SEC Info - Virtus Opportunities Trust

Virtus Opportunities Trust – ‘N-Q’ for 6/30/15

Virtus Opportunities Trust – ‘N-Q’ for 6/30/15

On: Friday, 8/28/15, at 5:02pm ET · Effective: 8/28/15 · For: 6/30/15 · Accession #: 1193125-15-306989 · File #: 811-07455

Previous ‘N-Q’: ‘N-Q’ on 3/2/15 for 12/31/14 · Next: ‘N-Q’ on 2/26/16 for 12/31/15 · 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: Friday, 8/28/15, at 5:02pm ET · Effective: 8/28/15 · For: 6/30/15 · Accession #: 1193125-15-306989 · File #: 811-07455

Previous ‘N-Q’: ‘N-Q’ on 3/2/15 for 12/31/14 · Next: ‘N-Q’ on 2/26/16 for 12/31/15 · 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.


	SHARES		VALUE
AFFILIATED MUTUAL FUNDS⁽³⁾—60.6%
Equity Funds—46.9%
Virtus Global Dividend Fund Class I		1,448,765	$	21,355
Virtus Global Real Estate Securities Fund Class I		359,324		9,386
Virtus International Real Estate Securities Fund Class I		1,492,670		9,986
Virtus Real Estate Securities Class I		154,088		5,812

				46,539

Fixed Income Funds—13.7%
Virtus Senior Floating Rate Fund Class I		1,424,052		13,642

TOTAL AFFILIATED MUTUAL FUNDS (Identified Cost $45,195)				60,181

EXCHANGE-TRADED FUNDS⁽³⁾—38.9%
Global X Uranium		74,900		691
iShares S&P North American Natural Resources Sector Index Fund		202,700		7,354
Market Vectors Agribusiness		49,250		2,715
Market Vectors Coal		37,900		431
PowerShares DB Commodity Index Tracking Fund⁽²⁾		612,200		11,020
PowerShares DB G10 Currency Harvest Fund⁽²⁾		377,250		8,865
WisdomTree Managed Futures Strategy Fund		178,100		7,603

TOTAL EXCHANGE-TRADED FUNDS (Identified Cost $40,428)				38,679

TOTAL LONG TERM INVESTMENTS—99.5% (Identified Cost $85,623)				98,860

SHORT-TERM INVESTMENTS—0.6%
Money Market Mutual Fund—0.6%
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.140%)		589,352		589

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $589)				589

TOTAL INVESTMENTS—100.1% (Identified Cost $86,212)				99,449	⁽¹⁾
Other assets and liabilities, net—(0.1)%				(147	)

NET ASSETS—100.0%			$	99,302

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at June 30, 2015, 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 June 30, 2015 (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 June 30, 2015.


	PAR VALUE			VALUE
U.S. GOVERNMENT SECURITIES—3.9%
U.S. Treasury Note 2.000%, 2/15/25	$	3,065		$	2,974

TOTAL U.S. GOVERNMENT SECURITIES (Identified Cost $3,037)					2,974

MUNICIPAL BONDS—1.6%
Georgia—0.3%
Rockdale County Water & Sewerage Authority Revenue Taxable 3.060%, 7/1/24		255			256

Massachusetts—0.3%
Commonwealth of Massachusetts, Series C, Taxable 5.000%, 8/1/25		155			189

Michigan—0.0%
City of Flat Rock Finance Authority, Series A, Taxable 6.750%, 10/1/16		35			36

Texas—1.0%
University of Texas System (The) Series B, Taxable 5.000%, 8/15/25		600			736

TOTAL MUNICIPAL BONDS (Identified Cost $1,246)					1,217

FOREIGN GOVERNMENT SECURITIES—1.3%
Kingdom of Morocco 144A 4.250%, 12/11/22⁽³⁾		270			275
Mongolia 144A 5.125%, 12/5/22⁽³⁾		200			182
Republic of Chile 5.500%, 8/5/20		84,000	^CLP		140
Republic of El Salvador 144A 6.375%, 1/18/27⁽³⁾		155			151
Republic of Romania 144A 4.875%, 1/22/24⁽³⁾		210			222

TOTAL FOREIGN GOVERNMENT SECURITIES (Identified Cost $994)					970

MORTGAGE-BACKED SECURITIES—20.8%
Agency—8.8%
FHLMC
7.000%, 4/1/16		1			1
5.000%, 12/1/35		37			42
4.000%, 2/1/45		601			636
3.500%, 3/1/45		398			410
FNMA
6.500%, 6/1/16		8			8
6.000%, 7/1/17		8			8
5.500%, 9/1/17		15			16


	PAR VALUE		VALUE
Agency—(continued)
5.000%, 4/1/20	$	87	$	92
5.000%, 8/1/21		30		32
6.000%, 5/1/29		38		44
6.500%, 5/1/30		1		1
7.000%, 7/1/31		20		22
5.500%, 4/1/36		57		64
5.500%, 9/1/36		220		248
6.000%, 9/1/37		26		30
6.000%, 1/1/38		47		54
6.000%, 2/1/38		49		56
6.000%, 3/1/38		150		170
6.000%, 7/1/38		583		665
6.000%, 8/1/38		20		23
6.000%, 8/1/38		386		443
6.000%, 8/1/38		92		106
6.000%, 8/1/38		282		324
5.000%, 6/1/39		737		819
5.000%, 9/1/39		200		224
5.500%, 9/1/39		376		423
4.500%, 9/1/40		298		326
3.500%, 12/1/42		326		336
3.000%, 3/1/43		541		538
3.000%, 5/1/43		166		166
4.000%, 9/1/44		172		182
Freddie Mac Gold Pool 3.000%, 5/1/45		150		148
GNMA
6.500%, 9/15/28		51		59

				6,716

Non-Agency—12.0%
A-10 Securitization LLC
13-1, B 144A 4. 120%, 11/15/25⁽³⁾		260		260
14-1, A1 144A 1.720%, 4/15/33⁽³⁾		250		249
Ameriquest Mortgage Securities, Inc. 03-AR3, M4 3.382%, 6/25/33⁽²⁾		130		127
Aventura Mall Trust 13-AVM, C 144A 3.867%, 12/5/32⁽²⁾⁽³⁾		205		212
Banc of America Funding Trust
04-B, 2A1 2.564%, 11/20/34⁽²⁾		109		108
05-1, 1A1 5.500%, 2/25/35		123		125
Banc of America Mortgage Trust 05-3, 1A15 5.500%, 4/25/35		123		125


	PAR VALUE		VALUE
Non-Agency—(continued)
Bank of America (Merrill Lynch - Countrywide) Home Loan Mortgage Pass-Through-Trust 04-6, 1A2 2.607%, 5/25/34⁽²⁾	$	329	$	328
Citigroup Commercial Mortgage Trust 07-6, A4 5.899%, 12/10/49⁽²⁾		350		374
CSAIL Commercial Mortgage Trust 15-C2, AS 3.849%, 6/15/57		375		380
Deutsche Bank-UBS Mortgage Trust 11-LC3A, D 144A 5.586%, 8/10/44⁽²⁾⁽³⁾		180		187
Goldman Sachs Mortgage Securities Trust II 07-GG10, A4 5.989%, 8/10/45⁽²⁾		853		910
Jefferies Resecuritization Trust 14-R1, 1A1 144A 4.000%, 12/27/37⁽³⁾		105		105
JPMorgan Chase (Bear Stearns) Commercial Mortgage Securities, Inc.
06-PW13, AM 5.582%, 9/11/41⁽²⁾		385		401
07- PW15, AM 5.363%, 2/11/44		140		145
JPMorgan Chase (WaMu) Mortgage Pass-Through Certificates 03-S11, 3A5 5.950%, 11/25/33		223		230
JPMorgan Chase Commercial Mortgage Securities Trust
14-1, 1A1 144A 3.953%, 1/25/44⁽²⁾⁽³⁾		149		155
06-LDP9, A3 5.336%, 5/15/47		125		130
JPMorgan Chase Mortgage Trust 04-A4, 2A1 2.454%, 9/25/34⁽²⁾		284		289
Morgan Stanley Bank of America (Merrill Lynch) Trust 15-C22, AS 3.561%, 5/15/46		310		305
Morgan Stanley Capital I Trust
07-T27, A4 5.826%, 6/11/42⁽²⁾		563		602
05-IQ10, A4B 5.284%, 9/15/42⁽²⁾		855		855
08-T29, A4 6.460%, 1/11/43⁽²⁾		580		638
07-IQ14, A4 5.692%, 4/15/49⁽²⁾		300		317
07-IQ14, AM 5.867%, 4/15/49⁽²⁾		190		198
Morgan Stanley Capital I, Inc. 4.163%, 5/15/48⁽²⁾		250		257
Motel 6 Trust 15-MTL6, B 144A 3.298%, 2/5/30⁽³⁾		210		210
New Residential Mortgage Loan Trust 14-1A, A 144A 3.750%, 1/25/54⁽²⁾⁽³⁾		78		80
Sequoia Mortgage Trust 14-2, A1 144A 4.000%, 7/25/44⁽²⁾⁽³⁾		160		165
Wells Fargo (Royal Bank of Scotland plc) Commercial Mortgage Trust 11-C5, C 144A 5.822%, 11/15/44⁽²⁾⁽³⁾		205		228


	PAR VALUE		VALUE
Non-Agency—(continued)
Wells Fargo (Wachovia Bank) Commercial Mortgage Trust 15-LC20, B 3.719%, 4/15/50	$	300	$	293
WinWater Mortgage Loan Trust 14-1, A1 144A 3.999%, 6/20/44⁽²⁾⁽³⁾		114		117

				9,105

TOTAL MORTGAGE-BACKED SECURITIES (Identified Cost $15,373)				15,821

ASSET-BACKED SECURITIES—7.1%
Access Point Financial, Inc. 15-A, A 2.610%, 4/15/20		248		248
American Homes 4 Rent
14-SFR2, C 144A 4.705%, 10/17/36⁽³⁾		195		204
15-SFR1, A 144A 3.467%, 4/17/45⁽³⁾		224		223
AmeriCredit Automobile Receivables Trust 14-1, D 2.540%, 6/8/20		235		234
Avis Budget Rental Car Funding LLC (AESOP) 12-3A, A 144A 2.100%, 3/20/19⁽³⁾		375		377
B2R Mortgage Trust 15-1, A1 144A 2.524%, 5/15/48⁽³⁾		110		109
Bank of America (Merrill Lynch - Countrywide) Asset-Backed Certificates 05-1 AF5A 5.251%, 7/25/35⁽²⁾		317		314
CarMax Auto Owner Trust 15-2, C 2.390%, 3/15/21		235		235
Centre Point Funding LLC 12-2A, 1 144A 2.610%, 8/20/21⁽³⁾		286		285
Drug Royalty LP II 14-1, A2 144A 3.484%, 7/15/23⁽³⁾		227		230
Exeter Automobile Receivables Trust 13-1A, C 144A 3.520%, 2/15/19⁽³⁾		235		239
Fairway Outdoor Funding LLC 12-1A, A2 144A 4.212%, 10/15/42⁽³⁾		148		148
GSAA Home Equity Trust 05-12, AF3W 4.999%, 9/25/35⁽²⁾		104		107
MASTR Specialized Loan Trust 05-3, A2 144A 5.704%, 11/25/35⁽²⁾⁽³⁾		176		182
Orange Lake Timeshare Trust 12-AA, A 144A 3.450%, 3/10/27⁽³⁾		70		72
Santander Drive Auto Receivables Trust
12-2, D 3.870%, 2/15/18		500		511
13-1, D 2.270%, 1/15/19		215		214


	PAR VALUE		VALUE
Sierra Timeshare Receivables Funding LLC 12-3A, A 144A 1.870%, 8/20/29⁽³⁾	$	143	$	143
Silverleaf Finance LLC XV 12-D, A 144A 3.000%, 3/17/25⁽³⁾		72		72
SoFi Professional Loan Program LLC 15-A, A2 144A 2.420%, 3/25/30⁽³⁾		174		174
TAL Advantage V LLC
13-1A A 144A 2.830%, 2/22/38⁽³⁾		230		229
14-3A, A 144A 3.270%, 11/21/39⁽³⁾		179		180
Tidewater Auto Receivables Trust 12-AA, B 144A 2.430%, 4/15/19⁽³⁾		215		216
U-Haul S Fleet LLC 10-BT1A, 1 144A 4.899%, 10/25/23⁽³⁾		179		187
Vericrest Opportunity Loan Trust 15-NPL4, A1 144A 3.500%, 2/25/55⁽²⁾⁽³⁾		225		225
Westgate Resorts LLC 12-2A, A 144A 3.000%, 1/20/25⁽³⁾		70		70

TOTAL ASSET-BACKED SECURITIES (Identified Cost $5,383)				5,428

CORPORATE BONDS AND NOTES—52.7%
Consumer Discretionary—7.2%
Argos Merger Sub, Inc. 144A 7.125%, 3/15/23⁽³⁾		135		142
Boyd Gaming Corp.
9.000%, 7/1/20		100		109
6.875%, 5/15/23		75		77
Caesars Entertainment Operating Co., Inc. 9.000%, 2/15/20⁽⁵⁾		100		82
Caesars Growth Properties Holdings LLC 144A 9.375%, 5/1/22⁽³⁾		70		53
Cequel Communications Holdings I LLC (Cequel Capital Corp.)
144A 5.125%, 12/15/21⁽³⁾		45		41
144A 5.125%, 12/15/21⁽³⁾		110		100
Clear Channel Worldwide Holdings, Inc. Series B 7.625%, 3/15/20		175		183
Columbus International, Inc. 144A 7.375%, 3/30/21⁽³⁾		200		216
Intelsat Jackson Holdings SA 5.500%, 8/1/23		185		164
International Game Technology plc 144A 6.250%, 2/15/22⁽³⁾		200		192
Isle of Capri Casinos, Inc. 5.875%, 3/15/21		217		224
Landry’s, Inc. 144A 9.375%, 5/1/20⁽³⁾		260		280
Lear Corp. 5.250%, 1/15/25		150		148


	PAR VALUE		VALUE
Consumer Discretionary—(continued)
Meritor, Inc. 6.750%, 6/15/21	$	170	$	175
MGM Resorts International 6.000%, 3/15/23		85		86
Mohegan Tribal Gaming Authority 9.750%, 9/1/21		75		79
MPG Holdco I, Inc. 7.375%, 10/15/22		145		155
New York University 4.142%, 7/1/48		70		66
Numericable Group SA 144A 6.000%, 5/15/22⁽³⁾		200		198
Omega US Sub LLC 144A 8.750%, 7/15/23⁽³⁾		155		155
Penn National Gaming, Inc. 5.875%, 11/1/21		110		111
Pinnacle Entertainment, Inc. 6.375%, 8/1/21		175		187
Priceline Group, Inc. (The) 3.650%, 3/15/25		195		190
QVC, Inc. 4.375%, 3/15/23		265		260
RSI Home Products, Inc. 144A 6.500%, 3/15/23⁽³⁾		75		76
Scientific Games International, Inc.
6.625%, 5/15/21		160		125
144A 7.000%, 1/1/22⁽³⁾		120		125
Seminole Hard Rock Entertainment, Inc. 144A 5.875%, 5/15/21⁽³⁾		65		66
Signet UK Finance plc 4.700%, 6/15/24		210		212
Station Casinos LLC 7.500%, 3/1/21		230		247
Taylor Morrison Communities, Inc. (Monarch Communities, Inc.) 144A 5.250%, 4/15/21⁽³⁾		110		109
Toll Brothers Finance Corp.
4.000%, 12/31/18		40		41
6.750%, 11/1/19		220		245
TRI Pointe Holdings, Inc. 5.875%, 6/15/24		155		153
United Artists Theatre Circuit, Inc. Series BD-1 9.300%, 7/1/15⁽⁶⁾⁽⁷⁾		3		3
Viking Cruises Ltd. 144A 8.500%, 10/15/22⁽³⁾		160		178
Wyndham Worldwide Corp. 5.625%, 3/1/21		235		257

				5,510

Consumer Staples—1.3%
Flowers Foods, Inc. 4.375%, 4/1/22		275		287
Ingles Markets, Inc. 5.750%, 6/15/23		170		173
Pilgrim’s Pride Corp. 144A 5.750%, 3/15/25⁽³⁾		60		61
Reynolds American, Inc. 3.250%, 11/1/22		295		284
Rite Aid Corp. 144A 6.125%, 4/1/23⁽³⁾		40		41
Tops Holding LLC (Tops Markets II Corp.) 144A 8.000%, 6/15/22⁽³⁾		155		156

				1,002

Energy—4.0%
Antero Resources Corp. 144A 5.625%, 6/1/23⁽³⁾		80		78


	PAR VALUE			VALUE
Energy—(continued)
Carrizo Oil & Gas, Inc. 7.500%, 9/15/20	$	155		$	164
CONSOL Energy, Inc. 5.875%, 4/15/22		105			90
Ecopetrol SA 5.375%, 6/26/26		155			153
El Paso Pipeline Partners Operating Co. LLC 7.500%, 11/15/40		245			274
FTS International, Inc. 6.250%, 5/1/22		60			44
Helmerich & Payne International Drilling Co. 144A 4.650%, 3/15/25⁽³⁾		115			118
Laredo Petroleum, Inc. 6.250%, 3/15/23		30			31
MarkWest Energy Partners LP (MarkWest Energy Finance Corp.) 4.875%, 12/1/24		175			172
MEG Energy Corp. 144A 7.000%, 3/31/24⁽³⁾		165			159
Newfield Exploration Co. 5.375%, 1/1/26		150			148
NGL Energy Partners LP (NGL Energy Finance Corp.) 5.125%, 7/15/19		155			155
Petroleos Mexicanos
3.500%, 1/30/23		355			337
4.875%, 1/18/24		65			67
Sabine Pass Liquefaction LLC 6.250%, 3/15/22		140			146
Sunoco LP (Sunoco Finance Corp.) 144A 6.375%, 4/1/23⁽³⁾		215			225
Weatherford International Ltd. 4.500%, 4/15/22		310			291
Williams Cos., Inc. (The)
3.700%, 1/15/23		200			186
4.550%, 6/24/24		170			165

					3,003

Financials—21.5%
Akbank TAS 144A 7.500%, 2/5/18⁽³⁾		375	^TRY		126
Allstate Corp. (The) 5.750%, 8/15/53⁽²⁾⁽⁹⁾		310			327
Ally Financial, Inc. 4.125%, 3/30/20		105			105
Apollo Management Holdings LP 144A 4.000%, 5/30/24⁽³⁾		190			190
Ares Capital Corp. 3.875%, 1/15/20		95			96
Ares Finance Co., LLC Finance Co., LLC 144A 4.000%, 10/8/24⁽³⁾		270			259
Banco de Credito del Peru 144A 6.125%, 4/24/27⁽²⁾⁽³⁾		240			256
Banco de Credito e Inversiones 144A 4.000%, 2/11/23⁽³⁾		275			272
Banco Inbursa SA Institucion de Banca Multiple 144A 4.125%, 6/6/24⁽³⁾		160			154


	PAR VALUE		VALUE
Financials—(continued)
Banco Internacional del Peru SAA 144A 6.625%, 3/19/29⁽²⁾⁽³⁾	$	300	$	319
Banco Santander Chile 144A 3.875%, 9/20/22⁽³⁾		450		454
Bancolombia S.A. 5.125%, 9/11/22		260		259
Bank of America Corp. 5.625%, 7/1/20		235		265
Bank of Baroda 144A 4.875%, 7/23/19⁽³⁾		200		213
Bank of India 144A 3.250%, 4/18/18⁽³⁾		265		270
Barclays Bank plc 144A 6.050%, 12/4/17⁽³⁾		250		272
Braskem America Finance Co. RegS 7.125%, 7/22/41⁽⁴⁾		210		182
Chubb Corp. (The) 6.375%, 3/29/67⁽²⁾		250		262
Citizens Financial Group, Inc. 144A 5.500% ^(2)(3)(8)		160		156
Compass Bank 3.875%, 4/10/25		250		235
Corporate Office Properties LP 3.600%, 5/15/23		265		242
CTR Partnership LP (Caretrust Capital Corp.) 5.875%, 6/1/21		130		133
CyrusOne LP (CyrusOne Finance Corp.) 144A 6.375%, 11/15/22⁽³⁾		160		166
Developers Diversified Realty Corp.
7.875%, 9/1/20		155		190
3.500%, 1/15/21		130		132
Development Bank of Kazakhstan OJSC 144A 4.125%, 12/10/22⁽³⁾		290		258
Digital Realty Trust LP 5.250%, 3/15/21		165		180
Discover Financial Services, Inc. 3.950%, 11/6/24		190		185
Education Realty Operating Partnership LP 4.600%, 12/1/24		205		206
ESH Hospitality, Inc. 144A 5.250%, 5/1/25⁽³⁾		155		152
Excel Trust LP 4.625%, 5/15/24		85		81
First Cash Financial Services, Inc. 6.750%, 4/1/21		100		106
Ford Motor Credit Co. LLC 5.750%, 2/1/21		235		264
FS Investment Corp.
4.250%, 1/15/20		165		167
4.750%, 5/15/22		60		59
General Motors Financial Co., Inc.
4.750%, 8/15/17		175		185
3.450%, 4/10/22		30		29
Genworth Holdings, Inc. 4.900%, 8/15/23		320		284
GLP Capital LP (GLP Financing II, Inc.)
4.875%, 11/1/20		155		158
5.375%, 11/1/23		5		5
Goldman Sachs Group, Inc. (The) 5.750%, 1/24/22		500		568


	PAR VALUE		VALUE
Financials—(continued)
Healthcare Realty Trust, Inc. 3.875%, 5/1/25	$	125	$	120
4.000%, 6/1/25		200		197
Hutchison Whampoa International Ltd. Series 12, 144A 6.000%^(2)(3)(8)(9)		310		329
ICAHN Enterprises LP (ICAHN Enterprises Finance Corp.)
4.875%, 3/15/19		15		15
5.875%, 2/1/22		150		153
ICICI Bank Ltd. 144A 4.800%, 5/22/19⁽³⁾		200		212
ING Groep NV 6.000%^(2)(8)(9)		200		198
Intesa San Paolo S.p.A 3.125%, 1/15/16		215		217
iStar Financial, Inc. 5.000%, 7/1/19		90		89
Jefferies Group LLC 6.875%, 4/15/21		85		97
JPMorgan Chase & Co. Series Z, 5.300%^(2)(8)(9)		45		45
Kazakhstan Temir Zholy Finance BV 144A 6.950%, 7/10/42⁽³⁾		215		206
Leucadia National Corp. 5.500%, 10/18/23		150		153
Liberty Mutual Group, Inc. 144A 4.250%, 6/15/23⁽³⁾		245		252
Lincoln National Corp. 4.200%, 3/15/22		250		262
Macquarie Bank Ltd. 144A 6.625%, 4/7/21⁽³⁾		15		17
Macquarie Group Ltd. 144A 6.250%, 1/14/21⁽³⁾		210		239
Morgan Stanley
5.550%, 4/27/17		330		354
4.100%, 5/22/23		155		155
6.375%, 7/24/42		435		533
MPT Operating Partnership LP 5.500%, 5/1/24		90		93
Navient LLC 5.500%, 1/25/23		200		190
Nordea Bank AB 144A 4.250%, 9/21/22⁽³⁾		265		271
PKO Finance AB 144A 4.630%, 9/26/22^(3)(10)		255		263
Progressive Corp. (The) 6.700%, 6/15/37⁽²⁾		171		178
Prudential Financial, Inc.
5.875%, 9/15/42⁽²⁾		190		201
5.625%, 6/15/43⁽²⁾⁽⁹⁾		280		290
Retail Opportunity Investments Partnership LP 4.000%, 12/15/24		155		153
RHP Hotel Properties LP (RHP Finance Corp.) 144A 5.000%, 4/15/23⁽³⁾		20		20
Sabra Health Care LP 5.500%, 2/1/21		50		52
Select Income REIT 4.500%, 2/1/25		190		183
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	$	308
UBS AG 7.625%, 8/17/22		500		585
Ventas Realty LP (Ventas Capital Corp.) 3.250%, 8/15/22		250		241
Voya Financial, Inc. 5.650%, 5/15/53⁽²⁾		280		287
Walter Investment Management Corp. 7.875%, 12/15/21		210		196
WP Carey, Inc. 4.600%, 4/1/24		160		160
XLIT Ltd. Series E, 6.500%, 12/29/49⁽²⁾		240		205
York Risk Services Holding Corp. 144A 8.500%, 10/1/22⁽³⁾		105		93

				16,395

Health Care—3.9%
AbbVie, Inc. 3.600%, 5/14/25		65		64
Acadia Healthcare Co., Inc. 5.125%, 7/1/22		65		65
Alere, Inc. 144A 6.375%, 7/1/23⁽³⁾		60		61
Capsugel SA PIK Interest Capitalization, 7.00% interest, 0.75% capitalization 144A 7.000%, 5/15/19^(3)(12)		35		36
Cardinal Health, Inc.
3.200%, 3/15/23		130		128
3.750%, 9/15/25		165		164
Community Health Systems, Inc. 5.125%, 8/1/21		45		46
Concordia Healthcare Corp. 144A 7.000%, 4/15/23⁽³⁾		10		10
Crimson Merger Sub, Inc. 144A 6.625%, 5/15/22⁽³⁾		120		106
DaVita Healthcare Partners, Inc. 5.000%, 5/1/25		90		87
Forest Laboratories, Inc. 144A 4.875%, 2/15/21⁽³⁾		160		174
HCA, Inc.
6.500%, 2/15/20		160		179
5.375%, 2/1/25		270		273
Hologic, Inc. 144A 5.250%, 7/15/22⁽³⁾		10		10
IASIS Healthcare LLC 8.375%, 5/15/19		80		83
JLL Delta Dutch Pledgeco BV PIK Interest Capitalization, 8.75% interest, 0.75% capitalization 144A 8.750%, 5/1/20^(3)(11)		85		86
Mallinckrodt International Finance S.A.
144A 5.750%, 8/1/22⁽³⁾		60		61
144A 5.500%, 4/15/25⁽³⁾		5		5
MPH Acquisition Holdings LLC 144A 6.625%, 4/1/22⁽³⁾		115		118


	PAR VALUE		VALUE
Health Care—(continued)
Owens & Minor, Inc. 3.875%, 9/15/21	$	35	$	36
Quintiles Transnational Corp. 144A 4.875%, 5/15/23⁽³⁾		75		76
Select Medical Corp. 6.375%, 6/1/21		205		208
Sterigenics-Nordion Holdings LLC 144A 6.500%, 5/15/23⁽³⁾		55		55
Surgical Care Affiliates, Inc. 144A 6.000%, 4/1/23⁽³⁾		160		161
Tenet Healthcare Corp.
144A 3.786%, 6/15/20⁽²⁾⁽³⁾		75		76
4.500%, 4/1/21		160		159
8.125%, 4/1/22		220		241
Valeant Pharmaceuticals International, Inc.
144A 7.500%, 7/15/21⁽³⁾		25		27
144A 5.500%, 3/1/23⁽³⁾		50		51
144A 5.875%, 5/15/23⁽³⁾		60		62
144A 6.125%, 4/15/25⁽³⁾		30		31

				2,939

Industrials—3.9%
ADT Corp. (The) 6.250%, 10/15/21		260		274
Ahern Rentals, Inc. 144A 7.375%, 5/15/23⁽³⁾		150		149
Air Canada Pass-Through-Trust, 13-1, B 144A 5.375%, 5/15/21⁽³⁾		89		92
Berry Plastics Corp. 5.125%, 7/15/23		145		142
Bombardier, Inc.
144A 4.750%, 4/15/19⁽³⁾		155		151
144A 6.125%, 1/15/23⁽³⁾		160		143
Building Materials Corp. of America 144A 5.375%, 11/15/24⁽³⁾		75		74
Carpenter Technology Corp. 4.450%, 3/1/23		250		248
Continental Airlines Pass-Through-Trust
99-1, A 6.545%, 2/2/19		344		377
00-1, A1 8.048%, 11/1/20		297		337
Delta Air Lines Pass-Through-Trust 12-1, A 4.750%, 5/7/20		287		307
Masco Corp.
5.950%, 3/15/22		145		163
4.450%, 4/1/25		55		55
Northwest Airlines Pass-Through-Trust 02-1, G2 6.264%, 11/20/21		171		179
Penske Truck Leasing Co. LP 144A 3.375%, 2/1/22⁽³⁾		75		73


	PAR VALUE		VALUE
Industrials—(continued)
TransDigm, Inc.
6.000%, 7/15/22	$	115	$	114
144A 6.500%, 5/15/25⁽³⁾		45		45
United Rentals North America, Inc. 5.500%, 7/15/25		75		73

				2,996

Information Technology—2.7%
Blue Coat Holdings, Inc. 144A 8.375%, 6/1/23⁽³⁾		100		102
Dun & Bradstreet Corp. (The) 4.375%, 12/1/22		270		269
First Data Corp. 11.750%, 8/15/21		338		381
Flextronics International Ltd. 144A 4.750%, 6/15/25⁽³⁾		200		198
Infinity Acquisition LLC (Infinity Acquisition Finance Corp.) 144A 7.250%, 8/1/22⁽³⁾		120		113
KLA-Tencor Corp. 4.650%, 11/1/24		190		190
McGraw Hill Financial, Inc. 144A 4.000%, 6/15/25⁽³⁾		195		195
NXP BV (NXP Funding LLC) 144A 4.125%, 6/15/20⁽³⁾		200		202
Project Homestake Merger Corp. 144A 8.875%, 3/1/23⁽³⁾		70		68
SunGard Data Systems, Inc. 6.625%, 11/1/19		115		119
Verisk Analytics, Inc. 4.000%, 6/15/25		190		186

				2,023

Materials—3.3%
Alpek SA de C.V. 144A 5.375%, 8/8/23⁽³⁾		310		323
ArcelorMittal 6.125%, 6/1/25		155		155
Cemex SAB de CV 144A 7.250%, 1/15/21⁽³⁾		265		280
Eldorado Gold Corp. 144A 6.125%, 12/15/20⁽³⁾		95		94
Fibria Overseas Finance Ltd. 5.250%, 5/12/24		150		151
FMG Resources August 2006 Pty Ltd. Resources August 2006 Pty Ltd. 144A 9.750%, 3/1/22⁽³⁾		25		26
Hexion U.S. Finance Corp. 6.625%, 4/15/20		130		120
Inversiones CMPC S.A. 144A 4.375%, 5/15/23⁽³⁾		375		376
Methanex Corp. 4.250%, 12/1/24		190		188
NewMarket Corp. 4.100%, 12/15/22		288		291
Reynolds Group Issuer, Inc. 8.250%, 2/15/21		140		146
Tronox Finance LLC 6.375%, 8/15/20		160		149
United States Steel Corp. 6.875%, 4/1/21		110		111
Vedanta Resources plc 144A 9.500%, 7/18/18⁽³⁾		115		123

				2,533


	PAR VALUE		VALUE
Telecommunication Services—2.4%
AT&T, Inc. 3.875%, 8/15/21	$	425	$	438
CCO Holdings LLC
5.250%, 3/15/21		75		75
5.250%, 9/30/22		80		79
CCO Holdings LLC (CCO Holdings Capital Corp.) 144A 5.125%, 5/1/23⁽³⁾		80		78
Empresa Nacional de Telecomunicaciones S.A. 144A 4.875%, 10/30/24⁽³⁾		215		216
Frontier Communications Corp. 6.250%, 9/15/21		185		169
Level 3 Financing, Inc. 7.000%, 6/1/20		160		170
Telefonica Emisiones SAU 4.570%, 4/27/23		225		236
UPCB Finance IV Ltd. 144A 5.375%, 1/15/25⁽³⁾		200		192
Windstream Corp. 7.750%, 10/15/20		200		197

				1,850

Utilities—2.5%
Abu Dhabi National Energy Co. 144A 2.500%, 1/12/18⁽³⁾		270		271
AmeriGas Partners LP 7.000%, 5/20/22		140		149
Calpine Corp. 5.375%, 1/15/23		121		120
Dynegy, Inc.
144A 7.375%, 11/1/22⁽³⁾		85		90
144A 7.625%, 11/1/24⁽³⁾		30		32
Electricite de France SA 144A 5.250%^(2)(3)(8)(9)		280		280
FirstEnergy Transmission LLC 144A 4.350%, 1/15/25⁽³⁾		210		215
Israel Electric Corp. Ltd. 144A 5.625%, 6/21/18⁽³⁾		250		267
State Grid Overseas Investment Ltd. 144A 4.125%, 5/7/24⁽³⁾		200		209
Talen Energy Supply LLC 144A 5.125%, 7/15/19⁽³⁾		90		89
TerraForm Power Operating LLC 144A 5.875%, 2/1/23⁽³⁾		145		148

				1,870

TOTAL CORPORATE BONDS AND NOTES (Identified Cost $39,996)				40,121

CONVERTIBLE BOND—0.4%
General Electric Capital Corp. Series A 7.125%, 12/15/49⁽²⁾		290		335

TOTAL CONVERTIBLE BOND (Identified Cost $290)				335


	PAR VALUE		VALUE
LOAN AGREEMENTS⁽²⁾—6.6%
Consumer Discretionary—1.7%
Brickman Group Ltd. LLC (The) First Lien, 7.500%, 12/17/21	$	78	$	78
Caesars Entertainment Operating Co., Inc. Tranche B-7, 1.500%, 1/28/18⁽⁵⁾		50		44
Caesars Growth Properties Holdings LLC Tranche B, First Lien, 6.250%, 5/8/21		60		52
CBAC Borrower LLC Tranche B, 8.250%, 7/2/20		109		101
Cirque Du Soleil 0.000%, 6/24/22⁽¹³⁾		40		40
Laureate Education, Inc. 2018 Extended, 5.000%, 6/15/18		80		75
Life Time Fitness 4.250%, 6/10/22		95		94
Marina District Finance Co., Inc. 6.500%, 8/15/18		94		95
Peppermill Casinos, Inc. Tranche B, 7.250%, 11/9/18		212		213
PetSmart, Inc. Tranche B-1 4.250%, 3/11/22		21		21
Shingle Springs Tribal Gaming Authority 6.250%, 8/29/19		97		97
Staples, Inc. First Lien, 0.000%, 4/23/21⁽¹³⁾		148		148
TWCC Holding Corp. Second Lien, 7.000%, 6/26/20		202		189
U.S. Farathane Corp. 6.750%, 12/23/21		78		79

				1,326

Consumer Staples—0.4%
Albertson’s LLC Tranche B-4, 5.500%, 8/25/21		113		113
New Hostess Brand Acquisition LLC Tranche B, 6.750%, 4/9/20		122		125
Rite Aid Corp.
Tranche 1, Second Lien, 5.750%, 8/21/20		14		14
Tranche 2, Second Lien, 4.875%, 6/21/21		80		80

				332

Energy—0.8%
Arch Coal, Inc. 6.250%, 5/16/18		158		109
Chief Exploration & Development LLC Second Lien, 7.500%, 5/16/21		117		111
Drillships Ocean Ventures, Inc. 5.500%, 7/25/21		99		85
Fieldwood Energy LLC Second Lien, 0.000%, 9/30/20⁽¹³⁾		159		122
Jonah Energy LLC Second Lien, 7.500%, 5/12/21		94		90


	PAR VALUE		VALUE
Energy—(continued)
Templar Energy LLC Second Lien, 8.500%, 11/25/20	$	156	$	115

				632

Financials—0.1%
Capital Automotive LP Second Lien, 6.000%, 4/30/20		71		72

Health Care—1.0%
Amneal Pharmaceuticals LLC Tranche B, 5.000%, 11/1/19		57		57
Ardent Medical Services, Inc.
First Lien, 6.750%, 7/2/18		63		63
Second Lien, 11.000%, 1/2/19		96		97
Concentra, Inc. First Lien, Tranche B 4.000%, 6/1/22		9		9
InVentiv Health, Inc. Tranche B-4, 7.750%, 5/15/18		110		111
MMM Holdings, Inc. 9.750%, 12/12/17		52		43
MSO of Puerto Rico, Inc. 9.750%, 12/12/17		37		31
NVA Holdings, Inc. Second Lien 8.000%, 8/14/22		74		74
Regional Care, Inc. (RCHP, Inc.) First Lien, 5.250%, 4/23/19		135		135
Surgery Center Holdings, Inc.
First Lien, 5.250%, 11/3/20		101		101
Second Lien, 8.500%, 11/3/21		63		63

				784

Industrials—0.5%
Alliance Laundry Systems LLC Second Lien, 9.500%, 12/10/19		25		25
Landmark U.S. Member LLC (Landmark U.S. Corp Acquisition, Inc.) Second Lien 8.250%, 1/25/21		120		119
Navistar, Inc. Tranche B, 5.750%, 8/17/17		149		150
Sedgwick Claims Management Services, Inc. Second Lien, 0.000%, 2/28/22⁽¹³⁾		120		118

				412

Information Technology—1.3%
Allflex Holdings III, Inc. Second Lien, 8.000%, 7/19/21		109		110
Applied Systems, Inc. Second Lien, 7.500%, 1/24/22		81		82
Deltek, Inc.


	PAR VALUE			VALUE
Information Technology—(continued)
First Lien 0.000%, 6/25/22⁽¹³⁾	$	5		$	5
Second Lien 0.000%, 6/23/23⁽¹³⁾		51			51
Epicor Software Corp. Tranche B, 4.750%, 6/1/22		58			58
First Data Corp. 0.000%, 6/24/22⁽¹³⁾		35			35
Infinity Acquisition Ltd. 4.000%, 8/6/21		76			76
Kronos, Inc. Second Lien, 9.750%, 4/30/20		195			201
Mitchell International, Inc. Second Lien, 8.500%, 10/11/21		108			108
Presidio, Inc. Refinancing Term 5.250%, 2/2/22		102			102
Riverbed Technologies, Inc. 6.000%, 4/24/22		68			69
SS&C Technologies, Inc.
0.000%, 6/29/22⁽¹³⁾		49			49
0.000%, 6/29/22⁽¹³⁾		11			11

					957

Materials—0.7%
Fortescue Metals Group (FMG) Resources Property Ltd. 3.750%, 6/30/19		277			247
Houghton International, Inc. Holding Corp. Second Lien, 9.500%, 12/21/20		110			110
INEOS U.S. Finance LLC 2022 Dollar 0.000%, 3/31/22⁽¹³⁾		9			9
Noranda Aluminum Acquisition Corp. Tranche B, 5.750%, 2/28/19		150			125

					491

Utilities—0.1%
Atlantic Power LP 4.750%, 2/24/21		31			32

TOTAL LOAN AGREEMENTS (Identified Cost $5,277)					5,038


	SHARES			VALUE
PREFERRED STOCKS—2.9%
Energy—0.3%
PTT Exploration & Production PCL 144A, 4.875%⁽²⁾⁽³⁾		200	⁽¹⁴⁾		200

Financials—2.6%
Bank of New York Mellon Corp. (The) Series E, 4.950%⁽²⁾		150	⁽¹⁴⁾		149
Citigroup, Inc. Series J, 7.125%		8,000			219
Citigroup, Inc. Series N, 5.800%⁽²⁾		155	⁽¹⁴⁾		156
General Electric Capital Corp. Series C, 5.25%⁽²⁾		300	⁽¹⁴⁾		308

($ reported in thousands)


	SHARES			VALUE
Financials—(continued)
Goldman Sachs Group, Inc. (The) Series L, 5.700%⁽²⁾		115	⁽¹⁴⁾	$	115
JPMorgan Chase & Co. Series V, 5.000%⁽²⁾		315	⁽¹⁴⁾		308
PNC Financial Services Group, Inc. (The) Series R, 4.850%⁽²⁾		215	⁽¹⁴⁾		205
SunTrust Bank, Inc. 5.625%⁽²⁾		45	⁽¹⁴⁾		45
Wells Fargo & Co. Series K, 7.980%⁽²⁾		230	⁽¹⁴⁾		249
Zions Bancorp 6.950%⁽²⁾		8,800			245

					1,999

TOTAL PREFERRED STOCKS (Identified Cost $2,183)					2,199

AFFILIATED MUTUAL FUND—1.5%
Virtus Credit Opportunities Fund		116,400			1,160

TOTAL AFFILIATED MUTUAL FUND (Identified Cost $1,164)					1,160

TOTAL LONG TERM INVESTMENTS—98.8% (Identified Cost $74,943)					75,263	⁽¹⁵⁾

TOTAL INVESTMENTS—98.8% (Identified Cost $74,943)					75,263	⁽¹⁾
Other assets and liabilities, net—1.2%					926

NET ASSETS—100.0%				$	76,189

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
REIT		Real Estate Investment Trust

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at June 30, 2015, 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 June 30, 2015.

⁽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 June 30, 2015, these securities amounted to a value of $21,340 or 28.0% 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 in default.

⁽⁶⁾	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.

⁽⁷⁾	Illiquid security.

⁽⁸⁾	No contractual maturity date.

⁽⁹⁾	Interest payments may be deferred.

⁽¹⁰⁾	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.

⁽¹¹⁾	92.1% of the income received was in cash and 7.9% is interest capitalization..

⁽¹²⁾	90% of the income received was in cash and 10% is interest capitalization.

⁽¹³⁾	This loan will settle after June 30, 2015, 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.

⁽¹⁴⁾	Value shown as par value.

⁽¹⁵⁾	All or a portion of the Fund’s assets have been segregated for delayed delivery security.

Foreign Currencies:

CLP	Chilean Peso

TRY	Turkish Lira

UYU	Uruguayan Peso

The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2015 (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 June 30, 2015.

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⁽²⁾—97.8%
Development Revenue—6.3%
Los Angeles County Redevelopment Refunding Authority, Long Beach Project, Series A 5.000%, 8/1/34	$	215	$	240
Milpitas Redevelopment Agency, Redevelopment Project Area #1 5.000%, 9/1/30		250		284
San Diego Redevelopment Agency Center City, Tax Allocation Series B (AMBAC Insured) 5.350%, 9/1/24		500		501
Tax Allocation Series A (AMBAC Insured) 4.750%, 9/1/30		500		517
San Marcos Redevelopment Agency, Series A 5.000%, 10/1/33		60		68
Santa Clara Redevelopment Agency, Bayshore North Project (NATL Insured) 5.000%, 6/1/22		500		506

				2,116

General Obligation—17.1%
Brea Olinda Unified School District, Series A (NATL Insured) 6.000%, 8/1/15		150		151
Cajon Valley Union School District Union School District 5.000%, 8/1/31		250		282
Contra Costa Community College District, 4.000%, 8/1/28		45		47
Grossmont Health Care District Series D, 5.000%, 7/15/25		350		425
Los Alamitos Unified School District, School Facilities Improvement District1, 2008 Election - Series E 5.250%, 8/1/39		250		282
Los Angeles Unified School District, Series B 5.000%, 7/1/24		250		305
Placer Union High School District, (AGM Insured) 0.000%, 8/1/32		1,450		696
Riverside Unified School District, Series C (AGM Insured) 5.000%, 8/1/32		275		298
Ross Valley School District, 2010 Election Series B 5.000%, 8/1/37		350		390
San Diego Community College District, Election of 2006 5.000%, 8/1/43		250		278
San Diego Unified School District, 1998 Election, Series C2 (AGM Insured) 5.500%, 7/1/25		225		283
San Jose Unified School District, 5.000%, 8/1/20		230		271


	PAR VALUE		VALUE
General Obligation—(continued)
Sequoia Union High School District, 4.000%, 7/1/26	$	250	$	272
State of California, 5.500%, 3/1/26		250		279
(AMBAC Insured) 5.000%, 2/1/27		290		352
5.000%, 9/1/32		300		335
5.000%, 12/1/37		275		297
6.000%, 4/1/38		250		291
Sunnyvale Elementary School District, 4.000%, 9/1/42		200		200

				5,734

General Revenue—22.5%
Anaheim Public Financing Authority, Public Improvement Projects, Series C (AGM Insured) 6.000%, 9/1/16		735		760
California Infrastructure & Economic Development Bank, 5.000%, 10/1/23		200		241
City of Pomona, Certificates of Participation, (AMBAC Insured) 5.500%, 6/1/28		700		709
Contra Costa Transportation Authority, Series B 5.000%, 3/1/29		220		253
Golden State Tobacco Securitization Corp., Enhanced Asset, Series A 5.000%, 6/1/29		350		393
Series A-1 5.125%, 6/1/47		950		719
Imperial County Local Transportation Authority, Series E 4.000%, 6/1/20		300		331
MidPeninsula Regional Open Space District, 5.000%, 9/1/23		120		146
Municipal Finance Authority, Bowles Hall Foundation Series A 4.000%, 6/1/22		100		106
North City West School Facilities Financing Authority, Series B (AMBAC Insured) 5.250%, 9/1/19		750		839
Sacramento Area Flood Control Agency, Consololidated Capital Assessment District (BHAC Insured) 5.500%, 10/1/28		250		283
South Bay Regional Public Communications Authority, Hawthorne Projects, Series B (ACA Insured) 4.750%, 1/1/31		435		439
State of California Public Works Board, Department of General Services, Buildings 8&9 6.125%, 4/1/29		500		582


	PAR VALUE		VALUE
General Revenue—(continued)
Capital Projects, Series G-1 5.750%, 10/1/30	$	550	$	642
Department of Forestry & Fire Protection, Series E 5.000%, 11/1/32		500		544
Tustin Unified School District, Community Facilities, District #97-1, (BAM Insured) 5.000%, 9/1/33		250		278
Ventura County Public Financing Authority, Series A 5.000%, 11/1/25		250		293

				7,558

Higher Education Revenue—4.1%
California Educational Facilities Authority, Pomona College, Series A 5.000%, 7/1/45		500		501
California State University, Series A 5.250%, 11/1/38		435		490
University of California, Series AO 5.000%, 5/15/23		100		121
Series I 5.000%, 5/15/23		225		271

				1,383

Medical Revenue—7.4%
Health Facilities Financing Authority, Cedars-Sinai Medical Center, 5.000%, 11/15/34		400		405
Kaiser Permanente, Series A 5.250%, 4/1/39		400		410
Municipal Finance Authority, Community Medical Centers, Series A 5.000%, 2/1/27		100		112
San Benito Health Care District, (CHFCLIF Insured) 4.000%, 3/1/18		140		149
State Health Facilities Financing Authority, El Camino Hospital, Series A 5.000%, 2/1/26		100		116
Lucille Salter Packard Children’s Hospital at Stanford, Series A 5.000%, 8/15/43		100		110
Statewide Communities Development Authority, Sutter Health, Series B, (AMBAC Insured) 5.000%, 11/15/38		205		215
Cottage Health System 5.000%, 11/1/43		250		274
St. Joseph Health System, Series C, (FGIC Insured) 5.750%, 7/1/47		350		386
University of California, Regents Medical, Series A (NATL Insured) 4.750%, 5/15/31		300		303

				2,480

Natural Gas Revenue—2.2%
Roseville Natural Gas Financing Authority,


	PAR VALUE		VALUE
Natural Gas Revenue—(continued)
5.000%, 2/15/24	$	450	$	503
5.000%, 2/15/27		195		217

				720

Power Revenue—5.1%
Imperial Irrigation District, Series B 5.000%, 11/1/36		200		222
Northern California Power Agency, Hydroelectric Project No 1,, 5.000%, 7/1/32		200		221
Sacramento Municipal Utility District, Series X 5.000%, 8/15/26		350		408
Series B 5.000%, 8/15/29		150		172
Series A 5.000%, 8/15/37		250		279
Southern California Public Power Authority, Windy Project Series 1, 5.000%, 7/1/28		250		289
State Department of Water Resources Power Supply Revenue, Series O 5.000%, 5/1/22		100		120

				1,711

Pre-Refunded—16.5%
Bay Area Toll Authority, Series F-1 (Pre-refunded 4/1/34 @100) 5.000%, 4/1/34		350		399
Series F-1 (Pre-refunded 4/1/19 @100) 5.125%, 4/1/39		400		458
City of Stockton, O’Connors Woods Project, Series A (Pre-refunded 9/20/17 @ 100) (GNMA Collateralized) 5.600%, 3/20/28		160		167
Department of Water Resources, Central Valley Project, (Pre-refunded 6/1/18 @100) Series 5.000%, 12/1/28		35		39
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		229
Infrastructure & Economic Development Bank, Bay Area Toll Bridges (Pre-refunded 7/1/26 @100) (AMBAC Insured) 5.125%, 7/1/37		755		952
Los Angeles Unified School District, 2002 Election Series C (Pre-refunded 7/1/17 @100)(AGM Insured) 5.000%, 7/1/24		300		325


	PAR VALUE		VALUE
Pre-Refunded—(continued)
Northern California Power Agency, Series A (Pre-refunded 7/1/21 @ 100) (AMBAC Insured) 7.500%, 7/1/23	$	195	$	244
Riverside County Single Family, Series A (Pre-refunded 11/1/15 @ 100) (GNMA Collateralized) 7.800%, 5/1/21		1,085		1,432
Sacramento Municipal Utility District, Cosumnes Project (NATL Insured) (Pre-refunded 7/1/16 @100) 4.750%, 7/1/26		500		522
University of California, Series D (Pre-refunded 5/15/28 @100) (NATL Insured) 5.000%, 5/15/28		710		746

				5,519

Transportation Revenue—6.4%
City of Los Angeles, Department of Airports, Series B 5.000%, 5/15/32		200		232
Port of Los Angeles, Series B 5.000%, 8/1/35		235		268
San Diego County Regional Airport Authority, Subordinate Series A 5.000%, 7/1/40		250		273
Series B 5.000%, 7/1/40		500		545
San Diego Unified Port District, Series A 5.000%, 9/1/28		200		228
San Francisco City & County Airports Community-San Francisco International Airport, 2nd Series B 5.000%, 5/1/43		150		165
San Francisco Municipal Transportation Agency, 5.000%, 3/1/31		125		141
5.000%, 3/1/33		250		283

				2,135

Water & Sewer Revenue—10.2%
City of Manteca Water Revenue, 5.000%, 7/1/27		300		342
City of Oakland Sewer Revenue, Series A 5.000%, 6/15/29		200		233
East Bay Municipal Utility District Wastewater System Revenue, Series A, 5.000%, 6/1/32		260		305
Los Angeles County Sanitation District 14 Capital Projects 5.000%, 10/1/25		300		363
Los Angeles Department of Water & Power, Series A 5.000%, 7/1/35		295		336
Series A 5.000%, 7/1/44		200		223
Ross Valley Public Financing Authority, Sanitary District #1, (AGM Insured) 5.000%, 10/1/33		225		252


	PAR VALUE		VALUE
Water & Sewer Revenue—(continued)
Sacramento County Sanitation Districts Financing Authority, Series A 5.000%, 12/1/35	$	200	$	226
San Diego County Water Authority, 5.000%, 5/1/31		250		287
Santa Margarita-Dana Point Authority, Water Districts Improvements, Districts 2,3,4, Series A 5.125%, 8/1/38		630		695
Silicon Valley Clean Water, Sewer Improvement 5.000%, 2/1/34		150		169

				3,431

TOTAL MUNICIPAL TAX-EXEMPT BONDS (Identified Cost $31,206)				32,787

TOTAL LONG TERM INVESTMENTS—97.8% (Identified Cost $31,206)				32,787

TOTAL INVESTMENTS—97.8% (Identified Cost $31,206)				32,787	⁽¹⁾
Other assets and liabilities, net—2.2%				753

NET ASSETS—100.0%			$	33,540


Abbreviations:
ACA		American Capital Access Financial Guarantee Corp.
AGM		Assured Guaranty Municipal Corp.
AMBAC		American Municipal Bond Assurance Corp.
BAM		Build America Municipal Insured.
BHAC		Berkshire Hathaway Assurance Corp.
CHFCLIF		California Health Facility Construction Loan Insurance Fund.
FGIC		Financial Guaranty Insurance Company
GNMA		Government National Mortgage Association (“Ginnie Mae”)
NATL		National Public Finance Guarantee Corp.

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at June 30, 2015, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾

At June 30, 2015, the concentration of the Fund’s investments by state or territory determined as a percentage of net assets is as follows: California 100%. At June 30, 2015 39.6% of the securities in the portfolio are backed by insurance of financial institutions and financial guaranty assurance agencies. Insurers with a concentration greater than 10% of net assets are as follows: AMBAC 13%.

The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2015 (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 June 30, 2015.


	SHARES		VALUE
EXCHANGE-TRADED FUNDS⁽²⁾—100.9%
iShares Russell 1000(R) Growth Index Fund		15,075	$	1,493
iShares Russell 2000(R) Growth Index Fund		9,880		1,527
iShares Russell Midcap(R) Growth Index Fund		15,445		1,496

TOTAL EXCHANGE-TRADED FUNDS (Identified Cost $4,296)				4,516

TOTAL LONG TERM INVESTMENTS—100.9% (Identified Cost $4,296)				4,516

SHORT-TERM INVESTMENTS—0.3%
Money Market Mutual Fund—0.3%
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.140%)		14,309		14

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $14)				14

TOTAL INVESTMENTS—101.2% (Identified Cost $4,310)				4,530	⁽¹⁾
Other assets and liabilities, net—(1.2)%				(53	)

NET ASSETS—100.0%			$	4,477

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at June 30, 2015, 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 June 30, 2015 (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 June 30, 2015.


	SHARES		VALUE
EXCHANGE-TRADED FUND⁽²⁾—98.4%
iShares Barclays Treasury Inflation Protected Securities Bond Fund		13,100	$	1,468

TOTAL EXCHANGE-TRADED FUND (Identified Cost $1,469)				1,468

TOTAL LONG TERM INVESTMENTS—98.4% (Identified Cost $1,469)				1,468

SHORT-TERM INVESTMENTS—1.1%
Money Market Mutual Fund—1.1%
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.140%)		17,352		17

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

TOTAL INVESTMENTS—99.5% (Identified Cost $1,486)				1,485	⁽¹⁾
Other assets and liabilities, net—0.5%				7

NET ASSETS—100.0%			$	1,492

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at June 30, 2015, 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 June 30, 2015 (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 June 30, 2015.


	SHARES		VALUE
EXCHANGE-TRADED FUNDS⁽²⁾—97.9%
iShares MSCI France Index Fund		5,540	$	143
iShares MSCI Germany Index Fund		4,630		129
iShares MSCI Hong Kong Index Fund		3,920		88
iShares MSCI Italy Index Fund Capped		2,370		35
iShares MSCI Japan Index Fund		29,230		375
iShares MSCI Netherlands Investable Market Index Fund		2,800		72
iShares MSCI Singapore Index Fund		4,010		50
iShares MSCI Sweden Index Fund		1,360		43
iShares MSCI Switzerland Index Fund Capped		5,770		189
iShares MSCI United Kingdom Index Fund		14,500		265

TOTAL EXCHANGE-TRADED FUNDS (Identified Cost $1,381)				1,389

TOTAL LONG TERM INVESTMENTS—97.9% (Identified Cost $1,381)				1,389

SHORT-TERM INVESTMENTS—0.1%
Money Market Mutual Fund—0.1%
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.140%)		1,960		2

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $2)				2

TOTAL INVESTMENTS—98.0% (Identified Cost $1,383)				1,391	⁽¹⁾
Other assets and liabilities, net—2.0%				28

NET ASSETS—100.0%			$	1,419

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at June 30, 2015, 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 June 30, 2015 (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 June 30, 2015.


	SHARES		VALUE
COMMON STOCKS—98.3%
Consumer Discretionary—30.9%
AutoNation, Inc.⁽²⁾		35,972	$	2,265
AutoZone, Inc.⁽²⁾		15,360		10,244
Cablevision Systems Corp. Class A		22,390		536
CarMax, Inc.⁽²⁾		100,420		6,649
Comcast Corp. Class A		296,467		17,829
DIRECTV⁽²⁾		63,710		5,912
Garmin Ltd.		258,250		11,345
Hasbro, Inc.		184,270		13,782
Harman International Industries, Inc.		147,055		17,491
Home Depot, Inc.		185,140		20,575
Lowe’s Cos., Inc.		137,730		9,224
Mattel, Inc.		606,710		15,586
NIKE, Inc. Class B		270,250		29,192
O’Reilly Automotive, Inc.⁽²⁾		48,385		10,934
Time Warner, Inc.		76,257		6,666
Time Warner Cable, Inc.		30,242		5,388
Twenty-First Century Fox, Inc. Class A		165,857		5,398
Viacom, Inc. Class B		32,340		2,090
Whirlpool Corp.		162,052		28,043
Walgreens Boots Alliance, Inc.		142,090		11,998
Walt Disney Co. (The)		135,030		15,412

				246,559

Consumer Staples—9.5%
Brown-Forman Corp. Class B		123,780		12,400
Constellation Brands, Inc. Class A		146,090		16,950
CVS Caremark Corp.		168,460		17,668
Kroger Co. (The)		283,065		20,525
Whole Foods Market, Inc.		216,412		8,535

				76,078

Financials—7.2%
CBRE Group, Inc. Class A⁽²⁾		787,805		29,149
HCP, Inc.		214,300		7,815
Health Care REIT, Inc.		162,375		10,657
Ventas, Inc.		154,280		9,579

				57,200

Health Care—15.2%
Aetna, Inc.		40,145		5,117
Alexion Pharmaceuticals, Inc.⁽²⁾		10,455		1,890


	SHARES		VALUE
Health Care—(continued)
AmerisourceBergen Corp.		51,700	$	5,498
Amgen, Inc.		40,805		6,264
Anthem, Inc.		31,115		5,107
Biogen, Inc.⁽²⁾		12,310		4,973
Cardinal Health, Inc.		79,970		6,690
Celgene Corp.⁽²⁾		42,800		4,953
Cigna Corp.		30,135		4,882
Gilead Sciences, Inc.		76,360		8,940
HCA Holdings, Inc.⁽²⁾		192,250		17,441
Humana, Inc.		17,500		3,347
McKesson Corp.		56,342		12,666
Schein (Henry), Inc.⁽²⁾		20,060		2,851
Patterson Cos., Inc.		20,380		992
Regeneron Pharmaceuticals, Inc.⁽²⁾		3,730		1,903
Tenet Healthcare Corp.⁽²⁾		70,455		4,078
Universal Health Services, Inc. Class B		58,290		8,283
UnitedHealth Group, Inc.		111,930		13,655
Vertex Pharmaceuticals, Inc.⁽²⁾		12,750		1,574

				121,104

Industrials—14.1%
Allegion plc		191,485		11,516
American Airlines Group, Inc.		216,010		8,626
Delta Air Lines, Inc.		246,540		10,128
Masco Corp.		666,330		17,771
Robert Half International, Inc.		529,867		29,408
Ryder System, Inc.		322,582		28,184
Southwest Airlines Co.		200,530		6,635

				112,268

Information Technology—10.9%
Alliance Data Systems Corp. ⁽²⁾		4,995		1,458
Apple, Inc.		184,875		23,188
Automatic Data Processing, Inc.		37,980		3,047
Computer Sciences Corp.		10,642		699
Electronic Arts, Inc.⁽²⁾		440,810		29,314
EMC Corp.		65,550		1,730
Fidelity National Information Services, Inc.		23,000		1,421
Fiserv, Inc.⁽²⁾		19,050		1,578
Hewlett-Packard Co.		59,277		1,779
MasterCard, Inc. Class A		78,352		7,324
NetApp, Inc.		10,330		326
Paychex, Inc.		25,930		1,216

($ reported in thousands)


	SHARES		VALUE
Information Technology—(continued)
SanDisk Corp.		6,650	$	387
Seagate Technology plc		10,870		516
Total System Services, Inc.		13,215		552
Visa, Inc. Class A		154,460		10,372
Western Digital Corp.		6,970		547
Western Union Co. (The)		41,590		846
Xerox Corp.		82,140		874

				87,174

Materials—6.9%
Ecolab, Inc.		73,780		8,342
Freeport-McMoRan Copper & Gold, Inc.		1,345,510		25,054
International Flavors & Fragrances, Inc.		21,990		2,403
PPG Industries, Inc.		74,780		8,579
Sherwin-Williams Co. (The)		22,110		6,081
Sigma-Aldrich Corp.		33,060		4,607

				55,066

Telecommunication Services—3.6%
Level 3 Communications, Inc.⁽²⁾		544,390		28,673

				28,673

TOTAL COMMON STOCKS (Identified Cost $799,808)				784,122

TOTAL LONG TERM INVESTMENTS—98.3% (Identified Cost $799,808)				784,122

TOTAL INVESTMENTS—98.3% (Identified Cost $799,808)				784,122	⁽¹⁾

Other assets and liabilities, net—1.7%				13,456

NET ASSETS—100.0%			$	797,578

Abbreviation:


REIT		Real Estate Investment Trust

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at June 30, 2015, 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 June 30, 2015 (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 June 30, 2015.


	PAR VALUE			VALUE
FOREIGN GOVERNMENT SECURITIES—25.6%
Arab Republic of Egypt 144A 5.875%, 6/11/25⁽³⁾	$	200		$	195
Argentine Republic Series NY, 8.280%, 12/31/33⁽¹¹⁾		196			188
Bermuda RegS 4.854%, 2/6/24⁽⁴⁾		200			210
Bolivarian Republic of Venezuela
RegS 7.000%, 12/1/18⁽⁴⁾		155			68
RegS 7.750%, 10/13/19⁽⁴⁾		140			55
7.650%, 4/21/25		285			105
9.375%, 1/13/34		325			129
Croatian Republic RegS 6.000%, 1/26/24⁽⁴⁾		200			211
Dominican Republic 144A 6.850%, 1/27/45⁽³⁾		100			102
Gabonese Republic 144A 6.950%, 6/16/25⁽³⁾		200			199
Hellenic Republic 3.000%, 2/24/24⁽²⁾		200	^EUR		96
Hungary
5.375%, 2/21/23		146			159
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			187
Kingdom of Morocco 144A 4.250%, 12/11/22⁽³⁾		200			204
Mongolia 144A 5.125%, 12/5/22⁽³⁾		200			182
Republic of Azerbaijan 144A 4.750%, 3/18/24⁽³⁾		400			408
Republic of Chile 5.500%, 8/5/20		70,000	^CLP		117
Republic of Colombia Treasury Note, Series B, 11.250%, 10/24/18		100,000	^COP		45
Republic of Costa Rica 144A 7.000%, 4/4/44⁽³⁾		200			194
Republic of Cote d’Ivoire 144A 6.375%, 3/3/28⁽³⁾		200			196
Republic of Ecuador 144A 7.950%, 6/20/24⁽³⁾		200			180
Republic of El Salvador
144A 6.375%, 1/18/27⁽³⁾		155			151
144A 7.650%, 6/15/35⁽³⁾		70			71
Republic of Indonesia
Series FR30, 10.750%, 5/15/16		1,571,000	^IDR		121
Series FR63, 5.625%, 5/15/23		624,000	^IDR		40
144A 5.125%, 1/15/45⁽³⁾		200			191
Republic of Iraq RegS 5.800%, 1/15/28⁽⁴⁾		250			203
Republic of Kazakhstan 144A 4.875%, 10/14/44⁽³⁾		200			174
Republic of Lithuania 144A 6.125%, 3/9/21⁽³⁾		100			115
Republic of Panama
5.200%, 1/30/20		200			220
3.750%, 3/16/25		200			197
Republic of Poland
Series 1021, 5.750%, 10/25/21		300	^PLN		92


	PAR VALUE			VALUE
4.000%, 1/22/24	$	84		$	88
Republic of Romania
144A 6.750%, 2/7/22⁽³⁾		150			175
144A 4.875%, 1/22/24⁽³⁾		84			89
RegS 6.125%, 1/22/44⁽⁴⁾		120			135
Republic of South Africa
Series R203, 8.250%, 9/15/17		758	^ZAR		64
Series R208, 6.750%, 3/31/21		1,470	^ZAR		114
Republic of Sri Lanka 144A 5.875%, 7/25/22⁽³⁾		200			197
Republic of Turkey
5.125%, 3/25/22		200			210
6.750%, 5/30/40		225			259
Republic of Uruguay 5.100%, 6/18/50		400	⁽⁸⁾		381
Republic of Zambia 144A 5.375%, 9/20/22⁽³⁾		200			174
State of Qatar 144A 5.750%, 1/20/42⁽³⁾		200			240
United Mexican States Series M, 6.500%, 6/9/22		614	^MXN		40

TOTAL FOREIGN GOVERNMENT SECURITIES (Identified Cost $7,936)					7,260

CORPORATE BONDS AND NOTES—69.7%
Australia—0.2%
Fortescue Metals Group (FMG) 144A 8.250%, 11/1/19⁽³⁾		65			55

Austria—1.5%
JBS Investments GmbH 144A 7.250%, 4/3/24⁽³⁾		200			208
Sappi Papier Holding GmbH 144A 6.625%, 4/15/21⁽³⁾		200			208

					416

Barbados—0.8%
Columbus International, Inc. 144A 7.375%, 3/30/21⁽³⁾		200			216

Bermuda—1.8%
Aircastle Ltd. 6.250%, 12/1/19		100			109
Digicel Group Ltd. 144A 8.250%, 9/30/20⁽³⁾		200			201
Kunlun Energy Co. Ltd. 144A 3.750%, 5/13/25⁽³⁾		200			193

					503

Brazil—2.6%
Banco Santander Brasil SA 144A 8.000%, 3/18/16⁽³⁾		300	^BRL		91
BRF SA 7.750%, 5/22/18		400	^BRL		107


	PAR VALUE		VALUE
Brazil—(continued)
Itau Unibanco Holding SA RegS 5.650%, 3/19/22⁽⁴⁾	$	250	$	252
Petrobras International Finance Co. 6.750%, 1/27/41		100		88
Vale Overseas Ltd. 6.875%, 11/21/36		200		193

				731

Canada—0.7%
Eldorado Gold Corp. 144A 6.125%, 12/15/20⁽³⁾		45		45
Pacific Rubiales Energy Corp. 144A 5.125%, 3/28/23⁽³⁾		200		144
VRX Escrow Corp. 144A 6.125%, 4/15/25⁽³⁾		15		15

				204

Cayman Islands—4.9%
Fibria Overseas Finance Ltd. 5.250%, 5/12/24		115		116
Lamar Funding Ltd. 144A 3.958%, 5/7/25⁽³⁾		200		194
Marfrig Overseas Ltd. 144A 9.500%, 5/4/20⁽³⁾		200		205
Odebrecht Finance Ltd 144A 4.375%, 4/25/25⁽³⁾		200		153
Odebrecht Offshore Drilling Finance Ltd. 144A 6.750%, 10/1/22⁽³⁾		184		132
Petrobras Global Finance BV 5.375%, 1/27/21		200		192
Tencent Holdings Ltd. 144A 3.800%, 2/11/25⁽³⁾		200		194
UPCB Finance IV Ltd. 144A 5.375%, 1/15/25⁽³⁾		200		192

				1,378

Chile—3.1%
Guanay Finance Ltd. 144A 6.000%, 12/15/20⁽³⁾		250		258
Inversiones CMPC S.A. 144A 4.375%, 5/15/23⁽³⁾		200		201
Latam Airlines Group SA 144A 7.250%, 6/9/20⁽³⁾		200		206
Transelec S.A. 144A 4.250%, 1/14/25⁽³⁾		200		200

				865

China—1.4%
Bank of China Ltd. 144A 5.000%, 11/13/24⁽³⁾		200		205
China Railway Resources Huitung Ltd. 3.850%, 2/5/23		200		197

				402

Colombia—1.3%
Bancolombia S.A. 5.125%, 9/11/22		100		100
Comcel Trust 144A 6.875%, 2/6/24⁽³⁾		200		211
Ecopetrol SA 5.375%, 6/26/26		70		69

				380


	PAR VALUE		VALUE
Georgia—0.7%
Bank of Georgia JSC 144A 7.750%, 7/5/17⁽³⁾	$	200	$	209

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%^(2)(3)(6)(7)		325		345

				564

India—1.8%
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—3.9%
Pelabuhan Indonesia II PT 144A 4.250%, 5/5/25⁽³⁾		200		188
Pertamina Persero PT
144A 4.875%, 5/3/22⁽³⁾		200		202
144A 6.000%, 5/3/42⁽³⁾		275		256
144A 5.625%, 5/20/43⁽³⁾		200		179
Perusahaan Listrik Negara PT 144A 5.500%, 11/22/21⁽³⁾		250		266

				1,091

Ireland—1.4%
EuroChem Mineral & Chemical Co. OJSC 144A 5.125%, 12/12/17⁽³⁾⁽⁵⁾		200		201
Metalloinvest Finance Ltd. 144A 5.625%, 4/17/20⁽³⁾		200		184

				385

Israel—0.8%
Israel Electric Corp. Ltd. RegS 7.250%, 1/15/19⁽⁴⁾		200		226

Kazakhstan—1.9%
Development Bank of Kazakhstan OJSC 144A 4.125%, 12/10/22⁽³⁾		200		178
Eurasian Development Bank 144A 4.767%, 9/20/22⁽³⁾		200		188
KazMunayGas National Co. JSC 144A 5.750%, 4/30/43⁽³⁾		200		168

				534

Luxembourg—4.3%
Altice SA 144A 7.625%, 2/15/25⁽³⁾		200		189


	PAR VALUE			VALUE
Luxembourg—(continued)
Ardagh Finance Holdings SA PIK Interest Capitalization, 144A 8.625%, 6/15/19⁽³⁾⁽⁹⁾	$	218		$	226
Gazprom Neft OAO (GPN Capital SA) 144A 6.000%, 11/27/23⁽³⁾⁽⁵⁾		200			185
Millicom International Cellular SA 144A 6.625%, 10/15/21⁽³⁾		200			206
QGOG Constellation SA 144A 6.250%, 11/9/19⁽³⁾		200			147
Sberbank of Russia (Sberbank Capital SA) 144A 5.125%, 10/29/22⁽³⁾⁽⁵⁾		200			171
Severstal OAO (Steel Capital SA) 144A 6.700%, 10/25/17⁽³⁾⁽⁵⁾		100			105

					1,229

Macedonia—0.7%
Office Cherifien des Phosphates S.A. (OCP) 144A 5.625%, 4/25/24⁽³⁾		200			208

Malaysia—0.7%
Petronas Capital Ltd. 144A 4.500%, 3/18/45⁽³⁾		200			193

Mexico—6.4%
Alfa SAB de CV 144A 5.250%, 3/25/24⁽³⁾		200			205
Alpek SA de C.V. 144A 5.375%, 8/8/23⁽³⁾		200			208
America Movil SAB de C.V. Series 12 6.450%, 12/5/22		2,000	^MXN		122
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			210
Cemex SAB de CV 144A 7.250%, 1/15/21⁽³⁾		200			212
Fermaca Enterprises S de RL de CV 144A 6.375%, 3/30/38⁽³⁾		199			202
Grupo Televisa SAB 7.250%, 5/14/43		2,000	^MXN		108
Petroleos Mexicanos
6.375%, 1/23/45		200			206
144A 5.625%, 1/23/46⁽³⁾		200			187

					1,825

Netherlands—2.4%
Bharti Airtel International Netherlands BV 144A 5.125%, 3/11/23⁽³⁾		200			210
Lukoil OAO International Finance BV 144A 4.563%, 4/24/23⁽³⁾		200			178
Petrobras Global Finance BV 3.000%, 1/15/19		80			74


	PAR VALUE			VALUE
Netherlands—(continued)
VTR Finance B.V. 144A 6.875%, 1/15/24⁽³⁾	$	200		$	205

					667

Nigeria—0.7%
Africa Finance Corp. 144A 4.375%, 4/29/20⁽³⁾		200			202

Panama—1.9%
AES El Salvador Trust II 144A 6.750%, 3/28/23⁽³⁾		200			192
Avianca Holdings SA (Avianca Leasing LLC) 144A 8.375%, 5/10/20⁽³⁾		200			202
Banco Latinoamericano de Comercio Exterior SA 144A 3.750%, 4/4/17⁽³⁾		150			154

					548

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			107
Banco Internacional del Peru SAA
144A 5.750%, 10/7/20⁽³⁾		100			108
144A 6.625%, 3/19/29⁽²⁾⁽³⁾		100			106
Transportadora de Gas del Peru SA 144A 4.250%, 4/30/28⁽³⁾		200			197

					626

Russia—0.3%
AHML Finance Ltd. 144A 7.750%, 2/13/18⁽³⁾		5,000	^RUB		81

Singapore—1.8%
BOC Aviation Pte Ltd. 3.875%, 5/9/19		200			206
Flextronics International Ltd 144A 4.750%, 6/15/25⁽³⁾		100			99
Oversea-Chinese Banking Corp. Ltd. 144A 4.000%, 10/15/24⁽²⁾⁽³⁾		200			205

					510

South Africa—0.7%
Transnet SOC Ltd. 144A 4.000%, 7/26/22⁽³⁾		200			192

South Korea—0.7%
Export-Import Bank of Korea 2.875%, 1/21/25		200			193

Sri Lanka—0.7%
Bank of Ceylon 144A 6.875%, 5/3/17⁽³⁾		200			206


	PAR VALUE		VALUE
Sweden—0.7%
PKO Finance AB 144A 4.630%, 9/26/22⁽³⁾⁽⁵⁾	$	200	$	206

Thailand—0.7%
Bangkok Bank PLC 144A 3.300%, 10/3/18⁽³⁾		200		206

Trinidad and Tobago—0.2%
Petroleum Co. of Trinidad & Tobago Ltd. RegS 6.000%, 5/8/22⁽⁴⁾		58		60

Turkey—1.5%
Turkiye Garanti Bankasi AS 144A 5.250%, 9/13/22⁽³⁾		200		202
Turkiye Is Bankasi A.S 144A 7.850%, 12/10/23⁽³⁾		200		221

				423

Ukraine—1.0%
DP World Ltd. 144A 6.850%, 7/2/37⁽³⁾		250		273

United Arab Emirates—2.3%
Abu Dhabi National Energy Co. 144A 5.875%, 12/13/21⁽³⁾		275		317
IPIC GMTN Ltd. 144A 6.875%, 11/1/41⁽³⁾		250		333

				650

United Kingdom—1.5%
EnQuest plc 144A 7.000%, 4/15/22⁽³⁾		200		159
Ukreximbank Via Biz Finance plc RegS 8.375%, 7/27/15⁽⁴⁾⁽⁵⁾		100		77
Vedanta Resources plc 144A 7.125%, 5/31/23⁽³⁾		200		191

				427

United States—3.3%
Braskem America Finance Co. RegS 7.125%, 7/22/41⁽⁴⁾		205		178
CNOOC Finance USA LLC 3.500%, 5/5/25		200		192
First Data Corp. 11.750%, 8/15/21		107		121
Omega US Sub LLC 144A 8.750%, 7/15/23⁽³⁾		70		70
Parker Drilling Co. 6.750%, 7/15/22		50		43
Reliance Holdings USA, Inc. 144A 5.400%, 2/14/22⁽³⁾		250		269
Tronox Finance LLC 6.375%, 8/15/20		80		75

				948

Venezuela—2.7%
Corp Andina de Fomento 4.375%, 6/15/22		200		216
Petroleos de Venezuela SA


	PAR VALUE			VALUE
Venezuela—(continued)
RegS 8.500%, 11/2/17⁽⁴⁾	$	290		$	200
144A 6.000%, 5/16/24⁽³⁾		555			200
RegS 6.000%, 11/15/26⁽⁴⁾		400			143

					759

Virgin Islands (British)—1.5%
China Cinda Finance Ltd. 144A 4.000%, 5/14/19⁽³⁾		200			205
State Grid Overseas Investment Ltd. 144A 4.125%, 5/7/24⁽³⁾		200			209

					414

TOTAL CORPORATE BONDS AND NOTES (Identified Cost $20,599)					19,728

LOAN AGREEMENTS⁽²⁾—0.7%
Consumer Discretionary—0.7%
Delta 2 (Lux) S.A.R.L. Tranche B-3, 4.750%, 7/30/21		47			47
Laureate Education, Inc. 2018 Extended, 5.000%, 6/15/18		148			138

TOTAL LOAN AGREEMENTS (Identified Cost $194)					185


	SHARES
PREFERRED STOCK—0.7%
Energy—0.7%
PTT Exploration & Production PCL 144A, 4.875%⁽²⁾⁽³⁾		200	⁽¹⁰⁾		201

TOTAL PREFERRED STOCK (Identified Cost $201)					201

AFFILIATED MUTUAL FUND—0.5%
Virtus Credit Opportunities Fund		14,750			147

TOTAL AFFILIATED MUTUAL FUND (Identified Cost $147)					147

EXCHANGE-TRADED FUND—0.8%
iShares JPMorgan Emerging Markets Bond Index Fund		2,000			220

TOTAL EXCHANGE-TRADED FUND (Identified Cost $227)					220

TOTAL LONG TERM INVESTMENTS—98.0% (Identified Cost $29,304)					27,741


	SHARES		VALUE
SHORT-TERM INVESTMENTS—2.1%
Money Market Mutual Fund—2.1%
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.140%)		584,915	$	585

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $585)				585

TOTAL INVESTMENTS—100.1% (Identified Cost $29,889)				28,326	⁽¹⁾
Other assets and liabilities, net—(0.1)%				(19	)

NET ASSETS—100.0%			$	28,307

Abbreviation:


PIK		Payment-in-Kind Security

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at June 30, 2015, 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 June 30, 2015.

⁽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 June 30, 2015, these securities amounted to a value of $19,690 or 69.6% 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⁾	Principal amount is adjusted pursuant to the change in the Index.

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

⁽¹⁰⁾	Value shown as par value.

⁽¹¹⁾	Security in default.

Foreign Currencies:

BRL	Brazilian Real

CLP	Chilean Peso

COP	Colombian Peso

EUR

Euro

IDR	Indonesian Rupiah

MXN	Mexican Peso

PLN	Polish Zloty

RUB	Russian Ruble

ZAR	South African Rand

The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2015 (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 June 30, 2015.


	SHARES		VALUE
PREFERRED STOCKS—2.1%
Financials—1.1%
Banco Bradesco S.A. 0.660% (Brazil)		11,900	$	109
Banco Davivienda S.A. 2.970% (Colombia)		18,539		187
Banco do Estado do Rio Grande do Sul S.A., Class B 0.310% (Brazil)		41,800		121
Itau Unibanco Holding S.A, Class S 0.520% (Brazil)		20,300		224

				641

Materials—0.5%
Vale S.A. 8.250% (Brazil)		65,800		331

Utilities—0.5%
Companhia Energetica de Sao Paulo, Class B 12.180% (Brazil)		22,000		139
Companhia Paranaense de Energia, Class B 2.560% (Brazil)		13,200		146

				285

TOTAL PREFERRED STOCKS (Identified Cost $1,783)				1,257

COMMON STOCKS—96.6%
Consumer Discretionary—9.2%
Astra International Tbk PT (Indonesia)		473,700		251
Astro Malaysia Holdings Bhd (Malaysia)		450,500		368
Bajaj Auto Ltd. (India)		8,466		338
Belle International Holdings Ltd. (China)		232,000		267
Cheng Shin Rubber Industry Co., Ltd. (Taiwan)		99,000		219
Coway Co., Ltd. (South Korea)		2,454		201
Cyrela Brazil Realty S.A. (Brazil)		73,300		234
Estacio Participacoes SA (Brazil)		42,300		244
Foschini Group Ltd. (The) (South Africa)		15,876		208
Great Wall Motor Co., Ltd. Class H (China)⁽³⁾		60,000		297
Grupo Televisa S.A.B (Mexico)		19,400		151
Halla Visteon Climate Control Corp. (South Korea)		8,397		290
Hyundai Motor Co. (South Korea)		3,655		446
Kangwon Land, Inc. (South Korea)		15,944		529
Kia Motors Corp. (South Korea)		3,483		142
Lojas Americanas SA (Brazil)		29,900		129
Lojas Renner S.A. (Brazil)		7,700		281
Tofas Turk Otomobil Fabrikasi AS (Turkey)		43,355		296
Truworths International Ltd. (South Africa)		31,220		220


	SHARES		VALUE
Consumer Discretionary—(continued)
Tsogo Sun Holdings Ltd. (South Africa)		136,325	$	273
UMW Holdings Bhd (Malaysia)		84,600		227

				5,611

Consumer Staples—6.8%
Ambev SA (Brazil)		152,700		936
Fomento Economico Mexicano S.A.B. de CV (Mexico)		46,200		412
Hindustan Unilever Ltd. (India)		31,122		448
KT&G Corp. (South Korea)		13,282		1,130
Raia Drogasil SA (Brazil)		20,400		263
Spar Group Ltd. (The) (South Africa)		30,219		471
Steinhoff International Holdings Ltd. (South Africa)		75,467		477

				4,137

Energy—7.6%
China Petroleum & Chemical Corp. Class H (China)		525,800		454
China Shenhua Energy Co., Ltd. Class H (China)		205,000		468
CNOOC Ltd. (China)		392,000		556
Coal India Ltd. (India)		32,948		218
Cosan S.A. Industria e Comercio (Brazil)		20,200		163
Ecopetrol S.A. (Colombia)		224,459		149
Empresas COPEC SA (Chile)		14,776		157
Gazprom OAO (Gazstream S.A.) Sponsored ADR (Russia)		120,003		633
Lukoil OAO Sponsored ADR (Russia)		7,150		321
PTT PCL (Thailand)		36,800		391
Sasol Ltd. (South Africa)		17,251		638
Tatneft OAO Sponsored ADR (Russia)		15,543		505

				4,653

Financials—29.4%
Abu Dhabi Commercial Bank PJSC (United Arab Emirates)		84,415		177
Agricultural Bank of China Ltd. Class H (China)		1,187,000		639
AMMB Holdings Bhd (Malaysia)		193,500		309
Banco de Chile (Chile)		5,609,755		615
Banco do Brasil S.A. (Brazil)		28,600		222
Banco Santander Chile SA (Chile)		11,096,436		561
Bank of China Ltd. Class H (China)		2,571,000		1,672
Barclays Africa Group Ltd. (South Africa)		39,519		594
BB Seguridade Participacoes (Brazil)		32,700		360
Cathay Financial Holding Co., Ltd. (Taiwan)		161,000		281


	SHARES		VALUE
Financials—(continued)
China Construction Bank Corp. Class H (China)		2,146,000	$	1,960
China Life Insurance Co., Ltd. Class H (China)		199,000		866
China Minsheng Banking Corp., Ltd. Class H (China)		186,500		244
China Vanke Co., Ltd. Class H (China)		99,000		244
CTBC Financial Holding Co., Ltd. (Taiwan)		168,000		132
Doha Bank QSC (Qatar)		19,938		291
Dongbu Insurance Co., Ltd. (South Korea)		7,575		384
Evergrande Real Estate Group Ltd. (China)		764,000		456
Far East Horizon Ltd. (China)		281,000		267
First Gulf Bank PJSC (United Arab Emirates)		66,491		275
FirstRand Ltd. (South Africa)		143,192		628
Fubon Financial Holding Co., Ltd. (Taiwan)		153,000		304
Gentera Sab de CV (Mexico)		250,000		445
Hanwha Life Insurance Co., Ltd. (South Korea)		49,394		351
Hyundai Marine & Fire Insurance Co., Ltd. (South Korea)		13,950		369
Industrial & Commercial Bank of China Ltd. Class H (China)		2,034,000		1,616
Komercni Banka A.S. (Czech Republic)		1,997		443
Malayan Banking Bhd (Malaysia)		168,200		407
Mmi Holdings Ltd. (South Africa)		79,751		198
Power Finance Corp., Ltd. (India)		88,741		357
Powszechny Zaklad Ubezpieczen S.A. (Poland)		1,919		221
Qatar National Bank SAQ (Qatar)		2,288		121
Redefine Properties Ltd. REIT (South Africa)		632,175		531
Rural Electrification Corp., Ltd. (India)⁽²⁾		105,197		455
Samsung Life Insurance Co., Ltd. (South Korea)		2,478		239
Siam Commercial Bank PCL (Thailand)		72,900		336
Standard Bank Group Ltd. (South Africa)		23,308		307

				17,877

Health Care—2.0%
Divi’s Laboratories Ltd. (India)		12,644		373
Kalbe Farma Tbk PT (Indonesia)		2,268,800		285
Richter Gedeon Nyrt (Hungary)		11,235		169
Sinopharm Group Co., Ltd.Class H (China)		83,600		372

				1,199

Industrials—9.9%
Aboitiz Equity Ventures, Inc. (Philippines)		201,930		260
Alfa Sab de C.V. Class A (Mexico)		96,700		185
CTCI Corp. (Taiwan)		141,000		228
Daewoo International Corp. (South Korea)		16,302		377


	SHARES		VALUE
Industrials—(continued)
EcoRodovias Infraestrutura e Logistica S.A. (Brazil)		64,500	$	162
Hon Hai Precision Industry Co., Ltd. (Taiwan)		292,000		918
Industries Qatar Qsc (Qatar)		6,026		238
Jiangsu Expressway Co., Ltd. Class H (China)		476,000		625
LG Corp. (South Korea)		7,398		410
LS Industrial Systems Co., Ltd. (South Korea)		5,289		217
Pegatron Corp. (Taiwan)		281,000		822
S-1 Corp. (South Korea)		4,026		283
Sime Darby Bhd (Malaysia)		261,300		590
Sinopec Engineering Group Co., Ltd. Class H (China)		297,500		276
Zhejiang Expressway Co., Ltd. Class H (China)		332,000		461

				6,052

Information Technology—16.1%
Asustek Computer, Inc. (Taiwan)		62,000		604
Chicony Electronics Co., Ltd. (Taiwan)		85,000		228
Cielo S.A. (Brazil)		9,868		139
Compal Electronics, Inc. (Taiwan)		332,000		253
Delta Electronics, Inc. (Taiwan)		123,000		630
Infosys Ltd. (India)		72,540		1,121
Inventec Corp. (Taiwan)		481,000		333
Lite-On Technology Corp. (Taiwan)		198,105		232
MediaTek, Inc. (Taiwan)		68,000		930
Quanta Computer, Inc. (Taiwan)		246,000		582
Radiant Opto-Electronics Corp. (Taiwan)		186,260		691
Realtek Semiconductor Corp. (Taiwan)		92,000		236
SK C&C Co., Ltd. (South Korea)		2,060		511
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)		276,000		1,257
Tata Consultancy Services Ltd. (India)		17,321		694
Transcend Information, Inc. (Taiwan)		64,000		235
Vanguard International Semiconductor Corp. (Taiwan)		151,000		242
Wipro Ltd. (India)		39,765		341
WPG Holdings Ltd. (Taiwan)		422,000		529

				9,788

Materials—5.4%
Cementos Argos S.A. (Colombia)		29,849		105
Eregli Demir Ve Celik Fabrikalari TAS (Turkey)		170,187		276
Gold Fields Ltd. (South Africa)		60,259		193
Grupo Mexico S.A.B. de C.V. Series B (Mexico)		129,300		389


	SHARES		VALUE
Materials—(continued)
Jiangxi Copper Co., Ltd. Class H (China)		320,000	$	534
MMC Norilsk Nickel PJSC ADR (Russia)		16,408		278
PTT Global Chemical PCL (Thailand)		360,700		740
Taiwan Cement Corp. (Taiwan)		623,000		786

				3,301

Telecommunication Services—8.0%
Advanced Info Service PCL (Thailand)		49,800		354
America Movil S.A.B. de C.V. Class C Series L (Mexico)		694,400		742
Axiata Group Bhd (Malaysia)		116,100		197
China Mobile Ltd. (China)		124,000		1,588
MTN Group Ltd. (South Africa)		53,892		1,013
SK Telecom Co., Ltd. (South Korea)		2,500		560
Telekomunikasi Indonesia Persero Tbk PT (Indonesia)		2,023,900		445

				4,899

Utilities—2.2%
CEZ AS (Czech Republic)		16,443		382
Huaneng Power International, Inc. Class H (China)		396,000		551
Perusahaan Gas Negara Persero Tbk PT (Indonesia)		1,171,100		379

				1,312

TOTAL COMMON STOCKS (Identified Cost $56,829)				58,829

TOTAL LONG TERM INVESTMENTS—98.7% (Identified Cost $58,612)				60,086

SHORT-TERM INVESTMENTS—0.4%
Money Market Mutual Fund—0.4%
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.140%)		274,081		274

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $274)				274

TOTAL INVESTMENTS—99.1% (Identified Cost $58,886)				60,360	⁽¹⁾
Other assets and liabilities, net—0.9%				533

NET ASSETS—100.0%			$	60,893

Abbreviations:


ADR		American Depositary Receipt
REIT		Real Estate Investment Trust

The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2015 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

Securities held by the Fund with an end of period value of $297 were transferred from Level 1 to Level 2 due to a lack of exchange pricing available (See Note 1A in the Notes to the Schedules of Investments for more information).


	SHARES		VALUE
COMMON STOCKS—91.6%
Consumer Discretionary—8.7%
Ace Hardware Indonesia Tbk PT (Indonesia)		1,487,000	$	72
Goldlion Holdings Ltd. (Hong Kong)		256,000		116
Pico Far East Holdings Ltd. (Hong Kong)		697,780		223
Truworths International Ltd. (South Africa)		6,500		46

				457

Consumer Staples—22.4%
AVI Ltd. (South Africa)		23,200		156
Compania Cervecerias Unidas SA Sponsored ADR (Chile)		2,190		46
Embotelladora Andina ADR S.A. Class-B (Chile)		4,740		95
Eurocash S.A. (Poland)		7,190		72
Grupo Herdez Sab de CV (Mexico)		36,925		94
Guinness Anchor Bhd (Malaysia)		26,400		100
Massmart Holdings Ltd. (South Africa)		4,000		49
Oldtown Bhd (Malaysia)		269,750		114
Pinar SUT Mamulleri Sanayii AS (Turkey)		13,100		108
Premier Marketing PCL (Thailand)		624,000		190
Wawel SA (Poland)		320		106
Wumart Stores, Inc. Class-H (China)		58,000		41

				1,171

Financials—13.3%
ARA Asset Management Ltd. (Singapore)		166,000		216
BFI Finance Indonesia Tbk PT (Indonesia)		727,000		142
Bolsa Mexicana de Valores Sab de CV SA (Mexico)		33,300		58
Equity Group Holdings Ltd. (Kenya)		205,600		98
Korea Ratings Corp. (South Korea)		2,700		99
Tisco Financial Group PCL (Thailand)		62,700		85

				698

Health Care—1.6%
OdontoPrev S.A. (Brazil)		23,700		83

Industrials—19.8%
Freight Management Holdings Bhd (Malaysia)		211,029		85
Prosegur Cia de Seguridad SA (Spain)		23,500		129
S-1 Corp. (South Korea)		2,475		174
Sinmag Equipment Corp. (Taiwan)		26,000		144
Taiwan Secom Co., Ltd. (Taiwan)		53,874		162
Tegma Gestao Logistica (Brazil)⁽²⁾		37,449		136
Turk Traktor Ve Ziraat Makineleri AS (Turkey)		3,500		90


	SHARES		VALUE
Industrials—(continued)
Valid Solucoes e Servicos de Seguranca Em Meios de Pagamento e Identificacao S.A (Brazil)		7,400	$	117

				1,037

Information Technology—13.2%
Autohome, Inc. ADR (China)⁽²⁾		4,300		217
Bitauto Holdings Ltd. ADR (China)⁽²⁾		1,285		66
Lumax International Corp., Ltd. (Taiwan)		101,800		181
MercadoLibre, Inc. (United States)		645		91
TOTVS SA (Brazil)		7,400		93
Yandex NV Class A (Russia)⁽²⁾		2,875		44

				692

Materials—10.2%
Assore Ltd. (South Africa)		9,900		84
KPX Chemical Co. Ltd. (South Korea)		2,070		108
Synthos SA (Poland)		37,000		46
Transpaco Ltd. (South Africa)		98,400		154
Yung Chi Paint & Varnish Manufacturing Co. Ltd. (Taiwan)		53,000		142

				534

Telecommunication Services—2.4%
APT Satellite Holdings Ltd. (China)		134,000		123

TOTAL COMMON STOCKS (Identified Cost $5,076)				4,795

WARRANTS—3.1%
Financials—1.2%
Crisil Ltd. Strike price $0.01 Expiration Date 06/02/16 (India)		2,100		64

Information Technology—1.9%
eClerx Services Ltd. Strike price $0.01 Expiration Date 12/16/16 (India)		1,600		37
eClerx Services Ltd. Strike price $0.01 Expiration Date 12/31/18 (India)		2,700		63

				100

TOTAL WARRANTS (Identified Cost $131)				164

TOTAL LONG TERM INVESTMENTS—94.7% (Identified Cost $5,207)				4,959


	SHARES		VALUE
SHORT-TERM INVESTMENTS—5.5%
Money Market Mutual Fund—5.5%
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.140%)		287,229	$	287

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $287)				287

TOTAL INVESTMENTS—100.2% (Identified Cost $5,494)				5,246	⁽¹⁾
Other assets and liabilities, net—(0.2)%				(9	)

NET ASSETS—100.0%			$	5,237

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at June 30, 2015, 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 June 30, 2015 (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 June 30, 2015.


	SHARES		VALUE
COMMON STOCKS—98.3%
Consumer Discretionary—29.6%
Amazon.com, Inc.⁽²⁾		51,975	$	22,562
AutoNation, Inc.⁽²⁾		45,010		2,835
AutoZone, Inc.⁽²⁾		19,880		13,258
Best Buy Co., Inc.		802,060		26,155
BorgWarner, Inc.		127,912		7,271
Cablevision Systems Corp. Class A		30,380		727
CarMax, Inc.⁽²⁾		132,880		8,798
Carnival Corp.		220,430		10,887
CBS Corp. Class B		401,030		22,257
Comcast Corp. Class A		394,205		23,708
Delphi Automotive plc		155,530		13,234
DIRECTV⁽²⁾		81,760		7,587
Discovery Communications, Inc. Class A⁽²⁾		117,910		3,922
Discovery Communications, Inc. Class C⁽²⁾		211,005		6,558
Expedia, Inc.		13,070		1,429
GameStop Corp. Class A		252,240		10,836
Gap, Inc. (The)		102,205		3,901
Garmin Ltd.		334,860		14,710
Genuine Parts Co.		428,390		38,354
Goodyear Tire & Rubber Co. (The)		1,250,330		37,697
H&R Block, Inc.		1,277,820		37,887
Harman International Industries, Inc.		190,040		22,603
Hasbro, Inc.		238,380		17,828
Home Depot, Inc.		235,710		26,195
Interpublic Group of Cos., Inc. (The)		602,715		11,614
Johnson Controls, Inc.		353,230		17,496
L Brands, Inc.		95,065		8,150
Leggett & Platt, Inc.		288,915		14,064
Lowe’s Cos., Inc.		181,233		12,137
Marriott International, Inc. Class A		112,550		8,373
Mattel, Inc.		774,695		19,902
Mohawk Industries, Inc.⁽²⁾		130,415		24,896
Netflix, Inc.⁽²⁾		7,080		4,651
News Corp. Class A⁽²⁾		1,297,340		18,928
NIKE, Inc. Class B		369,750		39,940
O’Reilly Automotive, Inc.⁽²⁾		60,200		13,604
Omnicom Group, Inc.		362,565		25,195
Priceline Group, Inc. (The)⁽²⁾		7,560		8,704
Ross Stores, Inc.		161,610		7,856
Royal Caribbean Cruises Ltd.		78,520		6,179
Scripps Networks Interactive, Inc. Class A		82,530		5,395


	SHARES		VALUE
Consumer Discretionary—(continued)
Starwood Hotels & Resorts Worldwide, Inc.		92,300	$	7,485
Time Warner Cable, Inc.		40,625		7,238
Time Warner, Inc.		96,640		8,447
TJX Cos., Inc.		258,710		17,119
TripAdvisor, Inc.⁽²⁾		14,325		1,248
Twenty-First Century Fox, Inc. Class A		222,543		7,243
Urban Outfitters, Inc.⁽²⁾		43,927		1,537
Viacom, Inc. Class B		42,660		2,758
Walgreens Boots Alliance, Inc.		181,105		15,293
Walt Disney Co. (The)		182,317		20,810
Whirlpool Corp.		212,700		36,808
Wyndham Worldwide Corp.		65,540		5,368

				759,637

Consumer Staples—6.9%
Archer-Daniels-Midland Co. (The)		764,760		36,877
Brown-Forman Corp. Class B		166,490		16,679
Constellation Brands, Inc. Class A		191,197		22,183
CVS Caremark Corp.		226,270		23,731
Kroger Co. (The)		374,920		27,185
Molson Coors Brewing Co. Class B		539,060		37,632
Whole Foods Market, Inc.		287,630		11,344

				175,631

Energy—3.0%
Kinder Morgan, Inc.		489,023		18,774
Marathon Petroleum Corp.		186,056		9,733
ONEOK, Inc.		63,470		2,506
Phillips 66		191,708		15,444
Spectra Energy Corp.		192,515		6,276
Tesoro Corp.		45,148		3,811
Valero Energy Corp.		172,355		10,789
Williams Cos., Inc. (The)		170,108		9,762

				77,095

Financials—9.1%
American Express Co.		226,780		17,625
AON plc		180,062		17,949
Capital One Financial Corp.		134,915		11,868
CBRE Group, Inc. Class A⁽²⁾		1,051,149		38,893
Charles Schwab Corp. (The)		233,770		7,633
CME Group, Inc.		113,980		10,607
Discover Financial Services		117,852		6,791
E*Trade Financial Corp.⁽²⁾		58,875		1,763
Goldman Sachs Group, Inc. (The)		80,690		16,847


	SHARES		VALUE
Financials—(continued)
HCP, Inc.		286,420	$	10,446
Health Care REIT, Inc.		216,890		14,234
Intercontinental Exchange, Inc.		41,045		9,178
Marsh & McLennan Cos., Inc.		354,845		20,120
McGraw-Hill Cos., Inc. (The)		97,775		9,822
Moody’s Corp.		61,340		6,622
Morgan Stanley		311,452		12,081
NASDAQ OMX Group, Inc. (The)		42,400		2,070
Navient Corp.		109,795		1,999
Realty Income Corp.		86,460		3,838
Ventas, Inc.		205,500		12,759

				233,145

Health Care—10.7%
AbbVie, Inc.		49,550		3,329
Aetna, Inc.		47,350		6,035
Agilent Technologies, Inc.		165,485		6,384
Alexion Pharmaceuticals, Inc.⁽²⁾		12,000		2,169
Allergan plc⁽²⁾		12,320		3,739
AmerisourceBergen Corp.		68,965		7,334
Amgen, Inc.		52,902		8,122
Anthem, Inc.		39,110		6,420
Biogen, Inc.⁽²⁾		15,570		6,289
Bristol-Myers Squibb Co.		55,870		3,718
Cardinal Health, Inc.		104,045		8,703
Celgene Corp.⁽²⁾		53,340		6,173
Cerner Corp.⁽²⁾		569,990		39,364
Cigna Corp.		32,230		5,221
Eli Lilly & Co.		28,740		2,400
Endo International plc⁽²⁾		5,980		476
Gilead Sciences, Inc.		91,650		10,730
HCA Holdings, Inc.⁽²⁾		281,370		25,526
Hospira, Inc.⁽²⁾		5,692		505
Humana, Inc.		21,680		4,147
Johnson & Johnson		94,580		9,218
Mallinckrodt plc⁽²⁾		3,842		452
McKesson Corp.		75,200		16,906
Merck & Co., Inc.		95,980		5,464
Mylan NV⁽²⁾		13,500		916
Patterson Cos., Inc.		25,877		1,259
PerkinElmer, Inc.		51,810		2,727
Perrigo Co. plc		4,825		892
Pfizer, Inc.		200,530		6,724
Regeneron Pharmaceuticals, Inc.⁽²⁾		4,790		2,444


	SHARES		VALUE
Health Care—(continued)
Schein (Henry), Inc.⁽²⁾		25,690	$	3,651
Tenet Healthcare Corp.⁽²⁾		94,825		5,488
Thermo Fisher Scientific, Inc.		191,780		24,885
UnitedHealth Group, Inc.		143,340		17,487
Universal Health Services, Inc. Class B		83,975		11,933
Vertex Pharmaceuticals, Inc.⁽²⁾		15,990		1,974
Waters Corp.⁽²⁾		38,440		4,935
Zoetis, Inc.		15,300		738

				274,877

Industrials—13.6%
Allegion plc		246,870		14,847
American Airlines Group, Inc.		286,960		11,460
Avery Dennison Corp.		145,072		8,841
Boeing Co. (The)		52,800		7,324
Cintas Corp.		452,780		38,301
CSX Corp.		239,160		7,809
Delta Air Lines, Inc.		327,810		13,466
Dover Corp.		46,580		3,269
Dun & Bradstreet Corp.		42,650		5,203
Equifax, Inc.		141,220		13,711
Flowserve Corp.		38,305		2,017
General Dynamics Corp.		23,850		3,379
Honeywell International, Inc.		61,620		6,283
Illinois Tool Works, Inc.		96,210		8,831
Ingersoll-Rand plc		71,540		4,823
Kansas City Southern		26,470		2,414
L-3 Communications Holdings, Inc.		6,642		753
Lockheed Martin Corp.		21,345		3,968
Masco Corp.		875,900		23,360
Nielsen Holdings NV		435,420		19,494
Norfolk Southern Corp.		75,840		6,625
Northrop Grumman Corp.		14,920		2,367
Pall Corp.		28,490		3,546
Parker Hannifin Corp.		39,360		4,579
Pentair plc		49,555		3,407
Precision Castparts Corp.		11,242		2,247
Raytheon Co.		26,100		2,497
Robert Half International, Inc.		699,899		38,844
Rockwell Collins, Inc.		10,740		992
Ryder System, Inc.		426,028		37,222
Snap-On, Inc.		15,312		2,438
Southwest Airlines Co.		267,905		8,865
Stanley Black & Decker, Inc.		41,180		4,334


	SHARES		VALUE
Industrials—(continued)
Textron, Inc.		21,907	$	978
Union Pacific Corp.		216,740		20,671
United Technologies Corp.		66,740		7,404
Xylem, Inc.		48,800		1,809

				348,378

Information Technology—12.7%
Adobe Systems, Inc.⁽²⁾		131,255		10,633
Akamai Technologies, Inc.⁽²⁾		12,240		855
Alliance Data Systems Corp.		6,480		1,892
Amphenol Corp. Class A		273,377		15,848
Apple, Inc.		247,280		31,015
Applied Materials, Inc.		1,037,020		19,931
Autodesk, Inc.		72,135		3,612
Automatic Data Processing, Inc.		51,310		4,117
Citrix Systems, Inc.⁽²⁾		43,307		3,038
Computer Sciences Corp.		14,280		937
Corning, Inc.		1,149,110		22,672
eBay, Inc.⁽²⁾		68,020		4,097
Electronic Arts, Inc.⁽²⁾		585,440		38,932
EMC Corp.		82,615		2,180
Equinix, Inc.		3,675		933
Facebook, Inc. Class A⁽²⁾		120,060		10,297
Fidelity National Information Services, Inc.		29,980		1,853
Fiserv, Inc.⁽²⁾		23,475		1,944
Gannett, Inc.		271,671		3,801
Google, Inc. Class A⁽²⁾		17,850		9,640
Google, Inc. Class C⁽²⁾		18,352		9,552
Hewlett-Packard Co.		82,560		2,478
Intuit, Inc.		81,380		8,201
KLA-Tencor Corp.		142,770		8,025
Lam Research Corp.		126,050		10,254
MasterCard, Inc. Class A		99,200		9,273
NetApp, Inc.		14,157		447
Paychex, Inc.		34,912		1,637
Salesforce.com, Inc.⁽²⁾		174,970		12,183
SanDisk Corp.		9,597		559
Seagate Technology plc		15,405		732
TE Connectivity Ltd.		576,050		37,040
TEGNA, Inc.		543,342		17,425
Total System Services, Inc.		16,710		698
VeriSign, Inc.		6,852		423
Visa, Inc. Class A		202,950		13,628
Western Digital Corp.		10,250		804


	SHARES		VALUE
Information Technology—(continued)
Western Union Co. (The)		56,180	$	1,142
Xerox Corp.		111,007		1,181
Yahoo!, Inc.⁽²⁾		61,497		2,416

				326,325

Materials—8.4%
Dow Chemical Co. (The)		318,540		16,300
Du Pont (E.I.) de Nemours & Co.		265,040		16,949
Eastman Chemical Co.		45,450		3,719
Ecolab, Inc.		98,445		11,131
FMC Corp.		45,752		2,404
Freeport-McMoRan Copper & Gold, Inc.		1,771,040		32,977
International Flavors & Fragrances, Inc.		30,710		3,356
International Paper Co.		760,820		36,207
Martin Marietta Materials, Inc.		117,070		16,567
MeadWestvaco Corp.		279,345		13,182
PPG Industries, Inc.		99,570		11,423
Sealed Air Corp.		320,697		16,477
Sherwin-Williams Co. (The)		29,480		8,108
Sigma-Aldrich Corp.		43,730		6,094
Vulcan Materials Co.		248,740		20,877

				215,771

Retail REITs—1.3%
General Growth Properties, Inc.		237,720		6,100
Kimco Realty Corp.		158,330		3,569
Macerich Co. (The)		53,735		4,008
Simon Property Group, Inc.		117,950		20,408

				34,085

Telecommunication Services—1.5%
Level 3 Communications, Inc.⁽²⁾		725,195		38,196

Utilities—1.5%
AGL Resources, Inc.		827,710		38,538

TOTAL COMMON STOCKS (Identified Cost $2,582,117)				2,521,678

TOTAL LONG TERM INVESTMENTS—98.3% (Identified Cost $2,582,117)				2,521,678

SHORT-TERM INVESTMENTS—2.8%
Money Market Mutual Funds—2.8%
BlackRock Liquidity Funds TempFund Portfolio - Institutional Shares (seven-day effective yield 0.080%)		10,917,190		10,917


	SHARES		VALUE
Money Market Mutual Funds—(continued)
JPMorgan Prime Money Market Fund (seven-day effective yield 0.090%)		50,946,885	$	50,947
JPMorgan U.S. Government Money Market Fund (seven-day effective yield 0.04%)		10,917,190		10,917

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $72,781)				72,781

TOTAL INVESTMENTS—101.1% (Identified Cost $2,654,898)				2,594,459	⁽¹⁾
Other assets and liabilities, net—(1.1)%				(29,348	)

NET ASSETS—100.0%			$	2,565,111

Abbreviation:


REIT		Real Estate Investment Trust

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at June 30, 2015, 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 June 30, 2015 (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 June 30, 2015.


	SHARES		VALUE
COMMON STOCKS—97.2%
Consumer Discretionary—6.4%
BorgWarner, Inc. (United States)		905	$	51
Delphi Automotive plc (United Kingdom)		518		44
EnerCare, Inc. (Canada)		9,120		97
Georg Fisher AG Registered Shares (Switzerland)		73		50
Johnson Controls, Inc. (United States)		1,365		68

				310

Consumer Staples—13.8%
Adecoagro SA (Brazil)⁽²⁾		6,398		59
AG Growth International, Inc. (Canada)		684		26
Andersons, Inc. (The) (United States)		660		26
Archer-Daniels-Midland Co. (United States)		1,449		70
Aryzta AG (Switzerland)		841		41
Bunge Ltd. (United States)		998		88
Golden Agri-Resources Ltd. (Singapore)		133,000		40
Illovo Sugar Ltd. (South Africa)		4,409		5
Indofood Agri Resources Ltd. (Singapore)		56,000		29
JBS SA (Brazil)		3,900		20
KWS SAAT AG (Germany)		90		30
Marine Harvest ASA (Norway)		2,812		32
Minerva Sa/Brazil (Brazil)⁽²⁾		6,800		25
Origin Enterprises plc (Ireland)⁽²⁾		5,956		53
Purecircle Ltd. (United Kingdom)⁽²⁾		3,545		22
SLC Agricola SA (Brazil)		10,400		58
SunOpta, Inc. (Canada)⁽²⁾		4,250		46

				670

Energy—5.2%
Cosan Ltd. (Brazil)		17,300		107
Energy Development Corp. (Philippines)		196,300		32
FuelCell Energy, Inc. (United States)⁽²⁾		7,477		7
Greenko Group plc (India)⁽²⁾		12,694		12
Infinis Energy plc (United Kingdom)		11,443		35
Innergex Renewable Energy, Inc. (Canada)		3,498		30
TransAlta Renewables, Inc. (Canada)		3,191		32

				255

Financials—4.9%
Capital Stage AG (Germany)		8,369		59
Gladstone Land Corp. (United States)		2,310		24
Metro Pacific Investments Corp. (Philippines)		274,000		29
PICO Holdings, Inc. (United States)⁽²⁾		3,474		51


	SHARES		VALUE
Financials—(continued)
Renewables Infrastructure Group Ltd. (The) (United Kingdom)		27,366	$	46
Saeta Yield SA (Spain)		2,691		28

				237

Health Care—0.7%
Genus plc (United Kingdom)		1,458		33

Industrials—32.6%
Aegion Corp. (United States)⁽²⁾		1,904		36
AGCO Corp. (United States)		700		40
Ameresco, Inc. (United States)⁽²⁾		4,349		33
Amiad Water Systems Ltd. (Israel)		2,963		7
Arcadis NV (Netherlands)		2,224		61
BayWa AG (Germany)		2,015		68
Canadian National Railway Co. (Canada)		970		56
Covanta Holding Corp. (United States)		2,906		62
CSX Corp. (United States)		1,188		39
Danaher Corp. (United States)		699		60
Deere & Co. (United States)		173		17
Dialight plc (United Kingdom)		1,052		8
DIRTT Environmental Solutions (Canada)⁽²⁾		1,415		7
Eaton Corp. plc (United States)		687		46
Ebara Corp. (Japan)		7,000		34
Empresas ICA Sab de CV (Mexico)⁽²⁾		34,700		27
Flowserve Corp. (United States)		645		34
Franklin Electric Co., Inc. (United States)		539		17
Gamesa Corp Tecnologica SA (Spain)		2,124		34
GEA Group AG (Germany)		1,510		67
HD Supply Holdings, Inc. (United States)⁽²⁾		2,020		71
Koninklijke Philips Electronics N.V. (Netherlands)		496		13
MasTec, Inc. (United States)⁽²⁾		974		19
METAWATER Co. Ltd. (Japan)		600		15
Mueller Water Products, Inc. Class A (United States)		3,897		36
Newalta Corp. (Canada)		2,089		24
Noble Group Ltd. (Singapore)		41,000		23
Pentair plc (United States)		922		63
PNE Wind AG (Germany)⁽²⁾		8,693		20
Prysmian SpA (Italy)		899		19
Quanta Services, Inc. (United States)⁽²⁾		1,129		33
Rexnord Corp. (United States)⁽²⁾		2,917		70
Rotork plc (United Kingdom)		4,150		15


	SHARES		VALUE
Industrials—(continued)
Rumo Logistica Operadora Multimodal SA (Brazil)⁽²⁾		59,300	$	24
Sembcorp Industries Ltd. (Singapore)		9,700		28
SIG plc (United Kingdom)		12,007		38
SPX Corp. (United States)		1,738		126
Sulzer AG (Switzerland)		147		15
Tetra Tech, Inc. (United States)		2,091		54
Toro Co. (The) (United States)		602		41
Xylem, Inc. (United States)		845		31
Zumtobel Group AG (Austria)		1,775		53

				1,584

Information Technology—10.2%
Canadian Solar, Inc. (Canada)⁽²⁾		2,103		60
Daqo New Energy Corp. ADR (China)⁽²⁾		421		10
Epistar Corp (Taiwan)		13,000		17
First Solar, Inc. (United States)⁽²⁾		1,152		54
GCL-Poly Energy Holdings Ltd. (China)⁽²⁾		82,000		19
Itron, Inc. (United States)⁽²⁾		2,042		70
JinkoSolar Holding Co.Ltd. ADR (China)⁽²⁾		1,859		55
PSI AG Gesellschaft Fuer Produkte Und Systeme Der Informationstechnologie (Germany)⁽²⁾		1,348		16
Pure Technologies Ltd. (Canada)		6,343		37
SunPower Corp. (United States)⁽²⁾		2,207		63
Trimble Navigation Ltd. (United States)⁽²⁾		1,594		37
Trina Solar Ltd. ADR (China)⁽²⁾		4,006		47
Veeco Instruments, Inc. (United States)⁽²⁾		466		13

				498

Materials—10.8%
Agrium, Inc. (Canada)		566		60
Calgon Carbon Corp. (United States)		3,063		59
Ecolab, Inc. (United States)		78		9
FMC Corp. (United States)		510		27
Israel Chemicals Ltd. (Israel)		3,593		25
Johnson Matthey plc (United Kingdom)		858		41
Monsanto Co. (United States)		439		47
Mosaic Co. (The) (United States)		1,115		52
PhosAgro OAO GDR Registered Shares (Russia)		3,790		49
Plant Health Care plc (United Kingdom)⁽²⁾		8,917		15
Potash Corp. of Saskatchewan, Inc. (Canada)		1,205		37
Syngenta AG Registered Shares (Switzerland)		150		61


	SHARES		VALUE
Materials—(continued)
Yara International ASA (Norway)		811	$	42

				524

Utilities—12.6%
ACEA SpA (Italy)		701		9
American Water Works Co., Inc. (United States)		1,268		62
Aqua America, Inc. (United States)		722		18
Beijing Enterprises Water Group Ltd. Class H (Hong Kong)		8,000		7
Beijing Jingneng Clean Energy Co., Ltd. (China)		96,000		39
California Water Service Group (United States)		1,943		44
Capstone Infrastructure Corp. (Canada)		25,335		61
China Everbright Water Ltd. (China)⁽²⁾		11,300		8
Companhia de Saneamento Basico do Estado de Sao Paulo ADR (Brazil)		3,537		18
Companhia de Saneamento de Minas Gerais (Brazil)		2,200		10
CT Environmental Group Ltd. (China)		4,000		5
EDP Renovaveis SA (Spain)		4,289		30
Huaneng Renewables Corp. Ltd. Class H (China)		112,000		45
Manila Water Co, Inc. (Philippines)		30,400		16
National Grid plc (United Kingdom)		1,482		19
NextEra Energy, Inc. (United States)		298		29
Northland Power, Inc. (Canada)		2,610		33
SevernTrent plc (United Kingdom)		608		20
SJW Corp. (United States)		629		19
Suez Environnement SA (France)		4,024		75
United Utilities Group plc (United Kingdom)		1,319		19
Veolia Environnement SA (France)		958		20
YTL Power International BHD (Malaysia)		11,900		5

				611

TOTAL COMMON STOCKS (Identified Cost $4,937)				4,722

CLOSED END FUNDS—1.3%
Financials—0.8%
Foresight Solar Fund Ltd. (United Kingdom)		10,871		18
Greencoat UK Wind plc Fund (United Kingdom)		12,987		22

				40

Industrials—0.5%
Chemtrade Logistics Income Fund (Canada)		1,460		24

TOTAL CLOSED END FUNDS (Identified Cost $62)				64


TOTAL LONG TERM INVESTMENTS—98.5% (Identified Cost $4,999)		4,786

TOTAL INVESTMENTS—98.5% (Identified Cost $4,999)		4,786	⁽¹⁾
Other assets and liabilities, net—1.5%		74

NET ASSETS—100.0%	$	4,860

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at June 30, 2015, 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 June 30, 2015 (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 June 30, 2015.


	SHARES		VALUE
COMMON STOCKS—98.5%
Consumer Discretionary—12.7%
Consumer Discretionary—12.7%
Alimentation Couche -Tard, Inc. Class B (Canada)		675,402	$	28,893
Compagnie Financiere Richemont SA Registered Shares (Switzerland)		358,210		29,137
Domino’s Pizza Group plc (United Kingdom)		1,895,180		23,137
Hermes International SA (France)		65,826		24,555
Naspers Ltd. Class N (South Africa)		204,563		31,863
Paddy Power plc (Ireland)		232,087		19,890
Persimmon plc (United Kingdom)		920,343		28,560
Priceline Group, Inc. (The) (United States)⁽²⁾		36,207		41,688
Sands China Ltd. (China)		5,553,184		18,698

				246,421

Consumer Staples—35.8%
AmorePacific Corp. (South Korea)		11,041		4,138
British American Tobacco plc (United Kingdom)		2,178,287		116,882
Chocoladefabrike Lindt & Spruengli AG (Switzerland)		5,714		30,216
Diageo plc (United Kingdom)		1,062,454		30,733
Imperial Tobacco Group plc (United Kingdom)		772,106		37,208
ITC Ltd. (India)		8,751,638		43,312
L’Oreal SA (France)		158,338		28,244
Nestle S.A. Registered Shares (Switzerland)		1,084,930		78,328
Pernod-Ricard SA (France)		158,066		18,256
Philip Morris International, Inc. (United States)		961,536		77,086
Reckitt Benckiser Group plc (United Kingdom)		887,819		76,556
SABMiller plc (United Kingdom)		1,073,956		55,753
Unicharm Corp. (Japan)		540,300		12,845
Unilever N.V. CVA (Netherlands)		2,033,781		84,697

				694,254

Energy—2.1%
Enbridge, Inc. (Canada)		877,211		41,023

Financials—17.6%
Banco Bilbao Vizcaya Argentaria S.A. (Spain)		2,086,017		20,447
Bank of Nova Scotia (Canada)		599,089		30,923
Daito Trust Construction Co., Ltd. (Japan)		207,500		21,499
Housing Development Finance Corp. (India)		5,125,012		104,339
Housing Development Finance Corp. Bank Ltd. (India)		4,929,567		82,610
Housing Development Finance Corp. Bank Ltd. ADR (India)		41,374		2,504


	SHARES		VALUE
Financials—(continued)
Link REIT (The) (Hong Kong)		2,481,692	$	14,535
Lloyds Banking Group plc (United Kingdom)		19,036,943		25,497
UBS Group AG (Switzerland)		1,836,303		38,947

				341,301

Health Care—17.9%
Bayer AG Registered Shares (Germany)		177,403		24,831
Coloplast A/S Class B (Denmark)		172,440		11,315
CSL Ltd. (Australia)		590,949		39,426
Essilor International SA (France)		290,271		34,626
Fresenius Medical Care AG & Co. KGaA (Germany)		236,300		19,505
Grifols SA (Spain)		676,564		27,252
Novo Nordisk A/S Class B (Denmark)		1,257,137		68,493
Ramsay Health Care Ltd. (Australia)		739,404		35,068
Roche Holding AG (Switzerland)		309,580		86,753

				347,269

Industrials—4.3%
Bureau Veritas SA (France)		1,464,750		33,737
Cheung Kong Infrastructure Holdings Ltd. (Hong Kong)		1,589,417		12,344
DKSH Holding AG (Switzerland)		202,354		14,631
SGS SA Registered Shares (Switzerland)		12,834		23,418

				84,130

Information Technology—6.0%
Alibaba Group Holding Ltd. ADR (Cayman Islands)⁽²⁾		324,727		26,715
Baidu, Inc. Sponsored ADR (China)⁽²⁾		182,415		36,315
Cielo S.A. (Brazil)		1,652,024		23,353
Tencent Holdings Ltd. (Cayman Islands)		1,529,735		30,530

				116,913

Materials—2.1%
Air Liquide SA (France)		208,876		26,419
Silver Wheaton Corp. (Canada)		805,955		13,970

				40,389

TOTAL COMMON STOCKS (Identified Cost $1,497,462)				1,911,700

TOTAL LONG TERM INVESTMENTS—98.5% (Identified Cost $1,497,462)				1,911,700


TOTAL INVESTMENTS—98.5% (Identified Cost $1,497,462)	1,911,700	⁽¹⁾
Other assets and liabilities, net—1.5%	28,882

NET ASSETS—100.0% $	1,940,582

Abbreviations:

ADR	American Depositary Receipt

REIT	Real Estate Investment Trust

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at June 30, 2015, 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 June 30, 2015 (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 June 30, 2015.


	SHARES		VALUE
COMMON STOCKS—96.7%
Consumer Discretionary—2.5%
Eutelsat Communications SA (France)		64,490	$	2,082
SES SA (Luxembourg)		75,640		2,541

				4,623

Energy—24.7%
Enbridge, Inc. (Canada)		180,825		8,461
Keyera Corp. (Canada)		57,880		1,932
Kinder Morgan, Inc. (United States)		277,255		10,644
Pembina Pipeline Corp. (Canada)		88,835		2,871
Plains GP Holdings LP Class A (United States)		68,200		1,762
Spectra Energy Corp. (United States)		127,830		4,167
Targa Resources Corp. (United States)		20,135		1,797
TransCanada Corp. (Canada)		124,765		5,068
Williams Cos., Inc. (The) (United States)		174,910		10,038

				46,740

Financials—5.0%
American Tower Corp. REIT (United States)		48,885		4,561
Crown Castle International Corp. REIT (United States)		61,985		4,977

				9,538

Industrials—11.8%
Abertis Infraestructuras SA (Spain)		180,770		2,964
Atlantia SpA (Italy)		161,841		3,998
Auckland International Airport Ltd. (New Zealand)		617,759		2,066
Ferrovial SA (Spain)		98,920		2,145
Flughafen Zuerich AG (Switzerland)		3,205		2,480
Sydney Airport (Australia)		571,720		2,197
Transurban Group (Australia)		695,660		4,992
Vinci SA (France)		25,895		1,498

				22,340

Telecommunication Services—19.2%
AT&T, Inc. (United States)		224,275		7,966
BCE, Inc. (Canada)		35,400		1,505
BT Group plc (United Kingdom)		386,275		2,732
Deutsche Telekom AG Registered Shares (Germany)		134,595		2,318
Nippon Telegraph & Telephone Corp. ADR (Japan)		58,710		2,131
Singapore Telecommunications Ltd. (Singapore)		995,600		3,112
TeliaSonera AB (Sweden) (Sweden)		293,015		1,725


	SHARES		VALUE
Telecommunication Services—(continued)
TELUS Corp. (Canada)		69,085	$	2,380
Verizon Communications, Inc. (United States)		162,384		7,569
Vodafone Group plc Sponsored ADR (United Kingdom)		133,921		4,882

				36,320

Utilities—33.5%
ALLETE, Inc. (United States)		36,475		1,692
American Electric Power Co., Inc. (United States)		35,000		1,854
American Water Works Co., Inc. (United States)		53,520		2,603
APA Group (Australia)		298,350		1,897
Atmos Energy Corp. (United States)		37,455		1,921
CMS Energy Corp. (United States)		65,025		2,070
Dominion Resources, Inc. (United States)		50,775		3,395
DTE Energy Co. (United States)		27,520		2,054
Duke Energy Corp. (United States)		46,950		3,315
Edison International (United States)		33,445		1,859
Eversource Energy (United States)		42,060		1,910
Hera SpA (Italy)		643,595		1,610
Iberdrola SA (Spain)		342,175		2,305
National Grid plc (United Kingdom)		451,715		5,800
NextEra Energy, Inc. (United States)		58,530		5,738
NiSource, Inc. (United States)		79,820		3,639
Pennon Group plc (United Kingdom)		156,410		1,992
Portland General Electric Co. (United States)		62,340		2,067
Public Service Enterprise Group, Inc. (United States)		58,810		2,310
Questar Corp. (United States)		64,470		1,348
Sempra Energy (United States)		45,050		4,457
SevernTrent plc (United Kingdom)		61,155		2,000
Suez Environnement SA (France)		86,070		1,601
Vectren Corp. (United States)		46,630		1,794
Veolia Environnement SA (France)		109,705		2,237

				63,468

TOTAL COMMON STOCKS (Identified Cost $166,507)				183,029

TOTAL LONG TERM INVESTMENTS—96.7% (Identified Cost $166,507)				183,029

SHORT-TERM INVESTMENTS—2.9%
Money Market Mutual Fund—2.9%
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.140%)		5,533,186		5,533



TOTAL SHORT-TERM INVESTMENTS (Identified Cost $5,533)		5,533

TOTAL INVESTMENTS—99.6% (Identified Cost $172,040)		188,562	⁽¹⁾
Other assets and liabilities, net—0.4%		709

NET ASSETS—100.0%	$	189,271

Abbreviations:

ADR	American Depositary Receipt

REIT	Real Estate Investment Trust

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at June 30, 2015, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2015 (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 June 30, 2015.


	SHARES		VALUE
COMMON STOCKS—60.4%
Consumer Discretionary—18.3%
Amazon.com, Inc.⁽²⁾		987	$	428
AutoNation, Inc.⁽²⁾		960		60
AutoZone, Inc.⁽²⁾		370		247
Best Buy Co., Inc.		14,710		480
BorgWarner, Inc.		2,575		146
Cablevision Systems Corp. Class A		400		10
CarMax, Inc.⁽²⁾		2,382		158
Carnival Corp.		4,367		216
CBS Corp. Class B		7,185		399
Comcast Corp. Class A		7,790		469
Delphi Automotive plc		2,930		249
DIRECTV⁽²⁾		1,740		161
Discovery Communications, Inc. Class A⁽²⁾		2,615		87
Discovery Communications,Inc. Class C⁽²⁾		4,755		148
Expedia, Inc.		290		32
GameStop Corp. Class A		5,440		234
Gap, Inc. (The)		2,160		82
Garmin Ltd.		6,210		273
Genuine Parts Co.		7,832		701
Goodyear Tire & Rubber Co. (The)		23,920		721
H&R Block, Inc.		22,922		680
Harman International Industries, Inc.		3,490		415
Hasbro, Inc.		4,820		361
Home Depot, Inc. (The)		4,370		486
Interpublic Group of Cos., Inc. (The)		10,810		208
Johnson Controls, Inc.		6,660		330
L Brands, Inc.		1,845		158
Leggett & Platt, Inc.		5,615		273
Lowe’s Cos., Inc.		3,255		218
Marriott International, Inc. Class A		2,010		150
Mattel, Inc.		14,470		372
Mohawk Industries, Inc.⁽²⁾		2,560		489
Netflix, Inc.⁽²⁾		180		118
News Corp. Class A⁽²⁾		23,477		343
NIKE, Inc. Class B		7,060		763
O’Reilly Automotive, Inc.⁽²⁾		1,160		262
Omnicom Group, Inc.		6,497		451
Priceline Group, Inc. (The)⁽²⁾		140		161
Ross Stores, Inc.		3,400		165
Royal Caribbean Cruises Ltd.		1,805		142
Scripps Networks Interactive, Inc. Class A		1,720		112
Starwood Hotels & Resorts Worldwide, Inc.		1,880		152


	SHARES		VALUE
Consumer Discretionary—(continued)
Time Warner Cable, Inc.		905	$	161
Time Warner, Inc.		1,850		162
TJX Cos., Inc.		4,900		324
TripAdvisor, Inc.⁽²⁾		320		28
Twenty-First Century Fox, Inc. Class A		4,610		150
Urban Outfitters, Inc.⁽²⁾		815		29
Viacom, Inc. Class B		910		59
Walgreens Boots Alliance, Inc.		3,390		286
Walt Disney Co. (The)		3,487		398
Whirlpool Corp.		3,845		665
Wyndham Worldwide Corp.		1,322		108

				14,480

Consumer Staples—4.1%
Archer-Daniels-Midland Co.		13,890		670
Brown-Forman Corp. Class B		3,297		330
Constellation Brands, Inc. Class A		3,570		414
CVS Health Corp.		4,350		456
Kroger Co. (The)		7,030		510
Molson Coors Brewing Co. Class B		9,665		675
Whole Foods Market, Inc.		5,150		203

				3,258

Energy—1.8%
Kinder Morgan, Inc.		8,770		337
Marathon Petroleum Corp.		3,454		181
ONEOK, Inc.		1,210		48
Phillips 66		3,455		278
Spectra Energy Corp.		3,900		127
Tesoro Corp.		880		74
Valero Energy Corp.		3,252		204
Williams Cos., Inc. (The)		3,440		197

				1,446

Financials—5.6%
American Express Co.		4,205		327
AON plc		3,460		345
Capital One Financial Corp.		2,640		232
CBRE Group, Inc. Class A⁽²⁾		19,228		711
Charles Schwab Corp. (The)		4,835		158
CME Group, Inc.		2,075		193
Discover Financial Services		2,420		139
E*Trade Financial Corp. (The)⁽²⁾		1,290		39
Goldman Sachs Group, Inc. (The)		1,595		333
HCP, Inc.		5,130		187


	SHARES		VALUE
Financials—(continued)
Health Care REIT, Inc.		3,890	$	255
Intercontinental Exchange Group, Inc.		725		162
Marsh & McLennan Cos., Inc.		6,640		377
McGraw-Hill Cos., Inc. (The)		1,790		180
Moody’s Corp.		1,300		140
Morgan Stanley		6,030		234
NASDAQ OMX Group, Inc. (The)		870		43
Navient Corp.		2,200		40
Realty Income Corp.		1,720		76
Ventas, Inc.		3,680		229

				4,400

Health Care—6.9%
AbbVie, Inc.		1,100		74
Aetna, Inc.		1,130		144
Agilent Technologies, Inc.		3,340		129
Alexion Pharmaceuticals, Inc.⁽²⁾		290		52
Allergan plc⁽²⁾		270		82
AmerisourceBergen Corp.		1,395		148
Amgen, Inc.		1,030		158
Anthem, Inc.		870		143
Biogen, Inc.⁽²⁾		340		137
Bristol-Myers Squibb Co.		1,160		77
Cardinal Health, Inc.		1,960		164
Celgene Corp.⁽²⁾		1,160		134
Cerner Corp.⁽²⁾		10,710		740
Cigna Corp.		840		136
Eli Lilly & Co.		680		57
Endo International plc		65		5
Gilead Sciences, Inc.		1,915		224
HCA Holdings, Inc.⁽²⁾		5,490		498
Hospira, Inc.⁽²⁾		60		5
Humana, Inc.		480		92
Johnson & Johnson		1,700		166
Mallinckrodt plc		40		5
McKesson Corp.		1,360		306
Merck & Co., Inc.		1,957		111
Mylan NV		150		10
Patterson Cos., Inc.		570		28
PerkinElmer, Inc.		1,115		59
Perrigo Co. plc		50		9
Pfizer, Inc.		4,220		142
Regeneron Pharmaceuticals, Inc.⁽²⁾		105		54
Schein (Henry), Inc.⁽²⁾		550		78


	SHARES		VALUE
Health Care—(continued)
Tenet Healthcare Corp.⁽²⁾		2,070	$	120
Thermo Fisher Scientific, Inc.		3,500		454
UnitedHealth Group, Inc.		2,720		332
Universal Health Services, Inc. Class B		1,677		238
Vertex Pharmaceuticals, Inc.⁽²⁾		360		44
Waters Corp.⁽²⁾		825		106
Zoetis, Inc.		185		9

				5,470

Industrials—8.3%
Allegion plc		4,580		275
American Airlines Group, Inc.		5,150		206
Avery Dennison Corp.		2,760		168
Boeing Co. (The)		1,065		148
Cintas Corp.		8,607		728
CSX Corp.		4,640		152
Delta Air Lines, Inc.		5,845		240
Dover Corp.		912		64
Dun & Bradstreet Corp.		880		107
Equifax, Inc.		2,620		254
Flowserve Corp.		750		39
General Dynamics Corp.		510		72
Honeywell International, Inc.		1,260		128
Illinois Tool Works, Inc.		1,720		158
Ingersoll-Rand plc		1,460		98
Kansas City Southern		540		49
L-3 Communications Holdings, Inc.		70		8
Lockheed Martin Corp.		440		82
Masco Corp.		16,580		442
Nielsen Holdings NV		8,167		366
Norfolk Southern Corp.		1,530		134
Northrop Grumman Corp.		320		51
Pall Corp.		590		73
Parker Hannifin Corp.		790		92
Pentair plc		1,010		69
Precision Castparts Corp.		235		47
Raytheon Co.		495		47
Robert Half International, Inc.		12,892		716
Rockwell Collins, Inc.		120		11
Ryder System, Inc.		7,779		680
Snap-On, Inc.		320		51
Southwest Airlines Co.		4,790		159
Stanley Black & Decker, Inc.		880		93
Textron, Inc.		245		11


	SHARES		VALUE
Industrials—(continued)
Union Pacific Corp.		3,890	$	371
United Technologies Corp.		1,340		149
Xylem, Inc.		1,020		38

				6,576

Information Technology—7.8%
Adobe Systems, Inc.⁽²⁾		2,560		207
Akamai Technologies, Inc.⁽²⁾		130		9
Alliance Data Systems Corp.⁽²⁾		140		41
Amphenol Corp. Class A		5,000		290
Apple, Inc.		4,560		572
Applied Materials, Inc.		19,260		370
Autodesk, Inc.⁽²⁾		1,400		70
Automatic Data Processing, Inc.		1,017		82
Citrix Systems, Inc.⁽²⁾		980		69
Computer Sciences Corp.		160		10
Corning, Inc.		20,727		409
eBay, Inc.⁽²⁾		1,455		88
Electronic Arts, Inc.⁽²⁾		11,615		772
EMC Corp.		1,760		46
Equinix, Inc.		80		20
Facebook, Inc. Class A⁽²⁾		2,440		209
Fidelity National Information Services, Inc.		610		38
Fiserv, Inc.⁽²⁾		520		43
Gannett Co., Inc.		5,255		73
Google, Inc. Class A⁽²⁾		340		184
Google, Inc. Class C⁽²⁾		340		177
Hewlett-Packard Co.		1,610		48
Intuit, Inc.		1,590		160
KLA-Tencor Corp.		2,895		163
Lam Research Corp.		2,490		203
MasterCard, Inc. Class A		1,870		175
NetApp, Inc.		150		5
Paychex, Inc.		700		33
Salesforce.com, Inc.⁽²⁾		3,270		228
SanDisk Corp.		100		6
Seagate Technology plc		160		8
TE Connectivity Ltd.		10,390		668
Tegna, Inc.		10,510		337
Total System Services, Inc.		190		8
VeriSign, Inc.⁽²⁾		70		4
Visa, Inc. Class A		3,715		249
Western Digital Corp.		100		8
Western Union Co. (The)		1,130		23


	SHARES		VALUE
Information Technology—(continued)
Xerox Corp.		2,270	$	24
Yahoo!, Inc.⁽²⁾		1,160		46

				6,175

Materials—5.0%
Dow Chemical Co. (The)		5,705		292
Du Pont (E.I.) de Nemours & Co.		4,740		303
Eastman Chemical Co.		880		72
Ecolab, Inc.		1,760		199
FMC Corp.		790		42
Freeport-McMoRan Copper & Gold, Inc.		31,997		596
International Flavors & Fragrances, Inc.		590		64
International Paper Co.		13,580		646
Martin Marietta Materials, Inc.		2,090		296
MeadWestvaco Corp.		5,110		241
PPG Industries, Inc.		1,760		202
Sealed Air Corp.		6,350		326
Sherwin-Williams Co. (The)		557		153
Sigma-Aldrich Corp.		880		123
Vulcan Materials Co.		4,430		372

				3,927

Retail REITs—0.8%
General Growth Properties, Inc.		4,760		122
Kimco Realty Corp.		3,147		71
Macerich Co. (The)		1,087		81
Simon Property Group, Inc.		2,110		365

				639

Telecommunication Services—0.9%
Level 3 Communications, Inc.⁽²⁾		13,220		696

Utilities—0.9%
AGL Resources, Inc.		14,822		690

TOTAL COMMON STOCKS (Identified Cost $48,899)				47,757

EXCHANGE-TRADED FUNDS⁽³⁾—38.0%
iShares China Large-Cap		80,677		3,719
iShares MSCI Germany Index Fund		131,312		3,661
iShares MSCI Hong Kong Index Fund		169,510		3,824
iShares MSCI India		132,090		4,004
iShares MSCI Italy Index Fund Capped		250,920		3,736
iShares MSCI Spain Index Fund Capped		108,710		3,647
iShares MSCI Switzerland Index Fund Capped		110,847		3,631


	SHARES		VALUE
iShares MSCI Taiwan Index Fund		244,540	$	3,859

TOTAL EXCHANGE-TRADED FUNDS (Identified Cost $31,794)				30,081

TOTAL LONG TERM INVESTMENTS—98.4% (Identified Cost $80,693)				77,838

SHORT-TERM INVESTMENTS—1.8%
Money Market Mutual Fund—1.8%
Fidelity Money Market Portfolio - Institutional Shares (Seven-day effective yield 0.140%)		1,418,346		1,418

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $1,418)				1,418

TOTAL INVESTMENTS—100.2% (Identified Cost $82,111)				79,256	⁽¹⁾
Other assets and liabilities, net—(0.2)%				(156	)

NET ASSETS—100.0%			$	79,100

Abbreviation:


REIT		Real Estate Investment Trust

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at June 30, 2015, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽³⁾	All of these funds are public funds and the prospectus and annual reports of each are publicly available.

⁽²⁾	Non-income producing.

The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2015 (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 June 30, 2015.


	SHARES		VALUE
COMMON STOCKS—96.8%
Consumer Discretionary—9.1%
Alimentation Couche -Tard, Inc. Class B (Canada)		38,556	$	1,649
Las Vegas Sands Corp. (United States)		44,131		2,320
Naspers Ltd. Class N (South Africa)		11,331		1,765
Priceline Group, Inc. (The) (United States)⁽²⁾		3,237		3,727
Starbucks Corp. (United States)		21,800		1,169
TJX Cos., Inc. (United States)		34,313		2,271

				12,901

Consumer Staples—28.0%
Altria Group, Inc. (United States)		110,007		5,380
British American Tobacco plc (United Kingdom)		130,074		6,979
Coca-Cola Co. (The) (United States)		32,751		1,285
Diageo plc (United Kingdom)		47,048		1,361
Hershey Co. (The) (United States)		17,916		1,591
ITC Ltd. (India)		526,683		2,607
Nestle S.A. Registered Shares (Switzerland)		61,294		4,425
Philip Morris International, Inc. (United States)		63,174		5,065
Reckitt Benckiser Group plc (United Kingdom)		47,290		4,078
Reynolds American, Inc. (United States)		23,528		1,757
SABMiller plc (United Kingdom)		27,761		1,441
Unilever N.V. CVA (Netherlands)		90,510		3,769

				39,738

Energy—1.6%
Enbridge, Inc. (Canada)		46,729		2,185

Financials—20.8%
American Tower Corp. REIT (United States)		29,293		2,733
Berkshire Hathaway, Inc. Class B (United States)⁽²⁾		22,477		3,059
Charles Schwab Corp. (The) (United States)		44,400		1,450
CME Group, Inc. (United States)		14,364		1,337
Housing Development Finance Corp. (India)		290,368		5,911
Housing Development Finance Corp. Bank Ltd. (India)		275,925		4,624
Housing Development Finance Corp. Bank Ltd. ADR (India)		5,596		339
JPMorgan Chase & Co. (United States)		37,009		2,508
UBS Group AG (Switzerland)		78,700		1,669
Wells Fargo & Co. (United States)		104,427		5,873

				29,503


	SHARES		VALUE
Health Care—15.8%
Abbott Laboratories (United States)		45,761	$	2,246
Biogen, Inc. (United States)⁽²⁾		5,140		2,076
Bristol-Myers Squibb Co. (United States)		51,198		3,407
Celgene Corp. (United States)⁽²⁾		29,018		3,358
Medtronic plc (United States)		17,957		1,331
Novo Nordisk A/S Class B (Denmark)		45,268		2,466
Regeneron Pharmaceuticals, Inc. (United States)⁽²⁾		1,600		816
Roche Holding AG (Switzerland)		18,463		5,174
Zoetis, Inc. (United States)		32,664		1,575

				22,449

Information Technology—20.0%
Alibaba Group Holding Ltd. ADR (Cayman Islands)⁽²⁾		16,864		1,387
Apple, Inc. (United States)		38,863		4,874
Baidu, Inc. Sponsored ADR (China)⁽²⁾		10,028		1,996
Cielo S.A. (Brazil)		112,111		1,585
Cognizant Technology Solutions Corp. Class A (United States)⁽²⁾		37,591		2,297
Facebook, Inc. Class A (United States)⁽²⁾		9,174		787
Google, Inc. Class C (United States)⁽²⁾		2,573		1,339
MasterCard, Inc. Class A (United States)		81,330		7,603
Tencent Holdings Ltd. (Cayman Islands)		84,876		1,694
Visa, Inc. Class A (United States)		71,360		4,792

				28,354

Materials—1.5%
Martin Marietta Materials, Inc. (United States)		15,073		2,133

TOTAL COMMON STOCKS (Identified Cost $104,115)				137,263

TOTAL LONG TERM INVESTMENTS—96.8% (Identified Cost $104,115)				137,263

SHORT-TERM INVESTMENTS—2.4%
Money Market Mutual Fund—2.4%
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.140%)		3,378,135		3,378

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $3,378)				3,378


TOTAL INVESTMENTS—99.2% (Identified Cost $107,493)		140,641	⁽¹⁾

Other assets and liabilities, net—0.8%		1,155

NET ASSETS—100.0%	$	141,796

Abbreviations:

ADR	American Depositary Receipt

REIT	Real Estate Investment Trust

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at June 30, 2015, see Note 10 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 June 30, 2015 (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 June 30, 2015.


	SHARES		VALUE
COMMON STOCKS—99.1%
Australia—5.0%
Dexus Property Group		135,839	$	765
GPT Group (The)		123,300		407
GPT Group (The) - In Specie^(2)(3)(4)		13,566		—
Scentre Group		487,789		1,412
Westfield Corp.		208,950		1,470

				4,054

Canada—3.7%
Allied Properties Real Estate Investment Trust		33,435		949
Canadian Real Estate Investment Trust		17,275		587
First Capital Realty, Inc.		34,680		497
RioCan Real Estate Investment Trust		46,062		987

				3,020

Finland—1.0%
Citycon OYJ		212,022		530
Citycon OYJ Interim Shares⁽²⁾⁽⁴⁾		106,011		265

				795

France—2.6%
Fonciere Des Regions		3,654		311
Klepierre		26,320		1,158
Mercialys SA		27,000		602

				2,071

Germany—2.6%
Deutsche Annington Immobilien SE		47,749		1,347
LEG Immobilien AG		11,254		782

				2,129

Hong Kong—2.6%
Hysan Development Co. Ltd.		104,000		451
Link REIT (The)		273,504		1,602

				2,053

Italy—0.2%
Beni Stabili SpA		213,062		158

Japan—5.8%
GLP J-REIT		681		651
Hulic Co., Ltd.		74,200		658
Industrial & Infrastructure Fund Investment Corp.		133		601
Japan Real Estate Investment Corp.		111		504
Japan Rental Housing Investments, Inc.		422		297
Kenedix Office Investment Corp.		80		401


	SHARES		VALUE
Japan—(continued)
Kenedix Retail Reit Corp.		64	$	152
Nippon Building Fund, Inc.		123		539
Nippon Prologis REIT, Inc.		222		409
Nomura Real Estate Office Fund, Inc.		103		467

				4,679

Mexico—1.2%
PLA Administradora Industrial S de Rl de CV		185,722		363
Prologis Property Mexico SA de CV		367,800		619

				982

Netherlands—3.1%
Unibail-Rodamco SE		9,923		2,508

Norway—0.4%
Entra ASA		23,000		214
Norwegian Property ASA		112,875		140

				354

Singapore—2.7%
CapitaLand Mall Trust		231,450		369
CapitaLand Retail China Trust		524,331		677
Global Logistic Properties Ltd.		587,500		1,104

				2,150

Sweden—0.7%
Castellum AB		40,640		571

United Kingdom—9.5%
Big Yellow Group plc		81,628		818
British Land Co. plc		77,800		970
Derwent London plc		10,110		540
Great Portland Estates plc		27,476		335
Hammerson plc		121,020		1,170
Land Securities Group plc		60,031		1,136
Safestore Holdings plc		168,957		750
SEGRO plc		111,490		711
Unite Group plc (The)		138,500		1,244

				7,674

United States—58.0%
American Campus Communities, Inc.		22,638		853
American Homes 4 Rent Class A		24,000		385
AvalonBay Communities, Inc.		14,065		2,249
Boston Properties, Inc.		11,078		1,341
Brixmor Property Group, Inc.		56,833		1,315


	SHARES		VALUE
United States—(continued)
Camden Property Trust		24,460	$	1,817
Cousins Properties, Inc.		78,700		817
CubeSmart		30,050		696
DCT Industrial Trust, Inc.		51,198		1,610
Douglas Emmett, Inc.		43,619		1,175
Duke Realty Corp.		42,100		782
Equity Lifestyle Properties, Inc.		10,446		549
Equity Residential		37,915		2,660
Essex Property Trust, Inc.		11,254		2,391
Extra Space Storage, Inc.		26,195		1,708
Federal Realty Investment Trust		7,950		1,018
General Growth Properties, Inc.		66,019		1,694
HCP, Inc.		6,329		231
Highwoods Properties, Inc.		23,560		941
Host Hotels & Resorts, Inc.		95,108		1,886
Kilroy Realty Corp.		27,075		1,818
LaSalle Hotel Properties		38,915		1,380
Liberty Property Trust		38,167		1,230
Macerich Co. (The)		1,873		140
Paramount Group, Inc.		30,640		526
Pebblebrook Hotel Trust		32,809		1,407
Prologis, Inc.		60,848		2,257
Public Storage		11,884		2,191
Regency Centers Corp.		17,400		1,026
RLJ Lodging Trust		43,350		1,291
Simon Property Group, Inc.		25,431		4,400
SL Green Realty Corp.		5,286		581
Tanger Factory Outlet Centers		45,750		1,450
Ventas, Inc.		16,472		1,023
WP GLIMCHER, Inc.		7,315		99

				46,937

TOTAL COMMON STOCKS (Identified Cost $74,698)				80,135

TOTAL LONG TERM INVESTMENTS—99.1% (Identified Cost $74,698)				80,135

SHORT-TERM INVESTMENTS—0.7%
Money Market Mutual Fund—0.7%
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.140%)		593,993		594

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $594)				594


TOTAL INVESTMENTS—99.8% (Identified Cost $75,292)		80,729	⁽¹⁾
Other assets and liabilities, net—0.2%		167

NET ASSETS—100.0%	$	80,896

Abbreviation:

REIT	Real Estate Investment Trust

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at June 30, 2015, 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.

The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2015 (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 June 30, 2015.


	SHARES		VALUE
COMMON STOCKS—99.0%
Consumer Discretionary—16.9%
Barrat Developments plc (United Kingdom)		29,958	$	289
Compagnie Financiere Richemont SA Registered Shares (Switzerland)		4,487		365
Domino’s Pizza Group plc (United Kingdom)		21,494		262
Hermes International SA (France)		1,596		595
Naspers Ltd. Class N (South Africa)		1,943		303
Paddy Power plc (Ireland)		4,298		368
Persimmon plc (United Kingdom)		11,197		348
Priceline Group, Inc. (The) (United States)⁽²⁾		591		681
William Hill plc (United Kingdom)		45,679		289

				3,500

Consumer Staples—39.3%
Anheuser-Busch InBev N.V. (Belgium)		5,763		691
British American Tobacco plc (United Kingdom)		24,508		1,315
Chocoladefabrike Lindt & Spruengli AG (Switzerland)		43		227
Diageo plc (United Kingdom)		9,260		268
Imperial Tobacco Group plc (United Kingdom)		13,267		639
L’Oreal SA (France)		2,101		375
Nestle S.A. Registered Shares (Switzerland)		13,260		957
Pernod-Ricard SA (France)		3,046		352
Philip Morris International, Inc. (United States)		12,020		964
Reckitt Benckiser Group plc (United Kingdom)		11,855		1,022
SABMiller plc (United Kingdom)		11,032		573
Unilever N.V. CVA (Netherlands)		18,115		754

				8,137

Financials—10.5%
Banco Bilbao Vizcaya Argentaria S.A. (Spain)		62,120		609
Lloyds Banking Group plc (United Kingdom)		256,886		344
Reinet Investments SCA (Luxembourg)		8,716		181
Svenska Handelsbanken AB Class A (Sweden)		12,577		184
UBS Group AG (Switzerland)		40,425		857

				2,175

Health Care—18.6%
Bayer AG Registered Shares (Germany)		2,023		283
Coloplast A/S Class B (Denmark)		2,773		182
Essilor International SA (France)		4,302		513
Fresenius Medical Care AG & Co. KGaA (Germany)		4,089		338
Grifols SA (Spain)		10,158		409


	SHARES		VALUE
Health Care—(continued)
Novo Nordisk A/S Class B (Denmark)		11,901	$	648
Novozymes A/S Class B (Denmark)		4,583		218
Roche Holding AG (Switzerland)		4,513		1,265

				3,856

Industrials—6.3%
Bureau Veritas SA (France)		18,821		434
DKSH Holding AG (Switzerland)		3,616		262
Geberit AG (Switzerland)		550		183
SGS SA Registered Shares (Switzerland)		136		248
Zardoya Otis S.A. (Spain)⁽²⁾⁽³⁾		628		7
Zardoya Otis S.A. (Spain)		15,711		171

				1,305

Materials—6.3%
Air Liquide SA (France)		5,051		639
HeidelbergCement AG (Germany)		2,315		184
Randgold Resources Ltd. (Jersey)		1,698		114
Randgold Resources Ltd. ADR (Jersey)		1,763		118
Sika AG (Switzerland)		69		243

				1,298

Retail REIT—1.1%
Unibail-Rodamco SE (Netherlands)		874		221

TOTAL COMMON STOCKS (Identified Cost $17,804)				20,492

TOTAL LONG TERM INVESTMENTS—99.0% (Identified Cost $17,804)				20,492

SHORT-TERM INVESTMENTS—2.4%
Money Market Mutual Fund—2.4%
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.140%)		486,991		487

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $487)				487

TOTAL INVESTMENTS—101.4% (Identified Cost $18,291)				20,979	⁽¹⁾
Other assets and liabilities, net—(1.4)%				(280	)

NET ASSETS—100.0%			$	20,699

Abbreviations:

ADR	American Depositary Receipt

REIT	Real Estate Investment Trust

The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2015 (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 June 30, 2015.


	SHARES		VALUE
CLOSED END FUNDS—66.3%
Convertible Fund—0.9%
Putnam High Income Securities Fund		48,414	$	377

Equity Funds—35.4%
Adams Express Co.		51,119		714
Adams Natural Resources Fund, Inc.		13,166		294
Alpine Total Dynamic Dividend Fund		86,634		749
ASA Gold and Precious Metals Ltd.		4,500		44
Blackrock Science & Technology Trust		115,377		2,036
Boulder Growth & Income Fund, Inc.		239,381		2,020
Cohen & Steers Infrastructure Fund, Inc.		27,935		587
Cohen & Steers Total Return Realty Fund, Inc.		16,684		203
Cushing MLP Total Return Fund (The)		120,014		442
Eaton Vance Tax-Advantaged Dividend Income Fund		9,652		191
Gabelli Dividend & Income Trust (The)		46,938		977
Gabelli Healthcare & WellnessRx Trust (The)		63,857		718
Gabelli Multimedia Trust, Inc.		44,700		410
General American Investors Co., Inc.		17,749		618
Kayne Anderson Midsteam/Energy Fund, Inc.		39,876		1,178
Liberty All Star Equity Fund		138,547		797
Salient Midstream & MLP Fund		50,385		1,016
Tortoise Energy Independence Fund, Inc.		23,681		435
Tortoise Energy Infrastructure Corp.		29,555		1,091
Tri-Continental Corp.		11,847		251

				14,771

Income Funds—12.8%
First Trust High Income Long/Short Fund		32,500		508
First Trust Mortgage Income Fund		14,700		207
NexPoint Credit Strategies Fund		133,010		975
Nuveen Multi-Market Income Fund, Inc.		14,024		101
Pimco Corporate & Income Strategy Fund		10,911		155
Pimco Dynamic Credit Income Fund		79,900		1,613
Pimco Dynamic Income Fund		52,056		1,521
Pimco Income Strategy Fund		19,000		206
Western Asset/Claymore Inflation-Linked Opportunities & Income Fund		5,000		56

				5,342

International Equity Funds—16.0%
Aberdeen Japan Equity Fund, Inc.		67,648		559
Aberdeen Singapore Fund, Inc.		5,100		56
Alpine Global Dynamic Dividend Fund		57,943		574


	SHARES		VALUE
International Equity Funds—(continued)
Brookfield Global Listed Infrastructure Income Fund, Inc.		7,000	$	116
Clough Global Opportunities Fund		24,477		295
Delaware Enhanced Global Dividend and Income Fund		18,872		204
Japan Smaller Capitalization Fund, Inc.		53,793		581
Korea Fund, Inc. (The)⁽²⁾		6,579		267
Macquarie Global Infrastructure Total Return Fund, Inc.		4,000		93
Morgan Stanley China A Share Fund, Inc.		3,500		119
New Germany Fund, Inc. (The)		26,865		405
RMR Real Estate Income Fund		11,278		209
Taiwan Fund, Inc. (The)		29,640		527
Tekla Healthcare Opportunities Fund		133,153		2,640
Templeton Dragon Fund, Inc.		1,837		46

				6,691

International Income Funds—1.2%
Aberdeen Asia-Pacific Income Fund, Inc.		14,107		70
Diversified Real Asset Income Fund		24,030		421

				491

TOTAL CLOSED END FUNDS (Identified Cost $28,604)				27,672

PREFERRED STOCKS—23.0%
Financials—23.0%
Eagle Point Credit Co, Inc. 7.75%		19,140		482
MVC Capital, Inc. 7.25		83,145		2,071
Oxford Lane Capital Corp. 7.50%		142,952		3,436
Oxford Lane Capital Corp. 8.125%		142,366		3,582

TOTAL PREFERRED STOCKS (Identified Cost $9,667)				9,571

TOTAL LONG TERM INVESTMENTS—89.3% (Identified Cost $38,271)				37,243

SHORT-TERM INVESTMENTS—12.2%
Money Market Mutual Fund—12.2%
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.140%)		5,093,558		5,094

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $5,094)				5,094

The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2015 (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 June 30, 2015.


	PAR VALUE		VALUE
MORTGAGE-BACKED SECURITIES—1.1%
Non-Agency—1.1%
Citigroup Mortgage Loan Trust, Inc. 05-5, 2A3 5.000%, 8/25/35	$	132	$	131
Goldman Sachs Residential Mortgage Loan Trust 05-5F, B1 5.750%, 6/25/35⁽²⁾		275		285
MASTR Reperforming Loan Trust 05-1, 1A5 144A 8.000%, 8/25/34⁽³⁾		243		260
Residential Accredit Loans, Inc. 05-QS1, A5 5.500%, 1/25/35		149		150
Residential Asset Securities Corp. 01-KS2, AI5 7.514%, 6/25/31⁽²⁾		222		228

TOTAL MORTGAGE-BACKED SECURITIES (Identified Cost $1,020)				1,054

ASSET-BACKED SECURITIES—1.8%
Carnow Auto Receivables Trust 14-1A, E 144A 5.530%, 1/15/20⁽³⁾		300		304
Exeter Automobile Receivables Trust 14-3A, D 144A 5.690%, 4/15/21⁽³⁾		300		302
Greater Capital Association of Realtors 15-1A, C 9.790%, 10/15/25		250		250
Home Equity Loan Trust 07-HSA3, AI4 6.110%, 6/25/37⁽²⁾		409		413
Leaf Receivables Funding 10 LLC 15-1, E2 144A 6.000%, 6/15/23⁽³⁾		160		154
LEAF Receivables Funding 9 LLC 13-1, E1 144A 6.000%, 9/15/21⁽³⁾		270		277

TOTAL ASSET-BACKED SECURITIES (Identified Cost $1,686)				1,700

CORPORATE BONDS AND NOTES—89.2%
Consumer Discretionary—21.8%
Argos Merger Sub, Inc. 144A 7.125%, 3/15/23⁽³⁾		810		851
Boyd Gaming Corp.
9.000%, 7/1/20		310		338
6.875%, 5/15/23		265		273
Brookfield Residential Properties, Inc. 144A 6.125%, 7/1/22⁽³⁾		35		35
Caesars Entertainment Operating Co., Inc. 9.000%, 2/15/20⁽¹²⁾		500		410
Caesars Entertainment Resort Properties LLC 8.000%, 10/1/20		360		340


	PAR VALUE		VALUE
Consumer Discretionary—(continued)
Caesars Growth Properties Holdings LLC 144A 9.375%, 5/1/22⁽³⁾	$	260	$	196
Cequel Communications Holdings I LLC 144A 6.375%, 9/15/20⁽³⁾		865		862
Clear Channel Worldwide Holdings, Inc.
Series B 7.625%, 3/15/20		1,880		1,967
Series A 7.625%, 3/15/20		175		181
Columbus International, Inc. 144A 7.375%, 3/30/21⁽³⁾		245		264
CSC Holdings LLC 5.250%, 6/1/24		540		521
Dana Holding Corp. 5.500%, 12/15/24		130		128
DISH DBS Corp. 5.000%, 3/15/23		550		512
DR Horton, Inc. 4.000%, 2/15/20		105		105
Fiat Chrysler Automobiles NV 5.250%, 4/15/23⁽³⁾		250		246
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp. 5.625%, 10/15/21		595		621
iHeartCommunications, Inc.
10.000%, 1/15/18		290		235
9.000%, 3/1/21		650		595
Intelsat Jackson Holdings SA 5.500%, 8/1/23		675		600
International Game Technology plc 144A 5.625%, 2/15/20⁽³⁾		220		216
Isle of Capri Casinos, Inc. 5.875%, 3/15/21		561		579
Landry’s, Inc. 144A 9.375%, 5/1/20⁽³⁾		485		523
Lear Corp. 5.250%, 1/15/25		405		400
Lennar Corp. 4.500%, 11/15/19		215		219
MDC Holdings, Inc. 5.500%, 1/15/24		370		365
Meritor, Inc. 6.750%, 6/15/21		600		617
MGM Resorts International 6.750%, 10/1/20		745		791
Mohegan Tribal Gaming Authority 9.750%, 9/1/21		225		237
MPG Holdco I, Inc. 7.375%, 10/15/22		245		262
Numericable Group SA
144A 6.000%, 5/15/22⁽³⁾		465		460
144A 6.250%, 5/15/24⁽³⁾		200		197
Omega US Sub LLC 144A 8.750%, 7/15/23⁽³⁾		755		757
Penn National Gaming, Inc. 5.875%, 11/1/21		490		496
Pinnacle Entertainment, Inc. 6.375%, 8/1/21		335		357
Playa Resorts Holding B.V. 144A 8.000%, 8/15/20⁽³⁾		200		208
RCN Telecom Services LLC (RCN Capital Corp.) 144A 8.500%, 8/15/20⁽³⁾		670		704
RSI Home Products, Inc. 144A 6.500%, 3/15/23⁽³⁾		255		258


	PAR VALUE			VALUE
Consumer Discretionary—(continued)
Schaeffler Finance B.V. 144A 4.750%, 5/15/23⁽³⁾	$	200		$	196
Scientific Games International, Inc.
6.625%, 5/15/21		270			211
144A 7.000%, 1/1/22⁽³⁾		415			431
Standard Pacific Corp. 6.250%, 12/15/21		120			128
Standard Pacific Corp. 5.875%, 11/15/24		175			181
Taylor Morrison Communities, Inc. (Monarch Communities, Inc.) 144A 5.250%, 4/15/21⁽³⁾		210			208
TRI Pointe Holdings, Inc. 5.875%, 6/15/24		520			512
United Artists Theatre Circuit, Inc.
Series 95-A 9.300%, 7/1/15⁽⁵⁾⁽⁶⁾		29			29
Series BD-1 9.300%, 7/1/15⁽⁵⁾⁽⁶⁾		33			33
Series AW-0 9.300%, 7/1/15⁽⁵⁾⁽⁶⁾		—	⁽¹⁶⁾		—	⁽¹⁶⁾
Series BE-9 9.300%, 7/1/15⁽⁵⁾⁽⁶⁾		1			1
Univision Communications, Inc. 144A 5.125%, 5/15/23⁽³⁾		545			531
Viking Cruises Ltd. 144A 8.500%, 10/15/22⁽³⁾		260			290
VTR Finance B.V. 144A 6.875%, 1/15/24⁽³⁾		450			461
WMG Acquisition Corp.
144A 5.625%, 4/15/22⁽³⁾		250			251
144A 6.750%, 4/15/22⁽³⁾		250			239

					20,628

Consumer Staples—3.9%
Dole Food Co., Inc. 144A 7.250%, 5/1/19⁽³⁾		275			278
Ingles Markets, Inc. 5.750%, 6/15/23		550			562
Pilgrim’s Pride Corp. 144A 5.750%, 3/15/25⁽³⁾		105			106
Post Holdings, Inc. 144A 6.000%, 12/15/22⁽³⁾		335			324
Rite Aid Corp.
6.750%, 6/15/21		540			568
144A 6.125%, 4/1/23⁽³⁾		65			67
Roundy’s Supermarkets, Inc. 144A 10.250%, 12/15/20⁽³⁾		250			214
Spectrum Brands, Inc. 6.375%, 11/15/20		520			552
SUPERVALU, Inc. 6.750%, 6/1/21		300			305
Tops Holding LLC (Tops Markets II Corp.) 144A 8.000%, 6/15/22⁽³⁾		310			312
Vector Group Ltd. 7.750%, 2/15/21		400			430

					3,718

Energy—9.8%
Antero Resources Corp. 144A 5.625%, 6/1/23⁽³⁾		320			311


	PAR VALUE		VALUE
Energy—(continued)
Blue Racer Midstream LLC / Blue Racer Finance Corp. 144A 6.125%, 11/15/22⁽³⁾	$	305	$	316
California Resources Corp. 5.000%, 1/15/20		140		124
Carrizo Oil & Gas, Inc. 7.500%, 9/15/20		280		296
Chesapeake Energy Corp. 6.625%, 8/15/20		345		338
CONSOL Energy, Inc. 5.875%, 4/15/22		260		222
Crestwood Midstream Partners LP (Crestwood Midstream Finance Corp.) 144A 6.250%, 4/1/23⁽³⁾		295		307
Denbury Resources, Inc. 5.500%, 5/1/22		180		161
Energy Transfer Partners LP 5.875%, 1/15/24		465		484
EnQuest plc 144A 7.000%, 4/15/22⁽³⁾		250		199
Ensco PLC 5.200%, 3/15/25		40		39
EP Energy LLC (Everest Acquisition Finance, Inc.)
9.375%, 5/1/20		215		231
144A 6.375%, 6/15/23⁽³⁾		530		533
Exterran Partners LP (EXLP Finance Corp.) 6.000%, 10/1/22		355		339
FTS International, Inc.
144A 7.783%, 6/15/20⁽²⁾⁽³⁾		230		229
6.250%, 5/1/22		190		141
Gulfport Energy, Corp. 7.750%, 11/1/20		305		321
Halcon Resources Corp.
144A 8.625%, 2/1/20⁽³⁾		160		159
8.875%, 5/15/21		300		199
Helmerich & Payne International Drilling Co. 144A 4.650%, 3/15/25⁽³⁾		170		175
Laredo Petroleum, Inc. 6.250%, 3/15/23		85		87
Linn Energy LLC (Linn Energy Finance Corp.) 7.750%, 2/1/21		245		192
MarkWest Energy Partners LP (MarkWest Energy Finance Corp.) 4.875%, 12/1/24		300		295
MEG Energy Corp. 144A 7.000%, 3/31/24⁽³⁾		250		241
Newfield Exploration Co. 5.375%, 1/1/26		435		431
NGL Energy Partners LP (NGL Energy Finance Corp.) 5.125%, 7/15/19		245		246
Pacific Rubiales Energy Corp. 144A 5.375%, 1/26/19⁽³⁾		220		181
Parker Drilling Co. (The) 7.500%, 8/1/20		275		252
Regency Energy Partners LP 5.875%, 3/1/22		535		569
Sabine Oil & Gas Corp. 7.250%, 6/15/19⁽¹²⁾		329		74
Sabine Pass Liquefaction LLC 5.625%, 2/1/21		480		492
SM Energy Co. 144A 6.125%, 11/15/22⁽³⁾		265		274


	PAR VALUE			VALUE
Energy—(continued)
Sunoco LP (Sunoco Finance Corp.) 144A 6.375%, 4/1/23⁽³⁾	$	425		$	444
Whiting Petroleum Corp. 144A 6.250%, 4/1/23⁽³⁾		325			324

					9,226

Financials—11.2%
Aircastle Ltd. 5.125%, 3/15/21		625			633
Ally Financial, Inc.
3.250%, 2/13/18		95			95
3.600%, 5/21/18		65			65
4.125%, 3/30/20		185			185
4.125%, 2/13/22		130			125
4.625%, 3/30/25		160			153
CTR Partnership LP (Caretrust Capital Corp.) 5.875%, 6/1/21		340			348
CyrusOne LP (CyrusOne Finance Corp.) 144A 6.375%, 11/15/22⁽³⁾		400			415
Drawbridge Special Opportunities Fund LP 144A 5.000%, 8/1/21⁽³⁾		585			585
DuPont Fabros Technology LP 5.875%, 9/15/21		405			412
ESH Hospitality, Inc. 144A 5.250%, 5/1/25⁽³⁾		260			254
First Cash Financial Services, Inc. 6.750%, 4/1/21		280			296
General Motors Financial Co., Inc. 3.450%, 4/10/22		125			122
Genworth Holdings, Inc. 4.900%, 8/15/23		405			360
GLP Capital LP (GLP Financing II, Inc.)
4.875%, 11/1/20		385			392
5.375%, 11/1/23		5			5
Hertz Corp. (The) 6.250%, 10/15/22		410			418
ICAHN Enterprises LP (ICAHN Enterprises Finance Corp.) 5.875%, 2/1/22		335			341
ING Groep NV 6.000% ^(2)(9)(10)		200	⁽¹¹⁾		198
iStar Financial, Inc. 5.000%, 7/1/19		865			856
JPMorgan Chase & Co. Series Z, 5.300% ^(2)(9)(10)		60	⁽¹¹⁾		60
Landry’s Holdings II, Inc. 144A 10.250%, 1/1/18⁽³⁾		175			182
Nationstar Mortgage LLC 6.500%, 7/1/21		290			271
Navient LLC
4.875%, 6/17/19		75			74
5.500%, 1/25/23		240			228
RHP Hotel Properties LP (RHP Finance Corp.) 144A 5.000%, 4/15/23⁽³⁾		45			44
Springleaf Finance Corp. 5.250%, 12/15/19		1,120			1,109
Sprint Capital Corp. 6.900%, 5/1/19		360			368


	PAR VALUE		VALUE
Financials—(continued)
Ukreximbank Via Biz Finance plc RegS 8.375%, 7/27/15⁽⁴⁾⁽⁷⁾	$	100	$	78
UPCB Finance Ltd. Series V 144A 7.250%, 11/15/21⁽³⁾		441		479
Voya Financial, Inc. 5.650%, 5/15/53⁽²⁾		770		789
Walter Investment Management Corp. 7.875%, 12/15/21		410		382
York Risk Services Holding Corp. 144A 8.500%, 10/1/22⁽³⁾		295		261

				10,583

Health Care—12.4%
Acadia Healthcare Co., Inc. 5.125%, 7/1/22		145		144
Alere, Inc.
6.500%, 6/15/20		415		432
144A 6.375%, 7/1/23⁽³⁾		115		117
Capsugel SA PIK Interest Capitalization, 7.00% interest, 0.75% capitalization 144A, 5/15/19^(3)(17)		310		316
Community Health Systems, Inc.
5.125%, 8/1/21		345		352
6.875%, 2/1/22		145		154
Concordia Healthcare Corp. 144A 7.000%, 4/15/23⁽³⁾		520		521
Crimson Merger Sub, Inc. 144A 6.625%, 5/15/22⁽³⁾		265		235
DaVita Healthcare Partners, Inc.
5.125%, 7/15/24		310		305
5.000%, 5/1/25		125		121
DJO Finco, Inc. (DJO Finance LLC / DJO Finance Corp.) 144A 8.125%, 6/15/21⁽³⁾		210		217
Endo Finance LLC (Endo Finco, Inc.) 144A 5.375%, 1/15/23⁽³⁾		300		297
Envision Healthcare Corp. 144A 5.125%, 7/1/22⁽³⁾		335		338
HCA, Inc.
6.500%, 2/15/20		485		542
5.375%, 2/1/25		1,175		1,190
Hologic, Inc. 144A 5.250%, 7/15/22⁽³⁾		55		56
inVentiv Health, Inc. 144A 9.000%, 1/15/18⁽³⁾		130		136
JLL Delta Dutch Pledgeco BV PIK Interest Capitalization, 8.75% interest, 0.75% capitalization 144A, 5/1/20^(3)(13)		245		249
Mallinckrodt International Finance S.A.
144A 4.875%, 4/15/20⁽³⁾		10		10


	PAR VALUE		VALUE
Health Care—(continued)
144A 5.750%, 8/1/22⁽³⁾	$	105	$	107
144A 5.500%, 4/15/25⁽³⁾		20		19
MPH Acquisition Holdings LLC 144A 6.625%, 4/1/22⁽³⁾		200		205
Par Pharmaceutical Cos., Inc. 7.375%, 10/15/20		350		374
Pinnacle Merger Sub, Inc. 144A 9.500%, 10/1/23⁽³⁾		225		253
Quintiles Transnational Corp. 144A 4.875%, 5/15/23⁽³⁾		350		353
Select Medical Corp. 6.375%, 6/1/21		400		406
Sterigenics-Nordion Holdings LLC 144A 6.500%, 5/15/23⁽³⁾		370		373
Surgical Care Affiliates, Inc. 144A 6.000%, 4/1/23⁽³⁾		462		464
Tenet Healthcare Corp.
6.000%, 10/1/20		420		449
4.500%, 4/1/21		310		308
8.125%, 4/1/22		870		955
Valeant Pharmaceuticals International, Inc.
144A 6.750%, 8/15/18⁽³⁾		155		163
144A 5.375%, 3/15/20⁽³⁾		900		931
144A 7.250%, 7/15/22⁽³⁾		300		320
144A 5.875%, 5/15/23⁽³⁾		105		108
144A 6.125%, 4/15/25⁽³⁾		170		176

				11,696

Industrials—7.8%
ADS Waste Holdings, Inc. 8.250%, 10/1/20		335		348
ADT Corp. (The) 6.250%, 10/15/21		845		891
Ahern Rentals, Inc. 144A 7.375%, 5/15/23⁽³⁾		310		308
American Airlines Group, Inc. 144A 4.625%, 3/1/20⁽³⁾		160		155
Berry Plastics Corp. 5.125%, 7/15/23		480		469
Bombardier, Inc. 144A 6.125%, 1/15/23⁽³⁾		570		509
Builders FirstSource, Inc. 144A 7.625%, 6/1/21⁽³⁾		330		343
Building Materials Corp. of America 144A 5.375%, 11/15/24⁽³⁾		360		355
CEB, Inc. 144A 5.625%, 6/15/23⁽³⁾		170		171
Dycom Investments, Inc. 7.125%, 1/15/21		335		352
Garda World Security Corp. 144A 7.250%, 11/15/21⁽³⁾		410		396
Harland Clarke Holdings Corp.
144A 6.875%, 3/1/20⁽³⁾		175		169
144A 9.250%, 3/1/21⁽³⁾		350		313


	PAR VALUE		VALUE
Industrials—(continued)
HD Supply, Inc. 144A 5.250%, 12/15/21⁽³⁾	$	470	$	478
JBS Investments GmbH 144A 7.250%, 4/3/24⁽³⁾		200		208
NCI Building Systems, Inc. 144A 8.250%, 1/15/23⁽³⁾		290		310
Oshkosh Corp 5.375%, 3/1/25		195		196
TransDigm, Inc.
6.000%, 7/15/22		380		377
144A 6.500%, 5/15/25⁽³⁾		230		229
U.S. Airways Pass-Through-Trust 12-2, C 5.450%, 6/3/18		205		209
United Rentals North America, Inc. 5.500%, 7/15/25		620		601

				7,387

Information Technology—3.2%
Blue Coat Holdings, Inc. 144A 8.375%, 6/1/23⁽³⁾		195		199
First Data Corp. 11.750%, 8/15/21		1,145		1,291
Flextronics International Ltd. 144A 4.750%, 6/15/25⁽³⁾		85		84
Infinity Acquisition LLC (Infinity Acquisition Finance Corp.) 144A 7.250%, 8/1/22⁽³⁾		220		208
Interactive Data Corp. 144A 5.875%, 4/15/19⁽³⁾		340		343
NXP BV (NXP Funding LLC) 144A 4.125%, 6/15/20⁽³⁾		300		303
Project Homestake Merger Corp. 144A 8.875%, 3/1/23⁽³⁾		215		209
SunGard Data Systems, Inc. 6.625%, 11/1/19		400		415

				3,052

Materials—8.2%
ArcelorMittal
5.125%, 6/1/20		60		61
6.125%, 6/1/25		205		205
Ardagh Packaging Finance plc
144A 6.250%, 1/31/19⁽³⁾		495		506
144A 9.125%, 10/15/20⁽³⁾		275		290
144A 6.750%, 1/31/21⁽³⁾		295		303
Beverage Packaging Holdings Luxembourg II SA 144A 6.000%, 6/15/17⁽³⁾		290		291
Cascades, Inc.
144A 5.500%, 7/15/22⁽³⁾		940		913
144A 5.750%, 7/15/23⁽³⁾		270		262
Cemex SAB de CV 144A 7.250%, 1/15/21⁽³⁾		445		471


	PAR VALUE		VALUE
Materials—(continued)
Eldorado Gold Corp. 144A 6.125%, 12/15/20⁽³⁾	$	190	$	189
Fortescue Metals Group (FMG) 144A 8.250%, 11/1/19⁽³⁾		360		305
Fortescue Metals Group (FMG) Resources August 2006 Pty Ltd. 144A 9.750%, 3/1/22⁽³⁾		110		114
Hexion U.S. Finance Corp. 6.625%, 4/15/20		295		272
INEOS Group Holdings SA
144A 6.125%, 8/15/18⁽³⁾		235		241
144A 5.875%, 2/15/19⁽³⁾		655		661
Mercer International, Inc. 7.000%, 12/1/19		175		184
Reynolds Group Issuer, Inc. 8.250%, 2/15/21		890		928
Sappi Papier Holding GmbH 144A 6.625%, 4/15/21⁽³⁾		500		521
Sealed Air Corp. 144A 4.875%, 12/1/22⁽³⁾		305		301
Tronox Finance LLC 6.375%, 8/15/20		360		336
United States Steel Corp. 6.875%, 4/1/21		205		206
Vedanta Resources plc 144A 9.500%, 7/18/18⁽³⁾		200		214

				7,774

Telecommunication Services—8.2%
Altice Financing SA 144A 6.625%, 2/15/23⁽³⁾		480		478
Altice SA 144A 7.625%, 2/15/25⁽³⁾		480		452
Altice US Finance II Corp. 144A 7.750%, 7/15/25⁽³⁾		200		195
CCO Holdings LLC (CCO Holdings Capital Corp.) 6.500%, 4/30/21		565		592
144A 5.125%, 5/1/23⁽³⁾		215		210
CenturyLink, Inc. Series V 5.625%, 4/1/20		440		450
Digicel Group Ltd. 144A 8.250%, 9/30/20⁽³⁾		310		312
Frontier Communications Corp.
8.500%, 4/15/20		460		482
6.250%, 9/15/21		365		334
Level 3 Financing, Inc.
7.000%, 6/1/20		270		287
6.125%, 1/15/21		335		352
Millicom International Cellular SA 144A 6.625%, 10/15/21⁽³⁾		505		521
Sprint Capital Corp. 6.875%, 11/15/28		355		305
Sprint Communications, Inc. 6.000%, 11/15/22		230		211
Sprint Corp. 7.875%, 9/15/23		360		352
T-Mobile USA, Inc.
6.625%, 11/15/20		420		438
6.125%, 1/15/22		310		321
6.836%, 4/28/23		285		300


	PAR VALUE		VALUE
Telecommunication Services—(continued)
6.500%, 1/15/24	$	315	$	326
UPCB Finance IV Ltd. 144A 5.375%, 1/15/25⁽³⁾		200		192
West Corp. 144A 5.375%, 7/15/22⁽³⁾		315		296
Windstream Corp. 7.750%, 10/1/21		340		313

				7,719

Utilities—2.7%
Abengoa Yield plc 144A 7.000%, 11/15/19⁽³⁾		230		238
AES Corp. 5.500%, 4/15/25		250		239
AmeriGas Partners LP 7.000%, 5/20/22		375		399
Calpine Corp.
144A 6.000%, 1/15/22⁽³⁾		45		48
5.375%, 1/15/23		418		413
Dynegy, Inc.
144A 7.375%, 11/1/22⁽³⁾		170		179
144A 7.625%, 11/1/24⁽³⁾		95		101
Talen Energy Supply LLC 144A 5.125%, 7/15/19⁽³⁾		375		369
TerraForm Power Operating LLC 144A 5.875%, 2/1/23⁽³⁾		285		291
Texas Competitive Electric Holdings Co. LLC 144A 11.500%, 10/1/20^(3)(14)		500		306

				2,583

TOTAL CORPORATE BONDS AND NOTES (Identified Cost $85,423)				84,366

LOAN AGREEMENTS⁽²⁾—9.2%
Consumer Discretionary—1.9%
Brickman Group Ltd. LLC (The) First Lien, 7.500%, 12/17/21		248		249
Caesars Entertainment Operating Co., Inc. Tranche B-7, 1.500%, 1/28/18⁽¹²⁾		165		144
CBAC Borrower LLC Tranche B, 8.250%, 7/2/20		142		132
Cirque Du Soleil 0.000%, 6/24/22⁽⁸⁾		139		139
Mohegan Tribal Gaming Authority Tranche B, 5.500%, 11/19/19		114		114
Peppermill Casinos, Inc. Tranche B, 7.250%, 11/9/18		411		413
Transtar Holding Co. Second Lien, 10.000%, 10/9/19		200		196
TWCC Holding Corp. Second Lien, 7.000%, 6/26/20		332		311


	PAR VALUE		VALUE
Consumer Discretionary—(continued)
U.S. Farathane Corp. 6.750%, 12/23/21	$	151	$	153

				1,851

Consumer Staples—0.4%
Albertson’s LLC Tranche B-4, 5.500%, 8/25/21		36		36
Crossmark Holdings, Inc. Second Lien, 8.750%, 12/21/20		190		156
New Hostess Brand Acquisition LLC Tranche B, 6.750%, 4/9/20		180		183

				375

Energy—1.2%
Arch Coal, Inc. 6.250%, 5/16/18		173		119
Chief Exploration & Development LLC Second Lien, 7.500%, 5/16/21		183		173
Drillships Ocean Ventures, Inc. 5.500%, 7/25/21		136		116
Fieldwood Energy LLC Second Lien, 0.000%, 9/30/20⁽⁸⁾		285		220
Jonah Energy LLC Second Lien, 7.500%, 5/12/21		159		152
Sabine Oil & Gas LLC Second Lien, 8.750%, 12/31/18		285		101
Templar Energy LLC Second Lien, 8.500%, 11/25/20		355		262

				1,143

Health Care—1.9%
21st Century Oncology, Inc. Tranche B 6.500%, 4/30/22		261		258
American Renal Holdings, Inc. Second Lien, 0.000%, 3/20/20⁽⁸⁾		292		292
Ardent Medical Services, Inc.
First Lien, 6.750%, 7/2/18		151		152
Second Lien, 11.000%, 1/2/19		171		172
InVentiv Health, Inc. Tranche B-4, 7.750%, 5/15/18		159		160
MMM Holdings, Inc. 9.750%, 12/12/17		82		68
MSO of Puerto Rico, Inc. 9.750%, 12/12/17		60		49
NVA Holdings, Inc.
First Lien, 4.750%, 8/14/21		16		16
Second Lien 8.000%, 8/14/22		195		196
Regional Care, Inc. (RCHP, Inc.) First Lien, 5.250%, 4/23/19		275		275
Surgery Center Holdings, Inc.
First Lien, 5.250%, 11/3/20		32		32


	PAR VALUE			VALUE
Health Care—(continued)
Second Lien, 8.500%, 11/3/21	$	103		$	103

					1,773

Industrials—0.9%
Alliance Laundry Systems LLC Second Lien, 9.500%, 12/10/19		59			59
Filtration Group Corp. Second Lien, 8.250%, 11/22/21		81			81
Landmark U.S. Member LLC (Landmark U.S. Corp Acquisition, Inc.) Second Lien 8.250%, 1/25/21		295			294
Sedgwick Claims Management Services, Inc. Second Lien, 0.000%, 2/28/22⁽⁸⁾		390			384

					818

Information Technology—2.5%
Allflex Holdings III, Inc. Second Lien, 8.000%, 7/19/21		193			195
Applied Systems, Inc. Second Lien, 7.500%, 1/24/22		428			430
Deltek, Inc.
First Lien 0.000%, 6/25/22⁽⁸⁾		6			6
Second Lien 0.000%, 6/23/23⁽⁸⁾		181			182
Evergreen Skills Lux S.A.R.L. Second Lien, 9.250%, 4/28/22		152			143
Kronos, Inc. Second Lien, 9.750%, 4/30/20		510			527
Mitchell International, Inc. Second Lien, 8.500%, 10/11/21		585			586
Presidio, Inc. Refinancing Term 5.250%, 2/2/22		217			218
Riverbed Technologies, Inc. 6.000%, 4/24/22		128			129

					2,416

Materials—0.4%
Houghton International, Inc. Holding Corp. Second Lien, 9.500%, 12/21/20		370			371

TOTAL LOAN AGREEMENTS (Identified Cost $9,254)					8,747


	SHARES			VALUE
PREFERRED STOCKS—1.0%
Financials—1.0%
Ally Financial, Inc. Series A, 8.500%		11,530			305
Goldman Sachs Group, Inc. (The) Series L, 5.700%⁽²⁾		215	⁽¹¹⁾		216


	SHARES			VALUE
Financials—(continued)
JPMorgan Chase & Co. Series V, 5.000%⁽²⁾		295	⁽¹¹⁾	$	289
SunTrust Bank, Inc. 5.625%⁽²⁾		95	⁽¹¹⁾		95

TOTAL PREFERRED STOCKS (Identified Cost $915)					905

AFFILIATED MUTUAL FUND—1.1%
Virtus Credit Opportunities Fund		105,000			1,047

TOTAL AFFILIATED MUTUAL FUND (Identified Cost $1,050)					1,047

TOTAL LONG TERM INVESTMENTS—103.4% (Identified Cost $99,348)					97,819	⁽¹⁵⁾

SHORT-TERM INVESTMENTS—1.6%
Money Market Mutual Fund—1.6%
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.140%)		1,523,074			1,523

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $1,523)					1,523

TOTAL INVESTMENTS—105.0% (Identified Cost $100,871)					99,342	⁽¹⁾
Other assets and liabilities, net—(5.0)%					(4,755	)

NET ASSETS—100.0%				$	94,587

Abbreviation:


PIK		Payment-in-Kind Security

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at June 30, 2015, 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 June 30, 2015.

⁽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 June 30, 2015, these securities amounted to a value of $37,919 or 40.1% 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 June 30, 2015, 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⁾	No contractual maturity date.

⁽¹⁰⁾	Interest payments may be deferred.

The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2015 (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 June 30, 2015.

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—91.3%
Consumer Discretionary—17.0%
Bridgestone Corp. (Japan)		6,700	$	248
Fuji Heavy Industries Ltd. (Japan)		7,950		293
Panasonic Corp. (Japan)		18,810		259
Sony Corp. Sponsored ADR (Japan)⁽²⁾		8,500		241
Toyota Motor Corp. Sponsored ADR (Japan)		1,920		257
WPP PLC (United Kingdom)		11,220		251

				1,549

Consumer Staples—2.6%
Marine Harvest ASA Sponsored ADR (Norway)⁽⁴⁾		20,540		235

Energy—5.2%
Cameco Corp. (Canada)		17,030		243
Encana Corp. (Canada)		21,130		233

				476

Financials—31.6%
Aegon NV American Registered Shares (Netherlands)		34,640		256
Aviva plc (United Kingdom)		32,082		248
Caixabank SA (Spain)		52,210		242
CK Hutchison Holdings Ltd. (Hong Kong)		20,102		295
Credit Agricole SA (France)		17,377		259
ICICI Bank Ltd. Sponsored ADR (India)		25,600		267
ING Groep N.V. Sponsored ADR (Netherlands)		16,220		269
Intesa Sanpaolo SpA (Italy)		72,243		262
Mitsubishi Estate Co. (Japan)		12,180		262
ORIX Corp. (Japan)		17,200		256
Societe Generale SA (France)		5,410		253

				2,869

Health Care—11.5%
Allergan plc (Ireland)⁽²⁾		900		273
Novartis AG Sponsored ADR (Switzerland)		2,380		234
Shire plc ADR (United Kingdom)		1,030		249
Valeant Pharmaceuticals International, Inc. (Canada)⁽²⁾		1,300		289

				1,045

Industrials—3.3%
Nidec Corp. (Japan)		4,020		301

Information Technology—5.3%
NXP Semiconductors NV (Netherlands)		2,420		237


	SHARES		VALUE
Information Technology—(continued)
SAP SE Sponsored ADR (Germany)⁽⁴⁾		3,500	$	246

				483

Telecommunication Services—12.0%
KDDI Corp. (Japan)		11,140		269
Nippon Telegraph & Telephone Corp. ADR (Japan)		8,290		301
Spark New Zealand Ltd. (New Zealand)		134,311		254
Vodafone Group plc Sponsored ADR (United Kingdom)		7,280		265

				1,089

Utilities—2.8%
Enersis SA Sponsored ADR (Chile)		15,930		252

TOTAL COMMON STOCKS (Identified Cost $7,562)				8,299

TOTAL LONG TERM INVESTMENTS—91.3% (Identified Cost $7,562)				8,299	⁽³⁾

SHORT-TERM INVESTMENTS—5.0%
Money Market Mutual Fund—5.0%
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.140%)		451,349		451

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $451)				451

SECURITIES LENDING COLLATERAL—3.7%
INVESCO Trust Short-Term Investments Liquid Assets Portfolio (The) Institutional Shares (seven-day effective yield 0.080%)⁽⁵⁾		336,950		337

TOTAL SECURITIES LENDING COLLATERAL (Identified Cost $337)				337

TOTAL INVESTMENTS—100.0% (Identified Cost $8,350)				9,087	⁽¹⁾
Other assets and liabilities, net—0.0%				(4	)

NET ASSETS—100.0%			$	9,083

Abbreviation:


ADR		American Depositary Receipt

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at June 30, 2015, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Non-income producing.

⁽³⁾	All or a portion segregated as collateral for forward currency contracts.

At June 30, 2015, the Fund had entered into forward currency contracts as follows (reported in 000’s):

The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2015 (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 June 30, 2015.


	SHARES		VALUE
COMMON STOCKS—98.4%
Australia—12.1%
Dexus Property Group		166,018	$	935
GPT Group (The)		160,400		530
GPT Group (The) - In Specie^(2)(3)(4)		588,920		—
Scentre Group		619,071		1,791
Westfield Corp.		258,773		1,821

				5,077

Canada—8.8%
Allied Properties Real Estate Investment Trust		43,815		1,243
Canadian Real Estate Investment Trust		19,695		669
First Capital Realty, Inc.		43,005		616
RioCan Real Estate Investment Trust		55,150		1,182

				3,710

Finland—2.2%
Citycon OYJ		249,794		625
Citycon OYJ Interim Shares⁽²⁾⁽⁴⁾		124,897		312

				937

France—6.1%
Fonciere Des Regions		4,260		362
Klepierre		33,356		1,467
Mercialys SA		33,000		737

				2,566

Germany—6.3%
Deutsche Annington Immobilien SE		60,446		1,705
LEG Immobilien AG		13,461		935

				2,640

Hong Kong—6.1%
Hysan Development Co. Ltd.		133,000		576
Link REIT (The)		340,441		1,994

				2,570

Italy—0.5%
Beni Stabili SpA		298,164		221

Japan—14.1%
GLP J-REIT		845		807
Hulic Co., Ltd.		94,500		838
Industrial & Infrastructure Fund Investment Corp.		173		782
Japan Real Estate Investment Corp.		145		659
Japan Rental Housing Investments, Inc.		528		371
Kenedix Office Investment Corp.		92		462


	SHARES		VALUE
Japan—(continued)
Kenedix Retail Reit Corp.		86	$	204
Nippon Building Fund, Inc.		163		714
Nippon Prologis REIT, Inc.		278		512
Nomura Real Estate Office Fund, Inc.		122		553

				5,902

Mexico—2.8%
PLA Administradora Industrial S de Rl de CV		226,852		444
Prologis Property Mexico SA de CV		439,200		739

				1,183

Netherlands—7.3%
Unibail-Rodamco SE		12,060		3,048

Norway—1.2%
Entra ASA		30,000		279
Norwegian Property ASA		193,000		239

				518

Singapore—6.4%
CapitaLand Mall Trust		272,650		435
CapitaLand Retail China Trust		666,868		862
Global Logistic Properties Ltd.		734,000		1,379

				2,676

Sweden—1.8%
Castellum AB		52,366		736

United Kingdom—22.7%
Big Yellow Group plc		105,188		1,054
British Land Co. plc		100,305		1,251
Derwent London plc		13,346		713
Great Portland Estates plc		24,918		304
Hammerson plc		149,109		1,442
Land Securities Group plc		77,885		1,474
Safestore Holdings plc		215,276		956
SEGRO plc		143,557		915
Unite Group plc (The)		155,800		1,399

				9,508

TOTAL COMMON STOCKS (Identified Cost $33,498)				41,292

TOTAL LONG TERM INVESTMENTS—98.4% (Identified Cost $33,498)				41,292


	SHARES		VALUE
SHORT-TERM INVESTMENTS—2.6%
Money Market Mutual Fund—2.6%
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.140%)		1,083,205	$	1,083

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $1,083)				1,083

TOTAL INVESTMENTS—101.0% (Identified Cost $34,581)				42,375	⁽¹⁾
Other assets and liabilities, net—(1.0)%				(406	)

NET ASSETS—100.0%			$	41,969

Abbreviation:


REIT		Real Estate Investment Trust

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at June 30, 2015, 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.

The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2015 (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 June 30, 2015.


	SHARES		VALUE
COMMON STOCKS—92.1%
Consumer Discretionary—15.6%
Colefax Group PLC (United Kingdom)		9,204	$	66
Goldlion Holdings Ltd. (Hong Kong)		3,590,600		1,631
Pico Far East Holdings Ltd. (Hong Kong)		6,183,668		1,978
REA Group Ltd. (Australia)		93,200		2,820
Rightmove plc (United Kingdom)		34,500		1,776
Watts Co. Ltd. (Japan)		127,591		1,083

				9,354

Consumer Staples—8.4%
Compania Cervecerias Unidas S.A. (Chile)		124,286		1,319
Dongsuh Co., Inc. (South Korea)		1		—
Guinness Anchor Bhd (Malaysia)		295,000		1,117
Oldtown Bhd (Malaysia)		1,518,750		644
Premier Marketing PCL (Thailand)		4,415,029		1,346
Wawel SA (Poland)		1,900		632

				5,058

Energy—4.0%
Pason Systems, Inc. (Canada)		47,500		849
Schoeller-Bleckmann Oilfield Equipment AG (Austria)		25,548		1,545

				2,394

Financials—19.6%
ARA Asset Management Ltd. (Singapore)		1,449,760		1,884
Ashmore Group plc (United Kingdom)		306,500		1,393
Austbrokers Holdings Ltd. (Australia)		118,917		826
Euler Hermes Group (France)		15,750		1,587
Euroz Ltd. (Australia)		2,180,240		1,682
Financiere Marc de Lacharriere (France)		5,811		512
Hiscox Ltd (United Kingdom)		88,022		1,160
Korea Ratings Corp. (South Korea)		35,794		1,319
LSL Property Services plc (United Kingdom)		236,247		1,448

				11,811

Health Care—6.1%
Haw Par Corp. Ltd. (Singapore)		142,719		955
Software Service, Inc. (Japan)		28,753		1,259
WIN-Partners Co. Ltd. (Japan)		109,710		1,438

				3,652

Industrials—11.0%
AIT Corp. (Japan)		132,500		1,256
Freight Management Holdings Bhd (Malaysia)		1,205,812		483


	SHARES		VALUE
Industrials—(continued)
Konecranes Oyj (Finland)		32,000	$	932
Tegma Gestao Logistica (Brazil)⁽²⁾		514,881		1,868
Thermador Groupe (France)		10,762		900
WABCO Holdings, Inc. (United States)⁽²⁾		9,750		1,206

				6,645

Information Technology—20.6%
Alten SA (France)		23,700		1,101
Autohome, Inc. ADR (China)⁽²⁾		60,200		3,043
Bouvet ASA (Norway)		231,353		2,493
carsales.com Ltd. (Australia)		252,467		1,985
Lumax International Corp., Ltd. (Taiwan)		977,000		1,738
Pro-Ship, Inc. (Japan)		42,000		841
TOTVS SA (Brazil)		93,000		1,166

				12,367

Materials—6.8%
Assore Ltd. (South Africa)		93,000		791
KPX Chemical Co. Ltd. (South Korea)		27,394		1,424
Rimoni Industries Ltd. (Israel)		10,810		75
Transpaco Ltd. (South Africa)		903,921		1,412
Victrex plc (United Kingdom)		11,800		358

				4,060

TOTAL COMMON STOCKS (Identified Cost $56,538)				55,341

TOTAL LONG TERM INVESTMENTS—92.1% (Identified Cost $56,538)				55,341

SHORT-TERM INVESTMENTS—9.7%
Money Market Mutual Fund—9.7%
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.140%)		5,847,195		5,847

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $5,847)				5,847

TOTAL INVESTMENTS—101.8% (Identified Cost $62,385)				61,188	⁽¹⁾
Other assets and liabilities, net—(1.8)%				(1,060	)

NET ASSETS—100.0%			$	60,128

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at June 30, 2015, 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 June 30, 2015 (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 June 30, 2015.


	SHARES		VALUE
COMMON STOCKS—99.6%
Consumer Discretionary—29.1%
Ainsworth Game Technology Ltd.		11,835	$	23
Autogrill S.p.A⁽²⁾		938		8
Autoneum Holding AG		112		22
Axel Springer SE		542		28
Bayerische Motoren Werke AG		253		28
Benesse Holdings, Inc.		1,750		44
Brembo S.p.A		200		9
Brunello Cucinelli S.p.A		432		8
Carnival plc		956		49
Chow Tai Fook Jewellery Group Ltd.		5,800		6
Christian Dior SA		72		14
Compagnie Financiere Richemont SA Registered Shares		287		23
Continental AG		119		28
Crown Resorts Ltd.		2,413		23
CTS Eventim AG & Co. KGaA		817		30
Daily Mail & General Trust plc		3,344		49
De’ Longhi		351		8
Dixons Carphone plc		6,790		48
Domino’s Pizza Enterprises Ltd.		837		23
Don Quijote Holdings Co., Ltd.		560		24
Dufry AG⁽²⁾		159		22
Fast Retailing Co., Ltd.		105		48
Fielmann AG		420		29
Galaxy Entertainment Group Ltd.		1,500		6
Genting Singapore plc		9,900		7
Global Brands Group Holding Ltd.⁽²⁾		28,000		6
Harvey Norman Holdings Ltd.		6,382		22
Hennes & Mauritz AB Class B		237		9
Hermes International SA		39		15
Hikari Tsushin, Inc.		700		47
Inditex SA		492		16
Jardine Cycle & Carriage Ltd.		300		7
JCDecaux SA		359		15
Kingston Financial Group Ltd.		14,000		6
L’Occitane International SA		5,750		16
Li & Fung Ltd.		7,000		6
Lifestyle International Holdings Ltd.		3,500		7
Luxottica Group S.p.A		121		8
LVMH Moet Hennessy Louis Vuitton SA		82		14
Man Wah Holdings Ltd.		6,000		6
Mekonomen AB		377		9


	SHARES		VALUE
Consumer Discretionary—(continued)
Melco Crown Entertainment Ltd. ADR		319	$	6
Melco International Development Ltd.		4,000		6
Melia Hotels International SA		1,245		16
MGM China Holdings Ltd.		3,200		5
Mixi, Inc.		920		46
Nitori Co., Ltd.		600		49
Ocado Group plc⁽²⁾		7,961		56
Osim International Ltd.		5,100		6
Pirelli & C S.p.A		501		8
Plastic Omnium SA		559		14
Prada S.p.A		1,700		8
Premier Investments Ltd.		2,337		23
Publicis Groupe SA		197		15
Puma SE		181		29
Rakuten, Inc.		3,000		48
Rallye SA		487		15
Royal Caribbean Cruises Ltd.		73		6
SA International Holdings Ltd.		12,000		7
Salvatore Ferragamo S.p.A		264		8
Sands China Ltd.		1,600		5
Sankyo Co., Ltd.		1,300		46
Sega Sammy Holdings, Inc.		3,400		45
Seven West Media Ltd.		27,954		22
Shangri-La Asia Ltd.		4,000		6
Shimanura Co., Ltd.		450		47
Sincere Watch HK Ltd.		22,000		6
SJM Holdings Ltd.		5,000		5
Sodexo		155		15
Sports Direct International plc⁽²⁾		4,475		51
Start Today Co., Ltd.		1,700		48
Swatch Group AG (The)		60		23
Tod’s S.p.A		88		8
Vivendi		572		14
World Duty Free S.p.A		738		8
Wynn Macau Ltd.		3,600		6
Yue Yuen Industrial Holdings Ltd.		1,750		6

				1,548

Consumer Staples—14.8%
AAK AB		156		9
Anheuser-Busch InBev N.V.		412		49
Associated British Foods plc		1,016		46
Axfood AB		633		10


	SHARES		VALUE
Consumer Staples—(continued)
Beiersdorf AG		328	$	27
Carrefour SA		466		15
Casino Guichard Perrachon SA		193		15
Davide Campari-Milano S.p.A		1,077		8
First Resources Ltd.		4,500		7
Galenica AG Registered Shares		23		24
Golden Agri-Resources Ltd.		22,700		7
Heineken Holding NV		583		41
Henkel AG & KGaA		293		28
Jeronimo Martins SPGS SA		392		5
Kering		86		15
L’Oreal SA		82		15
M6-Metropole Television SA		776		15
Marine Harvest ASA		488		6
MARR SpA		461		8
Matsui Securities Co., Ltd.⁽²⁾		5,200		46
Mediaset S.p.A.		1,765		8
Metro AG		879		28
Pola Orbis Holdings, Inc.		850		48
Remy Cointreau SA		207		15
Securitas AB Class B		721		9
Societe Television Francaise 1		879		15
Softbank Corp.⁽²⁾		800		47
Sonae SGPS SA		3,763		5
Steinhoff International Holdings Ltd.		4,841		31
Sugi Holdings Co., Ltd.		920		47
Sundrug Co., Ltd.		800		48
Super Group Ltd.		8,200		7
Unicharm Corp.		2,050		49
United Internet AG Registered Shares		638		28
Wilmar International Ltd.		2,800		7

				788

Diversified REIT—0.3%
Fonciere Des Regions		177		15

Energy—3.6%
Akastor ASA		3,356		6
Aker Solutions ASA		1,014		6
Brightoil Petroleum Holdings Ltd.⁽²⁾		11,000		6
China LNG Group Ltd.		30,000		6
Delek Group Ltd.		24		7
Det Norske Oljeselskap ASA⁽²⁾		814		6
Galp Energia SGPS SA		436		5


	SHARES		VALUE
Energy—(continued)
Genel Energy plc⁽²⁾		5,982	$	47
Petrofac Ltd.		3,616		52
Saras S.p.A⁽²⁾		4,686		8
Seadrill Ltd.		548		6
Ship Finance International Ltd.		351		6
Tenaris S.A. ADR		298		8
Transocean Ltd.		1,436		23

				192

Financials—14.5%
Abacus Property Group REIT		10,128		23
ACOM Co. Ltd.⁽²⁾		12,600		48
Admiral Group plc		2,170		47
Ashmore Group plc		10,483		48
Assicurazioni Generali S.p.A		437		8
Banco Santander SA		2,144		15
Bank Hapoalim BM		1,356		7
Bank of East Asia Ltd.		1,400		6
Bankinter SA		2,127		16
Champion REIT		11,000		6
Cheung Kong Property Holdings Ltd.⁽²⁾		750		6
City Developments Ltd.		1,000		7
CK Hutchison Holdings Ltd.		667		10
Emperor International Group Ltd.		44,000		5
First Pacific Co., Ltd.		7,000		6
Fortune REIT		6,000		6
Goldin Financial Holdings Ltd.⁽²⁾		5,000		6
Groupe Bruxelles Lambert SA		613		49
Hang Lung Group Ltd.		1,300		6
Hang Lung Properties Ltd.		2,000		6
Hargreaves Lansdown plc		2,537		46
Henderson Land Development Co., Ltd.		900		6
Hufvudstaden AB		773		9
Hysan Development Co. Ltd.		1,500		6
Industrivarden AB		490		10
Inmobiliaria Colonial SA⁽²⁾		23,349		16
Intu Properties plc REIT		9,905		48
Kerry Properties Ltd.		1,500		6
Lundbergforetagen AB Class B		211		9
Mediolanum S.p.A		971		8
New World Development Co., Ltd.		5,000		6
Oversea-Chinese Banking Corp.		900		7
Pargesa Holding SA		344		23
Platinum Asset Management Ltd.		4,027		23


	SHARES		VALUE
Financials—(continued)
Regus plc		12,092	$	50
Reinet Investments SCA		23,158		48
Schroders plc		954		48
Sino Land Co., Ltd.		4,000		7
Sun Hung Kai Properties Ltd.		375		6
Svenska Handelsbanken AB Class A		666		10
United Overseas Bank Ltd.		400		7
United Overseas Land Ltd.		1,300		7
Wendel		121		15
Wharf Holdings Ltd. (The)		1,000		7
Wheelock & Co., Ltd.		1,175		6
Yanlord Land Group Ltd.		8,100		7

				772

Health Care—3.3%
BioMerieux		141		15
DiaSorin S.p.A		175		8
Eurofins Scientific SE		54		17
Getinge AB		389		9
Ipsen SA		281		16
Meda AB		682		10
Roche Holding AG		85		23
Straumann Holding AG		88		24
Taisho Pharmaceutical Holdings Co., Ltd.		680		46
Town Health International Medical Group Ltd.		24,000		6

				174

Industrials—16.5%
Abertis Infraestructuras SA		972		16
Actividades de Construccion y Servicios SA		499		16
Adecco SA Registered Shares		290		24
Alfa Laval AB		541		10
Alstom SA⁽²⁾		512		14
ANDRITZ AG		464		26
Assa Abloy AB		504		9
Avance Gas Holding Ltd.		366		7
Bollore SA		2,832		15
Bouygues SA		363		14
Cargotec Oyj		653		25
Cheung Kong Infrastructure Holdings Ltd.		750		6
Dassault Aviation SA		12		15
easyJet plc		1,983		48
Ferrovial SA		737		16
Fomento de Construcciones y Contratas SA⁽²⁾		1,577		16


	SHARES		VALUE
Industrials—(continued)
Forbo Holding AG Registered Shares		19	$	23
Golden Ocean Group Ltd.		1,536		6
Holcim Ltd. Registered Shares		314		23
Hopewell Holdings Ltd.		1,500		5
Indutrade AB		208		10
Jardine Matheson Holdings Ltd.		125		7
Jardine Strategic Holdings Ltd.		200		6
Johnson Electric Holdings Ltd.		2,000		6
Kone Oyj Class B		613		25
Kuehne & Nagel International AG		176		23
Lafarge SA		229		15
Nidec Corp.		620		46
Noble Group Ltd.		13,400		8
Nordex SE⁽²⁾		1,192		29
NWS Holdings Ltd.		4,000		6
Obrascon Huarte Lain SA		874		15
OC Oerlikon Corp. AG Registered Shares⁽²⁾		1,949		24
OCI NV⁽²⁾		1,378		39
Orient Overseas International Ltd.		1,000		5
Orkla ASA		743		6
Prosegur Cia de Seguridad SA		2,964		16
Rieter Holding AG		146		23
Ryanair Holdings plc ADR		678		48
Salini Impregilo S.p.A		1,884		9
Seven Group Holdings Ltd.		4,716		24
SGL Carbon SE		1,771		29
SGS SA Registered Shares		13		24
Shun Tak Holdings Ltd.		10,000		5
Skanska AB Class B		481		10
Sulzer AG		217		22
Summit Ascent Holdings Ltd.⁽²⁾		10,000		5
Taro Pharmaceutical Industries Ltd.⁽²⁾		54		8
Techtronics Industries Co., Ltd.		2,000		7
Tecnicas Reunidas SA		313		16
Vossloh AG		475		28

				878

Information Technology—8.3%
Check Point Software Technologies Ltd.⁽²⁾		91		7
COLOPL, Inc.⁽²⁾		2,250		45
Dassault Systemes		203		15
Gree, Inc.		7,800		46
GungHo Online Entertainment, Inc.		11,900		46
Hexagon AB		258		9


	SHARES		VALUE
Information Technology—(continued)
Keyence Corp.		85	$	46
Konami Corp.		2,500		47
Lenovo Group Ltd.		4,000		6
Nexon Co., Ltd.		3,200		44
Otsuka Corp.		1,000		47
SAP AG		391		27
Silverlake Axis Ltd.		7,700		6
VTech Holdings Ltd.		450		6
Yahoo Japan Corp.		11,000		44

				441

Materials—5.3%
APERAM SA⁽²⁾		972		39
ArcelorMittal		3,967		39
EMS-Chemie Holding AG		56		24
Fortescue Metals Group Ltd.		14,041		21
Frutarom Industries Ltd.		178		7
Glencore International plc		11,490		46
HeidelbergCement AG		350		28
Hexpol AB		898		9
Holmen AB B Shares		331		10
Imerys SA		194		15
Israel Corp. Ltd. (The)		21		7
Schmolz + Bickenbach AG⁽²⁾		25,360		22
Vicat		220		15

				282

Retail REITs—1.0%
Hongkong Land Holdings Ltd.		800		6
Scentre Group		7,820		23
Westfield Corp.		3,304		23

				52

Telecommunication Services—2.0%
HKT Trust & HKT Ltd.		5,000		6
Iliad SA		61		14
PCCW Ltd.		10,000		6
Smartone Telecommunications Holdings Ltd.		3,500		6
Talktalk Telecom Group plc		8,053		48
TPG Telecom Ltd.		3,466		24

				104

Utilities—0.9%
CLP Holdings Ltd.		750		6
GDF Suez		773		14


	SHARES		VALUE
Utilities—(continued)
Hong Kong & China Gas Co., Ltd.		3,300	$	7
Kenon Holdings Ltd.⁽²⁾		384		8
Rubis SCA		219		15

				50

TOTAL COMMON STOCKS (Identified Cost $5,192)				5,296

RIGHTS—0.0%
Consumer Discretionary—0.0%
Jardine Cycle & Carriage Ltd. Exercise Price: 9.39 SGD Expiration: 7/9/15		27		0

TOTAL RIGHTS (Identified Cost $0)				0

TOTAL LONG TERM INVESTMENTS—99.6% (Identified Cost $5,192)				5,296

SHORT-TERM INVESTMENTS—0.6%
Money Market Mutual Fund—0.6%
Fidelity Institutional Money Market Portfolio - Institutional Shares (seven-day effective yield 0.140%)		33,477		33

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $33)				33

TOTAL INVESTMENTS—100.2% (Identified Cost $5,225)				5,329	⁽¹⁾
Other assets and liabilities, net—(0.2)%				(9	)

NET ASSETS—100.0%			$	5,320

Abbreviations:

ADR	American Depositary Receipt

REIT	Real Estate Investment Trust

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at June 30, 2015, 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 June 30, 2015 (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 June 30, 2015.


	SHARES		VALUE
EXCHANGE-TRADED FUND—97.7%
iShares S&P 100 Index Fund⁽²⁾⁽³⁾		55,855	$	5,074

TOTAL EXCHANGE-TRADED FUND (Identified Cost $4,711)				5,074


	CONTRACTS
PURCHASED OPTION—0.4%
Call Option—0.4%
S&P 500^® Index Expiration 7/22/15 Strike Price $20		137		19

TOTAL PURCHASED OPTION—0.4% (Premiums Paid $12)				19

TOTAL LONG TERM INVESTMENTS—98.1% (Identified Cost $4,723)				5,093	⁽¹⁾


	SHARES
SHORT-TERM INVESTMENTS—1.5%
Money Market Mutual Fund—1.5%
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.140%)		76,598		77

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

TOTAL INVESTMENTS, BEFORE WRITTEN OPTION—99.6% (Identified Cost $4,800)				5,170	⁽¹⁾


	CONTRACTS
WRITTEN OPTION—(0.0)%
Call Options—0.0%
S&P 500^® Index Expiration 7/31/15 Strike Price $2,180		24		(2	)

TOTAL WRITTEN OPTION—(0.0)% (Premiums Received $6)				(2	)

TOTAL INVESTMENTS, NET OF WRITTEN OPTION—99.6% (Identified Cost $4,794)				5,168	⁽¹⁾
Other assets and liabilities, net—0.4%				23

NET ASSETS—100.0%			$	5,191

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at June 30, 2015, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2015 (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 June 30, 2015.


	SHARES		VALUE
COMMON STOCKS—36.9%
Consumer Discretionary—11.2%
Amazon.com, Inc.⁽²⁾		2,690	$	1,168
AutoNation, Inc.⁽²⁾		2,520		159
AutoZone, Inc.		980		653
Best Buy Co., Inc.		40,115		1,308
BorgWarner, Inc.		6,240		355
Cablevision Systems Corp. Class A		1,050		25
CarMax, Inc.⁽²⁾		6,490		430
Carnival Corp.		11,960		591
CBS Corp. Class B		19,590		1,087
Comcast Corp. Class A		21,270		1,279
Delphi Automotive plc		7,975		679
DIRECTV⁽²⁾		4,207		390
Discovery Communications, Inc. Class A⁽²⁾		6,520		217
Discovery Communications, Inc. Class C⁽²⁾		11,520		358
Expedia, Inc.		760		83
GameStop Corp. Class A		14,825		637
Gap, Inc. (The)		5,375		205
Garmin Ltd.		16,937		744
Genuine Parts Co.		21,360		1,912
Goodyear Tire & Rubber Co. (The)		65,302		1,969
H&R Block, Inc.		62,660		1,858
Harman International Industries, Inc.		9,545		1,135
Hasbro, Inc.		13,110		980
Home Depot, Inc.		11,975		1,331
Interpublic Group of Cos., Inc. (The)		29,480		568
Johnson Controls, Inc.		18,185		901
L Brands, Inc.		4,780		410
Leggett & Platt, Inc.		15,320		746
Lowe’s Cos., Inc.		8,865		594
Marriott International, Inc. Class A		5,505		409
Mattel, Inc.		39,485		1,014
Mohawk Industries, Inc.⁽²⁾		6,980		1,332
Netflix, Inc.⁽²⁾		450		296
News Corp. Class A⁽²⁾		64,130		936
NIKE, Inc. Class B		19,255		2,080
O’Reilly Automotive, Inc.⁽²⁾		3,130		707
Omnicom Group, Inc.		17,740		1,233
Priceline Group, Inc. (The)⁽²⁾		400		460
Ross Stores, Inc.		8,220		400
Royal Caribbean Cruises Ltd.		4,370		344
Scripps Networks Interactive, Inc. Class A		4,307		281
Starwood Hotels & Resorts Worldwide, Inc.		4,565		370


	SHARES		VALUE
Consumer Discretionary—(continued)
Time Warner Cable, Inc.		2,310	$	412
Time Warner, Inc.		5,065		443
TJX Cos., Inc.		13,385		886
TripAdvisor, Inc.⁽²⁾		860		75
Twenty-First Century Fox, Inc. Class A		11,160		363
Urban Outfitters, Inc.⁽²⁾		2,150		75
Viacom, Inc. Class B		2,410		156
Walgreens Boots Alliance, Inc.		9,217		778
Walt Disney Co. (The)		9,530		1,088
Whirlpool Corp.		10,480		1,814
Wyndham Worldwide Corp.		3,300		270

				38,994

Consumer Staples—2.5%
Archer-Daniels-Midland Co.		37,855		1,825
Brown-Forman Corp. Class B		8,990		901
Constellation Brands, Inc. Class A		9,760		1,132
CVS Health Corp.		11,847		1,243
Kroger Co. (The)		19,170		1,390
Molson Coors Brewing Co. Class B		26,350		1,839
Whole Foods Market, Inc.		14,040		554

				8,884

Energy—1.1%
Kinder Morgan, Inc.		23,905		918
Marathon Petroleum Corp.		9,410		492
ONEOK, Inc.		3,175		125
Phillips 66		9,422		759
Spectra Energy Corp.		9,700		316
Tesoro Corp.		2,200		186
Valero Energy Corp.		8,860		555
Williams Cos., Inc. (The)		9,412		540

				3,891

Financials—3.4%
American Express Co.		11,450		890
AON plc		9,455		942
Capital One Financial Corp.		7,220		635
CBRE Group, Inc. Class A⁽²⁾		52,449		1,941
Charles Schwab Corp. (The)		12,410		405
CME Group, Inc.		5,660		527
Discover Financial Services		5,850		337
E*Trade Financial Corp.⁽²⁾		3,390		101
Goldman Sachs Group, Inc. (The)		4,340		906
HCP, Inc.		14,000		511


	SHARES		VALUE
Financials—(continued)
Health Care REIT, Inc.		10,600	$	696
Intercontinental Exchange, Inc.		2,020		452
Marsh & McLennan Cos., Inc.		18,127		1,028
McGraw-Hill Cos., Inc. (The)		4,870		489
Moody’s Corp.		3,240		350
Morgan Stanley		16,440		638
NASDAQ OMX Group, Inc. (The)		2,280		111
Navient Corp.		5,780		105
Realty Income Corp.		4,287		190
Ventas, Inc.		10,030		623

				11,877

Health Care—4.2%
AbbVie, Inc.		2,750		185
Aetna, Inc.		2,817		359
Agilent Technologies, Inc.		8,330		321
Alexion Pharmaceuticals, Inc.		770		139
Allergan plc⁽²⁾		670		203
AmerisourceBergen Corp.		3,370		358
Amgen, Inc.		2,640		405
Anthem, Inc.		2,160		355
Biogen, Inc.⁽²⁾		850		343
Bristol-Myers Squibb Co.		2,890		192
Cardinal Health, Inc.		5,325		446
Celgene Corp.⁽²⁾		2,890		335
Cerner Corp.⁽²⁾		29,240		2,019
Cigna Corp.		2,090		339
Eli Lilly & Co.		1,780		149
Endo International plc⁽²⁾		170		14
Gilead Sciences, Inc.		5,240		614
HCA Holdings, Inc.⁽²⁾		14,970		1,358
Hospira, Inc.⁽²⁾		160		14
Humana, Inc.		1,200		230
Johnson & Johnson		4,670		455
Mallinckrodt plc⁽²⁾		110		13
McKesson Corp.		3,720		836
Merck & Co., Inc.		4,870		277
Mylan NV⁽²⁾		735		50
Patterson Cos., Inc.		1,490		73
PerkinElmer, Inc.		2,950		155
Perrigo Co. plc		255		47
Pfizer, Inc.		10,532		353
Regeneron Pharmaceuticals, Inc.⁽²⁾		280		143
Schein (Henry), Inc.⁽²⁾		1,380		196
Tenet Healthcare Corp.⁽²⁾		5,160		299


	SHARES		VALUE
Health Care—(continued)
Thermo Fisher Scientific, Inc.		9,550	$	1,239
UnitedHealth Group, Inc.		7,420		905
Universal Health Services, Inc. Class B		4,600		654
Vertex Pharmaceuticals, Inc.⁽²⁾		940		116
Waters Corp.⁽²⁾		2,050		263
Zoetis, Inc.		480		23

				14,475

Industrials—5.1%
Allegion plc		12,500		752
American Airlines Group, Inc.		14,005		559
Avery Dennison Corp.		7,505		457
Boeing Co. (The)		2,550		354
Cintas Corp.		23,460		1,984
CSX Corp.		11,947		390
Delta Air Lines, Inc.		15,950		655
Dover Corp.		2,410		169
Dun & Bradstreet Corp.		2,190		267
Equifax, Inc.		7,135		693
Flowserve Corp.		1,990		105
General Dynamics Corp.		1,340		190
Honeywell International, Inc.		3,147		321
Illinois Tool Works, Inc.		4,690		430
Ingersoll-Rand plc		3,630		245
Kansas City Southern		1,425		130
L-3 Communications Holdings, Inc.		190		22
Lockheed Martin Corp.		1,090		203
Masco Corp.		45,350		1,209
Nielsen Holdings NV		22,270		997
Norfolk Southern Corp.		3,700		323
Northrop Grumman Corp.		850		135
Pall Corp.		1,560		194
Parker Hannifin Corp.		1,975		230
Pentair plc		2,670		184
Precision Castparts Corp.		610		122
Raytheon Co.		1,320		126
Robert Half International, Inc.		35,217		1,955
Rockwell Collins, Inc.		570		53
Ryder System, Inc.		21,201		1,852
Snap-On, Inc.		850		135
Southwest Airlines Co.		13,037		431
Stanley Black & Decker, Inc.		2,185		230
Textron, Inc.		1,180		53
Union Pacific Corp.		10,602		1,011
United Technologies Corp.		3,252		361


	SHARES		VALUE
Industrials—(continued)
Xylem, Inc.		2,680	$	99

				17,626

Information Technology—4.8%
Adobe Systems, Inc.⁽²⁾		6,980		565
Akamai Technologies, Inc.⁽²⁾		620		43
Alliance Data Systems Corp.		360		105
Amphenol Corp. Class A		13,680		793
Apple, Inc.		12,440		1,560
Applied Materials, Inc.		52,552		1,010
Autodesk, Inc.		3,490		175
Automatic Data Processing, Inc.		2,545		204
Citrix Systems, Inc.⁽²⁾		2,580		181
Computer Sciences Corp.		800		53
Corning, Inc.		56,480		1,114
eBay, Inc.⁽²⁾		3,625		218
Electronic Arts, Inc.⁽²⁾		31,685		2,107
EMC Corp.		4,630		122
Equinix, Inc.		200		51
Facebook, Inc. Class A⁽²⁾		6,630		569
Fidelity National Information Services, Inc.		1,620		100
Fiserv, Inc.⁽²⁾		1,360		113
Gannett, Inc.		14,353		201
Google, Inc. Class A⁽²⁾		920		497
Google, Inc. Class C⁽²⁾		920		479
Hewlett-Packard Co.		4,260		128
Intuit, Inc.		4,090		412
KLA-Tencor Corp.		7,000		393
Lam Research Corp.		6,797		553
MasterCard, Inc. Class A		5,100		477
NetApp, Inc.		390		12
Paychex, Inc.		1,850		87
Salesforce.com, Inc.⁽²⁾		8,930		622
SanDisk Corp.		270		16
Seagate Technology plc		410		20
TE Connectivity Ltd.		28,340		1,822
TEGNA, Inc.		28,705		921
Total System Services, Inc.		500		21
VeriSign, Inc.		200		12
Visa, Inc. Class A		10,130		680
Western Digital Corp.		510		40
Western Union Co. (The)		2,980		61
Xerox Corp.		5,960		63
Yahoo!, Inc.⁽²⁾		3,055		120

				16,720


	SHARES		VALUE
Materials—3.1%
Dow Chemical Co. (The)		15,575	$	797
Du Pont (E.I.) de Nemours & Co.		12,962		829
Eastman Chemical Co.		2,310		189
Ecolab, Inc.		4,810		544
FMC Corp.		2,080		109
Freeport-McMoRan Copper & Gold, Inc.		87,075		1,621
International Flavors & Fragrances, Inc.		1,565		171
International Paper Co.		37,130		1,767
Martin Marietta Materials, Inc.		5,700		807
MeadWestvaco Corp.		13,930		657
PPG Industries, Inc.		4,794		550
Sealed Air Corp.		17,355		892
Sherwin-Williams Co. (The)		1,435		395
Sigma-Aldrich Corp.		2,202		307
Vulcan Materials Co.		12,095		1,015

				10,650

Retail REITs—0.5%
General Growth Properties, Inc.		11,880		305
Kimco Realty Corp.		7,840		177
Macerich Co. (The)		2,700		201
Simon Property Group, Inc.		5,745		994

				1,677

Telecommunication Services—0.5%
Level 3 Communications, Inc.⁽²⁾		36,120		1,902

				1,902

Utilities—0.5%
AGL Resources, Inc.		40,490		1,885

				1,885

TOTAL COMMON STOCKS (Identified Cost $131,712)				128,581

EXCHANGE-TRADED FUNDS⁽³⁾—61.4%
iShares Barclays Treasury Inflation Protected Securities Bond Fund		194,075		21,746
iShares China Large-Cap Fund		220,120		10,147
iShares Dow Jones U.S. Real Estate Index Fund		159,637		11,382
iShares Lehman 1-3 Year Treasury Bond Fund		1,019,745		86,536
iShares MSCI Germany Index Fund		358,330		9,990
iShares MSCI Hong Kong Index Fund		462,927		10,444
iShares MSCI India Index Fund		360,462		10,926
iShares MSCI Italy Index Fund Capped		684,947		10,199
iShares MSCI Spain Index Fund Capped		296,832		9,959
iShares MSCI Switzerland Index Fund Capped		302,840		9,918


	SHARES		VALUE
iShares MSCI Taiwan Index Fund		667,550	$	10,534
Powershares DB U.S. Dollar Index Bullish Fund⁽²⁾		492,937		12,338

TOTAL EXCHANGE-TRADED FUNDS (Identified Cost $219,419)				214,119

TOTAL LONG TERM INVESTMENTS—98.3% (Identified Cost $351,131)				342,700

SHORT-TERM INVESTMENTS—2.5%
Money Market Mutual Fund—2.5%
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.140%)		8,654,457		8,654

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $8,654)				8,654

TOTAL INVESTMENTS—100.8% (Identified Cost $359,785)				351,354	⁽¹⁾
Other assets and liabilities, net—(0.8)%				(2,909	)

NET ASSETS—100.0%			$	348,445

Abbreviation:

REIT	Real Estate Investment Trust

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at June 30, 2015, 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 June 30, 2015 (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 June 30, 2015.


	PAR VALUE			VALUE
U.S. GOVERNMENT SECURITIES—0.3%
U.S. Treasury Note
1.500%, 5/31/20	$	420		$	417
2.250%, 11/15/24		585			581

TOTAL U.S. GOVERNMENT SECURITIES (Identified Cost $1,013)					998

MUNICIPAL BONDS—0.1%
Michigan—0.0%
Tobacco Settlement Finance Authority Taxable Series A, 7.309%, 6/1/34		145			123

Virginia—0.1%
Tobacco Settlement Financing Corp. Series A-1, Taxable 6.706%, 6/1/46		325			238

TOTAL MUNICIPAL BONDS (Identified Cost $455)					361

FOREIGN GOVERNMENT SECURITIES—4.6%
Argentine Republic Series NY, 8.280%, 12/31/33⁽¹⁴⁾		1,570			1,507
Bolivarian Republic of Venezuela
RegS 7.000%, 12/1/18⁽⁴⁾		216			95
RegS 7.750%, 10/13/19⁽⁴⁾		202			79
RegS 8.250%, 10/13/24⁽⁴⁾		1,110			419
7.650%, 4/21/25		1,500			555
9.250%, 9/15/27		360			155
9.375%, 1/13/34		2,145			853
Kingdom of Morocco 144A 4.250%, 12/11/22⁽³⁾		1,030			1,051
Mongolia 144A 5.125%, 12/5/22⁽³⁾		825			749
Republic of Azerbaijan 144A 4.750%, 3/18/24⁽³⁾		880			897
Republic of Chile 5.500%, 8/5/20		474,000	^CLP		791
Republic of Colombia 4.375%, 3/21/23		1,867,000	^COP		647
Republic of Costa Rica 144A 4.375%, 4/30/25⁽³⁾		795			720
Republic of Cote d’Ivoire 144A 6.375%, 3/3/28⁽³⁾		905			885
Republic of El Salvador 144A 6.375%, 1/18/27⁽³⁾		1,405			1,366
Republic of Indonesia
Series FR30, 10.750%, 5/15/16		9,327,000	^IDR		721
Series FR63, 5.625%, 5/15/23		6,141,000	^IDR		389
Republic of Iraq RegS 5.800%, 1/15/28⁽⁴⁾		610			496
Republic of Panama 3.750%, 3/16/25		700			689
Republic of Romania 144A 4.875%, 1/22/24⁽³⁾		498			527
Republic of South Africa


	PAR VALUE			VALUE
Series R203, 8.250%, 9/15/17	$	3,690	^ZAR	$	310
Series R208, 6.750%, 3/31/21		6,720	^ZAR		523
Russian Federation 144A 7.850%, 3/10/18⁽³⁾		60,000	^RUB		1,000
United Mexican States Series M, 6.500%, 6/9/22		17,764	^MXN		1,171

TOTAL FOREIGN GOVERNMENT SECURITIES (Identified Cost $20,445)					16,595

MORTGAGE-BACKED SECURITIES—11.7%
Agency—1.9%
FHLMC
4.000%, 2/1/45		830			879
3.500%, 3/1/45		2,083			2,143
FNMA
3.000%, 6/1/43		2,408			2,404
4.000%, 10/1/44		1,540			1,631

					7,057

Non-Agency—9.8%
A-10 Securitization LLC 13-1, B 144A 4.120%, 11/15/25⁽³⁾		1,100			1,101
Ameriquest Mortgage Securities, Inc. 03-AR3, M4 3.38%, 6/25/33⁽²⁾		660			643
Aventura Mall Trust 13-AVM, C 144A 3.867%, 12/5/32⁽²⁾⁽³⁾		845			872
Banc of America Alternative Loan Trust 03-2, CB3 5.750%, 4/25/33		892			924
Banc of America Funding Trust
05-1, 1A1 5.500%, 2/25/35		565			574
06-2, 3A1 6.000%, 3/25/36		360			361
Bank of America (Merrill Lynch - Countrywide) Alternative Loan Trust
04-22CB, 1A1 6.000%, 10/25/34		544			576
04-24CB, 1A1 6.000%, 11/25/34		121			123
Bank of America (Merrill Lynch - Countrywide) Mortgage Trust 06-C1, AM 5.865%, 5/12/39⁽²⁾		715			735
Bank of America (Merrill Lynch) Mortgage Investors Trust 98-C1, C 6.750%, 11/15/26⁽²⁾		1,260			1,387
Barclays (Lehman Brothers) - UBS Commercial Mortgage Trust 07-C7, A3 5.866%, 9/15/45⁽²⁾		449			485
Citigroup Mortgage Loan Trust, Inc.
05-5, 2A3 5.000%, 8/25/35		370			368
15-A, A1 3.500%, 6/25/58⁽²⁾		951			955
Commercial Mortgage Trust 07-GG11, AM 5.867%, 12/10/49⁽²⁾		1,200			1,287


	PAR VALUE		VALUE
Non-Agency—(continued)
Credit Suisse Commercial Mortgage Trust 07 - C5, A1AM 5.870%, 9/15/40⁽²⁾	$	939	$	958
CSAIL Commercial Mortgage Trust 15-C2, AS 3.849%, 6/15/57		489		495
Deutsche Bank-UBS Mortgage Trust 11-LC3A, D 144A 5.586%, 8/10/44⁽²⁾⁽³⁾		860		895
Fannie Mae Connecticut Avenue Securities 14-C02, 2M2 2.787%, 5/25/24⁽²⁾		1,080		985
GAHR Commercial Mortgage Trust 15-NRF, CFX 144A 3.495%, 12/15/19⁽²⁾⁽³⁾		600		595
Goldman Sachs Mortgage Securities Trust II 07-GG10, A4 5.989%, 8/10/45⁽²⁾		673		719
Goldman Sachs Residential Mortgage Loan Trust 05-5F, B1 5.750%, 6/25/35⁽²⁾		903		936
Hilton USA Trust 13-HLT, EFX 144A 5.609%, 11/5/30⁽²⁾⁽³⁾		720		729
Jefferies Resecuritization Trust 14-R1, 2A1 144A 4.000%, 12/27/37⁽³⁾		733		733
JPMorgan Chase (Bear Stearns) Commercial Mortgage Securities, Inc.
06-PW12, AM 5.940%, 9/11/38⁽²⁾		650		673
05-PW10, AM 5.449%, 12/11/40⁽²⁾		895		908
06-PW13, AM 5.582%, 9/11/41⁽²⁾		1,360		1,417
07- PW15, AM 5.363%, 2/11/44		645		667
07-PW18, AM 6.084%, 6/11/50⁽²⁾		1,525		1,664
JPMorgan Chase Commercial Mortgage Securities Trust
14-1, 1A1 144A 4.000%, 1/25/44⁽²⁾⁽³⁾		857		891
07-LDPX, AM 5.464%, 1/15/49⁽²⁾		1,341		1,386
MASTR Alternative Loan Trust
04-6, 7A1 6.000%, 7/25/34		472		480
05-2, 2A1 6.000%, 1/25/35		537		572
MASTR Reperforming Loan Trust 05-1, 1A5 144A 8.000%, 8/25/34⁽³⁾		647		693
Morgan Stanley Bank of America (Merrill Lynch) Trust 15-C22, AS 3.561%, 5/15/46		965		950
Morgan Stanley Capital I Trust 07-IQ14, AM 5.867%, 4/15/49⁽²⁾		925		964
Motel 6 Trust 15-MTL6, B 144A 3.298%, 2/5/30⁽³⁾		1,080		1,082
Nomura Asset Acceptance Corp. 04-R3, A1 144A 6.500%, 2/25/35⁽³⁾		281		288
Residential Funding Mortgage Securities I, Inc. 05-S1, 1A2 5.500%, 2/25/35		683		687


	PAR VALUE		VALUE
Non-Agency—(continued)
Sequoia Mortgage Trust
14-2, A1 144A 4.000%, 7/25/44⁽²⁾⁽³⁾	$	407	$	419
15-1, A1 144A 3.500%, 1/25/45⁽²⁾⁽³⁾		1,005		999
VFC LLC 15-3, B 144A 4.750%, 12/20/31⁽³⁾		1,000		999
Wells Fargo (Royal Bank of Scotland plc) Commercial Mortgage Trust 11-C5, C 144A 5.822%, 11/15/44⁽²⁾⁽³⁾		645		719
Wells Fargo (Wachovia Bank) Commercial Mortgage Trust
07-C32, A3 5.903%, 6/15/49⁽²⁾		360		381
15-LC20, B 3.719%, 4/15/50		875		853

				35,128

TOTAL MORTGAGE-BACKED SECURITIES (Identified Cost $41,970)				42,185

ASSET-BACKED SECURITIES—7.0%
American Homes 4 Rent
14-SFR2, C 144A 4.705%, 10/17/36⁽³⁾		915		955
15-SFR1, A 144A 3.467%, 4/17/52⁽³⁾		698		693
Applebee’s LLC 14-1, A2 144A 4.277%, 9/5/44⁽³⁾		1,260		1,276
Bank of America (Merrill Lynch - Countrywide) Asset-Backed Certificates
05-1 AF5A 5.251%, 7/25/35⁽²⁾		1,220		1,209
05-12, 1A4 5.323%, 2/25/36⁽²⁾		132		132
05-12, 2A4 5.575%, 2/25/36⁽²⁾		540		539
CarFinance Capital Auto Trust
14-1A, D 144A 4.900%, 4/15/20⁽³⁾		1,316		1,337
15-1A, C 144A 3.580%, 6/15/21⁽³⁾		2,160		2,163
Cheesecake Restaurant Holdings, Inc. 13-1A, A2 144A 4.474%, 3/20/43⁽³⁾		937		951
Conseco Financial Corp. 01-3, A4 6.910%, 5/1/33⁽²⁾		362		400
DB Master Finance LLC 15-A1, A2II 144A 3.980%, 2/20/45⁽³⁾		382		380
Domino’s Pizza Master Issuer LLC 12-1A, A2 144A 5.216%, 1/25/42⁽³⁾		604		623
Drive Auto Receivables Trust 15-AA, D 144A 4.120%, 6/15/22⁽³⁾		1,080		1,084
Exeter Automobile Receivables Trust
15-A1, C 144A 4.100%, 12/15/20⁽³⁾		900		907
15-2A, C 144A 3.900%, 3/15/21⁽³⁾		925		927
Fairway Outdoor Funding LLC 12-1A, A2 144A 4.212%, 10/15/42⁽³⁾		551		551


	PAR VALUE		VALUE
Foursight Capital Automobile Receivables Trust 15-1, B 144A 4.120%, 9/15/22⁽³⁾	$	1,110	$	1,110
GMAC Mortgage Corp. Loan Trust 06-HLTV, A4 5.810%, 10/25/29		221		223
Greater Capital Association of Realtors 15-1A, C 9.790%, 10/15/25		545		545
GSAA Home Equity Trust 05-12, AF3W 4.999%, 9/25/35⁽²⁾		467		477
Home Equity Loan Trust 07-HSA3, AI4 6.110%, 6/25/37⁽²⁾		1,460		1,473
IndyMac Manufactured Housing Contract 98-1, A3 6.370%, 9/25/28		255		262
Leaf Receivables Funding 10 LLC 15-1, E2 144A 6.000%, 6/15/23⁽³⁾		555		533
MASTR Specialized Loan Trust 05-3, A2 144A 5.704%, 11/25/35⁽²⁾⁽³⁾		459		476
Origen Manufactured Housing Contract Trust 04-B, M1 5.730%, 11/15/35⁽²⁾		467		486
Residential Asset Mortgage Trust 04-RZ1, M1 4.820%, 3/25/34⁽²⁾		1,081		1,099
Residential Funding Mortgage Securities II Home Loan Trust
03-HS3, AI4 5.550%, 9/25/33⁽²⁾		351		362
07-HI1, A3 5.720%, 3/25/37		176		179
SolarCity LMC Series III LLC 14-2, A 144A 4.020%, 7/20/44⁽³⁾		977		986
Trip Rail Master Funding LLC 11-1A, A1A 144A 4.370%, 7/15/41⁽³⁾		230		237
Vericrest Opportunity Loan Trust
15-NPL2, A1 144A 3.375%, 2/25/55⁽²⁾⁽³⁾		761		759
15-NPL3, A1 144A 3.375%, 10/25/58⁽²⁾⁽³⁾		722		720
Wendy’s Funding LLC 15-1A, A2II 144A 4.080%, 6/15/45⁽³⁾		1,110		1,102

TOTAL ASSET-BACKED SECURITIES (Identified Cost $24,902)				25,156

CORPORATE BONDS AND NOTES—58.3%
Consumer Discretionary—7.6%
Argos Merger Sub, Inc. 144A 7.125%, 3/15/23⁽³⁾		775		814
Boyd Gaming Corp.
9.000%, 7/1/20		435		474
6.875%, 5/15/23		415		427
Brookfield Residential Properties, Inc. 144A 6.125%, 7/1/22⁽³⁾		185		183


	PAR VALUE		VALUE
Consumer Discretionary—(continued)
Caesars Entertainment Operating Co., Inc. 9.000%, 2/15/20⁽¹⁴⁾	$	535	$	439
Caesars Entertainment Resort Properties LLC 8.000%, 10/1/20		320		302
Caesars Growth Properties Holdings LLC 144A 9.375%, 5/1/22⁽³⁾		495		374
Cequel Communications Holdings I LLC (Cequel Capital Corp.)
144A 5.125%, 12/15/21⁽³⁾		275		251
144A 5.125%, 12/15/21⁽³⁾		655		597
Clear Channel Worldwide Holdings, Inc.
Series B 7.625%, 3/15/20		1,595		1,669
Series A 7.625%, 3/15/20		320		332
Columbus International, Inc. 144A 7.375%, 3/30/21⁽³⁾		200		216
iHeartCommunications, Inc. 10.000%, 1/15/18		230		186
Intelsat Jackson Holdings SA 5.500%, 8/1/23		760		675
International Game Technology plc
7.500%, 6/15/19		580		618
144A 5.625%, 2/15/20⁽³⁾		200		196
144A 6.250%, 2/15/22⁽³⁾		340		326
Isle of Capri Casinos, Inc. 5.875%, 3/15/21		1,337		1,380
Landry’s, Inc. 144A 9.375%, 5/1/20⁽³⁾		475		512
Lear Corp. 5.250%, 1/15/25		750		741
Meritor, Inc. 6.750%, 6/15/21		960		986
MGM Resorts International 6.000%, 3/15/23		490		497
Mohegan Tribal Gaming Authority 9.750%, 9/1/21		500		526
MPG Holdco I, Inc. 7.375%, 10/15/22		830		888
New York University 4.142%, 7/1/48		545		515
Numericable Group SA 144A 6.000%, 5/15/22⁽³⁾		605		598
Omega US Sub LLC 144A 8.750%, 7/15/23⁽³⁾		925		927
Penn National Gaming, Inc. 5.875%, 11/1/21		490		496
Pinnacle Entertainment, Inc. 6.375%, 8/1/21		1,035		1,103
QVC, Inc. 5.125%, 7/2/22		240		247
RCN Telecom Services LLC (RCN Capital Corp.) 144A 8.500%, 8/15/20⁽³⁾		510		536
RSI Home Products, Inc. 144A 6.500%, 3/15/23⁽³⁾		455		461
Scientific Games International, Inc.
6.625%, 5/15/21		910		710
144A 7.000%, 1/1/22⁽³⁾		590		612
Signet UK Finance plc 4.700%, 6/15/24		895		903
Standard Pacific Corp. 5.875%, 11/15/24		545		564
Station Casinos LLC 7.500%, 3/1/21		970		1,043


	PAR VALUE		VALUE
Consumer Discretionary—(continued)
Taylor Morrison Communities, Inc. (Monarch Communities, Inc.) 144A 5.250%, 4/15/21⁽³⁾	$	730	$	723
Toll Brothers Finance Corp.
4.000%, 12/31/18		375		387
6.750%, 11/1/19		940		1,048
TRI Pointe Holdings, Inc. 5.875%, 6/15/24		890		877
Viking Cruises Ltd. 144A 8.500%, 10/15/22⁽³⁾		870		970
VTR Finance B.V. 144A 6.875%, 1/15/24⁽³⁾		600		615
Ziggo Bond Finance BV 144A 5.875%, 1/15/25⁽³⁾		250		246

				27,190

Consumer Staples—1.1%
Darling Ingredients, Inc. 5.375%, 1/15/22		840		843
Dole Food Co., Inc. 144A 7.250%, 5/1/19⁽³⁾		545		552
Ingles Markets, Inc. 5.750%, 6/15/23		975		996
Pilgrim’s Pride Corp. 144A 5.750%, 3/15/25⁽³⁾		340		344
Rite Aid Corp. 144A 6.125%, 4/1/23⁽³⁾		250		258
Tops Holding LLC (Tops Markets II Corp.) 144A 8.000%, 6/15/22⁽³⁾		925		931

				3,924

Energy—10.3%
Afren plc 144A 11.500%, 2/1/16^(3)(14)		475		218
Antero Resources Corp. 144A 5.625%, 6/1/23⁽³⁾		490		476
Carrizo Oil & Gas, Inc. 7.500%, 9/15/20		825		872
CNOOC Finance USA LLC 3.500%, 5/5/25		995		956
Compagnie Generale de Geophysique-Veritas 6.500%, 6/1/21		725		605
CONSOL Energy, Inc. 5.875%, 4/15/22		650		555
Denbury Resources, Inc. 5.500%, 5/1/22		440		395
Ecopetrol SA 5.375%, 6/26/26		910		901
Energy Transfer Partners LP 5.875%, 1/15/24		885		922
EnQuest plc 144A 7.000%, 4/15/22⁽³⁾		885		704
EP Energy LLC (Everest Acquisition Finance, Inc.) 9.375%, 5/1/20		840		904
Exterran Partners LP (EXLP Finance Corp.) 6.000%, 10/1/22		740		707
FTS International, Inc. 6.250%, 5/1/22		450		333
Gazprom Neft OAO (GPN Capital SA) 144A 6.000%, 11/27/23⁽³⁾⁽⁷⁾		255		235
Gazprom OAO (Gaz Capital SA) 144A 3.850%, 2/6/20⁽³⁾⁽⁷⁾		1,115		1,033
Gulfmark Offshore, Inc. 6.375%, 3/15/22		960		722


	PAR VALUE		VALUE
Energy—(continued)
Gulfport Energy, Corp. 7.750%, 11/1/20	$	885	$	931
Helmerich & Payne International Drilling Co. 144A 4.650%, 3/15/25⁽³⁾		540		557
Kinder Morgan, Inc. 7.750%, 1/15/32		890		1,018
Laredo Petroleum, Inc.
7.375%, 5/1/22		830		878
6.250%, 3/15/23		145		148
Linn Energy LLC
6.500%, 5/15/19		512		416
6.500%, 9/15/21		155		116
Lukoil International Finance BV
144A 7.250%, 11/5/19⁽³⁾		525		553
144A 4.563%, 4/24/23⁽³⁾		495		441
MarkWest Energy Partners LP (MarkWest Energy Finance Corp.) 4.875%, 12/1/24		990		973
MEG Energy Corp. 144A 7.000%, 3/31/24⁽³⁾		935		901
Newfield Exploration Co.
5.750%, 1/30/22		160		163
5.625%, 7/1/24		785		793
5.375%, 1/1/26		550		544
NGL Energy Partners LP (NGL Energy Finance Corp.) 5.125%, 7/15/19		925		927
Novatek OAO (Novatek Finance Ltd.) 144A 4.422%, 12/13/22⁽³⁾⁽⁷⁾		1,105		963
Odebrecht Offshore Drilling Finance Ltd. 144A 6.750%, 10/1/22⁽³⁾		1,126		808
Pacific Rubiales Energy Corp. 144A 5.375%, 1/26/19⁽³⁾		610		503
Parker Drilling Co. (The) 7.500%, 8/1/20		1,075		984
Pertamina Persero PT
144A 4.300%, 5/20/23⁽³⁾		600		576
144A 6.000%, 5/3/42⁽³⁾		400		373
Petrobras Global Finance BV
3.000%, 1/15/19		795		735
5.375%, 1/27/21		830		799
Petroleos de Venezuela SA
RegS 8.500%, 11/2/17⁽⁴⁾		485		335
144A 6.000%, 5/16/24⁽³⁾		1,580		570
RegS 6.000%, 11/15/26⁽⁴⁾		790		282
Petroleos Mexicanos
4.875%, 1/18/24		305		313
5.500%, 6/27/44		650		598
PHI, Inc. 5.250%, 3/15/19		360		335


	PAR VALUE			VALUE
Energy—(continued)
QEP Resources, Inc. 6.875%, 3/1/21	$	1,105		$	1,152
QGOG Constellation SA 144A 6.250%, 11/9/19⁽³⁾		1,000			735
Regency Energy Partners LP 4.500%, 11/1/23		1,160			1,119
Sabine Oil & Gas Corp. 7.250%, 6/15/19⁽¹⁴⁾		935			210
Sabine Pass Liquefaction LLC 5.625%, 2/1/21		915			938
SM Energy Co. 144A 6.125%, 11/15/22⁽³⁾		1,160			1,198
Sunoco LP (Sunoco Finance Corp.) 144A 6.375%, 4/1/23⁽³⁾		1,075			1,123
Transcanada Trust 5.625%, 5/20/75⁽²⁾		940			948
Transocean, Inc. 4.300%, 10/15/22		1,050			793
Whiting Petroleum Corp. 144A 6.250%, 4/1/23⁽³⁾		910			908

					37,195

Financials—16.9%
Aercap Ireland Capital Ltd. (Aercap Global Aviation Trust) 4.250%, 7/1/20		165			165
Akbank TAS 144A 7.500%, 2/5/18⁽³⁾		1,565	^TRY		526
Allstate Corp. (The) 5.750%, 8/15/53⁽²⁾⁽⁶⁾		1,455			1,537
Ally Financial, Inc. 3.600%, 5/21/18		95			95
ALROSA Finance S.A. 144A 7.750%, 11/3/20⁽³⁾		1,065			1,124
Ares Capital Corp. 3.875%, 1/15/20		475			482
Avis Budget Car Rental LLC (Avis Budget Finance, Inc.) 144A 5.250%, 3/15/25⁽³⁾		785			740
Banco Bilbao Vizcaya Argentaria Bancomer S.A.
144A 6.500%, 3/10/21⁽³⁾		425			459
144A 6.750%, 9/30/22⁽³⁾		1,000			1,101
Banco de Credito del Peru
144A 4.250%, 4/1/23⁽³⁾		657			655
144A 6.125%, 4/24/27⁽²⁾⁽³⁾		1,095			1,168
Banco Internacional del Peru SAA
144A 5.750%, 10/7/20⁽³⁾		1,060			1,143
144A 6.625%, 3/19/29⁽²⁾⁽³⁾		395			420
Banco Santander Brasil SA 144A 8.000%, 3/18/16		900	^BRL		273
Bancolombia S.A. 5.125%, 9/11/22		1,015			1,013
Bank of America Corp. 4.200%, 8/26/24		1,140			1,136
Bank of China Ltd. 144A 5.000%, 11/13/24⁽³⁾		875			895
Bank of Georgia JSC 144A 7.750%, 7/5/17⁽³⁾		1,015			1,059
Braskem America Finance Co. RegS 7.125%, 7/22/41⁽⁴⁾		1,300			1,126
Citizens Financial Group, Inc. 144A 5.500%^(2)(3)(5)		920			894
Corporate Office Properties LP 3.600%, 5/15/23		950			867
CTR Partnership LP (Caretrust Capital Corp.) 5.875%, 6/1/21		720			736


	PAR VALUE		VALUE
Financials—(continued)
CyrusOne LP (CyrusOne Finance Corp.) 144A 6.375%, 11/15/22⁽³⁾	$	945	$	980
Development Bank of Kazakhstan OJSC 144A 4.125%, 12/10/22⁽³⁾		1,090		970
Discover Financial Services, Inc. 3.950%, 11/6/24		1,250		1,215
Drawbridge Special Opportunities Fund LP 144A 5.000%, 8/1/21⁽³⁾		915		915
ESH Hospitality, Inc. 144A 5.250%, 5/1/25⁽³⁾		925		904
Eurasian Development Bank 144A 4.767%, 9/20/22⁽³⁾		925		872
Excel Trust LP 4.625%, 5/15/24		230		218
First Cash Financial Services, Inc. 6.750%, 4/1/21		530		560
First Niagara Financial Group, Inc. 7.250%, 12/15/21		1,160		1,293
FS Investment Corp.
4.250%, 1/15/20		785		793
4.750%, 5/15/22		285		279
General Motors Financial Co., Inc. 4.750%, 8/15/17		1,535		1,621
Genworth Holdings, Inc. 4.900%, 8/15/23		1,170		1,039
GLP Capital LP (GLP Financing II, Inc.)
4.875%, 11/1/20		755		768
5.375%, 11/1/23		25		26
Healthcare Realty Trust, Inc. 3.875%, 5/1/25		395		380
HSBC Finance Corp. 6.676%, 1/15/21		500		578
Hutchison Whampoa International Ltd. Series 12, 144A 6.000%^(2)(3)(5)(6)		1,130		1,200
ICAHN Enterprises LP (ICAHN Enterprises Finance Corp.)
4.875%, 3/15/19		65		66
6.000%, 8/1/20		370		382
5.875%, 2/1/22		755		768
ICICI Bank Ltd. 144A 4.800%, 5/22/19⁽³⁾		940		997
ING Groep NV 6.000%^(2)(5)(6)		865		858
iStar Financial, Inc. 5.000%, 7/1/19		940		931
Itau Unibanco Holding S.A. 144A 5.125%, 5/13/23⁽³⁾		1,085		1,061
Jefferies Group LLC 6.875%, 4/15/21		410		469
JPMorgan Chase & Co. Series Z, 5.300%^(2)(5)(6)		175		174
Kazakhstan Temir Zholy Finance BV 144A 6.950%, 7/10/42⁽³⁾		795		762
Landry’s Holdings II, Inc. 144A 10.250%, 1/1/18⁽³⁾		425		442
Leucadia National Corp. 5.500%, 10/18/23		575		586


	PAR VALUE			VALUE
Financials—(continued)
Lincoln National Corp. 6.050%, 4/20/67⁽²⁾⁽⁶⁾	$	300		$	272
Macquarie Bank Ltd. 144A 6.625%, 4/7/21⁽³⁾		189			217
Morgan Stanley 144A 10.090%, 5/3/17⁽³⁾		2,400	^BRL		730
MPT Operating Partnership LP 5.500%, 5/1/24		455			469
Navient LLC 5.500%, 1/25/23		850			807
Nordea Bank AB 144A 4.250%, 9/21/22⁽³⁾		1,360			1,391
Phosagro OAO (Phosagro Bond Funding Ltd.) 144A 4.204%, 2/13/18⁽³⁾⁽⁷⁾		875			848
PKO Finance AB 144A 4.630%, 9/26/22⁽³⁾⁽⁷⁾		1,315			1,358
Progressive Corp. (The) 6.700%, 6/15/37⁽²⁾		1,200			1,251
Prudential Financial, Inc.
5.875%, 9/15/42⁽²⁾		2,155			2,277
5.625%, 6/15/43⁽²⁾⁽⁶⁾		450			466
Reliance Holdings USA, Inc. 144A 5.400%, 2/14/22⁽³⁾		1,000			1,077
RHP Hotel Properties LP (RHP Finance Corp.) 144A 5.000%, 4/15/23⁽³⁾		130			128
Royal Bank of Scotland Group plc (The)
6.400%, 10/21/19		370			413
7.648%, 8/29/49⁽²⁾⁽⁶⁾		550			688
Sabra Health Care LP 5.500%, 2/1/21		615			638
Santander Bank NA 8.750%, 5/30/18		400			466
Select Income REIT 4.500%, 2/1/25		900			868
Springleaf Finance Corp. 5.250%, 12/15/19		950			940
SunTrust Bank, Inc. 5.400%, 4/1/20		250			273
Teachers Insurance & Annuity Association of America 144A 4.375%, 9/15/54⁽²⁾⁽³⁾		740			743
Turkiye Garanti Bankasi AS 144A 5.250%, 9/13/22⁽³⁾		1,285			1,299
Ukreximbank Via Biz Finance plc RegS 8.375%, 7/27/15⁽⁴⁾⁽⁷⁾		450			349
Voya Financial, Inc. 5.650%, 5/15/53⁽²⁾		1,380			1,414
Walter Investment Management Corp. 7.875%, 12/15/21		1,100			1,024
York Risk Services Holding Corp. 144A 8.500%, 10/1/22⁽³⁾		685			606

					60,733

Health Care—4.5%
Acadia Healthcare Co., Inc. 5.125%, 7/1/22		300			299
Alere, Inc. 144A 6.375%, 7/1/23⁽³⁾		345			352


	PAR VALUE		VALUE
Health Care—(continued)
Capsugel SA PIK Interest Capitalization, 7.00% interest, 0.75% capitalization 144A, 5/15/19^(3)(13)	$	200	$	204
Centene Corp. 4.750%, 5/15/22		715		740
Community Health Systems, Inc. 6.875%, 2/1/22		525		556
Concordia Healthcare Corp. 144A 7.000%, 4/15/23⁽³⁾		65		65
Crimson Merger Sub, Inc. 144A 6.625%, 5/15/22⁽³⁾		710		628
DaVita Healthcare Partners, Inc. 5.125%, 7/15/24		935		921
Endo Finance LLC (Endo Finco, Inc.) 144A 5.375%, 1/15/23⁽³⁾		660		653
HCA, Inc.
6.500%, 2/15/20		990		1,106
5.375%, 2/1/25		1,400		1,417
Hologic, Inc. 144A 5.250%, 7/15/22⁽³⁾		70		72
Horizon Pharma plc 144A 6.625%, 5/1/23⁽³⁾		250		261
IASIS Healthcare LLC 8.375%, 5/15/19		545		565
JLL Delta Dutch Pledgeco BV PIK Interest Capitalization, 8.75% interest, 0.75% capitalization 144A, 5/1/20^(3)(11)		545		555
Mallinckrodt International Finance S.A.
144A 5.750%, 8/1/22⁽³⁾		360		369
144A 5.500%, 4/15/25⁽³⁾		60		58
MPH Acquisition Holdings LLC 144A 6.625%, 4/1/22⁽³⁾		595		609
Quintiles Transnational Corp. 144A 4.875%, 5/15/23⁽³⁾		435		438
Select Medical Corp. 6.375%, 6/1/21		905		919
Sterigenics-Nordion Holdings LLC 144A 6.500%, 5/15/23⁽³⁾		325		327
Surgical Care Affiliates, Inc. 144A 6.000%, 4/1/23⁽³⁾		912		917
Tenet Healthcare Corp.
4.750%, 6/1/20		1,150		1,173
6.000%, 10/1/20		180		192
4.500%, 4/1/21		470		467
8.125%, 4/1/22		770		845
Valeant Pharmaceuticals International, Inc.
144A 6.750%, 8/15/18⁽³⁾		255		268
144A 7.500%, 7/15/21⁽³⁾		130		141
144A 5.625%, 12/1/21⁽³⁾		140		144
144A 5.500%, 3/1/23⁽³⁾		220		223
144A 5.875%, 5/15/23⁽³⁾		705		724


	PAR VALUE		VALUE
Health Care—(continued)
144A 6.125%, 4/15/25⁽³⁾	$	145	$	150

				16,358

Industrials—4.7%
ADT Corp. (The) 6.250%, 10/15/21		1,130		1,192
Ahern Rentals, Inc. 144A 7.375%, 5/15/23⁽³⁾		930		923
Air Canada
144A 6.750%, 10/1/19⁽³⁾		1,050		1,116
Pass-Through-Trust, 13-1, B 144A 5.375%, 5/15/21⁽³⁾		1,364		1,419
American Airlines Group, Inc. 144A 4.625%, 3/1/20⁽³⁾		210		204
American Airlines Pass-Through-Trust 14-1, B 4.375%, 10/1/22		859		871
Atlas Air Pass-Through-Trust
98-1, A 7.380%, 1/2/18		26		26
00-1, A 8.707%, 1/2/19		86		88
AWAS Aviation Capital Ltd. 144A 7.000%, 10/17/16⁽³⁾		742		754
Berry Plastics Corp. 5.125%, 7/15/23		870		851
Bombardier, Inc. 144A 6.125%, 1/15/23⁽³⁾		1,440		1,285
Building Materials Corp. of America 144A 5.375%, 11/15/24⁽³⁾		430		424
Carpenter Technology Corp. 5.200%, 7/15/21		600		641
CEB, Inc. 144A 5.625%, 6/15/23⁽³⁾		365		368
Continental Airlines Pass-Through-Trust
00-1, A1 8.048%, 11/1/20		552		626
01-1, A1 6.703%, 6/15/21		235		249
DP World Ltd. 144A 6.850%, 7/2/37⁽³⁾		400		437
Harland Clarke Holdings Corp. 144A 6.875%, 3/1/20⁽³⁾		600		579
Lender Processing Services, Inc. 5.750%, 4/15/23		655		689
Masco Corp.
5.950%, 3/15/22		640		718
4.450%, 4/1/25		320		321
Northwest Airlines Pass-Through-Trust 02-1, G2 6.264%, 11/20/21		413		432
Pelabuhan Indonesia II PT 144A 4.250%, 5/5/25⁽³⁾		925		869
Penske Truck Leasing Co. LP 144A 3.375%, 2/1/22⁽³⁾		350		339
TransDigm, Inc.
6.000%, 7/15/22		630		625
144A 6.500%, 5/15/25⁽³⁾		270		268


	PAR VALUE		VALUE
Industrials—(continued)
United Rentals North America, Inc. 5.500%, 7/15/25	$	565	$	548

				16,862

Information Technology—2.0%
Avaya, Inc. 144A 7.000%, 4/1/19⁽³⁾		870		855
Blue Coat Holdings, Inc. 144A 8.375%, 6/1/23⁽³⁾		485		495
First Data Corp. 11.750%, 8/15/21		1,854		2,090
Flextronics International Ltd. 144A 4.750%, 6/15/25⁽³⁾		930		922
Infinity Acquisition LLC (Infinity Acquisition Finance Corp.) 144A 7.250%, 8/1/22⁽³⁾		745		704
KLA-Tencor Corp. 4.650%, 11/1/24		905		902
Project Homestake Merger Corp. 144A 8.875%, 3/1/23⁽³⁾		540		525
SunGard Data Systems, Inc. 6.625%, 11/1/19		715		741

				7,234

Materials—5.4%
Alpek SA de C.V. 144A 5.375%, 8/8/23⁽³⁾		1,460		1,520
ArcelorMittal 6.125%, 6/1/25		945		944
Beverage Packaging Holdings Luxembourg II SA 144A 6.000%, 6/15/17⁽³⁾		895		898
Cascades, Inc. 144A 5.500%, 7/15/22⁽³⁾		1,100		1,068
Cemex SAB de CV 144A 9.500%, 6/15/18⁽³⁾		976		1,079
CRH America, Inc. 144A 3.875%, 5/18/25⁽³⁾		325		322
Eldorado Gold Corp. 144A 6.125%, 12/15/20⁽³⁾		455		452
EuroChem Mineral & Chemical Co. OJSC 144A 5.125%, 12/12/17⁽³⁾⁽⁷⁾		550		552
Fibria Overseas Finance Ltd. 5.250%, 5/12/24		910		915
FMG Resources August 2006 Pty Ltd. 144A 9.750%, 3/1/22⁽³⁾		135		140
Fortescue Metals Group (FMG) 144A 8.250%, 11/1/19⁽³⁾		470		398
Gerdau Holdings, Inc. 144A 7.000%, 1/20/20⁽³⁾		835		906
Gerdau Trade, Inc. 144A 5.750%, 1/30/21⁽³⁾		250		256
Hexion U.S. Finance Corp. 6.625%, 4/15/20		580		535
INEOS Group Holdings SA 144A 5.875%, 2/15/19⁽³⁾		920		928
Methanex Corp. 4.250%, 12/1/24		930		921
Sappi Papier Holding GmbH 144A 6.625%, 4/15/21⁽³⁾		1,710		1,783
Sealed Air Corp. 144A 4.875%, 12/1/22⁽³⁾		980		969


	PAR VALUE			VALUE
Materials—(continued)
Severstal OAO (Steel Capital SA) 144A 6.700%, 10/25/17⁽³⁾⁽⁷⁾	$	425		$	444
Tronox Finance LLC 6.375%, 8/15/20		950			886
Union Andina de Cementos SAA 144A 5.875%, 10/30/21⁽³⁾		155			157
United States Steel Corp. 6.875%, 4/1/21		550			553
Vale Overseas Ltd. 4.375%, 1/11/22		1,355			1,329
Vedanta Resources plc
144A 9.500%, 7/18/18⁽³⁾		745			799
144A 6.000%, 1/31/19⁽³⁾		720			700

					19,454

Telecommunication Services—3.6%
Altice Financing SA 144A 6.625%, 2/15/23⁽³⁾		720			717
Altice US Finance II Corp. 144A 7.750%, 7/15/25⁽³⁾		400			390
America Movil SAB de C.V. Series 12 6.450%, 12/5/22		5,000	^MXN		305
Bharti Airtel International Netherlands BV 144A 5.125%, 3/11/23⁽³⁾		880			923
CCO Holdings LLC
5.250%, 3/15/21		467			467
5.250%, 9/30/22		495			489
CCO Holdings LLC (CCO Holdings Capital Corp.) 144A 5.125%, 5/1/23⁽³⁾		390			381
CenturyLink, Inc. Series V 5.625%, 4/1/20		570			583
Comcel Trust 144A 6.875%, 2/6/24⁽³⁾		475			501
Digicel Group Ltd. 144A 8.250%, 9/30/20⁽³⁾		1,100			1,105
Empresa Nacional de Telecomunicaciones S.A. 144A 4.875%, 10/30/24⁽³⁾		430			433
Frontier Communications Corp. 6.250%, 9/15/21		1,045			956
Level 3 Financing, Inc. 7.000%, 6/1/20		935			994
Sprint Communications, Inc. 6.000%, 11/15/22		935			857
T-Mobile USA, Inc.
6.125%, 1/15/22		540			559
6.500%, 1/15/24		380			393
UPCB Finance IV Ltd. 144A 5.375%, 1/15/25⁽³⁾		425			408
Verizon Communications, Inc. 4.400%, 11/1/34		895			838
West Corp. 144A 5.375%, 7/15/22⁽³⁾		875			821
Windstream Corp. 7.750%, 10/15/20		780			766

					12,886

Utilities—2.2%
AmeriGas Partners LP 7.000%, 5/20/22		770			820


	PAR VALUE		VALUE
Utilities—(continued)
Calpine Corp.
144A 6.000%, 1/15/22⁽³⁾	$	40	$	42
5.375%, 1/15/23		586		579
Dynegy, Inc.
144A 7.375%, 11/1/22⁽³⁾		410		432
144A 7.625%, 11/1/24⁽³⁾		230		245
Electricite de France SA 144A 5.250%^(2)(3)(5)(6)		1,360		1,362
Enel SpA 144A 8.750%, 9/24/73^(2)(3)(6)		375		432
Israel Electric Corp. Ltd. 144A 5.625%, 6/21/18⁽³⁾		500		534
Lamar Funding Ltd. 144A 3.958%, 5/7/25⁽³⁾		910		885
Majapahit Holding BV 144A 7.750%, 1/20/20⁽³⁾		795		921
Talen Energy Supply LLC 144A 5.125%, 7/15/19⁽³⁾		625		616
TerraForm Power Operating LLC 144A 5.875%, 2/1/23⁽³⁾		860		877
Texas Competitive Electric Holdings Co. LLC Series A 10.250%, 11/1/15⁽¹²⁾		200		21

				7,766

TOTAL CORPORATE BONDS AND NOTES (Identified Cost $214,499)				209,602

LOAN AGREEMENTS⁽²⁾—11.1%
Consumer Discretionary—3.3%
Advantage Sales & Marketing, Inc. Second Lien, 7.500%, 7/25/22		740		746
Affinity Gaming LLC 5.250%, 11/9/17		541		544
Aristocrat Leisure Ltd. 4.750%, 10/20/21		537		540
Brickman Group Ltd. LLC (The) First Lien, 7.500%, 12/17/21		344		346
Caesars Entertainment Operating Co., Inc.
Tranche B-6, 1.500%, 3/1/17⁽¹⁴⁾		512		461
Tranche B-7, 1.500%, 1/28/18⁽¹⁴⁾		102		90
Caesars Growth Properties Holdings LLC Tranche B, First Lien, 6.250%, 5/8/21		353		303
CBAC Borrower LLC Tranche B, 8.250%, 7/2/20		692		642
Cirque Du Soleil 0.000%, 6/24/22⁽⁸⁾		254		254
iHeartCommunications, Inc. (Clear Channel Communications, Inc.) Tranche D, 6.937%, 1/30/19		808		749
Key Safety Systems, Inc. 4.750%, 8/29/21		441		443
Landry’s, Inc. (Landry’s Restaurants, Inc.) Tranche B, 4.000%, 4/24/18		934		938


	PAR VALUE		VALUE
Consumer Discretionary—(continued)
Laureate Education, Inc. 2018 Extended, 5.000%, 6/15/18	$	579	$	542
Life Time Fitness 4.250%, 6/10/22		565		562
Marina District Finance Co., Inc. 6.500%, 8/15/18		328		332
Peppermill Casinos, Inc. Tranche B, 7.250%, 11/9/18		1,045		1,049
PetSmart, Inc. Tranche B-1 4.250%, 3/11/22		154		154
Shingle Springs Tribal Gaming Authority 6.250%, 8/29/19		554		558
Staples, Inc. First Lien, 2.750%, 4/23/21⁽⁸⁾		697		697
Transtar Holding Co. Second Lien, 10.000%, 10/9/19		380		372
TWCC Holding Corp. Second Lien, 7.000%, 6/26/20		1,088		1,018
U.S. Farathane Corp. 6.750%, 12/23/21		369		372

				11,712

Consumer Staples—0.3%
Albertson’s LLC Tranche B-4, 5.500%, 8/25/21		670		675
Rite Aid Corp. Tranche 2, Second Lien, 4.875%, 6/21/21		550		551

				1,226

Energy—1.3%
Arch Coal, Inc. 6.250%, 5/16/18		1,104		761
Chief Exploration & Development LLC Second Lien, 7.500%, 5/16/21		649		615
Drillships Ocean Ventures, Inc. 5.500%, 7/25/21		566		484
Expro Finservices S.A.R.L. 5.750%, 9/2/21		458		406
Fieldwood Energy LLC Second Lien, 8.375%, 9/30/20⁽⁸⁾		861		663
Jonah Energy LLC Second Lien, 7.500%, 5/12/21		520		496
Seadrill Operating LP 4.000%, 2/21/21		504		382
Templar Energy LLC Second Lien, 8.500%, 11/25/20		925		684

				4,491

Financials—0.2%
Capital Automotive LP Second Lien, 6.000%, 4/30/20		450		458
Walter Investment Management Corp. Tranche B, 4.750%, 12/18/20		342		323

				781


	PAR VALUE		VALUE
Health Care—1.8%
21st Century Oncology, Inc. Tranche B 6.500%, 4/30/22	$	228	$	225
AMAG Pharmaceuticals, Inc. 7.250%, 11/12/20		257		260
American Renal Holdings, Inc. Second Lien, 7.250%, 3/20/20⁽⁸⁾		909		908
Amneal Pharmaceuticals LLC Tranche B, 5.000%, 11/1/19		331		332
Ardent Medical Services, Inc.
First Lien, 6.750%, 7/2/18		314		315
Second Lien, 11.000%, 1/2/19		571		576
Concentra, Inc. First Lien, Tranche B 4.000%, 6/1/22		60		60
Horizon Pharma, Inc. 2015 Term Loan 4.500%, 5/7/21		195		196
InVentiv Health, Inc. Tranche B-4, 7.750%, 5/15/18		583		586
MMM Holdings, Inc. 9.750%, 12/12/17		253		211
MSO of Puerto Rico, Inc. 9.750%, 12/12/17		184		153
NVA Holdings, Inc. Second Lien 8.000%, 8/14/22		509		511
PharMEDium Healthcare Corp. Second Lien, 7.750%, 1/28/22		187		188
Regional Care, Inc. (RCHP, Inc.) First Lien, 5.250%, 4/23/19		829		827
Surgery Center Holdings, Inc.
First Lien, 5.250%, 11/3/20		650		651
Second Lien, 8.500%, 11/3/21		288		288

				6,287

Industrials—1.2%
Alliance Laundry Systems LLC Second Lien, 9.500%, 12/10/19		93		94
Ceridian HCM Holding, Inc. 4.500%, 9/15/20		738		732
DynCorp International, Inc. 6.250%, 7/7/16		386		377
Filtration Group Corp. Second Lien, 8.250%, 11/22/21		194		195
Husky Injection Molding Systems Ltd. 4.250%, 6/30/21		532		530
Landmark U.S. Member LLC (Landmark U.S. Corp Acquisition, Inc.) Second Lien 8.250%, 1/25/21		725		722
Navistar, Inc. Tranche B, 5.750%, 8/17/17		729		732
Sedgwick Claims Management Services, Inc. Second Lien, 6.750%, 2/28/22⁽⁸⁾		1,105		1,087

				4,469


	PAR VALUE		VALUE
Information Technology—2.3%
Allflex Holdings III, Inc. Second Lien, 8.000%, 7/19/21	$	599	$	604
Applied Systems, Inc. Second Lien, 7.500%, 1/24/22		660		663
Blue Coat Systems, Inc. 4.500%, 5/20/22		195		195
Deltek, Inc.
First Lien 0.000%, 12/19/22⁽⁸⁾		23		23
Second Lien 0.000%, 6/23/23⁽⁸⁾		408		411
Epicor Software Corp. Tranche B, 4.750%, 6/1/22		365		365
Evergreen Skills Lux S.A.R.L. Second Lien, 9.250%, 4/28/22		393		369
First Data Corp.
2018 Term Loan 3.687%, 3/23/18		1,349		1,346
0.000%, 6/24/22⁽⁸⁾		225		224
Infinity Acquisition Ltd. 4.000%, 8/6/21		355		353
Kronos, Inc. Second Lien, 9.750%, 4/30/20		1,241		1,282
Mitchell International, Inc. Second Lien, 8.500%, 10/11/21		1,323		1,325
Presidio, Inc. Refinancing Term 5.250%, 2/2/22		843		846
Riverbed Technologies, Inc. 6.000%, 4/24/22		408		413

				8,419

Materials—0.6%
Fortescue Metals Group (FMG) Resources Property Ltd. 3.750%, 6/30/19		319		284
Houghton International, Inc. Holding Corp. Second Lien, 9.500%, 12/21/20		630		632
INEOS U.S. Finance LLC 2022 Dollar 4.250%, 3/31/22⁽⁸⁾		57		57
Noranda Aluminum Acquisition Corp. Tranche B, 5.750%, 2/28/19		1,290		1,074

				2,047

Utilities—0.1%
Atlantic Power LP 4.750%, 2/24/21		176		177
Texas Competitive Electric Holdings Co. LLC 2017 Extended, 4.671%, 10/10/17⁽¹²⁾		375		217

				394

TOTAL LOAN AGREEMENTS (Identified Cost $41,440)				39,826


	SHARES			VALUE
PREFERRED STOCKS—3.1%
Energy—0.3%
PTT Exploration & Production PCL 144A, 4.875%⁽²⁾⁽³⁾		905	⁽¹⁰⁾	$	907

Financials—2.7%
Ally Financial, Inc. Series A, 8.500%⁽²⁾		20,000			529
Ally Financial, Inc. Series G, 144A 7.000%⁽³⁾		161			163
Banco Bilbao Vizcaya Argentaria S.A. International S.A. Unipersonal 5.919%⁽²⁾		265	⁽¹⁰⁾		272
Bank of New York Mellon Corp. (The) Series E, 4.950%⁽²⁾		705	⁽¹⁰⁾		700
Citigroup, Inc. Series J, 7.125%⁽²⁾		46,600			1,275
Citigroup, Inc. Series N, 5.800%⁽²⁾		1,065	⁽¹⁰⁾		1,069
General Electric Capital Corp. Series B, 6.25%⁽²⁾		700	⁽¹⁰⁾		766
General Electric Capital Corp. Series C, 5.25%⁽²⁾		600	⁽¹⁰⁾		615
Goldman Sachs Group, Inc. (The) Series L, 5.700%⁽²⁾		635	⁽¹⁰⁾		637
JPMorgan Chase & Co. Series V, 5.000%⁽²⁾		285	⁽¹⁰⁾		279
PNC Financial Services Group, Inc. (The) Series R, 4.850%⁽²⁾		965	⁽¹⁰⁾		921
SunTrust Bank, Inc. 5.625%⁽²⁾⁽⁶⁾		260	⁽¹⁰⁾		262
Wells Fargo & Co. Series K, 7.980%⁽²⁾		950	⁽¹⁰⁾		1,027
Zions Bancorp 6.950%⁽²⁾		38,525			1,071

					9,586

Industrials—0.1%
Seaspan Corp. Series C, 9.500%		20,000			517

TOTAL PREFERRED STOCKS (Identified Cost $10,584)		11,010

COMMON STOCK—0.0%
Consumer Discretionary—0.0%
Mark IV Industries		446			18

TOTAL COMMON STOCK (Identified Cost $4)		18

EXCHANGE-TRADED FUND—0.6%
SPDR S&P 500(R) ETF Trust Series 1		9,500			1,956

TOTAL EXCHANGE-TRADED FUND (Identified Cost $1,799)		1,956


	SHARES		VALUE
AFFILIATED MUTUAL FUND—2.6%
Virtus Credit Opportunities Fund		922,500	$	9,197

TOTAL AFFILIATED MUTUAL FUND (Identified Cost $9,225)				9,197

TOTAL LONG TERM INVESTMENTS—99.4% (Identified Cost $366,336)				356,904	⁽⁹⁾

SHORT-TERM INVESTMENTS—0.6%
Money Market Mutual Fund—0.6%
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.140%)		2,305,235		2,305

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $2,305)				2,305

TOTAL INVESTMENTS—100.0% (Identified Cost $368,641)				359,209	⁽¹⁾
Other assets and liabilities, net—0.0%				105

NET ASSETS—100.0%			$	359,314


Abbreviations:

ETF		Exchange-Traded Fund
FHLMC		Federal Home Loan Mortgage Corporation (“Freddie Mac”).
FNMA		Federal National Mortgage Association (“Fannie 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 June 30, 2015, 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 June 30, 2015.

⁽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 June 30, 2015, these securities amounted to a value of $133,891 or 37.3% 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 June 30, 2015, 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⁾	All or a portion of the Fund’s assets have been segregated for delayed delivery security.

⁽¹⁰⁾	Value shown as par value.

⁽¹¹⁾	92.1% of the income received was in cash and 7.9% in PIK.

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

⁽¹³⁾	90% of the income received was in cash and 10% in PIK.

The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2015 (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 June 30, 2015.

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
1.625%, 12/31/19	$	4,000		$	4,013
1.500%, 5/31/20		23,125			22,975

TOTAL U.S. GOVERNMENT SECURITIES (Identified Cost $27,182)					26,988

MUNICIPAL BOND—0.0%
Virginia—0.0%
Tobacco Settlement Financing Corp. Series A-1, Taxable 6.706%, 6/1/46		4,635			3,391

TOTAL MUNICIPAL BOND (Identified Cost $4,292)					3,391

FOREIGN GOVERNMENT SECURITIES—2.3%
Argentine Republic Series NY, 8.280%, 12/31/33⁽¹⁰⁾		24,360			23,386
Bolivarian Republic of Venezuela
RegS 7.000%, 12/1/18⁽⁴⁾		20,999			9,240
RegS 7.750%, 10/13/19⁽⁴⁾		19,501			7,654
Hungary 4.000%, 3/25/19		9,025			9,339
Mongolia 144A 4.125%, 1/5/18⁽³⁾		12,680			12,205
Republic of Chile 5.500%, 8/5/20		11,647,000	^CLP		19,445
Republic of Colombia Treasury Note, Series B, 11.250%, 10/24/18		21,072,000	^COP		9,493
Republic of Indonesia Series FR30, 10.750%, 5/15/16		207,679,000	^IDR		16,059
Republic of Latvia RegS 2.750%, 1/12/20⁽⁴⁾		8,560			8,581
Republic of Panama 5.200%, 1/30/20		3,800			4,188
Republic of Romania 144A 6.750%, 2/7/22⁽³⁾		7,000			8,173
Republic of South Africa Series R203, 8.250%, 9/15/17		134,520	^ZAR		11,284
Republic of Sri Lanka 144A 6.000%, 1/14/19⁽³⁾		17,450			17,864
Russian Federation 144A 7.850%, 3/10/18⁽³⁾		1,005,000	^RUB		16,752
State of Qatar 144A 3.125%, 1/20/17⁽³⁾		12,000			12,390

TOTAL FOREIGN GOVERNMENT SECURITIES (Identified Cost $209,296)					186,053

MORTGAGE-BACKED SECURITIES—22.0%
Agency—3.2%
FHLMC
14-DN2, M2 1.837%, 4/25/24⁽²⁾		13,365			13,053


	PAR VALUE		VALUE
Agency—(continued)
6.000%, 8/1/34	$	365	$	417
FNMA
5.500%, 1/1/17		32		33
6.000%, 5/1/17		10		10
4.500%, 4/1/18		127		132
5.000%, 10/1/19		394		418
5.500%, 2/1/20		149		156
5.500%, 3/1/20		131		138
5.500%, 3/1/20		16		16
5.500%, 3/1/20		46		48
5.500%, 3/1/20		73		77
5.500%, 4/1/20		214		228
5.000%, 6/1/20		381		403
4.000%, 8/1/25		12,505		13,240
3.000%, 6/1/27		1,084		1,124
2.500%, 5/1/28		17,538		17,833
6.000%, 12/1/32		46		53
5.500%, 2/1/33		67		75
5.500%, 5/1/34		338		380
6.000%, 8/1/34		266		304
6.000%, 10/1/34		211		240
6.000%, 10/1/34		222		254
5.500%, 11/1/34		393		440
5.500%, 11/1/34		145		162
6.000%, 11/1/34		221		251
5.500%, 12/1/34		147		165
5.500%, 1/1/35		314		353
6.000%, 1/1/37		312		355
6.000%, 1/1/37		537		613
5.500%, 7/1/37		6		7
6.000%, 7/1/37		54		62
6.000%, 12/1/37		269		307
6.000%, 4/1/38		218		248
5.000%, 12/1/39		8,046		8,946
4.500%, 4/1/40		9,936		10,756
5.000%, 8/1/40		15,130		16,774
4.000%, 10/1/40		188		200
4.000%, 3/1/41		6,242		6,643
4.500%, 5/1/41		6,714		7,269
3.500%, 4/1/42		12,075		12,461
3.500%, 12/1/42		34,902		36,015
3.000%, 3/1/43		59,039		58,760


	PAR VALUE		VALUE
Agency—(continued)
3.000%, 5/1/43	$	18,230	$	18,201
4.000%, 10/1/44		30,228		32,028
GNMA
6.500%, 11/15/31		20		23
6.500%, 2/15/32		23		27

				259,698

Non-Agency—18.8%
A-10 Securitization LLC
13-1, A 144A 2.400%, 11/15/25⁽³⁾		1,100		1,103
14-1, A1 144A 1.720%, 4/15/33⁽³⁾		13,885		13,848
ABN AMRO Mortgage Corp. 02-9, M 5.750%, 12/25/32		659		632
Americold LLC Trust 10-ARTA, A1 144A 3.847%, 1/14/29⁽³⁾		8,844		9,197
Banc of America (Merrill Lynch) Commercial Mortgage, Inc. 07-2, A4 5.783%, 4/10/49⁽²⁾		17,178		17,970
Banc of America Alternative Loan Trust
03-2, CB3 5.750%, 4/25/33		17,980		18,629
03-10, 2A1 6.000%, 12/25/33		3,378		3,642
Banc of America Funding Corp. 04-4, 3A1 4.750%, 10/25/19		2,475		2,519
Banc of America Funding Trust
04-B, 2A1 2.564%, 11/20/34⁽²⁾		973		961
05-1, 1A1 5.500%, 2/25/35		630		640
06-2, 3A1 6.000%, 3/25/36		3,663		3,671
Banc of America Mortgage Trust
04-7, 6A3 4.500%, 8/25/19		1,035		1,021
04-11, 2A1 5.750%, 1/25/35		2,000		2,044
05-3, 1A15 5.500%, 4/25/35		2,298		2,332
Bank of America (Merrill Lynch - Countrywide) Alternative Loan Trust
04-22CB, 1A1 6.000%, 10/25/34		28,619		30,320
Bank of America (Merrill Lynch - Countrywide) Commercial Mortgage Trust 06-4, A3 5.172%, 12/12/49		9,012		9,365
Bank of America (Merrill Lynch - Countrywide) Home Loan Mortgage Pass-Through-Trust
04-6, 1A2 2.607%, 5/25/34⁽²⁾		1,744		1,737
04-4, A6 5.500%, 5/25/34		1,298		1,332
Bank of America (Merrill Lynch - Countrywide) Mortgage Trust 06-C1, AM 5.865%, 5/12/39⁽²⁾		7,570		7,779


	PAR VALUE		VALUE
Non-Agency—(continued)
Bank of America (Merrill Lynch - Deutsche Bank Trust) 12-OSI, A2FX 144A 3.352%, 4/13/29⁽³⁾	$	19,916	$	20,366
Bank of America (Merrill Lynch) Mortgage Investors, Inc. 98-C1, B 6.750%, 11/15/26⁽²⁾		10,000		10,775
Bank of America (Merrill Lynch) Commercial Mortgage Trust 06-3, A4 5.414%, 7/12/46⁽²⁾		10,641		10,972
Barclays (Lehman Brothers) - UBS Commercial Mortgage Trust
06-C3, AM 5.712%, 3/15/39⁽²⁾		7,615		7,794
07-C2, A3 5.430%, 2/15/40		6,378		6,737
07-C6, A4 5.858%, 7/15/40⁽²⁾		15,711		16,546
07-C7, A3 5.866%, 9/15/45⁽²⁾		11,025		11,926
Bayview Commercial Asset Trust
07-5A, A2 144A 1.087%, 10/25/37⁽²⁾⁽³⁾		5,549		6,163
08-1, A3 144A 1.687%, 1/25/38⁽²⁾⁽³⁾		32,808		31,459
BCRR Trust 09-1, 2A1 144A 5.858%, 7/17/40⁽²⁾⁽³⁾		3,620		3,732
Citicorp Mortgage Securities, Inc. 07-1,A1 5.500%, 1/25/22		210		211
Citigroup - Deutsche Bank Commercial Mortgage Trust
06-CD2, A4 5.480%, 1/15/46⁽²⁾		2,512		2,530
07-CD4, A4 5.322%, 12/11/49		4,505		4,694
07-CD4, AMFX 5.366%, 12/11/49⁽²⁾		13,955		14,476
Citigroup Commercial Mortgage Trust
07-C6, A1A 5.899%, 12/10/49⁽²⁾		26,873		28,711
07-6, A4 5.899%, 12/10/49⁽²⁾		388		415
08-C7, AM 6.349%, 12/10/49⁽²⁾		12,335		13,341
10-RR3, MLSR 144A 5.810%, 6/14/50⁽²⁾⁽³⁾		3,364		3,546
Citigroup Mortgage Loan Trust, Inc.
03-UP3, A2 7.000%, 9/25/33		885		931
04-UST1, A3 2.183%, 8/25/34⁽²⁾		1,714		1,714
04-NCM2, 2CB2 6.750%, 8/25/34		12,799		13,579
14-A, A 144A 4.000%, 1/25/35⁽²⁾⁽³⁾		18,027		18,731
05-5, 2A3 5.000%, 8/25/35		666		661
Colony Multi-Family Commercial Mortgage-Backed Securities 14-1, A 144A 2.543%, 4/20/50⁽³⁾		18,998		18,986
Commercial Mortgage Trust
10-C1, D 144A 6.050%, 7/10/46⁽²⁾⁽³⁾		6,669		7,214
07-GG11, AM 5.867%, 12/10/49⁽²⁾		18,174		19,492
Credit Suisse Commercial Mortgage Trust
07-C1, A1A 5.361%, 2/15/40		37,968		39,687
07 - C5, A1AM 5.870%, 9/15/40⁽²⁾		21,039		21,455


	PAR VALUE		VALUE
Non-Agency—(continued)
14-LVR2, A2 144A 3.929%, 4/25/44⁽²⁾⁽³⁾	$	15,063	$	15,459
07-C2, A3 5.542%, 1/15/49⁽²⁾		12,995		13,705
Credit Suisse First Boston Mortgage Securities Corp.
03-27, 5A3 5.250%, 11/25/33		2,030		2,073
04-8, 7A1 6.000%, 12/25/34		6,678		7,054
Deutsche Bank-UBS Mortgage Trust 11-LC3A, D 144A 5.586%, 8/10/44⁽²⁾⁽³⁾		2,311		2,404
Extended Stay America Trust 13-ESH7, A17 144A 2.295%, 12/5/31⁽³⁾		16,230		16,094
Fannie Mae Connecticut Avenue Securities 14-C02, 2M2 2.787%, 5/25/24⁽²⁾		1,420		1,296
FDIC Trust 13-N1, A 144A 4.500%, 10/25/18⁽³⁾		3,732		3,745
GAHR Commercial Mortgage Trust 15-NRF, CFX 144A 3.495%, 12/15/19⁽²⁾⁽³⁾		16,875		16,741
GMAC Mortgage Corp. Loan Trust
03-J7, A10 5.500%, 11/25/33		1,560		1,599
04-AR1, 12A 3.031%, 6/25/34⁽²⁾		9,838		10,001
05-AR1, 5A 3.268%, 3/18/35⁽²⁾		3,021		2,980
Goldman Sachs Mortgage Securities Trust
07-GG,10 5.795%, 8/10/45⁽²⁾		2,979		3,197
II 07-GG10, A4 5.989%, 8/10/45⁽²⁾		18,851		20,115
Goldman Sachs Residential Mortgage Loan Trust
05-5F, B1 5.750%, 6/25/35⁽²⁾		2,160		2,239
07-1F, 2A2 5.500%, 1/25/37		510		486
Hilton USA Trust 13-HLT, EFX 144A 5.609%, 11/5/30⁽²⁾⁽³⁾		21,980		22,266
Jefferies Resecuritization Trust
14-R1, 1A1 144A 4.000%, 12/27/37⁽³⁾		10,944		10,956
14-R1, 2A1 144A 4.000%, 12/27/37⁽³⁾		8,733		8,729
JPMorgan Chase (Bear Stearns) Adjustable Rate Mortgage Trust 04-10, 14A1 2.738%, 1/25/35⁽²⁾		1,661		1,620
JPMorgan Chase (Bear Stearns) Asset Backed Securities Trust 03-AC4. A 5.500%, 9/25/33⁽²⁾		8,193		8,461
JPMorgan Chase (Bear Stearns) Commercial Mortgage Securities, Inc.
06-T22, AM 5.766%, 4/12/38⁽²⁾		10,700		10,972
06-PW12, AM 5.940%, 9/11/38⁽²⁾		9,250		9,571
06-PW14, AM 5.243%, 12/11/38		5,000		5,246
05-PW10, AM 5.449%, 12/11/40⁽²⁾		14,480		14,698
06-PW13, AM 5.582%, 9/11/41⁽²⁾		3,272		3,409
07- PW15, AM 5.363%, 2/11/44		13,247		13,700
07- PW17, A4 5.694%, 6/11/50⁽²⁾		21,890		23,332


	PAR VALUE		VALUE
Non-Agency—(continued)
07-PW18, AM 6.084%, 6/11/50⁽²⁾	$	12,400	$	13,533
JPMorgan Chase (Washington Mutual) Mortgage Pass-Through Certificates Trust
04-CB1, 5A 5.000%, 6/25/19		1,340		1,371
03-AR6, A1 2.558%, 6/25/33⁽²⁾		1,127		1,128
03-AR4, 2A1 2.257%, 8/25/33⁽²⁾		353		350
04-CB1, 2A 5.000%, 6/25/34		3,696		3,822
JPMorgan Chase Commercial Mortgage Securities Trust
09-IWST, A1 144A 4.314%, 12/5/27⁽³⁾		6,043		6,396
10-CNTR, A1 144A 3.300%, 8/5/32⁽³⁾		1,810		1,863
10-CNTR, A2 144A 4.311%, 8/5/32⁽³⁾		11,503		12,355
14-1, 1A1 144A 4.000%, 1/25/44⁽²⁾⁽³⁾		28,593		29,710
06-LDP7, AM 6.100%, 4/15/45⁽²⁾		22,312		23,118
06-LDP7, A4 6.100%, 4/15/45⁽²⁾		11,345		11,603
06-LDP9, A3 5.336%, 5/15/47		19,793		20,664
06-LDP9, AM 5.372%, 5/15/47		24,850		25,673
07-LDPX, AM 5.464%, 1/15/49⁽²⁾		32,275		33,362
07-LD12, A4 5.882%, 2/15/51⁽²⁾		15,529		16,511
JPMorgan Chase Mortgage Trust
14-2, 2A2 144A 3.500%, 6/25/29⁽²⁾⁽³⁾		14,863		15,277
06-A2, 4A1 2.637%, 8/25/34⁽²⁾		2,330		2,334
04-A4, 2A1 2.454%, 9/25/34⁽²⁾		4,363		4,432
05-A1, 4A1 2.626%, 2/25/35⁽²⁾		920		927
05-A2, 4A1 2.136%, 4/25/35⁽²⁾		1,200		1,171
05-A4, 3A1 2.292%, 7/25/35⁽²⁾		6,388		6,360
06-A6, 3A3L 5.034%, 10/25/36⁽²⁾		1,830		1,600
14-IVR3, 2A1 144A 3.000%, 9/25/44⁽²⁾⁽³⁾		6,564		6,600
Leaf II Receivables Funding LLC 13-1, C 144A 3.460%, 9/15/21⁽³⁾		6,850		6,883
MASTR Adjustable Rate Mortgages Trust 04-12,3A1 2.598%, 11/25/34⁽²⁾		1,870		1,857
MASTR Alternative Loan Trust
04-7, 4A1 4.500%, 7/25/19		3,321		3,387
03-8, 2A1 5.750%, 11/25/33		7,172		7,525
04-4, 6A1 5.500%, 4/25/34		3,841		4,033
04-6, 7A1 6.000%, 7/25/34		6,716		6,835
04-7, 9A1 6.000%, 8/25/34		16,106		16,877
05-2, 2A1 6.000%, 1/25/35		3,868		4,119
05-2, 1A1 6.500%, 3/25/35		10,961		11,520
MASTR Asset Securitization Trust 05-1, 1A1 5.000%, 5/25/20		716		722


	PAR VALUE		VALUE
Non-Agency—(continued)
MASTR Reperforming Loan Trust 05-1, 1A2 144A 6.500%, 8/25/34⁽³⁾	$	1,907	$	1,920
Morgan Stanley Capital I Trust
06-T23, AM 6.010%, 8/12/41⁽²⁾		10,575		11,032
08-T29, AM 6.460%, 1/11/43⁽²⁾		1,610		1,782
06-IQ12, A4 5.332%, 12/15/43		13,431		13,970
07-IQ14, A4 5.692%, 4/15/49⁽²⁾		17,390		18,389
07-IQ14, AM 5.867%, 4/15/49⁽²⁾		15,932		16,600
07- LQ16, A4 5.809%, 12/12/49		21,716		23,303
Morgan Stanley Mortgage Loan Trust
04-2AR, 3A 2.165%, 2/25/34⁽²⁾		1,900		1,897
04-2AR, 4A 2.552%, 2/25/34⁽²⁾		1,605		1,619
Morgan Stanley Residential Mortgage Loan Trust 14-1A, A1 144A 2.987%, 6/25/44⁽²⁾⁽³⁾		8,545		8,729
Motel 6 Trust 15-MTL6, B 144A 3.298%, 2/5/30⁽³⁾		18,370		18,407
National City Mortgage Capital Trust 08-1, 2A1 6.000%, 3/25/38		2,465		2,582
New Residential Mortgage Loan Trust
14-1A, A 144A 3.750%, 1/25/54⁽²⁾⁽³⁾		9,138		9,396
14-2A, 3A 144A 3.750%, 5/25/54⁽²⁾⁽³⁾		2,718		2,806
14-3A, AFX3 144A 3.750%, 11/25/54⁽²⁾⁽³⁾		6,303		6,460
Nomura Asset Acceptance Corp. 04-R3, A1 144A 6.500%, 2/25/35⁽³⁾		7,862		8,046
Residential Accredit Loans, Inc.
03-QS6, A4 4.250%, 3/25/33		1,214		1,226
03-QS17, CB5 5.500%, 9/25/33		1,508		1,555
05-QS1, A5 5.500%, 1/25/35		1,270		1,283
Residential Asset Mortgage Products, Inc.
04-SL2, A3 7.000%, 10/25/31		2,258		2,374
04-SL1, A8 6.500%, 11/25/31		2,687		2,761
05-SL2, A4 7.500%, 2/25/32		2,210		2,314
04-SL4, A3 6.500%, 7/25/32		1,508		1,552
Residential Asset Securities Corp. 01-KS2, AI5 7.514%, 6/25/31⁽²⁾		3,093		3,177
Residential Asset Securitization Trust
03-A11, A9 5.750%, 11/25/33		2,959		3,041
04-A1, A5 5.500%, 4/25/34		13,635		14,272
Residential Funding Mortgage Securities I, Inc.
06-S12, 1A1 5.500%, 12/25/21		1,436		1,460
05-S1, 1A2 5.500%, 2/25/35		1,138		1,145
Sequoia Mortgage Trust
14-2, A1 144A 4.000%, 7/25/44⁽²⁾⁽³⁾		11,456		11,775
15-1, A1 144A 3.500%, 1/25/45⁽²⁾⁽³⁾		11,055		10,990


	PAR VALUE		VALUE
Non-Agency—(continued)
SilverLeaf Finance XVII LLC 13-12, A1 144A 2.680%, 3/16/26⁽³⁾	$	5,447	$	5,441
Structured Adjustable Rate Mortgage Loan Trust
03-30, 2A1 5.063%, 10/25/33⁽²⁾		4,298		4,390
04-4, 3A1 2.480%, 4/25/34⁽²⁾		861		852
04-4, 3A4 2.480%, 4/25/34⁽²⁾		2,937		2,907
04-4, 3A2 2.480%, 4/25/34⁽²⁾		3,806		3,804
04-5, 3A2 2.443%, 5/25/34⁽²⁾		1,874		1,865
04-14, 7A 2.555%, 10/25/34⁽²⁾		13,889		13,929
Structured Asset Securities Corp. Assistance Loan Trust 03-AL1, A 144A 3.357%, 4/25/31⁽³⁾		9,573		9,416
Structured Asset Securities Corp. Mortgage Pass - Through Certificates
02-AL1, A3 3.450%, 2/25/32		11,718		11,579
03-33H, 1A1 5.500%, 10/25/33		4,050		4,135
03-34A, 6A 2.584%, 11/25/33⁽²⁾		2,987		2,924
04-15, 3A3 5.500%, 9/25/34		2,780		2,820
VFC LLC 14-2, A 144A 2.750%, 7/20/30⁽³⁾		4,656		4,656
Wells Fargo (Royal Bank of Scotland plc) Commercial Mortgage Trust 11-C5, C 144A 5.822%, 11/15/44⁽²⁾⁽³⁾		1,800		2,005
Wells Fargo (Wachovia Bank Commercial Mortgage Trust)
04-C15, B 4.892%, 10/15/41		7,932		7,952
06-C25, A4 5.897%, 5/15/43⁽²⁾		7,427		7,544
07-31, AM 5.591%, 4/15/47⁽²⁾		34,000		36,069
Wells Fargo (Wachovia Bank) Commercial Mortgage Trust
06-C25, AM 5.897%, 5/15/43⁽²⁾		18,625		19,203
07-C30, A5 5.342%, 12/15/43		39,765		41,765
07-C30, AM 5.383%, 12/15/43		25,695		26,998
07-C31, A4 5.509%, 4/15/47		14,562		15,234
07-C32, A3 5.903%, 6/15/49⁽²⁾		22,577		23,870
07-C33, A5 6.150%, 2/15/51⁽²⁾		1,265		1,369
Wells Fargo Mortgage Backed Securities Trust
06-17, A1 5.500%, 11/25/21		185		187
03-G, A1 2.523%, 6/25/33⁽²⁾		1,455		1,467
03-J, 5A1 2.492%, 10/25/33⁽²⁾		509		513
04-4, A9 5.500%, 5/25/34		2,296		2,362
04-U, A1 2.595%, 10/25/34⁽²⁾		1,173		1,169
04-Z, 2A1 2.615%, 12/25/34⁽²⁾		7,581		7,617
04-CC, A1 2.616%, 1/25/35⁽²⁾		3,007		3,037
05-12, 1A1 5.500%, 11/25/35		5,343		5,444


	PAR VALUE		VALUE
Non-Agency—(continued)
05-14, 2A1 5.500%, 12/25/35	$	3,891	$	3,963
06-6, 1A15 5.750%, 5/25/36		480		474
07-16, 1A1 6.000%, 12/28/37		4,205		4,333
07-AR10, 2A1 5.951%, 1/25/38⁽²⁾		4,600		4,542
WinWater Mortgage Loan Trust
14-1, A1 144A 3.999%, 6/20/44⁽²⁾⁽³⁾		15,459		15,855
14-3, A4 144A 3.50%, 12/20/44⁽²⁾⁽³⁾		2,500		2,509

				1,531,714

TOTAL MORTGAGE-BACKED SECURITIES (Identified Cost $1,758,910)				1,791,412

ASSET-BACKED SECURITIES—20.0%
Access Point Financial, Inc. 15-A, A 2.610%, 4/15/20		13,157		13,155
American Credit Acceptance Receivables Trust 14-3, C 144A 3.430%, 6/8/20⁽³⁾		19,200		19,297
American Homes 4 Rent
14-SFR1, A 144A 1.250%, 6/17/31⁽²⁾⁽³⁾		7,327		7,303
15-SFR1, A 144A 3.467%, 4/17/52⁽³⁾		7,921		7,865
AmeriCredit Automobile Receivables Trust
11-1, D 4.260%, 2/8/17		9,255		9,262
11-5, D 5.050%, 12/8/17		5,010		5,147
12-1, C 2.670%, 1/8/18		3,968		3,991
12-3, D 3.030%, 7/9/18		19,762		20,159
12-4, D 2.680%, 10/9/18		7,150		7,282
13-2, D 2.420%, 5/8/19		23,090		23,247
14-2, C 2.180%, 6/8/20		19,450		19,446
14-1, D 2.540%, 6/8/20		18,320		18,249
Ameriquest Mortgage Securities, Inc. 03-10, AF6 5.210%, 11/25/33⁽²⁾		1,146		1,179
Applebee’s LLC 14-1, A2 144A 4.277%, 9/5/44⁽³⁾		20,471		20,730
Ascentium Equipment Receivables 15-A1, B 144A 2.260%, 6/10/21⁽³⁾		5,400		5,426
Asset Backed Funding Certificates 05-AQ1, A6 4.780%, 6/25/35⁽²⁾		3,910		4,016
Associates Manufactured Housing Pass-Through Certificates 96-1, B1 8.000%, 3/15/27⁽²⁾		1,704		1,843
Avis Budget Rental Car Funding LLC
(AESOP) 11-3A, A 144A 3.410%, 11/20/17⁽³⁾		12,848		13,196
(AESOP) 12-3A, A 144A 2.100%, 3/20/19⁽³⁾		23,085		23,238
(AESOP) 13-1A, A 144A 1.920%, 9/20/19⁽³⁾		21,200		21,122
(AESOP) 13-2A, A 144A 2.970%, 2/20/20⁽³⁾		2,635		2,704


	PAR VALUE		VALUE
B2R Mortgage Trust 15-1, A1 144A 2.524%, 5/15/48⁽³⁾	$	11,762	$	11,690
Bank of America (Merrill Lynch - Countrywide) Asset-Backed Certificates
04-10, AF6 4.485%, 12/25/34⁽²⁾		1,218		1,250
05-1 AF5A 5.251%, 7/25/35⁽²⁾		13,675		13,552
05-12, 2A3 5.069%, 2/25/36⁽²⁾		4,191		4,325
BankAmerica Manufactured Housing Contract Trust 98-1, B1 7.810%, 8/10/25⁽²⁾		3,008		3,142
Barclays (Lehman Brothers) Manufactured Housing Contract Trust 01-B, A3 4.350%, 4/15/40		3,627		3,731
Bayview Financial Acquisition Trust 07-A, 1A2 6.205%, 5/28/37⁽²⁾		8,348		8,790
Bayview Financial Mortgage-Pass-Through Trust
06-A, 1A2 5.483%, 2/28/41⁽²⁾		76		79
06-A, 1A4 6.087%, 2/28/41⁽²⁾		16,408		17,143
BCC Funding VIII LLC
14-A, B 144A 3.123%, 8/20/20⁽³⁾		2,799		2,820
14-1A, C 144A 4.216%, 8/20/20⁽³⁾		5,519		5,573
Beacon Container Finance LLC 12-1A, A 144A 3.720%, 9/20/27⁽³⁾		18,418		18,725
BXG Receivables Note Trust
10-A, A 144A 5.100%, 3/2/26⁽³⁾		2,002		2,070
12-A, A 144A 2.660%, 12/2/27⁽³⁾		4,517		4,493
13-A, A 144A 3.010%, 12/4/28⁽³⁾		7,735		7,777
15-A, A 144A 2.880%, 5/2/30⁽³⁾		3,515		3,507
California Republic Auto Receivables Trust
12-1, B 144A 1.760%, 1/16/18⁽³⁾		13,570		13,670
13-1, B 144A 2.240%, 1/15/19⁽³⁾		11,600		11,800
14-2, B 2.340%, 4/15/20		7,090		7,086
14-2, C 3.290%, 3/15/21		2,700		2,693
Capital Auto Receivables Asset Trust
13-1, C 1.740%, 10/22/18		5,425		5,439
13-4, C 2.670%, 2/20/19		2,950		2,980
15-2, C 2.670%, 8/20/20		7,250		7,241
CarFinance Capital Auto Trust
13-1A, B 144A 2.750%, 11/15/18⁽³⁾		6,740		6,785
13-A1, C 144A 3.450%, 3/15/19⁽³⁾		2,210		2,236
13-2A, B 144A 3.150%, 8/15/19⁽³⁾		19,350		19,659
14-1A, B 144A 2.720%, 4/15/20⁽³⁾		5,550		5,595
14-2A, B 144A 2.640%, 11/16/20⁽³⁾		3,455		3,452
14-2A, C 144A 3.240%, 11/16/20⁽³⁾		2,750		2,739
15-A1, B 144A 2.910%, 6/15/21⁽³⁾		6,000		6,009


	PAR VALUE		VALUE
CarMax Auto Owner Trust
14-2, B 1.880%, 11/15/19	$	1,000	$	1,002
14-2, C 2.080%, 1/15/20		7,175		7,188
15-2, C 2.390%, 3/15/21		2,275		2,275
CarNow Auto Receivables Trust
13-1A, B 144A 1.970%, 11/15/17⁽³⁾		380		379
13-1A,C 144A 2.980%, 11/15/17⁽³⁾		7,244		7,253
14-1A, D 144A 4.160%, 11/15/18⁽³⁾		3,000		2,990
Carnow Auto Receivables Trust 14-1A, E 144A 5.530%, 1/15/20⁽³⁾		4,350		4,410
CCG Receivables Trust 14-1, B 144A 2.150%, 11/15/21⁽³⁾		5,080		5,107
Centre Point Funding LLC 12-2A, 1 144A 2.610%, 8/20/21⁽³⁾		10,821		10,789
Cheesecake Restaurant Holdings, Inc. 13-1A, A2 144A 4.474%, 3/20/43⁽³⁾		23,881		24,231
Citicorp Residential Mortgage Securities, Inc. 07-12, A6 5.520%, 6/25/37⁽²⁾		6,514		6,750
CLI Funding LLC 14-2A, A 144A 3.380%, 10/18/29⁽³⁾		7,933		7,968
CNH Equipment Trust 12-B, B 1.780%, 6/15/20		4,000		4,032
Conseco Financial Corp.
94-1, A5 7.650%, 4/15/19		75		77
01-3, A4 6.910%, 5/1/33⁽²⁾		10,897		12,027
DB Master Finance LLC
15-1A, A2I 144A 3.262%, 2/20/45⁽³⁾		4,988		5,003
15-A1, A2II 144A 3.980%, 2/20/45⁽³⁾		18,969		18,876
Diamond Resorts Owner Trust 14-1, A 144A 2.540%, 5/20/27⁽³⁾		7,167		7,180
Direct Capital Funding IV LLC
13-1, D 144A 4.599%, 10/20/19⁽³⁾		3,555		3,622
13-A1, C 144A 4.830%, 11/20/20⁽³⁾		5,000		5,075
Domino’s Pizza Master Issuer LLC 12-1A, A2 144A 5.216%, 1/25/42⁽³⁾		19,325		19,936
Drive Auto Receivables Trust
14-AA, C 144A 3.060%, 5/17/21⁽³⁾		18,650		18,710
15-AA, D 144A 4.120%, 6/15/22⁽³⁾		7,920		7,951
Drug Royalty LP
II 14-1, A2 144A 3.484%, 7/15/23⁽³⁾		22,708		23,026
I 12-1, A2 144A 5.800%, 7/15/24⁽³⁾		2,230		2,310
DT Auto Owner Trust
13-1A, C 144A 2.730%, 2/15/19⁽³⁾		12,714		12,744
13-2A, C 144A 3.060%, 9/16/19⁽³⁾		17,500		17,674
14-1A, C 144A 2.640%, 10/15/19⁽³⁾		18,900		19,030


	PAR VALUE		VALUE
14-2A, C 144A 2.460%, 1/15/20⁽³⁾	$	14,370	$	14,411
14-3A, C 144A 3.040%, 9/15/20⁽³⁾		4,840		4,883
15-1A, C 144A 2.870%, 11/16/20⁽³⁾		7,000		7,027
Exeter Automobile Receivables Trust
12-1A, C 144A 5.270%, 10/16/17⁽³⁾		7,001		7,081
12-2A, C 144A 3.060%, 7/16/18⁽³⁾		8,050		8,077
13-2A, B 144A 3.090%, 7/16/18⁽³⁾		17,820		18,013
14-1A, B 144A 2.420%, 1/15/19⁽³⁾		9,220		9,272
13-1A, C 144A 3.520%, 2/15/19⁽³⁾		20,725		21,074
14-1A, C 144A 3.570%, 7/15/19⁽³⁾		15,830		15,998
14-2A, C 144A 3.260%, 12/16/19⁽³⁾		14,615		14,541
15-A1, C 144A 4.100%, 12/15/20⁽³⁾		7,505		7,567
15-2A, C 144A 3.900%, 3/15/21⁽³⁾		17,705		17,747
14-3A, D 144A 5.690%, 4/15/21⁽³⁾		14,575		14,700
Fairway Outdoor Funding LLC 12-1A, A2 144A 4.212%, 10/15/42⁽³⁾		21,078		21,100
First Investors Auto Owner Trust 15-1A, C 144A 2.710%, 6/15/21⁽³⁾		5,000		4,962
Flagship Credit Auto Trust 14-2, D 144A 5.210%, 2/15/21⁽³⁾		9,560		9,610
Foursight Capital Automobile Receivables Trust
14-1, B 144A 3.560%, 11/22/21⁽³⁾		4,704		4,747
15-1, B 144A 4.120%, 9/15/22⁽³⁾		5,589		5,589
Global Science Finance S.A.R.L.
13-1A, A 144A 2.980%, 4/17/28⁽³⁾		12,102		12,055
13-2A, A 144A 3.670%, 11/17/28⁽³⁾		5,892		5,916
GMAC Mortgage Corp. Loan Trust 06-HLTV, A4 5.810%, 10/25/29		2,294		2,313
Gold Key Resorts LLC 14-A, A 144A 3.220%, 5/17/31⁽³⁾		10,760		10,804
GreatAmerica Leasing Receivables Funding, LLC 13-1, A4 144A 1.160%, 5/15/18⁽³⁾		2,235		2,238
Greater Capital Association of Realtors 15-1A, C 9.790%, 10/15/25		8,195		8,193
GSAA Home Equity Trust
05-1, AF4 5.619%, 11/25/34⁽²⁾		663		699
05-12, AF3W 4.999%, 9/25/35⁽²⁾		6,556		6,699
Hertz Vehicle Financing LLC 11-1A, A2 144A 3.290%, 3/25/18⁽³⁾		12,290		12,648
Hilton Grand Vacations Trust
13-A, A 144A 2.280%, 1/25/26⁽³⁾		11,114		11,174
14-AA, A 144A 1.770%, 11/25/26⁽³⁾		14,852		14,731
Home Equity Loan Trust 07-HSA3, AI4 6.110%, 6/25/37⁽²⁾		9,789		9,877


	PAR VALUE		VALUE
Hyundai Auto Receivables Trust
14-B, D 2.510%, 12/15/20	$	9,675	$	9,739
15-A, D 2.730%, 6/15/21		8,950		9,043
IMC Home Equity Loan Trust 97-5, A9 7.310%, 11/20/28		3,125		3,138
IndyMac Manufactured Housing Contract 98-1, A3 6.370%, 9/25/28		1,046		1,073
Leaf Receivables Funding 10 LLC
15-1, D 144A 3.740%, 5/17/21⁽³⁾		800		791
15-1, E1 144A 5.210%, 7/15/21⁽³⁾		4,500		4,445
15-1, E2 144A 6.000%, 6/15/23⁽³⁾		2,455		2,359
Leaf Receivables Funding 8 LLC 12-1, D 144A 4.680%, 9/15/20⁽³⁾		5,859		5,987
Leaf Receivables Funding 9 LLC 13-1, D 144A 5.110%, 9/15/21⁽³⁾		655		679
Marriott Vacation Club Owner Trust
12-1A, A 144A 2.510%, 5/20/30⁽³⁾		17,556		17,737
10-1A, A 144A 3.540%, 10/20/32⁽³⁾		577		594
10-1A, B 144A 4.520%, 10/20/32⁽³⁾		1,124		1,168
Nations Equipment Finance Funding I LLC
13-1A, B 144A 3.818%, 5/20/21⁽³⁾		3,321		3,327
13-1A, C 144A 5.500%, 5/20/21⁽³⁾		7,833		7,855
New Century Home Equity Loan Trust 05-A, A4W 4.819%, 8/25/35⁽²⁾		14,882		15,438
OneMain Financial Issuance Trust
14-1A, A 144A 2.430%, 6/18/24⁽³⁾		16,940		17,033
15-2A, A 144A 2.570%, 7/18/25⁽³⁾		19,675		19,690
15-A1, A 144A 3.190%, 3/18/26⁽³⁾		11,875		12,044
Orange Lake Timeshare Trust
12-AA, A 144A 3.450%, 3/10/27⁽³⁾		5,715		5,875
14-AA, A 144A 2.290%, 7/9/29⁽³⁾		4,560		4,560
Prestige Auto Receivables Trust 14-1A, C 144A 2.390%, 5/15/20⁽³⁾		7,000		7,018
Residential Asset Mortgage Products, Inc. 03-RS8, AI7 5.015%, 9/25/33⁽²⁾		621		630
Residential Funding Mortgage Securities II Home Loan Trust 06-H11, M1 6.010%, 2/25/36⁽²⁾		1,088		1,088
Santander Drive Auto Receivables Trust
12-4, C 2.940%, 12/15/17		5,019		5,068
12-2, D 3.870%, 2/15/18		31,045		31,754
12-6, C 1.940%, 3/15/18		9,645		9,688
12-5, C 2.700%, 8/15/18		4,850		4,905
12-6, D 2.520%, 9/17/18		17,455		17,543
13-1, D 2.270%, 1/15/19		23,445		23,363


	PAR VALUE		VALUE
13-3, C 1.810%, 4/15/19	$	17,215	$	17,295
13-5, D 2.730%, 10/15/19		20,100		20,265
14-3, C 2.130%, 8/17/20		16,400		16,536
14-4, D 3.100%, 11/16/20		6,650		6,696
Sierra Timeshare Receivables Funding LLC
10-3A, B 144A 4.440%, 11/20/25⁽³⁾		2,300		2,321
11-1A, B 144A 4.230%, 4/20/26⁽³⁾		2,141		2,159
12-2A, B 144A 3.420%, 3/20/29⁽³⁾		3,078		3,119
12-3A, A 144A 1.870%, 8/20/29⁽³⁾		11,059		11,092
13-1A, A 144A 1.590%, 11/20/29⁽³⁾		4,176		4,142
14-1A, A 144A 2.070%, 3/20/30⁽³⁾		4,488		4,511
14-2A, A 144A 2.050%, 8/20/31⁽³⁾		6,665		6,711
Silverleaf Finance LLC
XV 12-D, A 144A 3.000%, 3/17/25⁽³⁾		6,453		6,521
XVIII 14-A, A 144A 2.810%, 1/15/27⁽³⁾		4,109		4,101
SLM Private Education Loan Trust
13-B, A2A 144A 1.850%, 6/17/30⁽³⁾		4,500		4,461
13-C, A2A 144A 2.940%, 10/15/31⁽³⁾		5,000		5,147
SNAAC Auto Receivables Trust 14-1A, C 144A 2.210%, 1/15/20⁽³⁾		3,470		3,479
SoFi Professional Loan Program LLC
14-A, A2 144A 3.020%, 10/25/27⁽³⁾		2,418		2,465
14-B, 2A 144A 2.550%, 8/27/29⁽³⁾		1,897		1,903
15-A, A2 144A 2.420%, 3/25/30⁽³⁾		7,226		7,225
SolarCity LMC Series III LLC 14-2, A 144A 4.020%, 7/20/44⁽³⁾		8,426		8,502
Structured Asset Securities Corp. 01-SB1, A2 3.375%, 8/25/31		2,173		2,144
SVO VOI Mortgage Corp.
10-AA, A 144A 3.650%, 7/20/27⁽³⁾		3,499		3,547
12-AA, A 144A 2.000%, 9/20/29⁽³⁾		7,467		7,389
TAL Advantage V LLC
13-1A A 144A 2.830%, 2/22/38⁽³⁾		12,834		12,761
14-3A, A 144A 3.270%, 11/21/39⁽³⁾		12,317		12,408
TCF Auto Receivables Owner Trust
14-1A, B 144A 2.330%, 5/15/20⁽³⁾		1,733		1,744
14-1A, C 144A 3.120%, 4/15/21⁽³⁾		2,035		2,047
Textainer Marine Containers Ltd.
13-1A, A 144A 3.900%, 9/20/38⁽³⁾		16,500		16,600
14-1A, A 144A 3.270%, 10/20/39⁽³⁾		4,247		4,244
Tidewater Auto Receivables Trust
12-AA, B 144A 2.430%, 4/15/19⁽³⁾		7,488		7,510
14-AA, C 144A 2.560%, 8/15/19⁽³⁾		3,500		3,508
Trip Rail Master Funding LLC


	PAR VALUE		VALUE
11-1A, A1A 144A 4.370%, 7/15/41⁽³⁾	$	15,189	$	15,636
14-1A, A1 144A 2.863%, 4/15/44⁽³⁾		4,282		4,270
U-Haul S Fleet LLC 10-BT1A, 1 144A 4.899%, 10/25/23⁽³⁾		24,334		25,328
Vericrest Opportunity Loan Trust
14-NP10, A1 144A 3.375%, 10/25/54⁽²⁾⁽³⁾		3,482		3,484
14-NPL9, A1 144A 3.375%, 11/25/54⁽²⁾⁽³⁾		11,559		11,548
15-NPL4, A1 144A 3.500%, 2/25/55⁽²⁾⁽³⁾		6,050		6,041
15-NPL3, A1 144A 3.375%, 10/25/58⁽²⁾⁽³⁾		17,827		17,789
Volvo Financial Equipment LLC
13-1A, B 144A 1.240%, 8/15/19⁽³⁾		15,835		15,866
14-1A, C 144A 1.940%, 11/15/21⁽³⁾		6,000		6,004
Welk Resorts LLC
13-A, A 144A 3.100%, 3/15/29⁽³⁾		4,682		4,713
15-AA, A 144A 2.790%, 6/16/31⁽³⁾		7,950		7,947
Wendy’s Funding LLC 15-1A, A2II 144A 4.080%, 6/15/45⁽³⁾		18,420		18,282
Westgate Resorts LLC 12-2A, A 144A 3.000%, 1/20/25⁽³⁾		494		496
Westlake Automobile Receivables Trust
14-1A, C 144A 1.700%, 11/15/19⁽³⁾		6,165		6,150
15-1A, C 144A 2.290%, 11/16/20⁽³⁾		8,500		8,493

TOTAL ASSET-BACKED SECURITIES (Identified Cost $1,612,761)				1,623,501

CORPORATE BONDS AND NOTES—38.0%
Consumer Discretionary—2.9%
Alibaba Group Holding Ltd. 144A 2.500%, 11/28/19⁽³⁾		6,600		6,523
Boyd Gaming Corp.
9.000%, 7/1/20		5,350		5,832
6.875%, 5/15/23		1,340		1,380
Brookfield Residential Properties, Inc. 144A 6.500%, 12/15/20⁽³⁾		5,810		5,812
Caesars Entertainment Operating Co., Inc. 9.000%, 2/15/20⁽¹⁰⁾		3,625		2,973
Clear Channel Worldwide Holdings, Inc. Series B 7.625%, 3/15/20		16,440		17,200
Columbus International, Inc. 144A 7.375%, 3/30/21⁽³⁾		2,330		2,513
DR Horton, Inc. 4.000%, 2/15/20		6,975		6,973
International Game Technology plc
7.500%, 6/15/19		1,115		1,187
144A 5.625%, 2/15/20⁽³⁾		6,490		6,376


	PAR VALUE		VALUE
Consumer Discretionary—(continued)
144A 6.250%, 2/15/22⁽³⁾	$	8,185	$	7,858
Landry’s, Inc. 144A 9.375%, 5/1/20⁽³⁾		8,530		9,191
Marriott International, Inc. 3.125%, 10/15/21		13,545		13,517
MGM Resorts International 6.750%, 10/1/20		6,500		6,905
Nielsen Finance LLC (Nielsen Finance Co.) 144A 5.000%, 4/15/22⁽³⁾		19,395		19,128
Numericable Group SA 144A 4.875%, 5/15/19⁽³⁾		8,295		8,233
QVC, Inc. 3.125%, 4/1/19		12,765		12,671
Scientific Games International, Inc. 144A 7.000%, 1/1/22⁽³⁾		12,535		13,005
Sirius XM Radio, Inc. 144A 4.250%, 5/15/20⁽³⁾		20,955		20,903
Toll Brothers Finance Corp.
4.000%, 12/31/18		14,890		15,355
6.750%, 11/1/19		14,716		16,408
TRI Pointe Holdings, Inc. 4.375%, 6/15/19		13,872		13,664
United Rentals North America, Inc. 4.625%, 7/15/23		13,310		13,052
Volkswagen Group of America Finance LLC 144A 2.450%, 11/20/19⁽³⁾		4,800		4,813
Wyndham Worldwide Corp. 2.500%, 3/1/18		2,960		2,966

				234,438

Consumer Staples—0.1%
HJ Heinz Co.
144A 2.800%, 7/2/20⁽³⁾		2,680		2,680
144A 3.500%, 7/15/22⁽³⁾		2,855		2,865

				5,545

Energy—4.6%
Afren plc 144A 11.500%, 2/1/16^(3)(10)		4,790		2,203
Antero Resources Corp. 144A 5.625%, 6/1/23⁽³⁾		6,835		6,638
California Resources Corp.
5.000%, 1/15/20		6,815		6,031
5.500%, 9/15/21		6,800		5,925
Carrizo Oil & Gas, Inc. 7.500%, 9/15/20		14,890		15,746
CNOOC Finance Property Ltd. 2.625%, 5/5/20		5,800		5,719
Compagnie Generale de Geophysique-Veritas 7.750%, 5/15/17		778		759
Denbury Resources, Inc. 5.500%, 5/1/22		7,225		6,484
Energy Transfer Partners LP 4.150%, 10/1/20		14,620		15,012
FTS International, Inc. 6.250%, 5/1/22		2,245		1,661
Gazprom OAO (Gaz Capital SA) 144A 4.950%, 5/23/16⁽³⁾⁽⁵⁾		5,000		5,088


	PAR VALUE		VALUE
Energy—(continued)
IPIC GMTN Ltd. RegS 3.750%, 3/1/17⁽⁴⁾	$	10,000	$	10,363
Kinder Morgan, Inc.
3.050%, 12/1/19		4,805		4,796
144A 5.625%, 11/15/23⁽³⁾		15,495		16,462
Kunlun Energy Co., Ltd. 144A 2.875%, 5/13/20⁽³⁾		5,000		4,930
Linn Energy LLC 6.500%, 5/15/19		9,980		8,109
Lukoil OAO International Finance BV 144A 3.416%, 4/24/18⁽³⁾		6,000		5,754
Midcontinent Express Pipeline LLC 144A 6.700%, 9/15/19⁽³⁾		7,500		8,151
Newfield Exploration Co.
5.750%, 1/30/22		1,640		1,673
5.625%, 7/1/24		7,925		8,004
NGL Energy Partners LP (NGL Energy Finance Corp.) 5.125%, 7/15/19		18,475		18,521
Pacific Rubiales Energy Corp. 144A 5.375%, 1/26/19⁽³⁾		13,565		11,178
Petrobras Global Finance BV
3.250%, 3/17/17		21,600		21,251
3.000%, 1/15/19		13,420		12,414
Petroleos de Venezuela SA
RegS 8.500%, 11/2/17⁽⁴⁾		41,325		28,514
144A 6.000%, 5/16/24⁽³⁾		12,980		4,681
Petroleos Mexicanos 3.125%, 1/23/19		20,730		20,927
Petronas Capital Ltd. 144A 3.125%, 3/18/22⁽³⁾		5,000		4,979
PHI, Inc. 5.250%, 3/15/19		6,275		5,836
Pride International, Inc. 8.500%, 6/15/19		4,065		4,795
QEP Resources, Inc. 6.875%, 3/1/21		22,275		23,222
QGOG Constellation SA 144A 6.250%, 11/9/19⁽³⁾		7,925		5,825
Regency Energy Partners LP (Regency Energy Finance Corp.) 5.750%, 9/1/20		12,815		13,942
Rosneft Finance SA RegS 7.500%, 7/18/16⁽⁴⁾		13,235		13,761
Sabine Oil & Gas Corp. 7.250%, 6/15/19⁽¹⁰⁾		9,035		2,033
Sabine Pass Liquefaction LLC
5.625%, 2/1/21		8,000		8,200
6.250%, 3/15/22		8,415		8,752
Sinopec Capital Ltd. 144A 1.875%, 4/24/18⁽³⁾		11,750		11,647
Transocean, Inc.
6.500%, 11/15/20		2,920		2,697
6.875%, 12/15/21		9,980		9,044
Weatherford International Ltd. 9.625%, 3/1/19		4,110		4,796

				376,523


	PAR VALUE			VALUE
Financials—17.0%
ABN AMRO Bank N.V. 144A 4.250%, 2/2/17⁽³⁾	$	4,425		$	4,624
AerCap Ireland Capital Ltd. (AerCap Global Aviation Trust) 144A 3.750%, 5/15/19⁽³⁾		5,930			5,878
Akbank TAS
144A 5.125%, 7/22/15⁽³⁾		8,900			8,915
144A 7.500%, 2/5/18⁽³⁾		12,140	^TRY		4,077
Allstate Corp. 6.125%, 5/15/37⁽²⁾		4,730			4,919
Ally Financial, Inc.
3.250%, 2/13/18		4,285			4,264
3.600%, 5/21/18		2,260			2,262
3.750%, 11/18/19		11,480			11,423
4.125%, 3/30/20		5,800			5,804
4.125%, 2/13/22		2,675			2,575
American International Group, Inc. 2.375%, 8/24/15		5,825			5,836
American Tower Trust I 144A 1.551%, 3/15/18⁽³⁾		6,900			6,863
Ares Capital Corp. 3.875%, 1/15/20		5,715			5,802
Associated Banc Corp. 5.125%, 3/28/16		8,635			8,893
Aviation Capital Group Corp. 144A 3.875%, 9/27/16⁽³⁾		10,380			10,566
Avis Budget Car Rental LLC 4.875%, 11/15/17		13,470			13,857
Banco Bradesco SA 144A 4.500%, 1/12/17⁽³⁾		7,000			7,282
Banco Continental SA (Continental Senior Trustees II Cayman Ltd.) 144A 5.750%, 1/18/17⁽³⁾⁽⁵⁾		10,000			10,525
Banco de Credito del Peru 144A 2.750%, 1/9/18⁽³⁾		15,836			15,891
Banco Santander Brasil SA
144A 8.000%, 3/18/16⁽³⁾		28,335	^BRL		8,585
144A 4.625%, 2/13/17⁽³⁾		9,300			9,554
Banco Santander Chile 144A 2.154%, 6/7/18⁽²⁾⁽³⁾		5,300			5,379
Bangkok Bank PCL 144A 2.750%, 3/27/18⁽³⁾		16,550			16,781
Bank of America Corp. (Countrywide Financial Corp.) 6.250%, 5/15/16		9,110			9,467
2.000%, 1/11/18		14,905			14,947
5.490%, 3/15/19		2,868			3,139
Bank of Baroda 144A 4.875%, 7/23/19⁽³⁾		23,575			25,103
Bank of Georgia JSC 144A 7.750%, 7/5/17⁽³⁾		10,110			10,545
Bank of India
144A 3.250%, 4/18/18⁽³⁾		22,470			22,891
144A 3.625%, 9/21/18⁽³⁾		10,200			10,430
Barclays Bank plc 144A 6.050%, 12/4/17⁽³⁾		13,130			14,283
BBVA Banco Continental SA 144A 3.250%, 4/8/18⁽³⁾		8,270			8,384


	PAR VALUE		VALUE
Financials—(continued)
Blackstone Holdings Finance Co. LLC 144A 6.625%, 8/15/19⁽³⁾	$	7,105	$	8,270
Capital One NA 2.400%, 9/5/19		5,000		4,952
China Cinda Finance Ltd. 144A 4.000%, 5/14/19⁽³⁾		12,775		13,056
Chubb Corp. (The) 6.375%, 3/29/67⁽²⁾		8,205		8,607
Citigroup, Inc.
0.551%, 6/9/16⁽²⁾		3,400		3,385
5.500%, 2/15/17		23,460		24,922
2.500%, 9/26/18		10,000		10,144
Comerica Bank, Inc. 5.750%, 11/21/16		5,940		6,332
Corpbanca SA
3.125%, 1/15/18		8,000		8,036
144A 3.875%, 9/22/19⁽³⁾		17,000		17,235
Daimler Finance North America LLC 144A 2.625%, 9/15/16⁽³⁾		11,000		11,183
Digital Realty Trust LP 3.950%, 7/1/22		8,175		8,149
Discover Bank 8.700%, 11/18/19		1,750		2,127
DNB Bank ASA 144A 3.200%, 4/3/17⁽³⁾		24,700		25,473
Drawbridge Special Opportunities Fund LP 144A 5.000%, 8/1/21⁽³⁾		14,685		14,685
Fidelity National Financial, Inc. 6.600%, 5/15/17		6,475		7,007
Fifth Third Bancorp 4.500%, 6/1/18		6,745		7,141
First Tennessee Bank N.A.
5.650%, 4/1/16		15,664		16,154
2.950%, 12/1/19		4,500		4,494
Ford Motor Credit Co. LLC
4.207%, 4/15/16		10,000		10,227
5.000%, 5/15/18		10,000		10,745
FS Investment Corp. 4.250%, 1/15/20		7,725		7,803
General Motors Financial Co., Inc.
4.750%, 8/15/17		25,655		27,094
3.500%, 7/10/19		9,715		9,930
Genworth Holdings, Inc.
7.200%, 2/15/21		5,000		5,250
7.625%, 9/24/21		13,825		14,585
GLP Capital LP (GLP Financing II, Inc.) 4.875%, 11/1/20		18,265		18,585
Goldman Sachs Group, Inc. (The)
5.625%, 1/15/17		14,000		14,823
2.900%, 7/19/18		8,200		8,403
7.500%, 2/15/19		2,451		2,877
Government Properties Income Trust 3.750%, 8/15/19		2,905		2,986


	PAR VALUE		VALUE
Financials—(continued)
Guanay Finance Ltd. 144A 6.000%, 12/15/20⁽³⁾	$	21,900	$	22,605
HBOS plc 144A 6.750%, 5/21/18⁽³⁾		685		759
HCP, Inc. 3.750%, 2/1/19		4,940		5,136
Health Care REIT, Inc. 4.125%, 4/1/19		4,100		4,337
HSBC USA, Inc. 2.625%, 9/24/18		19,485		19,893
Huntington Bancshares, Inc. 7.000%, 12/15/20		17,065		20,308
Hutchison Whampoa International Ltd. Series 12, 144A 6.000% ^(2)(3)(6)(7)		13,210		14,023
Hyundai Capital Services, Inc.
144A 3.750%, 4/6/16⁽³⁾		500		509
144A 1.450%, 2/6/17⁽³⁾		8,000		7,973
144A 2.125%, 10/2/17⁽³⁾		2,940		2,969
ICAHN Enterprises LP (ICAHN Enterprises Finance Corp.)
3.500%, 3/15/17		965		971
4.875%, 3/15/19		1,520		1,532
ICICI Bank Ltd.
RegS 4.700%, 2/21/18⁽⁴⁾		13,000		13,675
144A 4.800%, 5/22/19⁽³⁾		13,000		13,784
Industrial & Commercial Bank of China Ltd. 3.231%, 11/13/19		6,275		6,381
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		18,728
Intesa San Paolo S.p.A 3.125%, 1/15/16		12,190		12,283
iStar Financial, Inc.
4.000%, 11/1/17		12,900		12,723
4.875%, 7/1/18		12,250		12,097
5.000%, 7/1/19		2,440		2,416
Itau Unibanco Holding SA 144A 2.850%, 5/26/18⁽³⁾		10,300		10,220
Jefferies Group LLC
5.125%, 4/13/18		6,541		6,942
6.875%, 4/15/21		3,725		4,260
JPMorgan Chase & Co.
6.125%, 6/27/17		8,850		9,569
Series Z, 5.300%^(2)(6)(7)		3,985		3,965
KeyBank N.A. 4.950%, 9/15/15		1,295		1,306
Korea Development Bank 3.500%, 8/22/17		9,750		10,122
Lazard Group LLC 4.250%, 11/14/20		7,765		8,157
Lincoln National Corp.
8.750%, 7/1/19		15,040		18,440
6.050%, 4/20/67⁽²⁾⁽⁷⁾		2,885		2,611
Macquarie Group Ltd.


	PAR VALUE			VALUE
Financials—(continued)
144A 3.000%, 12/3/18⁽³⁾	$	4,870		$	4,952
144A 6.000%, 1/14/20⁽³⁾		10,950			12,294
Morgan Stanley
5.550%, 4/27/17		10,200			10,930
144A 10.090%, 5/3/17⁽³⁾		22,595	^BRL		6,872
MPT Operating Partnership LP (MPT Finance Corp.) 6.375%, 2/15/22		1,150			1,226
MUFG Union Bank NA
1.500%, 9/26/16		2,000			2,006
2.625%, 9/26/18		2,700			2,742
Navient LLC 4.875%, 6/17/19		9,140			9,049
New York Life Global Funding 144A 1.950%, 2/11/20⁽³⁾		2,855			2,810
ORIX Corp. 5.000%, 1/12/16		5,228			5,335
Phosagro OAO (Phosagro Bond Funding Ltd.) 144A 4.204%, 2/13/18⁽³⁾⁽⁵⁾		14,800			14,341
PNC Funding Corp. 5.625%, 2/1/17		3,130			3,326
Principal Life Global Funding II 144A 2.250%, 10/15/18⁽³⁾		17,580			17,891
Progressive Corp. (The) 6.700%, 6/15/37⁽²⁾		10,102			10,531
Prudential Financial, Inc.
4.750%, 9/17/15		4,770			4,807
8.875%, 6/15/38⁽²⁾⁽⁷⁾		11,200			13,104
QBE Insurance Group Ltd. 144A 2.400%, 5/1/18⁽³⁾		7,750			7,789
Regions Bank 7.500%, 5/15/18		2,369			2,721
Royal Bank of Scotland Group plc (The) 6.400%, 10/21/19		3,130			3,495
Russian Agricultural Bank OJSC (RSHB Capital SA)
144A 5.298%, 12/27/17⁽³⁾		13,655			13,341
144A 5.100%, 7/25/18⁽³⁾⁽⁵⁾		8,750			8,356
Sabra Health Care LP 5.500%, 2/1/21		9,610			9,970
Santander Holdings USA, Inc.
3.000%, 9/24/15		980			983
2.650%, 4/17/20		7,540			7,406
Santander U.S. Debt S.A.U. Unipersonal 144A 3.781%, 10/7/15⁽³⁾		8,000			8,055
SBA Tower Trust 144A 2.933%, 12/15/17⁽³⁾		13,275			13,471
Schaeffler Finance BV 144A 4.250%, 5/15/21⁽³⁾		14,140			13,857
Select Income REIT 4.150%, 2/1/22		18,910			18,700
Senior Housing Properties Trust
4.300%, 1/15/16		6,875			6,925
3.250%, 5/1/19		6,685			6,686


	PAR VALUE		VALUE
Financials—(continued)
Shinhan Bank
144A 4.375%, 7/27/17⁽³⁾	$	11,700	$	12,298
144A 1.875%, 7/30/18⁽³⁾		1,000		994
Skandinaviska Enskilda Banken AB 144A 1.750%, 3/19/18⁽³⁾		6,775		6,771
Societe Generale S.A.
144A 3.100%, 9/14/15⁽³⁾		2,900		2,912
144A 3.500%, 1/15/16⁽³⁾		6,895		6,989
Springleaf Finance Corp. 5.250%, 12/15/19		18,055		17,874
State Street Corp. 4.956%, 3/15/18⁽⁷⁾		24,025		25,814
SunTrust Bank, Inc.
6.000%, 9/11/17		4,925		5,375
5.450%, 12/1/17		3,750		4,045
Svenska Handelsbanken AB 3.125%, 7/12/16		10,000		10,235
Telecom Italia Capital SA 7.175%, 6/18/19		2,395		2,691
TIAA Asset Management Finance Co. LLC 144A 2.950%, 11/1/19⁽³⁾		2,850		2,869
Turkiye Garanti Bankasi AS 144A 4.750%, 10/17/19⁽³⁾		8,500		8,596
Turkiye Is Bankasi 144A 3.750%, 10/10/18⁽³⁾		12,630		12,479
Turkiye Vakiflar Bankasi Tao 144A 3.750%, 4/15/18⁽³⁾		4,000		3,965
Unum Group 7.125%, 9/30/16		6,620		7,069
Ventas Realty LP (Ventas Capital Corp.)
4.000%, 4/30/19		7,100		7,497
2.700%, 4/1/20		2,948		2,936
Vnesheconombank (VEB Finance plc) 144A 4.224%, 11/21/18⁽³⁾⁽⁵⁾		16,710		15,540
Voya Financial, Inc. 2.900%, 2/15/18		12,620		12,944
VTB Bank OJSC (VTB Capital SA) 144A 6.000%, 4/12/17⁽³⁾⁽⁵⁾		6,785		6,799
Wachovia Corp. 5.625%, 10/15/16		2,500		2,643
Wells Fargo & Co. 5.125%, 9/15/16		5,000		5,241
Willis
Group Holdings plc 4.125%, 3/15/16		6,000		6,122
North America, Inc. 6.200%, 3/28/17		4,960		5,310
XLIT Ltd.
2.300%, 12/15/18		9,730		9,789
Series E, 6.500%, 12/29/49⁽²⁾		12,790		10,944
Zions Bancorp 4.500%, 3/27/17		8,120		8,477

				1,381,321


	PAR VALUE		VALUE
Health Care—2.1%
AbbVie, Inc.
2.500%, 5/14/20	$	895	$	885
3.200%, 11/6/22		1,940		1,919
Actavis Funding SCS
3.000%, 3/12/20		2,825		2,833
3.450%, 3/15/22		3,815		3,775
Alere, Inc. 6.500%, 6/15/20		6,175		6,422
Community Health Systems, Inc. 5.125%, 8/1/21		4,790		4,892
Endo Finance LLC (Endo Finco, Inc.) 144A 6.000%, 7/15/23⁽³⁾		720		738
Forest Laboratories, Inc. 144A 4.375%, 2/1/19⁽³⁾		13,430		14,216
HCA, Inc.
3.750%, 3/15/19		9,580		9,652
6.500%, 2/15/20		19,575		21,875
Hologic, Inc. 144A 5.250%, 7/15/22⁽³⁾		1,575		1,612
inVentiv Health, Inc. 144A 9.000%, 1/15/18⁽³⁾		8,625		9,008
Mallinckrodt International Finance SA (Mallinckrodt CB LLC) 144A 4.875%, 4/15/20⁽³⁾		930		950
Owens & Minor, Inc. 3.875%, 9/15/21		2,485		2,557
Quintiles Transnational Corp. 144A 4.875%, 5/15/23⁽³⁾		4,175		4,206
Tenet Healthcare Corp.
4.750%, 6/1/20		9,275		9,461
144A 3.786%, 6/15/20⁽²⁾⁽³⁾		4,045		4,085
6.000%, 10/1/20		9,560		10,217
8.125%, 4/1/22		8,265		9,071
Valeant Pharmaceuticals International, Inc.
144A 6.750%, 8/15/18⁽³⁾		6,110		6,419
144A 5.375%, 3/15/20⁽³⁾		9,750		10,091
144A 5.625%, 12/1/21⁽³⁾		7,310		7,530
144A 5.875%, 5/15/23⁽³⁾		1,210		1,242
Zimmer Holdings, Inc.
2.700%, 4/1/20		12,805		12,728
3.150%, 4/1/22		12,805		12,584
Zoetis, Inc. 1.875%, 2/1/18		1,975		1,967

				170,935

Industrials—5.1%
ADT Corp. (The) 6.250%, 10/15/21		23,265		24,544
Air Canada Pass-Through-Trust, 13-1, B 144A 5.375%, 5/15/21⁽³⁾		14,285		14,857
America West Airlines Pass-Through-Trust
98-1, A 6.870%, 1/2/17		971		1,014


	PAR VALUE		VALUE
Industrials—(continued)
99-1, G 7.930%, 1/2/19	$	8,406	$	9,079
01-1, G 7.100%, 4/2/21		47,977		52,055
American Airlines Group, Inc. 144A 4.625%, 3/1/20⁽³⁾		1,655		1,605
American Airlines Pass-Through-Trust
13-2, B 144A 5.600%, 7/15/20⁽³⁾		9,273		9,598
14-1, B 4.375%, 10/1/22		9,539		9,682
Atlas Air Pass-Through-Trust
98-1, A 7.380%, 1/2/18		664		664
00-1, A 8.707%, 1/2/19		2,427		2,482
AWAS Aviation Capital Ltd. 144A 7.000%, 10/17/16⁽³⁾		7,358		7,478
Bombardier, Inc. 144A 4.750%, 4/15/19⁽³⁾		25,347		24,777
British Airways Pass-Through-Trust 13-1, B 144A 5.625%, 6/20/20⁽³⁾		12,145		12,874
Builders FirstSource, Inc. 144A 7.625%, 6/1/21⁽³⁾		8,670		9,017
Continental Airlines Pass-Through-Trust
99-1, A 6.545%, 2/2/19		9,462		10,367
09-2, A 7.250%, 11/10/19		3,532		4,088
99-2, C2 AMBC 6.236%, 3/15/20		11,190		12,086
12-1, B 6.250%, 4/11/20		3,887		4,101
00-1, A1 8.048%, 11/1/20		5,086		5,766
01-1, A1 6.703%, 6/15/21		13,833		14,698
Delta Air Lines Pass-Through-Trust 12-1, A 4.750%, 5/7/20		25,647		27,443
Masco Corp. 5.950%, 3/15/22		20,970		23,539
Northwest Airlines Pass-Through-Trust
07-1, B 8.028%, 11/1/17		5,268		5,861
02-1, G2 6.264%, 11/20/21		12,242		12,807
Penske Truck Leasing Co. LP 144A 3.375%, 2/1/22⁽³⁾		8,365		8,100
Toledo Edison Co. (The) 7.250%, 5/1/20		224		266
Transnet SOC Ltd. 144A 4.500%, 2/10/16⁽³⁾		9,000		9,180
U.S. Airways Pass-Through-Trust
12-2, C 5.450%, 6/3/18		12,975		13,202
01-1, G 7.076%, 3/20/21		18,037		19,570
UAL Pass-Through-Trust
09-2A 9.750%, 1/15/17		19,864		21,602
07-01, A 6.636%, 7/2/22		17,871		19,166
Virgin Australia Trust 13-1A 144A 5.000%, 10/23/23⁽³⁾		23,802		24,813

				416,381


	PAR VALUE		VALUE
Information Technology—0.8%
Avaya, Inc. 144A 7.000%, 4/1/19⁽³⁾	$	8,265	$	8,120
Blue Coat Holdings, Inc. 144A 8.375%, 6/1/23⁽³⁾		3,205		3,269
Dun & Bradstreet Corp. (The)
3.250%, 12/1/17		12,110		12,313
4.000%, 6/15/20		4,660		4,678
First Data Corp. 11.750%, 8/15/21		11,439		12,897
Juniper Networks, Inc. 3.300%, 6/15/20		4,645		4,674
MDC-GMTN B.V. 144A 3.750%, 4/20/16⁽³⁾		4,000		4,068
NXP BV (NXP Funding LLC) 144A 4.125%, 6/15/20⁽³⁾		9,460		9,555
Oracle Corp. 2.500%, 5/15/22		6,545		6,349

				65,923

Materials—2.3%
Allegheny Technologies, Inc. 9.375%, 6/1/19		7,245		8,549
Anglo American Capital plc
144A 9.375%, 4/8/19⁽³⁾		1,950		2,373
144A 3.625%, 5/14/20⁽³⁾		5,205		5,201
ArcelorMittal 5.125%, 6/1/20		2,500		2,541
Ardagh Packaging Finance plc 144A 6.250%, 1/31/19⁽³⁾		2,705		2,766
Cemex SAB de CV 144A 9.500%, 6/15/18⁽³⁾		9,754		10,778
CRH America, Inc. 8.125%, 7/15/18		4,770		5,592
EuroChem Mineral & Chemical Co. OJSC 144A 5.125%, 12/12/17⁽³⁾⁽⁵⁾		11,920		11,965
Freeport-McMoRan Copper & Gold, Inc. 2.375%, 3/15/18		4,500		4,463
Gerdau Holdings, Inc. 144A 7.000%, 1/20/20⁽³⁾		8,330		9,038
Gerdau Trade, Inc. 144A 5.750%, 1/30/21⁽³⁾		2,000		2,050
Hexion U.S. Finance Corp. 6.625%, 4/15/20		12,240		11,291
Huntsman International LLC 4.875%, 11/15/20		3,910		3,920
INEOS Group Holdings SA 144A 5.875%, 2/15/19⁽³⁾		5,870		5,921
Packaging Corp. of America 3.900%, 6/15/22		7,215		7,290
Reynolds Group Issuer, Inc.
5.750%, 10/15/20		12,945		13,301
8.250%, 2/15/21		3,120		3,253
Sappi Papier Holding GmbH 144A 7.750%, 7/15/17⁽³⁾		12,830		13,792
Severstal OAO (Steel Capital SA) 144A 6.700%, 10/25/17⁽³⁾⁽⁵⁾		5,975		6,244
Sinopec Group Overseas Development Ltd. 144A 2.750%, 5/17/17⁽³⁾		10,000		10,171


	PAR VALUE		VALUE
Materials—(continued)
Tronox Finance LLC 6.375%, 8/15/20	$	15,045	$	14,029
Union Andina de Cementos SAA 144A 5.875%, 10/30/21⁽³⁾		1,690		1,713
Vedanta Resources plc
144A 9.500%, 7/18/18⁽³⁾		10,640		11,411
144A 6.000%, 1/31/19⁽³⁾		14,955		14,544

				182,196

Telecommunication Services—1.8%
AT&T, Inc. 5.800%, 2/15/19		11,000		12,291
CCO Holdings LLC 7.375%, 6/1/20		6,700		7,094
CenturyLink, Inc. Series V 5.625%, 4/1/20		12,735		13,022
Crown Castle Towers LLC
144A 5.495%, 1/15/17⁽³⁾		5,915		6,124
144A 3.222%, 5/15/22⁽³⁾		3,000		2,952
Digicel Group Ltd. 144A 8.250%, 9/30/20⁽³⁾		15,680		15,758
Frontier Communications Corp.
7.125%, 3/15/19		12,200		12,658
6.250%, 9/15/21		9,160		8,381
Level 3 Financing, Inc. 7.000%, 6/1/20		4,065		4,324
Sprint Corp. 7.250%, 9/15/21		4,080		4,026
T-Mobile USA, Inc.
6.464%, 4/28/19		7,630		7,878
6.542%, 4/28/20		7,905		8,296
Telefonica Emisiones SAU 3.192%, 4/27/18		2,805		2,880
Verizon Communications, Inc.
2.500%, 9/15/16		4,044		4,109
3.650%, 9/14/18		13,800		14,496
West Corp. 144A 5.375%, 7/15/22⁽³⁾		12,459		11,696
Windstream Corp. 7.750%, 10/15/20		12,125		11,913

				147,898

Utilities—1.3%
Abu Dhabi National Energy Co. 144A 2.500%, 1/12/18⁽³⁾		13,930		14,003
AmeriGas Partners LP
6.250%, 8/20/19		3,740		3,824
6.750%, 5/20/20		3,374		3,568
7.000%, 5/20/22		9,275		9,878
Dynegy, Inc. 144A 6.750%, 11/1/19⁽³⁾		5,690		5,949
Exelon Corp. 2.850%, 6/15/20		1,875		1,883
Israel Electric Corp. Ltd. 144A 5.625%, 6/21/18⁽³⁾		14,735		15,739


	PAR VALUE		VALUE
Utilities—(continued)
Korea Western Power Co., Ltd. 144A 3.125%, 5/10/17⁽³⁾	$	9,800	$	10,037
Majapahit Holding BV 144A 7.750%, 1/20/20⁽³⁾		8,800		10,197
PPL WEM Holdings plc 144A 3.900%, 5/1/16⁽³⁾		5,495		5,605
State Grid Overseas Investment Ltd.
144A 1.750%, 5/22/18⁽³⁾		5,000		4,961
144A 2.750%, 5/7/19⁽³⁾		9,370		9,458
Talen Energy Supply LLC 144A 5.125%, 7/15/19⁽³⁾		12,340		12,155

				107,257

TOTAL CORPORATE BONDS AND NOTES (Identified Cost $3,088,696)				3,088,417

LOAN AGREEMENTS⁽²⁾—14.7%
Consumer Discretionary—3.9%
Allison Transmission Tranche B-3, 3.500%, 8/23/19		2,103		2,110
Aristocrat Leisure Ltd. 4.750%, 10/20/21		13,296		13,372
Boyd Gaming Corp. Tranche B, 4.000%, 8/14/20		6,832		6,858
Caesars Entertainment Operating Co., Inc.
Tranche B-4, 1.500%, 10/31/16⁽¹⁰⁾		3,616		3,291
Tranche B-6, 1.500%, 3/1/17⁽¹⁰⁾		3,861		3,470
Tranche B-7, 1.500%, 1/28/18⁽¹⁰⁾		1,741		1,523
Caesars Entertainment Resort Properties LLC Tranche B, 7.000%, 10/11/20		7,880		7,190
Caesars Growth Properties Holdings LLC Tranche B, First Lien, 6.250%, 5/8/21		4,307		3,693
Cequel Communications LLC 3.500%, 2/14/19		12,937		12,911
Charter Communications Operations LLC
Tranche E, 3.000%, 7/1/20		9,385		9,296
Tranche F, 3.000%, 1/3/21		14,416		14,262
Cirque Du Soleil 0.000%, 6/24/22⁽⁸⁾		5,736		5,743
CityCenter Holdings LLC Tranche B, 4.250%, 10/16/20		9,919		9,947
CSC Holdings, Inc. Tranche B, 2.687%, 4/17/20		5,286		5,240
Delta 2 (Lux) S.A.R.L. Tranche B-3, 4.750%, 7/30/21		9,421		9,380
Hanesbrands, Inc. Tranche B, 3.250%, 4/29/22		943		950
Hilton Worldwide Finance LLC 3.500%, 10/26/20		14,136		14,158
iHeartCommunications, Inc. (Clear Channel Communications, Inc.) Tranche D, 6.937%, 1/30/19		15,735		14,578


	PAR VALUE		VALUE
Consumer Discretionary—(continued)
Intelsat Jackson Holdings S.A. Tranche B-2, 3.750%, 6/30/19	$	12,912	$	12,833
Key Safety Systems, Inc. 4.750%, 8/29/21		6,579		6,616
Las Vegas Sands LLC Tranche B, 3.250%, 12/19/20		12,624		12,581
Libbey Glass, Inc. 3.750%, 4/9/21		5,902		5,908
Life Time Fitness 4.250%, 6/10/22		10,128		10,068
MGM Resort International Tranche B 3.500%, 12/20/19		7,080		7,043
Mohegan Tribal Gaming Authority Tranche B, 5.500%, 11/19/19		3,349		3,337
PetSmart, Inc. Tranche B-1 4.250%, 3/11/22		17,684		17,671
PVH Corp. Tranche B 3.250%, 2/13/20		10,746		10,815
Scientific Games International, Inc.
6.000%, 10/18/20		2,799		2,803
Tranche B-2, 6.000%, 10/1/21		3,409		3,411
Seminole Tribe of Florida, Inc. Tranche B, 3.000%, 4/29/20		13,437		13,447
ServiceMaster Co. LLC (The) 4.250%, 7/1/21		8,440		8,454
Sinclair Television Group, Inc. Tranche B-1, 3.500%, 7/30/21		11,660		11,664
Six Flags 0.000%, 6/29/22⁽⁸⁾		5,805		5,817
SRAM LLC First Lien, 4.000%, 4/10/20		1,847		1,835
Staples, Inc. First Lien, 2.750%, 4/23/21⁽⁸⁾		10,659		10,656
Station Casinos LLC Tranche B, 4.250%, 3/2/20		11,421		11,434
TI Group Auto Systems LLC 0.000%, 6/24/22⁽⁸⁾		1,033		1,032
Tribune Media Co. Tranche B, 3.750%, 12/27/20		9,010		9,027
TWCC Holding Corp. Second Lien, 7.000%, 6/26/20		14,060		13,158

				317,582

Consumer Staples—0.9%
Albertson’s LLC Tranche B-4, 5.500%, 8/25/21		16,158		16,258
ARAMARK Corp.
Tranche E, 3.250%, 9/6/19		19,195		19,206
Tranche F, 3.250%, 2/24/21		14,669		14,635
Charger OpCo B.V. (Oak Tea, Inc.) Tranche B-2, 4.250%, 7/23/21		3,785		3,766
New Hostess Brand Acquisition LLC Tranche B, 6.750%, 4/9/20		3,610		3,673
Prestige Brands, Inc. Tranche B-3, 3.500%, 9/3/21		1,449		1,449
Rite Aid Corp.
Tranche 1, Second Lien, 5.750%, 8/21/20		720		728


	PAR VALUE		VALUE
Consumer Staples—(continued)
Tranche 2, Second Lien, 4.875%, 6/21/21	$	14,688	$	14,720
Spectrum Brands Holdings 0.000%, 6/23/22⁽⁸⁾		2,634		2,641

				77,076

Energy—0.6%
Arch Coal, Inc. 6.250%, 5/16/18		16,337		11,265
Drillships Ocean Ventures, Inc. 5.500%, 7/25/21		6,179		5,283
EP Energy LLC (Everest Acquisition LLC)
Tranche B-3, 3.500%, 5/24/18		4,100		4,080
Tranche B-2, 4.500%, 4/30/19		768		768
FTS International, Inc. 5.750%, 4/16/21		1,520		1,223
Paragon Offshore Finance Co. 3.750%, 7/16/21		9,983		7,338
Seadrill Operating LP 4.000%, 2/21/21		21,641		16,440

				46,397

Financials—1.6%
Asurion LLC Tranche B-1, 5.000%, 5/24/19		9,873		9,909
Capital Automotive LP
Tranche B-1, 4.000%, 4/10/19		3,558		3,575
Second Lien, 6.000%, 4/30/20		6,047		6,154
Clipper Acquisitions Corp. Tranche B, 3.000%, 2/6/20		6,220		6,142
Delos Finance S.A.R.L. 3.500%, 3/6/21		21,956		21,950
iStar Financial, Inc. Tranche A-2, 7.000%, 3/19/17		2,937		3,061
Realogy Corp. Tranche B, 3.750%, 3/5/20		17,648		17,632
RPI Finance Trust
Tranche B-3, 3.250%, 11/9/18		10,628		10,667
Tranche B-4, 3.500%, 11/9/20		5,937		5,952
TransUnion LLC Tranche B-2, 3.750%, 4/9/21		20,110		19,974
Walter Investment Management Corp. Tranche B, 4.750%, 12/18/20		24,590		23,292

				128,308

Health Care—1.4%
Alere, Inc. 0.000%, 6/18/22⁽⁸⁾		5,210		5,221
American Renal Holdings, Inc. Tranche B, First Lien, 8.750%, 8/20/19		9,065		9,077
AmSurg Corp. 3.750%, 7/16/21		2,571		2,578
Ardent Medical Services, Inc. First Lien, 6.750%, 7/2/18		3,961		3,974
CHG Healthcare Services, Inc. Second Lien, 4.250%, 11/19/19		9,952		9,960
Community Health Systems, Inc. (CHS) Incremental 2018, Tranche F, 3.534%, 12/31/18		8,985		8,996


	PAR VALUE		VALUE
Health Care—(continued)
Concentra, Inc. First Lien, Tranche B 4.000%, 6/1/22	$	456	$	456
ConvaTec, Inc. 0.000%, 6/15/20⁽⁸⁾		328		328
DaVita HealthCare Partners, Inc. Tranche B, 3.500%, 6/24/21		3,888		3,895
Endo Luxembourg Finance
0.000%, 6/24/16⁽⁸⁾		7,052		7,052
0.000%, 6/24/22⁽⁸⁾		5,571		5,591
Envision Healthcare Corp. (F/K/A Emergency Medical Services Corp.) 4.000%, 5/25/18		6,627		6,637
Iasis Healthcare LLC Tranche B-2, 4.500%, 5/3/18		5,716		5,733
InVentiv Health, Inc. Tranche B-4, 7.750%, 5/15/18		8,750		8,797
Kinetic Concepts, Inc.
Tranche E-2, 4.000%, 11/4/16		6,619		6,633
Tranche E-1, 4.500%, 5/4/18		1,561		1,569
Mallinckrodt International Finance S.A. Tranche B-1, 3.500%, 3/19/21		1,643		1,641
NVA Holdings, Inc. First Lien, 4.750%, 8/14/21		2,838		2,847
Quintiles Transnational Corp. Tranche B, 3.250%, 5/12/22		2,477		2,485
Surgery Center Holdings, Inc. First Lien, 5.250%, 11/3/20		1,423		1,425
U.S. Renal Care, Inc. Tranche B-2, First Lien, 0.000%, 7/3/19		4,570		4,571
Valeant Pharmaceuticals International, Inc. Series D-2, Tranche B, 3.500%, 2/13/19		12,168		12,155

				111,621

Industrials—2.0%
American Airlines, Inc.
3.500%, 6/27/20		35,214		34,972
3.750%, 10/10/21		10,996		10,981
AWAS Finance Luxembourg SA 3.500%, 7/16/18		8,158		8,181
Brock Holdings Ill, Inc. First Lien, 6.000%, 3/16/17		11,421		11,389
Ceridian HCM Holding, Inc. 4.500%, 9/15/20		18,557		18,412
DigitalGlobe, Inc. 3.750%, 1/31/20		3,581		3,588
DynCorp International, Inc. 6.250%, 7/7/16		9,906		9,679
Husky Injection Molding Systems Ltd. 4.250%, 6/30/21		5,232		5,214
Mcjunkin Red Man Corp. 5.000%, 11/8/19		600		596
Nortek, Inc. Incremental-1, 3.500%, 10/30/20		9,658		9,604
U.S. Airways, Inc. Tranche B-1, 3.500%, 5/23/19		24,868		24,840


	PAR VALUE		VALUE
Industrials—(continued)
United Airlines, Inc. (Continental Airlines, Inc.) Tranche B-1, 3.750%, 9/15/21	$	12,185	$	12,223
Waste Industries USA, Inc. 4.250%, 2/27/20		9,924		9,964

				159,643

Information Technology—2.9%
Activision Blizzard, Inc. 3.250%, 10/12/20		9,842		9,886
Applied Systems, Inc. Second Lien, 7.500%, 1/24/22		2,727		2,741
Avago Technologies Cayman Ltd. 3.750%, 5/6/21		17,336		17,383
Blue Coat Systems, Inc. 4.500%, 5/20/22		5,418		5,415
CCC Information Services 4.000%, 12/20/19		5,796		5,778
Deltek, Inc.
First Lien 0.000%, 12/19/22⁽⁸⁾		520		521
Second Lien 0.000%, 6/23/23⁽⁸⁾		3,678		3,705
Epicor Software Corp. Tranche B, 4.750%, 6/1/22		5,000		4,996
Evergreen Skills Lux S.A.R.L. First Lien, 5.750%, 4/28/21		3,895		3,795
Excelitas Technologies Corp. Tranche B, 6.000%, 11/2/20		9,310		9,343
First Data Corp.
2018 Term Loan 3.687%, 3/23/18		44,210		44,119
0.000%, 6/24/22⁽⁸⁾		2,520		2,510
Infinity Acquisition Ltd. 4.000%, 8/6/21		12,189		12,128
Interactive Data Corp. 4.750%, 5/2/21		8,059		8,094
Kronos, Inc.
First Lien, 4.500%, 10/30/19		22,245		22,290
Second Lien, 9.750%, 4/30/20		17,280		17,864
Mitchell International, Inc.
4.500%, 10/13/20		5,045		5,047
Second Lien, 8.500%, 10/11/21		19,067		19,091
Presidio, Inc. Refinancing Term 5.250%, 2/2/22		8,548		8,580
Riverbed Technologies, Inc. 6.000%, 4/24/22		5,821		5,889
Sophia LP Tranche B-1, 4.000%, 7/19/18		14,472		14,481
SS&C Technologies, Inc.
0.000%, 6/29/20⁽⁸⁾		894		896
0.000%, 6/29/20⁽⁸⁾		1,386		1,390
0.000%, 6/29/22⁽⁸⁾		6,039		6,051
0.000%, 6/29/22⁽⁸⁾		1,361		1,363

				233,356

Materials—0.5%
AZ Chem US, Inc. First Lien, 5.125%, 6/11/21		2,659		2,663


	PAR VALUE			VALUE
Materials—(continued)
Fairmount Minerals Ltd. Tranche B-2, 4.500%, 9/5/19	$	3,831		$	3,643
Fortescue Metals Group (FMG) Resources Property Ltd. 3.750%, 6/30/19		13,271			11,817
HII Holding Corp. First Lien, 4.000%, 12/20/19		14,108			14,137
INEOS U.S. Finance LLC 2022 Dollar 4.250%, 3/31/22⁽⁸⁾		5,755			5,764

					38,024

Telecommunication Services—0.2%
Global Tel*Link Corp. First Lien, 5.000%, 5/23/20		9,063			8,882
Level 3 Financing, Inc.
Tranche B-III 2019, 4.000%, 8/1/19		6,319			6,329
Tranche B-II, 3.500%, 5/31/22		5,842			5,809

					21,020

Utilities—0.7%
Atlantic Power LP 4.750%, 2/24/21		2,552			2,562
Calpine Construction Finance Co. LP Tranche B-1, 3.000%, 5/3/20		8,364			8,216
Granite Acquisition, Inc.
Tranche B, First Lien, 5.000%, 12/17/21		10,672			10,806
Tranche C, First Lien 5.000%, 12/17/21		472			478
NRG Energy, Inc. 2.750%, 7/1/18		23,726			23,571
State of Santa Catarina (The) 4.000%, 12/27/22		13,931			12,983
Texas Competitive Electric Holdings Co. LLC 2017 Extended, 4.671%, 10/10/17⁽¹¹⁾		5,925			3,427

					62,043

TOTAL LOAN AGREEMENTS (Identified Cost $1,216,781)					1,195,070


	SHARES			VALUE
PREFERRED STOCKS—0.6%
Energy—0.1%
PTT Exploration & Production PCL 144A, 4.875%⁽²⁾⁽³⁾		8,645	⁽⁹⁾		8,666

Financials—0.5%
Ally Financial, Inc. Series G, 144A 7.000%⁽³⁾		351			355
Banco Bilbao Vizcaya Argentaria S.A. International S.A. Unipersonal 5.919%⁽²⁾		2,295	⁽⁹⁾		2,352
Bank of New York Mellon Corp. (The) Series E, 4.950%⁽²⁾		1,607	⁽⁹⁾		15,949


	SHARES			VALUE
Financials—(continued)
JPMorgan Chase & Co. Series V, 5.000%⁽²⁾		4,395	⁽⁹⁾	$	4,302
Wells Fargo & Co. Series K, 7.980%⁽²⁾		16,155	⁽⁹⁾		17,468

					40,426

TOTAL PREFERRED STOCKS (Identified Cost $48,913)					49,092

EXCHANGE-TRADED FUND—0.3%
SPDR S&P 500^® ETF Trust Series 1		114,000			23,467

TOTAL EXCHANGE-TRADED FUND (Identified Cost $21,590)					23,467

AFFILIATED MUTUAL FUND—0.8%
Virtus Credit Opportunities Fund		6,900,000			68,793

TOTAL AFFILIATED MUTUAL FUND (Identified Cost $69,000)					68,793

TOTAL LONG TERM INVESTMENTS—99.0% (Identified Cost $8,057,421)					8,056,184	⁽¹²⁾

SHORT-TERM INVESTMENTS—1.1%
Money Market Mutual Fund—1.1%
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.140%)		86,294,153			86,294

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $86,294)					86,294

TOTAL INVESTMENTS—100.1% (Identified Cost $8,143,715)					8,142,478	⁽¹⁾
Other assets and liabilities, net—(0.1)%					(10,566	)

NET ASSETS—100.0%				$	8,131,912

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”)
REIT		Real Estate Investment Trust
SPDR		S&P Depositary Receipt

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at June 30, 2015, 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 June 30, 2015.

⁽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 June 30, 2015, these securities amounted to a value of $2,887,195 or 35.5% 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⁾	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 June 30, 2015, 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⁾	Security in default.

⁽¹¹⁾	Security in default, interest payments are being received during the bankruptcy proceedings.

⁽¹²⁾	All or a portion of the Fund’s assets have been segregated for delayed delivery security.

Foreign Currencies:

BRL	Brazilian Real

CLP	Chilean Peso

COP	Colombian Peso

IDR	Indonesian Rupiah

RUB	Russian Ruble

TRY	Turkish Lira

ZAR	South African Rand

The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2015 (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 June 30, 2015.

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.

None of the securities in the table are internally fair valued at June 30, 2015.


	SHARES		VALUE
COMMON STOCKS—99.3%
Real Estate Investment Trusts—99.3%
DIVERSIFIED—1.1%
American Homes 4 Rent Class A		956,800	$	15,347

HEALTH CARE—2.8%
HCP, Inc.		297,121		10,836
Ventas, Inc.		484,061		30,055

				40,891

INDUSTRIAL/OFFICE—27.5%
Industrial—8.3%
DCT Industrial Trust, Inc.		1,605,903		50,489
Prologis, Inc.		1,833,850		68,036

				118,525

Mixed—4.1%
Duke Realty Corp.		1,144,852		21,260
Liberty Property Trust		1,184,344		38,160

				59,420

Office—15.1%
Boston Properties, Inc.		312,883		37,871
Cousins Properties, Inc.		2,440,850		25,336
Douglas Emmett, Inc.		1,323,233		35,648
Highwoods Properties, Inc.		708,742		28,314
Kilroy Realty Corp.		858,942		57,678
Paramount Group, Inc.		845,136		14,503
SL Green Realty Corp.		158,077		17,371

				216,721

				394,666

LODGING/RESORTS—12.6%
Host Hotels & Resorts, Inc.		2,895,836		57,424
LaSalle Hotel Properties		1,107,347		39,267
Pebblebrook Hotel Trust		1,032,613		44,278
RLJ Lodging Trust		1,342,700		39,986

				180,955

RESIDENTIAL—22.3%
Apartments—21.3%
American Campus Communities, Inc.		785,617		29,610
AvalonBay Communities, Inc.		417,890		66,808
Camden Property Trust		874,300		64,943
Equity Residential		1,012,645		71,057


	SHARES		VALUE
Real Estate Investment Trusts—(continued)
Essex Property Trust, Inc.		342,040	$	72,684

				305,102

Manufactured Homes—1.0%
Equity Lifestyle Properties, Inc.		269,953		14,194

				319,296

RETAIL—23.0%
Regional Malls—12.9%
General Growth Properties, Inc.		2,095,475		53,770
Macerich Co. (The)		53,275		3,974
Simon Property Group, Inc.		733,641		126,935
WP GLIMCHER, Inc.		37,645		509

				185,188

Shopping Centers—10.1%
Brixmor Property Group, Inc.		1,781,196		41,199
Federal Realty Investment Trust		198,000		25,362
Regency Centers Corp.		480,000		28,311
Tanger Factory Outlet Centers		1,563,000		49,547

				144,419

				329,607

SELF STORAGE—10.0%
CubeSmart		729,250		16,890
Extra Space Storage, Inc.		878,525		57,297
Public Storage		372,920		68,755

				142,942

TOTAL COMMON STOCKS (Identified Cost $944,595)				1,423,704

TOTAL LONG TERM INVESTMENTS—99.3% (Identified cost $944,595)				1,423,704

SHORT-TERM INVESTMENTS—0.5%
Money Market Mutual Fund—0.5%
Fidelity Money Market Portfolio - Institutional Shares (Seven-day effective yield 0.140%)		6,849,000		6,849

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $6,849)				6,849

The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2015 (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 June 30, 2015.


	SHARES		VALUE
COMMON STOCKS—97.6%
Consumer Discretionary—20.0%
Amazon.com, Inc.⁽²⁾		20,285	$	8,806
AutoNation, Inc.⁽²⁾		3,948		249
AutoZone, Inc.⁽²⁾		1,755		1,170
Bed Bath & Beyond, Inc.⁽²⁾		9,230		637
Best Buy Co., Inc.		15,920		519
BorgWarner, Inc.		12,385		704
Cablevision Systems Corp. Class A		11,580		277
CarMax, Inc.⁽²⁾		11,800		781
Carnival Corp.		23,128		1,142
CBS Corp. Class B		24,543		1,362
Chipotle Mexican Grill, Inc.⁽²⁾		1,690		1,022
Coach, Inc.		14,650		507
Comcast Corp. Class A		132,380		7,961
Darden Restaurants, Inc.		6,505		462
Delphi Automotive plc		15,520		1,321
DIRECTV⁽²⁾		26,718		2,479
Discovery Communications, Inc. Class A⁽²⁾		7,938		264
Discovery Communications, Inc. Class C⁽²⁾		13,860		431
Dollar General Corp.		15,715		1,222
Dollar Tree, Inc.⁽²⁾		10,913		862
Expedia, Inc.		5,280		577
Family Dollar Stores, Inc.⁽²⁾		5,130		404
Ford Motor Co.		207,940		3,121
Fossil Group, Inc.⁽²⁾		2,260		157
GameStop Corp. Class A		5,645		243
Gap, Inc. (The)		13,975		533
Garmin Ltd.		6,610		290
General Motors Co.		74,775		2,492
Genuine Parts Co.		8,193		734
Goodyear Tire & Rubber Co. (The)		14,275		430
H&R Block, Inc.		14,575		432
Hanesbrands, Inc.		20,810		693
Harley-Davidson, Inc.		11,478		647
Harman International Industries, Inc.		3,868		460
Hasbro, Inc.		5,775		432
Home Depot, Inc.		68,683		7,633
Horton (D.R.), Inc.		17,028		466
Interpublic Group of Cos., Inc. (The)		22,275		429
Johnson Controls, Inc.		35,540		1,760
Kohl’s Corp.		10,475		656
L Brands, Inc.		12,795		1,097
Leggett & Platt, Inc.		7,265		354


	SHARES		VALUE
Consumer Discretionary—(continued)
Lennar Corp. Class A		8,720	$	445
Lowe’s Cos., Inc.		50,440		3,378
Macy’s, Inc.		18,150		1,225
Marriott International, Inc. Class A		11,223		835
Mattel, Inc.		18,098		465
McDonald’s Corp.		51,030		4,851
Michael Kors Holdings Ltd.⁽²⁾		10,848		457
Mohawk Industries, Inc.⁽²⁾		3,295		629
Netflix, Inc.⁽²⁾		3,263		2,144
Newell Rubbermaid, Inc.		14,410		592
News Corp. Class A⁽²⁾		25,918		378
NIKE, Inc. Class B		35,868		3,874
Nordstrom, Inc.		7,468		556
O’Reilly Automotive, Inc.⁽²⁾		5,310		1,200
Omnicom Group, Inc.		13,338		927
Phillips-Van Heusen Corp.		4,290		494
Priceline Group, Inc. (The)⁽²⁾		2,890		3,327
PulteGroup, Inc.		16,770		338
Ralph Lauren Corp.		3,360		445
Ross Stores, Inc.		21,976		1,068
Royal Caribbean Cruises Ltd.		8,700		685
Scripps Networks Interactive, Inc. Class A		5,128		335
Staples, Inc.		35,180		539
Starbucks Corp.		79,525		4,264
Starwood Hotels & Resorts Worldwide, Inc.		9,163		743
Target Corp.		33,550		2,739
Tiffany & Co.		5,953		547
Time Warner Cable, Inc.		15,058		2,683
Time Warner, Inc.		43,978		3,844
TJX Cos., Inc.		35,960		2,380
Tractor Supply Co.		7,248		652
TripAdvisor, Inc.⁽²⁾		6,115		533
Twenty-First Century Fox, Inc. Class A		93,850		3,054
Under Armour, Inc. Class A⁽²⁾		8,777		732
Urban Outfitters, Inc.⁽²⁾		5,133		180
VF Corp.		17,967		1,253
Viacom, Inc. Class B		19,125		1,236
Walgreens Boots Alliance, Inc.⁽²⁾		33,770		2,852
Walt Disney Co. (The)		82,176		9,380
Whirlpool Corp.		4,370		756
Wyndham Worldwide Corp.		6,535		535
Wynn Resorts Ltd.		4,575		451


	SHARES		VALUE
Consumer Discretionary—(continued)
Yum! Brands, Inc.		23,110	$	2,082

				126,301

Consumer Staples—9.3%
Altria Group, Inc.		63,575		3,109
Archer-Daniels-Midland Co. (The)		24,720		1,192
Brown-Forman Corp. Class B		6,640		665
Campbell Soup Co.		8,280		395
Clorox Co. (The)		5,542		577
Coca-Cola Co. (The)		141,822		5,564
Coca-Cola Enterprises, Inc.		9,395		408
Colgate-Palmolive Co.		31,627		2,069
ConAgra Foods, Inc.		15,777		690
Constellation Brands, Inc. Class A		9,340		1,084
Costco Wholesale Corp.		16,665		2,251
CVS Caremark Corp.		41,490		4,352
Dr. Pepper Snapple Group, Inc.		8,115		592
Estee Lauder Cos., Inc. (The) Class A		9,167		794
General Mills, Inc.		22,445		1,251
Hershey Co. (The)		6,342		563
Hormel Foods Corp.		6,762		381
J.M. Smucker Co. (The)		4,245		460
Kellogg Co.		10,245		642
Keurig Green Mountain, Inc.		4,305		330
Kimberly-Clark Corp.		13,890		1,472
Kraft Foods Group, Inc.⁽²⁾		21,022		1,790
Kroger Co. (The)		19,817		1,437
McCormick & Co., Inc.		5,377		435
Mead Johnson Nutrition Co.		7,982		720
Molson Coors Brewing Co. Class B		7,350		513
Mondelez International, Inc. Class A		54,452		2,240
Monster Beverage Corp.⁽²⁾		5,852		784
PepsiCo, Inc.		30,290		2,827
Philip Morris International, Inc.		56,522		4,531
Procter & Gamble Co. (The)		98,715		7,723
Reynolds American, Inc.		16,535		1,235
SYSCO Corp.		22,800		823
Tyson Foods, Inc. Class A		13,165		561
Wal-Mart Stores, Inc.		57,092		4,050
Whole Foods Market, Inc.		14,380		567

				59,077

Diversified REIT—0.0%
Prologis, Inc.		5,280		196


	SHARES		VALUE
Financials—4.7%
ACE Ltd.		3,467	$	353
Affiliated Managers Group, Inc.⁽²⁾		575		126
Aflac, Inc.		4,372		272
Allstate Corp. (The)		4,380		284
American Express Co.		8,900		692
American International Group, Inc.		13,395		828
American Tower Corp. REIT		4,370		408
Ameriprise Financial, Inc.		1,920		240
AON plc		2,900		289
Apartment Investment & Management Co. Class A		1,632		60
Assurant, Inc.		710		48
Bank of America Corp.		105,937		1,803
Bank of New York Mellon Corp. (The)		11,425		479
BB&T Corp.		7,415		299
Berkshire Hathaway, Inc. Class B⁽²⁾		18,870		2,568
BlackRock, Inc.		1,370		474
Boston Properties, Inc.		1,615		195
Capital One Financial Corp.		5,485		483
CBRE Group, Inc. Class A⁽²⁾		2,959		109
Charles Schwab Corp. (The)		11,560		377
Chubb Corp. (The)		2,425		231
Cincinnati Financial Corp.		1,515		76
Citigroup, Inc.		30,822		1,703
CME Group, Inc.		3,375		314
Comerica, Inc.		1,760		90
Crown Castle International Corp. REIT		3,490		280
Discover Financial Services		4,445		256
E*Trade Financial Corp.⁽²⁾		2,880		86
Equity Residential		3,705		260
Fifth Third Bancorp		8,105		169
Franklin Resources, Inc.		4,110		201
Genworth Financial, Inc. Class A⁽²⁾		5,152		39
Goldman Sachs Group, Inc. (The)		4,070		850
Hartford Financial Services Group, Inc. (The)		4,292		178
HCP, Inc.		4,875		178
Health Care REIT, Inc.		3,672		241
Host Hotels & Resorts, Inc.		7,805		155
Hudson City Bancorp, Inc.		4,787		47
Huntington Bancshares, Inc.		8,200		93
Intercontinental Exchange, Inc.		1,180		264
Invesco Ltd.		4,470		168
JPMorgan Chase & Co.		37,352		2,531
KeyCorp		8,552		128


	SHARES		VALUE
Financials—(continued)
Legg Mason, Inc.		1,027	$	53
Leucadia National Corp.		3,190		77
Lincoln National Corp.		2,547		151
Loews Corp.		3,070		118
M&T Bank Corp.		1,402		175
Marsh & McLennan Cos., Inc.		5,660		321
McGraw-Hill Cos., Inc. (The)		2,870		288
MetLife, Inc.		11,177		626
Moody’s Corp.		1,805		195
Morgan Stanley		15,610		605
NASDAQ OMX Group, Inc. (The)		1,225		60
Navient Corp.		3,980		72
Northern Trust Corp.		2,210		169
People’s United Financial, Inc.		3,067		50
Plum Creek Timber Co., Inc.		1,822		74
PNC Financial Services Group, Inc. (The)		5,235		501
Principal Financial Group, Inc.		2,737		140
Progressive Corp. (The)		5,422		151
Prudential Financial, Inc.		4,550		398
Public Storage		1,525		281
Realty Income Corp.		2,450		109
Regions Financial Corp.		13,502		140
Simon Property Group, Inc.		3,275		567
State Street Corp.		4,217		325
SunTrust Banks, Inc.		5,207		224
T. Rowe Price Group, Inc.		2,670		208
Torchmark Corp.		1,275		74
Travelers Cos., Inc. (The)		3,337		323
U.S. Bancorp		18,035		783
Unum Group		2,542		91
Ventas, Inc.		3,450		214
Vornado Realty Trust		1,842		175
Wells Fargo & Co.		47,660		2,680
Weyerhaeuser Co.		5,425		171
XL Group plc		3,217		120
Zions Bancorp		2,017		64

				29,698

Health Care—19.5%
Abbott Laboratories		55,680		2,733
AbbVie, Inc.		74,137		4,981
Aetna, Inc.		14,710		1,875
Agilent Technologies, Inc.		14,580		563
Alexion Pharmaceuticals, Inc.⁽²⁾		9,762		1,765


	SHARES		VALUE
Health Care—(continued)
Allergan plc⁽²⁾		17,837	$	5,413
AmerisourceBergen Corp.		9,830		1,045
Amgen, Inc.		33,640		5,164
Anthem, Inc.		11,630		1,909
Bard (C.R.), Inc.		3,452		589
Baxter International, Inc.		23,237		1,625
Becton, Dickinson & Co.		9,340		1,323
Biogen, Inc.⁽²⁾		10,310		4,165
Boston Scientific Corp.⁽²⁾		58,550		1,036
Bristol-Myers Squibb Co.		72,710		4,838
Cardinal Health, Inc.		15,110		1,264
Celgene Corp.⁽²⁾		34,222		3,961
Cerner Corp.⁽²⁾		13,402		926
Cigna Corp.		10,820		1,753
DaVita, Inc.⁽²⁾		7,567		601
DENTSPLY International, Inc.		6,222		321
Edwards Lifesciences Corp.⁽²⁾		4,717		672
Eli Lilly & Co.		41,685		3,480
Endo International plc⁽²⁾		9,042		720
Express Scripts Holding Co.⁽²⁾		32,860		2,923
Gilead Sciences, Inc.		65,040		7,615
HCA Holdings, Inc.⁽²⁾		11,560		1,049
Hospira, Inc.⁽²⁾		7,580		672
Humana, Inc.		7,202		1,378
Intuitive Surgical, Inc.⁽²⁾		1,672		810
Johnson & Johnson		122,040		11,894
Laboratory Corp. of America Holdings⁽²⁾		4,352		528
Mallinckrodt plc⁽²⁾		5,260		619
McKesson Corp.		10,805		2,429
Medtronic plc		63,730		4,722
Merck & Co., Inc.		124,370		7,080
Mylan NV⁽²⁾		18,587		1,261
Patterson Cos., Inc.		3,890		189
PerkinElmer, Inc.		4,930		260
Perrigo Co. plc		6,370		1,177
Pfizer, Inc.		271,350		9,098
Quest Diagnostics, Inc.		6,495		471
Regeneron Pharmaceuticals, Inc.⁽²⁾		3,440		1,755
Schein (Henry), Inc.⁽²⁾		3,680		523
St. Jude Medical, Inc.		12,827		937
Stryker Corp.		13,332		1,274
Tenet Healthcare Corp.⁽²⁾		4,070		236
Thermo Fisher Scientific, Inc.		16,945		2,199
UnitedHealth Group, Inc.		41,200		5,026


	SHARES		VALUE
Health Care—(continued)
Universal Health Services, Inc. Class B		3,730	$	530
Varian Medical Systems, Inc.⁽²⁾		4,500		379
Vertex Pharmaceuticals, Inc.⁽²⁾		10,520		1,299
Waters Corp.⁽²⁾		3,760		483
Zimmer Biomet Holdings, Inc.		7,587		829
Zoetis, Inc.		21,902		1,056

				123,423

Industrials—19.6%
3M Co.		41,935		6,471
ADT Corp. (The)		11,142		374
Allegion plc		6,050		364
American Airlines Group, Inc.		41,670		1,664
Ametek, Inc.		15,650		857
Avery Dennison Corp.		5,200		317
Boeing Co. (The)		43,680		6,059
Caterpillar, Inc.		41,427		3,514
Cintas Corp.		7,360		623
CSX Corp.		79,320		2,590
Cummins, Inc.		20,032		2,628
Danaher Corp.		44,102		3,775
Deere & Co.		22,877		2,220
Delta Air Lines, Inc.		50,610		2,079
Dover Corp.		12,735		894
Dun & Bradstreet Corp.		2,322		283
Eaton Corp. plc		37,682		2,543
Emerson Electric Co.		46,810		2,595
Equifax, Inc.		10,230		993
Expeditors International of Washington, Inc.		12,540		578
Fastenal Co.		17,532		740
FedEx Corp.		18,477		3,148
Flowserve Corp.		8,752		461
Fluor Corp.		13,897		737
General Dynamics Corp.		21,697		3,074
General Electric Co.		479,815		12,749
Grainger (W.W.), Inc.		5,042		1,193
Honeywell International, Inc.		53,530		5,458
Illinois Tool Works, Inc.		23,120		2,122
Ingersoll-Rand plc		17,130		1,155
Jacobs Engineering Group, Inc.⁽²⁾		8,210		334
Joy Global, Inc.		6,535		237
Kansas City Southern		7,325		668
L-3 Communications Holdings, Inc.		5,470		620
Lockheed Martin Corp.		18,350		3,411


	SHARES		VALUE
Industrials—(continued)
Masco Corp.		24,780	$	661
Nielsen Holdings NV		23,290		1,043
Norfolk Southern Corp.		23,740		2,074
Northrop Grumman Corp.		13,580		2,154
PACCAR, Inc.		26,412		1,685
Pall Corp.		9,942		1,237
Parker Hannifin Corp.		11,220		1,305
Pentair plc		11,065		761
Pitney Bowes, Inc.		14,967		311
Precision Castparts Corp.		9,150		1,829
Quanta Services, Inc.⁽²⁾		13,540		390
Raytheon Co.		21,927		2,098
Republic Services, Inc.		16,197		634
Robert Half International, Inc.		12,389		688
Robinson (C.H.) Worldwide, Inc.		9,547		596
Rockwell Automation, Inc.		11,202		1,396
Rockwell Collins, Inc.		11,007		1,017
Roper Industries, Inc.		6,425		1,108
Ryder System, Inc.		6,389		558
Snap-On, Inc.		3,700		589
Southwest Airlines Co.		45,500		1,506
Stanley Black & Decker, Inc.		9,830		1,035
Stericycle, Inc.⁽²⁾		5,490		735
Textron, Inc.		22,460		1,002
Tyco International Ltd.		27,605		1,062
Union Pacific Corp.		63,420		6,048
United Parcel Service, Inc. Class B		45,865		4,445
United Rentals, Inc.⁽²⁾		6,425		563
United Technologies Corp.		55,870		6,198
Waste Management, Inc.		30,377		1,408
Xylem, Inc.		11,500		426

				124,090

Information Technology—17.5%
Accenture plc Class A		18,525		1,793
Adobe Systems, Inc.⁽²⁾		14,080		1,141
Akamai Technologies, Inc.⁽²⁾		6,392		446
Alliance Data Systems Corp.⁽²⁾		1,945		568
Altera Corp.		9,895		507
Amphenol Corp. Class A		10,475		607
Analog Devices, Inc.		10,280		660
Apple, Inc.		175,950		22,069
Applied Materials, Inc.		38,090		732
Autodesk, Inc.⁽²⁾		7,667		384


	SHARES		VALUE
Information Technology—(continued)
Automatic Data Processing, Inc.		14,820	$	1,189
Avago Technologies Ltd.		8,027		1,067
Broadcom Corp. Class A		17,592		906
CA, Inc.		10,265		301
Cisco Systems, Inc.		159,247		4,373
Citrix Systems, Inc.⁽²⁾		5,170		363
Cognizant Technology Solutions Corp. Class A⁽²⁾		19,130		1,169
Computer Sciences Corp.		4,500		295
Corning, Inc.		40,420		797
eBay, Inc.⁽²⁾		33,790		2,035
Electronic Arts, Inc.⁽²⁾		9,800		652
EMC Corp.		61,440		1,621
Equinix, Inc.		590		150
F5 Networks, Inc.⁽²⁾		2,292		276
Facebook, Inc. Class A⁽²⁾		60,875		5,221
Fidelity National Information Services, Inc.		9,470		585
First Solar, Inc.⁽²⁾		2,350		110
Fiserv, Inc.⁽²⁾		7,450		617
FLIR Systems, Inc.		4,737		146
Gannett, Inc.⁽²⁾		6,064		85
Google, Inc. Class A⁽²⁾		8,705		4,701
Google, Inc. Class C⁽²⁾		8,760		4,560
Harris Corp.		4,145		319
Hewlett-Packard Co.		47,515		1,426
Intel Corp.		127,415		3,875
International Business Machines Corp.		28,182		4,584
Intuit, Inc.		8,900		897
Juniper Networks, Inc.		11,567		300
KLA-Tencor Corp.		5,310		298
Lam Research Corp.		4,825		393
Linear Technology Corp.		8,007		354
MasterCard, Inc. Class A		30,720		2,872
Microchip Technology, Inc.		6,862		325
Micron Technology, Inc.⁽²⁾		36,085		680
Microsoft Corp.		250,712		11,069
Motorola Solutions, Inc.		5,817		334
NetApp, Inc.		10,160		321
NVIDIA Corp.		17,087		344
Oracle Corp.		101,310		4,083
Paychex, Inc.		10,440		489
Qorvo Inc⁽²⁾		4,700		377
QUALCOMM, Inc.		51,422		3,221
Red Hat, Inc.⁽²⁾		6,075		461
Salesforce.com, Inc.⁽²⁾		20,752		1,445


	SHARES		VALUE
Information Technology—(continued)
SanDisk Corp.		7,240	$	422
Seagate Technology plc		10,340		491
Skyworks Solutions, Inc.		5,997		624
Symantec Corp.		21,817		507
TE Connectivity Ltd.		12,725		818
TEGNA, Inc.		12,128		389
Teradata Corp.⁽²⁾		4,980		184
Texas Instruments, Inc.		32,592		1,679
Total System Services, Inc.		5,700		238
VeriSign, Inc.⁽²⁾		3,560		220
Visa, Inc. Class A		59,675		4,007
Western Digital Corp.		7,312		573
Western Union Co. (The)		16,830		342
Xerox Corp.		34,245		364
Xilinx, Inc.		8,735		386
Yahoo!, Inc.⁽²⁾		27,670		1,087

				110,924

Materials—4.8%
Air Products & Chemicals, Inc.		9,452		1,293
Airgas, Inc.		3,727		394
Alcoa, Inc.		66,907		746
Allegheny Technologies, Inc.		6,347		192
Ball Corp.		7,582		532
CF Industries Holdings, Inc.		12,630		812
Dow Chemical Co. (The)		58,120		2,974
Du Pont (E.I.) de Nemours & Co.		49,610		3,173
Eastman Chemical Co.		7,780		637
Ecolab, Inc.		14,250		1,611
FMC Corp.		7,660		402
Freeport-McMoRan Copper & Gold, Inc.		56,280		1,048
International Flavors & Fragrances, Inc.		4,430		484
International Paper Co.		23,255		1,107
LyondellBasell Industries N.V. Class A		20,482		2,120
Martin Marietta Materials, Inc.		3,490		494
MeadWestvaco Corp.⁽²⁾		9,322		440
Monsanto Co.		26,232		2,796
Mosaic Co. (The)		16,032		751
Newmont Mining Corp.		30,025		701
Nucor Corp.		17,592		775
Owens-Illinois, Inc.⁽²⁾		9,450		217
PPG Industries, Inc.		12,510		1,435
Praxair, Inc.		15,412		1,842
Sealed Air Corp.		11,300		581


	SHARES		VALUE
Materials—(continued)
Sherwin-Williams Co. (The)		4,260	$	1,172
Sigma-Aldrich Corp.		6,435		897
Vulcan Materials Co.		7,330		615

				30,241

Office REITs—0.0%
Iron Mountain Reit, Inc.		1,962		61
SL Green Realty Corp.		1,050		115

				176

Residential REITs—0.1%
AvalonBay Communities, Inc.		1,392		223
Essex Property Trust, Inc.		645		137

				360

Retail REITs—0.1%
General Growth Properties, Inc.		6,680		171
Kimco Realty Corp.		4,330		98
Macerich Co. (The)		1,540		115

				384

Telecommunication Services—2.0%
AT&T, Inc.		153,457		5,451
CenturyLink, Inc.		18,597		546
Frontier Communications Corp.		41,930		207
Level 3 Communications, Inc.⁽²⁾		9,075		478
Verizon Communications, Inc.		125,635		5,856

				12,538

TOTAL COMMON STOCKS (Identified Cost $628,037)				617,408

TOTAL LONG TERM INVESTMENTS—97.6% (Identified Cost $628,037)				617,408

SHORT-TERM INVESTMENTS—0.2%
Money Market Mutual Funds—0.2%
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.140%)		1,115,940		1,116
Goldman Sachs Financial Square Funds - Money Market Fund - Institutional Shares (seven-day effective yield 0.090%)		297,584		298
JPMorgan U.S. Government Money Market Fund (seven-day effective yield 0.04%)		74,396		74

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $1,488)				1,488

Abbreviation:


REIT		Real Estate Investment Trust

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at June 30, 2015, 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 June 30, 2015 (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 June 30, 2015.


	PAR VALUE		VALUE
ASSET-BACKED SECURITIES—0.2%
Home Equity Loan Trust 07-HSA3, AI4 6.110%, 6/25/37⁽²⁾	$	1,130	$	1,140

TOTAL ASSET-BACKED SECURITIES (Identified Cost $1,114)				1,140

CORPORATE BONDS AND NOTES—6.6%
Consumer Discretionary—1.0%
American Axle & Manufacturing, Inc. 5.125%, 2/15/19		835		857
Argos Merger Sub, Inc. 144A 7.125%, 3/15/23⁽³⁾		905		950
Boyd Gaming Corp. 6.875%, 5/15/23		365		376
DR Horton, Inc. 4.000%, 2/15/20		390		390
iHeartCommunications, Inc. 10.000%, 1/15/18		1,365		1,104
International Game Technology plc 144A 5.625%, 2/15/20⁽³⁾		1,200		1,179
Isle of Capri Casinos, Inc. 144A 5.875%, 3/15/21⁽³⁾		179		185
Landry’s, Inc. 144A 9.375%, 5/1/20⁽³⁾		950		1,023
Numericable Group SA 144A 4.875%, 5/15/19⁽³⁾		755		749
ServiceMaster Co. 7.000%, 8/15/20		484		514
Univision Communications, Inc. 144A 5.125%, 5/15/23⁽³⁾		445		434

				7,761

Consumer Staples—0.2%
Dole Food Co., Inc. 144A 7.250%, 5/1/19⁽³⁾		880		891
Spectrum Brands, Inc. 6.375%, 11/15/20		715		760

				1,651

Energy—0.5%
California Resources Corp. 5.000%, 1/15/20		1,335		1,181
Compagnie Generale de Geophysique-Veritas 7.750%, 5/15/17		182		177
FTS International, Inc.
144A 7.783%, 6/15/20⁽²⁾⁽³)		1,120		1,116
6.250%, 5/1/22		825		611
Halcon Resources Corp. 144A 8.625%, 2/1/20⁽³⁾		435		431
PHI, Inc. 5.250%, 3/15/19		450		419

				3,935

Financials—1.3%
Aercap Ireland Capital Ltd. (Aercap Global Aviation Trust) 4.250%, 7/1/20		335		336
Aircastle Ltd.


	PAR VALUE			VALUE
Financials—(continued)
4.625%, 12/15/18	$	1,305		$	1,347
6.250%, 12/1/19		1,190			1,293
Ally Financial, Inc.
3.600%, 5/21/18		190			190
4.125%, 3/30/20		1,055			1,056
Banco Santander Brasil SA 144A 8.000%, 3/18/16⁽³⁾		1,300	^BRL		394
iStar Financial, Inc.
4.875%, 7/1/18		1,415			1,397
5.000%, 7/1/19		865			856
Springleaf Finance Corp. 5.250%, 12/15/19		2,510			2,485

					9,354

Health Care—0.8%
Capsugel SA PIK Interest Capitalization, 7.00% interest, 0.75% capitalization 144A, 5/15/19⁽³⁾⁽⁴⁾		350			357
Community Health Systems, Inc. 5.125%, 8/15/18		1,055			1,084
HCA, Inc. 4.250%, 10/15/19		920			942
Quintiles Transnational Corp. 144A 4.875%, 5/15/23⁽³⁾		385			388
Tenet Healthcare Corp.
144A 5.000%, 3/1/19⁽³⁾		415			417
144A 3.786%, 6/15/20⁽²⁾⁽³⁾		730			737
6.000%, 10/1/20		435			465
Valeant Pharmaceuticals International, Inc.
144A 6.750%, 8/15/18⁽³⁾		965			1,014
144A 5.375%, 3/15/20⁽³⁾		750			776

					6,180

Industrials—0.4%
Air Canada 144A 6.750%, 10/1/19⁽³⁾		965			1,025
American Airlines Group, Inc. 144A 4.625%, 3/1/20⁽³⁾		460			446
Atlas Air Pass-Through-Trust 98-1, A 7.380%, 1/2/18		37			37
United Rentals, Inc. 7.375%, 5/15/20		1,000			1,072

					2,580

Information Technology—0.6%
Avaya, Inc. 144A 7.000%, 4/1/19⁽³⁾		2,180			2,142
Blue Coat Holdings, Inc. 144A 8.375%, 6/1/23⁽³⁾		430			438
First Data Corp. 11.750%, 8/15/21		1,331			1,501


	PAR VALUE		VALUE
Information Technology—(continued)
NXP BV (NXP Funding LLC) 144A 4.125%, 6/15/20⁽³⁾	$	600	$	606

				4,687

Materials—1.3%
Ardagh Packaging Finance plc 144A 6.250%, 1/31/19⁽³⁾		400		409
Beverage Packaging Holdings Luxembourg II SA 144A 6.000%, 6/15/17⁽³⁾		2,200		2,208
Cemex SAB de CV 144A 9.500%, 6/15/18⁽³⁾		1,499		1,656
FMG Resources August 2006 Pty Ltd. 144A 9.750%, 3/1/22⁽³⁾		160		166
Fortescue Metals Group (FMG) 144A 8.250%, 11/1/19⁽³⁾		750		636
Hexion U.S. Finance Corp. 6.625%, 4/15/20		2,745		2,532
INEOS Group Holdings SA 144A 5.875%, 2/15/19⁽³⁾		1,130		1,140
Vedanta Resources plc 144A 9.500%, 7/18/18⁽³⁾		685		735

				9,482

Telecommunication Services—0.3%
Frontier Communications Corp. 6.250%, 9/15/21		1,085		993
Level 3 Financing, Inc. 7.000%, 6/1/20		1,105		1,175

				2,168

Utilities—0.2%
Talen Energy Supply LLC 144A 5.125%, 7/15/19⁽³⁾		1,510		1,487

TOTAL CORPORATE BONDS AND NOTES (Identified Cost $49,787)				49,285

LOAN AGREEMENTS⁽²⁾—95.8%
Consumer Discretionary—28.5%
4.250%, 7/23/21		2,091		2,085
Acosta Holdco, Inc. Tranche B-1 4.250%, 9/26/21		2,256		2,252
Advantage Sales & Marketing, Inc. Second Lien, 7.500%, 7/25/22		2,530		2,550
Affinity Gaming LLC 5.250%, 11/9/17		971		975
Allison Transmission Tranche B-3, 3.500%, 8/23/19		646		649
Aristocrat Leisure Ltd. 4.750%, 10/20/21		3,346		3,365
Boyd Gaming Corp. Tranche B, 4.000%, 8/14/20		4,559		4,577
Brickman Group Ltd. LLC (The) First Lien, 7.500%, 12/17/21		1,971		1,982


	PAR VALUE		VALUE
Consumer Discretionary—(continued)
Caesars Entertainment Operating Co., Inc.
Tranche B-4, 1.500%, 10/31/16⁽⁸⁾	$	943	$	859
Tranche B-6, 1.500%, 3/1/17⁽⁸⁾		3,558		3,199
Tranche B-7, 1.500%, 1/28/18⁽⁸⁾		2,220		1,942
Caesars Entertainment Resort Properties LLC Tranche B, 7.000%, 10/11/20		3,062		2,794
Caesars Growth Properties Holdings LLC Tranche B, First Lien, 6.250%, 5/8/21		3,502		3,003
CBAC Borrower LLC Tranche B, 8.250%, 7/2/20		3,654		3,389
Cequel Communications LLC 3.500%, 2/14/19		1,651		1,647
Charter Communications Operations LLC Tranche F, 3.000%, 1/3/21		6,196		6,129
Chrysler Group LLC
Tranche B, 3.500%, 5/24/17		3,629		3,629
Tranche B, 3.250%, 12/31/18		2,579		2,577
Cirque Du Soleil 0.000%, 6/24/22⁽⁷⁾		1,613		1,615
CityCenter Holdings LLC Tranche B, 4.250%, 10/16/20		2,560		2,567
Cooper-Standard Automotive, Inc. 4.000%, 4/4/21		3,745		3,744
CSC Holdings, Inc. Tranche B, 2.687%, 4/17/20		2,071		2,053
Cumulus Media Holdings, Inc. 4.250%, 12/23/20		3,556		3,387
Delta 2 (Lux) S.A.R.L. Tranche B-3, 4.750%, 7/30/21		3,813		3,796
Federal-Mogul Corp. Tranche C, 4.750%, 4/15/21		4,218		4,183
General Nutrition Center Tranche B, 3.250%, 3/4/19		2,027		2,001
Golden Nugget, Inc.
5.500%, 11/21/19		1,013		1,024
Delayed Draw 5.500%, 11/21/19		434		439
Hilton Worldwide Finance LLC 3.500%, 10/26/20		14,869		14,892
iHeartCommunications, Inc. (Clear Channel Communications, Inc.) Tranche D, 6.937%, 1/30/19		13,633		12,630
Infiltrator Systems Tranche B, 5.250%, 5/27/22		725		730
Intelsat Jackson Holdings S.A. Tranche B-2, 3.750%, 6/30/19		2,838		2,821
KAR Auction Services, Inc. Tranche B-2, 3.500%, 3/11/21		2,575		2,579
Key Safety Systems, Inc. 4.750%, 8/29/21		2,036		2,047
Laureate Education, Inc. 2018 Extended, 5.000%, 6/15/18		4,212		3,943
Leslie’s Poolmart Tranche B, 4.250%, 10/16/19		4,219		4,229
Libbey Glass, Inc. 3.750%, 4/9/21		3,518		3,522


	PAR VALUE		VALUE
Consumer Discretionary—(continued)
Life Time Fitness 4.250%, 6/10/22	$	2,797	$	2,781
Marina District Finance Co., Inc. 6.500%, 8/15/18		1,009		1,021
MCC LLC (Mediacom Broadband Group)
Tranche H, 3.250%, 1/29/21		2,299		2,282
Tranche J, 3.750%, 6/30/21		928		928
Tranche G, 3.750%, 6/30/21		2,324		2,325
Media General, Inc. Tranche B, 4.000%, 7/31/20		4,175		4,180
Metaldyne LLC 3.750%, 10/20/21		2,677		2,676
MGM Resort International Tranche B 3.500%, 12/20/19		5,740		5,710
Michaels Stores, Inc. Tranche B, 3.750%, 1/28/20		2,925		2,921
Mohegan Tribal Gaming Authority Tranche B, 5.500%, 11/19/19		3,166		3,155
Numericable SFR
Tranche B-1, 4.500%, 5/21/20		1,305		1,310
Tranche B-2, 4.500%, 5/21/20		1,139		1,143
Peninsula Gaming LLC Tranche B, 4.250%, 11/20/17		819		822
Penn National Gaming, Inc. Tranche B, 3.250%, 10/30/20		2,955		2,952
Peppermill Casinos, Inc. Tranche B, 7.250%, 11/9/18		2,272		2,282
PetSmart, Inc. Tranche B-1 4.250%, 3/11/22		1,120		1,119
Pinnacle Entertainment, Inc. Tranche B-2, 3.750%, 8/13/20		3,714		3,720
Scientific Games International, Inc. Tranche B-2, 6.000%, 10/1/21		2,793		2,795
Seminole Hard Rock Entertainment, Inc. Tranche B, 3.500%, 5/14/20		947		945
ServiceMaster Co. LLC (The) 4.250%, 7/1/21		5,904		5,913
Shingle Springs Tribal Gaming Authority 6.250%, 8/29/19		1,463		1,474
Sinclair Television Group, Inc. Tranche B-1, 3.500%, 7/30/21		3,765		3,766
Six Flags 0.000%, 6/17/22⁽⁷⁾		1,357		1,360
SRAM LLC First Lien, 4.000%, 4/10/20		2,469		2,453
Staples, Inc. First Lien, 2.750%, 4/23/21⁽⁷⁾		2,412		2,411
Station Casinos LLC Tranche B, 4.250%, 3/2/20		3,016		3,019
TI Group Auto Systems LLC 0.000%, 6/26/22⁽⁷⁾		290		290
Transtar Holding Co.
First Lien, 5.750%, 10/9/18		1,429		1,426
Second Lien, 10.000%, 10/9/19		460		451
Tribune Media Co. Tranche B, 3.750%, 12/27/20		3,998		4,006


	PAR VALUE		VALUE
Consumer Discretionary—(continued)
TWCC Holding Corp. Second Lien, 7.000%, 6/26/20	$	2,674	$	2,503
U.S. Farathane Corp. 6.750%, 12/23/21		1,226		1,238
Univision Communications, Inc.
First Lien, 4.000%, 3/1/20		4,407		4,379
4.000%, 3/1/20		7,606		7,562
Virgin Media Investment Holdings Ltd. Tranche F, 3.500%, 6/30/23		2,590		2,569
Ziggo B.V.
Tranche B-3, 3.500%, 1/15/22		1,482		1,467
Tranche B-1, 3.500%, 1/15/22		1,398		1,384
Tranche B-2, 3.500%, 1/15/22		901		892

				213,435

Consumer Staples—4.4%
Albertson’s LLC Tranche B-4, 5.500%, 8/25/21		3,024		3,043
ARAMARK Corp.
Tranche E, 3.250%, 9/6/19		4,323		4,326
Tranche F, 3.250%, 2/24/21		986		983
Charger OpCo B.V. (Oak Tea, Inc.) Tranche B-2, 4.250%, 7/23/21		1,083		1,078
Crossmark Holdings, Inc.
First Lien, 4.500%, 12/20/19		1,973		1,779
Second Lien, 8.750%, 12/21/20		520		425
Del Monte Corp. First Lien, 4.250%, 2/18/21		948		906
Dole Food Co., Inc. Tranche B, 4.679%, 11/1/18		2,210		2,216
Heinz (H.J.) Co. Tranche B-2, 3.500%, 6/5/20		8,709		8,721
New Hostess Brand Acquisition LLC Tranche B, 6.750%, 4/9/20		2,782		2,831
Prestige Brands, Inc. Tranche B-3, 3.500%, 9/3/21		271		271
Reynolds Group Holdings, Inc. 4.500%, 12/1/18		3,988		4,007
Rite Aid Corp.
Tranche 1, Second Lien, 5.750%, 8/21/20		101		102
Tranche 2, Second Lien, 4.875%, 6/21/21		1,417		1,420
Spectrum Brands Holdings 0.000%, 6/23/22⁽⁷⁾		874		876

				32,984

Energy—3.8%
Arch Coal, Inc. 6.250%, 5/16/18		3,335		2,300
Azure Midstream 7.500%, 11/15/18		1,744		1,739
Chief Exploration & Development LLC Second Lien, 7.500%, 5/16/21		2,739		2,594
Drillships Ocean Ventures, Inc. 5.500%, 7/25/21		1,514		1,294


	PAR VALUE		VALUE
Energy—(continued)
Expro Finservices S.A.R.L. 5.750%, 9/2/21	$	1,530	$	1,358
Fieldwood Energy LLC
3.875%, 10/1/18		849		811
Second Lien, 8.375%, 9/30/20⁽⁷⁾		2,613		2,013
FTS International, Inc. 5.750%, 4/16/21		791		637
Jonah Energy LLC Second Lien, 7.500%, 5/12/21		2,860		2,728
MEG Energy Corp. 3.750%, 3/31/20		1,926		1,889
Ocean Rig Tranche B-1, 6.000%, 3/31/21		2,948		2,419
Paragon Offshore Finance Co. 3.750%, 7/16/21		1,721		1,265
Sabine Oil & Gas LLC Second Lien, 8.750%, 12/31/18⁽⁸⁾		1,290		455
Seadrill Operating LP 4.000%, 2/21/21		6,291		4,779
Templar Energy LLC Second Lien, 8.500%, 11/25/20		3,000		2,219

				28,500

Financials—5.1%
Asurion LLC
Tranche B-1, 5.000%, 5/24/19		2,161		2,169
Tranche B-2, 4.250%, 7/8/20		1,470		1,468
Capital Automotive LP
Tranche B-1, 4.000%, 4/10/19		1,506		1,513
Second Lien, 6.000%, 4/30/20		1,828		1,861
Clipper Acquisitions Corp. Tranche B, 3.000%, 2/6/20		989		976
Delos Finance S.A.R.L. 3.500%, 3/6/21		4,026		4,025
iStar Financial, Inc. Tranche A-2, 7.000%, 3/19/17		367		383
National Financial Partners LLC 4.500%, 7/1/20		2,806		2,806
Realogy Corp.
Extended LOC, 2.219%, 10/10/16		205		203
Tranche B, 3.750%, 3/5/20		7,395		7,388
RPI Finance Trust Tranche B-4, 3.500%, 11/9/20		1,137		1,140
Starwood Property Trust, Inc. First Lien, 3.500%, 4/17/20		3,304		3,293
TransUnion LLC Tranche B-2, 3.750%, 4/9/21		5,227		5,192
Walter Investment Management Corp. Tranche B, 4.750%, 12/18/20		6,040		5,721

				38,138

Health Care—15.6%
21st Century Oncology, Inc. Tranche B 6.500%, 4/30/22		1,910		1,886
Accellent, Inc. First Lien, 4.500%, 3/12/21		2,476		2,465


	PAR VALUE		VALUE
Health Care—(continued)
Air Medical 4.500%, 4/28/22	$	184	$	181
Akorn, Inc. 4.500%, 4/16/21		4,218		4,234
Alere, Inc. 0.000%, 6/18/22⁽⁷⁾		1,688		1,692
American Renal Holdings, Inc.
Tranche B, First Lien, 7.250%, 8/20/19		2,435		2,438
Second Lien, 7.250%, 3/20/20⁽⁷⁾		2,390		2,388
Amneal Pharmaceuticals LLC Tranche B, 5.000%, 11/1/19		3,394		3,406
AmSurg Corp. 3.750%, 7/16/21		1,195		1,198
Ardent Medical Services, Inc.
First Lien, 6.750%, 7/2/18		786		788
Second Lien, 11.000%, 1/2/19		268		270
Beacon Health Strategies 5.000%, 12/23/21		2,284		2,268
Capsugel Holdings US, Inc. 3.500%, 8/1/18		3,965		3,968
CHG Healthcare Services, Inc. Second Lien, 4.250%, 11/19/19		4,313		4,317
Community Health Systems, Inc. (CHS)
Incremental 2018, Tranche F, 3.534%, 12/31/18		1,294		1,296
Incremental 2019, Tranche G, 3.750%, 12/31/19		1,335		1,337
Incremental 2021, Tranche H, 4.000%, 1/27/21		2,457		2,465
Concentra, Inc. First Lien, Tranche B 4.000%, 6/1/22		290		290
ConvaTec, Inc. 0.000%, 6/15/20⁽⁷⁾		100		100
DaVita HealthCare Partners, Inc. Tranche B, 3.500%, 6/24/21		3,123		3,129
Devix Topco (F/K/A Rexam Healthcare) First Lien, Tranche B, 4.250%, 5/3/21		1,867		1,872
DJO Finance 4.250%, 6/8/20		1,462		1,466
Emdeon, Inc.
Tranche B-2, 3.750%, 11/2/18		3,020		3,020
Tranche B-3, 3.750%, 11/2/18		496		496
Endo Luxembourg Finance
0.000%, 6/24/16⁽⁷⁾		1,980		1,980
0.000%, 6/24/22⁽⁷⁾		2,251		2,259
Endo Luxembourg Finance S.A.R.L. Tranche B, 3.250%, 3/1/21		913		916
Envision Healthcare Corp. (F/K/A Emergency Medical Services Corp.) 4.000%, 5/25/18		3,655		3,661
Horizon Pharma, Inc. 2015 Term Loan 4.500%, 5/7/21		1,223		1,230
Iasis Healthcare LLC Tranche B-2, 4.500%, 5/3/18		1,976		1,982
IMS Health, Inc. Tranche B, 3.500%, 3/17/21		5,291		5,273


	PAR VALUE		VALUE
Health Care—(continued)
InVentiv Health, Inc. Tranche B-4, 7.750%, 5/15/18	$	2,887	$	2,902
Kinetic Concepts, Inc.
Tranche E-2, 4.000%, 11/4/16		930		932
Tranche E-1, 4.500%, 5/4/18		573		576
Mallinckrodt International Finance S.A.
Tranche B, 3.250%, 3/19/21		2,754		2,746
Tranche B-1, 3.500%, 3/19/21		290		290
MMM Holdings, Inc. 9.750%, 12/12/17		377		314
MSO of Puerto Rico, Inc. 9.750%, 12/12/17		274		228
Multiplan, Inc. Tranche B-1, 3.750%, 3/31/21		3,185		3,171
National Mentor Holdings, Inc. Tranche B, 4.250%, 1/31/21		1,070		1,068
National Surgical Hospitals First Lien, 4.500%, 6/1/22		1,088		1,089
NBTY, Inc. Tranche B-2, 3.500%, 10/1/17		2,782		2,772
NVA Holdings, Inc.
First Lien, 4.750%, 8/14/21		539		541
Second Lien 8.000%, 8/14/22		986		990
Ortho-Clinical Diagnostics, Inc. 4.750%, 6/30/21		3,318		3,260
Par Pharmaceutical Tranche B-2, 4.000%, 9/30/19		1,729		1,731
Pharmaceutical Product Development, Inc. (Jaguar Holdings LLC) 4.000%, 12/5/18		1,950		1,951
PharMEDium Healthcare Corp.
First Lien, 4.250%, 1/28/21		2,390		2,376
Second Lien, 7.750%, 1/28/22		540		543
PRA Holdings, Inc. Tranche B-1, 4.500%, 9/23/20		2,356		2,362
Quintiles Transnational Corp. Tranche B, 3.250%, 5/12/22		1,130		1,134
Regional Care, Inc. (RCHP, Inc.) First Lien, 5.250%, 4/23/19		3,905		3,895
Sterigenics-Nordion 4.250%, 5/15/22		1,086		1,086
Surgery Center Holdings, Inc.
First Lien, 5.250%, 11/3/20		653		654
Second Lien, 8.500%, 11/3/21		1,693		1,693
Surgical Care Affiliates, Inc. 4.250%, 3/17/22		731		732
U.S. Renal Care, Inc. Tranche B-2, First Lien, 4.250%, 7/3/19		2,989		2,989
Valeant Pharmaceuticals International, Inc.
Series D-2, Tranche B, 3.500%, 2/13/19		2,158		2,156
Series C2, Tranche B, 3.040%, 12/11/19		2		2
Series E1, Tranche B, 3.500%, 8/5/20		3,981		3,971


	PAR VALUE		VALUE
Health Care—(continued)
4.000%, 4/1/22	$	3,940	$	3,940

				116,365

Industrials—12.1%
Air Canada 4.000%, 9/26/19		2,237		2,247
Alliance Laundry Systems LLC Second Lien, 9.500%, 12/10/19		110		110
Allied Security Holdings LLC
First Lien, 4.250%, 2/12/21		1,381		1,387
Second Lien, 8.000%, 8/13/21		688		688
American Airlines, Inc.
3.500%, 6/27/20		9,047		8,985
3.750%, 10/10/21		2,015		2,012
Brickman Group Holdings, Inc. First Lien, 4.000%, 12/18/20		3,831		3,812
Brock Holdings Ill, Inc. First Lien, 6.000%, 3/16/17		2,891		2,883
Ceridian HCM Holding, Inc. 4.500%, 9/15/20		2,367		2,348
DynCorp International, Inc. 6.250%, 7/7/16		2,372		2,318
Filtration Group Corp.
First Lien, 4.250%, 11/20/20		901		903
Second Lien, 8.250%, 11/22/21		543		546
Harland Clarke Holdings Corp.
Tranche B-3, 7.000%, 5/22/18		2,126		2,138
Tranche B-4, 6.000%, 8/4/19		1,263		1,268
HD Supply, Inc. Term Loan 2014, 4.000%, 6/28/18		4,085		4,088
Headwaters, Inc. Tranche B, 4.500%, 3/24/22		149		149
Husky Injection Molding Systems Ltd. 4.250%, 6/30/21		3,287		3,276
Landmark U.S. Member LLC (Landmark U.S. Corp Acquisition, Inc.)
First Lien, 4.750%, 10/25/19		2,825		2,811
4.750%, 10/25/19		112		112
Second Lien 8.250%, 1/25/21		970		966
Mcjunkin Red Man Corp. 5.000%, 11/8/19		1,041		1,035
Navistar, Inc. Tranche B, 5.750%, 8/17/17		1,319		1,324
Nortek, Inc. 3.500%, 10/30/20		4,278		4,258
OPE USIC Holdings, Inc. First Lien, 4.000%, 7/10/20		2,152		2,146
Quikrete Co., Inc. First Lien, 4.000%, 9/28/20		2,829		2,834
Rexnord LLC Tranche B, 4.000%, 8/21/20		4,913		4,906
Science Applications Tranche B, 3.750%, 5/4/22		3,090		3,104
Sedgwick Claims Management Services, Inc.
First Lien, 3.750%, 3/1/21		4,819		4,757


	PAR VALUE		VALUE
Industrials—(continued)
Second Lien, 6.750%, 2/28/22⁽⁷⁾	$	2,510	$	2,469
Spin Holdco, Inc. First Lien, 4.250%, 11/14/19		4,886		4,877
TransDigm, Inc.
Tranche C, 3.750%, 2/28/20		7,011		6,968
Tranche D, 3.750%, 6/4/21		2,648		2,632
United Airlines, Inc. (Continental Airlines, Inc.) Tranche B-1, 3.750%, 9/15/21		4,266		4,279
Waste Industries USA, Inc. 4.250%, 2/27/20		2,191		2,199

				90,835

Information Technology—10.8%
Allflex Holdings III, Inc.
First Lien, 4.250%, 7/17/20		4,913		4,904
Second Lien, 8.000%, 7/19/21		789		795
Applied Systems, Inc.
First Lien, 4.250%, 1/25/21		570		570
Second Lien, 7.500%, 1/24/22		1,878		1,887
Avago Technologies Cayman Ltd. 3.750%, 5/6/21		3,056		3,064
Blue Coat Systems, Inc. 4.500%, 5/20/22		1,651		1,650
CCC Information Services 4.000%, 12/20/19		2,884		2,875
CDW LLC 3.250%, 4/29/20		8,173		8,120
Deltek, Inc.
First Lien 0.000%, 12/19/22⁽⁷⁾		194		194
Second Lien 0.000%, 6/23/23⁽⁷⁾		858		864
Epicor Software Corp. Tranche B, 4.750%, 6/1/22		1,444		1,443
Evergreen Skills Lux S.A.R.L.
First Lien, 5.750%, 4/28/21		2,774		2,703
Second Lien, 9.250%, 4/28/22		1,015		952
Excelitas Technologies Corp. Tranche B, 6.000%, 11/2/20		3,647		3,660
First Data Corp.
2018 Term Loan 3.687%, 3/23/18		12,370		12,344
Second Lien 2018 3.687%, 9/24/18		1,156		1,155
0.000%, 6/24/22⁽⁷⁾		354		353
Infinity Acquisition Ltd. 4.000%, 8/6/21		2,579		2,566
Infor (U.S.), Inc.
Tranche B-3, 3.750%, 6/3/20		4,385		4,330
Tranche B-5, 3.750%, 6/3/20		3,517		3,475
Interactive Data Corp. 4.750%, 5/2/21		3,176		3,190
Kronos, Inc. Second Lien, 9.750%, 4/30/20		4,447		4,597
Mitchell International, Inc.
4.500%, 10/13/20		3,337		3,339
Second Lien, 8.500%, 10/11/21		3,057		3,061


	PAR VALUE		VALUE
Information Technology—(continued)
Presidio, Inc. Refinancing Term 5.250%, 2/2/22	$	2,173	$	2,181
Riverbed Technologies, Inc. 6.000%, 4/24/22		2,170		2,195
SS&C Technologies, Inc.
0.000%, 6/29/20⁽⁷⁾		188		189
0.000%, 6/29/20⁽⁷⁾		292		293
0.000%, 6/29/22⁽⁷⁾		1,272		1,275
0.000%, 6/29/22⁽⁷⁾		287		287
WP Mustang Holdings LLC First Lien 5.500%, 5/29/21		2,195		2,195

				80,706

Materials—8.2%
American Builders & Contractors Supply Co., Inc. Tranche B, 3.500%, 4/16/20		5,895		5,879
Anchor Glass Container Corp. Tranche B, 4.250%, 6/30/21		5,018		5,028
Ardagh Packaging Finance plc 4.000%, 12/17/19		865		865
AZ Chem US, Inc. First Lien, 5.125%, 6/11/21		1,585		1,587
Berlin Packaging, Inc. S.A.R.L. First Lien, 4.500%, 10/1/21		1,832		1,836
Berry Plastics Groups, Inc.
Tranche D, 3.500%, 2/8/20		4,543		4,529
Tranche E, 3.750%, 1/6/21		1,843		1,840
CEMEX Espana S.A. Tranche A-1, 4.686%, 2/14/17		432		432
Fortescue Metals Group (FMG) Resources Property Ltd. 3.750%, 6/30/19		4,922		4,383
Huntsman International LLC 3.750%, 10/1/21		3,980		3,991
Ineos US Finance LLC 3.750%, 12/15/20		9,022		8,979
Noranda Aluminum Acquisition Corp. Tranche B, 5.750%, 2/28/19		2,235		1,861
Novelis, Inc. 4.000%, 6/2/22		1,198		1,194
Royal Adhesives & Sealants 0.000%, 6/20/22⁽⁷⁾		2,139		2,138
Solenis International LP First Lien, 4.250%, 7/31/21		2,326		2,321
Summit Materials 0.000%, 6/24/22⁽⁷⁾		3,554		3,557
Univar, Inc.
Tranche B, 5.250%, 6/30/17		1,336		1,337
0.000%, 6/24/22⁽⁷⁾		3,562		3,562
W.R. Grace & Co.
Delayed Draw, 2.750%, 2/3/21		1,241		1,241
2.750%, 2/3/21		3,449		3,448


	PAR VALUE		VALUE
Materials—(continued)
ZEP, Inc. 0.000%, 6/17/22⁽⁷⁾	$	1,432	$	1,437

				61,445

Telecommunication Services—3.9%
Crown Castle Operating Co. Tranche B-2, 3.000%, 1/31/21		2,637		2,626
Global Tel*Link Corp.
First Lien, 5.000%, 5/23/20		1,827		1,790
Second Lien, 9.000%, 11/23/20		660		634
Level 3 Financing, Inc.
Tranche B-III 2019, 4.000%, 8/1/19		3,875		3,881
Tranche B, 2020 4.000%, 1/15/20		3,388		3,393
Tranche B-II, 3.500%, 5/31/22		3,343		3,324
SBA Communications Tranche B-1, 3.250%, 3/24/21		3,748		3,718
Securus Technologies Holdings, Inc. First Lien, 4.750%, 4/30/20		2,358		2,301
Securus Technologies Inc 0.000%, 4/30/20⁽⁷⁾		765		756
West Corp. Tranche B-10, 3.250%, 6/30/18		2,203		2,201
XO Communications LLC 4.250%, 3/20/21		4,676		4,676

				29,300

Utilities—3.4%
Atlantic Power LP 4.750%, 2/24/21		1,044		1,048
Calpine Construction Finance Co. LP
Tranche B-1, 3.000%, 5/3/20		5,809		5,706
Tranche B-2, 3.250%, 1/31/22		3,828		3,778
Calpine Corp. 3.500%, 5/27/22		943		936
Granite Acquisition, Inc.
Tranche B, First Lien, 5.000%, 12/17/21		2,834		2,870
Tranche C, First Lien 5.000%, 12/17/21		125		127
NRG Energy, Inc. 2.750%, 7/1/18		5,306		5,272
Texas Competitive Electric Holdings Co. LLC 2017 Extended, 4.671%, 10/10/17⁽⁵⁾		9,165		5,301

				25,038

TOTAL LOAN AGREEMENTS (Identified Cost $728,294)				716,746


	SHARES		VALUE
AFFILIATED MUTUAL FUND—1.0%
Virtus Credit Opportunities Fund⁽⁹⁾		764,000		7,617

TOTAL AFFILIATED MUTUAL FUND (Identified Cost $7,640)				7,617


TOTAL LONG TERM INVESTMENTS—103.6% (Identified Cost $786,835)		774,788	⁽⁶⁾

TOTAL INVESTMENTS—103.6% (Identified Cost $786,835)		774,788	⁽¹⁾
Other assets and liabilities, net—(3.6)%		(26,917	)

NET ASSETS—100.0%	$	747,871

Abbreviations:


PIK		Payment-in-Kind Security
SBA		Small Business Administration

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at June 30, 2015, 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 June 30, 2015.

⁽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 June 30, 2015, these securities amounted to a value of $24,135, or 3.2% of net assets.

⁽⁴⁾	90% of the income received was in cash and 10% in PIK.

⁽⁵⁾	Security in default, interest payments are being received during the bankruptcy proceedings.

⁽⁶⁾	All or a portion segregated as collateral for delayed delivery securitiy.

⁽⁷⁾	This loan will settle after June 30, 2015, 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.

⁽⁸⁾	Security in default.

⁽⁹⁾	Non-income producing.

Foreign Currency:

BRL	Brazilian Real

The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2015 (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 June 30, 2015.


	SHARES		VALUE
COMMON STOCKS—99.2%
Consumer Discretionary—36.8%
Amazon.com, Inc.⁽²⁾		2,127	$	923
AMC Networks, Inc. Class A⁽²⁾		11,320		927
American Eagle Outfitters, Inc.		52,906		911
Apollo Group, Inc. Class A⁽²⁾		54,917		707
AutoNation, Inc.⁽²⁾		14,759		930
Buckle, Inc. (The)⁽³⁾		19,943		913
Cabela’s, Inc.⁽²⁾		17,983		899
Cablevision Systems Corp. Class A		37,866		906
Carnival Corp.		18,586		918
CBS Corp. Class B		15,894		882
Choice Hotels International, Inc.		16,461		893
Columbia Sportswear Co.		15,113		914
Comcast Corp. Class A		15,230		916
Dick’s Sporting Goods, Inc.		17,516		907
Dillard’s, Inc. Class A		8,524		897
Discovery Communications, Inc. Class C⁽²⁾		29,075		904
DISH Network Corp. Class A⁽²⁾		13,182		893
DreamWorks Animation SKG, Inc. Class A⁽²⁾⁽³⁾		33,455		883
DSW, Inc. Class A		27,267		910
Expedia, Inc.		8,480		927
Federal-Mogul Corp.⁽²⁾		79,288		900
Fossil Group, Inc.⁽²⁾		12,824		889
Gap, Inc. (The)		23,673		904
Garmin Ltd.		19,722		866
Horton (D.R.), Inc.		33,674		921
Hyatt Hotels Corp. Class A⁽²⁾		16,051		910
International Speedway Corp. Class A⁽²⁾		24,679		905
Jarden Corp.⁽²⁾		17,302		895
L Brands, Inc.		10,677		915
Lands’ End, Inc.⁽²⁾⁽³⁾		38,582		958
Las Vegas Sands Corp.		17,555		923
Lennar Corp. Class A		18,747		957
Liberty Broadband Corp.⁽²⁾		17,777		909
Liberty Global plc Class C		17,468		884
Liberty Interactive Corp. Class A⁽²⁾		31,994		888
Liberty Media Corp.⁽²⁾		24,469		878
Liberty Tripadvisor Holdings, Class A⁽²⁾		28,105		906
Liberty Ventures Class A⁽²⁾		22,438		881
Lions Gate Entertainment Corp.		24,533		909
Madison Square Garden Co. (The)⁽²⁾		10,852		906
Marriott International, Inc. Class A		11,908		886
Marriott Vacations Worldwide Corp.		10,407		955


	SHARES		VALUE
Consumer Discretionary—(continued)
MGM Resorts International⁽²⁾		48,578	$	887
Mohawk Industries, Inc.⁽²⁾		4,772		911
Morningstar, Inc.		11,695		930
News Corp. Class A⁽²⁾		61,614		899
NIKE, Inc. Class B		8,695		939
Nordstrom, Inc.		12,304		917
Papa John’s International, Inc.		12,474		943
Penn National Gaming, Inc.⁽²⁾		51,279		941
Penske Automotive Group, Inc.		17,716		923
Ralph Lauren Corp.		6,666		882
Restaurant Brands International, Inc.		24,093		921
Sears Holdings Corp.⁽³⁾		63,388		204
Sears Holdings Corp.⁽²⁾⁽³⁾		32,687		873
Sears Hometown and Outlet Stores, Inc.⁽²⁾⁽³⁾		101,167		961
Starbucks Corp.		17,210		923
Starz - Liberty Capital Class A⁽²⁾		21,362		955
Tesla Motors, Inc.⁽²⁾⁽³⁾		3,575		959
Twenty-First Century Fox, Inc. Class A		27,926		909
Under Armour, Inc. Class A⁽²⁾		10,940		913
Urban Outfitters, Inc.⁽²⁾		26,205		917
Viacom, Inc. Class B		13,602		879
Wendy’s Co. (The)		81,214		916
Wynn Resorts Ltd.		9,194		907

				58,314

Consumer Staples—4.6%
Boston Beer Co., Inc. (The) Class A⁽²⁾		3,734		866
Brown-Forman Corp. Class B		9,147		916
Estee Lauder Cos., Inc. (The) Class A		10,510		911
HRG Group, Inc.⁽²⁾		71,651		932
Lancaster Colony Corp.		10,037		912
Monster Beverage Corp.⁽²⁾		6,949		931
PriceSmart, Inc.		10,349		944
Tootsie Roll Industries, Inc.		28,652		926

				7,338

Energy—6.7%
Chesapeake Energy Corp.⁽³⁾		78,001		871
Clayton Williams Energy, Inc.⁽²⁾		13,651		898
Continental Resources, Inc.⁽²⁾		21,082		894
CVR Energy, Inc.		24,048		905
Exterran Holdings, Inc.		27,690		904
Halcon Resources Corp.⁽²⁾⁽³⁾		773,828		898
Hess Corp.		13,459		900


	SHARES		VALUE
Energy—(continued)
Par Petroleum Corp.⁽²⁾		42,119	$	789
RPC, Inc.		65,129		901
Transocean Ltd.⁽³⁾		54,791		883
W&T Offshore, Inc.⁽³⁾		165,385		906
Western Refining, Inc.		21,235		926

				10,675

Financials—18.3%
Altisource Portfolio Solutions SA⁽²⁾⁽³⁾		29,071		895
American Financial Group, Inc.		14,034		913
AmTrust Financial Services, Inc.		14,488		949
Berkley (W.R.) Corp.		17,615		915
Berkshire Hathaway, Inc. Class B⁽²⁾		6,561		893
BOK Financial Corp.		13,262		923
Boston Properties, Inc.		7,392		895
Brown & Brown, Inc.		27,576		906
Charles Schwab Corp. (The)		27,798		908
Cohen & Steers, Inc.		25,660		874
Credit Acceptance Corp.⁽²⁾		3,987		981
Equity Lifestyle Properties, Inc.		17,099		899
Equity Residential		12,726		893
Erie Indemnity Co. Class A		11,200		919
First Citizens BancShares, Inc. Class A		3,667		964
Franklin Resources, Inc.		18,093		887
Gaming and Leisure Properties, Inc.		24,740		907
Greenlight Capital Re Ltd. Class A⁽²⁾		30,350		885
Hilltop Holdings, Inc.⁽²⁾		38,689		932
Host Hotels & Resorts, Inc.		45,370		900
Howard Hughes Corp. (The)⁽²⁾		6,290		903
Leucadia National Corp.		38,061		924
Loews Corp.		23,413		902
Mercury General Corp.		16,130		898
Ocwen Financial Corp.⁽²⁾⁽³⁾		86,880		886
Raymond James Financial, Inc.		15,190		905
Simon Property Group, Inc.		5,259		910
Taubman Centers, Inc.		12,575		874
Urban Edge Properties		41,675		866
Vornado Realty Trust		9,319		885
WisdomTree Investments, Inc.		41,511		912
WP GLIMCHER, Inc.		65,688		889

				28,992

Health Care—4.0%
Akorn, Inc.⁽²⁾		19,285		842


	SHARES		VALUE
Health Care—(continued)
Bruker Corp.⁽²⁾		43,955	$	897
Cerner Corp.⁽²⁾		13,194		911
Halozyme Therapeutics, Inc.⁽²⁾		42,087		950
Hologic, Inc.⁽²⁾		24,370		928
MannKind Corp.⁽²⁾⁽³⁾		155,202		883
OPKO Health, Inc.⁽²⁾⁽³⁾		59,760		961

				6,372

Industrials—10.7%
Air Lease Corp.		25,898		878
American Railcar Industries, Inc.⁽³⁾		17,791		865
Cintas Corp.		10,610		897
Colfax Corp.⁽²⁾		19,614		905
Covanta Holding Corp.		41,807		886
Danaher Corp.		10,755		921
FedEx Corp.		5,268		898
Grainger (W.W.), Inc.		3,806		901
Heartland Express, Inc.		44,744		905
Hertz Global Holdings, Inc.⁽²⁾		45,387		822
Illinois Tool Works, Inc.		9,893		908
Manitowoc Co., Inc. (The)		47,152		924
MasTec, Inc.⁽²⁾		43,187		858
MSC Industrial Direct Co., Inc. Class A		13,306		928
Navistar International Corp.⁽²⁾		39,749		900
Rollins, Inc.		34,466		983
Timken Co. (The)		24,461		895
Werner Enterprises, Inc.		33,560		881
XPO Logistics, Inc.⁽²⁾		19,568		884

				17,039

Information Technology—12.4%
Amkor Technology, Inc.⁽²⁾		142,924		855
Anixter International, Inc.⁽²⁾		13,985		911
Broadcom Corp. Class A		17,216		887
eBay, Inc.⁽²⁾		15,031		906
EchoStar Corp. Class A⁽²⁾		18,396		896
Facebook, Inc. Class A⁽²⁾		10,948		939
Google, Inc. Class C⁽²⁾		1,724		897
IAC/InterActiveCorp.		11,939		951
Intuit, Inc.		8,806		887
Marvell Technology Group Ltd.		63,654		839
National Instruments Corp.		29,672		874
Nuance Communications, Inc.⁽²⁾		51,035		894
Oracle Corp.		22,341		900


	SHARES		VALUE
Information Technology—(continued)
Paychex, Inc.		19,020	$	892
Pegasystems, Inc.		39,368		901
Rackspace Hosting, Inc.⁽²⁾		24,300		904
RealPage, Inc.⁽²⁾		45,942		876
Salesforce.com, Inc.⁽²⁾		12,409		864
SS&C Technologies Holdings, Inc.		14,484		905
Syntel, Inc.⁽²⁾		19,571		929
TeleTech Holdings, Inc.		34,123		924
Yahoo!, Inc.⁽²⁾		22,786		895

				19,726

Materials—5.1%
Airgas, Inc.		8,670		917
Huntsman Corp.		39,930		881
LyondellBasell Industries N.V. Class A		8,842		915
NewMarket Corp.		2,016		895
Novagold Resources, Inc.⁽²⁾⁽³⁾		251,282		860
Scotts Miracle-Gro Co. (The) Class A		15,383		911
Silgan Holdings, Inc.		16,743		883
Timkensteel Corp.		31,943		862
Westlake Chemical Corp.		12,716		872

				7,996

Utilities—0.6%
Solarcity Corp.⁽²⁾⁽³⁾		16,089		862

TOTAL COMMON STOCKS (Identified Cost $142,781)				157,314

TOTAL LONG TERM INVESTMENTS—99.2% (Identified Cost $142,781)				157,314

SHORT-TERM INVESTMENTS—0.2%
Money Market Mutual Fund—0.2%
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.140%)		382,363		382

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $382)				382

SECURITIES LENDING COLLATERAL—8.1%
INVESCO Trust Short-Term Investments Liquid Assets Portfolio (The) Institutional Shares (seven-day effective yield 0.080%)⁽⁴⁾		12,885,688		12,886

TOTAL SECURITIES LENDING COLLATERAL (Identified Cost $12,886)				12,886



TOTAL INVESTMENTS—107.5% (Identified Cost $156,049)		170,582	⁽¹⁾
Other assets and liabilities, net—(7.5)%		(11,881	)

NET ASSETS—100.0%	$	158,701

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at June 30, 2015, 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 June 30, 2015 (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 June 30, 2015.

The 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 are summarized below and for derivatives, included in Note 1B below. 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 (the “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. Quarterly fair valuations are reviewed by the Board.

The Funds utilize a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Funds’ policy is to recognize transfers between levels at the end of the reporting period.

A description of the valuation techniques applied to 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 time that non-U.S. markets close (where the security is principally traded) and the time that a Fund calculates its net asset value (“NAV”) (at the close of regular trading on the New York Stock Exchange (“NYSE”), generally 4 p.m. Eastern time) that may impact the value of securities traded in these non-U.S. markets. In such cases the Funds fair value non-U.S. securities using an independent pricing service which considers the correlation of the trading patterns of the non-U.S.

Other information regarding each Fund is available in the Fund’s most recent Report to Shareholders.

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 not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis.

Debt securities, including restricted securities, are valued based on evaluated quotations received from independent pricing services or from dealers who make markets in such securities. For most bond types, the pricing service utilizes matrix pricing which considers one or more of the following factors: yield or price of bonds of comparable quality, coupon, maturity, current cash flows, type, and current day trade information, as well as dealer supplied prices. These valuations are generally categorized as Level 2 in the hierarchy. Structured debt instruments, such as mortgage-backed and asset-backed securities, may also incorporate collateral analysis and utilize cash flow models for valuation and are generally categorized as Level 2 in the hierarchy. Pricing services do not provide pricing for all securities and therefore indicative bids from dealers are utilized which are based on pricing models used by market makers in the security and are generally categorized as Level 2 in the hierarchy. Debt securities that are not widely traded, 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 derivative contracts, which include forward currency contracts and equity-linked instruments, do not require material subjectivity as pricing inputs are observed from actively quoted markets and are categorized as Level 2 in the hierarchy.

Investments in open-end mutual funds are valued at NAV. Investments in closed-end funds are valued as of the close of regular trading on the NYSE each business day. Both are categorized as Level 1 in the hierarchy.

A summary of the inputs used to value the Funds’ net assets by each major security type is disclosed at the end of the Schedule of Investments for each Fund. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The Funds own the following internally fair valued securities 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 about derivative instruments and hedging activities are intended to enable investors to understand how and why a Fund uses derivatives, how derivatives are accounted for, and how derivative instruments affect a Fund’s results of operations and financial position. Summarized below are such disclosures and accounting policies for each specific type of derivative instruments used by certain Funds.

Forward Currency Contracts: A forward currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are traded directly between currency traders and their customers.

Other information regarding each Fund is available in the Fund’s most recent Report to Shareholders.

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.

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 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.

Other information regarding each Fund is available in the Fund’s most recent Report to Shareholders.

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 Trend 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 at the end of each Fund’s Schedule of Investments, where applicable. However, a portion of such footnoted securities could be liquid where it is 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 June 30, 2015, the Funds did not hold any securities that were both illiquid and restricted.

Other information regarding each Fund is available in the Fund’s most recent Report to Shareholders.

From time to time, the Funds’ investment adviser and/or its affiliates and/or subadvisers may be involved in litigation and arbitration as well as examinations and investigations by various regulatory bodies, including the SEC, involving compliance with, among other things, securities laws, client investment guidelines, laws governing the activities of broker-dealers and other laws and regulations affecting their products and other activities. At this time, the Funds’ investment adviser believes that the outcomes of such matters are not likely, either individually or in the aggregate, to be material to these financial statements.

As part of an SEC non-public, confidential investigation of a matter entitled – In the Matter of F-Squared Investment Inc., the SEC staff informed the Funds’ investment adviser that it was inquiring into whether it had violated securities laws or regulations with respect to circumstances related to that matter.

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 the following subsequent event requires recognition or disclosure in the Notes to Schedules of Investments.

Effective July 31, 2015, Virtus Global Dividend Fund changed its name to Virtus Global Infrastructure Fund.

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.


Investments in Securities	Corporate Bonds And Notes
Balance as of September 30, 2014:	$	5
Accrued discount/(premium)		—	^(c)
Realized gain (loss)		—	^(c)
Change in unrealized appreciation (depreciation)			^(c)
Purchases
Sales^(b)		(2	)
Transfers into Level 3^(a)
Transfers from Level 3 ^(a)

Balance as of June 30, 2015	$	3	^(d)


	Total Value at June 30, 2015		Level 2 Significant Observable Inputs
Debt Securities:
Municipal Tax-Exempt Bonds	$	32,787	$	32,787

Total Investments	$	32,787	$	32,787


	Total Value at June 30, 2015		Level 1 Quoted Prices
Equity Securities:
Common Stocks	$	784,122	$	784,122

Total Investments	$	784,122	$	784,122


	Total Value at June 30, 2015		Level 1 Quoted Prices
Equity Securities:
Affiliated Mutual Funds	$	60,181	$	60,181
Exchange-Traded Funds		38,679		38,679
Short-Term Investments		589		589

Total Investments	$	99,449	$	99,449


Country Weightings †
United States	82	%
Chile	2
Mexico	2
Canada	1
India	1
Switzerland	1
United Kingdom	1
Other	10

Total	100	%

† % of total investments as of June 30, 2015


	Total Value at June 30, 2015		Level 1 Quoted Prices		Level 2 Significant Observable Inputs
Debt Securities:
Corporate Bonds And Notes	$	19,728	$	—	$	19,728
Foreign Government Securities		7,260		—		7,260
Loan Agreements		185		—		185
Equity Securities:
Affiliated Mutual Fund		147		147		—
Exchange-Traded Fund		220		220		—
Preferred Stock		201		—		201
Short-Term Investments		585		585		—

Total Investments	$	28,326	$	952	$	27,374


Country Weightings †
China	24	%
Taiwan	18
South Korea	11
South Africa	9
Brazil	7
India	7
Mexico	4
Other	20

Total	100	%


	Total Value at June 30, 2015		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Equity Securities:
Common Stocks	$	80,135	$	79,870	$	265	$	0	⁽¹⁾
Short-Term Investments		594		594		—		—

Total Investments	$	80,729	$	80,464	$	265	$	0	⁽¹⁾


Contracts to Receive		In Exchange for			Counterparty	Settlement Date	Value			Unrealized Appreciation (Depreciation)
EURO	9		USD	1,000	JPMorgan	9/10/15	$	(1,024	)	$	(24	)
JPY	1,209		USD	1,000	JPMorgan	9/10/15	$	(989	)	$	11

											(13	)

										$	(13	)


Country Weightings †
Japan	30	%
United Kingdom	11
United States	9
Canada	8
Netherlands	8
France	6
Hong Kong	3
Other	25

Total	100	%


Country Weightings †
Australia	12	%
United States	11
Japan	10
United Kingdom	10
France	7
Hong Kong	6
China	5
Other	39

Total	100	%


Investments in Securities	Common Stocks
Balance as of September 30, 2014:	$	24
Accrued discount/(premium)		—
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		(6	)
Purchases		—
Sales^(b)		—
Transfers into Level 3^(a)		—
Transfers from Level 3^(a)		—

Balance as of June 30, 2015	$	18


Country Weightings †
United States	82	%
Luxembourg	2
Canada	1
Chile	1
India	1
Netherlands	1
United Kingdom	1
Other	11

Total	100	%


Investments in Securities	Loan Agreements
Balance as of September 30, 2014:		14,320
Accrued discount/(premium)		(99	)
Realized gain (loss)		(60	)
Change in unrealized appreciation/(depreciation)		(319	)
Purchases		—
Sales^(b)		(859	)
Transfers into Level 3^(a)		—
Transfers from Level 3 ^(a)		—

Balance as of June 30, 2015	$	12,983


Bond Fund		United Artists Theatre Circuit, Inc.
High Yield Fund		United Artists Theatre Circuit, Inc.


Fund	Market value		Collateral
International Equity	$	328	$	337
Wealth Masters Fund		12,897		13,244


Fund	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Alternatives Diversifier Fund	$	114,749	$	7,569	$	(22,869	)	$	(15,300	)
Bond Fund		74,951		1,635		(1,323	)		312
CA Tax-Exempt Bond		31,206		1,907		(326	)		1,581
Disciplined Equity Style Fund		4,312		218		—			218
Disciplined Select Bond Fund		1,516		—		(31	)		(31	)
Disciplined Select Country Fund		1,405		20		(34	)		(14	)
Dynamic Trend Fund (Long positions)		801,753		14,917		(32,548	)		(17,631	)
Dynamic Trend Fund (Short positions)		—		—		—			—
Emerging Markets Debt Fund		29,893		456		(2,023	)		(1,567	)
Emerging Markets Equity Income Fund		59,723		4,469		(3,832	)		637


Emerging Markets Small-Cap Fund	5,506		253	(513	)	(260	)
Equity Trend Fund	2,663,431		37,866	(106,838	)	(68,972	)
Essential Resources Fund	5,006		100	(320	)	(220	)
Foreign Opportunities Fund	1,506,001		446,679	(40,980	)	405,699
Global Dividend Fund	172,297		20,677	(4,412	)	16,265
Global Equity Trend Fund	82,336		564	(3,644	)	(3,080	)
Global Opportunities Fund	107,689		33,848	(896	)	32,952
Global Real Estate Securities Fund	76,120		6,646	(2,037	)	4,609
Greater European Opportunities Fund	18,431		2,806	(258	)	2,548
Herzfeld Fund	43,443		455	(1,561	)	(1,106	)
High Yield Fund	100,917		1,161	(2,736	)	(1,575	)
International Equity Fund	8,488		831	(232	)	599
International Real Estate Securities Fund	38,653		4,468	(746	)	3,722
International Small-Cap Fund	62,702		3,643	(5,157	)	(1,514	)
International Wealth Masters Fund	5,227		380	(278	)	102
Low Volatility Equity Fund	4,802		368	—		368
Low Volatility Equity Fund (Written Options)	(6	)	4	—		4
Multi-Asset Trend Fund	361,204		904	(10,754	)	(9,850	)
Multi-Sector Intermediate Fund	368,774		7,235	(16,800	)	(9,565	)
Multi-Sector Short Term Bond Fund	8,144,698		127,386	(129,606	)	(2,220	)
Real Estate Securities Fund	974,871		477,653	(21,971	)	455,682
Sector Trend Fund	634,605		6,562	(22,271	)	(15,709	)
Senior Floating Rate Fund	787,036		3,004	(15,252	)	(12,248	)
Wealth Masters Fund	159,095		20,359	(8,872	)	11,487



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:	8/28/15
	7/31/15
For Period End:	6/30/15	N-PX
	9/30/14	24F-2NT, N-CSR, NSAR-B
	6/30/14	N-PX, N-Q
		List all Filings

TOTAL INVESTMENTS—97.8%

(Identified Cost $629,525)

618,896

Other assets and liabilities, net—2.2%

NET ASSETS—100.0%

632,927