Advisors Inner Circle Fund

(Registrant)

The Advisors’ Inner Circle Fund

By (Signature and Title)

/s/ Michael Beattie

Michael Beattie, President

The Cornerstone Advisors Funds files their complete schedule of fund holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q within sixty days after the end of the period. The Funds’ Forms N-Q will be available on the Commission’s website at http://www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to fund securities, as well as information relating to how a Fund voted proxies relating to fund securities during the most recent 12-month period ended June 30, will be available (i) without charge, upon request, by calling 1-888-762-1442; and (ii) on the Commission’s website at http://www.sec.gov.

Sector Weightings †:

LOGO

† Percentages are based on total investments.



SCHEDULE OF INVESTMENTS
COMMON STOCK — 93.1%
	Shares		Value

ARGENTINA — 0.1%
Banco Macro ADR		822	$	51,482
Ternium ADR		13,966		285,046
YPF ADR		11,474		231,201

				567,729

AUSTRALIA — 1.9%
Abacus Property Group ‡		45,505		109,681
Aconex *		16,401		83,428
Adelaide Brighton		18,475		72,625
AGL Energy		37,851		526,388
Amcor		35,511		415,813
APA Group		79,013		525,680
Ardent Leisure Group		29,520		48,707
Aristocrat Leisure		19,431		147,744
Asciano		15,387		103,307
ASX		1,069		35,544
Beach Energy		208,561		117,349
Brambles		27,337		259,406
Burson Group		35,308		133,696
Caltex Australia		9,340		230,805
Cleanaway Waste Management		105,495		63,369
Commonwealth Bank of Australia		4,947		277,934
Computershare		23,896		183,692
CSG		53,286		56,520
CSL		10,349		827,649
CYBG *		18,923		61,869
Domino’s Pizza Enterprises		54,371		2,563,562
DuluxGroup		22,574		109,851
Event Hospitality and Entertainment		5,176		59,073


COMMON STOCK — continued
	Shares		Value

AUSTRALIA (continued)
Goodman Group ‡		105,227	$	551,266
GUD Holdings		3,733		24,240
Hansen Technologies		24,702		63,672
Incitec Pivot		54,083		132,413
Insurance Australia Group		14,182		62,220
IRESS		11,306		100,064
iSentia Group		21,469		59,256
JB Hi-Fi		4,199		70,144
LendLease Group		49,100		474,133
Macquarie Atlas Roads Group		18,280		67,689
McMillan Shakespeare		5,650		52,755
Mineral Resources		108,072		608,900
National Australia Bank		8,136		168,204
Navitas		18,894		73,554
Newcrest Mining *		4,891		70,547
Origin Energy		46,669		194,812
Orora		240,651		483,066
Pacific Brands		29,197		25,419
Qantas Airways		327,641		802,175
Ramsay Health Care		4,029		198,972
Recall Holdings		9,733		61,646
Regis Resources		190,549		420,164
Rio Tinto		2,512		98,461
Scentre Group ‡		15,293		54,536
SMS Management & Technology		13,961		20,063
Southern Cross Media Group		57,479		47,201
Spotless Group Holdings		33,984		33,463
Star Entertainment Group		94,739		406,998
Stockland ‡		19,141		63,601
Suncorp Group		6,044		57,444
Super Retail Group		9,154		58,884
Sydney Airport		27,357		141,655
Tabcorp Holdings		24,107		81,201
Tatts Group		40,099		114,945
Telstra		190,997		778,406
Ten Network Holdings *		41,069		29,665
TPG Telecom		23,833		194,081
Transurban Group		30,115		265,159
Treasury Wine Estates		17,023		120,633
Vicinity Centres ‡		26,039		65,732
Village Roadshow		3,957		15,826
Washington H Soul Pattinson		7,947		98,191
Wesfarmers		18,007		585,592


COMMON STOCK — continued
	Shares		Value

AUSTRALIA (continued)
Westfield ‡		5,874	$	45,110
Westpac Banking		9,821		231,863
Whitehaven Coal *		151,136		88,486
Woodside Petroleum		18,175		391,642
Woolworths		22,151		372,389

				16,240,230

AUSTRIA — 0.3%
ams		5,335		140,980
BUWOG		13,939		293,362
Conwert Immobilien Invest		8,493		134,496
Erste Group Bank		8,232		236,784
Immobilien Anlagen		7,359		140,553
Oesterreichische Post		2,072		80,928
OMV		22,524		675,988
Schoeller-Bleckmann Oilfield Equipment		1,010		68,107
Verbund		11,909		166,365
voestalpine		4,346		156,658
Wienerberger		5,642		111,474

				2,205,695

BELGIUM — 0.3%
Anheuser-Busch InBev		3,783		468,262
Barco		1,043		72,840
Bekaert		1,905		83,796
bpost		3,522		99,350
Cofinimmo ‡ *		1		124
Colruyt		338		19,460
Delhaize Group		2,090		219,046
D’ieteren		1,219		53,970
Groupe Bruxelles Lambert		4,211		371,908
Nyrstar		46,090		36,415
Proximus SADP		6,648		223,612
Telenet Group Holding *		3,256		161,808
Tessenderlo Chemie		9,699		333,288
UCB		6,560		490,881
Umicore		3,188		158,885

				2,793,645

BRAZIL — 0.9%
&FBovespa — Bolsa de Valores Mercadorias e Futuros		72,400		360,395
AES Tiete Energia		13,600		55,796
Aliansce Shopping Centers		6,000		26,256
Ambev ADR		110,236		616,219


COMMON STOCK — continued
	Shares		Value

BRAZIL (continued)
Arezzo Industria e Comercio		5,300	$	38,172
Arteris		17,400		50,846
Banco do Brasil		32,800		208,001
BB Seguridade Participacoes		9,300		80,906
BrasilAgro — Brasileira de Propriedades Agricolas		6,300		21,725
Braskem ADR		3,810		54,293
BRF		9,500		135,156
CETIP — Mercados Organizados		24,532		300,725
Cia Energetica de Minas Gerais ADR		12,405		24,314
Cia Hering		5,600		23,349
Cia Paranaense de Energia ADR		15,850		131,079
Cielo		79,189		767,888
Cosan Industria e Comercio		25,322		233,544
CPFL Energia		21,005		121,844
CSU Cardsystem		14,100		17,998
Cyrela Brazil Realty Empreendimentos e Participacoes		10,000		30,152
Duratex		56,200		128,602
EcoRodovias Infraestrutura e Logistica		17,600		38,329
EDP — Energias do Brasil		11,900		43,908
Embraer		29,600		171,872
Equatorial Energia		9,400		115,558
Estacio Participacoes		18,000		62,595
Eternit		17,800		8,540
Fibria Celulose		32,937		290,177
Gerdau ADR		285,000		635,550
Grendene		11,300		55,658
Industrias Romi		43,400		23,345
Itau Unibanco Holding ADR		18,697		178,182
JBS		97,400		256,864
Kepler Weber		600		2,762
Kroton Educacional		82,669		308,153
Light		14,100		42,514
Linx		5,700		80,712
Localiza Rent a Car		9,200		89,693
Lojas Renner		40,514		243,255
Marfrig Global Foods *		8,400		15,680
MRV Engenharia e Participacoes		40,300		140,729
Multiplus		6,100		66,671
Odontoprev		39,900		122,859
QGEP Participacoes		23,800		28,234


COMMON STOCK — continued
	Shares		Value

BRAZIL (continued)
Qualicorp		22,029	$	95,757
Raia Drogasil		1,600		25,829
Tereos Internacional *		294		4,928
Tractebel Energia		20,266		224,094
Transmissora Alianca de Energia Eletrica		9,100		53,183
Tupy		5,900		23,691
Ultrapar Participacoes		15,600		329,168
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao		6,347		63,779
WEG		44,611		197,161

				7,466,690

CANADA — 2.5%
Agnico Eagle Mines		1,814		85,748
Aimia		5,900		40,252
Air Canada, Cl B *		98,200		730,219
Allied Properties ‡		3,039		85,621
Amaya *		1,900		25,759
Bank of Montreal		1,400		91,206
Bank of Nova Scotia		1,600		83,909
Barrick Gold		14,335		277,514
BCE		10,615		497,798
Boyd Group Income Fund		5,736		344,654
CAE		8,700		102,900
Canadian Imperial Bank of Commerce		3,500		282,689
Canadian National Railway		7,487		461,023
Canadian Tire, Cl A		800		87,141
Canadian Utilities, Cl A		6,200		178,336
Canfor *		4,052		44,308
Capital Power		5,173		73,264
CCL Industries, Cl B		3,096		566,913
Celestica *		50,700		543,488
Cenovus Energy		3,333		52,836
CGI Group, Cl A *		7,544		344,642
Chartwell Retirement Residences ‡		5,200		57,317
China Gold International Resources *		9,434		19,098
CI Financial		7,500		166,056
Cineplex		1,300		51,381
Cogeco Communications		1,155		57,552
Computer Modelling Group		5,400		43,210
Concordia Healthcare		50,961		1,481,675


COMMON STOCK — continued
	Shares		Value

CANADA (continued)
Constellation Software		500	$	195,401
Cott		5,900		78,200
Descartes Systems Group *		13,369		246,453
Dollarama		24,094		1,737,103
Domtar		16,200		625,968
Emera		6,700		242,806
Empire		3,369		55,984
Enbridge		3,400		141,235
Enghouse Systems		1,200		50,164
Extendicare		7,542		55,602
Fairfax Financial Holdings		200		107,197
FirstService		3,664		164,642
Fortis		11,100		352,100
Franco-Nevada		1,900		133,410
George Weston		1,000		86,778
Gildan Activewear		4,089		127,001
Goldcorp		7,394		148,976
IMAX *		1,300		41,600
Imperial Oil		8,879		294,457
Innergex Renewable Energy		7,000		77,269
Jean Coutu Group PJC, Cl A		4,100		62,348
Kinross Gold *		26,437		150,653
Laurentian Bank of Canada		2,226		88,316
Linamar		8,200		355,070
Lions Gate Entertainment		36,000		799,200
Loblaw		4,649		256,516
lululemon athletica *		26,863		1,760,870
MacDonald Dettwiler & Associates		1,486		104,104
Maple Leaf Foods		15,752		326,163
Metro, Cl A		14,156		473,747
Mullen Group		5,580		64,975
New Flyer Industries		10,097		297,510
North West		2,800		62,240
Northland Power		5,100		84,587
Open Text		3,721		208,337
Parex Resources *		11,221		112,416
Parkland Fuel		5,723		109,151
Pason Systems		7,833		113,871
Pembina Pipeline		10,200		306,398
Progressive Waste Solutions		3,200		102,985
Quebecor, Cl B		5,400		144,436
Raging River Exploration *		12,048		97,655
Ritchie Bros Auctioneers		1,600		45,907


COMMON STOCK — continued
	Shares		Value

CANADA (continued)
Rogers Communications, Cl B		14,222	$	553,147
Royal Bank of Canada		2,500		155,256
Saputo		6,300		198,083
SEMAFO *		33,413		148,863
Shaw Communications, Cl B		38,155		706,112
Sienna Senior Living		3,959		50,769
Silver Wheaton		6,569		137,642
SNC-Lavalin Group		1,912		71,942
Stantec		2,200		56,390
Sun Life Financial		4,300		146,680
Suncor Energy		2,743		80,517
Tahoe Resources		34,973		493,920
Thomson Reuters		4,800		197,555
Toromont Industries		2,200		65,946
TransCanada		5,172		214,762
Uni-Select		3,112		159,258
Valeant Pharmaceuticals International *		7,449		248,339
Yamana Gold		22,435		111,219

				21,762,710

CHILE — 0.2%
AES Gener		93,847		47,036
Aguas Andinas, Cl A		13,860		8,030
AntarChile		8,852		92,114
Antofagasta		10,767		76,018
Banco de Chile		474,424		52,011
Banco de Credito e Inversiones		1,171		50,353
Besalco		150,131		50,824
CAP		13,755		49,047
Colbun		46,100		12,423
Empresa Nacional de Electricidad		76,672		70,569
Empresa Nacional de Telecomunicaciones		7,770		67,783
Empresas CMPC		52,670		117,709
Empresas COPEC		19,102		190,811
Endesa Americas *		76,672		35,937
Enersis Americas		315,397		53,591
Enersis Chile *		315,397		38,625
Parque Arauco		28,360		54,919
Quinenco		20,604		40,542
SACI Falabella		62,761		485,720
Sociedad Quimica y Minera de Chile ADR		5,779		120,377


COMMON STOCK — continued
	Shares		Value

CHILE (continued)
SONDA		33,570	$	67,036
Vina Concha y Toro		58,530		98,283

				1,879,758

CHINA — 3.8%
361 Degrees International		90,000		32,371
Agricultural Bank of China		532,000		192,721
Alibaba Group Holding ADR *		34,895		2,684,821
Aluminum Corp of China *		214,000		71,730
Anhui Conch Cement		56,500		149,683
Baidu ADR *		12,750		2,477,325
Bank of China		1,587,000		648,557
Bank of Communications		355,000		224,710
BYD *		10,500		61,861
CGN Power (A)		285,000		91,486
China Biologic Products *		2,126		248,742
China Coal Energy		152,000		72,111
China Communications Services		1,186,000		561,129
China Construction Bank		1,860,493		1,196,852
China Datang Renewable Power		136,000		16,130
China Eastern Airlines *		476,000		261,414
China King-Highway Holdings *		43,702		110,271
China Medical System Holdings		36,000		46,874
China Mobile		209,494		2,402,312
China National Building Material		204,000		105,723
China Oilfield Services		40,000		34,808
China Petroleum & Chemical		691,500		492,980
China Railway Construction		66,500		85,044
China Railway Group		182,000		145,001
China Resources Beer Holdings		38,000		83,673
China Shenhua Energy		36,500		61,736
China Shineway Pharmaceutical Group		420,000		481,352
China Shipping Container Lines *		42,000		9,638
China Southern Airlines		152,000		95,626
China Telecom		668,000		332,411
China Unicom Hong Kong		230,000		271,603
Chongqing Rural Commercial Bank		962,000		507,236
CNOOC		504,000		627,653
CRRC		34,000		33,181
Ctrip.com International ADR *		71,600		3,122,476
Datang International Power Generation		214,000		60,970
Dongfeng Motor Group		70,000		76,887


COMMON STOCK — continued
	Shares		Value

CHINA (continued)
Evergrande Real Estate Group		177,000	$	131,434
Golden Eagle Retail Group		49,000		56,474
Great Wall Motor		37,500		28,426
Guangdong Electric Power Development, Cl B		96,271		54,609
Hengan International Group		20,000		179,969
Huadian Power International		60,000		30,863
Huaneng Power International		140,000		100,530
Industrial & Commercial Bank of China		1,544,000		837,994
Inner Mongolia Yili Industrial Group, Cl A		92,799		215,093
Inner Mongolia Yitai Coal, Cl B		75,600		61,009
Intime Retail Group		58,000		52,340
Kweichow Moutai, Cl A *		13,400		519,096
KWG Property Holding		205,500		133,522
Leju Holdings ADR *		3,391		15,836
NetEase ADR		7,997		1,125,178
New Oriental Education & Technology Group ADR		7,065		276,665
Ping An Insurance Group of China		104,008		491,420
Sihuan Pharmaceutical Holdings Group		122,000		28,153
Sinopec Shanghai Petrochemical		576,000		283,660
Sinopharm Group		474,099		2,035,284
Sinotruk Hong Kong		74,500		37,649
Stella International Holdings		39,000		98,545
Sun Art Retail Group		85,000		63,775
TAL Education Group ADR *		5,557		321,528
Tencent Holdings		313,776		6,427,698
Tingyi Cayman Islands Holding		65,530		76,623
Tsingtao Brewery		14,000		53,063
Uni-President China Holdings		78,000		72,802
Vipshop Holdings ADR *		3,160		43,102
Want Want China Holdings		182,000		140,309
Yanzhou Coal Mining		64,000		36,468
Zhuzhou CRRC Times Electric		15,500		88,621
Zijin Mining Group		354,000		117,286

				32,414,122

COLOMBIA — 0.0%
Avianca Holdings ADR		8,819		51,238


CZECH REPUBLIC — 0.0%
Philip Morris CR		13		6,819


COMMON STOCK — continued
	Shares		Value

CZECH REPUBLIC (continued)
Unipetrol *		6,190	$	50,057

				56,876

DENMARK — 0.7%
AP Moeller — Maersk, Cl A		52		70,803
AP Moeller — Maersk, Cl B		165		232,026
Carlsberg, Cl B		3,184		310,087
Chr Hansen Holding		1,940		120,733
Danske Bank		27,884		788,510
Dfds		5,198		207,530
DSV		1,462		61,519
Genmab *		1,969		291,728
H Lundbeck		6,144		205,219
Novo Nordisk, Cl B		27,886		1,556,969
Novo Nordisk ADR		15,324		854,926
Novozymes, Cl B		5,101		244,467
Pandora		2,967		385,271
Royal Unibrew		5,012		226,399
SimCorp		1,274		57,274
TDC		23,457		120,033
Tryg		11,320		213,697

				5,947,191

EGYPT — 0.0%
Commercial International Bank Egypt SAE		21,462		108,926


FINLAND — 0.4%
Amer Sports		9,162		270,878
Elisa		4,423		165,156
Fortum		15,044		226,697
Huhtamaki		9,232		362,591
Kesko, Cl B		5,084		203,111
Kone, Cl B		11,268		514,035
Neste		6,234		199,443
Nokia		27,795		163,908
Orion, Cl B		6,075		211,886
Sampo, Cl A		11,130		485,947
Sanoma		9,867		48,356
Stora Enso, Cl R		14,793		129,074
Tikkurila		129		2,261
Valmet		11,626		145,771

				3,129,114

FRANCE — 2.6%
Accor		2,340		103,654


COMMON STOCK — continued
	Shares		Value

FRANCE (continued)
Air Liquide		7,923	$	898,155
Airbus Group		6,293		393,511
Alten		2,681		165,774
Atos		1,068		95,009
AXA		31,000		781,460
BNP Paribas		6,165		326,421
Capgemini		10,953		1,022,532
Christian Dior		923		162,074
Cie Generale des Etablissements Michelin		1,028		107,294
CNP Assurances		3,431		58,400
Danone		24,508		1,716,615
Dassault Systemes		6,242		488,170
Electricite de France		7,949		114,185
Engie		32,852		541,690
Eurazeo		729		51,337
Eutelsat Communications		291		9,038
Fonciere Des Regions ‡		546		51,667
Gecina ‡		393		56,836
Hermes International		2,327		828,673
ICADE ‡		687		54,082
Iliad		4,917		1,074,531
Ingenico Group		1,419		167,358
Ipsen		923		55,857
JCDecaux		26,610		1,175,378
Kering		11,260		1,929,486
Klepierre ‡		1,324		62,272
Korian		2,735		86,154
Lagardere		3,023		80,203
L’Oreal		2,404		436,167
LVMH Moet Hennessy Louis Vuitton		3,172		527,020
Numericable-SFR		57,603		1,885,428
Orange		65,525		1,086,431
Orpea		751		61,924
Remy Cointreau		3,511		291,391
Renault		7,191		693,970
Rubis		4,549		355,036
Safran		9,338		643,369
Sanofi		8,623		712,001
Sartorius Stedim Biotech		364		139,003
SCOR		1,455		49,540
SEB		3,264		365,785
Sodexo		3,479		351,318


COMMON STOCK — continued
	Shares		Value

FRANCE (continued)
Suez Environnement		3,550	$	65,446
Technip		418		24,463
Teleperformance		4,565		409,811
TOTAL		18,090		909,969
Unibail-Rodamco ‡		576		154,335
Veolia Environnement		6,721		165,116
Vicat		814		56,670
Virbac		276		50,344
Vivendi		21,253		407,869
Wendel		411		47,485

				22,547,707

GERMANY — 2.4%
adidas		2,514		324,138
ADO Properties * (A)		4,352		143,269
Allianz		6,492		1,102,046
alstria office ‡		10,086		141,476
AURELIUS & KGaA		7,049		421,494
BASF		9,917		819,300
Bayer		5,200		599,895
Bechtle		682		71,221
Brenntag		1,164		68,255
Commerzbank		28,183		263,332
CTS Eventim & KGaA		2,873		100,633
Daimler		46,597		3,238,185
Deutsche EuroShop		1,066		49,674
Deutsche Lufthansa		3,236		50,245
Deutsche Telekom		87,817		1,536,988
Deutsche Wohnen		7,591		232,471
E.ON		59,788		616,761
Evonik Industries		1,927		61,043
Fraport Frankfurt Airport Services Worldwide		768		46,485
Freenet		3,906		119,284
Fresenius & KGaA		16,221		1,179,817
Fresenius Medical Care & KGaA		1,085		94,111
GEA Group		1,760		81,599
Gerresheimer		2,705		201,143
Grand City Properties		2,495		55,110
GRENKELEASING		202		39,830
Hannover Rueck		506		57,696
HeidelbergCement		1,187		105,459
Henkel & KGaA		3,765		382,527
HUGO BOSS		664		42,342


COMMON STOCK — continued
	Shares		Value

GERMANY (continued)
Kabel Deutschland Holding		445	$	51,714
KION Group		7,290		397,172
Krones		462		52,658
KUKA		677		66,699
KWS Saat		302		104,676
LEG Immobilien		2,256		208,752
Linde		1,588		242,568
MAN		704		76,380
Merk		794		74,616
MTU Aero Engines		593		55,965
Muenchener Rueckversicherungs-Gesellschaft in Muenchen		1,159		214,927
Nemetschek		1,167		65,210
NORMA Group		2,590		133,189
ProSiebenSat.1 Media		1,152		58,727
Rheinmetall		8,685		679,429
RWE		23,859		356,388
SAP		18,543		1,450,623
Siemens		5,211		543,703
Software		2,194		83,834
STADA Arzneimittel		14,700		623,637
Stroeer & KGaA		4,590		226,000
Symrise		1,082		71,686
TAG Immobilien		3,903		51,820
Telefonica Deutschland Holding		8,989		45,639
TUI		2,748		39,791
Volkswagen		594		94,101
Vonovia		3,190		107,335
Wincor Nixdorf		1,419		82,948
Wirecard		38,671		1,670,037
Zalando * (A)		2,249		74,527

				20,250,580

GREECE — 0.2%
Aegean Airlines		5,497		50,415
Aegean Marine Petroleum Network		8,796		70,720
Alpha Bank AE *		24,430		52,337
Athens Water Supply & Sewage		9,035		47,587
Diana Shipping *		10,900		37,714
Eurobank Ergasias *		79,801		67,738
FF Group		1,514		31,238
GEK Terna Holding Real Estate Construction *		7,794		15,261
Grivalia Properties REIC AE ‡		3,869		33,297


COMMON STOCK — continued
	Shares		Value

GREECE (continued)
Hellenic Exchanges — Athens Stock Exchange		18,602	$	104,536
Hellenic Petroleum		13,414		59,684
Hellenic Telecommunications Organization		21,268		205,532
Hellenic Telecommunications Organization ADR		1,699		7,781
Intralot — Integrated Lottery Systems & Services *		13,695		15,940
JUMBO		7,086		93,107
Metka		2,405		18,489
Motor Oil Hellas Corinth Refineries		7,664		87,281
Navios Maritime Acquisition		35,000		67,550
Navios Maritime Holdings		23,900		27,963
OPAP		9,095		68,545
Public Power		27,002		90,852
StealthGas *		26,007		101,687
Terna Energy		11,598		36,787
Titan Cement		8,085		184,661
Tsakos Energy Navigation		13,300		84,588

				1,661,290

HONG KONG — 1.9%
3SBio * (A)		43,500		52,658
AIA Group		289,429		1,742,492
Alibaba Pictures Group *		100,000		23,463
ANTA Sports Products		25,000		63,943
APT Satellite Holdings		383,000		305,140
Beijing Enterprises Holdings		16,500		86,362
Beijing Enterprises Water Group		160,000		95,914
Beijing Jingneng Clean Energy		172,000		54,548
BOC Hong Kong Holdings		18,000		53,952
Brightoil Petroleum Holdings		139,000		44,261
Brilliance China Automotive Holdings		24,000		23,793
C C Land Holdings		123,000		35,836
Cafe de Coral Holdings		16,000		48,370
Cheung Kong Infrastructure Holdings		9,000		85,105
China Conch Venture Holdings		26,500		53,704
China Everbright International		40,000		44,966
China High Speed Transmission Equipment Group		168,000		130,598
China Huishan Dairy Holdings		166,000		62,061
China Innovationpay Group *		304,000		15,872


COMMON STOCK — continued
	Shares		Value

HONG KONG (continued)
China Mengniu Dairy		118,000	$	200,497
China Minsheng Banking		11,400		10,743
China Overseas Land & Investment		36,000		114,865
China Power International Development		130,000		55,808
China Resources Cement Holdings		76,000		25,082
China Resources Gas Group		30,000		85,086
China Resources Land		38,000		93,862
China Resources Power Holdings		46,000		77,923
China State Construction International Holdings		38,000		59,374
China Traditional Chinese Medicine *		120,000		56,466
China Zhongwang Holdings		169,600		84,834
CITIC		52,000		76,154
CK Hutchison Holdings		26,100		312,922
CLP Holdings		85,500		790,860
CSPC Pharmaceutical Group		62,000		55,231
Esprit Holdings		33,300		29,192
Galaxy Entertainment Group		398,441		1,345,790
GCL New Energy Holdings *		696,000		34,545
Geely Automobile Holdings		60,000		29,935
Global Brands Group Holding *		76,000		9,014
GOME Electrical Appliances Holding		371,000		47,829
G-Resources Group		1,956,000		44,885
Guangdong Investment		72,000		102,103
Guangzhou Automobile Group		72,000		83,817
Guangzhou Baiyunshan Pharmaceutical Holdings		22,000		46,740
Guangzhou R&F Properties		54,800		76,722
Haier Electronics Group		33,000		55,731
Hang Seng Bank		21,700		394,449
HC International *		74,000		49,989
Henderson Land Development		7,000		43,768
HKT Trust & HKT		188,000		272,418
Honbridge Holdings *		306,000		23,669
Hong Kong Exchanges and Clearing		17,100		432,741
Hongkong Land Holdings		8,000		50,800
Hopewell Highway Infrastructure		3,000		1,497
Hopewell Holdings		60,000		202,658
Hua Han Health Industry Holdings		564,000		58,895
Hysan Development		19,000		84,138
Jardine Matheson Holdings		800		44,240
Jardine Strategic Holdings		500		14,475


COMMON STOCK — continued
	Shares		Value

HONG KONG (continued)
Johnson Electric Holdings		125	$	370
Kingboard Chemical Holdings		47,000		90,645
Kingston Financial Group		58,000		21,609
KuangChi Science *		201,000		96,394
Kunlun Energy		1,158,993		1,010,042
Landing International Development *		1,865,000		53,616
Lee & Man Paper Manufacturing		475,250		311,854
Lenovo Group		8,000		6,363
Li & Fung		138,000		85,573
Link ‡		13,000		79,020
Luye Pharma Group *		40,000		27,846
Man Wah Holdings		168,570		196,889
MGM China Holdings		40,800		57,332
MTR		53,500		264,848
New World Development		40,000		39,913
Nine Dragons Paper Holdings		114,000		82,154
Orient Overseas International		1,500		5,714
PAX Global Technology		111,000		96,019
PCCW		275,000		186,479
Phoenix Healthcare Group		53,500		81,248
Power Assets Holdings		44,500		424,239
Sands China		102,898		368,777
Shanghai Industrial Holdings		23,000		52,482
Shanghai Pharmaceuticals Holding		30,900		65,729
Shangri-La Asia		36,000		44,043
Shenzhen International Holdings		40,780		66,767
Sino Biopharmaceutical		210,000		149,441
Sino Land		32,000		50,412
Sino Oil And Gas Holdings *		335,000		7,860
SJM Holdings		72,000		48,452
SSY Group		76,690		26,299
Sun Hung Kai Properties		8,000		101,123
Sunny Optical Technology Group		53,757		166,325
Superb Summit International Group *		75,000		—
Swire Pacific, Cl A		4,000		43,497
Techtronic Industries		75,681		284,405
Television Broadcasts		15,400		57,575
Tong Ren Tang Technologies		38,000		59,668
Tonly Electronics Holdings		800		371
Town Health International Medical Group		344,000		64,747


COMMON STOCK — continued
	Shares		Value

HONG KONG (continued)
TPV Technology		158,000	$	25,665
Truly International Holdings		220,000		86,220
VTech Holdings		9,000		93,053
West China Cement		406,000		85,839
WH Group * (A)		129,093		104,514
Wharf Holdings		13,000		70,557
Wynn Macau		1,386,400		1,983,916
Yue Yuen Industrial Holdings		19,000		69,319

				16,098,008

HUNGARY — 0.1%
OTP Bank		6,730		178,228
Richter Gedeon Nyrt		14,476		287,669

				465,897

INDIA — 1.0%
Adani Ports & Special Economic Zone		38,001		136,467
Ambuja Cements		16,467		54,865
Ashapura Minechem *		38,031		41,884
Asian Paints		3,335		43,554
Aurobindo Pharma		5,942		68,078
Bharat Heavy Electricals		25,789		48,755
Bharat Petroleum		16,266		239,833
Bharti Airtel *		39,613		217,146
Bharti Infratel		54,514		308,156
CESC		5,541		44,985
Container of India		3,962		80,808
Dabur India		12,231		50,857
Eicher Motors		215		64,941
Garware Wall Ropes		10,689		57,063
HDFC Bank ADR		17,572		1,104,752
Hero MotoCorp		1,088		47,526
Hindustan Petroleum		16,466		206,973
Hindustan Unilever		7,397		96,787
ICICI Bank		24,461		87,382
Indian Oil		35,023		228,761
Infosys ADR		34,206		643,073
ITC		103,324		506,183
Kotak Mahindra Bank		4,873		52,686
LIC Housing Finance		9,616		67,021
Lupin		2,367		57,355
Mahindra & Mahindra		4,827		96,857
Maruti Suzuki India		1,076		61,556
Motherson Sumi Systems		17,543		66,741


COMMON STOCK — continued
	Shares		Value

INDIA (continued)
Nilkamal		4,127	$	76,383
NMDC		26,177		37,551
NTPC		65,095		136,706
Power Grid Corp of India		155,495		336,167
Reliance Capital		12,640		77,092
Reliance Industries		13,023		192,940
RSWM		9,466		47,251
Sangam India		13,477		56,840
Sanghvi Movers		3,448		15,072
Shree Cement		258		49,375
Siemens		4,335		74,361
Siyaram Silk Mills		167		2,641
Sun Pharmaceutical Industries		31,345		383,389
TAKE Solutions		6,565		12,654
Tata Consultancy Services		6,657		254,467
Tata Motors ADR *		9,514		289,035
Tata Power		92,670		98,496
Tinplate of India *		21,107		24,184
Torrent Power		36,889		130,555
Trident		60,878		47,129
TVS Srichakra		584		20,199
UltraTech Cement		4,514		215,148
UPL		16,184		131,244
Vardhman Textiles		19,263		254,546
WNS Holdings ADR *		2,434		77,134
Yes Bank *		9,644		137,099
Zee Entertainment Enterprises		32,636		204,141

				8,162,844

INDONESIA — 0.5%
Agung Podomoro Land *		1,976,000		38,058
AKR Corporindo		102,100		50,322
Asahimas Flat Glass		9,000		4,623
Astra Graphia		171,500		25,748
Astra International		163,000		83,119
Bank Central Asia		534,077		528,489
Bank Negara Indonesia Persero		297,500		103,430
Bank Tabungan Negara Persero		1,313,100		175,239
Bumi Serpong Damai		938,887		131,706
Energi Mega Persada *		14,621,400		55,435
Gudang Garam		78,600		412,727
Hanjaya Mandala Sampoerna		20,060		151,918
Indocement Tunggal Prakarsa		25,500		38,140
Indofood Sukses Makmur		122,700		66,291


COMMON STOCK — continued
	Shares		Value

INDONESIA (continued)
Indosat *		57,700	$	29,314
Japfa Comfeed Indonesia		1,750,500		122,779
Jasa Marga Persero		88,500		36,573
Kalbe Farma		998,100		104,063
Matahari Department Store		117,757		169,653
Metrodata Electronics		11,365		625
Perusahaan Gas Negara Persero		475,600		94,485
Petrosea *		162,400		6,650
Samudera Indonesia		15,400		5,220
Semen Indonesia Persero		100,100		75,143
Sugih Energy *		2,112,200		55,255
Tambang Batubara Bukit Asam Persero		25,500		13,632
Telekomunikasi Indonesia Persero		4,332,008		1,166,108
Tower Bersama Infrastructure *		78,000		35,043
Unilever Indonesia		2,500		8,071
United Tractors		122,100		138,876
Waskita Karya Persero		1,212,425		215,585

				4,142,320

IRELAND — 0.9%
Accenture PLC, Cl A		15,323		1,730,273
Bank of Ireland *		609,745		185,021
C&C Group PLC		940		4,223
CRH PLC		20,004		581,117
Dalata Hotel Group *		7,190		36,299
Experian		12,077		220,756
Fleetmatics Group *		1,899		68,839
Fly Leasing ADR		3,873		45,392
Greencore Group		49,211		259,433
Icon PLC *		2,894		195,577
Kerry Group, Cl A		2,546		227,015
Paddy Power Betfair		829		111,110
Ryanair Holdings ADR		22,712		1,838,536
Seagate Technology		15,400		335,258
Smurfit Kappa Group		5,127		135,907
Trinity Biotech PLC ADR		11,905		136,907
Tyco International		30,125		1,160,415
Weatherford International *		25,100		204,063
XL Group, Cl A		4,600		150,558

				7,626,699

ISRAEL — 0.2%
Bank Hapoalim		38,928		200,017


COMMON STOCK — continued
	Shares		Value

ISRAEL (continued)
Bezeq The Israeli Telecommunication		83,753	$	178,000
Check Point Software Technologies *		1,200		99,444
Elbit Systems		3,320		331,745
Israel Chemicals		19,122		94,428
Israel Discount Bank, Cl A *		140,915		235,412
Kenon Holdings *		7		61
Mellanox Technologies *		500		21,625
Mizrahi Tefahot Bank		3,810		44,068
Oil Refineries *		133,566		48,171
Paz Oil		334		52,046
Sapiens International		9,582		112,876
Teva Pharmaceutical Industries		3,607		200,414
Teva Pharmaceutical Industries ADR		2,817		153,385
The Israel Corporation		206		42,060
Tower Semiconductor *		21,407		254,414

				2,068,166

ITALY — 1.3%
Amplifon		23,650		217,592
Ansaldo STS		5,099		61,889
Assicurazioni Generali		11,532		175,888
Atlantia		13,217		368,064
Banca Monte dei Paschi di Siena *		121,772		98,511
Brembo		6,259		336,200
CNH Industrial		293,936		2,255,040
Davide Campari-Milano		46,708		450,864
De’ Longhi		5,901		135,883
DiaSorin		1,323		77,260
Ei Towers		938		54,992
Enel		151,008		684,388
Eni		92,467		1,503,494
ERG		4,679		60,810
EXOR		3,879		145,687
Infrastrutture Wireless Italiane * (A)		10,675		54,712
Interpump Group		3,725		53,615
Intesa Sanpaolo		429,128		1,189,129
Italmobiliare		7,075		227,970
Luxottica Group		3,463		188,631
Mediaset		16,500		74,251
Moncler		3,746		60,737


COMMON STOCK — continued
	Shares		Value

ITALY (continued)
Parmalat		32,571	$	90,852
Pfeiffer Vacuum Technology		714		76,737
Poste Italiane * (A)		7,701		58,816
Prysmian		12,070		284,571
Recordati		7,850		199,459
Reply		503		71,592
Snam		69,564		424,559
Telecom Italia *		523,307		509,334
Tenaris		4,206		56,734
Terna Rete Elettrica Nazionale		44,591		251,415
Unipol Gruppo Finanziario		98,810		423,155
Yoox Net-A-Porter Group, Cl A *		2,389		69,920

				10,992,751

JAPAN — 4.3%
Adastria		6,894		230,681
Aeon		9,200		141,116
Aica Kogyo		3,700		83,119
Air Water		8,000		119,539
Aisin Seiki		1,500		60,157
Alps Electric		4,400		80,225
ANA Holdings		28,000		80,227
Ariake Japan		3,122		173,265
Asahi Intecc		2,900		138,857
Asahi Kasei		13,000		91,502
Ashikaga Holdings		22,400		68,632
Astellas Pharma		30,600		425,834
Bridgestone		19,900		759,979
Calbee		4,000		157,320
Canon		6,600		191,163
Central Glass		22,000		123,692
Chiba Bank		12,000		62,765
Chubu Electric Power		21,600		286,852
Chugai Pharmaceutical		3,305		115,460
Citizen Holdings		9,900		57,321
Concordia Financial Group *		14,000		67,421
Cosmo Energy Holdings		700		9,230
Credit Saison		3,800		70,597
Dai Nippon Printing		8,000		77,257
Daicel		12,000		148,488
Daifuku		20,915		375,407
Daihatsu Motor		1,000		13,876
Daikyonishikawa		27,202		390,901
Daito Trust Construction		500		72,239


COMMON STOCK — continued
	Shares		Value

JAPAN (continued)
Daiwa House Industry		2,700	$	74,404
Daiwa Securities Group		299,000		1,789,993
Denso		2,100		82,681
Dip		11,000		262,512
Disco		2,294		197,139
East Japan Railway		1,500		137,010
Eisai		3,000		190,597
Electric Power Development		6,000		185,208
Fancl		7,300		98,055
Fast Retailing		200		54,209
FP		2,000		89,056
Frontier Real Estate Investment ‡		9		45,347
Fuji Heavy Industries		1,800		61,678
FUJIFILM Holdings		8,500		360,441
Fujitsu		14,000		50,641
Heiwa		13,700		289,174
Hino Motors		52,400		525,032
Hirose Electric		840		103,031
Hiroshima Bank		22,000		79,928
Hitachi		29,000		138,151
Hitachi Chemical		4,100		71,230
Hitachi Koki		5,800		40,465
Hokkaido Electric Power *		30,600		281,764
Hokkoku Bank		14,000		39,613
Hokuetsu Kishu Paper		22,000		139,747
Honda Motor		6,100		168,853
Hoshizaki Electric		7,132		603,464
House Foods Group		6,400		123,859
Idemitsu Kosan		3,400		74,750
ITOCHU		58,500		776,005
Itoham Yonekyu Holdings *		19,000		144,464
Japan Real Estate Investment ‡		11		68,378
Japan Retail Fund Investment ‡		27		67,145
Japan Tobacco		9,900		406,670
Jeol		15,000		67,939
Joyo Bank		11,000		38,660
JSR		2,800		39,469
JX Holdings		80,300		352,741
Kajima		113,000		719,931
Kamigumi		7,000		63,110
Kaneka		12,000		101,229
Kao		3,200		182,002
Kawasaki Heavy Industries		17,000		49,670


COMMON STOCK — continued
	Shares		Value

JAPAN (continued)
KDDI		34,200	$	1,008,825
Keio		15,000		132,962
Kewpie		4,500		120,917
Kintetsu Group Holdings		3,000		12,436
Kirin Holdings		7,000		103,759
Kobayashi Pharmaceutical		1,900		151,917
Koito Manufacturing		7,035		309,579
Komatsu		11,200		197,929
Koyo Seiko		6,000		77,376
Kuraray		8,600		112,315
Kyowa Hakko Kirin		3,000		53,642
Kyushu Electric Power		13,400		138,383
Kyushu Financial Group		7,810		42,720
Leopalace21		10,300		62,351
M3		2,700		72,977
Makita		1,300		83,646
Marubeni		17,000		92,614
Maruichi Steel Tube		1,800		52,669
Matsumotokiyoshi Holdings		3,100		154,042
Miraca Holdings		2,200		93,690
Mitsubishi		9,600		166,038
Mitsubishi Chemical Holdings		18,900		101,827
Mitsubishi Gas Chemical		9,000		49,823
Mitsubishi Heavy Industries		2,000		7,186
Mitsubishi Materials		16,000		51,189
Mitsubishi Motors		7,700		32,109
Mitsubishi Tanabe Pharma		6,100		111,467
Mitsubishi UFJ Financial Group		60,900		292,377
Mitsui		5,648		70,476
Mitsui Chemicals		20,000		68,894
Miura		8,100		152,506
Mizuho Financial Group		381,800		593,523
Morinaga		52,923		255,540
MS&AD Insurance Group Holdings		2,200		60,347
Murata Manufacturing		1,600		210,410
NEC		19,000		46,412
NGK Spark Plug		4,000		83,164
NH Foods		6,000		136,205
Nichirei		42,497		372,723
Nihon Kohden		2,900		73,129
Nihon M&A Center		4,674		270,089
Nippon Building Fund ‡		11		69,607
Nippon Paint Holdings		2,500		66,099


COMMON STOCK — continued
	Shares		Value

JAPAN (continued)
Nippon Shinyaku		1,000	$	45,425
Nippon Telegraph & Telephone		61,900		2,804,626
Nipro		28,500		280,197
Nishi-Nippon City Bank		107,000		192,656
Nissan Chemical Industries		2,200		60,499
Nissan Motor		5,100		47,166
Nisshin Seifun Group		9,900		162,801
Nissin Foods Holdings		900		41,806
Nitori Holdings		2,100		196,553
Nitto Denko		1,800		100,435
NOF		23,000		181,883
Nomura Research Institute		1,300		47,016
Noritz		3,800		63,769
NS Solutions		17,600		309,153
NTT Data		1,000		53,494
NTT DOCOMO		26,700		646,092
Obic		1,100		58,214
Odakyu Electric Railway		12,000		130,959
Okinawa Electric Power		3,400		86,748
Olympus		11,469		462,717
Ono Pharmaceutical		5,000		227,284
Onward Holdings		8,000		56,182
Open House		5,947		134,143
Oracle Japan		1,900		103,005
Oriental Land		700		48,824
Osaka Gas		60,000		215,794
Otsuka		1,300		62,696
Otsuka Holdings		5,700		227,552
PeptiDream *		1,000		59,774
Plenus		6,300		116,202
Relo Holdings		2,162		280,170
Rengo		52,000		283,167
Resona Holdings		144,500		515,070
Ricoh		5,700		59,994
Rohto Pharmaceutical		3,200		55,143
Santen Pharmaceutical		5,400		78,384
Sawai Pharmaceutical		800		51,943
SCSK		6,825		252,971
Seiko Epson		3,100		53,051
Sekisui House		3,700		66,376
Seria		2,400		141,138
Seven Bank		19,500		85,266
Sharp *		50,000		68,651


COMMON STOCK — continued
	Shares		Value

JAPAN (continued)
Shimadzu		4,000	$	60,161
Shimamura		500		67,676
Shin-Etsu Chemical		3,700		212,894
Shinsei Bank		46,000		66,271
Shionogi		3,300		173,503
Shizuoka Bank		5,000		38,299
Showa Shell Sekiyu		8,600		90,141
Sompo Japan Nipponkoa Holdings		2,900		76,330
Start Today		2,036		85,850
Sumitomo		10,200		110,737
Sumitomo Electric Industries		6,600		82,201
Sumitomo Metal Mining		6,000		68,568
Sumitomo Mitsui Financial Group		6,700		211,346
Sumitomo Osaka Cement		33,000		142,794
Sumitomo Realty & Development		3,000		87,865
Sundrug		3,100		220,061
Suruga Bank		4,200		84,062
Taiheiyo Cement		18,000		48,823
Taisei		43,683		304,340
Takashimaya		10,000		73,513
Takeda Pharmaceutical		5,900		288,902
TDK		1,000		60,853
TechnoPro Holdings		9,040		260,835
Teijin		15,000		55,330
Terumo		3,100		121,635
Toho Gas		19,000		130,500
Tokai Rika		27,400		511,582
Tokio Marine Holdings		2,700		92,066
Tokyo Electric Power Holdings *		26,700		146,582
Tokyo Electron		2,500		172,409
Tokyo Gas		60,000		270,776
TonenGeneral Sekiyu		19,000		181,729
Toray Industries		15,000		129,124
TOTO		500		17,620
Toyo Suisan Kaisha		2,000		72,374
Toyota Boshoku		8,400		161,469
Toyota Motor		11,100		580,339
Trend Micro		1,400		54,552
TV Asahi Holdings		40,600		677,685
Unicharm		7,900		168,347
USS		6,900		112,241
Wacoal Holdings		9,000		111,404
West Japan Railway		200		12,401


COMMON STOCK — continued
	Shares		Value

JAPAN (continued)
Yahoo Japan		12,900	$	59,485
Yamaguchi Financial Group		5,000		46,542
Yokogawa Electric		4,800		53,635

				36,595,297

JERSEY — 0.0%
Randgold Resources ADR		2,142		215,271


LUXEMBOURG — 0.0%
Trinseo *		2,100		89,859


MALAYSIA — 0.6%
AirAsia		147,300		71,642
Allianz Malaysia *		8,400		21,933
Axiata Group		92,300		133,494
Berjaya Sports Toto		79,868		62,152
Boustead Holdings		42,700		42,519
British American Tobacco Malaysia		4,900		57,548
Bumi Armada		190,000		38,423
Bursa Malaysia		54,084		116,433
Datasonic Group		199,700		67,478
DRB-Hicom		7,800		1,937
Favelle Favco		44,500		31,098
Genting Malaysia		132,900		152,071
Hartalega Holdings		45,800		50,296
Heineken Malaysia		10,400		40,040
Hong Leong Bank		16		55
Hua Yang		74,700		34,420
IHH Healthcare		258,892		434,082
IJM		102,000		90,080
IOI		104,000		117,671
IOI Properties Group		51,999		32,212
JCY International		131,600		22,234
Kim Loong Resources		13,000		11,281
KNM Group *		380,200		46,230
Lafarge Malaysia		12,700		28,479
Malayan Banking		101,300		231,565
Malaysian Pacific Industries		129,900		246,067
Mega First		11,200		5,017
MISC		148,600		321,431
My EG Services		141,400		72,754
Padini Holdings		90,500		50,735
Panasonic Manufacturing Malaysia		900		6,584


COMMON STOCK — continued
	Shares		Value

MALAYSIA (continued)
Petron Malaysia Refining & Marketing *		38,300	$	52,943
Petronas Chemicals Group		119,200		204,744
Petronas Dagangan		18,200		111,068
PPB Group		18,700		77,452
Protasco		15,460		6,728
Shell Refining Federation of Malaya *		78,300		61,734
Sime Darby		24,900		49,080
Sunway		16,800		13,461
Sunway Construction Group		1,680		697
Telekom Malaysia		64,900		110,479
Tenaga Nasional		149,700		550,286
Top Glove		235,600		299,136
UEM Edgenta		9,800		9,483
UMW Holdings		26,900		45,172
UMW Oil & Gas *		150,700		36,069
Unisem M		581,900		329,194
VS Industry		198,000		61,329
WTK Holdings		49,300		15,144
YTL Power International		219,900		84,436

				4,756,596

MEXICO — 0.8%
Alpek, Cl A		44,400		74,402
America Movil ADR, Cl L		26,936		381,414
Arca Continental		29,700		204,875
Axtel *		53,405		23,777
Banregio Grupo Financiero		3,800		22,816
Bio Pappel *		36,779		47,415
Cemex *		1		1
Coca-Cola Femsa		6,900		60,154
Concentradora Fibra Danhos ‡		22,600		50,692
Controladora Vuela Cia de Aviacion ADR *		2,353		49,131
El Puerto de Liverpool		8,400		95,461
Fibra Uno Administracion ‡		197,082		468,172
Fomento Economico Mexicano ADR		1,500		139,815
Genomma Lab Internacional, Cl B *		19,000		20,872
Gruma, Cl B		29,505		430,073
Grupo Aeroportuario del Centro Norte, Cl B		25,140		145,773
Grupo Aeroportuario del Pacifico, Cl B		33,400		315,370


COMMON STOCK — continued
	Shares		Value

MEXICO (continued)
Grupo Aeroportuario del Sureste, Cl B		4,600	$	70,842
Grupo Aeroportuario del Sureste ADR		629		96,765
Grupo Bimbo, Ser A		18,400		56,030
Grupo Financiero Banorte, Cl O		115,391		656,075
Grupo Financiero Inbursa, Cl O		1,926		3,775
Grupo Lala, Cl B		94,700		253,254
Grupo Mexico		104,600		266,050
Grupo Televisa ADR		15,652		457,508
Industrias Bachoco		58,020		243,146
Industrias Bachoco ADR		1,975		99,323
Industrias Penoles		6,500		101,550
Infraestructura Energetica Nova		12,800		49,929
Kimberly-Clark de Mexico, Cl A		192,834		458,417
Mexichem		40,500		102,305
Nemak (A)		66,000		94,332
PLA Administradora Industrial S de RL ‡		26,500		48,734
Prologis Property Mexico ‡		96,732		152,818
Promotora y Operadora de Infraestructura		46,007		583,249
Unifin Financiera SOFOM ENR		49,900		146,353
Wal-Mart de Mexico		115,295		284,943

				6,755,611

NETHERLANDS — 1.9%
Aalberts Industries		10,763		368,741
Aegon		124,185		712,700
Akzo Nobel		3,685		261,147
Altice, Cl A *		127,622		1,936,279
Arcadis		1,989		34,060
ASM International		2,408		98,229
ASML Holding		4,978		481,087
ASML Holding, Cl G		4,525		437,115
Boskalis Westminster		2,647		110,342
Cimpress *		1,300		114,231
Core Laboratories		1,807		241,524
Euronext (A)		1,166		49,267
Fugro		3,607		73,394
Gemalto		784		50,991
GrandVision (A)		10,380		285,256
Heineken		2,446		229,246
ING Groep		115,977		1,420,297


COMMON STOCK — continued
	Shares		Value

NETHERLANDS (continued)
InterXion Holding *		51,984	$	1,761,218
James Hardie Industries		18,672		263,076
Koninklijke DSM		5,876		360,370
Koninklijke KPN		95,353		375,049
Koninklijke Philips Electronics		9,705		266,706
Koninklijke Vopak		1,666		90,509
LyondellBasell Industries, Cl A		6,800		562,156
NN Group		45,874		1,589,506
QIAGEN *		5,125		114,845
Refresco Gerber * (A)		5,145		95,262
RELX		25,227		423,329
Royal Dutch Shell, Cl A		22,366		581,544
Royal Dutch Shell, Cl B		30,300		790,716
TNT Express		6,504		59,036
Unilever		32,333		1,420,391
Wessanen		8,670		89,537
Wolters Kluwer		5,236		199,261
Yandex, Cl A *		22,734		465,365

				16,411,782

NEW ZEALAND — 0.2%
a2 Milk *		95,733		118,317
Auckland International Airport		30,774		132,151
Contact Energy		9,672		34,308
Fisher & Paykel Healthcare		21,264		135,856
Fletcher Building		23,167		134,911
Genesis Energy		52,879		75,876
Goodman Property Trust ‡		56,953		53,289
Kiwi Property Group ‡		31,160		32,201
Meridian Energy		34,403		63,658
Precinct Properties New Zealand ‡		52,735		46,948
SKYCITY Entertainment Group		33,207		113,383
Spark New Zealand		50,521		130,875
Xero *		9,986		114,353
Z Energy		25,533		139,775

				1,325,901

NORWAY — 0.4%
Atea		10,036		94,105
BW LPG (A)		6,630		39,853
DNB		16,888		216,243
Gjensidige Forsikring		8,858		151,706
Kongsberg Gruppen		4,384		73,504
Marine Harvest		4,701		73,155
Nordic Semiconductor *		20,047		116,644


COMMON STOCK — continued
	Shares		Value

NORWAY (continued)
Opera Software		17,309	$	141,450
Orkla		29,498		257,545
Prosafe		137,200		82,983
Salmar		38,399		953,793
Schibsted, Cl B *		5,951		169,176
Statoil		22,778		402,555
Telenor		17,668		304,127
Tomra Systems		6,440		74,783
Veidekke		9,557		131,156
XXL (A)		21,558		260,377
Yara International		6,901		276,319

				3,819,474

PANAMA — 0.2%
Copa Holdings, Cl A		20,933		1,334,479


PERU — 0.0%
Credicorp		724		105,284


PHILIPPINES — 0.1%
Cebu Air		35,240		66,891
First Gen		31,100		13,431
GT Capital Holdings		4,417		128,777
Integrated Micro-Electronics		11,000		1,337
Lopez Holdings		1,340,500		208,991
Metro Pacific Investments		2,403,222		297,280
Pepsi-Cola Products Philippines		143,400		11,347
Philweb		38,500		19,296
San Miguel		106,590		152,312
San Miguel Pure Foods		8,160		35,677
SM Prime Holdings		468,367		226,255

				1,161,594

POLAND — 0.4%
Agora		24,897		81,143
Alior Bank *		2,223		40,197
Alumetal		1,430		19,088
AmRest Holdings *		382		22,368
Asseco Poland		25,128		381,171
Ciech *		6,299		116,839
ComArch		895		32,827
Cyfrowy Polsat		12,474		79,348
Emperia Holding		687		10,313
Energa		17,333		56,491
Eurocash		4,385		62,611


COMMON STOCK — continued
	Shares		Value

POLAND (continued)
Fabryki Mebli Forte		3,528	$	61,004
Grupa Azoty		2,961		67,413
Grupa Kety		447		38,529
Grupa Lotos *		6,147		47,798
Impexmetal *		21,898		15,834
ING Bank Slaski		2,169		69,270
KGHM Polska Miedz		5,110		99,551
Lentex		16,761		39,389
LiveChat Software		1,611		17,596
Orange Polska		41,350		67,383
PGE Polska Grupa Energetyczna		202,736		700,051
PKP Cargo		2,982		32,211
Polski Koncern Naftowy ORLEN		25,515		459,570
Polskie Gornictwo Naftowe i Gazownictwo		122,255		162,710
Powszechna Kasa Oszczednosci Bank Polski		14,086		90,267
Powszechny Zaklad Ubezpieczen		16,940		153,203
Trakcja *		50,506		161,431

				3,185,606

PORTUGAL — 0.2%
Banco BPI, Cl G *		47,728		59,789
Banco Comercial Portugues, Cl R *		3,666,349		162,469
Banco Espirito Santo * (B)		66,989		—
CTT-Correios de Portugal		16,547		152,866
EDP — Energias de Portugal		51,164		181,850
Galp Energia SGPS		16,055		220,514
Jeronimo Martins SGPS		10,329		169,012
Navigator		46,046		164,239
NOS SGPS		22,076		158,368
Pharol SGPS *		133,260		21,668

				1,290,775

PUERTO RICO — 0.0%
OFG Bancorp		12,200		107,726
Popular		4,800		142,656
Triple-S Management, Cl B *		3,700		96,348

				346,730

RUSSIA — 0.4%
Gazprom PAO ADR		4,804		24,827
Lenta GDR *		4,460		28,767
Magnit PJSC GDR		638		22,075
Magnitogorsk Iron & Steel Works GDR		25,803		123,854


COMMON STOCK — continued
	Shares		Value

RUSSIA (continued)
MegaFon PJSC GDR		13,342	$	153,433
Mobile TeleSystems PJSC ADR		17,272		159,939
Novatek OAO GDR		1,875		180,000
OTCPharm PJSC *		9,357		28,314
QIWI ADR		4,700		57,481
Rosneft OAO GDR		33,860		184,876
Rostelecom *		15,333		137,690
Sberbank of Russia PJSC ADR		122,956		985,615
Severstal PAO GDR		13,900		161,518
Surgutneftegas OAO ADR		23,300		147,955
Tatneft PAO ADR		19,300		605,055
X5 Retail Group GDR *		23,402		463,360

				3,464,759

SINGAPORE — 0.4%
Ascendas ‡		92,000		168,286
Ascott Residence Trust ‡		1,000		844
CapitaLand Mall Trust ‡		66,000		101,588
ComfortDelGro		21,000		45,128
Dairy Farm International Holdings		30,700		211,830
DBS Group Holdings		17,000		193,151
Ezra Holdings *		590,140		44,759
Flextronics International *		96,533		1,172,876
Genting Singapore		184,900		112,052
Golden Agri-Resources		461,600		137,294
Haw Par		9,100		60,831
Keppel ‡		4,960		3,873
Keppel Infrastructure Trust		124,000		45,180
M1		55,000		101,015
Oversea-Chinese Banking		33,000		215,199
Singapore Airlines		6,400		54,727
Singapore Post		96,000		112,072
Singapore Press Holdings		84,300		254,495
Singapore Technologies Engineering		31,000		74,224
Singapore Telecommunications		81,800		234,783
Starhill Global ‡		1,000		580
Wilmar International		102,700		283,316

				3,628,103

SOUTH AFRICA — 0.8%
AECI		7,859		53,049
Anglo American Platinum *		6,638		191,736
AngloGold Ashanti *		7,718		122,531
AVI		8,181		50,735


COMMON STOCK — continued
	Shares		Value

SOUTH AFRICA (continued)
Bidvest Group		8,574	$	217,602
Brait *		2,471		27,629
EOH Holdings		6,099		59,361
FirstRand		70,092		225,265
Gold Fields		17,127		77,819
Gold Fields ADR		28,428		133,612
Group		76,837		804,575
Group ADR		20,700		216,315
Harmony Gold Mining ADR		38,424		140,632
Hosken Consolidated Investments		7,904		66,907
KAP Industrial Holdings		85,302		37,751
Liberty Holdings		4,543		44,647
MiX Telematics ADR		1,607		6,557
MMI Holdings		69,084		114,871
Mr Price Group		3,286		41,742
Nampak		19,396		33,191
Naspers, Cl N		1,036		142,150
Net 1 UEPS Technologies *		19,000		226,480
Netcare		49,850		126,978
Pick n Pay Holdings		4,761		10,117
Pioneer Foods Group		3,934		45,955
PPC		40,213		42,373
Remgro		13,860		248,862
RMB Holdings		20,680		84,389
Sanlam		78,867		382,278
Sappi *		106,800		462,904
Sasol		21,548		702,966
Sibanye Gold		85,025		320,145
SPAR Group		8,744		130,682
Standard Bank Group		68,621		615,674
Steinhoff International Holdings		67,873		424,157
Telkom SOC		17,083		68,019
Tiger Brands		4,784		118,346
Tongaat Hulett		3,919		32,406
Transaction Capital		14,668		12,159
Vodacom Group		8,826		102,611
Wilson Bayly Holmes-Ovcon		5,288		45,134
Woolworths Holdings		38,122		245,332

				7,256,644

SOUTH KOREA — 2.8%
Amorepacific		664		237,476
BGF retail		378		61,706
BNK Financial Group		5,248		42,789


COMMON STOCK — continued
	Shares		Value

SOUTH KOREA (continued)
Busan City Gas		843	$	24,341
CJ		817		153,448
CJ CheilJedang		430		143,409
Coway		846		73,210
CrystalGenomics *		831		11,523
Daesung Holdings		1,980		17,256
Daewon San Up		6,352		38,355
DGB Financial Group		8,962		72,127
Dong-A ST, Cl A		164		20,583
Dongbu Insurance		988		60,785
Dongil Industries		125		6,484
Dongsuh		1,830		51,797
Dongwon Development		23,550		89,496
Doosan		597		56,326
E-MART		418		67,319
Green Cross		1,680		255,082
GS Holdings		8,010		388,760
Halla Holdings		736		36,561
Hanssem		244		40,902
Hanwha		2,671		88,611
Hanwha Life Insurance		6,954		40,770
Hyosung		1,126		121,059
Hyundai Department Store		600		77,673
Hyundai Glovis		420		70,037
Hyundai Home Shopping Network		578		67,722
Hyundai Marine & Fire Insurance		24,357		679,790
Hyundai Merchant Marine *		9,024		15,840
Hyundai Mobis		1,821		416,334
Hyundai Steel		3,726		205,692
Hyundai Wia		725		61,466
Innocean Worldwide		305		22,119
Kangnam Jevisco		1,106		39,701
Kangwon Land		6,365		238,255
KB Financial Group		10,772		329,003
KB Financial Group ADR		8,400		255,444
KCC		202		75,347
Kia Motors		23,316		980,197
KISCO		520		23,960
Kolon Industries		936		57,422
Korea Aerospace Industries		802		47,723
Korea Electric Power		32,201		1,746,552
Korea Petrochemical Industries		489		101,070
Korea Zinc		399		173,516


COMMON STOCK — continued
	Shares		Value

SOUTH KOREA (continued)
Korean Air Lines *		2,371	$	60,763
KT ADR		10,577		143,953
KT&G		3,821		412,483
Kumho Petrochemical		1,199		71,873
LG		1,291		77,161
LG Chemical		1,570		409,242
LG Display		14,575		305,724
LG Display ADR		14,541		149,045
LG Electronics		5,732		292,788
LG International		2,201		73,212
LG Uplus		3,970		39,024
LIG Nex1		1,248		97,811
Lotte Chemical		1,210		310,624
Lotte Chilsung Beverage		75		129,673
Lotte Confectionery		34		74,541
LOTTE Fine Chemical		1,448		47,720
LS		1,669		74,412
Macquarie Korea Infrastructure Fund		27,221		202,354
Macrogen *		377		11,598
Medy-Tox		1,048		389,068
Mi Chang Oil Industrial		247		18,340
Mobase *		6,214		45,757
NAVER		3,808		2,262,608
Orion		117		95,498
Osstem Implant *		500		31,420
Ottogi		55		39,437
Paradise		7,118		108,388
POSCO		1,756		370,649
POSCO ADR		3,400		176,868
POSCO Coated & Color Steel		663		13,267
Posco Daewoo		2,814		61,373
Posco ICT *		12,756		64,261
Posco M-Tech		7,212		19,812
RedcapTour		444		7,190
S&T Holdings		5,420		113,452
Sam Young Electronics		1,260		13,768
Samsung C&T		959		110,259
Samsung Card		1,780		60,614
Samsung Electronics		3,678		4,018,878
Samsung Electronics GDR		1,205		656,725
Samsung Fire & Marine Insurance		1,241		320,761
Samsung Life Insurance		1,874		180,097


COMMON STOCK — continued
	Shares		Value

SOUTH KOREA (continued)
SeAH Holdings		100	$	12,243
Seoyon Electronics		2,576		8,795
Sewon Precision Industry		4,119		73,205
Shinhan Financial Group		11,552		423,796
Shinsegae		255		47,334
SK Chemicals		1,021		65,145
SK Holdings		705		138,599
SK Hynix		28,859		712,990
SK Innovation		5,222		710,383
SK Telecom		214		38,691
SK Telecom ADR		26,055		521,100
S-Oil		6,302		481,748
ViroMed *		2,639		326,575
YESCO		1,130		37,042
Young Poong		43		40,872
Yuhan		1,520		389,538

				24,075,585

SPAIN — 1.2%
Abertis Infraestructuras		14,402		242,831
Aena * (A)		20,492		2,922,501
Almirall		5,528		90,834
Amadeus IT Holding, Cl A		12,492		568,442
Banco Popular Espanol		25,096		68,249
Banco Santander		213,503		1,080,814
Bankia		49,351		45,942
CaixaBank		39,220		118,066
Ebro Foods		6,406		145,164
Enagas		8,971		273,294
Ence Energia y Celulosa		34,016		98,155
Faes Farma		23,823		74,880
Ferrovial		3,841		82,641
Gamesa Tecnologica		13,659		268,935
Grifols		12,258		266,616
Grifols ADR		44,620		701,426
Grupo Catalana Occidente		1,419		44,927
Iberdrola		27,289		193,859
Industria de Diseno Textil		16,520		530,319
Merlin Properties Socimi ‡		22,206		258,085
Red Electrica		4,207		375,601
Repsol		45,772		599,850
Tecnicas Reunidas		1,930		64,818
Telefonica		49,814		543,133
Vidrala		1,121		66,298


COMMON STOCK — continued
	Shares		Value

SPAIN (continued)
Viscofan		2,878	$	161,445
Zardoya Otis		7,474		79,334

				9,966,459

SWEDEN — 0.8%
Assa Abloy, Cl B		6,651		139,473
Autoliv		1,934		236,857
Axfood		16,899		312,919
Betsson		4,969		67,198
BillerudKorsnas		9,996		155,222
BioGaia, Cl B		1,360		34,379
Capio * (A)		8,334		44,522
Elekta, Cl B		21,122		154,395
Fingerprint Cards, Cl B *		1,616		96,793
Hennes & Mauritz, Cl B		11,792		419,231
Hexpol		16,200		167,438
Holmen, Cl B		4,046		139,461
Hufvudstaden, Cl A		7,488		115,997
ICA Gruppen		2,088		68,565
Industrivarden, Cl A		2,480		48,701
Indutrade		4,594		257,604
Infant Bacterial Therapeutics *		136		1,041
Karo Pharma *		11,882		46,164
Lifco, Cl B		1,359		35,200
Lundin Petroleum *		10,867		203,525
Meda, Cl A		18,568		342,437
Medivir, Cl B *		7,694		53,175
Pandox, Cl B *		4,547		77,176
Peab		30,993		258,582
Saab, Cl B		8,181		279,850
Sandvik		5,244		53,808
Securitas, Cl B		8,623		136,156
Skandinaviska Enskilda Banken, Cl A		12,858		122,809
Skanska, Cl B		6,356		139,777
SKF, Cl B		4,224		77,795
SSAB, Cl A		19,106		80,274
Svenska Cellulosa SCA, Cl B		11,785		371,141
Svenska Handelsbanken, Cl A		7,273		96,817
Swedbank, Cl A		26,258		566,330
Telefonaktiebolaget LM Ericsson, Cl B		51,627		417,879
Telia		125,270		598,236
Trelleborg, Cl B		19,558		356,311


COMMON STOCK — continued
	Shares		Value

SWEDEN (continued)
Unibet Group		5,512	$	62,187
Volvo, Cl B		7,150		83,694
Wallenstam, Cl B		14,484		121,745

				7,040,864

SWITZERLAND — 3.0%
Ascom Holding		3,463		56,676
Baloise Holding		465		57,537
Burckhardt Compression Holding		264		93,981
Cie Financiere Richemont		43,050		2,863,119
Comet Holding		80		55,749
Credit Suisse Group		193,433		2,937,891
dorma+kaba Holding		343		222,397
Dufry *		777		102,218
EMS-Chemie Holding		499		246,691
Flughafen Zuerich		386		354,293
Gategroup Holding		4,931		271,660
Geberit		1,180		453,032
Givaudan		307		604,847
Julius Baer Group		47,109		2,013,906
Kudelski *		3,000		51,131
Kuehne + Nagel International		10,043		1,446,829
Kuoni Reisen Holding		304		118,757
LafargeHolcim		46,390		2,348,757
Mobimo Holding		450		103,059
Nestle		21,266		1,585,030
Novartis		11,522		879,193
Partners Group Holding		319		131,351
Roche Holding		4,672		1,181,028
Schindler Holding		1,970		358,761
SGS		186		409,305
Sika		41		174,505
STMicroelectronics		43,136		265,241
Straumann Holding		636		220,442
Swatch Group		2,200		383,502
Swiss Life Holding		4,257		1,074,345
Swiss Prime Site		725		63,522
Swiss Re		2,126		188,599
Swisscom		928		470,626
Syngenta *		1,650		660,482
TE Connectivity		37,110		2,207,303
Tecan Group		351		48,737
Temenos Group		8,422		436,771
UBS Group		24,124		417,448


COMMON STOCK — continued
	Shares		Value

SWITZERLAND (continued)
Vontobel Holding		2,109	$	91,237
Zurich Insurance Group		907		202,995

				25,852,953

TAIWAN — 1.4%
AU Optronics		87,000		25,356
AU Optronics ADR		57,291		160,415
Basso Industry		46,620		104,506
Cal-Comp Electronics Thailand		678,000		63,905
Casetek Holdings		19,000		85,713
Cheng Shin Rubber Industry		61,000		126,906
Chicony Electronics		19,190		46,111
China Airlines *		191,000		62,477
China Steel		179,520		126,070
China Steel Chemical		24,000		80,365
ChipMOS TECHNOLOGIES		795		13,372
Chunghwa Telecom		214,000		723,220
CTBC Financial Holding		109,181		55,516
CTCI		39,000		50,847
Delta Electronics		92,621		430,755
E.Sun Financial Holding		81,000		44,954
Eclat Textile		5,114		58,429
Elite Advanced Laser		19,000		91,309
Ennoconn		15,525		198,316
Eva Airways *		41,000		20,339
Evergreen Marine Taiwan		136,350		50,307
Far Eastern New Century		102,939		77,077
Far EasTone Telecommunications		100,518		226,885
Feng TAY Enterprise		9,000		38,787
First Financial Holding		105,000		51,437
Formosa Petrochemical		91,000		258,726
Formosa Plastics		135,200		336,606
Fubon Financial Holding		182,000		221,483
Gourmet Master		12,000		96,735
Hon Hai Precision Industry		262,798		628,212
Hon Hai Precision Industry GDR		109,628		531,696
Hota Industrial Manufacturing		15,000		72,086
Hua Nan Financial Holdings		92,000		44,641
King Slide Works		5,000		59,297
Land Mark Optoelectronics		6,761		99,571
Makalot Industrial		6,000		32,090
Mega Financial Holding		75,683		53,736
Merida Industry		9,000		36,973
Namchow Chemical Industrial *		27,000		50,144


COMMON STOCK — continued
	Shares		Value

TAIWAN (continued)
Novatek Microelectronics		26,000	$	91,092
OBI Pharma *		5,000		58,987
Pegatron		80,000		169,411
Pou Chen		146,000		184,237
Powertech Technology		73,000		148,024
President Chain Store		33,763		239,198
Sheng Yu Steel *		34,000		20,661
Shin Zu Shing		26,000		74,244
Silicon Motion Technology ADR		4,887		188,394
SinoPac Financial Holdings		225,000		66,691
St. Shine Optical		3,000		56,181
Sunny Friend Environmental Technology *		39,347		170,793
Taiwan Cement		65,000		66,304
Taiwan Cooperative Financial Holding		126,000		55,669
Taiwan Semiconductor Manufacturing		99,000		460,422
Taiwan Semiconductor Manufacturing ADR		148,661		3,506,913
Tatung *		257,000		40,160
Uni-President Enterprises		144,059		259,952
Voltronic Power Technology *		3,000		47,344
Wan Hai Lines		73,000		40,175
Win Semiconductors		66,000		124,826
Yuanta Financial Holding		129,000		42,596
Yungtay Engineering		30,000		43,531

				11,691,175

THAILAND — 0.6%
Advanced Info Service		22,800		101,826
Bangchak Petroleum		480,000		425,995
Bangchak Petroleum NVDR		62,300		55,291
Bangkok Bank		7,900		37,544
Bangkok Chain Hospital		175,300		51,692
Bangkok Expressway & Metro		468,225		79,758
BEC World		23,500		17,492
BTS Group Holdings		120,600		31,764
Bumrungrad Hospital		8,200		47,655
Cal-Comp Electronics Thailand		171,900		14,862
Central Pattana NVDR		91,920		138,814
Charoen Pokphand Foods		35,881		24,448
CP ALL NVDR		329,227		431,209
Delta Electronics Thailand		80,500		165,932


COMMON STOCK — continued
	Shares		Value

THAILAND (continued)
Electricity Generating		9,100	$	46,243
Fabrinet *		14,000		447,580
GFPT NVDR		63,400		23,051
Indorama Ventures		193,600		157,962
Kang Yong Electric		1,000		8,903
Karmarts NVDR		107,500		20,928
Kasikornbank		6,400		30,598
Krung Thai Bank		1,138,200		570,240
Krung Thai Bank NVDR		565,600		283,367
Krungthai Card NVDR		9,200		24,297
Major Cineplex Group		22,500		20,291
Minor International		40,810		43,520
Muramoto Electron Thailand		900		6,029
PTT		8,800		76,587
PTT NVDR		45,700		397,733
PTT Global Chemical NVDR		44,400		79,444
Ratchaburi Electricity Generating Holding		16,200		23,421
Robinson Department Store		33,100		48,802
Siam Cement		4,800		67,335
Siam City Cement		5,500		51,016
Siam Wellness Group		48,500		11,594
Sino-Thai Engineering & Construction		41,400		27,142
Star Petroleum Refining NVDR *		170,800		53,788
Superblock *		639,000		33,660
Thai Oil		32,700		61,786
Thai Oil NVDR		59,900		113,181
Thai Union Group, Cl F		147,200		87,233
Thai Vegetable Oil NVDR		8,600		6,340
Thanachart Capital		428,100		425,894
Thanachart Capital NVDR		213,700		212,599
Tipco Asphalt NVDR		225,500		158,812
TMB Bank NVDR		1,485,900		96,990
TTW PCL *		81,600		24,062
Vibhavadi Medical Center		729,600		59,738

				5,424,448

TURKEY — 0.4%
Akbank		29,981		92,150
Anadolu Efes Biracilik Ve Malt Sanayii		8,205		64,514
Arcelik		44,013		295,570


COMMON STOCK — continued
	Shares		Value

TURKEY (continued)
Aselsan Elektronik Sanayi Ve Ticaret		22,157	$	158,061
Baticim Bati Anadolu Cimento Sanayii		4,440		11,060
BIM Birlesik Magazalar		11,197		246,510
Bossa Ticaret Ve Sanayi Isletmeleri Tas		21,305		17,361
DO & CO		675		76,691
Emlak Konut Gayrimenkul Yatirim Ortakligi ‡		44,512		47,885
Enka Insaat ve Sanayi		78,971		137,170
Eregli Demir ve Celik Fabrikalari		62,803		104,821
Ford Otomotiv Sanayi		7,400		99,442
Haci Omer Sabanci Holding		16,489		59,521
Is Yatirim Menkul Degerler		26,414		9,346
Petkim Petrokimya Holding		385,272		565,928
TAV Havalimanlari Holding		23,048		134,351
Tupras Turkiye Petrol Rafinerileri		10,341		272,939
Turk Hava Yollari AO *		77,101		190,136
Turkcell Iletisim Hizmetleri *		39,871		172,423
Turkiye Garanti Bankasi		31,825		98,046
Turkiye Halk Bankasi		27,643		106,205
Turkiye Is Bankasi, Cl C		152,516		267,639
Turkiye Vakiflar Bankasi TAO, Cl D		194,105		342,701
Ulker Biskuvi Sanayi		12,456		99,185
Vestel Beyaz Esya Sanayi ve Ticaret		19,859		91,487

				3,761,142

UNITED ARAB EMIRATES — 0.0%
DP World *		9,802		185,258
Emaar Properties PJSC		69,195		127,887

				313,145

UNITED KINGDOM — 4.8%
Admiral Group PLC		9,284		251,909
Anglo American		13,776		153,664
Aon PLC		2,595		272,786
ARM Holdings PLC		140,271		1,921,479
AstraZeneca		15,857		910,099
Auto Trader Group (A)		214,673		1,176,264
Aviva PLC		25,237		159,448
Babcock International Group		5,449		75,438
BAE Systems PLC		129,508		903,201
Barclays		172,000		431,012
Barratt Developments PLC		263,322		2,048,817


COMMON STOCK — continued
	Shares		Value

UNITED KINGDOM (continued)
Bellway PLC		1,608	$	57,493
Berendsen		3,176		54,759
Berkeley Group Holdings PLC		1,267		55,446
BGEO Group PLC		4,808		160,878
BP PLC		148,498		810,958
British American Tobacco		9,918		604,305
British Land ‡		3,998		42,002
BT Group, Cl A		101,634		658,166
BTG *		16,819		145,485
Bunzl		31,043		924,863
Burberry Group PLC		23,637		410,649
Capita		4,879		71,361
Carnival		1,336		66,313
Centamin		153,972		271,997
Cobham PLC		34,964		78,675
Compass Group		12,240		218,013
Computacenter		6,175		75,429
Croda International		16,425		722,624
DCC		3,818		338,069
Dechra Pharmaceuticals		3,054		49,354
Delphi Automotive PLC		14,797		1,089,503
Derwent London ‡		915		43,906
Diageo		84,181		2,270,608
Direct Line Insurance Group		8,748		46,259
Dixons Carphone		9,942		61,768
Domino’s Pizza Group PLC *		104,649		1,404,464
easyJet		2,130		45,844
Electrocomponents		11,858		44,737
Elementis		27,586		87,024
Fevertree Drinks		24,883		221,965
Fidessa Group		2,409		84,091
Filtrona PLC		9,290		110,222
Firstgroup *		32,913		48,019
Fresnillo		6,275		102,048
Gazprom Neft PAO ADR		8,357		98,612
GlaxoSmithKline PLC		43,521		927,792
Great Portland Estates PLC ‡		5,548		61,447
Greggs		9,088		137,172
Halma		44,378		578,401
Hammerson ‡		3,450		29,464
Hargreaves Lansdown		92,803		1,743,811
Hikma Pharmaceuticals		2,566		82,635
Howden Joinery Group		8,109		58,532


COMMON STOCK — continued
	Shares		Value

UNITED KINGDOM (continued)
HSBC Holdings		56,358	$	372,624
IG Group Holdings		36,684		414,336
IMI		4,363		59,606
Informa		46,787		447,436
Inmarsat		23,719		322,138
Intermediate Capital Group		27,305		244,966
Intertek Group		7,299		347,358
Intu Properties ‡		12,825		57,024
JD Sports Fashion		16,096		293,749
Kingfisher		14,213		75,572
Kingspan Group		5,610		147,747
Laird		14,051		71,529
Land Securities Group ‡		2,883		47,686
Legal & General Group		31,848		103,819
Lloyds Banking Group		280,984		275,363
Lukoil PJSC ADR		13,968		592,034
Marks & Spencer Group		10,288		63,662
Marshalls		16,070		75,420
Micro Focus International		8,282		185,028
MMC Norilsk Nickel PJSC ADR		14,479		213,565
Moneysupermarket.com Group		21,097		96,763
National Grid PLC		79,506		1,132,431
NCC Group		11,082		42,473
Next		929		69,024
Oxford Instruments		4,810		46,140
Paddy Power Betfair		490		65,511
Pennon Group		12,684		150,490
Persimmon		1,910		55,453
PhosAgro OAO GDR		3,200		49,600
Playtech		11,731		137,898
Premier Farnell		29,357		52,010
Provident Financial		1,057		45,005
Randgold Resources		3,189		315,457
Reckitt Benckiser Group PLC		13,040		1,267,817
RELX		8,329		147,257
Renishaw		1,877		51,999
Rentokil Initial		76,332		196,410
Rexam		31,501		287,674
Rio Tinto		19,358		650,697
Royal Mail		10,739		76,401
RPC Group		45,363		483,530
RSA Insurance Group		10,202		68,437
Sage Group		79,229		685,334


COMMON STOCK — continued
	Shares		Value

UNITED KINGDOM (continued)
SDL		7,627	$	45,190
Segro ‡		7,685		46,903
Severn Trent		6,682		217,432
Shaftesbury PLC ‡		10,627		141,302
Sky		14,520		199,112
Smiths Group		3,293		53,312
Spectris		5,941		158,076
Spirax-Sarco Engineering		6,871		342,852
Spirent Communications		26,600		30,510
SSE		24,017		529,898
SSP Group		43,192		181,568
Standard Chartered PLC		18,360		148,111
Standard Life		7,953		37,895
Stolt-Nielsen		1,998		26,427
Subsea 7		4,377		40,281
Synthomer		12,205		62,042
Tate & Lyle		12,672		108,873
Telecom Plus		5,459		74,261
Travis Perkins		2,001		54,031
Tullow Oil		115,987		474,022
UBM		7,618		63,336
Ultra Electronics Holdings		2,889		74,548
Unilever		9,133		407,615
UNITE Group		27,360		252,856
Victrex PLC		3,660		74,870
Vodafone Group		356,379		1,141,429
VTB Bank PJSC GDR		79,310		169,882
WH Smith		8,647		211,630
William Hill		11,508		52,580
Worldpay Group * (A)		267,146		1,041,822
Xchanging		20,004		55,243

				40,601,662

UNITED STATES — 45.2%
Consumer Discretionary — 6.5%
Advance Auto Parts		3,967		619,249
Amazon.com *		5,449		3,594,106
Amcon Distributing		602		51,369
American Axle & Manufacturing Holdings *		19,800		307,098
Aramark		16,350		547,889
Ark Restaurants		500		10,135
Asbury Automotive Group *		900		54,558
AutoZone *		926		708,603


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Consumer Discretionary (continued)
Bassett Furniture Industries		3,100	$	91,481
Beazer Homes USA *		14,500		119,190
Big 5 Sporting Goods		8,000		96,720
Big Lots		1,800		82,548
BJ’s Restaurants *		1,500		66,900
Bloomin’ Brands		29,950		560,065
BorgWarner		16,000		574,720
Boyd Gaming *		11,400		212,496
Bravo Brio Restaurant Group *		13,000		95,810
Cambium Learning Group *		30,097		136,941
Capella Education		200		11,062
Carriage Services, Cl A		18,322		447,607
Carrols Restaurant Group *		29,634		412,209
Cavco Industries *		3,500		306,915
Century Casinos *		4,300		25,671
Century Communities *		19,325		333,163
Charter Communications, Cl A *		321		68,129
Cherokee *		6,953		108,745
Children’s Place		3,800		296,058
Chipotle Mexican Grill, Cl A *		3,226		1,358,049
Coach		9,010		362,832
Columbia Sportswear		2,868		167,979
Comcast, Cl A		13,269		806,224
Cooper Tire & Rubber		18,000		621,720
Cooper-Standard Holding *		1,900		146,509
CSS Industries		5,800		162,168
CTC Media		26,900		52,993
Culp		700		18,368
Del Frisco’s Restaurant Group *		6,100		97,173
DeVry Education Group		34,000		589,900
Dick’s Sporting Goods		3,229		149,632
DineEquity		2,036		175,096
Dollar General		7,800		638,898
Dollar Tree *		21,056		1,678,374
DSW, Cl A		5,942		145,995
Eldorado Resorts *		21,627		283,530
Entercom Communications, Cl A		17,954		203,598
Entravision Communications, Cl A		37,766		300,240
Ethan Allen Interiors		2,300		78,292
EW Scripps, Cl A *		11,718		177,879
Express *		25,311		460,154
Flexsteel Industries		2,000		81,780


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Consumer Discretionary (continued)
Ford Motor		40,400	$	547,824
Francesca’s Holdings *		2,200		36,520
General Motors		23,000		731,400
Gentex		48,000		769,920
Genuine Parts		5,695		546,549
GNC Holdings, Cl A		14,800		360,528
Good Times Restaurants *		2,225		6,875
Goodyear Tire & Rubber		22,600		654,722
Groupon, Cl A *		12,500		45,250
Harte-Hanks		19,100		34,762
Hasbro		9,405		796,039
Haverty Furniture		7,200		134,424
Home Depot		15,143		2,027,496
Houghton Mifflin Harcourt *		23,610		484,241
Interpublic Group of Companies		46,150		1,058,681
Interval Leisure Group		8,400		118,608
Isle of Capri Casinos *		2,300		34,270
J Alexander’s Holdings *		892		9,188
JC Penney *		26,300		244,064
K12 *		3,700		45,473
KB Home		3,400		46,138
Kirkland’s		11,696		192,048
Kohl’s		13,600		602,480
Kona Grill *		10,225		136,197
La-Z-Boy, Cl Z		3,400		87,958
Lear		3,400		391,442
LGI Homes *		13,288		372,197
Liberty Global, Cl A *		5,918		223,286
Liberty Global LiLAC *		295		11,071
Lowe’s		4,958		376,907
M/I Homes *		6,200		124,620
Marcus		200		3,870
Mattel		26,000		808,340
MCBC Holdings *		9,000		120,780
McDonald’s		9,574		1,211,015
Meredith		5,110		262,194
Modine Manufacturing *		20,600		222,686
Mohawk Industries *		3,160		608,710
Monarch Casino & Resort *		4,700		89,300
Monro Muffler Brake		2,014		139,409
Motorcar Parts of America *		12,813		410,913
Movado Group		4,600		129,766


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Consumer Discretionary (continued)
Murphy USA *		1,652	$	94,858
National CineMedia		13,734		195,023
Nautilus *		19,519		344,315
New York Times, Cl A		71,000		910,220
NIKE, Cl B		26,969		1,589,553
Norwegian Cruise Line Holdings *		20,126		983,960
Office Depot *		118,000		693,840
O’Reilly Automotive *		5,245		1,377,756
Oxford Industries		1,200		79,704
PetMed Express		16,500		301,950
Pier 1 Imports		11,500		79,235
Priceline Group *		1,553		2,086,704
PVH		5,040		481,824
RCI Hospitality Holdings		12,300		126,075
Reading International, Cl A *		11,750		152,398
Red Lion Hotels *		21,859		172,686
Rocky Brands		12,300		148,215
Ross Stores		3,920		222,578
Ruth’s Hospitality Group		17,891		284,109
Scholastic		12,000		436,560
Sinclair Broadcast Group, Cl A		12,274		393,627
Smith & Wesson Holding *		21,600		471,528
Sonic		2,000		68,740
Sportsman’s Warehouse Holdings *		16,476		187,497
Stage Stores		13,400		98,624
Standard Motor Products		2,400		85,224
Starbucks		6,600		371,118
Stein Mart		9,100		65,884
Stoneridge *		23,100		329,406
Strattec Security		1,300		68,770
Sturm Ruger		1,700		108,851
Target		2,400		190,800
TEGNA		31,000		724,160
Tenneco *		6,800		362,440
Tile Shop Holdings *		4,900		87,416
Time		56,000		823,200
Time Warner		16,733		1,257,318
Time Warner Cable		1,428		302,893
TJX		12,010		910,598
TopBuild *		4,363		136,213
Tower International		5,000		114,750
TRI Pointe Group *		29,800		345,680


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Consumer Discretionary (continued)
Unifi *		6,000	$	154,560
Viacom, Cl B		12,900		527,610
VOXX International, Cl A *		12,500		56,125
Walt Disney		6,023		621,935
Whirlpool		2,500		435,350
William Lyon Homes, Cl A *		7,500		105,750
Winnebago Industries		4,700		101,708
Wynn Resorts		10,141		895,450
Yum! Brands		5,857		465,983
ZAGG *		31,300		250,713

				55,836,465

Consumer Staples — 2.7%
Altria Group		14,296		896,502
Archer-Daniels-Midland		15,900		635,046
Bunge		6,500		406,250
Cal-Maine Foods		10,300		522,828
Campbell Soup		4,000		246,840
Casey’s General Stores		1,610		180,320
Central Garden & Pet, Cl A *		6,474		105,461
Church & Dwight		6,898		639,445
Cia Cervecerias Unidas ADR		1,800		40,356
Clorox		2,000		250,460
Coca-Cola		28,923		1,295,751
Colgate-Palmolive		7,680		544,666
ConAgra Foods		11,750		523,580
Costco Wholesale		4,462		660,956
CVS Health		8,700		874,350
Dean Foods		53,024		913,603
Farmer Brothers *		1,000		30,210
General Mills		2,600		159,484
Hormel Foods		17,888		689,583
Ingles Markets, Cl A		5,600		201,992
J&J Snack Foods		1,300		131,469
JM Smucker		4,250		539,665
John B Sanfilippo & Son		7,082		391,847
Kimberly-Clark		3,465		433,783
Kraft Heinz		21,368		1,668,200
Kroger		16,700		591,013
Lifevantage *		11,800		106,554
Mannatech *		4,800		100,032
McCormick		5,833		547,019
Medifast		14,900		469,797


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Consumer Staples (continued)
Mondelez International, Cl A		28,521	$	1,225,262
Nature’s Sunshine Products		7,138		68,382
Omega Protein *		8,400		156,156
Orchids Paper Products		4,244		130,164
PepsiCo		10,268		1,057,193
Philip Morris International		11,284		1,107,186
PriceSmart		1,006		87,059
Primo Water *		15,647		172,117
Procter & Gamble		19,710		1,579,165
Reynolds American		8,096		401,562
Sanderson Farms		1,000		91,740
SpartanNash		14,600		404,420
Sysco		8,400		386,988
TreeHouse Foods *		3,645		322,218
Tyson Foods, Cl A		4,700		309,354
Village Super Market, Cl A		3,400		82,960
Walgreens Boots Alliance		4,106		325,524
Wal-Mart Stores		10,522		703,606
Weis Markets		600		27,312

				23,435,430

Energy — 3.1%
Adams Resources & Energy		3,600		144,900
Antero Resources *		33,880		958,804
Apache		44,310		2,410,464
Bill Barrett *		15,207		121,048
Callon Petroleum *		23,615		248,194
Carrizo Oil & Gas *		11,034		390,273
Chevron		27,224		2,781,748
Columbia Pipeline Group		14,100		361,242
Concho Resources *		1,473		171,118
ConocoPhillips		7,100		339,309
Continental Resources *		17,400		648,324
Delek US Holdings		8,623		137,020
DHT Holdings		40,000		229,600
Energen		16,350		694,712
EOG Resources		7,700		636,174
Evolution Petroleum		21,858		121,093
Exxon Mobil		44,543		3,937,601
FMC Technologies *		32,000		975,680
GasLog		5,100		65,331
Golar LNG		600		9,948
Green Plains		2,400		43,440


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Energy (continued)
Gulf Island Fabrication		5,002	$	37,565
Hallador Energy		5,500		25,685
Helmerich & Payne		20,535		1,357,774
Independence Contract Drilling *		27,983		111,372
Kinder Morgan		13,900		246,864
Lukoil PJSC ADR		13,500		573,750
Marathon Petroleum		13,000		508,040
Matrix Service *		5,300		99,852
McDermott International *		115,000		522,100
National Oilwell Varco		4,763		171,659
Oasis Petroleum *		2,400		23,256
Occidental Petroleum		13,280		1,017,912
PDC Energy *		5,542		347,982
PHI *		5,200		116,584
Pioneer Natural Resources		5,550		921,855
Range Resources		8,038		354,556
REX American Resources *		3,700		201,169
Ring Energy *		27,374		197,093
Schlumberger		13,276		1,066,594
Spectra Energy		23,637		739,129
Tesoro		2,300		183,287
Transocean		45,000		498,600
VAALCO Energy *		33,700		41,451
Valero Energy		27,337		1,609,329
Western Refining		5,200		139,152
Whiting Petroleum *		7,750		93,000

				26,631,633

Financials — 8.1%
Acadia Realty Trust ‡		22,633		762,732
Access National		9,300		182,838
Alleghany *		400		208,512
Allstate		3,900		253,695
Altisource Portfolio Solutions *		400		12,516
Ambac Financial Group *		13,600		220,728
American Assets Trust ‡		700		27,769
American Capital Agency ‡		9,799		180,008
American Express		5,600		366,408
American International Group		41,380		2,309,832
American National Bankshares		4,100		109,593
American Tower, Cl A ‡		3,200		335,616
Ameriprise Financial		6,400		613,760
Ameris Bancorp		12,339		387,445


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Financials (continued)
Apollo Commercial Real Estate Finance ‡		9,200	$	146,556
Apollo Residential Mortgage ‡		11,400		154,584
Armada Hoffler Properties ‡		9,700		113,490
Artisan Partners Asset Management, Cl A		3,525		113,893
Ashford Hospitality Prime ‡		6,500		72,735
Aspen Insurance Holdings		10,900		505,215
Asta Funding *		5,900		59,059
Atlas Financial Holdings *		16,574		291,205
AvalonBay Communities ‡		1,439		254,401
Axis Capital Holdings		4,200		223,734
Banc of California		13,900		282,865
Bank of America		176,000		2,562,560
Bank of Commerce Holdings		18,600		116,808
BankFinancial		11,672		144,266
Banner		8,343		356,914
Bar Harbor Bankshares		6,027		209,137
BB&T		8,700		307,806
Berkshire Hathaway, Cl B *		7,153		1,040,618
Berkshire Hills Bancorp		7,700		208,978
BNC Bancorp		12,415		277,599
Boston Properties ‡		5,159		664,789
Brown & Brown		4,055		142,371
C&F Financial		2,400		93,576
Camden Property Trust ‡		2,323		187,536
Capital Bank Financial, Cl A		5,490		165,963
Capital One Financial		9,566		692,483
CareTrust ‡		5,000		63,600
CBL & Associates Properties ‡		10,100		117,968
CenterState Banks		21,912		356,946
Central Pacific Financial		10,300		240,402
Charles Schwab		45,796		1,301,064
Charter Financial		1,400		17,542
Chubb		3,023		356,291
Cincinnati Financial		8,400		554,484
Citigroup		69,867		3,233,445
Citizens & Northern		4,200		84,798
Civista Bancshares		10,600		122,006
CME Group, Cl A		2,900		266,539
CNB Financial		8,252		147,628
CNO Financial Group		31,675		581,870


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Financials (continued)
CorEnergy Infrastructure Trust ‡		8,680	$	184,797
CoreSite Realty ‡		7,774		582,506
Crawford, Cl B		12,400		83,576
Crown Castle International ‡		3,421		297,216
CYS Investments ‡		21,100		171,121
Dime Community Bancshares		6,400		115,904
Discover Financial Services		4,910		276,285
Dynex Capital ‡		21,100		137,150
ETRADE Financial		17,850		449,463
Eaton Vance		10,500		362,565
EMC Insurance Group		14,700		388,962
Employers Holdings		10,600		314,820
Enterprise Financial Services		5,000		136,850
Equinix ‡		1,516		500,811
Equity Commonwealth ‡ *		20,975		585,412
ESSA Bancorp		5,500		74,525
Everest Re Group		1,689		312,296
FBR		2,800		51,800
Federal Agricultural Mortgage, Cl C		9,300		378,324
Federated National Holding		13,098		249,517
Fidelity Southern		33,233		537,045
Fifth Third Bancorp		35,400		648,174
Financial Institutions		7,800		218,400
First Bancorp		4,900		97,265
First Busey		4,700		96,068
First Business Financial Services		6,600		167,046
First Commonwealth Financial		21,900		201,042
First Community Bancshares		17,800		370,418
First Defiance Financial		9,700		383,926
First Financial		2,900		102,747
First Financial Northwest		5,700		77,748
First Industrial Realty Trust ‡		21,542		494,173
First NBC Bank Holding *		3,700		80,438
Flushing Financial		5,800		115,710
FNF Group		7,300		232,870
FNFV Group *		17,509		188,572
Franklin Financial Network *		12,196		370,027
GAIN Capital Holdings		12,900		88,365
Getty Realty ‡		5,631		110,818
Gladstone Commercial ‡		9,400		158,202
Gladstone Investment		32,600		226,570
Goldman Sachs Group		2,400		393,864


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Financials (continued)
Great Southern Bancorp		6,900	$	261,234
Hanmi Financial		11,000		254,320
Hartford Financial Services Group		5,900		261,842
Hatteras Financial ‡		13,834		219,822
HCI Group		8,200		245,672
Heartland Financial USA		4,100		137,391
Heritage Commerce		42,560		444,326
Heritage Financial		12,690		234,130
Heritage Oaks Bancorp		34,494		288,025
HomeStreet *		12,176		262,393
HomeTrust Bancshares *		2,500		46,375
Horizon Bancorp		8,600		209,840
Horizon Technology Finance		13,700		156,728
Hudson Pacific Properties ‡		10,014		292,910
IBERIABANK		2,851		168,180
Independence Holding		5,900		90,683
Intercontinental Exchange		1,300		312,039
Invesco		15,000		465,150
JPMorgan Chase		51,400		3,248,480
Kansas City Life Insurance		1,600		67,184
KCG Holdings, Cl A *		17,500		239,750
KeyCorp		49,950		613,886
Kilroy Realty ‡		3,911		253,472
Kimco Realty ‡		24,300		683,316
Kite Realty Group Trust ‡		9,836		267,834
Lakeland Bancorp		7,035		78,018
LendingTree *		4,468		399,752
Lincoln National		12,800		556,160
M&T Bank		3,200		378,624
Macatawa Bank		19,800		134,838
Manning & Napier, Cl A		9,300		79,515
Marsh & McLennan		4,600		290,490
MBIA *		21,600		168,480
Medallion Financial		15,700		120,890
Mercantile Bank		4,000		96,480
Merchants Bancshares		4,600		140,024
MidSouth Bancorp		10,900		98,645
MidWestOne Financial Group		5,497		155,895
Monarch Financial Holdings		10,391		191,090
Mortgage Investment Trust ‡		11,000		147,290
Nasdaq		4,480		276,461
National Storage Affiliates Trust ‡		13,788		269,142


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Financials (continued)
National Western Life Group, Cl A		800	$	173,360
New York Community Bancorp		16,100		241,983
New York Mortgage Trust ‡		31,200		162,240
Newtek Business Services		7,280		92,383
Northeast Bancorp		6,700		75,375
Northern Trust		22,580		1,604,987
Northrim BanCorp		5,400		139,320
NorthStar Asset Management Group		10,796		134,302
OceanFirst Financial		10,200		198,696
Old Line Bancshares		5,500		101,640
One Liberty Properties ‡		4,800		112,416
Oppenheimer Holdings, Cl A		5,900		90,152
Owens Realty Mortgage ‡		5,998		98,607
Pacific Continental		17,396		289,817
Pacific Premier Bancorp *		12,882		299,635
Park Sterling		29,470		215,131
Pebblebrook Hotel Trust ‡		10,320		285,245
Piper Jaffray *		5,155		215,015
PNC Financial Services Group		4,000		351,120
Post Properties ‡		4,362		250,204
Preferred Bank		8,542		271,294
Primerica		3,815		189,071
Provident Financial Holdings		8,800		152,240
QTS Realty Trust, Cl A ‡		3,173		153,637
Radian Group		15,318		195,917
Raymond James Financial		17,500		912,975
Regional Management *		7,000		115,640
Republic Bancorp, Cl A		2,600		71,006
Rexford Industrial Realty ‡		14,810		277,984
Ryman Hospitality Properties ‡		11,448		589,915
S&T Bancorp		3,400		87,278
Sabra Health Care ‡		9,783		206,323
Saul Centers ‡		1,400		74,452
Selective Insurance Group		3,997		138,736
Sierra Bancorp		10,100		177,861
Signature Bank *		1,402		193,238
Silver Bay Realty Trust ‡		11,400		166,440
Simon Property Group ‡		1,846		371,360
Southwest Bancorp		11,639		186,806
STAG Industrial ‡		10,822		216,007
State Bank Financial		14,753		308,043


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Financials (continued)
Suffolk Bancorp		5,648	$	135,496
Summit Hotel Properties ‡		51,700		589,380
Sun Communities ‡		7,476		507,396
SunTrust Banks		24,425		1,019,499
Synovus Financial		8,898		277,262
Tompkins Financial		1,100		71,874
Torchmark		4,100		237,349
Travelers		2,600		285,740
TriCo Bancshares		15,419		415,079
United Community Banks		22,169		446,262
United Financial Bancorp		9,400		122,012
United Insurance Holdings		7,600		123,956
Universal Insurance Holdings		10,700		188,427
Univest Corp of Pennsylvania		15,300		302,022
US Bancorp		10,115		431,809
VEREIT ‡		283,015		2,513,173
Walker & Dunlop *		900		19,845
Wells Fargo		18,171		908,187
West Bancorporation		8,300		154,795
Willis Towers Watson		5,552		693,445
Wintrust Financial		6,333		329,443
WR Berkley		13,900		778,400
Yadkin Financial		17,196		430,244
Zions Bancorporation		18,750		516,000

				68,810,286

Health Care — 6.4%
Abbott Laboratories		14,500		564,050
ABIOMED *		500		48,570
Aceto		28,581		641,072
Adamas Pharmaceuticals *		5,673		95,760
Advaxis *		11,193		86,634
Aetna		2,600		291,902
Agenus *		16,035		56,443
Albany Molecular Research *		22,741		342,252
Alere *		6,492		253,188
Allergan *		15,490		3,354,514
AMAG Pharmaceuticals *		4,400		116,688
Amgen		10,566		1,672,598
ANI Pharmaceuticals *		8,306		377,674
Anika Therapeutics *		5,200		237,432
Anthem		2,300		323,771
Anthera Pharmaceuticals *		28,853		106,756


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Health Care (continued)
Applied Genetic Technologies *		9,000	$	141,390
athenahealth *		8,516		1,135,183
AtriCure *		12,881		204,808
Avalanche Biotechnologies *		23,600		133,104
Avinger *		10,495		121,532
Baxalta		9,800		411,110
Becton Dickinson & Company		4,783		771,307
BioSpecifics Technologies *		4,766		169,479
BioTelemetry *		26,929		423,593
Bristol-Myers Squibb		19,939		1,439,197
Cambrex *		1,000		48,240
Cara Therapeutics *		15,321		93,458
Celgene *		24,860		2,570,773
Celldex Therapeutics *		34,500		138,000
Cempra *		7,177		121,507
Centene *		900		55,764
Chimerix *		26,600		159,068
Cigna		3,400		471,036
Coherus Biosciences *		2,200		41,426
Computer Programs & Systems		5,300		272,049
Concert Pharmaceuticals *		20,587		286,983
CR Bard		7,257		1,539,718
Cross Country Healthcare *		25,169		312,850
Cynosure, Cl A *		10,288		503,495
Dermira *		6,100		154,269
Eagle Pharmaceuticals *		3,633		137,545
Edwards Lifesciences *		1,986		210,933
Eli Lilly		12,363		933,777
Emergent BioSolutions *		4,400		169,488
Enanta Pharmaceuticals *		6,500		189,800
Exactech *		11,400		259,236
Express Scripts Holding *		21,484		1,584,015
Fate Therapeutics *		27,458		52,170
Five Prime Therapeutics *		400		19,036
Flexion Therapeutics *		9,116		94,806
FONAR *		19,900		280,988
Genomic Health *		5,500		144,540
Gilead Sciences		10,100		890,921
Glaukos *		2,800		52,752
Hanger *		3,900		26,871
HCA Holdings *		7,900		636,898
Henry Schein *		3,280		553,336


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Health Care (continued)
Heska *		6,594	$	201,776
ICU Medical *		1,083		107,585
Illumina *		14,869		2,007,166
ImmunoGen *		1,900		13,015
INC Research Holdings, Cl A *		4,500		216,585
Infinity Pharmaceuticals *		7,800		45,240
InfuSystem Holdings *		56,800		204,480
Inogen *		10,038		490,457
Intersect ENT *		8,788		176,199
Intuitive Surgical *		1,954		1,223,907
iRadimed *		10,062		164,715
Johnson & Johnson		28,400		3,183,072
La Jolla Pharmaceutical *		8,028		148,598
Laboratory Corp of America Holdings *		7,200		902,304
LeMaitre Vascular		24,584		407,603
Lipocine *		11,678		113,861
LivaNova *		752		39,653
MacroGenics *		8,100		166,536
Marinus Pharmaceuticals *		14,741		80,928
Medtronic		7,100		561,965
Merck		40,427		2,217,017
Molina Healthcare *		5,900		305,384
Momenta Pharmaceuticals *		16,900		160,719
Myriad Genetics *		3,200		115,200
NanoString Technologies *		3,600		57,312
Natus Medical *		4,900		156,163
Nektar Therapeutics *		9,847		154,401
NeoGenomics *		51,110		416,036
Novadaq Technologies *		4,400		49,280
Ophthotech *		3,000		140,220
Orthofix International *		6,900		301,944
Pacific Biosciences of California *		6,800		65,620
PAREXEL International *		6,234		380,897
PDL BioPharma		13,700		51,649
Pfenex *		20,011		163,290
Pfizer		55,847		1,826,755
PharMerica *		12,931		305,689
Portola Pharmaceuticals, Cl A *		4,400		104,544
PRA Health Sciences *		300		14,235
Prestige Brands Holdings *		4,100		232,798
Progenics Pharmaceuticals *		24,326		129,171


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Health Care (continued)
Providence Service *		6,674	$	332,632
Quality Systems		9,200		129,536
Quest Diagnostics		8,500		638,945
RadNet *		29,095		146,930
Raptor Pharmaceutical *		17,234		84,619
Regeneron Pharmaceuticals *		2,576		970,405
Regulus Therapeutics *		1,400		8,176
Repligen *		12,932		344,509
Retrophin *		1,200		16,536
Rigel Pharmaceuticals *		26,000		73,580
RTI Surgical *		43,473		173,457
Sangamo BioSciences *		6,400		40,320
SciClone Pharmaceuticals *		18,400		242,880
Select Medical Holdings		31,600		422,808
Sharps Compliance *		9,770		44,356
STERIS		5,550		392,218
Supernus Pharmaceuticals *		13,885		238,267
SurModics *		11,015		221,622
Synergy Pharmaceuticals *		21,056		66,116
Teligent *		35,846		197,870
Tetraphase Pharmaceuticals *		23,700		132,720
Thermo Fisher Scientific		1,800		259,650
Trevena *		14,900		116,071
UnitedHealth Group		18,101		2,383,540
Varian Medical Systems *		10,000		811,800
Vascular Solutions *		11,154		389,832
Vocera Communications *		10,850		127,162
VWR *		4,000		106,560
Waters *		2,572		334,772
WellCare Health Plans *		3,700		332,963
Zoetis, Cl A		12,750		599,633

				54,710,209

Industrials — 4.9%
3M		3,966		663,829
ABM Industries		4,524		145,537
ACCO Brands *		53,100		506,574
Aegion, Cl A *		7,400		157,102
AGCO		23,800		1,272,586
Air Transport Services Group *		17,800		250,802
Alamo Group		3,600		203,184
Alaska Air Group		3,006		211,713
Albany International, Cl A		1,900		76,551


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Industrials (continued)
Allegiant Travel, Cl A		1,804	$	289,668
Allegion		4,300		281,435
American Airlines Group		29,179		1,012,220
American Woodmark *		2,500		182,100
AMETEK		3,600		173,124
ArcBest		9,866		188,342
Argan		5,667		193,698
Astec Industries		4,560		220,704
Barrett Business Services		2,700		83,727
Boeing		4,500		606,600
Brink’s		3,200		108,288
CAI International *		5,100		52,122
Carlisle		5,670		577,773
Caterpillar		4,500		349,740
CBIZ *		29,481		300,117
Celadon Group		12,074		121,585
CH Robinson Worldwide		3,709		263,228
Chicago Bridge & Iron		17,500		704,375
Cintas		2,000		179,560
Columbus McKinnon		5,800		95,758
Comfort Systems USA		3,700		109,113
Costamare		5,600		54,320
Covenant Transportation Group, Cl A *		13,238		263,569
CRA International *		4,000		86,800
CSX		9,300		253,611
Cummins		5,400		631,962
Curtiss-Wright		4,103		314,208
Danaher		4,500		435,375
Deere		3,410		286,815
Delta Air Lines		7,900		329,193
Deluxe		6,405		402,106
Donaldson		13,500		441,180
Ducommun *		9,000		143,190
Dun & Bradstreet		5,405		596,766
Dynamic Materials		4,605		44,991
Eastern		6,900		115,299
EMCOR Group		3,366		163,184
Emerson Electric		6,400		349,632
Equifax		1,700		204,425
Esterline Technologies *		2,629		180,507


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Industrials (continued)
Expeditors International of Washington		7,600	$	377,036
FedEx		3,914		646,241
General Dynamics		2,400		337,248
General Electric		90,800		2,792,100
Gibraltar Industries *		10,074		266,458
Global Brass & Copper Holdings		12,300		333,330
GP Strategies *		9,940		232,000
Greenbrier		6,400		191,936
Griffon		4,900		77,469
H&E Equipment Services		10,100		204,323
Hawaiian Holdings *		17,100		719,397
HD Supply Holdings *		4,000		137,120
Herman Miller		3,100		93,527
HNI		1,900		83,068
Honeywell International		5,227		597,289
Hub Group, Cl A *		3,700		142,524
Hubbell, Cl B		4,000		423,040
Huntington Ingalls Industries		1,600		231,632
Hurco		3,663		118,608
IHS, Cl A *		4,050		498,879
Insperity		2,000		105,540
Insteel Industries		8,300		240,617
Integrated Electrical Services *		11,848		143,005
JetBlue Airways *		31,500		623,385
Kadant		7,209		341,346
Kansas City Southern		6,400		606,400
Kforce		1,300		24,713
Knoll		800		18,680
L-3 Communications Holdings, Cl 3		1,991		261,876
Layne Christensen *		17,153		152,490
LB Foster, Cl A		4,800		94,464
Leidos Holdings		1,675		83,097
Lockheed Martin		1,900		441,522
LSI Industries		26,496		335,174
Lydall *		4,900		180,271
Matson		3,800		147,744
Mueller Industries		3,401		107,336
MYR Group *		14,088		359,385
NCI Building Systems *		19,200		283,008
Nielsen Holdings		17,132		893,262
NN		6,547		98,467


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Industrials (continued)
Norfolk Southern		7,200	$	648,792
Nortek *		2,851		134,453
Northrop Grumman		1,600		330,016
NV5 Global *		11,668		289,717
PAM Transportation Services *		5,914		146,135
Park-Ohio Holdings		7,500		190,875
Patrick Industries *		10,386		476,198
Quad		9,600		120,480
Radiant Logistics *		41,167		162,198
Raytheon		2,622		331,290
RBC Bearings *		2,094		153,490
Roper Technologies		1,533		269,946
RPX *		21,400		237,112
RR Donnelley & Sons		2,444		42,526
Simpson Manufacturing		500		18,800
SkyWest		13,893		326,485
SL Industries *		3,400		135,932
SPX FLOW *		12,600		377,496
Stanley Black & Decker		1,900		212,648
Stericycle *		3,817		364,752
Tennant		1,996		106,606
Tetra Tech		12,872		378,437
Timken		6,372		227,034
Triumph Group		11,100		401,598
Union Pacific		5,784		504,538
United Continental Holdings *		5,600		256,536
United Parcel Service, Cl B		9,078		953,825
United Technologies		13,264		1,384,364
Universal Logistics Holdings		11,800		168,268
Verisk Analytics, Cl A *		7,700		597,366
Versar *		1,500		3,825
Wabash National *		62,471		890,212
WABCO Holdings *		3,590		402,654
Waste Management		7,000		411,530
Watsco		1,068		143,614
Werner Enterprises		21,500		544,810
West		8,284		177,526
WW Grainger		824		193,244
Xylem		10,350		432,423
YRC Worldwide *		5,100		46,920

				42,117,966


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Information Technology — 8.4%
Activision Blizzard		8,500	$	292,995
Adobe Systems *		9,945		937,018
Advanced Energy Industries *		15,300		494,955
Akamai Technologies *		14,700		749,553
Alphabet, Cl A *		11,555		8,179,553
Alphabet, Cl C *		968		670,834
Amphenol, Cl A		11,575		646,232
Apple		50,414		4,725,808
ARRIS International *		3,525		80,264
Arrow Electronics *		5,300		329,130
Aspen Technology *		13,104		498,345
Autobytel *		27,451		455,687
Automatic Data Processing		8,130		719,017
AVG Technologies *		7,800		154,440
Bel Fuse, Cl B		6,500		108,290
Black Box		7,300		106,726
Blackhawk Network Holdings, Cl A *		4,400		141,372
CDK Global		8,387		398,970
CDW		2,800		107,800
CEVA *		9,020		208,001
Cirrus Logic *		3,800		137,180
Cisco Systems		46,247		1,271,330
ClearOne		10,900		118,265
Coherent *		900		84,060
Computer Sciences		12,025		398,388
Comtech Telecommunications		4,900		118,580
Corning		30,300		565,701
Cray *		1,600		60,592
Cree *		32,000		784,320
CSRA		29,925		776,853
CUI Global *		17,807		148,688
Cypress Semiconductor		29,685		268,056
Datalink *		5,900		47,377
DHI Group *		51,000		362,610
EarthLink Holdings		50,500		293,405
eBay *		5,326		130,114
EchoStar, Cl A *		44,854		1,835,426
Electronic Arts *		16,335		1,010,320
EMC		7,668		200,212
ePlus *		4,548		365,614
Everyday Health *		7,100		41,180
Extreme Networks *		18,200		63,882


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Information Technology (continued)
Facebook, Cl A *		39,625	$	4,659,107
Fidelity National Information Services		3,100		203,980
Fiserv *		2,600		254,072
Five9 *		23,916		221,223
FLIR Systems		4,300		129,903
FormFactor *		6,800		52,360
Gigamon *		3,400		110,806
GigPeak *		90,541		208,245
GTT Communications *		13,591		217,184
Hackett Group		36,852		548,358
Harris		6,660		532,867
Hewlett Packard Enterprise		33,284		554,511
Higher One Holdings *		15,800		59,882
HP		33,284		408,395
Information Services Group *		49,234		201,859
Inphi *		3,400		100,878
Integrated Device Technology *		12,358		238,262
Intel		49,821		1,508,580
International Business Machines		2,500		364,850
Intersil, Cl A		10,087		117,917
Itron *		12,000		493,440
Ixia *		2,600		26,312
IXYS		13,500		145,800
j2 Global		1,200		76,224
Jabil Circuit		40,500		703,080
Juniper Networks		46,500		1,088,100
Key Tronic *		9,600		68,448
Littelfuse		300		34,944
Luxoft Holding, Cl A *		700		40,467
Manhattan Associates *		4,000		242,160
MasterCard, Cl A		45,930		4,454,751
MaxLinear, Cl A *		55,697		932,925
MeetMe *		7,100		24,282
Mentor Graphics		7,884		157,365
Mesa Laboratories		1,279		128,898
Microchip Technology		8,475		411,800
Microsemi *		2,200		74,338
Microsoft		22,889		1,141,474
MicroStrategy, Cl A *		1,900		340,708
Motorola Solutions		9,128		686,334
NCI, Cl A		12,479		180,446


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Information Technology (continued)
NCR *		41,721	$	1,213,664
NeuStar, Cl A *		6,800		159,732
Nuance Communications *		33,300		572,094
NVIDIA		11,500		408,595
Oracle		79,975		3,187,803
Park City Group *		23,832		226,404
Paychex		13,831		720,872
PayPal Holdings *		3,826		149,903
PC Connection		12,300		292,371
PCM *		11,779		112,961
PC-Telephone		11,600		51,968
PDF Solutions *		13,605		182,987
Pegasystems		700		18,473
Photronics *		25,085		265,399
Planet Payment *		51,087		204,859
Plexus *		10,077		420,816
PRGX Global *		20,700		100,188
Progress Software *		18,433		470,410
PTC *		16,600		605,236
QAD, Cl A		7,885		154,625
QUALCOMM		4,021		203,141
Reis		7,475		188,146
RetailMeNot *		10,600		89,358
Rubicon Project *		1,400		27,118
salesforce.com *		16,990		1,287,842
Sanmina *		3,300		78,045
Science Applications International		9,889		525,007
Semtech *		1,100		23,804
ShoreTel *		60,079		367,683
Sonus Networks *		4,900		40,474
Spok Holdings		2,300		39,077
Sykes Enterprises *		1,100		32,065
Synaptics *		1,100		78,705
SYNNEX		4,255		351,335
Take-Two Interactive Software *		5,700		194,826
TechTarget *		23,004		178,511
Telenav *		30,975		176,557
TeleTech Holdings		3,283		91,234
Teradata *		52,100		1,318,130
Tessera Technologies		4,500		129,240
TiVo *		19,000		189,620
Total System Services		3,900		199,446


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Information Technology (continued)
TTM Technologies *		20,500	$	133,660
Tucows, Cl A *		2,900		71,210
Unisys *		43,000		331,530
United Online *		4,100		44,403
USA Technologies *		64,798		283,815
VeriFone Systems *		7,146		203,375
Verint Systems *		6,350		214,884
VeriSign *		1,393		120,355
Visa, Cl A		23,116		1,785,480
Vishay Precision Group *		9,300		139,128
Wayside Technology Group		5,374		88,671
Web.com Group *		29,577		591,244
Workday, Cl A *		10,974		822,831
XO Group *		7,925		139,956
Zix *		37,500		139,875

				71,671,819

Materials — 2.0%
AEP Industries		2,500		154,075
Air Products & Chemicals		4,118		600,775
Alcoa		79,000		882,430
American Vanguard		17,445		288,715
Ashland		1,338		149,321
Avery Dennison		1,600		116,176
Balchem		1,061		65,103
Ball		2,000		142,760
Berry Plastics Group *		2,700		97,254
Chase		1,100		61,919
Chemours		15,433		140,749
Clearwater Paper *		1,600		95,584
Core Molding Technologies *		8,400		98,532
Crown Holdings *		2,400		127,104
Ecolab		3,284		377,594
EI du Pont de Nemours		8,668		571,308
Ferro *		10,801		137,605
FMC		27,510		1,190,083
Friedman Industries		700		4,333
Graphic Packaging Holding		2,400		31,872
HB Fuller		3,800		169,936
Headwaters *		7,600		152,076
Huntsman		30,900		486,366
Innophos Holdings		4,400		162,624
International Flavors & Fragrances		4,173		498,548


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Materials (continued)
International Paper		4,700	$	203,369
Kaiser Aluminum		3,461		328,207
KapStone Paper and Packaging		10,775		171,215
Martin Marietta Materials		1,100		186,153
Materion		8,659		251,024
Monsanto		4,995		467,932
Mosaic		16,800		470,232
Nucor		3,700		184,186
Olympic Steel		2,400		54,288
OMNOVA Solutions *		22,000		157,300
Packaging Corp of America		2,500		162,200
PPG Industries		3,294		363,625
Praxair		4,032		473,599
Rayonier Advanced Materials		11,100		113,775
Real Industry *		23,368		206,573
RPM International		2,400		121,272
Sealed Air		7,800		369,408
Sensient Technologies		8,690		584,402
Sherwin-Williams		10,805		3,104,384
Stepan		1,900		116,451
Synalloy		5,600		47,432
United States Steel		38,000		726,180
US Concrete *		7,498		463,076
Vulcan Materials		4,550		489,717
WR Grace		7,840		601,171

				17,220,013

Telecommunication Services — 1.8%
8x8 *		25,329		287,231
AT&T		76,856		2,983,550
Boingo Wireless *		26,216		201,601
General Communication, Cl A *		9,800		165,620
IDT, Cl B		2,086		31,999
inContact *		25,760		239,826
Inteliquent		28,300		469,497
Iridium Communications *		29,200		235,644
Level 3 Communications *		51,240		2,677,802
magicJack VocalTec *		16,200		98,172
SBA Communications, Cl A *		1,800		185,472
Shenandoah Telecommunications		3,000		86,070
T-Mobile US *		77,436		3,041,686
Verizon Communications		88,340		4,500,040

				15,204,210


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Utilities — 1.3%
Alliant Energy		6,514	$	459,367
Ameren		2,547		122,256
American Electric Power		7,537		478,600
American States Water		1,500		62,535
American Water Works		9,375		682,125
Avangrid		10,600		425,060
Avista		3,612		144,733
Black Hills		6,010		364,146
Chesapeake Utilities		4,822		287,005
CMS Energy		3,900		158,652
Dominion Resources		9,100		650,377
DTE Energy		7,229		644,538
Duke Energy		10,176		801,665
Edison International		2,000		141,420
Entergy		1,757		132,091
Eversource Energy		1,900		107,236
Exelon		3,585		125,798
Gas Natural		12,900		94,170
IDACORP		2,384		173,388
NiSource		33,600		763,056
Northwest Natural Gas		2,328		119,985
NorthWestern		1,991		113,168
PG&E		1,607		93,527
PNM Resources		7,380		233,798
Portland General Electric		8,521		338,454
PPL		3,100		116,684
Public Service Enterprise Group		3,900		179,907
SCANA		5,052		347,022
South Jersey Industries		5,092		142,118
Southern		7,987		400,149
Spire		14,096		901,580
Unitil		5,833		230,520
WEC Energy Group		11,966		696,541
Xcel Energy		11,234		449,697

				11,181,368

				386,819,399

Total Common Stock (Cost $730,930,218)				795,930,783


REGISTERED INVESTMENT COMPANIES — 3.4%
	Shares		Value

CLOSED-END FUND — 0.0%
FII BTG Pactual Corporate Office Fund ‡		191	$	5,851


EXCHANGE TRADED FUNDS — 0.1%
Consumer Staples Select Sector SPDR Fund		4,045		211,554
iShares MSCI Emerging Markets Fund		6,349		218,342
Market Vectors Vietnam Fund		11,358		163,782

				593,678

OPEN-END FUND — 3.3%
Oakmark International Small Cap Fund, Cl I		1,985,381		28,708,606


Total Registered Investment Companies (Cost $27,233,398)				29,308,135


PREFERRED STOCK (C) — 0.6%
BRAZIL — 0.3%
Banco Bradesco		52,668		397,700
Banco do Estado do Rio Grande do Sul		84,200		210,301
Bradespar		74,300		183,414
Centrais Eletricas Santa Catarina		3,600		13,608
Cia Brasileira de Distribuicao		100		1,462
Cia Energetica de Minas Gerais		56,768		112,735
Cia Paranaense de Energia		7,000		57,661
Eletropaulo Metropolitana Eletricidade de Sao Paulo, Cl B		20,400		50,892
Eucatex Industria e Comercio		3,300		2,399
Gerdau		91,262		208,303
Itau Unibanco Holding		50,534		483,410
Itausa — Investimentos Itau		43,390		108,625
Suzano Papel e Celulose, Cl A		34,083		130,515
Telefonica Brasil		45,872		566,056
Unipar Carbocloro		8,040		14,961

				2,542,042

CHILE — 0.0%
Embotelladora Andina, Cl B		23,882		80,769


GERMANY — 0.1%
Henkel & KGaA		6,422		733,002


PREFERRED STOCK (C) — continued
	Shares/ Number of Rights		Value

GERMANY (continued)
Porsche Automobil Holding		1,066	$	59,481
Sartorius		1,023		252,376
Volkswagen		562		81,374

				1,126,233

SOUTH AFRICA — 0.0%
Absa Bank		257		13,791


SOUTH KOREA — 0.2%
Hyundai Motor		6,800		596,209
LG Chemical		358		62,055
LG Household & Health Care		189		97,701
Samsung Electronics		417		381,719

				1,137,684

Total Preferred Stock (Cost $5,261,931)				4,900,519


RIGHTS — 0.0%
Synergetics, Expires 10/15/18 * (Cost $—)		33,700		—


Total Investments — 97.1% (Cost $763,425,547)			$	830,139,437

A list of the outstanding forward foreign currency contracts held by the Fund at April 30, 2016, is as follows:


Settlement Date	Currency to Deliver			Currency to Receive			Unrealized Appreciation (Depreciation)
5/16/16		AUD	1,918,100		USD	1,380,362	$	(77,077	)
5/31/16		CAD	2,168,100		USD	1,617,001		(110,995	)
6/15/16-7/6/16		CHF	2,098,400		USD	2,143,136		(49,011	)
5/16/16		EUR	7,603,300		USD	8,633,453		(76,846	)
7/7/16		GBP	752,000		USD	1,074,909		(24,115	)
5/6/16		JPY	8,540,019		USD	76,817		(3,457	)
6/3/16		KRW	162,655,200		USD	130,731		(11,952	)
5/16/16		USD	868,381		AUD	1,166,000		17,586
5/31/16		USD	891,534		CAD	1,183,300		51,568
6/3/16		USD	70,248		KRW	81,776,900		1,487

							$	(282,812	)

A list of the counterparties for the forward foreign currency contracts held by the Fund at April 30, 2016, is as follows:


Counterparty	Currency to Deliver			Currency to Receive		Unrealized Depreciation
Brown Brothers Harriman	$	(2,081,700	)	$	2,028,812	$	(52,888	)
State Street		(15,158,326	)		14,928,402		(229,924	)

						$	(282,812	)

For the six-month period ended April 30, 2016, the total amount of all open forward foreign currency contracts, as presented in the tables above, is representative of the volume of activity for this derivative type during the period.

Percentages are based on net assets of $854,698,598.


*		Non-income producing security.
‡		Real Estate Investment Trust
(A)		Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.”
(B)		Security is fair valued using methods determined in good faith by the Fair Value Committee of the Board of Trustees. The total value of such securities as of April 30, 2016, was $0 and represented 0.0% of net assets.
(C)		Interest rate unavailable.

ADR — American Depositary Receipt

AUD — Australian Dollar

CAD — Canadian Dollar

CHF — Swiss Franc

Cl — Class

EUR — Euro

GBP — British Pound

GDR — Global Depositary Receipt

JPY — Japanese Yen

KRW — South Korean Won

MSCI — Morgan Stanley Capital International

PLC — Public Limited Company

Ser — Series

SPDR — Standard & Poor’s Depository Receipt

USD — United States Dollar

The following is a list of the inputs used as of April 30, 2016, in valuing the Fund’s investments and other financial instruments carried at market value:


Investments in Securities	Level 1		Level 2†		Level 3‡		Total
Common Stock
Argentina	$	567,729	$	—	$	—	$	567,729
Australia		16,240,230		—		—		16,240,230
Austria		2,205,695		—		—		2,205,695
Belgium		2,709,849		83,796		—		2,793,645
Brazil		7,466,690		—		—		7,466,690
Canada		21,762,710		—		—		21,762,710
Chile		1,879,758		—		—		1,879,758
China		32,414,122		—		—		32,414,122
Colombia		51,238		—		—		51,238
Czech Republic		56,876		—		—		56,876
Denmark		5,947,191		—		—		5,947,191


Investments in Securities	Level 1		Level 2†			Level 3‡		Total
Egypt	$	108,926	$	—		$	—	$	108,926
Finland		3,129,114		—			—		3,129,114
France		22,408,704		139,003			—		22,547,707
Germany		20,179,359		71,221			—		20,250,580
Greece		1,661,290		—			—		1,661,290
Hong Kong		16,039,113		58,895			—		16,098,008
Hungary		465,897		—			—		465,897
India		8,162,844		—			—		8,162,844
Indonesia		4,142,320		—			—		4,142,320
Ireland		7,626,699		—			—		7,626,699
Israel		2,068,166		—			—		2,068,166
Italy		10,992,751		—			—		10,992,751
Japan		36,537,083		58,214			—		36,595,297
Jersey		215,271		—			—		215,271
Luxembourg		89,859		—			—		89,859
Malaysia		4,756,596		—			—		4,756,596
Mexico		6,755,611		—			—		6,755,611
Netherlands		16,313,553		98,229			—		16,411,782
New Zealand		1,325,901		—			—		1,325,901
Norway		3,819,474		—			—		3,819,474
Panama		1,334,479		—			—		1,334,479
Peru		105,284		—			—		105,284
Philippines		1,161,594		—			—		1,161,594
Poland		3,185,606		—			—		3,185,606
Portugal		1,290,775		—			—		1,290,775
Puerto Rico		346,730		—			—		346,730
Russia		3,464,759		—			—		3,464,759
Singapore		3,628,103		—			—		3,628,103
South Africa		7,256,644		—			—		7,256,644
South Korea		24,036,148		39,437			—		24,075,585
Spain		9,966,459		—			—		9,966,459
Sweden		6,783,260		257,604			—		7,040,864
Switzerland		25,852,953		—			—		25,852,953
Taiwan		11,691,175		—			—		11,691,175
Thailand		5,424,448		—			—		5,424,448
Turkey		3,761,142		—			—		3,761,142
United Arab Emirates		313,145		—			—		313,145
United Kingdom		40,517,571		84,091			—		40,601,662
United States		386,819,399		—			—		386,819,399

Total Common Stock		795,040,293		890,490			—		795,930,783
Registered Investment Companies		29,308,135		—			—		29,308,135
Preferred Stock
Brazil		2,539,643		2,399			—		2,542,042
Chile		80,769		—			—		80,769
Germany		1,126,233		—			—		1,126,233
South Africa		—		13,791			—		13,791
South Korea		1,137,684		—			—		1,137,684

Total Preferred Stock		4,884,329		16,190			—		4,900,519
Rights		—		—			—		—

Total Investments in Securities	$	829,232,757	$	906,680		$	—	$	830,139,437


Other Financial Instruments	Level 1		Level 2			Level 3		Total
Forwards Contracts* Unrealized Appreciation	$	—	$	70,641		$	—	$	70,641
Unrealized Depreciation		—		(353,453	)		—		(353,453	)

Total Other Financial Instruments	$	—	$	(282,812	)	$	—	$	(282,812	)

* Forwards contracts are valued at the unrealized appreciation (depreciation) on the instrument.

Sector Weightings †:

LOGO

† Percentages are based on total investments.



SCHEDULE OF INVESTMENTS
REGISTERED INVESTMENT COMPANIES — 46.9%
	Shares		Value

OPEN-END FUNDS — 46.9%
AllianzGI Convertible Fund, Cl I		1,395,459	$	40,314,801
PIMCO Emerging Local Bond Fund, Cl I		6,044,272		44,969,382

Total Registered Investment Companies (Cost $98,695,895)				85,284,183


COMMON STOCK — 28.9%
ENERGY — 27.5%
American Midstream Partners LP (A)		53,759		658,548
Arc Logistics Partners (A)		33,548		445,517
Archrock Partners LP (A)		93,790		1,253,034
Buckeye Partners LP (A)		44,518		3,205,296
Crestwood Equity Partners (A)		62,397		1,149,977
CrossAmerica Partners (A)		28,536		672,023
CSI Compressco (A)		32,861		289,177
DCP Midstream Partners LP (A)		65,790		2,149,359
Enbridge Energy Management *		212,651		4,506,075
Energy Transfer Partners LP (A)		119,867		4,246,888
EnLink Midstream Partners (A)		162,208		2,283,889
GasLog Partners LP (A)		8,948		160,259
Genesis Energy (A)		7,270		235,693
Global Partners LP (A)		32,640		440,640
Golar LNG Partners LP (A)		33,517		567,443
Hoegh LNG Partners LP (A)		8,782		158,252
Holly Energy Partners LP (A)		42,177		1,443,297
KNOT Offshore Partners LP (A)		19,135		367,392
Martin Midstream Partners LP (A)		63,998		1,510,353
Midcoast Energy Partners LP (A)		56,337		450,133
NGL Energy Partners LP (A)		129,466		1,654,575


COMMON STOCK — continued
	Shares/ Face Amount		Value

ENERGY (continued)
NuStar Energy LP (A)		89,326	$	4,505,603
ONEOK		65,770		2,377,585
Plains All American Pipeline LP (A)		30,950		709,993
Southcross Energy Partners LP (A)		17,951		39,851
Sprague Resources LP (A)		27,805		661,203
Summit Midstream Partners LP (A)		57,001		1,206,711
Sunoco (A)		36,811		1,321,147
Targa Resources		106,880		4,324,365
TC Pipelines LP (A)		52,979		2,901,660
Teekay LNG Partners LP (A)		77,705		1,067,667
Teekay Offshore Partners (A)		23,065		137,698
USA Compression Partners LP (A)		62,300		839,181
USD Partners (A)		12,540		128,660
Western Gas Partners LP (A)		1,885		92,101
Williams Partners (A)		60,630		1,832,845

				49,994,090

FINANCIALS — 0.2%
Annaly Capital Management ‡		19,000		197,980
Oslo Bors VPS Holding		11,150		126,014

				323,994

UTILITIES — 1.2%
AmeriGas Partners LP (A)		14,080		610,368
Ferrellgas Partners LP (A)		49,179		921,614
Suburban Propane Partners LP (A)		23,710		715,805

				2,247,787

Total Common Stock (Cost $56,705,350)				52,565,871


CORPORATE OBLIGATIONS — 21.0%
CONSUMER DISCRETIONARY — 2.7%
Carlson Travel Holdings 7.500%, 08/15/19 (B)	$	525,000		507,937
Churchill Downs 5.375%, 12/15/21		850,000		873,375
Gol LuxCo 8.875%, 01/24/22 (B)		200,000		49,500
Golden Nugget Escrow 8.500%, 12/01/21 (B)		400,000		415,000


CORPORATE OBLIGATIONS — continued
	Face Amount		Value

CONSUMER DISCRETIONARY (continued)
MGM Resorts International 7.750%, 03/15/22	$	550,000	$	614,625
Servicios Corporativos Javer 9.875%, 04/06/21 (B)		302,000		314,080
Station Casinos 7.500%, 03/01/21		750,000		794,721
Univision Communications 6.750%, 09/15/22 (B)		753,000		798,180
Viking Cruises 8.500%, 10/15/22 (B)		640,000		601,600

				4,969,018

CONSUMER STAPLES — 2.4%
Constellation Brands 4.250%, 05/01/23		425,000		444,125
Constellis Holdings 9.750%, 05/15/20 (B)		825,000		746,625
Darling Ingredients 5.375%, 01/15/22		575,000		599,437
JBS USA 5.875%, 07/15/24 (B)		775,000		720,750
Simmons Foods 7.875%, 10/01/21 (B)		625,000		537,500
Southern Graphics 8.375%, 10/15/20 (B)		825,000		810,563
TreeHouse Foods 4.875%, 03/15/22		550,000		568,563

				4,427,563

ENERGY — 2.8%
California Resources 8.000%, 12/15/22 (B)		246,000		169,125
California Resources 5.500%, 09/15/21		184,000		75,440
Cloud Peak Energy Resources 6.375%, 03/15/24		145,000		50,025
Continental Resources 5.000%, 09/15/22		700,000		653,625
Denbury Resources 5.500%, 05/01/22		400,000		257,000
Energen 4.625%, 09/01/21		590,000		548,700
Ithaca Energy 8.125%, 07/01/19 (B)		300,000		201,000
MEG Energy 7.000%, 03/31/24 (B)		1,165,000		914,525
Murphy Oil 5.125%, 12/01/42		285,000		235,525


CORPORATE OBLIGATIONS — continued
	Face Amount⁽¹⁾		Value

ENERGY (continued)
Northern Blizzard Resources 7.250%, 02/01/22 (B)		978,000	$	855,750
Teine Energy 6.875%, 09/30/22 (B)		580,000		558,250
Whiting Petroleum 5.750%, 03/15/21		600,000		499,500

				5,018,465

FINANCIALS — 1.8%
DFC Finance 10.500%, 06/15/20 (B)		500,000		314,375
Emma Delta Finance 12.000%, 10/15/17 (B)	EUR	1,000,000		1,093,528
Gala Electric Casinos 11.500%, 06/01/19 (B)	GBP	190,910		290,107
Iron Mountain 6.000%, 08/15/23 ‡		425,000		451,562
Lansing Trade Group 9.250%, 02/15/19 (B)		750,000		735,000
Minerva Luxembourg 7.750%, 01/31/23 (B)		450,000		457,312

				3,341,884

HEALTH CARE — 3.6%
Acadia Healthcare 5.125%, 07/01/22		525,000		532,219
CHS 5.125%, 08/01/21		725,000		727,110
DaVita HealthCare Partners 5.750%, 08/15/22		450,000		471,375
Envision Healthcare 5.125%, 07/01/22 (B)		550,000		559,625
Halyard Health 6.250%, 10/15/22		725,000		735,875
HCA 4.750%, 05/01/23		700,000		717,500
Kindred Healthcare 6.375%, 04/15/22		800,000		732,000
LifePoint Health 5.500%, 12/01/21		700,000		728,000
Select Medical 6.375%, 06/01/21		450,000		426,937
Tenet Healthcare 4.500%, 04/01/21		850,000		860,625

				6,491,266


CORPORATE OBLIGATIONS — continued
	Face Amount⁽¹⁾		Value

INDUSTRIALS — 4.7%
Actuant 5.625%, 06/15/22		600,000	$	612,000
ADS Tactical 11.000%, 04/01/18 (B)		900,000		924,750
American Airlines Group 6.125%, 06/01/18		400,000		415,560
ATS Automation Tooling Systems 6.500%, 06/15/23 (B)		409,000		421,270
CMA CGM 7.750%, 01/15/21 (B)		700,000		609,170
DigitalGlobe 5.250%, 02/01/21 (B)		500,000		451,875
IHS 5.000%, 11/01/22		550,000		574,750
Kissner Milling 7.250%, 06/01/19 (B)		800,000		788,000
Manitowoc Foodservice 9.500%, 02/15/24 (B)		380,000		419,900
Moto Finance 6.375%, 09/01/20 (B)	GBP	400,000		597,671
Multi-Color 6.125%, 12/01/22 (B)		450,000		460,125
Orbital ATK 5.250%, 10/01/21		400,000		419,000
Sensata Technologies BV 4.875%, 10/15/23 (B)		700,000		705,250
Techniplas 10.000%, 05/01/20 (B)		555,000		388,500
Titan International 6.875%, 10/01/20		525,000		454,125
United Continental Holdings 6.000%, 12/01/20		175,000		184,188
VRG Linhas Aereas 10.750%, 02/12/23 (B)		400,000		140,400

				8,566,534

INFORMATION TECHNOLOGY — 0.9%
Activision Blizzard 5.625%, 09/15/21 (B)		450,000		473,625
CPI International 8.750%, 02/15/18		205,000		200,900
Gamenet 7.250%, 08/01/18 (B)	EUR	500,000		582,118
NeuStar 4.500%, 01/15/23		400,000		328,000

				1,584,643


CORPORATE OBLIGATIONS — continued
	Face Amount⁽¹⁾		Value

MATERIALS — 1.3%
Crown Americas 4.500%, 01/15/23		825,000	$	841,500
LSB Industries 7.750%, 08/01/19		750,000		720,000
Sealed Air 6.500%, 12/01/20 (B)		700,000		793,625

				2,355,125

TELECOMMUNICATION SERVICES — 0.5%
Virgin Media Finance 6.375%, 04/15/23 (B)		914,000		941,420


UTILITIES — 0.3%
GenOn Americas Generation 9.125%, 05/01/31		750,000		493,125

Total Corporate Obligations (Cost $39,589,493)				38,189,043


LOAN PARTICIPATIONS — 0.6%
GOL LUXCO 6.500%, 08/31/20		550,000		547,250
NARTC Bank Loan 11.500%, 07/13/20		400,000		395,000
9.000%, 01/13/20		4,176		4,109
7.750%, 01/13/20		170,588		167,816

Total Loan Participations (Cost $1,112,835)				1,114,175


CONVERTIBLE BONDS — 0.5%
Encore Capital Group 3.000%, 07/01/20		325,000		281,328
Pescanova 8.750%, 02/17/19 (C)	EUR	400,000		32,062
5.125%, 04/20/17 (C)	EUR	500,000		40,077
Tesla Motors 1.250%, 03/01/21		275,000		251,797
Titan Machinery 3.750%, 05/01/19		475,000		391,875


Total Convertible Bonds (Cost $1,104,430)				997,139


SOVEREIGN DEBT — 0.5%
	Face Amount⁽¹⁾/ Shares		Value

Hellenic Republic Government Bond 3.650%, 02/24/20 (D)	EUR	500,000	$	417,254
Mexican Bonos 4.750%, 06/14/18		7,000,000		409,482

Total Sovereign Debt (Cost $803,024)				826,736


PREFERRED STOCK (E) — 0.1%
UNITED STATES — 0.1%
Teekay Offshore Partners (Cost $244,065)		10,400		168,168


Total Investments — 98.5% (Cost $198,255,092)			$	179,145,315

A list of the open futures contracts held by the Fund at April 30, 2016, is as follows:


Type of Contract	Number of Contracts Short			Expiration Date		Unrealized Depreciation
BP Currency		(10	)		Jun-2016	$	(20,232	)
Euro Currency		(20	)		Jun-2016		(61,433	)

						$	(81,665	)

For the six-month period ended April 30, 2016, the total amount of all open futures contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the period.

Percentages are based on net assets of $181,858,905.


*		Non-income producing security.
‡		Real Estate Investment Trust
(1)		In U.S. dollars unless otherwise indicated
(A)		Security considered Master Limited Partnership. At April 30, 2016, these securities amounted to $41,033,852 or 22.6% of net assets.
(B)		Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.”
(C)		Security in default on interest payments.
(D)		Step Bonds — The rate reflected on the Schedule of Investments is the effective yield on April 30, 2016. The coupon on a step bond changes on a specified date.
(E)		Interest rate unavailable.

Cl — Class

EUR — Euro

GBP — British Pound Sterling

LP — Limited Partnership

The following is a list of the inputs used as of April 30, 2016, in valuing the Fund’s investments and other financial instruments carried at market value:


Investments in Securities	Level 1			Level 2		Level 3		Total
Registered Investment Companies	$	85,284,183		$	—	$	—	$	85,284,183
Common Stock		52,565,871			—		—		52,565,871
Corporate Obligations		—			38,189,043		—		38,189,043
Loan Participations		—			1,114,175		—		1,114,175
Convertible Bonds		—			997,139		—		997,139
Sovereign Debt		—			826,736		—		826,736
Preferred Stock		168,168			—		—		168,168

Total Investments in Securities	$	138,018,222		$	41,127,093	$	—	$	179,145,315


Other Financial Instruments	Level 1			Level 2		Level 3		Total
Futures Contracts*
Unrealized Depreciation	$	(81,665	)	$	—	$	—	$	(81,665	)

Total Other Financial Instruments	$	(81,665	)	$	—	$	—	$	(81,665	)

* Futures contracts are valued at the unrealized depreciation on the instrument.

For the six-month period ended April 30, 2016, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities.

For the six-month period ended April 30, 2016, there were no Level 3 securities.

For more information on valuation inputs, see Note 2 in Notes to Financial Statements.


Sector Weightings†	Long			Short			Net
Registered Investment Companies		58.8	%		(1.0	)%		57.8	%
U.S. Treasury Obligations		8.6			0.0			8.6
Information Technology		3.4			(1.8	)		1.6
Industrials		2.9			(2.2	)		0.7
Health Care		2.5			(1.9	)		0.6
Consumer Staples		1.1			(0.6	)		0.5
Telecommunication Services		0.4			(0.1	)		0.3
Financials		5.1			(4.9	)		0.2
Energy		0.8			(0.7	)		0.1
Preferred Stock		0.0			0.0			0.0
Rights		0.0			0.0			0.0
Materials		1.0			(1.0	)		0.0
Purchased Options		0.0			0.0			0.0
Warrants		0.0			0.0			0.0
Utilities		0.2			(0.3	)		(0.1	)
Consumer Discretionary		3.5			(3.7	)		(0.2	)
Written Options		0.0			(0.4	)		(0.4	)

Total								69.7
Other Assets and Liabilities, Net								30.3

								100.0	%

† As a percentage of the Fund’s Net Assets.



SCHEDULE OF INVESTMENTS
REGISTERED INVESTMENT COMPANIES — 58.8%
	Shares		Value

EXCHANGE TRADED FUNDS — 10.9%
Consumer Staples Select Sector SPDR Fund		11,700	$	611,910
Financial Select Sector SPDR Fund		58,900		1,372,959
Health Care Select Sector SPDR Fund		6,200		432,698
Industrial Select Sector SPDR Fund		25,800		1,448,928
PowerShares S&P 500 Downside Hedged Portfolio		1,895,253		47,059,132
Technology Select Sector SPDR Fund		16,100		678,293

				51,603,920

OPEN-END FUNDS — 47.9%
AQR Managed Futures Strategy HV Fund		4,286,808		45,140,086
AQR Multi Strategy Alternative Fund		3,874,239		36,766,525
AQR Style Premia Alternative Fund		4,747,712		48,189,277
ASG Managed Futures Strategy Fund, Cl Y		4,354,836		46,901,580
PIMCO All Asset All Authority Fund, Cl I		6,081,135		50,716,667

				227,714,135

Total Registered Investment Companies (Cost $296,059,285)				279,318,055


U.S. TREASURY OBLIGATIONS — 8.6%
	Face Amount/ Shares		Value

U.S. Treasury Bills 0.454%, 01/ 05/17 (A)	$	10,100,000	$	10,072,023
0.150%, 07/21/16 (A)		10,000,000		9,995,830
U.S. Treasury Notes 1.625%, 02/15/26		21,000,000		20,635,776

Total U.S. Treasury Obligations (Cost $40,774,912)				40,703,629


COMMON STOCK — 20.9%
ARGENTINA — 0.0%
Ternium ADR		11,441		233,511


AUSTRALIA — 0.0%
Prime Media Group		21,074		4,807


AUSTRIA — 0.1%
Austria Technologie & Systemtechnik		6,600		91,293
Immobilien Anlagen		8,448		161,353
Kapsch TrafficCom		2,946		101,217
Porr Ag		512		16,210

				370,073

BERMUDA — 0.2%
Assured Guaranty		29,100		752,817
Marvell Technology Group		17,400		173,652
Teekay Tankers, Cl A		35,007		137,928

				1,064,397

BRAZIL — 0.1%
Cia Energetica de Minas Gerais ADR		121,797		238,722
Cosan, Cl A		30,247		162,729

				401,451

CANADA — 0.5%
Advantage Oil & Gas *		16,491		94,329
AGF Management, Cl B		18,200		75,428
Aimia		34,900		238,100
Bird Construction		12,800		118,645
Canfor Pulp Products		8,400		68,153
Cascades		8,200		58,035
CCL Industries, Cl B		1,800		329,601
Chorus Aviation, Cl B		10,600		53,393
Cogeco		1,400		57,263


COMMON STOCK — continued
	Shares		Value

CANADA (continued)
Cominar Real Estate Investment Trust ‡		20,500	$	282,330
Corus Entertainment, Cl B		25,400		253,251
Equitable Group		1,300		62,115
Gluskin Sheff + Associates		2,300		32,739
Home Capital Group, Cl B		11,000		329,553
Medical Facilities		5,700		77,275
Open Text		100		5,599
Performance Sports Group *		6,300		23,373
Rogers Sugar		16,600		66,284
Silvercorp Metals		46,942		112,191
TransCanada		3,700		153,638
Uranium Participation *		4,995		18,392
Wi-LAN		32,600		75,089

				2,584,776

CAYMAN ISLANDS — 0.0%
Xingda International Holdings		339,000		71,236


CHILE — 0.0%
Inversiones La Construccion		3,336		39,335


CHINA — 0.7%
361 Degrees International		136,000		48,916
Agile Property Holdings		20,000		11,396
Agricultural Bank of China		1,019,000		369,141
Bank of Chongqing		500		396
Baoye Group		28,000		18,482
CECEP COSTIN New Materials Group		118,000		10,953
China Cinda Asset Management		707,000		232,419
China Communications Construction		285,000		343,900
China Communications Services		58,000		27,441
China Construction Bank		650,000		418,144
China Creative Home Group		78,000		6,536
China Distance Education Holdings ADR		4,635		62,619
China Shineway Pharmaceutical Group		37,000		42,405
Chongqing Rural Commercial Bank		477,000		251,509
Concord Medical Services Holdings ADR		6,400		31,424
Daqo New Energy ADR *		4,764		123,626
Dongfeng Motor Group		256,000		281,184
HNA Infrastructure		3,000		3,191


COMMON STOCK — continued
	Shares		Value

CHINA (continued)
Industrial & Commercial Bank of China ADR		3,280	$	35,227
JA Solar Holdings ADR *		25,661		222,481
New Oriental Education & Technology Group ADR		8,568		335,523
Peak Sport Products		13,000		3,620
PICC Property & Casualty		32,000		58,580
Shimao Property Holdings		64,500		89,471
Sun Art Retail Group		11,500		8,628
Weiqiao Textile		61,500		46,223
Xinhua Winshare Publishing and Media		75,000		70,099
Xinyuan Real Estate ADR		13,936		68,844
XTEP International Holdings		113,000		66,866

				3,289,244

COLOMBIA — 0.0%
Almacenes Exito		25,157		141,474


DENMARK — 0.0%
IC Group		1,075		36,387
Schouw		1,659		96,992
Vestas Wind Systems		988		70,683

				204,062

FINLAND — 0.1%
Atria, Cl A		10,472		107,319
Finnair		19,078		113,596
Ponsse Oy		1,836		46,966

				267,881

GERMANY — 0.2%
CENTROTEC Sustainable		5,552		91,864
Cewe Stiftung & KGAA		1,489		93,842
Deutsche Lufthansa		33,762		524,221
PATRIZIA Immobilien *		6,413		148,554
S&T		12,151		96,630
Washtec		467		18,930

				974,041

GREECE — 0.0%
Aegean Airlines		7,962		73,027


HONG KONG — 0.7%
Central China Securities		31,000		15,386
Changgang Dunxin Enterprise *		586,000		28,707


COMMON STOCK — continued
	Shares		Value

HONG KONG (continued)
China Everbright		18,000	$	35,736
China High Speed Transmission Equipment Group		193,000		150,033
China XLX Fertiliser		66,000		22,207
Computime Group		238,000		34,057
Dawnrays Pharmaceutical Holdings		76,000		62,509
Dickson Concepts International		73,000		20,516
Emperor Entertainment Hotel		410,000		127,383
Emperor International Holdings		470,000		94,522
Fountain SET Holdings		762,000		91,359
Geely Automobile Holdings		305,000		152,168
Guangnan Holdings		402,000		47,161
Guangzhou Automobile Group		136,000		158,321
Haitong International Securities Group		366,000		211,855
Hop Fung Group Holdings		888,000		62,963
IT		218,000		53,960
Ju Teng International Holdings		144,000		64,789
Langham Hospitality Investments and Langham Hospitality Investments		255,135		85,189
Liu Chong Hing Investment		76,000		85,828
NagaCorp		266,000		190,321
Pico Far East Holdings		260,000		71,059
Playmates Toys		452,000		119,455
Road King Infrastructure		6,000		4,974
Seaspan, Cl A		7,955		134,519
SmarTone Telecommunications Holdings		85,000		140,700
Sun Hung Kai		161,000		94,438
Sunlight Real Estate Investment Trust ‡		138,000		72,764
Texwinca Holdings		14,000		13,645
Tianjin Port Development Holdings		470,000		71,498
Varitronix International		51,000		40,764
Victory City International Holdings		1,798,000		125,168
Wheelock		90,000		417,693
Yuexiu Transport Infrastructure		24,000		16,120

				3,117,767

INDIA 0.0%
Syndicate Bank		46,772		49,113


IRELAND — 0.0%
Seagate Technology		3,900		84,903


COMMON STOCK — continued
	Shares		Value

ISRAEL — 0.2%
El Al Israel Airlines		226,035	$	173,619
Jerusalem Oil Exploration *		1,236		51,207
Magic Software Enterprises		41,570		277,688
Orbotech *		10,844		261,123
Perion Network *		84,301		140,783
Shufersal		18,927		64,281
Tower Semiconductor *		3,252		38,016

				1,006,717

ITALY — 0.1%
Aedes SIIQ ‡ *		207,194		100,949
ASTM		8,563		112,661
DeA Capital		23,545		35,183
La Doria		4,114		59,827
UnipolSai		70,849		165,335

				473,955

JAPAN — 1.0%
Aderans		3,700		19,335
Ahresty		17,800		121,790
BML		2,500		109,140
Daiichi Sankyo		22,600		552,468
Dai-ichi Seiko		9,500		110,268
EDION		24,000		200,075
Ferrotec		1,000		10,150
Foster Electric		12,100		264,403
Godo Steel		54,000		102,519
GSI Creos		87,200		93,429
Imasen Electric Industrial		12,000		110,188
Japan Asia Group		22,400		105,053
Japan Display		224,800		456,361
Juki		15,300		141,352
Kamei		11,000		102,970
Kirindo Holdings		2,400		22,714
Mitsubishi Nichiyu Forklift		22,100		103,023
Mixi		10,800		383,684
Namura Shipbuilding		19,400		151,699
Nichireki		14,600		107,853
Nippon Beet Sugar Manufacturing		13,000		22,726
Nippon Piston Ring		6,900		95,329
Nippon Yusen		2,000		4,079
Nipro		9,700		97,912
Nittetsu Mining		27,000		103,280
NuFlare Technology		2,100		95,822


COMMON STOCK — continued
	Shares		Value

JAPAN (continued)
Okuwa		3,000	$	32,566
Sansha Electric Manufacturing		17,200		87,455
SK-Electronics		15,500		103,576
Tabuchi Electric		7,500		34,469
Takata		49,600		191,594
TOA ROAD CORP		32,000		108,571
Togami Electric Manufacturing		16,000		62,857
Toho Holdings		6,900		165,950
Tokai		3,800		112,857
Topy Industries		54,000		108,102
West Holdings		16,900		103,719
Yamaichi Electronics		23,600		125,541

				4,924,879

MALAYSIA — 0.2%
AirAsia		478,300		232,630
MISC		44,900		97,122
Padini Holdings		138,400		77,588
Supermax		181,800		120,998
Top Glove		174,500		221,559

				749,897

MEXICO — 0.1%
America Movil ADR, Cl L		23,122		327,407


NETHERLANDS — 0.2%
AerCap Holdings *		900		36,009
BE Semiconductor Industries		9,326		280,959
Koninklijke Ahold		23,331		507,590

				824,558

NORWAY — 0.1%
Awilco Drilling		13,725		46,024
BW LPG (B)		9,537		57,327
Havfisk		26,076		98,127
Kvaerner		112,840		111,973
Norway Royal Salmon		2,052		26,504

				339,955

PANAMA — 0.1%
Banco Latinoamericano de Comercio Exterior, Cl E		9,555		247,092


PORTUGAL — 0.0%
Altri SGPS		21,812		85,018


COMMON STOCK — continued
	Shares		Value

PORTUGAL (continued)
Semapa-Sociedade de Investimento e Gestao		8,528	$	107,904

				192,922

PUERTO RICO — 0.1%
Triple-S Management, Cl B *		13,196		343,624


SINGAPORE — 0.2%
China Yuchai International		1,670		17,117
Chip Eng Seng		180,600		95,346
CSE Global		30,500		9,752
Ellipsiz		150,900		38,150
Hong Leong Asia		112,700		64,946
Japfa		217,600		112,453
k1 Ventures *		116,760		76,402
Midas Holdings		526,900		111,660
Sino Grandness Food Industry Group *		197,200		90,180
Suntec Real Estate Investment Trust ‡		188,400		236,052
UMS Holdings		85,000		39,186

				891,244

SOUTH KOREA — 1.3%
Able C&C		2,420		69,346
Bixolon		8,247		103,866
Daehan Steel		7,118		74,029
Daihan Pharmaceutical		6,407		154,074
Daou Technology		24,333		499,730
DHP Korea		3,940		40,458
Display Tech		28,378		103,609
DK UIL		6,506		67,093
Dongbu HiTek *		3,319		56,657
DongKook Pharmaceutical		1,587		89,559
Dongkuk Steel Mill		11,744		98,330
DY POWER		12,320		85,204
e-LITECOM		9,065		108,201
Enex		13,897		52,324
Fine Semitech		27,545		111,447
Hanmi Semiconductor		858		12,801
Hannet		29,762		91,031
Hansol Paper		8,048		174,465
Hanwha		6,030		200,047
Hitejinro Holdings		2,297		31,248
Il Dong Pharmaceutical		4,967		123,151


COMMON STOCK — continued
	Shares		Value

SOUTH KOREA (continued)
INZI Display		46,373	$	92,184
Kia Motors		202		8,492
KM		19,340		114,573
Korea Circuit		10,910		101,019
Korea Electric Power		7,228		392,040
Korea United Pharm		3,999		67,738
Korean Drug		19,901		114,404
KT		1,530		41,023
KT&G		2,970		320,616
Kyungdong Pharm		1,829		28,252
LG Electronics		1,088		55,575
Maeil Dairy Industry		1,843		75,215
Mcnex		7,492		158,796
Meritz Securities		18,734		59,356
Mhethanol		12,870		92,509
Mobase *		14,072		103,620
Moorim Paper *		34,216		93,092
Partron		32,609		319,107
Protec		3,697		29,202
Pulmuone		130		20,480
Samjin Pharmaceutical		1,977		47,542
Samsung Electronics		263		287,375
SeAH Steel		2,275		165,923
Sekonix		6,706		103,586
Seoyon		9,223		99,968
Seoyon E-Hwa		7,946		106,700
Shinsegae Engineering & Construction		360		15,466
SK Innovation		176		23,942
SK Materials		2,496		260,246
Sungwoo Hitech		12,549		102,537
Tongyang Life Insurance		7,467		69,467
Ubiquoss		13,293		153,417
WiSoL		14,251		206,373
Yeong Hwa Metal		40,217		63,887
Zeus		5,166		68,236

				6,408,628

SWEDEN — 0.3%
Axfood		10,234		189,503
Bilia, Cl A		4,736		113,233
Clas Ohlson, Cl B		2,021		40,770
Fastighets Balder, Cl B *		1,641		41,830
Hemfosa Fastigheter		12,029		125,451


COMMON STOCK — continued
	Shares		Value

SWEDEN (continued)
Intrum Justitia		151	$	5,419
KappAhl		20,304		84,195
Klovern, Cl B		86,181		101,308
Rottneros		133,885		112,537
Saab, Cl B		8,762		299,724
SkiStar		1,714		23,798
Tethys Oil		12,883		92,246
Wihlborgs Fastigheter		3,733		75,772

				1,305,786

SWITZERLAND — 0.1%
Bachem Holding, Cl B		1,459		97,338
Bell		280		110,914
Bobst Group		708		38,673
Gurit Holding		145		91,674
Kardex		1,232		99,338
Swiss Life Holding		577		145,618

				583,555

TAIWAN — 0.1%
ChipMOS TECHNOLOGIES		8,889		149,513
Silicon Motion Technology ADR		4,867		187,623

				337,136

THAILAND — 0.1%
Fabrinet *		9,747		311,612


UNITED KINGDOM — 0.0%
Ensco, Cl A		7,725		92,391
Innospec		500		24,180

				116,571

UNITED STATES — 14.1%
Consumer Discretionary — 2.5%
American Axle & Manufacturing Holdings *		2,200		34,122
Asbury Automotive Group *		700		42,434
Beazer Homes USA *		14,745		121,204
Bridgepoint Education *		12,749		121,625
Brunswick		1,500		72,045
Carrols Restaurant Group *		16,758		233,104
Cavco Industries *		4,000		350,760
Children’s Place		9,000		701,190
Deckers Outdoor *		400		23,124
Del Taco Restaurants *		6,100		55,205
Delta Apparel *		13,767		278,782


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Consumer Discretionary (continued)
Denny’s *		13,286	$	131,399
Diamond Resorts International *		900		19,089
Dick’s Sporting Goods		2,200		101,948
Eldorado Resorts *		18,224		238,917
Entercom Communications, Cl A		24,518		278,034
Foot Locker		5,000		307,200
Francesca’s Holdings *		9,957		165,286
GNC Holdings, Cl A		4,100		99,876
Group 1 Automotive		500		32,920
Helen of Troy *		300		29,859
Isle of Capri Casinos *		9,562		142,474
Jack in the Box		1,900		128,345
John Wiley & Sons, Cl A		2,300		114,057
K12 *		9,300		114,297
La Quinta Holdings *		6,500		83,005
M/I Homes *		8,082		162,448
Macy’s		1,400		55,426
Marcus		12,730		246,326
MarineMax *		14,000		266,140
Marriott Vacations Worldwide		1,100		68,904
Modine Manufacturing *		24,793		268,012
Nautilus *		10,291		181,533
Penske Automotive Group		1,100		43,043
Perry Ellis International *		9,973		189,986
PVH		900		86,040
RCI Hospitality Holdings		18,775		192,444
Red Robin Gourmet Burgers *		1,300		84,318
Regis *		8,200		112,094
Rent-A-Center, Cl A		26,407		388,183
Restoration Hardware Holdings *		9,600		415,392
Rocky Brands		400		4,820
Ruth’s Hospitality Group		15,371		244,091
Shake Shack, Cl A *		17,600		642,752
Skechers U.S.A., Cl A *		900		29,745
Smith & Wesson Holding *		11,800		257,594
Staples		10,000		102,000
Starz *		2,100		57,141
Stoneridge *		16,232		231,468
Thor Industries		5,000		320,100
Tile Shop Holdings *		17,300		308,632
Tilly’s, Cl A *		53,100		333,999
Tower International		4,312		98,960


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Consumer Discretionary (continued)
Tuesday Morning *		36,900	$	320,292
Tupperware Brands		2,000		116,140
Twenty-First Century Fox		7,000		210,840
Unifi *		8,268		212,984
Viacom, Cl A		1,800		79,074
Viacom, Cl B		3,200		130,880
Visteon		6,178		492,201
Vitamin Shoppe *		600		16,422
West Marine *		18,600		186,372
Wingstop *		5,000		124,700
Wolverine World Wide		3,400		64,430
ZAGG *		66,984		536,542

				11,902,769

Consumer Staples — 0.7%
Bunge		3,700		231,250
Calavo Growers		2,437		139,323
Central Garden & Pet, Cl A *		18,363		299,133
Dean Foods		34,458		593,711
Ingles Markets, Cl A		4,523		163,145
John B Sanfilippo & Son		2,932		162,227
Medifast		28,943		912,573
Omega Protein *		14,491		269,388
Primo Water *		24,171		265,881
Wal-Mart Stores		5,900		394,533

				3,431,164

Energy — 0.7%
Archrock		15,824		155,867
Atwood Oceanics		54,376		525,272
Clean Energy Fuels *		29,786		85,188
Euronav		22,344		242,879
Matrix Service *		4,052		76,340
McDermott International *		20,010		90,845
Oasis Petroleum *		17,900		173,451
Pacific Ethanol *		16,283		77,019
PHI *		3,072		68,874
QEP Resources		27,500		493,075
Rowan, Cl A		28,841		542,499
Seadrill Partners (C)		37,776		224,767
TETRA Technologies *		36,900		265,680
Willbros Group *		27,181		86,979

				3,108,735


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Financials — 3.5%
Alleghany *		40	$	20,851
A-Mark Precious Metals		400		8,192
Ambac Financial Group *		6,900		111,987
American Homes 4 Rent, Cl A ‡		2,100		33,222
Arbor Realty Trust ‡		25,726		171,850
Aspen Insurance Holdings		5,800		268,830
Axis Capital Holdings		4,200		223,734
Banc of California		18,309		372,588
Banner		5,247		224,467
Berkshire Hills Bancorp		9,098		246,920
Boston Private Financial Holdings		12,045		147,190
Brookline Bancorp		23,276		264,881
Cardinal Financial		11,342		250,998
CareTrust ‡		17,994		228,884
CBL & Associates Properties ‡		18,100		211,408
Century Bancorp, Cl A		2,281		96,943
CorEnergy Infrastructure Trust ‡		33,900		721,731
CoreSite Realty ‡		1,100		82,423
Dime Community Bancshares		16,796		304,176
Empire State Realty Trust, Cl A ‡		38,900		720,039
Employers Holdings		5,629		167,181
Equity Commonwealth ‡ *		25,400		708,914
Equity LifeStyle Properties ‡		500		34,245
Federal Agricultural Mortgage, Cl C		300		12,204
First Busey		13,210		270,012
First Defiance Financial		3,658		144,784
First Industrial Realty Trust ‡		6,800		155,992
First Internet Bancorp		13,029		323,119
First Merchants		8,904		228,388
First of Long Island		3,987		122,042
Forest City Realty Trust, Cl A ‡		34,607		719,133
Franklin Financial Network *		9,656		292,963
GAMCO Investors, Cl A		564		22,317
Genworth Financial, Cl A *		174,523		598,614
Highwoods Properties ‡		300		14,019
HomeStreet *		10,408		224,292
Hudson Pacific Properties ‡		4,600		134,550
Kilroy Realty ‡		9,200		596,252
Lamar Advertising, Cl A ‡		500		31,020
MainSource Financial Group		4,029		88,034
Malvern Bancorp *		4,232		66,696
MBIA *		71,700		559,260


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Financials (continued)
National Storage Affiliates Trust ‡		1,600	$	31,232
Nicholas Financial *		9,971		105,892
Northrim BanCorp		500		12,900
Orchid Island Capital, Cl A ‡		12,560		121,581
Oritani Financial		10,649		184,547
Pennsylvania Real Estate Investment Trust ‡		800		18,352
PJT Partners		4,594		102,538
Preferred Bank		6,236		198,055
RE/MAX Holdings, Cl A		5,587		205,602
RMR Group		504		12,560
Security National Financial, Cl A *		12,546		61,726
Sierra Bancorp		14,559		256,384
Silver Bay Realty Trust ‡		45,200		659,920
Simon Property Group ‡		3,300		663,861
SL Green Realty ‡		7,200		756,576
Sotherly Hotels ‡		18,527		98,564
Suffolk Bancorp		8,167		195,926
Summit Hotel Properties ‡		63,300		721,620
Taubman Centers ‡		10,400		722,280
United Community Banks		13,607		273,909
Validus Holdings		15,600		719,004
Voya Financial		5,500		178,585
Westfield Financial		22,720		174,035

				16,700,994

Health Care — 2.0%
Acorda Therapeutics *		10,533		272,278
Addus HomeCare *		800		14,800
Aegerion Pharmaceuticals *		63,400		180,690
Alliance HealthCare Services *		9,739		70,024
Almost Family *		6,513		273,611
AMAG Pharmaceuticals *		1,500		39,780
AMN Healthcare Services *		8,022		284,861
Applied Genetic Technologies *		26,499		416,299
Avalanche Biotechnologies *		66,200		373,368
Biogen *		60		16,500
Cambrex *		6,452		311,245
Computer Programs & Systems		1,000		51,330
Concert Pharmaceuticals *		3,500		48,790
Enanta Pharmaceuticals *		6,840		199,728
Ensign Group		1,200		27,072
Enzo Biochem *		35,822		178,394


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Health Care (continued)
Enzymotec *		7,435	$	64,238
Five Prime Therapeutics *		9,653		459,386
FONAR *		16,300		230,156
Gilead Sciences		5,135		452,958
Greatbatch *		7,766		270,257
Harvard Bioscience *		38,920		115,592
Heska *		4,087		125,062
ICU Medical *		1,806		179,408
Johnson & Johnson		241		27,011
LeMaitre Vascular		14,591		241,919
Lexicon Pharmaceuticals *		16,216		223,943
LHC Group *		3,671		148,088
MacroGenics *		21,700		446,152
Magellan Health *		6,100		429,806
MEDNAX *		2,300		163,967
Merit Medical Systems *		12,725		257,681
Misonix *		4,342		25,922
Molina Healthcare *		2,600		134,576
Nuvectra *		1		6
Omnicell *		11,344		361,420
Orthofix International *		9,800		428,848
PharMerica *		9,036		213,611
QIAGEN *		9,800		220,108
Quality Systems		4,800		67,584
Quintiles Transnational Holdings *		3,100		214,117
Rigel Pharmaceuticals *		6,700		18,961
RTI Surgical *		30,764		122,748
SciClone Pharmaceuticals *		12,652		167,006
Taro Pharmaceutical Industries *		924		129,120
United Therapeutics *		4,144		435,949
VCA *		1,400		88,158
Vocera Communications *		14,897		174,593

				9,397,121

Industrials — 1.9%
ACCO Brands *		31,148		297,152
Aegion, Cl A *		11,465		243,402
Atlas Air Worldwide Holdings *		18,847		752,749
Barnes Group		900		29,241
Barrett Business Services		200		6,202
CEB		600		37,014
Civeo *		41,400		62,928
Comfort Systems USA		10,531		310,559


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Industrials (continued)
CRA International *		9,414	$	204,284
Cubic		1,500		62,355
Delta Air Lines		1,453		60,547
Douglas Dynamics		10,089		231,139
Ducommun *		4,232		67,331
Echo Global Logistics *		3,000		70,110
Encore Wire		5,021		192,053
Ennis		12,762		249,370
Federal Signal		14,819		202,872
FreightCar America		2,714		46,545
Gibraltar Industries *		10,740		284,073
Global Brass & Copper Holdings		7,486		202,871
Hardinge		13,734		178,542
Hawaiian Holdings *		1,600		67,312
Heidrick & Struggles International		12,854		253,609
Huron Consulting Group *		1,500		83,415
Insteel Industries		10,412		301,844
Kforce		1,100		20,911
Kimball International, Cl B		21,697		252,553
Knoll		12,141		283,492
LB Foster, Cl A		9,977		196,347
Northwest Pipe *		6,498		70,113
NV5 Global *		8,162		202,662
Patrick Industries *		7,107		325,856
Ply Gem Holdings *		13,343		195,475
Quad		15,922		199,821
Quanex Building Products		13,583		255,904
Regal Beloit		900		57,978
Resources Connection		10,493		154,982
Robert Half International		4,100		157,071
RPX *		2,957		32,764
Saia *		1,500		43,380
Spirit AeroSystems Holdings, Cl A *		6,600		311,190
Supreme Industries, Cl A		17,842		221,776
Universal Forest Products		2,446		187,486
VSE		1,918		118,993
Wabash National *		72,404		1,031,757
West		3,900		83,577
YRC Worldwide *		17,015		156,538

				9,058,145


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Information Technology — 2.0%
ADTRAN		14,606	$	282,188
Advanced Energy Industries *		7,808		252,589
Alpha & Omega Semiconductor *		18,656		242,341
Arrow Electronics *		700		43,470
Avid Technology *		4,100		22,878
Black Box		13,179		192,677
Brocade Communications Systems		51,900		498,759
BSQUARE *		23,033		143,496
Citrix Systems *		2,800		229,152
Cohu		20,481		236,760
Comtech Telecommunications		11,133		269,419
Datalink *		4,600		36,938
DHI Group *		25,427		180,786
Digi International *		23,416		247,507
EchoStar, Cl A *		1,100		45,012
Edgewater Technology *		11,006		93,551
EMCORE *		29,161		166,218
Extreme Networks *		73,080		256,511
FLIR Systems		700		21,147
GSI Group *		11,843		172,316
Hackett Group		18,024		268,197
Higher One Holdings *		67,064		254,173
IAC		2,500		115,850
IEC Electronics *		42,798		179,324
Integrated Device Technology *		1,900		36,632
Kulicke & Soffa Industries *		5,300		56,816
Limelight Networks *		61,347		107,357
MeetMe *		47,153		161,263
Mentor Graphics		7,900		157,684
Mercury Systems *		8,117		170,619
MicroStrategy, Cl A *		400		71,728
NCI, Cl A		21,422		309,762
NETGEAR *		8,800		373,120
NetSol Technologies *		11,460		79,074
Nuance Communications *		9,600		164,928
PC Connection		7,645		181,722
Photronics *		16,113		170,475
Progress Software *		1,500		38,280
QLogic *		15,269		199,871
QUALCOMM		3,700		186,924
Rudolph Technologies *		22,000		305,140
Sanmina *		1,600		37,840
ShoreTel *		5,500		33,660
Silver Spring Networks *		10,902		153,173


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Information Technology (continued)
Spok Holdings		6,367	$	108,175
Sykes Enterprises *		13,461		392,388
Teradata *		1,400		35,420
Teradyne		1,000		18,910
Verint Systems *		2,600		87,984
Virtusa *		900		31,986
Vishay Precision Group *		25,161		376,409
Web.com Group *		26,700		533,733
Western Digital		400		16,346
Xerox		10,100		96,960
XO Group *		7,588		134,004
Zebra Technologies, Cl A *		600		37,536

				9,317,178

Materials — 0.6%
Berry Plastics Group *		3,400		122,468
Clearwater Paper *		1,900		113,506
Coeur Mining *		43,925		355,792
Core Molding Technologies *		10,091		118,367
FutureFuel		17,253		193,924
Haynes International		4,807		180,407
Hecla Mining		37,616		162,125
Huntsman		2,000		31,480
Koppers Holdings *		10,885		273,540
Kraton Performance Polymers *		10,822		245,768
Mercer International		24,786		208,202
Olympic Steel		20,891		472,554
PH Glatfelter		1,100		25,223
Rayonier Advanced Materials		23,695		242,874
Reliance Steel & Aluminum		1,348		99,712
Schweitzer-Mauduit International		3,900		134,121

				2,980,063

Telecommunication Services — 0.2%
8x8 *		18,895		214,269
Inteliquent		13,485		223,716
magicJack VocalTec *		58,171		352,516
Shenandoah Telecommunications		10,898		312,664

				1,103,165

Utilities — 0.0%
NRG Energy		5,600		84,560

				67,083,894

Total Common Stock (Cost $94,654,046)				99,440,530


PREFERRED STOCK (D) — 0.0%
	Shares/ Number of Rights/ Number of Warrants			Value

GERMANY — 0.0%
STO & KGaA		880		$	108,625


Total Preferred Stock (Cost $114,796)					108,625


*RIGHTS — 0.0%**
Hemfosa Fastigheter, Expires 05/13/16, Strike Price $69.00		12,029			4,344

Total Rights (Cost $—)					4,344


*WARRANTS — 0.0%**
Atlas Mara-Invest, Expires 12/17/17, Strike Price $11.50 (Cost $333)		33,340			3,334


Total Investments — 88.3% (Cost $431,603,372)				$	419,578,517



SCHEDULE OF SECURITIES SOLD SHORT
COMMON STOCK — (17.2)%
AUSTRALIA — (0.1)%
InterOil *		(14,406	)	$	(482,169	)


CANADA — (0.6)%
Alamos Gold, Cl A		(13,800	)		(99,538	)
Athabasca Oil *		(118,800	)		(126,877	)
Colliers International Group		(2,376	)		(98,282	)
Crew Energy *		(11,300	)		(45,751	)
GDI Integrated Facility Services *		(6,700	)		(61,463	)
Gildan Activewear		(4,700	)		(145,978	)
IGM Financial		(7,400	)		(232,964	)
Interfor *		(4,400	)		(38,259	)
Kelt Exploration *		(53,600	)		(206,762	)
Lions Gate Entertainment		(4,115	)		(91,353	)
Manitoba Telecom Services		(5,900	)		(154,424	)
MEG Energy *		(56,500	)		(299,454	)
Methanex		(9,864	)		(344,845	)
Novagold Resources *		(39,352	)		(255,394	)
Onex		(3,600	)		(223,311	)


COMMON STOCK — continued
	Shares			Value

CANADA (continued)
Painted Pony Petroleum *		(7,700	)	$	(36,331	)
Pretium Resources *		(27,400	)		(225,585	)
ProMetic Life Sciences *		(27,600	)		(71,931	)
Rubicon Minerals *		(681,800	)		(27,170	)
Seabridge Gold *		(4,300	)		(61,448	)
Sierra Wireless *		(176	)		(2,839	)
Silver Wheaton		(4,196	)		(87,906	)

					(2,937,865	)

CHINA — (0.2)%
Aluminum Corp of China *		(22,000	)		(7,374	)
China Distance Education Holdings ADR		(4,857	)		(65,618	)
CNinsure ADR *		(712	)		(5,561	)
Ctrip.com International ADR *		(4,978	)		(217,090	)
eHi Car Services ADR *		(3,248	)		(35,208	)
JD.com ADR *		(7,728	)		(197,528	)
Li Ning *		(251,500	)		(109,589	)
Lianhua Supermarket Holdings *		(93,000	)		(35,848	)
Maanshan Iron & Steel *		(216,000	)		(49,845	)
Qunar Cayman Islands ADR *		(863	)		(35,219	)
Sany Heavy Equipment International Holdings		(201,000	)		(40,164	)
The9 Limited ADR *		(2,426	)		(5,677	)
Tuniu ADR *		(13,814	)		(146,843	)

					(951,564	)

GERMANY — (0.3)%
Affimed *		(5,785	)		(23,429	)
RWE		(19,430	)		(290,231	)
Scout24 * (B)		(431	)		(15,800	)
SGL Carbon		(4,146	)		(48,495	)
Sixt Leasing *		(3,510	)		(73,148	)
SLM Solutions Group *		(2,532	)		(71,873	)
Telegraph Columbus * (B)		(7,110	)		(69,218	)
Vonovia		(10,334	)		(347,713	)
voxeljet ADR *		(1,204	)		(7,272	)
Zalando * (B)		(9,248	)		(306,459	)

					(1,253,638	)

GREECE — (0.0)%
Star Bulk Carriers *		(13,282	)		(14,079	)


HONG KONG — (0.4)%
Alibaba Pictures Group *		(760,000	)		(178,319	)


COMMON STOCK — continued
	Shares			Value

HONG KONG (continued)
Bank of East Asia		(32,800	)	$	(119,455	)
China Financial International Investments *		(680,000	)		(57,858	)
China Ocean Industry Group *		(1,000,000	)		(26,299	)
China Taiping Insurance Holdings *		(7,400	)		(15,168	)
China Traditional Chinese Medicine *		(278,000	)		(130,812	)
Esprit Holdings		(52,400	)		(45,936	)
Haier Electronics Group		(44,000	)		(74,308	)
Haier Healthwise Holdings *		(1,356,000	)		(53,318	)
Hong Kong Exchanges and Clearing		(9,300	)		(235,350	)
Huatai Securities * (B)		(99,600	)		(211,349	)
Kingdee International Software Group		(320,000	)		(104,372	)
Luye Pharma Group *		(78,500	)		(54,648	)
Melco Crown Entertainment ADR		(15,942	)		(235,942	)
Melco International Development		(137,000	)		(157,366	)
MMG *		(196,000	)		(44,219	)
New Sports Group *		(1,835,300	)		(44,718	)
North Mining Shares, Cl C *		(680,000	)		(7,364	)
PetroAsian Energy Holdings *		(236,900	)		(5,680	)
Realord Group Holdings *		(50,000	)		(22,818	)
Sincere Watch Hong Kong		(989,559	)		(67,613	)
SOCAM Development *		(120,000	)		(59,715	)
Summit Ascent Holdings *		(118,000	)		(25,404	)
Value Partners Group		(41,000	)		(39,378	)

					(2,017,409	)

INDIA — (0.1)%
HDFC Bank ADR		(3,897	)		(245,004	)


IRELAND — (0.0)%
Fly Leasing ADR		(7,914	)		(92,752	)


ISRAEL — (0.1)%
Attunity *		(8,166	)		(55,774	)
Radware *		(24,206	)		(261,425	)
Redhill Biopharma ADR *		(5,300	)		(67,840	)

					(385,039	)

ITALY — (0.1)%
Cerved Information Solutions		(4,919	)		(39,569	)
Gruppo Editoriale L’Espresso		(16,353	)		(17,471	)
Telecom Italia *		(144,101	)		(140,253	)


COMMON STOCK — continued
	Shares			Value

ITALY (continued)
Yoox Net-A-Porter Group, Cl A *		(10,311	)	$	(301,778	)

					(499,071	)

JAPAN — (0.9)%
Anicom Holdings		(4,800	)		(118,872	)
DMG Mori		(19,500	)		(233,670	)
Econach Holdings *		(43,000	)		(20,611	)
Fast Retailing		(1,200	)		(329,154	)
GMO Payment Gateway		(2,500	)		(165,648	)
Kansai Paint		(5,400	)		(98,560	)
Kusuri No Aoki		(2,600	)		(142,951	)
M&A Capital Partners *		(3,600	)		(61,850	)
McDonald’s Holdings Japan		(9,000	)		(225,677	)
MISUMI Group		(17,600	)		(257,053	)
MonotaRO		(11,200	)		(353,158	)
Next		(21,900	)		(257,078	)
Nidec		(4,500	)		(346,170	)
Nippon Paint Holdings		(12,300	)		(341,256	)
Orient *		(133,200	)		(279,169	)
Pigeon		(13,200	)		(363,372	)
Rakuten		(31,400	)		(360,185	)
Sailor Pen *		(203,000	)		(62,961	)
Sohgo Security Services		(4,200	)		(242,368	)
Toho Zinc		(60,000	)		(169,737	)
UMN Pharma *		(3,700	)		(74,417	)

					(4,503,917	)

LUXEMBOURG — (0.0)%
Magnachip Semiconductor *		(23,499	)		(121,255	)


NETHERLANDS — (0.3)%
Altice, Cl A *		(19,888	)		(301,740	)
Core Laboratories		(4,500	)		(601,470	)
IMCD Group		(1,667	)		(67,305	)
Intertrust * (B)		(2,830	)		(57,357	)
OCI *		(11,922	)		(235,691	)
Wereldhave ‡		(4,407	)		(227,031	)

					(1,490,594	)

NORWAY — (0.0)%
Schibsted, Cl A		(1,231	)		(35,913	)
Vard Holdings *		(165,100	)		(22,343	)

					(58,256	)


COMMON STOCK — continued
	Shares			Value

PUERTO RICO — (0.0)%
OFG Bancorp		(15,001	)	$	(132,459	)


SINGAPORE — (0.1)%
Ascendas ‡		(130,200	)		(238,162	)
COSCO Singapore		(118,300	)		(29,908	)
Hyflux		(85,800	)		(39,555	)
KrisEnergy *		(203,400	)		(28,131	)
Perennial Real Estate Holdings *		(20,200	)		(13,744	)
Sembcorp Industries		(121,200	)		(260,452	)
Yoma Strategic Holdings *		(50,400	)		(20,237	)

					(630,189	)

SWEDEN — (0.1)%
Hexpol		(17,210	)		(177,876	)
Hoist Finance * (B)		(6,857	)		(67,883	)
INVISIO Communications *		(9,940	)		(71,792	)
Nordax Group * (B)		(11,470	)		(58,561	)

					(376,112	)

SWITZERLAND — (0.1)%
ChinaCache International Holdings ADR *		(5,006	)		(41,400	)
Chocoladefabriken Lindt & Spruengli		(35	)		(214,166	)
Orascom Development Holding *		(2,747	)		(23,596	)
Santhera Pharmaceutical Holding *		(269	)		(19,657	)

					(298,819	)

U. S. VIRGIN ISLANDS — (0.0)%
China New Town Development *		(72,500	)		(2,897	)


UNITED KINGDOM — (0.1)%
Adaptimmune Therapeutics ADR *		(7,506	)		(72,733	)
Amarin ADR *		(38,142	)		(69,800	)
GW Pharmaceuticals ADR *		(3,959	)		(320,758	)

					(463,291	)

UNITED STATES — (13.7)%
Consumer Discretionary — (2.7)%
2U *		(50,991	)		(1,429,278	)
500.com ADR, Cl A *		(10,238	)		(192,372	)
Advance Auto Parts		(3,400	)		(530,740	)
Arctic Cat		(17,808	)		(296,147	)
AutoNation *		(2,600	)		(131,690	)
Barnes & Noble Education *		(16,000	)		(149,760	)
Blue Nile		(7,819	)		(201,574	)
Bob Evans Farms		(4,200	)		(191,268	)


COMMON STOCK — continued
	Shares			Value

UNITED STATES (continued)
Consumer Discretionary (continued)
Buckle		(13,200	)	$	(382,008	)
Build-A-Bear Workshop, Cl A *		(19,008	)		(250,335	)
Cabela’s *		(3,100	)		(161,665	)
Carriage Services, Cl A		(7,082	)		(173,013	)
Charter Communications, Cl A *		(1,600	)		(339,584	)
Cherokee *		(4,255	)		(66,548	)
Chipotle Mexican Grill, Cl A *		(2,130	)		(896,666	)
Citi Trends		(9,805	)		(176,098	)
Crocs *		(28,380	)		(236,973	)
CST Brands		(4,600	)		(173,742	)
Destination XL Group *		(36,176	)		(194,265	)
Dixie Group *		(27,763	)		(131,041	)
Dollar Tree *		(3,100	)		(247,101	)
Dunkin’ Brands Group		(1,600	)		(74,400	)
El Pollo Loco Holdings *		(16,728	)		(220,642	)
EW Scripps, Cl A *		(23,976	)		(363,956	)
Famous Dave’s of America *		(38,548	)		(224,349	)
Fiesta Restaurant Group *		(3,825	)		(122,821	)
Good Times Restaurants *		(5,972	)		(18,454	)
Green Brick Partners *		(29,139	)		(214,754	)
Hibbett Sports *		(5,301	)		(191,366	)
iRobot *		(3,430	)		(128,213	)
Kona Grill *		(19,305	)		(257,143	)
Libbey		(9,524	)		(177,146	)
Lumber Liquidators Holdings *		(23,000	)		(342,930	)
MakeMyTrip *		(16,799	)		(308,430	)
Monro Muffler Brake		(2,300	)		(159,206	)
Morgans Hotel Group *		(15,885	)		(23,669	)
Nord Anglia Education *		(5,778	)		(122,667	)
Select Comfort *		(25,600	)		(631,808	)
Sequential Brands Group *		(11,118	)		(61,705	)
Stage Stores		(24,683	)		(181,667	)
Stein Mart		(44,942	)		(325,380	)
Strattec Security		(3,612	)		(191,075	)
Tesla Motors *		(2,780	)		(669,313	)
Tiffany		(1,100	)		(78,485	)
Under Armour, Cl A *		(5,800	)		(254,852	)
Vitamin Shoppe *		(5,378	)		(147,196	)
Winnebago Industries		(9,079	)		(196,470	)
Wynn Resorts		(5,500	)		(485,650	)
Zumiez *		(4,100	)		(68,798	)

					(12,794,413	)


COMMON STOCK — continued
	Shares			Value

UNITED STATES (continued)
Consumer Staples — (0.4)%
Andersons		(6,056	)	$	(202,937	)
Casey’s General Stores		(1,300	)		(145,600	)
Craft Brew Alliance *		(16,743	)		(142,650	)
Inventure Foods *		(50,437	)		(361,129	)
Landec *		(19,849	)		(223,301	)
Natural Grocers by Vitamin Cottage *		(12,615	)		(168,536	)
Orchids Paper Products		(10,657	)		(326,850	)
PriceSmart		(1,800	)		(155,772	)
SunOpta *		(40,923	)		(220,166	)

					(1,946,941	)

Energy — (0.4)%
CHC Group *		(250	)		(188	)
Cheniere Energy *		(7,693	)		(299,104	)
Gener8 Maritime *		(17,065	)		(123,380	)
Geospace Technologies *		(4,292	)		(70,217	)
Golar LNG		(8,706	)		(144,345	)
Par Pacific Holdings *		(13,586	)		(259,628	)
RigNet *		(7,347	)		(125,634	)
Schlumberger		(7,300	)		(586,482	)
Synergy Resources *		(5,303	)		(38,288	)
Tesco		(26,230	)		(248,136	)

					(1,895,402	)

Financials — (4.3)%
American Campus Communities ‡		(9,300	)		(416,175	)
American Homes 4 Rent, Cl A ‡		(18,057	)		(285,657	)
Ameris Bancorp		(11,073	)		(347,692	)
Apple Hospitality ‡		(6,600	)		(124,938	)
Ashford Hospitality Prime ‡		(39,559	)		(442,665	)
BNC Bancorp		(11,056	)		(247,212	)
Boston Properties ‡		(5,100	)		(657,186	)
Capital Bank Financial, Cl A		(8,101	)		(244,893	)
Capital City Bank Group		(14,802	)		(219,366	)
Citizens & Northern		(15,190	)		(306,686	)
City Holding		(4,045	)		(198,690	)
Clifton Bancorp		(20,532	)		(305,516	)
DDR ‡		(27,800	)		(486,500	)
Duke Realty ‡		(600	)		(13,122	)
EPR Properties ‡		(11,500	)		(757,620	)
FBR		(10,311	)		(190,753	)
Federated National Holding		(7,052	)		(134,341	)
FelCor Lodging Trust ‡		(27,467	)		(196,664	)


COMMON STOCK — continued
	Shares			Value

UNITED STATES (continued)
Financials (continued)
Fifth Street Senior Floating Rate		(17,797	)	$	(140,418	)
First Financial Bankshares		(2,100	)		(67,998	)
Forestar Group *		(10,625	)		(143,437	)
Franklin Street Properties ‡		(36,489	)		(387,513	)
GAIN Capital Holdings		(29,242	)		(200,308	)
GAMCO Investors, Cl A		(6,439	)		(254,791	)
Getty Realty ‡		(37,267	)		(733,415	)
Gladstone Commercial ‡		(45,000	)		(757,350	)
Government Properties Income Trust ‡		(40,000	)		(756,800	)
Greenhill		(10,782	)		(237,420	)
HCP ‡		(21,200	)		(717,196	)
InfraREIT ‡		(8,012	)		(132,839	)
Investors Real Estate Trust ‡		(50,126	)		(301,759	)
Iron Mountain ‡		(2,000	)		(73,060	)
iStar ‡ *		(22,277	)		(218,315	)
Kearny Financial		(20,351	)		(256,830	)
Ladder Capital, Cl A ‡		(12,905	)		(153,699	)
Ladenburg Thalmann Financial Services *		(108,700	)		(291,316	)
LendingClub *		(72,600	)		(573,540	)
Liberty Property Trust ‡		(8,300	)		(289,670	)
Live Oak Bancshares		(15,894	)		(250,172	)
Marcus & Millichap *		(5,946	)		(149,126	)
Marlin Business Services		(5,937	)		(87,808	)
Medical Properties Trust ‡		(3,800	)		(50,578	)
Mercury General		(600	)		(31,740	)
MidSouth Bancorp		(29,965	)		(271,183	)
Monmouth Real Estate Investment ‡		(21,500	)		(247,250	)
New Senior Investment Group ‡		(26,077	)		(281,632	)
Noah Holdings ADR *		(2,822	)		(69,365	)
Northfield Bancorp		(8,179	)		(129,719	)
OneMain Holdings, Cl A *		(7,700	)		(245,014	)
Parkway Properties ‡		(300	)		(4,935	)
PHH *		(61,239	)		(785,696	)
Preferred Apartment Communities, Cl A ‡		(11,481	)		(141,676	)
Pzena Investment Management, Cl A		(20,213	)		(183,130	)
Realty Income ‡		(11,200	)		(663,040	)
Republic First Bancorp *		(13,482	)		(62,691	)
RMR Group		(504	)		(12,569	)
Royal Bank of Canada		(772	)		(48,021	)
Safeguard Scientifics *		(22,285	)		(307,533	)


COMMON STOCK — continued
	Shares			Value

UNITED STATES (continued)
Financials (continued)
Safety Insurance Group		(2,484	)	$	(140,619	)
Seritage Growth Properties ‡		(8,100	)		(432,297	)
Southwest Bancorp		(17,084	)		(274,198	)
Spirit Realty Capital ‡		(31,200	)		(356,616	)
Toronto-Dominion Bank		(171	)		(7,609	)
United Bankshares		(9,600	)		(371,424	)
Ventas ‡		(1,000	)		(62,120	)
Virtus Investment Partners		(4,088	)		(319,763	)
Walter Investment Management *		(5,200	)		(37,700	)
Washingtion ‡		(10,500	)		(301,035	)
Welltower ‡		(9,900	)		(687,258	)
WMIH *		(28,952	)		(64,563	)
WP Carey ‡		(12,100	)		(739,189	)
Yadkin Financial		(10,855	)		(271,592	)

					(20,352,211	)

Health Care — (1.7)%
AAC Holdings *		(23,795	)		(489,939	)
Abaxis		(2,460	)		(111,487	)
Accelerate Diagnostics *		(5,097	)		(63,967	)
Achaogen *		(6,310	)		(21,391	)
Aethlon Medical *		(4,469	)		(21,719	)
Anacor Pharmaceuticals *		(1,300	)		(81,562	)
Aralez Pharmaceuticals *		(19,866	)		(77,676	)
Aratana Therapeutics *		(13,400	)		(80,534	)
Arbutus Biopharma *		(24,928	)		(123,394	)
Ascendis Pharma ADR *		(3,111	)		(52,483	)
Atara Biotherapeutics *		(5,792	)		(104,314	)
AtriCure *		(7,078	)		(112,540	)
Blueprint Medicines *		(6,230	)		(94,571	)
Cardiovascular Systems *		(19,072	)		(266,627	)
Celator Pharmaceuticals *		(13,700	)		(206,459	)
Cempra *		(1,260	)		(21,332	)
Cerus *		(49,605	)		(310,527	)
Chimerix *		(10,553	)		(63,107	)
Clovis Oncology *		(2,620	)		(36,444	)
Coherus Biosciences *		(5,953	)		(112,095	)
Compugen *		(9,853	)		(66,803	)
ConforMIS *		(22,060	)		(273,323	)
DBV Technologies ADR *		(3,578	)		(121,545	)
Derma Sciences *		(25,033	)		(87,115	)
Dermira *		(5,610	)		(141,877	)
Egalet *		(9,373	)		(63,924	)


COMMON STOCK — continued
	Shares			Value

UNITED STATES (continued)
Health Care (continued)
EndoChoice Holdings *		(25,254	)	$	(139,402	)
Endologix *		(35,755	)		(400,814	)
Entellus Medical *		(4,419	)		(64,252	)
Fluidigm *		(8,749	)		(83,815	)
Foamix Pharmaceuticals *		(9,999	)		(63,094	)
GenMark Diagnostics *		(25,579	)		(151,172	)
HealthEquity *		(6,700	)		(168,505	)
Imprivata *		(24,501	)		(296,952	)
Infinity Pharmaceuticals *		(17,509	)		(101,552	)
Inovalon Holdings, Cl A *		(6,900	)		(117,990	)
Intersect ENT *		(7,258	)		(145,523	)
Invuity *		(17,782	)		(120,918	)
Karyopharm Therapeutics *		(11,958	)		(111,209	)
LDR Holding *		(22,811	)		(614,756	)
Lion Biotechnologies *		(8,675	)		(49,187	)
Medgenics *		(16,827	)		(80,265	)
Neuroderm *		(4,259	)		(72,872	)
Novadaq Technologies *		(35,377	)		(396,222	)
Ocular Therapeutix *		(1,648	)		(20,237	)
Pacific Biosciences of California *		(9,093	)		(87,747	)
Pacira Pharmaceuticals *		(200	)		(10,822	)
pSivida *		(24,010	)		(68,909	)
Puma Biotechnology *		(1,862	)		(57,145	)
Quidel *		(18,044	)		(312,161	)
Spectranetics *		(7,776	)		(132,192	)
STAAR Surgical *		(24,908	)		(192,041	)
Tetraphase Pharmaceuticals *		(31,881	)		(178,534	)
Vanda Pharmaceuticals *		(4,842	)		(43,094	)
Wright Medical Group *		(5,100	)		(95,778	)
Zafgen *		(21,087	)		(134,324	)
Zeltiq Aesthetics *		(7,704	)		(230,350	)

					(7,948,589	)

Industrials — (1.8)%
Alamo Group		(2,972	)		(167,740	)
Altra Industrial Motion		(5,730	)		(164,451	)
American Science & Engineering		(10,413	)		(298,333	)
Astronics *		(3,656	)		(135,089	)
Caesarstone Sdot-Yam *		(7,093	)		(262,654	)
CDI		(34,041	)		(243,393	)
CECO Environmental		(42,414	)		(279,932	)
CIRCOR International		(6,443	)		(363,707	)
Covanta Holding		(23,100	)		(375,606	)


COMMON STOCK — continued
	Shares			Value

UNITED STATES (continued)
Industrials (continued)
Deere		(1,700	)	$	(142,987	)
Dynamic Materials		(28,842	)		(281,786	)
Fastenal		(7,800	)		(364,962	)
Fortress Transportation & Infrastructure Investors		(7,174	)		(71,812	)
Franklin Covey *		(9,680	)		(159,430	)
General Finance *		(23,733	)		(112,494	)
Graham		(14,247	)		(263,712	)
HC2 Holdings *		(23,475	)		(90,614	)
Marten Transport		(9,934	)		(185,368	)
Milacron Holdings *		(18,956	)		(324,716	)
Multi-Color		(5,150	)		(308,125	)
Powell Industries		(7,053	)		(219,489	)
Primoris Services		(15,743	)		(368,229	)
Proto Labs *		(1,200	)		(71,796	)
Radiant Logistics *		(37,313	)		(147,013	)
Raven Industries		(19,125	)		(307,721	)
Rush Enterprises, Cl A *		(10,185	)		(200,543	)
Sun Hydraulics		(8,853	)		(313,219	)
Sunrun *		(79,864	)		(629,328	)
Tennant		(5,285	)		(282,272	)
Thermon Group Holdings *		(17,257	)		(323,396	)
Twin Disc		(6,027	)		(79,858	)
Universal Logistics Holdings		(17,360	)		(247,554	)
USA Truck *		(11,982	)		(212,321	)
XPO Logistics *		(12,400	)		(373,736	)

					(8,373,386	)

Information Technology — (1.7)%
58.com ADR *		(3,885	)		(212,315	)
Actua *		(8,542	)		(80,978	)
Amber Road *		(25,817	)		(126,761	)
Applied Micro Circuits *		(17,550	)		(109,512	)
Applied Optoelectronics *		(7,797	)		(87,326	)
Avid Technology *		(45,086	)		(251,580	)
Barracuda Networks *		(15,938	)		(280,828	)
Cabot Microelectronics		(4,533	)		(189,887	)
China Sunergy ADR *		(4,200	)		(882	)
comScore *		(7,048	)		(215,810	)
Daktronics		(24,926	)		(216,856	)
Datawatch *		(14,801	)		(78,741	)
Digital Turbine *		(31,528	)		(27,114	)
Envestnet *		(11,752	)		(368,778	)


COMMON STOCK — continued
	Shares			Value

UNITED STATES (continued)
Information Technology (continued)
Exar *		(22,712	)	$	(138,543	)
Global Eagle Entertainment *		(22,388	)		(179,328	)
GTT Communications *		(7,663	)		(122,455	)
Hortonworks *		(18,673	)		(216,047	)
Identiv *		(15,319	)		(40,749	)
Interactive Intelligence Group *		(4,935	)		(183,434	)
LivePerson *		(15,981	)		(96,685	)
Marketo *		(7,989	)		(175,678	)
Mimecast *		(13,999	)		(111,292	)
Mobileye *		(9,765	)		(372,535	)
Monotype Imaging Holdings		(10,306	)		(227,041	)
NetSuite *		(2,520	)		(204,221	)
Nimble Storage *		(61,723	)		(455,516	)
Novatel Wireless *		(26,967	)		(41,260	)
Numerex, Cl A *		(33,237	)		(255,260	)
Perceptron *		(33,327	)		(153,637	)
PROS Holdings *		(8,653	)		(101,759	)
Q2 Holdings *		(5,992	)		(143,269	)
Quotient Technology *		(2,800	)		(32,536	)
Seachange International *		(16,674	)		(62,194	)
SemiLEDs *		(232	)		(463	)
Shutterstock *		(3,948	)		(161,947	)
SolarEdge Technologies *		(1,342	)		(35,952	)
SunEdison Semiconductor *		(24,693	)		(141,985	)
SunPower, Cl A *		(24,682	)		(497,095	)
Tangoe *		(20,201	)		(178,173	)
TrueCar *		(10,066	)		(68,851	)
Varonis Systems *		(15,424	)		(295,370	)
ViaSat *		(10,000	)		(767,000	)
Workiva, Cl A *		(18,150	)		(216,166	)
Xura *		(2,510	)		(56,199	)
Zendesk *		(12,821	)		(289,755	)

					(8,269,763	)

Materials — (0.4)%
Alamos Gold, Cl A		(31,366	)		(225,835	)
Allegheny Technologies		(3,335	)		(54,494	)
Calgon Carbon		(9,280	)		(152,099	)
Compass Minerals International		(1,400	)		(104,944	)
Deltic Timber		(4,254	)		(265,875	)
FMC		(4,900	)		(211,974	)
LSB Industries *		(11,682	)		(153,735	)
Quaker Chemical		(3,421	)		(304,674	)


COMMON STOCK — continued
	Shares/ Contracts			Value

UNITED STATES (continued)
Materials (continued)
Resolute Forest Products *		(38,393	)	$	(223,064	)

					(1,696,694	)

Telecommunication Services — (0.1)%
Boingo Wireless *		(27,406	)		(210,752	)
Globalstar *		(151,281	)		(294,998	)
Lumos Networks *		(16,894	)		(215,399	)

					(721,149	)

Utilities — (0.2)%
Atlantic Power		(27,330	)		(72,698	)
Cadiz *		(36,386	)		(236,145	)
Chesapeake Utilities		(2,115	)		(125,885	)
TerraForm Power, Cl A		(9,600	)		(102,528	)
Vivint Solar *		(104,751	)		(349,868	)

					(887,124	)

					(64,885,672	)

Total Common Stock (Proceeds $82,538,122)					(81,842,051	)


REGISTERED INVESTMENT COMPANIES — (1.0)%
EXCHANGE TRADED FUNDS — (1.0)%
Consumer Discretionary Select Sector SPDR Fund		(25,500	)		(2,018,325	)
Energy Select Sector SPDR Fund		(25,200	)		(1,701,252	)
Materials Select Sector SPDR Fund		(7,000	)		(329,700	)
Utilities Select Sector SPDR Fund		(11,400	)		(551,988	)

Total Registered Investment Companies (Proceeds $4,547,119)					(4,601,265	)


Securities Sold Short — (18.2)% (Proceeds $87,085,241)				$	(86,443,316	)


*PURCHASED OPTIONS — 0.0%**
S&P 500 Index, Expires 05/21/16, Strike Price $2,120.00		200		$	78,000
S&P 500 Index, Expires 05/21/16, Strike Price $1,795.00		200			9,000

Total Purchased Options — 0.0% (Cost $179,772)					87,000


*WRITTEN OPTIONS — (0.4)%**
	Contracts			Value

S&P 500 Index, Expires 05/21/16, Strike Price $1,985.00		(600	)	$	(1,961,000	)


Total Written Options — 0.4% (Proceeds $2,352,342)				$	(1,961,000	)

For the six-month period ended April 30, 2016, the total amount of all open purchased options and written options, as presented in the above Schedule of Investments, are representative of the volume of activity for this derivative type during the period.

A list of Total Return Swaps held by the Fund at April 30, 2016, is as follows:


Company Reference	Counterparty		Termination Date		Receive/ (Pay)	Number of Contracts			Notional Amount			Unrealized Appreciation (Depreciation)
888 HOLDINGS		BAML		03/14/2017	1M LIBOR		32,697		$	101,561		$	1,923
ADANI ENTERPRISES		BAML		10/12/2016	1M LIBOR		64,320			70,083			13,768
AEROFLOT-RUSSIAN AIRLINES PJSC		BAML		08/05/2016	1M LIBOR		83,900			75,701			24,766
AIR NEW ZEALAND		BAML		05/31/2017	1M LIBOR		84,543			144,131			942
AIR NEW ZEALAND		BAML		05/31/2017	1M LIBOR		76,269			122,465			8,410
AKASTOR		BAML		03/14/2017	1M LIBOR		(2,399	)		(3,094	)		(242	)
ALBARAKA TURK KATILIM BANKASI		BAML		08/05/2016	1M LIBOR		51,731			24,019			5,225
ALIOR BANK		BAML		01/05/2017	1M LIBOR		(4,437	)		(81,088	)		924
ALUMINUM CORPORATION OF CHINA LIMITED		BAML		05/31/2017	1M LIBOR		(662,000	)		(229,586	)		7,721
AMAYSIM AUSTRALIA		BAML		10/12/2016	1M LIBOR		(39,310	)		(62,056	)		12,144
AMICOGEN		BAML		11/09/2016	1M LIBOR		(1,089	)		(56,471	)		(4,066	)
ANICOM HOLDINGS		BAML		10/14/2016	1M LIBOR		(1,000	)		(24,117	)		(656	)
AO WORLD		BAML		03/14/2017	1M LIBOR		(26,858	)		(68,510	)		(3,231	)
ATGEN		BAML		10/12/2016	1M LIBOR		(303	)		(9,505	)		(1,317	)
AVANTI COMMUNICATIONS GROUP		BAML		03/14/2017	1M LIBOR		(34,349	)		(66,538	)		17,970
AWE		BAML		10/12/2016	1M LIBOR		(142,008	)		(50,645	)		(24,393	)
B2W COMPANHIA DIGITAL		BAML		10/31/2016	1M LIBOR		(2,400	)		(8,902	)		(671	)
BANK OF THE PHILIPPINE ISLANDS		BAML		05/31/2017	1M LIBOR		(13,080	)		(25,402	)		157
BANREGIO GRUPO FINANCIERO		BAML		10/31/2016	1M LIBOR		(15,600	)		(70,317	)		(23,328	)
CANFOR PULP PRODUCTS		BAML		10/31/2016	1M LIBOR		13,300			120,755			(12,872	)
CAPRO		BAML		10/12/2016	1M LIBOR		(12,083	)		(53,066	)		8,533
CASCADES		BAML		10/31/2016	1M LIBOR		25,700			170,865			10,981
CHARTER HALL		BAML		03/01/2017	1M LIBOR		(38,500	)		(132,724	)		(7,486	)
CHEIL BIO CO		BAML		10/12/2016	1M LIBOR		(2,169	)		(9,043	)		(357	)
CHENG LOONG		BAML		10/19/2016	1M LIBOR		21,000			7,432			87
CHINA FISHERY GROUP		BAML		10/13/2016	1M LIBOR		(795,300	)		(38,410	)		(6,572	)
CHINA GOLDJOY GROUP		BAML		10/12/2016	1M LIBOR		(584,000	)		(68,414	)		5,933
CHINA NATIONAL BUILDING MATERIAL COMPANY LTD		BAML		05/31/2017	1M LIBOR		(384,000	)		(200,585	)		1,604
CHINA OCEAN INDUSTRY GROUP		BAML		05/31/2017	1M LIBOR		(255,000	)		(6,772	)		67
CHINA OCEAN RESOURCES COMPANY LTD		BAML		11/09/2016	1M LIBOR		(546	)		(2,143	)		1,165


Company Reference	Counterparty		Termination Date		Receive/ (Pay)	Number of Contracts			Notional Amount			Unrealized Appreciation (Depreciation)
CHINA PETROCHEMICAL DEVELOPMENT CORP		BAML		05/31/2017	1M LIBOR		(53,000	)	$	(13,596	)	$	189
CHINA STATE CONSTRUCTION		BAML		05/31/2017	1M LIBOR		391,627			333,540			12,471
CHONGQING CHANGAN AUTOMOBILE CO		BAML		10/12/2016	1M LIBOR		129,300			231,295			(7,625	)
CHORUS AVIATION INC		BAML		10/31/2016	1M LIBOR		5,600			25,478			2,723
CIMB GROUP HOLDINGS		BAML		10/12/2016	1M LIBOR		(103,597	)		(143,132	)		19,510
CITIC RESOURCES HOLDINGS		BAML		05/31/2017	1M LIBOR		(515,000	)		(48,469	)		2,000
CORECROSS		BAML		10/12/2016	1M LIBOR		(22,687	)		(22,758	)		1,507
CREDIT CHINA HOLDINGS LTD		BAML		05/31/2017	1M LIBOR		(29,000	)		(11,515	)		(409	)
CSG HOLDING COMPANY LTD		BAML		10/12/2016	1M LIBOR		147,700			123,419			(429	)
DAESUNG INDUSTRIAL		BAML		11/09/2016	1M LIBOR		(1,407	)		(4,137	)		47
DANA GAS		BAML		08/05/2016	1M LIBOR		(87,021	)		(12,320	)		(1,186	)
DIALIGHT		BAML		03/14/2017	1M LIBOR		(8,112	)		(78,088	)		10,753
DONGWON FISHERIES		BAML		10/12/2016	1M LIBOR		(4,000	)		(37,025	)		(793	)
DOOSAN ENGINE		BAML		10/12/2016	1M LIBOR		(6,886	)		(53,865	)		27,914
EVOLVA HOLDING		BAML		03/14/2017	1M LIBOR		(88,133	)		(88,174	)		26,584
EXCELSIOR MEDICAL		BAML		10/19/2016	1M LIBOR		2,410			3,697			1
FINCIANTIERI		BAML		03/14/2017	1M LIBOR		(182,841	)		(79,802	)		4,415
FORTESCUE METALS GROUP		BAML		10/12/2016	1M LIBOR		196,371			301,537			207,579
GLOBAL TELECOM HOLDING		BAML		08/05/2016	1M LIBOR		(38,777	)		(46,935	)		(17,047	)
GLOBO		BAML		03/14/2017	1M LIBOR		193,049			102,494			(102,494	)
GO IRON WORKS		BAML		10/14/2016	1M LIBOR		(15,000	)		(27,896	)		7,589
GREAT EASTERN SHIPPING		BAML		10/12/2016	1M LIBOR		12,748			68,109			(5,169	)
HARBIN PHARMACEUTICAL GROUP		BAML		05/31/2017	1M LIBOR		275,840			354,527			18,779
HEXAGON COMPOSITES		BAML		03/14/2017	1M LIBOR		(25,796	)		(68,005	)		(10,786	)
HINDUSTAN PETROLEUM		BAML		10/12/2016	1M LIBOR		27,268			300,005			41,845
HITRON TECHNOLOGY		BAML		10/19/2016	1M LIBOR		112,200			64,846			(2,240	)
HLB INC		BAML		10/12/2016	1M LIBOR		(1,392	)		(8,597	)		(12,180	)
HUA NAN FINANCIAL HOLDING		BAML		06/01/2016	1M LIBOR		(253,000	)		(119,949	)		(2,790	)
HYBRID KINETIC GROUP		BAML		10/12/2016	1M LIBOR		(32,000	)		(1,405	)		402
HYPERMARCAS		BAML		10/31/2016	1M LIBOR		(12,200	)		(46,601	)		(61,167	)
HYUNDAI HEAVY INDUSTRIES		BAML		11/09/2016	1M LIBOR		(1,637	)		(170,597	)		4,361
HYUNDAI PAINT		BAML		10/12/2016	1M LIBOR		(37,800	)		(40,024	)		11,334
HYUNJIN MATERIALS		BAML		10/12/2016	1M LIBOR		(29,219	)		(53,523	)		21,550
IMAGINATION TECHNOLOGIES		BAML		03/14/2017	1M LIBOR		(15,590	)		(51,894	)		16,315
INDEPENDENCE GROUP		BAML		10/12/2016	1M LIBOR		(84,010	)		(162,248	)		(33,203	)
INDEPENDENCE GROUP		BAML		03/01/2017	1M LIBOR		(31,754	)		(72,640	)		(1,236	)
INDO TAMBANGRAYA MEGAH		BAML		10/12/2016	1M LIBOR		132,600			69,680			8,645
INNER MONGOLIA YILI INDUSTRIES		BAML		05/31/2017	1M LIBOR		9,700			21,459			1,918
INSCOBEE		BAML		10/12/2016	1M LIBOR		(15,500	)		(19,210	)		(9,692	)
IP GROUP		BAML		03/14/2017	1M LIBOR		(27,228	)		(89,043	)		20,463
ISU ABXIS		BAML		10/12/2016	1M LIBOR		(3,909	)		(28,130	)		(3,182	)
IVANHOE MINES		BAML		10/28/2016	1M LIBOR		(11,000	)		(7,070	)		(2,046	)
IVANHOE MINES		BAML		10/31/2016	1M LIBOR		(93,300	)		(47,952	)		(29,364	)
KNIGHT THERAPEUTICS		BAML		10/28/2016	1M LIBOR		(7,600	)		(43,353	)		(5,639	)
KONGSBERG GRUPPEN		BAML		03/14/2017	1M LIBOR		(3,914	)		(59,963	)		(5,643	)
KWS SAAT		BAML		03/14/2017	1M LIBOR		(213	)		(63,708	)		(10,135	)
LAMPRELL		BAML		07/14/2016	1M LIBOR		(25,615	)		(58,359	)		25,800


Company Reference	Counterparty		Termination Date		Receive/ (Pay)	Number of Contracts			Notional Amount			Unrealized Appreciation (Depreciation)
LAMPRELL		BAML		03/14/2017	1M LIBOR		(5,352	)	$	(6,779	)	$	(24	)
LEADERS COSMETICS		BAML		10/12/2016	1M LIBOR		(379	)		(11,363	)		1,625
LEONTEQ		BAML		03/14/2017	1M LIBOR		(1,868	)		(242,644	)		112,590
LEYOU TECHNOLOGIES HOLDINGS		BAML		05/31/2017	1M LIBOR		(60,000	)		(7,813	)		(308	)
LONMIN		BAML		03/14/2017	1M LIBOR		(30,200	)		(16,348	)		(66,843	)
LUNDIN PETROLEUM		BAML		03/14/2017	1M LIBOR		(16,575	)		(213,833	)		(96,868	)
LUYE PHARMA GROUP		BAML		05/31/2017	1M LIBOR		(135,000	)		(95,726	)		1,757
M DIAS BRANCO		BAML		10/31/2016	1M LIBOR		(3,500	)		(79,013	)		(2,304	)
MAANSHAN IRON AND STEEL		BAML		05/31/2017	1M LIBOR		(440,000	)		(97,002	)		(4,520	)
MBK		BAML		10/12/2016	1M LIBOR		(15,125	)		(34,064	)		11,091
MEDUSA MINING		BAML		05/04/2016	1M LIBOR		36,298			21,985			(1,424	)
MEDUSA MINING		BAML		11/30/2016	1M LIBOR		169,683			104,133			(8,020	)
MESOBLAST		BAML		10/12/2016	1M LIBOR		(6,479	)		(24,803	)		14,016
MESOBLAST		BAML		10/12/2016	1M LIBOR		(39,648	)		(83,205	)		17,188
MILESTONE APARTMENTS REIT		BAML		10/28/2016	1M LIBOR		(5,100	)		(67,585	)		(1,214	)
MINERAL RESOURCES		BAML		11/30/2016	1M LIBOR		47,638			218,089			50,295
MIRAE		BAML		10/12/2016	1M LIBOR		(37,758	)		(6,067	)		(8,444	)
MOLECULAR PARTNERS		BAML		03/14/2017	1M LIBOR		(493	)		(15,612	)		1,934
MRV ENGENHARIA E PARTICIPACOES		BAML		10/31/2016	1M LIBOR		85,300			258,093			40,421
NANOCO GROUP		BAML		03/14/2017	1M LIBOR		(51,183	)		(49,737	)		20,489
NANOSONICS		BAML		10/12/2016	1M LIBOR		(43,667	)		(66,509	)		(7,195	)
NEPTUNE TECHNOLOGIES & BIORESOURCES INC		BAML		10/28/2016	1M LIBOR		(2,500	)		(4,805	)		1,937
NHN ENTERTAINMENT		BAML		11/09/2016	1M LIBOR		(297	)		(13,598	)		(2,132	)
NORDIC SEMICONDUCTOR		BAML		03/14/2017	1M LIBOR		(13,426	)		(65,713	)		(12,385	)
NORTH MINING SHARES		BAML		05/31/2017	1M LIBOR		(730,000	)		(8,094	)		189
NORTHAM PLATINUM		BAML		08/05/2016	1M LIBOR		(9,674	)		(20,000	)		(13,087	)
NOVAE GROUP		BAML		03/14/2017	1M LIBOR		2,819			33,167			1
NYRSTAR		BAML		03/14/2017	1M LIBOR		(91,634	)		(66,020	)		(6,395	)
OBI PHARMA		BAML		06/01/2016	1M LIBOR		(4,900	)		(74,852	)		17,056
ORION HEALTH GROUP		BAML		10/12/2016	1M LIBOR		(6,106	)		(13,241	)		(4,520	)
OSCOTEC		BAML		11/09/2016	1M LIBOR		(2,488	)		(11,460	)		(9,450	)
OUTOKUMPU		BAML		03/14/2017	1M LIBOR		(62,634	)		(265,270	)		2,578
PANSTAR ENTERPRISE		BAML		10/12/2016	1M LIBOR		(32,893	)		(83,015	)		25,713
PAX GLOBAL TECHNOLOGY		BAML		05/31/2017	1M LIBOR		(118,000	)		(102,080	)		18
PERENNIAL REAL ESTATE HOLDINGS		BAML		05/11/2017	1M LIBOR		(2,200	)		(1,491	)		(7	)
PERENNIAL REAL ESTATE HOLDINGS LTD		BAML		10/13/2016	1M LIBOR		(63,400	)		(42,012	)		(1,161	)
PEUGEOT		BAML		03/14/2017	1M LIBOR		576			8,910			362
PHILIP MORRIS		BAML		01/05/2017	1M LIBOR		122			65,326			(1,322	)
PIAGGIO and CO		BAML		03/14/2017	1M LIBOR		(29,702	)		(71,283	)		5,527
PIONEER CEMENT		BAML		05/31/2017	1M LIBOR		25,000			23,813			(341	)
POWERTECH TECHNOLOGY		BAML		10/19/2016	1M LIBOR		11,930			25,658			(1,472	)
PROMETIC LIFE SCIENCES		BAML		10/31/2016	1M LIBOR		(27,100	)		(51,273	)		(19,338	)
PROSPERITY INTERNATIONAL		BAML		10/12/2016	1M LIBOR		(2,040,000	)		(59,848	)		7,257
PT BANK PEMBANGUNAN DAERAH JAWA TIMUR		BAML		10/12/2016	1M LIBOR		892,500			33,939			(2,849	)
QLRO GROUP		BAML		03/14/2017	1M LIBOR		(64,235	)		(76,469	)		8,018


Company Reference	Counterparty		Termination Date		Receive/ (Pay)	Number of Contracts			Notional Amount			Unrealized Appreciation (Depreciation)
RCS MEDIAGROUP		BAML		03/14/2017	1M LIBOR		(96,879	)	$	(86,872	)	$	24,405
RENAULT		BAML		03/14/2017	1M LIBOR		4,723			383,646			72,246
RENEWABLE ENERGY		BAML		03/14/2017	1M LIBOR		(670,688	)		(125,018	)		(22,377	)
ROCKET INTERNET		BAML		03/14/2017	1M LIBOR		(5,293	)		(169,893	)		42,590
ROCKHOPPER EXPLORATION		BAML		03/14/2017	1M LIBOR		(137,370	)		(80,634	)		4,148
ROYAL BAFOKENG PLATINUM LTD		BAML		08/05/2016	1M LIBOR		(7,018	)		(17,310	)		(4,263	)
SAF GAYRIMENKUL YATIRIM ORTAKLIGI		BAML		08/05/2016	1M LIBOR		119,767			41,604			(9,893	)
SAIC MOTOR CORP LTD		BAML		05/31/2017	1M LIBOR		8,700			27,085			1,290
SAMSUNG C&T CORP		BAML		11/09/2016	1M LIBOR		(400	)		(49,857	)		3,985
SAMSUNG ENGINEERING		BAML		11/09/2016	1M LIBOR		(17,371	)		(163,854	)		(28,515	)
SAMSUNG SDS CO LTD		BAML		11/09/2016	1M LIBOR		(1,332	)		(215,005	)		16,190
SANTHERA PHARMACEUTICALS		BAML		03/14/2017	1M LIBOR		(738	)		(70,334	)		16,375
SCALES CORPORATION		BAML		05/31/2017	1M LIBOR		28,522			65,412			(552	)
SCALES CORPORATION		BAML		05/31/2017	1M LIBOR		32,796			75,202			(624	)
SCHIBSTED		BAML		03/14/2017	1M LIBOR		(6,428	)		(217,339	)		29,863
SEABRIDGE GOLD		BAML		10/31/2016	1M LIBOR		(700	)		(4,067	)		(5,934	)
SEEGENE		BAML		11/09/2016	1M LIBOR		(4,639	)		(193,857	)		51,516
SPARK NEW ZEALAND		BAML		05/31/2017	1M LIBOR		141,138			336,408			28,845
STCUBE		BAML		10/12/2016	1M LIBOR		(3,014	)		(9,037	)		(12,811	)
STOCKMANN		BAML		03/14/2017	1M LIBOR		(8,759	)		(66,470	)		5,678
SUMMIT ASCENT HOLDINGS		BAML		10/12/2016	1M LIBOR		(162,000	)		(39,582	)		4,710
TAIWAN COOPERATIVE FINANCE		BAML		06/01/2016	1M LIBOR		(154,800	)		(80,459	)		12,079
TEN NETWORK HOLDINGS		BAML		10/12/2016	1M LIBOR		(79,983	)		(95,484	)		37,714
THE REJECT SHOP		BAML		10/12/2016	1M LIBOR		10,395			60,000			38,159
TOPDANMARK		BAML		03/14/2017	1M LIBOR		(7,623	)		(213,500	)		11,740
TOWER BERSAMA INFRASTRUCTURE		BAML		07/13/2016	1M LIBOR		(30,300	)		(20,400	)		6,805
UGL		BAML		11/30/2016	1M LIBOR		41,450			101,387			(1,801	)
VANGUARDA AGRO		BAML		10/31/2016	1M LIBOR		(759	)		(3,040	)		1,747
VARD HOLDINGS		BAML		10/13/2016	1M LIBOR		(200,742	)		(68,883	)		41,693
VEDANTA		BAML		10/12/2016	1M LIBOR		58,096			91,899			(1,224	)
VIRGIN AUSTRALIA HOLDINGS		BAML		10/12/2016	1M LIBOR		(97,136	)		(36,579	)		10,731
VITA GROUP		BAML		10/12/2016	1M LIBOR		41,588			97,766			13,851
VITZROSYS		BAML		11/09/2016	1M LIBOR		(7,231	)		(8,296	)		(2,655	)
VOCUS COMMUNICATIONS		BAML		10/12/2016	1M LIBOR		(33,465	)		(213,864	)		(5,713	)
WAN HAI LINES		BAML		10/19/2016	1M LIBOR		6,000			3,394			(92	)
WATCHSTONE GROUP		BAML		03/14/2017	1M LIBOR		(5,900	)		(21,230	)		914
WESTFIELD CORPORATION		BAML		03/01/2017	1M LIBOR		(30,952	)		(227,420	)		(10,262	)
WI LAN		BAML		10/31/2016	1M LIBOR		49,800			49,436			65,242
WILSON BAYLY HOLMES-OVCON		BAML		08/05/2016	1M LIBOR		3,955			30,330			3,550
YOUNG FAST OPTOELECTRONIC		BAML		05/31/2017	1M LIBOR		(70,000	)		(21,635	)		(43	)
YUANTA SECURITIES KOREA		BAML		11/09/2016	1M LIBOR		(9,019	)		(57,478	)		29,015
YUNGSHIN CONSTRUCTION & DEVELOPMENT CO		BAML		10/19/2016	1M LIBOR		19,600			34,932			(17,890	)
ZENITH INTERNATIONAL BANK		BAML		01/24/2017	1M LIBOR		242,534			11,625			3,850
ZODIAC AEROSPACE		BAML		03/14/2017	1M LIBOR		(8,394	)		(192,315	)		(4,525	)


Company Reference	Counterparty		Termination Date		Receive/ (Pay)	Number of Contracts			Notional Amount			Unrealized Appreciation (Depreciation)
ADVENTURE INC		DB		11/04/2016	USD1M_Reuters		(100	)	$	(4,914	)	$	57
ANDHRA BANK		DB		08/02/2016	USD1M_Reuters		71,424			78,732			(19,288	)
ANICOM HOLDINGS INC		DB		11/04/2016	USD1M_Reuters		(400	)		(9,467	)		(358	)
ASSECO POLAND		DB		08/24/2016	USD1M_Reuters		379			5,363			329
ASTRAL FOODS LTD		DB		08/02/2016	USD1M_Reuters		5,039			72,422			(26,395	)
CHINA FISHERY GROUP LTD		DB		10/05/2016	USD1M_Reuters		(375,000	)		(20,178	)		(1,048	)
CHINA METAL PRODUCTS CO LTD		DB		07/27/2016	USD1M_Reuters		2,000			1,876			488
COMPEQ MANUFACTURING CO LTD		DB		07/27/2016	USD1M_Reuters		9,000			5,248			(256	)
DIRECT LINE INSURANCE GROUP		DB		09/12/2016	USD1M_Reuters		99,300			547,485			(22,287	)
ECONACH CO LTD		DB		11/04/2016	USD1M_Reuters		(58,000	)		(26,465	)		(1,106	)
ENFIELD MEDICAL CO LTD		DB		07/27/2016	USD1M_Reuters		8,000			11,491			780
ESPRIT HOLDINGS LTD		DB		09/02/2016	USD1M_Reuters		(77,300	)		(78,134	)		10,381
EXCO TECHNOLOGIES LTD		DB		10/06/2016	USD1M_Reuters		9,300			94,537			5,305
FARGLORY LAND DEVELOPMENT CO		DB		07/27/2016	USD1M_Reuters		19,000			18,685			4,070
FERRATUM		DB		10/11/2016	USD1M_Reuters		(2,626	)		(67,579	)		(2,431	)
GDI PROPERTY GROUP		DB		08/02/2016	USD1M_Reuters		31,377			20,201			504
GENTING HONG KONG LTD		DB		11/21/2016	USD1M_Reuters		(221,400	)		(69,532	)		(209	)
GO IRON WORKS CO LTD		DB		11/04/2016	USD1M_Reuters		(9,000	)		(15,972	)		3,892
GRAND OCEAN RETAIL GROUP LTD		DB		07/27/2016	USD1M_Reuters		37,800			32,903			(6,432	)
GREGGS		DB		09/12/2016	USD1M_Reuters		4,513			68,454			(322	)
HOTEL SHILLA CO LTD		DB		09/02/2016	USD1M_Reuters		(4,514	)		(249,420	)		(40,468	)
HUAKU CONSTRUCTION CORP		DB		07/27/2016	USD1M_Reuters		7,000			12,353			10
HYUNJIN MATERIALS CO LTD		DB		09/02/2016	USD1M_Reuters		(21,090	)		(29,139	)		6,042
IMPALA PLATINUM HOLDINGS LTD		DB		08/02/2016	USD1M_Reuters		(52,198	)		(80,074	)		(137,283	)
KRISENERGY LTD		DB		10/05/2016	USD1M_Reuters		(130,700	)		(17,317	)		(788	)
LIANHUA SUPERMARKET HOLDINGS		DB		09/02/2016	USD1M_Reuters		(35,000	)		(13,895	)		406
M&A CAPITAL PARTNERS CO LTD		DB		11/04/2016	USD1M_Reuters		(1,000	)		(15,317	)		(1,721	)
MAN INDUSTRIES (INDIA) LTD		DB		08/02/2016	USD1M_Reuters		10,654			18,767			(7,686	)
MBK CO LTD		DB		11/04/2016	USD1M_Reuters		(14,100	)		(15,740	)		(10,281	)
MGI COUTIER		DB		09/12/2016	USD1M_Reuters		1,180			21,868			3,159
NHN ENTERTAINMENT CORP		DB		11/02/2016	USD1M_Reuters		(254	)		(12,792	)		(671	)
NIHON SEIMITSU CO LTD		DB		11/04/2016	USD1M_Reuters		(1,000	)		(2,528	)		(920	)
NORTHGATE		DB		09/12/2016	USD1M_Reuters		18,020			87,663			18,548


Company Reference	Counterparty		Termination Date		Receive/ (Pay)	Number of Contracts			Notional Amount			Unrealized Appreciation (Depreciation)
OBI PHARMA INC		DB		07/27/2016	USD1M_Reuters		(8,100	)	$	(151,085	)	$	55,586
OZ MINERALS LTD		DB		08/02/2016	USD1M_Reuters		796			1,948			1,622
PALADIN ENERGY LIMITED		DB		11/02/2016	USD1M_Reuters		(320,760	)		(46,511	)		(18,332	)
PEUGEOT		DB		09/12/2016	USD1M_Reuters		18,885			309,427			(6,759	)
PLASTIVALOIRE		DB		09/12/2016	USD1M_Reuters		1,396			99,514			12,967
PRETIUM RESOURCES INC		DB		09/15/2016	USD1M_Reuters		(4,000	)		(21,397	)		(11,584	)
PRETIUM RESOURCES INC		DB		10/06/2016	USD1M_Reuters		(700	)		(2,990	)		(2,781	)
PROLOGIS PROPERTY MEXICO		DB		09/08/2016	USD1W_Reuters		45,613			71,546			527
PROMETIC LIFE SCIENCES INC		DB		09/15/2016	USD1M_Reuters		(5,400	)		(8,441	)		(5,654	)
PROMETIC LIFE SCIENCES INC		DB		10/06/2016	USD1M_Reuters		(45,000	)		(69,196	)		(48,258	)
RAJESH EXPORTS LIMITED		DB		08/02/2016	USD1M_Reuters		26,985			281,171			(40,506	)
ROGERS SUGAR INC		DB		10/06/2016	USD1M_Reuters		9,600			29,134			9,255
SGL CARBON		DB		10/11/2016	USD1M_Reuters		(1,803	)		(23,823	)		2,821
SILICON INTEGRATED SYSTEMS		DB		07/27/2016	USD1M_Reuters		(38,000	)		(7,473	)		(474	)
SOFTFRONT		DB		11/04/2016	USD1M_Reuters		(13,500	)		(37,270	)		10,594
SOS CORPORACION ALIMENTARIA		DB		10/14/2016	USD1M_Reuters		(82,788	)		(20,623	)		(146	)
SUMMERSET GROUP HOLDINGS LTD		DB		11/02/2016	USD1M_Reuters		1,977			4,849			1,270
SYNERGIE		DB		09/12/2016	USD1M_Reuters		1,865			50,676			5,382
TAIDOC TECHNOLOGY CORP		DB		07/27/2016	USD1M_Reuters		19,000			41,592			33,176
TAIWAN BUSINESS BANK		DB		07/27/2016	USD1M_Reuters		(174,000	)		(43,005	)		(1,852	)
THAI VEGETABLE OIL		DB		08/02/2016	USD1M_Reuters		86,242			61,556			2,039
VCX.AX		DB		08/02/2016	USD1M_Reuters		(96,614	)		(195,696	)		(48,993	)
WILSON BAYLY HOLMES-OVCON		DB		08/02/2016	USD1M_Reuters		5,006			36,455			6,473
ZEDER INVESTMENTS LTD		DB		08/02/2016	USD1M_Reuters		(76,044	)		(42,112	)		4,972
ADVANCED INFORMATION TECHNOLOGY		GS		04/20/2017	USD-LIBOR-BBA		15,300			13,415			13,241
ADVANCED ONCOTHERAPY		GS		10/12/2016	USD-Federal Funds-Open		(638,577	)		(68,710	)		5,542
ADVENTURE INC		GS		10/14/2016	USD-Federal Funds-H.15		(1,200	)		(60,011	)		1,746
AFC ENERGY		GS		05/04/2017	USD-Federal Funds-Open		(24,712	)		(4,912	)		(340	)
ALMIRALL		GS		05/18/2017	USD-LIBOR-BBA		10,636			173,530			1,157
ALPHA NETWORKS INC		GS		07/13/2016	USD-LIBOR-BBA		118,100			67,560			(8,217	)
ALSTOM		GS		05/17/2017	USD-Federal Funds-Open		(4,944	)		(133,020	)		6,724
AMAYSIM AUSTRALIA LTD		GS		04/06/2017	USD-Federal Funds-H.15		(11,400	)		(15,887	)		1,313
AMCOR LIMITED		GS		05/10/2017	USD-LIBOR-BBA		28,152			336,987			(5,111	)
ASPEN PHARMACARE HOLDINGS LTD		GS		03/29/2017	USD-Federal Funds-Open		(3,582	)		(79,920	)		(4,656	)


Company Reference	Counterparty		Termination Date		Receive/ (Pay)	Number of Contracts			Notional Amount			Unrealized Appreciation (Depreciation)
AUSTRALIAN AGRICULTURAL CO		GS		10/13/2016	USD-Federal Funds-H.15		(16,465	)	$	(14,580	)	$	(3,507	)
B2W CIA DIGITAL		GS		04/03/2017	USD-Federal Funds-Open		(6,900	)		(19,978	)		(7,464	)
B2W CIA DIGITAL		GS		04/03/2017	USD-Federal Funds-Open		(1,800	)		(6,578	)		(580	)
BANCO ESTADO RIO GRAND		GS		10/20/2016	USD-LIBOR-BBA		12,100			18,200			29,892
BANCO ESTADO RIO GRAND		GS		10/20/2016	USD-LIBOR-BBA		44,000			55,631			108,697
BASSO INDUSTRY CORP		GS		05/10/2017	USD-LIBOR-BBA		28,000			60,454			2,338
BELLSYSTEM24 HOLDINGS INC		GS		05/18/2017	USD-Federal Funds-H.15		(12,700	)		(114,506	)		1,240
BHARAT PETROLEUM CORP LTD		GS		08/18/2016	USD-LIBOR-BBA		25,605			318,719			376,482
BILLABONG INTERNATIONAL LTD		GS		05/17/2017	USD-Federal Funds-H.15		(39,510	)		(45,929	)		4,796
BOLSA MEXICANA DE VALORES		GS		03/30/2017	USD-Federal Funds-Open		(14,100	)		(21,865	)		(1,535	)
BOMBARDIER INC		GS		12/09/2016	USD-Federal Funds-Open		(109,200	)		(125,648	)		(38,926	)
BOMBARDIER INC		GS		12/09/2016	USD-Federal Funds-Open		(66,700	)		(60,643	)		(39,880	)
BOMBARDIER INC		GS		01/26/2017	USD-Federal Funds-Open		(143,600	)		(137,632	)		(78,785	)
BOTA BIO CO LTD		GS		11/28/2016	USD-Federal Funds-H.15		(2,000	)		(19,752	)		12,405
CAIRN HOMES		GS		04/20/2017	USD-Federal Funds-Open		(49,652	)		(66,556	)		2,908
CAPITAL & COUNTIES PROPERTIES		GS		03/21/2017	USD-Federal Funds-Open		(9,355	)		(47,443	)		(1,021	)
CAPITAL & COUNTIES PROPERTIES		GS		03/21/2017	USD-Federal Funds-Open		(5,363	)		(26,019	)		(1,764	)
CAPITAL & REGIONAL		GS		02/10/2017	USD-LIBOR-BBA		89,883			83,170			804
CARNIVAL GROUP INTERNATIONAL		GS		10/18/2016	USD-Federal Funds-H.15		(250,000	)		(31,290	)		(1,261	)
CENTERRA GOLD INC		GS		05/04/2017	USD-LIBOR-BBA		55,800			259,022			49,772
CHAMBAL FERTILISERS & CHEMICALS		GS		05/22/2017	USD-LIBOR-BBA		7,458			6,637			6,823
CHANG HWA COMMERCIAL BANK		GS		09/21/2016	USD-Federal Funds-H.15		(145,000	)		(70,837	)		(4,946	)
CHEUNG KONG INFRASTRUCTURE		GS		04/26/2017	USD-Federal Funds-H.15		(23,000	)		(220,241	)		2,755
CHINA METAL PRODUCTS CO LTD		GS		04/20/2017	USD-LIBOR-BBA		13,000			10,454			4,929
CHINA OCEANWIDE HOLDINGS LTD		GS		04/20/2017	USD-Federal Funds-H.15		(382,300	)		(42,788	)		(1,568	)
CHINA PETROCHEMICAL DEVELOPMENT CORP		GS		10/12/2016	USD-Federal Funds-H.15		(32,000	)		(8,046	)		(54	)


Company Reference	Counterparty		Termination Date		Receive/ (Pay)	Number of Contracts			Notional Amount			Unrealized Appreciation (Depreciation)
CHINA SHIPPING CONTAINER		GS		07/13/2016	USD-Federal Funds-H.15		(862,000	)	$	(330,853	)	$	133,051
CHINA YURUN FOOD GROUP LTD		GS		10/12/2016	USD-Federal Funds-H.15		(8,000	)		(1,899	)		528
CIMB GROUP HOLDINGS BERHAD		GS		06/02/2016	USD-Federal Funds-H.15		(61,839	)		(103,641	)		29,843
CITIC RESOURCES HOLDINGS LTD		GS		09/07/2016	USD-Federal Funds-H.15		(2,000	)		(364	)		184
COASIA MICROELECTRONICS CORP		GS		02/24/2017	USD-Federal Funds-H.15		(14,000	)		(7,604	)		(1,168	)
CONTINENTAL GOLD INC		GS		07/08/2016	USD-Federal Funds-Open		(23,300	)		(47,079	)		(4,386	)
CORESTEM INC		GS		10/12/2016	USD-Federal Funds-H.15		(2,384	)		(42,939	)		2,554
COSCO CORP SINGAPORE LTD		GS		05/05/2017	USD-Federal Funds-H.15		(63,500	)		(16,359	)		298
DART GROUP		GS		12/30/2016	USD-LIBOR-BBA		20,061			163,521			20,078
DEEPAK FERTILISERS & PETROLEUM		GS		10/12/2016	USD-LIBOR-BBA		10,101			19,055			23,007
DEL MONTE PACIFIC LTD		GS		04/14/2017	USD-Federal Funds-H.15		(217,300	)		(61,040	)		12,547
DEOLEO		GS		10/13/2016	USD-Federal Funds-Open		(186,700	)		(63,197	)		16,186
DIGITAL CHINA HOLDINGS LTD		GS		04/13/2017	USD-Federal Funds-H.15		(137,000	)		(115,710	)		20,869
DONACO INTERNATIONAL LTD		GS		03/30/2017	USD-Federal Funds-H.15		(182,484	)		(70,253	)		7,392
DONG WON FISHERIES CO LTD		GS		10/26/2016	USD-Federal Funds-H.15		(1,272	)		(13,420	)		1,362
DOOSAN ENGINE CO LTD		GS		08/26/2016	USD-Federal Funds-H.15		(2,217	)		(9,559	)		1,181
ECONACH HOLDINGS CO LTD		GS		10/14/2016	USD-Federal Funds-H.15		(61,000	)		(34,565	)		5,572
ELDERS LTD		GS		04/26/2017	USD-Federal Funds-H.15		(22,944	)		(66,941	)		7,049
EMLAK KONUT GAYRIMENKUL YATI		GS		04/19/2017	USD-Federal Funds-Open		(230,459	)		(224,911	)		(23,120	)
EMPIRIC STUDENT PROPERTY		GS		12/07/2016	USD-Federal Funds-Open		(48,288	)		(79,927	)		492
EUGENE INVESTMENT & SECURITIES		GS		06/01/2016	USD-Federal Funds-H.15		(17,600	)		(70,287	)		28,114
FARGLORY LAND DEVELOPMENT CO		GS		05/04/2017	USD-LIBOR-BBA		40,000			46,788			1,164
FEVERTREE DRINKS		GS		06/01/2017	USD-Federal Funds-Open		(11,628	)		(102,572	)		(1,463	)
FIBRA UNO ADMINISTRACION		GS		04/07/2017	USD-Federal Funds-Open		(87,200	)		(183,576	)		(23,903	)
GDI PROPERTY GROUP		GS		05/10/2017	USD-LIBOR-BBA		16,817			10,837			299
GDI PROPERTY GROUP		GS		05/24/2017	USD-LIBOR-BBA		151,083			99,727			314
GENWORTH MORTGAGE INSURANCE		GS		10/03/2016	USD-LIBOR-BBA		122,037			218,640			4,632


Company Reference	Counterparty		Termination Date		Receive/ (Pay)	Number of Contracts			Notional Amount			Unrealized Appreciation (Depreciation)
GHCL LTD		GS		12/22/2016	USD-LIBOR-BBA		32,226		$	68,572		$	64,098
GNCO CO LTD		GS		06/09/2016	USD-Federal Funds-H.15		(20,855	)		(25,012	)		(9,035	)
GREAT WALL ENTERPRISES		GS		03/21/2017	USD-LIBOR-BBA		85,000			54,788			2,951
GROUPE EUROTUNNEL		GS		05/24/2017	USD-Federal Funds-Open		(7,373	)		(89,289	)		(4,799	)
GROWTHPOINT PROPERTIES LTD		GS		05/30/2017	USD-Federal Funds-Open		(20,333	)		(35,195	)		(796	)
GRUPO FINANCIERO INBURSA		GS		09/22/2016	USD-Federal Funds-Open		(59,900	)		(124,322	)		6,782
GRUPO FINANCIERO INBURSA		GS		09/22/2016	USD-Federal Funds-Open		(9,500	)		(15,266	)		(3,376	)
GRUPO FINANCIERO INBURSA		GS		09/22/2016	USD-Federal Funds-Open		(20,000	)		(41,124	)		1,879
GWA GROUP LTD		GS		05/24/2017	USD-LIBOR-BBA		55,501			101,783			(3,640	)
HINDUSTAN ZINC LTD		GS		05/31/2017	USD-LIBOR-BBA		33,496			87,169			86,667
HUAKU DEVELOPMENT CO LTD		GS		05/17/2017	USD-LIBOR-BBA		43,000			76,540			(516	)
HYUNDAI HEAVY INDUSTRIES		GS		07/27/2016	USD-Federal Funds-H.15		(794	)		(84,483	)		3,640
ID LOGISTICS GROUP		GS		12/21/2016	USD-Federal Funds-Open		(553	)		(71,903	)		5,448
IMPALA PLATINUM HOLDINGS LTD		GS		05/15/2017	USD-Federal Funds-Open		(3,375	)		(9,700	)		(4,314	)
INDIAN OIL CORP LTD		GS		03/21/2017	USD-LIBOR-BBA		40,911			228,347			266,477
INFRAESTRUCTURA ENERGETICA		GS		05/05/2017	USD-Federal Funds-Open		(19,000	)		(75,575	)		1,373
INLAND HOMES		GS		12/30/2016	USD-LIBOR-BBA		94,653			105,278			2,746
INSCOBEE INC		GS		12/22/2016	USD-Federal Funds-H.15		(8,000	)		(10,629	)		(4,327	)
INTERPARFUMS		GS		02/08/2017	USD-Federal Funds-Open		(693	)		(16,454	)		(1,867	)
IVANHOE MINES LTD		GS		05/18/2017	USD-Federal Funds-Open		(11,000	)		(7,892	)		(1,230	)
JB HI-FI LTD		GS		03/15/2017	USD-LIBOR-BBA		24,406			373,484			36,977
JENAX INC		GS		03/02/2017	USD-Federal Funds-H.15		(768	)		(11,139	)		(3,961	)
JUBILANT LIFE SCIENCES LTD		GS		06/22/2016	USD-LIBOR-BBA		12,010			32,296			72,107
KARNATAKA BANK LTD		GS		07/20/2016	USD-LIBOR-BBA		40,952			85,835			68,864
KINDOM CONSTRUCTION CORP		GS		06/08/2016	USD-LIBOR-BBA		115,000			80,210			(23,138	)
KING YUAN ELECTRONICS CO LTD		GS		04/07/2017	USD-LIBOR-BBA		253,000			210,649			13,001
KINGDEE INTERNATIONAL SOFTWARE		GS		05/24/2017	USD-Federal Funds-H.15		(226,000	)		(76,191	)		2,480
KLEPIERRE		GS		10/12/2016	USD-Federal Funds-Open		(7,542	)		(335,756	)		(18,796	)
LAOX CO LTD		GS		03/03/2017	USD-Federal Funds-H.15		(12,000	)		(17,491	)		4,406
LINCOLN PHARMACEUTICALS LTD		GS		03/16/2017	USD-LIBOR-BBA		3,171			7,096			7,337


Company Reference	Counterparty		Termination Date		Receive/ (Pay)	Number of Contracts			Notional Amount			Unrealized Appreciation (Depreciation)
LONG CHEN PAPER		GS		05/04/2017	USD-LIBOR-BBA		153,000		$	62,080		$	1,986
MACA LTD		GS		02/09/2017	USD-LIBOR-BBA		25,682			13,901			7,823
MACQUARIE GROUP LTD		GS		05/03/2017	USD-LIBOR-BBA		95			4,467			151
MARUMITSU CO LTD		GS		10/14/2016	USD-Federal Funds-H.15		(37,100	)		(63,741	)		13,953
MGI COUTIER		GS		04/20/2017	USD-LIBOR-BBA		2,944			60,285			2,385
MICROLIFE CORP		GS		01/18/2017	USD-LIBOR-BBA		3,000			8,591			(812	)
MICRO-STAR INTERNATIONAL CO		GS		12/21/2016	USD-LIBOR-BBA		187,000			240,656			58,056
MIRAEING		GS		02/24/2017	USD-Federal Funds-H.15		(32,205	)		(72,931	)		25,866
MIRLE AUTOMATION CORP		GS		01/18/2017	USD-LIBOR-BBA		11,000			11,680			(11	)
MOLECULAR PARTNERS		GS		03/08/2017	USD-Federal Funds-Open		(410	)		(12,837	)		1,471
MONITISE		GS		10/20/2016	USD-Federal Funds-Open		(1,236,180	)		(49,588	)		(17,623	)
NEW ZEALAND REFINING CO LTD		GS		04/26/2017	USD-LIBOR-BBA		28,021			57,433			989
NEWSAT LTD		GS		10/26/2016	USD-Federal Funds-H.15		(78,029	)		(6,434	)		(435	)
NEXT BIOMETRICS GROUP		GS		05/04/2017	USD-Federal Funds-Open		(3,800	)		(46,258	)		(24,550	)
NH HOTEL GROUP		GS		02/09/2017	USD-Federal Funds-Open		(38,047	)		(191,088	)		8,194
NHN ENTERTAINMENT CORP		GS		09/09/2016	USD-Federal Funds-H.15		(2,158	)		(103,279	)		(11,317	)
NHPC LTD		GS		04/19/2017	USD-LIBOR-BBA		198,147			63,066			61,516
NORTH MINING SHARES CO LTD		GS		08/31/2016	USD-Federal Funds-H.15		(2,067,100	)		(46,603	)		24,219
NORTHAM PLATINUM LTD		GS		12/27/2016	USD-Federal Funds-Open		(6,671	)		(11,896	)		(10,880	)
NORTHAM PLATINUM LTD		GS		12/27/2016	USD-Federal Funds-Open		(2,065	)		(6,824	)		(226	)
OCEANAGOLD CORP		GS		06/01/2017	USD-Federal Funds-Open		(41,000	)		(127,546	)		(19,247	)
OKAMOTO INDUSTRIES INC		GS		03/29/2017	USD-Federal Funds-H.15		(19,000	)		(154,741	)		10,431
ORASCOM DEVELOPMENT HOLDING		GS		10/12/2016	USD-Federal Funds-Open		(3,017	)		(37,380	)		11,470
ORION HEALTH GROUP LTD		GS		10/21/2016	USD-Federal Funds-H.15		(11,128	)		(23,383	)		(8,975	)
OSISKO GOLD ROYALTIES LTD		GS		05/26/2017	USD-Federal Funds-Open		(3,300	)		(40,123	)		(4,085	)
OZ MINERALS LTD		GS		03/22/2017	USD-LIBOR-BBA		83,786			295,004			82,129
OZ MINERALS LTD		GS		03/28/2017	USD-LIBOR-BBA		69,070			252,443			58,451
PACIFIC BRANDS LTD		GS		04/13/2017	USD-LIBOR-BBA		143,055			101,824			23,564
PAINTED PONY PETROLEUM		GS		07/07/2016	USD-Federal Funds-Open		(7,100	)		(47,181	)		13,665
PAINTED PONY PETROLEUM		GS		07/07/2016	USD-Federal Funds-Open		(17,400	)		(56,084	)		(26,055	)
PAKISTAN OILFIELDS LTD		GS		06/10/2016	USD-LIBOR-BBA		4,600			16,527			14,134


Company Reference	Counterparty		Termination Date		Receive/ (Pay)	Number of Contracts			Notional Amount			Unrealized Appreciation (Depreciation)
PAKISTAN TELECOM CO LTD		GS		04/05/2017	USD-LIBOR-BBA		243,500		$	31,769		$	33,458
PALADIN ENERGY LTD		GS		03/14/2017	USD-Federal Funds-H.15		(3,006	)		(412	)		(198	)
PARAMOUNT RESOURCES LTD		GS		04/27/2017	USD-Federal Funds-Open		(32,600	)		(177,955	)		(59,381	)
PAX GLOBAL TECHNOLOGY LTD		GS		11/28/2016	USD-Federal Funds-H.15		(38,900	)		(48,859	)		15,210
PHYTOHEALTH CORP		GS		03/20/2017	USD-Federal Funds-H.15		(18,000	)		(15,362	)		(4,905	)
PIONEER CEMENT LTD		GS		05/10/2017	USD-LIBOR-BBA		8,500			8,564			8,041
POWER FINANCE CORPORATION		GS		06/01/2016	USD-LIBOR-BBA		87,969			337,854			237,198
PRIME MEDIA GROUP LTD		GS		01/12/2017	USD-LIBOR-BBA		21,074			7,954			(3,115	)
QUALITY HOUSE		GS		04/27/2017	USD-LIBOR-BBA		898,682			60,968			57,075
REALORD GROUP HOLDINGS LTD		GS		12/21/2016	USD-Federal Funds-H.15		(50,100	)		(20,185	)		(2,679	)
REGIS RESOURCES LTD		GS		03/03/2017	USD-LIBOR-BBA		168,945			306,299			68,750
REGIS RESOURCES LTD		GS		05/24/2017	USD-LIBOR-BBA		45,761			92,430			9,157
ROYAL MAIL		GS		02/22/2017	USD-LIBOR-BBA		59,286			369,835			53,202
ROYAL MAIL		GS		02/22/2017	USD-LIBOR-BBA		3,675			25,270			953
SAMSUNG C&T CORP		GS		01/04/2017	USD-Federal Funds-H.15		(790	)		(101,530	)		10,693
SANSIRI PUBLIC CO LTD		GS		05/11/2017	USD-LIBOR-BBA		1,453,681			63,154			64,044
SEEGENE INC		GS		12/02/2016	USD-Federal Funds-H.15		(762	)		(25,345	)		1,902
SIGURD MICROELECTRONICS CORP		GS		11/16/2016	USD-LIBOR-BBA		95,000			64,315			5,520
SIIC ENVIRONMENT HOLDINGS LT		GS		11/07/2016	USD-Federal Funds-H.15		(56,100	)		(33,863	)		4,651
SIRIUS MINERALS		GS		05/04/2017	USD-Federal Funds-Open		(253,575	)		(53,883	)		(18,581	)
ST BARBARA LTD		GS		04/06/2017	USD-LIBOR-BBA		90,415			118,538			42,036
ST SHINE OPTICAL CO LTD		GS		12/08/2016	USD-LIBOR-BBA		15,000			268,587			12,431
STCUBE		GS		11/09/2016	USD-Federal Funds-H.15		(6,366	)		(18,171	)		(28,094	)
SUNNIC TECHNOLOGY & MERCHANDISE		GS		04/13/2017	USD-LIBOR-BBA		104,300			66,424			(14,015	)
SUNONWEALTH ELECTRIC MACHINE		GS		05/04/2017	USD-LIBOR-BBA		13,000			9,174			100
SYNCMOLD ENTERPRISE CORP		GS		04/07/2017	USD-LIBOR-BBA		41,000			64,787			2,487
TAIWAN PCB TECHVEST CO LTD		GS		10/12/2016	USD-LIBOR-BBA		65,000			65,400			(2,396	)
THAI VEGETABLE OIL		GS		04/27/2017	USD-LIBOR-BBA		13,000			8,614			9,577
TOMY COMPANY LTD		GS		05/11/2017	USD-Federal Funds-H.15		(22,900	)		(155,546	)		(9,422	)
TRAIS CO LTD		GS		12/07/2016	USD-Federal Funds-H.15		(5,275	)		(16,690	)		3,726
TRANSCONTINENTAL INC		GS		05/04/2017	USD-LIBOR-BBA		15,100			237,142			301


Company Reference	Counterparty		Termination Date		Receive/ (Pay)	Number of Contracts			Notional Amount			Unrealized Appreciation (Depreciation)
TTET UNION CORPORATION		GS		04/20/2017	USD-LIBOR-BBA		8,000		$	19,542		$	61
UNITECH PRINTED CIRCUIT		GS		02/08/2017	USD-LIBOR-BBA		167,000			60,183			(2,168	)
WHA CORP		GS		07/07/2016	USD-Federal Funds-H.15		(290,500	)		(32,045	)		6,780
WOODSIDE PETROLEUM LTD		GS		05/24/2017	USD-LIBOR-BBA		14,420			310,780			2,051
WUXI LITTLE SWAN CO		GS		04/13/2017	USD-LIBOR-BBA		22,900			53,370			73,327
YUANTA SECURITIES KOREA		GS		07/13/2016	USD-Federal Funds-H.15		(7,812	)		(43,141	)		18,422
2U INC		MS		08/15/2016	LIBOR-1M		(7,100	)		(166,921	)		(199,013	)
3I GROUP PLC		MS		10/24/2016	SONIA-1D		84,500			590,934			584,761
888 HOLDINGS PLC		MS		10/24/2016	SONIA-1D		1,500			4,784			4,734
8X8 INC		MS		08/16/2016	LIBOR-1M		9,400			99,076			106,596
AAK AB		MS		10/24/2016	STIBO-1W		(1,960	)		(150,579	)		(148,078	)
ABAXIS INC		MS		08/17/2016	LIBOR-1M		(1,200	)		(53,484	)		(54,384	)
ABC BANCORP		MS		08/18/2016	LIBOR-1M		(5,500	)		(157,410	)		(172,700	)
ACCO BRANDS CORP		MS		08/19/2016	LIBOR-1M		16,800			144,480			160,272
ACTUA CORP		MS		08/20/2016	LIBOR-1M		(4,300	)		(40,377	)		(40,764	)
ADOCIA		MS		10/24/2016	EONIA-1D		900			64,829			63,939
ADTRAN INC		MS		08/21/2016	LIBOR-1M		7,300			143,153			141,036
ADV ENERGY		MS		08/22/2016	LIBOR-1M		8,400			44,604			48,048
ADV ENERGY		MS		08/23/2016	LIBOR-1M		4,000			140,680			129,400
ADVANCED MEDICAL SOLUTIONS		MS		10/24/2016	SONIA-1D		48,367			130,747			128,980
AEGION CORP		MS		08/24/2016	LIBOR-1M		5,600			115,472			118,888
AGF MANAGEMENT		MS		10/14/2016	LIBOR-1M		27,800			104,741			115,229
AGFA-GEVAERT		MS		10/24/2016	EONIA-1D		26,702			111,270			106,072
AIR LIQUIDE		MS		10/24/2016	EONIA-1D		(210	)		(24,399	)		(23,807	)
AIXTRON		MS		10/24/2016	EONIA-1D		(117,807	)		(587,776	)		(585,482	)
AL WAHA CAPITAL		MS		10/13/2016	LIBOR-1M		113,578			79,089			63,392
ALAMO GROUP		MS		08/25/2016	LIBOR-1M		(1,400	)		(76,202	)		(79,016	)
ALEXIUM INTERNATIONAL GROUP		MS		10/13/2016	FEDEF-1D		(60,450	)		(31,702	)		(29,290	)
ALIOR BANK		MS		10/13/2016	FEDEF-1D		(1,098	)		(25,856	)		(19,853	)
ALLIANCE HEALTHCARE SERVICES INC		MS		08/26/2016	LIBOR-1M		4,700			32,430			33,793
ALLIED MINDS		MS		10/24/2016	SONIA-1D		(72,575	)		(435,055	)		(407,431	)
ALMOST FAMILY INC		MS		08/27/2016	LIBOR-1M		3,200			117,600			134,432
ALPHA & OMEGA SEMICONDUCTOR		MS		08/28/2016	LIBOR-1M		8,500			108,545			110,415
ALSTOM		MS		10/24/2016	EONIA-1D		(13,000	)		(340,383	)		(332,269	)
ALTICE		MS		10/24/2016	EONIA-1D		(2,273	)		(37,091	)		(34,488	)
ALTRA INDUSTRIAL MOTION CORP		MS		08/29/2016	LIBOR-1M		(2,900	)		(80,330	)		(83,230	)
AMBER ROAD INC		MS		08/30/2016	LIBOR-1M		(12,800	)		(67,712	)		(62,848	)
AMERICAN HEALTHCARE		MS		09/02/2016	LIBOR-1M		3,900			133,653			138,489
AMERICAN HOMES 4 RENT		MS		09/01/2016	LIBOR-1M		(9,420	)		(147,329	)		(149,024	)
AMERICAN SCIENCE & ENGINEERING		MS		08/31/2016	LIBOR-1M		(5,200	)		(145,184	)		(148,980	)
AMERISUR RESOURCES		MS		10/24/2016	SONIA-1D		(334,840	)		(142,027	)		(134,549	)
AMG		MS		10/24/2016	EONIA-1D		65,898			710,470			717,638


Company Reference	Counterparty		Termination Date		Receive/ (Pay)	Number of Contracts			Notional Amount			Unrealized Appreciation (Depreciation)
ANDERSONS INC		MS		09/03/2016	LIBOR-1M		(3,000	)	$	(93,180	)	$	(100,530	)
ANHEUSER-BUSCH INBEV		MS		10/24/2016	EONIA-1D		(5,786	)		(769,243	)		(716,237	)
APERAM		MS		10/24/2016	EONIA-1D		5,680			225,252			223,260
APPLIED MICRO CIRCUITS CORPORATION		MS		09/04/2016	LIBOR-1M		(8,800	)		(55,264	)		(54,912	)
APPLIED OPTOELR		MS		09/05/2016	LIBOR-1M		(3,900	)		(62,049	)		(43,680	)
ARBOR REALTY		MS		09/06/2016	LIBOR-1M		12,900			86,688			86,172
ARCADIS		MS		10/24/2016	EONIA-1D		(11,890	)		(224,520	)		(203,620	)
ARCHROCK INC		MS		09/07/2016	LIBOR-1M		7,900			61,931			77,815
ARCTIC CAT INC		MS		09/08/2016	LIBOR-1M		(8,900	)		(135,814	)		(148,007	)
AROUNDTOWN PROPERTIES		MS		10/24/2016	EONIA-1D		63,193			310,441			316,954
ASCOPIAVE		MS		10/24/2016	EONIA-1D		37,836			102,631			103,465
ASHFORD		MS		09/09/2016	LIBOR-1M		(6,200	)		(70,122	)		(69,378	)
ASIA PACIFIC		MS		09/13/2016	FEDEF-1D		(74,000	)		(25,736	)		(23,722	)
ASSA ABLOY		MS		10/24/2016	STIBO-1W		(13,470	)		(283,341	)		(282,562	)
ASSURA		MS		10/12/2016	FEDEF-1D		(89,828	)		(69,072	)		(74,415	)
ASSYSTEM		MS		10/12/2016	LIBOR-1M		2,645			66,047			68,611
ASTM SPA		MS		10/24/2016	EONIA-1D		26,551			334,446			349,344
ASTRONICS		MS		09/10/2016	LIBOR-1M		(1,800	)		(67,907	)		(66,510	)
ATARA BIOTHERAOEYTICS INC		MS		09/11/2016	LIBOR-1M		(2,900	)		(59,566	)		(52,229	)
ATGEN CO LTD		MS		10/13/2016	FEDEF-1D		(2,600	)		(75,422	)		(92,989	)
ATLAS AIR WRLDWD		MS		09/12/2016	LIBOR-1M		1,700			66,045			67,898
AURELIUS		MS		10/24/2016	EONIA-1D		2,977			176,588			178,020
AUSTEVOLL		MS		10/24/2016	NIBOR-1W		23,472			195,075			197,258
AUSTRALIAN AGRICULTURAL CO		MS		10/13/2016	FEDEF-1D		(66,444	)		(60,670	)		(72,755	)
AUSTRALIAN AGRICULTURAL CO		MS		09/13/2017	FEDEF-1D		(52,941	)		(53,220	)		(57,969	)
AVID TECHNOLOGY		MS		09/13/2016	LIBOR-1M		(22,200	)		(131,202	)		(123,876	)
B&B TOOLS		MS		10/24/2016	STIBO-1W		10,158			201,713			204,354
BANC OF CALIFORNIA INC		MS		09/14/2016	LIBOR-1M		9,100			157,157			185,185
BANCO LATINOAMERICANO		MS		09/15/2016	LIBOR-1M		4,800			109,248			124,128
BANK OF THE PHILIPPINE ISLANDS		MS		05/11/2017	FEDEF-1D		(6,310	)		(12,125	)		(12,171	)
BANNER CORP		MS		09/16/2016	LIBOR-1M		2,800			114,968			119,784
BARCLAYS		MS		10/24/2016	SONIA-1D		(122,500	)		(306,353	)		(306,980	)
BARRACUDA NETWORKS		MS		09/17/2016	LIBOR-1M		(8,000	)		(120,640	)		(140,960	)
BEAZLEY IRELAND HOLDINGS		MS		10/12/2016	LIBOR-1M		49,951			244,283			238,056
BERKSHIRE HILL		MS		09/19/2016	LIBOR-1M		4,400			115,808			119,416
BET-AT-HOME.COM		MS		10/24/2016	EONIA-1D		1,320			201,038			206,026
BIESSE		MS		10/24/2016	EONIA-1D		46,512			724,897			706,787
BINCK		MS		10/24/2016	EONIA-1D		20,458			126,052			120,438
BIRD CONSTRUCTION		MS		10/14/2016	LIBOR-1M		11,800			109,718			109,389
BKW		MS		10/24/2016	TOIS-1D		1,350			59,043			58,691
BLACK BOX CORP		MS		09/20/2016	LIBOR-1M		6,500			87,100			95,030
BLUE NILE		MS		09/21/2016	LIBOR-1M		(3,900	)		(97,968	)		(100,542	)
BLUEPRINT MEDICINE		MS		09/22/2016	LIBOR-1M		(3,100	)		(62,496	)		(47,058	)
BMW		MS		10/24/2016	EONIA-1D		(200	)		(19,243	)		(18,437	)
BNC BANCORP		MS		09/23/2016	LIBOR-1M		(5,500	)		(114,290	)		(122,980	)
BOBST GROUP		MS		10/24/2016	TOIS-1D		4,734			266,270			258,620
BOINGO WIRELESS INC		MS		09/24/2016	LIBOR-1M		(13,600	)		(104,312	)		(104,584	)
BOLIDEN		MS		10/24/2016	STIBO-1W		5,300			91,926			92,429
BOLLORE		MS		10/24/2016	EONIA-1D		(52,400	)		(213,716	)		(207,616	)
BOSTON PRIVATE FINANCIAL		MS		09/25/2016	LIBOR-1M		5,900			67,732			72,098
BOTA BIO CO LTD		MS		10/13/2016	FEDEF-1D		(6,166	)		(60,893	)		(22,620	)


Company Reference	Counterparty		Termination Date		Receive/ (Pay)	Number of Contracts			Notional Amount			Unrealized Appreciation (Depreciation)
BRAMMER		MS		10/24/2016	SONIA-1D		(39,600	)	$	(102,418	)	$	(100,972	)
BRASKEM		MS		10/13/2016	LIBOR-1M		5,500			33,356			39,206
BRIDGEPOINT EDUCATION INC		MS		09/26/2016	LIBOR-1M		6,400			60,160			61,056
BROOKLINE BANCORP		MS		09/27/2016	LIBOR-1M		11,300			119,328			128,594
BSQUARE CORP		MS		09/28/2016	LIBOR-1M		10,100			58,580			62,721
BUILD A BEAR		MS		09/29/2016	LIBOR-1M		(9,500	)		(117,895	)		(125,115	)
BURU ENERGY LTD		MS		09/13/2017	FEDEF-1D		(32,181	)		(23,304	)		(4,788	)
CABOT MICROELECTRONICS CORP		MS		09/30/2016	LIBOR-1M		(2,300	)		(92,621	)		(96,347	)
CALAVO GROWERS		MS		10/01/2016	LIBOR-1M		1,200			67,872			68,604
CALGON CARB CP		MS		10/02/2016	LIBOR-1M		(4,600	)		(62,330	)		(75,394	)
CAMBREX CORP		MS		10/03/2016	LIBOR-1M		3,100			132,401			149,544
CANARA BANK		MS		10/12/2016	FEDEF-1D		33,621			93,236			104,128
CAPITAL BANK FINANCIAL		MS		10/04/2016	LIBOR-1M		(4,000	)		(120,440	)		(120,920	)
CAPITAL CITY BANK		MS		10/05/2016	LIBOR-1M		(7,300	)		(104,025	)		(108,186	)
CARDINAL FINANCIAL		MS		10/06/2016	LIBOR-1M		5,600			108,808			123,928
CARDIOVASCULAR SYSTEMS INC		MS		10/07/2016	LIBOR-1M		(9,500	)		(126,730	)		(132,810	)
CARRIAGE SERVICES		MS		10/08/2016	LIBOR-1M		(3,400	)		(73,236	)		(83,062	)
CARROLS HOLDINGS CORP		MS		10/09/2016	LIBOR-1M		8,400			120,372			116,844
CDI CORP		MS		10/10/2016	LIBOR-1M		(17,000	)		(114,580	)		(121,550	)
CECO ENVIRONMENTAL CORP		MS		10/11/2016	LIBOR-1M		(21,200	)		(126,988	)		(139,920	)
CENTRAL GARDEN & PET		MS		10/12/2016	LIBOR-1M		9,700			146,858			158,013
CENTURY BANCORP		MS		10/13/2016	LIBOR-1M		1,300			50,648			55,250
CERUS CORP		MS		10/14/2016	LIBOR-1M		(10,400	)		(63,440	)		(65,104	)
CHANG HWA COMMERCIAL BANK		MS		09/13/2016	FEDEF-1D		(52,000	)		(24,500	)		(27,139	)
CHEMRING GROUP		MS		10/12/2016	FEDEF-1D		(35,717	)		(65,507	)		(74,690	)
CHES UTILITY CORP		MS		10/15/2016	LIBOR-1M		(1,100	)		(66,220	)		(65,472	)
CHIMERIX INC		MS		10/16/2016	LIBOR-1M		(5,300	)		(29,733	)		(31,694	)
CHINA DISTANCE EDUCATION HOLDINGS		MS		10/17/2016	LIBOR-1M		(2,400	)		(36,480	)		(32,424	)
CHIPSMOS TECH		MS		10/18/2016	LIBOR-1M		4,400			78,936			74,008
CIA DE DISTRIBUCION INTEGRAL		MS		10/24/2016	EONIA-1D		7,642			166,182			168,370
CIMB GROUP HOLDINGS BERHAD		MS		11/03/2016	FEDEF-1D		(361	)		—			(432	)
CIRCOR INTERNATIONAL		MS		10/19/2016	LIBOR-1M		(3,200	)		(148,768	)		(180,640	)
CITI TRENDS INC		MS		10/20/2016	LIBOR-1M		(4,900	)		(86,485	)		(88,004	)
CITIZENS & NORTH		MS		10/21/2016	LIBOR-1M		(7,600	)		(148,048	)		(153,444	)
CITY HOLDING		MS		10/22/2016	LIBOR-1M		(2,100	)		(98,028	)		(103,152	)
CLARKSON		MS		10/24/2016	SONIA-1D		(9,031	)		(318,950	)		(315,255	)
CLEAN ENERGY FUELS CORP		MS		10/23/2016	LIBOR-1M		14,900			42,912			42,614
CLIFTON BANCORP INC		MS		10/24/2016	LIBOR-1M		(10,300	)		(154,692	)		(153,264	)
CLINTERNATIONAL CO LTD		MS		10/13/2016	FEDEF-1D		(54,148	)		(86,794	)		(67,876	)
CLOVIS ONCOLOGY INC		MS		10/25/2016	LIBOR-1M		(1,300	)		(19,578	)		(18,083	)
CNH INDUSTRIAL		MS		10/24/2016	EONIA-1D		(25,000	)		(187,595	)		(191,808	)
COEUR MINING INC		MS		10/26/2016	LIBOR-1M		21,800			141,482			176,580
COHERUS BIOSCIENCES INC		MS		10/27/2016	LIBOR-1M		(3,000	)		(64,800	)		(56,490	)
COHU INC		MS		10/28/2016	LIBOR-1M		10,300			116,184			119,068
COMFORT SYSTEMS USA INC		MS		10/29/2016	LIBOR-1M		5,100			167,025			150,399
COMTECH TELCOM		MS		10/30/2016	LIBOR-1M		3,700			84,693			89,540
CONZZETA HOLDINGS		MS		10/24/2016	TOIS-1D		71			46,872			45,894
CORBION		MS		10/24/2016	EONIA-1D		4,350			105,603			111,033
CORE MOLDING TECH		MS		10/31/2016	LIBOR-1M		5,100			55,998			59,823
COSAN LTD—CL A		MS		11/01/2016	LIBOR-1M		15,200			74,784			81,776
COUNTRYWIDE		MS		10/12/2016	FEDEF-1D		(13,727	)		(100,785	)		(71,342	)


Company Reference	Counterparty		Termination Date		Receive/ (Pay)	Number of Contracts			Notional Amount			Unrealized Appreciation (Depreciation)
CRA INTERNATIONAL INC		MS		11/02/2016	LIBOR-1M		4,900		$	95,942		$	106,330
CRAFT BREW ALLIANCE INC		MS		11/03/2016	LIBOR-1M		(8,400	)		(67,116	)		(71,568	)
CROCS INC		MS		11/04/2016	LIBOR-1M		(13,900	)		(120,652	)		(116,065	)
D.G. KHAN CEMENT		MS		10/12/2016	FEDEF-1D		49,800			66,301			83,471
DAESUNG IND		MS		11/01/2017	FEDEF-1D		(1,712	)		(5,728	)		(4,982	)
DAIMLER		MS		10/24/2016	EONIA-1D		(3,000	)		(224,964	)		(208,493	)
DAKTRONICS INC		MS		11/05/2016	LIBOR-1M		(12,500	)		(99,500	)		(108,750	)
DAQO NEW ENERGY CORP		MS		11/06/2016	LIBOR-1M		2,400			48,911			62,280
DART GROUP		MS		10/24/2016	SONIA-1D		62,420			587,813			569,595
DATAWATCH CORP		MS		11/07/2016	LIBOR-1M		(7,400	)		(35,594	)		(39,368	)
DEBENHAMS		MS		10/24/2016	SONIA-1D		15,800			18,227			18,100
DELTA APPAREL		MS		11/08/2016	LIBOR-1M		6,800			135,184			137,700
DELTA ELECTRONICS INC		MS		09/13/2016	FEDEF-1D		(53,000	)		(227,716	)		(246,237	)
DELTIC TIMBER		MS		11/09/2016	LIBOR-1M		(2,200	)		(129,822	)		(137,500	)
DENNY’S CORP		MS		11/10/2016	LIBOR-1M		6,600			66,198			65,274
DERMA SCIENCES INC		MS		11/11/2016	LIBOR-1M		(11,800	)		(41,064	)		(41,064	)
DERWENT LONDON		MS		10/24/2016	SONIA-1D		11,770			559,977			564,793
DESTINATION XL GROUP		MS		11/12/2016	LIBOR-1M		(18,900	)		(97,335	)		(101,493	)
DEUTSCHE BETEILIGUNGS		MS		10/24/2016	EONIA-1D		15,748			458,049			465,533
DEUTZ		MS		10/24/2016	EONIA-1D		9,700			50,191			49,496
DFDS		MS		10/24/2016	CIBOR-1W		123			4,515			4,911
DHI GROUP INC		MS		11/13/2016	LIBOR-1M		12,700			98,679			90,297
DIALOG SEMICONDUCTOR		MS		10/24/2016	EONIA-1D		3,970			142,655			137,930
DIGI INTERNATIONAL INC		MS		11/14/2016	LIBOR-1M		11,700			103,779			123,669
DIME COMMUNITY BANCSHARES		MS		11/15/2016	LIBOR-1M		8,400			143,724			152,124
DIXIE YARN INC		MS		11/16/2016	LIBOR-1M		(14,000	)		(55,304	)		(66,080	)
DONG WON FISH		MS		10/13/2016	FEDEF-1D		(1,205	)		(8,542	)		(11,408	)
DOOSAN ENGINE		MS		11/01/2017	FEDEF-1D		(2,898	)		(8,263	)		(10,936	)
DOUGLAS DYNAMICS INC		MS		11/17/2016	LIBOR-1M		4,900			108,731			112,259
DRB-HICOM BERHAD		MS		11/03/2016	FEDEF-1D		(159,300	)		(44,022	)		(39,585	)
DRILCORP SLIM		MS		10/14/2016	LIBOR-1M		1,131,400			118,719			99,202
DUCOMMUN INC		MS		11/18/2016	LIBOR-1M		2,300			32,936			36,593
DX GROUP		MS		10/12/2016	LIBOR-1M		245,088			78,127			80,641
DYNAMIC MATERIALS		MS		11/19/2016	LIBOR-1M		(10,600	)		(66,568	)		(103,562	)
E INVESTMENT & DEVELOPMENT CO LTD		MS		10/13/2016	FEDEF-1D		(44,828	)		(41,077	)		(35,681	)
EDF		MS		10/24/2016	EONIA-1D		(3,620	)		(50,531	)		(52,003	)
EDGEWATER TECHNOLOGY INC		MS		11/20/2016	LIBOR-1M		5,400			44,118			45,900
EL POLLO LOCO HOLDINGS INC		MS		11/21/2016	LIBOR-1M		(8,200	)		(108,158	)		(108,158	)
ELDORADO RESORTS INC		MS		11/22/2016	LIBOR-1M		9,100			113,750			119,301
EMCORE CORP		MS		11/23/2016	LIBOR-1M		14,600			74,752			83,220
EMPLOYERS HOLDINGS INC		MS		11/24/2016	LIBOR-1M		2,700			73,521			80,190
ENCE ENERGY		MS		10/12/2016	LIBOR-1M		57,721			178,225			166,512
ENCORE WIRE CORP		MS		11/25/2016	LIBOR-1M		2,500			93,325			95,625
ENDOCHOICE HOLDINGS INC		MS		11/26/2016	LIBOR-1M		(12,400	)		(60,636	)		(68,448	)
ENDOLOGIX INC		MS		11/27/2016	LIBOR-1M		(8,500	)		(75,905	)		(95,285	)
ENNIS INC		MS		11/28/2016	LIBOR-1M		6,200			124,682			121,148
ENTERCOM COMMUNICATIONS CORP		MS		11/29/2016	LIBOR-1M		11,900			124,831			134,946
ENVESTNET INC		MS		11/30/2016	LIBOR-1M		(5,900	)		(163,784	)		(185,142	)
ENZO BIOCHEM INC		MS		12/01/2016	LIBOR-1M		18,700			91,256			93,126
ENZYMOTEC LTD		MS		12/02/2016	LIBOR-1M		3,700			31,598			31,968


Company Reference	Counterparty		Termination Date		Receive/ (Pay)	Number of Contracts			Notional Amount			Unrealized Appreciation (Depreciation)
ESTIA HEALTH LTD		MS		09/13/2017	LIBOR-1M		24,858		$	110,922		$	109,634
ETABLISSEMENTS MAUREL ET PROM		MS		10/24/2016	EONIA-1D		140,900			541,146			566,332
EVOLVA HOLDINGS		MS		10/24/2016	TOIS-1D		(490,698	)		(343,464	)		(342,761	)
EVRAZ		MS		10/24/2016	SONIA-1D		38,277			82,553			79,421
EXAR CORP		MS		12/03/2016	LIBOR-1M		(11,900	)		(61,523	)		(72,590	)
EXTREME NETWORKS		MS		12/04/2016	LIBOR-1M		35,700			113,883			125,307
F B D HOLDINGS		MS		10/12/2016	FEDEF-1D		(9,987	)		(68,107	)		(73,169	)
FABRINET		MS		12/05/2016	LIBOR-1M		4,800			151,728			153,456
FAES		MS		10/24/2016	EONIA-1D		23,200			73,684			72,926
FALK RENEWABLES		MS		10/24/2016	EONIA-1D		91,555			102,658			101,697
FAMOUS DAVE’S		MS		12/06/2016	LIBOR-1M		(8,600	)		(48,762	)		(50,052	)
FBR & CO		MS		12/07/2016	LIBOR-1M		(5,100	)		(94,962	)		(94,350	)
FEDERAL SIGNAL		MS		12/08/2016	LIBOR-1M		6,700			85,961			91,723
FEDERATED NATIONAL HOLDING CO		MS		12/09/2016	LIBOR-1M		(3,500	)		(66,833	)		(66,675	)
FELCOR SUITE HOTELS		MS		12/10/2016	LIBOR-1M		(13,700	)		(105,216	)		(98,092	)
FERREXPO		MS		10/12/2016	LIBOR-1M		207,783			54,986			113,944
FERROVIAL		MS		10/24/2016	EONIA-1D		(3,030	)		(67,196	)		(65,196	)
FIESTA RESTAURANT GROUP		MS		12/11/2016	LIBOR-1M		(1,900	)		(66,848	)		(61,009	)
FIFTH STREET		MS		12/12/2016	LIBOR-1M		(9,500	)		(76,000	)		(74,955	)
FINNAIR		MS		10/24/2016	EONIA-1D		7,800			47,250			46,446
FIRST DEFIANCE		MS		12/13/2016	LIBOR-1M		1,800			68,112			71,244
FIRST INTERNATIONAL BANK		MS		12/14/2016	LIBOR-1M		5,900			132,986			146,320
FIRST OF LONG ISLAND CORP		MS		12/15/2016	LIBOR-1M		2,000			55,940			61,220
FISCHER		MS		10/24/2016	TOIS-1D		73			61,495			59,287
FLY LEASING LTD		MS		12/17/2016	LIBOR-1M		(4,500	)		(51,795	)		(52,740	)
FORESTAR GROUP INC		MS		12/18/2016	LIBOR-1M		(5,300	)		(67,999	)		(71,550	)
FRANCESCAS HOLDINGS CORP		MS		12/19/2016	LIBOR-1M		5,000			87,500			83,000
FRANKLIN COVEY CO		MS		12/20/2016	LIBOR-1M		(4,700	)		(67,821	)		(77,409	)
FRANKLIN FINANCIAL NETWORK INC		MS		12/21/2016	LIBOR-1M		4,800			125,184			145,632
FRANKLIN STREET PROPERTIES		MS		12/22/2016	LIBOR-1M		(5,800	)		(61,132	)		(61,596	)
FREIGHTCAR AMERICA INC		MS		12/23/2016	LIBOR-1M		1,400			21,140			24,010
FST BUSEY CORP		MS		12/24/2016	LIBOR-1M		6,566			128,497			134,209
FST MERCHANTS		MS		12/25/2016	LIBOR-1M		4,900			112,406			125,685
FUTUREFUEL CORP		MS		12/26/2016	LIBOR-1M		8,400			86,352			94,416
GAIN CAPITAL HOLDINGS INC		MS		12/27/2016	LIBOR-1M		(14,600	)		(99,235	)		(100,010	)
GALENICA		MS		10/24/2016	TOIS-1D		(57	)		(87,599	)		(83,315	)
GAMCO INVESTORS INC		MS		12/28/2016	LIBOR-1M		(3,200	)		(111,840	)		(126,624	)
GEM DIAMONDS LTD		MS		10/12/2016	LIBOR-1M		50,825			98,368			100,709
GENEL ENERGY		MS		10/12/2016	FEDEF-1D		(102,034	)		(124,667	)		(196,956	)
GENER8 MARITIME		MS		12/29/2016	LIBOR-1M		(8,500	)		(67,016	)		(61,455	)
GENERAL FINANCIAL		MS		12/30/2016	LIBOR-1M		(14,200	)		(66,882	)		(67,308	)
GENMARK DIAGNOSTICS INC		MS		12/31/2016	LIBOR-1M		(12,800	)		(67,328	)		(75,648	)
GEOSPACE TECHNOLOGIES CORP		MS		01/01/2017	LIBOR-1M		(2,100	)		(27,573	)		(34,356	)
GET		MS		10/12/2016	FEDEF-1D		(6,439	)		(81,450	)		(82,187	)
GIBRALTAR INDUSTRIES INC		MS		01/02/2017	LIBOR-1M		5,400			145,422			142,830
GLOBAL BRASS AND COPPER HOLDING		MS		01/03/2017	LIBOR-1M		3,700			91,323			100,270


Company Reference	Counterparty		Termination Date		Receive/ (Pay)	Number of Contracts			Notional Amount			Unrealized Appreciation (Depreciation)
GLOBAL EAGLE ENTERTAINMENT		MS		01/04/2017	LIBOR-1M		(7,700	)	$	(64,988	)	$	(61,677	)
GO-AHEAD GROUP		MS		10/24/2016	SONIA-1D		1,950			74,738			73,086
GRAHAM CORP		MS		01/05/2017	LIBOR-1M		(7,100	)		(130,072	)		(131,421	)
GRANGES		MS		10/24/2016	STIBO-1W		75,630			657,581			558,195
GRANITE OIL CORP		MS		10/14/2016	LIBOR-1M		19,500			104,757			119,684
GREAT PORTLAND ESTATES		MS		10/24/2016	SONIA-1D		29,269			319,048			324,180
GREATBATCH INC		MS		01/06/2017	LIBOR-1M		2,600			85,826			90,480
GREEN BRICK PARTNERS INC		MS		01/07/2017	LIBOR-1M		(14,600	)		(110,522	)		(107,602	)
GREEN REIT		MS		10/24/2016	EONIA-1D		164,100			268,185			270,973
GREENHILL		MS		01/08/2017	LIBOR-1M		(5,400	)		(107,905	)		(118,908	)
GREGGS		MS		10/24/2016	SONIA-1D		2,760			43,313			41,660
GSI GROUP INC		MS		01/09/2017	LIBOR-1M		6,200			87,296			90,210
GURIT		MS		10/24/2016	TOIS-1D		376			235,790			237,750
GW PHARMACEUTICALS		MS		10/24/2016	SONIA-1D		(100,075	)		(739,922	)		(666,441	)
HACKETT GROUP INC		MS		01/10/2017	LIBOR-1M		8,800			123,112			130,944
HAENGNAM		MS		10/13/2016	FEDEF-1D		(36,577	)		(50,217	)		(73,585	)
HAL TRUST		MS		10/24/2016	EONIA-1D		(88	)		(18,952	)		(19,044	)
HARDINGE INC		MS		01/11/2017	LIBOR-1M		6,900			88,709			89,700
HARGREAVES LANSDOWN		MS		10/24/2016	SONIA-1D		(13,110	)		(251,714	)		(246,350	)
HARVARD BIOSCIENCES		MS		01/12/2017	LIBOR-1M		19,200			55,104			57,024
HAVFISK		MS		10/24/2016	NIBOR-1W		60,302			254,324			226,647
HAYNES INTERNATIONAL		MS		01/13/2017	LIBOR-1M		2,400			87,816			90,072
HECLA MINING CO		MS		01/14/2017	LIBOR-1M		18,400			57,776			79,304
HEIDRICK STRUGG		MS		01/15/2017	LIBOR-1M		6,400			152,768			126,272
HENNES & MAURITZ		MS		10/24/2016	STIBO-1W		(19,000	)		(719,263	)		(675,714	)
HESKA CORP		MS		01/16/2017	LIBOR-1M		2,100			58,884			64,260
HIBBETT SPORTS INC		MS		01/17/2017	LIBOR-1M		(2,700	)		(88,992	)		(97,470	)
HIBERNIA REIT		MS		10/24/2016	EONIA-1D		50,500			74,463			74,541
HIGHER ONE		MS		01/18/2017	LIBOR-1M		33,600			125,664			127,344
HIKMA PHARMACEUTICALS		MS		10/24/2016	SONIA-1D		(1,480	)		(49,739	)		(47,663	)
HILL & SMITH HOLDINGS		MS		10/24/2016	SONIA-1D		700			9,431			9,548
HOMESTREET INC		MS		01/19/2017	LIBOR-1M		5,200			106,288			112,060
HSBC HOLDINGS		MS		10/24/2016	SONIA-1D		(14,700	)		(99,716	)		(97,195	)
HYUNDAI ROTEM COMPANY LTD		MS		11/01/2017	FEDEF-1D		(1,300	)		(18,106	)		(20,455	)
ICADE		MS		10/12/2016	FEDEF-1D		(2,621	)		(176,341	)		(206,277	)
ICU MEDICAL INC		MS		01/20/2017	LIBOR-1M		1,000			99,790			99,340
IEC ELECTRONICS CORP		MS		01/21/2017	LIBOR-1M		21,400			96,289			89,666
IMPRIVATA INC		MS		01/22/2017	LIBOR-1M		(12,000	)		(158,280	)		(145,440	)
INDIVIOR		MS		10/12/2016	LIBOR-1M		75,387			237,020			177,269
INFINITY PHARMACEUTICALS		MS		01/23/2017	LIBOR-1M		(8,800	)		(50,864	)		(51,040	)
INFRAREIT INC		MS		01/24/2017	LIBOR-1M		(4,000	)		(66,944	)		(66,320	)
INGLES CL A		MS		01/25/2017	LIBOR-1M		2,400			80,832			86,568
INLAND HOMES		MS		10/24/2016	SONIA-1D		337,712			382,523			384,310
INNATE PHARMACEUTICALS		MS		10/24/2016	EONIA-1D		15,958			241,581			230,982
INSCOBEE CO LTD		MS		10/13/2016	FEDEF-1D		(12,953	)		(16,056	)		(24,185	)
INSTEEL INDUSTRIES INC		MS		01/26/2017	LIBOR-1M		3,800			111,340			110,162
INTELIQUENT INC		MS		01/27/2017	LIBOR-1M		7,600			123,956			126,084
INTERACTIVE INTELLIGENCE GROUP INC		MS		01/28/2017	LIBOR-1M		(2,600	)		(92,612	)		(96,642	)
INTERMEDIATE CAPITAL GROUP		MS		10/12/2016	LIBOR-1M		28,449			244,551			255,439
INTERSECT ENTERTAINMENT INC		MS		01/29/2017	LIBOR-1M		(3,600	)		(63,684	)		(72,180	)
INVENTURE FOODS INC		MS		01/31/2017	LIBOR-1M		(25,200	)		(153,720	)		(180,432	)
INVESTIMENTOS ITAU		MS		10/13/2016	LIBOR-1M		29,600			61,920			74,430


Company Reference	Counterparty		Termination Date		Receive/ (Pay)	Number of Contracts			Notional Amount			Unrealized Appreciation (Depreciation)
INVESTORS REAL ESTATE TRUST		MS		01/30/2017	LIBOR-1M		(25,100	)	$	(175,198	)	$	(151,102	)
INVUITY INC		MS		02/01/2017	LIBOR-1M		(8,900	)		(62,211	)		(60,520	)
IOMART GROUP		MS		10/24/2016	SONIA-1D		56,547			231,148			223,505
IROBOT CORPORATION		MS		02/02/2017	LIBOR-1M		(1,700	)		(59,109	)		(63,546	)
ISLE OF CAPRIS CASINOS INC		MS		02/03/2017	LIBOR-1M		4,800			67,536			71,520
ISTAR INC		MS		02/04/2017	LIBOR-1M		(11,100	)		(102,897	)		(108,780	)
JA SOLAR HOLDING CO LTD		MS		02/05/2017	LIBOR-1M		12,800			112,512			110,976
JD SPORTS FASHION		MS		10/24/2016	SONIA-1D		34,000			607,882			620,513
JENAX INC		MS		10/13/2016	FEDEF-1D		(1,890	)		(26,450	)		(37,112	)
KAHEE		MS		10/13/2016	FEDEF-1D		(2,100	)		(3,356	)		(3,884	)
KAPPAHL		MS		10/24/2016	STIBO-1W		137,892			559,964			571,988
KAPSCH TRAFFICCOM		MS		10/24/2016	EONIA-1D		501			17,269			17,214
KARDEX		MS		10/24/2016	TOIS-1D		7,899			627,934			636,993
KARYOPHARM THERAPEUTICS INC		MS		02/06/2017	LIBOR-1M		(6,000	)		(53,040	)		(55,800	)
KEARNY FINANCIAL		MS		02/07/2017	LIBOR-1M		(10,619	)		(134,967	)		(134,012	)
KERRY GROUP		MS		10/24/2016	EONIA-1D		(1,710	)		(160,625	)		(152,482	)
KIMBALL INTERNATIONAL		MS		02/08/2017	LIBOR-1M		10,900			119,682			126,876
KNM GROUP BERHAD		MS		11/03/2016	FEDEF-1D		(504,200	)		(58,258	)		(61,354	)
KNOLL INC		MS		02/09/2017	LIBOR-1M		6,000			129,720			140,100
KONA GRILL		MS		02/10/2017	LIBOR-1M		(9,700	)		(126,100	)		(129,204	)
KOPPERS HOLDINGS INC		MS		02/11/2017	LIBOR-1M		5,400			119,340			135,702
KRATON PERFORMANCE POLYMERS INC		MS		02/12/2017	LIBOR-1M		5,400			100,278			122,634
KVAERNER		MS		10/24/2016	NIBOR-1W		108,000			103,909			107,040
KWS SAAT		MS		10/24/2016	EONIA-1D		(1,608	)		(554,894	)		(557,380	)
L.B. FOSTER		MS		02/13/2017	LIBOR-1M		5,000			94,776			98,400
LA DORIA		MS		10/24/2016	EONIA-1D		8,633			125,056			125,550
LADDER CAPITAL CORP		MS		02/14/2017	LIBOR-1M		(6,500	)		(77,610	)		(77,415	)
LAFARGEHOLCIM LTD		MS		10/24/2016	TOIS-1D		(14,340	)		(754,245	)		(726,138	)
LANDEC CORP		MS		02/15/2017	LIBOR-1M		(9,900	)		(100,802	)		(111,375	)
LDR HOLDING CORP		MS		02/16/2017	LIBOR-1M		(4,900	)		(126,567	)		(132,055	)
LEGOCHEM BIOSCIENCES		MS		10/13/2016	FEDEF-1D		(1,656	)		(37,616	)		(44,856	)
LEGRAND		MS		10/24/2016	EONIA-1D		(6,720	)		(386,301	)		(382,761	)
LEMAITRE VASCULAR INC		MS		02/17/2017	LIBOR-1M		7,300			112,128			121,034
LHC GROUP LLC		MS		02/18/2017	LIBOR-1M		1,900			67,051			76,646
LIBBEY INC		MS		02/19/2017	LIBOR-1M		(4,700	)		(78,725	)		(87,420	)
LIBERTY HOLDINGS		MS		10/17/2016	LIBOR-1M		24,003			199,512			236,048
LIMELIGHT NETWORKS INC		MS		02/20/2017	LIBOR-1M		30,700			50,041			53,725
LIQUEFIED NATURAL GAS LTD		MS		10/13/2016	FEDEF-1D		(131,844	)		(73,245	)		(61,368	)
LIVE OAK BANCSHARES		MS		02/21/2017	LIBOR-1M		(5,508	)		(81,408	)		(86,696	)
LIVEPERSON INC		MS		02/22/2017	LIBOR-1M		(8,000	)		(46,400	)		(48,400	)
LLOYDS BANKING GROUP		MS		10/24/2016	SONIA-1D		(179,800	)		(178,022	)		(176,209	)
LONDON STOCK EXCHANGE GROUP		MS		10/12/2016	FEDEF-1D		(6,408	)		(268,720	)		(254,228	)
LONGTU KOREA INC		MS		10/13/2016	FEDEF-1D		(8,406	)		(60,495	)		(72,213	)
LUMOS NETWORKS CORP		MS		02/23/2017	LIBOR-1M		(8,300	)		(105,908	)		(105,825	)
LUNDIN PETROLEUM		MS		10/24/2016	STIBO-1W		(27,570	)		(497,567	)		(516,521	)
LUXOTTICA		MS		10/24/2016	EONIA-1D		(670	)		(36,567	)		(36,497	)
M/I HOMES INC		MS		02/24/2017	LIBOR-1M		3,900			73,320			78,390
MAGIC SOFTWARE		MS		02/25/2017	LIBOR-1M		20,800			136,032			138,944
MAINSOURCE FINANCIAL GROUP INC		MS		02/26/2017	LIBOR-1M		1,400			28,742			30,590
MAJESTIC WINE		MS		10/24/2016	SONIA-1D		(20,603	)		(133,892	)		(131,559	)
MAKEMYTRIP LTD		MS		02/27/2017	LIBOR-1M		(5,100	)		(95,421	)		(93,636	)
MALVERN BANCORP		MS		02/28/2017	LIBOR-1M		1,900			30,533			29,906


Company Reference	Counterparty		Termination Date		Receive/ (Pay)	Number of Contracts			Notional Amount			Unrealized Appreciation (Depreciation)
MANX TELECOM		MS		10/24/2016	SONIA-1D		17,128		$	52,823		$	53,058
MARCUS & MILLICHAP INC		MS		03/01/2017	LIBOR-1M		(3,000	)		(70,860	)		(75,240	)
MARCUS CORP		MS		03/02/2017	LIBOR-1M		6,300			115,353			121,905
MARKETO INC		MS		03/03/2017	LIBOR-1M		(4,400	)		(92,400	)		(96,756	)
MARLIN BUS SERVICES		MS		03/04/2017	LIBOR-1M		(3,000	)		(42,840	)		(44,370	)
MARTEN TRANSPORT LTD		MS		03/05/2017	LIBOR-1M		(5,000	)		(86,150	)		(93,300	)
MATAS		MS		10/24/2016	CIBOR-1W		18,960			375,199			361,723
MATRIX SERVICES		MS		03/06/2017	LIBOR-1M		1,700			28,849			32,028
MBK CO LTD		MS		10/13/2016	FEDEF-1D		(20,000	)		(41,207	)		(30,418	)
MCDERMOTT INTERNATIONAL		MS		03/07/2017	LIBOR-1M		10,000			38,400			45,400
MEDGENICS INC		MS		03/08/2017	LIBOR-1M		(8,500	)		(39,780	)		(40,545	)
MEDICAL FACILITIES CORP		MS		10/14/2016	LIBOR-1M		7,325			89,757			99,317
MEDIFAST INC		MS		03/09/2017	LIBOR-1M		3,600			107,316			113,508
MEDIVIR		MS		10/24/2016	STIBO-1W		21,595			155,349			149,297
MEETME INC		MS		03/10/2017	LIBOR-1M		23,600			67,024			80,712
MERCER INTERNATIONAL		MS		03/11/2017	LIBOR-1M		12,400			111,972			104,160
MERCIALYS		MS		10/12/2016	FEDEF-1D		(4,945	)		(106,121	)		(110,131	)
MERCURY SYSTEMS INC		MS		03/12/2017	LIBOR-1M		4,200			87,570			88,284
MERIT MEDICAL SYSTEMS INC		MS		03/13/2017	LIBOR-1M		6,600			120,120			133,650
METALL ZUG		MS		10/24/2016	TOIS-1D		118			354,304			362,301
MIDSOUTH		MS		03/14/2017	LIBOR-1M		(15,000	)		(115,350	)		(135,750	)
MILACRN HOLDING CORP		MS		03/15/2017	LIBOR-1M		(9,500	)		(153,615	)		(162,735	)
MIMECAST LTD		MS		03/16/2017	LIBOR-1M		(7,000	)		(57,659	)		(55,650	)
MISONIX INC		MS		03/17/2017	LIBOR-1M		2,300			13,087			13,660
MODINE MANUFACTURING		MS		03/18/2017	LIBOR-1M		12,400			131,300			134,044
MONEYSUPERMARKET.COM		MS		10/24/2016	SONIA-1D		63,900			297,925			293,091
MONOTYPE IMAGING HOLDING INC		MS		03/19/2017	LIBOR-1M		(5,100	)		(114,342	)		(112,353	)
MORPHOSYS		MS		10/24/2016	EONIA-1D		(1,510	)		(87,149	)		(75,563	)
MOTHERCARE		MS		10/12/2016	FEDEF-1D		(39,933	)		(73,484	)		(71,097	)
MULTI-COLOR CORP		MS		03/20/2017	LIBOR-1M		(2,600	)		(135,434	)		(155,558	)
NANOCO GROUP		MS		10/12/2016	FEDEF-1D		(63,929	)		(38,482	)		(36,460	)
NANOCO GROUP		MS		10/24/2016	SONIA-1D		(354,623	)		(206,542	)		(202,088	)
NATIONAL STORAGE		MS		09/13/2017	FEDEF-1D		(30,000	)		(32,399	)		(39,373	)
NATURAL GROCERS BY VITAMIN COTTAGE INC		MS		03/21/2017	LIBOR-1M		(6,300	)		(123,606	)		(84,168	)
NATURECELL CO LTD		MS		10/13/2016	FEDEF-1D		(28,313	)		(121,842	)		(135,016	)
NAUTILUS INC		MS		03/22/2017	LIBOR-1M		5,500			96,470			97,020
NCI INC CLASS A		MS		03/23/2017	LIBOR-1M		10,548			144,508			152,524
NEOMETALS LTD		MS		10/13/2016	FEDEF-1D		(70,102	)		(23,695	)		(20,327	)
NETCOMM WIRELESS LTD		MS		10/13/2016	FEDEF-1D		(27,729	)		(64,724	)		(61,995	)
NEW SENIOR INVESTMENT GROUP INC		MS		03/24/2017	LIBOR-1M		(12,851	)		(132,751	)		(138,791	)
NEWRON PHARMACEUTICALS		MS		10/24/2016	TOIS-1D		(16,342	)		(312,639	)		(294,750	)
NEXANS		MS		10/24/2016	EONIA-1D		1,130			53,338			52,601
NEXT BT CO LTD		MS		10/13/2016	FEDEF-1D		(21,573	)		(70,293	)		(57,678	)
NHN ENTERTAINMENT CORP		MS		11/01/2017	FEDEF-1D		(510	)		(25,846	)		(27,047	)
NIMBLE STORAGE		MS		03/25/2017	LIBOR-1M		(14,400	)		(110,880	)		(106,272	)
NMC HEALTH		MS		10/24/2016	SONIA-1D		(3,320	)		(52,638	)		(50,792	)
NORDIC SEMICONDUCTOR		MS		10/24/2016	NIBOR-1W		(63,374	)		(329,383	)		(368,296	)
NORSK HYDRO		MS		10/24/2016	NIBOR-1W		66,200			282,729			287,657
NORTHFIELD BANCORP		MS		03/26/2017	LIBOR-1M		(4,400	)		(71,940	)		(69,784	)
NORTHGATE		MS		10/24/2016	SONIA-1D		79,323			454,123			467,452
NORTHWEST PIPE CO		MS		03/27/2017	LIBOR-1M		3,200			28,384			34,528
NORWEGIAN AIR SHUTTLE		MS		10/24/2016	NIBOR-1W		(7,308	)		(338,402	)		(336,317	)


Company Reference	Counterparty		Termination Date		Receive/ (Pay)	Number of Contracts			Notional Amount			Unrealized Appreciation (Depreciation)
NOVADAQ TECH		MS		03/28/2017	LIBOR-1M		(10,700	)	$	(124,655	)	$	(119,840	)
NOVARTIS		MS		10/24/2016	TOIS-1D		(1,630	)		(125,839	)		(124,394	)
NOVOZYMES		MS		10/24/2016	CIBOR-1W		(540	)		(26,088	)		(25,880	)
NUMEREX CORP		MS		03/29/2017	LIBOR-1M		(16,600	)		(108,896	)		(127,488	)
NUTRIBIO TECH		MS		10/13/2016	FEDEF-1D		(2,400	)		(114,182	)		(136,328	)
NV5 GLOBAL INC		MS		03/30/2017	LIBOR-1M		4,100			110,180			101,803
OBI		MS		09/13/2016	FEDEF-1D		(3,100	)		(36,330	)		(36,534	)
OCI		MS		10/24/2016	EONIA-1D		(34,350	)		(715,898	)		(679,120	)
OFG BANCORP		MS		03/31/2017	LIBOR-1M		(7,500	)		(48,600	)		(66,225	)
OLD MUTUAL		MS		10/24/2016	SONIA-1D		(20,500	)		(59,220	)		(55,566	)
OLYMPIC STEEL		MS		04/01/2017	LIBOR-1M		10,300			176,542			232,986
OMEGA PROTEIN CORP		MS		04/02/2017	LIBOR-1M		6,800			111,384			126,412
OMNICELL INC		MS		04/03/2017	LIBOR-1M		4,600			124,338			146,556
ORBOTECH		MS		04/04/2017	LIBOR-1M		5,400			127,818			130,032
ORCHID ISLAND CAPITAL		MS		04/05/2017	LIBOR-1M		7,000			74,830			67,760
ORCHIDS PAPER PRODUCTS COMPANY		MS		04/06/2017	LIBOR-1M		(5,300	)		(149,173	)		(162,551	)
ORITANI FINANCIAL CORP		MS		04/07/2017	LIBOR-1M		6,000			102,240			103,980
OROCOBRE LTD		MS		10/13/2016	FEDEF-1D		(20,242	)		(36,158	)		(51,280	)
OXFORD BIOMEDICAL		MS		10/24/2016	SONIA-1D		(1,084,119	)		(102,809	)		(90,295	)
OYANG CORP		MS		10/13/2016	FEDEF-1D		(800	)		(10,101	)		(10,274	)
PACIFIC ETHANOL		MS		04/08/2017	LIBOR-1M		8,600			34,400			40,678
PAKISTAN COMMUNICATION COMPANY LTD		MS		10/12/2016	FEDEF-1D		72,000			19,644			9,935
PALADIN ENERGY LTD		MS		10/13/2016	FEDEF-1D		(7,368	)		(888	)		(1,490	)
PALADIN ENERGY LTD		MS		09/13/2017	FEDEF-1D		(222,463	)		(73,960	)		(44,984	)
PANDOX		MS		10/24/2016	STIBO-1W		(2,370	)		(42,008	)		(40,239	)
PANGEN BIOTECH INC		MS		10/13/2016	FEDEF-1D		(3,967	)		(63,857	)		(62,420	)
PAR PACIFIC HOLDINGS INC		MS		04/09/2017	LIBOR-1M		(6,800	)		(132,224	)		(129,948	)
PARROT PROMESSES		MS		10/24/2016	EONIA-1D		(21,399	)		(424,418	)		(430,300	)
PATRICK INDUSTRIES		MS		04/10/2017	LIBOR-1M		3,400			156,128			155,890
PC CONNECTION		MS		04/11/2017	LIBOR-1M		3,800			90,934			90,326
PERCEPTRON INC		MS		04/12/2017	LIBOR-1M		(16,700	)		(83,667	)		(76,987	)
PERION NETWORK LTD		MS		04/13/2017	LIBOR-1M		42,192			70,883			70,461
PERRY ELLIS		MS		04/14/2017	LIBOR-1M		4,900			87,416			93,345
PETRA DIAMONDS LTD		MS		10/12/2016	FEDEF-1D		(46,920	)		(77,814	)		(80,964	)
PEUGEOT		MS		10/24/2016	EONIA-1D		20,270			329,004			326,240
PHARMERICA CORP		MS		04/15/2017	LIBOR-1M		5,000			110,050			118,200
PHH		MS		04/16/2017	LIBOR-1M		(5,700	)		(65,950	)		(73,131	)
PHI INC		MS		04/17/2017	LIBOR-1M		1,500			27,120			33,630
PHOTRONICS INC		MS		04/18/2017	LIBOR-1M		8,100			84,564			85,698
PJT PARTNERS INC		MS		04/19/2017	LIBOR-1M		2,300			52,371			51,336
PLY GEM HOLDINGS INC		MS		04/20/2017	LIBOR-1M		6,700			96,949			98,155
POWELL INDUSTRIES		MS		04/21/2017	LIBOR-1M		(3,700	)		(107,337	)		(115,144	)
POWER FINANCE CORPORATION LTD		MS		10/12/2016	FEDEF-1D		14,071			31,495			37,951
PREFERRED APARTMENT COMMUNITIES INC		MS		04/22/2017	LIBOR-1M		(5,700	)		(71,193	)		(70,338	)
PREFERRED BANK		MS		04/23/2017	LIBOR-1M		3,100			89,869			98,456
PREMIER OIL		MS		10/24/2016	SONIA-1D		307,348			244,758			331,209
PRIMO WATER CORP		MS		04/24/2017	LIBOR-1M		12,100			132,132			133,100
PRIMORIS SERVICES CORP		MS		04/25/2017	LIBOR-1M		(7,800	)		(175,110	)		(182,442	)
PRO HOLDINGS INC		MS		04/26/2017	LIBOR-1M		(4,300	)		(46,354	)		(50,568	)
PUMA BIOTECHNOLOGY		MS		04/27/2017	LIBOR-1M		(900	)		(27,162	)		(27,621	)
PZENA INVESTMENTS MANAGEMENT INC		MS		04/28/2017	LIBOR-1M		(10,100	)		(78,578	)		(91,506	)
QINETIQ GROUP		MS		10/24/2016	SONIA-1D		106,500			347,650			348,117


Company Reference	Counterparty		Termination Date		Receive/ (Pay)	Number of Contracts			Notional Amount			Unrealized Appreciation (Depreciation)
QLOGIC CORP		MS		04/29/2017	LIBOR-1M		5,900		$	77,939		$	77,231
QUAD GRAPHIC INC		MS		04/30/2017	LIBOR-1M		7,800			93,054			97,890
QUAKER CHEMICAL CORPORATION		MS		05/01/2017	LIBOR-1M		(1,700	)		(142,800	)		(151,402	)
QUANEX BUILDING PRODUCTS CORP		MS		05/02/2017	LIBOR-1M		6,800			120,632			128,112
QUIDEL CORP		MS		05/03/2017	LIBOR-1M		(9,000	)		(156,240	)		(155,700	)
RADIANT LOGISTICS INC		MS		05/04/2017	LIBOR-1M		(18,800	)		(67,116	)		(74,072	)
RADWARE LTD		MS		05/05/2017	LIBOR-1M		(12,100	)		(131,285	)		(130,680	)
RAIN INDUSTRIES LTD		MS		10/12/2016	FEDEF-1D		13,907			13,086			7,801
RANDGOLD RESOURCES LTD		MS		10/12/2016	FEDEF-1D		(247	)		(16,088	)		(24,453	)
RAVEN INDUSTRIES		MS		05/06/2017	LIBOR-1M		(9,600	)		(150,048	)		(154,464	)
RAYONIER ADVANCED MATERIALS INC		MS		05/07/2017	LIBOR-1M		8,300			82,917			85,075
RCI HOSPITALITY HOLDINGS INC		MS		05/08/2017	LIBOR-1M		5,899			54,507			60,465
RE/MAX HOLDINGS INC		MS		05/09/2017	LIBOR-1M		2,800			98,000			103,040
REC SILICON		MS		10/24/2016	NIBOR-1W		(490,000	)		(97,129	)		(107,583	)
RECIPHARM		MS		10/24/2016	STIBO-1W		(5,760	)		(106,550	)		(96,505	)
REDDE		MS		10/24/2016	SONIA-1D		(69,800	)		(164,463	)		(158,087	)
RENAULT		MS		10/24/2016	EONIA-1D		424			42,914			40,921
REPUBLIC FIRST BANCORP		MS		12/16/2016	LIBOR-1M		(7,200	)		(32,688	)		(33,480	)
RESOLUTE FOREST PRODUCTS		MS		05/10/2017	LIBOR-1M		(19,200	)		(110,841	)		(111,552	)
RESOURCES GLOBAL PROFESSIONALS		MS		05/11/2017	LIBOR-1M		5,500			74,030			81,235
RIETER		MS		10/24/2016	TOIS-1D		1,377			299,755			285,112
RIGNET INC		MS		05/12/2017	LIBOR-1M		(3,700	)		(51,097	)		(63,270	)
ROCKET INTERNET		MS		10/24/2016	EONIA-1D		(19,587	)		(632,514	)		(471,021	)
ROGERS SUGAR INC		MS		10/14/2016	LIBOR-1M		7,700			25,928			30,750
ROYAL BANK OF SCOTLAND GROUP		MS		10/24/2016	SONIA-1D		(117,300	)		(428,256	)		(394,217	)
RTI SURGICAL INC		MS		05/13/2017	LIBOR-1M		15,500			61,845			61,845
RUDOLPH TECHNOLOGIES INC		MS		05/14/2017	LIBOR-1M		10,800			142,344			149,796
RURAL ELECTRIFICATION CORPORATION LTD		MS		10/12/2016	FEDEF-1D		103,452			387,042			277,542
RUSH ENTERPRISES		MS		05/15/2017	LIBOR-1M		(5,100	)		(86,394	)		(100,419	)
RUTH’S HOSPITALITY GROUP INC		MS		05/16/2017	LIBOR-1M		7,700			137,445			122,276
SAFEGUARD SCIENTIFICS INC		MS		05/17/2017	LIBOR-1M		(8,500	)		(116,195	)		(117,300	)
SAFESTORE HOLDINGS		MS		10/24/2016	SONIA-1D		53,300			261,761			263,708
SAFETY INSURANCE GROUP INC		MS		05/18/2017	LIBOR-1M		(1,200	)		(65,712	)		(67,932	)
SAFT		MS		10/24/2016	EONIA-1D		10,360			314,106			321,975
SAIPEM		MS		10/24/2016	EONIA-1D		(535,900	)		(239,207	)		(256,515	)
SAMSUNG C&T CORP		MS		10/13/2016	FEDEF-1D		(2,666	)		(309,629	)		(306,148	)
SAMSUNG C&T CORP		MS		11/01/2017	FEDEF-1D		(751	)		(86,869	)		(86,240	)
SAMSUNG ENGINEERING CO LTD		MS		10/13/2016	FEDEF-1D		(25,294	)		(218,351	)		(280,484	)
SAMSUNG ENGINEERING CO LTD		MS		11/01/2017	FEDEF-1D		(1,807	)		(16,938	)		(20,038	)
SANFILIPP & SON		MS		05/19/2017	LIBOR-1M		1,500			101,055			82,995
SCANDI STANDARD		MS		10/24/2016	STIBO-1W		40,909			298,111			289,193
SCHOUW & CO		MS		10/24/2016	CIBOR-1W		1,440			85,187			84,190
SCICLONE		MS		05/20/2017	LIBOR-1M		6,800			84,252			89,760
SEACHANGE INTERNATIONAL		MS		05/21/2017	LIBOR-1M		(8,400	)		(32,676	)		(31,332	)


Company Reference	Counterparty		Termination Date		Receive/ (Pay)	Number of Contracts			Notional Amount			Unrealized Appreciation (Depreciation)
SECURITY NATIONAL FINANCIAL CORPORATION		MS		05/22/2017	LIBOR-1M		6,615		$	33,171		$	32,414
SEEGENE		MS		11/01/2017	FEDEF-1D		(314	)		(8,255	)		(9,648	)
SEOBU T&D		MS		11/01/2017	FEDEF-1D		(2,787	)		(47,692	)		(56,802	)
SERCO GROUP		MS		10/12/2016	FEDEF-1D		(103,259	)		(172,889	)		(144,961	)
SEVEN GROUP HOLDINGS LTD		MS		10/13/2016	LIBOR-1M		23,127			103,138			103,235
SGL CARBON		MS		10/24/2016	EONIA-1D		(6,470	)		(74,764	)		(75,683	)
SHENANDOAH TELECOMMUNICATIONS COMPANY		MS		05/23/2017	LIBOR-1M		5,400			140,832			154,926
SHUTTERSTOCK		MS		05/24/2017	LIBOR-1M		(2,000	)		(73,660	)		(82,040	)
SIERRA BANCORP		MS		05/25/2017	LIBOR-1M		7,300			124,173			128,553
SIGMA PHARMACEUTICALS LTD		MS		10/13/2016	LIBOR-1M		116,867			97,863			98,093
SILICON MOTION		MS		05/26/2017	LIBOR-1M		2,400			92,280			92,520
SILVER SPRING NETWORKS INC		MS		05/27/2017	LIBOR-1M		5,300			73,882			74,465
SIMULATIONS PLUS		MS		05/28/2017	LIBOR-1M		4,118			36,197			33,191
SIRIUS MINERALS		MS		10/24/2016	SONIA-1D		(87,100	)		(21,636	)		(24,818	)
SK CHEMICALS		MS		11/01/2017	FEDEF-1D		(2,098	)		(139,702	)		(133,703	)
SK D&D CO LTD		MS		11/01/2017	FEDEF-1D		(50	)		(3,636	)		(2,511	)
SKY CITY LTD		MS		02/24/2017	LIBOR-1M		3,826			12,514			13,035
SOTHERLY HOTELS		MS		05/29/2017	LIBOR-1M		9,300			47,190			49,476
SPARK NETWORKS		MS		05/30/2017	LIBOR-1M		(5,200	)		(11,908	)		(12,220	)
SPARK NETWORKS		MS		05/30/2017	LIBOR-1M		5,200			11,908			12,220
SPECTRANETICS		MS		06/01/2017	LIBOR-1M		(4,500	)		(66,060	)		(76,500	)
SPEEDCAST INTERNATIONAL LTD		MS		10/13/2016	FEDEF-1D		(21,123	)		(64,821	)		(73,981	)
SPOK HOLDINGS INC		MS		06/02/2017	LIBOR-1M		3,300			55,440			56,067
ST JAMES’S PLACE		MS		10/24/2016	SONIA-1D		(10,630	)		(143,055	)		(134,667	)
STAAR SURGICAL COMPANY		MS		06/03/2017	LIBOR-1M		(12,200	)		(96,380	)		(94,062	)
STAGE STORES		MS		06/04/2017	LIBOR-1M		(12,100	)		(83,006	)		(89,056	)
STANDARD CHARTERED		MS		10/24/2016	SONIA-1D		(54,900	)		(448,733	)		(442,894	)
STEIN MART		MS		06/05/2017	LIBOR-1M		(22,500	)		(146,925	)		(162,900	)
STMICROELECTRONICS		MS		10/24/2016	EONIA-1D		44,243			260,665			271,760
STONERIDGE		MS		06/06/2017	LIBOR-1M		8,100			112,590			115,506
STRATTEC SECURITY CORPORATION		MS		06/07/2017	LIBOR-1M		(1,800	)		(103,284	)		(95,220	)
SUBSEA 7		MS		10/24/2016	NIBOR-1W		9,100			80,540			83,644
SUFFOLK BANCORP		MS		06/08/2017	LIBOR-1M		4,100			97,785			98,359
SUN HYDRAULICS		MS		06/09/2017	LIBOR-1M		(4,300	)		(142,932	)		(152,134	)
SUNEDISON SEMICONDUCTOR LTD		MS		06/10/2017	LIBOR-1M		(12,300	)		(72,816	)		(70,725	)
SUPREME INDUSTRIES INC		MS		06/11/2017	LIBOR-1M		8,900			98,752			110,627
SVG CAPITAL		MS		10/24/2016	SONIA-1D		96,194			723,174			723,877
SW BANCORP		MS		06/12/2017	LIBOR-1M		(8,500	)		(132,891	)		(136,425	)
SWISS LIFE HOLDING		MS		10/24/2016	TOIS-1D		983			256,860			248,114
SYDBANK		MS		10/24/2016	CIBOR-1W		1,070			30,322			30,258
SYKES ENTERPRISES		MS		06/13/2017	LIBOR-1M		5,000			144,050			145,750
SYNERGY RESOURCES CORP		MS		06/14/2017	LIBOR-1M		(2,900	)		(22,446	)		(20,938	)
SYRAH RESOURCES LTD		MS		10/13/2016	FEDEF-1D		(26,197	)		(52,646	)		(94,551	)
TAISHIN FINANCIAL HOLDING CO		MS		09/13/2016	FEDEF-1D		(514,000	)		(195,894	)		(194,227	)
TALGO		MS		10/12/2016	FEDEF-1D		(7,326	)		(41,199	)		(37,655	)


Company Reference	Counterparty		Termination Date		Receive/ (Pay)	Number of Contracts			Notional Amount			Unrealized Appreciation (Depreciation)
TAMBANG BATUBARA BUKIT ASAM		MS		09/13/2016	FEDEF-1D		139,300		$	54,623		$	74,484
TANGOE INC		MS		06/15/2017	LIBOR-1M		(10,200	)		(74,460	)		(89,964	)
TEEKAY TANKERS LTD		MS		06/16/2017	LIBOR-1M		17,200			59,340			67,768
TENNANT CO		MS		06/17/2017	LIBOR-1M		(2,600	)		(134,212	)		(138,866	)
TESCO		MS		10/12/2016	FEDEF-1D		(132,370	)		(384,584	)		(333,136	)
TESCO CORP		MS		06/18/2017	LIBOR-1M		(12,900	)		(108,231	)		(122,034	)
TETHYS OIL		MS		10/24/2016	STIBO-1W		24,648			174,241			176,544
TETRA TECH		MS		06/19/2017	LIBOR-1M		18,400			124,016			132,480
THERMON GROUP HOLDINGS INC		MS		06/21/2017	LIBOR-1M		(8,500	)		(150,875	)		(159,290	)
THORN GROUP LTD		MS		10/13/2016	LIBOR-1M		45,130			61,878			48,039
THORN GROUP LTD		MS		09/13/2017	LIBOR-1M		12,156			22,322			12,940
TOBII		MS		10/24/2016	STIBO-1W		(19,015	)		(133,384	)		(130,275	)
TOWER INTERNATIONAL INC		MS		06/22/2017	LIBOR-1M		2,200			58,498			50,490
TPG TELECOM LTD		MS		10/13/2016	FEDEF-1D		(30,064	)		(258,574	)		(245,691	)
TPG TELECOM LTD		MS		09/13/2017	FEDEF-1D		(22,912	)		(198,718	)		(187,243	)
TRAIS CO LTD		MS		10/13/2016	FEDEF-1D		(5,012	)		(11,503	)		(12,302	)
TRAIS CO LTD		MS		11/01/2017	FEDEF-1D		(3,000	)		(7,107	)		(7,363	)
TRANSGLOBE ENERGY		MS		10/14/2016	LIBOR-1M		57,623			86,126			111,154
TRIPLE-S MANAGEMENT CORP		MS		06/23/2017	LIBOR-1M		5,600			135,352			145,824
TRUECAR INC		MS		06/24/2017	LIBOR-1M		(5,000	)		(26,800	)		(34,200	)
TUNGSTEN CORP		MS		10/12/2016	FEDEF-1D		(72,622	)		(68,526	)		(60,533	)
TUNGSTEN CORP		MS		10/24/2016	SONIA-1D		(277,194	)		(243,022	)		(230,870	)
TV AZTECA SAB DE CV		MS		12/05/2016	FEDEF-1D		(224,100	)		(32,258	)		(31,246	)
UFLEX LIMITED		MS		10/12/2016	FEDEF-1D		10,608			22,757			28,260
UNIFI INC		MS		06/25/2017	LIBOR-1M		4,300			91,891			110,768
UNION BANK OF INDIA		MS		10/12/2016	FEDEF-1D		4,545			8,855			8,708
UNIPOLSAI ASSICURAZIONI		MS		10/24/2016	EONIA-1D		(239,500	)		(555,097	)		(558,937	)
UNITED COMMUNITY BANK		MS		06/29/2017	LIBOR-1M		6,800			123,896			136,884
UNIVERSAL FOREST PRODUCTS INC		MS		06/26/2017	LIBOR-1M		1,300			107,120			99,645
UNIVERSAL TRUCK		MS		06/27/2017	LIBOR-1M		(8,500	)		(127,670	)		(121,210	)
USA TRUCK INC		MS		06/28/2017	LIBOR-1M		(6,000	)		(90,840	)		(106,320	)
VANDA PHARMACEUTICALS INC		MS		06/30/2017	LIBOR-1M		(2,400	)		(20,280	)		(21,360	)
VARONIS SYSTEMS INC		MS		07/01/2017	LIBOR-1M		(7,700	)		(136,598	)		(147,455	)
VERBIO VER BIOEN		MS		10/24/2016	EONIA-1D		8,644			82,058			83,979
VERTU MOTORS		MS		10/12/2016	LIBOR-1M		96,891			106,417			82,179
VERTU MOTORS		MS		10/24/2016	SONIA-1D		561,880			488,506			476,191
VIRTUS INVESTMENT PARTNERS INC		MS		07/02/2017	LIBOR-1M		(2,000	)		(134,860	)		(156,440	)
VISHAY PRECISION GROUP INC		MS		07/03/2017	LIBOR-1M		12,600			185,850			188,496
VITAMIN SHOPPE INC		MS		07/04/2017	LIBOR-1M		(2,700	)		(76,869	)		(73,899	)
VOCERA COMMUNICATIONS INC		MS		07/05/2017	LIBOR-1M		7,400			91,168			86,728
VOCUS COMMUNICATIONS LTD		MS		10/13/2016	FEDEF-1D		(6,385	)		(36,390	)		(42,046	)
VOCUS COMMUNICATIONS LTD		MS		09/13/2017	FEDEF-1D		(5,437	)		(25,031	)		(35,803	)
VOESTALPINE		MS		10/24/2016	EONIA-1D		(2,180	)		(78,798	)		(78,586	)
VOLKSWAGEN		MS		10/24/2016	EONIA-1D		(506	)		(71,874	)		(73,269	)
VONOVIA		MS		10/24/2016	EONIA-1D		(19,370	)		(679,517	)		(651,791	)
VSE CORP		MS		07/06/2017	LIBOR-1M		1,000			66,290			62,040
VZ HOLDING		MS		10/24/2016	TOIS-1D		(945	)		(272,312	)		(294,089	)
WABASH NATIONAL CORP		MS		07/07/2017	LIBOR-1M		9,000			111,060			128,250


Company Reference	Counterparty		Termination Date		Receive/ (Pay)	Number of Contracts			Notional Amount			Unrealized Appreciation (Depreciation)
WALLENSTAM		MS		10/24/2016	STIBO-1W		31,633		$	274,057		$	265,979
WESTFIELD FINANCIAL		MS		07/08/2017	LIBOR-1M		11,300			85,089			86,558
WHA CORPORATIO		MS		10/11/2017	FEDEF-1D		(94,000	)		(7,970	)		(2,908	)
WHITBREAD		MS		10/12/2016	FEDEF-1D		(6,270	)		(336,554	)		(355,021	)
WHITBREAD		MS		10/24/2016	SONIA-1D		(6,110	)		(348,906	)		(345,690	)
WILLBROS GROUP		MS		07/09/2017	LIBOR-1M		13,300			27,531			42,560
WINNEBAGO INDUSTRIES		MS		07/10/2017	LIBOR-1M		(4,800	)		(98,160	)		(103,872	)
WOORIDUL HUEBRAIN LTD		MS		10/13/2016	FEDEF-1D		(11,300	)		(31,541	)		(43,584	)
WORKIVA INC		MS		07/11/2017	LIBOR-1M		(9,000	)		(107,280	)		(107,190	)
WORKSPACE GROUP		MS		10/24/2016	SONIA-1D		5,260			62,102			64,177
WUESTENR&WUERT		MS		10/24/2016	EONIA-1D		5,113			104,512			102,521
XO GROUP INC		MS		07/12/2017	LIBOR-1M		3,800			62,700			67,108
YADKIN FINANCIAL CORP		MS		07/13/2017	LIBOR-1M		(5,400	)		(125,334	)		(135,108	)
YELLOW PAGES LTD		MS		10/14/2016	LIBOR-1M		6,500			99,188			108,079
YOWIE GROUP LTD		MS		10/13/2016	FEDEF-1D		(116,995	)		(82,474	)		(70,526	)
YRC WORLDWIDE INC		MS		07/14/2017	LIBOR-1M		8,300			73,953			76,360
ZAGG INC		MS		07/15/2017	LIBOR-1M		13,500			105,705			108,135
ZELTIQ AESTHETICS INC		MS		07/16/2017	LIBOR-1M		(3,900	)		(108,966	)		(116,610	)
ZODIAC AEROSPACE		MS		10/24/2016	EONIA-1D		(31,920	)		(665,071	)		(748,410	)
ZUMTOBEL GROUP		MS		10/24/2016	EONIA-1D		(5,610	)		(75,290	)		(73,043	)

												$	3,138,606

For the six -month period ended April 30, 2016, the total amount of all open swap agreements, as presented in the tables above, are representative of the volume of activity for this derivative type during the period.

The open futures contracts held by the Fund at April 30, 2016, is as follows:


Type of Contract	Number of Contracts Long (Short)			Expiration Date		Unrealized Appreciation (Depreciation)
MSCI EAFE		77			Mar-2016	$	29,792
MSCI Emerging Markets		50			Mar-2016		11,917
S&P 500 Index E-MINI		(22	)		Mar-2016		(19,030	)
U.S. 10-Year Treasury Note		57			Mar-2016		18,159

						$	40,838

A list of the outstanding forward foreign currency contracts held by the Fund at April 30, 2016, is as follows:


Settlement Date	Currency to Deliver			Currency to Receive			Unrealized Depreciation
5/6/16		JPY	488,355		USD	4,498	$	(93	)

A list of the counterparties for the forward foreign currency contracts held by the Fund at April 30, 2016, is as follows:


Counterparty	Currency to Deliver			Currency to Receive		Unrealized Depreciation
Brown Brothers Harriman	$	(4,591	)	$	4,498	$	(93	)

Percentages are based on net assets of $475,127,001.


*		Non-income producing security.
‡		Real Estate Investment Trust
(A)		Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at time of purchase.
(B)		Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.”
(C)		Security considered Master Limited Partnership. At April 30, 2016, these securities amounted to $224,767 or 0.0% of net assets.
(D)		Interest rate unavailable.

ADR — American Depositary Receipt

BAML — Bank of America Merrill Lynch

BBA — British Banker’s Association

CIBOR — Copenhagen Interbank Offered Rate

Cl — Class

DB — Deutsche Bank

EAFE — Europe, Australasia and Far East

EONIA — Euro Overnight Index Average

FEDEF — Federal Funds Effective Rate

GS — Goldman Sachs

JPY — Japanese Yen

LIBOR — London Interbank Offered Rate

LLC — Limited Liability Company

LTD — Limited

MS — Morgan Stanley

MSCI — Morgan Stanley Capital International

NIBOR — Norwegian Interbank Offered Rate

PLC — Public Limited Company

S&P — Standard & Poor’s

SONIA — Sterling Overnight Interbank Average Rate

SPDR — Standard & Poor’s Depositary Receipts

STIBO — Stockholm Interbank Offered Rate

TOIS — Tom/Next Index Swaps Rate

USD — United States Dollar

The following is a list of the inputs used as of April 30, 2016, in valuing the Fund’s investments and other financial instruments carried at market value:


Investments in Securities	Level 1		Level 2†		Level 3		Total
Registered Investment Companies		$ 279,318,055		$ —		$ —		$ 279,318,055
Common Stock						—
Argentina		233,511		—		—		233,511
Australia		4,807		—		—		4,807
Austria		370,073		—		—		370,073
Bermuda		1,064,397		—		—		1,064,397
Brazil		401,451		—		—		401,451
Canada		2,584,776		—		—		2,584,776
Cayman Islands		71,236		—		—		71,236
Chile		39,335		—		—		39,335
China		3,289,244		—		—		3,289,244
Colombia		141,474		—		—		141,474
Denmark		204,062		—		—		204,062
Finland		267,881		—		—		267,881
Germany		880,199		93,842		—		974,041


Investments in Securities	Level 1			Level 2†			Level 3		Total
Greece	$	73,027		$	—		$	—	$	73,027
Hong Kong		3,046,708			71,059			—		3,117,767
India		49,113			—			—		49,113
Ireland		84,903			—			—		84,903
Israel		942,436			64,281			—		1,006,717
Italy		473,955			—			—		473,955
Japan		4,914,729			10,150			—		4,924,879
Malaysia		749,897			—			—		749,897
Mexico		327,407			—			—		327,407
Netherlands		824,558			—			—		824,558
Norway		339,955			—			—		339,955
Panama		247,092			—			—		247,092
Portugal		192,922			—			—		192,922
Puerto Rico		343,624			—			—		343,624
Singapore		826,298			64,946			—		891,244
South Korea		6,380,376			28,252			—		6,408,628
Sweden		1,305,786			—			—		1,305,786
Switzerland		583,555			—			—		583,555
Taiwan		337,136			—			—		337,136
Thailand		311,612			—			—		311,612
United Kingdom		116,571			—			—		116,571
United States		67,083,894			—			—		67,083,894

Total Common Stock		99,108,000			332,530			—		99,440,530
U.S. Treasury Obligations		—			40,703,629			—		40,703,629
Preferred Stock		108,625			—			—		108,625
Rights		4,344			—			—		4,344
Warrants		—			3,334			—		3,334

Total Investments in Securities	$	378,539,024		$	41,039,493		$	—	$	419,578,517


Securities Sold Short	Level 1			Level 2†			Level 3		Total
Common Stock
Australia		$ (482,169)			$ —			$ —		$ (482,169)
Canada		(2,937,865	)		—			—		(2,937,865	)
China		(951,564	)		—			—		(951,564	)
Germany		(1,253,638	)		—			—		(1,253,638	)
Greece		(14,079	)		—			—		(14,079	)
Hong Kong		(2,017,409	)		—			—		(2,017,409	)
India		(245,004	)		—			—		(245,004	)
Ireland		(92,752	)		—			—		(92,752	)
Israel		(385,039	)		—			—		(385,039	)
Italy		(499,071	)		—			—		(499,071	)
Japan		(4,360,966	)		(142,951	)		—		(4,503,917	)
Luxembourg		(121,255	)		—			—		(121,255	)
Netherlands		(1,490,594	)		—			—		(1,490,594	)
Norway		(58,256	)		—			—		(58,256	)
Puerto Rico		(132,459	)		—			—		(132,459	)
Singapore		(630,189	)		—			—		(630,189	)
Sweden		(376,112	)		—			—		(376,112	)
Switzerland		(298,819	)		—			—		(298,819	)
U.S. Virgin Islands		(2,897	)		—			—		(2,897	)
United Kingdom		(463,291	)		—			—		(463,291	)
United States		(64,885,672	)		—			—		(64,885,672	)

Total Common Stock		(81,699,100	)		(142,951	)		—		(81,842,051	)
Registered Investment Companies		(4,601,265	)		—			—		(4,601,265	)

Total Securities Sold Short	$	(86,300,365	)	$	(142,951	)	$	—	$	(86,443,316	)


Other Financial Instruments	Level 1			Level 2			Level 3		Total
Purchased Options	$	87,000		$	—		$	—	$	87,000
Written Options		(1,961,000	)		—			—		(1,961,000	)
Futures Contracts* Unrealized Appreciation		59,868			—			—		59,868
Unrealized Depreciation		(19,030	)		—			—		(19,030	)
Forward Foreign Currency Contracts* Unrealized Depreciation		—			(93	)		—		(93	)
Total Return Swaps* Unrealized Appreciation		—			44,112,952			—		44,112,952
Unrealized Depreciation		—			(40,974,346	)		—		(40,974,346	)

Total Other Financial Instruments	$	(1,833,162	)	$	3,138,513		$	—	$	1,305,351

* Futures contracts, forward foreign currency contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument.

† Represents securities trading outside the United States. The values of which were adjusted as a result of foreign market closure.

For the six-month period ended April 30, 2016, there were transfers between Level 1 and Level 2 assets and liabilities due to changes in the availability of unadjusted inputs used to determine fair value. All transfers, if any, are recognized by the Fund at the end of the period.

For the six-month period ended April 30, 2016, there were no Level 3 securities.

For more information on valuation inputs, see Note 2 in Notes to Financial

Statements.

Sector Weightings †:

LOGO

† Percentages are based on total investments.



SCHEDULE OF INVESTMENTS
REGISTERED INVESTMENT COMPANIES — 34.1%
	Shares/Face Amount		Value

OPEN-END FUNDS — 34.1%
AQR Risk-Balanced Commodities Fund		4,802,052	$	30,733,132
PIMCO CommoditiesPlus Strategy, Cl Institutional		5,024,125		29,893,542

Total Registered Investment Companies (Cost $73,600,168)				60,626,674


U.S. TREASURY OBLIGATIONS — 31.0%
U.S. Treasury Inflation Protected Securities
3.875%, 04/15/29	$	1,016,850		1,460,212
3.625%, 04/15/28		850,280		1,174,582
3.375%, 04/15/32		140,263		204,052
2.500%, 01/15/29		1,065,727		1,344,092
2.375%, 01/15/25		2,075,535		2,479,102
2.375%, 01/15/27		717,220		879,631
2.125%, 02/15/40		554,000		709,964
2.125%, 02/15/41		514,302		664,554
2.000%, 01/15/26		943,774		1,109,069
1.750%, 01/15/28		797,926		929,324
1.375%, 07/15/18		252,901		266,383
1.375%, 01/15/20		520,833		556,762
1.375%, 02/15/44		624,677		701,688
1.250%, 07/15/20		1,190,528		1,278,654
1.125%, 01/15/21		1,311,543		1,401,541
1.000%, 02/15/46		835,585		874,532
0.750%, 02/15/42		1,049,350		1,022,297
0.750%, 02/15/45		2,079,290		2,021,134


U.S. TREASURY OBLIGATIONS — continued
	Face Amount/ Shares		Value

0.625%, 07/15/21	$	120,983	$	127,088
0.625%, 01/15/24		2,699,027		2,821,433
0.625%, 01/15/26		2,040,685		2,147,596
0.625%, 02/15/43		1,784,802		1,685,291
0.375%, 07/15/23		2,160,026		2,230,198
0.375%, 07/15/25		3,124,563		3,208,657
0.250%, 01/15/25		2,487,684		2,518,521
0.125%, 04/15/18		5,090,748		5,176,323
0.125%, 04/15/19		1,978,284		2,020,811
0.125%, 04/15/20		5,563,742		5,680,959
0.125%, 04/15/21		1,745,000		1,784,434
0.125%, 01/15/22		1,073,800		1,091,431
0.125%, 07/15/22		613,493		625,179
0.125%, 01/15/23		2,509,572		2,536,236
0.125%, 07/15/24		2,437,558		2,457,015

Total U.S. Treasury Obligations (Cost $54,435,960)				55,188,745


COMMON STOCK — 30.3%
ENERGY — 28.9%
Buckeye Partners LP (A)		34,600		2,491,200
Cheniere Energy Partners Holdings		20,200		393,496
Columbia Pipeline Partners (A)		54,350		789,705
DCP Midstream Partners LP (A)		42,900		1,401,543
Enbridge		14,900		618,946
Enbridge Energy Management *		87,268		1,849,209
Energy Transfer Equity LP (A)		110,800		1,377,244
Energy Transfer Partners LP (A)		66,893		2,370,019
Enterprise Products Partners LP (A)		151,300		4,038,197
Equities GP Holdings		36,250		959,175
Equities Midstream Partners (A)		28,250		2,239,942
Golar LNG Partners LP (A)		19,370		327,934
Hoegh LNG Partners LP (A)		12,300		221,646
Kinder Morgan		58,302		1,035,444
KNOT Offshore Partners LP (A)		12,200		234,240
Magellan Midstream Partners		37,750		2,720,642
MPLX (A)		81,097		2,610,512
NuStar Energy LP (A)		6,900		348,036
ONEOK		73,700		2,664,255
ONEOK Partners LP (A)		53,025		1,880,267


COMMON STOCK — continued
	Shares/Face Amount⁽¹⁾		Value

ENERGY (continued)
PBF Logistics (A)		19,600	$	422,380
Phillips 66 Partners LP (A)		18,350		1,050,354
Plains All American Pipeline LP (A)		15,300		350,982
Plains GP Holdings, Cl A		147,200		1,457,280
Shell Midstream Partners (A)		41,550		1,569,344
Spectra Energy		53,300		1,666,691
Spectra Energy Partners (A)		39,350		1,984,421
Sunoco Logistics Partners		63,800		1,868,064
Tallgrass Energy GP, Cl A		59,500		1,239,385
Tallgrass Energy Partners (A)		21,300		875,430
Targa Resources		27,900		1,128,834
TC Pipelines LP (A)		6,600		361,482
TransCanada		11,100		460,539
Valero Energy Partners (A)		6,800		324,292
VTTI Energy Partners (A)		43,200		864,000
Western Gas Equity Partners LP (A)		13,980		564,512
Western Gas Partners LP (A)		63,300		3,092,838
Williams Companies		23,000		445,970
Williams Partners (A)		34,900		1,055,027

				51,353,477

FINANCIALS — 0.3%
InfraREIT ‡		34,100		565,378


INDUSTRIALS — 0.8%
Macquarie Infrastructure		20,100		1,414,839


UTILITIES — 0.3%
8Point3 Energy Partners, Cl A		14,600		230,242
NRG Yield, Cl C		21,100		341,398

				571,640

Total Common Stock (Cost $57,835,368)				53,905,334


SOVEREIGN DEBT — 0.8%
Bundesrepublik Deutschland Bundesobligation Inflation Linked Bond 0.750%, 04/15/18	EUR	183,155		217,741
Italy Buoni Poliennali Del Tesoro 2.600%, 09/15/23	EUR	45,046		60,605


SOVEREIGN DEBT — continued
	Face Amount⁽¹⁾/ Number of Rights/ Notional Amount		Value

2.550%, 09/15/41	EUR	75,020	$	108,119
2.350%, 09/15/24 (B)	EUR	449,845		595,081
2.100%, 09/15/16	EUR	5,280		6,169
1.250%, 09/15/32 (B)	EUR	102,204		121,870
Spain Government Inflation Linked Bond 0.550%, 11/30/19 (B)	EUR	270,000		321,530

Total Sovereign Debt (Cost $1,484,511)				1,431,115


CORPORATE OBLIGATION — 0.0%
ENERGY — 0.0%
California Resources 6.000%, 11/15/24	$	45,000		18,731

Total Corporate Obligation (Cost $40,740)				18,731


*RIGHTS — 0.0%**
Kinder Morgan Escrow ‡‡ (Cost $—)		49,280		—

Total Investments — 96.2% (Cost $187,396,747)			$	171,170,599


*PURCHASED OPTIONS/SWAPTIONS — 0.1%**
3 Month LIBOR, Expires 06/02/16, Strike Price $2.950		297,500	$	1
AUD/NOK Currency, Expires 06/29/16, Strike Price $6.240		750,000		13,526
CAD/JPY Currency, Expires 06/16/16, Strike Price $82.000		1,510,000		42,627
CHF/NOK Currency, Expires 08/20/16, Strike Price $7.720		900,000		1,139
EUR/USD Currency, Expires 07/08/16, Strike Price $1.105		1,010,000		8,148
EUR/USD Currency, Expires 11/03/16, Strike Price $1.020		1,015,000		4,415
EUR/USD Currency, Expires 11/03/16, Strike Price $1.088		1,015,000		—


*PURCHASED OPTIONS/SWAPTIONS — continued**
	Contracts/ Notional Amount			Value

EURO$ 1-Year Interest Rate, Expires 09/16/16, Strike Price $98.750	$	61		$	12,581
EURO$ 1-Year Interest Rate, Expires 09/16/16, Strike Price $98.250		61			1,906
EURO-BUND Long Bond, Expires 06/21/16, Strike Price $158.500		6			687
GBP/AUD Currency, Expires 06/23/16, Strike Price $1.920		400,000			19,492
GBP/JPY Currency, Expires 05/12/16, Strike Price $165.500		490,000			199
GBP/JPY Currency, Expires 05/15/16, Strike Price $147.500		490,000			57,484
NZD/USD Currency, Expires 05/27/16, Strike Price $0.670		835,000			1,133
USD/CAD Currency, Expires 11/03/16, Strike Price $1.420		1,155,000			3,976
USD/CAD Currency, Expires 11/03/16, Strike Price $1.315		1,155,000			15,383
USD/CAD Currency, Expires 06/10/16, Strike Price $1.305		1,735,000			4,474
USD/MXN Currency, Expires 11/03/16, Strike Price $18.290		1,155,000			25,723
USD/MXN Currency, Expires 11/03/16, Strike Price $19.870		1,155,000			9,672

Total Purchased Options/Swaptions — 0.1% (Cost $206,254)				$	222,566


*WRITTEN OPTIONS/SWAPTIONS — (0.2)%**
AUD/NOK Currency, Expires 06/29/16, Strike Price $6.030		(750,000	)	$	(11,743	)
AUD/NOK Currency, Expires 06/29/16, Strike Price $6.600		(750,000	)		(34,993	)
CAD/JPY Currency, Expires 06/16/16, Strike Price $78.000		(3,020,000	)		(163,715	)
EUR/USD Currency, Expires 07/08/16, Strike Price $1.180		(1,010,000	)		(8,410	)
EUR/USD Currency, Expires 11/03/16, Strike Price $1.055		(2,030,000	)		(15,367	)
EURO$1-Year Interest Rate, Expires 09/17/16, Strike Price $98.500		(122	)		(9,912	)
USD/CAD Currency, Expires 11/03/16, Strike Price $1.365		(2,310,000	)		(15,924	)
USD/CAD Currency, Expires 06/10/16, Strike Price $1.335		(1,735,000	)		(1,573	)


*WRITTEN OPTIONS/SWAPTIONS — continued**
	Notional Amount			Value

USD/MXN Currency, Expires 11/03/16, Strike Price $19.000	$	(2,310,000	)	$	(32,536	)

Total Written Options/Swaptions — 0.1% (Proceeds $129,732)				$	(294,173	)

For the six-month period ended April 30, 2016, the total amount of all open purchased options/swaptions and written options/swaptions, as presented in the above Schedule of Investments, are representative of the volume of activity for this derivative type during the period.

A list of the open futures contracts held by the Fund at April 30, 2016, is as follows:


Type of Contract	Number of Contracts Long (Short)			Expiration Date		Unrealized Appreciation (Depreciation)
Euro-Bobl		(2	)		Jun-2016	$	1,063
Euro-BTP		(7	)		Jun-2016		(290	)
U.S. 10-Year Treasury Note		6			Jun-2016		(1,625	)
U.S. 10-Year Ultra Bond		(2	)		Jun-2016		1,060
U.S. 2-Year Treasury Note		12			Jul-2016		7,351
U.S. 5-Year Treasury Note		18			Jun-2016		4,032
U.S. Long Treasury Bond		(1	)		Jun-2016		(872	)
U.S. Ultra Long Treasury Bond		(7	)		Jun-2016		5,860

						$	16,579

A list of the outstanding forward foreign currency contracts held by the Fund at April 30, 2016, is as follows:


Maturity Date	Currency to Deliver			Currency to Receive			Unrealized Appreciation (Depreciation)
5/18/16		AUD	755,000		USD	580,325	$	6,698
5/18/16		EUR	385,000		GBP	302,767		1,330
5/2/16-6/6/16		EUR	3,512,000		USD	4,007,680		(15,732	)
5/18/16		GBP	322,106		EUR	405,000		(6,674	)
5/16/16		GBP	360,000		JPY	58,962,900		28,333
5/18/16		GBP	200,000		USD	292,188		(56	)
5/16/16		JPY	57,983,102		GBP	350,000		(33,733	)
5/2/16-6/15/16		JPY	122,694,536		USD	1,107,126		(46,852	)
5/4/16		MXN	641,000		USD	36,617		(625	)
7/1/16		NOK	1,388,045		AUD	225,000		(1,713	)
5/18/16		NZD	415,000		USD	282,200		(7,283	)
5/18/16		USD	569,697		AUD	740,000		(7,467	)
5/2/16-5/4/16		USD	231,820		EUR	205,000		2,934
5/18/16		USD	290,827		GBP	200,000		1,417
5/2/16-6/15/16		USD	1,094,372		JPY	121,114,241		44,760
5/18/16		USD	279,882		NZD	410,000		6,112

							$	(28,551	)

A list of the counterparties for the outstanding forward foreign currency contracts held by the Fund at April 30, 2016, is as follows:


Counterparty	Currency to Deliver			Currency to Receive		Unrealized Appreciation (Depreciation)
Bank of America	$	(146,380	)	$	148,875	$	2,495
Barclays		(482,698	)		470,593		(12,105	)
BNP Paribas		(954,909	)		959,231		4,322
Citigroup		(655,891	)		647,541		(8,350	)
Credit Suisse First Boston		(263,457	)		263,831		374
Goldman Sachs		(1,088,943	)		1,087,213		(1,730	)
HSBC		(602,124	)		575,291		(26,833	)
JPMorgan Chase Bank		(6,566,044	)		6,579,530		13,486
State Street		(11,464	)		11,449		(15	)
UBS		(219,949	)		219,754		(195	)

						$	(28,551	)

For the six-month period ended April 30, 2016, the total amount of all open forward foreign currency contracts, as presented in the tables above, are representative of the volume of activity for this derivative type during the period.

A list of the open swap agreements held by Fund at April 30, 2016, is as follows:


Interest Rate Swaps
																	Swap Contracts, at Value
Counterparty	Fund Pays			Fund Received			Termination Date		Notional Amount		Premiums Paid		Unrealized Appreciation (Depreciation)			Asset		Liability
Goldman Sachs		1.24	%		3M LIBOR + 0 bps			08/31/20		1,940,000	$	34	$	1,036		$	1,070	$	—
Morgan Stanley		0.73	%		CPTFEMU + 0 bps			01/18/21		700,000		—		(123,171	)		—		(123,171	)
Goldman Sachs		1.13			3M LIBOR + 0 bps			08/31/21		1,590,000		28		5,444			5,472		—
Morgan Stanley		CPTFEMU + 0 bps			1.15	%		01/18/26		700,000		—		131,785			131,785		—
Goldman Sachs		2.07	%		3M LIBOR + 0 bps			08/15/41		430,000		10		10,450			10,460		—

											$	72	$	25,544		$	148,787	$	(123,171	)

For the six-month period ended April 30, 2016, the total amount of all open swap agreements, as presented in the tables above, are representative of the volume of activity for this derivative type during the period.

Percentages are based on net assets of $178,002,845.


*		Non-income producing security.
‡		Real Estate Investment Trust
‡‡		Expiration date unavailable.
(1)		In U.S. dollars unless otherwise indicated
(A)		Security considered Master Limited Partnership. At April 30, 2016, these securities amounted to $32,845,547 or 18.5% of net assets.
(B)		Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.”

AUD — Australian Dollar

CAD — Canadian Dollar

Cl — Class

CHF — Swiss Franc

CPTFEMU — Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA Index

EUR — Euro

GBP — British Pound

JPY — Japanese Yen

LIBOR — London Interbank Offered Rate

LP — Limited Partnership

MXN — Mexican Peso

NOK — Norwegian Krone

NZD — New Zealand Dollar

REIT — Real Estate Investment Trust

USD — United States Dollar

The following is a list of the inputs used as of April 30, 2016, in valuing the Fund’s investments and other financial instruments carried at market value:


Investments in Securities	Level 1			Level 2			Level 3		Total
Registered Investment Companies	$	60,626,674		$	—		$	—	$	60,626,674
U.S. Treasury Obligations		—			55,188,745			—		55,188,745
Common Stock		53,905,334			—			—		53,905,334
Sovereign Debt		—			1,431,115			—		1,431,115
Corporate Obligation		—			18,731			—		18,731
Rights		—			—			—		—

Total Investments in Securities	$	114,532,008		$	56,638,591		$	—	$	171,170,599


Other Financial Instruments	Level 1			Level 2			Level 3		Total
Purchased Options/ Swaptions	$	222,566		$	—		$	—	$	222,566
Written Options/ Swaptions		(294,173	)		—			—		(294,173	)
Futures Contracts* Unrealized Appreciation		19,366			—			—		19,366
Unrealized Depreciation		(2,787	)		—			—		(2,787	)
Forwards Contracts* Unrealized Appreciation		—			91,584			—		91,584
Unrealized Depreciation		—			(120,135	)		—		(120,135	)
Interest Rate Swaps* Unrealized Appreciation		—			148,715			—		148,715
Unrealized Depreciation		—			(123,171	)		—		(123,171	)

Total Other Financial Instruments	$	(55,028	)	$	(3,007	)	$	—	$	(58,035	)

* Futures contracts, forward foreign currency contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument.

For the six-month period ended April 30, 2016, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities.

For the six-month period ended April 30, 2016, there were no Level 3 securities.

For more information on valuation inputs, see Note 2 in Notes to Financial Statements.

For the six months ended April 30, 2016 (unaudited) and year or period ended October 31,

The Advisors’ Inner Circle Fund (the “Trust”) is organized as a Massachusetts business trust under an Amended and Restated Agreement and Declaration of Trust dated February 18, 1997. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company with 57 funds. The financial statements herein are those of the Cornerstone Advisors Funds. The Cornerstone Advisors Funds include the Cornerstone Advisors Global Public Equity Fund (the “Global Public Equity Fund”), Cornerstone Advisors Income Opportunities Fund (the Income Opportunities Fund”), Cornerstone Advisors Public Alternatives Fund (the “Public Alternatives Fund”), and Cornerstone Advisors Real Assets Fund (the “Real Assets Fund”) (each a “Fund” and collectively the “Funds”). The Funds commenced operations on August 30, 2012. Each of the Cornerstone Funds is classified as a non-diversified investment company under the 1940 Act. The Global Public Equity Fund seeks capital appreciation. The Income Opportunities Fund seeks current income. The Public Alternatives Fund seeks capital appreciation with lower correlation to traditional global fixed income and public equity markets. The Real Assets Fund seeks capital appreciation and, as a secondary objective, current income. The assets of each Fund are segregated, and a shareholders interest is limited to the Fund in which shares are held. The financial statements of the remaining funds of the Trust are presented separately.

The following is a summary of the significant accounting policies followed by the Funds.

Use of Estimates — The Funds are investment companies in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Therefore, the Funds follow the accounting and reporting guidelines for investment companies. The preparation of financial statements, in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and such differences could be material.

Security Valuation — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on an exchange or market (foreign or domestic) on which they are traded on valuation date (or at approximately 4:00 pm ET if a security’s primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Such methodologies generally consider such factors as security prices, yields, maturities, call features, ratings and developments relating to specific securities in arriving at valuations. On the first day a new debt security purchase is recorded, if a price is not available on the automated pricing feeds from our primary and secondary pricing vendors nor is it available from an independent broker, the security may be valued at its purchase price. Each day thereafter, the debt security will be valued according to the Trusts’ fair value procedures until an independent source can be secured. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value provided that it is determined the amortized cost continues to approximate fair value. Should existing credit, liquidity or interest rate conditions in the relevant markets and issuer specific circumstances suggest that amortized cost does not approximate fair value, then the amortized cost method may not be used. Equity Linked Notes (“ELN”) are valued daily at the bid price provided by the ELN’s counterparty. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Prices for most securities held in the Funds are provided daily by recognized third-party independent pricing agents.

Options for which the primary market is a national securities exchange are valued at the last sale price on the exchange on which they are traded, or, in the absence of any sale, at the closing bid price for long positions and at the closing ask price for written options. Options not traded on a national securities exchange are valued at the last quoted bid price.

Swaps are marked-to-market daily based upon quotations from market makers and the resulting changes in market values, if any, are recorded as an unrealized gain or loss in the Statement of Operations.

All registered investment companies held in the Funds’ portfolios are valued at the published net asset value.

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security’s last trade and the time at which a Fund calculates its net asset value. The closing prices of such securities may no longer reflect their market value at the time a Fund calculates net asset value if an event that could materially affect the value of those securities (a “Significant Event”) has occurred between the time of the security’s last close and the time that a Fund calculates net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If Cornerstone Advisors, Inc., (the “Adviser”) becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which a Fund calculates net asset value, it may request that a Committee meeting be called.

The Global Public Equity Fund uses MarkIt Fair Value (“MarkIt”) as a third party fair valuation vendor. MarkIt provides a fair value for foreign securities held by the Fund based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security) applied by MarkIt in the event that there is a movement in the U.S. market after the close of the foreign market that exceeds a specific threshold established by the Committee. The Committee establishes a “confidence interval” which is used to determine the level of correlation between the value of a foreign security and movements in the U.S. market and a particular security is fair valued when the threshold is exceeded. In the event that the threshold established by the Committee is exceeded on a specific day, the Fund values the non-U.S. securities in its portfolio that exceed the applicable “confidence interval” or threshold based upon the fair values provided by MarkIt. In such event, it is not necessary to hold a Committee meeting. In the event that the Adviser believes that the fair values provided by MarkIt are not reliable, the Adviser contacts SEI Investments Global Fund Services (the “Administrator”) and may request that a meeting of the Committee be held.

Securities for which market prices are not “readily available” are valued in good faith in accordance with fair value procedures established by the Funds’ Board of Trustees (the “Board”). The Funds’ fair value procedures are implemented through a Fair Value Pricing Committee (the “Committee”) designated by the Board. Some of the more common reasons that may necessitate that a security be valued using fair value procedures include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. When a security is valued in accordance with the fair value procedures, the Committee will determine its value after taking into consideration relevant information reasonably available to the Committee. As of April 30, 2016, the Global Public Equity Fund had one fair valued security which amounted to $0 and represented 0.00% of net assets.

If a local market in which the Fund owns securities is closed for one or more days, the Fund shall value all securities held in that corresponding currency based on the fair value prices provided by MarkIt using the predetermined confidence interval discussed above.

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are as follows:

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement. For details of the investment classification, refer to the Schedules of Investments.

For the six-month period ended April 30, 2016, there have been no changes to the Funds’ fair value methodologies.

Federal Income Taxes — It is each Fund’s intention to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code and to distribute substantially all of its taxable income. Accordingly, no provision for Federal income taxes has been made in the financial statements. The Funds may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on either income or gains earned or repatriated. The Funds accrue and apply such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains earned.

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions deemed to meet the more-likely-than-not threshold are recorded as a tax benefit in the current year. The Funds did not record any tax provision in the current period. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last 3 open tax year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

During the six-month period ended April 30, 2016, the Funds did not have liabilities for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. During the six-month period ended April 30, 2016, the Funds did not incur any interest or penalties.

Security Transactions, Dividend and Investment Income — Security transactions are accounted for on trade date for financial reporting purposes. Costs used in determining realized gains and losses on the sales of investment securities are based on the specific identification method. Dividend income is recognized on the ex-dividend date, interest income is recognized on an accrual basis and includes the amortization of premiums and the accretion of discount. Realized gains (losses) on paydowns of mortgage-backed and asset-backed securities are recorded as an adjustment to interest income.

Foreign Currency Translation — The books and records of the Funds, including investments in international securities, are maintained in U.S. dollars on the following basis: (I) market value of investment securities, assets and liabilities at the current rate of exchange; and (II) purchases and sales of investment securities, income and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of gains and losses on investments in equity securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of equity securities. The Funds report certain foreign-currency-related transactions as components of realized gains for financial reporting purposes, whereas such components are treated as ordinary income for Federal income tax purposes.

Forward Foreign Currency Contracts — The Funds will hedge currency exposure utilizing forward foreign currency contracts if deemed appropriate by the Adviser or sub-adviser(s). Currency hedging, if utilized, is done to protect against specific transactions or Fund positions for a given stock from being significantly undermined by dollar/foreign currency fluctuations when the Adviser or sub-adviser perceives currency risk to be high. All forward foreign currency contracts are “marked-to-market” daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded currently. Unrealized gains or losses on outstanding positions in forward foreign currency contracts held at the close of the period are recognized as ordinary income or loss for Federal income tax purposes. The Funds may also invest in securities denominated in foreign currencies and engage in foreign currency transactions on a spot (cash) basis. The Funds could be exposed to risk if the counterparties to the contracts are unable to meet the terms of the contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Additionally, the risk exists that losses could exceed amounts disclosed on the Schedules of Investments or the Statements of Assets and Liabilities.

Equity Linked Notes — The Funds may invest in hybrid equity securities, which usually convert into common stock at a date predetermined by the issuer. These securities generally offer a higher dividend yield than that of the common stock to which the security is linked. These instruments are issued by a company other than the one to which the security is linked and carry the credit of the issuer, not that of the underlying common stock. The securities’ appreciation is limited based on a predetermined final cap price at the date of the conversion. At maturity or the predetermined conversion date, the level of the underlying share price is compared to the predetermined final cap price. If there has been an increase, then the investor receives a return linked to that increase, plus the nominal amount of the note. However, if the share price has remained static or have fallen compared to the predetermined final cap price, then the investor is still guaranteed to receive the nominal amount of the bond, or a converted amount of common stock, but the value may be less than the initial investment, resulting

in a loss. Risks of investing in these securities include, but are not limited to, a set time to capture the yield advantage, limited appreciation potential, decline in value of the underlying stock, and failure of the issuer to pay dividend or to deliver common stock at maturity.

Futures Contracts — The Income Opportunities Fund, Public Alternatives Fund and Real Assets Fund each utilized futures contracts during the six-month period ended April 30, 2016. To the extent consistent with its Investment Objective and Strategies, a Fund may use futures contracts for tactical hedging purposes as well as to enhance the Fund’s returns. Initial margin deposits of cash or securities are made upon entering into futures contracts. The futures contracts are valued at the settlement price established each day by the board of exchange on which they are traded. The futures contracts are marked to market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When the futures contract is closed, the Funds record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the futures contract.

Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Third, the futures contract involves the risk that a Fund could lose more than the original margin deposit required to initiate a futures transaction.

Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer to each Fund’s Schedule of Investments for details regarding open futures contracts as of April 30, 2016, if applicable.

Options/Swaptions Written/Purchased — The Funds may invest in financial options contracts to add return or to hedge their existing portfolio securities, or securities that a Fund intends to purchase, against fluctuations in fair value caused by changes in prevailing market interest rates. The option techniques utilized are to hedge against changes in interest rates, foreign currency exchange rates or securities prices in order to establish more definitely the effective return on securities or currencies held or intended to be acquired by the Fund, to reduce the volatility of the currency exposure associated with an investment in non-U.S. securities, or as an efficient means of adjusting exposure to the bond, equity and currency markets and not for speculation. When a Fund writes or purchases an option/swaption, an amount equal to the premium received or paid by a Fund is recorded as a liability or an asset and is subsequently adjusted to the current market value of the option/swaption written or purchased. Premiums received or paid from writing or purchasing options/swaptions which expire unexercised are treated by the Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on effecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option/swaption is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether a Fund has realized a gain or a loss. The risk in writing a call option/swaption is that a Fund gives up the opportunity for profit if the market price of the security increases. The risk in writing a put option/swaption is that a Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in purchasing an option/swaption is that a Fund pays a premium whether or not the option/swaption is exercised. A Fund also has the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. Option/swaption contracts also involve the risk that they may not work as intended due to unanticipated developments in market conditions or other causes. Finally, for written options/swaptions, the risk exists that losses could exceed amounts disclosed on the Statement of Assets and Liabilities. The Public Alternatives Fund and Real Assets Fund had open option/swaption contracts as of April 30, 2016, as disclosed in the Funds’ Schedule of Investments.

Investments in Real Estate Investment Trusts (“REITs”) — Dividend income from REITs is determined and recorded based on the income included in distributions received from the REIT investments using published REIT reclassifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

Master Limited Partnerships — Entities commonly referred to as “MLPs” are generally organized under state law as limited partnerships or limited liability companies. The Funds intend to primarily invest in MLPs receiving partnership taxation treatment under the Internal Revenue Code of 1986 (the “Code”), and whose interests or “units” are traded on securities exchanges like shares of corporate stock. To be treated as a partnership for U.S. federal income tax purposes, an MLP whose units are traded on a securities exchange must receive at least 90% of its income from qualifying sources such as interest,

dividends, real estate rents, gain from the sale or disposition of real property, income and gain from mineral or natural resources activities, income and gain from the transportation or storage of certain fuels, and, in certain circumstances, income and gain from commodities or futures, forwards and options with respect to commodities. Mineral or natural resources activities include exploration, development, production, processing, mining, refining, marketing and transportation (including pipelines) of oil and gas, minerals, geothermal energy, fertilizer, timber or industrial source carbon dioxide. An MLP consists of a general partner and limited partners (or in the case of MLPs organized as limited liability companies, a managing member and members). The general partner or managing member typically controls the operations and management of the MLP and has an ownership stake in the partnership. The limited partners or members, through their ownership of limited partner or member interests, provide capital to the entity, are intended to have no role in the operation and management of the entity and receive cash distributions. The MLPs themselves generally do not pay U.S. federal income taxes. Thus, unlike investors in corporate securities, direct MLP investors are generally not subject to double taxation (i.e., corporate level tax and tax on corporate dividends). Currently, most MLPs operate in the energy and/or natural resources sector.

Securities Sold Short — As consistent with each Fund’s investment objectives, a Fund may engage in short sales. Short sales are transactions under which a Fund sells a security it does not own. To complete such a transaction, a Fund must borrow the security to make delivery to the buyer. That Fund then is obligated to replace the security borrowed by purchasing the security at the market price at the time of the replacement. The price at such time may be more or less than the price at which the security was sold by a Fund. Until the security is replaced, a Fund is required to pay the lender amounts equal to any dividends declared or interest that accrues during the period of the loan. Dividends and interest are shown on securities sold short as an expense for financial reporting purposes. To borrow the security, a Fund also may be required to pay a premium, which would decrease proceeds of the security sold. The proceeds of the short sale are retained by the broker, to the extent necessary to meet margin requirements until the short position is closed out. A gain, limited to the price at which a Fund sold the security short, or a loss, unlimited in size, will be recognized upon the close of a short sale.

Until a Fund closes its short position or replaces the borrowed security, that Fund will: (a) maintain a segregated account containing cash or liquid securities at such a level that (i) the amount deposited in the account plus the amount deposited with the broker as collateral will equal the current value of the security sold short; and (ii) the amount deposited in the segregated account plus the amount deposited with the broker as collateral will not be less than the market value of the security at the time the security was sold short, or (b) otherwise cover a Fund’s short positions. As of April 30, 2016, the Public Alternatives Fund had open short positions.

In accordance with the terms of its prime brokerage agreement, the Public Alternatives Fund may receive rebate income or be charged a fee on borrowed securities. Such income or fee is calculated on a daily basis based upon the market value of each borrowed security and a variable rate that is dependent upon the availability of such security. The Public Alternatives Fund records these prime broker charges on a net basis as interest income or interest expense on securities sold short. In addition, the Public Alternatives Fund is required to pay the lender any dividends declared on short positions. Such amounts are recorded on the ex-dividend date as dividend expense on securities sold short.

Short sales are collateralized by cash deposits with the counterparty brokers, Goldman Sachs & Co. and Morgan Stanley & Co. LLC, and pledged securities held at the custodian, Brown Brothers & Harriman (“BBH”). The collateral required is determined daily by reference to the market value on short positions.

The Public Alternatives Fund is required to maintain margin cash balances at the prime broker sufficient to satisfy its short sales positions on a daily basis and is charged an interest expense at the Fed Funds Rate plus 200 basis points on the amount of any shortfall in the required cash margin. These amounts are disclosed as Receivable from Prime Broker on the Statements of Assets and Liabilities.

Swap Contracts — The Funds are authorized to enter into swap contracts, including interest rate swap contracts, for the purposes of managing a Fund’s interest rate duration, yield curve exposure and yield spread sensitivity. Swaps are a two-party contract in which the seller (buyer) will pay to the buyer (seller) the difference between the current value of a security and its value at the time the contract was entered. Interest rate swaps involve the exchange by a Fund with another party of their respective commitment to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) with respect to a notional amount of principal.

Total return swaps allow an investor to benefit from the cash flow without ever actually owning the underlying security. The receiver must pay any decline in value to the payer at the end of the total return swap. However, the investor does not need

to make a payment if there is no decline in price. Payments can be made on various indices, bonds (i.e. mortgage backed securities, bank debt and corporate), loans or commodities. The value of a total return swap is equal to the change in value of the underlying asset versus the accrued income payment based on LIBOR or some other form of indices on the notional amount. Payments received or made are recorded as realized gains or loss. A Fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or if the counterparty defaults on its obligation to perform. Risk of loss may exceed amounts recognized on the statement of assets and liabilities. Interest rate and Total Return swap contracts outstanding at period end, if any, are listed after a Fund’s portfolio. In connection with swap agreements securities may be set aside as collateral by a Fund’s custodian.

Periodic payments made or received are recorded as realized gains or losses. At period end, the Statements of Assets and Liabilities reflect, if any, unrealized appreciation or depreciation and accrued periodic payments for swap contracts the Funds may have open at year end.

Entering into swap contracts involve, to varying degrees, elements of credit, interest rate and market risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these contracts, that the counterparty to the contract may default on its obligation to perform and that there may be unfavorable changes in market conditions or fluctuations in interest rates. Swaps outstanding at year end, if any, are listed on the Schedules of Investments. In connection with swap contracts, cash or securities may be segregated as collateral by the Funds’ custodian. As of April 30, 2016, the Public Alternatives Fund and Real Assets Fund each have entered into swap contracts as shown on the Schedules of Investments.

There is the risk that the counterparty refuses to continue to enter into swap agreements with the Funds’ in the future, or requires increased fees, which could impair the Funds’ ability to achieve its investment objective. A counterparty may also increase its collateral requirements, which may limit the Funds ability to use leverage and reduce investment returns. In addition, if the Funds cannot locate a counterparty willing to enter into transactions with the Funds, they will not be able to implement their investment strategy. As of April 30, 2016 the Public Alternatives Fund swap agreements were with four counterparties and Real Assets Fund swap agreements were with two counterparties.

Expenses — Expenses that are directly related to the Funds are charged to the Funds. Other operating expenses of the Trust are prorated to the Funds based on the number of funds and/or relative net assets.

Dividends and Distributions to Shareholders — The Global Public Equity Fund and the Public Alternatives Fund will distribute their net investment income and make distributions of their net realized capital gains, if any, at least annually. The Income Opportunities Fund and the Real Assets Fund will distribute their net investment income quarterly and make distributions of their net realized capital gains, if any, at least annually. All distributions are recorded on ex-dividend date.

The following tables include only Funds that had exposure to more than one type of risk on derivatives held throughout the year. For Funds that held derivatives throughout the year with only one type of risk exposure, additional information can be found on the Schedules of Investments, Statements of Assets and Liabilities and the Statements of Operations.

The effect of derivative instruments on the Statement of Operations for the six-month period ended April 30, 2016, was as follows:

Change in unrealized appreciation (depreciation) on derivatives recognized in income:

Written option and swaption transactions entered into during the six-month period ended April 30, 2016 are summarized as follows:

The ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable ISDA Master Agreement.

To reduce counterparty risk with respect to OTC transactions, the Funds have entered into master netting arrangements, established within the Fund’s ISDA master agreements, which allow the Funds to make (or to have an entitlement to receive) a single net payment in the event of default (close-out netting) for outstanding payables and receivables with respect to certain OTC positions in swaps for each individual counterparty. In addition, the Funds may require that certain counterparties post cash and/or securities in collateral accounts to cover their net payment obligations for those derivative contracts subject to ISDA master agreements. If the counterparty fails to perform under these contracts and agreements, the cash and/or securities will be made available to the Funds.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

Collateral terms are contract specific for OTC derivatives. For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark to market amount of each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds or the counterparty.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Funds, if any, is reported separately on the Statement of Assets and Liabilities as cash pledged as collateral. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has to be made. To the extent amounts due to the Funds from its counterparties are not fully collateralized, contractually or otherwise, the Funds bear the risk of loss from counterparty nonperformance.

Certain officers and a trustee of the Trust are also officers of the Administrator, a wholly owned subsidiary of SEI Investments Company and/or SEI Investments Distribution Co. (the “Distributor”). Such officers and trustee are paid no fees by the Trust.

A portion of the services provided by the Chief Compliance Officer (“CCO”) and his staff, whom are employees of the Administrator, are paid for by the Trust as incurred. The services include regulatory oversight of the Trust’s Advisors and service providers as required by SEC regulations. The CCO’s services and fees have been approved by and are reviewed by the Board.

5. Administration, Distribution, Commission Recapture, Shareholder Servicing, Transfer Agent and Custodian Agreements:

The Funds and the Administrator are parties to an Administration Agreement under which the Administrator provides management and administrative services to the Funds. For these services, the Administrator is paid an asset based fee, which will vary depending on the number of share classes and the average daily net assets of the Fund. For the six-month period ended April 30, 2016, the Funds paid $272,035 in the Global Public Equity Fund, $52,621 in the Income Opportunities Fund, $158,078 in the Public Alternatives Fund and $50,950 in the Real Assets Fund for these services.

The Trust and the Distributor are parties to a Distribution Agreement. The Distributor receives no fees under the agreement.

The Funds and the Distributor are parties to a Commission Recapture Agreement. The Funds direct certain fund trades to the Distributor, via a network of executing brokers, who pays a portion of the Fund’s expenses. Under this arrangement, the Global Public Equity Fund and the Income Opportunities Fund had expenses reduced by $2 and $2, respectively, which was used to pay operating expenses. This amount is labeled as “Commission Recapture” on the Statement of Operations.

The Funds have each adopted a shareholder servicing plan that provides that the Funds may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.05% based on the Fund’s average daily net assets. The funds do not pay these service fees on shares purchased directly. In addition to payments made directly to financial intermediaries by the Funds, the Adviser or its affiliates may, at their own expense, pay financial intermediaries for these and other services to the Funds shareholders.

DST Systems, Inc. serves as the transfer agent and dividend disbursing agent for the Funds under a transfer agency agreement with the Trust.

The Funds may earn cash management credits that can be used to offset transfer agent expenses. During the six-month period ended April 30, 2016, the Funds earned credits of $1 each, which were used to offset transfer agent expenses. These amounts are included in Fees Paid Indirectly on the Statement of Operations.

BBH acts as custodian (the “Custodian”) for the Funds. The Custodian plays no role in determining the investment policies of the Funds or which securities are to be purchased or sold by the Funds.

The Adviser serves as the overall investment adviser to the Funds. The Adviser continuously monitors the performance of various investment sub-advisers to the Funds. Although the Adviser advises the Board of Trustees with regard to investment matters, the Adviser does not make the day-to-day investment decisions for the Funds except for allocating Fund assets directly to affiliated and unaffiliated open-end funds, closed-end funds, unregistered funds (including hedge funds) and exchange-traded funds (“Underlying Funds”). The Adviser is, however, responsible for establishing and/or rebalancing allocation of the Funds’ assets among strategies and sub-advisers and/or Underlying Funds. Each of the Funds is authorized by the Board of Trustees to operate on a “multi-manager” basis. This means that a single Fund may be managed by one or more sub-advisers. The Adviser may, from time to time, reallocate the assets of a multi-manager Fund among the sub-advisers that provide portfolio management services

to the Fund when it believes that such action would be appropriate to achieve the overall objectives of the particular Fund. Pursuant to an investment advisory agreement between the Funds and the Adviser, the Adviser receives an annual fee of 0.01% of each of the Fund’s average net assets. The fees that the Adviser receives are labeled as “Management Fees” on the Statements of Operations. In addition to the fee payable by each Fund to the Adviser, each of the Funds pays a fee directly to its sub-adviser(s). For each Fund, the sub-advisers receive a fee based on the specified percentage of that portion of the Fund’s assets allocated to that sub-adviser. The total fees paid to sub-advisers directly are labeled as “Investment Advisory Fees” on the Statements of Operations.

As of April 30, 2016, the Adviser has entered into investment sub-advisory agreements with the following parties:

The cost of security purchases and proceeds from security sales, other than short-term securities, short sales and purchases to cover for the six-month period ended April 30, 2016, were as follows:

The cost of short sales and purchases to cover for the six-month period ended April 30, 2016, were as follows:

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during the year. The book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to undistributed net investment income (loss), accumulated net realized gain (loss) or paid-in capital as appropriate, in the period that the difference arises.

The tax character of dividends and distributions declared during the fiscal years ended October 31, 2015 and October 2014, were as follows:

As of October 31, 2015, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

Under the Regulated Investment Company Modernization Act of 2010, 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 previous law. The Real Assets Fund has $4,534,465 of short-term capital losses and $7,405,471 of long-term capital losses that may be carried forward indefinitely.

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments, excluding securities sold short, held by the Funds at April 30, 2016, were as follows:

The Federal tax cost and aggregate unrealized appreciation and depreciation on securities sold short held by the Funds at April 30, 2016, were as follows:

In the normal course of business, the Global Public Equity Fund, the Income Opportunities Fund, the Public Alternatives Fund, and the Real Assets Fund, invest substantially in underlying funds that are comprised of fixed income and equity securities in specific

industries and that may engage in short selling activities, writing option contracts, and equity swaps, and therefore, the Funds may be affected by events in these industries. The Funds’ Prospectus provides a description of concentration and risk associated with the different investments in the underlying funds.

In the normal course of business, the Funds enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be established; however, based on experience, the risk of loss from such claims is considered remote.

The Funds have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no additional disclosures and/or adjustments were required to the financial statements.

All mutual funds have operating expenses. As a shareholder of a mutual fund, your investment is affected by these ongoing costs, which include (among others) costs for portfolio management, administrative services, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns.

Operating expenses such as these are deducted from the mutual fund’s gross income and directly reduce your final investment return. These expenses are expressed as a percentage of the mutual fund’s average net assets; this percentage is known as the mutual fund’s expense ratio.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (November 1, 2015 to April 30, 2016).

Actual fund return. This section helps you to estimate the actual expenses after fee waivers that your Fund incurred over the period. The Expenses Paid During Period column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the Ending Account Value number is derived from deducting that expense cost from the Fund’s gross investment return.

You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid over that period. Simply divide your account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = $8.6), then multiply that ratio by the number shown for your Fund under Expenses Paid During Period.”

Hypothetical 5% return. This section helps you compare your Fund’s costs with those of other mutual funds. It assumes that the Fund had an annual 5% return before expenses during the period, but that the expense ratio (Column 3) is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the Expense Paid During Period column with those that appear in the same charts in the shareholder reports for other mutual funds.

NOTE: Because the hypothetical return is set at 5% for comparison purposes NOT your Fund’s actual return, the account values shown do not apply to your specific investment.

* Expenses are equal to the Funds annualized expense ratio, (including dividend expense and brokerage fees on short sales⁽¹⁾), multiplied by the average account value over the period, multiplied by 182/366 (to reflect the commencement of operations period shown.)

BOARD CONSIDERATIONS IN APPROVING THE ADVISORY AGREEMENT AND SUB-ADVISORY AGREEMENTS (unaudited)

Pursuant to Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Global Public Equity Fund’s (the “Fund”) sub-advisory agreement must be renewed after its initial two-year term: (i) by the vote of the Board of Trustees (the “Board” or the “Trustees”) of The Advisors’ Inner Circle Fund (the “Trust”) or by a vote of a majority of the shareholders of the Fund; and (ii) by the vote of a majority of the Trustees who are not parties to the agreement or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such renewal.

A Board meeting was held on February 23, 2016 to decide whether to renew the following agreement (the “Agreement”) for an additional one-year term:

In preparation for the meeting, the Trustees requested that the Sub-Adviser furnish information necessary to evaluate the terms of the Agreement. Prior to the meeting, the Independent Trustees of the Fund met to review and discuss the information provided. The Trustees used this information, as well as other information that the Sub-Adviser and other service providers of the Fund presented or submitted to the Board at the meeting and other meetings held during the prior year, to help them decide whether to renew the Agreement for an additional year.

Specifically, the Board requested and received written materials from the Sub-Adviser and other service providers of the Fund regarding: (i) the nature, extent and quality of the Sub-Adviser’s services; (ii) the Sub-Adviser’s investment management personnel; (iii) the Sub-Adviser’s operations and financial condition; (iv) the Sub-Adviser’s brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the Fund’s advisory fee paid to the Sub-Adviser and overall fees and operating expenses compared with a peer group of mutual funds; (vi) the level of the Sub-Adviser’s profitability from its relationship with the Fund, including both direct and indirect benefits accruing to the Sub-Adviser and its affiliates; (vii) the Sub-Adviser’s potential economies of scale; (viii) the Sub-Adviser’s compliance program, including a description of material compliance matters and material compliance violations; (ix) the Sub-Adviser’s policies on and compliance procedures for personal securities transactions; and (x) the Fund’s performance attributable to the Sub-Adviser and overall performance compared with a peer group of mutual funds and the Fund’s benchmark index.

Representatives from the Sub-Adviser, along with other Fund service providers, presented additional information and participated in question and answer sessions at the Board meeting to help the Trustees evaluate the Sub-Adviser’s services, fee and other aspects of the Agreement. The Independent Trustees received advice from independent counsel and met in executive sessions outside the presence of Fund management and the Sub-Adviser.

At the Board meeting, the Trustees, including all of the Independent Trustees, based on their evaluation of the information provided by the Sub-Adviser and other service providers of the Fund, renewed the Agreement. In considering the renewal of the Agreement, the Board considered various factors that they determined were relevant, including: (i) the nature, extent and quality of the services provided by the Sub-Adviser; (ii) the investment performance of the Fund and the Sub-Adviser; (iii) the costs of the services provided and profits realized by the Sub-Adviser from its relationship with the Fund, including both direct and indirect benefits accruing to the Sub-Adviser and its affiliates; (iv) the extent to which economies of scale are being realized by the Sub-Adviser; and (v) whether fee levels reflect such economies of scale for the benefit of Fund investors, as discussed in further detail below.

Nature, Extent and Quality of Services Provided by the Adviser and the Sub-Advisers

In considering the nature, extent and quality of the services provided by the Sub-Adviser, the Board reviewed the portfolio management services provided by the Sub-Adviser to the Fund, including the quality and continuity of the Sub-Adviser’s portfolio management personnel, the resources of the Sub-Adviser, and the Sub-Adviser’s compliance history and compliance program. The Trustees reviewed the terms of the Agreement. The Trustees also reviewed the Sub-Adviser’s investment and risk management approaches for the Fund. The Trustees considered that the Adviser supervises and monitors the performance of the Sub-Adviser. The most recent investment adviser registration form (“Form ADV”) for the Sub-Adviser was provided to the Board, as was the response of the Sub-Adviser to a detailed series of questions which included, among other things, information about the investment advisory services provided by the Sub-Adviser to the Fund.

The Trustees also considered other services provided to the Fund by the Sub-Adviser such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Fund’s investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities laws and regulations. Based on the factors above, as well as

those discussed below, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of the services provided to the Fund by the Sub-Adviser were sufficient to support renewal of the Agreement.

The Board was provided with regular reports regarding the Fund’s performance, and the Sub-Adviser’s contribution thereto, over various time periods, including since its inception, and information regarding the Fund’s performance since the Agreement was last renewed. The Trustees also reviewed reports prepared by the Fund’s administrator comparing the Fund’s performance to its benchmark index and a peer group of mutual funds as classified by Lipper, an independent provider of investment company data, over various periods of time. Representatives from the Sub-Adviser provided information regarding and led discussions of factors impacting the Sub-Adviser’s performance for the Fund, outlining current market conditions and explaining their expectations and strategies for the future. The Trustees determined that the Sub-Adviser’s performance was satisfactory, or, where the Sub-Adviser’s performance was materially below the Fund’s benchmark and/or peer group, the Trustees were satisfied by the reasons for the underperformance and/or the steps taken by the Sub-Adviser in an effort to improve performance. Based on this information, the Board concluded, within the context of its full deliberations, that the investment results that the Sub-Adviser had been able to achieve for the Fund were sufficient to support renewal of the Agreement.

In considering the advisory fee payable by the Fund to the Sub-Adviser, the Trustees reviewed, among other things, a report of the advisory fee paid to the Sub-Adviser. The Trustees also reviewed reports prepared by the Fund’s administrator comparing the Fund’s net and gross expense ratios and advisory fees to those paid by a peer group of mutual funds as classified by Lipper. The Trustees reviewed the management fees charged by the Sub-Adviser to other clients with comparable mandates. The Trustees considered any differences in management fees and took into account the respective demands, resources and complexity associated with the Fund and other client accounts as well as the extensive regulatory, compliance and tax regimes to which the Fund is subject. The Trustees also considered that the fee payable to the Sub-Adviser reflected an arms-length negotiation between the Adviser and the Sub-Adviser. The Board concluded, within the context of its full deliberations, that the advisory fee was reasonable in light of the nature and quality of the services rendered by the Sub-Adviser.

The Trustees reviewed the costs of services provided by and the profits realized by the Sub-Adviser from its relationship with the Fund, including both direct benefits and indirect benefits, such as research and brokerage services received under soft dollar arrangements, accruing to the Sub-Adviser and its affiliates. The Trustees considered how the Sub-Adviser’s profitability was affected by factors such as its organizational structure and method for allocating expenses. The Trustees concluded that the profit margins of the Sub-Adviser with respect to the management of the Fund were not unreasonable. The Board also considered the Sub-Adviser’s commitment to managing the Fund.

The Trustees considered the Sub-Adviser’s views relating to economies of scale in connection with the Fund as Fund assets grow and the extent to which the benefits of any such economies of scale are shared with the Fund and Fund shareholders. The Board considered the existence of any economies of scale and whether those were passed along to the Fund’s shareholders through a graduated advisory fee schedule or other means, including fee waivers. The Trustees recognized that economies of scale are difficult to identify and quantify and are rarely identifiable on a fund-by-fund basis. Based on this evaluation, the Board concluded that the advisory fee was reasonable in light of the information that was provided to the Trustees by the Sub-Adviser with respect to economies of scale.

Based on the Board’s deliberations and its evaluation of the information described above and other factors and information it believed relevant in the exercise of its reasonable business judgment, the Board, including all of the Independent Trustees, with the assistance of Fund counsel and Independent Trustees’ counsel, unanimously concluded that the terms of the Agreement, including the fees payable thereunder, were fair and reasonable and agreed to renew the Agreement for another year. In its deliberations, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

Pursuant to Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Global Public Equity Fund’s (the “Fund”) sub-advisory agreements must be approved: (i) by a vote of a majority of the shareholders of the Fund; and (ii) by the vote of a majority of the members of the Board of Trustees (the “Board” or the “Trustees”) of The Advisors’ Inner Circle Fund (the “Trust”) who are not parties to the agreements or interested persons of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval.

Chautauqua Capital Management, LLC (“Chautauqua”) had been serving as investment sub-adviser to the Fund pursuant to an investment sub-advisory agreement between the Adviser and Chautauqua (the “Prior Sub-Advisory Agreement”). On January 15, 2016, Chautauqua was acquired by Baird Financial Corporation (“BFC”) and merged into Robert W. Baird & Co. Incorporated (the “Sub-Adviser”), a wholly-owned subsidiary of BFC (the “Transaction”). As a result of the Transaction, Chautauqua ceased to exist as a separate legal entity, and the Chautauqua investment professionals now provide asset management services as a group within Baird. In anticipation of the Transaction resulting in the automatic termination of the Prior Sub-Advisory Agreement, a Board meeting was held on December 9, 2015 (the “Meeting”) to decide whether to approve a new sub-advisory agreement between the Adviser and the Sub-Adviser, with respect to the Fund (the “New Sub-Advisory Agreement”).

In preparation for the Meeting, the Trustees requested that the Adviser, Chautauqua and the Sub-Adviser furnish information necessary to evaluate the terms of the New Sub-Advisory Agreement. The Trustees used this information, as well as other information that the Adviser, Chautauqua, the Sub-Adviser and other service providers of the Fund presented or submitted to the Board at the Meeting, and other meetings held since the approval of the Prior Sub-Advisory Agreement, to help them decide whether to approve the New Sub-Advisory Agreement for an initial two-year term.

Specifically, the Board requested and received written materials from the Adviser, Chautauqua and the Sub-Adviser regarding: (i) the terms, conditions, and expected timing of the Transaction, and the reasons that Chautauqua and the Sub-Adviser were undergoing the Transaction; (ii) the nature, extent and quality of the services to be provided by the Sub-Adviser; (iii) the Sub-Adviser’s operations and financial condition; (iv) the Sub-Adviser’s brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the Fund’s proposed advisory fee to be paid to the Sub-Adviser; (vi) the Sub-Adviser’s compliance program, including a description of material compliance matters and material compliance violations; (vii) the Sub-Adviser’s policies on and compliance procedures for personal securities transactions; (viii) the Sub-Adviser’s investment experience; and (ix) Chautauqua’s investment management personnel and the Fund’s performance attributable to Chautauqua.

Representatives from the Adviser, Chautauqua and the Sub-Adviser then presented additional information and participated in question and answer sessions at the Meeting to help the Trustees evaluate the Sub-Adviser’s services, fee and other aspects of the New Sub-Advisory Agreement.

Based on their evaluation of the information provided by the Adviser, Chautauqua and the Sub-Adviser, the Trustees, including all of the trustees who are not parties to the New Sub-Advisory Agreement nor are considered “interested persons” (as such term is defined in the 1940 Act) of any party to the New Sub-Advisory Agreement (the “Independent Trustees”), voting separately, approved the New Sub-Advisory Agreement at the Meeting. In considering the approval of the New Sub-Advisory Agreement, the Board considered various factors that they determined were relevant, including: (i) the nature, extent and quality of the services to be provided by the Sub-Adviser; (ii) the investment performance of the Fund and Chautauqua; and (iii) the fees to be paid to the Sub-Adviser, as discussed in further detail below. In addition, the Board considered representations from the Sub-Adviser that the Transaction was not expected to result in any material changes to the nature, extent and quality of the services to be provided to the Fund, and that the portfolio managers of the Fund were not expected to change in connection with the Transaction.

In considering the nature, extent and quality of the services to be provided by the Sub-Adviser, the Board reviewed the portfolio management services to be provided by the Sub-Adviser to the Fund, including the quality of the continuing portfolio management personnel, the resources of the Sub-Adviser and the Sub-Adviser’s compliance history and compliance program. The Trustees reviewed the terms of the proposed New Sub-Advisory Agreement, and noted that the terms of the New Sub-Advisory Agreement were identical to those of the Prior Sub-Advisory Agreement, except for the name of the sub-adviser and the date. The Trustees also reviewed the Sub-Adviser’s proposed investment and risk management approaches for the Fund. The Trustees considered that the Adviser would supervise and monitor the performance of the Sub-Adviser. The most recent investment adviser registration form (“Form ADV”) for the Sub-Adviser was provided to the Board, as was the response of the Sub-Adviser to a detailed series of questions which included, among other things, information about the investment advisory services to be provided by the Sub-Adviser to the Fund.

The Trustees also considered other services to be provided to the Fund by the Sub-Adviser such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Fund’s investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities laws and regulations. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of the services to be provided to the Fund by the Sub-Adviser would be satisfactory.

The Board was provided with regular reports regarding the Fund’s performance, and Chautauqua’s contribution thereto, over various time periods, including since inception. Representatives from Chautauqua provided information regarding and led discussions of factors impacting Chautauqua’s performance for the Fund, outlining current market conditions and explaining their expectations and strategies for the future. The Trustees determined that Chautauqua’s performance was satisfactory. Based on this information and the representation that the portfolio managers of the Fund were not expected to change in connection with the Transaction, the Board concluded, within the context of its full deliberations, that the investment results that Chautauqua had been able to achieve for the Fund were sufficient to support approval of the New Sub-Advisory Agreement.

In considering the advisory fee payable by the Fund to the Sub-Adviser, the Trustees reviewed, among other things, a report of the proposed advisory fee to be paid to the Sub-Adviser. The Trustees also reviewed the management fees charged by the Sub-Adviser to other clients with comparable mandates. The Trustees considered any differences in management fees and took into account the respective demands, resources and complexity associated with the Fund and other client accounts as well as the extensive regulatory, compliance and tax regimes to which the Fund is subject. The Trustees also considered that the fee payable to the Sub-Adviser would be the same as the fee payable to Chautauqua. The Board concluded, within the context of its full deliberations, that the advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by the Sub-Adviser. The Board also considered the Sub-Adviser’s commitment to managing the Fund.

Because the Sub-Adviser is new to the Fund and has not managed Fund assets, it was not possible to determine the profitability that the Sub-Adviser might achieve with respect to the Fund or the extent to which economies of scale would be realized by the Sub-Adviser as the assets of the Fund grow. Accordingly, the Trustees did not make any conclusions regarding the Sub-Adviser’s profitability, or the extent to which economies of scale would be realized by the Sub-Adviser as the assets of the Fund grow, but will do so during future considerations of the Sub-Adviser’s sub-advisory agreement.

Based on the Board’s deliberations and its evaluation of the information described above and other factors and information it believed relevant in the exercise of its reasonable business judgment, the Board, including all of the Independent Trustees, with the assistance of Fund counsel and Independent Trustees’ counsel, unanimously concluded that the terms of the New Sub-Advisory Agreement, including the fees to be paid thereunder, were fair and reasonable and agreed to approve the New Sub-Advisory Agreement for an initial term of two years. In its deliberations, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

This information must be preceded or accompanied by a current prospectus for the Funds.

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this form.

Not applicable. Effective for closed-end management investment companies for fiscal years ending on or after December 31, 2005

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees during the period covered by this report.

(a) The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report, are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There has been no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

(a)(2) A separate certification for the principal executive officer and the principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), are filed herewith.

(b) Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(b)) also accompany this filing as an Exhibit.

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.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS FUNDS
		April 30, 2016
		(unaudited)


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS GLOBAL PUBLIC EQUITY FUND
		April 30, 2016
		(unaudited)


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS GLOBAL PUBLIC EQUITY FUND
		April 30, 2016
		(unaudited)


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS GLOBAL PUBLIC EQUITY FUND
		April 30, 2016
		(unaudited)


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS GLOBAL PUBLIC EQUITY FUND
		April 30, 2016
		(unaudited)


Statements of Assets and Liabilities			75
Statements of Operations			76
Statements of Changes in Net Assets			77
Financial Highlights			79
Notes to Financial Statements			80
Disclosure of Fund Expenses (unaudited)			92
Approval of Investment Advisory Agreement (unaudited)			93


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS INCOME OPPORTUNITIES FUND
		April 30, 2016
		(unaudited)


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS PUBLIC ALTERNATIVES FUND
		April 30, 2016
		(unaudited)


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS REAL ASSETS FUND
		April 30, 2016
		(unaudited)


	Global Public Equity Fund			Income Opportunities Fund			Public Alternatives Fund			Real Assets Fund
Assets:
Investments, at Value †	$	830,139,437		$	179,145,315		$	419,578,517		$	171,170,599
Cash Equivalents		23,047,726			1,731,591			30,655,114			11,053,139
Foreign Currency, at Value ††		890,368			6,870			98,286			746,362
Cash		16,177			—			453			—
Receivable from Prime Broker		—			—			109,769,363			—
Receivable for Investment Securities Sold		2,613,427			30,260			12,061,877			1,448,600
Dividends and Interest Receivable		1,222,177			1,133,448			307,384			495,435
Reclaims Receivable		1,084,382			29,800			14,803			940
Receivable for Capital Shares Sold		245,743			29,382			211,408			32,601
Unrealized Appreciation on Forward Foreign Currency Contracts		70,641			—			—			91,584
Prepaid Expenses		9,420			6,713			7,314			5,381
Unrealized Appreciation on Spot Foreign Currency Contracts		2,812			12,422			—			4,460
Cash Pledged as Collateral for Futures Contracts		—			104,499			—			113,197
Purchased Option/Swaption Contracts, at Value †††		—			—			87,000			222,566
Variation Margin Receivable		—			—			1,070,012			4,707
Swap Contracts, at value ††††††		—			—			44,112,952			148,715

Total Assets		859,342,310			182,230,300			617,974,483			185,538,286


Liabilities:
Payable for Investment Securities Purchased		3,144,107			36,420			11,611,303			6,664,005
Investment Advisory Fees Payable — Note 6		463,836			46,316			245,886			64,859
Unrealized Depreciation on Forward Foreign Currency Contracts		353,453			—			93			120,135
Payable for Capital Shares Redeemed		283,435			147,083			14,501			135,277
Shareholder Servicing Fees Payable		68,406			13,846			38,506			13,391
Payable due to Administrator		46,415			9,522			25,876			9,256
Payable due to Trustees		14,771			2,942			8,853			2,916
Chief Compliance Officer Fees Payable		12,399			2,192			6,924			2,160
Unrealized Depreciation on Spot Foreign Currency Contracts		11,570			—			11			—
Management Fees Payable — Note 6		6,962			1,428			3,881			1,388
Written Option/Swaption Contracts, at Value ††††		—			—			1,961,000			294,173
Securities Sold Short, at Value †††††		—			—			86,443,316			—
Swap Contracts, at Value ††††††		—			—			42,165,191			123,171
Variation Margin Payable		—			25,375			31,415			9,482
Stock Loan Fees Payable		—			—			122,362			—
Dividends Payable on Securities Sold Short		—			—			69,437			—
Payable due to Custodian		—			—			—			1,790
Other Accrued Expenses		238,358			86,271			98,927			93,438

Total Liabilities		4,643,712			371,395			142,847,482			7,535,441

Net Assets	$	854,698,598		$	181,858,905		$	475,127,001		$	178,002,845

† Cost of Investments	$	763,425,547		$	198,255,092		$	431,603,372		$	187,396,747
†† Cost of Foreign Currency		872,281			12,240			106,424			742,523
††† Cost of Purchased Option/Swaption Contracts		—			—			179,772			206,254
†††† Proceeds from Written Option/Swaption Contracts		—			—			2,352,342			129,732
††††† Proceeds from Securities Sold Short		—			—			87,085,241			—
†††††† Swap premiums (paid)/received		—			—			(1,190,845	)		72

NET ASSETS CONSIST OF:
Paid-in Capital	$	797,781,188		$	202,350,144		$	480,818,706		$	211,245,957
Undistributed (Distributions in Excess of) Net Investment Income		424,119			7,972,770			(1,247,632	)		5,668,697
Accumulated Net Realized Gain (Loss) on Investments, Purchased Options/Swaptions, Written Options/Swaptions, Securities Sold Short, Futures, Swaps and Foreign Currency Transactions		(9,926,736	)		(9,270,361	)		3,430,995			(22,556,256	)
Net Unrealized Appreciation (Depreciation) on Investments, Purchased Options/Swaptions, Written Options/Swaptions and Securities Sold Short		66,713,890			(19,109,777	)		(11,084,360	)		(16,374,277	)
Net Unrealized Appreciation (Depreciation) on Futures Contracts		—			(81,665	)		40,838			16,579
Net Unrealized Appreciation on Swap Contracts		—			—			3,138,606			25,544
Net Unrealized Appreciation (Depreciation) on Forward Foreign Currency Contracts and Foreign Currency Translations		(293,863	)		(2,206	)		29,848			(23,399	)

Net Assets	$	854,698,598		$	181,858,905		$	475,127,001		$	178,002,845

Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		76,231,180			20,677,798			47,750,454			23,209,002

Net Asset Value, Offering and Redemption Price Per Share	$	11.21		$	8.79		$	9.95		$	7.67


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS FUNDS
		For the six months ended April 30, 2016


	Global Public Equity Fund						Income Opportunities Fund
	Six-Months ended April 30, 2016 (unaudited)			Year ended October 31, 2015			Six-Months ended April 30, 2016 (unaudited)			Year ended October 31, 2015
Operations:
Net Investment Income	$	4,759,909		$	7,703,676		$	4,787,161		$	6,853,254
Net Realized Gain (Loss) on Investments, Capital Gain Distributions from Registered Investment Companies, Purchased Options/Swaptions, Written Options/Swaptions, Securities Sold Short, Futures Contracts, Swap Contracts and Foreign Currency Transactions		(5,301,054	)		52,640,233			(8,916,176	)		4,449,316
Net Change in Unrealized Appreciation (Depreciation) on Investments, Purchased Options/Swaptions, Written Options/Swaptions, Securities Sold Short, Futures Contracts, Swap Contracts and Foreign Currency Transactions		(4,878,593	)		(49,401,804	)		5,391,599			(32,384,941	)

Net Increase (Decrease) in Net Assets Resulting from Operations		(5,419,738	)		10,942,105			1,262,584			(21,082,371	)


Dividends and Distributions from:
Net Investment Income		(11,255,805	)		(8,604,898	)		(3,875,011	)		(6,517,102	)
Net Realized Gains		(52,163,499	)		(58,054,993	)		(2,519,770	)		—

Total Dividends and Distributions		(63,419,304	)		(66,659,891	)		(6,394,781	)		(6,517,102	)


Capital Share Transactions:
Issued		78,317,681			124,286,730			28,281,709			29,895,200
Reinvestment of Dividends		63,419,304			66,659,891			6,394,781			6,517,102
Redeemed		(71,341,103	)		(84,809,892	)		(11,050,095	)		(8,625,553	)

Net Increase in Net Assets from Capital Share Transactions		70,395,882			106,136,729			23,626,395			27,786,749

Total Increase in Net Assets		1,556,840			50,418,943			18,494,198			187,276


Net Assets:
Beginning of Period		853,141,758			802,722,815			163,364,707			163,177,431

End of Period	$	854,698,598		$	853,141,758		$	181,858,905		$	163,364,707

Undistributed Net Investment Income	$	424,119		$	6,920,015		$	7,972,770		$	7,060,620


Shares Issued and Redeemed:
Issued		7,265,894			10,022,164			3,540,163			2,959,191
Reinvestment of Dividends		5,713,141			5,421,403			784,289			660,401
Redeemed		(6,397,360	)		(6,802,164	)		(1,356,157	)		(861,185	)

Net Increase in Shares Outstanding from Share Transactions		6,581,675			8,641,403			2,968,295			2,758,407


	Public Alternatives Fund						Real Assets Fund
	Six-Months ended April 30, 2016 (unaudited)			Year ended October 31, 2015			Six-Months ended April 30, 2016 (unaudited)			Year ended October 31, 2015
Operations:
Net Investment Income	$	7,706,490		$	10,722,503		$	783,271		$	2,645,221
Net Realized Gain (Loss) on Investments, Capital Gain Distributions from Registered Investment Companies, Purchased Options/Swaptions, Written Options/Swaptions, Securities Sold Short, Futures Contracts, Swap Contracts and Foreign Currency Transactions		6,580,613			20,242,241			(8,194,238	)		(9,386,525	)
Net Change in Unrealized Appreciation (Depreciation) on Investments, Purchased Options/Swaptions, Written Options/Swaptions, Securities Sold Short, Futures Contracts, Swap Contracts and Foreign Currency Transactions		(12,879,427	)		(8,705,872	)		8,344,738			(26,425,267	)

Net Increase (Decrease) in Net Assets Resulting from Operations		1,407,676			22,258,872			933,771			(33,166,571	)


Dividends and Distributions from:
Net Investment Income		(8,564,648	)		(15,413,990	)		(122,117	)		(808,185	)
Net Realized Gains		(18,290,297	)		(4,112,032	)		—			—
Return of Capital		—			—			—			(2,152,474	)

Total Dividends and Distributions		(26,854,945	)		(19,526,022	)		(122,117	)		(2,960,659	)


Capital Share Transactions:
Issued		33,723,244			60,590,037			30,715,487			36,395,097
Reinvestment of Dividends		26,854,941			19,526,022			122,116			2,960,659
Redeemed		(40,139,376	)		(32,786,484	)		(6,978,825	)		(6,037,752	)

Net Increase in Net Assets from Capital Share Transactions		20,438,809			47,329,575			23,858,778			33,318,004

Total Increase (Decrease) in Net Assets		(5,008,460	)		50,062,425			24,670,432			(2,809,226	)


Net Assets:
Beginning of Period		480,135,461			430,073,036			153,332,413			156,141,639

End of Period	$	475,127,001		$	480,135,461		$	178,002,845		$	153,332,413

Undistributed (Distributions in Excess of) Net Investment Income	$	(1,247,632	)	$	(389,474	)	$	5,668,697		$	5,007,543


Shares Issued and Redeemed:
Issued		3,358,870			5,780,884			4,410,101			4,201,312
Reinvestment of Dividends		2,672,833			1,896,512			17,032			351,336
Redeemed		(3,972,127	)		(3,147,631	)		(998,735	)		(694,468	)

Net Increase in Shares Outstanding from Share Transactions		2,059,576			4,529,765			3,428,398			3,858,180


	Net Asset Value, Beginning of Period		Net Investment Income*		Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Return of Capital			Total Distributions			Net Asset Value, End of Period		Total Return†			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets (including dividend expense, broker fees, interest on short sales and commission recapture)	Ratio of Expenses to Average Net Assets (including dividend expense, broker fees and interest on short sales, excluding commission recapture)	Ratio of Net Investment Income (Loss) to Average Net Assets	Portfolio Turnover†
Global Public Equity Fund
2016@	$	12.25	$	0.07	$	(0.19	)	$	(0.12	)	$	(0.16	)	$	(0.76	)	$	—		$	(0.92	)	$	11.21		(0.87	)%	$	854,699	0.92%	0.92%	1.18%	26%
2015	$	13.16	$	0.12	$	0.06		$	0.18		$	(0.14	)	$	(0.95	)	$	—		$	(1.09	)	$	12.25		1.39	%	$	853,142	0.93%	0.94%	0.93%	74%
2014	$	12.85	$	0.13	$	0.85		$	0.98		$	(0.14	)	$	(0.53	)	$	—		$	(0.67	)	$	13.16		7.96	%	$	802,723	0.94%	0.95%	0.97%	75%
2013	$	10.22	$	0.13	$	2.59		$	2.72		$	(0.05	)	$	(0.04	)	$	—		$	(0.09	)	$	12.85		26.84	%	$	732,239	0.97%	0.98%	1.11%	82%
2012#	$	10.00	$	0.01	$	0.21		$	0.22		$	—		$	—		$	—		$	—		$	10.22		2.20	%	$	551,126	1.11%	1.11%	0.56%	17%

Income Opportunities Fund
2016@	$	9.22	$	0.25	$	(0.34	)	$	(0.09	)	$	(0.20	)	$	(0.14	)	$	—		$	(0.34	)	$	8.79		(0.57	)%	$	181,859	0.57%	0.57%	6.14%	17%
2015	$	10.91	$	0.42	$	(1.71	)	$	(1.29	)	$	(0.40	)	$	—		$	—		$	(0.40	)	$	9.22		(12.00	)%	$	163,365	0.54%	0.54%	4.16%	22%
2014	$	10.94	$	0.48	$	0.34		$	0.82		$	(0.60	)	$	(0.20	)	$	(0.05	)	$	(0.85	)	$	10.91		7.73	%	$	163,177	0.55%	0.55%	4.40%	17%
2013	$	10.12	$	0.51	$	0.82		$	1.33		$	(0.51	)	$	—		$	—		$	(0.51	)	$	10.94		13.42	%	$	144,207	0.50%	0.52%	4.76%	63%
2012#	$	10.00	$	0.06	$	0.08		$	0.14		$	(0.02	)	$	—		$	—		$	(0.02	)	$	10.12		1.37	%	$	121,936	0.75%	0.75%	3.44%	0%

Public Alternatives Fund
2016@	$	10.51	$	0.17	$	(0.15	)	$	0.02		$	(0.18	)	$	(0.40	)	$	—		$	(0.58	)	$	9.95		0.28	%	$	475,127	1.61%‡	1.61%	3.29%	50%
2015	$	10.45	$	0.24	$	0.29		$	0.53		$	(0.37	)	$	(0.10	)	$	—		$	(0.47	)	$	10.51		5.16	%	$	480,135	1.78%‡	1.78%	2.33%	117%
2014	$	10.17	$	0.21	$	0.29		$	0.50		$	(0.22	)	$	—		$	—		$	(0.22	)	$	10.45		4.98	%	$	430,073	1.03%‡	1.03%	2.10%	153%
2013	$	9.97	$	0.06	$	0.24		$	0.30		$	(0.10	)	$	—		$	—		$	(0.10	)	$	10.17		3.02	%	$	353,176	1.05%‡	1.05%	0.60%	109%
2012#	$	10.00	$	—	$	(0.03	)	$	(0.03	)	$	—		$	—		$	—		$	—		$	9.97		(0.30	)%	$	312,444	1.38%‡	1.38%	(0.14)%	19%

Real Assets Fund
2016@	$	7.75	$	0.04	$	(0.11	)^	$	(0.07	)	$	(0.01	)	$	—		$	—		$	(0.01	)	$	7.67		(0.96	)%	$	178,003	0.73%	0.73%	1.04%	19%
2015	$	9.81	$	0.15	$	(2.04	)	$	(1.89	)	$	(0.05	)	$	—		$	(0.12	)	$	(0.17	)	$	7.75		(19.43	)%	$	153,332	0.73%	0.73%	1.71%	55%
2014	$	9.71	$	0.20	$	0.28		$	0.48		$	(0.14	)	$	(0.07	)	$	(0.17	)	$	(0.38	)	$	9.81		4.94	%	$	156,142	0.74%	0.74%	1.96%	81%
2013	$	10.05	$	0.17	$	(0.32	)	$	(0.15	)	$	(0.18	)	$	(0.01	)	$	—		$	(0.19	)	$	9.71		(1.45	)%	$	133,602	0.78%	0.78%	1.78%	50%
2012#	$	10.00	$	0.04	$	0.02		$	0.06		$	(0.01	)	$	—		$	—		$	(0.01	)	$	10.05		0.63	%	$	122,492	1.05%	1.05%	2.10%	7%


Derivatives Not Accounted for as Hedging Instruments		Futures Contracts			Forward Foreign Currency Contracts			Swap Contracts		Purchased Options/ Swaptions			Written Options/ Swaptions		Total
Public Alternatives Fund
Equity contracts	$	(553,890	)	$	—		$	113,567	$	2,101,339		$	2,559,503	$	4,220,519
Foreign exchange contracts		—			(101,594	)		—		—			—		(101,594	)
Total	$	(553,890	)	$	(101,594	)	$	113,567	$	2,101,339		$	2,559,503	$	4,118,925

Real Assets Fund
Foreign exchange contracts	$	—		$	(104,185	)	$	—	$	(83,037	)	$	21,098	$	(166,124	)
Interest rate contracts		(79,220	)		—			15,429		(228,348	)		89,923		(202,216	)
Total	$	(79,220	)	$	(104,185	)	$	15,429	$	(311,385	)	$	111,021	$	(368,340	)


TABLE OF CONTENTS
Schedules of Investments			1


Fund	Written Options

Public Alternatives Fund	Number of Contracts			Premium
Balance as of October 31, 2015		606		$	2,503,933
Written		3,612			16,236,413
Closing buys		(3,618	)		(16,388,004	)
Balance as of April 30, 2016		600		$	2,352,342


Fund	Written Options						Swaptions
Real Assets Fund	Number of Contracts			Premium			Notional Amount			Premium
Balance as of October 31, 2015		23		$	14,650		$	6,655,000		$	115,400
Written		240			31,640			34,155,000			192,698
Expired		(90	)		(14,757	)		(5,090,000	)		(98,761	)
Closing buys		(51	)		(19,529	)		(21,805,000	)		(91,609	)
Balance as of April 30, 2016		122		$	12,004		$	13,915,000		$	117,728


Public Alternatives Fund
Type		Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Assets Presented in the Statement of Assets and Liabilities		Collateral Received			Net Amount‡
Total return swaps**	$	44,112,952	$	(40,974,346	)	$	3,138,606	$	(3,138,606	)	$	—
	$	44,112,952	$	(40,974,346	)	$	3,138,606	$	(3,138,606	)	$	—
Counterparty		Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities		Collateral Pledged†			Net Amount
Total return swaps**	$	40,974,346	$	(40,974,346	)	$	—	$	—		$	—
Short sales		86,443,316		—			86,443,316		(86,443,316	)		—
	$	127,417,662	$	(40,974,346	)	$	86,443,316	$	(86,443,316	)	$	—
Real Assets Fund
Type		Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities		Collateral Received			Net Amount
Interest rate swaps**	$	148,715	$	(123,171	)	$	25,544	$	(25,544	)	$	—
	$	148,715	$	(123,171	)	$	25,544	$	(25,544	)	$	—


Global Public Equity Fund
Acadian Asset Management LLC
Allianz Global Investors Capital LLC
Chautauqua Capital Management, LLC
ClariVest Asset Management LLC
Cramer Rosenthal McGlynn LLC
Driehaus Capital Management LLC — Emerging Markets Growth
Driehaus Capital Management LLC — International Small Cap Growth
Fairpointe Capital LLC
Harris Associates LP
LSV Asset Management — Global Concentrated
LSV Asset Management — Micro Cap
Marsico Capital Management LLC
Numeric Investors LLC
Parametric Portfolio Associates LLC
Phocas Financial Corporation
Thornburg Investment Management Inc.


Income Opportunities Fund
OFI SteelPath, Inc.
Strategic Income Management LLC

Public Alternatives Fund
AJO, LP
AJO Global Market Neutral
ClariVest Asset Management LLC
Numeric Investors LLC
Wells Fargo Portfolio Risk Advisors

Real Assets Fund
BlackRock Financial Management LLC
Kayne Anderson Capital Advisors LP


	Purchases		Sales and Maturities		U.S. Government Purchases		U.S. Government Sales and Maturities
Global Public Equity Fund	$	22,739,648	$	210,521,725	$	—	$	—
Income Opportunities Fund		52,445,977		26,519,401		386,577		—
Public Alternatives Fund		82,619,961		65,749,071		40,992,109		41,602,398
Real Assets Fund		33,313,692		12,383,638		22,740,410		15,575,027


	Ordinary Income		Long-Term Capital Gain		Return of Capital		Total
Global Public Equity Fund
2015	$	17,766,015	$	48,893,876		—	$	66,659,891
2014		29,735,214		8,080,966		—		37,816,180
Income Opportunities Fund
2015	$	4,444,148		2,072,954	$	—	$	6,517,102
2014		8,610,068		2,624,584		670,102		11,904,754
Public Alternatives Fund
2015	$	15,413,990	$	4,112,032		—	$	19,526,022
2014		7,855,349		—		—		7,855,349
Real Assets Fund
2015	$	808,988		—	$	2,151,671	$	2,960,659
2014		2,583,574		632,367		2,549,086		5,765,027


	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Capital Loss Carryforwards			Unrealized Appreciation (Depreciation)			Other Temporary Differences			Total Distributable Earnings (Accumulated Losses)
Global Public Equity Fund	$	12,338,550	$	47,721,712	$	—		$	65,761,893		$	(65,703	)	$	125,756,452
Income Opportunities Fund		—		2,518,822		—			(17,867,936	)		(9,928	)		(15,359,042	)
Public Alternatives Fund		13,741,437		4,275,544		—			1,405,280			333,303			19,755,564
Real Assets Fund		—		—		(11,939,936	)		(22,011,550	)		(103,280	)		(34,054,766	)


	Federal Tax Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Global Public Equity Fund	$	763,425,547	$	110,791,559	$	(44,077,669	)	$	66,713,890
Income Opportunities Fund		198,255,092		4,022,721		(23,132,498	)		(19,109,777	)
Public Alternatives Fund		431,603,372		11,332,595		(23,357,450	)		(12,024,855	)
Real Assets Fund		187,396,747		3,085,526		(19,311,674	)		(16,226,148	)


	Beginning Account Value 11/1/2015		Ending Account Value 4/30/2016		Annualized Expense Ratios		Expenses Paid During Period*
Global Public Equity Fund

Actual Fund Return	$	1,000.00	$	991.30		0.92%	$	4.55
Hypothetical 5% Return	$	1,000.00	$	1,020.29		0.92%	$	4.62
Income Opportunities Fund

Actual Fund Return	$	1,000.00	$	994.30		0.57%	$	2.83
Hypothetical 5% Return	$	1,000.00	$	1,022.03		0.57%	$	2.87
Public Alternatives Fund ⁽¹⁾

Actual Fund Return	$	1,000.00	$	1,002.80		1.61%	$	8.02
Hypothetical 5% Return	$	1,000.00	$	1,016.86		1.61%	$	8.07
Real Assets Fund

Actual Fund Return	$	1,000.00	$	990.40		0.73%	$	3.61

Hypothetical 5% Return	$	1,000.00	$	1,021.23		0.73%	$	3.67