SEC Info - Virtus Opportunities Trust

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⁾—50.1%
Equity Funds—44.5%
Virtus Global Infrastructure Fund Class I		708,872	$	10,130
Virtus Global Real Estate Securities Fund Class I		196,129		5,772
Virtus International Real Estate Securities Fund Class I		739,337		5,264
Virtus Real Estate Securities Fund Class I		139,734		5,300

				26,466

Fixed Income Fund—5.6%
Virtus Senior Floating Rate Fund Class I		359,973		3,333

TOTAL AFFILIATED MUTUAL FUNDS (Identified Cost $20,284)				29,799

EXCHANGE-TRADED FUNDS⁽³⁾—47.5%
Global X Uranium Fund		30,570		435
iShares S&P North American Natural Resources Sector Index Fund		306,110		10,169
PowerShares DB Commodity Index Tracking Fund⁽²⁾		541,200		8,307
PowerShares DB G10 Currency Harvest Fund⁽²⁾		210,050		5,083
Vaneck Vectors Agribusiness Fund		25,200		1,210
Vaneck Vectors Coal Fund		210,732		1,941
WisdomTree Managed Futures Strategy Fund⁽²⁾		24,800		1,054

TOTAL EXCHANGE- TRADED FUNDS (Identified Cost $27,720)				28,199

TOTAL LONG TERM INVESTMENTS—97.6% (Identified Cost $48,004)				57,998

SHORT-TERM INVESTMENT—2.3%
Money Market Mutual Fund—2.3%
JPMorgan Prime Money Market Fund - Institutional Shares (seven-day effective yield 0.380%)⁽³⁾		1,347,590		1,348

TOTAL SHORT-TERM INVESTMENT (Identified Cost $1,348)				1,348

TOTAL INVESTMENTS—99.9% (Identified Cost $49,352)				59,346	⁽¹⁾
Other assets and liabilities, net—0.1%				88

NET ASSETS—100.0%			$	59,434

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at June 30, 2016, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Non-income producing.

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

The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2016 (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, 2016.


	PAR VALUE		VALUE
U.S. GOVERNMENT SECURITIES—9.2%
U.S. Treasury Bond 2.500%, 2/15/46	$	1,365	$	1,422
U.S. Treasury Note 2.000%, 2/15/25		5,715		5,981

TOTAL U.S. GOVERNMENT SECURITIES (Identified Cost $7,151)				7,403

MUNICIPAL BONDS—1.4%
California—1.1%
California, State of, Build America Bonds 7.600%, 11/1/40		520		837

Georgia—0.3%
Rockdale County Water & Sewerage Authority Revenue Taxable 3.060%, 7/1/24		255		274

Michigan—0.0%
City of Flat Rock Finance Authority, Series A, Taxable 6.750%, 10/1/16		20		20

TOTAL MUNICIPAL BONDS (Identified Cost $1,120)				1,131

FOREIGN GOVERNMENT SECURITIES—2.2%
Argentine Republic
144A 7.500%, 4/22/26⁽³⁾		155		168
144A 7.625%, 4/22/46⁽³⁾		150		162
Hungary 6.375%, 3/29/21		140		159
Mongolia 144A 5.125%, 12/5/22⁽³⁾		200		165
Republic of Costa Rica 144A 7.000%, 4/4/44⁽³⁾		200		200
Republic of El Salvador 144A 6.375%, 1/18/27⁽³⁾		155		141
Republic of Guatemala 144A 4.500%, 5/3/26⁽³⁾		200		204
Republic of Panama 3.875%, 3/17/28		200		212
Republic of Poland 3.250%, 4/6/26		130		133
Republic of South Africa 4.875%, 4/14/26		200		208

TOTAL FOREIGN GOVERNMENT SECURITIES (Identified Cost $1,725)				1,752

MORTGAGE-BACKED SECURITIES—26.6%
Agency—11.4%
FHLMC
5.000%, 12/1/35		31		35
4.000%, 2/1/45		488		523
3.500%, 3/1/45		359		381
3.000%, 5/1/45		140		145


	PAR VALUE		VALUE
Agency—(continued)
FNMA
6.000%, 7/1/17	$	3	$	3
5.500%, 9/1/17		5		5
5.000%, 4/1/20		55		57
5.000%, 8/1/21		13		14
6.000%, 5/1/29		30		35
6.500%, 5/1/30		1		1
7.000%, 7/1/31		13		15
5.500%, 4/1/36		43		49
5.500%, 9/1/36		166		187
6.000%, 9/1/37		22		25
6.000%, 8/1/38		226		268
6.000%, 8/1/38		13		15
5.000%, 6/1/39		598		673
5.000%, 9/1/39		163		184
5.500%, 9/1/39		330		372
4.500%, 9/1/40		255		285
3.500%, 12/1/42		294		311
3.000%, 3/1/43		502		523
3.000%, 5/1/43		149		155
3.000%, 5/1/43		340		354
4.000%, 9/1/44		136		145
3.000%, 5/1/45		817		849
3.000%, 8/1/45		587		611
3.500%, 8/1/45		702		742
3.500%, 8/1/45		657		694
3.000%, 2/1/46		704		731
3.000%, 4/1/46		733		762
GNMA
6.500%, 9/15/28		29		33

				9,182

Non-Agency—15.2%
Access Point Financial, Inc. 15-A, A 144A 2.610%, 4/15/20⁽³⁾		104		104
Agate Bay Mortgage Trust 16 -2, A3 144A 3.500%, 3/25/46⁽²⁾⁽³⁾		146		150
American Homes 4 Rent
14-SFR2, C 144A 4.705%, 10/17/36⁽³⁾		195		209
15-SFR2, C 144A 4.691%, 10/17/45⁽³⁾		125		133
15-SFR1, A 144A 3.467%, 4/17/52⁽³⁾		220		233
Ameriquest Mortgage Securities, Inc. 03-AR3, M4 4.198%, 6/25/33⁽²⁾		130		124


	PAR VALUE		VALUE
Non-Agency—(continued)
Aventura Mall Trust 13-AVM, C 144A 3.867%, 12/5/32⁽²⁾⁽³⁾	$	205	$	215
Banc of America Funding Trust
04-B, 2A1 2.884%, 11/20/34⁽²⁾		86		85
05-1, 1A1 5.500%, 2/25/35		93		93
Banc of America Mortgage Trust 05-3, 1A15 5.500%, 4/25/35		82		83
Bank of America (Merrill Lynch - Countrywide) Asset-Backed Certificates 05-1, AF5A 5.147%, 7/25/35⁽²⁾		268		265
Bank of America (Merrill Lynch - Countrywide) Home Loan Mortgage Pass-Through-Trust 04-6, 1A2 3.078%, 5/25/34⁽²⁾		277		274
Citigroup Commercial Mortgage Trust 07-C6, A4 5.901%, 12/10/49⁽²⁾		350		360
Credit Suisse Mortgage Trust
06-08 3A1 6.000%, 10/25/21		113		108
15-1 A9 144A 3.500%, 5/25/45⁽²⁾⁽³⁾		238		245
Deutsche Bank-UBS Mortgage Trust 11-LC3A, D 144A 5.549%, 8/10/44⁽²⁾⁽³⁾		180		186
Finnish Real Estate Management Federation Mortgage Trust 15-K 720 144A 3.389%, 7/25/22⁽²⁾⁽³⁾		110		104
Freddie Mac Structured Agency Credit Risk Debt Notes 16-DNA2, M2 2.653%, 10/25/28⁽²⁾		250		252
Goldman Sachs Mortgage Securities Trust 07-GG10, A4 5.988%, 8/10/45⁽²⁾		632		648
GSAA Home Equity Trust 05-12, AF3W 4.999%, 9/25/35⁽²⁾		68		69
GSR Mortgage Loan Trust 06-1F, 2A406 - 1F, 2A4 6.000%, 2/25/36		184		160
Jefferies Resecuritization Trust 14-R1, 1A1 144A 4.000%, 12/27/37⁽³⁾		65		65
JPMorgan Chase (Bear Stearns) Commercial Mortgage Securities Trust 07-PWR15, AMFX, 144A 5.363%, 2/11/44⁽³⁾		70		66
JPMorgan Chase (WaMu) Mortgage Pass-Through Certificates 03-S11, 3A5 5.950%, 11/25/33		180		184
JPMorgan Chase Commercial Mortgage Securities Trust
14-1, 1A1 144A 4.000%, 1/25/44⁽²⁾⁽³⁾		117		124


	PAR VALUE		VALUE
Non-Agency—(continued)
06-LDP9, A3 5.336%, 5/15/47	$	116	$	117
14- C22, A4 3.801%, 9/15/47		195		214
JPMorgan Chase Mortgage Finance Corp. 16-1, M2 144A 3.750%, 4/25/45⁽²⁾⁽³⁾		151		154
JPMorgan Chase Mortgage Trust
04-A4, 2A1 2.749%, 9/25/34⁽²⁾		218		221
15-4, 1A4 144A 3.500%, 6/25/45⁽²⁾⁽³⁾		130		133
16-1, A3 144A 3.500%, 5/25/46⁽³⁾		590		609
15-1 AM1, 144A 4.388%, 7/15/46⁽³⁾		325		357
MASTR Adjustable Rate Mortgages Trust 05-1, 3A1 3.104%, 2/25/35⁽²⁾		146		132
MASTR Specialized Loan Trust 05-3, A2 144A 5.704%, 11/25/35⁽²⁾⁽³⁾		130		132
Morgan Stanley - Bank of America (Merrill Lynch) Trust
13-C13, AS 4.266%, 11/15/46		360		401
15-C26,C 4.558%, 10/15/48⁽²⁾		195		197
Morgan Stanley - Bank of America (Merrill Lynch) Trust 15-C22, AS 3.561%, 4/15/48		310		326
Morgan Stanley Capital I Trust
07-T27, A4 5.820%, 6/11/42⁽²⁾		544		562
08-T29, A4 6.477%, 1/11/43⁽²⁾		531		561
07-IQ14, A4 5.692%, 4/15/49⁽²⁾		300		306
07-IQ14, AM 5.865%, 4/15/49⁽²⁾		190		190
Motel 6 Trust 15-MTL6, D 144A 4.532%, 2/5/30⁽³⁾		210		209
New Residential Mortgage Loan Trust
14-1A, A 144A 3.750%, 1/25/54⁽²⁾⁽³⁾		188		195
15-2A, A1 144A 3.750%, 8/25/55⁽²⁾⁽³⁾		214		224
16-1A, A1 144A 3.750%, 3/25/56⁽²⁾⁽³⁾		184		192
Novastar Mortgage Funding Trust Series 04-4, M5 2.178%, 3/25/35⁽²⁾		185		179
Residential Asset Securitization Trust 05-A1, A3 5.500%, 4/25/35		152		152
Sequoia Mortgage Trust
14-2, A1 144A 4.000%, 7/25/44⁽²⁾⁽³⁾		116		120
14-4, A6, 144A 3.500%, 11/25/44⁽²⁾⁽³⁾		191		197
Towd Point Mortgage Trust
15-1, A2 144A 3.250%, 10/25/53⁽²⁾⁽³⁾		150		151
16-1, A1B, 144A 2.750%, 2/25/55⁽²⁾⁽³⁾		218		219
15-5, A2, 144A 3.500%, 5/25/55⁽²⁾⁽³⁾		220		224
Vericrest Opportunity Loan Trust
15-NP11, A1 144A 3.625%, 7/25/45⁽²⁾⁽³⁾		126		125


	PAR VALUE		VALUE
Non-Agency—(continued)
15-NPL4, A1 144A 3.500%, 2/25/55⁽²⁾⁽³⁾	$	161	$	160
Wells Fargo (Wachovia Bank) Commercial Mortgage Trust 15-LC20, B 3.719%, 4/15/50		300		313
Wells Fargo - Royal Bank of Scotland plc Commercial Mortgage Trust 11-C5, C 144A 5.847%, 11/15/44⁽²⁾⁽³⁾		205		224
WinWater Mortgage Loan Trust 16-1A5, 144A 3.500%, 1/20/46⁽²⁾⁽³⁾		161		164

				12,199

TOTAL MORTGAGE-BACKED SECURITIES (Identified Cost $20,850)				21,381

ASSET-BACKED SECURITIES—4.1%
AmeriCredit Automobile Receivables Trust 14-1, D 2.540%, 6/8/20		235		237
Avis Budget Rental Car Funding LLC
(AESOP) 12-3A, A 144A 2.100%, 3/20/19⁽³⁾		375		377
(AESOP) 16 - 1A, A 144A 2.990%, 6/20/22⁽³⁾		200		207
CarFinance Capital Auto Trust 14-1A, D 144A 4.900%, 4/15/20⁽³⁾		215		214
CarMax Auto Owner Trust 15-2, C 2.390%, 3/15/21		235		237
Centre Point Funding LLC 12-2A, 1 144A 2.610%, 8/20/21⁽³⁾		239		237
Drive Auto Receivables Trust 15-DA, C 144A 3.380%, 11/15/21⁽³⁾		260		263
Drug Royalty II LP 1 14-1, A2 144A 3.484%, 7/15/23⁽³⁾		170		168
Exeter Automobile Receivables Trust 13-1A, C 144A 3.520%, 2/15/19⁽³⁾		235		236
Fairway Outdoor Funding LLC 12-1A, A2 144A 4.212%, 10/15/42⁽³⁾		143		146
Orange Lake Timeshare Trust 12-AA, A 144A 3.450%, 3/10/27⁽³⁾		48		48
Santander Drive Auto Receivables Trust 13-1, D 2.270%, 1/15/19		215		216
Sierra Timeshare Receivables Funding LLC 12-3A, A 144A 1.870%, 8/20/29⁽³⁾		95		95
Silverleaf Finance LLC XV 12-D, A 144A 3.000%, 3/17/25⁽³⁾		41		40
SoFi Professional Loan Program LLC 15-A, A2 144A 2.420%, 3/25/30⁽³⁾		117		117


	PAR VALUE		VALUE
Taco Bell Funding LLC 16-1A, A2 144A 3.832%, 5/25/46⁽³⁾	$	240	$	243
U-Haul S Fleet LLC 10-BT1A, 1 144A 4.899%, 10/25/23⁽³⁾		248		251

TOTAL ASSET-BACKED SECURITIES (Identified Cost $3,320)				3,332

CORPORATE BONDS AND NOTES—46.2%
Consumer Discretionary—6.6%
Aramark Services, Inc. 144A 4.750%, 6/1/26⁽³⁾		95		93
Argos Merger Sub, Inc. 144A 7.125%, 3/15/23⁽³⁾		135		139
Boyd Gaming Corp.
9.000%, 7/1/20		100		105
6.875%, 5/15/23		75		80
Caesars Entertainment Operating Co., Inc. 9.000%, 2/15/20⁽⁴⁾		100		93
CCO Holdings LLC
144A 5.125%, 5/1/23⁽³⁾		80		81
144A 5.750%, 2/15/26⁽³⁾		120		124
144A 5.500%, 5/1/26⁽³⁾		125		127
Cequel Communications Holdings I LLC (Cequel Capital Corp.)
144A 5.125%, 12/15/21⁽³⁾		45		43
144A 5.125%, 12/15/21⁽³⁾		110		105
Clear Channel Worldwide Holdings, Inc. Series B 7.625%, 3/15/20		175		167
Columbus International, Inc. Series B, 144A 7.375%, 3/30/21⁽³⁾		200		212
Delphi Automotive plc 3.150%, 11/19/20		145		149
Grupo Televisa SAB 4.625%, 1/30/26		200		216
Hanesbrands, Inc.
144A 4.625%, 5/15/24⁽³⁾		20		20
144A 4.875%, 5/15/26⁽³⁾		65		66
Landry’s, Inc. 144A 9.375%, 5/1/20⁽³⁾		165		173
M/I Homes, Inc. 6.750%, 1/15/21		95		95
MDC Holdings, Inc. 5.500%, 1/15/24		180		179
Meritor, Inc. 6.750%, 6/15/21		125		118
MGM Growth Properties Operating Partnership LP 144A 5.625%, 5/1/24⁽³⁾		25		26
MGM Resorts International 6.000%, 3/15/23		85		90
MPG Holdco I, Inc. 7.375%, 10/15/22		145		144
New York University 4.142%, 7/1/48		70		72
Newell Rubbermaid, Inc.


	PAR VALUE		VALUE
Consumer Discretionary—(continued)
144A 5.000%, 11/15/23⁽³⁾	$	25	$	26
4.200%, 4/1/26		25		27
Numericable Group SA 144A 6.000%, 5/15/22⁽³⁾		200		195
Party City Holdings, Inc. 144A 6.125%, 8/15/23⁽³⁾		20		21
Penn National Gaming, Inc. 5.875%, 11/1/21		110		113
Pinnacle Entertainment, Inc. 144A 5.625%, 5/1/24⁽³⁾		125		125
Priceline Group, Inc. (The) 3.650%, 3/15/25		195		207
QVC, Inc. 4.375%, 3/15/23		265		267
Scientific Games International, Inc. 6.625%, 5/15/21		95		57
Signet UK Finance plc 4.700%, 6/15/24		210		205
Sirius XM Radio, Inc. 144A 5.375%, 7/15/26⁽³⁾		165		163
Six Flags Entertainment Corp. 144A 4.875%, 7/31/24⁽³⁾		130		129
Station Casinos LLC 7.500%, 3/1/21		230		244
TI Group Auto Systems LLC 144A 8.750%, 7/15/23⁽³⁾		80		79
Toll Brothers Finance Corp.
5.625%, 1/15/24		10		10
4.875%, 11/15/25		305		303
TRI Pointe Group, Inc. 5.875%, 6/15/24		155		158
Wyndham Worldwide Corp. 5.100%, 10/1/25		245		266

				5,312

Consumer Staples—1.6%
Anheuser-Busch Inbev Finance, Inc.
3.300%, 2/1/23		90		95
3.650%, 2/1/26		185		198
CVS Health Corp. 2.875%, 6/1/26		255		261
Flowers Foods, Inc. 4.375%, 4/1/22		275		299
Rite Aid Corp. 144A 6.125%, 4/1/23⁽³⁾		40		43
Safeway, Inc. 7.250%, 2/1/31		115		111
Tops Holding LLC (Tops Markets II Corp.) 144A 8.000%, 6/15/22⁽³⁾		155		137
Whole Foods Market, Inc. 144A 5.200%, 12/3/25⁽³⁾		143		155

				1,299

Energy—2.3%
Anadarko Petroleum Corp. 6.600%, 3/15/46		85		103
Antero Resources Corp. 5.625%, 6/1/23		80		78
Blue Racer Midstream LLC 144A 6.125%, 11/15/22⁽³⁾		45		43


	PAR VALUE		VALUE
Energy—(continued)
Cimarex Energy Co. 4.375%, 6/1/24	$	120	$	125
Continental Resources, Inc.
5.000%, 9/15/22		110		108
4.500%, 4/15/23		70		66
Enbridge Energy Partners LP 4.375%, 10/15/20		30		31
FTS International, Inc. 6.250%, 5/1/22		60		24
Helmerich & Payne International Drilling Co. 4.650%, 3/15/25		115		123
Kinder Morgan Energy Partners LP 7.500%, 11/15/40		245		278
MPLX LP 144A 4.875%, 12/1/24⁽³⁾		255		248
NGL Energy Partners LP (NGL Energy Finance Corp.) 5.125%, 7/15/19		155		142
Parsley Energy LLC (Parsley Finance Corp.) 144A 6.250%, 6/1/24⁽³⁾		25		26
Range Resources Corp. 5.000%, 3/15/23		130		122
Sabine Pass Liquefaction LLC 6.250%, 3/15/22		140		144
Sunoco LP (Sunoco Finance Corp.) 144A 6.375%, 4/1/23⁽³⁾		215		214

				1,875

Financials—20.2%
AerCap Ireland Capital Ltd. (Aercap Global Aviation Trust) 3.950%, 2/1/22		200		200
Air Lease Corp. 2.625%, 9/4/18		70		70
Alexandria Real Estate Equities, Inc. 3.950%, 1/15/27		120		124
Allstate Corp. (The) 5.750%, 8/15/53⁽²⁾⁽⁶⁾		310		318
Ally Financial, Inc.
4.250%, 4/15/21		80		80
5.750%, 11/20/25		120		121
American Campus Communities LP 3.350%, 10/1/20		25		26
Apollo Management Holdings LP 144A 4.000%, 5/30/24⁽³⁾		190		195
Ares Capital Corp.
4.875%, 11/30/18		26		27
3.875%, 1/15/20		71		74
Ares Finance Co., LLC 144A 4.000%, 10/8/24⁽³⁾		270		264
Banco de Credito del Peru 144A 6.125%, 4/24/27⁽²⁾⁽³⁾		175		192


	PAR VALUE		VALUE
Financials—(continued)
Banco de Credito e Inversiones 144A 4.000%, 2/11/23⁽³⁾	$	275	$	289
Banco Inbursa S.A. Institucion de Banca Multiple 144A 4.125%, 6/6/24⁽³⁾		160		160
Banco Internacional del Peru SAA Interbank 144A 6.625%, 3/19/29⁽²⁾⁽³⁾		185		198
Banco Nacional de Comercio 144A 4.375%, 10/14/25⁽³⁾		200		209
Banco Santander Chile 144A 3.875%, 9/20/22⁽³⁾		215		224
Bancolombia S.A. 5.125%, 9/11/22		260		265
Bank of America Corp.
2.000%, 1/11/18		150		151
5.625%, 7/1/20		235		264
4.450%, 3/3/26		340		356
Bank of India 144A 3.250%, 4/18/18⁽³⁾		265		270
Bank of New York Mellon Corp. (The) 2.800%, 5/4/26		210		218
Barclays Bank plc 144A 6.050%, 12/4/17⁽³⁾		250		262
Berkshire Hathaway, Inc.
2.750%, 3/15/23		20		21
3.125%, 3/15/26		45		47
Brixmor Operating Partnership LP 3.875%, 8/15/22		55		57
Capital One Financial Corp. 4.200%, 10/29/25		180		185
Citigroup, Inc.
4.600%, 3/9/26		230		243
6.250%, 12/29/49⁽²⁾		155		160
Citizens Financial Group, Inc. 5.500%⁽²⁾⁽⁵⁾		160		153
Compass Bank 3.875%, 4/10/25		250		240
Corporate Office Properties LP 3.600%, 5/15/23		265		258
Corrections Corp. of America 5.000%, 10/15/22		165		172
Developers Diversified Realty Corp.
7.875%, 9/1/20		155		187
3.500%, 1/15/21		130		134
Development Bank of Kazakhstan OJSC 144A 4.125%, 12/10/22⁽³⁾		290		283
Digital Realty Trust LP 5.250%, 3/15/21		165		186
Discover Financial Services, Inc. 3.950%, 11/6/24		190		195
Education Realty Operating Partnership LP 4.600%, 12/1/24		205		210
Ford Motor Credit Co., LLC 5.750%, 2/1/21		235		267
FS Investment Corp.


	PAR VALUE		VALUE
Financials—(continued)
4.250%, 1/15/20	$	165	$	169
4.750%, 5/15/22		40		41
General Motors Financial Co., Inc.
4.750%, 8/15/17		55		57
4.200%, 3/1/21		90		94
3.450%, 4/10/22		30		30
Goldman Sachs Group, Inc. (The) 5.750%, 1/24/22		500		581
Healthcare Realty Trust, Inc.
3.875%, 5/1/25		125		126
4.000%, 6/1/25		200		210
Hutchison Whampoa International Ltd. Series 12 144A 6.000%^(2)(3)(5)(6)		310		319
ICAHN Enterprises LP (ICAHN Enterprises Finance Corp.) 5.875%, 2/1/22		65		61
ING Groep NV 6.000%^(2)(5)(6)		200		189
iStar Financial, Inc. 5.000%, 7/1/19		90		84
Jefferies Group LLC 6.875%, 4/15/21		85		97
Kazakhstan Temir Zholy Finance BV 144A 6.950%, 7/10/42⁽³⁾		215		221
Kilroy Realty LP 4.375%, 10/1/25		190		205
Kimco Realty Corp. 3.400%, 11/1/22		185		194
Leucadia National Corp. 5.500%, 10/18/23		150		153
Liberty Mutual Group, Inc. 144A 4.250%, 6/15/23⁽³⁾		245		260
Lincoln National Corp. 4.200%, 3/15/22		250		268
Macquarie Group Ltd. 144A 6.250%, 1/14/21⁽³⁾		210		240
Manulife Financial Corp. 4.150%, 3/4/26		215		230
McGraw Hill Financial, Inc. 4.000%, 6/15/25		195		213
Morgan Stanley
4.100%, 5/22/23		155		161
4.350%, 9/8/26		340		356
6.375%, 7/24/42		435		587
MPT Operating Partnership LP
6.375%, 3/1/24		20		21
5.500%, 5/1/24		90		92
National Retail Properties, Inc. 4.000%, 11/15/25		60		64
PKO Finance AB 144A 4.630%, 9/26/22⁽³⁾⁽⁷⁾		255		266
Prudential Financial, Inc.
5.875%, 9/15/42⁽²⁾		190		205
5.625%, 6/15/43⁽²⁾⁽⁶⁾		160		166
Retail Opportunity Investments Partnership LP 4.000%, 12/15/24		155		152


	PAR VALUE		VALUE
Financials—(continued)
Santander Holdings USA, Inc. 2.700%, 5/24/19	$	195	$	196
SBA Telecommunications LLC (Tower Trust) 144A 2.877%, 7/15/21⁽³⁾		320		324
Select Income REIT 4.500%, 2/1/25		190		187
Societe Generale S.A. 144A 4.750%, 11/24/25⁽³⁾		200		204
Sovran Acquisition LP 3.500%, 7/1/26		125		126
Teachers Insurance & Annuity Association of America 144A 4.375%, 9/15/54⁽²⁾⁽³⁾		160		158
Trinity Acquisition plc
3.500%, 9/15/21		15		16
4.400%, 3/15/26		80		84
UBS AG 7.625%, 8/17/22		500		566
Ventas Realty LP (Ventas Capital Corp.) 3.250%, 8/15/22		250		258
Voya Financial, Inc. 5.650%, 5/15/53⁽²⁾		280		264
WP Carey, Inc. 4.600%, 4/1/24		160		164

				16,214

Health Care—3.7%
AbbVie, Inc.
2.850%, 5/14/23		135		136
3.600%, 5/14/25		65		68
3.200%, 5/14/26		110		111
Alere, Inc. 144A 6.375%, 7/1/23⁽³⁾		60		63
Capsugel S.A. PIK Interest Capitalization, 144A 7.000%, 5/15/19⁽³⁾⁽⁸⁾		27		27
Cardinal Health, Inc.
3.200%, 3/15/23		130		136
3.750%, 9/15/25		165		180
Community Health Systems, Inc. 5.125%, 8/1/21		45		45
Concordia Healthcare Corp. 144A 7.000%, 4/15/23⁽³⁾		10		9
Crimson Merger Sub, Inc. 144A 6.625%, 5/15/22⁽³⁾		120		100
DaVita Healthcare Partners, Inc. 5.000%, 5/1/25		90		89
Endo Finance LLC 144A 6.000%, 7/15/23⁽³⁾		110		97
Forest Laboratories, Inc. 144A 4.875%, 2/15/21⁽³⁾		160		178
Fresenius U.S. Finance II, Inc. 144A 4.500%, 1/15/23⁽³⁾		35		36
HCA, Inc.
6.500%, 2/15/20		160		177
5.375%, 2/1/25		80		82
5.250%, 6/15/26		20		21


	PAR VALUE		VALUE
Health Care—(continued)
IASIS Healthcare LLC 8.375%, 5/15/19	$	80	$	77
JLL Delta Dutch Pledgeco BV PIK Interest Capitalization, 144A 8.750%, 5/1/20⁽³⁾⁽⁸⁾		85		85
LifePoint Health, Inc. 144A 5.375%, 5/1/24⁽³⁾		35		35
Mallinckrodt International Finance S.A. 144A 5.625%, 10/15/23⁽³⁾		165		155
MEDNAX, Inc. 144A 5.250%, 12/1/23⁽³⁾		90		91
Mylan NV
144A 3.000%, 12/15/18⁽³⁾		55		56
144A 3.150%, 6/15/21⁽³⁾		55		56
Owens & Minor, Inc. 3.875%, 9/15/21		35		36
Quintiles Transnational Corp. 144A 4.875%, 5/15/23⁽³⁾		75		77
Surgery Center Holdings, Inc. 144A 8.875%, 4/15/21⁽³⁾		120		124
Surgical Care Affiliates, Inc. 144A 6.000%, 4/1/23⁽³⁾		160		164
Team Health, Inc. 144A 7.250%, 12/15/23⁽³⁾		5		5
Teleflex, Inc. 4.875%, 6/1/26		80		81
Tenet Healthcare Corp.
4.153%, 6/15/20⁽²⁾		75		74
4.500%, 4/1/21		85		86
Universal Health Services, Inc.
144A 4.750%, 8/1/22⁽³⁾		40		41
144A 5.000%, 6/1/26⁽³⁾		95		96
Valeant Pharmaceuticals International, Inc.
144A 7.500%, 7/15/21⁽³⁾		25		22
144A 5.500%, 3/1/23⁽³⁾		50		40
Zoetis, Inc. 3.450%, 11/13/20		45		46

				3,002

Industrials—2.8%
ADT Corp. (The) 6.250%, 10/15/21		155		166
Air Canada Pass-Through-Trust 13-1, B 144A 5.375%, 5/15/21⁽³⁾		81		82
Bombardier, Inc. 144A 4.750%, 4/15/19⁽³⁾		110		106
Carpenter Technology Corp. 4.450%, 3/1/23		250		241
Continental Airlines Pass-Through-Trust
99-1, A 6.545%, 2/2/19		305		325
00-1, A1 8.048%, 11/1/20		249		273
Delta Air Lines Pass-Through-Trust 12-1, A 4.750%, 5/7/20		253		268


	PAR VALUE		VALUE
Industrials—(continued)
Masco Corp.
5.950%, 3/15/22	$	110	$	123
4.450%, 4/1/25		55		57
Penske Truck Leasing Co. LP 144A 3.375%, 2/1/22⁽³⁾		75		76
Prime Security Services Borrower LLC (Prime Finance, Inc.) 144A 9.250%, 5/15/23⁽³⁾		75		80
Standard Industries, Inc. 144A 5.125%, 2/15/21⁽³⁾		5		5
TransDigm, Inc.
6.000%, 7/15/22		115		116
6.500%, 5/15/25		45		45
United Rentals North America, Inc. 5.500%, 7/15/25		75		74
Wheels Up Finance I LLC
16-01, A 7.500%, 6/30/17⁽⁹⁾		170		169
16-01, A 144A 7.173%, 6/1/24⁽²⁾⁽⁹⁾		75		74

				2,280

Information Technology—2.5%
Apple, Inc.
2.850%, 2/23/23		55		58
3.250%, 2/23/26		155		165
Diamond 1 Finance Corp. (Diamond 2 Finance Corp.)
144A 5.875%, 6/15/21⁽³⁾		15		15
144A 5.450%, 6/15/23⁽³⁾		40		41
144A 7.125%, 6/15/24⁽³⁾		35		37
144A 6.020%, 6/15/26⁽³⁾		40		42
144A 8.100%, 7/15/36⁽³⁾		40		43
144A 8.350%, 7/15/46⁽³⁾		45		49
Dun & Bradstreet Corp. (The) 4.375%, 12/1/22		270		277
Electronic Arts, Inc. 3.700%, 3/1/21		30		31
Fidelity National Information Services, Inc. 3.625%, 10/15/20		65		69
First Data Corp. 144A 5.000%, 1/15/24⁽³⁾		230		231
Flextronics International Ltd. 4.750%, 6/15/25		200		202
Hewlett Packard Enterprise Co. 144A 4.900%, 10/15/25⁽³⁾		120		125
KLA-Tencor Corp. 4.650%, 11/1/24		190		207
Oracle Corp.
2.400%, 9/15/23		25		25
2.650%, 7/15/26		170		170


	PAR VALUE		VALUE
Information Technology—(continued)
Verisk Analytics, Inc. 4.000%, 6/15/25	$	190	$	200
Western Digital Corp. 144A 7.375%, 4/1/23⁽³⁾		25		27

				2,014

Materials—2.3%
Alpek SAB de C.V. 144A 5.375%, 8/8/23⁽³⁾		310		329
Ardagh Packaging Finance plc (Ardagh Holdings USA, Inc.) 144A 4.625%, 5/15/23⁽³⁾		200		197
Berry Plastics Corp. 5.125%, 7/15/23		145		145
Eldorado Gold Corp. 144A 6.125%, 12/15/20⁽³⁾		95		96
Inversiones CMPC S.A. 144A 4.375%, 5/15/23⁽³⁾		375		385
Methanex Corp. 4.250%, 12/1/24		190		170
NewMarket Corp. 4.100%, 12/15/22		288		299
Office Cherifien des Phosphates S.A. (OCP) 144A 5.625%, 4/25/24⁽³⁾		200		212
Reynolds Group Issuer, Inc. 144A 5.125%, 7/15/23⁽³⁾		50		51

				1,884

Telecommunication Services—2.5%
Altice Financing S.A. 144A 6.625%, 2/15/23⁽³⁾		200		197
AT&T, Inc. 3.875%, 8/15/21		425		458
CenturyLink, Inc. Series Y 7.500%, 4/1/24		140		142
Crown Castle International Corp. 3.700%, 6/15/26		20		21
Empresa Nacional de Telecomunicaciones S.A. 144A 4.875%, 10/30/24⁽³⁾		215		219
Frontier Communications Corp.
6.250%, 9/15/21		100		95
10.500%, 9/15/22		25		26
Qwest Corp. 7.250%, 9/15/25		150		160
T-Mobile USA, Inc. 6.500%, 1/15/26		135		143
Telefonica Emisiones SAU 4.570%, 4/27/23		225		249
West Corp. 144A 4.750%, 7/15/21⁽³⁾		95		95
Windstream Corp. 7.750%, 10/15/20		200		197

				2,002

Utilities—1.7%
AmeriGas Partners LP 7.000%, 5/20/22		140		149
Dominion Resources, Inc. 2.962%, 7/1/19		20		20
Electricite de France S.A. 144A 5.250%^(2)(3)(5)(6)		280		268
FirstEnergy Transmission LLC 144A 4.350%, 1/15/25⁽³⁾		210		222
NRG Yield Operating LLC 5.375%, 8/15/24		60		60


	PAR VALUE		VALUE
Utilities—(continued)
Southern Power Co. 4.150%, 12/1/25	$	230	$	249
State Grid Overseas Investment Ltd. 144A 4.125%, 5/7/24⁽³⁾		200		220
TerraForm Power Operating LLC 144A 5.875%, 2/1/23⁽³⁾		145		139

				1,327

TOTAL CORPORATE BONDS AND NOTES (Identified Cost $36,339)				37,209

LOAN AGREEMENTS⁽²⁾—3.4%
Consumer Discretionary—0.5%
Caesars Growth Properties Holdings LLC Tranche B, First Lien, 6.250%, 5/8/21		60		56
CDS U.S. Intermediate Holdings, Inc. First Lien, 5.000%, 7/8/22		40		39
El Dorado Resorts, Inc. 4.250%, 7/25/22		35		35
Laureate Education, Inc. 2018 Extended, 5.000%, 6/15/18		79		77
PetSmart, Inc. Tranche B-1, 4.250%, 3/11/22		21		21
Station Casinos LLC Tranche B, 3.750%, 6/8/23		72		71
U.S. Farathane LLC 5.750%, 12/23/21		114		114

				413

Consumer Staples—0.3%
Albertson’s LLC Trance B-4, 0.000%, 8/25/21⁽¹³⁾		112		112
Hostess Brands LLC Tranche B, Second Lien, 8.500%, 8/3/23		150		149

				261

Energy—0.2%
Chelsea Petroleum I LLC Tranche B, 5.250%, 10/28/22		93		92
Jonah Energy LLC Second Lien, 7.500%, 5/12/21		94		83

				175

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

Health Care—1.0%
Amneal Pharmaceuticals LLC Tranche B, 5.250%, 11/1/19		56		56
Ardent Legacy Acquisitions, Inc. 6.500%, 8/4/21		79		80


	PAR VALUE		VALUE
Health Care—(continued)
CHG Healthcare Services, Inc. First Lien, 0.000%, 6/7/23⁽¹³⁾	$	105	$	105
Concordia Pharmaceuticals, Inc. 5.250%, 10/21/21		66		63
InVentiv Health, Inc. Tranche B-4, 7.750%, 5/15/18		110		110
MMM Holdings, Inc. 9.750%, 12/12/17⁽⁴⁾⁽⁹⁾		50		38
MSO of Puerto Rico, Inc. 9.750%, 12/12/17⁽⁴⁾⁽⁹⁾		36		28
Multiplan, Inc. 5.000%, 6/7/23		48		48
NVA Holdings, Inc. Second Lien, 8.000%, 8/14/22		64		64
Quorum Health Corp. 6.750%, 4/29/22		92		92
Surgery Center Holdings, Inc. First Lien, 5.250%, 11/3/20		100		99

				783

Industrials—0.4%
Brickman Group Ltd. LLC (The) Second Lien, 7.500%, 12/17/21		78		77
McGraw-Hill Global Education Holdings LLC Tranche B, 5.000%, 5/4/22		98		98
Sedgwick Claims Management Services, Inc. Second Lien, 6.750%, 2/28/22		120		115

				290

Information Technology—0.4%
First Data Corp. Tranche 2022, 4.238%, 7/8/22		145		144
NXP BV (NXP Funding LLC) Tranche B, 3.750%, 12/7/20		74		75
ON Semiconductor 5.250%, 3/31/23		50		50
SS&C European Holdings S.a.r.l. Tranche B-2, 4.000%, 7/8/22		6		6
SS&C Technologies, Inc. Tranche B-1, 4.000%, 7/8/22		43		43

				318

Materials—0.1%
Huntsman International LLC Tranche B, 4.250%, 4/1/23		44		44
INEOS U.S. Finance LLC Tranche 2022, 4.250%, 3/31/22		9		9
PolyOne Corp. Tranche B-1, 3.500%, 11/11/22		48		48

				101


	PAR VALUE			VALUE
Telecommunication Services—0.1%
T-Mobile USA, Inc. Senior Lien 3.500%, 11/9/22	$	86		$	86

Utilities—0.3%
NRG Energy, Inc. 0.000%, 6/14/23⁽¹³⁾		236			235

TOTAL LOAN AGREEMENTS (Identified Cost $2,771)					2,733


	SHARES			VALUE
PREFERRED STOCK—3.4%
Energy—0.3%
PTT Exploration & Production PCL 144A, 4.875%⁽²⁾⁽³⁾		200	⁽¹⁰⁾		199

Financials—2.2%
Bank of New York Mellon Corp. (The) Series E, 4.950%⁽²⁾		150	⁽¹⁰⁾		150
Citigroup, Inc. Series J, 7.125%⁽²⁾		8,000			230
Goldman Sachs Group, Inc. (The) Series L, 5.700%⁽²⁾		115	⁽¹⁰⁾		115
JPMorgan Chase & Co. Series V, 5.000%⁽²⁾		315	⁽¹⁰⁾		301
JPMorgan Chase & Co. Series Z, 5.300%⁽²⁾		45	⁽¹⁰⁾		45
PNC Financial Services Group, Inc. (The) Series R, 4.850%⁽²⁾		215	⁽¹⁰⁾		206
SunTrust Bank, Inc. 5.625%⁽²⁾		45	⁽¹⁰⁾		45
Wells Fargo & Co. Series K, 7.980%⁽²⁾		230	⁽¹⁰⁾		241
XLIT Ltd. Series E, 6.50%⁽²⁾		240	⁽¹⁰⁾		167
Zions Bancorp. 6.950%⁽²⁾		8,800			264

					1,764

Industrials—0.9%
General Electric Co. Series D, 5.000%⁽²⁾		686	⁽¹⁰⁾		729

TOTAL PREFERRED STOCK (Identified Cost $2,654)					2,692

EXCHANGE-TRADED FUNDS—1.0%
iShares iBoxx $ Investment Grade Corporate Bond Fund⁽¹²⁾		6,725			825

TOTAL EXCHANGE-TRADED FUNDS (Identified Cost $803)					825


	SHARES		VALUE
AFFILIATED MUTUAL FUND—1.4%
Virtus Credit Opportunities Fund Class R6⁽¹²⁾		117,904	$	1,138

TOTAL AFFILIATED MUTUAL FUND (Identified Cost $1,179)				1,138

TOTAL LONG TERM INVESTMENTS—98.9% (Identified Cost $77,912)				79,596	⁽¹¹⁾

SHORT-TERM INVESTMENT—1.2%
Money Market Mutual Fund—1.2%
JPMorgan Prime Money Market Fund - Institutional Shares (seven-day effective yield 0.380%)⁽¹²⁾		985,965		986

TOTAL SHORT-TERM INVESTMENT (Identified Cost $986)				986

TOTAL INVESTMENTS—100.1% (Identified Cost $78,898)				80,582	⁽¹⁾
Other assets and liabilities, net—(0.1)%				(112	)

NET ASSETS—100.0%			$	80,470

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, 2016, 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, 2016.

⁽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, 2016, these securities amounted to a value of $22,001 or 27.3% of net assets.

⁽⁴⁾	Security in default, interest payments are being received during the bankruptcy proceedings.

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

⁽⁹⁾	Illiquid security.

⁽¹⁰⁾	Value shown as par value.

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

⁽¹²⁾	Shares of these funds are publicly offered and the prospectus and annual report of each are publicly available.

⁽¹³⁾	This loan will settle after June 30, 2016, 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.

The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2016 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

Securities held by the Fund with an end of period value of $ 264 were transferred from Level 2 into Level 1 since starting to use an exchange price.

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⁾—98.1%
Development Revenue—12.4%
Garden Grove Agency for Community Development Successor Agency, Garden Grove Community Project, (BAM Insured) 5.000%, 10/1/29	$	350	$	441
Lafayette Redevelopment Agency Successor Agency, Lafayette Redevelopment Project, (AGM Insured) 5.000%, 8/1/38		250		300
Los Angeles County Redevelopment Refunding Authority, Long Beach Project, 5.000%, 8/1/34		215		264
Menlo Park Community Development Agency Successor Agency, Las Pulgas Community Development Project ,(AGM Insured) 5.000%, 10/1/29		100		126
Milpitas Redevelopment Agency Successor Agency Redevelopment Project Area No.1, 5.000%, 9/1/30		250		312
Palmdale Community Redevelopment Agency Successor Agency, Subordinate Lien, 5.000%, 9/1/34		300		373
Sacramento Redevelopment Agency Successor Agency
(BAM Insured) 5.000%, 12/1/33		75		92
(BAM Insured) 5.000%, 12/1/34		75		91
San Diego Redevelopment Agency, Center City Redevelopment Project, (AMBAC Insured) 4.750%, 9/1/30		500		503
San Marcos Redevelopment Agency Successor Agency, 5.000%, 10/1/33		250		309
San Mateo Redevelopment Agency Successor Agency, 5.000%, 8/1/30		250		312
Santa Clara Redevelopment Agency, Bayshore North Project ,(NATL Insured) 5.000%, 6/1/22		500		508
Union City Redevelopment Agency Successor Agency, Union City Redevelopment Project, 5.000%, 10/1/36		200		246

				3,877

General Obligation—13.3%
Cajon Valley Union School District, 5.000%, 8/1/31		250		307
California, State of


	PAR VALUE		VALUE
General Obligation—(continued)
5.500%, 3/1/26	$	250	$	270
(AMBAC Insured) 5.000%, 2/1/27		290		383
5.000%, 9/1/32		300		355
5.000%, 12/1/37		275		291
6.000%, 4/1/38		250		285
Grossmont Healthcare District 5.000%, 7/15/25		350		454
Los Alamitos Unified School District, School Facilities Improvement District No.1, 2008 Election 5.250%, 8/1/39		250		297
Oakland Unified School District Alameda County,
(AGM Insured) 5.000%, 8/1/24		200		253
5.000%, 8/1/33		300		364
Ross Valley School District, 5.000%, 8/1/37		350		416
San Diego Community College District, 5.000%, 8/1/43		150		176
San Diego Unified School District, (AGM Insured) 5.500%, 7/1/25		225		304

				4,155

General Revenue—7.5%
California Infrastructure & Economic Development Bank, 5.000%, 10/1/23		200		253
California State Municipal Finance Authority, Bowles Hall Foundation 4.000%, 6/1/22		100		110
Golden State Tobacco Securitization Corp.,
5.000%, 6/1/29		350		430
5.125%, 6/1/47		950		950
Midpeninsula Regional Open Space District, 5.000%, 9/1/23		120		152
South Bay Regional Public Communications Authority, Hawthorne Projects, (ACA Insured) 4.750%, 1/1/31		435		438

				2,333

Higher Education Revenue—4.1%
California Educational Facilities Authority, Pomona College, 5.000%, 7/1/45		500		501
California State University 5.000%, 11/1/41		300		377
University of California,
General Revenue 5.000%, 5/15/23		100		126
Limited Projects Revenue 5.000%, 5/15/23		225		282

				1,286


	PAR VALUE		VALUE
Lease Revenue—13.5%
Anaheim Public Financing Authority, Public Improvement Projects, (AGM Insured) 6.000%, 9/1/16	$	435	$	439
California State Public Works Board,
Department of General Services, Buildings 8&9 6.125%, 4/1/29		500		572
Capital Projects, 5.750%, 10/1/30		550		632
Department of Forestry & Fire Protection, 5.000%, 11/1/32		500		525
Municipal Improvement Corp. of Los Angeles Real Property 5.000%, 11/1/36		250		312
Pomona, City of, Certificates of Participation (AMBAC Insured) 5.500%, 6/1/28		700		702
San Diego Regional Building Authority, County Operations Center 5.000%, 10/15/35		335		416
Ventura County Public Financing Authority, 5.000%, 11/1/25		250		307
West Hollywood Public Financing Authority, West Hollywood Park Phase II 5.000%, 4/1/34		250		313

				4,218

Medical Revenue—8.7%
California Municipal Finance Authority, Community Medical Centers, 5.000%, 2/1/27		100		121
California State Health Facilities Financing Authority,
El Camino Hospital, 5.000%, 2/1/26		100		123
Cedars-Sinai Medical Center, 5.000%, 11/15/31		250		317
Sutter Health, 5.000%, 11/15/35		125		155
Lucille Salter Packard Children’s Hospital at Stanford, 5.000%, 8/15/43		100		121
Sutter Health, 5.000%, 8/15/43		135		165
California Statewide Communities Development Authority,
Loma Linda University Medical Center, 5.000%, 12/1/30⁽³⁾		100		118
Sutter Health, (AMBAC Insured) 5.000%, 11/15/38		205		213
John Muir Health Center 5.000%, 8/15/41		100		124
Cottage Health System, 5.000%, 11/1/43		250		301
St. Joseph Health System, (FGIC Insured) 5.750%, 7/1/47		350		386


	PAR VALUE		VALUE
Medical Revenue—(continued)
Loma Linda University Medical Center 5.250%, 12/1/56⁽³⁾	$	100	$	115
Regents of the University of California, Medical Center Pooled Revenue, (NATL Insured) 4.750%, 5/15/31		300		300
San Benito Health Care District, (CHFCLIF Insured) 4.000%, 3/1/18		140		148

				2,707

Natural Gas Revenue—2.4%
Roseville Natural Gas Financing Authority,
5.000%, 2/15/24		450		530
5.000%, 2/15/27		195		232

				762

Power Revenue—2.3%
Northern California Power Agency, Hydroelectric Project No.1, 5.000%, 7/1/32		200		236
Sacramento Municipal Utility District, 5.000%, 8/15/29		150		186
Southern California Public Power Authority, Windy Point Project, 5.000%, 7/1/28		250		288

				710

Pre-Refunded—13.1%
Bay Area Toll Authority, (Pre-refunded 4/1/19 @100) 5.125%, 4/1/39		425		476
California State Health Facilities Financing Authority,
Providence Health & Services, (Pre-refunded 10/1/18 @100) 6.500%, 10/1/38		5		6
Providence Health & Services, (Pre-refunded 10/1/18 @100) 6.500%, 10/1/38		195		220
California State Infrastructure & Economic Development Bank, Bay Area Toll Bridges (Pre-refunded 7/1/26 @100) (AMBAC Insured) 5.125%, 7/1/37		530		710
California State University, (Pre-refunded 5/1/2019 @ 100) 5.250%, 11/1/38		500		564
Northern California Power Agency, (Pre-refunded 7/1/21 @ 100) (AMBAC Insured) 7.500%, 7/1/23		195		240


	PAR VALUE		VALUE
Pre-Refunded—(continued)
Riverside County Single Family, (Escrowed to Maturity) (GNMA Collateralized) 7.800%, 5/1/21	$	1,085	$	1,413
Riverside Unified School District, (Pre-refunded 8/1/17 @ 100) 5.000%, 8/1/32		275		291
Stockton Housing Facilities Revenue, O’Connors Woods Project, (Pre-refunded 9/20/17 @ 100) (GNMA Collateralized) 5.600%, 3/20/28		155		162

				4,082

Special Tax Revenue—4.9%
Chula Vista Municipal Financing Authority, 5.000%, 9/1/27		200		247
North City West School Facilities Financing Authority, (AMBAC Insured) 5.250%, 9/1/19		635		718
Sacramento Area Flood Control Agency, Consololidated Capital Assessment District (BHAC Insured) 5.500%, 10/1/28		250		276
Tustin Unified School District, Community Facilities District No. 97-1, (BAM Insured) 5.000%, 9/1/33		250		304

				1,545

Transportation Revenue—5.6%
Los Angeles Department of Airports 5.000%, 5/15/32		200		250
Los Angeles Harbor Department, 5.000%, 8/1/35		235		288
San Diego County Regional Airport Authority, 5.000%, 7/1/40		400		449
San Diego Unified Port District, 5.000%, 9/1/28		200		240
San Francisco City & County Airport Commission, San Francisco International Airport, 5.000%, 5/1/43		150		172
San Francisco Municipal Transportation Agency,
5.000%, 3/1/31		125		150
5.000%, 3/1/33		150		187

				1,736

Water & Sewer Revenue—10.3%
East Bay Municipal Utility District Water System Revenue 5.000%, 6/1/35		270		338
Los Angeles Department of Water & Power, 5.000%, 7/1/35		295		370
Manteca, City of, Water Revenue, 5.000%, 7/1/27		300		365


	PAR VALUE		VALUE
Water & Sewer Revenue—(continued)
Oakland, City of, Sewer Revenue, 5.000%, 6/15/29	$	200	$	250
Ross Valley Public Financing Authority, Sanitary District No.1 (AGM Insured) 5.000%, 10/1/33		225		268
San Diego County Water Authority, 5.000%, 5/1/31		250		304
San Diego Public Facilities Financing Authority Sewer Revenue 5.000%, 5/15/39		500		630
Santa Margarita-Dana Point Authority, Water Improvement Districts Nos. 2,3,4, 5.125%, 8/1/38		630		682

				3,207

TOTAL MUNICIPAL TAX-EXEMPT BONDS (Identified Cost $28,165)				30,618

TOTAL LONG TERM INVESTMENTS—98.1% (Identified Cost $28,165)				30,618

TOTAL INVESTMENTS—98.1% (Identified Cost $28,165)				30,618	⁽¹⁾
Other assets and liabilities, net—1.9%				606

NET ASSETS—100.0%			$	31,224

Abbreviations:

ACA	American Capital Access Financial Guarantee Corp.

AGC	Assured Guaranty 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, 2016, see Note 10 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾

At June 30, 2016, 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, 2016, 35.78% 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 11.1%.

⁽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, 2016, these securities amounted to a value of $233 or 0.7% of net assets.

The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2016 (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, 2016.


	PAR VALUE		VALUE
FOREIGN GOVERNMENT SECURITIES—43.4%
Arab Republic of Egypt 144A 5.875%, 6/11/25⁽³⁾	$	200	$	175
Argentine Republic
144A 7.500%, 4/22/26⁽³⁾		300		325
Series NY, 8.280%, 12/31/33		336		376
144A 7.125%, 7/6/36⁽³⁾		150		150
Bermuda RegS 4.854%, 2/6/24⁽⁴⁾		200		214
Bolivarian Republic of Venezuela
RegS 7.750%, 10/13/19⁽⁴⁾		140		63
7.650%, 4/21/25		285		118
9.375%, 1/13/34		325		142
City of Buenos Aires 144A 7.500%, 6/1/27⁽³⁾		250		260
Commonwealth of Jamaica 6.750%, 4/28/28		200		210
Dominican Republic
144A 5.875%, 4/18/24⁽³⁾		100		105
144A 6.875%, 1/29/26⁽³⁾		100		110
144A 6.850%, 1/27/45⁽³⁾		100		103
Federative Republic of Brazil
Treasury Note Series F 10.000%, 1/1/25		280		78
6.000%, 4/7/26		400		434
5.625%, 1/7/41		300		292
Hungary 6.375%, 3/29/21		60		68
Hungary
5.375%, 2/21/23		146		162
5.750%, 11/22/23		22		25
5.375%, 3/25/24		180		201
Islamic Republic of Pakistan 144A 8.250%, 9/30/25⁽³⁾		200		212
Kingdom of Bahrain 144A 6.000%, 9/19/44⁽³⁾		200		162
Kingdom of Morocco 144A 4.250%, 12/11/22⁽³⁾		200		209
Lebanese Republic 6.600%, 11/27/26		200		194
Mongolia 144A 10.875%, 4/6/21⁽³⁾		200		211
Oman Government International Bond 144A 4.750%, 6/15/26⁽³⁾		200		198
Paraguay Government International Bond 144A 4.625%, 1/25/23⁽³⁾		200		209
Philippine Government International Bond 6.375%, 10/23/34		200		291
Provincia de Buenos Aires Provincia de Buenos Aires 7.875%, 6/15/27		150		155
Provincia de Buenos Aires Argentina 144A 9.125%, 3/16/24⁽³⁾		150		165


	PAR VALUE			VALUE
Republic of Angola 144A 9.500%, 11/12/25⁽³⁾	$	200		$	199
Republic of Argentina 2.500%, 12/31/38⁽²⁾		150			101
Republic of Armenia 144A 7.150%, 3/26/25⁽³⁾		200			203
Republic of Azerbaijan 144A 4.750%, 3/18/24⁽³⁾		200			202
Republic of Chile 5.500%, 8/5/20		70,000	^CLP		112
Republic of Colombia
Treasury Note, Series B, 11.250%, 10/24/18		100,000	^COP		38
6.125%, 1/18/41		100			116
Republic of Costa Rica 144A 7.000%, 4/4/44⁽³⁾		200			200
Republic of Cote d’Ivoire 144A 6.375%, 3/3/28⁽³⁾		200			194
Republic of El Salvador
144A 6.375%, 1/18/27⁽³⁾		155			141
144A 7.650%, 6/15/35⁽³⁾		70			63
Republic of Ghana RegS 10.750%, 10/14/30⁽⁴⁾		200			211
Republic of Guatemala 144A 4.500%, 5/3/26⁽³⁾		200			204
Republic of Indonesia
Series FR63, 5.625%, 5/15/23		624,000	^IDR		42
Series FR56, 8.375%, 9/15/26		676,000	^IDR		54
144A 5.125%, 1/15/45⁽³⁾		200			212
Republic of Iraq RegS 5.800%, 1/15/28⁽⁴⁾		250			191
Republic of Kazakhstan 144A 4.875%, 10/14/44⁽³⁾		200			195
Republic of Kenya 144A 6.875%, 6/24/24⁽³⁾		200			185
Republic of Panama
3.750%, 3/16/25		200			211
3.875%, 3/17/28		200			212
Republic of Peru 4.125%, 8/25/27		280			308
Republic of Poland Series 1021, 5.750%, 10/25/21		300	^PLN		89
Republic of Romania
144A 6.750%, 2/7/22⁽³⁾		150			178
RegS 4.875%, 1/22/24⁽⁴⁾		100			110
RegS 6.125%, 1/22/44⁽⁴⁾		120			150
Republic of South Africa
Series R203, 8.250%, 9/15/17		758	^ZAR		52
Series R208, 6.750%, 3/31/21		1,470	^ZAR		94
5.875%, 9/16/25		200			223
Republic of Sri Lanka
144A 5.875%, 7/25/22⁽³⁾		200			195
144A 6.850%, 11/3/25⁽³⁾		200			196
Republic of Turkey
5.125%, 3/25/22		200			214
4.875%, 10/9/26		200			211
6.750%, 5/30/40		225			274
6.625%, 2/17/45		200			243


	PAR VALUE			VALUE
Republic of Uruguay 5.100%, 6/18/50	$	400	⁽⁷⁾	$	400
Russian Federal Bond - Ofz 7.400%, 6/14/17		4,800			74
Socialist Republic of Vietnam RegS 4.800%, 11/19/24⁽⁴⁾		200			206
State of Qatar 144A 3.250%, 6/2/26⁽³⁾		200			204
Ukraine 144A 7.750%, 9/1/26⁽³⁾		160			152
United Mexican States
Series M, 6.500%, 6/9/22		614	^MXN		35
4.750%, 3/8/44		150			162

TOTAL FOREIGN GOVERNMENT SECURITIES (Identified Cost $12,665)					12,673

CORPORATE BONDS AND NOTES—53.8%
Argentina—0.3%
YPF S.A. 144A 8.500%, 3/23/21⁽³⁾		90			97

Azerbaijan—0.8%
Southern Gas Corridor CJSC 144A 6.875%, 3/24/26⁽³⁾		200			216

Barbados—0.7%
Columbus International, Inc. Series B, 144A 7.375%, 3/30/21⁽³⁾		200			212

Brazil—3.6%
BRF SA 7.750%, 5/22/18		400	^BRL		114
JBS Investments GmbH 144A 7.250%, 4/3/24⁽³⁾		200			207
Odebrecht Offshore Drilling Finance Ltd. 144A 6.750%, 10/1/22⁽³⁾		173			32
Petrobras Global Finance BV
3.000%, 1/15/19		80			74
5.375%, 1/27/21		290			268
8.375%, 5/23/21		60			62
8.750%, 5/23/26		140			141
6.750%, 1/27/41		100			80
Vale Overseas Ltd. 5.875%, 6/10/21		70			70

					1,048

Canada—0.2%
Eldorado Gold Corp. 144A 6.125%, 12/15/20⁽³⁾		45			45

Chile—2.9%
Guanay Finance Ltd. 144A 6.000%, 12/15/20⁽³⁾		228			227
Inversiones CMPC S.A. 144A 4.375%, 5/15/23⁽³⁾		200			205
Transelec S.A. 144A 4.250%, 1/14/25⁽³⁾		200			206


	PAR VALUE		VALUE
Chile—(continued)
VTR Finance BV 144A 6.875%, 1/15/24⁽³⁾	$	200	$	200

				838

China—3.6%
Bank of China Ltd. 144A 5.000%, 11/13/24⁽³⁾		200		213
BOC Aviation Pte Ltd. 3.875%, 5/9/19		200		208
Kunlun Energy Co., Ltd. 144A 3.750%, 5/13/25⁽³⁾		200		205
State Grid Overseas Investment Ltd. 144A 4.125%, 5/7/24⁽³⁾		200		220
Tencent Holdings Ltd. 144A 3.800%, 2/11/25⁽³⁾		200		211

				1,057

Colombia—2.1%
Bancolombia S.A. 5.125%, 9/11/22		100		102
Ecopetrol S.A. 5.875%, 9/18/23		200		206
Ecopetrol S.A. 5.375%, 6/26/26		70		68
GrupoSura Finance SA 144A 5.500%, 4/29/26⁽³⁾		200		208
Pacific Rubiales Energy Corp. 144A 5.125%, 3/28/23^(3)(10)		200		38

				622

El Salvador—0.6%
AES El Salvador Trust II 144A 6.750%, 3/28/23⁽³⁾		200		173

Guatemala—0.7%
Comcel Trust via Comunicaciones Celulares SA 144A 6.875%, 2/6/24⁽³⁾⁽⁵⁾		200		196

Hong Kong—0.8%
Bank of China Hong Kong Ltd. 144A 5.550%, 2/11/20⁽³⁾		200		220

India—2.4%
Bharti Airtel International Netherlands BV 144A 5.125%, 3/11/23⁽³⁾		200		217
ICICI Bank Ltd. Dubai 144A 4.000%, 3/18/26⁽³⁾		200		203
Reliance Holdings USA, Inc. 144A 5.400%, 2/14/22⁽³⁾		250		280

				700

Indonesia—4.0%
Pelabuhan Indonesia II PT 144A 4.250%, 5/5/25⁽³⁾		200		200
Pertamina Persero PT
144A 4.875%, 5/3/22⁽³⁾		200		211
144A 6.000%, 5/3/42⁽³⁾		275		279


	PAR VALUE			VALUE
Indonesia—(continued)
144A 5.625%, 5/20/43⁽³⁾	$	200		$	195
Perusahaan Listrik Negara PT 144A 5.500%, 11/22/21⁽³⁾		250			272

					1,157

Ireland—0.8%
Ardagh Finance Holdings SA PIK Interest Capitalization, 144A 8.625%, 6/15/19⁽³⁾⁽⁸⁾		237			241

Jamaica—0.6%
Digicel Group Ltd. 144A 8.250%, 9/30/20⁽³⁾		200			168

Kazakhstan—1.4%
Development Bank of Kazakhstan OJSC 144A 4.125%, 12/10/22⁽³⁾		200			195
KazMunayGas National Co. 144A 6.375%, 4/9/21⁽³⁾		200			220

					415

Mexico—8.2%
Alfa SAB de CV 144A 5.250%, 3/25/24⁽³⁾		200			214
Alpek SA de C.V. 144A 5.375%, 8/8/23⁽³⁾		200			212
America Movil SAB de C.V. Series 12 6.450%, 12/5/22		2,000	^MXN		105
Banco Bilbao Vizcaya Argentaria Bancomer S.A. 144A 6.750%, 9/30/22⁽³⁾		150			167
Banco Santander Mexico SA 144A 5.950%, 1/30/24^(2)(3)(6)		200			211
Cemex SAB de C.V. 144A 7.250%, 1/15/21⁽³⁾		200			212
Fermaca Enterprises S de RL de CV 144A 6.375%, 3/30/38⁽³⁾		193			192
Fomento Economico Mexicano SAB de CV 2.875%, 5/10/23		150			150
Grupo Televisa SAB 7.250%, 5/14/43		2,000	^MXN		95
Grupo Televisa Sab 6.125%, 1/31/46		200			221
Petroleos Mexicanos
4.250%, 1/15/25		100			96
144A 6.875%, 8/4/26⁽³⁾		205			229
6.375%, 1/23/45		100			101
5.625%, 1/23/46		200			182

					2,387


	PAR VALUE			VALUE
Morocco—0.7%
Office Cherifien des Phosphates S.A. (OCP) 144A 5.625%, 4/25/24⁽³⁾	$	200		$	212

Netherlands—0.7%
GTH Finance BV 144A 7.250%, 4/26/23⁽³⁾		200			209

Peru—2.2%
Banco de Credito del Peru
144A 5.375%, 9/16/20⁽³⁾		100			111
144A 6.125%, 4/24/27⁽²⁾⁽³⁾		100			109
Banco Internacional del Peru SAA 144A 5.750%, 10/7/20⁽³⁾		100			111
Banco Internacional del Peru SAA Interbank 144A 6.625%, 3/19/29⁽²⁾⁽³⁾		100			107
Transportadora de Gas del Peru SA 144A 4.250%, 4/30/28⁽³⁾		200			200

					638

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

Qatar—0.7%
Ooredoo International Finance Ltd. 144A 3.750%, 6/22/26⁽³⁾		200			202

Russia—3.8%
AHML Finance Ltd. 144A 7.750%, 2/13/18⁽³⁾		5,000	^RUB		75
Gazprom OAO (Gaz Capital S.A.) 144A 6.000%, 11/27/23⁽³⁾⁽⁵⁾		200			214
Lukoil OAO International Finance BV 144A 4.563%, 4/24/23⁽³⁾		200			203
Metalloinvest Finance Ltd. 144A 5.625%, 4/17/20⁽³⁾		200			209
Scf Capital Ltd. 144A 5.375%, 6/16/23⁽³⁾		200			201
Severstal OAO Via Steel Capital SA 144A 5.900%, 10/17/22⁽³⁾⁽⁵⁾		200			215

					1,117

Singapore—0.7%
Oversea-Chinese Banking Corp., Ltd. 144A 4.000%, 10/15/24⁽²⁾⁽³⁾		200			210

South Africa—1.3%
Eskom Holdings SOC Ltd. 144A 7.125%, 2/11/25⁽³⁾		200			199


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

				388

South Korea—0.7%
Export-Import Bank of Korea 2.875%, 1/21/25		200		207

Sultanate of Oman—0.6%
Lamar Funding Ltd. 144A 3.958%, 5/7/25⁽³⁾		200		187

Supranational—2.2%
Africa Finance Corp. 144A 4.375%, 4/29/20⁽³⁾		200		203
Corp Andina de Fomento 4.375%, 6/15/22		200		223
Eurasian Development Bank 144A 4.767%, 9/20/22⁽³⁾		200		205

				631

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⁾		50		48

Turkey—0.7%
Turkiye Is Bankasi A.S 144A 7.850%, 12/10/23⁽³⁾		200		216

Ukraine—1.2%
Oschadbank Via Ssb #1 plc RegS 9.375%, 3/10/23⁽²⁾⁽⁴⁾		200		193
Ukreximbank Via Biz Finance plc 144A 9.625%, 4/27/22⁽³⁾		150		147

				340

United Arab Emirates—0.9%
DP World Ltd. 144A 6.850%, 7/2/37⁽³⁾		250		274

United Kingdom—0.4%
EnQuest plc 144A 7.000%, 4/15/22⁽³⁾		200		125

United States—0.1%
Parker Drilling Co. 6.750%, 7/15/22		50		38

Venezuela—1.6%
Petroleos de Venezuela SA
8.500%, 11/2/17		260		182
144A 6.000%, 5/16/24⁽³⁾		555		198


	PAR VALUE			VALUE
Venezuela—(continued)
Petroleos de Venezuela SA RegS 6.000%, 11/15/26⁽⁴⁾	$	200		$	70

					450

TOTAL CORPORATE BONDS AND NOTES (Identified Cost $16,213)					15,699

LOAN AGREEMENTS⁽²⁾—0.6%
Consumer Discretionary—0.6%
Delta 2 (Lux) S.a.r.l. Tranche B-3, 4.750%, 7/30/21		47			45
Laureate Education, Inc. 2018 Extended, 5.000%, 6/15/18		147			143

TOTAL LOAN AGREEMENTS (Identified Cost $193)					188


	SHARES			VALUE
PREFERRED STOCK—0.7%
Energy—0.7%
PTT Exploration & Production PCL 144A, 4.875%⁽²⁾⁽³⁾		200	⁽⁹⁾		199

TOTAL PREFERRED STOCK (Identified Cost $201)					199

AFFILIATED MUTUAL FUND—0.5%
Virtus Credit Opportunities Fund Class R6⁽¹¹⁾		14,941			144

TOTAL AFFILIATED MUTUAL FUND (Identified Cost $149)					144

TOTAL LONG TERM INVESTMENTS—99.0% (Identified Cost $29,421)					28,903

TOTAL INVESTMENTS—99.0% (Identified Cost $29,421)					28,903	⁽¹⁾
Other assets and liabilities, net—1.0%					301

NET ASSETS—100.0%				$	29,204

Abbreviation:


PIK		Payment-in-Kind Security

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at June 30, 2016, 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, 2016.

($ reported in thousands)

⁽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, 2016, these securities amounted to a value of $18,111 or 62.0% 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⁾	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⁾	Interest payments may be deferred.

⁽⁷⁾	Principal amount is adjusted pursuant to the change in the Index.

⁽⁸⁾	100% of the income received was in cash.

⁽⁹⁾	Value shown as par value.

⁽¹⁰⁾	Security in default.

⁽¹¹⁾	Shares of this fund are publicly offered and the prospectus and annual report are publicly available.

Foreign Currencies:

BRL	Brazilian Real

CLP	Chilean Peso

COP	Colombian Peso

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, 2016 (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, 2016.


	SHARES		VALUE
PREFERRED STOCKS—3.6%
Consumer Staples—0.4%
Companhia Brasileira de Distribuicao Grupo Pao de Acucar 1.27% (Brazil)		8,400	$	122

Financials—1.6%
Banco Bradesco S.A. 0.69% (Brazil)		38,920		305
Bancolombia SA 3.41% (Colombia)		8,053		70
Itausa Investimentos Itau S.A. 0.18% (Brazil)		39,770		93

				468

Materials—0.7%
Braskem SA, Class A 5.42% (Brazil)		17,400		103
Suzano Papel e Celulose S.A. Class A (Brazil)		27,500		97

				200

Telecommunication Services—0.2%
Telefonica Brasil SA (Brazil)		4,600		62

Utilities—0.7%
Companhia Energetica de Minas Gerais 6.150% (Brazil)		43,500		98
Companhia Paranaense de Energia, Class B 3.33% (Brazil)		13,500		122

				220

TOTAL PREFERRED STOCKS (Identified Cost $829)				1,072

COMMON STOCKS—95.2%
Consumer Discretionary—9.1%
Arcelik AS (Turkey)		14,648		96
Astra International Tbk PT (Indonesia)		350,400		197
Bajaj Auto Ltd. (India)		5,249		210
Cheng Shin Rubber Industry Co., Ltd. (Taiwan)		70,000		148
Coway Co. Ltd. (South Korea)		2,341		213
Ford Otomotiv Sanayi AS (Turkey)		10,904		116
Foschini Group Ltd. (The) (South Africa)		7,519		71
Halla Visteon Climate Control Corp. (South Korea)		12,211		112
Home Product Center PCL (Thailand)		812,800		230
Kangwon Land, Inc. (South Korea)		7,311		265
Kia Motors Corp. (South Korea)		6,368		240
Lojas Renner S.A. (Brazil)		24,300		180
Merida Industry Co. Ltd. (Taiwan)		57,000		241


	SHARES		VALUE
Consumer Discretionary—(continued)
Naspers Ltd. Class N (South Africa)		810	$	124
Truworths International Ltd. (South Africa)		22,126		129
Tsogo Sun Holdings Ltd. (South Africa)		58,083		105

				2,677

Consumer Staples—6.6%
Ambev SA (Brazil)		63,500		376
BRF SA (Brazil)		6,000		84
Fomento Economico Mexicano S.A.B. de CV (Mexico)		23,400		217
Hengan International Group Co., Ltd. (China)		10,500		88
Hindustan Unilever Ltd. (India)		10,734		143
ITC Ltd. (India)		24,448		134
KT&G Corp. (South Korea)		3,542		419
Qinqin Foodstuffs Group Cayman Co., Ltd. (China)⁽²⁾		2,100		—	⁽³⁾
Raia Drogasil SA (Brazil)		8,000		158
Spar Group Ltd. (The) (South Africa)		11,506		158
Want Want China Holdings Ltd. (China)		219,000		155

				1,932

Energy—7.2%
China Petroleum & Chemical Corp. Class H (China)		401,800		290
China Shenhua Energy Co., Ltd. Class H (China)		113,500		211
Cosan S.A. Industria e Comercio (Brazil)		12,400		129
Gazprom PAO (Gazstream S.A.) Sponsored ADR (Russia)		75,057		325
Lukoil PJSC Sponsored ADR (Russia)		1,863		78
Oil & Natural Gas Corp. Ltd. (India)		80,466		259
Rosneft OJSC GDR (Russia)		32,925		170
Sasol Ltd. (South Africa)		6,928		187
Tatneft PAO Sponsored ADR (Russia)		6,188		193
Thai Oil Public Co. Ltd. (Thailand)		58,600		100
Ultrapar Participacoes S.A. (Brazil)		7,900		175

				2,117

Financials—27.7%
Agricultural Bank of China Ltd. Class H (China)		863,000		317
Aldar Properties PJSC (United Arab Emirates)		190,827		141
AMMB Holdings Bhd (Malaysia)		124,100		137
Banco de Chile (Chile)		1,744,228		187
Banco do Brasil S.A. (Brazil)		29,700		157
Banco Santander Chile SA (Chile)		3,234,621		156


	SHARES		VALUE
Financials—(continued)
Bank of China Ltd. Class H (China)		1,552,000	$	624
Barclays Africa Group Ltd. (South Africa)		26,068		256
BB Seguridade Participacoes (Brazil)		12,400		108
BM&F Bovespa S.A. (Brazil)		25,900		144
China Construction Bank Corp. Class H (China)		1,519,000		1,013
China Everbright Bank Co., Ltd. Class H (China)		360,000		165
China Everbright Ltd. (China)		144,000		279
Commercial Bank QSC (The) (Qatar)		9,112		93
CTBC Financial Holding Co., Ltd. (Taiwan)		176,236		93
Doha Bank QSC (Qatar)		6,610		64
Dongbu Insurance Co., Ltd. (South Korea)		5,762		347
Dubai Islamic Bank PJSC (United Arab Emirates)		67,324		94
Emlak Konut Gayrimenkul Yatirim Ortakligi AS (Turkey)		161,434		161
First Gulf Bank PJSC (United Arab Emirates)		35,508		122
FirstRand Ltd. (South Africa)		116,064		354
Fubon Financial Holding Co., Ltd. (Taiwan)		211,000		249
Gentera S.A.B de CV (Mexico)		52,200		93
Guangzhou R&F Properties Co., Ltd. Class H (China)		112,800		143
Hanwha Life Insurance Co., Ltd. (South Korea)		24,154		122
Highwealth Construction Corp. (Taiwan)		158,000		261
Hyundai Marine & Fire Insurance Co., Ltd. (South Korea)		8,763		223
Industrial & Commercial Bank of China Ltd. Class H (China)		1,495,000		834
Komercni Banka A.S. (Czech Republic)		2,065		77
Liberty Holdings Ltd. (South Africa)		17,343		142
MMI Holdings Ltd. (South Africa)		73,488		113
OTP Bank plc (Hungary)		4,570		102
Ping An Insurance Group Co. of China Ltd. Class H (China)		67,500		299
Shimao Property Holdings Ltd. (China)		127,500		162
Standard Bank Group Ltd. (South Africa)		22,148		193
Turkiye Is Bankasi Class C (Turkey)		85,556		136

				8,161

Health Care—2.5%
China Medical System Holdings Ltd. (China)		118,000		181
Kalbe Farma Tbk PT (Indonesia)		1,832,600		213
Richter Gedeon Nyrt (Hungary)		7,265		144
Sinopharm Group Co., Ltd. Class H (China)		43,200		208

				746


	SHARES		VALUE
Industrials—8.5%
AirAsia BHD (Malaysia)		270,300	$	175
China Conch Venture Holdings Ltd. (China)		100,000		199
Daewoo International Corp. (South Korea)		4,798		105
Grupo Aeroportuario del Pacifico SAB de C.V. Class B (Mexico)		20,300		209
Industries Qatar Qsc (Qatar)		3,895		105
Jiangsu Expressway Co., Ltd. Class H (China)		142,000		198
LG Corp. (South Korea)		3,870		215
Pegatron Corp. (Taiwan)		137,000		291
S-1 Corp. (South Korea)		1,935		182
Shanghai Industrial Holdings Ltd. (China)		76,000		173
Sinopec Engineering Group Co., Ltd. Class H (China)		179,500		163
TAV Havalimanlari Holding AS (Turkey)		26,067		112
United Tractors Tbk PT (Indonesia)		159,400		180
Weg SA (Brazil)		10,900		47
Zhejiang Expressway Co., Ltd. Class H (China)		160,000		151

				2,505

Information Technology—21.6%
Advanced Semiconductor Engineering, Inc. (Taiwan)		230,000		262
Asustek Computer, Inc. (Taiwan)		37,000		306
Catcher Technology Co., Ltd. (Taiwan)		27,000		201
Compal Electronics, Inc. (Taiwan)		344,000		218
Delta Electronics Thailand PCL (Thailand)		86,000		168
Foxconn Technology CO Ltd. (Taiwan)		52,000		123
HCL Technologies Ltd. (India)		36,127		392
Hon Hai Precision Industry Co., Ltd. (Taiwan)		145,900		376
Infosys Ltd. (India)		47,547		825
Lite-On Technology Corp. (Taiwan)		104,950		144
NCSoft Corp. (South Korea)		1,021		210
NetEase, Inc. ADR (China)		2,221		429
Powertech Technology, Inc. (Taiwan)		105,000		234
Simplo Technology Co. Ltd. (Taiwan)		59,000		208
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)		187,000		942
Tata Consultancy Services Ltd. (India)		13,053		495
TOTVS S.A. (Brazil)		7,400		70
Travelsky Technology Ltd. Class H (China)		98,000		189
Vanguard International Semiconductor Corp. (Taiwan)		102,000		169
Wipro Ltd. (India)		22,533		187


	SHARES		VALUE
Information Technology—(continued)
WPG Holdings Ltd. (Taiwan)		178,000	$	208

				6,356

Materials—4.3%
Anhui Conch Cement Co., Ltd. Class H (China)		99,000		240
Cementos Argos S.A. (Colombia)		35,617		145
Grupo Mexico S.A.B. de C.V. Series B (Mexico)		32,900		77
Mondi Ltd. (South Africa)		10,509		192
Nan Ya Plastics Corp (Taiwan)		121,000		231
PTT Global Chemical PCL (Thailand)		219,900		373

				1,258

Telecommunication Services—6.2%
America Movil S.A.B. de C.V. Class C Series L (Mexico)		174,800		107
China Communications Services Corp. Ltd. Series H (China)		388,000		203
China Mobile Ltd. (China)		52,500		607
MTN Group Ltd. (South Africa)		18,438		179
Ooredoo QSC (Qatar)		2,384		58
SK Telecom Co., Ltd. (South Korea)		1,207		227
Telekomunikasi Indonesia Persero Tbk PT (Indonesia)		1,050,400		320
Vodacom Group Ltd. (South Africa)		11,105		126

				1,827

Utilities—1.5%
Aboitiz Power Corp. (Philippines)		82,100		81
China Resources Power Holdings Co., Ltd. (China)		94,000		141
Interconexion Electrica SA ESP (Colombia)		21,942		67
Petronas Gas BHD (Malaysia)		29,400		161

				450

TOTAL COMMON STOCKS (Identified Cost $27,272)				28,029

TOTAL LONG TERM INVESTMENTS—98.8% (Identified Cost $28,101)				29,101

TOTAL INVESTMENTS—98.8% (Identified Cost $28,101)				29,101	⁽¹⁾
Other assets and liabilities, net—1.2%				359

NET ASSETS—100.0%			$	29,460

Abbreviations:


ADR		American Depositary Receipt
GDR		Global Depositary Receipt

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at June 30, 2016, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Non-income producing.

⁽³⁾	Amount is less than $500 (reported in thousands).

($ reported in thousands)


Country Weightings †
China	26	%
Taiwan	17
South Korea	10
Brazil	9
India	9
South Africa	8
Indonesia	3
Other	18

Total	100	%

†	% of total investments as of June 30, 2016

The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2016 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

Securities held by the Fund with an end of period value of $2,245 were transferred from Level 1 to Level 2 based on our valuation procedures for non-U.S. securities.


	SHARES		VALUE
PREFERRED STOCK—0.7%
Consumer Discretionary—0.7%
Whirlpool SA (Brazil)		38,964	$	31

TOTAL PREFERRED STOCK (Identified Cost $29)				31

COMMON STOCKS—96.2%
Consumer Discretionary—9.2%
Ace Hardware Indonesia Tbk PT (Indonesia)		1,498,000		105
Goldlion Holdings Ltd. (Hong Kong)		259,000		97
Pico Far East Holdings Ltd. (Hong Kong)		706,780		200
Whirlpool SA (Brazil)		16,661		13

				415

Consumer Staples—22.9%
AVI Ltd. (South Africa)		23,910		135
Compania Cervecerias Unidas SA Sponsored ADR (Chile)		2,290		53
Embotelladora Andina ADR S.A. Class-B (Chile)		5,360		114
Grupo Herdez Sab de CV (Mexico)		37,425		82
Guinness Anchor Bhd (Malaysia)		32,200		121
Oldtown Bhd (Malaysia)		322,750		153
Pinar SUT Mamulleri Sanayii AS (Turkey)		22,800		121
Premier Marketing PCL (Thailand)		643,000		171
Wawel SA (Poland)		332		84

				1,034

Financials—17.1%
ARA Asset Management Ltd. (Singapore)		156,880		161
BFI Finance Indonesia Tbk PT (Indonesia)⁽³⁾		779,000		160
Bolsa Mexicana de Valores Sab de CV SA (Mexico)		35,100		54
Credit Analysis & Research Ltd. (India)		7,900		116
Equity Group Holdings Ltd. (Kenya)		220,600		84
Korea Ratings Corp. (South Korea)		3,130		112
Tisco Financial Group PCL (Thailand)		61,700		87

				774

Health Care—1.0%
OdontoPrev S.A. (Brazil)		10,700		44

Industrials—19.4%
Freight Management Holdings Bhd (Malaysia)		218,729		65
Prosegur Cia de Seguridad SA (Spain)		15,700		95


	SHARES		VALUE
Industrials—(continued)
S-1 Corp. (South Korea)		1,950	$	183
Sinmag Equipment Corp. (Taiwan)		26,520		88
Taiwan Secom Co., Ltd. (Taiwan)		58,874		170
Tegma Gestao Logistica (Brazil)		97,900		178
Turk Traktor Ve Ziraat Makineleri AS (Turkey)		3,600		105

				884

Information Technology—16.0%
Autohome, Inc. ADR (China)⁽²⁾		6,300		126
Bitauto Holdings Ltd. ADR (China)⁽²⁾		1,230		33
EClerx Services Ltd. (India)		4,933		106
Lumax International Corp., Ltd. (Taiwan)		163,800		237
TOTVS SA (Brazil)		9,400		89
Yandex NV Class A (Russia)⁽²⁾		6,000		131

				722

Materials—10.6%
KPX Chemical Co. Ltd. (South Korea)		2,615		115
Transpaco Ltd. (South Africa)		107,500		172
Yung Chi Paint & Varnish Manufacturing Co. Ltd. (Taiwan)		82,000		193

				480

TOTAL COMMON STOCKS (Identified Cost $4,772)				4,353

TOTAL LONG TERM INVESTMENTS—96.9% (Identified Cost $4,801)				4,384

TOTAL INVESTMENTS—96.9% (Identified Cost $4,801)				4,384	⁽¹⁾
Other assets and liabilities, net—3.1%				138

NET ASSETS—100.0%			$	4,522

Abbreviation:

ADR	American Depositary Receipt

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at June 30, 2016, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Non-income producing.

⁽³⁾	Illiquid security.

The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2016 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

Securities held by the Fund with an end of period value of $727 were transferred from Level 1 to Level 2, and securities held by the Fund with an end of period value of $434 were transferred from Level 2 to Level 1 based on our valuation procedures for non-U.S. securities.


	SHARES		VALUE
COMMON STOCKS—99.8%
Consumer Discretionary—23.7%
Advance Auto Parts, Inc.		16,923	$	2,735
Amazon.com, Inc.⁽²⁾		19,405		13,887
AutoNation, Inc.⁽²⁾		16,889		793
AutoZone, Inc.⁽²⁾		6,952		5,519
CarMax, Inc.⁽²⁾		46,593		2,284
Chipotle Mexican Grill, Inc.⁽²⁾		2,262		911
Comcast Corp. Class A		208,249		13,576
Darden Restaurants, Inc.		7,667		486
Dollar General Corp.		56,143		5,277
Dollar Tree, Inc.⁽²⁾		46,340		4,367
Expedia, Inc.		6,357		676
Gap, Inc. (The)		41,910		889
Genuine Parts Co.		187,259		18,960
Hasbro, Inc.		99,322		8,342
Home Depot, Inc. (The)		99,690		12,729
Horton (D.R.), Inc.		184,438		5,806
Interpublic Group of Cos., Inc. (The)		305,434		7,056
L Brands, Inc.		44,936		3,017
Leggett & Platt, Inc.		100,466		5,135
Lennar Corp. Class A		100,630		4,639
Lowe’s Cos., Inc.		71,291		5,644
Mattel, Inc.		301,464		9,433
McDonald’s Corp.		66,298		7,978
Mohawk Industries, Inc.⁽²⁾		46,938		8,907
Netflix, Inc.⁽²⁾		20,986		1,920
Newell Rubbermaid, Inc.		318,754		15,482
NIKE, Inc. Class B		291,696		16,102
O’Reilly Automotive, Inc.⁽²⁾		22,547		6,112
Omnicom Group, Inc.		174,961		14,258
Priceline Group, Inc. (The)⁽²⁾		2,511		3,135
PulteGroup, Inc.		178,568		3,480
Ross Stores, Inc.		70,189		3,979
Starbucks Corp.		107,951		6,166
Target Corp.		120,648		8,424
Time Warner, Inc.		40,390		2,970
TJX Cos., Inc. (The)		116,343		8,985
TripAdvisor, Inc.⁽²⁾		5,206		335
Twenty-First Century Fox, Inc. Class A		59,177		1,601
Twenty-First Century Fox, Inc. Class B		21,819		595
Urban Outfitters, Inc.⁽²⁾		17,369		478


	SHARES		VALUE
Consumer Discretionary—(continued)
Viacom, Inc. Class B		17,536	$	727
Walt Disney Co. (The)		76,868		7,519
Wynn Resorts Ltd.		206,138		18,684
Yum! Brands, Inc.		31,070		2,576

				272,574

Consumer Staples—11.9%
Altria Group, Inc.		105,051		7,244
Brown-Forman Corp. Class B		53,492		5,336
Campbell Soup Co.		11,895		791
Coca-Cola Co. (The)		204,805		9,284
ConAgra Foods, Inc.		30,537		1,460
Constellation Brands, Inc. Class A		101,080		16,719
CVS Health Corp.		81,550		7,808
Dr. Pepper Snapple Group, Inc.		8,114		784
General Mills, Inc.		40,206		2,868
Hershey Co. (The)		10,777		1,223
Hormel Foods Corp.		16,012		586
J.M. Smucker Co. (The)		7,144		1,089
Kellogg Co.		17,029		1,390
Kraft Heinz Co. (The)		38,871		3,439
McCormick & Co., Inc.		7,368		786
Mead Johnson Nutrition Co.		12,464		1,131
Molson Coors Brewing Co. Class B		218,597		22,107
Mondelez International, Inc. Class A		84,318		3,837
Monster Beverage Corp.⁽²⁾		6,414		1,031
PepsiCo, Inc.		76,610		8,116
Philip Morris International, Inc.		84,834		8,629
Reynolds American, Inc.		57,884		3,122
SYSCO Corp.		432,588		21,950
Tyson Foods, Inc. Class A		18,233		1,218
Walgreens Boots Alliance, Inc.		64,142		5,341

				137,289

Energy—1.0%
Marathon Petroleum Corp.		70,031		2,658
Phillips 66		62,361		4,948
Tesoro Corp.		15,815		1,185
Valero Energy Corp.		63,261		3,226

				12,017

Financials—12.7%
Allstate Corp. (The)		46,070		3,223
American Tower Corp.		46,257		5,255


	SHARES		VALUE
Financials—(continued)
AON plc		64,093	$	7,001
Apartment Investment & Management Co. Class A		31,775		1,403
AvalonBay Communities, Inc.		29,085		5,247
CHUBB Ltd.		50,979		6,663
Cincinnati Financial Corp.		16,159		1,210
CME Group, Inc.		41,430		4,035
Crown Castle International Corp.		37,125		3,766
Equinix, Inc.		7,755		3,007
Equity Residential		77,797		5,359
Essex Property Trust, Inc.		13,963		3,185
Extra Space Storage, Inc.		13,937		1,290
Federal Realty Investment Trust		9,100		1,506
General Growth Properties, Inc.		103,533		3,087
HCP, Inc.		119,247		4,219
Intercontinental Exchange, Inc.		14,562		3,727
Iron Mountain, Inc.		19,647		783
Kimco Realty Corp.		72,772		2,284
Macerich Co. (The)		23,688		2,023
Marsh & McLennan Cos., Inc.		121,762		8,336
Moody’s Corp.		21,058		1,973
NASDAQ OMX Group, Inc. (The)		14,075		910
Progressive Corp. (The)		68,791		2,304
Prologis, Inc.		372,273		18,256
Public Storage		16,470		4,210
Realty Income Corp.		40,973		2,842
S&P Global, Inc.		33,099		3,550
Simon Property Group, Inc.		47,109		10,218
Travelers Cos., Inc. (The)		33,070		3,937
UDR, Inc.		56,134		2,072
Ventas, Inc.		87,018		6,337
Welltower, Inc.		64,361		4,902
Weyerhaeuser Co.		86,946		2,588
Willis Towers Watson plc		32,412		4,029
XL Group plc		34,368		1,145

				145,882

Health Care—10.5%
Abbott Laboratories		66,063		2,597
Aetna, Inc.		23,371		2,854
Agilent Technologies, Inc.		52,176		2,315
Allergan plc⁽²⁾		5,539		1,280
AmerisourceBergen Corp.		27,806		2,206


	SHARES		VALUE
Health Care—(continued)
Anthem, Inc.		17,578	$	2,309
Bard (C.R.), Inc.		3,394		798
Baxter International, Inc.		24,935		1,128
Becton, Dickinson & Co.		9,557		1,621
Boston Scientific Corp.⁽²⁾		61,341		1,434
Bristol-Myers Squibb Co.		23,477		1,727
Cardinal Health, Inc.		46,838		3,654
Cigna Corp.		17,451		2,234
Danaher Corp.		22,875		2,310
DENTSPLY SIRONA, Inc.		315,160		19,552
Edwards Lifesciences Corp.⁽²⁾		10,185		1,016
Eli Lilly & Co.		13,726		1,081
Endo International plc⁽²⁾		2,986		47
HCA Holdings, Inc.⁽²⁾		117,957		9,084
Henry Schein, Inc.⁽²⁾		11,803		2,087
Humana, Inc.		10,273		1,848
Illumina, Inc.⁽²⁾		23,500		3,299
Intuitive Surgical, Inc.⁽²⁾		1,679		1,110
Johnson & Johnson		38,940		4,723
Mallinckrodt plc⁽²⁾		1,659		101
McKesson Corp.		32,770		6,116
Medtronic plc		62,914		5,459
Merck & Co., Inc.		39,297		2,264
Mylan NV⁽²⁾		5,930		256
Patterson Cos., Inc.		12,098		579
PerkinElmer, Inc.		18,546		972
Perrigo Co. plc		2,079		188
Pfizer, Inc.		86,837		3,058
Shire plc ADR		1		—	⁽³⁾
St. Jude Medical, Inc.		11,909		929
Stryker Corp.		14,658		1,756
Thermo Fisher Scientific, Inc.		64,300		9,501
UnitedHealth Group, Inc.		65,017		9,180
Universal Health Services, Inc. Class B		34,263		4,595
Varian Medical Systems, Inc.⁽²⁾		4,345		357
Waters Corp.⁽²⁾		12,948		1,821
Zimmer Biomet Holdings, Inc.		8,412		1,013
Zoetis, Inc.		6,578		312

				120,771

Industrials—11.3%
3M Co.		25,085		4,393
Allegion plc		110,339		7,661


	SHARES		VALUE
Industrials—(continued)
Avery Dennison Corp.		28,852	$	2,157
Boeing Co. (The)		25,394		3,298
Cintas Corp.		194,904		19,126
Dover Corp.		22,582		1,565
Dun & Bradstreet Corp.		13,805		1,682
Equifax, Inc.		44,606		5,727
Flowserve Corp.		19,942		901
General Dynamics Corp.		11,786		1,641
General Electric Co.		412,366		12,981
Honeywell International, Inc.		30,089		3,500
Illinois Tool Works, Inc.		48,216		5,022
Ingersoll-Rand plc		38,643		2,461
L-3 Communications Holdings, Inc.		2,878		422
Lockheed Martin Corp.		10,323		2,562
Masco Corp.		382,833		11,845
Nielsen Holdings plc		136,368		7,087
Northrop Grumman Corp.		7,157		1,591
Parker Hannifin Corp.		19,815		2,141
Pentair plc		26,148		1,524
Raytheon Co.		11,825		1,608
Republic Services, Inc.		97,288		4,992
Rockwell Collins, Inc.		5,081		433
Roper Technologies, Inc.		3,860		658
Snap-On, Inc.		8,802		1,389
Stanley Black & Decker, Inc.		21,527		2,394
Stericycle, Inc.⁽²⁾		34,073		3,548
Textron, Inc.		10,341		378
United Technologies Corp.		31,069		3,186
Waste Management, Inc.		167,699		11,113
Xylem, Inc.		26,260		1,173

				130,159

Information Technology—12.5%
Activision Blizzard, Inc.		187,590		7,434
Adobe Systems, Inc.⁽²⁾		62,897		6,025
Akamai Technologies, Inc.⁽²⁾		9,455		529
Alliance Data Systems Corp.⁽²⁾		2,034		399
Alphabet, Inc. Class A⁽²⁾		7,596		5,344
Alphabet, Inc. Class C⁽²⁾		7,813		5,407
Amphenol Corp. Class A		45,851		2,629
Analog Devices, Inc.		11,397		646
Applied Materials, Inc.		377,182		9,041
Autodesk, Inc.⁽²⁾		28,760		1,557


	SHARES		VALUE
Information Technology—(continued)
Automatic Data Processing, Inc.		15,077	$	1,385
Broadcom Ltd.		14,297		2,222
CA, Inc.		8,860		291
Citrix Systems, Inc.⁽²⁾		19,238		1,541
Corning, Inc.		489,123		10,017
eBay, Inc.⁽²⁾		47,498		1,112
Electronic Arts, Inc.⁽²⁾		115,570		8,756
Facebook, Inc. Class A⁽²⁾		68,380		7,814
Fidelity National Information Services, Inc.		9,060		668
First Solar, Inc.⁽²⁾		3,378		164
Fiserv, Inc.⁽²⁾		7,457		811
Intel Corp.		181,355		5,948
Intuit, Inc.		32,536		3,631
KLA-Tencor Corp.		54,832		4,016
Lam Research Corp.		53,235		4,475
Linear Technology Corp.		10,234		476
MasterCard, Inc. Class A		32,322		2,846
Microchip Technology, Inc.		7,061		358
Micron Technology, Inc.⁽²⁾		42,068		579
Microsoft Corp.		280,741		14,366
NVIDIA Corp.		18,702		879
Oracle Corp.		98,873		4,047
Paychex, Inc.		10,491		624
PayPal Holdings, Inc.⁽²⁾		36,287		1,325
Qorvo, Inc.⁽²⁾		4,470		247
QUALCOMM, Inc.		57,279		3,068
Red Hat, Inc.⁽²⁾		5,761		418
salesforce.com, Inc.⁽²⁾		77,494		6,154
Skyworks Solutions, Inc.		7,304		462
Symantec Corp.		22,640		465
Texas Instruments, Inc.		38,658		2,422
Total System Services, Inc.		5,616		298
VeriSign, Inc.⁽²⁾		3,953		342
Verisk Analytics, Inc.⁽²⁾		59,346		4,812
Visa, Inc. Class A		63,552		4,714
Western Union Co. (The)		16,786		322
Xerox Corp.		31,647		300
Xilinx, Inc.		9,633		444
Yahoo!, Inc.⁽²⁾		36,900		1,386

				143,216

Materials—10.0%
Alcoa, Inc.		1,646,713		15,265


	SHARES		VALUE
Materials—(continued)
Dow Chemical Co. (The)		151,609	$	7,536
Du Pont (E.I.) de Nemours & Co.		117,602		7,621
Eastman Chemical Co.		20,610		1,399
Ecolab, Inc.		40,183		4,766
Freeport-McMoRan Copper & Gold, Inc.		1,246,674		13,888
International Flavors & Fragrances, Inc.		12,140		1,530
International Paper Co.		131,246		5,562
Martin Marietta Materials, Inc.		49,332		9,472
Newmont Mining Corp.		571,741		22,367
PPG Industries, Inc.		40,718		4,241
Sealed Air Corp.		62,501		2,873
Sherwin-Williams Co. (The)		11,952		3,510
Vulcan Materials Co.		100,180		12,058
Westrock Co.		83,724		3,254

				115,342

Telecommunication Services—1.6%
AT&T, Inc.		211,696		9,147
CenturyLink, Inc.		20,034		581
Frontier Communications Corp.		47,008		232
Verizon Communications, Inc.		140,785		7,862

				17,822

Utilities—4.6%
AGL Resources, Inc.		287,311		18,954
Ameren Corp.		16,809		901
American Electric Power Co., Inc.		21,699		1,521
CenterPoint Energy, Inc.		31,344		752
CMS Energy Corp.		19,660		902
Consolidated Edison, Inc.		20,486		1,648
Dominion Resources, Inc.		39,938		3,112
DTE Energy Co.		12,417		1,231
Duke Energy Corp.		31,443		2,698
Edison International		13,962		1,084
Entergy Corp.		8,135		662
Eversource Energy		14,135		847
Exelon Corp.		41,828		1,521
FirstEnergy Corp.		17,544		612
NextEra Energy, Inc.		20,469		2,669
NiSource, Inc.		22,570		599
PG&E Corp.		32,872		2,101
Pinnacle West Capital Corp.		5,770		468
PPL Corp.		29,249		1,104
Public Service Enterprise Group, Inc.		35,013		1,632


	SHARES		VALUE
Utilities—(continued)
SCANA Corp.		9,085	$	687
Sempra Energy		16,296		1,858
Southern Co.		40,723		2,184
TECO Energy, Inc.		17,919		495
WEC Energy Group, Inc.		20,724		1,353
XCEL Energy, Inc.		22,491		1,007

				52,602

TOTAL COMMON STOCKS (Identified Cost $1,055,957)				1,147,674

TOTAL LONG TERM INVESTMENTS—99.8% (Identified Cost $1,055,957)				1,147,674

TOTAL INVESTMENTS—99.8% (Identified Cost $1,055,957)				1,147,674	⁽¹⁾
Other assets and liabilities, net—0.2%				2,674

NET ASSETS—100.0%			$	1,150,348

Abbreviation:


ADR		American Depositary Receipt

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at June 30, 2016, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Non-income producing.

⁽³⁾	Amount is less than $500 (reported in thousands).

The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2016 (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, 2016.


	SHARES		VALUE
COMMON STOCKS—95.9%
Consumer Discretionary—6.0%
BorgWarner, Inc. (United States)		1,164	$	34
Coway Co. Ltd. (South Korea)		343		31
Delphi Automotive plc (United Kingdom)		736		46
EnerCare, Inc. (Canada)		6,034		80
Johnson Controls, Inc. (United States)		1,843		82

				273

Consumer Staples—15.6%
Adecoagro SA (Brazil)⁽²⁾		5,858		64
AG Growth International, Inc. (Canada)		778		25
Andersons, Inc. (The) (United States)		479		17
Archer-Daniels-Midland Co. (United States)		1,717		74
Bunge Ltd. (United States)		1,250		74
Glanbia plc (Ireland)		800		15
Golden Agri-Resources Ltd. (Singapore)		152,500		40
Greencore Group plc (Ireland)		10,720		44
JBS SA (Brazil)		14,000		44
KWS SAAT AG (Germany)		68		22
Minerva SA (Brazil)⁽²⁾		10,800		31
Origin Enterprises plc (Ireland)		5,337		32
PureCircle Ltd. (United Kingdom)⁽²⁾		8,560		33
SLC Agricola SA (Brazil)		13,900		64
SunOpta, Inc. (Canada)⁽²⁾		10,331		43
United Natural Foods, Inc. (United States)⁽²⁾		888		42
Whitewave Foods Co. (The) (United States)⁽²⁾		904		42

				706

Energy—3.7%
Chorus Gmbh (Germany)		2,013		20
Cosan Ltd. (Brazil)		14,300		93
Energy Development Corp. (Philippines)		175,200		21
Pattern Energy Group, Inc. (United States)		650		15
TransAlta Renewables, Inc. (Canada)		1,738		18

				167

Financials—4.7%
Capital Stage AG (Germany)		2,784		18
Gladstone Land Corp. (United States)		2,442		27
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (United States)		2,069		45
PICO Holdings, Inc. (United States)⁽²⁾		5,122		49


	SHARES		VALUE
Financials—(continued)
Renewables Infrastructure Group Ltd. (The) (United Kingdom)		34,076	$	44
Saeta Yield SA (Spain)		3,083		31

				214

Health Care—2.6%
Agilent Technologies, Inc. (United States)		664		30
Danaher Corp. (United States)		641		65
Genus plc (United Kingdom)		1,063		22

				117

Industrials—27.4%
Aalberts Industries NV (Netherlands)		527		16
Aegion Corp. (United States)⁽²⁾		533		10
Ameresco, Inc. Class A (United States)⁽²⁾		4,648		20
Amiad Water Systems Ltd. (Israel)		7,152		15
Arcadis NV (Netherlands)		2,435		36
BayWa AG (Germany)		1,727		52
China Everbright International Ltd. (Hong Kong)		15,000		17
Costain Group plc (United Kingdom)		3,743		16
Covanta Holding Corp. (United States)		4,857		80
CSX Corp. (United States)		1,828		48
Deere & Co. (United States)		304		25
DIRTT Environmental Solutions (Canada)⁽²⁾		2,406		10
Eaton Corp. plc (United States)		552		33
Enphase Energy, Inc. (United States)⁽²⁾		3,583		7
Franklin Electric Co., Inc. (United States)		220		7
FuelCell Energy, Inc. (United States)⁽²⁾		582		4
GEA Group AG (Germany)		927		44
HD Supply Holdings, Inc. (United States)⁽²⁾		1,745		61
Honeywell International, Inc. (United States)		225		26
IDEX Corp. (United States)		236		19
Kingspan Group plc (Ireland)		1,368		29
Kubota Corp. (Japan)		5,200		70
Kurita Water Industries Ltd. (Japan)		1,200		27
Lumenpulse, Inc. (Canada)⁽²⁾		1,891		24
METAWATER Co. Ltd. (Japan)		600		16
Mueller Water Products, Inc. Class A (United States)		696		8
Nordex SE (Germany)⁽²⁾		801		23
Pentair plc (United States)		1,292		75
PNE Wind AG (Germany)		10,370		25
Prysmian SpA (Italy)		927		20


	SHARES		VALUE
Industrials—(continued)
Rexnord Corp. (United States)⁽²⁾		2,084	$	41
Roper Technologies, Inc. (United States)		268		46
Senvion SA (Luxembourg)⁽²⁾		1,328		18
Smith (A.O.) Corp. (United States)		195		17
SPX Corp. (United States)		2,601		39
Stantec, Inc. (Canada)		1,411		34
Tetra Tech, Inc. (United States)		1,528		47
Vestas Wind Systems A/S (Denmark)		768		52
Xylem, Inc. (United States)		902		40
Zumtobel Group AG (Austria)		3,545		43

				1,240

Information Technology—9.3%
Canadian Solar, Inc. (Canada)⁽²⁾		4,742		72
First Solar, Inc. (United States)⁽²⁾		966		47
Infineon Technologies AG (Germany)		3,226		47
JinkoSolar Holding Co.Ltd. ADR (China)⁽²⁾		1,496		30
Power Integrations, Inc. (United States)		415		21
PSI AG Gesellschaft Fuer Produkte Und Systeme Der Informationstechnologie (Germany)		838		12
Pure Technologies Ltd. (Canada)		12,763		58
SolarEdge Technologies, Inc. (United States)⁽²⁾		758		15
SunPower Corp. (United States)⁽²⁾		4,735		73
Trimble Navigation Ltd. (United States)⁽²⁾		1,403		34
Universal Display Corp. (United States)⁽²⁾		165		11

				420

Materials—12.4%
Agrium, Inc. (Canada)		600		54
Calgon Carbon Corp. (United States)		3,778		50
CF Industries Holdings, Inc. (United States)		1,436		35
Ecolab, Inc. (United States)		503		60
FMC Corp. (United States)		556		26
Israel Chemicals Ltd. (Israel)		6,205		24
Johnson Matthey plc (United Kingdom)		191		7
Kemira Oyj (Finland)		1,984		23
Koninklijke Dsm NV (Netherlands)		375		22
Monsanto Co. (United States)		410		42
Mosaic Co. (The) (United States)		1,259		33
PhosAgro OAO GDR Registered Shares (Russia)		2,936		43
Plant Health Care plc (United Kingdom)⁽²⁾		12,480		5
Potash Corp. of Saskatchewan, Inc. (Canada)		2,053		33


	SHARES		VALUE
Materials—(continued)
Syngenta AG Registered Shares (Switzerland)		201	$	77
Yara International ASA (Norway)		916		29

				563

Utilities—14.2%
American Water Works Co., Inc. (United States)		197		17
Atlantica Yield plc (United Kingdom)		2,057		38
Beijing Enterprises Water Group Ltd. Class H (Hong Kong)		42,000		25
California Water Service Group (United States)		453		16
China Water Affairs Group Ltd. (Bermuda)		28,000		16
CT Environmental Group (Cayman Islands)		28,000		8
EDP Renovaveis SA (Spain)		8,360		63
Global Water Resources, Inc. (United States)		1,076		10
Guangdong Investments Ltd. (China)		18,000		28
Huaneng Renewables Corp. Ltd. Class H (China)		136,000		46
Manila Water Co, Inc. (Philippines)		25,000		14
National Grid plc (United Kingdom)		710		10
NextEra Energy, Inc. (United States)		156		20
Northland Power, Inc. (Canada)		898		15
NRG Yield, Inc. (United States)		2,866		45
Pennon Group plc (United Kingdom)		1,778		23
SevernTrent plc (United Kingdom)		925		30
Silver Spring Networks, Inc. (United States)⁽²⁾		2,416		29
Suez Environnement SA (France)		4,871		76
United Utilities Group plc (United Kingdom)		3,453		48
Veolia Environnement SA (France)		3,053		66

				643

TOTAL COMMON STOCKS (Identified Cost $4,604)				4,343

CLOSED END FUNDS—0.8%
Financials—0.8%
Greencoat UK Wind plc Fund (United Kingdom)⁽³⁾		24,692		37

TOTAL CLOSED END FUNDS (Identified Cost $38)				37

RIGHTS—0.1%
Energy—0.1%
Noble Group Ltd. Exp 07/20/16 (Singapore)⁽²⁾		40,000		3

TOTAL RIGHTS (Identified Cost $6)				3

($ reported in thousands)


TOTAL LONG TERM INVESTMENTS—96.8% (Identified Cost $4,648)		4,383

TOTAL INVESTMENTS—96.8% (Identified Cost $4,648)		4,383	⁽¹⁾
Other assets and liabilities, net—3.2%		144

NET ASSETS—100.0%	$	4,527

Abbreviations:

ADR	American Depositary Receipt

GDR	Global Depositary Receipt

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at June 30, 2016, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Non-income producing.

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

($ reported in thousands)


Country Weightings †
United States	42	%
Canada	11
United Kingdom	8
Brazil	7
Germany	6
France	3
Ireland	3
Other	20

Total	100	%

†	% of total investments as of June 30, 2016

The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2016 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

Securities held by the Fund with an end of period value of $839 were transferred from Level 1 to Level 2 based on our valuation procedures for non-U.S. securities. (See Note 1A in the Notes to the Schedules of Investments for more information).


	SHARES		VALUE
COMMON STOCKS—96.8%
Consumer Discretionary—11.1%
Alimentation Couche -Tard, Inc. Class B (Canada)		683,205	$	29,339
Domino’s Pizza Group plc (United Kingdom)		4,454,940		19,793
Hermes International SA (France)		51,626		19,245
Naspers Ltd. Class N (South Africa)		218,417		33,351
Paddy Power Betfair plc (Ireland)		156,011		16,396
Persimmon plc (United Kingdom)		852,061		16,523
Priceline Group, Inc. (The) (United States)⁽²⁾		21,437		26,762

				161,409

Consumer Staples—40.1%
British American Tobacco plc (United Kingdom)		1,345,871		87,252
Chocoladefabrike Lindt & Spruengli AG (Switzerland)		4,414		26,326
Diageo plc (United Kingdom)		861,544		24,068
Imperial Brands plc (United Kingdom)		675,643		36,642
ITC Ltd. (India)		2,998,535		16,417
Japan Tobacco, Inc. (Japan)		742,900		29,940
L’Oreal SA (France)		118,238		22,637
Nestle S.A. Registered Shares (Switzerland)		747,280		57,898
Philip Morris International, Inc. (United States)		812,899		82,688
Reckitt Benckiser Group plc (United Kingdom)		733,769		73,577
SABMiller plc (United Kingdom)		833,256		48,595
Unicharm Corp. (Japan)		950,500		21,355
Unilever N.V. CVA (Netherlands)		1,271,702		59,147

				586,542

Financials—14.1%
Daito Trust Construction Co., Ltd. (Japan)		155,300		25,215
Housing Development Finance Corp. (India)		3,258,713		60,712
Housing Development Finance Corp. Bank Ltd. (India)		3,898,167		68,158
Link REIT (The) (Hong Kong)		2,656,907		18,169
Lloyds Banking Group plc (United Kingdom)		26,556,169		19,234
UBS Group AG (Switzerland)		1,126,674		14,619

				206,107

Health Care—14.2%
Coloplast A/S Class B (Denmark)		202,293		15,143
CSL Ltd. (Australia)		310,473		26,183
Essilor International SA (France)		166,076		21,827
Grifols SA (Spain)		1,132,312		25,722


	SHARES		VALUE
Health Care—(continued)
Novo Nordisk A/S Class B (Denmark)		533,565	$	28,734
Ramsay Health Care Ltd. (Australia)		430,041		23,242
Roche Holding AG (Switzerland)		251,961		66,487

				207,338

Industrials—5.0%
Aena SA (Spain)⁽³⁾		160,990		21,339
Bureau Veritas SA (France)		880,565		18,488
Canadian National Railway Co. (Canada)		304,915		18,005
DCC plc (Ireland)		175,535		15,447

				73,279

Information Technology—12.3%
Accenture plc Class A (United States)		253,256		28,692
Alphabet, Inc. Class C (United States)⁽²⁾		60,085		41,585
MasterCard, Inc. Class A (United States)		246,915		21,743
PayPal Holdings, Inc. (United States)⁽²⁾		646,449		23,602
SAP SE (Germany)		522,562		39,247
Tencent Holdings Ltd. (Cayman Islands)		1,105,118		25,351

				180,220

TOTAL COMMON STOCKS (Identified Cost $986,352)				1,414,895

TOTAL LONG TERM INVESTMENTS—96.8% (Identified Cost $986,352)				1,414,895

SHORT-TERM INVESTMENT—0.2%
Money Market Mutual Fund—0.2%
JPMorgan Prime Money Market Fund - Institutional Shares (seven-day effective yield 0.380%)⁽⁴⁾		2,461,116		2,461

TOTAL SHORT-TERM INVESTMENT (Identified Cost $2,461)				2,461

TOTAL INVESTMENTS—97.0% (Identified Cost $988,813)				1,417,356	⁽¹⁾
Other assets and liabilities, net—3.0%				44,438

NET ASSETS—100.0%			$	1,461,794

Abbreviations:

REIT	Real Estate Investment Trust

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at June 30, 2016, 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, 2016 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

Securities held by the Fund with an end of period value of $689,290 were transferred from Level 1 to Level 2 based on our valuation procedures for non-U.S. securities. (See Note 1A in the Notes to the Schedules of Investments for more information).


	SHARES		VALUE
COMMON STOCKS—59.1%
Consumer Discretionary—14.3%
Advance Auto Parts, Inc.		274	$	44
Amazon.com, Inc.⁽²⁾		222		159
AutoNation, Inc.⁽²⁾		262		12
AutoZone, Inc.⁽²⁾		104		83
CarMax, Inc.⁽²⁾		647		32
Chipotle Mexican Grill, Inc.⁽²⁾		26		10
Comcast Corp. Class A		2,863		187
Darden Restaurants, Inc.		115		7
Dollar General Corp.		824		77
Dollar Tree, Inc.⁽²⁾		682		64
Expedia, Inc.		89		9
Gap, Inc. (The)		683		14
Genuine Parts Co.		2,678		271
Hasbro, Inc.		1,319		111
Home Depot, Inc. (The)		1,352		173
Horton (D.R.), Inc.		3,014		95
Interpublic Group of Cos., Inc. (The)		3,267		75
L Brands, Inc.		775		52
Leggett & Platt, Inc.		1,641		84
Lennar Corp. Class A		1,644		76
Lowe’s Cos., Inc.		932		74
Mattel, Inc.		4,628		145
McDonald’s Corp.		906		109
Mohawk Industries, Inc.⁽²⁾		780		148
Netflix, Inc.⁽²⁾		351		32
Newell Rubbermaid, Inc.		5,215		253
NIKE, Inc. Class B		4,467		247
O’Reilly Automotive, Inc.⁽²⁾		348		94
Omnicom Group, Inc.		2,101		171
Priceline Group, Inc. (The)⁽²⁾		40		50
PulteGroup, Inc.		2,916		57
Ross Stores, Inc.		1,053		60
Starbucks Corp.		1,588		91
Target Corp.		1,991		139
Time Warner, Inc.		670		49
TJX Cos., Inc. (The)		1,631		126
TripAdvisor, Inc.⁽²⁾		87		6
Twenty-First Century Fox, Inc. Class A		966		26
Twenty-First Century Fox, Inc. Class B		367		10
Urban Outfitters, Inc.⁽²⁾		246		7
Viacom, Inc. Class B		285		12


	SHARES		VALUE
Consumer Discretionary—(continued)
Walt Disney Co. (The)		1,254	$	123
Wynn Resorts Ltd.		2,824		256
Yum! Brands, Inc.		410		34

				3,954

Consumer Staples—6.6%
Altria Group, Inc.		1,527		105
Brown-Forman Corp. Class B		731		73
Campbell Soup Co.		172		12
Coca-Cola Co. (The)		2,736		124
ConAgra Foods, Inc.		381		18
Constellation Brands, Inc. Class A		1,187		196
CVS Health Corp.		1,333		128
Dr. Pepper Snapple Group, Inc.		129		13
General Mills, Inc.		525		38
Hershey Co. (The)		131		15
Hormel Foods Corp.		302		11
J.M. Smucker Co. (The)		115		18
Kellogg Co.		232		19
Kraft Heinz Co. (The)		505		45
McCormick & Co., Inc.		100		11
Mead Johnson Nutrition Co.		168		15
Molson Coors Brewing Co. Class B		2,604		263
Mondelez International, Inc. Class A		1,327		60
Monster Beverage Corp.⁽²⁾		93		15
PepsiCo, Inc.		985		104
Philip Morris International, Inc.		1,252		127
Reynolds American, Inc.		678		37
SYSCO Corp.		5,211		264
Tyson Foods, Inc. Class A		274		18
Walgreens Boots Alliance, Inc.		1,050		87

				1,816

Energy—0.7%
Marathon Petroleum Corp.		1,139		43
Phillips 66		1,010		80
Tesoro Corp.		266		20
Valero Energy Corp.		1,035		53

				196

Financials—6.9%
Allstate Corp. (The)		598		42
American Tower Corp.		591		67
AON plc		865		94


	SHARES		VALUE
Financials—(continued)
Apartment Investment & Management Co. Class A		455	$	20
AvalonBay Communities, Inc.		425		77
CHUBB Ltd.		719		94
Cincinnati Financial Corp.		234		17
CME Group, Inc.		677		66
Crown Castle International Corp.		462		47
Equity Residential		1,205		83
Essex Property Trust, Inc.		211		48
Extra Space Storage, Inc.		179		17
Federal Realty Investment Trust		143		24
General Growth Properties, Inc.		1,266		38
HCP, Inc.		1,697		60
Intercontinental Exchange, Inc.		245		63
Iron Mountain, Inc.		248		10
Kimco Realty Corp.		835		26
Macerich Co. (The)		266		23
Marsh & McLennan Cos., Inc.		1,625		111
Moody’s Corp.		355		33
NASDAQ OMX Group, Inc. (The)		237		15
Progressive Corp. (The)		1,001		33
Prologis, Inc.		5,441		267
Public Storage		233		60
Realty Income Corp.		518		36
Simon Property Group, Inc.		641		139
Travelers Cos., Inc. (The)		504		60
UDR, Inc.		859		32
Ventas, Inc.		1,250		91
Weyerhaeuser Co.		1,146		34
Willis Towers Watson plc		445		55
XL Group plc		507		17

				1,899

Health Care—6.7%
Abbott Laboratories		1,080		42
Aetna, Inc.		349		43
Agilent Technologies, Inc.		688		31
Allergan plc⁽²⁾		93		21
AmerisourceBergen Corp.		458		36
Anthem, Inc.		264		35
Bard (C.R.), Inc.		37		9
Baxter International, Inc.		444		20
Becton, Dickinson & Co.		132		22


	SHARES		VALUE
Health Care—(continued)
Boston Scientific Corp.⁽²⁾		745	$	17
Bristol-Myers Squibb Co.		385		28
Cardinal Health, Inc.		778		61
Cigna Corp.		264		34
Danaher Corp.		304		31
Dentsply Sirona, Inc.		4,151		258
Edwards Lifesciences Corp.⁽²⁾		128		13
Eli Lilly & Co.		231		18
Endo International plc⁽²⁾		49		1
HCA Holdings, Inc.⁽²⁾		1,925		148
Henry Schein, Inc.⁽²⁾		189		33
Humana, Inc.		158		28
Illumina, Inc.⁽²⁾		390		55
Intuitive Surgical, Inc.⁽²⁾		22		15
Johnson & Johnson		645		78
Mallinckrodt plc⁽²⁾		27		2
McKesson Corp.		522		97
Medtronic plc		897		78
Merck & Co., Inc.		651		38
Mylan NV⁽²⁾		98		4
Patterson Cos., Inc.		190		9
PerkinElmer, Inc.		239		13
Perrigo Co. plc		35		3
Pfizer, Inc.		1,402		49
Shire plc ADR		1		—
St. Jude Medical, Inc.		133		10
Stryker Corp.		198		24
Thermo Fisher Scientific, Inc.		872		129
UnitedHealth Group, Inc.		902		127
Universal Health Services, Inc. Class B		547		73
Varian Medical Systems, Inc.⁽²⁾		57		5
Waters Corp.⁽²⁾		177		25
Welltower, Inc.		931		71
Zimmer Biomet Holdings, Inc.		111		13
Zoetis, Inc.		108		5

				1,852

Industrials—6.4%
3M Co.		318		56
Allegion plc		1,382		96
Avery Dennison Corp.		465		35
Boeing Co. (The)		370		48
Cintas Corp.		2,743		269


	SHARES		VALUE
Industrials—(continued)
Dover Corp.		328	$	23
Dun & Bradstreet Corp.		165		20
Equifax, Inc.		568		73
Flowserve Corp.		278		13
General Dynamics Corp.		151		21
General Electric Co.		5,339		168
Honeywell International, Inc.		432		50
Illinois Tool Works, Inc.		667		70
Ingersoll-Rand plc		507		32
L-3 Communications Holdings, Inc.		34		5
Lockheed Martin Corp.		133		33
Masco Corp.		4,953		153
Nielsen Holdings plc		1,901		99
Northrop Grumman Corp.		93		21
Parker Hannifin Corp.		280		30
Pentair plc		334		19
Raytheon Co.		160		22
Republic Services, Inc.		1,314		67
Rockwell Collins, Inc.		86		7
Roper Technologies, Inc.		50		9
Snap-On, Inc.		116		18
Stanley Black & Decker, Inc.		287		32
Stericycle, Inc.⁽²⁾		574		60
Textron, Inc.		142		5
United Technologies Corp.		433		44
Waste Management, Inc.		2,186		145
Xylem, Inc.		331		15

				1,758

Information Technology—7.5%
Activision Blizzard, Inc.		3,027		120
Adobe Systems, Inc.⁽²⁾		846		81
Akamai Technologies, Inc.⁽²⁾		60		3
Alliance Data Systems Corp.⁽²⁾		34		7
Alphabet, Inc. Class A⁽²⁾		103		72
Alphabet, Inc. Class C⁽²⁾		106		73
Amphenol Corp. Class A		657		38
Analog Devices, Inc.		173		10
Applied Materials, Inc.		5,674		136
Autodesk, Inc.⁽²⁾		413		22
Automatic Data Processing, Inc.		253		23
Broadcom Ltd.		221		34
CA, Inc.		127		4


	SHARES		VALUE
Information Technology—(continued)
Citrix Systems, Inc.⁽²⁾		257	$	21
Corning, Inc.		7,027		144
eBay, Inc.⁽²⁾		365		9
Electronic Arts, Inc.⁽²⁾		1,885		143
Equinix, Inc.		101		39
Facebook, Inc. Class A⁽²⁾		712		81
Fidelity National Information Services, Inc.		142		10
First Solar, Inc.⁽²⁾		46		2
Fiserv, Inc.⁽²⁾		126		14
Intel Corp.		2,818		92
Intuit, Inc.		444		50
KLA-Tencor Corp.		775		57
Lam Research Corp.		780		66
Linear Technology Corp.		131		6
MasterCard, Inc. Class A		534		47
Microchip Technology, Inc.		119		6
Micron Technology, Inc.⁽²⁾		570		8
Microsoft Corp.		3,569		183
NVIDIA Corp.		240		11
Oracle Corp.		1,413		58
Paychex, Inc.		166		10
PayPal Holdings, Inc.⁽²⁾		591		22
Qorvo, Inc.⁽²⁾		51		3
QUALCOMM, Inc.		790		42
Red Hat, Inc.⁽²⁾		83		6
salesforce.com, Inc.⁽²⁾		992		79
Skyworks Solutions, Inc.		121		8
Symantec Corp.		304		6
Texas Instruments, Inc.		562		35
Total System Services, Inc.		93		5
VeriSign, Inc.⁽²⁾		30		3
Verisk Analytics, Inc.⁽²⁾		827		67
Visa, Inc. Class A		1,040		77
Western Union Co. (The)		268		5
Xerox Corp.		513		5
Xilinx, Inc.		133		6
Yahoo!, Inc.⁽²⁾		280		10

				2,059

Materials—6.2%
Alcoa, Inc.		27,367		254
Dow Chemical Co. (The)		2,226		111
Du Pont (E.I.) de Nemours & Co.		1,715		111


	SHARES		VALUE
Materials—(continued)
Eastman Chemical Co.		301	$	20
Ecolab, Inc.		666		79
Freeport-McMoRan Copper & Gold, Inc.		20,403		227
International Flavors & Fragrances, Inc.		194		24
International Paper Co.		2,149		91
Martin Marietta Materials, Inc.		568		109
Newmont Mining Corp.		7,529		295
PPG Industries, Inc.		675		70
Sealed Air Corp.		1,012		47
Sherwin-Williams Co. (The)		191		56
Vulcan Materials Co.		1,277		154
Westrock Co.		1,330		52

				1,700

Telecommunication Services—0.9%
AT&T, Inc.		3,079		133
CenturyLink, Inc.		287		8
Frontier Communications Corp.		562		3
Verizon Communications, Inc.		2,032		113

				257

Utilities—2.9%
AGL Resources, Inc.		3,855		254
Ameren Corp.		313		17
American Electric Power Co., Inc.		332		23
CenterPoint Energy, Inc.		517		12
CMS Energy Corp.		350		16
Consolidated Edison, Inc.		381		31
Dominion Resources, Inc.		770		60
DTE Energy Co.		232		23
Duke Energy Corp.		485		42
Edison International		231		18
Entergy Corp.		124		10
Eversource Energy		231		14
Exelon Corp.		631		23
FirstEnergy Corp.		315		11
NextEra Energy, Inc.		302		39
NiSource, Inc.		385		10
PG&E Corp.		326		21
Pinnacle West Capital Corp.		82		7
PPL Corp.		443		17
Public Service Enterprise Group, Inc.		647		30
SCANA Corp.		171		13
Sempra Energy		285		32


	SHARES		VALUE
Utilities—(continued)
Southern Co.		638	$	34
TECO Energy, Inc.		296		8
WEC Energy Group, Inc.		391		26
XCEL Energy, Inc.		349		16

				807

TOTAL COMMON STOCKS (Identified Cost $15,184)				16,298

EXCHANGE-TRADED FUNDS⁽³⁾—26.2%
iShares MSCI Brazil Index Fund		50,758		1,529
iShares MSCI Hong Kong Index Fund		72,001		1,410
iShares MSCI India		51,984		1,451
iShares MSCI South Korea Index Fund		27,959		1,456
iShares MSCI Taiwan Index Fund		97,485		1,370

TOTAL EXCHANGE-TRADED FUNDS (Identified Cost $6,971)				7,216

TOTAL LONG TERM INVESTMENTS—85.3% (Identified Cost $22,155)				23,514

SHORT-TERM INVESTMENT—13.1%
Money Market Mutual Fund—13.1%
JPMorgan Prime Money Market Fund - Institutional Shares (seven-day effective yield 0.380%)⁽³⁾		3,600,846		3,601

TOTAL SHORT-TERM INVESTMENT (Identified Cost $3,601)				3,601

TOTAL INVESTMENTS—98.4% (Identified Cost $25,756)				27,115	⁽¹⁾
Other assets and liabilities, net—1.6%				443

NET ASSETS—100.0%			$	27,558

Abbreviation:


ADR		American Depositary Receipt

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at June 30, 2016, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Non-income producing.

⁽³⁾	Shares of these funds are publicly offered and the prospectus and annual report of each are publicly available.

The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2016 (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, 2016.


	SHARES		VALUE
COMMON STOCKS—98.6%
Energy—22.7%
Enbridge, Inc. (Canada)		120,725	$	5,114
Inter Pipeline Ltd. (Canada)		44,765		949
Keyera Corp. (Canada)		36,690		1,122
Kinder Morgan, Inc. (United States)		247,945		4,641
Koninklijke Vopak N.V. (Netherlands)		16,660		829
ONEOK, Inc. (United States)		28,100		1,333
Pembina Pipeline Corp. (Canada)		56,325		1,712
South Jersey Industries, Inc. (United States)		31,611		1,000
Spectra Energy Corp. (United States)		87,440		3,203
Targa Resources Corp. (United States)		29,470		1,242
TransCanada Corp. (Canada)		104,485		4,725
Williams Cos., Inc. (The) (United States)		91,535		1,980

				27,850

Financials—6.1%
American Tower Corp. (United States)		30,990		3,521
Crown Castle International Corp. (United States)		39,310		3,987

				7,508

Industrials—12.7%
Abertis Infraestructuras SA (Spain)		114,550		1,693
Atlantia SpA (Italy)		102,541		2,562
Auckland International Airport Ltd. (New Zealand)		391,319		1,821
Ferrovial SA (Spain)		62,640		1,226
Flughafen Zuerich AG (Switzerland)		6,940		1,228
Sydney Airport (Australia)		361,900		1,890
Transurban Group (Australia)		441,145		3,973
Vinci SA (France)		16,395		1,157

				15,550

Telecommunication Services—18.9%
AT&T, Inc. (United States)		111,790		4,830
BCE, Inc. (Canada)		22,445		1,062
BT Group plc (United Kingdom)		244,810		1,346
Deutsche Telekom AG Registered Shares (Germany)		117,450		2,003
Nippon Telegraph & Telephone Corp. ADR (Japan)		37,225		1,753
Singapore Telecommunications Ltd. (Singapore)		631,100		1,949
TELUS Corp. (Canada)		43,810		1,411
Verizon Communications, Inc. (United States)		102,889		5,745


	SHARES		VALUE
Telecommunication Services—(continued)
Vodafone Group plc Sponsored ADR (United Kingdom)		102,206	$	3,157

				23,256

Utilities—38.2%
ALLETE, Inc. (United States)		20,270		1,310
American Electric Power Co., Inc. (United States)		22,185		1,555
American Water Works Co., Inc. (United States)		33,940		2,868
APA Group (Australia)		171,330		1,192
Aqua America, Inc. (United States)		36,735		1,310
Atmos Energy Corp. (United States)		23,745		1,931
Black Hills Corp. (United States)		19,950		1,258
CMS Energy Corp. (United States)		41,230		1,891
Dominion Resources, Inc. (United States)		20,960		1,633
DTE Energy Co. (United States)		17,455		1,730
Edison International (United States)		21,220		1,648
Eversource Energy (United States)		26,635		1,595
Hera SpA (Italy)		407,855		1,113
Iberdrola SA (Spain)		216,935		1,480
National Grid plc (United Kingdom)		245,940		3,617
NextEra Energy, Inc. (United States)		37,120		4,840
NiSource, Inc. (United States)		50,620		1,342
ONE Gas, Inc. (United States)		15,225		1,014
Pennon Group plc (United Kingdom)		99,160		1,254
Sempra Energy (United States)		28,565		3,257
SevernTrent plc (United Kingdom)		38,770		1,265
Snam Rete Gas SpA (Italy)		196,995		1,178
Spire, Inc. (United States)		21,300		1,509
Suez Environnement SA (France)		54,565		851
Vectren Corp. (United States)		29,550		1,556
Veolia Environnement SA (France)		52,770		1,140
WEC Energy Group, Inc. (United States)		23,315		1,523

				46,860

TOTAL COMMON STOCKS (Identified Cost $112,569)				121,024

TOTAL LONG TERM INVESTMENTS—98.6% (Identified Cost $112,569)				121,024


TOTAL INVESTMENTS—98.6% (Identified Cost $112,569)		121,024	⁽¹⁾
Other assets and liabilities, net—1.4%		1,771

NET ASSETS—100.0%	$	122,795

Abbreviation:

ADR	American Depositary Receipt

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at June 30, 2016, 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, 2016 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

Securities held by the Fund with an end of period value of $20,706 were transferred from Level 1 to Level 2 based on our valuation procedures for non-U.S. securities.


	SHARES		VALUE
COMMON STOCKS—95.3%
Consumer Discretionary—11.4%
Alimentation Couche -Tard, Inc. Class B (Canada)		70,894	$	3,045
Amazon.com, Inc. (United States)⁽²⁾		7,046		5,042
Naspers Ltd. Class N (South Africa)		18,108		2,765
NIKE, Inc. Class B (United States)		54,059		2,984
Priceline Group, Inc. (The) (United States)⁽²⁾		2,496		3,116
TJX Cos., Inc. (The) (United States)		38,313		2,959

				19,911

Consumer Staples—29.7%
Altria Group, Inc. (United States)		115,560		7,969
British American Tobacco plc (United Kingdom)		139,558		9,048
Coca-Cola Co. (The) (United States)		126,751		5,746
Nestle S.A. Registered Shares (Switzerland)		56,722		4,395
Philip Morris International, Inc. (United States)		83,693		8,513
Reckitt Benckiser Group plc (United Kingdom)		65,533		6,571
Reynolds American, Inc. (United States)		94,886		5,117
Unilever N.V. CVA (Netherlands)		93,280		4,338

				51,697

Financials—18.3%
American Tower Corp. (United States)		33,531		3,809
Berkshire Hathaway, Inc. Class B (United States)⁽²⁾		35,596		5,154
CME Group, Inc. (United States)		30,425		2,963
Housing Development Finance Corp. (India)		295,705		5,509
Housing Development Finance Corp. Bank Ltd. (India)		339,815		5,942
Housing Development Finance Corp. Bank Ltd. ADR (India)		5,796		385
Progressive Corp. (The) (United States)		58,401		1,956
Wells Fargo & Co. (United States)		129,044		6,108

				31,826

Health Care—13.9%
Abbott Laboratories (United States)		78,616		3,090
Bristol-Myers Squibb Co. (United States)		34,677		2,551
Celgene Corp. (United States)⁽²⁾		45,680		4,505
Medtronic plc (United States)		37,001		3,211
Roche Holding AG (Switzerland)		24,350		6,426
UnitedHealth Group, Inc. (United States)		32,054		4,526

				24,309


	SHARES		VALUE
Information Technology—20.2%
Alphabet, Inc. Class C (United States)⁽²⁾		10,161	$	7,032
Apple, Inc. (United States)		30,013		2,869
Cognizant Technology Solutions Corp. Class A (United States)⁽²⁾		45,753		2,619
Facebook, Inc. Class A (United States)⁽²⁾		21,384		2,444
MasterCard, Inc. Class A (United States)		70,608		6,218
PayPal Holdings, Inc. (United States)⁽²⁾		87,050		3,178
SAP SE (Germany)		37,287		2,800
Tencent Holdings Ltd. (Cayman Islands)		81,417		1,868
Visa, Inc. Class A (United States)		84,345		6,256

				35,284

Materials—1.8%
Martin Marietta Materials, Inc. (United States)		15,986		3,069

TOTAL COMMON STOCKS (Identified Cost $127,914)				166,096

TOTAL LONG TERM INVESTMENTS—95.3% (Identified Cost $127,914)				166,096

SHORT-TERM INVESTMENT—1.9%
Money Market Mutual Fund—1.9%
JPMorgan Prime Money Market Fund - Institutional Shares (seven-day effective yield 0.380%)⁽³⁾		3,352,290		3,352

TOTAL SHORT-TERM INVESTMENT (Identified Cost $3,352)				3,352

TOTAL INVESTMENTS—97.2% (Identified Cost $131,266)				169,448	⁽¹⁾
Other assets and liabilities, net—2.8%				4,803

NET ASSETS—100.0%			$	174,251

Abbreviation:

ADR	American Depositary Receipt

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at June 30, 2016, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Non-income producing.

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

The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2016 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

Securities held by the Fund with an end of period value of $29,204 were transferred from Level 1 to Level 2 based on our valuation procedures for non-U.S. securities.


	SHARES		VALUE
COMMON STOCKS—95.6%
Australia—4.1%
Dexus Property Group		186,339	$	1,265
GPT Group		189,900		772
GPT Group (The) - In Specie^(2)(3)(5)		13,566		—	⁽⁷⁾
Scentre Group		703,389		2,605
Westfield Corp.		312,350		2,509

				7,151

Austria—0.3%
Atrium European Real Estate Ltd.		116,000		499

Canada—2.8%
Allied Properties Real Estate Investment Trust		48,985		1,466
Canadian Real Estate Investment Trust		25,275		945
First Capital Realty, Inc.		36,880		633
RioCan Real Estate Investment Trust		85,762		1,947

				4,991

Finland—0.8%
Citycon OYJ		645,232		1,470

France—2.0%
Fonciere Des Regions		1,604		142
Klepierre		49,120		2,167
Mercialys SA		58,650		1,249

				3,558

Germany—4.7%
ADO Properties SA⁽³⁾⁽⁴⁾		55,942		2,157
Deutsche Wohnen AG		52,600		1,791
LEG Immobilien AG		13,854		1,296
Vonovia SE		81,148		2,963

				8,207

Hong Kong—1.7%
Hysan Development Co. Ltd.		106,000		473
Link REIT (The)		367,504		2,513

				2,986

Italy—0.2%
Beni Stabili SpA		578,062		358

Japan—6.9%
GLP J-REIT		883		1,115
Hulic Co., Ltd.		127,900		1,348


	SHARES		VALUE
Japan—(continued)
Industrial & Infrastructure Fund Investment Corp.		161	$	898
Invincible Investment Corp.		1,600		1,011
Japan Real Estate Investment Corp.		218		1,346
Kenedix Office Investment Corp.		201		1,198
Kenedix Retail REIT Corp.		276		743
Lasalle Logiport REIT⁽²⁾		1,076		1,095
Nippon Building Fund, Inc.		217		1,337
Nippon Prologis REIT, Inc.		367		897
United Urban Investment Corp.		588		1,059

				12,047

Mexico—0.4%
PLA Administradora Industrial S de Rl de CV		60,722		103
Prologis Property Mexico SA de CV		367,800		599

				702

Netherlands—2.3%
Unibail-Rodamco SE		15,398		3,983

Norway—0.6%
Entra ASA⁽⁴⁾		97,500		919
Norwegian Property ASA		112,875		123

				1,042

Singapore—1.0%
CapitaLand Mall Trust		432,450		687
CapitaLand Retail China Trust		237,331		265
Global Logistic Properties Ltd.		649,500		877

				1,829

Spain—0.8%
Axiare Patrimonio SOCIMI SA		93,589		1,192
Hispania Activos Inmobiliarios Socimi SA		13,000		152

				1,344

Sweden—0.7%
Castellum AB		90,410		1,285

United Kingdom—5.4%
Big Yellow Group plc		63,728		664
British Land Co. plc		138,500		1,125
Derwent London plc		24,910		869
Great Portland Estates plc		53,276		446
Hammerson plc		190,420		1,371
Land Securities Group plc		98,131		1,366
Safestore Holdings plc		192,557		951


	SHARES		VALUE
United Kingdom—(continued)
SEGRO plc		190,690	$	1,057
Unite Group plc (The)		191,400		1,583

				9,432

United States—60.9%
American Campus Communities, Inc.		36,238		1,916
American Homes 4 Rent Class A		72,300		1,481
AvalonBay Communities, Inc.		16,965		3,060
Boston Properties, Inc.		10,828		1,428
Brixmor Property Group, Inc.		74,433		1,969
Camden Property Trust		5,756		509
Coresite Realty Corp.		28,200		2,501
Cousins Properties, Inc.		106,000		1,102
CubeSmart		76,575		2,365
DCT Industrial Trust, Inc.		83,198		3,997
Digital Realty Trust, Inc.		44,050		4,801
Douglas Emmett, Inc.		63,395		2,252
Duke Realty Corp.		138,700		3,698
Equinix, Inc.		7,100		2,753
Equity Lifestyle Properties, Inc.		20,446		1,637
Equity Residential		43,115		2,970
Essex Property Trust, Inc.		21,004		4,791
Extra Space Storage, Inc.		31,595		2,924
Federal Realty Investment Trust		19,200		3,178
General Growth Properties, Inc.		86,219		2,571
Healthcare Realty Trust, Inc.		44,321		1,551
Healthcare Trust of America, Inc. Class A		85,300		2,758
Highwoods Properties, Inc.		51,460		2,717
Host Hotels & Resorts, Inc.		80,908		1,311
Kilroy Realty Corp.		54,075		3,585
LaSalle Hotel Properties		13,815		326
Liberty Property Trust		13,567		539
Paramount Group, Inc.		137,440		2,191
Pebblebrook Hotel Trust		40,409		1,061
Prologis, Inc.		55,548		2,724
Public Storage		16,759		4,283
Regency Centers Corp.		38,850		3,253
RLJ Lodging Trust		66,850		1,434
Simon Property Group, Inc.		48,831		10,591
SL Green Realty Corp.		2,186		233
Store Capital Corp.		99,072		2,918
Sun Communities, Inc.		13,100		1,004
Tanger Factory Outlet Centers		70,750		2,843


	SHARES		VALUE
United States—(continued)
Ventas, Inc.		52,472	$	3,821
Vornado Realty Trust		29,400		2,943
Welltower, Inc.		39,919		3,040

				107,029

TOTAL COMMON STOCKS (Identified Cost $146,465)				167,913

TOTAL LONG TERM INVESTMENTS—95.6% (Identified Cost $146,465)				167,913

SHORT-TERM INVESTMENT—1.8%
Money Market Mutual Fund—1.8%
JPMorgan Prime Money Market Fund - Institutional Shares (seven-day effective yield 0.380%)⁽⁶⁾		3,198,006		3,198

TOTAL SHORT-TERM INVESTMENT (Identified Cost $3,198)				3,198

TOTAL INVESTMENTS—97.4% (Identified Cost $149,663)				171,111	⁽¹⁾
Other assets and liabilities, net—2.6%				4,576

NET ASSETS—100.0%			$	175,687

Abbreviation:

REIT	Real Estate Investment Trust

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at June 30, 2016, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Non-income producing.

⁽³⁾	Illiquid security.

⁽⁴⁾	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2016, these securities amounted to a value of $3,076 or 1.8% of net assets.

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

⁽⁷⁾	Amount is less than $500 (not reported in 000s).

The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2016 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

Securities held by the Fund with an end of period value of $27,544 were transferred from Level 1 to Level 2 based on our valuation procedures for non-U.S. securities.


	SHARES		VALUE
COMMON STOCKS—95.1%
Consumer Discretionary—10.6%
Domino’s Pizza Group plc (United Kingdom)		91,100	$	405
Hermes International SA (France)		1,917		715
Paddy Power plc (Ireland)		4,476		470
Persimmon plc (United Kingdom)		16,753		325
Priceline Group, Inc. (The) (United States)⁽²⁾		926		1,156

				3,071

Consumer Staples—42.4%
Anheuser-Busch InBev N.V. (Belgium)		3,572		472
British American Tobacco plc (United Kingdom)		31,186		2,022
Chocoladefabrike Lindt & Spruengli AG (Switzerland)		58		346
Diageo plc (United Kingdom)		11,877		332
Heineken N.V. (Netherlands)		6,606		606
Imperial Tobacco Group plc (United Kingdom)		18,067		980
L’Oreal SA (France)		2,643		506
Nestle S.A. Registered Shares (Switzerland)		18,029		1,397
Pernod-Ricard SA (France)		3,130		347
Philip Morris International, Inc. (United States)		14,907		1,516
Reckitt Benckiser Group plc (United Kingdom)		15,821		1,586
SABMiller plc (United Kingdom)		14,630		853
Unilever N.V. CVA (Netherlands)		29,033		1,350

				12,313

Financials—6.9%
ABN AMRO Group N.V. CVA (Netherlands)⁽³⁾		16,440		270
Lloyds Banking Group plc (United Kingdom)		518,814		376
Reinet Investments SCA (Luxembourg)		9,081		194
Svenska Handelsbanken AB Class A (Sweden)		24,246		294
UBS Group AG (Switzerland)		42,992		558
Unibail-Rodamco SE (Netherlands)		1,174		304

				1,996

Health Care—16.1%
Coloplast A/S Class B (Denmark)		4,826		361
Essilor International SA (France)		5,606		737
Fresenius Medical Care AG & Co. KGaA (Germany)		6,554		571
Grifols SA (Spain)		27,623		628
Novo Nordisk A/S Class B (Denmark)		14,320		771
Roche Holding AG (Switzerland)		6,072		1,602

				4,670


	SHARES		VALUE
Industrials—6.8%
Aena SA (Spain)⁽³⁾		4,002	$	530
Bureau Veritas SA (France)		19,846		417
DCC plc (Ireland)		3,300		290
DKSH Holding AG (Switzerland)		4,558		299
Flughafen Zuerich AG (Switzerland)		2,440		432

				1,968

Information Technology—8.0%
Accenture plc Class A (United States)		7,332		831
Amadeus IT Holding SA Class A (Spain)		9,005		397
SAP SE (Germany)		14,437		1,084

				2,312

Materials—4.3%
Air Liquide SA (France)		6,375		664
HeidelbergCement AG (Germany)		2,918		220
Randgold Resources Ltd. (Jersey)		1,983		222
Randgold Resources Ltd. ADR (Jersey)		1,260		141

				1,247

TOTAL COMMON STOCKS (Identified Cost $24,204)				27,577

TOTAL LONG TERM INVESTMENTS—95.1% (Identified Cost $24,204)				27,577

SHORT-TERM INVESTMENT—2.2%
Money Market Mutual Fund—2.2%
JPMorgan Prime Money Market Fund - Institutional Shares (seven-day effective yield 0.380%)⁽⁴⁾		639,962		640

TOTAL SHORT-TERM INVESTMENT (Identified Cost $640)				640

TOTAL INVESTMENTS—97.3% (Identified Cost $24,844)				28,217	⁽¹⁾
Other assets and liabilities, net—2.7%				783

NET ASSETS—100.0%			$	29,000

Abbreviation:


ADR		American Depositary Receipt

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at June 30, 2016, 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, 2016 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

Securities held by the Fund with an end of period value of $19,361 were transferred from Level 1 to Level 2 based on our valuation procedures for non-U.S. securities.


	SHARES		VALUE
CLOSED END FUNDS⁽³⁾—68.8%
Equity Funds—38.9%
Adams Diversified Equity Fund, Inc.		52,189	$	661
Adams Natural Resources Fund, Inc.		52,597		1,058
Allianzgi NFJ Dividend Interest & Premium Strategy Fund		57,707		712
Alpine Total Dynamic Dividend Fund		126,834		921
BlackRock Science & Technology Trust		115,284		1,902
Boulder Growth & Income Fund, Inc.		261,002		2,122
Cohen & Steers Closed-End Opportunity Fund, Inc.		20,000		231
Cohen & Steers Infrastructure Fund, Inc.		32,435		695
First Trust Energy Infrastructure Fund		33,901		592
Gabelli Dividend & Income Trust (The)		53,938		1,032
Gabelli Healthcare & WellnessRx Trust (The)		68,857		735
Gabelli Multimedia Trust, Inc.		49,700		350
General American Investors Co., Inc.		27,565		850
Guggenheim Enhanced Equity Income Fund		68,412		513
Liberty All Star Equity Fund		179,602		902
Salient Midstream & MLP Fund		115,986		1,301
Special Opportunities Fund, Inc.		8,750		120
Tortoise MLP Fund, Inc.		29,400		542
Tortoise Pipeline & Energy Fund, Inc.		84,595		1,574
Tri-Continental Corp.		24,736		508

				17,321

Fixed Income Funds—6.6%
First Trust High Income Long/Short Fund		8,940		133
NexPoint Credit Strategies Fund		86,833		1,850
PIMCO Dynamic Credit Income Fund		50,240		961

				2,944

International Equity Funds—22.6%
Aberdeen Japan Equity Fund, Inc.		71,048		545
Aberdeen Singapore Fund, Inc.		7,300		66
Alpine Global Dynamic Dividend Fund		105,759		895
Brookfield Global Listed Infrastructure Income Fund, Inc.		7,000		92
Clough Global Opportunities Fund		40,477		378
Delaware Enhanced Global Dividend and Income Fund		18,872		182
First Trust Dynamic Europe Equity Income Fund		38,955		622
Japan Smaller Capitalization Fund, Inc.		56,954		557
Korea Fund, Inc. (The)		7,079		229


	SHARES		VALUE
International Equity Funds—(continued)
Macquarie Global Infrastructure Total Return Fund, Inc.		6,230	$	133
Morgan Stanley China A Share Fund, Inc.		54,450		972
New Germany Fund, Inc. (The)		44,108		573
RMR Real Estate Income Fund		11,278		240
Taiwan Fund, Inc. (The)⁽²⁾		30,390		463
Tekla Healthcare Investors		289		7
Tekla Healthcare Opportunities Fund		144,003		2,395
Tekla World Healthcare Fund		106,990		1,509
Templeton Dragon Fund, Inc.		12,137		210

				10,068

International Fixed Income Fund—0.7%
Diversified Real Asset Income Fund		19,626		325

TOTAL CLOSED END FUNDS (Identified Cost $32,978)				30,658

PREFERRED STOCKS—17.8%
Financials—17.8%
Eagle Point Credit Co., Inc. Series A 7.75%		22,649		578
MVC Capital, Inc. 7.25%		79,231		1,988
Oxford Lane Capital Corp. 7.50%		61,456		1,541
Oxford Lane Capital Corp. 8.125%		151,956		3,837

TOTAL PREFERRED STOCKS (Identified Cost $7,801)				7,944

TOTAL LONG TERM INVESTMENTS—86.6% (Identified Cost $40,779)				38,602

SHORT-TERM INVESTMENT—9.8%
Money Market Mutual Fund—9.8%
JPMorgan Prime Money Market Fund - Institutional Shares (seven-day effective yield 0.380%)⁽³⁾		4,383,350		4,383

TOTAL SHORT-TERM INVESTMENT (Identified Cost $4,383)				4,383

TOTAL INVESTMENTS—96.4% (Identified Cost $45,162)				42,985	⁽¹⁾
Other assets and liabilities, net—3.6%				1,596

NET ASSETS—100.0%			$	44,581

The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2016 (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, 2016.


	PAR VALUE		VALUE
FOREIGN GOVERNMENT SECURITIES—1.6%
Argentine Republic
144A 7.500%, 4/22/26⁽³⁾	$	340	$	369
144A 7.125%, 7/6/36⁽³⁾		360		360
Mongolia 144A 10.875%, 4/6/21⁽³⁾		200		211
Provincia de Buenos Aires Argentina 144A 9.125%, 3/16/24⁽³⁾		210		231

TOTAL FOREIGN GOVERNMENT SECURITIES (Identified Cost $1,118)				1,171

MORTGAGE-BACKED SECURITIES—1.5%
Non-Agency—1.5%
Citigroup Mortgage Loan Trust, Inc. 05-5, 2A3 5.000%, 8/25/35		97		96
Home Equity Loan Trust 07-HSA3, AI4 6.110%, 6/25/37⁽²⁾		415		409
JP Morgan Chase (Bear Stearns) Commercial Mortgage Securities Trust 07-PWR15 144A 5.363%, 2/11/44⁽³⁾		60		57
JPMorgan Chase Commercial Mortgage Securities Trust 07-LDP10, AM 5.464%, 1/15/49⁽²⁾		180		177
MASTR Reperforming Loan Trust 05-1, 1A5 144A 8.000%, 8/25/34⁽³⁾		222		232
Residential Accredit Loans, Inc. 05-QS1, A5 5.500%, 1/25/35		105		105

TOTAL MORTGAGE-BACKED SECURITIES (Identified Cost $1,069)				1,076

ASSET-BACKED SECURITIES—1.4%
CarFinance Capital Auto Trust 14-1A, D 144A 4.900%, 4/15/20⁽³⁾		205		204
Citi Held For Asset Issuance 144A 4.310%, 5/16/22⁽³⁾		360		358
Greater Capital Association of Realtors 15-1A, C 9.790%, 10/15/25		250		249
LEAF Receivables Funding 10 LLC 15-1, E2 144A 6.000%, 6/15/23⁽³⁾		160		156

TOTAL ASSET-BACKED SECURITIES (Identified Cost $970)				967


	PAR VALUE		VALUE
CORPORATE BONDS AND NOTES—81.4%
Consumer Discretionary—22.2%
Aramark Services, Inc. 144A 4.750%, 6/1/26⁽³⁾	$	115	$	113
Argos Merger Sub, Inc. 144A 7.125%, 3/15/23⁽³⁾		700		722
Beazer Homes USA Inc. 5.750%, 6/15/19		115		105
Boyd Gaming Corp.
9.000%, 7/1/20		275		289
6.875%, 5/15/23		265		284
Caesars Entertainment Operating Co., Inc. 9.000%, 2/15/20⁽⁸⁾		450		417
Caesars Entertainment Resort Properties LLC 8.000%, 10/1/20		220		222
Caesars Growth Properties Finance, Inc. 9.375%, 5/1/22		260		243
CCO Holdings LLC
144A 5.125%, 5/1/23⁽³⁾		215		218
144A 5.750%, 2/15/26⁽³⁾		300		310
144A 5.500%, 5/1/26⁽³⁾		435		443
Cequel Communications Holdings I LLC 144A 6.375%, 9/15/20⁽³⁾		400		406
Clear Channel Worldwide Holdings, Inc.
Series B 7.625%, 3/15/20		1,060		1,014
Series A 7.625%, 3/15/20		150		138
Columbus International, Inc. Series B, 144A 7.375%, 3/30/21⁽³⁾		245		260
CSC Holdings LLC 5.250%, 6/1/24		290		264
Dana Financing Luxembourg S.a.r.l. 144A 6.500%, 6/1/26⁽³⁾		55		54
DISH DBS Corp.
5.000%, 3/15/23		475		433
144A 7.750%, 7/1/26⁽³⁾		15		16
Fiat Chrysler Automobiles NV 5.250%, 4/15/23		250		249
Hanesbrands, Inc.
144A 4.625%, 5/15/24⁽³⁾		65		65
144A 4.875%, 5/15/26⁽³⁾		135		136
i Heart Communications, Inc. 9.000%, 12/15/19		115		88
Intelsat Jackson Holdings SA 5.500%, 8/1/23		425		271
Landry’s Holdings II, Inc. 144A 10.250%, 1/1/18⁽³⁾		175		177
Landry’s, Inc. 144A 9.375%, 5/1/20⁽³⁾		425		447
Lennar Corp.
4.500%, 11/15/19		215		225
4.875%, 12/15/23		70		70


	PAR VALUE		VALUE
Consumer Discretionary—(continued)
M/I Homes, Inc. 6.750%, 1/15/21	$	140	$	140
MDC Holdings, Inc. 5.500%, 1/15/24		325		323
Meritor, Inc. 6.750%, 6/15/21		375		352
MGM Growth Properties Operating Partnership LP 144A 5.625%, 5/1/24⁽³⁾		65		69
MGM Resorts International 6.750%, 10/1/20		525		576
Mohegan Tribal Gaming Authority 9.750%, 9/1/21		170		182
MPG Holdco I, Inc. 7.375%, 10/15/22		225		223
Newell Rubbermaid, Inc.
144A 5.000%, 11/15/23⁽³⁾		115		121
4.200%, 4/1/26		15		16
Party City Holdings, Inc. 144A 6.125%, 8/15/23⁽³⁾		35		36
Penn National Gaming, Inc. 5.875%, 11/1/21		490		501
Pinnacle Entertainment, Inc. 144A 5.625%, 5/1/24⁽³⁾		425		425
PulteGroup, Inc.
4.250%, 3/1/21		200		207
5.500%, 3/1/26		200		206
RCN Telecom Services LLC (RCN Capital Corp.) 144A 8.500%, 8/15/20⁽³⁾		670		689
Sally Holdings LLC / Sally Capital, Inc. 5.625%, 12/1/25		145		153
Scientific Games International, Inc.
6.625%, 5/15/21		150		90
144A 7.000%, 1/1/22⁽³⁾		245		247
SFR Group SA 144A 7.375%, 5/1/26⁽³⁾		340		337
SFR Group SA 144A 6.000%, 5/15/22⁽³⁾		465		454
Sirius XM Radio, Inc. 144A 5.375%, 7/15/26⁽³⁾		290		286
Six Flags Entertainment Corp. 144A 4.875%, 7/31/24⁽³⁾		170		168
Station Casinos LLC 7.500%, 3/1/21		200		212
Tenneco, Inc. 5.000%, 7/15/26		175		178
TI Group Auto Systems LLC 144A 8.750%, 7/15/23⁽³⁾		290		286
Toll Brothers Finance Corp. 4.875%, 11/15/25		450		447
TRI Pointe Group, Inc. 5.875%, 6/15/24		400		408
Univision Communications, Inc. 144A 5.125%, 5/15/23⁽³⁾		195		194
UPCB Finance IV Ltd. 144A 5.375%, 1/15/25⁽³⁾		200		199
UPCB Finance V Ltd. 144A 7.250%, 11/15/21⁽³⁾		44		46
VTR Finance BV 144A 6.875%, 1/15/24⁽³⁾		450		450

				15,900


	PAR VALUE		VALUE
Consumer Staples—2.3%
Constellation Brands, Inc. 4.750%, 12/1/25	$	65	$	69
Dole Food Co., Inc. 144A 7.250%, 5/1/19⁽³⁾		250		250
Pinnacle Foods Corp. Finance LLC 144A 5.875%, 1/15/24⁽³⁾		35		37
Prestige Brands, Inc. 144A 6.375%, 3/1/24⁽³⁾		200		209
Rite Aid Corp.
6.750%, 6/15/21		475		500
144A 6.125%, 4/1/23⁽³⁾		65		70
Safeway, Inc. 7.250%, 2/1/31		215		208
Tops Holding LLC (Tops Markets II Corp.) 144A 8.000%, 6/15/22⁽³⁾		275		243
US Foods, Inc. 144A 5.875%, 6/15/24⁽³⁾		40		41

				1,627

Energy—11.6%
Alberta Energy Co. Ltd. 8.125%, 9/15/30		115		128
Anadarko Petroleum Corp. 6.600%, 3/15/46		75		91
Antero Resources Corp. 5.625%, 6/1/23		275		268
Archrock Partners LP (Archrock Finance Corp.) 6.000%, 10/1/22		300		267
Bill Barrett Corp. 7.625%, 10/1/19		205		168
Blue Racer Midstream LLC 144A 6.125%, 11/15/22⁽³⁾		340		324
BreitBurn Energy Partners 7.875%, 4/15/22⁽⁴⁾		150		32
California Resources Corp. 144A
8.000%, 12/15/22⁽³⁾		239		170
6.000%, 11/15/24		150		74
Carrizo Oil & Gas, Inc. 6.250%, 4/15/23		185		179
Cheniere Corpus Christi Holdings LLC 144A 7.000%, 6/30/24⁽³⁾		105		108
CONSOL Energy, Inc. 5.875%, 4/15/22		200		176
Continental Resources, Inc.
5.000%, 9/15/22		240		235
4.500%, 4/15/23		145		136
Crestwood Midstream Partners LP (Crestwood Midstream Finance Corp.) 144A 6.250%, 4/1/23⁽³⁾		295		273
Enbridge Energy Partners LP 4.375%, 10/15/20		35		36
Encana Corp. 3.900%, 11/15/21		190		184
Energy Transfer Partners LP 5.875%, 1/15/24		400		391
EnQuest plc 144A 7.000%, 4/15/22⁽³⁾		250		156


	PAR VALUE		VALUE
Energy—(continued)
EP Energy LLC (Everest Acquisition Finance, Inc.) 9.375%, 5/1/20	$	215	$	153
FTS International, Inc.
144A 8.153%, 6/15/20⁽²⁾⁽³⁾		230		193
6.250%, 5/1/22		190		75
Gulfport Energy, Corp. 7.750%, 11/1/20		150		155
Helmerich & Payne International Drilling Co. 4.650%, 3/15/25		150		160
Laredo Petroleum, Inc. 5.625%, 1/15/22		110		103
Linn Energy LLC (Linn Energy Finance Corp.) 7.750%, 2/1/21⁽⁴⁾		200		35
MPLX LP 144A 4.875%, 12/1/24⁽³⁾		325		317
Newfield Exploration Co. 5.375%, 1/1/26		165		160
NGL Energy Partners LP (NGL Energy Finance Corp.) 5.125%, 7/15/19		200		183
Pacific Exploration and Production Corp. 144A 5.375%, 1/26/19⁽³⁾⁽⁴⁾		100		19
Parsley Energy LLC (Parsley Finance Corp.) 144A 6.250%, 6/1/24⁽³⁾		45		46
Petrobras Global Finance BV 8.750%, 5/23/26		140		141
QEP Resources, Inc. 5.250%, 5/1/23		300		278
Range Resources Corp. 5.000%, 3/15/23		270		255
Regency Energy Partners LP 5.875%, 3/1/22		90		96
Rowan Cos., Inc. 5.400%, 12/1/42		265		175
Sabine Oil & Gas Corp. 7.250%, 6/15/19⁽⁴⁾		329		8
Sabine Pass Liquefaction LLC 5.625%, 2/1/21		380		386
SM Energy Co. 6.125%, 11/15/22		115		106
Southern Gas Corridor CJSC 144A 6.875%, 3/24/26⁽³⁾		200		217
Sunoco LP (Sunoco Finance Corp.) 144A 6.375%, 4/1/23⁽³⁾		695		693
Transocean, Inc.
6.800%, 12/15/16⁽²⁾		360		365
6.800%, 3/15/38		300		197
Whiting Petroleum Corp. 5.750%, 3/15/21		130		118
YPF S.A. 144A 8.500%, 3/23/21⁽³⁾		230		247

				8,277

Financials—7.8%
AerCap Ireland Capital Ltd. (Aercap Global Aviation Trust)
4.625%, 10/30/20		150		156


	PAR VALUE		VALUE
Financials—(continued)
4.500%, 5/15/21	$	400	$	409
3.950%, 2/1/22		175		175
Aircastle Ltd. 5.000%, 4/1/23		350		357
Ally Financial, Inc.
3.250%, 11/5/18		120		120
4.250%, 4/15/21		205		205
5.750%, 11/20/25		235		236
Citigroup, Inc. 6.250%, 12/29/49⁽²⁾		205		211
Communications Sales & Leasing, Inc. 8.250%, 10/15/23		110		112
Corrections Corp. of America 5.000%, 10/15/22		145		151
CTR Partnership LP (Caretrust Capital Corp.) 5.875%, 6/1/21		185		186
DuPont Fabros Technology LP 5.875%, 9/15/21		350		368
ESH Hospitality, Inc. 144A 5.250%, 5/1/25⁽³⁾		170		166
Genworth Holdings, Inc. 4.900%, 8/15/23		130		99
GLP Capital LP (GLP Financing II, Inc.)
4.875%, 11/1/20		95		100
5.375%, 4/15/26		60		62
Guanay Finance Ltd. 144A 6.000%, 12/15/20⁽³⁾		251		249
ICAHN Enterprises LP (ICAHN Enterprises Finance Corp.) 5.875%, 2/1/22		220		208
ING Groep NV 6.000%^(2)(5)(6)		200		189
iStar Financial, Inc. 5.000%, 7/1/19		500		469
MPT Operating Partnership LP 6.375%, 3/1/24		100		107
Nationstar Mortgage LLC 6.500%, 7/1/21		250		215
Sabra Health Care LP 5.500%, 2/1/21		170		175
Springleaf Finance Corp. 5.250%, 12/15/19		260		243
Sprint Capital Corp. 6.900%, 5/1/19		325		312
Voya Financial, Inc. 5.650%, 5/15/53⁽²⁾		205		193
Walter Investment Management Corp. 7.875%, 12/15/21		215		107

				5,580

Health Care—11.8%
Alere, Inc.
6.500%, 6/15/20		150		150
144A 6.375%, 7/1/23⁽³⁾		115		120
Capsugel S.A. PIK Interest Capitalization 144A, 7.000%, 5/15/19⁽³⁾⁽⁷⁾		212		213
Centene Escrow Corp.
144A 5.625%, 2/15/21⁽³⁾		150		157


	PAR VALUE		VALUE
Health Care—(continued)
4.750%, 5/15/22	$	65	$	67
Community Health Systems, Inc.
5.125%, 8/15/18		21		21
5.125%, 8/1/21		400		399
6.875%, 2/1/22		145		128
Concordia Healthcare Corp. 144A 7.000%, 4/15/23⁽³⁾		450		386
Crimson Merger Sub, Inc. 144A 6.625%, 5/15/22⁽³⁾		225		187
DaVita Healthcare Partners, Inc.
5.125%, 7/15/24		310		314
5.000%, 5/1/25		100		99
Endo Finance LLC 144A 5.875%, 1/15/23⁽³⁾		250		218
Fresenius U.S. Finance II, Inc. 144A 4.500%, 1/15/23⁽³⁾		60		62
HCA, Inc.
6.500%, 2/15/20		425		471
5.375%, 2/1/25		505		519
5.250%, 6/15/26		230		239
inVentiv Health, Inc. 144A 9.000%, 1/15/18⁽³⁾		130		134
JLL Delta Dutch Pledgeco BV PIK Interest Capitalization, 144A 8.750%, 5/1/20⁽³⁾⁽⁷⁾		245		246
LifePoint Health, Inc. 144A 5.375%, 5/1/24⁽³⁾		45		45
Mallinckrodt International Finance S.A. 144A 5.625%, 10/15/23⁽³⁾		300		281
MEDNAX, Inc. 144A 5.250%, 12/1/23⁽³⁾		295		299
MPH Acquisition Holdings LLC 144A 7.125%, 6/1/24⁽³⁾		20		21
Pinnacle Merger Sub, Inc. (PRA Holdings, Inc.) 144A 9.500%, 10/1/23⁽³⁾		225		251
Quintiles Transnational Corp. 144A 4.875%, 5/15/23⁽³⁾		300		306
Quorum Health Corp. 144A 11.625%, 4/15/23⁽³⁾		120		122
Sterigenics-Nordion Holdings LLC 144A 6.500%, 5/15/23⁽³⁾		325		330
Surgery Center Holdings, Inc. 144A 8.875%, 4/15/21⁽³⁾		200		206
Surgical Care Affiliates, Inc. 144A 6.000%, 4/1/23⁽³⁾		400		410
Team Health, Inc. 144A 7.250%, 12/15/23⁽³⁾		20		21
Teleflex, Inc. 4.875%, 6/1/26		270		273
Tenet Healthcare Corp.
6.000%, 10/1/20		375		397


	PAR VALUE		VALUE
Health Care—(continued)
4.500%, 4/1/21	$	275	$	278
8.125%, 4/1/22		390		402
Universal Health Services, Inc.
144A 4.750%, 8/1/22⁽³⁾		45		46
144A 5.000%, 6/1/26⁽³⁾		80		80
Valeant Pharmaceuticals International, Inc.
144A 6.750%, 8/15/18⁽³⁾		140		135
144A 5.375%, 3/15/20⁽³⁾		420		361
144A 7.250%, 7/15/22⁽³⁾		70		60

				8,454

Industrials—6.4%
ADS Waste Holdings, Inc. 8.250%, 10/1/20		300		306
ADT Corp. (The) 6.250%, 10/15/21		200		215
Bombardier, Inc. 144A 6.125%, 1/15/23⁽³⁾		200		172
Builders FirstSource, Inc.
144A 7.625%, 6/1/21⁽³⁾		283		297
144A 10.750%, 8/15/23⁽³⁾		150		164
Cemex SAB de C.V. 144A 7.750%, 4/16/26⁽³⁾		200		211
Garda World Security Corp. 144A 7.250%, 11/15/21⁽³⁾		410		333
Harland Clarke Holdings Corp.
144A 6.875%, 3/1/20⁽³⁾		150		139
144A 9.250%, 3/1/21⁽³⁾		300		252
Hawaiian Airlines Pass-Through Certificates 13-1, B 4.950%, 1/15/22		99		95
HD Supply, Inc. 144A 5.250%, 12/15/21⁽³⁾		400		421
JBS Investments GmbH 144A 7.250%, 4/3/24⁽³⁾		200		207
Masco Corp. 4.375%, 4/1/26		175		181
NCI Building Systems, Inc. 144A 8.250%, 1/15/23⁽³⁾		290		313
Prime Security Services Borrower LLC (Prime Finance, Inc.) 144A 9.250%, 5/15/23⁽³⁾		195		207
Standard Industries, Inc.
144A 5.125%, 2/15/21⁽³⁾		10		10
144A 5.500%, 2/15/23⁽³⁾		55		56
TransDigm, Inc.
6.000%, 7/15/22		300		303
6.500%, 5/15/25		230		231
UAL Pass-Through-Trust 07-01, A 6.636%, 7/2/22		169		179


	PAR VALUE		VALUE
Industrials—(continued)
United Rentals North America, Inc. 5.500%, 7/15/25	$	270	$	267

				4,559

Information Technology—2.3%
Diamond 1 Finance Corp. (Diamond 2 Finance Corp.)
144A 5.875%, 6/15/21⁽³⁾		35		36
144A 5.450%, 6/15/23⁽³⁾		60		62
144A 7.125%, 6/15/24⁽³⁾		70		73
144A 6.020%, 6/15/26⁽³⁾		45		47
144A 8.100%, 7/15/36⁽³⁾		55		59
144A 8.350%, 7/15/46⁽³⁾		45		49
First Data Corp.
144A 5.000%, 1/15/24⁽³⁾		230		231
144A 5.750%, 1/15/24⁽³⁾		450		448
NXP BV (NXP Funding LLC) 144A 4.625%, 6/1/23⁽³⁾		325		332
Wesco Distribution, Inc. 144A 5.375%, 6/15/24⁽³⁾		75		75
Western Digital Corp.
144A 7.375%, 4/1/23⁽³⁾		35		37
144A 10.500%, 4/1/24⁽³⁾		210		225

				1,674

Materials—7.1%
Ak Steel Corp.
7.625%, 10/1/21		100		92
7.500%, 7/15/23		140		143
Aleris International, Inc. 144A 9.500%, 4/1/21⁽³⁾		360		371
ArcelorMittal 6.125%, 6/1/25		300		300
Ardagh Packaging Finance plc
144A 6.250%, 1/31/19⁽³⁾		145		148
144A 6.750%, 1/31/21⁽³⁾		295		299
Ardagh Packaging Finance plc (Ardagh Holdings USA, Inc.) 144A 7.250%, 5/15/24⁽³⁾		345		354
Berry Plastics Corp. 5.125%, 7/15/23		400		401
Bluescope Steel Finance Ltd. 144A 6.500%, 5/15/21⁽³⁾		235		244
Cascades, Inc.
144A 5.500%, 7/15/22⁽³⁾		575		561
144A 5.750%, 7/15/23⁽³⁾		225		218
Eldorado Gold Corp. 144A 6.125%, 12/15/20⁽³⁾		150		151


	PAR VALUE		VALUE
Materials—(continued)
Fortescue Metals Group (FMG) Resources August 2006 Pty Ltd. 144A 9.750%, 3/1/22⁽³⁾	$	100	$	111
Freeport-McMoRan Copper & Gold, Inc.
3.550%, 3/1/22		160		142
3.875%, 3/15/23		180		158
Hexion U.S. Finance Corp. 6.625%, 4/15/20		175		147
INEOS Group Holdings SA 144A 5.875%, 2/15/19⁽³⁾		305		306
Reynolds Group Issuer, Inc.
8.250%, 2/15/21		190		199
144A 7.000%, 7/15/24⁽³⁾		10		10
Teck Resources Ltd.
144A 8.000%, 6/1/21⁽³⁾		20		21
4.750%, 1/15/22		150		127
144A 8.500%, 6/1/24⁽³⁾		50		52
6.125%, 10/1/35		150		108
United States Steel Corp. 7.375%, 4/1/20		19		18
Vale Overseas Ltd. 5.875%, 6/10/21		130		131
Vedanta Resources plc
144A 9.500%, 7/18/18⁽³⁾		100		98
144A 8.250%, 6/7/21⁽³⁾		200		166

				5,076

Telecommunication Services—7.2%
Altice Financing S.A. 144A 6.625%, 2/15/23⁽³⁾		480		473
CenturyLink, Inc.
Series V 5.625%, 4/1/20		60		62
Series Y 7.500%, 4/1/24		370		375
Frontier Communications Corp.
8.500%, 4/15/20		425		453
6.250%, 9/15/21		125		118
10.500%, 9/15/22		45		48
GTH Finance BV 144A 7.250%, 4/26/23⁽³⁾		200		209
Level 3 Financing, Inc. 144A 5.250%, 3/15/26⁽³⁾		135		133
Neptune Finance Corp.
144A 10.125%, 1/15/23⁽³⁾		210		236
144A 6.625%, 10/15/25⁽³⁾		210		222
Qwest Corp. 7.250%, 9/15/25		130		139
Sprint Capital Corp. 6.875%, 11/15/28		250		197
Sprint Communications, Inc. 6.000%, 11/15/22		235		186
Sprint Corp. 7.875%, 9/15/23		325		267
T-Mobile USA, Inc.


	PAR VALUE		VALUE
Telecommunication Services—(continued)
6.625%, 11/15/20	$	150	$	155
6.125%, 1/15/22		240		253
6.836%, 4/28/23		250		265
6.500%, 1/15/24		275		290
6.500%, 1/15/26		220		233
Virgin Media Finance plc 144A 6.000%, 10/15/24⁽³⁾		250		247
West Corp. 144A 4.750%, 7/15/21⁽³⁾		125		125
Windstream Corp. 7.750%, 10/1/21		300		284
Zayo Group LLC (Zayo Capital, Inc.) 6.000%, 4/1/23		180		184

				5,154

Utilities—2.7%
AmeriGas Partners LP 7.000%, 5/20/22		325		345
Calpine Corp. 5.375%, 1/15/23		350		343
Dynegy, Inc. 7.375%, 11/1/22		285		276
NRG Energy, Inc. 144A 7.250%, 5/15/26⁽³⁾		185		185
NRG Yield Operating LLC 5.375%, 8/15/24		190		190
Talen Energy Supply LLC 144A 4.625%, 7/15/19⁽³⁾		175		155
TerraForm Power Operating LLC 144A 5.875%, 2/1/23⁽³⁾		250		239
Texas Competitive Electric Holdings Co. LLC 144A 11.500%, 10/1/20⁽³⁾⁽⁸⁾		500		171

				1,904

TOTAL CORPORATE BONDS AND NOTES (Identified Cost $59,722)				58,205

LOAN AGREEMENTS⁽²⁾—6.3%
Consumer Discretionary—1.5%
Caesars Entertainment Operating Co., Inc. Tranche B-7, 11.250%, 3/1/17⁽⁸⁾		165		167
CDS U.S. Intermediate Holdings, Inc. First Lien, 5.000%, 7/8/22		178		173
Graton Resort & Casino Tranche B, 6.250%, 9/1/22		110		110
Mattress Holding Corp. 6.250%, 10/20/21		226		221
Mohegan Tribal Gaming Authority Tranche B, 5.500%, 6/15/18		110		110
Transtar Holding Co. Second Lien, 10.000%, 10/9/19⁽¹¹⁾		200		60
U.S. Farathane LLC 5.750%, 12/23/21		247		248

				1,089


	PAR VALUE		VALUE
Consumer Staples—1.1%
Albertson’s LLC Trance B-4 4.500%, 8/25/21	$	209	$	209
Crossmark Holdings, Inc. Second Lien, 8.750%, 12/21/20⁽¹¹⁾		190		81
Hostess Brands LLC Tranche B Second Lien, 8.500%, 8/3/23		430		428
Pinnacle Foods Corp. Finance LLC Tranche I 3.750%, 1/13/23		32		32

				750

Energy—0.2%
Jonah Energy LLC Second Lien, 7.500%, 5/12/21		125		111
Sabine Oil & Gas LLC Second Lien, 12.000%, 12/31/18⁽⁴⁾		285		12

				123

Health Care—1.5%
21st Century Oncology, Inc. Tranche B, 7.000%, 4/30/22		223		204
Ardent Legacy Acquisitions, Inc. 6.500%, 8/4/21		129		129
InVentiv Health, Inc. Tranche B-4, 7.750%, 5/15/18		159		159
MMM Holdings, Inc. 9.750%, 12/12/17⁽¹¹⁾		79		61
MSO of Puerto Rico, Inc. 9.750%, 12/12/17⁽¹¹⁾		58		44
Multiplan, Inc. 5.000%, 6/7/23		37		37
NVA Holdings, Inc.
Tranche B-1 5.500%, 8/14/21		131		131
Second Lien, 8.000%, 8/14/22		175		174
Quorum Health Corp. 6.750%, 4/29/22		99		99

				1,038

Industrials—0.9%
Brickman Group Ltd. LLC (The) Second Lien, 7.500%, 12/17/21		225		221
Filtration Group Corp. Second Lien, 8.250%, 11/22/21		81		80
Sedgwick Claims Management Services, Inc. Second Lien, 6.750%, 2/28/22		390		375

				676

Information Technology—0.7%
First Data Corp. Tranche 2022 B, 4.200%, 7/8/22		157		156
Mitchell International, Inc. Second Lien, 8.500%, 10/11/21		134		125


	PAR VALUE			VALUE
Information Technology—(continued)
NXP BV (NXP Funding LLC) Tranche B, 3.750%, 12/7/20	$	61		$	61
Presidio, Inc. Refinancing Term, 5.250%, 2/2/22		146			144

					486

Materials—0.1%
Fortescue Metals Group (FMG) Resources Property Ltd. 4.250%, 6/30/19		95			91

Utilities—0.3%
Atlantic Power LP 6.000%, 4/13/23		227			227

TOTAL LOAN AGREEMENTS (Identified Cost $5,069)					4,480


	SHARES
PREFERRED STOCK—0.8%
Financials—0.8%
Goldman Sachs Group, Inc. (The) Series L, 5.700%⁽²⁾		215	⁽⁹⁾		215
JPMorgan Chase & Co. Series V, 5.000%⁽²⁾		285	⁽⁹⁾		273
SunTrust Bank, Inc. 5.625%⁽²⁾		95	⁽⁹⁾		95

TOTAL PREFERRED STOCK (Identified Cost $597)					583

COMMON STOCKS—0.1%
Energy—0.1%
Carrizo Oil & Gas, Inc.⁽¹⁰⁾		2,229			80

TOTAL COMMON STOCKS (Identified Cost $86)					80

AFFILIATED MUTUAL FUND—0.5%
Virtus Credit Opportunities Fund Class R6⁽¹²⁾		35,806			345

TOTAL AFFILIATED MUTUAL FUND (Identified Cost $358)					345

TOTAL LONG TERM INVESTMENTS—93.6% (Identified Cost $68,989)					66,907	⁽¹³⁾


	SHARES		VALUE
SHORT-TERM INVESTMENT—3.4%
Money Market Mutual Fund—3.4%
JPMorgan Prime Money Market Fund - Institutional Shares (seven-day effective yield 0.380%)⁽¹²⁾		2,437,530	$	2,438

TOTAL SHORT-TERM INVESTMENT (Identified Cost $2,438)				2,438

TOTAL INVESTMENTS—97.0% (Identified Cost $71,427)				69,345	⁽¹⁾
Other assets and liabilities, net—3.0%				2,166

NET ASSETS—100.0%			$	71,511

Abbreviations:


ADS		American Depositary Share
PIK		Payment-in-Kind Security

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at June 30, 2016, 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, 2016.

⁽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, 2016, these securities amounted to a value of $28,238 or 39.49% of net assets.

⁽⁴⁾	Security in default.

⁽⁵⁾	No contractual maturity date.

⁽⁶⁾	Interest payments may be deferred.

⁽⁷⁾	100% of the income received was in cash.

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

⁽⁹⁾	Value shown as par value.

⁽¹⁰⁾	Non-income producing.

⁽¹¹⁾	Illiquid security.

⁽¹²⁾	Shares of these funds are publicly offered and their prospectus and annual report are publicly available.

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

The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2016 (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, 2016.

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 this table are internally fair valued. The Fund’s investments that are categorized as Level 3 were valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information inputs could result in a significantly lower or higher value of such Level 3 investments.


	SHARES		VALUE
COMMON STOCKS—90.4%
Consumer Discretionary—14.4%
Bridgestone Corp. (Japan)		3,520	$	113
Ctrip.Com International Ltd. ADR (China)⁽²⁾		2,530		104
Fuji Heavy Industries Ltd. (Japan)		3,390		117
RELX plc (United Kingdom)		8,640		159
Sony Corp. Sponsored ADR (Japan)		5,590		164
WPP plc (United Kingdom)		7,340		153

				810

Consumer Staples—9.4%
British American Tobacco plc (United Kingdom)		2,800		182
Heineken N.V. (Netherlands)		1,870		171
Marine Harvest ASA Sponsored ADR (Norway)		10,470		177

				530

Energy—5.1%
Statoil ASA (Norway)		9,190		159
Technip SA (France)		2,390		129

				288

Financials—11.0%
American International Group, Inc. (United States)		2,020		107
Aviva plc (United Kingdom)		20,700		109
Mitsubishi Estate Co., Ltd. (Japan)		7,240		133
ORIX Corp. (Japan)		11,870		153
Unibail-Rodamco SE (Netherlands)		440		114

				616

Health Care—9.0%
Allergan plc (Ireland)⁽²⁾		950		220
Shire plc ADR (United Kingdom)		850		156
Teva Pharmaceutical Industries Ltd. Sponsored ADR (Israel)		2,560		129

				505

Industrials—5.4%
Airbus Group SE (United States)		2,370		136
Nidec Corp. (Japan)		2,200		167

				303

Information Technology—11.9%
Broadcom Ltd. (Singapore)		990		154
Check Point Software Tech. Ltd. (Israel)⁽²⁾		1,210		96


	SHARES		VALUE
Information Technology—(continued)
NXP Semiconductors NV (Netherlands)⁽²⁾		1,660	$	130
SAP SE Sponsored ADR (Germany)⁽³⁾		2,010		151
Tencent Holdings Ltd. (Cayman Islands)		5,900		135

				666

Materials—8.4%
Agnico Eagle Mines Ltd. (Canada)		4,530		243
Randgold Resources Ltd. (Jersey)		2,070		232

				475

Telecommunication Services—11.4%
KDDI Corp. (Japan)		6,400		194
Nippon Telegraph & Telephone Corp. ADR (Japan)		3,160		149
Spark New Zealand Ltd. (New Zealand)		61,351		156
Vodafone Group plc Sponsored ADR (United Kingdom)		4,590		142

				641

Utilities—4.4%
National Grid plc (United Kingdom)		7,760		114
Veolia Environnement SA (France)		6,170		133

				247

TOTAL COMMON STOCKS (Identified Cost $4,599)				5,081

TOTAL LONG TERM INVESTMENTS—90.4% (Identified Cost $4,599)				5,081

SHORT-TERM INVESTMENT—2.5%
Money Market Mutual Fund—2.5%
JPMorgan Prime Money Market Fund - Institutional Shares (seven-day effective yield 0.380%)⁽⁵⁾		141,879		142

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

SECURITIES LENDING COLLATERAL—2.3%
INVESCO Trust Short -Term Investments Liquid Assets Portfolio (The) - Institutional Shares (seven-day effective yield 0.430%)⁽⁴⁾⁽⁵⁾		126,561		127

TOTAL SECURITIES LENDING COLLATERAL (Identified Cost $127)				127


	VALUE
TOTAL INVESTMENTS—95.2% (Identified Cost $4,868)		5,350	⁽¹⁾
Other assets and liabilities, net—4.8%		269

NET ASSETS—100.0%	$	5,619

Abbreviation:

ADR	American Depositary Receipt

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at June 30, 2016, 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.

⁽⁵⁾	Shares of this funds are publicly offered and the prospectus and annual report are publicly available.

The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2016 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

Securities held by the Fund with an end of period value of $554 were transferred from Level 1 to Level 2 based on our valuation procedures for non-U.S. securities.


	SHARES		VALUE
COMMON STOCKS—98.7%
Australia—11.8%
Dexus Property Group		108,518	$	736
GPT Group		111,800		455
GPT Group (The) - In Specie^(2)(3)(4)		588,920		—
Scentre Group		396,171		1,467
Westfield Corp.		183,473		1,474

				4,132

Austria—0.5%
Atrium European Real Estate Ltd.		44,000		189

Canada—8.1%
Allied Properties Real Estate Investment Trust		27,565		825
Canadian Real Estate Investment Trust		15,295		572
First Capital Realty, Inc.		18,405		316
RioCan Real Estate Investment Trust		50,050		1,136

				2,849

Finland—2.3%
Citycon OYJ		349,291		796

France—5.7%
Fonciere Des Regions		960		85
Klepierre		26,956		1,189
Mercialys SA		33,500		713

				1,987

Germany—11.9%
ADO Properties SA⁽³⁾⁽⁵⁾		19,822		764
Deutsche Wohnen AG		28,500		970
LEG Immobilien AG		7,661		717
Vonovia SE		47,245		1,725

				4,176

Hong Kong—4.9%
Hysan Development Co. Ltd.		62,000		277
Link REIT (The)		210,441		1,439

				1,716

Italy—0.5%
Beni Stabili SpA		298,164		185

Japan—19.9%
GLP J-REIT		511		645
Hulic Co., Ltd.		84,500		890


	SHARES		VALUE
Japan—(continued)
Industrial & Infrastructure Fund Investment Corp.		89	$	496
Invincible Investment Corp.		920		582
Japan Real Estate Investment Corp.		123		760
Kenedix Office Investment Corp.		116		691
Kenedix Retail REIT Corp.		159		428
Lasalle Logiport REIT⁽²⁾		600		611
Nippon Building Fund, Inc.		124		764
Nippon Prologis REIT, Inc.		209		511
United Urban Investment Corp.		332		598

				6,976

Mexico—1.9%
PLA Administradora Industrial S de Rl de CV		49,852		85
Prologis Property Mexico SA de CV		349,200		568

				653

Netherlands—6.3%
Unibail-Rodamco SE		8,460		2,189

Norway—1.8%
Entra ASA⁽⁵⁾		58,000		546
Norwegian Property ASA		75,100		82

				628

Singapore—3.5%
CapitaLand Mall Trust		251,650		400
CapitaLand Retail China Trust		158,968		177
Global Logistic Properties Ltd.		471,000		636

				1,213

Spain—2.2%
Axiare Patrimonio SOCIMI SA		52,758		672
Hispania Activos Inmobiliarios Socimi SA		7,000		82

				754

Sweden—2.0%
Castellum AB		50,199		714

United Kingdom—15.4%
Big Yellow Group plc		33,288		347
British Land Co. plc		81,105		659
Derwent London plc		14,246		497
Great Portland Estates plc		30,018		251
Hammerson plc		113,209		815
Land Securities Group plc		61,885		861
Safestore Holdings plc		108,376		535


	SHARES		VALUE
United Kingdom—(continued)
SEGRO plc		109,057	$	605
Unite Group plc (The)		100,700		833

				5,403

TOTAL COMMON STOCKS (Identified Cost $25,607)				34,560

TOTAL LONG TERM INVESTMENTS—98.7% (Identified Cost $25,607)				34,560

TOTAL INVESTMENTS—98.7% (Identified Cost $25,607)				34,560	⁽¹⁾
Other assets and liabilities, net—1.3%				467

NET ASSETS—100.0%			$	35,027

The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2016 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

Securities held by the Fund with an end of period value of $15,108 were transferred from Level 1 to Level 2 based on our valuation procedures for non-U.S. securities.


	SHARES		VALUE
PREFERRED STOCK—0.1%
Consumer Discretionary—0.1%
Whirlpool SA (Brazil)		42,618	$	34

TOTAL PREFERRED STOCK (Identified Cost $34)				34

COMMON STOCKS—97.1%
Consumer Discretionary—7.0%
Goldlion Holdings Ltd. (Hong Kong)		2,990,600		1,122
Pico Far East Holdings Ltd. (Hong Kong)		4,217,668		1,191
REA Group Ltd. (Australia)		9,220		414

				2,727

Consumer Staples—11.0%
Heineken Malaysia Bhd (Malaysia)		479,000		1,797
Oldtown Bhd (Malaysia)		1,797,550		853
Premier Marketing PCL (Thailand)		4,415,029		1,177
Wawel SA (Poland)		1,900		478

				4,305

Energy—3.0%
Pason Systems, Inc. (Canada)		47,500		657
Schoeller-Bleckmann Oilfield Equipment AG (Austria)		8,578		519

				1,176

Financials—15.2%
ARA Asset Management Ltd. (Singapore)		1,531,716		1,571
Euler Hermes SA (France)		14,500		1,204
Euroz Ltd. (Australia)		2,316,146		1,373
Korea Ratings Corp. (South Korea)		28,868		1,033
LSL Property Services plc (United Kingdom)		229,751		746

				5,927

Health Care—7.5%
Haw Par Corp. Ltd. (Singapore)		71,719		481
Software Service, Inc. (Japan)		19,853		822
WIN-Partners Co. Ltd. (Japan)		116,710		1,605

				2,908

Industrials—17.2%
AIT Corp. (Japan)		142,000		1,150
Amadeus Fire AG (Germany)		5,695		360
Asiakastieto Group Oyj (Finland)		33,200		626


	SHARES		VALUE
Industrials—(continued)
Expeditors International of Washington, Inc. (United States)		16,000	$	785
Rotork plc (United Kingdom)		427,393		1,237
Tegma Gestao Logistica (Brazil)		1,059,560		1,930
WABCO Holdings, Inc. (United States)⁽²⁾		6,850		627

				6,715

Information Technology—25.6%
Alten SA (France)		11,000		646
Auto Trader Group plc (United Kingdom)		171,200		809
Autohome, Inc. ADR (China)⁽²⁾		62,200		1,251
Bouvet ASA (Norway)		80,245		1,136
carsales.com Ltd. (Australia)		41,467		384
Computer Modelling Group Ltd. (Canada)		76,500		612
Lumax International Corp., Ltd. (Taiwan)		1,464,159		2,118
Pro-Ship, Inc. (Japan)		66,800		1,348
Rightmove plc (United Kingdom)		16,800		821
Scout24 AG (Germany)⁽²⁾		11,000		409
Societe Pour L’informatique Industrielle (France)		31,770		423

				9,957

Materials—10.6%
Kansai Paint Co. Ltd. (Japan)		27,000		545
KPX Chemical Co. Ltd. (South Korea)		27,394		1,205
Rimoni Industries Ltd. (Israel)		83,330		670
Transpaco Ltd. (South Africa)		910,699		1,459
Victrex plc (United Kingdom)		11,800		239

				4,118

TOTAL COMMON STOCKS (Identified Cost $42,054)				37,833

TOTAL LONG TERM INVESTMENTS—97.2% (Identified Cost $42,088)				37,867

TOTAL INVESTMENTS—97.2% (Identified Cost $42,088)				37,867	⁽¹⁾
Other assets and liabilities, net—2.8%				1,090

NET ASSETS—100.0%			$	38,957

Abbreviation:


ADR		American Depositary Receipt

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at June 30, 2016, 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, 2016 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

Securities held by the Fund with an end of period value of $6,715 were transferred from Level 1 to Level 2, and securities held by the Fund with an end of period value of $1,191 were transferred from Level 2 to Level 1 based on our valuation procedures for non-U.S. securities.


	SHARES		VALUE
COMMON STOCKS—99.9%
Consumer Discretionary—29.0%
Altice NV Class A⁽²⁾		2,220	$	33
Autogrill S.p.A		911		7
Autoneum Holding AG		90		21
Axel Springer SE		481		25
Bayerische Motoren Werke AG		327		24
Benesse Holdings, Inc.		1,560		37
Brembo S.p.A		127		7
Brunello Cucinelli S.p.A		378		7
Carnival plc		898		40
Chow Tai Fook Jewellery Group Ltd.		9,600		7
Christian Dior SE		86		14
Compagnie Financiere Richemont SA Registered Shares		378		22
Continental AG		126		24
Crown Resorts Ltd.		2,182		21
CTS Eventim AG & Co. KGaA		809		25
Daily Mail & General Trust plc Class A		4,821		38
De’ Longhi		288		7
Dixons Carphone plc		7,423		32
Domino’s Pizza Enterprises Ltd.		413		21
Don Quijote Holdings Co., Ltd.		1,000		37
Dufry AG⁽²⁾		178		21
Fast Retailing Co., Ltd.		134		36
Fielmann AG		370		27
Forbo Holding AG Registered Shares		18		21
Galaxy Entertainment Group Ltd.		2,090		6
Genting Singapore plc		14,500		8
Geox SPA		2,172		7
Global Brands Group Holding Ltd.⁽²⁾		72,000		6
Harvey Norman Holdings Ltd.		6,150		21
Heiwa Corp.		1,850		37
Hennes & Mauritz AB Class B		327		10
Hermes International SA		38		14
Hikari Tsushin, Inc.		445		37
Inditex SA		441		15
Jardine Cycle & Carriage Ltd.		318		9
JCDecaux SA		365		12
Kering		83		13
L’Occitane International SA		7,000		14
Li & Fung Ltd.		13,700		7
Luxottica Group S.p.A		138		7


	SHARES		VALUE
Consumer Discretionary—(continued)
LVMH Moet Hennessy Louis Vuitton SA		88	$	13
M6-Metropole Television SA		812		14
Man Wah Holdings Ltd.		4,300		6
Mediaset S.p.A.		1,781		6
Mekonomen AB		457		10
Melco Crown Entertainment Ltd. ADR		458		6
Melco International Development Ltd.		6,400		6
Melia Hotels International SA		1,245		13
Merlin Entertainment plc⁽³⁾		7,318		43
MGM China Holdings Ltd.		4,800		6
Moncler SPA		433		7
Nitori Co., Ltd.		335		41
Numericable-SFR		504		13
Ocado Group plc⁽²⁾⁽⁴⁾		12,662		39
Osim International Ltd.		7,300		8
Plastic Omnium SA		429		12
Prada S.p.A		2,200		7
Premier Investments Ltd.		1,912		21
PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA		534		3
Publicis Groupe SA		203		14
Rakuten, Inc.		3,600		39
Royal Caribbean Cruises Ltd.		70		5
Salvatore Ferragamo S.p.A		337		7
Sands China Ltd.		1,900		6
Sankyo Co., Ltd.		1,010		38
Sega Sammy Holdings, Inc.		3,140		34
Seven West Media Ltd.		24,653		20
Shangri-La Asia Ltd.		6,100		6
Shimanura Co., Ltd.		267		40
SJM Holdings Ltd.		10,500		6
Sodexo		135		14
Sports Direct International plc⁽²⁾		8,085		35
Start Today Co., Ltd.		725		38
Steinhoff International Holdings NV		4,544		26
Swatch Group AG (The)		76		22
Techtronics Industries Co., Ltd.		1,500		6
Television Francaise 1		1,144		12
Tod’s S.p.A		120		6
Universal Entertainment Corp.⁽²⁾		1,670		35
Vivendi		788		15
Wynn Macau Ltd.		4,400		6


	SHARES		VALUE
Consumer Discretionary—(continued)
Yue Yuen Industrial Holdings Ltd.		1,650	$	7

				1,488

Consumer Staples—12.9%
AAK AB		139		10
Anheuser-Busch InBev N.V.		439		58
Associated British Foods plc		1,071		39
Axfood AB		539		10
Barry Callebaut AG		19		23
Beiersdorf AG		296		28
Carrefour SA		547		13
Casino Guichard Perrachon SA		251		14
Cosmos Pharmaceutical Corp.		185		37
Davide Campari-Milano S.p.A		775		8
First Resources Ltd.		6,500		8
Golden Agri-Resources Ltd.		29,600		8
Heineken Holding NV		437		35
Henkel AG & KGaA		262		28
Jeronimo Martins SPGS SA		227		4
Kose Corp.		433		36
L’Oreal SA		76		15
Marine Harvest ASA		342		6
MARR SpA		402		8
Metro AG		841		26
Orkla ASA		661		6
Pernod-Ricard SA		133		15
Pola Orbis Holdings, Inc.		420		39
Rallye SA		810		14
Remy Cointreau SA		172		15
Sonae SGPS SA		4,126		3
Sugi Holdings Co., Ltd.		660		37
Sundrug Co., Ltd.		400		38
Suntory Beverage & Food Ltd		775		35
Unicharm Corp.		1,710		38
Wilmar International Ltd.		3,100		7

				661

Energy—3.8%
Akastor ASA⁽²⁾		5,359		6
Aker Solutions ASA⁽²⁾		1,378		6
Avance Gas Holding Ltd.⁽³⁾		1,859		6
Brightoil Petroleum Holdings Ltd.		21,000		6
BW LPG Ltd.⁽³⁾		1,499		6
Delek Group Ltd.		34		7


	SHARES		VALUE
Energy—(continued)
Det Norske Oljeselskap ASA⁽²⁾		502	$	6
Galp Energia SGPS SA		272		4
Genel Energy plc⁽²⁾		22,314		42
Petrofac Ltd.		4,129		43
Saras S.p.A		4,038		7
Seadrill Ltd.⁽²⁾⁽⁴⁾		1,691		5
Ship Finance International Ltd.		391		6
Tecnicas Reunidas SA		514		15
Tenaris SA ADR		259		7
Transocean Ltd.		2,063		25

				197

Financials—14.0%
Abacus Property Group		8,871		21
ACOM Co. Ltd.⁽²⁾		7,500		36
Ashmore Group plc		10,392		41
Assicurazioni Generali S.p.A		506		6
Banca Mediolanum SPA		996		7
Banco Santander SA		3,268		13
Bank Hapoalim BM		1,239		6
Bank of East Asia Ltd.		1,600		6
Bankinter SA		2,112		14
Champion REIT		11,800		7
Cheung Kong Property Holdings Ltd.		950		6
China LNG Group Ltd.		188,000		6
City Developments Ltd.		1,200		7
Emperor International Group Ltd.		72,000		6
First Pacific Co., Ltd.		9,300		7
Fonciere Des Regions		159		14
Fortune REIT		5,400		6
Goldin Financial Holdings Ltd.⁽²⁾		9,800		6
Groupe Bruxelles Lambert SA		675		55
Hang Lung Group Ltd.		2,150		6
Hang Lung Properties Ltd.		3,200		6
Henderson Land Development Co., Ltd.		1,111		6
Hongkong Land Holdings Ltd.		1,300		8
Hufvudstaden AB A Shares		627		10
Hysan Development Co. Ltd.		1,450		6
Industrivarden AB A Shares		554		10
Inmobiliaria Colonial SA		19,637		14
Intu Properties plc		10,079		39
Kerry Properties Ltd.		2,600		6
Kingston Financial Group Ltd.⁽²⁾		13,000		6


	SHARES		VALUE
Financials—(continued)
Lundbergforetagen AB Class B		176	$	10
Matsui Securities Co., Ltd.		4,200		35
New World Development Co., Ltd.		6,500		7
Oversea-Chinese Banking Corp.		1,200		8
Pargesa Holding SA		347		23
Partners Group Holding AG		52		22
Platinum Asset Management Ltd.		4,498		20
Reinet Investments SCA		19,713		47
Scentre Group		6,033		22
Schroders plc		1,196		38
Sino Land Co., Ltd.		4,000		7
Sun Hung Kai Properties Ltd.		550		7
Svenska Handelsbanken AB Class A		782		10
United Overseas Bank Ltd.		585		8
United Overseas Land Ltd.		1,920		8
Wendel		131		14
Westfield Corp.		2,656		21
Wharf Holdings Ltd. (The)		1,120		7
Wheelock & Co., Ltd.		1,405		7
Yanlord Land Group Ltd.		9,250		8

				716

Health Care—4.9%
BioMerieux		112		15
Cyberdyne Inc.⁽²⁾⁽⁴⁾		1,650		37
DiaSorin S.p.A		123		7
Eurofins Scientific SE		39		14
Galenica AG Registered Shares		17		23
Getinge AB B Shares		480		10
Ipsen SA		239		15
Meda AB A Shares		533		10
Rhoen-Klinikum AG		919		27
Roche Holding AG		90		24
Straumann Holding AG		59		23
Taisho Pharmaceutical Holdings Co., Ltd.		370		39
Taro Pharmaceutical Industries Ltd.⁽²⁾		45		7

				251

Industrials—13.3%
Abertis Infraestructuras SA		994		15
ACS Actividades de Construccion y Servicios SA		480		13
Alfa Laval AB		623		10
Alstom SA⁽²⁾		594		14
ANDRITZ AG		551		26


	SHARES		VALUE
Industrials—(continued)
Assa Abloy AB B Shares		484	$	10
Bollore SA		4,157		14
Bouygues SA		456		13
Cargotec Oyj B Shares		708		29
Cheung Kong Infrastructure Holdings Ltd.		650		6
CK Hutchison Holdings Ltd.		550		6
Dassault Aviation SA		13		13
easyJet plc		2,044		30
Ferrovial SA		722		14
Fomento de Construcciones y Contratas SA⁽²⁾		1,793		15
Indutrade AB		483		10
Jardine Matheson Holdings Ltd.		133		8
Jardine Strategic Holdings Ltd.		268		8
Kloeckner & Co. AG⁽²⁾		2,129		23
Kone Oyj Class B		636		29
Kuehne & Nagel International AG		163		23
Nidec Corp.		480		36
Noble Group Ltd.⁽²⁾		93,300		14
Nordex SE⁽²⁾		900		26
NWS Holdings Ltd.		4,000		6
Obrascon Huarte Lain SA		3,235		11
OC Oerlikon Corp. AG Registered Shares		2,551		22
Orient Overseas International Ltd.		1,800		6
Prosegur Cia de Seguridad SA		2,517		15
Regus plc		10,121		39
Rieter Holding AG		107		22
Ryanair Holdings plc-SP ADR		563		39
Salini Impregilo S.p.A		2,341		7
Securitas AB Class B		655		10
Seven Group Holdings Ltd.		5,103		23
SGL Carbon SE⁽²⁾		2,249		25
SGS SA Registered Shares		10		23
Skanska AB Class B		463		10
Sulzer AG		252		22

				685

Information Technology—11.4%
Check Point Software Technologies Ltd.⁽²⁾		79		6
COLOPL, Inc.		1,760		35
Dassault Systemes		187		14
Gree, Inc.⁽²⁾		6,500		37
GungHo Online Entertainment, Inc.⁽⁴⁾		12,600		34
Hexagon AB B Shares		258		10


	SHARES		VALUE
Information Technology—(continued)
Keyence Corp.		55	$	38
Konami Corp.		965		37
Lenovo Group Ltd.		10,400		6
Mixi, Inc.		900		37
Nexon Co., Ltd.		2,390		35
Obic Business Consultants Co., Ltd.		805		36
Obic Co., Ltd.		691		38
Otsuka Corp.		800		37
Renishaw plc		1,463		43
SAP SE		340		26
Silverlake Axis Ltd.		21,600		8
Square Enix Holdings Co., Ltd.		1,135		36
Tower Semiconductor Ltd.⁽²⁾		535		7
United Internet AG Registered Shares		610		25
VTech Holdings Ltd.		572		6
Yahoo Japan Corp.		8,000		36

				587

Materials—7.1%
APERAM SA		928		33
ArcelorMittal⁽²⁾		6,853		31
EMS-Chemie Holding AG		46		24
Evolution Mining Ltd.		12,544		22
Fortescue Metals Group Ltd.		8,735		23
Frutarom Industries Ltd.		144		7
Glencore International plc		21,268		44
HeidelbergCement AG		324		24
Hexpol AB		963		10
Holcim Ltd. Registered Shares		529		22
Holmen AB B Shares		311		10
Imerys SA		211		13
Israel Corp. Ltd. (The)		37		6
OCI NV⁽²⁾		2,370		32
Pact Group Holdings Ltd.		4,918		22
Vicat		238		13
Wacker Chemie AG		283		25

				361

Telecommunication Services—2.6%
HKT Trust & HKT Ltd.		4,300		6
Iliad SA		69		14
PCCW Ltd.		9,500		6
Smartone Telecommunications Holdings Ltd.		3,700		7
Softbank Corp.		656		37


	SHARES		VALUE
Telecommunication Services—(continued)
Talktalk Telecom Group plc		14,137	$	41
TPG Telecom Ltd.		2,460		22

				133

Utilities—0.9%
CLP Holdings Ltd.		639		6
Engie SA		879		14
Hong Kong & China Gas Co., Ltd.		3,685		7
Kenon Holdings Ltd.⁽²⁾		641		7
Rubis SCA		184		14

				48

TOTAL COMMON STOCKS (Identified Cost $5,258)				5,127

RIGHTS—0.0%
Energy—0.0%
Noble Group Ltd. Exp 07/20/16⁽²⁾		20,700		2

TOTAL RIGHTS (Identified Cost $4)				2

TOTAL LONG TERM INVESTMENTS—99.9% (Identified Cost $5,262)				5,129

SECURITIES LENDING COLLATERAL—2.4%
INVESCO Trust Short -Term Investments Liquid Assets Portfolio (The) - Institutional Shares (seven-day effective yield 0.430%)⁽⁵⁾⁽⁶⁾		121,553		122

TOTAL SECURITIES LENDING COLLATERAL (Identified Cost $122)				122

TOTAL INVESTMENTS—102.3% (Identified Cost $5,384)				5,251	⁽¹⁾
Other assets and liabilities, net—(2.3)%				(116	)

NET ASSETS—100.0%			$	5,135

Abbreviations:

ADR	American Depositary Receipt

REIT	Real Estate Investment Trust

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at June 30, 2016, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Non-income producing.

⁽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, 2016, these securities amounted to a value of $55 or 1.1% of net assets.

⁽⁴⁾	All or a portion of security is on loan.

⁽⁵⁾	Represents security purchased with cash collateral received for securities on loan.

⁽⁶⁾	Shares of this fund are publicly offered and the prospectus and annual report are publicly available.

⁽⁷⁾	Amounts are less than $500 (not reported in 000s).

The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2016 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

Securities held by the Fund with an end of period value of $2,671 were transferred from Level 1 to Level 2, and securities held by the Fund with an end of period value of $8 were transferred from Level 2 to Level 1 based on our valuation procedures for non-U.S. securities.


	SHARES		VALUE
EXCHANGE-TRADED FUNDS—98.8%
iShares S&P 100 Index Fund⁽²⁾⁽³⁾		40,250	$	3,739

TOTAL EXCHANGE-TRADED FUNDS (Identified Cost $3,231)				3,739


	CONTRACTS		VALUE
PURCHASED OPTIONS—0.1%
Call Option—0.1%
CBOE Volatility Index expiration 07/20/16 strike price $27		84		3

TOTAL PURCHASED OPTIONS—0.1% (Premiums Paid $10)				3

TOTAL LONG TERM INVESTMENTS—98.9% (Identified Cost $3,241)				3,742	⁽¹⁾

TOTAL INVESTMENTS, BEFORE WRITTEN OPTIONS—98.9% (Identified Cost $3,241)				3,742	⁽¹⁾

WRITTEN OPTIONS—(0.1)%
Call Option—(0.1)%
S&P 500^® Index expiration 07/29/16 strike price $2180		17		(3	)

TOTAL WRITTEN OPTIONS—(0.1)% (Premiums Received $3)				(3	)

TOTAL INVESTMENTS, NET OF WRITTEN OPTIONS—98.8% (Identified Cost $3,238)				3,739	⁽¹⁾
Other assets and liabilities, net—1.2%				45

NET ASSETS—100.0%			$	3,784

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at June 30, 2016, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	All or a portion of the security is segregated as collateral for written options.

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

The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2016 (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, 2016.


	SHARES		VALUE
COMMON STOCKS—36.0%
Consumer Discretionary—8.2%
Advance Auto Parts, Inc.		771	$	125
Amazon.com, Inc.⁽²⁾		911		652
AutoNation, Inc.⁽²⁾		833		39
AutoZone, Inc.⁽²⁾		331		263
CarMax, Inc.⁽²⁾		2,226		109
Chipotle Mexican Grill, Inc.⁽²⁾		135		54
Comcast Corp. Class A		10,041		655
Darden Restaurants, Inc.		490		31
Dollar General Corp.		2,600		244
Dollar Tree, Inc.⁽²⁾		2,210		208
Expedia, Inc.		285		30
Gap, Inc. (The)		1,665		35
Genuine Parts Co.		8,813		892
Hasbro, Inc.		4,624		388
Home Depot, Inc. (The)		4,754		607
Horton (D.R.), Inc.		7,590		239
Interpublic Group of Cos., Inc. (The)		17,642		408
L Brands, Inc.		2,157		145
Leggett & Platt, Inc.		4,128		211
Lennar Corp. Class A		4,136		191
Lowe’s Cos., Inc.		3,514		278
Mattel, Inc.		14,312		448
McDonald’s Corp.		3,124		376
Mohawk Industries, Inc.⁽²⁾		1,927		366
Netflix, Inc.⁽²⁾		1,084		99
Newell Rubbermaid, Inc.		13,092		636
NIKE, Inc. Class B		13,728		758
O’Reilly Automotive, Inc.⁽²⁾		1,069		290
Omnicom Group, Inc.		7,905		644
Priceline Group, Inc. (The)⁽²⁾		130		162
PulteGroup, Inc.		7,333		143
Ross Stores, Inc.		3,269		185
Starbucks Corp.		4,990		285
Target Corp.		5,703		398
Time Warner, Inc.		1,666		123
TJX Cos., Inc. (The)		5,603		433
TripAdvisor, Inc.⁽²⁾		237		15
Twenty-First Century Fox, Inc. Class A		2,436		66
Twenty-First Century Fox, Inc. Class B		894		24
Urban Outfitters, Inc.⁽²⁾		563		16
Viacom, Inc. Class B		729		30


	SHARES		VALUE
Consumer Discretionary—(continued)
Walt Disney Co. (The)		3,173	$	310
Wynn Resorts Ltd.		9,699		879
Yum! Brands, Inc.		1,503		125

				12,615

Consumer Staples—4.5%
Altria Group, Inc.		5,738		396
Brown-Forman Corp. Class B		2,483		248
Campbell Soup Co.		992		66
Coca-Cola Co. (The)		9,615		436
ConAgra Foods, Inc.		2,246		107
Constellation Brands, Inc. Class A		4,196		694
CVS Health Corp.		3,349		321
Dr. Pepper Snapple Group, Inc.		493		48
General Mills, Inc.		2,925		209
Hershey Co. (The)		782		89
Hormel Foods Corp.		1,544		56
J.M. Smucker Co. (The)		401		61
Kellogg Co.		1,044		85
Kraft Heinz Co.(The)		2,836		251
McCormick & Co., Inc.		611		65
Mead Johnson Nutrition Co.		904		82
Molson Coors Brewing Co. Class B		9,868		998
Mondelez International, Inc. Class A		7,765		353
Monster Beverage Corp.⁽²⁾		350		56
PepsiCo, Inc.		3,532		374
Philip Morris International, Inc.		4,625		470
Reynolds American, Inc.		3,906		211
SYSCO Corp.		20,265		1,028
Tyson Foods, Inc. Class A		1,126		75
Walgreens Boots Alliance, Inc.		2,628		219

				6,998

Energy—0.3%
Marathon Petroleum Corp.		2,876		109
Phillips 66		2,559		203
Tesoro Corp.		661		50
Valero Energy Corp.		2,594		132

				494

Financials—4.9%
Allstate Corp. (The)		3,188		223
American Tower Corp.		2,204		250
AON plc		3,135		342


	SHARES		VALUE
Financials—(continued)
Apartment Investment & Management Co. Class A		1,526	$	67
AvalonBay Communities, Inc.		1,397		252
CHUBB Ltd.		3,485		456
Cincinnati Financial Corp.		1,153		86
CME Group, Inc.		1,708		166
Crown Castle International Corp.		1,744		177
Equinix, Inc.		361		140
Equity Residential		3,701		255
Essex Property Trust, Inc.		662		151
Extra Space Storage, Inc.		734		68
Federal Realty Investment Trust		841		139
Four Corners Property Trust, Inc.		90		2
General Growth Properties, Inc.		6,390		191
HCP, Inc.		5,646		200
Intercontinental Exchange, Inc.		607		155
Iron Mountain, Inc.		1,026		41
Kimco Realty Corp.		4,255		134
Macerich Co. (The)		1,345		115
Marsh & McLennan Cos., Inc.		5,886		403
Moody’s Corp.		857		80
NASDAQ OMX Group, Inc. (The)		583		38
Progressive Corp. (The)		4,722		158
Prologis, Inc.		17,563		861
Public Storage		776		198
Realty Income Corp.		2,713		188
S&P Global, Inc.		1,357		146
Simon Property Group, Inc.		2,597		563
Travelers Cos., Inc. (The)		2,306		275
UDR, Inc.		2,484		92
Ventas, Inc.		4,264		310
Welltower, Inc.		3,128		238
Weyerhaeuser Co.		4,225		126
Willis Towers Watson plc		1,517		189
XL Group plc		2,328		78

				7,553

Health Care—3.6%
Abbott Laboratories		3,281		129
Aetna, Inc.		1,077		132
Agilent Technologies, Inc.		2,695		120
Allergan plc⁽²⁾		241		56
AmerisourceBergen Corp.		1,139		90


	SHARES		VALUE
Health Care—(continued)
Anthem, Inc.		883	$	116
Bard (C.R.), Inc.		145		34
Baxter International, Inc.		1,073		49
Becton, Dickinson & Co.		483		82
Boston Scientific Corp.⁽²⁾		3,271		76
Bristol-Myers Squibb Co.		958		70
Cardinal Health, Inc.		1,922		150
Cigna Corp.		836		107
Danaher Corp.		1,460		147
DENTSPLY SIRONA, Inc.		16,405		1,018
Edwards Lifesciences Corp.⁽²⁾		506		50
Eli Lilly & Co.		565		44
Endo International plc⁽²⁾		138		2
HCA Holdings, Inc.⁽²⁾		4,843		373
Henry Schein, Inc.⁽²⁾		478		84
Humana, Inc.		472		85
Illumina, Inc.⁽²⁾		1,173		165
Intuitive Surgical, Inc.⁽²⁾		81		54
Johnson & Johnson		1,611		195
Mallinckrodt plc⁽²⁾		73		4
McKesson Corp.		1,339		250
Medtronic plc		3,049		265
Merck & Co., Inc.		1,620		93
Mylan NV⁽²⁾		244		11
Patterson Cos., Inc.		482		23
PerkinElmer, Inc.		919		48
Perrigo Co. plc		94		9
Pfizer, Inc.		3,577		126
Shire plc ADR		1		—
St. Jude Medical, Inc.		530		41
Stryker Corp.		708		85
Thermo Fisher Scientific, Inc.		3,072		454
UnitedHealth Group, Inc.		3,037		429
Universal Health Services, Inc. Class B		1,415		190
Varian Medical Systems, Inc.⁽²⁾		191		16
Waters Corp.⁽²⁾		578		81
Zimmer Biomet Holdings, Inc.		417		50
Zoetis, Inc.		266		13

				5,616

Industrials—4.0%
3M Co.		1,727		302
Allegion plc		5,166		359


	SHARES		VALUE
Industrials—(continued)
Avery Dennison Corp.		1,180	$	88
Boeing Co. (The)		1,200		156
Cintas Corp.		9,248		907
Dover Corp.		1,148		80
Dun & Bradstreet Corp.		617		75
Equifax, Inc.		2,108		271
Flowserve Corp.		990		45
General Dynamics Corp.		557		78
General Electric Co.		19,475		613
Honeywell International, Inc.		1,512		176
Illinois Tool Works, Inc.		2,271		237
Ingersoll-Rand plc		1,798		114
L-3 Communications Holdings, Inc.		144		21
Lockheed Martin Corp.		470		117
Masco Corp.		18,070		559
Nielsen Holdings plc		6,479		337
Northrop Grumman Corp.		320		71
Parker Hannifin Corp.		961		104
Pentair plc		1,154		67
Raytheon Co.		612		83
Republic Services, Inc.		4,604		236
Rockwell Collins, Inc.		164		14
Roper Technologies, Inc.		247		42
Snap-On, Inc.		389		61
Stanley Black & Decker, Inc.		1,045		116
Stericycle, Inc.⁽²⁾		1,633		170
Textron, Inc.		442		16
United Technologies Corp.		1,527		157
Waste Management, Inc.		7,814		518
Xylem, Inc.		1,158		52

				6,242

Information Technology—4.4%
Activision Blizzard, Inc.		7,719		306
Adobe Systems, Inc.⁽²⁾		2,955		283
Akamai Technologies, Inc.⁽²⁾		500		28
Alliance Data Systems Corp.⁽²⁾		91		18
Alphabet, Inc. Class A⁽²⁾		520		366
Alphabet, Inc. Class C⁽²⁾		540		374
Amphenol Corp. Class A		2,250		129
Analog Devices, Inc.		484		27
Applied Materials, Inc.		17,782		426
Autodesk, Inc.⁽²⁾		1,264		69


	SHARES		VALUE
Information Technology—(continued)
Automatic Data Processing, Inc.		633	$	58
Broadcom Ltd.		657		102
CA, Inc.		731		24
Citrix Systems, Inc.⁽²⁾		978		78
Corning, Inc.		24,040		492
eBay, Inc.⁽²⁾		2,765		65
Electronic Arts, Inc.⁽²⁾		4,752		360
Facebook, Inc. Class A⁽²⁾		2,423		277
Fidelity National Information Services, Inc.		379		28
First Solar, Inc.⁽²⁾		224		11
Fiserv, Inc.⁽²⁾		308		34
Intel Corp.		8,563		281
Intuit, Inc.		1,634		182
KLA-Tencor Corp.		2,546		187
Lam Research Corp.		2,514		211
Linear Technology Corp.		330		15
MasterCard, Inc. Class A		1,317		116
Microchip Technology, Inc.		297		15
Micron Technology, Inc.⁽²⁾		1,325		18
Microsoft Corp.		11,980		613
NVIDIA Corp.		802		38
Oracle Corp.		6,052		248
Paychex, Inc.		431		26
PayPal Holdings, Inc.⁽²⁾		1,488		54
Qorvo, Inc.⁽²⁾		281		16
QUALCOMM, Inc.		2,558		137
Red Hat, Inc.⁽²⁾		245		18
salesforce.com, Inc.⁽²⁾		3,767		299
Skyworks Solutions, Inc.		368		23
Symantec Corp.		969		20
Texas Instruments, Inc.		1,745		109
Total System Services, Inc.		240		13
VeriSign, Inc.⁽²⁾		160		14
Verisk Analytics, Inc.⁽²⁾		2,790		226
Visa, Inc. Class A		2,598		193
Western Union Co. (The)		685		13
Xerox Corp.		1,274		12
Xilinx, Inc.		307		14
Yahoo!, Inc.⁽²⁾		2,485		93

				6,759

Materials—3.6%
Alcoa, Inc.		79,119		733


	SHARES		VALUE
Materials—(continued)
Dow Chemical Co. (The)		7,193	$	358
Du Pont (E.I.) de Nemours & Co.		5,734		372
Eastman Chemical Co.		971		66
Ecolab, Inc.		1,654		196
Freeport-McMoRan Copper & Gold, Inc.		51,210		570
International Flavors & Fragrances, Inc.		494		62
International Paper Co.		5,396		229
Martin Marietta Materials, Inc.		2,329		447
Newmont Mining Corp.		34,498		1,349
PPG Industries, Inc.		1,681		175
Sealed Air Corp.		2,565		118
Sherwin-Williams Co. (The)		486		143
Vulcan Materials Co.		4,696		565
Westrock Co.		3,362		131

				5,514

Telecommunication Services—0.6%
AT&T, Inc.		10,473		452
CenturyLink, Inc.		1,079		31
Frontier Communications Corp.		3,167		16
Verizon Communications, Inc.		6,696		374

				873

Utilities—1.9%
AGL Resources, Inc.		13,563		895
Ameren Corp.		1,028		55
American Electric Power Co., Inc.		1,261		88
CenterPoint Energy, Inc.		1,716		41
CMS Energy Corp.		1,206		55
Consolidated Edison, Inc.		1,116		90
Dominion Resources, Inc.		2,482		194
DTE Energy Co.		730		72
Duke Energy Corp.		1,851		159
Edison International		747		58
Entergy Corp.		436		36
Eversource Energy		858		51
Exelon Corp.		2,620		95
FirstEnergy Corp.		948		33
NextEra Energy, Inc.		1,245		162
NiSource, Inc.		1,469		39
PG&E Corp.		1,979		127
Pinnacle West Capital Corp.		246		20
PPL Corp.		1,732		65
Public Service Enterprise Group, Inc.		1,910		89


	SHARES		VALUE
Utilities—(continued)
SCANA Corp.		489	$	37
Sempra Energy		1,001		114
Southern Co.		2,534		136
TECO Energy, Inc.		1,148		32
WEC Energy Group, Inc.		1,130		74
XCEL Energy, Inc.		1,229		55

				2,872

TOTAL COMMON STOCKS (Identified Cost $50,957)				55,536

EXCHANGE-TRADED FUNDS⁽³⁾—52.3%
iShares 20+ Year Treasury Bond Fund		135,843		18,869
iShares Dow Jones U.S. Real Estate Index Fund		63,797		5,250
iShares iBoxx $ High Yield Corporate Bond Fund		107,257		9,084
iShares iBoxx $ Investment Grade Corporate Bond Fund		75,400		9,254
iShares JPMorgan Emerging Markets Bond Index Fund		82,770		9,531
iShares MSCI Brazil Index Fund		169,303		5,101
iShares MSCI Hong Kong Index Fund		229,434		4,492
iShares MSCI India Index Fund		165,508		4,621
iShares MSCI South Korea Index Fund		86,714		4,515
iShares MSCI Taiwan Index Fund		329,205		4,625
PowerShares DB Gold Fund⁽²⁾		123,272		5,322

TOTAL EXCHANGE-TRADED FUNDS (Identified Cost $75,853)				80,664

TOTAL LONG TERM INVESTMENTS—88.3% (Identified Cost $126,810)				136,200

SHORT-TERM INVESTMENT—10.1%
Money Market Mutual Fund—10.1%
JPMorgan Prime Money Market Fund - Institutional Shares (seven-day effective yield 0.380%)⁽³⁾		15,640,602		15,641

TOTAL SHORT-TERM INVESTMENT (Identified Cost $15,641)				15,641

TOTAL INVESTMENTS—98.4% (Identified Cost $142,451)				151,841	⁽¹⁾
Other assets and liabilities, net—1.6%				2,487

NET ASSETS—100.0%			$	154,328

The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2016 (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, 2016.


	PAR VALUE			VALUE
MUNICIPAL BONDS—0.2%
Illinois—0.1%
Chicago Wastewater Transmission Taxable Revenue 5.180%, 1/1/27	$	250		$	273

Michigan—0.0%
Tobacco Settlement Finance Authority Taxable Series A, 7.309%, 6/1/34		145			140

Virginia—0.1%
Tobacco Settlement Financing Corp. Series A-1, Taxable 6.706%, 6/1/46		325			274

TOTAL MUNICIPAL BONDS (Identified Cost $709)					687

FOREIGN GOVERNMENT SECURITIES—11.6%
Argentine Republic
144A 6.875%, 4/22/21⁽³⁾		300			320
144A 7.500%, 4/22/26⁽³⁾		755			818
Series NY, 8.280%, 12/31/33		1,570			1,756
144A 7.125%, 7/6/36⁽³⁾		735			755
144A 7.625%, 4/22/46⁽³⁾		370			400
Bolivarian Republic of Venezuela
RegS 7.000%, 12/1/18⁽⁴⁾		216			109
RegS 7.750%, 10/13/19⁽⁴⁾		202			91
RegS 8.250%, 10/13/24⁽⁴⁾		1,110			469
RegS 7.650%, 4/21/25⁽⁴⁾		1,500			619
9.250%, 9/15/27		360			175
9.375%, 1/13/34		2,145			938
City of Buenos Aires 144A 7.500%, 6/1/27⁽³⁾		365			380
Federative Republic of Brazil
8.500%, 1/5/24		1,690	^BRL		459
Treasury Note Series F 10.000%, 1/1/25		1,880	^BRL		526
10.250%, 1/10/28		250	^BRL		73
5.625%, 1/7/41		670			652
Hungary 6.375%, 3/29/21		630			717
Mongolia 144A 5.125%, 12/5/22⁽³⁾		825			680
Provincia de Buenos Aires Argentina
144A 9.125%, 3/16/24⁽³⁾		730			805
144A 7.875%, 6/15/27		1,180			1,215
Republic of Angola 144A 9.500%, 11/12/25⁽³⁾		275			274
Republic of Azerbaijan 144A 4.750%, 3/18/24⁽³⁾		880			890
Republic of Chile 5.500%, 8/5/20		474,000	^CLP		758


	PAR VALUE			VALUE
Republic of Colombia
4.375%, 3/21/23	$	1,867,000	^COP	$	545
9.850%, 6/28/27		1,685,000	^COP		690
Republic of Costa Rica
144A 4.375%, 4/30/25⁽³⁾		795			749
144A 7.000%, 4/4/44⁽³⁾		200			200
Republic of Cote d’Ivoire 144A 6.375%, 3/3/28⁽³⁾		905			876
Republic of El Salvador 144A 6.375%, 1/18/27⁽³⁾		1,405			1,279
Republic of Ghana RegS 10.750%, 10/14/30⁽⁴⁾		875			922
Republic of Guatemala 144A 4.500%, 5/3/26⁽³⁾		735			749
Republic of Indonesia Series FR56, 8.375%, 9/15/26		12,313,000	^IDR		989
Republic of Iraq RegS 5.800%, 1/15/28⁽⁴⁾		610			467
Republic of Kazakhstan 144A 5.125%, 7/21/25⁽³⁾		245			268
Republic of Peru 4.125%, 8/25/27		650			715
Republic of South Africa Series R203, 8.250%, 9/15/17		3,690	^ZAR		252
Series R208, 6.750%, 3/31/21		11,230	^ZAR		717
4.875%, 4/14/26		1,245			1,292
Republic of Sri Lanka 144A 6.850%, 11/3/25⁽³⁾		800			783
Republic of Turkey
9.000%, 3/8/17		1,250	^TRY		437
6.250%, 9/26/22		515			582
4.875%, 10/9/26		275			290
Russian Federation 144A 7.850%, 3/10/18⁽³⁾		60,000	^RUB		917
State of Qatar 144A 3.250%, 6/2/26⁽³⁾		480			490
Sultanate of Oman 144A 4.750%, 6/15/26⁽³⁾		1,170			1,158
Turkey Government International Bond 4.875%, 4/16/43		945			923
Ukraine 144A 7.750%, 9/1/26⁽³⁾		850			805
United Mexican States 4.750%, 3/8/44		1,014			1,093
United Mexican States, Series M, 6.500%, 6/9/22		38,590	^MXN		2,207

TOTAL FOREIGN GOVERNMENT SECURITIES (Identified Cost $37,324)					34,274

MORTGAGE-BACKED SECURITIES—15.2%
Agency—3.5%
FNMA
3.000%, 4/1/43		1,528			1,589
3.000%, 5/1/43		785			816
3.000%, 6/1/43		2,186			2,273
3.000%, 7/1/43		1,589			1,652
4.000%, 10/1/44		1,360			1,460


	PAR VALUE		VALUE
Agency—(continued)
3.500%, 9/1/45	$	2,249	$	2,373

				10,163

Non-Agency—11.7%
American Homes 4 Rent
14-SFR2, C 144A 4.705%, 10/17/36⁽³⁾		915		980
15-SFR2, C 144A 4.691%, 10/17/45⁽³⁾		805		856
15-SFR1, A 144A 3.467%, 4/17/52⁽³⁾		685		725
Ameriquest Mortgage Securities, Inc. 03-AR3, M4 4.198%, 6/25/33⁽²⁾		1,135		1,081
Banc of America Funding Trust
05-1, 1A1 5.500%, 2/25/35		430		430
06-2, 3A1 6.000%, 3/25/36		216		215
Bank of America (Merrill Lynch - Countrywide) Alternative Loan Trust
04-22CB, 1A1 6.000%, 10/25/34		437		466
04-24CB, 1A1 6.000%, 11/25/34		99		100
Bank of America (Merrill Lynch - Countrywide) Asset-Backed Certificates
05-1, AF5A 5.147%, 7/25/35⁽²⁾		1,030		1,019
05-12, 2A4 5.575%, 2/25/36⁽²⁾		540		537
Bank of America (Merrill Lynch) Mortgage Investors Trust 98-C1, C 6.750%, 11/15/26⁽²⁾		1,260		1,317
Citigroup Mortgage Loan Trust, Inc.
05-5, 2A3 5.000%, 8/25/35		271		269
15-A, A1 144A 3.500%, 6/25/58⁽²⁾⁽³⁾		773		796
Colony American Finance Ltd. 15-1, 144A 2.896%, 10/15/47⁽³⁾		651		663
Commercial Mortgage Trust 07-GG11, AM 5.867%, 12/10/49⁽²⁾		600		621
Credit Suisse Commercial Mortgage Trust 07-C5, A1AM 5.870%, 9/15/40⁽²⁾		939		845
Credit Suisse Mortgage Trust
06-08 3A1 6.000%, 10/25/21		507		486
15-1 A9 144A 3.500%, 5/25/45⁽²⁾⁽³⁾		792		815
Deutsche Bank-UBS Mortgage Trust 11-LC3A, D 144A 5.549%, 8/10/44⁽²⁾⁽³⁾		860		889
Finnish Real Estate Management Federation Mortgage Trust 15-K 720 144A 3.506%, 7/25/22⁽²⁾⁽³⁾		380		360
GAHR Commercial Mortgage Trust 15-NRF, CFX 144A 3.495%, 12/15/34⁽²⁾⁽³⁾		600		607


	PAR VALUE		VALUE
Non-Agency—(continued)
GSAA Home Equity Trust 05-12, AF3W 4.999%, 9/25/35⁽²⁾	$	306	$	309
GSR Mortgage Loan Trust 06-1F, 2A406 - 1F, 2A4 6.000%, 2/25/36		385		335
Home Equity Loan Trust
03-HS3, AI4 5.550%, 9/25/33⁽²⁾		206		210
07-HSA3, AI4 6.110%, 6/25/37⁽²⁾		1,481		1,459
Jefferies Resecuritization Trust 14-R1, 2A1 144A 4.000%, 12/27/37⁽³⁾		447		446
JPMorgan Chase (Bear Stearns) Commercial Mortgage Securities Trust 07-PWR15, AMFX, 144A 5.363%, 2/11/44⁽³⁾		255		240
JPMorgan Chase Commercial Mortgage Securities Trust
14-1, 1A1 144A 4.000%, 1/25/44⁽²⁾⁽³⁾		675		711
07-LDPX, AM 5.464%, 1/15/49⁽²⁾		676		665
JPMorgan Chase Mortgage Finance Corp. 16-1, M2 144A 3.750%, 4/25/45⁽²⁾⁽³⁾		630		639
MASTR Adjustable Rate Mortgages Trust 05-1, 3A1 3.104%, 2/25/35⁽²⁾		546		495
MASTR Alternative Loan Trust
04-6, 7A1 6.000%, 7/25/34		1,163		1,148
05-2, 2A1 6.000%, 1/25/35		478		494
MASTR Reperforming Loan Trust 05-1, 1A5 144A 8.000%, 8/25/34⁽³⁾		590		619
MASTR Specialized Loan Trust 05-3, A2 144A 5.704%, 11/25/35⁽²⁾⁽³⁾		340		344
Morgan Stanley - Bank of America (Merrill Lynch) Trust 15-C26,C 4.558%, 10/15/48⁽²⁾		840		849
Morgan Stanley Capital I Trust 07-IQ14, AM 5.865%, 4/15/49⁽²⁾		925		924
Motel 6 Trust 15-MTL6, D 144A 4.532%, 2/5/30⁽³⁾		1,080		1,076
Nomura Asset Acceptance Corp. 04-R3, A1 144A 6.500%, 2/25/35⁽³⁾		253		250
Resecuritization Pass-Through Trust 05-BR, A5 6.000%, 10/25/34		429		431
Residential Asset Mortgage Trust 04-RZ1, M1 4.820%, 3/25/34⁽²⁾		1,081		1,103
Residential Asset Securitization Trust 05-A1, A3 5.500%, 4/25/35		707		708
Sequoia Mortgage Trust
14-2, A1 144A 4.000%, 7/25/44⁽²⁾⁽³⁾		295		305


	PAR VALUE		VALUE
Non-Agency—(continued)
14-4, A6, 144A 3.500%, 11/25/44⁽²⁾⁽³⁾	$	702	$	721
15-1, A1 144A 3.500%, 1/25/45⁽²⁾⁽³⁾		797		819
Towd Point Mortgage Trust
15-1, A2 144A 3.250%, 10/25/53⁽²⁾⁽³⁾		555		560
15-5, A2, 144A 3.500%, 5/25/55⁽²⁾⁽³⁾		690		703
Vericrest Opportunity Loan Trust
15-NP11, A1 144A 3.625%, 7/25/45⁽²⁾⁽³⁾		587		585
15-NPL2, A1 144A 3.375%, 2/25/55⁽²⁾⁽³⁾		610		604
15-NPL3, A1 144A 3.375%, 10/25/58⁽²⁾⁽³⁾		565		559
Wells Fargo (Wachovia Bank) Commercial Mortgage Trust 15-LC20, B 3.719%, 4/15/50		875		911
Wells Fargo - Royal Bank of Scotland plc Commercial Mortgage Trust 11-C5, C 144A 5.847%, 11/15/44⁽²⁾⁽³⁾		645		705
WinWater Mortgage Loan Trust 16-1A5, 144A 3.500%, 1/20/46⁽²⁾⁽³⁾		536		548

				34,552

TOTAL MORTGAGE-BACKED SECURITIES (Identified Cost $44,272)				44,715

ASSET-BACKED SECURITIES—4.0%
CarFinance Capital Auto Trust
14-1A, D 144A 4.900%, 4/15/20⁽³⁾		1,316		1,310
15-1A, C 144A 3.580%, 6/15/21⁽³⁾		2,160		2,116
DB Master Finance LLC 15-A1, A2II 144A 3.980%, 2/20/45⁽³⁾		378		388
Exeter Automobile Receivables Trust
15-A1, C 144A 4.100%, 12/15/20⁽³⁾		900		892
15-3A, D 144A 6.550%, 10/17/22⁽³⁾		840		826
Fairway Outdoor Funding LLC 12-1A, A2 144A 4.212%, 10/15/42⁽³⁾		533		543
Flagship Credit Auto Trust 14-1, E 144A 5.710%, 8/16/21⁽³⁾		665		652
Foursight Capital Automobile Receivables Trust 15-1, B 144A 4.120%, 9/15/22⁽³⁾		1,110		1,132
Greater Capital Association of Realtors 15-1A, C 9.790%, 10/15/25		545		542
IndyMac Manufactured Housing Contract 98-1, A3 6.370%, 9/25/28		217		222
LEAF Receivables Funding 10 LLC 15-1, E2 144A 6.000%, 6/15/23⁽³⁾		555		543


	PAR VALUE		VALUE
LEAF Receivables Funding 11 LLC 16-1, E2 11 144A 6.000%, 6/15/24⁽³⁾	$	290	$	268
SolarCity LMC Series III LLC 14-2, A 144A 4.020%, 7/20/44⁽³⁾		941		910
Trip Rail Master Funding LLC 11-1A, A1A 144A 4.370%, 7/15/41⁽³⁾		186		192
Wendy’s Funding LLC 15-1A, A2II 144A 4.080%, 6/15/45⁽³⁾		1,102		1,136

TOTAL ASSET-BACKED SECURITIES (Identified Cost $11,710)				11,672

CORPORATE BONDS AND NOTES—54.2%
Consumer Discretionary—8.0%
Aramark Services, Inc. 144A 4.750%, 6/1/26⁽³⁾		405		398
Argos Merger Sub, Inc. 144A 7.125%, 3/15/23⁽³⁾		775		799
Beazer Homes USA, Inc. 5.750%, 6/15/19		472		432
Boyd Gaming Corp. 6.875%, 5/15/23		415		444
Brookfield Residential Properties, Inc. 144A 6.125%, 7/1/22⁽³⁾		185		176
Caesars Entertainment Operating Co., Inc. 9.000%, 2/15/20⁽¹⁶⁾		535		496
Caesars Entertainment Resort Properties LLC 8.000%, 10/1/20		320		322
Caesars Growth Properties Finance, Inc. 9.375%, 5/1/22		495		463
CCO Holdings LLC
144A 5.125%, 5/1/23⁽³⁾		390		395
144A 5.750%, 2/15/26⁽³⁾		625		645
144A 5.500%, 5/1/26⁽³⁾		275		280
Cequel Communications Holdings I LLC (Cequel Capital Corp.)
144A 5.125%, 12/15/21⁽³⁾		275		263
144A 5.125%, 12/15/21⁽³⁾		655		625
Clear Channel Worldwide Holdings, Inc.
Series A 7.625%, 3/15/20		320		294
Series B 7.625%, 3/15/20		930		890
Columbus International, Inc. Series B, 144A 7.375%, 3/30/21⁽³⁾		200		212
Dana Financing Luxembourg S.a.r.l. 144A 6.500%, 6/1/26⁽³⁾		230		224
DISH DBS Corp. 144A 7.750%, 7/1/26⁽³⁾		40		41
Grupo Televisa SAB 4.625%, 1/30/26		825		892
Hanesbrands, Inc.


	PAR VALUE		VALUE
Consumer Discretionary—(continued)
144A 4.625%, 5/15/24⁽³⁾	$	120	$	121
144A 4.875%, 5/15/26⁽³⁾		250		252
International Game Technology plc 144A 6.250%, 2/15/22⁽³⁾		340		350
Landry’s Holdings II, Inc. 144A 10.250%, 1/1/18⁽³⁾		425		430
Landry’s, Inc. 144A 9.375%, 5/1/20⁽³⁾		210		221
M/I Homes, Inc. 6.750%, 1/15/21		525		525
MDC Holdings, Inc. 5.500%, 1/15/24		860		856
Meritor, Inc. 6.750%, 6/15/21		715		672
MGM Growth Properties Operating Partnership LP 144A 5.625%, 5/1/24⁽³⁾		145		153
MGM Resorts International 6.000%, 3/15/23		490		518
Mohegan Tribal Gaming Authority 9.750%, 9/1/21		585		626
MPG Holdco I, Inc. 7.375%, 10/15/22		830		822
New York University 4.142%, 7/1/48		545		561
Newell Rubbermaid, Inc. 144A 5.000%, 11/15/23⁽³⁾		135		142
Numericable Group SA
144A 6.000%, 5/15/22⁽³⁾		580		566
144A 7.375%, 5/1/26⁽³⁾		290		287
Party City Holdings, Inc. 144A 6.125%, 8/15/23⁽³⁾		125		130
Penn National Gaming, Inc. 5.875%, 11/1/21		490		501
Pinnacle Entertainment, Inc. 144A 5.625%, 5/1/24⁽³⁾		455		455
QVC, Inc. 5.125%, 7/2/22		240		259
RCN Telecom Services LLC (RCN Capital Corp.) 144A 8.500%, 8/15/20⁽³⁾		510		525
Scientific Games International, Inc.
6.625%, 5/15/21		540		324
144A 7.000%, 1/1/22⁽³⁾		590		596
Signet UK Finance plc 4.700%, 6/15/24		895		874
Sirius XM Radio, Inc. 144A 5.375%, 7/15/26⁽³⁾		755		746
Six Flags Entertainment Corp. 144A 4.875%, 7/31/24⁽³⁾		610		604
TI Group Auto Systems LLC 144A 8.750%, 7/15/23⁽³⁾		490		483
Toll Brothers Finance Corp.
5.625%, 1/15/24		175		182
4.875%, 11/15/25		1,100		1,092
TRI Pointe Group, Inc. 5.875%, 6/15/24		890		909
VTR Finance BV 144A 6.875%, 1/15/24⁽³⁾		600		600

				23,673


	PAR VALUE		VALUE
Consumer Staples—1.1%
Dole Food Co., Inc. 144A 7.250%, 5/1/19⁽³⁾	$	545	$	545
Pilgrim’s Pride Corp. 144A 5.750%, 3/15/25⁽³⁾		340		341
Rite Aid Corp. 144A 6.125%, 4/1/23⁽³⁾		250		268
Safeway, Inc. 7.250%, 2/1/31		510		494
Tops Holding LLC (Tops Markets II Corp.) 144A 8.000%, 6/15/22⁽³⁾		925		819
US Foods, Inc. 144A 5.875%, 6/15/24⁽³⁾		120		123
Whole Foods Market, Inc. 144A 5.200%, 12/3/25⁽³⁾		543		586

				3,176

Energy—12.1%
Afren plc 144A 11.500%, 2/1/17^(3)(12)		464		4
Alberta Energy Co., Ltd. 8.125%, 9/15/30		330		367
Anadarko Petroleum Corp.
4.850%, 3/15/21		150		159
5.550%, 3/15/26		215		238
6.600%, 3/15/46		460		558
Antero Resources Corp. 5.625%, 6/1/23		490		478
Archrock Partners LP (Archrock Finance Corp.) 6.000%, 10/1/22		740		659
Bill Barrett Corp. 7.625%, 10/1/19		495		406
Blue Racer Midstream LLC 144A 6.125%, 11/15/22⁽³⁾		305		290
Carrizo Oil & Gas, Inc. 6.250%, 4/15/23		675		653
Cheniere Corpus Christi Holdings LLC 144A 7.000%, 6/30/24⁽³⁾		400		411
Cimarex Energy Co. 4.375%, 6/1/24		450		471
Compagnie Generale de Geophysique-Veritas 6.500%, 6/1/21		725		323
Concho Resources, Inc. 5.500%, 4/1/23		295		297
CONSOL Energy, Inc. 5.875%, 4/15/22		325		286
Continental Resources, Inc.
5.000%, 9/15/22		510		500
4.500%, 4/15/23		305		286
Ecopetrol S.A.
5.875%, 9/18/23		615		633
5.375%, 6/26/26		910		885
Enbridge Energy Partners LP 4.375%, 10/15/20		170		175
Encana Corp. 3.900%, 11/15/21		320		310
Energy Transfer Equity LP 5.875%, 1/15/24		885		865
EnQuest plc 144A 7.000%, 4/15/22⁽³⁾		885		552


	PAR VALUE		VALUE
Energy—(continued)
EP Energy LLC (Everest Acquisition Finance, Inc.) 9.375%, 5/1/20	$	420	$	299
FTS International, Inc. 6.250%, 5/1/22		450		178
Gazprom OAO (Gaz Capital S.A.)
144A 3.850%, 2/6/20⁽³⁾⁽⁷⁾		1,115		1,128
144A 6.000%, 11/27/23⁽³⁾⁽⁷⁾		255		273
Gulfport Energy, Corp. 7.750%, 11/1/20		445		459
Helmerich & Payne International Drilling Co. 4.650%, 3/15/25		540		576
KazMunayGas National Co. 144A 6.375%, 4/9/21⁽³⁾		450		494
Kinder Morgan, Inc. 7.750%, 1/15/32		890		998
Laredo Petroleum, Inc. 7.375%, 5/1/22		610		615
Linn Energy LLC
6.500%, 5/15/19⁽¹²⁾		512		93
6.500%, 9/15/21⁽¹²⁾		155		27
Lukoil OAO International Finance BV
144A 7.250%, 11/5/19⁽³⁾		525		588
144A 4.563%, 4/24/23⁽³⁾		495		501
MPLX LP 144A 4.875%, 12/1/24⁽³⁾		1,390		1,355
Newfield Exploration Co. 5.625%, 7/1/24		785		785
NGL Energy Partners LP (NGL Energy Finance Corp.) 5.125%, 7/15/19		925		846
Novatek OAO (Novatek Finance Ltd.) 144A 4.422%, 12/13/22⁽³⁾⁽⁷⁾		1,105		1,114
Occidental Petroleum Corp.
3.400%, 4/15/26		30		32
4.400%, 4/15/46		430		475
Odebrecht Offshore Drilling Finance Ltd. 144A 6.750%, 10/1/22⁽³⁾		1,063		197
Pacific Exploration and Production Corp. 144A 5.375%, 1/26/19^(3)(12)		610		116
Parker Drilling Co. (The) 7.500%, 8/1/20		1,075		822
Parsley Energy LLC (Parsley Finance Corp.) 144A 6.250%, 6/1/24⁽³⁾		115		118
Pertamina Persero PT
144A 4.300%, 5/20/23⁽³⁾		600		611
144A 6.000%, 5/3/42⁽³⁾		400		405
144A 5.625%, 5/20/43⁽³⁾		320		312
Petrobras Global Finance BV
5.375%, 1/27/21		830		766
8.375%, 5/23/21		170		176


	PAR VALUE			VALUE
Energy—(continued)
8.750%, 5/23/26	$	420		$	424
Petroleos de Venezuela SA
8.500%, 11/2/17		323			227
144A 6.000%, 5/16/24⁽³⁾		1,580			563
Petroleos Mexicanos
144A 6.875%, 8/4/26⁽³⁾		790			883
6.500%, 6/2/41		465			471
5.500%, 6/27/44		650			587
PHI, Inc. 5.250%, 3/15/19		360			335
QEP Resources, Inc.
6.875%, 3/1/21		445			452
5.250%, 5/1/23		350			324
Range Resources Corp. 5.000%, 3/15/23		835			787
Regency Energy Partners LP 5.000%, 10/1/22		1,010			1,036
Sabine Oil & Gas Corp. 7.250%, 6/15/19⁽¹²⁾		935			23
Sabine Pass Liquefaction LLC 5.625%, 2/1/21		915			929
SM Energy Co. 6.125%, 11/15/22		320			296
Southern Gas Corridor CJSC 144A 6.875%, 3/24/26⁽³⁾		400			433
Sunoco LP (Sunoco Finance Corp.) 144A 6.375%, 4/1/23⁽³⁾		1,790			1,786
TransCanada Trust 5.625%, 5/20/75⁽²⁾⁽⁶⁾		940			867
Transocean, Inc.
6.800%, 12/15/16		300			304
6.800%, 3/15/38		250			164
YPF S.A. 144A 8.500%, 3/23/21⁽³⁾		490			527

					35,583

Financials—13.0%
Akbank TAS 144A 7.500%, 2/5/18⁽³⁾		2,440	^TRY		803
Allstate Corp. (The) 5.750%, 8/15/53⁽²⁾⁽⁶⁾		845			867
Ally Financial, Inc.
4.250%, 4/15/21		285			285
5.750%, 11/20/25		575			579
Australia & New Zealand Banking Group Ltd. 144A 4.400%, 5/19/26⁽³⁾		725			743
Banco Bilbao Vizcaya Argentaria Bancomer S.A. 144A 6.500%, 3/10/21⁽³⁾		425			466
Banco de Credito del Peru 144A 6.125%, 4/24/27⁽²⁾⁽³⁾		1,095			1,200
Banco Internacional del Peru SAA Interbank 144A 6.625%, 3/19/29⁽²⁾⁽³⁾		395			422


	PAR VALUE			VALUE
Financials—(continued)
Banco Nacional de Comercio 144A 4.375%, 10/14/25⁽³⁾	$	550		$	574
Bancolombia S.A. 5.125%, 9/11/22		1,015			1,034
Bank of America Corp. 4.450%, 3/3/26		1,610			1,685
Bank of China Ltd. 144A 5.000%, 11/13/24⁽³⁾		875			932
Bonos del Banco Central de Chile En Pesos 4.500%, 6/1/20		185,000	^CLP		286
Citigroup, Inc.
4.600%, 3/9/26		580			613
6.250%, 12/29/49⁽²⁾		1,010			1,042
Citizens Financial Group, Inc. 5.500%, 12/29/49⁽²⁾		920			882
Compass Bank 3.875%, 4/10/25		900			864
Corporate Office Properties LP 3.600%, 5/15/23		950			924
Development Bank of Kazakhstan OJSC 144A 4.125%, 12/10/22⁽³⁾		1,090			1,063
Discover Financial Services, Inc. 3.950%, 11/6/24		1,250			1,284
Drawbridge Special Opportunities Fund LP 144A 5.000%, 8/1/21⁽³⁾		915			842
ESH Hospitality, Inc. 144A 5.250%, 5/1/25⁽³⁾		605			592
Eurasian Development Bank 144A 4.767%, 9/20/22⁽³⁾		925			947
First Niagara Financial Group, Inc. 7.250%, 12/15/21		1,160			1,372
FS Investment Corp. 4.750%, 5/15/22		200			204
General Motors Financial Co., Inc. 3.700%, 5/9/23		740			746
Genworth Holdings, Inc. 4.900%, 8/15/23		585			443
GrupoSura Finance SA 144A 5.500%, 4/29/26⁽³⁾		725			756
Healthcare Realty Trust, Inc. 3.875%, 5/1/25		395			398
ICAHN Enterprises LP (ICAHN Enterprises Finance Corp.)
6.000%, 8/1/20		370			366
5.875%, 2/1/22		510			482
ICICI Bank Ltd. Dubai 144A 4.000%, 3/18/26⁽³⁾		230			234
ING Groep NV 6.000% ^(2)(5)(6)		865			815
iStar Financial, Inc. 5.000%, 7/1/19		940			881
Kazakhstan Temir Zholy Finance BV 144A 6.950%, 7/10/42⁽³⁾		795			817
Leucadia National Corp. 5.500%, 10/18/23		575			585
Lincoln National Corp. 6.050%, 4/20/67⁽²⁾⁽⁶⁾		300			200
Manulife Financial Corp. 4.150%, 3/4/26		710			760
Morgan Stanley
144A 10.090%, 5/3/17⁽³⁾		2,400	^BRL		728


	PAR VALUE		VALUE
Financials—(continued)
4.350%, 9/8/26	$	415	$	434
MPT Operating Partnership LP 5.500%, 5/1/24		455		466
National Retail Properties, Inc. 4.000%, 11/15/25		260		276
PKO Finance AB 144A 4.630%, 9/26/22⁽³⁾⁽⁷⁾		1,315		1,371
Prudential Financial, Inc. 5.875%, 9/15/42⁽²⁾		1,430		1,546
Santander Bank NA 8.750%, 5/30/18		400		445
Sberbank of Russia Via SB Capital S.A. 144A 5.500%, 2/26/24^(2)(3)(7)		450		444
Select Income REIT 4.500%, 2/1/25		900		885
Springleaf Finance Corp. 5.250%, 12/15/19		500		468
SunTrust Bank, Inc. 5.400%, 4/1/20		250		278
Teachers Insurance & Annuity Association of America 144A 4.375%, 9/15/54⁽²⁾⁽³⁾		740		729
Trinity Acquisition plc
3.500%, 9/15/21		60		62
4.400%, 3/15/26		715		747
Turkiye Garanti Bankasi AS 144A 5.250%, 9/13/22⁽³⁾		500		518
Voya Financial, Inc. 5.650%, 5/15/53⁽²⁾		870		821

				38,206

Health Care—4.3%
AbbVie, Inc. 4.450%, 5/14/46		1,150		1,167
Alere, Inc. 144A 6.375%, 7/1/23⁽³⁾		345		361
Capsugel S.A. PIK Interest Capitalization, 144A 7.000%, 5/15/19^(3)(10)		155		155
Community Health Systems, Inc. 6.875%, 2/1/22		525		462
Concordia Healthcare Corp. 144A 7.000%, 4/15/23⁽³⁾		175		150
Crimson Merger Sub, Inc. 144A 6.625%, 5/15/22⁽³⁾		710		591
DaVita Healthcare Partners, Inc. 5.125%, 7/15/24		565		572
Endo Finance LLC 144A 5.875%, 1/15/23⁽³⁾		660		576
HCA, Inc.
6.500%, 2/15/20		715		793
5.375%, 2/1/25		435		447
5.250%, 6/15/26		275		285
IASIS Healthcare LLC 8.375%, 5/15/19		545		526
JLL Delta Dutch Pledgeco BV PIK Interest Capitalization, 144A 8.750%, 5/1/20^(3)(10)		545		546
LifePoint Health, Inc. 144A 5.375%, 5/1/24⁽³⁾		165		166
Mallinckrodt International Finance S.A. 144A 5.625%, 10/15/23⁽³⁾		645		604


	PAR VALUE		VALUE
Health Care—(continued)
MEDNAX, Inc. 144A 5.250%, 12/1/23⁽³⁾	$	395	$	400
MPH Acquisition Holdings LLC 144A 7.125%, 6/1/24⁽³⁾		45		47
Quintiles Transnational Corp. 144A 4.875%, 5/15/23⁽³⁾		435		444
Quorum Health Corp. 144A 11.625%, 4/15/23⁽³⁾		300		305
Surgery Center Holdings, Inc. 144A 8.875%, 4/15/21⁽³⁾		570		587
Surgical Care Affiliates, Inc. 144A 6.000%, 4/1/23⁽³⁾		912		935
Team Health, Inc. 144A 7.250%, 12/15/23⁽³⁾		40		43
Teleflex, Inc. 4.875%, 6/1/26		370		374
Tenet Healthcare Corp.
4.750%, 6/1/20		575		592
6.000%, 10/1/20		180		191
8.125%, 4/1/22		385		396
Universal Health Services, Inc.
144A 4.750%, 8/1/22⁽³⁾		145		148
144A 5.000%, 6/1/26⁽³⁾		320		322
Valeant Pharmaceuticals International, Inc.
144A 7.500%, 7/15/21⁽³⁾		130		115
144A 5.625%, 12/1/21⁽³⁾		140		116
144A 5.875%, 5/15/23⁽³⁾		380		309

				12,725

Industrials—4.8%
Air Canada 144A 6.750%, 10/1/19⁽³⁾		1,050		1,091
Pass-Through-Trust 13-1, B 144A 5.375%, 5/15/21⁽³⁾		1,246		1,252
Bombardier, Inc. 144A 6.125%, 1/15/23⁽³⁾		740		636
Builders FirstSource, Inc. 144A 10.750%, 8/15/23⁽³⁾		480		524
Carpenter Technology Corp. 5.200%, 7/15/21		600		600
Cemex Finance LLC 144A 6.000%, 4/1/24⁽³⁾		740		720
Continental Airlines Pass-Through-Trust
00-1, A1 8.048%, 11/1/20		463		506
01-1, A1 6.703%, 6/15/21		83		87
DP World Ltd. 144A 6.850%, 7/2/37⁽³⁾		400		438
Harland Clarke Holdings Corp. 144A 6.875%, 3/1/20⁽³⁾		910		842


	PAR VALUE		VALUE
Industrials—(continued)
Hawaiian Airlines Pass-Through Certificates 13-1, B 4.950%, 1/15/22	$	767	$	737
JBS Investments GmbH 144A 7.250%, 4/3/24⁽³⁾		865		895
Masco Corp.
5.950%, 3/15/22		640		716
4.450%, 4/1/25		320		331
Pelabuhan Indonesia II PT 144A 4.250%, 5/5/25⁽³⁾		925		924
Prime Security Services Borrower LLC (Prime Finance, Inc.) 144A 9.250%, 5/15/23⁽³⁾		490		521
SCF Capital Ltd. 144A 5.375%, 6/16/23⁽³⁾		470		472
Standard Industries, Inc.
144A 5.125%, 2/15/21⁽³⁾		30		31
144A 5.500%, 2/15/23⁽³⁾		225		230
TransDigm, Inc.
6.000%, 7/15/22		630		636
6.500%, 5/15/25		270		272
United Airlines Pass-Through Trust 14-1, B 4.750%, 4/11/22		431		434
United Rentals North America, Inc. 5.500%, 7/15/25		480		475
Wheels Up Finance I LLC
16-01, A 7.500%, 6/30/17⁽¹³⁾		623		616
16-01, A 144A 7.173%, 6/1/24^(2)(3)(13)		272		270

				14,256

Information Technology—1.2%
Diamond 1 Finance Corp. (Diamond 2 Finance Corp.)
144A 5.875%, 6/15/21⁽³⁾		65		67
144A 5.450%, 6/15/23⁽³⁾		150		156
144A 7.125%, 6/15/24⁽³⁾		160		167
144A 6.020%, 6/15/26⁽³⁾		145		150
144A 8.100%, 7/15/36⁽³⁾		140		151
144A 8.350%, 7/15/46⁽³⁾		155		167
Flextronics International Ltd. 4.750%, 6/15/25		930		939
Hewlett Packard Enterprise Co. 144A 4.900%, 10/15/25⁽³⁾		425		444
NXP BV ( NXP Funding LLC) 144A 4.625%, 6/1/23⁽³⁾		355		362
WESCO Distribution, Inc. 144A 5.375%, 6/15/24⁽³⁾		255		256
Western Digital Corp.
144A 7.375%, 4/1/23⁽³⁾		120		128


	PAR VALUE			VALUE
Information Technology—(continued)
144A 10.500%, 4/1/24⁽³⁾	$	580		$	622

					3,609

Materials—3.9%
AK Steel Corp. 7.500%, 7/15/23		385			394
Alpek SAB de C.V. 144A 5.375%, 8/8/23⁽³⁾		1,460			1,550
ArcelorMittal 6.125%, 6/1/25		945			945
Berry Plastics Corp. 5.125%, 7/15/23		870			872
BHP Billiton Finance USA Ltd. 144A 6.750%, 10/19/75^(2)(3)(6)		525			558
Bluescope Steel Finance Ltd. 144A 6.500%, 5/15/21⁽³⁾		500			519
Cascades, Inc. 144A 5.500%, 7/15/22⁽³⁾		1,100			1,074
Eldorado Gold Corp. 144A 6.125%, 12/15/20⁽³⁾		455			457
Fibria Overseas Finance Ltd. 5.250%, 5/12/24		440			451
Fortescue Metals Group (FMG) Resources August 2006 Pty Ltd. 144A 9.750%, 3/1/22⁽³⁾		375			416
Freeport-McMoRan Copper & Gold, Inc.
3.550%, 3/1/22		255			226
3.875%, 3/15/23		385			339
Gerdau Trade, Inc.144A 5.750%, 1/30/21⁽³⁾		150			143
Gerdau Holdings, Inc. 144A 7.000%, 1/20/20⁽³⁾		635			645
Office Cherifien des Phosphates S.A. (OCP) 144A 5.625%, 4/25/24⁽³⁾		690			731
Reynolds Group Issuer, Inc. 144A 7.000%, 7/15/24⁽³⁾		25			26
Severstal OAO Via Steel Capital SA 144A 5.900%, 10/17/22⁽³⁾⁽⁷⁾		275			296
Teck Resources Ltd.
144A 8.000%, 6/1/21⁽³⁾		70			72
144A 8.500%, 6/1/24⁽³⁾		180			187
United States Steel Corp. 7.375%, 4/1/20		76			72
Vale Overseas Ltd. 5.875%, 6/10/21		535			537
Vedanta Resources plc 144A 6.000%, 1/31/19⁽³⁾		995			857

					11,367

Telecommunication Services—3.4%
Altice Financing S.A. 144A 6.625%, 2/15/23⁽³⁾		1,010			995
America Movil SAB de C.V. Series 12 6.450%, 12/5/22		5,000	^MXN		262
AT&T, Inc.
4.800%, 6/15/44		580			598
5.650%, 2/15/47		300			343


	PAR VALUE		VALUE
Telecommunication Services—(continued)
CenturyLink, Inc.
Series V 5.625%, 4/1/20	$	345	$	358
Series Y 7.500%, 4/1/24		210		213
Comcel Trust via Comunicaciones Celulares SA 144A 6.875%, 2/6/24⁽³⁾⁽⁷⁾		475		466
Digicel Group Ltd. 144A 8.250%, 9/30/20⁽³⁾		665		559
Empresa Nacional de Telecomunicaciones S.A. 144A 4.875%, 10/30/24⁽³⁾		430		438
Frontier Communications Corp.
6.250%, 9/15/21		670		635
10.500%, 9/15/22		210		223
GTH Finance BV 144A 7.250%, 4/26/23⁽³⁾		700		731
Neptune Finance Corp.
144A 10.125%, 1/15/23⁽³⁾		340		382
144A 6.625%, 10/15/25⁽³⁾		650		686
Qwest Corp. 7.250%, 9/15/25		400		427
Sprint Communications, Inc. 6.000%, 11/15/22		1,320		1,045
T-Mobile USA, Inc. 6.500%, 1/15/26		400		424
West Corp. 144A 4.750%, 7/15/21⁽³⁾		345		344
Windstream Corp. 7.750%, 10/15/20		780		768

				9,897

Utilities—2.4%
AmeriGas Partners LP 7.000%, 5/20/22		770		817
Electricite de France S.A. 144A 5.250% ^(2)(3)(5)(6)		1,360		1,300
Enel SpA 144A 8.750%, 9/24/73^(2)(3)(6)		375		428
Lamar Funding Ltd. 144A 3.958%, 5/7/25⁽³⁾		910		849
Majapahit Holding BV 144A 7.750%, 1/20/20⁽³⁾		795		911
NRG Yield Operating LLC 5.375%, 8/15/24		345		345
Southern Power Co. 4.150%, 12/1/25		1,030		1,114
Talen Energy Supply LLC 144A 4.625%, 7/15/19⁽³⁾		625		553
TerraForm Power Operating LLC 144A 5.875%, 2/1/23⁽³⁾		860		823
Texas Competitive Electric Holdings Co. LLC Series A 10.250%, 11/1/16⁽¹²⁾		200		13

				7,153

TOTAL CORPORATE BONDS AND NOTES (Identified Cost $165,915)				159,645


	PAR VALUE		VALUE
LOAN AGREEMENTS⁽²⁾—7.9%
Consumer Discretionary—1.3%
Advantage Sales & Marketing, Inc. Second Lien, 7.500%, 7/25/22	$	370	$	347
Affinity Gaming LLC 5.250%, 11/9/17		541		542
Caesars Entertainment Operating Co., Inc. Tranche B-6, 5.625%, 3/1/17⁽¹⁶⁾		512		515
Caesars Growth Properties Holdings LLC Tranche B, First Lien, 6.250%, 5/8/21		350		330
CDS U.S. Intermediate Holdings, Inc. First Lien, 5.000%, 7/8/22		252		246
Cengage Learning, Inc. 0.000%, 6/7/23⁽⁸⁾		244		241
El Dorado Resorts, Inc. 4.250%, 7/25/22		203		204
Graton Resort & Casino Tranche B, 5.500%, 9/1/22		254		255
Laureate Education, Inc. 2018 Extended, 5.000%, 6/15/18		573		556
PetSmart, Inc. Tranche B-1, 4.250%, 3/11/22		152		152
Transtar Holding Co. Second Lien, 10.000%, 10/9/19⁽¹³⁾		380		114
U.S. Farathane LLC 5.750%, 12/23/21		498		499

				4,001

Consumer Staples—0.8%
Albertson’s LLC Trance B-4, 4.500%, 8/25/21		665		666
Coty, Inc. Tranche B, 3.750%, 10/27/22		118		118
Galleria Co. Tranche B, 3.750%, 1/26/23		237		237
Hostess Brands LLC Tranche B, Second Lien, 8.500%, 8/3/23		890		885
Kronos Second Lien, 9.750%, 4/30/20		425		429

				2,335

Energy—0.5%
Chelsea Petroleum I LLC Tranche B, 5.250%, 10/28/22		768		757
Jonah Energy LLC Second Lien, 7.500%, 5/12/21		520		461
Seadrill Operating LP 4.000%, 2/21/21		498		225

				1,443

Financials—0.1%
Capital Automotive LP Second Lien, 6.000%, 4/30/20		450		452


	PAR VALUE		VALUE
Health Care—1.7%
21st Century Oncology, Inc. Tranche B, 7.000%, 4/30/22	$	226	$	206
American Renal Holdings, Inc. Tranche B, First Lien, 4.750%, 8/20/19		269		269
Amneal Pharmaceuticals LLC Tranche B, 5.250%, 11/1/19		587		585
Ardent Legacy Acquisitions, Inc. 6.500%, 8/4/21		456		457
CHG Healthcare Services, Inc. First Lien, 0.000%, 6/7/23⁽⁸⁾		444		445
Concordia Pharmaceuticals, Inc. 5.250%, 10/21/21		287		276
Horizon Pharma, Inc. 4.500%, 5/7/21		193		189
InVentiv Health, Inc. Tranche B-4, 7.750%, 5/15/18		583		583
MMM Holdings, Inc. 9.750%, 12/12/17^(13)(16)		245		187
MSO of Puerto Rico, Inc. 9.750%, 12/12/17^(13)(16)		178		136
Multiplan, Inc. 5.000%, 6/7/23		217		218
NVA Holdings, Inc. Second Lien, 8.000%, 8/14/22		509		504
Quorum Health Corp. 6.750%, 4/29/22		248		249
Surgery Center Holdings, Inc. First Lien, 5.250%, 11/3/20		642		640

				4,944

Industrials—0.9%
Brickman Group Ltd. LLC (The) Second Lien, 7.500%, 12/17/21		344		338
Filtration Group Corp. Second Lien, 8.250%, 11/22/21		194		191
Husky Injection Molding Systems Ltd. 4.250%, 6/30/21		529		526
McGraw-Hill Global Education Holdings LLC Tranche B, 5.000%, 5/4/22		443		443
Sedgwick Claims Management Services, Inc. Second Lien, 6.750%, 2/28/22		1,105		1,064

				2,562

Information Technology—1.5%
Applied Systems, Inc. Second Lien, 7.500%, 1/24/22		284		282
Blue Coat Holdings LLC, Inc. 4.500%, 5/20/22		194		194
First Data Corp.
Tranche 2021, 4.452%, 3/24/21		1,089		1,087
Tranche 2022, 4.202%, 7/8/22		932		926


	PAR VALUE			VALUE
Information Technology—(continued)
Infinity Acquisition Ltd. 4.250%, 8/6/21	$	352		$	338
Mitchell International, Inc. Second Lien, 8.500%, 10/11/21		697			649
ON Semiconductor 5.250%, 3/31/23		230			231
Presidio, Inc. Refinancing, 5.250%, 2/2/22		671			662

					4,369

Materials—0.8%
Anchor Glass Container Tranche B, 4.750%, 7/1/22		577			576
CPI Acquisition, Inc. First Lien, 5.500%, 8/17/22		359			351
Fortescue Metals Group (FMG) Resources Property Ltd. 4.250%, 6/30/19		451			433
INEOS U.S. Finance LLC Tranche 2022, 4.250%, 3/31/22		56			56
Macdermid, Inc. (Platform Speciality Products Corp.) Tranche B-3, 0.000%, 6/7/20⁽⁸⁾		735			727
PQ Corp. Tranche B-1, 5.750%, 11/4/22		123			123

					2,266

Utilities—0.3%
Atlantic Power LP 6.000%, 4/13/23		699			700
Texas Competitive Electric Holdings Co. LLC 2017 Extended, 4.934%, 10/10/17⁽¹⁶⁾		375			126

					826

TOTAL LOAN AGREEMENTS (Identified Cost $24,165)					23,198


	SHARES			VALUE
PREFERRED STOCK—2.9%
Energy—0.3%
PTT Exploration & Production PCL 144A, 4.875%⁽²⁾⁽³⁾		905	⁽⁹⁾		901

Financials—2.1%
Banco Bilbao Vizcaya Argentaria S.A. International S.A. Unipersonal 5.919%⁽²⁾		265	⁽⁹⁾		264
Citigroup, Inc. Series J, 7.125%⁽²⁾		46,600			1,343
Goldman Sachs Group, Inc. (The) Series L, 5.700%⁽²⁾		635	⁽⁹⁾		634
JPMorgan Chase & Co. Series V, 5.000%⁽²⁾		285	⁽⁹⁾		272
JPMorgan Chase & Co. Series Z, 5.300%⁽²⁾		175	⁽⁹⁾		175


	SHARES			VALUE
Financials—(continued)
PNC Financial Services Group, Inc. (The) Series R, 4.850%⁽²⁾		965	⁽⁹⁾	$	924
SunTrust Bank, Inc. 5.625%⁽²⁾		260	⁽⁹⁾		261
Wells Fargo & Co. Series K, 7.980%⁽²⁾		950	⁽⁹⁾		994
Zions Bancorp. 6.950%⁽²⁾		38,525			1,156

					6,023

Industrials—0.5%
General Electric Co. Series D, 5.000%⁽²⁾		1,485	⁽⁹⁾		1,578

TOTAL PREFERRED STOCK (Identified Cost $8,041)					8,502

COMMON STOCKS—0.1%
Consumer Discretionary—0.0%
Mark IV Industries		446			13

Energy—0.1%
Carrizo Oil & Gas, Inc.		4,802			172

TOTAL COMMON STOCKS (Identified Cost $189)					185

AFFILIATED MUTUAL FUND—3.0%
Virtus Credit Opportunities Fund Class R6⁽¹⁴⁾		934,418			9,017

TOTAL AFFILIATED MUTUAL FUND (Identified Cost $9,341)					9,017

TOTAL LONG TERM INVESTMENTS—99.1% (Identified Cost $301,666)					291,895	⁽¹⁵⁾

TOTAL INVESTMENTS—99.1% (Identified Cost $301,666)					291,895	⁽¹⁾
Other assets and liabilities, net—0.9%					2,787

NET ASSETS—100.0%				$	294,682

Abbreviations:


FNMA		Federal National Mortgage Association (“Fannie Mae”).
PIK		Payment-in-Kind Security
REIT		Real Estate Investment Trust

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at June 30, 2016, 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, 2016.

⁽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, 2016, these securities amounted to a value of $118,205 or 40.1% of net assets.

($ reported in thousands)

⁽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, 2016, at which time the interest rate, based on the London Interbank Offered Rate (“LIBOR”) and the agreed upon spread on trade date, will be reflected.

⁽⁹⁾	Value shown as par value.

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

⁽¹²⁾	Security in default.

⁽¹³⁾	Illiquid security.

⁽¹⁴⁾	Shares of this fund are publicly offered and its prospectus and annual report are publicly available.

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

⁽¹⁶⁾	Security in default, interest payments are being received during the bankruptcy proceedings.

Foreign Currencies:


BRL		Brazilian Real
CLP		Chilean Peso
COP		Colombian Peso
IDR		Indonesian Rupiah
MXN		Mexican Peso
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, 2016 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

Securities held by the Fund with an end of period value of $1,156 were transferred from Level 2 to Level 1 since an exchange price is available.

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—0.5%
U.S. Treasury Note
1.375%, 1/31/21	$	23,135		$	23,549
1.625%, 2/15/26		12,600			12,750

TOTAL U.S. GOVERNMENT SECURITIES (Identified Cost $35,719)					36,299

MUNICIPAL BONDS—0.1%
Virginia—0.1%
Tobacco Settlement Financing Corp. Series A-1, Taxable 6.706%, 6/1/46		4,635			3,902

TOTAL MUNICIPAL BONDS (Identified Cost $4,304)					3,902

FOREIGN GOVERNMENT SECURITIES—5.7%
Argentine Republic
144A 6.250%, 4/22/19⁽³⁾		7,200			7,506
144A 6.875%, 4/22/21⁽³⁾		7,655			8,172
144A 7.500%, 4/22/26⁽³⁾		2,855			3,095
Series NY, 8.280%, 12/31/33		24,360			27,235
Bolivarian Republic of Venezuela
RegS 7.000%, 12/1/18⁽⁴⁾		20,999			10,631
RegS 7.750%, 10/13/19⁽⁴⁾		19,501			8,824
Federative Republic of Brazil
8.500%, 1/5/24		37,050	^BRL		10,057
Treasury Note Series F 10.000%, 1/1/25		37,510	^BRL		10,493
6.000%, 4/7/26		10,400			11,284
10.250%, 1/10/28		13,095	^BRL		3,832
Hungary 6.375%, 3/29/21		15,575			17,730
Mongolia
RegS 5.125%, 12/5/22⁽⁴⁾		4,455			3,673
144A 5.125%, 12/5/22⁽³⁾		4,855			4,002
Provincia de Buenos Aires Argentina
144A 5.750%, 6/15/19⁽³⁾		5,795			5,883
144A 7.875%, 6/15/27⁽³⁾		5,000			5,150
Republic of Chile 5.500%, 8/5/20		11,647,000	^CLP		18,616
Republic of Colombia
Treasury Note, Series B, 11.250%, 10/24/18		21,072,000	^COP		7,918
9.850%, 6/28/27		41,350,000	^COP		16,941
Republic of Indonesia Series FR56, 8.375%, 9/15/26		259,439,000	^IDR		20,830
Republic of Kazakhstan 144A 5.125%, 7/21/25⁽³⁾		6,495			7,113


	PAR VALUE			VALUE
Republic of Panama 3.875%, 3/17/28	$	10,455		$	11,082
Republic of Romania 144A 6.750%, 2/7/22⁽³⁾		7,000			8,287
Republic of South Africa
Series R203, 8.250%, 9/15/17		134,520	^ZAR		9,206
Series R208, 6.750%, 3/31/21		111,235	^ZAR		7,103
4.665%, 1/17/24		10,800			11,155
5.875%, 9/16/25		2,200			2,450
4.875%, 4/14/26		14,650			15,199
Republic of Sri Lanka 144A 6.000%, 1/14/19⁽³⁾		17,450			17,818
Republic of Turkey
9.000%, 3/8/17		30,355	^TRY		10,608
5.625%, 3/30/21		16,375			17,849
6.250%, 9/26/22		9,745			11,020
Russian Federation 144A 7.850%, 3/10/18⁽³⁾		1,005,000	^RUB		15,366
State of Qatar 144A 3.250%, 6/2/26⁽³⁾		11,745			11,980
Sultanate of Oman
144A 3.625%, 6/15/21⁽³⁾		8,575			8,631
144A 4.750%, 6/15/26⁽³⁾		5,295			5,240
United Mexican States, Series M, 6.500%, 6/9/22		512,474	^MXN		29,304

TOTAL FOREIGN GOVERNMENT SECURITIES (Identified Cost $420,017)					401,283

MORTGAGE-BACKED SECURITIES—25.7%
Agency—4.8%
FNMA
5.500%, 1/1/17		8			8
6.000%, 5/1/17		3			3
4.500%, 4/1/18		76			78
5.000%, 10/1/19		210			217
5.500%, 2/1/20		54			55
5.500%, 3/1/20		59			62
5.500%, 3/1/20		12			12
5.500%, 3/1/20		32			33
5.500%, 3/1/20		71			73
5.500%, 4/1/20		157			166
5.000%, 6/1/20		264			278
4.000%, 8/1/25		9,502			10,123
3.000%, 6/1/27		928			974
2.500%, 5/1/28		14,925			15,624
3.000%, 10/1/30		26,561			27,864
3.000%, 10/1/30		36,884			38,693
2.500%, 2/1/31		43,176			44,713
3.000%, 2/1/31		16,230			17,026


	PAR VALUE		VALUE
Agency—(continued)
6.000%, 12/1/32	$	37	$	42
5.500%, 2/1/33		48		54
5.500%, 5/1/34		308		350
6.000%, 8/1/34		208		241
5.500%, 11/1/34		149		167
5.500%, 11/1/34		139		157
6.000%, 11/1/34		143		163
5.500%, 12/1/34		110		125
5.500%, 1/1/35		246		279
5.500%, 7/1/37		3		4
6.000%, 7/1/37		35		40
6.000%, 4/1/38		158		181
5.000%, 12/1/39		5,936		6,656
4.500%, 4/1/40		7,623		8,351
5.000%, 8/1/40		11,512		12,866
4.000%, 10/1/40		163		175
4.000%, 3/1/41		5,210		5,600
4.500%, 5/1/41		5,254		5,745
3.500%, 4/1/42		10,756		11,386
3.000%, 3/1/43		55,145		57,430
3.000%, 5/1/43		16,303		16,954
4.000%, 10/1/44		26,691		28,659
3.500%, 12/1/45		24,876		26,260
GNMA
6.500%, 11/15/31		19		22
6.500%, 2/15/32		22		25

				337,934

Non-Agency—20.9%
A-10 Securitization LLC 13-1, A 144A 2.400%, 11/15/25⁽³⁾		56		56
ABN AMRO Mortgage Corp. 02-9, M 5.750%, 12/25/32		573		549
Access Point Financial, Inc. 15-A, A 144A 2.610%, 4/15/20⁽³⁾		5,486		5,484
Agate Bay Mortgage Trust 16 -2, A3 144A 3.500%, 3/25/46⁽²⁾⁽³⁾		11,218		11,526
American Homes 4 Rent 15-SFR1, A 144A 3.467%, 4/17/52⁽³⁾		7,779		8,234
Americold LLC Trust 10-ARTA, A1 144A 3.847%, 1/14/29⁽³⁾		7,434		7,789


	PAR VALUE		VALUE
Non-Agency—(continued)
Ameriquest Mortgage Securities, Inc. 03-10, AF6 5.210%, 11/25/33⁽²⁾	$	693	$	713
Asset Backed Funding Certificates 05-AQ1, A6 4.780%, 6/25/35⁽²⁾		2,416		2,483
Aventura Mall Trust 13-AVM, A 144A 3.867%, 12/5/32⁽²⁾⁽³⁾		10,350		11,190
Banc of America (Merrill Lynch) Commercial Mortgage, Inc. 07-2, A4 5.790%, 4/10/49⁽²⁾		17,596		17,736
Banc of America Alternative Loan Trust 03-10, 2A1 6.000%, 12/25/33		2,891		2,941
Banc of America Funding Trust
04-4, 3A1 4.750%, 10/25/19		1,534		1,536
04-B, 2A1 2.884%, 11/20/34⁽²⁾		769		753
05-1, 1A1 5.500%, 2/25/35		479		479
06-2, 3A1 6.000%, 3/25/36		2,203		2,194
Banc of America Mortgage Trust 04-11, 5A1 6.500%, 8/25/32		836		843
Banc of America Mortgage Trust
04-7, 6A3 4.500%, 8/25/19		556		553
04-11, 2A1 5.750%, 1/25/35		1,384		1,404
05-3, 1A15 5.500%, 4/25/35		1,536		1,546
Bank of America (Merrill Lynch - Countrywide) Alternative Loan Trust 04-22CB, 1A1 6.000%, 10/25/34		23,000		24,541
Bank of America (Merrill Lynch - Countrywide) Asset-Backed Certificates
04-10, AF6 4.485%, 12/25/34⁽²⁾		471		485
05-1, AF5A 5.147%, 7/25/35⁽²⁾		11,544		11,424
05-12, 2A3 5.069%, 2/25/36⁽²⁾		2,602		2,626
Bank of America (Merrill Lynch - Countrywide) Home Loan Mortgage Pass-Through-Trust
04-6, 1A2 3.078%, 5/25/34⁽²⁾		1,467		1,454
04-4, A6 5.500%, 5/25/34		1,074		1,085
Bank of America (Merrill Lynch) Mortgage Investors, Inc. 98-C1, B 6.750%, 11/15/26⁽²⁾		10,000		10,228
Bank of America (Merrill Lynch) Investors Trust 04-A4, A1 2.756%, 8/25/34⁽²⁾		1,592		1,608
Barclays (Lehman Brothers) - UBS Commercial Mortgage Trust
07-C2, A3 5.430%, 2/15/40		6,338		6,428
07-C6, A4 5.858%, 7/15/40⁽²⁾		13,065		13,370
07-C7, A3 5.866%, 9/15/45⁽²⁾		10,742		11,238


	PAR VALUE		VALUE
Non-Agency—(continued)
Bayview Commercial Asset Trust 08-1, A3 144A 1.953%, 1/25/38⁽²⁾⁽³⁾	$	25,454	$	24,696
Bayview Financial Acquisition Trust
07-A, 1A2 6.205%, 5/28/37⁽²⁾		6,426		6,686
06-A, 1A4 6.087%, 2/28/41⁽²⁾		16,408		17,481
BCRR Trust 09-1, 2A 144A 5.858%, 7/17/40⁽²⁾⁽³⁾		2,734		2,741
Citicorp Residential Mortgage Securities, Inc. 07-12, A6 5.436%, 6/25/37⁽²⁾		3,634		3,745
Citigroup - Deutsche Bank Commercial Mortgage Trust 07-CD4, A4 5.322%, 12/11/49		3,433		3,469
Citigroup Commercial Mortgage Trust
07-C6, A4 5.901%, 12/10/49⁽²⁾		388		399
07-C6, A1A 5.901%, 12/10/49⁽²⁾		26,096		26,923
08-C7, AM 6.345%, 12/10/49⁽²⁾		12,335		12,805
10-RR3, MLSR 144A 5.810%, 6/14/50⁽²⁾⁽³⁾		3,541		3,600
Citigroup Mortgage Loan Trust, Inc.
03-UP3, A2 7.000%, 9/25/33		714		738
04-UST1, A3 2.535%, 8/25/34⁽²⁾		1,392		1,389
04-NCM2, 2CB2 6.750%, 8/25/34		11,140		11,590
14-A, A 144A 4.000%, 1/25/35⁽²⁾⁽³⁾		12,326		12,643
05-5, 2A3 5.000%, 8/25/35		488		485
15-PS1, 144A 3.750%, 9/25/42⁽²⁾⁽³⁾		10,762		11,043
15-A, A1 144A 3.500%, 6/25/58⁽²⁾⁽³⁾		4,683		4,817
Colony American Finance Ltd. 15-1, 144A 2.896%, 10/15/47⁽³⁾		10,906		11,102
Colony Multi-Family Mortgage Trust 14-1, A 144A 2.543%, 4/20/50⁽³⁾		15,420		15,422
COLT Mortgage Loan Trust Funding LLC 16-1 A1, 144A 3.000%, 5/25/46⁽³⁾		3,520		3,545
Commercial Mortgage Lease-Backed Certificates 01-CMB, 1 144A 7.471%, 6/20/31⁽²⁾⁽³⁾		4,080		4,695
Commercial Mortgage Trust
10-C1, D 144A 6.302%, 7/10/46⁽²⁾⁽³⁾		6,669		7,277
07-GG11, AM 5.867%, 12/10/49⁽²⁾		19,989		20,678
Credit Suisse Commercial Mortgage Trust
07-C1, A1A 5.361%, 2/15/40		37,641		38,123
07-C5, A1AM 5.870%, 9/15/40⁽²⁾		21,039		18,923
14-LVR2, A2 144A 3.880%, 4/25/44⁽²⁾⁽³⁾		12,009		12,429
07-C2, A3 5.542%, 1/15/49⁽²⁾		12,995		13,152
Credit Suisse First Boston Mortgage Securities Corp.
03-27, 5A3 5.250%, 11/25/33		1,527		1,545


	PAR VALUE		VALUE
Non-Agency—(continued)
04-8, 7A1 6.000%, 12/25/34	$	5,454	$	5,705
13-HYB1, A16,144A 3.029%, 4/25/43⁽²⁾⁽³⁾		6,712		6,719
Credit Suisse Mortgage Trust 15-1 A9 144A 3.500%, 5/25/45⁽²⁾⁽³⁾		21,097		21,705
Deutsche Bank-UBS Mortgage Trust 11-LC3A, D 144A 5.549%, 8/10/44⁽²⁾⁽³⁾		6,306		6,520
Freddie Mac Structured Agency Credit Risk Debt Notes 16-DNA2, M2 2.653%, 10/25/28⁽²⁾		3,470		3,498
GAHR Commercial Mortgage Trust 15-NRF, CFX 144A 3.495%, 12/15/34⁽²⁾⁽³⁾		16,875		17,070
GMAC Mortgage Corp. Loan Trust
04-AR1, 12A 3.433%, 6/25/34⁽²⁾		7,009		7,100
05-AR1, 5A 3.290%, 3/18/35⁽²⁾		2,541		2,488
Goldman Sachs Mortgage Securities Trust
07-GG10, A1A 5.988%, 8/10/45⁽²⁾		2,960		3,047
07-GG10, A4 5.988%, 8/10/45⁽²⁾		18,313		18,763
GSAA Home Equity Trust
05-1, AF4 5.619%, 11/25/34⁽²⁾		485		500
05-12, AF3W 4.999%, 9/25/35⁽²⁾		4,291		4,337
GSR Mortgage Loan Trust 06-1F, 2A406 - 1F, 2A4 6.000%, 2/25/36		950		828
Hilton USA Trust 13-HLT, EFX 144A 4.602%, 11/5/30⁽²⁾⁽³⁾		21,980		22,118
Home Equity Loan Trust 07-HSA3, AI4 6.110%, 6/25/37⁽²⁾		9,928		9,781
IMC Home Equity Loan Trust 97-5, A9 7.310%, 11/20/28		2,556		2,563
Jefferies Resecuritization Trust
14-R1, 1A1 144A 4.000%, 12/27/37⁽³⁾		6,775		6,776
14-R1, 2A1 144A 4.000%, 12/27/37⁽³⁾		4,914		4,907
JPMorgan Chase (Bear Stearns) Adjustable Rate Mortgage Trust 04-10, 14A1 2.977%, 1/25/35⁽²⁾		1,502		1,459
JPMorgan Chase (Bear Stearns) Commercial Mortgage Securities Trust
06-PW14, AM 5.243%, 12/11/38		5,000		5,038
07-PWR15, AMFX, 144A 5.363%, 2/11/44⁽³⁾		6,162		5,793
07- PW17, A4 5.694%, 6/11/50⁽²⁾		20,598		21,285
07-PW18, AM, 6.084%, 6/11/50⁽²⁾		12,400		12,962
JPMorgan Chase (Washington Mutual) Mortgage Pass-Through Certificates Trust
04-CB1, 5A 5.000%, 6/25/19		853		863
03-AR6, A1 2.903%, 6/25/33⁽²⁾		908		903


	PAR VALUE		VALUE
Non-Agency—(continued)
03-AR4, 2A1 2.330%, 8/25/33⁽²⁾	$	276	$	270
04-CB1, 2A 5.000%, 6/25/34		2,955		3,007
JPMorgan Chase Commercial Mortgage Securities Trust
09-IWST, A1 144A 4.314%, 12/5/27⁽³⁾		4,881		5,116
10-CNTR, A2 144A 4.311%, 8/5/32⁽³⁾		7,503		8,090
15-SGP, B 144A 3.192%, 7/15/36⁽²⁾⁽³⁾		13,925		13,916
14-1, 1A1 144A 4.000%, 1/25/44⁽²⁾⁽³⁾		22,518		23,709
11-C4, A3 144A 4.106%, 7/15/46⁽³⁾		1,895		1,982
06-LDP9, AM 5.372%, 5/15/47		24,850		24,774
14- C22, A4 3.801%, 9/15/47		16,998		18,653
07-LDPX, AM 5.464%, 1/15/49⁽²⁾		19,391		19,077
07-LD12, A4 5.882%, 2/15/51⁽²⁾		17,789		18,369
JPMorgan Chase Mortgage Finance Corp. 16-1, M2 144A 3.750%, 4/25/45⁽²⁾⁽³⁾		15,744		15,981
JPMorgan Chase Mortgage Trust
14-2, 2A2 144A 3.500%, 6/25/29⁽²⁾⁽³⁾		11,758		12,155
06-A2, 4A1 3.022%, 8/25/34⁽²⁾		1,744		1,748
04-A4, 2A1 2.749%, 9/25/34⁽²⁾		6,185		6,248
05-A1, 4A1 2.948%, 2/25/35⁽²⁾		749		753
05-A2, 4A1 2.423%, 4/25/35⁽²⁾		980		958
05-A4, 3A1 2.766%, 7/25/35⁽²⁾		4,574		4,507
06-A6, 3A3L 4.180%, 10/25/36⁽²⁾		1,563		1,328
15-4, 1A4 144A 3.500%, 6/25/45⁽²⁾⁽³⁾		12,505		12,848
16-1, A3 144A 3.500%, 5/25/46⁽³⁾		14,830		15,301
15-1 AM1, 144A 4.388%, 7/15/46⁽³⁾		5,175		5,688
JPMorgan Chase Trust 15-5, A2 144A 2.901%, 5/25/45⁽²⁾⁽³⁾		19,521		19,790
JPMorgan Chase Trust 15-1, AM1 144A 2.664%, 12/25/44⁽²⁾⁽³⁾		20,893		20,814
Key Commercial Mortgage Securities Trust 07 -SL1, B 144A 5.935%, 12/15/40⁽²⁾⁽³⁾		5,344		5,377
MASTR Adjustable Rate Mortgages Trust 04-12, 3A1 2.940%, 11/25/34⁽²⁾		1,268		1,253
MASTR Alternative Loan Trust
04-7, 4A1 4.500%, 7/25/19		2,117		2,136
03-8, 2A1 5.750%, 11/25/33		5,858		6,047
04-4, 6A1 5.500%, 4/25/34		2,904		3,001
04-6, 7A1 6.000%, 7/25/34		5,613		5,539
04-7, 9A1 6.000%, 8/25/34		13,610		14,038
05-2, 2A1 6.000%, 1/25/35		3,442		3,555
05-2, 1A1 6.500%, 3/25/35		9,910		10,211


	PAR VALUE		VALUE
Non-Agency—(continued)
MASTR Asset Securitization Trust 05-1, 1A1 5.000%, 5/25/20	$	445	$	447
MASTR Reperforming Loan Trust 05-1, 1A2 144A 6.500%, 8/25/34⁽³⁾		1,711		1,674
Morgan Stanley - Bank of America (Merrill Lynch) Trust 13-C13, AS 4.266%, 11/15/46		1,735		1,933
Morgan Stanley Capital I Trust
08-T29, AM 6.477%, 1/11/43⁽²⁾		1,610		1,702
07-IQ14, A4 5.692%, 4/15/49⁽²⁾		17,390		17,717
07-IQ14, AM 5.865%, 4/15/49⁽²⁾		15,932		15,907
07- LQ16, A4 5.809%, 12/12/49		18,841		19,563
Morgan Stanley Mortgage Loan Trust
04-2AR, 3A 2.585%, 2/25/34⁽²⁾		1,390		1,380
04-2AR, 4A 2.665%, 2/25/34⁽²⁾		1,190		1,195
Morgan Stanley Residential Mortgage Loan Trust 14-1A, A1 144A 2.991%, 6/25/44⁽²⁾⁽³⁾		7,031		7,125
Motel 6 Trust
15-MTL6, B 144A 3.298%, 2/5/30⁽³⁾		7,775		7,834
15-MTL6, D 144A 4.532%, 2/5/30⁽³⁾		1,500		1,495
New Residential Mortgage Loan Trust
16-2A, A1 144A 3.750%, 11/25/35⁽²⁾⁽³⁾		11,947		12,491
14-1A, A 144A 3.750%, 1/25/54⁽²⁾⁽³⁾		17,406		18,045
14-2A, 3A 144A 3.750%, 5/25/54⁽²⁾⁽³⁾		2,050		2,129
14-3A, AFX3 144A 3.750%, 11/25/54⁽²⁾⁽³⁾		16,535		17,257
15-2A, A1 144A 3.750%, 8/25/55⁽²⁾⁽³⁾		11,796		12,349
16-1A, A1 144A 3.750%, 3/25/56⁽²⁾⁽³⁾		10,283		10,742
Nomura Asset Acceptance Corp. 04-R3, A1 144A 6.500%, 2/25/35⁽³⁾		7,088		6,994
Novastar Mortgage Funding Trust Series 04-4, M5 2.178%, 3/25/35⁽²⁾		3,556		3,449
Residential Accredit Loans, Inc.
03-QS17, CB5 5.500%, 9/25/33		1,100		1,116
05-QS1, A5 5.500%, 1/25/35		897		895
Residential Asset Mortgage Products, Inc.
04-SL2, A3 7.000%, 10/25/31		1,832		1,902
04-SL1, A8 6.500%, 11/25/31		2,339		2,371
05-SL2, A4 7.500%, 2/25/32		1,903		1,940
03-RS8, AI7 5.015%, 9/25/33⁽²⁾		360		364
Residential Asset Mortgage Trust 04-SL4, A3 6.500%, 7/25/32		1,277		1,295
Residential Asset Securitization Trust 03-A11, A9 5.750%, 11/25/33		2,482		2,516


	PAR VALUE		VALUE
Non-Agency—(continued)
04-A1, A5 5.500%, 4/25/34	$	11,640	$	11,658
Residential Funding Mortgage Securities I, Inc. 06-S12, 1A1 5.500%, 12/25/21		847		857
Residential Funding Mortgage Securities II Home Loan Trust 06-H11, M1 6.010%, 2/25/36⁽²⁾		1,088		1,089
Sequoia Mortgage Trust
14-2, A1 144A 4.000%, 7/25/44⁽²⁾⁽³⁾		8,293		8,589
14-3, A9 144A 3.750%, 10/25/44⁽²⁾⁽³⁾		18,046		18,697
14-4, A6, 144A 3.500%, 11/25/44⁽²⁾⁽³⁾		18,022		18,517
15-1, A1 144A 3.500%, 1/25/45⁽²⁾⁽³⁾		8,764		9,008
Structured Adjustable Rate Mortgage Loan Trust
03-30, 2A1 5.027%, 10/25/33⁽²⁾		2,826		2,869
04-4, 3A4 2.926%, 4/25/34⁽²⁾		2,340		2,300
04-4, 3A2 2.926%, 4/25/34⁽²⁾		3,032		3,002
04-4, 3A1 2.926%, 4/25/34⁽²⁾		686		673
04-5, 3A2 2.927%, 5/25/34⁽²⁾		1,395		1,409
04-14, 7A 2.838%, 10/25/34⁽²⁾		11,211		11,146
Structured Asset Securities Corp. 03-AL1, A 144A 3.357%, 4/25/31⁽³⁾		7,862		7,712
Structured Asset Securities Corp. Mortgage-Pass-Through Certificates
02-AL1, A3 3.450%, 2/25/32		9,430		9,333
03-33H, 1A1 5.500%, 10/25/33		3,732		3,807
03-34A, 6A 3.086%, 11/25/33⁽²⁾		2,694		2,643
04-15, 3A3 5.500%, 9/25/34		1,931		1,943
Towd Point Mortgage Trust
15-1, A2 144A 3.250%, 10/25/53⁽²⁾⁽³⁾		3,961		3,995
15-3, A1B 144A 3.000%, 3/25/54⁽²⁾⁽³⁾		5,926		6,042
16-1, A1B, 144A 2.750%, 2/25/55⁽²⁾⁽³⁾		9,542		9,567
15 - 5, A1B 144A 2.750%, 5/25/55⁽²⁾⁽³⁾		7,537		7,630
15-5, A2, 144A 3.500%, 5/25/55⁽²⁾⁽³⁾		3,901		3,973
16-2, A1 144A 3.000%, 8/25/55⁽²⁾⁽³⁾		8,971		9,163
Vericrest Opportunity Loan Trust
15-NP11, A1 144A 3.625%, 7/25/45⁽²⁾⁽³⁾		6,721		6,697
14-NP10, A1 144A 3.375%, 10/25/54⁽²⁾⁽³⁾		2,110		2,095
14-NPL9, A1 144A 3.375%, 11/25/54⁽²⁾⁽³⁾		7,164		7,114
15-NPL4, A1 144A 3.500%, 2/25/55⁽²⁾⁽³⁾		4,327		4,303
15-NPL3, A1 144A 3.375%, 10/25/58⁽²⁾⁽³⁾		13,957		13,811
Wells Fargo (Wachovia Bank) Commercial Mortgage Trust
07-C30, A5 5.342%, 12/15/43		39,765		40,398
07-C30, AM 5.383%, 12/15/43		25,695		26,139


	PAR VALUE		VALUE
Non-Agency—(continued)
07-C31, A4 5.509%, 4/15/47	$	4,577	$	4,643
07-31, AM 5.591%, 4/15/47⁽²⁾		34,000		34,742
07-C32, A3 5.889%, 6/15/49⁽²⁾		22,577		23,268
07-C33, A5 6.147%, 2/15/51⁽²⁾		1,265		1,317
Wells Fargo - Royal Bank of Scotland plc Commercial Mortgage Trust 11-C5, C 144A 5.847%, 11/15/44⁽²⁾⁽³⁾		1,800		1,968
Wells Fargo Mortgage Backed Securities Trust
06-17, A1 5.500%, 11/25/21		126		127
03-G, A1 2.718%, 6/25/33⁽²⁾		1,283		1,285
03-J, 5A1 2.621%, 10/25/33⁽²⁾		426		428
04-4, A9 5.500%, 5/25/34		1,751		1,786
04-U, A1 2.877%, 10/25/34⁽²⁾		1,048		1,039
04-Z, 2A1 2.851%, 12/25/34⁽²⁾		5,764		5,727
04-CC, A1 2.841%, 1/25/35⁽²⁾		2,503		2,516
05-12, 1A1 5.500%, 11/25/35		3,370		3,404
05-14, 2A1 5.500%, 12/25/35		2,743		2,835
07-16, 1A1 6.000%, 12/28/37		2,929		3,023
07-AR10, 2A1 5.985%, 1/25/38⁽²⁾		3,476		3,370
WinWater Mortgage Loan Trust 16-1A5, 144A 3.500%, 1/20/46⁽²⁾⁽³⁾		4,658		4,756

				1,479,844

TOTAL MORTGAGE-BACKED SECURITIES (Identified Cost $1,795,515)				1,817,778

ASSET-BACKED SECURITIES—18.1%
American Credit Acceptance Receivables Trust
14-3, C 144A 3.430%, 6/10/20⁽³⁾		19,200		19,267
16- 1A, B 144A 4.240%, 6/13/22⁽³⁾		7,500		7,744
AmeriCredit Automobile Receivables Trust
12-3, D 3.030%, 7/9/18		19,762		19,847
12-4, D 2.680%, 10/9/18		7,150		7,181
14-2, C 2.180%, 6/8/20		19,450		19,542
14-1, D 2.540%, 6/8/20		18,320		18,479
15-3, C 2.730%, 3/8/21		9,730		9,902
Applebee’s LLC 14-1, A2 144A 4.277%, 9/5/44⁽³⁾		20,168		20,527
Arbys Funding LLC 15-1A, A2 144A 4.969%, 10/30/45⁽³⁾		5,970		6,216
Ascentium Equipment Receivables 15-A1, B 144A 2.260%, 6/10/21⁽³⁾		5,400		5,418
Associates Manufactured Housing Pass-Through Certificates 96-1, B1 8.000%, 3/15/27⁽²⁾		1,101		1,141


	PAR VALUE		VALUE
Avant Loans Funding Trust 16 - A, A 144A 4.110%, 5/15/19⁽³⁾	$	2,463	$	2,473
Avis Budget Rental Car Funding LLC
(AESOP) 12-3A, A 144A 2.100%, 3/20/19⁽³⁾		23,085		23,202
(AESOP) 13-2A, A 144A 2.970%, 2/20/20⁽³⁾		2,635		2,702
(AESOP) 16 - 1A, A 144A 2.990%, 6/20/22⁽³⁾		18,500		19,147
BankAmerica Manufactured Housing Contract Trust 98-1, B1 7.810%, 8/10/25⁽²⁾		1,520		1,556
Barclays (Lehman Brothers) Manufactured Housing Contract Trust 01-B, A3 4.350%, 4/15/40		2,518		2,550
BCC Funding VIII LLC
14-A, B 144A 3.123%, 8/20/20⁽³⁾		2,799		2,782
14-1A, C 144A 4.216%, 8/20/20⁽³⁾		5,519		5,485
BXG Receivables Note Trust
10-A, A 144A 5.100%, 3/2/26⁽³⁾		1,214		1,228
12-A, A 144A 2.660%, 12/2/27⁽³⁾		3,358		3,350
13-A, A 144A 3.010%, 12/4/28⁽³⁾		6,692		6,708
15-A, A 144A 2.880%, 5/2/30⁽³⁾		2,738		2,710
California Republic Auto Receivables Trust
13-1, B 144A 2.240%, 1/15/19⁽³⁾		11,600		11,697
14-2, B 2.340%, 4/15/20		7,090		7,130
15-3, B 2.700%, 9/15/21		3,705		3,755
16-1, B 3.430%, 2/15/22		4,615		4,793
Capital Auto Receivables Asset Trust
13-1, C 1.740%, 10/22/18		5,425		5,433
15-2, C 2.670%, 8/20/20		7,250		7,259
CarFinance Capital Auto Trust
13-1A, B 144A 2.750%, 11/15/18⁽³⁾		2,379		2,386
13-A1, C 144A 3.450%, 3/15/19⁽³⁾		2,210		2,225
13-2A, B 144A 3.150%, 8/15/19⁽³⁾		11,760		11,799
14-1A, B 144A 2.720%, 4/15/20⁽³⁾		5,550		5,555
14-2A, B 144A 2.640%, 11/16/20⁽³⁾		3,455		3,455
14-2A, C 144A 3.240%, 11/16/20⁽³⁾		2,765		2,699
15-A1, B 144A 2.910%, 6/15/21⁽³⁾		6,000		5,946
CarMax Auto Owner Trust
14-2, B 1.880%, 11/15/19		1,000		1,002
15-2, C 2.390%, 3/15/21		2,275		2,295
CarNow Auto Receivables Trust
14-1A, D 144A 4.160%, 11/15/18⁽³⁾		3,000		3,003
14-1A, E 144A 5.530%, 1/15/20⁽³⁾		3,650		3,648
15-2,C 144A 3.880%, 4/15/20⁽³⁾		6,205		6,003


	PAR VALUE		VALUE
CCG Receivables Trust 14-1, B 144A 2.150%, 11/15/21⁽³⁾	$	5,080	$	5,089
Centre Point Funding LLC 12-2A, 1 144A 2.610%, 8/20/21⁽³⁾		9,057		8,964
Cheesecake Restaurant Holdings, Inc. 13-1A, A2 144A 4.474%, 3/20/43⁽³⁾		20,000		20,016
Chrysler Capital Auto Receivables Trust 14-BA 144A 3.440%, 8/16/21⁽³⁾		6,416		6,382
Citi Held For Asset Issuance 15-PM3, B 144A 4.310%, 5/16/22⁽³⁾		14,085		14,003
Conseco Financial Corp. 94-1, A5 7.650%, 4/15/19		18		19
CPS Auto Receivables Trust 16-B, 144A 3.180%, 9/15/20⁽³⁾		4,500		4,516
DB Master Finance LLC
15-1A, A2I 144A 3.262%, 2/20/45⁽³⁾		4,938		4,983
15-A1, A2II 144A 3.980%, 2/20/45⁽³⁾		13,842		14,214
Diamond Resorts Owner Trust 14-1, A 144A 2.540%, 5/20/27⁽³⁾		9,261		9,285
Direct Capital Funding IV LLC 13-A1, C 144A 4.830%, 11/20/20⁽³⁾		5,000		5,023
DRB Prime Student Loan Trust 15-D, A3 144A 2.500%, 1/25/36⁽³⁾		6,485		6,512
Drive Auto Receivables Trust
15-DA, B 144A 2.590%, 12/16/19⁽³⁾		3,920		3,937
16-AA, B 144A 3.170%, 5/15/20⁽³⁾		7,310		7,424
14-AA, C 144A 3.060%, 5/17/21⁽³⁾		23,685		23,880
15-AA, D 144A 4.120%, 7/15/22⁽³⁾		13,120		13,079
Drug Royalty II LP 1 14-1, A2 144A 3.484%, 7/15/23⁽³⁾		17,044		16,821
Drug Royalty III LP 1 16-1A, A 144A 3.979%, 4/15/27⁽³⁾		4,500		4,495
DT Auto Owner Trust
14-1A, C 144A 2.640%, 10/15/19⁽³⁾		8,314		8,334
14-2A, C 144A 2.460%, 1/15/20⁽³⁾		11,021		11,025
16-1A, B 144A 2.790%, 5/15/20⁽³⁾		5,200		5,221
14-3A, C 144A 3.040%, 9/15/20⁽³⁾		10,090		10,113
15-1A, C 144A 2.870%, 11/16/20⁽³⁾		7,000		7,001
15-3A, C 144A 3.250%, 7/15/21⁽³⁾		2,285		2,295
14-3A, D 144A 4.470%, 11/15/21⁽³⁾		4,180		4,239
16-2A, C 144A 3.670%, 1/17/22⁽³⁾		8,555		8,667
16-3A C,144A 3.150%, 3/15/22⁽³⁾		8,485		8,490
Exeter Automobile Receivables Trust


	PAR VALUE		VALUE
12-2A, C 144A 3.060%, 7/16/18⁽³⁾	$	6,370	$	6,391
13-2A, B 144A 3.090%, 7/16/18⁽³⁾		4,928		4,942
14-1A, B 144A 2.420%, 1/15/19⁽³⁾		7,823		7,823
13-1A, C 144A 3.520%, 2/15/19⁽³⁾		20,725		20,815
14-1A, C 144A 3.570%, 7/15/19⁽³⁾		15,830		15,951
14-2A, C 144A 3.260%, 12/16/19⁽³⁾		14,615		14,711
15-A1, C 144A 4.100%, 12/15/20⁽³⁾		15,930		15,785
15-2A, C 144A 3.900%, 3/15/21⁽³⁾		18,705		18,375
14-3A, D 144A 5.690%, 4/15/21⁽³⁾		15,995		15,925
15-3A, D 144A 6.550%, 10/17/22⁽³⁾		3,375		3,317
Fairway Outdoor Funding LLC 12-1A, A2 144A 4.212%, 10/15/42⁽³⁾		20,420		20,782
First Investors Auto Owner Trust 15-1A, C 144A 2.710%, 6/15/21⁽³⁾		5,000		4,933
Flagship Credit Auto Trust
16-1, A 144A 2.770%, 12/15/20⁽³⁾		5,647		5,692
14-2, D 144A 5.210%, 2/15/21⁽³⁾		9,560		9,334
15-2, C 144A 4.080%, 12/15/21⁽³⁾		6,495		6,288
16-2, B 144A 3.840%, 9/15/22⁽³⁾		4,175		4,196
Foursight Capital Automobile Receivables Trust
16-1 A2, 144A 2.870%, 10/15/21⁽³⁾		7,865		7,846
14-1, B 144A 3.560%, 11/22/21⁽³⁾		4,704		4,759
15-1, B 144A 4.120%, 9/15/22⁽³⁾		5,589		5,698
GLS Auto Receivables Trust 16-1A, B 144A 4.390%, 1/15/21⁽³⁾		10,500		10,510
Gold Key Resorts LLC 14-A, A 144A 3.220%, 3/17/31⁽³⁾		8,513		8,454
Greater Capital Association of Realtors 15-1A, C 9.790%, 10/15/25		8,195		8,154
Hertz Vehicle Financing LLC
11-1A, A2 144A 3.290%, 3/25/18⁽³⁾		14,960		15,096
15-2A, A 144A 2.020%, 9/25/19⁽³⁾		4,845		4,857
16-1A, A144A 2.320%, 3/25/20⁽³⁾		8,800		8,877
Hilton Grand Vacations Trust
13-A, A 144A 2.280%, 1/25/26⁽³⁾		7,803		7,814
14-AA, A 144A 1.770%, 11/25/26⁽³⁾		10,820		10,653
Hyundai Auto Receivables Trust
14-B, D 2.510%, 12/15/20		9,675		9,676
15-A, D 2.730%, 6/15/21		8,950		8,985
IndyMac Manufactured Housing Contract 98-1, A3 6.370%, 9/25/28		892		913
LEAF Receivables Funding 10 LLC
15-1, D 144A 3.740%, 5/17/21⁽³⁾		800		795


	PAR VALUE		VALUE
15-1, E1 144A 5.210%, 7/15/21⁽³⁾	$	4,500	$	4,493
15-1, E2 144A 6.000%, 6/15/23⁽³⁾		2,455		2,401
LEAF Receivables Funding 11 LLC
16-1, E1 144A 5.500%, 4/15/23⁽³⁾		5,000		4,951
16-1, E2 11 144A 6.000%, 6/15/24⁽³⁾		4,170		3,851
LEAF Receivables Funding 9 LLC
13-1,E2 C 144A 3.460%, 9/15/21⁽³⁾		6,850		6,844
13-1, D 144A 5.110%, 9/15/21⁽³⁾		1,186		1,190
Marriott Vacation Club Owner Trust
12-1A, A 144A 2.510%, 5/20/30⁽³⁾		13,393		13,477
10-1A, A 144A 3.540%, 10/20/32⁽³⁾		414		422
10-1A, B 144A 4.520%, 10/20/32⁽³⁾		808		826
MVW Owner Trust 15-1A, B 144A 2.960%, 12/20/32⁽³⁾		1,747		1,747
National City Mortgage Capital Trust 08-1, 2A1 6.000%, 3/25/38		1,899		1,971
NCF Dealer Floorplan Master Trust 16-1A, A 144A 3.639%, 3/21/22⁽²⁾⁽³⁾		9,000		8,797
OneMain Financial Issuance Trust
14-1A, A 144A 2.430%, 6/18/24⁽³⁾		13,697		13,712
15-2A, A 144A 2.570%, 7/18/25⁽³⁾		19,675		19,669
15-A1, A 144A 3.190%, 3/18/26⁽³⁾		16,005		16,170
Orange Lake Timeshare Trust
12-AA, A 144A 3.450%, 3/10/27⁽³⁾		3,862		3,902
15-A, 144A 2.880%, 9/8/27⁽³⁾		7,238		7,247
14-AA, A 144A 2.290%, 7/9/29⁽³⁾		3,274		3,284
Prestige Auto Receivables Trust 14-1A, C 144A 2.390%, 5/15/20⁽³⁾		7,000		6,927
Santander Drive Auto Receivables Trust
12-6, C 1.940%, 3/15/18		1,701		1,703
12-5, C 2.700%, 8/15/18		1,620		1,625
12-6, D 2.520%, 9/17/18		17,455		17,536
13-1, D 2.270%, 1/15/19		21,925		21,995
13-3, C 1.810%, 4/15/19		7,119		7,138
13-5, D 2.730%, 10/15/19		20,100		20,340
14-3, C 2.130%, 8/17/20		16,400		16,550
16-2, B 2.080%, 2/16/21		8,250		8,286
Security National Automotive Acceptance Company Receivables Trust 14-1A, C 144A 2.210%, 1/15/20⁽³⁾		11,085		11,103
Sierra Timeshare Receivables Funding LLC 16 - 1A, A 144A 3.080%, 3/21/33⁽³⁾		9,570		9,788
Sierra Timeshare Receivables Funding LLC


	PAR VALUE		VALUE
12-2A, B 144A 3.420%, 3/20/29⁽³⁾	$	1,938	$	1,945
12-3A, A 144A 1.870%, 8/20/29⁽³⁾		7,353		7,331
13-1A, A 144A 1.590%, 11/20/29⁽³⁾		2,672		2,650
14-1A, A 144A 2.070%, 3/20/30⁽³⁾		2,672		2,666
14-2A, A 144A 2.050%, 6/20/31⁽³⁾		3,875		3,867
Silverleaf Finance LLC
XV 12-D, A 144A 3.000%, 3/17/25⁽³⁾		3,650		3,615
XVII 13-A, A 144A 2.680%, 3/16/26⁽³⁾		3,305		3,212
XVIII 14-A, A 144A 2.810%, 1/15/27⁽³⁾		2,365		2,359
Skopos Auto Receivables Trust 15-2A, A 144A 3.550%, 2/15/20⁽³⁾		4,755		4,750
SLM Private Education Loan Trust
13-B, A2A 144A 1.850%, 6/17/30⁽³⁾		4,500		4,495
13-C, A2A 144A 2.940%, 10/15/31⁽³⁾		5,000		5,120
SoFi Professional Loan Program LLC
14-A, A2 144A 3.020%, 10/25/27⁽³⁾		1,497		1,521
14-B, A2 144A 2.550%, 8/27/29⁽³⁾		1,211		1,214
15-A, A2 144A 2.420%, 3/25/30⁽³⁾		4,882		4,877
16-A, A2 144A 2.760%, 12/26/36⁽³⁾		2,280		2,311
SolarCity LMC Series III LLC 14-2, A 144A 4.020%, 7/20/44⁽³⁾		8,203		7,932
Structured Asset Securities Corp. 01-SB1, A2 3.375%, 8/25/31		1,689		1,668
SVO VOI Mortgage Corp.
10-AA, A 144A 3.650%, 7/20/27⁽³⁾		2,238		2,234
12-AA, A 144A 2.000%, 9/20/29⁽³⁾		8,754		8,658
Taco Bell Funding LLC 16-1A, A2 144A 3.832%, 5/25/46⁽³⁾		12,945		13,103
TCF Auto Receivables Owner Trust
14-1A, B 144A 2.330%, 5/15/20⁽³⁾		1,733		1,749
14-1A, C 144A 3.120%, 4/15/21⁽³⁾		2,035		2,065
Tidewater Auto Receivables Trust
14-AA, C 144A 2.560%, 8/15/19⁽³⁾		3,500		3,485
16-AA, B 144A 3.130%, 3/15/20⁽³⁾		7,393		7,400
Trip Rail Master Funding LLC
11-1A, A1A 144A 4.370%, 7/15/41⁽³⁾		12,270		12,647
14-1A, A1 144A 2.863%, 4/15/44⁽³⁾		3,759		3,724
U-Haul S Fleet LLC 10-BT1A, 1 144A 4.899%, 10/25/23⁽³⁾		33,708		34,221
United Auto Credit Securitization Trust 16 - 1, B 144A 2.730%, 5/15/18⁽³⁾		4,880		4,884
Volvo Financial Equipment LLC 14-1A, C 144A 1.940%, 11/15/21⁽³⁾		6,000		6,020


	PAR VALUE		VALUE
Welk Resorts LLC
13-AA, A 144A 3.100%, 3/15/29⁽³⁾	$	3,696	$	3,710
15-AA, A 144A 2.790%, 6/16/31⁽³⁾		6,175		6,134
Wendy’s Funding LLC
15-1A, A2II 144A 3.371%, 6/15/45⁽³⁾		5,373		5,403
15-1A, A2II 144A 4.080%, 6/15/45⁽³⁾		13,319		13,731
Westgate Resorts LLC 16-1A, A 144A 3.500%, 12/20/28⁽³⁾		7,535		7,493
Westlake Automobile Receivables Trust
14-1A, C 144A 1.700%, 11/15/19⁽³⁾		4,026		4,023
15-1A, C 144A 2.290%, 11/16/20⁽³⁾		8,500		8,487
16-2A C, 144A 2.830%, 5/17/21⁽³⁾		3,190		3,202
15-3A, D,144A 4.400%, 5/17/21⁽³⁾		10,000		10,082

TOTAL ASSET-BACKED SECURITIES (Identified Cost $1,279,606)				1,283,547

CORPORATE BONDS AND NOTES—35.6%
Consumer Discretionary—2.9%
Alibaba Group Holding Ltd. 2.500%, 11/28/19		6,600		6,677
Aramark Services, Inc. 144A 5.125%, 1/15/24⁽³⁾		4,435		4,535
Boyd Gaming Corp. 9.000%, 7/1/20		5,350		5,622
Brookfield Residential Properties, Inc. 144A 6.500%, 12/15/20⁽³⁾		5,810		5,824
Caesars Entertainment Operating Co., Inc. 9.000%, 2/15/20⁽¹¹⁾		3,625		3,362
CCO Holdings LLC 144A 5.500%, 5/1/26⁽³⁾		6,820		6,939
Clear Channel Worldwide Holdings, Inc. Series B 7.625%, 3/15/20		18,230		17,437
Columbus International, Inc. Series B, 144A 7.375%, 3/30/21⁽³⁾		5,990		6,348
Delphi Automotive plc 3.150%, 11/19/20		15,000		15,430
Hanesbrands, Inc. 144A 4.625%, 5/15/24⁽³⁾		5,830		5,874
Hyundai Capital America 144A 2.125%, 10/2/17⁽³⁾		2,940		2,959
International Game Technology plc
144A 5.625%, 2/15/20⁽³⁾		3,245		3,436
144A 6.250%, 2/15/22⁽³⁾		5,190		5,345
Landry’s, Inc. 144A 9.375%, 5/1/20⁽³⁾		7,530		7,916
M/I Homes, Inc. 6.750%, 1/15/21		4,675		4,675
Marriott International, Inc. Series N, 3.125%, 10/15/21		13,545		14,080
MGM Growth Properties Operating Partnership LP 144A 5.625%, 5/1/24⁽³⁾		1,740		1,840
MGM Resorts International 6.750%, 10/1/20		4,500		4,939


	PAR VALUE		VALUE
Consumer Discretionary—(continued)
Newell Rubbermaid, Inc.
3.150%, 4/1/21	$	1,925	$	2,006
3.850%, 4/1/23		825		875
4.200%, 4/1/26		1,665		1,806
Numericable Group SA
144A 6.000%, 5/15/22⁽³⁾		4,580		4,471
144A 7.375%, 5/1/26⁽³⁾		7,075		7,004
QVC, Inc. 3.125%, 4/1/19		12,765		13,104
Scientific Games International, Inc. 144A 7.000%, 1/1/22⁽³⁾		5,625		5,681
Toll Brothers Finance Corp.
4.000%, 12/31/18		5,080		5,278
6.750%, 11/1/19		9,716		10,979
5.625%, 1/15/24		915		954
4.875%, 11/15/25		8,520		8,456
Tri Pointe Group, Inc.
4.375%, 6/15/19		13,872		14,011
4.875%, 7/1/21		3,740		3,749
Wyndham Worldwide Corp. 2.500%, 3/1/18		2,960		2,991

				204,603

Consumer Staples—0.4%
CVS Health Corp. 2.125%, 6/1/21		2,770		2,803
ESAL GmbH 144A 6.250%, 2/5/23⁽³⁾		8,600		8,535
Whole Foods Market, Inc. 144A 5.200%, 12/3/25⁽³⁾		14,325		15,452

				26,790

Energy—5.6%
Afren plc 144A 11.500%, 2/1/17^(3)(10)		4,674		40
Alberta Energy Co., Ltd. 8.125%, 9/15/30		8,110		9,018
Anadarko Petroleum Corp.
4.850%, 3/15/21		3,845		4,083
5.550%, 3/15/26		5,455		6,038
Antero Resources Corp. 5.625%, 6/1/23		6,835		6,664
Blue Racer Midstream LLC 144A 6.125%, 11/15/22⁽³⁾		4,595		4,377
Carrizo Oil & Gas, Inc. 6.250%, 4/15/23		4,150		4,015
Cheniere Corpus Christi Holdings LLC 144A 7.000%, 6/30/24⁽³⁾		3,795		3,902
Cimarex Energy Co. 4.375%, 6/1/24		11,490		12,021
CNOOC Finance Propriety Ltd. 2.625%, 5/5/20		5,800		5,854
Concho Resources, Inc. 5.500%, 4/1/23		9,345		9,415
Continental Resources, Inc.


	PAR VALUE		VALUE
Energy—(continued)
5.000%, 9/15/22	$	5,035	$	4,932
4.500%, 4/15/23		3,035		2,845
Ecopetrol S.A. 5.875%, 9/18/23		20,920		21,548
Enbridge Energy Partners LP 4.375%, 10/15/20		3,930		4,038
Encana Corp. 3.900%, 11/15/21		7,960		7,719
Energy Transfer Partners LP 5.200%, 2/1/22		4,855		5,116
EP Energy LLC (Everest Acquisition Finance, Inc.) 9.375%, 5/1/20		11,345		8,083
FTS International, Inc. 6.250%, 5/1/22		2,245		887
KazMunayGas National Co. 144A 6.375%, 4/9/21⁽³⁾		4,800		5,268
Kinder Morgan, Inc. 144A 5.625%, 11/15/23⁽³⁾		20,300		21,752
Kunlun Energy Co., Ltd. 144A 2.875%, 5/13/20⁽³⁾		5,000		5,085
Linn Energy LLC 6.500%, 5/15/19⁽¹⁰⁾		9,980		1,809
Lukoil OAO International Finance BV 144A 3.416%, 4/24/18⁽³⁾		6,000		6,076
Midcontinent Express Pipeline LLC 144A 6.700%, 9/15/19⁽³⁾		3,500		3,351
MPLX LP 144A 5.500%, 2/15/23⁽³⁾		11,935		12,138
Newfield Exploration Co. 5.625%, 7/1/24		7,925		7,925
NGL Energy Partners LP (NGL Energy Finance Corp.) 5.125%, 7/15/19		18,475		16,905
Occidental Petroleum Corp.
2.600%, 4/15/22		885		907
3.400%, 4/15/26		725		765
Pacific Exploration and Production Corp. 144A 5.375%, 1/26/19^(3)(10)		13,565		2,577
Petrobras Global Finance BV
8.375%, 5/23/21		10,160		10,510
8.750%, 5/23/26		405		409
Petroleos de Venezuela SA
8.500%, 11/2/17		27,550		19,341
144A 6.000%, 5/16/24⁽³⁾		12,980		4,623
Petroleos Mexicanos
4.875%, 1/24/22		16,470		16,836
144A 6.875%, 8/4/26⁽³⁾		13,475		15,065
PHI, Inc. 5.250%, 3/15/19		6,275		5,836
Pride International, Inc. 8.500%, 6/15/19		4,065		4,136
QEP Resources, Inc.
6.875%, 3/1/21		5,220		5,298
5.250%, 5/1/23		9,530		8,815
Range Resources Corp.


	PAR VALUE			VALUE
Energy—(continued)
5.000%, 8/15/22	$	3,730		$	3,534
5.000%, 3/15/23		8,025			7,564
Regency Energy Partners LP 5.000%, 10/1/22		17,910			18,380
Sabine Oil & Gas Corp. 7.250%, 6/15/19⁽¹⁰⁾		9,035			226
Sabine Pass Liquefaction LLC
5.625%, 2/1/21		8,000			8,120
6.250%, 3/15/22		8,415			8,667
Sinopec Capital Ltd. 144A 1.875%, 4/24/18⁽³⁾		11,750			11,779
Southern Gas Corridor CJSC 144A 6.875%, 3/24/26⁽³⁾		6,435			6,966
Sunoco LP (Sunoco Finance Corp.) 144A 6.375%, 4/1/23⁽³⁾		16,520			16,479
Transocean, Inc.
6.800%, 12/15/16⁽²⁾		9,280			9,408
6.800%, 3/15/38		7,800			5,128
YPF S.A. 144A 8.500%, 3/23/21⁽³⁾		7,000			7,527

					399,800

Financials—14.5%
ABN AMRO Bank N.V. 144A 4.250%, 2/2/17⁽³⁾		4,425			4,502
AerCap Ireland Capital Ltd. (Aercap Global Aviation Trust) 3.950%, 2/1/22		3,670			3,670
Air Lease Corp. 2.625%, 9/4/18		5,495			5,494
Akbank TAS 144A 7.500%, 2/5/18⁽³⁾		33,705	^TRY		11,090
Ally Financial, Inc.
4.250%, 4/15/21		10,530			10,517
5.750%, 11/20/25		7,090			7,134
American Campus Communities LP 3.350%, 10/1/20		2,040			2,119
Ares Capital Corp.
4.875%, 11/30/18		1,545			1,617
3.875%, 1/15/20		4,286			4,437
Australia & New Zealand Banking Group Ltd. 144A 4.400%, 5/19/26⁽³⁾		14,195			14,555
Aviation Capital Group Corp.
144A 3.875%, 9/27/16⁽³⁾		10,380			10,408
144A 2.875%, 9/17/18⁽³⁾		4,415			4,371
Banco de Credito del Peru 144A 4.250%, 4/1/23⁽³⁾		15,500			16,430
Bangkok Bank PCL 144A 2.750%, 3/27/18⁽³⁾		16,550			16,849
Bank of America Corp.
2.000%, 1/11/18		14,905			15,007
5.490%, 3/15/19		2,868			3,101


	PAR VALUE			VALUE
Financials—(continued)
4.450%, 3/3/26	$	10,475		$	10,962
Bank of Baroda 144A 4.875%, 7/23/19⁽³⁾		11,775			12,568
Bank of India
144A 3.250%, 4/18/18⁽³⁾		10,470			10,680
144A 3.625%, 9/21/18⁽³⁾		10,200			10,364
Barclays Bank plc 144A 6.050%, 12/4/17⁽³⁾		13,130			13,750
BBVA Banco Continental S.A. RegS 5.000%, 8/26/22⁽⁴⁾		16,280			17,745
Berkshire Hathaway, Inc.
2.200%, 3/15/21		845			872
2.750%, 3/15/23		1,695			1,752
Blackstone Holdings Finance Co. LLC 144A 6.625%, 8/15/19⁽³⁾		7,105			8,140
Bonos del Banco Central de Chile En Pesos 4.500%, 6/1/20		4,570,000	^CLP		7,060
Brixmor Operating Partnership LP 3.875%, 8/15/22		5,570			5,723
Capital One N.A. 2.400%, 9/5/19		5,000			5,082
Citigroup, Inc.
5.500%, 2/15/17		11,730			12,032
4.600%, 3/9/26		10,445			11,046
6.250%, 12/29/49⁽²⁾		17,805			18,361
Comerica Bank, Inc. 5.750%, 11/21/16		5,940			6,036
Corp Financiera de Desarrollo SA 144A 4.750%, 7/15/25⁽³⁾		10,000			10,672
Corpbanca SA 144A 3.875%, 9/22/19⁽³⁾		4,000			4,191
Digital Realty Trust LP
3.400%, 10/1/20		11,735			12,198
3.950%, 7/1/22		8,175			8,565
Discover Bank 8.700%, 11/18/19		1,750			2,061
Drawbridge Special Opportunities Fund LP 144A 5.000%, 8/1/21⁽³⁾		14,685			13,510
Fidelity National Financial, Inc. 6.600%, 5/15/17		6,475			6,746
Fifth Third Bancorp 4.500%, 6/1/18		6,745			7,099
First Tennessee Bank N.A. 2.950%, 12/1/19		4,500			4,520
Ford Motor Credit Co. LLC 5.000%, 5/15/18		10,000			10,595
FS Investment Corp. 4.250%, 1/15/20		7,725			7,912
General Motors Financial Co., Inc.
3.500%, 7/10/19		9,715			10,060
4.200%, 3/1/21		7,300			7,646
Genworth Holdings, Inc. 7.625%, 9/24/21		6,910			5,917


	PAR VALUE			VALUE
Financials—(continued)
Goldman Sachs Group, Inc. (The) 4.250%, 10/21/25	$	24,315		$	25,162
Government Properties Income Trust 3.750%, 8/15/19		2,905			2,980
Guanay Finance Ltd. 144A 6.000%, 12/15/20⁽³⁾		27,755			27,547
HBOS plc 144A 6.750%, 5/21/18⁽³⁾		685			735
HCP, Inc. 3.750%, 2/1/19		4,035			4,178
HSBC USA, Inc. 2.625%, 9/24/18		19,485			19,789
Huntington Bancshares, Inc. 7.000%, 12/15/20		17,065			20,026
Hutchison Whampoa International Ltd. Series 12 144A 6.000% ^(2)(3)(6)(7)		13,210			13,606
ICAHN Enterprises LP (ICAHN Enterprises Finance Corp.) 3.500%, 3/15/17		965			972
5.875%, 2/1/22		12,875			12,167
ICICI Bank Ltd. RegS 4.700%, 2/21/18⁽⁴⁾		13,000			13,531
ICICI Bank Ltd. Dubai 144A 4.000%, 3/18/26⁽³⁾		6,505			6,613
Industrial & Commercial Bank of China Ltd. 3.231%, 11/13/19		6,275			6,520
International Lease Finance Corp. 3.875%, 4/15/18		7,635			7,775
iStar Financial, Inc.
4.875%, 7/1/18		12,250			11,867
5.000%, 7/1/19		6,210			5,822
Jefferies Group LLC
5.125%, 4/13/18		6,541			6,842
6.875%, 4/15/21		3,725			4,231
JPMorgan Chase & Co. 6.125%, 6/27/17		8,850			9,256
Kimco Realty Corp. 3.400%, 11/1/22		10,605			11,118
Lazard Group LLC 4.250%, 11/14/20		7,765			8,266
Lincoln National Corp.
8.750%, 7/1/19		15,040			17,791
6.050%, 4/20/67⁽²⁾⁽⁷⁾		2,885			1,926
Macquarie Group Ltd.
144A 3.000%, 12/3/18⁽³⁾		4,870			5,002
144A 6.000%, 1/14/20⁽³⁾		10,950			12,208
McGraw Hill Financial, Inc. 3.300%, 8/14/20		15,097			15,797
Mitsubishi UFJ Financial Group, Inc. 2.950%, 3/1/21		2,500			2,590
Morgan Stanley
144A 10.090%, 5/3/17⁽³⁾		22,595	^BRL		6,858
4.350%, 9/8/26		20,295			21,242


	PAR VALUE		VALUE
Financials—(continued)
MPT Operating Partnership LP (MPT Finance Corp.) 6.375%, 2/15/22	$	1,150	$	1,193
MUFG Union Bank NA 2.625%, 9/26/18		2,700		2,759
New York Life Global Funding 144A 1.950%, 2/11/20⁽³⁾		2,855		2,891
Phosagro OAO (Phosagro Bond Funding Ltd.) 144A 4.204%, 2/13/18⁽³⁾⁽⁵⁾		7,800		7,995
PNC Funding Corp. 5.625%, 2/1/17		3,130		3,207
Prudential Financial, Inc. 8.875%, 6/15/38⁽²⁾⁽⁷⁾		11,200		12,320
QBE Insurance Group Ltd. 144A 2.400%, 5/1/18⁽³⁾		7,750		7,815
Regions Bank 7.500%, 5/15/18		2,369		2,599
Russian Agricultural Bank OJSC (RSHB Capital SA)
144A 5.298%, 12/27/17⁽³⁾		13,655		14,039
144A 5.100%, 7/25/18⁽³⁾⁽⁵⁾		8,750		9,019
Santander Holdings USA, Inc.
2.700%, 5/24/19		10,650		10,676
2.650%, 4/17/20		7,540		7,446
SBA Telecommunications LLC (Tower Trust)
144A 2.933%, 12/15/17⁽³⁾		13,275		13,298
144A 3.156%, 10/15/20⁽³⁾		6,050		6,133
Sberbank of Russia Via Sb Capital SA RegS 5.180%, 6/28/19⁽⁴⁾⁽⁵⁾		7,000		7,466
Select Income REIT 4.150%, 2/1/22		18,910		19,001
Senior Housing Properties Trust 3.250%, 5/1/19		6,685		6,713
Springleaf Finance Corp. 5.250%, 12/15/19		9,585		8,962
State Street Corp. 4.956%, 3/15/18⁽⁷⁾		24,025		25,180
SunTrust Bank, Inc.
6.000%, 9/11/17		4,925		5,189
5.450%, 12/1/17		3,750		3,945
TIAA Asset Management Finance Co. LLC 144A 2.950%, 11/1/19⁽³⁾		2,850		2,920
Toronto-Dominion Bank (The) 2.125%, 4/7/21		11,005		11,201
Trinity Acquisition plc
3.500%, 9/15/21		1,485		1,539
4.400%, 3/15/26		9,145		9,553
Turkiye Garanti Bankasi AS 144A 4.750%, 10/17/19⁽³⁾		8,500		8,743
Turkiye Is Bankasi 144A 3.750%, 10/10/18⁽³⁾		12,630		12,694
Turkiye Vakiflar Bankasi Tao 144A 3.750%, 4/15/18⁽³⁾		4,000		4,016
Unum Group 7.125%, 9/30/16		6,620		6,707


	PAR VALUE		VALUE
Financials—(continued)
Ventas Realty LP (Ventas Capital Corp.)
4.000%, 4/30/19	$	7,100	$	7,482
2.700%, 4/1/20		2,948		3,009
Vnesheconombank (VEB Finance plc) 144A 6.902%, 7/9/20⁽³⁾		16,000		17,343
Voya Financial, Inc. 2.900%, 2/15/18		9,619		9,799
Wells Fargo & Co.
5.125%, 9/15/16		5,000		5,039
(Wachovia Corp.) 5.625%, 10/15/16		2,500		2,532
Welltower, Inc. 4.125%, 4/1/19		4,100		4,338
West Europe Finance LLC 144A 3.250%, 10/5/20⁽³⁾		19,265		20,051
Willis North America, Inc. 6.200%, 3/28/17		4,960		5,120
XLIT Ltd. Series E, 2.300%, 12/15/18		9,730		9,830
Zions Bancorp 4.500%, 3/27/17		12,675		12,844

				1,030,189

Health Care—2.2%
AbbVie, Inc.
2.500%, 5/14/20		11,705		11,982
3.200%, 11/6/22		1,940		2,006
Actavis Capital S.a.r.l.
(Actavis Funding) 3.000%, 3/12/20		2,825		2,911
(Actavis Funding) 3.450%, 3/15/22		3,815		3,963
Alere, Inc. 6.500%, 6/15/20		6,175		6,175
Community Health Systems, Inc. 5.125%, 8/1/21		4,790		4,778
Concordia Healthcare Corp. 144A 7.000%, 4/15/23⁽³⁾		1,510		1,295
Endo Finance LLC 144A 6.000%, 7/15/23⁽³⁾		720		637
Express Scripts Holding Co. 3.300%, 2/25/21		2,330		2,443
Forest Laboratories, Inc. 144A 4.375%, 2/1/19⁽³⁾		13,430		14,174
Fresenius U.S. Finance II, Inc. 144A 4.500%, 1/15/23⁽³⁾		2,590		2,661
HCA, Inc. 6.500%, 2/15/20		19,575		21,704
inVentiv Health, Inc. 144A 9.000%, 1/15/18⁽³⁾		8,625		8,905
Mylan NV
144A 3.000%, 12/15/18⁽³⁾		5,360		5,488
144A 3.150%, 6/15/21⁽³⁾		4,065		4,128
Owens & Minor, Inc. 3.875%, 9/15/21		2,485		2,575
Quintiles Transnational Corp. 144A 4.875%, 5/15/23⁽³⁾		4,175		4,258
Tenet Healthcare Corp.


	PAR VALUE		VALUE
Health Care—(continued)
4.750%, 6/1/20	$	4,650	$	4,786
4.153%, 6/15/20⁽²⁾		4,045		4,015
6.000%, 10/1/20		9,560		10,134
8.125%, 4/1/22		6,595		6,792
Universal Health Services, Inc. 144A 4.750%, 8/1/22⁽³⁾		4,515		4,592
Valeant Pharmaceuticals International, Inc. 144A 5.375%, 3/15/20⁽³⁾		3,060		2,630
Zimmer Biomet Holdings, Inc.
2.700%, 4/1/20		5,130		5,193
3.150%, 4/1/22		12,805		13,129
Zoetis, Inc. 3.450%, 11/13/20		2,780		2,870

				154,224

Industrials—3.8%
ADT Corp. (The) 6.250%, 10/15/21		13,700		14,707
Air Canada Pass-Through-Trust 13-1, B 144A 5.375%, 5/15/21⁽³⁾		19,071		19,166
America West Airlines Pass-Through-Trust 01-1, G 7.100%, 4/2/21		40,537		43,425
BAE Systems Holdings, Inc. 144A 2.850%, 12/15/20⁽³⁾		4,655		4,757
Bombardier, Inc. 144A 4.750%, 4/15/19⁽³⁾		15,692		15,064
British Airways Pass-Through-Trust 13-1, B 144A 5.625%, 6/20/20⁽³⁾		10,298		10,723
Builders FirstSource, Inc. 144A 7.625%, 6/1/21⁽³⁾		8,179		8,588
Cemex Finance LLC 144A 6.000%, 4/1/24⁽³⁾		7,110		6,914
Continental Airlines Pass-Through-Trust
99-1, A 6.545%, 2/2/19		8,380		8,935
99-2, C2 AMBC 6.236%, 3/15/20		8,922		9,457
00-1, A1 8.048%, 11/1/20		4,270		4,665
01-1, A1 6.703%, 6/15/21		4,878		5,122
07-1, B 6.903%, 4/19/22		5,024		5,251
Hawaiian Airlines Pass-Through Certificates 13-1, B 4.950%, 1/15/22		7,065		6,791
JBS Investments GmbH 144A 7.250%, 4/3/24⁽³⁾		1,535		1,588
Masco Corp. 5.950%, 3/15/22		18,385		20,557
Penske Truck Leasing Co. LP
RegS 2.500%, 6/15/19⁽⁴⁾		3,470		3,499
144A 3.375%, 2/1/22⁽³⁾		8,365		8,532
SCF Capital Ltd. 144A 5.375%, 6/16/23⁽³⁾		8,460		8,498
Standard Industries, Inc. 144A 5.125%, 2/15/21⁽³⁾		705		724


	PAR VALUE		VALUE
Industrials—(continued)
Toledo Edison Co. (The) 7.250%, 5/1/20	$	224	$	261
U.S. Airways Pass-Through-Trust 12-2, C 5.450%, 6/3/18		13,180		13,460
UAL Pass-Through-Trust 07-01, A 6.636%, 7/2/22		23,203		24,596
United Airlines Pass-Through Trust 14-1, B 4.750%, 4/11/22		4,800		4,841
United Rentals North America, Inc. 4.625%, 7/15/23		13,600		13,736
Virgin Australia Trust 13-1A 144A 5.000%, 10/23/23⁽³⁾		8,970		9,263

				273,120

Information Technology—1.3%
Apple, Inc.
2.250%, 2/23/21		9,210		9,477
2.850%, 2/23/23		3,735		3,925
Diamond 1 Finance Corp. (Diamond 2 Finance Corp.)
144A 3.480%, 6/1/19⁽³⁾		930		953
144A 4.420%, 6/15/21⁽³⁾		2,070		2,128
144A 5.875%, 6/15/21⁽³⁾		2,195		2,252
144A 5.450%, 6/15/23⁽³⁾		3,715		3,852
Dun & Bradstreet Corp. (The)
3.250%, 12/1/17		12,110		12,195
4.000%, 6/15/20		4,660		4,840
Electronic Arts, Inc. 3.700%, 3/1/21		2,265		2,375
Fidelity National Information Services, Inc. 3.625%, 10/15/20		6,750		7,134
Hewlett Packard Enterprise Co.
144A 2.850%, 10/5/18⁽³⁾		9,690		9,922
144A 3.600%, 10/15/20⁽³⁾		1,845		1,926
LAM Research Corp. 2.800%, 6/15/21		915		937
NXP BV ( NXP Funding LLC) 144A 4.625%, 6/1/23⁽³⁾		4,675		4,768
NXP BV (NXP Funding LLC) 144A 4.125%, 6/1/21⁽³⁾		6,700		6,817
Oracle Corp.
1.900%, 9/15/21		3,530		3,544
2.400%, 9/15/23		4,315		4,335
Western Digital Corp. 144A 7.375%, 4/1/23⁽³⁾		3,030		3,235


	PAR VALUE		VALUE
Information Technology—(continued)
144A 10.500%, 4/1/24⁽³⁾	$	10,290	$	11,036

				95,651

Materials—1.9%
Airgas, Inc. 3.050%, 8/1/20		890		926
Allegheny Technologies, Inc. 9.375%, 6/1/19		7,245		7,426
Ardagh Packaging Finance plc 144A 6.250%, 1/31/19⁽³⁾		2,705		2,763
Ardagh Packaging Finance plc (Ardagh Holdings USA, Inc.) 144A 4.625%, 5/15/23⁽³⁾		10,340		10,185
Cemex SAB de CV RegS 6.500%, 12/10/19⁽⁴⁾		5,200		5,558
CRH America, Inc. 8.125%, 7/15/18		4,770		5,356
Fortescue Metals Group (FMG) Resources August 2006 Pty Ltd. 144A 9.750%, 3/1/22⁽³⁾		6,820		7,570
Freeport-McMoRan Copper & Gold, Inc.
3.550%, 3/1/22		3,070		2,717
3.875%, 3/15/23		7,645		6,728
Gerdau Trade, Inc.144A 5.750%, 1/30/21⁽³⁾		1,700		1,620
Gerdau Holdings, Inc. 144A 7.000%, 1/20/20⁽³⁾		7,630		7,744
INEOS Group Holdings SA 144A 5.875%, 2/15/19⁽³⁾		5,870		5,885
Office Cherifien des Phosphates S.A. (OCP) 144A 5.625%, 4/25/24⁽³⁾		17,090		18,115
Packaging Corp. of America 3.900%, 6/15/22		7,215		7,650
Reynolds Group Issuer, Inc.
5.750%, 10/15/20		12,945		13,404
144A 4.127%, 7/15/21⁽²⁾⁽³⁾		3,100		3,116
144A 5.125%, 7/15/23⁽³⁾		1,600		1,622
144A 7.000%, 7/15/24⁽³⁾		110		113
Teck Resources Ltd. 144A 8.000%, 6/1/21⁽³⁾		1,570		1,621
United States Steel Corp. 7.375%, 4/1/20		941		890
Vale Overseas Ltd. 5.875%, 6/10/21		7,475		7,503
Vedanta Resources plc 144A 6.000%, 1/31/19⁽³⁾		17,325		14,921

				133,433

Telecommunication Services—1.9%
Altice Financing S.A. 144A 6.625%, 2/15/23⁽³⁾		10,620		10,467
AT&T, Inc.
5.800%, 2/15/19		11,000		12,192
2.800%, 2/17/21		7,200		7,388
4.125%, 2/17/26		6,955		7,471
CenturyLink, Inc.
Series V 5.625%, 4/1/20		12,735		13,229


	PAR VALUE		VALUE
Telecommunication Services—(continued)
Series Y 7.500%, 4/1/24	$	5,185	$	5,250
Crown Castle International Corp. 3.700%, 6/15/26		870		895
Crown Castle Towers LLC
144A 6.113%, 1/15/20⁽³⁾		5,900		6,563
144A 3.222%, 5/15/22⁽³⁾		3,000		3,118
Digicel Group Ltd. 144A 8.250%, 9/30/20⁽³⁾		10,365		8,707
Frontier Communications Corp.
8.500%, 4/15/20		5,200		5,538
8.875%, 9/15/20		3,380		3,621
10.500%, 9/15/22		3,650		3,876
Sprint Communications, Inc. 6.000%, 11/15/22		14,060		11,134
Sprint Corp. 7.250%, 9/15/21		4,080		3,499
T-Mobile USA, Inc. 6.542%, 4/28/20		7,905		8,152
Telefonica Emisiones SAU 3.192%, 4/27/18		2,805		2,880
West Corp. 144A 4.750%, 7/15/21⁽³⁾		6,175		6,160
Windstream Corp. 7.750%, 10/15/20		12,125		11,943

				132,083

Utilities—1.1%
AmeriGas Partners LP 7.000%, 5/20/22		9,275		9,837
Dominion Resources, Inc. 2.962%, 7/1/19⁽²⁾		1,760		1,792
Exelon Corp. 2.850%, 6/15/20		18,845		19,442
Korea Western Power Co., Ltd. 144A 3.125%, 5/10/17⁽³⁾		9,800		9,938
Majapahit Holding BV 144A 7.750%, 1/20/20⁽³⁾		8,800		10,080
State Grid Overseas Investment Ltd.
144A 1.750%, 5/22/18⁽³⁾		5,000		5,019
144A 2.750%, 5/7/19⁽³⁾		9,370		9,650
Talen Energy Supply LLC 144A 4.625%, 7/15/19⁽³⁾		10,340		9,151

				74,909

TOTAL CORPORATE BONDS AND NOTES (Identified Cost $2,539,693)				2,524,802

LOAN AGREEMENTS⁽²⁾—11.3%
Consumer Discretionary—3.1%
Altice U.S. Finance I Corp. 4.250%, 12/14/22		12,838		12,819
Aristocrat Leisure Ltd. 4.750%, 10/20/21		6,930		6,955
Boyd Gaming Corp. Tranche B, 4.000%, 8/14/20		6,103		6,107
Caesars Entertainment Operating Co., Inc.
Tranche B-4, 11.500%, 10/31/16⁽¹¹⁾		3,616		3,688
Tranche B-6, 9.750%, 3/1/17⁽¹¹⁾		3,861		3,878


	PAR VALUE		VALUE
Consumer Discretionary—(continued)
Caesars Entertainment Resort Properties LLC Tranche B, 7.000%, 10/11/20	$	7,800	$	7,484
Caesars Growth Properties Holdings LLC Tranche B, First Lien, 6.250%, 5/8/21		4,263		4,020
CDS U.S. Intermediate Holdings, Inc. First Lien, 5.000%, 7/8/22		5,693		5,556
Cengage Learning, Inc. 0.000%, 6/7/23⁽⁸⁾		4,783		4,735
Charter Communications Operating LLC (CCO Safari LLC)
Tranche E, 3.000%, 7/1/20		6,305		6,270
Tranche F, 3.000%, 1/3/21		14,269		14,206
3.500%, 1/24/23		2,872		2,878
CityCenter Holdings LLC Tranche B, 4.250%, 10/16/20		5,909		5,917
CSC Holdings, Inc. 5.000%, 10/9/22		16,748		16,807
Delta 2 (Lux) S.a.r.l. Tranche B-3, 4.750%, 7/30/21		7,421		7,158
El Dorado Resorts, Inc. 4.250%, 7/25/22		2,750		2,760
Hilton Worldwide Finance LLC 3.500%, 10/26/20		12,775		12,801
Intelsat Jackson Holdings S.A. Tranche B-2, 3.750%, 6/30/19		7,912		7,227
Las Vegas Sands LLC Tranche B, 3.250%, 12/19/20		6,820		6,825
Libbey Glass, Inc. 3.750%, 4/9/21		5,707		5,689
MGM Growth Properties 4.000%, 4/25/23		7,148		7,173
PetSmart, Inc. Tranche B-1, 4.250%, 3/11/22		17,507		17,457
Scientific Games International, Inc.
6.000%, 10/18/20		2,771		2,740
Tranche B-2, 6.000%, 10/1/21		3,375		3,333
Seminole Tribe of Florida, Inc. 3.000%, 4/29/20		6,898		6,920
ServiceMaster Co. LLC (The) 4.250%, 7/1/21		8,355		8,375
Sinclair Television Group, Inc. Tranche B-1, 3.500%, 7/30/21		11,543		11,543
Six Flags Theme Parks, Inc. Tranche B, 5.250%, 6/30/22		4,979		4,986
Station Casinos LLC Tranche B, 3.750%, 6/8/23		6,362		6,337
Tribune Media Co. Tranche B, 3.750%, 12/27/20		6,930		6,926

				219,570

Consumer Staples—1.6%
Albertson’s LLC Trance B-4, 0.000%, 8/25/21⁽⁸⁾		16,036		16,043
Albertsons LLC Tranche B-5, 0.000%, 12/21/22⁽⁸⁾		2,177		2,179


	PAR VALUE		VALUE
Consumer Staples—(continued)
ARAMARK Corp.
Tranche E, 3.250%, 9/7/19	$	13,384	$	13,420
Tranche F, 3.250%, 2/24/21		14,520		14,545
Charger OpCo B.V. (Oak Tea, Inc.) Tranche B-1, 4.250%, 7/2/22		3,106		3,121
Coty, Inc. Tranche B, 3.750%, 10/27/22		2,754		2,756
Dell International Inc. Tranche B, First Lien 0.000%, 6/2/23⁽⁸⁾		13,017		12,988
Galleria Co. Tranche B, 3.750%, 1/26/23		5,523		5,526
Hostess Brands LLC Tranche B, First Lien, 4.500%, 8/3/22		13,630		13,641
Kronos
First Lien, 4.500%, 10/30/19		21,860		21,838
Second Lien, 9.750%, 4/30/20		4,851		4,896
Pinnacle Foods Corp. Finance LLC Tranche I 3.750%, 1/13/23		988		994

				111,947

Energy—0.2%
EP Energy LLC (Everest Acquisition LLC)
Tranche B-3, 3.500%, 5/24/18		4,100		3,608
Tranche B-2, 4.500%, 4/30/19		768		676
Paragon Offshore Finance Co. 5.250%, 7/16/21⁽¹¹⁾		9,933		2,623
Seadrill Operating LP 4.000%, 2/21/21		8,838		3,981

				10,888

Financials—1.0%
Asurion LLC Tranche B-4, 5.000%, 8/4/22		6,217		6,144
Capital Automotive LP
Tranche B-1, 4.000%, 4/10/19		2,572		2,580
Second Lien, 6.000%, 4/30/20		6,047		6,077
Clipper Acquisitions Corp. Tranche B, 3.000%, 2/6/20		6,156		6,118
Delos Finance S.a.r.l. 3.500%, 3/6/21		21,956		21,967
iStar Financial 5.500%, 7/1/20		3,209		3,213
Realogy Corp. Tranche B, 3.750%, 3/5/20		15,479		15,481
TransUnion LLC Tranche B-2, 3.500%, 4/9/21		10,096		9,990

				71,570

Health Care—1.2%
American Renal Holdings, Inc. Tranche B, First Lien, 4.750%, 8/20/19		8,970		8,961


	PAR VALUE		VALUE
Health Care—(continued)
Change Healthcare Holdings, Inc. Tranche B-2, 3.750%, 11/2/18	$	5,236	$	5,236
Community Health Systems, Inc. (CHS) Tranche F, 3.920%, 12/31/18		7,911		7,857
Endo Luxembourg Finance Co. S.a.r.l. Tranche B, 3.750%, 9/26/22		5,543		5,465
Envision Healthcare Corp. 4.250%, 5/25/18		6,558		6,565
InVentiv Health, Inc. Tranche B-4, 7.750%, 5/15/18		8,750		8,750
Multiplan, Inc. 5.000%, 6/7/23		3,652		3,666
Quintiles Transnational Corp. Tranche B, 3.250%, 5/12/22		2,452		2,456
Quorum Health Corp. 6.750%, 4/29/22		6,327		6,351
RPI Finance Trust Tranche B-4, 3.500%, 11/9/20		5,877		5,880
Team Health, Inc. Tranche B, 3.750%, 11/23/22		7,590		7,606
U.S. Renal Care, Inc. First Lien, 5.250%, 12/30/22		5,366		5,366
Valeant Pharmaceuticals International, Inc. Series D-2, Tranche B, 4.500%, 2/13/19		11,801		11,502

				85,661

Industrials—1.5%
American Airlines, Inc.
3.250%, 6/27/20		10,991		10,871
3.500%, 10/10/21		10,886		10,815
Tranche B, 3.500%, 4/28/23		16,065		15,920
AWAS Finance Luxembourg S.A. 3.500%, 7/16/18		6,953		6,965
Brock Holdings III, Inc. First Lien, 6.000%, 3/16/17		7,044		6,692
Husky Injection Molding Systems Ltd. 4.250%, 6/30/21		5,199		5,172
McGraw-Hill Global Education Holdings LLC Tranche B, 5.000%, 5/4/22		10,840		10,843
Nortek, Inc. Incremental-1, 3.500%, 10/30/20		9,561		9,513
U.S. Airways, Inc. Tranche B-1, 3.500%, 5/23/19		16,695		16,662
United Airlines, Inc. (f/k/a Continental Airlines, Inc.) Tranche B-1, 3.500%, 9/15/21		4,733		4,732
Waste Industries USA, Inc. 4.250%, 2/27/20		9,825		9,859

				108,044

Information Technology—1.3%
Abacus Innovations Corp.(Leidos, Inc.) 0.000%, 6/9/23⁽⁸⁾		5,366		5,368
Blue Coat Holdings LLC, Inc. 4.500%, 5/20/22		5,391		5,391
First Data Corp.


	PAR VALUE		VALUE
Information Technology—(continued)
Tranche 2021, 4.450%, 3/24/21	$	29,797	$	29,747
Tranche 2022, 4.200%, 7/8/22		6,007		5,966
Infinity Acquisition Ltd. 4.250%, 8/6/21		6,033		5,803
Mitchell International, Inc.
4.500%, 10/13/20		4,993		4,930
Second Lien, 8.500%, 10/11/21		9,963		9,274
NXP BV (NXP Funding LLC) Tranche B, 3.750%, 12/7/20		6,743		6,766
ON Semiconductor 5.250%, 3/31/23		3,399		3,418
Presidio, Inc. Refinancing, 5.250%, 2/2/22		8,462		8,344
SS&C European Holdings S.a.r.l.
Tranche A-1, 3.210%, 7/8/20		860		853
Tranche B-2, 4.000%, 7/8/22		729		730
SS&C Technologies Holdings Europe S.a.r.l. Tranche A-2, 3.210%, 7/8/20		1,334		1,324
SS&C Technologies, Inc. Tranche B-1, 4.000%, 7/8/22		5,324		5,332

				93,246

Materials—0.5%
Berry Plastics Corp. Tranche H, 3.750%, 10/1/22		7,888		7,839
CPI Acquisition, Inc. First Lien, 5.500%, 8/17/22		7,121		6,954
Fortescue Metals Group (FMG) Resources Property Ltd. 4.250%, 6/30/19		6,309		6,056
Huntsman International LLC Tranche B, 4.250%, 4/1/23		3,914		3,923
INEOS U.S. Finance LLC Tranche 2022, 4.250%, 3/31/22		5,697		5,606
Owens Illinois, Inc. Tranche B, 3.500%, 9/1/22		1,975		1,975
PolyOne Corp. Tranche B-1, 3.500%, 11/11/22		4,873		4,873

				37,226

Telecommunication Services—0.2%
Level 3 Financing, Inc.
Tranche B-III, 4.000%, 8/1/19		6,319		6,323
Tranche B-II, 3.500%, 5/31/22		5,842		5,830

				12,153

Utilities—0.7%
Calpine Construction Finance Co. LP Tranche B-1, 3.000%, 5/3/20		8,278		8,103
Dynegy Finance IV, Inc. 0.000%, 6/22/23⁽⁸⁾		9,128		9,005
NRG Energy, Inc. 0.000%, 6/14/23⁽⁸⁾		17,822		17,713


	PAR VALUE			VALUE
Utilities—(continued)
State of Santa Catarina (The) 4.000%, 12/27/22	$	12,561		$	10,614
Texas Competitive Electric Holdings Co. LLC 2017 Extended, 4.930%, 10/10/17⁽¹¹⁾		5,925			2,000

					47,435

TOTAL LOAN AGREEMENTS (Identified Cost $818,436)					797,740


	SHARES			VALUE
PREFERRED STOCKS—0.8%
Energy—0.1%
PTT Exploration & Production PCL 144A, 4.875%⁽²⁾⁽³⁾		8,645	⁽⁹⁾		8,609

Financials—0.7%
Banco Bilbao Vizcaya Argentaria S.A. International S.A. Unipersonal 5.919%⁽²⁾		2,295	⁽⁹⁾		2,289
Bank of New York Mellon Corp. (The) Series E, 4.950%⁽²⁾		12,070	⁽⁹⁾		12,115
JPMorgan Chase & Co. Series V, 5.000%⁽²⁾		4,395	⁽⁹⁾		4,203
JPMorgan Chase & Co. Series Z, 5.300%⁽²⁾		3,985	⁽⁹⁾		3,980
Wells Fargo & Co. Series K, 7.980%⁽²⁾		16,155	⁽⁹⁾		16,902
XLIT Ltd. Series E, 6.50%⁽²⁾		12,790	⁽⁹⁾		8,889

					48,378

TOTAL PREFERRED STOCKS (Identified Cost $61,067)					56,987

COMMON STOCK—0.0%
Energy—0.0%
Carrizo Oil & Gas, Inc.⁽¹³⁾		81,869			2,935

TOTAL COMMON STOCK (Identified Cost $3,169)					2,935

AFFILIATED MUTUAL FUND—0.9%
Virtus Credit Opportunities Fund Class R6⁽¹²⁾		6,989,143			67,445

TOTAL AFFILIATED MUTUAL FUND (Identified Cost $69,865)					67,445

TOTAL LONG TERM INVESTMENTS—98.7% (Identified Cost $7,027,391)					6,992,718


	SHARES		VALUE
SHORT-TERM INVESTMENT—0.5%
Money Market Mutual Fund—0.5%
JPMorgan Prime Money Market Fund - Institutional Shares (seven-day effective yield 0.380%)⁽¹²⁾		35,251,869	$	35,252

TOTAL SHORT-TERM INVESTMENT (Identified Cost $35,252)				35,252

TOTAL INVESTMENTS—99.2% (Identified Cost $7,062,643)				7,027,970	⁽¹⁾
Other assets and liabilities, net—0.8%				53,275

NET ASSETS—100.0%			$	7,081,245

Abbreviations:


FNMA		Federal National Mortgage Association (“Fannie Mae”).
GNMA		Government National Mortgage Association (“Ginnie Mae”)
REIT		Real Estate Investment Trust

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at June 30, 2016, 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, 2016.

⁽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, 2016, these securities amounted to a value of $2,738,783 or 38.7% of net assets.

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

⁽⁵⁾	This Note was issued for the sole purpose of funding a loan agreement between the issuer and the borrower. As the credit risk for this security lies solely with the borrower, the name represented here is that of the borrower.

⁽⁶⁾	No contractual maturity date.

⁽⁷⁾	Interest payments may be deferred.

⁽⁸⁾	This loan will settle after June 30, 2016, 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⁾	Shares of these funds are publicly offered and the prospectus and annual report of each are publicly available.

⁽¹³⁾	Non-income producing.

Foreign Currencies:

BRL	Brazilian Real

CLP	Chilean Peso

COP	Colombian Peso

IDR	Indonesian Rupiah

MXN	Mexican Peso

RUB	Russian Ruble

TRY	Turkish Lira

ZAR	South African Rand

The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2016 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

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


	SHARES		VALUE
COMMON STOCKS—98.5%
Real Estate Investment Trusts—98.5%
DATA CENTERS—10.2%
Coresite Realty Corp.		270,900	$	24,026
Digital Realty Trust, Inc.		507,850		55,351
Equinix, Inc.		138,600		53,739

				133,116

DIVERSIFIED—2.4%
Vornado Realty Trust		312,400		31,278

				31,278

HEALTH CARE—8.6%
Healthcare Realty Trust, Inc.		608,775		21,301
Healthcare Trust of America, Inc.		1,007,200		32,573
Ventas, Inc.		500,361		36,436
Welltower, Inc.		287,241		21,879

				112,189

INDUSTRIAL/OFFICE—22.4%
Industrial—9.4%
DCT Industrial Trust, Inc.		950,303		45,653
Duke Realty Corp.		1,398,952		37,296
Liberty Property Trust		150,966		5,996
Prologis, Inc.		672,202		32,965

				121,910

Office—13.0%
Boston Properties, Inc.		111,983		14,771
Cousins Properties, Inc.		1,415,770		14,724
Douglas Emmett, Inc.		765,829		27,202
Highwoods Properties, Inc.		654,942		34,581
Kilroy Realty Corp.		702,942		46,598
Paramount Group, Inc.		1,808,236		28,823
SL Green Realty Corp.		27,477		2,925

				169,624

Total Industrial / Office				291,534

LODGING/RESORTS—4.8%
Host Hotels & Resorts, Inc.		1,058,986		17,166


	SHARES		VALUE
Real Estate Investment Trusts—(continued)
LaSalle Hotel Properties		179,628	$	4,236
Pebblebrook Hotel Trust		760,463		19,962
RLJ Lodging Trust		951,652		20,413

				61,777

RESIDENTIAL—16.0%
Apartments—12.4%
American Campus Communities, Inc.		349,617		18,484
AvalonBay Communities, Inc.		204,990		36,978
Camden Property Trust		40,386		3,571
Equity Residential		552,945		38,087
Essex Property Trust, Inc.		285,740		65,175

				162,295

Manufactured Homes—2.2%
Equity LifeStyle Properties, Inc.		238,553		19,096
Sun Communities, Inc.		121,600		9,319

				28,415

Single Family Homes—1.4%
American Homes 4 Rent Class A		872,300		17,865

Total Residential				208,575

RETAIL—25.7%
Free Standing—2.6%
STORE Capital Corp.		1,161,443		34,205

				34,205

Regional Malls—12.3%
General Growth Properties, Inc.		1,057,575		31,537
Simon Property Group, Inc.		594,041		128,847

				160,384

Shopping Centers—10.8%
Brixmor Property Group, Inc.		908,696		24,044
Federal Realty Investment Trust		223,700		37,034
Regency Centers Corp.		447,700		37,486
Tanger Factory Outlet Centers, Inc.		1,038,432		41,724

				140,288

Total Retail				334,877

SELF STORAGE—8.4%
CubeSmart		799,650		24,693


	SHARES		VALUE
Real Estate Investment Trusts—(continued)
Extra Space Storage, Inc.		394,183	$	36,478
Public Storage		185,020		47,289

				108,460

TOTAL COMMON STOCKS (Identified Cost $769,971)				1,281,806

TOTAL LONG TERM INVESTMENTS—98.5% (Identified Cost $769,971)				1,281,806

TOTAL INVESTMENTS—98.5% (Identified Cost $769,971)				1,281,806	⁽¹⁾
Other assets and liabilities, net—1.5%				19,684

NET ASSETS—100.0%			$	1,301,490

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at June 30, 2016, 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, 2016 (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, 2016.


	SHARES		VALUE
COMMON STOCKS—98.3%
Consumer Discretionary—9.6%
Advance Auto Parts, Inc.		1,250	$	202
Amazon.com, Inc.⁽²⁾		6,930		4,959
AutoNation, Inc.⁽²⁾		1,260		59
AutoZone, Inc.⁽²⁾		510		405
Bed Bath & Beyond, Inc.		2,800		121
Best Buy Co., Inc.		4,830		148
BorgWarner, Inc.		3,740		110
CarMax, Inc.⁽²⁾		3,360		165
Carnival Corp.		7,730		342
CBS Corp. Class B		7,250		395
Chipotle Mexican Grill, Inc.⁽²⁾		510		205
Coach, Inc.		4,740		193
Comcast Corp. Class A		43,230		2,818
Darden Restaurants, Inc.		1,990		126
Delphi Automotive plc		4,760		298
Discovery Communications, Inc. Class A⁽²⁾		2,580		65
Discovery Communications, Inc. Class C⁽²⁾		4,090		98
Dollar General Corp.		4,970		467
Dollar Tree, Inc.⁽²⁾		4,160		392
Expedia, Inc.		2,020		215
Foot Locker, Inc.		2,320		127
Ford Motor Co.		67,660		851
Gap, Inc. (The)		3,810		81
Garmin Ltd.		2,010		85
General Motors Co.		24,530		694
Genuine Parts Co.		2,570		260
Goodyear Tire & Rubber Co. (The)		4,600		118
H&R Block, Inc.		4,030		93
Hanesbrands, Inc.		6,660		167
Harley-Davidson, Inc.		3,160		143
Harman International Industries, Inc.		1,210		87
Hasbro, Inc.		1,940		163
Home Depot, Inc. (The)		21,950		2,803
Horton (D.R.), Inc.		5,630		177
Interpublic Group of Cos., Inc. (The)		6,920		160
Johnson Controls, Inc.		11,450		507
Kohl’s Corp.		3,240		123
L Brands, Inc.		4,360		293
Leggett & Platt, Inc.		2,320		119
Lennar Corp. Class A		3,080		142
LKQ Corp.⁽²⁾		5,230		166


	SHARES		VALUE
Consumer Discretionary—(continued)
Lowe’s Cos., Inc.		15,690	$	1,242
Macy’s, Inc.		5,310		178
Marriott International, Inc. Class A		3,260		217
Mattel, Inc.		5,850		183
McDonald’s Corp.		15,500		1,865
Michael Kors Holdings Ltd.⁽²⁾		3,060		151
Mohawk Industries, Inc.⁽²⁾		1,090		207
Netflix, Inc.⁽²⁾		7,610		696
Newell Rubbermaid, Inc.		8,100		393
News Corp. Class A		6,500		74
News Corp. Class B		1,840		21
NIKE, Inc. Class B		23,430		1,293
Nordstrom, Inc.		2,180		83
O’Reilly Automotive, Inc.⁽²⁾		1,700		461
Omnicom Group, Inc.		4,110		335
Phillips-Van Heusen Corp.		1,390		131
Priceline Group, Inc. (The)⁽²⁾		880		1,099
PulteGroup, Inc.		5,430		106
Ralph Lauren Corp.		990		89
Ross Stores, Inc.		7,120		404
Royal Caribbean Cruises Ltd.		2,890		194
Scripps Networks Interactive, Inc. Class A		1,630		102
Signet Jewelers Ltd.		1,350		111
Staples, Inc.		11,110		96
Starbucks Corp.		25,980		1,484
Starwood Hotels & Resorts Worldwide, Inc.		2,890		214
Target Corp.		10,280		718
TEGNA, Inc.		3,760		87
Tiffany & Co.		1,900		115
Time Warner, Inc.		13,900		1,022
TJX Cos., Inc. (The)		11,730		906
Tractor Supply Co.		2,280		208
TripAdvisor, Inc.⁽²⁾		1,950		125
Twenty-First Century Fox, Inc. Class A		19,170		519
Twenty-First Century Fox, Inc. Class B		7,380		201
Ulta Salon Cosmetics & Fragrance, Inc.⁽²⁾		1,090		266
Under Armour, Inc. Class A⁽²⁾		3,110		125
Under Armour, Inc. Class C⁽²⁾		3,132		114
Urban Outfitters, Inc.⁽²⁾		1,470		40
VF Corp.		5,820		358
Viacom, Inc. Class B		5,940		246
Walt Disney Co. (The)		26,230		2,566
Whirlpool Corp.		1,320		220


	SHARES		VALUE
Consumer Discretionary—(continued)
Wyndham Worldwide Corp.		1,930	$	137
Wynn Resorts Ltd.		1,390		126
Yum! Brands, Inc.		7,180		595

				39,265

Consumer Staples—20.0%
Altria Group, Inc.		75,010		5,173
Archer-Daniels-Midland Co.		26,650		1,143
Brown-Forman Corp. Class B		5,000		499
Campbell Soup Co.		9,820		653
Church & Dwight Co., Inc.		5,460		562
Clorox Co. (The)		6,490		898
Coca-Cola Co. (The)		166,150		7,532
Colgate-Palmolive Co.		39,190		2,869
ConAgra Foods, Inc.		21,380		1,022
Constellation Brands, Inc. Class A		11,250		1,861
Costco Wholesale Corp.		19,160		3,009
CVS Health Corp.		46,690		4,470
Dr. Pepper Snapple Group, Inc.		9,340		902
Estee Lauder Cos., Inc. (The) Class A		10,620		967
General Mills, Inc.		26,820		1,913
Hershey Co. (The)		6,900		783
Hormel Foods Corp.		16,190		592
J.M. Smucker Co. (The)		6,080		927
Kellogg Co.		12,170		994
Kimberly-Clark Corp.		16,060		2,208
Kraft Heinz Co. (The)		25,260		2,235
Kroger Co. (The)		45,580		1,677
McCormick & Co., Inc.		5,940		634
Mead Johnson Nutrition Co.		8,510		772
Molson Coors Brewing Co. Class B		9,870		998
Mondelez International, Inc. Class A		62,060		2,824
Monster Beverage Corp.⁽²⁾		6,810		1,094
PepsiCo, Inc.		34,960		3,704
Philip Morris International, Inc.		65,050		6,617
Procter & Gamble Co. (The)		112,670		9,540
Reynolds American, Inc.		38,940		2,100
SYSCO Corp.		24,290		1,232
Tyson Foods, Inc. Class A		16,670		1,113
Wal-Mart Stores, Inc.		64,180		4,686
Walgreens Boots Alliance, Inc.		39,120		3,257
Whole Foods Market, Inc.		15,010		481

				81,941


	SHARES		VALUE
Energy—4.8%
Anadarko Petroleum Corp.		8,380	$	446
Apache Corp.		6,200		345
Baker Hughes, Inc.		8,320		375
Cabot Oil & Gas Corp.		14,700		378
Chesapeake Energy Corp.⁽²⁾		10,200		44
Chevron Corp.		27,980		2,933
Cimarex Energy Co.		1,400		167
Columbia Pipeline Group, Inc.		5,990		153
Concho Resources, Inc.⁽²⁾		1,920		229
ConocoPhillips		12,890		562
Devon Energy Corp.		8,730		316
Diamond Offshore Drilling, Inc.		1,520		37
EOG Resources, Inc.		9,580		799
EQT Corp.		2,360		183
Exxon Mobil Corp.		40,860		3,830
FMC Technologies, Inc.⁽²⁾		6,000		160
Halliburton Co.		14,700		666
Helmerich & Payne, Inc.		1,580		106
Hess Corp.		4,650		279
Kinder Morgan, Inc.		26,120		489
Marathon Oil Corp.		13,810		207
Marathon Petroleum Corp.		7,810		296
Murphy Oil Corp.		3,260		104
National Oilwell Varco, Inc.		6,740		227
Newfield Exploration Co.⁽²⁾		2,940		130
Noble Energy, Inc.		8,280		297
Occidental Petroleum Corp.		9,620		727
ONEOK, Inc.		3,130		149
Phillips 66		6,790		539
Pioneer Natural Resources Co.		5,320		804
Range Resources Corp.		3,940		170
Schlumberger Ltd.		20,760		1,642
Southwestern Energy Co.⁽²⁾		7,450		94
Spectra Energy Corp.		13,350		489
Tesoro Corp.		5,400		405
Transocean Ltd.		5,070		60
Valero Energy Corp.		9,390		479
Williams Cos., Inc. (The)		14,420		312

				19,628

Financials—4.9%
Affiliated Managers Group, Inc.⁽²⁾		370		52
Aflac, Inc.		2,850		206


	SHARES		VALUE
Financials—(continued)
Allstate Corp. (The)		2,570	$	180
American Express Co.		5,760		350
American International Group, Inc.		8,020		424
American Tower Corp.		3,050		347
Ameriprise Financial, Inc.		1,150		103
AON plc		1,830		200
Apartment Investment & Management Co. Class A		1,060		47
Assurant, Inc.		440		38
AvalonBay Communities, Inc.		930		168
Bank of America Corp.		72,630		964
Bank of New York Mellon Corp. (The)		7,670		298
BB&T Corp.		5,830		208
Berkshire Hathaway, Inc. Class B⁽²⁾		13,470		1,950
BlackRock, Inc.		890		305
Boston Properties, Inc.		1,050		139
Capital One Financial Corp.		3,580		227
CBRE Group, Inc. Class A⁽²⁾		1,980		52
Charles Schwab Corp. (The)		8,520		216
CHUBB Ltd.		3,350		438
Cincinnati Financial Corp.		1,010		76
Citigroup, Inc.		20,670		876
Citizens Financial Group Inc.		3,580		72
CME Group, Inc.		2,430		237
Comerica, Inc.		1,190		49
Crown Castle International Corp.		2,410		244
Digital Realty Trust, Inc.		990		108
Discover Financial Services		2,800		150
E*Trade Financial Corp.⁽²⁾		1,920		45
Equinix, Inc.		500		194
Equity Residential		2,490		172
Essex Property Trust, Inc.		440		100
Extra Space Storage, Inc.		850		79
Federal Realty Investment Trust		470		78
Fifth Third Bancorp		5,310		93
Franklin Resources, Inc.		2,540		85
Gallagher (Arthur J.) & Co.		1,180		56
General Growth Properties, Inc.		3,970		118
Goldman Sachs Group, Inc. (The)		2,760		410
Hartford Financial Services Group, Inc. (The)		2,700		120
HCP, Inc.		3,170		112
Host Hotels & Resorts, Inc.		5,120		83
Huntington Bancshares, Inc.		5,390		48


	SHARES		VALUE
Financials—(continued)
Intercontinental Exchange, Inc.		850	$	218
Invesco Ltd.		2,830		72
Iron Mountain, Inc.		1,640		65
JPMorgan Chase & Co.		26,040		1,618
KeyCorp		5,670		63
Kimco Realty Corp.		2,810		88
Legg Mason, Inc.		730		22
Leucadia National Corp.		2,270		39
Lincoln National Corp.		1,640		64
Loews Corp.		1,820		75
M&T Bank Corp.		1,080		128
Macerich Co. (The)		860		73
Marsh & McLennan Cos., Inc.		3,740		256
MetLife, Inc.		7,830		312
Moody’s Corp.		1,150		108
Morgan Stanley		10,380		270
NASDAQ OMX Group, Inc. (The)		770		50
Navient Corp.		2,340		28
Northern Trust Corp.		1,460		97
People’s United Financial, Inc.		2,100		31
PNC Financial Services Group, Inc. (The)		3,560		290
Principal Financial Group, Inc.		1,850		76
Progressive Corp. (The)		3,980		133
Prologis, Inc.		3,780		185
Prudential Financial, Inc.		3,020		215
Public Storage		1,070		273
Realty Income Corp.		1,880		130
Regions Financial Corp.		8,730		74
S&P Global, Inc.		1,800		193
Simon Property Group, Inc.		2,220		482
SL Green Realty Corp.		680		72
State Street Corp.		2,720		147
SunTrust Banks, Inc.		3,420		140
Synchrony Financial⁽²⁾		5,670		143
T. Rowe Price Group, Inc.		1,690		123
Torchmark Corp.		760		47
Travelers Cos., Inc. (The)		2,100		250
U.S. Bancorp		11,580		467
UDR, Inc.		1,820		67
Unum Group		1,630		52
Ventas, Inc.		2,310		168
Vornado Realty Trust		1,200		120
Wells Fargo & Co.		33,050		1,564


	SHARES		VALUE
Financials—(continued)
Welltower, Inc.		2,420	$	184
Weyerhaeuser Co.		5,070		151
Willis Towers Watson PLC		940		117
XL Group plc		1,990		66
Zions Bancorp		1,380		35

				20,158

Health Care—15.5%
Abbott Laboratories		28,330		1,114
AbbVie, Inc.		37,350		2,312
Aetna, Inc.		8,220		1,004
Agilent Technologies, Inc.		7,480		332
Alexion Pharmaceuticals, Inc.⁽²⁾		5,160		602
Allergan plc⁽²⁾		9,530		2,202
AmerisourceBergen Corp.		4,240		336
Amgen, Inc.		17,270		2,628
Anthem, Inc.		6,110		802
Bard (C.R.), Inc.		1,740		409
Baxter International, Inc.		12,771		577
Becton, Dickinson & Co.		5,000		848
Biogen, Inc.⁽²⁾		5,150		1,245
Boston Scientific Corp.⁽²⁾		31,420		734
Bristol-Myers Squibb Co.		38,690		2,846
Cardinal Health, Inc.		7,520		587
Celgene Corp.⁽²⁾		17,850		1,761
Centene Corp.⁽²⁾		3,890		278
Cerner Corp.⁽²⁾		6,890		404
Cigna Corp.		5,980		765
Danaher Corp.		20,820		2,103
DaVita HealthCare Partners, Inc.⁽²⁾		3,620		280
DENTSPLY SIRONA, Inc.		5,340		331
Edwards Lifesciences Corp.⁽²⁾		4,850		484
Eli Lilly & Co.		22,170		1,746
Endo International plc⁽²⁾		4,730		74
Express Scripts Holding Co.⁽²⁾		15,150		1,148
Gilead Sciences, Inc.		30,350		2,532
HCA Holdings, Inc.⁽²⁾		6,860		528
Henry Schein, Inc.⁽²⁾		1,890		334
Hologic, Inc.⁽²⁾		5,350		185
Humana, Inc.		3,620		651
Illumina, Inc.⁽²⁾		3,340		469
Intuitive Surgical, Inc.⁽²⁾		860		569
Johnson & Johnson		63,040		7,647


	SHARES			VALUE
Health Care—(continued)
Laboratory Corporation of America Holdings⁽²⁾		2,350		$	306
Mallinckrodt plc⁽²⁾		2,520			153
McKesson Corp.		5,310			991
Medtronic plc		32,370			2,809
Merck & Co., Inc.		64,380			3,709
Mylan NV⁽²⁾		9,710			420
Patterson Cos., Inc.		1,850			89
PerkinElmer, Inc.		2,400			126
Perrigo Co. plc		3,270			296
Pfizer, Inc.		139,350			4,906
Quest Diagnostics, Inc.		3,390			276
Regeneron Pharmaceuticals, Inc.⁽²⁾		1,800			629
Shire plc ADR		—	⁽³⁾		—	⁽⁴⁾
St. Jude Medical, Inc.		6,620			516
Stryker Corp.		7,300			875
Thermo Fisher Scientific, Inc.		8,970			1,325
UnitedHealth Group, Inc.		22,000			3,106
Universal Health Services, Inc. Class B		2,040			274
Varian Medical Systems, Inc.⁽²⁾		2,070			170
Vertex Pharmaceuticals, Inc.⁽²⁾		5,810			500
Waters Corp.⁽²⁾		1,860			262
Zimmer Biomet Holdings, Inc.		4,150			500
Zoetis, Inc.		10,490			498

					63,603

Industrials—14.0%
3M Co.		19,250			3,371
Acuity Brands, Inc.		1,340			332
Alaska Air Group, Inc.		3,760			219
Allegion plc		3,090			215
American Airlines Group, Inc.		18,080			512
Ametek, Inc.		7,370			341
Avery Dennison Corp.		3,760			281
Boeing Co. (The)		19,330			2,510
Caterpillar, Inc.		19,350			1,467
Cintas Corp.		3,360			330
CSX Corp.		36,120			942
Cummins, Inc.		9,160			1,030
Deere & Co.		10,430			845
Delta Air Lines, Inc.		24,390			889
Dover Corp.		5,790			401
Dun & Bradstreet Corp.		1,100			134
Eaton Corp. plc		17,480			1,044


	SHARES		VALUE
Industrials—(continued)
Emerson Electric Co.		21,390	$	1,116
Equifax, Inc.		5,110		656
Expeditors International of Washington, Inc.		5,690		279
Fastenal Co.		9,000		399
FedEx Corp.		8,400		1,275
Flowserve Corp.		4,160		188
Fluor Corp.		6,360		313
Fortune Brands Home & Security, Inc.		4,740		275
General Dynamics Corp.		9,970		1,388
General Electric Co.		215,680		6,790
Honeywell International, Inc.		24,880		2,894
Hunt (JB) Transport Services, Inc.		2,730		221
Illinois Tool Works, Inc.		10,810		1,126
Ingersoll-Rand plc		8,040		512
Jacobs Engineering Group, Inc.⁽²⁾		4,000		199
Kansas City Southern		3,360		303
L-3 Communications Holdings, Inc.		2,380		349
Lockheed Martin Corp.		8,590		2,132
Masco Corp.		11,670		361
Nielsen Holdings plc		11,320		588
Norfolk Southern Corp.		10,910		929
Northrop Grumman Corp.		6,260		1,391
PACCAR, Inc.		12,770		662
Parker Hannifin Corp.		5,360		579
Pentair plc		5,570		325
Pitney Bowes, Inc.		6,840		122
Quanta Services, Inc.⁽²⁾		5,030		116
Raytheon Co.		10,450		1,421
Republic Services, Inc.		7,420		381
Robert Half International, Inc.		5,670		216
Robinson (C.H.) Worldwide, Inc.		4,480		333
Rockwell Automation, Inc.		5,270		605
Rockwell Collins, Inc.		5,270		449
Roper Technologies, Inc.		3,230		551
Ryder System, Inc.		2,940		180
Snap-On, Inc.		1,800		284
Southwest Airlines Co.		22,000		863
Stanley Black & Decker, Inc.		4,730		526
Stericycle, Inc.⁽²⁾		2,720		283
Textron, Inc.		10,570		386
TransDigm Group, Inc.⁽²⁾		1,680		443
Tyco International Ltd.		13,500		575
Union Pacific Corp.		28,800		2,513


	SHARES		VALUE
Industrials—(continued)
United Continental Holdings, Inc.⁽²⁾		10,360	$	425
United Parcel Service, Inc. Class B		22,110		2,382
United Rentals, Inc.⁽²⁾		2,770		186
United Technologies Corp.		25,490		2,614
W.W. Grainger, Inc.		2,340		532
Waste Management, Inc.		14,400		954
Xylem, Inc.		5,610		250

				57,703

Information Technology—4.2%
Accenture plc Class A		2,840		322
Activision Blizzard, Inc.		2,330		92
Adobe Systems, Inc.⁽²⁾		2,370		227
Akamai Technologies, Inc.⁽²⁾		820		46
Alliance Data Systems Corp.⁽²⁾		290		57
Alphabet, Inc. Class A⁽²⁾		1,390		978
Alphabet, Inc. Class C⁽²⁾		1,400		969
Amphenol Corp. Class A		1,400		80
Analog Devices, Inc.		1,440		82
Apple, Inc.		25,830		2,469
Applied Materials, Inc.		5,200		125
Autodesk, Inc.⁽²⁾		1,040		56
Automatic Data Processing, Inc.		2,070		190
Broadcom Ltd.		1,730		269
CA, Inc.		1,380		45
Cisco Systems, Inc.		23,380		671
Citrix Systems, Inc.⁽²⁾		720		58
Cognizant Technology Solutions Corp. Class A⁽²⁾		2,780		159
Corning, Inc.		5,100		104
CSRA, Inc.		700		16
eBay, Inc.⁽²⁾		5,170		121
Electronic Arts, Inc.⁽²⁾		1,410		107
EMC Corp.		8,790		239
F5 Networks, Inc.⁽²⁾		350		40
Facebook, Inc. Class A⁽²⁾		10,790		1,233
Fidelity National Information Services, Inc.		1,250		92
First Solar, Inc.⁽²⁾		390		19
Fiserv, Inc.⁽²⁾		1,030		112
FLIR Systems, Inc.		690		21
Global Payments, Inc.		690		49
Harris Corp.		580		48
Hewlett Packard Enterprise Co.		7,840		143
HP Inc.		7,740		97


	SHARES		VALUE
Information Technology—(continued)
Intel Corp.		21,970	$	721
International Business Machines Corp.		4,070		618
Intuit, Inc.		1,190		133
Juniper Networks, Inc.		1,630		37
KLA-Tencor Corp.		740		54
Lam Research Corp.		740		62
Linear Technology Corp.		1,130		53
MasterCard, Inc. Class A		4,560		402
Microchip Technology, Inc.		1,030		52
Micron Technology, Inc.⁽²⁾		4,980		69
Microsoft Corp.		36,690		1,877
Motorola Solutions, Inc.		730		48
NetApp, Inc.		1,400		34
NVIDIA Corp.		2,360		111
Oracle Corp.		14,230		582
Paychex, Inc.		1,460		87
PayPal Holdings, Inc.⁽²⁾		5,100		186
Qorvo, Inc.⁽²⁾		630		35
QUALCOMM, Inc.		6,690		358
Red Hat, Inc.⁽²⁾		840		61
salesforce.com, Inc.⁽²⁾		2,890		230
Seagate Technology plc		1,430		35
Skyworks Solutions, Inc.		930		59
Symantec Corp.		2,830		58
TE Connectivity Ltd.		1,680		96
Teradata Corp.⁽²⁾		680		17
Texas Instruments, Inc.		4,740		297
Total System Services, Inc.		790		42
VeriSign, Inc.⁽²⁾		450		39
Verisk Analytics, Inc.⁽²⁾		4,850		393
Visa, Inc. Class A		8,970		665
Western Digital Corp.		1,287		61
Western Union Co. (The)		2,370		46
Xerox Corp.		4,400		42
Xilinx, Inc.		1,200		55
Yahoo!, Inc.⁽²⁾		3,990		150

				17,201

Materials—4.8%
Air Products & Chemicals, Inc.		6,020		855
Albemarle Corp.		4,170		331
Alcoa, Inc.		53,210		493
Ball Corp.		6,820		493


	SHARES		VALUE
Materials—(continued)
CF Industries Holdings, Inc.		9,790	$	236
Dow Chemical Co. (The)		41,740		2,075
Du Pont (E.I.) de Nemours & Co.		32,460		2,103
Eastman Chemical Co.		6,020		409
Ecolab, Inc.		9,820		1,165
FMC Corp.		5,710		264
Freeport-McMoRan Copper & Gold, Inc.		48,810		544
International Flavors & Fragrances, Inc.		3,280		414
International Paper Co.		16,380		694
LyondellBasell Industries N.V. Class A		10,630		791
Martin Marietta Materials, Inc.		2,630		505
Monsanto Co.		16,240		1,679
Mosaic Co. (The)		13,990		366
Newmont Mining Corp.		21,450		839
Nucor Corp.		12,790		632
Owens-Illinois, Inc.⁽²⁾		7,570		136
PPG Industries, Inc.		10,290		1,072
Praxair, Inc.		10,610		1,193
Sealed Air Corp.		8,020		369
Sherwin-Williams Co. (The)		3,150		925
Vulcan Materials Co.		5,360		645
Westrock Co.		10,570		411

				19,639

Telecommunication Services—0.5%
AT&T, Inc.		28,430		1,228
CenturyLink, Inc.		2,430		71
Frontier Communications Corp.		5,320		26
Level 3 Communications, Inc.⁽²⁾		1,290		66
Verizon Communications, Inc.		16,740		935

				2,326

Utilities—20.0%
AES Corp.		81,680		1,019
Alliant Energy Corp.		28,000		1,112
Ameren Corp.		30,940		1,658
American Electric Power Co., Inc.		62,130		4,355
American Water Works Co., Inc.		22,590		1,909
CenterPoint Energy, Inc.		55,700		1,337
CMS Energy Corp.		36,010		1,651
Consolidated Edison, Inc.		38,790		3,120
Dominion Resources, Inc.		77,420		6,033
DTE Energy Co.		22,840		2,264
Duke Energy Corp.		80,000		6,863


	SHARES		VALUE
Utilities—(continued)
Edison International		41,310	$	3,209
Entergy Corp.		22,520		1,832
Eversource Energy		39,980		2,395
Exelon Corp.		115,200		4,189
FirstEnergy Corp.		53,360		1,863
NextEra Energy, Inc.		58,180		7,587
NiSource, Inc.		41,230		1,093
NRG Energy, Inc.		38,250		573
PG&E Corp.		62,820		4,016
Pinnacle West Capital Corp.		14,360		1,164
PPL Corp.		85,110		3,213
Public Service Enterprise Group, Inc.		63,750		2,971
SCANA Corp.		18,060		1,367
Sempra Energy		30,040		3,425
Southern Co.		118,310		6,345
WEC Energy Group, Inc.		39,850		2,602
XCEL Energy, Inc.		64,770		2,900

				82,065

TOTAL COMMON STOCKS (Identified Cost $375,797)				403,529

TOTAL LONG TERM INVESTMENTS—98.3% (Identified Cost $375,797)				403,529

TOTAL INVESTMENTS—98.3% (Identified Cost $375,797)				403,529	⁽¹⁾
Other assets and liabilities, net—1.7%				6,771

NET ASSETS—100.0%			$	410,300

Abbreviation:


ADR		American Depositary Receipt

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at June 30, 2016, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Non-income producing.

⁽³⁾	Amount is less than one share.

⁽⁴⁾	Amount is less than $500 (not reported in 000s).

The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2016 (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, 2016.


	PAR VALUE		VALUE
MORTGAGE-BACKED SECURITIES—0.2%
Non-Agency—0.2%
Home Equity Loan Trust 07-HSA3, AI4 6.110%, 6/25/37⁽²⁾	$	1,146	$	1,129

TOTAL MORTGAGE-BACKED SECURITIES (Identified Cost $1,134)				1,129

CORPORATE BONDS AND NOTES—4.5%
Consumer Discretionary—0.6%
Argos Merger Sub, Inc. 144A 7.125%, 3/15/23⁽³⁾		905		933
Boyd Gaming Corp. 6.875%, 5/15/23		365		391
Numericable Group SA 144A 6.000%, 5/15/22⁽³⁾		615		600
TRI Pointe Group, Inc. 4.875%, 7/1/21		1,165		1,168

				3,092

Consumer Staples—0.2%
Dole Food Co., Inc. 144A 7.250%, 5/1/19⁽³⁾		880		880

Energy—0.7%
Carrizo Oil & Gas, Inc. 6.250%, 4/15/23		595		576
FTS International, Inc.
144A 8.153%, 6/15/20⁽²⁾⁽³⁾		1,120		941
6.250%, 5/1/22		825		326
Laredo Petroleum, Inc. 5.625%, 1/15/22		620		583
Newfield Exploration Co. 5.750%, 1/30/22		580		590
Range Resources Corp. 5.000%, 8/15/22		600		569
Whiting Petroleum Corp. 5.750%, 3/15/21		350		318

				3,903

Financials—0.4%
iStar Financial, Inc.
4.875%, 7/1/18		785		761
5.000%, 7/1/19		430		403
Springleaf Finance Corp. 5.250%, 12/15/19		1,410		1,318

				2,482

Health Care—0.6%
Capsugel S.A. PIK Interest Capitalization, 144A 7.000%, 5/15/19⁽³⁾⁽⁴⁾		270		271
Quintiles Transnational Corp. 144A 4.875%, 5/15/23⁽³⁾		385		393
Surgery Center Holdings, Inc. 144A 8.875%, 4/15/21⁽³⁾		435		448


	PAR VALUE		VALUE
Health Care—(continued)
Tenet Healthcare Corp.
5.000%, 3/1/19	$	415	$	404
4.153%, 6/15/20⁽²⁾		730		724
6.000%, 10/1/20		435		461
Valeant Pharmaceuticals International, Inc. 144A 5.375%, 3/15/20⁽³⁾		750		644

				3,345

Industrials—0.4%
American Airlines Group, Inc. 144A 4.625%, 3/1/20⁽³⁾		460		441
Standard Industries, Inc. 144A 5.125%, 2/15/21⁽³⁾		35		36
Wheels Up Finance I LLC
16-01, A 144A 0.500%, 6/30/17^(2)(10)		540		535
16-01, A 7.500%, 6/30/17⁽¹⁰⁾		1,235		1,222

				2,234

Information Technology—0.3%
Diamond 1 Finance Corp. (Diamond 2 Finance Corp.)
144A 4.420%, 6/15/21⁽³⁾		425		437
144A 5.875%, 6/15/21⁽³⁾		185		190
First Data Corp.
144A 5.000%, 1/15/24⁽³⁾		600		603
144A 5.750%, 1/15/24⁽³⁾		225		224

				1,454

Materials—0.9%
Ardagh Packaging Finance plc 144A 6.250%, 1/31/19⁽³⁾		400		408
Hexion U.S. Finance Corp. 6.625%, 4/15/20		1,175		989
INEOS Group Holdings SA 144A 5.875%, 2/15/19⁽³⁾		1,130		1,133
Reynolds Group Issuer, Inc.
144A 4.127%, 7/15/21⁽²⁾⁽³⁾		1,500		1,507
144A 5.125%, 7/15/23⁽³⁾		285		289
Vedanta Resources plc 144A 6.000%, 1/31/19⁽³⁾		685		590

				4,916

Telecommunication Services—0.3%
Altice Financing S.A. 144A 6.625%, 2/15/23⁽³⁾		875		863
West Corp. 144A 4.750%, 7/15/21⁽³⁾		695		693

				1,556


	PAR VALUE		VALUE
Utilities—0.1%
Talen Energy Supply LLC 144A 4.625%, 7/15/19⁽³⁾	$	780	$	690

TOTAL CORPORATE BONDS AND NOTES (Identified Cost $25,555)				24,552

LOAN AGREEMENTS⁽²⁾—99.4%
Consumer Discretionary—25.1%
Advantage Sales & Marketing, Inc. Second Lien, 7.500%, 7/25/22		890		834
Affinity Gaming LLC 5.250%, 11/9/17		971		973
Altice U.S. Finance I Corp. 4.250%, 12/14/22		1,638		1,636
Aristocrat Leisure Ltd. 4.750%, 10/20/21		2,734		2,744
Boyd Gaming Corp. Tranche B, 4.000%, 8/14/20		4,073		4,075
Caesars Entertainment Operating Co., Inc.
Tranche B-4, 11.500%, 10/31/16⁽⁵⁾		943		962
Tranche B-6, 9.750%, 3/1/17⁽⁵⁾		2,558		2,570
Tranche B-7, 11.250%, 3/1/17⁽⁵⁾		1,270		1,283
Caesars Entertainment Resort Properties LLC Tranche B, 7.000%, 10/11/20		3,031		2,908
Caesars Growth Properties Holdings LLC Tranche B, First Lien, 6.250%, 5/8/21		1,232		1,162
CBAC Borrower LLC Tranche B, 8.250%, 7/2/20		953		901
CDS U.S. Intermediate Holdings, Inc. First Lien, 5.000%, 7/8/22		1,601		1,562
Cengage Learning, Inc. 0.000%, 6/7/23⁽⁷⁾		1,470		1,455
Charter Communications LLC Tranche H, 3.250%, 8/24/21		1,101		1,100
Charter Communications Operating LLC (CCO Safari LLC)
Tranche F, 3.000%, 1/3/21		6,132		6,106
Tranche I, 3.500%, 1/24/23		1,345		1,348
CityCenter Holdings LLC Tranche B, 4.250%, 10/16/20		2,056		2,059
CS Intermediate Holding Co. II LLC 4.000%, 4/4/21		2,965		2,963
CSC Holdings, Inc. 5.000%, 10/9/22		5,060		5,078
Delta 2 (Lux) S.a.r.l. Tranche B-3, 4.750%, 7/30/21		1,813		1,749
El Dorado Resorts, Inc. 4.250%, 7/25/22		1,035		1,038
Federal-Mogul Corp. Tranche C, 4.750%, 4/15/21		2,290		2,133
Gates Global LLC 4.250%, 7/6/21		2,132		2,028
Graton Resort & Casino Tranche B, 5.500%, 9/1/22		1,085		1,089


	PAR VALUE		VALUE
Consumer Discretionary—(continued)
Hilton Worldwide Finance LLC 3.500%, 10/26/20	$	8,963	$	8,981
iHeartCommunications, Inc. Tranche D, 7.210%, 1/30/19		4,503		3,304
Infiltrator Systems Tranche B, 5.250%, 5/27/22		718		718
Intelsat Jackson Holdings S.A. Tranche B-2, 3.750%, 6/30/19		1,838		1,679
KAR Auction Services, Inc. Tranche B-2, 3.938%, 3/11/21		2,543		2,554
Laureate Education, Inc. 2018 Extended, 5.000%, 6/15/18		3,037		2,951
Leslie’s Poolmart Tranche B, 4.250%, 10/16/19		1,624		1,616
Libbey Glass, Inc. 3.750%, 4/9/21		1,413		1,409
Life Time Fitness, Inc. 4.250%, 6/10/22		1,109		1,084
Mattress Holding Corp. 6.250%, 10/20/21		1,966		1,925
MCC LLC
Tranche H, 3.250%, 1/29/21		1,631		1,627
Tranche J, 3.750%, 6/30/21		2,301		2,301
Metaldyne LLC 3.750%, 10/20/21		2,586		2,568
MGM Growth Properties 4.000%, 4/25/23		2,515		2,523
Michaels Stores, Inc. Tranche B, 3.750%, 1/28/20		2,895		2,891
Mohegan Tribal Gaming Authority Tranche B, 5.500%, 6/15/18		2,236		2,226
Neiman Marcus Group 4.250%, 10/25/20		1,825		1,644
Numericable Tranche B-1 5.000%, 1/15/24		2,175		2,163
Party City Holdings, Inc. 4.250%, 8/19/22		2,986		2,972
Peninsula Gaming LLC Tranche B, 4.250%, 11/20/17		723		724
Penn National Gaming, Inc. Tranche B, 3.250%, 10/30/20		2,181		2,183
PetSmart, Inc. Tranche B-1, 4.250%, 3/11/22		1,109		1,106
Scientific Games International, Inc. Tranche B-2, 6.000%, 10/1/21		2,765		2,731
ServiceMaster Co. LLC (The) 4.250%, 7/1/21		5,206		5,217
Sinclair Television Group, Inc. Tranche B-1, 3.500%, 7/30/21		2,727		2,727
SRAM LLC First Lien, 4.500%, 4/10/20		1,682		1,488
Station Casinos LLC Tranche B, 3.750%, 6/8/23		2,037		2,029
TI Group Auto Systems LLC 4.500%, 6/30/22		1,134		1,114
Transtar Holding Co.
First Lien, 7.750%, 10/9/18⁽¹⁰⁾		1,416		1,002
Second Lien, 10.000%, 10/9/19⁽¹⁰⁾		460		138
Tribune Media Co. Tranche B, 3.750%, 12/27/20		2,603		2,602


	PAR VALUE		VALUE
Consumer Discretionary—(continued)
U.S. Farathane LLC 5.750%, 12/23/21	$	2,038	$	2,041
University Support Services LLC, 0.000%, 6/6/22⁽⁷⁾		1,132		1,129
Univision Communications, Inc.
Tranche C-3 4.000%, 3/1/20		6,236		6,206
Tranche C-4 4.000%, 3/1/20		3,361		3,347
Ziggo B.V.
Tranche B-2, 3.601%, 1/15/22		746		730
Tranche B-3, 3.623%, 1/15/22		1,227		1,200
Tranche B-1, 3.652%, 1/15/22		1,158		1,133

				135,739

Consumer Staples—7.0%
AdvancePierre Foods, Inc. 4.750%, 6/2/23		83		83
Albertson’s LLC Trance B-4, 4.500%, 8/25/21		2,257		2,258
Albertsons LLC Tranche B-5, 4.750%, 12/21/22		2,035		2,036
ARAMARK Corp.
Tranche E, 3.250%, 9/7/19		3,014		3,022
Tranche F, 3.250%, 2/24/21		976		977
Charger OpCo B.V. (Oak Tea, Inc.) Tranche B-1, 4.250%, 7/2/22		889		893
Coty, Inc. Tranche B, 3.750%, 10/27/22		847		847
Crossmark Holdings, Inc.
First Lien, 4.500%, 12/20/19⁽¹⁰⁾		1,953		1,344
Second Lien, 8.750%, 12/21/20⁽¹⁰⁾		520		221
Dell International, Inc. 0.000%, 6/2/23⁽⁷⁾		7,020		7,005
Dole Food Co., Inc. Tranche B, 4.667%, 11/1/18		2,161		2,157
Galleria Co. Tranche B, 3.750%, 1/26/23		1,698		1,699
Hostess Brands LLC
Tranche B, First Lien, 4.500%, 8/3/22		2,551		2,553
Tranche B, Second Lien, 8.500%, 8/3/23		1,900		1,891
Kronos Second Lien, 9.750%, 4/30/20		2,271		2,292
Pinnacle Foods Corp. Finance LLC Tranche I 3.750%, 1/13/23		453		456
Prestige Brands, Inc. Tranche B-3, 4.375%, 9/3/21		244		244
Reynolds Group Holdings, Inc. 4.500%, 12/1/18		3,988		3,994
Rite Aid Corp. Tranche 2, Second Lien, 4.875%, 6/21/21		1,150		1,152
Spectrum Brands, Inc. 3.500%, 6/23/22		1,566		1,568
US Foods, Inc. 0.000%, 6/15/23⁽⁷⁾		1,470		1,466

				38,158


	PAR VALUE		VALUE
Energy—2.1%
Chelsea Petroleum I LLC Tranche B, 5.250%, 10/28/22	$	1,603	$	1,579
Chief Exploration & Development LLC Second Lien, 7.500%, 5/16/21		1,639		1,487
Drillships Financing Holding Inc. (Ocean Rig) Tranche B-1, 6.000%, 3/31/21		1,727		689
Drillships Ocean Ventures, Inc. 5.500%, 7/25/21		752		452
Fieldwood Energy LLC
8.000%, 8/31/20		733		610
First Lien, 8.375%, 9/30/20		989		281
Second Lien, 8.375%, 9/30/20		1,623		460
Jonah Energy LLC Second Lien, 7.500%, 5/12/21		2,045		1,815
MEG Energy Corp. 3.750%, 3/31/20		1,906		1,684
Paragon Offshore Finance Co. 5.250%, 7/16/21⁽⁵⁾		1,712		452
Sabine Oil & Gas LLC Second Lien, 12.000%, 12/31/18⁽⁸⁾		1,290		56
Seadrill Operating LP 4.000%, 2/21/21		4,071		1,834

				11,399

Financials—6.2%
Alix Partners LLP 4.500%, 7/28/22		3,172		3,173
Asurion LLC
Tranche B-2, 4.250%, 7/8/20		719		704
Tranche B-4, 5.000%, 8/4/22		1,051		1,039
Capital Automotive LP
Tranche B-1, 4.000%, 4/10/19		1,089		1,092
Second Lien, 6.000%, 4/30/20		1,828		1,837
Communications Sales & Leasing, Inc. 0.000%, 10/24/22⁽⁷⁾		1,475		1,461
Delos Finance S.a.r.l. 3.500%, 3/6/21		3,026		3,027
DTZ U.S. Borrower, LLC (DTZ AUS Holdco PTY Ltd.) First Lien, 4.250%, 11/4/21		2,970		2,937
iStar Financial 5.500%, 7/1/20		463		464
Realogy Corp. Tranche B, 3.750%, 3/5/20		6,030		6,031
Starwood Property Trust, Inc. 3.500%, 4/17/20		3,271		3,246
TransUnion LLC Tranche B-2, 3.500%, 4/9/21		5,174		5,120
Vertafore Holdings Corp. 0.000%, 6/16/23⁽⁷⁾		1,028		1,026
Walter Investment Management Corp. Tranche B, 4.750%, 12/18/20		2,803		2,255

				33,412


	PAR VALUE		VALUE
Health Care—16.3%
21st Century Oncology, Inc. Tranche B, 7.000%, 4/30/22	$	1,891	$	1,728
Acadia Healthcare Co., Inc. Tranche B-2, 4.500%, 2/16/23		1,602		1,590
Akorn, Inc. 5.250%, 4/16/21		2,180		2,188
Alere, Inc. Tranche B, 4.250%, 6/20/22		1,557		1,552
American Renal Holdings, Inc. Tranche B, First Lien, 4.750%, 8/20/19		2,222		2,220
Amneal Pharmaceuticals LLC Tranche B, 6.000%, 11/1/19		1,860		1,851
Ardent Legacy Acquisitions, Inc. 6.500%, 8/4/21		1,547		1,551
Capsugel Holdings LLC 4.000%, 7/31/21		3,225		3,218
Change Healthcare Holdings, Inc.
Tranche B-2, 3.750%, 11/2/18		3,359		3,359
Tranche B-3, 3.750%, 11/2/18		491		491
Community Health Systems, Inc. (CHS)
Tranche F, 3.925%, 12/31/18		1,140		1,132
Tranche G, 3.750%, 12/31/19		1,322		1,288
Tranche H, 4.000%, 1/27/21		2,433		2,376
Concentra, Inc. Tranche B, First Lien, 4.750%, 6/1/22		287		287
Concordia Pharmaceuticals, Inc. 5.250%, 10/21/21		1,229		1,182
Convatec, Inc. 4.250%, 6/15/20		98		98
DaVita HealthCare Partners, Inc. Tranche B, 3.500%, 6/24/21		3,092		3,105
DJO Finance 4.250%, 6/8/20		1,451		1,392
Endo Luxembourg Finance Co. S.a.r.l. Tranche B, 3.750%, 9/26/22		2,240		2,208
Examworks Group 0.000%, 6/17/23⁽⁷⁾		500		500
FHC Health Systems, Inc. 5.000%, 12/23/21		1,582		1,524
Greatbatch, Inc. Tranche B, 5.250%, 10/27/22		838		832
HCA, Inc. Tranche B-6, 3.710%, 3/17/23		1,168		1,173
Horizon Pharma, Inc. 4.500%, 5/7/21		1,211		1,187
Iasis Healthcare LLC Tranche B-2, 4.500%, 5/3/18		1,956		1,954
IMS Health, Inc. Tranche B, 3.500%, 3/17/21		4,245		4,221
InVentiv Health, Inc. Tranche B-4, 7.750%, 5/15/18		2,887		2,887
Jaguar Holding Company I 4.250%, 8/18/22		2,637		2,615
Kindred Healthcare, Inc. 4.250%, 4/9/21		1,154		1,121
Mallinckrodt International Finance S.A. Tranche B, 3.250%, 3/19/21		2,726		2,689


	PAR VALUE		VALUE
Health Care—(continued)
Tranche B-1, 3.500%, 3/19/21	$	287	$	284
MMM Holdings, Inc. 9.750%, 12/12/17^(5)(10)		364		279
MSO of Puerto Rico, Inc. 9.750%, 12/12/17^(5)(10)		265		203
Multiplan, Inc. 5.000%, 6/7/23		875		879
National Mentor Holdings, Inc. Tranche B, 4.250%, 1/31/21		1,059		1,051
National Surgical Hospitals First Lien, 4.500%, 6/1/22		1,077		1,066
NBTY, Inc. 5.000%, 5/5/23		389		387
NVA Holdings, Inc.
Tranche B-1, First Lien, 5.500%, 8/14/21		757		758
Second Lien, 8.000%, 8/14/22		856		849
Ortho-Clinical Diagnostics Holdings S.a.r.l. 4.750%, 6/30/21		2,587		2,455
Patterson Medical 0.000%, 8/29/22⁽⁷⁾		2,425		2,395
PRA Holdings, Inc. Tranche B-1, 4.500%, 9/23/20		2,322		2,328
Quintiles Transnational Corp. Tranche B, 3.250%, 5/12/22		1,119		1,120
Quorum Health Corp. 6.750%, 4/29/22		1,510		1,516
RPI Finance Trust Tranche B-4, 3.500%, 11/9/20		1,126		1,126
Select Medical Corp. Tranche B-F 6.750%, 3/3/21		1,690		1,697
Sterigenics-Nordion 4.250%, 5/16/22		1,078		1,071
Surgery Center Holdings, Inc.
First Lien, 5.250%, 11/3/20		348		348
First Lien, 5.250%, 11/3/20		1,101		1,099
Surgical Care Affiliates, Inc. 4.250%, 3/17/22		724		724
Team Health, Inc. Tranche B, 3.750%, 11/23/22		1,950		1,954
U.S. Renal Care, Inc. First Lien, 5.250%, 12/30/22		2,862		2,862
Valeant Pharmaceuticals International, Inc.
Series D-2, Tranche B, 4.500%, 2/13/19		2,093		2,040
Series C-2, Tranche B, 4.750%, 12/11/19		2		2
Series E-1, Tranche B, 4.750%, 8/5/20		3,861		3,756
Series F-1, Tranche B, 5.000%, 4/1/22		2,420		2,360

				88,128

Industrials—14.7%
Accudyne Industries Borrower S.C.A. (Accudyne Industries LLC) (Silver II US Holdings LLC) 0.000%, 12/13/19⁽⁷⁾		1,800		1,620
Air Canada 4.000%, 9/26/19		2,215		2,218
Allied Security Holdings LLC
First Lien, 4.250%, 2/12/21		1,367		1,364


	PAR VALUE		VALUE
Industrials—(continued)
Second Lien, 8.000%, 8/13/21	$	688	$	691
American Airlines, Inc.
3.250%, 6/27/20		6,446		6,376
Tranche B, 3.500%, 4/28/23		1,210		1,199
Brickman Group Ltd. LLC (The)
First Lien, 4.000%, 12/18/20		3,792		3,736
Second Lien, 7.500%, 12/17/21		1,971		1,934
Brock Holdings III, Inc. First Lien, 6.000%, 3/16/17		1,845		1,752
Builders FirstSource 6.000%, 7/29/22		2,031		2,034
Filtration Group Corp.
First Lien, 4.250%, 11/23/20		1,415		1,409
Second Lien, 8.250%, 11/22/21		543		537
Gardner Denver, Inc. 4.250%, 7/30/20		1,775		1,639
Harland Clarke Holdings Corp.
Tranche B-3, 6.500%, 5/22/18		797		777
Tranche B-4, 6.993%, 8/4/19		646		617
Tranche B-5, 7.000%, 12/31/19		1,995		1,938
HD Supply 3.750%, 8/13/21		2,949		2,950
Headwaters, Inc. Tranche B, 4.500%, 3/24/22		1,635		1,637
Husky Injection Molding Systems Ltd. 4.250%, 6/30/21		3,267		3,250
McGraw-Hill Global Education Holdings LLC Tranche B, First Lien, 5.000%, 5/4/22		1,787		1,788
MRC Global (U.S.), Inc. (f/k/a McJunkin Red Man Corp.) 5.000%, 11/8/19		1,025		992
Navistar, Inc. 6.500%, 8/7/20		1,313		1,245
NN, Inc. 5.750%, 10/19/22		1,446		1,444
Nortek, Inc. Incremental-1, 3.500%, 10/30/20		4,235		4,214
Quikrete Co., Inc. First Lien, 4.000%, 9/28/20		2,829		2,829
Rexnord LLC Tranche B, 4.000%, 8/21/20		3,959		3,922
Science Applications Tranche B, 3.750%, 5/4/22		1,994		1,999
Sedgwick Claims Management Services, Inc.
First Lien, 3.750%, 3/1/21		3,480		3,410
Second Lien, 6.750%, 2/28/22		1,725		1,660

Siteone Landscaping 6.500%, 4/29/22		1,233		1,239
Spin Holdco, Inc. First Lien, 4.250%, 11/14/19		2,263		2,224
The ADT Corp. 4.750%, 5/2/22		1,672		1,678
TransDigm, Inc.
Tranche D, 3.750%, 6/4/21		1,622		1,606
Tranche F, 3.750%, 6/9/23		6,059		5,983
United Airlines, Inc. (f/k/a Continental Airlines, Inc.) Tranche B-1, 3.500%, 9/15/21		1,151		1,151


	PAR VALUE		VALUE
Industrials—(continued)
Waste Industries USA, Inc. 4.250%, 2/27/20	$	2,169	$	2,176
Wex, Inc. 0.000%, 6/24/23⁽⁷⁾		2,033		2,022

				79,260

Information Technology—9.5%
Abacus Innovations Corp. (Leidos, Inc.) 0.000%, 6/9/23⁽⁷⁾		1,410		1,411
Allflex Holdings III, Inc. First Lien, 4.250%, 7/17/20		1,556		1,547
Alorica, Inc. 0.000%, 6/22/22⁽⁷⁾		412		412
Applied Systems, Inc. Second Lien, 7.500%, 1/24/22		1,145		1,140
Avago Technologies 4.250%, 2/1/23		5,862		5,877
CCC Information Services 4.000%, 12/20/19		2,257		2,247
CDW LLC 3.250%, 4/29/20		5,422		5,425
Cypress Semiconductor Corp. 0.000%, 6/3/21⁽⁷⁾		1,800		1,792
Deltek, Inc.
First Lien 5.000%, 6/25/22		190		189
Second Lien 9.500%, 6/26/23		858		869
First Data Corp.
2021 Extended, 4.452%, 3/24/21		6,347		6,336
2022 Extended, 4.202%, 7/8/22		1,664		1,653
Infinity Acquisition Ltd. 4.250%, 8/6/21		2,553		2,455
Infor (U.S.), Inc.
Tranche B-3, 3.750%, 6/3/20		1,447		1,412
Tranche B-5, 3.750%, 6/3/20		3,480		3,403
Mitchell International, Inc.
4.500%, 10/13/20		3,303		3,261
Second Lien, 8.500%, 10/11/21		1,896		1,765
MKS Instruments, Inc. 4.250%, 4/28/23		569		565
NXP BV (NXP Funding LLC) Tranche B, 3.750%, 12/7/20		806		808
ON Semiconductor 5.250%, 3/31/23		930		935
Presidio, Inc. Refinancing, Term, 5.250%, 2/2/22		1,408		1,389
Sophia, LP 4.750%, 9/30/22		2,561		2,535
SS&C European Holdings S.a.r.l.
Tranche A-1, 3.210%, 7/8/20		181		180
Tranche B-2, 4.000%, 7/8/22		153		154
SS&C Technologies Holdings Europe S.a.r.l. Tranche A-2, 3.210%, 7/8/20		281		279
SS&C Technologies, Inc. Tranche B-1, 4.000%, 7/8/22		1,122		1,123


	PAR VALUE		VALUE
Information Technology—(continued)
Western Digital Corp. 6.250%, 4/29/23	$	2,000	$	2,011

				51,173

Materials—9.7%
American Builders & Contractors Supply Co., Inc. Tranche B, 3.500%, 4/16/20		4,665		4,662
Anchor Glass Container Tranche B, 4.750%, 7/1/22		4,132		4,126
Ardagh Packaging Finance plc 4.000%, 12/17/19		856		856
Berlin Packaging, Inc. S.a.r.l. First Lien, 4.500%, 10/1/21		1,318		1,316
Berry Plastics Groups, Inc.
Tranche D, 3.500%, 2/8/20		4,497		4,473
Tranche G, 3.500%, 1/6/21		1,843		1,830
Tranche H, 3.750%, 10/1/22		664		660
CPG International, Inc. 4.750%, 9/30/20		1,747		1,723
Fortescue Metals Group (FMG) Resources Property Ltd. 4.250%, 6/30/19		3,560		3,418
Huntsman International LLC
3.750%, 10/1/21		3,940		3,935
Tranche B, 4.250%, 4/1/23		431		432
Ineos U.S .Finance LLC 3.750%, 12/15/20		7,638		7,479
Kraton Polymers 0.000%, 1/6/22⁽⁷⁾		1,800		1,777
Macdermid, Inc. (Platform Speciality Products Corp.) Tranche B-3, 0.000%, 6/7/20⁽⁷⁾		1,785		1,765
Owens Illinois, Inc. Tranche B, 3.500%, 9/1/22		553		553
PQ Corp. Tranche B-1, 5.750%, 11/4/22		621		622
Royal Holdings, Inc. First Lien, 4.500%, 6/20/22		2,118		2,096
Solenis International LP First Lien, 4.250%, 7/31/21		2,303		2,283
Summit Materials 4.000%, 7/18/22		3,518		3,505
Univar, Inc. 4.250%, 7/1/22		2,855		2,820
W.R. Grace & Co. 2.750%, 2/3/21		2,038		2,033

				52,364

Telecommunication Services—4.3%
Cable & Wireless / Sable International Finance
Tranche B-1, 5.500%, 12/30/22		1,295		1,295
Tranche B-2, 5.830%, 12/30/22		1,060		1,060
Global Tel*Link Corp. First Lien, 5.000%, 5/23/20		1,788		1,619
Level 3 Financing, Inc.
Tranche B-III, 4.000%, 8/1/19		2,575		2,577
Tranche B, 2020 4.000%, 1/15/20		3,388		3,390


	PAR VALUE		VALUE
Telecommunication Services—(continued)
Tranche B-II, 3.500%, 5/31/22	$	2,343	$	2,338
SBA Senior Finance II LLC Tranche B-1, 3.250%, 3/24/21		3,710		3,680
Securus Technologies Holdings, Inc.
First Lien, 4.750%, 4/30/20		1,486		1,408
Tranche B-2, 5.250%, 4/30/20		761		722
Virgin Media Investment Holdings Ltd. Tranche F, 3.650%, 6/30/23		2,590		2,531
West Corp.
Tranche B-10, 3.250%, 6/30/18		5		5
Tranche B-12, 3.750%, 6/17/23		1,149		1,147
XO Communications LLC 4.250%, 3/20/21		1,257		1,257

				23,029

Utilities—4.5%
Atlantic Power LP 6.000%, 4/13/23		1,859		1,861
Calpine Construction Finance Co. LP
Tranche B-1, 3.000%, 5/3/20		4,661		4,562
Tranche B-2, 3.250%, 1/31/22		3,789		3,710
Dynegy Finance IV, Inc. 0.000%, 6/22/23⁽⁷⁾		3,857		3,805
NRG Energy, Inc. 0.000%, 6/14/23⁽⁷⁾		7,156		7,113
Texas Competitive Electric Holdings Co. LLC 2017 Extended, 4.933%, 10/10/17⁽⁵⁾		9,165		3,094

				24,145

TOTAL LOAN AGREEMENTS (Identified Cost $555,221)				536,807


	SHARES		VALUE
AFFILIATED MUTUAL FUND—1.1%
Virtus Credit Opportunities Fund Class R6⁽⁹⁾		610,288		5,889

TOTAL AFFILIATED MUTUAL FUND (Identified Cost $6,100)				5,889

TOTAL LONG TERM INVESTMENTS—105.2% (Identified Cost $588,010)				568,377	⁽⁶⁾

TOTAL INVESTMENTS—105.2% (Identified Cost $588,010)				568,377	⁽¹⁾
Other assets and liabilities, net—(5.2)%				(28,031	)

NET ASSETS—100.0%			$	540,346

Abbreviations:


PIK		Payment-in-Kind Security
SBA		Small Business Administration

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at June 30, 2016, 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, 2016.

⁽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, 2016, these securities amounted to a value of $13,214 or 2.4% of net assets.

⁽⁴⁾	100% of the income received was in cash.

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

⁽⁶⁾	All or a portion of the Fund’s assets have been segregated as collateral for delayed delivery settlements and leverage.

⁽⁷⁾	This loan will settle after June 30, 2016, 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⁾	Shares of this fund are publicly offered and its prospectus and annual report are publicly available.

⁽¹⁰⁾	Illiquid security.

The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2016 (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, 2016.

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


	SHARES		VALUE
COMMON STOCKS—99.8%
Consumer Discretionary—34.2%
Amazon.com, Inc.⁽²⁾		603	$	432
AMC Networks, Inc. Class A⁽²⁾		7,246		438
American Eagle Outfitters, Inc.		28,996		462
AutoNation, Inc.⁽²⁾		9,025		424
Buckle, Inc. (The)		16,778		436
Cabela’s, Inc.⁽²⁾		8,728		437
Carnival Corp.		8,877		392
CBS Corp. Class B		8,085		440
Choice Hotels International, Inc.		9,150		436
Columbia Sportswear Co.		7,263		418
Comcast Corp. Class A		6,904		450
Dick’s Sporting Goods, Inc.		10,569		476
Dillard’s, Inc. Class A		7,264		440
Discovery Communications, Inc. Class C⁽²⁾		17,526		418
DISH Network Corp. Class A⁽²⁾		8,131		426
DSW, Inc. Class A		20,551		435
Expedia, Inc.		4,026		428
Federal-Mogul Corp.⁽²⁾		51,064		424
Fossil Group, Inc.⁽²⁾		13,790		393
Gap, Inc. (The)		21,034		446
Garmin Ltd.		10,157		431
Horton (D.R.), Inc.		13,929		438
Hyatt Hotels Corp. Class A⁽²⁾		8,587		422
International Speedway Corp. Class A		12,738		426
L Brands, Inc.		6,332		425
Lands’ End, Inc.⁽²⁾⁽³⁾		26,057		428
Las Vegas Sands Corp.		9,556		416
Lennar Corp. Class A		9,337		430
Liberty Braves Group Class C⁽²⁾		28,488		418
Liberty Broadband Corp. Class C⁽²⁾		7,299		438
Liberty Global plc Class C⁽²⁾		13,823		396
Liberty Global plc Class C⁽²⁾		12,210		397
Liberty Interactive Corp. Class A⁽²⁾		17,343		440
Liberty Media Series Class C⁽²⁾		23,585		447
Liberty Sirius XM Group Class C⁽²⁾		14,614		451
Liberty Tripadvisor Holdings, Class A⁽²⁾		19,622		429
Liberty Ventures Class A⁽²⁾		11,572		429
Lions Gate Entertainment Corp.		20,799		421
Madison Square Garden Co. (The) Class A⁽²⁾		2,524		435
Marriott International, Inc. Class A⁽³⁾		6,381		424
Marriott Vacations Worldwide Corp.		6,865		470


	SHARES		VALUE
Consumer Discretionary—(continued)
Mohawk Industries, Inc.⁽²⁾		2,201	$	418
MSG Networks, Inc. Class A⁽²⁾		26,854		412
News Corp. Class A		37,347		424
NIKE, Inc. Class B		7,890		436
Nordstrom, Inc.		11,422		435
Papa John’s International, Inc.		6,487		441
Penn National Gaming, Inc.⁽²⁾		29,164		407
Penske Automotive Group, Inc.		12,095		381
Ralph Lauren Corp.		4,444		398
Restaurant Brands International, Inc.		10,020		417
Sears Holdings Corp.⁽²⁾⁽³⁾		30,697		418
Sears Hometown and Outlet Stores, Inc.⁽²⁾		71,666		483
Starbucks Corp.		7,743		442
Starz - Liberty Capital Class A⁽²⁾		15,685		469
Tesla Motors, Inc.⁽²⁾⁽³⁾		1,967		418
Tronc Inc⁽²⁾		31,060		429
Twenty-First Century Fox, Inc. Class A		15,009		406
Under Armour, Inc. Class C⁽²⁾		12,373		450
Urban Outfitters, Inc.⁽²⁾		16,452		452
Viacom, Inc. Class B		9,929		412
Wendy’s Co. (The)		43,211		416
Wynn Resorts Ltd.		4,243		385

				27,011

Consumer Staples—5.1%
Boston Beer Co., Inc. (The) Class A⁽²⁾		2,670		457
Brown-Forman Corp. Class B		4,409		440
Estee Lauder Cos., Inc. (The) Class A		4,640		422
HRG Group, Inc.⁽²⁾		31,333		430
Kraft Heinz Co.(The)		5,040		446
Lancaster Colony Corp.		3,468		443
Monster Beverage Corp.⁽²⁾		2,739		440
PriceSmart, Inc.		4,737		443
Tootsie Roll Industries, Inc.⁽³⁾		11,744		453

				3,974

Energy—7.2%
Archrock, Inc.		49,385		465
Cheniere Energy, Inc.⁽²⁾		12,189		458
Chesapeake Energy Corp.⁽²⁾⁽³⁾		93,352		400
Clayton Williams Energy, Inc.⁽²⁾⁽³⁾		15,952		438
Continental Resources, Inc.⁽²⁾		9,568		433
CVR Energy, Inc.		24,912		386


	SHARES		VALUE
Energy—(continued)
Exterran Corp.⁽²⁾		36,793	$	473
Hess Corp.		7,355		442
Par Petroleum Corp.⁽²⁾		26,624		408
RPC, Inc.		27,708		430
Transocean Ltd.⁽³⁾		37,885		450
W&T Offshore, Inc.⁽²⁾⁽³⁾		194,719		452
Western Refining, Inc.		22,518		465

				5,700

Financials—22.1%
Altisource Portfolio Solutions SA⁽²⁾		15,791		440
American Financial Group, Inc.		5,999		444
American Homes 4 Rent Class A		22,970		470
AmTrust Financial Services, Inc.		17,219		422
Berkley (W.R.) Corp.		7,687		461
Berkshire Hathaway, Inc. Class B⁽²⁾		3,009		436
BOK Financial Corp.		7,150		448
Boston Properties, Inc.		3,389		447
Brown & Brown, Inc.		11,895		446
Charles Schwab Corp. (The)		15,212		385
Cohen & Steers, Inc.		10,784		436
Colony Capital Inc. Class A		25,634		393
Credit Acceptance Corp.⁽²⁾⁽³⁾		2,489		461
Equity Lifestyle Properties, Inc.		5,849		468
Equity Residential		6,547		451
Erie Indemnity Co. Class A		4,444		441
First Citizens BancShares, Inc. Class A		1,710		443
Franklin Resources, Inc.		12,765		426
Gaming and Leisure Properties, Inc.		12,405		428
Greenlight Capital Re Ltd. Class A⁽²⁾		21,848		440
Hilltop Holdings, Inc.⁽²⁾		20,264		425
Host Hotels & Resorts, Inc.		25,940		421
Howard Hughes Corp. (The)⁽²⁾		3,763		430
Leucadia National Corp.		25,386		440
Loews Corp.		10,683		439
Marcus & Millichap Inc⁽²⁾		16,736		425
Mercury General Corp.		8,405		447
Morningstar, Inc.		5,343		437
National General Holdings Corp.		20,133		431
Ocwen Financial Corp.⁽²⁾		261,990		448
PJT Partners, Inc. Class A⁽³⁾		17,279		397
Raymond James Financial, Inc.		8,241		406
Seritage Growth Properties Class A		8,466		422


	SHARES		VALUE
Financials—(continued)
Simon Property Group, Inc.		2,071	$	449
Taubman Centers, Inc.		6,111		453
Third Point Reinsurance Ltd.⁽²⁾		38,479		451
Urban Edge Properties		15,501		463
Vornado Realty Trust		4,428		443
WisdomTree Investments, Inc.⁽³⁾		41,424		406
WP Glimcher, Inc.		38,829		435

				17,454

Health Care—3.8%
Akorn, Inc.⁽²⁾		15,028		428
Bruker Corp.		17,976		409
Cerner Corp.⁽²⁾		7,879		462
Danaher Corp.		4,360		440
Halozyme Therapeutics, Inc.⁽²⁾		50,240		434
Intrexon Corp.⁽²⁾		17,439		429
OPKO Health, Inc.⁽²⁾⁽³⁾		44,483		415

				3,017

Industrials—10.8%
Air Lease Corp.		15,508		415
American Railcar Industries, Inc.		10,999		434
Cintas Corp.		4,569		449
Colfax Corp.⁽²⁾		14,710		389
Covanta Holding Corp.		26,016		428
FedEx Corp.		2,632		400
Heartland Express, Inc.		24,665		429
Hertz Global Holdings, Inc.⁽²⁾		38,950		431
Manitowoc Co., Inc. (The)		74,127		404
Manitowoc Foodservice, Inc.⁽²⁾		25,082		442
MasTec, Inc.⁽²⁾		18,228		407
MSC Industrial Direct Co., Inc. Class A		6,013		424
Navistar International Corp.⁽²⁾		34,928		408
Rollins, Inc.		15,380		450
Seaspan Corp.		29,562		413
Solarcity Corp.⁽²⁾⁽³⁾		20,399		488
Timken Co. (The)		13,221		405
W.W. Grainger, Inc.		1,935		440
Werner Enterprises, Inc.		19,379		445
XPO Logistics, Inc.⁽²⁾⁽³⁾		16,193		425

				8,526

Information Technology—11.3%
Alphabet, Inc. Class C⁽²⁾		621		430


	SHARES		VALUE
Information Technology—(continued)
Amkor Technology, Inc.⁽²⁾		71,455	$	411
Anixter International, Inc.⁽²⁾		7,223		385
eBay, Inc.⁽²⁾		17,468		409
EchoStar Corp. Class A⁽²⁾		11,044		438
Facebook, Inc. Class A⁽²⁾		3,774		431
IAC/InterActiveCorp.⁽²⁾		7,683		432
Intuit, Inc.		4,003		447
Marvell Technology Group Ltd.		42,828		408
National Instruments Corp.		15,426		423
Oracle Corp.		10,801		442
Paychex, Inc.		7,778		463
PayPal Holdings, Inc.⁽²⁾		11,945		436
Pegasystems, Inc.		15,202		410
Rackspace Hosting, Inc.⁽²⁾		19,144		399
RealPage, Inc.⁽²⁾		19,148		428
salesforce.com, Inc.⁽²⁾		5,288		420
SS&C Technologies Holdings, Inc.		14,804		416
Syntel, Inc.⁽²⁾		9,500		430
TeleTech Holdings, Inc.		15,730		427
Yahoo!, Inc.⁽²⁾		11,536		433

				8,918

Materials—5.3%
Freeport-McMoRan Copper & Gold, Inc.		37,187		414
Huntsman Corp.		27,653		372
LyondellBasell Industries N.V. Class A		5,472		407
NewMarket Corp.		1,060		439
Novagold Resources, Inc.⁽²⁾		68,555		420
Platform Specialty Products Corp.⁽²⁾		48,243		429
Scotts Miracle-Gro Co. (The) Class A		6,341		443
Silgan Holdings, Inc.		8,489		437
Timkensteel Corp.⁽²⁾		41,197		396
Westlake Chemical Corp.		9,926		426

				4,183

TOTAL COMMON STOCKS (Identified Cost $72,723)				78,783

TOTAL LONG TERM INVESTMENTS—99.8% (Identified Cost $72,723)				78,783


	SHARES		VALUE
SECURITIES LENDING COLLATERAL—8.4%
INVESCO Trust Short -Term Investments Liquid Assets Portfolio (The) - Institutional Shares (seven-day effective yield 0.430%)⁽⁴⁾⁽⁵⁾		6,660,330	$	6,660

TOTAL SECURITIES LENDING COLLATERAL (Identified Cost $6,660)				6,660

TOTAL INVESTMENTS—108.2% (Identified Cost $79,383)				85,443	⁽¹⁾
Other assets and liabilities, net—(8.2)%				(6,442	)

NET ASSETS—100.0%			$	79,001

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at June 30, 2016, 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.

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

The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2016 (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, 2016.

The significant accounting policies consistently followed by the Virtus Opportunities Trust (the “Trust”), a trust consisting of 28 Funds (each a “Fund”), in the preparation of the Schedules of Investments are summarized below and for derivatives, included in Note 1B below. The preparation of the Schedules of Investments in conformity with 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 significant unobservable inputs used in the fair value measurement of these corporate bonds are based on comparable liquid assets adjusted for accretion/amortization rate, current yield, current swap rates, and discount rates related to differences in capital structure and liquidity. Significant changes in any of these inputs in isolation would result in a significantly lower or higher fair value measurement. Generally, a change in the observable market assumptions would have direct impacts to the discount rates used related to capital structure and/or liquidity discounts.

Disclosures about derivative instruments and hedging activities are intended to enable investors to understand how and why a Fund uses derivatives, how derivatives are accounted for, and how derivative instruments affect a Fund’s results of operations and financial position. Summarized below are such disclosures and accounting policies for each specific type of derivative instruments used by certain Funds.

Forward Currency Contracts: A forward currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are traded directly between currency traders and their customers.

Funds enter into forward currency contracts in conjunction with the planned purchase or sale of non-U.S. denominated securities in order to hedge the U.S. dollar cost of proceeds. The Funds also, from time to time, hedge the currency exposure of foreign denominated securities held in the portfolio,

Other information regarding each Fund is available in the Fund’s most recent Report to Shareholders.

back to U.S. dollars during perceived times of U.S. dollar strength. This is done to protect the U.S. dollar value of the portfolio. Forward currency contracts involve, to varying degrees, elements of market risk in excess of the amounts reflected on the Schedules of Investments. Risks arise from the possible movements in non-U.S. exchange rates or if the counterparty does not perform under the contract.

Certain Funds may invest in options contracts. An options contract provides the purchaser with the right, but not the obligation, to buy (call option) or sell (put option) a financial instrument at an agreed upon price. Certain Funds may purchase or write both put and call options on portfolio securities. 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.

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.

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.

Other information regarding each Fund is available in the Fund’s most recent Report to Shareholders.

At June 30, 2016, 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 Trust, the Fund’s investment adviser and/or subadvisers and/or their affiliates may be involved in litigation and arbitration as well as examinations and investigations by various regulatory bodies, including the SEC, involving compliance with, among other things, securities laws, client investment guidelines, laws governing the activities of broker-dealers and other laws and regulations affecting their products and other activities. At this time, the 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.

On February 20, 2015, a putative class action complaint (In re Virtus Investment Partners, Inc. Securities Litigation; formerly styled as Tom Cummins v. Virtus Investment Partners Inc. et al.) alleging violation of the federal securities laws was filed by an individual shareholder against Virtus and certain of its officers (the “defendants”) in the United States District Court for the Southern District of New York. On August 21, 2015, the lead plaintiff filed a Consolidated Class Action Complaint (the “Consolidated Complaint”) amending the originally filed complaint and adding the Trust as a defendant. The Consolidated Complaint was purportedly filed on behalf of all purchasers of Virtus common stock between January 25, 2013 and May 11, 2015 (the “Class Period”). The Consolidated Complaint alleges that during the Class Period, the defendants disseminated materially false and misleading statements and concealed material adverse facts relating to certain funds previously subadvised by F-Squared

Other information regarding each Fund is available in the Fund’s most recent Report to Shareholders.

Investments, Inc. and/or its affiliates (“F-Squared”). The plaintiff seeks to recover unspecified damages. Virtus and its affiliates, including the Funds’ adviser, believe that the suit is without merit and intend to defend it vigorously. A motion to dismiss the Consolidated Complaint was filed on behalf of the defendants on October 21, 2015. Pursuant to an Opinion & Order (“Order”) filed on July 1, 2016, the court granted in part and denied in part the defendants’ motion to dismiss. Although the Order narrows the scope of the claims asserted, claims under Sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5 thereunder survive the motion. The Trust believes that the risk of loss to the Funds as a result of this suit is remote. The adviser does not believe that the suit will have any impact on its ability to provide services to the Funds.

On May 8, 2015, a putative class action complaint (Mark Youngers v. Virtus Investment Partners, Inc. et al.) alleging violations of certain provisions of the federal securities laws was filed in the United States District Court for the Central District of California. The complaint, which was purportedly filed on behalf of purchasers of certain Virtus Funds previously subadvised by F-Squared between May 8, 2010 and December 22, 2014, inclusive (the “Class Period”), alleges claims against Virtus, certain Virtus officers and affiliates (including the Funds’ investment adviser, Euclid Advisors LLC and VP Distributors, LLC), the trustees and certain officers of the Trust, and certain other parties (the “defendants”). The complaint alleges that during the Class Period the defendants disseminated materially false and misleading statements and concealed or omitted material facts necessary to make the statements made not misleading. On October 1, 2015, the plaintiff filed a First Amended Class Action Complaint which, among other things, added a derivative claim for breach of fiduciary duty on behalf of the Trust. On October 19, 2015, the United States District Court for the Central District of California entered an order transferring the action to the Southern District of New York. On January 4, 2016, Plaintiffs filed a Second Amended Complaint. A motion to dismiss was filed on behalf of the Company and affiliated defendants on February 1, 2016. An Opinion & Order (“Order”) granting in part and denying in part the defendants’ motion to dismiss was issued on July 1, 2016. The Order dismissed all claims against VIA, Euclid and certain of the individual defendants and narrowed the claims asserted against the remaining defendants. Virtus and its affiliates, including the Funds’ adviser, believe the plaintiff’s claims asserted in the complaint are without merit and intend to defend them vigorously. The Trust believes that the risk of loss to the Funds as a result of this suit is remote. The adviser does not believe that the suit will have any impact on its ability to provide services to the Funds.

Management has evaluated the impact of all subsequent events on the Funds through the date the Schedules of Investments (“N-Q”) were filed, and has determined that there are no subsequent events requiring recognition or disclosure in these Notes to Schedules of Investments.

Other information regarding each Fund is available in the Fund’s most recent Report to Shareholders.

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

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

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


	Total Value at June 30, 2016		Level 2 Significant Observable Inputs
Debt Securities:
Municipal Tax-Exempt Bonds	$	30,618	$	30,618

Total Investments	$	30,618	$	30,618


	Total Value at June 30, 2016		Level 1 Quoted Prices		Level 2 Significant Observable Inputs
Equity Securities:
Common Stocks	$	28,029	$	4,296	$	23,733
Preferred Stocks		1,072		1,072		—

Total Investments	$	29,101	$	5,368		23,733

Virtus Opportunities Trust – ‘N-Q’ for 6/30/16

On: Monday, 8/29/16, at 12:11pm ET · Effective: 8/29/16 · For: 6/30/16 · Accession #: 1193125-16-695125 · File #: 811-07455

Previous ‘N-Q’: ‘N-Q’ on 2/26/16 for 12/31/15 · Next: ‘N-Q’ on 2/28/17 for 12/31/16 · 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


Investments in Securities	Total			Corporate Bonds			Loan Agreements
Balance as of September 30, 2015:	$	—		$	—		$	—
Accrued discount/(premium)		—	^(c)		—	^(c)		—
Realized gain (loss)		—			—			—
Change in unrealized appreciation (depreciation)		—	^(c)		—	^(c)		—
Purchases		412			412			—
Sales^(b)		(169	)		(169	)		—
Transfers into Level 3^(a)		66	^(d)		—			66	^(d)
Transfers from Level 3 ^(a)		—			—			—

Balance as of June 30, 2016	$	309		$	243		$	66


Country Weightings †
Mexico	9	%
Argentina	6
Brazil	6
Indonesia	5
China	4
Russia	4
Turkey	4
Other	62

Total	100	%


Country Weightings †
United States	83	%
Korea	6
India	5
Taiwan	5
Ireland	1

Total	100	%


Country Weightings †
United States	64	%
Japan	7
United Kingdom	6
Germany	5
Australia	4
Canada	3
Netherlands	2
Other	9

Total	100	%


Country Weightings †
United Kingdom	24	%
Switzerland	16
United States	15
France	12
Netherlands	9
Germany	7
Spain	6
Other	11

Total	100	%


							Corporate
				Asset-Backed			Bonds And			Loan
Investments in Securities	Total			Securities			Notes			Agreements
Balance as of September 30, 2015:	$	444			250			—			194
Accrued discount/(premium)		(1	)		(1	)		—			—	^(c)
Realized gain (loss)		—			—			—			—
Change in unrealized appreciation (depreciation)		(134	)		—			—			(134	)
Purchases		—			—			—			—
Sales^(b)		—			—			—			—
Transfers into Level 3^(a)		125	^(d)		—			8	^(d)		117	^(d)
Transfers from Level 3 ^(a)		(60	)^(d)		—			—			(60	)^(d)

Balance as of June 30, 2016	$	374		$	249		$	8		$	117


Investments in Securities	Total			Asset-Backed Securities			Common Stocks			Corporate Bonds And Notes			Loan Agreements
Balance as of September 30, 2015:	$	929			544			16			—			369
Accrued discount/(premium)		1			—			—			—			1
Realized gain (loss)		—			—			—			—			—
Change in unrealized appreciation /(depreciation)		(261	)		(2	)		(3	)		—			(256	)
Purchases		1,502			—			—			1,502
Sales^(b)		(616	)		—			—			(616	)		—
Transfers into Level 3^(a)		346	^(c)		—			—			23	^(c)		323	^(c)
Transfers from Level 3^(a)		(114	)^(c)		—			—			—			(114	)^(c)

Balance as of June 30, 2016	$	1,787		$	542		$	13		$	909		$	323


Country Weightings †
United States	93	%
Luxembourg	3
Canada	2
Cayman Islands	1
Netherlands	1

Total	100	%


	Total Value at June 30, 2016		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Debt Securities:
Corporate Bonds And Notes	$	24,552	$	—	$	22,795	$	1,757
Loan Agreements		536,807		—		536,269		538
Mortgage-Backed Securities		1,129		—		1,129		—
Equity Securities:
Affiliated Mutual Fund		5,889		5,889		—		—

Total Investments	$	568,377	$	5,889	$	560,193	$	2,295


Fund	Market value		Collateral
International Equity	$	124	$	127
International Wealth Masters Fund		117		122
Wealth Masters Fund		6,689		6,660


	Fund Aggregate Value ($ reported in thousands)		% of Fund’s net assets
Bond Fund	$	309		0.4	%
Emerging Markets Small-Cap Fund		160		3.5
Global Real Estate Securities Fund		2,157		1.2
High Yield Fund		246		0.3
International Real Estate Fund		764		2.2
Multi-Sector Intermediate Bond Fund		1,323		0.4
Senior Floating Rate Fund		4,944		0.9


Fund	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Alternatives Diversifier Fund	$	75,543	$	6,055	$	(22,252	)	$	(16,197	)
Bond Fund		78,910		2,432		(760	)		1,672
CA Tax-Exempt Bond		28,165		2,473		(20	)		2,453
Emerging Markets Debt Fund		29,440		1,050		(1,587	)		(537	)
Emerging Markets Equity Income Fund		29,250		1,594		(1,743	)		(149	)
Emerging Markets Small-Cap Fund		5,002		32		(650	)		(618	)
Equity Trend Fund		1,064,163		97,071		(13,560	)		83,511
Essential Resources Fund		4,813		48		(478	)		(430	)
Foreign Opportunities Fund		997,357		443,483		(23,484	)		419,999
Global Equity Trend Fund		26,035		1,340		(260	)		1,080
Global Infrastructure Fund		112,958		17,620		(9,554	)		8,066
Global Opportunities Fund		131,426		39,263		(1,241	)		38,022
Global Real Estate Securities Fund		150,896		23,090		(2,875	)		20,215
Greater European Opportunities Fund		24,955		3,854		(592	)		3,262
Herzfeld Fund		45,255		716		(2,986	)		(2,270	)


High Yield Fund	71,543		1,277	(3,475	)	(2,198	)
International Equity Fund	4,904		674	(228	)	446
International Real Estate Securities Fund	29,048		8,953	(3,441	)	5,512
International Small-Cap Fund	42,190		2,504	(6,827	)	(4,323	)
International Wealth Masters Fund	5,397		480	(626	)	(146	)
Low Volatility Equity Fund	3,250		499	(7	)	492
Low Volatility Equity Fund (Written Options)	(3	)	—	—		—
Multi-Asset Trend Fund	143,332		9,348	(839	)	8,509
Multi-Sector Intermediate Bond Fund	302,001		7,415	(17,521	)	(10,106	)
Multi-Sector Short Term Bond Fund	7,066,406		112,090	(150,526	)	(38,436	)
Real Estate Securities Fund	789,960		503,837	(11,991	)	491,846
Sector Trend Fund	376,985		33,675	(7,131	)	26,544
Senior Floating Rate Fund	588,359		1,494	(21,476	)	(19,982	)
Wealth Masters Fund	86,636		4,787	(5,980	)	(1,193	)


(Registrant) Virtus Opportunities Trust

By (Signature and Title)* /s/ *George R. Aylward*
		George R. Aylward, President
		(principal executive officer)

Date 8/29/16


By (Signature and Title)* /s/ George R. Aylward
George R. Aylward, President
(principal executive officer)

Date 8/29/16

By (Signature and Title)* /s/ W. Patrick Bradley
W. Patrick Bradley, Senior Vice President, Chief Financial Officer, and Treasurer
(principal financial officer)

Date 8/29/16

This ‘N-Q’ Filing	Date	Other Filings

Filed on / Effective on:	8/29/16
	7/1/16
For Period End:	6/30/16	N-PX
	2/1/16
	1/4/16
	10/21/15
	10/19/15
	10/1/15
	9/30/15	24F-2NT, N-CSR, NSAR-B
	8/21/15	40-APP
	5/11/15	497, 497K
	5/8/15
	2/20/15
	12/22/14
	1/25/13	485BPOS
	5/8/10
		List all Filings

Virtus Opportunities Trust – ‘N-Q’ for 6/30/16

On: Monday, 8/29/16, at 12:11pm ET · Effective: 8/29/16 · For: 6/30/16 · Accession #: 1193125-16-695125 · File #: 811-07455

Previous ‘N-Q’: ‘N-Q’ on 2/26/16 for 12/31/15 · Next: ‘N-Q’ on 2/28/17 for 12/31/16 · 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