/9/22		250,769	^MXN		12,208

TOTAL FOREIGN GOVERNMENT SECURITIES (Identified Cost $492,894)					484,733

MORTGAGE-BACKED SECURITIES—21.3%
Agency—4.6%
FNMA
4.500%, 4/1/18		9			9
5.000%, 10/1/19		61			63
5.500%, 2/1/20		14			14
5.500%, 3/1/20		11			11
5.500%, 3/1/20		37			37
5.500%, 3/1/20		11			11
5.500%, 3/1/20		5			5
5.500%, 4/1/20		66			67
5.000%, 6/1/20		140			143
4.000%, 8/1/25		5,443			5,645
3.000%, 6/1/27		648			662
3.000%, 10/1/30		19,128			19,529
3.000%, 10/1/30		28,368			28,963
2.500%, 2/1/31		32,199			32,180
3.000%, 2/1/31		12,135			12,370
6.000%, 12/1/32		28			31
5.500%, 2/1/33		37			41


	PAR VALUE		VALUE
Agency—(continued)
5.500%, 5/1/34	$	186	$	206
6.000%, 8/1/34		152		173
5.500%, 11/1/34		142		155
5.500%, 11/1/34		131		144
6.000%, 11/1/34		135		151
5.500%, 12/1/34		42		46
5.500%, 1/1/35		201		223
6.000%, 7/1/37		16		18
6.000%, 4/1/38		104		117
5.000%, 12/1/39		3,401		3,712
4.500%, 4/1/40		4,988		5,342
5.000%, 8/1/40		5,565		5,991
4.000%, 10/1/40		116		122
4.000%, 3/1/41		3,973		4,175
4.500%, 5/1/41		3,574		3,831
3.500%, 4/1/42		7,628		7,881
4.000%, 10/1/44		18,452		19,326
3.500%, 1/1/46		9,287		9,546
4.000%, 1/1/46		11,689		12,234
3.500%, 6/1/46		18,467		18,981
3.500%, 12/1/46		16,286		16,739
3.500%, 1/1/47		21,505		22,104
4.000%, 4/1/47		7,298		7,642
3.500%, 7/1/47		29,001		29,809
3.500%, 7/1/47		8,614		8,854
4.000%, 7/1/47		34,219		35,833
4.000%, 8/1/47		28,116		29,444
GNMA
6.500%, 11/15/31		18		20
6.500%, 2/15/32		10		12

				342,612

Non-Agency—16.7%
Access Point Funding I LLC 2017-A, A 144A 3.060%, 4/15/29⁽³⁾		12,004		11,975
Adjustable Rate Mortgage Trust 2005-1, 3A1 3.335%, 5/25/35⁽²⁾		2,579		2,602
American Homes 4 Rent Trust 2015-SFR1, A 144A 3.467%, 4/17/52⁽³⁾		11,601		11,872
Ameriquest Mortgage Securities, Inc.
2003-10, AF6, 5.210%, 11/25/33⁽²⁾		360		370


	PAR VALUE		VALUE
Non-Agency—(continued)
2003-10, AV1, (1 month LIBOR + 0.760%) 2.312%, 12/25/33⁽²⁾	$	3,672	$	3,651
AMSR Trust
2016-SFR1, A 144A, (1 month LIBOR + 1.400%) 2.891%, 11/17/33⁽²⁾⁽³⁾		4,170		4,195
2016-SFR1, C 144A, (1 month LIBOR + 2.250%) 3.741%, 11/17/33⁽²⁾⁽³⁾		3,495		3,540
2016-SFR1, D 144A, (1 month LIBOR + 2.400%) 3.891%, 11/17/33⁽²⁾⁽³⁾		425		429
Angel Oak Mortgage Trust LLC
2017-1, A3 144A, 3.644%, 1/25/47⁽²⁾⁽³⁾		1,275		1,280
2017-3, A1 144A, 2.708%, 11/25/47⁽²⁾⁽³⁾		8,613		8,599
Asset Backed Funding Certificates 2005-AQ1, A6 4.780%, 1/25/35⁽²⁾		960		986
Aventura Mall Trust 2013-AVM, A 144A 3.743%, 12/5/32⁽²⁾⁽³⁾		10,350		10,664
Banc of America Funding Trust
2004-4, 3A1, 4.750%, 10/25/19		546		491
2004-B, 2A1, 3.776%, 11/20/34⁽²⁾		663		668
2004-D, 5A1, 3.626%, 1/25/35⁽²⁾		3,418		3,227
2005-1, 1A1, 5.500%, 2/25/35		365		365
2006-2, 3A1, 6.000%, 3/25/36		1,651		1,671
Banc of America Mortgage Trust 2005-3, 1A15 5.500%, 4/25/35		994		1,008
Bank of America (Countrywide) Asset-Backed Certificates 2005-1, AF5A 5.042%, 7/25/35⁽²⁾		8,550		8,810
Bank of America (Merrill Lynch - Countrywide) Alternative Loan Trust 2004-22CB, 1A1 6.000%, 10/25/34		17,207		17,715
Bank of America (Merrill Lynch - Countrywide) Asset-Backed Certificates Trust 2004-10, AF6 4.485%, 12/25/34⁽²⁾		121		124
Bank of America (Merrill Lynch - Countrywide) Home Loan Mortgage Pass-Through-Trust
2004-6, 1A2, 3.572%, 5/25/34⁽²⁾		996		993
2004-4, A6, 5.500%, 5/25/34		527		530
Bank of America (Merrill Lynch) Commercial Mortgage Securities Trust 2015-200P, A 144A 3.218%, 4/14/33⁽³⁾		12,400		12,533
Bank of America (Merrill Lynch) Investors Trust 2004-A4, A1 3.270%, 8/25/34⁽²⁾		1,218		1,240
Bayview Commercial Asset Trust


	PAR VALUE		VALUE
Non-Agency—(continued)
2006-2A, A2 144A, (1 month LIBOR + 0.280%) 1.832%, 7/25/36⁽²⁾⁽³⁾	$	5,474	$	5,296
2008-1, A3 144A, (1 month LIBOR + 1.500%) 3.052%, 1/25/38⁽²⁾⁽³⁾		5,756		5,759
Bayview Financial Acquisition Trust
2007-A, 1A2, 6.205%, 5/28/37⁽²⁾		3,768		3,878
2006-A, 1A4, 6.087%, 2/28/41⁽²⁾		4,654		4,956
Bayview Koitere Fund Trust 2017-RT4, A 144A 3.500%, 7/28/57⁽²⁾⁽³⁾		9,552		9,737
Bayview Opportunity Master Fund IIIa Trust
2017-RN7, A1 144A, 3.105%, 9/28/32⁽²⁾⁽³⁾		8,381		8,364
2017-RN8, A1 144A, 3.352%, 11/28/32⁽²⁾⁽³⁾		10,000		9,980
Bayview Opportunity Master Fund IIIb Trust 2017-RN2, A1 144A 3.475%, 4/28/32⁽²⁾⁽³⁾		3,350		3,358
Bayview Opportunity Master Fund IVa Trust
2016-SPL1, B1 144A, 4.250%, 4/28/55⁽³⁾		7,758		8,014
2017-RT1, A1 144A, 3.000%, 3/28/57⁽²⁾⁽³⁾		4,498		4,499
2017-SPL5, B1 144A, 4.000%, 6/28/57⁽²⁾⁽³⁾		5,910		6,215
2017-SPL1, B1 144A, 4.250%, 10/28/64⁽²⁾⁽³⁾		7,957		8,140
Bayview Opportunity Master Fund IVb Trust
2016-SPL2, B1 144A, 4.250%, 6/28/53⁽²⁾⁽³⁾		5,532		5,713
2017-SPL3, B1 144A, 4.250%, 11/28/53⁽²⁾⁽³⁾		2,000		2,090
2017-SPL4, A 144A, 3.500%, 1/28/55⁽²⁾⁽³⁾		3,315		3,360
Caesars Palace Las Vegas Trust 2017-VICI, C 144A 4.138%, 10/15/34⁽³⁾		12,170		12,499
Citigroup Commercial Mortgage Trust 2016-SMPL, A 144A 2.228%, 9/10/31⁽³⁾		3,655		3,585
Citigroup Mortgage Loan Trust, Inc.
2004-NCM2, 2CB2, 6.750%, 8/25/34		9,045		9,726
2014-A, A 144A, 4.000%, 1/25/35⁽²⁾⁽³⁾		7,241		7,538
2015-PS1, A1 144A, 3.750%, 9/25/42⁽²⁾⁽³⁾		6,431		6,550
2015-A, A1 144A, 3.500%, 6/25/58⁽²⁾⁽³⁾		2,987		3,023
Cold Storage Trust 2017-ICE3, A 144A , (1 month LIBOR + 1.000%) 2.477%, 4/15/36⁽²⁾⁽³⁾		21,345		21,398
Colony American Finance Ltd. 2015-1, A 144A 2.896%, 10/15/47⁽³⁾		8,571		8,591
Colony Multi-Family Mortgage Trust 2014-1, A 144A 2.543%, 4/20/50⁽³⁾		2,999		2,982
Colony Starwood Homes Trust 2016-2A, C 144A , (1 month LIBOR + 2.150%) 3.627%, 12/17/33⁽²⁾⁽³⁾		18,880		18,901
COLT Mortgage Loan Trust Funding LLC


	PAR VALUE		VALUE
Non-Agency—(continued)
2016-1, A1 144A, 3.000%, 5/25/46⁽³⁾	$	2,322	$	2,355
2016-2, A1 144A, 2.750%, 9/25/46⁽²⁾⁽³⁾		5,614		5,687
2016-3, A1 144A, 2.800%, 12/26/46⁽²⁾⁽³⁾		3,199		3,198
2017-1, A3 144A, 3.074%, 5/27/47⁽²⁾⁽³⁾		1,201		1,201
Commercial Mortgage Lease-Backed Certificates 2001-CMLB, A3 144A 7.471%, 6/20/31⁽²⁾⁽³⁾		4,080		4,467
Commercial Mortgage Trust 2014-277P, A 144A 3.611%, 8/10/49⁽²⁾⁽³⁾		8,705		9,031
Credit Suisse Commercial Mortgage Trust 2014-IVR2, A2 144A 3.807%, 4/25/44⁽²⁾⁽³⁾		8,621		8,852
Credit Suisse First Boston Mortgage Securities Corp.
2003-27, 5A3, 5.250%, 11/25/33		984		996
2003-AR30, 5A1, 3.475%, 1/25/34⁽²⁾		4,577		4,693
2004-8, 7A1, 6.000%, 12/25/34		4,623		4,845
Credit Suisse Mortgage Capital Trust
2016-BDWN, A 144A, (1 month LIBOR + 2.900%) 4.377%, 2/15/29⁽²⁾⁽³⁾		2,975		2,988
2013-HYB1, A16 144A, 3.006%, 4/25/43⁽²⁾⁽³⁾		3,964		3,985
Credit Suisse Mortgage Trust 2017-FHA1, A1 144A 3.250%, 4/25/47⁽²⁾⁽³⁾		12,727		12,870
Deephaven Residential Mortgage Trust
2017-1A, A1 144A, 2.725%, 12/26/46⁽²⁾⁽³⁾		5,733		5,703
2017-1A, A2 144A, 2.928%, 12/26/46⁽²⁾⁽³⁾		1,453		1,446
2017-2A, A1 144A, 2.453%, 6/25/47⁽²⁾⁽³⁾		5,089		5,032
2017-2A, A2 144A, 2.606%, 6/25/47⁽²⁾⁽³⁾		2,297		2,271
2017-3A, A3 144A, 2.813%, 10/25/47⁽²⁾⁽³⁾		5,628		5,627
GAHR Commercial Mortgage Trust 2015-NRF, CFX 144A 3.382%, 12/15/34⁽²⁾⁽³⁾		16,875		16,988
Galton Funding Mortgage Trust 2017-1, A21 144A 3.500%, 7/25/56⁽²⁾⁽³⁾		18,560		18,733
GMAC Mortgage Corp. Loan Trust
2004-AR1, 12A, 3.979%, 6/25/34⁽²⁾		3,780		3,825
2005-AR1, 5A, 3.617%, 3/18/35⁽²⁾		1,272		1,214
Goldman Sachs Mortgage Securities Trust 2012-ALOH, A 144A 3.551%, 4/10/34⁽³⁾		8,176		8,429
GSAA Home Equity Trust
2005-1, AF4, 5.619%, 11/25/34⁽²⁾		277		282
2005-12, AF3W, 4.999%, 9/25/35⁽²⁾		3,341		3,377
Hilton USA Trust 2016-SFP, B 144A 3.323%, 11/5/35⁽³⁾		22,020		21,916
Home Equity Loan Trust


	PAR VALUE		VALUE
Non-Agency—(continued)
2006-HI1, M1, 6.510%, 2/25/36⁽²⁾	$	1,088	$	1,093
2007-HSA3, AI4, 6.110%, 6/25/37⁽²⁾		6,414		6,427
Hospitality Mortgage Trust 2017-HIT, B 144A , (1 month LIBOR + 1.180%) 2.424%, 5/8/30⁽²⁾⁽³⁾		12,255		12,255
IMC Home Equity Loan Trust 1997-5, A9 7.310%, 11/20/28		1,933		1,929
Jefferies Resecuritization Trust
2014-R1, 1A1 144A, 4.000%, 12/27/37⁽³⁾		1,504		1,501
2014-R1, 2A1 144A, 4.000%, 12/27/37⁽³⁾		307		305
JPMorgan Chase (Bear Stearns) Adjustable Rate Mortgage Trust
2004-10, 14A1, 3.710%, 1/25/35⁽²⁾		941		933
2004-10, 21A1, 3.774%, 1/25/35⁽²⁾		6,223		6,270
JPMorgan Chase (Washington Mutual) Mortgage Pass-Through Certificates Trust
2004-CB1, 5A, 5.000%, 6/25/19		303		305
2003-AR6, A1, 3.227%, 6/25/33⁽²⁾		548		552
2003-AR4, 2A1, 3.045%, 8/25/33⁽²⁾		163		161
2004-CB1, 2A, 5.000%, 6/25/34		1,872		1,899
JPMorgan Chase Commercial Mortgage Securities Trust
2010-CNTR, A2 144A, 4.311%, 8/5/32⁽³⁾		5,478		5,611
2015-SGP, B 144A, (1 month LIBOR + 2.750%) 4.227%, 7/15/36⁽²⁾⁽³⁾		13,925		14,038
2011-C4, A3 144A, 4.106%, 7/15/46⁽³⁾		1,808		1,814
2006-LDP9, AM, 5.372%, 5/15/47		12,270		12,280
2014-C22, A4, 3.801%, 9/15/47		16,998		17,810
2007-LDPX, AM, 5.464%, 1/15/49⁽²⁾		6,592		6,610
JPMorgan Chase Mortgage Trust
2014-2, 2A2 144A, 3.500%, 6/25/29⁽²⁾⁽³⁾		8,317		8,487
2014-5, B1 144A, 3.000%, 10/25/29⁽²⁾⁽³⁾		2,875		2,809
2014-5, B2 144A, 3.000%, 10/25/29⁽²⁾⁽³⁾		1,353		1,315
2006-A2, 4A1, 3.726%, 8/25/34⁽²⁾		1,102		1,113
2004-A4, 2A1, 3.492%, 9/25/34⁽²⁾		4,231		4,290
2005-A1, 4A1, 3.829%, 2/25/35⁽²⁾		517		524
2005-A2, 4A1, 3.245%, 4/25/35⁽²⁾		819		813
2005-A4, 3A1, 3.408%, 7/25/35⁽²⁾		2,672		2,716
2006-A6, 3A3L, 3.463%, 10/25/36⁽²⁾		1,072		947
2015-1, AM1 144A, 2.605%, 12/25/44⁽²⁾⁽³⁾		12,581		12,589
2016-1, M2 144A, 3.750%, 4/25/45⁽²⁾⁽³⁾		13,846		14,020
2015-5, A2 144A, 2.864%, 5/25/45⁽²⁾⁽³⁾		12,036		12,052
2016-2, M2 144A, 3.750%, 12/25/45⁽²⁾⁽³⁾		14,329		14,486


	PAR VALUE		VALUE
Non-Agency—(continued)
2011-C4, A4 144A, 4.388%, 7/15/46⁽³⁾	$	5,175	$	5,435
2017-3, 2A2 144A, 2.500%, 8/25/47⁽²⁾⁽³⁾		10,314		10,213
2017-5, A1 144A, 3.188%, 10/25/48⁽²⁾⁽³⁾		42,289		42,638
2017-4, A3 144A, 3.500%, 11/25/48⁽²⁾⁽³⁾		13,730		13,907
Loandepot Station Place Agency Securitization Trust 2017-LD1, C 144A , (1 month LIBOR + 1.300%) 2.852%, 11/25/50⁽²⁾⁽³⁾		16,025		16,025
MASTR Adjustable Rate Mortgages Trust 2004-12, 3A1 3.720%, 11/25/34⁽²⁾		164		163
MASTR Alternative Loan Trust
2004-7, 4A1, 4.500%, 7/25/19		743		746
2003-8, 2A1, 5.750%, 11/25/33		3,938		4,064
2004-4, 6A1, 5.500%, 4/25/34		2,238		2,316
2004-7, 9A1, 6.000%, 8/25/34		10,852		11,193
2005-2, 2A1, 6.000%, 1/25/35		2,656		2,742
2005-2, 1A1, 6.500%, 3/25/35		8,052		8,273
MASTR Asset Securitization Trust 2005-1, 1A1 5.000%, 5/25/20		292		295
MetLife Securitization Trust 2017-1A, M1 144A 3.601%, 4/25/55⁽²⁾⁽³⁾		7,930		8,192
Mill City Mortgage Trust
2015-1, A3 144A, 3.000%, 6/25/56⁽²⁾⁽³⁾		11,900		11,831
2016-1, A1 144A, 2.500%, 4/25/57⁽²⁾⁽³⁾		3,031		3,012
2017-1, A1 144A, 2.750%, 11/25/58⁽²⁾⁽³⁾		9,232		9,227
Morgan Stanley - Bank of America (Merrill Lynch) Trust 2013-C13, AS 4.266%, 11/15/46		1,735		1,829
Morgan Stanley Capital Barclays Bank Trust 2016-MART, A 144A 2.200%, 9/13/31⁽³⁾		14,805		14,555
Morgan Stanley Capital I Trust 2017-CLS, A 144A, (1 month LIBOR + 0.700%) 1.950%, 11/15/34⁽²⁾⁽³⁾		8,400		8,407
2008-T29, AM, 6.313%, 1/11/43⁽²⁾		105		105
Morgan Stanley Mortgage Loan Trust
2004-2AR, 3A, 3.291%, 2/25/34⁽²⁾		878		883
2004-2AR, 4A, 3.588%, 2/25/34⁽²⁾		629		638
Morgan Stanley Residential Mortgage Loan Trust 2014-1A, B2 144A 2.962%, 6/25/44⁽²⁾⁽³⁾		4,159		4,156
Motel 6 Trust 2017-MTL6, A 144A, (1 month LIBOR + 0.920%) 2.397%, 8/15/34⁽²⁾⁽³⁾		17,720		17,759
National City Mortgage Capital Trust 2008-1, 2A1 6.000%, 3/25/38		1,154		1,192
New Residential Mortgage Loan Trust


	PAR VALUE		VALUE
Non-Agency—(continued)
2016-2A, A1 144A, 3.750%, 11/26/35⁽²⁾⁽³⁾	$	14,686	$	15,012
2014-1A, A 144A, 3.750%, 1/25/54⁽²⁾⁽³⁾		13,106		13,364
2014-2A, A3 144A, 3.750%, 5/25/54⁽²⁾⁽³⁾		1,183		1,200
2014-3A, AFX3 144A, 3.750%, 11/25/54⁽²⁾⁽³⁾		10,232		10,452
2015-2A, A1 144A, 3.750%, 8/25/55⁽²⁾⁽³⁾		8,087		8,282
2016-1A, A1 144A, 3.750%, 3/25/56⁽²⁾⁽³⁾		6,750		6,866
2016-3A, A1 144A, 3.750%, 9/25/56⁽²⁾⁽³⁾		7,424		7,581
2016-4A, A1 144A, 3.750%, 11/25/56⁽²⁾⁽³⁾		5,328		5,444
2017-2A, A3 144A, 4.000%, 3/25/57⁽²⁾⁽³⁾		9,644		9,967
NovaStar Mortgage Funding Trust 2004-4, M5 , (1 month LIBOR + 1.725%) 3.277%, 3/25/35⁽²⁾		3,443		3,452
Oak Hill Advisors Residential Loan Trust 2017-NPL2, A1 144A 3.000%, 7/25/57⁽²⁾⁽³⁾		12,784		12,767
One Market Plaza Trust 2017-1MKT, A 144A 3.614%, 2/10/32⁽³⁾		10,700		11,015
Pretium Mortgage Credit Partners I LLC
2017-NPL3, A1 144A, 3.250%, 6/29/32⁽²⁾⁽³⁾		3,749		3,746
2017-NPL5, A1 144A, 3.327%, 12/30/32⁽²⁾⁽³⁾		8,838		8,815
2017-NPL2, A1 144A, 3.250%, 3/28/57⁽²⁾⁽³⁾		13,151		13,162
Progress Residential Trust 2017-SFR1, B 144A 3.017%, 8/17/34⁽³⁾		4,000		3,947
RCO Mortgage LLC 2017-1, A1 144A 3.375%, 8/25/22⁽²⁾⁽³⁾		17,719		17,730
Residential Asset Mortgage Products Trust
2004-SL2, A3, 7.000%, 10/25/31		1,284		1,335
2004-SL1, A8, 6.500%, 11/25/31		1,532		1,611
2005-SL2, A4, 7.500%, 2/25/32		1,515		1,418
2004-SL4, A3, 6.500%, 7/25/32		647		652
Residential Asset Securitization Trust
2003-A11, A9, 5.750%, 11/25/33		1,981		2,011
2004-A1, A5, 5.500%, 4/25/34		9,731		9,788
Residential Funding Mortgage Securities I, Inc. 2006-S12, 1A1 5.500%, 12/25/21		458		463
Seasoned Credit Risk Transfer Trust Series 2016-1, M1 144A 3.000%, 9/25/55⁽²⁾⁽³⁾		6,500		6,288
Sequoia Mortgage Trust
2013-8, B1, 3.534%, 6/25/43⁽²⁾		6,529		6,513
2017-CH1, A2 144A, 3.500%, 10/25/47⁽²⁾⁽³⁾		5,160		5,201
Starwood Waypoint Homes Trust 2017-1, A 144A , (1 month LIBOR + 0.950%) 2.441%, 1/17/35⁽²⁾⁽³⁾		13,765		13,830
Structured Adjustable Rate Mortgage Loan Trust 2004-4, 3A4, 3.542%, 4/25/34⁽²⁾		1,489		1,499


	PAR VALUE		VALUE
Non-Agency—(continued)
2004-4, 3A2, 3.542%, 4/25/34⁽²⁾	$	1,930	$	1,954
2004-4, 3A1, 3.542%, 4/25/34⁽²⁾		437		438
2004-14, 7A, 3.428%, 10/25/34⁽²⁾		7,367		7,379
Structured Asset Securities Corp. Assistance Loan Trust 2003-AL1, A 144A 3.357%, 4/25/31⁽³⁾		5,308		5,254
Structured Asset Securities Corp. Mortgage-Pass-Through Certificates
2003-33H, 1A1, 5.500%, 10/25/33		2,776		2,825
2003-34A, 6A, 3.670%, 11/25/33⁽²⁾		2,054		2,038
Sutherland Commercial Mortgage Loans 2017-SBC6, A 144A 3.192%, 5/25/37⁽²⁾⁽³⁾		9,473		9,480
Towd Point Mortgage Trust
2015-1, A2 144A, 3.250%, 10/25/53⁽²⁾⁽³⁾		11,184		11,272
2015-3, A1B 144A, 3.000%, 3/25/54⁽²⁾⁽³⁾		3,467		3,481
2016-1, A1B 144A, 2.750%, 2/25/55⁽²⁾⁽³⁾		5,660		5,661
2015-6, M1 144A, 3.750%, 4/25/55⁽²⁾⁽³⁾		11,010		11,432
2015-5, A1B 144A, 2.750%, 5/25/55⁽²⁾⁽³⁾		5,244		5,245
2015-5, A2 144A, 3.500%, 5/25/55⁽²⁾⁽³⁾		3,901		4,008
2016-2, A1 144A, 3.000%, 8/25/55⁽²⁾⁽³⁾		6,222		6,265
2016-3, A1 144A, 2.250%, 4/25/56⁽²⁾⁽³⁾		5,112		5,062
2016-4, A1 144A, 2.250%, 7/25/56⁽²⁾⁽³⁾		4,736		4,697
2017-1, M1 144A, 3.750%, 10/25/56⁽²⁾⁽³⁾		3,665		3,730
2015-2, 1M1 144A, 3.250%, 11/25/60⁽²⁾⁽³⁾		22,328		22,703
Tricon American Homes Trust
2016-SFR1, C 144A, 3.487%, 11/17/33⁽³⁾		4,640		4,633
2017-SFR1, A 144A, 2.716%, 9/17/34⁽³⁾		3,595		3,550
Velocity Commercial Capital Loan Trust 2017-1, AFX 144A 3.000%, 5/25/47⁽²⁾⁽³⁾		3,110		3,108
Vericrest Opportunity Loan Trust LVI LLC 2017-NPL3, A1 144A 3.500%, 3/25/47⁽²⁾⁽³⁾		12,468		12,522
Vericrest Opportunity Loan Trust LVIII LLC 2017-NPL5, A1 144A 3.375%, 5/28/47⁽²⁾⁽³⁾		2,300		2,303
Vericrest Opportunity Loan Trust LX LLC 2017-NPL7, A1 144A 3.250%, 4/25/59⁽²⁾⁽³⁾		8,671		8,686
Vericrest Opportunity Loan Trust LXII LLC 2017-NPL9, A1 144A 3.125%, 9/25/47⁽²⁾⁽³⁾		9,338		9,333
Vericrest Opportunity Loan Trust LXIII LLC 2017-NP10, A1 144A 3.000%, 10/25/47⁽²⁾⁽³⁾		1,000		998
Vericrest Opportunity Loan Trust LXIV LLC 2017-NP11, A1 144A 3.375%, 10/25/47⁽²⁾⁽³⁾		10,209		10,204
Verus Securitization Trust 2017-1A, A1 144A, 2.853%, 1/25/47⁽²⁾⁽³⁾		6,085		6,103


	PAR VALUE		VALUE
Non-Agency—(continued)
2017-2A, A1 144A, 2.485%, 7/25/47⁽²⁾⁽³⁾	$	17,748	$	17,755
VSD 2017-PLT1, A 3.600%, 12/25/43		6,226		6,223
Wells Fargo Mortgage Backed Securities Trust
2003-G, A1, 3.365%, 6/25/33⁽²⁾		846		854
2003-J, 5A1, 3.490%, 10/25/33⁽²⁾		270		275
2004-4, A9, 5.500%, 5/25/34		1,299		1,324
2004-U, A1, 3.602%, 10/25/34⁽²⁾		713		717
2004-Z, 2A1, 3.744%, 12/25/34⁽²⁾		3,299		3,356
2004-CC, A1, 3.661%, 1/25/35⁽²⁾		1,479		1,506
2005-12, 1A1, 5.500%, 11/25/35		2,404		2,446
2005-14, 2A1, 5.500%, 12/25/35		1,618		1,658
2007-16, 1A1, 6.000%, 12/28/37		1,420		1,479

				1,236,819

TOTAL MORTGAGE-BACKED SECURITIES (Identified Cost $1,573,145)				1,579,431

ASSET-BACKED SECURITIES—21.7%
Auto Floor Plan—0.2%
Nextgear Floorplan Master Owner Trust 2017-2A, A2 144A 2.560%, 10/17/22⁽³⁾		12,410		12,371

Automobiles—13.0%
American Credit Acceptance Receivables Trust
2017-3, B 144A, 2.250%, 1/11/21⁽³⁾		8,000		7,971
2016-1A, B 144A, 4.240%, 6/13/22⁽³⁾		6,269		6,308
2017-1, C 144A, 2.880%, 3/13/23⁽³⁾		9,000		8,985
2017-2, C 144A, 2.860%, 6/12/23⁽³⁾		6,705		6,702
AmeriCredit Automobile Receivables Trust
2014-2, C, 2.180%, 6/8/20		19,450		19,461
2014-1, D, 2.540%, 6/8/20		22,955		23,018
2015-3, C, 2.730%, 3/8/21		9,730		9,781
2016-4, C, 2.410%, 7/8/22		18,468		18,349
2017-1, C, 2.710%, 8/18/22		10,360		10,350
2017-2, C, 2.970%, 3/20/23		7,840		7,880
2017-3, D, 3.180%, 7/18/23		14,385		14,412
Avis Budget Rental Car Funding LLC
(AESOP) 2012-3A, A 144A, 2.100%, 3/20/19⁽³⁾		11,543		11,543
(AESOP) 2013-2A, A 144A, 2.970%, 2/20/20⁽³⁾		6,350		6,392
(AESOP) 2015-2A, A 144A, 2.630%, 12/20/21⁽³⁾		22,315		22,271
(AESOP) 2016-1A, A 144A, 2.990%, 6/20/22⁽³⁾		27,000		27,165
California Republic Auto Receivables Trust 2014-2, B, 2.340%, 4/15/20		7,090		7,101


	PAR VALUE		VALUE
Automobiles—(continued)
2015-3, B, 2.700%, 9/15/21	$	3,705	$	3,706
2016-1, B, 3.430%, 2/15/22		4,615		4,659
2017-1, B, 2.910%, 12/15/22		7,000		6,940
Capital Auto Receivables Asset Trust
2015-2, C, 2.670%, 8/20/20		7,250		7,286
2016-3, C, 2.350%, 9/20/21		8,935		8,920
2017-1, C 144A, 2.700%, 9/20/22(3)		3,630		3,622
2017-1, D 144A, 3.150%, 2/20/25⁽³⁾		1,980		1,969
CarFinance Capital Auto Trust
2014-1A, B 144A, 2.720%, 4/15/20(3)		908		909
2014-2A, B 144A, 2.640%, 11/16/20⁽³⁾		3,455		3,453
2014-2A, C 144A, 3.240%, 11/16/20⁽³⁾		2,765		2,759
2015-1A, B 144A, 2.910%, 6/15/21⁽³⁾		6,000		6,016
CarMax Auto Owner Trust
2014-2, B, 1.880%, 11/15/19		1,000		1,000
2015-2, C, 2.390%, 3/15/21		2,275		2,278
2017-1, B, 2.540%, 9/15/22		5,025		5,030
Carnow Auto Receivables Trust
2016-1A, D 144A, 7.340%, 11/15/21⁽³⁾		4,460		4,492
2017-1A, A 144A, 2.920%, 9/15/22⁽³⁾		6,840		6,831
Centre Point Funding LLC
2012-2A, 1 144A 2.610%, 8/20/21⁽³⁾		2,882		2,873
Chrysler Capital Auto Receivables Trust
2015-BA, D 144A, 4.170%, 1/16/23⁽³⁾		8,400		8,553
2016-BA, D 144A, 3.510%, 9/15/23⁽³⁾		2,150		2,126
CPS Auto Receivables Trust
2016-C, B 144A, 2.480%, 9/15/20⁽³⁾		3,000		3,001
2016-B, B 144A, 3.180%, 9/15/20⁽³⁾		4,500		4,533
2017-C, B 144A, 2.300%, 7/15/21⁽³⁾		6,610		6,582
2016-A, C 144A, 3.800%, 12/15/21⁽³⁾		6,500		6,595
CPS Auto Trust 2017-D, B 144A 2.430%, 1/18/22⁽³⁾		6,400		6,376
Drive Auto Receivables Trust
2016-AA, B 144A, 3.170%, 5/15/20⁽³⁾		523		524
2017-1, B, 2.360%, 3/15/21		14,640		14,653
2017-BA, C 144A, 2.610%, 8/16/21⁽³⁾		8,750		8,761
2016-CA, C 144A, 3.020%, 11/15/21⁽³⁾		6,280		6,327
2017-AA, C 144A, 2.980%, 1/18/22⁽³⁾		15,410		15,513
2017-3, C, 2.800%, 7/15/22		7,235		7,238
2015-AA, D 144A, 4.120%, 7/15/22⁽³⁾		13,120		13,327
2017-2, C, 2.750%, 9/15/23		4,030		4,036
DT Auto Owner Trust


	PAR VALUE		VALUE
Automobiles—(continued)
2016-1A, B 144A, 2.790%, 5/15/20⁽³⁾	$	143	$	143
2014-3A, C 144A, 3.040%, 9/15/20⁽³⁾		221		221
2015-1A, C 144A, 2.870%, 11/16/20⁽³⁾		514		515
2015-3A, C 144A, 3.250%, 7/15/21⁽³⁾		1,888		1,893
2016-2A, C 144A, 3.670%, 1/18/22⁽³⁾		8,555		8,608
2016-3A, C 144A, 3.150%, 3/15/22⁽³⁾		8,485		8,512
2016-4A, C 144A, 2.740%, 10/17/22⁽³⁾		21,875		21,853
2017-1A, D 144A, 3.550%, 11/15/22⁽³⁾		10,000		9,995
2017-2A, D 144A, 3.890%, 1/15/23⁽³⁾		10,070		10,138
2017-3A, C 144A, 3.010%, 5/15/23⁽³⁾		10,560		10,576
DT Auto Owner Trust 2017-4 2017-4A, C 144A 2.860%, 7/17/23⁽³⁾		20,000		20,003
Exeter Automobile Receivables Trust
2014-1A, C 144A, 3.570%, 7/15/19⁽³⁾		2,773		2,778
2014-2A, C 144A, 3.260%, 12/16/19⁽³⁾		8,802		8,834
2015-1A, C 144A, 4.100%, 12/15/20⁽³⁾		19,850		20,096
2015-2A, C 144A, 3.900%, 3/15/21⁽³⁾		24,230		24,528
2014-3A, D 144A, 5.690%, 4/15/21⁽³⁾		23,980		24,598
2016-3A, B 144A, 2.840%, 8/16/21⁽³⁾		8,475		8,464
2017-1A, B 144A, 3.000%, 12/15/21⁽³⁾		13,250		13,277
2017-2A, B 144A, 2.820%, 5/16/22⁽³⁾		18,780		18,725
2017-3A, B 144A, 2.810%, 9/15/22⁽³⁾		14,185		14,085
First Investors Auto Owner Trust
2015-1A, C 144A, 2.710%, 6/15/21⁽³⁾		5,000		4,993
2017-2A, B 144A, 2.650%, 11/15/22⁽³⁾		2,160		2,157
Flagship Credit Auto Trust
2016-1, A 144A, 2.770%, 12/15/20⁽³⁾		2,112		2,120
2014-2, D 144A, 5.210%, 2/15/21⁽³⁾		11,010		11,311
2015-1, D 144A, 5.260%, 7/15/21⁽³⁾		3,565		3,669
2015-2, C 144A, 4.080%, 12/15/21⁽³⁾		6,495		6,641
2016-2, B 144A, 3.840%, 9/15/22⁽³⁾		4,175		4,258
2016-3, D 144A, 3.890%, 11/15/22⁽³⁾		4,990		5,035
2017-1, C 144A, 3.220%, 5/15/23⁽³⁾		7,500		7,547
2017-3, C 144A, 2.910%, 9/15/23⁽³⁾		5,750		5,733
Foursight Capital Automobile Receivables Trust
2016-1, A2 144A, 2.870%, 10/15/21⁽³⁾		4,471		4,474
2017-1, B 144A, 3.050%, 12/15/22⁽³⁾		8,965		8,900
2017-1, C 144A, 3.470%, 12/15/22⁽³⁾		4,458		4,431
GLS Auto Receivables Trust
2016-1A, B 144A, 4.390%, 1/15/21⁽³⁾		10,500		10,649
2017-1A, B 144A, 2.980%, 12/15/21⁽³⁾		15,005		14,956
2017-1A, C 144A, 3.500%, 7/15/22⁽³⁾		11,090		11,061


	PAR VALUE		VALUE
Automobiles—(continued)
GM Financial Consumer Automobile Receivables Trust 2017-1A, B 144A 2.300%, 6/16/23⁽³⁾	$	4,185	$	4,154
Hertz Vehicle Financing II Lp 2016-4A, A 144A 2.650%, 7/25/22⁽³⁾		10,000		9,816
Hertz Vehicle Financing LLC
2015-2A, A 144A, 2.020%, 9/25/19⁽³⁾		4,845		4,834
2016-1A, A 144A, 2.320%, 3/25/20⁽³⁾		8,800		8,770
2015-1A, A 144A, 2.730%, 3/25/21⁽³⁾		28,000		28,077
2015-3A, A 144A, 2.670%, 9/25/21⁽³⁾		25,000		24,745
Hyundai Auto Receivables Trust
2014-B, D, 2.510%, 12/15/20		9,675		9,707
2015-A, D, 2.730%, 6/15/21		8,950		8,996
2017-B, B, 2.230%, 2/15/23		4,240		4,186
OneMain Direct Auto Receivables Trust
2016-1A, B 144A, 2.760%, 5/15/21⁽³⁾		5,000		5,013
2017-2A, C 144A, 2.820%, 7/15/24⁽³⁾		6,220		6,204
Prestige Auto Receivables Trust
2014-1A, C 144A, 2.390%, 5/15/20⁽³⁾		7,000		7,011
2017-1A, C 144A, 2.810%, 1/17/23⁽³⁾		8,355		8,312
Santander Drive Auto Receivables Trust
2014-3, C, 2.130%, 8/17/20		3,446		3,447
2016-2, B, 2.080%, 2/16/21		8,250		8,252
2017-1, C, 2.580%, 5/16/22		9,830		9,800
2017-2, C, 2.790%, 8/15/22		3,795		3,806
2017-3, C, 2.760%, 12/15/22		4,510		4,512
2017-2, D, 3.490%, 7/17/23		9,960		10,059
TCF Auto Receivables Owner Trust
2014-1A, B 144A, 2.330%, 5/15/20⁽³⁾		1,733		1,734
2014-1A, C 144A, 3.120%, 4/15/21⁽³⁾		2,035		2,038
2016-PT1A, C 144A, 3.210%, 1/17/23⁽³⁾		10,900		10,795
Tidewater Auto Receivables Trust
2014-AA, C 144A, 2.560%, 8/15/19⁽³⁾		331		331
2016-AA, B 144A, 3.130%, 3/15/20⁽³⁾		5,628		5,633
United Auto Credit Securitization Trust 2016-2, C 144A 2.480%, 3/10/20⁽³⁾		9,425		9,424
Westlake Automobile Receivables Trust
2015-1A, C 144A, 2.290%, 11/16/20⁽³⁾		1,024		1,024
2016-2A, C 144A, 2.830%, 5/17/21⁽³⁾		3,190		3,200
2015-3A, D 144A, 4.400%, 5/17/21⁽³⁾		10,000		10,086
2017-1A, B 144A, 2.300%, 10/17/22⁽³⁾		10,000		9,990
2017-2A, C 144A, 2.590%, 12/15/22⁽³⁾		16,230		16,114

				964,424


	PAR VALUE		VALUE
Home Equity Loans—0.0%
Structured Asset Securities Corp. Mortgage Pass-Through Certificates 2001-SB1, A2 3.375%, 8/25/31	$	1,062	$	1,051

Manufactured Housing—0.0%
Associates Manufactured Housing Pass-Through Certificates 1996-1, B1 8.000%, 3/15/27⁽²⁾		477		485

Other—7.6%
Ajax Mortgage Loan Trust 2017-B, A 144A 3.163%, 9/25/56⁽²⁾⁽³⁾		10,650		10,633
Aqua Finance Trust 2017-A, A 144A 3.720%, 11/15/35⁽³⁾		15,108		15,040
Ascentium Equipment Receivables Trust 2017-1A, B 144A 2.850%, 10/10/21⁽³⁾		7,764		7,696
BCC Funding XIII LLC 2016-1, D 144A 4.780%, 8/20/22⁽³⁾		5,392		5,296
BRE Grand Islander Timeshare Issuer LLC 2017-1A, A 144A 2.940%, 5/25/29⁽³⁾		9,569		9,506
BXG Receivables Note Trust
2012-A, A 144A, 2.660%, 12/2/27⁽³⁾		2,032		2,006
2013-A, A 144A, 3.010%, 12/4/28⁽³⁾		4,515		4,504
2015-A, A 144A, 2.880%, 5/2/30⁽³⁾		4,072		4,057
2017-A, A 144A, 2.950%, 10/4/32⁽³⁾		8,753		8,692
Citi Held For Asset Issuance 2015-PM3, B 144A 4.310%, 5/16/22⁽³⁾		9,814		9,852
CKE Restaurant Holdings, Inc. 2013-1A, A2 144A 4.474%, 3/20/43⁽³⁾		21,567		21,609
CLUB Credit Trust
2017-NP1, A 144A, 2.390%, 4/17/23⁽³⁾		775		775
2017-NP1, B 144A, 3.170%, 4/17/23⁽³⁾		5,500		5,508
2017-P1, B 144A, 3.560%, 9/15/23⁽³⁾		4,565		4,576
2017-P2, A 144A, 2.610%, 1/15/24⁽³⁾		10,000		10,000
Conn Funding II LP 2017-B, B 144A 4.520%, 11/15/20⁽³⁾		8,550		8,550
Consumer Installment Loan Trust 2016-LD1, A 144A 3.960%, 7/15/22⁽³⁾		1,480		1,483
Corevest American Finance Trust 2017-1, A 144A 2.968%, 10/15/49⁽³⁾		4,789		4,778
DB Master Finance LLC
2015-1A, A2II 144A, 3.980%, 2/20/45⁽³⁾		2,772		2,829
2017-1A, A2I 144A, 3.629%, 11/20/47⁽³⁾		7,845		7,896
Diamond Resorts Owner Trust


	PAR VALUE		VALUE
Other—(continued)
2014-1, A 144A, 2.540%, 5/20/27⁽³⁾	$	5,300	$	5,268
2017-1A, A 144A, 3.270%, 10/22/29⁽³⁾		8,472		8,406
Drug Royalty II LP 2 2014-1, A2 144A 3.484%, 7/15/23⁽³⁾		9,667		9,644
Drug Royalty III LP 1
2017-1A, A1 144A, (3 month LIBOR + 2.500%) 3.859%, 4/15/27⁽²⁾⁽³⁾		3,619		3,619
2016-1A, A 144A, 3.979%, 4/15/27⁽³⁾		9,125		9,111
Fairway Outdoor Funding LLC 2012-1A, A2 144A 4.212%, 10/15/42⁽³⁾		8,530		8,629
Foundation Finance Trust 2017-1A, A 144A, 3.300%, 7/15/33⁽³⁾		13,500		13,500
2016-1A, A 144A, 3.960%, 6/15/35⁽³⁾		1,950		1,969
Gold Key Resorts LLC 2014-A, A 144A 3.220%, 3/17/31⁽³⁾		4,853		4,833
GreatAmerica Leasing Receivables Funding LLC 2017-1, A4 144A 2.360%, 1/20/23⁽³⁾		18,010		17,902
Hilton Grand Vacations Trust
2013-A, A 144A, 2.280%, 1/25/26⁽³⁾		4,229		4,199
2014-AA, A 144A, 1.770%, 11/25/26⁽³⁾		6,219		6,122
2017-AA, A 144A, 2.660%, 12/26/28⁽³⁾		6,231		6,186
HOA Funding LLC 2014-1A, A2 144A 4.846%, 8/20/44⁽³⁾		8,770		8,532
Leaf Receivables Funding 12 LLC 2017-1, B 144A 2.650%, 2/15/22⁽³⁾		9,145		9,049
Mariner Finance Issuance Trust 2017-AA, A 144A 3.620%, 2/20/29⁽³⁾		7,335		7,375
Marriott Vacation Club Owner Trust
2012-1A, A 144A, 2.510%, 5/20/30⁽³⁾		7,637		7,608
2010-1A, A 144A, 3.540%, 10/20/32⁽³⁾		212		212
2010-1A, B 144A, 4.520%, 10/20/32⁽³⁾		413		413
Murray Hill Marketplace Trust 2016-LC1, A 144A 4.190%, 11/25/22⁽³⁾		192		192
MVW Owner Trust
2015-1A, B 144A, 2.960%, 12/20/32⁽³⁾		956		946
2016-1A, A 144A, 2.250%, 12/20/33⁽³⁾		4,705		4,652
2017-1A, A 144A, 2.420%, 12/20/34⁽³⁾		3,912		3,877
OneMain Financial Issuance Trust
2015-2A, A 144A, 2.570%, 7/18/25⁽³⁾		8,764		8,759
2015-1A, A 144A, 3.190%, 3/18/26⁽³⁾		26,301		26,435
2017-1A, A1 144A, 2.370%, 9/14/32⁽³⁾		5,500		5,450
Orange Lake Timeshare Trust


	PAR VALUE		VALUE
Other—(continued)
2012-AA, A 144A, 3.450%, 3/10/27⁽³⁾	$	1,786	$	1,792
2015-AA, A 144A, 2.880%, 9/8/27⁽³⁾		4,327		4,291
2014-AA, A 144A, 2.290%, 7/9/29⁽³⁾		1,895		1,871
Prosper Marketplace Issuance Trust
2017-1A, B 144A, 3.650%, 6/15/23⁽³⁾		17,008		17,150
2017-2A, B 144A, 3.480%, 9/15/23⁽³⁾		11,005		11,030
Sierra Receivables Funding Co., LLC 2017-1A, A 144A 2.910%, 3/20/34⁽³⁾		6,054		6,061
Sierra Timeshare Receivables Funding LLC
2013-1A, A 144A, 1.590%, 11/20/29⁽³⁾		1,394		1,393
2014-1A, A 144A, 2.070%, 3/20/30⁽³⁾		1,253		1,250
2014-2A, A 144A, 2.050%, 6/20/31⁽²⁾⁽³⁾		1,752		1,748
2016-1A, A 144A, 3.080%, 3/21/33⁽³⁾		4,015		4,028
2016-2A, A 144A, 2.330%, 7/20/33⁽³⁾		3,813		3,784
Silverleaf Finance LLC
XVII 2013-A, A 144A, 2.680%, 3/16/26⁽³⁾		1,165		1,164
XVIII 2014-A, A 144A, 2.810%, 1/15/27⁽³⁾		833		831
SoFi Consumer Loan Program LLC
2016-3, A 144A, 3.050%, 12/26/25⁽³⁾		11,051		11,108
2017-1, A 144A, 3.280%, 1/26/26⁽³⁾		15,461		15,614
2017-3, A 144A, 2.770%, 5/25/26⁽³⁾		12,156		12,160
2017-5, A2 144A, 2.780%, 9/25/26⁽³⁾		14,080		13,951
2017-6, A2 144A, 2.820%, 11/25/26⁽³⁾		12,870		12,859
Springleaf Funding Trust 2016-AA, A 144A 2.900%, 11/15/29⁽³⁾		11,590		11,607
SVO VOI Mortgage Corp. 2012-AA, A 144A 2.000%, 9/20/29⁽³⁾		5,336		5,290
TGIF Funding LLC 2017-1A, A2 144A 6.202%, 4/30/47⁽³⁾		17,478		17,802
TRIP Rail Master Funding LLC 2017-1A, A1 144A 2.709%, 8/15/47⁽³⁾		9,850		9,809
Volvo Financial Equipment LLC 2014-1A, C 144A 1.940%, 11/15/21⁽³⁾		6,000		6,000
Volvo Financial Equipment LLC Series 2017-1A, B 144A 2.400%, 1/18/22⁽³⁾		3,600		3,571
VSE VOI Mortgage LLC
2016-A, A 144A, 2.540%, 7/20/33⁽³⁾		5,173		5,126
2017-A, A 144A, 2.330%, 3/20/35⁽³⁾		9,887		9,747
Welk Resorts LLC
2013-AA, A 144A, 3.100%, 3/15/29⁽³⁾		2,081		2,080
2015-AA, A 144A, 2.790%, 6/16/31⁽³⁾		4,072		4,052
2017-AA, A 144A, 2.820%, 6/15/33⁽³⁾		3,216		3,198


	PAR VALUE		VALUE
Other—(continued)
Wendy’s Funding LLC
2015-1A, A2I 144A, 3.371%, 6/15/45⁽³⁾	$	10,962	$	10,991
2015-1A, A2II 144A, 4.080%, 6/15/45⁽³⁾		9,377		9,599
2018-1A, A2I 144A, 3.573%, 3/15/48⁽³⁾		9,475		9,472
Westgate Resorts LLC 2016-1A, A 144A 3.500%, 12/20/28⁽³⁾		6,587		6,624

				565,227

Student Loans—0.9%
Commonbond Student Loan Trust 2017-AGS, A1 144A 2.550%, 5/25/41⁽³⁾		8,366		8,321
DRB Prime Student Loan Trust 2015-D, A3 144A 2.500%, 1/25/36⁽³⁾		2,607		2,612
Earnest Student Loan Program LLC 2017-A, A2 144A 2.650%, 1/25/41⁽³⁾		5,370		5,342
Laurel Road Prime Student Loan Trust 2017-B, A2FX 144A 2.770%, 8/25/42⁽³⁾		6,745		6,709
Navient Private Education Loan Trust 2017-A, A2A 144A 2.880%, 12/16/58⁽³⁾		3,150		3,122
SLM Private Education Loan Trust
2013-B, A2A 144A, 1.850%, 6/17/30⁽³⁾		3,843		3,828
2013-C, A2A 144A, 2.940%, 10/15/31⁽³⁾		3,270		3,291
SoFi Professional Loan Program LLC
2014-B, A2 144A, 2.550%, 8/27/29⁽³⁾		555		555
2015-A, A2 144A, 2.420%, 3/25/30⁽³⁾		2,324		2,324
2016-A, A2 144A, 2.760%, 12/26/36⁽³⁾		1,456		1,454
2017-A, A2B 144A, 2.400%, 3/26/40⁽³⁾		10,000		9,843
2017-B, A1FX 144A, 1.830%, 5/25/40⁽³⁾		7,077		7,058
2017-C, A2A 144A, 1.750%, 7/25/40⁽³⁾		5,905		5,881
2017-E, A2B 144A, 2.720%, 11/26/40⁽³⁾		4,135		4,114

				64,454

TOTAL ASSET-BACKED SECURITIES (Identified Cost $1,606,892)				1,608,012

CORPORATE BONDS AND NOTES—35.5%
Consumer Discretionary—2.2%
Alibaba Group Holding Ltd. 2.500%, 11/28/19		6,600		6,618
Aptiv plc 3.150%, 11/19/20		15,000		15,231
Clear Channel Worldwide Holdings, Inc. Series B 7.625%, 3/15/20		7,910		7,752
Delphi Corp. 4.150%, 3/15/24		3,665		3,870
Discovery Communications LLC


	PAR VALUE		VALUE
Consumer Discretionary—(continued)
2.200%, 9/20/19	$	7,185	$	7,151
2.950%, 3/20/23		10,295		10,187
DISH DBS Corp. 5.875%, 7/15/22		7,150		7,186
General Motors Financial Co., Inc.
3.500%, 7/10/19		9,715		9,861
4.200%, 3/1/21		7,300		7,591
Horton (D.R.), Inc. 4.750%, 2/15/23		10,550		11,267
International Game Technology plc 144A 6.250%, 2/15/22⁽³⁾		5,190		5,592
Lennar Corp. 144A 2.950%, 11/29/20⁽³⁾		17,355		17,225
Newell Brands, Inc. 3.150%, 4/1/21		6,553		6,626
Scientific Games International, Inc.
144A, 7.000%, 1/1/22⁽³⁾		8,970		9,452
144A, 5.000%, 10/15/25⁽³⁾		7,150		7,168
SFR Group S.A.
144A, 6.000%, 5/15/22⁽³⁾		4,580		4,637
144A, 7.375%, 5/1/26⁽³⁾		7,075		7,287
TRI Pointe Group, Inc.
4.875%, 7/1/21		3,740		3,880
5.875%, 6/15/24		10,130		10,814
Wyndham Worldwide Corp. 4.150%, 4/1/24		915		919

				160,314

Consumer Staples—0.8%
BAT Capital Corp.		7,230		7,190
144A, 2.297%, 8/14/20⁽³⁾
144A, 2.764%, 8/15/22⁽³⁾		14,195		14,116
144A, 3.222%, 8/15/24⁽³⁾		7,160		7,158
ESAL GmbH 144A 6.250%, 2/5/23⁽³⁾		8,600		8,170
Kraft Heinz Foods Co. (The) 3.500%, 7/15/22		4,543		4,646
MARB BondCo plc 144A 7.000%, 3/15/24⁽³⁾		18,700		18,770

				60,050

Energy—6.8%
Afren plc 144A 11.500%, 2/1/20^(3)(9)(15)		4,674		4
Anadarko Finance Co. Series B 7.500%, 5/1/31		3,000		3,849
Anadarko Petroleum Corp.
4.850%, 3/15/21		3,845		4,060
5.550%, 3/15/26		5,455		6,119
Antero Resources Corp. 5.625%, 6/1/23		5,215		5,424
Blue Racer Midstream LLC 144A 6.125%, 11/15/22⁽³⁾		6,070		6,313
Callon Petroleum Co. 6.125%, 10/1/24		7,720		7,952


	PAR VALUE		VALUE
Energy—(continued)
Carrizo Oil & Gas, Inc. 6.250%, 4/15/23	$	11,090	$	11,506
Cheniere Corpus Christi Holdings LLC 7.000%, 6/30/24		7,155		8,143
Cimarex Energy Co. 4.375%, 6/1/24		11,490		12,190
CNOOC Finance Property Ltd. 2.625%, 5/5/20		5,800		5,785
Continental Resources, Inc.
5.000%, 9/15/22		5,035		5,110
4.500%, 4/15/23		6,535		6,666
Ecopetrol S.A. 5.875%, 9/18/23		36,745		40,603
Enbridge Energy Partners LP 4.375%, 10/15/20		3,930		4,095
Encana Corp.
3.900%, 11/15/21		7,960		8,180
8.125%, 9/15/30		8,110		10,915
Energy Partners Equity LP 4.500%, 11/1/23		4,855		5,026
Energy Transfer Equity LP
5.000%, 10/1/22		17,910		19,089
4.250%, 3/15/23		6,430		6,382
5.875%, 1/15/24		10,155		10,688
EP Energy LLC
9.375%, 5/1/20		7,130		6,025
144A, 8.000%, 11/29/24⁽³⁾		7,660		7,909
FTS International, Inc. 6.250%, 5/1/22		2,245		2,172
Kinder Morgan, Inc. 144A 5.625%, 11/15/23⁽³⁾		20,300		22,410
Lukoil International Finance BV 144A 3.416%, 4/24/18⁽³⁾		6,000		6,014
Newfield Exploration Co. 5.625%, 7/1/24		11,825		12,712
NGL Energy Partners LP 5.125%, 7/15/19		11,500		11,701
Oasis Petroleum, Inc. 6.875%, 3/15/22		10,500		10,776
Peabody Energy Corp. 144A 6.000%, 3/31/22⁽³⁾		10,496		10,890
Petrobras Global Finance BV
8.375%, 5/23/21		35,515		40,505
144A, 5.299%, 1/27/25⁽³⁾		10,890		10,923
Petroleos de Venezuela S.A. 144A 6.000%, 5/16/24^(3)(10)		9,545		2,138
Petroleos Mexicanos
4.875%, 1/24/22		62,580		65,224
6.875%, 8/4/26		13,475		15,277
PTTEP Treasury Center Co., Ltd. 144A 4.875% ⁽³⁾⁽⁵⁾		3,007		3,052
Range Resources Corp.
5.000%, 3/15/23		5,235		5,209
4.875%, 5/15/25		11,170		10,779


	PAR VALUE			VALUE
Energy—(continued)
RSP Permian, Inc. 5.250%, 1/15/25	$	7,125		$	7,303
Sabine Pass Liquefaction LLC
5.625%, 2/1/21		8,000			8,576
6.250%, 3/15/22		8,415			9,362
Sinopec Capital Ltd. 144A 1.875%, 4/24/18⁽³⁾		11,750			11,731
Southern Gas Corridor CJSC 144A 6.875%, 3/24/26⁽³⁾		6,435			7,312
Transocean, Inc. 144A,
9.000%, 7/15/23⁽³⁾		3,680			3,979
6.800%, 3/15/38		7,800			6,289
Ultra Resources, Inc. 144A 6.875%, 4/15/22⁽³⁾		1,258			1,261
Weatherford International Ltd. 9.875%, 2/15/24		4,795			5,095
YPF S.A.
144A, 8.500%, 3/23/21⁽³⁾		5,369			6,072
144A, 8.750%, 4/4/24⁽³⁾		1,630			1,872

					500,667

Financials—12.0%
AerCap Ireland Capital Ltd. 3.950%, 2/1/22		3,670			3,782
Air Lease Corp. 2.625%, 9/4/18		5,495			5,511
Akbank TAS 144A 7.500%, 2/5/18⁽³⁾		33,705	^TRY		8,839
Altice US Finance I Corp. 144A 5.375%, 7/15/23⁽³⁾		8,250			8,456
Ares Capital Corp.
3.875%, 1/15/20		4,286			4,362
3.625%, 1/19/22		4,475			4,493
3.500%, 2/10/23		11,230			11,062
Australia & New Zealand Banking Group Ltd. 144A 4.400%, 5/19/26⁽³⁾		14,195			14,762
Aviation Capital Group Corp. 144A 2.875%, 9/17/18⁽³⁾		4,415			4,430
Banco de Credito del Peru 144A 4.250%, 4/1/23⁽³⁾		15,500			16,256
Bank of America Corp.
2.000%, 1/11/18		14,905			14,905
5.490%, 3/15/19		2,868			2,969
(3 month LIBOR + 1.180%) 2.543%, 10/21/22⁽²⁾		10,735			10,947
(3 month LIBOR + 1.000%) 2.365%, 4/24/23⁽²⁾		14,445			14,677
4.200%, 8/26/24		10,473			11,026
Bank of Baroda 144A 4.875%, 7/23/19⁽³⁾		11,775			12,123
Bank of India 144A 3.625%, 9/21/18⁽³⁾		10,200			10,236
Barclays plc 3.200%, 8/10/21		10,345			10,401
BBVA Banco Continental S.A. RegS 5.000%, 8/26/22⁽⁴⁾		16,280			17,562


	PAR VALUE			VALUE
Financials—(continued)
Bonos del Banco Central de Chile En Pesos 4.500%, 6/1/20	$	4,570,000	^CLP	$	7,635
Brookfield Finance LLC 4.000%, 4/1/24		15,475			16,017
Capital One N.A. 2.950%, 7/23/21		14,425			14,509
Capital One N.A. 2.400%, 9/5/19		5,000			4,993
Citigroup, Inc.
(3 month LIBOR + 0.960%) 2.327%, 4/25/22⁽²⁾		18,055			18,242
(3 month LIBOR + 1.430%) 2.911%, 9/1/23⁽²⁾		10,755			11,070
3.200%, 10/21/26		7,335			7,276
Corp Financiera de Desarrollo SA 144A 4.750%, 7/15/25⁽³⁾		6,000			6,387
Development Bank of Kazakhstan JSC 144A 4.125%, 12/10/22⁽³⁾		13,805			14,198
Discover Bank 8.700%, 11/18/19		1,750			1,924
Drawbridge Special Opportunities Fund LP 144A 5.000%, 8/1/21⁽³⁾		14,685			15,153
Fifth Third Bancorp 4.500%, 6/1/18		6,745			6,811
First Tennessee Bank N.A. 2.950%, 12/1/19		4,500			4,529
FS Investment Corp. 4.250%, 1/15/20		7,725			7,857
Goldman Sachs Group, Inc. (The)
2.350%, 11/15/21		4,425			4,357
4.250%, 10/21/25		24,315			25,406
Guanay Finance Ltd. 144A 6.000%, 12/15/20⁽³⁾		19,472			19,999
HBOS plc 144A 6.750%, 5/21/18⁽³⁾		685			697
HSBC Holdings plc
2.950%, 5/25/21		10,000			10,068
(3 month LIBOR + 1.500%) 2.843%, 1/5/22⁽²⁾		6,524			6,745
HSBC USA, Inc.
2.625%, 9/24/18		9,485			9,525
Huntington Bancshares, Inc. 7.000%, 12/15/20		17,065			19,082
ICAHN Enterprises LP 144A 6.250%, 2/1/22⁽³⁾		17,330			17,720
ICICI Bank Ltd. RegS 4.700%, 2/21/18⁽⁴⁾		13,000			13,033
Industrial & Commercial Bank of China Ltd.
3.231%, 11/13/19		6,275			6,327
(3 month LIBOR + 0.750%) 2.147%, 11/8/20⁽²⁾		630			630
2.957%, 11/8/22		14,880			14,742
International Lease Finance Corp. 3.875%, 4/15/18		7,635			7,670
iStar, Inc.
6.000%, 4/1/22		4,815			4,984
5.250%, 9/15/22		6,650			6,692
Jefferies Group LLC 5.125%, 1/20/23		3,725			4,037
JPMorgan Chase & Co.


	PAR VALUE		VALUE
Financials—(continued)
2.295%, 8/15/21	$	4,495	$	4,454
(3 month LIBOR + 0.900%) 2.267%, 4/25/23⁽²⁾		18,055		18,258
JPMorgan Chase Bank N.A. 1.650%, 9/23/19		8,805		8,730
Lincoln National Corp.
8.750%, 7/1/19		4,613		5,036
(3 month LIBOR + 2.040%) 3.403%, 4/20/67⁽²⁾⁽⁷⁾		2,885		2,640
Macquarie Group Ltd. 144A 6.000%, 1/14/20⁽³⁾		10,950		11,665
Mizuho Financial Group, Inc. 2.601%, 9/11/22		18,300		18,010
Morgan Stanley
(3 month LIBOR + 0.930%) 2.293%, 7/22/22⁽²⁾		18,055		18,200
(3 month LIBOR + 1.400%) 2.765%, 10/24/23⁽²⁾		25,080		25,793
Navient Corp.
6.500%, 6/15/22		8,220		8,623
7.250%, 9/25/23		3,620		3,855
Nuveen Finance LLC 144A 2.950%, 11/1/19⁽³⁾		2,850		2,877
Prudential Financial, Inc. 8.875%, 6/15/38		11,200		11,505
S&P Global, Inc. 3.300%, 8/14/20		15,097		15,377
Santander Holdings USA, Inc.
2.700%, 5/24/19		10,650		10,672
2.650%, 4/17/20		7,540		7,536
144A, 3.700%, 3/28/22⁽³⁾		7,190		7,276
SBA Tower Trust
144A, 3.156%, 10/8/20⁽³⁾		6,050		6,095
144A, 3.168%, 4/11/22⁽³⁾		18,490		18,403
Sberbank of Russia 5.717%, 6/16/21⁽⁶⁾		7,000		7,525
Springleaf Finance Corp. 6.125%, 5/15/22		16,955		17,591
State Bank of India 144A 3.250%, 4/18/18⁽³⁾		10,470		10,491
State Street Corp. 4.956%, 3/15/18		24,025		24,162
TC Ziraat Bankasi AS 144A 5.125%, 5/3/22⁽³⁾		11,820		11,719
Toronto-Dominion Bank (The) 2.125%, 4/7/21		11,005		10,899
Trinity Acquisition plc
3.500%, 9/15/21		1,485		1,514
4.400%, 3/15/26		9,145		9,669
Turkiye Is Bankasi 144A 3.750%, 10/10/18⁽³⁾		12,630		12,644
Turkiye Vakiflar Bankasi TAO
144A, 3.750%, 4/15/18⁽³⁾		4,000		3,997
144A, 5.625%, 5/30/22⁽³⁾		14,600		14,547
UBS Group Funding Jersey Ltd. 144A 2.650%, 2/1/22⁽³⁾		8,475		8,378
VICI Properties 1 LLC , (3 month LIBOR + 3.500%) 4.847%, 10/15/22⁽²⁾		149		149
Vnesheconombank 144A 6.902%, 7/9/20⁽³⁾		9,500		10,255


	PAR VALUE		VALUE
Financials—(continued)
Wells Fargo & Co.
3.069%, 1/24/23	$	6,915	$	6,966
(3 month LIBOR + 1.230%) 2.610%, 10/31/23⁽²⁾		10,770		11,056
Wells Fargo Bank N.A. 2.150%, 12/6/19		17,645		17,616
XLIT Ltd. 2.300%, 12/15/18		9,730		9,727

				889,024

Health Care—2.4%
Abbott Laboratories
2.900%, 11/30/21		8,815		8,916
3.400%, 11/30/23		3,910		3,977
AbbVie, Inc.
2.500%, 5/14/20		11,705		11,740
3.200%, 11/6/22		1,940		1,970
Allergan Funding SCS
3.000%, 3/12/20		2,825		2,850
3.450%, 3/15/22		3,815		3,876
Anthem, Inc.
2.950%, 12/1/22		7,557		7,559
3.350%, 12/1/24		5,452		5,530
Becton Dickinson & Co.
2.894%, 6/6/22		11,831		11,756
3.363%, 6/6/24		7,740		7,760
Cardinal Health, Inc.
2.616%, 6/15/22		10,985		10,800
3.079%, 6/15/24		11,180		11,003
Community Health Systems, Inc. 6.250%, 3/31/23		7,185		6,466
Endo Dac 144A 6.000%, 7/15/23⁽³⁾		720		565
Fresenius U.S. Finance II, Inc. 144A 4.500%, 1/15/23⁽³⁾		2,590		2,720
HCA, Inc. 6.500%, 2/15/20		13,125		13,912
Mylan NV 3.150%, 6/15/21		4,065		4,087
Mylan, Inc. 144A 3.125%, 1/15/23⁽³⁾		14,815		14,607
Owens & Minor, Inc. 3.875%, 9/15/21		2,485		2,514
Shire Acquisitions Investments Ireland DAC 2.400%, 9/23/21		9,275		9,128
Tenet Healthcare Corp.
144A, 4.625%, 7/15/24⁽³⁾		4,350		4,241
144A, 5.125%, 5/1/25⁽³⁾		4,765		4,646
Valeant Pharmaceuticals International, Inc. 144A 6.500%, 3/15/22⁽³⁾		2,190		2,300


	PAR VALUE		VALUE
Health Care—(continued)
Zimmer Biomet Holdings, Inc. 3.150%, 4/1/22	$	25,115	$	25,174

				178,097

Industrials—2.6%
Alfa SAB de CV 144A 5.250%, 3/25/24⁽³⁾		6,775		7,165
America West Airlines Pass-Through-Trust 2001-1, G 7.100%, 4/2/21		28,521		30,981
Bombardier, Inc. 144A 6.125%, 1/15/23⁽³⁾		11,420		11,192
British Airways Pass-Through-Trust 2013-1, B 144A 5.625%, 6/20/20⁽³⁾		6,436		6,663
CNH Industrial N.V. 4.500%, 8/15/23		15,130		15,738
Continental Airlines Pass-Through-Trust 1999-2, C2 6.236%, 3/15/20		5,892		6,024
Doric Nimrod Air Alpha Pass-Through-Trust 2013-1, A 144A 5.250%, 5/30/23⁽³⁾		14,452		15,216
Doric Nimrod Air Finance Alpha Pass-Through-Trust 2012-1, A 144A 5.125%, 11/30/22⁽³⁾		2,540		2,650
Embraer Overseas Ltd. 144A 5.696%, 9/16/23⁽³⁾		3,460		3,780
Hawaiian Airlines Pass-Through Certificates 2013-1, B 4.950%, 1/15/22		6,357		6,556
Latam Finance Ltd. 144A 6.875%, 4/11/24⁽³⁾		18,525		19,312
Masco Corp. 5.950%, 3/15/22		13,945		15,437
Penske Truck Leasing Co., LP
RegS, 2.500%, 6/15/19⁽⁴⁾		3,470		3,469
144A, 3.375%, 2/1/22⁽³⁾		8,365		8,521
Pitney Bowes, Inc. 4.125%, 5/15/22		10,523		9,668
SCF Capital Designated Activity Co. 144A 5.375%, 6/16/23⁽³⁾		8,460		8,757
Standard Industries, Inc. 144A 5.500%, 2/15/23⁽³⁾		6,590		6,870
TransDigm, Inc. 6.500%, 7/15/24		11,820		12,115

				190,114

Information Technology—1.1%
Broadcom Corp.
144A, 2.375%, 1/15/20⁽³⁾		10,660		10,587
144A, 3.000%, 1/15/22⁽³⁾		7,550		7,485
144A, 2.650%, 1/15/23⁽³⁾		9,730		9,378
144A, 3.625%, 1/15/24⁽³⁾		7,360		7,317
Dell International LLC 144A 5.450%, 6/15/23⁽³⁾		10,540		11,388
Dun & Bradstreet Corp. (The) 4.250%, 6/15/20		4,660		4,779
Hewlett Packard Enterprise Co.
2.850%, 10/5/18		9,690		9,737
3.600%, 10/15/20		1,845		1,884


	PAR VALUE		VALUE
Information Technology—(continued)
VMware, Inc.
2.300%, 8/21/20	$	4,567	$	4,541
2.950%, 8/21/22		11,670		11,636

				78,732

Materials—2.9%
Anglo American Capital plc 144A 3.625%, 9/11/24⁽³⁾		18,490		18,397
Equate Petrochemical BV 144A 3.000%, 3/3/22⁽³⁾		9,535		9,389
Fibria Overseas Finance Ltd. 4.000%, 1/14/25		19,230		19,038
FMG Resources August 2006 Pty Ltd. 144A 9.750%, 3/1/22⁽³⁾		16,815		18,606
Freeport-McMoRan, Inc.
3.550%, 3/1/22		3,070		3,035
3.875%, 3/15/23		7,645		7,607
Gerdau Holdings, Inc. 144A 7.000%, 1/20/20⁽³⁾		6,963		7,468
Glencore Funding LLC 144A 4.125%, 5/30/23⁽³⁾		17,615		18,223
James Hardie International Finance DAC 144A 4.750%, 1/15/25⁽³⁾		12,975		13,072
NOVA Chemicals Corp.
144A, 4.875%, 6/1/24⁽³⁾		9,000		8,978
144A, 5.000%, 5/1/25⁽³⁾		16,890		16,848
OCP SA 144A 5.625%, 4/25/24⁽³⁾		17,090		18,306
Reynolds Group Issuer, Inc. 144A 7.000%, 7/15/24⁽³⁾		13,395		14,371
Rusal Capital DAC 144A 5.125%, 2/2/22⁽³⁾		17,980		18,358
Severstal OAO Via Steel Capital S.A. 144A 3.850%, 8/27/21⁽³⁾⁽⁶⁾		17,780		18,056
Vale Overseas Ltd. 5.875%, 6/10/21		7,475		8,140

				217,892

Real Estate—1.5%
American Tower Corp. 3.000%, 6/15/23		8,586		8,562
Brixmor Operating Partnership LP 3.875%, 8/15/22		5,570		5,706
Education Realty Operating Partnership LP 4.600%, 12/1/24		2,040		2,118
Government Properties Income Trust
3.750%, 8/15/19		2,905		2,929
4.000%, 7/15/22		7,345		7,388
Healthcare Trust of America Holdings LP 2.950%, 7/1/22		17,890		17,841
Hospitality Properties Trust 4.500%, 6/15/23		4,445		4,647


	PAR VALUE		VALUE
Real Estate—(continued)
Kilroy Realty LP 3.450%, 12/15/24	$	2,645	$	2,637
Select Income REIT 4.150%, 2/1/22		18,910		19,120
Senior Housing Properties Trust 3.250%, 5/1/19		6,685		6,720
Ventas Realty LP
4.000%, 4/30/19		7,100		7,229
2.700%, 4/1/20		2,948		2,961
Welltower, Inc. 4.125%, 4/1/19		4,100		4,173
West Europe Finance LLC 144A 3.250%, 10/5/20⁽³⁾		19,265		19,601

				111,632

Telecommunication Services—2.1%
Altice Financing S.A. 144A 6.625%, 2/15/23⁽³⁾		7,045		7,377
AT&T, Inc.
3.200%, 3/1/22		1,910		1,930
(3 month LIBOR + 0.890%) 2.303%, 2/14/23⁽²⁾		8,918		8,988
2.850%, 2/14/23		18,915		18,987
3.800%, 3/1/24		1,860		1,905
3.400%, 8/14/24		3,820		3,839
4.125%, 2/17/26		6,955		7,112
Axtel SAB de C.V. 144A 6.375%, 11/14/24⁽³⁾		9,450		9,734
Crown Castle Towers LLC 144A 6.113%, 1/15/20⁽³⁾		5,900		6,218
Digicel Group Ltd. 144A 8.250%, 9/30/20⁽³⁾		10,365		10,197
Frontier Communications Corp.
8.500%, 4/15/20		3,200		2,656
8.875%, 9/15/20		3,380		2,839
10.500%, 9/15/22		9,085		6,871
Level 3 Financing, Inc. 5.375%, 1/15/24		14,170		14,152
Sprint Spectrum Co., LLC 144A 3.360%, 9/20/21⁽³⁾		17,578		17,688
T-Mobile USA, Inc. 6.000%, 4/15/24		10,030		10,632
Telefonica Emisiones SAU 3.192%, 4/27/18		2,805		2,815
Verizon Communications, Inc.
2.946%, 3/15/22		15,895		15,990
3.125%, 3/16/22		9,017		9,141

				159,071

Utilities—1.1%
Eskom Holdings SOC Ltd. 144A 5.750%, 1/26/21⁽³⁾		13,900		13,754
Exelon Corp.
2.850%, 6/15/20		18,845		19,014
3.497%, 6/1/22		8,261		8,418


	PAR VALUE		VALUE
Utilities—(continued)
Ferrellgas Partners LP 6.750%, 6/15/23	$	11,560	$	10,606
Majapahit Holding BV 144A 7.750%, 1/20/20⁽³⁾		8,800		9,625
State Grid Overseas Investment Ltd. 144A 1.750%, 5/22/18⁽³⁾		5,000		4,989
TerraForm Power Operating LLC 144A 4.250%, 1/31/23⁽³⁾		18,640		18,500
Texas Competitive Electric Holdings Co. 144A 11.500%, 10/1/20^(3)(9)(14)		5,925		4
Toledo Edison Co. (The) 7.250%, 5/1/20		224		243

				85,153

TOTAL CORPORATE BONDS AND NOTES (Identified Cost $2,606,902)				2,630,746

LOAN AGREEMENTS⁽²⁾—11.1%
Consumer Discretionary—3.3%
Advantage Sales & Marketing, Inc.
First Lien, (3 month LIBOR + 3.250%) 4.628%, 7/23/21		3,925		3,821
Tranche B-2, First Lien, (3 month LIBOR + 3.250%) 4.630%, 7/23/21		7,050		6,862
Altice US Finance I Corp. 2017 Refinancing , (1 month LIBOR + 2.250%) 3.819%, 7/28/25		12,710		12,649
Bass Pro Group LLC , (1 month LIBOR + 5.000%) 6.569%, 9/25/24		5,152		5,133
Caesars Resort Collection LLC Tranche B , (3 month LIBOR + 2.750%) 4.336%, 12/23/24		14,370		14,426
CDS US Intermediate Holdings, Inc. Tranche B, First Lien , (3 month LIBOR + 3.750%) 5.443%, 7/8/22		14,353		14,201
Charter Communications Operating LLC Tranche B , (3 month LIBOR + 2.000%) 0.000%, 4/30/25⁽¹²⁾		29,280		29,291
CSC Holdings LLC 2017 Refinancing , (1 month LIBOR + 2.250%) 3.741%, 7/17/25		10,936		10,885
Delta 2 (Lux) S.a.r.l. Tranche B-3 , (1 month LIBOR + 3.000%) 4.569%, 2/1/24		7,886		7,924
El Dorado Resorts, Inc. , (1 month LIBOR + 2.250%) 3.750%, 4/17/24		4,794		4,794
Global Appliance, Inc. Tranche B , (1 month LIBOR + 4.000%) 5.570%, 9/29/24		10,678		10,785
Hilton Worldwide Finance LLC Series B-2 , (1 month LIBOR + 2.000%) 3.552%, 10/25/23		12,340		12,397


	PAR VALUE		VALUE
Consumer Discretionary—(continued)
Hoya Midco LLC First Lien , (1 month LIBOR + 4.000%) 5.569%, 6/30/24	$	3,841	$	3,837
Las Vegas Sands LLC 2017 Refinancing , (1 month LIBOR + 2.000%) 3.569%, 3/29/24		7,306		7,342
McGraw-Hill Global Education Holdings LLC Tranche B, First Lien , (1 month LIBOR + 4.000%) 5.569%, 5/4/22		8,693		8,664
MGM Growth Properties Operation Partnership LP Tranche B , (1 month LIBOR + 2.250%) 3.819%, 4/25/23		7,041		7,064
PetSmart, Inc. Tranche B-2 , (1 month LIBOR + 3.000%) 4.570%, 3/11/22		13,625		10,861
Playa Resorts Holding B.V. , (3 month LIBOR + 3.000%) 4.620%, 4/29/24		19,382		19,459
Seminole Tribe of Florida Tranche B , (1 month LIBOR + 2.000%) 3.569%, 7/8/24		11,890		11,941
ServiceMaster Co., LLC Tranche C , (1 month LIBOR + 2.500%) 4.069%, 11/8/23		8,106		8,130
Sinclair Television Group, Inc.
Tranche B, (1 month LIBOR + 2.250%) 3.820%, 1/3/24		11,370		11,360
Tranche B, (3 month LIBOR + 2.500%) 0.000%, 12/12/24⁽¹²⁾		14,825		14,797
UFC Holdings LLC First Lien , (1 month LIBOR + 3.250%) 4.810%, 8/18/23		9,056		9,097
VICI Properties, Inc. Tranche B , (3 month LIBOR + 2.250%) 3.785%, 12/13/24		2,570		2,570

				248,290

Consumer Staples—1.1%
Albertson’s LLC
2017-1, Tranche B-4, (1 month LIBOR + 2.750%) 4.319%, 8/25/21		23,164		22,682
2017-1, Tranche B-5, (3 month LIBOR + 3.000%) 4.675%, 12/21/22		2,155		2,110
Aramark Intermediate HoldCo Corp.
Tranche B, (1 month LIBOR + 2.000%) 3.569%, 3/28/24		6,054		6,086
Tranche B-1, (1 month LIBOR + 2.000%) 3.569%, 3/11/25		7,740		7,776
Chobani LLC First Lien , (1 month LIBOR + 3.500%) 5.069%, 10/10/23		6,458		6,504


	PAR VALUE		VALUE
Consumer Staples—(continued)
Galleria Co. Tranche B , (1 month LIBOR + 3.000%) 4.375%, 9/29/23	$	5,509	$	5,533
Hostess Brands LLC 2017, Tranche B , (1 month LIBOR + 2.250%) 3.819%, 8/3/22		14,570		14,573
JBS USA Lux S.A. , (3 month LIBOR + 2.500%) 4.100%, 10/30/22		4,784		4,696
Prestige Brands, Inc. Tranche B-4 , (1 month LIBOR + 2.750%) 4.319%, 1/26/24		1,374		1,382
TKC Holdings, Inc. First Lien , (2 month LIBOR + 4.250%) 5.673%, 2/1/23		9,406		9,468

				80,810

Energy—0.5%
Medallion Midland Acquisition LLC , (1 month LIBOR + 3.250%) 4.819%, 10/30/24		7,480		7,489
Paragon Offshore Finance Co. , (3 month LIBOR + 2.750%) 0.000%, 7/16/21^(9)(14)		81		—
Seadrill Operating LP , (3 month LIBOR + 3.000%) 4.693%, 2/21/21		8,702		7,005
Traverse Midstream Partners LLC , (3 month LIBOR + 4.000%) 5.850%, 9/27/24		10,580		10,717
Ultra Resources, Inc. , (3 month LIBOR + 3.000%) 4.413%, 4/12/24		9,915		9,893

				35,104

Financials—0.4%
Asurion LLC Tranche B-5 , (1 month LIBOR + 3.000%) 4.569%, 11/3/23		7,187		7,218
Delos Finance S.a.r.l. , (3 month LIBOR + 2.000%) 3.693%, 10/6/23		16,529		16,647
FinCo I LLC , (1 month LIBOR + 2.750%) 4.319%, 7/14/22		5,220		5,274
iStar, Inc. , (1 month LIBOR + 3.000%) 4.452%, 10/1/21		2,408		2,426

				31,565

Health Care—0.8%
Change Healthcare Holdings, Inc. , (1 month LIBOR + 2.750%) 4.319%, 3/1/24		5,101		5,108
Endo Luxembourg Finance Co. S.a.r.l. , (1 month LIBOR + 4.250%) 5.875%, 4/29/24		3,681		3,700
Envision Healthcare Corp. , (1 month LIBOR + 3.000%) 4.570%, 12/1/23		12,690		12,716


	PAR VALUE		VALUE
Health Care—(continued)
HLF Financing S.a.r.l. Senior Lien , (1 month LIBOR + 5.500%) 7.069%, 2/15/23	$	3,515	$	3,503
INC Research Holdings, Inc. Tranche B , (1 month LIBOR + 2.250%) 3.819%, 8/1/24		7,624		7,629
Parexel International Corp. Tranche B , (1 month LIBOR + 3.000%) 4.569%, 9/27/24		6,399		6,424
Quintiles IMS, Inc. Tranche B-2 , (3 month LIBOR + 2.000%) 3.693%, 1/17/25		773		776
Surgery Partners LLC , (1 month LIBOR + 3.250%) 4.820%, 9/2/24		8,843		8,740
U.S. Renal Care, Inc. First Lien , (3 month LIBOR + 4.250%) 5.943%, 12/30/22		3,903		3,841
Valeant Pharmaceuticals International, Inc. Series F-4, Tranche B , (1 month LIBOR + 3.500%) 4.940%, 4/1/22		7,986		8,094
Wink Holdco, Inc. First Lien , (3 month LIBOR + 3.000%) 4.490%, 12/2/24		600		603

				61,134

Industrials—1.1%
American Airlines, Inc. 2017, Tranche B , (1 month LIBOR + 2.000%) 3.569%, 4/28/23		15,904		15,888
Beacon Roofing Supply, Inc. Tranche B , (3 month LIBOR + 2.250%) 0.000%, 1/2/25⁽¹²⁾		17,200		17,236
Husky Injection Molding Systems Ltd. , (1 month LIBOR + 3.250%) 4.819%, 6/30/21		4,367		4,385
Quikrete Holdings, Inc. First Lien , (1 month LIBOR + 2.750%) 4.319%, 11/15/23		10,684		10,697
TransDigm, Inc.
Tranche F, (3 month LIBOR + 2.750%) 4.381%, 6/9/23		18,212		18,232
Tranche G, (3 month LIBOR + 3.000%) 4.652%, 8/22/24		1,552		1,558
United Airlines, Inc. Tranche B , (3 month LIBOR + 2.000%) 3.380%, 4/1/24		13,880		13,905

				81,901

Information Technology—1.0%
Blackboard, Inc. Tranche B-4, First Lien , (3 month LIBOR + 5.000%) 6.354%, 6/30/21		4,058		4,013
First Data Corp. 2024, Tranche-A , (1 month LIBOR + 2.250%) 3.802%, 4/26/24		24,581		24,585
Kronos, Inc.


	PAR VALUE		VALUE
Information Technology—(continued)
First Lien, (3 month LIBOR + 3.500%) 4.903%, 11/1/23	$	17,676	$	17,785
Second Lien, (3 month LIBOR + 8.250%) 9.627%, 11/1/24		3,287		3,407
Leidos Innovations Corp. Tranche B , (1 month LIBOR + 2.000%) 3.625%, 8/16/23		5,312		5,356
Presidio LLC Tranche B , (3 month PRIME + 2.250%) 5.668%, 2/2/22		6,663		6,677
Rackspace Hosting, Inc. 2017, Tranche B, First Lien , (3 month LIBOR + 3.000%) 4.385%, 11/3/23		11,530		11,646
Veritas US, Inc. Tranche B , (3 month LIBOR + 4.500%) 6.193%, 1/27/23		4,184		4,191

				77,660

Materials—0.6%
Berry Global Group, Inc.
Tranche M, (1 month LIBOR + 2.250%) 3.750%, 10/1/22		6,504		6,527
Tranche N, (1 month LIBOR + 2.250%) 3.682%, 1/19/24		1,037		1,041
CPG International LLC , (3 month LIBOR + 3.750%) 5.593%, 5/5/24		12,044		12,064
CPI Acquisition, Inc. First Lien , (3 month LIBOR + 4.500%) 5.962%, 8/17/22		11,746		8,457
Ineos U.S. Finance LLC 2024 , (1 month LIBOR + 2.000%) 3.569%, 4/1/24		5,975		5,975
IPS Acquisition LLC First Lien , (1 month LIBOR + 3.250%) 4.819%, 11/7/24		1,805		1,811
New Arclin U.S. Holding Corp. First Lien , (3 month LIBOR + 4.250%) 5.943%, 2/14/24		4,746		4,782

				40,657

Real Estate—0.1%
Capital Automotive LP
Tranche B-2, First Lien, (1 month LIBOR + 2.500%) 4.070%, 3/25/24		831		833
Tranche B, Second Lien, (1 month LIBOR + 6.000%) 7.570%, 3/24/25		4,144		4,247

				5,080


	PAR VALUE		VALUE
Telecommunication Services—1.5%
CenturyLink, Inc. Tranche B , (3 month PRIME + 1.750%) 4.319%, 1/31/25	$	17,200	$	16,571
Digicel International Finance Ltd. Tranche-B, First Lien , (1 month LIBOR + 3.750%) 5.310%, 5/27/24		1,731		1,737
Frontier Communications Corp. Tranche B-1 , (1 month LIBOR + 3.750%) 5.320%, 6/15/24		11,681		11,185
Level 3 Financing, Inc. 2024, Tranche B , (3 month LIBOR + 2.250%) 3.696%, 2/22/24		28,944		28,944
Numericable U.S. LLC , (3 month LIBOR + 3.000%) 4.349%, 1/31/26		13,950		13,414
Securus Technologies Holdings, Inc. First Lien , (2 month LIBOR + 4.500%) 6.124%, 11/1/24		16,425		16,579
UPC Financing Partnership Tranche A-R , (1 month LIBOR + 2.500%) 3.977%, 1/15/26		9,420		9,412
Virgin Media Bristol LLC Tranche K , (1 month LIBOR + 2.500%) 3.977%, 1/15/26		6,845		6,841
West Corp. Tranche B , (1 month LIBOR + 4.000%) 5.350%, 10/10/24		6,897		6,912

				111,595

Utilities—0.7%
Dynegy, Inc. Tranche C-2 , (1 month LIBOR + 2.750%) 4.251%, 12/20/24		9,314		9,353
Energy Future Intermediate Holding Co., LLC , (1 month LIBOR + 3.000%) 4.546%, 6/30/18		11,305		11,329
NRG Energy, Inc. , (3 month LIBOR + 2.250%) 3.943%, 6/30/23		10,036		10,039
State of Santa Catarina (The) 4.000%, 12/27/22⁽¹⁵⁾		10,254		10,105
Vistra Operations Co., LLC
Tranche C, (1 month LIBOR + 2.500%) 3.834%, 8/4/23		1,056		1,061
(1 month LIBOR + 2.750%) 3.951%, 8/4/23		5,957		5,987
2016, (1 month LIBOR + 2.750%) 4.162%, 12/14/23		1,560		1,571

				49,445

TOTAL LOAN AGREEMENTS (Identified Cost $830,449)				823,241


	SHARES			VALUE
PREFERRED STOCKS—0.4%
Financials—0.4%
Bank of New York Mellon Corp. (The) Series E, 4.950%		12,070	⁽⁸⁾	$	12,493
JPMorgan Chase & Co. Series Z, 5.300%		3,985	⁽⁸⁾		4,133
Wells Fargo & Co. Series K, 7.980%		16,155	⁽⁸⁾		16,417

TOTAL PREFERRED STOCKS (Identified Cost $32,313)					33,043

COMMON STOCKS—0.1%
Energy—0.0%
Frontera Energy Corp.⁽¹⁾		75,733			2,342

Financials—0.1%
VICI Properties, Inc.⁽¹⁾		209,022			4,285

Utilities—0.0%
Vistra Energy Corp.⁽¹⁾		98,789			1,810

TOTAL COMMON STOCKS (Identified Cost $8,119)					8,437

AFFILIATED MUTUAL FUND⁽¹¹⁾—0.9%
Virtus Newfleet Credit Opportunities Fund Class R6		6,989,143			67,655

TOTAL AFFILIATED MUTUAL FUND (Identified Cost $69,865)					67,655


	PAR VALUE			VALUE
RIGHTS—0.0%
Vistra Energy Corp. ⁽¹⁵⁾		98,789			89

TOTAL RIGHTS (Identified Cost $84)					89

TOTAL LONG TERM INVESTMENTS—99.0% (Identified Cost $7,325,581)					7,339,531	⁽¹³⁾


	SHARES
SHORT-TERM INVESTMENT—1.4%
Money Market Mutual Fund⁽¹¹⁾—1.4%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 1.190%)		104,288,778			104,289


TOTAL SHORT-TERM INVESTMENT (Identified Cost $104,289)		104,289

TOTAL INVESTMENTS—100.4% (Identified Cost $7,429,870)		7,443,820
Other assets and liabilities, net—(0.4)%		(27,918	)

NET ASSETS—100.0%	$	7,415,902

Abbreviations:


FNMA		Federal National Mortgage Association (“Fannie Mae”)
GNMA		Government National Mortgage Association (“Ginnie Mae”)
LIBOR		London Interbank Offered Rate
REIT		Real Estate Investment Trust

Footnote Legend:

⁽¹⁾	Non-income producing.

⁽²⁾

⁽³⁾	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2017, these securities amounted to a value of $3,398,315 or 45.8% of net assets.

⁽⁴⁾	Regulation S security. Security is offered and sold outside of the United States, therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933.

⁽⁵⁾	No contractual maturity date.

⁽⁶⁾	This Note was issued for the sole purpose of funding a loan agreement between the issuer and the borrower. As the credit risk for this security lies solely with the borrower, the name represented here is that of the borrower.

⁽⁷⁾	Interest payments may be deferred.

⁽⁸⁾	Value shown as par value.

⁽⁹⁾	Security in default, no interest payments are being received during the bankruptcy proceedings.

⁽¹⁰⁾	Security in default, a portion of the interest payments are being received during the bankruptcy proceedings.

⁽¹¹⁾	Shares of these funds are publicly offered and the prospectus and annual reports of each are publicly available.

⁽¹²⁾	This loan will settle after December 31, 2017, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.

⁽¹³⁾	All or a portion of the Fund’s assets have been segregated for delayed delivery security.

⁽¹⁴⁾	Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments.

⁽¹⁵⁾	The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located at the end of the Schedule of Investments.

Foreign Currencies:

BRL	Brazilian Real

CLP	Chilean Peso

COP	Colombian Peso

IDR	Indonesian Rupiah

MXN	Mexican Peso

RUB	Russian Ruble

TRY	Turkish Lira

ZAR	South African Rand

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2017 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

There were no transfers between Level 1, Level 2, or Level 3 related to securities held at December 31, 2017.


	PAR VALUE		VALUE
MORTGAGE-BACKED SECURITIES—0.2%
Non-Agency—0.2%
Home Equity Loan Trust 2007-HSA3, AI4 6.110%, 6/25/37⁽¹⁾	$	740	$	742

TOTAL MORTGAGE-BACKED SECURITIES (Identified Cost $738)				742

CORPORATE BONDS AND NOTES—5.4%
Consumer Discretionary—0.8%
DISH DBS Corp. 5.875%, 7/15/22		575		578
Scientific Games International, Inc. 144A 7.000%, 1/1/22⁽²⁾		720		759
SFR Group S.A. 144A 6.000%, 5/15/22⁽²⁾		1,505		1,524
Sirius XM Radio, Inc. 144A 3.875%, 8/1/22⁽²⁾		455		456
TRI Pointe Group, Inc. 4.875%, 7/1/21		1,165		1,208

				4,525

Consumer Staples—0.2%
Dole Food Co., Inc. 144A 7.250%, 6/15/25⁽²⁾		855		923

Energy—1.6%
Alliance Resource Operating Partners LP 144A 7.500%, 5/1/25⁽²⁾		1,241		1,319
Alta Mesa Holdings LP 7.875%, 12/15/24		765		839
Carrizo Oil & Gas, Inc. 6.250%, 4/15/23		895		929
Chesapeake Energy Corp. 6.625%, 8/15/20		905		941
Denbury Resources, Inc. 5.500%, 5/1/22		690		472
Energy Transfer Equity LP 4.250%, 3/15/23		515		511
EP Energy LLC 144A 8.000%, 11/29/24⁽²⁾		835		862
FTS International, Inc.
144A, (3 month LIBOR + 7.500%) 9.089%, 6/15/20⁽¹⁾⁽²⁾		928		946
6.250%, 5/1/22		825		798
MEG Energy Corp. 144A 6.500%, 1/15/25⁽²⁾		630		622
Peabody Energy Corp.
144A, 6.000%, 3/31/22⁽²⁾		70		73
144A, 6.375%, 3/31/25⁽²⁾		510		530

				8,842

Financials—0.3%
iStar, Inc.
5.000%, 7/1/19		305		307
6.000%, 4/1/22		180		186


	PAR VALUE		VALUE
Financials—(continued)
Springleaf Finance Corp. 6.125%, 5/15/22	$	1,105	$	1,146

				1,639

Health Care—0.7%
Community Health Systems, Inc. 6.250%, 3/31/23		320		288
Eagle Holding Co. II, LLC PIK Interest Capitalization, 144A 7.625%, 5/15/22⁽²⁾⁽³⁾		110		112
Surgery Center Holdings, Inc. 144A 8.875%, 4/15/21⁽²⁾		435		450
Tenet Healthcare Corp. 144A 4.625%, 7/15/24⁽²⁾		1,535		1,497
Valeant Pharmaceuticals International, Inc.
144A, 5.375%, 3/15/20⁽²⁾		531		532
144A, 5.500%, 11/1/25⁽²⁾		925		941

				3,820

Industrials—0.2%
American Airlines Group, Inc. 144A 4.625%, 3/1/20⁽²⁾		460		466
Standard Industries, Inc. 144A 5.500%, 2/15/23⁽²⁾		555		578

				1,044

Information Technology—0.2%
First Data Corp.
144A, 5.000%, 1/15/24⁽²⁾		600		617
144A, 5.750%, 1/15/24⁽²⁾		225		234

				851

Materials—1.0%
Ardagh Packaging Finance plc 144A 6.000%, 2/15/25⁽²⁾		785		826
BWAY Holding Co. 144A 5.500%, 4/15/24⁽²⁾		1,160		1,207
Hexion Inc. 6.625%, 4/15/20		645		579
NOVA Chemicals Corp.
144A, 4.875%, 6/1/24⁽²⁾		345		344
144A, 5.000%, 5/1/25⁽²⁾		260		259
Reynolds Group Issuer, Inc.
144A, 5.125%, 7/15/23⁽²⁾		575		595
144A, 7.000%, 7/15/24⁽²⁾		1,330		1,427

				5,237

Telecommunication Services—0.2%
T-Mobile USA, Inc. 6.000%, 4/15/24		1,090		1,156


	PAR VALUE		VALUE
Utilities—0.2%
Ferrellgas Partners LP 6.750%, 6/15/23	$	920	$	844
Vistra Operations Co. LLC 0.000%, 10/1/20^(2)(6)(7)		9,165		7

				851

TOTAL CORPORATE BONDS AND NOTES (Identified Cost $28,768)				28,888

LOAN AGREEMENTS⁽¹⁾—100.1%
Consumer Discretionary—27.3%
Accuride International, Inc. , (3 month LIBOR + 5.250%) 6.943%, 11/17/23		1,942		1,969
Advantage Sales & Marketing, Inc.
First Lien, (3 month LIBOR + 3.250%) 4.628%, 7/23/21		561		546
Tranche B-2, First Lien, (3 month LIBOR + 3.250%) 4.630%, 7/23/21		980		954
Second Lien, (3 month LIBOR + 6.500%) 7.878%, 7/25/22		1,200		1,112
Affinity Gaming LLC , (3 month LIBOR + 3.500%) 5.193%, 7/1/23		1,567		1,573
Altice US Finance I Corp. 2017 Refinancing , (1 month LIBOR + 2.250%) 3.819%, 7/28/25		1,661		1,653
American Axle & Manufacturing, Inc. Tranche B , (3 month LIBOR + 2.250%) 3.715%, 4/6/24		1,389		1,393
Aristocrat Leisure Ltd.
2017, Tranche B-2, (3 month LIBOR + 2.000%) 3.363%, 10/20/21		2,129		2,137
Tranche B-2, (3 month LIBOR + 2.000%) 3.357%, 10/19/24		1,140		1,145
Bass Pro Group LLC , (1 month LIBOR + 5.000%) 6.569%, 9/25/24		2,229		2,221
Caesars Resort Collection LLC Tranche B , (3 month LIBOR + 2.750%) 4.336%, 10/2/24		8,315		8,348
CBAC Borrower LLC Tranche B , (1 month LIBOR + 4.000%) 5.569%, 7/8/24		1,097		1,106
CDS US Intermediate Holdings, Inc. Tranche B, First Lien , (3 month LIBOR + 3.750%) 5.443%, 7/8/22		2,184		2,161
Charter Communications Operating LLC Tranche B , (3 month LIBOR + 2.000%) 0.000%, 4/13/25⁽⁴⁾		7,185		7,188
CityCenter Holdings LLC Tranche B , (1 month LIBOR + 2.500%) 4.069%, 4/18/24		2,204		2,213


	PAR VALUE		VALUE
Consumer Discretionary—(continued)
Cooper-Standard Automotive, Inc. Tranche B-1 , (3 month LIBOR + 2.250%) 3.943%, 11/2/23	$	1,358	$	1,365
CSC Holdings LLC 2017 Refinancing , (1 month LIBOR + 2.250%) 3.741%, 7/17/25		3,304		3,289
Deck Chassis Acquisition, Inc. Second Lien , (3 month LIBOR + 6.000%) 0.000%, 6/15/23⁽⁴⁾		345		350
Delta 2 (Lux) S.a.r.l. Tranche B-3 , (1 month LIBOR + 3.000%) 4.569%, 2/1/24		3,178		3,193
Dexko Global, Inc. Tranche B, First Lien , (3 month LIBOR + 4.000%) 5.693%, 7/24/24		2,259		2,278
El Dorado Resorts, Inc. , (1 month LIBOR + 2.250%) 3.750%, 4/17/24		1,211		1,211
Federal-Mogul Corp. Tranche C , (1 month LIBOR + 3.750%) 5.275%, 4/15/21		3,460		3,484
Gates Global LLC Tranche B-2 , (3 month LIBOR + 3.000%) 4.693%, 4/1/24		2,158		2,169
Gateway Casinos & Entertainment Ltd. Tranche B-1 , (3 month LIBOR + 3.750%) 5.443%, 2/22/23		821		827
Global Appliance, Inc. Tranche B , (1 month LIBOR + 4.000%) 5.570%, 9/29/24		1,691		1,708
Golden Nugget, Inc. Tranche B , (2 month LIBOR + 3.250%) 4.756%, 10/4/23		1,478		1,488
Greektown Holdings LLC , (1 month LIBOR + 2.750%) 4.319%, 4/25/24		857		855
Hilton Worldwide Finance LLC Series B-2 , (1 month LIBOR + 2.000%) 3.552%, 10/25/23		5,680		5,706
Hoya Midco LLC First Lien , (1 month LIBOR + 4.000%) 5.569%, 6/30/24		1,080		1,079
iHeartCommunications, Inc. Tranche D , (3 month LIBOR + 6.750%) 8.443%, 1/30/19		5,288		3,952
KAR Auction Services, Inc. Tranche B-4 , (3 month LIBOR + 2.250%) 4.000%, 3/11/21		1,656		1,663
Laureate Education, Inc. 2024 , (1 month LIBOR + 4.500%) 6.069%, 4/26/24		4,303		4,335
Leslie’s Poolmart, Inc. Tranche B-1 , (2 month LIBOR + 3.750%) 5.374%, 8/16/23		1,573		1,568
Libbey Glass, Inc. , (1 month LIBOR + 3.000%) 4.432%, 4/9/21		1,776		1,702
MCC Iowa LLC Tranche M , (weekly LIBOR + 2.000%) 3.490%, 1/15/25		1,606		1,607


	PAR VALUE		VALUE
Consumer Discretionary—(continued)
McGraw-Hill Global Education Holdings LLC Tranche B, First Lien , (1 month LIBOR + 4.000%) 5.569%, 5/4/22	$	3,220	$	3,209
Mediacom Illinois LLC Tranche K , (weekly LIBOR + 2.250%) 3.740%, 2/15/24		2,272		2,279
MGM Growth Properties Operation Partnership LP Tranche B , (1 month LIBOR + 2.250%) 3.819%, 4/25/23		2,477		2,485
Michaels Stores, Inc. Tranche B-1 , (1 month LIBOR + 2.750%) 4.284%, 1/30/23		2,103		2,103
Mission Broadcasting, Inc. Tranche B-2 , (1 month LIBOR + 2.500%) 3.861%, 1/17/24		116		116
Mohegan Tribal Gaming Authority Tranche B , (3 month PRIME + 3.000%) 6.535%, 10/13/23		1,440		1,452
Neiman Marcus Group, Inc. (The) , (1 month LIBOR + 3.250%) 4.642%, 10/25/20		2,152		1,752
Nexstar Broadcasting, Inc. Tranche B-2 , (1 month LIBOR + 2.500%) 3.861%, 1/17/24		915		917
PetSmart, Inc. Tranche B-2 , (1 month LIBOR + 3.000%) 4.570%, 3/11/22		2,418		1,928
Playa Resorts Holding B.V. , (3 month LIBOR + 3.000%) 4.620%, 4/29/24		2,739		2,749
Scientific Games International, Inc. Tranche B-4 , (2 month LIBOR + 3.250%) 4.746%, 8/14/24		2,264		2,281
Serta Simmons Bedding LLC First Lien , (3 month LIBOR + 3.500%) 4.866%, 11/8/23		1,701		1,553
ServiceMaster Co., LLC Tranche C , (1 month LIBOR + 2.500%) 4.069%, 11/8/23		5,050		5,065
SFR Group S.A. Tranche B-11 , (3 month LIBOR + 2.750%) 4.130%, 7/31/25		3,303		3,150
Sinclair Television Group, Inc.
Tranche B, (1 month LIBOR + 2.250%) 3.820%, 1/3/24		2,473		2,471
Tranche B, (3 month LIBOR + 2.500%) 0.000%, 12/12/24⁽⁴⁾		3,780		3,773
SRAM LLC First Lien , (3 month LIBOR + 3.250%) 5.355%, 3/15/24		2,333		2,347
St. George’s University LLC , (1 month LIBOR + 4.250%) 5.820%, 7/6/22		1,214		1,226
Staples, Inc. , (2 month LIBOR + 4.000%) 5.489%, 9/12/24		1,641		1,607


	PAR VALUE		VALUE
Consumer Discretionary—(continued)
Station Casinos LLC Tranche B , (1 month LIBOR + 2.500%) 4.060%, 6/8/23	$	2,463	$	2,466
TI Group Auto Systems LLC , (1 month LIBOR + 2.750%) 4.319%, 6/30/22		911		915
Toys ‘R’ US-Delaware, Inc. , (1 month LIBOR + 6.750%) 8.320%, 1/18/19		320		320
Tribune Media Co.
Tranche B, (1 month LIBOR + 3.000%) 4.569%, 12/27/20		158		159
Tranche C, (1 month LIBOR + 3.000%) 4.569%, 1/26/24		1,975		1,977
U.S. Farathane LLC Tranche B-4 , (3 month LIBOR + 3.500%) 5.193%, 12/23/21		2,283		2,289
UFC Holdings LLC First Lien , (1 month LIBOR + 3.250%) 4.810%, 8/18/23		2,415		2,426
Univision Communications, Inc. First Lien , (1 month LIBOR + 2.750%) 4.319%, 3/15/24		10,776		10,734
VICI Properties, Inc. Tranche B , (3 month LIBOR + 2.250%) 3.785%, 12/13/24		1,000		1,000
Ziggo Secured Finance Partnership Tranche E , (1 month LIBOR + 2.500%) 3.977%, 4/15/25		2,395		2,374

				146,671

Consumer Staples—6.7%
Albertson’s LLC
2017-1, Tranche B-4, (1 month LIBOR + 2.750%) 4.319%, 8/25/21		2,692		2,636
2017-1, Tranche B-5, (3 month LIBOR + 3.000%) 4.675%, 12/21/22		2,015		1,972
Amplify Snack Brands, Inc. , (1 month LIBOR + 5.500%) 6.880%, 9/2/23		919		921
Aramark Intermediate HoldCo Corp. Tranche B-1 , (1 month LIBOR + 2.000%) 3.569%, 3/11/25		670		673
Chobani LLC First Lien , (1 month LIBOR + 3.500%) 5.069%, 10/10/23		1,476		1,487
Crossmark Holdings, Inc.
First Lien, (3 month LIBOR + 3.500%) 5.193%, 12/20/19		1,922		884
Second Lien, (3 month LIBOR + 7.500%) 9.193%, 12/21/20		520		49
Diamond (BC) B.V. , (2 month LIBOR + 3.000%) 4.423%, 9/6/24		1,785		1,786


	PAR VALUE		VALUE
Consumer Staples—(continued)
Dole Food Co., Inc. Tranche B , (3 month PRIME + 1.750%) 4.677%, 4/6/24	$	2,745	$	2,750
Hostess Brands LLC 2017, Tranche B , (1 month LIBOR + 2.250%) 3.819%, 8/3/22		2,691		2,691
JBS USA Lux S.A. , (3 month LIBOR + 2.500%) 4.100%, 10/30/22		4,665		4,580
Milk Specialties Co. , (3 month LIBOR + 4.000%) 5.693%, 8/16/23		1,165		1,174
Parfums Holdings Co., Inc. First Lien , (3 month LIBOR + 4.750%) 6.443%, 6/30/24		1,602		1,614
Post Holdings, Inc. Tranche A , (1 month LIBOR + 2.250%) 3.820%, 5/24/24		1,025		1,028
Prestige Brands, Inc. Tranche B-4 , (1 month LIBOR + 2.750%) 4.319%, 1/26/24		709		713
Revlon Consumer Products Corp. Tranche B , (1 month LIBOR + 3.500%) 5.069%, 9/7/23		978		724
Reynolds Group Holdings, Inc. , (1 month LIBOR + 2.750%) 4.319%, 2/5/23		4,954		4,974
Rite Aid Corp. Tranche 2, Second Lien , (weekly LIBOR + 3.875%) 5.365%, 6/21/21		1,150		1,151
TKC Holdings, Inc. First Lien , (2 month LIBOR + 4.250%) 5.673%, 2/1/23		2,541		2,558
US Foods, Inc. , (1 month LIBOR + 2.500%) 4.069%, 6/27/23		1,448		1,455

				35,820

Energy—4.1%
Blackhawk Mining LLC First Lien , (3 month LIBOR + 9.500%) 10.890%, 2/17/22		923		788
California Resources Corp. , (3 month LIBOR + 4.750%) 0.000%, 12/31/22⁽⁴⁾		1,000		995
Chesapeake Energy Corp. Tranche A , (3 month LIBOR + 7.500%) 8.954%, 8/23/21		910		967
Chief Exploration & Development LLC Second Lien , (3 month LIBOR + 6.500%) 7.959%, 5/16/21		1,639		1,609
Contura Energy, Inc. , (2 month LIBOR + 5.000%) 6.630%, 3/18/24		1,775		1,749
Fieldwood Energy LLC
(3 month LIBOR + 7.000%) 8.693%, 8/31/20		733		660
Second Lien, (3 month LIBOR + 7.125%) 8.818%, 9/30/20		1,623		521


	PAR VALUE		VALUE
Energy—(continued)
First Lien, (3 month LIBOR + 7.125%) 8.818%, 9/30/20	$	989	$	679
Gavilan Resources LLC Second Lien , (1 month LIBOR + 6.000%) 7.460%, 3/1/24		790		781
Medallion Midland Acquisition LLC , (1 month LIBOR + 3.250%) 4.819%, 10/30/24		1,175		1,177
MEG Energy Corp. , (3 month LIBOR + 3.500%) 5.200%, 12/31/23		2,969		2,970
Ocean Rig UDW, Inc. 8.000%, 9/20/24		347		350
Paragon Offshore Finance Co. , (3 month LIBOR + 2.750%) 0.000%, 7/16/21^(4)(6)(7)		14		—
Peabody Energy Corp. 2017 , (1 month LIBOR + 3.500%) 5.069%, 3/31/22		281		284
Seadrill Operating LP , (3 month LIBOR + 3.000%) 4.693%, 2/21/21		4,009		3,227
Thermon Industries, Inc. Tranche B , (1 month LIBOR + 3.750%) 5.125%, 10/30/24		285		287
Traverse Midstream Partners LLC , (3 month LIBOR + 4.000%) 5.850%, 9/27/24		1,710		1,732
Ultra Resources, Inc. , (3 month LIBOR + 3.000%) 4.413%, 4/12/24		1,175		1,172
Weatherford International Ltd. , (1 month LIBOR + 2.300%) 3.870%, 7/13/20		2,337		2,282

				22,230

Financials—4.0%
AlixPartners LLP 2017 Refinancing , (3 month LIBOR + 2.750%) 4.443%, 4/4/24		2,258		2,268
Asurion LLC
Tranche B-4, (1 month LIBOR + 2.750%) 4.319%, 8/4/22		1,610		1,617
Tranche B-5, (1 month LIBOR + 3.000%) 4.569%, 11/3/23		1,092		1,097
Tranche B-2, Second Lien, (1 month LIBOR + 6.000%) 7.569%, 8/4/25		2,455		2,521
Duff & Phelps Investment Management Co. Tranche B , (3 month LIBOR + 3.125%) 0.000%, 12/4/24⁽⁴⁾		760		761
FinCo I LLC , (1 month LIBOR + 2.750%) 4.319%, 7/14/22		1,310		1,323
Focus Financial Partners LLC First Lien , (3 month LIBOR + 3.250%) 4.943%, 7/3/24		1,382		1,394


	PAR VALUE		VALUE
Financials—(continued)
iStar, Inc. , (1 month LIBOR + 3.000%) 4.452%, 10/1/21	$	348	$	350
Lightstone HoldCo., LLC
Tranche B, (1 month LIBOR + 4.500%) 6.069%, 1/30/24		692		695
Tranche C, (1 month LIBOR + 4.500%) 6.069%, 1/30/24		44		44
TransUnion LLC, 2017 Replacement Tranche B-3 , (1 month LIBOR + 2.000%) 3.569%, 4/10/23		4,211		4,225
VF Holdings Corp. Tranche B-1, First Lien , (1 month LIBOR + 3.250%) 4.819%, 6/30/23		1,109		1,117
Walter Investment Management Corp. Tranche B , (1 month LIBOR + 3.750%) 5.319%, 12/18/20⁽⁸⁾		4,108		3,919

				21,331

Health Care—11.9%
21st Century Oncology Holdings, Inc. Tranche B , (3 month LIBOR + 6.125%) 7.825%, 4/30/22⁽⁸⁾		1,333		1,256
Acadia Healthcare Co., Inc. Tranche B-2 , (1 month LIBOR + 2.750%) 4.142%, 2/16/23		2,012		2,022
Air Medical Group Holdings, Inc. Tranche B , (3 month LIBOR + 4.125%) 0.000%, 9/26/24⁽⁴⁾		395		396
Akorn, Inc. , (1 month LIBOR + 4.250%) 5.875%, 4/16/21		2,180		2,186
Amneal Pharmaceuticals LLC Tranche B , (3 month LIBOR + 3.500%) 5.193%, 11/1/19		1,258		1,262
Ardent Legacy Acquisitions, Inc. , (1 month LIBOR + 5.500%) 7.069%, 8/4/21		1,501		1,498
Avantor Performance Materials Holdings, Inc. , (1 month LIBOR + 4.000%) 5.511%, 11/21/24		1,875		1,883
Catalent Pharma Solution, Inc. , (1 month LIBOR + 2.250%) 3.819%, 5/20/24		1,206		1,210
Change Healthcare Holdings, Inc. , (1 month LIBOR + 2.750%) 4.319%, 3/1/24		3,265		3,270
CHG Healthcare Services, Inc. 2017, First Lien , (3 month LIBOR + 3.000%) 4.476%, 6/7/23		743		748
Community Health Systems, Inc.
2019 Tranche G, (3 month LIBOR + 2.750%) 4.229%, 12/31/19		1,230		1,190
2021, Tranche H, (3 month LIBOR + 3.000%) 4.479%, 1/27/21		3,472		3,308


	PAR VALUE		VALUE
Health Care—(continued)
Concordia International Corp. , (1 month LIBOR + 4.250%) 5.819%, 10/21/21⁽⁸⁾	$	1,192	$	973
Cryolife, Inc. , (1 month LIBOR + 4.000%) 5.361%, 12/2/24		785		789
DJO Finance , (1 month LIBOR + 3.250%) 4.702%, 6/8/20		2,631		2,592
Endo Luxembourg Finance Co. S.a.r.l. , (1 month LIBOR + 4.250%) 5.875%, 4/29/24		2,045		2,055
Envision Healthcare Corp. , (1 month LIBOR + 3.000%) 4.570%, 12/1/23		1,748		1,751
Explorer Holdings, Inc. , (3 month LIBOR + 3.750%) 5.130%, 5/2/23		428		431
Greatbatch Ltd. Tranche B , (1 month LIBOR + 3.250%) 4.660%, 10/27/22		716		721
HLF Financing S.a.r.l. Senior Lien , (1 month LIBOR + 5.500%) 7.069%, 2/15/23		873		870
Immucor, Inc. Tranche B-3 , (1 month LIBOR + 5.000%) 6.569%, 6/15/21		174		177
INC Research Holdings, Inc. Tranche B , (1 month LIBOR + 2.250%) 3.819%, 8/1/24		1,240		1,241
Jaguar Holding Company I, LLC 2017 , (3 month LIBOR + 2.750%) 4.381%, 8/18/22		3,051		3,054
Kindred Healthcare, Inc. , (3 month LIBOR + 3.500%) 4.875%, 4/9/21		1,135		1,138
MMM Holdings, Inc. , (3 month LIBOR + 8.750%) 10.324%, 6/30/19		295		283
MPH Acquisition Holdings LLC , (3 month LIBOR + 3.000%) 4.693%, 6/7/23		770		771
MSO of Puerto Rico, Inc. , (3 month LIBOR + 8.750%) 10.324%, 6/30/19		214		205
National Mentor Holdings, Inc. Tranche B , (3 month LIBOR + 3.000%) 4.693%, 1/31/21		1,043		1,051
NVA Holdings, Inc.
Tranche B-2, First Lien, (3 month LIBOR + 3.500%) 5.193%, 8/14/21		801		806
Second Lien, (3 month LIBOR + 7.000%) 8.693%, 8/14/22		1,263		1,269
Ortho-Clinical Diagnostics Holdings S.a.r.l. , (3 month LIBOR + 3.750%) 5.443%, 6/30/21		3,122		3,127
Parexel International Corp. Tranche B , (1 month LIBOR + 3.000%) 4.569%, 9/27/24		1,820		1,828
PharMerica Corp.


	PAR VALUE		VALUE
Health Care—(continued)
First Lien, (3 month LIBOR + 3.500%) 4.903%, 9/26/24	$	1,310	$	1,316
Second Lien, (3 month LIBOR + 7.750%) 9.153%, 9/26/25		125		125
Quintiles IMS, Inc.
Tranche B-1, (3 month LIBOR + 2.000%) 3.693%, 3/7/24		2,027		2,035
Tranche B-2, (3 month LIBOR + 2.000%) 3.693%, 1/17/25		105		105
Quorum Health Corp. , (1 month LIBOR + 6.750%) 8.319%, 4/29/22		1,422		1,435
Select Medical Corp. Tranche B , (3 month PRIME + 2.500%) 5.925%, 3/1/21		1,504		1,517
Sterigenics-Nordion , (1 month LIBOR + 3.000%) 4.569%, 5/15/22		2,191		2,189
Surgery Partners LLC , (1 month LIBOR + 3.250%) 4.820%, 9/2/24		2,888		2,854
Team Health Holdings, Inc. , (1 month LIBOR + 2.750%) 4.319%, 2/6/24		1,065		1,036
U.S. Renal Care, Inc. First Lien , (3 month LIBOR + 4.250%) 5.943%, 12/30/22		2,314		2,277
Valeant Pharmaceuticals International, Inc. Series F-4, Tranche B , (1 month LIBOR + 3.500%) 4.940%, 4/1/22		3,378		3,424
Wink Holdco, Inc. First Lien , (3 month LIBOR + 3.000%) 4.490%, 12/2/24		100		100

				63,774

Industrials—14.4%
84 Lumber Co. Tranche B-1 , (1 month LIBOR + 5.250%) 6.802%, 10/25/23		2,608		2,634
Accudyne Industries LLC , (1 month LIBOR + 3.750%) 5.319%, 8/18/24		1,192		1,200
Advanced Disposal Services, Inc. , (weekly LIBOR + 2.250%) 3.739%, 11/10/23		617		618
American Airlines, Inc.
2017 Replacement, (1 month LIBOR + 2.000%) 3.552%, 6/27/20		1,763		1,764
2017, Tranche B, (1 month LIBOR + 2.000%) 3.569%, 4/28/23		1,198		1,197
Apex Tool Group LLC , (1 month LIBOR + 3.250%) 4.819%, 1/31/20		1,784		1,778


	PAR VALUE		VALUE
Industrials—(continued)
Beacon Roofing Supply, Inc. Tranche B , (3 month LIBOR + 2.250%) 0.000%, 1/2/25⁽⁴⁾	$	630	$	631
Brand Energy & Infrastructure Services, Inc. , (3 month LIBOR + 4.250%) 5.620%, 6/21/24		2,348		2,356
Brickman Group Ltd. LLC (The)
First Lien, (3 month LIBOR + 3.000%) 4.435%, 12/18/20		3,667		3,684
Second Lien, (1 month LIBOR + 6.500%) 7.991%, 12/17/21		923		926
Casella Waste Systems, Inc. Tranche B-1 , (1 month LIBOR + 2.500%) 3.991%, 10/17/23		1,183		1,187
Circor International, Inc. , (1 month LIBOR + 3.500%) 4.932%, 12/11/24		1,900		1,893
CSC SW Holdco, Inc. Tranche B-1, First Lien , (2 month LIBOR + 3.750%) 5.147%, 11/14/22		3,284		3,307
Filtration Group, Inc. First Lien , (3 month LIBOR + 3.000%) 4.380%, 11/23/20		2,745		2,765
Fort Dearborn Holding Co., Inc. First Lien , (3 month LIBOR + 4.000%) 5.350%, 10/19/23		1,801		1,799
Garda World Security Corp. Tranche B , (3 month PRIME + 2.500%) 5.984%, 5/24/24		801		804
Gardner Denver, Inc. Tranche B-1 , (1 month LIBOR + 2.750%) 4.443%, 7/30/24		3,162		3,170
Greenrock Finance, Inc. Tranche B, First Lien , (3 month LIBOR + 3.500%) 5.193%, 6/28/24		1,175		1,178
Hayward Industries, Inc. First Lien , (1 month LIBOR + 3.500%) 5.069%, 8/5/24		608		609
HD Supply, Inc.
Tranche B-3, (3 month LIBOR + 2.250%) 3.943%, 8/13/21		1,866		1,876
Tranche B-4, (3 month LIBOR + 2.500%) 4.193%, 10/17/23		662		667
Husky Injection Molding Systems Ltd. , (1 month LIBOR + 3.250%) 4.819%, 6/30/21		3,232		3,245
MRC Global (U.S.), Inc. Tranche B , (1 month LIBOR + 3.500%) 5.069%, 9/20/24		1,715		1,729
Navistar, Inc. Tranche B , (1 month LIBOR + 3.500%) 4.900%, 11/6/24		2,315		2,322
NN, Inc.
2017, (1 month LIBOR + 3.250%) 4.819%, 4/2/21		970		974


	PAR VALUE		VALUE
Industrials—(continued)
Tranche B, (1 month LIBOR + 3.750%) 5.319%, 10/19/22	$	1,414	$	1,422
PAE Holding Corp. First Lien , (2 month LIBOR + 5.500%) 7.124%, 10/20/22		927		932
Paladin Brands Holding, Inc. Tranche B , (3 month LIBOR + 5.500%) 7.069%, 8/15/22		795		799
Prime Security Services Borrower LLC 2016 Refinancing, Tranche B-1, First Lien , (1 month LIBOR + 2.750%) 4.319%, 5/2/22		2,425		2,441
Quikrete Holdings, Inc. First Lien , (1 month LIBOR + 2.750%) 4.319%, 11/15/23		3,487		3,491
RBS Global, Inc. (Rexnord LLC) , (1 month LIBOR + 2.250%) 3.802%, 8/21/24		1,172		1,177
Red Ventures LLC First Lien , (1 month LIBOR + 4.000%) 5.569%, 11/8/24		1,771		1,767
Science Applications International Corp. Tranche B , (3 month LIBOR + 2.500%) 3.938%, 5/4/22		1,501		1,510
Sedgwick Claims Management Services, Inc.
First Lien, (1 month LIBOR + 2.750%) 4.319%, 3/1/21		3,427		3,423
Second Lien, (3 month LIBOR + 5.750%) 7.229%, 2/28/22		1,725		1,734
Siteone Landscape Supply, LLC Tranche D , (1 month LIBOR + 2.750%) 4.320%, 4/29/22		1,448		1,453
TransDigm, Inc.
Tranche F, (3 month LIBOR + 2.750%) 4.381%, 6/9/23		6,575		6,583
Tranche G, (3 month LIBOR + 3.000%) 4.693%, 8/22/24		1,015		1,019
Transplace Holdings, Inc. First Lien , (1 month LIBOR + 4.250%) 5.642%, 10/7/24		790		797
WEX, Inc. Tranche B-2 , (1 month LIBOR + 2.750%) 4.319%, 6/30/23		2,003		2,010
Wrangler Buyer Corp. (Waste Industries USA, Inc.) , (1 month LIBOR + 3.000%) 4.569%, 9/27/24		925		930
Zodiac Pool Solutions LLC Tranche B-1, First Lien , (3 month LIBOR + 4.000%) 5.693%, 12/20/23		1,703		1,710

				77,511


	PAR VALUE		VALUE
Information Technology—9.2%
Alorica, Inc. Tranche B , (1 month LIBOR + 3.750%) 5.319%, 6/30/22	$	331	$	331
Applied Systems, Inc.
First Lien, (3 month LIBOR + 3.250%) 4.943%, 9/19/24		284		287
Second Lien, (3 month LIBOR + 7.000%) 8.693%, 9/19/25		320		331
Blackboard, Inc. Tranche B-4, First Lien , (3 month LIBOR + 5.000%) 6.354%, 6/30/21		3,082		3,048
BMC Software Finance, Inc. Tranche B-2 , (1 month LIBOR + 3.250%) 4.819%, 9/10/22		2,783		2,783
Dell International LLC Tranche B , (1 month LIBOR + 2.000%) 3.570%, 9/7/23		4,445		4,441
Everi Payments, Inc. Tranche B , (3 month LIBOR + 3.500%) 4.979%, 5/9/24		1,821		1,837
First Data Corp.
2022, Tranche-D, (1 month LIBOR + 2.250%) 3.802%, 7/8/22		1,525		1,525
2024, Tranche-A, (1 month LIBOR + 2.250%) 3.802%, 4/26/24		5,236		5,237
Go Daddy Operating Co. LLC Tranche B-1 , (1 month LIBOR + 2.250%) 3.819%, 2/15/24		1,973		1,977
Infor U.S., Inc. Tranche B-6 , (3 month LIBOR + 2.750%) 4.443%, 2/1/22		3,671		3,682
Intralinks, Inc. First Lien , (3 month LIBOR + 4.000%) 5.700%, 11/14/24		1,590		1,580
Kronos, Inc.
First Lien, (3 month LIBOR + 3.500%) 4.903%, 11/1/23		3,796		3,819
Second Lien, (3 month LIBOR + 8.250%) 9.627%, 11/1/24		965		1,000
Leidos Innovations Corp. Tranche B , (1 month LIBOR + 2.000%) 3.625%, 8/16/23		1,396		1,407
NAB Holdings LLC , (1 month LIBOR + 3.250%) 4.819%, 7/1/24		1,731		1,735
ON Semiconductor Corp. Tranche B-2 , (1 month LIBOR + 2.000%) 3.569%, 3/31/23		635		638
Presidio LLC
Tranche B, (3 month PRIME + 2.250%) 5.668%, 2/2/22		1,109		1,111
Tranche B, (3 month LIBOR + 2.750%) 0.000%, 2/2/24⁽⁴⁾		260		261


	PAR VALUE		VALUE
Information Technology—(continued)
Rackspace Hosting, Inc. 2017, Tranche B, First Lien , (3 month LIBOR + 3.000%) 4.385%, 11/3/23	$	3,137	$	3,133
Radiate Holdco LLC , (1 month LIBOR + 3.000%) 4.569%, 2/1/24		2,837		2,813
Sorenson Communications LLC First Lien , (3 month LIBOR + 5.750%) 8.000%, 4/30/20		154		155
Tempo Acquisition LLC , (1 month LIBOR + 3.000%) 4.569%, 5/1/24		1,577		1,571
Veritas US, Inc. Tranche B , (3 month LIBOR + 4.500%) 6.193%, 1/27/23		2,659		2,663
Western Digital Corp. Tranche B-3 , (1 month LIBOR + 2.000%) 3.569%, 4/29/23		2,326		2,334

				49,699

Materials—10.2%
ABC Supply, Inc. , (1 month LIBOR + 2.500%) 4.069%, 10/31/23		3,514		3,526
Alpha 3 B.V. Tranche B-1 , (3 month LIBOR + 3.000%) 4.693%, 1/31/24		756		760
Anchor Glass Container Corp.
2017, First Lien, (1 month LIBOR + 2.750%) 4.250%, 12/7/23		998		998
Second Lien, (1 month LIBOR + 7.750%) 9.182%, 12/7/24		1,358		1,369
Berlin Packaging, Inc. S.a.r.l. 2017, First Lien , (3 month LIBOR + 3.250%) 4.797%, 10/1/21		1,853		1,864
Berry Global Group, Inc.
Tranche O, (3 month LIBOR + 2.000%) 3.406%, 2/8/20		2,988		2,999
Tranche P, (3 month LIBOR + 2.000%) 3.406%, 1/6/21		1,843		1,849
Tranche M, (1 month LIBOR + 2.250%) 3.750%, 10/1/22		548		549
Tranche N, (1 month LIBOR + 2.250%) 3.682%, 1/19/24		273		274
BWAY Corp. , (3 month LIBOR + 3.250%) 4.599%, 4/3/24		1,821		1,827
CPG International LLC , (3 month LIBOR + 3.750%) 5.593%, 5/5/24		2,390		2,394
CPI Acquisition, Inc. First Lien , (3 month LIBOR + 4.500%) 5.962%, 8/17/22		5,097		3,670


	PAR VALUE		VALUE
Materials—(continued)
H.B. Fuller Co. , (1 month LIBOR + 2.250%) 3.751%, 10/20/24	$	1,247	$	1,250
Ineos U.S. Finance LLC 2024 , (1 month LIBOR + 2.000%) 3.569%, 4/1/24		5,380		5,380
IPS Acquisition LLC First Lien , (1 month LIBOR + 3.250%) 4.819%, 11/7/24		1,005		1,008
Klockner Pentaplast of America, Inc. , (3 month LIBOR + 4.250%) 5.943%, 6/30/22		3,112		3,139
KMG Chemicals, Inc. , (1 month LIBOR + 2.750%) 4.319%, 6/15/24		343		344
Kraton Polymers LLC , (1 month LIBOR + 3.000%) 4.569%, 1/6/22		683		690
MacDermid, Inc. Tranche B-7 , (1 month LIBOR + 2.500%) 4.069%, 6/7/20		1,216		1,223
New Arclin U.S. Holding Corp. First Lien , (3 month LIBOR + 4.250%) 5.943%, 2/14/24		706		712
Omnova Solutions, Inc. Tranche B-2 , (1 month LIBOR + 4.250%) 5.819%, 8/25/23		2,483		2,501
PQ Corp. Tranche B-1 , (3 month LIBOR + 3.250%) 4.630%, 11/4/22		612		616
Solenis International LP First Lien , (3 month LIBOR + 3.250%) 4.729%, 7/31/21		2,265		2,269
Summit Materials , (1 month LIBOR + 2.250%) 3.819%, 11/21/24		3,060		3,072
Tricorbraun Holding, Inc.
First Lien, (3 month LIBOR + 3.750%) 4.571%, 11/30/23		180		180
First Lien, (3 month LIBOR + 3.750%) 5.443%, 11/30/23		1,790		1,783
Trident TPI Holdings, Inc. Tranche B-1 , (2 month LIBOR + 3.250%) 4.673%, 10/17/24		560		563
Tronox Ltd.
First Lien, (3 month LIBOR + 3.000%) 4.693%, 9/23/24		412		414
First Lien, (3 month LIBOR + 3.000%) 4.693%, 9/23/24		178		179
Univar USA, Inc. Tranche B-3 , (1 month LIBOR + 2.500%) 4.069%, 7/1/24		3,511		3,522
Vantage Specialty Chemicals, Inc. First Lien , (3 month LIBOR + 4.000%) 5.371%, 10/28/24		160		161
Venator Materials Corp. , (3 month LIBOR + 3.000%) 4.380%, 8/8/24		2,329		2,347


	PAR VALUE		VALUE
Materials—(continued)
Zep, Inc. , (3 month LIBOR + 4.000%) 5.380%, 8/12/24	$	1,222	$	1,230

				54,662

Real Estate—1.8%
Capital Automotive LP
Tranche B-2, First Lien, (1 month LIBOR + 2.500%) 4.070%, 3/25/24		517		518
Tranche B, Second Lien, (1 month LIBOR + 6.000%) 7.570%, 3/24/25		1,479		1,516
Communications Sales & Leasing, Inc. , (1 month LIBOR + 3.000%) 4.569%, 10/24/22		2,217		2,139
DTZ U.S. Borrower, LLC First Lien , (3 month LIBOR + 3.250%) 4.767%, 11/4/21		1,793		1,768
Realogy Group LLC Tranche B , (1 month LIBOR + 2.250%) 3.819%, 7/20/22		3,517		3,523

				9,464

Telecommunication Services—6.8%
Altice Financing S.A. 2017 Refinancing , (3 month LIBOR + 2.750%) 4.109%, 7/15/25		2,124		2,078
CenturyLink, Inc. Tranche B , (3 month PRIME + 1.750%) 5.160%, 1/31/25		3,055		2,943
Digicel International Finance Ltd. Tranche-B, First Lien , (1 month LIBOR + 3.750%) 5.310%, 5/27/24		733		736
Frontier Communications Corp. Tranche B-1 , (1 month LIBOR + 3.750%) 5.320%, 6/15/24		1,841		1,762
Global Tel*Link Corp. First Lien , (3 month LIBOR + 4.000%) 5.693%, 5/23/20		2,019		2,023
Level 3 Financing, Inc. 2024, Tranche B , (3 month LIBOR + 2.250%) 3.696%, 2/22/24		8,712		8,712
Neustar, Inc.
Tranche B1, (3 month LIBOR + 3.250%) 4.647%, 1/8/20		288		292
Tranche B2, (3 month LIBOR + 3.750%) 5.147%, 8/8/24		1,202		1,212
Numericable U.S. LLC , (3 month LIBOR + 3.000%) 4.349%, 1/31/26		1,120		1,077
SBA Senior Finance II LLC Tranche B-1 , (1 month LIBOR + 2.250%) 3.820%, 3/24/21		3,653		3,662
Securus Technologies Holdings, Inc.


	PAR VALUE		VALUE
Telecommunication Services—(continued)
First Lien, (2 month LIBOR + 4.500%) 6.124%, 11/1/24	$	2,495	$	2,518
Second Lien, (2 month LIBOR + 8.250%) 9.874%, 11/1/25		985		993
Sprint Communications, Inc. , (1 month LIBOR + 2.500%) 4.125%, 2/2/24		2,342		2,341
UPC Financing Partnership , (1 month LIBOR + 2.500%) 3.977%, 1/15/26		3,335		3,332
Virgin Media Bristol LLC Tranche K , (1 month LIBOR + 2.500%) 3.977%, 1/15/26		2,105		2,104
West Corp. Tranche B , (1 month LIBOR + 4.000%) 5.350%, 10/10/24		1,077		1,079

				36,864

Utilities—3.7%
APLP Holdings LP , (1 month LIBOR + 3.500%) 5.069%, 4/13/23		1,516		1,535
Calpine Construction Finance Co., LP Tranche B , (1 month LIBOR + 2.500%) 4.069%, 1/15/25		1,995		1,993
Dayton Power And Light Co. , (1 month LIBOR + 3.250%) 4.820%, 8/24/22		273		274
Dynegy, Inc. Tranche C-2 , (1 month LIBOR + 2.750%) 4.251%, 2/7/24		2,679		2,690
Energy Future Intermediate Holding Co., LLC , (1 month LIBOR + 3.000%) 4.546%, 6/30/18		3,670		3,678
NRG Energy, Inc. , (3 month LIBOR + 2.250%) 3.943%, 6/30/23		5,067		5,068
Talen Energy Supply LLC
Tranche B-1, (1 month LIBOR + 4.000%) 5.569%, 7/15/23		1,043		1,050
(1 month LIBOR + 4.000%) 5.569%, 4/15/24		1,239		1,246
TerraForm Power Operating LLC , (3 month LIBOR + 2.750%) 4.147%, 11/8/22		520		527
Vistra Operations Co., LLC
Tranche C, (1 month LIBOR + 2.500%) 3.834%, 8/4/23		240		241
(1 month LIBOR + 2.750%) 3.951%, 8/4/23		1,352		1,358
2016, (1 month LIBOR + 2.750%) 4.162%, 12/14/23		390		393

				20,053

TOTAL LOAN AGREEMENTS (Identified Cost $544,427)				538,079


	SHARES		VALUE
COMMON STOCKS—0.8%
Energy—0.2%
Ocean Rig UDW, Inc.⁽⁹⁾		47,376	$	1,270
Sabine Oil & Gas LLC⁽⁹⁾		714		32

				1,302

Financials—0.2%
VICI Properties, Inc.⁽⁹⁾		54,327		1,114

Information Technology—0.1%
Avaya Holdings Corp.⁽⁹⁾		20,431		358

Utilities—0.3%
Vistra Energy Corp.		87,810		1,609

TOTAL COMMON STOCKS (Identified Cost $3,884)				4,383

RIGHTS—0.0%
Vistra Energy Corp.		152,810		137

TOTAL RIGHTS (Identified Cost $129)				137

WARRANTS—0.0%
Sabine Oil & Gas LLC⁽⁹⁾		404		2
Sabine Oil & Gas LLC⁽⁹⁾		2,268		15

TOTAL WARRANTS (Identified Cost $18)				17

TOTAL LONG TERM INVESTMENTS—106.5% (Identified Cost $577,964)				572,246	⁽⁵⁾

TOTAL INVESTMENTS—106.5% (Identified Cost $577,964)				572,246
Other assets and liabilities, net—(6.5)%				(34,722	)

NET ASSETS—100.0%			$	537,524

Abbreviations:


LIBOR		London Interbank Offered Rate
PIK		Payment-in-Kind Security

Footnote Legend:

⁽¹⁾

⁽²⁾	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2017, these securities amounted to a value of $18,106 or 3.4% of net assets.

⁽³⁾	100% of the income received was in cash.

⁽⁴⁾	This loan will settle after December 31, 2017, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.

⁽⁵⁾	All or a portion of the Fund’s assets have been segregated as collateral for delayed delivery settlements and leverage.

⁽⁶⁾	Security in default, no interest payments are being received during the bankruptcy proceedings.

⁽⁷⁾	Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments.

⁽⁸⁾	Security in default, interest payments are being received during the bankruptcy proceedings.

⁽⁹⁾	Non-income producing.

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2017 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

There were no transfers between Level 1, Level 2, or Level 3 related to securities held at December 31, 2017.


	PAR VALUE		VALUE
MUNICIPAL BONDS⁽²⁾—99.2%
Alabama—1.0%
Pell City Special Care Facilities Financing Authority, Noland Health Services Revenue,
4.000%, 12/1/25	$	500	$	530
5.000%, 12/1/25		1,000		1,106

				1,636

Arizona—4.9%
Arizona Board of Regents, Arizona State University System Revenue,
5.000%, 7/1/36		1,000		1,186
5.000%, 7/1/37		360		427
Arizona Department of Transportation, State Highway Fund Revenue, 5.000%, 7/1/36		500		597
Arizona State Health Facilities Authority, Scottsdale Lincoln Hospital Revenue, 5.000%, 12/1/24		565		666
Maricopa County Industrial Development Authority, Banner Health Revenue 4.000%, 1/1/34		1,000		1,078
Northern Arizona University, Stimulus Plan for Economic and Educational Development Revenue,
5.000%, 8/1/24		1,115		1,286
5.000%, 8/1/25		2,290		2,639

				7,879

Arkansas—0.4%
University of Arkansas, Facility Revenue, 5.000%, 11/1/33		505		603

California—4.9%
California Health Facilities Financing Authority, Sutter Health Revenue 5.000%, 11/15/30		600		720
California Municipal Finance Authority, Bowles Hall Foundation Revenue,
4.000%, 6/1/21		100		106
4.500%, 6/1/23		225		247
4.500%, 6/1/24		150		165
California State Health Facilities Financing Authority,
Kaiser Permanente Revenue, 5.000%, 11/1/27		360		454


	PAR VALUE		VALUE
California—(continued)
Providence St. Joseph Health Revenue, 4.000%, 10/1/36	$	275	$	294
California State Municipal Finance Authority, Community Medical Centers Revenue 5.000%, 2/1/27		400		468
California Statewide Communities Development Authority, The Culinary Institute of America Revenue, 5.000%, 7/1/28		200		233
California, State of, General Obligation, 5.000%, 2/1/24		1,500		1,738
California, State of, Public Works Board, Judicial Council Projects Revenue, 5.000%, 3/1/27		500		574
Garden Grove Agency Community Development Successor Agency, Tax Allocation Revenue (BAM Insured), 5.000%, 10/1/30		1,000		1,186
Inglewood Redevelopment Agency Successor Agency, Subordinate Lien Merged Redevelopment Project, Tax Allocation Revenue (BAM Insured), 5.000%, 5/1/32		545		649
Oakland Unified School District, General Obligation, 5.000%, 8/1/30		500		598
Palm Desert Redevelopment Agency Successor Agency (BAM Insured), 5.000%, 10/1/28		250		308
Temecula Valley Unified School District Financing Authority, Special Tax Revenue (BAM Insured), 5.000%, 9/1/25		175		209

				7,949

Colorado—6.5%
Colorado State Health Facilities Authority, Catholic Health Initiatives Revenue, 6.250%, 10/1/33		650		669
Denver Convention Center Hotel Authority Revenue, Senior Lien, 5.000%, 12/1/27		400		473
E-470 Public Highway Authority Revenue,
5.000%, 9/1/20		340		367
(NATL Insured), 0.000%, 9/1/29		665		375
Public Authority For Colorado Energy, Natural Gas Purchase Revenue,
6.125%, 11/15/23		2,135		2,576
6.250%, 11/15/28		2,250		2,921
Regional Transportation District, Sales Tax Revenue, Fastracks Project, 5.000%, 11/1/32		1,195		1,437


	PAR VALUE		VALUE
Colorado—(continued)
University of Colorado, Enterprise Revenue, (Pre-refunded 6/1/19 @100) 5.625%, 6/1/22	$	1,650	$	1,743

				10,561

Connecticut—1.4%
Connecticut Housing Finance Authority, Mortgage Revenue 3.200%, 11/15/33		425		432
Connecticut State Health & Educational Facility Authority, Hartford Healthcare Revenue, 5.000%, 7/1/25		1,500		1,757

				2,189

District of Columbia—3.3%
Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Second Lien, (AGC Insured) 6.500%, 10/1/41		4,000		5,257

Florida—8.7%
Brevard County Health Facilities Authority, Health First Revenue,
5.000%, 4/1/21		115		126
(Pre-refunded 4/1/19 @100), 7.000%, 4/1/39		1,050		1,120
Brevard County School Board, Certificates of Participation, 5.000%, 7/1/32		1,000		1,186
Broward County School Board, Certificates of Participation, 5.000%, 7/1/32		300		354
Central Florida Expressway Authority, Senior Lien Toll Revenue, 4.000%, 7/1/30		200		220
Miami Beach Redevelopment Agency, Tax Increment Revenue, 5.000%, 2/1/32		300		346
Miami Beach, City of, Stormwater Revenue, (Pre-refunded 9/1/21 @100), 5.250%, 9/1/23		1,265		1,421
Miami-Dade County Aviation Revenue, 5.000%, 10/1/24		2,425		2,754
Miami-Dade County Educational Facilities Authority, University of Miami Revenue, 5.000%, 4/1/30		200		234
Miami-Dade County Expressway Authority, Toll Revenue, 5.000%, 7/1/33		455		531
Miami-Dade County School Board, Certificates of Participation, 5.000%, 2/1/34		1,700		1,962


	PAR VALUE		VALUE
Florida—(continued)
Seminole County School Board, Certificates of Participation, 5.000%, 7/1/29	$	1,935	$	2,324
South Florida Water Management District, Certificates of Participation, 5.000%, 10/1/35		750		881
Tallahassee, City of, Health Facilities Revenue, Tallahassee Memorial Healthcare, 5.000%, 12/1/36		480		536

				13,995

Georgia—3.4%
Athens-Clarke County Unified Government, Water and Sewer Revenue (Pre-refunded 1/19/19 @100), 5.625%, 1/1/28		1,500		1,561
Atlanta Water & Wastewater Revenue, 5.000%, 11/1/31		650		766
DeKalb County Water & Sewer Revenue, 5.250%, 10/1/26		2,750		3,092

				5,419

Idaho—1.0%
Idaho Housing & Finance Association, Federal Highway Grant Anticipation Revenue, 4.500%, 7/15/29		1,500		1,595

Illinois—10.3%
Chicago O’Hare International Airport,
General Revenue, Senior Lien, 5.250%, 1/1/29		100		123
Passenger Facilities Charge Revenue, 5.000%, 1/1/20		750		798
Chicago, City of,
Sales Tax Revenue (Escrowed to Maturity), 5.000%, 1/1/21		750		822
Sales Tax Revenue (Pre-refunded 1/1/22 @100), 5.250%, 1/1/38		25		28
Waterworks Revenue, Second Lien, 5.000%, 11/1/22		500		561
Waterworks Revenue, Second Lien, 5.000%, 11/1/30		500		574
Waterworks Revenue, Second Lien, (AGM Insured), 5.000%, 11/1/31		500		591
Waterworks Revenue, Second Lien, (AGM Insured), 5.250%, 11/1/32		350		421
Illinois Finance Authority,


	PAR VALUE		VALUE
Illinois—(continued)
KishHealth System Revenue (Escrowed to Maturity), 4.750%, 10/1/18	$	700	$	716
Rush University Medical Center Revenue (Pre-refunded 11/1/18 @100), 7.250%, 11/1/38		1,220		1,278
Rush University Medical Center Revenue, 5.000%, 11/15/21		250		277
Illinois State Toll Highway Authority, Toll Highway Revenue Senior Lien, 5.000%, 1/1/32		1,000		1,177
Illinois, State of, General Obligation,
5.000%, 4/1/22		815		867
5.000%, 2/1/26		1,490		1,600
5.000%, 2/1/27		1,250		1,368
Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project Revenue (AGM Insured), 0.000%, 6/15/26		1,000		757
Railsplitter Tobacco Settlement Authority, Tobacco Settlement Revenue 5.000%, 6/1/27		450		522
Sales Tax Securitization Corp., Chicago Sales Tax Revenue 5.000%, 1/1/30		1,500		1,834
University of Illinois, Auxiliary Facilities System Revenue,
5.500%, 4/1/31		1,540		1,692
5.125%, 4/1/36		500		534

				16,540

Indiana—2.2%
Indiana Finance Authority, Indiana University Health Center Revenue, 5.000%, 12/1/22		800		913
Indianapolis Local Public Improvements Bond Bank Revenue, 5.000%, 6/1/19		2,500		2,611

				3,524

Iowa—1.5%
Iowa, State of, Prison Infrastructure Funding Revenue (Pre-refunded 6/15/20 @100), 5.000%, 6/15/27		2,250		2,428

Louisiana—0.7%
New Orleans Sewerage Service Revenue,
5.000%, 6/1/19		500		522
5.000%, 6/1/20		550		590

				1,112


	PAR VALUE		VALUE
Maine—1.6%
Portland, City of, General Airport Revenue,
5.000%, 7/1/26	$	1,000	$	1,118
5.000%, 7/1/29		580		641
5.000%, 7/1/30		770		847

				2,606

Maryland—3.0%
Baltimore, City of, Convention Center Hotel Revenue, 5.000%, 9/1/36		250		284
Maryland Economic Development Corp., Exelon Generation Co. Revenue, 2.550%, 12/1/25⁽¹⁾		500		502
Maryland Health & Higher Educational Facilities Authority,
Anne Arundel Health System Revenue, (Pre-refunded 7/1/19 @100), 5.000%, 7/1/32		250		263
Anne Arundel Health System Revenue (Pre-refunded 7/1/19 @100), 6.750%, 7/1/29		2,015		2,168
Medstar Health System Revenue, 5.000%, 8/15/26		800		945
Medstar Health System Revenue, 5.000%, 5/15/42		600		688

				4,850

Massachusetts—0.4%
Massachusetts Port Authority, Transportation Revenue, 5.000%, 7/1/31		500		598

Michigan—1.7%
Michigan Finance Authority, Beaumont Health Credit Group Revenue, 5.000%, 8/1/27		1,250		1,446
Michigan State Building Authority, Facilities Program Lease Revenue,
5.000%, 4/15/25		500		598
4.000%, 10/15/36		500		535
Royal Oak Hospital Finance Authority, William Beaumont Hospital Revenue, 5.000%, 9/1/19		200		211

				2,790

New Jersey—4.7%
Camden County Improvement Authority Healthcare Redevelopment Project, Cooper Health System Revenue, 5.000%, 2/15/22		950		1,056


	PAR VALUE		VALUE
New Jersey—(continued)
New Jersey Economic Development Authority, Cigarette Tax Revenue (AGM Insured), 5.000%, 6/15/22	$	3,000	$	3,297
New Jersey Housing & Mortgage Finance Agency, Mortgage Revenue, 4.375%, 4/1/28		1,835		1,939
New Jersey Turnpike Authority, Toll Revenue, 4.000%, 1/1/35		240		260
Tobacco Settlement Financing Corp. Tobacco Settlement Revenue 5.000%, 6/1/41		1,000		970

				7,522

New York—10.5%
Buffalo & Erie County Industrial Land Development Corp., Catholic Health System Revenue, 5.000%, 7/1/23		550		632
Long Island Power Authority, Electric Revenue, 5.000%, 9/1/32		250		299
Metropolitan Transportation Authority, Transportation Revenue,
6.250%, 11/15/23		605		631
(Pre-refunded 11/15/18 @100), 6.250%, 11/15/23		25		26
(Pre-refunded 11/15/18 @100), 6.250%, 11/15/23		2,510		2,612
New York City General Obligation,
6.250%, 10/15/28		40		41
(Pre-refunded 10/15/18 @100), 6.250%, 10/15/28		960		995
New York City Industrial Development Agency, Queens Baseball Stadium Project Revenue
(AGC Insured), 6.125%, 1/1/29		500		523
(AMBAC Insured), 5.000%, 1/1/20		900		903
(AMBAC Insured), 5.000%, 1/1/31		470		471
New York City Municipal Water Finance Authority, Water & Sewer System Revenue, 5.750%, 6/15/40		3,530		3,598
New York City Transitional Finance Authority, Subordinate Future Tax Secured Revenue 5.000%, 5/1/35		3,165		3,759
New York State Dormitory Authority,
New York University Hospitals Center Revenue, 5.000%, 7/1/33		150		175


	PAR VALUE		VALUE
New York—(continued)
Orange Regional Medical Center Revenue, 5.000%, 12/1/23⁽³⁾	$	300	$	337
New York Transportation Development Corp., American Airlines JFK Project Revenue, 5.000%, 8/1/26		250		269
Triborough Bridge & Tunnel Authority, Toll Revenue Subordinate Lien, 5.000%, 11/15/23		750		874
TSASC, Inc., Tobacco Settlement Revenue 5.000%, 6/1/34		190		218
Utility Debt Securitization Authority Restructuring Charge, Electric Revenue, 5.000%, 6/15/26		500		589

				16,952

North Dakota—0.8%
Barnes County North Public School District Building Authority, Lease Revenue, 4.250%, 5/1/27		1,330		1,379

Ohio—2.7%
New Albany Community Authority, Community Facilities Revenue, 5.000%, 10/1/24		1,250		1,409
Ohio State Juvenile Correction Facilities Project, Lease Revenue,
5.000%, 10/1/20		465		505
5.000%, 10/1/21		1,080		1,202
5.000%, 10/1/22		1,135		1,294

				4,410

Oklahoma—0.8%
Oklahoma State Turnpike Authority, Turnpike Revenue, Second Senior Lien, (Pre-refunded 1/1/21 @100), 5.000%, 1/1/29		1,250		1,369

Oregon—1.6%
Oregon Facilities Authority, University of Portland Revenue, 5.000%, 4/1/30		240		277
Oregon, State of, General Obligation, 5.000%, 5/1/33		1,095		1,314
Washington & Multnomah Counties, Beaverton School District No. 48J, 0.000%, 6/15/36		800		938

				2,529


	PAR VALUE		VALUE
Pennsylvania—4.9%
Butler County Hospital Authority, Butler Health System Revenue, 5.000%, 7/1/30	$	250	$	286
Delaware River Joint Toll Bridge Commission, Bridge System Revenue, 5.000%, 7/1/34		250		298
Pennsylvania Turnpike Commission, Turnpike Revenue Subordinate Lien,
6.375%, 12/1/38		2,000		2,553
(Pre-refunded 12/1/20 @ 100), 6.000%, 12/1/34		1,235		1,382
(Pre-refunded 12/1/20 @ 100), 6.000%, 12/1/34		250		280
(Pre-refunded 12/1/20 @ 100), 6.000%, 12/1/34		265		296
(Pre-refunded 12/1/21 @100), 5.250%, 12/1/31		2,000		2,263
Philadelphia, City of,
Water & Wastewater Revenue, 5.000%, 11/1/31		125		150
Water & Wastewater Revenue, 5.000%, 10/1/42		300		351

				7,859

South Carolina—0.9%
Dorchester County, Water & Sewer Revenue, 5.000%, 10/1/28		1,020		1,148
South Carolina Association of Governmental Organizations Educational Facilities Corp., for Pickens School District Lease Revenue, 5.000%, 12/1/24		250		296

				1,444

Tennessee—2.0%
Chattanooga-Hamilton County Hospital Authority, Erlanger Health System Revenue, 5.000%, 10/1/26		1,000		1,140
Tennessee Housing Development Agency, Residential Finance Program Revenue,
2.050%, 7/1/20		580		584
2.300%, 1/1/21		330		334
Tennessee State School Bond Authority, Higher Education Program Revenue, 5.000%, 11/1/34		1,000		1,223

				3,281

Texas—8.7%
Harris County Health Facilities Development Corp., Memorial Hermann Healthcare System (Pre-refunded 12/1/18 @ 100), 7.250%, 12/1/35		2,525		2,653
Hidalgo County Drain District No. 1, General Obligation, 5.000%, 9/1/28		1,000		1,186


	PAR VALUE		VALUE
La Joya Independent School District, General Obligation (PSF Guaranteed), 5.000%, 2/15/20	$	1,000	$	1,069
North Texas Tollway Authority, Senior Lien Toll Revenue, 5.000%, 1/1/30		400		475
Southmost Regional Water Authority, Desalination Plant Project Revenue
(AGM Insured), 5.000%, 9/1/25		1,015		1,146
(AGM Insured), 5.000%, 9/1/23		1,085		1,219
Texas Municipal Gas Acquisition & Supply, Gas Supply Revenue,
Corp. I, Senior Lien, 6.250%, 12/15/26		1,580		1,898
Corp. II, 1.754%, 9/15/27⁽¹⁾		3,000		2,849
Upper Trinity Regional Water District Authority, Regional Treated Supply System Revenue (BAM Insured), 5.000%, 8/1/24		1,340		1,573

				14,068

Vermont—0.4%
Burlington, City of, Airport Revenue (AGM Insured), 5.000%, 7/1/24		200		227
Vermont Educational & Health Buildings Financing Agency, University of Vermont Health Network Revenue, 5.000%, 12/1/35		300		347

				574

Virginia—1.5%
Riverside Regional Jail Authority, Jail Facility Revenue, 5.000%, 7/1/26		1,250		1,504
Virginia College Building Authority, Marymount University Revenue,
5.000%, 7/1/20⁽³⁾		200		211
5.000%, 7/1/21⁽³⁾		400		429
5.000%, 7/1/22⁽³⁾		195		213

				2,357

Washington—1.2%
King County Sewer Revenue 5.000%, 7/1/36		1,630		1,932

West Virginia—0.3%
Monongalia County Building Commission, Monongalia Health System Revenue, 5.000%, 7/1/23		400		456


	PAR VALUE		VALUE
Wisconsin—1.3%
Public Finance Authority,
Renown Regional Medical Center Revenue, 5.000%, 6/1/33	$	1,000	$	1,149
Waste Management, Inc. Revenue, 2.875%, 5/1/27		250		252
State of Wisconsin, General Obligation, 5.000%, 11/1/27		600		748

				2,149

TOTAL MUNICIPAL BONDS (Identified Cost $152,550)				159,812

TOTAL LONG TERM INVESTMENTS—99.2% (Identified Cost $152,550)				159,812


	SHARES
SHORT-TERM INVESTMENT—0.6%
Money Market Mutual Fund—0.6%
Dreyfus AMT-Free Tax Exempt Cash Management - Institutional Shares (seven-day effective yield 1.140%)⁽⁴⁾		1,041,574		1,042

TOTAL SHORT-TERM INVESTMENT (Identified Cost $1,042)				1,042

TOTAL INVESTMENTS—99.8% (Identified Cost $153,592)				160,854
Other assets and liabilities, net—0.2%				396

NET ASSETS—100.0%			$	161,250

Abbreviations:


AGC		Assured Guaranty Corp.
AGM		Assured Guaranty Municipal Corp.
AMBAC		American Municipal Bond Assurance Corp.
BAM		Build America Municipal Insured
NATL		National Public Finance Guarantee Corp.
PSF		Permanent School Fund

Footnote Legend:

⁽¹⁾

⁽²⁾	At December 31, 2017, 20.7% of the securities in the portfolio are backed by insurance of financial institutions and financial guaranty assurance agencies. None of the Insurers concentration exceeds 10% of the Fund’s net assets.

⁽³⁾	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2017, these securities amounted to a value of $1,190 or 0.7% of net assets.

⁽⁴⁾	Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2017 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

There were no securities valued using significant unobservable inputs (Level 3) at December 31, 2017.

There were no transfers between Level 1, Level 2, or Level 3 related to securities held at December 31, 2017.


	SHARES		VALUE
AFFILIATED MUTUAL FUNDS⁽²⁾—50.8%
Equity Funds—41.7%
Virtus Duff & Phelps Global Infrastructure Fund Class I		462,458	$	6,941
Virtus Duff & Phelps Global Real Estate Securities Fund Class I		136,204		4,036
Virtus Duff & Phelps International Real Estate Securities Fund Class I		629,436		4,620
Virtus Duff & Phelps Real Estate Securities Fund Class I		109,137		2,899

				18,496

Fixed Income Fund—9.1%
Virtus Newfleet Senior Floating Rate Fund Class I		430,722		4,053

TOTAL AFFILIATED MUTUAL FUNDS (Identified Cost $15,747)				22,549

EXCHANGE-TRADED FUNDS⁽²⁾—47.8%
Global X Uranium Index Fund		1,462		22
iShares S&P North American Natural Resources Sector Index Fund		220,076		7,800
PowerShares DB Commodity Index Tracking Fund⁽¹⁾		377,191		6,265
PowerShares DB G10 Currency Harvest Fund⁽¹⁾		158,157		3,750
VanEck Vectors Agribusiness Index Fund		29,386		1,810
VanEck Vectors Coal Index Fund		95,589		1,532

TOTAL EXCHANGE-TRADED FUNDS (Identified Cost $17,933)				21,179

TOTAL LONG TERM INVESTMENTS—98.6% (Identified Cost $33,680)				43,728

SHORT-TERM INVESTMENT—1.2%
Money Market Mutual Fund⁽²⁾—1.2%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 1.190%)		554,139		554

TOTAL SHORT-TERM INVESTMENT (Identified Cost $554)				554


	VALUE
TOTAL INVESTMENTS—99.8% (Identified Cost $34,234)	$	44,282
Other assets and liabilities, net—0.2%		85

NET ASSETS—100.0%	$	44,367

Footnote Legend:

⁽¹⁾	Non-income producing.

⁽²⁾	Shares of these funds are publicly offered and the prospectus and annual reports of each are publicly available.

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2017 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2017.

There were no transfers between Level 1, Level 2, or Level 3 related to securities held at December 31, 2017.


	SHARES		VALUE
COMMON STOCKS—99.9%
Consumer Discretionary—19.8%
Amazon.com, Inc.⁽¹⁾		5,120	$	5,988
Aptiv plc		58,803		4,988
Best Buy Co., Inc.		140,942		9,650
BorgWarner, Inc.		42,760		2,185
Carnival Corp.		27,442		1,821
Charter Communications, Inc. Class A⁽¹⁾		6,659		2,237
Chipotle Mexican Grill, Inc.⁽¹⁾		781		226
Comcast Corp. Class A		155,736		6,237
Darden Restaurants, Inc.		3,903		375
Delphi Technologies plc⁽¹⁾		19,170		1,006
DISH Network Corp. Class A⁽¹⁾		7,538		360
Expedia, Inc.		1,569		188
Garmin Ltd.		135,319		8,061
H&R Block, Inc.		320,876		8,413
Hilton Worldwide Holdings, Inc.		13,743		1,098
Home Depot, Inc. (The)		35,076		6,648
Horton (D.R.), Inc.		72,254		3,690
Leggett & Platt, Inc.		45,847		2,188
Lennar Corp. Class A		43,104		2,726
Lowe’s Cos., Inc.		25,119		2,335
Marriott International, Inc. Class A		21,049		2,857
McDonald’s Corp.		25,223		4,341
MGM Resorts International		143,495		4,791
Mohawk Industries, Inc.⁽¹⁾		21,899		6,042
Netflix, Inc.⁽¹⁾		5,544		1,064
Norwegian Cruise Line Holdings Ltd.⁽¹⁾		11,975		638
Priceline Group, Inc. (The)⁽¹⁾		630		1,095
PulteGroup, Inc.		58,884		1,958
Royal Caribbean Cruises Ltd.		11,577		1,381
Starbucks Corp.		44,962		2,582
TripAdvisor, Inc.⁽¹⁾		1,390		48
Wyndham Worldwide Corp.		6,917		801
Wynn Resorts Ltd.		22,176		3,739
Yum! Brands, Inc.		10,735		876

				102,633

Consumer Staples—5.1%
Altria Group, Inc.		55,629		3,972
Brown-Forman Corp. Class B		33,493		2,300
Constellation Brands, Inc. Class A		29,403		6,721


	SHARES		VALUE
Consumer Staples—(continued)
Philip Morris International, Inc.		45,035	$	4,758
Sysco Corp.		145,514		8,837

				26,588

Energy—1.7%
Andeavor		9,574		1,095
Marathon Petroleum Corp.		33,575		2,215
Phillips 66		28,496		2,883
Valero Energy Corp.		29,292		2,692

				8,885

Financials—13.1%
Affiliated Managers Group, Inc.		1,776		365
Aflac, Inc.		16,183		1,421
Allstate Corp. (The)		15,377		1,610
Ameriprise Financial, Inc.		4,760		807
AON plc		19,054		2,553
Bank of America Corp.		69,275		2,045
Bank of New York Mellon Corp. (The)		32,795		1,766
BB&T Corp.		23,186		1,153
Berkshire Hathaway, Inc. Class B⁽¹⁾		42,570		8,438
BlackRock, Inc.		3,935		2,021
Brighthouse Financial, Inc.⁽¹⁾		3,924		230
Charles Schwab Corp. (The)		40,897		2,101
Chubb Ltd.		19,805		2,894
Cincinnati Financial Corp.		6,350		476
Citigroup, Inc.		19,236		1,431
Citizens Financial Group, Inc.		14,365		603
Comerica, Inc.		5,048		438
E*TRADE Financial Corp.⁽¹⁾		9,439		468
Fifth Third Bancorp		21,137		641
Franklin Resources, Inc.		10,444		453
Gallagher (Arthur J.) & Co.		13,497		854
Goldman Sachs Group, Inc. (The)		12,347		3,146
Huntington Bancshares, Inc.		31,275		455
Invesco Ltd.		12,915		472
JPMorgan Chase & Co.		24,845		2,657
KeyCorp		31,203		629
Leucadia National Corp.		7,005		186
Lincoln National Corp.		9,071		697
M&T Bank Corp.		4,359		745
Marsh & McLennan Cos., Inc.		38,396		3,125
MetLife, Inc.		43,520		2,200


	SHARES		VALUE
Financials—(continued)
Morgan Stanley		48,528	$	2,546
Northern Trust Corp.		6,818		681
People’s United Financial, Inc.		9,879		185
PNC Financial Services Group, Inc. (The)		13,749		1,984
Principal Financial Group, Inc.		11,004		776
Progressive Corp. (The)		24,762		1,395
Prudential Financial, Inc.		17,484		2,010
Raymond James Financial, Inc.		4,404		393
Regions Financial Corp.		34,288		593
State Street Corp.		11,870		1,159
SunTrust Banks, Inc.		13,771		889
T. Rowe Price Group, Inc.		7,630		801
Torchmark Corp.		4,430		402
Travelers Cos., Inc. (The)		11,742		1,593
U.S. Bancorp		11,220		601
Unum Group		9,240		507
Wells Fargo & Co.		31,542		1,914
Willis Towers Watson plc		10,060		1,516
XL Group Ltd.		10,976		386
Zions Bancorporation		5,801		295

				67,706

Health Care—6.2%
Abbott Laboratories		24,196		1,381
Aetna, Inc.		6,183		1,115
Agilent Technologies, Inc.		14,325		959
Align Technology, Inc.⁽¹⁾		13,179		2,928
Anthem, Inc.		4,894		1,101
Baxter International, Inc.		6,981		451
Becton, Dickinson & Co.		3,682		788
Boston Scientific Corp.⁽¹⁾		19,108		474
Centene Corp.⁽¹⁾		3,215		324
Cigna Corp.		4,692		953
Cooper Cos., Inc. (The)		8,926		1,945
Danaher Corp.		8,514		790
DENTSPLY SIRONA, Inc.		41,929		2,760
Edwards Lifesciences Corp.⁽¹⁾		2,941		332
Hologic, Inc.⁽¹⁾		3,906		167
Humana, Inc.		2,694		668
IDEXX Laboratories, Inc.⁽¹⁾		1,216		190
Illumina, Inc.⁽¹⁾		6,509		1,422
Intuitive Surgical, Inc.⁽¹⁾		1,558		569
IQVIA Holdings, Inc.⁽¹⁾		6,756		662


	SHARES		VALUE
Health Care—(continued)
Medtronic plc		18,864	$	1,523
Mettler-Toledo International, Inc.⁽¹⁾		1,144		709
PerkinElmer, Inc.		4,912		359
ResMed, Inc.		1,981		168
Stryker Corp.		4,480		694
Thermo Fisher Scientific, Inc.		17,840		3,388
UnitedHealth Group, Inc.		18,023		3,973
Varian Medical Systems, Inc.⁽¹⁾		1,279		142
Waters Corp.⁽¹⁾		3,558		687
Zimmer Biomet Holdings, Inc.		2,816		340

				31,962

Industrials—16.6%
A.O. Smith Corp.		16,063		984
Allegion plc		10,421		829
Arconic, Inc.		6,266		171
Boeing Co. (The)		8,239		2,430
Caterpillar, Inc.		36,911		5,816
Cintas Corp.		53,358		8,315
CSX Corp.		37,621		2,070
Cummins, Inc.		9,841		1,738
Deere & Co.		56,056		8,773
Dover Corp.		6,439		650
Expeditors International of Washington, Inc.		9,222		597
FedEx Corp.		12,592		3,142
Flowserve Corp.		5,403		228
Fortive Corp.		12,615		913
Fortune Brands Home & Security, Inc.		16,897		1,156
General Dynamics Corp.		4,130		840
Hunt (JB) Transport Services, Inc.		75,585		8,691
Illinois Tool Works, Inc.		12,812		2,138
Ingersoll-Rand plc		10,492		936
Johnson Controls International plc		102,290		3,898
Kansas City Southern		4,343		457
L3 Technologies, Inc.		1,160		230
Lockheed Martin Corp.		3,716		1,193
Masco Corp.		34,952		1,536
Norfolk Southern Corp.		11,870		1,720
Northrop Grumman Corp.		2,583		793
PACCAR, Inc.		21,946		1,560
Parker-Hannifin Corp.		5,507		1,099
Pentair plc		6,831		482
Raytheon Co.		4,304		809


	SHARES		VALUE
Industrials—(continued)
Republic Services, Inc.		35,738	$	2,416
Robinson (C.H.) Worldwide, Inc.		7,160		638
Rockwell Collins, Inc.		2,410		327
Snap-on, Inc.		2,382		415
Stanley Black & Decker, Inc.		6,334		1,075
Stericycle, Inc.⁽¹⁾		13,318		905
Textron, Inc.		3,926		222
TransDigm Group, Inc.		716		197
Union Pacific Corp.		32,969		4,421
United Parcel Service, Inc. Class B		35,143		4,187
United Technologies Corp.		11,016		1,405
Waste Management, Inc.		63,180		5,452
Xylem, Inc.		7,428		507

				86,361

Information Technology—17.7%
Activision Blizzard, Inc.		79,332		5,023
Adobe Systems, Inc.⁽¹⁾		15,120		2,650
Advanced Micro Devices, Inc.⁽¹⁾		8,526		88
Akamai Technologies, Inc.⁽¹⁾		1,319		86
Alliance Data Systems Corp.		663		168
Alphabet, Inc. Class A⁽¹⁾		2,295		2,418
Alphabet, Inc. Class C⁽¹⁾		2,323		2,431
Amphenol Corp. Class A		45,076		3,958
Analog Devices, Inc.		3,896		347
ANSYS, Inc.⁽¹⁾		2,598		383
Apple, Inc.		43,291		7,326
Applied Materials, Inc.		86,523		4,423
Autodesk, Inc.⁽¹⁾		6,717		704
Automatic Data Processing, Inc.		6,100		715
Broadcom Ltd.		4,309		1,107
CA, Inc.		3,133		104
Cadence Design Systems, Inc.⁽¹⁾		8,586		359
Citrix Systems, Inc.⁽¹⁾		4,411		388
Corning, Inc.		133,286		4,264
eBay, Inc.⁽¹⁾		7,663		289
Electronic Arts, Inc.⁽¹⁾		32,443		3,408
Facebook, Inc. Class A⁽¹⁾		18,250		3,220
Fidelity National Information Services, Inc.		4,564		429
Fiserv, Inc.⁽¹⁾		2,889		379
FLIR Systems, Inc.		180,346		8,408
Global Payments, Inc.		2,093		210
Hewlett Packard Enterprise Co.		13,766		198


	SHARES		VALUE
Information Technology—(continued)
HP, Inc.		13,998	$	294
Intel Corp.		49,801		2,299
Intuit, Inc.		7,459		1,177
KLA-Tencor Corp.		12,724		1,337
Lam Research Corp.		13,180		2,426
Mastercard, Inc. Class A		12,818		1,940
Microchip Technology, Inc.		2,467		217
Micron Technology, Inc.⁽¹⁾		11,807		485
Microsoft Corp.		76,373		6,533
NetApp, Inc.		2,261		125
NVIDIA Corp.		6,359		1,230
Oracle Corp.		29,944		1,416
Paychex, Inc.		4,390		299
PayPal Holdings, Inc.⁽¹⁾		15,515		1,142
Qorvo, Inc.⁽¹⁾		1,349		90
QUALCOMM, Inc.		15,659		1,002
Red Hat, Inc.⁽¹⁾		1,760		211
salesforce.com, Inc.⁽¹⁾		20,923		2,139
Seagate Technology plc		2,413		101
Skyworks Solutions, Inc.		1,947		185
Symantec Corp.		6,093		171
Synopsys, Inc.⁽¹⁾		4,603		392
TE Connectivity Ltd.		88,951		8,454
Texas Instruments, Inc.		10,492		1,096
Total System Services, Inc.		2,302		182
VeriSign, Inc.⁽¹⁾		662		76
Visa, Inc. Class A		25,112		2,863
Western Digital Corp.		2,472		197
Western Union Co. (The)		6,368		121
Xerox Corp.		1,788		52
Xilinx, Inc.		2,634		178

				91,913

Materials—10.0%
Albemarle Corp.		7,406		947
Avery Dennison Corp.		10,735		1,233
DowDuPont, Inc.		108,121		7,700
Eastman Chemical Co.		6,714		622
Ecolab, Inc.		17,459		2,343
International Flavors & Fragrances, Inc.		5,294		808
International Paper Co.		50,145		2,905
LyondellBasell Industries N.V. Class A		80,234		8,852
Martin Marietta Materials, Inc.		17,765		3,927


	SHARES		VALUE
Materials—(continued)
Nucor Corp.		146,097	$	9,289
Packaging Corp. of America		11,458		1,381
PPG Industries, Inc.		17,193		2,009
Sealed Air Corp.		21,908		1,080
Sherwin-Williams Co. (The)		5,510		2,259
Vulcan Materials Co.		37,394		4,800
WestRock Co.		30,848		1,950

				52,105

Real Estate—6.4%
American Tower Corp.		13,441		1,918
CBRE Group, Inc. Class A⁽¹⁾		193,764		8,392
Crown Castle International Corp.		12,724		1,413
Digital Realty Trust, Inc.		6,408		730
Duke Realty Corp.		66,067		1,798
Equinix, Inc.		2,440		1,106
Extra Space Storage, Inc.		3,944		345
Host Hotels & Resorts, Inc.		424,485		8,426
Iron Mountain, Inc.		8,280		312
Prologis, Inc.		98,778		6,372
Public Storage		4,686		979
SBA Communications, Corp.⁽¹⁾		3,769		616
Weyerhaeuser Co.		23,581		831

				33,238

Utilities—3.3%
AES Corp.		362,559		3,926
American Water Works Co., Inc.		91,750		8,394
NRG Energy, Inc.		165,086		4,702

				17,022

TOTAL COMMON STOCKS (Identified Cost $394,537)				518,413

TOTAL LONG TERM INVESTMENTS—99.9% (Identified Cost $394,537)				518,413

SHORT-TERM INVESTMENT—0.3%
Money Market Mutual Fund—0.3%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 1.190%)⁽²⁾		1,450,953		1,451

TOTAL SHORT-TERM INVESTMENT (Identified Cost $1,451)				1,451


	VALUE
TOTAL INVESTMENTS—100.2% (Identified Cost $395,988)	$	519,864
Other assets and liabilities, net—(0.2)%		(789	)

NET ASSETS—100.0%	$	519,075

Abbreviation


ADR		American Depositary Receipt

Footnote Legend:

⁽¹⁾	Non-income producing.

⁽²⁾	Shares of this fund are publicly offered and its prospectus and annual report are publicly available.

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2017 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2017.

There were no transfers between Level 1, Level 2, or Level 3 related to securities held at December 31, 2017.


	SHARES		VALUE
COMMON STOCKS—60.2%
Consumer Discretionary—11.9%
Amazon.com, Inc.⁽¹⁾		81	$	95
Aptiv plc		924		78
Best Buy Co., Inc.		2,236		153
BorgWarner, Inc.		678		35
Carnival Corp.		435		29
Charter Communications, Inc. Class A⁽¹⁾		106		36
Chipotle Mexican Grill, Inc.⁽¹⁾		13		4
Comcast Corp. Class A		2,471		99
Darden Restaurants, Inc.		62		6
Delphi Technologies plc		304		16
DISH Network Corp. Class A⁽¹⁾		119		6
Expedia, Inc.		24		3
Garmin Ltd.		2,146		128
H&R Block, Inc.		5,090		133
Hilton Worldwide Holdings, Inc.		218		17
Home Depot, Inc. (The)		557		105
Horton (D.R.), Inc.		1,146		58
Leggett & Platt, Inc.		728		35
Lennar Corp. Class A		684		43
Lowe’s Cos., Inc.		399		37
Marriott International, Inc. Class A		334		45
McDonald’s Corp.		400		69
MGM Resorts International		2,276		76
Mohawk Industries, Inc.⁽¹⁾		347		96
Netflix, Inc.⁽¹⁾		88		17
Norwegian Cruise Line Holdings Ltd.		190		10
Priceline Group, Inc. (The)⁽¹⁾		10		17
PulteGroup, Inc.		934		31
Royal Caribbean Cruises Ltd.		184		22
Starbucks Corp.		714		41
TripAdvisor, Inc.⁽¹⁾		22		1
Wyndham Worldwide Corp.		110		13
Wynn Resorts Ltd.		351		59
Yum! Brands, Inc.		171		14

				1,627

Consumer Staples—3.1%
Altria Group, Inc.		883		63
Brown-Forman Corp. Class B		531		36
Constellation Brands, Inc. Class A		466		107
Philip Morris International, Inc.		715		76


	SHARES		VALUE
Consumer Staples—(continued)
Sysco Corp.		2,308	$	140

				422

Energy—1.0%
Andeavor		152		17
Marathon Petroleum Corp.		533		35
Phillips 66		452		46
Valero Energy Corp.		465		43

				141

Financials—7.9%
Affiliated Managers Group, Inc.		27		6
Aflac, Inc.		257		23
Allstate Corp. (The)		244		26
Ameriprise Financial, Inc.		75		13
AON plc		302		40
Bank of America Corp.		1,099		32
Bank of New York Mellon Corp. (The)		520		28
BB&T Corp.		368		18
Berkshire Hathaway, Inc. Class B⁽¹⁾		675		134
BlackRock, Inc.		62		32
Brighthouse Financial, Inc.⁽¹⁾		62		4
Charles Schwab Corp. (The)		649		33
Chubb Ltd.		314		46
Cincinnati Financial Corp.		101		8
Citigroup, Inc.		305		23
Citizens Financial Group, Inc.		228		10
Comerica, Inc.		80		7
E*TRADE Financial Corp.⁽¹⁾		150		7
Fifth Third Bancorp		336		10
Franklin Resources, Inc.		166		7
Gallagher (Arthur J.) & Co.		214		14
Goldman Sachs Group, Inc. (The)		195		50
Huntington Bancshares, Inc.		497		7
Invesco Ltd.		205		7
JPMorgan Chase & Co.		394		42
KeyCorp		495		10
Leucadia National Corp.		112		3
Lincoln National Corp.		144		11
M&T Bank Corp.		69		12
Marsh & McLennan Cos., Inc.		609		50
MetLife, Inc.		690		35
Morgan Stanley		770		40


	SHARES		VALUE
Financials—(continued)
Northern Trust Corp.		109	$	11
People’s United Financial, Inc.		157		3
PNC Financial Services Group, Inc. (The)		218		31
Principal Financial Group, Inc.		175		12
Progressive Corp. (The)		393		22
Prudential Financial, Inc.		277		32
Raymond James Financial, Inc.		70		6
Regions Financial Corp.		544		9
SBA Communications, Corp.⁽¹⁾		60		10
State Street Corp.		189		18
SunTrust Banks, Inc.		218		14
T. Rowe Price Group, Inc.		121		13
Torchmark Corp.		70		6
Travelers Cos., Inc. (The)		187		25
U.S. Bancorp		178		10
Unum Group		146		8
Wells Fargo & Co.		501		30
Willis Towers Watson plc		160		24
XL Group Ltd.		174		6
Zions Bancorporation		92		5

				1,083

Health Care—3.7%
Abbott Laboratories		384		22
Aetna, Inc.		98		18
Agilent Technologies, Inc.		227		15
Align Technology, Inc.⁽¹⁾		209		46
Anthem, Inc.		78		18
Baxter International, Inc.		111		7
Becton, Dickinson & Co.		58		12
Boston Scientific Corp.⁽¹⁾		303		7
Centene Corp.⁽¹⁾		51		5
Cigna Corp.		74		15
Cooper Cos., Inc. (The)		141		31
Danaher Corp.		135		13
DENTSPLY SIRONA, Inc.		665		44
Edwards Lifesciences Corp.⁽¹⁾		46		5
Hologic, Inc.⁽¹⁾		62		3
Humana, Inc.		42		10
IDEXX Laboratories, Inc.⁽¹⁾		20		3
Illumina, Inc.⁽¹⁾		104		23
Intuitive Surgical, Inc.⁽¹⁾		25		9
IQVIA Holdings, Inc.⁽¹⁾		108		11


	SHARES		VALUE
Health Care—(continued)
Medtronic plc		299	$	24
Mettler-Toledo International, Inc.⁽¹⁾		18		11
PerkinElmer, Inc.		78		6
ResMed, Inc.		32		3
Stryker Corp.		71		11
Thermo Fisher Scientific, Inc.		283		54
UnitedHealth Group, Inc.		286		63
Varian Medical Systems, Inc.⁽¹⁾		21		2
Waters Corp.⁽¹⁾		56		11
Zimmer Biomet Holdings, Inc.		44		5

				507

Industrials—10.0%
A.O. Smith Corp.		255		16
Allegion plc		165		13
Arconic, Inc.		100		3
Boeing Co. (The)		130		38
Caterpillar, Inc.		585		92
Cintas Corp.		846		132
CSX Corp.		597		33
Cummins, Inc.		156		28
Deere & Co.		889		139
Dover Corp.		102		10
Expeditors International of Washington, Inc.		146		9
FedEx Corp.		199		50
Flowserve Corp.		86		4
Fortive Corp.		200		15
Fortune Brands Home & Security, Inc.		269		18
General Dynamics Corp.		65		13
Hunt (JB) Transport Services, Inc.		1,199		138
Illinois Tool Works, Inc.		203		34
Ingersoll-Rand plc		167		15
Johnson Controls International plc		1,623		62
Kansas City Southern		69		7
L3 Technologies, Inc.		19		4
Lockheed Martin Corp.		59		19
Masco Corp.		555		24
Norfolk Southern Corp.		189		27
Northrop Grumman Corp.		40		12
PACCAR, Inc.		348		25
Parker-Hannifin Corp.		87		17
Pentair plc		109		8
Raytheon Co.		68		13


	SHARES		VALUE
Industrials—(continued)
Republic Services, Inc.		567	$	38
Robinson (C.H.) Worldwide, Inc.		114		10
Rockwell Collins, Inc.		39		5
Snap-on, Inc.		38		7
Stanley Black & Decker, Inc.		101		17
Stericycle, Inc.⁽¹⁾		211		14
Textron, Inc.		62		4
TransDigm Group, Inc.		12		3
Union Pacific Corp.		523		70
United Parcel Service, Inc. Class B		558		67
United Technologies Corp.		175		22
Waste Management, Inc.		1,002		87
Xylem, Inc.		117		8

				1,370

Information Technology—10.7%
Activision Blizzard, Inc.		1,259		80
Adobe Systems, Inc.⁽¹⁾		240		42
Advanced Micro Devices, Inc.⁽¹⁾		135		1
Akamai Technologies, Inc.⁽¹⁾		19		1
Alliance Data Systems Corp.		9		2
Alphabet, Inc. Class A⁽¹⁾		37		39
Alphabet, Inc. Class C⁽¹⁾		37		39
Amphenol Corp. Class A		715		63
Analog Devices, Inc.		62		6
ANSYS, Inc.⁽¹⁾		41		6
Apple, Inc.		687		116
Applied Materials, Inc.		1,372		70
Autodesk, Inc.⁽¹⁾		107		11
Automatic Data Processing, Inc.		97		11
Broadcom Ltd.		68		17
CA, Inc.		49		2
Cadence Design Systems, Inc.⁽¹⁾		136		6
Citrix Systems, Inc.⁽¹⁾		70		6
Corning, Inc.		2,115		68
eBay, Inc.⁽¹⁾		121		5
Electronic Arts, Inc.⁽¹⁾		514		54
Facebook, Inc. Class A⁽¹⁾		289		51
Fidelity National Information Services, Inc.		72		7
Fiserv, Inc.⁽¹⁾		45		6
FLIR Systems, Inc.		2,861		133
Global Payments, Inc.		33		3
Hewlett Packard Enterprise Co.		218		3


	SHARES		VALUE
Information Technology—(continued)
HP, Inc.		222	$	5
Intel Corp.		790		36
Intuit, Inc.		118		19
KLA-Tencor Corp.		201		21
Lam Research Corp.		209		38
Mastercard, Inc. Class A		203		31
Microchip Technology, Inc.		39		3
Micron Technology, Inc.⁽¹⁾		188		8
Microsoft Corp.		1,211		104
NetApp, Inc.		36		2
NVIDIA Corp.		101		20
Oracle Corp.		475		22
Paychex, Inc.		70		5
PayPal Holdings, Inc.⁽¹⁾		246		18
Qorvo, Inc.⁽¹⁾		22		1
QUALCOMM, Inc.		249		16
Red Hat, Inc.⁽¹⁾		28		3
salesforce.com, Inc.⁽¹⁾		332		34
Seagate Technology plc		39		2
Skyworks Solutions, Inc.		31		3
Symantec Corp.		97		3
Synopsys, Inc.⁽¹⁾		73		6
TE Connectivity Ltd.		1,411		134
Texas Instruments, Inc.		167		17
Total System Services, Inc.		37		3
VeriSign, Inc.⁽¹⁾		11		1
Visa, Inc. Class A		399		46
Western Digital Corp.		39		3
Western Union Co. (The)		101		2
Xerox Corp.		28		1
Xilinx, Inc.		41		3

				1,458

Materials—6.1%
Albemarle Corp.		117		15
Avery Dennison Corp.		170		20
DowDuPont, Inc.		1,715		122
Eastman Chemical Co.		107		10
Ecolab, Inc.		277		37
International Flavors & Fragrances, Inc.		84		13
International Paper Co.		796		46
LyondellBasell Industries N.V. Class A		1,272		140
Martin Marietta Materials, Inc.		281		62


	SHARES		VALUE
Materials—(continued)
Nucor Corp.		2,318	$	148
Packaging Corp. of America		182		22
PPG Industries, Inc.		272		32
Sealed Air Corp.		347		17
Sherwin-Williams Co. (The)		88		36
Vulcan Materials Co.		593		76
WestRock Co.		490		31

				827

Real Estate—3.8%
American Tower Corp.		213		30
CBRE Group, Inc. Class A⁽¹⁾		3,074		133
Crown Castle International Corp.		201		22
Digital Realty Trust, Inc.		102		12
Duke Realty Corp.		1,048		29
Equinix, Inc.		39		18
Extra Space Storage, Inc.		62		5
Host Hotels & Resorts, Inc.		6,734		134
Iron Mountain, Inc.		131		5
Prologis, Inc.		1,567		101
Public Storage		74		15
Weyerhaeuser Co.		374		13

				517

Utilities—2.0%
AES Corp.		5,751		62
American Water Works Co., Inc.		1,455		133
NRG Energy, Inc.		2,619		75

				270

TOTAL COMMON STOCKS (Identified Cost $6,258)				8,222

EXCHANGE-TRADED FUNDS⁽²⁾—39.3%
iShares China Large-Cap Index Fund		14,673		677
iShares MSCI Hong Kong Index Fund		26,399		671
iShares MSCI Italy Capped Index Fund		21,845		665
iShares MSCI Japan Index Fund		11,307		678
iShares MSCI South Korea Capped Index Fund		9,014		675
iShares MSCI Spain Capped Index Fund		20,138		660
iShares MSCI Switzerland Capped Index Fund		19,366		689
iShares MSCI Taiwan Capped Index Fund		18,259		661

TOTAL EXCHANGE-TRADED FUNDS (Identified Cost $4,674)				5,376


	SHARES		VALUE
TOTAL LONG TERM INVESTMENTS—99.5% (Identified Cost $10,932)				13,598

SHORT-TERM INVESTMENT—0.4%
Money Market Mutual Fund—0.4%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 1.190%)⁽²⁾		58,749	$	59

TOTAL SHORT-TERM INVESTMENT (Identified Cost $59)				59

TOTAL INVESTMENTS—99.9% (Identified Cost $10,991)				13,657
Other assets and liabilities, net—0.1%				14

NET ASSETS—100.0%			$	13,671

Footnote Legend:

⁽¹⁾	Non-income producing.

⁽²⁾	Shares of these funds are publicly offered and the prospectus and annual reports of each are publicly available.

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2017 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2017.

There were no transfers between Level 1, Level 2, or Level 3 related to securities held at December 31, 2017.


	SHARES		VALUE
EXCHANGE-TRADED FUND⁽²⁾—98.1%
iShares S&P 100 Index Fund⁽³⁾		20,781	$	2,466

TOTAL EXCHANGE-TRADED FUND (Identified Cost $2,470)				2,466

PURCHASED OPTION—0.0%

(see open purchased option schedule)

TOTAL PURCHASED OPTION—0.0% (Premium Paid $— ⁽¹⁾)				—	⁽¹⁾

TOTAL LONG TERM INVESTMENTS—98.1% (Identified Cost $2,470)				2,466

SHORT-TERM INVESTMENT—0.9%
Money Market Mutual Fund⁽²⁾—0.9%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 1.190%)		22,786		23

TOTAL SHORT-TERM INVESTMENT (Identified Cost $23)				23

TOTAL INVESTMENTS, BEFORE WRITTEN OPTIONS—99.0% (Identified Cost $2,493)				2,489

WRITTEN OPTIONS—0.0%

(see open written options schedule)

TOTAL WRITTEN OPTIONS—0.0% (Premiums Received $4)				(1	)

TOTAL INVESTMENTS, NET OF WRITTEN OPTIONS—99.0% (Identified Cost $2,489)				2,488
Other assets and liabilities, net—1.0%				25

NET ASSETS—100.0%			$	2,513

Footnote Legend:

⁽¹⁾	Amount is less than $500.

⁽²⁾	Shares of these funds are publicly offered and the prospectus and annual reports of each are publicly available.

⁽³⁾	All or a portion of the security is segregated as collateral for written options.

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2017 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2017.

There were no transfers between Level 1, Level 2, or Level 3 related to securities held at December 31, 2017.


	SHARES		VALUE
COMMON STOCKS—35.8%
Consumer Discretionary—7.1%
Amazon.com, Inc.⁽¹⁾		301	$	352
Aptiv plc		3,420		290
Best Buy Co., Inc.		8,283		567
BorgWarner, Inc.		2,513		128
Carnival Corp.		1,613		107
Charter Communications, Inc. Class A⁽¹⁾		391		131
Chipotle Mexican Grill, Inc.⁽¹⁾		45		13
Comcast Corp. Class A		9,152		367
Darden Restaurants, Inc.		229		22
Delphi Technologies plc⁽¹⁾		1,126		59
DISH Network Corp. Class A⁽¹⁾		443		21
Expedia, Inc.		92		11
Garmin Ltd.		7,952		474
H&R Block, Inc.		18,856		494
Hilton Worldwide Holdings, Inc.		807		64
Home Depot, Inc. (The)		2,061		391
Horton (D.R.), Inc.		4,246		217
Leggett & Platt, Inc.		2,695		129
Lennar Corp. Class A		2,534		160
Lowe’s Cos., Inc.		1,476		137
Marriott International, Inc. Class A		1,237		168
McDonald’s Corp.		1,482		255
MGM Resorts International		8,433		282
Mohawk Industries, Inc.⁽¹⁾		1,287		355
Netflix, Inc.⁽¹⁾		326		63
Norwegian Cruise Line Holdings Ltd.⁽¹⁾		704		37
Priceline Group, Inc. (The)⁽¹⁾		37		64
PulteGroup, Inc.		3,460		115
Royal Caribbean Cruises Ltd.		681		81
Starbucks Corp.		2,642		152
TripAdvisor, Inc.⁽¹⁾		82		3
Wyndham Worldwide Corp.		406		47
Wynn Resorts Ltd.		1,303		220
Yum! Brands, Inc.		631		52

				6,028

Consumer Staples—1.8%
Altria Group, Inc.		3,269		234
Brown-Forman Corp. Class B		1,968		135
Constellation Brands, Inc. Class A		1,728		395
Philip Morris International, Inc.		2,646		280


	SHARES		VALUE
Consumer Staples—(continued)
Sysco Corp.		8,551	$	519

				1,563

Energy—0.6%
Andeavor		562		64
Marathon Petroleum Corp.		1,973		130
Phillips 66		1,675		170
Valero Energy Corp.		1,721		158

				522

Financials—4.7%
Affiliated Managers Group, Inc.		105		21
Aflac, Inc.		951		83
Allstate Corp. (The)		904		95
Ameriprise Financial, Inc.		280		47
AON plc		1,120		150
Bank of America Corp.		4,071		120
Bank of New York Mellon Corp. (The)		1,927		104
BB&T Corp.		1,363		68
Berkshire Hathaway, Inc. Class B⁽¹⁾		2,502		496
BlackRock, Inc.		231		119
Brighthouse Financial, Inc.⁽¹⁾		230		13
Charles Schwab Corp. (The)		2,403		123
Chubb Ltd.		1,164		170
Cincinnati Financial Corp.		374		28
Citigroup, Inc.		1,130		84
Citizens Financial Group, Inc.		844		35
Comerica, Inc.		296		26
E*TRADE Financial Corp.⁽¹⁾		554		27
Fifth Third Bancorp		1,242		38
Franklin Resources, Inc.		614		27
Gallagher (Arthur J.) & Co.		793		50
Goldman Sachs Group, Inc. (The)		725		185
Huntington Bancshares, Inc.		1,838		27
Invesco Ltd.		759		28
JPMorgan Chase & Co.		1,460		156
KeyCorp		1,834		37
Leucadia National Corp.		412		11
Lincoln National Corp.		533		41
M&T Bank Corp.		256		44
Marsh & McLennan Cos., Inc.		2,257		184
MetLife, Inc.		2,557		129
Morgan Stanley		2,852		150


	SHARES		VALUE
Financials—(continued)
Northern Trust Corp.		400	$	40
People’s United Financial, Inc.		581		11
PNC Financial Services Group, Inc. (The)		808		117
Principal Financial Group, Inc.		646		46
Progressive Corp. (The)		1,456		82
Prudential Financial, Inc.		1,028		118
Raymond James Financial, Inc.		259		23
Regions Financial Corp.		2,015		35
State Street Corp.		698		68
SunTrust Banks, Inc.		809		52
T. Rowe Price Group, Inc.		449		47
Torchmark Corp.		260		24
Travelers Cos., Inc. (The)		690		94
U.S. Bancorp		659		35
Unum Group		543		30
Wells Fargo & Co.		1,854		112
Willis Towers Watson plc		591		89
XL Group Ltd.		645		23
Zions Bancorporation		341		17

				3,979

Health Care—2.2%
Abbott Laboratories		1,422		81
Aetna, Inc.		364		66
Agilent Technologies, Inc.		842		56
Align Technology, Inc.⁽¹⁾		775		172
Anthem, Inc.		288		65
Baxter International, Inc.		410		27
Becton, Dickinson & Co.		216		46
Boston Scientific Corp.⁽¹⁾		1,123		28
Centene Corp.⁽¹⁾		189		19
Cigna Corp.		276		56
Cooper Cos., Inc. (The)		525		114
Danaher Corp.		500		46
DENTSPLY SIRONA, Inc.		2,464		162
Edwards Lifesciences Corp.⁽¹⁾		173		20
Hologic, Inc.⁽¹⁾		229		10
Humana, Inc.		158		39
IDEXX Laboratories, Inc.⁽¹⁾		71		11
Illumina, Inc.⁽¹⁾		382		83
Intuitive Surgical, Inc.⁽¹⁾		92		34
IQVIA Holdings, Inc.⁽¹⁾		397		39
Medtronic plc		1,109		90


	SHARES		VALUE
Health Care—(continued)
Mettler-Toledo International, Inc.⁽¹⁾		67	$	42
PerkinElmer, Inc.		289		21
ResMed, Inc.		117		10
Stryker Corp.		263		41
Thermo Fisher Scientific, Inc.		1,048		199
UnitedHealth Group, Inc.		1,059		233
Varian Medical Systems, Inc.⁽¹⁾		75		8
Waters Corp.⁽¹⁾		209		40
Zimmer Biomet Holdings, Inc.		165		20

				1,878

Industrials—6.0%
A.O. Smith Corp.		944		58
Allegion plc		613		49
Arconic, Inc.		369		10
Boeing Co. (The)		484		143
Caterpillar, Inc.		2,169		342
Cintas Corp.		3,135		488
CSX Corp.		2,210		122
Cummins, Inc.		578		102
Deere & Co.		3,294		516
Dover Corp.		378		38
Expeditors International of Washington, Inc.		541		35
FedEx Corp.		740		185
Flowserve Corp.		317		13
Fortive Corp.		741		54
Fortune Brands Home & Security, Inc.		993		68
General Dynamics Corp.		243		49
Hunt (JB) Transport Services, Inc.		4,442		511
Illinois Tool Works, Inc.		753		126
Ingersoll-Rand plc		617		55
Johnson Controls International plc		6,012		229
Kansas City Southern		255		27
L3 Technologies, Inc.		69		14
Lockheed Martin Corp.		218		70
Masco Corp.		2,054		90
Norfolk Southern Corp.		698		101
Northrop Grumman Corp.		152		47
PACCAR, Inc.		1,290		92
Parker-Hannifin Corp.		324		65
Pentair plc		401		28
Raytheon Co.		253		47
Republic Services, Inc.		2,100		142


	SHARES		VALUE
Industrials—(continued)
Robinson (C.H.) Worldwide, Inc.		421	$	37
Rockwell Collins, Inc.		141		19
Snap-on, Inc.		140		24
Stanley Black & Decker, Inc.		373		63
Stericycle, Inc.⁽¹⁾		783		53
Textron, Inc.		230		13
TransDigm Group, Inc.		42		11
Union Pacific Corp.		1,938		260
United Parcel Service, Inc. Class B		2,065		246
United Technologies Corp.		647		83
Waste Management, Inc.		3,712		320
Xylem, Inc.		437		30

				5,075

Information Technology—6.3%
Activision Blizzard, Inc.		4,662		295
Adobe Systems, Inc.⁽¹⁾		888		156
Advanced Micro Devices, Inc.⁽¹⁾		501		5
Akamai Technologies, Inc.⁽¹⁾		77		5
Alliance Data Systems Corp.		39		10
Alphabet, Inc. Class A⁽¹⁾		135		142
Alphabet, Inc. Class C⁽¹⁾		136		142
Amphenol Corp. Class A		2,649		233
Analog Devices, Inc.		229		20
ANSYS, Inc.⁽¹⁾		152		22
Apple, Inc.		2,544		431
Applied Materials, Inc.		5,085		260
Autodesk, Inc.⁽¹⁾		394		41
Automatic Data Processing, Inc.		359		42
Broadcom Ltd.		253		65
CA, Inc.		184		6
Cadence Design Systems, Inc.⁽¹⁾		505		21
Citrix Systems, Inc.⁽¹⁾		259		23
Corning, Inc.		7,833		251
eBay, Inc.⁽¹⁾		451		17
Electronic Arts, Inc.⁽¹⁾		1,906		200
Facebook, Inc. Class A⁽¹⁾		1,072		189
Fidelity National Information Services, Inc.		268		25
Fiserv, Inc.⁽¹⁾		170		22
FLIR Systems, Inc.		10,599		494
Global Payments, Inc.		123		12
Hewlett Packard Enterprise Co.		809		12
HP, Inc.		823		17


	SHARES		VALUE
Information Technology—(continued)
Intel Corp.		2,927	$	135
Intuit, Inc.		439		69
KLA-Tencor Corp.		748		79
Lam Research Corp.		775		143
Mastercard, Inc. Class A		753		114
Microchip Technology, Inc.		145		13
Micron Technology, Inc.⁽¹⁾		694		29
Microsoft Corp.		4,488		384
NetApp, Inc.		132		7
NVIDIA Corp.		374		72
Oracle Corp.		1,760		83
Paychex, Inc.		258		18
PayPal Holdings, Inc.⁽¹⁾		912		67
Qorvo, Inc.⁽¹⁾		79		5
QUALCOMM, Inc.		920		59
Red Hat, Inc.⁽¹⁾		104		13
salesforce.com, Inc.⁽¹⁾		1,229		126
Seagate Technology plc		141		6
Skyworks Solutions, Inc.		115		11
Symantec Corp.		358		10
Synopsys, Inc.⁽¹⁾		271		23
TE Connectivity Ltd.		5,227		497
Texas Instruments, Inc.		617		64
Total System Services, Inc.		135		11
VeriSign, Inc.⁽¹⁾		39		5
Visa, Inc. Class A		1,475		168
Western Digital Corp.		145		12
Western Union Co. (The)		375		7
Xerox Corp.		105		3
Xilinx, Inc.		155		10

				5,401

Materials—3.6%
Albemarle Corp.		435		56
Avery Dennison Corp.		630		72
DowDuPont, Inc.		6,354		453
Eastman Chemical Co.		394		36
Ecolab, Inc.		1,026		138
International Flavors & Fragrances, Inc.		311		47
International Paper Co.		2,947		171
LyondellBasell Industries N.V. Class A		4,715		520
Martin Marietta Materials, Inc.		1,044		231
Nucor Corp.		8,586		546


	SHARES		VALUE
Materials—(continued)
Packaging Corp. of America		673	$	81
PPG Industries, Inc.		1,011		118
Sealed Air Corp.		1,288		63
Sherwin-Williams Co. (The)		324		133
Vulcan Materials Co.		2,198		282
WestRock Co.		1,813		115

				3,062

Real Estate—2.3%
American Tower Corp.		790		113
CBRE Group, Inc. Class A⁽¹⁾		11,387		493
Crown Castle International Corp.		748		83
Digital Realty Trust, Inc.		376		43
Duke Realty Corp.		3,882		106
Equinix, Inc.		143		65
Extra Space Storage, Inc.		232		20
Host Hotels & Resorts, Inc.		24,945		495
Iron Mountain, Inc.		486		18
Prologis, Inc.		5,805		374
Public Storage		276		58
SBA Communications, Corp.⁽¹⁾		221		36
Weyerhaeuser Co.		1,385		49

				1,953

Utilities—1.2%
AES Corp.		21,307		231
American Water Works Co., Inc.		5,392		493
NRG Energy, Inc.		9,701		276

				1,000

TOTAL COMMON STOCKS (Identified Cost $23,253)				30,461

EXCHANGE-TRADED FUNDS⁽²⁾—63.0%
iShares 1-3 Year Treasury Bond Index Fund		179,170		15,023
iShares China Large-Cap Index Fund		54,355		2,510
iShares Dow Jones U.S. Real Estate Index Fund		34,496		2,795
iShares iBoxx $ Investment Grade Corporate Bond Index Fund		41,594		5,056
iShares MSCI Hong Kong Index Fund		97,801		2,486
iShares MSCI Italy Capped Index Fund		80,928		2,463
iShares MSCI Japan Index Fund		41,889		2,510
iShares MSCI South Korea Capped Index Fund		33,394		2,502
iShares MSCI Spain Capped Index Fund		74,601		2,445
iShares MSCI Switzerland Capped Index Fund		71,743		2,553


	SHARES		VALUE
iShares MSCI Taiwan Capped Index Fund		67,643	$	2,449
iShares TIPS Bond Index Fund		44,152		5,037
PowerShares DB Commodity Index Tracking Fund⁽¹⁾		172,554		2,866
PowerShares DB Gold Fund		68,799		2,846

TOTAL EXCHANGE-TRADED FUNDS (Identified Cost $50,557)				53,541

TOTAL LONG TERM INVESTMENTS—98.8% (Identified Cost $73,810)				84,002

SHORT-TERM INVESTMENT—1.5%
Money Market Mutual Fund—1.5%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 1.190%)⁽²⁾		1,237,441		1,237

TOTAL SHORT-TERM INVESTMENT (Identified Cost $1,237)				1,237

TOTAL INVESTMENTS—100.3% (Identified Cost $75,047)				85,239	⁽¹⁾
Other assets and liabilities, net—(0.3)%				(245	)

NET ASSETS—100.0%			$	84,994

Abbreviation:


TIPS		Treasury-Inflation Protected Securities

Footnote Legend:

⁽¹⁾	Non-income producing.

⁽²⁾	Shares of these funds are publicly offered and the prospectus and annual reports of each are publicly available.

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2017 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2017.

There were no transfers between Level 1, Level 2, or Level 3 related to securities held at December 31, 2017.


	SHARES		VALUE
COMMON STOCKS—98.9%
Consumer Discretionary—19.7%
Advance Auto Parts, Inc.		1,417	$	141
Amazon.com, Inc.⁽¹⁾		7,713		9,020
Aptiv plc		3,969		337
AutoZone, Inc.⁽¹⁾		525		373
Best Buy Co., Inc.		4,885		335
BorgWarner, Inc.		3,807		195
CarMax, Inc.⁽¹⁾		3,525		226
Carnival Corp.		7,864		522
CBS Corp. Class B		6,977		412
Charter Communications, Inc. Class A⁽¹⁾		3,690		1,240
Chipotle Mexican Grill, Inc.⁽¹⁾		482		139
Comcast Corp. Class A		90,224		3,614
Darden Restaurants, Inc.		2,388		229
Discovery Communications, Inc. Class A⁽¹⁾		2,997		67
Discovery Communications, Inc. Class C⁽¹⁾		3,947		84
DISH Network Corp. Class A⁽¹⁾		4,371		209
Dollar General Corp.		4,981		463
Dollar Tree, Inc.⁽¹⁾		4,539		487
Expedia, Inc.		2,363		283
Foot Locker, Inc.		2,413		113
Ford Motor Co.		74,767		934
Gap, Inc. (The)		4,196		143
Garmin Ltd.		2,136		127
General Motors Co.		24,599		1,008
Genuine Parts Co.		2,840		270
Goodyear Tire & Rubber Co. (The)		4,729		153
H&R Block, Inc.		4,047		106
Hanesbrands, Inc.		7,006		147
Harley-Davidson, Inc.		3,237		165
Hasbro, Inc.		2,213		201
Hilton Worldwide Holdings, Inc.		3,870		309
Home Depot, Inc. (The)		22,427		4,251
Horton (D.R.), Inc.		6,543		334
Interpublic Group of Cos., Inc. (The)		7,470		151
Kohl’s Corp.		3,292		179
L Brands, Inc.		4,800		289
Leggett & Platt, Inc.		2,519		120
Lennar Corp. Class A		3,944		249
LKQ Corp.⁽¹⁾		5,941		242
Lowe’s Cos., Inc.		15,824		1,471
Macy’s, Inc.		5,842		147


	SHARES		VALUE
Consumer Discretionary—(continued)
Marriott International, Inc. Class A		5,860	$	795
Mattel, Inc.		6,708		103
McDonald’s Corp.		15,332		2,639
MGM Resorts International		9,900		331
Michael Kors Holdings Ltd.⁽¹⁾		2,934		185
Mohawk Industries, Inc.⁽¹⁾		1,196		330
Netflix, Inc.⁽¹⁾		8,065		1,548
Newell Brands, Inc.		9,348		289
News Corp. Class A		7,351		119
News Corp. Class B		2,343		39
NIKE, Inc. Class B		25,213		1,577
Nordstrom, Inc.		2,252		107
Norwegian Cruise Line Holdings Ltd.⁽¹⁾		3,450		184
O’Reilly Automotive, Inc.⁽¹⁾		1,638		394
Omnicom Group, Inc.		4,442		324
Priceline Group, Inc. (The)⁽¹⁾		938		1,630
PulteGroup, Inc.		5,214		173
PVH Corp.		1,482		203
Ralph Lauren Corp.		1,065		110
Ross Stores, Inc.		7,378		592
Royal Caribbean Cruises Ltd.		3,321		396
Scripps Networks Interactive, Inc. Class A		1,836		157
Signet Jewelers Ltd.		1,138		64
Starbucks Corp.		27,200		1,562
Tapestry, Inc.		5,477		242
Target Corp.		10,411		679
Tiffany & Co.		1,994		207
Time Warner, Inc.		14,954		1,368
TJX Cos., Inc. (The)		12,305		941
Tractor Supply Co.		2,422		181
TripAdvisor, Inc.⁽¹⁾		2,095		72
Twenty-First Century Fox, Inc. Class A		20,265		700
Twenty-First Century Fox, Inc. Class B		8,442		288
Ulta Beauty, Inc.⁽¹⁾		1,137		254
Under Armour, Inc. Class A⁽¹⁾		3,650		53
Under Armour, Inc. Class C⁽¹⁾		3,627		48
VF Corp.		6,314		467
Viacom, Inc. Class B		6,797		209
Walt Disney Co. (The)		28,931		3,110
Whirlpool Corp.		1,383		233
Wyndham Worldwide Corp.		1,932		224
Wynn Resorts Ltd.		1,568		264


	SHARES		VALUE
Consumer Discretionary—(continued)
Yum! Brands, Inc.		6,523	$	532

				53,408

Consumer Staples—4.9%
Altria Group, Inc.		13,791		985
Archer-Daniels-Midland Co.		4,225		169
Brown-Forman Corp. Class B		1,570		108
Campbell Soup Co.		1,574		76
Church & Dwight Co., Inc.		1,978		99
Clorox Co. (The)		998		148
Coca-Cola Co. (The)		27,479		1,261
Colgate-Palmolive Co.		6,418		484
Conagra Brands, Inc.		3,209		121
Constellation Brands, Inc. Class A		1,269		290
Costco Wholesale Corp.		3,189		594
Coty, Inc. Class A		3,932		78
CVS Health Corp.		7,281		528
Dr. Pepper Snapple Group, Inc.		1,395		135
Estee Lauder Cos., Inc. (The) Class A		1,695		216
General Mills, Inc.		4,280		254
Hershey Co. (The)		1,101		125
Hormel Foods Corp.		2,220		81
J.M. Smucker Co. (The)		902		112
Kellogg Co.		1,935		132
Kimberly-Clark Corp.		2,623		316
Kraft Heinz Co.(The)		4,389		341
Kroger Co. (The)		6,863		188
McCormick & Co., Inc.		951		97
Molson Coors Brewing Co. Class B		1,428		117
Mondelez International, Inc. Class A		11,002		471
Monster Beverage Corp.⁽¹⁾		3,180		201
PepsiCo, Inc.		10,150		1,217
Philip Morris International, Inc.		11,047		1,167
Procter & Gamble Co. (The)		18,286		1,680
Sysco Corp.		3,605		219
Tyson Foods, Inc. Class A		2,283		185
Wal-Mart Stores, Inc.		7,409		732
Walgreens Boots Alliance, Inc.		6,347		461

				13,388

Energy—5.0%
Anadarko Petroleum Corp.		5,584		300
Andeavor		1,511		173
Apache Corp.		4,000		169


	SHARES		VALUE
Energy—(continued)
Baker Hughes a GE Co.		4,637	$	147
Cabot Oil & Gas Corp.		4,935		141
Chesapeake Energy Corp.⁽¹⁾		11,333		45
Chevron Corp.		18,477		2,313
Cimarex Energy Co.		1,034		126
Concho Resources, Inc.⁽¹⁾		1,556		234
ConocoPhillips		11,952		656
Devon Energy Corp.		5,500		228
EOG Resources, Inc.		5,735		619
EQT Corp.		2,580		147
Exxon Mobil Corp.		35,809		2,995
Halliburton Co.		8,835		432
Helmerich & Payne, Inc.		1,324		86
Hess Corp.		2,953		140
Kinder Morgan, Inc.		19,175		346
Marathon Oil Corp.		9,214		156
Marathon Petroleum Corp.		4,964		327
National Oilwell Varco, Inc.		4,048		146
Newfield Exploration Co.⁽¹⁾		2,385		75
Noble Energy, Inc.		5,228		152
Occidental Petroleum Corp.		7,559		557
ONEOK, Inc.		3,909		209
Phillips 66		4,309		436
Pioneer Natural Resources Co.		1,738		300
Range Resources Corp.		2,773		47
Schlumberger Ltd.		13,789		929
TechnipFMC plc		4,812		151
Valero Energy Corp.		4,387		403
Williams Cos., Inc. (The)		8,406		256

				13,441

Financials—19.8%
Affiliated Managers Group, Inc.		876		180
Aflac, Inc.		6,209		545
Allstate Corp. (The)		5,679		595
American Express Co.		11,394		1,132
American International Group, Inc.		14,195		846
Ameriprise Financial, Inc.		2,350		398
AON plc		3,953		530
Assurant, Inc.		856		86
Bank of America Corp.		154,607		4,564
Bank of New York Mellon Corp. (The)		16,218		873
BB&T Corp.		12,575		625


	SHARES		VALUE
Financials—(continued)
Berkshire Hathaway, Inc. Class B⁽¹⁾		30,499	$	6,046
BlackRock, Inc.		1,953		1,003
Brighthouse Financial, Inc.⁽¹⁾		1,517		89
Capital One Financial Corp.		7,704		767
Cboe Global Markets, Inc.		1,803		225
Charles Schwab Corp. (The)		19,006		976
Chubb Ltd.		7,371		1,077
Cincinnati Financial Corp.		2,354		176
Citigroup, Inc.		42,081		3,131
Citizens Financial Group, Inc.		7,854		330
CME Group, Inc.		5,368		784
Comerica, Inc.		2,772		241
Discover Financial Services		5,769		444
E*TRADE Financial Corp.⁽¹⁾		4,296		213
Everest Re Group Ltd.		647		143
Fifth Third Bancorp		11,298		343
Franklin Resources, Inc.		5,176		224
Gallagher (Arthur J.) & Co.		2,859		181
Goldman Sachs Group, Inc. (The)		5,620		1,432
Hartford Financial Services Group, Inc. (The)		5,645		318
Huntington Bancshares, Inc.		17,199		250
Intercontinental Exchange, Inc.		9,226		651
Invesco Ltd.		6,452		236
JPMorgan Chase & Co.		55,003		5,882
KeyCorp		17,100		345
Leucadia National Corp.		5,010		133
Lincoln National Corp.		3,489		268
Loews Corp.		4,384		219
M&T Bank Corp.		2,390		409
Marsh & McLennan Cos., Inc.		8,082		658
MetLife, Inc.		16,673		843
Moody’s Corp.		2,618		386
Morgan Stanley		22,203		1,165
Nasdaq, Inc.		1,835		141
Navient Corp.		4,154		55
Northern Trust Corp.		3,367		336
People’s United Financial, Inc.		5,511		103
PNC Financial Services Group, Inc. (The)		7,562		1,091
Principal Financial Group, Inc.		4,262		301
Progressive Corp. (The)		9,220		519
Prudential Financial, Inc.		6,740		775
Raymond James Financial, Inc.		2,045		183
Regions Financial Corp.		18,444		319


	SHARES		VALUE
Financials—(continued)
S&P Global, Inc.		4,029	$	683
State Street Corp.		5,894		575
SunTrust Banks, Inc.		7,590		490
Synchrony Financial		11,655		450
T. Rowe Price Group, Inc.		3,846		404
Torchmark Corp.		1,698		154
Travelers Cos., Inc. (The)		4,316		585
U.S. Bancorp		25,165		1,348
Unum Group		3,538		194
Wells Fargo & Co.		70,181		4,258
Willis Towers Watson plc		2,106		317
XL Group Ltd.		4,056		143
Zions Bancorporation		3,162		161

				53,547

Health Care—4.9%
Abbott Laboratories		6,207		354
AbbVie, Inc.		6,711		649
Aetna, Inc.		1,412		255
Agilent Technologies, Inc.		1,356		91
Alexion Pharmaceuticals, Inc.⁽¹⁾		940		112
Align Technology, Inc.⁽¹⁾		304		68
Allergan plc		1,483		243
AmerisourceBergen Corp.		702		64
Amgen, Inc.		3,070		534
Anthem, Inc.		1,104		248
Baxter International, Inc.		2,131		138
Becton, Dickinson & Co.		1,645		352
Biogen, Inc.⁽¹⁾		906		289
Boston Scientific Corp.⁽¹⁾		5,853		145
Bristol-Myers Squibb Co.		6,880		422
Cardinal Health, Inc.		1,351		83
Celgene Corp.⁽¹⁾		3,315		346
Centene Corp.⁽¹⁾		731		74
Cerner Corp.⁽¹⁾		1,329		90
Cigna Corp.		1,064		216
Cooper Cos., Inc. (The)		207		45
Danaher Corp.		2,582		240
DaVita, Inc.⁽¹⁾		639		46
DENTSPLY SIRONA, Inc.		961		63
Edwards Lifesciences Corp.⁽¹⁾		881		99
Eli Lilly & Co.		4,088		345
Envision Healthcare Corp.⁽¹⁾		544		19


	SHARES		VALUE
Health Care—(continued)
Express Scripts Holding Co.⁽¹⁾		2,512	$	188
Gilead Sciences, Inc.		5,558		398
HCA Healthcare, Inc.⁽¹⁾		1,187		104
Henry Schein, Inc.⁽¹⁾		660		46
Hologic, Inc.⁽¹⁾		1,161		50
Humana, Inc.		643		160
IDEXX Laboratories, Inc.⁽¹⁾		390		61
Illumina, Inc.⁽¹⁾		606		132
Incyte Corp.⁽¹⁾		747		71
Intuitive Surgical, Inc.⁽¹⁾		472		172
IQVIA Holdings, Inc.⁽¹⁾		617		60
Johnson & Johnson		11,288		1,577
Laboratory Corp. of America Holdings⁽¹⁾		429		68
McKesson Corp.		910		142
Medtronic plc		5,761		465
Merck & Co., Inc.		11,427		643
Mettler-Toledo International, Inc.⁽¹⁾		106		66
Mylan NV⁽¹⁾		2,252		95
Patterson Cos., Inc.		345		12
PerkinElmer, Inc.		463		34
Perrigo Co., plc		558		49
Pfizer, Inc.		25,079		908
Quest Diagnostics, Inc.		596		59
Regeneron Pharmaceuticals, Inc.⁽¹⁾		328		123
ResMed, Inc.		596		50
Stryker Corp.		1,377		213
Thermo Fisher Scientific, Inc.		1,692		321
UnitedHealth Group, Inc.		4,079		899
Universal Health Services, Inc. Class B		369		42
Varian Medical Systems, Inc.⁽¹⁾		383		43
Vertex Pharmaceuticals, Inc.⁽¹⁾		1,069		160
Waters Corp.⁽¹⁾		333		64
Zimmer Biomet Holdings, Inc.		858		104
Zoetis, Inc.		2,049		148

				13,357

Industrials—14.8%
3M Co.		9,921		2,335
A.O. Smith Corp.		2,376		146
Acuity Brands, Inc.		677		119
Alaska Air Group, Inc.		1,998		147
Allegion plc		1,560		124
American Airlines Group, Inc.		6,903		359


	SHARES		VALUE
Industrials—(continued)
AMETEK, Inc.		3,758	$	272
Arconic, Inc.		6,840		186
Boeing Co. (The)		9,465		2,791
Caterpillar, Inc.		10,282		1,620
Cintas Corp.		1,680		262
CSX Corp.		17,496		962
Cummins, Inc.		4,644		820
Deere & Co.		5,854		916
Delta Air Lines, Inc.		10,596		593
Dover Corp.		3,053		308
Eaton Corp. plc		8,559		676
Emerson Electric Co.		11,014		768
Equifax, Inc.		2,663		314
Expeditors International of Washington, Inc.		2,888		187
Fastenal Co.		4,637		254
FedEx Corp.		4,291		1,071
Flowserve Corp.		2,115		89
Fluor Corp.		3,299		170
Fortive Corp.		5,564		403
Fortune Brands Home & Security, Inc.		2,495		171
General Dynamics Corp.		4,884		994
General Electric Co.		103,704		1,810
Harris Corp.		1,941		275
Honeywell International, Inc.		13,032		1,999
Hunt (JB) Transport Services, Inc.		1,381		159
IHS Markit Ltd.⁽¹⁾		5,883		266
Illinois Tool Works, Inc.		5,325		888
Ingersoll-Rand plc		4,026		359
Jacobs Engineering Group, Inc.		1,960		129
Johnson Controls International plc		14,958		570
Kansas City Southern		1,706		180
L3 Technologies, Inc.		1,260		249
Lockheed Martin Corp.		4,254		1,366
Masco Corp.		5,638		248
Nielsen Holdings plc		5,378		196
Norfolk Southern Corp.		5,476		793
Northrop Grumman Corp.		3,034		931
PACCAR, Inc.		6,601		469
Parker-Hannifin Corp.		2,717		542
Pentair plc		2,642		187
Quanta Services, Inc.⁽¹⁾		2,529		99
Raytheon Co.		5,114		961
Republic Services, Inc.		3,648		247


	SHARES		VALUE
Industrials—(continued)
Robert Half International, Inc.		2,848	$	158
Robinson (C.H.) Worldwide, Inc.		2,259		201
Rockwell Automation, Inc.		2,679		526
Rockwell Collins, Inc.		3,402		461
Roper Technologies, Inc.		1,660		430
Snap-on, Inc.		924		161
Southwest Airlines Co.		9,727		637
Stanley Black & Decker, Inc.		2,469		419
Stericycle, Inc.⁽¹⁾		1,377		94
Textron, Inc.		5,337		302
TransDigm Group, Inc.		776		213
Union Pacific Corp.		14,011		1,879
United Continental Holdings, Inc.⁽¹⁾		4,049		273
United Parcel Service, Inc. Class B		11,267		1,342
United Rentals, Inc.⁽¹⁾		1,366		235
United Technologies Corp.		12,468		1,591
Verisk Analytics, Inc.⁽¹⁾		2,505		240
W.W. Grainger, Inc.		1,099		260
Waste Management, Inc.		7,034		607
Xylem, Inc.		2,918		199

				40,208

Information Technology—18.3%
Accenture plc Class A		5,626		861
Activision Blizzard, Inc.		7,042		446
Adobe Systems, Inc.⁽¹⁾		4,498		788
Advanced Micro Devices, Inc.⁽¹⁾		8,497		87
Akamai Technologies, Inc.⁽¹⁾		1,630		106
Alliance Data Systems Corp.		456		116
Alphabet, Inc. Class A⁽¹⁾		2,714		2,859
Alphabet, Inc. Class C⁽¹⁾		2,739		2,866
Amphenol Corp. Class A		2,861		251
Analog Devices, Inc.		3,465		309
ANSYS, Inc.⁽¹⁾		759		112
Apple, Inc.		46,842		7,927
Applied Materials, Inc.		9,878		505
Autodesk, Inc.⁽¹⁾		2,077		218
Automatic Data Processing, Inc.		4,074		477
Broadcom Ltd.		3,723		956
CA, Inc.		3,020		101
Cadence Design Systems, Inc.⁽¹⁾		2,565		107
Cisco Systems, Inc.		44,997		1,723
Citrix Systems, Inc.⁽¹⁾		1,363		120


	SHARES		VALUE
Information Technology—(continued)
Cognizant Technology Solutions Corp. Class A		5,425	$	385
Corning, Inc.		8,122		260
CSRA, Inc.		1,802		54
DXC Technology Co.		2,582		245
eBay, Inc.⁽¹⁾		8,983		339
Electronic Arts, Inc.⁽¹⁾		2,860		301
F5 Networks, Inc.⁽¹⁾		611		80
Facebook, Inc. Class A⁽¹⁾		21,576		3,807
Fidelity National Information Services, Inc.		3,106		292
Fiserv, Inc.⁽¹⁾		1,925		252
FLIR Systems, Inc.		1,442		67
Gartner, Inc.⁽¹⁾		824		102
Global Payments, Inc.		1,516		152
Hewlett Packard Enterprise Co.		14,827		213
HP, Inc.		15,667		329
Intel Corp.		42,541		1,964
International Business Machines Corp.		7,780		1,194
Intuit, Inc.		2,251		355
Juniper Networks, Inc.		3,683		105
KLA-Tencor Corp.		1,501		158
Lam Research Corp.		1,531		282
Mastercard, Inc. Class A		8,420		1,274
Microchip Technology, Inc.		2,234		196
Micron Technology, Inc.⁽¹⁾		11,236		462
Microsoft Corp.		69,684		5,961
Motorola Solutions, Inc.		1,563		141
NetApp, Inc.		2,689		149
NVIDIA Corp.		5,653		1,094
Oracle Corp.		27,502		1,300
Paychex, Inc.		3,000		204
PayPal Holdings, Inc.⁽¹⁾		10,440		769
Qorvo, Inc.⁽¹⁾		1,256		84
QUALCOMM, Inc.		13,468		862
Red Hat, Inc.⁽¹⁾		1,677		201
salesforce.com, Inc.⁽¹⁾		6,280		642
Seagate Technology plc		2,852		119
Skyworks Solutions, Inc.		1,754		167
Symantec Corp.		5,902		166
Synopsys, Inc.⁽¹⁾		1,357		116
TE Connectivity Ltd.		3,273		311
Texas Instruments, Inc.		8,974		937
Total System Services, Inc.		1,619		128
VeriSign, Inc.⁽¹⁾		819		94


	SHARES		VALUE
Information Technology—(continued)
Visa, Inc. Class A		16,423	$	1,873
Western Digital Corp.		2,847		226
Western Union Co. (The)		4,371		83
Xerox Corp.		2,086		61
Xilinx, Inc.		2,388		161

				49,652

Materials—5.0%
Air Products & Chemicals, Inc.		4,353		714
Albemarle Corp.		2,296		294
Avery Dennison Corp.		1,886		217
Ball Corp.		7,192		272
CF Industries Holdings, Inc.		5,084		216
DowDuPont, Inc.		42,145		3,002
Eastman Chemical Co.		2,986		277
Ecolab, Inc.		5,180		695
FMC Corp.		2,811		266
Freeport-McMoRan, Inc.⁽¹⁾		27,349		518
International Flavors & Fragrances, Inc.		1,650		252
International Paper Co.		8,344		483
LyondellBasell Industries N.V. Class A		5,749		634
Martin Marietta Materials, Inc.		1,319		292
Monsanto Co.		8,730		1,019
Mosaic Co. (The)		7,593		195
Newmont Mining Corp.		10,950		411
Nucor Corp.		6,586		419
Packaging Corp. of America		1,978		238
PPG Industries, Inc.		5,109		597
Praxair, Inc.		5,707		883
Sealed Air Corp.		3,846		190
Sherwin-Williams Co. (The)		1,656		679
Vulcan Materials Co.		2,729		350
WestRock Co.		5,254		332

				13,445

Real Estate—5.0%
Alexandria Real Estate Equities, Inc.		1,924		251
American Tower Corp.		8,706		1,242
Apartment Investment & Management Co. Class A		3,191		140
AvalonBay Communities, Inc.		2,830		505
Boston Properties, Inc.		3,144		409
CBRE Group, Inc. Class A⁽¹⁾		6,175		267
Crown Castle International Corp.		8,244		915


	SHARES		VALUE
Real Estate—(continued)
Digital Realty Trust, Inc.		4,127	$	470
Duke Realty Corp.		7,265		198
Equinix, Inc.		1,584		718
Equity Residential		7,553		482
Essex Property Trust, Inc.		1,353		327
Extra Space Storage, Inc.		2,573		225
Federal Realty Investment Trust		1,491		198
GGP, Inc.		12,754		298
HCP, Inc.		9,502		248
Host Hotels & Resorts, Inc.		15,231		302
Iron Mountain, Inc.		5,356		202
Kimco Realty Corp.		8,784		159
Macerich Co. (The)		2,228		146
Mid-America Apartment Communities, Inc.		2,319		233
Prologis, Inc.		10,853		700
Public Storage		3,067		641
Realty Income Corp.		5,597		319
Regency Centers Corp.		3,017		209
SBA Communications, Corp.⁽¹⁾		2,433		398
Simon Property Group, Inc.		6,347		1,090
SL Green Realty Corp.		2,032		205
UDR, Inc.		5,473		211
Ventas, Inc.		7,331		440
Vornado Realty Trust		3,522		275
Welltower, Inc.		7,508		479
Weyerhaeuser Co.		15,361		542

				13,444

Telecommunication Services—1.5%
AT&T, Inc.		55,404		2,154
CenturyLink, Inc.		9,184		153
Verizon Communications, Inc.		30,634		1,622

				3,929

TOTAL COMMON STOCKS (Identified Cost $224,139)				267,819

TOTAL LONG TERM INVESTMENTS—98.9% (Identified Cost $224,139)				267,819


	SHARES		VALUE
SHORT-TERM INVESTMENT—0.8%
Money Market Mutual Fund—0.8%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 1.190%)⁽²⁾		2,057,086	$	2,057

TOTAL SHORT-TERM INVESTMENT (Identified Cost $2,057)				2,057

TOTAL INVESTMENTS—99.7% (Identified Cost $226,196)				269,876
Other assets and liabilities, net—0.3%				890

NET ASSETS—100.0%			$	270,766

Footnote Legend:

⁽¹⁾	Non-income producing.

⁽²⁾	Shares of this fund are publicly offered and its prospectus and annual report are publicly available.

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2017 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2017.

There were no transfers between Level 1, Level 2, or Level 3 related to securities held at December 31, 2017.


	SHARES			VALUE
COMMON STOCKS—95.7%
Consumer Discretionary—6.6%
Kangwon Land, Inc. (South Korea)⁽¹⁾		2,716,642		$	88,309
Las Vegas Sands Corp. (United States)		2,316,288			160,959
Naspers Ltd. Class N (South Africa)		682,743			190,434
Zee Entertainment Enterprises Ltd. (India)		15,383,843			140,227

					579,929

Consumer Staples—28.6%
Ambev S.A. ADR (Brazil)⁽¹⁾		60,529,616			391,021
Amorepacific Corp. (South Korea)		441,230			125,501
Anheuser-Busch InBev NV (Belgium)		1,557,582			174,047
British American Tobacco Bhd (Malaysia)		1,987,370	⁽²⁾		19,643
British American Tobacco plc (United Kingdom)		1,309,113	⁽³⁾		87,768
CP ALL PCL (Thailand)		76,293,749			180,258
Fomento Economico Mexicano SAB de C.V. Sponsored ADR (Mexico)		2,885,905			270,987
Hanjaya Mandala Sampoerna Tbk PT (Indonesia)		307,192,534			107,096
Heineken N.V. (Netherlands)		2,562,851			267,312
ITC Ltd. (India)		52,296,461			215,691
LG Household & Health Care Ltd. (South Korea)		116,328			129,199
President Chain Store Corp. (Taiwan)		1,052,797			10,047
Thai Beverage PCL (Thailand)		118,274,664			81,358
Unilever N.V. CVA (Netherlands)		4,545,726			256,101
Wal-Mart de Mexico SAB de C.V. (Mexico)		78,311,107			192,049

					2,508,078

Energy—2.3%
Ultrapar Participacoes S.A. (Brazil)		8,936,516			202,056

Financials—24.9%
Bank Central Asia Tbk PT (Indonesia)		101,403,987			163,681
Bank Pekao SA (Poland)		2,921,337			108,681
Bank Rakyat Persero Tbk PT (Indonesia)		347,732,661			93,293
BB Seguridade Participacoes S.A. (Brazil)		16,538,252			142,044
Credicorp Ltd. (Peru)		530,239			109,987
Grupo Financiero Santander Mexico SAB de C.V. ADR, Class B (Mexico)		10,298,998			75,286
HDFC Bank Ltd. (India)		15,449,348			453,212
Hong Kong Exchanges & Clearing Ltd. (Hong Kong)		4,443,907			136,397
Housing Development Finance Corp., Ltd. (India)		13,996,113			375,057
Public Bank Bhd (Malaysia)		22,927,600			117,726


	SHARES		VALUE
Financials—(continued)
Remgro Ltd. (South Africa)		5,785,995	$	110,365
Samsung Fire & Marine Insurance Co., Ltd. (South Korea)⁽¹⁾		534,590		133,329
United Overseas Bank Ltd. (Singapore)		8,457,907		167,267

				2,186,325

Industrials—3.5%
Airports of Thailand PCL (Thailand)		59,471,200		124,088
CCR S.A. (Brazil)		16,905,473		82,308
Grupo Aeroportuario del Pacifico SAB de C.V. Class B (Mexico)		9,370,788		96,270

				302,666

Information Technology—20.5%
Alibaba Group Holding Ltd. Sponsored ADR (China)⁽¹⁾		2,767,864		477,263
Autohome, Inc. ADR (China)⁽¹⁾		1,705,969		110,325
Cielo S.A. (Brazil)		26,265,638		186,237
HCL Technologies Ltd. (India)		3,320,738		46,330
NetEase, Inc. ADR (China)		506,434		174,755
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)		34,160,639		263,450
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (Taiwan)		3,387,852		134,328
Tata Consultancy Services Ltd. (India)		3,889,490		164,604
Tencent Holdings Ltd. (China)		4,675,969		242,990

				1,800,282

Real Estate—1.6%
Link REIT (Hong Kong)		15,045,092		139,516

Telecommunication Services—4.5%
Bharti Infratel Ltd. (India)		21,049,639		124,908
Telekomunikasi Indonesia Persero Tbk PT (Indonesia)		836,951,088		273,894

				398,802

Utilities—3.2%
Equatorial Energia S.A. (Brazil)		2,221,735		43,971
Infraestructura Energetica Nova SAB de C.V. (Mexico)		22,132,837		108,286


	SHARES		VALUE
Utilities—(continued)
Power Grid Corp. of India Ltd. (India)		42,047,452	$	131,984

				284,241

TOTAL COMMON STOCKS (Identified Cost $6,675,953)				8,401,895

TOTAL LONG TERM INVESTMENTS—95.7% (Identified Cost $6,675,953)				8,401,895

SHORT-TERM INVESTMENT—3.7%
Money Market Mutual Fund—3.7%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 1.190%)⁽⁴⁾		328,140,510		328,141

TOTAL SHORT-TERM INVESTMENT (Identified Cost $328,141)				328,141

TOTAL INVESTMENTS—99.4% (Identified Cost $7,004,094)				8,730,036
Other assets and liabilities, net—0.6%				53,849

NET ASSETS—100.0%			$	8,783,885

Abbreviations:

ADR	American Depositary Receipt

REIT	Real Estate Investment Trust

Footnote Legend:

⁽¹⁾	Non-income producing.

⁽²⁾	Shares traded on the Bursa Malaysia Exchange.

⁽³⁾	Shares traded on Johannesburg Exchange.

⁽⁴⁾	Shares of this fund are publicly offered and its prospectus and annual report are publicly available.

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2017 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2017.

There were no transfers between Level 1, Level 2, or Level 3 related to securities held at December 31, 2017.


	SHARES		VALUE
COMMON STOCKS—96.0%
Consumer Discretionary—16.1%
Aptiv plc (United Kingdom)		175,019	$	14,847
Domino’s Pizza Group plc (United Kingdom)		5,840,387		27,260
Industria de Diseno Textil SA (Spain)		634,195		22,101
LVMH Moet Hennessy Louis Vuitton SE (France)		69,155		20,362
Naspers Ltd. Class N (South Africa)		97,582		27,218
Paddy Power Betfair plc (Ireland)		361,391		43,014
Priceline Group, Inc. (The) (United States)⁽¹⁾		29,907		51,971
Shimano, Inc. (Japan)		163,400		22,986
Sodexo SA (France)		115,936		15,587

				245,346

Consumer Staples—28.8%
Alimentation Couche-Tard, Inc. Class B (Canada)		922,945		48,159
Ambev S.A. ADR (Brazil)		3,305,631		21,354
Anheuser-Busch InBev NV (Belgium)		348,875		38,984
British American Tobacco plc (United Kingdom)		986,945		66,866
Diageo plc (United Kingdom)		784,634		28,868
Fomento Economico Mexicano SAB de CV Sponsored ADR (Mexico)		176,850		16,606
L’Oreal SA (France)		69,956		15,524
Nestle S.A. Registered Shares (Switzerland)		505,609		43,481
Philip Morris International, Inc. (United States)		437,360		46,207
Reckitt Benckiser Group plc (United Kingdom)		515,476		48,154
Unicharm Corp. (Japan)		543,300		14,126
Unilever NV CVA (Netherlands)		918,873		51,768

				440,097

Financials—10.7%
AIB Group plc (Ireland)		4,954,360		32,694
HDFC Bank Ltd. (India)		2,097,631		61,535
Housing Development Finance Corp., Ltd. (India)		1,930,336		51,728
UBS Group AG Registered Shares (Switzerland)		939,980		17,305

				163,262

Health Care—5.6%
CSL Ltd. (Australia)		134,840		14,866
Essilor International SA (France)		147,046		20,281
Grifols SA (Spain)		757,289		22,193
Roche Holding AG (Switzerland)		109,794		27,774

				85,114


	SHARES		VALUE
Industrials—10.0%
Aena SME SA (Spain)⁽²⁾		164,852	$	33,428
Canadian National Railway Co. (Canada)		362,652		29,904
DCC plc (Ireland)		241,857		24,376
RELX NV (Netherlands)		1,404,737		32,302
Rentokil Initial plc (United Kingdom)		3,541,540		15,205
Teleperformance (France)		122,771		17,596

				152,811

Information Technology—20.9%
Accenture plc Class A (United States)		189,043		28,941
Alibaba Group Holding Ltd. Sponsored ADR (China)⁽¹⁾		282,396		48,694
Check Point Software Technologies Ltd. (Israel)		204,049		21,144
Constellation Software, Inc. (Canada)		52,761		31,985
Keyence Corp. (Japan)		26,500		14,845
Mastercard, Inc. Class A (United States)		322,228		48,772
SAP SE (Germany)		314,858		35,304
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (Taiwan)		931,489		36,933
Tencent Holdings Ltd. (China)		367,918		19,119
Visa, Inc. Class A (United States)		293,230		33,434

				319,171

Materials—1.0%
HeidelbergCement AG (Germany)		139,647		15,122

Real Estate—2.9%
Daito Trust Construction Co., Ltd. (Japan)		127,500		25,998
Unibail-Rodamco SE (Netherlands)		73,035		18,402

				44,400

TOTAL COMMON STOCKS (Identified Cost $969,023)				1,465,323

TOTAL LONG TERM INVESTMENTS—96.0% (Identified Cost $969,023)				1,465,323

SHORT-TERM INVESTMENT—3.8%
Money Market Mutual Fund—3.8%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 1.190%)⁽³⁾		57,367,821		57,368

TOTAL SHORT-TERM INVESTMENT (Identified Cost $57,368)				57,368


	VALUE
TOTAL INVESTMENTS—99.8% (Identified Cost $1,026,391)	$	1,522,691
Other assets and liabilities, net—0.2%		3,018

NET ASSETS—100.0%	$	1,525,709

Abbreviation:

ADR	American Depositary Receipt

Footnote Legend:

⁽¹⁾	Non-income producing.

⁽²⁾	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2017, these securities amounted to a value of $33,428 or 2.2% of net assets.

⁽³⁾	Shares of this fund are publicly offered and its prospectus and annual report are publicly available.

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2017 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2017.

There were no transfers between Level 1, Level 2, or Level 3 related to securities held at December 31, 2017.


	SHARES		VALUE
COMMON STOCKS—97.9%
Consumer Discretionary—20.8%
Amazon.com, Inc. (United States)⁽¹⁾		4,922	$	5,756
Industria de Diseno Textil SA (Spain)		109,845		3,828
Naspers Ltd. Class N (South Africa)		12,934		3,608
NIKE, Inc. Class B (United States)		110,816		6,932
O’Reilly Automotive, Inc. (United States)⁽¹⁾		10,773		2,591
Paddy Power Betfair plc (Ireland)		54,125		6,442
Priceline Group, Inc. (The) (United States)⁽¹⁾		3,023		5,253
Starbucks Corp. (United States)		81,589		4,686
TJX Cos., Inc. (The) (United States)		65,550		5,012
Walt Disney Co. (The) (United States)		43,245		4,649

				48,757

Consumer Staples—24.8%
Alimentation Couche-Tard, Inc. Class B (Canada)		135,953		7,094
Altria Group, Inc. (United States)		49,221		3,515
Ambev S.A. ADR (Brazil)		451,116		2,914
Anheuser-Busch InBev NV (Belgium)		37,109		4,147
British American Tobacco plc (United Kingdom)		134,671		9,124
Casey’s General Stores, Inc. (United States)		25,458		2,850
Coca-Cola Co. (The) (United States)		47,929		2,199
Fomento Economico Mexicano SAB de CV Sponsored ADR (Mexico)		26,050		2,446
Nestle S.A. Registered Shares (Switzerland)		54,642		4,699
Philip Morris International, Inc. (United States)		67,177		7,097
Reckitt Benckiser Group plc (United Kingdom)		67,686		6,323
Unilever N.V. CVA (Netherlands)		103,324		5,821

				58,229

Financials—14.2%
AIB Group plc (Ireland)		471,079		3,109
Berkshire Hathaway, Inc. Class B (United States)⁽¹⁾		33,846		6,709
HDFC Bank Ltd. (India)		320,801		9,411
Housing Development Finance Corp., Ltd. (India)		242,423		6,496
M&T Bank Corp. (United States)		9,164		1,567
PNC Financial Services Group, Inc. (The) (United States)		11,772		1,699
Wells Fargo & Co. (United States)		70,685		4,288

				33,279


	SHARES		VALUE
Health Care—8.3%
Abbott Laboratories (United States)		60,015	$	3,425
Medtronic plc (United States)		70,999		5,733
Roche Holding AG (Switzerland)		14,726		3,725
UnitedHealth Group, Inc. (United States)		30,208		6,660

				19,543

Industrials—4.2%
Nielsen Holdings plc (United States)		137,451		5,003
RELX NV (Netherlands)		205,884		4,734

				9,737

Information Technology—22.8%
Alibaba Group Holding Ltd. Sponsored ADR (China)⁽¹⁾		34,098		5,879
Alphabet, Inc. Class C (United States)⁽¹⁾		9,076		9,497
Facebook, Inc. Class A (United States)⁽¹⁾		22,940		4,048
Mastercard, Inc. Class A (United States)		61,883		9,367
SAP SE (Germany)		57,146		6,407
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (Taiwan)		163,807		6,495
Tencent Holdings Ltd. (China)		45,503		2,365
Visa, Inc. Class A (United States)		83,659		9,539

				53,597

Materials—1.3%
Martin Marietta Materials, Inc. (United States)		13,269		2,933

Real Estate—1.5%
American Tower Corp. (United States)		25,261		3,604

TOTAL COMMON STOCKS (Identified Cost $156,337)				229,679

TOTAL LONG TERM INVESTMENTS—97.9% (Identified Cost $156,337)				229,679

SHORT-TERM INVESTMENT—3.2%
Money Market Mutual Fund—3.2%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 1.190%)⁽²⁾		7,525,527		7,526

TOTAL SHORT-TERM INVESTMENT (Identified Cost $7,526)				7,526


	VALUE
TOTAL INVESTMENTS—101.1% (Identified Cost $163,863)	$	237,205
Other assets and liabilities, net—(1.1)%		(2,585	)

NET ASSETS—100.0%	$	234,620

Abbreviation:

ADR	American Depositary Receipt

Footnote Legend:

⁽¹⁾	Non-income producing.

⁽²⁾	Shares of this fund are publicly offered and its prospectus and annual report are publicly available.

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2017 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2017.

There were no transfers between Level 1, Level 2, or Level 3 related to securities held at December 31, 2017.


	SHARES		VALUE
PREFERRED STOCK—2.7%
Health Care—2.7%
Grifols SA Class B, 1.780% (Spain)		13,790	$	314

TOTAL PREFERRED STOCK (Identified Cost $236)				314

COMMON STOCKS—93.9%
Consumer Discretionary—13.1%
Domino’s Pizza Group plc (United Kingdom)		51,034		238
Hermes International (France)		222		119
Industria de Diseno Textil SA (Spain)		4,113		143
LVMH Moet Hennessy Louis Vuitton SE (France)		408		120
Paddy Power Betfair plc (Ireland)		2,591		309
Priceline Group, Inc. (The) (United States)⁽¹⁾		229		398
Sodexo SA (France)		1,453		195

				1,522

Consumer Staples—31.9%
Anheuser-Busch InBev NV (Belgium)		2,956		330
British American Tobacco plc (United Kingdom)		10,356		702
Diageo plc (United Kingdom)		3,733		137
Heineken NV (Netherlands)		2,108		220
L’Oreal SA (France)		772		171
Nestle S.A. Registered Shares (Switzerland)		6,045		520
Pernod Ricard SA (France)		816		129
Philip Morris International, Inc. (United States)		4,179		442
Reckitt Benckiser Group plc (United Kingdom)		5,178		484
Unilever N.V. CVA (Netherlands)		9,965		561

				3,696

Financials—7.4%
ABN AMRO Group NV CVA (Netherlands)⁽²⁾		4,186		135
AIB Group plc (Ireland)		29,739		196
Groupe Bruxelles Lambert SA (Belgium)		1,126		122
Pargesa Holding SA (Switzerland)		807		70
Reinet Investments SCA (Luxembourg)		3,285		68
Svenska Handelsbanken AB Class A (Sweden)		6,329		87
Swedbank AB Class A (Sweden)		2,456		59
UBS Group AG Registered Shares (Switzerland)		6,422		118

				855

Health Care—11.6%
Coloplast A/S Class B (Denmark)		2,448		195
Essilor International SA (France)		2,076		286


	SHARES		VALUE
Health Care—(continued)
Eurofins Scientific SE (France)		142	$	86
Fresenius Medical Care AG & Co. KGaA (Germany)		3,706		390
Roche Holding AG (Switzerland)		1,552		393

				1,350

Industrials—15.4%
Aena SME SA (Spain)⁽²⁾		1,813		368
Bureau Veritas SA (France)		4,279		117
DCC plc (Ireland)		1,852		187
DKSH Holding AG (Switzerland)		1,315		115
RELX NV (Netherlands)		16,101		370
Rentokil Initial plc (United Kingdom)		27,850		120
Teleperformance (France)		1,473		211
Vinci SA (France)		2,911		297

				1,785

Information Technology—9.9%
Accenture plc Class A (United States)		2,838		435
Amadeus IT Group SA (Spain)		3,402		245
SAP SE (Germany)		4,194		470

				1,150

Materials—3.3%
Air Liquide SA (France)		1,849		233
HeidelbergCement AG (Germany)		1,338		145

				378

Real Estate—1.3%
Unibail-Rodamco SE (Netherlands)		594		150

TOTAL COMMON STOCKS (Identified Cost $7,183)				10,886

TOTAL LONG TERM INVESTMENTS—96.6% (Identified Cost $7,419)				11,200

SHORT-TERM INVESTMENT—2.5%
Money Market Mutual Fund—2.5%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 1.190%)⁽³⁾		286,614		287

TOTAL SHORT-TERM INVESTMENT (Identified Cost $287)				287


TOTAL INVESTMENTS—99.1% (Identified Cost $7,706)		11,487
Other assets and liabilities, net—0.9%		102

NET ASSETS—100.0%	$	11,589

Footnote Legend:

⁽¹⁾	Non-income producing.

⁽²⁾	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2017, these securities amounted to a value of $503 or 4.3% of net assets.

⁽³⁾	Shares of this fund are publicly offered and its prospectus and annual report are publicly available.

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2017 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2017.

There were no transfers between Level 1, Level 2, or Level 3 related to securities held at December 31, 2017.

The significant accounting policies consistently followed by the Virtus Opportunities Trust (the “Trust”), a trust consisting of 28 Funds (each a “Fund”), in the preparation of the Schedules of Investments are summarized below and for derivatives, included in Note 1B below. The preparation of the Schedules of Investments in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the Schedules of Investments. Actual results could differ from those estimates, and those differences could be significant.

Security valuation procedures for each Fund, which include nightly price variance, as well as back-testing items such as bi-weekly unchanged price, monthly secondary source and transaction analysis, have been approved by the Board of Trustees (the “Board”, or the “Trustees”). All internally fair valued securities are approved by a valuation committee appointed by the Board (the “Valuation Committee”). The Valuation Committee is comprised of certain members of management as identified to the Board and convenes independently from portfolio management. All internally fair valued securities are updated daily and reviewed in detail by the Valuation Committee monthly unless changes occur within the period. The Valuation Committee reviews the validity of any model inputs and any changes to the model. Fair valuations are reviewed quarterly by the Board at least quarterly.

Each Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Funds’ policy is to recognize transfers between levels at the end of the reporting period.

A description of the valuation techniques applied to a Fund’s major categories of assets and liabilities measured at fair value on a recurring basis is as follows:

Equity securities are valued at the official closing price (typically last sale) on the exchange on which the securities are primarily traded or, if no closing price is available, at the last bid price and are categorized as Level 1 in the hierarchy. Restricted equity securities and private placements that are not widely traded, are illiquid, or are internally fair valued by the Valuation Committee, are generally categorized as Level 3 in the hierarchy.

Certain non-U.S. securities may be fair valued in cases where closing prices are not readily available or are deemed not reflective of readily available market prices. For example, significant events (such as movement in the U.S. securities market or other regional and local developments) may occur between the time that non-U.S. markets close (where the security is principally traded) and the time that a Fund calculates its net asset value (“NAV”) (at the close of regular trading on the New York Stock Exchange (“NYSE”), generally 4 p.m. Eastern time) that may impact the value of securities traded in these non-U.S. markets. In such cases the Funds fair value non-U.S. securities using an independent pricing service which considers the correlation of the trading patterns of the non-U.S. security to the intraday trading in the U.S. markets for investments such as ADRs, financial futures,

Other information regarding each Fund is available in the Fund’s most recent Report to Shareholders.

exchange-traded funds (“ETFs”) and certain indexes, as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis.

Debt securities, including restricted securities, are valued based on evaluated quotations received from independent pricing services or from dealers who make markets in such securities. For most bond types, the pricing service utilizes matrix pricing which considers one or more of the following factors: yield or price of bonds of comparable quality, coupon, maturity, current cash flows, type, and current day trade information, as well as dealer supplied prices. These valuations are generally categorized as Level 2 in the hierarchy. Structured debt instruments, such as mortgage-backed and asset-backed securities, may also incorporate collateral analysis and utilize cash flow models for valuation and are generally categorized as Level 2 in the hierarchy. Pricing services do not provide pricing for all securities and therefore indicative bids from dealers are utilized which are based on pricing models used by market makers in the security and are generally categorized as Level 2 in the hierarchy. Debt securities that are not widely traded or are internally fair valued by the Valuation Committee, are generally categorized as Level 3 in the hierarchy.

Listed derivatives, such as options, that are actively traded are valued based on quoted prices from the exchange and are categorized as Level 1 in the hierarchy. Over-the-counter derivative contracts, which include forward currency contracts and equity-linked instruments, do not require material subjectivity as pricing inputs are observed from actively quoted markets and are categorized as Level 2 in the hierarchy.

Investments in open-end mutual funds are valued at NAV. Investments in closed-end funds are valued as of the close of regular trading on the NYSE each business day. Both are categorized as Level 1 in the hierarchy.

A summary of the inputs used to value the Funds’ net assets by each major security type is disclosed at the end of the Schedule of Investments for each Fund. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The significant unobservable inputs used in the fair value measurement of these corporate bonds are based on comparable liquid assets adjusted for accretion/amortization rate, current yield, current swap rates, and discount rates related to differences in capital structure and liquidity. Significant changes in any of these inputs in isolation would result in a significantly lower or higher fair value measurement. Generally, a change in the observable market assumptions would have direct impacts to the discount rates used related to capital structure and/or liquidity discounts.

Disclosures about derivative instruments and hedging activities are intended to enable investors to understand how and why a Fund uses derivatives, how derivatives are accounted for, and how derivative instruments affect a Fund’s results of operations and financial position. Summarized below are such disclosures and accounting policies for each specific type of derivative instruments used by certain Funds.

Forward Currency Contracts: A forward currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are traded directly between currency traders and their customers.

Funds enter into forward currency contracts in conjunction with the planned purchase or sale of non-U.S. denominated securities in order to hedge the U.S. dollar cost of proceeds. The Funds also, from time to time, hedge the currency exposure of foreign denominated securities held in the portfolio,

Other information regarding each Fund is available in the Fund’s most recent Report to Shareholders.

back to U.S. dollars during perceived times of U.S. dollar strength. This is done to protect the U.S. dollar value of the portfolio. Forward currency contracts involve, to varying degrees, elements of market risk in excess of the amounts reflected on the Schedules of Investments. Risks arise from the possible movements in non-U.S. exchange rates or if the counterparty does not perform under the contract.

Certain Funds may invest in options contracts. An options contract provides the purchaser with the right, but not the obligation, to buy (call option) or sell (put option) a financial instrument at an agreed upon price. Certain Funds may purchase or write both put and call options on portfolio securities. A Fund doing so is subject to equity price risk in the normal course of pursuing its investment objective(s). When the Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. Holdings of the Fund designated to cover outstanding written options are noted in the Schedules of Investments.

The risk in writing call options is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing put options is that the Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying options is that the Fund pays a premium whether or not the option is exercised. The use of such instruments may involve certain additional risks as a result of unanticipated movements in the market. Writers (sellers) of options are subject to unlimited risk of loss, as the seller will be obligated to deliver or take delivery of the security at a predetermined price which may, upon exercise of the option, be significantly different from the then-market value.

Warrants and Rights: Certain Funds hold warrants and rights acquired either through a direct purchase, including as part of private placement, or pursuant to corporate actions. Warrants and rights entitle the holder to buy a proportionate amount of common stock at a specific price and time through the expiration dates. Such warrants and rights are held as long positions by the Fund until exercised, sold or expired. Warrants and rights are valued at fair value in accordance with the Board approved fair valuation procedures.

In countries with limited or developing markets, investments may present greater risks than in more developed markets and the prices of such investments may be volatile. The consequences of political, social or economic changes in these markets may have disruptive effects on the market prices of these investments and the income they generate, as well as a Fund’s ability to repatriate such amounts.

High-yield/high-risk securities typically entail greater price volatility and/or principal and interest rate risk. There is a greater chance that an issuer will not be able to make principal and interest payments on time. Analysis of the creditworthiness of issuers of high-yield/high-risk securities may be complex, and as a result, it may be more difficult for the adviser and/or subadviser to accurately predict risk.

Many municipalities insure repayment for their obligations. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that the market may fluctuate for other reasons, and there is no assurance that the insurance company will meet its obligations. Insured securities have been identified in the Schedule of Investments. A real or perceived decline in creditworthiness of a bond insurer can have an adverse impact on the value of insured bonds held in the Funds.

Certain Funds may invest a high percentage of their assets in specific sectors of the market in their pursuit of a greater investment return. Fluctuations in these sectors of concentration may have a greater impact on a Fund, positive or negative, than if a Fund did not concentrate its investments in such sectors.

Other information regarding each Fund is available in the Fund’s most recent Report to Shareholders.

Investments are generally considered illiquid if they cannot be disposed of within seven days in the ordinary course of business at the approximate amount at which such securities have been valued by a Fund. Additionally, the following information is also considered in determining liquidity: the frequency of trades and quotes for the investment, whether the investment is listed for trading on a recognized domestic exchange and/or whether two or more brokers are willing to purchase or sell the security at a comparable price, the extent of market making activity in the investment and the nature of the market for investment.

Restricted securities are illiquid securities, as defined above, not registered under the Securities Act of 1933, as amended (the “1933 Act”). Generally, 144A securities are excluded from this category, except where defined as illiquid.

Each Fund will bear any costs, including those involved in registration under the 1933 Act, in connection with the disposition of such securities.

The following Funds held securities considered to be illiquid at December 31, 2017:

At December 31, 2017, the Funds did not hold any securities that were illiquid and restricted except as noted in the table above.

From time to time, the Trust, the Funds’ Adviser and/or subadvisers and/or their affiliates may be involved in litigation and arbitration as well as examinations and investigations by various regulatory bodies, including the SEC, involving compliance with, among other things, securities laws, client investment guidelines, laws governing the activities of broker-dealers and other laws and regulations affecting their products and other activities. At this time, the Adviser believes that the outcomes of such matters are not likely, either individually or in aggregate, to be material to these financial statements.

On February 20, 2015, a putative class action complaint (In re Virtus Investment Partners, Inc. Securities Litigation; formerly styled as Tom Cummins v. Virtus Investment Partners Inc., et al.) alleging violations of certain provisions of the federal securities laws was filed by an individual shareholder against Virtus and certain of its officers (the “defendants”) in the United States District Court for the Southern District of New York. On August 21, 2015, the lead plaintiff filed a Consolidated Class Action Complaint (the “Consolidated Complaint”) amending the originally filed complaint and adding the Trust as a defendant. The Consolidated Complaint was purportedly filed on behalf of all purchasers of Virtus common stock between January 25, 2013 and May 11, 2015 (the “Class Period”). The Consolidated Complaint alleges that during the Class Period, the defendants disseminated materially false and misleading statements and concealed material adverse facts relating

Other information regarding each Fund is available in the Fund’s most recent Report to Shareholders.

to certain funds previously subadvised by F-Squared Investments, Inc. and/or its affiliates (“F- Squared”). The plaintiff seeks to recover unspecified damages. A motion to dismiss the Consolidated Complaint was filed on behalf of the defendants on October 21, 2015. Pursuant to an Opinion & Order (“Order”) filed on July 1, 2016, the court granted in part and denied in part the defendants’ motion to dismiss. Although the Order narrows the scope of the claims asserted and dismisses one of the defendants from the suit, claims under Sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5 thereunder survive the motion. The remaining defendants filed an Answer to the Consolidated Complaint on August 5, 2016. Pursuant to an Opinion & Order filed on May 15, 2017, the plaintiff’s motion for class certification was granted by the court. Virtus and its affiliates, including the Adviser, believe that the suit is without merit and intend to defend it vigorously. The Trust believes that the risk of loss to the Funds as a result of this suit is remote. The Adviser does not believe that the suit will have any impact on its ability to provide services to the Funds.

On May 8, 2015, a putative class action complaint (Mark Youngers v. Virtus Investment Partners, Inc., et al.) alleging violations of certain provisions of the federal securities laws was filed in the United States District Court for the Central District of California. The complaint, which was purportedly filed on behalf of purchasers of certain Virtus Funds previously subadvised by F-Squared between May 8, 2010 and December 22, 2014, inclusive (the “Class Period”), alleged claims against Virtus, certain Virtus officers and affiliates (including the Adviser, Euclid Advisors LLC (“Euclid”) and VP Distributors, LLC), the trustees and certain officers of the Trust, and certain other parties (the “defendants”). The complaint alleges that during the Class Period the defendants disseminated materially false and misleading statements and concealed or omitted material facts necessary to make the statements made not misleading. On October 1, 2015, the plaintiffs filed a First Amended Class Action Complaint which, among other things, added a derivative claim for breach of fiduciary duty on behalf of the Trust. On October 19, 2015, the United States District Court for the Central District of California entered an order transferring the action to the Southern District of New York. On January 4, 2016, the plaintiffs filed a Second Amended Complaint. Motions to dismiss were filed on behalf of Virtus, its officers and affiliates and the independent trustees on February 1, 2016. An Opinion & Order (“Order”) granting in part and denying in part the defendants’ motions to dismiss was issued on July 1, 2016. The Order dismissed all claims against the Adviser, Euclid, the independent trustees and certain of the other individual defendants, and narrowed the claims asserted against the remaining defendants. The remaining defendants filed an Answer to the Second Amended Complaint on August 5, 2016. A Stipulation of Voluntary Dismissal of the claim under Section 12 of the Securities Act of 1933, as amended, was filed on September 15, 2016.

The remaining defendants filed a motion to certify an interlocutory appeal of the July 1, 2016 order to the Court of Appeals for the Second Circuit on August 26, 2016. The motion was denied on January 6, 2017. Pursuant to an Opinion & Order filed on May 15, 2017, the plaintiffs’ motion for class certification was denied by the court. Plaintiffs have filed a motion seeking leave to amend their complaint, and a decision on the motion is pending. Virtus and its affiliates, including the Adviser, believe that the suit has no basis in law or fact and intend to defend it vigorously. The Trust believes that the risk of loss to the Funds as a result of this suit is remote. The Adviser does not believe that the suit will have any impact on its ability to provide services to the Funds.

Management has evaluated the impact of all subsequent events on the Funds through the date the Schedules of Investments (“N-Q”) were filed and has determined that there were no subsequent events requiring recognition or disclosure in these Notes to Schedules of Investments.

Other information regarding each Fund is available in the Fund’s most recent Report to Shareholders.

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

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.

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.

Virtus Opportunities Trust – ‘N-Q’ for 12/31/17

On: Wednesday, 2/28/18, at 3:05pm ET · Effective: 2/28/18 · For: 12/31/17 · Accession #: 1193125-18-63628 · File #: 811-07455

Previous ‘N-Q’: ‘N-Q’ on 8/29/17 for 6/30/17 · Next: ‘N-Q’ on 8/29/18 for 6/30/18 · Latest: ‘N-Q’ on 3/1/19 for 12/31/18

Quarterly Schedule of Portfolio Holdings of a Management Investment Company — Form N-Q
Filing Table of Contents

N-Q — Virtus Opportunities Trust

This is an HTML Document rendered as filed. [ Alternative Formats ]

Dates Referenced Herein and Documents Incorporated by Reference


Country Weightings †
United States	54	%
Canada	14
Spain	8
Australia	8
Italy	5
France	2
United Kingdom	2
Other	7

Total	100	%


	Total Value at December 31, 2017		Level 1 Quoted Prices
Equity Securities:
Common Stocks	$	116,559	$	116,559
Short-Term Investment		1,715		1,715

Total Investments	$	118,274	$	118,274


	Total Value at December 31, 2017		Level 1 Quoted Prices		Level 3 Significant Unobservable Inputs
Equity Securities:
Common Stocks	$	197,248	$	197,248	$	—	^(1)*
Short-Term Investment		4,111		4,111		—

Total Investments	$	201,359	$	201,359	$	—	^(1)*


Country Weightings †
Taiwan	18	%
South Korea	12
United States	10
South Africa	7
India	6
Indonesia	6
Malaysia	5
Other	36

Total	100	%


	Total Value at December 31, 2017		Level 1 Quoted Prices		Level 2 Significant Observable Inputs
Debt Securities:
Asset-Backed Securities	$	5,798	$	—	$	5,798
Corporate Bonds And Notes		37,968		—		37,968
Foreign Government Securities		2,000		—		2,000
Loan Agreements		3,250		—		3,250
Mortgage-Backed Securities		13,372		—		13,372
Municipal Bonds		1,836		—		1,836
U.S. Government Securities		4,147		—		4,147
Equity Securities:
Affiliated Mutual Fund		1,141		1,141		—
Exchange-Traded Fund		409		409		—
Preferred Stocks Short-Term Investment		2,326 1,140		231 1,140		2,095 —

Total Investments	$	73,387	$	2,921	$	70,466


	Total Value at December 31, 2017		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Debt Securities:
Asset-Backed Securities	$	100,371		—	$	100,371		—
Corporate Bonds And Notes		95,215		—		95,215		—
Foreign Government Securities		3,425		—		3,425		—
Loan Agreements		23,388		—		23,388		—	*
Mortgage-Backed Securities		115,855		—		115,855		—
Municipal Bonds		195		—		195		—
U.S. Government Securities		22,600		—		22,600		—
Equity Securities:
Preferred Stocks		2,660		—		2,660		—
Short-Term Investment		8,837		8,837		—		—

Total Investments	$	372,546		8,837	$	363,709		—	*


Country Weightings †
United States	79	%
Argentina	2
Brazil	2
Mexico	2
Netherlands	1
Turkey	1
United Kingdom	1
Other	12

Total	100	%


Country Weightings †
United States	94	%
Luxembourg	2
Canada	2
Netherlands	1
Other	1

Total	100	%


Country Weightings †
United States	94	%
Switzerland	2
United Kingdom	2
Ireland	2

Total	100	%


Country Weightings †
United States	90	%
Korea	5
Ireland	1
Jersey	1
Netherlands	1
Switzerland	1
Other	1

Total	100	%


Open Purchased Option contracts as of December 31, 2017, were as follows:

Description of Option	Number of Contracts	Contract Notional Amount		Strike Price⁽¹⁾		Expiration Date	Value
Call Option
CBOE Volatility Index	9	$	11	$	12	1/3/2018	$	—	*

Total Purchased Option							$	—	*


Open Written Options contracts as of December 31, 2017, were as follows:

Description of Option	Number of Contracts	Contract Notional Amount		Strike Price⁽¹⁾		Expiration Date	Value
Call Options
S&P 500^® Index	3	$	809	$	2,695	1/5/2018	$	(1	)
S&P 500^® Index	2		549		2,745	1/12/2018		—	*
S&P 500^® Index	2		547		2,735	1/19/2018		—	*
S&P 500^® Index	2		548		2,740	1/26/2018		—	*

Total Written Options							$	(1	)


	Fund Aggregate Value		% of Fund’s
	($ reported in 000’s)		net assets
Duff & Phelps Global Real Estate Securities Fund	$	0		0.0	%
Duff & Phelps International Real Estate Fund		0		0.0
Newfleet Bond Fund		67		0.1
Newfleet High Yield Fund		143		0.2
Newfleet Low Duration Income Fund		0		0.0
Newfleet Multi-Sector Intermediate Bond Fund		334		0.1
Newfleet Multi-Sector Short Term Bond Fund		97		0.0
Newfleet Senior Floating Rate Fund		1,614		0.3



By (Signature and Title)*		/s/ *George R, Aylward*
		George R. Aylward, President
		(principal executive officer)


By (Signature and Title)*		/s/ *W. Patrick Bradley*
		W. Patrick Bradley, Executive Vice President, Chief Financial Officer, and Treasurer
		(principal financial officer)

This ‘N-Q’ Filing	Date	Other Filings

Filed on / Effective on:	2/28/18
For Period End:	12/31/17
	5/15/17
	1/6/17
	9/15/16
	8/26/16
	8/5/16
	7/1/16
	2/1/16
	1/4/16
	10/21/15
	10/19/15
	10/1/15
	8/21/15	40-APP
	5/11/15	497, 497K
	5/8/15
	2/20/15
	12/22/14
	1/25/13	485BPOS
	5/8/10
		List all Filings

Virtus Opportunities Trust – ‘N-Q’ for 12/31/17

On: Wednesday, 2/28/18, at 3:05pm ET · Effective: 2/28/18 · For: 12/31/17 · Accession #: 1193125-18-63628 · File #: 811-07455

Previous ‘N-Q’: ‘N-Q’ on 8/29/17 for 6/30/17 · Next: ‘N-Q’ on 8/29/18 for 6/30/18 · Latest: ‘N-Q’ on 3/1/19 for 12/31/18

Quarterly Schedule of Portfolio Holdings of a Management Investment Company — Form N-QFiling Table of Contents

N-Q — Virtus Opportunities Trust

This is an HTML Document rendered as filed. [ Alternative Formats ]

Dates Referenced Herein and Documents Incorporated by Reference

Quarterly Schedule of Portfolio Holdings of a Management Investment Company — Form N-Q
Filing Table of Contents