FundVantage Trust

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR 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 Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

The report covers the period of circa 5 months, starting from the Fund’s commencement of operations on May 3, 2017 until September 30, 2017. Within the report, we state the Fund’s performance, including a discussion on which holdings did well and which did not.

In terms of contributions, the top sectors were Technology Services and Finance. The bottom sectors were Distribution Services and Health Services. The top holdings with respect to contributions were Green Dot (GDOT), Thor Industries (THO) and Align Technology (ALGN). The worst holdings with respect to contributions were Equifax (EFX), Hologic (HOLX) and LHC Group (LHCG).

As of September 30, 2017, the Fund is invested in 56 U.S. equities. The Fund’s largest sector allocations are in the Health Technology sector (18.5% portfolio allocation), the Technology Services sector (17.9% portfolio allocation), the Consumer Durables sector (9.7% portfolio allocation) and the Producer Manufacturing sector (9.0% portfolio allocation). Stocks in these four sectors represent 55.1% of the Fund’s holdings.

As US equity markets have continued to be strong, the Fund has tended to be fully invested into equity. Going forward, if US equity markets weaken, the Fund’s quantitative framework would withdraw from equity holdings and increase its cash holdings.

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. Performance data current to the most recent month end may be obtained by calling (844) 567-2134.

Thank you for your investment in the Fund. We value your ongoing confidence in us, and we look forward to serving your investment needs in the future.

This letter is intended to assist shareholders in understanding how the Fund performed during the period ended September 30, 2017 and reflects the views of the investment adviser at the time of this writing. Of course, these views may change and do not guarantee the future performance of the Fund or the markets.

The above commentary is for informational purposes only and does not represent an offer, recommendation or solicitation to buy, hold or sell any security. The specific securities identified and described do not represent all of the securities purchased or sold and you should not assume that investments in the securities identified and disclosed will be profitable.

Portfolio composition is subject to change. The current and future portfolio holdings of the Fund are subject to investment risks.

Arabesque Systematic USA Fund’s Institutional Class vs. MSCI USA Index (Net Returns)

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained by calling (844) 567-2134. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

The Fund’s “Total Annual Fund Operating Expenses” and “Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement”, are 1.57% and 0.95%, respectively, of the Fund’s average daily net assets for Institutional Class shares. These ratios are stated in the current prospectus dated May 1, 2017, and may differ from the actual expenses incurred by the Fund for the period covered by this report. Arabesque Investment Management Ltd (“Arabesque” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (excluding taxes, any class-specific fees and expenses (including Rule 12b-1 fees), interest, extraordinary items, “Acquired Fund” fees and expenses and brokerage commissions) do not exceed 0.95% (on an annual basis) with respect to the Fund’s average daily net assets of the Institutional Class shares (the “Expense Limitation”). The Expense Limitation

will remain in place until August 31, 2020, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, amounts waived or reimbursed for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation amount.

A 1.00% redemption fee applies to shares redeemed within 30 days of purchase. This redemption fee is not reflected in the returns shown above.

The Fund intends to evaluate performance as compared to that of the performance of the MSCI USA Index (Net Returns). The MSCI USA Index (Net Returns) is a widely recognized index, designed to measure the performance of the large and mid-cap segments of the US market. With 625 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in the US. You cannot invest directly into an index.

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees; and (2) ongoing costs, including management fees, distribution and/or service (Rule 12b-1) fees (if any) and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested from May 3, 2017, the commencement of operations, through September 30, 2017 and held for the entire period.

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not your Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the accompanying table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees. Therefore, the second line of the accompanying table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

The following table presents a summary by sector of the portfolio holdings of the Fund:


	Number of Shares		Value
COMMON STOCKS — 97.4%
Communications — 7.2%
Arista Networks, Inc.*		1,650	$	312,856
Facebook, Inc., Class A*		1,690		288,770
LogMeIn, Inc.		1,900		209,095
RingCentral, Inc., Class A*		6,700		279,725

				1,090,446

Consumer, Cyclical — 15.0%
Big Lots, Inc.		5,850		313,384
Copart, Inc.*		8,500		292,145
Darden Restaurants, Inc.		3,300		259,974
Fox Factory Holding Corp.*		7,050		303,855
Hasbro, Inc.		2,650		258,826
Home Depot, Inc. (The)		1,630		266,603
Lear Corp.		1,450		250,966
Thor Industries, Inc.		2,600		327,366

				2,273,119

Consumer, Non-cyclical — 31.7%
Align Technology, Inc.*		1,560		290,581
Baxter International, Inc.		4,450		279,238
Calavo Growers, Inc.		1,700		124,440
Celgene Corp.*		2,050		298,931
Central Garden & Pet Co.*		6,900		267,996
Charles River Laboratories International, Inc.*		2,200		237,644
Chemed Corp.		1,000		202,050
CR Bard, Inc.		750		240,375
Edwards Lifesciences Corp.*		2,600		284,206
Eli Lilly & Co.		3,600		307,944
Green Dot Corp., Class A*		5,900		292,522
Hill-Rom Holdings, Inc.		2,600		192,400
Hologic, Inc.*		4,700		172,443
Inogen, Inc.*		2,800		266,280
Intuitive Surgical, Inc.*		200		209,176


	Number of Shares		Value
COMMON STOCKS — (Continued)
Consumer, Non-cyclical — (Continued)
PRA Health Sciences, Inc.*		3,700	$	281,829
Quest Diagnostics, Inc.		1,700		159,188
Quintiles IMS Holdings, Inc.*		2,500		237,675
Sysco Corp.		4,100		221,195
WellCare Health Plans, Inc.*		1,270		218,110

				4,784,223

Financial — 6.9%
First Merchants Corp.		5,100		218,943
Progressive Corp. (The)		5,500		266,310
Visa, Inc., Class A		2,650		278,886
Zions Bancorporation		5,900		278,362

				1,042,501

Industrial — 13.0%
AO Smith Corp.		4,800		285,264
Illinois Tool Works, Inc.		1,900		281,124
Mettler-Toledo International, Inc.*		460		288,034
Nordson Corp.		1,700		201,450
Owens Corning		3,900		301,665
Patrick Industries, Inc.*		3,900		327,990
Waste Management, Inc.		3,600		281,772

				1,967,299

Technology — 20.2%
Adobe Systems, Inc.*		1,600		238,688
Electronic Arts, Inc.*		2,300		271,538
HubSpot, Inc.*		3,500		294,175
Intuit, Inc.		1,800		255,852
Lam Research Corp.		1,670		309,017
Microchip Technology, Inc.		2,900		260,362
MSCI, Inc.		2,450		286,405


	Number of Shares		Value
COMMON STOCKS — (Continued)
Technology — (Continued)
New Relic, Inc.*		5,900	$	293,820
Paycom Software, Inc.*		4,000		299,840
salesforce.com, Inc.*		2,700		252,234
ServiceNow, Inc.*		2,500		293,825

				3,055,756

Utilities — 3.4%
Atmos Energy Corp.		3,000		251,520
Edison International		3,400		262,378

				513,898

TOTAL COMMON STOCKS (Cost $13,826,342)				14,727,242

TOTAL INVESTMENTS - 97.4% (Cost $13,826,342)				14,727,242
OTHER ASSETS IN EXCESS OF LIABILITIES - 2.6%				386,293

NET ASSETS - 100.0%			$	15,113,535

* Non-income producing.

Contained below is per share operating performance data for Institutional Class shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.

The Arabesque Systematic USA Fund (the “Fund”) is a diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”), which commenced investment operations on May 3, 2017. The Fund is a separate series of FundVantage Trust (the “Trust”) which was organized as a Delaware statutory trust on August 28, 2006. The Trust is a “series trust” authorized to issue an unlimited number of separate series or classes of shares of beneficial interest. Each series is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one series is not deemed to be a shareholder of any other series. The Fund offers two separate classes of shares, Investor Class and Institutional Class shares. As of September 30, 2017, Investor Class shares had not been issued.

The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board Accounting Standards Codification Topic 946.

Portfolio Valuation — The Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (typically 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities having a remaining maturity of greater than 60 days are valued using an independent pricing service. Fixed income securities having a remaining maturity of 60 days or less are valued at amortized cost, provided such amount approximates market value. Investments in other open-end investment companies are valued based on the NAV of the investment companies (which may use fair value pricing as discussed in their prospectuses). If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the FundVantage Trust’s Board of Trustees. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by Arabesque Investment Management Ltd (“Arabesque” or the “Adviser”). The Trust has established a Valuation Committee which performs certain functions including the oversight of the Adviser’s fair valuation determinations.

Fair Value Measurements — The inputs and valuations techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used, as of September 30, 2017, in valuing the Fund’s investments carried at fair value:

* Please refer to Portfolio of Investments for further details on portfolio holdings.

At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Level 1 and Level 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) require the Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between Levels are based on values at the end of the period. U.S. GAAP also requires the Fund to disclose amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. A reconciliation of Level 3 investments is presented only when the Fund had an amount of Level 3 investments at the

end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all transfers in and out of each Level within the three-tier hierarchy are disclosed when the Fund had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

For the period ended September 30, 2017, there were no transfers between Levels 1, 2 and 3 for the Fund.

Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates and those differences could be material.

Deferred Offering Costs — Offering costs, including costs of printing initial prospectus and legal fees, are amortized over twelve-months from inception of the Fund. As of September 30, 2017, the remaining amount still to be amortized for the Fund was $12,834.

Dividends and Distributions to Shareholders — Dividends from net investment income and distributions from net realized capital gains, if any, are declared, recorded on ex-date and paid at least annually to shareholders. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. These differences may include the treatment of non-taxable dividends, expiring capital loss carryforwards and losses deferred due to wash sales and excise tax regulations. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications within the components of net assets.

U.S. Tax Status — No provision is made for U.S. income taxes as it is the Fund’s intention to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

that may be made against the Fund in the future, and therefore, cannot be estimated; however, based on experience, the risk of material loss for such claims is considered remote.

Recent Accounting Pronouncement — On August 1, 2017, the Fund implemented amendments to Regulation S-X, issued by the Securities and Exchange Commission, which require standardized, enhanced disclosures, particularly related to derivatives, in investment company financial statements. Adoption had no effect on the Fund’s net assets or results of operations.

Arabesque serves as investment adviser to the Fund pursuant to an investment advisory agreement with the Trust. For its services, the Adviser is paid a monthly fee at the annual rate of 0.75% of the Fund’s average daily net assets. The Adviser has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (excluding taxes, any class-specific fees and expenses (including Rule 12b-1 fees), interest, extraordinary items, “Acquired Fund” fees and expenses and brokerage commissions) do not exceed 0.95% (on an annual basis) with respect to the Fund’s average daily net assets of Institutional Class shares (the “Expense Limitation”). The Expense Limitation will remain in place until August 31, 2020, unless the Board of Trustees approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, amounts waived or reimbursed for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation amount. As of September 30, 2017, the amount of potential recovery was as follows:

For the period ended September 30, 2017, the Adviser earned advisory fees of $34,743 and waived fees and reimbursed expenses of $70,327.

For the period ended September 30, 2017, the Fund engaged in purchases of securities from affiliated funds in the amount of $23,084.

BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) serves as administrator and transfer agent for the Fund. For providing administrative and accounting services, BNY Mellon is entitled to receive a monthly fee equal to an annual percentage rate of the Fund’s average daily net assets, subject to certain minimum monthly fees. For the period ended September 30, 2017, BNY Mellon accrued administration and accounting fees totaling $25,907 and waived fees totaling $23,332.

For providing transfer agency services, BNY Mellon is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses. For the period ended September 30, 2017, BNY Mellon accrued transfer agent fees totaling $11,398 and waived fees totaling $8,000.

The Bank of New York Mellon (the “Custodian”) provides certain custodial services to the Fund. The Custodian is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses. For the period ended September 30, 2017, BNY Mellon accrued custodian fees totaling $10,285 and waived fees totaling $5,000.

BNY Mellon and the Custodian have the ability to recover such amounts previously waived, if the Fund terminates its agreements with BNY Mellon or the Custodian within three years of signing the agreements.

Foreside Funds Distributors LLC (the “Underwriter”) provides principal underwriting services to the Fund pursuant to an underwriting agreement between the Trust and the Underwriter.

The Trust is governed by its Board of Trustees. The Trustees receive compensation in the form of an annual retainer and per meeting fees for their services to the Trust. The remuneration paid to the Trustees by the Fund during the period ended September 30, 2017 was $2,877. An employee of BNY Mellon serves as the Secretary of the Trust and is not compensated by the Fund or the Trust.

JW Fund Management LLC (“JWFM”) provides a Principal Executive Officer and Principal Financial Officer, respectively, to the Trust. JWFM is compensated for the services provided to the Trust.

Freeh Group International Solutions, LLC provides the Trust with a Chief Compliance Officer and an Anti-Money Laundering Officer.

From May 3, 2017, commencement of operations, to September 30, 2017, aggregate purchases and sales of investment securities (excluding short-term investments) of the Fund were as follows:

From May 3, 2017, commencement of operations, to September 30, 2017, transactions in capital shares (authorized shares unlimited) were as follows:

The Fund has followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Fund to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as tax benefit or expense in the current year. The Fund has determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Fund is subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

such amounts are reclassified within the components of net assets based on the tax treatment; temporary differences do not require reclassifications. For the period ended September 30, 2017, these adjustments were to increase accumulated income/(loss) by $9,156 and to decrease paid-in capital by $9,156. These permanent differences were primarily attributable to disallowed expenses. Net assets were not affected by these adjustments.

During the period from May 3, 2017, commencement of operations, to September 30, 2017, the Fund had no distributions from ordinary income or long-term capital gains.

As of September 30, 2017, the components of distributable earnings on a tax basis were as follows:

As of September 30, 2017, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by the Fund were as follows:

Pursuant to federal income tax rules applicable to regulated investment companies, the Fund may elect to treat certain net capital losses between November 1 and September 30 and late year ordinary losses ((i) ordinary losses between January 1 and September 30, and (ii) specified ordinary and currency losses between November 1 and September 30) as occurring on the first day of the following tax year. For the period ended September 30, 2017, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until October 1, 2017. As of September 30, 2017, the Fund had no capital loss deferrals and no late year ordinary loss deferrals.

Accumulated capital losses represent net capital loss carryforwards as of September 30, 2017 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. As of September 30, 2017, the Fund had capital loss carryforwards of $286,815, of which all are short-term losses.

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Arabesque Systematic USA Fund (one of the series constituting FundVantage Trust) (the “Fund”) as of September 30, 2017, and the related statement of operations, the statement of changes in net assets, and the financial highlights for the period May 3, 2017 (commencement of operations) to September 30, 2017. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund’s internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of September 30, 2017, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Arabesque Systematic USA Fund (one of the series constituting FundVantage Trust) at September 30, 2017, and the results of its operations, the changes in its net assets, and its financial highlights for the period May 3, 2017 (commencement of operations) to September 30, 2017 in conformity with U.S. generally accepted accounting principles.

The Fund is required by Subchapter M of the Internal Revenue Code to advise its shareholders of the U.S. federal tax status of distributions received by the Fund’s shareholders in respect of such fiscal year. During the fiscal year ended September 30, 2017, there were no distributions from the Arabesque Systematic USA Fund. Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.

All designations are based on financial information available as of the date of this annual report and, accordingly, are subject to change. For each item, it is the intention of the Fund to designate the maximum amount permitted under the Internal Revenue Code of 1986, as amended, and the regulations thereunder.

Because the Fund’s fiscal year is not the calendar year, another notification will be sent with respect to calendar year 2017. The second notification, which will reflect the amount, if any, to be used by calendar year taxpayers on their U.S. federal income tax returns, will be made in conjunction with Form 1099-DIV and will be mailed in January 2018.

Foreign shareholders will generally be subject to U.S. withholding tax on the amount of their ordinary income dividends. They will generally not be entitled to a foreign tax credit or deduction for the withholding taxes paid by the Fund, if any.

In general, dividends received by tax-exempt recipients (e.g., IRAs and Keoghs) need not be reported as taxable income for U.S. federal income tax purposes. However, some retirement trusts (e.g., corporate, Keogh and 403(b)(7) plans) may need this information for their annual information reporting.

Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in the Fund.

Policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities as well as information regarding how the Fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 are available without charge, upon request, by calling (844) 567-2134 and on the Securities and Exchange Commission’s (“SEC”) website at http:// www.sec.gov.

The Trust files its complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended December 31 and June 30) on Form N-Q. The Trust’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330.

At a meeting held on March 29-30, 2017 (the “March Meeting”), the Board of Trustees (the “Board” or the “Trustees”) of FundVantage Trust (the “Trust”), including a majority of the Trustees who are not “interested persons” within the meaning of Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”), unanimously approved an investment advisory agreement between Arabesque Asset Management (the “Adviser,” or “Arabesque”) and the Trust (the “Agreement”) on behalf of the Arabesque Systematic USA Fund and the Arabesque Systematic International Fund (together, the “Funds”). At the March Meeting, the Board considered the approval of the Agreement for an initial two year period.

At the March Meeting, the Trustees considered information that the Adviser provided regarding (i) services to be provided for the Funds, (ii) the size and qualifications of Arabesque’s portfolio management staff, (iii) any potential or actual material conflicts of interest which may arise in connection with a portfolio manager’s management of the Funds, (iv) investment performance, (v) the capitalization and financial condition of Arabesque, (vi) brokerage selection procedures (including soft dollar arrangements, if any), (vii) the procedures for allocating investment opportunities between the Funds and other clients, (viii) results of any regulatory examination, including any recommendations or deficiencies noted, (ix) any litigation, investigation or administrative proceeding which may have a material impact on Arabesque’s ability to service Funds, and (x) compliance with federal securities laws and other regulatory requirements.

Performance. The Trustees considered that the investment strategy for the Funds was new, and therefore did not have historical performance. However, the Trustees reviewed performance information of another fund managed by Arabesque with strategy similar to that to be employed by the Funds. The Trustees reviewed the performance of the comparable fund for the period from its inception on August 1, 2014 through December 31, 2016. The Trustees concluded that the performance information relating to the comparable fund demonstrated Arabesque’s ability to execute investment strategies of the type to be employed by the Fund.

Fees.The Trustees also noted that the representatives of Arabesque had provided information regarding its advisory fees and an analysis of those fees in relation to the services to be provided to the Funds and any other ancillary benefit resulting from Arabesque’s relationship with the Funds. The Trustees also reviewed the explanations provided by Arabesque as to differences in fees to be charged to the Funds and other similarly managed accounts. The Trustees evaluated explanations provided by Arabesque regarding its belief that the advisory fee is within the normal range of fees and expenses for funds of similar size, composition and type of investment product. The Trustees concluded that the advisory fee and services to be provided by Arabesque are sufficiently consistent with those of other advisers which manage mutual funds with investment objectives, strategies and policies similar to those of the Funds.

Experience and Qualifications of the Adviser. The Trustees then considered the level and depth of knowledge of Arabesque, including the professional experience and qualifications of senior personnel. The Board took into account a report regarding Arabesque’s compliance policies and procedures from the Trust’s Chief Compliance Officer. The Board also considered any potential conflicts of interest that may arise in a portfolio manager’s management of the Funds’ investments on the one hand, and the investments of other accounts, on the other. The Trustees reviewed the services to be provided to the Funds by Arabesque and concluded that the nature, extent and quality of the services to be provided were appropriate and consistent with the terms of the Agreement, that the quality of the services appeared to be consistent with industry norms and that the Funds are likely to benefit from the continued receipt of those services. They also concluded that Arabesque has sufficient personnel, with the appropriate education and experience, to serve the Funds effectively and has demonstrated their ability to attract and retain qualified personnel.

Cost. The Trustees also considered the cost of the services to be provided by Arabesque, the compensation and benefits to be received by Arabesque in providing services to the Funds, as well as Arabesque’s profitability. The Trustees noted that Arabesque provided its most recently audited financial statements as of December 31, 2015 to the Board of Trustees for review. The Trustees considered any direct or indirect revenues which would be received by Arabesque. The Trustees noted that the level of profitability is an appropriate factor to consider, and the Trustees should be satisfied that Arabesque’s profits are sufficient to continue as a healthy concern generally and as investment adviser of the Funds. Based on

the information provided, the Trustees concluded that Arabesque’s advisory fee level was reasonable in relation to the nature and quality of the services provided, taking into account the projected growth of the Funds.

Economies of Scale. The Trustees considered the extent to which economies of scale would be realized relative to fee levels as the Funds are anticipated to grow, and whether the advisory fee levels reflect these economies of scale for the benefit of shareholders. The Board noted that economies of scale may be achieved at higher asset levels for the Funds for the benefit of shareholders, but that the advisory fee structure of the Funds did not currently include breakpoint reductions as asset levels increase.

In voting to approve the Agreement, the Trustees considered all factors they deemed relevant and the information presented to them by Arabesque. In arriving at its decision, the Board did not identify any single factor as being of paramount importance and each member of the Board gave varying weights to each factor according to his or her own judgment. The Board determined that the approval of the Agreement would be in the best interests of the Funds and their shareholders. The Board, including a majority of the Independent Trustees, unanimously approved the Agreement with respect to the Funds for an initial two year period.

The privacy of your personal financial information is extremely important to us. When you open an account with us, we collect a significant amount of information from you in order to properly invest and administer your account. We take very seriously the obligation to keep that information private and confidential, and we want you to know how we protect that important information.

We collect nonpublic personal information about you from applications or other forms you complete and from your transactions with us or our affiliates. We do not disclose information about you, or our former clients, to our affiliates or to service providers or other third parties, except as permitted by law. We share only the information required to properly administer your accounts, which enables us to send transaction confirmations, monthly or quarterly statements, financials and tax forms. Even within Fund Vantage Trust and its affiliated entities, a limited number of people who actually service accounts will have access to your personal financial information. Further, we do not share information about our current or former clients with any outside marketing groups or sales entities.

To ensure the highest degree of security and confidentiality, FundVantage Trust and its affiliates maintain various physical, electronic and procedural safeguards to protect your personal information. We also apply special measures for authentication of information you request or submit to us on our web site.

If you have questions or comments about our privacy practices, please call us at (844) 567-2134.

FundVantage Trust (the “Trust”) is governed by a Board of Trustees (the “Trustees”). The primary responsibility of the Trustees is to represent the interest of the Trust’s shareholders and to provide oversight management of the Trust.

The following tables present certain information regarding the Board of Trustees and officers of the Trust. None of the Trustees are an “interested person” of the Trust, the Adviser, another investment adviser of a series of the Trust, or Foreside Funds Distributors LLC, the principal underwriter of the Trust (“Underwriter”), within the meaning of the 1940 Act and each Trustee is referred to as an “Independent Trustee” and is listed under such heading below. Employees of certain service providers to the Trust serve as officers of the Trust; such persons are not compensated by the Fund. The address of each Trustee and Officer as it relates to the Trust’s business is 301 Bellevue Parkway, 2nd Floor, Wilmington, DE 19809.

The Statement of Additional Information for the Fund contains additional information about the Trustees and is available, without charge, upon request by calling (844) 567-2134.

This report is submitted for the general information of the shareholders of the Gotham Funds. It is not authorized for distribution unless preceded or accompanied by a current prospectus for the Gotham Funds.

Gotham offers value-focused mutual funds with varying market cap universes and gross and net exposures that share the same investment philosophy, process and research. Gotham’s all-cap funds select long and short stock portfolios from a diverse capitalization universe of U.S. stocks. Our large-cap funds select stocks primarily from the S&P 500. Within the large-cap universe, Gotham offers actively managed strategies (long/short and long-only) as well as strategies that combine an index component and an actively managed long/short overlay.

Our investment process begins with a research effort that seeks to value all of the companies in a fund’s respective investment universe. Our philosophy is simple. Although stock prices react to emotion over the short term, over the long term the market is very good at finding the fair value of stocks. Therefore, we believe that if we are good at valuing businesses (a share of stock represents a percentage ownership stake in a business), the market will agree with us...eventually.

For an individual stock, we believe the waiting period for the market to get it “right” is no more than 2 or 3 years in the vast majority of cases. For a group of stocks, we believe the average waiting period can often be much shorter. In other words, for us, there is a “true north” when it comes to the stock market. If we do a good job of analyzing and valuing companies, we believe the market will agree with us — even if it takes some time. This is crucial. No investment strategy, regardless of how good or logical, works all the time.

The important thing for us is to stick to our strategy even if it is not working over shorter time periods. We have well over 50 years of combined investment experience valuing and investing in publicly traded businesses. We know how to value businesses by using various measures of absolute and relative value. So, that’s how we invest. We buy companies that are at the biggest discount to our assessment of value and sell short those companies that are most expensive relative to our assessment of value. We do not plan to change this strategy or adopt other methodologies when short term stock prices do not reflect the values that we see.

Together with our investment team (led by Director of Research, Adam Barth), we follow a systematic process of researching and valuing companies, investing in our long and short portfolios and adjusting positions daily to take advantage of changing stock prices and fundamental information. The funds are highly diversified and invest in hundreds of positions. Our positions are not equally weighted. The funds invest in the cheapest companies and short the most expensive based on our assessment of value and subject to our risk constraints. We manage our risks by requiring substantial portfolio diversification, setting maximum limits for sector concentration and by maintaining overall gross and net exposures within carefully defined ranges.

We remain in a risk-on market environment. The S&P 500 has not posted a negative monthly return in 2017 thus far. In 90 years, the S&P 500 has never had a calendar year without a single monthly loss. Volatility has remained low with the VIX index down over 30% year-to-date through September. Over the same period, the MSCI USA Momentum Index has outperformed the MSCI USA Value Index by over 18%. The Russell 1000 Growth Index has outperformed the Russell 1000 Value Index by almost 13% year-to-date through September. The Russell 2000 Growth Index has also beaten the Russell 2000 Value Index by double digits over the same period.

Although we expect positive spreads in most markets, speculative environments can be challenging for our strategies given the nature of our short positions. Our shorts generally sell at 50 to 100 times pre-tax free cash flow or actually lose money. Many of them are “hope” stocks and in big up markets people get very hopeful, causing our shorts to outperform. On the long side, we typically favor companies with high cash flows relative to price and high returns on capital. The

good news is that even in sustained market uptrends, people tend to like the cash flows of our longs, which can help offset the performance of our shorts.

In terms of performance for the annual period from October 1, 2016 – September 30, 2017, all our mutual funds that were live during that period (with the exception of our short fund, Gotham Short Strategies Fund, “GSSFX”) posted positive returns. Performance was driven by a strong long portfolio which generated positive returns in line with the market. The short book however, continued to be challenged and posted positive returns as well, detracting from overall performance.

Gotham Absolute Return Fund (GARIX), which currently targets a net long equity exposure between 50%-60% by being approximately 120% long by 60% short, returned +9.8% for the period. Gotham Enhanced Return Fund (GENIX), which currently targets a net long equity exposure of 100% by being approximately 170% long by 70% short, returned +16.0% for the period. Gotham Neutral Fund (GONIX), which seeks minimal correlation to the general stock market, returned +3.2% for the period.

Our long portfolios contributed positively to performance for the period. The long portfolios for each of the funds (scaled to 100%) performed in line with the market and returned over 18% across the funds. Our short portfolios, however, continued to be challenged as the market remained at what we considered to be elevated levels. The short portfolios of each of the funds, adjusted for leverage, generated positive returns, detracting from overall performance.

At a sector level, Information Technology and Industrials were the top contributors on the long side. On the short side, the same sectors detracted the most. On a net basis, both sectors (Information Technology and Industrials) were the largest contributors across all three funds.

Gotham Absolute 500 Fund (GFIVX), which currently targets a net long equity exposure between 40%-70% by being approximately 142.5% long by 82.5% short, returned +12.6% over the period. Gotham Enhanced 500 Fund (GENFX), which currently targets a net long equity exposure of 100% by being approximately 185% long by 85% short, returned +19.7% over the period. Gotham Neutral 500 Fund (GONFX), which seeks minimal correlation to the general stock market, returned +7.7% for the period. Gotham Institutional Value Fund (GINVX), a long-only fund, returned +17.3% over the period.

The additional large-cap strategies that Gotham launched on September 30, 2016, targeting lower gross exposures in the large-cap space also posted positive returns. Gotham Absolute 500 Core Fund (GACFX), which currently

targets a net long equity exposure of 60% by being approximately 110% long by 50% short, returned +11.9% over the period. Gotham Enhanced 500 Core Fund (GECFX), which currently targets a net long equity exposure of 100% by being approximately 140% long by 40% short, returned +18.6% over the period.

Similar to the all-cap funds, the positive performance of the large-cap funds was driven by the long side. The long portfolios for each of the long/short funds (scaled to 100%) performed in line with the market and returned over 18% across the funds. The short portfolio for these funds, adjusted for leverage, generated positive returns thus detracting from overall performance. GINVX, which is a long-only fund slightly underperformed the market.

Gotham Index Plus Fund (GINDX) is comprised of an investment that seeks to closely track the S&P 500 Index plus an investment in an actively managed long/short overlay. Gotham Hedged Plus Fund (GHPLX) is comprised of an index investment of approximately 50-70%, plus an investment in an actively managed long/short overlay. The active long/short component is designed to be additive to the index return. We expect the long/short overlay to be uncorrelated and often negatively correlated with the index return resulting in attractive upside and downside capture ratios over the long-term. Gotham Index Plus Fund (GINDX), which currently targets a 100% net long equity exposure by being approximately 190% long by 90% short, returned +23.3% over the period. Gotham Hedged Plus Fund (GHPLX), which currently targets a 60% net long equity exposure by being approximately 150% long by 90% short, returned +15.0% over the period.

The additional index-based strategies that Gotham launched on September 30, 2016, targeting lower gross exposures in the large-cap space also posted positive returns. Gotham Index Core Fund (GCIDX), which currently targets a net long equity exposure of 100% by being approximately 140% long by 40% short (comprised of an index investment and an active long/short overlay), returned +21.2% over the period. Gotham Hedged Core Fund (GCHDX), which currently targets a net long equity exposure of 60% by being approximately 95% long by 35% short (comprised of an index investment of approximately 50-70% and an active long/short overlay), returned +13.4% over the same period. Gotham Enhanced S&P 500 Fund (GSPFX), a long-only fund which launched on December 30, 2016, returned +15.3% over the year-to-date period since its inception.

For the index-based strategies that are long/short, the long portfolio, adjusted for leverage, outperformed the S&P 500 for the period. The short portfolio, adjusted for leverage, also generated positive returns thus detracting from overall performance. GSPFX, which is long-only, outperformed the S&P 500 for the period that it was live.

Gotham Total Return Fund (GTRFX) allocates across other Gotham mutual funds based on the Co-CIOs’ assessment of market conditions. As a result of its underlying allocations, we generally expect the overall net long exposure of GTRFX to be between 40% and 85%. GTRFX returned +15.8% over the period.

On April 28, 2017, Gotham launched two other allocation funds. Gotham Master Neutral Fund (GMNFX) allocates across other Gotham mutual funds as well as invests in securities directly. As a result of its underlying allocations, we generally expect the overall net exposure of GMNFX to be between 0% and 30% during normal market conditions. GMNFX returned +0.8% for the period since inception through 9/30/17.

Gotham Master Long Fund (GMLFX) also allocates across other Gotham mutual funds and may invest in securities directly. As a result of its underlying allocations, we generally expect the overall net exposure of GMLFX to be between 70% and 100% during normal market conditions. GMLFX returned +6.0% for the period since inception through 9/30/17.

Gotham also launched two defensive funds on September 30, 2016. These funds pursue a defensive investment style, meaning they seek to mitigate downside risk in declining markets. Gotham Defensive Long Fund (GDLIX), which selects long and short stock portfolios from a diverse capitalization universe of U.S. stocks, currently targets a net long equity exposure of 100% by being approximately 175% long by 75% short. GDLIX returned +8.7% for the period.

Gotham Defensive Long 500 Fund (GDLFX), which selects stocks primarily from the S&P 500 universe, currently targets a net long equity exposure of 100% by being approximately 185% long by 85% short. GDLFX returned +17.1% for the period.

On July 31, 2017, Gotham reorganized its net short private fund (the “Predecessor Fund”) into the Gotham Short Strategies Fund (GSSFX), which seeks to provide positive returns in down markets. The Predecessor Fund was organized and commenced operations in February 2008 and had an investment objective, investment policies and restrictions that were, in all material respects, the same as those of GSSFX. However, the Predecessor Fund was not registered as an investment company under the Investment Company Act of 1940, as amended (the “1940 Act”) nor subject to certain limitations and restrictions imposed by the 1940 Act and the Internal Revenue Code of 1986, as amended (the “Code”).¹

GSSFX currently targets a net short equity exposure of 50% by being approximately 100% long by 150% short. It returned -0.13% for the period from 10/1/2016 to 9/30/2017. GSSFX’s performance for periods prior to the commencement of operations on July 31, 2017 is that of the Predecessor Fund adjusted to reflect GSSFX’s fee structure.

As of current market valuation levels, the Russell 1000 and the S&P 500 stand roughly in the 16th percentile toward expensive over the last 27 years. From similar valuation levels in the past, year-ahead returns have averaged 3-5% over the next year and 8-10% over the next two years. The Russell 2000 is in the 5th percentile toward expensive relative to our research history. This index has been cheaper 95% of the time over the last 27 years and year-forward returns have averaged between -2% and -4% from similar valuation levels in the past.2

Based on current valuation levels, it is reasonable to assume the market will not continue to return 15%-20% annually. For the market to revert to more average valuation levels since 1990 (offering forward annual returns of 9%-10%), the market could either fall approximately 18% immediately or, alternatively, return 3-5% in each of the next 3 years. Normal to subnormal market returns over the coming period should provide a much better environment for our spreads.

Currently, we have the opportunity to short very expensive stocks within a very expensive market. On the long side, we are buying the cheapest stocks within the investment universe (based on our valuation methodology), many of which are large-cap stocks. As mentioned above, year forward returns for the S&P 500 and Russell 1000 have been positive when the markets have been at similar valuation levels in the past. We believe that buying the cheapest stocks within these indexes sets us up to outperform index returns on the long side.

If we were momentum investors and momentum hadn’t worked well over the last couple of years, we could legitimately wonder whether that trade was crowded and that the momentum factor had degraded. However, stocks are ownership shares of businesses that we value and try to buy at a discount or sell when expensive. While it is possible that the market ignores valuations over certain periods, stocks remain partial ownership stakes in businesses. Although we cannot predict when market returns revert to more normal or even subnormal levels, we are confident that sticking to our disciplined process of valuing businesses and managing our long/short portfolio risks will benefit us and our investors over time.

This letter is intended to assist shareholders in understanding how the Gotham Funds described herein performed during the period ended September 30, 2017, and reflects the views of the investment adviser at the time of this writing. Market and index valuations are based on Gotham’s valuation methodology. The views may change and do not guarantee the future performance of the Gotham Funds or the markets.

This letter contains forward-looking statements regarding future events, forecasts and expectations regarding equity markets and certain of Gotham’s strategies. Forward-looking statements may be identified terminology such terms as “may,” “expect,” “will,” “hope,” “believe” and/or comparable terminology. No assurance, representation, or warranty is made that any of Gotham’s expectations, views and/or objectives will be achieved and actual results may be significantly different than reflected herein.

Broad-based securities indices mentioned herein are unmanaged and are not subject to fees and expenses typically associated with investment funds. The S&P 500 Index and the Russell 1000 Index are commonly followed equity indices and are generally considered a barometer of the U.S. equity market. The Russell 2000 is a commonly followed equity index and is generally considered a barometer of the U.S. small to mid-capitalization market. Returns for the indices include the reinvestment of income. It is not possible to invest in the indices. The performance and volatility of the funds will be different than those of the indices.

Mutual fund investing involves risks, including possible loss of principal. Short sales by a fund theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase. The funds will use leverage to make additional investments which could result in greater losses than if the funds were not leveraged.

An investor should consider the investment objectives, risks, charges and expenses of the Funds carefully before investing. The prospectus contains this and other information about the Funds. A copy of the prospectus is available on our website www.GothamFunds.com or by calling 877-974-6852. The prospectus should be read carefully before investing.

Gotham Funds, which are registered with the United States Securities and Exchange Commission pursuant to the 1940 Act, are distributed by Foreside Funds Distributors LLC (“Foreside”). Gotham Asset Management, LLC is the investment advisor to the Funds and is not affiliated with Foreside.

Comparison of Change in Value of $250,000 Investment in Gotham Absolute Return Fund Institutional Class Shares

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained by calling (877) 974-6852.

The Fund’s Institutional Class shares applies a 1.00% fee to the value of shares redeemed within 30 days of purchase. This redemption fee is not reflected in the returns shown above. As stated in the current prospectus dated February 1, 2017, the “Total Annual Fund Operating Expenses” are 3.09% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursement” are 3.04% for Institutional Class Shares of the Fund’s average daily net assets. These ratios may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 2.15% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until August 31, 2019, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.

can be broadly diversified or narrowly focused on specific sectors and can range broadly in terms of levels of net exposure, leverage employed, holding period, concentrations of market capitalizations and valuation ranges of typical portfolios. Equity Hedge managers would typically maintain at least 50%, and may in some cases be substantially invested in equities, both long and short. It is impossible to invest directly in an index.

Mutual fund investing involves risks, including possible loss of principal. The Fund seeks to achieve long-term capital appreciation and to achieve positive returns during most annual periods in an efficient, risk-adjusted manner. The Fund will short securities. Short sales theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase. The Fund will also use leverage to make additional investments which could result in greater losses than if the Fund were not leveraged. The Fund may invest in securities of large-, mid- and small-cap companies. The securities issued by small-cap and mid-cap companies tend to be more volatile and less liquid than those of large-cap issuers. The Fund may have a high turnover of its portfolio securities. High turnover rates generally result in higher brokerage costs to the Fund, which reduce the Fund’s returns and may result in higher net taxable gain for shareholders. There can be no guarantee that the Fund will achieve its objectives.

Comparison of Change in Value of $250,000 Investment in Gotham Absolute 500 Fund Institutional Class Shares

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained by calling (877) 974-6852.

The Fund’s Institutional Class shares applies a 1.00% fee to the value of shares redeemed within 30 days of purchase. This redemption fee is not reflected in the returns shown above. As stated in the current prospectus dated February 1, 2017, the “Total Annual Fund Operating Expenses” are 3.85% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements” are 3.47% for Institutional Class Shares of the Fund’s average daily net assets. These ratios may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 1.50% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2019, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.

The Fund intends to evaluate performance as compared to that of the Hedge Fund Research Inc. (HFRX) Equity Hedge Index. The Index is engineered to achieve representative performance of a larger universe of funds employing Equity Hedge strategies. Equity Hedge strategies maintain positions both long and short in primarily equity and equity derivative securities. A wide variety of investment processes can be employed to arrive at an investment decision, including both quantitative and fundamental techniques; strategies can be broadly diversified or narrowly focused on specific sectors and can range broadly in terms of levels of net exposure, leverage

employed, holding period, concentrations of market capitalizations and valuation ranges of typical portfolios. Equity Hedge managers would typically maintain at least 50%, and may in some cases be substantially invested in equities, both long and short. It is impossible to invest directly in an index.

Mutual fund investing involves risks, including possible loss of principal. The Fund seeks to achieve long-term capital appreciation and to achieve positive returns during most annual periods in an efficient, risk-adjusted manner. The Fund will short securities. Short sales theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase. The Fund will also use leverage to make additional investments which could result in greater losses than if the Fund were not leveraged. The Fund may have a high turnover of its portfolio securities. High turnover rates generally result in higher brokerage costs to the Fund, which reduce the Fund’s returns and may result in higher net taxable gain for shareholders. There can be no guarantee that the Fund will achieve its objectives.

Comparison of Change in Value of $250,000 Investment in Gotham Absolute 500 Core Fund Institutional Class Shares

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained by calling (877) 974-6852.

The Fund’s Institutional Class shares applies a 1.00% fee to the value of shares redeemed within 30 days of purchase. This redemption fee is not reflected in the returns shown above. As stated in the current prospectus dated February 1, 2017, the “Total Annual Fund Operating Expenses” are 2.07% for Institutional Class Shares of the Fund’s average daily net assets. This ratio may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 1.15% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2020, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.

would typically maintain at least 50%, and may in some cases be substantially invested in equities, both long and short. It is impossible to invest directly in an index.

Mutual fund investing involves risks, including possible loss of principal. The Fund seeks to achieve long-term capital appreciation and to achieve positive returns during most annual periods in an efficient, risk-adjusted manner. The Fund will short securities. Short sales theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase. The Fund will also use leverage to make additional investments which could result in greater losses than if the Fund were not leveraged. The Fund may have a high turnover of its portfolio securities. High turnover rates generally result in higher brokerage costs to the Fund, which reduce the Fund’s returns and may result in higher net taxable gain for shareholders. The Fund is recently formed and has a limited history of operations. There can be no guarantee that the Fund will achieve its objectives.

Comparison of Change in Value of $250,000 Investment in Gotham Enhanced Return Fund Institutional Class Shares

vs the Standard & Poor’s 500^® Total Return Index (“S&P 500^® Total Return Index”)

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained by calling (877) 974-6852.

The Fund’s Institutional Class shares applies a 1.00% fee to the value of shares redeemed within 30 days of purchase. This redemption fee is not reflected in the returns shown above. As stated in the current prospectus dated February 1, 2017, the “Total Annual Fund Operating Expenses” are 3.58% for Institutional Class Shares of the Fund’s average daily net assets. This ratio may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 2.15% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until August 31, 2019, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.

The Fund intends to evaluate performance as compared to that of the Standard & Poor’s 500^® Total Return Index (“S&P 500^® Total Return Index”). The S&P 500^® Total Return Index is a market capitalization weighted index of 500 large-capitalization stocks commonly used to represent the U.S. equity market. Its returns reflect reinvested dividends. This index is unmanaged and investors cannot invest directly in this index.

increase. The Fund will also use leverage to make additional investments which could result in greater losses than if the Fund were not leveraged. The Fund may invest in securities of large-, mid- and small-cap companies. The securities issued by small-cap and mid-cap companies tend to be more volatile and less liquid than those of large-cap issuers. The Fund may have a high turnover of its portfolio securities. High turnover rates generally result in higher brokerage costs to the Fund, which reduce the Fund’s returns and may result in higher net taxable gain for shareholders. There can be no guarantee that the Fund will achieve its objectives.

Comparison of Change in Value of $250,000 Investment in Gotham Enhanced 500 Fund Institutional Class Shares

vs Standard & Poor’s 500^® Total Return Index (“S&P 500^® Total Return Index”)

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained by calling (877) 974-6852.

The Fund’s Institutional Class shares applies a 1.00% fee to the value of shares redeemed within 30 days of purchase. This redemption fee is not reflected in the returns shown above. As stated in the current prospectus dated February 1, 2017, the “Total Annual Fund Operating Expenses” are 4.54% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements” are 3.82% for Institutional Class Shares of the Fund’s average daily net assets. These ratios may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 1.50% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2019, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.

The Fund intends to evaluate performance as compared to that of the Standard & Poor’s 500^® Total Return Index (“S&P 500^® Total Return Index”). The S&P 500^® Total Return Index is a market capitalization weighted index of 500 large-capitalization stocks commonly used to represent the U.S. equity market. It’s returns reflect reinvested dividends. This index is unmanaged and investors cannot invest directly in this index.

Mutual fund investing involves risks, including possible loss of principal. The Fund seeks long-term capital appreciation. The Fund will short securities. Short sales theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase. The Fund will also use leverage to make additional investments which could result in greater losses than if the Fund were not leveraged. The Fund may have a high turnover of its portfolio securities. Higher turnover rates generally result in higher brokerage costs to the Fund, which reduce the Fund’s returns and may result in higher net taxable gain for shareholders. There can be no guarantee that the Fund will achieve its objectives.

Comparison of Change in Value of $250,000 Investment in Gotham Enhanced 500 Core Fund Institutional Class Shares

vs Standard & Poor’s 500^® Total Return Index (“S&P 500^® Total Return Index”)

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained by calling (877) 974-6852.

The Fund’s Institutional Class shares applies a 1.00% fee to the value of shares redeemed within 30 days of purchase. This redemption fee is not reflected in the returns shown above. As stated in the current prospectus dated February 1, 2017, the “Total Annual Fund Operating Expenses” are 2.14% for Institutional Class Shares of the Fund’s average daily net assets. This ratio may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 1.15% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2020, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.

The Fund intends to evaluate performance as compared to that of the Standard & Poor’s 500^® Total Return Index (“S&P 500^® Total Return Index”). The S&P 500^® Total Return Index is a market capitalization weighted index of 500 large-capitalization stocks commonly used to represent the U.S. equity market. It’s returns reflect reinvested dividends. This index is unmanaged and investors cannot invest directly in this index.

increase. The Fund will also use leverage to make additional investments which could result in greater losses than if the Fund were not leveraged. The Fund may have a high turnover of its portfolio securities. Higher turnover rates generally result in higher brokerage costs to the Fund, which reduce the Fund’s returns and may result in higher net taxable gain for shareholders. The Fund is recently formed and has a limited history of operations. There can be no guarantee that the Fund will achieve its objectives.

Comparison of Change in Value of $250,000 Investment in Gotham Neutral Fund Institutional Class Shares

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained by calling (877) 974-6852.

The Fund’s Institutional Class shares applies a 1.00% fee to the value of shares redeemed within 30 days of purchase. This redemption fee is not reflected in the returns shown above. As stated in the current prospectus dated February 1, 2017, the “Total Annual Fund Operating Expenses” are 3.56% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursement” are 3.54% for Institutional Class Shares of the Fund’s average daily net assets. These ratios may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 2.15% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until August 31, 2019, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below Expense Limitation.

The Fund intends to evaluate performance as compared to that of the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index. The Index is an index comprised of a single Treasury bill issue purchased at the beginning of the month and held for a full month, then sold and rolled into a newly selected Treasury bill issue. It is impossible to invest directly in an index.

Mutual fund investing involves risks, including possible loss of principal. The Fund seeks to achieve long-term capital appreciation with minimal correlation to the general stock market. The Fund will short securities. Short sales theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase. The Fund will also use leverage to make additional investments which could result in greater losses than if the Fund were not leveraged. The Fund may invest in securities of large-, mid- and small-cap companies. The securities issued by small-cap and mid-cap companies tend to be more volatile and less liquid than those of large-cap issuers. The Fund may have a high turnover of its portfolio securities. Higher turnover rates generally result in higher brokerage costs to the Fund, which reduce the Fund’s returns and may result in higher net taxable gain for shareholders. There can be no guarantee that the Fund will achieve its objectives.

Comparison of Change in Value of $250,000 Investment in Gotham Neutral 500 Fund Institutional Class Shares

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained by calling (877) 974-6852.

The Fund’s Institutional Class shares applies a 1.00% fee to the value of shares redeemed within 30 days of purchase. This redemption fee is not reflected in the returns shown above. As stated in the current prospectus dated February 1, 2017, the “Total Annual Fund Operating Expenses” are 3.34% for Institutional Class Shares of the Fund’s average daily net assets. This ratio may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 1.50% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2020, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below Expense Limitation.

potential since the market price of securities sold short may continuously increase. The Fund will also use leverage to make additional investments which could result in greater losses than if the Fund were not leveraged. The Fund may have a high turnover of its portfolio securities. Higher turnover rates generally result in higher brokerage costs to the Fund, which reduce the Fund’s returns and may result in higher net taxable gain for shareholders. The Fund is recently formed and has a limited history of operations. There can be no guarantee that the Fund will achieve its objectives.

Comparison of Change in Value of $250,000 Investment in Gotham Short Strategies Fund Institutional Class Shares

vs the 50% Inverse of the Standard & Poor’s 500^® Total Return Index (“50% Inverse of the S&P 500^®”)

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained by calling (877) 974-6852.

The 50% Inverse of the S&P 500^® reflects the return of the S&P 500^® adjusted to show the negative 50% targeted net short exposure of the Predecessor Fund. Its returns reflect reinvested dividends. This index is unmanaged and investors cannot invest directly in this index.

Mutual fund investing involves risks, including possible loss of principal. The Fund seeks long-term capital appreciation and to provide positive returns in down markets. The Fund will short securities. Short sales theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase. The Fund will also use leverage to make additional investments which could result in greater losses than if the Fund were not leveraged. The Fund will also seek to gain exposure to long and short positions through the use of derivative instruments such as a total return swap agreement (a “swap”), through which the Fund would receive the returns of investments in a customized basket of equity securities that are consistent with the Fund’s strategy. The Fund may invest in securities of large-, mid- and small-cap companies. The securities issued by small-cap and mid-cap companies tend to be more volatile and less liquid than those of large-cap issuers. The Fund may have a high turnover of its portfolio securities. High turnover rates generally result in higher brokerage costs to the Fund, which reduce the Fund’s returns and may result in higher net taxable gain for shareholders. There can be no guarantee that the Fund will achieve its objectives.

Comparison of Change in Value of $250,000 Investment in Gotham Index Plus Fund Institutional Class Shares

vs Standard & Poor’s 500^® Total Return Index (“S&P 500^® Total Return Index”)

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained by calling (877) 974-6852.

The Fund’s Institutional Class shares applies a 1.00% fee to the value of shares redeemed within 30 days of purchase. This redemption fee is not reflected in the returns shown above. As stated in the current prospectus dated February 1, 2017, the “Total Annual Fund Operating Expenses” are 3.47% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements” are 3.38% for Institutional Class Shares of the Fund’s average daily net assets. These ratios may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 1.15% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2019, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.

Mutual fund investing involves risks, including possible loss of principal. The Fund seeks to outperform the S&P 500^® Index over most annual periods. The Fund will short securities. Short sales theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase. The Fund will also use leverage to make additional investments which could result in greater losses than if the Fund were not leveraged. The Fund may have a high turnover of its portfolio securities. Higher turnover rates generally result in higher brokerage costs to the Fund, which reduce the Fund’s returns and may result in higher net taxable gain for shareholders. There can be no guarantee that the Fund will achieve its objectives.

Comparison of Change in Value of $250,000 Investment in Gotham Index Core Fund Institutional Class Shares

vs Standard & Poor’s 500^® Total Return Index (“S&P 500^® Total Return Index”)

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained by calling (877) 974-6852.

The Fund’s Institutional Class shares applies a 1.00% fee to the value of shares redeemed within 30 days of purchase. This redemption fee is not reflected in the returns shown above. As stated in the current prospectus dated February 1, 2017, the “Total Annual Fund Operating Expenses” are 1.97% for Institutional Class Shares of the Fund’s average daily net assets. This ratio may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 0.85% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2020, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.

sold short may continuously increase. The Fund will also use leverage to make additional investments which could result in greater losses than if the Fund were not leveraged. The Fund may have a high turnover of its portfolio securities. Higher turnover rates generally result in higher brokerage costs to the Fund, which reduce the Fund’s returns and may result in higher net taxable gain for shareholders. The Fund is recently formed and has a limited history of operations. There can be no guarantee that the Fund will achieve its objectives.

Comparison of Change in Value of $250,000 Investment in Gotham Hedged Plus Fund Institutional Class Shares

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained by calling (877) 974-6852.

The Fund’s Institutional Class shares applies a 1.00% fee to the value of shares redeemed within 30 days of purchase. This redemption fee is not reflected in the returns shown above. As stated in the current prospectus dated February 1, 2017, the “Total Annual Fund Operating Expenses” are 8.17% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursement” are 3.13% for Institutional Class Shares of the Fund’s average daily net assets. These ratios may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 1.15% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2020, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.

Mutual fund investing involves risks, including possible loss of principal. The Fund seeks long-term capital appreciation and to achieve positive returns during most annual periods in an efficient, risk-adjusted manner. The Fund will short securities. Short sales theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase. The Fund will also use leverage to make additional investments which could result in greater losses than if the Fund were not leveraged. The Fund may have a high turnover of its portfolio securities. Higher turnover rates generally result in higher brokerage costs to the Fund, which reduce the Fund’s returns and may result in higher net taxable gain for shareholders. There can be no guarantee that the Fund will achieve its objectives.

Comparison of Change in Value of $250,000 Investment in Gotham Hedged Core Fund Institutional Class Shares

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained by calling (877) 974-6852.

The Fund’s Institutional Class shares applies a 1.00% fee to the value of shares redeemed within 30 days of purchase. This redemption fee is not reflected in the returns shown above. As stated in the current prospectus dated February 1, 2017, the “Total Annual Fund Operating Expenses” are 1.65% for Institutional Class Shares of the Fund’s average daily net assets. This ratio may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 0.85% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2020, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.

would typically maintain at least 50%, and may in some cases be substantially invested in equities, both long and short. It is impossible to invest directly in an index.

Mutual fund investing involves risks, including possible loss of principal. The Fund seeks long-term capital appreciation and to achieve positive returns during most annual periods in an efficient, risk-adjusted manner. The Fund will short securities. Short sales theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase. The Fund will also use leverage to make additional investments which could result in greater losses than if the Fund were not leveraged. The Fund may have a high turnover of its portfolio securities. Higher turnover rates generally result in higher brokerage costs to the Fund, which reduce the Fund’s returns and may result in higher net taxable gain for shareholders. The Fund is recently formed and has a limited history of operations. There can be no guarantee that the Fund will achieve its objectives.

Comparison of Change in Value of $5,000,000 Investment in Gotham Institutional Value Fund Institutional Class Shares

vs Standard & Poor’s 500^® Total Return Index (“S&P 500^® Total Return Index”)

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained by calling (877) 974-6852.

The Fund’s Institutional Class shares applies a 1.00% fee to the value of shares redeemed within 30 days of purchase. This redemption fee is not reflected in the returns shown above. As stated in the current prospectus dated February 1, 2017, the “Total Annual Fund Operating Expenses” are 4.90% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursement” are 0.95% for Institutional Class Shares of the Fund’s average daily net assets. These ratios may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 0.95% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2019, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.

The Fund intends to evaluate performance as compared to that of the Standard & Poor’s 500^® Total Return Index (“S&P 500^® Total Return Index”). The S&P 500^® Total Return Index is a market capitalization weighted index of 500 large-capitalization stocks commonly used to represent the U.S. equity market. It’s returns reflect reinvested dividends. This index is unmanaged and investors cannot invest directly in this index.

Mutual fund investing involves risks, including possible loss of principal. The Fund seeks long-term capital appreciation. The Fund may have a high turnover of its portfolio securities. Higher turnover rates generally result in higher brokerage costs to the Fund, which reduce the Fund’s returns and may result in higher net taxable gain for shareholders. There can be no guarantee that the Fund will achieve its objectives.

Comparison of Change in Value of $250,000 Investment in Gotham Enhanced S&P 500 Index Fund Institutional Class Shares

vs Standard & Poor’s 500^® Total Return Index (“S&P 500^® Total Return Index”)

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained by calling (877) 974-6852.

The Fund’s Institutional Class shares applies a 1.00% fee to the value of shares redeemed within 30 days of purchase. This redemption fee is not reflected in the returns shown above. As stated in the current prospectus dated February 1, 2017, the “Total Annual Fund Operating Expenses” are 0.61% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements” are 0.50% for Institutional Class Shares of the Fund’s average daily net assets. These ratios may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 0.50% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2020, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years following the date of such fee waiver and/or expense reimbursement. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.

large-capitalization stocks commonly used to represent the U.S. equity market. It’s returns reflect reinvested dividends. This index is unmanaged and investors cannot invest directly in this index.

Mutual fund investing involves risks, including possible loss of principal. The Fund seeks long-term capital appreciation. The Fund may have a high turnover of its portfolio securities. Higher turnover rates generally result in higher brokerage costs to the Fund, which reduce the Fund’s returns and may result in higher net taxable gain for shareholders. The Fund is recently formed and has a limited history of operations. There can be no guarantee that the Fund will achieve its objectives.

Comparison of Change in Value of $250,000 Investment in Gotham Defensive Long Fund Institutional Class Shares

vs Standard & Poor’s 500^® Total Return Index (“S&P 500^® Total Return Index”)

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained by calling (877) 974-6852.

The Fund’s Institutional Class shares applies a 1.00% fee to the value of shares redeemed within 30 days of purchase. This redemption fee is not reflected in the returns shown above. As stated in the current prospectus dated February 1, 2017, the “Total Annual Fund Operating Expenses” are 3.73% for Institutional Class Shares of the Fund’s average daily net assets. This ratio may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 2.15% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2020, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.

The Fund intends to evaluate performance as compared to that of the Standard & Poor’s 500^® Total Return Index (“S&P 500^® Total Return Index”). The S&P 500^® Total Return Index is a market capitalization weighted index of 500 large-capitalization stocks commonly used to represent the U.S. equity market. It’s returns reflect reinvested dividends. This index is unmanaged and investors cannot invest directly in this index.

increase. The Fund will also use leverage to make additional investments which could result in greater losses than if the Fund were not leveraged. The Fund may invest in securities of large-, mid- and small-cap companies. The securities issued by small-cap and mid-cap companies tend to be more volatile and less liquid than those of large-cap issuers. The Fund may have a high turnover of its portfolio securities. Higher turnover rates generally result in higher brokerage costs to the Fund, which reduce the Fund’s returns and may result in higher net taxable gain for shareholders. The Fund is recently formed and has a limited history of operations. There can be no guarantee that the Fund will achieve its objectives.

Comparison of Change in Value of $250,000 Investment in Gotham Defensive Long 500 Fund Institutional Class Shares

vs Standard & Poor’s 500^® Total Return Index (“S&P 500^® Total Return Index”)

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained by calling (877) 974-6852.

The Fund’s Institutional Class shares applies a 1.00% fee to the value of shares redeemed within 30 days of purchase. This redemption fee is not reflected in the returns shown above. As stated in the current prospectus dated February 1, 2017, the “Total Annual Fund Operating Expenses” are 3.63% for Institutional Class Shares of the Fund’s average daily net assets. This ratio may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 1.50% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2020, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.

The Fund intends to evaluate performance as compared to that of the Standard & Poor’s 500^® Total Return Index (“S&P 500^® Total Return Index”). The S&P 500^® Total Return Index is a market capitalization weighted index of 500 large-capitalization stocks commonly used to represent the U.S. equity market. It’s returns reflect reinvested dividends. This index is unmanaged and investors cannot invest directly in this index.

Comparison of Change in Value of $250,000 Investment in Gotham Total Return Fund Institutional Class Shares

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained by calling (877) 974-6852.

The Fund’s Institutional Class shares applies a 1.00% fee to the value of shares redeemed within 30 days of purchase. This redemption fee is not reflected in the returns shown above. As stated in the current prospectus dated February 1, 2017 (as supplemented on April 24, 2017), the “Total Annual Fund Operating Expenses” are 5.07% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Reimbursements” are 3.52% for Institutional Class Shares of the Fund’s average daily net assets. These ratios may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, management fees (if any) and brokerage commissions) do not exceed 0.00% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2019, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. Prior to January 1, 2017, the Expense Limitation was 0.17%. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.

Mutual fund investing involves risks, including possible loss of principal. The Fund seeks long-term capital appreciation. The Fund normally allocates the majority of its assets among mutual funds advised by Gotham. Therefore, the Fund’s shareholders will indirectly bear the Fund’s proportionate share of fees and expenses of the underlying funds in addition to the Fund’s own expenses. The underlying funds will short securities. Short sales theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase. Certain underlying funds may invest in large-, mid- and small-cap companies. The securities issued by small-cap and mid-cap companies tend to be more volatile and less liquid than those of large-cap issuers. The Fund or underlying funds will also use leverage to make additional investments which could result in greater losses than if the Fund and/or underlying funds were not leveraged. The underlying funds may have a high turnover of its portfolio securities. High turnover rates generally result in higher brokerage costs, which reduce returns and may result in higher net taxable gain for shareholders. There can be no guarantee that the Fund will achieve its objectives.

Comparison of Change in Value of $250,000 Investment in Gotham Master Long Fund Institutional Class Shares

vs Standard & Poor’s 500^® Total Return Index (“S&P 500^® Total Return Index”)

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained by calling (877) 974-6852.

The Fund’s Institutional Class shares applies a 1.00% fee to the value of shares redeemed within 30 days of purchase. This redemption fee is not reflected in the returns shown above. As stated in the current prospectus dated May 1, 2017, the “Total Annual Fund Operating Expenses” are 2.57% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements” are 2.52% for Institutional Class Shares of the Fund’s average daily net assets. These ratios may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, management fees (if any), and brokerage commissions) do not exceed 0.00% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2020, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.

The Fund intends to evaluate performance as compared to that of the Standard & Poor’s 500^® Total Return Index (“S&P 500^® Total Return Index”). The S&P 500^® Total Return Index is a market capitalization weighted index of 500 large-capitalization stocks commonly used to represent the U.S. equity market. It’s returns reflect reinvested dividends. This index is unmanaged and investors cannot invest directly in this index.

Mutual fund investing involves risks, including possible loss of principal. The Fund seeks long-term capital appreciation. The Fund normally allocates the majority of its assets among mutual funds advised by Gotham. Therefore, the Fund’s shareholders will indirectly bear the Fund’s proportionate share of fees and expenses of the underlying funds in addition to the Fund’s own expenses. The underlying funds will short securities. Short sales theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase. Certain underlying funds may invest in large-, mid- and small-cap companies. The securities issued by small-cap and mid-cap companies tend to be more volatile and less liquid than those of large-cap issuers. The Fund or underlying funds will also use leverage to make additional investments which could result in greater losses than if the Fund and/or underlying funds were not leveraged. The underlying funds may have a high turnover of its portfolio securities. High turnover rates generally result in higher brokerage costs, which reduce returns and may result in higher net taxable gain for shareholders. The Fund is recently formed and has a limited history of operations. There can be no guarantee that the Fund will achieve its objectives.

Comparison of Change in Value of $250,000 Investment in Gotham Master Neutral Fund Institutional Class Shares

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained by calling (877) 974-6852.

The Fund’s Institutional Class shares applies a 1.00% fee to the value of shares redeemed within 30 days of purchase. This redemption fee is not reflected in the returns shown above. As stated in the current prospectus dated May 1, 2017, the “Total Annual Fund Operating Expenses” are 3.06% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursement” are 3.00% for Institutional Class Shares of the Fund’s average daily net assets. These ratios may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, management fees (if any), and brokerage commissions) do not exceed 0.00% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2020, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below Expense Limitation.

Mutual fund investing involves risks, including possible loss of principal. The Fund seeks to achieve long-term capital appreciation with minimal correlation to the general stock market. The Fund normally allocates the majority of its assets among mutual funds advised by Gotham. Therefore, the Fund’s shareholders will indirectly bear the Fund’s proportionate share of fees and expenses of the underlying funds in addition to the Fund’s own expenses. The Fund or the underlying funds will short securities. Short sales theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase. The Fund or certain underlying funds may invest in large-, mid- and small-cap companies. The securities issued by small-cap and mid-cap companies tend to be more volatile and less liquid than those of large-cap issuers. The Fund or underlying funds will also use leverage to make additional investments which could result in greater losses than if the Fund and/or underlying funds were not leveraged. The Fund or the underlying funds may have a high turnover of its portfolio securities. High turnover rates generally result in higher brokerage costs, which reduce returns and may result in higher net taxable gain for shareholders. The Fund is recently formed and has a limited history of operations. There can be no guarantee that the Fund will achieve its objectives.

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including redemption fees; and (2) ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the six-month period from April1, 2017, and held for the entire period through September 30, 2017.

The first line for each Fund in the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

The second line for each Fund in the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not your Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the accompanying table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees. Therefore, the second line of the accompanying table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

The following table presents a summary by industry group of the portfolio holdings of the Fund:


	% of Net Assets			Value
LONG POSITIONS:
Common Stocks:
Capital Goods		14.6	%	$	129,393,871
Software & Services		13.6			119,740,215
Pharmaceuticals, Biotechnology & Life Sciences		11.1			97,677,167
Retailing		9.6			84,786,802
Technology Hardware & Equipment		9.2			81,678,420
Semiconductors & Semiconductor Equipment		8.6			75,722,837
Health Care Equipment & Services		8.5			74,697,247
Transportation		6.7			59,447,700
Media		6.6			57,868,693
Food, Beverage & Tobacco		5.9			51,776,909
Consumer Services		4.9			43,414,934
Food & Staples Retailing		3.5			31,156,022
Consumer Durables & Apparel		3.2			28,452,883
Materials		3.1			27,704,014
Energy		2.7			23,775,439
Commercial & Professional Services		2.3			20,662,333
Telecommunication Services		2.2			19,640,160
Automobiles & Components		2.1			18,924,030
Household & Personal Products		1.8			15,980,249
Corporate Bonds and Notes:
Capital Goods		0.0			809

Total Long Positions		120.2			1,062,500,734


	% of Net Assets			Value
SHORT POSITIONS:
Common Stocks:
Food & Staples Retailing		(0.6	)%	$	(5,428,509	)
Telecommunication Services		(1.0	)		(9,316,812	)
Automobiles & Components		(1.1	)		(9,614,306	)
Household & Personal Products		(1.1	)		(9,850,001	)
Consumer Durables & Apparel		(1.6	)		(14,176,440	)
Commercial & Professional Services		(2.0	)		(17,586,344	)
Media		(2.0	)		(17,722,273	)
Semiconductors & Semiconductor Equipment		(2.1	)		(18,673,785	)
Energy		(2.7	)		(23,852,007	)
Transportation		(2.8	)		(24,861,453	)
Food, Beverage & Tobacco		(3.1	)		(27,083,930	)
Materials		(3.2	)		(27,999,793	)
Consumer Services		(3.8	)		(33,859,448	)
Technology Hardware & Equipment		(4.1	)		(36,613,044	)
Retailing		(4.6	)		(40,576,941	)
Pharmaceuticals, Biotechnology & Life Sciences		(4.8	)		(42,176,931	)
Health Care Equipment & Services		(5.5	)		(48,649,391	)
Capital Goods		(5.7	)		(50,264,457	)
Software & Services		(8.3	)		(73,016,977	)

Total Short Positions		(60.1	)		(531,322,842	)

Other Assets in Excess of Liabilities		39.9			353,026,908

NET ASSETS		100.0	%	$	884,204,800

The following table presents a summary by industry group of the portfolio holdings of the Fund:


	% of Net Assets			Value
LONG POSITIONS:
Common Stocks:
Health Care Equipment & Services		12.8	%	$	1,532,328
Capital Goods		12.6			1,512,080
Technology Hardware & Equipment		10.8			1,300,625
Media		9.9			1,186,069
Software & Services		9.8			1,177,951
Transportation		9.4			1,123,278
Semiconductors & Semiconductor Equipment		9.2			1,104,482
Retailing		9.2			1,102,810
Food & Staples Retailing		8.9			1,064,112
Energy		7.3			875,562
Materials		6.8			811,145
Pharmaceuticals, Biotechnology & Life Sciences		5.7			680,386
Food, Beverage & Tobacco		5.5			663,412
Diversified Financials		5.4			651,079
Telecommunication Services		3.6			438,345
Consumer Services		3.5			426,818
Automobiles & Components		3.1			371,685
Utilities		2.5			297,136
Household & Personal Products		2.2			270,650
Consumer Durables & Apparel		1.5			181,453
Real Estate		1.4			170,087
Commercial & Professional Services		1.4			167,687
Insurance		0.7			85,966

Total Long Positions		143.2			17,195,146


	% of Net Assets			Value
SHORT POSITIONS:
Common Stocks:
Media		(0.2	)%	$	(27,325	)
Household & Personal Products		(0.3	)		(34,227	)
Telecommunication Services		(0.4	)		(54,036	)
Technology Hardware & Equipment		(0.7	)		(83,794	)
Commercial & Professional Services		(0.8	)		(93,272	)
Transportation		(1.0	)		(115,527	)
Automobiles & Components		(1.3	)		(157,851	)
Consumer Services		(1.7	)		(199,837	)
Consumer Durables & Apparel		(2.0	)		(243,237	)
Food, Beverage & Tobacco		(2.5	)		(304,663	)
Utilities		(3.4	)		(404,103	)
Retailing		(3.5	)		(415,491	)
Semiconductors & Semiconductor Equipment		(3.5	)		(419,399	)
Diversified Financials		(3.9	)		(475,197	)
Real Estate		(4.1	)		(493,627	)
Banks		(4.3	)		(514,644	)
Insurance		(4.8	)		(577,361	)
Materials		(4.9	)		(588,424	)
Software & Services		(5.3	)		(633,052	)
Energy		(7.6	)		(910,853	)
Capital Goods		(8.6	)		(1,032,124	)
Pharmaceuticals, Biotechnology & Life Sciences		(8.9	)		(1,066,419	)
Health Care Equipment & Services		(9.4	)		(1,131,514	)

Total Short Positions		(83.1	)		(9,975,977	)

Other Assets in Excess of Liabilities		39.9			4,785,223

NET ASSETS		100.0	%	$	12,004,392

The following table presents a summary by industry group of the portfolio holdings of the Fund:


	% of Net Assets			Value
LONG POSITIONS:
Common Stocks:
Health Care Equipment & Services		10.9	%	$	244,724
Capital Goods		10.7			238,462
Technology Hardware & Equipment		8.3			185,135
Media		7.7			172,086
Retailing		7.4			166,552
Semiconductors & Semiconductor Equipment		7.0			157,669
Software & Services		7.0			157,157
Food & Staples Retailing		7.0			157,079
Transportation		6.3			139,985
Pharmaceuticals, Biotechnology & Life Sciences		5.3			118,031
Food, Beverage & Tobacco		5.2			115,965
Energy		4.5			99,681
Materials		4.2			93,915
Telecommunication Services		3.4			75,746
Diversified Financials		3.3			72,822
Consumer Services		2.7			61,010
Automobiles & Components		2.6			58,888
Utilities		2.0			44,287
Household & Personal Products		1.8			40,622
Consumer Durables & Apparel		1.5			33,478
Commercial & Professional Services		1.1			25,728
Real Estate		1.1			25,225
Insurance		1.0			23,535

Total Long Positions		112.0			2,507,782


	% of Net Assets			Value
SHORT POSITIONS:
Common Stocks:
Household & Personal Products		(0.2	)%	$	(3,596	)
Telecommunication Services		(0.2	)		(5,009	)
Media		(0.3	)		(5,854	)
Transportation		(0.3	)		(6,826	)
Commercial & Professional Services		(0.4	)		(8,947	)
Technology Hardware & Equipment		(0.4	)		(9,217	)
Automobiles & Components		(0.6	)		(14,017	)
Consumer Services		(0.9	)		(21,007	)
Consumer Durables & Apparel		(1.2	)		(27,143	)
Food, Beverage & Tobacco		(1.6	)		(36,269	)
Utilities		(2.0	)		(44,360	)
Retailing		(2.0	)		(45,193	)
Real Estate		(2.1	)		(45,980	)
Semiconductors & Semiconductor Equipment		(2.3	)		(50,907	)
Materials		(2.5	)		(56,845	)
Insurance		(3.2	)		(70,728	)
Software & Services		(3.3	)		(74,063	)
Diversified Financials		(3.6	)		(81,492	)
Energy		(4.5	)		(99,791	)
Health Care Equipment & Services		(4.6	)		(103,981	)
Capital Goods		(4.7	)		(105,644	)
Banks		(4.8	)		(107,150	)
Pharmaceuticals, Biotechnology & Life Sciences		(5.3	)		(119,019	)

Total Short Positions		(51.0	)		(1,143,038	)

Other Assets in Excess of Liabilities		39.0			873,856

NET ASSETS		100.0	%	$	2,238,600

The following table presents a summary by industry group of the portfolio holdings of the Fund:


	% of Net Assets			Value
LONG POSITIONS:
Common Stocks:
Capital Goods		22.2	%	$	199,241,970
Software & Services		18.8			168,412,717
Pharmaceuticals, Biotechnology & Life Sciences		15.8			141,486,753
Technology Hardware & Equipment		13.7			122,664,116
Semiconductors & Semiconductor Equipment		13.1			117,748,841
Retailing		12.8			114,613,928
Health Care Equipment & Services		12.6			113,295,693
Transportation		9.9			88,823,460
Media		8.4			75,004,764
Consumer Services		7.2			65,049,363
Food, Beverage & Tobacco		7.0			63,020,950
Consumer Durables & Apparel		5.1			45,562,899
Food & Staples Retailing		5.0			44,595,984
Materials		4.3			38,769,296
Energy		3.9			35,257,324
Automobiles & Components		3.9			35,087,258
Commercial & Professional Services		3.2			28,730,345
Household & Personal Products		3.2			28,505,569
Telecommunication Services		2.6			23,498,003

Total Long Positions		172.7			1,549,369,233


	% of Net Assets			Value
SHORT POSITIONS:
Common Stocks:
Food & Staples Retailing		(1.1	)%	$	(9,885,306	)
Automobiles & Components		(1.2	)		(10,722,626	)
Telecommunication Services		(1.2	)		(10,896,870	)
Household & Personal Products		(1.3	)		(11,530,807	)
Consumer Durables & Apparel		(2.3	)		(20,470,370	)
Media		(2.6	)		(22,779,893	)
Commercial & Professional Services		(2.6	)		(23,236,002	)
Semiconductors & Semiconductor Equipment		(2.8	)		(25,439,145	)
Transportation		(2.9	)		(26,045,425	)
Food, Beverage & Tobacco		(3.3	)		(29,702,618	)
Energy		(3.9	)		(35,124,996	)
Materials		(4.3	)		(38,922,673	)
Consumer Services		(4.4	)		(39,363,552	)
Technology Hardware & Equipment		(5.2	)		(46,803,718	)
Pharmaceuticals, Biotechnology & Life Sciences		(5.5	)		(49,285,737	)
Retailing		(5.5	)		(49,540,076	)
Health Care Equipment & Services		(6.2	)		(55,688,308	)
Capital Goods		(7.5	)		(67,038,682	)
Software & Services		(9.8	)		(87,683,796	)

Total Short Positions		(73.6	)		(660,160,600	)

Other Assets in Excess of Liabilities		0.9			8,161,981

NET ASSETS		100.0	%	$	897,370,614

The following table presents a summary by industry group of the portfolio holdings of the Fund:


	% of Net Assets			Value
LONG POSITIONS:
Common Stocks:
Health Care Equipment & Services		17.4	%	$	4,262,927
Capital Goods		17.2			4,203,244
Software & Services		13.5			3,303,690
Media		12.9			3,164,743
Technology Hardware & Equipment		12.9			3,142,832
Transportation		12.2			2,984,597
Food & Staples Retailing		11.5			2,815,246
Retailing		11.4			2,795,026
Semiconductors & Semiconductor Equipment		10.9			2,674,086
Pharmaceuticals, Biotechnology & Life Sciences		9.4			2,303,366
Energy		8.2			1,997,369
Food, Beverage & Tobacco		7.7			1,880,138
Materials		7.1			1,741,691
Diversified Financials		6.9			1,674,025
Consumer Services		5.2			1,267,322
Telecommunication Services		5.2			1,261,786
Automobiles & Components		3.2			787,630
Household & Personal Products		3.2			772,860
Utilities		3.0			741,056
Consumer Durables & Apparel		2.1			515,292
Commercial & Professional Services		1.6			393,116
Insurance		1.6			390,300
Real Estate		1.4			333,364

Total Long Positions		185.7			45,405,706


	% of Net Assets			Value
SHORT POSITIONS:
Common Stocks:
Media		(0.4	)%	$	(90,519	)
Telecommunication Services		(0.4	)		(94,750	)
Household & Personal Products		(0.5	)		(112,466	)
Technology Hardware & Equipment		(0.8	)		(187,845	)
Commercial & Professional Services		(0.8	)		(189,936	)
Transportation		(1.0	)		(234,925	)
Automobiles & Components		(1.1	)		(274,365	)
Consumer Services		(1.5	)		(361,191	)
Consumer Durables & Apparel		(2.0	)		(487,090	)
Food, Beverage & Tobacco		(2.8	)		(698,762	)
Retailing		(3.2	)		(784,473	)
Utilities		(3.6	)		(880,468	)
Semiconductors & Semiconductor Equipment		(3.7	)		(906,800	)
Materials		(4.5	)		(1,099,878	)
Diversified Financials		(4.7	)		(1,157,021	)
Real Estate		(4.9	)		(1,208,505	)
Insurance		(5.5	)		(1,346,448	)
Banks		(5.7	)		(1,389,167	)
Software & Services		(5.9	)		(1,451,368	)
Energy		(7.7	)		(1,893,874	)
Capital Goods		(8.0	)		(1,946,252	)
Health Care Equipment & Services		(8.8	)		(2,151,293	)
Pharmaceuticals, Biotechnology & Life Sciences		(9.0	)		(2,211,813	)

Total Short Positions		(86.5	)		(21,159,209	)

Other Assets in Excess of Liabilities		0.8			206,571

NET ASSETS		100.0	%	$	24,453,068

The following table presents a summary by industry group of the portfolio holdings of the Fund:


	% of Net Assets			Value
LONG POSITIONS:
Common Stocks:
Health Care Equipment & Services		13.5	%	$	323,161
Capital Goods		13.2			317,101
Technology Hardware & Equipment		10.6			254,677
Software & Services		9.7			232,993
Media		9.4			225,519
Retailing		9.1			218,755
Food & Staples Retailing		8.7			209,878
Semiconductors & Semiconductor Equipment		8.2			195,985
Transportation		8.0			191,784
Pharmaceuticals, Biotechnology & Life Sciences		6.8			163,537
Food, Beverage & Tobacco		6.3			150,696
Materials		5.0			120,827
Telecommunication Services		4.8			114,086
Energy		4.5			109,021
Diversified Financials		4.5			106,857
Consumer Services		3.7			88,319
Automobiles & Components		3.2			76,970
Household & Personal Products		2.6			61,497
Utilities		2.3			54,867
Consumer Durables & Apparel		1.8			43,118
Commercial & Professional Services		1.4			32,501
Real Estate		1.2			30,027
Insurance		1.2			29,905

Total Long Positions		139.7			3,352,081


	% of Net Assets			Value
SHORT POSITIONS:
Common Stocks:
Telecommunication Services		(0.0	)%	$	(266	)
Transportation		(0.2	)		(5,407	)
Media		(0.3	)		(7,115	)
Household & Personal Products		(0.3	)		(7,707	)
Commercial & Professional Services		(0.3	)		(8,393	)
Technology Hardware & Equipment		(0.4	)		(9,016	)
Automobiles & Components		(0.5	)		(11,745	)
Consumer Services		(0.7	)		(16,764	)
Consumer Durables & Apparel		(1.1	)		(27,059	)
Retailing		(1.5	)		(34,968	)
Food, Beverage & Tobacco		(1.5	)		(35,739	)
Utilities		(1.6	)		(38,902	)
Materials		(1.9	)		(45,722	)
Semiconductors & Semiconductor Equipment		(1.9	)		(46,369	)
Real Estate		(2.2	)		(52,101	)
Insurance		(2.3	)		(54,466	)
Diversified Financials		(2.4	)		(58,652	)
Software & Services		(2.5	)		(60,319	)
Energy		(3.3	)		(78,167	)
Capital Goods		(3.5	)		(83,653	)
Health Care Equipment & Services		(3.6	)		(85,361	)
Banks		(3.9	)		(93,540	)
Pharmaceuticals, Biotechnology & Life Sciences		(4.4	)		(106,002	)

Total Short Positions		(40.3	)		(967,433	)

Other Assets in Excess of Liabilities		0.6			14,100

NET ASSETS		100.0	%	$	2,398,748

The following table presents a summary by industry group of the portfolio holdings of the Fund:


	% of Net Assets			Value
LONG POSITIONS:
Common Stocks:
Software & Services		15.4	%	$	102,831,925
Capital Goods		13.4			89,879,995
Pharmaceuticals, Biotechnology & Life Sciences		12.1			80,698,272
Health Care Equipment & Services		10.2			68,036,744
Retailing		9.1			60,922,611
Technology Hardware & Equipment		8.1			54,563,733
Semiconductors & Semiconductor Equipment		7.3			48,833,126
Consumer Services		6.1			40,716,526
Food, Beverage & Tobacco		5.6			37,765,763
Transportation		5.6			37,627,364
Media		5.2			34,946,536
Materials		4.8			32,350,285
Energy		4.1			27,384,973
Commercial & Professional Services		3.1			21,008,453
Consumer Durables & Apparel		3.1			20,848,873
Food & Staples Retailing		2.5			16,616,675
Telecommunication Services		2.0			13,203,576
Automobiles & Components		1.9			12,961,606
Household & Personal Products		1.8			11,735,994
Corporate Bonds and Notes:
Capital Goods		0.0			736

Total Long Positions		121.4			812,933,766


	% of Net Assets			Value
SHORT POSITIONS:
Common Stocks:
Food & Staples Retailing		(0.9	)%	$	(6,222,479	)
Telecommunication Services		(1.6	)		(10,403,368	)
Household & Personal Products		(1.6	)		(10,706,948	)
Automobiles & Components		(2.0	)		(13,621,686	)
Commercial & Professional Services		(2.6	)		(17,321,691	)
Consumer Durables & Apparel		(2.7	)		(18,326,303	)
Media		(3.1	)		(20,843,525	)
Semiconductors & Semiconductor Equipment		(4.1	)		(27,163,686	)
Energy		(4.1	)		(27,486,747	)
Food, Beverage & Tobacco		(4.2	)		(28,289,249	)
Transportation		(4.5	)		(30,316,532	)
Materials		(4.9	)		(32,638,296	)
Consumer Services		(5.2	)		(34,696,018	)
Retailing		(6.0	)		(40,420,668	)
Technology Hardware & Equipment		(7.0	)		(46,728,408	)
Health Care Equipment & Services		(8.3	)		(55,311,500	)
Pharmaceuticals, Biotechnology & Life Sciences		(8.9	)		(59,563,607	)
Capital Goods		(10.8	)		(72,604,386	)
Software & Services		(13.8	)		(92,159,026	)

Total Short Positions		(96.3	)		(644,824,123	)

Other Assets in Excess of Liabilities		74.9			501,430,158

NET ASSETS		100.0	%	$	669,539,801

The following table presents a summary by industry group of the portfolio holdings of the Fund:


	% of Net Assets			Value
LONG POSITIONS:
Common Stocks:
Capital Goods		10.2	%	$	366,311
Health Care Equipment & Services		9.7			349,953
Media		7.9			284,965
Software & Services		7.5			268,521
Retailing		7.4			266,370
Technology Hardware & Equipment		7.4			265,154
Transportation		7.3			260,627
Semiconductors & Semiconductor Equipment		6.6			237,297
Energy		6.4			231,411
Food & Staples Retailing		6.4			230,018
Pharmaceuticals, Biotechnology & Life Sciences		6.2			221,305
Materials		4.5			160,484
Food, Beverage & Tobacco		4.4			156,818
Diversified Financials		3.9			141,831
Consumer Services		2.4			87,396
Telecommunication Services		2.4			86,396
Automobiles & Components		2.3			83,353
Utilities		2.1			73,717
Consumer Durables & Apparel		1.6			57,811
Household & Personal Products		1.0			36,371
Insurance		0.9			32,045
Real Estate		0.8			30,462
Commercial & Professional Services		0.8			27,401
Banks		0.0			689

Total Long Positions		110.1			3,956,706


	% of Net Assets			Value
SHORT POSITIONS:
Common Stocks:
Food & Staples Retailing		(0.1	)%	$	(4,600	)
Media		(0.1	)		(5,634	)
Telecommunication Services		(0.4	)		(13,376	)
Household & Personal Products		(0.6	)		(21,862	)
Transportation		(0.6	)		(22,284	)
Technology Hardware & Equipment		(0.8	)		(27,298	)
Commercial & Professional Services		(0.9	)		(32,929	)
Automobiles & Components		(1.1	)		(38,514	)
Consumer Durables & Apparel		(2.0	)		(71,041	)
Consumer Services		(2.6	)		(93,725	)
Food, Beverage & Tobacco		(2.8	)		(100,537	)
Banks		(3.0	)		(109,276	)
Retailing		(3.5	)		(127,629	)
Diversified Financials		(3.6	)		(128,464	)
Semiconductors & Semiconductor Equipment		(4.1	)		(146,989	)
Utilities		(4.3	)		(153,176	)
Materials		(4.6	)		(164,735	)
Insurance		(4.8	)		(171,568	)
Software & Services		(5.5	)		(196,384	)
Real Estate		(6.0	)		(216,568	)
Capital Goods		(8.0	)		(287,531	)
Energy		(8.8	)		(317,488	)
Pharmaceuticals, Biotechnology & Life Sciences		(9.5	)		(342,425	)
Health Care Equipment & Services		(9.8	)		(351,798	)

Total Short Positions		(87.5	)		(3,145,831	)

Other Assets in Excess of Liabilities		77.4			2,782,098

NET ASSETS		100.0	%	$	3,592,973

The following table presents a summary by industry group of the portfolio holdings of the Fund:


	% of Net Assets			Value
COMMON STOCKS:
Semiconductors & Semiconductor Equipment		11.8	%	$	2,168,633
Capital Goods		9.3			1,706,779
Food, Beverage & Tobacco		7.2			1,317,059
Technology Hardware & Equipment		7.1			1,306,342
Consumer Services		6.9			1,264,730
Pharmaceuticals, Biotechnology & Life Sciences		6.8			1,253,764
Media		6.7			1,220,891
Health Care Equipment & Services		6.5			1,197,512
Transportation		6.0			1,100,471
Software & Services		5.1			930,060
Retailing		5.0			919,668
Food & Staples Retailing		4.4			806,478
Consumer Durables & Apparel		3.9			705,543
Commercial & Professional Services		3.4			619,602
Telecommunication Services		2.6			467,964
Household & Personal Products		1.7			305,470
Automobiles & Components		1.5			280,689

Total Common Stocks		95.9			17,571,655

Other Assets in Excess of Liabilities		4.1			756,599

NET ASSETS		100.0	%	$	18,328,254

The following table presents a summary by industry group of the portfolio holdings of the Fund:


	% of Net Assets			Value
LONG POSITIONS:
Common Stocks:
Software & Services		18.9	%	$	37,847,731
Health Care Equipment & Services		14.1			28,262,126
Capital Goods		13.6			27,256,036
Technology Hardware & Equipment		12.8			25,566,268
Media		12.1			24,192,783
Transportation		11.5			23,063,040
Pharmaceuticals, Biotechnology & Life Sciences		11.3			22,635,751
Energy		10.6			21,279,001
Retailing		10.1			20,151,323
Food & Staples Retailing		9.7			19,381,366
Semiconductors & Semiconductor Equipment		9.3			18,508,793
Diversified Financials		8.9			17,817,536
Food, Beverage & Tobacco		8.0			15,938,905
Materials		5.4			10,831,447
Telecommunication Services		5.2			10,372,229
Utilities		4.1			8,093,445
Consumer Services		3.8			7,541,542
Banks		3.7			7,310,819
Automobiles & Components		2.6			5,245,028
Real Estate		2.6			5,125,749
Consumer Durables & Apparel		2.5			4,919,960
Household & Personal Products		2.1			4,175,262
Insurance		2.1			4,124,273
Commercial & Professional Services		1.5			2,978,323

Total Long Positions		186.5			372,618,736


	% of Net Assets			Value
SHORT POSITIONS:
Common Stocks:
Media		(0.2	)%	$	(393,596	)
Household & Personal Products		(0.3	)		(594,964	)
Telecommunication Services		(0.4	)		(736,361	)
Transportation		(0.5	)		(1,048,656	)
Banks		(1.0	)		(1,964,360	)
Commercial & Professional Services		(1.2	)		(2,495,721	)
Technology Hardware & Equipment		(1.3	)		(2,572,619	)
Automobiles & Components		(1.3	)		(2,671,649	)
Consumer Services		(1.8	)		(3,576,335	)
Consumer Durables & Apparel		(2.4	)		(4,874,489	)
Diversified Financials		(2.5	)		(4,972,576	)
Retailing		(2.8	)		(5,541,929	)
Insurance		(3.2	)		(6,338,079	)
Food, Beverage & Tobacco		(3.5	)		(6,997,360	)
Semiconductors & Semiconductor Equipment		(4.8	)		(9,622,137	)
Software & Services		(5.3	)		(10,600,933	)
Materials		(5.9	)		(11,855,349	)
Utilities		(6.4	)		(12,688,004	)
Capital Goods		(6.8	)		(13,556,264	)
Real Estate		(7.1	)		(14,099,153	)
Health Care Equipment & Services		(7.6	)		(15,156,397	)
Pharmaceuticals, Biotechnology & Life Sciences		(10.3	)		(20,658,966	)
Energy		(11.4	)		(22,839,990	)

Total Short Positions		(88.0	)		(175,855,887	)

Other Assets in Excess of Liabilities		1.5			3,033,169

NET ASSETS		100.0	%	$	199,796,018

The following table presents a summary by industry group of the portfolio holdings of the Fund:


	% of Net Assets			Value
LONG POSITIONS:
Common Stocks:
Software & Services		16.7	%	$	408,650
Capital Goods		10.5			257,845
Technology Hardware & Equipment		9.9			243,128
Health Care Equipment & Services		9.6			235,190
Pharmaceuticals, Biotechnology & Life Sciences		8.1			199,188
Diversified Financials		7.8			191,869
Retailing		7.6			185,685
Media		7.6			185,208
Semiconductors & Semiconductor Equipment		7.0			171,024
Energy		6.7			163,859
Transportation		6.5			159,302
Food & Staples Retailing		6.2			151,461
Banks		6.0			146,735
Food, Beverage & Tobacco		5.9			143,461
Materials		3.9			96,486
Telecommunication Services		3.5			86,642
Consumer Services		2.7			67,209
Utilities		2.7			65,465
Insurance		2.3			56,283
Household & Personal Products		2.2			53,502
Automobiles & Components		2.1			51,112
Real Estate		2.0			49,792
Consumer Durables & Apparel		1.7			40,270
Commercial & Professional Services		0.8			20,012

Total Long Positions		140.0			3,429,378


	% of Net Assets			Value
SHORT POSITIONS:
Common Stocks:
Media		(0.1	)%	$	(2,266	)
Household & Personal Products		(0.1	)		(3,422	)
Telecommunication Services		(0.2	)		(5,329	)
Banks		(0.2	)		(5,736	)
Technology Hardware & Equipment		(0.5	)		(11,522	)
Commercial & Professional Services		(0.6	)		(13,886	)
Transportation		(0.6	)		(14,975	)
Automobiles & Components		(0.6	)		(15,449	)
Consumer Services		(0.9	)		(21,776	)
Diversified Financials		(1.0	)		(24,100	)
Consumer Durables & Apparel		(1.0	)		(25,061	)
Retailing		(1.1	)		(25,891	)
Semiconductors & Semiconductor Equipment		(1.2	)		(29,124	)
Food, Beverage & Tobacco		(1.6	)		(39,661	)
Utilities		(1.9	)		(47,030	)
Software & Services		(2.2	)		(52,743	)
Insurance		(2.4	)		(59,453	)
Materials		(2.6	)		(64,671	)
Real Estate		(3.2	)		(77,166	)
Pharmaceuticals, Biotechnology & Life Sciences		(4.1	)		(99,575	)
Capital Goods		(4.2	)		(103,683	)
Energy		(4.9	)		(119,817	)
Health Care Equipment & Services		(5.1	)		(124,728	)

Total Short Positions		(40.3	)		(987,064	)

Other Assets in Excess of Liabilities		0.3			7,881

NET ASSETS		100.0	%	$	2,450,195

The following table presents a summary by industry group of the portfolio holdings of the Fund:


	% of Net Assets			Value
LONG POSITIONS:
Common Stocks:
Software & Services		13.1	%	$	304,462
Capital Goods		11.9			275,722
Health Care Equipment & Services		11.7			272,024
Technology Hardware & Equipment		10.2			236,515
Media		9.4			217,126
Transportation		8.8			204,972
Semiconductors & Semiconductor Equipment		8.5			196,345
Pharmaceuticals, Biotechnology & Life Sciences		8.3			192,894
Retailing		8.1			188,455
Energy		8.1			187,873
Food & Staples Retailing		7.9			184,303
Diversified Financials		7.0			162,639
Materials		5.2			119,519
Food, Beverage & Tobacco		5.0			116,472
Telecommunication Services		4.1			95,297
Utilities		3.2			75,122
Consumer Services		3.1			71,791
Banks		2.6			60,508
Real Estate		2.0			46,669
Automobiles & Components		1.9			43,402
Insurance		1.7			39,807
Household & Personal Products		1.7			38,330
Consumer Durables & Apparel		1.6			36,542
Commercial & Professional Services		1.0			22,298

Total Long Positions		146.1			3,389,087


	% of Net Assets			Value
SHORT POSITIONS:
Common Stocks:
Telecommunication Services		(0.0	)%	$	(639	)
Media		(0.2	)		(4,137	)
Banks		(0.3	)		(6,518	)
Household & Personal Products		(0.7	)		(16,198	)
Transportation		(1.1	)		(26,583	)
Commercial & Professional Services		(1.2	)		(26,713	)
Technology Hardware & Equipment		(1.2	)		(27,380	)
Automobiles & Components		(1.2	)		(27,950	)
Consumer Durables & Apparel		(2.2	)		(50,822	)
Consumer Services		(2.4	)		(55,135	)
Retailing		(3.1	)		(72,350	)
Food, Beverage & Tobacco		(3.3	)		(77,453	)
Diversified Financials		(3.7	)		(84,970	)
Insurance		(3.7	)		(85,537	)
Software & Services		(4.3	)		(99,845	)
Semiconductors & Semiconductor Equipment		(4.5	)		(105,039	)
Utilities		(5.8	)		(134,542	)
Materials		(5.9	)		(137,383	)
Real Estate		(6.2	)		(143,593	)
Health Care Equipment & Services		(6.4	)		(148,296	)
Capital Goods		(6.7	)		(156,329	)
Energy		(10.1	)		(235,183	)
Pharmaceuticals, Biotechnology & Life Sciences		(11.4	)		(263,425	)

Total Short Positions		(85.6	)		(1,986,020	)

Other Assets in Excess of Liabilities		39.5			916,429

NET ASSETS		100.0	%	$	2,319,496

The following table presents a summary by industry group of the portfolio holdings of the Fund:


	% of Net Assets			Value
LONG POSITIONS:
Common Stocks:
Software & Services		9.9	%	$	224,800
Capital Goods		7.4			167,521
Health Care Equipment & Services		7.2			163,306
Technology Hardware & Equipment		6.8			154,421
Media		5.4			121,523
Diversified Financials		5.3			121,051
Retailing		5.2			119,008
Pharmaceuticals, Biotechnology & Life Sciences		5.2			116,981
Semiconductors & Semiconductor Equipment		5.1			114,610
Energy		4.6			104,178
Transportation		4.6			103,953
Food & Staples Retailing		4.5			103,264
Banks.		3.9			89,437
Food, Beverage & Tobacco		3.8			85,396
Materials		3.0			69,144
Telecommunication Services		2.5			56,664
Utilities		2.0			44,322
Consumer Services		1.8			39,986
Automobiles & Components		1.6			35,255
Insurance		1.5			34,732
Real Estate		1.4			31,071
Household & Personal Products		1.2			28,203
Consumer Durables & Apparel		1.1			25,328
Commercial & Professional Services		0.5			11,998

Total Long Positions		95.5			2,166,152


	% of Net Assets			Value
SHORT POSITIONS:
Common Stocks:
Telecommunication Services		(0.0	)%	$	(213	)
Household & Personal Products		(0.1	)		(2,711	)
Media		(0.1	)		(3,198	)
Transportation		(0.3	)		(6,732	)
Commercial & Professional Services		(0.5	)		(12,028	)
Automobiles & Components		(0.5	)		(12,135	)
Technology Hardware & Equipment		(0.7	)		(14,814	)
Diversified Financials		(0.8	)		(17,214	)
Retailing		(0.9	)		(19,354	)
Consumer Durables & Apparel		(0.9	)		(19,835	)
Consumer Services		(0.9	)		(20,545	)
Food, Beverage & Tobacco		(1.5	)		(33,689	)
Insurance		(1.8	)		(39,854	)
Semiconductors & Semiconductor Equipment		(1.8	)		(40,777	)
Software & Services		(1.9	)		(44,138	)
Utilities		(2.0	)		(45,689	)
Capital Goods		(2.6	)		(58,731	)
Materials		(2.6	)		(59,686	)
Real Estate		(2.9	)		(66,349	)
Health Care Equipment & Services		(3.2	)		(72,313	)
Energy		(3.9	)		(88,733	)
Pharmaceuticals, Biotechnology & Life Sciences		(4.8	)		(108,214	)

Total Short Positions		(34.7	)		(786,952	)

Other Assets in Excess of Liabilities		39.2			887,932

NET ASSETS		100.0	%	$	2,267,132

The following table presents a summary by industry group of the portfolio holdings of the Fund:


	% of Net Assets			Value
COMMON STOCKS:
Health Care Equipment & Services		9.7	%	$	256,033
Capital Goods		8.5			224,043
Software & Services		8.3			217,966
Retailing		8.0			210,220
Technology Hardware & Equipment		6.8			179,384
Semiconductors & Semiconductor Equipment		6.3			164,523
Media		6.2			161,705
Transportation		5.8			152,400
Food & Staples Retailing		5.5			144,354
Pharmaceuticals, Biotechnology & Life Sciences		5.4			143,101
Food, Beverage & Tobacco		4.3			112,795
Diversified Financials		4.1			108,538
Energy		3.4			90,170
Materials		3.3			87,879
Consumer Services		3.1			81,006
Telecommunication Services		2.7			70,851
Household & Personal Products		2.2			57,839
Automobiles & Components		1.9			49,222
Consumer Durables & Apparel		1.5			38,503
Insurance		1.1			27,557
Commercial & Professional Services		1.0			26,752
Utilities		0.9			22,749
Real Estate		0.5			13,122
Banks		0.0			244

Total Common Stocks		100.5			2,640,956

Liabilities in Excess of Other Assets		(0.5	)		(14,226	)

NET ASSETS		100.0	%	$	2,626,730

The following table presents a summary by industry group of the portfolio holdings of the Fund:


	% of Net Assets			Value
COMMON STOCKS:
Software & Services		11.1	%	$	326,227
Technology Hardware & Equipment		10.4			304,638
Retailing		8.6			253,391
Capital Goods		8.0			234,344
Health Care Equipment & Services		7.4			215,643
Media		7.2			209,976
Pharmaceuticals, Biotechnology & Life Sciences		6.6			193,766
Food & Staples Retailing		6.4			189,081
Semiconductors & Semiconductor Equipment		5.9			173,492
Energy		4.6			134,302
Transportation		4.2			123,865
Diversified Financials		3.7			108,900
Telecommunication Services		3.2			92,414
Food, Beverage & Tobacco		2.8			82,430
Materials		2.4			70,400
Consumer Services		1.7			50,003
Automobiles & Components		1.6			46,518
Consumer Durables & Apparel		1.0			28,384
Utilities		0.9			27,567
Insurance		0.8			23,599
Banks		0.7			20,043
Household & Personal Products		0.6			17,015
Real Estate		0.3			9,764
Commercial & Professional Services		0.2			5,399

Total Common Stocks		100.3			2,941,161

Liabilities in Excess of Other Assets		(0.3	)		(10,132	)

NET ASSETS		100.0	%	$	2,931,029

The following table presents a summary by industry group of the portfolio holdings of the Fund:


	% of Net Assets			Value
LONG POSITIONS:
Common Stocks:
Capital Goods		19.2	%	$	417,912
Software & Services		17.8			387,504
Food, Beverage & Tobacco		15.1			327,882
Health Care Equipment & Services		14.9			323,223
Pharmaceuticals, Biotechnology & Life Sciences		14.2			307,668
Retailing		13.7			298,424
Media		11.4			246,991
Technology Hardware & Equipment		10.6			230,383
Consumer Services		9.7			210,848
Food & Staples Retailing		7.6			165,737
Transportation		5.9			128,855
Semiconductors & Semiconductor Equipment		5.9			128,682
Household & Personal Products		5.7			124,824
Commercial & Professional Services		5.4			116,150
Consumer Durables & Apparel		4.5			97,915
Materials		4.3			94,163
Telecommunication Services		4.3			93,410
Energy		3.4			74,003
Automobiles & Components		2.1			44,684

Total Long Positions		175.7			3,819,258


	% of Net Assets			Value
SHORT POSITIONS:
Common Stocks:
Food & Staples Retailing		(0.8	)%	$	(16,548	)
Household & Personal Products		(1.1	)		(24,170	)
Telecommunication Services		(1.2	)		(26,808	)
Automobiles & Components		(1.8	)		(38,559	)
Media		(2.0	)		(44,620	)
Commercial & Professional Services		(2.3	)		(49,122	)
Consumer Durables & Apparel		(2.4	)		(51,805	)
Transportation		(3.0	)		(65,607	)
Food, Beverage & Tobacco		(3.1	)		(68,249	)
Energy		(3.4	)		(74,270	)
Semiconductors & Semiconductor Equipment		(3.7	)		(80,015	)
Consumer Services		(4.4	)		(94,753	)
Materials		(4.4	)		(94,941	)
Retailing		(5.5	)		(119,359	)
Pharmaceuticals, Biotechnology & Life Sciences		(5.8	)		(126,640	)
Health Care Equipment & Services		(6.0	)		(130,971	)
Technology Hardware & Equipment		(6.1	)		(132,967	)
Capital Goods		(8.3	)		(179,453	)
Software & Services		(10.5	)		(228,725	)

Total Short Positions		(75.8	)		(1,647,582	)

Other Assets in Excess of Liabilities		0.1			2,234

NET ASSETS		100.0	%	$	2,173,910

The following table presents a summary by industry group of the portfolio holdings of the Fund:


	% of Net Assets			Value
LONG POSITIONS:
Common Stocks:
Health Care Equipment & Services		17.8	%	$	1,412,605
Capital Goods		14.9			1,183,628
Media		14.4			1,143,595
Technology Hardware & Equipment		12.5			992,262
Retailing		12.2			968,206
Food & Staples Retailing		12.1			957,081
Software & Services		11.4			908,243
Pharmaceuticals, Biotechnology & Life Sciences		10.6			840,245
Food, Beverage & Tobacco		10.3			814,671
Semiconductors & Semiconductor Equipment		8.3			658,777
Transportation		8.2			649,577
Energy		7.9			631,039
Telecommunication Services		6.5			513,931
Materials		5.7			453,158
Real Estate		5.6			444,267
Consumer Services		4.7			372,335
Household & Personal Products		4.2			331,140
Diversified Financials		3.6			287,609
Utilities		3.5			276,033
Automobiles & Components		3.1			250,330
Insurance		2.9			232,313
Commercial & Professional Services		2.8			220,052
Consumer Durables & Apparel		2.1			169,587

Total Long Positions		185.3			14,710,684


	% of Net Assets			Value
SHORT POSITIONS:
Common Stocks:
Household & Personal Products		(0.2	)%	$	(18,497	)
Telecommunication Services		(0.4	)		(28,883	)
Commercial & Professional Services		(0.6	)		(44,930	)
Media		(0.6	)		(45,434	)
Technology Hardware & Equipment		(0.7	)		(52,831	)
Transportation		(0.8	)		(64,206	)
Automobiles & Components		(1.0	)		(83,697	)
Consumer Services		(1.5	)		(115,843	)
Consumer Durables & Apparel		(1.9	)		(152,680	)
Food, Beverage & Tobacco		(2.8	)		(226,081	)
Utilities		(3.1	)		(243,948	)
Retailing		(3.3	)		(258,914	)
Real Estate		(3.6	)		(286,119	)
Materials		(3.8	)		(299,779	)
Semiconductors & Semiconductor Equipment		(4.6	)		(362,398	)
Insurance		(4.9	)		(392,939	)
Software & Services		(5.5	)		(441,338	)
Diversified Financials		(6.3	)		(497,827	)
Energy		(7.2	)		(575,194	)
Pharmaceuticals, Biotechnology & Life Sciences		(7.4	)		(587,873	)
Banks		(8.2	)		(648,068	)
Capital Goods		(8.6	)		(687,156	)
Health Care Equipment & Services		(8.8	)		(699,979	)

Total Short Positions		(85.8	)		(6,814,614	)

Other Assets in Excess of Liabilities		0.5			43,532

NET ASSETS		100.0	%	$	7,939,602

The following table presents a summary by security type of the portfolio holdings of the Fund:

The following table presents a summary by industry group of the portfolio holdings of the Fund:


	% of Net Assets			Value
LONG POSITIONS:
Common Stocks:
Semiconductors & Semiconductor
Equipment		2.8	%	$	113,203
Capital Goods		2.1			84,598
Food, Beverage & Tobacco		2.0			83,120
Pharmaceuticals, Biotechnology & Life Sciences		1.8			74,455
Technology Hardware & Equipment		1.7			70,252
Media		1.6			66,585
Consumer Services		1.6			64,733
Health Care Equipment & Services		1.4			58,025
Retailing		1.4			56,265
Software & Services		1.3			54,192
Transportation		1.2			47,709
Food & Staples Retailing		1.1			43,544
Commercial & Professional Services		0.9			35,179
Consumer Durables & Apparel		0.8			34,048
Telecommunication Services		0.6			25,060
Household & Personal Products		0.5			19,848
Automobiles & Components		0.4			14,962
Affiliated Equity Registered Investment Companies		59.9			2,439,300
U.S. Treasury Obligations		4.9			198,650

Total Long Positions		88.0			3,583,728


	% of Net Assets			Value
SHORT POSITIONS:
Common Stocks:
Telecommunication Services		(0.1	)%	$	(5,404	)
Media		(0.3	)		(13,847	)
Food & Staples Retailing		(0.4	)		(15,482	)
Household & Personal Products		(0.4	)		(16,548	)
Commercial & Professional Services		(0.5	)		(19,657	)
Food, Beverage & Tobacco		(0.8	)		(32,687	)
Transportation		(0.9	)		(35,431	)
Consumer Services		(0.9	)		(35,834	)
Retailing		(1.0	)		(39,358	)
Automobiles & Components		(1.1	)		(45,222	)
Semiconductors & Semiconductor Equipment		(1.2	)		(48,385	)
Consumer Durables & Apparel		(1.3	)		(53,917	)
Technology Hardware & Equipment		(1.7	)		(67,318	)
Pharmaceuticals, Biotechnology & Life Sciences		(2.0	)		(83,378	)
Software & Services		(2.9	)		(120,167	)
Health Care Equipment & Services		(3.3	)		(133,099	)
Capital Goods		(4.5	)		(181,920	)

Total Short Positions		(23.3	)		(947,654	)

Other Assets in Excess of Liabilities		35.3			1,438,849

NET ASSETS		100.0	%	$	4,074,923


	Number of Shares		Value
LONG POSITIONS — 120.2%
COMMON STOCKS — 120.2%
Automobiles & Components — 2.1%
BorgWarner, Inc.†		11,366	$	582,280
Cooper-Standard Holdings, Inc.†*		2,298		266,499
Delphi Automotive PLC (Jersey)†		18,374		1,808,002
Dorman Products, Inc.^(a)*		8,667		620,731
General Motors Co.†		182,926		7,386,552
Gentex Corp.†^(a)		80,680		1,597,464
Harley-Davidson, Inc.^(a)		39,121		1,886,023
Lear Corp.†^(a)		12,315		2,131,480
Motorcar Parts of America, Inc.^(a)*		3,997		117,752
Thor Industries, Inc.		4,506		567,350
Visteon Corp.^(a)(b)*		8,623		1,067,269
Winnebago Industries, Inc.^(a)		19,947		892,628

				18,924,030

Capital Goods — 14.6%
3M Co.†^(a)		1,971		413,713
Acuity Brands, Inc.^(a)		14,895		2,551,216
AECOM^(a)*		3,266		120,221
Allegion PLC (Ireland)†^(a)		14,663		1,267,910
Allison Transmission Holdings, Inc.^(a)		115,456		4,333,064
American Woodmark Corp.†^(a)*		2,798		269,307
AMETEK, Inc.†		45,115		2,979,395
Applied Industrial Technologies, Inc.^(a)		10,185		670,173
Arconic, Inc.†^(a)		163,800		4,075,344
Argan, Inc.†		38,240		2,571,640
Atkore International Group, Inc.^(a)*		10,376		202,436
Blue Bird Corp.^(a)*		76		1,566
Boeing Co. (The)†		40,798		10,371,260
Briggs & Stratton Corp.^(a)		5,392		126,712
Builders FirstSource, Inc.^(b)*		13,984		251,572
BWX Technologies, Inc.†^(a)		14,353		804,055
Caterpillar, Inc.^(b)		67,379		8,402,835
Chart Industries, Inc.†*		9,908		388,691
Continental Building Products, Inc.†*		27,710		720,460
Crane Co.†		17,213		1,376,868
CSW Industrials, Inc.*		316		14,015
Cummins, Inc.†^(b)		26,322		4,422,886
Deere & Co.^(b)		11,286		1,417,409
DigitalGlobe, Inc.(a)*		11,190		394,448
EMCOR Group, Inc.†		21,318		1,479,043
Emerson Electric Co.†		4,212		264,682
EnerSys†^(b)		19,449		1,345,287


	Number of Shares		Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
Fastenal Co.†^(a)		66,682	$	3,039,366
Flowserve Corp.^(a)		33,276		1,417,225
Fortive Corp.†		12,752		902,714
Fortune Brands Home & Security, Inc.^(a)		5,833		392,153
General Electric Co.†		45,931		1,110,612
Gibraltar Industries, Inc.†^(a)*		55,172		1,718,608
GMS, Inc.†^(a)*		38,792		1,373,237
Harsco Corp.†*		55,480		1,159,532
Hillenbrand, Inc.†^(a)(b)		33,908		1,317,326
Honeywell International, Inc.†		45,714		6,479,502
Hubbell, Inc.†		11,719		1,359,638
Illinois Tool Works, Inc.†		13,480		1,994,501
Ingersoll-Rand PLC (Ireland)†		43,910		3,915,455
Jacobs Engineering Group, Inc.†		40,988		2,388,371
Kadant, Inc.^(a)		1,877		184,978
Kennametal, Inc.†^(a)		50,526		2,038,219
L3 Technologies, Inc.†		18		3,392
Lockheed Martin Corp.†^(b)		19,926		6,182,839
Masco Corp.^(a)(b)		68,581		2,675,345
Meritor, Inc.^(a)*		16,016		416,576
Moog, Inc., Class A*		1,637		136,575
MSC Industrial Direct Co., Inc., Class A^(a)		1,468		110,937
Mueller Industries, Inc.^(a)		9,324		325,874
Mueller Water Products, Inc., Class A^(a)		22,438		287,206
Northrop Grumman Corp.†		1,846		531,131
Oshkosh Corp.^(a)(b)		8,190		676,003
PACCAR, Inc.†^(a)		26,891		1,945,295
Pentair PLC (Ireland)^(b)		72,437		4,922,819
Primoris Services Corp.^(a)		8,340		245,363
Regal Beloit Corp.†		3,361		265,519
Rexnord Corp.†^(b)*		57,653		1,464,963
Rockwell Automation, Inc.†^(a)(b)		33,211		5,918,532
Rush Enterprises, Inc., Class A^(a)*		13,834		640,376
Snap-on, Inc.†^(a)		14,662		2,184,785
Spirit AeroSystems Holdings, Inc., Class A†		25,477		1,980,072
SPX Corp.†*		32,690		959,125
SPX FLOW, Inc.^(a)*		15,779		608,438
Stanley Black & Decker, Inc.†		982		148,253


	Number of Shares		Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
Terex Corp.†^(a)		20,176	$	908,324
Textainer Group Holdings Ltd. (Bermuda)^(a)*		18,838		323,072
Textron, Inc.†		37,600		2,025,888
Toro Co. (The)^(a)		16,369		1,015,860
TransDigm Group, Inc.^(a)		7,596		1,941,917
Triumph Group, Inc.^(a)		21,938		652,656
Tutor Perini Corp.^(a)*		3,642		103,433
United Rentals, Inc.†*		2		277
United Technologies Corp.†		17,258		2,003,309
Univar, Inc.†*		13,131		379,880
Wabash National Corp.†^(a)		86,178		1,966,582
WW Grainger, Inc.†^(a)		19,002		3,415,610

				129,393,871

Commercial & Professional Services — 2.3%
Copart, Inc.†*		12,424		427,013
Deluxe Corp.^(a)		10,430		760,973
Equifax, Inc.^(a)(b)		21,431		2,271,472
KAR Auction Services, Inc.^(a)(b)		47,698		2,277,103
Kimball International, Inc., Class B^(a)		1,787		35,329
Korn/Ferry International†		21,698		855,552
LSC Communications, Inc.^(a)		21,549		355,774
MSA Safety, Inc.^(a)		5,922		470,858
Quad/Graphics, Inc.†		13,220		298,904
Republic Services, Inc.†		22,958		1,516,605
Robert Half International, Inc.†		41,225		2,075,266
RPX Corp.^(a)*		12,416		164,884
SP Plus Corp.^(a)*		11,083		437,778
Stericycle, Inc.^(b)*		23,472		1,681,065
Tetra Tech, Inc.^(a)(b)		27,773		1,292,833
TransUnion^(a)*		18,186		859,470
TriNet Group, Inc.^(a)*		10,526		353,884
TrueBlue, Inc.†*		69		1,549
Verisk Analytics, Inc.†^(a)*		26,197		2,179,328
VSE Corp.^(a)		615		34,969
Waste Management, Inc.†^(a)		29,445		2,304,660
West Corp.		301		7,064

				20,662,333

Consumer Durables & Apparel — 3.2%
Brunswick Corp.^(a)		7,434		416,081
Cavco Industries, Inc.†*		6,158		908,613
Coach, Inc.†^(a)		96,528		3,888,148
Crocs, Inc.^(a)*		18,681		181,206
DR Horton, Inc.†^(a)		65,895		2,631,187


	Number of Shares		Value
COMMON STOCKS — (Continued)
Consumer Durables & Apparel — (Continued)
Ethan Allen Interiors, Inc.^(a)		9,696	$	314,150
Garmin Ltd. (Switzerland)†^(a)		52,689		2,843,625
Gildan Activewear, Inc. (Canada)		3,986		124,682
Hasbro, Inc.†^(a)		11,986		1,170,673
iRobot Corp.^(a)*		2,259		174,079
Johnson Outdoors, Inc., Class A^(a)		1,036		75,918
La-Z-Boy, Inc.†		23,057		620,233
Michael Kors Holdings Ltd. (British Virgin Islands)†*		36,365		1,740,065
NIKE, Inc., Class B^(b)		15,126		784,283
Oxford Industries, Inc.^(a)		3,845		244,311
PulteGroup, Inc.†^(a)(b)		79,810		2,181,207
Ralph Lauren Corp.†^(a)(b)		45,747		4,039,003
TopBuild Corp.^(b)*		25,335		1,651,082
Tupperware Brands Corp.^(a)(b)		12,835		793,460
Whirlpool Corp.^(a)(b)		15,420		2,844,065
Wolverine World Wide, Inc.^(a)		28,659		826,812

				28,452,883

Consumer Services — 4.9%
Adtalem Global Education, Inc.†^(a)		46,618		1,671,255
Bloomin’ Brands, Inc.^(a)		20,594		362,454
Bob Evans Farms, Inc.†		23,129		1,792,729
Boyd Gaming Corp.^(a)(b)		96,504		2,513,929
Brinker International, Inc.^(a)		82,129		2,616,630
Cheesecake Factory, Inc. (The)^(a)		40,750		1,716,390
Choice Hotels International, Inc.^(a)		8,622		550,946
Churchill Downs, Inc.^(a)		4,786		986,873
Cracker Barrel Old Country Store, Inc.^(a)		2,915		441,972
Darden Restaurants, Inc.†		3,659		288,256
DineEquity, Inc.†^(a)		52,498		2,256,364
Eldorado Resorts, Inc.^(a)*		24,543		629,528
Graham Holdings Co., Class B†		195		114,094
Hilton Worldwide Holdings, Inc.†		65,082		4,519,945
La Quinta Holdings, Inc.†*		700		12,250
Marriott International, Inc., Class A†		29,338		3,234,808
McDonald’s Corp.†		10,799		1,691,987
Regis Corp.^(a)*		44		628
Royal Caribbean Cruises Ltd. (Liberia)†^(a)		46,068		5,460,901
Sonic Corp.†		27,604		702,522
Vail Resorts, Inc.^(b)		12,169		2,775,992


	Number of Shares		Value
COMMON STOCKS — (Continued)
Consumer Services — (Continued)
Weight Watchers International, Inc.^(a)*		22,620	$	985,101
Wyndham Worldwide Corp.†		41,914		4,418,155
Yum! Brands, Inc.†		49,874		3,671,225

				43,414,934

Energy — 2.7%
Archrock, Inc.†		127,370		1,598,493
CVR Energy, Inc.^(a)		57,986		1,501,837
Delek US Holdings, Inc.†		32,438		867,068
Exterran Corp.^(b)*		53,366		1,686,899
Fairmount Santrol Holdings, Inc.^(a)*		357,956		1,711,030
Imperial Oil Ltd. (Canada)^(a)		6,300		201,222
McDermott International, Inc. (Panama)†^(a)*		333,174		2,422,175
Occidental Petroleum Corp.†^(b)		23,376		1,500,973
Oceaneering International, Inc.†		16,584		435,662
Par Pacific Holdings, Inc.^(a)*		325		6,760
REX American Resources Corp.†^(a)*		5,910		554,535
Rowan Cos. PLC, Class A (United Kingdom)†*		79,140		1,016,949
Ship Finance International Ltd. (Bermuda)^(a)		161,055		2,335,298
Tidewater, Inc.^(a)*		1,027		29,865
TransCanada Corp. (Canada)†		74,798		3,697,265
Transocean Ltd. (Switzerland)^(a)*		364,069		3,917,382
Valero Energy Corp.^(a)		3,796		292,026

				23,775,439

Food & Staples Retailing — 3.5%
CVS Health Corp.†		91,722		7,458,833
Kroger Co. (The)†^(a)		262,306		5,261,858
Sysco Corp.^(a)(b)		99,792		5,383,778
United Natural Foods, Inc.^(a)*		23,697		985,558
Walgreens Boots Alliance, Inc.†^(a)(b)		72,951		5,633,276
Wal-Mart Stores, Inc.†^(a)		82,323		6,432,719

				31,156,022

Food, Beverage & Tobacco — 5.9%
Altria Group, Inc.†^(b)		126,008		7,991,427
Brown-Forman Corp., Class B†^(a)		37,711		2,047,707
Campbell Soup Co.†		80,530		3,770,415
Coca-Cola Co. (The)†^(a)(b)		89,080		4,009,491
Conagra Brands, Inc.†		74,601		2,517,038
Dean Foods Co.^(a)		180,238		1,960,989
Dr Pepper Snapple Group, Inc.†^(a)(b)		43,114		3,814,296


	Number of Shares		Value
COMMON STOCKS — (Continued)
Food, Beverage & Tobacco — (Continued)
Flowers Foods, Inc.^(a)		16,545	$	311,211
General Mills, Inc.†^(a)		56,787		2,939,295
Hormel Foods Corp.†^(a)		81,193		2,609,543
Ingredion, Inc.†^(a)(b)		5,698		687,407
JM Smucker Co. (The)†^(a)(b)		42,544		4,464,142
Kellogg Co.^(a)		70,072		4,370,391
Kraft Heinz Co. (The)†		24,072		1,866,784
Molson Coors Brewing Co., Class B^(a)(b)		27,389		2,236,038
Mondelez International, Inc., Class A†^(a)		19,872		807,996
PepsiCo, Inc.†		12,000		1,337,160
Philip Morris International, Inc.		20		2,220
Sanderson Farms, Inc.^(a)		18,865		3,047,075
TreeHouse Foods, Inc.^(a)*		14,562		986,284

				51,776,909

Health Care Equipment & Services — 8.5%
Acadia Healthcare Co., Inc.^(a)*		18,495		883,321
AmerisourceBergen Corp.†^(a)(b)		46,317		3,832,732
AMN Healthcare Services, Inc.^(a)*		39,976		1,826,903
Analogic Corp.^(a)		3,876		324,615
Anika Therapeutics, Inc.†^(a)*		5,976		346,608
Baxter International, Inc.†		16,011		1,004,690
Becton Dickinson and Co.†^(a)		6,245		1,223,708
Cerner Corp.^(a)(b)*		39,692		2,830,833
Chemed Corp.†		1,671		337,626
Community Health Systems, Inc.^(a)*		131,725		1,011,648
CONMED Corp.^(a)		11,952		627,121
CorVel Corp.*		404		21,978
Cotiviti Holdings, Inc.†^(a)*		69,096		2,486,074
CR Bard, Inc.†^(a)		1,690		541,645
Danaher Corp.^(a)		2,205		189,145
Express Scripts Holding Co.†^(a)(b)*		139,365		8,824,592
Globus Medical, Inc., Class A†^(a)(b)*		74,256		2,206,888
Halyard Health, Inc.†*		29,673		1,336,175
HCA Healthcare, Inc.†*		53,610		4,266,820
Hill-Rom Holdings, Inc.†^(a)		27,200		2,012,800
Hologic, Inc.^(a)(b)*		66,588		2,443,114
Integer Holdings Corp.†^(a)*		34,314		1,755,161
Kindred Healthcare, Inc.†^(a)		83,803		569,860
Laboratory Corp. of America Holdings†*		14,686		2,217,145
Landauer, Inc.		48		3,230


	Number of Shares		Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — (Continued)
LHC Group, Inc.^(a)*		3,533	$	250,560
LifePoint Health, Inc.^(a)*		3,286		190,259
Masimo Corp.†^(a)*		11,356		982,975
McKesson Corp.†^(a)(b)		43,381		6,663,755
Medtronic PLC (Ireland)†^(b)		57,935		4,505,605
Meridian Bioscience, Inc.†^(a)		34,031		486,643
National HealthCare Corp.^(a)		344		21,524
Patterson Cos., Inc.^(a)		32,039		1,238,307
Quality Systems, Inc.^(a)*		28,052		441,258
Quest Diagnostics, Inc.†^(a)		22,277		2,086,018
STERIS PLC (United Kingdom)^(a)^(b)		7,024		620,922
Stryker Corp.^(b)		8,972		1,274,203
Tivity Health, Inc.^(a)*		17,460		712,368
Universal Health Services, Inc., Class B†^(a)		13,456		1,492,809
Varian Medical Systems, Inc.†^(a)*		53,715		5,374,723
Veeva Systems, Inc., Class A^(a)(b)*		32,738		1,846,751
Zimmer Biomet Holdings, Inc.†		28,902		3,384,135

				74,697,247

Household & Personal Products — 1.8%
Avon Products, Inc.*		224,227		522,449
Central Garden & Pet Co., Class A†*		11,780		438,098
Church & Dwight Co., Inc.†^(a)		16,512		800,006
Clorox Co. (The)†^(a)(b)		46,248		6,100,574
Colgate-Palmolive Co.†		17,472		1,272,835
Edgewell Personal Care Co.^(a)*		3,403		247,636
Estee Lauder Cos., Inc. (The), Class A†		7,058		761,135
Kimberly-Clark Corp.†^(a)		49,605		5,837,516

				15,980,249

Materials — 3.1%
Ashland Global Holdings, Inc.^(a)		15,099		987,324
Chase Corp.^(a)		346		38,544
Chemours Co. (The)†		6,251		316,363
Domtar Corp.†^(a)		54,988		2,385,929
Eagle Materials, Inc.†		1,123		119,824
Huntsman Corp.†		3,906		107,103
Innophos Holdings, Inc.		4,479		220,322
Koppers Holdings, Inc.†*		1,095		50,534
Kronos Worldwide, Inc.^(a)		15,313		349,596
Louisiana-Pacific Corp.†^(a)*		133,023		3,602,263
LyondellBasell Industries NV, Class A (Netherlands)†		7,608		753,572


	Number of Shares		Value
COMMON STOCKS — (Continued)
Materials — (Continued)
Martin Marietta Materials, Inc.^(a)(b)		9,495	$	1,958,154
Methanex Corp. (Canada)†^(a)(b)		112,187		5,643,006
Minerals Technologies, Inc.†		4,852		342,794
Packaging Corp. of America^(a)(b)		31,992		3,668,843
Scotts Miracle-Gro Co. (The)^(a)		11,989		1,167,009
Trinseo SA (Luxembourg)†		6,981		468,425
Westlake Chemical Corp.†^(a)		53,284		4,427,368
WR Grace & Co.^(a)(b)		15,205		1,097,041

				27,704,014

Media — 6.6%
CBS Corp., Class B, non-voting shares†^(a)		59,495		3,450,710
Comcast Corp., Class A†		194,549		7,486,245
Discovery Communications, Inc., Class A†^(a)*		97,948		2,085,313
DISH Network Corp., Class A†^(a)*		46,671		2,530,968
Gannett Co., Inc.^(a)		82,825		745,425
Interpublic Group of Cos., Inc. (The)†		53,403		1,110,248
MSG Networks, Inc., Class A†^(a)*		82,364		1,746,117
News Corp., Class A^(a)(b)		146,568		1,943,492
Omnicom Group, Inc.^(a)		88,197		6,532,752
Scripps Networks Interactive, Inc., Class A†^(a)		21,758		1,868,795
TEGNA, Inc.†		39,322		524,162
Time Warner, Inc.†		77,444		7,934,138
Tribune Media Co., Class A^(a)		5,868		239,766
Twenty-First Century Fox, Inc., Class A†^(b)		370,000		9,760,600
Viacom, Inc., Class B†^(a)(b)		137,337		3,823,462
Walt Disney Co. (The)†^(a)(b)		61,748		6,086,500

				57,868,693

Pharmaceuticals, Biotechnology & Life Sciences — 11.1%
AbbVie, Inc.†^(b)		44,638		3,966,533
Acorda Therapeutics, Inc.^(a)*		20,965		495,822
Agilent Technologies, Inc.†^(a)		12,282		788,504
Akorn, Inc.^(a)*		11,647		386,564
Alexion Pharmaceuticals, Inc.*		2,914		408,805
AMAG Pharmaceuticals, Inc.†^(a)*		122,184		2,254,295
Amgen, Inc.†^(b)		42,584		7,939,787
Biogen, Inc.†^(a)*		12,330		3,860,770
Bio-Techne Corp.^(a)		2,746		331,964
Bioverativ, Inc.†^(a)(b)*		60,060		3,427,624
Bluebird Bio, Inc.^(a)*		14,082		1,934,163


	Number of Shares		Value
COMMON STOCKS — (Continued)
Pharmaceuticals, Biotechnology & Life Sciences — (Continued)
Bristol-Myers Squibb Co.†^(b)		15,502	$	988,097
Catalent, Inc.^(a)*		19,983		797,721
Celgene Corp.†^(b)*		32,038		4,671,781
Charles River Laboratories International, Inc.†^(a)*		8,606		929,620
Eagle Pharmaceuticals, Inc.†^(a)*		39,778		2,372,360
Emergent BioSolutions, Inc.†^(a)*		37,850		1,531,032
Endo International PLC (Ireland)^†(a)^(b)*		222,201		1,903,152
Exact Sciences Corp.^(a)*		69,945		3,295,808
Exelixis, Inc.†^(a)(b)*		192,358		4,660,834
Gilead Sciences, Inc.†^(a)		110,231		8,930,916
ImmunoGen, Inc.^(a)*		22,448		171,727
Immunomedics, Inc.^(a)*		67,310		940,994
Incyte Corp.†*		26,113		3,048,432
Innoviva, Inc.^(a)*		118,672		1,675,649
Ionis Pharmaceuticals, Inc.†^(a)*		65,496		3,320,647
Jazz Pharmaceuticals PLC (Ireland)†*		5,822		851,468
Johnson & Johnson†^(a)		12,397		1,611,734
Kite Pharma, Inc.*		11,247		2,022,323
Ligand Pharmaceuticals, Inc.†^(a)*		11,423		1,555,241
Merck & Co., Inc.†		24,999		1,600,686
MiMedx Group, Inc.^(a)*		265,057		3,148,877
Myriad Genetics, Inc.†^(a)*		48,418		1,751,763
PerkinElmer, Inc.†		23,242		1,603,001
Perrigo Co. PLC (Ireland)^(a)(b)		23,157		1,960,240
Phibro Animal Health Corp., Class A^(a)		12,612		467,275
Prestige Brands Holdings, Inc.^(a)*		15,767		789,769
Progenics Pharmaceuticals, Inc.^(a)*		20,224		148,849
Regeneron Pharmaceuticals, Inc.†^(a)(b)*		6,903		3,086,469
Repligen Corp.^(a)*		15,264		584,916
Supernus Pharmaceuticals, Inc.^(a)*		25,066		1,002,640
United Therapeutics Corp.†^(a)*		23,295		2,729,941
Valeant Pharmaceuticals International, Inc. (Canada)*		28,511		408,563
Vanda Pharmaceuticals, Inc.*		19,078		341,496
Vertex Pharmaceuticals, Inc.†*		23,299		3,542,380
Waters Corp.†^(a)(b)*		15,758		2,828,876
Xencor, Inc.†*		26,486		607,059

				97,677,167


	Number of Shares		Value
COMMON STOCKS — (Continued)
Retailing — 9.6%
Aaron’s, Inc.†		21,626	$	943,542
Advance Auto Parts, Inc.†^(a)		37,255		3,695,696
Asbury Automotive Group, Inc.†*		11,854		724,279
AutoNation, Inc.^(a)*		18,725		888,688
AutoZone, Inc.†^(a)*		7,738		4,604,961
Bed Bath & Beyond, Inc.^(a)		110,226		2,587,004
Best Buy Co., Inc.†^(a)		59,933		3,413,784
Buckle, Inc. (The)^(a)		12,026		202,638
CarMax, Inc.†^(a)*		36,938		2,800,270
Chico’s FAS, Inc.^(a)(b)		127,119		1,137,715
Dollar General Corp.†^(a)		30,050		2,435,552
Dollar Tree, Inc.†*		21,808		1,893,371
Foot Locker, Inc.^(a)(b)		30,199		1,063,609
Gap, Inc. (The)^(a)		81,535		2,407,729
Genuine Parts Co.^(a)		24,195		2,314,252
Home Depot, Inc. (The)†^(b)		40,494		6,623,199
JC Penney Co., Inc.^(a)*		334,750		1,275,398
L Brands, Inc.†^(a)		52,325		2,177,243
LKQ Corp.†*		77,938		2,804,989
Lowe’s Cos., Inc.†^(b)		143,262		11,452,364
Macy’s, Inc.†^(a)		13,589		296,512
Nutrisystem, Inc.^(a)		51,187		2,861,353
Office Depot, Inc.†		33,001		149,825
O’Reilly Automotive, Inc.†^(a)*		17,162		3,696,180
PetMed Express, Inc.^(a)		38,632		1,280,651
Priceline Group, Inc. (The)†^(a)(b)*		1,480		2,709,614
RH^(a)*		7,250		509,820
Ross Stores, Inc.†^(a)(b)		68,847		4,445,451
Sally Beauty Holdings, Inc.^(a)*		1,001		19,600
Signet Jewelers Ltd. (Bermuda)^(a)		44,782		2,980,242
Tailored Brands, Inc.^(a)		49,886		720,354
Target Corp.†^(a)(b)		74,898		4,419,731
Tiffany & Co.†^(a)		1,368		125,555
TJX Cos., Inc. (The)†^(a)		60,925		4,492,000
Tractor Supply Co.^(a)		5,045		319,298
Urban Outfitters, Inc.^(b)*		13,152		314,333

				84,786,802

Semiconductors & Semiconductor Equipment — 8.6%
Advanced Energy Industries, Inc.†*		17,458		1,409,908
Analog Devices, Inc.^(a)(b)		17,091		1,472,731
Applied Materials, Inc.†^(b)		202,916		10,569,894
Axcelis Technologies, Inc.*		31,109		850,831
Cabot Microelectronics Corp.^(a)		1,941		155,144


	Number of Shares		Value
COMMON STOCKS — (Continued)
Semiconductors & Semiconductor Equipment — (Continued)
Diodes, Inc.^(a)*		9,309	$	278,618
Intel Corp.†^(a)		171,771		6,541,040
KLA-Tencor Corp.†		59,382		6,294,492
Lam Research Corp.†^(b)		39,866		7,376,805
Marvell Technology Group Ltd. (Bermuda)^(b)		43,705		782,320
Maxim Integrated Products, Inc.†^(a)		38,911		1,856,444
Microchip Technology, Inc.^(a)		26,564		2,384,916
Micron Technology, Inc.*		287,569		11,310,089
MKS Instruments, Inc.†		13,306		1,256,752
ON Semiconductor Corp.†^(a)(b)*		250,799		4,632,258
QUALCOMM, Inc.†^(b)		117,437		6,087,934
Rudolph Technologies, Inc.†*		10,444		274,677
Skyworks Solutions, Inc.†^(a)		37,754		3,847,133
Teradyne, Inc.†^(a)		29,161		1,087,414
Texas Instruments, Inc.†^(b)		38,964		3,492,733
Xcerra Corp.^(a)*		36,751		361,997
Xilinx, Inc.†^(a)(b)		47,984		3,398,707

				75,722,837

Software & Services — 13.6%
Accenture PLC, Class A (Ireland)†		19,569		2,643,185
ACI Worldwide, Inc.^(a)*		11,448		260,785
Adobe Systems, Inc.†^(a)(b)*		15,736		2,347,496
Alphabet, Inc., Class A†^(b)*		6,027		5,868,610
Amdocs, Ltd. (Guernsey)		6,007		386,370
ANSYS, Inc.†^(a)*		24,110		2,959,020
Appfolio, Inc., Class A^(a)*		3,748		179,717
Aspen Technology, Inc.†*		28,043		1,761,381
Automatic Data Processing, Inc.^(a)(b)		26,304		2,875,553
AVG Technologies NV (Netherlands)*		4,473		110,707
Blucora, Inc.†^(a)*		78,184		1,978,055
Broadridge Financial Solutions, Inc.†^(a)		19,582		1,582,617
CA, Inc.†^(a)		113,818		3,799,245
CACI International, Inc., Class A^(b)*		11,661		1,624,960
Cadence Design Systems, Inc.^(a)*		7,820		308,655
Cars.com, Inc.†^(a)*		78,009		2,075,819
CDK Global, Inc.†^(a)(b)		42,524		2,682,839
CGI Group, Inc., Class A (Canada)*		2,302		119,405
Citrix Systems, Inc.†*		39,178		3,009,654
Convergys Corp.^(a)		19,151		495,819
CoStar Group, Inc.^(a)*		1,205		323,241
CSRA, Inc.†		51,658		1,667,004
eBay, Inc.†*		57,407		2,207,873


	Number of Shares		Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
Electronic Arts, Inc.†^(a)*		73,781	$	8,710,585
Facebook, Inc., Class A†^(b)*		21,451		3,665,332
Fair Isaac Corp.^(a)		6,115		859,158
Fidelity National Information Services, Inc.†		4,564		426,232
Fiserv, Inc.^(a)*		7,424		957,399
Guidewire Software, Inc.^(a)*		4,146		322,808
IAC/InterActiveCorp.†*		10,616		1,248,229
International Business Machines Corp.†		45,090		6,541,657
Intuit, Inc.†		58,410		8,302,397
j2 Global, Inc.^(a)(b)		41,503		3,066,242
Jack Henry & Associates, Inc.^(a)		5,402		555,272
LogMeIn, Inc.†		3		330
Manhattan Associates, Inc.†^(a)*		40,643		1,689,530
Mastercard, Inc., Class A^(b)		2,314		326,737
MAXIMUS, Inc.^(a)		9,815		633,068
Microsoft Corp.^(b)		45,124		3,361,287
MicroStrategy, Inc., Class A†^(a)*		8,523		1,088,472
NIC, Inc.†^(a)		85,767		1,470,904
Nuance Communications, Inc.^(a)(b)*		53,683		843,897
Open Text Corp. (Canada)^(a)		5,317		171,686
Oracle Corp.†		157,489		7,614,593
Paychex, Inc.†^(a)		64,309		3,855,968
Pegasystems, Inc.^(a)		8,893		512,681
Progress Software Corp.^(a)(b)		41,661		1,590,200
Qualys, Inc.^(a)*		1,855		96,089
Red Hat, Inc.*		7,155		793,203
Science Applications International Corp.†		3,809		254,632
SS&C Technologies Holdings, Inc.†^(a)(b)		41,938		1,683,811
Stamps.com, Inc.†*		2,967		601,263
Synopsys, Inc.†*		41,655		3,354,477
Total System Services, Inc.^(a)(b)		25,730		1,685,315
Trade Desk, Inc. (The), Class A^(a)(b)*		48,737		2,997,813
Travelport Worldwide Ltd. (Bermuda)^(a)(b)		46,648		732,374
VASCO Data Security International, Inc.^(a)*		14,649		176,520
VeriSign, Inc.^(a)*		20,863		2,219,615
Visa, Inc., Class A^(a)(b)		16,084		1,692,680
VMware, Inc., Class A^(a)*		13,925		1,520,471
Web.com Group, Inc.†^(a)(b)*		48,334		1,208,350


	Number of Shares		Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
Western Union Co. (The)^(a)		85,465	$	1,640,928

				119,740,215

Technology Hardware & Equipment — 9.2%
Anixter International, Inc.†^(a)*		9,630		818,550
Apple, Inc.†^(a)		35,821		5,520,732
Avnet, Inc.†		47,953		1,884,553
AVX Corp.†		41,496		756,472
Benchmark Electronics, Inc.†*		45,362		1,549,112
Celestica, Inc. (Canada)*		122		1,510
Cisco Systems, Inc.†		225,170		7,572,467
Coherent, Inc.^(b)*		918		215,886
Dolby Laboratories, Inc., Class A^(a)		11,397		655,555
EchoStar Corp., Class A^(a)(b)*		20,621		1,180,140
ePlus, Inc.^(a)*		2,357		217,905
Extreme Networks, Inc.†^(a)*		65,015		773,028
F5 Networks, Inc.†^(a)(b)*		27,027		3,258,375
FLIR Systems, Inc.†		25,282		983,723
Harris Corp.†^(a)		46,917		6,178,031
Hewlett Packard Enterprise Co.†^(a)		360,638		5,304,985
HP, Inc.†^(a)(b)		360,534		7,196,259
InterDigital, Inc.†		8,207		605,266
Itron, Inc.^(a)*		6,536		506,213
Jabil, Inc.^(a)		25,108		716,833
Juniper Networks, Inc.†^(a)(b)		222,004		6,178,371
Motorola Solutions, Inc.†		16,668		1,414,613
NetApp, Inc.†^(b)		79,142		3,463,254
OSI Systems, Inc.^(a)*		9,176		838,411
Plantronics, Inc.†		12,987		574,285
Rogers Corp.^(a)*		4,040		538,451
Seagate Technology PLC (Ireland)^(a)		91,272		3,027,492
TE Connectivity Ltd. (Switzerland)†		35,100		2,915,406
Trimble, Inc.^(a)*		9,719		381,471
VeriFone Systems, Inc.^(a)*		24,312		493,047
Viavi Solutions, Inc.^(a)*		61,989		586,416
Vishay Intertechnology, Inc.^(a)		124,255		2,335,994
Western Digital Corp.†^(a)		87,452		7,555,853
Xerox Corp.†^(a)		66,301		2,207,160
Zebra Technologies Corp., Class A†^(a)(b)*		30,140		3,272,601

				81,678,420


	Number of Shares		Value
COMMON STOCKS — (Continued)
Telecommunication Services — 2.2%
AT&T, Inc.†		114,667	$	4,491,506
CenturyLink, Inc.^(a)		170,008		3,213,151
Frontier Communications Corp.^(a)		169,369		1,996,861
Intelsat SA (Luxembourg)*		2,462		11,571
Level 3 Communications, Inc.†^(a)*		67,942		3,620,629
Rogers Communications, Inc., Class B (Canada)†		17,998		927,617
United States Cellular Corp.^(a)*		2,915		103,191
Verizon Communications, Inc.†		106,600		5,275,634

				19,640,160

Transportation — 6.7%
Alaska Air Group, Inc.†^(a)(b)		53,790		4,102,563
Canadian National Railway Co. (Canada)^(b)		40,990		3,396,021
Canadian Pacific Railway Ltd. (Canada)^(a)		2,852		479,222
CSX Corp.^(b)		56,757		3,079,635
Delta Air Lines, Inc.†^(a)		214,612		10,348,591
Expeditors International of Washington, Inc.†^(a)		38,254		2,289,884
FedEx Corp.†		22,382		5,048,932
Forward Air Corp.^(a)		7,322		419,038
Hawaiian Holdings, Inc.^(a)(b)*		52,861		1,984,931
Heartland Express, Inc.^(a)		7,286		182,733
JB Hunt Transport Services, Inc.^(a)(b)		25,752		2,860,532
Kirby Corp.^(a)*		22,847		1,506,760
Norfolk Southern Corp.†^(b)		28,323		3,745,434
Southwest Airlines Co.†		126,314		7,071,058
Union Pacific Corp.†		36,772		4,264,449
United Continental Holdings, Inc.†*		234		14,246
United Parcel Service, Inc., Class B†^(a)(b)		28,165		3,382,335


	Number of Shares			Value
COMMON STOCKS — (Continued)
Transportation — (Continued)
Werner Enterprises, Inc.^(a)		30,482		$	1,114,117
XPO Logistics, Inc.†*		61,334			4,157,219

					59,447,700

TOTAL COMMON STOCKS (Cost $966,768,675)					1,062,499,925


	Par Value
CORPORATE BONDS AND NOTES — 0.0%
Capital Goods — 0.0%
Mueller Industries, Inc. 6.00%, 03/01/2027^(a)	$	785			809

TOTAL CORPORATE BONDS AND NOTES (Cost $785)					809

TOTAL LONG POSITIONS - 120.2%					1,062,500,734

(Cost $966,769,460)

	Number of Shares
SHORT POSITIONS — (60.1)%
COMMON STOCKS — (60.1)%
Automobiles & Components — (1.1)%
American Axle & Manufacturing Holdings, Inc.*		(152,511	)		(2,681,143	)
Cooper Tire & Rubber Co.		(69,152	)		(2,586,285	)
Ford Motor Co.		(33,058	)		(395,704	)
Gentherm, Inc.*		(12,771	)		(474,443	)
LCI Industries		(14,516	)		(1,681,679	)
Magna International, Inc. (Canada)		(5,897	)		(314,782	)
Modine Manufacturing Co.*		(27,637	)		(532,012	)
Tesla, Inc.*		(2,780	)		(948,258	)

					(9,614,306	)

Capital Goods — (5.7)%
AAR Corp.		(19,407	)		(733,197	)
Actuant Corp., Class A		(39,543	)		(1,012,301	)
Advanced Drainage Systems, Inc.		(22,900	)		(463,725	)
Aegion Corp.*		(4,845	)		(112,792	)
Aerovironment, Inc.*		(11,961	)		(647,329	)
Altra Industrial Motion Corp.		(11,108	)		(534,295	)
American Railcar Industries, Inc.		(11,985	)		(462,621	)
Apogee Enterprises, Inc.		(5,305	)		(256,019	)
Astec Industries, Inc.		(16,153	)		(904,730	)
Astronics Corp.*		(6,601	)		(196,380	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
Axon Enterprise, Inc.*		(152,981	)	$	(3,468,079	)
Beacon Roofing Supply, Inc.*		(41,059	)		(2,104,274	)
Carlisle Cos., Inc.		(3,222	)		(323,134	)
CIRCOR International, Inc.		(6,706	)		(365,008	)
Columbus McKinnon Corp.		(6,203	)		(234,908	)
Cubic Corp.		(17,186	)		(876,486	)
Douglas Dynamics, Inc.		(7,361	)		(290,023	)
Encore Wire Corp.		(8,019	)		(359,051	)
ESCO Technologies, Inc.		(3,154	)		(189,082	)
Esterline Technologies Corp.*		(2,204	)		(198,691	)
Federal Signal Corp.		(8,924	)		(189,903	)
Franklin Electric Co., Inc.		(13,655	)		(612,427	)
General Cable Corp.		(25,324	)		(477,357	)
Granite Construction, Inc.		(18,524	)		(1,073,466	)
Herc Holdings, Inc.*		(3,489	)		(171,415	)
Hexcel Corp.		(21,652	)		(1,243,258	)
Insteel Industries, Inc.		(5,418	)		(141,464	)
John Bean Technologies Corp.		(19,870	)		(2,008,857	)
Johnson Controls International PLC (Ireland)		(36,043	)		(1,452,172	)
Kaman Corp.		(5,556	)		(309,914	)
KBR, Inc.		(29,807	)		(532,949	)
Kratos Defense & Security Solutions, Inc.*		(201,791	)		(2,639,426	)
Lydall, Inc.*		(6,949	)		(398,178	)
Manitowoc Co., Inc. (The)*		(219,232	)		(1,973,088	)
Masonite International Corp. (Canada)*		(11,022	)		(762,722	)
MasTec, Inc.*		(4,241	)		(196,782	)
Mercury Systems, Inc.*		(5,694	)		(295,405	)
Middleby Corp. (The)*		(23,695	)		(3,036,988	)
MRC Global, Inc.*		(92,507	)		(1,617,947	)
NN, Inc.		(3,947	)		(114,463	)
NOW, Inc.*		(227,903	)		(3,147,340	)
Orbital ATK, Inc.		(17,299	)		(2,303,535	)
Park-Ohio Holdings Corp.		(11	)		(502	)
Ply Gem Holdings, Inc.*		(4,940	)		(84,227	)
Proto Labs, Inc.*		(2,951	)		(236,965	)
Quanex Building Products Corp.		(5,334	)		(122,415	)
Raven Industries, Inc.		(7,195	)		(233,118	)
REV Group, Inc.		(26,774	)		(770,020	)
Simpson Manufacturing Co., Inc.		(28,297	)		(1,387,685	)
SiteOne Landscape Supply, Inc.*		(10,632	)		(617,719	)
Standex International Corp.		(4,186	)		(444,553	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
Sunrun, Inc.*		(316,682	)	$	(1,757,585	)
Teledyne Technologies, Inc.*		(10,340	)		(1,645,921	)
Tennant Co.		(4,832	)		(319,878	)
Thermon Group Holdings, Inc.*		(5,227	)		(94,034	)
Timken Co. (The)		(4,377	)		(212,503	)
Titan International, Inc.		(23,014	)		(233,592	)
Universal Forest Products, Inc.		(12,134	)		(1,191,073	)
Wabtec Corp.		(8,915	)		(675,311	)
Watsco, Inc.		(957	)		(154,144	)
Wesco Aircraft Holdings, Inc.*		(102,251	)		(961,159	)
Xylem, Inc.		(11,031	)		(690,872	)

					(50,264,457	)

Commercial & Professional Services — (2.0)%
ABM Industries, Inc.		(14,435	)		(602,084	)
ACCO Brands Corp.*		(35,170	)		(418,523	)
Advanced Disposal Services, Inc.*		(57,904	)		(1,458,602	)
Advisory Board Co. (The)*		(23,476	)		(1,258,900	)
Clean Harbors, Inc.*		(9,500	)		(538,650	)
Covanta Holding Corp.		(269,051	)		(3,995,407	)
Exponent, Inc.		(1,792	)		(132,429	)
FTI Consulting, Inc.*		(45,415	)		(1,611,324	)
Healthcare Services Group, Inc.		(26,062	)		(1,406,566	)
HNI Corp.		(30,568	)		(1,267,655	)
Huron Consulting Group, Inc.*		(9,123	)		(312,919	)
ICF International, Inc.*		(2,990	)		(161,310	)
InnerWorkings, Inc.*		(7,781	)		(87,536	)
Knoll, Inc.		(25,314	)		(506,280	)
Matthews International Corp., Class A		(4,442	)		(276,514	)
Multi-Color Corp.		(10,192	)		(835,234	)
Navigant Consulting, Inc.*		(7,195	)		(121,739	)
Ritchie Bros Auctioneers, Inc. (Canada)		(11,914	)		(376,721	)
RR Donnelley & Sons Co.		(37,067	)		(381,790	)
Steelcase, Inc., Class A		(29,578	)		(455,501	)
US Ecology, Inc.		(276	)		(14,849	)
WageWorks, Inc.*		(22,501	)		(1,365,811	)

					(17,586,344	)

Consumer Durables & Apparel — (1.6)%
Acushnet Holdings Corp		(22,314	)		(396,297	)
American Outdoor Brands Corp.*		(82,413	)		(1,256,798	)
Callaway Golf Co.		(46,382	)		(669,292	)
Canada Goose Holdings, Inc. (Canada)*		(53,146	)		(1,092,150	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Consumer Durables & Apparel — (Continued)
Deckers Outdoor Corp.*		(23,663	)	$	(1,618,786	)
G-III Apparel Group Ltd.*		(36,432	)		(1,057,257	)
Hanesbrands, Inc.		(42,233	)		(1,040,621	)
Mattel, Inc.		(179,561	)		(2,779,604	)
Mohawk Industries, Inc.*		(10,738	)		(2,657,762	)
Movado Group, Inc.		(2,048	)		(57,344	)
Polaris Industries, Inc.		(1,437	)		(150,353	)
Skechers U.S.A., Inc., Class A*		(29,185	)		(732,252	)
Under Armour, Inc., Class C*		(44,469	)		(667,924	)

					(14,176,440	)

Consumer Services — (3.8)%
Belmond Ltd., Class A (Bermuda)*		(26,091	)		(356,142	)
Bright Horizons Family Solutions, Inc.*		(11,020	)		(950,034	)
Carnival Corp. (Panama)		(4,808	)		(310,453	)
Carrols Restaurant Group, Inc.*		(29,301	)		(319,381	)
Chegg, Inc.*		(158,872	)		(2,357,661	)
Fiesta Restaurant Group, Inc.*		(29,406	)		(558,714	)
Houghton Mifflin Harcourt Co.*		(163,878	)		(1,974,730	)
Hyatt Hotels Corp., Class A*		(5,130	)		(316,983	)
International Game Technology PLC (United Kingdom)		(65,042	)		(1,596,781	)
Laureate Education, Inc., Class A*		(22,446	)		(326,589	)
Marcus Corp. (The)		(280	)		(7,756	)
Monarch Casino & Resort, Inc.*		(554	)		(21,900	)
Norwegian Cruise Line Holdings Ltd. (Bermuda)*		(85,814	)		(4,638,247	)
Papa John’s International, Inc.		(18,895	)		(1,380,658	)
Planet Fitness, Inc., Class A		(11,787	)		(318,013	)
Red Robin Gourmet Burgers, Inc.*		(12,435	)		(833,145	)
Red Rock Resorts, Inc., Class A		(49,606	)		(1,148,875	)
Restaurant Brands International, Inc. (Canada)		(5,273	)		(336,839	)
SeaWorld Entertainment, Inc.		(380,016	)		(4,936,408	)
Shake Shack, Inc., Class A*		(167,407	)		(5,562,935	)
Texas Roadhouse, Inc.		(20,601	)		(1,012,333	)
Wendy’s Co. (The)		(188,854	)		(2,932,903	)
Wingstop, Inc.		(49,984	)		(1,661,968	)

					(33,859,448	)

Energy — (2.7)%
Andeavor		(47,096	)		(4,857,952	)
Cenovus Energy, Inc. (Canada)		(229,652	)		(2,301,113	)
Cheniere Energy, Inc.*		(11,901	)		(536,021	)
DHT Holdings, Inc. (Marshall Islands)		(22,647	)		(90,135	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Energy — (Continued)
Frank’s International NV (Netherlands)		(64,153	)	$	(495,261	)
Green Plains, Inc.		(132,021	)		(2,660,223	)
Helix Energy Solutions Group, Inc.*		(297,928	)		(2,201,688	)
Helmerich & Payne, Inc.		(17,130	)		(892,644	)
Mammoth Energy Services, Inc.*		(605	)		(10,200	)
Patterson-UTI Energy, Inc.		(246,030	)		(5,151,868	)
ProPetro Holding Corp.*		(62,310	)		(894,148	)
SEACOR Holdings, Inc.*		(4,952	)		(228,337	)
SemGroup Corp., Class A		(45,407	)		(1,305,451	)
Targa Resources Corp		(22,698	)		(1,073,615	)
Unit Corp.*		(28,695	)		(590,543	)
US Silica Holdings, Inc.		(6,597	)		(204,969	)
Williams Cos., Inc. (The)		(11,924	)		(357,839	)

					(23,852,007	)

Food & Staples Retailing — (0.6)%
Casey’s General Stores, Inc.		(6,638	)		(726,529	)
Performance Food Group Co.*		(23,775	)		(671,644	)
PriceSmart, Inc.		(16,826	)		(1,501,720	)
Rite Aid Corp.*		(804,435	)		(1,576,693	)
Smart & Final Stores, Inc.*		(70,407	)		(552,695	)
SpartanNash Co.		(4,714	)		(124,308	)
Weis Markets, Inc.		(6,320	)		(274,920	)

					(5,428,509	)

Food, Beverage & Tobacco — (3.1)%
B&G Foods, Inc.		(63,173	)		(2,012,060	)
Blue Buffalo Pet Products, Inc.*		(145,395	)		(4,121,948	)
Bunge Ltd. (Bermuda)		(39,445	)		(2,739,850	)
Calavo Growers, Inc.		(18,327	)		(1,341,536	)
Coca-Cola Bottling Co. Consolidated		(9,284	)		(2,003,023	)
Cott Corp. (Canada)		(10,575	)		(158,731	)
Farmer Brothers Co.*		(6,664	)		(218,912	)
Freshpet, Inc.*		(5,809	)		(90,911	)
J&J Snack Foods Corp		(7,219	)		(947,855	)
John B Sanfilippo & Son, Inc.		(11,955	)		(804,691	)
McCormick & Co., Inc., non-voting shares		(5,455	)		(559,901	)
MGP Ingredients, Inc.		(21,317	)		(1,292,450	)
Pilgrim’s Pride Corp.*		(34,659	)		(984,662	)
Snyder’s-Lance, Inc.		(6,626	)		(252,716	)
SunOpta, Inc. (Canada)*		(8,629	)		(75,072	)
Tootsie Roll Industries, Inc.		(4,768	)		(181,184	)
Tyson Foods, Inc., Class A		(106,130	)		(7,476,858	)
Universal Corp.		(17,751	)		(1,017,132	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Food, Beverage & Tobacco — (Continued)
Vector Group Ltd.		(39,298	)	$	(804,438	)

					(27,083,930	)

Health Care Equipment & Services — (5.5)%
Alere, Inc.*		(60,118	)		(3,065,417	)
Almost Family, Inc.*		(7,784	)		(418,001	)
athenahealth, Inc.*		(15,664	)		(1,947,975	)
AtriCure, Inc.*		(35,876	)		(802,546	)
BioTelemetry, Inc.*		(21,560	)		(711,480	)
Castlight Health, Inc., Class B*		(77	)		(331	)
CryoLife, Inc.*		(3,711	)		(84,240	)
DaVita, Inc.*		(83,759	)		(4,974,447	)
DENTSPLY SIRONA, Inc.		(80,929	)		(4,840,364	)
DexCom, Inc.*		(44,767	)		(2,190,226	)
Diplomat Pharmacy, Inc.*		(34,182	)		(707,909	)
Ensign Group, Inc. (The)		(50,417	)		(1,138,920	)
Evolent Health, Inc., Class A*		(139,411	)		(2,481,516	)
GenMark Diagnostics, Inc.*		(39,446	)		(379,865	)
Henry Schein, Inc.*		(11,617	)		(952,478	)
HMS Holdings Corp.*		(22,067	)		(438,251	)
ICU Medical, Inc.*		(9,285	)		(1,725,617	)
Inovalon Holdings, Inc., Class A*		(7,685	)		(131,029	)
Insulet Corp.*		(32,603	)		(1,795,773	)
iRhythm Technologies, Inc.*		(16,636	)		(863,076	)
K2M Group Holdings, Inc.*		(52,588	)		(1,115,391	)
Natus Medical, Inc.*		(57,209	)		(2,145,338	)
Nevro Corp.*		(31,028	)		(2,819,825	)
Novocure Ltd. (Jersey)*		(51,384	)		(1,019,972	)
NuVasive, Inc.*		(13,717	)		(760,745	)
NxStage Medical, Inc.*		(69,785	)		(1,926,066	)
OraSure Technologies, Inc.*		(44,029	)		(990,652	)
Owens & Minor, Inc.		(70,712	)		(2,064,790	)
Penumbra, Inc.*		(9,386	)		(847,556	)
PharMerica Corp.*		(20,022	)		(586,645	)
Quidel Corp.*		(7,449	)		(326,713	)
Select Medical Holdings Corp.*		(20,341	)		(390,547	)
Tactile Systems Technology, Inc.*		(7,340	)		(227,173	)
Teladoc, Inc.*		(95,616	)		(3,169,670	)
Varex Imaging Corp.*		(10,968	)		(371,157	)
Vocera Communications, Inc.*		(7,577	)		(237,690	)

					(48,649,391	)

Household & Personal Products — (1.1)%
Coty, Inc., Class A		(94,640	)		(1,564,399	)
elf Beauty, Inc.*		(92,483	)		(2,085,492	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Household & Personal Products — (Continued)
Revlon, Inc., Class A*		(6,790	)	$	(166,694	)
Spectrum Brands Holdings, Inc.		(42,048	)		(4,453,724	)
WD-40 Co.		(14,117	)		(1,579,692	)

					(9,850,001	)

Materials — (3.2)%
Agrium, Inc. (Canada)		(43,828	)		(4,698,800	)
Albemarle Corp.		(1,390	)		(189,471	)
Avery Dennison Corp.		(4,306	)		(423,452	)
Axalta Coating Systems Ltd. (Bermuda)*		(5,942	)		(171,843	)
Balchem Corp.		(12,587	)		(1,023,197	)
Calgon Carbon Corp.		(51,685	)		(1,106,059	)
Clearwater Paper Corp.*		(3,086	)		(151,986	)
Deltic Timber Corp.		(1,193	)		(105,497	)
DowDuPont, Inc.		(8,554	)		(592,193	)
Ferro Corp.*		(62,396	)		(1,391,431	)
GCP Applied Technologies, Inc.*		(50,971	)		(1,564,810	)
Graphic Packaging Holding Co.		(49,909	)		(696,231	)
HB Fuller Co.		(27,245	)		(1,581,845	)
Innospec, Inc.		(18,048	)		(1,112,659	)
International Flavors & Fragrances, Inc		(2,758	)		(394,146	)
International Paper Co.		(10,057	)		(571,439	)
KapStone Paper and Packaging Corp.		(19,685	)		(423,031	)
Kraton Corp.*		(36,349	)		(1,469,954	)
Monsanto Co		(6,242	)		(747,916	)
Owens-Illinois, Inc.*		(120,947	)		(3,043,027	)
PH Glatfelter Co.		(22,479	)		(437,217	)
Sherwin-Williams Co. (The)		(6,729	)		(2,409,251	)
Silgan Holdings, Inc.		(41,099	)		(1,209,544	)
Sonoco Products Co.		(48,848	)		(2,464,382	)
Tredegar Corp.		(1,134	)		(20,412	)

					(27,999,793	)

Media — (2.0)%
AMC Entertainment Holdings, Inc., Class A		(226,480	)		(3,329,256	)
Cable One, Inc.		(3,874	)		(2,797,493	)
Clear Channel Outdoor Holdings, Inc., Class A		(10,077	)		(46,858	)
EW Scripps Co. (The), Class A*		(30,989	)		(592,200	)
Gray Television, Inc.*		(54,203	)		(850,987	)
John Wiley & Sons, Inc., Class A		(26,815	)		(1,434,602	)
Live Nation Entertainment, Inc.*		(11,171	)		(486,497	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Media — (Continued)
Madison Square Garden Co. (The), Class A*		(12,408	)	$	(2,656,553	)
New Media Investment Group, Inc.		(19,967	)		(295,312	)
Nexstar Media Group, Inc., Class A		(13,780	)		(858,494	)
Regal Entertainment Group, Class A		(174,886	)		(2,798,176	)
Scholastic Corp.		(1,332	)		(49,550	)
Shaw Communications, Inc., Class B (Canada)		(15,739	)		(362,154	)
Time, Inc.		(45,062	)		(608,337	)
World Wrestling Entertainment, Inc., Class A		(23,601	)		(555,804	)

					(17,722,273	)

Pharmaceuticals, Biotechnology & Life Sciences — (4.8)%
Accelerate Diagnostics, Inc.*		(74,551	)		(1,673,670	)
Achaogen, Inc.*		(40,655	)		(648,447	)
Achillion Pharmaceuticals, Inc.*		(31,110	)		(139,684	)
Aclaris Therapeutics, Inc.*		(38,093	)		(983,180	)
Aduro Biotech, Inc.*		(5,919	)		(63,037	)
Aerie Pharmaceuticals, Inc.*		(7,316	)		(355,558	)
Akcea Therapeutics, Inc.*		(3,965	)		(109,712	)
Alder Biopharmaceuticals, Inc.*		(36,135	)		(442,654	)
Amphastar Pharmaceuticals, Inc.*		(6,626	)		(118,407	)
ANI Pharmaceuticals, Inc.*		(9,006	)		(472,725	)
Bio-Rad Laboratories, Inc., Class A*		(10,942	)		(2,431,531	)
Bruker Corp.		(68,144	)		(2,027,284	)
Cambrex Corp.*		(2,005	)		(110,275	)
Coherus Biosciences, Inc.*		(61,615	)		(822,560	)
Cytokinetics, Inc.*		(15,510	)		(224,895	)
CytomX Therapeutics, Inc.*		(8,022	)		(145,760	)
Dermira, Inc.*		(77,863	)		(2,102,301	)
Editas Medicine, Inc.*		(50,009	)		(1,200,716	)
Epizyme, Inc.*		(6,352	)		(121,006	)
Five Prime Therapeutics, Inc.*		(27,555	)		(1,127,275	)
Flexion Therapeutics, Inc.*		(23,778	)		(574,952	)
Heron Therapeutics, Inc.*		(113,463	)		(1,832,428	)
Illumina, Inc.*		(19,036	)		(3,791,971	)
Insmed, Inc.*		(30,597	)		(954,932	)
Intra-Cellular Therapies, Inc.*		(3,165	)		(49,944	)
La Jolla Pharmaceutical Co.*		(45,223	)		(1,572,856	)
Lexicon Pharmaceuticals, Inc.*		(9,474	)		(116,435	)
Luminex Corp.		(15,404	)		(313,163	)
MacroGenics, Inc.*		(9,705	)		(179,348	)
Medicines Co. (The)*		(52,441	)		(1,942,415	)
Momenta Pharmaceuticals, Inc.*		(22,544	)		(417,064	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Pharmaceuticals, Biotechnology & Life Sciences — (Continued)
Natera, Inc.*		(628	)	$	(8,095	)
Nektar Therapeutics*		(188,491	)		(4,523,784	)
NeoGenomics, Inc.*		(83,073	)		(924,602	)
Pacific Biosciences of California, Inc.*		(22,659	)		(118,960	)
Pacira Pharmaceuticals, Inc.*		(16,966	)		(637,073	)
Paratek Pharmaceuticals, Inc.*		(21,064	)		(528,706	)
QIAGEN NV (Netherlands)		(35,950	)		(1,132,425	)
Radius Health, Inc.*		(41,659	)		(1,605,954	)
Reata Pharmaceuticals, Inc., Class A*		(1,663	)		(51,719	)
Revance Therapeutics, Inc.*		(23,639	)		(651,254	)
Seres Therapeutics, Inc.*		(114	)		(1,829	)
Synergy Pharmaceuticals, Inc.*		(394,688	)		(1,144,595	)
TG Therapeutics, Inc.*		(13,857	)		(164,205	)
TherapeuticsMD, Inc.*		(94,704	)		(500,984	)
Theravance Biopharma, Inc. (Cayman Islands)*		(45,064	)		(1,542,991	)
Ultragenyx Pharmaceutical, Inc.*		(15,451	)		(822,920	)
VWR Corp.*		(22,609	)		(748,584	)
WaVe Life Sciences Ltd. (Singapore)*		(95	)		(2,066	)

					(42,176,931	)

Retailing — (4.6)%
Abercrombie & Fitch Co., Class A		(146,721	)		(2,118,651	)
American Eagle Outfitters, Inc.		(278,492	)		(3,982,436	)
At Home Group, Inc.*		(20,135	)		(459,883	)
Barnes & Noble, Inc.		(7,320	)		(55,632	)
Burlington Stores, Inc.*		(10,656	)		(1,017,222	)
Caleres, Inc.		(18,622	)		(568,343	)
Camping World Holdings, Inc., Class A		(25,806	)		(1,051,336	)
Children’s Place, Inc. (The)		(19,810	)		(2,340,552	)
Core-Mark Holding Co., Inc.		(11,549	)		(371,185	)
DSW, Inc., Class A		(28,396	)		(609,946	)
Duluth Holdings, Inc., Class B*		(5,888	)		(119,468	)
Express, Inc.*		(33,852	)		(228,840	)
Five Below, Inc.*		(65,394	)		(3,588,823	)
Floor & Decor Holdings, Inc., Class A*		(49,351	)		(1,921,234	)
GameStop Corp., Class A		(101,915	)		(2,105,564	)
Group 1 Automotive, Inc.		(17,611	)		(1,276,093	)
Guess?, Inc.		(286,550	)		(4,879,946	)
Lithia Motors, Inc., Class A		(19,937	)		(2,398,620	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Retailing — (Continued)
Lumber Liquidators Holdings, Inc.*		(20,606	)	$	(803,222	)
Murphy USA, Inc.*		(28,287	)		(1,951,803	)
Netflix, Inc.*		(494	)		(89,587	)
Ollie’s Bargain Outlet Holdings, Inc.*		(76,844	)		(3,565,562	)
Pool Corp.		(7,116	)		(769,738	)
Select Comfort Corp.*		(10,691	)		(331,956	)
Shutterfly, Inc.*		(20,205	)		(979,538	)
Sonic Automotive, Inc., Class A		(29,404	)		(599,842	)
Tile Shop Holdings, Inc.		(19,337	)		(245,580	)
Wayfair, Inc., Class A*		(5,166	)		(348,188	)
Williams-Sonoma, Inc.		(36,064	)		(1,798,151	)

					(40,576,941	)

Semiconductors & Semiconductor Equipment — (2.1)%
Advanced Micro Devices, Inc.*		(193,247	)		(2,463,899	)
Cavium, Inc.*		(28,966	)		(1,910,018	)
Cohu, Inc.		(2,785	)		(66,394	)
Cree, Inc.*		(13,226	)		(372,841	)
Cypress Semiconductor Corp.		(41,850	)		(628,587	)
FormFactor, Inc.*		(28,925	)		(487,386	)
Inphi Corp.*		(116,349	)		(4,617,892	)
Integrated Device Technology, Inc.*		(96,104	)		(2,554,444	)
Lattice Semiconductor Corp.*		(141,643	)		(737,960	)
MaxLinear, Inc.*		(41,685	)		(990,019	)
Nanometrics, Inc.*		(8,347	)		(240,394	)
PDF Solutions, Inc.*		(6,762	)		(104,743	)
Photronics, Inc.*		(1,846	)		(16,337	)
Power Integrations, Inc.		(23,557	)		(1,724,372	)
Veeco Instruments, Inc.*		(47,915	)		(1,025,381	)
Xperi Corp.		(28,977	)		(733,118	)

					(18,673,785	)

Software & Services — (8.3)%
8x8, Inc.*		(51,312	)		(692,712	)
Acxiom Corp.*		(27,933	)		(688,269	)
Alliance Data Systems Corp.		(22,898	)		(5,073,052	)
Autodesk, Inc.*		(10,863	)		(1,219,480	)
Black Knight Financial Services, Inc., Class A*		(49,952	)		(2,150,434	)
Blackhawk Network Holdings, Inc.*		(69,002	)		(3,022,288	)
Booz Allen Hamilton Holding Corp.		(19,925	)		(744,996	)
Box, Inc., Class A*		(9,621	)		(185,878	)
BroadSoft, Inc.*		(35,242	)		(1,772,673	)
Callidus Software, Inc.*		(60,293	)		(1,486,223	)
Carbonite, Inc.*		(29,921	)		(658,262	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
Cardtronics PLC, Class A (United Kingdom)*		(97,981	)	$	(2,254,543	)
Conduent, Inc.*		(21,946	)		(343,894	)
Cornerstone OnDemand, Inc.*		(24,578	)		(998,113	)
Coupa Software, Inc.*		(9,749	)		(303,681	)
DST Systems, Inc.		(22,180	)		(1,217,238	)
DXC Technology Co.		(34,252	)		(2,941,562	)
Ellie Mae, Inc.*		(23,986	)		(1,969,970	)
Etsy, Inc.*		(18,744	)		(316,399	)
Euronet Worldwide, Inc.*		(7,152	)		(677,938	)
Everbridge, Inc.*		(5,480	)		(144,782	)
FireEye, Inc.*		(178,201	)		(2,988,431	)
Gartner, Inc.*		(11,733	)		(1,459,703	)
Gigamon, Inc.*		(76,239	)		(3,213,474	)
Globant SA (Luxembourg)*		(16,431	)		(658,390	)
Gogo, Inc.*		(187,238	)		(2,211,281	)
GTT Communications, Inc.*		(14,886	)		(471,142	)
Hortonworks, Inc.*		(84,866	)		(1,438,479	)
HubSpot, Inc.*		(11,552	)		(970,946	)
Imperva, Inc.*		(19,798	)		(859,233	)
Instructure, Inc.*		(28,649	)		(949,714	)
MuleSoft, Inc., Class A*		(16,303	)		(328,342	)
Pandora Media, Inc.*		(496,344	)		(3,821,849	)
PROS Holdings, Inc.*		(45,123	)		(1,088,818	)
Rapid7, Inc.*		(22,806	)		(401,386	)
SecureWorks Corp., Class A*		(15,456	)		(190,882	)
Silver Spring Networks, Inc.*		(8,095	)		(130,896	)
Splunk, Inc.*		(46,407	)		(3,082,817	)
Sykes Enterprises, Inc.*		(9,864	)		(287,634	)
Teradata Corp.*		(115,747	)		(3,911,091	)
TiVo Corp.		(17,006	)		(337,569	)
Twilio, Inc., Class A*		(13,213	)		(394,408	)
Twitter, Inc.*		(12,748	)		(215,059	)
Ultimate Software Group, Inc. (The)*		(8,935	)		(1,694,076	)
Vantiv, Inc., Class A*		(24,118	)		(1,699,595	)
Verint Systems, Inc.*		(9,077	)		(379,872	)
Virtusa Corp.*		(50,549	)		(1,909,741	)
Workday, Inc., Class A*		(14,427	)		(1,520,462	)
Workiva, Inc.*		(14,604	)		(304,493	)
Zendesk, Inc.*		(139,572	)		(4,062,941	)
Zynga, Inc., Class A*		(839,118	)		(3,171,866	)

					(73,016,977	)

Technology Hardware & Equipment — (4.1)%
3D Systems Corp.*		(92,242	)		(1,235,120	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Technology Hardware & Equipment — (Continued)
Belden, Inc.		(18,015	)	$	(1,450,748	)
BlackBerry Ltd. (Canada)*		(1,742	)		(19,476	)
Corning, Inc.		(25,290	)		(756,677	)
CTS Corp.		(16	)		(386	)
Diebold Nixdorf, Inc.		(53,363	)		(1,219,345	)
FARO Technologies, Inc.*		(1,143	)		(43,720	)
Finisar Corp.*		(124,946	)		(2,770,053	)
Fitbit, Inc., Class A*		(449,596	)		(3,129,188	)
II-VI, Inc.*		(68,603	)		(2,823,014	)
Infinera Corp.*		(417,484	)		(3,703,083	)
Insight Enterprises, Inc.*		(5,103	)		(234,330	)
Keysight Technologies, Inc.*		(12,286	)		(511,835	)
Kimball Electronics, Inc.*		(95	)		(2,057	)
Knowles Corp.*		(19,196	)		(293,123	)
Lumentum Holdings, Inc.*		(58,457	)		(3,177,138	)
Methode Electronics, Inc.		(2,757	)		(116,759	)
NETGEAR, Inc.*		(38,267	)		(1,821,509	)
NetScout Systems, Inc.*		(10,815	)		(349,865	)
Palo Alto Networks, Inc.*		(5,695	)		(820,650	)
PC Connection, Inc.		(111	)		(3,129	)
Plexus Corp.*		(15,934	)		(893,579	)
Pure Storage, Inc., Class A*		(156,981	)		(2,510,126	)
Sierra Wireless, Inc. (Canada)*		(43,314	)		(931,251	)
Super Micro Computer, Inc.*		(75,740	)		(1,673,854	)
SYNNEX Corp.		(7,751	)		(980,579	)
Tech Data Corp.*		(18,028	)		(1,601,788	)
TTM Technologies, Inc.*		(45,127	)		(693,602	)
ViaSat, Inc.*		(44,264	)		(2,847,060	)

					(36,613,044	)

Telecommunication Services — (1.0)%
ATN International, Inc.		(10,857	)		(572,164	)
Boingo Wireless, Inc.*		(13,418	)		(286,743	)
Cincinnati Bell, Inc.*		(72,352	)		(1,436,187	)
General Communication, Inc., Class A*		(30,090	)		(1,227,371	)
Iridium Communications, Inc.*		(123,502	)		(1,272,071	)
Shenandoah Telecommunications Co.		(34,830	)		(1,295,676	)
Zayo Group Holdings, Inc.*		(93,742	)		(3,226,600	)

					(9,316,812	)

Transportation — (2.8)%
Air Transport Services Group, Inc.*		(47,690	)		(1,160,775	)
Allegiant Travel Co.		(1,956	)		(257,605	)
ArcBest Corp.		(12,998	)		(434,783	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Transportation — (Continued)
Atlas Air Worldwide Holdings, Inc.*		(33,576	)	$	(2,209,301	)
Genesee & Wyoming, Inc., Class A*		(80,923	)		(5,989,111	)
Golden Ocean Group Ltd. (Bermuda)*		(5,247	)		(41,137	)
Kansas City Southern		(19,410	)		(2,109,479	)
Ryder System, Inc.		(60,819	)		(5,142,246	)
Saia, Inc.*		(2,359	)		(147,791	)
SkyWest, Inc.		(68,382	)		(3,001,970	)
Spirit Airlines, Inc.*		(130,717	)		(4,367,255	)

					(24,861,453	)

TOTAL COMMON STOCK (Proceeds $525,905,744)					(531,322,842	)

TOTAL SECURITIES SOLD SHORT - (60.1)%					(531,322,842	)

(Proceeds $525,905,744)
OTHER ASSETS IN EXCESS OF LIABILITIES - 39.9%					353,026,908

NET ASSETS - 100.0%				$	884,204,800

†	Security position is either entirely or partially held in a segregated account as collateral for securities sold short.

^(a)	All or portion of the security is on loan. (See Note 5 of the Notes to Financial Statements)

^(b)	Security position is either entirely or partially designated as collateral for securities on loan.

*	Non-income producing.

PLC	Public Limited Company


	Number of Shares		Value
LONG POSITIONS — 143.2%
COMMON STOCKS — 143.2%
Automobiles & Components — 3.1%
Delphi Automotive PLC (Jersey)†		964	$	94,858
General Motors Co.†		6,021		243,128
Harley-Davidson, Inc.^(a)		699		33,699

				371,685

Capital Goods — 12.6%
Allegion PLC (Ireland)^(a)		66		5,707
AMETEK, Inc.†		547		36,124
Boeing Co. (The)†		1,697		431,394
Caterpillar, Inc.†		2,404		299,803
Cummins, Inc.^(b)		681		114,428
Fastenal Co.^(a)		645		29,399
Honeywell International, Inc.†		1,194		169,238
Jacobs Engineering Group, Inc.†		634		36,943
Lockheed Martin Corp.†^(b)		755		234,269
Pentair PLC (Ireland)†		742		50,426
Rockwell Automation, Inc.		161		28,692
Rockwell Collins, Inc.†		120		15,685
Snap-on, Inc.†		176		26,226
TransDigm Group, Inc.^(a)		132		33,746

				1,512,080

Commercial & Professional Services — 1.4%
Equifax, Inc.		100		10,599
Republic Services, Inc.†		294		19,422
Robert Half International, Inc.†		516		25,975
Waste Management, Inc.†^(b)		1,427		111,691

				167,687

Consumer Durables & Apparel — 1.5%
Coach, Inc.†		1,239		49,907
Garmin Ltd. (Switzerland)†^(a)		160		8,635
Hasbro, Inc.		79		7,716
Michael Kors Holdings Ltd. (British Virgin Islands)*		735		35,170
Ralph Lauren Corp.†		428		37,788
Whirlpool Corp.^(a)(b)		229		42,237

				181,453

Consumer Services — 3.5%
Hilton Worldwide Holdings, Inc.^(b)		1,329		92,299
Marriott International, Inc., Class A^(b)		1,521		167,705
McDonald’s Corp.†		325		50,921
Royal Caribbean Cruises Ltd. (Liberia)†		677		80,252
Wyndham Worldwide Corp.^(a)		306		32,255


	Number of Shares		Value
COMMON STOCKS — (Continued)
Consumer Services — (Continued)
Yum! Brands, Inc.		46	$	3,386

				426,818

Diversified Financials — 5.4%
BlackRock, Inc.		431		192,696
Franklin Resources, Inc.		2,280		101,483
Invesco Ltd. (Bermuda)^(b)		1,663		58,272
Moody’s Corp.†		780		108,584
Nasdaq, Inc.†		716		55,540
S&P Global, Inc.^(b)		291		45,486
T Rowe Price Group, Inc.^(a)		982		89,018

				651,079

Energy — 7.3%
Anadarko Petroleum Corp.†		2,258		110,303
Chesapeake Energy Corp.^(a)*		3,701		15,914
Chevron Corp.†		759		89,182
ConocoPhillips†		5,037		252,102
Devon Energy Corp.		206		7,562
Marathon Oil Corp.†		245		3,322
Marathon Petroleum Corp.†		778		43,630
Occidental Petroleum Corp.†		2,301		147,747
ONEOK, Inc.†		850		47,098
Range Resources Corp.^(a)		1,010		19,766
Valero Energy Corp.†		1,806		138,936

				875,562

Food & Staples Retailing — 8.9%
CVS Health Corp.†		4,563		371,063
Sysco Corp.†		2,173		117,233
Walgreens Boots Alliance, Inc.†		3,480		268,726
Wal-Mart Stores, Inc.†		3,930		307,090

				1,064,112

Food, Beverage & Tobacco — 5.5%
Altria Group, Inc.†^(b)		4,653		295,093
Conagra Brands, Inc.†		2,095		70,685
Dr Pepper Snapple Group, Inc.†^(b)		726		64,229
General Mills, Inc.^(a)		1,009		52,226
Hormel Foods Corp.^(a)		4		129
Kellogg Co.^(a)		1,310		81,705
Molson Coors Brewing Co., Class B		836		68,251
PepsiCo, Inc.		25		2,786
Philip Morris International, Inc.†		255		28,308

				663,412

Health Care Equipment & Services — 12.8%
Aetna, Inc.†^(b)		1,250		198,763


	Number of Shares		Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — (Continued)
AmerisourceBergen Corp.^(a)(b)		920	$	76,130
Anthem, Inc.†		1,387		263,364
Centene Corp.†*		905		87,577
Cigna Corp.^(b)		1,033		193,109
HCA Healthcare, Inc.†*		1,400		111,426
Humana, Inc.†		724		176,388
McKesson Corp.†^(b)		880		135,177
Medtronic PLC (Ireland)		274		21,309
Patterson Cos., Inc.^(a)		25		966
Quest Diagnostics, Inc.†		346		32,399
UnitedHealth Group, Inc.†		788		154,330
Universal Health Services, Inc., Class B†		390		43,267
Varian Medical Systems, Inc.†^(a)*		381		38,123

				1,532,328

Household & Personal Products — 2.2%
Church & Dwight Co., Inc.		289		14,002
Clorox Co. (The)^(a)		528		69,649
Colgate-Palmolive Co.		166		12,093
Estee Lauder Cos., Inc. (The), Class A^(b)		176		18,980
Kimberly-Clark Corp.†		1,325		155,926

				270,650

Insurance — 0.7%
Aon PLC (United Kingdom)†		278		40,616
Progressive Corp. (The)^(b)		806		39,027
Willis Towers Watson PLC (Ireland)		41		6,323

				85,966

Materials — 6.8%
Air Products & Chemicals, Inc.†		937		141,693
Ball Corp.^(a)		992		40,970
Freeport-McMoRan, Inc.†^(b)*		6,416		90,081
LyondellBasell Industries NV, Class A (Netherlands)†		1,739		172,248
Newmont Mining Corp.^(b)		2,179		81,734
Packaging Corp. of America†		385		44,152
PPG Industries, Inc.†		1,137		123,546
Sherwin-Williams Co. (The)†^(b)		326		116,721

				811,145

Media — 9.9%
CBS Corp., Class B, non-voting shares†		1,192		69,136
Comcast Corp., Class A†		6,396		246,118


	Number of Shares		Value
COMMON STOCKS — (Continued)
Media — (Continued)
News Corp., Class A^(a)(b)		3,069	$	40,695
Omnicom Group, Inc.†		1,015		75,181
Scripps Networks Interactive, Inc., Class A		418		35,902
Time Warner, Inc.†^(b)		3,071		314,624
Twenty-First Century Fox, Inc., Class A†		7,633		201,359
Walt Disney Co. (The)†		2,060		203,054

				1,186,069

Pharmaceuticals, Biotechnology & Life Sciences — 5.7%
AbbVie, Inc.†^(b)		3,104		275,821
Amgen, Inc.†		1,030		192,044
Bristol-Myers Squibb Co.†		170		10,836
Celgene Corp.*		408		59,495
Gilead Sciences, Inc.†		1,755		142,190

				680,386

Real Estate — 1.4%
Alexandria Real Estate Equities, Inc., REIT^(a)		118		14,038
Duke Realty Corp., REIT		767		22,105
Extra Space Storage, Inc., REIT^(a)		390		31,169
Mid-America Apartment Communities, Inc., REIT†		444		47,455
Prologis, Inc., REIT		214		13,580
Realty Income Corp., REIT^(a)(b)		169		9,665
Regency Centers Corp., REIT^(b)		517		32,075

				170,087

Retailing — 9.2%
Advance Auto Parts, Inc.^(b)		300		29,760
AutoZone, Inc.^(a)*		12		7,141
Best Buy Co., Inc.^(a)(b)		221		12,588
CarMax, Inc.^(a)*		295		22,364
Dollar Tree, Inc.†*		165		14,325
Foot Locker, Inc.^(a)		139		4,896
Gap, Inc. (The)^(a)		49		1,447
Genuine Parts Co.^(a)		597		57,103
Home Depot, Inc. (The)†^(b)		2,433		397,941
LKQ Corp.†*		1,270		45,707
Lowe’s Cos., Inc.†		3,268		261,244
Macy’s, Inc.^(a)		104		2,269
Nordstrom, Inc.^(a)		644		30,365
O’Reilly Automotive, Inc.^(a)*		177		38,120
Ross Stores, Inc.†^(b)		1,570		101,375


	Number of Shares		Value
COMMON STOCKS — (Continued)
Retailing — (Continued)
Signet Jewelers Ltd. (Bermuda)^(a)		278	$	18,501
Target Corp.†^(a)		664		39,183
Tractor Supply Co.^(a)		292		18,481

				1,102,810

Semiconductors & Semiconductor Equipment — 9.2%
Applied Materials, Inc.†		4,358		227,008
Intel Corp.†		6,341		241,465
KLA-Tencor Corp.†		782		82,892
Lam Research Corp.†		884		163,575
Micron Technology, Inc.*		4,465		175,608
Skyworks Solutions, Inc.^(a)		615		62,668
Texas Instruments, Inc.†		891		79,869
Xilinx, Inc.†^(a)(b)		1,008		71,397

				1,104,482

Software & Services — 9.8%
Accenture PLC, Class A (Ireland)†		556		75,099
Alphabet, Inc., Class A^(b)*		94		91,530
Automatic Data Processing, Inc.†^(b)		646		70,621
CA, Inc.†		1,451		48,434
Citrix Systems, Inc.†*		473		36,336
CSRA, Inc.†		126		4,066
Electronic Arts, Inc.†*		1,221		144,151
International Business Machines Corp.†		1,345		195,133
Intuit, Inc.†		1,015		144,272
Oracle Corp.†		4,549		219,944
Paychex, Inc.†^(b)		1,309		78,488
Total System Services, Inc.		8		524
Visa, Inc., Class A^(a)(b)		659		69,353

				1,177,951

Technology Hardware & Equipment — 10.8%
Apple, Inc.†		2,265		349,082
Cisco Systems, Inc.†		9,581		322,209
F5 Networks, Inc.†^(b)*		174		20,977
FLIR Systems, Inc.		579		22,529
Harris Corp.		492		64,787
Hewlett Packard Enterprise Co.†		6,696		98,498
HP, Inc.†^(b)		6,832		136,367
Juniper Networks, Inc.†		2,007		55,855
Motorola Solutions, Inc.†		260		22,066
NetApp, Inc.^(a)		1,166		51,024
Seagate Technology PLC (Ireland)^(a)		760		25,209
TE Connectivity Ltd. (Switzerland)†		2		166


	Number of Shares			Value
COMMON STOCKS — (Continued)
Technology Hardware & Equipment — (Continued)
Western Digital Corp.†		1,115		$	96,336
Xerox Corp.†		1,067			35,520

					1,300,625

Telecommunication Services — 3.6%
AT&T, Inc.^(a)		4,045			158,443
CenturyLink, Inc.^(a)		15			284
Verizon Communications, Inc.†		5,650			279,618

					438,345

Transportation — 9.4%
Alaska Air Group, Inc.^(b)		1			76
CSX Corp.†		2,334			126,643
Delta Air Lines, Inc.^(b)		2,031			97,935
Expeditors International of Washington, Inc.†		734			43,937
FedEx Corp.†		764			172,343
JB Hunt Transport Services, Inc.^(b)		447			49,653
Norfolk Southern Corp.^(b)		670			88,601
Southwest Airlines Co.^(b)		1,901			106,418
Union Pacific Corp.†		2,287			265,223
United Parcel Service, Inc., Class B^(b)		1,436			172,449

					1,123,278

Utilities — 2.5%
DTE Energy Co.		699			75,045
FirstEnergy Corp.^(b)		1,816			55,987
Public Service Enterprise Group, Inc.†		2,063			95,414
WEC Energy Group, Inc.^(b)		1,126			70,690

					297,136

TOTAL COMMON STOCKS (Cost $15,397,520)					17,195,146

TOTAL LONG POSITIONS - 143.2%					17,195,146

(Cost $15,397,520)

SHORT POSITIONS — (83.1)%
COMMON STOCKS — (83.1)%
Automobiles & Components — (1.3)%
BorgWarner, Inc.		(499	)		(25,564	)
Ford Motor Co.		(9,396	)		(112,470	)
Goodyear Tire & Rubber Co. (The)		(596	)		(19,817	)

					(157,851	)

Banks — (4.3)%
Bank of America Corp.		(3,045	)		(77,160	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Banks — (Continued)
BB&T Corp.		(1,293	)	$	(60,693	)
Citigroup, Inc.		(567	)		(41,244	)
Citizens Financial Group, Inc.		(421	)		(15,943	)
Comerica, Inc.		(307	)		(23,412	)
Fifth Third Bancorp		(1,793	)		(50,168	)
M&T Bank Corp.		(207	)		(33,335	)
PNC Financial Services Group, Inc. (The)		(54	)		(7,278	)
Regions Financial Corp.		(2,969	)		(45,218	)
SunTrust Banks, Inc.		(700	)		(41,839	)
US Bancorp		(1,172	)		(62,807	)
Wells Fargo & Co.		(896	)		(49,414	)
Zions Bancorporation		(130	)		(6,133	)

					(514,644	)

Capital Goods — (8.6)%
3M Co.		(95	)		(19,941	)
Acuity Brands, Inc.		(49	)		(8,393	)
AO Smith Corp.		(409	)		(24,307	)
Arconic, Inc.		(1,136	)		(28,264	)
Dover Corp.		(372	)		(33,997	)
Eaton Corp. PLC (Ireland)		(1,120	)		(86,005	)
Emerson Electric Co.		(1,525	)		(95,831	)
Flowserve Corp.		(309	)		(13,160	)
Fluor Corp.		(330	)		(13,893	)
Fortive Corp.		(787	)		(55,712	)
Fortune Brands Home & Security, Inc.		(364	)		(24,472	)
General Dynamics Corp.		(494	)		(101,557	)
General Electric Co.		(3,923	)		(94,858	)
Ingersoll-Rand PLC (Ireland)		(607	)		(54,126	)
Johnson Controls International PLC (Ireland)		(2,205	)		(88,839	)
L3 Technologies, Inc.		(184	)		(34,671	)
Masco Corp.		(757	)		(29,531	)
PACCAR, Inc.		(258	)		(18,664	)
Parker-Hannifin Corp.		(317	)		(55,481	)
Quanta Services, Inc.*		(362	)		(13,528	)
Raytheon Co.		(154	)		(28,733	)
Stanley Black & Decker, Inc.		(199	)		(30,043	)
Textron, Inc.		(644	)		(34,699	)
United Rentals, Inc.*		(200	)		(27,748	)
United Technologies Corp.		(135	)		(15,671	)

					(1,032,124	)

Commercial & Professional Services — (0.8)%
Cintas Corp.		(250	)		(36,070	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Commercial & Professional Services — (Continued)
IHS Markit Ltd. (Bermuda)*		(505	)	$	(22,260	)
Nielsen Holdings PLC (United Kingdom)		(843	)		(34,942	)

					(93,272	)

Consumer Durables & Apparel — (2.0)%
Hanesbrands, Inc.		(840	)		(20,698	)
Leggett & Platt, Inc.		(316	)		(15,083	)
Mattel, Inc.		(810	)		(12,539	)
Mohawk Industries, Inc.*		(177	)		(43,809	)
Newell Brands, Inc.		(1,143	)		(48,772	)
NIKE, Inc., Class B		(87	)		(4,511	)
PVH Corp.		(183	)		(23,069	)
Under Armour, Inc., Class C*		(1,041	)		(15,636	)
VF Corp.		(930	)		(59,120	)

					(243,237	)

Consumer Services — (1.7)%
Carnival Corp. (Panama)		(1,757	)		(113,449	)
Darden Restaurants, Inc.		(292	)		(23,004	)
MGM Resorts International		(1,360	)		(44,322	)
Wynn Resorts Ltd.		(128	)		(19,062	)

					(199,837	)

Diversified Financials — (3.9)%
Affiliated Managers Group, Inc.		(142	)		(26,956	)
American Express Co.		(778	)		(70,378	)
Bank of New York Mellon Corp. (The)		(81	)		(4,295	)
Capital One Financial Corp.		(61	)		(5,164	)
Charles Schwab Corp. (The)		(228	)		(9,973	)
CME Group, Inc.		(746	)		(101,217	)
Goldman Sachs Group, Inc. (The)		(207	)		(49,098	)
Intercontinental Exchange, Inc.		(1,397	)		(95,974	)
Leucadia National Corp.		(849	)		(21,437	)
Morgan Stanley		(428	)		(20,617	)
Navient Corp.		(837	)		(12,572	)
Northern Trust Corp.		(519	)		(47,712	)
Raymond James Financial, Inc.		(8	)		(675	)
Synchrony Financial		(294	)		(9,129	)

					(475,197	)

Energy — (7.6)%
Andeavor		(161	)		(16,607	)
Apache Corp.		(762	)		(34,900	)
Cimarex Energy Co.		(225	)		(25,576	)
EOG Resources, Inc.		(345	)		(33,375	)
EQT Corp.		(530	)		(34,577	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Energy — (Continued)
Exxon Mobil Corp.		(1,720	)	$	(141,006	)
Halliburton Co.		(650	)		(29,920	)
Helmerich & Payne, Inc.		(304	)		(15,841	)
Hess Corp.		(751	)		(35,214	)
Kinder Morgan, Inc.		(1,859	)		(35,656	)
National Oilwell Varco, Inc.		(1,065	)		(38,052	)
Newfield Exploration Co.*		(471	)		(13,975	)
Phillips 66		(1,209	)		(110,756	)
Pioneer Natural Resources Co.		(402	)		(59,311	)
Schlumberger Ltd. (Curacao)		(2,819	)		(196,653	)
TechnipFMC PLC (United Kingdom)*		(1,104	)		(30,824	)
Williams Cos., Inc. (The)		(1,953	)		(58,610	)

					(910,853	)

Food, Beverage & Tobacco — (2.5)%
Archer-Daniels-Midland Co.		(1,281	)		(54,455	)
Brown-Forman Corp., Class B		(609	)		(33,069	)
Constellation Brands, Inc., Class A		(5	)		(997	)
Hershey Co. (The)		(435	)		(47,489	)
McCormick & Co., Inc., non-voting shares		(283	)		(29,047	)
Mondelez International, Inc., Class A		(1,933	)		(78,596	)
Tyson Foods, Inc., Class A		(866	)		(61,010	)

					(304,663	)

Health Care Equipment & Services — (9.4)%
Abbott Laboratories		(4,021	)		(214,561	)
Align Technology, Inc.*		(4	)		(745	)
Baxter International, Inc.		(1,288	)		(80,822	)
Becton Dickinson and Co		(443	)		(86,806	)
Boston Scientific Corp.*		(2,446	)		(71,350	)
Cardinal Health, Inc.		(748	)		(50,056	)
Cerner Corp.*		(846	)		(60,337	)
Cooper Cos., Inc. (The)		(116	)		(27,505	)
CR Bard, Inc.		(172	)		(55,126	)
Danaher Corp.		(1,525	)		(130,814	)
DaVita, Inc.*		(452	)		(26,844	)
DENTSPLY SIRONA, Inc.		(542	)		(32,417	)
Edwards Lifesciences Corp.*		(489	)		(53,453	)
Henry Schein, Inc.*		(374	)		(30,664	)
Intuitive Surgical, Inc.*		(43	)		(44,973	)
ResMed, Inc.		(336	)		(25,859	)
Stryker Corp.		(858	)		(121,853	)
Zimmer Biomet Holdings, Inc.		(148	)		(17,329	)

					(1,131,514	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Household & Personal Products — (0.3)%
Coty, Inc., Class A		(1,911	)	$	(31,589	)
Procter & Gamble Co. (The)		(29	)		(2,638	)

					(34,227	)

Insurance — (4.8)%
Aflac, Inc.		(772	)		(62,833	)
American International Group, Inc.		(1,792	)		(110,011	)
Assurant, Inc.		(165	)		(15,761	)
Brighthouse Financial, Inc.*		(22	)		(1,338	)
Chubb Ltd. (Switzerland)		(118	)		(16,821	)
Cincinnati Financial Corp.		(380	)		(29,097	)
Hartford Financial Services Group, Inc. (The)		(741	)		(41,074	)
Lincoln National Corp.		(285	)		(20,942	)
Loews Corp.		(765	)		(36,613	)
Marsh & McLennan Cos., Inc.		(492	)		(41,235	)
Principal Financial Group, Inc.		(675	)		(43,430	)
Prudential Financial, Inc.		(1,065	)		(113,231	)
Torchmark Corp.		(180	)		(14,416	)
Unum Group		(573	)		(29,297	)
XL Group Ltd. (Bermuda)		(32	)		(1,262	)

					(577,361	)

Materials — (4.9)%
Albemarle Corp.		(261	)		(35,577	)
CF Industries Holdings, Inc.		(713	)		(25,069	)
DowDuPont, Inc.		(636	)		(44,030	)
Eastman Chemical Co.		(366	)		(33,119	)
Ecolab, Inc.		(649	)		(83,468	)
International Flavors & Fragrances, Inc.		(182	)		(26,010	)
International Paper Co.		(976	)		(55,456	)
Martin Marietta Materials, Inc.		(178	)		(36,709	)
Monsanto Co.		(1,039	)		(124,493	)
Mosaic Co. (The)		(988	)		(21,331	)
Nucor Corp.		(753	)		(42,198	)
Sealed Air Corp.		(53	)		(2,264	)
Vulcan Materials Co.		(404	)		(48,318	)
WestRock Co.		(183	)		(10,382	)

					(588,424	)

Media — (0.2)%
DISH Network Corp., Class A*		(155	)		(8,406	)
Interpublic Group of Cos., Inc. (The)		(910	)		(18,919	)

					(27,325	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Pharmaceuticals, Biotechnology & Life Sciences — (8.9)%
Alexion Pharmaceuticals, Inc.*		(528	)	$	(74,073	)
Allergan PLC (Ireland)		(790	)		(161,910	)
Eli Lilly & Co.		(2,209	)		(188,958	)
Illumina, Inc.*		(446	)		(88,843	)
Incyte Corp.*		(526	)		(61,405	)
Merck & Co., Inc.		(369	)		(23,627	)
Mylan NV (Netherlands)*		(1,268	)		(39,777	)
PerkinElmer, Inc.		(260	)		(17,932	)
Perrigo Co. PLC (Ireland)		(192	)		(16,253	)
Pfizer, Inc.		(3,080	)		(109,956	)
Quintiles IMS Holdings, Inc.*		(267	)		(25,384	)
Regeneron Pharmaceuticals, Inc.*		(281	)		(125,641	)
Thermo Fisher Scientific, Inc.		(483	)		(91,384	)
Vertex Pharmaceuticals, Inc.*		(157	)		(23,870	)
Zoetis, Inc.		(273	)		(17,406	)

					(1,066,419	)

Real Estate — (4.1)%
American Tower Corp., REIT		(67	)		(9,158	)
Apartment Investment & Management Co., Class A, REIT		(257	)		(11,272	)
AvalonBay Communities, Inc., REIT		(89	)		(15,879	)
CBRE Group, Inc., Class A*		(799	)		(30,266	)
Crown Castle International Corp., REIT		(1,107	)		(110,678	)
Equity Residential, REIT		(705	)		(46,481	)
GGP, Inc., REIT		(2,084	)		(43,285	)
HCP, Inc., REIT		(1,106	)		(30,780	)
Host Hotels & Resorts, Inc., REIT		(1,135	)		(20,986	)
Iron Mountain, Inc., REIT		(625	)		(24,312	)
Kimco Realty Corp., REIT		(1,100	)		(21,505	)
Macerich Co. (The), REIT		(432	)		(23,747	)
SBA Communications Corp., REIT*		(286	)		(41,198	)
SL Green Realty Corp., REIT		(278	)		(28,167	)
Welltower, Inc., REIT		(511	)		(35,913	)

					(493,627	)

Retailing — (3.5)%
Amazon.com, Inc.*		(227	)		(218,226	)
Dollar General Corp.		(11	)		(892	)
Expedia, Inc.		(326	)		(46,924	)
Kohl’s Corp.		(399	)		(18,214	)
L Brands, Inc.		(677	)		(28,170	)
Priceline Group, Inc. (The)*		(22	)		(40,278	)
Tiffany & Co.		(120	)		(11,014	)
TJX Cos., Inc. (The)		(92	)		(6,783	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Retailing — (Continued)
TripAdvisor, Inc.*		(424	)	$	(17,185	)
Ulta Beauty, Inc.*		(123	)		(27,805	)

					(415,491	)

Semiconductors & Semiconductor Equipment — (3.5)%
Advanced Micro Devices, Inc.*		(2,330	)		(29,708	)
Analog Devices, Inc.		(879	)		(75,743	)
Broadcom Ltd. (Singapore)		(761	)		(184,573	)
Microchip Technology, Inc.		(13	)		(1,167	)
NVIDIA Corp.		(595	)		(106,368	)
Qorvo, Inc.*		(309	)		(21,840	)

					(419,399	)

Software & Services — (5.3)%
Activision Blizzard, Inc.		(1,758	)		(113,409	)
Adobe Systems, Inc.*		(66	)		(9,846	)
Akamai Technologies, Inc.*		(409	)		(19,927	)
Alliance Data Systems Corp.		(131	)		(29,023	)
ANSYS, Inc.*		(6	)		(736	)
Cadence Design Systems, Inc.*		(662	)		(26,129	)
DXC Technology Co.		(569	)		(48,866	)
Facebook, Inc., Class A*		(359	)		(61,342	)
Fidelity National Information Services, Inc.		(775	)		(72,377	)
Fiserv, Inc.*		(44	)		(5,674	)
Gartner, Inc.*		(214	)		(26,624	)
Global Payments, Inc.		(360	)		(34,211	)
PayPal Holdings, Inc.*		(1,240	)		(79,397	)
salesforce.com, Inc.*		(132	)		(12,331	)
Symantec Corp.		(1,465	)		(48,067	)
Synopsys, Inc.*		(48	)		(3,865	)
Verisign, Inc.*		(189	)		(20,108	)
Western Union Co. (The)		(1,100	)		(21,120	)

					(633,052	)

Technology Hardware & Equipment — (0.7)%
Amphenol Corp., Class A		(236	)		(19,975	)
Corning, Inc.		(2,133	)		(63,819	)

					(83,794	)

Telecommunication Services — (0.4)%
Level 3 Communications, Inc.*		(1,014	)		(54,036	)

Transportation — (1.0)%
American Airlines Group, Inc.		(1,298	)		(61,642	)
Kansas City Southern		(74	)		(8,042	)
United Continental Holdings, Inc.*		(753	)		(45,843	)

					(115,527	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Utilities — (3.4)%
Alliant Energy Corp.		(546	)	$	(22,697	)
Ameren Corp.		(6	)		(347	)
American Electric Power Co., Inc.		(339	)		(23,811	)
American Water Works Co., Inc.		(431	)		(34,872	)
Consolidated Edison, Inc.		(672	)		(54,217	)
Duke Energy Corp.		(89	)		(7,469	)
Entergy Corp.		(419	)		(31,995	)
Eversource Energy		(712	)		(43,033	)
Exelon Corp.		(652	)		(24,561	)
PG&E Corp.		(1,122	)		(76,397	)
Pinnacle West Capital Corp.		(257	)		(21,732	)
PPL Corp.		(1,350	)		(51,232	)
SCANA Corp.		(102	)		(4,946	)
Sempra Energy		(50	)		(5,706	)
Xcel Energy, Inc.		(23	)		(1,088	)

					(404,103	)

TOTAL COMMON STOCK (Proceeds $9,945,291)					(9,975,977	)

TOTAL SECURITES SOLD SHORT - (83.1)%					(9,975,977	)

(Proceeds $9,945,291)
OTHER ASSETS IN EXCESS OF LIABILITIES - 39.9%					4,785,223

NET ASSETS - 100.0%				$	12,004,392


	Number of Shares		Value
LONG POSITIONS — 112.0%
COMMON STOCKS — 112.0%
Automobiles & Components — 2.6%
BorgWarner, Inc.†		122	$	6,250
Delphi Automotive PLC (Jersey)†		156		15,350
General Motors Co.†		810		32,708
Harley-Davidson, Inc.^(a)		95		4,580

				58,888

Capital Goods — 10.7%
3M Co.†		43		9,026
Allegion PLC (Ireland)		43		3,718
AMETEK, Inc.†		57		3,764
Arconic, Inc.†		279		6,941
Boeing Co. (The)†		240		61,010
Caterpillar, Inc.†		277		34,545
Cummins, Inc.†		95		15,963
Emerson Electric Co.†		8		503
Fastenal Co		54		2,461
Honeywell International, Inc.†		252		35,719
Ingersoll-Rand PLC (Ireland)†		148		13,197
Jacobs Engineering Group, Inc.†		67		3,904
Lockheed Martin Corp.†		109		33,822
Northrop Grumman Corp.		2		575
Pentair PLC (Ireland)		101		6,864
Rockwell Collins, Inc.		7		915
Snap-on, Inc.†		32		4,768
TransDigm Group, Inc.		3		767

				238,462

Commercial & Professional Services — 1.1%
Equifax, Inc.		6		636
Republic Services, Inc.		55		3,633
Robert Half International, Inc.†		74		3,725
Stericycle, Inc.*		5		358
Waste Management, Inc.†		222		17,376

				25,728

Consumer Durables & Apparel — 1.5%
Coach, Inc.†		158		6,364
Garmin Ltd. (Switzerland)		105		5,667
Hasbro, Inc.		2		195
Michael Kors Holdings Ltd. (British Virgin Islands)*		94		4,498
PVH Corp.†		40		5,042
Ralph Lauren Corp.		47		4,150
Whirlpool Corp.		41		7,562

				33,478


	Number of Shares		Value
COMMON STOCKS — (Continued)
Consumer Services — 2.7%
Hilton Worldwide Holdings, Inc.†		180	$	12,501
Marriott International, Inc., Class A†		199		21,942
McDonald’s Corp.†		87		13,631
Royal Caribbean Cruises Ltd. (Liberia)		54		6,401
Wyndham Worldwide Corp.†		62		6,535

				61,010

Diversified Financials — 3.3%
BlackRock, Inc.		33		14,754
Franklin Resources, Inc.		308		13,709
Invesco Ltd. (Bermuda)		223		7,814
Moody’s Corp.†		105		14,617
Nasdaq, Inc.†		93		7,214
S&P Global, Inc.		17		2,657
T Rowe Price Group, Inc.		133		12,057

				72,822

Energy — 4.5%
Anadarko Petroleum Corp.†		305		14,899
Chesapeake Energy Corp.^(a)*		500		2,150
Chevron Corp.		77		9,048
ConocoPhillips†		678		33,934
Marathon Oil Corp.		2		27
Occidental Petroleum Corp.		255		16,374
ONEOK, Inc.		13		720
Range Resources Corp.^(a)		137		2,681
Valero Energy Corp.†		258		19,848

				99,681

Food & Staples Retailing — 7.0%
CVS Health Corp.†		608		49,443
Sysco Corp.†		293		15,807
Walgreens Boots Alliance, Inc.†		494		38,147
Wal-Mart Stores, Inc.†		687		53,682

				157,079

Food, Beverage & Tobacco — 5.2%
Altria Group, Inc.†		741		46,994
Coca-Cola Co. (The)		97		4,366
Conagra Brands, Inc.†		251		8,469
Dr Pepper Snapple Group, Inc.†		101		8,936
General Mills, Inc.		191		9,886
Kellogg Co.		191		11,913
Kraft Heinz Co. (The)		23		1,784
Molson Coors Brewing Co., Class B†		119		9,715
PepsiCo, Inc.		60		6,686


	Number of Shares		Value
COMMON STOCKS — (Continued)
Food, Beverage & Tobacco — (Continued)
Philip Morris International, Inc.†		65	$	7,216

				115,965

Health Care Equipment & Services — 10.9%
Aetna, Inc.†		201		31,961
AmerisourceBergen Corp.†		125		10,344
Anthem, Inc.†		151		28,672
Baxter International, Inc.†		16		1,004
Centene Corp.†*		98		9,484
Cigna Corp.†		147		27,480
Express Scripts Holding Co.†*		358		22,669
HCA Healthcare, Inc.†*		203		16,157
Humana, Inc.†		86		20,952
Laboratory Corp. of America Holdings†*		61		9,209
McKesson Corp.†		116		17,819
Medtronic PLC (Ireland)		82		6,377
Quest Diagnostics, Inc.†		73		6,836
UnitedHealth Group, Inc.†		126		24,677
Universal Health Services, Inc., Class B		53		5,880
Varian Medical Systems, Inc.*		52		5,203

				244,724

Household & Personal Products — 1.8%
Church & Dwight Co., Inc.†		90		4,361
Clorox Co. (The)		72		9,497
Colgate-Palmolive Co.		54		3,934
Kimberly-Clark Corp.†		194		22,830

				40,622

Insurance — 1.0%
Aon PLC (United Kingdom)†		119		17,386
Progressive Corp. (The)		127		6,149

				23,535

Materials — 4.2%
Air Products & Chemicals, Inc.†		123		18,600
Ball Corp.		31		1,280
Freeport-McMoRan, Inc.†*		798		11,204
LyondellBasell Industries NV, Class A (Netherlands)†		227		22,484
Newmont Mining Corp.†		294		11,028
Packaging Corp. of America		53		6,078
PPG Industries, Inc.†		6		652
Sherwin-Williams Co. (The)†		52		18,618


	Number of Shares		Value
COMMON STOCKS — (Continued)
Materials — (Continued)
WestRock Co.†		70	$	3,971

				93,915

Media — 7.7%
CBS Corp., Class B, non-voting shares†		199		11,542
Comcast Corp., Class A†		980		37,710
Discovery Communications, Inc., Class A†*		8		170
News Corp., Class A†		332		4,402
Omnicom Group, Inc.†		64		4,740
Scripps Networks Interactive, Inc., Class A†		74		6,356
Time Warner, Inc.†		429		43,951
Twenty-First Century Fox, Inc., Class A†		1,048		27,646
Viacom, Inc., Class B†		3		84
Walt Disney Co. (The)†		360		35,485

				172,086

Pharmaceuticals, Biotechnology & Life Sciences — 5.3%
AbbVie, Inc.†		372		33,056
Amgen, Inc.†		136		25,357
Biogen, Inc.†*		3		939
Bristol-Myers Squibb Co.†		41		2,613
Gilead Sciences, Inc.†		692		56,066

				118,031

Real Estate — 1.1%
Digital Realty Trust, Inc., REIT		2		237
Duke Realty Corp., REIT		137		3,948
Essex Property Trust, Inc., REIT		8		2,032
Extra Space Storage, Inc., REIT		69		5,515
Mid-America Apartment Communities, Inc., REIT		63		6,733
Realty Income Corp., REIT†		26		1,487
Regency Centers Corp., REIT		85		5,273

				25,225

Retailing — 7.4%
Advance Auto Parts, Inc.		41		4,067
AutoZone, Inc.†*		2		1,190
Best Buy Co., Inc.†		182		10,367
Dollar Tree, Inc.†*		8		695
Foot Locker, Inc.		10		352
Genuine Parts Co.		81		7,748
Home Depot, Inc. (The)†		330		53,975


	Number of Shares		Value
COMMON STOCKS — (Continued)
Retailing — (Continued)
LKQ Corp.*		171	$	6,154
Lowe’s Cos., Inc.†		469		37,492
Nordstrom, Inc.		92		4,338
O’Reilly Automotive, Inc.†*		45		9,692
Ross Stores, Inc.†		213		13,753
Signet Jewelers Ltd. (Bermuda)^(a)		34		2,263
Target Corp.†		146		8,615
TJX Cos., Inc. (The)		33		2,433
Tractor Supply Co.^(a)		54		3,418

				166,552

Semiconductors & Semiconductor Equipment — 7.0%
Applied Materials, Inc.†		617		32,139
Intel Corp.†		702		26,732
KLA-Tencor Corp.†		90		9,540
Lam Research Corp.†		105		19,429
Micron Technology, Inc.*		667		26,233
Skyworks Solutions, Inc.†		103		10,496
Texas Instruments, Inc.†		261		23,396
Xilinx, Inc.		137		9,704

				157,669

Software & Services — 7.0%
Accenture PLC, Class A (Ireland)†		68		9,185
Alphabet, Inc., Class A*		2		1,948
Automatic Data Processing, Inc.†		99		10,823
CA, Inc.†		114		3,805
Citrix Systems, Inc.*		55		4,225
CSRA, Inc.†		92		2,969
eBay, Inc.†*		103		3,961
Electronic Arts, Inc.†*		171		20,188
International Business Machines Corp.†		218		31,628
Intuit, Inc.†		141		20,042
Oracle Corp.†		720		34,812
Paychex, Inc.†		200		11,992
Visa, Inc., Class A		15		1,579

				157,157

Technology Hardware & Equipment — 8.3%
Apple, Inc.†		364		56,100
Cisco Systems, Inc.†		1,219		40,995
F5 Networks, Inc.†*		37		4,461
FLIR Systems, Inc.†		76		2,957
Harris Corp.		67		8,823
Hewlett Packard Enterprise Co.†		906		13,327


	Number of Shares		Value
COMMON STOCKS — (Continued)
Technology Hardware & Equipment — (Continued)
HP, Inc.†		926	$	18,483
Juniper Networks, Inc.†		218		6,067
Motorola Solutions, Inc.†		61		5,177
NetApp, Inc.		152		6,651
Seagate Technology PLC (Ireland)†^(a)		97		3,217
Western Digital Corp.†		163		14,083
Xerox Corp.		144		4,794

				185,135

Telecommunication Services — 3.4%
AT&T, Inc.†		802		31,414
CenturyLink, Inc.^(a)		2		38
Verizon Communications, Inc.†		895		44,294

				75,746

Transportation — 6.3%
Alaska Air Group, Inc.†		41		3,127
CSX Corp.†		191		10,364
Delta Air Lines, Inc.†		415		20,011
Expeditors International of Washington, Inc.		99		5,926
FedEx Corp.†		93		20,979
JB Hunt Transport Services, Inc.		61		6,776
Norfolk Southern Corp.		7		926
Southwest Airlines Co.†		346		19,369
Union Pacific Corp.†		232		26,905
United Continental Holdings, Inc.†*		99		6,027
United Parcel Service, Inc., Class B†		163		19,575

				139,985

Utilities — 2.0%
CMS Energy Corp.		4		185
DTE Energy Co.		98		10,521
FirstEnergy Corp.		245		7,553
NRG Energy, Inc.†		181		4,632
Public Service Enterprise Group, Inc.†		278		12,858
WEC Energy Group, Inc.†		136		8,538

				44,287

TOTAL COMMON STOCKS (Cost $2,219,467)				2,507,782

TOTAL LONG POSITIONS - 112.0%				2,507,782

(Cost $2,219,467)


	Number of Shares			Value
SHORT POSITIONS — (51.0)%
COMMON STOCKS — (51.0)%
Automobiles & Components — (0.6)%
Ford Motor Co.		(996	)	$	(11,922	)
Goodyear Tire & Rubber Co. (The)		(63	)		(2,095	)

					(14,017	)

Banks — (4.8)%
Bank of America Corp.		(717	)		(18,169	)
BB&T Corp.		(203	)		(9,529	)
Citigroup, Inc.		(161	)		(11,711	)
Citizens Financial Group, Inc.		(126	)		(4,772	)
Comerica, Inc.		(45	)		(3,432	)
Fifth Third Bancorp		(187	)		(5,232	)
Huntington Bancshares, Inc.		(80	)		(1,117	)
JPMorgan Chase & Co.		(54	)		(5,157	)
M&T Bank Corp.		(39	)		(6,281	)
People’s United Financial, Inc.		(14	)		(254	)
PNC Financial Services Group, Inc. (The)		(23	)		(3,100	)
Regions Financial Corp.		(310	)		(4,721	)
SunTrust Banks, Inc.		(121	)		(7,232	)
US Bancorp		(223	)		(11,951	)
Wells Fargo & Co.		(220	)		(12,133	)
Zions Bancorporation		(50	)		(2,359	)

					(107,150	)

Capital Goods — (4.7)%
Acuity Brands, Inc.		(11	)		(1,884	)
AO Smith Corp.		(44	)		(2,615	)
Dover Corp.		(40	)		(3,656	)
Eaton Corp. PLC (Ireland)		(115	)		(8,831	)
Flowserve Corp.		(34	)		(1,448	)
Fluor Corp.		(35	)		(1,473	)
Fortive Corp.		(87	)		(6,159	)
Fortune Brands Home & Security, Inc.		(39	)		(2,622	)
General Dynamics Corp.		(52	)		(10,690	)
General Electric Co.		(503	)		(12,162	)
Illinois Tool Works, Inc.		(13	)		(1,923	)
Johnson Controls International PLC (Ireland)		(233	)		(9,388	)
L3 Technologies, Inc.		(20	)		(3,769	)
Masco Corp.		(79	)		(3,082	)
PACCAR, Inc.		(87	)		(6,294	)
Quanta Services, Inc.*		(38	)		(1,420	)
Raytheon Co.		(73	)		(13,620	)
Stanley Black & Decker, Inc.		(23	)		(3,472	)
Textron, Inc.		(68	)		(3,664	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
United Rentals, Inc.*		(22	)	$	(3,052	)
United Technologies Corp.		(37	)		(4,295	)
Xylem, Inc.		(2	)		(125	)

					(105,644	)

Commercial & Professional Services — (0.4)%
Cintas Corp.		(27	)		(3,895	)
IHS Markit Ltd. (Bermuda)*		(30	)		(1,322	)
Nielsen Holdings PLC (United Kingdom)		(90	)		(3,730	)

					(8,947	)

Consumer Durables & Apparel — (1.2)%
Hanesbrands, Inc.		(80	)		(1,971	)
Leggett & Platt, Inc.		(34	)		(1,623	)
Mattel, Inc.		(86	)		(1,331	)
Mohawk Industries, Inc.*		(19	)		(4,703	)
Newell Brands, Inc.		(121	)		(5,163	)
NIKE, Inc., Class B		(85	)		(4,407	)
Under Armour, Inc., Class C*		(110	)		(1,652	)
VF Corp.		(99	)		(6,293	)

					(27,143	)

Consumer Services — (0.9)%
Carnival Corp. (Panama)		(184	)		(11,881	)
Darden Restaurants, Inc.		(27	)		(2,127	)
MGM Resorts International		(144	)		(4,693	)
Wynn Resorts Ltd.		(14	)		(2,085	)
Yum! Brands, Inc.		(3	)		(221	)

					(21,007	)

Diversified Financials — (3.6)%
American Express Co.		(141	)		(12,755	)
Bank of New York Mellon Corp. (The)		(40	)		(2,121	)
Berkshire Hathaway, Inc., Class B*		(15	)		(2,750	)
Capital One Financial Corp.		(29	)		(2,455	)
Charles Schwab Corp. (The)		(107	)		(4,680	)
CME Group, Inc.		(85	)		(11,533	)
Discover Financial Services		(17	)		(1,096	)
ETRADE Financial Corp.		(22	)		(959	)
Goldman Sachs Group, Inc. (The)		(49	)		(11,622	)
Intercontinental Exchange, Inc.		(148	)		(10,168	)
Leucadia National Corp.		(90	)		(2,272	)
Morgan Stanley		(147	)		(7,081	)
Navient Corp.		(80	)		(1,202	)
Northern Trust Corp.		(58	)		(5,332	)
Raymond James Financial, Inc.		(9	)		(759	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Diversified Financials — (Continued)
State Street Corp.		(8	)	$	(764	)
Synchrony Financial		(127	)		(3,943	)

					(81,492	)

Energy — (4.5)%
Andeavor		(39	)		(4,023	)
Apache Corp.		(96	)		(4,397	)
Cimarex Energy Co.		(24	)		(2,728	)
Concho Resources, Inc.*		(37	)		(4,874	)
EOG Resources, Inc.		(13	)		(1,258	)
EQT Corp.		(44	)		(2,870	)
Exxon Mobil Corp.		(165	)		(13,527	)
Halliburton Co.		(23	)		(1,059	)
Helmerich & Payne, Inc.		(29	)		(1,511	)
Hess Corp.		(80	)		(3,751	)
Kinder Morgan, Inc.		(245	)		(4,699	)
National Oilwell Varco, Inc.		(97	)		(3,466	)
Newfield Exploration Co.*		(50	)		(1,484	)
Phillips 66		(128	)		(11,726	)
Pioneer Natural Resources Co.		(42	)		(6,197	)
Schlumberger Ltd. (Curacao)		(326	)		(22,742	)
TechnipFMC PLC (United Kingdom)*		(117	)		(3,267	)
Williams Cos., Inc. (The)		(207	)		(6,212	)

					(99,791	)

Food, Beverage & Tobacco — (1.6)%
Archer-Daniels-Midland Co.		(141	)		(5,994	)
Brown-Forman Corp., Class B		(7	)		(380	)
Constellation Brands, Inc., Class A		(10	)		(1,994	)
Hershey Co. (The)		(47	)		(5,131	)
Hormel Foods Corp.		(45	)		(1,446	)
McCormick & Co., Inc., non-voting shares		(32	)		(3,284	)
Mondelez International, Inc., Class A		(286	)		(11,629	)
Tyson Foods, Inc., Class A		(91	)		(6,411	)

					(36,269	)

Health Care Equipment & Services — (4.6)%
Abbott Laboratories		(59	)		(3,148	)
Align Technology, Inc.*		(2	)		(372	)
Becton Dickinson and Co.		(58	)		(11,365	)
Boston Scientific Corp.*		(306	)		(8,926	)
Cardinal Health, Inc.		(80	)		(5,354	)
Cerner Corp.*		(87	)		(6,205	)
Cooper Cos., Inc. (The)		(13	)		(3,082	)
CR Bard, Inc.		(19	)		(6,089	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — (Continued)
Danaher Corp.		(174	)	$	(14,926	)
DaVita, Inc.*		(49	)		(2,910	)
DENTSPLY SIRONA, Inc.		(58	)		(3,469	)
Edwards Lifesciences Corp.*		(52	)		(5,684	)
Henry Schein, Inc.*		(40	)		(3,280	)
Intuitive Surgical, Inc.*		(7	)		(7,321	)
Patterson Cos., Inc.		(24	)		(928	)
ResMed, Inc.		(36	)		(2,771	)
Stryker Corp.		(94	)		(13,350	)
Zimmer Biomet Holdings, Inc.		(41	)		(4,801	)

					(103,981	)

Household & Personal Products — (0.2)%
Coty, Inc., Class A		(190	)		(3,141	)
Procter & Gamble Co. (The)		(5	)		(455	)

					(3,596	)

Insurance — (3.2)%
Aflac, Inc.		(100	)		(8,139	)
Allstate Corp. (The)		(6	)		(551	)
American International Group, Inc.		(227	)		(13,935	)
Assurant, Inc.		(16	)		(1,528	)
Brighthouse Financial, Inc.*		(13	)		(790	)
Chubb Ltd. (Switzerland)		(25	)		(3,564	)
Cincinnati Financial Corp.		(42	)		(3,216	)
Hartford Financial Services Group, Inc. (The)		(91	)		(5,044	)
Lincoln National Corp.		(15	)		(1,102	)
Loews Corp.		(85	)		(4,068	)
Marsh & McLennan Cos., Inc.		(72	)		(6,034	)
MetLife, Inc.		(3	)		(156	)
Principal Financial Group, Inc.		(73	)		(4,697	)
Prudential Financial, Inc.		(110	)		(11,695	)
Torchmark Corp.		(30	)		(2,403	)
Unum Group		(59	)		(3,017	)
XL Group Ltd. (Bermuda)		(20	)		(789	)

					(70,728	)

Materials — (2.5)%
Albemarle Corp.		(27	)		(3,680	)
DowDuPont, Inc.		(53	)		(3,669	)
Eastman Chemical Co.		(38	)		(3,439	)
Ecolab, Inc.		(69	)		(8,874	)
International Flavors & Fragrances, Inc.		(19	)		(2,715	)
International Paper Co.		(104	)		(5,909	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Materials — (Continued)
Martin Marietta Materials, Inc.		(17	)	$	(3,506	)
Monsanto Co.		(110	)		(13,180	)
Mosaic Co. (The)		(91	)		(1,965	)
Nucor Corp.		(80	)		(4,483	)
Sealed Air Corp.		(29	)		(1,239	)
Vulcan Materials Co.		(35	)		(4,186	)

					(56,845	)

Media — (0.3)%
DISH Network Corp., Class A*		(70	)		(3,796	)
Interpublic Group of Cos., Inc. (The)		(99	)		(2,058	)

					(5,854	)

Pharmaceuticals, Biotechnology & Life Sciences — (5.3)%
Alexion Pharmaceuticals, Inc.*		(55	)		(7,716	)
Allergan PLC (Ireland)		(83	)		(17,011	)
Eli Lilly & Co.		(233	)		(19,931	)
Illumina, Inc.*		(36	)		(7,171	)
Incyte Corp.*		(53	)		(6,187	)
Merck & Co., Inc.		(95	)		(6,083	)
Mylan NV (Netherlands)*		(134	)		(4,204	)
PerkinElmer, Inc.		(16	)		(1,104	)
Perrigo Co. PLC (Ireland)		(35	)		(2,963	)
Pfizer, Inc.		(470	)		(16,779	)
Quintiles IMS Holdings, Inc.*		(20	)		(1,901	)
Regeneron Pharmaceuticals, Inc.*		(30	)		(13,414	)
Thermo Fisher Scientific, Inc.		(53	)		(10,028	)
Zoetis, Inc.		(71	)		(4,527	)

					(119,019	)

Real Estate — (2.1)%
American Tower Corp., REIT		(6	)		(820	)
Apartment Investment & Management Co., Class A, REIT		(9	)		(395	)
AvalonBay Communities, Inc., REIT		(5	)		(892	)
CBRE Group, Inc., Class A*		(85	)		(3,220	)
Crown Castle International Corp., REIT		(91	)		(9,098	)
Equity Residential, REIT		(82	)		(5,406	)
GGP, Inc., REIT		(221	)		(4,590	)
HCP, Inc., REIT		(118	)		(3,284	)
Iron Mountain, Inc., REIT		(67	)		(2,606	)
Kimco Realty Corp., REIT		(111	)		(2,170	)
Macerich Co. (The), REIT		(38	)		(2,089	)
SBA Communications Corp., REIT*		(31	)		(4,466	)
Simon Property Group, Inc., REIT		(3	)		(483	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Real Estate — (Continued)
SL Green Realty Corp., REIT		(27	)	$	(2,736	)
Welltower, Inc., REIT		(53	)		(3,725	)

					(45,980	)

Retailing — (2.0)%
Amazon.com, Inc.*		(24	)		(23,072	)
Expedia, Inc.		(23	)		(3,311	)
Gap, Inc. (The)		(37	)		(1,093	)
Kohl’s Corp.		(43	)		(1,963	)
L Brands, Inc.		(72	)		(2,996	)
Macy’s, Inc.		(77	)		(1,680	)
Priceline Group, Inc. (The)*		(2	)		(3,662	)
Tiffany & Co.		(32	)		(2,937	)
TripAdvisor, Inc.*		(38	)		(1,540	)
Ulta Beauty, Inc.*		(13	)		(2,939	)

					(45,193	)

Semiconductors & Semiconductor Equipment — (2.3)%
Advanced Micro Devices, Inc.*		(238	)		(3,034	)
Analog Devices, Inc.		(93	)		(8,014	)
Broadcom Ltd. (Singapore)		(94	)		(22,799	)
Microchip Technology, Inc.		(15	)		(1,347	)
NVIDIA Corp.		(56	)		(10,011	)
Qorvo, Inc.*		(33	)		(2,332	)
QUALCOMM, Inc.		(65	)		(3,370	)

					(50,907	)

Software & Services — (3.3)%
Activision Blizzard, Inc.		(189	)		(12,192	)
Adobe Systems, Inc.*		(28	)		(4,177	)
Akamai Technologies, Inc.*		(44	)		(2,144	)
Alliance Data Systems Corp.		(15	)		(3,323	)
ANSYS, Inc.*		(5	)		(614	)
Cadence Design Systems, Inc.*		(70	)		(2,763	)
DXC Technology Co.		(71	)		(6,097	)
Facebook, Inc., Class A*		(45	)		(7,689	)
Fidelity National Information Services, Inc.		(84	)		(7,845	)
Fiserv, Inc.*		(26	)		(3,353	)
Gartner, Inc.*		(23	)		(2,861	)
Global Payments, Inc.		(38	)		(3,611	)
PayPal Holdings, Inc.*		(137	)		(8,772	)
salesforce.com, Inc.*		(23	)		(2,149	)
Synopsys, Inc.*		(6	)		(483	)
Verisign, Inc.*		(35	)		(3,724	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
Western Union Co. (The)		(118	)	$	(2,266	)

					(74,063	)

Technology Hardware & Equipment — (0.4)%
Amphenol Corp., Class A		(29	)		(2,455	)
Corning, Inc.		(226	)		(6,762	)

					(9,217	)

Telecommunication Services — (0.2)%
Level 3 Communications, Inc.*		(94	)		(5,009	)

Transportation — (0.3)%
American Airlines Group, Inc.		(130	)		(6,174	)
Kansas City Southern		(6	)		(652	)

					(6,826	)

Utilities — (2.0)%
Alliant Energy Corp.		(57	)		(2,369	)
American Electric Power Co., Inc.		(57	)		(4,004	)
American Water Works Co., Inc.		(45	)		(3,641	)
Consolidated Edison, Inc.		(76	)		(6,132	)
Duke Energy Corp.		(9	)		(755	)
Entergy Corp.		(45	)		(3,436	)
Eversource Energy		(79	)		(4,775	)
Exelon Corp.		(38	)		(1,431	)
PG&E Corp.		(128	)		(8,716	)
Pinnacle West Capital Corp.		(27	)		(2,283	)
PPL Corp.		(172	)		(6,527	)
SCANA Corp.		(6	)		(291	)

					(44,360	)

TOTAL COMMON STOCK (Proceeds $1,123,503)					(1,143,038	)

TOTAL SECURITES SOLD SHORT - (51.0)%					(1,143,038	)

(Proceeds $1,123,503)

OTHER ASSETS IN EXCESS OF LIABILITIES - 39.0%					873,856

NET ASSETS - 100.0%				$	2,238,600


	Number of Shares		Value
LONG POSITIONS — 172.7%
COMMON STOCKS — 172.7%
Automobiles & Components — 3.9%
BorgWarner, Inc.†^(a)		19,740	$	1,011,280
Cooper-Standard Holdings, Inc.†^(a)*		4,453		516,414
Delphi Automotive PLC (Jersey)†		55,727		5,483,537
Dorman Products, Inc.^(a)*		533		38,173
General Motors Co.†^(a)(b)		356,942		14,413,318
Gentex Corp.†^(a)		111,064		2,199,067
Goodyear Tire & Rubber Co. (The)^(a)		11,808		392,616
Harley-Davidson, Inc.^(a)		55,985		2,699,037
Lear Corp.†^(a)(b)		17,914		3,100,555
Motorcar Parts of America, Inc.^(a)*		5,332		157,081
Standard Motor Products, Inc.^(a)		5,121		247,088
Tenneco, Inc.^(a)		3,116		189,048
Thor Industries, Inc.^(a)		5,845		735,944
Visteon Corp.^(b)*		14,482		1,792,437
Winnebago Industries, Inc.†^(a)		47,188		2,111,663

				35,087,258

Capital Goods — 22.2%
3M Co.†^(a)		6,328		1,328,247
Acuity Brands, Inc.^(a)		15,293		2,619,385
Aerovironment, Inc.^(a)*		5,346		289,325
Allegion PLC (Ireland)†^(a)		25,708		2,222,971
Allison Transmission Holdings, Inc.^(a)		103,772		3,894,563
American Woodmark Corp.†^(a)*		6,112		588,280
AMETEK, Inc.†^(a)		91,870		6,067,095
Applied Industrial Technologies, Inc.^(a)		13,836		910,409
Arconic, Inc.^(a)(b)		249,040		6,196,115
Argan, Inc.†^(a)		38,461		2,586,502
Atkore International Group, Inc.^(a)*		14,329		279,559
Barnes Group, Inc.†^(a)		4,355		306,766
Blue Bird Corp.^(a)*		320		6,592
Boeing Co. (The)^(b)		62,367		15,854,315
Briggs & Stratton Corp.^(a)		3,309		77,762
BWX Technologies, Inc.^(a)		13,979		783,103
Caterpillar, Inc.†^(a)		120,330		15,006,354
Chart Industries, Inc.†*		20,952		821,947
Continental Building Products, Inc.†^(a)*		53,618		1,394,068
Crane Co.^(a)(b)		26,323		2,105,577
CSW Industrials, Inc.*		643		28,517
Cummins, Inc.^(a)(b)		59,441		9,987,871
Curtiss-Wright Corp.†		2,487		259,991
Deere & Co.^(a)(b)		24,056		3,021,193


	Number of Shares		Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
DigitalGlobe, Inc.†^(a)*		31,997	$	1,127,894
Donaldson Co., Inc.^(a)		3,173		145,768
EMCOR Group, Inc.†^(a)		39,520		2,741,898
Emerson Electric Co.†		15,468		972,009
EnerSys†		15,078		1,042,945
Engility Holdings, Inc.^(a)*		536		18,588
Fastenal Co.^(a)		92,463		4,214,464
Flowserve Corp.^(a)		14,894		634,335
Fortive Corp.†		28,093		1,988,703
Fortune Brands Home & Security, Inc.^(a)		16,972		1,141,028
General Cable Corp.^(a)		3,316		62,507
General Electric Co.†^(a)		1,010		24,422
Gibraltar Industries, Inc.†^(a)*		51,763		1,612,417
GMS, Inc.*		40,803		1,444,426
Gorman-Rupp Co. (The)^(a)		4,566		148,715
Graco, Inc.^(a)		3,463		428,338
Griffon Corp.^(a)		260		5,772
Harsco Corp.*		59,381		1,241,063
HD Supply Holdings, Inc.^(a)*		23,891		861,748
Hillenbrand, Inc.†^(a)		42,990		1,670,162
Honeywell International, Inc.†^(a)		67,367		9,548,599
Hubbell, Inc.†		14,999		1,740,184
Huntington Ingalls Industries, Inc.†		2		453
IDEX Corp.^(a)		3,992		484,908
Illinois Tool Works, Inc.†^(a)		35,176		5,204,641
Ingersoll-Rand PLC (Ireland)†		65,676		5,856,329
Jacobs Engineering Group, Inc.†^(b)		71,901		4,189,671
Kadant, Inc.		1,971		194,242
Kennametal, Inc.^(a)		62,834		2,534,724
L3 Technologies, Inc.†		2,622		494,063
Lockheed Martin Corp.^(a)(b)		25,963		8,056,059
Masco Corp.†^(a)		74,849		2,919,859
Meritor, Inc.^(a)*		46,353		1,205,642
Moog, Inc., Class A†^(a)*		5,452		454,860
MSC Industrial Direct Co., Inc., Class A^(a)		8,574		647,937
Mueller Industries, Inc.		9,368		327,412
Mueller Water Products, Inc., Class A†		75,548		967,014
Northrop Grumman Corp.†^(a)		6,021		1,732,362
Oshkosh Corp.†		19,687		1,624,965
PACCAR, Inc.^(a)(b)		45,811		3,313,968
Pentair PLC (Ireland)†^(b)		77,166		5,244,201


	Number of Shares		Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
Primoris Services Corp.		18,102	$	532,561
Regal Beloit Corp.†		17,545		1,386,055
Rexnord Corp.†^(a)*		78,524		1,995,295
Rockwell Automation, Inc.^(a)(b)		49,289		8,783,793
Rush Enterprises, Inc., Class A^(a)*		13,263		613,944
Snap-on, Inc.^(a)		21,034		3,134,276
Spirit AeroSystems Holdings, Inc., Class A†^(a)		54,058		4,201,388
SPX Corp.†*		51,499		1,510,981
SPX FLOW, Inc.^(a)*		15,621		602,346
Stanley Black & Decker, Inc.†		1,352		204,111
Terex Corp.^(a)		64,682		2,911,984
Textainer Group Holdings Ltd. (Bermuda)^(a)*		10,928		187,415
Textron, Inc.†^(a)		66,586		3,587,654
Toro Co. (The)		2,027		125,796
TransDigm Group, Inc.^(a)		12,679		3,241,386
TriMas Corp.^(a)*		15,384		415,368
Tutor Perini Corp.^(a)*		1,224		34,762
United Rentals, Inc.†*		2		277
United Technologies Corp.†^(a)		21,825		2,533,446
Univar, Inc.†*		11,116		321,586
USG Corp.^(a)*		13,500		440,775
Valmont Industries, Inc.^(a)		1,600		252,960
Wabash National Corp.^(a)		125,357		2,860,647
Watts Water Technologies, Inc., Class A^(a)		5,116		354,027
Welbilt, Inc.^(a)*		468		10,787
WW Grainger, Inc.^(a)		22,768		4,092,548

				199,241,970

Commercial & Professional Services — 3.2%
Copart, Inc.^(a)(b)*		42,689		1,467,221
Deluxe Corp.^(a)		14,733		1,074,920
Herman Miller, Inc.^(a)		4,627		166,109
ICF International, Inc.†*		2,588		139,623
KAR Auction Services, Inc.†		48,808		2,330,094
Kelly Services, Inc., Class A†^(a)		11,810		296,313
Kimball International, Inc., Class B		3,322		65,676
Korn/Ferry International†^(a)		37,317		1,471,409
LSC Communications, Inc.^(a)		2,907		47,995
ManpowerGroup, Inc.†		1,978		233,048
MSA Safety, Inc.^(a)		8,002		636,239
Quad/Graphics, Inc.†^(a)		35,893		811,541
Republic Services, Inc.†^(a)		48,408		3,197,832


	Number of Shares		Value
COMMON STOCKS — (Continued)
Commercial & Professional Services — (Continued)
Robert Half International, Inc.†^(a)		76,775	$	3,864,854
RPX Corp.^(a)*		21,916		291,044
SP Plus Corp.^(a)*		14,463		571,288
Stericycle, Inc.^(b)*		14,640		1,048,517
Tetra Tech, Inc.^(a)(b)		34,591		1,610,211
TransUnion^(a)*		28,049		1,325,596
TriNet Group, Inc.^(a)*		11,376		382,461
TrueBlue, Inc.†*		18,140		407,243
Verisk Analytics, Inc.^(a)*		34,033		2,831,205
VSE Corp.^(a)		731		41,565
Waste Management, Inc.†^(b)		56,211		4,399,635
West Corp.^(a)		797		18,706

				28,730,345

Consumer Durables & Apparel — 5.1%
Brunswick Corp		15,745		881,248
Cavco Industries, Inc.†^(a)*		9,602		1,416,775
Coach, Inc.		131,665		5,303,466
Crocs, Inc.^(a)*		22,531		218,551
DR Horton, Inc.†		108,462		4,330,888
Ethan Allen Interiors, Inc.^(a)		13,054		422,950
Garmin Ltd. (Switzerland)†^(a)		98,763		5,330,239
Gildan Activewear, Inc. (Canada)		8,500		265,880
Hasbro, Inc.^(a)(b)		22,713		2,218,379
Johnson Outdoors, Inc., Class A^(a)		1,142		83,686
La-Z-Boy, Inc.^(b)		21,309		573,212
Michael Kors Holdings Ltd. (British Virgin Islands)†*		73,209		3,503,051
NIKE, Inc., Class B^(b)		28,589		1,482,340
Oxford Industries, Inc.^(a)		4,322		274,620
PulteGroup, Inc.^(a)(b)		139,218		3,804,828
PVH Corp.^(b)		6,276		791,153
Ralph Lauren Corp.†^(a)(b)		57,759		5,099,542
TopBuild Corp.^(a)(b)*		40,923		2,666,952
Tupperware Brands Corp.^(a)(b)		16,986		1,050,075
Whirlpool Corp.†^(a)		24,596		4,536,486
Wolverine World Wide, Inc.^(a)		45,358		1,308,578

				45,562,899

Consumer Services — 7.2%
Adtalem Global Education, Inc.^(a)(b)		60,364		2,164,049
Bob Evans Farms, Inc.^(a)		29,173		2,261,199
Boyd Gaming Corp.^(a)		72,905		1,899,175
Brinker International, Inc.^(a)		23,252		740,809
Buffalo Wild Wings, Inc.^(a)*		147		15,538
Capella Education Co.†^(a)		5,816		407,992


	Number of Shares		Value
COMMON STOCKS — (Continued)
Consumer Services — (Continued)
Cheesecake Factory, Inc. (The)^(a)		19,738	$	831,365
Choice Hotels International, Inc.		11,077		707,820
Churchill Downs, Inc.^(a)		4,486		925,013
Cracker Barrel Old Country Store, Inc.^(a)		8,120		1,231,154
Darden Restaurants, Inc.†		7,832		617,005
DineEquity, Inc.^(a)		30,855		1,326,148
Eldorado Resorts, Inc.^(a)*		42,566		1,091,818
Graham Holdings Co., Class B†		876		512,548
Grand Canyon Education, Inc.^(a)*		2,418		219,603
Hilton Worldwide Holdings, Inc.†^(a)(b)		109,839		7,628,319
Jack in the Box, Inc.†^(a)		6,567		669,309
K12, Inc.^(a)*		9,065		161,720
La Quinta Holdings, Inc.†*		8,852		154,910
Las Vegas Sands Corp.^(a)		9,232		592,325
Marriott International, Inc., Class A^(a)(b)		73,689		8,124,949
McDonald’s Corp.†		26,219		4,107,993
Regis Corp.^(a)*		1,128		16,097
Royal Caribbean Cruises Ltd. (Liberia)†^(a)		63,362		7,510,931
Ruth’s Hospitality Group, Inc.^(a)		3,954		82,836
Service Corp. International^(a)		11,424		394,128
Sonic Corp.†		39,612		1,008,125
Speedway Motorsports, Inc.^(a)		278		5,921
Stars Group, Inc. (The) (Canada)*		888		18,204
Vail Resorts, Inc.^(a)(b)		19,560		4,462,027
Weight Watchers International, Inc.†^(a)*		57,023		2,483,352
Wyndham Worldwide Corp.†^(a)		59,775		6,300,883
Yum! Brands, Inc.†^(a)(b)		86,620		6,376,098

				65,049,363

Energy — 3.9%
Archrock, Inc.†		157,676		1,978,834
Cenovus Energy, Inc. (Canada)		39,104		391,822
Chevron Corp.†^(a)		13,003		1,527,852
CONSOL Energy, Inc.†^(a)*		74,447		1,261,132
CVR Energy, Inc.^(a)		100,972		2,615,175
Delek US Holdings, Inc.†^(a)		71,415		1,908,923
Diamond Offshore Drilling, Inc.^(a)*		15,938		231,101
Exterran Corp.†*		49,263		1,557,203
Fairmount Santrol Holdings, Inc.^(a)*		167,888		802,505
Halliburton Co.†^(a)		12,366		569,207
Imperial Oil Ltd. (Canada)^(a)		26,070		832,676


	Number of Shares		Value
COMMON STOCKS — (Continued)
Energy — (Continued)
McDermott International, Inc. (Panama)†^(a)*		366,701	$	2,665,916
Occidental Petroleum Corp.^(b)		43,336		2,782,605
Oceaneering International, Inc.^(a)		55,511		1,458,274
ONEOK, Inc.†^(a)		27,540		1,525,991
Par Pacific Holdings, Inc.^(a)*		1,353		28,142
Phillips 66^(a)		2,538		232,506
REX American Resources Corp.†*		3,136		294,251
Rowan Cos. PLC, Class A (United Kingdom)†*		57,807		742,820
Ship Finance International Ltd. (Bermuda)^(a)		151,831		2,201,550
Tidewater, Inc.^(a)*		1,215		35,332
TransCanada Corp. (Canada)		72,077		3,562,766
Transocean Ltd. (Switzerland)^(a)*		456,951		4,916,793
Valero Energy Corp.†^(a)		14,740		1,133,948

				35,257,324

Food & Staples Retailing — 5.0%
CVS Health Corp.†		174,147		14,161,634
Kroger Co. (The)†^(a)		158,772		3,184,966
SUPERVALU, Inc.^(a)*		2		44
Sysco Corp.†^(a)		149,425		8,061,479
United Natural Foods, Inc.^(a)*		29,808		1,239,715
Walgreens Boots Alliance, Inc.†		107,852		8,328,331
Wal-Mart Stores, Inc.†		123,110		9,619,815

				44,595,984

Food, Beverage & Tobacco — 7.0%
Altria Group, Inc.†		159,936		10,143,141
Brown-Forman Corp., Class B†^(a)		45,375		2,463,862
Coca-Cola Co. (The)†^(b)		114,577		5,157,111
Conagra Brands, Inc.†^(a)(b)		125,026		4,218,377
Dean Foods Co.^(a)		44,794		487,359
Dr Pepper Snapple Group, Inc.†		63,617		5,628,196
Flowers Foods, Inc.^(a)		49,815		937,020
General Mills, Inc.†^(a)		63,379		3,280,497
Hershey Co. (The)^(a)		3,689		402,728
Hormel Foods Corp.^(a)		130,472		4,193,370
Ingredion, Inc.†^(a)		14,575		1,758,328
JM Smucker Co. (The)^(a)(b)		10,150		1,065,040
Kellogg Co.^(a)		103,501		6,455,357
Kraft Heinz Co. (The)†		44,853		3,478,350
Lamb Weston Holdings, Inc.		5,242		245,797
Molson Coors Brewing Co., Class B^(b)		45,324		3,700,251


	Number of Shares		Value
COMMON STOCKS — (Continued)
Food, Beverage & Tobacco — (Continued)
Mondelez International, Inc., Class A†		41,774	$	1,698,531
PepsiCo, Inc.†		27,272		3,038,919
Philip Morris International, Inc.†^(a)		7,002		777,292
Sanderson Farms, Inc.^(a)		17,926		2,895,408
SunOpta, Inc. (Canada)*		3,447		29,989
TreeHouse Foods, Inc.^(a)*		12,444		842,832
Universal Corp.†		2,150		123,195

				63,020,950

Health Care Equipment & Services — 12.6%
Abaxis, Inc.^(a)		2,500		111,625
Abbott Laboratories†^(a)		16,530		882,041
Acadia Healthcare Co., Inc.^(a)*		46,856		2,237,842
Allscripts Healthcare Solutions, Inc.^(a)*		13,024		185,331
AmerisourceBergen Corp.†^(a)(b)		67,562		5,590,756
AMN Healthcare Services, Inc.^(a)*		63,528		2,903,230
Analogic Corp.†^(a)		6,881		576,284
AngioDynamics, Inc.^(a)*		16,683		285,112
Anika Therapeutics, Inc.†^(a)*		10,868		630,344
Baxter International, Inc.^(b)		68,267		4,283,754
Becton Dickinson and Co.^(a)		9,164		1,795,686
Boston Scientific Corp.†^(a)*		13,441		392,074
Cerner Corp.†^(a)(b)*		55,121		3,931,230
Chemed Corp.†^(a)		4,636		936,704
Community Health Systems, Inc.†^(a)*		113,775		873,792
CONMED Corp.^(a)		20,658		1,083,925
Cooper Cos., Inc. (The)†		1,073		254,419
CorVel Corp.*		562		30,573
Cotiviti Holdings, Inc.^(a)(b)*		71,558		2,574,657
CR Bard, Inc.†^(a)		4,129		1,323,344
Danaher Corp.^(a)		11,422		979,779
Express Scripts Holding Co.†^(a)*		187,655		11,882,315
Globus Medical, Inc., Class A^(a)*		79,742		2,369,932
Haemonetics Corp.^(a)*		9,326		418,458
Halyard Health, Inc.†^(a)*		48,426		2,180,623
HCA Healthcare, Inc.†^(b)*		78,165		6,221,152
HealthSouth Corp.†^(a)		5,342		247,602
Hill-Rom Holdings, Inc.^(a)(b)		27,930		2,066,820
Hologic, Inc.^(a)(b)*		77,026		2,826,084
ICU Medical, Inc.†*		941		174,885
IDEXX Laboratories, Inc.^(a)*		1,275		198,250
Inogen, Inc.^(a)*		1,359		129,241
Integer Holdings Corp.†^(a)*		43,165		2,207,890


	Number of Shares		Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — (Continued)
Kindred Healthcare, Inc.†		12,975	$	88,230
Laboratory Corp. of America Holdings†^(a)*		32,085		4,843,872
Landauer, Inc.		87		5,855
Lantheus Holdings, Inc.^(a)*		9,738		173,336
LHC Group, Inc.^(a)*		10,241		726,292
LifePoint Health, Inc.^(a)*		6,860		397,194
Masimo Corp.†^(a)*		17,018		1,473,078
McKesson Corp.†		58,089		8,923,051
MEDNAX, Inc.^(a)*		11,706		504,763
Medtronic PLC (Ireland)†		70,453		5,479,130
Meridian Bioscience, Inc.†^(a)		52,211		746,617
National HealthCare Corp.^(a)		280		17,520
Omnicell, Inc.^(a)*		3,669		187,302
Patterson Cos., Inc.^(a)		9,889		382,210
Quality Systems, Inc.^(a)*		31,593		496,958
Quest Diagnostics, Inc.†^(a)		39,098		3,661,137
Select Medical Holdings Corp.†*		23,994		460,685
STERIS PLC (United Kingdom)†(^a)(b)		23,757		2,100,119
Stryker Corp.^(a)(b)		13,442		1,909,033
Tivity Health, Inc.^(a)*		31,132		1,270,186
Universal Health Services, Inc., Class B†^(a)		26,154		2,901,525
Varian Medical Systems, Inc.†^(a)*		73,171		7,321,490
Veeva Systems, Inc., Class A*		36,226		2,043,509
Zimmer Biomet Holdings, Inc.†		37,551		4,396,847

				113,295,693

Household & Personal Products — 3.2%
Avon Products, Inc.*		34,925		81,375
Central Garden & Pet Co., Class A†*		20,700		769,833
Church & Dwight Co., Inc.†^(a)		34,503		1,671,670
Clorox Co. (The)^(a)		58,502		7,716,999
Colgate-Palmolive Co.†^(a)(b)		38,408		2,798,023
Edgewell Personal Care Co.^(a)*		10,150		738,616
Estee Lauder Cos., Inc. (The), Class A†^(a)(b)		59,507		6,417,235
Kimberly-Clark Corp.†^(a)		69,379		8,164,521
Procter & Gamble Co. (The)^(a)		1,619		147,297

				28,505,569

Materials — 4.3%
Advansix, Inc.^(a)*		1,905		75,724
AptarGroup, Inc.^(a)		3,277		282,838
Ashland Global Holdings, Inc.†		21,643		1,415,236
Ball Corp.^(a)		7,471		308,552


	Number of Shares		Value
COMMON STOCKS — (Continued)
Materials — (Continued)
Bemis Co., Inc.^(a)		13,902	$	633,514
Chase Corp.^(a)		122		13,591
Chemours Co. (The)†		4,523		228,909
Domtar Corp.†^(a)(b)		65,376		2,836,665
Eagle Materials, Inc.^(a)		377		40,226
FMC Corp.^(a)		1,093		97,616
FutureFuel Corp.		11,656		183,465
Huntsman Corp.†^(a)		26,838		735,898
Innophos Holdings, Inc.†		8,970		441,234
Koppers Holdings, Inc.†*		6,894		318,158
Kronos Worldwide, Inc.^(a)		51,464		1,174,923
Louisiana-Pacific Corp.†^(a)*		168,751		4,569,777
LyondellBasell Industries NV, Class A (Netherlands)		19,636		1,944,946
Martin Marietta Materials, Inc.^(b)		9,075		1,871,537
Methanex Corp. (Canada)^(a)		126,383		6,357,065
Minerals Technologies, Inc.†		13,056		922,406
Myers Industries, Inc.		888		18,604
Neenah Paper, Inc.^(a)		1,326		113,439
Olin Corp.^(a)		6,847		234,510
Packaging Corp. of America†^(b)		30,924		3,546,364
Quaker Chemical Corp.^(a)		906		134,043
Scotts Miracle-Gro Co. (The)^(a)		9,632		937,579
Trinseo SA (Luxembourg)†		8,162		547,670
Tronox Ltd., Class A (Australia)^(a)		95,483		2,014,691
Westlake Chemical Corp.^(a)(b)		63,035		5,237,578
WR Grace & Co.^(b)		21,241		1,532,538

				38,769,296

Media — 8.4%
AMC Networks, Inc., Class A†^(a)*		10,729		627,325
CBS Corp., Class B, non-voting shares†		93,970		5,450,260
Comcast Corp., Class A†		230,434		8,867,100
Discovery Communications, Inc., Class A^(a)*		171,444		3,650,043
DISH Network Corp., Class A†^(a)*		69,854		3,788,182
Gannett Co., Inc.^(a)		87,101		783,909
Interpublic Group of Cos., Inc. (The)†		81,859		1,701,849
Loral Space & Communications, Inc.^(a)*		549		27,176
MSG Networks, Inc., Class A†^(a)*		110,691		2,346,649
News Corp., Class A^(a)(b)		253,431		3,360,495
Omnicom Group, Inc.^(a)		104,546		7,743,722


	Number of Shares		Value
COMMON STOCKS — (Continued)
Media — (Continued)
Scripps Networks Interactive, Inc., Class A^(a)		38,439	$	3,301,526
TEGNA, Inc.†		18,421		245,552
Time Warner, Inc.†		100,014		10,246,434
Tribune Media Co., Class A		17,540		716,684
Twenty-First Century Fox, Inc., Class A†^(b)		482,076		12,717,165
Viacom, Inc., Class B†^(a)		36,872		1,026,516
Walt Disney Co. (The)†^(a)		85,261		8,404,177

				75,004,764

Pharmaceuticals, Biotechnology & Life Sciences — 15.8%
AbbVie, Inc.†^(a)		147,346		13,093,165
Acorda Therapeutics, Inc.^(a)*		54,290		1,283,958
Agilent Technologies, Inc.†		16,526		1,060,969
Akorn, Inc.†*		30,149		1,000,645
Alexion Pharmaceuticals, Inc.^(a)*		6,481		909,219
AMAG Pharmaceuticals, Inc.†*		52,597		970,415
Amgen, Inc.†^(a)		72,016		13,427,383
Biogen, Inc.†*		21,001		6,575,833
BioMarin Pharmaceutical, Inc.^(a)*		3,023		281,351
Bio-Techne Corp.^(a)		3,526		426,258
Bioverativ, Inc.†^(a)(b)*		56,396		3,218,520
Bluebird Bio, Inc.^(a)*		13,434		1,845,160
Bristol-Myers Squibb Co.†^(a)(b)		49,741		3,170,491
Catalent, Inc.*		21,262		848,779
Celgene Corp.†^(a)(b)*		54,542		7,953,314
Charles River Laboratories International, Inc.^(a)*		10,966		1,184,547
Eagle Pharmaceuticals, Inc.^(a)*		12,174		726,057
Emergent BioSolutions, Inc.†^(a)*		32,709		1,323,079
Enanta Pharmaceuticals, Inc.†*		3,504		163,987
Endo International PLC (Ireland)†*		63,450		543,449
Exact Sciences Corp.^(a)*		98,536		4,643,016
Exelixis, Inc.^(a)(b)*		204,535		4,955,883
Gilead Sciences, Inc.†		160,085		12,970,087
ImmunoGen, Inc.^(a)*		34,425		263,351
Immunomedics, Inc.^(a)*		142,578		1,993,240
Incyte Corp.†*		23,960		2,797,090
Innoviva, Inc.^(a)*		137,590		1,942,771
Ionis Pharmaceuticals, Inc.^(a)*		92,503		4,689,902
Ironwood Pharmaceuticals, Inc.^(a)*		23,967		377,960
Jazz Pharmaceuticals PLC (Ireland)†*		9,942		1,454,018
Johnson & Johnson†^(a)		17,628		2,291,816


	Number of Shares		Value
COMMON STOCKS — (Continued)
Pharmaceuticals, Biotechnology & Life Sciences — (Continued)
Kite Pharma, Inc.^(a)*		20,888	$	3,755,871
Ligand Pharmaceuticals, Inc.†^(a)*		16,995		2,313,869
Merck & Co., Inc.†		52,542		3,364,264
MiMedx Group, Inc.^(a)*		143,995		1,710,661
Mylan NV (Netherlands)†*		14,109		442,599
Myriad Genetics, Inc.^(a)*		49,155		1,778,428
PAREXEL International Corp.^(b)*		14,246		1,254,788
PerkinElmer, Inc.†^(a)		40,548		2,796,596
Perrigo Co. PLC (Ireland)†^(a)		59,420		5,029,903
Pfizer, Inc.†		11,822		422,045
Phibro Animal Health Corp., Class A†^(a)		12,077		447,453
PRA Health Sciences, Inc.†*		4,946		376,737
Prestige Brands Holdings, Inc.†^(a)*		23,706		1,187,434
Regeneron Pharmaceuticals, Inc.†*		6,076		2,716,701
Repligen Corp.†^(a)*		41,905		1,605,800
Supernus Pharmaceuticals, Inc.^(a)*		22,015		880,600
United Therapeutics Corp.†^(a)(b)*		18,513		2,169,538
Valeant Pharmaceuticals International, Inc. (Canada)*		42,291		606,030
Vanda Pharmaceuticals, Inc.†*		46,593		834,015
Vertex Pharmaceuticals, Inc.†*		27,892		4,240,700
Waters Corp.†^(a)*		23,786		4,270,063
Xencor, Inc.†*		32,805		751,891
Zoetis, Inc.†		2,275		145,054

				141,486,753

Retailing — 12.8%
Aaron’s, Inc.†		53,623		2,339,571
Advance Auto Parts, Inc.^(a)(b)		47,526		4,714,579
Asbury Automotive Group, Inc.^(a)*		22,626		1,382,449
AutoNation, Inc.^(a)*		41,171		1,953,976
AutoZone, Inc.†^(a)*		8,038		4,783,494
Best Buy Co., Inc.^(a)		80,529		4,586,932
Big Lots, Inc.^(a)		7,818		418,810
Buckle, Inc. (The)^(a)		11,360		191,416
CarMax, Inc.^(a)*		66,895		5,071,310
Chico’s FAS, Inc.^(a)		60,211		538,888
Dollar General Corp.†^(a)		55,176		4,472,015
Dollar Tree, Inc.†*		44,160		3,833,971
Expedia, Inc.^(a)		5,715		822,617
Foot Locker, Inc.^(a)		10,998		387,350
Gap, Inc. (The)^(a)		138,271		4,083,143
Genuine Parts Co.^(a)		42,463		4,061,586


	Number of Shares		Value
COMMON STOCKS — (Continued)
Retailing — (Continued)
Home Depot, Inc. (The)†^(a)(b)		67,626	$	11,060,909
HSN, Inc.†		8,847		345,475
JC Penney Co., Inc.^(a)*		275,120		1,048,207
Kohl’s Corp.^(a)		3,990		182,144
L Brands, Inc.^(a)(b)		10,372		431,579
LKQ Corp.^(a)(b)*		146,536		5,273,831
Lowe’s Cos., Inc.^(b)		165,647		13,241,821
Macy’s, Inc.^(a)		23,351		509,519
Monro, Inc.^(a)		2,011		112,717
Nordstrom, Inc.^(a)		11,478		541,188
Nutrisystem, Inc.^(a)		57,025		3,187,698
O’Reilly Automotive, Inc.^(a)(b)*		24,643		5,307,363
PetMed Express, Inc.^(a)		19,040		631,176
Priceline Group, Inc. (The)†^(a)*		1,498		2,742,568
RH^(a)*		25,247		1,775,369
Ross Stores, Inc.†^(a)		106,784		6,895,043
Sally Beauty Holdings, Inc.^(a)*		5,093		99,721
Signet Jewelers Ltd. (Bermuda)^(a)		47,185		3,140,162
Tailored Brands, Inc.^(a)		42,195		609,296
Target Corp.†^(a)(b)		74,690		4,407,457
Tiffany & Co.^(a)		6,835		627,316
TJX Cos., Inc. (The)†^(b)		86,871		6,404,999
Tractor Supply Co.^(a)		13,834		875,554
Urban Outfitters, Inc.^(a)*		63,628		1,520,709

				114,613,928

Semiconductors & Semiconductor Equipment — 13.1%
Advanced Energy Industries, Inc.^(a)*		26,947		2,176,240
Analog Devices, Inc.^(a)		20,251		1,745,029
Applied Materials, Inc.†^(b)		370,652		19,307,263
Axcelis Technologies, Inc.*		26,747		731,530
Broadcom Ltd. (Singapore)		4		970
Cabot Microelectronics Corp.^(a)		9,142		730,720
Diodes, Inc.^(a)*		20,096		601,473
Intel Corp.†^(a)(b)		262,925		10,012,184
KLA-Tencor Corp.^(a)		74,986		7,948,516
Lam Research Corp.^(a)(b)		82,273		15,223,796
Marvell Technology Group Ltd. (Bermuda)^(b)		138,321		2,475,946
Maxim Integrated Products, Inc.†^(a)		47,392		2,261,072
Microchip Technology, Inc.^(a)		42,633		3,827,591
Micron Technology, Inc.*		290,012		11,406,172
Microsemi Corp.^(a)*		1,525		78,507
MKS Instruments, Inc.†^(a)		23,907		2,258,016
ON Semiconductor Corp.^(a)(b)*		236,135		4,361,413


	Number of Shares		Value
COMMON STOCKS — (Continued)
Semiconductors & Semiconductor Equipment — (Continued)
QUALCOMM, Inc.†		132,474	$	6,867,452
Rudolph Technologies, Inc.†*		9,752		256,478
Skyworks Solutions, Inc.^(a)(b)		85,865		8,749,644
Synaptics, Inc.^(a)*		6,107		239,272
Teradyne, Inc.†		69,036		2,574,352
Texas Instruments, Inc.†^(a)(b)		83,920		7,522,589
Xcerra Corp.†*		41,721		410,952
Xilinx, Inc.†^(a)(b)		84,451		5,981,664

				117,748,841

Software & Services — 18.8%
Accenture PLC, Class A (Ireland)†		38,774		5,237,204
ACI Worldwide, Inc.^(a)*		19,489		443,959
Adobe Systems, Inc.*		16,307		2,432,678
Alphabet, Inc., Class A†^(b)*		6,496		6,325,285
Amdocs, Ltd. (Guernsey)		12,488		803,228
ANSYS, Inc.†^(a)*		24,520		3,009,340
Appfolio, Inc., Class A^(a)*		5,728		274,658
Aspen Technology, Inc.†^(a)*		47,136		2,960,612
Automatic Data Processing, Inc.†^(b)		39,424		4,309,832
AVG Technologies NV (Netherlands)*		26,913		666,097
Bankrate, Inc.†*		49,103		684,987
Blackbaud, Inc.^(a)		1,708		149,962
Blucora, Inc.†^(a)*		83,453		2,111,361
Broadridge Financial Solutions, Inc.†^(a)		21,873		1,767,776
CA, Inc.†^(a)		167,137		5,579,033
CACI International, Inc., Class A†(^a)*		16,186		2,255,519
Cadence Design Systems, Inc.†^(a)*		34,366		1,356,426
Cars.com, Inc.^(a)*		87,981		2,341,174
CDK Global, Inc.^(a)(b)		45,240		2,854,192
CGI Group, Inc., Class A (Canada)*		2,764		143,369
Citrix Systems, Inc.†^(a)*		68,243		5,242,427
CommerceHub, Inc., Class A^(a)*		191		4,311
Convergys Corp.^(a)		36,000		932,040
CoStar Group, Inc.^(a)*		1,241		332,898
CSRA, Inc.†^(a)		88,979		2,871,352
eBay, Inc.†^(a)*		164,910		6,342,439
Electronic Arts, Inc.†^(b)*		95,776		11,307,315
Facebook, Inc., Class A†*		16,795		2,869,762
Fair Isaac Corp.†		7,260		1,020,030
Fidelity National Information Services, Inc.†		10,791		1,007,771
Fiserv, Inc.^(a)*		16,732		2,157,759
Guidewire Software, Inc.^(a)*		6,570		511,540


	Number of Shares		Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
IAC/InterActiveCorp.†^(a)*		17,660	$	2,076,463
International Business Machines Corp.†		59,371		8,613,545
Intuit, Inc.^(a)		85,208		12,111,465
j2 Global, Inc.^(a)		39,952		2,951,654
Jack Henry & Associates, Inc.		7,635		784,802
LogMeIn, Inc.^(a)		4		440
Manhattan Associates, Inc.†*		10,569		439,353
ManTech International Corp., Class A^(a)		4,010		177,042
Mastercard, Inc., Class A^(a)		7,516		1,061,259
MAXIMUS, Inc.†		15,210		981,045
Microsoft Corp.†^(b)		40,389		3,008,577
MicroStrategy, Inc., Class A†^(a)*		5,975		763,067
NIC, Inc.†^(a)		68,780		1,179,577
Nuance Communications, Inc.†^(b)*		56,341		885,681
Open Text Corp. (Canada)†		21,897		707,054
Oracle Corp.†		188,995		9,137,908
Paychex, Inc.^(b)		107,720		6,458,891
Pegasystems, Inc.^(a)		10,552		608,323
Progress Software Corp.^(a)(b)		54,077		2,064,119
Qualys, Inc.^(a)*		12,235		633,773
Red Hat, Inc.^(a)*		6,689		741,543
Sabre Corp.^(a)		7,996		144,728
Shopify, Inc., Class A (Canada)*		2,080		242,299
SS&C Technologies Holdings, Inc.^(a)(b)		58,019		2,329,463
Stamps.com, Inc.†^(a)*		10,754		2,179,298
Symantec Corp.^(a)		45,809		1,502,993
Synopsys, Inc.†^(b)*		46,706		3,761,234
Take-Two Interactive Software, Inc.^(a)*		2,905		296,978
TeleTech Holdings, Inc.^(a)		405		16,909
TiVo Corp.^(a)		782		15,523
Total System Services, Inc.^(b)		47,233		3,093,762
Trade Desk, Inc. (The), Class A^(a)(b)*		59,218		3,642,499
Travelport Worldwide Ltd. (Bermuda)†^(a)		97,446		1,529,902
Tucows, Inc., Class A^(a)*		2,061		120,672
VeriSign, Inc.^(a)*		34,096		3,627,473
Visa, Inc., Class A^(a)(b)		27,097		2,851,688
VMware, Inc., Class A^(a)*		26,023		2,841,451
Web.com Group, Inc.(a)^(b)*		59,011		1,475,275
Western Union Co. (The)^(a)		158,784		3,048,653

				168,412,717


	Number of Shares		Value
COMMON STOCKS — (Continued)
Technology Hardware & Equipment — 13.7%
Amphenol Corp., Class A^(a)		2,480	$	209,907
Anixter International, Inc.†^(a)*		12,325		1,047,625
Apple, Inc.†		49,399		7,613,374
Arista Networks, Inc.†^(a)*		8,239		1,562,197
Avnet, Inc.^(b)		62,509		2,456,604
AVX Corp.^(a)		43,605		794,919
Badger Meter, Inc.^(a)		3,554		174,146
Benchmark Electronics, Inc.†*		64,734		2,210,666
CDW Corp.^(a)		4,450		293,700
Cisco Systems, Inc.†		471,351		15,851,534
Coherent, Inc.^(a)*		7,241		1,702,866
CommScope Holding Co., Inc.†*		46,440		1,542,272
Dolby Laboratories, Inc., Class A^(a)		19,416		1,116,808
EchoStar Corp., Class A^(b)*		22,076		1,263,409
ePlus, Inc.*		1,907		176,302
Extreme Networks, Inc.^(a)*		74,147		881,608
F5 Networks, Inc.†^(a)*		35,996		4,339,678
FLIR Systems, Inc.^(a)(b)		44,767		1,741,884
Harris Corp.^(b)		61,914		8,152,836
Hewlett Packard Enterprise Co.†(^a)(b)		554,390		8,155,077
HP, Inc.†^(a)(b)		646,687		12,907,873
InterDigital, Inc.†		10,127		746,866
IPG Photonics Corp.^(a)*		2,145		396,954
Itron, Inc.*		11,353		879,290
Jabil, Inc.^(a)		24,190		690,624
Juniper Networks, Inc.†		237,362		6,605,784
Methode Electronics, Inc.^(a)		2,736		115,870
Motorola Solutions, Inc.†^(a)		34,469		2,925,384
NetApp, Inc.†^(a)		125,050		5,472,188
OSI Systems, Inc.^(a)*		12,389		1,131,983
Plantronics, Inc.†		12,488		552,219
Rogers Corp.*		6,100		813,008
Sanmina Corp.†*		20,543		763,172
Seagate Technology PLC (Ireland)^(a)		84,207		2,793,146
TE Connectivity Ltd. (Switzerland)†		51,878		4,308,987
Trimble, Inc.^(a)*		19,834		778,484
TTM Technologies, Inc.†*		10,092		155,114
Viavi Solutions, Inc.^(a)*		54,691		517,377
Vishay Intertechnology, Inc.^(a)		156,218		2,936,898
Western Digital Corp.†^(b)		104,068		8,991,475
Xerox Corp.†		110,571		3,680,909
Zebra Technologies Corp., Class A†^(a)*		29,592		3,213,099

				122,664,116


	Number of Shares		Value
COMMON STOCKS — (Continued)
Telecommunication Services — 2.6%
AT&T, Inc.†		164,946	$	6,460,935
CenturyLink, Inc.^(a)		80,708		1,525,381
Cogent Communications Holdings, Inc.^(a)		9,788		478,633
Intelsat SA (Luxembourg)*		1,260		5,922
Level 3 Communications, Inc.†*		65,625		3,497,156
Rogers Communications, Inc., Class B (Canada)†^(b)		33,008		1,701,232
Sprint Corp.^(a)*		5,708		44,408
Verizon Communications, Inc.†^(a)		182,697		9,041,675
Vonage Holdings Corp.†*		91,236		742,661

				23,498,003

Transportation — 9.9%
Alaska Air Group, Inc.†		23,433		1,787,235
Canadian National Railway Co. (Canada)^(b)		38,818		3,216,071
Canadian Pacific Railway Ltd. (Canada)^(a)		9,429		1,584,355
CSX Corp.^(a)(b)		98,490		5,344,067
Delta Air Lines, Inc.†^(b)		239,888		11,567,399
Expeditors International of Washington, Inc.†(a)		68,799		4,118,308
FedEx Corp.†^(a)		55,070		12,422,691
Forward Air Corp.		13,367		764,993
Hawaiian Holdings, Inc.^(a)*		13,274		498,439
Heartland Express, Inc.†^(a)		47,915		1,201,708
JB Hunt Transport Services, Inc.^(a)(b)		48,135		5,346,836
Kirby Corp.^(a)*		31,958		2,107,630
Knight-Swift Transportation Holdings, Inc.^(a)*		7,966		330,987
Landstar System, Inc.^(a)		7,497		747,076
Norfolk Southern Corp.†^(a)(b)		63,034		8,335,616
Southwest Airlines Co.†^(b)		155,466		8,702,987
Student Transportation, Inc. (Canada)		113		676
Union Pacific Corp.†^(a)(b)		85,114		9,870,671
United Continental Holdings, Inc.†*		879		53,514
United Parcel Service, Inc., Class B†^(b)		49,002		5,884,650


	Number of Shares			Value
COMMON STOCKS — (Continued)
Transportation — (Continued)
Werner Enterprises, Inc.^(a)		32,762		$	1,197,451
XPO Logistics, Inc.^(a)*		55,180			3,740,100

					88,823,460

TOTAL COMMON STOCKS (Cost $1,352,254,811)					1,549,369,233

TOTAL LONG POSITIONS - 172.7%					1,549,369,233

(Cost $1,352,254,811)

SHORT POSITIONS — (73.6)%
COMMON STOCKS — (73.6)%
Automobiles & Components — (1.2)%
American Axle & Manufacturing Holdings, Inc.*		(147,591	)		(2,594,650	)
Cooper Tire & Rubber Co.		(46,032	)		(1,721,597	)
Dana, Inc.		(4,868	)		(136,109	)
Ford Motor Co.		(90,745	)		(1,086,218	)
Gentherm, Inc.*		(23,674	)		(879,489	)
LCI Industries		(17,135	)		(1,985,090	)
Magna International, Inc. (Canada)		(16,390	)		(874,898	)
Modine Manufacturing Co.*		(19,657	)		(378,397	)
Tesla, Inc.*		(3,121	)		(1,064,573	)
Tower International, Inc.		(59	)		(1,605	)

					(10,722,626	)

Capital Goods — (7.5)%
AAON, Inc.		(4,287	)		(147,794	)
AAR Corp.		(29,974	)		(1,132,418	)
Actuant Corp., Class A		(72,018	)		(1,843,661	)
Advanced Drainage Systems, Inc.		(30,293	)		(613,433	)
AECOM*		(33,320	)		(1,226,509	)
Aegion Corp.*		(8,898	)		(207,145	)
AGCO Corp.		(2,145	)		(158,237	)
Alamo Group, Inc.		(1,512	)		(162,343	)
Albany International Corp., Class A		(5,841	)		(335,273	)
Altra Industrial Motion Corp.		(13,563	)		(652,380	)
American Railcar Industries, Inc.		(11,951	)		(461,309	)
Apogee Enterprises, Inc.		(5,559	)		(268,277	)
Astec Industries, Inc.		(16,901	)		(946,625	)
Astronics Corp.*		(6,278	)		(186,770	)
Axon Enterprise, Inc.*		(149,847	)		(3,397,031	)
AZZ, Inc.		(2,306	)		(112,302	)
Beacon Roofing Supply, Inc.*		(38,001	)		(1,947,551	)
Carlisle Cos., Inc.		(10,216	)		(1,024,563	)
CIRCOR International, Inc.		(10,677	)		(581,149	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
Columbus McKinnon Corp.		(6,294	)	$	(238,354	)
Cubic Corp.		(20,118	)		(1,026,018	)
Douglas Dynamics, Inc.		(15,138	)		(596,437	)
Encore Wire Corp.		(12,282	)		(549,926	)
ESCO Technologies, Inc.		(5,486	)		(328,886	)
Esterline Technologies Corp.*		(6,921	)		(623,928	)
Federal Signal Corp.		(12,773	)		(271,809	)
Franklin Electric Co., Inc.		(14,835	)		(665,350	)
Granite Construction, Inc.		(31,624	)		(1,832,611	)
Herc Holdings, Inc.*		(10,856	)		(533,355	)
Hexcel Corp.		(33,819	)		(1,941,887	)
Hyster-Yale Materials Handling, Inc.		(1,445	)		(110,456	)
Insteel Industries, Inc.		(8,935	)		(233,293	)
ITT, Inc.		(13,958	)		(617,921	)
John Bean Technologies Corp.		(24,970	)		(2,524,467	)
Johnson Controls International PLC (Ireland)		(46,644	)		(1,879,287	)
Kaman Corp.		(18,950	)		(1,057,031	)
Kratos Defense & Security Solutions, Inc.*		(200,600	)		(2,623,848	)
Lydall, Inc.*		(18	)		(1,031	)
Manitowoc Co., Inc. (The)*		(142,448	)		(1,282,032	)
Masonite International Corp. (Canada)*		(13,673	)		(946,172	)
MasTec, Inc.*		(26,438	)		(1,226,723	)
Mercury Systems, Inc.*		(13,308	)		(690,419	)
Middleby Corp. (The)*		(23,941	)		(3,068,518	)
Milacron Holdings Corp.*		(820	)		(13,825	)
MRC Global, Inc.*		(119,177	)		(2,084,406	)
Navistar International Corp.*		(12,834	)		(565,594	)
NCI Building Systems, Inc.*		(16,239	)		(253,328	)
NN, Inc.		(5,148	)		(149,292	)
Nordson Corp.		(1,283	)		(152,036	)
NOW, Inc.*		(230,841	)		(3,187,914	)
Orbital ATK, Inc.		(18,704	)		(2,490,625	)
Park-Ohio Holdings Corp.		(8	)		(365	)
Patrick Industries, Inc.*		(1,464	)		(123,122	)
Ply Gem Holdings, Inc.*		(4,512	)		(76,930	)
Proto Labs, Inc.*		(11,636	)		(934,371	)
Quanex Building Products Corp.		(5,747	)		(131,894	)
Raven Industries, Inc.		(13,114	)		(424,894	)
REV Group, Inc.		(25,139	)		(722,998	)
Rockwell Collins, Inc.		(1,735	)		(226,782	)
Simpson Manufacturing Co., Inc.		(34,951	)		(1,713,997	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
SiteOne Landscape Supply, Inc.*		(14,472	)	$	(840,823	)
Standex International Corp.		(4,257	)		(452,093	)
Sun Hydraulics Corp.		(6,528	)		(352,512	)
Sunrun, Inc.*		(317,593	)		(1,762,641	)
Teledyne Technologies, Inc.*		(12,869	)		(2,048,487	)
Tennant Co.		(5,004	)		(331,265	)
Thermon Group Holdings, Inc.*		(12,655	)		(227,663	)
Timken Co. (The)		(19,775	)		(960,076	)
Titan International, Inc.		(44,690	)		(453,604	)
Universal Forest Products, Inc.		(20,024	)		(1,965,556	)
Wabtec Corp.		(17,730	)		(1,343,048	)
Watsco, Inc.		(4,103	)		(660,870	)
Wesco Aircraft Holdings, Inc.*		(93,286	)		(876,888	)
Xylem, Inc.		(19,739	)		(1,236,254	)

					(67,038,682	)

Commercial & Professional Services — (2.6)%
ABM Industries, Inc.		(28,687	)		(1,196,535	)
ACCO Brands Corp.*		(52,638	)		(626,392	)
Advanced Disposal Services, Inc.*		(55,851	)		(1,406,887	)
Advisory Board Co. (The)*		(21,106	)		(1,131,809	)
Casella Waste Systems, Inc.*		(344	)		(6,467	)
Cintas Corp.		(2,173	)		(313,520	)
Clean Harbors, Inc.*		(16,160	)		(916,272	)
Covanta Holding Corp.		(262,889	)		(3,903,902	)
Exponent, Inc.		(6,304	)		(465,866	)
FTI Consulting, Inc.*		(44,328	)		(1,572,757	)
Healthcare Services Group, Inc.		(35,435	)		(1,912,427	)
HNI Corp.		(37,842	)		(1,569,308	)
Huron Consulting Group, Inc.*		(10,326	)		(354,182	)
InnerWorkings, Inc.*		(7,125	)		(80,156	)
Insperity, Inc.		(2,792	)		(245,696	)
Knoll, Inc.		(50,370	)		(1,007,400	)
Matthews International Corp., Class A		(1,935	)		(120,454	)
Multi-Color Corp.		(15,106	)		(1,237,937	)
Navigant Consulting, Inc.*		(12,296	)		(208,048	)
On Assignment, Inc.*		(10,276	)		(551,616	)
Ritchie Bros Auctioneers, Inc. (Canada)		(16,844	)		(532,607	)
RR Donnelley & Sons Co.		(54,460	)		(560,938	)
Steelcase, Inc., Class A		(33,292	)		(512,697	)
US Ecology, Inc.		(10,701	)		(575,714	)
WageWorks, Inc.*		(36,679	)		(2,226,415	)

					(23,236,002	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Consumer Durables & Apparel — (2.3)%
Acushnet Holdings Corp.		(18,843	)	$	(334,652	)
American Outdoor Brands Corp.*		(65,241	)		(994,925	)
Callaway Golf Co.		(75,614	)		(1,091,110	)
Canada Goose Holdings, Inc. (Canada)*		(54,209	)		(1,113,995	)
Deckers Outdoor Corp.*		(21,395	)		(1,463,632	)
G-III Apparel Group Ltd.*		(34,403	)		(998,375	)
Hanesbrands, Inc.		(42,354	)		(1,043,603	)
Helen Of Troy Ltd. (Bermuda)*		(1,490	)		(144,381	)
Installed Building Products, Inc.*		(6,471	)		(419,321	)
iRobot Corp.*		(9,790	)		(754,417	)
Lululemon Athletica, Inc.*		(4,146	)		(258,088	)
Mattel, Inc.		(252,462	)		(3,908,112	)
Mohawk Industries, Inc.*		(11,685	)		(2,892,154	)
Movado Group, Inc.		(2,192	)		(61,376	)
Newell Brands, Inc.		(21,653	)		(923,934	)
Polaris Industries, Inc.		(5,468	)		(572,117	)
Skechers U.S.A., Inc., Class A*		(65,856	)		(1,652,327	)
Tempur Sealy International, Inc.*		(6,112	)		(394,346	)
Under Armour, Inc., Class C*		(96,505	)		(1,449,505	)

					(20,470,370	)

Consumer Services — (4.4)%
Belmond Ltd., Class A (Bermuda)*		(26,211	)		(357,780	)
BJ’s Restaurants, Inc.*		(38,154	)		(1,161,789	)
Bright Horizons Family Solutions, Inc.*		(20,442	)		(1,762,305	)
Carnival Corp. (Panama)		(9,454	)		(610,445	)
Carrols Restaurant Group, Inc.*		(41,492	)		(452,263	)
Chegg, Inc.*		(91,086	)		(1,351,716	)
Chipotle Mexican Grill, Inc.*		(344	)		(105,893	)
Domino’s Pizza, Inc.		(1,252	)		(248,585	)
El Pollo Loco Holdings, Inc.*		(10,362	)		(125,898	)
Fiesta Restaurant Group, Inc.*		(49,373	)		(938,087	)
Houghton Mifflin Harcourt Co.*		(164,369	)		(1,980,646	)
International Game Technology PLC (United Kingdom)		(60,807	)		(1,492,812	)
Laureate Education, Inc., Class A*		(55,153	)		(802,476	)
Marcus Corp. (The)		(6,184	)		(171,297	)
MGM Resorts International		(16,740	)		(545,557	)
Monarch Casino & Resort, Inc.*		(1,042	)		(41,190	)
Norwegian Cruise Line Holdings Ltd. (Bermuda)*		(75,427	)		(4,076,829	)
Papa John’s International, Inc.		(28,916	)		(2,112,892	)
Planet Fitness, Inc., Class A		(28,942	)		(780,855	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Consumer Services — (Continued)
Red Robin Gourmet Burgers, Inc.*		(18,877	)	$	(1,264,759	)
Red Rock Resorts, Inc., Class A		(72,463	)		(1,678,243	)
Restaurant Brands International, Inc. (Canada)		(13,177	)		(841,747	)
SeaWorld Entertainment, Inc.		(336,783	)		(4,374,811	)
Shake Shack, Inc., Class A*		(156,409	)		(5,197,471	)
Six Flags Entertainment Corp.		(2,795	)		(170,327	)
Texas Roadhouse, Inc.		(32,194	)		(1,582,013	)
Wendy’s Co. (The)		(187,489	)		(2,911,704	)
Wingstop, Inc.		(66,862	)		(2,223,162	)

					(39,363,552	)

Energy — (3.9)%
Andeavor		(42,851	)		(4,420,081	)
Basic Energy Services, Inc.*		(11,384	)		(219,711	)
Cheniere Energy, Inc.*		(42,280	)		(1,904,291	)
DHT Holdings, Inc. (Marshall Islands)		(18,404	)		(73,248	)
Enbridge, Inc. (Canada)		(6,712	)		(280,830	)
Ensco PLC, Class A (United Kingdom)		(440,777	)		(2,631,439	)
Forum Energy Technologies, Inc.*		(51,472	)		(818,405	)
Frank’s International NV (Netherlands)		(159,922	)		(1,234,598	)
Green Plains, Inc.		(144,514	)		(2,911,957	)
Helix Energy Solutions Group, Inc.*		(368,780	)		(2,725,284	)
Helmerich & Payne, Inc.		(33,928	)		(1,767,988	)
HollyFrontier Corp.		(5,689	)		(204,633	)
Keane Group, Inc.*		(9,895	)		(165,049	)
Mammoth Energy Services, Inc.*		(1,096	)		(18,479	)
Newpark Resources, Inc.*		(17,153	)		(171,530	)
Patterson-UTI Energy, Inc.		(250,370	)		(5,242,748	)
Precision Drilling Corp. (Canada)*		(73,508	)		(229,345	)
ProPetro Holding Corp.*		(60,193	)		(863,770	)
SEACOR Holdings, Inc.*		(8,604	)		(396,730	)
SemGroup Corp., Class A		(85,378	)		(2,454,618	)
Solaris Oilfield Infrastructure, Inc., Class A*		(6,222	)		(108,449	)
Superior Energy Services, Inc.*		(10,911	)		(116,529	)
Targa Resources Corp.		(31,706	)		(1,499,694	)
TechnipFMC PLC (United Kingdom)*		(14,094	)		(393,504	)
Unit Corp.*		(22,580	)		(464,696	)
US Silica Holdings, Inc.		(34,076	)		(1,058,741	)
Weatherford International PLC (Ireland)*		(426,241	)		(1,952,184	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Energy — (Continued)
Williams Cos., Inc. (The)		(26,540	)	$	(796,465	)

					(35,124,996	)

Food & Staples Retailing — (1.1)%
Casey’s General Stores, Inc.		(15,468	)		(1,692,973	)
Performance Food Group Co.*		(26,835	)		(758,089	)
PriceSmart, Inc.		(20,784	)		(1,854,972	)
Rite Aid Corp.*		(1,803,249	)		(3,534,368	)
Smart & Final Stores, Inc.*		(92,391	)		(725,269	)
SpartanNash Co.		(245	)		(6,461	)
Sprouts Farmers Market, Inc.*		(59,208	)		(1,111,334	)
Weis Markets, Inc.		(4,640	)		(201,840	)

					(9,885,306	)

Food, Beverage & Tobacco — (3.3)%
Archer-Daniels-Midland Co.		(31,623	)		(1,344,294	)
B&G Foods, Inc.		(90,091	)		(2,869,398	)
Blue Buffalo Pet Products, Inc.*		(128,416	)		(3,640,594	)
Bunge Ltd. (Bermuda)		(39,537	)		(2,746,240	)
Calavo Growers, Inc.		(20,053	)		(1,467,880	)
Coca-Cola Bottling Co. Consolidated		(10,192	)		(2,198,924	)
Cott Corp. (Canada)		(37,860	)		(568,279	)
Darling Ingredients, Inc.*		(10,887	)		(190,740	)
Farmer Brothers Co.*		(5,905	)		(193,979	)
Fresh Del Monte Produce, Inc. (Cayman Islands)		(24,096	)		(1,095,404	)
Freshpet, Inc.*		(7,393	)		(115,700	)
Hain Celestial Group, Inc. (The)*		(7,974	)		(328,130	)
J&J Snack Foods Corp.		(9,626	)		(1,263,894	)
John B Sanfilippo & Son, Inc.		(10,057	)		(676,937	)
McCormick & Co., Inc., non-voting shares		(6,470	)		(664,081	)
MGP Ingredients, Inc.		(28,136	)		(1,705,886	)
Pilgrim’s Pride Corp.*		(13,520	)		(384,103	)
Snyder’s-Lance, Inc.		(16,419	)		(626,221	)
Tootsie Roll Industries, Inc.		(10,339	)		(392,882	)
Tyson Foods, Inc., Class A		(84,299	)		(5,938,865	)
Vector Group Ltd.		(63,028	)		(1,290,187	)

					(29,702,618	)

Health Care Equipment & Services — (6.2)%
Alere, Inc.*		(61,029	)		(3,111,869	)
Align Technology, Inc.*		(2,885	)		(537,389	)
Almost Family, Inc.*		(9,154	)		(491,570	)
athenahealth, Inc.*		(20,017	)		(2,489,314	)
AtriCure, Inc.*		(39,543	)		(884,577	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — (Continued)
BioTelemetry, Inc.*		(34,348	)	$	(1,133,484	)
Cardiovascular Systems, Inc.*		(1,607	)		(45,237	)
Castlight Health, Inc., Class B*		(1,124	)		(4,833	)
CryoLife, Inc.*		(3,736	)		(84,807	)
DaVita, Inc.*		(75,031	)		(4,456,091	)
DENTSPLY SIRONA, Inc.		(67,302	)		(4,025,333	)
DexCom, Inc.*		(55,695	)		(2,724,878	)
Diplomat Pharmacy, Inc.*		(42,870	)		(887,838	)
Ensign Group, Inc. (The)		(51,689	)		(1,167,654	)
Envision Healthcare Corp.*		(37,051	)		(1,665,442	)
Evolent Health, Inc., Class A*		(151,352	)		(2,694,066	)
GenMark Diagnostics, Inc.*		(41,807	)		(402,601	)
Henry Schein, Inc.*		(17,862	)		(1,464,505	)
HMS Holdings Corp.*		(35,960	)		(714,166	)
Inovalon Holdings, Inc., Class A*		(38,794	)		(661,438	)
Insulet Corp.*		(31,897	)		(1,756,887	)
iRhythm Technologies, Inc.*		(29,441	)		(1,527,399	)
K2M Group Holdings, Inc.*		(75,603	)		(1,603,540	)
LeMaitre Vascular, Inc.		(3,361	)		(125,769	)
Natus Medical, Inc.*		(57,213	)		(2,145,488	)
Nevro Corp.*		(35,458	)		(3,222,423	)
Novocure Ltd. (Jersey)*		(9,377	)		(186,133	)
NuVasive, Inc.*		(23,683	)		(1,313,459	)
NxStage Medical, Inc.*		(93,413	)		(2,578,199	)
OraSure Technologies, Inc.*		(38,001	)		(855,022	)
Owens & Minor, Inc.		(84,193	)		(2,458,436	)
Penumbra, Inc.*		(17,220	)		(1,554,966	)
PharMerica Corp.*		(21,117	)		(618,728	)
Quidel Corp.*		(12,869	)		(564,434	)
Tactile Systems Technology, Inc.*		(8,097	)		(250,602	)
Teladoc, Inc.*		(61,333	)		(2,033,189	)
Tenet Healthcare Corp.*		(162,724	)		(2,673,555	)
US Physical Therapy, Inc.		(9	)		(553	)
Varex Imaging Corp.*		(8,380	)		(283,579	)
Vocera Communications, Inc.*		(9,208	)		(288,855	)

					(55,688,308	)

Household & Personal Products — (1.3)%
Coty, Inc., Class A		(108,234	)		(1,789,108	)
elf Beauty, Inc.*		(99,864	)		(2,251,933	)
Revlon, Inc., Class A*		(7,371	)		(180,958	)
Spectrum Brands Holdings, Inc.		(51,973	)		(5,504,980	)
WD-40 Co.		(16,120	)		(1,803,828	)

					(11,530,807	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Materials — (4.3)%
Agrium, Inc. (Canada)		(38,397	)	$	(4,116,542	)
Albemarle Corp.		(6,370	)		(868,295	)
Avery Dennison Corp.		(7,263	)		(714,243	)
Axalta Coating Systems Ltd. (Bermuda)*		(34,686	)		(1,003,119	)
Balchem Corp.		(11,494	)		(934,347	)
Berry Global Group, Inc.*		(2,197	)		(124,460	)
Boise Cascade Co.*		(3,687	)		(128,676	)
Calgon Carbon Corp.		(32,632	)		(698,325	)
Clearwater Paper Corp.*		(5,099	)		(251,126	)
Deltic Timber Corp.		(1,552	)		(137,243	)
DowDuPont, Inc.		(16,072	)		(1,112,664	)
Ferro Corp.*		(84,756	)		(1,890,059	)
GCP Applied Technologies, Inc.*		(69,969	)		(2,148,048	)
Graphic Packaging Holding Co.		(109,007	)		(1,520,648	)
HB Fuller Co.		(32,112	)		(1,864,423	)
Innospec, Inc.		(18,994	)		(1,170,980	)
International Flavors & Fragrances, Inc.		(4,211	)		(601,794	)
International Paper Co.		(21,851	)		(1,241,574	)
KapStone Paper and Packaging Corp.		(44,650	)		(959,528	)
Kraton Corp.*		(33,440	)		(1,352,314	)
Monsanto Co.		(8,667	)		(1,038,480	)
Mosaic Co. (The)		(49,531	)		(1,069,374	)
NewMarket Corp.		(1,138	)		(484,504	)
Owens-Illinois, Inc.*		(131,795	)		(3,315,962	)
PH Glatfelter Co.		(36,274	)		(705,529	)
RPM International, Inc.		(35,162	)		(1,805,217	)
Schweitzer-Mauduit International, Inc.		(537	)		(22,264	)
Sherwin-Williams Co. (The)		(8,669	)		(3,103,849	)
Silgan Holdings, Inc.		(33,497	)		(985,817	)
Sonoco Products Co.		(58,912	)		(2,972,110	)
Stepan Co.		(54	)		(4,518	)
Tredegar Corp.		(2,222	)		(39,996	)
Vulcan Materials Co.		(4,487	)		(536,645	)

					(38,922,673	)

Media — (2.6)%
AMC Entertainment Holdings, Inc., Class A		(226,578	)		(3,330,697	)
Cable One, Inc.		(3,783	)		(2,731,780	)
Charter Communications, Inc., Class A*		(1,965	)		(714,120	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Media — (Continued)
Clear Channel Outdoor Holdings, Inc., Class A		(7,437	)	$	(34,582	)
EW Scripps Co. (The), Class A*		(56,629	)		(1,082,180	)
Gray Television, Inc.*		(59,854	)		(939,708	)
Hemisphere Media Group, Inc.*		(1,880	)		(22,466	)
John Wiley & Sons, Inc., Class A		(35,113	)		(1,878,546	)
Live Nation Entertainment, Inc.*		(20,024	)		(872,045	)
Madison Square Garden Co. (The), Class A*		(13,534	)		(2,897,629	)
MDC Partners, Inc., Class A (Canada)*		(6,475	)		(71,225	)
New Media Investment Group, Inc.		(24,522	)		(362,680	)
New York Times Co. (The), Class A		(5,460	)		(107,016	)
Nexstar Media Group, Inc., Class A		(20,222	)		(1,259,831	)
Regal Entertainment Group, Class A		(160,627	)		(2,570,032	)
Scholastic Corp.		(996	)		(37,051	)
Shaw Communications, Inc., Class B (Canada)		(34,198	)		(786,896	)
Time, Inc.		(129,969	)		(1,754,582	)
WideOpenWest, Inc.*		(2,272	)		(34,262	)
World Wrestling Entertainment, Inc., Class A		(54,886	)		(1,292,565	)

					(22,779,893	)

Pharmaceuticals, Biotechnology & Life Sciences — (5.5)%
Accelerate Diagnostics, Inc.*		(44,241	)		(993,210	)
Acceleron Pharma, Inc.*		(11,553	)		(431,158	)
Achaogen, Inc.*		(30,384	)		(484,625	)
Achillion Pharmaceuticals, Inc.*		(125,531	)		(563,634	)
Aclaris Therapeutics, Inc.*		(46,096	)		(1,189,738	)
Aduro Biotech, Inc.*		(20,970	)		(223,330	)
Aerie Pharmaceuticals, Inc.*		(15,760	)		(765,936	)
Agios Pharmaceuticals, Inc.*		(9,492	)		(633,591	)
Alder Biopharmaceuticals, Inc.*		(75,468	)		(924,483	)
Amphastar Pharmaceuticals, Inc.*		(7,345	)		(131,255	)
ANI Pharmaceuticals, Inc.*		(11,692	)		(613,713	)
Arena Pharmaceuticals, Inc.*		(266	)		(6,783	)
Athenex, Inc.*		(997	)		(17,457	)
Bio-Rad Laboratories, Inc., Class A*		(15,803	)		(3,511,743	)
Bruker Corp.		(63,088	)		(1,876,868	)
Cambrex Corp.*		(5,407	)		(297,385	)
Coherus Biosciences, Inc.*		(66,435	)		(886,907	)
Cytokinetics, Inc.*		(20,073	)		(291,058	)
CytomX Therapeutics, Inc.*		(9,052	)		(164,475	)
Dermira, Inc.*		(78,820	)		(2,128,140	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Pharmaceuticals, Biotechnology & Life Sciences — (Continued)
Editas Medicine, Inc.*		(61,685	)	$	(1,481,057	)
Five Prime Therapeutics, Inc.*		(37,946	)		(1,552,371	)
Flexion Therapeutics, Inc.*		(37,865	)		(915,576	)
Heron Therapeutics, Inc.*		(143,811	)		(2,322,548	)
Horizon Pharma PLC (Ireland)*		(19,639	)		(249,023	)
Illumina, Inc.*		(19,845	)		(3,953,124	)
Intra-Cellular Therapies, Inc.*		(8,017	)		(126,508	)
Kala Pharmaceuticals, Inc.*		(279	)		(6,372	)
La Jolla Pharmaceutical Co.*		(52,064	)		(1,810,786	)
Lexicon Pharmaceuticals, Inc.*		(24,684	)		(303,366	)
Luminex Corp.		(30,575	)		(621,590	)
MacroGenics, Inc.*		(11,736	)		(216,881	)
Medicines Co. (The)*		(65,165	)		(2,413,712	)
Momenta Pharmaceuticals, Inc.*		(32,733	)		(605,560	)
Natera, Inc.*		(1,308	)		(16,860	)
Nektar Therapeutics*		(149,634	)		(3,591,216	)
NeoGenomics, Inc.*		(84,780	)		(943,601	)
Pacific Biosciences of California, Inc.*		(25,383	)		(133,261	)
Pacira Pharmaceuticals, Inc.*		(31,588	)		(1,186,129	)
Paratek Pharmaceuticals, Inc.*		(51,808	)		(1,300,381	)
QIAGEN NV (Netherlands)		(56,439	)		(1,777,828	)
Radius Health, Inc.*		(45,210	)		(1,742,846	)
Reata Pharmaceuticals, Inc., Class A*		(1,747	)		(54,332	)
Revance Therapeutics, Inc.*		(27,930	)		(769,472	)
Seres Therapeutics, Inc.*		(4,773	)		(76,559	)
Synergy Pharmaceuticals, Inc.*		(403,745	)		(1,170,860	)
TG Therapeutics, Inc.*		(10,207	)		(120,953	)
TherapeuticsMD, Inc.*		(110,757	)		(585,905	)
Theravance Biopharma, Inc. (Cayman Islands)*		(17,788	)		(609,061	)
Ultragenyx Pharmaceutical, Inc.*		(20,002	)		(1,065,307	)
VWR Corp.*		(42,536	)		(1,408,367	)
WaVe Life Sciences Ltd. (Singapore)*		(866	)		(18,836	)

					(49,285,737	)

Retailing — (5.5)%
Abercrombie & Fitch Co., Class A		(186,022	)		(2,686,158	)
Amazon.com, Inc.*		(449	)		(431,646	)
American Eagle Outfitters, Inc.		(272,669	)		(3,899,167	)
At Home Group, Inc.*		(15,796	)		(360,781	)
Barnes & Noble, Inc.		(9,805	)		(74,518	)
Burlington Stores, Inc.*		(16,010	)		(1,528,315	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Retailing — (Continued)
Caleres, Inc.		(31,034	)	$	(947,158	)
Camping World Holdings, Inc., Class A		(39,422	)		(1,606,052	)
Children’s Place, Inc. (The)		(21,719	)		(2,566,100	)
Core-Mark Holding Co., Inc.		(16,239	)		(521,921	)
DSW, Inc., Class A		(43,249	)		(928,988	)
Duluth Holdings, Inc., Class B*		(4,703	)		(95,424	)
Express, Inc.*		(27,314	)		(184,643	)
Five Below, Inc.*		(55,494	)		(3,045,511	)
Floor & Decor Holdings, Inc., Class A*		(46,025	)		(1,791,753	)
GameStop Corp., Class A		(130,632	)		(2,698,857	)
Genesco, Inc.*		(10,729	)		(285,391	)
Group 1 Automotive, Inc.		(21,499	)		(1,557,817	)
Guess?, Inc.		(302,989	)		(5,159,903	)
Lithia Motors, Inc., Class A		(18,356	)		(2,208,410	)
Lumber Liquidators Holdings, Inc.*		(10,559	)		(411,590	)
Michaels Cos, Inc. (The)*		(12,025	)		(258,177	)
Murphy USA, Inc.*		(39,187	)		(2,703,903	)
Netflix, Inc.*		(1,302	)		(236,118	)
Ollie’s Bargain Outlet Holdings, Inc.*		(114,633	)		(5,318,971	)
Party City Holdco, Inc.*		(32,979	)		(446,865	)
Pool Corp.		(11,940	)		(1,291,550	)
Select Comfort Corp.*		(48,958	)		(1,520,146	)
Shutterfly, Inc.*		(28,510	)		(1,382,165	)
Sonic Automotive, Inc., Class A		(38,954	)		(794,662	)
Tile Shop Holdings, Inc.		(51,484	)		(653,847	)
Wayfair, Inc., Class A*		(1,221	)		(82,295	)
Williams-Sonoma, Inc.		(37,330	)		(1,861,274	)

					(49,540,076	)

Semiconductors & Semiconductor Equipment — (2.8)%
Advanced Micro Devices, Inc.*		(220,985	)		(2,817,559	)
Ambarella, Inc. (Cayman Islands)*		(416	)		(20,388	)
Amkor Technology, Inc.*		(3,257	)		(34,361	)
Cavium, Inc.*		(33,295	)		(2,195,472	)
CEVA, Inc.*		(3,869	)		(165,593	)
Cohu, Inc.		(3,937	)		(93,858	)
Cree, Inc.*		(27,898	)		(786,445	)
Cypress Semiconductor Corp.		(95,147	)		(1,429,108	)
FormFactor, Inc.*		(62,788	)		(1,057,978	)
Inphi Corp.*		(107,416	)		(4,263,341	)
Integrated Device Technology, Inc.*		(119,111	)		(3,165,970	)
IXYS Corp.*		(6,273	)		(148,670	)
Lattice Semiconductor Corp.*		(142,210	)		(740,914	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Semiconductors & Semiconductor Equipment — (Continued)
MACOM Technology Solutions Holdings, Inc.*		(20,765	)	$	(926,327	)
MaxLinear, Inc.*		(71,470	)		(1,697,412	)
Monolithic Power Systems, Inc.		(2,374	)		(252,950	)
Nanometrics, Inc.*		(9,812	)		(282,586	)
PDF Solutions, Inc.*		(11,620	)		(179,994	)
Photronics, Inc.*		(7,590	)		(67,172	)
Power Integrations, Inc.		(25,118	)		(1,838,638	)
Semtech Corp.*		(8,440	)		(316,922	)
Veeco Instruments, Inc.*		(65,795	)		(1,408,013	)
Versum Materials, Inc.		(15,369	)		(596,625	)
Xperi Corp.		(37,662	)		(952,849	)

					(25,439,145	)

Software & Services — (9.8)%
8x8, Inc.*		(51,937	)		(701,149	)
Acxiom Corp.*		(40,588	)		(1,000,088	)
Alliance Data Systems Corp.		(19,846	)		(4,396,881	)
Apptio, Inc., Class A*		(16,865	)		(311,496	)
Autodesk, Inc.*		(17,836	)		(2,002,269	)
Benefitfocus, Inc.*		(10,666	)		(358,911	)
Black Knight Financial Services, Inc., Class A*		(58,996	)		(2,539,778	)
Blackhawk Network Holdings, Inc.*		(80,211	)		(3,513,242	)
Blackline, Inc.*		(10,189	)		(347,649	)
Booz Allen Hamilton Holding Corp.		(33,122	)		(1,238,431	)
Box, Inc., Class A*		(41,172	)		(795,443	)
BroadSoft, Inc.*		(40,215	)		(2,022,814	)
Callidus Software, Inc.*		(72,044	)		(1,775,885	)
Carbonite, Inc.*		(36,302	)		(798,644	)
Cardtronics PLC, Class A (United Kingdom)*		(94,480	)		(2,173,985	)
Conduent, Inc.*		(58,798	)		(921,365	)
Cornerstone OnDemand, Inc.*		(44,150	)		(1,792,932	)
Coupa Software, Inc.*		(28,302	)		(881,607	)
DST Systems, Inc.		(34,851	)		(1,912,623	)
DXC Technology Co.		(32,395	)		(2,782,083	)
Ellie Mae, Inc.*		(25,200	)		(2,069,676	)
Etsy, Inc.*		(53,304	)		(899,771	)
Euronet Worldwide, Inc.*		(10,345	)		(980,602	)
Everbridge, Inc.*		(16,191	)		(427,766	)
FireEye, Inc.*		(196,725	)		(3,299,078	)
Forrester Research, Inc.		(3,430	)		(143,546	)
Gartner, Inc.*		(15,005	)		(1,866,772	)
Gigamon, Inc.*		(79,426	)		(3,347,806	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
Globant SA (Luxembourg)*		(14,164	)	$	(567,551	)
Gogo, Inc.*		(198,314	)		(2,342,088	)
GTT Communications, Inc.*		(6,299	)		(199,363	)
Hortonworks, Inc.*		(74,104	)		(1,256,063	)
HubSpot, Inc.*		(15,011	)		(1,261,675	)
Imperva, Inc.*		(40,475	)		(1,756,615	)
Instructure, Inc.*		(34,113	)		(1,130,846	)
LivePerson, Inc.*		(341	)		(4,621	)
Monotype Imaging Holdings, Inc.		(13,045	)		(251,116	)
MuleSoft, Inc., Class A*		(18,412	)		(370,818	)
New Relic, Inc.*		(4,135	)		(205,923	)
Nutanix, Inc,. Class A*		(29,916	)		(669,819	)
Pandora Media, Inc.*		(499,510	)		(3,846,227	)
PROS Holdings, Inc.*		(49,319	)		(1,190,067	)
Q2 Holdings, Inc.*		(3,821	)		(159,145	)
Quotient Technology, Inc.*		(22,175	)		(347,039	)
Rapid7, Inc.*		(31,986	)		(562,954	)
Science Applications International Corp.		(11,754	)		(785,755	)
SecureWorks Corp., Class A*		(20,807	)		(256,966	)
Silver Spring Networks, Inc.*		(7,314	)		(118,267	)
Splunk, Inc.*		(49,077	)		(3,260,185	)
Sykes Enterprises, Inc.*		(5,165	)		(150,611	)
Teradata Corp.*		(121,784	)		(4,115,081	)
Twilio, Inc., Class A*		(23,888	)		(713,057	)
Twitter, Inc.*		(24,236	)		(408,861	)
Ultimate Software Group, Inc. (The)*		(12,649	)		(2,398,250	)
Vantiv, Inc., Class A*		(26,923	)		(1,897,264	)
Verint Systems, Inc.*		(11,363	)		(475,542	)
Virtusa Corp.*		(60,641	)		(2,291,017	)
Workday, Inc., Class A*		(18,756	)		(1,976,695	)
Workiva, Inc.*		(24,947	)		(520,145	)
Zendesk, Inc.*		(135,350	)		(3,940,038	)
Zynga, Inc., Class A*		(780,910	)		(2,951,840	)

					(87,683,796	)

Technology Hardware & Equipment — (5.2)%
3D Systems Corp.*		(114,066	)		(1,527,344	)
Arrow Electronics, Inc.*		(7,332	)		(589,566	)
Belden, Inc.		(20,543	)		(1,654,328	)
BlackBerry Ltd. (Canada)*		(26,220	)		(293,140	)
Celestica, Inc. (Canada)*		(1,933	)		(23,930	)
Corning, Inc.		(34,226	)		(1,024,042	)
CTS Corp.		(5,818	)		(140,214	)
Diebold Nixdorf, Inc.		(57,483	)		(1,313,486	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Technology Hardware & Equipment — (Continued)
FARO Technologies, Inc.*		(1,800	)	$	(68,850	)
Finisar Corp.*		(126,895	)		(2,813,262	)
Fitbit, Inc., Class A*		(478,034	)		(3,327,117	)
II-VI, Inc.*		(72,351	)		(2,977,244	)
Infinera Corp.*		(447,961	)		(3,973,414	)
Insight Enterprises, Inc.*		(11,602	)		(532,764	)
Keysight Technologies, Inc.*		(30,460	)		(1,268,964	)
Kimball Electronics, Inc.*		(117	)		(2,533	)
Knowles Corp.*		(40,878	)		(624,207	)
Lumentum Holdings, Inc.*		(59,894	)		(3,255,239	)
Mesa Laboratories, Inc.		(149	)		(22,249	)
MTS Systems Corp.		(153	)		(8,178	)
NETGEAR, Inc.*		(53,534	)		(2,548,218	)
NetScout Systems, Inc.*		(13,345	)		(431,711	)
Oclaro, Inc.*		(64,495	)		(556,592	)
Palo Alto Networks, Inc.*		(13,610	)		(1,961,201	)
PC Connection, Inc.		(634	)		(17,872	)
Plexus Corp.*		(13,748	)		(770,988	)
Pure Storage, Inc., Class A*		(196,348	)		(3,139,605	)
Quantenna Communications, Inc.*		(243	)		(4,085	)
Sierra Wireless, Inc. (Canada)*		(49,977	)		(1,074,506	)
Stratasys Ltd. (Israel)*		(13,170	)		(304,490	)
Super Micro Computer, Inc.*		(81,870	)		(1,809,327	)
SYNNEX Corp.		(12,227	)		(1,546,838	)
Tech Data Corp.*		(31,028	)		(2,756,838	)
VeriFone Systems, Inc.*		(38,431	)		(779,381	)
ViaSat, Inc.*		(56,934	)		(3,661,995	)

					(46,803,718	)

Telecommunication Services — (1.2)%
ATN International, Inc.		(13,475	)		(710,132	)
Boingo Wireless, Inc.*		(20,033	)		(428,105	)
Cincinnati Bell, Inc.*		(74,122	)		(1,471,322	)
General Communication, Inc., Class A*		(30,473	)		(1,242,994	)
Iridium Communications, Inc.*		(179,965	)		(1,853,640	)
Shenandoah Telecommunications Co.		(42,289	)		(1,573,151	)
Straight Path Communications, Inc,. Class B*		(2,253	)		(407,050	)
United States Cellular Corp.*		(2,267	)		(80,252	)
Zayo Group Holdings, Inc.*		(90,942	)		(3,130,224	)

					(10,896,870	)

Transportation — (2.9)%
Air Transport Services Group, Inc.*		(23,306	)		(567,268	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Transportation — (Continued)
Allegiant Travel Co.		(4,763	)	$	(627,287	)
ArcBest Corp.		(14,723	)		(492,484	)
Atlas Air Worldwide Holdings, Inc.*		(32,753	)		(2,155,147	)
CH Robinson Worldwide, Inc.		(11,617	)		(884,054	)
Echo Global Logistics, Inc.*		(17,330	)		(326,670	)
Genesee & Wyoming, Inc., Class A*		(77,373	)		(5,726,376	)
Golden Ocean Group Ltd. (Bermuda)*		(5,697	)		(44,664	)
Hub Group, Inc., Class A*		(4,559	)		(195,809	)
JetBlue Airways Corp.*		(7,164	)		(132,749	)
Kansas City Southern		(23,329	)		(2,535,396	)
Matson, Inc.		(12,460	)		(351,123	)
Ryder System, Inc.		(56,199	)		(4,751,625	)
Saia, Inc.*		(6,245	)		(391,249	)
SkyWest, Inc.		(59,696	)		(2,620,654	)
Spirit Airlines, Inc.*		(126,994	)		(4,242,870	)

					(26,045,425	)

TOTAL COMMON STOCK (Proceeds $660,164,364)					(660,160,600	)

TOTAL SECURITES SOLD SHORT - (73.6)% (Proceeds $660,164,364)					(660,160,600	)

OTHER ASSETS IN EXCESS OF LIABILITIES - 0.9%					8,161,981

NET ASSETS - 100.0%				$	897,370,614


	Number of Shares		Value
LONG POSITIONS — 185.7%
COMMON STOCKS — 185.7%
Automobiles & Components — 3.2%
BorgWarner, Inc.^(a)		365	$	18,699
Delphi Automotive PLC (Jersey)†		855		84,132
General Motors Co.†		14,854		599,805
Harley-Davidson, Inc.^(a)		1,763		84,994

				787,630

Capital Goods — 17.2%
3M Co.†		172		36,103
Allegion PLC (Ireland)^(a)		359		31,043
AMETEK, Inc.†		2,148		141,854
Arconic, Inc.†		2,728		67,873
Boeing Co. (The)†		4,018		1,021,416
Caterpillar, Inc.†		5,940		740,777
Cummins, Inc.†^(b)		1,678		281,954
Emerson Electric Co.†		479		30,100
Fastenal Co.^(a)		2,318		105,654
Honeywell International, Inc.†		4,253		602,820
Ingersoll-Rand PLC (Ireland)†		1,092		97,374
Jacobs Engineering Group, Inc.†		1,243		72,430
Lockheed Martin Corp.†^(b)		1,718		533,078
Pentair PLC (Ireland)^(b)		1,875		127,425
Rockwell Automation, Inc.†^(b)		460		81,977
Rockwell Collins, Inc.†		211		27,580
Snap-on, Inc.†^(a)		478		71,227
TransDigm Group, Inc.^(a)		329		84,109
United Rentals, Inc.†*		2		277
WW Grainger, Inc.		268		48,173

				4,203,244

Commercial & Professional Services — 1.6%
Equifax, Inc.		211		22,364
Republic Services, Inc.†		797		52,650
Robert Half International, Inc.†		1,151		57,941
Stericycle, Inc.†*		13		931
Waste Management, Inc.†^(b)		3,312		259,230

				393,116

Consumer Durables & Apparel — 2.1%
Coach, Inc.†		2,978		119,954
Garmin Ltd. (Switzerland)^(a)		1,118		60,338
Hasbro, Inc.		278		27,152
Michael Kors Holdings Ltd. (British Virgin Islands)†*		1,767		84,551
PVH Corp.†		154		19,413
Ralph Lauren Corp.^(b)		872		76,989


	Number of Shares		Value
COMMON STOCKS — (Continued)
Consumer Durables & Apparel — (Continued)
Whirlpool Corp.^(a)		688	$	126,895

				515,292

Consumer Services — 5.2%
Darden Restaurants, Inc.†		90		7,090
Hilton Worldwide Holdings, Inc.†		3,494		242,658
Marriott International, Inc., Class A†^(b)		3,760		414,578
McDonald’s Corp.^(b)		1,289		201,961
Royal Caribbean Cruises Ltd. (Liberia)†		1,985		235,302
Wyndham Worldwide Corp.^(a)		934		98,453
Yum! Brands, Inc.†		914		67,280

				1,267,322

Diversified Financials — 6.9%
BlackRock, Inc.^(b)		1,072		479,280
Franklin Resources, Inc.		5,765		256,600
Invesco Ltd. (Bermuda)^(b)		4,204		147,308
Moody’s Corp.†		1,980		275,636
Nasdaq, Inc.†^(b)		1,727		133,963
S&P Global, Inc.†^(b)		999		156,154
T Rowe Price Group, Inc.^(a)		2,483		225,084

				1,674,025

Energy — 8.2%
Anadarko Petroleum Corp.†^(b)		5,709		278,885
Chesapeake Energy Corp.^(a)*		9,357		40,235
Chevron Corp.†^(b)		1,354		159,095
ConocoPhillips†^(b)		13,109		656,105
Marathon Oil Corp.†		1,080		14,645
Marathon Petroleum Corp.†		1,301		72,960
Occidental Petroleum Corp.†		4,431		284,515
ONEOK, Inc.		1,614		89,432
Range Resources Corp.^(a)		2,563		50,158
Valero Energy Corp.†^(b)		4,567		351,339

				1,997,369

Food & Staples Retailing — 11.5%
CVS Health Corp.†		11,164		907,856
Sysco Corp.†		5,651		304,871
Walgreens Boots Alliance, Inc.†		9,657		745,714
Wal-Mart Stores, Inc.†^(b)		10,965		856,805

				2,815,246

Food, Beverage & Tobacco — 7.7%
Altria Group, Inc.†^(b)		12,905		818,435
Conagra Brands, Inc.†		4,427		149,367


	Number of Shares		Value
COMMON STOCKS — (Continued)
Food, Beverage & Tobacco — (Continued)
Dr Pepper Snapple Group, Inc.†		1,882	$	166,501
General Mills, Inc.^(a)		2,826		146,274
Kellogg Co.^(a)		3,565		222,349
Kraft Heinz Co. (The)		213		16,518
Molson Coors Brewing Co., Class B		2,224		181,567
PepsiCo, Inc.†		426		47,469
Philip Morris International, Inc.†		1,186		131,658

				1,880,138

Health Care Equipment & Services — 17.4%
Aetna, Inc.†^(b)		3,397		540,157
AmerisourceBergen Corp.^(a)		2,325		192,394
Anthem, Inc.†^(b)		2,809		533,373
Baxter International, Inc.†		1,446		90,736
Centene Corp.†^(b)*		1,826		176,702
Cigna Corp.†		2,670		499,130
Express Scripts Holding Co.†^(b)*		5,723		362,380
HCA Healthcare, Inc.†*		3,605		286,922
Humana, Inc.†^(b)		1,559		379,819
Laboratory Corp. of America Holdings†*		385		58,123
McKesson Corp.†		2,170		333,334
Medtronic PLC (Ireland)		1,439		111,911
Quest Diagnostics, Inc.†		1,017		95,232
UnitedHealth Group, Inc.†		2,013		394,246
Universal Health Services, Inc., Class B†		988		109,609
Varian Medical Systems, Inc.^(a)*		988		98,859

				4,262,927

Household & Personal Products — 3.2%
Church & Dwight Co., Inc.†		1,839		89,100
Clorox Co. (The)^(a)		1,332		175,704
Colgate-Palmolive Co.		253		18,431
Estee Lauder Cos., Inc. (The), Class A^(b)		662		71,390
Kimberly-Clark Corp.†		3,554		418,235

				772,860

Insurance — 1.6%
Aon PLC (United Kingdom)†		1,722		251,584
Progressive Corp. (The)†		1,492		72,243
Willis Towers Watson PLC (Ireland)^(b)		431		66,473

				390,300

Materials — 7.1%
Air Products & Chemicals, Inc.†		2,308		349,016


	Number of Shares		Value
COMMON STOCKS — (Continued)
Materials — (Continued)
Ball Corp.^(a)		1,319	$	54,475
FMC Corp.		8		714
Freeport-McMoRan, Inc.†*		14,950		209,898
LyondellBasell Industries NV, Class A (Netherlands)†		4,268		422,745
Newmont Mining Corp.†		5,510		206,680
Packaging Corp. of America†		975		111,813
PPG Industries, Inc.†		1,051		114,202
Sherwin-Williams Co. (The)†^(b)		730		261,369
WestRock Co.†		190		10,779

				1,741,691

Media — 12.9%
CBS Corp., Class B, non-voting shares†		3,331		193,198
Comcast Corp., Class A†		18,263		702,760
News Corp., Class A†^(a)(b)		6,167		81,774
Omnicom Group, Inc.^(a)		2,183		161,695
Scripps Networks Interactive, Inc., Class A		1,175		100,921
Time Warner, Inc.†		7,935		812,941
Twenty-First Century Fox, Inc., Class A†		19,347		510,374
Walt Disney Co. (The)†		6,098		601,080

				3,164,743

Pharmaceuticals, Biotechnology & Life Sciences — 9.4%
AbbVie, Inc.†^(b)		7,726		686,532
Amgen, Inc.†		2,823		526,348
Biogen, Inc.†*		404		126,500
Bristol-Myers Squibb Co.†		293		18,676
Celgene Corp.†*		941		137,217
Gilead Sciences, Inc.†		9,974		808,093

				2,303,366

Real Estate — 1.4%
Alexandria Real Estate Equities, Inc., REIT^(a)		239		28,434
Duke Realty Corp., REIT		995		28,676
Extra Space Storage, Inc., REIT^(a)		648		51,788
Mid-America Apartment Communities, Inc., REIT†		1,081		115,537
Realty Income Corp., REIT†^(a)		169		9,665
Regency Centers Corp., REIT†		1,600		99,264

				333,364


	Number of Shares		Value
COMMON STOCKS — (Continued)
Retailing — 11.4%
Advance Auto Parts, Inc.^(b)		762	$	75,590
AutoZone, Inc.*		4		2,380
Best Buy Co., Inc.†^(a)		671		38,220
CarMax, Inc.^(a)*		569		43,136
Dollar General Corp.		127		10,293
Dollar Tree, Inc.†*		452		39,243
Foot Locker, Inc.^(a)		20		704
Gap, Inc. (The)^(a)		752		22,207
Genuine Parts Co.^(a)		1,481		141,658
Home Depot, Inc. (The)†^(b)		5,958		974,490
LKQ Corp.†*		3,266		117,543
Lowe’s Cos., Inc.†		8,648		691,321
Macy’s, Inc.^(a)		305		6,655
Nordstrom, Inc.^(a)		1,599		75,393
O’Reilly Automotive, Inc.^(a)*		306		65,903
Ross Stores, Inc.†		3,947		254,858
Signet Jewelers Ltd. (Bermuda)^(a)		670		44,588
Target Corp.†^(a)		2,049		120,911
TJX Cos., Inc. (The)		127		9,364
Tractor Supply Co.^(a)		957		60,569

				2,795,026

Semiconductors & Semiconductor Equipment — 10.9%
Applied Materials, Inc.†^(b)		11,019		573,980
Intel Corp.†		15,472		589,174
KLA-Tencor Corp.†		1,662		176,172
Lam Research Corp.^(a)		1,941		359,163
Micron Technology, Inc.*		11,299		444,390
Skyworks Solutions, Inc.^(a)		1,621		165,180
Texas Instruments, Inc.†		2,115		189,589
Xilinx, Inc.†^(a)(b)		2,491		176,438

				2,674,086

Software & Services — 13.5%
Accenture PLC, Class A (Ireland)†		1,525		205,982
Alphabet, Inc., Class A†*		266		259,010
Automatic Data Processing, Inc.†^(b)		2,143		234,273
CA, Inc.†		4,032		134,588
Citrix Systems, Inc.†*		1,420		109,084
CSRA, Inc.†		1,549		49,986
eBay, Inc.†*		434		16,692
Electronic Arts, Inc.†*		3,203		378,146
International Business Machines Corp.†		4,017		582,786
Intuit, Inc.		2,715		385,910
Oracle Corp.†		12,782		618,010


	Number of Shares		Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
Paychex, Inc.^(b)		3,522	$	211,179
Total System Services, Inc.†		128		8,384
Visa, Inc., Class A^(a)		1,042		109,660

				3,303,690

Technology Hardware & Equipment — 12.9%
Apple, Inc.†		3,959		610,161
Cisco Systems, Inc.†		26,712		898,325
F5 Networks, Inc.†*		598		72,095
FLIR Systems, Inc.†		1,246		48,482
Harris Corp.†		1,243		163,678
Hewlett Packard Enterprise Co.†		17,451		256,704
HP, Inc.†		17,839		356,066
Juniper Networks, Inc.†		4,054		112,823
Motorola Solutions, Inc.†		654		55,505
NetApp, Inc.†^(a)		2,855		124,935
Seagate Technology PLC (Ireland)^(a)		2,706		89,758
TE Connectivity Ltd. (Switzerland)		2		166
Western Digital Corp.†		3,060		264,384
Xerox Corp.^(b)		2,696		89,750

				3,142,832

Telecommunication Services — 5.2%
AT&T, Inc.†^(a)		12,974		508,192
CenturyLink, Inc.^(a)		155		2,930
Verizon Communications, Inc.†		15,168		750,664

				1,261,786

Transportation — 12.2%
Alaska Air Group, Inc.†^(b)		161		12,279
CSX Corp.†^(b)		5,907		320,514
Delta Air Lines, Inc.†^(b)		6,587		317,625
Expeditors International of Washington, Inc.†		1,906		114,093
FedEx Corp.		2,090		471,462
JB Hunt Transport Services, Inc.†^(b)		1,146		127,298
Norfolk Southern Corp.†^(b)		1,731		228,907
Southwest Airlines Co.†^(b)		5,645		316,007
Union Pacific Corp.†^(b)		5,702		661,261
United Parcel Service, Inc., Class B†^(b)		3,457		415,151

				2,984,597

Utilities — 3.0%
DTE Energy Co.		1,845		198,079
FirstEnergy Corp.†		4,590		141,510
NRG Energy, Inc.†		612		15,661


	Number of Shares			Value
COMMON STOCKS — (Continued)
Utilities — (Continued)
Public Service Enterprise Group, Inc.^(b)		5,217		$	241,286
WEC Energy Group, Inc.†		2,302			144,520

					741,056

TOTAL COMMON STOCKS (Cost $41,014,638)					45,405,706

TOTAL LONG POSITIONS - 185.7%					45,405,706

(Cost $41,014,638)
SHORT POSITIONS — (86.5)%
COMMON STOCKS — (86.5)%
Automobiles & Components — (1.1)%
Ford Motor Co.		(19,560	)		(234,133	)
Goodyear Tire & Rubber Co. (The)		(1,210	)		(40,232	)

					(274,365	)

Banks — (5.7)%
Bank of America Corp.		(8,043	)		(203,810	)
BB&T Corp.		(3,480	)		(163,351	)
Citigroup, Inc.		(1,760	)		(128,022	)
Citizens Financial Group, Inc.		(913	)		(34,575	)
Comerica, Inc.		(702	)		(53,535	)
Fifth Third Bancorp		(3,695	)		(103,386	)
JPMorgan Chase & Co.		(386	)		(36,867	)
M&T Bank Corp.		(585	)		(94,208	)
PNC Financial Services Group, Inc. (The)		(213	)		(28,706	)
Regions Financial Corp.		(5,991	)		(91,243	)
SunTrust Banks, Inc.		(1,748	)		(104,478	)
US Bancorp		(3,278	)		(175,668	)
Wells Fargo & Co.		(2,801	)		(154,475	)
Zions Bancorporation		(357	)		(16,843	)

					(1,389,167	)

Capital Goods — (8.0)%
Acuity Brands, Inc.		(167	)		(28,604	)
AO Smith Corp.		(828	)		(49,208	)
Dover Corp.		(768	)		(70,188	)
Eaton Corp. PLC (Ireland)		(2,204	)		(169,245	)
Flowserve Corp.		(626	)		(26,661	)
Fluor Corp.		(671	)		(28,249	)
Fortive Corp.		(1,667	)		(118,007	)
Fortune Brands Home & Security, Inc.		(758	)		(50,960	)
General Dynamics Corp.		(762	)		(156,652	)
General Electric Co.		(9,409	)		(227,510	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
Illinois Tool Works, Inc.		(105	)	$	(15,536	)
Johnson Controls International PLC (Ireland)		(4,478	)		(180,419	)
L3 Technologies, Inc.		(375	)		(70,661	)
Masco Corp.		(1,557	)		(60,739	)
PACCAR, Inc.		(742	)		(53,676	)
Parker-Hannifin Corp.		(656	)		(114,813	)
Quanta Services, Inc.*		(732	)		(27,355	)
Raytheon Co.		(1,392	)		(259,719	)
Stanley Black & Decker, Inc.		(532	)		(80,316	)
Textron, Inc.		(1,344	)		(72,415	)
United Technologies Corp.		(735	)		(85,319	)

					(1,946,252	)

Commercial & Professional Services — (0.8)%
Cintas Corp.		(509	)		(73,439	)
IHS Markit Ltd. (Bermuda)*		(1,033	)		(45,535	)
Nielsen Holdings PLC (United Kingdom)		(1,712	)		(70,962	)

					(189,936	)

Consumer Durables & Apparel — (2.0)%
Hanesbrands, Inc.		(1,750	)		(43,120	)
Leggett & Platt, Inc.		(652	)		(31,120	)
Mattel, Inc.		(1,645	)		(25,465	)
Mohawk Industries, Inc.*		(366	)		(90,589	)
Newell Brands, Inc.		(2,321	)		(99,037	)
NIKE, Inc., Class B		(871	)		(45,161	)
Under Armour, Inc., Class C*		(2,169	)		(32,578	)
VF Corp.		(1,888	)		(120,020	)

					(487,090	)

Consumer Services — (1.5)%
Carnival Corp. (Panama)		(3,566	)		(230,257	)
MGM Resorts International		(2,761	)		(89,981	)
Wynn Resorts Ltd.		(275	)		(40,953	)

					(361,191	)

Diversified Financials — (4.7)%
Affiliated Managers Group, Inc.		(279	)		(52,963	)
American Express Co.		(2,142	)		(193,765	)
Bank of New York Mellon Corp. (The)		(471	)		(24,972	)
Berkshire Hathaway, Inc., Class B*		(194	)		(35,564	)
Capital One Financial Corp.		(243	)		(20,572	)
Charles Schwab Corp. (The)		(480	)		(20,995	)
CME Group, Inc.		(1,627	)		(220,751	)
Discover Financial Services		(36	)		(2,321	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Diversified Financials — (Continued)
Goldman Sachs Group, Inc. (The)		(588	)	$	(139,468	)
Intercontinental Exchange, Inc.		(2,921	)		(200,673	)
Leucadia National Corp.		(1,723	)		(43,506	)
Morgan Stanley		(1,076	)		(51,831	)
Navient Corp.		(1,415	)		(21,253	)
Northern Trust Corp.		(1,098	)		(100,939	)
Raymond James Financial, Inc.		(7	)		(590	)
Synchrony Financial		(865	)		(26,858	)

					(1,157,021	)

Energy — (7.7)%
Andeavor		(316	)		(32,595	)
Apache Corp.		(1,798	)		(82,348	)
Cimarex Energy Co.		(457	)		(51,947	)
Concho Resources, Inc.*		(231	)		(30,427	)
EOG Resources, Inc.		(579	)		(56,013	)
EQT Corp.		(853	)		(55,650	)
Exxon Mobil Corp.		(3,795	)		(311,114	)
Halliburton Co.		(1,079	)		(49,666	)
Helmerich & Payne, Inc.		(534	)		(27,827	)
Hess Corp.		(1,526	)		(71,554	)
Kinder Morgan, Inc.		(3,935	)		(75,473	)
National Oilwell Varco, Inc.		(1,872	)		(66,887	)
Newfield Exploration Co.*		(980	)		(29,077	)
Phillips 66		(2,456	)		(224,994	)
Pioneer Natural Resources Co.		(816	)		(120,393	)
Schlumberger Ltd. (Curacao)		(6,088	)		(424,699	)
TechnipFMC PLC (United Kingdom)*		(2,298	)		(64,160	)
Williams Cos., Inc. (The)		(3,967	)		(119,050	)

					(1,893,874	)

Food, Beverage & Tobacco — (2.8)%
Archer-Daniels-Midland Co.		(2,702	)		(114,862	)
Brown-Forman Corp., Class B		(1,585	)		(86,066	)
Constellation Brands, Inc., Class A		(22	)		(4,388	)
Hershey Co. (The)		(991	)		(108,188	)
Hormel Foods Corp.		(137	)		(4,403	)
McCormick & Co., Inc., non-voting shares		(609	)		(62,508	)
Mondelez International, Inc., Class A		(4,780	)		(194,355	)
Tyson Foods, Inc., Class A		(1,760	)		(123,992	)

					(698,762	)

Health Care Equipment & Services — (8.8)%
Abbott Laboratories		(8,177	)		(436,325	)
Becton Dickinson and Co.		(1,036	)		(203,004	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — (Continued)
Boston Scientific Corp.*		(5,984	)	$	(174,553	)
Cardinal Health, Inc.		(1,556	)		(104,128	)
Cerner Corp.*		(925	)		(65,971	)
Cooper Cos., Inc. (The)		(240	)		(56,906	)
CR Bard, Inc.		(360	)		(115,380	)
Danaher Corp.		(3,382	)		(290,108	)
DaVita, Inc.*		(959	)		(56,955	)
DENTSPLY SIRONA, Inc.		(1,101	)		(65,851	)
Edwards Lifesciences Corp.*		(630	)		(68,865	)
Henry Schein, Inc.*		(782	)		(64,116	)
IDEXX Laboratories, Inc.*		(3	)		(467	)
Intuitive Surgical, Inc.*		(76	)		(79,487	)
Patterson Cos., Inc.		(119	)		(4,599	)
ResMed, Inc.		(682	)		(52,487	)
Stryker Corp.		(1,796	)		(255,068	)
Zimmer Biomet Holdings, Inc.		(487	)		(57,023	)

					(2,151,293	)

Household & Personal Products — (0.5)%
Coty, Inc., Class A		(3,683	)		(60,880	)
Procter & Gamble Co. (The)		(567	)		(51,586	)

					(112,466	)

Insurance — (5.5)%
Aflac, Inc.		(1,833	)		(149,188	)
Allstate Corp. (The)		(371	)		(34,099	)
American International Group, Inc.		(4,182	)		(256,733	)
Assurant, Inc.		(283	)		(27,032	)
Brighthouse Financial, Inc.*		(203	)		(12,342	)
Chubb Ltd. (Switzerland)		(576	)		(82,109	)
Cincinnati Financial Corp.		(788	)		(60,337	)
Hartford Financial Services Group, Inc. (The)		(1,702	)		(94,342	)
Lincoln National Corp.		(667	)		(49,011	)
Loews Corp.		(1,617	)		(77,390	)
Marsh & McLennan Cos., Inc.		(1,491	)		(124,961	)
Principal Financial Group, Inc.		(1,387	)		(89,240	)
Prudential Financial, Inc.		(2,119	)		(225,292	)
Torchmark Corp.		(559	)		(44,770	)
Unum Group		(3	)		(153	)
XL Group Ltd. (Bermuda)		(493	)		(19,449	)

					(1,346,448	)

Materials — (4.5)%
Albemarle Corp.		(530	)		(72,244	)
Avery Dennison Corp.		(3	)		(295	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Materials — (Continued)
CF Industries Holdings, Inc.		(908	)	$	(31,925	)
DowDuPont, Inc.		(1,052	)		(72,830	)
Eastman Chemical Co.		(718	)		(64,972	)
Ecolab, Inc.		(1,320	)		(169,765	)
International Flavors & Fragrances, Inc.		(379	)		(54,163	)
International Paper Co.		(1,983	)		(112,674	)
Martin Marietta Materials, Inc.		(310	)		(63,931	)
Monsanto Co.		(2,163	)		(259,171	)
Mosaic Co. (The)		(1,729	)		(37,329	)
Nucor Corp.		(1,289	)		(72,236	)
Sealed Air Corp.		(237	)		(10,125	)
Vulcan Materials Co.		(654	)		(78,218	)

					(1,099,878	)

Media — (0.4)%
DISH Network Corp., Class A*		(945	)		(51,247	)
Interpublic Group of Cos., Inc. (The)		(1,889	)		(39,272	)

					(90,519	)

Pharmaceuticals, Biotechnology & Life Sciences — (9.0)%
Alexion Pharmaceuticals, Inc.*		(1,075	)		(150,812	)
Allergan PLC (Ireland)		(1,653	)		(338,782	)
Eli Lilly & Co.		(4,899	)		(419,061	)
Illumina, Inc.*		(54	)		(10,757	)
Incyte Corp.*		(1,051	)		(122,694	)
Johnson & Johnson		(95	)		(12,351	)
Merck & Co., Inc.		(1,888	)		(120,889	)
Mylan NV (Netherlands)*		(2,574	)		(80,746	)
PerkinElmer, Inc.		(490	)		(33,795	)
Perrigo Co. PLC (Ireland)		(593	)		(50,198	)
Pfizer, Inc.		(8,680	)		(309,876	)
Quintiles IMS Holdings, Inc.*		(511	)		(48,581	)
Regeneron Pharmaceuticals, Inc.*		(587	)		(262,459	)
Thermo Fisher Scientific, Inc.		(1,106	)		(209,255	)
Vertex Pharmaceuticals, Inc.*		(28	)		(4,257	)
Zoetis, Inc.		(585	)		(37,300	)

					(2,211,813	)

Real Estate — (4.9)%
American Tower Corp., REIT		(757	)		(103,467	)
Apartment Investment & Management Co., Class A, REIT		(678	)		(29,737	)
AvalonBay Communities, Inc., REIT		(386	)		(68,870	)
Boston Properties, Inc., REIT		(13	)		(1,597	)
CBRE Group, Inc., Class A*		(1,623	)		(61,479	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Real Estate — (Continued)
Crown Castle International Corp., REIT		(1,782	)	$	(178,164	)
Equinix, Inc., REIT		(33	)		(14,728	)
Equity Residential, REIT		(1,673	)		(110,301	)
Federal Realty Investment Trust, REIT		(17	)		(2,112	)
GGP, Inc., REIT		(4,347	)		(90,287	)
HCP, Inc., REIT		(2,307	)		(64,204	)
Host Hotels & Resorts, Inc., REIT		(3,640	)		(67,304	)
Iron Mountain, Inc., REIT		(1,269	)		(49,364	)
Kimco Realty Corp., REIT		(2,097	)		(40,996	)
Macerich Co. (The), REIT		(710	)		(39,029	)
SBA Communications Corp., REIT*		(581	)		(83,693	)
Simon Property Group, Inc., REIT		(237	)		(38,159	)
SL Green Realty Corp., REIT		(497	)		(50,356	)
Vornado Realty Trust, REIT		(26	)		(1,999	)
Welltower, Inc., REIT		(1,603	)		(112,659	)

					(1,208,505	)

Retailing — (3.2)%
Amazon.com, Inc.*		(457	)		(439,337	)
Expedia, Inc.		(212	)		(30,515	)
Kohl’s Corp.		(810	)		(36,976	)
L Brands, Inc.		(1,374	)		(57,172	)
Netflix, Inc.*		(28	)		(5,078	)
Priceline Group, Inc. (The)*		(42	)		(76,895	)
Tiffany & Co.		(496	)		(45,523	)
TripAdvisor, Inc.*		(710	)		(28,776	)
Ulta Beauty, Inc.*		(284	)		(64,201	)

					(784,473	)

Semiconductors & Semiconductor Equipment — (3.7)%
Advanced Micro Devices, Inc.*		(4,632	)		(59,058	)
Analog Devices, Inc.		(1,772	)		(152,693	)
Broadcom Ltd. (Singapore)		(1,599	)		(387,822	)
Microchip Technology, Inc.		(13	)		(1,167	)
NVIDIA Corp.		(1,459	)		(260,825	)
Qorvo, Inc.*		(640	)		(45,235	)

					(906,800	)

Software & Services — (5.9)%
Activision Blizzard, Inc.		(3,626	)		(233,913	)
Adobe Systems, Inc.*		(194	)		(28,941	)
Akamai Technologies, Inc.*		(853	)		(41,558	)
Alliance Data Systems Corp.		(267	)		(59,154	)
ANSYS, Inc.*		(51	)		(6,259	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
Cadence Design Systems, Inc.*		(1,345	)	$	(53,087	)
DXC Technology Co.		(1,397	)		(119,974	)
Facebook, Inc., Class A*		(866	)		(147,973	)
Fidelity National Information Services, Inc.		(1,595	)		(148,957	)
Fiserv, Inc.*		(380	)		(49,005	)
Gartner, Inc.*		(435	)		(54,118	)
Global Payments, Inc.		(732	)		(69,562	)
PayPal Holdings, Inc.*		(2,784	)		(178,260	)
salesforce.com, Inc.*		(419	)		(39,143	)
Symantec Corp.		(3,023	)		(99,185	)
Synopsys, Inc.*		(145	)		(11,677	)
Verisign, Inc.*		(620	)		(65,962	)
Western Union Co. (The)		(2,325	)		(44,640	)

					(1,451,368	)

Technology Hardware & Equipment — (0.8)%
Amphenol Corp., Class A		(688	)		(58,232	)
Corning, Inc.		(4,332	)		(129,613	)

					(187,845	)

Telecommunication Services — (0.4)%
Level 3 Communications, Inc.*		(1,778	)		(94,750	)

Transportation — (1.0)%
American Airlines Group, Inc.		(2,500	)		(118,725	)
Kansas City Southern		(211	)		(22,932	)
United Continental Holdings, Inc.*		(1,532	)		(93,268	)

					(234,925	)

Utilities — (3.6)%
Alliant Energy Corp.		(1,122	)		(46,642	)
American Electric Power Co., Inc.		(901	)		(63,286	)
American Water Works Co., Inc.		(897	)		(72,576	)
Consolidated Edison, Inc.		(1,469	)		(118,519	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Utilities — (Continued)
Dominion Resources, Inc.		(14	)	$	(1,077	)
Duke Energy Corp.		(292	)		(24,505	)
Entergy Corp.		(862	)		(65,822	)
Eversource Energy		(1,521	)		(91,929	)
Exelon Corp.		(1,290	)		(48,594	)
PG&E Corp.		(2,417	)		(164,574	)
Pinnacle West Capital Corp.		(549	)		(46,423	)
PPL Corp.		(3,051	)		(115,786	)
SCANA Corp.		(167	)		(8,098	)
Sempra Energy		(56	)		(6,391	)
Xcel Energy, Inc.		(132	)		(6,246	)

					(880,468	)

TOTAL COMMON STOCK (Proceeds $20,938,261)					(21,159,209	)

TOTAL SECURITIES SOLD SHORT - (86.5)%					(21,159,209	)

(Proceeds $20,938,261)

OTHER ASSETS IN EXCESS OF LIABILITIES - 0.8%					206,571

NET ASSETS - 100.0%				$	24,453,068

†	Security position is either entirely or partially held in a segregated account as collateral for securities sold short.

^(a)	All or portion of the security is on loan. (See Note 5 of the Notes to Financial Statements)

^(b)	Security position is either entirely or partially designated as collateral for securities on loan.

*	Non-income producing.


PLC		Public Limited Company
REIT		Real Estate Investment Trust


	Number of Shares		Value
LONG POSITIONS — 139.7%
COMMON STOCKS — 139.7%
Automobiles & Components — 3.2%
BorgWarner, Inc.†		155	$	7,941
Delphi Automotive PLC (Jersey)†		197		19,385
General Motors Co.†		1,079		43,570
Harley-Davidson, Inc.^(a)		126		6,074

				76,970

Capital Goods — 13.2%
3M Co.†		63		13,224
Allegion PLC (Ireland)†		39		3,372
AMETEK, Inc.†		129		8,519
Arconic, Inc.		360		8,957
Boeing Co. (The)†		320		81,347
Caterpillar, Inc.†		373		46,517
Cummins, Inc.†		118		19,828
Emerson Electric Co.†		6		377
Fastenal Co.		62		2,826
Honeywell International, Inc.†		344		48,759
Ingersoll-Rand PLC (Ireland)†		183		16,318
Jacobs Engineering Group, Inc.†		89		5,186
Lockheed Martin Corp.†		138		42,820
Northrop Grumman Corp.		1		288
Pentair PLC (Ireland)		134		9,107
Rockwell Collins, Inc.		26		3,398
Snap-on, Inc.†		42		6,258

				317,101

Commercial & Professional Services — 1.4%
Equifax, Inc.		10		1,060
Republic Services, Inc.		68		4,492
Robert Half International, Inc.†		93		4,682
Stericycle, Inc.*		6		430
Waste Management, Inc.†		279		21,837

				32,501

Consumer Durables & Apparel — 1.8%
Coach, Inc.		208		8,378
Garmin Ltd. (Switzerland)†		132		7,124
Michael Kors Holdings Ltd. (British Virgin Islands)*		122		5,838
PVH Corp.†		56		7,059
Ralph Lauren Corp.†		56		4,944
Whirlpool Corp.		53		9,775

				43,118

Consumer Services — 3.7%
Hilton Worldwide Holdings, Inc.		240		16,668


	Number of Shares		Value
COMMON STOCKS — (Continued)
Consumer Services — (Continued)
Marriott International, Inc., Class A		195	$	21,501
McDonald’s Corp.†		165		25,852
Royal Caribbean Cruises Ltd. (Liberia)		113		13,395
Wyndham Worldwide Corp.†		79		8,327
Yum! Brands, Inc.†		35		2,576

				88,319

Diversified Financials — 4.5%
BlackRock, Inc.		54		24,143
Franklin Resources, Inc.		411		18,294
Invesco Ltd. (Bermuda)		300		10,512
Moody’s Corp.†		140		19,489
Nasdaq, Inc.†		122		9,464
S&P Global, Inc.		57		8,910
T Rowe Price Group, Inc.		177		16,045

				106,857

Energy — 4.5%
Anadarko Petroleum Corp.		407		19,882
Chesapeake Energy Corp.^(a)*		667		2,868
Chevron Corp.		17		1,998
ConocoPhillips†		896		44,845
Occidental Petroleum Corp.		168		10,787
Range Resources Corp.^(a)		182		3,562
Valero Energy Corp.†		326		25,079

				109,021

Food & Staples Retailing — 8.7%
CVS Health Corp.†		775		63,023
Sysco Corp.†		391		21,094
Walgreens Boots Alliance, Inc.†		728		56,216
Wal-Mart Stores, Inc.†		890		69,545

				209,878

Food, Beverage & Tobacco — 6.3%
Altria Group, Inc.†		1,026		65,069
Conagra Brands, Inc.†		317		10,696
Dr Pepper Snapple Group, Inc.†		134		11,855
General Mills, Inc.		313		16,201
Hormel Foods Corp.		6		193
Kellogg Co.		254		15,842
Kraft Heinz Co. (The)		60		4,653
Molson Coors Brewing Co., Class B		55		4,490
PepsiCo, Inc.		118		13,149
Philip Morris International, Inc.†		77		8,548

				150,696


	Number of Shares		Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — 13.5%
Aetna, Inc.†		254	$	40,388
AmerisourceBergen Corp.		166		13,736
Anthem, Inc.†		194		36,837
Baxter International, Inc.†		83		5,208
Centene Corp.†*		127		12,290
Cigna Corp.†		187		34,958
Express Scripts Holding Co.†*		448		28,367
HCA Healthcare, Inc.†*		267		21,251
Humana, Inc.†		109		26,556
Laboratory Corp. of America Holdings*		77		11,625
McKesson Corp.†		155		23,810
Medtronic PLC (Ireland)†		164		12,754
Quest Diagnostics, Inc.†		100		9,364
UnitedHealth Group, Inc.†		160		31,336
Universal Health Services, Inc., Class B		71		7,877
Varian Medical Systems, Inc.*		68		6,804

				323,161

Household & Personal Products — 2.6%
Church & Dwight Co., Inc.†		159		7,704
Clorox Co. (The)		95		12,531
Colgate-Palmolive Co.		139		10,126
Estee Lauder Cos., Inc. (The), Class A†		5		539
Kimberly-Clark Corp.†		260		30,597

				61,497

Insurance — 1.2%
Aon PLC (United Kingdom)†		157		22,938
Progressive Corp. (The)		77		3,728
Willis Towers Watson PLC (Ireland)		21		3,239

				29,905

Materials — 5.0%
Air Products & Chemicals, Inc.†		161		24,346
FMC Corp.		6		536
Freeport-McMoRan, Inc.†*		1,066		14,967
LyondellBasell Industries NV, Class A (Netherlands)†		283		28,031
Newmont Mining Corp.		393		14,741
Packaging Corp. of America		69		7,913
PPG Industries, Inc.†		3		326
Sherwin-Williams Co. (The)†		65		23,273


	Number of Shares		Value
COMMON STOCKS — (Continued)
Materials — (Continued)
WestRock Co.†		118	$	6,694

				120,827

Media — 9.4%
CBS Corp., Class B, non-voting shares†		122		7,076
Comcast Corp., Class A†		1,346		51,794
Discovery Communications, Inc., Class A†*		9		192
News Corp., Class A†		429		5,689
Omnicom Group, Inc.†		54		4,000
Scripps Networks Interactive, Inc., Class A†		95		8,160
Time Warner, Inc.†		572		58,601
Twenty-First Century Fox, Inc., Class A†		1,358		35,824
Viacom, Inc., Class B		6		167
Walt Disney Co. (The)†		548		54,016

				225,519

Pharmaceuticals, Biotechnology & Life Sciences — 6.8%
AbbVie, Inc.†		493		43,808
Amgen, Inc.†		199		37,104
Biogen, Inc.†*		2		626
Bristol-Myers Squibb Co.		84		5,354
Gilead Sciences, Inc.†		946		76,645

				163,537

Real Estate — 1.2%
Alexandria Real Estate Equities, Inc., REIT		1		119
Duke Realty Corp., REIT		47		1,355
Essex Property Trust, Inc., REIT		16		4,064
Extra Space Storage, Inc., REIT		93		7,433
Mid-America Apartment Communities, Inc., REIT		84		8,978
Public Storage, REIT		4		856
Realty Income Corp., REIT		8		458
Regency Centers Corp., REIT		98		6,080
UDR, Inc., REIT		6		228
Ventas, Inc., REIT		7		456

				30,027


	Number of Shares		Value
COMMON STOCKS — (Continued)
Retailing — 9.1%
Advance Auto Parts, Inc.		55	$	5,456
AutoZone, Inc.†*		2		1,190
Best Buy Co., Inc.†		230		13,101
Dollar General Corp.		40		3,242
Dollar Tree, Inc.*		19		1,650
Foot Locker, Inc.		1		35
Gap, Inc. (The)^(a)		70		2,067
Genuine Parts Co.		108		10,330
Home Depot, Inc. (The)†		435		71,149
LKQ Corp.*		228		8,206
Lowe’s Cos., Inc.†		617		49,323
Nordstrom, Inc.		122		5,752
O’Reilly Automotive, Inc.*		46		9,907
Ross Stores, Inc.		284		18,338
Signet Jewelers Ltd. (Bermuda)^(a)		50		3,328
Target Corp.†		185		10,917
TJX Cos., Inc. (The)		38		2,802
Tractor Supply Co.		31		1,962

				218,755

Semiconductors & Semiconductor Equipment — 8.2%
Applied Materials, Inc.†		786		40,943
Intel Corp.†		912		34,729
KLA-Tencor Corp.†		116		12,296
Lam Research Corp.†		133		24,610
Micron Technology, Inc.*		734		28,868
Skyworks Solutions, Inc.		133		13,553
Texas Instruments, Inc.†		315		28,237
Xilinx, Inc.		180		12,749

				195,985

Software & Services — 9.7%
Accenture PLC, Class A (Ireland)†		113		15,263
Alphabet, Inc., Class A*		5		4,869
Automatic Data Processing, Inc.†		160		17,491
CA, Inc.†		281		9,380
Citrix Systems, Inc.*		103		7,912
CSRA, Inc.†		120		3,872
eBay, Inc.†*		162		6,230
Electronic Arts, Inc.†*		229		27,036
International Business Machines Corp.†		346		50,198
Intuit, Inc.†		188		26,722
Oracle Corp.†		994		48,060
Paychex, Inc.†		264		15,829


	Number of Shares		Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
Total System Services, Inc.		2	$	131

				232,993

Technology Hardware & Equipment — 10.6%
Apple, Inc.†		467		71,974
Cisco Systems, Inc.†		1,921		64,603
F5 Networks, Inc.†*		47		5,666
FLIR Systems, Inc.†		97		3,774
Harris Corp.		89		11,719
Hewlett Packard Enterprise Co.†		1,197		17,608
HP, Inc.†		1,230		24,551
Juniper Networks, Inc.†		281		7,820
Motorola Solutions, Inc.		72		6,111
NetApp, Inc.		198		8,664
Seagate Technology PLC (Ireland)†^(a)		189		6,269
TE Connectivity Ltd. (Switzerland)†		10		831
Western Digital Corp.†		216		18,662
Xerox Corp.		193		6,425

				254,677

Telecommunication Services — 4.8%
AT&T, Inc.†		1,250		48,962
CenturyLink, Inc.^(a)		5		94
Verizon Communications, Inc.†		1,314		65,030

				114,086

Transportation — 8.0%
Alaska Air Group, Inc.†		65		4,958
CSX Corp.		253		13,728
Delta Air Lines, Inc.†		520		25,074
Expeditors International of Washington, Inc.		132		7,901
FedEx Corp.†		144		32,483
JB Hunt Transport Services, Inc.		80		8,886
Norfolk Southern Corp.		25		3,306
Southwest Airlines Co.†		438		24,519
Union Pacific Corp.†		306		35,487
United Continental Holdings, Inc.†*		162		9,863
United Parcel Service, Inc., Class B		213		25,579

				191,784


	Number of Shares			Value
COMMON STOCKS — (Continued)
Utilities — 2.3%
DTE Energy Co.		132		$	14,171
FirstEnergy Corp.		327			10,081
NRG Energy, Inc.†		229			5,860
Public Service Enterprise Group, Inc.		371			17,159
WEC Energy Group, Inc.		121			7,596

					54,867

TOTAL COMMON STOCKS (Cost $2,976,549)					3,352,081

TOTAL LONG POSITIONS - 139.7%					3,352,081

(Cost $2,976,549)

SHORT POSITIONS — (40.3)%
COMMON STOCKS — (40.3)%
Automobiles & Components — (0.5)%
Ford Motor Co.		(834	)		(9,983	)
Goodyear Tire & Rubber Co. (The)		(53	)		(1,762	)

					(11,745	)

Banks — (3.9)%
Bank of America Corp.		(694	)		(17,586	)
BB&T Corp.		(171	)		(8,027	)
Citigroup, Inc.		(94	)		(6,838	)
Citizens Financial Group, Inc.		(107	)		(4,052	)
Comerica, Inc.		(32	)		(2,440	)
Huntington Bancshares, Inc.		(20	)		(279	)
JPMorgan Chase & Co.		(61	)		(5,826	)
M&T Bank Corp.		(33	)		(5,314	)
People’s United Financial, Inc.		(9	)		(163	)
PNC Financial Services Group, Inc. (The)		(29	)		(3,908	)
Regions Financial Corp.		(255	)		(3,884	)
SunTrust Banks, Inc.		(98	)		(5,857	)
US Bancorp		(259	)		(13,880	)
Wells Fargo & Co.		(244	)		(13,457	)
Zions Bancorporation		(43	)		(2,029	)

					(93,540	)

Capital Goods — (3.5)%
Acuity Brands, Inc.		(9	)		(1,541	)
AO Smith Corp.		(37	)		(2,199	)
Dover Corp.		(16	)		(1,462	)
Eaton Corp. PLC (Ireland)		(95	)		(7,295	)
Flowserve Corp.		(28	)		(1,193	)
Fluor Corp.		(30	)		(1,263	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
Fortive Corp.		(4	)	$	(283	)
Fortune Brands Home & Security, Inc.		(33	)		(2,219	)
General Dynamics Corp.		(46	)		(9,457	)
General Electric Co.		(672	)		(16,249	)
Illinois Tool Works, Inc.		(30	)		(4,439	)
Johnson Controls International PLC (Ireland)		(197	)		(7,937	)
L3 Technologies, Inc.		(17	)		(3,203	)
Masco Corp.		(67	)		(2,614	)
PACCAR, Inc.		(50	)		(3,617	)
Quanta Services, Inc.*		(32	)		(1,196	)
Raytheon Co.		(19	)		(3,545	)
Stanley Black & Decker, Inc.		(25	)		(3,774	)
United Rentals, Inc.*		(18	)		(2,497	)
United Technologies Corp.		(65	)		(7,545	)
Xylem, Inc.		(2	)		(125	)

					(83,653	)

Commercial & Professional Services — (0.3)%
Cintas Corp.		(22	)		(3,174	)
IHS Markit Ltd. (Bermuda)*		(29	)		(1,278	)
Nielsen Holdings PLC (United Kingdom)		(75	)		(3,109	)
Verisk Analytics, Inc.*		(10	)		(832	)

					(8,393	)

Consumer Durables & Apparel — (1.1)%
Hanesbrands, Inc.		(77	)		(1,897	)
Leggett & Platt, Inc.		(28	)		(1,336	)
Mattel, Inc.		(72	)		(1,115	)
Mohawk Industries, Inc.*		(16	)		(3,960	)
Newell Brands, Inc.		(102	)		(4,352	)
NIKE, Inc., Class B		(149	)		(7,726	)
Under Armour, Inc., Class C*		(93	)		(1,397	)
VF Corp.		(83	)		(5,276	)

					(27,059	)

Consumer Services — (0.7)%
Carnival Corp. (Panama)		(153	)		(9,879	)
Darden Restaurants, Inc.		(26	)		(2,048	)
MGM Resorts International		(121	)		(3,943	)
Wynn Resorts Ltd.		(6	)		(894	)

					(16,764	)

Diversified Financials — (2.4)%
American Express Co.		(23	)		(2,081	)
Bank of New York Mellon Corp. (The)		(66	)		(3,499	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Diversified Financials — (Continued)
Berkshire Hathaway, Inc., Class B*		(26	)	$	(4,766	)
Capital One Financial Corp.		(35	)		(2,963	)
Charles Schwab Corp. (The)		(90	)		(3,937	)
CME Group, Inc.		(58	)		(7,869	)
Discover Financial Services		(17	)		(1,096	)
ETRADE Financial Corp.		(15	)		(654	)
Goldman Sachs Group, Inc. (The)		(53	)		(12,571	)
Intercontinental Exchange, Inc.		(2	)		(137	)
Leucadia National Corp.		(76	)		(1,919	)
Morgan Stanley		(135	)		(6,503	)
Navient Corp.		(64	)		(961	)
Northern Trust Corp.		(49	)		(4,505	)
Raymond James Financial, Inc.		(8	)		(675	)
State Street Corp.		(6	)		(573	)
Synchrony Financial		(127	)		(3,943	)

					(58,652	)

Energy — (3.3)%
Andeavor		(9	)		(928	)
Apache Corp.		(38	)		(1,740	)
Cimarex Energy Co.		(20	)		(2,273	)
Concho Resources, Inc.*		(31	)		(4,083	)
EQT Corp.		(36	)		(2,349	)
Exxon Mobil Corp.		(151	)		(12,379	)
Helmerich & Payne, Inc.		(23	)		(1,199	)
Hess Corp.		(67	)		(3,142	)
Kinder Morgan, Inc.		(267	)		(5,121	)
National Oilwell Varco, Inc.		(46	)		(1,644	)
Newfield Exploration Co.*		(42	)		(1,246	)
Phillips 66		(100	)		(9,161	)
Pioneer Natural Resources Co.		(36	)		(5,311	)
Schlumberger Ltd. (Curacao)		(281	)		(19,603	)
TechnipFMC PLC (United Kingdom)*		(98	)		(2,736	)
Williams Cos., Inc. (The)		(175	)		(5,252	)

					(78,167	)

Food, Beverage & Tobacco — (1.5)%
Archer-Daniels-Midland Co.		(119	)		(5,059	)
Brown-Forman Corp., Class B		(6	)		(326	)
Coca-Cola Co. (The)		(42	)		(1,890	)
Constellation Brands, Inc., Class A		(11	)		(2,194	)
Hershey Co. (The)		(46	)		(5,022	)
McCormick & Co., Inc., non-voting shares		(27	)		(2,771	)
Mondelez International, Inc., Class A		(321	)		(13,052	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Food, Beverage & Tobacco — (Continued)
Tyson Foods, Inc., Class A		(77	)	$	(5,425	)

					(35,739	)

Health Care Equipment & Services — (3.6)%
Abbott Laboratories		(70	)		(3,735	)
Becton Dickinson and Co.		(37	)		(7,250	)
Boston Scientific Corp.*		(290	)		(8,459	)
Cardinal Health, Inc.		(67	)		(4,484	)
Cerner Corp.*		(20	)		(1,426	)
Cooper Cos., Inc. (The)		(11	)		(2,608	)
CR Bard, Inc.		(16	)		(5,128	)
Danaher Corp.		(147	)		(12,610	)
DaVita, Inc.*		(41	)		(2,435	)
DENTSPLY SIRONA, Inc.		(49	)		(2,931	)
Edwards Lifesciences Corp.*		(44	)		(4,810	)
Henry Schein, Inc.*		(34	)		(2,788	)
Intuitive Surgical, Inc.*		(7	)		(7,321	)
Patterson Cos., Inc.		(21	)		(812	)
ResMed, Inc.		(30	)		(2,309	)
Stryker Corp.		(79	)		(11,220	)
Zimmer Biomet Holdings, Inc.		(43	)		(5,035	)

					(85,361	)

Household & Personal Products — (0.3)%
Coty, Inc., Class A		(158	)		(2,612	)
Procter & Gamble Co. (The)		(56	)		(5,095	)

					(7,707	)

Insurance — (2.3)%
Aflac, Inc.		(3	)		(244	)
Allstate Corp. (The)		(35	)		(3,217	)
American International Group, Inc.		(192	)		(11,787	)
Assurant, Inc.		(13	)		(1,242	)
Brighthouse Financial, Inc.*		(26	)		(1,581	)
Chubb Ltd. (Switzerland)		(47	)		(6,700	)
Cincinnati Financial Corp.		(35	)		(2,680	)
Hartford Financial Services Group, Inc. (The)		(77	)		(4,268	)
Lincoln National Corp.		(6	)		(441	)
Loews Corp.		(72	)		(3,446	)
Marsh & McLennan Cos., Inc.		(11	)		(922	)
Principal Financial Group, Inc.		(62	)		(3,989	)
Prudential Financial, Inc.		(91	)		(9,675	)
Torchmark Corp.		(25	)		(2,002	)
Unum Group		(2	)		(102	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Insurance — (Continued)
XL Group Ltd. (Bermuda)		(55	)	$	(2,170	)

					(54,466	)

Materials — (1.9)%
Albemarle Corp.		(24	)		(3,271	)
CF Industries Holdings, Inc.		(2	)		(70	)
DowDuPont, Inc.		(59	)		(4,085	)
Ecolab, Inc.		(45	)		(5,787	)
International Flavors & Fragrances, Inc.		(16	)		(2,287	)
International Paper Co.		(87	)		(4,943	)
Martin Marietta Materials, Inc.		(14	)		(2,887	)
Monsanto Co.		(93	)		(11,143	)
Mosaic Co. (The)		(74	)		(1,598	)
Nucor Corp.		(67	)		(3,755	)
Praxair, Inc.		(6	)		(838	)
Sealed Air Corp.		(40	)		(1,709	)
Vulcan Materials Co.		(28	)		(3,349	)

					(45,722	)

Media — (0.3)%
DISH Network Corp., Class A*		(99	)		(5,369	)
Interpublic Group of Cos., Inc. (The)		(84	)		(1,746	)

					(7,115	)

Pharmaceuticals, Biotechnology & Life Sciences — (4.4)%
Alexion Pharmaceuticals, Inc.*		(35	)		(4,910	)
Allergan PLC (Ireland)		(71	)		(14,552	)
Eli Lilly & Co.		(222	)		(18,990	)
Illumina, Inc.*		(31	)		(6,175	)
Incyte Corp.*		(45	)		(5,253	)
Johnson & Johnson		(14	)		(1,820	)
Merck & Co., Inc.		(158	)		(10,117	)
Mylan NV (Netherlands)*		(113	)		(3,545	)
PerkinElmer, Inc.		(7	)		(483	)
Perrigo Co. PLC (Ireland)		(2	)		(169	)
Pfizer, Inc.		(542	)		(19,349	)
Quintiles IMS Holdings, Inc.*		(13	)		(1,236	)
Regeneron Pharmaceuticals, Inc.*		(13	)		(5,813	)
Thermo Fisher Scientific, Inc.		(50	)		(9,460	)
Vertex Pharmaceuticals, Inc.*		(2	)		(304	)
Zoetis, Inc.		(60	)		(3,826	)

					(106,002	)

Real Estate — (2.2)%
American Tower Corp., REIT		(3	)		(410	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Real Estate — (Continued)
Apartment Investment & Management Co., Class A, REIT		(34	)	$	(1,491	)
AvalonBay Communities, Inc., REIT		(22	)		(3,925	)
Boston Properties, Inc., REIT		(5	)		(614	)
CBRE Group, Inc., Class A*		(71	)		(2,690	)
Crown Castle International Corp., REIT		(75	)		(7,498	)
Equinix, Inc., REIT		(3	)		(1,339	)
Equity Residential, REIT		(78	)		(5,143	)
Federal Realty Investment Trust, REIT		(5	)		(621	)
GGP, Inc., REIT		(187	)		(3,884	)
HCP, Inc., REIT		(100	)		(2,783	)
Host Hotels & Resorts, Inc., REIT		(2	)		(37	)
Iron Mountain, Inc., REIT		(56	)		(2,178	)
Kimco Realty Corp., REIT		(91	)		(1,779	)
Macerich Co. (The), REIT		(31	)		(1,704	)
SBA Communications Corp., REIT*		(26	)		(3,745	)
Simon Property Group, Inc., REIT		(23	)		(3,703	)
SL Green Realty Corp., REIT		(22	)		(2,229	)
Vornado Realty Trust, REIT		(11	)		(846	)
Welltower, Inc., REIT		(78	)		(5,482	)

					(52,101	)

Retailing — (1.5)%
Amazon.com, Inc.*		(20	)		(19,227	)
Expedia, Inc.		(28	)		(4,030	)
L Brands, Inc.		(43	)		(1,789	)
Macy’s, Inc.		(65	)		(1,418	)
Priceline Group, Inc. (The)*		(1	)		(1,831	)
Tiffany & Co.		(27	)		(2,478	)
TripAdvisor, Inc.*		(31	)		(1,256	)
Ulta Beauty, Inc.*		(13	)		(2,939	)

					(34,968	)

Semiconductors & Semiconductor Equipment — (1.9)%
Advanced Micro Devices, Inc.*		(201	)		(2,563	)
Analog Devices, Inc.		(69	)		(5,946	)
Broadcom Ltd. (Singapore)		(79	)		(19,161	)
Microchip Technology, Inc.		(9	)		(808	)
NVIDIA Corp.		(40	)		(7,151	)
Qorvo, Inc.*		(28	)		(1,979	)
QUALCOMM, Inc.		(169	)		(8,761	)

					(46,369	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Software & Services — (2.5)%
Activision Blizzard, Inc.		(159	)	$	(10,257	)
Adobe Systems, Inc.*		(21	)		(3,133	)
Akamai Technologies, Inc.*		(37	)		(1,803	)
Alliance Data Systems Corp.		(12	)		(2,659	)
ANSYS, Inc.*		(9	)		(1,105	)
Cadence Design Systems, Inc.*		(59	)		(2,329	)
DXC Technology Co.		(31	)		(2,662	)
Facebook, Inc., Class A*		(30	)		(5,126	)
Fidelity National Information Services, Inc.		(70	)		(6,537	)
Fiserv, Inc.*		(45	)		(5,803	)
Gartner, Inc.*		(19	)		(2,364	)
Global Payments, Inc.		(32	)		(3,041	)
PayPal Holdings, Inc.*		(117	)		(7,492	)
salesforce.com, Inc.*		(39	)		(3,643	)
Synopsys, Inc.*		(6	)		(483	)
Western Union Co. (The)		(98	)		(1,882	)

					(60,319	)

Technology Hardware & Equipment — (0.4)%
Amphenol Corp., Class A		(39	)		(3,301	)
Corning, Inc.		(191	)		(5,715	)

					(9,016	)

Telecommunication Services — 0.0%
Level 3 Communications, Inc.*		(5	)		(266	)

Transportation — (0.2)%
American Airlines Group, Inc.		(107	)		(5,081	)
Kansas City Southern		(3	)		(326	)

					(5,407	)

Utilities — (1.6)%
Alliant Energy Corp.		(48	)		(1,995	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Utilities — (Continued)
American Electric Power Co., Inc.		(70	)	$	(4,917	)
American Water Works Co., Inc.		(39	)		(3,156	)
Consolidated Edison, Inc.		(65	)		(5,244	)
Duke Energy Corp.		(7	)		(587	)
Entergy Corp.		(38	)		(2,902	)
Eversource Energy		(67	)		(4,049	)
Exelon Corp.		(22	)		(829	)
PG&E Corp.		(108	)		(7,354	)
Pinnacle West Capital Corp.		(24	)		(2,029	)
PPL Corp.		(145	)		(5,503	)
SCANA Corp.		(5	)		(242	)
Xcel Energy, Inc.		(2	)		(95	)

					(38,902	)

TOTAL COMMON STOCK (Proceeds $964,007)					(967,433	)

TOTAL SECURITES SOLD SHORT - (40.3)%					(967,433	)

(Proceeds $964,007)

OTHER ASSETS IN EXCESS OF LIABILITIES - 0.6%					14,100

NET ASSETS - 100.0%				$	2,398,748

†	Security position is either entirely or partially held in a segregated account as collateral for securities sold short.

^(a)	All or portion of the security is on loan. (See Note 5 of the Notes to Financial Statements)

*	Non-income producing.


PLC		Public Limited Company
REIT		Real Estate Investment Trust


	Number of Shares		Value
LONG POSITIONS — 121.4%
COMMON STOCKS — 121.4%
Automobiles & Components — 1.9%
Cooper-Standard Holdings, Inc.†*		3,037	$	352,201
Delphi Automotive PLC (Jersey)†		3,318		326,491
Dorman Products, Inc.^(a)(b)*		10,469		749,790
General Motors Co.†		70,461		2,845,215
Gentex Corp.†^(b)		100,764		1,995,127
Goodyear Tire & Rubber Co. (The)^(a)		8,858		294,528
Harley-Davidson, Inc.†^(a)		13,416		646,785
Lear Corp.†^(b)		16,239		2,810,646
Motorcar Parts of America, Inc.^(a)*		400		11,784
Standard Motor Products, Inc.†^(a)		3,801		183,398
Thor Industries, Inc.		4,188		527,311
Visteon Corp.†^(b)*		12,026		1,488,458
Winnebago Industries, Inc.†		16,310		729,872

				12,961,606

Capital Goods — 13.4%
3M Co.†		2,888		606,191
Acuity Brands, Inc.†^(a)(b)		12,312		2,108,799
Allegion PLC (Ireland)†		11,405		986,190
Allison Transmission Holdings, Inc.†^(a)(b)		112,828		4,234,435
American Woodmark Corp.†^(b)*		4,825		464,406
AMETEK, Inc.†		38,534		2,544,785
Applied Industrial Technologies, Inc.†^(b)		11,419		751,370
Arconic, Inc.†^(a)(b)		50,745		1,262,536
Argan, Inc.†		28,762		1,934,244
Atkore International Group, Inc.†*		7,946		155,027
Blue Bird Corp.^(a)*		130		2,678
Boeing Co. (The)†^(b)		23,312		5,926,144
Briggs & Stratton Corp.^(a)(b)		4,543		106,760
BWX Technologies, Inc.†^(b)		12,078		676,610
Caterpillar, Inc.†^(a)		35,674		4,448,905
Continental Building Products, Inc.†*		25,374		659,724
Crane Co.†		19,647		1,571,564
CSW Industrials, Inc.*		310		13,748
Cummins, Inc.†		9,367		1,573,937
Curtiss-Wright Corp.†		2,105		220,057
Deere & Co.†^(a)		5,378		675,423
DigitalGlobe, Inc.†^(a)*		25,977		915,689
Donaldson Co., Inc.†		2,466		113,288
EMCOR Group, Inc.†		23,238		1,612,252
Emerson Electric Co.†		2,516		158,105
EnerSys†		12,764		882,886


	Number of Shares		Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
Fastenal Co.†		25,659	$	1,169,537
Flowserve Corp.†^(a)(b)		13,206		562,444
Fortive Corp.†		9,515		673,567
Fortune Brands Home & Security, Inc.†^(a)		14,234		956,952
General Electric Co.†^(b)		23,058		557,542
Gibraltar Industries, Inc.†^(a)(b)*		46,964		1,462,929
GMS, Inc.†^(b)*		30,965		1,096,161
Gorman-Rupp Co. (The)†		2,193		71,426
Graco, Inc.†^(b)		903		111,692
Harsco Corp.†^(b)*		29,978		626,540
Hillenbrand, Inc.†^(b)		30,440		1,182,594
Honeywell International, Inc.†		29,944		4,244,263
Hubbell, Inc.†		15,058		1,747,029
Huntington Ingalls Industries, Inc.†		2		453
Illinois Tool Works, Inc.†		11,106		1,643,244
Ingersoll-Rand PLC (Ireland)†^(b)		18,272		1,629,314
Jacobs Engineering Group, Inc.†		26,038		1,517,234
Kadant, Inc.†		1,207		118,950
Kennametal, Inc.†^(b)		46,795		1,887,710
L3 Technologies, Inc.†		461		86,866
Lockheed Martin Corp.†		14,214		4,410,462
Masco Corp.†^(b)		67,976		2,651,744
Meritor, Inc.†*		14,028		364,868
Moog, Inc., Class A†*		1,623		135,407
MSC Industrial Direct Co., Inc., Class A^(a)(b)		5,728		432,865
Mueller Industries, Inc.^(b)		4,887		170,801
Mueller Water Products, Inc., Class A†		36,167		462,938
National Presto Industries, Inc.†		931		99,105
Northrop Grumman Corp.†		1,849		531,994
PACCAR, Inc.†^(a)(b)		8,442		610,694
Pentair PLC (Ireland)†^(b)		41,485		2,819,321
Primoris Services Corp.^(b)		9,341		274,812
Regal Beloit Corp.†		8,406		664,074
Rexnord Corp.†^(b)*		47,265		1,201,004
Rockwell Automation, Inc.†^(b)		23,070		4,111,305
Rush Enterprises, Inc., Class A†*		7,537		348,888
Snap-on, Inc.†		6,316		941,147
Spirit AeroSystems Holdings, Inc., Class A†		26,564		2,064,554
SPX Corp.†*		11,010		323,033
SPX FLOW, Inc.†^(a)(b)*		14,174		546,549


	Number of Shares		Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
Terex Corp.†		18,257	$	821,930
Textainer Group Holdings Ltd. (Bermuda)^(a)*		5,571		95,543
Textron, Inc.†		14,590		786,109
Toro Co. (The)†^(b)		21,156		1,312,941
TransDigm Group, Inc.†^(a)		3,377		863,330
TriMas Corp.†^(a)*		6,494		175,338
United Technologies Corp.†^(b)		19,733		2,290,607
Univar, Inc.†*		2,762		79,905
USG Corp.†*		419		13,680
Valmont Industries, Inc.^(b)		677		107,034
Wabash National Corp.†		73,631		1,680,259
WW Grainger, Inc.†^(a)		14,106		2,535,554

				89,879,995

Commercial & Professional Services — 3.1%
CBIZ, Inc.*		19		309
Copart, Inc.†*		19,914		684,444
Deluxe Corp.†^(a)(b)		13,651		995,977
Equifax, Inc.†^(a)		19,714		2,089,487
KAR Auction Services, Inc.†^(b)		54,005		2,578,199
Kelly Services, Inc., Class A†^(a)(b)		12,648		317,338
Kimball International, Inc., Class B^(b)		2,274		44,957
Korn/Ferry International†		9,759		384,797
LSC Communications, Inc.†^(a)		23,335		385,261
ManpowerGroup, Inc.†		2		236
MSA Safety, Inc.†^(b)		6,400		508,864
Quad/Graphics, Inc.†		21,497		486,047
Republic Services, Inc.†		17,758		1,173,093
Robert Half International, Inc.†		49,283		2,480,906
RPX Corp.†*		15,186		201,670
SP Plus Corp.†*		12,456		492,012
Stericycle, Inc.†*		14,509		1,039,135
Tetra Tech, Inc.†^(b)		29,372		1,367,267
TransUnion†^(a)(b)*		26,906		1,271,578
TriNet Group, Inc.^(a)(b)*		10,638		357,650
Verisk Analytics, Inc.†^(a)(b)*		27,558		2,292,550
VSE Corp.^(a)		232		13,192
Waste Management, Inc.†		23,280		1,822,126
West Corp.^(a)		910		21,358

				21,008,453

Consumer Durables & Apparel — 3.1%
Brunswick Corp.†^(b)		14,900		833,953
Cavco Industries, Inc.†*		6,587		971,912
Coach, Inc.†		74,975		3,019,993


	Number of Shares		Value
COMMON STOCKS — (Continued)
Consumer Durables & Apparel — (Continued)
Crocs, Inc.^(a)*		19,616	$	190,275
DR Horton, Inc.†		28,321		1,130,858
Ethan Allen Interiors, Inc.†^(a)		11,664		377,914
Garmin Ltd. (Switzerland)†^(a)		35,067		1,892,566
Gildan Activewear, Inc. (Canada)†		9,127		285,493
Hasbro, Inc.†		6,873		671,286
Johnson Outdoors, Inc., Class A		506		37,080
La-Z-Boy, Inc.†		21,898		589,056
Michael Kors Holdings Ltd. (British Virgin Islands)†*		20,545		983,078
NIKE, Inc., Class B†^(b)		8,214		425,896
Oxford Industries, Inc.^(a)		3,064		194,687
PulteGroup, Inc.†^(a)		27,003		737,992
Ralph Lauren Corp.†^(a)(b)		40,486		3,574,509
TopBuild Corp.†*		17,503		1,140,671
Tupperware Brands Corp.†^(b)		18,585		1,148,925
Vista Outdoor, Inc.†*		4,384		100,569
Whirlpool Corp.†^(a)(b)		5,733		1,057,395
Wolverine World Wide, Inc.†^(a)(b)		51,465		1,484,765

				20,848,873

Consumer Services — 6.1%
Adtalem Global Education, Inc.†^(a)(b)		58,567		2,099,627
Bloomin’ Brands, Inc.†^(a)		40,243		708,277
Bob Evans Farms, Inc.†^(b)		24,882		1,928,604
Bojangles’, Inc.†*		6,905		93,218
Boyd Gaming Corp.†^(a)(b)		68,100		1,774,005
Brinker International, Inc.†^(a)		95,143		3,031,256
Buffalo Wild Wings, Inc.^(a)(b)*		4,105		433,898
Capella Education Co.†^(a)		7,216		506,202
Cheesecake Factory, Inc. (The)†^(a)(b)		55,933		2,355,898
Choice Hotels International, Inc.†^(a)(b)		10,726		685,391
Churchill Downs, Inc.†^(a)(b)		5,258		1,084,200
Cracker Barrel Old Country Store, Inc.^(a)		9,856		1,494,367
Darden Restaurants, Inc.†		4,011		315,987
DineEquity, Inc.†^(a)		54,708		2,351,350
Eldorado Resorts, Inc.†^(a)*		32,224		826,546
Graham Holdings Co., Class B†		1,174		686,907
Hilton Worldwide Holdings, Inc.†		24,761		1,719,651
International Speedway Corp., Class A		9		324
Jack in the Box, Inc.†		6,528		665,334
K12, Inc.^(b)*		4,130		73,679
La Quinta Holdings, Inc.†*		486		8,505


	Number of Shares		Value
COMMON STOCKS — (Continued)
Consumer Services — (Continued)
Marriott International, Inc., Class A†		17,109	$	1,886,438
McDonald’s Corp.†		13,083		2,049,844
Regis Corp.*		812		11,587
Royal Caribbean Cruises Ltd. (Liberia)†^(a)		28,355		3,361,202
Ruth’s Hospitality Group, Inc.^(a)		3,263		68,360
Sonic Corp.†		64,007		1,628,978
Speedway Motorsports, Inc.^(a)		51		1,086
Vail Resorts, Inc.†		14,025		3,199,383
Weight Watchers International, Inc.^(a)*		15,266		664,834
Wyndham Worldwide Corp.†		33,016		3,480,217
Yum! Brands, Inc.†		20,668		1,521,371

				40,716,526

Energy — 4.1%
Archrock, Inc.†		88,168		1,106,508
Chevron Corp.†		4,800		564,000
CONSOL Energy, Inc.†^(b)*		32,892		557,190
CVR Energy, Inc.^(a)		72,230		1,870,757
Delek US Holdings, Inc.†		11,906		318,247
Dril-Quip, Inc.*		113		4,989
Exterran Corp.†^(b)*		32,407		1,024,385
Fairmount Santrol Holdings, Inc.†^(a)*		202,385		967,400
Imperial Oil Ltd. (Canada)†		23,917		763,909
Kinder Morgan, Inc.		823		15,785
McDermott International, Inc. (Panama)†^(a)(b)*		354,968		2,580,617
Occidental Petroleum Corp.†		39,518		2,537,451
Oceaneering International, Inc.†^(b)		36,683		963,662
Oil States International, Inc.†*		3,684		93,389
ONEOK, Inc.†		12,364		685,089
Par Pacific Holdings, Inc.^(a)*		2,930		60,944
Precision Drilling Corp. (Canada)*		6,047		18,867
REX American Resources Corp.†*		6,498		609,707
Rowan Cos. PLC, Class A (United Kingdom)†*		58,137		747,060
Ship Finance International Ltd. (Bermuda)^(a)		149,840		2,172,680
Tidewater, Inc.*		990		28,789
TransCanada Corp. (Canada)†		85,938		4,247,915
Transocean Ltd. (Switzerland)^(a)*		377,049		4,057,047
Valero Energy Corp.†^(a)		18,050		1,388,586

				27,384,973


	Number of Shares		Value
COMMON STOCKS — (Continued)
Food & Staples Retailing — 2.5%
CVS Health Corp.†		48,430	$	3,938,328
Ingles Markets, Inc., Class A†		8,040		206,628
Kroger Co. (The)†^(a)		172,165		3,453,630
Sysco Corp.†		38,435		2,073,568
United Natural Foods, Inc.†^(a)*		38,371		1,595,850
Walgreens Boots Alliance, Inc.†		25,578		1,975,133
Wal-Mart Stores, Inc.†^(a)(b)		43,173		3,373,538

				16,616,675

Food, Beverage & Tobacco — 5.6%
Altria Group, Inc.†		73,467		4,659,277
Brown-Forman Corp., Class B†^(a)(b)		46,371		2,517,945
Campbell Soup Co.†		53,977		2,527,203
Coca-Cola Co. (The)†^(b)		68,220		3,070,582
Conagra Brands, Inc.†		35,590		1,200,807
Dean Foods Co.†^(a)		195,851		2,130,859
Dr Pepper Snapple Group, Inc.†		29,259		2,588,544
Flowers Foods, Inc.†		36,146		679,906
General Mills, Inc.†^(a)		27,982		1,448,348
Hershey Co. (The)†		1,886		205,895
Hormel Foods Corp.†^(a)		31,861		1,024,013
Ingredion, Inc.†^(a)		13,701		1,652,889
JM Smucker Co. (The)†^(a)(b)		33,419		3,506,656
Kellogg Co.†^(a)(b)		39,961		2,492,368
Kraft Heinz Co. (The)†		9,427		731,064
Molson Coors Brewing Co., Class B†		9,247		754,925
Mondelez International, Inc., Class A†^(b)		8,119		330,119
PepsiCo, Inc.†		9,731		1,084,325
Philip Morris International, Inc.†^(b)		2,368		262,872
Sanderson Farms, Inc.†^(a)		20,920		3,378,998
TreeHouse Foods, Inc.†^(a)(b)*		22,415		1,518,168

				37,765,763

Health Care Equipment & Services — 10.2%
Acadia Healthcare Co., Inc.†*		36,192		1,728,530
Allscripts Healthcare Solutions, Inc.†^(a)(b)*		16,575		235,862
AmerisourceBergen Corp.†^(b)		16,755		1,386,476
AMN Healthcare Services, Inc.†^(a)*		58,010		2,651,057
Analogic Corp.†^(a)		6,809		570,254
AngioDynamics, Inc.^(b)*		13,740		234,817
Anika Therapeutics, Inc.†^(a)*		9,773		566,834
Baxter International, Inc.†		37,321		2,341,893
Becton Dickinson and Co.†		10,830		2,122,138
Boston Scientific Corp.†^(a)*		7,592		221,459


	Number of Shares		Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — (Continued)
Brookdale Senior Living, Inc.†*		25,089	$	265,943
Cerner Corp.†^(b)*		46,508		3,316,951
Chemed Corp.†		3,905		789,005
Community Health Systems, Inc.†^(a)*		122,617		941,699
CONMED Corp.†^(a)(b)		15,485		812,498
Cooper Cos., Inc. (The)†		1,737		411,860
CorVel Corp.*		174		9,466
Cotiviti Holdings, Inc.†^(a)(b)*		60,198		2,165,924
CR Bard, Inc.†		4,442		1,423,661
Danaher Corp.†		7,999		686,154
Express Scripts Holding Co.†^(a)(b)*		74,753		4,733,360
Globus Medical, Inc., Class A†^(a)(b)*		67,370		2,002,236
Haemonetics Corp.†^(a)(b)*		9,383		421,015
Halyard Health, Inc.†*		22,087		994,578
HCA Healthcare, Inc.†*		20,297		1,615,438
Hill-Rom Holdings, Inc.†^(b)		32,656		2,416,544
Hologic, Inc.†^(b)*		79,616		2,921,111
Integer Holdings Corp.†^(a)(b)*		32,206		1,647,337
Kindred Healthcare, Inc.†^(a)(b)		52,700		358,360
Laboratory Corp. of America Holdings†*		7,824		1,181,189
Landauer, Inc.		123		8,278
Lantheus Holdings, Inc.*		602		10,716
LHC Group, Inc.†^(a)(b)*		10,512		745,511
LifePoint Health, Inc.†^(a)(b)*		6,506		376,697
Masimo Corp.†^(a)(b)*		18,321		1,585,866
McKesson Corp.†		14,568		2,237,790
MEDNAX, Inc.†^(b)*		11,964		515,888
Medtronic PLC (Ireland)†		43,553		3,387,117
Meridian Bioscience, Inc.†^(a)		47,208		675,074
National HealthCare Corp.^(a)		570		35,665
Patterson Cos., Inc.†^(a)		22,366		864,446
Quality Systems, Inc.†^(a)(b)*		33,352		524,627
Quest Diagnostics, Inc.†^(a)		13,360		1,251,030
Select Medical Holdings Corp.†*		13,730		263,616
STERIS PLC (United Kingdom)†		13,936		1,231,942
Stryker Corp.†^(a)(b)		14,680		2,084,854
Tivity Health, Inc.†^(a)*		25,419		1,037,095
Universal Health Services, Inc., Class B†^(a)(b)		5,242		581,547
Varian Medical Systems, Inc.†*		42,969		4,299,478
Veeva Systems, Inc., Class A†^(a)*		39,795		2,244,836
Zimmer Biomet Holdings, Inc.†^(b)		24,776		2,901,022

				68,036,744


	Number of Shares		Value
COMMON STOCKS — (Continued)
Household & Personal Products — 1.8%
Avon Products, Inc.†*		158,354	$	368,965
Central Garden & Pet Co., Class A†*		8,117		301,871
Church & Dwight Co., Inc.†^(a)		7,424		359,693
Clorox Co. (The)†^(a)(b)		34,953		4,610,650
Colgate-Palmolive Co.†^(b)		9,493		691,565
Edgewell Personal Care Co.^(a)*		12,053		877,097
Estee Lauder Cos., Inc. (The), Class A†		5,196		560,337
Kimberly-Clark Corp.†^(a)		33,700		3,965,816

				11,735,994

Materials — 4.8%
Ashland Global Holdings, Inc.†^(b)		27,859		1,821,700
Ball Corp.†^(b)		13,118		541,773
Bemis Co., Inc.†^(b)		10,371		472,607
Chase Corp.^(a)		427		47,568
Crown Holdings, Inc.*		162		9,675
Domtar Corp.†^(b)		66,026		2,864,868
Eagle Materials, Inc.†		825		88,028
Eastman Chemical Co.		661		59,814
FMC Corp.†		2,847		254,266
FutureFuel Corp.^(b)		5,780		90,977
Ingevity Corp.†^(a)*		2,859		178,602
Innophos Holdings, Inc.†		5,503		270,693
Koppers Holdings, Inc.†*		1,206		55,657
Louisiana-Pacific Corp.†*		141,028		3,819,038
LyondellBasell Industries NV, Class A (Netherlands)†		15,167		1,502,291
Martin Marietta Materials, Inc.†^(a)(b)		11,454		2,362,158
Methanex Corp. (Canada)†		97,266		4,892,480
Minerals Technologies, Inc.†		6,526		461,062
Myers Industries, Inc.		331		6,934
Neenah Paper, Inc.^(b)		870		74,428
Packaging Corp. of America†^(a)(b)		34,649		3,973,547
Platform Specialty Products Corp.^(a)*		3,769		42,024
Rayonier Advanced Materials, Inc.^(a)		613		8,398
RPM International, Inc.		356		18,277
Scotts Miracle-Gro Co. (The)†		12,502		1,216,945
Sensient Technologies Corp.†		1,829		140,687
Trinseo SA (Luxembourg)†		7,473		501,438
Tronox Ltd., Class A (Australia)†		20,276		427,824
Westlake Chemical Corp.†		52,028		4,323,007
WR Grace & Co.†^(b)		25,274		1,823,519

				32,350,285


	Number of Shares		Value
COMMON STOCKS — (Continued)
Media — 5.2%
AMC Networks, Inc., Class A†*		6,450	$	377,132
CBS Corp., Class B, non-voting shares†		22,421		1,300,418
Comcast Corp., Class A†		125,369		4,824,199
Discovery Communications, Inc., Class A†^(a)*		30,885		657,542
DISH Network Corp., Class A†*		12,838		696,205
Gannett Co., Inc.†^(a)(b)		59,963		539,667
Interpublic Group of Cos., Inc. (The)†^(a)		21,482		446,611
Loral Space & Communications, Inc.^(a)*		199		9,850
MSG Networks, Inc., Class A†^(a)*		106,516		2,258,139
News Corp., Class A†^(b)		65,735		871,646
Omnicom Group, Inc.†^(a)(b)		60,832		4,505,826
Scripps Networks Interactive, Inc., Class A†		4,022		345,450
TEGNA, Inc.†		86,945		1,158,977
Time Warner, Inc.†		46,429		4,756,651
Tribune Media Co., Class A†		20,432		834,852
Twenty-First Century Fox, Inc., Class A†^(b)		191,605		5,054,540
Viacom, Inc., Class B†^(a)(b)		105,639		2,940,990
Walt Disney Co. (The)†^(b)		34,167		3,367,841

				34,946,536

Pharmaceuticals, Biotechnology & Life Sciences — 12.1%
AbbVie, Inc.†		28,824		2,561,301
Acorda Therapeutics, Inc.†^(a)(b)*		31,751		750,911
Agilent Technologies, Inc.†		5,031		322,990
Akorn, Inc.†^(a)*		21,951		728,554
Alexion Pharmaceuticals, Inc.†^(a)*		6,434		902,626
AMAG Pharmaceuticals, Inc.†*		104,274		1,923,855
Amgen, Inc.†		22,793		4,249,755
Biogen, Inc.†*		4,934		1,544,934
Bio-Techne Corp.†		3,751		453,458
Bioverativ, Inc.†^(a)(b)*		56,766		3,239,636
Bluebird Bio, Inc.^†(a)*		11,980		1,645,453
Bristol-Myers Squibb Co.†		9,911		631,727
Catalent, Inc.†^(b)*		21,433		855,605
Celgene Corp.†*		24,086		3,512,221
Charles River Laboratories International, Inc.†^(a)(b)*		10,710		1,156,894
Eagle Pharmaceuticals, Inc.†^(a)*		42,801		2,552,652
Emergent BioSolutions, Inc.†^(a)(b)*		22,479		909,276


	Number of Shares		Value
COMMON STOCKS — (Continued)
Pharmaceuticals, Biotechnology & Life Sciences — (Continued)
Enanta Pharmaceuticals, Inc.†*		3,093	$	144,752
Endo International PLC (Ireland)†*		202,419		1,733,719
Exact Sciences Corp.†^(a)*		59,496		2,803,452
Exelixis, Inc.†*		160,295		3,883,948
Gilead Sciences, Inc.†		49,081		3,976,543
Halozyme Therapeutics, Inc.*		172		2,988
ImmunoGen, Inc.†*		45,670		349,376
Immunomedics, Inc.^(a)*		59,682		834,354
Incyte Corp.†*		25,026		2,921,535
Innoviva, Inc.†^(a)*		108,689		1,534,689
Ionis Pharmaceuticals, Inc.†^(a)*		54,443		2,760,260
Ironwood Pharmaceuticals, Inc.†*		2,422		38,195
Jazz Pharmaceuticals PLC (Ireland)†*		7,630		1,115,888
Johnson & Johnson†^(b)		10,662		1,386,167
Kite Pharma, Inc.†^(b)*		11,835		2,128,051
Ligand Pharmaceuticals, Inc.†^(a)*		13,494		1,837,208
Merck & Co., Inc.†		26,431		1,692,377
MiMedx Group, Inc.†^(a)*		208,571		2,477,823
Mylan NV (Netherlands)†*		10,345		324,523
Myriad Genetics, Inc.†*		59,492		2,152,421
PAREXEL International Corp.†*		5,284		465,415
PerkinElmer, Inc.†^(a)(b)		16,429		1,133,108
Perrigo Co. PLC (Ireland)†		11,222		949,942
Pfizer, Inc.†		6,476		231,193
Phibro Animal Health Corp., Class A†^(b)		10,661		394,990
PRA Health Sciences, Inc.†*		439		33,439
Prestige Brands Holdings, Inc.†^(a)*		25,805		1,292,572
Regeneron Pharmaceuticals, Inc.†*		6,762		3,023,425
Repligen Corp.†*		30,558		1,170,983
Supernus Pharmaceuticals, Inc.†^(a)(b)*		26,818		1,072,720
United Therapeutics Corp.†^(a)(b)*		22,357		2,620,017
Valeant Pharmaceuticals International, Inc. (Canada)†*		9,577		137,238
Vanda Pharmaceuticals, Inc.†*		37,984		679,914
Vertex Pharmaceuticals, Inc.†*		21,761		3,308,542
Waters Corp.†^(b)*		11,141		2,000,032
Xencor, Inc.†*		6,310		144,625

				80,698,272

Retailing — 9.1%
Aaron’s, Inc.†		27,739		1,210,253


	Number of Shares		Value
COMMON STOCKS — (Continued)
Retailing — (Continued)
Advance Auto Parts, Inc.†^(a)(b)		32,976	$	3,271,219
Asbury Automotive Group, Inc.†*		14,145		864,260
AutoNation, Inc.^(a)*		10,068		477,827
AutoZone, Inc.†*		5,499		3,272,510
Bed Bath & Beyond, Inc.†^(a)		118,033		2,770,235
Best Buy Co., Inc.†^(a)(b)		45,359		2,583,649
Big Lots, Inc.†^(a)		20,883		1,118,702
Buckle, Inc. (The)^(a)		50,839		856,637
CarMax, Inc.†^(a)*		16,569		1,256,096
Chico’s FAS, Inc.†^(a)(b)		208,039		1,861,949
Dollar General Corp.†^(a)		13,301		1,078,046
Expedia, Inc.†		4,899		705,162
Foot Locker, Inc.†^(a)		31,892		1,123,236
Gap, Inc. (The)†^(a)(b)		46,679		1,378,431
Genuine Parts Co.†^(a)(b)		8,217		785,956
Home Depot, Inc. (The)†		14,364		2,349,376
HSN, Inc.†		12,143		474,184
JC Penney Co., Inc.^(a)*		230,635		878,719
L Brands, Inc.†^(a)(b)		32,517		1,353,032
LKQ Corp.†*		41,639		1,498,588
Lowe’s Cos., Inc.†^(b)		79,953		6,391,443
Nutrisystem, Inc.†^(a)(b)		55,490		3,101,891
O’Reilly Automotive, Inc.†*		7,218		1,554,541
PetMed Express, Inc.†^(a)		49,524		1,641,721
Priceline Group, Inc. (The)†^(a)*		1,745		3,194,781
RH†^(a)*		19,587		1,377,358
Ross Stores, Inc.†^(a)(b)		35,148		2,269,506
Sally Beauty Holdings, Inc.^(a)*		8,280		162,122
Signet Jewelers Ltd. (Bermuda)†		44,313		2,949,030
Tailored Brands, Inc.†^(a)		62,481		902,226
Target Corp.†		36,195		2,135,867
Tiffany & Co.		1,274		116,928
TJX Cos., Inc. (The)†		31,062		2,290,201
Tractor Supply Co.^(a)(b)		8,176		517,459
Urban Outfitters, Inc.†^(b)*		48,095		1,149,470

				60,922,611

Semiconductors & Semiconductor Equipment — 7.3%
Advanced Energy Industries, Inc.†^(b)*		14,424		1,164,882
Analog Devices, Inc.†^(a)(b)		19,480		1,678,592
Applied Materials, Inc.†^(b)		107,429		5,595,977
Axcelis Technologies, Inc.†*		11,924		326,121
Broadcom Ltd. (Singapore)†		375		90,952
Cabot Microelectronics Corp.†		5,436		434,500
Intel Corp.†		92,004		3,503,512


	Number of Shares		Value
COMMON STOCKS — (Continued)
Semiconductors & Semiconductor Equipment — (Continued)
KLA-Tencor Corp.†		36,047	$	3,820,982
Lam Research Corp.†		19,621		3,630,670
Marvell Technology Group Ltd. (Bermuda)†		26,961		482,602
Maxim Integrated Products, Inc.†^(b)		42,327		2,019,421
Microchip Technology, Inc.†		25,763		2,313,002
Micron Technology, Inc.*		152,709		6,006,045
MKS Instruments, Inc.†		10,689		1,009,576
ON Semiconductor Corp.†^(a)(b)*		214,869		3,968,630
Photronics, Inc.†*		9,017		79,800
QUALCOMM, Inc.†^(b)		65,789		3,410,502
Rudolph Technologies, Inc.†^(b)*		9,168		241,118
Skyworks Solutions, Inc.†^(a)		26,455		2,695,764
Synaptics, Inc.^(a)*		6,217		243,582
Teradyne, Inc.†		43,378		1,617,566
Texas Instruments, Inc.†		32,408		2,905,053
Xcerra Corp.^(b)*		22,022		216,917
Xilinx, Inc.†^(b)		19,446		1,377,360

				48,833,126

Software & Services — 15.4%
Accenture PLC, Class A (Ireland)†^(a)(b)		8,231		1,111,761
ACI Worldwide, Inc.†^(a)(b)*		10,898		248,256
Adobe Systems, Inc.†^(b)*		18,115		2,702,396
Alphabet, Inc., Class A†^(b)*		4,675		4,552,141
Amdocs, Ltd. (Guernsey)†^(b)		15,033		966,923
ANSYS, Inc.†*		24,817		3,045,790
Appfolio, Inc., Class A^(a)*		4,521		216,782
Aspen Technology, Inc.†*		30,566		1,919,851
Automatic Data Processing, Inc.†		10,272		1,122,935
AVG Technologies NV (Netherlands)*		30,358		751,360
Bankrate, Inc.†*		23,975		334,451
Blackbaud, Inc.^(a)(b)		1,036		90,961
Blucora, Inc.^(a)(b)*		68,269		1,727,206
Broadridge Financial Solutions, Inc.†^(a)		23,745		1,919,071
CA, Inc.†		67,222		2,243,870
CACI International, Inc., Class A†^(b)*		13,067		1,820,887
Cadence Design Systems, Inc.†*		23,441		925,216
Cars.com, Inc.†^(a)*		82,515		2,195,724
CDK Global, Inc.†^(a)(b)		48,428		3,055,323
CGI Group, Inc., Class A (Canada)†*		2,753		142,798
Citrix Systems, Inc.†*		17,744		1,363,094
CommerceHub, Inc., Class A^(a)*		153		3,453


	Number of Shares		Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
Convergys Corp.†^(a)(b)		34,691	$	898,150
CoStar Group, Inc.^(a)(b)*		1,721		461,658
CSRA, Inc.†		30,534		985,332
eBay, Inc.†*		33,155		1,275,141
Electronic Arts, Inc.†*		39,830		4,702,330
Facebook, Inc., Class A†*		21,580		3,687,375
Fair Isaac Corp.†^(b)		7,403		1,040,122
Fidelity National Information Services, Inc.†		11,843		1,106,018
Fiserv, Inc.†^(a)*		5,366		691,999
Guidewire Software, Inc.^(a)*		7,810		608,087
IAC/InterActiveCorp.†^(b)*		12,794		1,504,319
International Business Machines Corp.†		23,226		3,369,628
Intuit, Inc.†		33,833		4,809,023
j2 Global, Inc.†		36,819		2,720,188
Jack Henry & Associates, Inc.†^(a)		8,984		923,465
LogMeIn, Inc.†		2		220
Manhattan Associates, Inc.†^(a)(b)*		47,019		1,954,580
ManTech International Corp., Class A^(b)		2,490		109,934
Mastercard, Inc., Class A^(b)		1,019		143,883
MAXIMUS, Inc.†^(b)		15,001		967,564
Microsoft Corp.†		42,538		3,168,656
MicroStrategy, Inc., Class A†^(a)(b)*		10,180		1,300,088
NIC, Inc.†^(a)(b)		72,935		1,250,835
Nuance Communications, Inc.†^(b)*		79,832		1,254,959
Open Text Corp. (Canada)†^(a)		23,276		751,582
Oracle Corp.†		98,579		4,766,295
Paychex, Inc.†		25,924		1,554,403
Pegasystems, Inc.†^(a)(b)		10,504		605,556
Progress Software Corp.†		37,233		1,421,184
Qualys, Inc.†^(a)(b)*		11,393		590,157
Red Hat, Inc.†*		8,763		971,466
Sabre Corp.^(a)(b)		13,036		235,952
Science Applications International Corp.†		6,522		435,996
Shopify, Inc., Class A (Canada)†*		2,498		290,992
SS&C Technologies Holdings, Inc.†^(b)		57,333		2,301,920
Stamps.com, Inc.†*		3,786		767,233
Synopsys, Inc.†*		44,529		3,585,920
Total System Services, Inc.†^(b)		16,000		1,048,000
Trade Desk, Inc. (The), Class A†*		47,447		2,918,465


	Number of Shares		Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
Travelport Worldwide Ltd. (Bermuda)†^(a)(b)		96,845	$	1,520,466
Tucows, Inc., Class A^(a)*		1,184		69,323
VASCO Data Security International, Inc.†*		13,547		163,241
VeriSign, Inc.†^(a)*		16,677		1,774,266
Visa, Inc., Class A†^(a)(b)		12,588		1,324,761
VMware, Inc., Class A†^(a)*		24,105		2,632,025
Web.com Group, Inc.†^(a)(b)*		39,748		993,700
Western Union Co. (The)†		37,251		715,219

				102,831,925

Technology Hardware & Equipment — 8.1%
Anixter International, Inc.†^(a)*		6,043		513,655
Apple, Inc.†^(b)		18,679		2,878,808
Avnet, Inc.†		48,194		1,894,024
AVX Corp.†		31,861		580,826
Badger Meter, Inc.^(b)		1,957		95,893
Benchmark Electronics, Inc.†*		45,241		1,544,980
CDW Corp.†^(a)		1,950		128,700
Celestica, Inc. (Canada)*		1,359		16,824
Cisco Systems, Inc.†		90,496		3,043,380
CommScope Holding Co., Inc.†*		2,520		83,689
Dolby Laboratories, Inc., Class A†^(b)		15,903		914,741
EchoStar Corp., Class A†^(b)*		16,580		948,873
ePlus, Inc.^(b)*		982		90,786
Extreme Networks, Inc.†^(b)*		59,066		702,295
F5 Networks, Inc.†^(b)*		21,896		2,639,782
FLIR Systems, Inc.†		25,847		1,005,707
Harris Corp.†		31,693		4,173,334
Hewlett Packard Enterprise Co.†		141,485		2,081,244
HP,Inc.†^(a)		154,140		3,076,634
InterDigital, Inc.†		4,870		359,162
IPG Photonics Corp.^(b)*		645		119,364
Itron, Inc.†*		9,818		760,404
Jabil, Inc.†^(a)		27,382		781,756
Juniper Networks, Inc.†^(b)		165,239		4,598,601
Motorola Solutions, Inc.†^(a)		14,459		1,227,135
NetApp, Inc.†		32,769		1,433,971
OSI Systems, Inc.†^(a)(b)*		10,875		993,649
Plantronics, Inc.†		14,174		626,774
Rogers Corp.†^(b)*		6,082		810,609
Sanmina Corp.†*		10,016		372,094
Seagate Technology PLC (Ireland)†^(a)		46,136		1,530,331
TE Connectivity Ltd. (Switzerland)†^(b)		21,186		1,759,709


	Number of Shares		Value
COMMON STOCKS — (Continued)
Technology Hardware & Equipment — (Continued)
Trimble, Inc.†*		11,954	$	469,194
TTM Technologies, Inc.†*		11,106		170,699
Viavi Solutions, Inc.†^(a)*		61,191		578,867
Vishay Intertechnology, Inc.†^(a)(b)		146,615		2,756,362
Western Digital Corp.†		49,743		4,297,795
Xerox Corp.†^(b)		46,842		1,559,370
Zebra Technologies Corp., Class A†^(a)(b)*		27,111		2,943,712

				54,563,733

Telecommunication Services — 2.0%
AT&T, Inc.†		46,976		1,840,050
CenturyLink, Inc.†^(a)		124,335		2,349,932
Cogent Communications Holdings, Inc.^(a)		3,155		154,280
Frontier Communications Corp.^(a)		117,220		1,382,024
Intelsat SA (Luxembourg)*		332		1,560
Level 3 Communications, Inc.†*		69,213		3,688,361
Rogers Communications, Inc., Class B (Canada)†		29,767		1,534,191
Sprint Corp.^(a)*		569		4,427
United States Cellular Corp.^(a)*		615		21,771
Verizon Communications, Inc.†		40,360		1,997,416
Vonage Holdings Corp.†*		28,202		229,564

				13,203,576

Transportation — 5.6%
Alaska Air Group, Inc.†^(b)		43,366		3,307,525
Canadian National Railway Co. (Canada)†^(b)		43,992		3,644,737
Canadian Pacific Railway Ltd. (Canada)†^(b)		6,810		1,144,284
CSX Corp.†		20,952		1,136,856
Delta Air Lines, Inc.†^(b)		119,389		5,756,938
Expeditors International of Washington, Inc.†		18,309		1,095,977
FedEx Corp.†		9,884		2,229,633
Forward Air Corp.†^(b)		8,562		490,003
Hawaiian Holdings, Inc.†^(a)(b)*		62,907		2,362,158
Heartland Express, Inc.†		33,307		835,340
JB Hunt Transport Services, Inc.†		13,684		1,520,019
Kirby Corp.†^(a)(b)*		27,657		1,823,979
Knight-Swift Transportation Holdings, Inc.^(a)*		3,295		136,907
Norfolk Southern Corp.†		9,796		1,295,423
Southwest Airlines Co.†		71,930		4,026,641


	Number of Shares			Value
COMMON STOCKS — (Continued)
Transportation — (Continued)
Student Transportation, Inc. (Canada)		15		$	90
Union Pacific Corp.†		13,087			1,517,699
United Parcel Service, Inc., Class B†		10,473			1,257,703
Werner Enterprises, Inc.†^(a)(b)		34,821			1,272,708
XPO Logistics, Inc.†^(b)*		40,908			2,772,744

					37,627,364

TOTAL COMMON STOCKS (Cost $740,939,064)					812,933,030

	Par Value
CORPORATE BONDS AND NOTES — 0.0%
Capital Goods — 0.0%
Mueller Industries, Inc. 6.00%, 03/01/2027 ^(a)	$	715			736

TOTAL CORPORATE BONDS AND NOTES (Cost $715)					736

TOTAL LONG POSITIONS - 121.4%					812,933,766

(Cost $740,939,779)
	Number of Shares
SHORT POSITIONS — (96.3)%
COMMON STOCKS — (96.3)%
Automobiles & Components — (2.0)%
American Axle & Manufacturing Holdings, Inc.*		(175,722	)		(3,089,193	)
BorgWarner, Inc.		(12,400	)		(635,252	)
Cooper Tire & Rubber Co.		(54,989	)		(2,056,589	)
Dana, Inc.		(18,280	)		(511,109	)
Ford Motor Co.		(104,569	)		(1,251,691	)
Gentherm, Inc.*		(21,592	)		(802,143	)
LCI Industries		(16,882	)		(1,955,780	)
Magna International, Inc. (Canada)		(19,858	)		(1,060,020	)
Modine Manufacturing Co.*		(39,083	)		(752,348	)
Tesla, Inc.*		(4,415	)		(1,505,956	)
Tower International, Inc.		(59	)		(1,605	)

					(13,621,686	)

Capital Goods — (10.8)%
AAON, Inc.		(3,633	)		(125,248	)
AAR Corp.		(25,062	)		(946,842	)
Actuant Corp., Class A		(72,775	)		(1,863,040	)
Advanced Drainage Systems, Inc.		(23,882	)		(483,610	)
AECOM*		(13,052	)		(480,444	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
Aegion Corp.*		(12,897	)	$	(300,242	)
Aerovironment, Inc.*		(14,069	)		(761,414	)
AGCO Corp.		(2,587	)		(190,843	)
Alamo Group, Inc.		(1,846	)		(198,205	)
Albany International Corp., Class A		(7,944	)		(455,986	)
Altra Industrial Motion Corp.		(11,126	)		(535,161	)
American Railcar Industries, Inc.		(10,898	)		(420,663	)
Apogee Enterprises, Inc.		(4,172	)		(201,341	)
Astec Industries, Inc.		(14,592	)		(817,298	)
Astronics Corp.*		(4,733	)		(140,807	)
Axon Enterprise, Inc.*		(125,188	)		(2,838,012	)
AZZ, Inc.		(2,733	)		(133,097	)
Beacon Roofing Supply, Inc.*		(33,157	)		(1,699,296	)
Carlisle Cos., Inc.		(7,104	)		(712,460	)
Chart Industries, Inc.*		(1,849	)		(72,536	)
Chicago Bridge & Iron Co. NV (Netherlands)		(20,474	)		(343,963	)
CIRCOR International, Inc.		(10,985	)		(597,914	)
Columbus McKinnon Corp.		(5,206	)		(197,151	)
Cubic Corp.		(17,759	)		(905,709	)
Douglas Dynamics, Inc.		(13,138	)		(517,637	)
Dycom Industries, Inc.*		(1,495	)		(128,391	)
Encore Wire Corp.		(11,732	)		(525,300	)
EnPro Industries, Inc.		(3,449	)		(277,748	)
ESCO Technologies, Inc.		(3,810	)		(228,410	)
Esterline Technologies Corp.*		(8,919	)		(804,048	)
Federal Signal Corp.		(7,385	)		(157,153	)
Franklin Electric Co., Inc.		(15,912	)		(713,653	)
General Cable Corp.		(50,761	)		(956,845	)
Granite Construction, Inc.		(40,940	)		(2,372,473	)
Herc Holdings, Inc.*		(20,368	)		(1,000,680	)
Hexcel Corp.		(37,286	)		(2,140,962	)
Hyster-Yale Materials Handling, Inc.		(2,339	)		(178,793	)
Insteel Industries, Inc.		(5,838	)		(152,430	)
ITT, Inc.		(20,623	)		(912,980	)
John Bean Technologies Corp.		(24,708	)		(2,497,979	)
Johnson Controls International PLC (Ireland)		(58,276	)		(2,347,940	)
Kaman Corp.		(15,803	)		(881,491	)
KBR, Inc.		(27,044	)		(483,547	)
Kratos Defense & Security Solutions, Inc.*		(218,253	)		(2,854,749	)
Lydall, Inc.*		(380	)		(21,774	)
Manitowoc Co., Inc. (The)*		(341,331	)		(3,071,979	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
Masonite International Corp. (Canada)*		(13,719	)	$	(949,355	)
MasTec, Inc.*		(17,361	)		(805,550	)
Mercury Systems, Inc.*		(14,600	)		(757,448	)
Middleby Corp. (The)*		(29,379	)		(3,765,506	)
Milacron Holdings Corp.*		(8,735	)		(147,272	)
MRC Global, Inc.*		(118,711	)		(2,076,255	)
MYR Group, Inc.*		(2,444	)		(71,218	)
Navistar International Corp.*		(39,480	)		(1,739,884	)
NCI Building Systems, Inc.*		(10,753	)		(167,747	)
Nexeo Solutions, Inc.*		(28	)		(204	)
NN, Inc.		(4,622	)		(134,038	)
Nordson Corp.		(239	)		(28,322	)
NOW, Inc.*		(215,126	)		(2,970,890	)
NV5 Global, Inc.*		(176	)		(9,618	)
Orbital ATK, Inc.		(22,156	)		(2,950,293	)
Park-Ohio Holdings Corp.		(6	)		(274	)
Patrick Industries, Inc.*		(3,643	)		(306,376	)
Ply Gem Holdings, Inc.*		(3,374	)		(57,527	)
Proto Labs, Inc.*		(13,850	)		(1,112,155	)
Quanex Building Products Corp.		(6,016	)		(138,067	)
Raven Industries, Inc.		(12,762	)		(413,489	)
REV Group, Inc.		(18,259	)		(525,129	)
Rockwell Collins, Inc.		(1,843	)		(240,899	)
Simpson Manufacturing Co., Inc.		(25,189	)		(1,235,269	)
SiteOne Landscape Supply, Inc.*		(11,573	)		(672,391	)
Standex International Corp.		(1,575	)		(167,265	)
Sun Hydraulics Corp.		(6,600	)		(356,400	)
Sunrun, Inc.*		(239,204	)		(1,327,582	)
Teledyne Technologies, Inc.*		(12,876	)		(2,049,602	)
Tennant Co.		(4,591	)		(303,924	)
Thermon Group Holdings, Inc.*		(8,796	)		(158,240	)
Timken Co. (The)		(28,517	)		(1,384,500	)
Titan International, Inc.		(49,753	)		(504,993	)
Tutor Perini Corp.*		(29,977	)		(851,347	)
United Rentals, Inc.*		(3,096	)		(429,539	)
Universal Forest Products, Inc.		(14,844	)		(1,457,087	)
Wabtec Corp.		(17,066	)		(1,292,750	)
Watsco, Inc.		(2,162	)		(348,233	)
Watts Water Technologies, Inc., Class A		(75	)		(5,190	)
Wesco Aircraft Holdings, Inc.*		(64,130	)		(602,822	)
Xylem, Inc.		(23,016	)		(1,441,492	)

					(72,604,386	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Commercial & Professional Services — (2.6)%
ABM Industries, Inc.		(18,758	)	$	(782,396	)
ACCO Brands Corp.*		(51,781	)		(616,194	)
Advanced Disposal Services, Inc.*		(35,456	)		(893,137	)
Advisory Board Co. (The)*		(11,543	)		(618,993	)
Casella Waste Systems, Inc.*		(684	)		(12,859	)
Cintas Corp.		(2,680	)		(386,670	)
Clean Harbors, Inc.*		(8,401	)		(476,337	)
Covanta Holding Corp.		(197,228	)		(2,928,836	)
Exponent, Inc.		(4,115	)		(304,098	)
FTI Consulting, Inc.*		(30,786	)		(1,092,287	)
Healthcare Services Group, Inc.		(35,723	)		(1,927,970	)
HNI Corp.		(33,244	)		(1,378,629	)
ICF International, Inc.*		(623	)		(33,611	)
InnerWorkings, Inc.*		(5,104	)		(57,420	)
Insperity, Inc.		(1,307	)		(115,016	)
Knoll, Inc.		(25,573	)		(511,460	)
Matthews International Corp., Class A		(960	)		(59,760	)
Multi-Color Corp.		(11,603	)		(950,866	)
Navigant Consulting, Inc.*		(5,829	)		(98,627	)
On Assignment, Inc.*		(4,150	)		(222,772	)
Ritchie Bros Auctioneers, Inc. (Canada)		(16,891	)		(534,093	)
RR Donnelley & Sons Co.		(67,054	)		(690,656	)
Steelcase, Inc., Class A		(31,259	)		(481,389	)
TrueBlue, Inc.*		(3,530	)		(79,248	)
US Ecology, Inc.		(3,244	)		(174,527	)
WageWorks, Inc.*		(31,200	)		(1,893,840	)

					(17,321,691	)

Consumer Durables & Apparel — (2.7)%
Acushnet Holdings Corp.		(11,770	)		(209,035	)
American Outdoor Brands Corp.*		(47,752	)		(728,218	)
Callaway Golf Co.		(72,735	)		(1,049,566	)
Canada Goose Holdings, Inc. (Canada)*		(53,531	)		(1,100,062	)
Deckers Outdoor Corp.*		(22,646	)		(1,549,213	)
G-III Apparel Group Ltd.*		(35,672	)		(1,035,201	)
Hanesbrands, Inc.		(52,491	)		(1,293,378	)
Installed Building Products, Inc.*		(6,244	)		(404,611	)
iRobot Corp.*		(3,947	)		(304,156	)
Mattel, Inc.		(210,649	)		(3,260,847	)
Mohawk Industries, Inc.*		(12,772	)		(3,161,198	)
Movado Group, Inc.		(1,466	)		(41,048	)
Newell Brands, Inc.		(19,878	)		(848,194	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Consumer Durables & Apparel — (Continued)
Polaris Industries, Inc.		(4,898	)	$	(512,478	)
Skechers U.S.A., Inc., Class A*		(45,150	)		(1,132,814	)
Tempur Sealy International, Inc.*		(7,969	)		(514,160	)
Under Armour, Inc., Class C*		(73,503	)		(1,104,015	)
Universal Electronics, Inc.*		(1,232	)		(78,109	)

					(18,326,303	)

Consumer Services — (5.2)%
Belmond Ltd., Class A (Bermuda)*		(22,384	)		(305,542	)
Bright Horizons Family Solutions, Inc.*		(18,197	)		(1,568,763	)
Career Education Corp.*		(10,315	)		(107,173	)
Carrols Restaurant Group, Inc.*		(21,573	)		(235,146	)
Chegg, Inc.*		(171,019	)		(2,537,922	)
Domino’s Pizza, Inc.		(3,305	)		(656,208	)
Fiesta Restaurant Group, Inc.*		(27,881	)		(529,739	)
Houghton Mifflin Harcourt Co.*		(127,773	)		(1,539,665	)
International Game Technology PLC (United Kingdom)		(48,093	)		(1,180,683	)
Laureate Education, Inc., Class A*		(30,247	)		(440,094	)
Marcus Corp. (The)		(5,243	)		(145,231	)
MGM Resorts International		(20,464	)		(666,922	)
Monarch Casino & Resort, Inc.*		(718	)		(28,383	)
Norwegian Cruise Line Holdings Ltd. (Bermuda)*		(86,394	)		(4,669,596	)
Papa John’s International, Inc.		(26,387	)		(1,928,098	)
Planet Fitness, Inc., Class A		(29,399	)		(793,185	)
Red Rock Resorts, Inc., Class A		(38,327	)		(887,653	)
Restaurant Brands International, Inc. (Canada)		(14,924	)		(953,345	)
SeaWorld Entertainment, Inc.		(338,212	)		(4,393,374	)
Shake Shack, Inc., Class A*		(137,210	)		(4,559,488	)
Texas Roadhouse, Inc.		(24,494	)		(1,203,635	)
Wendy’s Co. (The)		(217,441	)		(3,376,859	)
Wingstop, Inc.		(59,829	)		(1,989,314	)

					(34,696,018	)

Energy — (4.1)%
Andeavor		(45,063	)		(4,648,248	)
Cenovus Energy, Inc. (Canada)		(200,603	)		(2,010,042	)
Cheniere Energy, Inc.*		(10,109	)		(455,309	)
DHT Holdings, Inc. (Marshall Islands)		(7,524	)		(29,945	)
Ensco PLC, Class A (United Kingdom)		(174,622	)		(1,042,493	)
Forum Energy Technologies, Inc.*		(54,304	)		(863,434	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Energy — (Continued)
Frank’s International NV (Netherlands)		(104,424	)	$	(806,153	)
Green Plains, Inc.		(107,007	)		(2,156,191	)
Helix Energy Solutions Group, Inc.*		(285,177	)		(2,107,458	)
Helmerich & Payne, Inc.		(26,591	)		(1,385,657	)
Keane Group, Inc.*		(10,528	)		(175,607	)
Mammoth Energy Services, Inc.*		(337	)		(5,682	)
Newpark Resources, Inc.*		(29,841	)		(298,410	)
Patterson-UTI Energy, Inc.		(236,725	)		(4,957,022	)
ProPetro Holding Corp.*		(38,234	)		(548,658	)
SEACOR Holdings, Inc.*		(5,967	)		(275,138	)
SemGroup Corp., Class A		(61,254	)		(1,761,052	)
Solaris Oilfield Infrastructure, Inc., Class A*		(2,862	)		(49,885	)
Targa Resources Corp.		(30,900	)		(1,461,570	)
Unit Corp.*		(31,295	)		(644,051	)
US Silica Holdings, Inc.		(31,889	)		(990,791	)
Weatherford International PLC (Ireland)*		(96,292	)		(441,017	)
Williams Cos., Inc. (The)		(12,427	)		(372,934	)

					(27,486,747	)

Food & Staples Retailing — (0.9)%
Casey’s General Stores, Inc.		(11,022	)		(1,206,358	)
Performance Food Group Co.*		(15,247	)		(430,728	)
PriceSmart, Inc.		(15,546	)		(1,387,480	)
Rite Aid Corp.*		(1,375,854	)		(2,696,674	)
Smart & Final Stores, Inc.*		(62,757	)		(492,642	)
SpartanNash Co.		(326	)		(8,597	)

					(6,222,479	)

Food, Beverage & Tobacco — (4.2)%
Archer-Daniels-Midland Co.		(40,156	)		(1,707,032	)
B&G Foods, Inc.		(76,828	)		(2,446,972	)
Blue Buffalo Pet Products, Inc.*		(149,822	)		(4,247,454	)
Bunge Ltd. (Bermuda)		(44,641	)		(3,100,764	)
Calavo Growers, Inc.		(13,580	)		(994,056	)
Coca-Cola Bottling Co. Consolidated		(7,611	)		(1,642,073	)
Cott Corp. (Canada)		(32,249	)		(484,057	)
Darling Ingredients, Inc.*		(27,034	)		(473,636	)
Fresh Del Monte Produce, Inc. (Cayman Islands)		(2,055	)		(93,420	)
Freshpet, Inc.*		(6,865	)		(107,437	)
J&J Snack Foods Corp.		(7,179	)		(942,603	)
John B Sanfilippo & Son, Inc.		(6,134	)		(412,880	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Food, Beverage & Tobacco — (Continued)
McCormick & Co., Inc., non-voting shares		(10,257	)	$	(1,052,778	)
MGP Ingredients, Inc.		(20,328	)		(1,232,487	)
Pilgrim’s Pride Corp.*		(12,880	)		(365,921	)
Snyder’s-Lance, Inc.		(17,383	)		(662,988	)
SunOpta, Inc. (Canada)*		(4,626	)		(40,246	)
Tootsie Roll Industries, Inc.		(5,529	)		(210,102	)
Tyson Foods, Inc., Class A		(96,769	)		(6,817,376	)
Universal Corp.		(3,341	)		(191,439	)
Vector Group Ltd.		(51,955	)		(1,063,528	)

					(28,289,249	)

Health Care Equipment & Services — (8.3)%
Alere, Inc.*		(65,433	)		(3,336,429	)
Align Technology, Inc.*		(2,038	)		(379,618	)
Almost Family, Inc.*		(6,255	)		(335,894	)
athenahealth, Inc.*		(21,045	)		(2,617,156	)
AtriCure, Inc.*		(31,320	)		(700,628	)
BioTelemetry, Inc.*		(48,360	)		(1,595,880	)
Cardiovascular Systems, Inc.*		(2,279	)		(64,154	)
Castlight Health, Inc., Class B*		(1,269	)		(5,457	)
CryoLife, Inc.*		(3,516	)		(79,813	)
DaVita, Inc.*		(82,784	)		(4,916,542	)
DENTSPLY SIRONA, Inc.		(77,820	)		(4,654,414	)
DexCom, Inc.*		(51,599	)		(2,524,481	)
Diplomat Pharmacy, Inc.*		(51,922	)		(1,075,305	)
Ensign Group, Inc. (The)		(38,715	)		(874,572	)
Evolent Health, Inc., Class A*		(148,628	)		(2,645,578	)
GenMark Diagnostics, Inc.*		(32,446	)		(312,455	)
Glaukos Corp.*		(3,848	)		(126,984	)
Henry Schein, Inc.*		(11,002	)		(902,054	)
HMS Holdings Corp.*		(31,228	)		(620,188	)
Inovalon Holdings, Inc., Class A*		(28,521	)		(486,283	)
Insulet Corp.*		(45,838	)		(2,524,757	)
iRhythm Technologies, Inc.*		(26,462	)		(1,372,849	)
K2M Group Holdings, Inc.*		(64,921	)		(1,376,974	)
LeMaitre Vascular, Inc.		(4,874	)		(182,385	)
Merit Medical Systems, Inc.*		(1,842	)		(78,009	)
Natus Medical, Inc.*		(43,769	)		(1,641,338	)
Neogen Corp.*		(1,331	)		(103,099	)
Nevro Corp.*		(37,881	)		(3,442,625	)
Novocure Ltd. (Jersey)*		(97,036	)		(1,926,165	)
NuVasive, Inc.*		(27,667	)		(1,534,412	)
NxStage Medical, Inc.*		(89,262	)		(2,463,631	)
OraSure Technologies, Inc.*		(65,447	)		(1,472,558	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — (Continued)
Owens & Minor, Inc.		(75,528	)	$	(2,205,418	)
Penumbra, Inc.*		(18,634	)		(1,682,650	)
PharMerica Corp.*		(15,278	)		(447,645	)
Quidel Corp.*		(13,672	)		(599,654	)
Tactile Systems Technology, Inc.*		(4,988	)		(154,379	)
Teladoc, Inc.*		(107,677	)		(3,569,493	)
US Physical Therapy, Inc.		(31	)		(1,905	)
Varex Imaging Corp.*		(2,558	)		(86,563	)
Vocera Communications, Inc.*		(6,092	)		(191,106	)

					(55,311,500	)

Household & Personal Products — (1.6)%
Coty, Inc., Class A		(109,844	)		(1,815,721	)
elf Beauty, Inc.*		(76,482	)		(1,724,669	)
Procter & Gamble Co. (The)		(13,801	)		(1,255,615	)
Revlon, Inc., Class A*		(4,653	)		(114,231	)
Spectrum Brands Holdings, Inc.		(41,661	)		(4,412,733	)
WD-40 Co.		(12,368	)		(1,383,979	)

					(10,706,948	)

Materials — (4.9)%
Agrium, Inc. (Canada)		(40,946	)		(4,389,821	)
Albemarle Corp.		(5,034	)		(686,184	)
Avery Dennison Corp.		(2,338	)		(229,919	)
Axalta Coating Systems Ltd. (Bermuda)*		(32,054	)		(927,002	)
Balchem Corp.		(7,240	)		(588,540	)
Boise Cascade Co.*		(9,347	)		(326,210	)
Calgon Carbon Corp.		(39,647	)		(848,446	)
Clearwater Paper Corp.*		(2,744	)		(135,142	)
Deltic Timber Corp.		(1,336	)		(118,142	)
DowDuPont, Inc.		(12,759	)		(883,306	)
Ferro Corp.*		(74,358	)		(1,658,183	)
GCP Applied Technologies, Inc.*		(54,147	)		(1,662,313	)
Graphic Packaging Holding Co.		(109,313	)		(1,524,916	)
HB Fuller Co.		(27,263	)		(1,582,890	)
Innospec, Inc.		(14,950	)		(921,668	)
International Flavors & Fragrances, Inc.		(632	)		(90,319	)
International Paper Co.		(20,190	)		(1,147,196	)
KapStone Paper and Packaging Corp.		(49,423	)		(1,062,100	)
Kraton Corp.*		(31,613	)		(1,278,430	)
Monsanto Co.		(7,275	)		(871,690	)
NewMarket Corp.		(603	)		(256,727	)
Owens-Illinois, Inc.*		(147,809	)		(3,718,874	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Materials — (Continued)
PH Glatfelter Co.		(30,027	)	$	(584,025	)
Schweitzer-Mauduit International, Inc.		(537	)		(22,264	)
Sherwin-Williams Co. (The)		(8,544	)		(3,059,094	)
Silgan Holdings, Inc.		(18,602	)		(547,457	)
Sonoco Products Co.		(59,780	)		(3,015,901	)
Stepan Co.		(2,414	)		(201,955	)
Tredegar Corp.		(2,316	)		(41,688	)
US Concrete, Inc.*		(3,380	)		(257,894	)

					(32,638,296	)

Media — (3.1)%
AMC Entertainment Holdings, Inc., Class A		(233,791	)		(3,436,728	)
Cable One, Inc.		(3,918	)		(2,829,266	)
Charter Communications, Inc., Class A*		(732	)		(266,023	)
Clear Channel Outdoor Holdings, Inc., Class A		(2,893	)		(13,452	)
EW Scripps Co. (The), Class A*		(53,071	)		(1,014,187	)
Gray Television, Inc.*		(46,908	)		(736,456	)
John Wiley & Sons, Inc., Class A		(27,471	)		(1,469,698	)
Live Nation Entertainment, Inc.*		(16,812	)		(732,163	)
Madison Square Garden Co. (The), Class A*		(13,810	)		(2,956,721	)
MDC Partners, Inc., Class A (Canada)*		(8,448	)		(92,928	)
New Media Investment Group, Inc.		(16,339	)		(241,654	)
Nexstar Media Group, Inc., Class A		(13,104	)		(816,379	)
Regal Entertainment Group, Class A		(189,931	)		(3,038,896	)
Scholastic Corp.		(848	)		(31,546	)
Shaw Communications, Inc., Class B (Canada)		(19,758	)		(454,632	)
Time, Inc.		(108,911	)		(1,470,298	)
World Wrestling Entertainment, Inc., Class A		(52,760	)		(1,242,498	)

					(20,843,525	)

Pharmaceuticals, Biotechnology & Life Sciences — (8.9)%
Accelerate Diagnostics, Inc.*		(61,718	)		(1,385,569	)
Acceleron Pharma, Inc.*		(21,438	)		(800,066	)
Achaogen, Inc.*		(25,919	)		(413,408	)
Achillion Pharmaceuticals, Inc.*		(165,231	)		(741,887	)
Aclaris Therapeutics, Inc.*		(37,738	)		(974,018	)
Aduro Biotech, Inc.*		(39,981	)		(425,798	)
Aerie Pharmaceuticals, Inc.*		(28,884	)		(1,403,762	)
Agios Pharmaceuticals, Inc.*		(18,830	)		(1,256,902	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Pharmaceuticals, Biotechnology & Life Sciences — (Continued)
Akcea Therapeutics, Inc.*		(8,936	)	$	(247,259	)
Alder Biopharmaceuticals, Inc.*		(77,612	)		(950,747	)
Amphastar Pharmaceuticals, Inc.*		(5,480	)		(97,928	)
ANI Pharmaceuticals, Inc.*		(10,181	)		(534,401	)
Arena Pharmaceuticals, Inc.*		(1,417	)		(36,134	)
Athenex, Inc.*		(1,024	)		(17,930	)
Bio-Rad Laboratories, Inc., Class A*		(16,460	)		(3,657,741	)
Bruker Corp.		(46,044	)		(1,369,809	)
Cambrex Corp.*		(8,931	)		(491,205	)
Coherus Biosciences, Inc.*		(49,433	)		(659,931	)
Cytokinetics, Inc.*		(22,170	)		(321,465	)
CytomX Therapeutics, Inc.*		(7,493	)		(136,148	)
Dermira, Inc.*		(62,972	)		(1,700,244	)
Editas Medicine, Inc.*		(72,662	)		(1,744,615	)
Epizyme, Inc.*		(30,502	)		(581,063	)
Five Prime Therapeutics, Inc.*		(29,969	)		(1,226,032	)
Flexion Therapeutics, Inc.*		(56,469	)		(1,365,420	)
Heron Therapeutics, Inc.*		(134,766	)		(2,176,471	)
Horizon Pharma PLC (Ireland)*		(43,680	)		(553,862	)
Illumina, Inc.*		(23,220	)		(4,625,424	)
Insmed, Inc.*		(39,332	)		(1,227,552	)
Intra-Cellular Therapies, Inc.*		(9,416	)		(148,584	)
Juno Therapeutics, Inc.*		(3,877	)		(173,922	)
Keryx Biopharmaceuticals, Inc.*		(43,868	)		(311,463	)
La Jolla Pharmaceutical Co.*		(50,237	)		(1,747,243	)
Lexicon Pharmaceuticals, Inc.*		(21,916	)		(269,348	)
Luminex Corp.		(23,594	)		(479,666	)
MacroGenics, Inc.*		(17,909	)		(330,958	)
Medicines Co. (The)*		(70,725	)		(2,619,654	)
Momenta Pharmaceuticals, Inc.*		(34,222	)		(633,107	)
Natera, Inc.*		(1,022	)		(13,174	)
Nektar Therapeutics*		(213,421	)		(5,122,104	)
NeoGenomics, Inc.*		(64,035	)		(712,710	)
Pacific Biosciences of California, Inc.*		(18,264	)		(95,886	)
Pacira Pharmaceuticals, Inc.*		(41,771	)		(1,568,501	)
Paratek Pharmaceuticals, Inc.*		(52,017	)		(1,305,627	)
QIAGEN NV (Netherlands)		(63,413	)		(1,997,510	)
Radius Health, Inc.*		(60,582	)		(2,335,436	)
Reata Pharmaceuticals, Inc., Class A*		(1,292	)		(40,181	)
Revance Therapeutics, Inc.*		(31,610	)		(870,856	)
Seres Therapeutics, Inc.*		(5,034	)		(80,745	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Pharmaceuticals, Biotechnology & Life Sciences — (Continued)
Spark Therapeutics, Inc.*		(1,529	)	$	(136,326	)
Synergy Pharmaceuticals, Inc.*		(558,255	)		(1,618,940	)
TG Therapeutics, Inc.*		(29,739	)		(352,407	)
TherapeuticsMD, Inc.*		(116,444	)		(615,989	)
Theravance Biopharma, Inc. (Cayman Islands)*		(51,391	)		(1,759,628	)
Ultragenyx Pharmaceutical, Inc.*		(30,022	)		(1,598,972	)
VWR Corp.*		(44,886	)		(1,486,175	)
WaVe Life Sciences Ltd. (Singapore)*		(722	)		(15,704	)

					(59,563,607	)

Retailing — (6.0)%
Abercrombie & Fitch Co., Class A		(108,769	)		(1,570,624	)
American Eagle Outfitters, Inc.		(268,787	)		(3,843,654	)
At Home Group, Inc.*		(19,853	)		(453,442	)
Barnes & Noble, Inc.		(6,908	)		(52,501	)
Burlington Stores, Inc.*		(11,702	)		(1,117,073	)
Caleres, Inc.		(5,085	)		(155,194	)
Camping World Holdings, Inc., Class A		(36,143	)		(1,472,466	)
Children’s Place, Inc. (The)		(20,039	)		(2,367,608	)
DSW, Inc., Class A		(32,709	)		(702,589	)
Duluth Holdings, Inc., Class B*		(3,050	)		(61,884	)
Five Below, Inc.*		(62,392	)		(3,424,073	)
Floor & Decor Holdings, Inc., Class A*		(38,815	)		(1,511,068	)
GameStop Corp., Class A		(106,099	)		(2,192,005	)
Group 1 Automotive, Inc.		(21,199	)		(1,536,079	)
Guess?, Inc.		(203,076	)		(3,458,384	)
Kohl’s Corp.		(8,499	)		(387,979	)
Lithia Motors, Inc., Class A		(22,846	)		(2,748,602	)
Lumber Liquidators Holdings, Inc.*		(36,565	)		(1,425,304	)
Murphy USA, Inc.*		(23,031	)		(1,589,139	)
Netflix, Inc.*		(594	)		(107,722	)
Ollie’s Bargain Outlet Holdings, Inc.*		(60,684	)		(2,815,738	)
Party City Holdco, Inc.*		(22,336	)		(302,653	)
Pool Corp.		(10,203	)		(1,103,659	)
Select Comfort Corp.*		(28,323	)		(879,429	)
Shutterfly, Inc.*		(17,303	)		(838,849	)
Sonic Automotive, Inc., Class A		(33,714	)		(687,766	)
Tile Shop Holdings, Inc.		(40,639	)		(516,115	)
Wayfair, Inc., Class A*		(11,747	)		(791,748	)
Williams-Sonoma, Inc.		(46,276	)		(2,307,321	)

					(40,420,668	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Semiconductors & Semiconductor Equipment — (4.1)%
Advanced Micro Devices, Inc.*		(246,866	)	$	(3,147,542	)
Ambarella, Inc. (Cayman Islands)*		(1,433	)		(70,231	)
Amkor Technology, Inc.*		(5,492	)		(57,941	)
Cavium, Inc.*		(42,818	)		(2,823,419	)
CEVA, Inc.*		(2,952	)		(126,346	)
Cohu, Inc.		(3,361	)		(80,126	)
Cree, Inc.*		(37,557	)		(1,058,732	)
Cypress Semiconductor Corp.		(119,298	)		(1,791,856	)
FormFactor, Inc.*		(70,199	)		(1,182,853	)
Ichor Holdings Ltd. (Cayman Islands)*		(5,335	)		(142,978	)
Inphi Corp.*		(129,104	)		(5,124,138	)
Integrated Device Technology, Inc.*		(143,789	)		(3,821,912	)
IXYS Corp.*		(5,215	)		(123,596	)
Lattice Semiconductor Corp.*		(107,087	)		(557,923	)
MACOM Technology Solutions Holdings, Inc.*		(10,787	)		(481,208	)
MaxLinear, Inc.*		(43,795	)		(1,040,131	)
Monolithic Power Systems, Inc.		(3,033	)		(323,166	)
Nanometrics, Inc.*		(9,099	)		(262,051	)
PDF Solutions, Inc.*		(8,630	)		(133,679	)
Power Integrations, Inc.		(22,887	)		(1,675,328	)
Semtech Corp.*		(6,801	)		(255,378	)
Veeco Instruments, Inc.*		(59,066	)		(1,264,012	)
Versum Materials, Inc.		(16,798	)		(652,098	)
Xperi Corp.		(38,223	)		(967,042	)

					(27,163,686	)

Software & Services — (13.8)%
2U, Inc.*		(4,435	)		(248,537	)
8x8, Inc.*		(41,565	)		(561,128	)
Acxiom Corp.*		(43,698	)		(1,076,719	)
Alliance Data Systems Corp.		(24,024	)		(5,322,517	)
Apptio, Inc., Class A*		(14,555	)		(268,831	)
Autodesk, Inc.*		(19,886	)		(2,232,402	)
Benefitfocus, Inc.*		(14,139	)		(475,777	)
Black Knight Financial Services, Inc., Class A*		(48,326	)		(2,080,434	)
Blackhawk Network Holdings, Inc.*		(82,001	)		(3,591,644	)
Blackline, Inc.*		(8,386	)		(286,130	)
Booz Allen Hamilton Holding Corp.		(37,635	)		(1,407,173	)
Box, Inc., Class A*		(47,880	)		(925,042	)
BroadSoft, Inc.*		(42,041	)		(2,114,662	)
Callidus Software, Inc.*		(72,554	)		(1,788,456	)
Carbonite, Inc.*		(28,580	)		(628,760	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
Cardtronics PLC, Class A (United Kingdom)*		(70,500	)	$	(1,622,205	)
Conduent, Inc.*		(54,181	)		(849,016	)
CoreLogic, Inc.*		(3,983	)		(184,094	)
Cornerstone OnDemand, Inc.*		(48,567	)		(1,972,306	)
Coupa Software, Inc.*		(35,164	)		(1,095,359	)
DST Systems, Inc.		(18,976	)		(1,041,403	)
DXC Technology Co.		(36,288	)		(3,116,413	)
Ellie Mae, Inc.*		(28,311	)		(2,325,182	)
Etsy, Inc.*		(62,976	)		(1,063,035	)
Euronet Worldwide, Inc.*		(8,828	)		(836,806	)
Everbridge, Inc.*		(14,653	)		(387,132	)
FireEye, Inc.*		(210,844	)		(3,535,854	)
Forrester Research, Inc.		(4,039	)		(169,032	)
Gartner, Inc.*		(14,794	)		(1,840,521	)
Gigamon, Inc.*		(88,703	)		(3,738,831	)
Globant SA (Luxembourg)*		(10,189	)		(408,273	)
Gogo, Inc.*		(148,468	)		(1,753,407	)
GTT Communications, Inc.*		(6,143	)		(194,426	)
Hortonworks, Inc.*		(111,793	)		(1,894,891	)
HubSpot, Inc.*		(28,617	)		(2,405,259	)
Imperva, Inc.*		(32,468	)		(1,409,111	)
Instructure, Inc.*		(31,166	)		(1,033,153	)
LivePerson, Inc.*		(8,721	)		(118,170	)
Monotype Imaging Holdings, Inc.		(9,922	)		(190,998	)
MuleSoft, Inc., Class A*		(16,330	)		(328,886	)
New Relic, Inc.*		(10,727	)		(534,205	)
Nutanix, Inc,. Class A*		(40,247	)		(901,130	)
Pandora Media, Inc.*		(499,631	)		(3,847,159	)
Paylocity Holding Corp.*		(9,614	)		(469,355	)
Proofpoint, Inc.*		(1,011	)		(88,179	)
PROS Holdings, Inc.*		(40,715	)		(982,453	)
Q2 Holdings, Inc.*		(7,474	)		(311,292	)
Quotient Technology, Inc.*		(31,987	)		(500,597	)
Rapid7, Inc.*		(35,104	)		(617,830	)
SecureWorks Corp., Class A*		(16,080	)		(198,588	)
Silver Spring Networks, Inc.*		(10,445	)		(168,896	)
Splunk, Inc.*		(54,946	)		(3,650,063	)
Sykes Enterprises, Inc.*		(3,594	)		(104,801	)
Teradata Corp.*		(136,924	)		(4,626,662	)
Twilio, Inc., Class A*		(16,639	)		(496,674	)
Twitter, Inc.*		(23,779	)		(401,152	)
Ultimate Software Group, Inc. (The)*		(12,329	)		(2,337,578	)
Vantiv, Inc., Class A*		(32,227	)		(2,271,037	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
Verint Systems, Inc.*		(14,143	)	$	(591,885	)
Virtusa Corp.*		(45,483	)		(1,718,348	)
Workday, Inc., Class A*		(20,909	)		(2,203,600	)
Workiva, Inc.*		(21,328	)		(444,689	)
Zendesk, Inc.*		(156,479	)		(4,555,104	)
Zynga, Inc., Class A*		(956,554	)		(3,615,774	)

					(92,159,026	)

Technology Hardware & Equipment — (7.0)%
3D Systems Corp.*		(154,324	)		(2,066,398	)
Arrow Electronics, Inc.*		(9,929	)		(798,391	)
Belden, Inc.		(25,168	)		(2,026,779	)
BlackBerry Ltd. (Canada)*		(7,986	)		(89,283	)
Control4 Corp.*		(3,002	)		(88,439	)
Corning, Inc.		(33,727	)		(1,009,112	)
Cray, Inc.*		(18	)		(350	)
CTS Corp.		(6,353	)		(153,107	)
Diebold Nixdorf, Inc.		(71,340	)		(1,630,119	)
FARO Technologies, Inc.*		(2,500	)		(95,625	)
Finisar Corp.*		(136,464	)		(3,025,407	)
Fitbit, Inc., Class A*		(517,088	)		(3,598,932	)
II-VI, Inc.*		(81,858	)		(3,368,457	)
Infinera Corp.*		(379,159	)		(3,363,140	)
Insight Enterprises, Inc.*		(11,131	)		(511,136	)
Keysight Technologies, Inc.*		(23,378	)		(973,927	)
Kimball Electronics, Inc.*		(162	)		(3,507	)
Knowles Corp.*		(55,329	)		(844,874	)
Lumentum Holdings, Inc.*		(71,464	)		(3,884,068	)
Mesa Laboratories, Inc.		(12	)		(1,792	)
Methode Electronics, Inc.		(1,543	)		(65,346	)
MTS Systems Corp.		(369	)		(19,723	)
NETGEAR, Inc.*		(56,287	)		(2,679,261	)
NetScout Systems, Inc.*		(18,625	)		(602,519	)
Oclaro, Inc.*		(82,465	)		(711,673	)
Palo Alto Networks, Inc.*		(9,977	)		(1,437,686	)
PC Connection, Inc.		(393	)		(11,079	)
Plexus Corp.*		(10,289	)		(577,007	)
Pure Storage, Inc., Class A*		(195,375	)		(3,124,046	)
Quantenna Communications, Inc.*		(19,571	)		(328,989	)
Sierra Wireless, Inc. (Canada)*		(48,524	)		(1,043,266	)
Stratasys Ltd. (Israel)*		(14,547	)		(336,327	)
Super Micro Computer, Inc.*		(67,979	)		(1,502,336	)
SYNNEX Corp.		(10,816	)		(1,368,332	)
Tech Data Corp.*		(19,876	)		(1,765,983	)
VeriFone Systems, Inc.*		(6,169	)		(125,107	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Technology Hardware & Equipment — (Continued)
ViaSat, Inc.*		(54,367	)	$	(3,496,885	)

					(46,728,408	)

Telecommunication Services — (1.6)%
ATN International, Inc.		(8,390	)		(442,153	)
Boingo Wireless, Inc.*		(19,528	)		(417,313	)
Cincinnati Bell, Inc.*		(61,812	)		(1,226,968	)
General Communication, Inc., Class A*		(26,524	)		(1,081,914	)
Iridium Communications, Inc.*		(165,340	)		(1,703,002	)
ORBCOMM, Inc.*		(6	)		(63	)
Shenandoah Telecommunications Co.		(29,855	)		(1,110,606	)
Straight Path Communications, Inc., Class B*		(4,285	)		(774,171	)
Zayo Group Holdings, Inc.*		(105,961	)		(3,647,178	)

					(10,403,368	)

Transportation — (4.5)%
Air Transport Services Group, Inc.*		(63,045	)		(1,534,515	)
Allegiant Travel Co.		(5,278	)		(695,113	)
ArcBest Corp.		(23,700	)		(792,765	)
Atlas Air Worldwide Holdings, Inc.*		(41,337	)		(2,719,975	)
CH Robinson Worldwide, Inc.		(18,283	)		(1,391,336	)
Echo Global Logistics, Inc.*		(6,462	)		(121,809	)
Genesee & Wyoming, Inc., Class A*		(76,884	)		(5,690,185	)
Golden Ocean Group Ltd. (Bermuda)*		(4,772	)		(37,412	)
Hub Group, Inc., Class A*		(5,842	)		(250,914	)
JetBlue Airways Corp.*		(9,527	)		(176,535	)
Kansas City Southern		(26,639	)		(2,895,127	)
Matson, Inc.		(6,238	)		(175,787	)
Ryder System, Inc.		(66,822	)		(5,649,800	)
Saia, Inc.*		(9,151	)		(573,310	)
Schneider National, Inc., Class B		(3,096	)		(78,329	)
SkyWest, Inc.		(66,769	)		(2,931,159	)
Spirit Airlines, Inc.*		(137,757	)		(4,602,461	)

					(30,316,532	)

TOTAL COMMON STOCK (Proceeds $631,807,302)					(644,824,123	)

TOTAL SECURITES SOLD SHORT - (96.3)%					(644,824,123	)

(Proceeds $631,807,302)


	Value
COMMON STOCKS — (Continued)
Transportation — (Continued)
OTHER ASSETS IN EXCESS OF LIABILITIES - 74.9%	$	501,430,158

NET ASSETS - 100.0%	$	669,539,801

†	Security position is either entirely or partially held in a segregated account as collateral for securities sold short.

^(a)	All or portion of the security is on loan. (See Note 5 of the Notes to Financial Statements)

^(b)	Security position is either entirely or partially designated as collateral for securities on loan.

*	Non-income producing.


PLC		Public Limited Company


	Number of Shares		Value
LONG POSITIONS — 110.1%
COMMON STOCKS — 110.1%
Automobiles & Components — 2.3%
BorgWarner, Inc.†		138	$	7,070
Delphi Automotive PLC (Jersey)†		174		17,122
General Motors Co.†		1,286		51,929
Harley-Davidson, Inc.†^(a)		150		7,232

				83,353

Banks — 0.0%
Huntington Bancshares, Inc.†		13		181
KeyCorp.†		27		508

				689

Capital Goods — 10.2%
3M Co.†		11		2,309
Allegion PLC (Ireland)†		45		3,891
AMETEK, Inc.†		76		5,019
Arconic, Inc.†		315		7,837
Boeing Co. (The)†		350		88,973
Caterpillar, Inc.†		513		63,976
Cummins, Inc.†		145		24,364
Emerson Electric Co.†		12		754
Fastenal Co.†		250		11,395
Honeywell International, Inc.†		271		38,412
Ingersoll-Rand PLC (Ireland)†		165		14,713
Jacobs Engineering Group, Inc.†		107		6,235
Lockheed Martin Corp.†		133		41,269
Pentair PLC (Ireland)†		158		10,738
Rockwell Automation, Inc.†		90		16,039
Rockwell Collins, Inc.†		14		1,830
Snap-on, Inc.†		50		7,450
TransDigm Group, Inc.†		46		11,760
WW Grainger, Inc.†^(a)		52		9,347

				366,311

Commercial & Professional Services — 0.8%
Equifax, Inc.		5		530
Robert Half International, Inc.†		110		5,537
Stericycle, Inc.†*		64		4,584
Waste Management, Inc.†		214		16,750

				27,401

Consumer Durables & Apparel — 1.6%
Coach, Inc.†		247		9,949
DR Horton, Inc.†		21		838
Garmin Ltd. (Switzerland)†		120		6,476
Hasbro, Inc.†		41		4,004


	Number of Shares		Value
COMMON STOCKS — (Continued)
Consumer Durables & Apparel — (Continued)
Michael Kors Holdings Ltd. (British Virgin Islands)†*		147	$	7,034
PulteGroup, Inc.†		87		2,378
PVH Corp.†		69		8,698
Ralph Lauren Corp.†		73		6,445
Whirlpool Corp.†		65		11,989

				57,811

Consumer Services — 2.4%
Hilton Worldwide Holdings, Inc.†		283		19,654
Marriott International, Inc., Class A†		326		35,945
Royal Caribbean Cruises Ltd. (Liberia)†		186		22,048
Wyndham Worldwide Corp.†		89		9,381
Yum! Brands, Inc.		5		368

				87,396

Diversified Financials — 3.9%
BlackRock, Inc.†		100		44,709
Franklin Resources, Inc.†		484		21,543
Invesco Ltd. (Bermuda)†		353		12,369
Moody’s Corp.†		167		23,248
Nasdaq, Inc.†		146		11,325
S&P Global, Inc.†		62		9,691
T Rowe Price Group, Inc.†		209		18,946

				141,831

Energy — 6.4%
Anadarko Petroleum Corp.†		480		23,448
Chesapeake Energy Corp.^(a)*		786		3,380
Chevron Corp.†		148		17,390
ConocoPhillips†		1,082		54,154
Devon Energy Corp.†		319		11,710
Marathon Oil Corp.†		744		10,089
Marathon Petroleum Corp.†		452		25,348
Occidental Petroleum Corp.†		527		33,839
ONEOK, Inc.†		330		18,285
Range Resources Corp.^(a)		216		4,227
Valero Energy Corp.†		384		29,541

				231,411

Food & Staples Retailing — 6.4%
CVS Health Corp.†		930		75,628
Kroger Co. (The)†		807		16,188
Sysco Corp.†		468		25,249
Walgreens Boots Alliance, Inc.†		720		55,598


	Number of Shares		Value
COMMON STOCKS — (Continued)
Food & Staples Retailing — (Continued)
Wal-Mart Stores, Inc.†		734	$	57,355

				230,018

Food, Beverage & Tobacco — 4.4%
Altria Group, Inc.†		1,041		66,020
Campbell Soup Co.†		268		12,548
Conagra Brands, Inc.†		374		12,619
Dr Pepper Snapple Group, Inc.†		158		13,978
General Mills, Inc.		88		4,555
JM Smucker Co. (The)†		99		10,388
Kellogg Co.		237		14,782
Molson Coors Brewing Co., Class B†		187		15,267
Philip Morris International, Inc.†		60		6,661

				156,818

Health Care Equipment & Services — 9.7%
Aetna, Inc.†		289		45,954
AmerisourceBergen Corp.†		197		16,302
Anthem, Inc.†		232		44,052
Centene Corp.†*		152		14,709
Cigna Corp.†		221		41,314
Express Scripts Holding Co.†*		532		33,686
HCA Healthcare, Inc.†*		318		25,310
Humana, Inc.†		131		31,916
Laboratory Corp. of America Holdings†*		68		10,266
McKesson Corp.†		186		28,571
Medtronic PLC (Ireland)		20		1,555
Quest Diagnostics, Inc.†		62		5,806
UnitedHealth Group, Inc.†		169		33,099
Universal Health Services, Inc., Class B†		83		9,208
Varian Medical Systems, Inc.†*		82		8,205

				349,953

Household & Personal Products — 1.0%
Church & Dwight Co., Inc.†		45		2,180
Clorox Co. (The)†		112		14,774
Kimberly-Clark Corp.†		165		19,417

				36,371

Insurance — 0.9%
Aon PLC (United Kingdom)†		160		23,376
Chubb Ltd. (Switzerland)†		17		2,423
Progressive Corp. (The)†		129		6,246

				32,045


	Number of Shares		Value
COMMON STOCKS — (Continued)
Materials — 4.5%
Air Products & Chemicals, Inc.†		192	$	29,034
Ball Corp.†		306		12,638
FMC Corp.†		115		10,271
Freeport-McMoRan, Inc.†*		1,297		18,210
LyondellBasell Industries NV, Class A (Netherlands)†		354		35,064
Newmont Mining Corp.†		463		17,367
Packaging Corp. of America†		81		9,289
PPG Industries, Inc.†		4		435
Sherwin-Williams Co. (The)†		60		21,482
WestRock Co.†		118		6,694
				160,484
Media — 7.9%
CBS Corp., Class B, non-voting shares†		349		20,242
Comcast Corp., Class A†		1,656		63,723
Discovery Communications, Inc., Class A†^(a)*		502		10,688
News Corp., Class A†		510		6,763
Omnicom Group, Inc.†		206		15,258
Scripps Networks Interactive, Inc., Class A†		114		9,791
Time Warner, Inc.†		675		69,154
Twenty-First Century Fox, Inc., Class A†		1,619		42,709
Viacom, Inc., Class B†		351		9,772
Walt Disney Co. (The)†		374		36,865

				284,965

Pharmaceuticals, Biotechnology & Life Sciences — 6.2%
AbbVie, Inc.†		627		55,715
Amgen, Inc.†		225		41,951
Biogen, Inc.†*		75		23,484
Celgene Corp.†*		99		14,436
Gilead Sciences, Inc.†		1,058		85,719

				221,305

Real Estate — 0.8%
Alexandria Real Estate Equities, Inc., REIT†		30		3,569
Digital Realty Trust, Inc., REIT†		14		1,657
Duke Realty Corp., REIT		110		3,170
Mid-America Apartment Communities, Inc., REIT†		95		10,154
Prologis, Inc., REIT†		36		2,285
Regency Centers Corp., REIT†		142		8,810


	Number of Shares		Value
COMMON STOCKS — (Continued)
Real Estate — (Continued)
Weyerhaeuser Co., REIT†		24	$	817

				30,462

Retailing — 7.4%
Advance Auto Parts, Inc.		65		6,448
AutoZone, Inc.†*		25		14,878
Best Buy Co., Inc.†		204		11,620
CarMax, Inc.†*		155		11,750
Dollar General Corp.		7		567
Dollar Tree, Inc.†*		40		3,473
Gap, Inc. (The)(a)		1		30
Genuine Parts Co.†		127		12,148
Home Depot, Inc. (The)†		520		85,051
LKQ Corp.†*		271		9,753
Lowe’s Cos., Inc.†		741		59,236
Nordstrom, Inc.†		98		4,621
O’Reilly Automotive, Inc.†*		78		16,799
Ross Stores, Inc.†		262		16,917
Signet Jewelers Ltd. (Bermuda)(a)		60		3,993
Target Corp.		36		2,124
Tractor Supply Co.		110		6,962

				266,370

Semiconductors & Semiconductor Equipment — 6.6%
Applied Materials, Inc.†		947		49,329
Intel Corp.†		1,173		44,668
KLA-Tencor Corp.†		138		14,628
Lam Research Corp.†		157		29,051
Micron Technology, Inc.*		1,053		41,414
Skyworks Solutions, Inc.†		113		11,515
Texas Instruments, Inc.†		351		31,464
Xilinx, Inc.†		215		15,228

				237,297

Software & Services — 7.5%
Accenture PLC, Class A (Ireland)†		104		14,047
Alphabet, Inc., Class A†*		22		21,422
Automatic Data Processing, Inc.†		159		17,382
CA, Inc.†		330		11,015
Citrix Systems, Inc.†*		132		10,140
CSRA, Inc.†		105		3,388
eBay, Inc.†*		167		6,423
Electronic Arts, Inc.†*		270		31,876
International Business Machines Corp.†		231		33,513
Intuit, Inc.†		223		31,697


	Number of Shares		Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
Oracle Corp.†		1,087	$	52,556
Paychex, Inc.†		315		18,887
Total System Services, Inc.†		22		1,441
Visa, Inc., Class A†		140		14,734

				268,521

Technology Hardware & Equipment — 7.4%
Apple, Inc.†		394		60,723
Cisco Systems, Inc.†		1,943		65,343
F5 Networks, Inc.†*		57		6,872
FLIR Systems, Inc.†		85		3,307
Harris Corp.†		105		13,826
Hewlett Packard Enterprise Co.†		1,454		21,388
HP, Inc.†		1,462		29,182
Juniper Networks, Inc.†		335		9,323
Motorola Solutions, Inc.†		28		2,376
NetApp, Inc.†		238		10,415
Seagate Technology PLC (Ireland)†^(a)		261		8,657
TE Connectivity Ltd. (Switzerland)†		50		4,153
Western Digital Corp.†		255		22,032
Xerox Corp.		227		7,557

				265,154

Telecommunication Services — 2.4%
AT&T, Inc.†		752		29,456
CenturyLink, Inc.^(a)		478		9,034
Verizon Communications, Inc.†		968		47,906

				86,396

Transportation — 7.3%
Alaska Air Group, Inc.†		107		8,161
CSX Corp.†		468		25,394
Delta Air Lines, Inc.†		639		30,813
Expeditors International of Washington, Inc.†		158		9,458
FedEx Corp.†		141		31,807
JB Hunt Transport Services, Inc.†		95		10,553
Norfolk Southern Corp.†		182		24,068
Southwest Airlines Co.†		520		29,110
Union Pacific Corp.†		445		51,607
United Continental Holdings, Inc.†*		103		6,271
United Parcel Service, Inc., Class B†		278		33,385

				260,627

Utilities — 2.1%
CMS Energy Corp.†		52		2,409
DTE Energy Co.†		156		16,748


	Number of Shares			Value
COMMON STOCKS — (Continued)
Utilities — (Continued)
FirstEnergy Corp.†		387		$	11,931
NRG Energy, Inc.†		202			5,169
Public Service Enterprise Group, Inc.†		438			20,258
WEC Energy Group, Inc.†		274			17,202

					73,717

TOTAL COMMON STOCKS (Cost $3,579,826)					3,956,706

TOTAL LONG POSITIONS - 110.1%					3,956,706

(Cost $3,579,826)

SHORT POSITIONS — (87.5)%
COMMON STOCKS — (87.5)%
Automobiles & Components — (1.1)%
Ford Motor Co.		(2,737	)		(32,762	)
Goodyear Tire & Rubber Co. (The)		(173	)		(5,752	)

					(38,514	)

Banks — (3.0)%
Bank of America Corp.		(576	)		(14,596	)
BB&T Corp.		(281	)		(13,190	)
Citigroup, Inc.		(133	)		(9,674	)
Comerica, Inc.		(17	)		(1,296	)
Fifth Third Bancorp		(514	)		(14,382	)
JPMorgan Chase & Co.		(18	)		(1,719	)
M&T Bank Corp.		(38	)		(6,120	)
PNC Financial Services Group, Inc. (The)		(2	)		(270	)
Regions Financial Corp.		(839	)		(12,778	)
SunTrust Banks, Inc.		(75	)		(4,483	)
US Bancorp		(322	)		(17,256	)
Wells Fargo & Co.		(245	)		(13,512	)

					(109,276	)

Capital Goods — (8.0)%
Acuity Brands, Inc.		(10	)		(1,713	)
AO Smith Corp.		(119	)		(7,072	)
Dover Corp.		(94	)		(8,591	)
Eaton Corp. PLC (Ireland)		(314	)		(24,112	)
Flowserve Corp.		(90	)		(3,833	)
Fluor Corp.		(96	)		(4,042	)
Fortive Corp.		(239	)		(16,919	)
Fortune Brands Home & Security, Inc.		(107	)		(7,194	)
General Dynamics Corp.		(168	)		(34,537	)
General Electric Co.		(1,190	)		(28,774	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
Illinois Tool Works, Inc.		(4	)	$	(592	)
Johnson Controls International PLC (Ireland)		(642	)		(25,866	)
L3 Technologies, Inc.		(54	)		(10,175	)
Masco Corp.		(219	)		(8,543	)
PACCAR, Inc.		(26	)		(1,881	)
Parker-Hannifin Corp.		(92	)		(16,102	)
Quanta Services, Inc.*		(106	)		(3,961	)
Raytheon Co.		(199	)		(37,129	)
Roper Technologies, Inc.		(1	)		(243	)
Stanley Black & Decker, Inc.		(80	)		(12,078	)
Textron, Inc.		(189	)		(10,183	)
United Rentals, Inc.*		(59	)		(8,186	)
United Technologies Corp.		(93	)		(10,795	)
Xylem, Inc.		(80	)		(5,010	)

					(287,531	)

Commercial & Professional Services — (0.9)%
Cintas Corp.		(73	)		(10,532	)
IHS Markit Ltd. (Bermuda)*		(273	)		(12,034	)
Nielsen Holdings PLC (United Kingdom)		(246	)		(10,197	)
Verisk Analytics, Inc.*		(2	)		(166	)

					(32,929	)

Consumer Durables & Apparel — (2.0)%
Hanesbrands, Inc.		(252	)		(6,209	)
Leggett & Platt, Inc.		(92	)		(4,391	)
Mattel, Inc.		(237	)		(3,669	)
Mohawk Industries, Inc.*		(51	)		(12,623	)
Newell Brands, Inc.		(334	)		(14,252	)
NIKE, Inc., Class B		(156	)		(8,089	)
Under Armour, Inc., Class C*		(305	)		(4,581	)
VF Corp.		(271	)		(17,227	)

					(71,041	)

Consumer Services — (2.6)%
Carnival Corp. (Panama)		(505	)		(32,608	)
Darden Restaurants, Inc.		(85	)		(6,696	)
McDonald’s Corp.		(241	)		(37,760	)
MGM Resorts International		(397	)		(12,938	)
Wynn Resorts Ltd.		(25	)		(3,723	)

					(93,725	)

Diversified Financials — (3.6)%
American Express Co.		(230	)		(20,806	)
Ameriprise Financial, Inc.		(104	)		(15,445	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Diversified Financials — (Continued)
Bank of New York Mellon Corp. (The)		(31	)	$	(1,644	)
Berkshire Hathaway, Inc., Class B*		(25	)		(4,583	)
CME Group, Inc.		(221	)		(29,985	)
Goldman Sachs Group, Inc. (The)		(30	)		(7,116	)
Intercontinental Exchange, Inc.		(412	)		(28,304	)
Leucadia National Corp.		(175	)		(4,419	)
Navient Corp.		(109	)		(1,637	)
Northern Trust Corp.		(158	)		(14,525	)

					(128,464	)

Energy — (8.8)%
Andeavor		(109	)		(11,243	)
Apache Corp.		(170	)		(7,786	)
Cimarex Energy Co.		(66	)		(7,502	)
Concho Resources, Inc.*		(102	)		(13,435	)
EOG Resources, Inc.		(183	)		(17,703	)
EQT Corp.		(120	)		(7,829	)
Exxon Mobil Corp.		(715	)		(58,616	)
Halliburton Co.		(297	)		(13,671	)
Helmerich & Payne, Inc.		(75	)		(3,908	)
Hess Corp.		(220	)		(10,316	)
Kinder Morgan, Inc.		(623	)		(11,949	)
National Oilwell Varco, Inc.		(263	)		(9,397	)
Newfield Exploration Co.*		(138	)		(4,094	)
Phillips 66		(357	)		(32,705	)
Pioneer Natural Resources Co.		(118	)		(17,410	)
Schlumberger Ltd. (Curacao)		(915	)		(63,830	)
TechnipFMC PLC (United Kingdom)*		(323	)		(9,018	)
Williams Cos., Inc. (The)		(569	)		(17,076	)

					(317,488	)

Food & Staples Retailing — (0.1)%
Costco Wholesale Corp.		(28	)		(4,600	)

Food, Beverage & Tobacco — (2.8)%
Archer-Daniels-Midland Co.		(388	)		(16,494	)
Brown-Forman Corp., Class B		(264	)		(14,335	)
Constellation Brands, Inc., Class A		(43	)		(8,576	)
Hershey Co. (The)		(149	)		(16,266	)
McCormick & Co., Inc., non-voting shares		(86	)		(8,827	)
Mondelez International, Inc., Class A		(428	)		(17,402	)
Monster Beverage Corp.*		(16	)		(884	)
Tyson Foods, Inc., Class A		(252	)		(17,753	)

					(100,537	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — (9.8)%
Abbott Laboratories		(1,184	)	$	(63,178	)
Align Technology, Inc.*		(55	)		(10,245	)
Baxter International, Inc.		(376	)		(23,594	)
Becton Dickinson and Co.		(157	)		(30,764	)
Boston Scientific Corp.*		(785	)		(22,899	)
Cardinal Health, Inc.		(219	)		(14,656	)
Cerner Corp.*		(237	)		(16,903	)
Cooper Cos., Inc. (The)		(34	)		(8,062	)
CR Bard, Inc.		(51	)		(16,346	)
Danaher Corp.		(479	)		(41,089	)
DaVita, Inc.*		(132	)		(7,839	)
DENTSPLY SIRONA, Inc.		(158	)		(9,450	)
Edwards Lifesciences Corp.*		(145	)		(15,850	)
Henry Schein, Inc.*		(110	)		(9,019	)
IDEXX Laboratories, Inc.*		(19	)		(2,954	)
Intuitive Surgical, Inc.*		(13	)		(13,596	)
ResMed, Inc.		(98	)		(7,542	)
Stryker Corp.		(258	)		(36,641	)
Zimmer Biomet Holdings, Inc.		(10	)		(1,171	)

					(351,798	)

Household & Personal Products — (0.6)%
Coty, Inc., Class A		(519	)		(8,579	)
Procter & Gamble Co. (The)		(146	)		(13,283	)

					(21,862	)

Insurance — (4.8)%
Aflac, Inc.		(255	)		(20,755	)
Allstate Corp. (The)		(61	)		(5,607	)
American International Group, Inc.		(581	)		(35,668	)
Assurant, Inc.		(39	)		(3,725	)
Brighthouse Financial, Inc.*		(13	)		(790	)
Cincinnati Financial Corp.		(113	)		(8,652	)
Hartford Financial Services Group, Inc. (The)		(250	)		(13,858	)
Lincoln National Corp.		(17	)		(1,249	)
Loews Corp.		(229	)		(10,960	)
Marsh & McLennan Cos., Inc.		(189	)		(15,840	)
Principal Financial Group, Inc.		(132	)		(8,493	)
Prudential Financial, Inc.		(295	)		(31,364	)
Torchmark Corp.		(51	)		(4,085	)
Travelers Cos, Inc. (The)		(6	)		(735	)
Unum Group		(159	)		(8,130	)
XL Group Ltd. (Bermuda)		(42	)		(1,657	)

					(171,568	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Materials — (4.6)%
Albemarle Corp.		(76	)	$	(10,360	)
Avery Dennison Corp.		(62	)		(6,097	)
CF Industries Holdings, Inc.		(2	)		(70	)
DowDuPont, Inc.		(256	)		(17,723	)
Eastman Chemical Co.		(102	)		(9,230	)
Ecolab, Inc.		(205	)		(26,365	)
International Flavors & Fragrances, Inc.		(55	)		(7,860	)
International Paper Co.		(284	)		(16,137	)
Martin Marietta Materials, Inc.		(43	)		(8,868	)
Monsanto Co.		(302	)		(36,186	)
Mosaic Co. (The)		(244	)		(5,268	)
Nucor Corp.		(132	)		(7,397	)
Sealed Air Corp.		(48	)		(2,051	)
Vulcan Materials Co.		(93	)		(11,123	)

					(164,735	)

Media — (0.1)%
Interpublic Group of Cos., Inc. (The)		(271	)		(5,634	)

Pharmaceuticals, Biotechnology & Life Sciences — (9.5)%
Agilent Technologies, Inc.		(2	)		(128	)
Alexion Pharmaceuticals, Inc.*		(155	)		(21,745	)
Allergan PLC (Ireland)		(232	)		(47,548	)
Eli Lilly & Co.		(724	)		(61,931	)
Illumina, Inc.*		(98	)		(19,522	)
Incyte Corp.*		(148	)		(17,278	)
Johnson & Johnson		(25	)		(3,250	)
Merck & Co., Inc.		(263	)		(16,840	)
Mettler-Toledo International, Inc.*		(6	)		(3,757	)
Mylan NV (Netherlands)*		(369	)		(11,576	)
PerkinElmer, Inc.		(76	)		(5,242	)
Perrigo Co. PLC (Ireland)		(70	)		(5,926	)
Pfizer, Inc.		(1,233	)		(44,018	)
Quintiles IMS Holdings, Inc.*		(78	)		(7,415	)
Regeneron Pharmaceuticals, Inc.*		(84	)		(37,558	)
Thermo Fisher Scientific, Inc.		(159	)		(30,083	)
Zoetis, Inc.		(135	)		(8,608	)

					(342,425	)

Real Estate — (6.0)%
American Tower Corp., REIT		(194	)		(26,516	)
Apartment Investment & Management Co., Class A, REIT		(110	)		(4,825	)
AvalonBay Communities, Inc., REIT		(71	)		(12,668	)
Boston Properties, Inc., REIT		(8	)		(983	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Real Estate — (Continued)
CBRE Group, Inc., Class A*		(232	)	$	(8,788	)
Crown Castle International Corp., REIT		(252	)		(25,195	)
Equinix, Inc., REIT		(54	)		(24,100	)
Equity Residential, REIT		(256	)		(16,878	)
Essex Property Trust, Inc., REIT		(4	)		(1,016	)
Federal Realty Investment Trust, REIT		(7	)		(869	)
GGP, Inc., REIT		(613	)		(12,732	)
HCP, Inc., REIT		(325	)		(9,045	)
Host Hotels & Resorts, Inc., REIT		(434	)		(8,025	)
Iron Mountain, Inc., REIT		(182	)		(7,080	)
Kimco Realty Corp., REIT		(297	)		(5,806	)
Macerich Co. (The), REIT		(99	)		(5,442	)
SBA Communications Corp., REIT*		(83	)		(11,956	)
Simon Property Group, Inc., REIT		(40	)		(6,440	)
SL Green Realty Corp., REIT		(71	)		(7,194	)
UDR, Inc., REIT		(47	)		(1,787	)
Ventas, Inc., REIT		(7	)		(456	)
Vornado Realty Trust, REIT		(11	)		(846	)
Welltower, Inc., REIT		(255	)		(17,921	)

					(216,568	)

Retailing — (3.5)%
Amazon.com, Inc.*		(66	)		(63,449	)
Expedia, Inc.		(108	)		(15,546	)
L Brands, Inc.		(198	)		(8,239	)
Macy’s, Inc.		(125	)		(2,728	)
Netflix, Inc.*		(83	)		(15,052	)
Priceline Group, Inc. (The)*		(4	)		(7,323	)
Tiffany & Co.		(19	)		(1,744	)
TripAdvisor, Inc.*		(100	)		(4,053	)
Ulta Beauty, Inc.*		(42	)		(9,495	)

					(127,629	)

Semiconductors & Semiconductor Equipment — (4.1)%
Advanced Micro Devices, Inc.*		(653	)		(8,326	)
Analog Devices, Inc.		(256	)		(22,060	)
Broadcom Ltd. (Singapore)		(197	)		(47,780	)
NVIDIA Corp.		(349	)		(62,391	)
Qorvo, Inc.*		(91	)		(6,432	)

					(146,989	)

Software & Services — (5.5)%
Activision Blizzard, Inc.		(520	)		(33,545	)
Adobe Systems, Inc.*		(96	)		(14,321	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
Akamai Technologies, Inc.*		(120	)	$	(5,846	)
Alliance Data Systems Corp.		(38	)		(8,419	)
ANSYS, Inc.*		(3	)		(368	)
Autodesk, Inc.*		(42	)		(4,715	)
Cadence Design Systems, Inc.*		(193	)		(7,618	)
DXC Technology Co.		(197	)		(16,918	)
Facebook, Inc., Class A*		(137	)		(23,409	)
Fidelity National Information Services, Inc.		(229	)		(21,386	)
Fiserv, Inc.*		(23	)		(2,966	)
Gartner, Inc.*		(62	)		(7,713	)
Global Payments, Inc.		(105	)		(9,978	)
PayPal Holdings, Inc.*		(77	)		(4,930	)
Red Hat, Inc.*		(33	)		(3,658	)
salesforce.com, Inc.*		(161	)		(15,041	)
Symantec Corp.		(114	)		(3,740	)
Synopsys, Inc.*		(13	)		(1,047	)
Verisign, Inc.*		(42	)		(4,468	)
Western Union Co. (The)		(328	)		(6,298	)

					(196,384	)

Technology Hardware & Equipment — (0.8)%
Amphenol Corp., Class A		(103	)		(8,718	)
Corning, Inc.		(621	)		(18,580	)

					(27,298	)

Telecommunication Services — (0.4)%
Level 3 Communications, Inc.*		(251	)		(13,376	)

Transportation — (0.6)%
American Airlines Group, Inc.		(350	)		(16,622	)
CH Robinson Worldwide, Inc.		(13	)		(989	)
Kansas City Southern		(43	)		(4,673	)

					(22,284	)

Utilities — (4.3)%
Alliant Energy Corp.		(159	)		(6,610	)
Ameren Corp.		(37	)		(2,140	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Utilities — (Continued)
American Electric Power Co., Inc.		(51	)	$	(3,582	)
American Water Works Co., Inc.		(126	)		(10,195	)
Consolidated Edison, Inc.		(210	)		(16,943	)
Dominion Resources, Inc.		(74	)		(5,693	)
Duke Energy Corp.		(116	)		(9,735	)
Entergy Corp.		(123	)		(9,392	)
Eversource Energy		(218	)		(13,176	)
Exelon Corp.		(336	)		(12,657	)
NextEra Energy, Inc.		(11	)		(1,612	)
PG&E Corp.		(352	)		(23,968	)
Pinnacle West Capital Corp.		(77	)		(6,511	)
PPL Corp.		(472	)		(17,912	)
SCANA Corp.		(64	)		(3,103	)
Sempra Energy		(10	)		(1,141	)
Southern Co. (The)		(54	)		(2,654	)
Xcel Energy, Inc.		(130	)		(6,152	)

					(153,176	)

TOTAL COMMON STOCK (Proceeds $3,055,204)					(3,145,831	)

TOTAL SECURITES SOLD SHORT - (87.5)%					(3,145,831	)

(Proceeds $3,055,204)
OTHER ASSETS IN EXCESS OF LIABILITIES - 77.4%					2,782,098

NET ASSETS - 100.0%				$	3,592,973

†	Security position is either entirely or partially held in a segregated account as collateral for securities sold short.

^(a)	All or portion of the security is on loan. (See Note 5 of the Notes to Financial Statements)

*	Non-income producing.


PLC		Public Limited Company
REIT		Real Estate Investment Trust


	Number of Shares		Value
COMMON STOCKS — 95.9%
Automobiles & Components — 1.5%
Dorman Products, Inc.^(a)*		297	$	21,271
Harley-Davidson, Inc.^(a)		3,832		184,741
Tenneco, Inc.		766		46,473
Thor Industries, Inc.		224		28,204

				280,689

Capital Goods — 9.3%
Acuity Brands, Inc.		97		16,614
Allison Transmission Holdings, Inc.^(a)		7,824		293,635
Caterpillar, Inc.^(a)		1,794		223,730
Crane Co.^(a)		146		11,679
Fastenal Co.^(a)		1,308		59,619
Fortune Brands Home & Security, Inc.		737		49,549
Honeywell International, Inc.		221		31,325
Kennametal, Inc.^(a)		4,922		198,553
Lockheed Martin Corp.		122		37,855
Pentair PLC (Ireland)		3,643		247,578
Rexnord Corp.^(a)*		3,793		96,380
Snap-on, Inc.		390		58,114
Toro Co. (The)		2,372		147,206
TransDigm Group, Inc.^(a)		919		234,942

				1,706,779

Commercial & Professional Services — 3.4%
Deluxe Corp.(a)		1,370		99,955
Equifax, Inc.		1,223		129,626
IHS Markit Ltd. (Bermuda)*		1,034		45,579
KAR Auction Services, Inc.^(a)		4,891		233,496
MSA Safety, Inc.		212		16,856
Stantec, Inc. (Canada)		115		3,191
Stericycle, Inc.*		348		24,924
TransUnion*		1,396		65,975

				619,602

Consumer Durables & Apparel — 3.9%
Brunswick Corp.		2,743		153,526
Carter’s, Inc.		170		16,788
Coach, Inc.		3,917		157,777
Columbia Sportswear Co.^(a)		805		49,572
Gildan Activewear, Inc. (Canada)		1,765		55,209
Hasbro, Inc.		1,460		142,598
Ralph Lauren Corp.		1,361		120,163
Tupperware Brands Corp.		110		6,800
Whirlpool Corp.		2		369
Wolverine World Wide, Inc.		95		2,741

				705,543


	Number of Shares		Value
COMMON STOCKS — (Continued)
Consumer Services — 6.9%
Chipotle Mexican Grill, Inc.*		185	$	56,949
Choice Hotels International, Inc.		830		53,037
Cracker Barrel Old Country Store, Inc.		690		104,618
Dunkin’ Brands Group, Inc.		601		31,901
Graham Holdings Co., Class B		4		2,340
Grand Canyon Education, Inc.*		1,055		95,815
Hilton Worldwide Holdings, Inc.^(a)		2,696		187,237
Jack in the Box, Inc.^(a)		197		20,078
Las Vegas Sands Corp.		1,093		70,127
Marriott International, Inc., Class A		1,246		137,384
Royal Caribbean Cruises Ltd. (Liberia)		1,725		204,482
Stars Group, Inc. (The) (Canada)*		451		9,246
Vail Resorts, Inc.^(a)		390		88,967
Weight Watchers International, Inc.*		642		27,959
Wynn Resorts Ltd.		79		11,765
Yum! Brands, Inc.		2,212		162,825

				1,264,730

Food & Staples Retailing — 4.4%
CVS Health Corp.^(a)		2,913		236,885
Kroger Co. (The)^(a)		12,970		260,178
Sprouts Farmers Market, Inc.*		127		2,384
Walgreens Boots Alliance, Inc.		2,867		221,390
Wal-Mart Stores, Inc.		1,096		85,641

				806,478

Food, Beverage & Tobacco — 7.2%
Altria Group, Inc.^(a)		3,879		246,006
Campbell Soup Co.^(a)		1,298		60,772
Dr Pepper Snapple Group, Inc.		397		35,123
Hormel Foods Corp.		3,788		121,746
Ingredion, Inc.		453		54,650
JM Smucker Co. (The)		656		68,834
Kellogg Co.		2,072		129,231
Kraft Heinz Co. (The)		448		34,742
PepsiCo, Inc.		258		28,749
Pilgrim’s Pride Corp.*		5,690		161,653
Sanderson Farms, Inc.		1,636		264,247
TreeHouse Foods, Inc.^(a)*		1,601		108,436
Vector Group Ltd.		140		2,870

				1,317,059

Health Care Equipment & Services — 6.5%
AmerisourceBergen Corp.^(a)		3,220		266,455


	Number of Shares		Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — (Continued)
Chemed Corp.		89	$	17,982
Cotiviti Holdings, Inc.*		188		6,764
Edwards Lifesciences Corp.*		681		74,440
Express Scripts Holding Co.^(a)*		3,378		213,895
Globus Medical, Inc., Class A*		400		11,888
HCA Healthcare, Inc.*		1,450		115,406
Laboratory Corp. of America Holdings*		53		8,001
Masimo Corp.*		155		13,417
MEDNEX, Inc.*		2,337		100,771
Medtronic PLC (Ireland)		590		45,884
Varian Medical Systems, Inc.^(a)*		2,038		203,922
Veeva Systems, Inc., Class A*		2,104		118,687

				1,197,512

Household & Personal Products — 1.7%
Clorox Co. (The)		1,181		155,786
Edgewell Personal Care Co.*		426		31,000
Energizer Holdings, Inc.^(a)		538		24,775
Kimberly-Clark Corp.		798		93,909

				305,470

Media — 6.7%
AMC Networks, Inc., Class A*		988		57,768
CBS Corp., Class B, non-voting shares		576		33,408
Comcast Corp., Class A		6,284		241,808
Discovery Communications, Inc., Class A*		8,147		173,450
News Corp., Class A		658		8,725
Omnicom Group, Inc.^(a)		1,875		138,881
Sinclair Broadcast Group, Inc., Class A^(a)		737		23,621
Sirius XM Holdings, Inc.		14,184		78,296
TEGNA, Inc.		4,971		66,263
Time Warner, Inc.		590		60,446
Twenty-First Century Fox, Inc., Class A^(a)		7,496		197,744
Viacom, Inc., Class B^(a)		5,046		140,481

				1,220,891

Pharmaceuticals, Biotechnology & Life Sciences — 6.8%
Amgen, Inc.^(a)		1,059		197,451
Bio-Techne Corp.		206		24,903
Bioverativ, Inc.^(a)*		4,692		267,772
Celgene Corp.^(a)*		1,351		197,003


	Number of Shares		Value
COMMON STOCKS — (Continued)
Pharmaceuticals, Biotechnology & Life Sciences — (Continued)
Charles River Laboratories International, Inc.*		409	$	44,180
Exelixis, Inc.^(a)*		1,421		34,431
Incyte Corp.*		156		18,211
Ionis Pharmaceuticals, Inc.^(a)*		195		9,886
Merck & Co., Inc.		514		32,911
Mylan NV (Netherlands)*		127		3,984
Prestige Brands Holdings, Inc.*		525		26,297
Regeneron Pharmaceuticals, Inc.*		322		143,973
United Therapeutics Corp.^(a)*		1,791		209,887
Vertex Pharmaceuticals, Inc.*		282		42,875

				1,253,764

Retailing — 5.0%
Advance Auto Parts, Inc.		320		31,744
AutoZone, Inc.*		8		4,761
Bed Bath & Beyond, Inc.		1,096		25,723
Best Buy Co., Inc.		3,296		187,740
CarMax, Inc.*		193		14,631
Dick’s Sporting Goods, Inc.^(a)		3		81
Foot Locker, Inc.^(a)		1,007		35,467
LKQ Corp.^(a)*		4,994		179,734
Lowe’s Cos., Inc.^(a)		3,092		247,174
Ross Stores, Inc.^(a)		964		62,245
Sally Beauty Holdings, Inc.*		10		196
Signet Jewelers Ltd. (Bermuda)		1,956		130,172

				919,668

Semiconductors & Semiconductor Equipment — 11.8%
Advanced Energy Industries, Inc.^(a)*		2,487		200,850
Amkor Technology, Inc.^(a)*		2,891		30,500
Analog Devices, Inc.		1,591		137,096
Applied Materials, Inc.^(a)		5,573		290,298
Cirrus Logic, Inc.^(a)*		1,780		94,910
KLA-Tencor Corp.^(a)		534		56,604
Lam Research Corp.^(a)		1,343		248,509
Microchip Technology, Inc.^(a)		2,228		200,030
Micron Technology, Inc.*		4,080		160,466
MKS Instruments, Inc.^(a)		2,616		247,081
ON Semiconductor Corp.*		4,493		82,986
Skyworks Solutions, Inc.^(a)		1,491		151,933
Teradyne, Inc.^(a)		5,908		220,309
Texas Instruments, Inc.^(a)		525		47,061

				2,168,633


	Number of Shares		Value
COMMON STOCKS — (Continued)
Software & Services — 5.1%
ACI Worldwide, Inc.*		459	$	10,456
Adobe Systems, Inc.*		454		67,728
Alphabet, Inc., Class A*		168		163,585
Amdocs, Ltd. (Guernsey)		38		2,444
CACI International, Inc., Class A*		19		2,648
CDK Global, Inc.		222		14,006
CGI Group, Inc., Class A (Canada)*		22		1,141
Electronic Arts, Inc.*		1,682		198,577
Guidewire Software, Inc.*		48		3,737
Intuit, Inc.^(a)		1,058		150,384
j2 Global, Inc.		200		14,776
Maximus, Inc.^(a)		1,701		109,714
Oracle Corp.		3,155		152,544
Take-Two Interactive Software, Inc.*		305		31,180
Total System Services, Inc.		109		7,140

				930,060

Technology Hardware & Equipment — 7.1%
Apple, Inc.		775		119,443
Avnet, Inc.		1,939		76,203
CDW Corp.		1,156		76,296
EchoStar Corp., Class A*		711		40,691
F5 Networks, Inc.^(a)*		619		74,627
Harris Corp.		363		47,800
Hewlett Packard Enterprise Co.		11,603		170,680
Jabil, Inc.		1,634		46,651
Juniper Networks, Inc.^(a)		7,640		212,621
NetApp, Inc.(a)		3,589		157,055
Seagate Technology PLC (Ireland)^(a)		535		17,746
Western Digital Corp.(a)		2,557		220,925
Zebra Technologies Corp., Class A^(a)*		420		45,604

				1,306,342

Telecommunication Services — 2.6%
AT&T, Inc.		231		9,048
CenturyLink, Inc.^(a)		5,489		103,742
Rogers Communications, Inc., Class B (Canada)		1,882		96,998
Sprint Corp.*		13,613		105,909
T-Mobile US, Inc.*		2,187		134,850
United States Cellular Corp.*		492		17,417

				467,964

Transportation — 6.0%
Canadian National Railway Co. (Canada)		2,555		211,682


	Number of Shares		Value
COMMON STOCKS — (Continued)
Transportation — (Continued)
Canadian Pacific Railway Ltd. (Canada)^(a)		1,608	$	270,192
CSX Corp.^(a)		4,190		227,349
Kirby Corp.*		1,371		90,417
Norfolk Southern Corp.^(a)		812		107,379
Old Dominion Freight Line, Inc.		532		58,579
Union Pacific Corp.^(a)		1,163		134,873

				1,100,471

TOTAL COMMON STOCKS - 95.9% (Cost $16,930,937)				17,571,655


OTHER ASSETS IN EXCESS OF LIABILITIES - 4.1%				756,599

NET ASSETS - 100.0%			$	18,328,254

^(a)	Security position is either entirely or partially designated as collateral for total return swap.

*	Non-income producing.

PLC Public Limited Company

The Fund maintains a basket of short positions and receives/pays a rebate based upon the Fed Funds 1-Day Rate less a specified spread as negotiated by the parties. The notional gain or loss, dividends payable and rebates are payable the earlier of maturity of the swap or upon termination. The basket matures on August 6, 2019, however underlying individual contracts are entered into and closed (terminated) on a daily basis. The cash amounts payable/receivable due to individual contracts being closed are settled, on a net basis, once a week.

The following table represents the individual short positions and related values within the total return basket swap at September 30, 2017:


	Number of Shares		Value
LONG POSITIONS — 186.5%
COMMON STOCKS — 186.5%
Automobiles & Components — 2.6%
BorgWarner, Inc.†		1,135	$	58,146
Delphi Automotive PLC (Jersey)†		8,113		798,319
General Motors Co.†		95,354		3,850,395
Harley-Davidson, Inc.^(a)		11,163		538,168

				5,245,028

Banks — 3.7%
Bank of America Corp.†		55,534		1,407,232
BB&T Corp.		262		12,298
Citigroup, Inc.†		19,415		1,412,247
Citizens Financial Group, Inc.†		4,139		156,744
Comerica, Inc.		97		7,397
Huntington Bancshares, Inc.†		26,147		365,012
JPMorgan Chase & Co.†		25,779		2,462,152
KeyCorp.†		25,439		478,762
M&T Bank Corp.		334		53,787
PNC Financial Services Group, Inc. (The)†		3,992		538,002
SunTrust Banks, Inc.†		1,543		92,225
US Bancorp†		418		22,401
Wells Fargo & Co.†		4,078		224,902
Zions Bancorporation†		1,646		77,658

				7,310,819

Capital Goods — 13.6%
3M Co.†		1,137		238,656
Allegion PLC (Ireland)^(a)		2,164		187,121
AMETEK, Inc.†		8,568		565,831
Arconic, Inc.†		14,487		360,437
Boeing Co. (The)†		19,981		5,079,370
Caterpillar, Inc.†^(a)		37,604		4,689,595
Cummins, Inc.†		9,892		1,662,153
Deere & Co.†		532		66,814
Emerson Electric Co.†		1,230		77,293
Fastenal Co.^(a)		14,418		657,172
Fortive Corp.		439		31,077
Honeywell International, Inc.†		21,990		3,116,863
Illinois Tool Works, Inc.†		2,861		423,314
Ingersoll-Rand PLC (Ireland)†		3,189		284,363
Jacobs Engineering Group, Inc.†		7,869		458,527
Lockheed Martin Corp.†		12,369		3,837,977
Masco Corp.†^(b)		11,818		461,020
Northrop Grumman Corp.†^(b)		1,463		420,934
PACCAR, Inc.		2,645		191,339


	Number of Shares		Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
Parker-Hannifin Corp.		28	$	4,901
Pentair PLC (Ireland)^(b)		11,875		807,025
Rockwell Automation, Inc.†^(b)		8,166		1,455,263
Roper Technologies, Inc.^(b)		817		198,858
Snap-on, Inc.^(a)		3,768		561,470
TransDigm Group, Inc.^(a)		2,895		740,107
WW Grainger, Inc.^(a)		3,775		678,556

				27,256,036

Commercial & Professional Services — 1.5%
Equifax, Inc.		1,609		170,538
Republic Services, Inc.		6,120		404,287
Robert Half International, Inc.†		8,257		415,657
Stericycle, Inc.^(a)*		5,188		371,565
Waste Management, Inc.†		20,650		1,616,276

				2,978,323

Consumer Durables & Apparel — 2.5%
Coach, Inc.†		18,446		743,005
DR Horton, Inc.†		15,420		615,721
Garmin Ltd. (Switzerland)^(a)		3,547		191,432
Hanesbrands, Inc.^(a)		57		1,404
Hasbro, Inc.^(a)		5,958		581,918
Lennar Corp., Class A^(b)		2,028		107,078
Michael Kors Holdings Ltd. (British Virgin Islands)†*		10,175		486,874
PulteGroup, Inc.^(a)		14,575		398,335
PVH Corp.†		3,519		443,605
Ralph Lauren Corp.		5,320		469,703
Whirlpool Corp.†^(a)		4,776		880,885

				4,919,960

Consumer Services — 3.8%
Darden Restaurants, Inc.†		110		8,666
H&R Block, Inc.^(a)(b)		1,808		47,876
Hilton Worldwide Holdings, Inc.†		21,282		1,478,035
Marriott International, Inc., Class A^(b)		23,533		2,594,749
McDonald’s Corp.†		5,274		826,330
Royal Caribbean Cruises Ltd. (Liberia)†		13,131		1,556,549
Wyndham Worldwide Corp.†^(a)		6,416		676,311
Wynn Resorts Ltd.^(a)		818		121,817
Yum! Brands, Inc.†		3,141		231,209

				7,541,542

Diversified Financials — 8.9%
Ameriprise Financial, Inc.†		3		446


	Number of Shares		Value
COMMON STOCKS — (Continued)
Diversified Financials — (Continued)
Bank of New York Mellon Corp. (The)†		71	$	3,764
Berkshire Hathaway, Inc., Class B†*		20,156		3,694,998
BlackRock, Inc.†^(b)		8,193		3,663,008
Capital One Financial Corp.†		584		49,442
CBOE Holdings, Inc.^(a)		2,941		316,540
Charles Schwab Corp. (The)†		9,507		415,836
Discover Financial Services†^(b)		634		40,880
ETRADE Financial Corp.†		2,981		130,001
Franklin Resources, Inc.^(a)		36,511		1,625,105
Goldman Sachs Group, Inc. (The)†		2,447		580,404
Invesco Ltd. (Bermuda)^(a)		26,625		932,940
Leucadia National Corp.†		858		21,664
Moody’s Corp.†^(b)		12,500		1,740,125
Morgan Stanley†		14,975		721,346
Nasdaq, Inc.†^(b)		10,888		844,582
Northern Trust Corp.†		59		5,424
Raymond James Financial, Inc.†		3,396		286,385
S&P Global, Inc.†		6,569		1,026,800
State Street Corp.†		2,922		279,168
Synchrony Financial†		437		13,569
T Rowe Price Group, Inc.^(a)		15,721		1,425,109

				17,817,536

Energy — 10.6%
Anadarko Petroleum Corp.†		36,153		1,766,074
Cabot Oil & Gas Corp.		3,805		101,784
Chesapeake Energy Corp.^(a)*		59,262		254,827
Chevron Corp.†		35,574		4,179,945
ConocoPhillips†^(b)		79,633		3,985,632
Devon Energy Corp.†		23,600		866,356
Marathon Oil Corp.†		54,349		736,972
Marathon Petroleum Corp.†		32,073		1,798,654
Noble Energy, Inc.		18,583		527,014
Occidental Petroleum Corp.†^(b)		48,920		3,141,153
ONEOK, Inc.†^(a)		24,866		1,377,825
Range Resources Corp.^(a)		16,235		317,719
Valero Energy Corp.†^(b)		28,923		2,225,046

				21,279,001

Food & Staples Retailing — 9.7%
Costco Wholesale Corp.†		1,598		262,535
CVS Health Corp.†		66,418		5,401,112
Kroger Co. (The)†^(a)		58,435		1,172,206
Sysco Corp.^(a)		34,684		1,871,202
Walgreens Boots Alliance, Inc.†		57,250		4,420,845


	Number of Shares		Value
COMMON STOCKS — (Continued)
Food & Staples Retailing — (Continued)
Wal-Mart Stores, Inc.†^(a)		80,029	$	6,253,466

				19,381,366

Food, Beverage & Tobacco — 8.0%
Altria Group, Inc.†^(b)		90,161		5,718,011
Campbell Soup Co.^(a)		19,827		928,300
Coca-Cola Co. (The)†		28,430		1,279,634
Conagra Brands, Inc.†		27,132		915,434
Dr Pepper Snapple Group, Inc.†		11,923		1,054,828
General Mills, Inc.^(a)		13,266		686,648
Hormel Foods Corp.^(a)		125		4,018
JM Smucker Co. (The)†		7,432		779,840
Kellogg Co.^(a)		19,798		1,234,801
Kraft Heinz Co. (The)†		8,502		659,330
Molson Coors Brewing Co., Class B†^(b)		14,088		1,150,144
PepsiCo, Inc.†^(b)		11,042		1,230,410
Philip Morris International, Inc.†		2,680		297,507

				15,938,905

Health Care Equipment & Services — 14.1%
Aetna, Inc.†		21,731		3,455,446
AmerisourceBergen Corp.†^(a)		14,721		1,218,163
Anthem, Inc.†		17,216		3,268,974
Baxter International, Inc.†		3,170		198,918
Centene Corp.†^(b)*		11,285		1,092,049
Cigna Corp.†^(b)		16,536		3,091,240
Express Scripts Holding Co.†*		37,792		2,392,989
HCA Healthcare, Inc.†*		23,746		1,889,944
Humana, Inc.†		9,456		2,303,765
Laboratory Corp. of America Holdings†*		4,025		607,654
McKesson Corp.†		13,741		2,110,755
Medtronic PLC (Ireland)^(b)		13,286		1,033,252
Patterson Cos., Inc.^(a)		17		657
Quest Diagnostics, Inc.†		4,494		420,818
UnitedHealth Group, Inc.†		19,815		3,880,768
Universal Health Services, Inc., Class B†		6,259		694,373
Varian Medical Systems, Inc.^(a)*		6,020		602,361

				28,262,126

Household & Personal Products — 2.1%
Church & Dwight Co., Inc.†		4,022		194,866
Clorox Co. (The)^(a)		8,442		1,113,584
Colgate-Palmolive Co.†		5,692		414,662


	Number of Shares		Value
COMMON STOCKS — (Continued)
Household & Personal Products — (Continued)
Estee Lauder Cos., Inc. (The), Class A^(b)		4,910	$	529,494
Kimberly-Clark Corp.†		16,338		1,922,656

				4,175,262

Insurance — 2.1%
Allstate Corp. (The)†		140		12,867
Aon PLC (United Kingdom)^(b)		13,803		2,016,618
Arthur J Gallagher & Co.		1,493		91,894
Brighthouse Financial, Inc.*		123		7,478
Chubb Ltd. (Switzerland)†		1,371		195,436
Cincinnati Financial Corp.		2		153
Lincoln National Corp.		148		10,875
MetLife, Inc.		8,933		464,069
Principal Financial Group, Inc.†		2		129
Progressive Corp. (The)†		22,760		1,102,039
Prudential Financial, Inc.†		436		46,356
Travelers Cos., Inc. (The)†		17		2,083
Unum Group		15		767
Willis Towers Watson PLC (Ireland)†		1,125		173,509

				4,124,273

Materials — 5.4%
Air Products & Chemicals, Inc.†		14,271		2,158,061
Ball Corp.^(a)		23,007		950,189
FMC Corp.		8,776		783,785
Freeport-McMoRan, Inc.†^(b)*		94,686		1,329,391
LyondellBasell Industries NV, Class A (Netherlands)†		26,008		2,576,092
Newmont Mining Corp.^(a)		34,893		1,308,836
Packaging Corp. of America†		6,177		708,378
PPG Industries, Inc.†		195		21,189
Praxair, Inc.		2,380		332,581
Sherwin-Williams Co. (The)^(b)		1,529		547,443
WestRock Co.†		2,036		115,502

				10,831,447

Media — 12.1%
CBS Corp., Class B, non-voting shares†		26,371		1,529,518
Charter Communications, Inc., Class A†*		2,181		792,619
Comcast Corp., Class A†		147,948		5,693,039
Discovery Communications, Inc., Class A^(a)*		37,822		805,230
DISH Network Corp., Class A*		1,102		59,761


	Number of Shares		Value
COMMON STOCKS — (Continued)
Media — (Continued)
News Corp., Class A†^(a)		38,080	$	504,941
Omnicom Group, Inc.^(a)		15,115		1,119,568
Scripps Networks Interactive, Inc., Class A†		5,016		430,824
Time Warner, Inc.†		50,844		5,208,968
Twenty-First Century Fox, Inc., Class A		121,127		3,195,330
Viacom, Inc., Class B^(a)		26,331		733,055
Walt Disney Co. (The)†^(b)		41,797		4,119,930

				24,192,783

Pharmaceuticals, Biotechnology & Life Sciences — 11.3%
AbbVie, Inc.†		56,718		5,039,962
Amgen, Inc.†		20,264		3,778,223
Biogen Inc.†*		6,501		2,035,593
Bristol-Myers Squibb Co.†		13,518		861,637
Celgene Corp.†^(b)*		19,947		2,908,672
Gilead Sciences, Inc.†		74,080		6,001,962
Johnson & Johnson†		14,439		1,877,214
Merck & Co., Inc.†		1,957		125,307
Waters Corp.*		40		7,181

				22,635,751

Real Estate — 2.6%
Alexandria Real Estate Equities, Inc., REIT^(b)		4,685		557,374
CBRE Group, Inc., Class A, REIT†*		213		8,069
Digital Realty Trust, Inc., REIT^(a)		3,381		400,074
Duke Realty Corp., REIT		19,368		558,186
Essex Property Trust, Inc., REIT		435		110,503
Extra Space Storage, Inc., REIT^(a)		3,095		247,352
Mid-America Apartment Communities, Inc., REIT†^(b)		7,118		760,772
Prologis, Inc., REIT†^(b)		15,586		989,088
Public Storage, REIT†		259		55,423
Realty Income Corp., REIT^(a)		3,443		196,905
Regency Centers Corp., REIT†^(b)		10,956		679,710
UDR, Inc., REIT†		1,799		68,416
Ventas, Inc., REIT		906		59,008
Weyerhaeuser Co., REIT†		12,779		434,869

				5,125,749

Retailing — 10.1%
Advance Auto Parts, Inc.		4,829		479,037
AutoZone, Inc.^(a)*		1,818		1,081,910
Best Buy Co., Inc.^(a)		2,819		160,570


	Number of Shares		Value
COMMON STOCKS — (Continued)
Retailing — (Continued)
CarMax, Inc.^(a)*		11,686	$	885,916
Dollar General Corp.†^(a)		3,052		247,365
Dollar Tree, Inc.†*		1,945		168,865
Foot Locker, Inc.^(a)		53		1,867
Gap, Inc. (The)^(a)		2,435		71,906
Genuine Parts Co.^(a)		9,608		919,005
Home Depot, Inc. (The)†		42,073		6,881,460
LKQ Corp.†*		20,195		726,818
Lowe’s Cos., Inc.†^(b)		54,770		4,378,314
Macy’s, Inc.^(a)		2,501		54,572
Nordstrom, Inc.^(a)		9,048		426,613
O’Reilly Automotive, Inc.^(a)(b)*		5,758		1,240,100
Ross Stores, Inc.†^(a)		17,434		1,125,713
Signet Jewelers Ltd. (Bermuda)^(a)		3,945		262,540
Target Corp.^(a)		5,166		304,846
Tiffany & Co.		1,441		132,255
TJX Cos., Inc. (The)		1,014		74,762
Tractor Supply Co.^(a)		8,325		526,889

				20,151,323

Semiconductors & Semiconductor Equipment — 9.3%
Applied Materials, Inc.†		69,787		3,635,205
Intel Corp.†		113,368		4,317,053
KLA-Tencor Corp.		10,263		1,087,878
Lam Research Corp.^(a)		11,810		2,185,322
Microchip Technology, Inc.^(a)		1,982		177,944
Micron Technology, Inc.*		51,693		2,033,086
QUALCOMM, Inc.†		2,507		129,963
Skyworks Solutions, Inc.^(a)(b)		8,055		820,804
Texas Instruments, Inc.†		33,514		3,004,195
Xilinx, Inc.†^(a)		15,775		1,117,343

				18,508,793

Software & Services — 18.9%
Accenture PLC, Class A (Ireland)†		12,380		1,672,167
Alphabet, Inc., Class A†*		6,460		6,290,231
Automatic Data Processing, Inc.†		14,694		1,606,348
CA, Inc.†		25,652		856,264
Citrix Systems, Inc.†*		9,866		757,906
Cognizant Technology Solutions Corp., Class A†^(b)		5,103		370,172
CSRA, Inc.†		2,327		75,092
eBay, Inc.†*		8,823		339,333
Electronic Arts, Inc.†^(b)*		20,285		2,394,847


	Number of Shares		Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
Facebook, Inc., Class A†*		13,122	$	2,242,156
Fidelity National Information Services, Inc.†		5,517		515,233
International Business Machines Corp.†^(a)		25,041		3,632,948
Intuit, Inc.†^(b)		16,730		2,378,002
Mastercard, Inc., Class A†		8,669		1,224,063
Microsoft Corp.†^(b)		35,126		2,616,536
Oracle Corp.†		108,712		5,256,225
Paychex, Inc.†		23,517		1,410,079
Total System Services, Inc.†		8,433		552,362
VeriSign, Inc.^(a)*		222		23,619
Visa, Inc., Class A^(a)		34,532		3,634,148

				37,847,731

Technology Hardware & Equipment — 12.8%
Apple, Inc.†		62,787		9,676,733
Cisco Systems, Inc.†		166,307		5,592,904
F5 Networks, Inc.†*		4,158		501,288
FLIR Systems, Inc.†		2,203		85,719
Harris Corp.†		7,872		1,036,585
Hewlett Packard Enterprise Co.†		106,269		1,563,217
HP, Inc.†		109,279		2,181,209
Juniper Networks, Inc.†		24,898		692,911
Motorola Solutions, Inc.†		1,695		143,855
NetApp, Inc.†^(a)		17,618		770,964
Seagate Technology PLC (Ireland)^(a)		19,107		633,779
TE Connectivity Ltd. (Switzerland)†		5,497		456,581
Western Digital Corp.†		19,238		1,662,163
Xerox Corp.^(b)		17,073		568,360

				25,566,268

Telecommunication Services — 5.2%
AT&T, Inc.†^(a)		112,396		4,402,551
CenturyLink, Inc.^(a)		35,973		679,890
Verizon Communications, Inc.†^(b)		106,886		5,289,788

				10,372,229

Transportation — 11.5%
Alaska Air Group, Inc.†		8,082		616,414
CH Robinson Worldwide, Inc.^(a)		41		3,120
CSX Corp.†^(b)		48,670		2,640,834
Delta Air Lines, Inc.†		47,245		2,278,154
Expeditors International of Washington, Inc.†^(b)		11,754		703,594


	Number of Shares			Value
COMMON STOCKS — (Continued)
Transportation — (Continued)
FedEx Corp.†		12,306		$	2,775,987
JB Hunt Transport Services, Inc.†		7,161			795,444
Norfolk Southern Corp.^(a)		17,660			2,335,358
Southwest Airlines Co.†^(b)		39,061			2,186,635
Union Pacific Corp.†		45,385			5,263,298
United Continental Holdings, Inc.†*		102			6,210
United Parcel Service, Inc., Class B†^(b)		28,795			3,457,992

					23,063,040

Utilities — 4.1%
AES Corp.†^(b)		5,710			62,924
CenterPoint Energy, Inc.†^(b)		22,335			652,405
CMS Energy Corp.		18,426			853,492
DTE Energy Co.†^(b)		11,738			1,260,192
Edison International†		14,297			1,103,299
FirstEnergy Corp.^(b)		29,073			896,321
NextEra Energy, Inc.		816			119,585
NiSource, Inc.^(b)		2,755			70,500
NRG Energy, Inc.†^(b)		9,769			249,989
Public Service Enterprise Group, Inc.†^(b)		33,045			1,528,331
WEC Energy Group, Inc.†		20,650			1,296,407

					8,093,445

TOTAL COMMON STOCKS (Cost $342,450,636)					372,618,736

TOTAL LONG POSITIONS - 186.5%					372,618,736

(Cost $342,450,636)

SHORT POSITIONS — (88.0)%
COMMON STOCKS — (88.0)%
Automobiles & Components — (1.3)%
Ford Motor Co.		(189,501	)		(2,268,327	)
Goodyear Tire & Rubber Co. (The)		(12,130	)		(403,322	)

					(2,671,649	)

Banks — (1.0)%
Fifth Third Bancorp		(35,045	)		(980,559	)
People’s United Financial, Inc.		(7,119	)		(129,139	)
Regions Financial Corp.		(56,117	)		(854,662	)

					(1,964,360	)

Capital Goods — (6.8)%
Acuity Brands, Inc.		(2,015	)		(345,129	)
AO Smith Corp.		(8,305	)		(493,566	)
Dover Corp.		(3,619	)		(330,740	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
Eaton Corp. PLC (Ireland)		(21,412	)	$	(1,644,228	)
Flowserve Corp.		(1,005	)		(42,803	)
Fluor Corp.		(6,733	)		(283,459	)
Fortune Brands Home & Security, Inc.		(7,413	)		(498,376	)
General Dynamics Corp.		(6,323	)		(1,299,882	)
General Electric Co.		(90,522	)		(2,188,822	)
Johnson Controls International PLC (Ireland)		(44,884	)		(1,808,376	)
L3 Technologies, Inc.		(3,754	)		(707,366	)
Quanta Services, Inc.*		(7,339	)		(274,258	)
Raytheon Co.		(2,005	)		(374,093	)
Rockwell Collins, Inc.		(366	)		(47,840	)
Stanley Black & Decker, Inc.		(7,372	)		(1,112,951	)
Textron, Inc.		(420	)		(22,630	)
United Rentals, Inc.*		(3,946	)		(547,468	)
United Technologies Corp.		(12,898	)		(1,497,200	)
Xylem, Inc.		(592	)		(37,077	)

					(13,556,264	)

Commercial & Professional Services — (1.2)%
Cintas Corp.		(4,553	)		(656,907	)
IHS Markit Ltd. (Bermuda)*		(19,139	)		(843,647	)
Nielsen Holdings PLC (United Kingdom)		(17,165	)		(711,489	)
Verisk Analytics, Inc.*		(3,410	)		(283,678	)

					(2,495,721	)

Consumer Durables & Apparel — (2.4)%
Leggett & Platt, Inc.		(6,367	)		(303,897	)
Mattel, Inc.		(16,497	)		(255,374	)
Mohawk Industries, Inc.*		(3,578	)		(885,591	)
Newell Brands, Inc.		(23,270	)		(992,931	)
NIKE, Inc., Class B		(17,641	)		(914,686	)
Under Armour, Inc., Class C*		(21,201	)		(318,439	)
VF Corp.		(18,933	)		(1,203,571	)

					(4,874,489	)

Consumer Services — (1.8)%
Carnival Corp. (Panama)		(34,852	)		(2,250,394	)
Chipotle Mexican Grill, Inc.*		(1,377	)		(423,882	)
MGM Resorts International		(27,679	)		(902,059	)

					(3,576,335	)

Diversified Financials — (2.5)%
Affiliated Managers Group, Inc.		(115	)		(21,831	)
American Express Co.		(6,609	)		(597,850	)
CME Group, Inc.		(16,304	)		(2,212,127	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Diversified Financials — (Continued)
Intercontinental Exchange, Inc.		(28,353	)	$	(1,947,851	)
Navient Corp.		(12,844	)		(192,917	)

					(4,972,576	)

Energy — (11.4)%
Andeavor		(4,045	)		(417,242	)
Apache Corp.		(18,338	)		(839,880	)
Cimarex Energy Co.		(4,309	)		(489,804	)
Concho Resources, Inc.*		(6,151	)		(810,210	)
EOG Resources, Inc.		(27,794	)		(2,688,792	)
EQT Corp.		(8,279	)		(540,122	)
Exxon Mobil Corp.		(27,420	)		(2,247,892	)
Halliburton Co.		(34,596	)		(1,592,454	)
Helmerich & Payne, Inc.		(5,156	)		(268,679	)
Hess Corp.		(14,996	)		(703,162	)
Kinder Morgan, Inc.		(104,156	)		(1,997,712	)
National Oilwell Varco, Inc.		(17,638	)		(630,206	)
Newfield Exploration Co.*		(9,436	)		(279,966	)
Phillips 66		(20,446	)		(1,873,058	)
Pioneer Natural Resources Co.		(8,188	)		(1,208,058	)
Schlumberger Ltd. (Curacao)		(63,530	)		(4,431,853	)
TechnipFMC PLC (United Kingdom)*		(22,480	)		(627,642	)
Williams Cos., Inc. (The)		(39,762	)		(1,193,258	)

					(22,839,990	)

Food, Beverage & Tobacco — (3.5)%
Archer-Daniels-Midland Co.		(27,081	)		(1,151,213	)
Brown-Forman Corp., Class B		(1,645	)		(89,324	)
Constellation Brands, Inc., Class A		(496	)		(98,927	)
Hershey Co. (The)		(10,412	)		(1,136,678	)
McCormick & Co., Inc., non-voting shares		(6,079	)		(623,949	)
Mondelez International, Inc., Class A		(50,060	)		(2,035,440	)
Monster Beverage Corp.*		(11,204	)		(619,021	)
Tyson Foods, Inc., Class A		(17,641	)		(1,242,808	)

					(6,997,360	)

Health Care Equipment & Services — (7.6)%
Abbott Laboratories		(5,204	)		(277,686	)
Align Technology, Inc.*		(261	)		(48,617	)
Becton Dickinson and Co.		(5,079	)		(995,230	)
Boston Scientific Corp.*		(65,950	)		(1,923,762	)
Cardinal Health, Inc.		(15,212	)		(1,017,987	)
Cerner Corp.*		(2,385	)		(170,098	)
Cooper Cos., Inc. (The)		(1,243	)		(294,728	)
CR Bard, Inc.		(3,323	)		(1,065,022	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — (Continued)
Danaher Corp.		(33,442	)	$	(2,868,655	)
DaVita, Inc.*		(9,204	)		(546,626	)
DENTSPLY SIRONA, Inc.		(11,038	)		(660,183	)
Edwards Lifesciences Corp.*		(2,221	)		(242,778	)
Envision Healthcare Corp.*		(1,869	)		(84,012	)
Henry Schein, Inc.*		(7,624	)		(625,092	)
Hologic, Inc.*		(3,271	)		(120,013	)
IDEXX Laboratories, Inc.*		(1,203	)		(187,054	)
Intuitive Surgical, Inc.*		(122	)		(127,597	)
ResMed, Inc.		(6,844	)		(526,714	)
Stryker Corp.		(18,003	)		(2,556,786	)
Zimmer Biomet Holdings, Inc.		(6,984	)		(817,757	)

					(15,156,397	)

Household & Personal Products — (0.3)%
Coty, Inc., Class A		(35,993	)		(594,964	)

Insurance — (3.2)%
Aflac, Inc.		(2,535	)		(206,324	)
American International Group, Inc.		(43,488	)		(2,669,728	)
Assurant, Inc.		(2,603	)		(248,639	)
Everest Re Group Ltd.		(362	)		(82,677	)
Hartford Financial Services Group, Inc. (The)		(14,115	)		(782,395	)
Loews Corp.		(16,204	)		(775,523	)
Marsh & McLennan Cos., Inc.		(8,261	)		(692,354	)
Torchmark Corp.		(5,597	)		(448,264	)
XL Group Ltd. (Bermuda)		(10,955	)		(432,175	)

					(6,338,079	)

Materials — (5.9)%
Albemarle Corp.		(5,314	)		(724,351	)
Avery Dennison Corp.		(315	)		(30,977	)
CF Industries Holdings, Inc.		(4,762	)		(167,432	)
DowDuPont, Inc.		(24,838	)		(1,719,535	)
Eastman Chemical Co.		(6,309	)		(570,901	)
Ecolab, Inc.		(14,175	)		(1,823,047	)
International Flavors & Fragrances, Inc.		(3,801	)		(543,201	)
International Paper Co.		(19,876	)		(1,129,354	)
Martin Marietta Materials, Inc.		(3,025	)		(623,846	)
Monsanto Co.		(21,144	)		(2,533,474	)
Mosaic Co. (The)		(16,898	)		(364,828	)
Nucor Corp.		(15,376	)		(861,671	)
Sealed Air Corp.		(43	)		(1,837	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Materials — (Continued)
Vulcan Materials Co.		(6,362	)	$	(760,895	)

					(11,855,349	)

Media — (0.2)%
Interpublic Group of Cos., Inc. (The)		(18,932	)		(393,596	)

Pharmaceuticals, Biotechnology & Life Sciences — (10.3)%
Agilent Technologies, Inc.		(1,057	)		(67,859	)
Alexion Pharmaceuticals, Inc.*		(5,936	)		(832,762	)
Allergan PLC (Ireland)		(16,083	)		(3,296,211	)
Eli Lilly & Co.		(50,592	)		(4,327,640	)
Illumina, Inc.*		(1,413	)		(281,470	)
Incyte Corp.*		(10,281	)		(1,200,204	)
Mettler-Toledo International, Inc.*		(60	)		(37,570	)
Mylan NV (Netherlands)*		(25,808	)		(809,597	)
PerkinElmer, Inc.		(5,305	)		(365,886	)
Perrigo Co. PLC (Ireland)		(6,865	)		(581,122	)
Pfizer, Inc.		(86,985	)		(3,105,364	)
Quintiles IMS Holdings, Inc.*		(10,417	)		(990,344	)
Regeneron Pharmaceuticals, Inc.*		(2,134	)		(954,154	)
Thermo Fisher Scientific, Inc.		(18,756	)		(3,548,635	)
Vertex Pharmaceuticals, Inc.*		(835	)		(126,953	)
Zoetis, Inc.		(2,089	)		(133,195	)

					(20,658,966	)

Real Estate — (7.1)%
American Tower Corp., REIT		(3,629	)		(496,012	)
Apartment Investment & Management Co., Class A, REIT		(7,559	)		(331,538	)
AvalonBay Communities, Inc., REIT		(6,515	)		(1,162,406	)
Boston Properties, Inc., REIT		(4,605	)		(565,862	)
Crown Castle International Corp., REIT		(15,828	)		(1,582,483	)
Equinix, Inc., REIT		(1,568	)		(699,798	)
Equity Residential, REIT		(17,682	)		(1,165,774	)
Federal Realty Investment Trust, REIT		(2,326	)		(288,912	)
GGP, Inc., REIT		(42,459	)		(881,873	)
HCP, Inc., REIT		(22,572	)		(628,179	)
Host Hotels & Resorts, Inc., REIT		(35,565	)		(657,597	)
Iron Mountain, Inc., REIT		(12,726	)		(495,041	)
Kimco Realty Corp., REIT		(20,310	)		(397,060	)
Macerich Co. (The), REIT		(6,815	)		(374,621	)
SBA Communications Corp., REIT*		(5,823	)		(838,803	)
Simon Property Group, Inc., REIT		(7,637	)		(1,229,633	)
SL Green Realty Corp., REIT		(4,736	)		(479,852	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Real Estate — (Continued)
Vornado Realty Trust, REIT		(7,488	)	$	(575,677	)
Welltower, Inc., REIT		(17,758	)		(1,248,032	)

					(14,099,153	)

Retailing — (2.8)%
Amazon.com, Inc.*		(1,298	)		(1,247,832	)
Expedia, Inc.		(2,078	)		(299,107	)
Kohl’s Corp.		(168	)		(7,669	)
L Brands, Inc.		(1,898	)		(78,976	)
Netflix, Inc.*		(1,409	)		(255,522	)
Priceline Group, Inc. (The)*		(1,481	)		(2,711,444	)
TripAdvisor, Inc.*		(6,678	)		(270,659	)
Ulta Beauty, Inc.*		(2,967	)		(670,720	)

					(5,541,929	)

Semiconductors & Semiconductor Equipment — (4.8)%
Advanced Micro Devices, Inc.*		(44,564	)		(568,191	)
Analog Devices, Inc.		(17,968	)		(1,548,303	)
Broadcom Ltd. (Singapore)		(17,949	)		(4,353,350	)
NVIDIA Corp.		(15,212	)		(2,719,449	)
Qorvo, Inc.*		(6,124	)		(432,844	)

					(9,622,137	)

Software & Services — (5.3)%
Activision Blizzard, Inc.		(36,336	)		(2,344,035	)
Adobe Systems, Inc.*		(1,030	)		(153,655	)
Akamai Technologies, Inc.*		(8,281	)		(403,450	)
Alliance Data Systems Corp.		(2,676	)		(592,868	)
ANSYS, Inc.*		(3,938	)		(483,311	)
Autodesk, Inc.*		(631	)		(70,836	)
Cadence Design Systems, Inc.*		(13,488	)		(532,371	)
DXC Technology Co.		(13,652	)		(1,172,434	)
Fiserv, Inc.*		(5,340	)		(688,646	)
Gartner, Inc.*		(4,362	)		(542,676	)
Global Payments, Inc.		(7,343	)		(697,805	)
PayPal Holdings, Inc.*		(2,652	)		(169,808	)
Red Hat, Inc.*		(444	)		(49,222	)
salesforce.com, Inc.*		(12,116	)		(1,131,877	)
Symantec Corp.		(28,860	)		(946,897	)
Synopsys, Inc.*		(2,383	)		(191,903	)
Western Union Co. (The)		(22,351	)		(429,139	)

					(10,600,933	)

Technology Hardware & Equipment — (1.3)%
Amphenol Corp., Class A		(15,046	)		(1,273,493	)
Corning, Inc.		(43,420	)		(1,299,126	)

					(2,572,619	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Telecommunication Services — (0.4)%
Level 3 Communications, Inc.*		(13,818	)	$	(736,361	)

Transportation — (0.5)%
American Airlines Group, Inc.		(20,752	)		(985,513	)
Kansas City Southern		(581	)		(63,143	)

					(1,048,656	)

Utilities — (6.4)%
Alliant Energy Corp.		(11,123	)		(462,383	)
Ameren Corp.		(7,653	)		(442,650	)
American Electric Power Co., Inc.		(985	)		(69,186	)
American Water Works Co., Inc.		(8,777	)		(710,147	)
Consolidated Edison, Inc.		(14,730	)		(1,188,416	)
Dominion Resources, Inc.		(7,320	)		(563,128	)
Duke Energy Corp.		(10,454	)		(877,300	)
Entergy Corp.		(8,641	)		(659,827	)
Eversource Energy		(15,254	)		(921,952	)
Exelon Corp.		(37,460	)		(1,411,118	)
PG&E Corp.		(24,657	)		(1,678,895	)
Pinnacle West Capital Corp.		(5,373	)		(454,341	)
PPL Corp.		(32,253	)		(1,224,001	)
SCANA Corp.		(6,878	)		(333,514	)
Sempra Energy		(4,415	)		(503,884	)
Southern Co. (The)		(9,388	)		(461,326	)
Xcel Energy, Inc.		(15,341	)		(725,936	)

					(12,688,004	)

TOTAL COMMON STOCK (Proceeds $174,850,221)					(175,855,887	)

TOTAL SECURITES SOLD SHORT - (88.0)%					(175,855,887	)

(Proceeds $174,850,221)

OTHER ASSETS IN EXCESS OF LIABILITIES - 1.5%					3,033,169

NET ASSETS - 100.0%				$	199,796,018


	Number of Shares		Value
LONG POSITIONS — 140.0%
COMMON STOCKS — 140.0%
Automobiles & Components — 2.1%
BorgWarner, Inc.†		103	$	5,277
Delphi Automotive PLC (Jersey)†		130		12,792
General Motors Co.†		718		28,993
Harley-Davidson, Inc.^(a)		84		4,050

				51,112

Banks — 6.0%
Bank of America Corp.†		1,025		25,974
BB&T Corp.†		83		3,896
Citigroup, Inc.†		198		14,403
Citizens Financial Group, Inc.†		64		2,424
Comerica, Inc.†		18		1,373
Huntington Bancshares, Inc.†		323		4,509
JPMorgan Chase & Co.†		366		34,957
KeyCorp.†		311		5,853
M&T Bank Corp.†		21		3,382
People’s United Financial, Inc.		1		18
PNC Financial Services Group, Inc. (The)†		49		6,604
Regions Financial Corp.†		126		1,919
SunTrust Banks, Inc.†		50		2,988
US Bancorp†		173		9,271
Wells Fargo & Co.†		504		27,796
Zions Bancorporation†		29		1,368

				146,735

Capital Goods — 10.5%
3M Co.†		54		11,335
Allegion PLC (Ireland)		42		3,632
AMETEK, Inc.†		50		3,302
Arconic, Inc.		228		5,673
Boeing Co. (The)†		231		58,723
Caterpillar, Inc.†		287		35,792
Cummins, Inc.†		82		13,778
Deere & Co.		24		3,014
Emerson Electric Co.†		4		251
Fastenal Co.		97		4,421
Fortive Corp.†		37		2,619
General Electric Co.†		55		1,330
Honeywell International, Inc.†		198		28,065
Illinois Tool Works, Inc.†		37		5,475
Ingersoll-Rand PLC (Ireland)†		113		10,076
Jacobs Engineering Group, Inc.†		60		3,496
Lockheed Martin Corp.†		100		31,029
Northrop Grumman Corp.†		18		5,179


	Number of Shares		Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
Pentair PLC (Ireland)		90	$	6,116
Rockwell Automation, Inc.		50		8,910
Rockwell Collins, Inc.		4		523
Roper Technologies, Inc.		10		2,434
Snap-on, Inc.†		29		4,321
TransDigm Group, Inc.		23		5,880
United Technologies Corp.		12		1,393
WW Grainger, Inc.		6		1,078

				257,845

Commercial & Professional Services — 0.8%
Equifax, Inc.		13		1,378
Republic Services, Inc.†		37		2,444
Robert Half International, Inc.†		62		3,121
Stericycle, Inc.*		12		859
Waste Management, Inc.		156		12,210

				20,012

Consumer Durables & Apparel — 1.7%
Coach, Inc.		139		5,599
DR Horton, Inc.†		154		6,149
Garmin Ltd. (Switzerland)		19		1,025
Hasbro, Inc.		33		3,223
Lennar Corp., Class A†		25		1,320
Michael Kors Holdings Ltd. (British Virgin Islands)*		81		3,876
PulteGroup, Inc.†		146		3,990
PVH Corp.†		39		4,916
Ralph Lauren Corp.†		40		3,532
Whirlpool Corp.†		36		6,640

				40,270

Consumer Services — 2.7%
H&R Block, Inc.†		23		609
Hilton Worldwide Holdings, Inc.		160		11,112
Marriott International, Inc., Class A†		183		20,178
McDonald’s Corp.†		85		13,318
Royal Caribbean Cruises Ltd. (Liberia)		75		8,890
Starbucks Corp.		69		3,706
Wyndham Worldwide Corp.†		52		5,481
Wynn Resorts Ltd.		8		1,191
Yum! Brands, Inc.		37		2,724

				67,209

Diversified Financials — 7.8%
Ameriprise Financial, Inc.†		10		1,485


	Number of Shares		Value
COMMON STOCKS — (Continued)
Diversified Financials — (Continued)
Bank of New York Mellon Corp. (The)†		86	$	4,560
Berkshire Hathaway, Inc., Class B†*		255		46,747
BlackRock, Inc.†		57		25,484
Capital One Financial Corp.†		50		4,233
CBOE Holdings, Inc.		24		2,583
Charles Schwab Corp. (The)†		248		10,848
CME Group, Inc.†		24		3,256
Discover Financial Services†		39		2,515
ETRADE Financial Corp.†		28		1,221
Franklin Resources, Inc.		275		12,240
Goldman Sachs Group, Inc. (The)†		57		13,520
Invesco Ltd. (Bermuda)		200		7,008
Leucadia National Corp.		37		934
Moody’s Corp.†		93		12,947
Morgan Stanley†		238		11,464
Nasdaq, Inc.†		81		6,283
Northern Trust Corp.†		23		2,114
Raymond James Financial, Inc.		14		1,181
S&P Global, Inc.†		29		4,533
State Street Corp.†		36		3,439
Synchrony Financial†		83		2,577
T Rowe Price Group, Inc.†		118		10,697

				191,869

Energy — 6.7%
Anadarko Petroleum Corp.		272		13,287
Cabot Oil & Gas Corp.		49		1,311
Chesapeake Energy Corp.^(a)*		351		1,509
Chevron Corp.†		338		39,715
ConocoPhillips†		598		29,930
Devon Energy Corp.		122		4,479
Exxon Mobil Corp.†		21		1,722
Marathon Oil Corp.		92		1,248
Marathon Petroleum Corp.		246		13,796
Noble Energy, Inc.		117		3,318
Occidental Petroleum Corp.		375		24,079
ONEOK, Inc.†		186		10,306
Range Resources Corp.^(a)		122		2,388
Valero Energy Corp.†		218		16,771

				163,859

Food & Staples Retailing — 6.2%
Costco Wholesale Corp.		35		5,750
CVS Health Corp.†		513		41,717
Kroger Co. (The)		96		1,926


	Number of Shares		Value
COMMON STOCKS — (Continued)
Food & Staples Retailing — (Continued)
Sysco Corp.		261	$	14,081
Walgreens Boots Alliance, Inc.†		423		32,664
Wal-Mart Stores, Inc.†		708		55,323

				151,461

Food, Beverage & Tobacco — 5.9%
Altria Group, Inc.†		592		37,545
Campbell Soup Co.		33		1,545
Coca-Cola Co. (The)		474		21,335
Conagra Brands, Inc.†		208		7,018
Dr Pepper Snapple Group, Inc.†		89		7,874
General Mills, Inc.		60		3,106
Hormel Foods Corp.†		26		836
JM Smucker Co. (The)		13		1,364
Kellogg Co.		164		10,229
Kraft Heinz Co. (The)		129		10,004
Molson Coors Brewing Co., Class B		105		8,572
Monster Beverage Corp.*		16		884
PepsiCo, Inc.†		163		18,163
Philip Morris International, Inc.†		135		14,986

				143,461

Health Care Equipment & Services — 9.6%
Aetna, Inc.†		164		26,078
AmerisourceBergen Corp.		111		9,185
Anthem, Inc.†		130		24,684
Baxter International, Inc.†		58		3,640
Centene Corp.†*		85		8,225
Cigna Corp.†		125		23,368
CR Bard, Inc.		7		2,244
Envision Healthcare Corp.*		12		539
Express Scripts Holding Co.†*		276		17,476
HCA Healthcare, Inc.†*		178		14,167
Hologic, Inc.*		26		954
Humana, Inc.†		73		17,785
Laboratory Corp. of America Holdings†*		51		7,699
McKesson Corp.†		104		15,975
Medtronic PLC (Ireland)†		171		13,299
Quest Diagnostics, Inc.†		45		4,214
UnitedHealth Group, Inc.†		183		35,841
Universal Health Services, Inc., Class B		47		5,214
Varian Medical Systems, Inc.*		46		4,603

				235,190


	Number of Shares		Value
COMMON STOCKS — (Continued)
Household & Personal Products — 2.2%
Church & Dwight Co., Inc.†		26	$	1,260
Clorox Co. (The)		64		8,442
Colgate-Palmolive Co.		94		6,848
Estee Lauder Cos., Inc. (The), Class A†		40		4,314
Kimberly-Clark Corp.†		132		15,534
Procter & Gamble Co. (The)†		188		17,104

				53,502

Insurance — 2.3%
Allstate Corp. (The)		27		2,482
Aon PLC (United Kingdom)†		115		16,801
Arthur J Gallagher & Co.		19		1,169
Chubb Ltd. (Switzerland)†		62		8,838
Lincoln National Corp.†		5		367
MetLife, Inc.		112		5,818
Progressive Corp. (The)†		158		7,650
Prudential Financial, Inc.†		50		5,316
Torchmark Corp.†		12		961
Travelers Cos., Inc. (The)†		26		3,186
Unum Group†		24		1,227
Willis Towers Watson PLC (Ireland)		16		2,468

				56,283

Materials — 3.9%
Air Products & Chemicals, Inc.†		107		16,180
Ball Corp.		172		7,104
FMC Corp.†		65		5,805
Freeport-McMoRan, Inc.†*		663		9,309
LyondellBasell Industries NV, Class A (Netherlands)†		196		19,414
Newmont Mining Corp.		262		9,828
Packaging Corp. of America		46		5,275
PPG Industries, Inc.†		2		217
Praxair, Inc.		30		4,192
Sherwin-Williams Co. (The)†		41		14,680
WestRock Co.†		79		4,482

				96,486

Media — 7.6%
CBS Corp., Class B, non-voting shares†		197		11,426
Charter Communications, Inc., Class A†*		28		10,176
Comcast Corp., Class A†		1,242		47,792
Discovery Communications, Inc., Class A†^(a)*		62		1,320


	Number of Shares		Value
COMMON STOCKS — (Continued)
Media — (Continued)
DISH Network Corp., Class A*		11	$	597
News Corp., Class A†		286		3,792
Omnicom Group, Inc.†		80		5,926
Scripps Networks Interactive, Inc., Class A†.		63		5,411
Time Warner, Inc.†		382		39,136
Twenty-First Century Fox, Inc., Class A†		910		24,006
Viacom, Inc., Class B†		44		1,225
Walt Disney Co. (The)†		349		34,401

				185,208

Pharmaceuticals, Biotechnology & Life Sciences — 8.1%
AbbVie, Inc.†		417		37,055
Amgen, Inc.†		161		30,018
Biogen, Inc.†*		36		11,272
Bristol-Myers Squibb Co.†		175		11,154
Celgene Corp.†*		146		21,290
Eli Lilly & Co.		25		2,138
Gilead Sciences, Inc.†		542		43,913
Johnson & Johnson†		261		33,933
Merck & Co., Inc.†		109		6,979
Waters Corp.†*		8		1,436

				199,188

Real Estate — 2.0%
Alexandria Real Estate Equities, Inc., REIT		35		4,164
CBRE Group, Inc., Class A, REIT†*		35		1,326
Digital Realty Trust, Inc., REIT†		18		2,130
Duke Realty Corp., REIT		170		4,899
Essex Property Trust, Inc., REIT†		7		1,778
Extra Space Storage, Inc., REIT†		47		3,756
Mid-America Apartment Communities, Inc., REIT		55		5,878
Prologis, Inc., REIT		121		7,679
Public Storage, REIT		18		3,852
Realty Income Corp., REIT		32		1,830
Regency Centers Corp., REIT		71		4,405
UDR, Inc., REIT†		26		989
Ventas, Inc., REIT†		37		2,410
Weyerhaeuser Co., REIT†		138		4,696

				49,792

Retailing — 7.6%
Advance Auto Parts, Inc.		37		3,670


	Number of Shares		Value
COMMON STOCKS — (Continued)
Retailing — (Continued)
Amazon.com, Inc.†*		15	$	14,420
AutoZone, Inc.†*		10		5,951
Best Buy Co., Inc.†		142		8,088
CarMax, Inc.*		83		6,292
Dollar General Corp.†		28		2,269
Dollar Tree, Inc.*		26		2,257
Gap, Inc. (The)†^(a)		42		1,240
Genuine Parts Co.		72		6,887
Home Depot, Inc. (The)†		352		57,573
LKQ Corp.*		152		5,470
Lowe’s Cos., Inc.†		413		33,015
Macy’s, Inc.		32		698
Nordstrom, Inc.†		81		3,819
O’Reilly Automotive, Inc.†*		36		7,753
Ross Stores, Inc.		178		11,493
Signet Jewelers Ltd. (Bermuda)^(a)		30		1,996
Target Corp.†		67		3,954
Tiffany & Co.		15		1,377
TJX Cos., Inc. (The)†		48		3,539
Tractor Supply Co.		62		3,924

				185,685

Semiconductors & Semiconductor Equipment — 7.0%
Analog Devices, Inc.		22		1,896
Applied Materials, Inc.†		524		27,295
Broadcom Ltd. (Singapore)		4		970
Intel Corp.†		1,013		38,575
KLA-Tencor Corp.†		78		8,268
Lam Research Corp.†		89		16,469
Microchip Technology, Inc.^(a)		25		2,244
Micron Technology, Inc.*		596		23,441
QUALCOMM, Inc.†		100		5,184
Skyworks Solutions, Inc.†		89		9,069
Texas Instruments, Inc.†		324		29,043
Xilinx, Inc.		121		8,570

				171,024

Software & Services — 16.7%
Accenture PLC, Class A (Ireland)†		123		16,614
Alphabet, Inc., Class A†*		80		77,898
Automatic Data Processing, Inc.†		112		12,244
CA, Inc.†		104		3,472
Citrix Systems, Inc.†*		67		5,147
Cognizant Technology Solutions Corp., Class A†		63		4,570
CSRA, Inc.†		71		2,291


	Number of Shares		Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
eBay, Inc.†*		208	$	8,000
Electronic Arts, Inc.†*		153		18,063
Facebook, Inc., Class A†*		226		38,617
Fidelity National Information Services, Inc.†		44		4,109
International Business Machines Corp.†		201		29,161
Intuit, Inc.†		126		17,910
Mastercard, Inc., Class A†		112		15,814
Microsoft Corp.†		758		56,463
Oracle Corp.†		978		47,286
Paychex, Inc.		176		10,553
Total System Services, Inc.		66		4,323
VeriSign, Inc.†*		15		1,596
Visa, Inc., Class A†		328		34,519

				408,650

Technology Hardware & Equipment — 9.9%
Apple, Inc.†		791		121,909
Cisco Systems, Inc.†		1,250		42,038
Corning, Inc.		6		180
F5 Networks, Inc.†*		29		3,496
FLIR Systems, Inc.†		59		2,296
Harris Corp.		60		7,901
Hewlett Packard Enterprise Co.†		798		11,739
HP, Inc.†		821		16,387
Juniper Networks, Inc.†		187		5,204
NetApp, Inc.		132		5,776
Seagate Technology PLC (Ireland)^(a)		115		3,815
TE Connectivity Ltd. (Switzerland)		67		5,565
Western Digital Corp.†		145		12,528
Xerox Corp.		129		4,294

				243,128

Telecommunication Services — 3.5%
AT&T, Inc.†		1,035		40,541
CenturyLink, Inc.^(a)		59		1,115
Verizon Communications, Inc.†		909		44,986

				86,642

Transportation — 6.5%
Alaska Air Group, Inc.†		18		1,373
CH Robinson Worldwide, Inc.†^(a)		12		913
CSX Corp.		324		17,580
Delta Air Lines, Inc.†		342		16,491


	Number of Shares			Value
COMMON STOCKS — (Continued)
Transportation — (Continued)
Expeditors International of Washington, Inc.†		88		$	5,268
FedEx Corp.†		87			19,625
JB Hunt Transport Services, Inc.		54			5,998
Norfolk Southern Corp.		103			13,621
Southwest Airlines Co.†		293			16,402
Union Pacific Corp.†		305			35,371
United Parcel Service, Inc., Class B†		222			26,660

					159,302

Utilities — 2.7%
AES Corp.†		71			782
CenterPoint Energy, Inc.†		69			2,015
CMS Energy Corp.		138			6,392
DTE Energy Co.†		88			9,448
Edison International		84			6,482
Exelon Corp.†		28			1,055
FirstEnergy Corp.		218			6,721
NextEra Energy, Inc.		21			3,078
NiSource, Inc.		35			896
NRG Energy, Inc.†		140			3,583
PPL Corp.†		51			1,935
Public Service Enterprise Group, Inc.		248			11,470
Southern Co. (The)		26			1,278
WEC Energy Group, Inc.†		154			9,668
Xcel Energy, Inc.†		14			662

					65,465

TOTAL COMMON STOCKS (Cost $2,976,244)					3,429,378

TOTAL LONG POSITIONS - 140.0%					3,429,378

(Cost $2,976,244)

SHORT POSITIONS — (40.3)%
COMMON STOCKS — (40.3)%
Automobiles & Components — (0.6)%
Ford Motor Co.		(1,099	)		(13,155	)
Goodyear Tire & Rubber Co. (The)		(69	)		(2,294	)

					(15,449	)

Banks — (0.2)%
Fifth Third Bancorp		(205	)		(5,736	)

Capital Goods — (4.2)%
Acuity Brands, Inc.		(12	)		(2,055	)
AO Smith Corp.		(48	)		(2,853	)
Dover Corp.		(45	)		(4,113	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
Eaton Corp. PLC (Ireland)		(124	)	$	(9,522	)
Flowserve Corp.		(37	)		(1,576	)
Fluor Corp.		(39	)		(1,642	)
Fortune Brands Home & Security, Inc.		(43	)		(2,891	)
General Dynamics Corp.		(83	)		(17,063	)
Johnson Controls International PLC (Ireland)		(258	)		(10,395	)
L3 Technologies, Inc.		(22	)		(4,145	)
Masco Corp.		(88	)		(3,433	)
PACCAR, Inc.		(98	)		(7,089	)
Parker-Hannifin Corp.		(37	)		(6,476	)
Quanta Services, Inc.*		(42	)		(1,570	)
Raytheon Co.		(80	)		(14,926	)
Stanley Black & Decker, Inc.		(43	)		(6,492	)
Textron, Inc.		(74	)		(3,987	)
United Rentals, Inc.*		(24	)		(3,330	)
Xylem, Inc.		(2	)		(125	)

					(103,683	)

Commercial & Professional Services — (0.6)%
Cintas Corp.		(29	)		(4,184	)
IHS Markit Ltd. (Bermuda)*		(110	)		(4,849	)
Nielsen Holdings PLC (United Kingdom)		(99	)		(4,104	)
Verisk Analytics, Inc.*		(9	)		(749	)

					(13,886	)

Consumer Durables & Apparel — (1.0)%
Hanesbrands, Inc.		(101	)		(2,489	)
Leggett & Platt, Inc.		(37	)		(1,766	)
Mattel, Inc.		(94	)		(1,455	)
Mohawk Industries, Inc.*		(20	)		(4,950	)
Newell Brands, Inc.		(134	)		(5,718	)
Under Armour, Inc., Class C*		(121	)		(1,817	)
VF Corp.		(108	)		(6,866	)

					(25,061	)

Consumer Services — (0.9)%
Carnival Corp. (Panama)		(200	)		(12,914	)
Chipotle Mexican Grill, Inc.*		(3	)		(923	)
Darden Restaurants, Inc.		(35	)		(2,757	)
MGM Resorts International		(159	)		(5,182	)

					(21,776	)

Diversified Financials — (1.0)%
American Express Co.		(130	)		(11,760	)
Intercontinental Exchange, Inc.		(163	)		(11,198	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Diversified Financials — (Continued)
Navient Corp.		(76	)	$	(1,142	)

					(24,100	)

Energy — (4.9)%
Andeavor		(43	)		(4,435	)
Apache Corp.		(106	)		(4,855	)
Cimarex Energy Co.		(26	)		(2,955	)
Concho Resources, Inc.*		(41	)		(5,400	)
EOG Resources, Inc.		(110	)		(10,641	)
EQT Corp.		(47	)		(3,066	)
Halliburton Co.		(240	)		(11,047	)
Helmerich & Payne, Inc.		(30	)		(1,563	)
Hess Corp.		(88	)		(4,126	)
Kinder Morgan, Inc.		(512	)		(9,820	)
National Oilwell Varco, Inc.		(105	)		(3,752	)
Newfield Exploration Co.*		(55	)		(1,632	)
Phillips 66		(141	)		(12,917	)
Pioneer Natural Resources Co.		(47	)		(6,934	)
Schlumberger Ltd. (Curacao)		(376	)		(26,230	)
TechnipFMC PLC (United Kingdom)*		(129	)		(3,602	)
Williams Cos., Inc. (The)		(228	)		(6,842	)

					(119,817	)

Food, Beverage & Tobacco — (1.6)%
Archer-Daniels-Midland Co.		(156	)		(6,632	)
Brown-Forman Corp., Class B		(107	)		(5,810	)
Hershey Co. (The)		(60	)		(6,550	)
McCormick & Co., Inc., non-voting shares		(35	)		(3,592	)
Mondelez International, Inc., Class A		(245	)		(9,962	)
Tyson Foods, Inc., Class A		(101	)		(7,115	)

					(39,661	)

Health Care Equipment & Services — (5.1)%
Abbott Laboratories		(476	)		(25,399	)
Align Technology, Inc.*		(2	)		(372	)
Becton Dickinson and Co.		(64	)		(12,541	)
Boston Scientific Corp.*		(380	)		(11,085	)
Cardinal Health, Inc.		(88	)		(5,889	)
Cerner Corp.*		(96	)		(6,847	)
Cooper Cos., Inc. (The)		(14	)		(3,319	)
Danaher Corp.		(193	)		(16,555	)
DaVita, Inc.*		(53	)		(3,148	)
DENTSPLY SIRONA, Inc.		(63	)		(3,768	)
Edwards Lifesciences Corp.*		(59	)		(6,449	)
Henry Schein, Inc.*		(44	)		(3,608	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — (Continued)
IDEXX Laboratories, Inc.*		(2	)	$	(311	)
Intuitive Surgical, Inc.*		(2	)		(2,092	)
Patterson Cos., Inc.		(18	)		(696	)
ResMed, Inc.		(40	)		(3,078	)
Stryker Corp.		(104	)		(14,770	)
Zimmer Biomet Holdings, Inc.		(41	)		(4,801	)

					(124,728	)

Household & Personal Products — (0.1)%
Coty, Inc., Class A		(207	)		(3,422	)

Insurance — (2.4)%
Aflac, Inc.		(110	)		(8,953	)
American International Group, Inc.		(251	)		(15,409	)
Assurant, Inc.		(16	)		(1,528	)
Brighthouse Financial, Inc.*		(34	)		(2,067	)
Cincinnati Financial Corp.		(46	)		(3,522	)
Hartford Financial Services Group, Inc. (The)		(101	)		(5,598	)
Loews Corp.		(94	)		(4,499	)
Marsh & McLennan Cos., Inc.		(118	)		(9,890	)
Principal Financial Group, Inc.		(80	)		(5,147	)
XL Group Ltd. (Bermuda)		(72	)		(2,840	)

					(59,453	)

Materials — (2.6)%
Albemarle Corp.		(31	)		(4,226	)
CF Industries Holdings, Inc.		(3	)		(105	)
DowDuPont, Inc.		(73	)		(5,054	)
Eastman Chemical Co.		(40	)		(3,620	)
Ecolab, Inc.		(83	)		(10,675	)
International Flavors & Fragrances, Inc.		(22	)		(3,144	)
International Paper Co.		(114	)		(6,477	)
Martin Marietta Materials, Inc.		(18	)		(3,712	)
Monsanto Co.		(121	)		(14,498	)
Mosaic Co. (The)		(97	)		(2,094	)
Nucor Corp.		(88	)		(4,932	)
Sealed Air Corp.		(40	)		(1,709	)
Vulcan Materials Co.		(37	)		(4,425	)

					(64,671	)

Media — (0.1)%
Interpublic Group of Cos., Inc. (The)		(109	)		(2,266	)

Pharmaceuticals, Biotechnology & Life Sciences — (4.1)%
Agilent Technologies, Inc.		(1	)		(64	)
Alexion Pharmaceuticals, Inc.*		(62	)		(8,698	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Pharmaceuticals, Biotechnology & Life Sciences — (Continued)
Allergan PLC (Ireland)		(92	)	$	(18,855	)
Illumina, Inc.*		(36	)		(7,171	)
Incyte Corp.*		(59	)		(6,888	)
Mylan NV (Netherlands)*		(149	)		(4,674	)
PerkinElmer, Inc.		(31	)		(2,138	)
Perrigo Co. PLC (Ireland)		(40	)		(3,386	)
Pfizer, Inc.		(195	)		(6,962	)
Quintiles IMS Holdings, Inc.*		(60	)		(5,704	)
Regeneron Pharmaceuticals, Inc.*		(34	)		(15,202	)
Thermo Fisher Scientific, Inc.		(95	)		(17,974	)
Vertex Pharmaceuticals, Inc.*		(3	)		(456	)
Zoetis, Inc.		(22	)		(1,403	)

					(99,575	)

Real Estate — (3.2)%
American Tower Corp., REIT		(77	)		(10,524	)
Apartment Investment & Management Co., Class A, REIT		(44	)		(1,930	)
AvalonBay Communities, Inc., REIT		(20	)		(3,568	)
Boston Properties, Inc., REIT		(20	)		(2,458	)
Crown Castle International Corp., REIT		(101	)		(10,098	)
Equinix, Inc., REIT		(2	)		(893	)
Equity Residential, REIT		(102	)		(6,725	)
Federal Realty Investment Trust, REIT		(8	)		(994	)
GGP, Inc., REIT		(245	)		(5,089	)
HCP, Inc., REIT		(130	)		(3,618	)
Host Hotels & Resorts, Inc., REIT		(205	)		(3,790	)
Iron Mountain, Inc., REIT		(74	)		(2,879	)
Kimco Realty Corp., REIT		(118	)		(2,307	)
Macerich Co. (The), REIT		(40	)		(2,199	)
SBA Communications Corp., REIT*		(34	)		(4,898	)
Simon Property Group, Inc., REIT		(16	)		(2,576	)
SL Green Realty Corp., REIT		(28	)		(2,837	)
Vornado Realty Trust, REIT		(34	)		(2,614	)
Welltower, Inc., REIT		(102	)		(7,169	)

					(77,166	)

Retailing — (1.1)%
Expedia, Inc.		(43	)		(6,189	)
Foot Locker, Inc.		(37	)		(1,303	)
Kohl’s Corp.		(47	)		(2,146	)
L Brands, Inc.		(80	)		(3,329	)
Netflix, Inc.*		(2	)		(363	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Retailing — (Continued)
Priceline Group, Inc. (The)*		(4	)	$	(7,323	)
TripAdvisor, Inc.*		(40	)		(1,621	)
Ulta Beauty, Inc.*		(16	)		(3,617	)

					(25,891	)

Semiconductors & Semiconductor Equipment — (1.2)%
Advanced Micro Devices, Inc.*		(262	)		(3,340	)
NVIDIA Corp.		(130	)		(23,240	)
Qorvo, Inc.*		(36	)		(2,544	)

					(29,124	)

Software & Services — (2.2)%
Activision Blizzard, Inc.		(210	)		(13,547	)
Adobe Systems, Inc.*		(2	)		(298	)
Akamai Technologies, Inc.*		(48	)		(2,339	)
Alliance Data Systems Corp.		(16	)		(3,545	)
ANSYS, Inc.*		(24	)		(2,945	)
Cadence Design Systems, Inc.*		(78	)		(3,079	)
DXC Technology Co.		(78	)		(6,699	)
Fiserv, Inc.*		(31	)		(3,998	)
Gartner, Inc.*		(25	)		(3,110	)
Global Payments, Inc.		(43	)		(4,086	)
PayPal Holdings, Inc.*		(34	)		(2,177	)
salesforce.com, Inc.*		(11	)		(1,028	)
Symantec Corp.		(1	)		(33	)
Synopsys, Inc.*		(42	)		(3,382	)
Western Union Co. (The)		(129	)		(2,477	)

					(52,743	)

Technology Hardware & Equipment — (0.5)%
Amphenol Corp., Class A		(90	)		(7,618	)
Motorola Solutions, Inc.		(46	)		(3,904	)

					(11,522	)

Telecommunication Services — (0.2)%
Level 3 Communications, Inc.*		(100	)		(5,329	)

Transportation — (0.6)%
American Airlines Group, Inc.		(139	)		(6,601	)
Kansas City Southern		(30	)		(3,260	)
United Continental Holdings, Inc.*		(84	)		(5,114	)

					(14,975	)

Utilities — (1.9)%
Alliant Energy Corp.		(63	)		(2,619	)
Ameren Corp.		(44	)		(2,545	)
American Electric Power Co., Inc.		(27	)		(1,896	)
American Water Works Co., Inc.		(50	)		(4,046	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Utilities — (Continued)
Consolidated Edison, Inc.		(84	)	$	(6,777	)
Dominion Resources, Inc.		(19	)		(1,462	)
Duke Energy Corp.		(30	)		(2,518	)
Entergy Corp.		(49	)		(3,742	)
Eversource Energy		(87	)		(5,258	)
PG&E Corp.		(141	)		(9,601	)
Pinnacle West Capital Corp.		(31	)		(2,621	)
SCANA Corp.		(39	)		(1,891	)
Sempra Energy		(18	)		(2,054	)

					(47,030	)

TOTAL COMMON STOCK (Proceeds $957,394)					(987,064	)

TOTAL SECURITES SOLD SHORT - (40.3)%					(987,064	)

(Proceeds $957,394)
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3%					7,881

NET ASSETS - 100.0%				$	2,450,195

†	Security position is either entirely or partially held in a segregated account as collateral for securities sold short.

^(a)	All or portion of the security is on loan. (See Note 5 of the Notes to Financial Statements)

*	Non-income producing.


PLC		Public Limited Company
REIT		Real Estate Investment Trust


	Number of Shares		Value
LONG POSITIONS — 146.1%
COMMON STOCKS — 146.1%
Automobiles & Components — 1.9%
BorgWarner, Inc.†		8	$	410
Delphi Automotive PLC (Jersey)†		9		886
General Motors Co.†		915		36,948
Harley-Davidson, Inc.^(a)		107		5,158

				43,402

Banks — 2.6%
Bank of America Corp.†		514		13,025
BB&T Corp.		2		94
Citigroup, Inc.†		161		11,711
Citizens Financial Group, Inc.		31		1,174
Comerica, Inc.		7		534
Huntington Bancshares, Inc.†		168		2,345
JPMorgan Chase & Co.†		191		18,242
KeyCorp†		277		5,213
M&T Bank Corp.		2		322
PNC Financial Services Group, Inc. (The)†		29		3,908
SunTrust Banks, Inc.		28		1,674
US Bancorp†		1		54
Wells Fargo & Co.†		29		1,599
Zions Bancorporation†		13		613

				60,508

Capital Goods — 11.9%
3M Co.†		9		1,889
Allegion PLC (Ireland)		42		3,632
AMETEK, Inc.†		75		4,953
Arconic, Inc.†		323		8,036
Boeing Co. (The)†		216		54,909
Caterpillar, Inc.†		365		45,519
Cummins, Inc.†		96		16,131
Deere & Co.		3		377
Emerson Electric Co.†		8		503
Fastenal Co.		120		5,470
Fortive Corp.		22		1,557
Honeywell International, Inc.†		235		33,309
Illinois Tool Works, Inc.†		20		2,959
Ingersoll-Rand PLC (Ireland)†		165		14,713
Jacobs Engineering Group, Inc.†		80		4,662
Lockheed Martin Corp.†		114		35,373
Masco Corp.†		2		78
Northrop Grumman Corp.		10		2,877
PACCAR, Inc.		21		1,519
Pentair PLC (Ireland)		114		7,747


	Number of Shares		Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
Rockwell Automation, Inc.†		79	$	14,079
Rockwell Collins, Inc.†		12		1,569
Roper Technologies, Inc.		6		1,460
Snap-on, Inc.†		27		4,023
Stanley Black & Decker, Inc.†		3		453
TransDigm Group, Inc.†		31		7,925

				275,722

Commercial & Professional Services — 1.0%
Equifax, Inc.		12		1,272
Republic Services, Inc.		25		1,652
Robert Half International, Inc.†		79		3,977
Stericycle, Inc.*		15		1,074
Waste Management, Inc.†		183		14,323

				22,298

Consumer Durables & Apparel — 1.6%
Coach, Inc.†		178		7,170
DR Horton, Inc.†		73		2,915
Garmin Ltd. (Switzerland)†		11		594
Hasbro, Inc.†		51		4,981
Lennar Corp., Class A		14		739
Michael Kors Holdings Ltd. (British Virgin Islands)*		106		5,072
NIKE, Inc., Class B		2		104
PulteGroup, Inc.		66		1,804
Ralph Lauren Corp.†		53		4,679
Whirlpool Corp.†		46		8,484

				36,542

Consumer Services — 3.1%
H&R Block, Inc.†		13		344
Hilton Worldwide Holdings, Inc.†		204		14,168
Marriott International, Inc., Class A†		230		25,360
McDonald’s Corp.†		50		7,834
Royal Caribbean Cruises Ltd. (Liberia)†		124		14,699
Wyndham Worldwide Corp.†		61		6,430
Wynn Resorts Ltd.		7		1,042
Yum! Brands, Inc.†		26		1,914

				71,791

Diversified Financials — 7.0%
Berkshire Hathaway, Inc., Class B†*		148		27,131
BlackRock, Inc.†		80		35,767
Capital One Financial Corp.		29		2,455
CBOE Holdings, Inc.		16		1,722


	Number of Shares		Value
COMMON STOCKS — (Continued)
Diversified Financials — (Continued)
Charles Schwab Corp. (The)†		81	$	3,543
Discover Financial Services†		23		1,483
ETRADE Financial Corp.		23		1,003
Franklin Resources, Inc.†		350		15,578
Goldman Sachs Group, Inc. (The)†		24		5,693
Invesco Ltd. (Bermuda)		255		8,935
Leucadia National Corp.		22		556
Moody’s Corp.†		120		16,705
Morgan Stanley†		112		5,395
Nasdaq, Inc.†		105		8,145
Raymond James Financial, Inc.		41		3,458
S&P Global, Inc.†		50		7,816
State Street Corp.		23		2,197
Synchrony Financial		47		1,459
T Rowe Price Group, Inc.†		150		13,598

				162,639

Energy — 8.1%
Anadarko Petroleum Corp.†		347		16,951
Cabot Oil & Gas Corp.		28		749
Chesapeake Energy Corp.^(a)*		431		1,853
Chevron Corp.†		300		35,250
ConocoPhillips†		762		38,138
Devon Energy Corp.†		134		4,919
Marathon Oil Corp.		22		298
Marathon Petroleum Corp.†		317		17,777
Noble Energy, Inc.		131		3,715
Occidental Petroleum Corp.†		478		30,692
ONEOK, Inc.†		238		13,188
Range Resources Corp.^(a)		155		3,033
Valero Energy Corp.†		277		21,310

				187,873

Food & Staples Retailing — 7.9%
Costco Wholesale Corp.		15		2,464
CVS Health Corp.†		700		56,924
Kroger Co. (The)		55		1,103
Sysco Corp.†		332		17,911
Walgreens Boots Alliance, Inc.†		572		44,170
Wal-Mart Stores, Inc.†		790		61,731

				184,303

Food, Beverage & Tobacco — 5.0%
Altria Group, Inc.†		691		43,823
Campbell Soup Co.		18		843
Coca-Cola Co. (The)†		194		8,732


	Number of Shares		Value
COMMON STOCKS — (Continued)
Food, Beverage & Tobacco — (Continued)
Conagra Brands, Inc.†		289	$	9,751
Dr Pepper Snapple Group, Inc.†		114		10,086
General Mills, Inc.		34		1,760
JM Smucker Co. (The)		7		735
Kellogg Co.		211		13,160
Kraft Heinz Co. (The)		60		4,653
Molson Coors Brewing Co., Class B†		71		5,796
PepsiCo, Inc.		88		9,806
Philip Morris International, Inc.†		66		7,327

				116,472

Health Care Equipment & Services — 11.7%
Aetna, Inc.†		208		33,074
AmerisourceBergen Corp.†		141		11,668
Anthem, Inc.†		174		33,039
Baxter International, Inc.†		33		2,071
Centene Corp.†*		113		10,935
Cigna Corp.†		159		29,723
CR Bard, Inc.		4		1,282
Envision Healthcare Corp.*		2		90
Express Scripts Holding Co.†*		437		27,671
HCA Healthcare, Inc.†*		227		18,067
Humana, Inc.†		92		22,414
Laboratory Corp. of America Holdings†*		32		4,831
McKesson Corp.†		133		20,430
Medtronic PLC (Ireland)†		120		9,332
Patterson Cos., Inc.		2		77
UnitedHealth Group, Inc.†		178		34,861
Universal Health Services, Inc., Class B		60		6,656
Varian Medical Systems, Inc.†*		58		5,803

				272,024

Household & Personal Products — 1.7%
Church & Dwight Co., Inc.†		14		678
Clorox Co. (The)†		80		10,553
Colgate-Palmolive Co.		57		4,152
Estee Lauder Cos., Inc. (The), Class A†		24		2,588
Kimberly-Clark Corp.†		173		20,359

				38,330

Insurance — 1.7%
Allstate Corp. (The)		2		184
Aon PLC (United Kingdom)†		152		22,207


	Number of Shares		Value
COMMON STOCKS — (Continued)
Insurance — (Continued)
Arthur J Gallagher & Co.		4	$	246
Brighthouse Financial, Inc.*		4		243
Chubb Ltd. (Switzerland)†		10		1,426
Lincoln National Corp.		13		955
MetLife, Inc.		64		3,325
Progressive Corp. (The)†		168		8,135
Prudential Financial, Inc.		3		319
Travelers Cos., Inc. (The)		10		1,225
Willis Towers Watson PLC (Ireland)		10		1,542

				39,807

Materials — 5.2%
Air Products & Chemicals, Inc.†		137		20,717
Ball Corp.		220		9,086
FMC Corp.		84		7,502
Freeport-McMoRan, Inc.†*		896		12,580
LyondellBasell Industries NV, Class A (Netherlands)†		256		25,357
Newmont Mining Corp.†		334		12,528
Packaging Corp. of America		59		6,766
PPG Industries, Inc.†		2		217
Praxair, Inc.		17		2,376
Sherwin-Williams Co. (The)†		60		21,482
WestRock Co.†		16		908

				119,519

Media — 9.4%
CBS Corp., Class B, non-voting shares†		194		11,252
Charter Communications, Inc., Class A†*		17		6,178
Comcast Corp., Class A†		1,400		53,872
Discovery Communications, Inc., Class A^(a)*		347		7,388
DISH Network Corp., Class A*		5		271
News Corp., Class A†		426		5,649
Omnicom Group, Inc.†^(a)		156		11,555
Scripps Networks Interactive, Inc., Class A†		48		4,123
Time Warner, Inc.†		487		49,893
Twenty-First Century Fox, Inc., Class A†		942		24,850
Viacom, Inc., Class B		25		696
Walt Disney Co. (The)†		420		41,399

				217,126


	Number of Shares		Value
COMMON STOCKS — (Continued)
Pharmaceuticals, Biotechnology & Life Sciences — 8.3%
AbbVie, Inc.†		517	$	45,941
Amgen, Inc.†		181		33,747
Biogen, Inc.†*		28		8,767
Bristol-Myers Squibb Co.†		106		6,756
Celgene Corp.†*		178		25,956
Gilead Sciences, Inc.†		712		57,686
Johnson & Johnson†		108		14,041

				192,894

Real Estate — 2.0%
Alexandria Real Estate Equities, Inc., REIT†		53		6,305
AvalonBay Communities, Inc., REIT†		5		892
CBRE Group, Inc., Class A, REIT†*		7		265
Digital Realty Trust, Inc., REIT†		10		1,183
Duke Realty Corp., REIT		185		5,332
Essex Property Trust, Inc., REIT†		3		762
Extra Space Storage, Inc., REIT		27		2,158
Mid-America Apartment Communities, Inc., REIT†		71		7,588
Prologis, Inc., REIT		142		9,011
Public Storage, REIT		3		642
Realty Income Corp., REIT†		34		1,944
Regency Centers Corp., REIT		94		5,832
UDR, Inc., REIT†		17		647
Ventas, Inc., REIT		15		977
Weyerhaeuser Co., REIT†		92		3,131

				46,669

Retailing — 8.1%
Advance Auto Parts, Inc.		46		4,563
AutoZone, Inc.†*		14		8,332
Best Buy Co., Inc.		21		1,196
CarMax, Inc.*		113		8,567
Dollar General Corp.†		22		1,783
Dollar Tree, Inc.†*		15		1,302
Foot Locker, Inc.†		2		70
Gap, Inc. (The)		24		709
Genuine Parts Co.		92		8,800
Home Depot, Inc. (The)†		405		66,242
LKQ Corp.†*		193		6,946
Lowe’s Cos., Inc.†		527		42,128
Macy’s, Inc.		18		393
Nordstrom, Inc.		99		4,668
O’Reilly Automotive, Inc.†*		52		11,199
Ross Stores, Inc.†		142		9,169


	Number of Shares		Value
COMMON STOCKS — (Continued)
Retailing — (Continued)
Signet Jewelers Ltd. (Bermuda)^(a)		38	$	2,529
Target Corp.†		39		2,301
Tiffany & Co.		11		1,010
TJX Cos., Inc. (The)		21		1,548
Tractor Supply Co.		79		5,000

				188,455

Semiconductors & Semiconductor Equipment — 8.5%
Applied Materials, Inc.†		713		37,140
Intel Corp.†		1,082		41,203
KLA-Tencor Corp.†		104		11,024
Lam Research Corp.†		121		22,390
Microchip Technology, Inc.		15		1,347
Micron Technology, Inc.*		762		29,969
QUALCOMM, Inc.†		37		1,918
Skyworks Solutions, Inc.†		117		11,922
Texas Instruments, Inc.†		319		28,595
Xilinx, Inc.†		153		10,837

				196,345

Software & Services — 13.1%
Accenture PLC, Class A (Ireland)†		100		13,507
Alphabet, Inc., Class A†*		46		44,791
Automatic Data Processing, Inc.†		139		15,195
CA, Inc.†		219		7,310
Citrix Systems, Inc.†*		90		6,914
Cognizant Technology Solutions Corp., Class A†		36		2,611
CSRA, Inc.†		15		484
eBay, Inc.†*		64		2,461
Electronic Arts, Inc.†*		194		22,904
Facebook, Inc., Class A†*		82		14,011
Fidelity National Information Services, Inc.†		23		2,148
International Business Machines
Corp.†		246		35,690
Intuit, Inc.†		160		22,742
Mastercard, Inc., Class A†		65		9,178
Microsoft Corp.†		87		6,481
Oracle Corp.†		1,035		50,042
Paychex, Inc.†		226		13,551
Total System Services, Inc.†		63		4,126
VeriSign, Inc.^(a)*		6		638
Visa, Inc., Class A		282		29,678

				304,462


	Number of Shares		Value
COMMON STOCKS — (Continued)
Technology Hardware & Equipment — 10.2%
Apple, Inc.†		509	$	78,456
Cisco Systems, Inc.†		1,545		51,958
F5 Networks, Inc.†*		49		5,907
FLIR Systems, Inc.†		78		3,035
Harris Corp.†		76		10,008
Hewlett Packard Enterprise Co.†		1,019		14,989
HP, Inc.†		1,047		20,898
Juniper Networks, Inc.†		287		7,987
Motorola Solutions, Inc.†		46		3,904
NetApp, Inc.†		216		9,452
Seagate Technology PLC (Ireland)†		168		5,573
TE Connectivity Ltd. (Switzerland)†		36		2,990
Western Digital Corp.†		184		15,898
Xerox Corp.		164		5,460

				236,515

Telecommunication Services — 4.1%
AT&T, Inc.†		1,081		42,343
CenturyLink, Inc.^(a)		34		643
Verizon Communications, Inc.†		1,057		52,311

				95,297

Transportation — 8.8%
Alaska Air Group, Inc.		7		534
CSX Corp.†		469		25,448
Delta Air Lines, Inc.†		275		13,260
Expeditors International of Washington, Inc.†		112		6,704
FedEx Corp.†		119		26,844
JB Hunt Transport Services, Inc.		68		7,553
Norfolk Southern Corp.†		173		22,878
Southwest Airlines Co.†		375		20,992
Union Pacific Corp.†		423		49,055
United Parcel Service, Inc., Class B†		264		31,704

				204,972

Utilities — 3.2%
AES Corp.†		40		441
CenterPoint Energy, Inc.†		211		6,163
CMS Energy Corp.†		176		8,152
DTE Energy Co.†		112		12,024
Edison International		153		11,807
Exelon Corp.†		5		188
FirstEnergy Corp.†		278		8,571
NiSource, Inc.		24		614
NRG Energy, Inc.		7		179


	Number of Shares			Value
COMMON STOCKS — (Continued)
Utilities — (Continued)
Public Service Enterprise Group, Inc.†		316		$	14,615
WEC Energy Group, Inc.†		197			12,368

					75,122

TOTAL COMMON STOCKS (Cost $3,043,078)					3,389,087

TOTAL LONG POSITIONS - 146.1%					3,389,087

(Cost $3,043,078)

SHORT POSITIONS — (85.6)%
COMMON STOCKS — (85.6)%
Automobiles & Components — (1.2)%
Ford Motor Co.		(1,985	)		(23,760	)
Goodyear Tire & Rubber Co. (The)		(126	)		(4,190	)

					(27,950	)

Banks — (0.3)%
Fifth Third Bancorp		(22	)		(616	)
People’s United Financial, Inc.		(170	)		(3,084	)
Regions Financial Corp.		(185	)		(2,818	)

					(6,518	)

Capital Goods — (6.7)%
Acuity Brands, Inc.		(22	)		(3,768	)
AO Smith Corp.		(86	)		(5,111	)
Dover Corp.		(76	)		(6,946	)
Eaton Corp. PLC (Ireland)		(227	)		(17,431	)
Flowserve Corp.		(27	)		(1,150	)
Fluor Corp.		(70	)		(2,947	)
Fortune Brands Home & Security, Inc.		(78	)		(5,244	)
General Dynamics Corp.		(69	)		(14,185	)
General Electric Co.		(1,342	)		(32,450	)
Johnson Controls International PLC (Ireland)		(469	)		(18,896	)
L3 Technologies, Inc.		(40	)		(7,537	)
Parker-Hannifin Corp.		(67	)		(11,726	)
Quanta Services, Inc.*		(76	)		(2,840	)
Raytheon Co.		(14	)		(2,612	)
United Rentals, Inc.*		(3	)		(416	)
United Technologies Corp.		(191	)		(22,171	)
WW Grainger, Inc.		(5	)		(899	)

					(156,329	)

Commercial & Professional Services — (1.2)%
Cintas Corp.		(53	)		(7,647	)
IHS Markit Ltd. (Bermuda)*		(201	)		(8,860	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Commercial & Professional Services — (Continued)
Nielsen Holdings PLC (United Kingdom)		(180	)	$	(7,461	)
Verisk Analytics, Inc.*		(33	)		(2,745	)

					(26,713	)

Consumer Durables & Apparel — (2.2)%
Hanesbrands, Inc.		(184	)		(4,534	)
Leggett & Platt, Inc.		(66	)		(3,150	)
Mattel, Inc.		(172	)		(2,663	)
Mohawk Industries, Inc.*		(37	)		(9,158	)
Newell Brands, Inc.		(243	)		(10,369	)
PVH Corp.		(40	)		(5,042	)
Under Armour, Inc., Class C*		(221	)		(3,319	)
VF Corp.		(198	)		(12,587	)

					(50,822	)

Consumer Services — (2.4)%
Carnival Corp. (Panama)		(365	)		(23,568	)
Chipotle Mexican Grill, Inc.*		(15	)		(4,617	)
Darden Restaurants, Inc.		(63	)		(4,963	)
MGM Resorts International		(289	)		(9,419	)
Starbucks Corp.		(234	)		(12,568	)

					(55,135	)

Diversified Financials — (3.7)%
American Express Co.		(66	)		(5,970	)
Ameriprise Financial, Inc.		(75	)		(11,138	)
Bank of New York Mellon Corp. (The)		(217	)		(11,505	)
CME Group, Inc.		(171	)		(23,201	)
Intercontinental Exchange, Inc.		(297	)		(20,404	)
Navient Corp.		(139	)		(2,088	)
Northern Trust Corp.		(116	)		(10,664	)

					(84,970	)

Energy — (10.1)%
Andeavor		(21	)		(2,166	)
Apache Corp.		(159	)		(7,282	)
Cimarex Energy Co.		(21	)		(2,387	)
EOG Resources, Inc.		(290	)		(28,055	)
EQT Corp.		(94	)		(6,133	)
Exxon Mobil Corp.		(376	)		(30,824	)
Halliburton Co.		(438	)		(20,161	)
Helmerich & Payne, Inc.		(56	)		(2,918	)
Hess Corp.		(164	)		(7,690	)
Kinder Morgan, Inc.		(1,153	)		(22,115	)
National Oilwell Varco, Inc.		(138	)		(4,931	)
Newfield Exploration Co.*		(99	)		(2,937	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Energy — (Continued)
Phillips 66		(212	)	$	(19,421	)
Pioneer Natural Resources Co.		(86	)		(12,688	)
Schlumberger Ltd. (Curacao)		(666	)		(46,460	)
TechnipFMC PLC (United Kingdom)*		(235	)		(6,561	)
Williams Cos., Inc. (The)		(415	)		(12,454	)

					(235,183	)

Food, Beverage & Tobacco — (3.3)%
Archer-Daniels-Midland Co.		(284	)		(12,073	)
Hershey Co. (The)		(109	)		(11,900	)
McCormick & Co., Inc., non-voting shares		(64	)		(6,569	)
Mondelez International, Inc., Class A		(661	)		(26,876	)
Monster Beverage Corp.*		(128	)		(7,072	)
Tyson Foods, Inc., Class A		(184	)		(12,963	)
					(77,453	)
Health Care Equipment & Services — (6.4)%
Abbott Laboratories		(13	)		(694	)
Align Technology, Inc.*		(2	)		(373	)
Becton Dickinson and Co.		(43	)		(8,426	)
Boston Scientific Corp.*		(690	)		(20,127	)
Cardinal Health, Inc.		(160	)		(10,707	)
Cooper Cos., Inc. (The)		(15	)		(3,557	)
Danaher Corp.		(350	)		(30,023	)
DaVita, Inc.*		(97	)		(5,761	)
DENTSPLY SIRONA, Inc.		(115	)		(6,878	)
Edwards Lifesciences Corp.*		(92	)		(10,057	)
Henry Schein, Inc.*		(79	)		(6,477	)
Hologic, Inc.*		(76	)		(2,788	)
ResMed, Inc.		(72	)		(5,541	)
Stryker Corp.		(188	)		(26,700	)
Zimmer Biomet Holdings, Inc.		(87	)		(10,187	)

					(148,296	)

Household & Personal Products — (0.7)%
Coty, Inc., Class A		(380	)		(6,281	)
Procter & Gamble Co. (The)		(109	)		(9,917	)

					(16,198	)

Insurance — (3.7)%
Aflac, Inc.		(19	)		(1,546	)
American International Group, Inc.		(455	)		(27,932	)
Assurant, Inc.		(1	)		(96	)
Cincinnati Financial Corp.		(83	)		(6,355	)
Everest Re Group Ltd.		(21	)		(4,796	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Insurance — (Continued)
Hartford Financial Services Group, Inc. (The)		(183	)	$	(10,144	)
Loews Corp.		(170	)		(8,136	)
Marsh & McLennan Cos., Inc.		(84	)		(7,040	)
Principal Financial Group, Inc.		(146	)		(9,394	)
Torchmark Corp.		(59	)		(4,725	)
Unum Group		(4	)		(205	)
XL Group Ltd. (Bermuda)		(131	)		(5,168	)

					(85,537	)

Materials — (5.9)%
Albemarle Corp.		(55	)		(7,497	)
CF Industries Holdings, Inc.		(93	)		(3,270	)
DowDuPont, Inc.		(420	)		(29,077	)
Eastman Chemical Co.		(75	)		(6,787	)
Ecolab, Inc.		(113	)		(14,533	)
International Flavors & Fragrances, Inc.		(40	)		(5,716	)
International Paper Co.		(207	)		(11,762	)
Martin Marietta Materials, Inc.		(33	)		(6,806	)
Monsanto Co.		(221	)		(26,480	)
Mosaic Co. (The)		(186	)		(4,016	)
Nucor Corp.		(160	)		(8,966	)
Sealed Air Corp.		(96	)		(4,101	)
Vulcan Materials Co.		(70	)		(8,372	)

					(137,383	)

Media — (0.2)%
Interpublic Group of Cos., Inc. (The)		(199	)		(4,137	)

Pharmaceuticals, Biotechnology & Life Sciences — (11.4)%
Agilent Technologies, Inc.		(3	)		(193	)
Alexion Pharmaceuticals, Inc.*		(123	)		(17,256	)
Allergan PLC (Ireland)		(168	)		(34,432	)
Eli Lilly & Co.		(529	)		(45,251	)
Incyte Corp.*		(107	)		(12,491	)
Merck & Co., Inc.		(330	)		(21,130	)
Mylan NV (Netherlands)*		(270	)		(8,470	)
PerkinElmer, Inc.		(56	)		(3,862	)
Perrigo Co. PLC (Ireland)		(57	)		(4,825	)
Pfizer, Inc.		(1,087	)		(38,806	)
Quintiles IMS Holdings, Inc.*		(108	)		(10,268	)
Regeneron Pharmaceuticals, Inc.*		(61	)		(27,274	)
Thermo Fisher Scientific, Inc.		(197	)		(37,272	)
Waters Corp.*		(7	)		(1,257	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Pharmaceuticals, Biotechnology & Life Sciences — (Continued)
Zoetis, Inc.		(10	)	$	(638	)

					(263,425	)

Real Estate — (6.2)%
American Tower Corp., REIT		(55	)		(7,517	)
Apartment Investment & Management Co., Class A, REIT		(80	)		(3,509	)
Boston Properties, Inc., REIT		(68	)		(8,356	)
Crown Castle International Corp., REIT		(186	)		(18,596	)
Equity Residential, REIT		(187	)		(12,329	)
Federal Realty Investment Trust, REIT		(35	)		(4,347	)
GGP, Inc., REIT		(445	)		(9,243	)
HCP, Inc., REIT		(237	)		(6,596	)
Host Hotels & Resorts, Inc., REIT		(362	)		(6,693	)
Iron Mountain, Inc., REIT		(134	)		(5,213	)
Kimco Realty Corp., REIT		(224	)		(4,379	)
Macerich Co. (The), REIT		(77	)		(4,233	)
SBA Communications Corp., REIT*		(61	)		(8,787	)
Simon Property Group, Inc., REIT		(111	)		(17,872	)
SL Green Realty Corp., REIT		(54	)		(5,471	)
Vornado Realty Trust, REIT		(96	)		(7,380	)
Welltower, Inc., REIT		(186	)		(13,072	)

					(143,593	)

Retailing — (3.1)%
Amazon.com, Inc.*		(24	)		(23,072	)
Kohl’s Corp.		(2	)		(91	)
L Brands, Inc.		(2	)		(84	)
Priceline Group, Inc. (The)*		(21	)		(38,447	)
TripAdvisor, Inc.*		(90	)		(3,648	)
Ulta Beauty, Inc.*		(31	)		(7,008	)

					(72,350	)

Semiconductors & Semiconductor Equipment — (4.5)%
Advanced Micro Devices, Inc.*		(476	)		(6,069	)
Analog Devices, Inc.		(187	)		(16,114	)
Broadcom Ltd. (Singapore)		(190	)		(46,083	)
NVIDIA Corp.		(180	)		(32,179	)
Qorvo, Inc.*		(65	)		(4,594	)

					(105,039	)

Software & Services — (4.3)%
Activision Blizzard, Inc.		(381	)		(24,578	)
Adobe Systems, Inc.*		(4	)		(597	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
Akamai Technologies, Inc.*		(87	)	$	(4,239	)
Alliance Data Systems Corp.		(28	)		(6,203	)
ANSYS, Inc.*		(43	)		(5,277	)
Cadence Design Systems, Inc.*		(142	)		(5,605	)
DXC Technology Co.		(142	)		(12,195	)
Fiserv, Inc.*		(73	)		(9,414	)
Gartner, Inc.*		(45	)		(5,598	)
Global Payments, Inc.		(77	)		(7,317	)
PayPal Holdings, Inc.*		(31	)		(1,985	)
salesforce.com, Inc.*		(5	)		(467	)
Symantec Corp.		(308	)		(10,105	)
Synopsys, Inc.*		(22	)		(1,772	)
Western Union Co. (The)		(234	)		(4,493	)

					(99,845	)

Technology Hardware & Equipment — (1.2)%
Amphenol Corp., Class A		(163	)		(13,796	)
Corning, Inc.		(454	)		(13,584	)

					(27,380	)

Telecommunication Services — (0.0)%
Level 3 Communications, Inc.*		(12	)		(639	)

Transportation — (1.1)%
American Airlines Group, Inc.		(246	)		(11,683	)
CH Robinson Worldwide, Inc.		(71	)		(5,403	)
United Continental Holdings, Inc.*		(156	)		(9,497	)

					(26,583	)

Utilities — (5.8)%
Alliant Energy Corp.		(116	)		(4,822	)
Ameren Corp.		(101	)		(5,842	)
American Electric Power Co., Inc.		(39	)		(2,739	)
American Water Works Co., Inc.		(91	)		(7,363	)
Consolidated Edison, Inc.		(154	)		(12,425	)
Dominion Resources, Inc.		(112	)		(8,616	)
Duke Energy Corp.		(139	)		(11,665	)
Entergy Corp.		(90	)		(6,872	)
Eversource Energy		(159	)		(9,610	)
NextEra Energy, Inc.		(4	)		(586	)
PG&E Corp.		(257	)		(17,499	)
Pinnacle West Capital Corp.		(56	)		(4,735	)
PPL Corp.		(344	)		(13,055	)
SCANA Corp.		(71	)		(3,443	)
Sempra Energy		(63	)		(7,190	)
Southern Co. (The)		(184	)		(9,042	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Utilities — (Continued)
Xcel Energy, Inc.		(191	)	$	(9,038	)

					(134,542	)

TOTAL COMMON STOCK (Proceeds $1,975,897)					(1,986,020	)

TOTAL SECURITES SOLD SHORT - (85.6)%					(1,986,020	)

(Proceeds $1,975,897)
OTHER ASSETS IN EXCESS OF LIABILITIES - 39.5%					916,429

NET ASSETS - 100.0%				$	2,319,496


	Number of Shares		Value
LONG POSITIONS — 95.5%
COMMON STOCKS — 95.5%
Automobiles & Components — 1.6%
BorgWarner, Inc.†		75	$	3,842
Delphi Automotive PLC (Jersey)†		95		9,348
General Motors Co.†		476		19,221
Harley-Davidson, Inc.(a)		59		2,844

				35,255

Banks — 3.9%
Bank of America Corp.†		621		15,736
BB&T Corp.†		50		2,347
Citigroup, Inc.†		110		8,001
Citizens Financial Group, Inc.†		38		1,439
Comerica, Inc.†		11		839
Huntington Bancshares, Inc.†		256		3,574
JPMorgan Chase & Co.†		218		20,821
KeyCorp.†		230		4,329
M&T Bank Corp.†		14		2,255
People’s United Financial, Inc.		2		36
PNC Financial Services Group, Inc. (The)†		30		4,043
Regions Financial Corp.†		76		1,157
SunTrust Banks, Inc.†		31		1,853
US Bancorp†		104		5,573
Wells Fargo & Co.†		305		16,821
Zions Bancorporation†		13		613

				89,437

Capital Goods — 7.4%
3M Co.†		31		6,507
Allegion PLC (Ireland)		34		2,940
AMETEK, Inc.†		32		2,113
Arconic, Inc.		173		4,304
Boeing Co. (The)†		158		40,165
Caterpillar, Inc.†		200		24,942
Cummins, Inc.†		58		9,746
Deere & Co.		1		126
Emerson Electric Co.†		4		251
Fastenal Co.		25		1,140
Fortive Corp.†		22		1,557
Honeywell International, Inc.†		125		17,718
Illinois Tool Works, Inc.†		22		3,255
Ingersoll-Rand PLC (Ireland)†		90		8,025
Jacobs Engineering Group, Inc.†		41		2,389
Lockheed Martin Corp.†		66		20,479
Northrop Grumman Corp.†		11		3,165
PACCAR, Inc.		4		289


	Number of Shares		Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
Pentair PLC (Ireland)		62	$	4,214
Rockwell Automation, Inc.		27		4,812
Roper Technologies, Inc.		6		1,460
Snap-on, Inc.†		19		2,831
TransDigm Group, Inc.		16		4,090
United Technologies Corp.		4		464
WW Grainger, Inc.		3		539

				167,521

Commercial & Professional Services — 0.5%
Equifax, Inc.		3		318
Republic Services, Inc.		21		1,387
Robert Half International, Inc.†		45		2,265
Stericycle, Inc.*		5		358
Waste Management, Inc.		98		7,670

				11,998

Consumer Durables & Apparel — 1.1%
Coach, Inc.		96		3,867
DR Horton, Inc.†		84		3,354
Garmin Ltd. (Switzerland)		12		648
Hasbro, Inc.		9		879
Lennar Corp., Class A†		14		739
Michael Kors Holdings Ltd. (British Virgin Islands)*		57		2,727
NIKE, Inc., Class B		2		104
PulteGroup, Inc.		98		2,678
PVH Corp.†		28		3,530
Ralph Lauren Corp.†		29		2,560
Whirlpool Corp.†		23		4,242

				25,328

Consumer Services — 1.8%
H&R Block, Inc.†		13		344
Hilton Worldwide Holdings, Inc.		110		7,640
Marriott International, Inc., Class A†		127		14,003
McDonald’s Corp.†		50		7,834
Royal Caribbean Cruises Ltd. (Liberia)		32		3,793
Wyndham Worldwide Corp.†		38		4,006
Wynn Resorts Ltd.		6		894
Yum! Brands, Inc.†		20		1,472

				39,986

Diversified Financials — 5.3%
Ameriprise Financial, Inc.†		4		594


	Number of Shares		Value
COMMON STOCKS — (Continued)
Diversified Financials — (Continued)
Bank of New York Mellon Corp. (The)†		47	$	2,492
Berkshire Hathaway, Inc., Class B†*		148		27,131
BlackRock, Inc.†		37		16,542
Capital One Financial Corp.†		29		2,455
CBOE Holdings, Inc.		15		1,614
Charles Schwab Corp. (The)†		172		7,523
CME Group, Inc.†		11		1,492
Discover Financial Services†		23		1,483
ETRADE Financial Corp.†		17		741
Franklin Resources, Inc.		189		8,412
Goldman Sachs Group, Inc. (The)†		38		9,013
Invesco Ltd. (Bermuda)		138		4,836
Leucadia National Corp.		22		556
Moody’s Corp.†		66		9,188
Morgan Stanley†		150		7,226
Nasdaq, Inc.†		57		4,421
Northern Trust Corp.†		14		1,287
Raymond James Financial, Inc.		8		675
S&P Global, Inc.†		15		2,345
State Street Corp.†		22		2,102
Synchrony Financial†		48		1,490
T Rowe Price Group, Inc.†		82		7,433

				121,051

Energy — 4.6%
Anadarko Petroleum Corp.		187		9,135
Cabot Oil & Gas Corp.		28		749
Chesapeake Energy Corp.^(a)*		265		1,140
Chevron Corp.†		203		23,852
ConocoPhillips†		415		20,771
Devon Energy Corp.		25		918
Marathon Oil Corp.		26		353
Marathon Petroleum Corp.†		163		9,141
Noble Energy, Inc.		37		1,049
Occidental Petroleum Corp.		258		16,566
ONEOK, Inc.†		121		6,705
Range Resources Corp.^(a)		84		1,644
Valero Energy Corp.†		158		12,155

				104,178

Food & Staples Retailing — 4.5%
Costco Wholesale Corp.		23		3,779
CVS Health Corp.†		370		30,088
Kroger Co. (The)		55		1,103
Sysco Corp.†		180		9,711


	Number of Shares		Value
COMMON STOCKS — (Continued)
Food & Staples Retailing — (Continued)
Walgreens Boots Alliance, Inc.†		278	$	21,467
Wal-Mart Stores, Inc.†		475		37,116

				103,264

Food, Beverage & Tobacco — 3.8%
Altria Group, Inc.†		412		26,129
Campbell Soup Co.		18		843
Coca-Cola Co. (The)		252		11,343
Conagra Brands, Inc.†		153		5,162
Dr Pepper Snapple Group, Inc.†		62		5,485
General Mills, Inc.		81		4,193
Hormel Foods Corp.^(a)		1		32
JM Smucker Co. (The)		6		630
Kellogg Co.		116		7,235
Kraft Heinz Co. (The)		39		3,024
Molson Coors Brewing Co., Class B		73		5,960
PepsiCo, Inc.		97		10,809
Philip Morris International, Inc.†		41		4,551

				85,396

Health Care Equipment & Services — 7.2%
Aetna, Inc.†		123		19,558
AmerisourceBergen Corp.		77		6,372
Anthem, Inc.†		92		17,469
Baxter International, Inc.†		35		2,196
Centene Corp.†*		60		5,806
Cigna Corp.†		90		16,825
CR Bard, Inc.		4		1,282
Express Scripts Holding Co.†*		219		13,867
HCA Healthcare, Inc.†*		122		9,710
Humana, Inc.†		52		12,669
Laboratory Corp. of America Holdings†*		37		5,586
McKesson Corp.†		72		11,060
Medtronic PLC (Ireland)†		98		7,621
Quest Diagnostics, Inc.†		27		2,528
UnitedHealth Group, Inc.†		122		23,894
Universal Health Services, Inc., Class B		33		3,661
Varian Medical Systems, Inc.*		32		3,202

				163,306

Household & Personal Products — 1.2%
Church & Dwight Co., Inc.†		16		775
Clorox Co. (The)		44		5,804
Colgate-Palmolive Co.		51		3,715


	Number of Shares		Value
COMMON STOCKS — (Continued)
Household & Personal Products — (Continued)
Estee Lauder Cos., Inc. (The), Class A†		23	$	2,480
Kimberly-Clark Corp.†		94		11,062
Procter & Gamble Co. (The)†		48		4,367

				28,203

Insurance — 1.5%
Allstate Corp. (The)		16		1,471
Aon PLC (United Kingdom)†		75		10,958
Arthur J Gallagher & Co.		10		616
Chubb Ltd. (Switzerland)†		40		5,702
MetLife, Inc.		64		3,325
Progressive Corp. (The)†		99		4,794
Prudential Financial, Inc.†		33		3,509
Torchmark Corp.†		8		641
Travelers Cos., Inc. (The)†		14		1,715
Unum Group†		15		767
Willis Towers Watson PLC (Ireland)		8		1,234

				34,732

Materials — 3.0%
Air Products & Chemicals, Inc.†		74		11,190
Ball Corp.		119		4,915
FMC Corp.		45		4,019
Freeport-McMoRan, Inc.†*		476		6,683
LyondellBasell Industries NV, Class A (Netherlands)†		138		13,669
Newmont Mining Corp.		181		6,789
Packaging Corp. of America		32		3,670
PPG Industries, Inc.†		2		217
Praxair, Inc.		17		2,376
Sherwin-Williams Co. (The)†		33		11,815
WestRock Co.†		67		3,801

				69,144

Media — 5.4%
CBS Corp., Class B, non-voting shares†		84		4,872
Charter Communications, Inc., Class A†*		16		5,815
Comcast Corp., Class A†		779		29,976
Discovery Communications, Inc., Class A†*		58		1,235
News Corp., Class A†		203		2,692
Omnicom Group, Inc.†		82		6,074
Scripps Networks Interactive, Inc., Class A†		45		3,865


	Number of Shares		Value
COMMON STOCKS — (Continued)
Media — (Continued)
Time Warner, Inc.†		262	$	26,842
Twenty-First Century Fox, Inc., Class A†		640		16,883
Viacom, Inc., Class B		25		696
Walt Disney Co. (The)†		229		22,573

				121,523

Pharmaceuticals, Biotechnology & Life Sciences — 5.2%
AbbVie, Inc.†		268		23,815
Amgen, Inc.†		103		19,204
Biogen, Inc.†*		20		6,262
Bristol-Myers Squibb Co.†		99		6,310
Celgene Corp.†*		88		12,832
Gilead Sciences, Inc.†		351		28,438
Johnson & Johnson†		132		17,161
Merck & Co., Inc.†		35		2,241
Waters Corp.†*		4		718

				116,981

Real Estate — 1.4%
Alexandria Real Estate Equities, Inc., REIT		24		2,855
CBRE Group, Inc., Class A, REIT†*		21		796
Digital Realty Trust, Inc., REIT†		11		1,302
Duke Realty Corp., REIT		101		2,911
Essex Property Trust, Inc., REIT†		4		1,016
Extra Space Storage, Inc., REIT†		35		2,797
Mid-America Apartment Communities, Inc., REIT		38		4,061
Prologis, Inc., REIT		74		4,696
Public Storage, REIT		5		1,070
Realty Income Corp., REIT		18		1,029
Regency Centers Corp., REIT		57		3,536
UDR, Inc., REIT†		17		647
Ventas, Inc., REIT†		12		782
Weyerhaeuser Co., REIT†		105		3,573

				31,071

Retailing — 5.2%
Advance Auto Parts, Inc.		25		2,480
Amazon.com, Inc.*		3		2,884
AutoZone, Inc.†*		8		4,761
Best Buy Co., Inc.†		111		6,323
CarMax, Inc.*		51		3,866
Dollar General Corp.†		21		1,702
Dollar Tree, Inc.*		15		1,302


	Number of Shares		Value
COMMON STOCKS — (Continued)
Retailing — (Continued)
Gap, Inc. (The)†^(a)		24	$	709
Genuine Parts Co.		50		4,782
Home Depot, Inc. (The)†		237		38,764
LKQ Corp.*		105		3,779
Lowe’s Cos., Inc.†		289		23,103
Macy’s, Inc.		19		415
Nordstrom, Inc.		51		2,405
O’Reilly Automotive, Inc.†*		27		5,815
Ross Stores, Inc.		102		6,586
Signet Jewelers Ltd. (Bermuda)^(a)		21		1,398
Target Corp.†		32		1,888
Tiffany & Co.		8		734
TJX Cos., Inc. (The)†		36		2,654
Tractor Supply Co.		42		2,658

				119,008

Semiconductors & Semiconductor Equipment — 5.1%
Analog Devices, Inc.		11		948
Applied Materials, Inc.†		377		19,638
Intel Corp.†		690		26,275
KLA-Tencor Corp.†		55		5,830
Lam Research Corp.†		64		11,843
Microchip Technology, Inc.^(a)		15		1,347
Micron Technology, Inc.*		411		16,165
Skyworks Solutions, Inc.		65		6,624
Texas Instruments, Inc.†		223		19,990
Xilinx, Inc.		84		5,950

				114,610

Software & Services — 9.9%
Accenture PLC, Class A (Ireland)†		76		10,265
Alphabet, Inc., Class A†*		40		38,949
Automatic Data Processing, Inc.		60		6,559
CA, Inc.†		28		935
Citrix Systems, Inc.*		33		2,535
Cognizant Technology Solutions Corp., Class A†		35		2,539
CSRA, Inc.†		57		1,839
eBay, Inc.†*		106		4,077
Electronic Arts, Inc.†*		105		12,396
Facebook, Inc., Class A†*		127		21,700
Fidelity National Information Services, Inc.†		10		934
International Business Machines Corp.†		131		19,005
Intuit, Inc.†		87		12,366


	Number of Shares		Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
Mastercard, Inc., Class A†		64	$	9,037
Microsoft Corp.†		278		20,708
Oracle Corp.†		608		29,397
Paychex, Inc.		122		7,315
Total System Services, Inc.		39		2,554
VeriSign, Inc.†*		9		958
Visa, Inc., Class A†		197		20,732

				224,800

Technology Hardware & Equipment — 6.8%
Apple, Inc.†		499		76,908
Cisco Systems, Inc.†		756		25,424
F5 Networks, Inc.†*		23		2,773
FLIR Systems, Inc.†		46		1,790
Harris Corp.		41		5,399
Hewlett Packard Enterprise Co.		557		8,193
HP, Inc.†		588		11,736
Juniper Networks, Inc.†		133		3,701
NetApp, Inc.		93		4,070
TE Connectivity Ltd. (Switzerland)†		34		2,824
Western Digital Corp.†		100		8,640
Xerox Corp.		89		2,963

				154,421

Telecommunication Services — 2.5%
AT&T, Inc.†		662		25,931
CenturyLink, Inc.^(a)		34		643
Verizon Communications, Inc.†		608		30,090

				56,664

Transportation — 4.6%
Alaska Air Group, Inc.†		12		915
CH Robinson Worldwide, Inc.†^(a)		7		533
CSX Corp.		200		10,852
Delta Air Lines, Inc.†		253		12,200
Expeditors International of Washington, Inc.†		61		3,651
FedEx Corp.†		45		10,151
JB Hunt Transport Services, Inc.		37		4,110
Norfolk Southern Corp.		59		7,802
Southwest Airlines Co.†		212		11,868
Union Pacific Corp.†		204		23,658
United Continental Holdings, Inc.†*		23		1,400
United Parcel Service, Inc., Class B		140		16,813

				103,953


	Number of Shares			Value
COMMON STOCKS — (Continued)
Utilities — 2.0%
AES Corp.†		40		$	441
CenterPoint Energy, Inc.†		30			876
CMS Energy Corp.		95			4,400
DTE Energy Co.†		60			6,442
Edison International		66			5,093
Exelon Corp.†		17			640
FirstEnergy Corp.		150			4,624
NextEra Energy, Inc.		17			2,491
NiSource, Inc.		20			512
NRG Energy, Inc.†		110			2,815
PPL Corp.†		30			1,138
Public Service Enterprise Group, Inc.		171			7,909
Southern Co. (The)		1			49
WEC Energy Group, Inc.†		106			6,655
Xcel Energy, Inc.†		5			237

					44,322

TOTAL COMMON STOCKS (Cost $1,870,956)					2,166,152

TOTAL LONG POSITIONS - 95.5%					2,166,152

(Cost $1,870,956)

SHORT POSITIONS — (34.7)%
COMMON STOCKS — (34.7)%
Automobiles & Components — (0.5)%
Ford Motor Co.		(861	)		(10,306	)
Goodyear Tire & Rubber Co. (The)		(55	)		(1,829	)

					(12,135	)

Capital Goods — (2.6)%
Acuity Brands, Inc.		(10	)		(1,713	)
AO Smith Corp.		(38	)		(2,258	)
Dover Corp.		(10	)		(914	)
Eaton Corp. PLC (Ireland)		(99	)		(7,602	)
Fluor Corp.		(31	)		(1,305	)
Fortune Brands Home & Security, Inc.		(34	)		(2,286	)
General Dynamics Corp.		(41	)		(8,429	)
General Electric Co.		(397	)		(9,599	)
Johnson Controls International PLC (Ireland)		(203	)		(8,179	)
L3 Technologies, Inc.		(17	)		(3,203	)
Masco Corp.		(69	)		(2,692	)
Quanta Services, Inc.*		(34	)		(1,271	)
Raytheon Co.		(6	)		(1,119	)
Rockwell Collins, Inc.		(3	)		(392	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
Stanley Black & Decker, Inc.		(34	)	$	(5,133	)
United Rentals, Inc.*		(19	)		(2,636	)

					(58,731	)

Commercial & Professional Services — (0.5)%
Cintas Corp.		(24	)		(3,463	)
IHS Markit Ltd. (Bermuda)*		(87	)		(3,835	)
Nielsen Holdings PLC (United Kingdom)		(78	)		(3,233	)
Verisk Analytics, Inc.*		(18	)		(1,497	)

					(12,028	)

Consumer Durables & Apparel — (0.9)%
Hanesbrands, Inc.		(80	)		(1,971	)
Leggett & Platt, Inc.		(29	)		(1,384	)
Mattel, Inc.		(74	)		(1,146	)
Mohawk Industries, Inc.*		(16	)		(3,960	)
Newell Brands, Inc.		(105	)		(4,480	)
Under Armour, Inc., Class C*		(95	)		(1,427	)
VF Corp.		(86	)		(5,467	)

					(19,835	)

Consumer Services — (0.9)%
Carnival Corp. (Panama)		(158	)		(10,202	)
Chipotle Mexican Grill, Inc.*		(7	)		(2,155	)
Darden Restaurants, Inc.		(27	)		(2,127	)
MGM Resorts International		(125	)		(4,074	)
Starbucks Corp.		(37	)		(1,987	)

					(20,545	)

Diversified Financials — (0.8)%
American Express Co.		(181	)		(16,373	)
Navient Corp.		(56	)		(841	)

					(17,214	)

Energy — (3.9)%
Andeavor		(15	)		(1,547	)
Apache Corp.		(2	)		(92	)
Cimarex Energy Co.		(21	)		(2,387	)
Concho Resources, Inc.*		(32	)		(4,215	)
EOG Resources, Inc.		(71	)		(6,869	)
EQT Corp.		(38	)		(2,479	)
Exxon Mobil Corp.		(55	)		(4,509	)
Halliburton Co.		(189	)		(8,700	)
Helmerich & Payne, Inc.		(24	)		(1,251	)
Hess Corp.		(69	)		(3,235	)
Kinder Morgan, Inc.		(497	)		(9,532	)
National Oilwell Varco, Inc.		(3	)		(107	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Energy — (Continued)
Newfield Exploration Co.*		(44	)	$	(1,305	)
Phillips 66		(90	)		(8,245	)
Pioneer Natural Resources Co.		(37	)		(5,459	)
Schlumberger Ltd. (Curacao)		(295	)		(20,579	)
TechnipFMC PLC (United Kingdom)*		(101	)		(2,820	)
Williams Cos., Inc. (The)		(180	)		(5,402	)

					(88,733	)

Food, Beverage & Tobacco — (1.5)%
Archer-Daniels-Midland Co.		(123	)		(5,229	)
Hershey Co. (The)		(47	)		(5,131	)
McCormick & Co., Inc., non-voting shares		(28	)		(2,874	)
Mondelez International, Inc., Class A		(320	)		(13,011	)
Monster Beverage Corp.*		(34	)		(1,878	)
Tyson Foods, Inc., Class A		(79	)		(5,566	)

					(33,689	)

Health Care Equipment & Services — (3.2)%
Abbott Laboratories		(4	)		(214	)
Becton Dickinson and Co.		(50	)		(9,798	)
Boston Scientific Corp.*		(298	)		(8,693	)
Cardinal Health, Inc.		(69	)		(4,617	)
Cooper Cos., Inc. (The)		(11	)		(2,608	)
Danaher Corp.		(151	)		(12,953	)
DaVita, Inc.*		(42	)		(2,494	)
DENTSPLY SIRONA, Inc.		(50	)		(2,990	)
Edwards Lifesciences Corp.*		(33	)		(3,607	)
Envision Healthcare Corp.*		(4	)		(180	)
Henry Schein, Inc.*		(36	)		(2,952	)
Hologic, Inc.*		(33	)		(1,211	)
Patterson Cos., Inc.		(21	)		(812	)
ResMed, Inc.		(31	)		(2,386	)
Stryker Corp.		(82	)		(11,646	)
Zimmer Biomet Holdings, Inc.		(44	)		(5,152	)

					(72,313	)

Household & Personal Products — (0.1)%
Coty, Inc., Class A		(164	)		(2,711	)
Insurance — (1.8)%
Aflac, Inc.		(4	)		(326	)
American International Group, Inc.		(196	)		(12,032	)
Assurant, Inc.		(14	)		(1,337	)
Brighthouse Financial, Inc.*		(27	)		(1,642	)
Cincinnati Financial Corp.		(36	)		(2,757	)
Everest Re Group Ltd.		(9	)		(2,056	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Insurance — (Continued)
Hartford Financial Services Group, Inc. (The)		(79	)	$	(4,379	)
Lincoln National Corp.		(49	)		(3,601	)
Loews Corp.		(73	)		(3,494	)
Marsh & McLennan Cos., Inc.		(23	)		(1,928	)
Principal Financial Group, Inc.		(63	)		(4,053	)
XL Group Ltd. (Bermuda)		(57	)		(2,249	)

					(39,854	)

Materials — (2.6)%
Albemarle Corp.		(24	)		(3,272	)
DowDuPont, Inc.		(171	)		(11,838	)
Eastman Chemical Co.		(33	)		(2,986	)
Ecolab, Inc.		(65	)		(8,360	)
International Flavors & Fragrances, Inc.		(18	)		(2,572	)
International Paper Co.		(91	)		(5,171	)
Martin Marietta Materials, Inc.		(15	)		(3,093	)
Monsanto Co.		(95	)		(11,383	)
Mosaic Co. (The)		(79	)		(1,706	)
Nucor Corp.		(70	)		(3,923	)
Sealed Air Corp.		(42	)		(1,794	)
Vulcan Materials Co.		(30	)		(3,588	)

					(59,686	)

Media — (0.1)%
DISH Network Corp., Class A*		(26	)		(1,410	)
Interpublic Group of Cos., Inc. (The)		(86	)		(1,788	)

					(3,198	)

Pharmaceuticals, Biotechnology & Life Sciences — (4.8)%
Alexion Pharmaceuticals, Inc.*		(50	)		(7,014	)
Allergan PLC (Ireland)		(73	)		(14,961	)
Eli Lilly & Co.		(228	)		(19,503	)
Illumina, Inc.*		(33	)		(6,574	)
Incyte Corp.*		(47	)		(5,487	)
Mylan NV (Netherlands)*		(117	)		(3,670	)
PerkinElmer, Inc.		(24	)		(1,655	)
Perrigo Co. PLC (Ireland)		(31	)		(2,624	)
Pfizer, Inc.		(354	)		(12,638	)
Quintiles IMS Holdings, Inc.*		(47	)		(4,468	)
Regeneron Pharmaceuticals, Inc.*		(27	)		(12,072	)
Thermo Fisher Scientific, Inc.		(85	)		(16,082	)
Zoetis, Inc.		(23	)		(1,466	)

					(108,214	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Real Estate — (2.9)%
American Tower Corp., REIT		(32	)	$	(4,374	)
Apartment Investment & Management Co., Class A, REIT		(35	)		(1,535	)
AvalonBay Communities, Inc., REIT		(23	)		(4,104	)
Boston Properties, Inc., REIT		(30	)		(3,686	)
Crown Castle International Corp., REIT		(79	)		(7,898	)
Equity Residential, REIT		(80	)		(5,274	)
Federal Realty Investment Trust, REIT		(16	)		(1,987	)
GGP, Inc., REIT		(192	)		(3,988	)
HCP, Inc., REIT		(102	)		(2,839	)
Host Hotels & Resorts, Inc., REIT		(162	)		(2,995	)
Iron Mountain, Inc., REIT		(58	)		(2,256	)
Kimco Realty Corp., REIT		(95	)		(1,857	)
Macerich Co. (The), REIT		(33	)		(1,814	)
SBA Communications Corp., REIT*		(27	)		(3,889	)
Simon Property Group, Inc., REIT		(41	)		(6,601	)
SL Green Realty Corp., REIT		(23	)		(2,330	)
Vornado Realty Trust, REIT		(42	)		(3,229	)
Welltower, Inc., REIT		(81	)		(5,693	)

					(66,349	)

Retailing — (0.9)%
Expedia, Inc.		(3	)		(432	)
Foot Locker, Inc.		(29	)		(1,021	)
L Brands, Inc.		(14	)		(583	)
Priceline Group, Inc. (The)*		(7	)		(12,816	)
TripAdvisor, Inc.*		(33	)		(1,337	)
Ulta Beauty, Inc.*		(14	)		(3,165	)

					(19,354	)

Semiconductors & Semiconductor Equipment — (1.8)%
Advanced Micro Devices, Inc.*		(205	)		(2,614	)
Broadcom Ltd. (Singapore)		(81	)		(19,646	)
NVIDIA Corp.		(75	)		(13,408	)
Qorvo, Inc.*		(29	)		(2,050	)
QUALCOMM, Inc.		(59	)		(3,059	)

					(40,777	)

Software & Services — (1.9)%
Activision Blizzard, Inc.		(164	)		(10,580	)
Adobe Systems, Inc.*		(3	)		(448	)
Akamai Technologies, Inc.*		(38	)		(1,851	)
Alliance Data Systems Corp.		(13	)		(2,880	)
ANSYS, Inc.*		(19	)		(2,332	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
Cadence Design Systems, Inc.*		(61	)	$	(2,408	)
DXC Technology Co.		(62	)		(5,325	)
Fiserv, Inc.*		(45	)		(5,803	)
Gartner, Inc.*		(20	)		(2,488	)
Global Payments, Inc.		(34	)		(3,231	)
PayPal Holdings, Inc.*		(34	)		(2,177	)
Synopsys, Inc.*		(33	)		(2,657	)
Western Union Co. (The)		(102	)		(1,958	)

					(44,138	)

Technology Hardware & Equipment — (0.7)%
Amphenol Corp., Class A		(70	)		(5,925	)
Corning, Inc.		(195	)		(5,834	)
Motorola Solutions, Inc.		(36	)		(3,055	)

					(14,814	)

Telecommunication Services — 0.0%
Level 3 Communications, Inc.*		(4	)		(213	)

Transportation — (0.3)%
American Airlines Group, Inc.		(112	)		(5,319	)
Kansas City Southern		(13	)		(1,413	)

					(6,732	)

Utilities — (2.0)%
Alliant Energy Corp.		(50	)		(2,078	)
Ameren Corp.		(53	)		(3,066	)
American Electric Power Co., Inc.		(33	)		(2,318	)
American Water Works Co., Inc.		(39	)		(3,155	)
Consolidated Edison, Inc.		(67	)		(5,406	)
Dominion Resources, Inc.		(43	)		(3,308	)
Duke Energy Corp.		(52	)		(4,364	)
Entergy Corp.		(38	)		(2,902	)
Eversource Energy		(69	)		(4,170	)
PG&E Corp.		(111	)		(7,558	)
Pinnacle West Capital Corp.		(24	)		(2,029	)
SCANA Corp.		(30	)		(1,455	)
Sempra Energy		(34	)		(3,880	)

					(45,689	)

TOTAL COMMON STOCK (Proceeds $780,445)					(786,952	)

TOTAL SECURITES SOLD SHORT - (34.7)%					(786,952	)

(Proceeds $780,445)
OTHER ASSETS IN EXCESS OF LIABILITIES - 39.2%					887,932

NET ASSETS - 100.0%				$	2,267,132


	Number of Shares		Value
COMMON STOCKS — 100.5%
Automobiles & Components — 1.9%
BorgWarner, Inc.		4	$	205
Delphi Automotive PLC (Jersey)		100		9,840
General Motors Co.		852		34,404
Harley-Davidson, Inc.		99		4,773

				49,222

Banks — 0.0%
Regions Financial Corp.		16		244
Capital Goods — 8.5%
3M Co.		16		3,358
Acuity Brands, Inc.		10		1,713
Allegion PLC (Ireland)		42		3,632
AMETEK, Inc.		55		3,632
Arconic, Inc.		148		3,682
Boeing Co. (The)		201		51,096
Caterpillar, Inc.		292		36,415
Cummins, Inc.		97		16,299
Emerson Electric Co.		3		189
Fastenal Co.		167		7,612
Flowserve Corp.		20		852
General Electric Co.		15		363
Honeywell International, Inc.		218		30,899
Illinois Tool Works, Inc.		20		2,959
Ingersoll-Rand PLC (Ireland)		6		535
Jacobs Engineering Group, Inc.		70		4,079
Lockheed Martin Corp.		65		20,169
Northrop Grumman Corp.		10		2,877
Pentair PLC (Ireland)		105		7,136
Rockwell Automation, Inc.		71		12,653
Rockwell Collins, Inc.		12		1,569
Snap-on, Inc.		30		4,470
TransDigm Group, Inc.		28		7,158
United Technologies Corp.		6		696

				224,043

Commercial & Professional Services — 1.0%
Equifax, Inc.		40		4,240
Republic Services, Inc.		66		4,360
Robert Half International, Inc.		74		3,725
Stericycle, Inc.*		5		358
Verisk Analytics, Inc.*		12		998
Waste Management, Inc.		167		13,071

				26,752

Consumer Durables & Apparel — 1.5%
Coach, Inc.		163		6,566


	Number Shares		Value
COMMON STOCKS — (Continued)
Consumer Durables & Apparel — (Continued)
Garmin Ltd. (Switzerland)		109	$	5,883
Hasbro, Inc.		52		5,079
Michael Kors Holdings Ltd. (British Virgin Islands)*		95		4,546
NIKE, Inc., Class B		79		4,096
PVH Corp.		2		252
Ralph Lauren Corp.		47		4,150
Whirlpool Corp.		43		7,931

				38,503

Consumer Services — 3.1%
Hilton Worldwide Holdings, Inc.		188		13,057
Marriott International, Inc., Class A		141		15,547
McDonald’s Corp.		104		16,295
Royal Caribbean Cruises Ltd. (Liberia)		125		14,818
Wyndham Worldwide Corp.		63		6,641
Yum! Brands, Inc.		199		14,648

				81,006

Diversified Financials — 4.1%
BlackRock, Inc.		66		29,508
ETRADE Financial Corp.		3		131
Franklin Resources, Inc.		323		14,377
Invesco Ltd. (Bermuda)		235		8,234
Moody’s Corp.		111		15,452
Nasdaq, Inc.		96		7,447
S&P Global, Inc.		133		20,789
T Rowe Price Group, Inc.		139		12,600

				108,538

Energy — 3.4%
Anadarko Petroleum Corp.		319		15,583
Chesapeake Energy Corp.*		524		2,253
ConocoPhillips		704		35,235
Marathon Oil Corp.		197		2,671
Marathon Petroleum Corp.		132		7,403
Occidental Petroleum Corp.		43		2,761
ONEOK, Inc.		33		1,829
Range Resources Corp.		144		2,818
Valero Energy Corp.		255		19,617

				90,170

Food & Staples Retailing — 5.5%
CVS Health Corp.		595		48,385
Sysco Corp.		306		16,509
Walgreens Boots Alliance, Inc.		519		40,077


	Number of Shares		Value
COMMON STOCKS — (Continued)
Food & Staples Retailing — (Continued)
Wal-Mart Stores, Inc.		504	$	39,383

				144,354

Food, Beverage & Tobacco — 4.3%
Altria Group, Inc.		459		29,110
Campbell Soup Co.		3		140
Coca-Cola Co. (The)		367		16,519
Conagra Brands, Inc.		252		8,502
Dr Pepper Snapple Group, Inc.		106		9,378
General Mills, Inc.		193		9,990
Hormel Foods Corp.		39		1,253
Kellogg Co.		79		4,927
Kraft Heinz Co. (The)		67		5,196
Molson Coors Brewing Co., Class B		58		4,735
Mondelez International, Inc., Class A		126		5,123
PepsiCo, Inc.		118		13,149
Philip Morris International, Inc.		43		4,773

				112,795

Health Care Equipment & Services — 9.7%
Aetna, Inc.		192		30,530
AmerisourceBergen Corp.		130		10,758
Anthem, Inc.		152		28,862
Baxter International, Inc.		8		502
Centene Corp.*		100		9,677
Cigna Corp.		146		27,293
Express Scripts Holding Co.*		362		22,922
HCA Healthcare, Inc.*		208		16,555
Hologic, Inc.*		11		404
Humana, Inc.		86		20,952
Laboratory Corp. of America Holdings*		59		8,907
McKesson Corp.		122		18,740
Medtronic PLC (Ireland)		218		16,954
Quest Diagnostics, Inc.		34		3,184
UnitedHealth Group, Inc.		108		21,152
Universal Health Services, Inc., Class B		56		6,213
Varian Medical Systems, Inc.*		54		5,403
Zimmer Biomet Holdings, Inc.		60		7,025

				256,033

Household & Personal Products — 2.2%
Church & Dwight Co., Inc.		144		6,977
Clorox Co. (The)		75		9,893
Colgate-Palmolive Co.		156		11,365


	Number Shares		Value
COMMON STOCKS — (Continued)
Household & Personal Products — (Continued)
Estee Lauder Cos., Inc. (The), Class A		19	$	2,049
Kimberly-Clark Corp.		204		24,007
Procter & Gamble Co. (The)		39		3,548

				57,839

Insurance — 1.1%
Aflac, Inc.		4		326
Allstate Corp. (The)		6		551
American International Group, Inc.		2		123
Aon PLC (United Kingdom)		77		11,250
Arthur J Gallagher & Co.		4		246
Assurant, Inc.		1		96
Brighthouse Financial, Inc.*		3		182
Chubb Ltd. (Switzerland)		4		570
Everest Re Group Ltd. (Bermuda)		1		228
Hartford Financial Services Group, Inc. (The)		7		388
Loews Corp.		1		48
Progressive Corp. (The)		13		629
Torchmark Corp.		1		80
Travelers Cos., Inc. (The)		5		613
Willis Towers Watson PLC (Ireland)		78		12,030
XL Group Ltd. (Bermuda)		5		197

				27,557

Materials — 3.3%
Air Products & Chemicals, Inc.		126		19,054
Eastman Chemical Co.		11		995
FMC Corp.		21		1,876
Freeport-McMoRan, Inc.*		547		7,680
LyondellBasell Industries NV, Class A (Netherlands)		178		17,631
Newmont Mining Corp.		308		11,553
Packaging Corp. of America		55		6,307
PPG Industries, Inc.		34		3,694
Sherwin-Williams Co. (The)		53		18,976
WestRock Co.		2		113

				87,879

Media — 6.2%
CBS Corp., Class B, non-voting shares		160		9,280
Comcast Corp., Class A		802		30,861
DISH Network Corp., Class A*		89		4,826
Interpublic Group of Cos., Inc. (The)		101		2,100


	Number of Shares		Value
COMMON STOCKS — (Continued)
Media — (Continued)
News Corp., Class A		336	$	4,455
Omnicom Group, Inc.		135		9,999
Scripps Networks Interactive, Inc., Class A		75		6,442
Time Warner, Inc.		384		39,341
Twenty-First Century Fox, Inc., Class A		905		23,874
Viacom, Inc., Class B		6		167
Walt Disney Co. (The)		308		30,360

				161,705

Pharmaceuticals, Biotechnology & Life Sciences — 5.4%
AbbVie, Inc.		268		23,815
Amgen, Inc.		182		33,934
Biogen, Inc.*		40		12,525
Bristol-Myers Squibb Co.		112		7,139
Celgene Corp.*		53		7,728
Gilead Sciences, Inc.		436		35,325
Johnson & Johnson		46		5,980
Merck & Co., Inc.		29		1,857
PerkinElmer, Inc.		15		1,035
Perrigo Co. PLC (Ireland)		82		6,941
Waters Corp.*		38		6,822

				143,101

Real Estate — 0.5%
Alexandria Real Estate Equities, Inc., REIT		2		238
Apartment Investment & Management Co., Class A, REIT		11		482
AvalonBay Communities, Inc., REIT		5		892
Boston Properties, Inc., REIT		2		246
Digital Realty Trust, Inc., REIT		4		473
Duke Realty Corp., REIT		10		288
Equity Residential, REIT		10		659
Essex Property Trust, Inc., REIT		8		2,032
Extra Space Storage, Inc., REIT		8		639
Federal Realty Investment Trust, REIT		1		124
GGP, Inc., REIT		12		249
HCP, Inc., REIT		13		362
Kimco Realty Corp., REIT		19		371
Macerich Co. (The) REIT		4		220
Mid-America Apartment Communities, Inc., REIT		3		321
Prologis, Inc., REIT		6		381


	Number Shares		Value
COMMON STOCKS — (Continued)
Real Estate — (Continued)
Public Storage, REIT		3	$	642
Realty Income Corp., REIT		6		343
Regency Centers Corp., REIT		6		372
Simon Property Group, Inc., REIT		4		644
SL Green Realty Corp., REIT		2		203
UDR, Inc., REIT		12		456
Ventas, Inc., REIT		8		521
Vornado Realty Trust, REIT		4		308
Welltower, Inc., REIT		10		703
Weyerhaeuser Co., REIT		28		953

				13,122

Retailing — 8.0%
Advance Auto Parts, Inc.		43		4,266
AutoZone, Inc.*		2		1,190
Best Buy Co., Inc.		183		10,424
CarMax, Inc.*		105		7,960
Dollar General Corp.		157		12,725
Dollar Tree, Inc.*		137		11,894
Foot Locker, Inc.		2		70
Gap, Inc. (The)		229		6,762
Genuine Parts Co.		85		8,130
Home Depot, Inc. (The)		280		45,797
L Brands, Inc.		3		125
LKQ Corp.*		179		6,442
Lowe’s Cos., Inc.		484		38,691
Macy’s, Inc.		3		65
Nordstrom, Inc.		98		4,621
O’Reilly Automotive, Inc.*		20		4,307
Ross Stores, Inc.		223		14,399
Signet Jewelers Ltd. (Bermuda)		39		2,595
Tiffany & Co.		1		92
TJX Cos., Inc. (The)		368		27,133
Tractor Supply Co.		40		2,532

				210,220

Semiconductors & Semiconductor Equipment — 6.3%
Applied Materials, Inc.		617		32,140
Intel Corp.		637		24,257
KLA-Tencor Corp.		91		9,646
Lam Research Corp.		105		19,429
Micron Technology, Inc.*		703		27,649
QUALCOMM, Inc.		435		22,550
Skyworks Solutions, Inc.		81		8,254
Texas Instruments, Inc.		116		10,398


	Number of Shares		Value
COMMON STOCKS — (Continued)
Semiconductors & Semiconductor Equipment — (Continued)
Xilinx, Inc.		144	$	10,200

				164,523

Software & Services — 8.3%
Accenture PLC, Class A (Ireland)		127		17,154
Alphabet, Inc., Class A*		13		12,658
Automatic Data Processing, Inc.		168		18,366
CA, Inc.		241		8,045
Citrix Systems, Inc.*		89		6,837
CSRA, Inc.		95		3,066
eBay, Inc.*		269		10,346
Electronic Arts, Inc.*		179		21,133
Fiserv, Inc.*		25		3,224
International Business Machines Corp.		224		32,498
Intuit, Inc.		148		21,037
Microsoft Corp.		15		1,117
Oracle Corp.		653		31,573
Paychex, Inc.		208		12,472
Total System Services, Inc.		107		7,008
VeriSign, Inc.*		41		4,362
Visa, Inc., Class A		67		7,051
Western Union Co. (The)		1		19

				217,966

Technology Hardware & Equipment — 6.8%
Apple, Inc.		222		34,215
Cisco Systems, Inc.		1,400		47,082
F5 Networks, Inc.*		38		4,581
FLIR Systems, Inc.		40		1,556
Harris Corp.		70		9,218
Hewlett Packard Enterprise Co.		942		13,857
HP, Inc.		966		19,281
Juniper Networks, Inc.		220		6,123
Motorola Solutions, Inc.		61		5,177
NetApp, Inc.		156		6,827
Seagate Technology PLC (Ireland)		169		5,606
TE Connectivity Ltd. (Switzerland)		74		6,146
Western Digital Corp.		170		14,688
Xerox Corp.		151		5,027

				179,384


	Number Shares		Value
COMMON STOCKS — (Continued)
Telecommunication Services — 2.7%
AT&T, Inc.		828	$	32,433
CenturyLink, Inc.		6		113
Verizon Communications, Inc.		774		38,305

				70,851

Transportation — 5.8%
Alaska Air Group, Inc.		5		381
CSX Corp.		308		16,712
Delta Air Lines, Inc.		275		13,260
Expeditors International of Washington, Inc.		104		6,225
FedEx Corp.		116		26,167
JB Hunt Transport Services, Inc.		64		7,109
Norfolk Southern Corp.		133		17,588
Southwest Airlines Co.		346		19,369
Union Pacific Corp.		215		24,934
United Parcel Service, Inc., Class B		172		20,655

				152,400

Utilities — 0.9%
FirstEnergy Corp.		257		7,923
NRG Energy, Inc.		5		128
Public Service Enterprise Group, Inc.		292		13,505
WEC Energy Group, Inc.		19		1,193

				22,749

TOTAL COMMON STOCKS - 100.5% (Cost $2,386,472)				2,640,956

LIABILITIES IN EXCESS OF OTHER ASSETS - (0.5)%				(14,226	)

NET ASSETS - 100.0%			$	2,626,730

*	Non-income producing.


PLC		Public Limited Company
REIT		Real Estate Investment Trust


	Number of Shares		Value
COMMON STOCKS — 100.3%
Automobiles & Components — 1.6%
BorgWarner, Inc.		4	$	205
Delphi Automotive PLC (Jersey)		108		10,627
Ford Motor Co.		56		670
General Motors Co.		760		30,689
Goodyear Tire & Rubber Co. (The)		4		133
Harley-Davidson, Inc.		87		4,194

				46,518

Banks — 0.7%
Bank of America Corp.		142		3,598
BB&T Corp.		12		563
Citigroup, Inc.		33		2,400
Citizens Financial Group, Inc.		8		303
Comerica, Inc.		3		229
Fifth Third Bancorp		10		280
Huntington Bancshares, Inc.		15		209
JPMorgan Chase & Co.		50		4,775
KeyCorp.		15		282
M&T Bank Corp.		3		483
People’s United Financial, Inc.		5		91
PNC Financial Services Group, Inc. (The)		6		809
Regions Financial Corp.		17		259
SunTrust Banks, Inc.		7		418
US Bancorp		24		1,286
Wells Fargo & Co.		71		3,916
Zions Bancorporation		3		142

				20,043

Capital Goods — 8.0%
3M Co.		8		1,679
Acuity Brands, Inc.		2		343
Allegion PLC (Ireland)		2		173
AMETEK, Inc.		5		330
AO Smith Corp.		2		119
Arconic, Inc.		187		4,653
Boeing Co. (The)		307		78,042
Caterpillar, Inc.		306		38,161
Cummins, Inc.		87		14,619
Deere & Co.		4		502
Dover Corp.		3		274
Eaton Corp. PLC (Ireland)		6		461
Emerson Electric Co.		12		754
Fastenal Co.		109		4,968
Flowserve Corp.		2		85
Fluor Corp.		3		126


	Number of Shares		Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
Fortive Corp.		5	$	354
Fortune Brands Home & Security, Inc.		3		202
General Dynamics Corp.		3		617
General Electric Co.		124		2,998
Honeywell International, Inc.		251		35,577
Illinois Tool Works, Inc.		5		740
Ingersoll-Rand PLC (Ireland)		4		357
Jacobs Engineering Group, Inc.		63		3,671
Johnson Controls International PLC (Ireland)		18		725
L3 Technologies, Inc.		2		377
Lockheed Martin Corp.		80		24,823
Masco Corp.		5		195
Northrop Grumman Corp.		3		863
PACCAR, Inc.		5		362
Parker-Hannifin Corp.		2		350
Pentair PLC (Ireland)		94		6,388
Quanta Services, Inc.*		3		112
Raytheon Co.		4		746
Rockwell Automation, Inc.		3		535
Rockwell Collins, Inc.		2		261
Roper Technologies, Inc.		1		243
Snap-on, Inc.		23		3,427
Stanley Black & Decker, Inc.		3		453
Textron, Inc.		4		216
TransDigm Group, Inc.		2		511
United Rentals, Inc.*		2		277
United Technologies Corp.		12		1,393
WW Grainger, Inc.		12		2,157
Xylem, Inc.		2		125

				234,344

Commercial & Professional Services — 0.2%
Cintas Corp.		2		289
Equifax, Inc.		2		212
IHS Markit Ltd. (Bermuda)*		4		176
Nielsen Holdings PLC (United Kingdom)		5		207
Republic Services, Inc.		5		330
Robert Half International, Inc.		66		3,322
Stericycle, Inc.*		2		143
Verisk Analytics, Inc.*		3		250
Waste Management, Inc.		6		470

				5,399


	Number of Shares		Value
COMMON STOCKS — (Continued)
Consumer Durables & Apparel — 1.0%
Coach, Inc.		133	$	5,357
DR Horton, Inc.		6		240
Garmin Ltd. (Switzerland)		3		162
Hanesbrands, Inc.		6		148
Hasbro, Inc.		3		293
Leggett & Platt, Inc.		2		95
Lennar Corp., Class A		30		1,584
Mattel, Inc.		6		93
Michael Kors Holdings Ltd. (British Virgin Islands)*		84		4,019
Mohawk Industries, Inc.*		2		495
Newell Brands, Inc.		9		384
NIKE, Inc., Class B		21		1,089
PulteGroup, Inc.		5		137
PVH Corp.		33		4,160
Ralph Lauren Corp.		43		3,796
Under Armour, Inc., Class C*		7		105
VF Corp.		8		509
Whirlpool Corp.		31		5,718

				28,384

Consumer Services — 1.7%
Carnival Corp. (Panama)		11		710
Chipotle Mexican Grill, Inc.*		1		308
Darden Restaurants, Inc.		2		158
H&R Block, Inc.		27		715
Hilton Worldwide Holdings, Inc.		169		11,737
Marriott International, Inc., Class A		193		21,280
McDonald’s Corp.		15		2,350
MGM Resorts International		8		261
Royal Caribbean Cruises Ltd. (Liberia)		52		6,164
Starbucks Corp.		17		913
Wyndham Worldwide Corp.		45		4,743
Wynn Resorts Ltd.		1		149
Yum! Brands, Inc.		7		515

				50,003

Diversified Financials — 3.7%
Affiliated Managers Group, Inc.		2		380
American Express Co.		11		995
Ameriprise Financial, Inc.		2		297
Bank of New York Mellon Corp. (The)		13		689
Berkshire Hathaway, Inc., Class B*		46		8,433
BlackRock, Inc.		84		37,556
Capital One Financial Corp.		7		593


	Number of Shares		Value
COMMON STOCKS — (Continued)
Diversified Financials — (Continued)
CBOE Holdings, Inc.		1	$	108
Charles Schwab Corp. (The)		19		831
CME Group, Inc.		7		950
Discover Financial Services		6		387
ETRADE Financial Corp.		4		174
Franklin Resources, Inc.		289		12,863
Goldman Sachs Group, Inc. (The)		6		1,423
Intercontinental Exchange, Inc.		7		481
Invesco Ltd. (Bermuda)		211		7,393
Leucadia National Corp.		5		126
Moody’s Corp.		99		13,782
Morgan Stanley		26		1,252
Nasdaq, Inc.		87		6,749
Navient Corp.		4		60
Northern Trust Corp.		3		276
Raymond James Financial, Inc.		2		169
S&P Global, Inc.		5		782
State Street Corp.		5		478
Synchrony Financial		11		342
T Rowe Price Group, Inc.		125		11,331

				108,900

Energy — 4.6%
Anadarko Petroleum Corp.		277		13,531
Andeavor		2		206
Apache Corp.		7		321
Cabot Oil & Gas Corp.		8		214
Chesapeake Energy Corp.*		455		1,956
Chevron Corp.		181		21,267
Cimarex Energy Co.		1		114
Concho Resources, Inc.*		1		132
ConocoPhillips		630		31,531
Devon Energy Corp.		9		330
EOG Resources, Inc.		7		677
EQT Corp.		2		130
Exxon Mobil Corp.		455		37,301
Halliburton Co.		16		736
Helmerich & Payne, Inc.		1		52
Hess Corp.		3		141
Kinder Morgan, Inc.		32		614
Marathon Oil Corp.		15		203
Marathon Petroleum Corp.		10		561
National Oilwell Varco, Inc.		5		179
Newfield Exploration Co.*		3		89
Noble Energy, Inc.		7		199


	Number of Shares		Value
COMMON STOCKS — (Continued)
Energy — (Continued)
Occidental Petroleum Corp.		10	$	642
ONEOK, Inc.		5		277
Phillips 66		8		733
Pioneer Natural Resources Co.		2		295
Range Resources Corp.		127		2,485
Schlumberger Ltd. (Curacao)		17		1,186
TechnipFMC PLC (United Kingdom)*		8		223
Valero Energy Corp.		229		17,617
Williams Cos., Inc. (The)		12		360

				134,302

Food & Staples Retailing — 6.4%
Costco Wholesale Corp.		5		821
CVS Health Corp.		526		42,774
Kroger Co. (The)		115		2,307
Sysco Corp.		275		14,836
Walgreens Boots Alliance, Inc.		554		42,780
Wal-Mart Stores, Inc.		1,095		85,563

				189,081

Food, Beverage & Tobacco — 2.8%
Altria Group, Inc.		874		55,429
Archer-Daniels-Midland Co.		11		468
Brown-Forman Corp., Class B		5		271
Campbell Soup Co.		6		281
Coca-Cola Co. (The)		64		2,881
Conagra Brands, Inc.		54		1,822
Constellation Brands, Inc., Class A		2		399
Dr Pepper Snapple Group, Inc.		95		8,405
General Mills, Inc.		8		414
Hershey Co. (The)		4		437
Hormel Foods Corp.		9		289
JM Smucker Co. (The)		3		315
Kellogg Co.		5		312
Kraft Heinz Co. (The)		15		1,163
McCormick & Co., Inc., non-voting shares		3		308
Molson Coors Brewing Co., Class B		35		2,857
Mondelez International, Inc., Class A		19		773
Monster Beverage Corp.*		6		331
PepsiCo, Inc.		20		2,229
Philip Morris International, Inc.		23		2,553
Tyson Foods, Inc., Class A		7		493

				82,430


	Number of Shares		Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — 7.4%
Abbott Laboratories		21	$	1,121
Aetna, Inc.		172		27,350
Align Technology, Inc.*		1		186
AmerisourceBergen Corp.		116		9,599
Anthem, Inc.		137		26,014
Baxter International, Inc.		10		627
Becton Dickinson and Co.		2		392
Boston Scientific Corp.*		22		642
Cardinal Health, Inc.		5		335
Centene Corp.*		90		8,709
Cerner Corp.*		4		285
Cigna Corp.		131		24,489
Cooper Cos., Inc. (The)		2		474
CR Bard, Inc.		1		320
Danaher Corp.		10		858
DaVita, Inc.*		4		238
DENTSPLY SIRONA, Inc.		3		179
Edwards Lifesciences Corp.*		2		219
Envision Healthcare Corp.*		2		90
Express Scripts Holding Co.*		305		19,313
HCA Healthcare, Inc.*		88		7,004
Henry Schein, Inc.*		3		246
Hologic, Inc.*		4		147
Humana, Inc.		75		18,272
IDEXX Laboratories, Inc.*		1		155
Intuitive Surgical, Inc.*		1		1,046
Laboratory Corp. of America Holdings*		43		6,492
McKesson Corp.		109		16,743
Medtronic PLC (Ireland)		26		2,022
Patterson Cos., Inc.		2		77
Quest Diagnostics, Inc.		4		375
ResMed, Inc.		1		77
Stryker Corp.		4		568
UnitedHealth Group, Inc.		154		30,161
Universal Health Services, Inc., Class B		50		5,547
Varian Medical Systems, Inc.*		48		4,803
Zimmer Biomet Holdings, Inc.		4		468

				215,643

Household & Personal Products — 0.6%
Church & Dwight Co., Inc.		5		242
Clorox Co. (The)		67		8,838
Colgate-Palmolive Co.		13		947


	Number of Shares		Value
COMMON STOCKS — (Continued)
Household & Personal Products — (Continued)
Coty, Inc., Class A		10	$	165
Estee Lauder Cos., Inc. (The), Class A		7		755
Kimberly-Clark Corp.		16		1,883
Procter & Gamble Co. (The)		46		4,185

				17,015

Insurance — 0.8%
Aflac, Inc.		5		407
Allstate Corp. (The)		5		460
American International Group, Inc.		14		859
Aon PLC (United Kingdom)		103		15,048
Arthur J Gallagher & Co.		3		185
Assurant, Inc.		2		191
Brighthouse Financial, Inc.*		2		122
Chubb Ltd. (Switzerland)		7		998
Cincinnati Financial Corp.		3		230
Everest Re Group Ltd. (Bermuda)		1		228
Hartford Financial Services Group, Inc. (The)		5		277
Lincoln National Corp.		3		220
Loews Corp.		5		239
Marsh & McLennan Cos., Inc.		9		754
MetLife, Inc.		13		675
Principal Financial Group, Inc.		4		257
Progressive Corp. (The)		9		436
Prudential Financial, Inc.		7		744
Torchmark Corp.		2		160
Travelers Cos., Inc. (The)		4		490
Unum Group		3		153
Willis Towers Watson PLC (Ireland)		2		308
XL Group Ltd. (Bermuda)		4		158

				23,599

Materials — 2.4%
Air Products & Chemicals, Inc.		113		17,088
Albemarle Corp.		3		409
Avery Dennison Corp.		2		197
Ball Corp.		4		165
CF Industries Holdings, Inc.		3		105
DowDupont, Inc.		23		1,592
Eastman Chemical Co.		2		181
Ecolab, Inc.		3		386
FMC Corp.		2		179
Freeport-McMoRan, Inc.*		700		9,828


	Number of Shares		Value
COMMON STOCKS — (Continued)
Materials — (Continued)
International Flavors & Fragrances, Inc.		2	$	286
International Paper Co.		5		284
LyondellBasell Industries NV, Class A (Netherlands)		205		20,305
Martin Marietta Materials, Inc.		1		206
Monsanto Co.		7		839
Mosaic Co. (The)		5		108
Newmont Mining Corp.		276		10,353
Nucor Corp.		3		168
Packaging Corp. of America		49		5,619
PPG Industries, Inc.		4		435
Praxair, Inc.		3		419
Sealed Air Corp.		3		128
Sherwin-Williams Co. (The)		2		716
Vulcan Materials Co.		1		120
WestRock Co.		5		284

				70,400

Media — 7.2%
CBS Corp., Class B, non-voting shares		123		7,134
Charter Communications, Inc., Class A*		3		1,090
Comcast Corp., Class A		2,197		84,541
Discovery Communications, Inc., Class A*		266		5,663
DISH Network Corp., Class A*		6		325
Interpublic Group of Cos., Inc. (The)		7		146
News Corp., Class A		302		4,005
Omnicom Group, Inc.		29		2,148
Scripps Networks Interactive, Inc., Class A		66		5,669
Time Warner, Inc.		402		41,185
Twenty-First Century Fox, Inc., Class A		829		21,869
Viacom, Inc., Class B		8		223
Walt Disney Co. (The)		365		35,978

				209,976

Pharmaceuticals, Biotechnology & Life Sciences — 6.6%
AbbVie, Inc.		590		52,427
Agilent Technologies, Inc.		4		257
Alexion Pharmaceuticals, Inc.*		2		281
Allergan PLC (Ireland)		6		1,230
Amgen, Inc.		328		61,156


	Number of Shares		Value
COMMON STOCKS — (Continued)
Pharmaceuticals, Biotechnology & Life Sciences — (Continued)
Biogen, Inc.*		4	$	1,252
Bristol-Myers Squibb Co.		21		1,339
Celgene Corp.*		15		2,187
Eli Lilly & Co.		18		1,540
Gilead Sciences, Inc.		676		54,770
Illumina, Inc.*		1		199
Incyte Corp.*		2		233
Johnson & Johnson		46		5,980
Merck & Co., Inc.		50		3,201
Mettler-Toledo International, Inc.*		1		626
Mylan NV (Netherlands)*		9		282
PerkinElmer, Inc.		1		69
Perrigo Co. PLC (Ireland)		3		254
Pfizer, Inc.		109		3,891
Quintiles IMS Holdings, Inc.*		2		190
Regeneron Pharmaceuticals, Inc.*		1		447
Thermo Fisher Scientific, Inc.		4		757
Vertex Pharmaceuticals, Inc.*		3		456
Waters Corp.*		2		359
Zoetis, Inc.		6		383

				193,766

Real Estate — 0.3%
Alexandria Real Estate Equities, Inc., REIT		2		238
American Tower Corp., REIT		5		683
Apartment Investment & Management, Class A, REIT		2		88
AvalonBay Communities, Inc., REIT		2		357
Boston Properties, Inc., REIT		2		246
CBRE Group, Inc., Class A, REIT*		7		265
Crown Castle International Corp., REIT		4		400
Digital Realty Trust, Inc., REIT		3		355
Duke Realty Corp., REIT		5		144
Equinix, Inc., REIT		1		446
Equity Residential, REIT		5		330
Essex Property Trust, Inc., REIT		2		508
Extra Space Storage, Inc., REIT		2		160
Federal Realty Investment Trust, REIT		1		124
GGP, Inc., REIT		11		228
HCP, Inc., REIT		6		167
Host Hotels & Resorts, Inc., REIT		10		185


	Number of Shares		Value
COMMON STOCKS — (Continued)
Real Estate — (Continued)
Iron Mountain, Inc., REIT		5	$	194
Kimco Realty Corp., REIT		6		117
Macerich Co. (The) REIT		2		110
Mid-America Apartment Communities, Inc., REIT		3		321
Prologis, Inc., REIT		8		508
Public Storage, REIT		3		642
Realty Income Corp., REIT		4		229
Regency Centers Corp., REIT		3		186
SBA Communications Corp., REIT*		1		144
Simon Property Group, Inc., REIT		4		644
SL Green Realty Corp., REIT		2		203
UDR, Inc., REIT		4		152
Ventas, Inc., REIT		4		261
Vornado Realty Trust, REIT		3		231
Welltower, Inc., REIT		6		422
Weyerhaeuser Co., REIT		14		476

				9,764

Retailing — 8.6%
Advance Auto Parts, Inc.		37		3,670
Amazon.com, Inc.*		54		51,913
AutoZone, Inc.*		14		8,332
Best Buy Co., Inc.		122		6,949
CarMax, Inc.*		3		227
Dollar General Corp.		35		2,837
Dollar Tree, Inc.*		11		955
Expedia, Inc.		1		144
Foot Locker, Inc.		2		70
Gap, Inc. (The)		69		2,038
Genuine Parts Co.		76		7,269
Home Depot, Inc. (The)		535		87,505
Kohl’s Corp.		3		137
L Brands, Inc.		5		208
LKQ Corp.*		160		5,758
Lowe’s Cos., Inc.		434		34,694
Macy’s, Inc.		5		109
Netflix, Inc.*		5		907
Nordstrom, Inc.		56		2,640
O’Reilly Automotive, Inc.*		45		9,692
Priceline Group, Inc. (The)*		2		3,662
Ross Stores, Inc.		193		12,462
Signet Jewelers Ltd. (Bermuda)		35		2,329
Target Corp.		122		7,199
Tiffany & Co.		3		275


	Number of Shares		Value
COMMON STOCKS — (Continued)
Retailing — (Continued)
TJX Cos., Inc. (The)		9	$	664
Tractor Supply Co.		4		253
TripAdvisor, Inc.*		1		41
Ulta Beauty, Inc.*		2		452

				253,391

Semiconductors & Semiconductor Equipment — 5.9%
Advanced Micro Devices, Inc.*		12		153
Analog Devices, Inc.		7		603
Applied Materials, Inc.		552		28,754
Broadcom Ltd. (Singapore)		5		1,213
Intel Corp.		1,511		57,539
KLA-Tencor Corp.		82		8,692
Lam Research Corp.		94		17,394
Microchip Technology, Inc.		3		269
Micron Technology, Inc.*		629		24,739
NVIDIA Corp.		7		1,251
Qorvo, Inc.*		1		71
QUALCOMM, Inc.		27		1,400
Skyworks Solutions, Inc.		74		7,541
Texas Instruments, Inc.		196		17,569
Xilinx, Inc.		89		6,304

				173,492

Software & Services — 11.1%
Accenture PLC, Class A (Ireland)		18		2,431
Activision Blizzard, Inc.		9		581
Adobe Systems, Inc.*		6		895
Akamai Technologies, Inc.*		3		146
Alliance Data Systems Corp.		1		222
Alphabet, Inc., Class A*		83		80,819
ANSYS, Inc.*		1		123
Autodesk, Inc.*		2		225
Automatic Data Processing, Inc.		9		984
CA, Inc.		7		234
Cadence Design Systems, Inc.*		3		118
Citrix Systems, Inc.*		79		6,069
Cognizant Technology Solutions Corp., Class A		76		5,513
CSRA, Inc.		3		97
DXC Technology Co.		3		258
eBay, Inc.*		19		731
Electronic Arts, Inc.*		161		19,008
Facebook, Inc., Class A*		330		56,387
Fidelity National Information Services, Inc.		6		560


	Number of Shares		Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
Fiserv, Inc.*		3	$	387
Gartner, Inc.*		1		124
Global Payments, Inc.		2		190
International Business Machines Corp.		223		32,353
Intuit, Inc.		133		18,905
Mastercard, Inc., Class A		16		2,259
Microsoft Corp.		94		7,002
Oracle Corp.		1,546		74,749
Paychex, Inc.		125		7,495
PayPal Holdings, Inc.*		14		896
Red Hat, Inc.*		2		222
salesforce.com, Inc.*		8		747
Symantec Corp.		8		262
Synopsys, Inc.*		1		81
Total System Services, Inc.		4		262
VeriSign, Inc.*		2		213
Visa, Inc., Class A		43		4,525
Western Union Co. (The)		8		154

				326,227

Technology Hardware & Equipment — 10.4%
Amphenol Corp., Class A		3		254
Apple, Inc.		985		151,808
Cisco Systems, Inc.		2,463		82,831
Corning, Inc.		15		449
F5 Networks, Inc.*		9		1,085
FLIR Systems, Inc.		2		78
Harris Corp.		63		8,296
Hewlett Packard Enterprise Co.		843		12,401
HP, Inc.		864		17,245
Juniper Networks, Inc.		197		5,483
Motorola Solutions, Inc.		3		255
NetApp, Inc.		140		6,126
Seagate Technology PLC (Ireland)		6		199
TE Connectivity Ltd. (Switzerland)		5		415
Western Digital Corp.		153		13,219
Xerox Corp.		135		4,494

				304,638

Telecommunication Services — 3.2%
AT&T, Inc.		739		28,947
CenturyLink, Inc.		71		1,342
Level 3 Communications, Inc.*		4		213


	Number of Shares		Value
COMMON STOCKS — (Continued)
Telecommunication Services — (Continued)
Verizon Communications, Inc.		1,251	$	61,912

				92,414

Transportation — 4.2%
Alaska Air Group, Inc.		3		229
American Airlines Group, Inc.		8		380
CH Robinson Worldwide, Inc.		3		228
CSX Corp.		23		1,248
Delta Air Lines, Inc.		94		4,533
Expeditors International of Washington, Inc.		93		5,567
FedEx Corp.		77		17,370
JB Hunt Transport Services, Inc.		57		6,332
Kansas City Southern		1		109
Norfolk Southern Corp.		18		2,380
Southwest Airlines Co.		310		17,354
Union Pacific Corp.		413		47,896
United Continental Holdings, Inc.*		5		304
United Parcel Service, Inc., Class B		166		19,935

				123,865

Utilities — 0.9%
AES Corp.		85		937
Alliant Energy Corp.		2		83
Ameren Corp.		2		116
American Electric Power Co., Inc.		6		421
American Water Works Co., Inc.		2		162
CenterPoint Energy, Inc.		6		175
CMS Energy Corp.		3		139
Consolidated Edison, Inc.		3		242
Dominion Resources, Inc.		11		846
DTE Energy Co.		2		215


	Number of Shares		Value
COMMON STOCKS — (Continued)
Utilities — (Continued)
Duke Energy Corp.		8	$	671
Edison International		4		309
Entergy Corp.		3		229
Eversource Energy		3		181
Exelon Corp.		11		414
FirstEnergy Corp.		230		7,091
NextEra Energy, Inc.		5		733
NiSource, Inc.		6		154
NRG Energy, Inc.		5		128
PG&E Corp.		6		409
Pinnacle West Capital Corp.		1		85
PPL Corp.		8		304
Public Service Enterprise Group, Inc.		261		12,071
SCANA Corp.		1		48
Sempra Energy		3		342
Southern Co. (The)		12		590
WEC Energy Group, Inc.		3		188
Xcel Energy, Inc.		6		284

				27,567

TOTAL COMMON STOCKS - 100.3% (Cost $2,666,091)				2,941,161

LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%				(10,132	)

NET ASSETS - 100.0%			$	2,931,029

*	Non-income producing.


PLC		Public Limited Company
REIT		Real Estate Investment Trust


	Number of Shares		Value
LONG POSITIONS — 175.7%
COMMON STOCKS — 175.7%
Automobiles & Components — 2.1%
BorgWarner, Inc.		11	$	564
Cooper-Standard Holdings, Inc.*		12		1,392
Dorman Products, Inc.*		13		931
General Motors Co.†		479		19,342
Gentex Corp.		236		4,673
Harley-Davidson, Inc.†^(a)		122		5,882
Lear Corp.		34		5,885
Thor Industries, Inc.		8		1,007
Visteon Corp.*		26		3,218
Winnebago Industries, Inc.^(a)		40		1,790

				44,684

Capital Goods — 19.2%
3M Co.†		59		12,384
Acuity Brands, Inc.^(a)		22		3,768
Aerovironment, Inc.*		10		541
Allegion PLC (Ireland)		56		4,842
Allison Transmission Holdings, Inc.†		261		9,795
American Woodmark Corp.†*		28		2,695
AMETEK, Inc.†		143		9,444
Applied Industrial Technologies, Inc.†		29		1,908
Argan, Inc.†^(a)		89		5,985
Atkore International Group, Inc.*		18		351
AZZ, Inc.†		26		1,266
Barnes Group, Inc.†		51		3,592
Boeing Co. (The)†		198		50,340
Briggs & Stratton Corp.		23		540
BWX Technologies, Inc.		36		2,017
Caterpillar, Inc.†		105		13,095
Chart Industries, Inc.†*		46		1,805
Continental Building Products, Inc.†*		116		3,016
Crane Co.†		61		4,879
Cummins, Inc.†		22		3,697
Curtiss-Wright Corp.†		7		732
Deere & Co.†		86		10,801
DigitalGlobe, Inc.*		58		2,044
Donaldson Co., Inc.†		40		1,838
EMCOR Group, Inc.†		70		4,857
EnerSys		25		1,729
Fastenal Co.†		38		1,732
Flowserve Corp.		28		1,193
Fortive Corp.†		39		2,761
Fortune Brands Home & Security, Inc.		33		2,219
GATX Corp.^(a)		11		677


	Number of Shares		Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
General Electric Co.†		331	$	8,004
Gibraltar Industries, Inc.*		63		1,962
GMS, Inc.*		59		2,089
Gorman-Rupp Co. (The)†		17		554
Graco, Inc.		10		1,237
Harsco Corp.*		48		1,003
Hillenbrand, Inc.†		60		2,331
Honeywell International, Inc.†		156		22,111
Hubbell, Inc.†		35		4,061
Huntington Ingalls Industries, Inc.†		6		1,359
IDEX Corp.		18		2,186
Illinois Tool Works, Inc.†		30		4,439
Ingersoll-Rand PLC (Ireland)†		60		5,350
Jacobs Engineering Group, Inc.†		133		7,750
Kennametal, Inc.		95		3,832
L3 Technologies, Inc.†		45		8,479
Lockheed Martin Corp.†		105		32,580
Lydall, Inc.†*		30		1,719
Masco Corp.		152		5,930
Moog, Inc., Class A†*		56		4,672
MSC Industrial Direct Co., Inc., Class A		11		831
Mueller Water Products, Inc., Class A		128		1,638
Northrop Grumman Corp.†		83		23,881
Oshkosh Corp.†		42		3,467
Pentair PLC (Ireland)†		170		11,553
Raytheon Co.†		72		13,434
Regal Beloit Corp.†		40		3,160
Rexnord Corp.*		115		2,922
Rockwell Automation, Inc.†		40		7,128
Rush Enterprises, Inc., Class A*		2		93
Snap-on, Inc.†		50		7,450
Spirit AeroSystems Holdings, Inc., Class A†		171		13,290
Standex International Corp.†		28		2,974
Terex Corp.^(a)		34		1,531
Textainer Group Holdings Ltd. (Bermuda)*		4		69
Toro Co. (The)		47		2,917
TransDigm Group, Inc.		4		1,023
Trex Co., Inc.†*		13		1,171
Tutor Perini Corp.†*		14		398
United Technologies Corp.†		107		12,421
Univar, Inc.*		21		608


	Number of Shares		Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
Veritiv Corp.†*		22	$	715
Wabash National Corp.†		172		3,925
WW Grainger, Inc.†		73		13,122

				417,912

Commercial & Professional Services — 5.4%
Copart, Inc.†*		70		2,406
Deluxe Corp.		30		2,189
Equifax, Inc.		81		8,585
ICF International, Inc.†*		10		540
KAR Auction Services, Inc.		127		6,063
Kimball International, Inc., Class B		11		217
Korn/Ferry International		11		434
LSC Communications, Inc.		36		594
ManpowerGroup, Inc.†		12		1,414
Matthews International Corp., Class A†		21		1,307
Quad/Graphics, Inc.†		76		1,718
Republic Services, Inc.†		347		22,923
Robert Half International, Inc.		93		4,682
RPX Corp.*		28		372
Stericycle, Inc.†*		109		7,807
Tetra Tech, Inc.		73		3,398
TransUnion*		64		3,025
TriNet Group, Inc.*		18		605
UniFirst Corp.†		23		3,484
Verisk Analytics, Inc.†*		148		12,312
Waste Management, Inc.†		402		31,465
West Corp.†		26		610

				116,150

Consumer Durables & Apparel — 4.5%
Brunswick Corp.		27		1,511
Cavco Industries, Inc.†*		25		3,689
Coach, Inc.†		344		13,856
Crocs, Inc.*		47		456
Ethan Allen Interiors, Inc.		19		616
Garmin Ltd. (Switzerland)†		152		8,203
Gildan Activewear, Inc. (Canada)		13		407
Hasbro, Inc.†		56		5,470
iRobot Corp.*		8		616
La-Z-Boy, Inc.†		74		1,991
Michael Kors Holdings Ltd. (British Virgin Islands)†*		167		7,991
NIKE, Inc., Class B†		133		6,896
NVR, Inc.†*		6		17,130


	Number of Shares		Value
COMMON STOCKS — (Continued)
Consumer Durables & Apparel — (Continued)
Oxford Industries, Inc.		1	$	64
Ralph Lauren Corp.†		145		12,802
TopBuild Corp.*		38		2,476
Tupperware Brands Corp.		30		1,855
Vista Outdoor, Inc.*		21		482
Whirlpool Corp.†		44		8,115
Wolverine World Wide, Inc.		114		3,289

				97,915

Consumer Services — 9.7%
Adtalem Global Education, Inc.^(a)		118		4,230
Bloomin’ Brands, Inc.		134		2,358
Bob Evans Farms, Inc.†		65		5,038
Boyd Gaming Corp.		147		3,829
Brinker International, Inc.†^(a)		237		7,551
Buffalo Wild Wings, Inc.*		14		1,480
Cheesecake Factory, Inc. (The)†^(a)		128		5,391
Chipotle Mexican Grill, Inc.†^(a)*		20		6,157
Choice Hotels International, Inc.		11		703
Churchill Downs, Inc.†		44		9,073
Cracker Barrel Old Country Store, Inc.†^(a)		30		4,549
Darden Restaurants, Inc.†		132		10,399
Denny’s Corp.†*		91		1,133
DineEquity, Inc.†		132		5,673
Eldorado Resorts, Inc.^(a)*		135		3,463
Graham Holdings Co., Class B†		10		5,851
Hilton Worldwide Holdings, Inc.†		263		18,265
Jack in the Box, Inc.†		33		3,363
La Quinta Holdings, Inc.†*		54		945
Marriott International, Inc., Class A†		66		7,277
McDonald’s Corp.†		261		40,893
Regis Corp.*		2		29
Royal Caribbean Cruises Ltd. (Liberia)†		89		10,550
Sonic Corp.†		102		2,596
Starbucks Corp.†		67		3,599
Vail Resorts, Inc.†		41		9,353
Weight Watchers International, Inc.†^(a)*		278		12,107
Wyndham Worldwide Corp.†		154		16,233
Yum! Brands, Inc.†		119		8,760

				210,848

Energy — 3.4%
Archrock, Inc.†		160		2,008


	Number of Shares		Value
COMMON STOCKS — (Continued)
Energy — (Continued)
Chevron Corp.		28	$	3,290
CONSOL Energy, Inc.*		100		1,694
CVR Energy, Inc.^(a)		170		4,403
Exterran Corp.*		41		1,296
Fairmount Santrol Holdings, Inc.^(a)*		385		1,840
Imperial Oil Ltd. (Canada)^(a)		70		2,236
Kinder Morgan, Inc.		2		38
McDermott International, Inc. (Panama)*		789		5,736
Occidental Petroleum Corp.†		119		7,641
Oceaneering International, Inc.†		105		2,758
Oil States International, Inc.^(a)*		21		532
ONEOK, Inc.†		61		3,380
Phillips 66		7		641
Precision Drilling Corp. (Canada)*		1		3
REX American Resources Corp.*		41		3,847
Rowan Cos. PLC, Class A (United Kingdom)†*		185		2,377
Ship Finance International Ltd. (Bermuda)†^(a)		422		6,119
Tidewater, Inc.*		1		29
TransCanada Corp. (Canada)†		207		10,232
Transocean Ltd. (Switzerland)†*		934		10,050
Valero Energy Corp.		47		3,616
World Fuel Services Corp.		7		237

				74,003

Food & Staples Retailing — 7.6%
Costco Wholesale Corp.†		61		10,022
CVS Health Corp.†		489		39,765
Ingles Markets, Inc., Class A†		29		745
Kroger Co. (The)†		952		19,097
SUPERVALU, Inc.*		2		44
Sysco Corp.†		376		20,285
United Natural Foods, Inc.^(a)*		95		3,951
Walgreens Boots Alliance, Inc.†		320		24,710
Wal-Mart Stores, Inc.†		603		47,118

				165,737

Food, Beverage & Tobacco — 15.1%
Altria Group, Inc.†		644		40,842
Archer-Daniels-Midland Co.†		178		7,567
Brown-Forman Corp., Class B†		302		16,399
Campbell Soup Co.†		328		15,357
Coca-Cola Co. (The)†		700		31,507
Conagra Brands, Inc.†		355		11,978


	Number of Shares		Value
COMMON STOCKS — (Continued)
Food, Beverage & Tobacco — (Continued)
Constellation Brands, Inc., Class A		6	$	1,197
Dean Foods Co.		482		5,244
Dr Pepper Snapple Group, Inc.†		185		16,367
Flowers Foods, Inc.^(a)		110		2,069
General Mills, Inc.†		418		21,636
Hershey Co. (The)†		156		17,031
Hormel Foods Corp.†		423		13,595
Ingredion, Inc.†		44		5,308
JM Smucker Co. (The)†		150		15,740
John B Sanfilippo & Son, Inc.		6		404
Kellogg Co.†		309		19,272
Kraft Heinz Co. (The)†		219		16,983
Lamb Weston Holdings, Inc.		13		610
Molson Coors Brewing Co., Class B†		146		11,919
Mondelez International, Inc., Class A		80		3,253
Monster Beverage Corp.*		82		4,530
PepsiCo, Inc.†		231		25,740
Philip Morris International, Inc.†		113		12,544
Sanderson Farms, Inc.^(a)		45		7,268
TreeHouse Foods, Inc.^(a)*		52		3,522

				327,882

Health Care Equipment & Services — 14.9%
Acadia Healthcare Co., Inc.†*		102		4,872
Allscripts Healthcare Solutions, Inc.^(a)*		46		655
AmerisourceBergen Corp.†		174		14,398
AMN Healthcare Services, Inc.†^(a)*		146		6,672
Analogic Corp.		18		1,508
Baxter International, Inc.†		268		16,817
Becton Dickinson and Co.†		80		15,676
Boston Scientific Corp.*		33		963
Brookdale Senior Living, Inc.*		54		572
Cerner Corp.†*		122		8,701
Chemed Corp.†		36		7,274
Community Health Systems, Inc.^(a)*		281		2,158
Cooper Cos., Inc. (The)†		11		2,608
Cotiviti Holdings, Inc.†*		140		5,037
CR Bard, Inc.†		45		14,422
Danaher Corp.		27		2,316
Envision Healthcare Corp.*		58		2,607
Express Scripts Holding Co.†*		489		30,963
Globus Medical, Inc., Class A^(a)*		172		5,112
Haemonetics Corp.^(a)*		13		583
Halyard Health, Inc.†*		146		6,574


	Number of Shares		Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — (Continued)
HCA Healthcare, Inc.†*		249	$	19,818
Hill-Rom Holdings, Inc.†		73		5,402
Hologic, Inc.†*		210		7,705
ICU Medical, Inc.†*		7		1,301
Integer Holdings Corp.†*		119		6,087
Kindred Healthcare, Inc.†^(a)		130		884
Laboratory Corp. of America Holdings†*		98		14,795
LifePoint Health, Inc.*		17		984
Masimo Corp.†*		35		3,030
McKesson Corp.†		112		17,204
MEDNAX, Inc.*		28		1,207
Medtronic PLC (Ireland)†		303		23,564
Meridian Bioscience, Inc.†		104		1,487
National HealthCare Corp.		3		188
Patterson Cos., Inc.^(a)		128		4,947
Quality Systems, Inc.†*		152		2,391
Quest Diagnostics, Inc.†		148		13,859
STERIS PLC (United Kingdom)†		55		4,862
Stryker Corp.		34		4,829
Teleflex, Inc.		6		1,452
Tivity Health, Inc.^(a)*		55		2,244
Universal Health Services, Inc., Class B†		63		6,989
Varian Medical Systems, Inc.†*		167		16,710
Veeva Systems, Inc., Class A*		71		4,005
Zimmer Biomet Holdings, Inc.†		58		6,791

				323,223

Household & Personal Products — 5.7%
Avon Products, Inc.*		340		792
Central Garden & Pet Co., Class A†*		32		1,190
Church & Dwight Co., Inc.†		248		12,016
Clorox Co. (The)†		164		21,633
Colgate-Palmolive Co.†		368		26,809
Edgewell Personal Care Co.*		19		1,383
Estee Lauder Cos., Inc. (The), Class A†		66		7,117
Kimberly-Clark Corp.†		311		36,598
Procter & Gamble Co. (The)†		190		17,286

				124,824

Materials — 4.3%
AptarGroup, Inc.		14		1,208
Ashland Global Holdings, Inc.		84		5,493
Ball Corp.		60		2,478


	Number of Shares		Value
COMMON STOCKS — (Continued)
Materials — (Continued)
Bemis Co., Inc.		48	$	2,187
Chase Corp.		13		1,448
Chemours Co. (The)		5		253
Clearwater Paper Corp.†*		27		1,330
Crown Holdings, Inc.*		19		1,135
Domtar Corp.†		154		6,682
FMC Corp.		14		1,250
Greif, Inc., Class A†		11		644
Ingevity Corp.†*		49		3,061
Innophos Holdings, Inc.†		56		2,755
Louisiana-Pacific Corp.†*		355		9,613
LyondellBasell Industries NV, Class A (Netherlands)†		48		4,754
Martin Marietta Materials, Inc.†		28		5,774
Methanex Corp. (Canada)†		238		11,971
Myers Industries, Inc.		1		21
Neenah Paper, Inc.†		28		2,395
Packaging Corp. of America†		86		9,862
Platform Specialty Products Corp.*		6		67
Rayonier Advanced Materials, Inc.		1		14
Scotts Miracle-Gro Co. (The)^(a)		40		3,894
Westlake Chemical Corp.†		132		10,968
WR Grace & Co.		68		4,906

				94,163

Media — 11.4%
AMC Networks, Inc., Class A†*		45		2,631
CBS Corp., Class B, non-voting shares†		316		18,328
Comcast Corp., Class A†		682		26,243
Discovery Communications, Inc., Class A†^(a)*		427		9,091
DISH Network Corp., Class A*		132		7,158
Gannett Co., Inc.		172		1,548
Interpublic Group of Cos., Inc. (The)†		108		2,245
MSG Networks, Inc., Class A†*		289		6,127
News Corp., Class A†		518		6,869
Omnicom Group, Inc.†		284		21,036
Scripps Networks Interactive, Inc., Class A†		103		8,847
TEGNA, Inc.†		270		3,599
Time Warner, Inc.†		459		47,025
Tribune Media Co., Class A		45		1,839
Twenty-First Century Fox, Inc., Class A†		1,412		37,249


	Number of Shares		Value
COMMON STOCKS — (Continued)
Media — (Continued)
Viacom, Inc., Class B†		490	$	13,642
Walt Disney Co. (The)†		340		33,514

				246,991

Pharmaceuticals, Biotechnology & Life Sciences — 14.2%
AbbVie, Inc.†		237		21,060
Acorda Therapeutics, Inc.^(a)*		54		1,277
Agilent Technologies, Inc.		22		1,412
Akorn, Inc.*		50		1,660
Alexion Pharmaceuticals, Inc.*		19		2,666
AMAG Pharmaceuticals, Inc.†*		237		4,373
Amgen, Inc.†		94		17,526
Biogen, Inc.†*		7		2,192
Bioverativ, Inc.†*		124		7,077
Bluebird Bio, Inc.*		15		2,060
Bristol-Myers Squibb Co.†		264		16,827
Catalent, Inc.*		41		1,637
Celgene Corp.†*		58		8,458
Charles River Laboratories International, Inc.*		17		1,836
Eagle Pharmaceuticals, Inc.†^(a)*		87		5,189
Eli Lilly & Co.†		34		2,908
Emergent BioSolutions, Inc.*		36		1,456
Endo International PLC (Ireland)*		439		3,760
Exact Sciences Corp.†^(a)*		134		6,314
Exelixis, Inc.†*		370		8,965
Gilead Sciences, Inc.†		572		46,343
ImmunoGen, Inc.^(a)*		77		589
Immunomedics, Inc.^(a)*		147		2,055
Incyte Corp.†*		59		6,888
Innoviva, Inc.*		259		3,657
Ionis Pharmaceuticals, Inc.†^(a)*		113		5,729
Jazz Pharmaceuticals PLC (Ireland)*		19		2,779
Johnson & Johnson†		162		21,062
Kite Pharma, Inc.*		24		4,315
Ligand Pharmaceuticals, Inc.†^(a)*		50		6,808
Merck & Co., Inc.†		175		11,205
MiMedx Group, Inc.†^(a)*		483		5,738
Mylan NV (Netherlands)†*		47		1,474
Myriad Genetics, Inc.†^(a)*		193		6,983
PAREXEL International Corp.*		23		2,026
PerkinElmer, Inc.		46		3,173
Perrigo Co. PLC (Ireland)†^(a)		116		9,819
Pfizer, Inc.†		125		4,462
PRA Health Sciences, Inc.†*		32		2,437


	Number of Shares		Value
COMMON STOCKS — (Continued)
Pharmaceuticals, Biotechnology & Life Sciences — (Continued)
Prestige Brands Holdings, Inc.†*		60	$	3,005
Regeneron Pharmaceuticals, Inc.†*		15		6,707
Repligen Corp.†*		108		4,139
Supernus Pharmaceuticals, Inc.^(a)*		50		2,000
United Therapeutics Corp.†*		49		5,742
Valeant Pharmaceuticals International, Inc. (Canada)*		66		946
Vanda Pharmaceuticals, Inc.*		102		1,826
Vertex Pharmaceuticals, Inc.†*		51		7,754
VWR Corp.†*		27		894
Waters Corp.†*		41		7,360
Xencor, Inc.†*		48		1,100

				307,668

Retailing — 13.7%
Aaron’s, Inc.†		128		5,585
Advance Auto Parts, Inc.†		119		11,805
Asbury Automotive Group, Inc.†*		61		3,727
AutoNation, Inc.†^(a)*		53		2,515
AutoZone, Inc.†*		31		18,448
Bed Bath & Beyond, Inc.†		287		6,736
Best Buy Co., Inc.†		226		12,873
CarMax, Inc.*		27		2,047
Chico’s FAS, Inc.		259		2,318
Dollar General Corp.†		97		7,862
Dollar Tree, Inc.†*		65		5,643
Expedia, Inc.		10		1,439
Foot Locker, Inc.†		139		4,896
Gap, Inc. (The)†^(a)		285		8,416
Genuine Parts Co.†		104		9,948
Home Depot, Inc. (The)†		197		32,221
HSN, Inc.†		66		2,577
JC Penney Co., Inc.^(a)*		756		2,880
Liberty Interactive Corp. QVC Group, Class A†*		22		519
LKQ Corp.†*		314		11,301
Lowe’s Cos., Inc.†		366		29,258
Monro, Inc.^(a)		6		336
Nordstrom, Inc.†		21		990
Nutrisystem, Inc.†^(a)		136		7,602
O’Reilly Automotive, Inc.†*		74		15,937
PetMed Express, Inc.^(a)		116		3,845
Pool Corp.		2		216
Priceline Group, Inc. (The)†*		3		5,492


	Number of Shares		Value
COMMON STOCKS — (Continued)
Retailing — (Continued)
RH*		58	$	4,079
Ross Stores, Inc.†		288		18,596
Sally Beauty Holdings, Inc.^(a)*		20		392
Signet Jewelers Ltd. (Bermuda)†		127		8,452
Tailored Brands, Inc.^(a)		100		1,444
Target Corp.†		271		15,992
TJX Cos., Inc. (The)†		339		24,994
Tractor Supply Co.^(a)		89		5,633
Urban Outfitters, Inc.^(a)*		59		1,410

				298,424

Semiconductors & Semiconductor Equipment — 5.9%
Advanced Energy Industries, Inc.*		38		3,069
Analog Devices, Inc.		58		4,998
Applied Materials, Inc.†		164		8,543
Axcelis Technologies, Inc.*		28		766
Intel Corp.†		510		19,421
KLA-Tencor Corp.†		185		19,610
Lam Research Corp.†		24		4,441
Marvell Technology Group Ltd. (Bermuda)†		94		1,683
Maxim Integrated Products, Inc.†		113		5,391
Microchip Technology, Inc.†^(a)		69		6,195
Micron Technology, Inc.*		240		9,439
MKS Instruments, Inc.†		29		2,739
ON Semiconductor Corp.†*		502		9,272
QUALCOMM, Inc.†		188		9,746
Skyworks Solutions, Inc.†		40		4,076
Synaptics, Inc.^(a)*		1		39
Teradyne, Inc.		69		2,573
Texas Instruments, Inc.†		76		6,813
Xcerra Corp.*		67		660
Xilinx, Inc.†		130		9,208

				128,682

Software & Services — 17.8%
Accenture PLC, Class A (Ireland)†		107		14,452
ACI Worldwide, Inc.*		19		433
Adobe Systems, Inc.†*		41		6,116
Alphabet, Inc., Class A†*		11		10,711
Amdocs, Ltd. (Guernsey)		32		2,058
ANSYS, Inc.†*		53		6,505
Appfolio, Inc., Class A*		1		48
Aspen Technology, Inc.†*		103		6,469
Automatic Data Processing, Inc.†		123		13,446
Blucora, Inc.*		191		4,832


	Number of Shares		Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
Broadridge Financial Solutions, Inc.		48	$	3,879
CA, Inc.†		351		11,716
CACI International, Inc., Class A*		33		4,599
Cadence Design Systems, Inc.*		83		3,276
Cars.com, Inc.†^(a)*		194		5,162
CDK Global, Inc.†		108		6,814
CGI Group, Inc., Class A (Canada)†*		45		2,334
Citrix Systems, Inc.†*		68		5,224
CommerceHub, Inc., Class A†*		30		677
Convergys Corp.†^(a)		99		2,563
CoStar Group, Inc.*		1		268
CSG Systems International, Inc.†		22		882
CSRA, Inc.†		114		3,679
eBay, Inc.†*		314		12,076
Electronic Arts, Inc.†*		184		21,723
Facebook, Inc., Class A†*		53		9,056
Fair Isaac Corp.†		23		3,232
Fidelity National Information Services, Inc.†		49		4,576
Fiserv, Inc.†*		48		6,190
Guidewire Software, Inc.*		12		934
IAC/InterActiveCorp.†*		41		4,821
International Business Machines Corp.†		220		31,918
Intuit, Inc.†		204		28,997
j2 Global, Inc.†^(a)		87		6,428
Jack Henry & Associates, Inc.		14		1,439
Manhattan Associates, Inc.†^(a)*		109		4,531
MAXIMUS, Inc.†		34		2,193
Microsoft Corp.†		95		7,077
NIC, Inc.†		169		2,898
Nuance Communications, Inc.†*		199		3,128
Open Text Corp. (Canada)		58		1,873
Oracle Corp.†		594		28,720
Paychex, Inc.†		296		17,748
Pegasystems, Inc.^(a)		13		749
Progress Software Corp.†		123		4,695
Qualys, Inc.*		12		622
Red Hat, Inc.*		17		1,885
Sabre Corp.		35		634
Science Applications International Corp.†		24		1,604
SS&C Technologies Holdings, Inc.		128		5,139
Stamps.com, Inc.†*		43		8,714


	Number of Shares		Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
Synopsys, Inc.†*		119	$	9,583
Total System Services, Inc.		77		5,044
Trade Desk, Inc. (The), Class A†*		96		5,905
Travelport Worldwide Ltd. (Bermuda)†		228		3,580
Tyler Technologies, Inc.*		4		697
VeriSign, Inc.†^(a)*		53		5,639
Visa, Inc., Class A†		37		3,894
VMware, Inc., Class A†^(a)*		82		8,954
Web.com Group, Inc.*		68		1,700
Western Union Co. (The)†		144		2,765

				387,504

Technology Hardware & Equipment — 10.6%
Amphenol Corp., Class A		5		423
Anixter International, Inc.*		24		2,040
Apple, Inc.†		160		24,659
Arista Networks, Inc.†*		3		569
Avnet, Inc.†		126		4,952
AVX Corp.†		99		1,805
Badger Meter, Inc.		22		1,078
Benchmark Electronics, Inc.†*		142		4,849
Brocade Communications Systems, Inc.		40		478
Cisco Systems, Inc.†		1,016		34,168
Coherent, Inc.*		3		706
CommScope Holding Co., Inc.†*		4		133
Dolby Laboratories, Inc., Class A		36		2,071
EchoStar Corp., Class A*		7		401
Extreme Networks, Inc.*		140		1,665
F5 Networks, Inc.†*		95		11,453
FLIR Systems, Inc.†		173		6,731
Harris Corp.†		155		20,410
Hewlett Packard Enterprise Co.†		1,216		17,887
HP, Inc.†		1,089		21,736
InterDigital, Inc.†		30		2,212
Itron, Inc.*		17		1,317
Jabil, Inc.		58		1,656
Juniper Networks, Inc.†		630		17,533
Motorola Solutions, Inc.†		89		7,553
NetApp, Inc.†		59		2,582
OSI Systems, Inc.*		9		822
Plantronics, Inc.†		69		3,051
Rogers Corp.*		1		133
ScanSource, Inc.†*		53		2,313


	Number of Shares		Value
COMMON STOCKS — (Continued)
Technology Hardware & Equipment — (Continued)
Seagate Technology PLC (Ireland)†		43	$	1,426
TE Connectivity Ltd. (Switzerland)		32		2,658
Trimble, Inc.*		26		1,020
TTM Technologies, Inc.*		24		369
VeriFone Systems, Inc.*		11		223
Viavi Solutions, Inc.*		129		1,220
Vishay Intertechnology, Inc.†		325		6,110
Western Digital Corp.†		64		5,530
Xerox Corp.†		274		9,121
Zebra Technologies Corp., Class A*		49		5,320

				230,383

Telecommunication Services — 4.3%
AT&T, Inc.†		752		29,456
CenturyLink, Inc.†^(a)		619		11,699
Cogent Communications Holdings, Inc.^(a)		9		440
Frontier Communications Corp.†		322		3,796
Level 3 Communications, Inc.†*		168		8,953
Rogers Communications, Inc., Class B (Canada)		80		4,123
United States Cellular Corp.†*		21		743
Verizon Communications, Inc.†		681		33,703
Vonage Holdings Corp.*		61		497

				93,410

Transportation — 5.9%
Alaska Air Group, Inc.†		107		8,161
Canadian National Railway Co. (Canada)†		104		8,616
Canadian Pacific Railway Ltd. (Canada)		18		3,025
CH Robinson Worldwide, Inc.†^(a)		95		7,230
CSX Corp.†		93		5,046
Delta Air Lines, Inc.†		192		9,258
Expeditors International of Washington, Inc.†		216		12,930
FedEx Corp.†		42		9,474
Hawaiian Holdings, Inc.†*		146		5,482
Heartland Express, Inc.†		142		3,561
JB Hunt Transport Services, Inc.†		104		11,552
Kirby Corp.^(a)*		61		4,023
Knight-Swift Transportation Holdings, Inc.*		15		623
Landstar System, Inc.		11		1,096
Norfolk Southern Corp.		13		1,719


	Number of Shares			Value
COMMON STOCKS — (Continued)
Transportation — (Continued)
Southwest Airlines Co.†		190		$	10,636
Union Pacific Corp.†		77			8,930
United Parcel Service, Inc., Class B†		104			12,489
Werner Enterprises, Inc.		72			2,632
XPO Logistics, Inc.†*		35			2,372

					128,855

TOTAL COMMON STOCKS (Cost $3,509,211)					3,819,258

TOTAL LONG POSITIONS - 175.7%					3,819,258

(Cost $3,509,211)

SHORT POSITIONS — (75.8)%
COMMON STOCKS — (75.8)%
Automobiles & Components — (1.8)%
American Axle & Manufacturing Holdings, Inc.*		(501	)		(8,808	)
Cooper Tire & Rubber Co.		(225	)		(8,415	)
Ford Motor Co.		(450	)		(5,386	)
Gentherm, Inc.*		(76	)		(2,823	)
LCI Industries		(39	)		(4,518	)
Magna International, Inc. (Canada)		(69	)		(3,683	)
Modine Manufacturing Co.*		(61	)		(1,174	)
Tesla, Inc.*		(11	)		(3,752	)

					(38,559	)

Capital Goods — (8.3)%
AAON, Inc.		(31	)		(1,072	)
AAR Corp.		(113	)		(4,269	)
Actuant Corp., Class A		(226	)		(5,786	)
Advanced Drainage Systems, Inc.		(50	)		(1,012	)
AECOM*		(21	)		(773	)
Aegion Corp.*		(119	)		(2,770	)
AGCO Corp.		(10	)		(738	)
Albany International Corp., Class A		(10	)		(574	)
American Railcar Industries, Inc.		(1	)		(39	)
Apogee Enterprises, Inc.		(21	)		(1,013	)
Astec Industries, Inc.		(20	)		(1,120	)
Astronics Corp.*		(26	)		(774	)
Axon Enterprise, Inc.*		(317	)		(7,186	)
Beacon Roofing Supply, Inc.*		(103	)		(5,279	)
Carlisle Cos., Inc.		(34	)		(3,410	)
CIRCOR International, Inc.		(27	)		(1,470	)
Columbus McKinnon Corp.		(2	)		(76	)
Cubic Corp.		(62	)		(3,162	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
Douglas Dynamics, Inc.		(53	)	$	(2,088	)
Dycom Industries, Inc.*		(8	)		(687	)
Emerson Electric Co.		(6	)		(377	)
Encore Wire Corp.		(1	)		(45	)
EnPro Industries, Inc.		(18	)		(1,450	)
ESCO Technologies, Inc.		(1	)		(60	)
Esterline Technologies Corp.*		(22	)		(1,983	)
Federal Signal Corp.		(35	)		(745	)
Franklin Electric Co., Inc.		(71	)		(3,184	)
General Cable Corp.		(192	)		(3,619	)
Granite Construction, Inc.		(114	)		(6,606	)
Herc Holdings, Inc.*		(8	)		(393	)
Hexcel Corp.		(95	)		(5,455	)
Hyster-Yale Materials Handling, Inc.		(14	)		(1,070	)
ITT, Inc.		(63	)		(2,789	)
John Bean Technologies Corp.		(28	)		(2,831	)
Johnson Controls International PLC (Ireland)		(174	)		(7,010	)
Kaman Corp.		(37	)		(2,064	)
KBR, Inc.		(41	)		(733	)
Kratos Defense & Security Solutions, Inc.*		(352	)		(4,604	)
Manitowoc Co., Inc. (The)*		(667	)		(6,003	)
Masonite International Corp. (Canada)*		(35	)		(2,422	)
MasTec, Inc.*		(86	)		(3,990	)
Middleby Corp. (The)*		(73	)		(9,356	)
Milacron Holdings Corp.*		(32	)		(540	)
MRC Global, Inc.*		(359	)		(6,279	)
Navistar International Corp.*		(51	)		(2,248	)
NCI Building Systems, Inc.*		(20	)		(312	)
NN, Inc.		(3	)		(87	)
NOW, Inc.*		(644	)		(8,894	)
Orbital ATK, Inc.		(34	)		(4,527	)
Parker-Hannifin Corp.		(3	)		(525	)
Patrick Industries, Inc.*		(16	)		(1,346	)
Ply Gem Holdings, Inc.*		(6	)		(102	)
Proto Labs, Inc.*		(22	)		(1,767	)
Quanex Building Products Corp.		(2	)		(46	)
Raven Industries, Inc.		(28	)		(907	)
REV Group, Inc.		(33	)		(949	)
Rockwell Collins, Inc.		(5	)		(654	)
Simpson Manufacturing Co., Inc.		(35	)		(1,716	)
SiteOne Landscape Supply, Inc.*		(37	)		(2,150	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
SPX Corp.*		(57	)	$	(1,672	)
Sunrun, Inc.*		(649	)		(3,602	)
Teledyne Technologies, Inc.*		(48	)		(7,641	)
Tennant Co.		(25	)		(1,655	)
Thermon Group Holdings, Inc.*		(54	)		(971	)
Timken Co. (The)		(86	)		(4,175	)
Titan International, Inc.		(102	)		(1,035	)
United Rentals, Inc.*		(18	)		(2,497	)
Universal Forest Products, Inc.		(11	)		(1,080	)
Wabtec Corp.		(48	)		(3,636	)
Watsco, Inc.		(14	)		(2,255	)
Watts Water Technologies, Inc., Class A		(1	)		(69	)
Wesco Aircraft Holdings, Inc.*		(116	)		(1,090	)
Woodward, Inc.		(12	)		(931	)
Xylem, Inc.		(64	)		(4,008	)

					(179,453	)

Commercial & Professional Services — (2.3)%
ABM Industries, Inc.		(64	)		(2,669	)
ACCO Brands Corp.*		(177	)		(2,106	)
Advanced Disposal Services, Inc.*		(89	)		(2,242	)
Advisory Board Co. (The)*		(52	)		(2,788	)
Casella Waste Systems, Inc.*		(1	)		(19	)
Cintas Corp.		(8	)		(1,154	)
Clean Harbors, Inc.*		(34	)		(1,928	)
Covanta Holding Corp.		(613	)		(9,103	)
FTI Consulting, Inc.*		(79	)		(2,803	)
Healthcare Services Group, Inc.		(35	)		(1,889	)
HNI Corp.		(111	)		(4,603	)
InnerWorkings, Inc.*		(4	)		(45	)
Knoll, Inc.		(68	)		(1,360	)
Multi-Color Corp.		(34	)		(2,786	)
On Assignment, Inc.*		(16	)		(859	)
Ritchie Bros Auctioneers, Inc. (Canada)		(30	)		(949	)
RR Donnelley & Sons Co.		(250	)		(2,575	)
Steelcase, Inc., Class A		(93	)		(1,432	)
TrueBlue, Inc.*		(19	)		(427	)
US Ecology, Inc.		(47	)		(2,529	)
WageWorks, Inc.*		(80	)		(4,856	)

					(49,122	)

Consumer Durables & Apparel — (2.4)%
Acushnet Holdings Corp.		(7	)		(124	)
American Outdoor Brands Corp.*		(164	)		(2,501	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Consumer Durables & Apparel — (Continued)
Callaway Golf Co.		(171	)	$	(2,468	)
Canada Goose Holdings, Inc. (Canada)*		(161	)		(3,309	)
Deckers Outdoor Corp.*		(58	)		(3,968	)
G-III Apparel Group Ltd.*		(116	)		(3,366	)
Hanesbrands, Inc.		(119	)		(2,932	)
Leggett & Platt, Inc.		(7	)		(334	)
Lululemon Athletica, Inc.*		(6	)		(374	)
Mattel, Inc.		(584	)		(9,040	)
Mohawk Industries, Inc.*		(34	)		(8,415	)
Movado Group, Inc.		(5	)		(140	)
Newell Brands, Inc.		(68	)		(2,902	)
Polaris Industries, Inc.		(23	)		(2,406	)
Skechers U.S.A., Inc., Class A*		(146	)		(3,663	)
Tempur Sealy International, Inc.*		(35	)		(2,258	)
Under Armour, Inc., Class C*		(240	)		(3,605	)

					(51,805	)

Consumer Services — (4.4)%
Belmond Ltd., Class A (Bermuda)*		(37	)		(505	)
BJ’s Restaurants, Inc.*		(11	)		(335	)
Bright Horizons Family Solutions, Inc.*		(34	)		(2,931	)
Carnival Corp. (Panama)		(8	)		(517	)
Chegg, Inc.*		(346	)		(5,135	)
Domino’s Pizza, Inc.		(8	)		(1,588	)
Fiesta Restaurant Group, Inc.*		(80	)		(1,520	)
Houghton Mifflin Harcourt Co.*		(414	)		(4,989	)
International Game Technology PLC (United Kingdom)		(148	)		(3,633	)
Laureate Education, Inc., Class A*		(95	)		(1,382	)
Marcus Corp. (The)		(37	)		(1,025	)
MGM Resorts International		(123	)		(4,009	)
Norwegian Cruise Line Holdings Ltd. (Bermuda)*		(238	)		(12,864	)
Papa John’s International, Inc.		(61	)		(4,457	)
Planet Fitness, Inc., Class A		(87	)		(2,347	)
Red Rock Resorts, Inc., Class A		(116	)		(2,687	)
Restaurant Brands International, Inc. (Canada)		(48	)		(3,066	)
SeaWorld Entertainment, Inc.		(881	)		(11,444	)
Shake Shack, Inc., Class A*		(353	)		(11,730	)
Texas Roadhouse, Inc.		(72	)		(3,538	)
Wendy’s Co. (The)		(603	)		(9,365	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Consumer Services — (Continued)
Wingstop, Inc.		(171	)	$	(5,686	)

					(94,753	)

Energy — (3.4)%
Andeavor		(129	)		(13,306	)
Cenovus Energy, Inc. (Canada)		(346	)		(3,467	)
Cheniere Energy, Inc.*		(36	)		(1,621	)
DHT Holdings, Inc. (Marshall Islands)		(27	)		(107	)
Ensco PLC, Class A (United Kingdom)		(877	)		(5,236	)
Forum Energy Technologies, Inc.*		(160	)		(2,544	)
Frank’s International NV (Netherlands)		(233	)		(1,799	)
Green Plains, Inc.		(313	)		(6,307	)
Helix Energy Solutions Group, Inc.*		(747	)		(5,520	)
Helmerich & Payne, Inc.		(83	)		(4,325	)
Keane Group, Inc.*		(27	)		(450	)
Mammoth Energy Services, Inc.*		(3	)		(51	)
Newpark Resources, Inc.*		(93	)		(930	)
Patterson-UTI Energy, Inc.		(651	)		(13,632	)
ProPetro Holding Corp.*		(127	)		(1,822	)
SemGroup Corp., Class A		(167	)		(4,801	)
Solaris Oilfield Infrastructure, Inc., Class A*		(3	)		(52	)
Targa Resources Corp.		(84	)		(3,973	)
Unit Corp.*		(69	)		(1,420	)
Weatherford International PLC (Ireland)*		(412	)		(1,887	)
Williams Cos., Inc. (The)		(34	)		(1,020	)

					(74,270	)

Food & Staples Retailing — (0.8)%
Casey’s General Stores, Inc.		(33	)		(3,612	)
Performance Food Group Co.*		(54	)		(1,526	)
PriceSmart, Inc.		(8	)		(714	)
Rite Aid Corp.*		(4,486	)		(8,793	)
Smart & Final Stores, Inc.*		(192	)		(1,507	)
SpartanNash Co.		(15	)		(396	)

					(16,548	)

Food, Beverage & Tobacco — (3.1)%
B&G Foods, Inc.		(181	)		(5,765	)
Blue Buffalo Pet Products, Inc.*		(393	)		(11,142	)
Bunge Ltd. (Bermuda)		(111	)		(7,710	)
Calavo Growers, Inc.		(35	)		(2,562	)
Coca-Cola Bottling Co. Consolidated		(19	)		(4,099	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Food, Beverage & Tobacco — (Continued)
Cott Corp. (Canada)		(51	)	$	(766	)
Darling Ingredients, Inc.*		(119	)		(2,085	)
Farmer Brothers Co.*		(39	)		(1,281	)
J&J Snack Foods Corp.		(10	)		(1,313	)
McCormick & Co., Inc., non-voting shares		(17	)		(1,745	)
MGP Ingredients, Inc.		(49	)		(2,971	)
Pilgrim’s Pride Corp.*		(25	)		(710	)
Snyder’s-Lance, Inc.		(42	)		(1,602	)
SunOpta, Inc. (Canada)*		(19	)		(165	)
Tootsie Roll Industries, Inc.		(27	)		(1,026	)
Tyson Foods, Inc., Class A		(272	)		(19,162	)
Universal Corp.		(21	)		(1,203	)
Vector Group Ltd		(144	)		(2,942	)

					(68,249	)

Health Care Equipment & Services — (6.0)%
Alere, Inc.*		(149	)		(7,598	)
Align Technology, Inc.*		(11	)		(2,049	)
Almost Family, Inc.*		(6	)		(322	)
Amedisys, Inc.*		(10	)		(560	)
athenahealth, Inc.*		(67	)		(8,332	)
AtriCure, Inc.*		(10	)		(224	)
BioTelemetry, Inc.*		(99	)		(3,267	)
Cardiovascular Systems, Inc.*		(25	)		(704	)
Castlight Health, Inc., Class B*		(9	)		(39	)
CryoLife, Inc.*		(2	)		(45	)
DaVita, Inc.*		(200	)		(11,878	)
DENTSPLY SIRONA, Inc.		(205	)		(12,261	)
DexCom, Inc.*		(153	)		(7,486	)
Diplomat Pharmacy, Inc.*		(98	)		(2,030	)
Ensign Group, Inc. (The)		(127	)		(2,869	)
Evolent Health, Inc., Class A*		(446	)		(7,939	)
Glaukos Corp.*		(25	)		(825	)
Henry Schein, Inc.*		(28	)		(2,296	)
HMS Holdings Corp.*		(64	)		(1,271	)
Inovalon Holdings, Inc., Class A*		(75	)		(1,279	)
Insulet Corp.*		(78	)		(4,296	)
K2M Group Holdings, Inc.*		(167	)		(3,542	)
LeMaitre Vascular, Inc.		(3	)		(112	)
Natus Medical, Inc.*		(145	)		(5,438	)
Nevro Corp.*		(101	)		(9,179	)
Novocure Ltd. (Jersey)*		(100	)		(1,985	)
NuVasive, Inc.*		(77	)		(4,270	)
NxStage Medical, Inc.*		(216	)		(5,962	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — (Continued)
OraSure Technologies, Inc.*		(17	)	$	(382	)
Owens & Minor, Inc.		(209	)		(6,103	)
Penumbra, Inc.*		(76	)		(6,863	)
Quidel Corp.*		(19	)		(833	)
Select Medical Holdings Corp.*		(81	)		(1,555	)
Surgery Partners, Inc.*		(44	)		(455	)
Teladoc, Inc.*		(181	)		(6,000	)
Varex Imaging Corp.*		(13	)		(440	)
Vocera Communications, Inc.*		(9	)		(282	)

					(130,971	)

Household & Personal Products — (1.1)%
Coty, Inc., Class A		(328	)		(5,422	)
elf Beauty, Inc.*		(199	)		(4,487	)
Spectrum Brands Holdings, Inc.		(104	)		(11,016	)
WD-40 Co.		(29	)		(3,245	)

					(24,170	)

Materials — (4.4)%
Agrium, Inc. (Canada)		(82	)		(8,791	)
Albemarle Corp.		(13	)		(1,772	)
Avery Dennison Corp.		(12	)		(1,180	)
Axalta Coating Systems Ltd. (Bermuda)*		(68	)		(1,967	)
Balchem Corp.		(52	)		(4,227	)
Boise Cascade Co.*		(32	)		(1,117	)
Calgon Carbon Corp.		(5	)		(107	)
DowDuPont, Inc.		(34	)		(2,354	)
Ferro Corp.*		(167	)		(3,724	)
GCP Applied Technologies, Inc.*		(138	)		(4,237	)
Graphic Packaging Holding Co.		(240	)		(3,348	)
HB Fuller Co.		(82	)		(4,761	)
Innospec, Inc.		(1	)		(62	)
International Flavors & Fragrances, Inc.		(7	)		(1,000	)
International Paper Co.		(46	)		(2,614	)
KapStone Paper and Packaging Corp.		(118	)		(2,536	)
Koppers Holdings, Inc.*		(1	)		(46	)
Kraton Corp.*		(63	)		(2,548	)
Monsanto Co.		(10	)		(1,198	)
NewMarket Corp.		(12	)		(5,109	)
Owens-Illinois, Inc.*		(383	)		(9,636	)
PH Glatfelter Co.		(99	)		(1,926	)
Sherwin-Williams Co. (The)		(28	)		(10,025	)
Silgan Holdings, Inc.		(37	)		(1,089	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Materials — (Continued)
Sonoco Products Co.		(135	)	$	(6,811	)
Stepan Co.		(6	)		(502	)
Tredegar Corp.		(34	)		(612	)
Trinseo SA (Luxembourg)		(161	)		(10,803	)
US Concrete, Inc.*		(11	)		(839	)

					(94,941	)

Media — (2.0)%
AMC Entertainment Holdings, Inc., Class A		(623	)		(9,158	)
Clear Channel Outdoor Holdings, Inc., Class A		(4	)		(19	)
Entravision Communications Corp., Class A		(126	)		(718	)
EW Scripps Co. (The), Class A*		(165	)		(3,153	)
Gray Television, Inc.*		(170	)		(2,669	)
John Wiley & Sons, Inc., Class A		(81	)		(4,334	)
Madison Square Garden Co. (The), Class A*		(20	)		(4,282	)
MDC Partners, Inc., Class A (Canada)*		(13	)		(143	)
New Media Investment Group, Inc.		(27	)		(399	)
New York Times Co. (The), Class A		(22	)		(431	)
Nexstar Media Group, Inc., Class A		(44	)		(2,741	)
Regal Entertainment Group, Class A		(496	)		(7,936	)
Scholastic Corp.		(17	)		(632	)
Shaw Communications, Inc., Class B (Canada)		(75	)		(1,726	)
Time, Inc.		(261	)		(3,524	)
World Wrestling Entertainment, Inc., Class A		(117	)		(2,755	)

					(44,620	)

Pharmaceuticals, Biotechnology & Life Sciences — (5.8)%
Accelerate Diagnostics, Inc.*		(101	)		(2,267	)
Achaogen, Inc.*		(51	)		(813	)
Achillion Pharmaceuticals, Inc.*		(499	)		(2,241	)
Aclaris Therapeutics, Inc.*		(62	)		(1,600	)
Aduro Biotech, Inc.*		(81	)		(863	)
Aerie Pharmaceuticals, Inc.*		(94	)		(4,568	)
Alder Biopharmaceuticals, Inc.*		(221	)		(2,707	)
Arena Pharmaceuticals, Inc.*		(11	)		(280	)
Athenex, Inc.*		(2	)		(35	)
Bio-Rad Laboratories, Inc., Class A*		(51	)		(11,333	)
Bruker Corp.		(133	)		(3,957	)
Cambrex Corp.*		(18	)		(990	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Pharmaceuticals, Biotechnology & Life Sciences — (Continued)
Coherus Biosciences, Inc.*		(129	)	$	(1,722	)
Cytokinetics, Inc.*		(62	)		(899	)
CytomX Therapeutics, Inc.*		(10	)		(182	)
Dermira, Inc.*		(167	)		(4,509	)
Editas Medicine, Inc.*		(18	)		(432	)
Five Prime Therapeutics, Inc.*		(94	)		(3,846	)
Flexion Therapeutics, Inc.*		(89	)		(2,152	)
Foundation Medicine, Inc.*		(17	)		(683	)
Heron Therapeutics, Inc.*		(337	)		(5,443	)
Horizon Pharma PLC (Ireland)*		(136	)		(1,724	)
Illumina, Inc.*		(71	)		(14,143	)
Insmed, Inc.*		(17	)		(531	)
Intercept Pharmaceuticals, Inc.*		(13	)		(755	)
Intra-Cellular Therapies, Inc.*		(12	)		(189	)
Keryx Biopharmaceuticals, Inc.*		(131	)		(930	)
La Jolla Pharmaceutical Co.*		(58	)		(2,017	)
Lexicon Pharmaceuticals, Inc.*		(36	)		(442	)
Luminex Corp.		(82	)		(1,667	)
MacroGenics, Inc.*		(23	)		(425	)
Medicines Co. (The)*		(190	)		(7,038	)
Momenta Pharmaceuticals, Inc.*		(70	)		(1,295	)
Natera, Inc.*		(4	)		(52	)
Nektar Therapeutics*		(369	)		(8,856	)
NeoGenomics, Inc.*		(105	)		(1,169	)
Pacific Biosciences of California, Inc.*		(72	)		(378	)
Pacira Pharmaceuticals, Inc.*		(99	)		(3,717	)
Paratek Pharmaceuticals, Inc.*		(135	)		(3,388	)
QIAGEN NV (Netherlands)		(142	)		(4,473	)
Radius Health, Inc.*		(152	)		(5,860	)
Reata Pharmaceuticals, Inc., Class A*		(3	)		(93	)
Revance Therapeutics, Inc.*		(13	)		(358	)
Seres Therapeutics, Inc.*		(4	)		(64	)
Synergy Pharmaceuticals, Inc.*		(1,470	)		(4,263	)
TG Therapeutics, Inc.*		(43	)		(510	)
TherapeuticsMD, Inc.*		(371	)		(1,963	)
Theravance Biopharma, Inc. (Cayman Islands)*		(120	)		(4,109	)
Ultragenyx Pharmaceutical, Inc.*		(88	)		(4,687	)
WaVe Life Sciences Ltd. (Singapore)*		(1	)		(22	)

					(126,640	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Retailing — (5.5)%
1-800-Flowers.com, Inc., Class A*		(30	)	$	(296	)
Abercrombie & Fitch Co., Class A		(552	)		(7,971	)
Amazon.com, Inc.*		(2	)		(1,923	)
American Eagle Outfitters, Inc.		(906	)		(12,956	)
At Home Group, Inc.*		(3	)		(69	)
Barnes & Noble, Inc.		(36	)		(274	)
Burlington Stores, Inc.*		(57	)		(5,441	)
Caleres, Inc.		(83	)		(2,533	)
Camping World Holdings, Inc., Class A		(14	)		(570	)
Children’s Place, Inc. (The)		(62	)		(7,325	)
DSW, Inc., Class A		(149	)		(3,201	)
Duluth Holdings, Inc., Class B*		(2	)		(41	)
Express, Inc.*		(73	)		(493	)
Five Below, Inc.*		(183	)		(10,043	)
Floor & Decor Holdings, Inc., Class A*		(122	)		(4,749	)
GameStop Corp., Class A		(392	)		(8,099	)
Genesco, Inc.*		(36	)		(958	)
Group 1 Automotive, Inc.		(43	)		(3,116	)
Guess?, Inc.		(502	)		(8,549	)
L Brands, Inc.		(3	)		(125	)
Lithia Motors, Inc., Class A		(50	)		(6,016	)
Murphy USA, Inc.*		(60	)		(4,140	)
Netflix, Inc.*		(4	)		(725	)
Ollie’s Bargain Outlet Holdings, Inc.*		(226	)		(10,486	)
Party City Holdco, Inc.*		(76	)		(1,030	)
Select Comfort Corp.*		(85	)		(2,639	)
Shutterfly, Inc.*		(58	)		(2,812	)
Sonic Automotive, Inc., Class A		(61	)		(1,244	)
Tile Shop Holdings, Inc.		(181	)		(2,299	)
Wayfair, Inc., Class A*		(49	)		(3,303	)
Williams-Sonoma, Inc.		(119	)		(5,933	)

					(119,359	)

Semiconductors & Semiconductor Equipment — (3.7)%
Advanced Micro Devices, Inc.*		(1,002	)		(12,776	)
Ambarella, Inc. (Cayman Islands)*		(13	)		(637	)
Amkor Technology, Inc.*		(37	)		(390	)
Cavium, Inc.*		(123	)		(8,111	)
Cohu, Inc.		(14	)		(334	)
Cree, Inc.*		(100	)		(2,819	)
Cypress Semiconductor Corp.		(413	)		(6,203	)
FormFactor, Inc.*		(110	)		(1,854	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Semiconductors & Semiconductor Equipment — (Continued)
Ichor Holdings Ltd. (Cayman Islands)*		(37	)	$	(992	)
Inphi Corp.*		(349	)		(13,852	)
Integrated Device Technology, Inc.*		(385	)		(10,233	)
IXYS Corp.*		(9	)		(213	)
Lattice Semiconductor Corp.*		(349	)		(1,818	)
MACOM Technology Solutions Holdings, Inc.*		(38	)		(1,695	)
MaxLinear, Inc.*		(199	)		(4,726	)
Monolithic Power Systems, Inc.		(10	)		(1,066	)
Nanometrics, Inc.*		(27	)		(778	)
Photronics, Inc.*		(42	)		(372	)
Power Integrations, Inc.		(37	)		(2,708	)
Semtech Corp.*		(26	)		(976	)
Veeco Instruments, Inc.*		(184	)		(3,938	)
Versum Materials, Inc.		(38	)		(1,475	)
Xperi Corp.		(81	)		(2,049	)

					(80,015	)

Software & Services — (10.5)%
8x8, Inc.*		(136	)		(1,836	)
A10 Networks, Inc.*		(96	)		(726	)
Acxiom Corp.*		(154	)		(3,795	)
Alliance Data Systems Corp.		(65	)		(14,401	)
Autodesk, Inc.*		(90	)		(10,103	)
Benefitfocus, Inc.*		(53	)		(1,783	)
Black Knight Financial Services, Inc., Class A*		(100	)		(4,305	)
Blackhawk Network Holdings, Inc.*		(141	)		(6,176	)
Booz Allen Hamilton Holding Corp.		(89	)		(3,328	)
Box, Inc., Class A*		(172	)		(3,323	)
BroadSoft, Inc.*		(93	)		(4,678	)
Callidus Software, Inc.*		(137	)		(3,377	)
Carbonite, Inc.*		(74	)		(1,628	)
Cardtronics PLC, Class A (United Kingdom)*		(194	)		(4,464	)
Conduent, Inc.*		(104	)		(1,630	)
Cornerstone OnDemand, Inc.*		(131	)		(5,320	)
Coupa Software, Inc.*		(69	)		(2,149	)
DST Systems, Inc.		(60	)		(3,293	)
DXC Technology Co.		(116	)		(9,962	)
Ellie Mae, Inc.*		(64	)		(5,256	)
Euronet Worldwide, Inc.*		(27	)		(2,559	)
FireEye, Inc.*		(462	)		(7,748	)
Gartner, Inc.*		(51	)		(6,345	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
Gigamon, Inc.*		(227	)	$	(9,568	)
Globant SA (Luxembourg)*		(35	)		(1,402	)
Gogo, Inc.*		(488	)		(5,763	)
GTT Communications, Inc.*		(48	)		(1,519	)
Hortonworks, Inc.*		(135	)		(2,288	)
HubSpot, Inc.*		(23	)		(1,933	)
Imperva, Inc.*		(101	)		(4,383	)
Instructure, Inc.*		(22	)		(729	)
MuleSoft, Inc., Class A*		(52	)		(1,047	)
Nutanix, Inc,. Class A*		(18	)		(403	)
Pandora Media, Inc.*		(1,358	)		(10,457	)
Paylocity Holding Corp.*		(26	)		(1,269	)
Proofpoint, Inc.*		(19	)		(1,657	)
PROS Holdings, Inc.*		(94	)		(2,268	)
Quotient Technology, Inc.*		(106	)		(1,659	)
Rapid7, Inc.*		(113	)		(1,989	)
SecureWorks Corp., Class A*		(36	)		(445	)
Splunk, Inc.*		(176	)		(11,692	)
Sykes Enterprises, Inc.*		(2	)		(58	)
Teradata Corp.*		(386	)		(13,043	)
Twilio, Inc., Class A*		(85	)		(2,537	)
Twitter, Inc.*		(80	)		(1,350	)
Ultimate Software Group, Inc. (The)*		(32	)		(6,067	)
Vantiv, Inc., Class A*		(92	)		(6,483	)
Verint Systems, Inc.*		(33	)		(1,381	)
Virtusa Corp.*		(118	)		(4,458	)
Workday, Inc., Class A*		(79	)		(8,326	)
Workiva, Inc.*		(56	)		(1,168	)
Zendesk, Inc.*		(419	)		(12,197	)
Zynga, Inc., Class A*		(794	)		(3,001	)

					(228,725	)

Technology Hardware & Equipment — (6.1)%
3D Systems Corp.*		(490	)		(6,561	)
Arrow Electronics, Inc.*		(36	)		(2,895	)
Belden, Inc.		(58	)		(4,671	)
BlackBerry Ltd. (Canada)*		(62	)		(693	)
Corning, Inc.		(151	)		(4,518	)
CTS Corp.		(43	)		(1,036	)
Diebold Nixdorf, Inc.		(215	)		(4,913	)
FARO Technologies, Inc.*		(1	)		(38	)
Finisar Corp.*		(406	)		(9,001	)
Fitbit, Inc., Class A*		(1,493	)		(10,391	)
II-VI, Inc.*		(203	)		(8,353	)
Infinera Corp.*		(1,101	)		(9,766	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Technology Hardware & Equipment — (Continued)
Insight Enterprises, Inc.*		(28	)	$	(1,286	)
Keysight Technologies, Inc.*		(75	)		(3,124	)
Kimball Electronics, Inc.*		(2	)		(43	)
Knowles Corp.*		(159	)		(2,428	)
Lumentum Holdings, Inc.*		(245	)		(13,316	)
Mesa Laboratories, Inc.		(7	)		(1,045	)
Methode Electronics, Inc.		(17	)		(720	)
MTS Systems Corp.		(3	)		(160	)
NETGEAR, Inc.*		(107	)		(5,093	)
NetScout Systems, Inc.*		(67	)		(2,167	)
Oclaro, Inc.*		(388	)		(3,348	)
Palo Alto Networks, Inc.*		(33	)		(4,755	)
Plexus Corp.*		(27	)		(1,514	)
Pure Storage, Inc., Class A*		(252	)		(4,029	)
Quantenna Communications, Inc.*		(48	)		(807	)
Sierra Wireless, Inc. (Canada)*		(125	)		(2,688	)
Stratasys Ltd. (Israel)*		(50	)		(1,156	)
Super Micro Computer, Inc.*		(170	)		(3,757	)
SYNNEX Corp.		(37	)		(4,681	)
Tech Data Corp.*		(60	)		(5,331	)
ViaSat, Inc.*		(135	)		(8,683	)

					(132,967	)

Telecommunication Services — (1.2)%
ATN International, Inc.		(38	)		(2,003	)
Boingo Wireless, Inc.*		(7	)		(150	)
Cincinnati Bell, Inc.*		(205	)		(4,069	)
General Communication, Inc., Class A*		(47	)		(1,917	)
Iridium Communications, Inc.*		(442	)		(4,553	)
Shenandoah Telecommunications Co.		(82	)		(3,050	)
Straight Path Communications, Inc,. Class B*		(10	)		(1,807	)
Zayo Group Holdings, Inc.*		(269	)		(9,259	)

					(26,808	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Transportation — (3.0)%
Air Transport Services Group, Inc.*		(95	)	$	(2,312	)
Allegiant Travel Co.		(4	)		(527	)
ArcBest Corp.		(68	)		(2,275	)
Atlas Air Worldwide Holdings, Inc.*		(27	)		(1,777	)
Genesee & Wyoming, Inc., Class A*		(206	)		(15,246	)
Golden Ocean Group Ltd. (Bermuda)*		(9	)		(71	)
Hub Group, Inc., Class A*		(24	)		(1,031	)
JetBlue Airways Corp.*		(27	)		(500	)
Kansas City Southern		(75	)		(8,151	)
Ryder System, Inc.		(176	)		(14,881	)
SkyWest, Inc.		(139	)		(6,102	)
Spirit Airlines, Inc.*		(352	)		(11,760	)
United Continental Holdings, Inc.*		(16	)		(974	)

					(65,607	)

TOTAL COMMON STOCK (Proceeds $1,625,019)					(1,647,582	)

TOTAL SECURITES SOLD SHORT - (75.8)%					(1,647,582	)

(Proceeds $1,625,019)

OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%					2,234

NET ASSETS - 100.0%				$	2,173,910

†	Security position is either entirely or partially held in a segregated account as collateral for securities sold short.

^(a)	All or portion of the security is on loan. (See Note 5 of the Notes to Financial Statements)

*	Non-income producing.

PLC Public Limited Company


	Number of Shares		Value
LONG POSITIONS — 185.3%
COMMON STOCKS — 185.3%
Automobiles & Components — 3.1%
BorgWarner, Inc.†		207	$	10,605
Delphi Automotive PLC (Jersey)†		681		67,010
General Motors Co.†		3,617		146,055
Harley-Davidson, Inc.^(a)		553		26,660

				250,330

Capital Goods — 14.9%
3M Co.†		85		17,842
Allegion PLC (Ireland)†		32		2,767
AMETEK, Inc.		57		3,764
Arconic, Inc.†		88		2,190
Boeing Co. (The)†		1,398		355,386
Caterpillar, Inc.†		1,107		138,054
Cummins, Inc.†		158		26,549
Emerson Electric Co.†		13		817
Honeywell International, Inc.†		1,264		179,159
Ingersoll-Rand PLC (Ireland)†		244		21,758
Jacobs Engineering Group, Inc.†		390		22,725
Lockheed Martin Corp.†		821		254,748
Northrop Grumman Corp.†		182		52,365
Pentair PLC (Ireland)		588		39,960
Rockwell Collins, Inc.†		25		3,268
Snap-on, Inc.†		186		27,716
TransDigm Group, Inc.		3		767
WW Grainger, Inc.†^(a)		188		33,793

				1,183,628

Commercial & Professional Services — 2.8%
Equifax, Inc.		48		5,088
Republic Services, Inc.†		951		62,823
Robert Half International, Inc.†		407		20,488
Stericycle, Inc.*		282		20,197
Waste Management, Inc.†		1,424		111,456

				220,052

Consumer Durables & Apparel — 2.1%
Coach, Inc.†		914		36,816
Garmin Ltd. (Switzerland)†		188		10,146
Hasbro, Inc.†		113		11,037
Michael Kors Holdings Ltd. (British Virgin Islands)†*		541		25,887
PVH Corp.†		209		26,347
Ralph Lauren Corp.†		267		23,573
Whirlpool Corp.		194		35,781

				169,587


	Number of Shares		Value
COMMON STOCKS — (Continued)
Consumer Services — 4.7%
Hilton Worldwide Holdings, Inc.†		1,054	$	73,200
Marriott International, Inc., Class A†		1,137		125,366
McDonald’s Corp.†		889		139,289
Royal Caribbean Cruises Ltd. (Liberia)		49		5,808
Wyndham Worldwide Corp.†		272		28,672

				372,335

Diversified Financials — 3.6%
BlackRock, Inc.		74		33,085
CBOE Holdings, Inc.		363		39,070
CME Group, Inc.†		14		1,900
Franklin Resources, Inc.		313		13,932
Invesco Ltd. (Bermuda)		31		1,086
Moody’s Corp.†		618		86,032
Nasdaq, Inc.†		540		41,888
T Rowe Price Group, Inc.†		779		70,616

				287,609

Energy — 7.9%
Anadarko Petroleum Corp.†		1,791		87,490
Chesapeake Energy Corp.^(a)*		2,935		12,620
Chevron Corp.†		767		90,122
ConocoPhillips†		3,943		197,347
Occidental Petroleum Corp.†		1,830		117,504
Range Resources Corp.^(a)		803		15,715
Valero Energy Corp.†		1,433		110,241

				631,039

Food & Staples Retailing — 12.1%
CVS Health Corp.†		3,443		279,985
Kroger Co. (The)†		2,997		60,120
Sysco Corp.†		1,718		92,686
Walgreens Boots Alliance, Inc.†		2,750		212,355
Wal-Mart Stores, Inc.†		3,992		311,935

				957,081

Food, Beverage & Tobacco — 10.3%
Altria Group, Inc.†		4,739		300,547
Campbell Soup Co.†		990		46,352
Coca-Cola Co. (The)		1,069		48,116
Conagra Brands, Inc.†		1,412		47,641
Dr Pepper Snapple Group, Inc.†		593		52,463
General Mills, Inc.		917		47,464
JM Smucker Co. (The)		374		39,244
Kellogg Co.		1,117		69,667
Kraft Heinz Co. (The)		65		5,041


	Number of Shares		Value
COMMON STOCKS — (Continued)
Food, Beverage & Tobacco — (Continued)
Molson Coors Brewing Co., Class B†		697	$	56,903
PepsiCo, Inc.†		775		86,358
Philip Morris International, Inc.†		134		14,875

				814,671

Health Care Equipment & Services — 17.8%
Aetna, Inc.†		1,076		171,095
AmerisourceBergen Corp.†		729		60,325
Anthem, Inc.†		855		162,347
Baxter International, Inc.†		506		31,752
Centene Corp.†*		559		54,094
Cigna Corp.†		819		153,104
Envision Healthcare Corp.*		42		1,888
Express Scripts Holding Co.†*		2,007		127,083
HCA Healthcare, Inc.†*		1,202		95,667
Humana, Inc.†		485		118,161
Laboratory Corp. of America
Holdings†*		267		40,309
McKesson Corp.†		681		104,608
Medtronic PLC (Ireland)†		709		55,139
Quest Diagnostics, Inc.†		255		23,878
UnitedHealth Group, Inc.†		760		148,846
Universal Health Services, Inc., Class B		310		34,391
Varian Medical Systems, Inc.*		299		29,918

				1,412,605

Household & Personal Products — 4.2%
Church & Dwight Co., Inc.†		651		31,541
Clorox Co. (The)†		418		55,138
Colgate-Palmolive Co.†		1,071		78,022
Estee Lauder Cos., Inc. (The), Class A†		295		31,813
Kimberly-Clark Corp.†		1,144		134,626

				331,140

Insurance — 2.9%
Allstate Corp. (The)†		125		11,489
Aon PLC (United Kingdom)†		762		111,328
Everest Re Group Ltd. (Bermuda)		59		13,475
Progressive Corp. (The)†		1,768		85,607
Travelers Cos., Inc. (The)		85		10,414

				232,313

Materials — 5.7%
Air Products & Chemicals, Inc.†		707		106,913
Ball Corp.		649		26,804


	Number of Shares		Value
COMMON STOCKS — (Continued)
Materials — (Continued)
Freeport-McMoRan, Inc.*		3,235	$	45,419
LyondellBasell Industries NV, Class A
(Netherlands)†		1,262		125,001
Newmont Mining Corp.†		1,728		64,817
Packaging Corp. of America		305		34,977
PPG Industries, Inc.†		55		5,976
Sherwin-Williams Co. (The)†		88		31,508
WestRock Co.†		207		11,743

				453,158

Media — 14.4%
CBS Corp., Class B, non-voting shares†		1,305		75,690
Comcast Corp., Class A†		6,169		237,383
Discovery Communications, Inc., Class A†^(a)*		1,873		39,876
News Corp., Class A†		1,886		25,008
Omnicom Group, Inc.†		761		56,367
Scripps Networks Interactive, Inc., Class A†		420		36,074
Time Warner, Inc.†		2,518		257,969
Twenty-First Century Fox, Inc., Class A†		5,998		158,227
Viacom, Inc., Class B†		1,304		36,303
Walt Disney Co. (The)†		2,239		220,698

				1,143,595

Pharmaceuticals, Biotechnology & Life Sciences — 10.6%
AbbVie, Inc.†		2,507		222,772
Amgen, Inc.†		475		88,564
Biogen, Inc.†*		393		123,056
Bristol-Myers Squibb Co.†		1,077		68,648
Gilead Sciences, Inc.†		4,162		337,205

				840,245

Real Estate — 5.6%
Alexandria Real Estate Equities, Inc., REIT		176		20,939
Apartment Investment & Management Co., Class A, REIT†		178		7,807
AvalonBay Communities, Inc., REIT†		127		22,659
Digital Realty Trust, Inc., REIT†		86		10,176
Duke Realty Corp., REIT		1,152		33,201
Essex Property Trust, Inc., REIT†		213		54,108
Extra Space Storage, Inc., REIT†		408		32,607
Mid-America Apartment Communities, Inc., REIT†		368		39,332


	Number of Shares		Value
COMMON STOCKS — (Continued)
Real Estate — (Continued)
Prologis, Inc., REIT		92	$	5,838
Public Storage, REIT†		359		76,822
Realty Income Corp., REIT†		887		50,728
Regency Centers Corp., REIT		549		34,060
UDR, Inc., REIT†		866		32,934
Ventas, Inc., REIT†		354		23,056

				444,267

Retailing — 12.2%
Advance Auto Parts, Inc.		240		23,808
AutoZone, Inc.†*		92		54,750
Best Buy Co., Inc.†		307		17,487
Dollar Tree, Inc.*		74		6,425
Foot Locker, Inc.		20		704
Genuine Parts Co.		475		45,434
Home Depot, Inc. (The)†		1,924		314,689
LKQ Corp.*		1,000		35,990
Lowe’s Cos., Inc.†		2,720		217,437
Nordstrom, Inc.		479		22,585
O’Reilly Automotive, Inc.†*		288		62,027
Ross Stores, Inc.†		1,250		80,712
Signet Jewelers Ltd. (Bermuda)^(a)		196		13,044
Target Corp.†		809		47,739
TJX Cos., Inc. (The)		133		9,806
Tractor Supply Co.^(a)		246		15,569

				968,206

Semiconductors & Semiconductor Equipment — 8.3%
Applied Materials, Inc.†		3,417		177,992
Intel Corp.†		4,276		162,830
KLA-Tencor Corp.†		509		53,954
Lam Research Corp.†		592		109,544
Micron Technology, Inc.*		1,752		68,906
Texas Instruments, Inc.†		327		29,312
Xilinx, Inc.		794		56,239

				658,777

Software & Services — 11.4%
Accenture PLC, Class A (Ireland)†		543		73,343
Alphabet, Inc., Class A*		18		17,527
Automatic Data Processing, Inc.†		628		68,653
CA, Inc.†		424		14,153
CSRA, Inc.†		154		4,970
eBay, Inc.†*		278		10,692
Electronic Arts, Inc.†*		1,005		118,650


	Number of Shares		Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
International Business Machines
Corp.†		1,269	$	184,107
Intuit, Inc.†		829		117,834
Oracle Corp.†		4,167		201,474
Paychex, Inc.†		1,164		69,793
Visa, Inc., Class A		257		27,047

				908,243

Technology Hardware & Equipment — 12.5%
Apple, Inc.†		2,051		316,100
Cisco Systems, Inc.†		7,668		257,875
F5 Networks, Inc.†*		209		25,197
FLIR Systems, Inc.†		128		4,981
Harris Corp.		390		51,355
Hewlett Packard Enterprise Co.†		5,303		78,007
HP, Inc.†		5,411		108,004
Juniper Networks, Inc.†		1,237		34,426
Motorola Solutions, Inc.†		209		17,738
Western Digital Corp.†		815		70,416
Xerox Corp.		846		28,163

				992,262

Telecommunication Services — 6.5%
AT&T, Inc.†		5,021		196,673
CenturyLink, Inc.^(a)		1,782		33,680
Verizon Communications, Inc.†		5,730		283,578

				513,931

Transportation — 8.2%
Alaska Air Group, Inc.†		400		30,508
CH Robinson Worldwide, Inc.†		9		685
CSX Corp.		919		49,865
Delta Air Lines, Inc.†		686		33,079
Expeditors International of
Washington, Inc.†		581		34,779
FedEx Corp.†		572		129,032
JB Hunt Transport Services, Inc.		354		39,322
Southwest Airlines Co.†		1,206		67,512
Union Pacific Corp.†		1,225		142,063
United Parcel Service, Inc., Class B†		1,022		122,732

				649,577

Utilities — 3.5%
CMS Energy Corp.		466		21,585
DTE Energy Co.†		581		62,376
FirstEnergy Corp.		1,440		44,395
NRG Energy, Inc.†		305		7,805


	Number of Shares			Value
COMMON STOCKS — (Continued)
Utilities — (Continued)
Public Service Enterprise Group, Inc.†		1,637		$	75,711
WEC Energy Group, Inc.†		1,022			64,161

					276,033

TOTAL COMMON STOCKS (Cost $13,606,248)					14,710,684

TOTAL LONG POSITIONS - 185.3%					14,710,684

(Cost $13,606,248)

SHORT POSITIONS — (85.8)%
COMMON STOCKS — (85.8)%
Automobiles & Components — (1.0)%
Ford Motor Co.		(5,945	)		(71,162	)
Goodyear Tire & Rubber Co. (The)		(377	)		(12,535	)

					(83,697	)

Banks — (8.2)%
Bank of America Corp.		(5,480	)		(138,863	)
BB&T Corp.		(1,210	)		(56,797	)
Citigroup, Inc.		(366	)		(26,623	)
Citizens Financial Group, Inc.		(758	)		(28,706	)
Comerica, Inc.		(187	)		(14,261	)
Fifth Third Bancorp		(1,037	)		(29,015	)
Huntington Bancshares, Inc.		(442	)		(6,170	)
JPMorgan Chase & Co.		(332	)		(31,709	)
M&T Bank Corp.		(229	)		(36,878	)
PNC Financial Services Group, Inc. (The)		(149	)		(20,081	)
Regions Financial Corp.		(1,276	)		(19,433	)
SunTrust Banks, Inc.		(721	)		(43,094	)
US Bancorp		(1,613	)		(86,441	)
Wells Fargo & Co.		(1,737	)		(95,796	)
Zions Bancorporation		(301	)		(14,201	)

					(648,068	)

Capital Goods — (8.6)%
Acuity Brands, Inc.		(66	)		(11,305	)
AO Smith Corp.		(258	)		(15,333	)
Dover Corp.		(191	)		(17,456	)
Eaton Corp. PLC (Ireland)		(674	)		(51,756	)
Flowserve Corp.		(195	)		(8,305	)
Fluor Corp.		(209	)		(8,799	)
Fortive Corp.		(520	)		(36,811	)
Fortune Brands Home & Security, Inc.		(231	)		(15,530	)
General Dynamics Corp.		(448	)		(92,100	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
General Electric Co.		(3,571	)	$	(86,347	)
Illinois Tool Works, Inc.		(147	)		(21,750	)
Johnson Controls International PLC (Ireland)		(1,395	)		(56,205	)
L3 Technologies, Inc.		(117	)		(22,046	)
Masco Corp.		(473	)		(18,452	)
PACCAR, Inc.		(485	)		(35,085	)
Parker-Hannifin Corp.		(200	)		(35,004	)
Quanta Services, Inc.*		(228	)		(8,520	)
Raytheon Co.		(434	)		(80,976	)
Stanley Black & Decker, Inc.		(47	)		(7,096	)
Textron, Inc.		(399	)		(21,498	)
United Rentals, Inc.*		(126	)		(17,481	)
United Technologies Corp.		(142	)		(16,483	)
Xylem, Inc.		(45	)		(2,818	)

					(687,156	)

Commercial & Professional Services — (0.6)%
Cintas Corp.		(158	)		(22,796	)
Nielsen Holdings PLC (United Kingdom)		(534	)		(22,134	)

					(44,930	)

Consumer Durables & Apparel — (1.9)%
Leggett & Platt, Inc.		(197	)		(9,403	)
Mattel, Inc.		(512	)		(7,926	)
Mohawk Industries, Inc.*		(112	)		(27,721	)
Newell Brands, Inc.		(723	)		(30,850	)
NIKE, Inc., Class B		(569	)		(29,503	)
Under Armour, Inc., Class C*		(659	)		(9,898	)
VF Corp.		(588	)		(37,379	)

					(152,680	)

Consumer Services — (1.5)%
Carnival Corp. (Panama)		(1,083	)		(69,929	)
MGM Resorts International		(860	)		(28,027	)
Yum! Brands, Inc.		(243	)		(17,887	)

					(115,843	)

Diversified Financials — (6.3)%
Affiliated Managers Group, Inc.		(22	)		(4,176	)
American Express Co.		(1,016	)		(91,907	)
Ameriprise Financial, Inc.		(49	)		(7,277	)
Bank of New York Mellon Corp. (The)		(202	)		(10,710	)
Berkshire Hathaway, Inc., Class B*		(57	)		(10,449	)
Capital One Financial Corp.		(179	)		(15,154	)
Charles Schwab Corp. (The)		(857	)		(37,485	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Diversified Financials — (Continued)
Discover Financial Services		(64	)	$	(4,127	)
ETRADE Financial Corp.		(121	)		(5,277	)
Goldman Sachs Group, Inc. (The)		(426	)		(101,043	)
Intercontinental Exchange, Inc.		(882	)		(60,593	)
Leucadia National Corp.		(537	)		(13,559	)
Morgan Stanley		(1,303	)		(62,766	)
Navient Corp.		(436	)		(6,549	)
Northern Trust Corp.		(342	)		(31,440	)
Raymond James Financial, Inc.		(55	)		(4,638	)
Synchrony Financial		(988	)		(30,677	)

					(497,827	)

Energy — (7.2)%
Andeavor		(237	)		(24,447	)
Apache Corp.		(571	)		(26,152	)
Cimarex Energy Co.		(142	)		(16,141	)
Concho Resources, Inc.*		(222	)		(29,242	)
EQT Corp.		(259	)		(16,897	)
Exxon Mobil Corp.		(691	)		(56,648	)
Helmerich & Payne, Inc.		(162	)		(8,442	)
Hess Corp.		(475	)		(22,273	)
Kinder Morgan, Inc.		(2,489	)		(47,739	)
National Oilwell Varco, Inc.		(568	)		(20,295	)
Newfield Exploration Co.*		(298	)		(8,842	)
Phillips 66		(765	)		(70,082	)
Pioneer Natural Resources Co.		(254	)		(37,475	)
Schlumberger Ltd. (Curacao)		(1,920	)		(133,939	)
TechnipFMC PLC (United Kingdom)*		(698	)		(19,488	)
Williams Cos., Inc. (The)		(1,236	)		(37,092	)

					(575,194	)

Food, Beverage & Tobacco — (2.8)%
Archer-Daniels-Midland Co.		(842	)		(35,793	)
Constellation Brands, Inc., Class A		(181	)		(36,101	)
Hershey Co. (The)		(47	)		(5,131	)
Hormel Foods Corp.		(367	)		(11,795	)
McCormick & Co., Inc., non-voting shares		(136	)		(13,959	)
Mondelez International, Inc., Class A		(2,083	)		(84,695	)
Tyson Foods, Inc., Class A		(548	)		(38,607	)

					(226,081	)

Health Care Equipment & Services — (8.8)%
Abbott Laboratories		(1,972	)		(105,226	)
Align Technology, Inc.*		(119	)		(22,166	)
Becton Dickinson and Co.		(332	)		(65,055	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — (Continued)
Boston Scientific Corp.*		(1,605	)	$	(46,818	)
Cardinal Health, Inc.		(473	)		(31,653	)
Cerner Corp.*		(397	)		(28,314	)
Cooper Cos., Inc. (The)		(74	)		(17,546	)
CR Bard, Inc.		(109	)		(34,934	)
Danaher Corp.		(1,040	)		(89,211	)
DaVita, Inc.*		(287	)		(17,045	)
DENTSPLY SIRONA, Inc.		(343	)		(20,515	)
Edwards Lifesciences Corp.*		(284	)		(31,044	)
Henry Schein, Inc.*		(237	)		(19,432	)
IDEXX Laboratories, Inc.*		(30	)		(4,665	)
Intuitive Surgical, Inc.*		(30	)		(31,376	)
Patterson Cos., Inc.		(144	)		(5,566	)
ResMed, Inc.		(213	)		(16,392	)
Stryker Corp.		(546	)		(77,543	)
Zimmer Biomet Holdings, Inc.		(303	)		(35,478	)

					(699,979	)

Household & Personal Products — (0.2)%
Coty, Inc., Class A		(1,119	)		(18,497	)

Insurance — (4.9)%
Aflac, Inc.		(593	)		(48,264	)
American International Group, Inc.		(1,353	)		(83,061	)
Assurant, Inc.		(84	)		(8,024	)
Brighthouse Financial, Inc.*		(42	)		(2,554	)
Chubb Ltd. (Switzerland)		(58	)		(8,268	)
Cincinnati Financial Corp.		(246	)		(18,836	)
Hartford Financial Services Group, Inc. (The)		(544	)		(30,154	)
Lincoln National Corp.		(239	)		(17,562	)
Loews Corp.		(504	)		(24,121	)
Marsh & McLennan Cos., Inc.		(332	)		(27,825	)
Principal Financial Group, Inc.		(432	)		(27,795	)
Prudential Financial, Inc.		(644	)		(68,470	)
Torchmark Corp.		(174	)		(13,936	)
Unum Group		(242	)		(12,373	)
XL Group Ltd. (Bermuda)		(43	)		(1,696	)

					(392,939	)

Materials — (3.8)%
Albemarle Corp.		(165	)		(22,491	)
Avery Dennison Corp.		(133	)		(13,079	)
CF Industries Holdings, Inc.		(249	)		(8,755	)
DowDuPont, Inc.		(37	)		(2,562	)
Eastman Chemical Co.		(220	)		(19,908	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Materials — (Continued)
Ecolab, Inc.		(265	)	$	(34,082	)
International Flavors & Fragrances, Inc.		(12	)		(1,715	)
International Paper Co.		(617	)		(35,058	)
Martin Marietta Materials, Inc.		(95	)		(19,592	)
Monsanto Co.		(657	)		(78,722	)
Mosaic Co. (The)		(525	)		(11,335	)
Nucor Corp.		(479	)		(26,843	)
Sealed Air Corp.		(43	)		(1,837	)
Vulcan Materials Co.		(199	)		(23,800	)

					(299,779	)

Media — (0.6)%
DISH Network Corp., Class A*		(612	)		(33,189	)
Interpublic Group of Cos., Inc. (The)		(589	)		(12,245	)

					(45,434	)

Pharmaceuticals, Biotechnology & Life Sciences — (7.4)%
Alexion Pharmaceuticals, Inc.*		(74	)		(10,382	)
Allergan PLC (Ireland)		(500	)		(102,475	)
Eli Lilly & Co.		(1,029	)		(88,021	)
Illumina, Inc.*		(190	)		(37,848	)
Incyte Corp.*		(319	)		(37,240	)
Merck & Co., Inc.		(595	)		(38,098	)
Mylan NV (Netherlands)*		(654	)		(20,516	)
PerkinElmer, Inc.		(17	)		(1,172	)
Perrigo Co. PLC (Ireland)		(150	)		(12,698	)
Pfizer, Inc.		(2,993	)		(106,850	)
Regeneron Pharmaceuticals, Inc.*		(101	)		(45,159	)
Thermo Fisher Scientific, Inc.		(215	)		(40,678	)
Zoetis, Inc.		(733	)		(46,736	)

					(587,873	)

Real Estate — (3.6)%
CBRE Group, Inc., Class A*		(505	)		(19,129	)
Crown Castle International Corp., REIT		(547	)		(54,689	)
Equinix, Inc., REIT		(115	)		(51,324	)
Equity Residential, REIT		(209	)		(13,779	)
GGP, Inc., REIT		(1,321	)		(27,437	)
HCP, Inc., REIT		(702	)		(19,537	)
Host Hotels & Resorts, Inc., REIT		(786	)		(14,533	)
Iron Mountain, Inc., REIT		(396	)		(15,404	)
Kimco Realty Corp., REIT		(638	)		(12,473	)
Macerich Co. (The), REIT		(216	)		(11,874	)
SBA Communications Corp., REIT*		(181	)		(26,073	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Real Estate — (Continued)
SL Green Realty Corp., REIT		(151	)	$	(15,299	)
Welltower, Inc., REIT		(65	)		(4,568	)

					(286,119	)

Retailing — (3.3)%
Amazon.com, Inc.*		(143	)		(137,473	)
Expedia, Inc.		(235	)		(33,826	)
L Brands, Inc.		(429	)		(17,851	)
Macy’s, Inc.		(456	)		(9,950	)
Netflix, Inc.*		(146	)		(26,477	)
Tiffany & Co.		(187	)		(17,163	)
TripAdvisor, Inc.*		(215	)		(8,714	)
Ulta Beauty, Inc.*		(33	)		(7,460	)

					(258,914	)

Semiconductors & Semiconductor Equipment — (4.6)%
Advanced Micro Devices, Inc.*		(1,417	)		(18,067	)
Analog Devices, Inc.		(305	)		(26,282	)
Broadcom Ltd. (Singapore)		(558	)		(135,337	)
Microchip Technology, Inc.		(55	)		(4,938	)
NVIDIA Corp.		(568	)		(101,541	)
Qorvo, Inc.*		(192	)		(13,571	)
QUALCOMM, Inc.		(1,195	)		(61,949	)
Skyworks Solutions, Inc.		(7	)		(713	)

					(362,398	)

Software & Services — (5.5)%
Activision Blizzard, Inc.		(1,130	)		(72,896	)
Adobe Systems, Inc.*		(42	)		(6,266	)
Akamai Technologies, Inc.*		(260	)		(12,667	)
Alliance Data Systems Corp.		(86	)		(19,053	)
ANSYS, Inc.*		(27	)		(3,314	)
Autodesk, Inc.*		(8	)		(898	)
Cadence Design Systems, Inc.*		(420	)		(16,577	)
DXC Technology Co.		(424	)		(36,413	)
Facebook, Inc., Class A*		(50	)		(8,544	)
Fidelity National Information Services, Inc.		(497	)		(46,415	)
Fiserv, Inc.*		(165	)		(21,278	)
Gartner, Inc.*		(135	)		(16,795	)
Global Payments, Inc.		(229	)		(21,762	)
PayPal Holdings, Inc.*		(397	)		(25,420	)
salesforce.com, Inc.*		(1,031	)		(96,316	)
Symantec Corp.		(651	)		(21,359	)
Verisign, Inc.*		(19	)		(2,021	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
Western Union Co. (The)		(695	)	$	(13,344	)

					(441,338	)

Technology Hardware & Equipment — (0.7)%
Amphenol Corp., Class A		(44	)		(3,724	)
Corning, Inc.		(1,349	)		(40,362	)
NetApp, Inc.		(152	)		(6,652	)
Seagate Technology PLC (Ireland)		(3	)		(100	)
TE Connectivity Ltd. (Switzerland)		(24	)		(1,993	)

					(52,831	)

Telecommunication Services — (0.4)%
Level 3 Communications, Inc.*		(542	)		(28,883	)

Transportation — (0.8)%
American Airlines Group, Inc.		(761	)		(36,140	)
United Continental Holdings, Inc.*		(461	)		(28,066	)

					(64,206	)

Utilities — (3.1)%
Alliant Energy Corp.		(345	)		(14,342	)
American Electric Power Co., Inc.		(234	)		(16,436	)
American Water Works Co., Inc.		(272	)		(22,008	)
Consolidated Edison, Inc.		(457	)		(36,871	)
Entergy Corp.		(268	)		(20,464	)
Eversource Energy		(474	)		(28,649	)
PG&E Corp.		(766	)		(52,157	)
Pinnacle West Capital Corp.		(167	)		(14,122	)
PPL Corp.		(1,025	)		(38,899	)

					(243,948	)

TOTAL COMMON STOCK (Proceeds $6,690,013)					(6,814,614	)

TOTAL SECURITES SOLD SHORT - (85.8)%					(6,814,614	)

(Proceeds $6,690,013)
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.5%					43,532

NET ASSETS - 100.0%				$	7,939,602


	Number of Shares		Value
AFFILIATED EQUITY REGISTERED
INVESTMENT COMPANIES^(a) — 99.4%
Gotham Absolute 500 Fund*		318,041	$	3,657,474
Gotham Defensive Long 500 Fund*		475,731		5,570,810
Gotham Enhanced 500 Fund		230,601		2,813,333
Gotham Index Plus Fund		289,688		3,763,049
Gotham Neutral Fund*		255,865		2,617,503

TOTAL AFFILIATED EQUITY REGISTERED INVESTMENT COMPANIES (Cost $16,615,341)				18,422,169

OTHER ASSETS IN EXCESS OF LIABILITIES - 0.6%				117,002

NET ASSETS - 100.0%			$	18,539,171

^(a)	All affiliated fund investments are in Institutional Class shares. The financial statements of the affiliated funds accompany this report.

*	Non-income producing.


	Number of Shares		Value
AFFILIATED EQUITY REGISTERED
INVESTMENT COMPANIES^(a) — 99.5%
Gotham Defensive Long 500 Fund*		18,746	$	219,516
Gotham Enhanced 500 Fund		13,559		165,419
Gotham Enhanced Return Fund*		11,762		160,904
Gotham Enhanced S&P 500 Index Fund*		33,967		391,640
Gotham Index Plus Fund		12,845		166,857

TOTAL AFFILIATED EQUITY REGISTERED INVESTMENT COMPANIES (Cost $1,041,329)				1,104,336

OTHER ASSETS IN EXCESS OF LIABILITIES - 0.5%				5,252

NET ASSETS - 100.0%			$	1,109,588

^(a)	All affiliated fund investments are in Institutional Class shares. The financial statements of the affiliated funds accompany this report.

*	Non-income producing.


	Number of Shares		Value
LONG POSITIONS — 88.0%
COMMON STOCKS — 23.2%
Automobiles & Components — 0.4%
Dorman Products, Inc.†*		51	$	3,653
Harley-Davidson, Inc.†		198		9,546
Thor Industries, Inc.		14		1,763

				14,962

Capital Goods — 2.1%
Acuity Brands, Inc.		1		171
Allison Transmission Holdings, Inc.†		417		15,650
Caterpillar, Inc.†		97		12,097
Honeywell International, Inc.		13		1,843
Kennametal, Inc.†		257		10,367
Lockheed Martin Corp.		2		621
Oshkosh Corp.†		12		990
Pentair PLC (Ireland)†		219		14,883
Rexnord Corp.†*		258		6,556
Snap-on, Inc.†		20		2,980
Toro Co. (The)†		120		7,447
TransDigm Group, Inc.†		43		10,993

				84,598

Commercial & Professional Services — 0.9%
Deluxe Corp.†		91		6,639
Equifax, Inc.†		88		9,327
IHS Markit Ltd. (Bermuda)*		57		2,513
KAR Auction Services, Inc.†		283		13,510
Stantec, Inc. (Canada)		4		111
Stericycle, Inc.*		10		716
TransUnion†*		50		2,363

				35,179

Consumer Durables & Apparel — 0.8%
Brunswick Corp.†		111		6,213
Coach, Inc.†		229		9,224
Columbia Sportswear Co.†		48		2,956
Gildan Activewear, Inc. (Canada)†		112		3,503
Hasbro, Inc.†		66		6,446
Ralph Lauren Corp.†		63		5,562
Wolverine World Wide, Inc.		5		144

				34,048

Consumer Services — 1.6%
Chipotle Mexican Grill, Inc.†*		8		2,463
Choice Hotels International, Inc.†		54		3,451
Cracker Barrel Old Country Store, Inc.†		36		5,458
Dave & Buster’s Entertainment, Inc.†*		29		1,522


	Number of Shares		Value
COMMON STOCKS — (Continued)
Consumer Services — (Continued)
Dunkin’ Brands Group, Inc.†		36	$	1,911
Graham Holdings Co., Class B†		7		4,096
Grand Canyon Education, Inc.†*		39		3,542
Hilton Worldwide Holdings, Inc.†		155		10,765
Las Vegas Sands Corp.†		57		3,657
Marriott International, Inc., Class A†		50		5,513
Royal Caribbean Cruises Ltd. (Liberia)†		74		8,772
Stars Group, Inc. (The) (Canada)*		29		594
Vail Resorts, Inc.†		13		2,966
Weight Watchers International, Inc.*		29		1,263
Yum! Brands, Inc.†		119		8,760

				64,733

Food & Staples Retailing — 1.1%
CVS Health Corp.†		152		12,361
Kroger Co. (The)†		698		14,002
Sprouts Farmers Market, Inc.*		3		56
Walgreens Boots Alliance, Inc.†		156		12,046
Wal-Mart Stores, Inc.		65		5,079

				43,544

Food, Beverage & Tobacco — 2.0%
Altria Group, Inc.†		226		14,333
Campbell Soup Co.†		197		9,224
Coca-Cola Co. (The)		2		90
Dr Pepper Snapple Group, Inc.		19		1,681
Hormel Foods Corp.†		200		6,428
Ingredion, Inc.†		25		3,016
JM Smucker Co. (The)†		38		3,987
Kellogg Co.†		124		7,734
Kraft Heinz Co. (The)		17		1,318
PepsiCo, Inc.		8		891
Pilgrim’s Pride Corp.†*		323		9,176
Sanderson Farms, Inc.†		88		14,214
TreeHouse Foods, Inc.†*		161		10,904
Vector Group Ltd.		6		124

				83,120

Health Care Equipment & Services — 1.4%
AmerisourceBergen Corp.†		170		14,067
Chemed Corp.		1		202
Cotiviti Holdings, Inc.*		3		108
Edwards Lifesciences Corp.†*		28		3,061
Express Scripts Holding Co.†*		165		10,448
Globus Medical, Inc., Class A*		17		505


	Number of Shares		Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — (Continued)
HCA Healthcare, Inc.†*		75	$	5,969
Laboratory Corp. of America Holdings*		2		302
MEDNAX, Inc.†*		108		4,657
Medtronic PLC (Ireland)		29		2,255
Varian Medical Systems, Inc.†*		121		12,107
Veeva Systems, Inc., Class A†*		77		4,344

				58,025

Household & Personal Products — 0.5%
Clorox Co. (The)†		68		8,970
Edgewell Personal Care Co.*		23		1,674
Energizer Holdings, Inc.†		90		4,144
Kimberly-Clark Corp.†		43		5,060

				19,848

Media — 1.6%
AMC Networks, Inc., Class A†*		46		2,690
CBS Corp., Class B, non-voting shares		34		1,972
Comcast Corp., Class A†		307		11,813
Discovery Communications, Inc., Class A†*		429		9,133
News Corp., Class A		16		212
Omnicom Group, Inc.†		90		6,666
Sinclair Broadcast Group, Inc., Class A		3		96
Sirius XM Holdings, Inc.†		638		3,522
TEGNA, Inc.†		368		4,905
Time Warner, Inc.†		37		3,791
Twenty-First Century Fox, Inc., Class A†		363		9,576
Viacom, Inc., Class B†		435		12,110
Walt Disney Co. (The)		1		99

				66,585

Pharmaceuticals, Biotechnology & Life Sciences — 1.8%
Amgen, Inc.†		48		8,950
Bio-Techne Corp.		9		1,088
Bioverativ, Inc.†*		253		14,439
Celgene Corp.†*		60		8,749
Charles River Laboratories International, Inc.†*		22		2,376
Exelixis, Inc.†*		236		5,718
Incyte Corp.†*		20		2,335
Merck & Co., Inc.		24		1,537
Mylan NV (Netherlands)†*		52		1,631


	Number of Shares		Value
COMMON STOCKS — (Continued)
Pharmaceuticals, Biotechnology & Life Sciences — (Continued)
PAREXEL International Corp.†*		16	$	1,409
Prestige Brands Holdings, Inc.†*		31		1,553
Regeneron Pharmaceuticals, Inc.†*		17		7,601
United Therapeutics Corp.†*		121		14,180
Vertex Pharmaceuticals, Inc.†*		19		2,889

				74,455

Retailing — 1.4%
Bed Bath & Beyond, Inc.†		166		3,896
Best Buy Co., Inc.†		150		8,544
CarMax, Inc.*		6		455
Dick’s Sporting Goods, Inc.†		24		648
Dollar Tree, Inc.†*		30		2,605
Foot Locker, Inc.†		110		3,874
LKQ Corp.†*		253		9,105
Lowe’s Cos., Inc.†		155		12,391
Michaels Cos., Inc. (The)†*		20		429
O’Reilly Automotive, Inc.†*		19		4,092
Ross Stores, Inc.†		47		3,035
Signet Jewelers Ltd. (Bermuda)†		90		5,989
Tractor Supply Co.†		19		1,202

				56,265

Semiconductors & Semiconductor Equipment — 2.8%
Advanced Energy Industries, Inc.†*		139		11,226
Amkor Technology, Inc.†*		25		264
Analog Devices, Inc.†		79		6,807
Applied Materials, Inc.†		279		14,533
Cirrus Logic, Inc.†*		127		6,772
Intel Corp.†		35		1,333
Lam Research Corp.†		69		12,768
Microchip Technology, Inc.†		118		10,594
Micron Technology, Inc.*		226		8,889
MKS Instruments, Inc.†		126		11,901
ON Semiconductor Corp.†*		136		2,512
Skyworks Solutions, Inc.†		81		8,254
Teradyne, Inc.†		297		11,075
Texas Instruments, Inc.†		70		6,275

				113,203

Software & Services — 1.3%
ACI Worldwide, Inc.†*		32		729
Adobe Systems, Inc.†*		23		3,431
Alphabet, Inc., Class A†*		5		4,869
Amdocs, Ltd. (Guernsey)		1		64


	Number of Shares		Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
CACI International, Inc., Class A†*		11	$	1,533
CDK Global, Inc.		2		126
Electronic Arts, Inc.†*		89		10,507
Guidewire Software, Inc.*		5		389
Intuit, Inc.†		63		8,955
j2 Global, Inc.		6		443
MAXIMUS, Inc.†		105		6,772
Oracle Corp.†		188		9,090
Take-Two Interactive Software, Inc.†*		61		6,236
Total System Services, Inc.		16		1,048

				54,192

Technology Hardware & Equipment — 1.7%
Apple, Inc.†		43		6,627
Avnet, Inc.†		109		4,284
CDW Corp.†		36		2,376
EchoStar Corp., Class A†*		40		2,289
F5 Networks, Inc.†*		37		4,461
Harris Corp.†		22		2,897
Hewlett Packard Enterprise Co.†		548		8,061
Jabil, Inc.		98		2,798
Juniper Networks, Inc.†		409		11,382
NetApp, Inc.†		110		4,814
Seagate Technology PLC (Ireland)†		203		6,733
Western Digital Corp.†		139		12,010
Zebra Technologies Corp., Class A†*		14		1,520

				70,252

Telecommunication Services — 0.6%
CenturyLink, Inc.†		408		7,711
Rogers Communications, Inc., Class B(Canada)†		114		5,876
Sprint Corp.†*		574		4,466
T-Mobile US, Inc.†*		101		6,228
United States Cellular Corp.*		22		779

				25,060

Transportation — 1.2%
Canadian National Railway Co. (Canada)†		121		10,025
Canadian Pacific Railway Ltd. (Canada)†		64		10,754
CSX Corp.†		114		6,186
Kirby Corp.†*		70		4,616
Norfolk Southern Corp.†		86		11,373


	Number of Shares			Value
COMMON STOCKS — (Continued)
Transportation — (Continued)
Union Pacific Corp.†		41		$	4,755

					47,709

TOTAL COMMON STOCKS (Cost $921,032)					945,778

AFFILIATED EQUITY REGISTERED INVESTMENT COMPANY — 59.9%
Gotham Neutral 500 Fund*		133,553			1,438,366
Gotham Neutral Fund*		97,843			1,000,934

TOTAL AFFILIATED EQUITY REGISTERED INVESTMENT COMPANY (Cost $2,426,985)					2,439,300


	Par Value
U.S. TREASURY OBLIGATIONS — 4.9%
U.S. Treasury Bill — 4.9%
United States Treasury Bill 1.06% 04/26/2018†^(a)	$	200,000			198,650

TOTAL U.S. TREASURY OBLIGATIONS (Cost $198,790)					198,650

TOTAL LONG POSITIONS - 88.0%					3,583,728

(Cost $3,546,807)

	Number of Shares
SHORT POSITIONS — (23.3)%
COMMON STOCKS — (23.3)%
Automobiles & Components — (1.1)%
Adient PLC (Ireland)		(123	)		(10,331	)
BorgWarner, Inc.		(69	)		(3,535	)
Dana, Inc.		(224	)		(6,263	)
Delphi Automotive PLC (Jersey)		(32	)		(3,149	)
Ford Motor Co.		(594	)		(7,110	)
Goodyear Tire & Rubber Co. (The)		(399	)		(13,267	)
LCI Industries		(2	)		(232	)
Magna International, Inc. (Canada)		(25	)		(1,335	)

					(45,222	)

Capital Goods — (4.5)%
AGCO Corp.		(103	)		(7,598	)
AO Smith Corp.		(96	)		(5,705	)
Barnes Group, Inc.		(1	)		(70	)
Beacon Roofing Supply, Inc.*		(140	)		(7,175	)
Colfax Corp.*		(69	)		(2,873	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
Curtiss-Wright Corp.		(4	)	$	(418	)
Donaldson Co., Inc.		(5	)		(230	)
Eaton Corp. PLC (Ireland)		(71	)		(5,452	)
Emerson Electric Co.		(50	)		(3,142	)
EnerSys		(3	)		(208	)
Fortive Corp.		(12	)		(849	)
Generac Holdings, Inc.*		(28	)		(1,286	)
HD Supply Holdings, Inc.*		(162	)		(5,843	)
HEICO Corp.		(57	)		(5,119	)
Hexcel Corp.		(200	)		(11,484	)
Huntington Ingalls Industries, Inc.		(11	)		(2,491	)
IDEX Corp.		(9	)		(1,093	)
ITT, Inc.		(120	)		(5,312	)
John Bean Technologies Corp.		(52	)		(5,257	)
Middleby Corp. (The)*		(86	)		(11,023	)
Moog, Inc., Class A*		(4	)		(334	)
Navistar International Corp.*		(184	)		(8,109	)
Orbital ATK, Inc.		(86	)		(11,452	)
Owens Corning		(135	)		(10,442	)
Raytheon Co.		(38	)		(7,090	)
RBC Bearings, Inc.*		(4	)		(501	)
Regal Beloit Corp.		(11	)		(869	)
Rockwell Collins, Inc.		(68	)		(8,888	)
Teledyne Technologies, Inc.*		(61	)		(9,710	)
Timken Co. (The)		(183	)		(8,885	)
United Rentals, Inc.*		(75	)		(10,406	)
USG Corp.*		(14	)		(457	)
Wabtec Corp.		(155	)		(11,741	)
Watsco, Inc.		(21	)		(3,382	)
Welbilt, Inc.*		(4	)		(92	)
WESCO International, Inc.*		(4	)		(233	)
Xylem, Inc.		(107	)		(6,701	)

					(181,920	)

Commercial & Professional Services — (0.5)%
Brink’s Co. (The)		(44	)		(3,707	)
Cintas Corp.		(19	)		(2,741	)
Healthcare Services Group, Inc.		(109	)		(5,883	)
ManpowerGroup, Inc.		(13	)		(1,532	)
Ritchie Bros Auctioneers, Inc. (Canada)		(97	)		(3,067	)
UniFirst Corp.		(18	)		(2,727	)

					(19,657	)

Consumer Durables & Apparel — (1.3)%
Leggett & Platt, Inc.		(158	)		(7,541	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Consumer Durables & Apparel — (Continued)
Mattel, Inc.		(963	)	$	(14,907	)
Michael Kors Holdings Ltd. (British Virgin Islands)*		(10	)		(479	)
Mohawk Industries, Inc.*		(53	)		(13,118	)
Polaris Industries, Inc.		(17	)		(1,779	)
Tempur Sealy International, Inc.*		(184	)		(11,872	)
Under Armour, Inc., Class C*		(281	)		(4,221	)

					(53,917	)

Consumer Services — (0.9)%
Bright Horizons Family Solutions, Inc.*		(88	)		(7,586	)
Carnival Corp. (Panama)		(34	)		(2,195	)
International Game Technology PLC (United Kingdom)		(158	)		(3,879	)
Norwegian Cruise Line Holdings Ltd. (Bermuda)*		(247	)		(13,350	)
Red Rock Resorts, Inc., Class A		(44	)		(1,019	)
Six Flags Entertainment Corp.		(6	)		(366	)
Wendy’s Co. (The)		(479	)		(7,439	)

					(35,834	)

Food & Staples Retailing — (0.4)%
Casey’s General Stores, Inc.		(111	)		(12,149	)
PriceSmart, Inc.		(9	)		(803	)
Rite Aid Corp.*		(1,291	)		(2,530	)

					(15,482	)

Food, Beverage & Tobacco — (0.8)%
Archer-Daniels-Midland Co.		(44	)		(1,870	)
B&G Foods, Inc.		(76	)		(2,421	)
Blue Buffalo Pet Products, Inc.*		(278	)		(7,881	)
Darling Ingredients, Inc.*		(367	)		(6,430	)
Lancaster Colony Corp.		(1	)		(120	)
McCormick & Co., Inc., non-voting shares		(18	)		(1,848	)
Tyson Foods, Inc., Class A		(172	)		(12,117	)

					(32,687	)

Health Care Equipment & Services — (3.3)%
Acadia Healthcare Co., Inc.*		(66	)		(3,152	)
Alere, Inc.*		(265	)		(13,512	)
Align Technology, Inc.*		(38	)		(7,078	)
athenahealth, Inc.*		(25	)		(3,109	)
Baxter International, Inc.		(99	)		(6,212	)
Boston Scientific Corp.*		(115	)		(3,355	)
Cantel Medical Corp.		(9	)		(848	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — (Continued)
Cerner Corp.*		(72	)	$	(5,135	)
Cooper Cos., Inc. (The)		(10	)		(2,371	)
Danaher Corp.		(112	)		(9,607	)
DaVita, Inc.*		(169	)		(10,037	)
DENTSPLY SIRONA, Inc.		(240	)		(14,354	)
Envision Healthcare Corp.*		(19	)		(854	)
Henry Schein, Inc.*		(40	)		(3,280	)
ICU Medical, Inc.*		(41	)		(7,620	)
Intuitive Surgical, Inc.*		(13	)		(13,596	)
Medidata Solutions, Inc.*		(1	)		(78	)
Neogen Corp.*		(4	)		(310	)
NuVasive, Inc.*		(100	)		(5,546	)
Patterson Cos., Inc.		(26	)		(1,005	)
ResMed, Inc.		(85	)		(6,542	)
STERIS PLC (United Kingdom)		(12	)		(1,061	)
Teleflex, Inc.		(35	)		(8,469	)
West Pharmaceutical Services, Inc.		(62	)		(5,968	)

					(133,099	)

Household & Personal Products — (0.4)%
Coty, Inc., Class A		(764	)		(12,629	)
Spectrum Brands Holdings, Inc.		(37	)		(3,919	)

					(16,548	)

Media — (0.3)%
John Wiley & Sons, Inc., Class A		(9	)		(482	)
Live Nation Entertainment, Inc.*		(181	)		(7,883	)
Nexstar Media Group, Inc., Class A		(88	)		(5,482	)

					(13,847	)

Pharmaceuticals, Biotechnology & Life Sciences — (2.0)%
Allergan PLC (Ireland)		(9	)		(1,845	)
Bio-Rad Laboratories, Inc., Class A*		(53	)		(11,778	)
Bristol-Myers Squibb Co.		(88	)		(5,609	)
Bruker Corp.		(184	)		(5,474	)
Illumina, Inc.*		(71	)		(14,143	)
Ligand Pharmaceuticals, Inc.*		(14	)		(1,906	)
Mallinckrodt PLC (Ireland)*		(326	)		(12,183	)
Mettler-Toledo International, Inc.*		(3	)		(1,878	)
Pfizer, Inc.		(100	)		(3,570	)
PRA Health Sciences, Inc.*		(84	)		(6,398	)
QIAGEN NV (Netherlands)		(223	)		(7,024	)
Thermo Fisher Scientific, Inc.		(23	)		(4,352	)
VWR Corp.*		(218	)		(7,218	)

					(83,378	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Retailing — (1.0)%
Amazon.com, Inc.*		(13	)	$	(12,498	)
Five Below, Inc.*		(95	)		(5,214	)
Floor & Decor Holdings, Inc., Class A*		(89	)		(3,465	)
L Brands, Inc.		(45	)		(1,872	)
Lithia Motors, Inc., Class A		(13	)		(1,564	)
Ollie’s Bargain Outlet Holdings, Inc.*		(5	)		(232	)
Pool Corp.		(18	)		(1,947	)
TripAdvisor, Inc.*		(219	)		(8,876	)
Williams-Sonoma, Inc.		(74	)		(3,690	)

					(39,358	)

Semiconductors & Semiconductor Equipment — (1.2)%
Advanced Micro Devices, Inc.*		(671	)		(8,555	)
First Solar, Inc.*		(240	)		(11,011	)
Integrated Device Technology, Inc.*		(502	)		(13,343	)
Monolithic Power Systems, Inc.		(47	)		(5,008	)
Qorvo, Inc.*		(99	)		(6,997	)
Xilinx, Inc.		(49	)		(3,471	)

					(48,385	)

Software & Services — (2.9)%
Akamai Technologies, Inc.*		(36	)		(1,754	)
Alliance Data Systems Corp.		(42	)		(9,305	)
Cimpress NV (Netherlands)*		(62	)		(6,055	)
CommVault Systems, Inc.*		(118	)		(7,174	)
CoStar Group, Inc.*		(4	)		(1,073	)
DXC Technology Co.		(7	)		(601	)
eBay, Inc.*		(23	)		(885	)
Ellie Mae, Inc.*		(107	)		(8,788	)
Fair Isaac Corp.		(17	)		(2,389	)
Fidelity National Information Services, Inc.		(94	)		(8,779	)
Gartner, Inc.*		(81	)		(10,077	)
GoDaddy, Inc., Class A*		(154	)		(6,701	)
GrubHub, Inc.*		(62	)		(3,265	)
IAC/InterActiveCorp.*		(19	)		(2,234	)
LogMeIn, Inc.		(20	)		(2,201	)
Paycom Software, Inc.*		(73	)		(5,472	)
PayPal Holdings, Inc.*		(23	)		(1,473	)
Pegasystems, Inc.		(1	)		(58	)
PTC, Inc.*		(38	)		(2,139	)
Science Applications International Corp.		(32	)		(2,139	)
Symantec Corp.		(289	)		(9,482	)
Teradata Corp.*		(334	)		(11,286	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
Ultimate Software Group, Inc. (The)*		(39	)	$	(7,394	)
Vantiv, Inc., Class A*		(134	)		(9,443	)

					(120,167	)

Technology Hardware & Equipment — (1.7)%
Arrow Electronics, Inc.*		(112	)		(9,006	)
Belden, Inc.		(81	)		(6,523	)
Cognex Corp.		(46	)		(5,073	)
Keysight Technologies, Inc.*		(200	)		(8,332	)
Lumentum Holdings, Inc.*		(228	)		(12,392	)
NetScout Systems, Inc.*		(248	)		(8,023	)
Palo Alto Networks, Inc.*		(54	)		(7,781	)
SYNNEX Corp.		(18	)		(2,277	)
ViaSat, Inc.*		(123	)		(7,911	)

					(67,318	)

Telecommunication Services — (0.1)%
Zayo Group Holdings, Inc.*		(157	)		(5,404	)

Transportation — (0.9)%
CH Robinson Worldwide, Inc.		(38	)		(2,892	)
Genesee & Wyoming, Inc., Class A*		(146	)		(10,805	)
JB Hunt Transport Services, Inc.		(4	)		(444	)
Knight-Swift Transportation Holdings, Inc.*		—			(8	)
Ryder System, Inc.		(66	)		(5,580	)
Schneider National, Inc., Class B		(50	)		(1,265	)
XPO Logistics, Inc.*		(213	)		(14,437	)

					(35,431	)

TOTAL COMMON STOCK (Proceeds $913,698)					(947,654	)

TOTAL SECURITES SOLD SHORT - (23.3)%					(947,654	)

(Proceeds $913,698)
OTHER ASSETS IN EXCESS OF LIABILITIES - 35.3%					1,438,849

NET ASSETS - 100.0%				$	4,074,923

Contained below is per share operating performance data for Institutional Class shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in a Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.

The Gotham Absolute Return Fund, the Gotham Absolute 500 Fund, the Gotham Absolute 500 Core Fund, the Gotham Enhanced Return Fund, the Gotham Enhanced 500 Fund, the Gotham Enhanced 500 Core Fund, the Gotham Neutral Fund, the Gotham Neutral 500 Fund, the Gotham Short Strategies Fund, the Gotham Index Plus Fund, the Gotham Index Core Fund, the Gotham Hedged Plus Fund, the Gotham Hedged Core Fund, the Gotham Institutional Value Fund, the Gotham Enhanced S&P 500 Index Fund, the Gotham Defensive Long Fund, the Gotham Defensive Long 500 Fund, the Gotham Total Return Fund, the Gotham Master Long Fund and the Gotham Master Neutral Fund (each a “Fund” and together, the “Funds”) are each a diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund’s commencement of operations are as follows:

The Funds are each a separate series of FundVantage Trust (the “Trust”) which was organized as a Delaware statutory trust on August 28, 2006. The Trust is a “series trust” authorized to issue an unlimited number of separate series or classes of shares of beneficial interest. Each series is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one series is not deemed to be a shareholder of any other series. Each of the Funds offers one class of shares, Institutional Class.

All the Funds except for the Gotham Institutional Value Fund, Gotham Enhanced S&P 500 Index Fund, Gotham Total Return Fund, Gotham Master Long Fund and the Gotham Master Neutral Fund seek to achieve their investment objectives by primarily investing in long and short positions of U.S. equity securities. Equity securities include common and preferred stocks. The Gotham Institutional Value Fund seeks to achieve its investment objective by primarily investing in long positions of U.S. equity securities listed in the S&P 500^® Index, but may invest in other large capitalization companies, primarily selected from the largest 500-700 U.S. companies based on market capitalization. The Gotham Enhanced S&P 500 Index Fund seeks to achieve its investment objective by generally investing at least 80% of its assets in U.S. equity securities listed in the S&P 500^® Index. The Gotham Total Return Fund and Gotham Master Long Fund seek to achieve their investment objectives by primarily investing in the other funds advised by Gotham. The Gotham Master Neutral Fund seeks to achieve

its investment objective by primarily investing in other funds advised by Gotham, but also in long and short positions of U.S. equity securities.

On July 31, 2017, the Gotham Short Strategies Fund (“GSSFX”), as the result of a reorganization, acquired substantially all of the assets of a privately offered fund (“Predecessor Fund”) managed by Gotham Asset Management, LLC, in exchange for Institutional Class shares of GSSFX. The Predecessor Fund was organized and commenced operations in February, 2008, and had an investment objective, investment policies, and restrictions that were, in all material respects, equivalent to those of GSSFX. The Predecessor Fund was not registered as an investment company under the 1940 Act and was not subject to certain investment limitations, diversification requirements, liquidity requirements imposed by the 1940 Act and the Internal Revenue Code of 1986, as amended (the “Code”). This reorganization transaction was structured to qualify as a non-taxable transaction under the Code. In connection with this reorganization, the Predecessor Fund and GSSFX each valued its respective securities pursuant to the same valuation procedures. For financial statement purposes, assets received and shares issued by GSSFX were recorded at fair value, and GSSFX recorded the cost of such investments at their historical cost as recorded by the Predecessor Fund. The cost basis of the investments received from the Predecessor Fund was carried forward to align ongoing reporting of GSSFX’s unrealized depreciation at the time of reorganization (GSSFX had no assets or liabilities prior to the reorganization) as follows:

The Funds are investment companies and follow accounting and reporting guidance in the Financial Accounting Standards Board Accounting Standards Codification Topic 946.

Portfolio Valuation — Each Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (typically 4:00 p.m. Eastern time) on each business day the NYSE is open. Each Fund’s equity securities, including exchange-traded funds, listed on any national or foreign exchange market system will be valued at the last sale price. Equity securities traded in the over-the-counter market are valued at their closing sale or official closing price. If there were no transactions on that day, securities traded principally on an exchange will be valued at the mean of the last bid and ask prices prior to the market close. Prices for equity securities normally are supplied by an independent pricing service approved by the Board of Trustees (the “Board”). Any assets held by a Fund that are denominated in foreign currencies are valued daily in U.S. dollars at the foreign currency exchange rates that are prevailing at the time that a Fund determines the daily NAV per share. Foreign securities may trade on weekends or other days when a Fund does not calculate NAV. As a result, the market value of these investments may change on days when you cannot buy or sell shares of a Fund. Certain Funds invest in securities of other investment companies, which are valued at their respective NAVs as determined by those investment companies each business day. Over the Counter (“OTC”) investments (including swap agreements) are generally valued by approved pricing services that use evaluated prices from various observable market factors. Securities that do not have a readily available current market value are valued in good faith under the direction of the Board. The Board has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available and has delegated to Gotham Asset Management, LLC (“Gotham” or “the Adviser”) the responsibility for applying the valuation methods. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security, asset or liability will be determined in good faith by the Adviser. The Trust has established a Valuation Committee which performs certain functions including the oversight of the Adviser’s fair valuation determinations.

Fair Value Measurements — The inputs and valuation techniques used to measure fair value of a Fund’s investments are summarized into three levels as described in the hierarchy below:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

All financial instruments listed in the Portfolio of Investments are considered Level 1, measured at fair value on a recurring basis based on quoted prices for identical assets in active markets, except for the following: a common stock security with end of period value of $110,707, $666,097 and $751,360 held by Gotham Absolute Return Fund, Gotham Enhanced Return Fund and Gotham Neutral Fund, respectively; a corporate debt security with end of period value of $809 and $736 held by Gotham Absolute Return Fund and Gotham Neutral Fund, respectively; a U.S. Treasury Obligation with the end of period value of $198,650 held by Gotham Master Neutral Fund; and total return swap with an unrealized depreciation of $(432,515) held by Gotham Short Strategies Fund. These securities are considered Level 2 as of and for the period ended September 30, 2017.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of a Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Funds may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) require the Funds to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between Levels are based on values at the end of the period. U.S. GAAP also requires the Funds to disclose amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. A reconciliation of Level 3 investments is presented only when the Funds had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all transfers in and out of each Level within the three-tier hierarchy are disclosed when the Funds had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

For the period ended September 30, 2017, there were no transfers between Levels 1, 2 and 3 for the Funds.

at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates and those differences could be material.

Deferred Offering Costs — Offering costs, including costs of printing initial prospectus and legal fees, are amortized over twelve months from inception of the Funds.

Dividends and Distributions to Shareholders — Dividends from net investment income and distributions from net realized capital gains, if any, are declared, recorded on ex-date and paid at least annually to shareholders. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. These differences include the treatment of non-taxable dividends, expiring capital loss carryforwards and losses deferred due to wash sales and excise tax regulations. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications within the components of net assets.

U.S. Tax Status — No provision is made for U.S. income taxes as it is each Fund’s intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Code, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

Other — In the normal course of business, the Funds may enter into contracts that provide general indemnifications. A Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Fund in the future, and, therefore, cannot be estimated; however, based on experience, the risk of material loss for such claims is considered remote.

Recent Accounting Pronouncement — On August 1, 2017, the Funds implemented amendments to Regulation S-X, issued by the Securities and Exchange Commission, which require standardized, enhanced disclosures, particularly related to derivatives, in investment company financial statements. Adoption had no effect on the Funds’ net assets or results of operations.

Short Sales — Certain Funds may sell securities short. A short sale involves the sale by a Fund of a security that it does not own with the anticipation of purchasing the same security at a later date at a lower price. If the price of the security has increased during this time, then the Fund will incur a loss equal to the increase in price from the time that the short sale was entered into plus any premiums and interest paid to the third party. Therefore, short sales involve the risk that losses may be exaggerated, potentially losing more money than the actual cost of the investment. Also, there is the risk that the third party to the short sale may fail to honor its contract terms, causing a loss to the Fund. There can be no assurance that a Fund will be able to close out a short position at any particular time or at an acceptable price. Although a Fund’s gain is limited to the amount at which it sold a security short, its potential loss is unlimited. The Funds will comply with guidelines established by the Securities and Exchange Commission and other applicable regulatory bodies with respect to coverage of short sales.

As of September 30, 2017, the following Funds had securities sold short, securities pledged as collateral and deposits with brokers for securities sold short:

In accordance with the terms of its prime brokerage agreements, the Funds may receive rebate income or be charged fees on securities sold short. Such income or fee is calculated on a daily basis based upon the market value of securities sold short and a variable rate that is dependent upon the availability of such security. These amounts are included in dividends and fees on securities sold short on the Statement of Operations. On the ex-dividend date, dividends on short sales are recorded as an expense to the Fund. The following Funds had net charges as shown in the table below for the period ended September 30, 2017:

The following Funds utilized short sales proceeds and incurred financing charges to finance purchases of long securities in order to accomplish the Funds’ respective investment objectives. A financing fee is charged to the Funds based on the Federal Funds rate plus an agreed upon spread. These fees are included in dividends and fees on securities sold short and are as follows for the period ended September 30, 2017:

Swaps Agreements — A swap agreement is a bilateral financial instrument that involves the exchange of cash flows between two parties on specified dates (settlement dates), where the cash flows are based on valuation changes to market referenced securities. The nominal amount on which the cash flows are calculated is called the notional amount.

Swap agreements may increase or decrease the overall volatility of the investments of a Fund and its share price. The performance of swap agreements will be affected by a change in the market value of the referenced underlying securities that determine the amounts of payments due to and from a Fund. If a swap agreement calls for payments by a Fund, the Fund must be prepared to make such payments when due. In addition, if the counterparty’s creditworthiness declined, the value of a swap agreement would be likely to decline, potentially resulting in losses.

Generally, swap agreements have a fixed maturity date that will be agreed upon by the parties. The agreement can be terminated before the maturity date, in whole or part, under certain circumstances, such as default by one of the parties or insolvency, among others, and can be transferred by a party only with the prior written consent of the other party. A Fund may be able to eliminate its exposure under a swap agreement either by assignment or by other disposition, or by entering into an offsetting swap agreement with the same party or a similarly creditworthy party. If the counterparty is unable to meet its obligations under the contract, declares bankruptcy, defaults or becomes insolvent, a Fund may not be able to recover the money it expected to receive under the swap agreement. A Fund will not enter into any swap agreement unless the Adviser believes that the counterparty to the transaction is creditworthy.

A swap agreement can be a form of leverage, which can magnify a Fund’s gains or losses. In order to reduce the risk associated with leveraging, a Fund may cover its current obligations under swap agreements according to guidelines established by the SEC. If a Fund enters into a swap agreement on a net basis, it will segregate assets with a daily value at least equal to the excess, if any, of a Fund’s accrued obligations under the swap agreement over the accrued amount a Fund is entitled to receive under the agreement. If a Fund enters into a swap agreement on other than a net basis, it will segregate assets with a value equal to the full amount of a Fund’s accrued obligations under the swap agreement.

Total Return Swaps: Total return swaps are contracts in which both parties agree to make payments of the total return from a reference instrument during a specified period. The total return includes appreciation or depreciation on the underlying asset, plus any interest or dividend payments. The unrealized appreciation or depreciation also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate, such as the U.S.

effective federal funds rate (“EFFR”). Payments under the swap are based upon an agreed upon principal amount but, since the principal amount is not exchanged, it represents neither an asset nor a liability to either counterparty, and is referred to as notional. Total return swaps are marked to market daily using different sources, including quotations from counterparties, pricing services, brokers or market makers. The unrealized appreciation or depreciation related to the change in the valuation of the notional amount of the swap is combined with the amount due to the Fund at termination or settlement. The primary risks associated with total return swaps are credit risks (if the counterparty fails to meet its obligations) and market risk (if there is no liquid market for the swap or unfavorable changes occur to the underlying reference instrument). As of September 30, 2017, only the Gotham Short Strategies Fund held a total return swap.

For the period from inception date (July 31, 2017) to September 30, 2017, the average volume of the total return swap was as follows:

Counterparty Risk — Certain of the derivatives entered into by the Fund may not be traded on an exchange but instead will be privately negotiated in the over-the-counter market. This means that these instruments are traded between counterparties based on contractual relationships. Relying on a counterparty exposes the Fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to suffer a loss. If a counterparty defaults on its payment obligations to the Fund, this default will cause the value of an investment in the Fund to decrease. In addition, to the extent the Fund deals with a limited number of counterparties, it will be more susceptible to the credit risks associated with those counterparties. The Fund is neither restricted from dealing with any particular counterparty nor from concentrating any or all of its transactions with one counterparty. The ability of the Fund to transact business with any one or number of counterparties and the absence of a regulated market to facilitate settlement may increase the potential for losses by the Fund.

The Fund is subject to the risk that issuers of the instruments in which it invests and trades may default on their obligations, and that certain events may occur that have an immediate and significant adverse effect on the value of those instruments. There can be no assurance that an issuer will not default, or that an event that has an immediate and significant adverse effect on the value of an instrument will not occur, and that the Fund will not sustain a loss on a transaction as a result.

Liquidity Risks — The Fund may be subject to liquidity risk primarily due to investments in derivatives. The Fund may invest up to 15% of its net assets in illiquid securities or instruments. Certain derivatives, such as swaps, forward contracts and options may not be readily marketable and, therefore, may be deemed to be illiquid. An asset is not readily marketable if it cannot be sold within seven business days in the ordinary course of business for approximately the amount at which it is valued. Investments in illiquid assets involve the risk that the Fund may be unable to sell the asset or sell it at a reasonable price. In addition, the Fund may be required to liquidate positions or close out derivatives on unfavorable terms at a time contrary to the interests of the Fund in order to raise cash to pay redemptions.

An investment in derivatives is also subject to the risk that the Fund may not be able to terminate the derivatives effective on whatever date it chooses, or that the settlement of any early termination may depend on subsequent market movements. As a result, the Fund may be exposed to the risk of additional losses due to such delays.

Master Netting Agreement — In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”). An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under

certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. Bankruptcy or insolvency laws of a particular jurisdiction may restrict or prohibit the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to terminate derivative contracts prior to maturity in the event the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements. The result would cause the Fund to accelerate payment of any net liability owed to the counterparty.

Collateral Requirements — For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund and the counterparty. Cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, is reported separately on the Statement of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Fund, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Fund. Any additional required collateral is delivered to/pledged by the Fund on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Fund from its counterparties are not fully collateralized, they bear the risk of loss from counterparty non-performance. Likewise, to the extent the Fund has delivered collateral to a counterparty and stands ready to perform under the terms of its agreement with such counterparty, it bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts. For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statement of Assets and Liabilities.

Gotham Asset Management, LLC (“Gotham” or the “Adviser”) serves as investment adviser to the Funds pursuant to an investment advisory agreement with the Trust (the “Advisory Agreement”). For its services as the investment adviser, each Fund pays the Adviser a fee, which is computed and accrued daily and paid monthly, at an annual rate based on average daily net assets of each Fund as shown in the table below:

The Adviser contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of each Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions and for the Gotham Total Return Fund, Gotham Master Long Fund and Gotham Master Neutral Fund exclusive of investment advisory fee, if any), do not exceed the percentages set forth in the table below (on an annual basis) of each Fund’s average daily net assets (the “Expense Limitation”). The Expense Limitation will remain in place until the termination date set forth below, unless the Board approves its earlier termination. The table below reflects the Expense Limitation amounts, as a percentage of average daily net assets, in effect during the period ended September 30, 2017.

For the period ended September 30, 2017, investment advisory fees accrued and waivers were as follows:

For all funds except for the Gotham Short Strategies Fund, Gotham Enhanced S&P 500 Index Fund, Gotham Master Long Fund and Gotham Master Neutral Fund, the Adviser is entitled to recover, subject to approval by the Board, such amounts reduced or reimbursed for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the Fund. For the Gotham Enhanced S&P 500 Index Fund, Gotham Master Long Fund and Gotham Master Neutral Fund, the Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless a Fund’s expenses are below the Expense Limitation amount. Gotham Short Strategies Fund is not entitled to recoup any amounts reduced or reimbursed by the Adviser. As of September 30, 2017, the amount of potential reimbursement from the Funds to the Adviser are as follows:

BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) serves as administrator and transfer agent for the Funds. For providing administrative and accounting services, BNY Mellon is entitled to receive a monthly fee equal to an annual percentage rate of the Funds’ average daily net assets and is subject to certain minimum monthly fees. For providing transfer agency services, BNY Mellon is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.

The Bank of New York Mellon (the “Custodian”) provides certain custodial services to the Funds. The Custodian is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.

Pershing LLC provides prime brokerage services to the Funds under an Agreement for Prime Brokerage Services.

Foreside Funds Distributors LLC (the “Underwriter”) provides principal underwriting services to the Funds pursuant to an underwriting agreement between the Trust and the Underwriter.

The Trust is governed by its Board of Trustees. The Trustees receive compensation in the form of an annual retainer and per meeting fees for their services to the Trust. The remuneration paid to the Trustees by the Funds during the period ended September 30, 2017 was $255,676. An employee of BNY Mellon serves as the Secretary of the Trust and is not compensated by the Funds or the Trust.

Effective June 1, 2016 and July 1, 2016, JW Fund Management LLC (“JWFM”) provides a Principal Executive Officer and Principal Financial Officer, respectively, to the Trust. JWFM is compensated for the services provided to the Trust. Until May 31, 2016 and June 30, 2016 certain employees of BNY Mellon served as Principal Executive Officer and Principal Financial Officer, respectively, to the Trust. They were not compensated by the Trust or the Fund.

Freeh Group International Solutions, LLC provides the Trust with a Chief Compliance Officer and an Anti-Money Laundering Officer.

The following tables list each issuer owned by Gotham Total Return Fund, Gotham Master Long Fund and Gotham Master Neutral Fund that may be deemed an “affiliated company” under the 1940 Act, as well as transactions that occurred in the security of such issuers during period ended September 30, 2017:

For the year ended September 30, 2017 for all funds, (except for Gotham Short Strategies Fund, Gotham Enhanced S&P 500 Index Fund, Gotham Master Long Fund and Gotham Master Neutral Fund) and from the commencement of operations of the Gotham Short Strategies Fund on July 31, 2017, the Gotham Enhanced S&P 500 Index Fund on December 30, 2016, and Gotham Master Long Fund and Gotham Master Neutral Fund on April 28, 2017 through September 30, 2017, aggregated purchases and sales of investment securities (excluding short-term investments) of the Funds were as follows:

For the period ended September 30, 2017 , the Gotham Master Neutral Fund had purchases and sales of U.S. Government securities in the amount of $197,901 and $0, respectively.

For the periods ended September 30, 2017 and September 30, 2016, transactions in capital shares of the Funds (authorized shares unlimited) were as follows:

As of September 30, 2017, the following Funds had shareholders that held 10% or more of the outstanding shares of the Fund:

All Funds except for Gotham Institutional Value Fund and Gotham Enhanced S&P 500 Index Fund may lend securities to financial institutions, such as broker-dealers, and are required to be secured continuously by collateral in cash, cash equivalents, letter of credit or U.S. Government securities maintained on a current basis at an amount at least equal to the market value of the securities loaned. Cash collateral received, pursuant to investment guidelines established by the Funds and approved by the Board, is invested in short-term investments and/or securities consistent with the Fund’s investment objective. Securities purchased with cash collateral are included in market value of securities designated as collateral for securities on loan on the Statements of Assets and Liabilities. All such investments are made at the risk of the Funds and, as such, the Funds are liable for investment losses. The Funds pay a fee on the cash collateral received

by the Funds at a rate equal to the Federal Funds (Open) rate plus 40 basis points with respect to the cash collateral received on those securities on loan that have a rebate that equals or exceeds the greater of either the Federal Funds (Open) rate minus 10 basis points or zero. These fees are included in the fees on cash collateral on the Statement of Operations. Such loans would involve risks of delay in receiving additional collateral in the event the value of the collateral decreased below the value of the securities loaned or of delay in recovering the securities loaned or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers deemed by the Adviser to be of good standing and only when, in the Adviser’s judgment, the income to be earned from the loans justifies the attendant risks. Any loans of a Fund’s securities will be fully collateralized and marked to market daily. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. During the period ended September 30, 2017, the Funds listed below each had securities lending programs. The market value of securities on loan and cash collateral received as of September 30, 2017 and the income generated from the programs during the period ended September 30, 2017, with respect to such loans are as follows:

Securities lending transactions are entered into by the Funds under a Master Securities Lending Agreement (“MSLA”) which permits the Funds, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Funds to the same counterparty against amounts to be received from that counterparty and create one single net payment due to or from the Funds. The following table is a summary of each of the Fund’s open securities lending transactions which are subject to a MSLA as of September 30, 2017:

The Funds have followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Funds to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Funds had determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Funds are subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

In order to present net assets components on the Statement of Assets and Liabilities that more closely represent their tax character, certain reclassifications are made to the net asset components. Net investment income, net realized gains and net assets were not affected by these adjustments. The following permanent differences as of September 30, 2017, primarily attributed to non-deductible expenses, capitalized dividends on short sales and write-off of current year net operating loss, were reclassified among the following accounts:

The tax character of distributions paid by the Funds during the year/period ended September 30, 2017 were as follows:

The tax character of distributions paid by the Funds during the year/period ended September 30, 2016 were as follows:

Distributions from net investment income and short-term capital gains are treated as ordinary income for federal income tax purposes.

As of September 30, 2017, the components of distributable earnings on a tax basis were as follows:

The differences between the book and tax basis components of distributable earnings relate primarily to the timing and recognition of income and gains for federal income tax purposes. Foreign currency and short-term capital gains are reported as ordinary income for federal income tax purposes.

As of September 30, 2017, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by the Funds were as follows:

Pursuant to federal income tax rules applicable to regulated investment companies, the Funds may elect to treat certain capital losses between November 1 and September 30 and late year ordinary losses ((i) ordinary losses between January 1 and September 30 or (ii) specified ordinary and currency losses between November 1 and September 30) as occurring on the first day of the following tax year. For the period ended September 30, 2017, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until October 1, 2017. For the period ended September 30, 2017, the Funds deferred to October 1, 2017 the following losses:

Accumulated capital losses represent net capital loss carryforwards as of September 30, 2017 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. Under the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”), the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law. As of September 30, 2017, the following Funds had long-term and short-term capital loss carryforwards in the following amounts:

For the period ended September 30, 2017, the following Funds utilized capital losses as follows:

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

To the Board of Trustees of FundVantage Trust and Shareholders of Gotham Absolute Return Fund, Gotham Absolute 500 Fund, Gotham Absolute 500 Core Fund, Gotham Enhanced Return Fund, Gotham Enhanced 500 Fund, Gotham Enhanced 500 Core Fund, Gotham Neutral Fund, Gotham Neutral 500 Fund, Gotham Short Strategies Fund, Gotham Index Plus Fund, Gotham Index Core Fund, Gotham Hedged Plus Fund, Gotham Hedged Core Fund, Gotham Institutional Value Fund, Gotham Enhanced S&P 500 Index Fund, Gotham Defensive Long Fund, Gotham Defensive Long 500 Fund, Gotham Total Return Fund, Gotham Master Long Fund, and Gotham Master Neutral Fund:

In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations, of changes in net assets, and of cash flows and the financial highlights present fairly, in all material respects, the financial position of Gotham Absolute Return Fund, Gotham Absolute 500 Fund, Gotham Absolute 500 Core Fund, Gotham Enhanced Return Fund, Gotham Enhanced 500 Fund, Gotham Enhanced 500 Core Fund, Gotham Neutral Fund, Gotham Neutral 500 Fund, Gotham Short Strategies Fund, Gotham Index Plus Fund, Gotham Index Core Fund, Gotham Hedged Plus Fund, Gotham Hedged Core Fund, Gotham Institutional Value Fund, Gotham Enhanced S&P 500 Index Fund, Gotham Defensive Long Fund, Gotham Defensive Long 500 Fund, Gotham Total Return Fund, Gotham Master Long Fund, and Gotham Master Neutral Fund (twenty of the funds constituting FundVantage Trust, hereafter referred to as the “Funds”) as of September 30, 2017, the results of each of their operations and their cash flows, the changes in each of their net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of September 30, 2017 by correspondence with the custodian, broker, and transfer agent, provide a reasonable basis for our opinion.

Certain tax information regarding each Fund is required to be provided to shareholders based upon each fund’s income and distributions for the taxable year ended September 30, 2017. The information and distributions reported herein may differ from information and distributions taxable to the shareholders for the calendar year ending December 31, 2017. During the fiscal year ended September 30, 2017, the following dividends and distributions were paid by each of the Funds:

Distributions from net investment income and short-term capital gains are treated as ordinary income for federal income tax purposes.

Where appropriate, all designations are based on financial information available as of the date of this annual report and, accordingly, are subject to change. For each item, it is the intention of each Fund to designate the maximum amount permitted under the Internal Revenue Code of 1986, as amended, and the regulations thereunder.

Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentages of ordinary dividends paid during the fiscal year ended September 30, 2017 were designated as “qualified dividend income”, as defined in the Act, and are subject to reduced tax rates:

The percentage of total ordinary income dividends paid qualifying for the corporate dividends received deduction for each Fund is as follows:

The percentage of qualified interest income related dividends not subject to withholding tax for non-resident aliens and foreign corporations is as follows:

Because the Funds’ fiscal year is not the calendar year, another notification will be sent with respect to calendar year 2017. The second notification, which will reflect the amount, if any, to be used by calendar year taxpayers on their U.S. federal income tax returns will be made in conjunction with Form 1099-DIV and will be mailed in January 2018.

Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in a Fund.

Policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities as well as information regarding how a Fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 are available without charge, upon request, by calling (877) 974-6852 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

Statement Regarding Basis for Approval of Investment Advisory Contract for Gotham Absolute Return Fund, Gotham Absolute 500 Fund, Gotham Enhanced Return Fund, Gotham Enhanced 500 Fund, Gotham Hedged Plus Fund, Gotham Index Plus Fund, Gotham Institutional Value Fund, Gotham Neutral Fund, Gotham Total Return Fund, Gotham Short Strategies Fund

At a meeting held on June 26-27, 2017 (the “June Meeting”), the Board of Trustees (the “Board” or the “Trustees”) of FundVantage Trust (the “Trust”), including a majority of the Trustees who are not “interested persons” within the meaning of Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”), unanimously approved (i) the continuation of the advisory agreement between Gotham Asset Management, LLC (“Gotham” or the “Adviser”) and the Trust (the “Existing Agreements”) on behalf of Gotham Absolute Return Fund, Gotham Absolute 500 Fund, Gotham Enhanced Return Fund, Gotham Enhanced 500 Fund, Gotham Hedged Plus Fund, Gotham Index Plus Fund, Gotham Institutional Value Fund, Gotham Neutral Fund, and Gotham Total Return Fund (together, the “Existing Funds”) and (ii) a new agreement between Gotham and the Trust (the “New Agreement,” and together with the Existing Agreement, the “Agreements”) on behalf of Gotham Short Strategies Fund (the “New Fund,” and together with the Existing Funds, the “Funds”). At the June Meeting, the Board considered the continuation of the Existing Agreement with respect to the Existing Funds for an additional one year period, and the New Agreement with respect to the New Fund for an initial two year period.

In determining whether to approve the Agreements, the Trustees considered information provided by the Adviser in accordance with Section 15(c) of the 1940 Act regarding: (i) services performed, or to be performed, for the Funds, (ii) the size and qualifications of the Adviser’s portfolio management staff, (iii) any potential or actual material conflicts of interest which may arise in connection with a portfolio manager’s management of the Funds, (iv) investment performance, (v) the capitalization and financial condition of Gotham, (vi) brokerage selection procedures, (vii) the procedures for allocating investment opportunities between the Funds and other clients, (viii) results of any regulatory examination, including any recommendations or deficiencies noted, (ix) any litigation, investigation or administrative proceeding which may have a material impact on Gotham’s ability to service the Funds, (x) compliance with the Funds’ investment objectives, policies and practices (including codes of ethics and proxy voting policies) and (xi) compliance with federal securities laws and other regulatory requirements. The Trustees noted the reports and discussions with senior personnel of Gotham as provided at the Board meetings throughout the year covering matters such as the relative performance of the Existing Funds; compliance with the investment objectives, policies, strategies and limitations for the Funds; the compliance of management personnel with the applicable code of ethics; and the adherence to the Trust’s pricing procedures as established by the Board.

Representatives from Gotham attended the June Meeting both in person and via teleconference. The representatives discussed Gotham’s history, performance and investment strategies in connection with the proposed approval of the Agreements and answered questions from the Board.

Performance. The Trustees considered the investment performance for the Existing Funds and Gotham. The Trustees reviewed historical performance charts which showed the performance of the Existing Funds as compared to their respective Lipper categories for the year-to-date, one -year, two -year, three -year, and since -inception periods ended March 31, 2017, and their respective benchmark indices for the one-year, three- year and since-inception periods, as applicable. The Trustees noted that they considered performance reports provided at Board meetings throughout the year. The Trustees also noted that performance, especially short-term performance, is only one of many factors that it deems relevant to its consideration of the Agreement.

Gotham Absolute Return Fund.The Trustees noted that the Gotham Absolute Return Fund outperformed the HFRX Equity Hedge Index for the one-year, three-year and since-inception (August 31, 2012) periods ended April 30, 2017. The Trustees also noted that the Gotham Absolute Return Fund outperformed the median of the Lipper Absolute Return Fund Index for the year-to-date, one-year, three-year and since-inception periods ended March 31, 2017, and underperformed the median of the Lipper Absolute Return Fund Index for two-year period ended March 31, 2017. The Trustees concluded that, although the Gotham Absolute Return Fund underperformed the median of the Lipper Absolute Return Fund Index for the two year period ended March 31, 2017, the performance of the Gotham Absolute Return Fund since inception was within an acceptable range of performance relative to other mutual funds with similar investment objectives, strategies and policies based on the information provided at the Meeting.

Gotham Absolute 500 Fund. The Trustees noted that the Gotham Absolute 500 Fund outperformed the HFRX Equity Hedge Index for the one-year and since-inception (July 31, 2014) periods ended April 30, 2017. The Trustees also noted that the Gotham Absolute 500 Fund outperformed the median of the Lipper Alternative Long/Short Equity Index for the year-to-date, two-year and since inception periods ended March 31, 2017, and underperformed the median of the Lipper Alternative Long/Short Equity Index for the one-year period ended March 31, 2017. The Trustees concluded, although the Gotham Absolute 500 Fund underperformed the median of the Lipper Alternative Long/Short Equity Index for the one year period ended March 31, 2017, that the performance of the Gotham Absolute 500 Fund was within an acceptable range of performance relative to other mutual funds with similar investment objectives, strategies and policies based on the information provided at the Meeting.

Gotham Enhanced Return Fund. The Trustees noted that the Gotham Enhanced Return Fund underperformed the S&P 500 Index for the one-year, three-year and since-inception (May 31, 2013) periods ended April 30, 2017. The Trustees also noted that the Gotham Enhanced Return Fund outperformed the median of the Lipper Alternative Long/Short Equity Index for the year-to-date, one-year, two-year, three-year and since-inception periods ended March 31, 2017. The Trustees concluded that, although the Gotham Enhanced Return Fund had underperformed the S&P 500 Index during certain periods, the performance of the Gotham Enhanced Return Fund was within an acceptable range of performance relative to other mutual funds with similar investment objectives, strategies and policies based on the information provided at the Meeting.

Gotham Enhanced 500 Fund. The Trustees noted that the Gotham Enhanced 500 Fund underperformed the S&P 500 Index for the one-year and since-inception (December 31, 2014) periods ended April 30, 2017. The Trustees also noted that the Gotham Enhanced 500 Fund outperformed the median of the Lipper Alternative Long/Short Equity Index for the year-to-date, one-year, two-year, and since-inception periods ended March 31, 2017. The Trustees concluded that, although the Gotham Enhanced Return Fund had underperformed the S&P 500 Index during certain periods, the performance of the Gotham Enhanced 500 Fund was within an acceptable range of performance relative to other mutual funds with similar investment objectives, strategies and policies based on the information provided at the Meeting.

Gotham Hedged Plus Fund. The Trustees noted that the Gotham Hedged Plus Fund outperformed the HFRX Equity Hedge Index for the one-year and since-inception (March 31, 2016) periods ended April 30, 2017. The Trustees also noted that the Gotham Hedged Plus Fund outperformed the median of the Lipper Alternative Long/Short Equity Index for the year-to-date, one-year, and since-inception periods ended March 31, 2017. The Trustees concluded that the performance of the Gotham Hedged Plus Fund was within an acceptable range of performance relative to other mutual funds with similar investment objectives, strategies and policies based on the information provided at the Meeting.

Gotham Index Plus Fund. The Trustees noted that the Gotham Index Plus Fund outperformed the S&P 500 Index for the one-year and since-inception (March 31, 2015) periods ended April 30, 2017. The Trustees also noted that the Gotham Index Plus Fund outperformed the median of the S&P 500 Daily Reinvested Index for the year-to-date, one-year, two-year, and since-inception periods ended March 31, 2017. The Trustees concluded that the performance of the Gotham Index Plus Fund was within an acceptable range of performance relative to other mutual funds with similar investment objectives, strategies and policies based on the information provided at the Meeting.

Gotham Institutional Value Fund. The Trustees noted that the Gotham Institutional Value Fund underperformed the S&P 500 Index for the one-year period ended April 30, 2017, and outperformed the S&P 500 Index for the since-inception (March 31, 2015) period ended April 30, 2017. The Trustees also noted that the Gotham Institutional Value Fund outperformed the median of the Lipper Large-Cap Value Index for the year-to-date and since-inception periods ended March 31, 2017, and underperformed the median of the Lipper Large-Cap Value Index for the one-year period ended March 31, 2017. The Trustees concluded that, although the performance of the Gotham Institutional Value Fund underperformed the S&P 500 Index and the median of the Lipper Large-Cap Value Index during certain periods, the performance of the Gotham Institutional Value Fund was within an acceptable range of performance relative to other mutual funds with similar investment objectives, strategies and policies based on the information provided at the Meeting.

Gotham Neutral Fund. The Trustees noted that the Gotham Neutral Fund outperformed the BofA Merrill Lynch 3-Month US Treasury Bill Index for the one-year and since inception (August 30, 2013) periods ended April 30, 2017, and underperformed the BofA Merrill Lynch 3-Month US Treasury Bill Index for the three-year period ended April 30, 2017. The Trustees also noted that the Gotham Neutral Fund underperformed the median of the Lipper Alternative Equity Market Neutral Index for the year-to-date, two-year, and three-year periods ended March 31, 2017, and outperformed the median of the Lipper Alternative Equity Market Neutral Index for the one-year and since-inception periods ended March 31, 2017. The Trustees concluded that, although the Gotham Neutral Fund had underperformed the index and the median of the Lipper Alternative Equity Market Neutral Index for certain periods, the performance of the Gotham Neutral Fund was within an acceptable range of performance relative to other mutual funds with similar investment objectives, strategies and policies based on the information provided at the Meeting.

Gotham Total Return Fund. The Trustees noted that the Gotham Total Return Fund outperformed the HFRX Equity Hedge Index for the one-year and since inception (March 31, 2015) periods ended April 30, 2017. The Trustees also noted that the Gotham Total Return Fund outperformed the median of the Lipper Alternative Long/Short Equity Fund Index for the year-to-date, one-year, two-year and since-inception periods ended March 31, 2017. The Trustees concluded that the performance of the Gotham Total Return Fund was within an acceptable range of performance relative to other mutual funds with similar investment objectives, strategies and policies based on the information provided at the Meeting.

Gotham Short Strategies Fund. The Trustees noted that the proposed strategy for the Gotham Short Strategies Fund was new, and therefore did not have historical performance. However, the Trustees noted that they received performance information for Gotham Short Strategies (Master), LP (the “Predecessor Fund”), that the investment policies, restrictions, and limitations of the Predecessor Fund were in all material respects equivalent to those of the Gotham Short Strategies Fund, and that the performance information of the Predecessor Fund was therefore representative of the Adviser’s performance in implementing certain types of strategies to be employed for the Gotham Short Strategies Fund. The Trustees also received performance information of private accounts managed by Gotham with similar strategies. The Trustees concluded

that the performance information relating to the comparable Funds and private accounts was acceptable for purposes of its consideration of the New Agreement.

Fees. The Trustees noted that the representatives of Gotham had provided information regarding its advisory fees and an analysis of these fees in relation to the services provided to the Funds and any other ancillary benefit resulting from Gotham’s relationship with the Funds. The Trustees also reviewed information regarding the fees Gotham charges to other clients and evaluated explanations provided by Gotham as to differences in fees charged to the Funds and other similarly managed accounts. The Trustees reviewed fees charged by other advisers that manage comparable mutual funds with similar strategies. The Trustees concluded that the advisory fees and services provided by Gotham are consistent with those of other advisers that manage mutual funds with investment objectives, strategies and policies similar to those of the Funds as measured by the information provided by Gotham.

The Board considered, among other data, the specific factors and related conclusions set forth below with respect to each Fund:

Gotham Absolute Return Fund. With respect to advisory fees and expenses of Gotham Absolute Return Fund, the gross advisory fee and net total expense ratio were each higher than the median of funds in the Lipper Absolute Return Fund Index. The Trustees discussed the limitations of the comparative expense information of the Gotham Absolute Return Fund, given the potential varying nature, extent and quality of the services provided by the advisers of other portfolios included in the Lipper category. Based upon their review, the Trustees concluded that the fund’s advisory fee was reasonable in light of the scope and quality of services received by the fund from Gotham.

Gotham Absolute 500 Fund. With respect to advisory fees and expenses of Gotham Absolute 500 Fund, the Trustees noted that the gross advisory fee and net total expense ratio for the fund’s Institutional Class Shares were each higher than the gross advisory fee and net total expense ratio of the median of funds with a similar share class in the Lipper Alternative Long/Short Equity Index. The Trustees discussed the limitations of the comparative expense information of the Gotham Absolute 500 Fund, given the potential varying nature, extent and quality of the services provided by the advisers of other portfolios included in the Lipper category. Based upon their review, the Trustees concluded that the advisory fee was reasonable in light of the scope and quality of services received by the fund from Gotham.

Gotham Enhanced Return Fund. With respect to advisory fees and expenses of Gotham Enhanced Return Fund, the Trustees noted that the gross advisory fee and net total expense ratio for the fund’s Institutional Class Shares were each higher than the gross advisory fee and net total expense ratio of the median of funds with a similar share class in the Lipper Alternative Long/Short Equity Index. The Trustees discussed the limitations of the comparative expense information of the Gotham Enhanced Return Fund, given the potential varying nature, extent and quality of the services provided by the advisers of other portfolios included in the Lipper category. Based upon their review, the Trustees concluded that the advisory fee was reasonable in light of the scope and quality of services received by the fund from Gotham.

Gotham Enhanced 500 Fund. With respect to advisory fees and expenses of Gotham Enhanced 500 Fund, the Trustees noted that the gross advisory fee and net total expense ratio for the fund’s Institutional Class Shares were each higher than the gross advisory fee and net total expense ratio of the median of funds with a similar share class in the Lipper Alternative Long/Short Equity Index. The Trustees discussed the limitations of the comparative expense information of the Gotham Enhanced 500 Fund, given the potential varying nature, extent and quality of the services provided by the advisers of other portfolios included in the Lipper category. Based upon their review, the Trustees concluded that the advisory fee was reasonable in light of the scope and quality of services received by the fund from Gotham.

Gotham Hedged Plus Fund. With respect to advisory fees and expenses of Gotham Hedged Plus Fund, the Trustees noted that the gross advisory fee and net total expense ratio for the fund’s Institutional Class Shares were each lower than the gross advisory fee and net total expense ratio of the median of funds with a similar share class in the Lipper

Alternative Long/Short Equity Index. Based upon their review, the Trustees concluded that the advisory fee was reasonable in light of the scope and quality of services received by the fund from Gotham.

Gotham Index Plus Fund. With respect to advisory fees and expenses, the Trustees noted that the gross advisory fee and net total expense ratio for the fund’s Institutional Class Shares were each higher than the gross advisory fee and net total expense ratio of the median of funds in the S&P 500 Daily Reinvested Index with $250 million or less in assets. The Trustees discussed the limitations of the comparative expense information of the Gotham Index Plus Fund, given the potential varying nature, extent and quality of the services provided by the advisers of other portfolios included in the Lipper category. Based upon their review, the Trustees concluded that the advisory fee was reasonable in light of the scope and quality of services received by the fund from Gotham.

Gotham Institutional Value Fund. With respect to advisory fees and expenses of Gotham Institutional Value Fund, the Trustees noted that the gross advisory fee and net total expense ratio for the fund’s Institutional Class Shares were each higher than the gross advisory fee and net total expense ratio of the median of funds in the Lipper Large-Cap Value Index with $250 million or less in assets. The Trustees discussed the limitations of the comparative expense information of the Gotham Institutional Value Fund, given the potential varying nature, extent and quality of the services provided by the advisers of other portfolios included in the Lipper category. Based upon their review, the Trustees concluded that the advisory fee was reasonable in light of the scope and quality of services received by the fund from Gotham.

Gotham Neutral Fund. With respect to advisory fees and expenses of Gotham Neutral Fund, the Trustees noted that the gross advisory fee and net total expense ratio for the fund’s Institutional Class shares were each higher than the gross advisory fee and net total expense ratio of the median of funds with a similar share class in the Lipper Alternative Equity Market-Neutral Fund Index. The Trustees discussed the limitations of the comparative expense information of the Gotham Neutral Fund, given the potential varying nature, extent and quality of the services provided by the advisers of other portfolios included in the Lipper category. Based upon their review, the Trustees concluded that the advisory fee was reasonable in light of the scope and quality of services received by the fund from Gotham.

Gotham Total Return Fund. With respect to advisory fees and expenses of Gotham Total Return Fund, the Trustees noted that the gross advisory fee and the net total expense ratio were each lower for the fund’s Institutional Class shares than the gross advisory fee and net total expense ratio of the median of funds with a similar share class in the Lipper Alternative Long/Short Equity Index. The Trustees also discussed the limitations of the comparative expense information of the Gotham Total Return Fund, given the potential varying nature, extent and quality of the services provided by the advisers of other portfolios included in the Lipper category. Based upon their review, the Trustees concluded that the advisory fee was reasonable in light of the scope and quality of services received by the fund from Gotham.

Gotham Short Strategies Fund. The Trustees also evaluated explanations provided by Gotham as to differences in fees proposed to be charged to Gotham Short Strategies Fund and the Predecessor Fund. The Trustees evaluated explanations provided by Gotham regarding its belief that the proposed advisory fee is within the normal range of fees and expenses for funds of similar size, composition and type of investment product. The Trustees concluded that the advisory fee and services proposed to be provided by Gotham are sufficiently consistent with those of other advisers which manage mutual funds with investment objectives, strategies and policies similar to those of the Gotham Short Strategies Fund as measured by the information provided by Gotham.

Nature and Quality of Services Provided by Adviser. The Trustees then considered the nature and quality of services provided by the Adviser. In evaluating the quality of services provided by Gotham, the Trustees considered the level and depth of knowledge of Gotham, including the professional experience and qualifications of the Funds’ portfolio managers and senior personnel. The Board took into account its familiarity with Gotham’s senior management through Board meetings, discussions and reports during the preceding year. The Board also took into account Gotham’s compliance policies and procedures and reports regarding Gotham’s compliance operations from the Trust’s Chief Compliance Officer. The Board also considered any potential conflicts of interest that may arise in Gotham’s management of the Funds’

investments on the one hand, and the investments of other accounts, on the other. The Trustees reviewed the services provided to each Fund by Gotham and concluded that the nature, extent and quality of the services provided were appropriate and consistent with the terms of the Gotham Agreement, that the quality of the services appeared to be consistent with industry norms and that the Funds are likely to benefit from the continued receipt of those services. They also concluded that Gotham has sufficient personnel, with the appropriate education and experience, to serve the Funds effectively and had demonstrated their ability to attract and retain qualified personnel.

Cost and Profitability. The Trustees then considered the cost of the services provided by Gotham, the compensation and benefits received by Gotham in providing services to the Funds, as well as Gotham’s profitability. The Trustees considered any direct or indirect revenues which would be received by Gotham. The Trustees noted that the level of profitability is an appropriate factor to consider, and the Trustees should be satisfied that Gotham’s profits are sufficient to continue as a healthy concern generally and as investment adviser of the Funds. Based on the information provided, the Trustees concluded that Gotham’s advisory fee level was reasonable in relation to the nature and quality of the services provided, taking into account the current size and projected continued growth of the Funds.

Economies of Scale. In considering the reasonableness of the management and investment advisory fees rates, the Board considered whether economies of scale will be realized as the Funds grow and whether fee rate levels reflect these economies of scale for the benefit of Fund shareholders. The Board noted the Adviser’s representation that none of the Funds have reached an asset size at which economies of scale would traditionally be considered to exist, and the Adviser’s belief that breakpoints are not appropriate at this time. The Board further noted the Adviser’s representation that the nature of certain of the Funds’ long/short investment strategies were such that future capacity was constrained based on the Adviser’s ability to implement the strategy above certain asset levels, and as such the ability of those Funds to achieve future economies of scale was limited relative to more traditional strategies. Based on the foregoing information, the Board concluded that economies of scale did not yet exist for the Funds and that therefore it was not yet necessary to consider whether the fee structure of the Funds provided an adequate mechanism for sharing the benefit of any such economies.

At this time, the Trustees determined to approve the Existing Gotham Agreement for an additional one year period and the New Gotham Agreement for an initial two-year period. In voting to approve the continuation of the Gotham Agreements, the Board considered all factors it deemed relevant and the information presented to the Board by Gotham. In arriving at its decision, the Board did not identify any single factor as being of paramount importance and each member of the Board gave varying weights to each factor according to his or her own judgment. The Board determined that the continuation of the Existing Gotham Agreement would be in the best interests of the Existing Funds and their shareholders. The Board, including a majority of the Independent Trustees, unanimously approved the Existing Agreement for a one year period, and the New Agreement for an initial two year period.

We collect nonpublic personal information about you from applications or other forms you complete and from your transactions with us or our affiliates. We do not disclose information about you, or our former clients, to our affiliates or to service providers or other third parties, except as permitted by law. We share only the information required to properly administer your accounts, which enables us to send transaction confirmations, monthly or quarterly statements, financials and tax forms. Even within FundVantage Trust and its affiliated entities, a limited number of people who actually service accounts will have access to your personal financial information. Further, we do not share information about our current or former clients with any outside marketing groups or sales entities.

If you have questions or comments about our privacy practices, please call us at 1-877-974-6852.

FundVantage Trust (the “Trust”) is governed by a Board of Trustees (the “Board” or the “Trustees”). The primary responsibility of the Trustees is to represent the interest of the Trust’s shareholders and to provide oversight management of the Trust.

The following tables present certain information regarding the Board of Trustees and officers of the Trust. None of the Trustees are an “interested person” of the Trust, the Adviser, another investment adviser of a series of the Trust, or Foreside Funds Distributors LLC, the principal underwriter of the Trust (“Underwriter”), within the meaning of the 1940 Act and each Trustee is referred to as an “Independent Trustee” and is listed under such heading below. Employees of certain service providers to the Trust serve as officers of the Trust; such persons are not compensated by the Fund. The address of each Trustee and officer as it relates to the Trust’s business is 301 Bellevue Parkway, 2nd Floor, Wilmington, DE 19809.

The Statement of Additional Information for the Funds contains additional information about the Trustees and is available, without charge, upon request, by calling (877) 974-6852.

Since commencement of operations on April 25, 2017, the return of the Fund was 13.50%, corresponding to an out-performance of 1.82% over the return of Morgan Stanley Capital International (“MSCI”) Emerging Markets Net Total Return Index (the Fund’s benchmark). The Fund reduced the volatility of daily returns when compared to the Fund’s benchmark by 14% since the commencement of operations on April 25, 2017.

Performance data quoted here represents past performance. Past performance is no guarantee of future results. Investment return and principal value will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. To obtain performance information current to the most recent month-end please call (844) 282-6161.

Over the second quarter of 2017, equity markets continued to rise: the Standard & Poor’s 500 Index (S&P 500) was up 2.8%, and the Europe STOXX 600 Index up 1.2%. Volatility remained very low compared to its historical average, S&P 500 realized volatility for the quarter using intraday data, was below 6%, well below the long-term average of approximately 14%. The levels of implied correlations, as shown by the Chicago Board Options Exchange implied correlation indexes, dropped slightly during the period, showing that systemic risk was perceived to be low. Emerging markets (EM) proved to be more turbulent over the quarter. In particular, the MSCI Brazil Index was down over 2% for the quarter following the Brazilian president’s corruption scandal. However, EM flows were positive as investors used drops in performance as an opportunity to “buy the dip”.

The commodity space proved to be yet again a main source of volatility in Q2. Iron ore led the way, losing -22% to settle in negative territory year to date on the back of weakening Chinese demand. Oil prices kept trending lower (approximately -10%) due to perceived large supply ahead despite the Organization of the Petroleum Exporting Countries announced cuts.

Bond markets were more eventful than their equity counterparts, with long-term rates initially trending lower both in the US and Europe on the back of lower than expected inflation releases and seeming dovishness from central banks. However, the Federal Reserve (Fed) still hiked rates in June, which remarkably did not trigger a higher repricing of the short end of the curve (the 2-year U.S. Treasury rate remained unchanged). This benign rate environment was suddenly put into question by Mario Draghi’s remarks at the annual European Central Bank (ECB) forum (“The threat of deflation is gone and reflationary forces are at play”) which signaled the strength of the European economy

and a potential tapering of quantitative easing (QE) support by 2018. In the following 4 trading days after his remarks, European long-term rates nearly doubled, to end the quarter 15 basis points (bps) higher while the US 10-year Treasury proved less sensitive, ending the quarter -12bps lower overall.

Apart from the central bank chatter, the main events of the quarter were on the European political front, as the French elections proved to be more market and European Union friendly than expected and the Italian elections have been postponed to 2018. Additionally, the United Kingdom elections weakened Theresa May’s position in Brexit negotiations. Overall, these results were perceived as reinforcing the Eurozone stability and impacted foreign exchange rates with the euro gaining around 7% vs the U.S. dollar while the British pound lost -3.8% to the euro.

Over the third quarter, equity markets continued their upward trend, with the S&P 500 rising by 3.9%, in a low market risk environment as both realized and implied volatility levels remained very low.The market experienced small drawdowns (-2% in August), despite the real-world instabilities, notably two hurricanes hitting the US mainland in succession. Estimates of U.S. economic growth took a dip in September, with the Aruoba-Diebold-Scotti Index dipping below the trend for Q2 and Q3 of 2017. The New York Fed now-casting revised the current growth from 2.0% to 1.5% for Q3, and to 2.0% (-0.5% from the previous estimate) for Q4.

The NASDAQ was up 5.8% over the quarter, with moderate volatility, a positive but not exceptional performance for the Information Technology sector. Likewise, international markets were up in general, with the MSCI World gaining 4.4% over the quarter and Germany (DAX Index +4.1%) and China (CSI 300 Index +4.6%) having solid performance.

In this low volatility environment, commodities posted remarkable returns with West Texas Intermediate oil prices (+9.0%) eventually stabilizing above $50 from mid-September and onwards. In the foreign exchange market, the euro made a noticeable come back, trading as high as 1.2 in early September on the back of the ECB signaling policy normalization ahead. In the US, despite inflation below its target, Federal Reserve’s plans to reduce its balance sheet and raise Fed Funds rates were unchanged. The US 10-year rate ended the quarter roughly unchanged at 2.34% after having reached its lowest point year to date at 2.04% in early September. In Europe, 10-year bund yields ended the quarter at 0.45%, flat over Q3 within a 30bps trading range.

Despite some oil induced volatility in August, Q3 was another good quarter for credit markets both in the US and Europe: thus, the Global High Yield bond market returned 2.86% while the US Investment Grade bonds returned 1.37% and US High Yield bonds returned 2.27%.

The Adviser seeks to enhance the Fund’s portfolio diversification in terms of various risk metrics by applying a systematic, quantitative investment approach designed to identify securities of emerging market issuers included in the MSCI^® EM Index that have the lowest possible correlation to each other for inclusion in the Fund’s portfolio.

From the commencement of operations on April 25, 2017 to the end of the second quarter, the relative return of the Fund was +0.39%. This positive outperformance occurred in spite of the benchmark’s bias toward the Information Technology (“IT”) sector in Asia which was rewarded. The IT sector significantly outperformed the benchmark. As an illustration, the 4 largest market caps of the benchmark as of June 30th were IT stocks: Samsung Electronics (4.35% of the index), Tencent Holdings (4.35% of the index), Taiwan Semiconductors (3.6% of the index) and Alibaba (3.41% of the index), these securities had YTD returns as of June 30, 2017 of +40%, +47%, +26% and +60%, respectively.

Over the 3rd quarter of 2017, the relative return of the Fund was +1.35%. The positive outperformance was related to the benchmark’s bias toward cyclical sectors such as Financials, IT and Energy as shown by its significantly higher correlation in these sectors. During Q3 2017, a bulk of the benchmark‘s underperformance was related to the poor performance of Industrials.

Since commencement of operations, the Fund outperformed by +1.82% as a result of the benchmark’s bias.

The strategy is rebalanced on a quarterly basis. Since inception of the Fund, the turnover is 13.73%.

The Fund will distribute a dividend for the 2017 fiscal year according to the following schedule:

This letter is intended to assist shareholders in understanding how the Fund performed during the fiscal year ended September 30, 2017 and reflects the views of the investment adviser at the time of this writing. Of course, these views may change and do not guarantee the future performance of the Fund or the markets.

The above commentary is for informational purposes only and does not represent an offer, recommendation or solicitation to buy, hold or sell any security.

Portfolio composition is subject to change. The current and future portfolio holdings of the Fund are subject to investment risk. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

Morgan Stanley Capital International (“MSCI”) Emerging Markets Net Total Return Index (“MSCI EM Net TR Index”)

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained by calling (844) 282-6161. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

The Fund’s “Total Annual Fund Operating Expenses” and “Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement” are 1.48% and 0.85%, respectively, of the Fund’s average daily net assets for Class I shares. These ratios are stated in the current prospectus dated April 10, 2017, and may differ from the actual expenses incurred by the Fund for the period covered by this report. TOBAM (“TOBAM” or the “Adviser”) has contractually agreed to waive fees and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the

Fund’s total operating expenses (exclusive of taxes, dividend and interest expense on securities sold short, interest, extraordinary items and brokerage commissions) do not exceed (on an annual basis) 0.85% with respect to the Fund’s average daily net assets of the Class I shares (“Expense Limitation”). The Expense Limitation will remain in place until April 30, 2018, and from May 1, 2018 through January 31, 2019, it will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, (exclusive of taxes, “Acquired Fund” fees and expenses (as defined in Form N-1A), dividend and interest expense on securities sold short, interest, extraordinary items and brokerage commissions), do not exceed (on an annual basis) 1.10% with respect to the Fund’s average daily net assets of the Class I shares, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, amounts waived or reimbursed for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation amount.

A 1.00% redemption fee applies to shares redeemed within 30 days of purchase. The redemption fee is not reflected in the returns shown above.

The Fund intends to evaluate performance as compared to that of the MSCI EM Net TR Index. The MSCI EM Net TR Index is a free float-adjusted, market capitalization-weighted index designed to measure the equity performance of emerging market countries in Africa, Asia, Europe, Latin America, and the Middle East. An index is unmanaged and it is not possible to invest in an index.

This example is based on an investment of $1,000 invested from April 25, 2017, the commencement of operations, through September 30, 2017 and held for the entire period.

The following table presents a summary by industry group of the portfolio holdings of the Fund:


	% of Net Assets			Value
Common Stocks:
Telecommunications		10.4	%	$	4,984,567
Food		7.3			3,482,955
Retail		6.2			2,995,739
Pharmaceuticals		5.0			2,425,737
Internet		4.2			2,024,645
Semiconductors		3.9			1,864,603
Electronics		3.6			1,743,589
Mining		3.4			1,620,825
Commercial Services		3.3			1,590,855
Real Estate		3.0			1,421,175
Apparel		2.9			1,400,558
Computers		2.5			1,192,380
Gas		2.4			1,164,613
Auto Manufacturers		2.4			1,147,746
Cosmetics/Personal Care		2.1			1,001,467
Transportation		2.1			989,012
Home Furnishings		2.0			960,863
Banks		2.0			937,689
Miscellaneous Manufacturing		1.9			911,289
Insurance		1.8			882,607
Auto Parts & Equipment		1.8			881,176
Engineering & Construction		1.8			867,501
Healthcare-Services		1.8			865,855
Aerospace/Defense		1.8			853,462
Airlines		1.7			825,293
Energy-Alternate Sources		1.6			760,902
Oil & Gas		1.5			742,002
Software		1.5			718,780

Portfolio holdings are subject to change at any time.


	% of Net Assets			Value
Common Stocks: (Continued)
Chemicals		1.4	%	$	690,693
Forest Products & Paper		1.1			522,361
Iron/Steel		0.9			421,512
Beverages		0.7			341,855
Healthcare-Products		0.7			324,483
Investment Companies		0.7			321,453
Distribution/Wholesale		0.6			294,206
Biotechnology		0.6			290,162
Household Products/Wares		0.6			279,982
Media		0.6			271,708
Building Materials		0.5			246,448
Entertainment		0.5			217,059
Lodging		0.4			203,985
Coal		0.4			194,754
Electric		0.4			189,740
Diversified Financial Services		0.4			183,607
Water		0.3			151,359
Advertising		0.2			106,070
Machinery-Construction &
Mining		0.1			71,988
Holding Companies-Diversified		0.1			57,011
Machinery-Diversified		0.1			37,409
Preferred Stocks:
Chemicals		1.0			464,106
Forest Products & Paper		0.9			441,533
Auto Manufacturers		0.6			278,868
Other Assets in Excess of Liabilities		0.3			159,470

NET ASSETS		100.0	%	$	48,019,707


	Number of Shares		Value
COMMON STOCKS — 97.2%
Brazil — 2.1%
BRF SA*		9,600	$	138,825
Embraer SA		60,400		341,939
Fibria Celulose SA		38,600		522,361

				1,003,125

China — 27.0%
58.com, Inc., ADR*		4,697		296,569
AAC Technologies Holdings, Inc.		36,500		617,638
Air China, Ltd., Class H		254,000		211,264
Aluminum Corp. of China Ltd., Class H*		104,000		93,306
ANTA Sports Products, Ltd.		157,000		660,230
Autohome, Inc., ADR*		6,047		363,304
China Evergrande Group*		152,000		533,007
China Huarong Asset Management Co., Ltd., Class H^(a)		152,000		68,062
China Medical System Holdings, Ltd.		44,000		77,055
China Mengniu Dairy Co., Ltd.		308,000		863,977
China Resources Beer Holdings Co., Ltd.		126,000		341,855
China Resources Gas Group, Ltd.		92,000		321,142
China Southern Airlines Co., Ltd., Class H		230,000		158,523
China Vanke Co., Ltd., Class H		117,700		389,412
Country Garden Holdings Co., Ltd.		162,000		258,603
CSPC Pharmaceutical Group, Ltd.		140,000		235,284


	Number of Shares		Value
COMMON STOCKS — (Continued)
China — (Continued)
ENN Energy Holdings, Ltd.		92,000	$	666,506
GOME Retail Holdings, Ltd.		838,000		94,674
Great Wall Motor Co., Ltd., Class H		361,500		447,416
Guangdong Investment, Ltd.		106,000		151,359
Guangzhou Automobile Group Co., Ltd., Class H		34,000		79,053
Haitian International Holdings, Ltd.		13,000		37,409
Momo, Inc., SP ADR*		6,874		215,431
NetEase, Inc., ADR		1,908		503,349
New Oriental Education & Technology Group, Inc., SP ADR		6,676		589,224
Semiconductor Manufacturing International Corp.*		494,000		558,930
Shandong Weigao Group Medical Polymer Co., Ltd., Class H		348,000		247,428
Shanghai Pharmaceuticals Holding Co., Ltd., Class H		40,500		99,226
Shenzhou International Group Holdings, Ltd.		103,000		807,766
Sunac China Holdings, Ltd.		39,000		179,109
Sunny Optical Technology Group Co., Ltd.		34,000		545,836
TAL Education Group, ADR		25,485		859,099
Tingyi Cayman Islands Holding Corp.		350,000		527,607


	Number of Shares		Value
COMMON STOCKS — (Continued)
China — (Continued)
Vipshop Holdings, Ltd., ADR*		19,520	$	171,581
Want Want China Holdings, Ltd.		893,000		629,169
YY, Inc., ADR*		954		82,788

				12,982,191

Colombia — 0.7%
Grupo de Inversiones Suramericana SA		23,024		321,453

Czech Republic — 0.3%
Komercni banka as		3,324		145,160

Greece — 2.5%
Alpha Bank AE*		113,664		225,313
Eurobank Ergasias SA*		135,746		120,655
Hellenic Telecommunications Organization SA		17,479		211,684
JUMBO SA		15,821		261,595
National Bank of Greece SA*		479,630		163,651
OPAP SA		20,520		217,059

				1,199,957

Hong Kong — 3.1%
Fullshare Holdings, Ltd.		1,250,000		544,063
Haier Electronics Group Co., Ltd.		41,000		100,351
Sino Biopharmaceutical, Ltd.		454,000		480,984
Sun Art Retail Group, Ltd.		405,500		377,740

				1,503,138

Indonesia — 3.4%
Bank Danamon Indonesia Tbk PT		253,400		97,875


	Number of Shares		Value
COMMON STOCKS — (Continued)
Indonesia — (Continued)
Jasa Marga Persero Tbk PT		342,900	$	142,532
Perusahaan Gas Negara Persero Tbk		1,512,100		176,965
Telekomunikasi Indonesia Persero Tbk PT		2,040,800		709,748
Unilever Indonesia Tbk PT		77,000		279,982
United Tractors Tbk PT		30,300		71,988
XL Axiata Tbk PT*		595,900		165,571

				1,644,661

Malaysia — 2.0%
AirAsia Bhd		283,200		231,606
Axiata Group Bhd		249,985		310,710
Maxis Bhd		291,700		400,677

				942,993

Mexico — 0.3%
Gruma SAB de CV, Class B		11,005		161,618

Peru — 1.2%
Cia de Minas Buenaventura SAA, ADR		32,166		411,403
Southern Copper Corp.		3,831		152,321

				563,724

Poland — 2.4%
Alior Bank SA*		6,156		115,545
Eurocash SA		11,362		120,252
Orange Polska SA*		106,093		153,929
Polski Koncern Naftowy
ORLEN SA		22,238		742,002

				1,131,728


	Number of Shares		Value
COMMON STOCKS — (Continued)
Russia — 1.6%
PhosAgro PJSC, GDR		18,710	$	266,756
Rostelecom PJSC		58,190		70,187
Severstal PJSC		27,880		421,512

				758,455

South Africa — 2.0%
AngloGold Ashanti, Ltd.		39,553		371,601
Gold Fields, Ltd.		91,724		396,672
Sibanye-Stillwater		174,021		195,522

				963,795

South Korea — 20.7%
AMOREPACIFIC Group		3,447		372,209
BGF retail Co., Ltd.		2,167		157,426
Celltrion, Inc.*		6,817		846,969
Cheil Worldwide, Inc.		6,664		106,070
CJ Corp.		382		57,011
CJ E&M Corp.		3,111		209,832
Coway Co., Ltd.		7,503		616,745
Hanmi Pharm Co., Ltd.*		1,052		418,583
Hanmi Science Co., Ltd.*		2,362		190,014
Hanon Systems		29,381		324,030
Hanssem Co., Ltd.		1,841		243,767
Hanwha Techwin Co., Ltd.*		6,097		177,013
Hyundai Glovis Co., Ltd.		3,319		429,589
Hyundai Marine & Fire Insurance Co., Ltd.		10,291		408,150
Hyundai Mobis Co., Ltd.		1,832		384,643
Hyundai Motor Co.		1,527		200,880
Hyundai Wia Corp.		3,021		172,503
Kakao Corp.		2,850		359,569
Kangwon Land, Inc.		6,667		203,985
KEPCO Plant Service & Engineering Co., Ltd.		1,675		60,746


	Number of Shares		Value
COMMON STOCKS — (Continued)
South Korea — (Continued)
Kia Motors Corp.		15,195	$	420,397
Korea Aerospace
Industries Ltd.		2,237		85,472
LG Display Co., Ltd.		2,401		64,318
LG Household & Health Care, Ltd.		770		629,258
Medy-Tox, Inc.		230		99,673
NAVER Corp.		213		138,968
NCSoft Corp.		1,505		611,866
Orion Corp.*		3,513		297,563
Orion Holdings Corp.		1		9
Pan Ocean Co., Ltd.*		19,529		92,121
Samsung ElectroMechanics Co., Ltd.		2,683		239,797
Samsung Fire & Marine Insurance Co., Ltd.		1,133		277,653
Samsung Life Insurance Co., Ltd.		1,991		196,804
Samsung SDI Co., Ltd.		1,360		236,626
Shinsegae, Inc.		1,005		171,105
SK Telecom Co., Ltd.		927		206,840
Yuhan Corp.		1,406		253,903

				9,962,107

Taiwan — 13.3%
Acer, Inc.		113,000		56,555
Asustek Computer, Inc.		42,000		346,114
AU Optronics Corp.		688,000		276,498
Eclat Textile Co., Ltd.		30,660		373,975
Far EasTone Telecommunications Co., Ltd.		249,000		592,411
Feng TAY Enterprise Co., Ltd.		48,000		218,817
General Interface Solution Holding, Ltd.		13,000		129,758


	Number of Shares		Value
COMMON STOCKS — (Continued)
Taiwan — (Continued)
Globalwafers Co., Ltd.		36,000	$	352,684
Hiwin Technologies Corp.		21,360		189,038
HTC Corp.*		112,000		280,786
Innolux Corp.		725,000		339,362
Inventec Corp.		433,000		320,591
Largan Precision Co., Ltd.		1,000		176,415
Micro-Star International Co., Ltd.		121,000		260,993
Nanya Technology Corp.		116,000		329,204
Nien Made Enterprise Co., Ltd.		24,000		246,448
Phison Electronics Corp.		25,000		297,200
Powertech Technology, Inc.		113,000		326,585
President Chain Store Corp.		36,000		303,842
TaiMed Biologics, Inc.*		30,000		190,489
Taiwan High Speed Rail Corp.		186,000		147,682
Taiwan Mobile Co., Ltd.		147,000		523,932
Uni-President Enterprises Corp.		47,000		98,547

				6,377,926

Thailand — 12.7%
Advanced Info Service PCL		134,500		770,710
Airports of Thailand PCL		381,300		675,719
Bangkok Dusit Medical Services PCL		714,800		439,723
Bangkok Expressway & Metro PCL		1,322,200		319,620
Banpu PCL		368,300		194,754
BEC World PCL		126,600		61,876
Berli Jucker PCL		185,700		294,206


	Number of Shares		Value
COMMON STOCKS — (Continued)
Thailand — (Continued)
Bumrungrad Hospital PCL		66,100	$	426,132
Central Pattana PCL		26,100		61,044
Charoen Pokphand Foods PCL		382,120		307,095
CP ALL PCL		393,600		787,790
Delta Electronics Thailand PCL		62,600		164,101
Energy Absolute PCL		188,700		216,839
Glow Energy PCL		70,900		189,740
Indorama Ventures PCL		188,300		238,937
KCE Electronics PCL		40,100		120,244
Minor International PCL		67,200		82,111
Thai Union Group PCL		357,700		214,513
TMB Bank PCL		2,446,100		185,035
True Corp. PCL*		1,914,200		350,756

				6,100,945

Turkey — 1.9%
Aselsan Elektronik Sanayi Ve Ticaret AS		33,736		249,038
Petkim Petrokimya Holding AS		110,251		185,000
TAV Havalimanlari Holding AS		26,443		131,036
Turk Hava Yollari AO*		91,189		223,900
Ulker Biskuvi Sanayi AS		22,793		123,780

				912,754

TOTAL COMMON STOCKS (Cost $41,822,303)				46,675,730

PREFERRED STOCKS — 2.5%
Brazil — 1.9%
Braskem SA, Class A^(b)		34,700		464,106


	Number of Shares		Value
PREFERRED STOCKS — (Continued)
Brazil — (Continued)
Suzano Papel e Celulose SA, Class A^(b)		76,000	$	441,533

				905,639

South Korea — 0.6%
Hyundai Motor Co.^(b)		3,111		278,868

TOTAL PREFERRED STOCKS (Cost $994,058)				1,184,507

TOTAL INVESTMENTS - 99.7% (Cost $42,816,361)				47,860,237
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3%				159,470

NET ASSETS - 100.0%			$	48,019,707

*	Non-income producing.

^(a)

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This security was purchased in accordance with the guidelines approved by the Fund’s Board of Trustees and may be resold, in transactions exempt from registration, to qualified institutional buyers. At September 30, 2017, this security amounted to $68,062 or 0.1% of net assets. This security has been determined by the Adviser to be a liquid security.

^(b)	Preferred stocks are shares that carry certain preferential rights. The dividend rate may not be consistent each pay period and could be zero for a particular year.


ADR		American Depository Receipt
GDR		Global Depository Receipt
PCL		Public Company Limited
SP ADR		Sponsored American Depository Receipt

Contained below is per share operating performance data for Class I shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.

The TOBAM Emerging Markets Fund (the “Fund”) is a diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”), and commenced investment operations on April 25, 2017. The Fund is a separate series of FundVantage Trust (the “Trust”) which was organized as a Delaware statutory trust on August 28, 2006. The Trust is a “series trust” authorized to issue an unlimited number of separate series or classes of shares of beneficial interest. Each series is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one series is not deemed to be a shareholder of any other series. The Fund offers separate classes of shares: Class A, Class C and Class I Shares. As of September 30, 2017, Class A and Class C shares had not been issued.

The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board Accounting Standards Codification Topic 946.

Portfolio Valuation — The Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (typically 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. The Fund’s equity securities listed on any national or foreign exchange market system will be valued at the last sale price. Equity securities traded in the over-the-counter market are valued at their closing sale or official closing price. If there were no transactions on that day, securities traded principally on an exchange will be valued at the mean of the last bid and ask prices prior to the market close. Prices for equity securities normally are supplied by an independent pricing service approved by the Trust’s Board of Trustees. Fixed income securities are valued based on market quotations, which are furnished by an independent pricing service. Fixed income securities having remaining maturities of 60 days or less are generally valued at amortized cost, provided such amount approximates fair value. Any assets held by the Fund that are denominated in foreign currencies are valued daily in U.S. dollars at the foreign currency exchange rates that are prevailing at the time that the Fund determines the daily NAV per share. Foreign securities may trade on weekends or other days when the Fund does not calculate NAV. As a result, the market value of these investments may change on days when you cannot buy or sell shares of the Fund. Investments in other open-end investment companies are valued based on the NAV of such investment companies (which may use fair value pricing as disclosed in their prospectuses). Securities that do not have a readily available current market value are valued in accordance with procedures adopted by the Trust’s Board of Trustees. The Board of Trustees has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available and has delegated to TOBAM (“TOBAM” or the “Adviser”) the responsibility for applying the valuation methods. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. In the event that market quotes are not readily

available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser. The Trust has established a Valuation Committee which performs certain functions including the oversight of the Adviser’s fair valuation determinations.

Fair Value Measurements — The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Securities listed on a non-U.S. exchange are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees and categorized as Level 2 investments within the hierarchy. The fair valuations for these securities may not be the same as quoted or published prices of the securities on their primary markets. Securities for which daily fair value prices from the independent fair value pricing service are not available are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

The following is a summary of the inputs used, as of September 30, 2017, in valuing the Fund’s investments carried at fair value:

At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Level 1 and Level 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

For fair valuations using significant unobservable inputs, U.S generally accepted accounting principles (“U.S. GAAP”) require the Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between Levels are based on values at the end of the period. U.S. GAAP also requires the Fund to disclose amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. A reconciliation of Level 3 investments is presented only when the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all transfers in and out of each Level within the three-tier hierarchy are disclosed when the Fund had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

For the period ended September 30, 2017, there were no transfers between Levels 1, 2 and 3 for the Fund.

Investment Transactions, Investment Income and Expenses — Investment transactions are recorded on trade date for financial statement preparation purposes. Realized gains and losses on investments sold are recorded on the identified cost basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/ depreciation as such income and/or gains are earned. General expenses of the Trust are generally allocated to each fund in proportion to its relative daily net assets. Expenses directly attributable to a particular fund in the Trust are charged directly to that fund.

Foreign Currency Translation — Assets and liabilities initially expressed in non-U.S. currencies are translated into U.S. dollars based on the applicable exchange rates at the date of the last business day of the financial statement period. Purchases and sales of securities, interest income, dividends, variation margin received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rates in effect on the transaction date.

The Fund does not separately report the effect of changes in foreign exchange rates from changes in market prices of securities held. Such changes are included with the net realized gain or loss and

change in unrealized appreciation or depreciation on investment securities in the Statement of Operations. Other foreign currency transactions resulting in realized and unrealized gain or loss are reported separately as net realized gain or loss and change in unrealized appreciation or depreciation on foreign currencies in the Statement of Operations.

Other — In the normal course of business, the Fund may enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Fund in the future, and, therefore, cannot be estimated; however, based on experience, the risk of material loss for such claims is considered remote.

Currency Risk — The Fund invests in securities of foreign issuers, including American Depository Receipts. These markets are subject to special risks associated with foreign investments not typically associated with investing in U.S. markets. Because the foreign securities in which the Fund may invest generally trade in currencies other than the U.S. dollar, changes in currency exchange rates will affect the Fund’s NAV, the value of dividends and interest earned and gains and losses realized on the sale of securities. Because the NAV for the Fund is determined on the basis of U.S. dollars, the Fund may lose money by investing in a foreign security if the local currency of a foreign market depreciates against the U.S. dollar, even if the local currency value of the Fund’s holdings goes up. Generally, a strong U.S. dollar relative to these other currencies will adversely affect the value of the Fund’s holdings in foreign securities.

Foreign Securities Market Risk — Securities of many non-U.S. companies may be less liquid and their prices more volatile than securities of comparable U.S. companies. Securities of companies traded in many countries outside the U.S., particularly emerging markets countries, may be subject to

further risks due to the inexperience of local investment professionals and financial institutions, the possibility of permanent or temporary termination of trading and greater spreads between bid and asked prices of securities. In addition, non-U.S. stock exchanges and investment professionals are subject to less governmental regulation, and commissions may be higher than in the United States. Also, there may be delays in the settlement of non-U.S. stock exchange transactions.

Emerging Markets Risk — The Fund invests in emerging market instruments which are subject to certain credit and market risks. The securities and currency markets of emerging market countries are generally smaller, less developed, less liquid and more volatile than the securities and currency markets of the United States and other developed markets. Disclosure and regulatory standards in many respects are less stringent than in other developed markets. There also may be a lower level of monitoring and regulation of securities markets in emerging market countries and the activities of investors in such markets and enforcement of existing regulations may be extremely limited. Political and economic structures in many of these countries may be in their infancy and developing rapidly, and such countries may lack the social, political and economic stability characteristics of more developed countries.

TOBAM serves as investment adviser to the Fund. For its services, the Adviser was paid a monthly fee at the annual of 0.80% of the Fund’s average daily net assets. The Adviser has contractually agreed to waive fees and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, dividend and interest expense on securities sold short, interest, extraordinary items and brokerage commissions) do not exceed (on an annual basis) 0.85%, with respect to the Fund’s average daily net assets of the Class I shares, (“Expense Limitation”). The Expense Limitation will remain in place until April 30, 2018, and from May 1, 2018 through January 31, 2019, the Adviser will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, (exclusive of taxes, “Acquired Fund” fees and expenses (as defined in Form N-1A), dividend and interest expense on securities sold short, interest, extraordinary items and brokerage commissions), do not exceed (on an annual basis) 1.10%, with respect to the Fund’s average daily net assets of the Class I shares, unless the Board of Trustees approves its earlier termination. The Adviser may recoup any expenses or fees it has reimbursed within a three-year period from the year in which the Adviser reduced its compensation and/or assumed

expenses of the Fund. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation amount. As of September 30, 2017, the amount of potential recovery was as follows:

For the period ended September 30, 2017, the Adviser earned advisory fees of $156,201 and waived fees of $135,477.

For the period ended September 30, 2017, the Fund engaged in purchases and sales of securities from or to affiliated funds in the amount of $192,211 and $599,481, respectively, and had net realized gains from sales of $44,249.

BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) serves as administrator and transfer agent for the Fund. For providing administrative and accounting services, BNY Mellon is entitled to receive a monthly fee equal to an annual percentage rate of the Fund’s average daily net assets, subject to certain minimum monthly fees. For the period ended September 30,2017, BNY Mellon accrued administration and accounting fees totaling $36,644 and waived fees totaling $14,000.

Foreside Funds Distributors LLC (the “Underwriter”) provides principal underwriting services to the Fund pursuant to an underwriting agreement between the Trust and the Underwriter.

The Trust is governed by its Board of Trustees. The Trustees receive compensation in the form of an annual retainer and per meeting fees for their services to the Trust. The remuneration paid to the Trustees by the Fund during the period ended September 30, 2017 was $4,128. An employee of BNY Mellon serves as the Secretary of the Trust and is not compensated by the Fund or the Trust.

JW Fund Management LLC (“JWFM”) provides a Principal Executive Officer and Principal Financial Officer, respectively, to the Trust. JWFM is compensated for the services provided to the Trust.

Freeh Group International Solutions, LLC provides the Trust with a Chief Compliance Officer and an Anti-Money Laundering Officer.

From April 25, 2017, commencement of operations, to September 30, 2017, aggregate purchases and sales of investment securities (excluding short-term investments) of the Fund were as follows:

From April 25, 2017, commencement of operations, to September 30, 2017, transactions in capital shares (authorized shares unlimited) were as follows:

Distributions are determined in accordance with federal income tax regulations, which may differ in amount or character from net investment income and realized gains for financial reporting purposes. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying financial statements. To the extent these differences are permanent, such amounts are reclassified within the components of net assets based on the tax treatment; temporary differences do not require reclassifications. For the period ended September 30, 2017, these adjustments were to decrease undistributed net investment income by $15,381 and increase accumulated net realized gain by $15,381. These permanent differences were primarily attributable to the reclassification of gains and losses on foreign currency transactions. Net assets were not affected by these adjustments.

During the period from April 25, 2017, commencement of operations, to September 30, 2017, the Fund had no distributions from ordinary income or long-term capital gains.

As of September 30, 2017, the components of distributable earnings on a tax basis were as follows:

The differences between the book and tax basis components of distributable earnings relate primarily to the timing and recognition of income and gains for federal income tax purposes. Short-term capital gains are reported as ordinary income for federal income tax purposes.

As of September 30, 2017, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by the Fund were as follows:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of TOBAM Emerging Markets Fund (one of the series constituting FundVantage Trust) (the “Fund”) as of September 30, 2017, and the related statement of operations, the statement of changes in net assets, and the financial highlights for the period April 25, 2017 (commencement of operations) to September 30, 2017. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund’s internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of September 30, 2017, by correspondence with the custodian. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of TOBAM Emerging Markets Fund (one of the series constituting FundVantage Trust) at September 30, 2017, and the results of its operations, the changes in its net assets, and its financial highlights for the period April 25, 2017 (commencement of operations) to September 30, 2017 in conformity with U.S. generally accepted accounting principles.

The Fund is required by Subchapter M of the Internal Revenue Code to advise its shareholders of the U.S. federal tax status of distributions received by the Fund’s shareholders in respect of such fiscal year. There were no distributions for the TOBAM Emerging Markets Fund. Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.

The TOBAM Emerging Markets Fund paid foreign taxes and recognized foreign source income as follows:

Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in the Fund.

Policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities as well as information regarding how the Fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 are available without charge, upon request, by calling (844) 282-6161 and on the Securities and Exchange Commission’s (“SEC”) website at http:// www.sec.gov.

At a meeting held on June 20-21, 2016 (the “June Meeting”), the Board of Trustees (the “Board” or the “Trustees”) of FundVantage Trust (the “Trust”), including a majority of the Trustees who are not “interested persons” within the meaning of Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”), unanimously approved a form of investment advisory agreement between TOBAM (the “Adviser,” or “TOBAM”) and the Trust (the “Agreement”) on behalf of the TOBAM Emerging Markets Fund (the “Fund”). At the June Meeting, the Board considered the approval of the Agreement for an initial two year period.

In determining whether to approve the Agreement, the Trustees considered information provided by the Adviser at the June Meeting in accordance with Section 15(c) of the 1940 Act regarding: (i) services to be performed for the Fund, (ii) the size and qualifications of the Adviser’s portfolio management staff, (iii) any potential or actual material conflicts of interest which may arise in connection with a portfolio manager’s management of the Fund, (iv) investment performance, (v) the capitalization and financial condition of TOBAM, (vi) brokerage selection procedures (including soft dollar arrangements, if any), (vii) the procedures for allocating investment opportunities between the Fund and other clients, (viii) results of any regulatory examination, including any recommendations or deficiencies noted, (ix) any litigation, investigation or administrative proceeding which may have a material impact on TOBAM’s ability to service the Fund, (x) compliance with TOBAM’s policies and procedures (including codes of ethics and proxy voting policies) and (xi) compliance with federal securities laws and other regulatory requirements.

Representatives from TOBAM attended the June Meeting in person and via teleconference. At the June Meeting, the representatives discussed TOBAM’s history, performance and investment strategies in connection with the proposed approval of the Agreement and answered questions from the Board.

Performance. The Trustees considered that the proposed strategy for the Fund was new, and therefore did not have historical performance. However, the Trustees reviewed the performance information of a separate account composite and a comparable account managed by TOBAM with strategies similar to that to be employed by the Fund. At the June Meeting, the Trustees reviewed the performance of the comparable account from its inception on June 29, 2011 through April 30, 2016 and the performance of the separate account composite from June 30, 2011 through April 30, 2016. The Trustees concluded that the performance information relating to the comparable funds and separate account composite demonstrated TOBAM’s ability to execute investment strategies of the type to be employed by the Fund.

Fees. The Trustees noted that the representatives of TOBAM had provided information regarding its proposed advisory fees and an analysis of those fees in relation to the services to be provided to the Fund and any other ancillary benefit to result from the TOBAM’s relationship with the Fund. The Trustees also reviewed information regarding the fees TOBAM charges to other clients and evaluated explanations provided by TOBAM as to differences in fees charged to the Fund and other similarly managed accounts. The Trustees evaluated explanations provided by TOBAM regarding its belief that the proposed advisory fee is within the normal range of fees and expenses for funds of similar size, composition and type of investment product. The Trustees concluded that the advisory fee and services proposed to be provided by TOBAM are sufficiently consistent with those of other advisers which manage mutual funds with investment objectives, strategies and policies similar to those of the Fund as measured by the information provided by TOBAM.

Experience and Qualifications of the Adviser. The Trustees then considered the level and depth of knowledge of TOBAM, including the professional experience and qualifications of senior personnel. In evaluating the quality of services to be provided by TOBAM, the Board took into account TOBAM’s compliance policies and procedures and reports regarding TOBAM’s compliance operations from the Trust’s Chief Compliance Officer. The Board also considered any potential conflicts of interest that may arise in TOBAM’s management of the Fund’s investments on the one hand, and the investments of other accounts, on the other. The Trustees reviewed the services proposed to be provided to the Fund by TOBAM and concluded that the nature, extent and quality of the services provided were appropriate and consistent with the terms of the Agreement, that the quality of the proposed services appeared to be consistent with industry norms and that the Fund is likely to benefit from the continued receipt of those services. In considering the Agreement, the Board also concluded that TOBAM has sufficient personnel, with the appropriate education and experience, to serve the Fund effectively and had demonstrated their ability to attract and retain qualified personnel.

Cost. The Trustees also considered the cost of the services to be provided by TOBAM, the compensation and benefits to be received by TOBAM in providing services to the Fund, as well as TOBAM’s profitability. The Trustees noted that TOBAM provided its audited financial statements as of December 31, 2015 to the Board for review. The Trustees considered any direct or indirect revenues that would be received by TOBAM. The Trustees noted that the level of profitability is an appropriate factor to consider, and that the Trustees should be satisfied that TOBAM’s profits are sufficient to continue as a healthy concern generally and as investment adviser of the Fund. Based on the information provided, the Trustees concluded that TOBAM’s advisory fee level was reasonably in relation to the nature and quality of the services to be provided, taking into account the projected growth of the Fund.

Economies of Scale. The Trustees considered the extent to which economies of scale would be realized relative to fee levels as the Fund is anticipated to grow, and whether the advisory fee levels reflect those economies of scale for the benefit of shareholders. The Board noted that economies of scale may be achieved at higher asset levels for the Fund for the benefit of shareholders, but that the advisory fee structure of the Fund did not include breakpoint reductions as asset levels increase.

The Trustees determined to approve the Agreement for an initial two year period. In voting to approve the Agreement, the Board considered all factors it deemed relevant and the information presented to the Board by TOBAM. In arriving at its decision, the Board did not identify any single factor as being of paramount importance and each member of the Board gave varying weights to each factor according to his or her own judgment. The Board, including a majority of the Independent Trustees, unanimously approved the Agreement with respect to the Fund for an initial two year period.

We collect nonpublic personal information about you from applications or other forms you complete and from your transactions with us or our affiliates. We do not disclose information about you, or our former clients, to our affiliates or to service providers or other third parties, except as permitted by law. We share only the information required to properly administer your accounts, which enables us to send transaction confirmations, monthly or quarterly statements, financials and tax forms. Even within FundVantage Trust and its affiliated entities, a limited number of people who actually service accounts will have access to your personal financial information. Further, we do not share information about our current or former clients with any outside marketing groups or sales entities.

If you have questions or comments about our privacy practices, please call us at (844) 282-6161.

The Statement of Additional Information for the Fund contains additional information about the Trustees and is available, without charge, upon request by calling (844) 282-6161.

Investment Adviser

TOBAM

49-53, Avenue des Champs-Élysées

75008 Paris, France

Administrator

BNY Mellon Investment Servicing (US) Inc.

301 Bellevue Parkway

Wilmington, DE 19809

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

4400 Computer Drive

Westborough, MA 01581

Principal Underwriter

Foreside Funds Distributors LLC

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312

Custodian

The Bank of New York Mellon

225 Liberty Street

New York, NY 10286

Independent Registered Public Accounting Firm

Ernst & Young LLP

One Commerce Square

2005 Market Street, Suite 700

Philadelphia, PA 19103-7096

Legal Counsel

Pepper Hamilton LLP

3000 Two Logan Square

18th and Arch Streets

Philadelphia, PA 19103

The Audit Committee of the Board of Trustees currently is comprised of Nicholas Marsini, Iqbal Mansur and Stephen M. Wynne, each of whom is considered “independent” within the meaning set forth under Item 3 of Form N-CSR. The Board of Trustees has determined that each of Messrs. Mansur, Marsini and Wynne is an “audit committee financial expert” as such term is defined by Item 3 of Form N-CSR.

The Registrant’s Board of Trustees has determined that Dr. Mansur acquired the attributes necessary to be considered an audit committee financial expert through his experience as a university professor of finance and because he has authored over 25 finance-related articles in peer reviewed publications.

The Registrant’s Board of Trustees has determined that Mr. Wynne acquired the attributes necessary to be considered an audit committee financial expert through his experience as a chief executive officer (and other senior-level accounting and/or financial positions) of several large financial institutions and because he has co-authored a text book on mutual fund accounting.

The Registrant’s Board of Trustees has determined that Mr. Marsini acquired the attributes necessary to be considered an audit committee financial expert through his experience as a chief executive officer or a chief financial officer (and other senior-level positions) of several large financial institutions.

The Registrant’s Audit Committee Charter requires the Audit Committee to (i) (a) approve prior to appointment the engagement of independent registered public accounting firm to annually audit and provide their opinion on the Registrant’s financial statements, (b) recommend to the Independent Trustees the selection, retention or termination of the Registrant’s independent registered public accounting firm and, (c) in connection therewith, to review and evaluate matters potentially affecting the independence and capabilities of the independent registered public accounting firm; and (ii) to approve prior to appointment the engagement of the independent registered public accounting firm to provide other audit

services to the Registrant, or to provide non-audit services to the Registrant, its series, an investment adviser to its series or any entity controlling, controlled by, or under common control with an investment adviser to its series (“adviser-affiliate”) that provides ongoing services to the Registrant if the engagement relates directly to the operations and financial reporting of the Registrant. The Audit Committee will not approve non-audit services that the Audit Committee believes may impair the independence of the Registrant’s independent registered public accountant. The Audit Committee may delegate, to the extent permitted by law, pre-approved responsibilities to one or more members of the Audit Committee who shall report to the full Audit Committee.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


Total Returns for the Period Ended September 30, 2017
		Since Inception^†
Institutional Class*		5.40%
MSCI USA Index (Net Returns)		5.97%**


	Arabesque Systematic USA Fund
	Beginning Account Value May 3, 2017		Ending Account Value September 30, 2017		Expenses Paid During Period*
Institutional Class
Actual	$	1,000.00	$	1,054.00	$	4.01
Hypothetical (5% return before expenses)		1,000.00		1,020.31		4.81


Assets
Investments, at value (Cost $13,826,342)	$	14,727,242
Cash		395,578
Receivable for investments sold		257,227
Dividends receivable		4,713
Receivable from Investment Adviser		15,808
Deferred offering costs (Note 1)		12,834
Prepaid expenses and other assets		23,991

Total assets		15,437,393

Liabilities
Payable for investments purchased		275,936
Payable for audit fees		17,472
Payable for capital shares redeemed		11,225
Payable for custodian fees		5,285
Payable for legal fees		4,369
Payable for printing fees		4,273
Payable for transfer agent fees		2,036
Payable for administration and accounting fees		1,772
Accrued expenses		1,490

Total liabilities		323,858

Net Assets	$	15,113,535

Net Assets Consisted of:
Capital stock, $0.01 par value	$	14,345
Paid-in capital		14,483,506
Accumulated net investment income		1,599
Accumulated net realized loss from investments		(286,815	)
Net unrealized appreciation on investments		900,900

Net Assets	$	15,113,535


Institutional Class:
Shares outstanding		1,434,505

Net asset value, offering and redemption price per share ($15,113,535 / 1,434,505 shares)	$	10.54


Investment Income
Dividends	$	36,653
Less: foreign taxes withheld		(202	)

Total investment income		36,451

Expenses
Advisory fees (Note 2)		34,743
Administration and accounting fees (Note 2)		25,907
Audit fees		17,472
Transfer agent fees (Note 2)		11,398
Registration and filing fees		10,987
Legal fees		10,767
Custodian fees (Note 2)		10,285
Offering expenses		9,156
Trustees’ and officers’ fees (Note 2)		8,426
Printing and shareholder reporting fees		5,959
Other expenses		5,567

Total expenses before waivers and reimbursements		150,667

Less: waivers and reimbursements (Note 2)		(106,659	)

Net expenses after waivers and reimbursements		44,008

Net investment loss		(7,557	)

Net realized and unrealized gain/(loss) from investments:
Net realized loss from investments		(286,815	)
Net change in unrealized appreciation/(depreciation) on investments		900,900

Net realized and unrealized gain on investments		614,085

Net increase in net assets resulting from operations	$	606,528


	For the Period Ended September 30, 2017*
Increase/(Decrease) in Net Assets from Operations:
Net investment loss	$	(7,557	)
Net realized loss from investments		(286,815	)
Net change in unrealized appreciation/(depreciation) on investments		900,900

Net increase in net assets resulting from operations		606,528


Increase in Net Assets Derived from Capital Share Transactions (Note 4)		14,507,007

Total increase in net assets		15,113,535

Net assets
Beginning of period		—

End of period	$	15,113,535

Accumulated net investment income, end of period	$	1,599


	Institutional Class
	For the Period May 3, 2017* to September 30, 2017
Per Share Operating Performance
Net asset value, beginning of period	$	10.00


Net investment loss⁽¹⁾		(0.01	)
Net realized and unrealized gain on investments		0.55

Net increase in net assets resulting from operations		0.54

Net asset value, end of period	$	10.54

Total investment return⁽²⁾		5.40	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	15,114
Ratio of expenses to average net assets		0.95	%⁽³⁾
Ratio of expenses to average net assets without waivers and expense reimbursements⁽⁴⁾		3.25	%⁽³⁾
Ratio of net investment loss to average net assets		(0.16	)%⁽³⁾
Portfolio turnover rate		82.18	%⁽⁵⁾


• Level 1 —		quoted prices in active markets for identical securities;



• Level 2 —		other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

• Level 3 —		significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).


	Total Value at 09/30/17		Level 1 Quoted Price		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Common Stocks*	$	14,727,242	$	14,727,242	$	—	$	—


	Purchases		Sales
Investment Securities	$	22,162,562	$	8,049,405


	For the Period Ended
	September 30, 2017

	Shares			Amount
Institutional Class
Sales		1,462,795		$	14,798,773
Redemptions		(28,290	)		(291,766	)

Net increase		1,434,505		$	14,507,007


Capital Loss Carryforward	Undistributed Ordinary Income	Undistributed Long-Term Gain	Unrealized Appreciation	Qualified Late-Year Losses
$(286,815)	$1,599	$—	$900,900	$—


Federal tax cost	$	13,826,342

Gross unrealized appreciation	$	1,100,279
Gross unrealized depreciation		(199,379	)

Net unrealized appreciation	$	900,900



Name and Date of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past Five Years	Number of Funds in Trust Complex Overseen by Trustee	Other Directorships Held by Trustee

		INDEPENDENT TRUSTEES

ROBERT J. CHRISTIAN Date of Birth: 2/49	Trustee and Chairman of the Board	Shall serve until death, resignation or removal. Trustee and Chairman since 2007.	Retired since February 2006; Executive Vice President of Wilmington Trust Company from February 1996 to February 2006; President of Rodney Square Management Corporation (“RSMC”) (investment advisory firm) from 1996 to 2005; Vice President of RSMC from 2005 to 2006.	42	Optimum Fund Trust (registered investment company with 6 portfolios).

IQBAL MANSUR Date of Birth: 6/55	Trustee	Shall serve until death, resignation or removal. Trustee since 2007.	University Professor, Widener University.	42	None.



Name and Date of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past Five Years

		EXECUTIVE OFFICERS

JOEL L. WEISS Date of Birth: 1/63	President and Chief Executive Officer	Shall serve until death, resignation or removal. Officer since 2007.	President of JW Fund Management LLC since June 2016; Vice President and Managing Director of BNY Mellon Investment Servicing (US) Inc. and predecessor firms from 1993 to June 2016.

T. RICHARD KEYES Date of Birth: 1/57	Treasurer and Chief Financial Officer	Shall serve until death, resignation or removal. Officer since 2016.	President of TRK Fund Consulting LLC since July 2016; Head of Tax — U.S. Fund Services of BNY Mellon Investment Servicing (US) Inc. and predecessor firms from February 2006 to July 2016.

VINCENZO A. SCARDUZIO Date of Birth: 4/72	Secretary	Shall serve until death, resignation or removal. Officer since 2012.	Director and Vice President Regulatory Administration of The Bank of New York Mellon and predecessor firms since 2001.

DAVID C. LEBISKY Date of Birth: 5/72	Chief Compliance Officer and Anti-Money Laundering Officer	Shall serve until death, resignation or removal. Officer since 2015.	President of Lebisky Compliance Consulting LLC since October 2015; Senior Consultant, Freeh Group International Solutions, LLC (a global risk management firm) since 2015; Scotia Institutional Investments US, LP, Director of Regulatory Administration from 2010 to 2014.


		Expiration
		September 30, 2020
		$70,327


		Sincerely,

		Joel Greenblatt and Robert Goldstein Managing Principals & Co-Chief Investment Officers Gotham Asset Management, LLC


Investment Adviser Arabesque Asset Management Ltd 43 Grosvenor Street London W1K 3HL England The United Kingdom Administrator BNY Mellon Investment Servicing (US) Inc. 301 Bellevue Parkway Wilmington, DE 19809 Transfer Agent BNY Mellon Investment Servicing (US) Inc. 4400 Computer Drive Westborough, MA 01581 Principal Underwriter Foreside Funds Distributors LLC 400 Berwyn Park 899 Cassatt Road Berwyn, PA 19312 Custodian The Bank of New York Mellon 225 Liberty Street New York, NY 10286 Independent Registered Public Accounting Firm Ernst & Young LLP One Commerce Square 2005 Market Street, Suite 700 Philadelphia, PA 19103-7096 Legal Counsel Pepper Hamilton LLP 3000 Two Logan Square 18th and Arch Streets Philadelphia, PA 19103		ARABESQUE SYSTEMATIC USA FUND of FundVantage Trust Institutional Class ANNUAL REPORT September 30, 2017 This report is submitted for the general information of the shareholders of the Arabesque Systematic USA Fund. It is not authorized for distribution unless preceded or accompanied by a current prospectus for the Arabesque Systematic USA Fund.


Average Annual Total Returns for the Periods Ended September 30, 2017
	1 Year		3 Year		Since Inception
Institutional Class Shares		12.63%		5.68%	6.39%*
HFRX Equity Hedge Index		7.91%		1.60%	2.00%**


Average Annual Total Returns for the Period Ended September 30, 2017
		1Year
Institutional Class Shares		11.90%*
HFRX Equity Hedge Index		7.91%**


Total Returns for the Period Ended September 30, 2017
		Since Inception*
Institutional Class Shares		15.30%**
S&P 500^®Total Return Index		14.24%***


	Gotham Funds - Institutional Class

	Beginning Account Value April 1, 2017	Ending Account Value September 30, 2017	Annualized Expense Ratio*	Expenses Paid During Period**
Gotham Absolute Return Fund
Actual	$1,000.00	$1,025.00	2.77%	$14.05
Hypothetical (5% return before expenses)	1,000.00	1,011.19	2.77%	13.95

Gotham Absolute 500 Fund
Actual	$1,000.00	$1,037.90	3.34%	$17.04
Hypothetical (5% return before expenses)	1,000.00	1,008.34	3.34%	16.80

Gotham Absolute 500 Core Fund
Actual	$1,000.00	$1,039.00	2.23%	$11.38
Hypothetical (5% return before expenses)	1,000.00	1,013.91	2.23%	11.24

Gotham Enhanced Return Fund
Actual	$1,000.00	$1,034.80	3.60%	$18.36
Hypothetical (5% return before expenses)	1,000.00	1,007.02	3.60%	18.11


Reference Company	Counterparty		Expiration Date		Number of Contracts (Short)			Notional Amount			Value			Unrealized Appreciation/ (Depreciation)
Short
Automobiles & Components
Adient PLC (Ireland)		Morgan Stanley		08/06/19		(353	)	$	(28,267	)	$	(1,362	)	$	(1,362	)
BorgWarner, Inc.		Morgan Stanley		08/06/19		(2,165	)		(102,665	)		(8,364	)		(8,364	)
Delphi Automotive PLC (Jersey)		Morgan Stanley		08/06/19		(1,718	)		(167,081	)		(3,588	)		(3,588	)
Drew Industries, Inc.		Morgan Stanley		08/06/19		(61	)		(7,046	)		(16	)		(16	)
Ford Motor Co.		Morgan Stanley		08/06/19		(25,205	)		(285,885	)		(15,729	)		(15,729	)
Goodyear Tire & Rubber Co. (The)		Morgan Stanley		08/06/19		(11,546	)		(355,120	)		(28,547	)		(28,547	)
Magna International, Inc. (Canada)		Morgan Stanley		08/06/19		(1,078	)		(57,266	)		(240	)		(240	)
Visteon Corp.		Morgan Stanley		08/06/19		(35	)		(4,327	)		(12	)		(12	)

						(42,161	)		(1,007,657	)		(57,858	)		(57,858	)

Capital Goods
AGCO Corp.		Morgan Stanley		08/06/19		(2,681	)		(186,505	)		(11,298	)		(11,298	)
AO Smith Corp.		Morgan Stanley		08/06/19		(3,010	)		(169,510	)		(9,261	)		(9,261	)
Barnes Group, Inc.		Morgan Stanley		08/06/19		(124	)		(8,585	)		(144	)		(144	)
Beacon Roofing Supply, Inc.		Morgan Stanley		08/06/19		(2,655	)		(129,189	)		(6,794	)		(6,794	)
Colfax Corp.		Morgan Stanley		08/06/19		(1,960	)		(80,556	)		(1,004	)		(1,004	)
Curtiss-Wright Corp.		Morgan Stanley		08/06/19		(149	)		(15,572	)		6			6
Donaldson Co., Inc.		Morgan Stanley		08/06/19		(316	)		(14,430	)		(77	)		(77	)
Eaton Corp. PLC (Ireland)		Morgan Stanley		08/06/19		(3,126	)		(233,942	)		(5,955	)		(5,955	)
Emerson Electric Co.		Morgan Stanley		08/06/19		(2,579	)		(161,726	)		(383	)		(383	)
EnerSys		Morgan Stanley		08/06/19		(77	)		(5,279	)		(43	)		(43	)
Fortive Corp.		Morgan Stanley		08/06/19		(963	)		(67,289	)		(837	)		(837	)
Generac Holdings, Inc.		Morgan Stanley		08/06/19		(767	)		(34,953	)		(252	)		(252	)
General Dynamics Corp.		Morgan Stanley		08/06/19		(398	)		(81,564	)		(236	)		(236	)
HD Supply Holdings, Inc.		Morgan Stanley		08/06/19		(5,716	)		(196,225	)		(9,820	)		(9,820	)
HEICO Corp.		Morgan Stanley		08/06/19		(1,086	)		(88,622	)		(8,853	)		(8,853	)
Hexcel Corp.		Morgan Stanley		08/06/19		(3,073	)		(157,359	)		(18,988	)		(18,988	)
Huntington Ingalls Industries, Inc.		Morgan Stanley		08/06/19		(497	)		(106,354	)		(6,332	)		(6,332	)
IDEX Corp.		Morgan Stanley		08/06/19		(298	)		(36,469	)		295			295
ITT, Inc.		Morgan Stanley		08/06/19		(2,301	)		(93,095	)		(8,962	)		(8,962	)
John Bean Technologies Corp.		Morgan Stanley		08/06/19		(765	)		(70,309	)		(7,063	)		(7,063	)
Johnson Controls International PLC (Ireland)		Morgan Stanley		08/06/19		(1,674	)		(66,813	)		(795	)		(795	)
L3 Technologies, Inc.		Morgan Stanley		08/06/19		(472	)		(88,435	)		(1,942	)		(1,942	)
Lincoln Electric Holdings, Inc.		Morgan Stanley		08/06/19		(103	)		(9,540	)		67			67
Middleby Corp. (The)		Morgan Stanley		08/06/19		(2,428	)		(290,659	)		(20,344	)		(20,344	)


	Gotham Absolute Return Fund				Gotham Absolute 500 Fund

Assets
Non-affiliated investments, at value^1,2,3		$	1,062,500,734			$	17,195,146
Cash			10,147,584				—
Deposits with brokers for securities sold short			500,491,618				5,761,220
Securities lending cash collateral			—				—
Receivables:
Investments sold			24,590,761				2,145,410
Capital shares sold			1,792,479				—
Dividends and interest			1,228,669				19,809
Investment Adviser			—				—
Prepaid expenses and other assets			72,135				17,586

Total assets			1,600,823,980				25,139,171

Liabilities
Securities sold short, at value⁴			531,322,842				9,975,977
Due to custodian			—				230,348
Payables:
Securities lending cash collateral			156,876,422				1,327,427
Investments purchased			24,775,297				1,529,799
Capital shares redeemed			1,527,664				—
Investment Adviser			1,267,474				4,535
Dividends and fees on securities sold short			364,827				12,432
Administration and accounting fees			75,279				12,672
Custodian fees			16,506				1,184
Accrued expenses			392,869				40,405

Total liabilities			716,619,180				13,134,779

Net Assets		$	884,204,800			$	12,004,392

Net Assets Consisted of:
Capital stock, $0.01 par value		$	634,195			$	10,443
Paid-in capital			964,924,122				10,372,936
Accumulated net investment income/(loss)			(6,483,311	)			(13,027	)
Accumulated net realized gain/(loss) from investments and securities sold short			(165,184,382	)			(132,900	)
Net unrealized appreciation/(depreciation) on investments and securities sold short			90,314,176				1,766,940

Net Assets		$	884,204,800			$	12,004,392

Institutional Class Shares:
Net assets		$	884,204,800			$	12,004,392

Shares Outstanding			63,419,518				1,044,285

Net asset value, offering and redemption price per share		$	13.94			$	11.50

¹ Non-affiliated investments, at cost		$	966,769,460			$	15,397,520
² Includes market value of securities on loan		$	153,664,106			$	1,297,695
³ Includes market value of securities designated as collateral for securities on loan		$	172,073,590			$	2,814,988
⁴ Proceeds received, securities sold short		$	525,905,744			$	9,945,291


Gotham Absolute 500 Core Fund			Gotham Enhanced Return Fund			Gotham Enhanced 500 Fund		Gotham Enhanced 500 Core Fund			Gotham Neutral Fund			Gotham Neutral 500 Fund

$	2,507,782		$	1,549,369,233		$	45,405,706	$	3,352,081		$	812,933,766		$	3,956,706
	359,523			25,718,851			597,070		4,971			29,453,945			107,575
	549,950			296,149,848			2,732,584		44,570			541,174,220			2,338,534
	7,636			—			—		10,459			—			15,349

	25,040			21,620,615			3,218,190		53,265			23,321,642			78,552
	—			300,735			—		—			1,189,463			367,494
	2,650			1,619,696			48,230		3,400			927,730			3,962
	—			—			—		—			—			1,026
	654			44,729			12,839		594			66,378			888

	3,453,235			1,894,823,707			52,014,619		3,469,340			1,409,067,144			6,870,086


	1,143,038			660,160,600			21,159,209		967,433			644,824,123			3,145,831
	—			—			—		—			—			—

	7,636			314,077,458			3,741,950		10,459			66,982,044			15,349
	23,567			18,433,429			2,553,451		52,235			24,104,268			75,838
	—			2,432,438			—		—			2,093,415			—
	2,807			1,406,787			23,840		2,769			1,032,058			—
	1,177			721,573			32,120		1,318			288,635			2,760
	10,745			72,562			14,409		10,821			60,413			11,579
	45			17,785			107		55			17,277			34
	25,620			130,461			36,465		25,502			125,110			25,722

	1,214,635			997,453,093			27,561,551		1,070,592			739,527,343			3,277,113

$	2,238,600		$	897,370,614		$	24,453,068	$	2,398,748		$	669,539,801		$	3,592,973


$	2,000		$	656,105		$	20,047	$	2,023		$	654,381		$	3,336
	1,985,370			739,804,724			19,442,956		2,010,482			738,650,287			3,397,421
	18,875			(4,171,743	)		42,758		31,448			(6,587,385	)		57
	(36,425	)		(36,036,658	)		777,187		(17,311	)		(122,154,648	)		(94,094	)
	268,780			197,118,186			4,170,120		372,106			58,977,166			286,253

$	2,238,600		$	897,370,614		$	24,453,068	$	2,398,748		$	669,539,801		$	3,592,973


$	2,238,600		$	897,370,614		$	24,453,068	$	2,398,748		$	669,539,801		$	3,592,973

	200,000			65,610,485			2,004,735		202,256			65,438,071			333,553

$	11.19		$	13.68		$	12.20	$	11.86		$	10.23		$	10.77

$	2,219,467		$	1,352,254,811		$	41,014,638	$	2,976,549		$	740,939,779		$	3,579,826
$	12,534		$	308,072,721		$	3,674,364	$	20,114		$	65,388,526		$	29,966
$	—		$	322,028,666		$	6,515,662	$	—		$	68,642,999		$	—
$	1,123,503		$	660,164,364		$	20,938,261	$	964,007		$	631,807,302		$	3,055,204


	Gotham Short Strategies Fund				Gotham Index Plus Fund

Assets
Non-affiliated investments, at value^1,2,3,4		$	17,571,655			$	372,618,736
Cash			1,159,780				16,334,131
Deposits with brokers for securities sold short			—				24,540,320
Securities lending cash collateral			—				—
Receivables:
Investments sold			373,643				8,581,724
Capital shares sold			—				1,016,905
Dividends and interest			21,314				360,443
Investment Adviser			16,304				—
Prepaid expenses and other assets			21,586				22,841

Total assets			19,164,282				423,475,100

Liabilities
Swaps, at value			432,515				—
Securities sold short, at value⁵			—				175,855,887
Payables:
Investments purchased			373,542				8,864,276
Administration and accounting fees			5,517				13,283
Custodian fees			223				3,683
Capital shares redeemed			—				21,766
Investment Adviser			—				142,671
Dividends and fees on securities sold short			—				207,524
Securities lending cash collateral			—				38,535,861
Accrued expenses			24,231				34,131

Total liabilities			836,028				223,679,082

Net Assets		$	18,328,254			$	199,796,018

Net Assets Consisted of:
Capital stock, $0.01 par value		$	18,206			$	153,747
Paid-in capital			18,192,587				174,871,499
Accumulated net investment income/(loss)			35,361				574,523
Accumulated net realized gain/(loss) from investments, securities sold short and swaps			(126,103	)			(4,966,185	)
Net unrealized appreciation/(depreciation) on investments, securities sold short and swaps			208,203				29,162,434

Net Assets		$	18,328,254			$	199,796,018

Institutional Class Shares:
Net assets		$	18,328,254			$	199,796,018

Shares Outstanding			1,820,601				15,374,683

Net asset value, offering and redemption price per share		$	10.07			$	13.00

¹ Non-affiliated investments, at cost		$	16,930,937			$	342,450,636
² Includes market value of securities on loan		$	—			$	37,774,492
³ Includes market value of securities designated as collateral for securities on loan		$	—			$	48,743,047
⁴ Includes market value of securities designated as collateral for swaps		$	8,924,821			$	—
⁵ Proceeds received, securities sold short		$	—			$	174,850,221


Gotham Index Core Fund			Gotham Hedged Plus Fund			Gotham Hedged Core Fund			Gotham Institutional Value Fund		Gotham Enhanced S&P 500 Index Fund

$	3,429,378		$	3,389,087		$	2,166,152		$	2,640,956	$	2,941,161
	4,342			364,129			293,143			13,737		15,350
	35,357			568,248			626,056			—		—
	7,632			26,093			4,463			—		—

	43,656			73,653			36,585			23,438		22,424
	—			—			—			—		—
	3,228			3,358			2,109			2,665		2,155
	4,049			10,968			4,508			—		4,441
	821			13,144			817			14,978		51

	3,528,463			4,448,680			3,133,833			2,695,774		2,985,582


	—			—			—			—		—
	987,064			1,986,020			786,952			—		—

	42,914			69,412			34,222			22,974		21,943
	11,390			12,362			12,236			8,382		10,063
	56			6			57			131		87
	—			—			—			—		—
	—			—			—			6,404		—
	1,255			2,112			669			—		—
	7,632			26,093			4,463			—		—
	27,957			33,179			28,102			31,153		22,460

	1,078,268			2,129,184			866,701			69,044		54,553

$	2,450,195		$	2,319,496		$	2,267,132		$	2,626,730	$	2,931,029


$	2,022		$	2,029		$	2,000		$	2,109	$	2,541
	2,010,315			1,983,525			1,985,343			2,067,518		2,570,698
	37,267			18,182			27,359			46,807		38,386
	(22,873	)		(20,126	)		(36,259	)		255,812		44,334
	423,464			335,886			288,689			254,484		275,070

$	2,450,195		$	2,319,496		$	2,267,132		$	2,626,730	$	2,931,029


$	2,450,195		$	2,319,496		$	2,267,132		$	2,626,730	$	2,931,029

	202,238			202,851			200,000			210,860		254,107

$	12.12		$	11.43		$	11.34		$	12.46	$	11.53

$	2,976,244		$	3,043,078		$	1,870,956		$	2,386,472	$	2,666,091
$	18,052		$	25,140		$	8,920		$	—	$	—
$	—		$	—		$	—		$	—	$	—
$	—		$	—		$	—		$	—	$	—
$	957,394		$	1,975,897		$	780,445		$	—	$	—


	Gotham Defensive Long Fund				Gotham Defensive Long 500 Fund

Assets
Non-affiliated investments, at value^1,2		$	3,819,258			$	14,710,684
Affiliated investments, at value³			—				—
Cash			—				48,122
Deposits with brokers for securities sold short			63,881				28,580
Securities lending cash collateral			44,230				58,677
Receivables:
Investments sold			52,374				146,955
Capital shares sold			—				—
Dividends and interest			4,343				16,336
Investment Adviser			12,095				—
Prepaid expenses and other assets			857				1,042

Total assets			3,997,038				15,010,396

Liabilities
Securities sold short, at value⁴			1,647,582				6,814,614
Due to custodian			31,678				—
Payables:
Investments purchased			52,918				144,493
Securities lending cash collateral			44,230				58,677
Administration and accounting fees			18,990				11,670
Dividends and fees on securities sold short			1,225				8,610
Custodian fees			26				90
Investment Adviser			—				3,843
Accrued expenses			26,479				28,797

Total liabilities			1,823,128				7,070,794

Net Assets		$	2,173,910			$	7,939,602

Net Assets Consisted of:
Capital stock, $0.01 par value		$	2,000			$	6,777
Paid-in capital			1,984,747				7,080,788
Accumulated net investment income/(loss)			8,720				39,573
Accumulated net realized gain/(loss) from investments and securities sold short			(109,041	)			(167,371	)
Net unrealized appreciation/(depreciation) on investments and securities sold short			287,484				979,835

Net Assets		$	2,173,910			$	7,939,602

Institutional Class Shares:
Net assets		$	2,173,910			$	7,939,602

Shares Outstanding			200,000				677,733

Net asset value, offering and redemption price per share		$	10.87			$	11.71

¹ Non-affiliated investments, at cost		$	3,509,211			$	13,606,248
² Includes market value of securities on loan		$	113,546			$	122,483
³ Affiliated investments, at cost		$	—			$	—
⁴ Proceeds received, securities sold short		$	1,625,019			$	6,690,013


Gotham Total Return Fund		Gotham Master Long Fund		Gotham Master Neutral Fund

$	—	$	—	$	1,144,428
	18,422,169		1,104,336		2,439,300
	135,972		42,749		171,852
	—		—		883,585
	—		—		—

	—		—		67,251
	—		—		1,050,000
	—		—		2,371
	12,280		—		1,981
	13,999		1,513		1,508

	18,584,420		1,148,598		5,762,276


	—		—		947,654
	—		—		—

	—		—		695,951
	—		—		—
	12,467		12,333		12,398
	—		—		—
	1,730		4,165		4,165
	—		2,478		—
	31,052		20,034		27,185

	45,249		39,010		1,687,353

$	18,539,171	$	1,109,588	$	4,074,923


$	15,988	$	1,047	$	4,042
	16,709,601		1,045,528		4,045,958
	1,994		6		5,055
	4,760		—		16,903
	1,806,828		63,007		2,965

$	18,539,171	$	1,109,588	$	4,074,923


$	18,539,171	$	1,109,588	$	4,074,923

	1,598,780		104,657		404,167

$	11.60	$	10.60	$	10.08

$	—	$	—	$	1,119,822
$	—	$	—	$	—
$	16,615,341	$	1,041,329	$	2,426,985
$	—	$	—	$	913,698


	Gotham Short Strategies Fund*				Gotham Index Plus Fund
Investment Income
Dividends from non-affiliated securities		$	75,760			$	5,490,724
Less: foreign taxes withheld			(325	)			—
Interest			69				1,076
Income from securities loaned (Note 5)			—				449

Total investment income			75,504				5,492,249

Expenses
Advisory fees (Note 2)			40,144				1,348,212
Audit fees			18,500				25,785
Legal fees			13,164				18,375
Printing and shareholder reporting fees			6,233				14,599
Administration and accounting fees (Note 2)			5,517				62,006
Registration and filing fees			4,714				28,563
Transfer agent fees (Note 2)			1,233				25,441
Trustees’ and officers’ fees (Note 2)			411				11,328
Custodian fees (Note2)			223				15,811
Dividends and fees on securities sold short			—				2,970,772
Offering fees			—				—
Fees on cash collateral (Note 5)			—				346,782
Other expenses			788				18,959

Total expenses before waivers and reimbursements			90,927				4,886,633

Recoupments and/or waivers, reimbursements (Note 2)			(50,784	)			(18,635	)

Net expenses after waivers and reimbursements			40,143				4,867,998

Net investment income			35,361				624,251

Net realized and unrealized gain/(loss) from investments:
Net realized gain/(loss) from non-affiliated investments			(209,658	)			12,434,508
Net realized loss from securities sold short			—				(16,168,027	)
Net realized gain on swaps			83,555	^(a)			—
Net change in unrealized appreciation/(depreciation) on non-affiliated investments			640,718				26,486,549
Net change in unrealized appreciation/(depreciation) on securities sold short			—				(258,361	)
Net change in unrealized depreciation on swaps			(432,515	)^(a)			—

Net realized and unrealized gain on investments			82,100				22,494,669

Net increase in net assets resulting from operations		$	117,461			$	23,118,920


Gotham Total Return Fund			Gotham Master Long Fund*			Gotham Master Neutral Fund*

$	—		$	—		$	7,178
	16,082			—			—
	—			—			(27	)
	31			6			1,087
	—			—			—

	16,113			6			8,238


	—			—			3,888
	41,442			18,892			18,941
	—			—			14
	22,735			17,932			17,932
	—			—			—
	6,461			1,596			5,003
	5,134			205			2,551
	197			988			1,003
	17,000			610			605
	1,121			45			142
	10,139			4,165			4,165
	4,877			922			2,592

	109,106			45,355			56,836

	(105,481	)		(45,355	)		(52,934	)

	3,625			—			3,902

	12,488			6			4,336


	—			—			21,447
	33,486			—			—
	—			—			(3,825	)
	—			—			24,606
	1,821,128			63,007			12,315
	—			—			(33,956	)

	1,854,614			63,007			20,587

$	1,867,102		$	63,013		$	24,923


	Gotham Absolute Return Fund
	For the Year Ended September 30, 2017			For the Year Ended September 30, 2016
Net increase/(decrease) in net assets from operations:
Net investment income/(loss)	$	(8,245,746	)	$	(9,831,418	)
Net realized gain/(loss) from investments and securities sold short		150,847,487			37,539,144
Net change in unrealized appreciation/(depreciation) on investments and securities sold short		(54,601,259	)		18,364,150

Net increase/(decrease) in net assets resulting from operations		88,000,482			46,071,876

Less Dividends and Distributions to Shareholders from:
Institutional Class Shares:
Net realized capital gains		—			(29,543,843	)
Return of capital		—			—

Net decrease in net assets from dividends and distributions to shareholders		—			(29,543,843	)


Increase/(decrease) in Net Assets from Capital Share Transactions (Note 4)		(186,782,887	)		(1,599,639,099	)


Total increase/(decrease) in net assets		(98,782,405	)		(1,583,111,066	)


Net assets
Beginning of period		982,987,205			2,566,098,271

End of period	$	884,204,800		$	982,987,205

Accumulated net investment income/(loss), end of period	$	(6,483,311	)	$	(1,948,744	)


Gotham Absolute 500 Fund						Gotham Absolute 500 Core Fund						Gotham Enhanced Return Fund
For the Year Ended September 30, 2017			For the Year Ended September 30, 2016			For the Year Ended September 30, 2017			For the Period Ended September 30, 2016*			For the Year Ended September 30, 2017			For the Year Ended September 30, 2016

$	(25,631	)	$	(30,215	)	$	5,192		$	—		$	(4,964,271	)	$	1,611,898
	1,521,589			(723,122	)		(35,372	)		—			77,350,347			72,482,135
	17,893			1,772,630			269,689			(909	)		70,484,386			900,681

	1,513,851			1,019,293			239,509			(909	)		142,870,462			74,994,714



	—			(317,388	)		—			—			—			(18,962,062	)
	—			(380,847	)		—			—			—			—

	—			(698,235	)		—			—			—			(18,962,062	)


	(2,955,285	)		(2,676,554	)		—			2,000,000			(195,702,219	)		(232,094,666	)

	(1,441,434	)		(2,355,496	)		239,509			1,999,091			(52,831,757	)		(176,062,014	)



	13,445,826			15,801,322			1,999,091			—			950,202,371			1,126,264,385

$	12,004,392		$	13,445,826		$	2,238,600		$	1,999,091		$	897,370,614		$	950,202,371

$	(13,027	)	$	(11,056	)	$	18,875		$	—		$	(4,171,743	)	$	(11,694	)


	Gotham Enhanced 500 Fund
	For the Year Ended September 30, 2017			For the Year Ended September 30, 2016
Net increase/(decrease) in net assets from operations:
Net investment income/(loss)	$	38,979		$	36,652
Net realized gain/(loss) from investments and securities sold short		1,726,182			(586,199	)
Net change in unrealized appreciation/(depreciation) on investments and securities sold short		2,354,924			2,194,341

Net increase/(decrease) in net assets resulting from operations		4,120,085			1,644,794

Less Dividends and Distributions to Shareholders from:
Institutional Class Shares:
Net investment income		(66,405	)		(9,998	)
Net realized capital gains		—			(32,499	)

Net decrease in net assets from dividends and distributions to shareholders		(66,405	)		(42,497	)


Increase/(decrease) in Net Assets from Capital Share Transactions (Note 4)		534,486			12,195,925


Total increase/(decrease) in net assets		4,588,166			13,798,222

Net assets
Beginning of period		19,864,902			6,066,680

End of period	$	24,453,068		$	19,864,902

Accumulated net investment income/(loss), end of period	$	42,758		$	57,635


Gotham Enhanced 500 Core Fund						Gotham Neutral Fund						Gotham Neutral 500 Fund
For the Year Ended September 30, 2017			For the Period Ended September 30, 2016*			For the Year Ended September 30, 2017			For the Year Ended September 30, 2016			For the Year Ended September 30, 2017

$	17,998		$	—		$	(9,955,724	)	$	(7,950,828	)	$	(15,906	)
	(16,356	)		—			53,985,369			4,949,085			(91,876	)
	373,606			(1,500	)		(19,434,929	)		1,010,188			286,253

	375,248			(1,500	)		24,594,716			(1,991,555	)		178,471



	—			—			—			—			—
	—			—			—			(4,408,426	)		—

	—			—			—			(4,408,426	)		—


	25,000			2,000,000			(138,078,816	)		33,716,398			1,414,502


	400,248			1,998,500			(113,484,100	)		27,316,417			1,592,973


	1,998,500			—			783,023,901			755,707,484			2,000,000

$	2,398,748		$	1,998,500		$	669,539,801		$	783,023,901		$	3,592,973

$	31,448		$	—		$	(6,587,385	)	$	(5,098,749	)	$	57


	Gotham Short Strategies Fund
	For the Period Ended September 30, 2017*
Net increase/(decrease) in net assets from operations:
Net investment income	$	35,361
Net realized gain/(loss) from investments, securities sold short and swaps		(126,103	)
Net change in unrealized appreciation/(depreciation) on investments, securities sold short and swaps		208,203

Net increase/(decrease) in net assets resulting from operations		117,461

Less Dividends and Distributions to Shareholders from:
Institutional Class Shares:
Net investment income		—
Net realized capital gains		—

Net decrease in net assets from dividends and distributions to shareholders		—


Increase in Net Assets from Capital Share Transactions (Note 4)		18,210,793	^(a)


Total increase in net assets		18,328,254

Net assets
Beginning of period		—

End of period	$	18,328,254

Accumulated net investment income/(loss), end of period	$	35,361


Gotham Institutional Value Fund						Gotham Enhanced S&P 500 Index Fund		Gotham Defensive Long Fund
For the Year Ended September 30, 2017			For the Period Ended September 30, 2016**			For the Period Ended September 30, 2017***		For the Year Ended September 30, 2017			For the Period Ended September 30, 2016*

$	28,845		$	21,280		$	30,452	$	(5,561	)	$	—
	287,235			(31,423	)		44,334		(108,013	)		—
	69,528			184,956			275,070		288,984			(1,500	)

	385,608			174,813			349,856		175,410			(1,500	)



	(53,698	)		—			—		—			—

	(53,698	)		—			—		—			—


	58,934			2,061,073			2,581,173		—			2,000,000


	390,844			2,235,886			2,931,029		175,410			1,998,500


	2,235,886			—			—		1,998,500			—

$	2,626,730		$	2,235,886		$	2,931,029	$	2,173,910		$	1,998,500

$	46,807		$	44,870		$	38,386	$	8,720		$	—