SEC Info - Virtus Opportunities Trust - ‘N-Q’ for 12/31/14

Virtus Opportunities Trust – ‘N-Q’ for 12/31/14

Virtus Opportunities Trust – ‘N-Q’ for 12/31/14

On: Monday, 3/2/15, at 12:35pm ET · Effective: 3/2/15 · For: 12/31/14 · Accession #: 1193125-15-72602 · File #: 811-07455

Previous ‘N-Q’: ‘N-Q’ on 8/28/14 for 6/30/14 · Next: ‘N-Q’ on 8/28/15 for 6/30/15 · 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

On: Monday, 3/2/15, at 12:35pm ET · Effective: 3/2/15 · For: 12/31/14 · Accession #: 1193125-15-72602 · File #: 811-07455

Previous ‘N-Q’: ‘N-Q’ on 8/28/14 for 6/30/14 · Next: ‘N-Q’ on 8/28/15 for 6/30/15 · 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

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, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

($ reported in thousands)


	SHARES		VALUE
EXCHANGE-TRADED FUNDS⁽²⁾—82.2%
Consumer Discretionary Select Sector SPDR Fund		679,390	$	49,018
Consumer Staples Select Sector SPDR Fund		993,650		48,182
Financial Select Sector SPDR Fund		1,969,440		48,704
iShares Barclays 7-10 Year Treasury Bond Fund		487,160		51,634
iShares Barclays MBS Bond Fund		468,960		51,267
iShares Dow Jones U.S. Real Estate Index Fund		438,840		33,721
iShares MSCI Emerging Markets Index Fund		1,873,220		73,599
iShares MSCI EMU Index Fund		1,966,420		71,440
SPDR S&P 500(R) ETF Trust Series 1		165,300		33,969
Technology Select Sector SPDR Fund		1,161,770		48,039
Utilities Select Sector SPDR Fund		1,011,470		47,762

TOTAL EXCHANGE-TRADED FUNDS (Identified Cost $554,027)				557,335

TOTAL LONG TERM INVESTMENTS—82.2% (Identified Cost $554,027)				557,335

SHORT-TERM INVESTMENTS—17.7%
Money Market Mutual Fund—17.7%
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.110%)		120,208,119		120,208

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $120,208)				120,208

TOTAL INVESTMENTS—99.9% (Identified Cost $674,235)				677,543	⁽¹⁾
Other assets and liabilities, net—0.1%				551

NET ASSETS—100.0%			$	678,094

Abbreviations:


ETF		Exchange-Traded Fund
SPDR		S&P Depositary Receipt

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2014, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	All of these funds are public funds 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, 2014 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

There are no Level 2 (significant observable inputs) or Level 3 (significant unobservable inputs) priced securities.

There were no transfers between Level 1 and Level 2 related to securities held at December 31, 2014.


	SHARES		VALUE
COMMON STOCKS—97.8%
Consumer Discretionary—21.4%
Amazon.com, Inc.⁽²⁾		33,540	$	10,409
AutoNation, Inc.⁽²⁾		6,460		390
AutoZone, Inc.⁽²⁾		2,840		1,758
Bed Bath & Beyond, Inc.⁽²⁾		16,310		1,242
Best Buy Co., Inc.		25,930		1,011
BorgWarner, Inc.		20,220		1,111
Cablevision Systems Corp. Class A		19,550		404
CarMax, Inc.⁽²⁾		18,980		1,264
Carnival Corp.		39,720		1,801
CBS Corp. Class B		42,200		2,335
Chipotle Mexican Grill, Inc.⁽²⁾		2,750		1,882
Coach, Inc.		24,370		915
Comcast Corp. Class A		227,800		13,215
Darden Restaurants, Inc.		11,690		685
Delphi Automotive plc		26,250		1,909
DIRECTV⁽²⁾		44,470		3,856
Discovery Communications, Inc. Class A⁽²⁾		13,390		461
Discovery Communications, Inc. Class C⁽²⁾		24,090		812
Dollar General Corp.⁽²⁾		26,790		1,894
Dollar Tree, Inc.⁽²⁾		18,060		1,271
Expedia, Inc.		8,680		741
Family Dollar Stores, Inc.		8,420		667
Ford Motor Co.		340,750		5,282
Fossil Group, Inc.⁽²⁾		4,050		449
GameStop Corp. Class A		9,880		334
Gannett Co., Inc.		20,030		640
Gap, Inc. (The)		23,410		986
Garmin Ltd.		10,700		565
General Motors Co.		119,190		4,161
Genuine Parts Co.		13,480		1,437
Goodyear Tire & Rubber Co. (The)		24,110		689
H&R Block, Inc.		24,490		825
Harley-Davidson, Inc.		18,950		1,249
Harman International Industries, Inc.		6,060		647
Hasbro, Inc.		9,990		549
Home Depot, Inc. (The)		116,570		12,236
Horton (D.R.), Inc.		29,150		737
Interpublic Group of Cos., Inc. (The)		36,840		765
Johnson Controls, Inc.		58,830		2,844
Kohl’s Corp.		17,780		1,085
L Brands, Inc.		21,660		1,875
Leggett & Platt, Inc.		12,390		528


	SHARES		VALUE
Consumer Discretionary—(continued)
Lennar Corp. Class A		15,900	$	712
Lowe’s Cos., Inc.		85,930		5,912
Macy’s, Inc.		30,380		1,998
Marriott International, Inc. Class A		18,810		1,468
Mattel, Inc.		30,030		929
McDonald’s Corp.		86,040		8,062
Michael Kors Holdings Ltd.⁽²⁾		18,240		1,370
Mohawk Industries, Inc.⁽²⁾		5,420		842
Netflix, Inc.⁽²⁾		5,320		1,817
Newell Rubbermaid, Inc.		24,040		916
News Corp. Class A⁽²⁾		43,560		683
NIKE, Inc. Class B		61,620		5,925
Nordstrom, Inc.		12,470		990
O’Reilly Automotive, Inc.⁽²⁾		9,000		1,734
Omnicom Group, Inc.		22,010		1,705
PetSmart, Inc.		8,700		707
Phillips-Van Heusen Corp.		7,250		929
Priceline Group, Inc. (The)⁽²⁾		4,630		5,279
PulteGroup, Inc.		29,490		633
Ralph Lauren Corp.		5,380		996
Ross Stores, Inc.		18,600		1,753
Royal Caribbean Cruises Ltd.		14,750		1,216
Scripps Networks Interactive, Inc. Class A		8,980		676
Staples, Inc.		56,640		1,026
Starbucks Corp.		66,250		5,436
Starwood Hotels & Resorts Worldwide, Inc.		15,710		1,274
Target Corp.		56,280		4,272
Tiffany & Co.		9,870		1,055
Time Warner Cable, Inc.		24,750		3,764
Time Warner, Inc.		74,010		6,322
TJX Cos., Inc.		60,830		4,172
Tractor Supply Co.		11,910		939
TripAdvisor, Inc.⁽²⁾		9,890		738
Twenty-First Century Fox, Inc. Class A		163,980		6,298
Under Armour, Inc. Class A⁽²⁾		14,660		995
Urban Outfitters, Inc.⁽²⁾		8,950		314
VF Corp.		30,590		2,291
Viacom, Inc. Class B		32,640		2,456
Walgreens Boots Alliance		224,362		17,096
Walt Disney Co. (The)		137,890		12,988
Whirlpool Corp.		6,890		1,335
Wyndham Worldwide Corp.		10,930		937
Wynn Resorts Ltd.		7,140		1,062


	SHARES		VALUE
Consumer Discretionary—(continued)
Yum! Brands, Inc.		38,590	$	2,811

				212,749

Consumer Staples—18.6%
Altria Group, Inc.		190,783		9,400
Archer-Daniels-Midland Co. (The)		74,617		3,880
Avon Products, Inc.		57,404		539
Brown-Forman Corp. Class B		19,715		1,732
Campbell Soup Co.		24,852		1,093
Clorox Co. (The)		16,395		1,708
Coca-Cola Co. (The)		420,551		17,756
Coca-Cola Enterprises, Inc.		28,619		1,265
Colgate-Palmolive Co.		94,646		6,549
ConAgra Foods, Inc.		52,815		1,916
Constellation Brands, Inc. Class A⁽²⁾		26,944		2,645
Costco Wholesale Corp.		48,634		6,894
CVS Caremark Corp.		125,769		12,113
Dr. Pepper Snapple Group, Inc.		24,599		1,763
Estee Lauder Cos., Inc. (The) Class A		27,216		2,074
General Mills, Inc.		69,031		3,681
Hershey Co. (The)		18,213		1,893
Hormel Foods Corp.		20,163		1,050
J.M. Smucker Co. (The)		13,093		1,322
Kellogg Co.		30,640		2,005
Keurig Green Mountain, Inc.		12,975		1,718
Kimberly-Clark Corp.		41,744		4,823
Kraft Foods Group, Inc.		62,734		3,931
Kroger Co. (The)		59,362		3,812
Lorillard, Inc.		42,300		2,662
McCormick & Co., Inc.		16,661		1,238
Mead Johnson Nutrition Co.		23,569		2,370
Molson Coors Brewing Co. Class B		21,547		1,606
Mondelez International, Inc.		169,093		6,142
Monster Beverage Corp.⁽²⁾		17,741		1,922
PepsiCo, Inc.		91,565		8,658
Philip Morris International, Inc.		165,891		13,512
Procter & Gamble Co. (The)		288,446		26,275
Reynolds American, Inc.		36,766		2,363
Safeway, Inc.		34,327		1,206
SYSCO Corp.		69,054		2,741
Tyson Foods, Inc. Class A		40,876		1,639
Wal-Mart Stores, Inc.		168,439		14,466
Whole Foods Market, Inc.		42,444		2,140

				184,502


	SHARES		VALUE
Diversified REIT—0.1%
Prologis, Inc.		31,930	$	1,374

Financials—18.2%
ACE Ltd.		21,100		2,424
Affiliated Managers Group, Inc.⁽²⁾		3,590		762
Aflac, Inc.		28,820		1,761
Allstate Corp. (The)		26,840		1,886
American Express Co.		56,830		5,287
American International Group, Inc.		89,250		4,999
American Tower Corp. REIT		25,230		2,494
Ameriprise Financial, Inc.		11,840		1,566
AON plc		18,150		1,721
Apartment Investment & Management Co. Class A		9,320		346
Assurant, Inc.		4,510		309
Bank of America Corp.		671,160		12,007
Bank of New York Mellon Corp. (The)		71,750		2,911
BB&T Corp.		45,900		1,785
Berkshire Hathaway, Inc. Class B⁽²⁾		116,390		17,476
BlackRock, Inc.		8,130		2,907
Capital One Financial Corp.		35,570		2,936
CBRE Group, Inc. Class A⁽²⁾		17,970		616
Charles Schwab Corp. (The)		73,080		2,206
Chubb Corp. (The)		15,050		1,557
Cincinnati Financial Corp.		9,370		486
Citigroup, Inc.		193,260		10,457
CME Group, Inc.		20,320		1,801
Comerica, Inc.		11,660		546
Crown Castle International Corp.		21,390		1,683
Discover Financial Services		29,000		1,899
E*Trade Financial Corp.⁽²⁾		18,730		454
Fifth Third Bancorp		52,240		1,064
Franklin Resources, Inc.		24,870		1,377
Genworth Financial, Inc. Class A⁽²⁾		32,100		273
Goldman Sachs Group, Inc. (The)		25,870		5,014
Hartford Financial Services Group, Inc. (The)		27,390		1,142
HCP, Inc.		29,410		1,295
Health Care REIT, Inc.		20,970		1,587
Host Hotels & Resorts, Inc.		48,000		1,141
Hudson City Bancorp, Inc.		30,640		310
Huntington Bancshares, Inc.		51,560		542
IntercontinentalExchange Group, Inc.		7,170		1,572
Invesco Ltd.		27,510		1,087
Iron Mountain, Inc.		11,890		460


	SHARES		VALUE
Financials—(continued)
JPMorgan Chase & Co.		238,680	$	14,937
KeyCorp		55,700		774
Legg Mason, Inc.		6,580		351
Leucadia National Corp.		19,920		447
Lincoln National Corp.		16,690		963
Loews Corp.		18,920		795
M&T Bank Corp.		8,480		1,065
Marsh & McLennan Cos., Inc.		34,470		1,973
McGraw-Hill Cos., Inc. (The)		17,410		1,549
MetLife, Inc.		72,560		3,925
Moody’s Corp.		11,770		1,128
Morgan Stanley		97,620		3,788
NASDAQ OMX Group, Inc. (The)		7,670		368
Navient Corp.		25,890		560
Northern Trust Corp.		14,130		952
People’s United Financial, Inc.		19,260		292
Plum Creek Timber Co., Inc.		11,360		486
PNC Financial Services Group, Inc. (The)		33,550		3,061
Principal Financial Group, Inc.		17,450		906
Progressive Corp. (The)		33,900		915
Prudential Financial, Inc.		29,140		2,636
Public Storage		9,260		1,712
Regions Financial Corp.		88,070		930
State Street Corp.		26,760		2,101
SunTrust Banks, Inc.		33,180		1,390
T. Rowe Price Group, Inc.		16,490		1,416
Torchmark Corp.		8,200		444
Travelers Cos., Inc. (The)		21,110		2,235
U.S. Bancorp		114,150		5,131
Unum Group		16,010		558
Ventas, Inc.		18,850		1,352
Vornado Realty Trust		11,190		1,317
Wells Fargo & Co.		301,360		16,521
Weyerhaeuser Co.		33,400		1,199
XL Group plc		16,380		563
Zions Bancorp		13,020		371

				181,257

Information Technology—17.2%
Accenture plc Class A		29,807		2,662
Adobe Systems, Inc.⁽²⁾		23,297		1,694
Akamai Technologies, Inc.⁽²⁾		9,655		608
Alliance Data Systems Corp.⁽²⁾		3,035		868
Altera Corp.		15,539		574


	SHARES		VALUE
Information Technology—(continued)
Amphenol Corp. Class A		15,619	$	840
Analog Devices, Inc.		15,661		870
Apple, Inc.		279,175		30,815
Applied Materials, Inc.		59,813		1,491
Autodesk, Inc.⁽²⁾		11,818		710
Automatic Data Processing, Inc.		23,458		1,956
Avago Technologies Ltd.		12,086		1,216
Broadcom Corp. Class A		26,449		1,146
CA, Inc.		16,326		497
Cisco Systems, Inc.		243,477		6,772
Citrix Systems, Inc.⁽²⁾		8,124		518
Cognizant Technology Solutions Corp. Class A⁽²⁾		30,216		1,591
Computer Sciences Corp.		7,197		454
Corning, Inc.		62,564		1,435
eBay, Inc.⁽²⁾		54,777		3,074
Electronic Arts, Inc.⁽²⁾		15,914		748
EMC Corp.		98,152		2,919
F5 Networks, Inc.⁽²⁾		3,494		456
Facebook, Inc. Class A⁽²⁾		99,619		7,772
Fidelity National Information Services, Inc.		14,707		915
First Solar, Inc.⁽²⁾		3,482		155
Fiserv, Inc.⁽²⁾		12,358		877
FLIR Systems, Inc.		7,656		247
Google, Inc. Class A⁽²⁾		13,592		7,213
Google, Inc. Class C⁽²⁾		13,563		7,140
Harris Corp.		5,318		382
Hewlett-Packard Co.		73,636		2,955
Intel Corp.		196,270		7,123
International Business Machines Corp.		43,870		7,039
Intuit, Inc.		14,343		1,322
Juniper Networks, Inc.		18,782		419
KLA-Tencor Corp.		8,420		592
Lam Research Corp.		7,501		595
Linear Technology Corp.		12,211		557
MasterCard, Inc. Class A		47,823		4,120
Microchip Technology, Inc.		10,260		463
Micron Technology, Inc.⁽²⁾		54,640		1,913
Microsoft Corp.		392,460		18,230
Motorola Solutions, Inc.		10,317		692
NetApp, Inc.		15,829		656
NVIDIA Corp.		25,646		514
Oracle Corp.		154,874		6,965
Paychex, Inc.		16,512		762
QUALCOMM, Inc.		79,680		5,923


	SHARES		VALUE
Information Technology—(continued)
Red Hat, Inc.⁽²⁾		9,745	$	674
Salesforce.com, Inc.⁽²⁾		29,943		1,776
SanDisk Corp.		11,429		1,120
Seagate Technology plc		15,534		1,033
Symantec Corp.		34,193		877
TE Connectivity Ltd.		19,305		1,221
Teradata Corp.⁽²⁾		7,800		341
Texas Instruments, Inc.		50,936		2,723
Total System Services, Inc.		9,099		309
VeriSign, Inc.⁽²⁾		5,713		326
Visa, Inc. Class A		23,247		6,095
Western Digital Corp.		11,015		1,219
Western Union Co. (The)		25,752		461
Xerox Corp.		55,225		765
Xilinx, Inc.		13,336		577
Yahoo!, Inc.⁽²⁾		43,056		2,175

				171,147

Office REIT—0.1%
Boston Properties, Inc.		9,740		1,253

Residential REITs—0.4%
AvalonBay Communities, Inc.		8,390		1,371
Equity Residential		23,150		1,663
Essex Property Trust, Inc.		4,110		849

				3,883

Retail REITs—0.6%
General Growth Properties, Inc.		39,910		1,123
Kimco Realty Corp.		26,020		654
Macerich Co. (The)		9,010		752
Simon Property Group, Inc.		19,880		3,620

				6,149

Telecommunication Services—2.0%
AT&T, Inc.		246,901		8,293
CenturyLink, Inc.		28,459		1,126
Frontier Communications Corp.		58,090		388
Level 3 Communications, Inc.⁽²⁾		13,239		654
Verizon Communications, Inc.		198,623		9,292
Windstream Holdings, Inc.		32,756		270

				20,023

Utilities—19.2%
AES Corp. (The)		213,100		2,934
AGL Resources, Inc.		38,670		2,108


	SHARES		VALUE
Utilities—(continued)
Ameren Corp.		79,420	$	3,664
American Electric Power Co., Inc.		159,050		9,657
CenterPoint Energy, Inc.		140,890		3,301
CMS Energy Corp.		90,810		3,156
Consolidated Edison, Inc.		95,390		6,297
Dominion Resources, Inc.		189,050		14,538
DTE Energy Co.		58,000		5,009
Duke Energy Corp.		211,420		17,662
Edison International		106,090		6,947
Entergy Corp.		58,470		5,115
Exelon Corp.		278,550		10,329
FirstEnergy Corp.		136,180		5,310
Integrys Energy Group, Inc.		26,460		2,060
NextEra Energy, Inc.		141,420		15,032
NiSource, Inc.		103,690		4,399
Northeast Utilities		102,560		5,489
NRG Energy, Inc.		109,270		2,945
Pepco Holdings, Inc.		82,560		2,223
PG&E Corp.		154,770		8,240
Pinnacle West Capital Corp.		36,620		2,501
PPL Corp.		216,330		7,859
Public Service Enterprise Group, Inc.		163,780		6,782
SCANA Corp.		46,240		2,793
Sempra Energy		75,330		8,389
Southern Co.		291,590		14,320
TECO Energy, Inc.		77,520		1,588
Wisconsin Energy Corp.		72,970		3,848
XCEL Energy, Inc.		165,320		5,938

				190,433

TOTAL COMMON STOCKS (Identified Cost $965,536)				972,770

TOTAL LONG TERM INVESTMENTS—97.8% (Identified Cost $965,536)				972,770

SHORT-TERM INVESTMENTS—50.4%
Money Market Mutual Funds—50.4%
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.110%)		375,571,234		375,571
Goldman Sachs Financial Square Funds - Money Market Fund - Institutional Shares (seven-day effective yield 0.220%)		100,152,329		100,152
JPMorgan U.S. Government Money Market Fund (seven-day effective yield 0.010%)		25,038,082		25,038


TOTAL SHORT-TERM INVESTMENTS (Identified Cost $ 500,761)		500,761

TOTAL INVESTMENTS—148.2% (Identified Cost $ 1,466,297)		1,473,531	⁽¹⁾
Other assets and liabilities, net—(48.2)%		(479,461	)

NET ASSETS—100.0%	$	994,070

Abbreviation:


REIT		Real Estate Investment Trust

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2014, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Non-income producing.

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2014 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

There are no Level 2 (significant observable inputs) or Level 3 (significant unobservable inputs) priced securities.

There were no transfers between Level 1 and Level 2 related to securities held at December 31, 2014.


	SHARES		VALUE
AFFILIATED MUTUAL FUNDS⁽³⁾—67.7%
Equity Funds—58.7%
Virtus Global Commodities Stock Fund Class I		1,313,316	$	9,692
Virtus Global Dividend Fund Class I		1,702,791		25,865
Virtus Global Real Estate Securities Fund Class I		414,593		11,153
Virtus International Real Estate Securities Fund Class I		1,812,034		12,050
Virtus Real Estate Securities Class I		335,406		13,467

				72,227

Fixed Income Funds—9.0%
Virtus Senior Floating Rate Fund Class I		1,163,327		11,086

TOTAL AFFILIATED MUTUAL FUNDS (Identified Cost $65,861)				83,313

EXCHANGE-TRADED FUNDS—29.9%
Market Vectors Agribusiness		77,550		4,074
Market Vectors Coal		78,400		1,150
PowerShares DB Commodity Index Tracking Fund⁽²⁾		491,000		9,059
PowerShares DB G10 Currency Harvest Fund⁽²⁾		535,550		13,678
WisdomTree Managed Futures Strategy Fund		202,900		8,840

TOTAL EXCHANGE-TRADED FUNDS (Identified Cost $37,519)				36,801

TOTAL LONG TERM INVESTMENTS—97.6% (Identified Cost $103,380)				120,114

SHORT-TERM INVESTMENTS—1.2%
Money Market Mutual Fund—1.2%
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.110%)		1,497,996		1,498

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $1,498)				1,498

TOTAL INVESTMENTS—98.8% (Identified Cost $104,878)				121,612	⁽¹⁾
Other assets and liabilities, net—1.2%				1,465

NET ASSETS—100.0%			$	123,077

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2014, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Non-income producing.

⁽³⁾	All of these funds are public funds 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, 2014 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

There are no Level 2 (significant observable inputs) or Level 3 (significant unobservable inputs) priced securities.

There were no transfers between Level 1 and Level 2 related to securities held at December 31, 2014.


	PAR VALUE			VALUE
U.S. GOVERNMENT SECURITIES—1.1%
U.S. Treasury Notes
0.375%, 10/31/16	$	400		$	398
0.625%, 12/31/16		465			465

TOTAL U.S. GOVERNMENT SECURITIES (Identified Cost $863)					863

MUNICIPAL BONDS—0.4%
Georgia—0.3%
Rockdale County Water & Sewerage Authority Revenue Taxable 3.060%, 7/1/24		255			258

Michigan—0.1%
City of Flat Rock Finance Authority Series A, Taxable 6.750%, 10/1/16		35			36

TOTAL MUNICIPAL BONDS (Identified Cost $290)					294

FOREIGN GOVERNMENT SECURITIES—3.2%
Kingdom of Morocco 144A 4.250%, 12/11/22⁽³⁾		270			273
Mongolia 144A 5.125%, 12/5/22⁽³⁾		200			174
Republic of Chile 5.500%, 8/5/20		84,000	^CLP		145
Republic of Colombia 4.375%, 3/21/23		490,000	^COP		181
Republic of El Salvador 144A 6.375%, 1/18/27⁽³⁾		155			156
Republic of Indonesia
Series FR30, 10.750%, 5/15/16		1,745,000	^IDR		147
Series FR63, 5.625%, 5/15/23		1,478,000	^IDR		103
Republic of Kazakhstan 144A 4.875%, 10/14/44⁽³⁾		200			184
Republic of Philippines 4.950%, 1/15/21		6,000	^PHP		140
Republic of Romania 144A 4.875%, 1/22/24⁽³⁾		210			229
Republic of Uruguay 4.375%, 12/15/28		5,639	^UYU(6)		231
United Mexican States Series M, 6.000%, 6/18/15		6,990	^MXN		480

TOTAL FOREIGN GOVERNMENT SECURITIES (Identified Cost $2,809)					2,443

MORTGAGE-BACKED SECURITIES—21.8%
Agency—8.1%
FHLMC
7.000%, 4/1/16		2			2
5.000%, 12/1/35		42			47
FNMA
6.500%, 6/1/16		14			15
6.000%, 7/1/17		11			11


	PAR VALUE			VALUE
Agency—(continued)
5.500%, 9/1/17	$	22		$	23
5.000%, 4/1/20		97			104
5.000%, 8/1/21		34			36
6.000%, 5/1/29		42			48
6.500%, 5/1/30		2			2
7.500%, 3/1/31		36			41
7.000%, 7/1/31		29			35
7.000%, 9/1/31		40			46
6.500%, 3/1/32		33			39
5.500%, 4/1/36		73			82
5.500%, 9/1/36		245			275
6.000%, 9/1/37		28			32
6.000%, 1/1/38		58			67
6.000%, 2/1/38		51			59
6.000%, 3/1/38		242			278
6.000%, 7/1/38		677			779
6.000%, 8/1/38		405			459
6.000%, 8/1/38		105			120
6.000%, 8/1/38		285			328
6.000%, 8/1/38		25			28
5.000%, 6/1/39		817			912
5.000%, 9/1/39		221			246
5.500%, 9/1/39		432			485
4.500%, 9/1/40		336			372
3.500%, 12/1/42		349			364
3.000%, 3/1/43		559			565
3.000%, 5/1/43		174			176
GNMA
8.500%, 11/15/22		—	⁽⁵⁾		—	⁽⁵⁾
6.500%, 9/15/28		53			61
7.500%, 9/15/29		71			82

					6,219

Non-Agency—13.7%
A-10 Securitization LLC
13-1, B 144A 4.120%, 11/15/25⁽³⁾		260			259
14-1, A1 144A 1.720%, 4/15/33⁽³⁾		250			250
Aventura Mall Trust 13-AVM, C 144A 3.743%, 12/5/32⁽²⁾⁽³⁾		205			211
Banc of America (Merrill Lynch) Commercial Mortgage, Inc. 05-2, B 5.043%, 7/10/43⁽²⁾		440			444
Banc of America Funding Trust 04-B, 2A1 2.565%, 11/20/34⁽²⁾		111			109


	PAR VALUE		VALUE
Non-Agency—(continued)
05-1, 1A1 5.500%, 2/25/35	$	148	$	150
Banc of America Mortgage Securities, Inc. 05-3, 1A15 5.500%, 4/25/35		135		141
Bank of America (Merrill Lynch - Countrywide) Home Loan Mortgage Pass-Through-Trust 04-6, 1A2 2.461%, 5/25/34⁽²⁾		358		357
Bayview Commercial Asset Trust 08-1, A2A 144A 1.170%, 1/25/38⁽²⁾⁽³⁾		129		128
BCAP LLC Trust 06-RR1, PE 5.000%, 11/25/36		412		421
Citigroup Commercial Mortgage Trust 07-6, A4 5.710%, 12/10/49⁽²⁾		350		380
Extended Stay America Trust 13-ESH7, A27 144A 2.958%, 12/5/31⁽³⁾		270		274
Goldman Sachs Mortgage Securities Trust II 07- GG10, A4 5.796%, 8/10/45⁽²⁾		858		929
Greenwich Capital Commercial Funding Corp. 07-GG9, A4 5.444%, 3/10/39		145		155
JPMorgan Chase (Bear Stearns) Commercial Mortgage Securities, Inc.
06-PW13, AM 5.582%, 9/11/41⁽²⁾		385		407
07-T28, A3 5.793%, 9/11/42		518		518
07- PW15, AM 5.363%, 2/11/44		250		257
JPMorgan Chase (WaMu) Mortgage Pass- Through Certificates 03-S11, 3A5 5.950%, 11/25/33		238		246
JPMorgan Chase Commercial Mortgage Securities Trust
10-CNTR, A2 144A 4.311%, 8/5/32⁽³⁾		400		437
06-LDP7, AM 5.865%, 4/15/45⁽²⁾		475		504
JPMorgan Chase Mortgage Trust
04-A4, 2A1 2.365%, 9/25/34⁽²⁾		301		305
14-1, 1A1 144A 4.000%, 1/25/44⁽²⁾⁽³⁾		167		175
Morgan Stanley Capital I Trust
07-T27, A4 5.651%, 6/11/42⁽²⁾		565		615
05-IQ10, A4B 5.252%, 9/15/42⁽²⁾		855		875
08-T29, A4 6.278%, 1/11/43⁽²⁾		592		660
07-IQ14, AM 5.684%, 4/15/49⁽²⁾		190		198
07-IQ14, A4 5.692%, 4/15/49⁽²⁾		300		323
Motel 6 Trust 12-MTL6 D 144A 3.781%, 10/5/25⁽³⁾		270		267
New Residential Mortgage Loan Trust 14-1A, A 144A 3.750%, 1/25/54⁽²⁾⁽³⁾		88		90
Sequoia Mortgage Trust 14-2, A1 144A 4.000%, 7/25/44⁽²⁾⁽³⁾		203		210


	PAR VALUE		VALUE
Non-Agency—(continued)
WinWater Mortgage Loan Trust 14-1, A1 144A 4.000%, 6/20/44⁽²⁾⁽³⁾	$	139	$	143

				10,438

TOTAL MORTGAGE-BACKED SECURITIES (Identified Cost $16,197)				16,657

ASSET-BACKED SECURITIES—4.7%
American Homes 4 Rent 14-SFR2, C 144A 4.705%, 10/17/36⁽³⁾		195		199
Avis Budget Rental Car Funding LLC (AESOP) 12-3A, A 144A 2.100%, 3/20/19⁽³⁾		375		375
Bank of America (Merrill Lynch - Countrywide) Asset-Backed Certificates 05-1 AF5A 5.330%, 7/25/35⁽²⁾		317		315
Centre Point Funding LLC 12-2A, 1 144A 2.610%, 8/20/21⁽³⁾		299		297
Drug Royalty LP II 14-1, A2 144A 3.484%, 7/15/23⁽³⁾		238		238
Fairway Outdoor Funding LLC 12-1A, A2 144A 4.212%, 10/15/42⁽³⁾		150		151
GSAA Home Equity Trust 05-12, AF3W 4.999%, 9/25/35⁽²⁾		147		150
MASTR Specialized Loan Trust 05-3, A2 144A 5.704%, 11/25/35⁽²⁾⁽³⁾		178		182
Orange Lake Timeshare Trust 12-AA, A 144A 3.450%, 3/10/27⁽³⁾		84		87
Santander Drive Auto Receivables Trust
12-2, D 3.870%, 2/15/18		500		515
13-1, D 2.270%, 1/15/19		215		214
Sierra Timeshare Receivables Funding LLC 12-3A, A 144A 1.870%, 8/20/29⁽³⁾		174		175
Silverleaf Finance LLC XV 12-D, A 144A 3.000%, 3/17/25⁽³⁾		93		94
TAL Advantage V LLC 13-1A A 144A 2.830%, 2/22/38⁽³⁾		245		242
Tidewater Auto Receivables Trust 12-AA, B 144A 2.430%, 4/15/19⁽³⁾		215		217
Westgate Resorts LLC 12-2A, A 144A 3.000%, 1/20/25⁽³⁾		110		111

TOTAL ASSET-BACKED SECURITIES (Identified Cost $3,527)				3,562


	PAR VALUE		VALUE
CORPORATE BONDS AND NOTES—56.9%
Consumer Discretionary—7.2%
Boyd Gaming Corp. 9.000%, 7/1/20	$	200	$	206
Caesars Entertainment Operating Co., Inc. 9.000%, 2/15/20		100		75
Caesars Growth Properties Holdings LLC 144A 9.375%, 5/1/22⁽³⁾		70		62
CCO Holdings LLC
5.250%, 3/15/21		75		76
5.250%, 9/30/22		80		80
Cequel Communications Holdings I LLC (Cequel Capital Corp.)
144A 5.125%, 12/15/21⁽³⁾		45		44
144A 5.125%, 12/15/21⁽³⁾		110		107
Clear Channel Worldwide Holdings, Inc. Series B 7.625%, 3/15/20		175		185
Columbus International, Inc. 144A 7.375%, 3/30/21⁽³⁾		200		209
iHeartCommunications, Inc. 10.000%, 1/15/18		35		30
Intelsat Jackson Holdings SA 5.500%, 8/1/23		185		185
Isle of Capri Casinos, Inc. 5.875%, 3/15/21		210		214
Jaguar Land Rover Automotive plc 144A 4.250%, 11/15/19⁽³⁾		200		202
Landry’s, Inc. 144A 9.375%, 5/1/20⁽³⁾		260		277
Lear Corp. 5.250%, 1/15/25		150		153
Meritor, Inc. 6.750%, 6/15/21		170		179
MGM Resorts International 6.000%, 3/15/23		170		172
MHGE Parent LLC 144A 8.500%, 8/1/19⁽³⁾		120		117
Mohegan Tribal Gaming Authority 9.750%, 9/1/21		75		77
MPG Holdco I, Inc. 144A 7.375%, 10/15/22⁽³⁾		15		16
Norwegian Cruise Lines Corp. Ltd. 144A 5.250%, 11/15/19⁽³⁾		15		15
Numericable Group SA 144A 6.000%, 5/15/22⁽³⁾		200		201
Penn National Gaming, Inc. 5.875%, 11/1/21		110		103
Pinnacle Entertainment, Inc. 6.375%, 8/1/21		175		181
QVC, Inc. 4.375%, 3/15/23		265		266
Scientific Games International, Inc.
144A 6.625%, 5/15/21⁽³⁾		160		112
144A 7.000%, 1/1/22⁽³⁾		120		122
Seminole Hard Rock Entertainment, Inc. 144A 5.875%, 5/15/21⁽³⁾		65		65
Signet UK Finance plc 4.700%, 6/15/24		210		203


	PAR VALUE		VALUE
Consumer Discretionary—(continued)
Six Flags Entertainment Corp. 144A 5.250%, 1/15/21⁽³⁾	$	235	$	236
Station Casinos LLC 7.500%, 3/1/21		230		237
Taylor Morrison Communities, Inc. (Monarch Communities, Inc.) 144A 5.250%, 4/15/21⁽³⁾		265		262
Tenneco, Inc. 5.375%, 12/15/24		60		62
Toll Brothers Finance Corp.
4.000%, 12/31/18		40		40
6.750%, 11/1/19		220		247
United Artists Theatre Circuit, Inc. Series BD-1 9.300%, 7/1/15⁽⁷⁾⁽⁸⁾		5		5
Viking Cruises Ltd. 144A 8.500%, 10/15/22⁽³⁾		160		174
Wyndham Worldwide Corp. 5.625%, 3/1/21		235		263

				5,460

Consumer Staples—1.0%
Flowers Foods, Inc. 4.375%, 4/1/22		275		290
Ingles Markets, Inc. 5.750%, 6/15/23		170		171
Reynolds American, Inc. 3.250%, 11/1/22		295		287

				748

Energy—6.7%
Atlas Energy Holdings Operating Co. LLC 7.750%, 1/15/21		60		44
California Resources Corp. 144A 6.000%, 11/15/24⁽³⁾		225		191
Calumet Specialty Products Partners LP 144A 6.500%, 4/15/21⁽³⁾		150		135
Carrizo Oil & Gas, Inc. 144A 7.500%, 9/15/20⁽³⁾		155		150
CHC Helicopter SA 9.250%, 10/15/20		144		142
Compagnie Generale de Geophysique-Veritas 6.500%, 6/1/21		200		153
CONSOL Energy, Inc. 144A 5.875%, 4/15/22⁽³⁾		105		98
Denbury Resources, Inc. 5.500%, 5/1/22		160		147
El Paso Pipeline Partners Operating Co. LLC 7.500%, 11/15/40		245		302
Endeavor Energy Resources LP 144A 7.000%, 8/15/21⁽³⁾		90		80
Energy XXI Gulf Coast, Inc. 144A 6.875%, 3/15/24⁽³⁾		210		114
EnQuest plc 144A 7.000%, 4/15/22⁽³⁾		200		126
FTS International, Inc. 144A 6.250%, 5/1/22⁽³⁾		60		45
Gulfport Energy Corp. 144A 7.750%, 11/1/20⁽³⁾		105		103


	PAR VALUE			VALUE
Energy—(continued)
Halcon Resources Corp. 8.875%, 5/15/21	$	115		$	87
Linn Energy LLC 6.500%, 9/15/21		95			77
Lukoil OAO International Finance BV 144A 4.563%, 4/24/23⁽³⁾		275			220
MarkWest Energy Partners LP (MarkWest Energy Finance Corp.) 4.875%, 12/1/24		340			334
MEG Energy Corp. 144A 7.000%, 3/31/24⁽³⁾		50			45
NGL Energy Partners LP (NGL Energy Finance Corp.) 144A 5.125%, 7/15/19⁽³⁾		155			149
Novatek OAO (Novatek Finance Ltd.) 144A 4.422%, 12/13/22⁽³⁾⁽¹¹⁾		285			211
Pacific Rubiales Energy Corp. 144A 5.375%, 1/26/19⁽³⁾		200			173
Petrobras International Finance Co. 5.375%, 1/27/21		155			144
Petroleos Mexicanos
3.500%, 1/30/23		355			340
4.875%, 1/18/24		65			67
QEP Resources, Inc. 6.875%, 3/1/21		195			201
QGOG Constellation SA 144A 6.250%, 11/9/19⁽³⁾		220			139
Rosetta Resources, Inc. 5.875%, 6/1/24		160			143
Sabine Pass Liquefaction LLC 6.250%, 3/15/22		140			143
SM Energy Co. 144A 6.125%, 11/15/22⁽³⁾		205			193
Weatherford International Ltd. 4.500%, 4/15/22		310			276
Williams Cos., Inc. (The)
3.700%, 1/15/23		200			180
4.550%, 6/24/24		170			158

					5,110

Financials—22.7%
Aircastle Ltd.
4.625%, 12/15/18		10			10
6.250%, 12/1/19		225			239
5.125%, 3/15/21		95			95
Akbank TAS 144A 7.500%, 2/5/18⁽³⁾		375	^TRY		147
Allstate Corp. (The) 5.750%, 8/15/53^(2)(10)		310			327
ALROSA Finance S.A. 144A 7.750%, 11/3/20⁽³⁾		240			228
Apollo Management Holdings LP 144A 4.000%, 5/30/24⁽³⁾		190			193
Ares Capital Corp. 3.875%, 1/15/20		155			155
Ares Finance Co., LLC 144A 4.000%, 10/8/24⁽³⁾		270			265
Banco de Credito del Peru 144A 6.125%, 4/24/27⁽²⁾⁽³⁾		240			253


	PAR VALUE			VALUE
Financials—(continued)
Banco de Credito e Inversiones 144A 4.000%, 2/11/23⁽³⁾	$	275		$	270
Banco Inbursa SA Institucion de Banca Multiple 144A 4.125%, 6/6/24⁽³⁾		160			157
Banco Internacional del Peru SAA 144A 6.625%, 3/19/29⁽²⁾⁽³⁾		300			318
Banco Santander Brasil SA 144A 8.000%, 3/18/16⁽³⁾		415	^BRL		149
Banco Santander Chile 144A 3.875%, 9/20/22⁽³⁾		450			445
Banco Votorantim S.A. 144A 7.375%, 1/21/20⁽³⁾		300			317
Bancolombia S.A. 5.125%, 9/11/22		260			258
Bank of America Corp. 5.625%, 7/1/20		235			268
Bank of Baroda 144A 4.875%, 7/23/19⁽³⁾		200			213
Bank of China Ltd. 144A 5.000%, 11/13/24⁽³⁾		200			206
Bank of India 144A 3.250%, 4/18/18⁽³⁾		265			268
Barclays Bank plc 144A 6.050%, 12/4/17⁽³⁾		250			275
Braskem America Finance Co. RegS 7.125%, 7/22/41⁽⁴⁾		210			208
Chubb Corp. (The) 6.375%, 3/29/67⁽²⁾		250			268
Corporate Office Properties LP 3.600%, 5/15/23		265			255
CTR Partnership LP (Caretrust Capital Corp.) 5.875%, 6/1/21		130			132
Developers Diversified Realty Corp.
7.875%, 9/1/20		155			191
3.500%, 1/15/21		130			131
Development Bank of Kazakhstan OJSC 144A 4.125%, 12/10/22⁽³⁾		290			244
Digital Realty Trust LP 5.250%, 3/15/21		165			181
Discover Financial Services, Inc. 3.950%, 11/6/24		190			191
E*Trade Financial Corp. 5.375%, 11/15/22		160			164
Education Realty Operating Partnership LP 4.600%, 12/1/24		205			210
Excel Trust LP 4.625%, 5/15/24		85			88
First Cash Financial Services, Inc. 6.750%, 4/1/21		100			105
Ford Motor Credit Co. LLC 5.750%, 2/1/21		235			270
General Motors Financial Co., Inc. 4.750%, 8/15/17		220			233
Genworth Holdings, Inc. 4.900%, 8/15/23		320			260
GLP Capital LP (GLP Financing II, Inc.)
4.875%, 11/1/20		155			157
5.375%, 11/1/23		5			5
Goldman Sachs Group, Inc. (The) 5.750%, 1/24/22		500			578


	PAR VALUE		VALUE
Financials—(continued)
Hutchison Whampoa International Ltd. Series 12, 144A 6.000% ^{(2)(3)(9)(10)}	$	310	$	331
ICAHN Enterprises LP (ICAHN Enterprises Finance Corp.)
4.875%, 3/15/19		15		15
6.000%, 8/1/20		80		82
5.875%, 2/1/22		150		151
ICICI Bank Ltd. 144A 4.800%, 5/22/19⁽³⁾		200		213
Intesa San Paolo S.p.A 3.125%, 1/15/16		215		218
iStar Financial, Inc. 5.000%, 7/1/19		90		88
Itau Unibanco Holding S.A. 144A 5.125%, 5/13/23⁽³⁾		295		294
Kazakhstan Temir Zholy Finance BV 144A 6.950%, 7/10/42⁽³⁾		215		208
Leucadia National Corp. 5.500%, 10/18/23		150		154
Liberty Mutual Group, Inc. 144A 4.250%, 6/15/23⁽³⁾		245		253
Lincoln National Corp. 4.200%, 3/15/22		250		266
Macquarie Bank Ltd. 144A 6.625%, 4/7/21⁽³⁾		15		17
Macquarie Group Ltd. 144A 6.250%, 1/14/21⁽³⁾		210		240
Morgan Stanley
5.550%, 4/27/17		330		358
4.100%, 5/22/23		155		157
6.375%, 7/24/42		435		578
Series H, 5.450%, 12/29/49⁽²⁾		25		25
MPT Operating Partnership LP 5.500%, 5/1/24		55		58
Nationstar Mortgage LLC
6.500%, 8/1/18		115		110
6.500%, 7/1/21		125		114
Navient LLC 5.500%, 1/25/23		200		192
Nordea Bank AB 144A 4.250%, 9/21/22⁽³⁾		265		275
PennantPark Investment Corp. 4.500%, 10/1/19		165		165
PKO Finance AB 144A 4.630%, 9/26/22^(3)(11)		255		267
Prudential Financial, Inc.
5.875%, 9/15/42⁽²⁾		190		200
5.625%, 6/15/43^(2)(10)		280		286
Retail Opportunity Investments Partnership LP 4.000%, 12/15/24		155		155
Sabra Health Care LP 5.500%, 2/1/21		50		52
Schaeffler Holding Finance BV PIK Interest Capitalization, 144A 6.875%, 8/15/18^(3)(12)		200		210
Teachers Insurance & Annuity Association of America 144A 4.375%, 9/15/54⁽²⁾⁽³⁾		160		161


	PAR VALUE		VALUE
Financials—(continued)
Turkiye Garanti Bankasi AS 144A 5.250%, 9/13/22⁽³⁾	$	305	$	313
UBS AG 7.625%, 8/17/22		500		589
Ventas Realty LP (Ventas Capital Corp.) 3.250%, 8/15/22		250		247
Voya Financial, Inc. (ING (U.S.), Inc.) 5.650%, 5/15/53⁽²⁾		210		209
VTB Bank OJSC (VTB Capital SA) 144A 6.000%, 4/12/17^(3)(11)		300		259
Walter Investment Management Corp. 7.875%, 12/15/21		210		189
WP Carey, Inc. 4.600%, 4/1/24		160		168
XLIT Ltd. Series E, 6.500%, 12/29/49⁽²⁾		240		229
Yapi ve Kredi Bankasi AS 144A 4.000%, 1/22/20⁽³⁾		270		261
York Risk Services Holding Corp. 144A 8.500%, 10/1/22⁽³⁾		105		105

				17,389

Health Care—3.0%
Acadia Healthcare Co.,Inc. 5.125%, 7/1/22		65		64
Capsugel SA PIK Interest Capitalization 144A 7.000%, 5/15/19^(3)(12)		35		36
Cardinal Health, Inc. 3.200%, 3/15/23		130		129
Catamaran Corp. 4.750%, 3/15/21		120		120
Community Health Systems, Inc.
5.125%, 8/1/21		45		47
6.875%, 2/1/22		25		27
Crimson Merger Sub, Inc. 144A 6.625%, 5/15/22⁽³⁾		120		108
Forest Laboratories, Inc. 144A 4.875%, 2/15/21⁽³⁾		160		172
HCA, Inc. 6.500%, 2/15/20		160		180
IASIS Healthcare LLC 8.375%, 5/15/19		80		84
LifePoint Hospitals, Inc. 5.500%, 12/1/21		80		82
Mallinckrodt International Finance S.A. 144A 5.750%, 8/1/22⁽³⁾		60		62
MPH Acquisition Holdings LLC 144A 6.625%, 4/1/22⁽³⁾		115		118
Mylan, Inc. 144A 3.125%, 1/15/23⁽³⁾		325		314
Omnicare, Inc. 4.750%, 12/1/22		5		5
Owens & Minor, Inc. 3.875%, 9/15/21		35		36
Select Medical Corp. 6.375%, 6/1/21		205		209
Tenet Healthcare Corp.
144A 5.500%, 3/1/19⁽³⁾		80		82
4.500%, 4/1/21		160		161


	PAR VALUE			VALUE
Health Care—(continued)
8.125%, 4/1/22	$	220		$	246
Valeant Pharmaceuticals International, Inc. 144A 7.500%, 7/15/21⁽³⁾		25			27

					2,309

Industrials—5.3%
AAR Corp. 7.250%, 1/15/22		190			206
ADT Corp. (The) 6.250%, 10/15/21		260			268
Ahern Rentals, Inc. 144A 9.500%, 6/15/18⁽³⁾		160			166
Air Canada 144A 6.750%, 10/1/19⁽³⁾		260			271
Pass-Through-Trust, 13-1, B 144A 5.375%, 5/15/21⁽³⁾		93			94
Bombardier, Inc.
144A 4.750%, 4/15/19⁽³⁾		155			156
144A 6.125%, 1/15/23⁽³⁾		235			240
Builders FirstSource, Inc. 144A 7.625%, 6/1/21⁽³⁾		150			154
Building Materials Corp. of America 144A 5.375%, 11/15/24⁽³⁾		75			75
Carpenter Technology Corp. 4.450%, 3/1/23		250			255
Continental Airlines Pass-Through-Trust
99-1, A 6.545%, 2/2/19		370			407
00-1, A1 8.048%, 11/1/20		414			469
CPG Merger Sub LLC 144A 8.000%, 10/1/21⁽³⁾		70			72
Delta Air Lines Pass-Through-Trust 12-1, A 4.750%, 5/7/20		298			318
Huntington Ingalls Industries, Inc. 144A 5.000%, 12/15/21⁽³⁾		70			71
KLX, Inc. 144A 5.875%, 12/1/22⁽³⁾		160			162
Masco Corp. 5.950%, 3/15/22		145			161
Northwest Airlines Pass-Through-Trust 02-1, G2 6.264%, 11/20/21		182			196
Odebrecht Finance Ltd. 144A 8.250%, 4/25/18⁽³⁾		320	^BRL		102
Spirit AeroSystems, Inc. 5.250%, 3/15/22		45			46
TransDigm, Inc. 6.000%, 7/15/22		160			160

					4,049

Information Technology—1.5%
Dun & Bradstreet Corp. (The) 4.375%, 12/1/22		270			276
First Data Corp. 144A 8.250%, 1/15/21⁽³⁾		45			48
11.750%, 8/15/21		338			390


	PAR VALUE		VALUE
Information Technology—(continued)
PIK Interest Capitalization, 144A 8.750%, 1/15/22⁽³⁾⁽¹²⁾	$	135	$	146
Infinity Acquisition LLC (Infinity Acquisition Finance Corp.) 144A 7.250%, 8/1/22⁽³⁾		120		109
Infor Software Parent LLC PIK Interest Capitalization, 144A 7.125%, 5/1/21^(3)(12)		40		39
Interactive Data Corp. 144A 5.875%, 4/15/19⁽³⁾		120		120
QualityTech LP (QTS Finance Corp.) 144A 5.875%, 8/1/22⁽³⁾		15		15
Sanmina Corp. 144A 4.375%, 6/1/19⁽³⁾		5		5
Sungard Availability Services Capital, Inc. 144A 8.750%, 4/1/22⁽³⁾		45		27

				1,175

Materials—4.5%
Alpek SA de C.V. 144A 5.375%, 8/8/23⁽³⁾		310		325
Beverage Packaging Holdings Luxembourg II SA 144A 6.000%, 6/15/17⁽³⁾		160		156
Cemex SAB de CV 144A 7.250%, 1/15/21⁽³⁾		265		278
Eldorado Gold Corp. 144A 6.125%, 12/15/20⁽³⁾		95		93
Gerdau Holdings, Inc. 144A 7.000%, 1/20/20⁽³⁾		100		108
Gerdau Trade, Inc. 144A 4.750%, 4/15/23⁽³⁾		315		294
Hexion U.S. Finance Corp.
8.875%, 2/1/18		130		116
6.625%, 4/15/20		130		128
Inversiones CMPC S.A. 144A 4.375%, 5/15/23⁽³⁾		375		368
Methanex Corp. 4.250%, 12/1/24		190		189
NewMarket Corp. 4.100%, 12/15/22		288		295
Rayonier AM Products, Inc. 144A 5.500%, 6/1/24⁽³⁾		100		83
Reynolds Group Issuer, Inc. 8.250%, 2/15/21		140		144
Tronox Finance LLC 6.375%, 8/15/20		160		161
United States Steel Corp. 6.875%, 4/1/21		265		272
Vale Overseas Ltd. 4.375%, 1/11/22		330		318
Vedanta Resources plc 144A 9.500%, 7/18/18⁽³⁾		115		124

				3,452

Telecommunication Services—2.9%
AT&T, Inc. 3.875%, 8/15/21		425		445
Cincinnati Bell, Inc. 8.375%, 10/15/20		210		222
Empresa Nacional de Telecomunicaciones S.A. 144A 4.875%, 10/30/24⁽³⁾		215		218
Frontier Communications Corp. 6.250%, 9/15/21		90		91


	PAR VALUE		VALUE
Telecommunication Services—(continued)
Koninklijke KPN NV 144A 7.000%, 3/28/73^(2)(3)(10)	$	210	$	222
Level 3 Financing, Inc. 7.000%, 6/1/20		160		169
Millicom International Cellular SA 144A 6.625%, 10/15/21⁽³⁾		200		209
Telefonica Emisiones SAU 4.570%, 4/27/23		225		241
Wind Acquisition Finance S.A. 144A 4.750%, 7/15/20⁽³⁾		200		187
Windstream Corp. 7.750%, 10/15/20		200		206

				2,210

Utilities—2.1%
Abu Dhabi National Energy Co. 144A 2.500%, 1/12/18⁽³⁾		270		271
AmeriGas Partners LP 7.000%, 5/20/22		140		146
Dynegy Finance I, Inc.
144A 7.375%, 11/1/22⁽³⁾		85		87
144A 7.625%, 11/1/24⁽³⁾		30		31
Electricite de France SA 144A 5.250%^{(2)(3)(9)(10)}		280		287
FirstEnergy Transmission LLC 144A 4.350%, 1/15/25⁽³⁾		210		215
Israel Electric Corp. Ltd. 144A 5.625%, 6/21/18⁽³⁾		250		266
RJS Power Holdings LLC 144A 5.125%, 7/15/19⁽³⁾		90		89
State Grid Overseas Investment Ltd. 144A 4.125%, 5/7/24⁽³⁾		200		210

				1,602

TOTAL CORPORATE BONDS AND NOTES (Identified Cost $44,035)				43,504

CONVERTIBLE BOND—0.4%
General Electric Capital Corp. Series A 7.125%, 12/15/49⁽²⁾		290		338

TOTAL CONVERTIBLE BOND (Identified Cost $290)				338

LOAN AGREEMENTS⁽²⁾—6.8%
Consumer Discretionary—1.6%
Brickman Group Ltd. LLC (The) Second Lien, 7.500%, 12/17/21		78		77
Caesars Entertainment Operating Co., Inc. Tranche B-7, 9.750%, 1/28/18		50		43
Caesars Growth Properties Holdings LLC Tranche B, First Lien, 6.250%, 5/8/21		61		56


	PAR VALUE		VALUE
Consumer Discretionary—(continued)
CBAC Borrower LLC Tranche B, 8.250%, 7/2/20	$	109	$	108
Charter Communications Operating LLC Tranche G, 4.250%, 9/10/21		37		37
Clear Channel Communications, Inc. Tranche D, 6.919%, 1/30/19		225		213
Delta 2 (Lux) S.A.R.L. Second Lien, 7.750%, 7/29/22		88		86
Marina District Finance Co., Inc. 6.750%, 8/15/18		110		109
Peppermill Casinos, Inc. Tranche B, 7.250%, 11/9/18		213		214
Shingle Springs Tribal Gaming Authority 6.250%, 8/29/19		112		112
TWCC Holding Corp. Second Lien, 7.000%, 6/26/20		202		194

				1,249

Consumer Staples—0.4%
Albertson’s LLC
Tranche B-4-1, 4.500%, 8/25/21		11		11
Tranche B-4, 4.500%, 8/25/21		102		102
New Hostess Brand Acquisition LLC Tranche B, 6.750%, 4/9/20		177		180
Rite Aid Corp. Tranche 1, Second Lien, 5.750%, 8/21/20		14		14

				307

Energy—0.8%
Arch Coal, Inc. 6.250%, 5/16/18		159		132
Chief Exploration & Development LLC Second Lien, 7.500%, 5/16/21		117		106
Drillships Ocean Ventures, Inc. 5.500%, 7/25/21		100		81
Fieldwood Energy LLC Closing Date Loan, Second Lien, 8.375%, 9/30/20		159		117
Jonah Energy LLC Second Lien, 7.500%, 5/12/21		94		81
Templar Energy LLC Second Lien, 8.500%, 11/25/20		156		113

				630

Financials—0.4%
Altisource Solutions S.A.R.L. Tranche B, 4.500%, 12/9/20		119		93
Asurion LLC Second Lien, 8.500%, 3/3/21		120		119


	PAR VALUE		VALUE
Financials—(continued)
Capital Automotive LP Second Lien, 6.000%, 4/30/20	$	71	$	71

				283

Health Care—0.8%
Ardent Medical Services, Inc.
First Lien, 6.750%, 7/2/18		63		63
Second Lien, 11.000%, 1/2/19		56		56
CRC Health Corp. Tranche B, First Lien, 5.250%, 3/29/21		37		37
InVentiv Health, Inc. Tranche B-4, 7.750%, 5/15/18		110		110
MMM Holdings, Inc. 9.750%, 12/12/17		55		53
MSO of Puerto Rico, Inc. 9.750%, 12/12/17		40		39
NVA Holdings, Inc. Second Lien 8.000%, 8/14/22		74		73
Regional Care, Inc. (RCHP, Inc.) First Lien, 6.000%, 4/23/19		135		135
Surgery Center Holdings, Inc.
First Lien, 5.250%, 11/3/20		21		20
Second Lien, 8.500%, 11/3/21		63		61

				647

Industrials—0.9%
Alliance Laundry Systems LLC Second Lien, 9.500%, 12/10/19		25		25
American Airlines, Inc. Tranche B, 3.750%, 6/27/19		188		186
CHG Healthcare Services, Inc. Second Lien, 9.000%, 11/19/20		107		108
International Equipment Solutions Global B.V. 6.750%, 8/16/19		88		88
Landmark U.S. Member LLC (LM U.S. Corp. Acquisition, Inc..) Second Lien 8.250%, 1/25/21		120		118
Navistar, Inc. Tranche B, 5.750%, 8/17/17		149		149

				674

Information Technology—1.2%
Allflex Holdings III, Inc. Second Lien, 8.000%, 7/19/21		109		107
Applied Systems, Inc. Second Lien, 7.500%, 1/24/22		83		81
Blue Coat Systems, Inc. Second Lien, 9.500%, 6/26/20		293		289
Infinity Acquisition Ltd. 4.250%, 8/6/21		77		75


	PAR VALUE			VALUE
Information Technology—(continued)
Kronos, Inc. Second Lien, 9.750%, 4/30/20	$	195		$	199
Mitchell International, Inc. Second Lien, 8.500%, 10/11/21		108			108
Sungard Availability Services Capital, Inc. Tranche B, 6.000%, 3/29/19		56			50

					909

Materials—0.7%
Fortescue Metals Group (FMG) Resources Property Ltd. 3.750%, 6/30/19		279			254
Houghton International, Inc. Holding Corp. Second Lien, 9.500%, 12/21/20		110			110
Noranda Aluminum Acquisition Corp. Tranche B, 5.750%, 2/28/19		151			145

					509

Utilities—0.0%
Atlantic Power LP 4.750%, 2/24/21		34			34

TOTAL LOAN AGREEMENTS (Identified Cost $5,501)					5,242


	SHARES
PREFERRED STOCKS—3.0%
Energy—0.3%
PTT Exploration & Production PCL 144A, 4.875%⁽²⁾⁽³⁾		200	⁽¹³⁾		197

Financials—2.7%
Citigroup, Inc.⁽²⁾		155	⁽¹³⁾		156
Citigroup, Inc. Series J, 7.125%		8,000			217
General Electric Capital Corp. Series C, 5.25%⁽²⁾		300	⁽¹³⁾		300
Goldman Sachs Group, Inc. (The) Series L, 5.700%⁽²⁾		115	⁽¹³⁾		117
JPMorgan Chase & Co.
Series Q, 5.150%⁽²⁾		255	⁽¹³⁾		240
Series V, 5.000%⁽²⁾		315	⁽¹³⁾		308
PNC Financial Services Group, Inc. (The) Series R, 4.850%⁽²⁾		215	⁽¹³⁾		203
SunTrust Bank, Inc. 5.625%.⁽²⁾		45	⁽¹³⁾		45
Wells Fargo & Co. Series K, 7.980%⁽²⁾		230	⁽¹³⁾		254


Zions Bancorp Series 6.950%		8,800		241

				2,081

TOTAL PREFERRED STOCKS (Identified Cost $2,304)				2,278


	SHARES		VALUE
TOTAL LONG TERM INVESTMENTS—98.3% (Identified Cost $75,816)			$	75,181	⁽¹⁴⁾

SHORT-TERM INVESTMENTS—1.2%
Money Market Mutual Fund—1.2%
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.110%)		880,404		880

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $880)				880

TOTAL INVESTMENTS—99.5% (Identified Cost $76,696)				76,061	⁽¹⁾
Other assets and liabilities, net—0.5%				413

NET ASSETS—100.0%			$	76,474

Abbreviations:


FHLMC		Federal Home Loan Mortgage Corporation (“Freddie Mac”).
FNMA		Federal National Mortgage Association (“Fannie Mae”).
GNMA		Government National Mortgage Association (“Ginnie Mae”)
PIK		Payment-in-Kind Security

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2014, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Variable or step coupon security; interest rate shown reflects the rate in effect at December 31, 2014.

⁽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, 2014, these securities amounted to a value of $24,885 or 32.5% 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⁾	Amounts are less than $500 (not reported in 000s).

⁽⁶⁾	Principal amount is adjusted daily pursuant to the change in the Consumer Price Index.

⁽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 disclosure table located after the Schedule of Investments.

⁽⁸⁾	Illiquid security.

⁽⁹⁾	No contractual maturity date.

⁽¹⁰⁾	Interest payments may be deferred.

⁽¹¹⁾	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.

⁽¹²⁾	100% of the income received was in cash.

⁽¹³⁾	Value shown as par value.

⁽¹⁴⁾	A portion of the Fund’s assets have been segregated for delayed delivery settlements.

Foreign Currencies:

BRL	Brazilian Real

CLP	Chilean Peso

COP	Colombian Peso

IDR	Indonesian Rupiah

MXN	Mexican Peso

PHP	Philippine Peso

TRY	Turkish Lira

UYU	Uruguayan Peso


Country Weightings †
United States	75	%
Brazil	2
Canada	2
Chile	2
Luxembourg	2
Mexico	2
United Kingdom	1
Other	14

Total	100	%

†	% of total investments as of December 31, 2014

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2014 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

The following is a reconciliation of assets of the Fund for Level 3 investments for which significant unobservable inputs were used to determine fair value.


	PAR VALUE		VALUE
MUNICIPAL TAX-EXEMPT BONDS(3)—92.4%
Development Revenue—4.3%
San Diego Redevelopment Agency Center City, Tax Allocation Series B (AMBAC Insured) 5.350%, 9/1/24	$	500	$	502
Tax Allocation Series A (AMBAC Insured) 4.750%, 9/1/30		500		512
Santa Clara Redevelopment Agency, Bayshore North Project (NATL Insured) 5.000%, 6/1/22		500		506

				1,520

General Obligation—19.0%
Brea Olinda Unified School District, Series A (NATL Insured) 6.000%, 8/1/15		150		155
Cajon Valley Union School District Union School District 5.000%, 8/1/31		250		292
Contra Costa Community College District, 4.000%, 8/1/28		45		49
Election of 2006 5.000%, 8/1/38		200		230
Los Alamitos Unified School District, School Facilities Improvement District1, 2008 Election - Series E 5.250%, 8/1/39		250		286
Los Angeles Unified School District, Series B 5.000%, 7/1/24		250		311
Series A-1 (NATL Insured) 4.500%, 1/1/28		440		472
Placer Union High School District, (AGM Insured) 0.000%, 8/1/32		1,500		744
Rancho Santiago Community College District, 2002 Election Series C (AGM Insured) 0.000%, 9/1/27		1,100		708
Riverside Unified School District, Series C (AGM Insured) 5.000%, 8/1/32		275		301
Ross Valley School District, 2010 Election Series B 5.000%, 8/1/37		350		402
San Diego Community College District, Election of 2006 5.000%, 8/1/43		100		115
San Diego Unified School District, 1998 Election, Series C2 (AGM Insured) 5.500%, 7/1/25		225		289
San Jose Evergreen Community College District University & College Improvement, Election of 2010 Series A 5.000%, 8/1/41		400		451
Sequoia Union High School District, 4.000%, 7/1/26		250		278


	PAR VALUE		VALUE
General Obligation—(continued)
State of California,
5.500%, 3/1/26	$	250	$	284
(AMBAC Insured) 5.000%, 2/1/27		290		363
5.000%, 9/1/32		300		344
5.000%, 12/1/37		275		302
6.000%, 4/1/38		250		297

				6,673

General Revenue—23.1%
Anaheim Public Financing Authority, Series C (AGM Insured) 6.000%, 9/1/16		1,355		1,434
City of Pomona, Certificates of Participation, (AMBAC Insured) 5.500%, 6/1/28		700		716
Contra Costa Transportation Authority, Series B 5.000%, 3/1/29		220		262
Golden State Tobacco Securitization Corp., Enhanced Asset, Series A 5.000%, 6/1/29		350		402
Series A-1 5.125%, 6/1/47		950		714
Imperial County Local Transportation Authority, Series E 4.000%, 6/1/20		300		333
North City West School Facilities Financing Authority, Series B (AMBAC Insured) 5.250%, 9/1/19		750		847
Sacramento Area Flood Control Agency, Consololidated Capital Assessment District (BHAC Insured) 5.500%, 10/1/28		250		286
Consolidated Capital Assessment District 5.000%, 10/1/37		500		558
South Bay Regional Public Communications Authority, Hawthorne Projects, Series B (ACA Insured) 4.750%, 1/1/31		435		442
State of California Public Works Board, Department of General Services, Buildings 8&9 6.125%, 4/1/29		500		600
Capital Projects, Series G-1 5.750%, 10/1/30		550		649
Department of Forestry & Fire Protection, Series E 5.000%, 11/1/32		500		554
Ventura County Public Financing Authority, Series A 5.000%, 11/1/25		250		297

				8,094


	PAR VALUE		VALUE
Higher Education Revenue—5.0%
California Educational Facilities Authority, Pomona College, Series A 5.000%, 7/1/45	$	500	$	508
California State University, Series A 5.250%, 11/1/38		435		497
University of California, Series D (NATL Insured) 5.000%, 5/15/28		710		759

				1,764

Medical Revenue—5.7%
California Health Facilities Financing Authority, Cedars-Sinai Medical Center, 5.000%, 11/15/34		400		413
Kaiser Permanente, Series A 5.250%, 4/1/39		400		419
California Statewide Communities Development Authority, Sutter Health, Series B, (AMBAC Insured) 5.000%, 11/15/38		205		219
St. Joseph Health System, (FGIC Insured) 5.750%, 7/1/47		350		389
San Benito Health Care District, (CA MTG Insured) 4.000%, 3/1/18		140		150
State Health Facilities Financing Authority Lucille Salter Packard Children Hospital at Sanford, Series A 5.000%, 8/15/43		100		114
University of California, Regents Medical, Series A (NATL Insured) 4.750%, 5/15/31		300		305

				2,009

Municipal Utility District Revenue—1.0%
Los Angeles Department of Water & Power Series A 5.000%, 7/1/35		295		347

Natural Gas Revenue—2.1%
Roseville Natural Gas Financing Authority,
5.000%, 2/15/24		450		517
5.000%, 2/15/27		195		222

				739

Power Revenue—6.1%
Imperial Irrigation District, Series B 5.000%, 11/1/36		200		224
Northern California Power Agency, Hydroelectric Project No 1 5.000%, 7/1/32		200		225
Sacramento Municipal Utility District,


	PAR VALUE		VALUE
Power Revenue—(continued)
Cosumnes Project (NATL Insured) 4.750%, 7/1/26	$	500	$	527
Series X 5.000%, 8/15/26		350		407
Series B 5.000%, 8/15/29		150		178
Series A 5.000%, 8/15/37		250		289
Southern California Public Power Authority, Windy Project Series 1, 5.000%, 7/1/28		250		292

				2,142

Pre-Refunded—11.8%
Bay Area Toll Authority, Series F-1 (Pre-refunded 4/1/19 @100) 5.125%, 4/1/39		400		466
California Department of Water Resources, Central Valley Project, (Pre-refunded 6/1/18 @100) Series 5.000%, 12/1/28		35		40
California Health Facilities Financing Authority, Providence Health & Services, Series C (Pre- refunded 10/1/18 @100) 6.500%, 10/1/18		5		6
Providence Health & Services, Series C - (Pre- refunded 10/1/18 @100) 6.500%, 10/1/38		195		234
California Infrastructure & Economic Development Bank, Bay Area Toll Bridges (Pre-refunded 7/1/26 @100) (AMBAC Insured) 5.125%, 7/1/37		755		988
City of Stockton, O’Connors Woods Project, Series A (Pre-refunded 9/20/17 @ 100) (GNMA Collateralized) 5.600%, 3/20/28		165		166
East Bay Municipal Utility District Water System, Sub-Series A - (Pre-refunded 6/1/15 @ 100) (NATL Insured) 5.000%, 6/1/15		290		296
Los Angeles Unified School District, 2002 Election Series C (Pre-refunded 7/1/17 @100)(AGM Insured) 5.000%, 7/1/24		300		332
Northern California Power Agency, Series A (Pre- refunded 7/1/21 @ 100) (AMBAC Insured) 7.500%, 7/1/23		195		249
Riverside County Single Family, Series A (GNMA Collateralized) 7.800%, 5/1/21⁽²⁾		1,000		1,350

				4,127

Transportation Revenue—7.3%
Bay Area Toll Authority, Series F-1 5.000%, 4/1/34		350		406
City of Long Beach Airport, Series A 5.000%, 6/1/30		200		220


	PAR VALUE		VALUE
Transportation Revenue—(continued)
Port of Los Angeles, Series B 5.000%, 8/1/35	$	235	$	277
San Diego County Regional Airport Authority, Subordinate Series A 5.000%, 7/1/40		250		275
Series B 5.000%, 7/1/40		500		550
San Diego Unified Port District, Series A 5.000%, 9/1/28		200		232
San Francisco City & County Airports Community- San Francisco International Airport, 2nd Series B 5.000%, 5/1/43		150		169
San Francisco Municipal Transportation Agency, 5.000%, 3/1/31		125		146
5.000%, 3/1/33		250		294

				2,569

Water & Sewer Revenue—7.0%
City of Manteca Water Revenue, 5.000%, 7/1/27		300		343
City of Oakland Sewer Revenue, Series A 5.000%, 6/15/29		200		238
East Bay Municipal Utility District Water System Revenue Sub-Series A Unrefunded balance (NATL Insured) 5.000%, 6/1/35		110		112
Los Angeles County Public Works Financing Authority, Series A (AGM Insured) 5.500%, 10/1/18		50		54
Ross Valley Public Financing Authority, Sanitary District #1, (AGM Insured) 5.000%, 10/1/33		225		261
Sacramento County Sanitation Districts Financing Authority Series A 5.000%, 12/1/35		250		293
San Diego County Water Authority, 5.000%, 5/1/31		250		295
Santa Margarita-Dana Point Authority, Water Districts Improvements, Districts 2,3,4, Series A 5.125%, 8/1/38		630		697
Silicon Valley Clean Water, Sewer Improvement 5.000%, 2/1/34		150		175

				2,468

TOTAL MUNICIPAL TAX-EXEMPT BONDS (Identified Cost $30,021)				32,452

TOTAL LONG TERM INVESTMENTS—92.4% (Identified Cost $30,021)				32,452


TOTAL INVESTMENTS—92.4% (Identified Cost $30,021)		32,452	⁽¹⁾
Other assets and liabilities, net—7.6%		2,658

NET ASSETS—100.0%	$	35,110

Abbreviations:


ACA		American Capital Access Financial Guarantee Corp.
AGM		Assured Guaranty Municipal Corp.
AMBAC		American Municipal Bond Assurance Corp.
BHAC		Berkshire Hathaway Assurance Corp.
FGIC		Financial Guaranty Insurance Company
GNMA		Government National Mortgage Association (“Ginnie Mae”)
NATL		National Public Finance Guarantee Corp.

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2014 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

There are no Level 1 (quoted Prices) or Level 3 (significant unobservable inputs) priced securities.

There were no transfers between Level 1 and Level 2 related to securities held at December 31, 2014.


	SHARES		VALUE
EXCHANGE-TRADED FUNDS⁽²⁾—96.3%
iShares Russell 1000^® Growth Index Fund		7,950	$	760
iShares Russell 2000^® Growth Index Fund		5,340		760
iShares Russell Midcap^® Growth Index Fund		8,170		762

TOTAL EXCHANGE-TRADED FUNDS (Identified Cost $2,187)				2,282

TOTAL LONG TERM INVESTMENTS—96.3% (Identified Cost $2,187)				2,282

SHORT-TERM INVESTMENTS—6.0%
Money Market Mutual Fund—6.0%
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.110%)		141,680		142

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $142)				142

TOTAL INVESTMENTS—102.3% (Identified Cost $2,329)				2,424	⁽¹⁾
Other assets and liabilities, net—(2.3)%				(54	)

NET ASSETS—100.0%			$	2,370

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2014, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	All of these funds are public funds 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, 2014 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

There are no Level 2 (significant observable inputs) or Level 3 (significant unobservable inputs) priced securities.

There were no transfers between Level 1 and Level 2 related to securities held at December 31, 2014.


	SHARES		VALUE
EXCHANGE-TRADED FUNDS⁽²⁾—97.0%
iShares Barclays 7-10 Year Treasury Bond Fund		460	$	49
iShares Barclays Treasury Inflation Protected Securities Bond Fund		1,300		146
iShares iBoxx $ High Yield Corporate Bond Fund		3,240		290
iShares iBoxx $ Investment Grade Corporate Bond Fund		7,340		876
iShares Lehman 1-3 Year Treasury Bond Fund		580		49
iShares Lehman 20+ Year Treasury Bond Fund		390		49

TOTAL EXCHANGE-TRADED FUNDS (Identified Cost $1,458)				1,459

TOTAL LONG TERM INVESTMENTS—97.0% (Identified Cost $1,458)				1,459

SHORT-TERM INVESTMENTS—1.3%
Money Market Mutual Fund—1.3%
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.110%)		19,844		20

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $20)				20

TOTAL INVESTMENTS—98.3% (Identified Cost $1,478)				1,479	⁽¹⁾
Other assets and liabilities, net—1.7%				25

NET ASSETS—100.0%			$	1,504

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2014, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	All of these funds are public funds 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, 2014 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

There are no Level 2 (significant observable inputs) or Level 3 (significant unobservable inputs) priced securities.

There were no transfers between Level 1 and Level 2 related to securities held at December 31, 2014.


	SHARES		VALUE
EXCHANGE-TRADED FUNDS⁽²⁾—97.9%
iShares MSCI Japan Index Fund		30,040	$	338
iShares MSCI Singapore Index Fund		26,570		347
iShares MSCI Switzerland Index Fund Capped		10,780		342
iShares MSCI United Kingdom Index Fund		18,930		341

TOTAL EXCHANGE-TRADED FUNDS (Identified Cost $1,374)				1,368

TOTAL LONG TERM INVESTMENTS—97.9% (Identified Cost $1,374)				1,368

SHORT-TERM INVESTMENTS—0.4%
Money Market Mutual Fund—0.4%
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.110%)		5,283		5

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $5)				5

TOTAL INVESTMENTS—98.3% (Identified Cost $1,379)				1,373	⁽¹⁾
Other assets and liabilities, net—1.7%				24

NET ASSETS—100.0%			$	1,397

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2014, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	All of these funds are public funds 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, 2014 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

There are no Level 2 (significant observable inputs) or Level 3 (significant unobservable inputs) priced securities.

There were no transfers between Level 1 and Level 2 related to securities held at December 31, 2014.


	SHARES		VALUE
EXCHANGE-TRADED FUNDS⁽³⁾—115.8%
Consumer Discretionary Select Sector SPDR Fund		7,380,000	$	532,467
Consumer Staples Select Sector SPDR Fund		11,361,900		550,938
Financial Select Sector SPDR Fund		22,545,000		557,538
Utilities Select Sector SPDR Fund		11,350,000		535,947

TOTAL EXCHANGE-TRADED FUNDS (Identified Cost $2,150,771)				2,176,890	⁽²⁾

TOTAL LONG TERM INVESTMENTS—115.8% (Identified Cost $2,150,771)				2,176,890

SHORT-TERM INVESTMENTS—4.1%
Money Market Mutual Fund—4.1%
JPMorgan Prime Money Market Fund (seven-day effective yield 0.080%)		77,104,813		77,105

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $77,105)				77,105

TOTAL INVESTMENTS, BEFORE SECURITIES SOLD SHORT—119.9% (Identified Cost $2,227,876)				2,253,995	⁽¹⁾

SECURITIES SOLD SHORT—(29.6)%
EXCHANGE-TRADED FUNDS SOLD SHORT—(29.6)%
Energy Select Sector SPDR Fund		1,436,400		(113,705	)
Health Care Select Sector SPDR Fund		1,596,000		(109,134	)
Industrial Select Sector SPDR Fund		1,970,000		(111,443	)
Materials Select Sector SPDR Fund		2,304,900		(111,972	)
Technology Select Sector SPDR Fund		2,656,100		(109,830	)

TOTAL SECURITIES SOLD SHORT—(29.6)% (Proceeds ($540,809))				(556,084	)

TOTAL INVESTMENTS, NET OF SECURITIES SOLD SHORT—90.3% (Identified Cost $1,687,067)				1,697,911	⁽¹⁾

Other assets and liabilities, net—9.7%				181,650

NET ASSETS—100.0%			$	1,879,561

Abbreviation:


SPDR		S&P Depositary Receipt

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2014, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	All or a portion have been segregated as collateral for securities sold short.

⁽³⁾	All of these funds are public funds 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, 2014 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

There are no Level 2 (significant observable inputs) or Level 3 (significant unobservable inputs) priced securities.

There were no transfers between Level 1 and Level 2 related to securities held at December 31, 2014.


	PAR VALUE			VALUE
FOREIGN GOVERNMENT SECURITIES—25.5%
Argentine Republic 7.000%, 10/3/15	$	100		$	99
8.750%, 5/7/24		50			49
Series NY, 8.280%, 12/31/33⁽¹²⁾		196			176
Bolivarian Republic of Venezuela RegS 7.000%, 12/1/18⁽⁴⁾		355			163
7.650%, 4/21/25		585			251
9.375%, 1/13/34		325			143
Hungary 5.375%, 2/21/23		146			158
5.750%, 11/22/23		22			24
5.375%, 3/25/24		60			65
Kingdom of Bahrain 144A 6.000%, 9/19/44(3)		200			190
Mongolia 144A 5.125%, 12/5/22⁽³⁾		200			174
Republic of Azerbaijan 144A 4.750%, 3/18/24⁽³⁾		200			196
Republic of Chile 5.500%, 8/5/20		70,000	^CLP		121
Republic of Colombia Treasury Note, Series B, 11.250%, 10/24/18		192,000	^COP		95
Republic of Costa Rica 144A 7.000%, 4/4/44⁽³⁾		200			196
Republic of Croatia 144A 6.625%, 7/14/20⁽³⁾		100			110
144A 6.000%, 1/26/24⁽³⁾		200			216
Republic of Ecuador 144A 7.950%, 6/20/24⁽³⁾		200			172
Republic of El Salvador 144A 6.375%, 1/18/27⁽³⁾		130			131
144A 7.650%, 6/15/35⁽³⁾		70			75
Republic of Ghana 144A 7.875%, 8/7/23⁽³⁾		200			186
Republic of Guatemala 144A 4.875%, 2/13/28⁽³⁾		200			203
Republic of Indonesia
Series FR30, 10.750%, 5/15/16		3,273,000	^IDR		276
Series FR55, 7.375%, 9/15/16		379,000	^I^DR		30
Series FR63, 5.625%, 5/15/23		624,000	^I^DR		43
Republic of Iraq RegS 5.800%, 1/15/28⁽⁴⁾		250			211
Republic of Kazakhstan 144A 4.875%, 10/14/44⁽³⁾		200			184
Republic of Mozambique EMATUM Finance BV, Series 2020, RegS 6.305%, 9/11/20⁽⁴⁾⁽⁵⁾		200			196
Republic of Panama 5.200%, 1/30/20		200			220
Republic of Philippines 4.950%, 1/15/21		5,000	^PHP		117
Republic of Poland Series 1021, 5.750%, 10/25/21		300	^PLN		103
4.000%, 1/22/24		84			90
Republic of Romania 144A 4.875%, 1/22/24⁽³⁾		84			92


	PAR VALUE			VALUE
Republic of South Africa
Series R203, 8.250%, 9/15/17		758	^ZAR	$	68
Series R208, 6.750%, 3/31/21		1,470	^ZAR		122
Republic of Sri Lanka 144A 5.875%, 7/25/22(3)	$	200			205
Republic of Turkey 5.125%, 3/25/22		200			213
6.750%, 5/30/40		225			278
Republic of Uruguay 4.375%, 12/15/28		5,383	^UYU(8)		221
Republic of Zambia 144A 5.375%, 9/20/22⁽³⁾		200			186
Romania 144A 6.750%, 2/7/22⁽³⁾		150			181
State of Qatar 144A 5.750%, 1/20/42⁽³⁾		200			235
Ukraine 144A 6.750%, 11/14/17⁽³⁾		300			188
144A 7.500%, 4/17/23⁽³⁾		200			121
United Mexican States
Series M, 6.000%, 6/18/15		3,855	^MXN		265
Series M, 6.500%, 6/9/22		2,250	^MXN		160

TOTAL FOREIGN GOVERNMENT SECURITIES (Identified Cost $8,211)					7,198

CORPORATE BONDS AND NOTES—69.9%
Australia—0.4%
Fortescue Metals Group (FMG) 144A 8.250%, 11/1/19⁽³⁾		130			119

Austria—1.5%
Sappi Papier Holding GmbH 144A 8.375%, 6/15/19⁽³⁾		200			215
144A 6.625%, 4/15/21⁽³⁾		200			206

					421

Barbados—0.7%
Columbus International, Inc. 144A 7.375%, 3/30/21⁽³⁾		200			209

Bermuda—1.7%
Aircastle Ltd. 6.250%, 12/1/19		100			106
Digicel Group Ltd. 144A 8.250%, 9/30/20⁽³⁾		200			195
GeoPark Latin America Ltd. 144A 7.500%, 2/11/20⁽³⁾		200			177

					478

Brazil—4.8%
Banco ABC Brasil S.A. 144A 7.875%, 4/8/20⁽³⁾		100			103
Banco do Brasil SA 144A 9.250%, 10/31/49^(2)(3)(6)(7)		200			193


	PAR VALUE			VALUE
Brazil—(continued)
Banco Santander Brasil SA 144A 8.000%, 3/18/16⁽³⁾		300	^BRL	$	108
Banco Votorantim S.A. 144A 7.375%, 1/21/20⁽³⁾	$	125			132
BRF SA 144A 7.750%, 5/22/18⁽³⁾		400	^BRL		130
Gerdau Holdings, Inc. 144A 7.000%, 1/20/20⁽³⁾		125			135
Itau Unibanco Holding SA RegS 5.650%, 3/19/22⁽⁴⁾		250			253
Petrobras International Finance Co. 6.750%, 1/27/41		100			91
Vale Overseas Ltd. 6.875%, 11/21/36		200			211

					1,356

Canada—1.4%
Eldorado Gold Corp. 144A 6.125%, 12/15/20⁽³⁾		45			44
Pacific Rubiales Energy Corp. 144A 5.375%, 1/26/19⁽³⁾		100			87
144A 5.125%, 3/28/23⁽³⁾		350			277

					408

Cayman Islands—1.3%
Marfrig Overseas Ltd. 144A 9.500%, 5/4/20⁽³⁾		200			204
Odebrecht Offshore Drilling Finance Ltd. 144A 6.750%, 10/1/22⁽³⁾		189			172

					376

Chile—2.3%
Guanay Finance Ltd. 144A 6.000%, 12/15/20⁽³⁾		250			260
Inversiones CMPC S.A. 144A 4.375%, 5/15/23⁽³⁾		200			197
Transelec S.A. 144A 4.250%, 1/14/25⁽³⁾		200			199

					656

China—3.2%
Bank of China Ltd. 144A 5.000%, 11/13/24⁽³⁾		200			206
China Railway Resources Huitung Ltd. 3.850%, 2/5/23		200			199
Country Garden Holdings Co., Ltd. 144A 7.500%, 1/10/23⁽³⁾		200			190
Evergrande Real Estate Group Ltd. 144A 8.750%, 10/30/18⁽³⁾		200			184
Kaisa Group Holdings Ltd. 144A 8.875%, 3/19/18⁽³⁾		200			135

					914

Colombia—1.1%
Bancolombia S.A. 5.125%, 9/11/22		100			99


	PAR VALUE		VALUE
Colombia—(continued)
Comcel Trust 144A 6.875%, 2/6/24⁽³⁾	$	200	$	210

				309

Georgia—0.7%
Bank of Georgia JSC 144A 7.750%, 7/5/17⁽³⁾		200		207

Hong Kong—2.0%
Bank of China Hong Kong Ltd. 144A 5.550%, 2/11/20⁽³⁾		200		219
Hutchison Whampoa International Ltd. Series 12, 144A 6.000%, 5/29/49^(2)(3)(6)(7)		325		346

				565

India—1.9%
Bank of Baroda 144A 4.875%, 7/23/19⁽³⁾		200		213
ICICI Bank Ltd. 144A 6.375%, 4/30/22⁽²⁾⁽³⁾		300		310

				523

Indonesia—3.3%
Pertamina Persero PT
144A 4.875%, 5/3/22⁽³⁾		200		200
144A 6.000%, 5/3/42⁽³⁾		275		269
144A 5.625%, 5/20/43⁽³⁾		200		189
Perusahaan Listrik Negara PT 144A 5.500%, 11/22/21⁽³⁾		250		262

				920

Ireland—2.2%
Alfa Bank OJSC (Alfa Bond Issuance plc) 144A 7.500%, 9/26/19⁽³⁾⁽⁵⁾		200		170
EuroChem Mineral & Chemical Co. OJSC 144A 5.125%, 12/12/17⁽³⁾⁽⁵⁾		200		172
Metalloinvest Finance Ltd. 144A 5.625%, 4/17/20⁽³⁾		200		153
Vimpel Communications OJSC (VIP Finance Ireland Ltd.) 144A 9.125%, 4/30/18⁽³⁾		125		119

				614

Israel—0.8%
Israel Electric Corp. Ltd. RegS 7.250%, 1/15/19⁽⁴⁾		200		224

Kazakhstan—2.4%
Development Bank of Kazakhstan OJSC 144A 4.125%, 12/10/22⁽³⁾		200		168
Eurasian Development Bank 144A 4.767%, 9/20/22⁽³⁾		200		169


	PAR VALUE			VALUE
Kazakhstan—(continued)
KazMunayGas National Co. JSC 144A 5.750%, 4/30/43⁽³⁾	$	200		$	168
Zhaikmunai LP 144A 7.125%, 11/13/19⁽³⁾		200			174

					679

Luxembourg—4.0%
ALROSA Finance S.A. 144A 7.750%, 11/3/20⁽³⁾		200			190
Ardagh Finance Holdings SA PIK Interest Capitalization, 144A 8.625%, 6/15/19⁽³⁾⁽⁹⁾		209			207
Gazprom Neft OAO (GPN Capital SA) 144A 6.000%, 11/27/23⁽³⁾⁽⁵⁾		200			159
Millicom International Cellular SA 144A 6.625%, 10/15/21⁽³⁾		200			209
QGOG Constellation SA 144A 6.250%, 11/9/19⁽³⁾		200			126
Sberbank of Russia (Sberbank Capital SA) 144A 5.125%, 10/29/22⁽³⁾⁽⁵⁾		200			155
Severstal OAO (Steel Capital SA) 144A 6.700%, 10/25/17⁽³⁾⁽⁵⁾		100			93

					1,139

Macau—0.7%
Wynn Macau Ltd. 144A 5.250%, 10/15/21⁽³⁾		200			189

Macedonia—0.7%
Office Cherifien des Phosphates S.A. (OCP) 144A 5.625%, 4/25/24⁽³⁾		200			210

Mexico—5.9%
Alfa SAB de CV 144A 5.250%, 3/25/24⁽³⁾		200			208
Alpek SA de C.V. 144A 5.375%, 8/8/23⁽³⁾		200			209
America Movil SAB de C.V. Series 12 6.450%, 12/5/22		2,000	^MXN		133
Banco Bilbao Vizcaya Argentaria Bancomer S.A. 144A 6.750%, 9/30/22⁽³⁾		150			165
Banco Santander Mexico SA 144A 5.950%, 1/30/24^(2)(3)(7)		200			209
Cemex SAB de CV 144A 7.250%, 1/15/21⁽³⁾		200			210
Fermaca Enterprises S de RL de CV 144A 6.375%, 3/30/38⁽³⁾		200			204
Grupo Televisa SAB 7.250%, 5/14/43		2,000	^MXN		116
Petroleos Mexicanos 6.375%, 1/23/45		200			226

					1,680


	PAR VALUE			VALUE
Netherlands—2.7%
Bharti Airtel International Netherlands BV 144A 5.125%, 3/11/23⁽³⁾	$	200		$	214
Lukoil OAO International Finance BV 144A 4.563%, 4/24/23⁽³⁾		200			160
Petrobras Global Finance BV 6.250%, 3/17/24		200			190
VTR Finance B.V. 144A 6.875%, 1/15/24⁽³⁾		200			205

					769

Panama—2.0%
AES El Salvador Trust II 144A 6.750%, 3/28/23⁽³⁾		200			189
Avianca Holdings SA (Avianca Leasing LLC) 144A 8.375%, 5/10/20⁽³⁾		200			207
Banco Latinoamericano de Comercio Exterior SA 144A 3.750%, 4/4/17⁽³⁾		150			155

					551

Peru—2.2%
Banco de Credito del Peru
144A 5.375%, 9/16/20⁽³⁾		100			108
144A 6.125%, 4/24/27⁽²⁾⁽³⁾		100			106
Banco Internacional del Peru SAA
144A 5.750%, 10/7/20⁽³⁾		100			109
144A 6.625%, 3/19/29⁽²⁾⁽³⁾		100			106
Transportadora de Gas del Peru SA 144A 4.250%, 4/30/28⁽³⁾		200			193

					622

Russia—0.7%
AHML Finance Ltd. 144A 7.750%, 2/13/18⁽³⁾		5,000	^RUB		55
VTB Bank OJSC 144A 9.500%, 12/1/49^(2)(3)(5)		200			137

					192

Singapore—1.4%
BOC Aviation Pte Ltd. 3.875%, 5/9/19		200			204
Oversea-Chinese Banking Corp. Ltd. 144A 4.000%, 10/15/24⁽²⁾⁽³⁾		200			205

					409

South Africa—0.7%
Transnet SOC Ltd. 144A 4.000%, 7/26/22⁽³⁾		200			189

Sri Lanka—0.8%
Bank of Ceylon 144A 6.875%, 5/3/17⁽³⁾		200			211


	PAR VALUE		VALUE
Sweden—0.7%
PKO Finance AB 144A 4.630%, 9/26/22⁽³⁾⁽⁵⁾	$	200	$	209

Thailand—0.7%
Bangkok Bank Plc 144A 3.300%, 10/3/18⁽³⁾		200		205

Trinidad and Tobago—0.2%
Petroleum Co. of Trinidad & Tobago Ltd. RegS 6.000%, 5/8/22⁽⁴⁾		63		63

Turkey—1.5%
Turkiye Garanti Bankasi AS 144A 5.250%, 9/13/22⁽³⁾		200		205
Turkiye Is Bankasi A.S 144A 7.850%, 12/10/23⁽³⁾		200		223

				428

Ukraine—1.0%
DP World Ltd. 144A 6.850%, 7/2/37⁽³⁾		250		282

United Arab Emirates—2.3%
Abu Dhabi National Energy Co. 144A 5.875%, 12/13/21⁽³⁾		275		318
IPIC GMTN Ltd. 144A 6.875%, 11/1/41⁽³⁾		250		334

				652

United Kingdom—2.0%
EnQuest plc 144A 7.000%, 4/15/22⁽³⁾		200		126
Tullow Oil plc 144A 6.000%, 11/1/20⁽³⁾		200		168
Ukreximbank Via Biz Finance plc RegS 8.375%, 4/27/15⁽⁴⁾⁽⁵⁾		100		76
Vedanta Resources plc 144A 7.125%, 5/31/23⁽³⁾		200		185

				555

United States—3.5%
Braskem America Finance Co. RegS 7.125%, 7/22/41⁽⁴⁾		205		203
Brazil Loan Trust 1 144A 5.477%, 7/24/23⁽³⁾		250		254
First Data Corp. 11.750%, 8/15/21		107		123
iHeartCommunications, Inc. 10.000%, 1/15/18		100		87
Parker Drilling Co. 6.750%, 7/15/22		50		38
Reliance Holdings USA, Inc. 144A 5.400%, 2/14/22⁽³⁾		250		271

				976

Venezuela—3.0%
Corp Andina de Fomento 4.375%, 6/15/22		200		215
Petroleos de Venezuela SA


	PAR VALUE			VALUE
Venezuela—(continued)
RegS 8.500%, 11/2/17⁽⁴⁾	$	365		$	209
144A 6.000%, 5/16/24⁽³⁾		720			276
RegS 6.000%, 11/15/26⁽⁴⁾		400			148

					848

Virgin Islands (British)—1.5%
China Cinda Finance Ltd. 144A 4.000%, 5/14/19⁽³⁾		200			201
State Grid Overseas Investment Ltd. 144A 4.125%, 5/7/24⁽³⁾		200			210

					411

TOTAL CORPORATE BONDS AND NOTES (Identified Cost $21,150)					19,768

LOAN AGREEMENTS⁽²⁾—0.9%
Consumer Discretionary—0.9%
Delta 2 (Lux) S.A.R.L. Tranche B-3, 4.750%, 7/30/21		47			46
Second Lien, 0.000%, 7/29/22⁽¹⁰⁾		55			54
Laureate Education, Inc. 2018 Extended, 5.000%, 6/15/18		149			142

TOTAL LOAN AGREEMENTS (Identified Cost $249)					242


	SHARES
PREFERRED STOCK—0.7%
Energy—0.7%
PTT Exploration & Production PCL 144A, 4.875%⁽²⁾⁽³⁾		200	⁽¹¹⁾		197

TOTAL PREFERRED STOCK (Identified Cost $202)					197

TOTAL LONG TERM INVESTMENTS—97.0% (Identified Cost $29,812)					27,405

TOTAL INVESTMENTS—97.0% (Identified Cost $29,812)					27,405	⁽¹⁾
Other assets and liabilities, net—3.0%					859

NET ASSETS—100.0%				$	28,264

Abbreviation:


PIK		Payment-in-Kind Security

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2014, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Variable or step coupon security; interest rate shown reflects the rate in effect at December 31, 2014.

⁽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, 2014, these securities amounted to a value of $19,992 or 70.7% 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⁾	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.

⁽⁶⁾	No contractual maturity date.

⁽⁷⁾	Interest payments may be deferred.

⁽⁸⁾	Principal amount is adjusted pursuant to the change in the Index.

⁽⁹⁾	100% of the income received was in cash.

⁽¹⁰⁾	This loan will settle after December 31, 2014, at which time the interest rate, based on the London Interbank Offered Rate (“LIBOR”) and the agreed upon spread on trade date, will be reflected.

⁽¹¹⁾	Value shown as par value.

⁽¹²⁾	Security in default, interest payments are being received during the bankruptcy proceedings.

Foreign Currencies:

BRL	Brazilian Real

CLP	Chilean Peso

COP	Colombian Peso

IDR	Indonesian Rupiah

MXN	Mexican Peso

PHP	Philippine Peso

PLN	Polish Zloty

RUB	Russian Ruble

UYU	Uruguayan Peso

ZAR	South African Rand


Country Weightings †
Mexico	8	%
Brazil	5
Indonesia	5
Venezuela	5
Luxembourg	4
United States	4
Turkey	3
Other	66

Total	100	%

†	% of total investments as of December 31, 2014

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2014 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

There are no Level 1 (quoted prices) or Level 3 (significant unobservable inputs) priced securities.

There were no transfers between Level 1 and Level 2 related to securities held at December 31, 2014.


	SHARES		VALUE
PREFERRED STOCK—4.1%
Financials—1.5%
Banco Davivienda SA 4.710% (Colombia)		24,809	$	293
Banco do Estado do Rio Grande do Sul S.A. 0.922% (Brazil)		129,900		709
Bancolombia SA 2.760% (Colombia)		12,052		145

				1,147

Materials—1.9%
Klabin SA 2.25% (Brazil)		303,500		329
Vale SA 3.86% (Brazil)		159,500		1,154

				1,483

Utilities—0.7%
Cia Energetica de Sao Paulo, Class B 5.270% (Brazil)		51,000		514

TOTAL PREFERRED STOCK (Identified Cost $3,858)				3,144

COMMON STOCKS—92.9%
Consumer Discretionary—8.1%
Astra International Tbk PT (Indonesia)		562,400		335
Bajaj Auto Ltd. (India)		9,868		380
Cheng Shin Rubber Industry CO Ltd (Taiwan)		74,000		174
China Motor Corp. (Taiwan)		220,000		194
Coway Co. Ltd. (South Korea)		9,274		707
Cyrela Brazil Realty S.A. (Brazil)		80,600		335
Far Eastern Department Stores Ltd (Taiwan)		489,000		434
Foschini Group Ltd. (The) (South Africa)		18,118		208
Great Wall Motor Co., Ltd. (China)		97,000		549
Halla Visteon Climate Control Corp. (South Korea)		12,091		533
Imperial Holdings Ltd. (South Africa)		15,452		246
Kangwon Land, Inc. (South Korea)		21,044		580
Lojas Renner S.A. (Brazil)		11,100		319
Tofas Turk Otomobil Fabrikasi AS (Turkey)		51,883		354
Truworths International Ltd. (South Africa)		41,580		276
UMW Holdings Bhd (Malaysia)		202,900		637

				6,261

Consumer Staples—5.8%
Ambev SA (Brazil)		226,100		1,391
Fomento Economico Mexicano S.A.B. de CV (Mexico)		57,100		506


	SHARES		VALUE
Consumer Staples—(continued)
Hindustan Unilever Ltd. (India)		25,170	$	302
Hite Jinro Co., Ltd. (South Korea)		19,220		404
KT&G Corp. (South Korea)		12,847		892
Raia Drogasil S.A. (Brazil)		20,200		193
Spar Group Ltd. (The) (South Africa)		45,801		636
Uni-President Enterprises Corp (Taiwan)		82,000		130

				4,454

Energy—8.9%
China Petroleum & Chemical Corp. (China)		555,800		450
China Shenhua Energy Co., Ltd. (China)		220,000		649
CNOOC Ltd. (China)		484,000		655
Coal India Ltd (India)		77,592		470
Ecopetrol S.A. (Colombia)		1,040,865		911
Exxaro Resources Ltd. (South Africa)		25,758		230
Gazprom OAO (Gazstream S.A.) Sponsored ADR (Russia)		56,497		256
Lukoil OAO Sponsored ADR (Russia)		20,050		769
Oil India Ltd (India)		34,560		314
PT Indo Tambangraya Megah (Indonesia)		88,700		109
PTT PCL (Thailand)		50,700		498
Sasol Ltd. (South Africa)		20,749		775
Sk Innovation Co. Ltd. (South Korea)		3,195		246
Tatneft OAO ADR (Russia)		22,236		508

				6,840

Financials—30.6%
Abu Dhabi Commercial Bank Pjsc (UAE)		188,229		354
Agricultural Bank of China Ltd. Class H (China)		1,219,000		613
AMMB Holdings Bhd (Malaysia)		237,600		446
Banco de Chile (Chile)		9,688,037		1,122
Banco do Brasil S.A. (Brazil)		18,200		163
Banco Santander Chile SA (Chile)		18,062,925		903
Bank of China Ltd. Class H (China)		4,017,000		2,255
Barclays Africa Group Ltd. (South Africa)		61,419		960
BR Malls Participacoes S.A. (Brazil)		30,000		185
China Construction Bank Corp. Class H (China)		2,910,000		2,377
China Life Insurance Co. Ltd. Class H (China)		245,000		960
China Minsheng Banking Corp. Ltd. Class H (China)		337,000		441
Compartamos Sab de CV (Mexico)		347,500		698
Dongbu Insurance Co., Ltd. (South Korea)		9,501		474
Evergrande Real Estate Group Ltd. (China)		1,824,000		735
Far East Horizon Ltd. (Hong Kong)		298,000		293


	SHARES		VALUE
Financials—(continued)
Fibra Uno Administracion SA de CV REIT (Mexico)		55,700	$	164
First Gulf Bank Pjsc (UAE)		76,473		351
FirstRand Ltd. (South Africa)		187,342		814
Guangzhou R&F Properties Co., Ltd. (China)		484,800		590
Hanwha Life Insurance Co. Ltd. (South Korea)		58,626		443
Hyundai Marine & Fire Insurance Co., Ltd. (South Korea)		18,376		435
Industrial & Commercial Bank of China Ltd. (China)		2,683,000		1,959
Industrial Bank of Korea (South Korea)		33,109		424
Komercni Banka A.S. (Czech Republic)		4,056		835
Malayan Banking Bhd (Malaysia)		122,900		322
Mmi Holdings Ltd. (South Africa)		96,574		250
Porto Seguro S.A. (Brazil)		16,400		188
Power Finance Corp Ltd (India)		87,152		414
Powszechny Zaklad Ubezpieczen S.A. (Poland)		4,386		599
Redefine Properties Ltd. (South Africa)		933,165		863
Rural Electrification Corp Ltd (India)⁽²⁾		92,774		490
Samsung Fire & Marine Insurance Co., Ltd. (South Korea)		956		245
Shimao Property Holdings Ltd. (China)		130,000		288
Siam Commercial Bank PCL (Thailand)		79,900		442
Standard Bank Group Ltd. (South Africa)		48,180		594

				23,689

Health Care—1.3%
Divi’s Laboratories Ltd (India)		12,367		337
Kalbe Farma Tbk PT (Indonesia)		4,698,900		693

				1,030

Industrials—7.1%
Aboitiz Equity Ventures, Inc. (Philippines)		311,000		363
Alfa Sab de C.V. Class A (Mexico)		108,600		242
Barloworld Ltd. (South Africa)		21,438		176
CTCI Corp. (Taiwan)		188,000		300
Doosan Heavy Industries & Construction Co. Ltd. (South Korea)		6,090		130
EcoRodovias Infraestrutura e Logistica S.A. (Brazil)		92,500		371
Jiangsu Expressway Co., Ltd. (China)		554,000		660
LG Corp. (South Korea)		11,216		623
LS Industrial Systems Co. Ltd. (South Korea)		6,920		376
Pegatron Corp. (Taiwan)		311,000		711


	SHARES		VALUE
Industrials—(continued)
S-1 Corp. (South Korea)		5,109	$	330
Samsung Heavy Industries Co., Ltd. (South Korea)		20,420		368
Sime Darby BHD (Malaysia)		91,600		241
Zhejiang Expressway Co., Ltd. (China)		542,000		628

				5,519

Information Technology—16.0%
Asustek Computer, Inc. (Taiwan)		68,000		742
Chicony Electronics Co., Ltd. (Taiwan)		103,000		287
Cielo SA (Brazil)		36,040		565
Compal Electronics, Inc. (Taiwan)		503,000		351
Delta Electronics, Inc. (Taiwan)		176,000		1,040
HCL Technologies Ltd. (India)		14,919		377
Infosys Ltd. (India)		31,001		962
Inventec Corp. (Taiwan)		687,000		460
Lite-On Technology Corp. (Taiwan)		381,105		435
Quanta Computer, Inc. (Taiwan)		296,000		737
Radiant Opto-Electronics Corp. (Taiwan)		112,260		357
Realtek Semiconductor Corp. (Taiwan)		109,000		362
SK C&C Co. Ltd. (South Korea)		2,273		440
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)		531,000		2,339
Tata Consultancy Services Ltd. (India)		22,128		896
Transcend Information, Inc. (Taiwan)		86,000		267
Vanguard International Semiconductor Corp. (Taiwan)		173,000		283
Wipro Ltd (India)		44,540		387
Wistron Corp. (Taiwan)		545,000		491
Wpg Holdings Ltd. (Taiwan)		531,000		617

				12,395

Materials—5.2%
Eregli Demir Ve Celik Fabrikalari TAS (Turkey)		138,156		263
Grupo Mexico S.A.B. de C.V. Series B (Mexico)		209,900		609
Indocement Tunggal Prakarsa Tbk PT (Indonesia)		176,500		356
Jiangxi Copper Co., Ltd. (China)		357,000		609
Kumba Iron Ore Ltd. (South Africa)		6,578		136
MMC Norilsk Nickel ADR (Russia)		35,671		493
PTT Global Chemical PCL (Thailand)		401,100		624
Semen Indonesia (Persero) Tbk PT (Indonesia)		214,000		279
Taiwan Cement Corp. (Taiwan)		451,000		617

				3,986


	SHARES		VALUE
Telecommunication Services—7.3%
Advanced Info Service PCL (Thailand)		57,600	$	439
America Movil S.A.B. de C.V. Series L (Mexico)		487,200		542
Axiata Group Bhd (Malaysia)		140,200		282
China Mobile Ltd. (China)		119,000		1,394
MTN Group Ltd. (South Africa)		53,124		1,010
SK Telecom Co., Ltd. (South Korea)		2,847		696
Telekomunikasi Indonesia Persero Tbk PT (Indonesia)		2,596,900		597
Tim Participacoes S.A. (Brazil)		40,800		181
Turk Telekomunikasyon AS (Turkey)		157,809		491

				5,632

Utilities—2.6%
CEZ AS (Czech Republic)		25,378		652
Huaneng Power International, Inc. (China)		322,000		435
Perusahaan Gas Negara Persero Tbk PT (Indonesia)		1,326,000		642
Petronas Gas BHD (Malaysia)		45,800		290

				2,019

TOTAL COMMON STOCKS (Identified Cost $73,080)				71,825

TOTAL LONG TERM INVESTMENTS—97.0% (Identified Cost $76,938)				74,969

TOTAL INVESTMENTS—97.0% (Identified Cost $76,938)				74,969	⁽¹⁾
Other assets and liabilities, net—3.0%				2,330

NET ASSETS—100.0%			$	77,299

Abbreviations:


ADR		American Depositary Receipt
REIT		Real Estate Investment Trust

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2014, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Non-income producing.

($ reported in thousands)


Country Weightings †
China	22	%
Taiwan	15
South Korea	11
Brazil	9
South Africa	9
India	7
Indonesia	4
Other	23

Total	100	%

†	% of total investments as of December 31, 2014

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2014 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

Securities held by the Fund with an end of period value of $50,331 were transferred from Level 1 into Level 2 based on our valuation procedures for non-U.S. securities.


	SHARES		VALUE
PREFERRED STOCK—0.9%
Industrials—0.9%
Marcopolo S.A. 2.560% (Brazil)		37,200	$	47

TOTAL PREFERRED STOCK (Identified Cost $75)				47

COMMON STOCKS—85.2%
Consumer Discretionary—8.2%
Ace Hardware Indonesia Tbk PT (Indonesia)		1,515,000		96
Goldlion Holdings Ltd. (Hong Kong)		266,000		113
Pico Far East Holdings Ltd. (Hong Kong)		577,780		132
Truworths International Ltd. (South Africa)		11,300		75

				416

Consumer Staples—22.8%
AVI Ltd. (South Africa)		24,800		166
Compania Cervecerias Unidas SA ADR (Chile)		4,885		91
Embotelladora Andina ADR S.A. (Chile)		4,415		75
Eurocash S.A. (Poland)		7,025		75
Grupo Herdez Sab de CV (Mexico)⁽²⁾		40,300		97
Guinness Anchor Bhd (Malaysia)		25,500		90
Massmart Holdings Ltd. (South Africa)		9,400		115
Oldtown Bhd (Malaysia)		274,750		117
Premier Marketing PCL (Thailand)		663,000		181
Wawel SA (Poland)		345		100
Wumart Stores, Inc. (China)		53,000		45

				1,152

Financials—12.2%
ARA Asset Management Ltd. (Singapore)		87,000		111
BFI Finance Indonesia Tbk PT (Indonesia)		753,000		153
Bolsa Mexicana de Valores Sab de CV SA (Mexico)		35,600		64
Equity Bank Ltd. (Kenya)		201,000		111
Korea Ratings Corp. (South Korea)		2,600		90
Tisco Financial Group PCL (Thailand)		66,700		86

				615

Health Care—2.7%
OdontoPrev S.A. (Brazil)		36,800		137

Industrials—19.1%
Freight Management Holdings Bhd (Malaysia)		193,029		95
Prosegur Cia de Seguridad SA (Spain)		21,500		122
Riverstone Holdings Ltd. (Singapore)		190,000		140


	SHARES		VALUE
Industrials—(continued)
S-1 Corp. (South Korea)		1,400	$	90
Taiwan Secom Co., Ltd. (Taiwan)		54,875		144
Tegma Gestao Logistica (Brazil)		15,400		92
Turk Traktor Ve Ziraat Makineleri AS (Turkey)		4,400		145
Valid Solucoes e Servicos de Seguranca Em Meios de Pagamento e Identificacao S.A (Brazil)		8,600		137

				965

Information Technology—9.8%
Bitauto Holdings Ltd. ADR (China)⁽²⁾		2,340		165
Lumax International Corp., Ltd. (Taiwan)		68,800		140
MercadoLibre, Inc. (United States)		690		88
Totvs S.A. Com NPV (Brazil)		7,500		99

				492

Materials—10.4%
Assore Ltd. (South Africa)		9,100		117
Cimsa Cimento Sanayi Ve Ticaret AS (Turkey)		16,900		115
KPX Chemical Co. Ltd. (South Korea)		2,000		107
Synthos SA (Poland)		39,000		45
Yung Chi Paint & Varnish Manufacturing Co. Ltd. (Taiwan)		55,000		142

				526

TOTAL COMMON STOCKS (Identified Cost $4,513)				4,303

WARRANTS—4.6%
Financials—2.6%
Crisil Ltd. Strike price $0.01 Expiration Date 06/02/16 (India)		4,400		133

Information Technology—2.0%
Eclerx Services Ltd. Strike price $0.01 Expiration Date 12/16/16 (India)		1,300		27
Eclerx Services Ltd. Strike price $0.01 Expiration Date 12/31/18 (India)		3,500		72

				99

TOTAL WARRANTS (Identified Cost $197)				232

TOTAL LONG TERM INVESTMENTS—90.7% (Identified Cost $4,785)				4,582

($ reported in thousands)


	SHARES		VALUE
SHORT-TERM INVESTMENTS—7.3%
Money Market Mutual Fund—7.3%
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.110%)		367,013	$	367

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $367)				367

TOTAL INVESTMENTS—98.0% (Identified Cost $5,152)				4,949	⁽¹⁾
Other assets and liabilities, net—2.0%				99

NET ASSETS—100.0%			$	5,048

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2014, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Non-income producing.

($ reported in thousands)


Country Weightings †
Brazil	10	%
South Africa	10
Taiwan	9
United States	9
Malaysia	6
South Korea	6
Thailand	5
Other	45

Total	100	%

†	% of total investments as of December 31, 2014

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2014 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

Securities held by the Fund with an end of period value of $2,636 were transferred from Level 1 into Level 2 based on our valuation procedures for non-U.S. securities.


	SHARES		VALUE
PREFERRED STOCK—1.8%
Financials—1.8%
Itau Unibanco Holding S.A. ADR 4.18% (Brazil)		2,592,363	$	33,727

TOTAL PREFERRED STOCK (Identified Cost $34,854)				33,727

COMMON STOCKS—96.9%
Consumer Discretionary—14.9%
Alimentation Couche -Tard, Inc. Class B (Canada)		675,402		28,305
Compagnie Financiere Richemont SA Registered Shares (Switzerland)		425,710		37,743
Domino’s Pizza Group plc (United Kingdom)		1,895,180		20,692
Galaxy Entertainment Group Ltd. (Hong Kong)		2,868,829		15,941
Hermes International SA (France)⁽³⁾		65,826		23,440
Naspers Ltd. Class N (South Africa)		203,608		26,338
Paddy Power plc (Ireland)⁽²⁾		262,430		21,883
Persimmon plc (United Kingdom)		1,115,705		27,250
Priceline Group, Inc. (The) (United States)⁽²⁾		36,807		41,968
Sands China Ltd. (China)		5,650,684		27,508
Shaw Communications, Inc. (Canada)⁽³⁾		376,546		10,161

				281,229

Consumer Staples—36.1%
British American Tobacco plc (United Kingdom)		2,139,387		115,936
Chocoladefabrike Lindt & Spruengli AG (Switzerland)		5,714		28,253
Diageo plc (United Kingdom)		1,625,770		46,574
Hindustan Unilever Ltd. (India)		1,157,049		13,905
ITC Ltd. (India)		8,905,338		51,877
L’Oreal SA (France)		158,338		26,501
Nestle S.A. Registered Shares (Switzerland)		1,120,689		81,699
Pernod-Ricard S.A. (France)		158,066		17,567
Philip Morris International, Inc. (United States)		1,112,645		90,625
Reckitt Benckiser Group plc (United Kingdom)		891,695		72,222
SABMiller plc (United Kingdom)		1,092,856		56,972
Unilever N.V. CVA (Netherlands)		2,056,151		80,432

				682,563

Energy—3.5%
Core Laboratories N.V. (United States)		170,749		20,548
Enbridge, Inc. (Canada)		885,623		45,539

				66,087


	SHARES		VALUE
Financials—13.4%
Bank of Nova Scotia (Canada)		603,218	$	34,429
Daito Trust Construction Co., Ltd. (Japan)		211,100		23,947
Housing Development Finance Corp. (India)		5,194,012		93,141
Housing Development Finance Corp. Bank Ltd. (India)		5,016,167		75,336
Link REIT (The) (Hong Kong)		4,285,994		26,833

				253,686

Health Care—16.2%
Bayer AG Registered Shares (Germany)		135,150		18,422
Cie Generale D’optique Essilor International SA (France)		290,271		32,371
Coloplast A/S Class B (Denmark)⁽³⁾		139,440		11,669
CSL Ltd. (Australia)		601,349		42,242
Grifols SA (Spain)		703,782		28,084
Novo Nordisk A/S Class B (Denmark)		1,279,237		54,111
Ramsay Health Care Ltd. (Australia)		752,404		34,880
Roche Holding AG (Switzerland)		314,980		85,341

				307,120

Industrials—5.5%
Bureau Veritas SA (France)		1,490,450		33,022
Cheung Kong Infrastructure Holdings Ltd. (Hong Kong)		1,409,974		10,369
DKSH Holding AG (Switzerland)		255,730		19,469
SGS SA Registered Shares (Switzerland)		19,709		40,245

				103,105

Information Technology—5.5%
Alibaba Group Holding Ltd. ADR (Cayman Islands)⁽²⁾		212,377		22,074
Baidu, Inc. Sponsored ADR (China)⁽²⁾		164,355		37,468
Cielo SA (Brazil)		1,400,854		21,960
Tencent Holdings Ltd. (Cayman Islands)		1,556,635		22,523

				104,025

Materials—1.8%
Air Liquide SA (France)		212,576		26,304
Silver Wheaton Corp. (Canada)		407,104		8,280

				34,584

TOTAL COMMON STOCKS (Identified Cost $1,447,560)				1,832,399

TOTAL LONG TERM INVESTMENTS—98.7% (Identified Cost $1,482,414)				1,866,126

($ reported in thousands)


	SHARES		VALUE
SHORT-TERM INVESTMENTS—1.6%
Money Market Mutual Fund—1.6%
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.110%)		30,137,040	$	30,137

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $30,137)				30,137

SECURITIES LENDING COLLATERAL—1.7%
INVESCO Trust Short-Term Investments Liquid Assets Portfolio (The) Institutional Shares (seven-day effective yield 0.060%)(4)		32,707,609		32,708

TOTAL SECURITIES LENDING COLLATERAL (Identified Cost $32,708)				32,708

TOTAL INVESTMENTS—102.0% (Identified Cost $1,545,259)				1,928,971	⁽¹⁾
Other assets and liabilities, net—(2.0)%				(38,091	)

NET ASSETS—100.0%			$	1,890,880

Abbreviations:


ADR		American Depositary Receipt
REIT		Real Estate Investment Trust

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2014, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Non-income producing.

⁽³⁾	All or a portion of security is on loan.

⁽⁴⁾	Represents security purchased with cash collateral received for securities on loan.

($ reported in thousands)


Country Weightings †
United Kingdom	18	%
Switzerland	15
India	12
United States	11
France	8
Canada	7
Netherlands	4
Other	25

Total	100	%

†	% of total investments as of December 31, 2014

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2014 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

Securities held by the Fund with an end of period value of $1,392,235 were transferred from Level 1 into Level 2 based on our valuation procedures for non-U.S. securities.


	SHARES		VALUE
COMMON STOCKS—97.8%
Consumer Discretionary—1.6%
Mahindra & Mahindra Ltd. (India)		8,999	$	176

Consumer Staples—29.0%
Andersons, Inc. (The) (United States)		9,111		484
Archer-Daniels-Midland Co. (The) (United States)		5,209		271
Bakkafrost P/F (Faroe Islands)		8,304		187
BRF - Brasil Foods S.A. ADR (Brazil)		14,132		330
Kikkoman Corp (Japan)		19,300		473
KWS Saat AG (Germany)		189		62
Marine Harvest Asa (Norway)		22,315		306
Sanderson Farms, Inc. (United States)		4,299		361
Tyson Foods, Inc. Class A (United States)		17,073		684

				3,158

Energy—21.1%
Birchcliff Energy Ltd. (Canada)⁽²⁾		7,428		50
Cabot Oil & Gas Corp. (United States)		2,316		69
EQT Corp. (United States)		1,154		87
Inter Pipeline Ltd. (Canada)		8,532		264
Interoil Corp. (Canada)⁽²⁾		3,787		185
Marathon Petroleum Corp. (United States)		2,387		216
Painted Pony Petroleum Ltd. (Canada)⁽²⁾		9,657		77
Pembina Pipeline Corp. (Canada)		7,006		255
Suncor Energy, Inc. (Canada)		4,511		143
Total SA (France)		4,171		214
TransCanada Corp. (Canada)		4,682		230
Valero Energy Corp. (United States)		10,122		501

				2,291

Industrials—10.2%
Canadian Pacific Railway Ltd. (Canada)		944		182
IHI Corp (Japan)		63,200		320
Komatsu Ltd. (Japan)		7,800		172
Kubota Corp. Sponsored ADR (Japan)		5,092		369
Lindsay Corp. (United States)		779		67

				1,110

Materials—35.9%
Agrium, Inc. (Canada)		1,671		158
Balchem Corp. (United States)		4,631		309
CF Industries Holdings, Inc. (United States)		688		188
Du Pont (E.I.) de Nemours & Co. (United States)		3,265		241
First Quantum Minerals Ltd. (Canada)		12,110		172


	SHARES		VALUE
Materials—(continued)
Franco-Nevada Corp. (Canada)		7,633	$	376
Goldcorp, Inc. (Canada)		19,754		366
Grupo Mexico S.A.B. de C.V. Series B (Mexico)		64,449		187
Hitachi Metals Ltd. (Japan)		14,300		243
Horsehead Holding Corp (United States)⁽²⁾		11,076		175
Hudbay Minerals, Inc. (Canada)		43,962		383
Monsanto Co. (United States)		1,749		209
Potash Corp. of Saskatchewan, Inc. (Canada)		4,364		154
Royal Gold, Inc. (United States)		7,935		498
Silver Wheaton Corp. (Canada)		7,795		158
Tahoe Resources, Inc. (Canada)		6,190		86

				3,903

TOTAL COMMON STOCKS (Identified Cost $9,699)				10,638

TOTAL LONG TERM INVESTMENTS—97.8% (Identified Cost $9,699)				10,638

SHORT-TERM INVESTMENTS—6.0%
Money Market Mutual Fund—6.0%
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.110%)		651,775		652

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $652)				652

TOTAL INVESTMENTS—103.8% (Identified Cost $10,351)				11,290	⁽¹⁾
Other assets and liabilities, net—(3.8)%				(415	)

NET ASSETS—100.0%			$	10,875

Abbreviation:

ADR	American Depositary Receipt

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2014, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Non-income producing.

($ reported in thousands)


Country Weightings †
United States	44	%
Canada	29
Japan	14
Brazil	3
Norway	3
France	2
Faroe Islands	1
Other	4

Total	100	%

†	% of total investments as of December 31, 2014

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2014 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

Securities held by the Fund with an end of period value of $1,161 were transferred from Level 1 into Level 2 based on our valuation procedures for non-U.S. securities.


	SHARES		VALUE
COMMON STOCKS—93.6%
Consumer Discretionary—2.4%
Eutelsat Communications SA (France)		53,970	$	1,745
SES SA (Luxembourg)		63,895		2,293

				4,038

Energy—24.3%
Enbridge, Inc. (Canada)		178,605		9,182
Keyera Corp. (Canada)		28,550		1,992
Kinder Morgan, Inc. (United States)		119,455		5,054
ONEOK, Inc. (United States)		37,265		1,856
Pembina Pipeline Corp. (Canada)		75,275		2,743
Plains GP Holdings LP Class A (United States)		57,625		1,480
Spectra Energy Corp. (United States)		134,605		4,886
TransCanada Corp. (Canada)		120,190		5,901
Williams Cos., Inc. (The) (United States)		179,275		8,057

				41,151

Financials—4.8%
American Tower Corp. (United States)		41,200		4,073
Crown Castle International Corp. (United States)		52,205		4,108

				8,181

Industrials—11.7%
Abertis Infraestructuras S.A. (Spain)		152,500		3,024
Atlantia SpA (Italy)		136,341		3,169
Auckland International Airport Ltd. (New Zealand)		520,109		1,711
Ferrovial S.A. (Spain)		83,435		1,650
Flughafen Zuerich AG (Switzerland)		2,715		1,816
Fraport AG Frankfurt Airport Services Worldwide (Germany)		23,485		1,355
Sydney Airport (Australia)		480,905		1,841
Transurban Group (Australia)		585,880		4,083
Vinci SA (France)		21,760		1,188

				19,837

Telecommunication Services—15.9%
AT&T, Inc. (United States)		188,730		6,340
BCE, Inc. (Canada)		29,730		1,363
BT Group plc (United Kingdom)		325,145		2,022
Nippon Telegraph & Telephone Corp. ADR (Japan)		49,425		1,266
Singapore Telecommunications Ltd. (Singapore)		841,600		2,470
TELUS Corp. (Canada)		58,260		2,101
Verizon Communications, Inc. (United States)		136,569		6,389


	SHARES		VALUE
Telecommunication Services—(continued)
Vodafone Group plc ADR (United Kingdom)		112,736	$	3,852
Windstream Holdings, Inc. (United States)		147,010		1,211

				27,014

Utilities—34.5%
Allette, Inc. (United States)		30,680		1,692
American Water Works Co., Inc. (United States)		45,080		2,403
APA Group (Australia)		251,275		1,519
CMS Energy Corp. (United States)		54,815		1,905
Dominion Resources, Inc. (United States)		42,755		3,288
DTE Energy Co. (United States)		23,155		2,000
Duke Energy Corp. (United States)		39,470		3,297
Edison International (United States)		28,185		1,845
Gas Natural SDG S.A. (Spain)		55,885		1,404
Hera SpA (Italy)		543,005		1,279
Iberdrola S.A. (Spain)		288,665		1,946
ITC Holdings Corp. (United States)		44,735		1,809
National Grid plc (United Kingdom)		380,370		5,397
NextEra Energy, Inc. (United States)		49,305		5,241
NiSource, Inc. (United States)		67,085		2,846
Northeast Utilities (United States)		35,365		1,893
Pennon Group plc (United Kingdom)		131,775		1,883
Portland General Electric Co. (United States)		52,430		1,983
PPL Corp. (United States)		47,865		1,739
Public Service Enterprise Group, Inc. (United States)		49,510		2,050
Questar Corp. (United States)		54,205		1,370
Scottish & Southern Energy plc (United Kingdom)		87,115		2,201
Sempra Energy (United States)		37,825		4,212
Snam Rete Gas SpA (Italy)		278,140		1,376
Vectren Corp. (United States)		39,195		1,812

				58,390

TOTAL COMMON STOCKS (Identified Cost $133,244)				158,611

TOTAL LONG TERM INVESTMENTS—93.6% (Identified Cost $133,244)				158,611

SHORT-TERM INVESTMENTS—5.0%
Money Market Mutual Fund—5.0%
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.110%)		8,394,995		8,395

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $8,395)				8,395

($ reported in thousands)

Abbreviation:

ADR	American Depositary Receipt

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2014, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.


Country Weightings †
United States	56	%
Canada	14
United Kingdom	9
Spain	5
Australia	4
Italy	3
France	2
Other	7

Total	100	%

†	% of total investments as of December 31, 2014

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2014 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

Securities held by the Fund with an end of period value of $45,372 were transferred from Level 1 into Level 2 based on our valuation procedures for non-U.S. securities.


	SHARES		VALUE
PREFERRED STOCK—1.4%
Financials—1.4%
Itau Unibanco Holding S.A. ADR 4.18% (Brazil)		146,632	$	1,908

TOTAL PREFERRED STOCK (Identified Cost $1,873)				1,908

COMMON STOCKS—96.8%
Consumer Discretionary—10.6%
Alimentation Couche -Tard, Inc. Class B (Canada)		38,556		1,616
Galaxy Entertainment Group Ltd. (Hong Kong)		107,788		599
Las Vegas Sands Corp. (United States)		51,602		3,001
Naspers Ltd. Class N (South Africa)		11,007		1,424
Persimmon plc (United Kingdom)		60,683		1,482
Priceline Group, Inc. (The) (United States)⁽²⁾		3,237		3,691
TJX Cos., Inc. (United States)		34,313		2,353

				14,166

Consumer Staples—32.4%
Altria Group, Inc. (United States)		81,540		4,018
British American Tobacco plc (United Kingdom)		126,561		6,858
Coca-Cola Co. (The) (United States)		62,043		2,619
Diageo plc (United Kingdom)		81,326		2,330
Hershey Co. (The) (United States)		29,093		3,024
ITC Ltd. (India)		526,683		3,068
Nestle S.A. Registered Shares (Switzerland)		70,698		5,154
Philip Morris International, Inc. (United States)		75,124		6,119
Reckitt Benckiser Group plc (United Kingdom)		46,079		3,732
SABMiller plc (United Kingdom)		27,761		1,447
Unilever N.V. CVA (Netherlands)		99,928		3,909
Whole Foods Market, Inc. (United States)		21,411		1,080

				43,358

Energy—1.8%
Enbridge, Inc. (Canada)		46,364		2,384

Financials—12.4%
American Tower Corp. REIT (United States)		26,350		2,605
Housing Development Finance Corp. (India)		290,510		5,209
Housing Development Finance Corp. Bank Ltd. (India)		275,925		4,144
Wells Fargo & Co. (United States)		84,220		4,617

				16,575


	SHARES		VALUE
Health Care—18.2%
Abbott Laboratories (United States)		45,761	$	2,060
Biogen Idec, Inc. (United States)⁽²⁾		5,140		1,745
Bristol-Myers Squibb Co. (United States)		51,198		3,022
Celgene Corp. (United States)⁽²⁾		29,018		3,246
Grifols SA (Spain)		38,854		1,551
HealthSouth Corp. (United States)		290		11
Johnson & Johnson (United States)		18,412		1,925
Medtronic, Inc. (United States)		17,957		1,297
Novo Nordisk A/S Class B (Denmark)		45,268		1,915
Regeneron Pharmaceuticals, Inc. (United States)⁽²⁾		1,600		656
Roche Holding AG (Switzerland)		18,463		5,002
Zoetis, Inc. (United States)		43,584		1,876

				24,306

Industrials—1.3%
SGS SA Registered Shares (Switzerland)		839		1,713

Information Technology—20.1%
Alibaba Group Holding Ltd. ADR (Cayman Islands)⁽²⁾		14,929		1,552
Apple, Inc. (United States)		12,877		1,421
Baidu, Inc. Sponsored ADR (China)⁽²⁾		10,028		2,286
Cielo SA (Brazil)		90,542		1,419
Cognizant Technology Solutions Corp. Class A (United States)⁽²⁾		44,050		2,320
Facebook, Inc. Class A (United States)⁽²⁾		17,651		1,377
Google, Inc. Class C (United States)⁽²⁾		6,561		3,454
MasterCard, Inc. Class A (United States)		81,330		7,007
Tencent Holdings Ltd. (Cayman Islands)		91,313		1,321
Visa, Inc. Class A (United States)		17,840		4,678

				26,835

TOTAL COMMON STOCKS (Identified Cost $99,476)				129,337

TOTAL LONG TERM INVESTMENTS—98.2% (Identified Cost $101,349)				131,245

SHORT-TERM INVESTMENTS—3.3%
Money Market Mutual Fund—3.3%
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.110%)		4,458,270		4,458

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $4,458)				4,458

($ reported in thousands)


TOTAL INVESTMENTS—101.5% (Identified Cost $105,807)		135,703	⁽¹⁾
Other assets and liabilities, net—(1.5)%		(2,030	)

NET ASSETS—100.0%	$	133,673

Abbreviations:

ADR	American Depositary Receipt

REIT	Real Estate Investment Trust

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2014, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Non-income producing.

($ reported in thousands)


Country Weightings †
United States	54	%
United Kingdom	12
India	9
Switzerland	9
Canada	3
Netherlands	3
Brazil	2
Other	8

Total	100	%

†	% of total investments as of December 31, 2014

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2014 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

Securities held by the Fund with an end of period value of $50,859 were transferred from Level 1 into Level 2 based on our valuation procedures for non-U.S. securities.

($ reported in thousands)


	SHARES		VALUE
EXCHANGE-TRADED FUNDS⁽²⁾—95.2%
Consumer Discretionary Select Sector SPDR Fund		305,280	$	22,026
Consumer Staples Select Sector SPDR Fund		446,370		21,645
Financial Select Sector SPDR Fund		884,950		21,885
iShares MSCI Emerging Markets Index Fund		841,870		33,077
iShares MSCI EMU		883,630		32,102
Technology Select Sector SPDR Fund		521,460		21,562
Utilities Select Sector SPDR Fund		454,510		21,462

TOTAL EXCHANGE-TRADED FUNDS (Identified Cost $173,847)				173,759

TOTAL LONG TERM INVESTMENTS—95.2% (Identified Cost $173,847)				173,759

SHORT-TERM INVESTMENTS—3.6%
Money Market Mutual Fund—3.6%
Fidelity Money Market Portfolio - Institutional Shares (Seven-day effective yield 0.080%)		6,659,359		6,659

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $6,659)				6,659

TOTAL INVESTMENTS—98.8% (Identified Cost $180,506)				180,418	⁽¹⁾
Other assets and liabilities, net—1.2%				2,101

NET ASSETS—100.0%			$	182,519

Abbreviation:

SPDR	S&P Depositary Receipt

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2014, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	All of these funds are public funds 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, 2014 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

There are no Level 2 (significant observable inputs) or Level 3 (significant unobservable inputs) priced securities.

There were no transfers between Level 1 and Level 2 related to securities held at December 31, 2014.


	SHARES		VALUE
COMMON STOCKS—96.3%
Australia—4.9%
Dexus Property Group		123,840	$	701
GPT Group		97,300		344
GPT Group - In Specie^(2)(3)(4)		13,566		0
Scentre Group⁽²⁾		397,789		1,127
Westfield Corp.		154,950		1,136

				3,308

Canada—3.4%
Allied Properties Real Estate Investment Trust		23,235		749
Canadian Real Estate Investment Trust		6,875		271
First Capital Realty, Inc.		28,980		465
RioCan Real Estate Investment Trust		35,062		798

				2,283

Finland—0.8%
Citycon OYJ		170,022		524

France—2.0%
Fonciere Des Regions		2,954		273
Klepierre		12,520		538
Mercialys SA		24,800		553

				1,364

Germany—2.0%
Deutsche Annington Immobilien SE		22,080		750
LEG Immobilien AG		8,354		622

				1,372

Hong Kong—4.0%
Hang Lung Properties Ltd.		220,000		614
Hongkong Land Holdings Ltd.		91,900		621
Hysan Development Co. Ltd.		90,000		400
Link REIT (The)		165,504		1,036

				2,671

Italy—0.1%
Beni Stabili SpA		95,662		67

Japan—5.8%
AEON Mall Co., Ltd.		32,177		570
GLP J-REIT		401		447
Hulic Co., Ltd.		34,700		347
Industrial & Infrastructure Fund Investment Corp.		54		250
Japan Real Estate Investment Corp.		85		409
Kenedix Realty Investment Corp.		80		453


	SHARES		VALUE
Japan—(continued)
Nippon Building Fund, Inc.		98	$	492
Nippon Prologis REIT, Inc.		195		423
Nomura Real Estate Office Fund, Inc.		103		511

				3,902

Mexico—1.3%
PLA Administradora Industrial S de Rl de CV		152,722		320
Prologis Property Mexico SA de CV		306,800		567

				887

Netherlands—2.9%
Unibail-Rodamco SE		7,473		1,917

Norway—0.6%
Entra ASA⁽²⁾		23,000		236
Norwegian Property ASA⁽²⁾		112,875		153

				389

Singapore—3.2%
CapitaMall Trust		276,450		425
CapitaRetail China Trust		457,331		556
Global Logistic Properties Ltd.		485,500		905
Mapletree Logistics Trust		302,545		270

				2,156

Sweden—0.7%
Castellum AB		28,140		438

United Kingdom—8.5%
Big Yellow Group plc		50,228		473
British Land Co. plc		67,300		812
Derwent London plc		10,110		472
Great Portland Estates plc		6,171		70
Hammerson plc		93,120		872
Land Securities Group plc		52,431		943
Safestore Holdings plc		205,326		747
SEGRO plc		91,690		525
Unite Group plc (The)		103,600		747

				5,661

United States—56.1%
American Campus Communities, Inc.		18,338		758
AvalonBay Communities, Inc.		4,915		803
Boston Properties, Inc.		8,628		1,110
Brixmor Property Group, Inc.		35,433		880
Camden Property Trust		19,310		1,426


	SHARES		VALUE
United States—(continued)
Cousins Properties, Inc.		7,815	$	89
CubeSmart		21,800		481
DCT Industrial Trust, Inc.		42,898		1,530
DDR Corp.		14,363		264
Douglas Emmett, Inc.		33,319		946
Duke Realty Corp.		37,800		764
EastGroup Properties, Inc.		800		51
Equity Lifestyle Properties, Inc.		6,046		312
Equity Residential		27,415		1,970
Essex Property Trust, Inc.		8,654		1,788
Extra Space Storage, Inc.		24,495		1,436
General Growth Properties, Inc.		54,019		1,520
HCP, Inc.		17,645		777
Highwoods Properties, Inc.		20,560		910
Host Hotels & Resorts, Inc.		65,508		1,557
Kilroy Realty Corp.		19,575		1,352
Kimco Realty Corp.		22,635		569
LaSalle Hotel Properties		25,315		1,025
Liberty Property Trust		30,717		1,156
Macerich Co. (The)		7,773		648
Paramount Group, Inc.⁽²⁾		23,640		439
Pebblebrook Hotel Trust		22,609		1,032
Prologis, Inc.		49,248		2,119
Public Storage		12,990		2,401
RLJ Lodging Trust		26,300		882
Simon Property Group, Inc.		17,831		3,247
SL Green Realty Corp.		4,186		498
Tanger Factory Outlet Centers		34,950		1,292
Ventas, Inc.		16,172		1,160
Washington Prime Group, Inc.		19,815		341

				37,533

TOTAL COMMON STOCKS (Identified Cost $54,329)				64,472

TOTAL LONG TERM INVESTMENTS—96.3% (Identified Cost $54,329)				64,472

SHORT-TERM INVESTMENTS—2.8%
Money Market Mutual Fund—2.8%
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.110%)		1,841,746		1,842

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $1,842)				1,842

Abbreviation:


REIT		Real Estate Investment Trust

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2014, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Non-income producing.

⁽³⁾	Illiquid security.

⁽⁴⁾	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 disclosure table located after the Schedule of Investments.


Country Weightings †
United States	59	%
United Kingdom	9
Japan	6
Australia	5
Hong Kong	4
Canada	3
Singapore	3
Other	11

Total	100	%

†	% of total investments as of December 31, 2014

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2014 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

Securities held by the Fund with an end of period value of $21,103 were transferred from Level 1 into Level 2 based on our valuation procedures for non-U.S. securities.


	SHARES		VALUE
COMMON STOCKS—98.1%
Consumer Discretionary—18.5%
Barrat Developments plc (United Kingdom)		38,724	$	282
Compagnie Financiere Richemont SA Registered Shares (Switzerland)		7,219		640
Domino’s Pizza Group plc (United Kingdom)		18,754		205
Hermes International SA (France)		718		256
Naspers Ltd. Class N (South Africa)		1,748		226
Paddy Power plc (Ireland)⁽²⁾		4,107		342
Persimmon plc (United Kingdom)		12,072		295
Priceline Group, Inc. (The) (United States)⁽²⁾		351		400
William Hill plc (United Kingdom)		38,826		218

				2,864

Consumer Staples—38.7%
Anheuser-Busch InBev N.V. (Belgium)		2,925		329
British American Tobacco plc (United Kingdom)		20,664		1,120
Diageo plc (United Kingdom)		15,549		445
L’Oreal S.A. (France)		1,766		295
Lindt & Spruengli AG (Switzerland)		39		193
Nestle S.A. Registered Shares (Switzerland)		10,490		765
Pernod-Ricard S.A. (France)		1,881		209
Philip Morris International, Inc. (United States)		8,300		676
Reckitt Benckiser Group plc (United Kingdom)		10,182		825
SABMiller plc (United Kingdom)		9,905		516
Unilever N.V. (Netherlands)		15,688		614

				5,987

Energy—1.4%
Core Laboratories N.V. (United States)		1,787		215

Financials—2.2%
Reinet Investments SCA (Luxembourg)		8,716		187
Svenska Handelsbanken Class A (Sweden)		3,282		154

				341

Health Care—18.7%
Bayer AG (Germany)		1,458		199
Cie Generale D’optique Essilor International SA (France)		4,102		457
Coloplast A/S Class B (Denmark)		2,378		199
Fresenius Medical Care AG & Co KGaA (Germany)		3,589		268
Grifols SA (Spain)		8,908		356
Novo Nordisk A/S Class B (Denmark)		10,381		439


	SHARES		VALUE
Health Care—(continued)
Novozymes A/S Class B (Denmark)		3,978	$	167
Roche Holding AG (Switzerland)		3,009		815

				2,900

Industrials—9.0%
Bureau Veritas SA (France)		17,236		382
DKSH Holding AG (Switzerland)		3,111		237
Geberit AG (Switzerland)		490		166
Legrand SA (France)		1,876		98
SGS SA Registered Shares (Switzerland)		167		341
Zodiac Aerospace (France)		5,084		171

				1,395

Information Technology—1.3%
Wirecard AG (Germany)		4,614		201

Materials—7.0%
Air Liquide SA (France)		4,396		544
HeidelbergCement AG (Germany)		1,985		140
Randgold Resources Ltd. (Jersey)		1,533		104
Randgold Resources Ltd. ADR (Jersey)		1,598		108
Sika AG (Switzerland)		64		189

				1,085

Retail REIT—1.3%
Unibail-Rodamco SE (Netherlands)		754		194

TOTAL COMMON STOCKS (Identified Cost $13,152)				15,182

TOTAL LONG TERM INVESTMENTS—98.1% (Identified Cost $13,152)				15,182

SHORT-TERM INVESTMENTS—1.9%
Money Market Mutual Fund—1.9%
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.110%)		294,947		295

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $295)				295

TOTAL INVESTMENTS—100.0% (Identified Cost $13,447)				15,477	⁽¹⁾
Other assets and liabilities, net—0.0%				—	⁽³⁾

NET ASSETS—100.0%			$	15,477

Abbreviation:

ADR	American Depositary Receipt

($ reported in thousands)

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2014, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Non-income producing.

⁽³⁾	Less than $500.

($ reported in thousands)


Country Weightings †
United Kingdom	25	%
Switzerland	22
France	16
United States	10
Denmark	5
Germany	5
Netherlands	5
Other	12

Total	100	%

†	% of total investments as of December 31, 2014

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2014 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

Securities held by the Fund with an end of period value of $13,076 were transferred from Level 1 into Level 2 based on our valuation procedures for non-U.S. securities.


	SHARES		VALUE
CLOSED END FUNDS—82.4%
Convertible Fund—1.6%
Putnam High Income Securities Fund		48,414	$	393

Equity Funds—38.5%
Adams Express Co.		45,427		621
Alpine Total Dynamic Dividend Fund		71,634		608
ASA Gold and Precious Metals Ltd.		4,500		46
Blackrock Science & Technology Trust		28,000		493
Boulder Growth & Income Fund, Inc.		42,223		382
Boulder Total Return Fund Inc		5,000		139
Clearbridge Energy Mlp Fund, Inc.		5,165		143
Cohen & Steers Infrastructure Fund, Inc.		20,300		461
Cohen & Steers Total Return Realty Fund, Inc.		16,684		220
First Opportunity Fund, Inc.		70,029		669
Gabelli Healthcare & WellnessRx Trust (The)		53,857		561
Gabelli Multimedia Trust, Inc.		35,000		350
General American Investors Co., Inc.		16,749		586
Kayne Anderson Midsteam/Energy Fund, Inc.		23,700		807
Liberty All Star Equity Fund		83,347		498
Petroleum & Resources Corp.		13,166		314
Salient Midstream & MLP Fund		28,636		687
Tortoise Energy Independence Fund, Inc.		31,741		601
Tortoise Energy Infrastructure Corp.		22,555		987
Tri-Continental Corp.		11,847		254

				9,427

Income Funds—13.8%
First Trust High Income Long/Short Fund		32,500		520
First Trust Mortgage Income Fund		14,700		218
NexPoint Credit Strategies Fund		55,000		618
Nuveen Credit Strategies Income Fund		115,525		1,013
Nuveen Multi-Market Income Fund, Inc.		52,707		404
Pimco Dynamic Income Fund		18,000		553
Western Asset/Claymore Inflation-Linked Opportunities & Income Fund		5,000		57

				3,383

International Equity Funds—18.4%
Aberdeen Japan Equity Fund, Inc.		76,982		521
Aberdeen Singapore Fund, Inc.		5,100		61
Alpine Global Dynamic Dividend Fund		58,935		580
Clough Global Opportunities Fund		24,477		314
Cornerstone Progressive Return Fund		21,400		325


	SHARES		VALUE
International Equity Funds—(continued)
Delaware Enhanced Global Dividend and Income Fund		16,400	$	185
Japan Smaller Capitalization Fund, Inc.		64,577		579
Korea Fund, Inc. (The)⁽²⁾		6,418		241
New Germany Fund, Inc. (The)		25,136		352
RMR Real Estate Income Fund		11,278		235
Taiwan Fund, Inc. (The)		10,908		178
Tekla Healthcare Investors		94		3
Tekla Healthcare Opportunities Fund		41,000		822
Templeton Dragon Fund, Inc.		4,400		106

				4,502

International Income Funds—10.1%
Aberdeen Asia-Pacific Income Fund, Inc.		17,034		95
Diversified Real Asset Income Fund		28,904		501
Doubleline Income Solutions Fund		30,000		597
Pimco Dynamic Credit Income Fund		44,300		915
Pimco Income Strategy Fund II		30,400		298
Putnam Master Intermediate Income Trust		15,600		75

				2,481

TOTAL CLOSED END FUNDS (Identified Cost $20,566)				20,186

PREFERRED STOCKS—10.7%
Financials—10.7%
Oxford Lane Capital Corp. 7.50%		54,087		1,317
Oxford Lane Capital Corp. 8.125%		52,745		1,298

TOTAL PREFERRED STOCKS (Identified Cost $2,631)				2,615

TOTAL LONG TERM INVESTMENTS—93.1% (Identified Cost $23,197)				22,801

SHORT-TERM INVESTMENTS—12.9%
Money Market Mutual Fund—12.9%
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.110%)		3,166,634		3,167

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $3,167)				3,167


TOTAL INVESTMENTS—106.0% (Identified Cost $26,364)		25,968	⁽¹⁾
Other assets and liabilities, net—(6.0)%		(1,460	)

NET ASSETS—100.0%	$	24,508

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2014, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Non-income producing.

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2014 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

There were no transfers between Level 1 and Level 2 related to securities held at December 31 2014 .


	PAR VALUE		VALUE
MORTGAGE-BACKED SECURITIES—1.4%
Non-Agency—1.4%
Banc of America Alternative Loan Trust 07-2, 2A4 5.750%, 6/25/37	$	206	$	161
Citigroup Mortgage Loan Trust, Inc. 05-5, 2A3 5.000%, 8/25/35		152		145
Goldman Sachs Mortgage Pass-Through-Securities Mortgage Loan Trust 05-RP1, 1A3 144A 8.000%, 1/25/35⁽³⁾		198		210
MASTR Reperforming Loan Trust 05-1, 1A5 144A 8.000%, 8/25/34⁽³⁾		258		264
Residential Accredit Loans, Inc. 05-QS1, A5 5.500%, 1/25/35		177		179
Residential Asset Securities Corp. 01-KS2, AI5 7.514%, 6/25/31⁽²⁾		228		234

TOTAL MORTGAGE-BACKED SECURITIES (Identified Cost $1,174)				1,193

ASSET-BACKED SECURITIES—1.0%
CarNow Auto Receivables Trust 14-1A, E 144A 5.530%, 1/15/20⁽³⁾		300		302
Exeter Automobile Receivables Trust 14-3A, D 144A 5.690%, 4/15/21⁽³⁾		300		300
LEAF Receivables Funding 9 LLC 13-1, E1 144A 6.000%, 9/15/21⁽³⁾		270		275

TOTAL ASSET-BACKED SECURITIES (Identified Cost $877)				877

CORPORATE BONDS AND NOTES—76.4%
Consumer Discretionary—17.2%
Anna Merger Sub, Inc. 144A 7.750%, 10/1/22⁽³⁾		235		239
Ashton Woods USA LLC (Ashton Woods Finance Co.) 144A 6.875%, 2/15/21⁽³⁾		340		325
Boyd Gaming Corp. 9.000%, 7/1/20		500		514
Brookfield Residential Properties, Inc. 144A 6.125%, 7/1/22⁽³⁾		35		37
Caesars Entertainment Operating Co., Inc. 9.000%, 2/15/20		500		372
Caesars Entertainment Resort Properties LLC
144A 8.000%, 10/1/20⁽³⁾		235		231
144A 11.000%, 10/1/21⁽³⁾		410		375
Caesars Growth Properties Holdings LLC 144A 9.375%, 5/1/22⁽³⁾		260		230


	PAR VALUE		VALUE
Consumer Discretionary—(continued)
CCO Holdings LLC (CCO Holdings Capital Corp.) 6.500%, 4/30/21	$	415	$	437
Cequel Communications Holdings I LLC 144A 6.375%, 9/15/20⁽³⁾		650		676
Churchill Downs, Inc. 5.375%, 12/15/21		300		301
Clear Channel Worldwide Holdings, Inc.
Series A 7.625%, 3/15/20		130		136
Series B 7.625%, 3/15/20		990		1,047
Columbus International, Inc. 144A 7.375%, 3/30/21⁽³⁾		245		256
Dana Holding Corp. 5.500%, 12/15/24		95		96
DISH DBS Corp. 5.000%, 3/15/23		640		621
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp. 5.625%, 10/15/21		440		462
iHeartCommunications, Inc. 10.000%, 1/15/18		280		243
Isle of Capri Casinos, Inc. 5.875%, 3/15/21		390		398
Landry’s, Inc. 144A 9.375%, 5/1/20⁽³⁾		355		378
Lear Corp. 5.250%, 1/15/25		300		305
Meritor, Inc. 6.750%, 6/15/21		445		467
MGM Resorts International 6.750%, 10/1/20		545		574
MHGE Parent LLC 144A 8.500%, 8/1/19⁽³⁾		265		259
Mohegan Tribal Gaming Authority 9.750%, 9/1/21		225		231
MPG Holdco I, Inc. 144A 7.375%, 10/15/22⁽³⁾		45		47
Norwegian Cruise Lines Corp. Ltd. 144A 5.250%, 11/15/19⁽³⁾		35		35
Numericable Group SA
144A 6.000%, 5/15/22⁽³⁾		200		201
144A 6.250%, 5/15/24⁽³⁾		200		202
Penn National Gaming, Inc. 5.875%, 11/1/21		140		131
Pinnacle Entertainment, Inc.
7.500%, 4/15/21		250		262
6.375%, 8/1/21		250		259
Playa Resorts Holding B.V. 144A 8.000%, 8/15/20⁽³⁾		200		200
RCN Telecom Services LLC 144A 8.500%, 8/15/20⁽³⁾		500		517
Scientific Games International, Inc.
144A 6.625%, 5/15/21⁽³⁾		270		189
144A 7.000%, 1/1/22⁽³⁾		240		244
Sinclair Television Group, Inc. 5.375%, 4/1/21		560		559
Six Flags Entertainment Corp. 144A 5.250%, 1/15/21⁽³⁾		365		367


	PAR VALUE			VALUE
Consumer Discretionary—(continued)
Standard Pacific Corp. 5.875%, 11/15/24	$	130		$	131
Taylor Morrison Communities, Inc. (Monarch Communities, Inc.) 144A 5.250%, 4/15/21⁽³⁾		475			470
Tenneco, Inc. 5.375%, 12/15/24		90			93
United Artists Theatre Circuit, Inc.
Series BE-9 9.300%, 7/1/15⁽⁵⁾⁽⁶⁾		2			2
Series AW-0 9.300%, 7/1/15⁽⁵⁾⁽⁶⁾		—	⁽¹⁰⁾		—	⁽¹⁰⁾
Series 95-A 9.300%, 7/1/15⁽⁵⁾⁽⁶⁾		57			58
Series BD-1 9.300%, 7/1/15⁽⁵⁾⁽⁶⁾		65			65
Unitymedia Hessen Gmbh & Co. KG / Unitymedia NRW GmbH 5.000%, 1/15/25⁽³⁾		200			201
Viking Cruises Ltd. 144A 8.500%, 10/15/22⁽³⁾		260			283
VTR Finance B.V. 144A 6.875%, 1/15/24⁽³⁾		250			256
WMG Acquisition Corp.
144A 5.625%, 4/15/22⁽³⁾		250			243
144A 6.750%, 4/15/22⁽³⁾		250			229
Wynn Macau Ltd. 144A 5.250%, 10/15/21⁽³⁾		295			279

					14,733

Consumer Staples—3.2%
Dole Food Co., Inc. 144A 7.250%, 5/1/19⁽³⁾		200			200
Ingles Markets, Inc. 5.750%, 6/15/23		550			554
Post Holdings, Inc. 6.000%, 12/15/22⁽³⁾		250			235
Rite Aid Corp. 6.750%, 6/15/21		400			415
Roundy’s Supermarkets, Inc. 144A 10.250%, 12/15/20⁽³⁾		250			219
Spectrum Brands, Inc. 6.375%, 11/15/20		385			403
SUPERVALU, Inc. 6.750%, 6/1/21		300			296
Vector Group Ltd. 7.750%, 2/15/21		300			317
Whitewave Foods Co. (The) 5.375%, 10/1/22		95			98

					2,737

Energy—10.8%
Atlas Energy Holdings Operating Co. LLC 7.750%, 1/15/21		95			69
Blue Racer Midstream LLC / Blue Racer Finance Corp. 144A 6.125%, 11/15/22⁽³⁾		225			218
BreitBurn Energy Partners 7.875%, 4/15/22		360			280
California Resources Corp.
144A 5.500%, 9/15/21⁽³⁾		95			82
144A 6.000%, 11/15/24⁽³⁾		215			183
Calumet Specialty Products Partners LP 144A 6.500%, 4/15/21⁽³⁾		445			399


	PAR VALUE		VALUE
Energy—(continued)
Carrizo Oil & Gas, Inc.
144A 7.500%, 9/15/20⁽³⁾	$	300	$	289
7.500%, 9/15/20		135		130
CHC Helicopter SA 9.250%, 10/15/20		252		248
Compagnie Generale de Geophysique-Veritas 6.500%, 6/1/21		235		180
CONSOL Energy, Inc. 144A 5.875%, 4/15/22⁽³⁾		260		243
Denbury Resources, Inc. 5.500%, 5/1/22		285		262
Endeavor Energy Resources LP 144A 7.000%, 8/15/21⁽³⁾		145		129
Energy Transfer Partners LP 5.875%, 1/15/24		345		352
Energy XXI Gulf Coast, Inc. 7.500%, 12/15/21		500		273
EnQuest plc 144A 7.000%, 4/15/22⁽³⁾		250		158
EP Energy LLC 9.375%, 5/1/20		215		218
Exterran Partners LP 144A 6.000%, 10/1/22⁽³⁾		355		305
Forest Oil Corp. 7.250%, 6/15/19		329		122
FTS International, Inc. 144A 6.250%, 5/1/22⁽³⁾		190		142
Gulfmark Offshore, Inc. 6.375%, 3/15/22		400		302
Gulfport Energy Corp. 144A 7.750%, 11/1/20⁽³⁾		305		300
Halcon Resources Corp. 8.875%, 5/15/21		390		295
Laredo Petroleum, Inc. 5.625%, 1/15/22		350		308
Linn Energy LLC (Linn Energy Finance Corp.) 7.750%, 2/1/21		490		415
MarkWest Energy Partners LP (MarkWest Energy Finance Corp.) 4.875%, 12/1/24		340		334
MEG Energy Corp. 144A 7.000%, 3/31/24⁽³⁾		375		341
NGL Energy Partners LP (NGL Energy Finance Corp.) 144A 5.125%, 7/15/19⁽³⁾		245		236
Odebrecht Offshore Drilling Finance Ltd. 144A 6.750%, 10/1/22⁽³⁾		231		211
Pacific Rubiales Energy Corp. 144A 5.375%, 1/26/19⁽³⁾		360		311
Parker Drilling Co. (The) 7.500%, 8/1/20		275		223
QEP Resources, Inc. 6.875%, 3/1/21		240		247
Regency Energy Partners LP 5.875%, 3/1/22		390		391
Rosetta Resources, Inc. 5.875%, 6/1/22		280		255
Sabine Pass Liquefaction LLC 5.625%, 2/1/21		285		281
SM Energy Co. 144A 6.125%, 11/15/22⁽³⁾		265		250
Tullow Oil plc 144A 6.000%, 11/1/20⁽³⁾		270		227

				9,209

Financials—10.1%
Aircastle Ltd. 5.125%, 3/15/21		470		471


	PAR VALUE		VALUE
Financials—(continued)
Caixa Economica Federal 144A 7.250%, 7/23/24⁽²⁾⁽³⁾	$	220	$	210
CNL Lifestyle Properties, Inc. 7.250%, 4/15/19		500		514
CTR Partnership LP (Caretrust Capital Corp.) 5.875%, 6/1/21		250		254
Drawbridge Special Opportunities Fund LP 144A 5.000%, 8/1/21⁽³⁾		250		250
DuPont Fabros Technology LP 5.875%, 9/15/21		305		312
E*Trade Financial Corp. 5.375%, 11/15/22		360		369
First Cash Financial Services, Inc. 6.750%, 4/1/21		205		214
General Motors Financial Co., Inc. 6.750%, 6/1/18		205		233
GLP Capital LP (GLP Financing II, Inc.)
4.875%, 11/1/20		285		289
5.375%, 11/1/23		5		5
Hertz Corp. (The) 6.250%, 10/15/22		300		304
ICAHN Enterprises LP (ICAHN Enterprises Finance Corp.)
6.000%, 8/1/20		150		155
5.875%, 2/1/22		250		251
iStar Financial, Inc.
4.875%, 7/1/18		335		330
5.000%, 7/1/19		195		190
Landry’s Holdings II, Inc. 144A 10.250%, 1/1/18⁽³⁾		175		181
MPT Operating Partnership LP 5.500%, 5/1/24		100		105
Nationstar Mortgage LLC
6.500%, 8/1/18		215		206
6.500%, 7/1/21		610		558
Navient LLC
4.875%, 6/17/19		75		75
5.500%, 1/25/23		240		230
Sabra Health Care LP 5.500%, 2/1/21		200		209
Springleaf Finance Corp.
6.500%, 9/15/17		300		316
5.250%, 12/15/19		330		324
Sprint Capital Corp. 6.900%, 5/1/19		265		272
Ukreximbank Via Biz Finance plc RegS 8.375%, 4/27/15⁽⁴⁾⁽⁷⁾		100		76
UPCB Finance Ltd. Series V 144A 7.250%, 11/15/21⁽³⁾		250		275
Voya Financial, Inc. (ING (U.S.), Inc.) 5.650%, 5/15/53⁽²⁾		570		567
Walter Investment Management Corp. 7.875%, 12/15/21		410		368


	PAR VALUE		VALUE
Financials—(continued)
WideOpenWest Finance LLC 10.250%, 7/15/19	$	265	$	277
York Risk Services Holding Corp. 144A 8.500%, 10/1/22⁽³⁾		215		216

				8,606

Health Care—8.2%
Acadia Healthcare Co.,Inc. 5.125%, 7/1/22		105		104
Alere, Inc. 6.500%, 6/15/20		415		420
Capsugel SA PIK Interest Capitalization 144A 7.000%, 5/15/19^(3)(11)		65		66
Community Health Systems, Inc.
5.125%, 8/1/21		260		271
6.875%, 2/1/22		320		341
Crimson Merger Sub, Inc. 144A 6.625%, 5/15/22⁽³⁾		265		239
DaVita Healthcare Partners, Inc. 5.125%, 7/15/24		230		235
Endo Finance LLC 144A 5.375%, 1/15/23⁽³⁾		455		447
Envision Healthcare Corp. 144A 5.125%, 7/1/22⁽³⁾		250		249
HCA, Inc.
6.500%, 2/15/20		365		410
7.500%, 2/15/22		415		475
inVentiv Health, Inc. 144A 9.000%, 1/15/18⁽³⁾		130		133
LifePoint Hospitals, Inc. 5.500%, 12/1/21		155		159
Mallinckrodt International Finance S.A. 144A 5.750%, 8/1/22⁽³⁾		105		108
MPH Acquisition Holdings LLC 144A 6.625%, 4/1/22⁽³⁾		445		456
Omnicare, Inc. 4.750%, 12/1/22		10		10
Par Pharmaceutical Cos., Inc. 7.375%, 10/15/20		350		368
Salix Pharmaceuticals Ltd. 144A 6.000%, 1/15/21⁽³⁾		80		82
Select Medical Corp. 6.375%, 6/1/21		400		408
Tenet Healthcare Corp. 144A 5.500%, 3/1/19⁽³⁾		210		216
6.000%, 10/1/20		310		334
4.500%, 4/1/21		230		231
8.125%, 4/1/22		635		711
Valeant Pharmaceuticals International, Inc.
144A 6.750%, 8/15/18⁽³⁾		155		165
144A 7.250%, 7/15/22⁽³⁾		300		321

				6,959

Industrials—6.9%
AAR Corp. 7.250%, 1/15/22		285		309


	PAR VALUE		VALUE
Industrials—(continued)
ADS Waste Holdings, Inc. 8.250%, 10/1/20	$	250	$	251
ADT Corp. (The) 6.250%, 10/15/21		620		639
Ahern Rentals, Inc. 144A 9.500%, 6/15/18⁽³⁾		300		312
Air Canada 144A 6.750%, 10/1/19⁽³⁾		310		323
Bombardier, Inc. 144A 6.125%, 1/15/23⁽³⁾		500		511
Builders FirstSource, Inc. 144A 7.625%, 6/1/21⁽³⁾		330		339
Building Materials Corp. of America 144A 5.375%, 11/15/24⁽³⁾		145		145
CPG Merger Sub LLC 144A 8.000%, 10/1/21⁽³⁾		90		92
Dycom Investments, Inc. 7.125%, 1/15/21		250		264
Garda World Security Corp. 144A 7.250%, 11/15/21⁽³⁾		300		299
Harland Clarke Holdings Corp. 144A 9.250%, 3/1/21⁽³⁾		350		334
HD Supply, Inc. 5.250%, 12/15/21⁽³⁾		350		357
Huntington Ingalls Industries, Inc. 144A 5.000%, 12/15/21⁽³⁾		160		163
KLX, Inc. 144A 5.875%, 12/1/22⁽³⁾		430		436
Rexel SA 144A 5.250%, 6/15/20⁽³⁾		335		339
Spirit AeroSystems, Inc. 5.250%, 3/15/22		140		143
TransDigm, Inc. 6.000%, 7/15/22		440		441
U.S. Airways Pass-Through-Trust 12-2, C 5.450%, 6/3/18		205		206

				5,903

Information Technology—3.1%
Alcatel-Lucent USA, Inc. 144A 6.750%, 11/15/20⁽³⁾		335		355
Avaya, Inc. 144A 7.000%, 4/1/19⁽³⁾		250		245
CommScope, Inc. 144A 5.000%, 6/15/21⁽³⁾		140		139
First Data Corp. 11.750%, 8/15/21		718		827
Infinity Acquisition LLC (Infinity Acquisition Finance Corp.) 144A 7.250%, 8/1/22⁽³⁾		220		200
Infor Software Parent LLC PIK Interest Capitalization, 144A 7.125%, 5/1/21^(3)(11)		255		251
Interactive Data Corp. 144A 5.875%, 4/15/19⁽³⁾		360		359
QualityTech LP (QTS Finance Corp.) 144A 5.875%, 8/1/22⁽³⁾		25		25
Sanmina Corp. 144A 4.375%, 6/1/19⁽³⁾		60		60
Sophia Holding Finance LP PIK Interest Capitalization, 144A 9.625%, 12/1/18^(3)(11)		165		166
Sungard Availability Services Capital, Inc. 144A 8.750%, 4/1/22⁽³⁾		95		57

				2,684


	PAR VALUE		VALUE
Materials—7.8%
Ardagh Packaging Finance plc
144A 6.250%, 1/31/19⁽³⁾	$	295	$	289
144A 9.125%, 10/15/20⁽³⁾		275		293
144A 6.750%, 1/31/21⁽³⁾		295		294
Beverage Packaging Holdings Luxembourg II SA 144A 6.000%, 6/15/17⁽³⁾		215		210
Cascades, Inc. 144A 5.500%, 7/15/22⁽³⁾		940		939
Cemex SAB de CV
144A 9.500%, 6/15/18⁽³⁾		225		246
144A 7.250%, 1/15/21⁽³⁾		245		257
Eldorado Gold Corp. 144A 6.125%, 12/15/20⁽³⁾		190		185
Fortescue Metals Group (FMG) 144A 8.250%, 11/1/19⁽³⁾		187		171
Hexion U.S. Finance Corp. 6.625%, 4/15/20		215		212
Ineos Finance plc 144A 5.875%, 2/15/19⁽³⁾		340		323
INEOS Finance plc 144A 7.500%, 5/1/20⁽³⁾		220		232
INEOS Group Holdings SA 144A 6.125%, 8/15/18⁽³⁾		235		227
Mercer International, Inc. 7.000%, 12/1/19⁽³⁾		175		177
Rayonier AM Products, Inc. 144A 5.500%, 6/1/24⁽³⁾		140		116
Reynolds Group Issuer, Inc. 8.250%, 2/15/21		665		685
Sappi Papier Holding GmbH
144A 7.750%, 7/15/17⁽³⁾		250		269
144A 6.625%, 4/15/21⁽³⁾		500		515
Sealed Air Corp. 144A 4.875%, 12/1/22⁽³⁾		225		224
Tronox Finance LLC 6.375%, 8/15/20		270		272
United States Steel Corp. 6.875%, 4/1/21		340		348
Vedanta Resources plc 144A 9.500%, 7/18/18⁽³⁾		200		216

				6,700

Telecommunication Services—6.9%
CenturyLink, Inc. Series V 5.625%, 4/1/20		550		573
Cogent Communications Finance, Inc. 144A 5.625%, 4/15/21⁽³⁾		250		246
Digicel Group Ltd. 144A 8.250%, 9/30/20⁽³⁾		310		302
Frontier Communications Corp.
8.500%, 4/15/20		335		375
6.250%, 9/15/21		160		161
Level 3 Financing, Inc.
7.000%, 6/1/20		200		212
6.125%, 1/15/21		250		260


	PAR VALUE		VALUE
Telecommunication Services—(continued)
Millicom International Cellular SA 144A 6.625%, 10/15/21⁽³⁾	$	225	$	235
SBA Communications Corp. 144A 4.875%, 7/15/22⁽³⁾		250		241
Sprint Capital Corp. 6.875%, 11/15/28		260		230
Sprint Communications, Inc. 6.000%, 11/15/22		170		157
Sprint Corp.
7.250%, 9/15/21		330		329
7.875%, 9/15/23		270		268
T-Mobile USA, Inc.
6.625%, 11/15/20		310		317
6.250%, 4/1/21		490		503
6.125%, 1/15/22		230		234
6.836%, 4/28/23		210		218
6.500%, 1/15/24		235		241
West Corp. 144A 5.375%, 7/15/22⁽³⁾		270		259
Wind Acquisition Finance S.A. 144A 4.750%, 7/15/20⁽³⁾		220		206
Windstream Corp. 7.750%, 10/1/21		340		349

				5,916

Utilities—2.2%
Abengoa Yield plc 144A 7.000%, 11/15/19⁽³⁾		230		228
AmeriGas Partners LP 7.000%, 5/20/22		375		390
Calpine Corp.
144A 6.000%, 1/15/22⁽³⁾		35		37
5.375%, 1/15/23		250		253
Dynegy Finance I, Inc.
144A 7.375%, 11/1/22⁽³⁾		125		127
144A 7.625%, 11/1/24⁽³⁾		70		72
RJS Power Holdings LLC 144A 5.125%, 7/15/19⁽³⁾		375		372
Texas Competitive Electric Holdings Co. LLC 144A 11.500%, 10/1/20^(3)(12)		500		356

				1,835

TOTAL CORPORATE BONDS AND NOTES (Identified Cost $66,924)				65,282

LOAN AGREEMENTS⁽²⁾—12.1%
Consumer Discretionary—2.9%
Brickman Group Ltd. LLC (The) Second Lien, 7.500%, 12/17/21		248		244
Caesars Entertainment Operating Co., Inc. Tranche B-7, 9.750%, 1/28/18		165		144


	PAR VALUE		VALUE
Consumer Discretionary—(continued)
CBAC Borrower LLC Tranche B, 8.250%, 7/2/20	$	142	$	141
Clear Channel Communications, Inc. Tranche D, 6.919%, 1/30/19		829		784
Delta 2 (Lux) S.A.R.L. Second Lien, 7.750%, 7/29/22		171		167
Granite Broadcasting Corp. Tranche B, First Lien, 6.750%, 5/23/18		101		100
Peppermill Casinos, Inc. Tranche B, 7.250%, 11/9/18		333		334
Transtar Holding Co. Second Lien, 10.000%, 10/9/19		200		198
TWCC Holding Corp. Second Lien, 7.000%, 6/26/20		332		319

				2,431

Consumer Staples—0.6%
Albertson’s LLC Tranche B-4-1, 4.500%, 8/25/21		36		36
Crossmark Holdings, Inc. Second Lien, 8.750%, 12/21/20		190		186
New Hostess Brand Acquisition LLC Tranche B, 6.750%, 4/9/20		260		264

				486

Energy—1.6%
Arch Coal, Inc. 6.250%, 5/16/18		174		145
Chief Exploration & Development LLC Second Lien, 7.500%, 5/16/21		183		166
Drillships Ocean Ventures, Inc. 5.500%, 7/25/21		137		111
Fieldwood Energy LLC Closing Date Loan, Second Lien, 8.375%, 9/30/20		285		210
Jonah Energy LLC Second Lien, 7.500%, 5/12/21		159		137
Quicksilver Resources, Inc. Second Lien, 7.000%, 6/21/19		202		154
Sabine Oil & Gas LLC Second Lien, 8.750%, 12/31/18		285		221
Templar Energy LLC Second Lien, 8.500%, 11/25/20		355		257

				1,401

Financials—0.3%
Asurion LLC Second Lien, 8.500%, 3/3/21		295		294


	PAR VALUE		VALUE
Health Care—1.6%
American Renal Holdings, Inc. Second Lien, 0.000%, 3/20/20⁽⁸⁾	$	292	$	289
Ardent Medical Services, Inc.
First Lien, 6.750%, 7/2/18		152		152
Second Lien, 11.000%, 1/2/19		86		86
InVentiv Health, Inc. Tranche B-4, 7.750%, 5/15/18		119		119
MMM Holdings, Inc. 9.750%, 12/12/17		87		85
MSO of Puerto Rico, Inc. 9.750%, 12/12/17		63		62
NVA Holdings, Inc. Second Lien 8.000%, 8/14/22		195		193
Pharmedium Healthcare Corp. Second Lien, 7.750%, 1/28/22		1		1
Regional Care, Inc. (RCHP, Inc.) First Lien, 6.000%, 4/23/19		277		275
Surgery Center Holdings, Inc.
First Lien, 5.250%, 11/3/20		32		31
Second Lien, 8.500%, 11/3/21		103		100

				1,393

Industrials—1.3%
Alliance Laundry Systems LLC Second Lien, 9.500%, 12/10/19		59		59
CHG Healthcare Services, Inc. Second Lien, 9.000%, 11/19/20		265		265
Filtration Group Corp. Second Lien, 8.250%, 11/22/21		310		310
Landmark U.S. Member LLC (LM U.S. Corp. Acquisition, Inc..) Second Lien 8.250%, 1/25/21		220		217
Sedgwick Claims Management Services, Inc. Second Lien, 0.000%, 2/28/22⁽⁸⁾		290		275

				1,126

Information Technology—3.4%
Allflex Holdings III, Inc. Second Lien, 8.000%, 7/19/21		193		189
Applied Systems, Inc. Second Lien, 7.500%, 1/24/22		324		318
Blue Coat Systems, Inc. Second Lien, 9.500%, 6/26/20		445		438
Deltek, Inc. Second Lien, 10.000%, 10/10/19		268		270
Evergreen Skills Lux S.A.R.L. Second Lien, 9.250%, 4/28/22		252		239
IPC Systems, Inc. First Lien, 6.000%, 11/8/20		170		170


	PAR VALUE			VALUE
Information Technology—(continued)
Kronos, Inc. Second Lien, 9.750%, 4/30/20	$	380		$	388
Mitchell International, Inc. Second Lien, 8.500%, 10/11/21		435			434
Sungard Availability Services Capital, Inc. Tranche B, 6.000%, 3/29/19		179			160
Travelport Finance (Luxembourg) S.A.R.L. 6.000%, 9/2/21		270			270

					2,876

Materials—0.4%
Houghton International, Inc. Holding Corp. Second Lien, 9.500%, 12/21/20		370			370

TOTAL LOAN AGREEMENTS (Identified Cost $10,864)					10,377


	SHARES
PREFERRED STOCKS—0.9%
Financials—0.9%
Ally Financial, Inc. Series A, 8.500%		11,530			310
Goldman Sachs Group, Inc. (The) Series L, 5.700%⁽²⁾		160	⁽⁹⁾		162
JPMorgan Chase & Co. Series V, 5.000%⁽²⁾		220	⁽⁹⁾		215
SunTrust Bank, Inc 5.625%.⁽²⁾		70	⁽⁹⁾		70

TOTAL PREFERRED STOCKS (Identified Cost $760)					757

TOTAL LONG TERM INVESTMENTS—91.8% (Identified Cost $80,599)					78,486	⁽¹³⁾

SHORT-TERM INVESTMENTS—6.8%
Money Market Mutual Fund—6.8%
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.110%)		5,792,421			5,792

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $5,792)					5,792

TOTAL INVESTMENTS—98.6% (Identified Cost $86,391)					84,278	⁽¹⁾
Other assets and liabilities, net—1.4%					1,168

NET ASSETS—100.0%				$	85,446

Abbreviation:

PIK	Payment-in-Kind Security

($ reported in thousands)

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2014, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Variable or step coupon security; interest rate shown reflects the rate in effect at December 31, 2014.

⁽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, 2014, these securities amounted to a value of $29,983 or 35.1% 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⁾	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 disclosure table located after the Schedule of Investments.

⁽⁶⁾	Illiquid security.

⁽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, 2014, at which time the interest rate, based on the London Interbank Offered Rate (“LIBOR”) and the agreed upon spread on trade date, will be reflected.

⁽⁹⁾	Value shown as par value.

⁽¹⁰⁾	Amounts are less than $500 (not reported in 000s).

⁽¹¹⁾	100% of the income received was in cash.

⁽¹²⁾	Security in default, interest payments are being received during the bankruptcy proceedings.

⁽¹³⁾	A portion of the Fund’s assets have been segregated for delayed delivery settlements.

Foreign Currency:

BRL	Brazilian Real


Country Weightings †
United States	85	%
Canada	4
Luxembourg	3
Bermuda	1
France	1
Ireland	1
United Kingdom	1
Other	4

Total	100	%

†	% of total investments as of December 31, 2014

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2014 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

There were no transfers between Level 1 and Level 2 related to securities held at December 31, 2014.

The following is a reconciliation of assets of the Fund for Level 3 investments for which significant unobservable inputs were used to determine fair value.


	SHARES		VALUE
COMMON STOCKS—95.2%
Consumer Discretionary—16.5%
Bridgestone Corp. (Japan)		8,200	$	284
Fuji Heavy Industries Ltd. (Japan)		10,500		372
Melco Crown Entertainment Ltd. ADR (United States)		10,950		278
Panasonic Corp. (Japan)		17,900		211
Tata Motors Ltd. Sponsored ADR (India)		5,900		250
Toyota Motor Corp. Sponsored ADR (Japan)		2,400		301

				1,696

Consumer Staples—2.6%
Marine Harvest ASA ADR (Norway)		19,350		264

Energy—10.7%
Cameco Corp. (Canada)		14,700		241
Canadian Natural Resources Ltd. (Canada)		6,700		207
Encana Corp. (Canada)		18,300		254
Royal Dutch Shell plc Class B ADR (United Kingdom)		3,550		247
Uranium Participation Corp. (Canada)⁽²⁾		33,000		146

				1,095

Financials—23.6%
Aegon NV American Registered Shares (Netherlands)		33,500		251
Aviva plc (United Kingdom)		35,392		266
Banco Bilbao Vizcaya Argentaria SA Sponsored ADR (Spain)		26,716		251
BNP Paribas (France)		4,953		292
Credit Agricole SA (France)		21,837		282
ING Groep N.V. ADR (Netherlands)⁽²⁾		21,750		282
Intesa Sanpaolo SpA (Italy)		111,173		323
ORIX Corp. (Japan)		24,900		313
Unicredit SPA (Italy)		26,950		173

				2,433

Health Care—11.8%
H Lundbeck A/S (Denmark)		10,750		213
Novartis AG ADR (Switzerland)		3,300		306
Shire plc ADR (United Kingdom)		1,600		340
Valeant Pharmaceuticals International, Inc. (Canada)⁽²⁾		2,500		358

				1,217


	SHARES		VALUE
Industrials—11.0%
Hitachi Ltd. (Japan)		40,350	$	298
Hutchison Whampoa Ltd. (Hong Kong)		18,200		208
Nidec Corp. (Japan)		5,900		381
Schneider Electric SE (France)		3,400		248

				1,135

Information Technology—6.1%
NXP Semiconductor NV (Netherlands)⁽²⁾		4,500		344
Taiwan Semiconductors Manufacturing Co., Ltd. Sponsored ADR (Taiwan)		12,700		284

				628

Telecommunication Services—10.9%
KDDI Corp. (Japan)		4,700		295
Nippon Telegraph & Telephone Corp. ADR (Japan)		12,000		308
Spark New Zealand Ltd. (New Zealand)		118,481		287
Vodafone Group plc ADR (United Kingdom)		6,900		236

				1,126

Utilities—2.0%
GDF Suez (France)		8,800		205

TOTAL COMMON STOCKS (Identified Cost $9,759)				9,799

TOTAL LONG TERM INVESTMENTS—95.2% (Identified Cost $9,759)				9,799

SHORT-TERM INVESTMENTS—3.2%
Money Market Mutual Fund—3.2%
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.110%)		327,357		327

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $327)				327

TOTAL INVESTMENTS—98.4% (Identified Cost $10,086)				10,126	⁽¹⁾
Other assets and liabilities, net—1.6%				168

NET ASSETS—100.0%			$	10,294

Abbreviation:

ADR	American Depositary Receipt

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2014, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Non-income producing.

At December 31, 2014, the Fund had entered into forward currency contracts as follows (reported in 000’s):

($ reported in thousands)


Country Weightings †
Japan	27	%
Canada	12
United Kingdom	11
France	10
Netherlands	9
United States	6
Italy	5
Other	20

Total	100	%

†	% of total investments as of December 31, 2014

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2014 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

Securities held by the Fund with an end of period value of $4,440 were transferred from Level 1 into Level 2 based on our valuation procedures for non-U.S. securities.


	SHARES		VALUE
COMMON STOCKS—99.3%
Australia—12.0%
Dexus Property Group		173,018	$	979
GPT Group		137,400		486
GPT Group - In Specie^(2)(3)(4)		588,920		0
Scentre Group⁽²⁾		575,971		1,632
Westfield Corp.		233,473		1,712

				4,809

Canada—8.0%
Allied Properties Real Estate Investment Trust		34,715		1,119
Canadian Real Estate Investment Trust		6,795		268
First Capital Realty, Inc.		42,505		682
RioCan Real Estate Investment Trust		50,850		1,157

				3,226

Finland—2.0%
Citycon OYJ		257,794		795

France—4.8%
Fonciere Des Regions		4,260		394
Klepierre		16,356		702
Mercialys SA		36,500		814

				1,910

Germany—5.1%
Deutsche Annington Immobilien SE		33,420		1,135
LEG Immobilien AG		12,461		928

				2,063

Hong Kong—10.2%
Hang Lung Properties Ltd.		321,000		896
Hongkong Land Holdings Ltd.		136,100		920
Hysan Development Co. Ltd.		135,000		599
Link REIT (The)		267,441		1,674

				4,089

Italy—0.2%
Beni Stabili SpA		143,164		100

Japan—15.0%
AEON Mall Co., Ltd.		44,613		791
GLP J-REIT		695		774
Hulic Co., Ltd.		54,000		540
Industrial & Infrastructure Fund Investment Corp.		94		435
Japan Real Estate Investment Corp.		125		602
Kenedix Realty Investment Corp.		124		702


	SHARES		VALUE
Japan—(continued)
Nippon Building Fund, Inc.		143	$	718
Nippon Prologis REIT, Inc.		301		653
Nomura Real Estate Office Fund, Inc.		159		788

				6,003

Mexico—3.0%
PLA Administradora Industrial S de Rl de CV		226,852		475
Prologis Property Mexico SA de CV		386,200		714

				1,189

Netherlands—7.2%
Unibail-Rodamco SE		11,260		2,889

Norway—1.4%
Entra ASA⁽²⁾		30,000		308
Norwegian Property ASA⁽²⁾		193,000		261

				569

Singapore—8.3%
CapitaMall Trust		455,650		700
CapitaRetail China Trust		681,868		829
Global Logistic Properties Ltd.		721,500		1,345
Mapletree Logistics Trust		530,544		474

				3,348

Sweden—1.8%
Castellum AB		45,366		707

United Kingdom—20.3%
Big Yellow Group plc		78,688		742
British Land Co. plc		95,305		1,149
Derwent London plc		13,346		623
Great Portland Estates plc		12,918		147
Hammerson plc		137,309		1,286
Land Securities Group plc		74,885		1,346
Safestore Holdings plc		293,876		1,069
SEGRO plc		130,057		745
Unite Group plc (The)		142,000		1,024

				8,131

TOTAL COMMON STOCKS (Identified Cost $30,632)				39,828

TOTAL LONG TERM INVESTMENTS—99.3% (Identified Cost $30,632)				39,828

($ reported in thousands)


	SHARES		VALUE
SHORT-TERM INVESTMENTS—0.5%
Money Market Mutual Fund—0.5%
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.110%)		210,525	$	211

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $211)				211

TOTAL INVESTMENTS—99.8% (Identified Cost $30,843)				40,039	⁽¹⁾
Other assets and liabilities, net—0.2%				84

NET ASSETS—100.0%			$	40,123

Abbreviation:


REIT		Real Estate Investment Trust

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2014, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Non-income producing.

⁽³⁾	Illiquid security.

⁽⁴⁾	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 disclosure table located after the Schedule of Investments.

($ reported in thousands)


Country Weightings †
United Kingdom	20	%
Japan	15
Australia	12
Hong Kong	10
Singapore	9
Canada	8
Netherlands	7
Other	19

Total	100	%

†	% of total investments as of December 31, 2014

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2014 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

Securities held by the Fund with an end of period value of $31,335 were transferred from Level 1 into Level 2 based on our valuation procedures for non-U.S. securities.


	SHARES		VALUE
COMMON STOCKS—100.5%
Consumer Discretionary—14.0%
Goldlion Holdings Ltd. (Hong Kong)		3,726,600	$	1,580
Pico Far East Holdings Ltd. (Hong Kong)		6,291,122		1,444
Rightmove plc (United Kingdom)		39,950		1,393
Watts Co. Ltd. (Japan)		108,091		750

				5,167

Consumer Staples—10.1%
Compania Cervecerias Unidas S.A. (Chile)		124,286		1,175
Dongsuh Co., Inc. (South Korea)		1		—	⁽³⁾
Oldtown Bhd (Malaysia)		1,193,750		510
Premier Marketing PCL (Thailand)		5,564,414		1,521
Wawel SA (Poland)		1,900		550

				3,756

Energy—5.4%
Schoeller-Bleckmann Oilfield Equipment AG (Austria)		13,948		1,012
TGS Nopec Geophysical Co. ASA (Norway)		45,600		985

				1,997

Financials—23.9%
ARA Asset Management Ltd. (Singapore)		918,760		1,176
Ashmore Group plc (United Kingdom)		153,000		663
Euler Hermes SA (France)		11,450		1,186
Euroz Ltd. (Australia)		1,895,867		1,648
Financiere Marc de Lacharriere (France)		12,711		967
Hiscox Ltd (United Kingdom)		100,026		1,121
Korea Ratings Corp. (South Korea)		33,662		1,164
LSI Property Services plc (United Kingdom)		201,000		934

				8,859

Health Care—2.9%
Haw Par Corp. Ltd. (Singapore)		112,719		725
WIN-Partners Co. Ltd. (Japan)		26,710		341

				1,066

Industrials—21.0%
AIT Corp. (Japan)		311,000		2,039
Amadeus Fire AG (Germany)		5,041		380
Clasquin (France)		9,276		236
Freight Management Holdings Bhd (Malaysia)		701,312		346
Konecranes Oyj (Finland)		32,000		915
Riverstone Holdings Ltd. (Singapore)		944,000		694
Tegma Gestao Logistica (Brazil)		145,000		867


	SHARES		VALUE
Industrials—(continued)
Thermador Groupe (France)		10,339	$	886
Turk Traktor Ve Ziraat Makineleri AS (Turkey)		22,000		723
WABCO Holdings, Inc. (United States)⁽²⁾		6,625		694

				7,780

Information Technology—15.6%
Alten SA (France)		23,700		1,011
Bouvet ASA (Norway)		191,945		1,954
Carsales.com Ltd. (Australia)		45,000		381
Lumax International Corp., Ltd. (Taiwan)		835,000		1,707
Pro-Ship, Inc. (Japan)		33,500		739

				5,792

Materials—7.6%
Assore Ltd. (South Africa)		58,000		744
KPX Chemical Co. Ltd. (South Korea)		27,394		1,463
Rimoni Industries Ltd. (Israel)		32,303		226
Victrex plc (United Kingdom)		11,800		381

				2,814

TOTAL COMMON STOCKS (Identified Cost $40,246)				37,231

TOTAL LONG TERM INVESTMENTS—100.5% (Identified Cost $40,246)				37,231

TOTAL INVESTMENTS—100.5% (Identified Cost $40,246)				37,231	⁽¹⁾
Other assets and liabilities, net—(0.5)%				(169	)

NET ASSETS—100.0%			$	37,062

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2014, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Non-income producing.

⁽³⁾	Amount is less than $500.


Country Weightings †
France	12	%
United Kingdom	12
Japan	10
Hong Kong	8
Norway	8
Singapore	7
South Korea	7
Other	36

Total	100	%

†	% of total investments as of December 31, 2014

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2014 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

Securities held by the Fund with an end of period value of $26,454 were transferred from Level 1 into Level 2 based on our valuation procedures for non-U.S. securities.


	SHARES		VALUE
COMMON STOCKS—98.1%
Consumer Discretionary—27.8%
Ainsworth Game Technology Ltd.		11,665	$	22
Autogrill S.p.A⁽²⁾		1,097		8
Autoneum Holding AG		131		22
Axel Springer SE		553		33
Bayerische Motoren Werke AG		278		30
Benesse Holdings, Inc.		1,300		39
Brembo S.p.A		245		8
Brunello Cucinelli S.p.A		365		8
Carnival plc		1,017		46
Chow Tai Fook Jewellery Group Ltd.		4,800		6
Christian Dior SA		88		15
Compagnie Financiere Richemont SA Registered Shares		249		22
Continental AG		158		33
Crown Resorts Ltd.		2,023		21
Daily Mail & General Trust plc		3,539		45
De’ Longhi		449		8
Dixons Carphone plc		6,227		45
Don Quijote Holdings Co., Ltd.		600		41
Dufry AG⁽²⁾		137		21
Dynam Japan Holdings Co., Ltd.		21,600		42
Fairfax Media Ltd.		30,094		22
Fast Retailing Co., Ltd.		100		36
Fielmann AG		499		34
Galaxy Entertainment Group Ltd.		1,000		6
Genting Singapore plc		8,000		7
Global Brands Group Holding Ltd.⁽²⁾		32,000		6
Harvey Norman Holdings Ltd.		7,414		20
Hennes & Mauritz AB Class B		240		10
Hermes International SA		43		15
Hikari Tsushin, Inc.		700		43
Inditex SA		533		15
Jardine Cycle & Carriage Ltd.		200		6
Jcdecaux SA		435		15
L’Occitane International SA		6,250		16
Li & Fung Ltd.		6,000		6
Lifestyle International Holdings Ltd.		3,000		6
Luxottica Group SpA		152		8
LVMH Moet Hennessy Louis Vuitton S.A.		95		15
Man Wah Holdings Ltd.		4,000		7
Melco Crown Entertainment Ltd. ADR		266		7
Melco International Development Ltd.		3,000		7


	SHARES		VALUE
Consumer Discretionary—(continued)
Melia Hotels International SA		1,394	$	15
MGM China Holdings Ltd.		2,400		6
Nitori Co., Ltd.		700		38
Ocado Group plc⁽²⁾		7,271		45
Osim International Ltd.		4,000		6
Pirelli & C S.p.A		607		8
Plastic Omnium SA		568		15
Prada S.p.A		1,500		9
Premier Investments Ltd.		2,638		21
Publicis Groupe SA		209		15
Rakuten, Inc.		2,800		39
Rallye SA		441		16
Royal Caribbean Cruises Ltd.		53		4
SA International Holdings Ltd.		10,000		7
Salvatore Ferragamo S.p.A		339		8
Sands China Ltd.		1,200		6
Sankyo Co., Ltd.		1,200		41
Sega Sammy Holdings, Inc.		3,100		40
Seven West Media Ltd.		18,767		21
Shangri-La Asia Ltd.		4,000		6
Sjm Holdings Ltd.		4,000		6
Sodexo		155		15
Sports Direct International plc⁽²⁾		4,124		45
Start Today Co., Ltd.		1,900		40
Swatch Group AG (The)		44		20
Tod’s S.p.A		95		8
Vivendi		611		15
World Duty Free S.p.A⁽²⁾		873		8
Wynn Macau Ltd.		2,400		7
Yue Yuen Industrial Holdings Ltd.		2,000		7

				1,359

Consumer Staples—14.2%
AAK AB		187		10
Anheuser-Busch InBev N.V.		407		46
Associated British Foods plc		892		44
Axfood AB		161		10
Beiersdorf AG		358		29
Carrefour S.A.		511		15
Casino Guichard Perrachon SA		165		15
Davide Campari-Milano S.p.A		1,307		8
First Resources Ltd.		5,000		7
Galenica AG Registered Shares		24		19
Golden Agri-Resources Ltd.		20,000		7


	SHARES		VALUE
Consumer Staples—(continued)
Heineken Holding NV		550	$	34
Henkel AG & KGaA		326		32
Jeronimo Martins SPGS SA		461		5
Kering		80		15
L’Oreal SA		90		15
M6-Metropole Television SA		801		15
Marine Harvest ASA		310		4
Matsui Securities Co., Ltd.		4,500		39
Mediaset S.p.A.⁽²⁾		1,950		8
Metro AG		906		28
Pola Orbis Holdings, Inc.		1,000		40
Remy Cointreau SA		224		15
Securitas AB Class B		827		10
Societe Television Francaise 1		978		15
Softbank Corp.		600		36
Sonae SGPS SA		3,682		4
Sugi Holdings Co., Ltd.		1,000		41
Sundrug Co., Ltd.		1,000		41
Super Group Ltd.		8,000		7
Unicharm Corp.		1,700		41
United Internet AG Registered Shares		708		32
Wilmar International Ltd.		3,000		7

				694

Diversified REIT—0.3%
Fonciere Des Regions		162		15

Energy—3.7%
Akastor ASA		1,392		4
Aker Solutions ASA⁽²⁾		786		4
Archer Ltd.⁽²⁾		7,790		4
Delek Group Ltd.		22		6
Det Norske Oljeselskap ASA⁽²⁾		814		4
Galp Energia SGPS SA		436		5
Genel Energy plc⁽²⁾		4,068		44
Golar LNG Ltd.		125		5
Knightsbridge Shipping Ltd.		946		4
Paz Oil Co., Ltd.		47		6
Petrofac Ltd.		4,074		44
RH Petrogas Ltd.⁽²⁾		21,000		6
Saras S.p.A⁽²⁾		8,099		8
Seadrill Ltd.		364		4
Ship Finance International Ltd.		311		5
Tenaris S.A. Sponsored ADR		279		9


	SHARES		VALUE
Energy—(continued)
Transocean Ltd.		1,152	$	21

				183

Financials—14.1%
Abacus Property Group REIT		8,337		20
ACOM Co. Ltd.⁽²⁾		13,600		42
Admiral Group plc		2,143		44
Africa Israel Investments Ltd.⁽²⁾		5,484		5
Ashmore Group plc		10,254		44
Assicurazioni Generali S.p.A		398		8
Banco Santander SA		1,786		15
Bank Hapoalim BM		1,261		6
Bank of East Asia Ltd.		1,600		6
Bankinter SA		1,832		15
Champion REIT		14,000		6
Cheung Kong Holdings Ltd.		400		7
City Developments Ltd.		1,000		8
First Pacific Co., Ltd.		6,000		6
Groupe Bruxelles Lambert SA		536		46
Hang Lung Group Ltd.		1,500		7
Hang Lung Properties Ltd.		2,000		6
Hargreaves Lansdown plc		2,844		45
Henderson Land Development Co., Ltd.		1,000		7
Hufvudstaden AB		773		10
Hysan Development Co. Ltd.		1,500		7
Industrivarden AB		542		10
Inmobiliaria Colonial SA⁽²⁾		22,093		15
Intu Properties plc REIT		8,481		44
Kerry Properties Ltd.		1,500		5
Lundbergforetagen AB Class B		229		10
Mediolanum SPA		1,269		8
New World Development Co., Ltd.		6,000		7
Oversea-Chinese Banking Corp., Ltd.		1,000		8
Pargesa Holding SA		262		20
Platinum Asset Management Ltd.		3,479		20
Regus plc		13,946		45
Reinet Investments SCA Receipt		20,376		44
Schroders plc		1,058		44
Sino Land Co., Ltd.		4,000		6
Sun Hung Kai Properties Ltd.		500		8
Svenska Handelsbanken Class A		215		10
United Overseas Bank Ltd.		400		7
United Overseas Land Ltd.		1,000		5
Wharf Holdings Ltd. (The)		1,000		7


	SHARES		VALUE
Financials—(continued)
Wheelock & Co., Ltd.		1,500	$	7

				690

Health Care—3.1%
BioMerieux		145		15
Eurofins Scientific SE		59		15
Getinge AB		441		10
Ipsen SA		291		15
Meda AB		707		10
Roche Holding AG		73		20
Straumann Holding AG		92		23
Taisho Pharmaceutical Holdings Co., Ltd.		600		37
Town Health International Medical Group Ltd.		40,000		6

				151

Industrials—17.1%
Abertis Infraestructuras SA		765		15
Actividades de Construccion y Servicios SA		434		15
Adecco SA Registered Shares		305		21
Alstom SA		472		15
Andritz AG		453		25
Assa Abloy AB Class B		191		10
Avance Gas Holding Ltd.		304		4
Bollore SA		3,163		14
Bouygues SA		420		15
Cargotec Oyj		769		24
Cheung Kong Infrastructure Holdings Ltd.		1,000		7
easyJet plc		1,731		45
Ferrovial SA		780		15
Fomento de Construcciones y Contratas SA⁽²⁾		1,044		15
Forbo Holding AG Registered Shares		21		21
Golden Ocean Group Ltd.		5,878		4
Holcim Ltd. Registered Shares		285		20
Hopewell Holdings Ltd.		1,500		5
Hutchison Whampoa Ltd.		500		6
Indutrade AB		250		10
Jardine Matheson Holdings Ltd.		100		6
Jardine Strategic Holdings Ltd.		200		7
Johnson Electric Holdings Ltd.		1,500		6
Kone Oyj		641		29
Kuehne & Nagel International AG		165		22
Lafarge SA		218		15
Nidec Corp.		600		39
Noble Group Ltd.		8,000		7


	SHARES		VALUE
Industrials—(continued)
Nordex SE⁽²⁾		1,658	$	30
Nws Holdings Ltd.		3,000		6
Obrascon Huarte Lain SA		666		15
OC Oerlikon Corp. AG Registered Shares⁽²⁾		1,631		20
OCI NV⁽²⁾		1,021		36
Orient Overseas International Ltd.		1,000		6
Orkla ASA		619		4
Prosegur Cia de Seguridad SA		2,609		15
Rational AG		104		33
Rieter Holding AG		100		17
Ryanair Holdings plc ADR⁽²⁾		664		47
Salini Impregilo SPA		2,204		8
Seven Group Holdings Ltd.		4,415		21
Sgl Carbon SE		1,453		24
SGS SA Registered Shares		10		20
Shun Tak Holdings Ltd.		14,000		6
Skanska AB Class B		464		10
Sulzer AG		166		18
Summit Ascent Holdings Ltd.⁽²⁾		14,000		7
Taro Pharmaceutical Industries Ltd.⁽²⁾		41		6
Techtronics Industries Co., Ltd.		2,000		6
Tecnicas Reunidas SA		345		15
Vossloh AG		444		29

				836

Information Technology—8.0%
Check Point Software Technologies Ltd.⁽²⁾		76		6
COLOPL, Inc.⁽²⁾		1,700		38
Dassault Systemes		250		15
Gree, Inc.		6,400		38
Gungho Online Entertainment ,Inc.		10,700		39
Hexagon AB		323		10
Keyence Corp.		100		45
Konami Corp.		2,200		40
Lenovo Group Ltd.		5,000		7
Nexon Co., Ltd.		4,100		38
Otsuka Corp.		1,200		38
SAP AG		415		29
VTech Holdings Ltd.		400		6
Yahoo Japan Corp.		11,000		39

				388

Materials—5.9%
Adelaide Brighton Ltd.		7,163		21


	SHARES		VALUE
Materials—(continued)
APERAM SA⁽²⁾		1,156	$	34
ArcelorMittal		3,206		35
Ems-Chemie Holding AG		50		20
Fortescue Metals Group Ltd.		9,453		21
Frutarom Industries Ltd.		212		6
Glencore International plc		9,657		45
HeidelbergCement AG		460		32
Hexpol AB		106		10
Holmen AB B Shares		289		10
Imerys SA		206		15
Israel Corp. Ltd. (The)⁽²⁾		12		6
Schmolz + Bickenbach AG⁽²⁾		15,847		17
Vicat		210		15

				287

Retail REITs—1.0%
Hongkong Land Holdings Ltd.		1,000		7
Scentre Group⁽²⁾		6,967		20
Westfield Corp.		2,761		20

				47

Telecommunication Services—2.0%
HKT Trust & HKT Ltd.		5,000		7
Iliad SA		64		15
PCCW Ltd.		9,000		6
Smartone Telecommunications Holdings Ltd.		4,000		7
Talktalk Telecom Group plc		9,404		44
TPG Telecom Ltd.		3,659		20

				99

Utilities—0.9%
CLP Holdings Ltd.		1,000		8
GDF Suez		644		15
Hong Kong & China Gas Co., Ltd.		3,000		7
Rubis SCA		264		15

				45

TOTAL COMMON STOCKS (Identified Cost $4,939)				4,794

TOTAL LONG TERM INVESTMENTS—98.1% (Identified Cost $4,939)				4,794


	SHARES		VALUE
SHORT-TERM INVESTMENTS—1.1%
Money Market Mutual Fund—1.1%
Fidelity Institutional Money Market Portfolio - Institutional Shares (seven-day effective yield 0.110%)		52,714	$	53

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $53)				53

TOTAL INVESTMENTS—99.2% (Identified Cost $4,992)				4,847	⁽¹⁾
Other assets and liabilities, net—0.8%				39

NET ASSETS—100.0%			$	4,886

Abbreviations:

ADR	American Depositary Receipt

REIT	Real Estate Investment Trust

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2014, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Non-income producing.


Country Weightings †
Japan	22	%
United Kingdom	14
France	9
Germany	9
Switzerland	8
Australia	6
Hong Kong	4
Other	28

Total	100	%

†	% of total investments as of December 31, 2014

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2014 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

There were no transfers between Level 1 and Level 2 related to securities held at December 31, 2014.


	SHARES		VALUE
EXCHANGE-TRADED FUND—96.0%
iShares S&P 100 Index Fund⁽²⁾⁽³⁾		51,946	$	4,724

TOTAL EXCHANGE-TRADED FUND (Identified Cost $4,354)				4,724

PURCHASED OPTIONS—0.2%
Call Options—0.2%
CBOE Volatility Index expiration 1/21/15 strike price $20		44		7
CBOE Volatility Index expiration 1/21/15 strike price $28		54		3

TOTAL PURCHASED OPTIONS (Premiums paid $11)				10

TOTAL LONG TERM INVESTMENTS—96.2% (Identified Cost $4,365)				4,734	⁽¹⁾

SHORT-TERM INVESTMENTS—24.5%
Money Market Mutual Fund—24.5%
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.110%)		1,203,996		1,204

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $1,204)				1,204

TOTAL INVESTMENTS, BEFORE WRITTEN OPTION—120.7% (Identified Cost $5,569)				5,938	⁽¹⁾

WRITTEN OPTION—(0.0%)
Call Option—(0.0%)
S&P 500^® Index expiration 1/9/15 strike price $2,140		22		(1	)

TOTAL WRITTEN OPTION (Premiums recieved $(2))				(1	)

TOTAL INVESTMENTS, NET OF WRITTEN OPTION—120.7% (Identified Cost $5,567)				5,937	⁽¹⁾
Other assets and liabilities, net—(20.7)%				(1,020	)

NET ASSETS—100.0%			$	4,917

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2014, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	All or a portion 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, 2014 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

There are no Level 2 (significant observable inputs) or Level 3 (significant unobservable inputs) priced securities.

There were no transfers between Level 1 and Level 2 related to securities held at December 31, 2014.


	PAR VALUE			VALUE
MUNICIPAL BONDS—0.3%
Kentucky—0.1%
Commonwealth of Kentucky Taxable 3.165%, 4/1/18	$	327		$	336

Michigan—0.0%
Tobacco Settlement Finance Authority Taxable Series 06-A, 7.309%, 6/1/34		145			126

Texas—0.1%
City of Houston Airport System Revenue United Airlines, Inc., Terminal E Project 4.750%, 7/1/24		200			216

Virginia—0.1%
Tobacco Settlement Financing Corp. Series A-1, Taxable 6.706%, 6/1/46		325			244

TOTAL MUNICIPAL BONDS (Identified Cost $978)					922

FOREIGN GOVERNMENT SECURITIES—7.2%
Argentine Republic
Series X, 7.000%, 4/17/17		575			555
8.750%, 5/7/24		405			397
Series NY, 8.280%, 12/31/33⁽¹⁴⁾		2,762			2,479
Bolivarian Republic of Venezuela
RegS 7.000%, 12/1/18⁽⁴⁾		510			235
RegS 8.250%, 10/13/24⁽⁴⁾		1,110			488
7.650%, 4/21/25		1,500			643
9.250%, 9/15/27		360			168
9.375%, 1/13/34		2,145			942
Federative Republic of Brazil 8.500%, 1/5/24		4,990	^BRL		1,722
Kingdom of Morocco 144A 4.250%, 12/11/22⁽³⁾		1,030			1,043
Mongolia
144A 4.125%, 1/5/18⁽³⁾		450			419
144A 5.125%, 12/5/22⁽³⁾		825			718
Provincia de Neuquen, Argentina 144A 7.875%, 4/26/21⁽³⁾		496			491
Republic of Chile 5.500%, 8/5/20		474,000	^CLP		821
Republic of Colombia
12.000%, 10/22/15		925,000	^COP		409
Treasury Note, Series B, 11.250%, 10/24/18		865,000	^COP		430
4.375%, 3/21/23		1,867,000	^COP		688
Republic of Costa Rica 144A 4.375%, 4/30/25⁽³⁾		795			706
Republic of El Salvador 144A 6.375%, 1/18/27⁽³⁾		905			912


	PAR VALUE			VALUE
Republic of Ghana 144A 8.125%, 1/18/26⁽³⁾	$	400		$	371
Republic of Indonesia
Series FR30, 10.750%, 5/15/16		18,654,000	^IDR		1,572
Series FR55, 7.375%, 9/15/16		9,559,000	^IDR		768
Series FR63, 5.625%, 5/15/23		6,141,000	^IDR		427
Republic of Iraq RegS 5.800%, 1/15/28⁽⁴⁾		610			515
Republic of Kazakhstan 144A 4.875%, 10/14/44⁽³⁾		725			665
Republic of Philippines 4.950%, 1/15/21		32,000	^PHP		746
Republic of South Africa
Series R203, 8.250%, 9/15/17		3,690	^ZAR		329
Series R208, 6.750%, 3/31/21		6,720	^ZAR		556
Republic of Uruguay 4.375%, 12/15/28		22,428	^UYU(9)		919
Russian Federation 144A 7.850%, 3/10/18⁽³⁾		60,000	^RUB		805
United Mexican States
Series M, 6.000%, 6/18/15		30,592	^MXN		2,101
Series M, 6.500%, 6/9/22		30,825	^MXN		2,191

TOTAL FOREIGN GOVERNMENT SECURITIES (Identified Cost $32,083)					26,231

MORTGAGE-BACKED SECURITIES—9.7%
Agency—1.2%
FNMA
3.000%, 6/1/43		2,507			2,538
4.000%, 10/1/44		1,589			1,698

					4,236

Non-Agency—8.5%
A-10 Securitization LLC 13-1, B 144A 4.120%, 11/15/25⁽³⁾		1,100			1,096
Aventura Mall Trust 13-AVM, C 144A 3.743%, 12/5/32⁽²⁾⁽³⁾		845			870
Banc of America Alternative Loan Trust
03-2, CB3 5.750%, 4/25/33		973			1,009
07-2, 2A4 5.750%, 6/25/37		824			644
Banc of America Funding Trust
05-1, 1A1 5.500%, 2/25/35		680			692
06-2, 3A1 6.000%, 3/25/36		371			372
Bank of America (Merrill Lynch - Countrywide) Alternative Loan Trust
04-22CB, 1A1 6.000%, 10/25/34		599			635
04-24CB, 1A1 6.000%, 11/25/34		131			134
Bank of America (Merrill Lynch - Countrywide) Mortgage Trust 06-C1, AM 5.677%, 5/12/39⁽²⁾		715			751


	PAR VALUE		VALUE
Non-Agency—(continued)
Bank of America (Merrill Lynch) Mortgage Investors Trust 98-C1, CTL 6.750%, 11/15/26⁽²⁾	$	1,260	$	1,409
Barclays (Lehman Brothers) - UBS Commercial Mortgage Trust 07-C7, A3 5.866%, 9/15/45⁽²⁾		451		495
Citigroup Mortgage Loan Trust, Inc. 05-5, 2A3 5.000%, 8/25/35		424		406
Commercial Mortgage Trust 07-GG11, AM 5.867%, 12/10/49⁽²⁾		1,200		1,301
Credit Suisse Commercial Mortgage Trust 07 - C5, A1AM 5.870%, 9/15/40⁽²⁾		939		961
Extended Stay America Trust 13-ESH7, A17 144A 2.295%, 12/5/31⁽³⁾		750		740
Fannie Mae Connecticut Avenue Securities 14-C02, 2M2 2.770%, 5/25/24⁽²⁾		1,080		951
Goldman Sachs Mortgage Pass-Through-Securities Mortgage Loan Trust
05-RP1, 1A3 144A 8.000%, 1/25/35⁽³⁾		1,123		1,188
06-RP1, 1A4 144A 8.500%, 1/25/36⁽³⁾		790		850
Goldman Sachs Mortgage Securities Trust II 07-GG10, A4 5.796%, 8/10/45⁽²⁾		677		733
Hilton USA Trust 13-HLT, EFX 144A 5.222%, 11/5/30⁽²⁾⁽³⁾		720		738
Jefferies Resecuritization Trust 14-R1, 2A1 144A 4.000%, 12/27/37⁽³⁾		968		965
JPMorgan Chase (Bear Stearns) Commercial Mortgage Securities, Inc.
06-PW12, AM 5.743%, 9/11/38⁽²⁾		650		684
05-PW10, AM 5.449%, 12/11/40⁽²⁾		895		924
06-PW13, AM 5.582%, 9/11/41⁽²⁾		1,360		1,436
07-PW18, AM 6.084%, 6/11/50⁽²⁾		1,525		1,677
JPMorgan Chase Commercial Mortgage Securities Trust
10-CNTR, A2 144A 4.311%, 8/5/32⁽³⁾		750		819
07-LDPX, AM 5.464%, 1/15/49⁽²⁾		1,000		1,037
JPMorgan Chase Mortgage Trust 14-1, 1A1 144A 4.000%, 1/25/44⁽²⁾⁽³⁾		962		1,008
MASTR Alternative Loan Trust 04-6, 7A1 6.000%, 7/25/34		505		514
MASTR Reperforming Loan Trust 05-1, 1A5 144A 8.000%, 8/25/34⁽³⁾		686		703
Morgan Stanley Capital I Trust 07-IQ14, AM 5.684%, 4/15/49⁽²⁾		925		963
Motel 6 Trust 12-MTL6 D 144A 3.781%, 10/5/25⁽³⁾		1,075		1,063


	PAR VALUE		VALUE
Non-Agency—(continued)
Nomura Asset Acceptance Corp. 04-R3, A1 144A 6.500%, 2/25/35⁽³⁾	$	293	$	301
Residential Funding Mortgage Securities I, Inc. 05-S1, 1A2 5.500%, 2/25/35		943		950
Sequoia Mortgage Trust 14-2, A1 144A 4.000%, 7/25/44⁽²⁾⁽³⁾		518		536
Wells Fargo (Wachovia Bank) Commercial Mortgage Trust
06-C25, AM 5.723%, 5/15/43⁽²⁾		1,125		1,183
07-C32, A3 5.716%, 6/15/49⁽²⁾		360		386

				31,124

TOTAL MORTGAGE-BACKED SECURITIES (Identified Cost $34,710)				35,360

ASSET-BACKED SECURITIES—4.0%
American Homes 4 Rent 14-SFR2, C 144A 4.705%, 10/17/36⁽³⁾		915		933
Applebee’s (IHOP Funding LLC) 14-1, A2 144A 4.277%, 9/5/44⁽³⁾		1,260		1,264
Bank of America (Merrill Lynch - Countrywide) Asset-Backed Certificates
05-1 AF5A 5.332%, 7/25/35⁽²⁾		1,220		1,213
05-12, 1A4 5.323%, 2/25/36⁽²⁾		576		576
05-12, 2A4 5.575%, 2/25/36⁽²⁾		540		522
Carfinance Capital Auto Trust 14-1A, D 144A 4.900%, 4/15/20⁽³⁾		1,316		1,349
Cheesecake Restaurant Holdings, Inc. 13-1A, A2 144A 4.474%, 3/20/43⁽³⁾		945		958
Conseco Financial Corp. 01-3, A4 6.910%, 5/1/33⁽²⁾		391		432
Domino’s Pizza Master Issuer LLC 12-1A, A2 144A 5.216%, 1/25/42⁽³⁾		1,208		1,266
Fairway Outdoor Funding LLC 12-1A, A2 144A 4.212%, 10/15/42⁽³⁾		559		561
GMAC Mortgage Corp. Loan Trust 06-HLTV, A4 5.810%, 10/25/29		326		329
GSAA Home Equity Trust 05-12, AF3W 4.999%, 9/25/35⁽²⁾		659		671
IndyMac Manufactured Housing Contract 98-1, A3 6.370%, 9/25/28		277		285
MASTR Specialized Loan Trust 05-3, A2 144A 5.704%, 11/25/35⁽²⁾⁽³⁾		465		475


	PAR VALUE		VALUE
Origen Manufactured Housing Contract Trust 04-B, M1 5.730%, 11/15/35⁽²⁾	$	508	$	530
Residential Asset Mortgage Trust 04-RZ1, M1 4.820%, 3/25/34⁽²⁾		1,081		1,092
Residential Funding Mortgage Securities II Home Loan Trust
03-HS3, AI4 5.550%, 9/25/33⁽²⁾		440		455
07-HI1, A3 5.720%, 3/25/37		302		308
SolarCity LMC Series III LLC 14-2, A 144A 4.020%, 7/20/44⁽³⁾		1,000		1,005
Trip Rail Master Funding LLC 11-1A, A1A 144A 4.370%, 7/15/41⁽³⁾		253		263

TOTAL ASSET-BACKED SECURITIES (Identified Cost $14,211)				14,487

CORPORATE BONDS AND NOTES—61.0%
Consumer Discretionary—7.7%
Anna Merger Sub, Inc. 144A 7.750%, 10/1/22⁽³⁾		715		726
Ashton Woods USA LLC (Ashton Woods Finance Co.) 144A 6.875%, 2/15/21⁽³⁾		1,100		1,050
Boyd Gaming Corp. 9.000%, 7/1/20		870		895
Brookfield Residential Properties, Inc. 144A 6.125%, 7/1/22⁽³⁾		185		193
Caesars Entertainment Operating Co., Inc. 9.000%, 2/15/20		535		399
Caesars Entertainment Resort Properties LLC 144A 8.000%, 10/1/20⁽³⁾		320		315
Caesars Growth Properties Holdings LLC 144A 9.375%, 5/1/22⁽³⁾		495		438
CCO Holdings LLC
5.250%, 3/15/21		467		472
5.250%, 9/30/22		495		496
Cequel Communications Holdings I LLC (Cequel Capital Corp.)
144A 5.125%, 12/15/21⁽³⁾		275		268
144A 5.125%, 12/15/21⁽³⁾		655		639
Clear Channel Worldwide Holdings, Inc.
Series A 7.625%, 3/15/20		320		334
Series B 7.625%, 3/15/20		1,595		1,687
Columbus International, Inc. 144A 7.375%, 3/30/21⁽³⁾		200		209
iHeartCommunications, Inc. 10.000%, 1/15/18		615		534
Intelsat Jackson Holdings SA 5.500%, 8/1/23		760		758
International Game Technology 7.500%, 6/15/19		580		628


	PAR VALUE		VALUE
Consumer Discretionary—(continued)
Isle of Capri Casinos, Inc. 5.875%, 3/15/21	$	1,320	$	1,346
Jaguar Land Rover Automotive plc 144A 4.250%, 11/15/19⁽³⁾		320		324
Landry’s, Inc. 144A 9.375%, 5/1/20⁽³⁾		475		506
Lear Corp. 5.250%, 1/15/25		750		763
Meritor, Inc. 6.750%, 6/15/21		960		1,008
MGM Resorts International 6.000%, 3/15/23		975		985
MHGE Parent LLC 144A 8.500%, 8/1/19⁽³⁾		730		714
Mohegan Tribal Gaming Authority 9.750%, 9/1/21		500		513
MPG Holdco I, Inc. 144A 7.375%, 10/15/22⁽³⁾		100		104
Norwegian Cruise Lines Corp. Ltd. 144A 5.250%, 11/15/19⁽³⁾		90		91
Numericable Group SA 144A 6.000%, 5/15/22⁽³⁾		605		609
Penn National Gaming, Inc. 5.875%, 11/1/21		490		458
Pinnacle Entertainment, Inc. 6.375%, 8/1/21		1,035		1,071
QVC, Inc. 5.125%, 7/2/22		240		253
Scientific Games International, Inc.
144A 6.625%, 5/15/21⁽³⁾		910		638
144A 7.000%, 1/1/22⁽³⁾		590		600
Sinclair Television Group, Inc. 5.375%, 4/1/21		1,155		1,152
Standard Pacific Corp. 5.875%, 11/15/24		545		548
Station Casinos LLC 7.500%, 3/1/21		970		999
Taylor Morrison Communities, Inc. (Monarch Communities, Inc.) 144A 5.250%, 4/15/21⁽³⁾		1,410		1,396
Tenneco, Inc. 5.375%, 12/15/24		360		371
Toll Brothers Finance Corp.
4.000%, 12/31/18		375		377
6.750%, 11/1/19		940		1,057
Viking Cruises Ltd. 144A 8.500%, 10/15/22⁽³⁾		870		946
VTR Finance B.V. 144A 6.875%, 1/15/24⁽³⁾		600		613
Wynn Macau Ltd. 144A 5.250%, 10/15/21⁽³⁾		700		661

				28,144

Consumer Staples—0.7%
Darling Ingredients, Inc. 5.375%, 1/15/22		840		831
Dole Food Co., Inc. 144A 7.250%, 5/1/19⁽³⁾		545		544
Ingles Markets, Inc. 5.750%, 6/15/23		975		981

				2,356

Energy—10.6%
Afren plc 144A 11.500%, 2/1/16⁽³⁾		475		404
Atlas Energy Holdings Operating Co. LLC 7.750%, 1/15/21		325		237


	PAR VALUE		VALUE
Energy—(continued)
California Resources Corp. 144A 6.000%, 11/15/24⁽³⁾	$	1,265	$	1,075
Calumet Specialty Products Partners LP 144A 6.500%, 4/15/21⁽³⁾		1,130		1,014
Carrizo Oil & Gas, Inc.
7.500%, 9/15/20		510		492
144A 7.500%, 9/15/20⁽³⁾		555		536
CHC Helicopter SA 9.250%, 10/15/20		653		643
Compagnie Generale de Geophysique-Veritas 6.500%, 6/1/21		725		555
CONSOL Energy, Inc. 144A 5.875%, 4/15/22⁽³⁾		650		608
Denbury Resources, Inc. 5.500%, 5/1/22		885		814
Endeavor Energy Resources LP 144A 7.000%, 8/15/21⁽³⁾		695		619
Energy Transfer Partners LP 5.875%, 1/15/24		885		903
Energy XXI Gulf Coast, Inc. 144A 6.875%, 3/15/24⁽³⁾		1,105		599
EnQuest plc 144A 7.000%, 4/15/22⁽³⁾		885		558
EP Energy LLC 9.375%, 5/1/20		840		853
EPL Oil & Gas, Inc. 8.250%, 2/15/18		1,120		857
Exterran Partners LP 144A 6.000%, 10/1/22⁽³⁾		740		636
Forest Oil Corp. 7.250%, 6/15/19		935		346
FTS International, Inc. 144A 6.250%, 5/1/22⁽³⁾		450		335
Gazprom Neft OAO (GPN Capital SA) 144A 6.000%, 11/27/23⁽³⁾⁽⁷⁾		255		203
Gazprom OAO (Gaz Capital SA) 144A 3.850%, 2/6/20⁽³⁾⁽⁷⁾		1,115		914
Gulfmark Offshore, Inc. 6.375%, 3/15/22		960		725
Gulfport Energy Corp. 144A 7.750%, 11/1/20⁽³⁾		885		869
Halcon Resources Corp. 8.875%, 5/15/21		910		689
Laredo Petroleum, Inc. 7.375%, 5/1/22		830		780
Linn Energy LLC
6.500%, 5/15/19		512		440
6.500%, 9/15/21		155		126
Lukoil OAO International Finance BV
144A 7.250%, 11/5/19⁽³⁾		525		497
144A 4.563%, 4/24/23⁽³⁾		495		396
MarkWest Energy Partners LP (MarkWest Energy Finance Corp.) 4.875%, 12/1/24		1,520		1,493
MEG Energy Corp. 144A 7.000%, 3/31/24⁽³⁾		500		455
Newfield Exploration Co.
5.750%, 1/30/22		160		158
5.625%, 7/1/24		785		777


	PAR VALUE			VALUE
Energy—(continued)
NGL Energy Partners LP (NGL Energy Finance Corp.) 144A 5.125%, 7/15/19⁽³⁾	$	925		$	889
Novatek OAO (Novatek Finance Ltd.) 144A 4.422%, 12/13/22⁽³⁾⁽⁷⁾		1,105			818
Odebrecht Offshore Drilling Finance Ltd. 144A 6.750%, 10/1/22⁽³⁾		1,155			1,056
Pacific Rubiales Energy Corp. 144A 5.375%, 1/26/19⁽³⁾		915			791
Parker Drilling Co. (The) 7.500%, 8/1/20		1,075			871
Pertamina Persero PT
144A 4.300%, 5/20/23⁽³⁾		600			576
144A 6.000%, 5/3/42⁽³⁾		400			391
Petrobras Global Finance BV 6.250%, 3/17/24		830			790
Petrobras International Finance Co. 5.375%, 1/27/21		500			463
Petroleos de Venezuela SA
Series 2015, 5.000%, 10/28/15		385			291
RegS 8.500%, 11/2/17⁽⁴⁾		485			279
144A 6.000%, 5/16/24⁽³⁾		2,530			969
RegS 6.000%, 11/15/26⁽⁴⁾		790			292
Petroleos Mexicanos
4.875%, 1/18/24		305			317
5.500%, 6/27/44		650			663
PHI, Inc. 5.250%, 3/15/19		360			308
QEP Resources, Inc. 6.875%, 3/1/21		1,105			1,138
QGOG Constellation SA 144A 6.250%, 11/9/19⁽³⁾		1,000			632
Regency Energy Partners LP 4.500%, 11/1/23		1,160			1,070
Rosetta Resources, Inc. 5.875%, 6/1/22		945			860
Sabine Pass Liquefaction LLC 5.625%, 2/1/21		915			904
SM Energy Co. 144A 6.125%, 11/15/22⁽³⁾		1,160			1,093
Targa Resources Partners LP 6.375%, 8/1/22		787			801
Transocean, Inc. 3.800%, 10/15/22		1,050			851
Tullow Oil plc 144A 6.000%, 11/1/20⁽³⁾		945			794

					38,513

Financials—19.6%
Aircastle Ltd. 5.125%, 3/15/21		1,715			1,719
Akbank TAS 144A 7.500%, 2/5/18⁽³⁾		1,565	^TRY		614
Allstate Corp. (The) 5.750%, 8/15/53⁽²⁾⁽⁶⁾		1,455			1,533
ALROSA Finance S.A. 144A 7.750%, 11/3/20⁽³⁾		1,065			1,012
Ares Capital Corp. 3.875%, 1/15/20		755			754
Banco ABC Brasil S.A. 144A 7.875%, 4/8/20⁽³⁾		1,025			1,061
Banco Bilbao Vizcaya Argentaria Bancomer S.A.


	PAR VALUE			VALUE
Financials—(continued)
144A 6.500%, 3/10/21⁽³⁾	$	425		$	460
144A 6.750%, 9/30/22⁽³⁾		1,000			1,100
Banco Bradesco S.A. 144A 5.900%, 1/16/21⁽³⁾		1,150			1,202
Banco de Credito del Peru
144A 4.250%, 4/1/23⁽³⁾		657			649
144A 6.125%, 4/24/27⁽²⁾⁽³⁾		1,095			1,155
Banco do Brasil S.A. 144A 5.375%, 1/15/21⁽³⁾		600			596
Banco Internacional del Peru SAA
144A 5.750%, 10/7/20⁽³⁾		1,060			1,155
144A 6.625%, 3/19/29⁽²⁾⁽³⁾		395			419
Banco Santander Brasil SA 144A 8.000%, 3/18/16⁽³⁾		900	^BRL		324
Banco Votorantim S.A. 144A 7.375%, 1/21/20⁽³⁾		1,660			1,755
Bancolombia S.A. 5.125%, 9/11/22		1,015			1,006
Bank of America Corp. 4.200%, 8/26/24		1,140			1,161
Bank of China Ltd. 144A 5.000%, 11/13/24⁽³⁾		875			899
Bank of Georgia JSC 144A 7.750%, 7/5/17⁽³⁾		1,015			1,051
Barclays Bank plc 144A 5.926% ^(2)(3)(5)(6)		600			628
Braskem America Finance Co. RegS 7.125%, 7/22/41⁽⁴⁾		1,300			1,287
Brazil Loan Trust 1 144A 5.477%, 7/24/23⁽³⁾		1,050			1,066
Caixa Economica Federal 144A 7.250%, 7/23/24⁽²⁾⁽³⁾		910			869
CorpGroup Banking S.A. 144A 6.750%, 3/15/23⁽³⁾		1,075			1,065
Credit Bank of Moscow 144A 7.700%, 2/1/18⁽³⁾⁽⁷⁾		245			184
CTR Partnership LP (Caretrust Capital Corp.) 5.875%, 6/1/21		720			733
Development Bank of Kazakhstan OJSC 144A 4.125%, 12/10/22⁽³⁾		1,090			916
Discover Financial Services, Inc. 3.950%, 11/6/24		1,250			1,259
Drawbridge Special Opportunities Fund LP 144A 5.000%, 8/1/21⁽³⁾		915			914
E*Trade Financial Corp. 5.375%, 11/15/22		965			989
Eurasian Development Bank 144A 4.767%, 9/20/22⁽³⁾		925			782
Evergrande Real Estate Group Ltd. 144A 8.750%, 10/30/18⁽³⁾		620			572
Excel Trust LP 4.625%, 5/15/24		230			239
First Cash Financial Services, Inc. 6.750%, 4/1/21		530			554
First Niagara Financial Group, Inc. 7.250%, 12/15/21		1,160			1,315
General Motors Financial Co., Inc. 4.750%, 8/15/17		1,535			1,623


	PAR VALUE			VALUE
Financials—(continued)
Genworth Holdings, Inc. 4.900%, 8/15/23	$	750		$	608
GLP Capital LP (GLP Financing II, Inc.)
4.875%, 11/1/20		755			764
5.375%, 11/1/23		25			26
Hertz Corp. (The) 6.250%, 10/15/22		440			447
HSBC Finance Corp. 6.676%, 1/15/21		500			593
Hutchison Whampoa International Ltd. Series 12, 144A 6.000% ^(2)(3)(5)(6)		1,130			1,205
ICAHN Enterprises LP (ICAHN Enterprises Finance Corp.)
4.875%, 3/15/19		65			65
6.000%, 8/1/20		370			381
5.875%, 2/1/22		755			758
ICICI Bank Ltd. 144A 4.800%, 5/22/19⁽³⁾		940			1,003
iStar Financial, Inc. 5.000%, 7/1/19		940			916
Itau Unibanco Holding S.A. 144A 5.125%, 5/13/23⁽³⁾		1,085			1,082
Kazakhstan Temir Zholy Finance BV 144A 6.950%, 7/10/42⁽³⁾		795			769
Landry’s Holdings II, Inc. 144A 10.250%, 1/1/18⁽³⁾		425			440
Leucadia National Corp. 5.500%, 10/18/23		575			589
Lincoln National Corp. 6.050%, 4/20/67⁽²⁾⁽⁶⁾		300			300
Macquarie Bank Ltd. 144A 6.625%, 4/7/21⁽³⁾		189			218
Morgan Stanley
144A 10.090%, 5/3/17⁽³⁾		2,400	^BRL		879
Series H, 5.450%, 12/29/49⁽²⁾		925			928
MPT Operating Partnership LP 5.500%, 5/1/24		325			340
Nationstar Mortgage LLC 6.500%, 7/1/21		2,065			1,889
Navient LLC 5.500%, 1/25/23		850			814
Nordea Bank AB 144A 4.250%, 9/21/22⁽³⁾		1,360			1,412
PennantPark Investment Corp. 4.500%, 10/1/19		785			786
Phosagro OAO (Phosagro Bond Funding Ltd.) 144A 4.204%, 2/13/18⁽³⁾⁽⁷⁾		875			753
PKO Finance AB 144A 4.630%, 9/26/22⁽³⁾⁽⁷⁾		1,315			1,377
Progressive Corp. (The) 6.700%, 6/15/37⁽²⁾		1,200			1,298
Prudential Financial, Inc.
5.875%, 9/15/42⁽²⁾		2,155			2,274
5.625%, 6/15/43⁽²⁾⁽⁶⁾		450			460
Reliance Holdings USA, Inc. 144A 5.400%, 2/14/22⁽³⁾		1,000			1,083
Royal Bank of Scotland Group plc (The)
6.400%, 10/21/19		370			430
7.648%, 8/29/49^(2)(5)(6)		550			644


	PAR VALUE		VALUE
Financials—(continued)
Russian Agricultural Bank OJSC (RSHB Capital SA) 144A 5.298%, 12/27/17⁽³⁾	$	315	$	266
Sabra Health Care LP 5.500%, 2/1/21		615		641
Santander Bank NA 8.750%, 5/30/18		400		476
Schaeffler Holding Finance BV PIK Interest Capitalization, 144A 6.875%, 8/15/18^(3)(12)		255		267
Springleaf Finance Corp. 5.250%, 12/15/19		950		933
SunTrust Bank, Inc. 5.400%, 4/1/20		250		275
Teachers Insurance & Annuity Association of America 144A 4.375%, 9/15/54⁽²⁾⁽³⁾		740		744
Turkiye Garanti Bankasi AS 144A 5.250%, 9/13/22⁽³⁾		1,285		1,318
Ukreximbank Via Biz Finance plc RegS 8.375%, 4/27/15⁽⁴⁾⁽⁷⁾		450		342
Vnesheconombank (VEB Finance plc) 144A 6.800%, 11/22/25⁽³⁾⁽⁷⁾		500		393
Voya Financial, Inc. (ING (U.S.), Inc.) 5.650%, 5/15/53⁽²⁾		1,210		1,204
VTB Bank OJSC (VTB Capital SA) 144A 6.000%, 4/12/17⁽³⁾⁽⁷⁾		1,430		1,233
Walter Investment Management Corp. 7.875%, 12/15/21		1,100		987
WideOpenWest Finance LLC 10.250%, 7/15/19		490		513
Yapi ve Kredi Bankasi AS 144A 4.000%, 1/22/20⁽³⁾		1,080		1,046
York Risk Services Holding Corp. 144A 8.500%, 10/1/22⁽³⁾		685		688

				71,477

Health Care—3.6%
Acadia Healthcare Co.,Inc. 5.125%, 7/1/22		300		297
Capsugel SA PIK Interest Capitalization 144A 7.000%, 5/15/19^(3)(12)		200		202
Catamaran Corp. 4.750%, 3/15/21		585		587
Centene Corp. 4.750%, 5/15/22		715		718
Community Health Systems, Inc. 6.875%, 2/1/22		525		559
Crimson Merger Sub, Inc. 144A 6.625%, 5/15/22⁽³⁾		710		639
DaVita Healthcare Partners, Inc. 5.125%, 7/15/24		935		955
Endo Finance LLC 144A 5.375%, 1/15/23⁽³⁾		1,270		1,248
HCA, Inc. 6.500%, 2/15/20		990		1,112
IASIS Healthcare LLC 8.375%, 5/15/19		545		574
LifePoint Hospitals, Inc. 5.500%, 12/1/21		435		447
Mallinckrodt International Finance S.A. 144A 5.750%, 8/1/22⁽³⁾		360		370


	PAR VALUE		VALUE
Health Care—(continued)
MPH Acquisition Holdings LLC 144A 6.625%, 4/1/22⁽³⁾	$	595	$	610
Omnicare, Inc. 4.750%, 12/1/22		20		20
Select Medical Corp. 6.375%, 6/1/21		905		923
Tenet Healthcare Corp.
144A 5.500%, 3/1/19⁽³⁾		550		565
4.750%, 6/1/20		1,150		1,173
6.000%, 10/1/20		180		194
4.500%, 4/1/21		470		473
8.125%, 4/1/22		770		862
Valeant Pharmaceuticals International, Inc.
144A 6.750%, 8/15/18⁽³⁾		255		272
144A 7.500%, 7/15/21⁽³⁾		130		141
144A 5.625%, 12/1/21⁽³⁾		140		141

				13,082

Industrials—6.2%
AAR Corp. 7.250%, 1/15/22		1,135		1,232
ADT Corp. (The) 6.250%, 10/15/21		1,130		1,164
Ahern Rentals, Inc. 144A 9.500%, 6/15/18⁽³⁾		925		962
Air Canada
144A 6.750%, 10/1/19⁽³⁾		1,050		1,095
Pass-Through-Trust, 13-1, B 144A 5.375%, 5/15/21⁽³⁾		1,424		1,445
American Airlines Pass-Through-Trust 14-1, B 4.375%, 10/1/22		900		923
Atlas Air Pass-Through-Trust
98-1, A 7.380%, 1/2/18		157		158
00-1, A 8.707%, 1/2/19		131		135
Avis Budget Car Rental LLC 5.500%, 4/1/23		530		543
AWAS Aviation Capital Ltd. 144A 7.000%, 10/17/16⁽³⁾		804		827
Bombardier, Inc. 144A 6.125%, 1/15/23⁽³⁾		1,570		1,605
Builders FirstSource, Inc. 144A 7.625%, 6/1/21⁽³⁾		885		909
Building Materials Corp. of America 144A 5.375%, 11/15/24⁽³⁾		430		431
Carpenter Technology Corp. 5.200%, 7/15/21		600		637
Continental Airlines Pass-Through-Trust
00-1, A1 8.048%, 11/1/20		769		872
01-1, A1 6.703%, 6/15/21		235		253
CPG Merger Sub LLC 144A 8.000%, 10/1/21⁽³⁾		310		318
DP World Ltd. 144A 6.850%, 7/2/37⁽³⁾		400		451
ESAL GmbH 144A 6.250%, 2/5/23⁽³⁾		1,110		1,057


	PAR VALUE			VALUE
Industrials—(continued)
Harland Clarke Holdings Corp. 144A 6.875%, 3/1/20⁽³⁾	$	600		$	588
Huntington Ingalls Industries, Inc. 144A 5.000%, 12/15/21⁽³⁾		345			352
KLX, Inc. 144A 5.875%, 12/1/22⁽³⁾		1,130			1,144
Lender Processing Services, Inc. 5.750%, 4/15/23		1,000			1,050
Masco Corp. 5.950%, 3/15/22		640			710
Northwest Airlines Pass-Through-Trust 02-1, G2 6.264%, 11/20/21		440			474
Odebrecht Finance Ltd. 144A 8.250%, 4/25/18⁽³⁾		650	^BRL		207
Rexel SA 144A 5.250%, 6/15/20⁽³⁾		1,130			1,144
Spirit AeroSystems, Inc. 5.250%, 3/15/22		250			256
TransDigm, Inc. 6.000%, 7/15/22		900			902
U.S. Airways Pass-Through-Trust 11-1, A 7.125%, 10/22/23		591			688

					22,532

Information Technology—2.6%
Alcatel-Lucent USA, Inc. 144A 6.750%, 11/15/20⁽³⁾		490			520
Avaya, Inc. 144A 7.000%, 4/1/19⁽³⁾		1,385			1,357
Equinix, Inc. 4.875%, 4/1/20		465			465
First Data Corp.
144A 8.250%, 1/15/21⁽³⁾		475			511
11.750%, 8/15/21		1,854			2,137
PIK Interest Capitalization, 144A 8.750%, 1/15/22^(3)(12)		645			696
Infinity Acquisition LLC (Infinity Acquisition Finance Corp.) 144A 7.250%, 8/1/22⁽³⁾		745			678
Infor Software Parent LLC PIK Interest Capitalization, 144A 7.125%, 5/1/21^(3)(12)		275			271
Interactive Data Corp. 144A 5.875%, 4/15/19⁽³⁾		1,050			1,046
QualityTech LP (QTS Finance Corp.) 144A 5.875%, 8/1/22⁽³⁾		75			75
Sanmina Corp. 144A 4.375%, 6/1/19⁽³⁾		155			154
Sophia Holding Finance LP PIK Interest Capitalization, 144A 9.625%, 12/1/18^(3)(12)		710			716
Sungard Availability Services Capital, Inc. 144A 8.750%, 4/1/22⁽³⁾		255			152
VeriSign, Inc. 4.625%, 5/1/23		810			798

					9,576

Materials—5.9%
Alpek SA de C.V. 144A 5.375%, 8/8/23⁽³⁾		1,460			1,529


	PAR VALUE			VALUE
Materials—(continued)
Beverage Packaging Holdings Luxembourg II SA 144A 6.000%, 6/15/17⁽³⁾	$	1,700		$	1,662
Cascades, Inc. 144A 5.500%, 7/15/22⁽³⁾		1,100			1,099
Cemex SAB de CV 144A 9.500%, 6/15/18⁽³⁾		976			1,069
Eldorado Gold Corp. 144A 6.125%, 12/15/20⁽³⁾		455			444
EuroChem Mineral & Chemical Co. OJSC 144A 5.125%, 12/12/17⁽³⁾⁽⁷⁾		550			473
Fortescue Metals Group (FMG) 144A 8.250%, 11/1/19⁽³⁾		1,055			964
Gerdau Holdings, Inc. 144A 7.000%, 1/20/20⁽³⁾		835			903
Gerdau Trade, Inc.
144A 5.750%, 1/30/21⁽³⁾		250			254
144A 4.750%, 4/15/23⁽³⁾		590			550
Hexion U.S. Finance Corp.
8.875%, 2/1/18		595			531
6.625%, 4/15/20		580			571
Nufarm Australia Ltd. 144A 6.375%, 10/15/19⁽³⁾		580			586
Rayonier AM Products, Inc. 144A 5.500%, 6/1/24⁽³⁾		555			458
Samarco Mineracao SA 144A 5.375%, 9/26/24⁽³⁾		920			853
Sappi Papier Holding GmbH
144A 8.375%, 6/15/19⁽³⁾		440			473
144A 6.625%, 4/15/21⁽³⁾		1,710			1,761
Sealed Air Corp. 144A 4.875%, 12/1/22⁽³⁾		980			975
Severstal OAO (Steel Capital SA) 144A 6.700%, 10/25/17⁽³⁾⁽⁷⁾		425			394
Tronox Finance LLC 6.375%, 8/15/20		950			957
Turkiye Sise Ve Cam Fabrikalari AS 144A 4.250%, 5/9/20⁽³⁾		695			682
Union Andina de Cementos SAA 144A 5.875%, 10/30/21⁽³⁾		155			158
United States Steel Corp. 6.875%, 4/1/21		1,360			1,394
Vale Overseas Ltd. 4.375%, 1/11/22		1,355			1,306
Vedanta Resources plc
144A 9.500%, 7/18/18⁽³⁾		745			805
144A 6.000%, 1/31/19⁽³⁾		720			706

					21,557

Telecommunication Services—2.9%
America Movil SAB de C.V. Series 12 6.450%, 12/5/22		5,000	^MXN		331
Bharti Airtel International Netherlands BV 144A 5.125%, 3/11/23⁽³⁾		880			944


	PAR VALUE		VALUE
Telecommunication Services—(continued)
CenturyLink, Inc. Series V 5.625%, 4/1/20	$	975	$	1,015
Comcel Trust 144A 6.875%, 2/6/24⁽³⁾		475		499
Digicel Group Ltd. 144A 8.250%, 9/30/20⁽³⁾		550		536
Empresa Nacional de Telecomunicaciones S.A. 144A 4.875%, 10/30/24⁽³⁾		430		437
Frontier Communications Corp. 6.250%, 9/15/21		410		413
Koninklijke KPN NV 144A 7.000% ^(2)(3)(6)		885		934
Level 3 Financing, Inc. 7.000%, 6/1/20		935		990
Millicom International Cellular SA 144A 6.625%, 10/15/21⁽³⁾		400		418
Sprint Communications, Inc. 6.000%, 11/15/22		935		864
T-Mobile USA, Inc.
6.125%, 1/15/22		540		550
6.500%, 1/15/24		380		391
West Corp. 144A 5.375%, 7/15/22⁽³⁾		1,005		965
Wind Acquisition Finance S.A. 144A 4.750%, 7/15/20⁽³⁾		460		431
Windstream Corp. 7.750%, 10/15/20		780		805

				10,523

Utilities—1.2%
AmeriGas Partners LP 7.000%, 5/20/22		770		801
Calpine Corp. 144A 6.000%, 1/15/22⁽³⁾		40		43
Dynegy Finance I, Inc.
144A 7.375%, 11/1/22⁽³⁾		410		418
144A 7.625%, 11/1/24⁽³⁾		230		235
Electricite de France SA 144A 5.250% ^(2)(3)(5)(6)		1,360		1,394
Enel SpA 144A 8.750%, 9/24/73^(2)(3)(6)		375		437
Israel Electric Corp. Ltd. 144A 5.625%, 6/21/18⁽³⁾		500		531
RJS Power Holdings LLC 144A 5.125%, 7/15/19⁽³⁾		625		620
Texas Competitive Electric Holdings Co. LLC Series A 10.250%, 11/1/15⁽¹⁴⁾		200		20

				4,499

TOTAL CORPORATE BONDS AND NOTES (Identified Cost $230,098)				222,259

LOAN AGREEMENTS⁽²⁾—12.4%
Consumer Discretionary—3.0%
Advantage Sales & Marketing, Inc. Second Lien, 7.500%, 7/25/22		740		734
Affinity Gaming LLC 5.250%, 11/9/17		541		536
Aristocrat Leisure Ltd. 4.750%, 10/20/21		550		542


	PAR VALUE		VALUE
Consumer Discretionary—(continued)
Brickman Group Ltd. LLC (The) Second Lien, 7.500%, 12/17/21	$	344	$	338
Caesars Entertainment Operating Co., Inc.
Tranche B-6, 6.985%, 3/1/17		512		451
Tranche B-7, 9.750%, 1/28/18		102		89
Caesars Growth Properties Holdings LLC Tranche B, First Lien, 6.250%, 5/8/21		355		327
CBAC Borrower LLC Tranche B, 8.250%, 7/2/20		692		685
Clear Channel Communications, Inc. Tranche D, 6.919%, 1/30/19		1,683		1,591
Delta 2 (Lux) S.A.R.L. Second Lien, 0.000%, 7/29/22⁽⁸⁾		405		396
Granite Broadcasting Corp. Tranche B, First Lien, 6.750%, 5/23/18		384		382
Key Safety Systems, Inc. 4.750%, 8/29/21		443		441
Landry’s Restaurant, Inc. Tranche B, 4.000%, 4/24/18		968		964
Marina District Finance Co., Inc. 6.750%, 8/15/18		382		380
Peppermill Casinos, Inc. Tranche B, 7.250%, 11/9/18		1,050		1,054
Shingle Springs Tribal Gaming Authority 6.250%, 8/29/19		640		643
Transtar Holding Co. Second Lien, 10.000%, 10/9/19		380		375
TWCC Holding Corp. Second Lien, 7.000%, 6/26/20		1,088		1,046

				10,974

Consumer Staples—0.2%
Albertson’s LLC
Tranche B-4, 4.500%, 8/25/21		595		596
Tranche B-4-1, 4.500%, 8/25/21		77		77

				673

Energy—1.2%
Arch Coal, Inc. 6.250%, 5/16/18		1,109		922
Chief Exploration & Development LLC Second Lien, 7.500%, 5/16/21		649		587
Drillships Ocean Ventures, Inc. 5.500%, 7/25/21		569		461
Expro Finservices S.A.R.L. 5.750%, 9/2/21		460		379
Fieldwood Energy LLC Closing Date Loan, Second Lien, 8.375%, 9/30/20		861		636
Jonah Energy LLC Second Lien, 7.500%, 5/12/21		520		450


	PAR VALUE		VALUE
Energy—(continued)
Seadrill Operating LP 4.000%, 2/21/21	$	506	$	396
Templar Energy LLC Second Lien, 8.500%, 11/25/20		925		669

				4,500

Financials—0.7%
Altisource Solutions S.A.R.L. Tranche B, 4.500%, 12/9/20		888		692
Asurion LLC Second Lien, 8.500%, 3/3/21		945		942
Capital Automotive LP Second Lien, 6.000%, 4/30/20		450		450
Walter Investment Management Corp. Tranche B, 4.750%, 12/18/20		343		311

				2,395

Health Care—1.6%
AMAG Pharmaceuticals, Inc. 7.250%, 11/12/20		270		270
American Renal Holdings, Inc. Second Lien, 8.500%, 3/20/20		909		900
Ardent Medical Services, Inc.
First Lien, 6.750%, 7/2/18		316		316
Second Lien, 11.000%, 1/2/19		206		207
CRC Health Corp. Tranche B, First Lien, 5.250%, 3/29/21		221		221
Gentiva Health Services, Inc. Tranche B, 6.500%, 10/18/19		884		883
InVentiv Health, Inc. Tranche B-4, 7.750%, 5/15/18		583		583
MMM Holdings, Inc. 9.750%, 12/12/17		269		261
MSO of Puerto Rico, Inc. 9.750%, 12/12/17		196		190
NVA Holdings, Inc. Second Lien 8.000%, 8/14/22		509		503
Pharmedium Healthcare Corp. Second Lien, 7.750%, 1/28/22		187		185
Regional Care, Inc. (RCHP, Inc.) First Lien, 0.000%, 4/23/19		834		830
Surgery Center Holdings, Inc.
First Lien, 5.250%, 11/3/20		95		93
Second Lien, 8.500%, 11/3/21		288		279

				5,721

Industrials—2.1%
Alliance Laundry Systems LLC Second Lien, 9.500%, 12/10/19		93		93


	PAR VALUE		VALUE
Industrials—(continued)
American Airlines, Inc. Tranche B, 3.750%, 6/27/19	$	1,016	$	1,007
Brock Holdings Ill, Inc. First Lien, 6.000%, 3/16/17		552		520
CHG Healthcare Services, Inc. Second Lien, 9.000%, 11/19/20		712		714
Commercial Barge Line Co. First Lien, 7.500%, 9/22/19		1,110		1,110
DynCorp International, Inc. 6.250%, 7/7/16		386		386
Filtration Group Corp. Second Lien, 8.250%, 11/22/21		740		741
Husky Injection Molding Systems Ltd. (Yukon Acquisition, Inc.) 4.250%, 6/30/21		533		524
International Equipment Solutions Global B.V. 6.750%, 8/16/19		601		597
Landmark U.S. Member LLC (LM U.S. Corp. Acquisition, Inc..) Second Lien 8.250%, 1/25/21		725		714
Navistar, Inc. Tranche B, 5.750%, 8/17/17		729		727
Sedgwick Claims Management Services, Inc. Second Lien, 6.750%, 2/28/22		730		692

				7,825

Information Technology—2.9%
Allflex Holdings III, Inc. Second Lien, 8.000%, 7/19/21		599		588
Applied Systems, Inc. Second Lien, 7.500%, 1/24/22		673		660
Blue Coat Systems, Inc.
4.000%, 5/31/19		556		543
Second Lien, 9.500%, 6/26/20		1,660		1,635
Deltek, Inc. Second Lien, 10.000%, 10/10/19		638		642
Evergreen Skills Lux S.A.R.L. Second Lien, 9.250%, 4/28/22		393		373
First Data Corp. 3.667%, 3/23/18		1,349		1,325
Infinity Acquisition Ltd. 4.250%, 8/6/21		357		351
IPC Systems, Inc. First Lien, 0.000%, 11/8/20⁽⁸⁾		480		479
Kronos, Inc. Second Lien, 9.750%, 4/30/20		1,241		1,265
Lanyon Solutions, Inc. First Lien, 5.500%, 11/13/20		567		556
Mitchell International, Inc. Second Lien, 8.500%, 10/11/21		1,323		1,321
Sungard Availability Services Capital, Inc. Tranche B, 6.000%, 3/29/19		248		222


	PAR VALUE			VALUE
Information Technology—(continued)
Travelport Finance (Luxembourg) S.A.R.L. 6.000%, 9/2/21	$	434		$	434

					10,394

Materials—0.6%
Fortescue Metals Group (FMG) Resources Property Ltd. 3.750%, 6/30/19		321			292
Houghton International, Inc. Holding Corp. Second Lien, 9.500%, 12/21/20		630			630
Noranda Aluminum Acquisition Corp. Tranche B, 5.750%, 2/28/19		1,297			1,245

					2,167

Utilities—0.1%
Atlantic Power LP 4.750%, 2/24/21		193			190
Texas Competitive Electric Holdings Co. LLC 2017 Extended, 4.648%, 10/10/17⁽¹³⁾		375			244

					434

TOTAL LOAN AGREEMENTS (Identified Cost $46,919)					45,083


	SHARES
PREFERRED STOCKS—3.3%
Energy—0.2%
PTT Exploration & Production PCL 144A, 4.875%⁽²⁾⁽³⁾		905	⁽¹¹⁾		891

Financials—2.9%
Ally Financial, Inc. Series A, 8.500%		20,000			538
Series G, 144A, 7.000%		321			321
Banco Bilbao Vizcaya Argentaria S.A. International S.A. Unipersonal 5.919%⁽²⁾		265	⁽¹¹⁾		270
Citigroup, Inc.⁽²⁾		1,065	⁽¹¹⁾		1,068
Series J, 7.125%		46,600			1,264
General Electric Capital Corp. Series B 6.25%⁽²⁾		700	⁽¹¹⁾		762
Series C, 5.25%⁽²⁾		600	⁽¹¹⁾		600
Goldman Sachs Group, Inc. (The) Series L, 5.700%⁽²⁾		635	⁽¹¹⁾		642
JPMorgan Chase & Co. Series Q, 5.150%⁽²⁾		1,595	⁽¹¹⁾		1,502


	SHARES			VALUE
Financials—(continued)
Series V, 5.000%⁽²⁾		285	⁽¹¹⁾	$	279
PNC Financial Services Group, Inc. (The) Series R, 4.850%⁽²⁾		965	⁽¹¹⁾		911
SunTrust Bank, Inc. 5.625%^(2)(5)(6)		260	⁽¹¹⁾		261
Wells Fargo & Co. Series K, 7.980%⁽²⁾		950	⁽¹¹⁾		1,049
Zions Bancorp Series 6.950%		38,525			1,055

					10,522

Industrials—0.2%
Seaspan Corp. Series C, 9.500%		20,000			535

TOTAL PREFERRED STOCKS (Identified Cost $11,567)					11,948

COMMON STOCK—0.0%
Consumer Discretionary—0.0%
Mark IV Industries		446			17

TOTAL COMMON STOCK (Identified Cost $4)					17

EXCHANGE-TRADED FUND—0.5%
SPDR S&P 500^(R)ETF Trust Series 1		9,500			1,952

TOTAL EXCHANGE-TRADED FUND (Identified Cost $1,799)					1,952

TOTAL LONG TERM INVESTMENTS—98.4% (Identified Cost $372,369)					358,259	⁽¹⁰⁾

SHORT-TERM INVESTMENTS—1.8%
Money Market Mutual Fund—1.8%
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.110%)		6,653,450			6,653

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $6,653)					6,653

TOTAL INVESTMENTS—100.2% (Identified Cost $379,022)					364,912	⁽¹⁾
Other assets and liabilities, net—(0.2)%					( 817	)

NET ASSETS—100.0%				$	364,095

Abbreviations:


ETF		Exchange-Traded Fund
FNMA		Federal National Mortgage Association (“Fannie Mae”).
PIK		Payment-in-Kind Security
SPDR		S&P Depositary Receipt

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2014, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Variable or step coupon security; interest rate shown reflects the rate in effect at December 31, 2014.

⁽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, 2014, these securities amounted to a value of $140,446 or 38.6% 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⁾	Interest payments may be deferred.

⁽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, 2014, at which time the interest rate, based on the London Interbank Offered Rate (“LIBOR”) and the agreed upon spread on trade date, will be reflected.

⁽⁹⁾	Principal amount is adjusted pursuant to the change in the local inflation index.

⁽¹⁰⁾	A portion of the Fund’s assets have been segregated for delayed delivery settlements.

⁽¹¹⁾	Value shown as par value.

⁽¹²⁾	100% of the income received was in cash.

⁽¹³⁾	Security in default, portion of the interest payments are being received during the bankruptcy proceedings.

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

Foreign Currencies:


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


Country Weightings †
United States	68	%
Brazil	3
Luxembourg	3
Mexico	3
Canada	2
United Kingdom	2
Netherlands	1
Other	18

Total	100	%

†	% of total investments as of December 31, 2014

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2014 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

There were no transfers between Level 1 and Level 2 related to securities held at December 31, 2014.

The following is a reconciliation of assets of the Fund for Level 3 investments for which significant unobservable inputs were used to determine fair value.


	PAR VALUE			VALUE
U.S. GOVERNMENT SECURITIES—0.3%
U.S. Treasury Note 0.875%, 6/15/17	$	25,000		$	24,978

TOTAL U.S. GOVERNMENT SECURITIES (Identified Cost $24,950)					24,978

MUNICIPAL BONDS—0.1%
Kentucky—0.1%
Commonwealth of Kentucky Taxable 3.165%, 4/1/18		4,597			4,731

Virginia—0.0%
Tobacco Settlement Financing Corp. Series A-1, Taxable 6.706%, 6/1/46		4,635			3,482

TOTAL MUNICIPAL BONDS (Identified Cost $8,884)					8,213

FOREIGN GOVERNMENT SECURITIES—4.3%
Argentine Republic Series X, 7.000%, 4/17/17		14,375			13,872
8.750%, 5/7/24		9,930			9,731
Series NY, 8.280%, 12/31/33⁽¹¹⁾		24,360			21,863
Bolivarian Republic of Venezuela RegS 7.000%, 12/1/18⁽⁴⁾		49,275			22,666
Federative Republic of Brazil 12.500%, 1/5/16		92,159	^BRL		34,930
Hungary 4.000%, 3/25/19		9,025			9,296
Mongolia 144A 4.125%, 1/5/18⁽³⁾		16,000			14,880
Provincia de Neuquen, Argentina 144A 7.875%, 4/26/21⁽³⁾		5,170			5,118
Republic of Chile 5.500%, 8/5/20		11,647,000	^CLP		20,172
Republic of Colombia 12.000%, 10/22/15		27,535,000	^COP		12,166
Treasury Note, Series B, 11.250%, 10/24/18		21,072,000	^COP		10,481
Republic of Indonesia
Series FR30, 10.750%, 5/15/16		415,359,000	^ID^R		35,013

Series FR55, 7.375%, 9/15/16		229,481,000	^I^D^R		18,436
Republic of Latvia RegS 2.750%, 1/12/20⁽⁴⁾		8,560			8,472
Republic of Panama 5.200%, 1/30/20		3,800			4,190
Republic of South Africa Series R203, 8.250%, 9/15/17		134,520	^ZAR		11,995
Republic of Sri Lanka 144A 6.000%, 1/14/19⁽³⁾		17,450			18,192
Russian Federation


	PAR VALUE			VALUE
144A 7.850%, 3/10/18⁽³⁾	$	1,005,000	^RUB	$	13,481
RegS 7.500%, 3/31/30⁽²⁾⁽⁴⁾		1,310			1,358
State of Qatar 144A 3.125%, 1/20/17⁽³⁾		12,000			12,480
United Mexican States Series M, 6.000%, 6/18/15		1,096,623	^MXN		75,314

TOTAL FOREIGN GOVERNMENT SECURITIES (Identified Cost $444,116)					374,106

MORTGAGE-BACKED SECURITIES—22.4%
Agency—3.4%
FHLMC
14-DN2, M2 1.820%, 4/25/24⁽²⁾		21,365			20,698
6.000%, 8/1/34		407			459
FNMA
5.500%, 1/1/17		49			52
6.000%, 5/1/17		15			16
4.500%, 4/1/18		151			159
5.000%, 10/1/19		446			478
5.500%, 2/1/20		164			174
5.500%, 3/1/20		52			55
5.500%, 3/1/20		143			151
5.500%, 3/1/20		18			19
5.500%, 3/1/20		80			85
5.500%, 4/1/20		236			257
5.000%, 6/1/20		473			508
4.000%, 8/1/25		14,862			15,877
3.000%, 6/1/27		1,299			1,353
2.500%, 5/1/28		18,679			19,050
6.000%, 12/1/32		52			60
5.500%, 2/1/33		79			88
5.500%, 5/1/34		391			440
6.000%, 8/1/34		304			347
6.000%, 10/1/34		242			276
6.000%, 10/1/34		246			281
5.500%, 11/1/34		147			164
5.500%, 11/1/34		401			448
6.000%, 11/1/34		366			415
5.500%, 12/1/34		175			197
5.500%, 1/1/35		327			367
6.000%, 1/1/37		359			408
6.000%, 1/1/37		545			621
5.500%, 7/1/37		8			9
6.000%, 7/1/37		72			82
6.000%, 12/1/37		289			328
6.000%, 4/1/38		260			295


	PAR VALUE		VALUE
Agency—(continued)
5.000%, 12/1/39	$	9,419	$	10,529
4.500%, 4/1/40		11,443		12,431
5.000%, 8/1/40		17,487		19,373
4.000%, 10/1/40		215		230
4.000%, 3/1/41		6,900		7,371
4.500%, 5/1/41		7,831		8,506
3.500%, 4/1/42		12,501		13,046
3.500%, 12/1/42		37,426		39,041
3.000%, 3/1/43		61,006		61,669
3.000%, 5/1/43		19,086		19,323
4.000%, 10/1/44		31,203		33,330
GNMA
6.500%, 7/15/31		12		14
6.500%, 8/15/31		34		39
6.500%, 11/15/31		21		24
6.500%, 2/15/32		24		27
6.500%, 4/15/32		51		60
6.500%, 4/15/32		51		58
12-147, AK 2.587%, 4/16/54		9,437		9,655

				298,943

Non-Agency—19.0%
A-10 Securitization LLC
13-1, A 144A 2.400%, 11/15/25⁽³⁾		2,429		2,435
14-1, A1 144A 1.720%, 4/15/33⁽³⁾		13,885		13,864
ABN AMRO Mortgage Corp. 02-9, M 5.750%, 12/25/32		719		689
Americold LLC Trust 10-ARTA, A1 144A 3.847%, 1/14/29⁽³⁾		9,523		9,946
Banc of America (Merrill Lynch) Commercial Mortgage, Inc. 05-2, B 5.043%, 7/10/43⁽²⁾		10,916		11,022
Banc of America Alternative Loan Trust
03-2, CB3 5.750%, 4/25/33		19,613		20,326
03-10, 2A1 6.000%, 12/25/33		3,843		4,146
07-2, 2A4 5.750%, 6/25/37		5,641		4,414
Banc of America Commercial Mortgage Trust 07- 2, A4 5.612%, 4/10/49⁽²⁾		17,178		18,385
Banc of America Funding Corp. 04-4, 3A1 4.750%, 10/25/19		2,958		3,015
Banc of America Funding Trust
04-B, 2A1 2.565%, 11/20/34⁽²⁾		988		973
05-1, 1A1 5.500%, 2/25/35		758		771
06-2, 3A1 6.000%, 3/25/36		3,774		3,784


	PAR VALUE		VALUE
Non-Agency—(continued)
Banc of America Mortgage Securities, Inc.
04-11, 2A1 5.750%, 1/25/35	$	2,584	$	2,626
05-3, 1A15 5.500%, 4/25/35		2,514		2,629
Banc of America Mortgage Trust 04-7, 6A3 4.500%, 8/25/19		1,409		1,395
Bank of America (Merrill Lynch - Countrywide) Alternative Loan Trust 04-22CB, 1A1 6.000%, 10/25/34		31,517		33,405
Bank of America (Merrill Lynch - Countrywide) Commercial Mortgage Trust 06-4, A3 5.172%, 12/12/49		9,738		10,307
Bank of America (Merrill Lynch - Countrywide) Home Loan Mortgage Pass-Through-Trust 02-35, 1A2 5.000%, 2/25/18		671		681
04-6, 1A2 2.461%, 5/25/34⁽²⁾		1,899		1,892
04-4, A6 5.500%, 5/25/34		1,379		1,417
Bank of America (Merrill Lynch - Countrywide) Mortgage Trust 06-C1, AM 5.677%, 5/12/39⁽²⁾		7,570		7,947
Bank of America (Merrill Lynch - Deutsche Bank Trust) 12-OSI, A2FX 144A 3.352%, 4/13/29⁽³⁾		19,916		20,446
Bank of America (Merrill Lynch) Mortgage Investors, Inc. 98-C1, B 6.750%, 11/15/26⁽²⁾		10,000		10,986
Bank of America (Merrill Lynch) Commercial Mortgage Trust 06-3, A4 5.414%, 7/12/46⁽²⁾		10,853		11,431
Barclays (Lehman Brothers) - UBS Commercial Mortgage Trust
06-C3, AM 5.712%, 3/15/39⁽²⁾		7,615		7,969
07-C2, A3 5.430%, 2/15/40		6,397		6,846
07-C6, A4 5.858%, 7/15/40⁽²⁾		20,326		21,446
07-C7, A3 5.866%, 9/15/45⁽²⁾		11,079		12,175
Bayview Commercial Asset Trust
07-5A, A2 144A 1.070%, 10/25/37⁽²⁾⁽³⁾		9,304		9,638
08-1, A2A 144A 1.170%, 1/25/38⁽²⁾⁽³⁾		9,154		9,083
08-1, A3 144A 1.670%, 1/25/38⁽²⁾⁽³⁾		32,808		31,226
BCAP LLC Trust 06-RR1, PE 5.000%, 11/25/36		2,574		2,628
Citicorp Mortgage Securities, Inc. 07-1,A1 5.500%, 1/25/22		241		242
Citigroup - Deutsche Bank Commercial Mortgage Trust
06-CD2, A4 5.299%, 1/15/46⁽²⁾		2,659		2,734
07-CD4, A4 5.322%, 12/11/49		3,730		3,949
07-CD4, AMFX 5.366%, 12/11/49⁽²⁾		13,955		14,476
Citigroup Commercial Mortgage Trust


	PAR VALUE		VALUE
Non-Agency—(continued)
07-6, A4 5.710%, 12/10/49⁽²⁾	$	388	$	421
07-C6, A1A 5.710%, 12/10/49⁽²⁾		28,802		31,144
08-C7, AM 6.142%, 12/10/49⁽²⁾		12,335		13,500
10-RR3, MLSR 144A 5.743%, 6/14/50⁽²⁾⁽³⁾		3,460		3,707
Citigroup Mortgage Loan Trust, Inc.
03-UP3, A2 7.000%, 9/25/33		1,007		1,062
04-UST1, A3 2.133%, 8/25/34⁽²⁾		1,994		1,994
04-NCM2, 2CB2 6.750%, 8/25/34		13,915		14,773
14-A, A 144A 4.000%, 1/25/35⁽²⁾⁽³⁾		22,109		22,994
05-5, 2A3 5.000%, 8/25/35		763		730
Colony Multi-Family Commercial Mortgage- Backed Securities 14-1, A 144A 2.543%, 4/20/22⁽³⁾		9,508		9,464
Commercial Mortgage Trust 07-GG11, AM 5.867%, 12/10/49⁽²⁾		18,174		19,702
Credit Suisse Commercial Mortgage Trust
07-C1, A1A 5.361%, 2/15/40		38,517		40,675
07-C5, A1AM 5.870%, 9/15/40⁽²⁾		21,039		21,527
14-LVR2, A2 144A 4.000%, 4/25/44⁽²⁾⁽³⁾		17,211		17,814
07-C2, A3 5.542%, 1/15/49⁽²⁾		12,995		13,925
Credit Suisse First Boston Mortgage Securities Corp.
03-27, 5A3 5.250%, 11/25/33		2,516		2,576
04-AR8, 6A1 2.387%, 9/25/34⁽²⁾		10,342		10,300
04-8, 7A1 6.000%, 12/25/34		7,234		7,646
Extended Stay America Trust
13-ESH7, A17 144A 2.295%, 12/5/31⁽³⁾		31,480		31,055
13-ESH7, A27 144A 2.958%, 12/5/31⁽³⁾		8,340		8,450
Fannie Mae Connecticut Avenue Securities 14- C02, 2M2 2.770%, 5/25/24⁽²⁾		1,420		1,251
FDIC Trust 13-N1, A 144A 4.500%, 10/25/18⁽³⁾		7,079		7,134
GMAC Mortgage Corp. Loan Trust 03-J7, A10 5.500%, 11/25/33		1,734		1,770
04-AR1, 12A 2.989%, 6/25/34⁽²⁾		10,493		10,655
05-AR1, 5A 5.056%, 3/18/35⁽²⁾		3,778		3,735
Goldman Sachs Mortgage Securities Trust
II 07-GG10, A4 5.796%, 8/10/45⁽²⁾		18,956		20,526
07-GG, 10 5.796%, 8/10/45⁽²⁾		2,984		3,244
GSR Mortgage Loan Trust 07-1F, 2A2 5.500%, 1/25/37		594		568
Hilton USA Trust 13-HLT, EFX 144A 5.222%, 11/5/30⁽²⁾⁽³⁾		21,980		22,521
Jefferies Resecuritization Trust


	PAR VALUE		VALUE
Non-Agency—(continued)
14-R1, 1A1 144A 4.000%, 12/27/37⁽³⁾	$	12,398	$	12,370
14-R1, 2A1 144A 4.000%, 12/27/37⁽³⁾		10,648		10,619
JPMorgan Chase (Bear Stearns) Adjustable Rate Mortgage Trust 04-10, 14A1 2.870%, 1/25/35⁽²⁾		2,061		2,014
JPMorgan Chase (Bear Stearns) Asset Backed Securities Trust 03-AC4. A 5.500%, 9/25/33⁽²⁾		8,964		9,259
JPMorgan Chase (Bear Stearns) Commercial Mortgage Securities, Inc.
06-T22, AM 5.575%, 4/12/38⁽²⁾		10,700		11,224
06-PW12, AM 5.743%, 9/11/38⁽²⁾		9,250		9,732
06-PW14, AM 5.243%, 12/11/38		5,000		5,326
05-PW10, AM 5.449%, 12/11/40⁽²⁾		14,480		14,948
06-PW13, AM 5.582%, 9/11/41⁽²⁾		3,272		3,455
07- PW15, AM 5.363%, 2/11/44		27,100		27,885
07- PW17, A4 5.694%, 6/11/50⁽²⁾		21,890		23,749
07-PW18, AM 6.084%, 6/11/50⁽²⁾		12,400		13,637
JPMorgan Chase (Washington Mutual) Mortgage Pass-Through Certificates Trust
04-CB1, 5A 5.000%, 6/25/19		1,629		1,671
03-AR6, A1 2.438%, 6/25/33⁽²⁾		1,259		1,261
03-AR4, 2A1 2.253%, 8/25/33⁽²⁾		387		384
04-CB1, 2A 5.000%, 6/25/34		4,019		4,286
JPMorgan Chase Commercial Mortgage Securities Trust
13-ALC, A 144A 1.662%, 7/17/26⁽²⁾⁽³⁾		8,700		8,706
09-IWST, A1 144A 4.314%, 12/5/27⁽³⁾		6,611		7,045
09-IWST, A2 144A 5.633%, 12/5/27⁽³⁾		4,900		5,601
10-CNTR, A1 144A 3.300%, 8/5/32⁽³⁾		1,959		2,026
10-CNTR, A2 144A 4.311%, 8/5/32⁽³⁾		14,828		16,190
06-LDP7, A4 5.865%, 4/15/45⁽²⁾		12,301		12,844
06-LDP7, AM 5.865%, 4/15/45⁽²⁾		22,312		23,675
06-LDP9, A3 5.336%, 5/15/47		20,312		21,570
07-LDPX, AM 5.464%, 1/15/49⁽²⁾		24,049		24,935
07-LD12, A4 5.882%, 2/15/51⁽²⁾		11,529		12,483
JPMorgan Chase Mortgage Trust 14-2, 2A2 144A 3.500%, 10/25/26⁽²⁾⁽³⁾		17,065		17,585
JPMorgan Chase Mortgage Trust
14-IVR3, 2A1 3.000%, 10/25/29⁽²⁾⁽³⁾		8,047		8,139
06-A2, 4A1 2.503%, 8/25/34⁽²⁾		2,531		2,538
04-A4, 2A1 2.365%, 9/25/34⁽²⁾		4,621		4,684
05-A1, 4A1 2.565%, 2/25/35⁽²⁾		978		987
05-A2, 4A1 4.923%, 4/25/35⁽²⁾		1,275		1,244
05-A4, 3A1 2.227%, 7/25/35⁽²⁾		7,028		6,999


	PAR VALUE		VALUE
Non-Agency—(continued)
06-A6, 3A3L 5.383%, 10/25/36⁽²⁾	$	1,914	$	1,758
14-1, 1A1 144A 3.999%, 4/25/43⁽²⁾⁽³⁾		32,077		33,612
Leaf II Receivables Funding LLC 13-1, C 144A 3.460%, 9/15/21⁽³⁾		6,850		6,843
MASTR Adjustable Rate Mortgages Trust 04- 12,3A1 2.511%, 11/25/34⁽²⁾		2,348		2,338
MASTR Alternative Loan Trust
04-7, 4A1 4.500%, 7/25/19		3,882		3,968
03-8, 2A1 5.750%, 11/25/33		7,965		8,367
04-4, 6A1 5.500%, 4/25/34		4,180		4,392
04-6, 7A1 6.000%, 7/25/34		7,185		7,313
04-7, 9A1 6.000%, 8/25/34		17,375		18,214
05-2, 2A1 6.000%, 1/25/35		4,177		4,315
05-2, 1A1 6.500%, 3/25/35		11,717		12,327
MASTR Asset Securitization Trust
04-6, 4A1 5.000%, 7/25/19		1,244		1,260
05-1, 1A1 5.000%, 5/25/20		777		798
MASTR Reperforming Loan Trust 05-1, 1A2 144A 6.500%, 8/25/34⁽³⁾		2,019		2,059
Monty Parent Issuer 1 LLC 13-LTR1,A 144A 3.470%, 11/20/28⁽³⁾		3,090		3,091
Morgan Stanley Capital I Trust
06-T23, AM 5.810%, 8/12/41⁽²⁾		10,575		11,269
06-IQ12, A4 5.332%, 12/15/43		13,924		14,700
07-IQ14, AM 5.684%, 4/15/49⁽²⁾		15,932		16,580
07-IQ14, A4 5.692%, 4/15/49⁽²⁾		17,390		18,729
07- LQ16, A4 5.809%, 12/12/49		22,564		24,536
Morgan Stanley Mortgage Loan Trust
04-2AR, 3A 2.162%, 2/25/34⁽²⁾		2,077		2,075
04-2AR, 4A 2.546%, 2/25/34⁽²⁾		1,759		1,777
Morgan Stanley Residential Mortgage Loan Trust 14-1A, A1 144A 2.994%, 6/25/44⁽²⁾⁽³⁾		9,284		9,476
Motel 6 Trust 12-MTL6 D 144A 3.781%, 10/5/25⁽³⁾		20,790		20,561
New Residential Mortgage Loan Trust
14-1A, A 144A 3.750%, 1/25/54⁽²⁾⁽³⁾		10,311		10,594
14-2A, 3A 144A 3.750%, 5/25/54⁽²⁾⁽³⁾		3,149		3,217
14-3A, AFX3 144A 3.750%, 11/25/54⁽²⁾⁽³⁾		7,275		7,475
Nomura Asset Acceptance Corp. 04-R3, A1 144A 6.500%, 2/25/35⁽³⁾		8,207		8,430
Residential Accredit Loans, Inc.
03-QS6, A4 4.250%, 3/25/33		1,949		1,979
05-QS1, A5 5.500%, 1/25/35		1,511		1,528
Residential Asset Mortgage Products, Inc.


	PAR VALUE		VALUE
Non-Agency—(continued)
04-SL2, A3 7.000%, 10/25/31	$	2,623	$	2,761
04-SL1, A8 6.500%, 11/25/31		3,214		3,305
05-SL2, A4 7.500%, 2/25/32		2,580		2,714
04-SL4, A3 6.500%, 7/25/32		1,845		1,902
Residential Asset Securities Corp. 01-KS2, AI5 7.514%, 6/25/31⁽²⁾		3,178		3,267
Residential Asset Securitization Trust
03,A11, A9 5.750%, 11/25/33		3,274		3,360
04-A1, A5 5.500%, 4/25/34		14,516		15,119
04-QS8, A6 5.500%, 6/25/34		2,105		2,136
Residential Funding Mortgage Securities I, Inc. 06-S12, 1A1 5.500%, 12/25/21		1,675		1,704
05-S1, 1A2 5.500%, 2/25/35		1,571		1,583
Sequoia Mortgage Trust 14-2, A1 144A 4.000%, 7/25/44⁽²⁾⁽³⁾		14,559		15,060
SilverLeaf Finance XVII LLC 13-12, A1 144A 2.680%, 3/16/26⁽³⁾		7,151		7,117
Springleaf Mortgage Loan Trust
12-3A, A 144A 1.570%, 12/25/59⁽²⁾⁽³⁾		3,108		3,106
Structured Adjustable Rate Mortgage Loan Trust
03-30, 2A1 5.102%, 10/25/33⁽²⁾		5,110		5,225
04-4, 3A1 2.467%, 4/25/34⁽²⁾		1,014		1,005
04-4, 3A4 2.467%, 4/25/34⁽²⁾		3,460		3,429
04-4, 3A2 2.467%, 4/25/34⁽²⁾		4,484		4,487
04-5, 3A2 2.430%, 5/25/34⁽²⁾		2,125		2,118
04-14, 7A 2.368%, 10/25/34⁽²⁾		14,773		14,846
Structured Asset Securities Corp. Assistance Loan Trust 03-AL1, A 144A 3.357%, 4/25/31⁽³⁾		10,474		10,292
Structured Asset Securities Corp. Mortgage Pass - Through Certificates
02-AL1, A3 3.450%, 2/25/32		13,024		12,865
03-33H, 1A1 5.500%, 10/25/33		4,464		4,562
03-34A, 6A 2.595%, 11/25/33⁽²⁾		3,211		3,140
04-15, 3A3 5.500%, 9/25/34		3,353		3,405
VFC LLC 14-2, A 144A 2.750%, 7/20/30⁽³⁾		6,232		6,233
Wells Fargo (Wachovia Bank Commercial Mortgage Trust)
04-C15, B 4.892%, 10/15/41		14,875		14,914
06-C25, A4 5.723%, 5/15/43⁽²⁾		8,340		8,649
07-C30, AM 5.383%, 12/15/43		25,695		27,267
07-C31, A4 5.509%, 4/15/47		14,562		15,342
07-31, AM 5.591%, 4/15/47⁽²⁾		34,000		36,296


	PAR VALUE		VALUE
Non-Agency—(continued)
Wells Fargo (Wachovia Bank) Commercial Mortgage Trust
06-C25, AM 5.723%, 5/15/43⁽²⁾	$	18,625	$	19,593
07-C30, A5 5.342%, 12/15/43		39,765		42,447
07-C32, A3 5.716%, 6/15/49⁽²⁾		22,577		24,240
07-C33, A5 5.941%, 2/15/51⁽²⁾		1,265		1,383
Wells Fargo Mortgage Backed Securities Trust
06-17, A1 5.500%, 11/25/21		224		227
03-G, A1 2.490%, 6/25/33⁽²⁾		1,590		1,605
03-J, 5A1 2.490%, 10/25/33⁽²⁾		562		567
04-4, A9 5.500%, 5/25/34		2,419		2,490
04-U, A1 2.566%, 10/25/34⁽²⁾		1,232		1,231
04-Z, 2A1 2.615%, 12/25/34⁽²⁾		8,477		8,522
04-CC, A1 2.616%, 1/25/35⁽²⁾		3,568		3,628
05-12, 1A1 5.500%, 11/25/35		6,007		6,127
05-14, 2A1 5.500%, 12/25/35		4,350		4,431
06-6, 1A15 5.750%, 5/25/36		575		569
06-16, A5 5.000%, 11/25/36		1,236		1,273
07-16, 1A1 6.000%, 12/28/37		5,045		5,203
07-AR10, 2A1 5.975%, 1/25/38⁽²⁾		5,231		5,167
WinWater Mortgage Loan Trust 14-3, A4
144A 3.500%, 12/20/33⁽²⁾⁽³⁾		3,200		3,244
14-1, A1 144A 4.000%, 6/20/44⁽²⁾⁽³⁾		18,742		19,387

				1,647,402

TOTAL MORTGAGE-BACKED SECURITIES (Identified Cost $1,910,473)				1,946,345

ASSET-BACKED SECURITIES—17.0%

American Credit Acceptance Receivables Trust 14-3, C 144A 3.430%, 6/10/20⁽³⁾		19,200		19,214
American Homes 4 Rent 14-SFR1, A 144A 1.250%, 6/17/31⁽²⁾⁽³⁾		7,393		7,297
AmeriCredit Automobile Receivables Trust
10-4, C 2.760%, 5/9/16		23		23
11-1, C 2.850%, 8/8/16		302		303
10-4, D 4.200%, 11/8/16		7,700		7,747
11-1, D 4.260%, 2/8/17		11,119		11,264
11-5, D 5.050%, 12/8/17		5,010		5,211
12-1, C 2.670%, 1/8/18		4,625		4,682
12-3, D 3.030%, 7/9/18		19,762		20,199
12-4, D 2.680%, 10/9/18		7,150		7,206
13-2, D 2.420%, 5/8/19		22,050		21,999
14-1, D 2.540%, 5/8/20		15,200		15,020


	PAR VALUE		VALUE
14-2, C 2.180%, 6/8/20	$	19,450	$	19,388
Ameriquest Mortgage Securities, Inc. 03-10, AF6 5.210%, 11/25/33⁽²⁾		1,438		1,485
Applebee’s (IHOP Funding LLC) 14-1, A2 144A 4.277%, 9/5/44⁽³⁾		17,803		17,861
Asset Backed Funding Certificates 05-AQ1, A6 4.780%, 6/25/35⁽²⁾		4,852		4,986
Associates Manufactured Housing Pass-Through Certificates 96-1, B1 8.000%, 3/15/27⁽²⁾		2,085		2,300
Avis Budget Rental Car Funding LLC
(AESOP) 11-3A, A 144A 3.410%, 11/20/17⁽³⁾		12,848		13,305
(AESOP) 12-3A, A 144A 2.100%, 3/20/19⁽³⁾		23,085		23,094
(AESOP) 13-1A, A 144A 1.920%, 9/20/19⁽³⁾		21,200		20,980
(AESOP) 13-2A, A 144A 2.970%, 2/20/20⁽³⁾		3,250		3,332
Bank of America (Merrill Lynch - Countrywide) Asset-Backed Certificates
04-10, AF6 4.485%, 12/25/34⁽²⁾		1,685		1,732
05-1 AF5A 5.332%, 7/25/35⁽²⁾		13,675		13,599
05-12, 2A3 5.061%, 2/25/36⁽²⁾		4,191		4,256
BankAmerica Manufactured Housing Contract Trust 98-1, B1 7.810%, 8/10/25⁽²⁾		3,744		3,951
Barclays (Lehman Brothers) Manufactured Housing Contract Trust 01-B, A3 4.350%, 4/15/40		4,227		4,440
Bayview Financial Acquisition Trust 07-A, 1A2 6.205%, 5/28/37⁽²⁾		9,190		9,729
Bayview Financial Mortgage-Pass-Through Trust
06-A, 1A2 5.483%, 2/28/41⁽²⁾		119		121
06-A, 1A4 6.087%, 2/28/41⁽²⁾		16,408		17,003
BCC Funding VIII LLC
14-A, B 144A 3.123%, 8/20/20⁽³⁾		2,799		2,790
14-1A, C 144A 4.216%, 8/20/20⁽³⁾		5,519		5,504
Beacon Container Finance LLC 12-1A, A 144A 3.720%, 9/20/27⁽³⁾		19,686		19,932
Bush Truck Leasing LLC 11-44, A 144A 5.000%, 9/25/18⁽³⁾		143		142
BXG Receivables Note Trust
10-A, A 144A 5.100%, 3/2/26⁽³⁾		2,412		2,505
12-A, A 144A 2.660%, 12/2/27⁽³⁾		5,195		5,164
13-A, A 144A 3.010%, 12/4/28⁽³⁾		8,921		8,940
California Republic Auto Receivables Trust
12-1, B 144A 1.760%, 1/16/18⁽³⁾		13,570		13,692
13-1, B 144A 2.240%, 1/15/19⁽³⁾		11,600		11,768
14-2, B 2.340%, 4/15/20		7,090		7,056


	PAR VALUE		VALUE
14-2, C 3.290%, 3/15/21	$	2,700	$	2,686
Capital Auto Receivables Asset Trust
13-1, C 1.740%, 10/22/18		5,425		5,442
13-4, C 2.670%, 2/20/19		2,550		2,582
CarFinance Capital Auto Trust LLC
13-1A, B 144A 2.750%, 11/15/18⁽³⁾		6,740		6,821
13-A1, C 144A 3.450%, 3/15/19⁽³⁾		2,210		2,225
13-2A, B 144A 3.150%, 8/15/19⁽³⁾		19,350		19,618
14-1A, B 144A 2.720%, 4/15/20⁽³⁾		5,550		5,599
14-2A, B 144A 2.640%, 11/16/20⁽³⁾		3,455		3,461
14-2A, C 144A 3.240%, 11/16/20⁽³⁾		2,750		2,756
CarMax Auto Owner Trust
14-2, B 1.880%, 11/15/19		1,000		994
14-2, C 2.080%, 1/15/20		7,175		7,129
CarNow Auto Receivables Trust
13-1A, B 144A 1.970%, 11/15/17⁽³⁾		4,570		4,569
13-1A,C 144A 2.980%, 11/15/17⁽³⁾		7,244		7,256
14-1A, D 144A 4.160%, 11/15/18⁽³⁾		3,000		2,983
14-1A, E 144A 5.530%, 1/15/20⁽³⁾		4,350		4,375
CCG Receivables Trust 14-1, B 144A 2.150%, 11/15/21⁽³⁾		5,080		5,088
Centre Point Funding LLC 12-2A, 1 144A 2.610%, 8/20/21⁽³⁾		8,527		8,466
Chase Funding Trust 04-2, 1A4 5.323%, 2/26/35		1,260		1,269
Cheesecake Restaurant Holdings, Inc. 13-1A, A2 144A 4.474%, 3/20/43⁽³⁾		24,066		24,405
CIT Equipment Collateral 12-VT1, D 144A 4.120%, 10/21/19⁽³⁾		10,000		10,017
Citicorp Residential Mortgage Securities, Inc. 07- 12, A6 5.662%, 6/25/37⁽²⁾		8,348		8,608
CLI Funding LLC 14-2A, A 144A 3.380%, 10/18/29⁽³⁾		8,358		8,305
CNH Equipment Trust 12-B, B 1.780%, 6/15/20		4,000		4,044
Conseco Financial Corp.
94-1, A5 7.650%, 4/15/19		94		97
01-3, A4 6.910%, 5/1/33⁽²⁾		11,743		12,986
Cronos Containers Program Ltd. 12-2A, A 144A 3.810%, 9/18/27⁽³⁾		17,317		17,325
Diamond Resorts Owner Trust 14-1, A 144A 2.540%, 5/20/27⁽³⁾		9,538		9,508
Direct Capital Funding IV LLC
13-1, D 144A 4.599%, 10/20/19⁽³⁾		3,555		3,601
13-A1, C 144A 4.830%, 11/20/20⁽³⁾		5,000		5,081


	PAR VALUE		VALUE
Domino’s Pizza Master Issuer LLC 12-1A, A2 144A 5.216%, 1/25/42⁽³⁾	$	40,250	$	42,198
Drug Royalty LP
II 14-1, A2 144A 3.484%, 7/15/23⁽³⁾		19,057		19,116
I 12-1, A2 144A 5.800%, 7/15/24⁽³⁾		3,369		3,490
DT Auto Owner Trust
13-1A, C 144A 2.730%, 2/15/19⁽³⁾		17,775		17,886
13-2A, C 144A 3.060%, 9/16/19⁽³⁾		17,500		17,631
14-1A, C 144A 2.640%, 10/15/19⁽³⁾		14,400		14,472
14-2A, C 144A 2.460%, 1/15/20⁽³⁾		14,370		14,295
14-3A, C 144A 3.040%, 9/15/20⁽³⁾		4,840		4,834
Exeter Automobile Receivables Trust
12-1A, C 144A 5.270%, 10/16/17⁽³⁾		8,500		8,673
12-2A, C 144A 3.060%, 7/16/18⁽³⁾		8,050		8,109
13-2A, B 144A 3.090%, 7/16/18⁽³⁾		17,820		18,024
14-1A, B 144A 2.420%, 1/15/19⁽³⁾		9,220		9,214
13-1A, C 144A 3.520%, 2/15/19⁽³⁾		15,000		15,048
14-1A, C 144A 3.570%, 7/15/19⁽³⁾		15,830		15,713
13-1A, D 144A 5.050%, 10/15/19⁽³⁾		13,000		12,962
14-2A, C 144A 3.260%, 12/16/19⁽³⁾		14,615		14,301
14-3A, D 144A 5.690%, 4/15/21⁽³⁾		14,575		14,557
Fairway Outdoor Funding LLC 12-1A, A2 144A 4.212%, 10/15/42⁽³⁾		15,769		15,817
Flagship Credit Auto Trust 14-2, D 144A 5.210%, 2/15/21⁽³⁾		9,560		9,555
Foursight Capital Automobile Receivables Trust 14-1, B 144A 3.560%, 11/22/21⁽³⁾		4,704		4,723
Global Science Finance S.A.R.L.
13-1A, A 144A 2.980%, 4/17/28⁽³⁾		21,208		20,999
13-2A, A 144A 3.670%, 11/17/28⁽³⁾		6,242		6,313
GMAC Mortgage Corp. Loan Trust 06-HLTV, A4 5.810%, 10/25/29		3,235		3,262
Gold Key Resorts LLC 14-A, A 144A 3.220%, 5/17/31⁽³⁾		11,688		11,691
GreatAmerica Leasing Receivables Funding, LLC 13-1, A4 144A 1.160%, 5/15/18⁽³⁾		2,235		2,240
GSAA Home Equity Trust 05-1, AF4 5.619%, 11/25/34⁽²⁾		747		793
05-12, AF3W 4.999%, 9/25/35⁽²⁾		9,248		9,421
Hertz Vehicle Financing LLC
09-2A, A2 144A 5.290%, 3/25/16⁽³⁾		2,500		2,514
11-1A, A2 144A 3.290%, 3/25/18⁽³⁾		12,290		12,730
Hilton Grand Vacations Trust
13-A, A 144A 2.280%, 1/25/26⁽³⁾		13,229		13,304


	PAR VALUE		VALUE
14-AA, A 144A 1.770%, 11/25/26⁽³⁾	$	17,063	$	16,890
Hyundai Auto Receivables Trust 14-B, D 2.510%, 12/15/20		9,675		9,676
IMC Home Equity Loan Trust 97-5, A9 7.310%, 11/20/28		3,445		3,460
IndyMac Manufactured Housing Contract 98-1, A3 6.370%, 9/25/28		1,138		1,170
LEAF Receivables Funding LLC
12-1, D 144A 4.680%, 9/15/20⁽³⁾		5,859		5,926
13-1, D 144A 5.110%, 9/15/21⁽³⁾		655		667
Marriott Vacation Club Owner Trust
12-1A, A 144A 2.510%, 5/20/30⁽³⁾		20,174		20,314
10-1A, A 144A 3.540%, 10/20/32⁽³⁾		670		693
10-1A, B 144A 4.520%, 10/20/32⁽³⁾		1,307		1,363
MMCA Auto Owner Trust 11-A, B 144A 2.720%, 10/17/16⁽³⁾		3,500		3,503
Nations Equipment Finance Funding I LLC
13-1A, B 144A 3.818%, 5/20/21⁽³⁾		4,000		4,046
13-1A, C 144A 5.500%, 5/20/21⁽³⁾		7,833		8,000
New Century Home Equity Loan Trust 05-A, A4W 4.918%, 8/25/35⁽²⁾		15,934		16,569
OneMain Financial Issuance Trust 14-1A, A 144A 2.430%, 6/18/24⁽³⁾		9,270		9,270
Orange Lake Timeshare Trust
12-AA, A 144A 3.450%, 3/10/27⁽³⁾		5,281		5,434
14-AA, A 144A 2.290%, 7/9/29⁽³⁾		5,387		5,368
Prestige Auto Receivables Trust 14-1A, C 144A 2.390%, 5/15/20⁽³⁾		7,000		6,973
Residential Asset Mortgage Products, Inc. 03- RS8, AI7 5.015%, 9/25/33⁽²⁾		836		850
Residential Funding Mortgage Securities II Home Loan Trust 06-H11, M1 6.010%, 2/25/36⁽²⁾		2,993		3,012
Santander Drive Auto Receivables Trust
12-4, C 2.940%, 12/15/17		5,170		5,241
12-2, D 3.870%, 2/15/18		31,045		31,973
12-6, C 1.940%, 3/15/18		9,645		9,711
12-5, C 2.700%, 8/15/18		4,850		4,934
12-6, D 2.520%, 9/17/18		17,455		17,535
13-1, D 2.270%, 1/15/19		23,445		23,297
13-3, C 1.810%, 4/15/19		17,215		17,205
13-5, D 2.730%, 10/15/19		19,500		19,554
14-3, C 2.130%, 8/17/20		16,400		16,330
14-4, D 3.100%, 11/16/20		6,650		6,659
Sierra Timeshare Receivables Funding LLC


	PAR VALUE		VALUE
10-3A, B 144A 4.440%, 11/20/25⁽³⁾	$	2,867	$	2,912
11-1A, B 144A 4.230%, 4/20/26⁽³⁾		2,709		2,782
12-2A, B 144A 3.420%, 3/20/29⁽³⁾		3,836		3,895
12-3A, A 144A 1.870%, 8/20/29⁽³⁾		13,507		13,559
13-1A, A 144A 1.590%, 11/20/29⁽³⁾		5,213		5,200
14-1A, A 144A 2.070%, 3/20/30⁽³⁾		5,805		5,833
14-2A, A 144A 2.050%, 8/20/31⁽³⁾		8,840		8,878
Silverleaf Finance LLC
XV 12-D, A 144A 3.000%, 3/17/25⁽³⁾		8,392		8,481
XVIII 14-A, A 144A 2.810%, 1/15/27⁽³⁾		5,373		5,349
SLM Private Education Loan Trust
14-A, 2A2 144A 2.590%, 1/15/26⁽³⁾		4,775		4,834
13-B, A2A 144A 1.850%, 6/17/30⁽³⁾		14,500		14,249
13-C, A2A 144A 2.940%, 10/15/31⁽³⁾		10,805		11,035
SNAAC Auto Receivables Trust 14-1A, C 144A 2.210%, 1/15/20⁽³⁾		3,470		3,473
SoFi Professional Loan Program LLC
14-A, A2 144A 3.020%, 10/25/27⁽³⁾		23,209		23,476
14-B, 2A 144A 2.550%, 8/27/29⁽³⁾		2,300		2,298
SolarCity LMC Series III LLC 14-2, A 144A 4.020%, 7/20/44⁽³⁾		8,620		8,661
Structured Asset Securities Corp. 01-SB1, A2 3.375%, 8/25/31		2,446		2,412
SVO VOI Mortgage Corp.
10-AA, A 144A 3.650%, 7/20/27⁽³⁾		4,218		4,300
12-AA, A 144A 2.000%, 9/20/29⁽³⁾		8,525		8,479
TAL Advantage V LLC
13-1A A 144A 2.830%, 2/22/38⁽³⁾		13,671		13,519
14-3A, A 144A 3.270%, 11/21/39⁽³⁾		9,768		9,830
TCF Auto Receivables Owner Trust
14-1A, B 144A 2.330%, 5/15/20⁽³⁾		1,733		1,734
14-1A, C 144A 3.120%, 4/15/21⁽³⁾		2,035		2,036
Textainer Marine Containers Ltd.
13-1A, A 144A 3.900%, 9/20/38⁽³⁾		17,500		17,859
14-1A, A 144A 3.270%, 10/20/39⁽³⁾		4,474		4,468
Tidewater Auto Receivables Trust
12-AA, B 144A 2.430%, 4/15/19⁽³⁾		7,488		7,570
14-AA, C 144A 2.560%, 8/15/19⁽³⁾		3,500		3,481
Trinity Rail Leasing LP 03-1A, A 144A 5.640%, 10/12/26⁽³⁾		5,210		5,620
Trip Rail Master Funding LLC
11-1A, A1A 144A 4.370%, 7/15/41⁽³⁾		16,720		17,348
14-1A, A1 144A 2.863%, 4/15/44⁽³⁾		4,443		4,414


	PAR VALUE		VALUE
U-Haul S Fleet LLC 10-BT1A, 1 144A 4.899%, 10/25/23⁽³⁾	$	19,125	$	19,774
Volvo Financial Equipment LLC
13-1A, B 144A 1.240%, 8/15/19⁽³⁾		15,835		15,886
14-1A, C 144A 1.940%, 11/15/21⁽³⁾		6,000		5,976
Welk Resorts LLC 13-A, A 144A 3.100%, 3/15/29⁽³⁾		5,517		5,532
Westgate Resorts LLC 12-2A, A 144A 3.000%, 1/20/25⁽³⁾		783		788
Westlake Automobile Receivables Trust 14-1A, C 144A 1.700%, 11/15/19⁽³⁾		6,165		6,139

TOTAL ASSET-BACKED SECURITIES (Identified Cost $1,469,915)				1,478,104

CORPORATE BONDS AND NOTES—40.0%
Consumer Discretionary—3.0%
Alibaba Group Holding Ltd. 144A 2.500%, 11/28/19⁽³⁾		6,600		6,511
Boyd Gaming Corp.
9.125%, 12/1/18		2,425		2,498
9.000%, 7/1/20		5,350		5,504
Brookfield Residential Properties, Inc. 144A 6.500%, 12/15/20⁽³⁾		5,810		6,101
Caesars Entertainment Operating Co., Inc. 9.000%, 2/15/20		3,625		2,701
CCO Holdings LLC 7.375%, 6/1/20		6,700		7,119
Cequel Communications Holdings I LLC (Cequel Capital Corp.)
144A 5.125%, 12/15/21⁽³⁾		4,155		4,051
144A 5.125%, 12/15/21⁽³⁾		9,810		9,565
Clear Channel Worldwide Holdings, Inc. Series B 7.625%, 3/15/20		16,440		17,385
Columbus International, Inc. 144A 7.375%, 3/30/21⁽³⁾		2,330		2,432
Hyatt Hotels Corp. 3.875%, 8/15/16		7,000		7,264
Hyundai Motor Manufacturing 144A 4.500%, 4/15/15⁽³⁾		6,000		6,055
iHeartCommunications, Inc. 10.000%, 1/15/18		4,025		3,492
International Game Technology 7.500%, 6/15/19		1,115		1,207
Jaguar Land Rover Automotive plc
144A 4.125%, 12/15/18⁽³⁾		3,845		3,883
144A 4.250%, 11/15/19⁽³⁾		6,820		6,905
Landry’s, Inc. 144A 9.375%, 5/1/20⁽³⁾		8,530		9,084
Marriott International, Inc. 3.125%, 10/15/21		13,545		13,622


	PAR VALUE		VALUE
Consumer Discretionary—(continued)
MGM Resorts International 6.750%, 10/1/20	$	6,500	$	6,841
Nielsen Finance LLC (Nielsen Finance Co.) 144A 5.000%, 4/15/22⁽³⁾		19,395		19,589
Norwegian Cruise Lines Corp. Ltd. 144A 5.250%, 11/15/19⁽³⁾		1,755		1,777
Numericable Group SA 144A 4.875%, 5/15/19⁽³⁾		8,295		8,254
QVC, Inc. 3.125%, 4/1/19		12,765		12,761
Scientific Games International, Inc. 144A 7.000%, 1/1/22⁽³⁾		12,535		12,754
Sirius XM Radio, Inc. 144A 4.250%, 5/15/20⁽³⁾		20,955		20,693
Taylor Morrison Communities, Inc. (Monarch Communities, Inc.) 144A 5.250%, 4/15/21⁽³⁾		4,815		4,767
Toll Brothers Finance Corp.
4.000%, 12/31/18		14,890		14,964
6.750%, 11/1/19		14,716		16,555
TRI Pointe Homes, Inc. 144A 4.375%, 6/15/19⁽³⁾		3,330		3,297
Virgin Media Secured Finance plc 144A 5.375%, 4/15/21⁽³⁾		3,405		3,533
Volkswagen Group of America Finance LLC 144A 2.450%, 11/20/19⁽³⁾		4,800		4,831
Wyndham Worldwide Corp. 2.500%, 3/1/18		2,960		2,955
Wynn Macau Ltd. 144A 5.250%, 10/15/21⁽³⁾		11,050		10,442

				259,392

Consumer Staples—0.2%
Heinz (H.J.) Co. 4.250%, 10/15/20		14,449		14,630
Smithfield Foods, Inc. 144A 5.250%, 8/1/18⁽³⁾		6,850		6,987

				21,617

Energy—4.5%
Afren plc 144A 11.500%, 2/1/16⁽³⁾		4,790		4,071
California Resources Corp.
144A 5.000%, 1/15/20⁽³⁾		12,815		11,181
144A 5.500%, 9/15/21⁽³⁾		12,800		11,008
Calumet Specialty Products Partners LP 144A 6.500%, 4/15/21⁽³⁾		17,435		15,648
Carrizo Oil & Gas, Inc.
7.500%, 9/15/20		7,585		7,319
144A 7.500%, 9/15/20⁽³⁾		11,200		10,808
Compagnie Generale de Geophysique-Veritas 7.750%, 5/15/17		778		671
Denbury Resources, Inc. 5.500%, 5/1/22		14,475		13,317
Energy Transfer Partners LP 4.150%, 10/1/20		14,620		14,988


	PAR VALUE		VALUE
Energy—(continued)
Forest Oil Corp. 7.250%, 6/15/19	$	9,035	$	3,343
Frontier Oil Corp. 6.875%, 11/15/18		2,550		2,604
FTS International, Inc. 144A 6.250%, 5/1/22⁽³⁾		2,245		1,672
Gazprom OAO (Gaz Capital SA) 144A 4.950%, 5/23/16⁽³⁾⁽⁵⁾		5,000		4,797
IPIC GMTN Ltd. RegS 3.750%, 3/1/17⁽⁴⁾		10,000		10,437
Kinder Morgan, Inc. 3.050%, 12/1/19		4,805		4,767
Linn Energy LLC 6.500%, 5/15/19		9,980		8,583
Lukoil OAO International Finance BV 144A 3.416%, 4/24/18⁽³⁾		6,000		5,100
Midcontinent Express Pipeline LLC 144A 6.700%, 9/15/19⁽³⁾		7,500		8,250
Newfield Exploration Co.
5.750%, 1/30/22		1,640		1,624
5.625%, 7/1/24		7,925		7,841
NGL Energy Partners LP (NGL Energy Finance Corp.) 144A 5.125%, 7/15/19⁽³⁾		18,475		17,759
Pacific Rubiales Energy Corp. 144A 5.375%, 1/26/19⁽³⁾		20,870		18,032
Petrobras Global Finance BV 3.250%, 3/17/17		21,600		20,358
Petrobras International Finance Co. 3.500%, 2/6/17		10,000		9,549
Petroleos de Venezuela SA
Series 2015, 5.000%, 10/28/15		25,905		19,558
RegS 8.500%, 11/2/17⁽⁴⁾		40,865		23,477
144A 6.000%, 5/16/24⁽³⁾		12,980		4,971
Petroleos Mexicanos 3.125%, 1/23/19		20,730		20,782
PHI, Inc. 5.250%, 3/15/19		6,275		5,365
Pride International, Inc. 8.500%, 6/15/19		4,065		4,866
QEP Resources, Inc. 6.875%, 3/1/21		22,275		22,943
QGOG Constellation SA 144A 6.250%, 11/9/19⁽³⁾		7,925		5,013
Regency Energy Partners LP (Regency Energy Finance Corp.) 5.750%, 9/1/20		12,815		12,911
Rosneft Finance SA RegS 7.500%, 7/18/16⁽⁴⁾		13,235		12,696
Sabine Pass Liquefaction LLC
5.625%, 2/1/21		8,000		7,900
6.250%, 3/15/22		8,415		8,573
Sinopec Capital Ltd. 144A 1.875%, 4/24/18⁽³⁾		11,750		11,542
Transocean, Inc. 6.500%, 11/15/20		12,895		12,229
Weatherford International Ltd. 9.625%, 3/1/19		4,110		4,875

				391,428


	PAR VALUE			VALUE
Financials—18.3%
ABN AMRO Bank N.V. 144A 4.250%, 2/2/17⁽³⁾	$	4,425		$	4,662
AerCap Ireland Capital Ltd. (AerCap Global Aviation Trust) 144A 3.750%, 5/15/19⁽³⁾		5,930			5,878
Aircastle Ltd.
4.625%, 12/15/18		7,740			7,798
6.250%, 12/1/19		10,400			11,050
5.125%, 3/15/21		1,455			1,459
Akbank TAS
144A 5.125%, 7/22/15⁽³⁾		8,900			9,078
144A 7.500%, 2/5/18⁽³⁾		12,140	^TRY		4,760
Allstate Corp. 6.125%, 5/15/37⁽²⁾		4,730			4,990
Ally Financial, Inc. 3.750%, 11/18/19		11,480			11,336
American International Group, Inc.
2.375%, 8/24/15		5,825			5,873
5.850%, 1/16/18		7,300			8,162
American Tower Trust I 144A 1.551%, 3/15/18⁽³⁾		6,900			6,819
Ares Capital Corp. 3.875%, 1/15/20		9,115			9,099
Associated Banc Corp. 5.125%, 3/28/16		8,635			9,016
Aviation Capital Group Corp. 144A 3.875%, 9/27/16⁽³⁾		10,380			10,649
Avis Budget Car Rental LLC 4.875%, 11/15/17		13,470			13,941
Banco Bradesco SA
144A 4.125%, 5/16/16⁽³⁾		7,000			7,175
144A 4.500%, 1/12/17⁽³⁾		13,000			13,455
Banco Continental SA (Continental Senior Trustees II Cayman Ltd.) 144A 5.750%, 1/18/17⁽³⁾⁽⁵⁾		10,000			10,550
Banco de Credito del Peru 144A 2.750%, 1/9/18⁽³⁾		15,836			15,757
Banco Santander Brasil SA
144A 4.500%, 4/6/15⁽³⁾		7,500			7,545
144A 8.000%, 3/18/16⁽³⁾		28,335	^BRL		10,185
144A 4.625%, 2/13/17⁽³⁾		9,300			9,638
Banco Santander Chile 144A 2.110%, 6/7/18⁽²⁾⁽³⁾		5,300			5,366
Banco Votorantim SA 144A 5.250%, 2/11/16⁽³⁾		10,500			10,700
Bangkok Bank PCL 144A 2.750%, 3/27/18⁽³⁾		16,550			16,661
Bank of America Corp.
(Countrywide Financial Corp.) 6.250%, 5/15/16		9,110			9,671
2.000%, 1/11/18		14,905			14,894
5.490%, 3/15/19		2,868			3,173
Bank of Baroda 144A 4.875%, 7/23/19⁽³⁾		23,575			25,128
Bank of Georgia JSC 144A 7.750%, 7/5/17⁽³⁾		10,110			10,464
Bank of India
144A 3.250%, 4/18/18⁽³⁾		22,470			22,760


	PAR VALUE		VALUE
Financials—(continued)
144A 3.625%, 9/21/18⁽³⁾	$	10,200	$	10,425
Barclays Bank plc
144A 6.050%, 12/4/17⁽³⁾		13,130		14,458
144A 5.926%^(2)(3)(6)(7)		3,773		3,948
BBVA Banco Continental SA 144A 3.250%, 4/8/18⁽³⁾		8,270		8,358
Blackstone Holdings Finance Co. LLC 144A 6.625%, 8/15/19⁽³⁾		7,105		8,297
Brazil Loan Trust 1 144A 5.477%, 7/24/23⁽³⁾		21,035		21,351
Caixa Economica Federal 144A 7.250%, 7/23/24⁽²⁾⁽³⁾		13,775		13,155
Capital One NA 2.400%, 9/5/19		5,000		4,976
China Cinda Finance Ltd. 144A 4.000%, 5/14/19⁽³⁾		12,775		12,853
Chubb Corp. (The) 6.375%, 3/29/67⁽²⁾		8,205		8,796
Citigroup, Inc.
0.506%, 6/9/16⁽²⁾		3,400		3,367
5.500%, 2/15/17		23,460		25,220
2.500%, 9/26/18		10,000		10,117
CNH Capital LLC 3.625%, 4/15/18		20,225		20,023
Comerica Bank, Inc.
4.800%, 5/1/15		1,828		1,853
5.750%, 11/21/16		5,940		6,434
Continental Airlines Pass-Through-Trust 99-2, C2 AMBC 6.236%, 3/15/20		12,783		13,646
Corpbanca SA
3.125%, 1/15/18		8,000		7,967
144A 3.875%, 9/22/19⁽³⁾		17,000		17,042
Daimler Finance North America LLC 144A 2.625%, 9/15/16⁽³⁾		11,000		11,272
Discover Bank 8.700%, 11/18/19		1,750		2,164
DNB Bank ASA 144A 3.200%, 4/3/17⁽³⁾		24,700		25,601
Drawbridge Special Opportunities Fund LP 144A 5.000%, 8/1/21⁽³⁾		14,685		14,667
Fidelity National Financial, Inc. 6.600%, 5/15/17		6,475		7,121
Fifth Third Bancorp 4.500%, 6/1/18		6,745		7,266
Fifth Third Bank 4.750%, 2/1/15		750		752
First Tennessee Bank N.A.
5.050%, 1/15/15		13,750		13,768
5.650%, 4/1/16		15,664		16,190
2.950%, 12/1/19		4,500		4,488
Ford Motor Credit Co. LLC
4.207%, 4/15/16		10,000		10,352
5.000%, 5/15/18		10,000		10,865


	PAR VALUE		VALUE
Financials—(continued)
General Electric Capital Corp. 0.612%, 5/5/26⁽²⁾	$	8,000	$	7,436
General Motors Financial Co., Inc.
4.750%, 8/15/17		25,655		27,120
3.500%, 7/10/19		9,715		9,931
Genworth Holdings, Inc.
7.200%, 2/15/21		5,000		4,893
7.625%, 9/24/21		13,825		13,518
GLP Capital LP (GLP Financing II, Inc.) 4.875%, 11/1/20		18,265		18,493
Goldman Sachs Group, Inc. (The)
5.625%, 1/15/17		14,000		15,017
2.900%, 7/19/18		8,200		8,412
7.500%, 2/15/19		2,451		2,915
Government Properties Income Trust 3.750%, 8/15/19		2,905		2,949
Guanay Finance Ltd. 144A 6.000%, 12/15/20⁽³⁾		18,800		19,575
HBOS plc 144A 6.750%, 5/21/18⁽³⁾		685		763
HCP, Inc. 3.750%, 2/1/19		4,940		5,185
Health Care REIT, Inc. 4.125%, 4/1/19		4,100		4,360
Healthcare Realty Trust, Inc. 6.500%, 1/17/17		3,000		3,276
Hertz Corp. (The) 5.875%, 10/15/20		18,375		18,605
HSBC USA, Inc. 2.625%, 9/24/18		19,485		19,985
Huntington Bancshares, Inc. 7.000%, 12/15/20		17,065		20,538
Hutchison Whampoa International Ltd. Series 12, 144A 6.000% ^(2)(3)(6)(7)		13,210		14,082
Hyundai Capital Services, Inc.
144A 6.000%, 5/5/15⁽³⁾		4,975		5,058
144A 3.750%, 4/6/16⁽³⁾		500		514
144A 1.450%, 2/6/17⁽³⁾		8,000		7,973
144A 2.125%, 10/2/17⁽³⁾		2,940		2,955
ICAHN Enterprises LP (ICAHN Enterprises Finance Corp.)
3.500%, 3/15/17		965		965
4.875%, 3/15/19		1,520		1,516
ICICI Bank Ltd.
RegS 4.700%, 2/21/18⁽⁴⁾		13,000		13,707
144A 4.800%, 5/22/19⁽³⁾		13,000		13,869
Industrial & Commercial Bank of China Ltd. 3.231%, 11/13/19		6,275		6,301
ING Bank NV 144A 1.375%, 3/7/16⁽³⁾		9,000		9,034
International Lease Finance Corp. 3.875%, 4/15/18		18,635		18,635
Intesa San Paolo S.p.A 3.125%, 1/15/16		12,190		12,385


	PAR VALUE			VALUE
Financials—(continued)
iStar Financial, Inc.
4.000%, 11/1/17	$	12,900		$	12,594
4.875%, 7/1/18		12,250			12,082
5.000%, 7/1/19		2,440			2,379
Jefferies Group, Inc. 5.125%, 4/13/18		6,541			6,898
JPMorgan Chase & Co. 6.125%, 6/27/17		8,850			9,766
KeyBank N.A.
7.413%, 5/6/15		3,000			3,068
4.950%, 9/15/15		1,295			1,332
Korea Development Bank 3.500%, 8/22/17		9,750			10,150
Lazard Group LLC 4.250%, 11/14/20		7,765			8,184
Lincoln National Corp.
8.750%, 7/1/19		15,040			18,793
6.050%, 4/20/67⁽²⁾⁽⁷⁾		2,885			2,885
Macquarie Group Ltd.
144A 3.000%, 12/3/18⁽³⁾		4,870			4,986
144A 6.000%, 1/14/20⁽³⁾		10,950			12,403
Manufacturers & Traders Trust Co. 5.629%, 12/1/21⁽²⁾		5,000			5,206
MetLife, Inc. 6.750%, 6/1/16		910			981
Morgan Stanley
5.550%, 4/27/17		10,200			11,072
144A 10.090%, 5/3/17⁽³⁾		22,595	^BRL		8,279
Nationstar Mortgage LLC 6.500%, 8/1/18		19,865			19,021
Navient LLC
4.625%, 9/25/17		24,805			25,239
4.875%, 6/17/19		9,140			9,167
ORIX Corp. 5.000%, 1/12/16		5,228			5,406
PennantPark Investment Corp. 4.500%, 10/1/19		7,710			7,724
Phosagro OAO (Phosagro Bond Funding Ltd.) 144A 4.204%, 2/13/18⁽³⁾⁽⁵⁾		14,800			12,728
PNC Funding Corp. 5.625%, 2/1/17		3,130			3,378
Principal Life Global Funding II 144A 2.250%, 10/15/18⁽³⁾		17,580			17,708
Progressive Corp. (The) 6.700%, 6/15/37⁽²⁾		2,740			2,964
Prudential Financial, Inc.
4.750%, 9/17/15		4,770			4,895
8.875%, 6/15/38⁽²⁾⁽⁷⁾		11,200			13,076
QBE Insurance Group Ltd. 144A 2.400%, 5/1/18⁽³⁾		7,750			7,751
Regions Bank 7.500%, 5/15/18		12,001			13,953
Regions Financial Corp. 5.750%, 6/15/15		2,535			2,588
Royal Bank of Scotland Group plc (The) 6.400%, 10/21/19		3,130			3,635


	PAR VALUE		VALUE
Financials—(continued)
Russian Agricultural Bank OJSC (RSHB Capital SA)
144A 5.298%, 12/27/17⁽³⁾	$	13,655	$	11,538
144A 5.100%, 7/25/18⁽³⁾⁽⁵⁾		8,750		7,197
Sabra Health Care LP 5.500%, 2/1/21		9,610		10,018
Santander Holdings USA, Inc. 3.000%, 9/24/15		980		992
Santander U.S. Debt S.A.U.
144A 3.724%, 1/20/15⁽³⁾		8,100		8,111
Unipersonal 144A 3.781%, 10/7/15⁽³⁾		8,000		8,169
SBA Tower Trust 144A 2.933%, 12/15/17⁽³⁾		13,275		13,444
Schaeffler Finance BV 144A 4.250%, 5/15/21⁽³⁾		14,140		13,857
Schaeffler Holding Finance BV PIK Interest Capitalization, 144A 6.875%, 8/15/18^(3)(10)		2,210		2,315
Senior Housing Properties Trust
4.300%, 1/15/16		6,875		7,019
3.250%, 5/1/19		6,685		6,727
Shinhan Bank
144A 4.375%, 7/27/17⁽³⁾		11,700		12,413
144A 1.875%, 7/30/18⁽³⁾		1,000		988
Skandinaviska Enskilda Banken AB 144A 1.750%, 3/19/18⁽³⁾		6,775		6,741
Societe Generale S.A.
144A 3.100%, 9/14/15⁽³⁾		2,900		2,944
144A 3.500%, 1/15/16⁽³⁾		6,895		7,071
Springleaf Finance Corp. 5.250%, 12/15/19		18,055		17,739
State Street Corp. 4.956%, 3/15/18⁽⁷⁾		9,845		10,663
SunTrust Bank, Inc.
6.000%, 9/11/17		4,925		5,460
5.450%, 12/1/17		3,750		4,099
Svenska Handelsbanken AB 3.125%, 7/12/16		10,000		10,332
Telecom Italia Capital SA 7.175%, 6/18/19		2,395		2,742
TIAA Asset Management Finance Co. LLC 144A 2.950%, 11/1/19⁽³⁾		2,850		2,856
Turkiye Garanti Bankasi AS 144A 4.750%, 10/17/19⁽³⁾		8,500		8,628
Turkiye Is Bankasi 144A 3.750%, 10/10/18⁽³⁾		12,630		12,567
Turkiye Vakiflar Bankasi Tao 144A 3.750%, 4/15/18⁽³⁾		4,000		3,950
Union Bank NA
1.500%, 9/26/16		2,000		2,009
2.625%, 9/26/18		2,700		2,740
Unum Group 7.125%, 9/30/16		6,620		7,233
Ventas Realty LP (Ventas Capital Corp.)


	PAR VALUE		VALUE
Financials—(continued)
4.000%, 4/30/19	$	7,100	$	7,514
2.700%, 4/1/20		2,948		2,917
Vnesheconombank (VEB Finance plc) 144A 4.224%, 11/21/18⁽³⁾⁽⁵⁾		16,710		13,117
Voya Financials, Inc. 2.900%, 2/15/18		12,620		12,920
VTB Bank OJSC (VTB Capital SA)
144A 6.465%, 3/4/15⁽³⁾⁽⁵⁾		15,900		15,790
144A 6.000%, 4/12/17⁽³⁾⁽⁵⁾		12,300		10,609
Wachovia Corp. 5.625%, 10/15/16		2,500		2,689
Wells Fargo & Co. 5.125%, 9/15/16		5,000		5,334
Willis Group Holdings plc 4.125%, 3/15/16		6,000		6,185
Willis North America, Inc. 6.200%, 3/28/17		4,960		5,365
XLIT Ltd.
2.300%, 12/15/18		9,730		9,736
Series E, 6.500%, 12/29/49⁽²⁾		12,790		12,214
Yapi ve Kredi Bankasi AS 144A 4.000%, 1/22/20⁽³⁾		18,650		18,055
Zions Bancorp 4.500%, 3/27/17		8,120		8,531

				1,586,278

Health Care—1.6%
Alere, Inc. 6.500%, 6/15/20		6,175		6,252
Catamaran Corp. 4.750%, 3/15/21		7,165		7,183
Community Health Systems, Inc.
5.125%, 8/1/21		4,790		4,994
6.875%, 2/1/22		860		915
Forest Laboratories, Inc. 144A 4.375%, 2/1/19⁽³⁾		13,430		14,200
HCA, Inc.
3.750%, 3/15/19		9,580		9,616
6.500%, 2/15/20		19,575		21,983
inVentiv Health, Inc. 144A 9.000%, 1/15/18⁽³⁾		8,625		8,841
Owens & Minor, Inc. 3.875%, 9/15/21		2,485		2,517
Salix Pharmaceuticals Ltd. 144A 6.000%, 1/15/21⁽³⁾		3,465		3,543
Tenet Healthcare Corp.
144A 5.500%, 3/1/19⁽³⁾		9,905		10,177
4.750%, 6/1/20		9,275		9,460
6.000%, 10/1/20		9,560		10,290
8.125%, 4/1/22		8,265		9,257
Valeant Pharmaceuticals International, Inc.
144A 6.750%, 8/15/18⁽³⁾		6,110		6,515
144A 5.625%, 12/1/21⁽³⁾		7,310		7,383
Zoetis, Inc. 1.875%, 2/1/18		1,975		1,957

				135,083


	PAR VALUE			VALUE
Industrials—5.2%
ADT Corp. (The) 6.250%, 10/15/21	$	22,085		$	22,748
Air Canada Pass-Through-Trust, 13-1, B 144A 5.375%, 5/15/21⁽³⁾		11,554			11,727
America West Airlines Pass-Through-Trust
98-1, A 6.870%, 1/2/17		1,340			1,394
99-1, G 7.930%, 1/2/19		9,020			9,945
01-1, G 7.100%, 4/2/21		42,535			46,895
American Airlines Pass-Through-Trust
13-2, B 144A 5.600%, 7/15/20⁽³⁾		9,663			9,857
14-1, B 4.375%, 10/1/22		10,000			10,253
Atlas Air Pass-Through-Trust
98-1, A 7.380%, 1/2/18		4,062			4,092
00-1, A 8.707%, 1/2/19		3,708			3,819
AWAS Aviation Capital Ltd. 144A 7.000%, 10/17/16⁽³⁾		7,980			8,200
Bombardier, Inc. 144A 4.750%, 4/15/19⁽³⁾		19,060			19,155
British Airways Pass-Through-Trust 13-1, B 144A 5.625%, 6/20/20⁽³⁾		13,173			13,963
Builders FirstSource, Inc. 144A 7.625%, 6/1/21⁽³⁾		8,670			8,908
Continental Airlines Pass-Through-Trust
99-1, A 6.545%, 2/2/19		10,180			11,178
09-2, A 7.250%, 11/10/19		3,659			4,226
12-1, B 6.250%, 4/11/20		4,134			4,341
00-1, A1 8.048%, 11/1/20		7,089			8,036
01-1, A1 6.703%, 6/15/21		13,833			14,940
Delta Air Lines Pass-Through-Trust 12-1, A 4.750%, 5/7/20		29,263			31,165
Deluxe Corp. 6.000%, 11/15/20		2,950			3,057
Huntington Ingalls Industries, Inc. 144A 5.000%, 12/15/21⁽³⁾		8,250			8,405
Masco Corp. 5.950%, 3/15/22		20,970			23,277
Northwest Airlines Pass-Through-Trust
07-1, B 8.028%, 11/1/17		2,619			2,929
02-1, G2 6.264%, 11/20/21		13,061			14,048
Odebrecht Finance Ltd. 144A 8.250%, 4/25/18⁽³⁾		12,850	^BRL		4,085
Rexel SA 144A 5.250%, 6/15/20⁽³⁾		20,550			20,807
Spirit AeroSystems, Inc. 5.250%, 3/15/22		2,905			2,970
Toledo Edison Co. (The) 7.250%, 5/1/20		224			267
Transnet SOC Ltd. 144A 4.500%, 2/10/16⁽³⁾		9,000			9,242
U.S. Airways Pass-Through-Trust
12-2, C 5.450%, 6/3/18		12,975			13,007
01-1, G 7.076%, 3/20/21		19,058			20,916
11-1, A 7.125%, 10/22/23		8,367			9,748


	PAR VALUE		VALUE
Industrials—(continued)
UAL Pass-Through-Trust
09-2A 9.750%, 1/15/17	$	22,572	$	25,055
07-01, A 6.636%, 7/2/22		18,489		19,968
United Rentals North America, Inc. 5.750%, 7/15/18		7,895		8,270
Virgin Australia Trust 13-1A 144A 5.000%, 10/23/23⁽³⁾		20,102		20,705

				451,598

Information Technology—1.3%
Alcatel-Lucent USA, Inc. 144A 6.750%, 11/15/20⁽³⁾		5,810		6,162
Avaya, Inc. 144A 7.000%, 4/1/19⁽³⁾		25,510		25,000
Dun & Bradstreet Corp. (The) 3.250%, 12/1/17		16,800		17,275
Equinix, Inc. 4.875%, 4/1/20		8,062		8,062
First Data Corp.
11.750%, 8/15/21		11,439		13,183
PIK Interest Capitalization, 144A 8.750%, 1/15/22⁽³⁾⁽¹⁰⁾		3,250		3,510
Infor Software Parent LLC PIK Interest Capitalization, 144A 7.125%, 5/1/21^(3)(10)		4,455		4,388
MDC-GMTN B.V. 144A 3.750%, 4/20/16⁽³⁾		4,000		4,130
NCR Corp.
4.625%, 2/15/21		14,480		14,118
5.000%, 7/15/22		4,825		4,729
Sanmina Corp. 144A 4.375%, 6/1/19⁽³⁾		5,718		5,689
Sophia Holding Finance LP PIK Interest Capitalization, 144A 9.625%, 12/1/18^(3)(10)		8,835		8,912
Sungard Availability Services Capital, Inc. 144A 8.750%, 4/1/22⁽³⁾		2,450		1,458

				116,616

Materials—2.8%
Allegheny Technologies, Inc. 9.375%, 6/1/19		7,245		8,429
Anglo American Capital plc 144A 9.375%, 4/8/19⁽³⁾		1,950		2,429
Ardagh Packaging Finance plc 144A 6.250%, 1/31/19⁽³⁾		2,705		2,651
Beverage Packaging Holdings Luxembourg II SA 144A 6.000%, 6/15/17⁽³⁾		6,050		5,914
Cemex SAB de CV 144A 9.500%, 6/15/18⁽³⁾		9,754		10,681
CRH America, Inc.
4.125%, 1/15/16		4,000		4,117
8.125%, 7/15/18		4,770		5,709


	PAR VALUE		VALUE
Materials—(continued)
EuroChem Mineral & Chemical Co. OJSC 144A 5.125%, 12/12/17⁽³⁾⁽⁵⁾	$	11,920	$	10,257
Fortescue Metals Group (FMG) 144A 8.250%, 11/1/19⁽³⁾		17,440		15,936
Freeport-Mcmoran Copper & Gold, Inc. 2.375%, 3/15/18		9,000		8,901
Gerdau Holdings, Inc. 144A 7.000%, 1/20/20⁽³⁾		8,330		9,007
Gerdau Trade, Inc. 144A 5.750%, 1/30/21⁽³⁾		2,000		2,031
Hexion U.S. Finance Corp.
8.875%, 2/1/18		12,085		10,786
6.625%, 4/15/20		12,240		12,056
Huntsman International LLC 4.875%, 11/15/20		3,910		3,900
Ineos Finance plc 144A 5.875%, 2/15/19⁽³⁾		5,870		5,576
International Paper Co. 9.375%, 5/15/19		5,330		6,804
Nufarm Australia Ltd. 144A 6.375%, 10/15/19⁽³⁾		8,005		8,095
Reynolds Group Issuer, Inc.
5.750%, 10/15/20		12,945		13,333
8.250%, 2/15/21		3,120		3,213
Sappi Papier Holding GmbH
144A 7.750%, 7/15/17⁽³⁾		12,830		13,792
144A 8.375%, 6/15/19⁽³⁾		7,770		8,353
Severstal OAO (Steel Capital SA) 144A 6.700%, 10/25/17⁽³⁾⁽⁵⁾		5,975		5,544
Sinopec Group Overseas Development Ltd. 144A 2.750%, 5/17/17⁽³⁾		10,000		10,178
Tronox Finance LLC 6.375%, 8/15/20		15,045		15,158
Turkiye Sise Ve Cam Fabrikalari AS 144A 4.250%, 5/9/20⁽³⁾		12,755		12,512
Union Andina de Cementos SAA 144A 5.875%, 10/30/21⁽³⁾		1,690		1,719
Vedanta Resources plc
144A 9.500%, 7/18/18⁽³⁾		10,640		11,491
144A 6.000%, 1/31/19⁽³⁾		14,955		14,656

				243,228

Telecommunication Services—1.8%
AT&T, Inc. 5.500%, 2/1/18		11,123		12,279
CenturyLink, Inc. Series V 5.625%, 4/1/20		21,780		22,678
Crown Castle Towers LLC
144A 3.214%, 8/15/15⁽³⁾		4,950		5,009
144A 5.495%, 1/15/17⁽³⁾		5,915		6,262
Digicel Group Ltd. 144A 8.250%, 9/30/20⁽³⁾		8,360		8,151
Frontier Communications Corp.


	PAR VALUE		VALUE
Telecommunication Services—(continued)
7.125%, 3/15/19	$	12,200	$	13,420
6.250%, 9/15/21		4,890		4,927
Level 3 Financing, Inc. 7.000%, 6/1/20		4,065		4,304
Millicom International Cellular SA 144A 6.625%, 10/15/21⁽³⁾		6,045		6,317
Sprint Corp. 7.250%, 9/15/21		4,080		4,065
T-Mobile USA, Inc.
6.464%, 4/28/19		7,630		7,954
6.542%, 4/28/20		7,905		8,191
Telefonica Emisiones SAU 3.192%, 4/27/18		2,805		2,885
Verizon Communications, Inc.
2.500%, 9/15/16		4,044		4,135
3.650%, 9/14/18		13,800		14,583
West Corp. 144A 5.375%, 7/15/22⁽³⁾		14,280		13,709
Wind Acquisition Finance S.A. 144A 4.750%, 7/15/20⁽³⁾		9,005		8,442
Windstream Corp. 7.750%, 10/15/20		12,125		12,519

				159,830

Utilities—1.3%
Abu Dhabi National Energy Co. 144A 2.500%, 1/12/18⁽³⁾		13,930		14,001
AmeriGas Partners LP
6.250%, 8/20/19		5,670		5,883
6.750%, 5/20/20		6,765		7,002
7.000%, 5/20/22		9,275		9,646
Dayton Power & Light Co.(The) 1.875%, 9/15/16		2,000		2,023
Dynegy Finance I, Inc. (Dynegy Finance II, Inc.) 144A 6.750%, 11/1/19⁽³⁾		5,690		5,797
Israel Electric Corp. Ltd. 144A 5.625%, 6/21/18⁽³⁾		14,735		15,648
Korea Western Power Co., Ltd. 144A 3.125%, 5/10/17⁽³⁾		9,800		10,080
Majapahit Holding BV 144A 7.750%, 1/20/20⁽³⁾		8,800		10,230
PPL WEM Holdings plc 144A 3.900%, 5/1/16⁽³⁾		5,495		5,658
RJS Power Holdings LLC 144A 5.125%, 7/15/19⁽³⁾		12,340		12,247
State Grid Overseas Investment Ltd.
144A 1.750%, 5/22/18⁽³⁾		5,000		4,904
144A 2.750%, 5/7/19⁽³⁾		9,370		9,409

				112,528

TOTAL CORPORATE BONDS AND NOTES (Identified Cost $3,502,358)				3,477,598


	PAR VALUE		VALUE
LOAN AGREEMENTS⁽²⁾—15.0%
Consumer Discretionary—4.1%
Aristocrat Leisure Ltd. 4.750%, 10/20/21	$	13,610	$	13,406
Boyd Gaming Corp. Tranche B, 4.000%, 8/14/20		7,065		6,954
Caesars Entertainment Operating Co., Inc.
Tranche B-4, 10.500%, 10/31/16		3,616		3,215
Tranche B-6, 6.985%, 3/1/17		3,861		3,393
Tranche B-7, 9.750%, 1/28/18		1,741		1,518
Caesars Entertainment Resort Properties LLC Tranche B, 7.000%, 10/11/20		7,920		7,432
Caesars Growth Properties Holdings LLC Tranche B, First Lien, 6.250%, 5/8/21		4,328		3,979
Charter Communications Operating LLC Tranche G, 4.250%, 9/10/21		4,242		4,274
Charter Communications Operations LLC
Tranche E, 3.000%, 7/1/20		9,433		9,272
Tranche F, 3.000%, 1/3/21		14,490		14,233
Checkout Holding Corp. Tranche B, First Lien 4.500%, 4/9/21		8,666		8,287
CityCenter Holdings LLC Tranche B, 4.250%, 10/16/20		9,919		9,854
Clear Channel Communications, Inc. Tranche D, 6.919%, 1/30/19		27,440		25,936
CSC Holdings, Inc. Tranche B, 2.669%, 4/17/20		6,223		6,104
Cumulus Media Holdings, Inc. 4.250%, 12/23/20		9,881		9,613
Delta 2 (Lux) S.A.R.L.
Tranche B-3, 4.750%, 7/30/21		9,421		9,223
Second Lien, 0.000%, 7/29/22⁽⁸⁾		5,065		4,951
Hilton Worldwide Finance LLC 3.500%, 10/26/20		15,118		14,970
Intelsat Jackson Holdings S A. Tranche B-2, 3.750%, 6/30/19		12,912		12,754
Key Safety Systems, Inc. 4.750%, 8/29/21		6,612		6,579
Landry’s Restaurant, Inc. Tranche B, 4.000%, 4/24/18		9,579		9,533
Las Vegas Sands LLC Tranche B, 3.250%, 12/19/20		21,488		21,399
Libbey Glass, Inc. 3.750%, 4/9/21		5,932		5,862
MGM Resort International Tranche B 3.500%, 12/20/19		7,116		6,950
Mohegan Tribal Gaming Authority Tranche B, 5.500%, 11/19/19		3,366		3,248
Numericable SFR
Tranche B-1, 4.500%, 5/21/20		6,074		6,063


	PAR VALUE		VALUE
Consumer Discretionary—(continued)
Tranche B-2, 4.500%, 5/21/20	$	5,254	$	5,245
PVH Corp. Tranche B 3.250%, 2/13/20		13,019		13,054
Scientific Games International, Inc.
0.000%, 10/18/20⁽⁸⁾		2,800		2,767
Tranche B, 0.000%, 10/1/21⁽⁸⁾		3,426		3,385
Seminole Hard Rock Entertainment, Inc. Tranche B, 3.500%, 5/14/20		2,802		2,714
Seminole Tribe of Florida, Inc. Tranche B, 3.000%, 4/29/20		13,995		13,960
ServiceMaster Co. LLC (The) 4.250%, 7/1/21		7,634		7,510
Sinclair Television Group, Inc. Tranche B-1, 3.500%, 7/30/21		11,660		11,590
SRAM LLC First Lien, 4.417%, 4/10/20		1,885		1,833
Station Casinos LLC Tranche B, 4.250%, 3/2/20		11,956		11,741
TI Group Automotive Systems LLC 4.250%, 7/2/21		3,030		3,001
Tribune Co. 4.000%, 12/27/20		10,971		10,838
Tribune Publishing Co. 5.700%, 8/4/21		10,384		10,280
TWCC Holding Corp. Second Lien, 7.000%, 6/26/20		14,060		13,521
Virgin Media Investment Holdings Ltd. Tranche B, 3.500%, 6/7/20		13,968		13,741

				354,182

Consumer Staples—1.0%
Albertson’s LLC
Tranche B-4, 4.500%, 8/25/21		14,888		14,913
Tranche B-4-1, 4.500%, 8/25/21		1,310		1,312
ARAMARK Corp.
Tranche E, 3.250%, 9/6/19		19,195		18,949
Tranche F, 3.250%, 2/24/21		6,178		6,095
Big Heart Pet Brands (Del Monte Corp.) 3.500%, 3/9/20		11,446		11,017
Charger OpCo B.V. (Oak Tea, Inc.) Tranche B-2, 1.750%, 7/23/21		3,785		3,671
New Hostess Brand Acquisition LLC Tranche B, 6.750%, 4/9/20		5,212		5,303
Prestige Brands Tranche B-2, 4.500%, 9/3/21		1,549		1,551
Rite Aid Corp.
Tranche 7, 3.500%, 2/21/20		6,895		6,875
Tranche 1, Second Lien, 5.750%, 8/21/20		720		724
Tranche 2, Second Lien, 4.875%, 6/21/21		14,688		14,725

				85,135


	PAR VALUE		VALUE
Energy—0.8%
Arch Coal, Inc. 6.250%, 5/16/18	$	16,421	$	13,650
Drillships Ocean Ventures, Inc. 5.500%, 7/25/21		6,210		5,031
EP Energy LLC (Everest Acquisition LLC)
Tranche B-3, 3.500%, 5/24/18		4,100		3,905
Tranche B-2, 4.500%, 4/30/19		768		741
Expro Finservices S.A.R.L. 5.750%, 9/2/21		11,492		9,481
FTS International, Inc. 5.750%, 4/16/21		2,820		2,256
Paragon Offshore Finance Co. 3.750%, 7/16/21		13,143		10,629
Quicksilver Resources, Inc. Second Lien, 7.000%, 6/21/19		4,598		3,499
Seadrill Operating LP 4.000%, 2/21/21		21,750		17,014

				66,206

Financials—1.5%
Altisource Solutions S.A.R.L. Tranche B, 4.500%, 12/9/20		19,117		14,912
Asurion LLC Tranche B-1, 5.000%, 5/24/19		9,949		9,841
Capital Automotive LP
Tranche B-1, 4.000%, 4/10/19		3,577		3,515
Second Lien, 6.000%, 4/30/20		6,047		6,047
Clipper Acquisitions Corp. Tranche B, 3.000%, 2/6/20		6,251		6,040
Delos Finance S.A.R.L. 3.500%, 3/6/21		21,956		21,828
iStar Financial, Inc. Tranche A-2, 7.000%, 3/19/17		3,051		3,173
Realogy Corp. Tranche B, 3.750%, 3/5/20		17,738		17,427
RPI Finance Trust Tranche B-3, 3.250%, 11/9/18		10,682		10,669
Trans Union LLC 2014 Replacement, 4.000%, 4/9/21		11,967		11,832
Walter Investment Management Corp. Tranche B, 4.750%, 12/18/20		24,715		22,367

				127,651

Health Care—1.2%
American Renal Holdings, Inc. Tranche B, First Lien, 4.500%, 8/20/19		9,113		9,021
AmSurg Corp. 3.750%, 7/16/21		2,584		2,569
Ardent Medical Services, Inc. First Lien, 6.750%, 7/2/18		3,983		3,987
Capsugel Holdings US, Inc. 3.500%, 8/1/18		2,271		2,225
CHG Healthcare Services, Inc. Second Lien, 4.250%, 11/19/19		10,012		9,918
ConvaTec, Inc. 4.000%, 12/22/16		1,331		1,330


	PAR VALUE		VALUE
Health Care—(continued)
DaVita HealthCare Partners, Inc. Tranche B, 3.500%, 6/24/21	$	3,907	$	3,876
Envision Healthcare Corp. (F/K/A Emergency Medical Services Corp.) 4.000%, 5/25/18		6,661		6,628
Hologic, Inc. Refinancing Tranche B, 3.250%, 8/1/19		10,831		10,763
Iasis Healthcare LLC Tranche B-2, 4.500%, 5/3/18		5,746		5,705
InVentiv Health, Inc. Tranche B-4, 7.750%, 5/15/18		8,750		8,743
Kinetic Concepts, Inc.
Tranche E-2, 3.500%, 11/4/16		6,653		6,584
Tranche E-1, 4.000%, 5/4/18		1,569		1,550
Mallinckrodt International Finance S.A. Tranche B- 1, 3.500%, 3/19/21		1,651		1,623
NVA Holdings, Inc. First Lien, 4.750%, 8/14/21		2,529		2,507
Quintiles Transnational Corp. Tranche B-3, 3.750%, 6/8/18		8,651		8,572
Surgery Center Holdings, Inc. First Lien, 5.250%, 11/3/20		1,430		1,396
U.S. Renal Care, Inc. Tranche B-2, First Lien, 4.250%, 7/3/19		4,593		4,530
Valeant Pharmaceuticals International, Inc. Series D-2, Tranche B, 3.500%, 2/13/19		12,168		12,083

				103,610

Industrials—1.7%
American Airlines, Inc.
Tranche B, 3.750%, 6/27/19		35,303		34,994
Tranche B, 2014 4.250%, 10/10/21		10,996		11,019
AWAS Finance Luxembourg SA 3.500%, 7/16/18		8,447		8,356
Brock Holdings Ill, Inc. First Lien, 6.000%, 3/16/17		11,484		10,824
Ceridian HCM Holding, Inc. 4.500%, 9/15/20		18,650		18,405
DynCorp International, Inc. 6.250%, 7/7/16		9,906		9,896
Husky Injection Molding Systems Ltd. (Yukon Acquisition, Inc.) 4.250%, 6/30/21		5,238		5,149
Mcjunkin Red Man Corp. 5.000%, 11/8/19		887		823
Spirit Aerosystems, Inc. Tranche B, 3.250%, 9/15/20		13,615		13,450
U.S. Airways, Inc. Tranche B-1, 3.500%, 5/23/19		25,121		24,664
United Airlines, Inc. (Continental Airlines, Inc.) Tranche B-1, 3.750%, 9/15/21		12,246		12,170

				149,750


	PAR VALUE		VALUE
Information Technology—3.2%
Activision Blizzard, Inc. 3.250%, 10/12/20	$	11,159	$	11,159
Applied Systems, Inc. Second Lien, 7.500%, 1/24/22		2,782		2,729
Avago Technologies Cayman Ltd. 3.750%, 5/6/21		20,033		20,004
Blue Coat Systems, Inc. Second Lien, 9.500%, 6/26/20		21,813		21,486
CCC Information Services 4.000%, 12/20/19		5,826		5,768
Deltek, Inc.
First Lien, 0.000%, 10/10/18⁽⁸⁾		7,461		7,391
Second Lien, 10.000%, 10/10/19		4,420		4,449
Evergreen Skills Lux S.A.R.L.
First Lien, 5.750%, 4/28/21		3,914		3,845
Second Lien, 9.250%, 4/28/22		6,352		6,024
Excelitas Technologies Corp. Tranche B, 6.000%, 11/2/20		9,358		9,295
First Data Corp.
3.667%, 3/23/18		49,210		48,334
3.667%, 9/24/18		6,353		6,229
Genpact Ltd. 3.500%, 8/30/19		17,314		17,170
Infinity Acquisition Ltd. 4.250%, 8/6/21		14,750		14,487
Interactive Data Corp. 4.750%, 5/2/21		8,100		8,061
IPC Systems, Inc. First Lien, 6.000%, 11/8/20		7,733		7,724
Kronos, Inc.
First Lien, 4.500%, 10/30/19		22,245		22,121
Second Lien, 0.000%, 4/30/20⁽⁸⁾		17,284		17,630
Lanyon Solutions, Inc. First Lien, 5.500%, 11/13/20		10,596		10,397
Mitchell International, Inc.
4.500%, 10/13/20		4,191		4,143
Second Lien, 8.500%, 10/11/21		19,067		19,038
Sophia LP Tranche B-1, 4.000%, 7/19/18		6,048		5,990
Sungard Availability Services Capital, Inc. Tranche B, 6.000%, 3/29/19		5,999		5,372

				278,846

Materials—0.5%
Ardagh Packaging Finance plc 4.000%, 12/17/19		2,061		2,028
AZ Chem US, Inc. First Lien, 5.750%, 6/11/21		2,752		2,698
Crown Americas LLC Tranche B, 0.000%, 10/22/21⁽⁸⁾		9,066		9,087
Fairmount Minerals Ltd. Tranche B-2, 4.500%, 9/5/19		3,850		3,511


	PAR VALUE			VALUE
Materials—(continued)
Fortescue Metals Group (FMG) Resources Property Ltd. 3.750%, 6/30/19	$	13,338		$	12,160
HII Holding Corp. First Lien, 4.000%, 12/20/19		14,181			13,968

					43,452

Telecommunication Services—0.4%
Global Tel*Link Corp. First Lien, 5.000%, 5/23/20		9,113			9,045
Level 3 Financing, Inc.
Tranche B-III 2019, 4.000%, 8/1/19		6,319			6,283
Tranche B, 2022 4.500%, 1/31/22		5,842			5,857
Windstream Corp. Tranche B-4, 3.500%, 1/23/20		14,013			13,884

					35,069

Utilities—0.6%
Atlantic Power LP 4.750%, 2/24/21		2,794			2,756
Granite Acquisition, Inc.
Tranche B, First Lien, 5.000%, 12/17/21		10,726			10,811
Tranche C, First Lien 5.000%, 12/17/21		472			476
NRG Energy, Inc. 2.750%, 7/1/18		23,848			23,433
State of Santa Catarina (The) 4.000%, 12/27/22		14,568			14,242
Texas Competitive Electric Holdings Co. LLC 2017 Extended, 4.648%, 10/10/17⁽¹²⁾		5,925			3,851

					55,569

TOTAL LOAN AGREEMENTS (Identified Cost $1,337,616)					1,299,470


	SHARES
PREFERRED STOCKS—0.4%
Energy—0.1%
PTT Exploration & Production PCL 144A, 4.875%⁽²⁾⁽³⁾		8,645	⁽⁹⁾		8,516

Financials—0.3%
Ally Financial, Inc. Series G, 144A, 7.000%		702			702
Banco Bilbao Vizcaya Argentaria S.A. International S.A. Unipersonal 5.919%⁽²⁾		2,295	⁽⁹⁾		2,336
Banco do Brasil S.A., Tranche B, 144A, 8.500%⁽²⁾⁽³⁾		700	⁽⁹⁾		762
JPMorgan Chase & Co. Series V, 5.000%⁽²⁾		4,395	⁽⁹⁾		4,300
Wells Fargo & Co. Series K, 7.980%⁽²⁾		16,155	⁽⁹⁾		17,831

					25,931

TOTAL PREFERRED STOCKS (Identified Cost $34,422)					34,447


	SHARES		VALUE
EXCHANGE-TRADED FUND—0.3%
SPDR S&P 500(R) ETF Trust Series 1		114,000	$	23,427

TOTAL EXCHANGE-TRADED FUND (Identified Cost $21,590)				23,427

TOTAL LONG TERM INVESTMENTS—99.8% (Identified Cost $8,754,324)				8,666,688	⁽¹³⁾

TOTAL INVESTMENTS—99.8% (Identified Cost $8,754,324)				8,666,688	⁽¹⁾
Other assets and liabilities, net—0.2%				20,681

NET ASSETS—100.0%			$	8,687,369

Abbreviations:


ETF		Exchange-Traded Fund
FDIC		Federal Deposit Insurance Corporation
FHLMC		Federal Home Loan Mortgage Corporation (“Freddie Mac”).
FNMA		Federal National Mortgage Association (“Fannie Mae”).
GNMA		Government National Mortgage Association (“Ginnie Mae”)
PIK		Payment-in-Kind Security
REIT		Real Estate Investment Trust
SPDR		S&P Depositary Receipt

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2014, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Variable or step coupon security; interest rate shown reflects the rate in effect at December 31, 2014.

⁽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, 2014, these securities amounted to a value of $3,096,493 or 35.6% 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⁾	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.

⁽⁶⁾	No contractual maturity date.

⁽⁷⁾	Interest payments may be deferred.

⁽⁸⁾	This loan will settle after December 31, 2014, at which time the interest rate, based on the London Interbank Offered Rate (“LIBOR”) and the agreed upon spread on trade date, will be reflected.

⁽⁹⁾	Value shown as par value.

⁽¹⁰⁾	100% of the income received was in cash.

⁽¹¹⁾	Security in default.

⁽¹²⁾	Security in default, interest payments are being received during the bankruptcy proceedings.

⁽¹³⁾	A portion of the Fund’s assets have been segregated for delayed delivery settlements.

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


Country Weightings †
United States	78	%
Brazil	2
Luxembourg	2
Bermuda	1
Canada	1
Mexico	1
United Kingdom	1
Other	14

Total	100	%

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2014 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

There were no transfers between Level 1 and Level 2 related to securities held at December 31, 2014.

The following is a reconciliation of assets of the Fund for Level 3 investments for which significant unobservable inputs were used to determine fair value.


	SHARES		VALUE
COMMON STOCKS—99.4%
Consumer Discretionary—21.7%
Amazon.com, Inc.⁽²⁾		210,760	$	65,409
AutoNation, Inc.⁽²⁾		40,590		2,452
AutoZone, Inc.⁽²⁾		17,850		11,051
Bed Bath & Beyond, Inc.⁽²⁾		102,470		7,805
Best Buy Co., Inc.		162,960		6,352
BorgWarner, Inc.		127,070		6,983
Cablevision Systems Corp. Class A		122,880		2,536
CarMax, Inc.⁽²⁾		119,300		7,943
Carnival Corp.		249,620		11,315
CBS Corp. Class B		265,210		14,677
Chipotle Mexican Grill, Inc.⁽²⁾		17,290		11,835
Coach, Inc.		153,170		5,753
Comcast Corp. Class A		1,431,470		83,040
Darden Restaurants, Inc.		73,430		4,305
Delphi Automotive plc		164,950		11,995
DIRECTV⁽²⁾		279,430		24,227
Discovery Communications, Inc. Class A⁽²⁾		84,160		2,899
Discovery Communications,Inc. Class C⁽²⁾		151,410		5,106
Dollar General Corp.⁽²⁾		168,370		11,904
Dollar Tree, Inc.⁽²⁾		113,460		7,985
Expedia, Inc.		54,560		4,657
Family Dollar Stores, Inc.		52,890		4,189
Ford Motor Co.		2,141,220		33,189
Fossil Group, Inc.⁽²⁾		25,440		2,817
GameStop Corp. Class A		62,090		2,099
Gannett Co., Inc.		125,880		4,019
Gap, Inc. (The)		147,140		6,196
Garmin Ltd.		67,260		3,553
General Motors Co.		748,980		26,147
Genuine Parts Co.		84,730		9,030
Goodyear Tire & Rubber Co. (The)		151,530		4,329
H&R Block, Inc.		153,900		5,183
Harley-Davidson, Inc.		119,090		7,849
Harman International Industries, Inc.		38,090		4,065
Hasbro, Inc.		62,760		3,451
Home Depot, Inc. (The)		732,500		76,891
Horton (D.R.), Inc.		183,160		4,632
Interpublic Group of Cos., Inc. (The)		231,510		4,808
Johnson Controls, Inc.		369,680		17,870
Kohl’s Corp.		111,740		6,821
L Brands, Inc.		136,120		11,781


	SHARES		VALUE
Consumer Discretionary—(continued)
Leggett & Platt, Inc.		77,850	$	3,317
Lennar Corp. Class A		99,900		4,477
Lowe’s Cos., Inc.		539,990		37,151
Macy’s, Inc.		190,920		12,553
Marriott International, Inc. Class A		118,170		9,221
Mattel, Inc.		188,700		5,839
McDonald’s Corp.		540,680		50,662
Michael Kors Holdings Ltd.⁽²⁾		114,620		8,608
Mohawk Industries, Inc.⁽²⁾		34,070		5,293
Netflix, Inc.⁽²⁾		33,430		11,420
Newell Rubbermaid, Inc.		151,050		5,754
News Corp. Class A⁽²⁾		273,750		4,295
NIKE, Inc. Class B		387,200		37,229
Nordstrom, Inc.		78,370		6,222
O’Reilly Automotive, Inc.⁽²⁾		56,550		10,893
Omnicom Group, Inc.		138,330		10,716
PetSmart, Inc.		54,700		4,447
Phillips-Van Heusen Corp.		45,530		5,836
Priceline Group, Inc. (The)⁽²⁾		29,110		33,192
PulteGroup, Inc.		185,340		3,977
Ralph Lauren Corp.		33,800		6,258
Ross Stores, Inc.		116,890		11,018
Royal Caribbean Cruises Ltd.		92,670		7,639
Scripps Networks Interactive, Inc. Class A		56,420		4,247
Staples, Inc.		355,930		6,449
Starbucks Corp.		416,340		34,161
Starwood Hotels & Resorts Worldwide, Inc.		98,700		8,002
Target Corp.		353,690		26,849
Tiffany & Co.		62,020		6,627
Time Warner Cable, Inc.		155,550		23,653
Time Warner, Inc.		465,100		39,729
TJX Cos., Inc.		382,220		26,213
Tractor Supply Co.		74,820		5,897
TripAdvisor, Inc.⁽²⁾		62,130		4,639
Twenty-First Century Fox, Inc. Class A		1,030,410		39,573
Under Armour, Inc. Class A⁽²⁾		92,120		6,255
Urban Outfitters, Inc.⁽²⁾		56,220		1,975
VF Corp.		192,240		14,399
Viacom, Inc. Class B		205,130		15,436
Walgreens Boots Alliance		1,408,021		107,291
Walt Disney Co. (The)		866,460		81,612
Whirlpool Corp.		43,320		8,393
Wyndham Worldwide Corp.		68,670		5,889


	SHARES		VALUE
Consumer Discretionary—(continued)
Wynn Resorts Ltd.		44,870	$	6,675
Yum! Brands, Inc.		242,500		17,666

				1,336,795

Consumer Staples—18.9%
Altria Group, Inc.		1,198,879		59,069
Archer-Daniels-Midland Co. (The)		468,898		24,383
Avon Products, Inc.		360,695		3,387
Brown-Forman Corp. Class B		123,919		10,885
Campbell Soup Co.		156,137		6,870
Clorox Co. (The)		103,004		10,734
Coca-Cola Co. (The)		2,642,699		111,575
Coca-Cola Enterprises, Inc.		179,815		7,951
Colgate-Palmolive Co.		594,765		41,152
ConAgra Foods, Inc.		331,874		12,040
Constellation Brands, Inc. Class A⁽²⁾		169,315		16,622
Costco Wholesale Corp.		305,634		43,324
CVS Caremark Corp.		790,338		76,117
Dr. Pepper Snapple Group, Inc.		154,558		11,079
Estee Lauder Cos., Inc. (The) Class A		171,001		13,030
General Mills, Inc.		433,763		23,133
Hershey Co. (The)		114,470		11,897
Hormel Foods Corp.		126,670		6,599
J.M. Smucker Co. (The)		82,260		8,307
Kellogg Co.		192,566		12,602
Keurig Green Mountain, Inc.		81,522		10,793
Kimberly-Clark Corp.		262,318		30,308
Kraft Foods Group, Inc.		394,217		24,702
Kroger Co. (The)		373,042		23,953
Lorillard, Inc.		265,813		16,730
McCormick & Co., Inc.		104,709		7,780
Mead Johnson Nutrition Co.		148,088		14,889
Molson Coors Brewing Co. Class B		135,389		10,089
Mondelez International, Inc.		1,062,588		38,598
Monster Beverage Corp.⁽²⁾		111,484		12,079
PepsiCo, Inc.		575,393		54,409
Philip Morris International, Inc.		1,042,469		84,909
Procter & Gamble Co. (The)		1,812,579		165,108
Reynolds American, Inc.		231,044		14,849
Safeway, Inc.		215,680		7,575
SYSCO Corp.		433,934		17,223
Tyson Foods, Inc. Class A		256,873		10,298
Wal-Mart Stores, Inc.		1,058,457		90,900


	SHARES		VALUE
Consumer Staples—(continued)
Whole Foods Market, Inc.		266,684	$	13,446

				1,159,394

Diversified REIT—0.1%
Prologis, Inc.		200,650		8,634

Financials—18.5%
ACE Ltd.		132,610		15,234
Affiliated Managers Group, Inc.⁽²⁾		22,530		4,782
Aflac, Inc.		181,090		11,063
Allstate Corp. (The)		168,670		11,849
American Express Co.		357,130		33,227
American International Group, Inc.		560,870		31,414
American Tower Corp. REIT		158,550		15,673
Ameriprise Financial, Inc.		74,420		9,842
AON plc		114,030		10,813
Apartment Investment & Management Co. Class A		58,570		2,176
Assurant, Inc.		28,360		1,941
Bank of America Corp.		4,217,500		75,451
Bank of New York Mellon Corp. (The)		450,860		18,291
BB&T Corp.		288,430		11,217
Berkshire Hathaway, Inc. Class B⁽²⁾		731,400		109,820
BlackRock, Inc.		51,090		18,268
Capital One Financial Corp.		223,520		18,452
CBRE Group, Inc. Class A⁽²⁾		112,900		3,867
Charles Schwab Corp. (The)		459,210		13,864
Chubb Corp. (The)		94,570		9,785
Cincinnati Financial Corp.		58,850		3,050
Citigroup, Inc.		1,214,410		65,712
CME Group, Inc.		127,660		11,317
Comerica, Inc.		73,290		3,433
Crown Castle International Corp.		134,390		10,576
Discover Financial Services		182,260		11,936
E*Trade Financial Corp.⁽²⁾		117,670		2,854
Fifth Third Bancorp		328,160		6,686
Franklin Resources, Inc.		156,310		8,655
Genworth Financial, Inc. Class A⁽²⁾		201,730		1,715
Goldman Sachs Group, Inc. (The)		162,570		31,511
Hartford Financial Services Group, Inc. (The)		172,100		7,175
HCP, Inc.		184,840		8,138
Health Care REIT, Inc.		131,780		9,972
Host Hotels & Resorts, Inc.		301,600		7,169
Hudson City Bancorp, Inc.		192,550		1,949


	SHARES		VALUE
Financials—(continued)
Huntington Bancshares, Inc.		323,980	$	3,408
IntercontinentalExchange Group, Inc.		45,030		9,875
Invesco Ltd.		172,850		6,831
Iron Mountain, Inc.		74,710		2,888
JPMorgan Chase & Co.		1,499,880		93,862
KeyCorp		350,030		4,865
Legg Mason, Inc.		41,350		2,207
Leucadia National Corp.		125,170		2,806
Lincoln National Corp.		104,870		6,048
Loews Corp.		118,870		4,995
M&T Bank Corp.		53,280		6,693
Marsh & McLennan Cos., Inc.		216,630		12,400
McGraw-Hill Cos., Inc. (The)		109,410		9,735
MetLife, Inc.		455,970		24,663
Moody’s Corp.		73,950		7,085
Morgan Stanley		613,440		23,801
NASDAQ OMX Group, Inc. (The)		48,230		2,313
Navient Corp.		162,660		3,515
Northern Trust Corp.		88,780		5,984
People’s United Financial, Inc.		121,030		1,837
Plum Creek Timber Co., Inc.		71,390		3,055
PNC Financial Services Group, Inc. (The)		210,830		19,234
Principal Financial Group, Inc.		109,680		5,697
Progressive Corp. (The)		213,040		5,750
Prudential Financial, Inc.		183,140		16,567
Public Storage		58,180		10,755
Regions Financial Corp.		553,400		5,844
State Street Corp.		168,140		13,199
SunTrust Banks, Inc.		208,520		8,737
T. Rowe Price Group, Inc.		103,570		8,893
Torchmark Corp.		51,510		2,790
Travelers Cos., Inc. (The)		132,630		14,039
U.S. Bancorp		717,310		32,243
Unum Group		100,620		3,510
Ventas, Inc.		118,450		8,493
Vornado Realty Trust		70,340		8,280
Wells Fargo & Co.		1,893,710		103,813
Weyerhaeuser Co.		209,880		7,533
XL Group plc		102,910		3,537
Zions Bancorp		81,800		2,332

				1,138,989

Information Technology—17.5%
Accenture plc Class A		187,317		16,729


	SHARES		VALUE
Information Technology—(continued)
Adobe Systems, Inc.⁽²⁾		146,369	$	10,641
Akamai Technologies, Inc.⁽²⁾		60,685		3,821
Alliance Data Systems Corp.⁽²⁾		19,065		5,454
Altera Corp.		97,670		3,608
Amphenol Corp. Class A		98,119		5,280
Analog Devices, Inc.		98,429		5,465
Apple, Inc.		1,754,308		193,640
Applied Materials, Inc.		375,857		9,366
Autodesk, Inc.⁽²⁾		74,282		4,461
Automatic Data Processing, Inc.		147,430		12,291
Avago Technologies Ltd.		75,956		7,644
Broadcom Corp. Class A		166,236		7,203
CA, Inc.		102,620		3,125
Cisco Systems, Inc.		1,529,993		42,557
Citrix Systems, Inc.⁽²⁾		51,022		3,255
Cognizant Technology Solutions Corp. Class A⁽²⁾		189,865		9,998
Computer Sciences Corp.		45,229		2,852
Corning, Inc.		393,178		9,016
eBay, Inc.⁽²⁾		344,196		19,316
Electronic Arts, Inc.⁽²⁾		100,036		4,703
EMC Corp.		616,814		18,344
F5 Networks, Inc.⁽²⁾		21,964		2,865
Facebook, Inc. Class A⁽²⁾		626,023		48,842
Fidelity National Information Services, Inc.		92,390		5,747
First Solar, Inc.⁽²⁾		21,867		975
Fiserv, Inc.⁽²⁾		77,661		5,512
FLIR Systems, Inc.		48,088		1,554
Google, Inc. Class A⁽²⁾		85,387		45,311
Google, Inc. Class C⁽²⁾		85,241		44,871
Harris Corp.		33,398		2,399
Hewlett-Packard Co.		462,712		18,569
Intel Corp.		1,233,351		44,758
International Business Machines Corp.		275,695		44,232
Intuit, Inc.		90,106		8,307
Juniper Networks, Inc.		118,035		2,635
KLA-Tencor Corp.		52,901		3,720
Lam Research Corp.		47,113		3,738
Linear Technology Corp.		76,759		3,500
MasterCard, Inc. Class A		300,504		25,891
Microchip Technology, Inc.⁽³⁾		64,462		2,908
Micron Technology, Inc.⁽²⁾		343,361		12,021
Microsoft Corp.		2,466,175		114,554
Motorola Solutions, Inc.		64,837		4,349
NetApp, Inc.		99,452		4,122


	SHARES		VALUE
Information Technology—(continued)
NVIDIA Corp.		161,124	$	3,230
Oracle Corp.		973,208		43,765
Paychex, Inc.		103,760		4,791
QUALCOMM, Inc.		500,684		37,216
Red Hat, Inc.⁽²⁾		61,248		4,235
Salesforce.com, Inc.⁽²⁾		188,144		11,159
SanDisk Corp.		71,851		7,040
Seagate Technology plc		97,614		6,491
Symantec Corp.		214,863		5,512
TE Connectivity Ltd.		121,306		7,673
Teradata Corp.⁽²⁾		49,005		2,140
Texas Instruments, Inc.		320,080		17,113
Total System Services, Inc.		57,172		1,942
VeriSign, Inc.⁽²⁾		35,922		2,048
Visa, Inc. Class A		146,098		38,307
Western Digital Corp.		69,242		7,665
Western Union Co. (The)		161,843		2,899
Xerox Corp.		347,042		4,810
Xilinx, Inc.		83,801		3,628
Yahoo!, Inc.⁽²⁾		270,541		13,665

				1,075,478

Office REIT—0.1%
Boston Properties, Inc.		61,180		7,873

Residential REITs—0.4%
AvalonBay Communities, Inc.		52,700		8,611
Equity Residential		145,500		10,453
Essex Property Trust, Inc.		25,840		5,338

				24,402

Retail REITs—0.6%
General Growth Properties, Inc.		250,780		7,055
Kimco Realty Corp.		163,530		4,111
Macerich Co. (The)		56,640		4,724
Simon Property Group, Inc.		124,940		22,753

				38,643

Telecommunication Services—2.1%
AT&T, Inc.		1,551,525		52,116
CenturyLink, Inc.		178,860		7,079
Frontier Communications Corp.		365,011		2,435
Level 3 Communications, Inc.⁽²⁾		83,203		4,108
Verizon Communications, Inc.		1,248,103		58,386


	SHARES		VALUE
Telecommunication Services—(continued)
Windstream Holdings, Inc.		205,837	$	1,696

				125,820

Utilities—19.5%
AES Corp. (The)		1,339,113		18,440
AGL Resources, Inc.		243,004		13,246
Ameren Corp.		499,096		23,023
American Electric Power Co., Inc.		999,469		60,688
CenterPoint Energy, Inc.		885,354		20,744
CMS Energy Corp.		570,650		19,830
Consolidated Edison, Inc.		599,442		39,569
Dominion Resources, Inc.		1,188,011		91,358
DTE Energy Co.		364,464		31,479
Duke Energy Corp.		1,328,574		110,989
Edison International		666,685		43,655
Entergy Corp.		367,424		32,142
Exelon Corp.		1,750,402		64,905
FirstEnergy Corp.		855,725		33,365
Integrys Energy Group, Inc.		166,271		12,944
NextEra Energy, Inc.		888,668		94,456
NiSource, Inc.		651,556		27,639
Northeast Utilities		644,492		34,493
NRG Energy, Inc.		686,621		18,504
Pepco Holdings, Inc.		518,782		13,971
PG&E Corp.		972,547		51,778
Pinnacle West Capital Corp.		230,117		15,719
PPL Corp.		1,359,423		49,388
Public Service Enterprise Group, Inc.		1,029,162		42,618
SCANA Corp.		290,586		17,551
Sempra Energy		473,360		52,713
Southern Co.		1,832,350		89,987
TECO Energy, Inc.		487,100		9,981
Wisconsin Energy Corp.		458,544		24,184
XCEL Energy, Inc.		1,038,861		37,316

				1,196,675

TOTAL COMMON STOCKS (Identified Cost $6,034,586)				6,112,703

TOTAL LONG TERM INVESTMENTS—99.4% (Identified Cost $6,034,586)				6,112,703


	SHARES		VALUE
SHORT-TERM INVESTMENTS—3.0%
Money Market Mutual Funds—3.0%
BlackRock Liquidity Funds TempFund Portfolio - Institutional Shares (seven-day effective yield 0.070%)		27,358,940	$	27,359
JPMorgan Prime Money Market Fund (seven-day effective yield 0.080%)		127,675,052		127,675
JPMorgan U.S. Government Money Market Fund (seven-day effective yield 0.010%)		27,358,940		27,359

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $182,393)				182,393

SECURITIES LENDING COLLATERAL—0.0%
INVESCO Trust Short-Term Investments Liquid Assets Portfolio (The) Institutional Shares (seven-day effective yield 0.060%)⁽⁴⁾		2,815,150		2,815

TOTAL SECURITIES LENDING COLLATERAL (Identified Cost $2,815)				2,815

TOTAL INVESTMENTS—102.4% (Identified Cost $6,219,794)				6,297,911	⁽¹⁾
Other assets and liabilities, net—(2.4)%				(150,553	)

NET ASSETS—100.0%			$	6,147,358

Abbreviation:

REIT	Real Estate Investment Trust

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2014, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Non-income producing.

⁽³⁾	All or a portion of security is on loan.

⁽⁴⁾	Represents security purchased with cash collateral received for securities on loan.

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2014 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

There are no Level 2 (significant observable inputs) or Level 3 (significant unobservable inputs) priced securities.

There were no transfers between Level 1 and Level 2 related to securities held at December 31, 2014.


	SHARES		VALUE
COMMON STOCKS—97.0%
Real Estate Investment Trusts—97.0%
HEALTH CARE—5.2%
HCP, Inc.		789,510	$	34,762
Ventas, Inc.		710,061		50,912

				85,674

INDUSTRIAL/OFFICE—27.5%
Industrial—9.2%
DCT Industrial Trust, Inc.		1,700,403		60,636
Eastgroup Properties, Inc.		5,335		338
Prologis, Inc.		2,138,425		92,017

				152,991

Mixed—4.9%
Duke Realty Corp.		1,575,800		31,831
Liberty Property Trust		1,314,644		49,470

				81,301

Office—13.4%
Boston Properties, Inc.		364,883		46,957
Cousins Properties, Inc.		408,020		4,660
Douglas Emmett, Inc.		1,468,533		41,706
Highwoods Properties, Inc.		749,742		33,198
Kilroy Realty Corp.		847,942		58,567
Paramount Group, Inc.⁽²⁾		845,136		15,711
SL Green Realty Corp.		175,077		20,838

				221,637

				455,929

LODGING/RESORTS—11.8%
Host Hotels & Resorts, Inc.		2,922,872		69,477
LaSalle Hotel Properties		1,107,347		44,814
Pebblebrook Hotel Trust		997,613		45,521
RLJ Lodging Trust		1,097,500		36,799

				196,611

RESIDENTIAL—18.2%
Apartments—17.4%
American Campus Communities, Inc.		800,617		33,114
AvalonBay Communities, Inc.		212,090		34,653
Camden Property Trust		831,700		61,413
Equity Residential		1,139,522		81,863


	SHARES		VALUE
Real Estate Investment Trusts—(continued)
Essex Property Trust, Inc.		376,240	$	77,731

				288,774

Manufactured Homes—0.8%
Equity Lifestyle Properties, Inc.		269,953		13,916

				302,690

RETAIL—23.2%
Regional Malls—15.3%
General Growth Properties, Inc.		2,408,075		67,739
Macerich Co. (The)		313,375		26,139
Simon Property Group, Inc.		796,941		145,131
Washington Prime Group, Inc.		836,345		14,402

				253,411

Shopping Centers—7.9%
Brixmor Property Group, Inc.		1,570,496		39,011
DDR Corp.		628,342		11,536
Kimco Realty Corp.		1,018,773		25,612
Tanger Factory Outlet Centers		1,513,000		55,921

				132,080

				385,491

SELF STORAGE—11.1%
CubeSmart		689,050		15,207
Extra Space Storage, Inc.		1,070,525		62,776
Public Storage		577,081		106,673

				184,656

TOTAL COMMON STOCKS (Identified Cost $947,589)				1,611,051

TOTAL LONG TERM INVESTMENTS—97.0% (Identified cost $947,589)				1,611,051

SHORT-TERM INVESTMENTS—3.1%
Money Market Mutual Fund—3.1%
Fidelity Money Market Portfolio - Institutional Shares (Seven-day effective yield 0.110%)		52,223,903		52,224

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $52,224)				52,224

Footnote Legend

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2014, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Non-income producing.

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2014 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

There are no Level 2 (significant observable inputs) or Level 3 (significant unobservable inputs) priced securities.

There were no transfers between Level 1 and Level 2 related to securities held at December 31, 2014.


	PAR VALUE			VALUE
CORPORATE BONDS AND NOTES—7.5%
Consumer Discretionary—1.0%
American Axle & Manufacturing, Inc. 5.125%, 2/15/19	$	835		$	856
Boyd Gaming Corp. 9.125%, 12/1/18		1,150			1,184
Cequel Communications Holdings I LLC 144A 6.375%, 9/15/20⁽³⁾		1,000			1,040
iHeartCommunications, Inc. 10.000%, 1/15/18		1,815			1,575
Landry’s, Inc. 144A 9.375%, 5/1/20⁽³⁾		950			1,012
MHGE Parent LLC 144A 8.500%, 8/1/19⁽³⁾		1,265			1,238
Norwegian Cruise Lines Corp. Ltd. 144A 5.250%, 11/15/19⁽³⁾		185			187
Numericable Group SA 144A 4.875%, 5/15/19⁽³⁾		755			751
ServiceMaster Co. 7.000%, 8/15/20		484			503

					8,346

Consumer Staples—0.2%
Dole Food Co., Inc. 144A 7.250%, 5/1/19⁽³⁾		880			879
Spectrum Brands, Inc. 6.375%, 11/15/20		715			749

					1,628

Energy—0.6%
California Resources Corp. 144A 5.000%, 1/15/20⁽³⁾		1,335			1,165
Calumet Specialty Products Partners LP 144A 6.500%, 4/15/21⁽³⁾		490			440
Compagnie Generale de Geophysique-Veritas 7.750%, 5/15/17		182			157
EPL Oil & Gas, Inc. 8.250%, 2/15/18		1,250			956
FTS International, Inc. 144A 6.250%, 5/1/22⁽³⁾		825			614
NGL Energy Partners LP (NGL Energy Finance Corp.) 144A 5.125%, 7/15/19⁽³⁾		1,525			1,466
PHI, Inc. 5.250%, 3/15/19		450			385

					5,183

Financials—1.4%
Aircastle Ltd.
4.625%, 12/15/18		1,305			1,315
6.250%, 12/1/19		1,190			1,264
Banco Santander Brasil SA 144A 8.000%, 3/18/16⁽³⁾		1,300	^BRL		467
iStar Financial, Inc.
4.875%, 7/1/18		1,415			1,396
5.000%, 7/1/19		865			843


	PAR VALUE		VALUE
Financials—(continued)
Nationstar Mortgage LLC
6.500%, 8/1/18	$	835	$	800
6.500%, 7/1/21		1,295		1,185
Schaeffler Holding Finance BV PIK Interest Capitalization, 144A 6.875%, 8/15/18⁽³⁾⁽⁴⁾		335		351
Springleaf Finance Corp. 5.250%, 12/15/19		3,310		3,252

				10,873

Health Care—0.8%
Capsugel SA PIK Interest Capitalization 144A 7.000%, 5/15/19⁽³⁾⁽⁴⁾		350		354
Community Health Systems, Inc. 5.125%, 8/15/18		1,055		1,095
HCA, Inc. 4.250%, 10/15/19		920		935
INC Research, LLC 4.750%, 11/12/21		1,582		1,581
Salix Pharmaceuticals Ltd. 144A 6.000%, 1/15/21⁽³⁾		180		184
Tenet Healthcare Corp.
144A 5.000%, 3/1/19⁽³⁾		415		416
6.000%, 10/1/20		435		468
Valeant Pharmaceuticals International, Inc. 144A 6.750%, 8/15/18⁽³⁾		965		1,029

				6,062

Industrials—0.3%
Air Canada 144A 6.750%, 10/1/19⁽³⁾		965		1,006
Atlas Air Pass-Through-Trust 98-1, A 7.380%, 1/2/18		227		229
United Rentals, Inc. 7.375%, 5/15/20		1,000		1,085

				2,320

Information Technology—1.0%
Alcatel-Lucent USA, Inc. 144A 6.750%, 11/15/20⁽³⁾		560		594
Avaya, Inc. 144A 7.000%, 4/1/19⁽³⁾		3,015		2,955
First Data Corp.
144A 8.250%, 1/15/21⁽³⁾		1,015		1,091
11.750%, 8/15/21		1,331		1,534
Infor Software Parent LLC PIK Interest Capitalization, 144A 7.125%, 5/1/21⁽³⁾⁽⁴⁾		1,430		1,408
Sanmina Corp. 144A 4.375%, 6/1/19⁽³⁾		450		448

				8,030

Materials—1.7%
Ardagh Packaging Finance plc 144A 6.250%, 1/31/19⁽³⁾		400		392


	PAR VALUE		VALUE
Materials—(continued)
Beverage Packaging Holdings Luxembourg II SA 144A 6.000%, 6/15/17⁽³⁾	$	3,200	$	3,128
Cemex SAB de CV
144A 9.500%, 6/15/18⁽³⁾		1,499		1,641
144A 5.875%, 3/25/19⁽³⁾		815		829
Fortescue Metals Group (FMG) 144A 8.250%, 11/1/19⁽³⁾		750		685
Hexion U.S. Finance Corp.
8.875%, 2/1/18		1,375		1,227
6.625%, 4/15/20		1,370		1,350
Ineos Finance plc 144A 5.875%, 2/15/19⁽³⁾		1,130		1,074
Reynolds Group Issuer, Inc. 9.000%, 4/15/19		1,500		1,560
United States Steel Corp. 6.875%, 4/1/21		1,235		1,266
Vedanta Resources plc 144A 9.500%, 7/18/18⁽³⁾		685		740

				13,892

Telecommunication Services—0.3%
Frontier Communications Corp. 6.250%, 9/15/21		1,085		1,093
Level 3 Financing, Inc. 7.000%, 6/1/20		1,105		1,170

				2,263

Utilities—0.2%
RJS Power Holdings LLC 144A 5.125%, 7/15/19⁽³⁾		1,510		1,499

TOTAL CORPORATE BONDS AND NOTES (Identified Cost $61,358)				60,096

LOAN AGREEMENTS⁽²⁾—94.7%
Consumer Discretionary—28.1%
Acosta, Inc. 5.000%, 9/26/21		2,267		2,271
Advantage Sales & Marketing, Inc.
First Lien 4.250%, 7/23/21		1,799		1,785
Delayed Draw 4.250%, 7/23/21		60		60
Second Lien, 7.500%, 7/25/22		2,530		2,510
Affinity Gaming LLC 5.250%, 11/9/17		971		962
Aristocrat Leisure Ltd. 4.750%, 10/20/21		3,425		3,374
Boyd Gaming Corp. Tranche B, 4.000%, 8/14/20		4,715		4,640
Brickman Group Ltd. LLC (The) Second Lien, 7.500%, 12/17/21		1,971		1,938
Caesars Entertainment Operating Co., Inc.
Tranche B-4, 10.500%, 10/31/16		943		839
Tranche B-6, 6.985%, 3/1/17		3,558		3,127
Tranche B-7, 9.750%, 1/28/18		2,220		1,935


	PAR VALUE		VALUE
Consumer Discretionary—(continued)
Caesars Entertainment Resort Properties LLC Tranche B, 7.000%, 10/11/20	$	3,962	$	3,718
Caesars Growth Properties Holdings LLC Tranche B, First Lien, 6.250%, 5/8/21		3,517		3,233
CBAC Borrower LLC Tranche B, 8.250%, 7/2/20		3,654		3,617
Cequel Communications LLC 3.500%, 2/14/19		1,659		1,637
Charter Communications Operations LLC Tranche F, 3.000%, 1/3/21		6,227		6,117
Checkout Holding Corp. Tranche B, First Lien 4.500%, 4/9/21		2,886		2,760
Chrysler Group LLC
Tranche B, 3.500%, 5/24/17		3,648		3,636
Tranche B, 3.250%, 12/31/18		2,592		2,573
CityCenter Holdings LLC Tranche B, 4.250%, 10/16/20		2,560		2,543
Clear Channel Communications, Inc. Tranche D, 6.919%, 1/30/19		16,413		15,513
Cooper-Standard Automotive, Inc. 4.000%, 4/4/21		3,764		3,715
CSC Holdings, Inc. Tranche B, 2.669%, 4/17/20		2,438		2,392
Cumulus Media Holdings, Inc. 4.250%, 12/23/20		3,556		3,460
Delta 2 (Lux) S.A.R.L.
Tranche B-3, 4.750%, 7/30/21		5,593		5,475
Second Lien, 7.750%, 7/29/22		1,462		1,429
Federal-Mogul Corp. Tranche C, 4.750%, 4/15/21		4,239		4,217
General Nutrition Center Tranche B, 3.250%, 3/4/19		3,031		2,956
Golden Nugget, Inc.
5.500%, 11/21/19		1,040		1,031
Delayed Draw 5.500%, 11/21/19		446		442
Granite Broadcasting Corp. Tranche B, First Lien, 6.750%, 5/23/18		763		758
Hilton Worldwide Finance LLC 3.500%, 10/26/20		16,903		16,737
Intelsat Jackson Holdings S.A. Tranche B-2, 3.750%, 6/30/19		2,838		2,804
KAR Auction Services, Inc. Tranche B-2, 3.500%, 3/11/21		2,588		2,549
Key Safety Systems, Inc. 4.750%, 8/29/21		2,046		2,036
Laureate Education, Inc. 2018 Extended, 5.000%, 6/15/18		5,484		5,246
Leslie’s Poolmart Tranche B, 4.250%, 10/16/19		5,240		5,116
Libbey Glass, Inc. 3.750%, 4/9/21		3,536		3,494
Marina District Finance Co., Inc. 6.750%, 8/15/18		1,174		1,170
MCC LLC (Mediacom Broadband Group)


	PAR VALUE		VALUE
Consumer Discretionary—(continued)
Tranche H, 3.250%, 1/29/21	$	1,970	$	1,913
3.750%, 6/30/21		932		914
Tranche G, 3.750%, 6/30/21		2,336		2,289
Media General, Inc. Tranche B, 4.250%, 7/31/20		4,535		4,494
Metaldyne LLC 4.250%, 10/20/21		1,677		1,676
MGM Resort International Tranche B 3.500%, 12/20/19		5,770		5,635
Michaels Stores, Inc. Tranche B, 3.750%, 1/28/20		3,940		3,872
Mohegan Tribal Gaming Authority Tranche B, 5.500%, 11/19/19		3,182		3,070
Neiman Marcus Group 4.250%, 10/25/20		2,960		2,901
Numericable SFR
Tranche B-1, 4.500%, 5/21/20		1,852		1,849
Tranche B-2, 4.500%, 5/21/20		1,605		1,602
Peninsula Gaming LLC Tranche B, 4.250%, 11/20/17		890		886
Penn National Gaming, Inc. Tranche B, 3.250%, 10/30/20		2,970		2,916
Peppermill Casinos, Inc. Tranche B, 7.250%, 11/9/18		2,284		2,292
Pinnacle Entertainment, Inc. Tranche B-2, 3.750%, 8/13/20		4,026		3,979
Scientific Games International, Inc. Tranche B, 6.000%, 10/1/21		2,807		2,774
Seminole Hard Rock Entertainment, Inc. Tranche B, 3.500%, 5/14/20		952		921
ServiceMaster Co. LLC (The) 4.250%, 7/1/21		5,855		5,760
Shingle Springs Tribal Gaming Authority 6.250%, 8/29/19		1,689		1,698
Sinclair Television Group, Inc. Tranche B-1, 3.500%, 7/30/21		2,610		2,594
SRAM LLC First Lien, 4.000%, 4/10/20		2,520		2,450
Station Casinos LLC Tranche B, 4.250%, 3/2/20		3,157		3,100
TI Group Automotive Systems LLC 4.250%, 7/2/21		1,765		1,749
Transtar Holding Co.
First Lien, 5.750%, 10/9/18		1,429		1,420
Second Lien, 10.000%, 10/9/19		460		454
Tribune Co. 4.000%, 12/27/20		5,847		5,775
Tribune Publishing Co. 5.750%, 8/4/21		1,251		1,239
TWCC Holding Corp. Second Lien, 7.000%, 6/26/20		3,524		3,389
Univision Communications, Inc.
First Lien, 4.000%, 3/1/20		4,430		4,342


	PAR VALUE		VALUE
Consumer Discretionary—(continued)
4.000%, 3/1/20	$	4,647	$	4,554
Virgin Media Investment Holdings Ltd. Tranche B, 3.500%, 6/7/20		3,847		3,784
Ziggo B.V.
Tranche B-1 3.250%, 1/15/22		1,398		1,363
Tranche B-2, 3.500%, 1/15/22		901		878
Tranche B-3, 3.500%, 1/15/22		1,482		1,445

				223,792

Consumer Staples—6.0%
Albertson’s LLC
Tranche B-4, 4.500%, 8/25/21		2,688		2,692
Tranche B-4-1, 4.500%, 8/25/21		344		345
ARAMARK Corp.
Tranche E, 3.250%, 9/6/19		4,323		4,268
Tranche F, 3.250%, 2/24/21		991		977
Big Heart Pet Brands (Del Monte Corp.) 3.500%, 3/9/20		2,943		2,833
Charger OpCo B.V. (Oak Tea, Inc.) Tranche B-2, 1.750%, 7/23/21		1,083		1,050
Crossmark Holdings, Inc.
First Lien, 4.500%, 12/20/19		2,983		2,926
Second Lien, 8.750%, 12/21/20		520		508
Del Monte Corp. First Lien, 4.250%, 2/18/21		953		876
Dole Food Co., Inc. Tranche B, 4.500%, 11/1/18		1,940		1,921
Heinz (H.J.) Co. Tranche B-2, 3.500%, 6/5/20		11,367		11,319
New Hostess Brand Acquisition LLC Tranche B, 6.750%, 4/9/20		4,017		4,087
Prestige Brands Tranche B-2, 4.500%, 9/3/21		290		290
Reynolds Group Holdings, Inc. 4.000%, 12/1/18		4,092		4,029
Rite Aid Corp.
Tranche 7, 3.500%, 2/21/20		5,910		5,893
Tranche 1, Second Lien, 5.750%, 8/21/20		101		102
Tranche 2, Second Lien, 4.875%, 6/21/21		1,417		1,421
Spectrum Brands, Inc. Tranche C, 3.500%, 9/4/19		1,975		1,961

				47,498

Energy—4.2%
Arch Coal, Inc. 6.250%, 5/16/18		4,452		3,701
Azure Midstream 6.500%, 11/15/18		2,284		2,055
Chief Exploration & Development LLC Second Lien, 7.500%, 5/16/21		2,739		2,479
Drillships Ocean Ventures, Inc. 5.500%, 7/25/21		1,521		1,232


	PAR VALUE		VALUE
Energy—(continued)
Expro Finservices S.A.R.L. 5.750%, 9/2/21	$	1,538	$	1,269
Fieldwood Energy LLC
Closing Date Loan, 3.875%, 9/28/18		853		811
Closing Date Loan, Second Lien, 8.375%, 9/30/20		2,613		1,928
FTS International, Inc. 5.750%, 4/16/21		1,451		1,161
Jonah Energy LLC Second Lien, 7.500%, 5/12/21		2,860		2,474
MEG Energy Corp. 3.750%, 3/31/20		1,936		1,854
Ocean Rig 6.000%, 3/31/21		2,963		2,339
Paragon Offshore Finance Co. 3.750%, 7/16/21		2,265		1,832
Quicksilver Resources, Inc. Second Lien, 7.000%, 6/21/19		1,745		1,328
Sabine Oil & Gas LLC Second Lien, 8.750%, 12/31/18		1,290		1,000
Seadrill Operating LP 4.000%, 2/21/21		7,323		5,728
Templar Energy LLC Second Lien, 8.500%, 11/25/20		3,000		2,169

				33,360

Financials—5.5%
Altisource Solutions S.A.R.L. Tranche B, 4.500%, 12/9/20		3,237		2,525
Asurion LLC
Tranche B-1, 5.000%, 5/24/19		2,178		2,154
Tranche B-2, 4.250%, 7/8/20		1,478		1,434
Capital Automotive LP
Tranche B-1, 4.000%, 4/10/19		1,514		1,488
Second Lien, 6.000%, 4/30/20		1,828		1,828
Clipper Acquisitions Corp. Tranche B, 3.000%, 2/6/20		994		960
Delos Finance S.A.R.L. 3.500%, 3/6/21		4,026		4,003
Home Loan Servicing Solutions Ltd. 4.500%, 6/26/20		3,940		3,738
iStar Financial, Inc. Tranche A-2, 7.000%, 3/19/17		381		397
National Financial Partners LLC 4.500%, 7/1/20		2,821		2,799
Realogy Corp.
Extended LOC, 4.400%, 10/10/16		206		204
Tranche B, 3.750%, 3/5/20		7,433		7,303
Starwood Property Trust, Inc. First Lien, 3.500%, 4/17/20		3,314		3,243
Trans Union LLC 2014 Replacement, 4.000%, 4/9/21		5,253		5,194


	PAR VALUE		VALUE
Financials—(continued)
Walter Investment Management Corp. Tranche B, 4.750%, 12/18/20	$	7,071	$	6,399

				43,669

Health Care—13.3%
Accellent, Inc. First Lien, 4.500%, 3/12/21		3,288		3,225
Akorn, Inc. 4.500%, 4/16/21		4,239		4,218
AMAG Pharmaceuticals, Inc. 7.250%, 11/12/20		1,025		1,025
American Renal Holdings, Inc.
Tranche B, First Lien, 4.500%, 8/20/19		2,448		2,423
Second Lien, 8.500%, 3/20/20		2,390		2,366
Amneal Pharmaceuticals LLC 5.000%, 11/1/19		2,857		2,856
AmSurg Corp. 3.750%, 7/16/21		1,201		1,194
Ardent Medical Services, Inc.
First Lien, 6.750%, 7/2/18		790		791
Second Lien, 11.000%, 1/2/19		268		268
Capsugel Holdings US, Inc. 3.500%, 8/1/18		3,989		3,908
CHG Healthcare Services, Inc. Second Lien, 4.250%, 11/19/19		2,082		2,062
Community Health Systems, Inc. (CHS) Tranche D, 4.250%, 1/27/21		3,721		3,718
CRC Health Corp. Tranche B, First Lien, 5.250%, 3/29/21		1,350		1,351
DaVita HealthCare Partners, Inc. Tranche B, 3.500%, 6/24/21		3,139		3,114
Emdeon, Inc.
Tranche B-2, 3.750%, 11/2/18		3,035		2,989
3.750%, 11/2/18		499		492
Endo Luxembourg Finance S.A.R.L. Tranche B, 3.250%, 3/1/21		918		897
Envision Healthcare Corp. (F/K/A Emergency Medical Services Corp.) 4.000%, 5/25/18		3,674		3,656
Iasis Healthcare LLC Tranche B-2, 4.500%, 5/3/18		1,986		1,972
IMS Health, Inc. Tranche B, 3.500%, 3/17/21		5,318		5,210
InVentiv Health, Inc. Tranche B-4, 7.750%, 5/15/18		2,887		2,884
Kinetic Concepts, Inc.
Tranche E-2, 3.500%, 11/4/16		935		925
Tranche E-1, 4.000%, 5/4/18		576		569
Mallinckrodt International Finance S.A. Tranche B-1, 3.500%, 3/19/21		291		286
Mallinckrodt Pharmaceuticals Tranche B, 3.250%, 3/19/21		2,768		2,722


	PAR VALUE		VALUE
Health Care—(continued)
MMM Holdings, Inc. 9.750%, 12/12/17	$	401	$	390
MSO of Puerto Rico, Inc. 9.750%, 12/12/17		292		283
Multiplan, Inc. Tranche B-1, 3.750%, 3/31/21		3,444		3,358
National Mentor Holdings, Inc. Tranche B, 4.750%, 1/31/21		749		736
National Surgical Hospitals, Inc. Tranche B-2, 5.250%, 8/1/19		1,400		1,390
NBTY, Inc. Tranche B-2, 3.500%, 10/1/17		2,782		2,711
NVA Holdings, Inc.
First Lien, 4.750%, 8/14/21		422		418
Second Lien 8.000%, 8/14/22		986		975
Ortho-Clinical Diagnostics, Inc. 4.750%, 6/30/21		3,335		3,289
Par Pharmaceutical Tranche B-2, 4.000%, 9/30/19		1,738		1,694
Pharmaceutical Product Development, Inc. (Jaguar Holdings LLC) 4.000%, 12/5/18		1,960		1,949
PharMEDium Healthcare Corp. First Lien, 4.250%, 1/28/21		3,603		3,507
Pharmedium Healthcare Corp. Second Lien, 7.750%, 1/28/22		540		536
PRA Holdings, Inc. Tranche B-1, 4.500%, 9/23/20		2,457		2,430
Quintiles Transnational Corp. Tranche B-3, 3.750%, 6/8/18		4,494		4,453
Regional Care, Inc. (RCHP, Inc.) First Lien, 6.000%, 4/23/19		3,927		3,907
Rexam Healthcare LLC (Devix) 4.250%, 5/3/21		1,877		1,857
Surgery Center Holdings, Inc.
First Lien, 5.250%, 11/3/20		656		640
Second Lien, 8.500%, 11/3/21		1,693		1,640
Surgical Care Affiliates LLC Tranche C, 4.000%, 6/29/18		3,422		3,387
U.S. Renal Care, Inc. Tranche B-2, First Lien, 4.250%, 7/3/19		3,004		2,963
United Surgical Partners Tranche B 4.750%, 4/3/19		2,073		2,064
Valeant Pharmaceuticals International, Inc.
Series D-2, Tranche B, 3.500%, 2/13/19		2,158		2,143
Series C2, Tranche B, 3.500%, 12/11/19		2		2
Series E1, Tranche B, 3.500%, 8/5/20		3,981		3,951

				105,794

Industrials—12.3%
Air Canada 5.500%, 9/26/19		2,249		2,267


	PAR VALUE		VALUE
Industrials—(continued)
Alliance Laundry Systems LLC Second Lien, 9.500%, 12/10/19	$	110	$	110
Alllied Security Holdings LLC
First Lien, 4.250%, 2/12/21		1,387		1,370
Second Lien, 8.000%, 8/13/21		688		678
American Airlines, Inc.
Tranche B, 3.750%, 6/27/19		7,541		7,475
Tranche B, 2014 4.250%, 10/10/21		2,015		2,019
Brickman Group Holdings, Inc. First Lien, 4.000%, 12/18/20		3,850		3,750
Brock Holdings Ill, Inc. First Lien, 6.000%, 3/16/17		3,907		3,682
Ceridian HCM Holding, Inc. 4.500%, 9/15/20		2,379		2,347
CHG Healthcare Services, Inc. Second Lien, 9.000%, 11/19/20		1,201		1,204
Commercial Barge Line Co. First Lien, 7.500%, 9/22/19		2,664		2,664
DynCorp International, Inc. 6.250%, 7/7/16		2,372		2,370
Filtration Group Corp. Second Lien, 8.250%, 11/22/21		2,075		2,078
Harland Clarke Holdings Corp.
Tranche B-3, 7.000%, 5/22/18		2,154		2,165
Tranche B-4, 6.000%, 8/4/19		1,279		1,276
HD Supply, Inc. Term Loan 2014, 4.000%, 6/28/18		4,232		4,199
Husky Injection Molding Systems Ltd. (Yukon Acquisition, Inc.) 4.250%, 6/30/21		3,291		3,235
International Equipment Solutions Global B.V. 6.750%, 8/16/19		2,933		2,914
Landmark U.S. Member LLC (Landmark U.S. Corp Acquisition, Inc.)
First Lien, 4.750%, 10/25/19		2,839		2,818
4.750%, 10/25/19		113		112
Landmark U.S. Member LLC (LM U.S. Corp. Acquisition, Inc..) Second Lien 8.250%, 1/25/21		970		955
Mcjunkin Red Man Corp. 5.000%, 11/8/19		1,540		1,428
Navistar, Inc. Tranche B, 5.750%, 8/17/17		1,319		1,316
Nortek, Inc. 3.750%, 10/30/20		3,959		3,885
OPE USIC Holdings, Inc. 4.000%, 7/10/20		2,017		1,967
Quikrete Co., Inc. First Lien, 4.000%, 9/28/20		2,829		2,796
Rexnord LLC Tranche B, 4.000%, 8/21/20		4,938		4,847
Sedgwick Claims Management Services, Inc. Second Lien, 6.750%, 2/28/22		2,510		2,378
Sedgwick, Inc. First Lien, 3.750%, 3/1/21		6,841		6,670
Spin Holdco, Inc. First Lien, 4.250%, 11/14/19		4,910		4,843


	PAR VALUE		VALUE
Industrials—(continued)
Spirit Aerosystems, Inc. Tranche B, 3.250%, 9/15/20	$	3,876	$	3,829
TransDigm, Inc.
Tranche C, 3.750%, 2/28/20		7,904		7,788
Tranche D, 3.750%, 6/4/21		2,662		2,624
United Airlines, Inc. (Continental Airlines, Inc.) Tranche B-1, 3.750%, 9/15/21		4,287		4,261

				98,320

Information Technology—11.5%
Allflex Holdings III, Inc.
First Lien, 4.250%, 7/17/20		4,938		4,857
Second Lien, 8.000%, 7/19/21		789		774
Applied Systems, Inc.
First Lien, 4.250%, 1/25/21		590		582
Second Lien, 7.500%, 1/24/22		1,916		1,879
Avago Technologies Cayman Ltd. 3.750%, 5/6/21		3,532		3,527
Blue Coat Systems, Inc.
4.000%, 5/31/19		2,980		2,909
Second Lien, 9.500%, 6/26/20		3,154		3,107
CCC Information Services 4.000%, 12/20/19		2,898		2,869
CDW LLC 3.250%, 4/29/20		8,215		7,986
Deltek, Inc. Second Lien, 10.000%, 10/10/19		2,629		2,647
Electronic Funds Source LLC 5.500%, 5/29/21		4,214		4,185
Evergreen Skills Lux S.A.R.L.
First Lien, 5.750%, 4/28/21		3,791		3,723
Second Lien, 9.250%, 4/28/22		2,515		2,385
Excelitas Technologies Corp. Tranche B, 6.000%, 11/2/20		3,666		3,641
First Data Corp.
3.667%, 3/23/18		13,370		13,132
3.667%, 9/24/18		2,156		2,114
Infinity Acquisition Ltd. 4.250%, 8/6/21		3,392		3,331
Infor (U.S.), Inc. Tranche B-3, 3.750%, 6/3/20		4,408		4,283
Infor (US), Inc. Tranche B-5, 3.750%, 6/3/20		3,535		3,437
Interactive Data Corp. 4.750%, 5/2/21		3,190		3,174
ION Trading Technologies S.A.R.L. First Lien, 4.250%, 6/10/21		995		985
Kronos, Inc. Second Lien, 9.750%, 4/30/20		4,447		4,536
Lanyon Solutions, Inc. First Lien, 5.500%, 11/13/20		2,886		2,832
Mitchell International, Inc.
4.500%, 10/13/20		3,186		3,149


	PAR VALUE		VALUE
Information Technology—(continued)
Second Lien, 8.500%, 10/11/21	$	3,057	$	3,052
Sungard Availability Services Capital, Inc. Tranche B, 6.000%, 3/29/19		3,109		2,784

				91,880

Materials—6.4%
American Builders & Contractors Supply Co., Inc. Tranche B, 3.500%, 4/16/20		5,925		5,755
Anchor Glass Container Corp. Tranche B, 4.250%, 6/30/21		6,400		6,357
Ardagh Packaging Finance plc 4.000%, 12/17/19		869		855
AZ Chem US, Inc. First Lien, 5.750%, 6/11/21		1,641		1,608
Berlin Packaging, Inc. S.A.R.L. First Lien, 4.500%, 10/1/21		1,841		1,836
Berry Plastics Groups, Inc.
Tranche D, 3.500%, 2/8/20		4,567		4,433
Tranche E, 3.750%, 1/6/21		1,843		1,799
CEMEX Espana S.A. Tranche A-1, 4.661%, 2/14/17		432		433
Fortescue Metals Group (FMG) Resources Property Ltd. 3.750%, 6/30/19		4,947		4,510
Huntsman International LLC 3.750%, 8/12/21		4,000		3,943
Ineos Group Holdings, Inc. 3.750%, 5/4/18		9,068		8,817
Noranda Aluminum Acquisition Corp. Tranche B, 5.750%, 2/28/19		2,247		2,157
Solenis International LP First Lien, 4.250%, 7/31/21		2,338		2,285
Univar, Inc. Tranche B, 5.000%, 6/30/17		1,343		1,303
W.R. Grace & Co.
Delayed Draw, 1.000%, 2/3/21		1,247		1,241
3.000%, 2/3/21		3,466		3,449

				50,781

Telecommunication Services—4.4%
Crown Castle Operating Co. Tranche B-2, 3.000%, 1/31/21		2,650		2,613
Global Tel*Link Corp.
First Lien, 5.000%, 5/23/20		1,837		1,823
Second Lien, 9.000%, 11/23/20		660		648
Level 3 Financing, Inc.
Tranche B-III 2019, 4.000%, 8/1/19		3,875		3,853
Tranche B, 2020 4.000%, 1/15/20		3,388		3,367
Tranche B, 2022 4.500%, 1/31/22		3,343		3,351


	PAR VALUE		VALUE
Telecommunication Services—(continued)
SBA Communications Tranche B-1A, 3.250%, 3/24/21	$	3,767	$	3,700
Securus Technologies Holdings, Inc. First Lien, 4.750%, 4/30/20		2,370		2,346
Telesat Canada, Inc. Tranche B-2, 3.500%, 3/28/19		3,725		3,683
West Corp. Tranche B-10, 3.250%, 6/30/18		2,203		2,168
Windstream Corp. Tranche B-4, 3.500%, 1/23/20		3,204		3,175
XO Communications LLC 4.250%, 3/20/21		4,699		4,629

				35,356

Utilities—3.0%
Atlantic Power LP 4.750%, 2/24/21		1,143		1,127
Calpine Construction Finance Co. LP
Tranche B-1, 3.000%, 5/3/20		5,086		4,898
Tranche B-2, 3.250%, 1/31/22		3,847		3,721
Granite Acquisition, Inc.
Tranche B, First Lien, 5.000%, 12/17/21		2,849		2,871
Tranche C, First Lien 5.000%, 12/17/21		125		126
NRG Energy, Inc. 2.750%, 7/1/18		5,334		5,241
Texas Competitive Electric Holdings Co. LLC 2017 Extended, 4.648%, 10/10/17⁽⁵⁾		9,165		5,957

				23,941

TOTAL LOAN AGREEMENTS (Identified Cost $774,394)				754,391

TOTAL LONG TERM INVESTMENTS—102.2% (Identified Cost $835,752)				814,487	⁽⁶⁾

TOTAL INVESTMENTS—102.2% (Identified Cost $835,752)				814,487	⁽¹⁾
Other assets and liabilities, net—(2.2)%				(17,532	)

NET ASSETS—100.0%			$	796,955

Abbreviation:

PIK	Payment-in-Kind Security

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2014, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Variable or step coupon security; interest rate shown reflects the rate in effect at December 31, 2014.

⁽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, 2014, these securities amounted to a value of $29,083 or 3.6% of net assets.

⁽⁴⁾	100% of the income received was in cash.

($ reported in thousands)


Country Weightings †
United States	91	%
Luxembourg	3
Canada	2
Australia	1
Netherlands	1
United Kingdom	1
Other	1

Total	100	%

†	% of total investments as of December 31, 2014

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2014 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

There were no transfers between Level 1 and Level 2 related to securities held at December 31, 2014.


	SHARES		VALUE
COMMON STOCKS—99.8%
Consumer Discretionary—35.4%
Amazon.com, Inc.⁽²⁾		2,772	$	860
AMC Networks, Inc. Class A⁽²⁾		13,432		857
American Eagle Outfitters, Inc.		62,926		873
Apollo Group, Inc. Class A⁽²⁾		24,768		845
AutoNation, Inc.⁽²⁾		14,505		876
Buckle, Inc. (The)		16,425		863
Cabela’s, Inc.⁽²⁾		16,696		880
Cablevision Systems Corp. Class A		42,831		884
Carnival Corp.		18,943		859
CBS Corp. Class B		15,555		861
Choice Hotels International, Inc.		14,888		834
Columbia Sportswear Co.		18,916		842
Comcast Corp. Class A		14,855		862
Dick’s Sporting Goods, Inc.		17,253		857
Dillard’s, Inc. Class A		7,288		912
Discovery Communications,Inc. Class C⁽²⁾		25,014		843
DISH Network Corp. Class A⁽²⁾		11,798		860
DSW, Inc. Class A		23,740		885
Expedia, Inc.		9,504		811
Family Dollar Stores, Inc.		10,728		850
Federal-Mogul Corp.⁽²⁾		53,763		865
Fossil Group, Inc.⁽²⁾		7,822		866
Gap, Inc. (The)		20,671		870
Garmin Ltd.		15,989		845
Horton (D.R.), Inc.		34,079		862
Hyatt Hotels Corp. Class A⁽²⁾		14,219		856
International Speedway Corp. Class A		27,419		868
L Brands, Inc.		10,052		870
Lands’ End, Inc.		15,676		846
Las Vegas Sands Corp.		15,026		874
Lennar Corp. Class A		19,438		871
Liberty Broadband Corp.⁽²⁾		16,740		834
Liberty Global plc Class C⁽²⁾		17,377		839
Liberty Interactive Corp. Class A⁽²⁾		29,162		858
Liberty Media Corp.⁽²⁾		25,084		879
Liberty Tripadvisor Holdings, Class A		31,524		848
Liberty Ventures Class A⁽²⁾		22,754		858
Madison Square Garden Co. (The)⁽²⁾		11,322		852
Marriott International, Inc. Class A		10,845		846
Marriott Vacations Worldwide Corp.		11,754		876
MGM Resorts International⁽²⁾		41,933		896
Mohawk Industries, Inc.⁽²⁾		5,501		855


	SHARES		VALUE
Consumer Discretionary—(continued)
Morningstar, Inc.		12,985	$	840
News Corp. Class A⁽²⁾		55,318		868
NIKE, Inc. Class B		8,858		852
Nordstrom, Inc.		10,978		872
Papa John’s International, Inc.		15,353		857
Penske Automotive Group, Inc.		17,201		844
Ralph Lauren Corp.		4,715		873
Sears Holdings Corp.⁽²⁾		24,974		824
Sears Hometown and Outlet Stores, Inc.⁽²⁾		74,653		982
Starbucks Corp.		10,549		866
Starz - Liberty Capital Class A⁽²⁾		28,878		858
Tesla Motors, Inc.⁽²⁾		3,819		849
Twenty-First Century Fox, Inc. Class A		21,798		837
Under Armour, Inc. Class A⁽²⁾		12,477		847
Urban Outfitters, Inc.⁽²⁾		24,649		866
Viacom, Inc. Class B		11,115		836
Wendy’s Co. (The)		97,088		877
Wynn Resorts Ltd.		5,759		857

				51,653

Consumer Staples—4.6%
Boston Beer Co., Inc. (The) Class A⁽²⁾		2,902		840
Brown-Forman Corp. Class B		9,523		837
Estee Lauder Cos., Inc. (The) Class A		11,174		851
Harbinger Group, Inc.⁽²⁾		60,878		862
Lancaster Colony Corp.		8,918		835
Monster Beverage Corp.⁽²⁾		7,583		822
PriceSmart, Inc.		9,347		853
Tootsie Roll Industries, Inc.		27,649		847

				6,747

Energy—6.9%
Chesapeake Energy Corp.		46,132		903
Clayton Williams Energy, Inc.⁽²⁾		13,706		874
Continental Resources, Inc.⁽²⁾		22,383		859
CVR Energy, Inc.⁽³⁾		21,396		828
Exterran Holdings, Inc.		27,039		881
Halcon Resources Corp.⁽²⁾⁽³⁾		432,336		769
Hess Corp.		11,532		851
RPC, Inc.		62,897		820
Talisman Energy, Inc.		109,159		855
Transocean Ltd.⁽³⁾		43,930		805
W&T Offshore, Inc.		113,326		832


	SHARES		VALUE
Energy—(continued)
Western Refining, Inc.		22,673	$	857

				10,134

Financials—15.1%
Altisource Portfolio Solutions SA⁽²⁾⁽³⁾		27,009		913
American Financial Group, Inc.		14,014		851
AmTrust Financial Services, Inc.		15,752		886
Berkley (W.R.) Corp.		16,631		853
Berkshire Hathaway, Inc. Class B⁽²⁾		5,597		840
BOK Financial Corp.		14,015		842
Brown & Brown, Inc.		26,069		858
Charles Schwab Corp. (The)		28,282		854
Cohen & Steers, Inc.		19,877		836
Credit Acceptance Corp.⁽²⁾		6,183		843
Erie Indemnity Co. Class A		9,494		862
First Citizens BancShares, Inc. Class A		3,335		843
Franklin Resources, Inc.		15,117		837
Gaming and Leisure Properties, Inc.		28,832		846
Greenlight Capital Re Ltd. Class A⁽²⁾		25,341		827
Hilltop Holdings, Inc.⁽²⁾		42,321		844
Host Hotels & Resorts, Inc.		35,047		833
Howard Hughes Corp. (The)⁽²⁾		6,396		834
Leucadia National Corp.		37,514		841
Loews Corp.		20,169		848
Mercury General Corp.		15,399		873
Ocwen Financial Corp.⁽²⁾⁽³⁾		53,010		800
Raymond James Financial, Inc.		14,923		855
Taubman Centers, Inc.		11,124		850
Vornado Realty Trust		7,206		848
WisdomTree Investments, Inc.		55,667		873

				22,090

Health Care—4.6%
Akorn, Inc.⁽²⁾		22,606		818
Bruker Corp.⁽²⁾		43,304		850
Cerner Corp.⁽²⁾		13,085		846
Halozyme Therapeutics, Inc.⁽²⁾⁽³⁾		91,079		879
Hologic, Inc.⁽²⁾		31,389		839
MannKind Corp.⁽²⁾⁽³⁾		157,609		822
Opko Health, Inc.⁽²⁾⁽³⁾		86,702		866
Pharmacyclics, Inc.⁽²⁾		6,401		783

				6,703

Industrials—10.5%
Air Lease Corp.		24,731		849


	SHARES		VALUE
Industrials—(continued)
American Railcar Industries, Inc.		16,722	$	861
Cintas Corp.		10,676		837
Colfax Corp.⁽²⁾		16,249		838
Covanta Holding Corp.		39,130		861
Danaher Corp.		9,758		836
FedEx Corp.		4,817		836
Grainger (W.W.), Inc.		3,283		837
Heartland Express, Inc.		31,545		852
Hertz Global Holdings, Inc.⁽²⁾		37,577		937
Illinois Tool Works, Inc.		8,769		830
MasTec, Inc.⁽²⁾		39,590		895
MSC Industrial Direct Co., Inc. Class A		10,518		855
Navistar International Corp.⁽²⁾		25,825		865
Rollins, Inc.		25,550		846
Timken Co. (The)		19,580		836
Werner Enterprises, Inc.		27,503		857
XPO Logistics, Inc.⁽²⁾⁽³⁾		20,797		850

				15,378

Information Technology—13.9%
Amkor Technology, Inc.⁽²⁾		124,596		885
Anixter International, Inc.		9,633		852
Broadcom Corp. Class A		19,588		849
eBay, Inc.⁽²⁾		14,838		833
EchoStar Corp. Class A⁽²⁾		16,678		875
Facebook, Inc. Class A⁽²⁾		10,432		814
Google, Inc. Class C⁽²⁾		1,622		854
IAC/InterActiveCorp.		13,878		844
Intuit, Inc.		8,980		828
Marvell Technology Group Ltd.		58,884		854
Mentor Graphics Corp.		39,129		858
National Instruments Corp.		27,005		839
Nuance Communications, Inc.⁽²⁾		59,117		844
Oracle Corp.		18,630		838
Paychex, Inc.		18,085		835
Pegasystems, Inc.		40,309		837
QUALCOMM, Inc.		11,408		848
Rackspace Hosting, Inc.⁽²⁾		17,780		832
RealPage, Inc.⁽²⁾		38,361		842
Salesforce.com, Inc.⁽²⁾		14,193		842
SS&C Technologies Holdings, Inc.		15,038		879
Syntel Co.⁽²⁾		18,618		837
TeleTech Holdings, Inc.⁽²⁾		36,175		857


	SHARES		VALUE
Information Technology—(continued)
Yahoo!, Inc.⁽²⁾		16,604	$	839

				20,315

Materials—5.3%
Airgas, Inc.		7,303		841
Huntsman Corp.		37,113		845
LyondellBasell Industries N.V. Class A		10,462		831
NewMarket Corp.		2,145		866
Novagold Resources, Inc.⁽²⁾⁽³⁾		304,219		897
Scotts Miracle-Gro Co. (The) Class A		13,596		847
Silgan Holdings, Inc.		15,647		839
Timkensteel Corp.		24,978		925
Westlake Chemical Corp.		14,128		863

				7,754

Office REIT—0.6%
Boston Properties, Inc.		6,484		834

Residential REITs—1.1%
Equity Lifestyle Properties, Inc.		16,453		848
Equity Residential		11,401		819

				1,667

Retail REITs—1.2%
Simon Property Group, Inc.		4,534		826
Washington Prime Group, Inc.		49,149		846

				1,672

Utilities—0.6%
Solarcity Corp.⁽²⁾		15,631		836

TOTAL COMMON STOCKS (Identified Cost $133,678)				145,783

TOTAL LONG TERM INVESTMENTS—99.8% (Identified Cost $133,678)				145,783

SHORT-TERM INVESTMENTS—0.8%
Money Market Mutual Fund—0.8%
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.110%)		1,097,558		1,098

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $1,098)				1,098


	SHARES		VALUE
SECURITIES LENDING COLLATERAL—4.4%
INVESCO Trust Short-Term Investments Liquid Assets Portfolio (The) Institutional Shares (seven-day effective yield 0.060%)⁽⁴⁾		6,390,771	$	6,391

TOTAL SECURITIES LENDING COLLATERAL (Identified Cost $6,391)				6,391

TOTAL INVESTMENTS—105.0% (Identified Cost $141,167)				153,272	⁽¹⁾
Other assets and liabilities, net—(5.0)%				(7,230	)

NET ASSETS—100.0%			$	146,042

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2014, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Non-income producing.

⁽³⁾	All or a portion of security is on loan.

⁽⁴⁾	Represents security purchased with cash collateral received for securities on loan.

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2014 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

There are no Level 2 (significant observable inputs) or Level 3 (significant unobservable inputs) priced securities.

There were no transfers between Level 1 and Level 2 related to securities held at December 31, 2014.

The following is a summary of significant accounting policies consistently followed by the Virtus Opportunities Trust, a trust consisting of 32 Funds (each a “Fund”), in the preparation of the Schedules of Investments. The preparation of the Schedules of Investments in conformity with accounting principles generally accepted in the United States of America 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 the Trust, which include, nightly price variance, as well as back-testing 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 (“Valuation Committee”) appointed by the Board. 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 the model inputs and any changes to the model. Fair valuations are reviewed by the Board at least quarterly.

The Funds utilize a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels.

A description of the valuation techniques applied to the Funds’ 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 times 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, 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

Other information regarding each Fund is available in the Fund’s most recent Report to Shareholders.

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 is generally categorized as Level 2 in the hierarchy. Debt securities 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.

Listed derivatives 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 (OTC) 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 mutual 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 Funds own the following internally fair valued securities and which are categorized as Level 3 in the hierarchy.

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 on derivative Instruments and hedging activities are intended to improve financial reporting for derivative instruments by enhanced disclosure that enables 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 the specific types of derivative instruments used by the 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.

Other information regarding each Fund is available in the Fund’s most recent Report to Shareholders.

The 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, 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.

Options contracts: 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. The Fund is subject to equity price risk in the normal course of pursuing its investment objectives. The Fund may use options contracts to hedge against changes in the values of equities. 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 of Trustees’ approved fair valuation procedures.

Certain Funds may loan securities to qualified brokers through an agreement with Brown Brothers Harriman (“BBH”), as a third party lending agent. Under the terms of agreement, a Fund is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan. Collateral may consist of cash and securities issued by the U.S. Government or its agencies. Cash collateral is invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker are recorded as income by the Fund net of fees and rebates charged by BBH for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral.

At December 31, 2014, the following Funds had securities on loan (reported in thousands):

Other information regarding each Fund is available in the Fund’s most recent Report to Shareholders.

Effective August 29, 2014, the Dynamic AlphaSector^® Fund loans securities through an agreement with JP Morgan Clearing Corp. (“JPMCC”). Under the terms of agreement, the Fund lends directly to JPMCC and in doing so is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan. Collateral is received in cash which is invested in additional portfolio securities of the Fund. The agreement also provides that the Fund pay a “Spread Fee” on the cash collateral received at a rate equal to the difference between (a) the return payable on such collateral at the reinvestment rate and (b) the cash collateral fee (rebate). The Fund also pays a fee based on the one-week London Interbank Offering Rate (LIBOR) plus a negotiated spread.

Certain Funds may sell securities short. A short sale is a transaction in which a Fund sells a security it does not own in anticipation of a decline in market price. To sell a security short, a Fund must borrow the security. The Fund’s obligation to replace the security borrowed and sold short will be fully collateralized at all times by the proceeds from the short sale retained by the broker and by cash and securities deposited in a segregated account with the Fund’s custodian. If the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will realize a loss, and if the price declines during the period, the Fund will realize a gain. Any realized gain will be decreased, and any realized loss increased, by the amount of transaction costs. On ex-dividend date, dividends on short sales are recorded as an expense to the Fund.

In accordance with the terms of its prime brokerage agreement, the Dynamic AlphaSector^® Fund may receive rebate income or be charged a fee on borrowed securities. Such income or fee is calculated on a daily basis based upon the market value of each borrowed security and a variable rate that is dependent upon the availability of such security.

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. Illiquid securities are footnoted as such within each Fund’s Schedule of Investments where applicable. However, a portion of such footnoted securities could be liquid where it’s determined that some, though not all of the position could be disposed of within seven days in the ordinary course of business at the approximate amount at which such securities have been valued by the Fund.

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.

At December 31, 2014, the Funds did not hold any securities that are both illiquid and restricted.

Other information regarding each Fund is available in the Fund’s most recent Report to Shareholders.

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 are no subsequent events requiring recognition or disclosure in the quarterly filing.

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.


	Total Value at December 31, 2014		Level 2 Significant Observable Inputs
Debt Securities:
Municipal Tax-Exempt Bonds	$	32,452	$	32,452

Total Investments	$	32,452	$	32,452


	Total Value at December 31, 2014		Level 1 Quoted Prices
Equity Securities:
Exchange-Traded Funds	$	557,335	$	557,335
Short-Term Investments		120,208		120,208

Total Investments	$	677,543	$	677,543


Investments in Securities	Total Investments		Corporate Bonds And Notes			Loan Agreements
Balance as of September 30, 2014:	$	5	$	5	^(d)	$	—
Accrued discount/(premium)		—		—			—
Realized gain (loss)		—		—			—
Change in unrealized appreciation (depreciation)		—		—	^(c)		—
Purchases		—		—			—
Sales^(b)		—		—			—
Transfers into Level 3 ^(a)		81		—			81
Transfers from Level 3 ^(a)		—		—			—

Balance as of December 31, 2014	$	86	$	5	^(d)(e)	$	81


	Total Value at December 31, 2014		Level 1 Quoted Prices		Level 2 Significant Observable Inputs
Equity Securities:
Common Stocks	$	1,832,399	$	410,074	$	1,422,325
Preferred Stock		33,727		33,727		—
Securities Lending Collateral		32,708		6,921		25,787
Short-Term Investments		30,137		30,137		—

Total Investments	$	1,928,971	$	480,859	$	1,448,112


	Total Value at December 31, 2014		Level 1 Quoted Prices		Level 2 Significant Observable Inputs
Equity Securities:
Common Stocks	$	10,638	$	8,661	$	1,977
Short-Term Investments		652		652		—

Total Investments	$	11,290	$	9,313	$	1,977


	Total Value at December 31, 2014		Level 1 Quoted Prices
Equity Securities:
Exchange-traded Funds	$	173,759	$	173,759
Short-term Investments		6,659		6,659

Total Investments	$	180,418	$	180,418


	Total Value at December 31, 2014		Level 1 Quoted Prices		Level 2 Significant Observable Inputs
Equity Securities:
Common Stocks	$	15,182	$	1,741	$	13,441
Short-Term Investments		295		295		—

Total Investments	$	15,477	$	2,036	$	13,441


Investments in Securities	Total Investments		Corporate Bonds and Notes			Loan Agreements
Balance as of September 30, 2014:	$	125	$	125	^(c)	$	—
Accrued discount/(premium)		—		—			—
Realized gain (loss)		—		—			—
Change in unrealized appreciation (depreciation)		—		—			—
Purchases		—		—			—
Sales^(b)		—		—			—
Transfers into Level 3^(a)		137		—			137
Transfers from Level 3 ^(a)		—		—			—

Balance as of December 31, 2014	$	262	$	125	^(c)	$	137


	Total Investments			Loan Agreements			Common Stock
Balance as of September 30, 2014:	$	24		$	—		$	24	^(c)
Accrued discount/(premium)		—			—			—
Realized gain (loss)		—			—			—
Change in unrealized appreciation (depreciation)		(7	)		—			(7	)
Purchases		—			—			—
Sales^(b)		—			—			—
Transfers into Level 3^(a)		450			450			—
Transfers from Level 3 ^(a)		—			—			—

Balance as of December 31, 2014	$	467	^(d)	$	450	^(d)	$	17	^(d)


	Total Value at December 31, 2014		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Debt Securities:
Corporate Bonds And Notes	$	60,096	$	60,096	$	—
Loan Agreements		754,391		751,917		2,474

Total Investments	$	814,487	$	812,013	$	2,474


	Loan Agreements
Beginning Balance September 30, 2014:	$	—
Accrued Discount/(Premium)		—
Realized Gain (Loss)		—
Change in Unrealized Appreciation (Depreciation)		—
Purchases		—
(Sales)		—
Transfers into Level 3^(a)		2,474
Transfers from Level 3		—

Ending Balance December 31, 2014	$	2,474	^(b)


Bond Fund		United Artists Theatre Circuit, Inc.
High Yield Fund		United Artists Theatre Circuit, Inc.


Fund	Market value		Collateral
Foreign Opportunities Fund	$	31,046	$	32,708
Premium AlphaSector^® Fund		2,752		2,815


Fund	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Allocator Premium AlphaSector^® Fund	$	682,559	$	428	$	(5,444	)	$	(5,016	)
AlphaSector^® Rotation Fund		1,471,965		11,070		(9,504	)		1,566
Alternatives Diversifier Fund		134,855		11,290		(24,533	)		(13,243	)
Bond Fund		76,701		1,948		(2,588	)		(640	)
CA Tax-Exempt Bond		30,021		2,647		(216	)		2,431
Disciplined Equity Style Fund		2,330		94		—			94
Disciplined Select Bond Fund		1,513		2		(36	)		(34	)
Disciplined Select Country Fund		1,423		5		(55	)		(50	)
Dynamic AlphaSector^® Fund (Long positions)		2,241,498		32,875		(20,378	)		12,497


Dynamic AlphaSector^® Fund (Short positions)	(539,519	)	16,329	(32,894	)	(16,565	)
Emerging Markets Debt Fund	29,815		448	(2,858	)	(2,410	)
Emerging Markets Equity Income Fund	77,466		4,204	(6,701	)	(2,497	)
Emerging Markets Small-Cap Fund	5,152		272	(475	)	(203	)
Foreign Opportunities Fund	1,555,702		402,937	(29,668	)	373,269
Global Commodities Stock Fund	10,483		1,202	(395	)	807
Global Dividend Fund	141,978		27,179	(2,151	)	25,028
Global Opportunities Fund	105,976		30,892	(1,165	)	29,727
Global Premium AlphaSector^® Fund	184,615		2,108	(6,305	)	(4,197	)
Global Real Estate Securities Fund	56,995		9,917	(598	)	9,319
Greater European Opportunities Fund	13,585		2,142	(250	)	1,892
Herzfeld Fund	26,387		395	(814	)	(419	)
High Yield Fund	86,436		1,079	(3,237	)	(2,158	)
International Equity Fund	10,259		505	(638	)	(133	)
International Real Estate Securities Fund	34,922		5,787	(670	)	5,117
International Small-Cap Fund	40,545		1,243	(4,557	)	(3,314	)
International Wealth Masters Fund	4,992		89	(234	)	(145	)
Low Volatility Equity Fund	5,569		373	(4	)	369
Low Volatility Equity Fund (Written Options)	(1	)	—	—		—
Multi-Sector Intermediate Fund	379,154		7,700	(21,942	)	(14,242	)


Multi-Sector Short Term Bond Fund	8,755,165	145,177	(233,654	)	(88,477	)
Premium AlphaSector^® Fund	6,262,571	108,327	(72,987	)	35,340
Real Estate Securities Fund	1,028,594	636,647	(1,966	)	634,681
Senior Floating Rate Fund	835,953	1,201	(22,667	)	(21,466	)
Wealth Masters Fund	144,213	15,729	(6,670	)	9,059


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, Senior Vice President, Chief Financial Officer, and Treasurer
		(principal financial officer)

This ‘N-Q’ Filing	Date	Other Filings

Filed on / Effective on:	3/2/15
For Period End:	12/31/14	497
	9/30/14	24F-2NT, N-CSR, NSAR-B
	8/29/14	485APOS
		List all Filings

TOTAL INVESTMENTS—98.6%

(Identified Cost $141,639)

167,006

Other assets and liabilities, net—1.4%

NET ASSETS—100.0%

169,393