Virtus Opportunities Trust

TOTAL INVESTMENTS—100.5%

(Identified Cost $370,016)

370,214

Other assets and liabilities,
net—(0.5)%

NET ASSETS—100.0%

368,193

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

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

($ reported in thousands)


	SHARES		VALUE
EXCHANGE-TRADED FUNDS—84.0%
Consumer Discretionary Select Sector SPDR Fund		446,930	$	29,868
Consumer Staples Select Sector SPDR Fund		672,640		28,910
Energy Select Sector SPDR Fund		333,950		29,558
Financial Select Sector SPDR Fund		1,362,320		29,780
Health Care Select Sector SPDR Fund		525,160		29,115
Industrial Select Sector SPDR Fund		576,010		30,102
iShares iBoxx $ High Yield Corporate Bond Fund		529,870		49,214
iShares iBoxx Investment Grade Corporate Bond Fund		424,670		48,502
iShares MSCI Canada Index Fund		600,007		17,496
iShares MSCI Emerging Markets Index Fund		1,295,070		54,095
iShares MSCI Japan Index Fund		1,723,630		20,908
iShares MSCI Pacific Ex-Japan Index Fund		187,280		8,752
Materials Select Sector SPDR Fund		653,620		30,210
SPDR S&P 500^® ETF Trust Series 1		363,670		67,159
Technology Select Sector SPDR Fund		836,190		29,886
Vanguard FTSE Europe ETF		1,066,750		62,725

TOTAL EXCHANGE-TRADED FUNDS (Identified Cost $494,269)				566,280

TOTAL LONG TERM INVESTMENTS—84.0% (Identified cost $494,269)				566,280

SHORT-TERM INVESTMENTS—17.1%
Money Market Mutual Funds—17.1%
Fidelity Money Market Portfolio - Institutional Shares (Seven-day effective yield 0.090%)		114,965,942		114,966

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $114,966)				114,966

TOTAL INVESTMENTS—101.1% (Identified Cost $609,235)				681,246	⁽¹⁾
Other assets and liabilities, net—(1.1)%				(7,124	)

NET ASSETS—100.0%			$	674,122

Abbreviations:


ETF		Exchange-Traded Fund
SPDR		S&P Depositary Receipt

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2013, 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 December 31, 2013 (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.


	SHARES		VALUE
COMMON STOCKS—85.8%
Consumer Discretionary—14.4%
Amazon.com, Inc.⁽²⁾		19,470	$	7,764
AutoNation, Inc.⁽²⁾		3,410		169
AutoZone, Inc.⁽²⁾		1,870		894
Bed Bath & Beyond, Inc.⁽²⁾		11,160		896
Best Buy Co., Inc.		14,280		569
BorgWarner, Inc.		11,890		665
Cablevision Systems Corp. Class A		10,880		195
CarMax, Inc.⁽²⁾		11,670		549
Carnival Corp.		23,030		925
CBS Corp. Class B		29,310		1,868
Chipotle Mexican Grill, Inc.⁽²⁾		1,630		868
Coach, Inc.		14,650		822
Comcast Corp. Class A		137,020		7,120
Darden Restaurants, Inc.		6,750		367
Delphi Automotive plc		14,630		880
DIRECTV Class A⁽²⁾		25,690		1,775
Discovery Communications, Inc. Class A⁽²⁾		11,830		1,070
Dollar General Corp.⁽²⁾		15,490		934
Dollar Tree, Inc.⁽²⁾		10,720		605
Expedia, Inc.		5,570		388
Family Dollar Stores, Inc.		5,010		325
Ford Motor Co.		207,380		3,200
Fossil Group, Inc.⁽²⁾		2,530		303
GameStop Corp. Class A		6,060		298
Gannett Co., Inc.		11,610		343
Gap, Inc. (The)		14,130		552
Garmin Ltd.⁽³⁾		6,380		295
General Motors Co.⁽²⁾		59,880		2,447
Genuine Parts Co.		8,060		670
Goodyear Tire & Rubber Co. (The)		12,900		308
Graham Holdings Co.⁽²⁾		230		153
H&R Block, Inc.		14,280		415
Harley-Davidson, Inc.		11,550		800
Harman International Industries, Inc.		3,530		289
Hasbro, Inc.		6,110		336
Home Depot, Inc. (The)		74,040		6,096
Horton (D.R.), Inc.⁽²⁾		14,540		324
Host Hotels & Resorts, Inc.		30,000		583
International Game Technology		12,980		236
Interpublic Group of Cos., Inc. (The)		21,910		388
Johnson Controls, Inc.		36,020		1,848
Kohl’s Corp.		10,450		593


	SHARES		VALUE
Consumer Discretionary—(continued)
L Brands, Inc.		12,740	$	788
Leggett & Platt, Inc.		7,470		231
Lennar Corp. Class A		8,740		346
Lowe’s Cos., Inc.		54,990		2,725
Macy’s, Inc.		19,390		1,035
Marriott International, Inc.		11,640		575
Mattel, Inc.		17,760		845
McDonald’s Corp.		52,310		5,076
Michael Kors Holdings Ltd.⁽²⁾		9,380		762
Mohawk Industries, Inc.⁽²⁾		3,230		481
Netflix, Inc.⁽²⁾		3,150		1,160
Newell Rubbermaid, Inc.		15,110		490
News Corp. Class A⁽²⁾		26,182		472
NIKE, Inc. Class B		39,290		3,090
Nordstrom, Inc.		7,570		468
O’Reilly Automotive, Inc.⁽²⁾		5,630		725
Omnicom Group, Inc.		13,450		1,000
PetSmart, Inc.		5,390		392
Phillips-Van Heusen Corp.		4,310		586
priceline.com, Inc.⁽²⁾		2,720		3,162
PulteGroup, Inc.		17,710		361
Ralph Lauren Corp.		3,150		556
Ross Stores, Inc.		11,320		848
Scripps Networks Interactive, Inc. Class A		5,790		500
Staples, Inc.		35,340		562
Starbucks Corp.		39,620		3,106
Starwood Hotels & Resorts Worldwide, Inc.		9,980		793
Target Corp.		33,480		2,118
Tiffany & Co.		5,820		540
Time Warner Cable, Inc.		14,730		1,996
Time Warner, Inc.		47,570		3,317
TJX Cos., Inc.		37,390		2,383
TripAdvisor, Inc.⁽²⁾		5,780		479
Twenty-First Century Fox, Inc.		103,180		3,630
Urban Outfitters, Inc.⁽²⁾		5,770		214
VF Corp.		18,540		1,156
Viacom, Inc. Class B		21,330		1,863
Walt Disney Co. (The)		85,920		6,564
Whirlpool Corp.		4,110		645
Wyndham Worldwide Corp.		6,890		508
Wynn Resorts Ltd.		4,270		829
Yum! Brands, Inc.		23,400		1,769

				109,271


	SHARES		VALUE
Energy—14.3%
Anadarko Petroleum Corp.		36,160	$	2,868
Apache Corp.		28,400		2,441
Baker Hughes, Inc.		36,240		2,003
Cabot Oil & Gas Corp.		56,350		2,184
Cameron International Corp.⁽²⁾		23,530		1,401
Chesapeake Energy Corp.		41,510		1,127
Chevron Corp.		121,180		15,137
ConocoPhillips		55,850		3,946
CONSOL Energy, Inc.		22,610		860
Denbury Resources, Inc.⁽²⁾		45,170		742
Devon Energy Corp.		27,170		1,681
Diamond Offshore Drilling, Inc.		7,080		403
Ensco plc Class A		14,320		819
EOG Resources, Inc.		20,530		3,446
EQT Corp.		9,240		830
Exxon Mobil Corp.		181,880		18,406
FMC Technologies, Inc.⁽²⁾		26,240		1,370
Halliburton Co.		62,670		3,180
Helmerich & Payne, Inc.		6,650		559
Hess Corp.		21,820		1,811
Kinder Morgan, Inc.		41,530		1,495
Marathon Oil Corp.		50,270		1,774
Marathon Petroleum Corp.		18,570		1,703
Murphy Oil Corp.		14,620		949
Nabors Industries Ltd.		29,510		501
National Oilwell Varco, Inc.		33,520		2,666
Newfield Exploration Co.⁽²⁾		8,340		205
Noble Corp plc		15,630		586
Noble Energy, Inc.		30,200		2,057
Occidental Petroleum Corp.		43,230		4,111
Peabody Energy Corp.		24,260		474
Phillips 66		37,020		2,855
Pioneer Natural Resources Co.		19,940		3,670
QEP Resources, Inc.		10,990		337
Range Resources Corp.		15,830		1,335
Rowan Cos. plc Class A⁽²⁾		20,730		733
Schlumberger Ltd.		84,800		7,641
Southwestern Energy Co.⁽²⁾		27,670		1,088
Spectra Energy Corp.		55,490		1,977
Tesoro Corp.		25,770		1,508
Transocean Ltd.		20,910		1,033
Valero Energy Corp.		46,470		2,342
Williams Cos., Inc. (The)		59,500		2,295


	SHARES		VALUE
Energy—(continued)
WPX Energy, Inc.⁽²⁾		12,310	$	251

				108,800

Financials—13.9%
ACE Ltd.		13,380		1,385
Aflac, Inc.		18,570		1,240
Allstate Corp. (The)		18,350		1,001
American Express Co.		36,690		3,329
American International Group, Inc.		58,900		3,007
American Tower Corp.		15,630		1,248
Ameriprise Financial, Inc.		7,810		898
AON plc		12,090		1,014
Apartment Investment & Management Co. Class A		5,550		144
Assurant, Inc.		2,980		198
AvalonBay Communities, Inc.		4,840		572
Bank of America Corp.		424,860		6,615
Bank of New York Mellon Corp. (The)		45,900		1,604
BB&T Corp.		28,200		1,052
Berkshire Hathaway, Inc. Class B⁽²⁾		71,810		8,514
BlackRock, Inc.		5,110		1,617
Boston Properties, Inc.		6,070		609
Capital One Financial Corp.		22,970		1,760
CBRE Group, Inc.⁽²⁾		10,670		281
Charles Schwab Corp. (The)		46,220		1,202
Chubb Corp. (The)		10,050		971
Cincinnati Financial Corp.		5,740		301
Citigroup, Inc.		120,820		6,296
CME Group, Inc.		12,480		979
Comerica, Inc.		7,360		350
Discover Financial Services		19,150		1,071
E*Trade Financial Corp.⁽²⁾		11,030		217
Equity Residential		13,180		684
Fifth Third Bancorp		35,160		739
Franklin Resources, Inc.		16,090		929
General Growth Properties, Inc.		21,930		440
Genworth Financial, Inc. Class A⁽²⁾		19,540		303
Goldman Sachs Group, Inc. (The)		16,790		2,976
Hartford Financial Services Group, Inc. (The)		18,000		652
HCP, Inc.		18,000		654
Health Care REIT, Inc.		11,270		604
Hudson City Bancorp, Inc.		18,810		177
Huntington Bancshares, Inc.		33,340		322
IntercontinentalExchange Group, Inc.⁽²⁾		4,640		1,044


	SHARES		VALUE
Financials—(continued)
Invesco Ltd.		17,520	$	638
JPMorgan Chase & Co.		149,740		8,757
KeyCorp		35,720		479
Kimco Realty Corp.		16,210		320
Legg Mason, Inc.		4,320		188
Leucadia National Corp.		12,320		349
Lincoln National Corp.		10,410		537
Loews Corp.		12,040		581
M&T Bank Corp.		5,180		603
Macerich Co. (The)		5,480		323
Marsh & McLennan Cos., Inc.		21,750		1,052
McGraw-Hill Cos., Inc. (The)		10,730		839
MetLife, Inc.		44,670		2,409
Moody’s Corp.		7,720		606
Morgan Stanley		55,470		1,739
NASDAQ OMX Group, Inc. (The)		4,560		181
Northern Trust Corp.		8,870		549
People’s United Financial, Inc.		12,190		184
Plum Creek Timber Co., Inc.		7,090		330
PNC Financial Services Group, Inc.		21,200		1,645
Principal Financial Group, Inc.		10,770		531
Progressive Corp. (The)		21,730		593
Prologis, Inc.		19,730		729
Prudential Financial, Inc.		18,410		1,698
Public Storage		5,730		862
Regions Financial Corp.		55,600		550
Simon Property Group, Inc.		12,300		1,872
SLM Corp.		17,260		454
State Street Corp.		17,650		1,295
SunTrust Banks, Inc.		21,340		785
T. Rowe Price Group, Inc.		10,230		857
Torchmark Corp.		3,570		279
Travelers Cos., Inc. (The)		14,410		1,305
U.S. Bancorp		72,750		2,939
Unum Group		10,280		361
Ventas, Inc.		11,530		660
Vornado Realty Trust		6,920		614
Wells Fargo & Co.		190,940		8,669
Weyerhaeuser Co.		23,320		736
XL Group plc		11,160		355
Zions Bancorp		7,340		220

				105,672


	SHARES		VALUE
Industrials—14.5%
3M Co.		38,390	$	5,384
ADT Corp. (The)		11,520		466
Allegion plc⁽²⁾		5,087		225
Ametek, Inc.		14,070		741
Avery Dennison Corp.		18,260		916
Boeing Co. (The)		42,270		5,769
Caterpillar, Inc.		39,720		3,607
Cintas Corp.		7,230		431
CSX Corp.		71,530		2,058
Cummins, Inc.		18,790		2,649
Danaher Corp.		39,420		3,043
Deere & Co.		25,190		2,301
Delta Air Lines, Inc.		50,090		1,376
Dover Corp.		12,000		1,158
Dun & Bradstreet Corp.		2,260		277
Eaton Corp. plc		33,960		2,585
Emerson Electric Co.		43,640		3,063
Equifax, Inc.		9,510		657
Expeditors International of Washington, Inc.		11,890		526
Fastenal Co.		15,830		752
FedEx Corp.		18,670		2,684
Flowserve Corp.		8,100		639
Fluor Corp.		13,820		1,110
General Dynamics Corp.		21,320		2,037
General Electric Co.		438,850		12,301
Grainger (W.W.), Inc.		4,730		1,208
Honeywell International, Inc.		48,470		4,429
Illinois Tool Works, Inc.		25,410		2,136
Ingersoll-Rand plc		15,680		966
Iron Mountain, Inc.		9,800		297
Jacobs Engineering Group, Inc.⁽²⁾		7,660		482
Joy Global, Inc.		6,200		363
Kansas City Southern		6,430		796
L-3 Communications Holdings, Inc.		5,220		558
Lockheed Martin Corp.		16,660		2,477
Masco Corp.		23,260		530
Nielsen Holdings NV		14,720		675
Norfolk Southern Corp.		21,330		1,980
Northrop Grumman Corp.		13,950		1,599
PACCAR, Inc.		24,110		1,427
Pall Corp.		9,440		806
Parker Hannifin Corp.		10,950		1,409
PentAir, Inc.		11,600		901
Pitney Bowes, Inc.		13,470		314


	SHARES		VALUE
Industrials—(continued)
Precision Castparts Corp.		8,460	$	2,278
Quanta Services, Inc.⁽²⁾		12,310		388
Raytheon Co.		20,550		1,864
Republic Services, Inc.		15,740		523
Robert Half International, Inc.		11,310		475
Robinson (C.H.) Worldwide, Inc.		8,820		515
Rockwell Automation, Inc.		10,430		1,232
Rockwell Collins, Inc.		10,050		743
Roper Industries, Inc.		5,880		815
Ryder System, Inc.		5,540		409
Snap-On, Inc.		3,390		371
Southwest Airlines Co.		44,720		843
Stanley Black & Decker, Inc.		9,220		744
Stericycle, Inc.⁽²⁾		5,010		582
Textron, Inc.		20,410		750
Tyco International Ltd.		27,280		1,120
Union Pacific Corp.		29,350		4,931
United Parcel Service, Inc. Class B		42,590		4,475
United Technologies Corp.		51,350		5,844
Waste Management, Inc.		28,070		1,259
Xylem, Inc.		10,670		369

				110,638

Information Technology—12.9%
Accenture plc Class A		20,160		1,658
Adobe Systems, Inc.⁽²⁾		15,410		923
Akamai Technologies, Inc.⁽²⁾		6,520		308
Alliance Data Systems Corp.⁽²⁾		1,530		402
Altera Corp.		10,970		357
Amphenol Corp. Class A		5,510		491
Analog Devices, Inc.		10,470		533
Apple, Inc.		28,550		16,020
Applied Materials, Inc.		39,160		693
Autodesk, Inc.⁽²⁾		7,800		393
Automatic Data Processing, Inc.		15,610		1,261
Broadcom Corp. Class A		17,720		525
CA, Inc.		11,010		370
Cisco Systems, Inc.		169,520		3,806
Citrix Systems, Inc.⁽²⁾		6,450		408
Cognizant Technology Solutions Corp. Class A⁽²⁾		10,010		1,011
Computer Sciences Corp.		5,040		282
Corning, Inc.		46,790		834
eBay, Inc.⁽²⁾		37,580		2,063
Electronic Arts, Inc.⁽²⁾		10,500		241


	SHARES		VALUE
Information Technology—(continued)
EMC Corp.		66,120	$	1,663
F5 Networks, Inc.⁽²⁾		2,460		224
Facebook, Inc. Class A⁽²⁾		52,440		2,866
Fidelity National Information Services, Inc.		10,200		548
First Solar, Inc.⁽²⁾		2,160		118
Fiserv, Inc.⁽²⁾		8,810		520
FLIR Systems, Inc.		4,950		149
Google, Inc. Class A⁽²⁾		8,870		9,941
Harris Corp.		3,780		264
Hewlett-Packard Co.		50,580		1,415
Intel Corp.		134,400		3,489
International Business Machines Corp.		32,390		6,075
Intuit, Inc.		9,430		720
Jabil Circuit, Inc.		6,970		122
Juniper Networks, Inc.⁽²⁾		16,810		379
KLA-Tencor Corp.		5,760		371
Lam Research Corp.⁽²⁾		5,270		287
Linear Technology Corp.		7,990		364
LSI Corp.		19,320		213
MasterCard, Inc. Class A		3,390		2,832
Microchip Technology, Inc.		6,970		312
Micron Technology, Inc.⁽²⁾		35,520		773
Microsoft Corp.		240,880		9,016
Motorola Solutions, Inc.		7,520		508
NetApp, Inc.		11,410		469
NVIDIA Corp.		19,620		314
Oracle Corp.		111,890		4,281
Paychex, Inc.		10,890		496
QUALCOMM, Inc.		53,890		4,001
Red Hat, Inc.⁽²⁾		6,650		373
Salesforce.com, Inc.⁽²⁾		18,900		1,043
SanDisk Corp.		7,960		561
Seagate Technology plc		10,350		581
Symantec Corp.		23,220		548
TE Connectivity Ltd.		13,190		727
Teradata Corp.⁽²⁾		5,770		262
Texas Instruments, Inc.		35,240		1,547
Total System Services, Inc.		5,990		199
VeriSign, Inc.⁽²⁾		4,810		288
Visa, Inc. Class A		16,150		3,596
Western Digital Corp.		7,190		603
Western Union Co. (The)		18,320		316
Xerox Corp.		39,230		477
Xilinx, Inc.		9,100		418


	SHARES		VALUE
Information Technology—(continued)
Yahoo!, Inc.⁽²⁾		30,570	$	1,236

				98,084

Materials—14.2%
Air Products & Chemicals, Inc.		40,020		4,473
Airgas, Inc.		12,570		1,406
Alcoa, Inc.		202,820		2,156
Allegheny Technologies, Inc.		20,770		740
Ball Corp.		27,560		1,424
Bemis Co., Inc.		19,710		807
CF Industries Holdings, Inc.		10,810		2,519
Cliffs Natural Resources, Inc.⁽³⁾		29,570		775
Dow Chemical Co. (The)		229,170		10,175
Du Pont (E.I.) de Nemours & Co.		174,990		11,369
Eastman Chemical Co.		29,130		2,351
Ecolab, Inc.		48,550		5,062
FMC Corp.		25,580		1,930
Freeport-McMoRan Copper & Gold, Inc.		195,990		7,397
International Flavors & Fragrances, Inc.		15,530		1,335
International Paper Co.		84,350		4,136
LyondellBasell Industries N.V. Class A		82,530		6,626
MeadWestvaco Corp.		33,900		1,252
Monsanto Co.		99,350		11,579
Mosaic Co. (The)		64,620		3,055
Newmont Mining Corp.		94,480		2,176
Nucor Corp.		60,360		3,222
Owens-Illinois, Inc.⁽²⁾		31,540		1,128
PPG Industries, Inc.		26,900		5,102
Praxair, Inc.		55,710		7,244
Sealed Air Corp.		37,410		1,274
Sherwin-Williams Co. (The)		16,320		2,995
Sigma-Aldrich Corp.		22,730		2,137
United States Steel Corp.		27,680		817
Vulcan Materials Co.		24,760		1,471

				108,133

Telecommunication Services—1.6%
AT&T, Inc.		167,040		5,873
CenturyLink, Inc.		20,180		643
Crown Castle International Corp.⁽²⁾		10,500		771
Frontier Communications Corp.⁽³⁾		39,160		182
Verizon Communications, Inc.		91,230		4,483


	SHARES		VALUE
Telecommunication Services—(continued)
Windstream Corp.⁽³⁾		20,830	$	166

				12,118

TOTAL COMMON STOCKS (Identified Cost $517,251)				652,716

EXCHANGE-TRADED FUNDS—14.0%
Health Care Select Sector SPDR Fund		1,925,360		106,742

TOTAL EXCHANGE-TRADED FUNDS (Identified Cost $75,763)				106,742

TOTAL LONG TERM INVESTMENTS—99.8% (Identified cost $593,014)				759,458

SECURITIES LENDING COLLATERAL—0.1%
INVESCO Trust Short-Term Investments Liquid Assets Portfolio (The) Institutional Shares (seven-day effective yield 0.070%)⁽⁴⁾		1,048,844		1,049

TOTAL SECURITIES LENDING COLLATERAL (Identified Cost $1,049)				1,049

TOTAL INVESTMENTS—99.9% (Identified Cost $594,063)				760,507	⁽¹⁾
Other assets and liabilities, net—0.1%				512

NET ASSETS—100.0%			$	761,019

Abbreviations:


REIT		Real Estate Investment Trust
SPDR		S&P Depositary Receipt

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2013, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Non-income producing.

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

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

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2013 (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.


	SHARES		VALUE
AFFILIATED MUTUAL FUNDS—72.8%
Equity Funds—60.7%
Virtus Global Commodities Stock Fund Class I		2,327,602	$	21,181
Virtus Global Dividend Fund Class I		2,944,708		43,111
Virtus Global Real Estate Securities Fund Class I		596,325		13,435
Virtus International Real Estate Securities Fund Class I		2,788,615		17,959
Virtus Real Estate Securities Class I		484,342		15,697

				111,383

Fixed Income Funds—12.1%
Virtus Senior Floating Rate Fund Class I		2,238,788		22,097

TOTAL AFFILIATED MUTUAL FUNDS (Identified Cost $116,244)				133,480

EXCHANGE-TRADED FUNDS—26.9%
Market Vectors Agribusiness		87,400		4,762
Market Vectors Coal		152,500		2,965
PowerShares DB Commodity Index Tracking Fund⁽²⁾		636,800		16,334
PowerShares DB G10 Currency Harvest Fund⁽²⁾		929,900		23,638
WisdomTree Managed Futures Strategy Fund		40,700		1,691

TOTAL EXCHANGE-TRADED FUNDS (Identified Cost $47,379)				49,390

TOTAL LONG TERM INVESTMENTS—99.7% (Identified cost $163,623)				182,870

SHORT-TERM INVESTMENTS—0.7%
Money Market Mutual Funds—0.7%
Fidelity Money Market Portfolio - Institutional Shares (Seven-day effective yield 0.090%)		1,323,342		1,323

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $1,323)				1,323

TOTAL INVESTMENTS—100.4% (Identified Cost $164,946)				184,193	⁽¹⁾
Other assets and liabilities, net—(0.4)%				(780	)

NET ASSETS—100.0%			$	183,413

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2013, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Non-income producing.

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2013 (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.


	PAR VALUE			VALUE
MUNICIPAL BONDS—0.3%
Georgia—0.2%
Rockdale County Water & Sewerage Authority, Taxable 3.060%, 7/1/24	$	255		$	232

Michigan—0.1%
City of Flat Rock Finance Authority, Taxable Series A, 6.750%, 10/1/16		50			51

TOTAL MUNICIPAL BONDS (Identified Cost $306)					283

FOREIGN GOVERNMENT SECURITIES—4.4%
Argentine Republic 8.280%,12/31/33		57			43
Bolivarian Republic of Venezuela
RegS 12.750%, 8/23/22⁽⁴⁾		195			181
RegS 8.250%, 10/13/24⁽⁴⁾		125			89
Commonwealth of Australia New South Wales Treasury Corp. Series 17 5.500%, 3/1/17		190	^AUD		182
Commonwealth of New Zealand Series 415, 6.000%, 4/15/15		120	^NZD		102
Hungary 5.750%, 11/22/23		80			81
Kingdom of Morocco 144A 4.250%, 12/11/22⁽³⁾		270			250
Mongolia 144A 5.125%, 12/5/22⁽³⁾		200			168
Republic of Colombia 4.375%3/21/23		490,000	^COP		225
Republic of Croatia 144A 6.375%, 3/24/21⁽³⁾		280			293
Republic of Indonesia Series FR30, 10.750%, 5/15/16		1,745,000	^IDR		152
Series FR63, 5.625%, 5/15/23		1,478,000	^IDR		100
Republic of Peru GDN, 144A 7.840%, 8/12/20⁽³⁾		575	^PEN		234
Republic of Philippines 4.950%, 1/15/21		6,000	^PHP		144
Republic of Turkey 9.000%, 3/8/17		340	^TRY		154
Republic of Uruguay 4.375%, 12/15/28⁽¹¹⁾		5,219	^UYU		248
Russian Federation Series 6207 8.150%, 2/3/27		10,050	^RUB		315
United Mexican States Series M, 6.000%, 6/18/15		6,990	^MXN		553

TOTAL FOREIGN GOVERNMENT SECURITIES (Identified Cost $3,994)					3,514

MORTGAGE-BACKED SECURITIES—21.9%
Agency—7.8%
FHLMC
7.500%, 4/1/14		1			1
7.000%, 4/1/16		5			5
7.000%, 1/1/33		90			104


	PAR VALUE			VALUE
Agency—(continued)
5.000%, 12/1/35	$	51		$	57
FNMA
7.000%, 5/1/14		—	⁽¹⁰⁾		—	⁽¹⁰⁾
6.000%, 10/1/14		14			14
6.500%, 6/1/16		30			32
6.000%, 7/1/17		19			20
5.500%, 9/1/17		39			42
5.000%, 4/1/20		128			137
5.000%, 8/1/21		39			42
6.000%, 5/1/29		54			60
6.500%, 5/1/30		2			3
7.500%, 3/1/31		45			54
7.000%, 7/1/31		40			44
7.000%, 9/1/31		50			56
6.500%, 3/1/32		42			47
5.500%, 4/1/36		97			106
5.500%, 9/1/36		316			348
6.000%, 9/1/37		32			36
6.000%, 1/1/38		65			73
6.000%, 2/1/38		59			66
6.000%, 3/1/38		350			393
6.000%, 7/1/38		814			904
6.000%, 8/1/38		107			118
6.000%, 8/1/38		320			355
6.000%, 8/1/38		558			619
6.000%, 8/1/38		35			39
5.000%, 6/1/39		991			1,078
5.000%, 9/1/39		259			282
5.500%, 9/1/39		515			569
4.500%, 9/1/40		379			405
GNMA
8.500%, 11/15/22		—	⁽¹⁰⁾		—	⁽¹⁰⁾
6.500%, 9/15/28		56			62
7.500%, 9/15/29		76			86

					6,257

Non-Agency—14.1%
A-10 Securitization LLC 13-1, B 144A 4.120%, 11/15/25⁽³⁾		260			258
Aventura Mall Trust 13-AVM, C, 144A 3.743%, 12/5/32⁽²⁾⁽³⁾		105			104
Banc of America (Merrill Lynch) Commercial Mortgage, Inc. 05-2, B 5.113%, 7/10/43⁽²⁾		440			457


	PAR VALUE		VALUE
Non-Agency—(continued)
Banc of America Funding Corp. 04-B, 2A1 5.452%, 11/20/34⁽²⁾	$	143	$	141
Banc of America Mortgage Securities, Inc. 05-3, 1A15 5.500%, 4/25/35		198		203
Bayview Commercial Asset Trust 08-1, A2A, 144A 1.165%, 1/25/38⁽²⁾⁽³⁾		230		227
BCAP LLC Trust 06-RR1, PE 5.000%, 11/25/36		500		500
Bear Stearns Commercial Mortgage Securities, Inc.
06-PW13, AM 5.582%, 9/11/41⁽²⁾		235		257
07-T28, A3 5.793%, 9/11/42		869		878
07- PW15, RAM 5.363%, 2/11/44		250		257
Citigroup - Deutsche Bank Commercial Mortgage Trust 06-CD2, A3 5.367%, 1/15/46⁽²⁾		835		858
Countrywide Home Loan Mortgage Pass-Through- Trust 04-6, 1A2 2.688%, 5/25/34⁽²⁾		431		432
Credit Suisse Commercial Mortgage Trust 13- IVR3, A2, 144A 3.000%, 5/25/43⁽²⁾⁽³⁾		261		242
Credit Suisse First Boston Mortgage Securities Corp. 04-CF2, 1M1, 144A 5.250%, 1/25/43⁽²⁾⁽³⁾		235		238
Extended Stay America Trust 13-ESH7, A27, 144A 2.958%, 12/5/31⁽³⁾		270		262
Goldman Sachs Mortgage Securities Corp. II 07- GG10, A4 5.804%, 8/10/45⁽²⁾		950		1,043
Greenwich Capital Commercial Funding Corp. 07- GG9, A4 5.444%, 3/10/39		145		159
JPMorgan Chase (WaMu) Mortgage Pass- Through Certificates 03-S11, 3A5 5.950%, 11/25/33		312		329
JPMorgan Chase Commercial Mortgage Securities Trust
10-CNTR, A1, 144A 3.300%, 8/5/32⁽³⁾		406		424
06-LDP7, AM 5.863%, 4/15/45⁽²⁾		475		523
JPMorgan Chase Mortgage Trust 04-A4, 2A1 2.433%, 9/25/34⁽²⁾		350		352
Morgan Stanley Capital I Trust
07-T27, A4 5.648%, 6/11/42⁽²⁾		565		635
05-IQ10, A4B 5.284%, 9/15/42⁽²⁾		855		901
08-T29, A4 6.281%, 1/11/43⁽²⁾		650		750
07-IQ14, AM 5.689%, 4/15/49⁽²⁾		190		196
07-IQ14, A4 5.692%, 4/15/49⁽²⁾		300		332
Motel 6 Trust 12-MTLB, D, 144A 3.781%, 10/5/25⁽³⁾		270		267


	PAR VALUE		VALUE
Non-Agency—(continued)
SMA Issuer I LLC 12-LV1, A, 144A 3.500%, 8/20/25⁽³⁾	$	49	$	49

				11,274

TOTAL MORTGAGE-BACKED SECURITIES (Identified Cost $17,155)				17,531

ASSET-BACKED SECURITIES—4.8%
Avis Budget Rental Car Funding LLC (AESOP) 12-3A, A, 144A 2.100%, 3/20/19⁽³⁾		375		374
Centre Point Funding LLC 12-2A, 1, 144A 2.610%, 8/20/21⁽³⁾		393		396
Countrywide Asset-Backed Certificates 05-1, AF5A 5.497%, 7/25/35⁽²⁾		317		306
Fairway Outdoor Funding LLC 12-1A, A2, 144A 4.212%, 10/15/42⁽³⁾		155		155
GSAA Home Equity Trust 05-12, AF3W 4.999%, 9/25/35⁽²⁾		241		240
MASTR Specialized Loan Trust 05-3, A2, 144A 5.704%, 11/25/35⁽²⁾⁽³⁾		201		204
Orange Lake Timeshare Trust 12-AA, A 144A 3.450%, 3/10/27⁽³⁾		116		119
Santander Drive Auto Receivables Trust
12-2, D 3.870%, 2/15/18		500		525
13-1, D 2.270%, 1/15/19		215		212
Security National Mortgage Loan Trust 04-1A, AF3, 144A 6.420%, 6/25/32⁽²⁾⁽³⁾		293		237
Sierra Timeshare Receivables Funding, LLC 12- 3A, A 144A 1.870%, 8/20/29⁽³⁾		276		277
Silverleaf Finance XV LLC 12-D, A 144A 3.000%, 3/17/25⁽³⁾		155		156
TAL Advantage V LLC 13-1A, A 144A 2.830%, 2/22/38⁽³⁾		275		267
Tidewater Auto Receivables Trust 12-AA, B 144A 2.430%, 4/15/19⁽³⁾		215		214
Westgate Resorts LLC 12-2A, A 144A 3.000%, 1/20/25⁽³⁾		203		205

TOTAL ASSET-BACKED SECURITIES (Identified Cost $3,911)				3,887

CORPORATE BONDS—53.7%
Consumer Discretionary—6.2%
Activision Blizzard, Inc. 144A 6.125%, 9/15/23⁽³⁾		110		115


	PAR VALUE		VALUE
Consumer Discretionary—(continued)
American Axle & Manufacturing, Inc. 6.250%, 3/15/21	$	220	$	235
Bon-Ton Department Stores, Inc. (The) 8.000%, 6/15/21		165		167
Boyd Gaming Corp. 9.000%, 7/1/20		200		220
Brookfield Residential Properties, Inc. 144A 6.500%, 12/15/20⁽³⁾		215		224
Churchill Downs, Inc. 144A 5.375%, 12/15/21⁽³⁾		200		204
Clear Channel Worldwide Holdings, Inc. Series B 7.625%, 3/15/20		175		185
GLP Capital LP (GLP Financing II, Inc.)
144A 4.375%, 11/1/18⁽³⁾		9		9
144A 4.875%, 11/1/20⁽³⁾		70		70
144A 5.375%, 11/1/23⁽³⁾		5		5
Hilton Worldwide Finance LLC 144A 5.625%, 10/15/21⁽³⁾		220		229
Hot Topic, Inc. 144A 9.250%, 6/15/21⁽³⁾		100		105
Isle of Capri Casinos, Inc. 5.875%, 3/15/21		210		207
KOC Holding AS 144A 3.500%, 4/24/20⁽³⁾		200		171
Landry’s, Inc. 144A 9.375%, 5/1/20⁽³⁾		260		285
Live Nation Entertainment, Inc. 144A 7.000%, 9/1/20⁽³⁾		185		202
Meritor, Inc. 6.750%, 6/15/21		170		174
MGM Resorts International 6.750%, 10/1/20		215		231
Mohegan Tribal Gaming Authority 144A 9.750%, 9/1/21⁽³⁾		155		168
Penn National Gaming, Inc. 144A 5.875%, 11/1/21⁽³⁾		110		109
PNK Finance Corp. 144A 6.375%, 8/1/21⁽³⁾		175		180
QVC, Inc. 4.375%, 3/15/23		265		247
Seminole Hard Rock Entertainment, Inc. 144A 5.875%, 5/15/21⁽³⁾		65		64
Six Flags Entertainment Corp. 144A 5.250%, 1/15/21⁽³⁾		235		230
Station Casinos LLC 7.500%, 3/1/21		230		246
Taylor Morrison Communities, Inc. 144A 5.250%, 4/15/21⁽³⁾		265		258
Toll Brothers Finance Corp. 6.750%, 11/1/19		180		206
United Artists Theatre Circuit, Inc. Series BD-1 9.300%, 7/1/15⁽⁵⁾⁽⁶⁾		10		10
Wyndham Worldwide Corp. 5.625%, 3/1/21		235		251

				5,007


	PAR VALUE		VALUE
Consumer Staples—1.1%
Alphabet Holding Co., Inc. PIK Interest Capitalization, 144A 7.750%, 11/1/17^(3)(13)	$	15	$	16
Chiquita Brands International, Inc. 144A 7.875%, 2/1/21⁽³⁾		145		157
Flowers Foods, Inc. 4.375%, 4/1/22		275		270
Ingles Markets, Inc. 5.750%, 6/15/23		170		167
Reynolds American, Inc. 3.250%, 11/1/22		295		272

				882

Energy—5.8%
Calumet Specialty Products Partners LP (Calumet Finance Corp.) 9.625%, 8/1/20		160		180
CHC Helicopter SA 9.250%, 10/15/20		160		173
Compagnie Generale de Geophysique-Veritas 6.500%, 6/1/21		200		206
Ecopetrol S.A. 5.875%, 9/18/23		135		142
El Paso Pipeline Partners Operating Co. LLC 7.500%, 11/15/40		245		294
EPL Oil & Gas, Inc. 8.250%, 2/15/18		280		302
Gazprom OAO (Gaz Capital SA) 144A 3.850%, 2/6/20⁽³⁾⁽⁹⁾		430		415
Lukoil OAO International Finance BV 144A 4.563%, 4/24/23⁽³⁾		275		258
MEG Energy Corp. 144A 7.000%, 3/31/24⁽³⁾		50		51
Novatek OAO (Novatek Finance Ltd.) 144A 4.422%, 12/13/22⁽³⁾⁽⁹⁾		285		262
Pacific Rubiales Energy Corp. 144A 5.375%, 1/26/19⁽³⁾		200		202
Petrobras International Finance Co. 5.375%, 1/27/21		515		511
Petroleos de Venezuela SA RegS 8.500%, 11/2/17⁽⁴⁾		310		259
Petroleos Mexicanos 3.500%, 1/30/23		355		325
Petropower I Funding Trust 144A 7.360%, 2/15/14⁽³⁾⁽⁶⁾		11		11
Phillips 66 5.875%, 5/1/42		340		368
QGOG Constellation SA 144A 6.250%, 11/9/19⁽³⁾		220		211
Weatherford International Ltd. 4.500%, 4/15/22		310		312
Williams Cos., Inc. (The) 3.700%, 1/15/23		200		174

				4,656

Financials—23.1%
Air Lease Corp. 4.750%, 3/1/20		215		223


	PAR VALUE			VALUE
Financials—(continued)
Aircastle Ltd.
4.625%, 12/15/18	$	10		$	10
6.250%, 12/1/19		225			242
7.625%, 4/15/20		200			226
Akbank TAS 144A 7.500%, 2/5/18⁽³⁾		375	^TRY		149
Alfa Bank OJSC RegS 7.875%, 9/25/17⁽⁴⁾⁽⁹⁾		250			279
Allstate Corp. (The) 5.750%, 8/15/53⁽²⁾⁽⁸⁾		310			312
ALROSA Finance S.A. 144A 7.750%, 11/3/20⁽³⁾		240			267
Avis Budget Car Rental LLC 5.500%, 4/1/23		265			258
Banco de Credito e Inversiones 144A 4.000%, 2/11/23⁽³⁾		275			254
Banco Santander Brasil SA 144A 8.000%, 3/18/16⁽³⁾		415	^BRL		163
Banco Santander Chile 144A 3.875%, 9/20/22⁽³⁾		450			424
Banco Votorantim S.A. 144A 7.375%, 1/21/20⁽³⁾		300			310
Bancolombia S.A. 5.125%, 9/11/22		260			244
Bank of America Corp. 5.625%, 7/1/20		235			268
Bank of India
144A 3.250%, 4/18/18⁽³⁾		265			257
144A 3.625%, 9/21/18⁽³⁾		265			253
Barclays Bank plc 144A 6.050%, 12/4/17⁽³⁾		250			279
Capital One Financial Corp. 6.150%, 9/1/16		455			509
Carlyle Holdings Finance LLC 144A 3.875%, 2/1/23⁽³⁾		270			257
Chubb Corp. (The) 6.375%, 3/29/67⁽²⁾		250			271
Corporate Office Properties LP 3.600%, 5/15/23		265			240
CPG Merger Sub LLC 144A 8.000%, 10/1/21⁽³⁾		70			73
Denali Borrower LLC (Denali Finance Corp.) 144A 5.625%, 10/15/20⁽³⁾		215			214
Developers Diversified Realty Corp.
7.875%, 9/1/20		155			192
3.500%, 1/15/21		130			126
Development Bank of Kazakhstan OJSC 144A 4.125%, 12/10/22⁽³⁾		290			259
Digital Realty Trust LP 5.250%, 3/15/21		165			168
DuPont Fabros Technology LP 5.875%, 9/15/21		175			182
Ford Motor Credit Co. LLC 5.750%, 2/1/21		235			264
General Electric Capital Corp. 4.650%, 10/17/21		95			103
General Motors Financial Co., Inc. 144A 4.750%, 8/15/17⁽³⁾		220			235
Genworth Holdings, Inc. 4.900%, 8/15/23		320			319
Goldman Sachs Group, Inc. (The) 5.750%, 1/24/22		500			562


	PAR VALUE		VALUE
Financials—(continued)
Hutchison Whampoa International Ltd. Series 12, 144A 6.000% ^(2)(3)(7)(8)	$	310	$	330
ICICI Bank Ltd. 144A 4.800%, 5/22/19⁽³⁾		200		201
ING (U.S.), Inc. 5.650%, 5/15/53⁽²⁾		210		204
Intelsat Jackson Holdings SA 6.625%, 12/15/22		175		181
International Lease Finance Corp. 6.250%, 5/15/19		240		261
Intesa San Paolo SpA 3.125%, 1/15/16		215		219
Itau Unibanco Holding S.A. 144A 5.125%, 5/13/23⁽³⁾		295		273
Jefferies Group LLC 6.875%, 4/15/21		60		68
JPMorgan Chase & Co. 3.250%, 9/23/22		480		459
Kazakhstan Temir Zholy Finance BV 144A 6.950%, 7/10/42⁽³⁾		215		214
KeyCorp 5.100%, 3/24/21		205		224
Lazard Group LLC 4.250%, 11/14/20		20		20
Legg Mason, Inc. 5.500%, 5/21/19		240		262
Level 3 Financing, Inc. 7.000%, 6/1/20		160		170
Liberty Mutual Group, Inc. 144A 4.250%, 6/15/23⁽³⁾		245		236
Lincoln National Corp. 4.200%, 3/15/22		250		254
Macquarie Bank Ltd. 144A 6.625%, 4/7/21⁽³⁾		15		17
Macquarie Group Ltd. 144A 6.250%, 1/14/21⁽³⁾		210		232
Morgan Stanley
5.550%, 4/27/17		330		368
4.100%, 5/22/23		155		150
6.375%, 7/24/42		435		508
Nationstar Mortgage LLC 6.500%, 7/1/21		125		120
Nordea Bank AB 144A 4.250%, 9/21/22⁽³⁾		265		262
PKO Finance AB 144A 4.630%, 9/26/22⁽³⁾⁽⁹⁾		255		254
Prudential Financial, Inc.
5.875%, 9/15/42⁽²⁾		190		193
5.200%, 3/15/44⁽²⁾⁽⁸⁾		770		745
Russian Agricultural Bank OJSC (RSHB Capital SA) 144A 5.298%, 12/27/17⁽³⁾		220		227
Sberbank of Russia (Sberbank CapItal SA)
144A 4.950%, 2/7/17⁽³⁾⁽⁹⁾		200		212
144A 5.125%, 10/29/22⁽³⁾⁽⁹⁾		320		306
Schaeffler Holding Finance BV PIK Interest Capitalization, 144A 6.875%, 8/15/18^(3)(13)		200		213
SLM Corp. 5.500%, 1/25/23		225		212
Spansion LLC 7.875%, 11/15/17		170		177
TMK OAO (TMK Capital) SA 144A 6.750%, 4/3/20⁽³⁾⁽⁹⁾		210		202


	PAR VALUE		VALUE
Financials—(continued)
Turkiye Garanti Bankasi AS 144A 5.250%, 9/13/22⁽³⁾	$	305	$	273
UBS AG 7.625%, 8/17/22		500		572
UPCB Finance Ltd. Series VI 144A 6.875%, 1/15/22⁽³⁾		165		176
Ventas Realty LP (Ventas Capital Corp.) 3.250%, 8/15/22		250		231
VTB Bank OJSC (VTB Capital SA) 144A 6.000%, 4/12/17⁽³⁾⁽⁹⁾		500		531
Walter Investment Management Corp. 144A 7.875%, 12/15/21⁽³⁾		160		163
Yapi ve Kredi Bankasi AS 144A 4.000%, 1/22/20⁽³⁾		270		242

				18,554

Health Care—2.0%
Cardinal Health, Inc. 3.200%, 3/15/23		130		122
HCA, Inc. 6.500%, 2/15/20		160		176
IASIS Healthcare LLC (IASIS Capital Corp.) 8.375%, 5/15/19		80		85
MPH Intermediate Holding Co. 2 PIK Interest Capitalization, 144A 8.375%, 8/1/18^(3)(13)		90		94
Mylan, Inc. 144A 3.125%, 1/15/23⁽³⁾		325		294
Tenet Healthcare Corp.
144A 6.000%, 10/1/20⁽³⁾		55		57
4.500%, 4/1/21		335		319
8.125%, 4/1/22		220		238
Valeant Pharmaceuticals International, Inc.
Escrow Corp.
144A 6.750%, 8/15/18⁽³⁾		130		143
144A 7.500%, 7/15/21⁽³⁾		25		28
144A 5.625%, 12/1/21⁽³⁾		10		10

				1,566

Industrials—6.3%
AAR Corp. 144A 7.250%, 1/15/22⁽³⁾		190		204
ADT Corp. (The) 144A 6.250%, 10/15/21⁽³⁾		260		273
Ahern Rentals, Inc. 144A 9.500%, 6/15/18⁽³⁾		160		174
Air Canada 144A 6.750%, 10/1/19⁽³⁾		260		275
Air Canada Pass-Through-Trust 13-1, B 144A 5.375%, 5/15/21⁽³⁾		101		98
America West Airlines Pass-Through-Trust 00-1, G 8.057%, 7/2/20		238		254


	PAR VALUE			VALUE
Industrials—(continued)
American Airlines Pass-Through-Trust 13-1, A 144A 4.000%, 7/15/25⁽³⁾	$	210		$	203
Bombardier, Inc. 144A 6.125%, 1/15/23⁽³⁾		215			214
Builders FirstSource, Inc. 144A 7.625%, 6/1/21⁽³⁾		155			162
Carpenter Technology Corp. 4.450%, 3/1/23		250			240
Ceridian HCM Holding, Inc. 144A 11.000%, 3/15/21⁽³⁾		5			6
Continental Airlines Pass-Through-Trust
97-4, A 6.900%, 1/2/18		261			277
99-1, A 6.545%, 2/2/19		414			452
00-1, A1 8.048%, 11/1/20		452			517
Delta Air Lines Pass-Through-Trust 12-1A, 1A 4.750%, 5/7/20		321			343
ESAL GmbH 144A 6.250%, 2/5/23⁽³⁾		200			180
Nielsen Co. (The) 144A 5.500%, 10/1/21⁽³⁾		220			224
Northwest Airlines Pass-Through-Trust 02-1, G2 6.264%, 11/20/21		217			233
Odebrecht Finance Ltd. 144A 8.250%, 4/25/18⁽³⁾		320	^BRL		112
Rexel SA 144A 5.250%, 6/15/20⁽³⁾		210			212
Spirit Aerosystems, Inc. 6.750%, 12/15/20		205			222
TransDigm, Inc. 7.500%, 7/15/21		145			157

					5,032

Information Technology—1.4%
Dun & Bradstreet Corp. (The) 4.375%, 12/1/22		270			260
First Data Corp.
144A 8.250%, 1/15/21⁽³⁾		260			278
144A 11.750%, 8/15/21⁽³⁾		420			445
Freescale Semiconductor, Inc. 144A 5.000%, 5/15/21⁽³⁾		150			146

					1,129

Materials—4.6%
Alpek SA de C.V. 144A 5.375%, 8/8/23⁽³⁾		310			308
Beverage Packaging Holdings Luxembourg II SA 144A 6.000%, 6/15/17⁽³⁾		160			162
Cemex SAB de CV 144A 5.875%, 3/25/19⁽³⁾		265			266
Eldorado Gold Corp. 144A 6.125%, 12/15/20⁽³⁾		95			92
Gerdau Holdings, Inc.
144A 7.000%, 1/20/20⁽³⁾		100			109
144A 4.750%, 4/15/23⁽³⁾		315			290
Hexion U.S. Finance Corp.
8.875%, 2/1/18		130			136


	PAR VALUE		VALUE
Materials—(continued)
6.625%, 4/15/20	$	130	$	134
Inversiones CMPC S.A. 144A 4.375%, 5/15/23⁽³⁾		375		349
NewMarket Corp. 4. 100%, 12/15/22		288		274
Nufarm Australia Ltd. 144A 6.375%, 10/15/19⁽³⁾		125		130
Reynolds Group Issuer, Inc. 9.000%, 4/15/19		135		146
Tronox Finance LLC 6.375%, 8/15/20		160		164
Turkiye Sise Ve Cam Fabrikalari AS 144A 4.250%, 5/9/20⁽³⁾		320		283
United States Steel Corp. 6.875%, 4/1/21		265		282
Vale Overseas Ltd. 4.375%, 1/11/22		330		320
Vedanta Resources plc 144A 9.500%, 7/18/18⁽³⁾		215		240

				3,685

Telecommunication Services—2.2%
AT&T, Inc. 3.875%, 8/15/21		425		430
CenturyLink, Inc. Series V 5.625%, 4/1/20		230		235
Cincinnati Bell, Inc. 8.375%, 10/15/20		210		229
ENTEL Chile S.A. 144A 4.875%, 10/30/24⁽³⁾		215		210
Koninklijke KPN NV 144A 7.000%, 3/28/73^(2)(3)(8)		210		213
Telefonica Emisiones SAU 4.570%, 4/27/23		225		221
Windstream Corp. 7.750%, 10/15/20		200		213

				1,751

Utilities—1.0%
Abu Dhabi National Energy Co. 144A 2.500%, 1/12/18⁽³⁾		270		270
Electricite de France SA 144A 5.250% ^(2)(3)(7)(8)		280		278
Israel Electric Corp. Ltd. 144A 5.625%, 6/21/18⁽³⁾		250		265

				813

TOTAL CORPORATE BONDS (Identified Cost $43,296)				43,075

CONVERTIBLE BONDS—0.4%
General Electric Capital Corp. Series A 7.125%⁽²⁾⁽⁷⁾		290		324

TOTAL CONVERTIBLE BONDS (Identified Cost $290)				324

LOAN AGREEMENTS⁽²⁾—9.5%
Consumer Discretionary—1.7%
Brickman Group Holdings, Inc. Second Lien, 0.000%, 12/17/21⁽¹⁴⁾		35		36


	PAR VALUE		VALUE
Consumer Discretionary—(continued)
Caesars Entertainment Operating Co., Inc. (Harrah’s Operating Company, Inc.) Tranche B-6, 5.488%, 1/28/18	$	192	$	183
CBAC Borrower LLC Tranche B, 8.250%, 7/2/20		109		113
Clear Channel Communications, Inc.
Tranche B, 3.814%, 1/29/16		190		185
Tranche D, 6.919%, 1/30/19		150		143
Cumulus Media Holdings, Inc. 0.000%, 12/23/20⁽¹⁴⁾		75		75
EB Sports Corp. 11.500%, 12/31/15		170		170
Peppermill Casinos, Inc. Tranche B, 7.250%, 11/9/18		215		220
Shingle Springs Tribal Gaming Authority 6.250%, 8/29/19		115		116
TWCC Holding Corp. Second Lien, 7.000%, 6/26/20		82		84

				1,325

Consumer Staples—0.7%
AdvancePierre Foods, Inc. Second Lien, 9.500%, 10/10/17		210		204
Hostess Brand Acquisition LLC Tranche B, 6.750%, 4/9/20		178		185
Rite Aid Corp.
Tranche 1, Second Lien, 5.750%, 8/21/20		14		14
Tranche 2, 4.875%, 6/21/21		145		147

				550

Energy—0.8%
Fieldwood Energy LLC Second Lien, 8.375%, 9/30/20		111		114
FTS International, Inc. (Frac Tech International LLC) 8.500%, 5/6/16		220		221
SES International Holdings Ltd. (Saxon) 8.500%, 2/15/19		178		180
Templar Energy LLC Second Lien, 8.000%, 11/25/20		156		157

				672

Financials—0.5%
Altisource Solutions S.A.R.L Tranche B, 4.500%, 12/9/20		120		121
Capital Automotive LP Second Lien, 6.000%, 4/30/20		24		25


	PAR VALUE		VALUE
Financials—(continued)
Nuveen Investments, Inc. Tranche B, Second Lien 6.500%, 2/28/19	$	215	$	213

				359

Health Care—1.0%
Ardent Medical Services, Inc.
First Lien, 6.750%, 7/2/18		68		69
Second Lien, 11.000%, 1/2/19		79		80
INC Research LLC 6.000%, 7/12/18		78		78
InVentiv Health, Inc. (Ventive Health, Inc.) 7.500%, 8/4/16		110		109
MMM Holdings, Inc. 9.750%, 12/12/17		62		62
MSO of Puerto Rico, Inc. Second Lien, 11.000%, 12/12/17		45		45
Rural/Metro Operating Co. LLC First Lien, 5.750%, 6/30/18		91		88
Sheridan Holdings, Inc. Second Lien, 9.000%, 12/20/21		83		84
Surgery Center Holdings, Inc. First Lien, 6.000%, 4/11/19		111		112
United Surgical Partners International, Inc. Tranche B, 4.750%, 4/3/19		79		80

				807

Industrials—1.8%
Alliance Laundry Systems LLC Second Lien, 9.500%, 12/10/19		25		25
American Airlines, Inc. Tranche B, 3.750%, 6/27/19		190		192
AWAS Finance Luxemborg SA 3.500%, 7/16/18		76		76
Ceridian Corp. 4.415%, 5/9/17		247		248
CHG Healthcare Services, Inc. Second Lien, 9.000%, 11/19/20		57		58
Commercial Barge Line Co. First Lien, 7.500%, 9/22/19		263		263
Hawker Beechcraft Acquisition Company LLC 5.750%, 2/14/20		215		217
International Equipment Solutions (IES Global B.V.) 6.750%, 8/16/19		94		93
Navistar, Inc. Second Lien, 5.750%, 8/17/17		149		152
SESAC Holding Co. II LLC First Lien, 5.000%, 2/7/19		96		97

				1,421


	PAR VALUE			VALUE
Information Technology—2.1%
Active Network, Inc. First Lien, 5.500%, 11/13/20	$	88		$	89
Alcatel-Lucent USA, Inc. 5.750%, 1/30/19		225			226
Allflex Holdings III, Inc. Second Lien, 8.000%, 7/19/21		109			111
Blue Coat Systems, Inc. 4.500%, 5/31/19		272			274
Second Lien, 9.500%, 6/26/20		138			141
IPC Systems, Inc. Tranche C, First Lien, 7.750%, 7/31/17		163			162
Kronos, Inc. Second Lien, 9.750%, 4/30/20		110			114
RP Crown Parent LLC First Lien, 6.000%, 12/21/18		152			153
SCS Holdings I, Inc. (Sirius Computer Solutions, Inc.) 7.000%, 12/7/18		97			99
Sorenson Communications, Inc. 9.500%, 10/31/14		159			161
Spansion LLC 3.750%, 12/19/19		81			81
Wall Street Systems Delaware, Inc. Second Lien, 9.250%, 10/25/20		110			111

					1,722

Materials—0.7%
Fortescue Metals Group Ltd. (FMG Resources Ltd.) 4.250%, 6/28/19		281			286
Houghton International, Inc. Holding Corp. (HII Holding Corp.) Second Lien, 9.500%, 12/21/20		110			111
Noranda Aluminum Acquisition Corp. Tranche B, 5.750%, 2/28/19		152			143
Tronox Pigments B.V. 4.500%, 3/19/20		57			58

					598

Telecommunication Services—0.2%
Integra Telecom Holdings, Inc. Tranche B, 5.250%, 2/22/19		160			162

TOTAL LOAN AGREEMENTS (Identified Cost $7,537)					7,616


	SHARES			VALUE
PREFERRED STOCK⁽²⁾—2.4%
Financials—2.4%
Bank of America Corp. Series U, 5.200%		150	⁽¹²⁾		133
Fifth Third Bancorp 5.100%		285	⁽¹²⁾		253
General Electric Capital Corp. Series C, 5.250%		300	⁽¹²⁾		282
JPMorgan Chase & Co. Series 1, 7.900%		280	⁽¹²⁾		309


	SHARES			VALUE
Financials—(continued)
JPMorgan Chase & Co., Series Q, 5.150%		255	⁽¹²⁾	$	230
PNC Financial Services Group, Inc. (The) Series R, 4.850%⁽²⁾		215	⁽¹²⁾		193
Wells Fargo & Co. Series K, 7.980%		230	⁽¹²⁾		256
Zions Bancorp, 6.950%		8,800			234

TOTAL PREFERRED STOCK (Identified Cost $1,971)					1,890

TOTAL LONG TERM INVESTMENTS—97.4% (Identified cost $78,460)					78,120	⁽¹⁵⁾

SHORT-TERM INVESTMENTS—2.0%
Money Market Mutual Funds—2.0%
Fidelity Money Market Portfolio - Institutional Shares (Seven-day effective yield 0.090%)		1,579,692			1,580

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $1,580)					1,580

TOTAL INVESTMENTS—99.4% (Identified Cost $80,040)					79,700	⁽¹⁾
Other assets and liabilities, net—0.6%					516

NET ASSETS—100.0%				$	80,216

Abbreviations:


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

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2013, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Variable or step coupon security; interest rate shown reflects the rate in effect at December 31, 2013.

⁽³⁾	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2013, these securities amounted to a value of $25,086 or 31.3% of net assets.

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

⁽⁵⁾	Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a level 3 security in the disclosure table located after the Schedule of Investments.

⁽⁶⁾	Illiquid security.

⁽⁷⁾	No contractual maturity date

⁽⁸⁾	Interest payments may be deferred.

⁽⁹⁾	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.

⁽¹⁰⁾	Amount is less than $500 (not reported in 000s).

⁽¹¹⁾	Principal amount is adjusted daily pursuant to the change in the Index.

⁽¹²⁾	Value shown as par value.

⁽¹³⁾	100% of the income received was in cash

⁽¹⁴⁾	This loan will settle after December 31, 2013, at which time the interest rate, based on the London Interbank Offered Rate (“LIBOR”) and the agreed upon spread on trade date, will be known.

⁽¹⁵⁾	All or a portion segregated as collateral for unsettled loan transactions.

Foreign Currencies:

AUD	Australian Dollar

BRL	Brazilian Real

COP	Colombian Peso

IDR	Indonesian Rupiah

MXN	Mexican Peso

NZD	New Zealand Dollar

PEN	Peruvian Nuevo Sol

PHP	Philippines Peso

RUB	Russian Ruble

TRY	Turkish Lira

UYU	Uruguayan Peso

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2013 (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.

Refer to the last paragraph under “Note 1A. Security Valuation” for a description of the valuation process in place and a qualitative discussion about sensitive inputs used in Level 3 internally fair valued measurements.


	PAR VALUE		VALUE
MUNICIPAL TAX-EXEMPT BONDS⁽²⁾—98.0%
Development Revenue—6.1%
Hercules Redevelopment Agency, Tax-Allocation (AMBAC Insured) 5.000%, 8/1/29	$	500	$	375
San Diego Redevelopment Agency, Tax Allocation Series B (AMBAC Insured) 5.350%, 9/1/24		1,000		1,001
Tax Allocation Series A (AMBAC Insured) 4.750%, 9/1/30		500		476
Santa Clara Redevelopment Agency, Bayshore North Project (NATL Insured) 5.000%, 6/1/22		1,000		1,009

				2,861

General Obligation—18.6%
Brea Olinda Unified School District, Series A (NATL, FGIC Insured) 6.000%, 8/1/15		150		163
Contra Costa Community College District, 4.000%, 8/1/28		45		45
Election of 2006 5.000%, 8/1/38		200		207
Los Alamitos Unified School District, School Facilities Improvement Dist #1, 2008 Election - Series E 5.250%, 8/1/39		250		262
Los Angeles Unified School District, 2002 Election Series C (AGM Insured) 5.000%, 7/1/24		500		546
Series A-1 (NATL Insured) 4.500%, 1/1/28		515		526
Norwalk - La Mirada Unified School District, 2002 Election Series D (AGM Insured) 0.000%, 8/1/33		1,475		516
Placer Union High School District, (AGM Insured) 0.000%, 8/1/32		1,500		541
Rancho Santiago Community College District, 2002 Election Series C (AGM Insured) 0.000%, 9/1/27		1,200		616
Riverside Unified School District, Series C (AGM Insured) 5.000%, 8/1/32		375		396
Ross Valley School District, 2010 Election Series B 5.000%, 8/1/37		500		520
San Diego Community College District, Election of 2002 5.000%, 8/1/32		250		269
Election of 2006 5.000%, 8/1/43		100		103
San Diego Unified School District, 1998 Election, Series C2 (AGM Insured) 5.500%, 7/1/25		225		265


	PAR VALUE		VALUE
General Obligation—(continued)
San Rafael City High School District, 2002 Election Series B (NATL, FGIC Insured) 0.000%, 8/1/26	$	1,000	$	545
Sequoia Union High School District, 4.000%, 7/1/26		250		258
State of California, 5.500%, 3/1/26		500		558
5.000%, 2/1/27		290		324
5.000%, 6/1/32		575		605
5.000%, 9/1/32		300		312
5.000%, 11/1/32		250		265
5.000%, 12/1/37		275		281
6.000%, 4/1/38		250		277
5.000%, 2/1/43		250		253

				8,653

General Revenue—21.6%
Anaheim Public Financing Authority, Series C (AGM Insured) 6.000%, 9/1/16		1,475		1,611
City of Pomona, Certificates of Participation, (AMBAC Insured) 5.500%, 6/1/28		1,000		1,007
Contra Costa Transportation Authority, Series B 5.000%, 3/1/29		320		350
Golden State Tobacco Securitization Corp., Enhanced Asset, Series A 5.000%, 6/1/29		500		511
Series A-1 5.125%, 6/1/47		1,250		844
Imperial County Transportation Authority, Series E 4.000%, 6/1/20		500		528
Los Angeles County Public Works Financing Authority, Series A (AGM Insured) 5.500%, 10/1/18		60		66
North City West School Facilities Financing Authority, Series B (AMBAC Insured) 5.250%, 9/1/19		1,000		1,147
Sacramento Area Flood Control Agency, (BHAC Insured) 5.500%, 10/1/28		350		382
5.000%, 10/1/37		750		775
South Bay Regional Public Communications Authority, Hawthorne Projects, Series B (ACA Insured) 4.750%, 1/1/31		535		470
State of California Public Works Board, Judicial Council Projects, Series A 5.000%, 3/1/29		115		120


	PAR VALUE		VALUE
General Revenue—(continued)
Department of General Services, Buildings 8&9 6.125%, 4/1/29	$	500	$	572
Capital Projects, Series G-1 5.750%, 10/1/30		550		606
Department of Forestry & Fire Protection, Series E 5.000%, 11/1/32		500		514
Judicial Council Projects, Series A 5.000%, 3/1/38		300		297
Ventura County Public Financing Authority, Series A 5.000%, 11/1/25		250		276

				10,076

Higher Education Revenue—4.8%
California Educational Facilities Authority, Univesity of Southern California, Series A 5.000%, 10/1/23		250		296
Pomona Colllege, Series A 5.000%, 7/1/45		500		516
California State University, Series A (NATL, FGIC Insured) 5.250%, 11/1/38		635		665
University of California, Series D (NATL, FGIC Insured) 5.000%, 5/15/28		710		750

				2,227

Medical Revenue—5.9%
California Health Facilities Financing Authority, Cedars-Sinai Medical Center, 5.000%, 11/15/34		500		502
Providence Health & Services, Series C 6.500%, 10/1/38		295		330
Kaiser Permanente, Series A 5.250%, 4/1/39		500		503
California Statewide Communities Development Authority, Sutter Health, Series B, (AMBAC Insured) 5.000%, 11/15/38		205		203
St. Joseph Health System, (FGIC Insured) 5.750%, 7/1/47		500		528
San Benito Health Care District, (CA MTG Insured) 4.000%, 3/1/18		140		153
University of California, Regents Medical, Series A 4.750%, 5/15/31		550		555

				2,774

Natural Gas Revenue—2.1%
Roseville Natural Gas Financing Authority, 5.000%, 2/15/24		750		776


	PAR VALUE		VALUE
Natural Gas Revenue—(continued)
5.000%, 2/15/27	$	195	$	193

				969

Power Revenue—5.3%
Imperial Irrigation District, Series B 5.000%, 11/1/36		300		305
Northern California Power Agency, Hydroelectric Project No 1 5.000%, 7/1/32		200		208
Sacramento Municipal Utility District, Cosumnes Project (NATL Insured) 4.750%, 7/1/26		500		513
Series X 5.000%, 8/15/26		350		383
Series B 5.000%, 8/15/29		250		271
Series A 5.000%, 8/15/37		250		259
Southern California Public Power Authority, Windy Project Series 1, 5.000%, 7/1/28		500		537

				2,476

Pre-Refunded—16.6%
California Health Facilities Financing Authority, Providence Health & Services, Series C (Pre- refunded 10/1/18 @100) 6.500%, 10/1/18		5		6
California Infrastructure & Economic Development Bank, Bay Area Toll Bridges (Pre-refunded 7/1/26 @100) (AMBAC Insured) 5.125%, 7/1/37		755		910
City of Stockton, O’Connors Woods Project, Series A (Pre-refunded 9/20/17 @ 100) (GNMA Collateralized) 5.600%, 3/20/28		170		171
Contra Costa County Home Mortgage, (GNMA Collateralized) 7.500%, 5/1/14⁽³⁾⁽⁴⁾		550		563
Metropolitan Water District of Southern California, Series A, (Pre-refunded 4/1/22 @100) 5.000%, 10/1/33		330		351
Northern California Power Agency, Series A (Pre- refunded 7/1/21 @ 100) (AMBAC Insured) 7.500%, 7/1/23		195		253
Riverside County Single Family, Series A (GNMA Collateralized) 7.800%, 5/1/21⁽³⁾		4,000		5,464

				7,718

Transportation Revenue—8.2%
Bay Area Toll Authority,
Series F-1 5.000%, 4/1/34		500		516
Series F-1 5.125%, 4/1/39		580		604


	PAR VALUE		VALUE
Transportation Revenue—(continued)
City of Long Beach Airport, Series A 5.000%, 6/1/30	$	200	$	205
City of Los Angeles, International Airport, Series A 5.000%, 5/15/40		510		518
San Diego County Regional Airport Authority,
Senior Series A 5.000%, 7/1/23		200		229
Subordinate Series A 5.000%, 7/1/40		250		248
Series B 5.000%, 7/1/40		500		496
San Diego Unified Port District, Series A 5.000%, 9/1/28		200		213
San Francisco City & County Airports Community-San Fransisco International Airport, 2nd Series B 5.000%, 5/1/43		150		151
San Francisco Municipal Transportation Agency, 5.000%, 3/1/31		125		131
Subordinate Series A 5.000%, 3/1/42		500		506

				3,817

Water & Sewer Revenue—8.8%
California State Department of Water Resources, Central Valley Projects Series AE 5.000%, 12/1/28		35		39
Series AN 5.000%, 12/1/35		235		251
City of Manteca Water Revenue, 5.000%, 7/1/27		500		538
City of San Francisco Public Utilities Commission Water Revenue,
Series C 4.000%, 11/1/32		220		214
Series A 4.500%, 11/1/35		185		187
City of Santa Rosa Wastewater Revenue, Series A, 5.000%, 9/1/33		500		521
Contra Costa Water District, Series R, 5.000%, 10/1/43		400		414
East Bay Municipal Utility District, Subordinate Series A, (NATL Insured) 5.000%, 6/1/35		500		516
Ross Valley Public Financing Authority, Sanitary District #1, (AGM Insured) 5.000%, 10/1/33		225		235
Sacramento Suburban Water District, Series A 5.000%, 11/1/25		250		276
San Diego County Water Authority, Ref 5.000%, 5/1/31		250		267


	PAR VALUE		VALUE
Water & Sewer Revenue—(continued)
Santa Margarita-Dana Point Authority, Water Districts Improvements, Districts 2,3,4, Series A 5.125%, 8/1/38	$	630	$	656

				4,114

TOTAL MUNICIPAL TAX-EXEMPT BONDS (Identified Cost $44,733)				45,685

TOTAL LONG TERM INVESTMENTS—98.0% (Identified cost $44,733)				45,685

TOTAL INVESTMENTS—98.0% (Identified Cost $44,733)				45,685	⁽¹⁾

Other assets and liabilities, net—2.0%				928

NET ASSETS—100.0%			$	46,613

Abbrevations


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

Footnote Legend

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2013, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾

At December 31, 2013, the concentration of the Fund’s investments by state or territory determined as a percentage of net assets is as follows: California 100%. At December 31, 2013, 47.3% 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: NATL 10.1%, AMBAC 11.5% and GNMA 13.3%.

⁽³⁾	Escrowed to maturity.

⁽⁴⁾	When-issued security.

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2013 (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.


	SHARES		VALUE
EXCHANGE-TRADED FUNDS—97.4%
iShares Russell 1000(R) Growth Index Fund		6,420	$	552
iShares Russell 2000(R) Growth Index Fund		4,360		591
iShares Russell Midcap(R) Growth Index Fund		6,550		553

TOTAL EXCHANGE-TRADED FUNDS (Identified Cost $1,386)				1,696

TOTAL LONG TERM INVESTMENTS—97.4% (Identified cost $1,386)				1,696

SHORT-TERM INVESTMENTS—1.0%
Money Market Mutual Funds—1.0%
Fidelity Money Market Portfolio—Institutional Shares (Seven-day effective yield 0.090%)		17,356		17

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

TOTAL INVESTMENTS—98.4% (Identified Cost $1,403)				1,713	⁽¹⁾
Other assets and liabilities, net—1.6%				27

NET ASSETS—100.0%			$	1,740

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2013, 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 December 31, 2013 (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


	SHARES		VALUE
EXCHANGE-TRADED FUNDS—96.7%
iShares Barclays 7-10 Year Treasury Bond Fund		1,660	$	165
iShares iBoxx $ High Yield Corporate Bond Fund		1,340		125
iShares iBoxx Investment Grade Corporate Bond Fund		3,250		371
iShares Lehman 1-3 Year Treasury Bond Fund		1,960		165
iShares Lehman 20+ Year Treasury Bond Fund		1,620		165

TOTAL EXCHANGE-TRADED FUNDS (Identified Cost $993)				991

TOTAL LONG TERM INVESTMENTS—96.7% (Identified cost $993)				991

SHORT-TERM INVESTMENTS—0.2%
Money Market Mutual Funds—0.2%
Fidelity Money Market Portfolio - Institutional Shares (Seven-day effective yield 0.090%)		1,861		2

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

TOTAL INVESTMENTS—96.9% (Identified Cost $995)				993	⁽¹⁾
Other assets and liabilities, net—3.1%				32

NET ASSETS—100.0%			$	1,025

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2013, 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 December 31, 2013 (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


	SHARES		VALUE
EXCHANGE-TRADED FUNDS—96.9%
iShares MSCI France Index Fund		5,510	$	157
iShares MSCI Germany Index Fund		3,600		114
iShares MSCI Hong Kong Index Fund		3,390		70
iShares MSCI Italy Index Fund Capped		1,760		27
iShares MSCI Japan Index Fund		23,390		284
iShares MSCI Netherlands Investable Market Index Fund		1,490		39
iShares MSCI Spain Index Fund Capped		1,110		43
iShares MSCI Sweden Index Fund		1,230		44
iShares MSCI Switzerland Index Fund Capped		4,560		150
iShares MSCI United Kingdom Index Fund		15,160		316

TOTAL EXCHANGE-TRADED FUNDS (Identified Cost $1,056)				1,244

TOTAL LONG TERM INVESTMENTS—96.9% (Identified cost $1,056)				1,244

SHORT-TERM INVESTMENTS—2.1%
Money Market Mutual Funds—2.1%
Fidelity Money Market Portfolio - Institutional Shares (Seven-day effective yield 0.090%)		26,884		27

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $27)				27

TOTAL INVESTMENTS—99.0% (Identified Cost $1,083)				1,271	⁽¹⁾
Other assets and liabilities, net—1.0%				13

NET ASSETS—100.0%			$	1,284

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2013, 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 December 31, 2013 (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.


	SHARES		VALUE
EXCHANGE-TRADED FUNDS—124.1%
Consumer Discretionary Select Sector SPDR Fund		5,419,800	$	362,205
Consumer Staples Select Sector SPDR Fund		8,177,100		351,452
Energy Select Sector SPDR Fund		4,110,800		363,847
Financial Select Sector SPDR Fund		16,639,900		363,748
Health Care Select Sector SPDR Fund		6,462,800		358,298
Industrial Select Sector SPDR Fund		7,060,100		368,961
Materials Select Sector SPDR Fund		8,037,500		371,493
Technology Select Sector SPDR Fund		10,148,700		362,714

TOTAL EXCHANGE-TRADED FUNDS (Identified Cost $2,534,189)				2,902,718

TOTAL LONG TERM INVESTMENTS—124.1% (Identified cost $2,534,189)				2,902,718	⁽²⁾

SHORT-TERM INVESTMENTS—0.1%
Money Market Mutual Funds—0.1%
Fidelity Money Market Portfolio - Institutional Shares (Seven-day effective yield 0.090%)		2,713,904		2,714

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $2,714)				2,714

TOTAL INVESTMENTS, BEFORE SECURITIES SOLD SHORT—124.2% (Identified Cost $2,536,903)				2,905,432	⁽¹⁾

SECURITIES SOLD SHORT—(5.4)%
EXCHANGE-TRADED FUNDS SOLD SHORT—(5.4)%
Utilities Select Sector SPDR Fund		3,328,500		(126,383	)

TOTAL SECURITIES SOLD SHORT—(5.4)% (Proceeds ($124,207))				(126,383	)

TOTAL INVESTMENTS, NET OF SECURITIES SOLD SHORT—118.8% (Identified Cost $2,412,696)			$	2,779,049	⁽¹⁾
Other assets and liabilities, net—(18.8)%				(440,683	)

NET ASSETS—100.0%			$	2,338,366

Abbreviations:


SPDR		S&P Depositary Receipt

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2013, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	A portion of the Fund’s assets have been segregated for margin borrowing and securities sold short.

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2013 (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.


	PAR VALUE			VALUE
FOREIGN GOVERNMENT SECURITIES—25.2%
Argentine Republic 8.280%, 12/31/33	$	119		$	91
Bolivarian Republic of Venezuela
RegS 5.750%, 2/26/16⁽⁴⁾		420			358
RegS 7.000%, 12/1/18⁽⁴⁾		70			53
RegS 12.750%, 8/23/22⁽⁴⁾		10			9
7.650%, 4/21/25		775			527
9.375%, 1/13/34		325			243
Dominican Republic 144A 5.875%, 4/18/24⁽³⁾		100			97
Federal Republic of Nigeria RegS 6.375%, 7/12/23⁽²⁾⁽⁴⁾		200			207
Gabonese Republic 144A 6.375%, 12/12/24⁽³⁾		200			201
Honduras Republic RegS 7.500%, 3/15/24⁽⁴⁾		200			184
Hungary
6.375%, 3/29/21		110			119
5.375%, 2/21/23		146			145
5.750%, 11/22/23		22			22
Kingdom of Morocco 144A 4.250%, 12/11/22⁽³⁾		200			185
Mongolia 144A 5.125%, 12/5/22⁽³⁾		200			169
Republic of Cote d’ Ivoire 144A 5.750%, 12/31/32⁽²⁾⁽³⁾		100			89
Republic of Ecuador 144A 9.375%, 12/15/15⁽³⁾		100			106
Republic of El Salvador 144A 7.650%, 6/15/35⁽³⁾		70			69
Republic of Guatemala 144A 4.875%, 2/13/28⁽³⁾		200			184
Republic of Indonesia
Series FR30, 10.750%, 5/15/16		1,475,000	^IDR		129
Series FR63, 5.625%, 5/15/23		624,000	^IDR		42
Republic of Iraq RegS 5.800%, 1/15/28⁽⁴⁾		250			212
Republic of Panama 5.200%, 1/30/20		200			218
Republic of Peru 144A 6.900%, 8/12/37⁽³⁾		400	^PEN		140
Republic of Philippines 4.950%, 1/15/21		5,000	^PHP		120
Republic of Poland
5.750%, 10/25/21		300	^PLZ		109
3.000%, 3/17/23		75			68
Republic of Serbia 144A 6.750%, 11/1/24⁽²⁾⁽³⁾		76			75
Republic of South Africa Series R208, 6.750%, 3/31/21		1,470	^ZAR		133
Republic of Sri Lanka 144A 5.875%, 7/25/22⁽³⁾		200			189
Republic of Turkey
9.000%, 3/8/17		155	^TRY		70
5.125%, 3/25/22		200			192
6.750%, 5/30/40		225			218
Republic of Uruguay 4.375%, 12/15/28		4,200	^UYU(8)		237


	PAR VALUE			VALUE
Republic of Zambia 144A 5.375%, 9/20/22⁽³⁾	$	200		$	174
Romania 144A 6.750%, 2/7/22⁽³⁾		150			171
Russian Federation
144A 7.850%, 3/10/18⁽³⁾		5,000	^RUB		157
Series 6207 8.150%, 2/3/27		3,610	^RUB		113
Ukraine
144A 7.950%, 6/4/14⁽³⁾		200			200
144A 7.750%, 9/23/20⁽³⁾		325			301
144A 7.500%, 4/17/23⁽³⁾		200			180
United Mexican States
Series M, 6.000%, 6/18/15		3,855	^MXN		305
Series M, 6.500%, 6/9/22		2,250	^MXN		174

TOTAL FOREIGN GOVERNMENT SECURITIES (Identified Cost $7,721)					6,985

CORPORATE BONDS—72.5%
Austria—1.5%
Sappi Papier Holding GmbH
144A 8.375%, 6/15/19⁽³⁾		200			220
144A 6.625%, 4/15/21⁽³⁾		200			198

					418

Bermuda—1.9%
Aircastle Ltd. 6.250%, 12/1/19		100			108
Digicel Group Ltd. 144A 8.250%, 9/30/20⁽³⁾		200			208
GeoPark Latin America Ltd. 144A 7.500%, 2/11/20⁽³⁾		200			204

					520

Brazil—4.9%
Banco ABC Brasil S.A. 144A 7.875%⁽³⁾		100			100
Banco do Brasil SA 144A 9.250%^(2)(3)(6)(7)		200			207
Banco Santander Brasil SA 144A 8.000%, 3/18/16⁽³⁾		300	^BRL		118
Banco Votorantim S.A. 144A 7.375%, 1/21/20⁽³⁾		125			129
BRF SA 144A 7.750%, 5/22/18⁽³⁾		400	^BRL		140
Embraer S.A. 5.150%, 6/15/22		100			100
Gerdau Holdings, Inc. 144A 7.000%, 1/20/20⁽³⁾		125			136
Itau Unibanco Holding SA RegS 5.650%, 3/19/22⁽⁴⁾		250			241
Vale SA 5.625%, 9/11/42		200			181

					1,352

Canada—0.8%
Eldorado Gold Corp. 144A 6.125%, 12/15/20⁽³⁾		45			44


	PAR VALUE			VALUE
Canada—(continued)
Pacific Rubiales Energy Corp.
144A 5.375%, 1/26/19⁽³⁾	$	100		$	101
144A 5.125%, 3/28/23⁽³⁾		100			92

					237

Cayman Islands—7.9%
Braskem Finance Ltd. 144A 5.375%, 5/2/22⁽³⁾		200			187
Country Garden Holdings Co., Ltd. 144A 7.500%, 1/10/23⁽³⁾		200			193
Evergrande Real Estate Group Ltd. 144A 8.750%, 10/30/18⁽³⁾		200			202
Guanay Finance Ltd. 144A 6.000%, 12/15/20⁽³⁾		250			260
Hutchison Whampoa International Ltd. Series 12, 144A 6.000%^(2)(3)(6)(7)		325			346
IPIC GMTN Ltd. 144A 6.875%, 11/1/41⁽³⁾		250			306
Kaisa Group Holdings Ltd. 144A 8.875%, 3/19/18⁽³⁾		200			205
MIE Holdings Corp. 144A 9.750%, 5/12/16⁽³⁾		200			213
Petrobras International Finance Co. 6.750%, 1/27/41		300			278

					2,190

Chile—3.3%
Automotores Gildemeister S.A. 144A 6.750%, 1/15/23⁽³⁾		150			101
Banco Santander Chile 144A 3.875%, 9/20/22⁽³⁾		200			188
Cencosud S.A. 144A 4.875%, 1/20/23⁽³⁾		200			187
CorpGroup Banking S.A. 144A 6.750%, 3/15/23⁽³⁾		250			242
Inversiones CMPC S.A. 144A 4.375%, 5/15/23⁽³⁾		200			186

					904

China—0.7%
China Railway Resources Huitung Ltd. 3.850%, 2/5/23		200			183

Colombia—1.1%
Bancolombia S.A. 5.125%, 9/11/22		250			235
Ecopetrol S.A. 5.875%, 9/18/23		65			69

					304

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

Greece—0.4%
Hellenic Railways 5.460%, 1/30/14		75	^EUR		101


	PAR VALUE		VALUE
Hong Kong—0.8%
Bank of China Hong Kong Ltd. 144A 5.550%, 2/11/20⁽³⁾	$	200	$	214

Hungary—0.7%
Magyar Fejlesztesi Bank Zrt. 144A 6.250%, 10/21/20⁽³⁾		200		207

India—1.7%
Bank of India 144A 3.625%, 9/21/18⁽³⁾		200		191
ICICI Bank Ltd. 144A 6.375%, 4/30/22⁽²⁾⁽³⁾		300		290

				481

Indonesia—2.4%
Pertamina Persero PT
144A 5.250%, 5/23/21⁽³⁾		200		193
144A 6.000%, 5/3/42⁽³⁾		275		228
Perusahaan Listrik Negara PT 144A 5.500%, 11/22/21⁽³⁾		250		242

				663

Ireland—3.4%
Alfa Bank OJSC (Alfa Bond Issuance plc) 144A 7.500%, 9/26/19⁽³⁾⁽⁵⁾		200		215
EuroChem Mineral & Chemical Co. OJSC 144A 5.125%, 12/12/17⁽³⁾⁽⁵⁾		200		201
Metalloinvest Finance Ltd. 144A 5.625%, 4/17/20⁽³⁾		200		195
Nomos Bank Via Nomos Capital plc 144A 7.250%, 4/25/18⁽³⁾⁽⁵⁾		200		200
Vimpel Communications OJSC (VIP Finance Ireland Ltd.) 144A 9.125%, 4/30/18⁽³⁾		125		147

				958

Israel—0.8%
Israel Electric Corp. Ltd. RegS 7.250%, 1/15/19⁽⁴⁾		200		222

Kazakhstan—3.8%
Development Bank of Kazakhstan OJSC 144A 4.125%, 12/10/22⁽³⁾		200		179
Eurasian Development Bank 144A 4.767%, 9/20/22⁽³⁾		200		193
Kazakhstan Temir Zholy Finance BV 144A 6.950%, 7/10/42⁽³⁾		200		199
Kazkommerts Bank International JSC 144A 7.875%, 4/7/14⁽³⁾		100		101


	PAR VALUE			VALUE
Kazakhstan—(continued)
KazMunayGas National Co. JSC 144A 5.750%, 4/30/43⁽³⁾	$	200		$	173
Zhaikmunai LP 144A 7.125%, 11/13/19⁽³⁾		200			210

					1,055

Luxembourg—5.5%
ALROSA Finance S.A. 144A 7.750%, 11/3/20⁽³⁾		200			223
Gazprom Neft OAO (GPN Capital SA) 144A 6.000%, 11/27/23⁽³⁾⁽⁵⁾		200			203
Millicom International Cellular S.A. 144A 6.625%, 10/15/21⁽³⁾		200			208
QGOG Constellation SA 144A 6.250%, 11/9/19⁽³⁾		200			192
Sberbank of Russia (Sberbank CapItal SA) 144A 5.125%, 10/29/22⁽³⁾⁽⁵⁾		200			191
Severstal OAO (Steel Capital SA) 144A 6.700%, 10/25/17⁽³⁾⁽⁵⁾		100			108
TMK OAO (TMK Capital) SA 144A 6.750%, 4/3/20⁽³⁾⁽⁵⁾		200			192
Wind Acquisition Finance S.A. 144A 7.250%, 2/15/18⁽³⁾		200			211

					1,528

Mexico—4.4%
Alpek SA de C.V. 144A 5.375%, 8/8/23⁽³⁾		200			199
America Movil SAB de C.V. Series 12 6.450%, 12/5/22		2,000	^MXN		141
Banco Bilbao Vizcaya Argentaria Bancomer S.A. 144A 6.750%, 9/30/22⁽³⁾		150			160
Banco Santander Mexico SA 144A 5.950%, 1/30/24⁽²⁾⁽³⁾		200			203
Cemex SAB de CV 144A 5.875%, 3/25/19⁽³⁾		200			201
Grupo Televisa SAB 7.250%, 5/14/43		2,000	^MXN		124
Petroleos Mexicanos 5.500%, 6/27/44		200			182

					1,210

Netherlands—1.3%
Bharti Airtel International Netherlands BV 144A 5.125%, 3/11/23⁽³⁾		200			185
Lukoil OAO International Finance BV 144A 4.563%, 4/24/23⁽³⁾		200			188

					373

Panama—1.2%
AES El Salvador Trust II 144A 6.750%, 3/28/23⁽³⁾		200			191


	PAR VALUE			VALUE
Panama—(continued)
Banco Latinoamericano de Comercio Exterior SA 144A 3.750%, 4/4/17⁽³⁾	$	150		$	153

					344

Peru—2.9%
Banco Bilbao Vizcaya Argentaria S.A. Banco Continental SA 144A 5.000%, 8/26/22⁽³⁾		125			125
Banco de Credito del Peru 144A 5.375%, 9/16/20⁽³⁾		200			208
Banco Internacional del Peru SAA 144A 5.750%, 10/7/20⁽³⁾		100			101
Transportadora de Gas del Peru SA 144A 4.250%, 4/30/28⁽³⁾		200			175
Volcan Compania Minera SAA 144A 5.375%, 2/2/22⁽³⁾		200			184

					793

Russia—2.1%
AHML Finance Ltd. 144A 7.750%, 2/13/18⁽³⁾		5,000	^RUB		150
Brunswick Rail Finance Ltd. 144A 6.500%, 11/1/17⁽³⁾		200			205
VTB Bank OJSC 144A 9.500%, 12/1/49^(2)(3)(5)		200			218

					573

Sri Lanka—0.7%
Bank of Ceylon 144A 6.875%, 5/3/17⁽³⁾		200			201

Sweden—0.7%
PKO Finance AB 144A 4.630%, 9/26/22⁽³⁾⁽⁵⁾		200			199

Thailand—0.7%
Bangkok Bank Plc 144A 3.300%, 10/3/18⁽³⁾		200			199

Trinidad and Tobago—0.3%
Petroleum Co. of Trinidad & Tobago Ltd. RegS 6.000%, 5/8/22⁽⁴⁾		71			75

Turkey—5.0%
Akbank TAS 144A 7.500%, 2/5/18⁽³⁾		300	^TRY		119
Arcelik AS 144A 5.000%, 4/3/23⁽³⁾		200			174
KOC Holding AS 144A 3.500%, 4/24/20⁽³⁾		200			171
Turkiye Is Bankasi AS 144A 6.000%, 10/24/22⁽³⁾		200			180
Turkiye Garanti Bankasi AS 144A 5.250%, 9/13/22⁽³⁾		200			179
Turkiye Is Bankasi A.S 144A 7.850%, 12/10/23⁽³⁾		200			200


	PAR VALUE			VALUE
Turkey—(continued)
Turkiye Sise Ve Cam Fabrikalari AS 144A 4.250%, 5/9/20⁽³⁾	$	200		$	177
Yapi ve Kredi Bankasi AS 144A 4.000%, 1/22/20⁽³⁾		200			179

					1,379

Ukraine—0.9%
DP World Ltd. 144A 6.850%, 7/2/37⁽³⁾		250			246

United Arab Emirates—1.1%
Abu Dhabi National Energy Co. 144A 5.875%, 12/13/21⁽³⁾		275			305

United Kingdom—1.5%
Tullow Oil plc 144A 6.000%, 11/1/20⁽³⁾		200			204
Vedanta Resources plc 144A 9.500%, 7/18/18⁽³⁾		200			223

					427

United States—3.1%
Brazil Loan Trust 1 144A 5.477%, 7/24/23⁽³⁾		250			252
First Data Corp.
144A 11.750%, 8/15/21⁽³⁾		45			48
144A 11.750%, 8/15/21⁽³⁾		120			127
Reliance Holdings USA, Inc. 144A 5.400%, 2/14/22⁽³⁾		250			253
Tronox Finance LLC 6.375%, 8/15/20		170			174

					854

Venezuela—3.9%
Corp Andina de Fomento 4.375%, 6/15/22		200			198
Petroleos de Venezuela SA RegS 8.500%, 11/2/17⁽⁴⁾		1,055			881

					1,079

Virgin Islands (British)—0.4%
Arcos Dorados Holdings, Inc. 144A 10.250%, 7/13/16⁽³⁾		275	^BRL		111

TOTAL CORPORATE BONDS (Identified Cost $21,257)					20,114

LOAN AGREEMENTS⁽²⁾—0.6%
Information Technology—0.6%
Alcatel-Lucent USA, Inc.
0.000%, 1/30/19⁽⁹⁾		70			70
5.750%, 1/30/19		99			100


	PAR VALUE		VALUE
TOTAL LOAN AGREEMENTS (Identified Cost $170)				170

TOTAL LONG TERM INVESTMENTS—98.3% (Identified cost $29,148)				27,269	⁽¹⁰⁾


	SHARES		VALUE
SHORT-TERM INVESTMENTS—0.5%
Money Market Mutual Funds—0.5%
Fidelity Money Market Portfolio - Institutional Shares (Seven-day effective yield 0.090%)		127,449	$	127

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $127)				127

TOTAL INVESTMENTS—98.8% (Identified Cost $29,275)				27,396	⁽¹⁾
Other assets and liabilities, net—1.2%				346

NET ASSETS—100.0%			$	27,742

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2013, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Variable or step coupon security; interest rate shown reflects the rate in effect at December 31, 2013.

⁽³⁾	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2013, these securities amounted to a value of $19,308 or 69.6% of net assets.

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

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

⁽⁶⁾	No contractual maturity date

⁽⁷⁾	Interest payments may be deferred.

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

⁽⁹⁾	This loan will settle after December 31, 2013, at which time the interest rate, based on the London Interbank Offered Rate (“LIBOR”) and the agreed upon spread on trade date, will be known.

⁽¹⁰⁾	All or a portion segregated as collateral for unsettled loan transactions.

Foreign Currencies:

BRL	Brazilian Real

EUR	European Currency Unit

IDR	Indonesian Rupiah

MXN	Mexican Peso

PEN	Peruvian Nuevo Sol

PHP	Philippines Peso

PLZ	Polish Zloty

RUB	Russian Ruble

TRY	Turkish Lira

UYU	Uruguayan Peso

ZAR	South African Rand

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2013 (See Security Valuation Note 1A in the Notes to Schedules of Investments):


	SHARES		VALUE
PREFERRED STOCK—1.6%
Materials—0.5%
Klabin SA 2.540% (Brazil)		82,700	$	430

Utilities—1.1%
Cia Energetica de Sao Paulo, Class B 3.830% (Brazil)		45,800		435
Companhia Paranaense de Energia 1.490%, Class B (Brazil)		41,300		535

				970

TOTAL PREFERRED STOCK (Identified Cost $1,422)				1,400

COMMON STOCKS—92.4%
Consumer Discretionary—7.9%
Arcelik AS (Turkey)		58,976		333
BEC World plc (Thailand)		77,000		118
China Motor Corp. (Taiwan)		523,000		506
CIA Hering (Brazil)		20,800		264
Foschini Group Ltd. (The) (South Africa)		32,356		295
Great Wall Motor Co., Ltd. (China)		84,000		464
Halla Visteon Climate Control Corp. (South Korea)⁽²⁾		18,390		675
Kangwon Land, Inc. (South Korea)⁽²⁾		30,100		883
Lojas Renner S.A. (Brazil)		24,900		644
MRV Engenharia e Participacoes S.A. (Brazil)		83,200		297
Naspers Ltd. (South Africa)		6,863		717
Parkson Holdings Bhd (Malaysia)		143,000		120
Pou Chen Corp. (Taiwan)		393,000		588
Truworths International Ltd. (South Africa)		38,814		284
UMW Holdings Bhd (Malaysia)		247,200		910

				7,098

Consumer Staples—6.2%
Almacenes Exito S.A. (Colombia)		9,837		147
Ambev S.A. (Brazil)⁽²⁾		214,000		1,571
Hite Jinro Co., Ltd. (South Korea)⁽²⁾		20,030		419
KT&G Corp. (South Korea)⁽²⁾		21,906		1,546
President Chain Store Corp. (Taiwan)		85,000		589
Souza Cruz S.A. (Brazil)		20,200		206
Spar Group Ltd. (The) (South Africa)		41,440		520
Wal-Mart de Mexico S.A.B. de C.V. (Mexico)		225,400		591

				5,589


	SHARES		VALUE
Energy—9.3%
China Petroleum & Chemical Corp. Class H (China)		721,800	$	589
China Shenhua Energy Co., Ltd. Class H (China)		257,500		812
CNOOC Ltd. (China)		684,000		1,272
Ecopetrol S.A. (Colombia)		393,483		750
Lukoil OAO Sponsored ADR (Russia)		18,500		1,168
PTT PCL (Thailand)		41,700		363
Sasol Ltd. (South Africa)		31,817		1,561
Tambang Batubara Bukit Asam Persero Tbk PT (Indonesia)		362,000		303
Tatneft OAO (Russia)		34,686		1,360
Ultrapar Participacoes S.A. (Brazil)		7,800		185

				8,363

Financials—29.6%
African Bank Investments Ltd. (South Africa)		218,155		251
Agricultural Bank of China Ltd. (China)		1,347,000		662
Alliance Financial Group Bhd (Malaysia)		471,000		684
AMMB Holdings Bhd (Malaysia)		391,200		865
Banco de Chile (Chile)		3,946,008		573
Banco do Brasil S.A. (Brazil)		82,700		855
Banco Santander Chile SA (Chile)		29,852,198		1,730
Bancolombia SA (Colombia)		37,903		460
Bank of China Ltd. (China)		5,378,000		2,476
Barclays Africa Group Ltd. (South Africa)		16,558		209
BR Malls Participacoes S.A. (Brazil)		27,800		201
BR Properties S.A. (Brazil)		41,600		328
China Construction Bank Corp. (China)		3,434,000		2,591
China Minsheng Banking Corp. Ltd. (China)		429,000		476
Compartamos SAB de C.V. (Mexico)		374,300		700
Dongbu Insurance Co., Ltd. (South Korea)		13,680		728
Far East Horizon Ltd. (Hong Kong)		261,000		223
Farglory Land Development Co., Ltd. (Taiwan)		487,000		825
FirstRand Ltd. (South Africa)		175,887		602
Grupo Financiero Inbursa Sab de C.V. (Mexico)		59,500		168
Guangzhou R&F Properties Co., Ltd. (China)		342,800		501
Hyundai Marine & Fire Insurance Co., Ltd. (South Korea)		30,490		939
Industrial & Commercial Bank of China Ltd. (China)		3,323,000		2,245
Industrial Bank of Korea (South Korea)⁽²⁾		30,220		348
Komercni Banka A.S. (Czech Republic)		1,741		388
Mirae Asset Securities Co., Ltd. (South Korea)		13,320		485
OTP Bank plc (Hungary)		14,633		278


	SHARES		VALUE
Financials—(continued)
Porto Seguro S.A. (Brazil)		22,800	$	287
Powszechna Kasa Oszczednosci Bank Polski S.A. (Poland)		70,668		922
Powszechny Zaklad Ubezpieczen S.A. (Poland)		6,007		893
Redefine Properties Ltd. (South Africa)⁽²⁾		530,468		493
Samsung Fire & Marine Insurance Co., Ltd. (South Korea)		2,452		602
Sberbank of Russia (Russia)		91,453		1,150
Siam Commercial Bank PCL (Thailand)		120,100		524
Soho China Ltd. (China)		340,500		293
Standard Bank Group Ltd. (South Africa)		44,948		555

				26,510

Health Care—0.4%
Kalbe Farma Tbk PT (Indonesia)		3,131,000		322

Industrials—8.2%
Aboitiz Equity Ventures, Inc. (Philippines)		357,500		439
Alfa Sab de C.V. (Mexico)		128,600		361
CTCI Corp. (Taiwan)		363,000		588
Doosan Corporation Krw5000 (South Korea)		4,309		570
EcoRodovias Infraestrutura e Logistica S.A. (Brazil)		114,100		716
Grupo Aeroportuario del Pacifico Sab de C.V. (Mexico)		64,800		347
Grupo Carso Sab de C.V. (Mexico)		54,200		288
Jiangsu Expressway Co., Ltd. (China)		624,000		767
LG Corp. (South Korea)⁽²⁾		11,242		682
Reunert Ltd. (South Africa)		65,591		428
S-1 Corp. (South Korea)⁽²⁾		9,063		642
Samsung Heavy Industries Co., Ltd. (South Korea)⁽²⁾		11,040		398
Teco Electric and Machinery Co., Ltd. (Taiwan)		368,000		422
Zhejiang Expressway Co., Ltd. (China)		730,000		690

				7,338

Information Technology—12.9%
Asustek Computer, Inc. (Taiwan)		112,000		1,007
Catcher Technology Co., Ltd. (Taiwan)		69,000		448
Cielo SA (Brazil)		28,320		788
Delta Electronics, Inc. (Taiwan)		87,000		496
Kinsus Interconnect Technology Corp. (Taiwan)		145,000		481
Lite-On Technology Corp. (Taiwan)		389,184		624
Phison Electronics Corp. (Taiwan)		71,000		454
Quanta Computer, Inc. (Taiwan)		444,000		1,036


	SHARES		VALUE
Information Technology—(continued)
Radiant Opto-Electronics Corp. (Taiwan)		314,260	$	1,149
Realtek Semiconductor Corp. (Taiwan)		209,000		561
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)		948,000		3,356
Transcend Information, Inc. (Taiwan)		394,000		1,133

				11,533

Materials—9.4%
Cementos Argos S.A. (Colombia)		67,438		311
China Bluechemical Ltd. Class H (China)		526,000		329
Grupo Mexico S.A.B. de C.V. Series B (Mexico)		351,600		1,164
Industrias Penoles S.A.B de C.V. (Mexico)		33,280		826
Jiangxi Copper Co., Ltd. (China)		452,000		816
Kumba Iron Ore Ltd. (South Africa)		13,917		588
MMC Norilsk Nickel ADR (Russia)		30,528		510
Nampak Ltd. (South Africa)		48,872		191
Petronas Chemicals Group BHD (Malaysia)		432,200		913
PTT Global Chemical PCL (Thailand)		389,100		936
Shougang Fushan Resources Group Ltd. (Hong Kong)		1,238,000		434
Sociedad Quimica y Minera de Chile SA (Chile)		18,271		466
Taiwan Cement Corp. (Taiwan)		504,000		782
Uralkali OJSC Sponsored GDR (Russia)		6,834		179

				8,445

Telecommunication Services—6.6%
Advanced Info Service PCL (Thailand)		64,800		393
China Communications Services Corp. Ltd. (China)		524,000		324
China Mobile Ltd. (Hong Kong)		183,500		1,903
MTN Group Ltd. (South Africa)		40,639		841
SK Telecom Co., Ltd. (South Korea)		4,132		901
Telekomunikasi Indonesia Persero Tbk PT (Indonesia)		2,910,000		514
Tim Participacoes S.A. (Brazil)		68,300		357
Turk Telekomunikasyon AS (Turkey)		244,473		678

				5,911

Utilities—1.9%
CEZ AS (Czech Republic)		24,561		640
Guangdong Investments Ltd. (China)		496,000		485


	SHARES		VALUE
Utilities—(continued)
Perusahaan Gas Negara Persero Tbk PT (Indonesia)		1,583,500	$	582

				1,707

TOTAL COMMON STOCKS (Identified Cost $82,282)				82,816

EXCHANGE-TRADED FUNDS—5.1%
iPath MSCI India Index ETN⁽²⁾		81,047		4,616

TOTAL EXCHANGE-TRADED FUNDS (Identified Cost $4,531)				4,616

TOTAL LONG TERM INVESTMENTS—99.1% (Identified cost $88,235)				88,832

SHORT-TERM INVESTMENTS—3.1%
Money Market Mutual Funds—3.1%
Fidelity Money Market Portfolio - Institutional Shares (Seven-day effective yield 0.090%)		2,769,082		2,769

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $2,769)				2,769

TOTAL INVESTMENTS—102.2% (Identified Cost $91,004)				91,601	⁽¹⁾
Other assets and liabilities, net—(2.2)%				(1,934	)

NET ASSETS—100.0%			$	89,667

Abbreviations:


ADR		American Depositary Receipt
ETN		Exchange Traded Note
GDR		Global Depositary Receipt

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2013, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Non-income producing.

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2013 (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.


	SHARES		VALUE
PREFERRED STOCK—1.9%
Industrials—1.9%
Marcopolo S.A. 1.730% (Brazil)		26,600	$	57

TOTAL PREFERRED STOCK (Identified Cost $59)				57

COMMON STOCKS—68.1%
Consumer Discretionary—7.7%
Ace Hardware Indonesia Tbk PT (Indonesia)		1,685,000		82
Goldlion Holdings Ltd. (Hong Kong)		188,000		90
Truworths International Ltd. (South Africa)		8,100		59

				231

Consumer Staples—26.1%
AVI Ltd. (South Africa)		11,000		60
Compania Cervecerias Unidas SA ADR (Chile)		2,500		60
Embotelladora Andina S.A. (Chile)		3,300		93
Eurocash S.A. (Poland)		5,600		88
Grupo Herdez Sab de CV (Mexico)		17,600		63
Guinness Anchor Bhd (Malaysia)		18,700		91
Massmart Holdings Ltd. (South Africa)		7,000		87
Oldtown Bhd (Malaysia)		80,200		64
Premier Marketing PCL (Thailand)		514,000		114
Wumart Stores, Inc. (China)		38,000		62

				782

Financials—7.9%
ARA Asset Management Ltd. (Singapore)		64,000		94
BFI Finance Indonesia Tbk PT (Indonesia)⁽²⁾		117,000		24
Bolsa Mexicana de Valores Sab de CV (Mexico)		25,500		58
Tisco Financial Group PCL (Thailand)		50,000		59

				235

Health Care—7.0%
Kalbe Farma Tbk PT (Indonesia)		898,000		92
OdontoPrev S.A. (Brazil)		27,700		116

				208

Industrials—7.6%
Freight Management Holdings Bhd (Malaysia)		6,300		3
Prosegur Cia de Seguridad S.A. (Spain)		9,400		65
Riverstone Holdings Ltd. (Singapore)		127,000		73


	SHARES		VALUE
Industrials—(continued)
Valid Solucoes e Servicos de Seguranca Em Meios de Pagamento e Identificacao S.A (Brazil)		6,400	$	87

				228

Information Technology—6.1%
MercadoLibre, Inc. (United States)		865		93
Totvs S.A. Com NPV (Brazil)		5,700		90

				183

Materials—5.7%
Corp. Moctezuma SAB de C.V. (Mexico)		19,500		53
Greatview Aseptic Packaging Co. Ltd. (China)		100,000		59
Synthos SA (Poland)		32,000		58

				170

TOTAL COMMON STOCKS (Identified Cost $2,062)				2,037

EXCHANGE-TRADED FUNDS—15.3%
iShares MSCI South Korea Index Fund		3,300		214
iShares MSCI Taiwan Index Fund		17,000		245

TOTAL EXCHANGE-TRADED FUNDS (Identified Cost $449)				459

WARRANTS—8.2%
CRISIL Ltd. Exercise price $0.01 exp. 12/31/18		6,400		124
Cummins India Ltd. Exercise price $0.01 exp. 12/31/18		7,800		61
eClerx Services Ltd. Exercise price $0.01 exp. 12/31/18		3,500		60

TOTAL WARRANTS (Identified Cost $247)				245

TOTAL LONG TERM INVESTMENTS—93.5% (Identified cost $2,817)				2,798

SHORT-TERM INVESTMENTS—20.3%
Money Market Mutual Funds—20.3%
Fidelity Money Market Portfolio - Institutional Shares (Seven-day effective yield 0.090%)		609,380		609

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $609)				609

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2013 (See Security Valuation Note 1A in the Notes to Schedules of Investments):


	SHARES		VALUE
PREFERRED STOCK—0.0%
Industrials—0.0%
Rolls-Royce Holdings, Series C, 4.020% (United Kingdom)⁽²⁾		154,531,336	$	256

TOTAL PREFERRED STOCK (Identified Cost $250)				256

COMMON STOCKS—96.7%
Consumer Discretionary—9.3%
Alimentation Couche Tard, Inc. Class B (Canada)		234,737		17,652
Barrat Developments plc (United Kingdom)		2,615,430		15,115
Domino’s Pizza Group plc (United Kingdom)		1,942,280		16,500
Hermes International (France)		42,444		15,386
L’Occitane International SA (Hong Kong)		4,627,301		9,846
Luxottica Group SpA (Italy)		270,275		14,482
Paddy Power plc (Ireland)⁽²⁾		272,530		23,245
Persimmon plc (United Kingdom)		1,211,684		24,861
Sands China Ltd. (Hong Kong)		3,540,526		28,925
Shaw Communications, Inc. (Canada)⁽³⁾		389,816		9,486

				175,498

Consumer Staples—35.4%
British American Tobacco plc (United Kingdom)		1,970,311		105,648
Diageo plc (United Kingdom)		1,640,877		54,344
Hindustan Unilever Ltd. (India)		1,190,693		10,985
ITC Ltd. (India)		9,070,738		47,198
L’Oreal S.A. (France)		170,771		30,001
Lindt & Spruengli AG (Switzerland)		7,982		35,980
Nestle S.A. Registered Shares (Switzerland)		1,142,189		83,611
Pernod-Ricard S.A. (France)		241,353		27,495
Philip Morris International, Inc. (United States)		1,063,245		92,641
Reckitt Benckiser Group plc (United Kingdom)		303,878		24,119
SABMiller plc (United Kingdom)		1,087,500		55,844
Unilever N.V. (Netherlands)		2,018,498		81,292
Wal-Mart de Mexico S.A.B. de C.V. (Mexico)		6,967,795		18,283

				667,441

Energy—4.1%
Core Laboratories N.V. (Netherlands)		223,167		42,614
Enbridge, Inc. (Canada)⁽³⁾		776,243		33,914

				76,528

Financials—18.2%
Bank of Nova Scotia (Canada)⁽³⁾		511,773		32,005


	SHARES		VALUE
Financials—(continued)
Daito Trust Construction Co., Ltd. (Japan)		220,700	$	20,601
Housing Development Finance Corp. (India)		5,067,514		65,102
Housing Development Finance Corp. Bank Ltd. (India)		5,028,967		54,135
Housing Development Finance Corp. Bank Ltd. ADR (India)		2,898		100
HSBC Holdings plc (United Kingdom)		3,764,127		41,289
Link REIT (The) (Hong Kong)		3,550,309		17,215
Standard Chartered plc (United Kingdom)		1,543,615		34,764
UBS AG Registered Shares (Switzerland)		4,064,052		77,085

				342,296

Health Care—13.4%
Cie Generale D’optique Essilor International SA (France)		261,793		27,833
Covidien plc (Ireland)		453,100		30,856
CSL Ltd. (Australia)		273,202		16,822
Elekta AB (Sweden)		867,718		13,268
Grifols SA (Spain)		487,888		23,334
Novartis AG Registered Shares (Switzerland)		163,915		13,083
Novo Nordisk A/S Class B (Denmark)		325,545		59,673
Ramsay Health Care Ltd. (Australia)		664,488		25,667
Roche Holding AG (Switzerland)		151,727		42,386

				252,922

Industrials—9.7%
Bureau Veritas SA (France)		1,742,178		50,919
Cheung Kong Infrastructure Holdings Ltd. (Hong Kong)		1,189,783		7,511
DKSH Holding AG (Switzerland)⁽²⁾		389,080		30,226
Intertek Group plc (United Kingdom)		47,669		2,485
Rolls-Royce Holdings plc (United Kingdom)		1,796,876		37,938
SGS SA Registered Shares (Switzerland)		23,032		52,981

				182,060

Information Technology—2.5%
Cielo SA (Brazil)		627,412		17,459
SAP AG (Germany)		358,121		30,698

				48,157

Materials—3.5%
Fresnillo plc (United Kingdom)		1,996,223		24,644
Goldcorp, Inc. (Canada)		1,501,232		32,561
Silver Wheaton Corp. (Canada)		459,057		9,270

				66,475


	SHARES		VALUE
Telecommunication Services—0.6%
Advanced Info Service PCL (Thailand)		477,200	$	2,897
Telekomunikasi Indonesia Persero Tbk PT (Indonesia)		46,848,466		8,277

				11,174

TOTAL COMMON STOCKS (Identified Cost $1,443,152)				1,822,551

TOTAL LONG TERM INVESTMENTS—96.7% (Identified cost $1,443,402)				1,822,807

SHORT-TERM INVESTMENTS—3.3%
Money Market Mutual Funds—3.3%
Fidelity Money Market Portfolio - Institutional Shares (Seven-day effective yield 0.090%)		62,791,493		62,791

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $62,791)				62,791

SECURITIES LENDING COLLATERAL—0.5%
INVESCO Trust Short-Term Investments Liquid Assets Portfolio (The) Institutional Shares (seven-day effective yield 0.070%)⁽⁴⁾		8,641,988		8,642

TOTAL SECURITIES LENDING COLLATERAL (Identified Cost $8,642)				8,642

TOTAL INVESTMENTS—100.5% (Identified Cost $1,514,835)				1,894,240	⁽¹⁾
Other assets and liabilities, net—(0.5)%				(10,117	)

NET ASSETS—100.0%			$	1,884,123

Abbreviations:

ADR	American Depositary Receipt

REIT	Real Estate Investment Trust

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2013, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Non-income producing.

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

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

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2013 (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—96.6%
Consumer Staples—13.0%
Andersons, Inc. (The) (United States)		7,671	$	684
BRF - Brasil Foods S.A. ADR (Brazil)		24,640		514
KWS Saat AG (Germany)		549		189
Nutreco N.V. (Netherlands)		7,874		391
S&W Seed Co. (United States)⁽²⁾		36,103		251
Tyson Foods, Inc. Class A (United States)⁽²⁾		34,140		1,142

				3,171

Energy—35.7%
Athabasca Oil Corp. (Canada)⁽²⁾		53,653		327
Bankers Petroleum Ltd. (Canada)⁽²⁾		62,857		259
Bellatrix Exploration Ltd. (Canada)⁽²⁾		32,816		241
Cameron International Corp. (United States)⁽²⁾		10,734		639
Canyon Services Group, Inc. (Canada)		18,185		206
Concho Resources, Inc. (United States)⁽²⁾		7,809		843
Continental Resources, Inc. (United States)⁽²⁾		3,363		378
Core Laboratories N.V. (Netherlands)		3,485		666
EnCana Corp. (Canada)		12,920		233
FX Energy, Inc. (United States)⁽²⁾		52,523		192
GeoSpace Technologies Corp. (United States)⁽²⁾		9,847		934
MEG Energy Corp. (Canada)⁽²⁾		30,399		876
Painted Pony Petroleum Ltd. (Canada)⁽²⁾		31,777		208
Suncor Energy, Inc. (Canada)		21,893		767
Tesoro Corp. (United States)		8,103		474
Trilogy Energy Corp. (Canada)		13,989		364
Valero Energy Corp. (United States)		22,083		1,113

				8,720

Health Care—2.4%
Evogene Ltd. (Israel)⁽²⁾		16,611		326
Zoetis, Inc. (United States)		7,521		246

				572

Industrials—7.3%
AGCO Corp. (United States)		3,156		187
JGC Corp. (Japan)		14,000		548
Kubota Corp. Sponsored ADR (Japan)		6,670		558
Lindsay Corp. (United States)		3,524		291
Rocky Mountain Dealerships, Inc. (Canada)		17,103		206

				1,790

Materials—38.2%
Balchem Corp. (United States)		5,611		329


	SHARES		VALUE
Materials—(continued)
BHP Billiton Ltd. Sponsored ADR (Australia)		15,349	$	1,047
CF Industries Holdings, Inc. (United States)		1,162		271
Dowa Holdings Co., Ltd. (Japan)		25,000		244
Du Pont (E.I.) de Nemours & Co. (United States)		5,941		386
Franco-Nevada Corp. (Canada)		11,113		453
Grupo Mexico S.A.B. de C.V. Series B (Mexico)		378,598		1,253
Imperial Metals Corp. (Canada)⁽²⁾		52,974		797
JFE Holdings, Inc. (Japan)		22,800		542
Johnson Matthey plc (United Kingdom)		18,724		1,017
MBAC Fertilizer Corp. (Canada)⁽²⁾		282,929		413
Monsanto Co. (United States)		1,459		170
Nippon Steel & Sumitomo Metal Corp. (Japan)		215,000		718
Royal Gold, Inc. (United States)		10,151		468
Silver Wheaton Corp. (Canada)		9,246		187
Syngenta AG ADR (Switzerland)		3,563		285
Teck Cominco Ltd. Class B (Canada)		14,412		375
Vale S.A. Sponsored ADR (Brazil)		24,256		370

				9,325

TOTAL COMMON STOCKS (Identified Cost $20,365)				23,578

EXCHANGE-TRADED FUNDS—0.7%
PowerShares DB Gold Fund (United States)⁽²⁾		4,275		173

TOTAL EXCHANGE-TRADED FUNDS (Identified Cost $217)				173

TOTAL LONG TERM INVESTMENTS—97.3% (Identified cost $20,582)				23,751

SHORT-TERM INVESTMENTS—2.9%
Money Market Mutual Funds—2.9%
Fidelity Money Market Portfolio - Institutional Shares (Seven-day effective yield 0.090%)		707,597		708

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $708)				708

TOTAL INVESTMENTS—100.2% (Identified Cost $21,290)				24,459	⁽¹⁾
Other assets and liabilities, net—(0.2)%				(42	)

NET ASSETS—100.0%			$	24,417

Abbreviations:

ADR	American Depositary Receipt

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2013, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Non-income producing.

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2013 (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.


	SHARES		VALUE
COMMON STOCKS—98.5%
Consumer Discretionary—2.4%
Eutelsat Communications SA (France)		50,600	$	1,578
SES SA (Luxembourg)		59,760		1,934

				3,512

Energy—24.8%
Enbridge, Inc. (Canada)		169,500		7,404
Keyera Corp. (Canada)		26,940		1,621
Kinder Morgan, Inc. (United States)		141,350		5,089
Koninklijke Vopak N.V. (Netherlands)		24,340		1,424
Pembina Pipeline Corp (Canada)		71,265		2,510
Plains GP Holdings LP (United States)		54,560		1,461
Spectra Energy Corp. (United States)		127,315		4,535
TransCanada Corp. (Canada)		113,670		5,190
Williams Cos., Inc. (The) (United States)		169,895		6,553

				35,787

Financials—2.1%
American Tower Corp. (United States)		38,610		3,082

Industrials—14.6%
Abertis Infraestructuras S.A. (Spain)		143,040		3,178
Atlantia S.p.A (Italy)		141,531		3,176
Auckland International Airport Ltd. (New Zealand)		617,550		1,793
Ferrovial S.A. (Spain)		104,370		2,019
Flughafen Zuerich AG (Switzerland)		2,931		1,713
Fraport AG Frankfurt Airport Services Worldwide (Germany)		25,695		1,923
Sydney Airport (Australia)		512,650		1,739
Transurban Group (Australia)		549,560		3,356
Vinci SA (France)		31,280		2,054

				20,951

Telecommunication Services—22.9%
AT&T, Inc. (United States)		177,220		6,231
BCE, Inc. (Canada)		27,900		1,208
BT Group plc (United Kingdom)		383,870		2,412
Crown Castle International Corp. (United States)⁽²⁾		48,815		3,584
Nippon Telegraph & Telephone Corp. ADR (Japan)		46,370		1,254
Singapore Telecommunications Ltd. (Singapore)		791,400		2,295
TDC A/S (Denmark)		214,960		2,085
TELUS Corp. (Canada)		54,750		1,884


	SHARES		VALUE
Telecommunication Services—(continued)
Verizon Communications, Inc. (United States)		67,380	$	3,311
Vodafone Group plc Sponsored ADR (United Kingdom)		193,895		7,622
Windstream Corp. (United States)		138,190		1,103

				32,989

Utilities—31.7%
Allette, Inc. (United States)		28,890		1,441
Ameren Corp. (United States)		40,130		1,451
American Water Works Co., Inc. (United States)		42,400		1,792
APA Group (Australia)		235,840		1,264
CenterPoint Energy, Inc. (United States)		60,735		1,408
Cleco Corp. (United States)		30,275		1,411
CMS Energy Corp. (United States)		57,785		1,547
Dominion Resources, Inc. (United States)		38,040		2,461
DTE Energy Co. (United States)		19,860		1,319
Duke Energy Corp. (United States)		39,765		2,744
National Grid plc (United Kingdom)		379,215		4,948
NextEra Energy, Inc. (United States)		40,090		3,433
NiSource, Inc. (United States)		63,140		2,076
Northeast Utilities (United States)		30,690		1,301
ONEOK, Inc. (United States)		29,180		1,814
Pinnacle West Capital Corp. (United States)		25,895		1,370
Questar Corp. (United States)		50,930		1,171
Scottish & Southern Energy plc (United Kingdom)		81,710		1,854
Sempra Energy (United States)		35,520		3,188
Snam Rete Gas S.p.A (Italy)		442,445		2,475
Terna Rete Elettrica Nazionale S.p.A (Italy)		291,620		1,457
Veolia Environnement SA (France)		113,755		1,855
Wisconsin Energy Corp. (United States)		44,480		1,839

				45,619

TOTAL COMMON STOCKS (Identified Cost $114,193)				141,940

TOTAL LONG TERM INVESTMENTS—98.5% (Identified cost $114,193)				141,940

SHORT-TERM INVESTMENTS—3.0%
Money Market Mutual Funds—3.0%
Fidelity Money Market Portfolio - Institutional Shares (Seven-day effective yield 0.090%)		4,283,806		4,284

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $4,284)				4,284

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2013 (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.


	SHARES		VALUE
COMMON STOCKS—99.7%
Consumer Discretionary—13.6%
Alimentation Couche Tard, Inc. Class B (Canada)		14,752	$	1,109
Amazon.com, Inc. (United States)⁽²⁾		1,676		669
Chipotle Mexican Grill, Inc. (United States)⁽²⁾		1,099		586
Las Vegas Sands Corp. (United States)		48,057		3,790
Mattel, Inc. (United States)		20,561		978
Michael Kors Holdings Ltd. (United Kingdom)⁽²⁾		7,600		617
Norstar Founders Group Ltd. (Cayman Islands)^(2)(3)(4)		54,400		0
Paddy Power plc (Ireland)⁽²⁾		14,788		1,261
Persimmon plc (United Kingdom)		74,743		1,534
priceline.com, Inc. (United States)⁽²⁾		1,283		1,491
TJX Cos., Inc. (United States)		35,413		2,257
Twenty-First Century Fox, Inc. (United States)		51,400		1,808

				16,100

Consumer Staples—33.6%
Altria Group, Inc. (United States)		64,697		2,484
British American Tobacco plc (United Kingdom)		120,409		6,456
Coca-Cola Co. (The) (United States)		136,134		5,624
Diageo plc (United Kingdom)		58,300		1,931
ITC Ltd. (India)		556,983		2,898
Nestle S.A. Registered Shares (Switzerland)		54,586		3,996
Philip Morris International, Inc. (United States)		66,159		5,764
Reckitt Benckiser Group plc (United Kingdom)		18,518		1,470
SABMiller plc (United Kingdom)		35,493		1,823
Unilever N.V. (Netherlands)		94,367		3,800
Wal-Mart de Mexico S.A.B. de C.V. (Mexico)		210,700		553
Wal-Mart Stores, Inc. (United States)		21,353		1,680
Whole Foods Market, Inc. (United States)		21,711		1,256

				39,735

Energy—1.8%
Core Laboratories N.V. (Netherlands)		1,568		299
Enbridge, Inc. (Canada)⁽⁵⁾		40,650		1,776

				2,075

Financials—15.0%
Capital One Financial Corp. (United States)		8,238		631
Housing Development Finance Corp. (India)		233,302		2,997
Housing Development Finance Corp. Bank Ltd. (India)		313,425		3,374
HSBC Holdings plc (United Kingdom)		149,423		1,639
Standard Chartered plc (United Kingdom)		36,527		823


	SHARES		VALUE
Financials—(continued)
UBS AG Registered Shares (Switzerland)		213,424	$	4,048
Wells Fargo & Co. (United States)		93,820		4,260

				17,772

Health Care—15.1%
Biogen Idec, Inc. (United States)⁽²⁾		6,200		1,735
Celgene Corp. (United States)⁽²⁾		10,200		1,723
Covidien plc (Ireland)		27,379		1,865
Elekta AB (Sweden)		44,101		674
Grifols SA (Spain)		27,338		1,308
Illumina, Inc. (United States)⁽²⁾		5,000		553
Johnson & Johnson (United States)		28,950		2,652
Novartis AG Registered Shares (Switzerland)		11,619		927
Novo Nordisk A/S Class B (Denmark)		13,335		2,444
Roche Holding AG (Switzerland)		8,274		2,311
Zoetis, Inc. (United States)		51,786		1,693

				17,885

Industrials—4.7%
Bureau Veritas SA (France)		58,183		1,701
Cheung Kong Infrastructure Holdings Ltd. (Hong Kong)		74,206		468
DKSH Holding AG (Switzerland)⁽²⁾		4,587		356
SGS SA Registered Shares (Switzerland)		899		2,068
TransDigm Group, Inc. (United States)		6,029		971

				5,564

Information Technology—12.0%
Cielo SA (Brazil)		39,035		1,086
Cognizant Technology Solutions Corp. Class A (United States)⁽²⁾		21,325		2,154
MasterCard, Inc. Class A (United States)		8,513		7,112
Visa, Inc. Class A (United States)		17,120		3,812

				14,164

Materials—3.3%
Fresnillo plc (United Kingdom)		110,314		1,362
Goldcorp, Inc. (Canada)		88,486		1,919
Silver Wheaton Corp. (Canada)		27,774		561

				3,842

Telecommunication Services—0.6%
Advanced Info Service PCL (Thailand)		27,500		167


	SHARES		VALUE
Telecommunication Services—(continued)
Telekomunikasi Indonesia Persero Tbk PT (Indonesia)		2,981,936	$	527

				694

TOTAL COMMON STOCKS (Identified Cost $90,647)				117,831

TOTAL LONG TERM INVESTMENTS—99.7% (Identified cost $90,647)				117,831

SHORT-TERM INVESTMENTS—0.3%
Money Market Mutual Funds—0.3%
Fidelity Money Market Portfolio - Institutional Shares (Seven-day effective yield 0.090%)		349,396		349

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $349)				349

SECURITIES LENDING COLLATERAL—0.0%
INVESCO Trust Short-Term Investments Liquid Assets Portfolio (The) Institutional Shares (seven-day effective yield 0.070%)⁽⁶⁾		13,377		13

TOTAL SECURITIES LENDING COLLATERAL (Identified Cost $13)				13

TOTAL INVESTMENTS—100.0% (Identified Cost $91,009)				118,193	⁽¹⁾
Other assets and liabilities, net—0.0%				44

NET ASSETS—100.0%			$	118,237

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2013, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Non-income producing.

⁽³⁾	Illiquid security.

⁽⁴⁾	Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a Level 3 security in the disclosure table located after the Schedule of Investments.

⁽⁵⁾	All or a portion of security is on loan.

⁽⁶⁾	Represents security purchased with cash collateral received for securities on loan.

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2013 (See Security Valuation Note 1A in the Notes to Schedules of Investments):


	SHARES		VALUE
EXCHANGE-TRADED FUNDS—96.9%
Consumer Discretionary Select Sector SPDR Fund		190,570	$	12,736
Consumer Staples Select Sector SPDR Fund		287,090		12,339
Energy Select Sector SPDR Fund		142,250		12,590
Financial Select Sector SPDR Fund		580,370		12,687
Health Care Select Sector SPDR Fund		223,960		12,416
Industrial Select Sector SPDR Fund		245,540		12,832
iShares MSCI Canada Index Fund		255,813		7,459
iShares MSCI Emerging Markets Index Fund		552,260		23,068
iShares MSCI Japan Index Fund		733,320		8,895
iShares MSCI Pacific Ex-Japan Index Fund		79,730		3,726
Materials Select Sector SPDR Fund		278,510		12,873
Technology Select Sector SPDR Fund		356,900		12,756
Vanguard FTSE Europe ETF		454,900		26,748

TOTAL EXCHANGE-TRADED FUNDS (Identified Cost $146,365)				171,125

TOTAL LONG TERM INVESTMENTS—96.9% (Identified cost $146,365)				171,125

SHORT-TERM INVESTMENTS—3.6%
Money Market Mutual Funds—3.6%
Fidelity Money Market Portfolio - Institutional Shares (Seven-day effective yield 0.090%)		6,447,651		6,448

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $6,448)				6,448

TOTAL INVESTMENTS—100.5% (Identified Cost $152,813)				177,573	⁽¹⁾
Other assets and liabilities, net—(0.5)%				(883	)

NET ASSETS—100.0%			$	176,690

Abbreviations:

ETF	Exchange-Traded Fund

SPDR	S&P Depositary Receipt

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2013, 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 December 31, 2013 (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.


	SHARES		VALUE
COMMON STOCKS—98.6%
Australia—5.9%
BGP Holdings plc^(2)(3)(4)		13,566	$	0
CFS Retail Property Trust		50,600		88
Dexus Property Group		587,440		527
GPT Group		123,500		375
Westfield Group		126,150		1,136
Westfield Retail Trust		148,450		394

				2,520

Canada—4.4%
Allied Properties Real Estate Investment Trust		17,885		552
Canadian Real Estate Investment Trust		9,175		375
First Capital Realty, Inc.		24,780		413
RioCan Real Estate Investment Trust		23,562		549

				1,889

Finland—0.5%
Citycon OYJ		59,970		211

France—4.2%
Fonciere Des Regions		2,154		186
Klepierre		5,220		242
Unibail-Rodamco SE		5,373		1,376

				1,804

Germany—1.4%
LEG Immobilien AG⁽²⁾		9,954		588

Hong Kong—4.8%
Hang Lung Properties Ltd.		155,000		490
Hongkong Land Holdings Ltd.		84,900		501
Hysan Development Co. Ltd.		73,000		314
Link REIT (The)		159,504		773

				2,078

Italy—0.2%
Beni Stabili SpA		154,478		104

Japan—6.0%
AEON Mall Co., Ltd.		3,077		86
GLP J-REIT		284		277
Japan Prime Realty Investment Corp.		106		339
Japan Real Estate Investment Corp.		56		300
Kenedix Realty Investment Corp.		114		541
Nippon Building Fund, Inc.		68		395
Nippon Prologis REIT, Inc.		41		392


	SHARES		VALUE
Japan—(continued)
Tokyu REIT, Inc.		41	$	253

				2,583

Mexico—0.8%
TF Administradora Industrial S de Rl de CV		193,222		348

Netherlands—0.7%
Corio N.V.		2,231		100
Eurocommercial Properties N.V.		4,265		181

				281

Norway—0.5%
Norwegian Property ASA		175,775		211

Singapore—3.3%
CapitaMall Trust		145,450		220
CapitaRetail China Trust		354,331		373
Global Logistic Properties Ltd.		252,500		578
Mapletree Logistics Trust		311,545		261

				1,432

Sweden—0.9%
Castellum AB		23,340		363

United Kingdom—7.5%
Big Yellow Group plc		23,628		187
British Land Co. plc		46,400		483
Derwent London plc		5,810		240
Great Portland Estates plc		28,971		288
Hammerson plc		54,620		454
Land Securities Group plc		52,131		832
Safestore Holdings plc		129,726		346
SEGRO plc		69,490		384

				3,214

United States—57.5%
American Campus Communities, Inc.		15,538		501
AvalonBay Communities, Inc.		7,695		910
Boston Properties, Inc.		9,328		936
Brixmor Property Group, Inc.		12,083		246
Camden Property Trust		10,610		604
DCT Industrial Trust, Inc.		122,593		874
DDR Corp.		41,545		639
Digital Realty Trust, Inc.		2,385		117
Douglas Emmett, Inc.		7,100		165
Duke Realty Corp.		20,700		311


	SHARES		VALUE
United States—(continued)
EastGroup Properties, Inc.		2,400	$	139
Equity Lifestyle Properties, Inc.		9,646		349
Equity Residential		26,289		1,364
Essex Property Trust, Inc.		6,479		930
Extra Space Storage, Inc.		19,195		809
General Growth Properties, Inc.		60,819		1,221
HCP, Inc.		24,479		889
Health Care REIT, Inc.		7,531		403
Host Hotels & Resorts, Inc.		48,908		951
Kilroy Realty Corp.		20,263		1,017
Kimco Realty Corp.		29,285		578
LaSalle Hotel Properties		15,115		466
Liberty Property Trust		22,267		754
Macerich Co. (The)		17,673		1,041
Pebblebrook Hotel Trust		18,459		568
Prologis, Inc.		41,648		1,539
Public Storage		10,790		1,624
Simon Property Group, Inc.		18,431		2,804
SL Green Realty Corp.		4,986		461
Tanger Factory Outlet Centers		24,700		791
Ventas, Inc.		10,272		588
Vornado Realty Trust		1,075		95

				24,684

TOTAL COMMON STOCKS (Identified Cost $40,138)				42,310

TOTAL LONG TERM INVESTMENTS—98.6% (Identified cost $40,138)				42,310

SHORT-TERM INVESTMENTS—1.1%
Money Market Mutual Funds—1.1%
Fidelity Money Market Portfolio - Institutional Shares (Seven-day effective yield 0.090%)		482,213		482

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $482)				482

TOTAL INVESTMENTS—99.7% (Identified Cost $40,620)				42,792	⁽¹⁾
Other assets and liabilities, net—0.3%				137

NET ASSETS—100.0%			$	42,929

Abbreviations:

REIT	Real Estate Investment Trust

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2013 (See Security Valuation Note 1A in the Notes to Schedules of Investments):


	SHARES		VALUE
COMMON STOCKS—70.4%
Consumer Discretionary—11.8%
BEC World plc (Thailand)		75,100	$	115
Galaxy Entertainment Group Ltd. (Hong Kong)⁽²⁾		2,098		19
Genting Malaysia Bhd (Malaysia)		83,955		112
Jollibee Foods Corp. (Philippines)		17,800		69
Kangwon Land, Inc. (South Korea)⁽²⁾		3,050		90
L’Occitane International SA (Hong Kong)		40,389		86
Matahari Department Store Tbk PT (Indonesia)⁽²⁾		89,873		81
SA International Holdings Ltd. (Cayman Islands)		69,005		81
Samsonite International SA (Luxembourg)		8,737		27
Sands China Ltd. (Cayman Islands)		28,773		235
Super Retail Group Ltd. (Australia)		6,001		71
Westlife Development Ltd. (India)⁽²⁾		38,271		230

				1,216

Consumer Staples—25.1%
British American Tobacco Bangldesh Co., Ltd. (Bangladesh)		14,350		296
CP ALL PCL (Thailand)		187,500		240
Dairy Farm International Holdings Ltd. (Bermuda)		10,035		95
Emami Ltd. (India)⁽²⁾		11,956		92
Guinness Anchor Bhd (Malaysia)		34,585		169
Hindustan Unilever Ltd. (India)		22,027		203
ITC Ltd. (India)		64,699		337
LG Household & Health Care Ltd. (South Korea)⁽²⁾		294		153
Nestle India Ltd. (India)		2,203		188
Nestle Malaysia Bhd (Malaysia)		5,790		120
Nestle Pakistan Ltd. (Pakistan)		2,078		149
Orion Corp. (South Korea)		88		79
Puregold Price Club, Inc. (Philippines)		81,300		69
Robinsons Retail Holdings, Inc. (Philippines)⁽²⁾		30,900		39
Thai Beverage PCL (Thailand)		181,290		78
Tsingtao Brewery Co., Ltd. (China)		16,253		137
Unilever Indonesia Tbk PT (Indonesia)		52,497		112
United Spirits Ltd. (India)		725		31

				2,587

Financials—19.5%
Axis Bank Ltd. (India)		4,538		95
Bangkok Bank plc (Thailand)		23,100		125
Bank Central Asia Tbk PT (Indonesia)		75,768		60
DBS Group Holdings Ltd. (Singapore)		7,849		106


	SHARES		VALUE
Financials—(continued)
Delta Brac Housing Finance Corp., Ltd. (Bangladesh)		69,000	$	49
Housing Development Finance Corp. (India)		25,364		326
Housing Development Finance Corp. Bank Ltd. (India)		31,910		344
HSBC Holdings plc (United Kingdom)		20,590		223
Kasikornbank PCL (Thailand)		25,200		122
Kotak Mahindra Bank Ltd. (India)		5,440		64
Link REIT (The) (Hong Kong)		25,823		125
Malayan Banking Bhd (Malaysia)		42,870		130
Public Bank Bhd (Malaysia)		12,480		74
Standard Chartered plc (United Kingdom)		7,174		160

				2,003

Health Care—4.7%
Cipla Ltd. (India)		11,263		73
CSL Ltd. (Australia)		1,531		94
Kalbe Farma Tbk PT (Indonesia)		992,013		102
Ramsay Health Care Ltd. (Australia)		2,573		99
Sun Pharmaceutical Industries Ltd. (India)		12,360		114

				482

Industrials—2.2%
Havells India Ltd. (India)		7,385		94
Jardine Matheson Holdings Ltd. (Bermuda)		1,328		69
SM Investments Corp. (Philippines)		3,837		62

				225

Information Technology—1.4%
NetEase, Inc. ADR (Cayman Islands)		400		31
Tata Consultancy Services Ltd. (India)		3,095		109

				140

Materials—1.2%
Asian Paints Ltd. (India)		6,690		53
Semen Gresik (Persero) Tbk PT (Indonesia)		62,290		72

				125

Telecommunication Services—2.4%
Advanced Info Service PCL (Thailand)		19,800		120
Telekomunikasi Indonesia Persero Tbk PT (Indonesia)		728,130		129

				249

Utilities—2.1%
NTPC Ltd. (India)⁽²⁾		10,147		23


	SHARES		VALUE
Utilities—(continued)
Power Assets Holdings Ltd. (Hong Kong)		24,284	$	193

				216

TOTAL COMMON STOCKS (Identified Cost $5,602)				7,243

TOTAL LONG TERM INVESTMENTS—70.4% (Identified cost $5,602)				7,243

SHORT-TERM INVESTMENTS—5.3%
Money Market Mutual Funds—5.3%
Fidelity Money Market Portfolio - Institutional Shares (Seven-day effective yield 0.090%)		545,510		546

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $546)				546

TOTAL INVESTMENTS—75.7% (Identified Cost $6,148)				7,789	⁽¹⁾
Other assets and liabilities, net—24.3%				2,505

NET ASSETS—100.0%			$	10,294

Abbreviations:

ADR	American Depositary Receipt

REIT	Real Estate Investment Trust

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2013, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Non-income producing.

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2013 (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

Securities held by the Fund with an end of period Value of $49 were transferred from level 3 to 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.


	SHARES		VALUE
PREFERRED STOCK—0.0%
Industrials—0.0%
Rolls-Royce Holdings, Series C, 4.020%⁽²⁾		1,932,076	$	3

TOTAL PREFERRED STOCK (Identified Cost $3)				3

COMMON STOCKS—97.5%
Consumer Discretionary—8.9%
Barrat Developments plc (United Kingdom)		50,817		294
Domino’s Pizza Group plc (United Kingdom)		20,272		172
Hermes International (France)		531		192
Luxottica Group SpA (Italy)		6,509		349
Paddy Power plc (Ireland)⁽²⁾		4,702		401
Persimmon plc (United Kingdom)		10,536		216

				1,624

Consumer Staples—34.4%
Anheuser-Busch InBev N.V. (Belgium)		4,499		478
British American Tobacco plc (United Kingdom)		17,732		951
Diageo plc (United Kingdom)		18,873		625
L’Oreal S.A. (France)		2,351		413
Lindt & Spruengli AG (Switzerland)		47		212
Nestle S.A. Registered Shares (Switzerland)		8,784		643
Pernod-Ricard S.A. (France)		2,461		280
Philip Morris International, Inc. (United States)		9,661		842
Reckitt Benckiser Group plc (United Kingdom)		5,618		446
SABMiller plc (United Kingdom)		13,470		692
Unilever N.V. (Netherlands)		17,964		723

				6,305

Energy—2.9%
Core Laboratories N.V. (Netherlands)		2,830		540

Financials—13.3%
Countrywide plc (United Kingdom)		11,826		117
HSBC Holdings plc (United Kingdom)		42,062		461
Reinet Investments SCA (Luxembourg)⁽²⁾		11,673		222
Standard Chartered plc (United Kingdom)		23,467		529
Svenska Handelsbanken AB Class A (Sweden)		5,277		259
UBS AG Registered Shares (Switzerland)		44,171		838

				2,426

Health Care—13.2%
Cie Generale D’optique Essilor International SA (France)		3,385		360


	SHARES		VALUE
Health Care—(continued)
Elekta AB (Sweden)		12,507	$	191
Grifols SA (Spain)		7,093		339
Novartis AG Registered Shares (Switzerland)		2,108		168
Novo Nordisk A/S Class B (Denmark)		3,338		612
Novozymes A/S Class B (Denmark)		3,495		148
Roche Holding AG (Switzerland)		2,128		594

				2,412

Industrials—14.4%
Bureau Veritas SA (France)		20,529		600
DKSH Holding AG (Switzerland)⁽²⁾		4,557		354
Indutrade AB (Sweden)		5,436		227
Intertek Group plc (United Kingdom)		1,511		79
Rolls-Royce Holdings plc (United Kingdom)		23,668		500
SGS SA Registered Shares (Switzerland)		173		398
Zodiac Aerospace (France)		2,655		470

				2,628

Information Technology—5.2%
Accenture plc Class A (Ireland)		2,941		242
SAP AG (Germany)		4,488		385
Wirecard AG (Germany)		8,394		331

				958

Materials—5.2%
Air Liquide SA (France)		2,618		370
Fresnillo plc (United Kingdom)		27,450		339
Randgold Resources Limited (Jersey)		1,810		114
Randgold Resources Ltd. ADR (Jersey)		2,066		130

				953

TOTAL COMMON STOCKS (Identified Cost $14,665)				17,846

TOTAL LONG TERM INVESTMENTS—97.5% (Identified cost $14,668)				17,849

SHORT-TERM INVESTMENTS—2.5%
Money Market Mutual Funds—2.5%
Fidelity Money Market Portfolio - Institutional Shares (Seven-day effective yield 0.090%)		459,606		460

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $460)				460


TOTAL INVESTMENTS—100.0% (Identified Cost $15,128)		18,309	⁽¹⁾
Other assets and liabilities, net—0.0%		0

NET ASSETS—100.0%	$	18,309

Abbreviations:

ADR	American Depositary Receipt

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2013, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Non-income producing.

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2013 (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
CLOSED END FUNDS—95.2%
Convertible Funds—5.4%
Advent Claymore Convertible Securities and Income Fund		10,825	$	201
AllianzGI Equity & Convertible Income Fund		6,982		136
Putnam High Income Securities Fund		44,103		364

				701

Equity Funds—29.1%
Adams Express Co.		25,470		333
Advent Claymore Enhanced Growth & Income Fund		8,708		88
Alpine Total Dynamic Dividend Fund		113,269		475
ASA Gold and Precious Metals Ltd.		4,500		55
BlackRock Enhanced Equity Dividend Trust		8,000		64
Boulder Growth & Income Fund, Inc.		14,323		115
Cohen & Steers Dividend Majors Fund, Inc.		23,102		337
Cohen & Steers Infrastructure Fund, Inc.		15,500		319
Cohen & Steers REIT and Preferred Income Fund, Inc.		16,491		259
Dividend and Income Fund		3,000		45
Eaton Vance Tax-Advantaged Dividend Income Fund		5,363		102
First Opportunity Fund, Inc.		13,270		119
Gabelli Healthcare & WellnessRx Trust (The)		17,145		178
General American Investors Co., Inc.		9,135		322
Liberty All Star Equity Fund		38,225		228
LMP Capital and Income Fund, Inc.		18,166		286
Petroleum & Resources Corp.		12,355		338
RMR Real Estate Income Fund		2,824		48
Tri-Continental Corp.		3,847		77

				3,788

Hybrid Fund—0.5%
Calamos Global Dynamic Income Fund		8,250		74

Income Funds—26.6%
AllianceBernstein Income Fund		12,000		86
American Select Portfolio		41,543		385
BlackRock Build America Bond Trust		9,000		172
BlackRock Credit Allocation Income Trust IV		18,768		245
First Trust High Income Long/Short Fund		5,800		100
First Trust Intermediate Duration Preferred & Income Fund		24,385		518
First Trust Mortgage Income Fund		20,300		316


	SHARES		VALUE
Income Funds—(continued)
Guggenheim Build America Bonds Managed Duration Trust		6,999	$	139
Montgomery Street Income Securities, Inc.		5,755		89
Morgan Stanley Income Securities, Inc.		10,278		173
NexPoint Credit Strategies Fund		15,000		141
Nuveen Build America Bond Opportunity Fund		6,752		131
Pimco Dynamic Income Fund		8,000		233
Putnam Master Intermediate Income Trust		13,600		69
Putnam Premier Income Trust		62,407		339
TCW Strategic Income Fund, Inc.		6,500		35
Western Asset Inflation Management Fund, Inc.		14,000		237
Western Asset/Claymore Inflation-Linked Opportunities & Income Fund		5,000		56

				3,464

International Equity Funds—22.8%
Aberdeen Indonesia Fund, Inc. (The)		5,210		43
Aberdeen Singapore Fund, Inc.		5,100		65
Alpine Global Dynamic Dividend Fund		69,494		354
BlackRock International Growth and Income Trust		17,000		138
Brookfield Global Listed Infrastructure Income Fund, Inc.		8,317		165
Clough Global Allocation Fund		4,452		69
Clough Global Opportunities Fund		9,857		129
Delaware Enhanced Global Dividend and Income Fund		9,000		110
Japan Equity Fund, Inc.		56,284		393
Japan Smaller Capitalization Fund, Inc.		38,577		354
JPMorgan China Region Fund, Inc.		3,112		47
Korea Fund, Inc. (The)⁽²⁾		5,918		245
Macquarie Global Infrastructure Total Return Fund, Inc.		3,900		86
Morgan Stanley Asia Pacific Fund, Inc.		5,091		85
New Germany Fund, Inc. (The)		4,320		86
Nuveen Real Asset Income and Growth Fund		13,933		233
Templeton Dragon Fund, Inc.		4,400		114
Thai Fund, Inc. (The)		8,963		163
Wells Fargo Advantage Global Dividend Opportunity Fund		12,002		87

				2,966

International Income Funds—5.8%
Aberdeen Asia-Pacific Income Fund, Inc.		17,034		98


	SHARES		VALUE
International Income Funds—(continued)
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.		27,185	$	354
Nuveen Diversified Currency Opportunities Fund		3,850		39
Pimco Dynamic Credit Income Fund		12,000		270

				761

Loan Participation Fund—0.3%
Avenue Income Credit Strategies Fund		2,147		38

Municipal Bond Funds—4.7%
Nuveen Dividend Advantage Municipal Fund 3		20,900		258
Nuveen Dividend Advantage Municipal Income Fund		25,334		317
Nuveen Municipal Market Opportunity Fund, Inc.		3,000		36

				611

TOTAL CLOSED END FUNDS (Identified Cost $12,504)				12,403

TOTAL LONG TERM INVESTMENTS—95.2% (Identified cost $12,504)				12,403

SHORT-TERM INVESTMENTS—7.3%
Money Market Mutual Funds—7.3%
Fidelity Money Market Portfolio - Institutional Shares (Seven-day effective yield 0.090%)		945,757		946

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $946)				946

TOTAL INVESTMENTS—102.5% (Identified Cost $13,450)				13,349	⁽¹⁾
Other assets and liabilities, net—(2.5)%				(328	)

NET ASSETS—100.0%			$	13,021

Abbreviations:

REIT	Real Estate Investment Trust

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2013, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Non-income producing.

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2013 (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.


	PAR VALUE		VALUE
MORTGAGE-BACKED SECURITIES—1.1%
Non-Agency—1.1%
Goldman Sachs Mortgage Pass-Through- Securities Mortgage Loan Trust 05-RP1, 1A3 144A 8.000%, 1/25/35⁽³⁾	$	213	$	227
MASTR Reperforming Loan Trust 05-1, 1A5 144A 8.000%, 8/25/34⁽³⁾		287		298
Structured Adjustable Rate Mortgage Loan Trust 07-5, 2A1 4.621%, 6/25/37⁽²⁾		694		594

TOTAL MORTGAGE-BACKED SECURITIES (Identified Cost $1,051)				1,119

ASSET-BACKED SECURITIES—0.3%
Security National Mortgage Loan Trust 04-1A, AF3, 144A 6.420%, 6/25/32⁽²⁾⁽³⁾		261		211
Terwin Mortgage Trust 04-15AL, A1 144A 5.796%, 7/25/34⁽²⁾⁽³⁾		126		120

TOTAL ASSET-BACKED SECURITIES (Identified Cost $349)				331

CORPORATE BONDS—76.7%
Consumer Discretionary—18.3%
Activision Blizzard, Inc.
144A 5.625%, 9/15/21⁽³⁾		250		259
144A 6.125%, 9/15/23⁽³⁾		260		272
Allison Transmission, Inc. 144A 7.125%, 5/15/19⁽³⁾		475		514
American Axle & Manufacturing, Inc.
5.125%, 2/15/19		50		52
6.250%, 3/15/21		275		294
Bon-Ton Department Stores, Inc. (The) 8.000%, 6/15/21		345		349
Boyd Gaming Corp. 9.000%, 7/1/20		500		550
Brookfield Residential Properties, Inc.
144A 6.500%, 12/15/20⁽³⁾		385		401
144A 6.125%, 7/1/22⁽³⁾		35		35
Caesars Entertainment Resort Properties LLC 9.000%, 2/15/20		500		489
CCO Holdings LLC (CCO Holdings Capital Corp.)
6.500%, 4/30/21		415		429
5.250%, 9/30/22		385		361
Cequel Communications Holdings I LLC 144A 6.375%, 9/15/20⁽³⁾		650		670


	PAR VALUE		VALUE
Consumer Discretionary—(continued)
Chrysler Group LLC (Chrysler Group, Inc.) 8.250%, 6/15/21	$	200	$	229
Churchill Downs, Inc. 144A 5.375%, 12/15/21⁽³⁾		300		306
Claire’s Stores, Inc. 144A 7.750%, 6/1/20⁽³⁾		250		234
Clear Channel Worldwide Holdings, Inc.
Series B 7.625%, 3/15/20		550		581
Series A 7.625%, 3/15/20		130		136
GLP Capital LP (GLP Financing II, Inc.)
144A 4.375%, 11/1/18⁽³⁾		10		10
144A 4.875%, 11/1/20⁽³⁾		90		90
144A 5.375%, 11/1/23⁽³⁾		5		5
Hilton Worldwide Finance LLC 144A 5.625%, 10/15/21⁽³⁾		440		457
Hot Topic, Inc. 144A 9.250%, 6/15/21⁽³⁾		260		274
Isle of Capri Casinos, Inc. 5.875%, 3/15/21		390		385
Jaguar Land Rover Automotive plc 144A 4.125%, 12/15/18⁽³⁾		150		152
Landry’s, Inc. 144A 9.375%, 5/1/20⁽³⁾		355		389
Live Nation Entertainment, Inc. 144A 7.000%, 9/1/20⁽³⁾		325		354
Meritor, Inc. 6.750%, 6/15/21		445		456
MGM Resorts International 6.750%, 10/1/20		760		815
Mohegan Tribal Gaming Authority 144A 9.750%, 9/1/21⁽³⁾		450		487
Nara Cable Funding Ltd. 144A 8.875%, 12/1/18⁽³⁾		340		367
Penn National Gaming, Inc. 144A 5.875%, 11/1/21⁽³⁾		140		139
Pinnacle Entertainment, Inc. 7.500%, 4/15/21		500		545
Quiksilver Wholesale, Inc. 10.000%, 8/1/20		200		227
Regal Entertainment Group 5.750%, 6/15/23		500		494
Rent-A-Center, Inc. 6.625%, 11/15/20		250		266
Sally Holdings LLC 5.750%, 6/1/22		300		314
ServiceMaster Co. 8.000%, 2/15/20		285		292
Sinclair Television Group, Inc. 5.375%, 4/1/21		560		554
Sirius XM Radio, Inc. 144A 4.250%, 5/15/20⁽³⁾		565		535
Six Flags Entertainment Corp. 144A 5.250%, 1/15/21⁽³⁾		365		358
Sonic Automotive, Inc. 5.000%, 5/15/23		300		283
Taylor Morrison Communities, Inc. 144A 5.250%, 4/15/21⁽³⁾		560		546
UCI International, Inc. 8.625%, 2/15/19		480		482
United Artists Theatre Circuit, Inc.


	PAR VALUE		VALUE
Consumer Discretionary—(continued)
Series BD-1 9.300%, 7/1/15⁽⁵⁾⁽⁶⁾	$	124	$	126
Series AW-0 9.300%, 7/1/15⁽⁵⁾⁽⁶⁾		1		1
Series BE-9 9.300%, 7/1/15⁽⁵⁾⁽⁶⁾		4		4
Series 95-A 9.300%, 7/1/15⁽⁵⁾⁽⁶⁾		110		112
Univision Communications, Inc.
144A 6.875%, 5/15/19⁽³⁾		215		231
144A 8.500%, 5/15/21⁽³⁾		365		403
Valassis Communication, Inc. 6.625%, 2/1/21		885		917
Virgin Media Secured Finance plc 144A 5.375%, 4/15/21⁽³⁾		235		236
William Carter Co. (The) 144A 5.250%, 8/15/21⁽³⁾		355		362

				17,829

Consumer Staples—2.7%
Alphabet Holding Co., Inc. PIK Interest Capitalization, 144A 7.750%, 11/1/17⁽³⁾⁽⁹⁾		55		57
Chiquita Brands International, Inc. 144A 7.875%, 2/1/21⁽³⁾		190		206
Darling Escrow Corp. 144A 5.375%, 1/15/22⁽³⁾		440		444
Ingles Markets, Inc. 5.750%, 6/15/23		550		541
Rite Aid Corp. 6.750%, 6/15/21		500		527
Roundy’s Supermarkets, Inc. 144A 10.250%, 12/15/20⁽³⁾		250		256
SUPERVALU, Inc. 6.750%, 6/1/21		300		298
Vector Group Ltd. 7.750%, 2/15/21		300		319

				2,648

Energy—7.7%
BreitBurn Energy Partners (BreitBurn Finance Corp.) 7.875%, 4/15/22		180		188
Calumet Specialty Products Partners LP (Calumet Finance Corp.) 9.625%, 8/1/20		200		226
CHC Helicopter SA 9.250%, 10/15/20		280		303
Chesapeake Energy Corp.
6.625%, 8/15/20		260		292
5.375%, 6/15/21		855		889
Compagnie Generale de Geophysique-Veritas 6.500%, 6/1/21		235		242
Energy Transfer Equity LP 7.500%, 10/15/20		275		310
Energy XXI Gulf Coast, Inc. 144A 7.500%, 12/15/21⁽³⁾		500		524
EP Energy LLC 9.375%, 5/1/20		215		249
EV Energy Partners LP 8.000%, 4/15/19		125		126


	PAR VALUE		VALUE
Energy—(continued)
Forest Oil Corp. 7.250%, 6/15/19	$	184	$	180
Gulfmark Offshore, Inc. 6.375%, 3/15/22		400		405
Linn Energy LLC (Linn Energy Finance Corp.) 7.750%, 2/1/21		490		521
MEG Energy Corp. 144A 7.000%, 3/31/24⁽³⁾		375		381
Memorial Production Partners LP 7.625%, 5/1/21		290		299
Pacific Rubiales Energy Corp. 144A 7.250%, 12/12/21⁽³⁾		335		357
Parker Drilling Co. 144A 7.500%, 8/1/20⁽³⁾		275		290
QEP Resources, Inc. 6.875%, 3/1/21		410		442
Rosetta Resources, Inc. 5.875%, 6/1/22		280		278
Sabine Pass Liquefaction LLC 144A 5.625%, 2/1/21⁽³⁾		285		280
Targa Resources Partners LP 6.375%, 8/1/22		420		446
Tullow Oil plc 144A 6.000%, 11/1/20⁽³⁾		270		275

				7,503

Financials—12.4%
Aircastle Ltd.
4.625%, 12/15/18		160		162
7.625%, 4/15/20		240		271
Alfa Bank OJSC (Alfa Bond Issuance plc) 144A 7.500%, 9/26/19⁽³⁾⁽⁷⁾		200		214
Avis Budget Car Rental LLC 5.500%, 4/1/23		385		375
Caesars Entertainment Resort Properties LLC
144A 8.000%, 10/1/20⁽³⁾		235		246
144A 11.000%, 10/1/21⁽³⁾		410		422
CNH Capital LLC 144A 3.250%, 2/1/17⁽³⁾		25		26
CNL Lifestyle Properties, Inc. 7.250%, 4/15/19		500		517
Country Garden Holdings Co., Ltd. 144A 7.250%, 4/4/21⁽³⁾		200		200
CPG Merger Sub LLC 144A 8.000%, 10/1/21⁽³⁾		90		94
Denali Borrower LLC (Denali Finance Corp.) 144A 5.625%, 10/15/20⁽³⁾		280		278
DuPont Fabros Technology LP 5.875%, 9/15/21		305		316
Gazprom Neft OAO (GPN Capital SA) 144A 6.000%, 11/27/23⁽³⁾⁽⁷⁾		310		315
General Motors Financial Co., Inc.
144A 4.750%, 8/15/17⁽³⁾		255		272
6.750%, 6/1/18		205		235
Glen Meadow Pass-Through Trust 144A 6.505%, 2/12/67⁽²⁾⁽³⁾		480		468
GRD Holdings III Corp. 144A 10.750%, 6/1/19⁽³⁾		320		350


	PAR VALUE		VALUE
Financials—(continued)
ING (U.S.), Inc. 5.650%, 5/15/53⁽²⁾	$	570	$	554
Intelsat Jackson Holdings SA 6.625%, 12/15/22		510		528
International Lease Finance Corp.
3.875%, 4/15/18		300		301
6.250%, 5/15/19		455		495
5.875%, 8/15/22		840		838
iStar Financial, Inc. 4.875%, 7/1/18		335		335
Landry’s Holdings II, Inc. 144A 10.250%, 1/1/18⁽³⁾		175		187
Level 3 Financing, Inc.
7.000%, 6/1/20		200		213
144A 6.125%, 1/15/21⁽³⁾		250		253
Michaels FinCo Holdings LLC (Michaels FinCo, Inc.) PIK Interest Capitalization, 144A 7.500%, 8/1/18⁽³⁾⁽⁹⁾		255		266
Nationstar Mortgage LLC 6.500%, 7/1/21		610		584
Rent-A-Center, Inc. 4.750%, 5/1/21		175		165
SLM Corp.
4.875%, 6/17/19		75		75
5.500%, 1/25/23		330		311
Spansion LLC 7.875%, 11/15/17		255		266
Springleaf Finance Corp. 6.500%, 9/15/17		300		322
Telecom Italia Capital SA 7.175%, 6/18/19		215		241
TMK OAO (TMK Capital) SA 144A 6.750%, 4/3/20⁽³⁾⁽⁷⁾		335		322
Toll Brothers Finance Corp. 4.000%, 12/31/18		25		26
UPCB Finance Ltd.
Series V 144A 7.250%, 11/15/21⁽³⁾		250		273
Series VI 144A 6.875%, 1/15/22⁽³⁾		150		160
Walter Investment Management Corp. 144A 7.875%, 12/15/21⁽³⁾		270		275
WideOpenWest Finance LLC 10.250%, 7/15/19		265		295

				12,046

Health Care—6.5%
Alere, Inc. 6.500%, 6/15/20		415		426
HCA, Inc.
6.500%, 2/15/20		775		853
7.500%, 2/15/22		415		457
Health Management Associates, Inc. 7.375%, 1/15/20		250		281
IASIS Healthcare LLC (IASIS Capital Corp.) 8.375%, 5/15/19		590		628
Lifepoint Hospitals, Inc. 144A 5.500%, 12/1/21⁽³⁾		265		267


	PAR VALUE			VALUE
Health Care—(continued)
MPH Intermediate Holding Co. 2 PIK Interest Capitalization, 144A 8.375%, 8/1/18⁽³⁾⁽⁹⁾	$	165		$	172
Par Pharmaceutical Cos., Inc. 7.375%, 10/15/20		350			364
Salix Pharmaceuticals Ltd. 144A 6.000%, 1/15/21⁽³⁾		80			82
Tenet Healthcare Corp. 144A
6.000%, 10/1/20⁽³⁾		310			324
4.500%, 4/1/21		230			219
8.125%, 4/1/22		635			686
United Surgical Partners International, Inc. 9.000%, 4/1/20		500			563
Universal Hospital Services, Inc. 7.625%, 8/15/20		300			318
Valeant Pharmaceuticals International, Inc. Escrow Corp.
144A 6.750%, 8/15/18⁽³⁾		215			237
144A 7.500%, 7/15/21⁽³⁾		40			44
144A 5.625%, 12/1/21⁽³⁾		20			20
144A 7.250%, 7/15/22⁽³⁾		300			324

					6,265

Industrials—7.0%
AAR Corp. 144A 7.250%, 1/15/22⁽³⁾		285			306
ADS Waste Holdings, Inc. 8.250%, 10/1/20		250			273
ADT Corp. (The) 144A 6.250%, 10/15/21⁽³⁾		620			652
Ahern Rentals, Inc. 144A 9.500%, 6/15/18⁽³⁾		300			326
Air Canada 144A 6.750%, 10/1/19⁽³⁾		310			328
America West Airlines Pass-Through-Trust 00-1, G 8.057%, 7/2/20		58			62
Ashton Woods USA LLC (Ashton Woods Finance Co.) 144A 6.875%, 2/15/21⁽³⁾		340			337
Bombardier, Inc. 144A 6.125%, 1/15/23⁽³⁾		660			658
Builders FirstSource, Inc. 144A 7.625%, 6/1/21⁽³⁾		445			466
Ceridian HCM Holding, Inc. 144A 11.000%, 3/15/21⁽³⁾		40			46
Dycom Investments, Inc. 7.125%, 1/15/21		250			271
Hellenic Railways 5.460%, 1/30/14		225	^EUR		302
Iron Mountain, Inc. 5.750%, 8/15/24		425			396
Kratos Defense & Security Solutions, Inc. 10.000%, 6/1/17		400			434
Nielsen Co. (The) 144A 5.500%, 10/1/21⁽³⁾		225			229
Rexel SA 144A 5.250%, 6/15/20⁽³⁾		335			338
Sappi Papier Holding GmbH 144A 7.750%, 7/15/17⁽³⁾		250			275


	PAR VALUE		VALUE
Industrials—(continued)
Spectrum Brands Escrow Corp. 144A 6.375%, 11/15/20⁽³⁾	$	385	$	412
Spirit Aerosystems, Inc. 6.750%, 12/15/20		190		205
TransDigm, Inc. 7.500%, 7/15/21		485		524

				6,840

Information Technology—2.7%
Earthlink, Inc. 7.375%, 6/1/20		510		511
First Data Corp.
144A 6.750%, 11/1/20⁽³⁾		225		235
144A 11.750%, 8/15/21⁽³⁾		1,050		1,113
144A 11.750%, 8/15/21⁽³⁾		165		175
Freescale Semiconductor, Inc. 144A 6.000%, 1/15/22⁽³⁾		225		229
Softbank Corp. 144A 4.500%, 4/15/20⁽³⁾		200		195
Sophia Holding Finance LP PIK Interest Capitalization, 144A 9.625%, 12/1/18⁽³⁾⁽⁹⁾		175		181

				2,639

Materials—8.6%
Ardagh Packaging Finance plc 144A 9.125%, 10/15/20⁽³⁾		275		301
Beverage Packaging Holdings Luxembourg II SA 144A 6.000%, 6/15/17⁽³⁾		695		705
Calumet Specialty Products Partners LP 9.375%, 5/1/19		230		257
Cascades, Inc. 7.875%, 1/15/20		880		946
Cemex SAB de CV
144A 9.500%, 6/15/18⁽³⁾		225		257
144A 5.875%, 3/25/19⁽³⁾		400		402
Eldorado Gold Corp. 144A 6.125%, 12/15/20⁽³⁾		190		184
EuroChem Mineral & Chemical Co. OJSC 144A 5.125%, 12/12/17⁽³⁾⁽⁷⁾		235		237
Evraz Group S.A. 144A 6.500%, 4/22/20⁽³⁾		325		304
FMG Resources Property Ltd.
144A 6.000%, 4/1/17⁽³⁾		300		320
144A 6.875%, 2/1/18⁽³⁾		180		190
144A 6.875%, 4/1/22⁽³⁾		135		148
Hexion U.S. Finance Corp.
8.875%, 2/1/18		300		313
6.625%, 4/15/20		215		221
IENOS Group Holdings SA 144A 6.125%, 8/15/18⁽³⁾		235		237


	PAR VALUE		VALUE
Materials—(continued)
Ineos Finance plc 144A 7.500%, 5/1/20⁽³⁾	$	220	$	242
Libbey Glass, Inc. 6.875%, 5/15/20		450		488
Pactiv LLC 8.125%, 6/15/17		265		286
Reynolds Group Issuer, Inc.
8.500%, 5/15/18		400		424
9.000%, 4/15/19		275		296
Sappi Papier Holding GmbH 144A 6.625%, 4/15/21⁽³⁾		500		495
Tronox Finance LLC 6.375%, 8/15/20		335		343
United States Steel Corp. 6.875%, 4/1/21		340		361
Vedanta Resources plc 144A 9.500%, 7/18/18⁽³⁾		395		440

				8,397

Telecommunication Services—8.8%
CenturyLink, Inc. Series V 5.625%, 4/1/20		1,110		1,135
Cincinnati Bell, Inc. 8.375%, 10/15/20		280		305
Digicel Group Ltd. 144A 8.250%, 9/30/20⁽³⁾		310		323
Frontier Communications Corp. 8.500%, 4/15/20		335		377
Intelsat Luxembourg SA 144A 7.750%, 6/1/21⁽³⁾		855		920
MetroPCS Wireless, Inc. 6.625%, 11/15/20		310		330
RCN Telecom Services LLC 144A 8.500%, 8/15/20⁽³⁾		500		507
Sprint Capital Corp.
6.900%, 5/1/19		265		291
6.875%, 11/15/28		520		493
Sprint Communications, Inc. 6.000%, 11/15/22		270		265
Sprint Corp.
144A 7.250%, 9/15/21⁽³⁾		980		1,056
144A 7.875%, 9/15/23⁽³⁾		270		291
T-Mobile USA, Inc.
6.633%, 4/28/21		50		53
6.125%, 1/15/22		230		235
6.836%, 4/28/23		210		219
6.500%, 1/15/24		235		239
Vimpel Communications OJSC 144A 7.748%, 2/2/21⁽³⁾⁽⁷⁾		220		239
Wind Acquisition Finance S.A.
144A 11.750%, 7/15/17⁽³⁾		300		319
144A 7.250%, 2/15/18⁽³⁾		370		389
Windstream Corp. 7.750%, 10/1/21		540		575

				8,561


	PAR VALUE		VALUE
Utilities—2.0%
AES Corp. (The) 7.375%, 7/1/21	$	500	$	566
AmeriGas Partners LP 7.000%, 5/20/22		200		218
Calpine Corp.
144A 7.500%, 2/15/21⁽³⁾		262		287
144A 6.000%, 1/15/22⁽³⁾		35		36
Energy Future Intermediate Holding Co. LLC ( Energy Future Intermediate Holding Finance, Inc.) 10.000%, 12/1/20		250		267
NRG Energy, Inc. 7.875%, 5/15/21		210		234
Texas Competitive Electric Holdings Co., LLC (Texas Competitive Holdings Finance, Inc.) 144A 11.500%, 10/1/20⁽³⁾		500		370

				1,978

TOTAL CORPORATE BONDS (Identified Cost $72,525)				74,706

LOAN AGREEMENTS⁽²⁾—14.3%
Consumer Discretionary—4.8%
Brickman Group Holdings, Inc. Second Lien, 0.000%, 12/17/21⁽⁸⁾		63		65
CBAC Borrower LLC Tranche B, 8.250%, 7/2/20		142		147
Clear Channel Communications, Inc.
Tranche B, 3.814%, 1/29/16		653		634
Tranche D, 6.990%, 1/30/19		1,079		1,033
Cumulus Media Holdings, Inc. 0.000%, 12/18/20⁽⁸⁾		353		356
EB Sports Corp. 11.500%, 12/31/15		310		309
Granite Broadcasting Corp. Tranche B First Lien 6.750%, 5/23/18		261		263
Landry’s, Inc. (Landry’s Restaurant, Inc.) Tranche B, 4.000%, 4/24/18		382		385
Marina District Finance Co., Inc. 6.750%, 8/15/18		264		266
Merrill Communications LLC 7.250%, 3/8/18		272		278
Peppermill Casinos, Inc. Tranche B, 7.250%, 11/9/18		337		345
Shingle Springs Tribal Gaming Authority 6.250%, 8/29/19		172		173
Transtar Holding Co. Second Lien, 9.750%, 10/9/19		200		192
TWCC Holding Corp. Second Lien, 7.000%, 6/26/20		202		208

				4,654


	PAR VALUE		VALUE
Consumer Staples—0.9%
AdvancePierre Foods, Inc. Second Lien, 9.250%, 10/10/17	$	290	$	282
Crossmark Holdings, Inc. Second Lien, 8.750%, 12/21/20		190		189
Hostess Brand Acquisition LLC Tranche B, 6.750%, 4/9/20		262		272
Rite Aid Corp. Tranche 2, 4.875%, 6/21/21		180		183

				926

Energy—1.2%
Fieldwood Energy LLC Second Lien, 8.375%, 9/30/20		276		282
NGPL Pipeco LLC 6.750%, 9/15/17		248		231
Sabine Oil & Gas LLC Second Lien, 6.750%, 12/31/18		285		289
Templar Energy LLC Second Lien, 8.000%, 11/25/20		355		357

				1,159

Financials—0.3%
Lonestar Intermediate Super Holdings LLC 11.000%, 9/2/19		92		95
Nuveen Investments, Inc. Tranche B, Second Lien 6.500%, 2/28/19		191		190

				285

Health Care—1.1%
American Renal Holdings, Inc. Second Lien, 8.500%, 3/20/20		292		293
Ardent Medical Services, Inc.
First Lien, 6.750%, 7/2/18		165		166
Second Lien, 11.000%, 1/2/19		120		122
Gentiva Health Services, Inc. Tranche B, 6.500%, 10/18/19		187		185
MMM Holdings, Inc. 9.750%, 12/12/17		98		99
MSO of Puerto Rico, Inc. Second Lien, 9.750%, 12/12/17		71		72
Sheridan Holdings, Inc. Second Lien, 9.000%, 12/13/21		152		153

				1,090

Industrials—1.3%
Alliance Laundry Systems LLC Second Lien, 9.500%, 12/10/19		59		60


	PAR VALUE		VALUE
Industrials—(continued)
Ceridian Corp. 0.000%, 5/9/17⁽⁸⁾	$	330	$	332
CHG Healthcare Services, Inc. Second Lien, 9.000%, 11/19/20		136		139
Filtration Group Corp. Second Lien, 8.250%, 11/22/21		310		318
International Equipment Solutions (IES Global B.V.) 6.750%, 8/16/19		328		326
SESAC Holding Co. II LLC First Lien, 5.000%, 2/7/19		101		101

				1,276

Information Technology—3.4%
Alcatel-Lucent USA, Inc. 5.750%, 1/30/19		246		247
Allflex Holdings III, Inc. Second Lien, 8.000%, 7/19/21		193		196
Avaya, Inc. Tranche B-3, 4.736%, 10/26/17		308		302
Blue Coat Systems, Inc. Second Lien, 9.500%, 6/26/20		445		454
Deltek, Inc. Second Lien, 10.000%, 10/10/19		268		273
IPC Systems, Inc. Tranche C, First Lien, 7.750%, 7/31/17		277		276
Kronos, Inc. Second Lien, 9.750%, 4/30/20		350		363
Mitchell International, Inc. 0.000%, 10/11/21⁽⁸⁾		220		224
RP Crown Parent LLC Second Lien, 11.250%, 12/21/19		415		427
Sorenson Communications, Inc. 9.500%, 10/31/14		278		282
Wall Street Systems Delaware, Inc. Second Lien, 9.250%, 10/25/20		275		278

				3,322

Materials—0.9%
Ardagh Holdings USA, Inc. 4.250%, 12/17/19		43		43
Essar Steel Algoma, Inc. (Algoma Steel, Inc.) 9.250%, 9/19/14		415		419
Houghton International, Inc. Holding Corp. (HII Holding Corp.) Second Lien, 9.500%, 12/21/20		370		374

				836

Telecommunication Services—0.4%
Integra Telecom Holdings, Inc. Second Lien, 9.750%, 2/21/20		126		130


	PAR VALUE			VALUE
Telecommunication Services—(continued)
Securus Technologies Holdings, Inc. (Securus Technologies, Inc.) Second Lien 9.000%, 4/30/21	$	285		$	283

					413

TOTAL LOAN AGREEMENTS (Identified Cost $13,729)					13,961


	SHARES			VALUE
PREFERRED STOCK⁽²⁾—1.4%
Financials—1.4%
Ally Financial, Inc. Series A, 8.500%		11,530			310
Citigroup, Inc. Series D 5.350%		510	⁽⁴⁾		450
GMAC Capital Trust I Series 2 8.125%		20,800			556

TOTAL PREFERRED STOCK (Identified Cost $1,340)					1,316

EXCHANGE-TRADED FUNDS—3.1%
SPDR Barclays High Yield Bond		74,633			3,027

TOTAL EXCHANGE-TRADED FUNDS (Identified Cost $3,029)					3,027

TOTAL LONG TERM INVESTMENTS—96.9% (Identified cost $92,023)					94,460	⁽¹⁰⁾

SHORT-TERM INVESTMENTS—4.2%
Money Market Mutual Funds—4.2%
Fidelity Money Market Portfolio - Institutional Shares (Seven-day effective yield 0.090%)		4,062,176			4,062

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $4,062)					4,062

TOTAL INVESTMENTS—101.1% (Identified Cost $96,085)					98,522	⁽¹⁾
Other assets and liabilities, net—(1.1)%					(1,111	)

NET ASSETS—100.0%				$	97,411

Abbreviations:


ADS		American Depositary Share
PIK		Payment-in-Kind Security
SPDR		S&P Depositary Receipt

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2013, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Variable or step coupon security; interest rate shown reflects the rate in effect at December 31, 2013.

⁽³⁾	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2013, these securities amounted to a value of $33,803 or 34.7% of net assets.

⁽⁴⁾	Value shown as par..

⁽⁵⁾	Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a Level 3 security in the disclosure table located after the Schedule of Investments.

⁽⁶⁾	Illiquid security.

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

⁽⁸⁾	This loan will settle after December 31, 2013, at which time the interest rate, based on the London Interbank Offered Rate (“LIBOR”) and the agreed upon spread on trade date, will be known.

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

⁽¹⁰⁾	All or a portion segregated for delay delivery transactions.

Foreign Currencies


EUR		European Currency Unit

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2013 (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—95.7%
Consumer Discretionary—7.7%
Bayerische Motoren Werke AG (Germany)		1,593	$	187
Bridgestone Corp. (Japan)		3,800		143
Tata Motors Ltd. Sponsored ADR (India)		4,600		142

				472

Consumer Staples—6.2%
Koninklijke Ahold N.V. (Netherlands)		8,700		156
Svenska Cellulosa AB SCA B Shares (Sweden)		7,296		225

				381

Energy—5.4%
Canadian Natural Resources Ltd. (Canada)		5,650		191
EnCana Corp. (Canada)		7,900		143

				334

Financials—33.1%
Aviva plc (United Kingdom)		28,746		214
AXA SA Sponsored ADR (France)		7,450		208
Banco Bilbao Vizcaya Argentaria SA Sponsored ADR (Spain)		12,553		155
BNP Paribas SA (France)		2,503		195
Credit Agricole SA (France)		11,700		150
Daiwa Securities Group, Inc. (Japan)		18,750		187
ING Groep N.V. ADR (Netherlands)⁽²⁾		16,100		226
Intesa Sanpaolo SpA (Italy)		69,623		172
MS&AD Insurance Group Holdings, Inc. (Japan)		5,400		145
Prudential plc ADR (United Kingdom)		3,850		173
Sumitomo Mitsui Financial Group, Inc. Sponsored ADR (Japan)		20,350		213

				2,038

Health Care—6.0%
H Lundbeck A/S Sponsored ADR (Denmark)		8,450		215
Smith & Nephew plc Sponsored ADR (United Kingdom)		2,150		154

				369

Industrials—16.2%
Hitachi Ltd. (Japan)		28,000		212
Hutchison Whampoa Ltd. (Hong Kong)		11,200		152
Meggitt plc (United Kingdom)		18,852		165
Nidec Corp. (Japan)		1,750		171
Schneider Electric SA (France)		1,600		139


	SHARES		VALUE
Industrials—(continued)
Siemens AG Sponsored ADR (Germany)		1,150	$	159

				998

Information Technology—7.5%
FUJIFILM Holdings Corp. (Japan)		4,900		139
NetEase, Inc. ADR (Cayman Islands)		2,100		165
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (Taiwan)		9,000		157

				461

Materials—3.2%
CRH plc Sponsored ADR (Ireland)		7,700		197

Telecommunication Services—8.0%
Deutsche Telekom AG Registered Shares (Germany)		9,400		161
Nippon Telegraph & Telephone Corp. ADR (Japan)		6,800		184
SK Telecom Co., Ltd. ADR (South Korea)		6,000		147

				492

Utilities—2.4%
Electricite de France (France)		2,000		71
GDF Suez (France)		3,200		75

				146

TOTAL COMMON STOCKS (Identified Cost $5,418)				5,888

TOTAL LONG TERM INVESTMENTS—95.7% (Identified cost $5,418)				5,888

SHORT-TERM INVESTMENTS—3.9%
Money Market Mutual Funds—3.9%
Fidelity Money Market Portfolio - Institutional Shares (Seven-day effective yield 0.090%)		240,724		241

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $241)				241

TOTAL INVESTMENTS—99.6% (Identified Cost $5,659)				6,129	⁽¹⁾
Other assets and liabilities, net—0.4%				27

NET ASSETS—100.0%			$	6,156

Abbreviations:

ADR	American Depositary Receipt

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2013, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Non-income producing.

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2013 (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.


	SHARES		VALUE
COMMON STOCKS—98.5%
Australia—14.5%
BGP Holdings plc^(2)(3)(4)		588,920	$	0
CFS Retail Property Trust		108,552		188
Dexus Property Group		1,436,115		1,289
GPT Group		289,000		877
Westfield Group		300,473		2,707
Westfield Retail Trust		341,173		905

				5,966

Bermuda—2.6%
Hongkong Land Holdings Ltd.		185,100		1,092

Canada—10.7%
Allied Properties Real Estate Investment Trust		43,115		1,330
Canadian Real Estate Investment Trust		20,195		825
First Capital Realty, Inc.		54,705		912
RioCan Real Estate Investment Trust		56,750		1,323

				4,390

Finland—1.3%
Citycon OYJ		156,320		550

France—10.6%
Fonciere Des Regions		5,260		454
Klepierre		10,856		503
Unibail-Rodamco SE		13,260		3,398

				4,355

Germany—3.4%
LEG Immobilien AG⁽²⁾		23,861		1,410

Hong Kong—7.9%
Hang Lung Properties Ltd.		377,000		1,191
Hysan Development Co. Ltd.		120,000		517
Link REIT (The)		320,441		1,554

				3,262

Italy—0.4%
Beni Stabili SpA		254,257		171

Japan—14.8%
AEON Mall Co., Ltd.		6,913		194
GLP J-REIT		795		776
Japan Prime Realty Investment Corp.		223		714
Japan Real Estate Investment Corp.		134		718
Kenedix Realty Investment Corp.		230		1,091


	SHARES		VALUE
Japan—(continued)
Nippon Building Fund, Inc.		164	$	953
Nippon Prologis REIT, Inc.		100		955
Tokyu REIT, Inc.		113		696

				6,097

Mexico—2.0%
TF Administradora Industrial S de Rl de CV		451,852		813

Netherlands—1.1%
Corio N.V.		4,812		216
Eurocommercial Properties N.V.		5,897		250

				466

Norway—1.3%
Norwegian Property ASA		430,600		516

Singapore—8.2%
CapitaMall Trust		420,650		635
CapitaRetail China Trust		835,868		881
Global Logistic Properties Ltd.		576,500		1,320
Mapletree Logistics Trust		653,544		546

				3,382

Sweden—2.0%
Castellum AB		52,666		820

United Kingdom—17.7%
Big Yellow Group plc		66,188		524
British Land Co. plc		111,305		1,159
Derwent London plc		12,646		522
Great Portland Estates plc		52,118		517
Hammerson plc		123,809		1,029
Land Securities Group plc		115,485		1,843
Safestore Holdings plc		287,876		768
SEGRO plc		165,057		913

				7,275

TOTAL COMMON STOCKS (Identified Cost $33,245)				40,565

TOTAL LONG TERM INVESTMENTS—98.5% (Identified cost $33,245)				40,565


TOTAL INVESTMENTS—98.5% (Identified Cost $33,245)		40,565	⁽¹⁾
Other assets and liabilities, net—1.5%		636

NET ASSETS—100.0%	$	41,201

Abbreviations:


REIT		Real Estate Investment Trust

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2013, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Non-income producing.

⁽³⁾	Illiquid security.

⁽⁴⁾	Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a level 3 security in the disclosure table located after the Schedule of Investments.

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2013 (See Security Valuation Note 1A in the Notes to Schedules of Investments):


	SHARES		VALUE
COMMON STOCKS—75.9%
Consumer Discretionary—5.3%
Goldlion Holdings Ltd. (Hong Kong)		2,087,600	$	1,004
Maisons France Confort (France)		10,291		406
Watts Co., Ltd. (Japan)		73,680		609

				2,019

Consumer Staples—6.6%
Compania Cervecerias Unidas S.A. (Chile)		36,986		443
Dongsuh Co., Inc. (South Korea)		17,988		287
Oldtown BHD (Malaysia)		695,000		552
Premier Marketing PCL (Thailand)		3,753,555		834
Wawel SA (Poland)		940		386

				2,502

Energy—5.1%
Calfrac Well Services Ltd. (Canada)		17,300		505
Schoeller-Bleckmann Oilfield Equipment AG (Austria)		5,756		638
TGS Nopec Geophysical Co., ASA (Norway)		29,000		769

				1,912

Financials—11.0%
ARA Asset Management Ltd. (Bermuda)		746,760		1,101
Euler Hermes SA (France)		3,000		413
Euroz Ltd. (Australia)		1,139,916		1,242
Hiscox Ltd. (Bermuda)		97,100		1,117
Rathbone Brothers plc (United Kingdom)		11,879		317

				4,190

Health Care—6.5%
Haw Par Corp. Ltd. (Singapore)		112,719		722
Nakanishi, Inc. (Japan)		3,400		486
Sirona Dental Systems, Inc. (United States)⁽²⁾		5,300		372
WIN-Partners Co., Ltd. (Japan)		103,100		901

				2,481

Industrials—21.2%
AIT Corp. (Japan)		207,400		1,463
Amadeus Fire AG (Germany)		14,135		1,062
ASR Holdings Ltd. (Cayman Islands)		6,962,389		1,284
Clasquin (France)		9,707		318
Freight Management Holdings Bhd (Malaysia)		524,141		245
Richelieu Hardware Ltd. (Canada)		14,000		577
Riverstone Holdings Ltd. (Singapore)		1,794,000		1,031
Rotork plc (United Kingdom)		14,485		688


	SHARES		VALUE
Industrials—(continued)
SMT Scharf AG (Germany)		16,067	$	432
Thermador Groupe (France)		6,935		649
Vicom Ltd. (Singapore)		78,998		307

				8,056

Information Technology—7.0%
Domino Printing Sciences plc (United Kingdom)		59,000		747
Lumax International Corp., Ltd. (Taiwan)		419,000		1,008
MercadoLibre, Inc. (United States)		3,350		361
Pro-Ship, Inc. (Japan)		30,000		550

				2,666

Materials—13.2%
Corp. Moctezuma SAB de C.V. (Mexico)		124,474		337
Goodpack Ltd. (Singapore)		818,000		1,264
KPX Chemical Co., Ltd. (South Korea)		16,600		1,005
Rimoni Industries Ltd. (Israel)		97,443		876
Uyemura (C) & Co., Ltd. (Japan)		18,500		808
Victrex plc (United Kingdom)		23,800		724

				5,014

TOTAL COMMON STOCKS (Identified Cost $25,762)				28,840

TOTAL LONG TERM INVESTMENTS—75.9% (Identified cost $25,762)				28,840

SHORT-TERM INVESTMENTS—22.8%
Money Market Mutual Funds—22.8%
Fidelity Money Market Portfolio - Institutional Shares (Seven-day effective yield 0.090%)		8,650,727		8,651

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $8,651)				8,651

TOTAL INVESTMENTS—98.7% (Identified Cost $34,413)				37,491	⁽¹⁾
Other assets and liabilities, net—1.3%				499

NET ASSETS—100.0%			$	37,990

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2013, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Non-income producing.

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2013 (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.


	SHARES		VALUE
EXCHANGE-TRADED FUNDS—98.5%
iShares S&P 100 Index Fund⁽³⁾		21,100	$	1,738

TOTAL EXCHANGE-TRADED FUNDS (Identified Cost $1,546)				1,738

PURCHASED OPTIONS—0.1%
Call Options—0.1%
CBOE Volatility Index expiring 1/22/14 Strike Price $18⁽²⁾		56		1

TOTAL PURCHASED OPTIONS (Identified Cost $4)				1

TOTAL LONG TERM INVESTMENTS—98.6% (Identified Cost $1,550)				1,739

SHORT-TERM INVESTMENTS—0.6%
Money Market Mutual Funds—0.6%
Fidelity Money Market Portfolio - Institutional Shares (Seven-day effective yield 0.090%)		9,835		10

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $10)				10

TOTAL INVESTMENTS, BEFORE WRITTEN OPTIONS—99.2% (Identified Cost $1,560)				1,749	⁽¹⁾

WRITTEN OPTIONS—(0.3)%
Call Options—(0.3)%
S&P 500^® Index Fund expiring 01/18/14 Strike price $1,880⁽²⁾		9		(5	)

TOTAL WRITTEN OPTIONS (Identified Cost $(1))				(5	)

TOTAL INVESTMENTS, NET OF WRITTEN OPTIONS— 98.9% (Identified Cost $1,559)				1,744	⁽¹⁾
Other assets and liabilities, net—1.1%				20

NET ASSETS—100.0%			$	1,764

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2013, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Non-income producing.

⁽³⁾	All or a portion segregated as collateral for written options.

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2013 (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.


	PAR VALUE			VALUE
MUNICIPAL BONDS—0.2%
Kentucky—0.1%
Commonwealth of Kentucky Taxable 3.165%, 4/1/18	$	417		$	429

Michigan—0.0%
Tobacco Settlement Finance Authority Taxable Series 06-A, 7.309%, 6/1/34		145			113

Virginia—0.1%
Tobacco Settlement Financing Corp. Taxable Series 07-A1, 6.706%, 6/1/46		335			226

TOTAL MUNICIPAL BONDS (Identified Cost $877)					768

FOREIGN GOVERNMENT SECURITIES—9.6%
Argentine Republic, 8.280%, 12/31/33		1,950			1,482
Bolivarian Republic of Venezuela
RegS 7.000%, 12/1/18⁽⁴⁾		510			388
RegS 12.750%, 8/23/22⁽⁴⁾		165			153
RegS 8.250%, 10/13/24⁽⁴⁾		1,110			787
9.250%, 9/15/27		360			280
9.375%, 1/13/34		2,145			1,601
Commonwealth of Australia Series 125 6.250%, 6/15/14		675	^AUD		613
New South Wales Treasury Corp. Series 17 5.500%, 3/1/17		610	^AUD		583
Commonwealth of Canada 2.000%, 3/1/14		3,510	^CAD		3,310
Commonwealth of New Zealand Series 415, 6.000%, 4/15/15		2,010	^NZD		1,710
Federative Republic of Brazil 8.500%, 1/5/24		4,990	^BRL		1,851
Hungary 5.750%, 11/22/23		352			356
Kingdom of Morocco 144A 4.250%, 12/11/22⁽³⁾		1,030			953
Mongolia
144A 4.125%, 1/5/18⁽³⁾		450			410
144A 5.125%, 12/5/22⁽³⁾		825			695
Provincia de Neuquen 144A 7.875%, 4/26/21⁽³⁾		571			577
Republic of Colombia
12.000%, 10/22/15		925,000	^COP		540
4.375%, 3/21/23		1,867,000	^COP		856
Republic of Costa Rica 144A 4.375%, 4/30/25⁽³⁾		795			706
Republic of Croatia 144A 6.375%, 3/24/21⁽³⁾		1,045			1,094
Republic of Iceland 144A 5.875%, 5/11/22⁽³⁾		925			942
Republic of Indonesia


	PAR VALUE			VALUE
Series FR30, 10.750%, 5/15/16		7,010,000	^IDR	$	612
Series FR63, 5.625%, 5/15/23		6,141,000	^IDR		415
Republic of Peru
GDN, 144A 7.840%, 8/12/20⁽³⁾		1,065	^PEN		434
RegS 6.900%, 8/12/37⁽⁴⁾		2,010	^PEN		703
Republic of Philippines 4.950%, 1/15/21		32,000	^PHP		766
Republic of Slovak 144A 4.375%, 5/21/22⁽³⁾	$	850			877
Republic of South Africa
Series R206, 7.500%, 1/15/14		11,845	^ZAR		1,130
Series R208, 6.750%, 3/31/21		6,720	^ZAR		609
Republic of Turkey 9.000%, 3/5/14		2,090	^TRY		974
Republic of Uruguay 4.375%, 12/15/28⁽¹⁰⁾		20,755	^UYU		988
Russian Federation
144A 7.850%, 3/10/18⁽³⁾		60,000	^RUB		1,880
Series 6207 8.150%, 2/3/27		45,960	^RUB		1,443
United Mexican States
Series M, 6.000%, 6/18/15		30,592	^MXN		2,418
Series M, 6.500%, 6/9/22		30,825	^MXN		2,387

TOTAL FOREIGN GOVERNMENT SECURITIES (Identified Cost $38,944)					35,523

MORTGAGE-BACKED SECURITIES—8.0%
Non-Agency—8.0%
A-10 Securitization LLC 13-1, B 144A 4.120%, 11/15/25⁽³⁾		1,100			1,091
Aventura Mall Trust 13-AVM, C, 144A 3.743%, 12/5/32⁽²⁾⁽³⁾		245			242
Banc of America Alternative Loan Trust 03-2, CB3 5.750%, 4/25/33		1,158			1,241
Banc of America Funding Corp. 06-2, 3A1 6.000%, 3/25/36		427			423
Bank of America (WaMu) Commercial Mortgage Securities Trust 06-SL1, A, 144A 4.177%, 11/23/43⁽²⁾⁽³⁾		119			119
Bear Stearns Commercial Mortgage Securities, Inc.
06-T22, AM 5.579%, 4/12/38⁽²⁾		900			975
06-PW12, AM 5.751%, 9/11/38⁽²⁾		650			704
05-PW10, AM 5.449%, 12/11/40⁽²⁾		895			955
06-PW13, AM 5.582%, 9/11/41⁽²⁾		1,360			1,485
07-PW18, AM 6.084%, 6/11/50⁽²⁾		1,525			1,730
Commercial Mortgage Trust 07-GG11, AM 5.867%, 12/10/49⁽²⁾		1,200			1,315
Countrywide Alternative Loan Trust


	PAR VALUE		VALUE
Non-Agency—(continued)
04-22CB, 1A1 6.000%, 10/25/34	$	252	$	257
04-24CB, 1A1 6.000%, 11/25/34		152		154
Credit Suisse First Boston Mortgage Securities Corp. 04-CF2, 1M1, 144A 5.250%, 1/25/43⁽²⁾⁽³⁾		1,042		1,058
Extended Stay America Trust 13-ESHM, M 144A 7.625%, 12/5/19⁽³⁾		1,133		1,133
13-ESH7, A17, 144A 2.295%, 12/5/31⁽³⁾		750		738
Goldman Sachs Mortgage Pass-Through- Securities Mortgage Loan Trust
05-RP1, 1A3 144A 8.000%, 1/25/35⁽³⁾		1,204		1,286
06-RP1, 1A4 144A 8.500%, 1/25/36⁽³⁾		879		943
Goldman Sachs Mortgage Securities Corp. II 07- GG10, A4 5.804%, 8/10/45⁽²⁾		750		823
JPMorgan Chase Commercial Mortgage Securities Trust 10-CNTR, A2, 144A 4.311%, 8/5/32⁽³⁾		750		788
JPMorgan Chase Mortgage Finance Corp. 07-A1, 10A1 2.794%, 2/25/37⁽²⁾		666		625
Lehman Brothers - UBS Commercial Mortgage Trust 07-C7, A3 5.866%, 9/15/45⁽²⁾		455		504
MASTR Reperforming Loan Trust 05-1, 1A5 144A 8.000%, 8/25/34⁽³⁾		763		795
Merrill Lynch Mortgage Investors Trust 98-C1, CTL 6.750%, 11/15/26⁽²⁾		1,260		1,354
Merrill Lynch Mortgage Trust 06-C1, AM 5.676%, 5/12/39⁽²⁾		715		771
Morgan Stanley Capital I Trust 07-IQ14, AM 5.689%, 4/15/49⁽²⁾		800		827
Motel 6 Trust 12-MTLB, D, 144A 3.781%, 10/5/25⁽³⁾		1,075		1,064
Nomura Asset Acceptance Corp. 04-R1, A1, 144A 6.500%, 3/25/34⁽³⁾		1,490		1,569
Residential Funding Mortgage Securities I, Inc. 05- S1, 1A2 5.500%, 2/25/35		1,431		1,426
Sequoia Mortgage Trust 12-3, A1, 144A 4.000%, 12/25/43⁽²⁾⁽³⁾		619		622
SunTrust Adjustable Rate Mortgage Loan Trust 07-S1, 5A1 4.295%, 1/25/37⁽²⁾		755		740
Wells Fargo (Wachovia Bank Commercial Mortgage Trust)
06-C25, AM 5.724%, 5/15/43⁽²⁾		1,125		1,217
07-C32, A3 5.733%, 6/15/49⁽²⁾		360		398

TOTAL MORTGAGE-BACKED SECURITIES (Identified Cost $28,414)				29,372


	PAR VALUE		VALUE
ASSET-BACKED SECURITIES—4.0%
AABS Ltd. 13-1, A 4.875%, 1/15/38⁽²⁾	$	660	$	663
Cheesecake Restaurant Holdings, Inc. 13-1A, A2, 144A 4.474%, 3/20/43⁽³⁾		613		612
Conseco Financial Corp. 01-3, A4 6.910%, 5/1/33⁽²⁾		446		501
Countrywide Asset-Backed Certificates
05-1, AF5A 5.497%, 7/25/35⁽²⁾		1,220		1,177
05-12, 1A4 5.300%, 2/25/36⁽²⁾		1,150		1,167
Dominos Pizza Master Issuer LLC 12-1A, A2, 144A 5.216%, 1/25/42⁽³⁾		1,217		1,289
Drug Royalty LP II 12-1, A2, 144A 4.474%, 1/15/25⁽³⁾		468		476
Fairway Outdoor Funding LLC 12-1 A, A2, 144A 4.212%, 10/15/42⁽³⁾		576		577
GMAC Mortgage Corp. Loan Trust 06-HLTV, A4 5.810%, 10/25/29		596		605
GSAA Home Equity Trust 05-12, AF3W 4.999%, 9/25/35⁽²⁾		1,080		1,073
IndyMac Manufactured Housing Contract 98-1, A3 6.370%, 9/25/28		318		328
MASTR Specialized Loan Trust 05-3, A2, 144A 5.704%, 11/25/35⁽²⁾⁽³⁾		525		533
Origen Manufactured Housing Contract Trust 04-B, M1 5.730%, 11/15/35⁽²⁾		600		631
Popular ABS Mortgage Pass-Through-Trust 05-5, AF3 4.807%, 11/25/35⁽²⁾		217		214
Residential Asset Mortgage Trust 04-RZ1, M1 4.320%, 3/25/34⁽²⁾		1,081		1,069
Residential Funding Mortgage Securities II Home Loan Trust
03-HS3, AI4 5.550%, 9/25/33⁽²⁾		661		688
07-HI1, A3 5.720%, 3/25/37		682		686
Security National Mortgage Loan Trust 04-1A, AF3, 144A 6.420%, 6/25/32⁽²⁾⁽³⁾		1,276		1,032
TAL Advantage LLC 12-1A, A 144A 3.860%, 5/20/27⁽³⁾		842		849
Terwin Mortgage Trust 04-15AL, A1 144A 5.796%, 7/25/34⁽²⁾⁽³⁾		364		347


	PAR VALUE			VALUE
Trip Rail Master Funding LLC 11-1A, A1A, 144A 4.370%, 7/15/41⁽³⁾	$	306		$	321

TOTAL ASSET-BACKED SECURITIES (Identified Cost $14,660)					14,838

CORPORATE BONDS—59.1%
Consumer Discretionary—6.7%
American Axle & Manufacturing, Inc. 6.250%, 3/15/21		900			961
Arcelik AS 144A 5.000%, 4/3/23⁽³⁾		540			469
Arcos Dorados Holdings, Inc. 144A 10.250%, 7/13/16⁽³⁾		1,125	^BRL		455
Bon-Ton Department Stores, Inc. (The) 8.000%, 6/15/21		880			891
Boyd Gaming Corp. 9.000%, 7/1/20		870			957
Brookfield Residential Properties, Inc.
144A 6.500%, 12/15/20⁽³⁾		1,065			1,110
144A 6.125%, 7/1/22⁽³⁾		185			187
Cencosud S.A. 144A 4.875%, 1/20/23⁽³⁾		535			499
Clear Channel Worldwide Holdings, Inc.
Series B 7.625%, 3/15/20		1,085			1,146
Series A 7.625%, 3/15/20		320			334
GLP Capital LP (GLP Financing II, Inc.)
144A 4.375%, 11/1/18⁽³⁾		34			35
144A 4.875%, 11/1/20⁽³⁾		300			300
144A 5.375%, 11/1/23⁽³⁾		25			25
Hilton Worldwide Finance LLC 144A 5.625%, 10/15/21⁽³⁾		970			1,008
Hot Topic, Inc. 144A 9.250%, 6/15/21⁽³⁾		595			626
International Game Technology 7.500%, 6/15/19		580			675
Isle of Capri Casinos, Inc. 5.875%, 3/15/21		1,320			1,303
KOC Holding AS 144A 3.500%, 4/24/20⁽³⁾		830			709
Landry’s, Inc. 144A 9.375%, 5/1/20⁽³⁾		475			520
Live Nation Entertainment, Inc. 144A 7.000%, 9/1/20⁽³⁾		1,055			1,150
Meritor, Inc. 6.750%, 6/15/21		960			984
Mohegan Tribal Gaming Authority 144A 9.750%, 9/1/21⁽³⁾		1,000			1,082
Nara Cable Funding Ltd. 144A 8.875%, 12/1/18⁽³⁾		550			594
ONO Finance II plc 144A 10.875%, 7/15/19⁽³⁾		150			165
Penn National Gaming, Inc. 144A 5.875%, 11/1/21⁽³⁾		490			485
PNK Finance Corp. 144A 6.375%, 8/1/21⁽³⁾		1,035			1,063


	PAR VALUE		VALUE
Consumer Discretionary—(continued)
Seminole Hard Rock Entertainment, Inc. 144A 5.875%, 5/15/21⁽³⁾	$	310	$	306
Sinclair Television Group, Inc. 5.375%, 4/1/21		1,155		1,143
Sirius XM Radio, Inc. 144A 4.250%, 5/15/20⁽³⁾		1,185		1,123
Six Flags Entertainment Corp. 144A 5.250%, 1/15/21⁽³⁾		1,140		1,117
Station Casinos LLC 7.500%, 3/1/21		970		1,038
Taylor Morrison Communities, Inc. 144A 5.250%, 4/15/21⁽³⁾		1,410		1,375
Toll Brothers Finance Corp. 6.750%, 11/1/19		465		534
Virgin Media Secured Finance plc 144A 5.375%, 4/15/21⁽³⁾		415		417

				24,786

Consumer Staples—0.7%
Alphabet Holding Co., Inc. PIK Interest Capitalization, 144A 7.750%, 11/1/17⁽³⁾		95		98
Chiquita Brands International, Inc. 144A 7.875%, 2/1/21⁽³⁾		550		597
Darling Escrow Corp. 144A 5.375%, 1/15/22⁽³⁾		840		847
Ingles Markets, Inc. 5.750%, 6/15/23		975		961

				2,503

Energy—8.4%
Afren plc 144A 11.500%, 2/1/16⁽³⁾		475		546
BreitBurn Energy Partners (BreitBurn Finance Corp.) 7.875%, 4/15/22		525		549
Calumet Specialty Products Partners LP (Calumet Finance Corp.) 9.625%, 8/1/20		295		333
CHC Helicopter SA 9.250%, 10/15/20		725		785
Chesapeake Energy Corp. 5.375%, 6/15/21		1,050		1,092
Compagnie Generale de Geophysique-Veritas 6.500%, 6/1/21		725		747
EP Energy LLC 9.375%, 5/1/20		840		973
EPL Oil & Gas, Inc. 8.250%, 2/15/18		1,120		1,210
EV Energy Partners LP 8.000%, 4/15/19		325		328
Gazprom OAO (Gaz Capital SA)
144A 8.146%, 4/11/18⁽³⁾		460		542
144A 3.850%, 2/6/20⁽³⁾⁽⁸⁾		1,115		1,076
144A 6.510%, 3/7/22⁽³⁾⁽⁸⁾		315		338
Gulfmark Offshore, Inc. 6.375%, 3/15/22		960		972
Linn Energy LLC
6.500%, 5/15/19		512		525


	PAR VALUE			VALUE
Energy—(continued)
144A 7.000%, 11/1/19⁽³⁾	$	450		$	457
Lukoil OAO International Finance BV
144A 7.250%, 11/5/19⁽³⁾		525			606
144A 4.563%, 4/24/23⁽³⁾		495			464
MEG Energy Corp. 144A 7.000%, 3/31/24⁽³⁾		500			507
Memorial Production Partners LP 7.625%, 5/1/21		980			1,012
MIE Holdings Corp. 144A 9.750%, 5/12/16⁽³⁾		550			586
Novatek OAO (Novatek Finance Ltd.) 144A 4.422%, 12/13/22⁽³⁾⁽⁸⁾		1,105			1,017
Pacific Rubiales Energy Corp. 144A 5.375%, 1/26/19⁽³⁾		915			924
Parker Drilling Co. 144A 7.500%, 8/1/20⁽³⁾		1,075			1,133
Petrobras International Finance Co. 5.375%, 1/27/21		500			496
Petroleos de Venezuela SA
Series 2014 4.900%, 10/28/14		1,005			920
RegS 8.500%, 11/2/17⁽⁴⁾		5,110			4,267
Petroleos Mexicanos 5.500%, 6/27/44		650			593
Petropower I Funding Trust 144A 7.360%, 2/15/14⁽³⁾⁽⁵⁾		64			64
Plains Exploration & Production Co. 6.875%, 2/15/23		995			1,114
QEP Resources, Inc. 6.875%, 3/1/21		480			517
QGOG Constellation SA 144A 6.250%, 11/9/19⁽³⁾		1,000			957
Rosetta Resources, Inc. 5.875%, 6/1/22		945			939
Rosneft Oil Co. ( Rosneft International Finance Ltd.) 144A 4.199%, 3/6/22⁽³⁾⁽⁸⁾		300			275
Sabine Pass Liquefaction LLC 144A 5.625%, 2/1/21⁽³⁾		915			899
Targa Resources Partners LP 6.375%, 8/1/22		787			836
Teekay Corp. 8.500%, 1/15/20		300			326
Tullow Oil plc 144A 6.000%, 11/1/20⁽³⁾		945			964
Venoco, Inc. 8.875%, 2/15/19		225			223
Zhaikmunai LP 144A 7.125%, 11/13/19⁽³⁾		790			830

					30,942

Financials—22.1%
ADCB Finance Cayman Ltd. 144A 4.750%, 10/8/14⁽³⁾		560			575
Aircastle Ltd. 7.625%, 4/15/20		1,840			2,075
Akbank TAS 144A 7.500%, 2/5/18⁽³⁾		1,565	^TRY		622
Alfa Bank OJSC RegS 7.875%, 9/25/17⁽⁴⁾⁽⁸⁾		755			842
Allstate Corp. (The) 5.750%, 8/15/53⁽²⁾⁽⁷⁾		1,455			1,466


	PAR VALUE			VALUE
Financials—(continued)
ALROSA Finance S.A. 144A 7.750%, 11/3/20⁽³⁾	$	1,065		$	1,186
Avis Budget Car Rental LLC 5.500%, 4/1/23		1,325			1,290
Banco ABC Brasil S.A. 144A 7.875%, 4/8/20⁽³⁾		1,025			1,020
Banco Bilbao Vizcaya Argentaria Bancomer S.A.
144A 6.500%, 3/10/21⁽³⁾		425			448
144A 6.750%, 9/30/22⁽³⁾		1,000			1,065
Banco Bradesco S.A. 144A 5.900%, 1/16/21⁽³⁾		1,150			1,147
Banco de Credito del Peru 144A 4.250%, 4/1/23⁽³⁾		657			607
Banco do Brasil S.A. 144A 5.375%, 1/15/21⁽³⁾		600			582
Banco Internacional del Peru SAA 144A 5.750%, 10/7/20⁽³⁾		1,060			1,076
Banco Santander Brasil SA 144A 8.000%, 3/18/16⁽³⁾		900	^BRL		353
Banco Santander Chile 144A 3.875%, 9/20/22⁽³⁾		945			890
Banco Votorantim S.A. 144A 7.375%, 1/21/20⁽³⁾		1,660			1,718
Bancolombia S.A. 5.125%, 9/11/22		1,015			954
Bank of Georgia JSC 144A 7.750%, 7/5/17⁽³⁾		515			537
Bank of India
144A 3.250%, 4/18/18⁽³⁾		1,150			1,113
144A 3.625%, 9/21/18⁽³⁾		1,125			1,074
Barclays Bank plc 144A 5.926% ^(2)(3)(6)(7)		600			633
Beverage Packaging Holdings Luxembourg II SA 144A 6.000%, 6/15/17⁽³⁾		1,700			1,726
Braskem Finance Ltd. 144A 5.750%, 4/15/21⁽³⁾		500			490
Brazil Loan Trust 1 144A 5.477%, 7/24/23⁽³⁾		1,050			1,058
Caesars Entertainment Resort Properties LLC 144A 8.000%, 10/1/20⁽³⁾		320			334
Chubb Corp. (The) 6.375%, 3/29/67⁽²⁾		680			736
City National Corp. 5.250%, 9/15/20		475			509
CorpGroup Banking S.A. 144A 6.750%, 3/15/23⁽³⁾		1,075			1,042
CPG Merger Sub LLC 144A 8.000%, 10/1/21⁽³⁾		310			324
Credit Bank of Moscow 144A 7.700%, 2/1/18⁽³⁾⁽⁸⁾		245			244
Denali Borrower LLC (Denali Finance Corp.) 144A 5.625%, 10/15/20⁽³⁾		955			949
Development Bank of Kazakhstan OJSC 144A 4.125%, 12/10/22⁽³⁾		1,090			974
DuPont Fabros Technology LP 5.875%, 9/15/21		575			597
Eurasian Development Bank 144A 4.767%, 9/20/22⁽³⁾		925			893
Evergrande Real Estate Group Ltd. 144A 8.750%, 10/30/18⁽³⁾		620			626
First Niagara Financial Group, Inc. 6.750%, 3/19/20		1,160			1,332


	PAR VALUE			VALUE
Financials—(continued)
Ford Motor Credit Co. LLC
8.125%, 1/15/20	$	650		$	813
5.750%, 2/1/21		275			308
Gazprom Neft OAO (GPN Capital SA) 144A 6.000%, 11/27/23⁽³⁾⁽⁸⁾		255			259
General Motors Financial Co., Inc. 144A 4.750%, 8/15/17⁽³⁾		1,535			1,637
Genworth Holdings, Inc. 4.900%, 8/15/23		750			748
Glen Meadow Pass-Through Trust 144A 6.505%, 2/12/67⁽²⁾⁽³⁾		970			946
GRD Holdings III Corp. 144A 10.750%, 6/1/19⁽³⁾		520			569
HBOS plc 144A 6.750%, 5/21/18⁽³⁾		115			130
Hertz Corp. (The) 5.875%, 10/15/20		865			901
HSBC Finance Corp. 6.676%, 1/15/21		500			574
Hutchison Whampoa International Ltd. Series 12, 144A 6.000% ^(2)(3)(6)(7)		1,130			1,202
ICICI Bank Ltd. 144A 4.800%, 5/22/19⁽³⁾		940			946
ING (U.S.), Inc. 5.650%, 5/15/53⁽²⁾⁽⁷⁾		1,210			1,177
International Lease Finance Corp. 6.250%, 5/15/19		1,399			1,521
Itau Unibanco Holding S.A. 144A 5.125%, 5/13/23⁽³⁾		1,085			1,004
Jefferies Group LLC
8.500%, 7/15/19		500			610
6.875%, 4/15/21		160			182
Kazakhstan Temir Zholy Finance BV 144A 6.950%, 7/10/42⁽³⁾		795			791
Korea Finance Corp. 4.625%, 11/16/21		700			738
Landry’s Holdings II, Inc. 144A 10.250%, 1/1/18⁽³⁾		425			453
Lazard Group LLC 4.250%, 11/14/20		100			100
Level 3 Financing, Inc. 7.000%, 6/1/20		935			996
Lincoln National Corp. 6.050%, 4/20/67⁽²⁾⁽⁷⁾		300			298
Lloyds TSB Bank plc 144A 6.500%, 9/14/20⁽³⁾		750			852
Macquarie Bank Ltd. 144A 6.625%, 4/7/21⁽³⁾		189			209
Macquarie Group Ltd.
144A 7.625%, 8/13/19⁽³⁾		500			599
144A 6.250%, 1/14/21⁽³⁾		675			745
Michaels FinCo Holdings LLC (Michaels FinCo, Inc.) PIK Interest Capitalization, 144A 7.500%, 8/1/18⁽³⁾		855			893
Morgan Stanley 144A 10.090%, 5/3/17⁽³⁾		2,400	^BRL		961
Nationstar Mortgage LLC 6.500%, 7/1/21		1,665			1,594
Nordea Bank AB 144A 4.250%, 9/21/22⁽³⁾		1,360			1,343


	PAR VALUE		VALUE
Financials—(continued)
Phosagro OAO (Phosagro Bond Funding Ltd.) 144A 4.204%, 2/13/18⁽³⁾⁽⁸⁾	$	875	$	867
PKO Finance AB 144A 4.630%, 9/26/22⁽³⁾⁽⁸⁾		1,315		1,309
Progressive Corp. (The) 6.700%, 6/15/37⁽²⁾		1,200		1,296
Prudential Financial, Inc.
5.875%, 9/15/42⁽²⁾		2,155		2,190
5.200%, 3/15/44⁽²⁾⁽⁷⁾		220		213
Regency Energy Partners LP (Regency Energy Finance Corp.) 4.500%, 11/1/23		1,160		1,061
Reliance Holdings USA, Inc. 144A 5.400%, 2/14/22⁽³⁾		1,000		1,010
Rent-A-Center, Inc. 4.750%, 5/1/21		360		340
Royal Bank of Scotland Group plc (The)
6.400%, 10/21/19		370		426
5.625%, 8/24/20		750		839
7.648% ^(2)(6)(7)		550		580
Russian Agricultural Bank OJSC (RSHB Capital SA)
144A 6.299%, 5/15/17⁽³⁾		380		405
144A 5.298%, 12/27/17⁽³⁾		515		530
Santander U.S. Debt S.A.U. 144A 3.724%, 1/20/15⁽³⁾		800		816
Sberbank of Russia (Sberbank CapItal SA) 144A 5.125%, 10/29/22⁽³⁾⁽⁸⁾		990		945
Schaeffler Holding Finance BV PIK Interest Capitalization, 144A 6.875%, 8/15/18⁽³⁾		255		272
SLM Corp. 5.500%, 1/25/23		1,495		1,410
Sovereign Bank 8.750%, 5/30/18		400		480
Spansion LLC 7.875%, 11/15/17		750		782
Sun Merger Sub, Inc. 144A 5.875%, 8/1/21⁽³⁾		525		539
SunTrust Bank, Inc. 5.400%, 4/1/20		250		270
Telecom Italia Capital SA 7.175%, 6/18/19		825		926
TMK OAO (TMK Capital) SA 144A 6.750%, 4/3/20⁽³⁾⁽⁸⁾		1,130		1,088
Turkiye Garanti Bankasi AS 144A 5.250%, 9/13/22⁽³⁾		985		880
UPCB Finance Ltd. Series VI 144A 6.875%, 1/15/22⁽³⁾		665		710
Vnesheconombank (VEB Finance plc) 144A 6.800%, 11/22/25⁽³⁾⁽⁸⁾		500		523
VTB Bank OJSC (VTB Capital SA) 144A 6.000%, 4/12/17⁽³⁾⁽⁸⁾		1,655		1,758


	PAR VALUE		VALUE
Financials—(continued)
Walter Investment Management Corp. 144A 7.875%, 12/15/21⁽³⁾	$	735	$	748
Webster Financial Corp. 5.125%, 4/15/14		205		206
Yapi ve Kredi Bankasi AS 144A 4.000%, 1/22/20⁽³⁾		1,080		967

				81,592

Health Care—1.7%
HCA, Inc. 6.500%, 2/15/20		990		1,090
IASIS Healthcare LLC (IASIS Capital Corp.) 8.375%, 5/15/19		545		580
Lifepoint Hospitals, Inc. 144A 5.500%, 12/1/21⁽³⁾		725		730
MPH Intermediate Holding Co. 2 PIK Interest Capitalization, 144A 8.375%, 8/1/18⁽³⁾		490		512
Tenet Healthcare Corp.
4.750%, 6/1/20		1,150		1,130
144A 6.000%, 10/1/20⁽³⁾		180		188
4.500%, 4/1/21		470		447
8.125%, 4/1/22		770		832
Valeant Pharmaceuticals International, Inc. Escrow Corp.
144A 6.750%, 8/15/18⁽³⁾		355		392
144A 7.500%, 7/15/21⁽³⁾		130		143
144A 5.625%, 12/1/21⁽³⁾		40		40

				6,084

Industrials—7.2%
AAR Corp. 144A 7.250%, 1/15/22⁽³⁾		1,135		1,220
ADT Corp. (The) 144A 6.250%, 10/15/21⁽³⁾		1,130		1,188
Ahern Rentals, Inc. 144A 9.500%, 6/15/18⁽³⁾		925		1,006
Air Canada 144A 6.750%, 10/1/19⁽³⁾		1,050		1,109
Air Canada Pass-Through-Trust 13-1, B 144A 5.375%, 5/15/21⁽³⁾		542		527
America West Airlines Pass-Through-Trust 00-1, G 8.057%, 7/2/20		711		761
Ashton Woods USA LLC (Ashton Woods Finance Co.) 144A 6.875%, 2/15/21⁽³⁾		1,100		1,089
Atlas Air Pass-Through-Trust
98-1, A 7.380%, 1/2/18		403		408
99-1, A1 7.200%, 1/2/19		555		572
00-1, A 8.707%, 1/2/19		194		201
Automotores Gildemeister S.A.
144A 8.250%, 5/24/21⁽³⁾		730		507
144A 6.750%, 1/15/23⁽³⁾		300		202


	PAR VALUE			VALUE
Industrials—(continued)
AWAS Aviation Capital Ltd. 144A 7.000%, 10/17/16⁽³⁾	$	930		$	967
Bharti Airtel International Netherlands BV 144A 5.125%, 3/11/23⁽³⁾		880			817
Bombardier, Inc. 144A 6.125%, 1/15/23⁽³⁾		1,305			1,302
Builders FirstSource, Inc. 144A 7.625%, 6/1/21⁽³⁾		940			985
Carpenter Technology Corp. 5.200%, 7/15/21		600			614
Ceridian HCM Holding, Inc. 144A 11.000%, 3/15/21⁽³⁾		40			46
Continental Airlines Pass-Through-Trust
98-1, A 6.648%, 9/15/17		212			223
00-1, A1 8.048%, 11/1/20		839			960
01-1, A1 6.703%, 6/15/21		237			256
DP World Ltd. 144A 6.850%, 7/2/37⁽³⁾		400			393
Embraer S.A. 5.150%, 6/15/22		1,040			1,040
ESAL GmbH 144A 6.250%, 2/5/23⁽³⁾		1,110			1,002
Hellenic Railways 5.460%, 1/30/14		1,200	^EUR		1,610
Northwest Airlines Pass-Through-Trust 02-1, G2 6.264%, 11/20/21		525			564
Odebrecht Finance Ltd. 144A 8.250%, 4/25/18⁽³⁾		650	^BRL		228
Rexel SA 144A 5.250%, 6/15/20⁽³⁾		1,130			1,141
Sappi Papier Holding GmbH 144A 8.375%, 6/15/19⁽³⁾		440			485
TransDigm, Inc. 7.500%, 7/15/21		640			691
U.S. Airways Pass-Through-Trust
01-1G 7.076%, 3/20/21		1,679			1,796
11-1 A 7.125%, 10/22/23		637			718
12-1A 5.900%, 10/1/24		480			523
UAL Pass-Through-Trust 09-2 9.750%, 1/15/17		402			462
Voto-Votorantim Ltd. 144A 6.750%, 4/5/21⁽³⁾		750			817

					26,430

Information Technology—2.6%
Alcatel-Lucent USA, Inc. 144A 6.750%, 11/15/20⁽³⁾		245			255
Digicel Ltd. 144A 8.250%, 9/1/17⁽³⁾		848			886
Earthlink, Inc. 7.375%, 6/1/20		450			451
Equinix, Inc. 4.875%, 4/1/20		465			465
First Data Corp.
144A 8.250%, 1/15/21⁽³⁾		1,090			1,165
144A 11.750%, 8/15/21⁽³⁾		2,370			2,512
Freescale Semiconductor, Inc.
144A 5.000%, 5/15/21⁽³⁾		940			916
144A 6.000%, 1/15/22⁽³⁾		570			579
NCR Corp. 4.625%, 2/15/21		1,035			996


	PAR VALUE			VALUE
Information Technology—(continued)
QVC, Inc. 5.125%, 7/2/22	$	240		$	237
Sophia Holding Finance LP PIK Interest Capitalization, 144A 9.625%, 12/1/18⁽³⁾		315			326
VeriSign, Inc. 4.625%, 5/1/23		810			778

					9,566

Materials—5.4%
Alpek SA de C.V. 144A 5.375%, 8/8/23⁽³⁾		1,460			1,451
Calumet Specialty Products Partners LP 9.375%, 5/1/19		763			851
Cascades, Inc. 7.875%, 1/15/20		1,100			1,182
Cemex SAB de CV 144A 9.500%, 6/15/18⁽³⁾		976			1,113
Eldorado Gold Corp. 144A 6.125%, 12/15/20⁽³⁾		455			440
EuroChem Mineral & Chemical Co. OJSC 144A 5.125%, 12/12/17^(3)(4)(8)		550			553
FMG Resources Property Ltd. 144A 8.250%, 11/1/19⁽³⁾		650			732
Gerdau Holdings, Inc.
144A 7.000%, 1/20/20⁽³⁾		1,075			1,172
144A 4.750%, 4/15/23⁽³⁾		590			543
Hexion U.S. Finance Corp.
8.875%, 2/1/18		595			621
6.625%, 4/15/20		580			597
Huntsman International LLC 4.875%, 11/15/20		440			436
Mexichem SAB de C.V. 144A 4.875%, 9/19/22⁽³⁾		485			475
NewMarket Corp. 4.100%, 12/15/22		1,174			1,119
Nufarm Australia Ltd. 144A 6.375%, 10/15/19⁽³⁾		960			998
Sappi Papier Holding GmbH 144A 6.625%, 4/15/21⁽³⁾		1,710			1,693
Severstal OAO (Steel Capital SA) 144A 6.700%, 10/25/17⁽³⁾⁽⁸⁾		425			459
Tronox Finance LLC 6.375%, 8/15/20		865			887
Turkiye Sise Ve Cam Fabrikalari AS 144A 4.250%, 5/9/20⁽³⁾		695			615
United States Steel Corp. 6.875%, 4/1/21		1,360			1,445
Vale Overseas Ltd. 4.375%, 1/11/22		1,355			1,315
Vedanta Resources plc 144A 9.500%, 7/18/18⁽³⁾		945			1,054

					19,751

Telecommunication Services—3.1%
America Movil SAB de C.V. Series 12 6.450%, 12/5/22		5,000	^MXN		353
CenturyLink, Inc.


	PAR VALUE		VALUE
Telecommunication Services—(continued)
Series V 5.625%, 4/1/20	$	975	$	997
Series T 5.800%, 3/15/22		750		744
ENTEL Chile S.A. 144A 4.875%, 10/30/24⁽³⁾		430		419
Intelsat Luxembourg SA 144A 7.750%, 6/1/21⁽³⁾		675		726
Koninklijke KPN NV 144A 7.000%, 3/28/73^(2)(3)(7)		885		897
Millicom International Cellular S.A. 144A 6.625%, 10/15/21⁽³⁾		200		208
Sprint Communications, Inc. 6.000%, 11/15/22		1,305		1,279
T-Mobile USA, Inc.
6.633%, 4/28/21		130		138
6.125%, 1/15/22		540		551
6.731%, 4/28/22		195		204
6.500%, 1/15/24		380		386
Telefonica Emisiones, S.A.U. 5.462%, 2/16/21		975		1,028
Vimpel Communications OJSC 144A 7.748%, 2/2/21⁽³⁾⁽⁸⁾		840		915
Wind Acquisition Finance S.A. 144A 11.750%, 7/15/17⁽³⁾		850		905
Windstream Corp. 7.750%, 10/15/20		1,530		1,631

				11,381

Utilities—1.2%
AmeriGas Partners LP 7.000%, 5/20/22		450		491
Calpine Corp.
144A 7.500%, 2/15/21⁽³⁾		720		789
144A 6.000%, 1/15/22⁽³⁾		40		41
Electricite de France SA 144A 5.250% ^(2)(3)(6)(7)		1,360		1,353
Enel SpA 144A 8.750%, 9/24/73^(2)(3)(7)		375		409
Israel Electric Corp. Ltd. 144A 5.625%, 6/21/18⁽³⁾		500		529
NRG Energy, Inc.
7.625%, 1/15/18		105		120
7.625%, 5/15/19		680		722
6.625%, 3/15/23		75		76
Texas Competitive Electric Holdings Co., LLC Series A 10.250%, 11/1/15		200		14

				4,544

TOTAL CORPORATE BONDS (Identified Cost $215,517)				217,579

LOAN AGREEMENTS⁽²⁾—13.3%
Consumer Discretionary—3.0%
Advantage Sales & Marketing, Inc. Second Lien, 8.250%, 6/17/18		351		357


	PAR VALUE		VALUE
Consumer Discretionary—(continued)
Affinity Gaming LLC (Herbst Gaming LLC). 4.250%, 11/9/17	$	566	$	570
Brickman Group Holdings, Inc. Second Lien, 0.000%, 12/17/21⁽⁹⁾		203		208
Caesars Entertainment Operating Co., Inc. (Harrah’s Operating Company, Inc.) Tranche B- 6, 5.488%, 1/28/18		1,084		1,038
CBAC Borrower LLC Tranche B, 8.250%, 7/2/20		692		717
Clear Channel Communications, Inc.
Tranche B, 3.814%, 1/29/16		1,080		1,048
Tranche D, 6.919%, 1/30/19		968		927
Cumulus Media Holdings, Inc. 0.000%, 12/23/20⁽⁹⁾		622		627
EB Sports Corp. 11.500%, 12/31/15		625		623
Granite Broadcasting Corp. Tranche B First Lien 6.750%, 5/23/18		993		1,001
Landry’s, Inc. (Landry’s Restaurant, Inc.) Tranche B, 4.000%, 4/24/18		1,051		1,060
Marina District Finance Co., Inc. 6.750%, 8/15/18		417		419
Peppermill Casinos, Inc. Tranche B, 7.250%, 11/9/18		1,061		1,087
Shingle Springs Tribal Gaming Authority 6.250%, 8/29/19		660		664
Transtar Holding Co. Second Lien, 9.750%, 10/9/19		380		365
TWCC Holding Corp. Second Lien, 7.000%, 6/26/20		448		461

				11,172

Consumer Staples—0.2%
AdvancePierre Foods, Inc. Second Lien, 9.500%, 10/10/17		655		635

Energy—0.9%
Fieldwood Energy LLC Second Lien, 8.375%, 9/30/20		616		631
FTS International, Inc. (Frac Tech International LLC) 8.500%, 5/6/16		556		559
NGPL Pipeco LLC 6.750%, 9/15/17		491		459
SES International Holdings Ltd. (Saxon) 5.500%, 2/15/19		910		921
Templar Energy LLC Second Lien, 8.000%, 11/25/20		925		930

				3,500


	PAR VALUE		VALUE
Financials—0.7%
Altisource Solutions S.A.R.L Tranche B, 4.500%, 12/9/20	$	530	$	535
Capital Automotive LP Second Lien, 6.000%, 4/30/20		106		110
iPayment, Inc . 6.750%, 5/8/17		577		562
Lonestar Intermediate Super Holdings LLC 11.000%, 9/2/19		108		111
Nuveen Investments, Inc. Tranche B, Second Lien 6.500%, 2/28/19		1,144		1,135

				2,453

Health Care—1.4%
American Renal Holdings, Inc. Second Lien, 8.500%, 3/20/20		909		913
Ardent Medical Services, Inc.
First Lien, 6.750%, 7/2/18		344		346
Second Lien, 11.000%, 1/2/19		289		293
Gentiva Health Services, Inc. Tranche B, 6.500%, 10/18/19		642		636
INC Research LLC 6.000%, 7/12/18		343		345
InVentiv Health, Inc. (Ventive Health, Inc.) 7.500%, 8/4/16		583		578
MMM Holdings, Inc. 9.750%, 12/12/17		302		304
MSO of Puerto Rico, Inc. Second Lien, 9.750%, 12/12/17		220		221
Rural/Metro Operating Co. LLC First Lien, 5.750%, 6/30/18		612		591
Sheridan Holdings, Inc. Second Lien, 9.000%, 12/20/21		505		510
Surgery Center Holdings, Inc. First Lien, 6.000%, 4/11/19		302		303

				5,040

Industrials—2.4%
Alliance Laundry Systems LLC Second Lien, 9.500%, 12/10/19		93		95
American Airlines, Inc. Tranche B, 3.750%, 6/27/19		1,026		1,034
AWAS Finance Luxemborg SA 3.500%, 7/16/18		607		610
Brock Holdings Ill, Inc. Second Lien, 10.000%, 3/16/18		285		290
Ceridian Corp. 4.415%, 5/9/17		1,296		1,303


	PAR VALUE		VALUE
Industrials—(continued)
CHG Healthcare Services, Inc. Second Lien, 9.000%, 11/19/20	$	217	$	221
Commercial Barge Line Co. First Lien, 7.500%, 9/22/19		1,122		1,123
Filtration Group Corp. Second Lien, 8.250%, 11/22/21		740		759
Hawker Beechcraft Acquisition Company LLC 5.750%, 2/14/20		1,145		1,156
Husky Injection Molding Systems Ltd. (Yukon Acquisition, Inc.) 4.250%, 7/2/18		535		540
International Equipment Solutions (IES Global B.V.) 6.750%, 8/16/19		640		636
Navistar, Inc. Second Lien, 5.750%, 8/17/17		729		742
SESAC Holding Co. II LLC First Lien, 5.000%, 2/7/19		391		394

				8,903

Information Technology—3.7%
Active Network, Inc. First Lien, 5.500%, 11/13/20		472		475
Alcatel-Lucent USA, Inc. 5.750%, 1/30/19		848		854
Allflex Holdings III, Inc. Second Lien, 8.000%, 7/19/21		599		608
Applied Systems, Inc. Second Lien, 8.250%, 6/8/17		333		335
Avaya, Inc. Tranche B-3, 4.736%, 10/26/17		611		600
Blue Coat Systems, Inc.
4.500%, 5/31/19		1,068		1,073
Second Lien, 9.500%, 6/26/20		985		1,005
Deltek, Inc.
First Lien, 5.000%, 10/10/18		772		776
Second Lien, 10.000%, 10/10/19		638		651
Excelitas Technologies Corp. Tranche B,
6.000%, 11/2/20		714		720
IPC Systems, Inc. Tranche C, First Lien, 7.750%, 7/31/17		1,042		1,038
Kronos, Inc.
First Lien, 4.500%, 10/30/19		8		8
Second Lien, 9.750%, 4/30/20		771		799
Novell, Inc. (Attachmate Corp.) First Lien, 7.250%, 11/22/17		335		342
RP Crown Parent LLC First Lien, 6.000%, 12/21/18		705		709


	PAR VALUE			VALUE
Information Technology—(continued)
SCS Holdings I, Inc. (Sirius Computer Solutions, Inc.) 7.000%, 12/7/18	$	451		$	458
Sorenson Communications, Inc. 9.500%, 10/31/14		700			710
Spansion LLC 3.750%, 12/19/19		382			384
SRA International, Inc. 6.500%, 7/20/18		490			491
Vision Solutions, Inc. First Lien, 6.000%, 7/23/16		609			612
Wall Street Systems Delaware, Inc.
First Lien, 5.750%, 10/25/19		396			399
Second Lien, 9.250%, 10/25/20		407			411

					13,458

Materials—0.8%
AZ Chem US, Inc. 6.250%, 12/22/17		564			569
Cyanco Intermediate Corp. 5.500%, 5/1/20		112			112
Fortescue Metals Group Ltd. (FMG Resources Ltd.) 4.250%, 6/28/19		324			329
Houghton International, Inc. Holding Corp. (HII Holding Corp.) Second Lien, 9.500%, 12/21/20		630			637
Noranda Aluminum Acquisition Corp. Tranche B, 5.750%, 2/28/19		1,310			1,233
Tronox Pigments B.V. 4.500%, 3/19/20		234			237

					3,117

Telecommunication Services—0.1%
Securus Technologies Holdings, Inc. (Securus Technologies, Inc.) Second Lien 9.000%, 4/30/21		480			478

Utilities—0.1%
Texas Compeptitive Electric Holdings Co. LLC 2017 Extended, 4.739%, 10/10/17		375			260

TOTAL LOAN AGREEMENTS (Identified Cost $48,513)					49,016


	SHARES			VALUE
PREFERRED STOCK—3.6%
Financials—3.4%
Ally Financial, Inc. Series A, 8.500%		20,000			537
Ally Financial, Inc. Series G, 144A, 7.000%		321			307
Banco Bilbao Vizcaya Argentaria S.A. International S.A. Unipersonal 5.919%⁽²⁾		675	⁽¹²⁾		650
Banco do Brasil S.A. 144A, 8.500%⁽²⁾⁽³⁾		600	⁽¹²⁾		646
Bank of America Corp. Series K, 8.000%⁽²⁾		375	⁽¹²⁾		415


	SHARES			VALUE
Financials—(continued)
Bank of America Corp. Series U, 5.200%⁽²⁾		330	⁽¹²⁾	$	292
Citigroup Capital XVII Series E 6.350%		44,460			1,114
Citigroup, Inc. Series D 5.350%⁽²⁾		1,210	⁽¹²⁾		1,067
Fifth Third Bancorp 5.100%⁽²⁾		775	⁽¹²⁾		688
General Electric Capital Corp. Series B 6.250%⁽²⁾		700	⁽¹²⁾		723
General Electric Capital Corp. Series C, 5.250%⁽²⁾		600	⁽¹²⁾		564
JPMorgan Chase & Co. Series 1, 7.900%⁽²⁾		247	⁽¹²⁾		272
JPMorgan Chase & Co., Series Q, 5.150%⁽²⁾		1,595	⁽¹²⁾		1,439
PNC Financial Services Group, Inc. (The) Series K 4.459%⁽²⁾		350	⁽¹²⁾		349
PNC Financial Services Group, Inc. (The) Series R, 4.850%⁽²⁾		965	⁽¹²⁾		864
U.S. Bancorp Series G 6.000%		22,600			619
Wells Fargo & Co. Series K, 7.980%⁽²⁾		950	⁽¹²⁾		1,059
Zions Bancorp, 6.950%⁽²⁾		38,525	⁽¹²⁾		1,026

					12,631

Industrials—0.2%
Seaspan Corp. Series C, 9.500%		20,000			528

TOTAL PREFERRED STOCK (Identified Cost $13,146)					13,159

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

TOTAL COMMON STOCKS (Identified Cost $3)					17

EXCHANGE-TRADED FUNDS—0.5%
PowerShares Senior Loan Portfolio		40,310			1,003
SPDR Barclays High Yield Bond ETF		24,600			998

TOTAL EXCHANGE-TRADED FUNDS (Identified Cost $2,001)					2,001

TOTAL LONG TERM INVESTMENTS—98.3% (Identified cost $362,075)					362,273	⁽¹¹⁾

SHORT-TERM INVESTMENTS—2.2%
Money Market Mutual Funds—2.2%
Fidelity Money Market Portfolio - Institutional Shares (Seven-day effective yield 0.090%)		7,941,158			7,941

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $7,941)					7,941

Abbreviations:


PIK		Payment-in-Kind Security
SPDR		S&P Depositary Receipt

Footnote Legend:

?	100% of the income received was in cash.

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2013, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Variable or step coupon security; interest rate shown reflects the rate in effect at December 31, 2013.

⁽³⁾	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2013, these securities amounted to a value of $147,621 or 40.1% of net assets.

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

⁽⁵⁾	Illiquid security.

⁽⁶⁾	No contractual maturity date

⁽⁷⁾	Interest payments may be deferred.

⁽⁸⁾	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.

⁽⁹⁾	This loan will settle after December 31, 2013, 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.

⁽¹⁰⁾	Principal amount is adjusted pursuant to the change in the local inflation index.

⁽¹¹⁾	A portion of the Fund’s assets have been segregated for delayed delivery settlements.

⁽¹²⁾	Value shown as par value.

Foreign Currencies:


AUD		Australian Dollar
BRL		Brazilian Real
CAD		Canadian Dollar
COP		Colombian Peso
EUR		European Currency Unit
IDR		Indonesian Rupiah
MXN		Mexican Peso
NZD		New Zealand Dollar
PEN		Peruvian Nuevo Sol
PHP		Philippines Peso
RUB		Russian Ruble
TRY		Turkish Lira
UYU		Uruguayan Peso
ZAR		South African Rand

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2013 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

Securities held by the Fund with an end of period value of $307 were transferred from level 1 to level 2 since an exchange price was no longer 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—1.2%
U.S. Treasury Note
0.250%, 4/30/14	$	12,800		$	12,807
1.375%, 9/30/18		70,000			69,103
2.500%, 8/15/23		15,000			14,378

TOTAL U.S. GOVERNMENT SECURITIES (Identified Cost $97,623)					96,288

MUNICIPAL BONDS—0.1%
Kentucky—0.1%
Commonwealth of Kentucky Taxable 3.165%, 4/1/18		5,868			6,031

Virginia—0.0%
Tobacco Settlement Financing Corp. Taxable Series 07-A1, 6.706%, 6/1/46		4,715			3,182

TOTAL MUNICIPAL BONDS (Identified Cost $10,218)					9,213

FOREIGN GOVERNMENT SECURITIES—6.6%
Argentine Republic 8.280%, 12/31/33		30,624			23,274
Bolivarian Republic of Venezuela 8.500%, 10/8/14		20,840			20,402
RegS 5.750%, 2/26/16⁽⁴⁾		38,438			32,749
RegS 7.000%, 12/1/18⁽⁴⁾		8,350			6,359
Commonwealth of Australia Series 125 6.250%, 6/15/14		14,350	^AUD		13,035
New South Wales Treasury Corp. Series 17 5.500%, 3/1/17		10,665	^AUD		10,195
Commonwealth of Canada 2.000%, 3/1/14		103,515	^CAD		97,612
Commonwealth of New Zealand Series 415, 6.000%, 4/15/15		40,545	^NZD		34,501
Federative Republic of Brazil 12.500%, 1/5/16		92,159	^BRL		40,528
Mongolia 144A 4.125%, 1/5/18⁽³⁾		16,000			14,560
Provincia de Neuquen 144A 7.875%, 4/26/21⁽³⁾		5,955			6,015
Republic of Colombia 12.000%, 10/22/15		27,535,000	^COP		16,079
Republic of Indonesia Series FR30, 10.750%, 5/15/16		132,050,000	^IDR		11,529
Republic of Panama 5.200%, 1/30/20		3,800			4,137
Republic of Peru GDN, 144A 7.840%, 8/12/20		50,140	^PEN		20,411
Republic of South Africa Series R206, 7.500%, 1/15/14		310,470	^ZAR		29,609
Republic of Turkey 9.000%, 3/5/14		39,560	^TRY		18,431


	PAR VALUE			VALUE
Russian Federation
144A 7.850%, 3/10/18⁽³⁾		1,005,000	^RUB	$	31,493
Series 6204 RUB, 7.500%, 3/15/18		740,650	^RUB		23,056
RegS 7.500%, 3/31/30⁽²⁾⁽⁴⁾	$	1,430			1,666
State of Qatar 144A 3.125%, 1/20/17⁽³⁾		12,000			12,570
United Mexican States Series M, 6.000%, 6/18/15		1,096,623	^MXN		86,690

TOTAL FOREIGN GOVERNMENT SECURITIES (Identified Cost $598,883)					554,901

MORTGAGE-BACKED SECURITIES—21.3%
Agency—1.9%
FHLMC
6.000%, 8/1/34		511			572
4.000%, 8/1/42		11,018			11,327
FNMA
5.500%, 1/1/17		94			101
6.000%, 5/1/17		29			31
4.500%, 4/1/18		218			232
5.000%, 10/1/19		650			696
5.500%, 2/1/20		224			238
5.500%, 3/1/20		167			177
5.500%, 3/1/20		21			23
5.500%, 3/1/20		105			112
5.500%, 3/1/20		175			186
5.500%, 4/1/20		325			355
5.000%, 6/1/20		771			829
4.000%, 8/1/25		20,268			21,486
3.000%, 6/1/27		1,529			1,562
2.500%, 5/1/28		20,800			20,611
6.000%, 12/1/32		68			76
5.500%, 2/1/33		103			113
5.500%, 5/1/34		517			569
6.000%, 8/1/34		398			446
6.000%, 10/1/34		271			304
6.000%, 10/1/34		332			368
5.500%, 11/1/34		416			457
5.500%, 11/1/34		152			167
6.000%, 11/1/34		666			738
5.500%, 12/1/34		246			270
5.500%, 1/1/35		415			456
6.000%, 1/1/37		645			720
6.000%, 1/1/37		541			600
5.500%, 7/1/37		10			11
6.000%, 7/1/37		151			168


	PAR VALUE		VALUE
Agency—(continued)
6.000%, 12/1/37	$	527	$	583
6.000%, 4/1/38		382		423
4.500%, 4/1/40		14,165		15,009
5.000%, 7/1/40		3,225		3,509
5.000%, 7/1/40		5,802		6,323
5.000%, 8/1/40		21,485		23,386
4.000%, 10/1/40		262		270
4.000%, 3/1/41		8,049		8,291
4.500%, 5/1/41		9,282		9,840
3.500%, 4/1/42		13,685		13,609
GNMA
6.500%, 7/15/31		14		16
6.500%, 8/15/31		45		50
6.500%, 11/15/31		25		28
6.500%, 2/15/32		25		27
6.500%, 4/15/32		54		60
6.500%, 4/15/32		53		59
2.586%, 4/16/54		9,624		9,931

				155,415

Non-Agency—19.4%
A10 Securitization LLC 13-1, A, 144A 2.400%, 11/15/25⁽³⁾		4,925		4,908
ABN AMRO Mortgage Corp. 02-9, M 5.750%, 12/25/32		1,019		1,009
American General Mortgage Loan Trust 09-1, A7, 144A 5.750%, 9/25/48⁽²⁾⁽³⁾		17,220		17,408
Americold LLC Trust 10-ARTA, A1, 144A 3.847%, 1/14/29⁽³⁾		10,832		11,289
Banc of America (Merrill Lynch) Commercial Mortgage, Inc. 05-2, B 5.113%, 7/10/43⁽²⁾		10,916		11,344
Banc of America Alternative Loan Trust
03-2, CB3 5.750%, 4/25/33		23,335		25,001
03-10, 2A1 6.000%, 12/25/33		4,664		4,987
Banc of America Commercial Mortgage Trust 07- 2, A4 5.623%, 4/10/49⁽²⁾		14,232		15,769
Banc of America Funding Corp.
04-4, 3A1 4.750%, 10/25/19		5,342		5,458
04-B, 2A1 5.452%, 11/20/34⁽²⁾		1,274		1,255
06-2, 3A1 6.000%, 3/25/36		4,347		4,307
Banc of America Mortgage Securities, Inc.
04-11, 2A1 5.750%, 1/25/35		3,144		3,225
05-3, 2A2 5.500%, 3/25/35		543		543


	PAR VALUE		VALUE
Non-Agency—(continued)
05-3, 1A15 5.500%, 4/25/35	$	3,692	$	3,777
Banc of America Mortgage Trust 04-7, 6A3 4.500%, 8/25/19		2,112		2,137
Bank of America (Merrill Lynch - Countrywide Commercial Mortgage Trust) 06-4, A3 5.172%, 12/12/49		10,300		11,166
Bank of America (Merrill Lynch - Deutsche Bank Trust) 12-OSI, A2FX, 144A 3.352%, 4/13/29⁽³⁾		19,916		20,509
Bank of America (WaMu) Commercial Mortgage Securities Trust 06-SL1, A, 144A 4.177%, 11/23/43⁽²⁾⁽³⁾		2,699		2,701
Bank of America Re-Remic Trust 12-CLRN, E, 144A 3.367%, 8/15/29⁽²⁾⁽³⁾		7,500		7,541
Bayview Commercial Asset Trust
07-5A, A2, 144A 1.065%, 10/25/37⁽²⁾⁽³⁾		16,699		15,981
08-1, A2A, 144A 1.165%, 1/25/38⁽²⁾⁽³⁾		16,347		16,095
08-1, A3, 144A 1.665%, 1/25/38⁽²⁾⁽³⁾		29,970		27,085
BCAP LLC Trust 06-RR1, PE 5.000%, 11/25/36		3,125		3,121
Bear Stearns Adjustable Rate Mortgage Trust
03-9, 4A1 3.445%, 2/25/34⁽²⁾		10,127		10,088
04-10, 14A1 5.095%, 1/25/35⁽²⁾		2,526		2,543
05-8, A3, 144A 5.145%, 8/25/35⁽²⁾⁽³⁾		594		601
Bear Stearns Asset Backed Securities Trust 03- AC4. A 5.500%, 9/25/33⁽²⁾		10,447		10,626
Bear Stearns Commercial Mortgage Securities, Inc.
06-T22, AM 5.579%, 4/12/38⁽²⁾		11,600		12,569
06-PW12, AM 5.751%, 9/11/38⁽²⁾		9,250		10,024
06-PW14, AM 5.243%, 12/11/38		10,000		10,871
05-PW10, AM 5.449%, 12/11/40⁽²⁾		14,200		15,161
04-PWR3, A4 4.715%, 2/11/41		841		841
06-PW13, AM 5.582%, 9/11/41⁽²⁾		3,272		3,572
07- PW15, RAM 5.363%, 2/11/44		22,100		22,754
07- PW17, A4 5.694%, 6/11/50⁽²⁾		21,890		24,509
07-PW18, A4 5.700%, 6/11/50		16,950		19,049
07-PW18, AM 6.084%, 6/11/50⁽²⁾		12,400		14,065
Citicorp Mortgage Securities, Inc. 07-1,A1 5.500%, 1/25/22		478		482
Citigroup - Deutsche Bank Commercial Mortgage Trust
05-CD1, AM 5.218%, 7/15/44⁽²⁾		6,410		6,859
06-CD2, A4 5.304%, 1/15/46⁽²⁾		2,659		2,841
07-CD4, A4 5.322%, 12/11/49		8,480		9,286


	PAR VALUE		VALUE
Non-Agency—(continued)
Citigroup Commercial Mortgage Trust 07-C6, A1A 5.705%, 12/10/49⁽²⁾	$	6,249	$	6,943
Commercial Mortgage Trust 07-GG11, AM 5.867%, 12/10/49⁽²⁾		4,475		4,903
Countrywide Alternative Loan Trust
04-18CB, 1A1 6.000%, 9/25/34		15,467		16,050
04-36CBC, 2A1 5.500%, 2/25/35		7,970		7,817
Countrywide Home Loan Mortgage Pass-Through- Trust
02-35, 1A2 5.000%, 2/25/18		1,287		1,311
03-4, 1A15 5.500%, 4/25/33		2,595		2,706
03-28, A8 5.500%, 8/25/33		1,157		1,174
04-6, 1A2 2.688%, 5/25/34⁽²⁾		2,284		2,289
04-4, A6 5.500%, 5/25/34		1,621		1,671
Credit Suisse Commercial Mortgage Trust
07-C1, A1A 5.361%, 2/15/40		40,765		43,452
13-IVR3, A2, 144A 3.000%, 5/25/43⁽²⁾⁽³⁾		6,228		5,770
07-C2, A3 5.542%, 1/15/49⁽²⁾		12,995		14,293
Credit Suisse First Boston Mortgage Securities Corp.
03-27, 5A3 5.250%, 11/25/33		3,073		3,106
04-8, 7A1 6.000%, 12/25/34		8,981		9,299
04-CF2, 1M1, 144A 5.250%, 1/25/43⁽²⁾⁽³⁾		3,625		3,679
Extended Stay America Trust
13-ESH7, A17, 144A 2.295%, 12/5/31⁽³⁾		29,200		28,744
13-ESH7, A27, 144A 2.958%, 12/5/31⁽³⁾		8,340		8,086
FDIC Trust 13-N1, A 144A 4.500%, 10/25/18⁽³⁾		4,331		4,378
GMAC Commercial Mortgage Securities, Inc. 04- C3, A4 4.547%, 12/10/41		625		627
GMAC Mortgage Corp. Loan Trust
03-J7 5.500%, 11/25/33		2,208		2,275
04-AR1, 12A 3.173%, 6/25/34⁽²⁾		10,212		10,408
05-AR1, 5A 5.076%, 3/18/35⁽²⁾		4,421		4,378
Goldman Sachs Mortgage Securities Corp. II
05-5F, 2A8 5.500%, 6/25/35		2,299		2,308
07-GG10, A4 5.804%, 8/10/45⁽²⁾		23,995		26,345
Greenwich Capital Commercial Funding Corp. Commercial Mortgage Trust
04-GG1, A7 5.317%, 6/10/36⁽²⁾		2,953		2,968
07-GG11, A4 5.736%, 12/10/49		13,631		15,221
GSR Mortgage Loan Trust
04-15F, 2A2 5.000%, 12/25/34		3,737		3,841
05-AR4, 6A1 5.221%, 7/25/35⁽²⁾		7,920		7,852


	PAR VALUE		VALUE
Non-Agency—(continued)
07-1F, 2A2 5.500%, 1/25/37	$	804	$	758
Heller Financial Commercial Mortgage Asset 00- PH1, G, 144A 6.750%, 1/17/34⁽³⁾		1,221		1,273
Hilton USA Trust 13-HLT, EFX, 144A 5.222%, 11/5/30⁽²⁾⁽³⁾		17,050		17,139
JPMorgan Chase (WaMu) Mortgage Pass- Through Certificates
04-CB1, 5A 5.000%, 6/25/19		2,422		2,496
04-CB1, 2A 5.000%, 6/25/34		4,659		4,870
JPMorgan Chase (WaMu) Mortgage Pass- Through Certificates Trust 03-AR6, A1 2.440%, 6/25/33⁽²⁾		1,506		1,525
JPMorgan Chase Commercial Mortgage Securities Trust
13-ALC, A 144A 1.664%, 7/17/26⁽²⁾⁽³⁾		8,700		8,719
09-IWST, A1, 144A 4.314%, 12/5/27⁽³⁾		7,666		8,190
09-IWST, A2, 144A 5.633%, 12/5/27⁽³⁾		4,900		5,519
13-INN, D 144A 3.567%, 10/15/30⁽²⁾⁽³⁾		24,650		24,674
10-CNTR, A1, 144A 3.300%, 8/5/32⁽³⁾		12,097		12,624
10-CNTR, A2, 144A 4.311%, 8/5/32⁽³⁾		4,550		4,783
06-LDP7, A4 5.863%, 4/15/45⁽²⁾		12,301		13,428
06-LDP7, AM 5.863%, 4/15/45⁽²⁾		22,312		24,584
06-LDP9, A3 5.336%, 5/15/47		20,649		22,603
07-LDPX, AM 5.464%, 1/15/49⁽²⁾		24,049		24,841
07-LD12, A4 5.882%, 2/15/51⁽²⁾		8,029		8,984
JPMorgan Chase Mortgage Finance Corp. 07-A1, 1A1 2.694%, 2/25/37⁽²⁾		3,812		3,815
JPMorgan Chase Mortgage Trust
03-A2, 3A1 1.990%, 11/25/33⁽²⁾		7,905		7,800
04-A4, 2A1 2.433%, 9/25/34⁽²⁾		5,369		5,408
05-A1, 4A1 3.275%, 2/25/35⁽²⁾		1,242		1,247
05-A2, 4A1 5.028%, 4/25/35⁽²⁾		1,518		1,496
05-A4, 3A1 2.256%, 7/25/35⁽²⁾		9,398		9,307
06-A4, 3A1 5.173%, 6/25/36⁽²⁾		8,043		7,075
06-A6, 3A3L 5.088%, 10/25/36⁽²⁾		2,122		1,924
Leaf II Receivables Funding LLC 13-1, C, 144A 3.460%, 9/15/21⁽³⁾		6,850		6,867
Lehman Brothers - UBS Commercial Mortgage Trust
04-C7, A6 4.786%, 10/15/29⁽²⁾		10,527		10,682
06-C3, AM 5.712%, 3/15/39⁽²⁾		7,615		8,194
06-C6, A4 5.372%, 9/15/39		13,750		14,998
07-C2, A3 5.430%, 2/15/40		6,486		7,145


	PAR VALUE		VALUE
Non-Agency—(continued)
07-C6, A4 5.858%, 7/15/40⁽²⁾	$	17,066	$	18,551
07-C7, A3 5.866%, 9/15/45⁽²⁾		11,179		12,395
MASTR Adjustable Rate Mortgages Trust 04-12, 3A1 2.681%, 11/25/34⁽²⁾		2,613		2,577
MASTR Alternative Loan Trust
04-7, 4A1 4.500%, 7/25/19		5,472		5,601
03-8, 2A1 5.750%, 11/25/33		9,762		10,092
04-4, 6A1 5.500%, 4/25/34		5,433		5,734
04-6, 7A1 6.000%, 7/25/34		7,605		7,804
04-7, 9A1 6.000%, 8/25/34		21,626		22,048
05-2, 2A1 6.000%, 1/25/35		4,761		4,820
05-2, 1A1 6.500%, 3/25/35		12,694		13,235
MASTR Asset Securitization Trust
04-6, 4A1 5.000%, 7/25/19		1,784		1,848
05-1, 1A1 5.000%, 5/25/20		1,228		1,265
MASTR Reperforming Loan Trust 05-1, 1A2, 144A 6.500%, 8/25/34⁽³⁾		2,230		2,301
Merrill Lynch - Countrywide Commercial Mortgage Trust 06-3, A4 5.414%, 7/12/46⁽²⁾		11,687		12,668
Merrill Lynch Mortgage Investors, Inc. 98-C1, B 6.750%, 11/15/26⁽²⁾		10,000		11,212
Merrill Lynch Mortgage Trust 06-C1, AM 5.676%, 5/12/39⁽²⁾		7,520		8,106
Morgan Stanley Capital I Trust
06-T23, AM 5.810%, 8/12/41⁽²⁾		10,575		11,534
06-IQ12, A4 5.332%, 12/15/43		14,766		16,114
07-IQ14, AM 5.689%, 4/15/49⁽²⁾		31,232		32,283
07-IQ14, A4 5.692%, 4/15/49⁽²⁾		17,390		19,257
07- LQ14, AMFX 5.877%, 4/15/49		5,000		5,168
07- LQ16, A4 5.809%, 12/12/49		22,735		25,412
Morgan Stanley Mortgage Loan Trust
04-2AR, 3A 2.159%, 2/25/34⁽²⁾		2,324		2,281
04-2AR, 4A 2.445%, 2/25/34⁽²⁾		2,307		2,311
Motel 6 Trust 12-MTLB, D, 144A 3.781%, 10/5/25⁽³⁾		20,790		20,585
Nomura Asset Acceptance Corp.
04-R1, A1, 144A 6.500%, 3/25/34⁽³⁾		13,278		13,989
04-R3, A1, 144A 6.500%, 2/25/35⁽³⁾		9,035		9,399
05-WF1, 2A2 4.786%, 3/25/35		3,648		3,712
Residential Accredit Loans, Inc. 03-QS6, A4 4.250%, 3/25/33		2,842		2,863
Residential Asset Mortgage Products, Inc.
04-SL2, A3 7.000%, 10/25/31		3,334		3,589


	PAR VALUE		VALUE
Non-Agency—(continued)
04-SL1, A8 6.500%, 11/25/31	$	3,806	$	3,918
04-SL4, A3 6.500%, 7/25/32		2,075		2,145
Residential Asset Securitization Trust
13-LT2, A, 144A 2.833%, 5/22/28⁽³⁾		12,558		12,579
03, A11, A9 5.750%, 11/25/33		4,032		4,158
04-A1, A5 5.500%, 4/25/34		16,119		17,068
04-QS8, A6 5.500%, 6/25/34		7,338		7,544
Residential Funding Mortgage Securities I, Inc.
06-S12, 1A1 5.500%, 12/25/21		2,293		2,381
05-S1, 1A2 5.500%, 2/25/35		2,385		2,376
06-S4, A2 6.000%, 4/25/36		1,401		1,291
S2 Hospitality LLC 12-LV1, A, 144A 4.500%, 4/15/25⁽³⁾		50		50
SBA Tower Trust 144A 4.254%, 4/15/15⁽³⁾		13,535		13,704
Sequoia Mortgage Trust
12-3, A1 3.500%, 7/25/42⁽²⁾		650		634
12-3, A1, 144A 4.000%, 12/25/43⁽²⁾⁽³⁾		8,722		8,770
SilverLeaf Finance XVII LLC 13-12, A1, 144A 2.680%, 3/16/26⁽³⁾		11,607		11,537
SMA Issuer I LLC 12-LV1, A, 144A 3.500%, 8/20/25⁽³⁾		4,234		4,243
Springleaf Mortgage Loan Trust
11-1A, A1, 144A 4.050%, 9/25/41⁽²⁾⁽³⁾		5,223		5,428
09-1, A6, 144A 5.750%, 9/25/48⁽²⁾⁽³⁾		2,201		2,199
12-3A, A, 144A 1.570%, 12/25/59⁽²⁾⁽³⁾		4,675		4,657
Structured Adjustable Rate Mortgage Loan Trust
04-4, 3A2 2.495%, 4/25/34⁽²⁾		4,215		4,213
04-4, 3A4 2.495%, 4/25/34⁽²⁾		4,292		4,244
04-5, 3A2 2.446%, 5/25/34⁽²⁾		2,622		2,588
Structured Asset Securities Corp.
03-AL1, A, 144A 3.357%, 4/25/31⁽³⁾		12,568		12,334
02-AL1, A3 3.450%, 2/25/32		5,946		5,866
Structured Asset Securities Corp. Mortgage Pass-Through Certificates
03-21, 2A2 5.250%, 8/25/33		2,564		2,599
03-33H, 1A1 5.500%, 10/25/33		5,254		5,375
04-21XS, 2A4A 4.900%, 12/25/34⁽²⁾		1,058		1,056
SunTrust Adjustable Rate Mortgage Loan Trust 07-S1, 5A1 4.295%, 1/25/37⁽²⁾		1,566		1,535
Topre Corp. 13-LTR1, A 3.470%, 11/20/28		7,491		7,483
Wells Fargo (Wachovia Bank Commercial Mortgage Trust)
04-C15, B 4.892%, 10/15/41		14,875		15,234


	PAR VALUE		VALUE
Non-Agency—(continued)
05-C20, AMFX 5.179%, 7/15/42⁽²⁾	$	11,936	$	12,666
06-C25, AM 5.724%, 5/15/43⁽²⁾		18,625		20,144
06-C25, A4 5.724%, 5/15/43⁽²⁾		10,000		10,789
07-C30, A5 5.342%, 12/15/43		39,765		43,726
07-C30, AM 5.383%, 12/15/43		24,070		25,897
07-C31, A4 5.509%, 4/15/47		12,177		13,289
07-31, AM 5.591%, 4/15/47⁽²⁾		34,000		37,014
07-C32, A3 5.733%, 6/15/49⁽²⁾		17,577		19,450
07-C33, A5 5.925%, 2/15/51⁽²⁾		1,265		1,421
Wells Fargo Mortgage Backed Securities Trust
06-17, A1 5.500%, 11/25/21		303		308
03-G, A1 2.490%, 6/25/33⁽²⁾		1,767		1,777
03-J, 5A1 2.491%, 10/25/33⁽²⁾		787		786
04-4, A9 5.500%, 5/25/34		3,101		3,227
04-Z, 2A1 2.615%, 12/25/34⁽²⁾		10,574		10,666
04-CC, A1 2.615%, 1/25/35⁽²⁾		4,377		4,331
05-12, 1A1 5.500%, 11/25/35		7,616		7,713
05-14, 2A1 5.500%, 12/25/35		5,272		5,579
06-6, 1A15 5.750%, 5/25/36		737		719
06-16, A5 5.000%, 11/25/36		2,072		2,126
07-16, 1A1 6.000%, 12/28/37		7,462		7,765
07-AR10, 2A1 6.175%, 1/25/38⁽²⁾		6,008		5,920

				1,619,495

TOTAL MORTGAGE-BACKED SECURITIES (Identified Cost $1,729,144)				1,774,910

ASSET-BACKED SECURITIES—15.5%
1st Financial Bank U.S.A. 10-D, C, 144A 5.920%, 6/17/19⁽³⁾		3,000		3,021
AABS Ltd. 13-1, A 4.875%, 1/10/38⁽²⁾		11,762		11,820
AmeriCredit Automobile Receivables Trust
10-4, C 2.760%, 5/9/16		2,833		2,859
11-1, C 2.850%, 8/8/16		800		813
11-2, C 3.190%, 10/12/16		1,500		1,527
10-4, D 4.200%, 11/8/16		7,700		7,938
11-1, D 4.260%, 2/8/17		11,119		11,560
11-5, D 5.050%, 12/8/17		5,010		5,354
12-1, C 2.670%, 1/8/18		4,625		4,731
12-3, C 2.420%, 5/8/18		16,750		17,048
12-3, D 3.030%, 7/9/18		19,762		20,171
12-4, D 2.680%, 10/9/18		7,150		7,211
13-2, D 2.420%, 5/8/19		20,600		20,442


	PAR VALUE		VALUE
Ameriquest Mortgage Securities, Inc. 03-10, AF6 5.210%, 11/25/33⁽²⁾	$	2,072	$	2,144
Asset Backed Funding Certificates 05-AQ1, A6 4.780%, 6/25/35⁽²⁾		4,503		4,631
Avis Budget Rental Car Funding LLC
(AESOP) 11-3A, A, 144A 3.410%, 11/20/17⁽³⁾		12,848		13,475
(AESOP) 12-3A, A, 144A 2.100%, 3/20/19⁽³⁾		23,085		23,045
(AESOP) 13-1A, A, 144A 1.920%, 9/20/19⁽³⁾		18,200		17,844
Bayview Financial Acquisition Trust 07-A, 1A2 6.205%, 5/28/37⁽²⁾		11,039		11,787
Bayview Financial Mortgage-Pass-Through Trust
06-B, 1A2 5.800%, 4/28/36⁽²⁾		270		276
06-A, 1A2 5.483%, 2/28/41⁽²⁾		205		207
06-A, 1A4 6.087%, 2/28/41⁽²⁾		16,118		16,988
Beacon Container Finance LLC 12-1A, A, 144A 3.720%, 9/20/27⁽³⁾		11,629		11,644
Bush Truck Leasing LLC 11-44, A, 144A 5.000%, 9/25/18⁽³⁾		1,068		1,063
BXG Receivables Note Trust
10-A, A, 144A 5.100%, 3/2/26⁽³⁾		3,287		3,413
12-A, A, 144A 2.660%, 12/2/27⁽³⁾		6,679		6,592
13-A, A, 144A 3.010%, 12/4/28⁽³⁾		11,585		11,699
California Republic Auto Receivables Trust
12-1, B, 144A 1.760%, 1/16/18⁽³⁾		13,570		13,484
13-1, B, 144A 2.240%, 1/15/19⁽³⁾		11,600		11,641
Capital Auto Receivables Asset Trust
13-1, C 1.740%, 10/22/18		5,425		5,357
13-4, C 2.670%, 2/20/19		2,550		2,531
Carfinance Capital Auto Trust
13-A, B, 144A 2.750%, 11/15/18⁽³⁾		6,740		6,659
13-A1, C, 144A 3.450%, 3/15/19⁽³⁾		2,210		2,161
13-2A, B 144A 3.150%, 8/15/19⁽³⁾		19,350		19,316
CarMax Auto Owner Trust 12-1, B 1.760%, 8/15/17		6,190		6,311
CarNow Auto Receivables Trust
12-1A, B, 144A 3.240%, 3/15/16⁽³⁾		447		448
12-1A, C, 144A 4.940%, 3/15/16⁽³⁾		3,750		3,783
13-1A, B, 144A 1.970%, 11/15/17⁽³⁾		4,570		4,563
13-1A,C, 144A 2.980%, 11/15/17⁽³⁾		7,244		7,264
Centre Point Funding LLC 12-2A, 1, 144A 2.610%, 8/20/21⁽³⁾		11,205		11,274
Cheesecake Restaurant Holdings, Inc. 13-1A, A2, 144A 4.474%, 3/20/43⁽³⁾		24,734		24,686


	PAR VALUE		VALUE
CIT Equipment Collateral 12-VT1, D, 144A 4.120%, 10/21/19⁽³⁾	$	10,000	$	10,013
Citicorp Residential Mortgage Securities, Inc.
07-1, A6 5.702%, 3/25/37⁽²⁾		4,169		4,324
07-2, A4 5.898%, 6/25/37⁽²⁾		7,000		6,865
07-12,A6 5.898%, 6/25/37⁽²⁾		10,475		10,585
CNH Equipment Trust
12-B, A4 1.160%, 6/15/20		10,000		10,048
12-B, B 1.780%, 6/15/20		4,000		4,051
Conseco Financial Corp.
94-1, A5 7.650%, 4/15/19		199		207
01-3, A4 6.910%, 5/1/33⁽²⁾		13,376		15,028
Countrywide Asset-Backed Certificates
04-10, AF6 4.485%, 12/25/34⁽²⁾		2,996		3,092
04-12, AF6 4.634%, 3/25/35⁽²⁾		2,533		2,583
05-1, AF5A 5.497%, 7/25/35⁽²⁾		13,675		13,189
05-12, 2A3 5.069%, 2/25/36⁽²⁾		3,732		3,866
Cronos Containers Program Ltd. 12-2A, A, 144A 3.810%, 9/18/27⁽³⁾		15,558		15,569
Direct Capital Funding IV LLC
13-1, D, 144A 4.599%, 10/20/19⁽³⁾		3,555		3,555
13-A1, C, 144A 4.830%, 11/20/20⁽³⁾		5,000		4,990
Dominos Pizza Master Issuer LLC 12-1A, A2, 144A 5.216%, 1/25/42⁽³⁾		40,144		42,524
Drug Royalty LP
I 12-1, A2, 144A 5.800%, 7/15/24⁽³⁾		4,655		4,865
II 12-1, A1, 144A 4.244%, 1/15/25⁽²⁾⁽³⁾		5,706		5,828
II 12-1, A2, 144A 4.474%, 1/15/25⁽³⁾		10,834		11,018
DSC Floorplan Master Owner Trust 11-1, A, 144A 3.910%, 3/15/16⁽³⁾		8,500		8,512
DT Auto Owner Trust
12-1A, C, 144A 3.380%, 10/16/17⁽³⁾		9,975		10,029
13-1A, C, 144A 2.730%, 2/15/19⁽³⁾		17,775		17,811
144A 3.060%, 9/16/19⁽³⁾		17,000		17,036
Exeter Automobile Receivables Trust
12-1A, C, 144A 5.270%, 10/16/17⁽³⁾		8,500		8,751
12-2A, C, 144A 3.060%, 7/16/18⁽³⁾		8,050		7,998
13-2A, B 144A 3.090%, 7/16/18⁽³⁾		17,820		17,922
13-1A, C, 144A 3.520%, 2/15/19⁽³⁾		15,000		14,809
13-1A, D, 144A 5.050%, 10/15/19⁽³⁾		5,000		4,894
Fairway Outdoor Funding LLC 12-1A, A2, 144A 4.212%, 10/15/42⁽³⁾		13,256		13,266
Global Science Finance S.R.L. 13-1A, A, 144A 2.980%, 4/17/28⁽³⁾		23,753		23,019
13-2A, A, 144A 3.670%, 11/17/28⁽³⁾	$	6,942	$	6,917


	PAR VALUE		VALUE
GMAC Mortgage Corp. Loan Trust 06-HLTV, A4 5.810%, 10/25/29		5,911		6,007
Great America Leasing Receivables 13-1, A4, 144A 1.160%, 5/15/18⁽³⁾		2,235		2,234
GSAA Home Equity Trust 05-12, AF3W 4.999%, 9/25/35⁽²⁾		15,168		15,066
GSAA Trust 05-1, AF4 5.470%, 11/25/34⁽²⁾		910		949
Harley-Davidson Motorcycle Trust 10-1, C 2.590%, 4/15/18		8,500		8,578
Hertz Vehicle Financing LLC
09-2A, A2 144A 5.290%, 3/25/16⁽³⁾		5,000		5,228
13-1A, A1, 144A 1.120%, 8/25/17⁽³⁾		18,325		18,289
11-1A, A2, 144A 3.290%, 3/25/18⁽³⁾		12,290		12,922
Hilton Grand Vacations Trust 13-A, A, 144A 2.280%, 1/25/26⁽³⁾		8,882		8,875
Huntington Auto Trust 12-2, R, 144A 0.000%, 5/15/19		67,441		2,900
Hyundai Auto Receivables Trust 12-B, C 1.950%, 10/15/18		10,000		10,156
IMC Home Equity Loan Trust 97-5, A9 7.310%, 11/20/28		4,260		4,281
IndyMac Manufactured Housing Contract 98-1, A3 6.370%, 9/25/28		1,304		1,346
Leaf II Receivables Funding LLC 12-1, D, 144A 4.680%, 9/15/20⁽³⁾		5,859		5,859
Lehman Brothers Manufactured Housing Contract Trust 01-B, A3 4.350%, 4/15/40		5,541		5,688
Marriott Vacation Club Owner Trust
12-1A, A 144A 2.510%, 5/20/30⁽³⁾		17,474		17,702
10-1A, A 144A 3.540%, 10/20/32⁽³⁾		873		901
10-1A, B 144A 4.520%, 10/20/32⁽³⁾		1,701		1,776
Master Credit Card Trust 12-2A, A 144A 0.780%, 4/21/17⁽³⁾		5,000		4,991
Miramax LLC 11-1A, A 144A 6.250%, 10/20/21⁽³⁾		10,729		11,098
MMCA Auto Owner Trust 11-A, B 144A 2.720%, 10/17/16⁽³⁾		3,500		3,552
Nations Equipment Finance Funding I LLC
13-1A, B 144A 3.818%, 5/20/21⁽³⁾		4,000		4,000
13-1A, C 144A 5.500%, 5/20/21⁽³⁾		7,833		7,833
New Century Home Equity Loan Trust 05-A, A4W 4.710%, 8/25/35⁽²⁾		17,703		17,415
Orange Lake Timeshare Trust
12-AA, A 144A 3.450%, 3/10/27⁽³⁾		7,299		7,493


	PAR VALUE		VALUE
12-AA, B 144A 4.870%, 3/10/27⁽³⁾	$	687	$	701
Popular ABS Mortgage Pass-Through-Trust 05-5, AF3 4.807%, 11/25/35⁽²⁾		9,803		9,646
Rental Car Finance Corp. 11-1A, B1 144A 4.380%, 2/25/16⁽³⁾		4,000		4,089
Residential Asset Mortgage Products, Inc. 03- RS8, AI7 5.015%, 9/25/33⁽²⁾		1,439		1,463
Residential Funding Mortgage Securities II Home Loan Trust
06-HI2, A3 5.790%, 2/25/36		4,809		4,860
06-H11, M1 6.010%, 2/25/36⁽²⁾		6,661		6,799
07-HI1, A3 5.720%, 3/25/37		16,963		17,044
Santander Drive Auto Receivables Trust
11-2, B 2.660%, 1/15/16		6,637		6,673
10-B, C 144A 3.020%, 10/17/16⁽³⁾		10,950		11,032
12-4, C 2.940%, 12/15/17		5,170		5,320
12-2, D 3.870%, 2/15/18		31,045		32,582
12-6, C 1.940%, 3/15/18		9,645		9,721
12-5, C 2.700%, 8/15/18		4,850		4,982
12-6, D 2.520%, 9/17/18		17,455		17,507
13-1, D 2.270%, 1/15/19		17,770		17,568
13-3, C 1.810%, 4/15/19		17,215		17,099
13-5, D 2.730%, 10/15/19		19,500		19,315
Sierra Timeshare Receivables Funding, LLC
10-3A, B 144A 4.440%, 11/20/25⁽³⁾		4,567		4,684
11-1A, B 144A 4.230%, 4/20/26⁽³⁾		4,659		4,791
12-2A, B 144A 3.420%, 3/20/29⁽³⁾		6,143		6,235
12-3A, A 144A 1.870%, 8/20/29⁽³⁾		9,676		9,709
13-1A, A 144A 1.590%, 11/20/29⁽³⁾		8,740		8,697
Silverleaf Finance XV LLC 12-D, A 144A 3.000%, 3/17/25⁽³⁾		13,918		14,040
SNAAC Auto Receivables Trust 12-1A, A 144A 1.780%, 6/15/16⁽³⁾		374		374
Soundview Home Loan Trust 05-OPT4, 2A3 0.425%, 12/25/35⁽²⁾		9,998		9,627
Structured Asset Investment Loan Trust 05-HE1 05-HE1, M1 0.870%, 7/25/35⁽²⁾		5,622		5,261
Structured Asset Securities Corp.
01-SB1, A2 3.375%, 8/25/31		2,987		2,936
05-S7, A2 144A 0.465%, 12/25/35⁽²⁾⁽³⁾		6,372		6,113
SVO VOI Mortgage Corp.
10-AA, A 144A 3.650%, 7/20/27⁽³⁾		5,934		6,097
12-AA, A 144A 2.000%, 9/20/29⁽³⁾		11,522		11,488


	PAR VALUE			VALUE
TAL Advantage LLC 12-1A, A 144A 3.860%, 5/20/27⁽³⁾	$	14,140		$	14,253
TAL Advantage V LLC 13-1A, A 144A 2.830%, 2/22/38⁽³⁾		11,944			11,593
Terwin Mortgage Trust 04-15AL, A1 144A 5.796%, 7/25/34⁽²⁾⁽³⁾		6,933			6,614
Textainer Marine Containers Ltd. 13-1A, A 144A 3.900%, 9/20/38⁽³⁾		19,500			19,670
Tidewater Auto Receivables Trust 12-AA, B 144A 2.430%, 4/15/19⁽³⁾		7,488			7,468
Trinity Rail Leasing LP 03-1A, A 144A 5.640%, 10/12/26⁽³⁾		5,792			6,310
Trip Rail Master Funding LLC 11-1A, A1A, 144A 4.370%, 7/15/41⁽³⁾		20,194			21,205
U-Haul S Fleet LLC 10-BT1A, 1 144A 4.899%, 10/25/23⁽³⁾		22,873			23,934
VFC LLC 13-1, A 144A 3.130%, 3/20/26⁽³⁾		5,819			5,859
Volvo Financial Equipment LLC 13-1A, B 144A 1.240%, 8/15/19⁽³⁾		15,835			15,645
Wachovia Asset Securitization Issuance II LLC 07- HE2A, A 144A 0.295%, 7/25/37⁽²⁾⁽³⁾		12,114			9,911
Welk Resorts LLC 13-A, A 144A 3.100%, 3/15/29⁽³⁾		6,967			6,933
Westgate Resorts LLC 12-2A, A 144A 3.000%, 1/20/25⁽³⁾		918			925

TOTAL ASSET-BACKED SECURITIES (Identified Cost $1,285,930)					1,293,857

CORPORATE BONDS—38.0%
Consumer Discretionary—1.6%
Arcos Dorados Holdings, Inc. 144A 10.250%, 7/13/16⁽³⁾		14,225	^BRL		5,758
Boyd Gaming Corp.
9.125%, 12/1/18		2,425			2,649
9.000%, 7/1/20		5,350			5,885
Brookfield Residential Properties, Inc. 144A 6.500%, 12/15/20⁽³⁾		5,810			6,057
CCO Holdings LLC 7.375%, 6/1/20		6,700			7,286
Daimler Finance North America LLC
144A 2.625%, 9/15/16⁽³⁾		11,000			11,374
144A 1.875%, 1/11/18⁽³⁾		7,100			6,991
Dana Holding Corp. 6.500%, 2/15/19		3,973			4,241
GLP Capital LP (GLP Financing II, Inc.)
144A 4.375%, 11/1/18⁽³⁾		755			772


	PAR VALUE		VALUE
Consumer Discretionary—(continued)
144A 4.875%, 11/1/20⁽³⁾	$	4,875	$	4,875
Hyatt Hotels Corp. 3.875%, 8/15/16		7,000		7,391
Hyundai Motor Manufacturing 144A 4.500%, 4/15/15⁽³⁾		6,000		6,248
International Game Technology 7.500%, 6/15/19		1,115		1,297
Jaguar Land Rover Automotive plc 144A 4.125%, 12/15/18⁽³⁾		6,845		6,922
KOC Holding AS 144A 3.500%, 4/24/20⁽³⁾		13,595		11,606
MGM Resorts International 6.750%, 10/1/20		6,500		6,971
Nara Cable Funding Ltd. 144A 8.875%, 12/1/18⁽³⁾		4,885		5,276
ONO Finance II plc 144A 10.875%, 7/15/19⁽³⁾		1,035		1,139
Sirius XM Radio, Inc. 144A 4.250%, 5/15/20⁽³⁾		20,955		19,855
Toll Brothers Finance Corp. 6.750%, 11/1/19		10,036		11,516
Wyndham Worldwide Corp. 2.500%, 3/1/18		2,960		2,949

				137,058

Consumer Staples—0.3%
Alphabet Holding Co., Inc. PIK Interest
Capitalization, 144A 7.750%, 11/1/17^(3)(10)		1,835		1,896
Hawk Acquisition Sub, Inc. 144A 4.250%, 10/15/20⁽³⁾		20,949		20,320

				22,216

Energy—3.4%
Afren plc 144A 11.500%, 2/1/16⁽³⁾		4,790		5,509
Calumet Specialty Products Partners LP (Calumet Finance Corp.) 9.625%, 8/1/20		8,130		9,167
Carrizo Oil & Gas, Inc. 8.625%, 10/15/18		7,271		7,907
Compagnie Generale de Geophysique-Veritas 7.750%, 5/15/17		2,334		2,410
EP Energy LLC (Everest Acquisition Finance, Inc.) 6.875%, 5/1/19		4,000		4,325
Frontier Oil Corp. 6.875%, 11/15/18		2,550		2,764
Gazprom OAO (Gaz Capital SA)
144A 4.950%, 5/23/16⁽³⁾⁽⁵⁾		5,000		5,308
144A 6.212%, 11/22/16⁽³⁾		10,405		11,472
144A 8.146%, 4/11/18⁽³⁾		2,880		3,391
144A 6.510%, 3/7/22⁽³⁾⁽⁵⁾		3,235		3,474
Hercules Offshore, Inc. 144A 7.125%, 4/1/17⁽³⁾		7,250		7,748
Kinder Morgan Energy Partners LP 6.850%, 2/15/20		2,545		3,022
Linn Energy LLC 144A 7.000%, 11/1/19⁽³⁾		12,500		12,687
Lukoil OAO International Finance BV


	PAR VALUE			VALUE
Energy—(continued)
144A 6.375%, 11/5/14⁽³⁾	$	4,900		$	5,111
144A 3.416%, 4/24/18⁽³⁾		6,000			6,052
Midcontinent Express Pipeline LLC 144A 6.700%, 9/15/19⁽³⁾		7,500			7,318
MIE Holdings Corp. 144A 9.750%, 5/12/16⁽³⁾		2,985			3,179
Pacific Rubiales Energy Corp. 144A 5.375%, 1/26/19⁽³⁾		20,870			21,079
Petroleos de Venezuela SA
Series 2014 4.900%, 10/28/14		16,540			15,134
RegS 8.500%, 11/2/17⁽⁴⁾		80,300			67,050
Plains Exploration & Production Co. 6.500%, 11/15/20		13,200			14,579
Pride International, Inc. 8.500%, 6/15/19		4,065			5,123
QGOG Constellation SA 144A 6.250%, 11/9/19⁽³⁾		7,925			7,588
Rosneft Finance SA RegS 7.500%, 7/18/16⁽⁴⁾		13,235			14,873
Rosneft Oil Co. 144A 3.149%, 3/6/17⁽³⁾⁽⁵⁾		10,800			10,935
Sabine Pass Liquefaction LLC 144A 5.625%, 2/1/21⁽³⁾		8,000			7,860
Sinopec Capital 2013 Ltd. 144A 1.875%, 4/24/18⁽³⁾		11,750			11,378
Venoco, Inc. 8.875%, 2/15/19		5,675			5,618
Weatherford International Ltd. 9.625%, 3/1/19		4,110			5,278

					287,339

Financials—19.6%
Abbey National Treasury Services plc 144A 3.875%, 11/10/14⁽³⁾		11,599			11,915
ABN AMRO Bank N.V.
144A 3.000%, 1/31/14⁽³⁾		9,000			9,017
144A 4.250%, 2/2/17⁽³⁾		4,425			4,744
ADCB Finance Cayman Ltd. 144A 4.750%, 10/8/14⁽³⁾		5,290			5,435
Air Lease Corp. 4.750%, 3/1/20		14,055			14,600
Aircastle Ltd.
4.625%, 12/15/18		7,740			7,817
6.250%, 12/1/19		10,400			11,193
Akbank TAS
144A 5.125%, 7/22/15⁽³⁾		8,900			9,186
144A 7.500%, 2/5/18⁽³⁾		12,140	^TRY		4,828
Alfa Bank OJSC RegS 7.875%, 9/25/17⁽⁴⁾⁽⁵⁾		19,275			21,492
Allstate Corp. 6.125%, 5/15/37⁽²⁾⁽⁷⁾		4,730			4,943
Ally Financial, Inc. 4.750%, 9/10/18		8,450			8,873
American International Group, Inc.
2.375%, 8/24/15		5,825			5,950


	PAR VALUE			VALUE
Financials—(continued)
5.850%, 1/16/18	$	7,300		$	8,370
3.375%, 8/15/20		10,020			10,067
American Tower Trust I 144A 1.551%, 3/15/18⁽³⁾		6,900			6,734
Anglo American Capital plc 144A 9.375%, 4/8/19⁽³⁾		1,950			2,470
Associated Banc Corp. 5.125%, 3/28/16		8,635			9,230
Assurant, Inc. 5.625%, 2/15/14		4,060			4,083
Aviation Capital Group Corp. 144A 3.875%, 9/27/16⁽³⁾		4,880			5,043
Avis Budget Car Rental LLC 4.875%, 11/15/17		13,470			14,211
Banco Bradesco SA
144A 4.125%, 5/16/16⁽³⁾		7,000			7,306
144A 4.500%, 1/12/17⁽³⁾		13,000			13,748
Banco Continental SA Via Continental Senior Trustees II Cayman Ltd. 144A 5.750%, 1/18/17⁽³⁾⁽⁵⁾		10,000			10,725
Banco de Credito del Peru 144A 4.750%, 3/16/16⁽³⁾		14,800			15,540
Banco Santander Brasil SA
144A 4.500%, 4/6/15⁽³⁾		7,500			7,706
144A 8.000%, 3/18/16⁽³⁾		28,335	^BRL		11,109
144A 4.625%, 2/13/17⁽³⁾		9,300			9,672
Banco Santander Chile 144A 2.117%, 6/7/18⁽²⁾⁽³⁾		5,300			5,316
Banco Votorantim SA 144A 5.250%, 2/11/16⁽³⁾		10,500			10,841
Bangkok Bank plc 144A 2.750%, 3/27/18⁽³⁾		16,550			16,258
Bank of America Corp.
2.000%, 1/11/18		14,905			14,872
5.490%, 3/15/19		2,868			3,173
Bank of Georgia JSC 144A 7.750%, 7/5/17⁽³⁾		10,110			10,540
Bank of India
144A 3.250%, 4/18/18⁽³⁾		24,470			23,688
144A 3.625%, 9/21/18⁽³⁾		20,380			19,449
Barclays Bank plc
5.200%, 7/10/14		1,610			1,650
144A 6.050%, 12/4/17⁽³⁾		13,130			14,673
144A 5.926%, 9/29/49^(2)(3)(6)(7)		3,773			3,981
BBVA Banco Continental SA 144A 3.250%, 4/8/18⁽³⁾		8,270			8,270
BioMed Realty LP 3.850%, 4/15/16		9,375			9,788
Brazil Loan Trust 1 144A 5.477%, 7/24/23⁽³⁾		21,035			21,193
Capital One Financial Corp. 6.150%, 9/1/16		5,364			5,999
Chubb Corp. (The) 6.375%, 3/29/67⁽²⁾		8,205			8,882
Citigroup, Inc.
0.512%, 6/9/16⁽²⁾		3,400			3,345


	PAR VALUE		VALUE
Financials—(continued)
5.500%, 2/15/17	$	23,460	$	25,840
2.500%, 9/26/18		10,000		10,045
CNA Financial Corp. 5.850%, 12/15/14		7,575		7,934
CNH Capital LLC 144A
3.250%, 2/1/17⁽³⁾		935		956
3.625%, 4/15/18		20,225		20,604
Comerica Bank
Series A1 5.700%, 6/1/14		1,900		1,939
4.800%, 5/1/15		1,828		1,919
5.750%, 11/21/16		5,940		6,682
Continental Airlines Pass-Through-Trust 99-2, C2 6.236%, 3/15/20		14,583		16,005
Countrywide Financial Corp. 6.250%, 5/15/16		9,110		10,052
Denali Borrower LLC (Denali Finance Corp.) 144A 5.625%, 10/15/20⁽³⁾		5,500		5,466
Discover Bank 8.700%, 11/18/19		1,750		2,187
DNB Bank ASA 144A 3.200%, 4/3/17⁽³⁾		24,700		25,813
E*TRADE Financial Corp. 6.375%, 11/15/19		10,155		10,955
Fifth Third Bancorp 4.500%, 6/1/18		6,745		7,189
Fifth Third Bank 4.750%, 2/1/15		750		781
First Tennessee Bank N.A. 5.650%, 4/1/16		15,664		16,899
Ford Motor Credit Co. LLC
4.207%, 4/15/16		10,000		10,655
5.000%, 5/15/18		10,000		11,134
General Electric Capital Corp. 0.618%, 5/5/26⁽²⁾		8,000		7,226
General Motors Financial Co., Inc. 144A 4.750%, 8/15/17⁽³⁾		25,655		27,355
Genworth Holdings, Inc.
7.200%, 2/15/21		5,000		5,814
7.625%, 9/24/21		13,825		16,431
Glen Meadow Pass-Through Trust 144A 6.505%, 2/12/67⁽²⁾⁽³⁾		10,345		10,086
Goldman Sachs Group, Inc. (The)
5.625%, 1/15/17		14,000		15,422
2.900%, 7/19/18		8,200		8,341
7.500%, 2/15/19		2,451		2,984
Guanay Finance Ltd. 144A 6.000%, 12/15/20⁽³⁾		18,800		19,558
HBOS plc 144A 6.750%, 5/21/18⁽³⁾		685		774
HCP, Inc.
3.750%, 2/1/16		8,000		8,406
3.750%, 2/1/19		4,940		5,128
Health Care REIT, Inc.
4.700%, 9/15/17		8,565		9,306


	PAR VALUE		VALUE
Financials—(continued)
4.125%, 4/1/19	$	4,100	$	4,315
Healthcare Realty Trust, Inc. 6.500%, 1/17/17		3,000		3,363
Hertz Corp. (The)
4.250%, 4/1/18		3,030		3,121
5.875%, 10/15/20		9,420		9,809
HSBC USA, Inc. 2.625%, 9/24/18		19,485		19,804
Huntington Bancshares, Inc. 7.000%, 12/15/20		17,065		19,767
Huntington National Bank (The) 4.900%, 1/15/14		1,400		1,402
Hutchison Whampoa International Ltd. Series 12, 144A 6.000% ^(2)(3)(6)(7)		13,210		14,052
Hyundai Capital Services, Inc.
144A 6.000%, 5/5/15⁽³⁾		4,975		5,291
144A 3.750%, 4/6/16⁽³⁾		500		524
144A 2.125%, 10/2/17⁽³⁾		2,940		2,919
ICICI Bank RegS 4.700%, 2/21/18⁽⁴⁾		13,000		13,260
ICICI Bank Ltd. 144A 4.800%, 5/22/19⁽³⁾		13,000		13,080
ING Bank NV
144A 2.375%, 6/9/14⁽³⁾		5,000		5,042
144A 1.375%, 3/7/16⁽³⁾		9,000		9,014
ING US, Inc. 2.900%, 2/15/18		25,620		26,192
International Lease Finance Corp.
3.875%, 4/15/18		12,835		12,867
5.875%, 4/1/19		5,800		6,177
Intesa San Paolo SpA 3.125%, 1/15/16		12,190		12,422
iStar Financial, Inc. 4.875%, 7/1/18		12,250		12,265
Jefferies Group, Inc. 5.125%, 4/13/18		6,541		7,072
JPMorgan Chase & Co. 6.125%, 6/27/17		8,850		10,051
Kazkommerts Bank International JSC 144A 7.875%, 4/7/14⁽³⁾		4,135		4,197
KeyBank N.A.
5.800%, 7/1/14		1,450		1,487
7.413%, 5/6/15		3,000		3,251
4.950%, 9/15/15		1,295		1,378
Korea Development Bank 3.500%, 8/22/17		9,750		10,160
Lazard Group LLC 4.250%, 11/14/20		17,375		17,317
Legg Mason, Inc. 5.500%, 5/21/19		13,868		15,162
Level 3 Financing, Inc. 7.000%, 6/1/20		4,065		4,329
Lincoln National Corp.
8.750%, 7/1/19		15,040		19,349
6.050%, 4/20/67⁽²⁾⁽⁷⁾		2,885		2,863
Macquarie Group Ltd. 144A 3.000%, 12/3/18⁽³⁾		4,870		4,848
Magyar Fejlesztesi Bank Zrt. 144A 6.250%, 10/21/20⁽³⁾		2,960		3,060


	PAR VALUE			VALUE
Financials—(continued)
Manufacturers & Traders Trust Co. 5.629%, 12/1/21⁽²⁾	$	5,000		$	5,163
MetLife, Inc. 6.750%, 6/1/16		910			1,035
Metropolitan Life Global Funding I 144A 1.700%, 6/29/15⁽³⁾		13,770			13,977
Michaels FinCo Holdings LLC (Michaels FinCo, Inc.) PIK Interest Capitalization, 144A 7.500%, 8/1/18^(3)(10)		6,550			6,845
Morgan Stanley
5.550%, 4/27/17		10,200			11,374
144A 10.090%, 5/3/17⁽³⁾		22,595	^BRL		9,050
Nationstar Mortgage LLC 6.500%, 8/1/18		15,370			15,716
Nordea Bank AB 144A 2.125%, 1/14/14⁽³⁾		5,000			5,003
ORIX Corp. 5.000%, 1/12/16		5,228			.5,563
Penske Truck Leasing Co. LP (PTL Finance Corp.) 144A 2.875%, 7/17/18⁽³⁾		8,505			8,551
Phosagro OAO (Phosagro Bond Funding Ltd.) 144A 4.204%, 2/13/18⁽³⁾⁽⁵⁾		14,800			14,670
PNC Funding Corp. 5.625%, 2/1/17		3,130			3,473
Principal Life Global Funding II 144A 2.250%, 10/15/18⁽³⁾		17,580			17,431
Progressive Corp. (The) 6.700%, 6/15/37⁽²⁾		2,740			2,959
Prudential Financial, Inc.
4.750%, 9/17/15		4,770			5,083
8.875%, 6/15/38⁽²⁾⁽⁷⁾		11,200			13,622
QBE Insurance Group Ltd. 144A 2.400%, 5/1/18⁽³⁾		7,750			7,442
Regions Bank 7.500%, 5/15/18		12,001			14,231
Regions Financial Corp. 5.750%, 6/15/15		2,535			2,701
Royal Bank of Scotland Group plc (The) 6.400%, 10/21/19		3,130			3,605
Russian Agricultural Bank OJSC (RSHB Capital SA)
144A 6.299%, 5/15/17⁽³⁾		2,905			3,097
144A 5.298%, 12/27/17⁽³⁾		18,055			18,597
144A 5.100%, 7/25/18⁽³⁾⁽⁵⁾		8,750			8,914
Santander Holdings USA, Inc. 3.000%, 9/24/15		980			1,012
Santander U.S. Debt S.A.U. 144A 3.724%, 1/20/15⁽³⁾		8,100			8,261
Unipersonal 144A 3.781%, 10/7/15⁽³⁾		8,000			8,244
SBA Tower Trust 144A 2.933%, 12/15/17⁽³⁾		13,275			13,508
Sberbank of Russia (Sberbank CapItal SA)
144A 4.950%, 2/7/17⁽³⁾⁽⁵⁾		35,165			37,275
144A 5.125%, 10/29/22⁽³⁾⁽⁵⁾		9,170			8,757


	PAR VALUE		VALUE
Financials—(continued)
Schaeffler Holding Finance BV PIK Interest Capitalization, 144A 6.875%, 8/15/18^(3)(10)	$	2,210	$	2,354
Senior Housing Properties Trust 4.300%, 1/15/16		6,875		7,161
Shinhan Bank
144A 4.375%, 7/27/17⁽³⁾		11,700		12,507
144A 1.875%, 7/30/18⁽³⁾		1,000		965
Skandinaviska Enskilda Banken AB 144A 1.750%, 3/19/18⁽³⁾		6,775		6,634
SLM Corp.
4.625%, 9/25/17		24,805		25,800
4.875%, 6/17/19		9,140		9,103
Societe Generale S.A.
144A 3.100%, 9/14/15⁽³⁾		2,900		3,011
144A 3.500%, 1/15/16⁽³⁾		6,895		7,224
Spansion LLC 7.875%, 11/15/17		2,955		3,081
State Street Corp. 4.956%, 3/15/18⁽⁷⁾		5,000		5,422
Sun Merger Sub, Inc. 144A 5.250%, 8/1/18⁽³⁾		6,850		7,193
SunTrust Bank, Inc.
6.000%, 9/11/17		4,925		5,576
5.450%, 12/1/17		3,750		4,087
Svenska Handelsbanken AB 3.125%, 7/12/16		10,000		10,458
Telecom Italia Capital SA
6.175%, 6/18/14		3,184		3,256
7.175%, 6/18/19		2,395		2,688
TMK OAO (TMK Capital) SA 144A 6.750%, 4/3/20⁽³⁾⁽⁵⁾		12,135		11,680
Toll Brothers Finance Corp. 4.000%, 12/31/18		4,075		4,157
Turkiye Garanti Bankasi AS 144A 4.000%, 9/13/17⁽³⁾		12,500		12,281
Turkiye Is Bankasi 144A 3.750%, 10/10/18⁽³⁾		12,630		11,740
Turkiye Vakiflar Bankasi Tao 144A 3.750%, 4/15/18⁽³⁾		4,000		3,746
Union Bank NA
1.500%, 9/26/16		2,000		2,023
2.625%, 9/26/18		2,700		2,747
Unum Group 7.125%, 9/30/16		6,620		7,498
Ventas Realty LP (Ventas Capital Corp.)
4.000%, 4/30/19		7,100		7,457
2.700%, 4/1/20		2,948		2,815
Vnesheconombank (VEB Finance plc) 144A 4.224%, 11/21/18⁽³⁾⁽⁵⁾		16,710		16,731
VTB Bank OJSC (VTB Capital SA)
144A 6.465%, 3/4/15⁽³⁾⁽⁵⁾		15,900		16,695


	PAR VALUE		VALUE
Financials—(continued)
144A 6.000%, 4/12/17⁽³⁾⁽⁵⁾	$	16,175	$	17,186
Wachovia Corp. 5.625%, 10/15/16		2,500		2,808
Webster Financial Corp. 5.125%, 4/15/14		2,500		2,517
Wells Fargo & Co. 5.125%, 9/15/16		5,000		5,503
Willis Group Holdings plc 4.125%, 3/15/16		6,000		6,281
Willis North America, Inc. 6.200%, 3/28/17		4,960		5,382
XLIT Ltd. 2.300%, 12/15/18		9,730		9,552
Yapi ve Kredi Bankasi AS 144A 4.000%, 1/22/20⁽³⁾		18,650		16,690
Zions Bancorp
5.650%, 5/15/14		1,775		1,807
4.500%, 3/27/17		8,120		8,597

				1,634,593

Health Care—1.1%
Alere, Inc. 6.500%, 6/15/20		6,175		6,345
Community Health Systems, Inc. (CHS) 5.125%, 8/15/18		9,320		9,646
HCA, Inc. 6.500%, 2/15/20		19,575		21,557
Salix Pharmaceuticals Ltd. 144A 6.000%, 1/15/21⁽³⁾		3,465		3,560
Symbion, Inc. 8.000%, 6/15/16		6,517		6,941
Tenet Healthcare Corp.
4.750%, 6/1/20		9,275		9,113
144A 6.000%, 10/1/20⁽³⁾		9,560		9,996
8.125%, 4/1/22		8,265		8,926
Valeant Pharmaceuticals International, Inc. Escrow Corp.
144A 6.750%, 8/15/18⁽³⁾		8,590		9,481
144A 5.625%, 12/1/21⁽³⁾		860		866
Zoetis, Inc. 1.875%, 2/1/18		1,975		1,958

				88,389

Industrials—5.6%
Air Canada Pass-Through-Trust 13-1, B 144A 5.375%, 5/15/21⁽³⁾		9,855		9,584
America West Airlines Pass- Through-Trust
98-1, A 6.870%, 1/2/17		1,917		2,013
99-1, G 7.930%, 1/2/19		11,011		11,809
00-1, G 8.057%, 7/2/20		8,222		8,798
01-1, G 7.100%, 4/2/21		39,413		42,172
American Airlines Pass-Through- Trust 13-1, A 144A
4.000%, 7/15/25⁽³⁾		7,721		7,470
Atlas Air Pass-Through-Trust


	PAR VALUE			VALUE
Industrials—(continued)
98-1, A 7.380%, 1/2/18	$	8,942		$	9,054
99-1, A1 7.200%, 1/2/19		1,910			1,967
00-1, A 8.707%, 1/2/19		4,321			4,483
AWAS Aviation Capital Ltd. 144A 7.000%, 10/17/16⁽³⁾		9,224			9,593
British Airways plc 144A 5.625%, 6/20/20⁽³⁾		8,863			9,262
Ceridian HCM Holding, Inc. 144A 11.000%, 3/15/21⁽³⁾		280			324
Continental Airlines Pass-Through-Trust
98-1, A 6.648%, 9/15/17		4,806			5,052
97-4, A 6.900%, 1/2/18		5,040			5,342
99-1, A 6.545%, 2/2/19		11,374			12,413
09-2, A 7.250%, 11/10/19		765			876
00-1, A1 8.048%, 11/1/20		7,341			8,396
01-1, A1 6.703%, 6/15/21		13,349			14,417
Delta Air Lines Pass-Through-Trust
11-1, A 5.300%, 4/15/19		9,668			10,538
09-1, A 7.750%, 12/17/19		5,168			5,943
12-1A, 1A 4.750%, 5/7/20		29,648			31,723
Deluxe Corp.
7.000%, 3/15/19		7,490			8,052
6.000%, 11/15/20		2,950			3,061
HD Supply, Inc. 8.125%, 4/15/19		2,935			3,284
Hellenic Railways 5.460%, 1/30/14		16,710	^EUR		22,413
Kratos Defense & Security Solutions, Inc. 10.000%, 6/1/17		12,365			13,401
Northwest Airlines Pass-Through-Trust 02-1, G2 6.264%, 11/20/21		15,561			16,710
Odebrecht Finance Ltd. 144A 8.250%, 4/25/18		12,850	^BRL		4,507
Parker Hannifin Corp. 5.500%, 5/15/18		7,970			9,024
Rexel SA 144A 5.250%, 6/15/20⁽³⁾		15,970			16,130
Sappi Papier Holding GmbH
144A 7.750%, 7/15/17⁽³⁾		12,830			14,113
144A 8.375%, 6/15/19⁽³⁾		7,770			8,557
Spirit Aerosystems, Inc. 7.500%, 10/1/17		6,330			6,599
Toledo Edison Co. (The) 7.250%, 5/1/20		224			267
Transnet SOC Ltd. 144A 4.500%, 2/10/16⁽³⁾		9,000			9,403
U.S. Airways Pass-Through-Trust
98-1 6.850%, 1/30/18		4,533			4,737
01-1G 7.076%, 3/20/21		22,956			24,563
11-1 A 7.125%, 10/22/23		7,302			8,233
12-1A 5.900%, 10/1/24		11,045			12,039
UAL Pass-Through-Trust


	PAR VALUE		VALUE
Industrials—(continued)
09-2 9.750%, 1/15/17	$	24,434	$	28,099
07-01, A 6.636%, 7/2/22		11,103		11,769
United Rentals North America, Inc. 5.750%, 7/15/18		7,895		8,477
Virgin Australia Trust 13-1A, 144A 5.000%, 10/23/23⁽³⁾		19,786		20,429

				465,096

Information Technology—0.8%
Alcatel-Lucent USA, Inc. 144A 6.750%, 11/15/20⁽³⁾		5,930		6,175
Digicel Ltd. 144A 8.250%, 9/1/17⁽³⁾		7,886		8,241
Dun & Bradstreet Corp. (The) 3.250%, 12/1/17		16,800		16,974
Earthlink, Inc. 7.375%, 6/1/20		7,770		7,789
Equinix, Inc. 4.875%, 4/1/20		8,062		8,062
Fidelity National Financial, Inc. 6.600%, 5/15/17		6,475		7,227
First Data Corp. 144A 11.750%, 8/15/21⁽³⁾		5,280		5,597
MDC-GMTN B.V. 144A 3.750%, 4/20/16⁽³⁾		4,000		4,205
Sophia Holding Finance LP PIK Interest Capitalization, 144A 9.625%, 12/1/18^(3)(10)		4,735		4,901

				69,171

Materials—2.7%
Allegheny Technologies, Inc. 9.375%, 6/1/19		7,245		8,847
Ardagh Packaging Finance plc 144A 7.375%, 10/15/17⁽³⁾		8,145		8,786
Beverage Packaging Holdings Luxembourg II SA 144A 6.000%, 6/15/17⁽³⁾		6,050		6,141
Calumet Specialty Products Partners LP 9.375%, 5/1/19		8,441		9,412
Cemex SAB de CV 144A 9.500%, 6/15/18⁽³⁾		9,754		11,119
CRH America, Inc.
4.125%, 1/15/16		4,000		4,220
8.125%, 7/15/18		4,770		5,840
EuroChem Mineral & Chemical Co. OJSC 144A 5.125%, 12/12/17⁽³⁾⁽⁵⁾		11,920		11,994
FMG Resources Property Ltd.
144A 6.000%, 4/1/17⁽³⁾		2,485		2,653
144A 8.250%, 11/1/19⁽³⁾		8,600		9,686
Freeport-Mcmoran Copper & Gold, Inc. 2.375%, 3/15/18		9,000		8,974
Gerdau Holdings, Inc. 144A 7.000%, 1/20/20⁽³⁾		10,280		11,205
Hexion U.S. Finance Corp.
8.875%, 2/1/18		12,085		12,614


	PAR VALUE		VALUE
Materials—(continued)
6.625%, 4/15/20	$	12,240	$	12,607
Huntsman International LLC 4.875%, 11/15/20		3,910		3,871
International Paper Co. 9.375%, 5/15/19		5,330		6,988
Nufarm Australia Ltd. 144A 6.375%, 10/15/19⁽³⁾		13,290		13,822
Reynolds Group Issuer, Inc.
9.000%, 4/15/19		2,730		2,942
5.750%, 10/15/20		12,945		13,269
Severstal OAO (Steel Capital SA) 144A 6.700%, 10/25/17⁽³⁾⁽⁵⁾		5,975		6,460
Sinopec Group Overseas Development Ltd. 144A 2.750%, 5/17/17⁽³⁾		10,000		10,221
Tronox Finance LLC 6.375%, 8/15/20		10,840		11,111
Turkiye Sise Ve Cam Fabrikalari AS 144A 4.250%, 5/9/20⁽³⁾		12,755		11,287
Vedanta Resources plc
144A 9.500%, 7/18/18⁽³⁾		13,090		14,595
144A 6.000%, 1/31/19⁽³⁾		6,000		5,835

				224,499

Telecommunication Services—1.8%
AT&T, Inc. 5.500%, 2/1/18		11,123		12,516
CenturyLink, Inc. Series V 5.625%, 4/1/20		10,050		10,276
Crown Castle Towers LLC
144A 4.523%, 1/15/15⁽³⁾		4,925		5,081
144A 3.214%, 8/15/15⁽³⁾		4,950		5,047
144A 5.495%, 1/15/17⁽³⁾		5,915		6,405
Digicel Group Ltd. 144A 8.250%, 9/30/20⁽³⁾		8,360		8,705
Frontier Communications Corp. 7.125%, 3/15/19		12,200		13,207
Intelsat Luxembourg SA 144A 7.750%, 6/1/21⁽³⁾		8,000		8,610
Millicom International Cellular S.A. 144A 6.625%, 10/15/21⁽³⁾		1,950		2,027
Sprint Communications, Inc. 6.000%, 12/1/16		7,550		8,258
Sprint Corp. 144A 7.250%, 9/15/21⁽³⁾		4,080		4,396
T-Mobile USA, Inc.
6.464%, 4/28/19		7,630		8,126
6.542%, 4/28/20		7,905		8,448
Telefonica Emisiones SAU 3.192%, 4/27/18		2,805		2,855
Verizon Communications, Inc.
2.500%, 9/15/16		5,900		6,100
3.650%, 9/14/18		13,800		14,601
Wind Acquisition Finance S.A.
144A 11.750%, 7/15/17⁽³⁾		6,425		6,843
144A 7.250%, 2/15/18⁽³⁾		7,000		7,403


	PAR VALUE		VALUE
Telecommunication Services—(continued)
Windstream Corp. 7.750%, 10/15/20	$	12,125	$	12,928

				151,832

Utilities—1.1%
Abu Dhabi National Energy Co. 144A 2.500%, 1/12/18⁽³⁾		13,930		13,930
AmeriGas Partners LP
6.250%, 8/20/19		5,670		6,124
6.750%, 5/20/20		4,000		4,390
Dayton Power & Light Co. (The) 144A 1.875%, 9/15/16⁽³⁾		2,000		2,016
Energy Transfer Partners LP 4.150%, 10/1/20		14,620		14,816
Israel Electric Corp. Ltd. 144A 5.625%, 6/21/18⁽³⁾		14,735		15,594
Korea Electric Power Corp. 144A 5.500%, 7/21/14⁽³⁾		3,420		3,503
Korea Gas Corp. 144A 6.000%, 7/15/14⁽³⁾		2,000		2,052
Korea Western Power Co., Ltd. 144A 3.125%, 5/10/17⁽³⁾		9,800		10,038
NRG Energy, Inc.
7.625%, 1/15/18		1,485		1,700
8.500%, 6/15/19		6,050		6,489
PPL WEM Holdings plc 144A 3.900%, 5/1/16⁽³⁾		5,495		5,742
State Grid Overseas Investment Ltd. 144A 1.750%, 5/22/18⁽³⁾		5,000		4,848

				91,242

TOTAL CORPORATE BONDS (Identified Cost $3,105,444)				3,171,435

LOAN AGREEMENTS⁽²⁾—15.9%
Consumer Discretionary—4.2%
Acosta, Inc. Tranche B, 4.250%, 3/3/18		7,960		8,026
Acquisitions Cogeco Cable II LP (Atlantic Broadband (Penn) Holdings, Inc.) Tranche B, 3.250%, 11/30/19		4,039		4,035
Affinia Group, Inc. Tranche B-2, 4.750%, 4/25/20		4,637		4,706
Allison Transmission Tranche B-3, 3.750%, 8/23/19		11,843		11,928
Boyd Gaming Corp. Tranche B, 4.000%, 8/14/20		7,544		7,578
Caesars Entertainment Operating Co., Inc. (Harrah’s Operating Company, Inc.)
Tranche B-4, 9.500%, 10/31/16		5,889		5,945
Tranche B-6, 5.488%, 1/28/18		8,164		7,820


	PAR VALUE		VALUE
Consumer Discretionary—(continued)
Caesars Entertainment Resort Properties LLC
Tranche B, 7.000%, 10/11/20	$	8,000	$	7,975
Charter Communications Operations LLC
Tranche E, 3.000%, 7/1/20		9,529		9,484
Tranche F, 3.000%, 12/31/20		14,637		14,552
Chrysler Group LLC Tranche B, 3.500%, 5/24/17		8,190		8,260
Citycenter Holdings LLC Tranche B, 5.000%, 10/16/20		5,960		6,059
Clear Channel Communications, Inc. Tranche B, 3.814%, 1/29/16		14,000		13,587
CSC Holdings, Inc. (CSC Holdings, Inc. (Cablevision)) Tranche B, 2.669%, 4/17/20		10,610		10,524
Cumulus Media Holdings, Inc. 4.250%, 12/18/20		10,510		10,588
Entercom Radio LLC Tranche B-2, 5.250%, 11/23/18		59		59
Hilton Worldwide Finance LLC 3.750%, 10/26/20		18,142		18,327
Hubbard Radio LLC Tranche 1, 4.500%, 4/29/19		4,568		4,600
Landry’s, Inc. (Landry’s Restaurant, Inc.) Tranche B, 4.000%, 4/24/18		10,397		10,491
Las Vegas Sands LLC Tranche B, 0.000%, 12/19/20⁽⁸⁾		9,935		9,944
MGM Resorts International (MGM Grand Detroit LLC) Tranche B, 3.500%, 12/20/19		7,189		7,214
Mohegan Tribal Gaming Authority Tranche B, 5.500%, 11/19/19		3,400		3,460
PVH Corp. (Phillips-Van Heusen Corp.) Tranche B, 3.250%, 2/13/20		2,441		2,458
Radio One, Inc. Tranche 2011, 7.500%, 3/31/16		1,875		1,923
Scientific Games International, Inc. 4.250%, 10/18/20		15,445		15,497
Seminole Hard Rock Entertainment, Inc. (Seminole Hard Rock International LLC) Tranche B, 3.500%, 5/14/20		2,831		2,837
Seminole Tribe of Florida 3.000%, 4/29/20		15,112		15,119
ServiceMaster Co. (The)
Tranche C, 4.250%, 1/31/17		3,960		3,929
Tranche B, 4.420%, 1/31/17		4,190		4,170
Seven Sea Cruises S. DE R.L. Tranche B-1, 4.750%, 12/21/18		5,128		5,199
Sports Authority, Inc. (The) Tranche B, 7.500%, 11/16/17		2,231		2,228
SRAM LLC First Lien, 4.417%, 4/10/20		2,085		2,089
State of Santa Catarina (The) 4.000%, 12/27/22		15,000		14,235


	PAR VALUE		VALUE
Consumer Discretionary—(continued)
Station Casinos LLC Tranche B, 5.000%, 3/2/20	$	12,474	$	12,630
Tribune Co. Tranche B, 0.000%, 11/20/20⁽⁸⁾		11,898		11,852
TWCC Holding Corp. Second Lien, 7.000%, 6/26/20		8,500		8,755
Univision Communications, Inc.
4.000%, 3/1/20		10,872		10,937
First Lien, 4.500%, 3/1/20		19,850		19,999
Virgin Media Investment Holdings Ltd. Tranche B, 3.500%, 6/8/20		13,968		14,017
WideOpenWest Finance LLC Tranche B, 4.750%, 4/1/19		8,824		8,884
Zuffa LLC 4.500%, 2/25/20		10,896		10,994

				352,914

Consumer Staples—0.7%
AdvancePierre Foods, Inc. First Lien, 5.750%, 7/10/17		211		209
Aramark Corp. Tranche D, 4.000%, 9/9/19		10,099		10,177
Darling International, Inc. Tranche B, 0.000%, 1/1/21⁽⁸⁾		1,654		1,671
Del Monte Foods Co. 4.000%, 3/8/18		13,402		13,469
Heinz (H.J.) Co. Tranche B-2, 3.500%, 6/5/20		5,675		5,727
Hostess Brand Acquisition LLC Tranche B, 6.750%, 4/9/20		5,251		5,448
Rite Aid Corp.
Tranche 6, 4.000%, 2/21/20		6,948		6,988
Tranche 1, Second Lien, 5.750%, 8/21/20		720		740
Tranche 2, 4.875%, 6/21/21		14,688		14,939

				59,368

Energy—0.6%
Buffalo Gulf Coast Terminals LLC 5.250%, 10/31/17		3,258		3,291
Chesapeake Energy Corp. 5.750%, 12/2/17		16,495		16,865
CITGO Petroleum Corp. Tranche C, 9.000%, 6/24/17		1,875		1,898
EP Energy LLC (Everest Acquisition LLC)
Tranche B-3, 3.500%, 5/24/18		4,100		4,107
Tranche B-2, 4.500%, 4/30/19		768		771
FTS International, Inc. (Frac Tech International LLC) 8.500%, 5/6/16		11,340		11,416
NGPL Pipeco LLC 6.750%, 9/15/17		6,092		5,694


	PAR VALUE		VALUE
Energy—(continued)
Quicksilver Reseources. Inc. Second Lien, 7.000%, 6/21/19	$	8,750	$	8,695

				52,737

Financials—1.5%
Altisource Solutions S.A.R.L Tranche B, 4.500%, 12/9/20		14,772		14,911
Asurion LLC Tranche B-1, 4.500%, 5/24/19		10,274		10,290
Capital Automotive LP
Tranche B-1, 4.000%, 4/10/19		3,678		3,706
Second Lien, 6.000%, 4/30/20		429		444
Clipper Acquisitions Corp. 4.000%, 2/6/20		6,314		6,377
iPayment, Inc . 6.750%, 5/8/17		6,546		6,384
iStar Financial, Inc.
Tranche A-2, 7.000%, 3/19/17		3,672		3,808
4.500%, 10/15/17		12,393		12,490
Nuveen Investments, Inc. Tranche B, Second Lien 6.500%, 2/28/19		10,991		10,903
Realogy Corp.
Extended LOC, 2.210%, 10/10/16		739		748
Tranche B, 4.500%, 3/5/20		17,917		18,138
RPI Finance Trust Tranche B-3, 3.250%, 11/9/18		10,889		10,923
Springleaf Financial Funding Co. 2019 Term Loan, 4.750%, 9/30/19		6,383		6,465
Trans Union LLC 4.250%, 2/8/19		3,800		3,828
Walter Investment Management Corp. Tranche B 4.750%, 12/18/20		17,475		17,545

				126,960

Health Care—2.0%
Alere, Inc. (IM US Holdings LLC)
Tranche B, 4.875%, 6/30/17		1,320		1,331
Tranche B-1, 4.875%, 6/30/17		2,448		2,469
Tranche B-2, 4.875%, 6/30/17		4,913		4,955
American Renal Holdings, Inc. Tranche B, First Lien, 4.500%, 8/20/19		9,392		9,433
Aptalis Pharma, Inc. Tranche B, 6.000%, 10/2/20		3,031		3,091
Ardent Medical Services, Inc. First Lien, 6.750%, 7/2/18		4,328		4,357
Capsugel Holdings U.S., Inc. 3.500%, 8/1/18		2,476		2,481
Catalent Pharma Solutions, Inc. Tranche 2, 4.250%, 9/15/17		3,659		3,687


	PAR VALUE		VALUE
Health Care—(continued)
CHG Healthcare Services, Inc. First Lien, 4.250%, 11/19/19	$	10,115	$	10,179
ConvaTec, Inc. 4.000%, 12/22/16		1,389		1,400
DaVita HealthCare Partners, Inc. (DaVita Inc.) Tranche B-2 4.000%, 11/1/19		10,676		10,776
Emdeon, Inc. Tranche B-2, 3.750%, 11/2/18		4,111		4,125
Health Management Associates, Inc. Tranche B, 3.500%, 11/16/18		8,453		8,465
Hologic, Inc. Tranche B, 3.750%, 8/1/19		11,635		11,723
Iasis Healthcare LLC Tranche B-2, 4.500%, 5/3/18		5,804		5,864
InVentiv Health, Inc. (Ventive Health, Inc.) 7.500%, 8/4/16		8,750		8,668
Kinetic Concepts, Inc.
Tranche D-2, 4.000%, 11/4/16		6,720		6,745
Tranche D-1, 4.500%, 5/4/18		1,585		1,596
MedAssets, Inc. Tranche B, 4.000%, 12/13/19		492		495
Quintiles Transnational Corp. Tranche B-3, 3.750%, 6/8/18		8,779		8,787
Rural/Metro Operating Co. LLC First Lien, 5.750%, 6/30/18		7,651		7,383
Salix Pharmaceuticals Ltd. Tranche B, 0.000%, 12/17/19⁽⁸⁾		5,182		5,240
Sheridan Holdings, Inc. First Lien, 4.500%, 6/29/18		8,545		8,591
Surgery Center Holdings, Inc. First Lien, 6.000%, 4/11/19		3,572		3,583
U.S. Renal Care, Inc. 4.250%, 7/3/19		2,729		2,742
United Surgical Partners International, Inc. Tranche B, 4.750%, 4/3/19		3,788		3,815
Valeant Pharmaceuticals International, Inc.
Series D2, Tranche B, 3.750%, 2/13/19		14,090		14,206
Series C2, Tranche B 3.750%, 12/11/19		3,891		3,924
VWR Funding, Inc.
Tranche B-1, 4.169%, 4/3/17		825		830
4.419%, 4/3/17		3,161		3,183

				164,124

Industrials—1.8%
American Airlines, Inc. Tranche B, 3.750%, 6/27/19		35,662		35,961
AWAS Finance Luxemborg SA 3.500%, 7/16/18		10,052		10,109
Brand Energy & Infrastructure Services, Inc. 4.750%, 11/26/20		9,710		9,782


	PAR VALUE		VALUE
Industrials—(continued)
Brock Holdings Ill, Inc. First Lien, 6.375%, 3/16/17	$	1,465	$	1,473
Ceridian Corp. 4.415%, 5/9/17		19,564		19,674
Delta Air Lines, Inc. Tranche B-1, 4.000%, 10/18/18		6,380		6,417
DynCorp International, Inc. 6.250%, 7/7/16		4,987		5,027
Envision Healthcare Corp. (Emergency Medical Services Corp.) 4.000%, 5/25/18		6,731		6,763
HD Supply, Inc. 4.500%, 10/12/17		11,692		11,818
Husky Injection Molding Systems Ltd. (Yukon Acquisition, Inc.) 4.250%, 7/2/18		5,258		5,305
Mcjunkin Red Man Corp. 5.625%, 11/8/19		4,624		4,698
Spirit Aerosystems, Inc. Tranche B 3.750%, 4/18/19		13,755		13,848
Swift Transportation Tranche B-2, 4.000%, 12/21/17		815		821
US Airways, Inc.
Tranche B-2, 3.250%, 11/23/16		6,235		6,271
Tranche B-1, 4.000%, 5/23/19		7,126		7,183
WireCo Worldgroup, Inc. 6.000%, 2/15/17		2,484		2,507

				147,657

Information Technology—3.4%
Active Network, Inc. First Lien, 5.500%, 11/13/20		6,820		6,871
Activision Blizzard, Inc. 3.250%, 10/12/20		13,134		13,242
Alcatel-Lucent USA, Inc.
0.000%, 1/30/19⁽⁸⁾		17,615		17,724
5.750%, 1/30/19		16,149		16,249
Avaya, Inc.
Tranche B-3, 4.736%, 10/26/17		11,024		10,815
Tranche B-5, 8.000%, 3/31/18		2,495		2,536
Blue Coat Systems, Inc.
4.500%, 5/31/19		8,263		8,304
Second Lien, 9.500%, 6/26/20		11,978		12,218
BMC Software, Inc. 5.000%, 9/10/20		6,510		6,556
CCC Information Services, Inc. 4.000%, 12/20/19		5,886		5,901
CDW LLC 3.250%, 4/29/20		12,450		12,435
Dell International LLC Tranche B, 4.500%, 4/29/20		12,940		13,000
Deltek, Inc. First Lien, 5.000%, 10/10/18		9,529		9,580
Excelitas Technologies Corp. Tranche B, 6.000%, 11/2/20		9,452		9,523
First Data Corp.
Tranche 2017, 4.164%, 3/24/17		13,980		14,027
Tranche 2018, 4.164%, 3/23/18		22,100		22,172


	PAR VALUE		VALUE
Information Technology—(continued)
Genpact Ltd. 3.500%, 8/30/19	$	3,695	$	3,711
Infor (U.S.), Inc. (Lawson Software, Inc.)
Tranche B-2, 5.250%, 4/5/18		7,358		7,394
Tranche B-3, 3.750%, 6/3/20		4,863		4,863
Information Resources, Inc. (Symphonyiri Group, Inc.) 4.750%, 9/30/20		1,909		1,922
Interactive Data Corp. 3.750%, 2/11/18		5,254		5,268
Kronos, Inc.
First Lien, 4.500%, 10/30/19		3,596		3,634
Second Lien, 9.750%, 4/30/20		2,824		2,928
Moneygram International, Inc. 4.250%, 3/27/20		4,650		4,702
Novell, Inc. (Attachmate Corp.) First Lien, 7.250%, 11/22/17		5,546		5,661
Presidio, Inc. 5.750%, 3/31/17		11,139		11,185
RP Crown Parent LLC
First Lien, 6.000%, 12/21/18		12,352		12,433
Second Lien, 0.000%, 12/21/19⁽⁸⁾		3,175		3,270
Sophia LP Tranche B, 4.500%, 7/19/18		6,336		6,382
Spansion LLC 3.750%, 12/18/19		9,439		9,475
SRA International, Inc. 6.500%, 7/20/18		6,905		6,914
SSI Investments II Ltd. (Skillsoft) 5.000%, 5/26/17		3,065		3,094
Wall Street Systems Delaware, Inc. First Lien, 5.750%, 10/25/19		6,489		6,532

				280,521

Materials—0.7%
Air Distribution Technologies, Inc. (QS0001 Corp.) First Lien, 4.250%, 11/9/18		3,835		3,862
Avantor Performance Materials Holdings, Inc. 5.250%, 6/24/17		2,298		2,304
AZ Chem US, Inc. 5.750%, 12/22/17		4,500		4,538
Cyanco Intermediate Corp. 5.500%, 5/1/20		4,884		4,908
Fairmount Minerals Ltd. Tranche B-2, 6.250%, 9/5/19		3,889		3,957
Fortescue Metals Group Ltd. (FMG Resources Ltd.) 4.250%, 6/28/19		6,981		7,081
Houghton International, Inc. Holding Corp. (HII Holding Corp.) First Lien, 4.000%, 12/20/19		14,325		14,379
Ineos Group Holdings, Inc. 4.000%, 5/4/18		12,542		12,607
Tronox Pigments B.V. 4.500%, 3/19/20		3,965		4,024

				57,660


	PAR VALUE			VALUE
Telecommunication Services—0.8%
Cricket Communications, Inc. Tranche C, 4.750%, 3/8/20	$	15,323		$	15,407
Global Tel*Link Corp. First Lien, 5.000%, 5/22/20		9,937			9,735
Intelsat Jackson Holdings S A. Tranche B-2, 3.750%, 6/30/19		12,912			13,033
Level 3 Financing, Inc.
Tranche B-III 2019, 4.000%, 8/1/19		6,319			6,366
Tranche B, 4.000%, 1/15/20		3,485			3,517
West Corp. Tranche B-8, 3.750%, 6/30/18		6,279			6,317
Windstream Corp. Tranche B-4, 3.500%, 1/23/20		14,156			14,205

					68,580

Utilities—0.2%
Calpine Corp. 4.000%, 10/9/19		6,666			6,723
NRG Energy, Inc. 2.750%, 7/1/18		6,801			6,794
Texas Compeptitive Electric Holdings Co. LLC 2017 Extended, 4.715%, 10/10/17		5,925			4,113

					17,630

TOTAL LOAN AGREEMENTS (Identified Cost $1,319,417)					1,328,151


	SHARES			VALUE
PREFERRED STOCK—0.3%
Financials—0.3%
Ally Financial, Inc. Series G, 144A, 7.000%		702			671
Banco Bilbao Vizcaya Argentaria S.A. International S.A. Unipersonal 5.919%⁽²⁾		5,835	⁽⁹⁾		5,616
Banco do Brasil S.A. 144A, 8.500%⁽²⁾⁽³⁾		700	⁽⁹⁾		754
JPMorgan Chase & Co. Series 1, 7.900%⁽²⁾		3,360	⁽⁹⁾		3,704
Wells Fargo & Co. Series K, 7.980%⁽²⁾		16,155	⁽⁹⁾		18,013

TOTAL PREFERRED STOCK (Identified Cost $27,796)					28,758

COMMON STOCKS—0.0%
Financials—0.0%
CIT Group, Inc.		1			0

TOTAL COMMON STOCKS (Identified Cost $0)					0

TOTAL LONG TERM INVESTMENTS—98.9% (Identified cost $8,174,455)					8,257,513	⁽¹¹⁾


	SHARES		VALUE
SHORT-TERM INVESTMENTS—1.1%
Money Market Mutual Funds—1.1%
Fidelity Money Market Portfolio - Institutional Shares (Seven-day effective yield 0.090%)		89,846,882	$	89,847

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $89,847)				89,847

TOTAL INVESTMENTS—100.0% (Identified Cost $8,264,302)				8,347,360	⁽¹⁾
Other assets and liabilities, net—0.0%				834

NET ASSETS—100.0%			$	8,348,194

Abbreviations:


FDIC		Federal Deposit Insurance Corporation
FHLMC		Federal Home Loan Mortgage Corporation (“Freddie Mac”).
FNMA		Federal National Mortgage Association (“Fannie Mae”).
GNMA		Government National Mortgage Association (“Ginnie Mae”)
PIK		Payment-in-Kind Security
REIT		Real Estate Investment Trust
REMIC		Real Estate Mortgage Investment Conduit

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2013, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Variable or step coupon security; interest rate shown reflects the rate in effect at December 31, 2013.

⁽³⁾	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2013, these securities amounted to a value of $2,640,044 or 31.6% of net assets.

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

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

⁽⁶⁾	No contractual maturity date

⁽⁷⁾	Interest payments may be deferred.

⁽⁸⁾	This loan will settle after December 31, 2013, at which time the interest rate, based on the London Interbank Offered Rate (“LIBOR”) and the agreed upon spread on trade date, will be reflected.

⁽⁹⁾	Value shown as par value.

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

⁽¹¹⁾	A portion of the Fund’s assets have been segregated for delayed delivery settlements.

Foreign Currencies:

AUD	Australian Dollar

BRL	Brazilian Real

CAD	Canadian Dollar

COP	Colombian Peso

EUR	European Currency Unit

IDR	Indonesian Rupiah

MXN	Mexican Peso

NZD	New Zealand Dollar

PEN	Peruvian Nuevo Sol

RUB	Russian Ruble

TRY	Turkish Lira

ZAR	South African Rand

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2013 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

Securities held by the Fund with an end of period value of $670 were transferred from level 1 to level 2 since an exchange price was no longer available.


	SHARES		VALUE
COMMON STOCKS—99.5%
Consumer Discretionary—12.5%
Amazon.com, Inc.⁽²⁾		155,632		$62,064
AutoNation, Inc.⁽²⁾		26,637		1,324
AutoZone, Inc.⁽²⁾		14,238		6,805
Bed Bath & Beyond, Inc.⁽²⁾		89,933		7,222
Best Buy Co., Inc.		113,358		4,521
BorgWarner, Inc.		95,582		5,344
Cablevision Systems Corp. Class A		89,650		1,607
CarMax, Inc.⁽²⁾		93,628		4,402
Carnival Corp.		184,173		7,398
CBS Corp. Class B		236,110		15,050
Chipotle Mexican Grill, Inc.⁽²⁾		12,838		6,840
Coach, Inc.		118,396		6,646
Comcast Corp. Class A		1,093,874		56,843
Darden Restaurants, Inc.		54,967		2,989
Delphi Automotive plc		118,147		7,104
DIRECTV Class A⁽²⁾		205,101		14,170
Discovery Communications, Inc. Class A⁽²⁾		94,510		8,546
Dollar General Corp.⁽²⁾		124,690		7,521
Dollar Tree, Inc.⁽²⁾		87,561		4,940
Expedia, Inc.		43,071		3,000
Family Dollar Stores, Inc.		39,738		2,582
Ford Motor Co.		1,651,789		25,487
Fossil Group, Inc.⁽²⁾		21,070		2,527
GameStop Corp. Class A		49,430		2,435
Gannett Co., Inc.		95,555		2,826
Gap, Inc. (The)		110,935		4,335
Garmin Ltd.⁽³⁾		51,353		2,374
General Motors Co.⁽²⁾		478,071		19,539
Genuine Parts Co.		64,784		5,389
Goodyear Tire & Rubber Co. (The)		103,396		2,466
Graham Holdings Co.⁽²⁾		1,879		1,246
H&R Block, Inc.		113,865		3,307
Harley-Davidson, Inc.		93,349		6,463
Harman International Industries, Inc.		28,460		2,329
Hasbro, Inc.		48,115		2,647
Home Depot, Inc. (The)		591,097		48,671
Horton (D.R.), Inc.⁽²⁾		120,659		2,693
Host Hotels & Resorts, Inc.		240,900		4,683
International Game Technology		104,229		1,893
Interpublic Group of Cos., Inc. (The)		177,834		3,148
Johnson Controls, Inc.		286,654		14,705


	SHARES		VALUE
Consumer Discretionary—(continued)
Kohl’s Corp.		84,302	$	4,784
L Brands, Inc.		102,088		6,314
Leggett & Platt, Inc.		59,375		1,837
Lennar Corp. Class A		70,323		2,782
Lowe’s Cos., Inc.		441,294		21,866
Macy’s, Inc.		154,666		8,259
Marriott International, Inc.		94,089		4,644
Mattel, Inc.		143,926		6,848
McDonald’s Corp.		419,451		40,699
Michael Kors Holdings Ltd.⁽²⁾		74,770		6,071
Mohawk Industries, Inc.⁽²⁾		25,520		3,800
Netflix, Inc.⁽²⁾		24,787		9,126
Newell Rubbermaid, Inc.		121,339		3,933
News Corp. Class A⁽²⁾		210,215		3,788
NIKE, Inc. Class B		313,773		24,675
Nordstrom, Inc.		60,172		3,719
O’Reilly Automotive, Inc.⁽²⁾		45,567		5,865
Omnicom Group, Inc.		107,111		7,966
PetSmart, Inc.		43,537		3,167
Phillips-Van Heusen Corp.		34,298		4,665
priceline.com, Inc.⁽²⁾		21,486		24,975
PulteGroup, Inc.		146,324		2,981
Ralph Lauren Corp.		25,362		4,478
Ross Stores, Inc.		90,484		6,780
Scripps Networks Interactive, Inc. Class A		45,650		3,945
Staples, Inc.		276,562		4,395
Starbucks Corp.		314,743		24,673
Starwood Hotels & Resorts Worldwide, Inc.		80,201		6,372
Target Corp.		264,197		16,716
Tiffany & Co.		45,572		4,228
Time Warner Cable, Inc.		118,150		16,009
Time Warner, Inc.		379,754		26,476
TJX Cos., Inc.		299,524		19,089
TripAdvisor, Inc.⁽²⁾		46,337		3,838
Twenty-First Century Fox, Inc.Class A		823,699		28,978
Urban Outfitters, Inc.⁽²⁾		45,610		1,692
VF Corp.		146,868		9,156
Viacom, Inc. Class B		170,361		14,879
Walt Disney Co. (The)		685,979		52,409
Whirlpool Corp.		33,151		5,200
Wyndham Worldwide Corp.		54,943		4,049
Wynn Resorts Ltd.		33,858		6,576


	SHARES		VALUE
Consumer Discretionary—(continued)
Yum! Brands, Inc.		187,106	$	14,147

				872,930

Consumer Staples—12.2%
Altria Group, Inc.		954,600		36,647
Archer-Daniels-Midland Co.		378,010		16,406
Avon Products, Inc.		287,370		4,949
Beam, Inc.		101,260		6,892
Brown-Forman Corp. Class B		100,660		7,607
Campbell Soup Co.		122,320		5,294
Clorox Co. (The)		79,590		7,383
Coca-Cola Co. (The)		2,005,080		82,830
Coca-Cola Enterprises, Inc.		156,060		6,887
Colgate-Palmolive Co.		480,120		31,309
ConAgra Foods, Inc.		258,250		8,703
Constellation Brands, Inc. Class A⁽²⁾		132,290		9,311
Costco Wholesale Corp.		240,470		28,618
CVS Caremark Corp.		646,290		46,255
Dr. Pepper Snapple Group, Inc.		124,610		6,071
Estee Lauder Cos., Inc. (The) Class A		153,830		11,586
General Mills, Inc.		357,950		17,865
Hershey Co. (The)		91,450		8,892
Hormel Foods Corp.		100,270		4,529
J.M. Smucker Co. (The)		66,420		6,882
Kellogg Co.		154,700		9,448
Kimberly-Clark Corp.		212,010		22,147
Kraft Foods Group, Inc.		314,600		16,963
Kroger Co. (The)		310,790		12,286
Lorillard, Inc.		212,150		10,752
McCormick & Co., Inc.		84,450		5,820
Mead Johnson Nutrition Co.		116,500		9,758
Molson Coors Brewing Co. Class B		105,650		5,932
Mondelez International, Inc.		871,680		30,770
Monster Beverage Corp.⁽²⁾		82,540		5,594
PepsiCo, Inc.		464,240		38,504
Philip Morris International, Inc.		845,910		73,704
Procter & Gamble Co. (The)		1,435,160		116,836
Reynolds American, Inc.		183,220		9,159
Safeway, Inc.		181,980		5,927
SYSCO Corp.		335,830		12,123
Tyson Foods, Inc. Class A		190,120		6,361
Wal-Mart Stores, Inc.		854,210		67,218
Walgreen Co.		490,150		28,154


	SHARES		VALUE
Consumer Staples—(continued)
Whole Foods Market, Inc.		217,700	$	12,590

				854,962

Energy—12.4%
Anadarko Petroleum Corp.		287,954		22,840
Apache Corp.		227,861		19,582
Baker Hughes, Inc.		287,360		15,880
Cabot Oil & Gas Corp.		446,603		17,310
Cameron International Corp.⁽²⁾		187,406		11,156
Chesapeake Energy Corp.		329,510		8,943
Chevron Corp.		965,451		120,594
ConocoPhillips		444,924		31,434
CONSOL Energy, Inc.		179,672		6,835
Denbury Resources, Inc.⁽²⁾		368,981		6,062
Devon Energy Corp.		215,801		13,352
Diamond Offshore Drilling, Inc.		56,002		3,188
Ensco plc Class A		113,336		6,481
EOG Resources, Inc.		163,576		27,455
EQT Corp.		73,128		6,565
Exxon Mobil Corp.		1,448,688		146,607
FMC Technologies, Inc.⁽²⁾		208,051		10,862
Halliburton Co.		499,124		25,331
Helmerich & Payne, Inc.		51,673		4,345
Hess Corp.		173,757		14,422
Kinder Morgan, Inc.		330,005		11,880
Marathon Oil Corp.		401,927		14,188
Marathon Petroleum Corp.		147,900		13,567
Murphy Oil Corp.		116,563		7,563
Nabors Industries Ltd.		233,855		3,973
National Oilwell Varco, Inc.		265,791		21,138
Newfield Exploration Co.⁽²⁾		67,038		1,651
Noble Corp plc		123,985		4,646
Noble Energy, Inc.		239,764		16,330
Occidental Petroleum Corp.		345,591		32,866
Peabody Energy Corp.		194,218		3,793
Phillips 66		294,590		22,722
Pioneer Natural Resources Co.		158,822		29,234
QEP Resources, Inc.		87,242		2,674
Range Resources Corp.		125,800		10,606
Rowan Cos. plc Class A⁽²⁾		164,098		5,802
Schlumberger Ltd.		675,926		60,908
Southwestern Energy Co.⁽²⁾		219,883		8,648
Spectra Energy Corp.		440,056		15,675
Tesoro Corp.		205,289		12,009


	SHARES		VALUE
Energy—(continued)
Transocean Ltd.		165,700	$	8,189
Valero Energy Corp.		371,109		18,704
Williams Cos., Inc. (The)		471,906		18,201
WPX Energy, Inc.⁽²⁾		99,927		2,037

				866,248

Financials—12.3%
ACE Ltd.		109,620		11,349
Aflac, Inc.		150,081		10,025
Allstate Corp. (The)		148,882		8,120
American Express Co.		298,410		27,075
American International Group, Inc.		475,208		24,259
American Tower Corp.		127,493		10,177
Ameriprise Financial, Inc.		62,657		7,209
AON plc		97,072		8,143
Apartment Investment & Management Co. Class A		48,206		1,249
Assurant, Inc.		23,415		1,554
AvalonBay Communities, Inc.		39,067		4,619
Bank of America Corp.		3,447,219		53,673
Bank of New York Mellon Corp. (The)		369,794		12,921
BB&T Corp.		226,772		8,463
Berkshire Hathaway, Inc. Class B⁽²⁾		581,761		68,974
BlackRock, Inc.		40,934		12,954
Boston Properties, Inc.		49,165		4,935
Capital One Financial Corp.		186,334		14,275
CBRE Group, Inc.⁽²⁾		89,599		2,357
Charles Schwab Corp. (The)		373,343		9,707
Chubb Corp. (The)		82,089		7,932
Cincinnati Financial Corp.		46,711		2,446
Citigroup, Inc.		978,878		51,009
CME Group, Inc.		101,231		7,943
Comerica, Inc.		58,592		2,786
Discover Financial Services		155,206		8,684
E*Trade Financial Corp.⁽²⁾		94,475		1,856
Equity Residential		107,440		5,573
Fifth Third Bancorp		286,316		6,021
Franklin Resources, Inc.		130,070		7,509
General Growth Properties, Inc.		179,310		3,599
Genworth Financial, Inc. Class A⁽²⁾		159,844		2,482
Goldman Sachs Group, Inc. (The)		136,230		24,148
Hartford Financial Services Group, Inc. (The)		144,495		5,235
HCP, Inc.		146,329		5,315
Health Care REIT, Inc.		92,380		4,949


	SHARES		VALUE
Financials—(continued)
Hudson City Bancorp, Inc.		155,381	$	1,465
Huntington Bancshares, Inc.		267,821		2,585
IntercontinentalExchange Group, Inc.⁽²⁾		36,714		8,258
Invesco Ltd.		142,941		5,203
JPMorgan Chase & Co.		1,212,790		70,924
KeyCorp		291,713		3,915
Kimco Realty Corp.		133,332		2,633
Legg Mason, Inc.		34,915		1,518
Leucadia National Corp.		99,802		2,828
Lincoln National Corp.		85,494		4,413
Loews Corp.		97,539		4,705
M&T Bank Corp.		41,796		4,866
Macerich Co. (The)		44,689		2,632
Marsh & McLennan Cos., Inc.		176,217		8,522
McGraw-Hill Cos., Inc. (The)		87,319		6,828
MetLife, Inc.		360,832		19,456
Moody’s Corp.		60,956		4,783
Morgan Stanley		449,172		14,086
NASDAQ OMX Group, Inc. (The)		36,627		1,458
Northern Trust Corp.		71,895		4,450
People’s United Financial, Inc.		102,626		1,552
Plum Creek Timber Co., Inc.		56,230		2,615
PNC Financial Services Group, Inc.		171,725		13,322
Principal Financial Group, Inc.		88,282		4,353
Progressive Corp. (The)		178,789		4,876
Prologis, Inc.		160,654		5,936
Prudential Financial, Inc.		149,580		13,794
Public Storage		46,033		6,929
Regions Financial Corp.		449,593		4,447
Simon Property Group, Inc.		99,922		15,204
SLM Corp.		140,729		3,698
State Street Corp.		141,887		10,413
SunTrust Banks, Inc.		173,246		6,377
T. Rowe Price Group, Inc.		83,442		6,990
Torchmark Corp.		29,561		2,310
Travelers Cos., Inc. (The)		117,410		10,630
U.S. Bancorp		592,189		23,924
Unum Group		84,220		2,954
Ventas, Inc.		94,268		5,400
Vornado Realty Trust		55,551		4,932
Wells Fargo & Co.		1,549,228		70,335
Weyerhaeuser Co.		188,283		5,944
XL Group plc		93,063		2,963


	SHARES		VALUE
Financials—(continued)
Zions Bancorp		60,054	$	1,799

				856,750

Health Care—12.4%
Abbott Laboratories		527,864		20,233
AbbVie, Inc.		637,378		33,660
Actavis Plc		73,148		12,289
Aetna, Inc.		153,146		10,504
Agilent Technologies, Inc.		132,354		7,569
Alexion Pharmaceuticals, Inc.⁽²⁾		78,184		10,403
Allergan, Inc.		122,074		13,560
AmerisourceBergen Corp.		95,887		6,742
Amgen, Inc.		301,862		34,461
Bard (C.R.), Inc.		33,417		4,476
Baxter International, Inc.		220,733		15,352
Becton, Dickinson & Co.		79,714		8,808
Biogen Idec, Inc.⁽²⁾		97,138		27,174
Boston Scientific Corp.⁽²⁾		543,189		6,529
Bristol-Myers Squibb Co.		663,037		35,240
Cardinal Health, Inc.		137,388		9,179
CareFusion Corp.⁽²⁾		84,931		3,382
Celgene Corp.⁽²⁾		164,798		27,844
Cerner Corp.⁽²⁾		117,143		6,530
CIGNA Corp.		114,313		10,000
Covidien plc		184,318		12,552
DaVita, Inc.⁽²⁾		70,469		4,466
DENTSPLY International, Inc.		56,817		2,754
Edwards Lifesciences Corp.⁽²⁾		44,109		2,901
Eli Lilly & Co.		397,266		20,261
Express Scripts Holding Co.⁽²⁾		339,896		23,874
Forest Laboratories, Inc.⁽²⁾		95,579		5,738
Gilead Sciences, Inc.⁽²⁾		613,332		46,092
Hospira, Inc.⁽²⁾		66,148		2,731
Humana, Inc.		67,120		6,928
Intuitive Surgical, Inc.⁽²⁾		15,199		5,838
Johnson & Johnson		1,130,421		103,535
Laboratory Corp. of America Holdings⁽²⁾		34,889		3,188
Life Technologies Corp.⁽²⁾		68,946		5,226
McKesson Corp.		94,160		15,197
Medtronic, Inc.		401,564		23,046
Merck & Co., Inc.		1,172,610		58,689
Mylan, Inc.⁽²⁾		151,926		6,594
Patterson Cos., Inc.		33,210		1,368
PerkinElmer, Inc.		44,314		1,827


	SHARES		VALUE
Health Care—(continued)
Perrigo Co. plc		106,737	$	16,380
Pfizer, Inc.		2,596,684		79,536
Quest Diagnostics, Inc.		60,221		3,224
Regeneron Pharmaceuticals, Inc.⁽²⁾		31,146		8,571
St. Jude Medical, Inc.		119,815		7,422
Stryker Corp.		119,974		9,015
Tenet Healthcare Corp.⁽²⁾		41,260		1,738
Thermo Fisher Scientific, Inc.		144,459		16,085
UnitedHealth Group, Inc.		406,686		30,623
Varian Medical Systems, Inc.⁽²⁾		42,455		3,298
Vertex Pharmaceuticals, Inc.⁽²⁾		92,454		6,869
Waters Corp.⁽²⁾		33,586		3,359
WellPoint, Inc.		122,798		11,345
Zimmer Holdings, Inc.		68,803		6,412
Zoetis, Inc.		200,353		6,550

				867,167

Industrials—12.6%
3M Co.		304,833		42,753
ADT Corp. (The)		92,918		3,760
Allegion Pub Ltd CO⁽²⁾		41,341		1,827
Ametek, Inc.		112,890		5,946
Avery Dennison Corp.		149,090		7,483
Boeing Co. (The)		335,592		45,805
Caterpillar, Inc.		315,943		28,691
Cintas Corp.		56,285		3,354
CSX Corp.		567,938		16,340
Cummins, Inc.		149,075		21,015
Danaher Corp.		312,867		24,153
Deere & Co.		199,113		18,185
Delta Air Lines, Inc.		398,348		10,943
Dover Corp.		96,230		9,290
Dun & Bradstreet Corp.		17,981		2,207
Eaton Corp. plc		270,053		20,556
Emerson Electric Co.		346,455		24,314
Equifax, Inc.		75,901		5,244
Expeditors International of Washington, Inc.		96,233		4,258
Fastenal Co.		126,775		6,023
FedEx Corp.		148,466		21,345
Flowserve Corp.		65,099		5,132
Fluor Corp.		110,461		8,869
General Dynamics Corp.		168,463		16,097
General Electric Co.		3,484,736		97,677
Grainger (W.W.), Inc.		37,531		9,586


	SHARES		VALUE
Industrials—(continued)
Honeywell International, Inc.		385,678	$	35,239
Illinois Tool Works, Inc.		201,714		16,960
Ingersoll-Rand plc		124,334		7,659
Iron Mountain, Inc.		79,461		2,412
Jacobs Engineering Group, Inc.⁽²⁾		61,492		3,873
Joy Global, Inc.		49,163		2,876
Kansas City Southern		50,674		6,275
L-3 Communications Holdings, Inc.		41,730		4,459
Lockheed Martin Corp.		133,092		19,785
Masco Corp.		184,131		4,193
Nielsen Holdings NV		118,203		5,424
Norfolk Southern Corp.		168,562		15,648
Northrop Grumman Corp.		111,205		12,745
PACCAR, Inc.		191,861		11,352
Pall Corp.		75,168		6,416
Parker Hannifin Corp.		87,111		11,206
PentAir, Inc.		92,728		7,202
Pitney Bowes, Inc.		108,316		2,524
Precision Castparts Corp.		67,679		18,226
Quanta Services, Inc.⁽²⁾		100,162		3,161
Raytheon Co.		162,475		14,737
Republic Services, Inc.		125,334		4,161
Robert Half International, Inc.		90,464		3,799
Robinson (C.H.) Worldwide, Inc.		70,236		4,098
Rockwell Automation, Inc.		83,323		9,845
Rockwell Collins, Inc.		80,671		5,963
Roper Industries, Inc.		45,865		6,361
Ryder System, Inc.		44,448		3,279
Snap-On, Inc.		26,974		2,954
Southwest Airlines Co.		358,305		6,750
Stanley Black & Decker, Inc.		71,888		5,801
Stericycle, Inc.⁽²⁾		39,947		4,641
Textron, Inc.		162,057		5,957
Tyco International Ltd.		215,568		8,847
Union Pacific Corp.		232,988		39,142
United Parcel Service, Inc. Class B		338,247		35,543
United Technologies Corp.		408,518		46,489
Waste Management, Inc.		221,323		9,931
Xylem, Inc.		85,146		2,946

				879,732

Information Technology—11.2%
Accenture plc Class A		160,508		13,197
Adobe Systems, Inc.⁽²⁾		120,332		7,205


	SHARES		VALUE
Information Technology—(continued)
Akamai Technologies, Inc.⁽²⁾		51,043	$	2,408
Alliance Data Systems Corp.⁽²⁾		12,000		3,155
Altera Corp.		88,326		2,873
Amphenol Corp. Class A		42,674		3,806
Analog Devices, Inc.		84,226		4,290
Apple, Inc.		227,229		127,500
Applied Materials, Inc.		315,700		5,585
Autodesk, Inc.⁽²⁾		60,930		3,067
Automatic Data Processing, Inc.		124,159		10,033
Broadcom Corp. Class A		141,425		4,193
CA, Inc.		86,103		2,897
Cisco Systems, Inc.		1,349,790		30,303
Citrix Systems, Inc.⁽²⁾		49,956		3,160
Cognizant Technology Solutions Corp. Class A⁽²⁾		79,885		8,067
Computer Sciences Corp.		39,374		2,200
Corning, Inc.		372,564		6,639
eBay, Inc.⁽²⁾		299,219		16,424
Electronic Arts, Inc.⁽²⁾		83,827		1,923
EMC Corp.		526,446		13,240
F5 Networks, Inc.⁽²⁾		19,793		1,798
Facebook, Inc. Class A⁽²⁾		413,570		22,606
Fidelity National Information Services, Inc.		80,202		4,305
First Solar, Inc.⁽²⁾		17,818		974
Fiserv, Inc.⁽²⁾		68,846		4,065
FLIR Systems, Inc.		40,422		1,217
Google, Inc. Class A⁽²⁾		70,748		79,288
Harris Corp.		29,394		2,052
Hewlett-Packard Co.		408,598		11,433
Intel Corp.		1,070,178		27,782
International Business Machines Corp.		257,691		48,335
Intuit, Inc.		75,293		5,746
Jabil Circuit, Inc.		54,811		956
Juniper Networks, Inc.⁽²⁾		132,632		2,993
KLA-Tencor Corp.		45,711		2,947
Lam Research Corp.⁽²⁾		40,855		2,225
Linear Technology Corp.		63,021		2,871
LSI Corp.		155,609		1,715
MasterCard, Inc. Class A		26,644		22,260
Microchip Technology, Inc.		54,588		2,443
Micron Technology, Inc.⁽²⁾		284,306		6,186
Microsoft Corp.		1,917,857		71,785
Motorola Solutions, Inc.		59,323		4,004
NetApp, Inc.		91,342		3,758
NVIDIA Corp.		157,197		2,518


	SHARES		VALUE
Information Technology—(continued)
Oracle Corp.		890,878	$	34,085
Paychex, Inc.		85,888		3,910
QUALCOMM, Inc.		429,095		31,860
Red Hat, Inc.⁽²⁾		52,090		2,919
Salesforce.com, Inc.⁽²⁾		150,731		8,319
SanDisk Corp.		62,002		4,374
Seagate Technology plc		82,497		4,633
Symantec Corp.		184,156		4,342
TE Connectivity Ltd.		103,368		5,697
Teradata Corp.⁽²⁾		44,842		2,040
Texas Instruments, Inc.		280,569		12,320
Total System Services, Inc.		48,423		1,611
VeriSign, Inc.⁽²⁾		35,760		2,138
Visa, Inc. Class A		128,380		28,588
Western Digital Corp.		55,909		4,691
Western Union Co. (The)		145,508		2,510
Xerox Corp.		316,170		3,848
Xilinx, Inc.		72,968		3,351
Yahoo!, Inc.⁽²⁾		243,470		9,846

				779,509

Materials—12.5%
Air Products & Chemicals, Inc.		323,215		36,129
Airgas, Inc.		101,405		11,342
Alcoa, Inc.		1,643,832		17,474
Allegheny Technologies, Inc.		166,660		5,938
Ball Corp.		223,454		11,544
Bemis Co., Inc.		160,032		6,555
CF Industries Holdings, Inc.		87,426		20,374
Cliffs Natural Resources, Inc.⁽³⁾		237,471		6,224
Dow Chemical Co. (The)		1,850,644		82,169
Du Pont (E.I.) de Nemours & Co.		1,413,083		91,808
Eastman Chemical Co.		235,666		19,018
Ecolab, Inc.		392,161		40,891
FMC Corp.		204,604		15,439
Freeport-McMoRan Copper & Gold, Inc.		1,582,546		59,725
International Flavors & Fragrances, Inc.		125,329		10,776
International Paper Co.		678,691		33,276
LyondellBasell Industries N.V. Class A		666,562		53,512
MeadWestvaco Corp.		274,037		10,120
Monsanto Co.		802,331		93,512
Mosaic Co. (The)		520,733		24,615
Newmont Mining Corp.		762,331		17,556
Nucor Corp.		486,823		25,987


	SHARES		VALUE
Materials—(continued)
Owens-Illinois, Inc.⁽²⁾		254,518	$	9,107
PPG Industries, Inc.		217,233		41,200
Praxair, Inc.		449,213		58,411
Sealed Air Corp.		303,006		10,317
Sherwin-Williams Co. (The)		131,685		24,164
Sigma-Aldrich Corp.		184,441		17,339
United States Steel Corp.		225,861		6,663
Vulcan Materials Co.		199,391		11,848

				873,033

Telecommunication Services—1.4%
AT&T, Inc.		1,329,967		46,762
CenturyLink, Inc.		156,127		4,973
Crown Castle International Corp.⁽²⁾		83,818		6,155
Frontier Communications Corp.⁽³⁾		311,011		1,446
Verizon Communications, Inc.		726,348		35,693
Windstream Corp.⁽³⁾		168,488		1,344

				96,373

TOTAL COMMON STOCKS (Identified Cost $5,577,287)				6,946,704

TOTAL LONG TERM INVESTMENTS—99.5% (Identified cost $5,577,287)				6,946,704

SECURITIES LENDING COLLATERAL—0.1%
INVESCO Trust Short-Term Investments Liquid Assets Portfolio (The) Institutional Shares (seven-day effective yield 0.070%)⁽⁴⁾		8,261,162		8,261

TOTAL SECURITIES LENDING COLLATERAL (Identified Cost $8,261)				8,261

TOTAL INVESTMENTS—99.6% (Identified Cost $5,585,548)				6,954,965	⁽¹⁾
Other assets and liabilities, net—0.4%				30,362

NET ASSETS—100.0%			$	6,985,327

Abbreviations:


REIT		Real Estate Investment Trust

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2013, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Non-income producing.

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

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

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2013 (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.


	SHARES		VALUE
COMMON STOCKS—99.1%
REAL ESTATE INVESTMENT TRUSTS—99.1%
DIVERSIFIED—1.1%
Digital Realty Trust, Inc.		217,303	$	10,674
Vornado Realty Trust		48,497		4,306

				14,980

HEALTH CARE—8.0%
HCP, Inc.		1,217,471		44,219
Health Care REIT, Inc.		409,474		21,935
Ventas, Inc.		687,261		39,366

				105,520

INDUSTRIAL/OFFICE—24.5%
Industrial—10.2%
DCT Industrial Trust, Inc.		6,735,297		48,023
Eastgroup Properties, Inc.		113,935		6,600
Prologis, Inc.		2,171,425		80,234

				134,857

Mixed—3.8%
Duke Realty Corp.		706,800		10,630
Liberty Property Trust		1,146,644		38,837

				49,467

Office—10.5%
Boston Properties, Inc.		515,483		51,739
Douglas Emmett, Inc.		400,000		9,316
Kilroy Realty Corp.		1,089,656		54,679
SL Green Realty Corp.		254,077		23,472

				139,206

				323,530

LODGING/RESORTS—7.8%
Host Hotels & Resorts, Inc.		2,528,472		49,154
LaSalle Hotel Properties		895,374		27,631
Pebblebrook Hotel Trust		851,892		26,204

				102,989

RESIDENTIAL—18.6%
Apartments—17.0%
American Campus Communities, Inc.		792,617		25,530
AvalonBay Communities, Inc.		427,156		50,503
Camden Property Trust		561,400		31,933
Equity Residential		1,241,591		64,401


	SHARES		VALUE
REAL ESTATE INVESTMENT TRUSTS—(continued)
Essex Property Trust, Inc.		362,340	$	51,999

				224,366

Manufactured Homes—1.6%
Equity Lifestyle Properties, Inc.		589,228		21,348

				245,714

RETAIL—29.2%
Regional Malls—20.2%
General Growth Properties, Inc.		3,126,775		62,755
Macerich Co. (The)		1,035,275		60,967
Simon Property Group, Inc.		947,991		144,246

				267,968

Shopping Centers—9.0%
Brixmor Property Group, Inc.		530,005		10,775
DDR Corp.		2,291,616		35,222
Kimco Realty Corp.		1,435,875		28,359
Tanger Factory Outlet Centers		1,385,800		44,373

				118,729

				386,697

SELF STORAGE—9.9%
Extra Space Storage, Inc.		1,042,845		43,935
Public Storage		575,948		86,692

				130,627

TOTAL COMMON STOCKS (Identified Cost $918,992)				1,310,057

TOTAL LONG TERM INVESTMENTS—99.1% (Identified cost $918,992)				1,310,057

SHORT-TERM INVESTMENTS—0.3%
Money Market Mutual Funds—0.3%
Fidelity Money Market Portfolio - Institutional Shares (Seven-day effective yield 0.090%)		4,552,000		4,552

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $4,552)				4,552

TOTAL INVESTMENTS—99.4% (Identified Cost $923,544)				1,314,609	⁽¹⁾
Other assets and liabilities, net—0.6%				8,067

NET ASSETS—100.0%			$	1,322,676

Abbreviations:

REIT	Real Estate Investment Trust

Footnote Legend

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2013, 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 December 31, 2013 (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.


	PAR VALUE		VALUE
FOREIGN GOVERNMENT SECURITIES—0.0%
Bolivarian Republic of Venezuela RegS 5.750%, 2/26/16⁽⁴⁾	$	525	$	447

TOTAL FOREIGN GOVERNMENT SECURITIES (Identified Cost $507)				447

MORTGAGE-BACKED SECURITIES—0.6%
Non-Agency—0.6%
Extended Stay America Trust 13-ESHM, M 144A 7.625%, 12/5/19⁽³⁾		1,781		1,782
Hilton USA Trust 13-HLT, EFX, 144A 5.222%, 11/5/30⁽²⁾⁽³⁾		2,500		2,513
Residential Asset Securitization Trust 13-LT2, A, 144A 2.833%, 5/22/28⁽³⁾		1,032		1,034
Topre Corp. 13-LTR1,A 3.470%, 11/20/28		1,338		1,336

TOTAL MORTGAGE-BACKED SECURITIES (Identified Cost $6,753)				6,665

ASSET-BACKED SECURITIES—0.4%
AABS Ltd. 13-1, A 4.875%, 1/10/38⁽²⁾		778		782
Drug Royalty LP II 12-1, A2, 144A 4.474%, 1/15/25⁽³⁾		787		800
New Century Home Equity Loan Trust 05-A, A4W 5.035%, 8/25/35⁽²⁾		885		870
Security National Mortgage Loan Trust 04-1A, AF3, 144A 6.420%, 6/25/32⁽²⁾⁽³⁾		1,214		982
Terwin Mortgage Trust 04-15AL, A1 144A 5.796%, 7/25/34⁽²⁾⁽³⁾		526		502

TOTAL ASSET-BACKED SECURITIES (Identified Cost $3,996)				3,936

CORPORATE BONDS—8.2%
Consumer Discretionary—1.6%
American Axle & Manufacturing, Inc. 5.125%, 2/15/19		835		862
Boyd Gaming Corp. 9.125%, 12/1/18		1,150		1,256
CCO Holdings LLC (CCO Holdings Capital Corp.) 5.250%, 9/30/22		2,000		1,877
Cequel Communications Holdings I LLC 144A 6.375%, 9/15/20⁽³⁾		1,000		1,030
Dish DBS Corp. 4.250%, 4/1/18		1,000		1,023
GLP Capital LP (GLP Financing II, Inc.) 144A 4.375%, 11/1/18⁽³⁾		85		87


	PAR VALUE		VALUE
Consumer Discretionary—(continued)
Isle of Capri Casinos, Inc. 5.875%, 3/15/21	$	830	$	820
Jaguar Land Rover Automotive plc 144A 4.125%, 12/15/18⁽³⁾		495		501
Landry’s, Inc. 144A 9.375%, 5/1/20⁽³⁾		950		1,040
MGM Resorts International 7.625%, 1/15/17		500		571
Nara Cable Funding Ltd. 144A 8.875%, 12/1/18⁽³⁾		525		567
ONO Finance II plc 144A 10.875%, 7/15/19⁽³⁾		315		347
ServiceMaster Co. 7.000%, 8/15/20		745		742
Sinclair Television Group, Inc. 5.375%, 4/1/21		1,870		1,851
Sirius XM Radio, Inc. 144A 4.250%, 5/15/20⁽³⁾		1,800		1,705
Taylor Morrison Communities, Inc. 144A 5.250%, 4/15/21⁽³⁾		750		731
Univision Communications, Inc. 144A 6.875%, 5/15/19⁽³⁾		1,135		1,219
Virgin Media Secured Finance plc 144A 5.375%, 4/15/21⁽³⁾		500		503

				16,732

Consumer Staples—0.4%
Alphabet Holding Co., Inc. PIK Interest
Capitalization, 144A 7.750%, 11/1/17⁽³⁾⁽⁶⁾		90		93
Chiquita Brands International, Inc. 144A 7.875%, 2/1/21⁽³⁾		1,400		1,519
Hawk Acquisition Sub, Inc. 144A 4.250%, 10/15/20⁽³⁾		2,170		2,105

				3,717

Energy—0.8%
Carrizo Oil & Gas, Inc. 8.625%, 10/15/18		450		489
Chesapeake Energy Corp. 5.375%, 6/15/21		1,535		1,596
Compagnie Generale de Geophysique-Veritas 7.750%, 5/15/17		546		564
EPL Oil & Gas, Inc. 8.250%, 2/15/18		1,250		1,350
Hercules Offshore, Inc. 144A 7.125%, 4/1/17⁽³⁾		750		802
Linn Energy LLC 144A 7.000%, 11/1/19⁽³⁾		500		507
Memorial Production Partners LP 7.625%, 5/1/21		1,350		1,394
Petroleos de Venezuela SA RegS 8.500%, 11/2/17⁽⁴⁾		815		681
Venoco, Inc. 8.875%, 2/15/19		875		866

				8,249

Financials—1.7%
Aircastle Ltd.
4.625%, 12/15/18		1,305		1,318


	PAR VALUE			VALUE
Financials—(continued)
6.250%, 12/1/19	$	1,190		$	1,281
Ally Financial, Inc. 4.750%, 9/10/18		1,400			1,470
Avis Budget Car Rental LLC 4.875%, 11/15/17		455			480
Banco Santander Brasil SA 144A 8.000%, 3/18/16⁽³⁾		1,300	^BRL		510
Denali Borrower LLC (Denali Finance Corp.) 144A 5.625%, 10/15/20⁽³⁾		1,215			1,207
International Lease Finance Corp. 3.875%, 4/15/18		2,290			2,296
iStar Financial, Inc. 4.875%, 7/1/18		1,415			1,417
Level 3 Financing, Inc.
144A 3.846%, 1/15/18⁽²⁾⁽³⁾		960			968
7.000%, 6/1/20		1,105			1,177
Michaels FinCo Holdings LLC (Michaels FinCo, Inc.) PIK Interest Capitalization, 144A 7.500%, 8/1/18⁽³⁾⁽⁶⁾		1,555			1,625
Nationstar Mortgage LLC
6.500%, 8/1/18		835			854
6.500%, 7/1/21		1,295			1,240
Schaeffler Holding Finance BV PIK Interest Capitalization, 144A 6.875%, 8/15/18⁽³⁾⁽⁶⁾		335			357
SLM Corp.
4.625%, 9/25/17		315			327
4.875%, 6/17/19		465			463
5.500%, 1/25/23		1,020			962
Spansion LLC 7.875%, 11/15/17		275			287

					18,239

Health Care—0.4%
Community Health Systems, Inc. (CHS) 5.125%, 8/15/18		1,055			1,092
MPH Intermediate Holding Co. 2 PIK Interest Capitalization, 144A 8.375%, 8/1/18⁽³⁾⁽⁶⁾		570			595
Salix Pharmaceuticals Ltd. 144A 6.000%, 1/15/21⁽³⁾		180			185
Tenet Healthcare Corp.
144A 6.000%, 10/1/20⁽³⁾		435			455
4.500%, 4/1/21		1,000			951
Valeant Pharmaceuticals International, Inc. Escrow Corp. 144A 6.750%, 8/15/18⁽³⁾		965			1,065

					4,343


	PAR VALUE		VALUE
Industrials—0.7%
Air Canada 144A 6.750%, 10/1/19⁽³⁾	$	965	$	1,019
Atlas Air Pass-Through-Trust 98-1, A 7.380%, 1/2/18		585		592
Ceridian HCM Holding, Inc. 144A 11.000%, 3/15/21⁽³⁾		55		64
Kratos Defense & Security Solutions, Inc. 10.000%, 6/1/17		1,075		1,165
Rexel SA 144A 5.250%, 6/15/20⁽³⁾		1,230		1,242
Sappi Papier Holding GmbH 144A 7.750%, 7/15/17⁽³⁾		670		737
Spectrum Brands Escrow Corp. 144A 6.375%, 11/15/20⁽³⁾		715		765
U.S. Airways Pass-Through-Trust 98-1 6.850%, 1/30/18		633		662
United Rentals, Inc. 7.375%, 5/15/20		1,000		1,114

				7,360

Information Technology—0.8%
Alcatel-Lucent USA, Inc. 144A 6.750%, 11/15/20⁽³⁾		560		583
Commscope, Inc. 0.000%, 1/14/18		801		806
Equinix, Inc. 4.875%, 4/1/20		580		580
First Data Corp.
11.250%, 3/31/16		657		660
144A 8.250%, 1/15/21⁽³⁾		1,015		1,085
144A 11.750%, 8/15/21⁽³⁾		3,190		3,381
144A 11.750%, 8/15/21⁽³⁾		400		424
Sophia Holding Finance LP PIK Interest Capitalization, 144A 9.625%, 12/1/18⁽³⁾⁽⁶⁾		575		595

				8,114

Materials—1.7%
Ardagh Packaging Finance plc 144A 7.375%, 10/15/17⁽³⁾		1,200		1,294
Beverage Packaging Holdings Luxembourg II SA 144A 6.000%, 6/15/17⁽³⁾		3,200		3,248
Calumet Specialty Products Partners LP 9.375%, 5/1/19		433		483
Cemex SAB de CV
144A 9.500%, 6/15/18⁽³⁾		1,499		1,709
144A 5.875%, 3/25/19⁽³⁾		815		819
FMG Resources Property Ltd. 144A 8.250%, 11/1/19⁽³⁾		750		845
Hexion U.S. Finance Corp.


	PAR VALUE		VALUE
Materials—(continued)
8.875%, 2/1/18	$	1,375	$	1,435
6.625%, 4/15/20		1,370		1,411
Huntsman International LLC 4.875%, 11/15/20		890		881
Reynolds Group Issuer, Inc.
9.000%, 4/15/19		1,500		1,616
5.750%, 10/15/20		940		964
Tronox Finance LLC 6.375%, 8/15/20		1,000		1,025
United States Steel Corp. 6.875%, 4/1/21		1,235		1,312
Vedanta Resources plc 144A 9.500%, 7/18/18⁽³⁾		685		764

				17,806

Telecommunication Services—0.1%
Intelsat Luxembourg SA 144A 7.750%, 6/1/21⁽³⁾		1,230		1,324

TOTAL CORPORATE BOND (Identified Cost $84,272)				85,884

LOAN AGREEMENTS⁽²⁾—94.4%
Consumer Discretionary—26.6%
99 Cents Only Stores 4.500%, 1/11/19		976		985
Academy Ltd. 4.500%, 8/3/18		1,568		1,581
Acosta, Inc. Tranche B, 4.250%, 3/3/18		3,947		3,980
Acquisitions Cogeco Cable II LP (Atlantic Broadband (Penn) Holdings, Inc.) Tranche B, 3.250%, 11/30/19		899		898
Advantage Sales & Marketing, Inc.
First Lien, 4.250%, 12/18/17		4,135		4,160
Second Lien, 8.250%, 6/17/18		570		579
Affinia Group, Inc. Tranche B-2, 4.750%, 4/25/20		669		679
Affinity Gaming LLC (Herbst Gaming LLC). 4.250%, 11/9/17		1,016		1,022
Allison Transmission Tranche B-3, 3.750%, 8/23/19		1,741		1,753
Armstrong World Industries, Inc. Tranche B, 3.500%, 3/15/20		3,970		3,975
August Holding Co.
(U.S.)Tranche B-1, First Lien 5.000%, 4/27/18		915		924
(Luxenborg / U.K.) Tranche B-1, First Lien, 5.000%, 4/27/18		1,065		1,076
Bally Technologies, Inc. 4.250%, 11/25/20		5,985		6,035
BJ’s Wholesale Club, Inc.
4.500%, 9/26/19		4,122		4,152
8.500%, 3/26/20		962		983
Boyd Gaming Corp. Tranche B, 4.000%, 8/14/20		5,034		5,057


	PAR VALUE			VALUE
Consumer Discretionary—(continued)
Brickman Group Holdings, Inc. Second Lien, 0.000%, 12/17/21⁽⁵⁾	$	729		$	747
Bright Horizons Family Solutions LLC (Bright Horizons Family Solutions, Inc.) Tranche B, 4.000%, 1/30/20		1,485			1,497
Caesars Entertainment Operating Co., Inc. (Harrah’s Operating Company, Inc.)
Tranche B-4, 9.500%, 10/31/16		1,536			1,551
Tranche B-5, 4.488%, 1/28/18		1,000			949
Tranche B-6, 5.488%, 1/28/18		5,822			5,576
Caesars Entertainment Resort Properties LLC Tranche B, 7.000%, 10/11/20		2,000			1,994
CBAC Borrower LLC Tranche B, 8.250%, 7/2/20		3,654			3,785
Cequel Communications LLC 3.500%, 2/14/19		1,769			1,774
Charter Communications Operations LLC
Tranche E, 3.000%, 7/1/20		4,401			4,380
Tranche F, 3.000%, 12/31/20		6,290			6,254
Chrysler Group LLC Tranche B, 3.500%, 5/24/17		3,686			3,717
Citycenter Holdings LLC Tranche B, 5.000%, 10/16/20		2,815			2,862
Clear Channel Communications, Inc.
Tranche B, 3.814%, 1/29/16		2,000			1,941
Tranche D, 6.920%, 1/30/19		13,033			12,471
CSC Holdings, Inc. (CSC Holdings, Inc. (Cablevision)) Tranche B, 2.669%, 4/17/20		4,157			4,123
Cumulus Media Holdings, Inc. 4.250%, 12/18/20		3,783			3,811
EB Sports Corp. 11.500%, 12/31/15		1,000			997
Entercom Radio LLC Tranche B-2, 4.310%, 11/23/18		2			2
Federal - Mogul Corp.
Tranche B, 2.110%, 12/29/14		5,119			5,067
Tranche C, 2.110%, 12/28/15		3,014			2,983
Fram Group Holdings, Inc. (Prestone Holdings, Inc.) Second Lien, 10.500%, 1/29/18		500			477
Gateway Casinos & Entertainment Ltd. Tranche B, 5.570%, 11/21/19		1,387	^CAD		1,309
General Nutrition Centers, Inc. Tranche B, 3.250%, 3/4/19		4,041			4,033
Golden Nugget, Inc.
0.500%, 11/21/19		450			458
5.500%, 11/21/19		1,050			1,068
Granite Broadcasting Corp. Tranche B First Lien 6.750%, 5/23/18		1,972			1,986


	PAR VALUE		VALUE
Consumer Discretionary—(continued)
Great Wolf Resorts 4.500%, 8/6/20	$	2,985	$	3,006
Harbor Freight Tools 4.750%, 7/26/19		1,485		1,505
Hilton Worldwide Finance LLC 3.750%, 10/26/20		9,089		9,182
Hubbard Radio LLC Tranche 1, 4.500%, 4/29/19		1,995		2,009
Hudson’s Bay Company 4.750%, 11/4/20		3,000		3,053
KAR Auction Services, Inc. 3.750%, 5/19/17		2,607		2,624
Landry’s, Inc. (Landry’s Restaurant, Inc.) Tranche B, 4.000%, 4/24/18		2,651		2,675
Las Vegas Sands LLC
Tranche DD-I, 1.670%, 5/23/14		64		64
Non-Extended Tranche B, 1.670%, 5/23/14		311		311
Extended Tranche B, 1.670%, 11/23/16		1,041		1,041
Extended Tranche DD-I, 1.670%, 11/23/16		210		210
Tranche B, 1.670%, 12/19/20		428		429
Laureate Education, Inc. 5.500%, 6/15/18⁽⁵⁾		3,425		3,449
Leslie’s Poolmart 4.250%, 10/16/19		5,294		5,324
Liberty Cablevision of Puerto Rico LLC Tranche B, First Lien, 6.000%, 6/9/17		975		979
Live Nation Entertainment 3.500%, 8/17/20		3,385		3,403
Marina District Finance Co., Inc. 6.750%, 8/15/18		2,310		2,323
MCC LLC (Mediacom Broadband Group)
Tranche G, 4.000%, 1/20/20		988		990
Tranche H, 3.250%, 1/29/21		1,990		1,980
Media General, Inc. 4.250%, 7/31/20		5,000		5,059
Merrill Communications LLC 7.250%, 3/8/18		1,675		1,712
Metaldyne LLC 5.000%, 12/18/18		1,489		1,508
MGM Resorts International (MGM Grand Detroit LLC) Tranche B, 3.500%, 12/20/19		6,829		6,852
Michaels Stores, Inc. Tranche B, 3.750%, 1/28/20		3,980		4,001
Mohegan Tribal Gaming Authority Tranche B, 5.500%, 11/19/19		1,600		1,628
Neiman Marcus Group Ltd. 5.000%, 10/25/20		4,000		4,056
Nielsen Finance LLC Tranche E, 2.918%, 5/1/16		1,644		1,651
Nine Entertainment Group Ltd. (PBL Media Group Limited) Tranche B, 4.250%, 2/5/20		3,474		3,465
Oceania Cruises, Inc. 6.750%, 7/2/20		2,993		3,030
Party City Holdings, Inc. 4.458%, 7/27/19		2,972		2,990
Peninsula Gaming LLC 4.250%, 11/20/17		951		959
Penn National Gaming, Inc. 3.250%, 10/30/20		3,000		3,009
Peppermill Casinos, Inc. Tranche B, 7.250%, 11/9/18		2,307		2,365
Pinnacle Entertainment, Inc. Tranch B-2, 3.750%, 8/13/20		5,633		5,666


	PAR VALUE		VALUE
Consumer Discretionary—(continued)
PVH Corp. (Phillips-Van Heusen Corp.) Tranche B, 3.250%, 2/13/20	$	3,284	$	3,308
Radio One, Inc. Tranche 2011, 7.500%, 3/31/16		592		607
Remy International, Inc. Tranche B, 4.250%, 3/5/20		1,980		1,996
Salem Communications Corp. 4.500%, 3/13/20		971		977
Scientific Games International, Inc. 4.250%, 10/18/20		3,725		3,738
Seminole Hard Rock Entertainment, Inc. (Seminole Hard Rock International LLC) Tranche B, 3.500%, 5/14/20		961		963
Seminole Tribe of Florida 3.000%, 4/29/20		3,642		3,644
ServiceMaster Co. (The)
Tranche C, 4.250%, 1/31/17		2,606		2,586
Tranche B, 4.420%, 1/31/17		1,913		1,904
Seven Sea Cruises S. DE R.L. Tranche B-1, 4.750%, 12/21/18		2,718		2,756
Shingle Springs Tribal Gaming Authority 6.250%, 8/29/19		1,742		1,753
Sports Authority, Inc. (The) Tranche B, 7.500%, 11/16/17		1,067		1,066
SRAM LLC First Lien, 4.417%, 4/10/20		2,788		2,792
Station Casinos LLC Tranche B, 5.000%, 3/2/20		2,414		2,444
TI Group Auto Systems LLC 5.500%, 3/28/19		1,572		1,594
Tower Automotive Holdings 4.750%, 4/23/20		1,370		1,381
Transtar Holding Co.
First Lien, 5.500%, 10/9/18		988		973
Second Lien, 9.750%, 10/9/19		460		442
Tribune Co. Tranche B, 0.000%, 11/20/20⁽⁵⁾		7,425		7,396
TWCC Holding Corp. Second Lien, 7.000%, 6/26/20		3,524		3,630
UCI International, Inc. (United Components) 5.500%, 7/26/17		1,237		1,242
Univision Communications, Inc.
4.000%, 3/1/20		7,192		7,235
First Lien, 4.500%, 3/1/20		5,089		5,127
Veyance Technologies, Inc. 5.250%, 9/8/17		1,985		1,995
Virgin Media Investment Holdings Ltd. Tranche B, 3.500%, 6/8/20		3,847		3,860
WideOpenWest Finance LLC Tranche B, 4.750%, 4/1/19		2,093		2,107


	PAR VALUE		VALUE
Consumer Discretionary—(continued)
Zuffa LLC 4.500%, 2/25/20	$	3,675	$	3,708

				277,383

Consumer Staples—6.7%
AdvancePierre Foods, Inc.
First Lien, 5.750%, 7/10/17		1,079		1,068
Second Lien, 9.500%, 10/10/17		1,035		1,004
Aramark Corp. Tranche D, 4.000%, 9/9/19		4,457		4,491
CIH International S.A R.L. 2.750%, 6/5/20		5,955		5,969
Crossmark Holdings, Inc.
First Lien, 4.500%, 12/20/19		3,014		2,999
Second Lien, 8.750%, 12/21/20		520		518
Darling International, Inc. Tranche B, 0.000%, 1/1/21⁽⁵⁾		779		787
Del Monte Corp. 4.000%, 1/26/21		960		967
Del Monte Foods Co. 4.000%, 3/8/18		3,446		3,463
Dole Food Co., Inc. 4.500%, 11/1/18		2,000		2,011
Heinz (H.J.) Co.
Tranche B-1, 3.250%, 6/7/19		1,721		1,734
Tranche B-2, 3.500%, 6/5/20		13,167		13,288
Hostess Brand Acquisition LLC Tranche B, 6.750%, 4/9/20		4,047		4,199
Pinnacle Foods Finance LLC
Tranche H, 3.250%, 4/29/20		3,990		3,991
Tranche G, 3.250%, 4/29/20		6,650		6,653
Revlon Consumer Prods Corp. 4.000%, 8/19/19		1,000		1,005
Revlon Consumer Products Corp. 4.000%, 11/20/17		1,605		1,617
Reynolds Group Holdings, Inc. 4.000%, 12/1/18		2,032		2,054
Rite Aid Corp.
Tranche 6, 4.000%, 2/21/20		5,955		5,990
Tranche 1, Second Lien, 5.750%, 8/21/20		101		104
Tranche 2, 4.875%, 6/21/21		1,417		1,441
Smart & Final, Inc. First Lien, 4.500%, 11/15/19		1,981		1,981
Spectrum Brands, Inc. 3.500%, 9/4/19		1,995		2,002
Supervalu, Inc. 5.000%, 3/21/19		973		984

				70,320

Energy—2.3%
Azure Midstream 6.500%, 11/15/18		2,404		2,422
Buffalo Gulf Coast Terminals LLC 5.250%, 10/31/17		652		659
Chesapeake Energy Corp. 5.750%, 12/2/17		2,910		2,975


	PAR VALUE		VALUE
Energy—(continued)
CITGO Petroleum Corp. Tranche C, 9.000%, 6/24/17	$	198	$	201
EP Energy LLC (Everest Acquisition LLC)
Tranche B-3, 3.500%, 5/24/18		567		568
Tranche B-2, 4.500%, 4/30/19		732		735
Fieldwood Energy LLC
3.875%, 9/28/18		439		443
Second Lien, 8.375%, 9/30/20		1,508		1,543
FTS International, Inc. (Frac Tech International LLC) 8.500%, 5/6/16		1,921		1,934
MEG Energy Corp. 3.750%, 3/31/20		3,467		3,493
NGPL Pipeco LLC 6.750%, 9/15/17		1,091		1,019
Quicksilver Reseources. Inc. Second Lien, 7.000%, 6/21/19		2,250		2,236
Sabine Oil & Gas LLC Second Lien, 8.750%, 12/31/18		1,290		1,306
SES International Holdings Ltd. (Saxon) 5.500%, 2/15/19		1,519		1,536
Templar Energy LLC Second Lien, 8.000%, 11/25/20		3,000		3,017

				24,087

Financials—6.9%
AlixPartners LLP 5.000%, 7/10/20		2,963		2,988
Altisource Solutions S.A.R.L Tranche B, 4.500%, 12/9/20		1,983		2,002
Asurion LLC
Tranche B-1, 4.500%, 5/24/19		3,271		3,276
Tranche B-2, 3.500%, 7/8/20		1,493		1,468
Capital Automotive LP
Tranche B-1, 4.000%, 4/10/19		1,557		1,568
Second Lien, 6.000%, 4/30/20		1,185		1,226
Clipper Acquisitions Corp. 4.000%, 2/6/20		1,004		1,014
GEO Group, Inc. (The) 3.250%, 4/3/20		3,980		3,970
Guggenheim Partners LLC 4.250%, 7/22/20		2,993		3,025
Home Loan Servicing Solutions Ltd. 4.500%, 6/26/20		3,980		4,015
iPayment, Inc . 6.750%, 5/8/17		927		904
iStar Financial, Inc.
Tranche A-2, 7.000%, 3/19/17		459		476
4.500%, 10/15/17		3,796		3,826
Lonestar Intermediate Super Holdings LLC 11.000%, 9/2/19		300		310


	PAR VALUE		VALUE
Financials—(continued)
Mondrian Tranche B-1, 0.000%, 3/9/20⁽⁵⁾	$	1,406	$	1,413
National Financial Partners 5.250%, 7/1/20		2,985		3,021
Nuveen Investments, Inc.
Tranche B, First Lien 4.167%, 5/13/17		3,925		3,915
Tranche B, Second Lien 6.500%, 2/28/19		4,292		4,258
Ocean Rig 0.000%, 3/31/21⁽⁵⁾		2,993		3,065
Re/Max International, Inc. 4.000%, 7/31/20		1,244		1,244
Realogy Corp.
Extended LOC, 4.400%, 10/10/16		443		448
Tranche B, 4.500%, 3/5/20		7,508		7,601
RPI Finance Trust Tranche B-3, 3.250%, 11/9/18		1,315		1,320
Sam Finance LUX Sarl 4.250%, 12/17/20		2,881		2,892
Springleaf Financial Funding Co. 2019 Term Loan, 4.750%, 9/30/19		1,617		1,638
Starwood Property Trust, Inc. 3.500%, 4/17/20		6,378		6,386
Trans Union LLC 4.250%, 2/8/19		1,930		1,944
Walter Investment Management Corp. Tranche B 4.750%, 12/18/20		2,467		2,477

				71,690

Health Care—11.2%
Akorn, Inc. 0.000%, 11/13/20⁽⁵⁾		4,000		4,028
Alere, Inc. (IM US Holdings LLC)
Tranche B, 4.875%, 6/30/17		1,638		1,652
Tranche B-1, 4.875%, 6/30/17		980		989
Alkermes, Inc. First Lien, 3.500%, 9/25/19		990		994
American Renal Holdings, Inc.		2,523		2,534
Tranche B, First Lien, 4.500%, 8/20/19
Second Lien, 8.500%, 3/20/20		1,860		1,867
AMN Healthcare, Inc. Tranche B, 3.750%, 4/5/18		1,476		1,487
Amneal Pharmaceuticals LLC 6.375%, 11/1/19		2,494		2,512
Aptalis Pharma, Inc. Tranche B, 6.000%, 10/2/20		1,014		1,034
Ardent Medical Services, Inc.
First Lien, 6.750%, 7/2/18		858		864
Second Lien, 11.000%, 1/2/19		375		380
Biomet 3.686%, 7/25/17		2,970		2,993
BSN Medical GmbH & Co. KG 4.000%, 8/28/19		2,000		2,018
Capsugel Holdings U.S., Inc. 3.500%, 8/1/18		4,350		4,358
Catalent Pharma Solutions, Inc.
Extended Term Loan 1 3.669%, 9/15/16		959		965
Tranche 2, 4.250%, 9/15/17		262		264
CHG Healthcare Services, Inc. First Lien, 4.250%, 11/19/19		2,103		2,116


	PAR VALUE		VALUE
Health Care—(continued)
Community Health Systems, Inc. Extended, 3.742%, 1/25/17	$	3,275	$	3,305
ConvaTec, Inc. 4.000%, 12/22/16		1,598		1,610
CRC Health Corp. Tranche B-2, 4.667%, 11/16/15		1,439		1,446
DaVita HealthCare Partners, Inc. (DaVita Inc.) Tranche B-2 4.000%, 11/1/19		3,013		3,041
Drumm Investors LLC (Golden Living) 5.000%, 5/4/18		1,680		1,653
Emdeon, Inc. Tranche B-2, 3.750%, 11/2/18		3,048		3,058
Endo Luxembourg Finance 0.000%, 12/11/20⁽⁵⁾		925		930
Gentiva Health Services, Inc. Tranche B, 6.500%, 10/18/19		2,583		2,560
Grifols, Inc. Tranche B, 4.250%, 6/1/17		969		977
HCA, Inc. Tranche B-4, 2.997%, 5/1/18		5,312		5,322
Health Management Associates, Inc. Tranche B, 3.500%, 11/16/18		3,292		3,297
Hologic, Inc. Tranche B, 3.750%, 8/1/19		2,708		2,729
Iasis Healthcare LLC Tranche B-2, 4.500%, 5/3/18		2,007		2,027
INC Research LLC 6.000%, 7/12/18		556		560
InVentiv Health, Inc. (Ventive Health, Inc.) 7.500%, 8/4/16		1,177		1,166
Kinetic Concepts, Inc.
Tranche D-2, 4.000%, 11/4/16		944		948
Tranche D-1, 4.500%, 5/4/18		581		585
MedAssets, Inc. Tranche B, 4.000%, 12/13/19		137		138
MMM Holdings, Inc. 9.750%, 12/12/17		450		454
MSO of Puerto Rico, Inc. Second Lien, 9.750%, 12/12/17		327		330
Multiplan, Inc. Tranche B-1, 4.000%, 8/26/17		4,108		4,141
National Mentor Holdings, Inc. 6.500%, 2/9/17		973		981
NBTY, Inc. Tranche B-2, 3.500%, 10/1/17		2,782		2,805
Par Pharmaceutical Cos, Inc. Tranche B-1, 4.250%, 9/30/19		1,366		1,376
Pharmaceutical Product Development, Inc. (Jaguar Holdings LLC) 4.000%, 12/5/18		1,980		1,996
PRA Holdings, Inc. 5.000%, 9/23/20⁽⁵⁾		2,993		3,006
Quintiles Transnational Corp. Tranche B-3, 3.750%, 6/8/18		4,561		4,565
Rural/Metro Operating Co. LLC First Lien, 11.000%, 6/30/18		1,743		1,682
Salix Pharmaceuticals Ltd. Tranche B, 0.000%, 12/17/19⁽⁵⁾		2,560		2,589


	PAR VALUE		VALUE
Health Care—(continued)
Sheridan Holdings, Inc. 0.000%, 6/29/18⁽⁵⁾	$	994	$	994
First Lien, 4.500%, 6/29/18		3,057		3,073
Second Lien, 4.500%, 12/13/21		1,800		1,817
Surgery Center Holdings, Inc. First Lien, 6.000%, 4/11/19		1,290		1,294
Surgical Care Affiliates LLC 4.250%, 6/29/18		3,456		3,482
U.S. Renal Care, Inc. 4.250%, 7/3/19		2,476		2,488
United Surgical Partners International, Inc. Tranche B, 4.750%, 4/3/19		2,095		2,109
Valeant Pharmaceuticals International, Inc.
Series D2, Tranche B, 3.750%, 2/13/19		3,499		3,528
Series C2, Tranche B 3.750%, 12/11/19		1,022		1,031
Series E, Tranche B 3.750%, 8/5/20		4,963		5,003
VWR Funding, Inc.
Tranche B-1, 4.169%, 4/3/17		165		166
4.169%, 4/3/17		1,206		1,214

				116,531

Industrials—11.1%
ADS Waste Holdings Tranche B, 4.250%, 10/9/19		3,074		3,095
Air Canada 5.500%, 9/26/19		4,265		4,338
Allegion 3.000%, 9/25/20		3,000		3,012
Alliance Laundry Systems LLC
First Lien, 4.750%, 12/10/18		2,326		2,341
Second Lien, 9.500%, 12/10/19		110		111
Alliant Techsystems, Inc. Tranche B, 3.500%, 11/2/20		4,819		4,839
Altegrity, Inc. (U.S. Investigations Services, Inc.) 4.750%, 2/21/15		1,124		1,102
American Airlines, Inc. Tranche B, 3.750%, 6/27/19		7,618		7,682
Apex Tool Group LLC Tranche B, 4.500%, 1/31/20		2,978		2,997
Avis Budget Car Rental LLC 3.000%, 3/15/19		2,807		2,808
AWAS Finance Luxemborg SA 3.500%, 7/16/18		1,058		1,064
Brand Energy & Infrastructure Services, Inc. 4.750%, 11/26/20		3,159		3,182
Brickman Group Holdings, Inc. 0.000%, 12/18/20⁽⁵⁾		721		725
Brock Holdings Ill, Inc.
First Lien, 6.375%, 3/16/17		813		817
Second Lien, 10.000%, 3/16/18		450		458
Ceridian Corp. 4.415%, 5/9/17		6,874		6,913
CHG Healthcare Services, Inc. Second Lien, 9.000%, 11/19/20		379		385


	PAR VALUE		VALUE
Industrials—(continued)
Commercial Barge Line Co. First Lien, 7.500%, 9/22/19	$	2,691	$	2,694
Doncasters Group Ltd. (Doncasters US LLC) Tranche B, 5.500%, 4/9/20		1,644		1,664
Douglas Dynamics LLC 5.750%, 4/18/18		894		894
Ducommon, Inc. 4.750%, 6/28/17		1,396		1,407
DynCorp International, Inc. 6.250%, 7/7/16		839		845
Edwards Ltd. First Lien, 4.500%, 3/26/20		1,502		1,506
Envision Healthcare Corp. (Emergency Medical Services Corp.) 4.000%, 5/25/18		3,712		3,730
Filtration Group Corp.
4.500%, 11/20/20		1,151		1,165
Second Lien, 8.250%, 11/22/21		2,075		2,127
Hawker Beechcraft Acquisition Company LLC 5.750%, 2/14/20		1,600		1,616
HD Supply, Inc. 4.500%, 10/12/17		3,265		3,301
Husky Injection Molding Systems Ltd. (Yukon Acquisition, Inc.) 4.250%, 7/2/18		3,304		3,334
International Equipment Solutions (IES Global B.V.) 6.750%, 8/16/19		3,125		3,106
Mcjunkin Red Man Corp. 5.000%, 11/8/19		1,556		1,580
Mirion Technologies, Inc. 5.750%, 3/30/18		1,220		1,223
Mirror Bidco, Inc. 5.250%, 12/28/19		619		623
Navistar, Inc. Second Lien, 5.750%, 8/17/17		1,319		1,342
OPE USIC Holdings, Inc. 4.750%, 7/10/20		2,985		3,007
Protection One, Inc. 4.250%, 3/21/19		3,465		3,476
Quikrete Co., Inc. 4.000%, 9/26/20⁽⁵⁾		3,990		4,015
Rexnord LLC 4.000%, 8/21/20		4,988		5,009
SESAC Holding Co. II LLC First Lien, 5.000%, 2/7/19		463		467
SI Organization, Inc. (The) Tranche B, 5.500%, 11/22/16		970		954
Spin Holdco, Inc. First Lien, 4.250%, 11/14/19		5,490		5,528
Swift Transportation Tranche B-2, 4.000%, 12/21/17		706		711
TransDigm, Inc. Tranche C, 3.750%, 2/28/20		7,984		8,016
US Airways, Inc.
Tranche B-2, 4.000%, 11/23/16		765		769
Tranche B-1, 4.000%, 5/23/19		2,874		2,897
Utex Industries, Inc. First Lien, 4.500%, 4/10/20		1,990		2,002
WCA Waste Corp. (WCA Waste Systems, Inc.) 4.000%, 3/23/18		934		936


	PAR VALUE		VALUE
Industrials—(continued)
WireCo Worldgroup, Inc. 6.000%, 2/15/17	$	444	$	449

				116,262

Information Technology—15.6%
Active Network, Inc. First Lien, 5.500%, 11/13/20		2,030		2,045
Activision Blizzard, Inc. 3.250%, 10/12/20		6,649		6,704
Alcatel-Lucent USA, Inc.
5.750%, 1/30/19		4,797		4,826
5.750%, 1/30/19		5,215		5,247
Allflex Holdings III, Inc.
First Lien, 4.250%, 7/17/20		4,988		5,017
Second Lien, 8.000%, 7/19/21		789		801
Applied Systems, Inc.
4.250%, 12/8/16		1,423		1,429
Second Lien, 8.250%, 6/8/17		334		336
Autotrader.com, Inc. Tranche B-1, 4.000%, 12/15/16		1,164		1,174
Avaya, Inc.
Tranche B-3, 4.736%, 10/26/17		2,638		2,587
Tranche B-5, 8.000%, 3/31/18		1,459		1,483
Blue Coat Systems, Inc.
4.500%, 5/31/19		2,844		2,859
Second Lien, 9.500%, 6/26/20		3,154		3,217
BMC Software, Inc. 5.000%, 9/10/20		3,461		3,485
CCC Information Services, Inc. 4.000%, 12/20/19		2,678		2,685
CDW LLC 3.250%, 4/29/20		11,298		11,285
Commscope, Inc. Tranche 3, 2.739%, 1/21/17		791		795
CPI International Acquisition, Inc. (Catalyst Holdings, Inc.) Tranche B, 5.000%, 2/13/17		1,156		1,164
Dell International LLC Tranche B, 4.500%, 4/29/20		4,750		4,772
Deltek, Inc.
First Lien, 5.000%, 10/10/18		3,376		3,394
Second Lien, 10.000%, 10/10/19		1,529		1,560
Epicor Software Corp. (f/k/a Eagle Parent, Inc. ) Tranche B-1, 4.500%, 5/16/18		2,886		2,905
Excelitas Technologies Corp. Tranche B, 6.000%, 11/2/20		3,703		3,731
First Data Corp.
Tranche 2017, 4.164%, 3/24/17		4,381		4,395
Tranche 2018, 4.164%, 3/23/18		6,500		6,521
Freescale Semiconductor, Inc.
Tranche B-5, 5.000%, 2/28/20		3,910		3,958
Tranche B-4, 5.000%, 1/15/21		1,995		2,021


	PAR VALUE		VALUE
Information Technology—(continued)
Genpact Ltd. 3.500%, 8/30/19	$	1,233	$	1,238
Go Daddy Operating Co. LLC Tranche B-3 Term Loan 4.000%, 12/17/18		4,583		4,599
IMS Health, Inc. Tranche B-1, 3.750%, 9/1/17		2,680		2,695
Infor (U.S.), Inc. (Lawson Software, Inc.)
Tranche B-2, 5.250%, 4/5/18		3,641		3,659
Tranche B-3, 3.750%, 6/3/20		4,517		4,517
Information Resources, Inc. (Symphonyiri Group, Inc.) 4.750%, 9/30/20		1,120		1,128
Interactive Data Corp. 3.750%, 2/11/18		2,374		2,381
ION Trading Technologies S.A.R.L. First Lien, 4.500%, 5/22/20		1,371		1,383
IPC Systems, Inc. Tranche C, First Lien, 7.750%, 7/31/17		1,961		1,955
Ipreo Holdings LLC Tranche B-4, 5.000%, 8/7/17		1,223		1,242
Kronos, Inc.
First Lien, 4.500%, 10/30/19		472		477
Second Lien, 9.750%, 4/30/20		3,970		4,116
Microsemi Corp. 3.750%, 2/19/20		826		830
Mitchell International, Inc.
4.500%, 10/12/20		2,500		2,520
4.500%, 10/11/21		1,045		1,063
MMI International Ltd. 7.250%, 11/20/18		1,900		1,851
Moneygram International, Inc. 4.250%, 3/27/20		809		818
Mood Media Corp. First Lien, 7.000%, 5/6/18		1,046		1,050
Novell, Inc. (Attachmate Corp.) First Lien, 7.250%, 11/22/17		1,051		1,073
Oberthur Technologies of America Corp. 5.750%, 10/18/19		3,000		3,034
Presidio, Inc. 5.750%, 3/31/17		1,760		1,768
RP Crown Parent LLC
First Lien, 6.000%, 12/21/18		2,182		2,197
Second Lien, 11.250%, 12/21/19		3,333		3,432
SCS Holdings I, Inc. (Sirius Computer Solutions, Inc.) 7.000%, 12/7/18		531		540
Sensata Technologies BV 3.500%, 5/10/19		1,152		1,163
Sophia LP Tranche B, 4.500%, 7/19/18		1,114		1,122
Sorenson Communications, Inc. 9.500%, 10/31/14		1,985		2,015
Spansion LLC 3.750%, 12/18/19		3,339		3,352
SRA International, Inc. 6.500%, 7/20/18		1,226		1,227
SSI Investments II Ltd. (Skillsoft) 5.000%, 5/26/17		941		950
SunGard Data Systems, Inc. (Solar Capital Corp.) Tranche D, 4.500%, 1/31/20		2,504		2,521


	PAR VALUE		VALUE
Information Technology—(continued)
Tranche E, 4.000%, 3/8/20	$	587	$	591
Syniverse Holdings, Inc. 4.000%, 4/23/19		970		975
Verifone, Inc. 0.000%, 10/3/19⁽⁵⁾		1,428		1,440
Vision Solutions, Inc. First Lien, 6.000%, 7/23/16		2,334		2,343
Wall Street Systems Delaware, Inc.
First Lien, 5.750%, 10/25/19		693		698
Second Lien, 9.250%, 10/25/20		497		502
Websense, Inc. 4.500%, 6/25/20		1,493		1,495
Zayo Group LLC (Zayo Capital, Inc.) 4.000%, 7/2/19		2,211		2,217

				162,573

Materials—6.2%
AI Chem & Cy S.C.A.
Tranche B-1, 4.500%, 10/4/19		655		662
Tranche B-2, 4.500%, 10/4/19		340		344
Air Distribution Technologies, Inc. (QS0001 Corp.) First Lien, 4.250%, 11/9/18		410		413
American Builders & Contractors Supply Co., Inc. Tranche B, 3.500%, 4/16/20		5,985		6,006
Ardagh Holdings USA, Inc. 4.250%, 12/17/19		1,863		1,877
Arysta LifeScience SPC LLC 4.500%, 5/29/20		2,455		2,473
Avantor Performance Materials Holdings, Inc. 5.250%, 6/24/17		627		628
AZ Chem US, Inc. 5.250%, 12/22/17		865		872
Berlin Packaging, Inc. First Lien, 4.750%, 4/2/19		2,488		2,511
Berry Plastics Groups, Inc.
Tranche D, 3.500%, 2/8/20		5,613		5,606
Tranche D, 3.500%, 12/18/20		2,034		2,035
CEMEX Espana S.A. Tranche A-1, 4.667%, 2/14/17		894		886
Cyanco Intermediate Corp. 5.500%, 5/1/20		1,661		1,669
Distribution International, Inc. 7.500%, 7/16/19		1,990		1,981
Essar Steel Algoma, Inc. (Algoma Steel, Inc.) 9.250%, 9/19/14		1,926		1,945
Fairmount Minerals Ltd. Tranche B-2, 6.250%, 9/5/19		1,080		1,099
Fortescue Metals Group Ltd. (FMG Resources Ltd.) 4.250%, 6/28/19		4,997		5,069
General Chemical Corp. 5.375%, 10/6/15		1,131		1,135
Houghton International, Inc. Holding Corp. (HII Holding Corp.)
First Lien, 4.000%, 12/20/19		1,683		1,689


	PAR VALUE		VALUE
Materials—(continued)
Second Lien, 9.500%, 12/21/20	$	630	$	637
Huntsman International LLC
Extended Tranche B, 2.709%, 4/19/17		1,566		1,570
2.705%, 10/15/20		4,000		4,011
Ineos Group Holdings, Inc. 4.000%, 5/4/18		9,160		9,207
JFB Firth Rixson, Inc. 4.250%, 6/30/17		1,980		1,991
Noranda Aluminum Acquisition Corp. Tranche B, 5.750%, 2/28/19		2,270		2,135
Novelis, Inc. 3.750%, 3/10/17		631		634
PQ Corp. 4.500%, 8/7/17		1,980		1,997
Pro Mach, Inc. 4.500%, 7/6/17		1,470		1,476
Tronox Pigments B.V. 4.500%, 3/19/20		1,194		1,212
Univar, Inc. Tranche B, 5.000%, 6/30/17		1,357		1,349

				65,119

Telecommunication Services—5.1%
Cincinnati Bell, Inc. 4.000%, 9/10/20		3,242		3,254
Consolidated Communications 0.000%, 12/23/20⁽⁵⁾		1,721		1,737
Cricket Communications, Inc. Tranche C, 4.750%, 3/8/20		1,990		2,001
Crown Castle Operating Co.
3.250%, 1/31/19		6,965		6,989
3.250%, 1/29/21		464		466
Global Tel*Link Corp.
First Lien, 5.000%, 5/22/20		2,003		1,962
Second Lien, 9.000%, 11/23/20		660		632
Grande Communications Networks LLC 4.500%, 5/29/20		995		996
Hawaiian Telcom Communications, Inc. 5.000%, 6/6/19		1,985		1,995
Integra Telecom Holdings, Inc.
Tranche B, 5.250%, 2/22/19		1,184		1,202
Second Lien, 9.750%, 2/21/20		449		463
Intelsat Jackson Holdings S A. Tranche B-2, 3.750%, 6/30/19		2,838		2,865
Level 3 Financing, Inc.
Tranche B-III 2019, 4.000%, 8/1/19		3,875		3,904
Tranche B, 4.000%, 1/15/20		3,388		3,419
LTS Buyer LLC (Sidera Networks, Inc.) Tranche B, 4.500%, 4/13/20		1,990		2,002
Securus Technologies Holdings, Inc. (Securus Technologies, Inc.)
First Lien, 4.750%, 4/30/20		2,394		2,374


	PAR VALUE		VALUE
Telecommunication Services—(continued)
Second Lien 9.000%, 4/30/21	$	685	$	681
Syniverse Holdings, Inc. 4.000%, 4/23/19		1,440		1,445
Telesat Canada, Inc. Tranche B-2, 3.500%, 3/28/19		3,763		3,777
TW Telecom Holdings, Inc. (Time Warner Telecom Holdings, Inc.) Tranche B, 2.670%, 4/17/20		1,990		1,990
UPC Financing Partnership 4.000%, 1/31/21		3,250		3,267
West Corp. Tranche B-8, 3.750%, 6/30/18		2,507		2,522
Windstream Corp. Tranche B-4, 3.500%, 1/23/20		3,237		3,248

				53,191

Utilities—2.7%
AES Corp. 3.750%, 6/1/18		1,521		1,533
Calpine Construction Finance Co. LP
3.000%, 5/3/20		5,138		5,105
3.250%, 1/31/22		1,990		1,975
Calpine Corp.
4.000%, 4/1/18		1,945		1,962
4.000%, 10/9/19		741		747
4.000%, 10/31/20		500		504
InterGen N.V. 5.500%, 6/15/20		2,677		2,703
NRG Energy, Inc. 2.750%, 7/1/18		5,388		5,383
Raven Power Finance 5.250%, 12/19/20		2,398		2,404
Sapphire Power 6.000%, 7/10/18		1,990		2,012
Texas Compeptitive Electric Holdings Co. LLC 2017 Extended, 4.715%, 10/10/17		5,945		4,127

				28,455

TOTAL LOAN AGREEMENTS (Identified Cost $977,937)				985,611


	SHARES		VALUE
EXCHANGE-TRADED FUNDS—0.5%
PowerShares Senior Loan Portfolio		201,000		5,001

TOTAL EXCHANGE-TRADED FUNDS (Identified Cost $4,991)				5,001

TOTAL LONG TERM INVESTMENTS—104.1% (Identified cost $1,078,456)				1,087,544	⁽⁷⁾



	SHARES		VALUE
SHORT-TERM INVESTMENTS—1.6%

Money Market Mutual Funds—1.6%
Fidelity Money Market Portfolio - Institutional Shares (Seven-day effective yield 0.090%)		16,949,287	$	16,949

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $16,949)				16,949

TOTAL INVESTMENTS—105.7% (Identified Cost $1,095,405)				1,104,493	⁽¹⁾
Other assets and liabilities, net—(5.7)%				(59,841	)

NET ASSETS—100.0%			$	1,044,652

Abbreviations:


PIK		Payment-in-Kind Security

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2013, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Variable or step coupon security; interest rate shown reflects the rate in effect at December 31, 2013.

⁽³⁾	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2013, these securities amounted to a value of $47,234 or 4.5% of net assets.

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

⁽⁵⁾	This loan will settle after December 31, 2013, 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.

⁽⁶⁾	100% of the income received was in cash.

⁽⁷⁾	All or a portion of the portfolio is segregated as collateral for the line of credit.

Foreign Currencies:

BRL	Brazilian Real

CAD	Canadian Dollar

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2013 (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—98.9%
Consumer Discretionary—38.7%
Amazon.com, Inc.⁽²⁾		1,311	$	523
AMC Networks, Inc. Class A⁽²⁾		8,167		556
American Eagle Outfitters, Inc.		36,653		528
Apollo Group, Inc. Class A⁽²⁾		19,767		540
AutoNation, Inc.⁽²⁾		10,582		526
Buckle, Inc. (The)		10,354		544
Cabela’s, Inc.⁽²⁾		8,179		545
Cablevision Systems Corp. Class A		30,651		550
Carnival Corp.		13,572		545
CBS Corp. Class B		8,690		554
Central European Media Enterprises Ltd. Class A⁽²⁾		160,792		617
Choice Hotels International, Inc.		10,831		532
Columbia Sportswear Co.		7,001		551
Comcast Corp. Class A		10,368		539
Dick’s Sporting Goods, Inc.		9,233		536
Dillard’s, Inc. Class A		5,518		536
Discovery Communications, Inc. Class A⁽²⁾		6,008		543
DISH Network Corp. Class A⁽²⁾		9,334		541
DSW, Inc. Class A		12,595		538
Expedia, Inc.		7,800		543
Family Dollar Stores, Inc.		8,160		530
Federal-Mogul Corp.⁽²⁾		27,475		541
Fossil Group, Inc.⁽²⁾		4,438		532
Gap, Inc. (The)		13,665		534
Garmin Ltd.		11,455		529
Horton (D.R.), Inc.⁽²⁾		25,628		572
Host Hotels & Resorts, Inc.		27,650		538
Hyatt Hotels Corp. Class A⁽²⁾		10,656		527
International Speedway Corp. Class A		15,304		543
L Brands, Inc.		8,642		535
Las Vegas Sands Corp.		6,891		544
Lennar Corp. Class A		14,090		557
Liberty Global plc Class A⁽²⁾		6,128		545
Liberty Media Corp. - Interactive Class A⁽²⁾		18,718		549
Liberty Media Corp. Class A⁽²⁾		3,635		532
Liberty Ventures Class A⁽²⁾		4,336		532
Madison Square Garden Co. (The)⁽²⁾		9,508		548
Marriott International, Inc.		10,957		541
Marriott Vacations Worldwide Corp.⁽²⁾		9,875		521
MGM Resorts International⁽²⁾		23,199		546
Mohawk Industries, Inc.⁽²⁾		3,730		555


	SHARES		VALUE
Consumer Discretionary—(continued)
Morningstar, Inc.		6,654	$	520
News Corp. Class A⁽²⁾		29,716		536
NIKE, Inc. Class B		6,814		536
Nordstrom, Inc.		8,622		533
Penn National Gaming, Inc.⁽²⁾		36,973		530
Penske Automotive Group, Inc.		11,405		538
Ralph Lauren Corp.		3,014		532
Sears Holdings Corp.⁽²⁾		11,488		563
Sears Hometown and Outlet Stores, Inc.⁽²⁾		20,367		519
Starbucks Corp.		6,785		532
Starz - Liberty Capital Class A⁽²⁾		18,390		538
Tesla Motors, Inc.⁽²⁾		3,678		553
Timken Co. (The)		9,840		542
Twenty-First Century Fox, Inc.		15,404		542
Under Armour, Inc. Class A⁽²⁾		6,124		535
Urban Outfitters, Inc.⁽²⁾		14,462		537
Viacom, Inc. Class B		6,266		547
Wendy’s Co. (The)		60,719		529
Wynn Resorts Ltd.		2,846		553

				32,453

Consumer Staples—4.5%
Boston Beer Co., Inc. (The) Class A⁽²⁾		2,216		536
Brown-Forman Corp. Class B		7,004		529
Estee Lauder Cos., Inc. (The) Class A		7,096		535
Harbinger Group, Inc.⁽²⁾		46,340		549
Monster Beverage Corp.⁽²⁾		7,959		539
PriceSmart, Inc.		4,569		528
Tootsie Roll Industries, Inc.		15,860		516

				3,732

Energy—5.8%
Chesapeake Energy Corp.		19,441		528
Continental Resources, Inc.⁽²⁾		4,694		528
CVR Energy, Inc.		12,644		549
Hess Corp.		6,574		546
RPC, Inc.		29,370		524
Talisman Energy, Inc.		45,992		536
Transocean Ltd.		11,220		554
W&T Offshore, Inc.		33,450		535
Western Refining, Inc.		13,232		561

				4,861

Financials—15.9%
Altisource Portfolio Solutions SA		3,293		522


	SHARES		VALUE
Financials—(continued)
Amtrust Financial Services, Inc.		16,777	$	549
Berkley (W.R.) Corp.		12,336		535
Berkshire Hathaway, Inc. Class B⁽²⁾		4,562		541
BOK Financial Corp.		8,236		546
Boston Properties, Inc.		5,095		512
Brown & Brown, Inc.		17,337		544
Charles Schwab Corp. (The)		20,583		535
Credit Acceptance Corp.⁽²⁾		4,072		529
Equity Lifestyle Properties, Inc.		14,722		534
Equity Residential		10,144		526
First Citizens BancShares, Inc. Class A		2,345		522
Franklin Resources, Inc.		9,379		542
Gaming and Leisure Properties, Inc.⁽²⁾		10,575		537
Greenlight Capital Re Ltd. Class A⁽²⁾		15,671		528
Hilltop Holdings, Inc.⁽²⁾		23,115		535
Howard Hughes Corp. (The)⁽²⁾		4,657		559
Leucadia National Corp.		18,875		535
Loews Corp.		11,056		533
Mercury General Corp.		10,615		528
Ocwen Financial Corp.⁽²⁾		9,617		533
Raymond James Financial, Inc.		10,251		535
Simon Property Group, Inc.		3,410		519
Taubman Centers, Inc.		8,282		530
Vornado Realty Trust		5,939		527

				13,336

Health Care—5.1%
Bruker Corp.⁽²⁾		26,618		526
Cerner Corp.⁽²⁾		9,649		538
Forest Laboratories, Inc.⁽²⁾		9,185		551
Halozyme Therapeutics, Inc.⁽²⁾		35,532		533
MannKind Corp.⁽²⁾		105,711		551
Opko Health, Inc.⁽²⁾		58,406		493
Pharmacyclics, Inc.⁽²⁾		5,075		537
Teva Pharmaceutical Industries Ltd.		13,352		535

				4,264

Industrials—8.9%
Air Lease Corp.		16,891		525
American Railcar Industries, Inc.		11,702		535
Cintas Corp.		8,895		530
Colfax Corp.⁽²⁾		8,548		544
Covanta Holding Corp.		29,828		530
Danaher Corp.		6,893		532


	SHARES		VALUE
Industrials—(continued)
Fastenal Co.		11,556	$	549
FedEx Corp.		3,693		531
Grainger (W.W.), Inc.		2,120		542
Illinois Tool Works, Inc.		6,434		541
MSC Industrial Direct Co., Inc. Class A		6,533		528
Navistar International Corp.⁽²⁾		14,185		542
Rollins, Inc.		17,799		539
Werner Enterprises, Inc.		21,419		530

				7,498

Information Technology—14.8%
Amkor Technology, Inc.⁽²⁾		91,336		560
Anixter International, Inc.⁽²⁾		5,958		535
Broadcom Corp. Class A		18,453		547
DST Systems, Inc.		5,837		530
eBay, Inc.⁽²⁾		9,666		530
EchoStar Corp. Class A⁽²⁾		10,918		543
Google, Inc. Class A⁽²⁾		478		536
IAC/InterActiveCorp.		7,850		539
Intuit, Inc.		7,005		535
Marvell Technology Group Ltd.		39,541		568
Mentor Graphics Corp.		22,110		532
National Instruments Corp.		17,047		546
Nuance Communications, Inc.⁽²⁾		35,306		537
Oracle Corp.		14,501		555
Paychex, Inc.		11,683		532
Pegasystems, Inc.		10,728		528
QUALCOMM, Inc.		7,247		538
Rackspace Hosting, Inc.⁽²⁾		14,223		556
RealPage, Inc.⁽²⁾		23,306		545
Salesforce.com, Inc.⁽²⁾		9,823		542
Syntel Co.⁽²⁾		5,787		526
TeleTech Holdings, Inc.⁽²⁾		22,443		537
Yahoo!, Inc.⁽²⁾		13,146		532

				12,429

Materials—5.2%
Airgas, Inc.		4,801		537
Huntsman Corp.		22,183		546
LyondellBasell Industries N.V. Class A		6,708		538
NewMarket Corp.		1,607		537
Novagold Resources, Inc.⁽²⁾		227,208		577
Scotts Miracle-Gro Co. (The) Class A		8,616		536
Silgan Holdings, Inc.		11,153		536


	SHARES		VALUE
Materials—(continued)
Westlake Chemical Corp.		4,506	$	550

				4,357

TOTAL COMMON STOCKS (Identified Cost $76,514)				82,930

TOTAL LONG TERM INVESTMENTS—98.9% (Identified cost $76,514)				82,930

TOTAL INVESTMENTS—98.9% (Identified Cost $76,514)				82,930	⁽¹⁾
Other assets and liabilities, net—1.1%				950

NET ASSETS—100.0%			$	83,880

Abbreviations:

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at December 31, 2013, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Non-income producing.

The following table provides a summary of inputs used to value the Fund’s investments as of December 31, 2013 (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.

The following is a summary of significant accounting policies consistently followed by the Virtus Opportunities Trust, a trust consisting of 32 diversified Funds (each a “Fund”), in the preparation of the Schedules of Investments. The preparation of the Schedules of Investments in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the Schedules of Investments. Actual results could differ from those estimates and those differences could be significant.

Security valuation procedures for the Trust, which include, nightly price variance, as well as back-testing such as bi-weekly unchanged price, monthly secondary source and transaction analysis, have been approved by the Board of Trustees (the “Board” or the “Trustees”). All internally fair valued securities are approved by a valuation committee (“Valuation Committee”) appointed by the Board. The Valuation Committee is comprised of certain members of management as identified by the Board and convenes independently from portfolio management. All internally fair valued securities are updated daily and reviewed in detail by the Valuation Committee monthly unless changes occur within the period. The Valuation Committee reviews the validity of any model inputs and any changes to the model. Fair valuations are reviewed by the Board at least quarterly.

The Funds utilize a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels.

A description of the valuation techniques applied to the Funds major categories of assets and liabilities measured at fair value on a recurring basis is as follows:

Equity securities are valued at the official closing price (typically last sale) on the exchange on which the securities are primarily traded, or if no closing price is available, at the last bid price and are categorized as Level 1 in the hierarchy. Restricted equity securities and private placements that are not widely traded, are illiquid or are internally fair valued by the valuation committee are generally categorized as Level 3 in the hierarchy.

Certain non - U.S. securities may be fair valued in cases where closing prices are not readily available or are deemed not reflective of readily available market prices. For example, significant events (such as movement in the U.S. securities market, or other regional and local developments) may occur between the time that non - U.S. markets close (where the security is principally traded) and the time that the Fund calculates its net asset value (generally, the close of the New York Stock Exchange “NYSE”) that may impact the value of securities traded in these non - U.S. markets. In such cases the Fund fair values non - U.S. securities using an independent pricing service which considers the correlation of the trading patterns of the non - U.S. security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, Financial Futures, Exchange Traded Funds, and certain indexes as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the

Other information regarding each Fund is available in the Fund’s most recent Report to Shareholders.

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 is generally categorized as Level 2 in the hierarchy. Debt securities that are not widely traded, are illiquid, or are internally fair valued by the valuation committee are generally categorized as Level 3 in the hierarchy.

Listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized as Level 1 in the hierarchy. Over the counter (OTC) derivative contracts, which include forward currency contracts and equity linked instruments, do not require material subjectivity as pricing inputs are observed from actively quoted markets and are categorized as Level 2 in the hierarchy.

Investments in open-end mutual funds are valued at NAV. Investment in close-end mutual funds are valued as of the close of regular trading on the NYSE, generally 4 pm Eastern time, each business day. Both are categorized as Level 1 in the hierarchy.

A summary of the inputs used to value the Funds’ net assets by each major security type is disclosed at the end of the Schedule of Investments for each Fund. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The Funds own the following internally fair valued securities and which are categorized as Level 3 in the hierarchy.

The significant unobservable inputs used in the fair value measurement of these corporate bonds are based on comparable liquid assets adjusted for accretion/amortization rate, current yield, current swap rates, and discount rates related to differences in capital structure and liquidity.

Significant changes in any of these inputs in isolation would result in a significantly lower or higher fair value measurement. Generally, a change in the observable market assumptions would have direct impacts to the discount rates used related to capital structure and/or liquidity discounts.

Disclosures on derivative Instruments and hedging activities are intended to improve financial reporting for derivative instruments by enhanced disclosure that enables investors to understand how and why a fund uses derivatives, how derivatives are accounted for, and how derivative instruments affect a fund’s results of operations and financial position. Summarized below are the specific types of derivative instruments used by the Funds.

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

Other information regarding each Fund is available in the Fund’s most recent Report to Shareholders.

Fund is subject to equity price risk in the normal course of pursuing its investment objectives. The Fund may use options contracts to hedge against changes in the values of equities. When the Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. Holdings of the Fund designated to cover outstanding written options are noted in the Schedules of Investments.

The risk in writing call options is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing put options is that the Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying options is that the Fund pays a premium whether or not the option is exercised. The use of such instruments may involve certain additional risks as a result of unanticipated movements in the market. Writers (sellers) of options are subject to unlimited risk of loss, as the seller will be obligated to deliver or take delivery of the security at a predetermined price which may, upon exercise of the option, be significantly different from the then-market value.

Warrants and Rights: Certain Funds hold warrants and rights acquired either through a direct purchase, including as part of private placement, or pursuant to corporate actions. Warrants and rights entitle the holder to buy a proportionate amount of common stock at a specific price and time through the expiration dates. Such warrants and rights are held as long positions by the Fund until exercised, sold or expired. Warrants and rights are valued at fair value in accordance with the Board of Trustees’ approved fair valuation procedures.

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 securities may be complex, and as a result, it may be more difficult for the Adviser and/or Subadviser to accurately predict risk.

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, the Fund is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan. Collateral may consist of cash and securities issued by the U.S. Government or its agencies. Cash collateral is invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker are recorded as income by the Fund net of fees and rebates charged by BBH for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral.

At December 31, 2013, the following Funds had securities on loan ($ reported in thousands):

Other information regarding each Fund is available in the Fund’s most recent Report to Shareholders.

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 the 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.

Restricted securities are not registered under the Securities Act of 1933. Generally, 144A securities are excluded from this category, except where defined as illiquid.

At December 31, 2013, there were no illiquid and restricted securities held by the funds.

The Funds will bear any costs, including those involved in registration under the Securities Act of 1933, 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 December 31, 2013, federal tax cost and aggregate gross unrealized appreciation (depreciation) of securities held by the funds were as follows:

Management has evaluated the impact of all subsequent events on the Funds through the date the Schedules of Investments (“N-Q”) were available for filing, and has determined that the following subsequent event requires recognition or disclosure in the financial statements: On January 21, 2014, the Board of Trustees of the Virtus Opportunities Trust voted to liquidate the Virtus Greater Asia ex Japan Opportunities Fund. Based on the recommendation of management, the Trustees determined that liquidation is in the best interest of the shareholders and voted to direct the mandatory redemption of all shares of the Fund. Effective February 28, 2014, the Virtus Greater Asia ex Japan Opportunities Fund will be closed to new investors and additional investor deposits. On or about February 28, 2014 (the “Liquidation Date”), the Fund will be liquidated at its net asset value

Other information regarding each Fund is available in the Fund’s most recent Report to Shareholders.

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

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

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


Investments in Securities	Corporate Bonds And Notes
Balance as of September 30, 2013:	$	10	^(d)
Accrued discount/(premium)		—	^(c)
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		—	^(c)
Purchases		—
Sales^(b)		—
Transfers into Level 3 ^(a)		—
Transfers from Level 3 ^(a)		—

Balance as of December 31, 2013	$	10	^(d)


	Total Value at December 31, 201		Level 2 Significant Observable Inputs
Debt Securities:
Municipal Tax-Exempt Bonds	$	45,685	$	45,685

Total Investments	$	45,685	$	45,685


	Total Value at December 31, 2013		Level 1 Quoted Prices
Equity Securities:
Exchange-Traded Funds	$	566,280	$	566,280
Short-Term Investments		114,966		114,966

Total Investments	$	681,246	$	681,246


	Total Value at		Level 1
	December 31, 2013		Quoted Prices
Equity Securities:
Affiliated Mutual Funds	$	133,480	$	133,480
Exchange-Traded Funds		49,390		49,390
Short-Term Investments		1,323		1,323

Total Investments	$	184,193	$	184,193


Country Weightings †
United States	73	%
Luxembourg	4
Brazil	2
Canada	2
Mexico	2
Chile	1
Turkey	1
Other	15

Total	100	%


Country Weightings †
Cayman Islands	8	%
Venezuela	8
Turkey	7
Luxembourg	6
Mexico	6
Brazil	5
United States	4
Other	56

Total	100	%


Country Weightings †
China	17	%
Taiwan	16
South Korea	11
Brazil	9
South Africa	8
India	5
Mexico	5
Other	29

Total	100	%


TOTAL INVESTMENTS—113.8% (Identified Cost $3,426)		3,407	⁽¹⁾
Other assets and liabilities, net—(13.8)%		(414	)

NET ASSETS—100.0%	$	2,993


Country Weightings †
United Kingdom	23	%
Switzerland	18
India	9
United States	9
France	8
Canada	7
Netherlands	7
Other	19

Total	100	%


	Total Value at December 31, 2013		Level 1 Quoted Prices		Level 3 Significant Unobservable Inputs
Equity Securities:
Common Stocks	$	1,822,551	$	1,822,551	$	—
Preferred Stock		256		—		256
Securities Lending Collateral		8,642		8,642		—
Short-Term Investments		62,791		62,791		—

Total Investments	$	1,894,240	$	1,893,984	$	256


Investments in Securities	Preferred Stocks
Balance as of September 30, 2013:	$	—
Accrued discount/(premium)		—
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		6
Purchases		250
Sales		—
Transfers into Level 3 ^(a)		—
Transfers from Level 3 ^(a)		—

Balance as of December 31, 2013	$	256


TOTAL INVESTMENTS—101.5% (Identified Cost $118,477)		146,224	⁽¹⁾
Other assets and liabilities, net—(1.5)%		(2,119	)

NET ASSETS—100.0%	$	144,105


Country Weightings †
India	31	%
Thailand	10
Malaysia	8
Indonesia	7
United States	7
Hong Kong	5
United Kingdom	5
Other	27

Total	100	%


Country Weightings †
Japan	23	%
France	14
United Kingdom	12
Germany	8
Netherlands	6
Canada	5
United States	4
Other	28

Total	100	%


Country Weightings †
United Kingdom	18	%
Australia	15
Japan	15
Canada	11
France	11
Hong Kong	8
Singapore	8
Other	14

Total	100	%


Investments in Securities	Total			Asset-Backed Securities			Common Stocks
Balance as of September 30, 2013:	$	691		$	673		$	18
Accrued discount/(premium)		—			—			—
Realized gain (loss)		(1	)		(1	)		—
Change in unrealized appreciation (depreciation)		1			2			(1	)
Purchases		—			—			—
Sales^(b)		(11	)		(11	)		—
Transfers into Level 3 ^(a)		—			—			—
Transfers from Level 3 ^(a)		—			—			—

Balance as of December 31, 2013	$	680		$	663		$	17


Investments in Securities	Total			Asset- Backed Securities			Loan Agreements			Common Stocks
Balance as of September 30, 2013:	$	29,377		$	15,187		$	14,190		$	—	^(c)
Accrued discount/(premium)		(35	)		(1	)		(34	)		—
Realized gain (loss)		(2	)		(2	)		—			—
Change in unrealized appreciation/(depreciation)		(191	)		(270	)		79			—
Purchases		—			—			—			—
Sales^(b)		(194	)		(194	)		—			—
Transfers into Level 3 ^(a)		—			—			—			—
Transfers from Level 3 ^(a)		—			—			—			—

Balance as of December 31, 2013	$	28,955		$	14,720		$	14,235			—	^(c)


	Total Value at December 31, 2013		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Debt Securities:
Asset-Backed Securities	$	3,936	$	—	$	3,154	$	782
Corporate Bonds		85,884		—		85,884		—
Foreign Government Securities		447		—		447		—
Loan Agreements		985,611		—		985,611		—
Mortgage-Backed Securities		6,665		—		6,665		—
Equity Securities:
Exchange-Traded Funds		5,001		5,001		—		—
Short-Term Investments		16,949		16,949		—		—

Total Investments	$	1,104,493	$	21,950	$	1,081,761	$	782


Country Weightings †
United States	93	%
Bermuda	1
Canada	1
Israel	1
Netherlands	1
Switzerland	1
United Kingdom	1
Other	1

Total	100	%


Bond Fund		United Artists Theatre Circuit, Inc.
High Yield Fund		United Artists Theatre Circuit, Inc.


	Market Value		Cash Collateral
AlphaSector^® Rotation Fund	$	1,027	$	1,049
Foreign Opportunities Fund		8,226		8,642
Global Opportunities Fund		13		13
Premium AlphaSector^® Fund		8,049		8,261


Fund	Federal Tax Cost			Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Allocator Premium AlphaSector^(R)Fund	$	24,799		$	64,584	$	(89	)	$	64,495
AlphaSector^(R)Rotation Fund		597,360			166,217		(3,070	)		163,147
Alternatives Diversifier Fund		196,759			24,080		(36,646	)		(12,566	)
Bond Fund		80,042			1,767		(2,109	)		(342	)
CA Tax-Exempt Bond		44,733			2,189		(1,237	)		952
Disciplined Equity Style Fund		1,403			310		—			310
Disciplined Select Bond Fund		1,013			1		(21	)		(20	)
Disciplined Select Country Fund		1,085			186		—			186
Dynamic AlphaSector^(R)Fund (Longpositions)		2,544,218			361,295		(78	)		361,217
Dynamic AlphaSector^(R)Fund (Shortpositions)		(124,207	)		—		(2,176	)		(2,176	)
Emerging Markets Debt Fund		29,275			218		(2,097	)		(1,879	)
Emerging Markets Equity Income Fund		91,116			1,291		(806	)		485
Emerging Markets Small Cap Fund		3,426			31		(50	)		(19	)
Foreign Opportunities Fund		1,524,685			417,908		(48,353	)		369,555
Global Commodities Stock Fund		21,816			3,335		(692	)		2,643
Global Dividend Fund		118,785			28,019		(580	)		27,439
Global Opportunities Fund		91,299			29,574		(2,680	)		26,894
Global Premium AlphaSector^(R)Fund		154,919			22,687		(33	)		22,654
Global Real Estate Securities Fund		41,291			2,754		(1,253	)		1,501
Greater Asia ex Japan Opportunities Fund		6,155			1,874		(240	)		1,634
Greater European Opportunities Fund		15,240			3,363		(294	)		3,069
Herzfeld Fund		13,451			394		(496	)		(102	)
High Yield Fund		96,099			3,124		(701	)		2,423
International Equity Fund		5,689			460		(20	)		440
International Real Estate Securities Fund		38,407			2,913		(755	)		2,158
International Small-Cap Fund		34,465			3,341		(315	)		3,026
Low Volatility Equity Fund		1,559			191		(6	)		185
Multi-Sector Intermediate Bond Fund		8,265,433			195,478		(113,551	)		81,927
Multi-Sector Short Term Bond Fund		370,094			10,590		(10,470	)		120
Premium AlphaSector^(R)Fund		5,683,484			1,297,583		(26,314	)		1,271,269
Real Estate Securities Fund		954,872			378,750		(19,013	)		359,737
Senior Floating Rate Fund		1,095,412			11,327		(2,246	)		9,081
Wealth Masters Fund		76,599			7,153		(822	)		6,331


By (Signature and Title)*		/s/ George R. Aylward
		George R. Aylward, President
		(principal executive officer)


By (Signature and Title)*		/s/ W. Patrick Bradley
		W. Patrick Bradley, Senior Vice President, Chief Financial Officer, and Treasurer
		(principal financial officer)