Advisors Inner Circle Fund

(Registrant)

The Advisors’ Inner Circle Fund

By (Signature and Title)

/s/ Michael Beattie

Michael Beattie, President

Date: July 7, 2017

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 — 93.5%
	Shares		Value

ARGENTINA — 0.1%
Adecoagro *		16,952	$	187,998
Grupo Financiero Galicia ADR		3,452		134,869
Pampa Energia ADR *		2,785		151,894
Ternium ADR		13,966		353,619
YPF ADR		13,790		356,196

				1,184,576

AUSTRALIA — 1.8%
Adelaide Brighton		18,475		81,898
AGL Energy		37,851		758,454
Altium		9,693		59,516
Amaysim Australia		149,909		199,808
Amcor		35,511		417,739
AMP		14,455		58,016
Ansell		2,778		49,508
Aristocrat Leisure		19,431		285,761
ASX		1,069		40,600
Aurizon Holdings		13,301		51,293
AusNet Services		69,570		91,164
Beach Energy		208,561		114,785
Bendigo & Adelaide Bank		5,407		49,881
Blackmores		1,161		92,682
Brambles		35,218		272,679
Caltex Australia		9,340		208,905
carsales.com		12,896		113,368
Cleanaway Waste Management		105,495		100,323
Coca-Cola Amatil		18,534		130,039
Cochlear		895		93,744
Commonwealth Bank of Australia		4,947		323,757
Computershare		23,896		263,748


COMMON STOCK — continued
	Shares		Value

AUSTRALIA (continued)
CSL		10,349	$	1,027,174
CYBG *		18,923		68,580
Dexus Property Group ‡		17,287		132,034
Domino’s Pizza Enterprises		44,960		2,057,669
DUET Group		91,865		207,741
DuluxGroup		22,574		114,436
Event Hospitality and Entertainment		5,176		50,385
GPT Group ‡		32,364		127,229
GrainCorp, Cl A		14,270		95,314
GUD Holdings		7,871		73,319
GWA Group		23,763		55,516
Hansen Technologies		24,702		66,589
Insurance Australia Group		14,182		65,947
Investa Office Fund ‡ *		21,557		76,674
JB Hi-Fi		4,199		77,631
LendLease Group		66,400		797,017
Macquarie Atlas Roads Group		18,280		73,095
Medibank Pvt		24,193		52,717
Metcash		63,247		101,823
Mineral Resources		117,591		941,277
Mirvac Group ‡		70,791		120,329
National Australia Bank		8,136		207,136
Navitas		18,894		64,939
Newcrest Mining		18,714		296,516
NEXTDC *		155,278		483,692
Oil Search		35,087		189,692
Orora		59,340		133,746
Qantas Airways		26,984		85,672
Retail Food Group		133,800		547,034
Rio Tinto		2,512		113,687
Scentre Group ‡		86,227		278,283
Shopping Centres Australasia Property Group ‡		39,152		67,722
Sonic Healthcare		6,404		105,929
South32		56,545		117,708
Southern Cross Media Group		57,479		55,522
Spark Infrastructure Group		65,962		122,987
St. Barbara *		50,466		102,030
Star Entertainment Grp		29,336		122,355
Stockland ‡		40,111		145,670
Suncorp Group		6,044		62,455
Super Retail Group		9,154		64,775
Sydney Airport		27,357		141,141
Tabcorp Holdings		24,107		85,744


COMMON STOCK — continued
	Shares		Value

AUSTRALIA (continued)
Tatts Group		40,099	$	129,112
Teekay LNG Partners LP		139,199		2,324,623
Telstra		153,670		485,587
Transurban Group		36,733		335,569
Vicinity Centres ‡		75,569		162,968
Village Roadshow		13,762		37,407
Washington H Soul Pattinson		7,947		112,111
Wesfarmers		18,007		579,797
Westpac Banking		9,821		257,830
Woodside Petroleum		18,175		437,952

				18,697,555

AUSTRIA — 0.4%
ams		12,767		821,194
BUWOG		16,805		453,798
Erste Group Bank		4,894		174,965
Immobilien Anlagen		4,780		104,736
Lenzing		1,954		364,398
Oesterreichische Post		4,381		185,998
OMV		22,524		1,037,235
S IMMO		4,053		52,979
Schoeller-Bleckmann Oilfield Equipment		1,010		70,566
Telekom Austria, Cl A		8,670		60,887
Verbund		11,909		197,830
Wienerberger		5,642		132,136

				3,656,722

BELGIUM — 0.5%
Aedifica ‡		1,601		125,845
Anheuser-Busch InBev		18,363		2,068,293
Barco		1,594		156,983
Bekaert		8,487		427,345
bpost		6,682		160,131
Cofinimmo ‡		1,499		181,411
Colruyt		338		17,358
Econocom Group		4,595		73,904
Elia System Operator		1,619		85,886
Euronav		6,701		53,154
Groupe Bruxelles Lambert		4,211		403,706
Kinepolis Group		1,229		70,940
Proximus SADP		8,421		257,624
Telenet Group Holding *		3,256		197,768
Tessenderlo Chemie		1,710		70,150
UCB		5,162		402,380


COMMON STOCK — continued
	Shares		Value

BELGIUM (continued)
Umicore		3,188	$	186,657

				4,939,535

BERMUDA — 0.0%
Maiden Holdings		18,000		222,300
Teekay		5,400		46,872

				269,172

BRAZIL — 1.1%
Aliansce Shopping Centers		6,000		28,317
Ambev ADR		55,549		318,296
Arezzo Industria e Comercio		5,300		56,055
Banco do Brasil		32,800		338,742
Banco Santander Brasil ADR		40,256		344,994
BB Seguridade Participacoes		45,992		431,802
BM&FBovespa — Bolsa de Valores Mercadorias e Futuros		20,534		122,464
BR Properties *		23,000		68,695
BRF		65,409		816,466
CCR		58,896		327,319
Cia de Locacao das Americas		3,900		11,058
Cia de Saneamento Basico do Estado de Sao Paulo		20,200		185,323
Cia de Transmissao de Energia Eletrica Paulista		2,800		54,658
Cia Energetica de Minas Gerais ADR		12,405		33,866
Cia Hering		5,600		38,956
Cielo		66,421		504,324
Cosan Industria e Comercio		17,722		205,860
CPFL Energia		14,431		117,847
CSU Cardsystem		41,200		123,962
Cyrela Brazil Realty Empreendimentos e Participacoes		10,000		41,461
Duratex		56,200		158,115
EDP — Energias do Brasil		11,900		50,576
Embraer		20,900		100,679
Engie Brasil Energia		6,700		72,572
Equatorial Energia		14,938		270,612
Estacio Participacoes		6,400		35,689
Fibria Celulose *		3,237		29,779
Fleury		3,500		58,597
Gerdau ADR		130,000		396,500
Grendene		11,300		86,760
Hypermarcas		26,907		254,400
Iguatemi Empresa de Shopping Centers		10,300		107,444


COMMON STOCK — continued
	Shares		Value
BRAZIL (continued)

Industrias Romi *		43,400	$	47,447
Itau Unibanco Holding ADR		49,365		607,190
JBS		19,700		63,618
Klabin		12,500		62,105
Kroton Educacional		89,028		421,292
Light *		7,900		54,756
Linx		4,800		26,949
Lojas Renner		44,918		417,473
Magazine Luiza		4,600		320,618
Multiplan Empreendimentos Imobiliarios		13,728		293,802
Multiplus		4,000		49,212
Natura Cosmeticos		7,000		67,264
Odontoprev		94,500		339,706
QGEP Participacoes		23,800		47,689
Raia Drogasil		7,057		149,431
Sao Martinho		9,600		53,201
Schulz		1,200		2,586
Telefonica Brasil ADR		36,445		539,022
TIM Participacoes ADR		28,754		463,227
Transmissora Alianca de Energia Eletrica		9,100		67,260
Tupy		5,900		28,589
Ultrapar Participacoes		12,700		283,685
Vale ADR, Cl B		41,541		356,422
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao		17,447		124,831
WEG		31,300		174,346

				10,853,909

CANADA — 2.3%
Advantage Oil & Gas *		27,691		174,254
Agnico Eagle Mines		1,814		86,710
Aimia		5,900		39,505
Air Canada, Cl B *		35,600		338,774
Allied Properties ‡		3,039		81,549
Bank of Montreal		9,100		644,376
Bank of Nova Scotia		12,000		667,052
Barrick Gold		14,335		239,643
BCE		19,953		908,449
CAE		30,675		468,535
Canadian Apartment Properties ‡		4,600		114,137
Canadian Imperial Bank of Commerce		3,500		282,682


COMMON STOCK — continued
	Shares		Value

CANADA (continued)
Canadian National Railway		7,487	$	541,183
Canadian Tire, Cl A		800		97,638
CCL Industries, Cl B		3,621		838,237
Celestica *		59,400		846,365
Chartwell Retirement Residences ‡		9,400		107,011
China Gold International Resources *		9,434		14,030
Cineplex		1,300		51,169
Cogeco Communications		1,155		66,091
Constellation Software		693		316,956
Descartes Systems Group *		8,100		186,916
Dollarama		27,515		2,408,734
Domtar		21,100		836,615
Emera		9,800		339,218
Empire		3,500		53,921
Enbridge		26,658		1,104,971
Enerflex		11,202		157,889
Extendicare		7,542		55,196
Fairfax Financial Holdings		200		91,425
First Capital Realty		7,900		114,821
Fortis		15,500		504,385
Franco-Nevada		1,900		129,223
George Weston		1,481		133,003
Gildan Activewear		4,089		114,638
Goldcorp		4,100		57,128
H&R ‡		7,500		127,248
Hudbay Minerals		29,788		177,849
Hydro One (A)		5,700		100,383
Imperial Oil		8,879		258,295
Innergex Renewable Energy		7,000		71,485
Jean Coutu Group PJC, Cl A		4,100		67,100
Kinaxis *		7,715		462,600
Kinross Gold *		26,437		91,993
Laurentian Bank of Canada		2,226		91,059
Loblaw		4,649		260,914
Lululemon Athletica *		48,270		2,510,040
MacDonald Dettwiler & Associates		1,486		73,372
Maple Leaf Foods		2,200		55,070
Metro, Cl A		6,976		239,066
New Flyer Industries		9,733		362,568
North West		2,800		66,049
Open Text		10,042		348,184
Parex Resources *		22,681		281,633
Parkland Fuel		13,115		285,349
Pason Systems		7,833		116,314


COMMON STOCK — continued
	Shares		Value

CANADA (continued)
Pembina Pipeline		10,200	$	325,043
Quebecor, Cl B		5,400		164,842
Restaurant Brands International		3,700		207,680
RioCan ‡		7,500		142,467
Ritchie Bros Auctioneers		1,600		52,464
Royal Bank of Canada		4,800		328,674
Saputo		6,300		207,131
Seven Generations Energy *		29,500		522,336
Shaw Communications, Cl B		8,255		175,012
Sienna Senior Living		3,959		49,826
Silver Wheaton		6,569		131,086
Smart ‡		4,200		99,566
SNC-Lavalin Group		1,912		76,897
Stantec		2,200		56,457
Suncor Energy		2,743		85,964
Tahoe Resources		8,600		69,679
Thomson Reuters		4,800		218,119
TMX Group		5,600		316,378
Toromont Industries		2,200		78,262
TransCanada		5,172		240,139
Valeant Pharmaceuticals International *		7,245		67,140
Waste Connections		1,540		141,675
Yamana Gold		22,435		60,318

				23,076,155

CHILE — 0.2%
AES Gener		93,847		35,652
Aguas Andinas, Cl A		68,999		39,011
AntarChile		8,852		108,759
Antofagasta		18,448		200,231
Banco de Chile		485,017		58,501
Banco de Credito e Inversiones		1,190		66,041
Banmedica		29,646		66,630
Colbun		192,984		42,705
Empresa Nacional de Telecomunicaciones *		10,270		123,267
Empresas CMPC		52,670		122,882
Empresas COPEC		19,102		213,661
Parque Arauco		28,360		74,231
Quinenco		20,604		55,924
SACI Falabella		23,153		185,136
SONDA		49,466		84,338
Vina Concha y Toro		57,788		93,435

				1,570,404


COMMON STOCK — continued
	Shares		Value

CHINA — 3.9%
Agile Group Holdings		92,000	$	82,321
Agricultural Bank of China, Cl H		564,000		260,307
Alibaba Group Holding ADR *		58,620		6,770,610
Aluminum Corp of China, Cl H *		214,000		105,372
Anhui Conch Cement, Cl H		83,883		293,869
Baidu ADR *		15,036		2,709,938
Bank of China, Cl H		2,182,000		1,057,569
Bank of Communications, Cl H		355,000		273,381
Baoye Group, Cl H		58,000		42,801
BeiGene ADR *		1,600		65,408
BYD, Cl H		147,114		867,173
Cangzhou Mingzhu Plastic, Cl A *		65,700		237,181
Central China Real Estate		144,000		35,174
China Coal Energy, Cl H		152,000		73,867
China Communications Services, Cl H		1,186,000		675,462
China Construction Bank, Cl H		2,676,866		2,174,985
China Datang Renewable Power, Cl H		136,000		13,813
China Finance Online ADR *		18,000		46,620
China Medical System Holdings		277,238		479,032
China Merchants Port Holdings		26,000		74,373
China Mobile		150,000		1,599,632
China Petroleum & Chemical, Cl H		538,000		435,748
China Petroleum & Chemical ADR		10,200		829,974
China Railway Group, Cl H		5,000		4,242
China Resources Beer Holdings		38,000		91,454
China Shenhua Energy, Cl H		36,500		85,122
China Telecom, Cl H		668,000		326,342
Chongqing Rural Commercial Bank, Cl H		962,000		661,670
COSCO SHIPPING Development, Cl H *		42,000		9,125
Country Garden Holdings		125,000		118,920
CRRC		34,000		33,177
Ctrip.com International ADR *		11,588		585,310
Datang International Power Generation, Cl H		214,000		63,828
Dongfeng Motor Group, Cl H		70,000		73,615
Golden Eagle Retail Group		49,000		74,587
Gridsum Holding ADR *		15,534		190,602
Guangdong Electric Power Development, Cl B		96,271		42,576
Hengan International Group		20,000		149,646


COMMON STOCK — continued
	Shares		Value

CHINA (continued)
Hisense Kelon Electrical Holdings, Cl A		74,000	$	103,508
Hopefluent Group Holdings		212,000		64,050
Huadian Power International, Cl H		60,000		25,301
Huaneng Power International, Cl H		100,000		69,038
Industrial & Commercial Bank of China, Cl H		1,830,000		1,195,163
Inner Mongolia Yitai Coal, Cl B		75,600		81,346
Intime Retail Group		58,000		73,447
Jiangxi Copper, Cl H		65,000		101,448
Kweichow Moutai, Cl A		11,127		667,033
KWG Property Holding		223,500		168,953
Momo ADR *		6,174		234,488
NetEase ADR		6,770		1,796,690
New Oriental Education & Technology Group ADR *		3,379		218,081
PetroChina, Cl H		1,952,000		1,375,222
Ping An Insurance Group of China, Cl H		136,929		771,049
Shanghai International Airport, Cl A		102,902		510,974
Shenzhou International Group Holdings		26,236		172,695
Sihuan Pharmaceutical Holdings Group		250,000		111,206
Silergy		9,448		170,979
SINA *		4,849		372,452
Sinopec Shanghai Petrochemical, Cl H		222,000		124,152
Sinopharm Group, Cl H		206,930		928,456
Sinotruk Hong Kong		74,500		51,816
SOHO China		98,000		53,420
Sun Art Retail Group		85,000		87,641
TAL Education Group ADR *		3,267		389,132
Tencent Holdings		240,098		7,513,143
Uni-President China Holdings		78,000		54,752
Vipshop Holdings ADR *		3,160		43,829
Want Want China Holdings		139,000		100,073
Weibo ADR *		3,166		176,853
Yangzijiang Shipbuilding Holdings		98,800		81,323
Yanzhou Coal Mining, Cl H		64,000		55,374
Zhaojin Mining Industry		109,500		95,164
Zhejiang Expressway, Cl H		54,000		67,202
Zhuzhou CRRC Times Electric, Cl H		15,500		79,808
Zijin Mining Group, Cl H		354,000		125,155

				40,025,242


COMMON STOCK — continued
	Shares		Value

COLOMBIA — 0.0%
Avianca Holdings ADR		13,703	$	99,758
Bancolombia ADR		4,610		182,049

				281,807

CZECH REPUBLIC — 0.0%
Moneta Money Bank (A)		39,672		128,117
UNIPETROL as		6,190		70,066

				198,183

DENMARK — 0.7%
Carlsberg, Cl B		3,184		317,782
Chr Hansen Holding		6,002		404,514
Coloplast, Cl B		877		75,071
Danske Bank		29,319		1,064,857
DONG Energy (A)		17,252		679,645
DSV		1,462		81,448
FLSmidth		10,644		640,207
Genmab *		6,010		1,195,267
GN Store Nord		3,019		78,523
ISS		2,435		100,991
Novo Nordisk, Cl B		7,100		276,274
Novo Nordisk ADR		16,703		646,072
Novozymes, Cl B		6,359		274,727
Pandora		2,967		320,675
Royal Unibrew		1,611		70,048
SimCorp		1,274		79,874
TDC		37,213		199,737
Vestas Wind Systems		2,119		182,473

				6,688,185

EGYPT — 0.0%
Commercial International Bank Egypt SAE		22,491		92,083
Egypt Aluminium		11,925		21,630
Faisal Islamic Bank of Egypt		27,863		27,307

				141,020

FINLAND — 0.5%
Amer Sports		4,390		97,314
Citycon		45,616		112,199
Elisa		4,423		150,658
Fortum		15,044		218,936
Huhtamaki		1,763		68,329
Kesko, Cl B		5,084		238,245
Kone, Cl B		11,268		516,254
Neste		6,234		254,584


COMMON STOCK — continued
	Shares		Value

FINLAND (continued)
Nokia		27,795	$	158,955
Nokian Renkaat		9,031		388,580
Orion, Cl B		11,460		657,251
Outokumpu		58,202		558,867
Sampo, Cl A		11,130		533,331
Sanoma		9,867		87,060
UPM-Kymmene		5,003		132,048
Valmet		27,016		492,340

				4,664,951

FRANCE — 2.7%
Air France-KLM *		40,629		341,444
Air Liquide		8,976		1,081,399
Airbus Group		6,293		508,845
Alten		5,055		428,399
Altran Technologies		3,831		64,308
Atos		9,689		1,269,675
AXA		39,540		1,055,669
BNP Paribas		7,269		512,936
Christian Dior		923		253,317
Cie Generale des Etablissements Michelin		1,028		134,320
CNP Assurances		3,431		71,646
Danone		45,877		3,207,322
Dassault Systemes		12,621		1,126,379
Engie		30,226		426,381
Eurazeo		765		51,866
Fonciere Des Regions ‡		1,770		157,986
Gecina ‡		1,587		225,771
Hermes International		4,995		2,389,713
ICADE ‡		1,696		125,941
Iliad		2,682		651,203
Ingenico Group		1,419		128,573
Ipsen		923		107,429
Kering		3,840		1,190,248
Klepierre ‡		5,974		234,530
Korian		2,735		88,111
L’Oreal		2,404		478,826
LVMH Moet Hennessy Louis Vuitton		3,172		782,617
Maisons du Monde * (A)		11,642		404,037
Mercialys ‡		3,927		76,506
Nexity		2,412		131,146
Orange		75,227		1,163,617
Orpea		1,280		130,730


COMMON STOCK — continued
	Shares		Value
FRANCE (continued)
Renault		1,650	$	153,871
Rubis		1,676		170,298
Safran		9,338		773,267
Sanofi		13,552		1,278,555
SCOR		1,455		57,565
SFR Group *		52,516		1,719,604
Sodexo		3,479		442,255
Suez		7,591		124,736
Teleperformance		4,175		524,592
TOTAL		18,312		940,913
Ubisoft Entertainment *		24,507		1,161,254
Veolia Environnement		13,239		251,507
Vinci		3,438		292,486
Vivendi *		9,803		194,507
Wendel		411		57,597

				27,143,897

GERMANY — 3.1%
adidas		15,120		3,028,875
ADO Properties (A)		2,415		88,390
ADVA Optical Networking *		56,000		615,499
AIXTRON *		35,253		193,311
Allianz		6,492		1,236,140
alstria office ‡		7,155		94,619
BASF		9,917		966,400
Bayer		5,200		643,472
Bechtle		682		78,265
Brenntag		1,164		69,027
Carl Zeiss Meditec AG		10,114		459,637
CTS Eventim & KGaA		11,541		444,595
Daimler		62,167		4,631,950
Deutsche Boerse		1,252		122,538
Deutsche EuroShop		2,555		103,715
Deutsche Lufthansa		27,954		482,333
Deutsche Telekom		55,541		974,064
Deutsche Wohnen		2,983		101,998
E.ON		53,228		414,972
Elmos Semiconductor		7,044		187,184
Evonik Industries		1,927		64,348
Fraport Frankfurt Airport Services Worldwide		768		60,401
Freenet		3,906		122,581
Fresenius & KGaA		15,168		1,229,441
Fresenius Medical Care & KGaA		1,085		96,265


COMMON STOCK — continued
	Shares		Value

GERMANY (continued)
GEA Group		1,760	$	74,846
Grand City Properties		5,924		112,508
GRENKE		202		40,245
Hamborner ‡		7,958		83,531
Hannover Rueck		506		60,685
HeidelbergCement		3,309		306,382
Henkel & KGaA		3,765		439,446
Infineon Technologies		111,274		2,303,006
Innogy (A)		4,942		181,687
KION Group		6,339		429,427
Krones		462		54,855
KWS Saat		302		107,408
LEG Immobilien		2,322		199,465
Linde		1,588		285,332
MAN		704		73,957
Merk		794		93,237
MTU Aero Engines		3,184		456,606
Muenchener Rueckversicherungs-Gesellschaft in Muenchen		1,159		222,137
ProSiebenSat.1 Media		1,152		48,928
Puma		1,826		712,980
QIAGEN		4,935		147,563
Rheinmetall		8,700		798,431
S&T *		13,339		188,674
SAP		27,921		2,800,251
Siemens		5,211		747,007
Siltronic *		4,272		307,131
Software		2,194		96,553
Symrise		1,082		75,750
TAG Immobilien		3,903		55,568
Telefonica Deutschland Holding		8,989		43,573
TLG Immobilien		4,628		93,642
TUI		2,748		39,970
Uniper		22,779		373,935
Volkswagen		594		95,730
Wirecard		53,370		3,151,552
zooplus *		1,021		190,905

				32,002,923

GREECE — 0.1%
Aegean Marine Petroleum Network		23,449		261,457
Hellenic Telecommunications Organization		26,462		257,408
Hellenic Telecommunications Organization ADR		1,699		8,087


COMMON STOCK — continued
	Shares		Value

GREECE (continued)
Navios Maritime Acquisition		22,000	$	37,180
Tsakos Energy Navigation		30,700		140,913

				705,045

HONG KONG — 1.7%
3SBio * (A)		43,500		58,050
AIA Group		294,904		2,041,639
Alibaba Pictures Group *		100,000		16,199
ANTA Sports Products		25,000		70,227
ASM Pacific Technology		11,900		177,161
Beijing Enterprises Water Group		160,000		122,596
Brightoil Petroleum Holdings *		139,000		37,706
Cafe de Coral Holdings		16,000		52,042
Changan Minsheng APLL Logistics, Cl H		9,000		6,861
Cheung Kong Infrastructure Holdings		15,000		131,423
China Conch Venture Holdings		172,500		343,743
China Everbright International		40,000		54,099
China Evergrande Group		177,000		189,098
China Gas Holdings		82,000		128,613
China Goldjoy Group		504,000		39,525
China Hongqiao Group (B)		74,000		53,657
China Huishan Dairy Holdings		166,000		7,171
China Innovationpay Group *		304,000		19,346
China Mengniu Dairy		118,000		228,465
China Minsheng Banking, Cl H		11,400		11,226
China Overseas Land & Investment		62,000		180,141
China Properties Group *		64,000		14,234
China Railway Signal & Communication, Cl H (A)		341,664		267,064
China Resources Gas Group		30,000		101,243
China Resources Phoenix Healthcare Holdings		53,500		68,712
China Resources Power Holdings		70,000		126,171
China Sanjiang Fine Chemicals		64,000		20,817
China State Construction International Holdings		38,000		68,981
China Sunshine Paper Holdings		100,500		19,381
China Traditional Chinese Medicine Holdings		178,000		104,351
China Vanke, Cl H		20,600		52,279
China Zhongwang Holdings		169,600		76,968
CIFI Holdings Group		738,000		266,609
CITIC		90,000		130,516


COMMON STOCK — continued
	Shares		Value

HONG KONG (continued)
CK Hutchison Holdings		26,100	$	325,984
CLP Holdings		35,500		374,472
COSCO SHIPPING Ports		56,000		61,340
CSPC Pharmaceutical Group		122,000		169,393
CT Environmental Group		250,000		46,604
Esprit Holdings		75,800		58,860
First Pacific		102,000		78,549
Fullshare Holdings		117,500		30,454
Future World Financial Holdings *		720,000		31,935
Galaxy Entertainment Group		393,945		2,192,987
Geely Automobile Holdings		280,000		377,972
Global Brands Group Holding *		544,000		64,343
GOME Electrical Appliances Holding		371,000		50,558
G-Resources Group		1,956,000		34,451
Guangdong Investment		72,000		111,448
Guangnan Holdings		268,000		39,278
Guangzhou Automobile Group, Cl H		72,000		112,003
Guangzhou Baiyunshan Pharmaceutical Holdings, Cl H		22,000		62,931
Guangzhou R&F Properties		40,000		67,367
Haier Electronics Group		155,393		360,796
Hang Lung Group		13,000		54,234
Hang Seng Bank		21,700		439,951
Henderson Land Development		7,700		48,804
HK Electric Investments & HK Electric Investments (A)		58,000		51,301
HKT Trust & HKT		188,000		240,488
Hong Kong & China Gas		129,000		257,723
Hong Kong Exchanges & Clearing		10,500		258,641
Hongkong Land Holdings		8,000		61,680
Hopewell Holdings		60,000		229,098
Hua Han Health Industry Holdings * (B)		564,000		—
Hysan Development		19,000		89,646
Jardine Matheson Holdings		1,600		103,248
Jardine Strategic Holdings		500		21,135
Jiangsu Expressway, Cl H		44,000		64,939
Kerry Properties		18,500		69,211
Kingboard Chemical Holdings		133,000		479,619
KuangChi Science *		201,000		80,107
Kunlun Energy		126,000		113,878
Lee & Man Paper Manufacturing		165,000		129,397
Lenovo Group		8,000		5,122
Leoch International Technology		128,000		31,760


COMMON STOCK — continued
	Shares		Value

HONG KONG (continued)
Li & Fung		58,000	$	24,308
Link ‡		20,000		143,861
Longfor Properties		39,500		68,454
Luye Pharma Group		40,000		24,170
Luzheng Futures, Cl H		43,000		9,343
Man Wah Holdings		333,987		276,950
MGM China Holdings		40,800		92,947
Minmetals Land		108,000		13,191
MTR		53,500		308,137
New World Development		40,000		49,831
Nexteer Automotive Group		173,680		270,623
Nine Dragons Paper Holdings		130,000		140,390
Orient Overseas International		1,500		8,003
PCCW		275,000		155,206
Red Star Macalline Group, Cl H (A)		52,000		55,621
Road King Infrastructure		20,000		29,672
Shanghai Industrial Holdings		23,000		72,740
Shangri-La Asia		58,000		83,066
Shenzhen International Holdings		40,780		68,470
Sino Biopharmaceutical		210,000		172,788
Sino Land		32,000		54,222
SJM Holdings		104,000		100,947
SSY Group		76,690		29,381
Superb Summit International Group * (B)		75,000		—
Swire Pacific, Cl A		4,000		38,517
Swire Properties		17,800		59,727
Techtronic Industries		40,500		173,906
Television Broadcasts		15,400		59,197
Tibet Water Resources		142,000		59,331
Tong Ren Tang Technologies, Cl H		38,000		63,998
Tonly Electronics Holdings *		800		511
Town Health International Medical Group		344,000		54,397
TPV Technology		298,000		81,220
Truly International Holdings		220,000		74,669
VTech Holdings		9,000		114,028
Welling Holding		122,000		27,448
West China Cement		406,000		61,070
WH Group (A)		768,500		686,659
Wharf Holdings		13,000		111,058
Wheelock		9,000		70,176
Yip’s Chemical Holdings		20,000		8,999
Yue Yuen Industrial Holdings		19,000		75,112


COMMON STOCK — continued
	Shares		Value

HONG KONG (continued)
Yuexiu Property		346,000	$	58,717
Yuzhou Properties		418,000		190,773

				17,089,855

HUNGARY — 0.0%
OTP Bank		7,937		223,246


INDIA — 1.6%
ACC		3,383		85,538
Aditya Birla Nuvo		2,691		69,440
Amara Raja Batteries *		3,708		51,305
Ambuja Cements		16,467		62,945
Apar Industries *		2,803		34,768
Apollo Hospitals Enterprise *		5,521		105,841
Ashapura Minechem *		6,199		6,389
Ashok Leyland		38,492		51,099
Asian Paints		3,335		58,087
Axis Bank		12,909		102,270
Bajaj Auto		1,435		63,887
Bajaj Finserv *		1,143		81,299
Balrampur Chini Mills		27,914		70,403
Bharat Petroleum		13,201		147,595
Bharti Airtel		63,826		352,715
Bharti Infratel		20,247		111,637
Biocon *		8,685		149,007
Bosch		210		75,054
Cadila Healthcare		9,430		64,535
Castrol India		10,875		74,044
CESC		5,541		81,362
Cipla		7,606		65,910
Colgate-Palmolive India		4,423		71,213
Container of India		4,953		93,757
Cummins India		4,414		68,409
Dabur India		12,231		54,519
Edelweiss Financial Services		82,443		214,854
Eicher Motors *		215		87,123
Garware Wall Ropes		10,689		125,034
GlaxoSmithKline Consumer Healthcare		677		53,865
Glenmark Pharmaceuticals		5,335		74,220
Havells India		12,289		92,440
HCL Technologies		5,327		67,414
HDFC Bank ADR		28,875		2,298,739
Hero MotoCorp		1,088		56,127


COMMON STOCK — continued
	Shares		Value

INDIA (continued)
Hindalco Industries		102,165	$	316,596
Hindustan Petroleum		59,730		497,812
Hindustan Unilever		12,631		183,575
Honda SIEL Power Products		987		22,500
Housing Development & Infrastructure *		64,905		91,611
Housing Development Finance		7,735		184,826
ICICI Bank ADR		48,926		419,296
Indiabulls Real Estate *		58,555		136,398
Indian Oil		66,358		453,923
IndusInd Bank		3,140		70,529
Infinite Computer Solutions India *		1,428		5,011
Infosys ADR		19,231		280,003
InterGlobe Aviation (A)		3,998		68,727
ITC		56,226		242,979
Jindal Stainless Hisar *		29,521		62,915
JSW Steel		27,960		86,492
Kalpataru Power Transmission *		1,686		9,231
KAMA Holdings		209		10,301
Kirloskar Ferrous Industries *		24,083		36,482
Kotak Mahindra Bank		4,873		68,323
Larsen & Toubro		3,580		97,377
LIC Housing Finance		9,616		99,987
Lupin		2,367		49,244
Mahindra & Mahindra		4,827		100,213
Marico		15,908		77,945
Maruti Suzuki India		3,766		381,977
Motherson Sumi Systems *		49,571		309,193
Nestle India		523		54,453
NHPC		141,670		69,921
NMDC		26,177		51,882
NTPC		65,095		166,456
OCL India *		695		10,940
Oil & Natural Gas		82,056		237,953
Oracle Financial Services Software		1,104		61,054
Petronet LNG		9,781		64,429
Pidilite Industries *		5,818		65,099
Piramal Enterprises *		2,368		91,891
Polyplex		15,172		112,864
Power Grid Corp of India		201,671		652,068
Rain Industries		57,637		100,437
Rajesh Exports		8,965		85,734
Reliance Industries *		116,214		2,520,469


COMMON STOCK — continued
	Shares		Value

INDIA (continued)
RSWM		4,596	$	31,728
Sharda Motor Industries		1,073		31,919
Shree Cement		258		76,953
Shriram Transport Finance		3,776		60,966
Sun Pharmaceutical Industries		16,409		163,746
Surya Roshni		2,297		9,451
Tata Communications		7,659		85,847
Tata Consultancy Services		3,347		118,269
Tata Power		92,670		121,438
Tech Mahindra		8,817		57,147
Technocraft Industries India *		2,796		21,356
Titan *		13,465		98,429
TVS Srichakra *		1,356		84,966
UltraTech Cement		1,100		72,654
United Spirits *		1,504		43,859
UPL		23,185		290,542
Vardhman Textiles *		14,803		298,787
Vijaya Bank *		36,084		45,939
West Coast Paper Mills		36,923		114,391
Wipro		10,899		83,737
Zee Entertainment Enterprises		8,197		67,132

				16,011,216

INDONESIA — 0.5%
Adaro Energy		579,300		77,145
AKR Corporindo		102,100		51,896
Aneka Tambang Persero *		938,800		48,951
Astra International		981,517		659,058
Bank Central Asia		657,024		874,948
Bank Negara Indonesia Persero		318,600		152,380
Bumi Serpong Damai		1,857,027		249,387
Ciputra Development		962,800		92,459
Gajah Tunggal *		1,143,000		88,754
Garuda Indonesia Persero *		1,242,600		34,307
Gudang Garam		17,000		84,688
Hanjaya Mandala Sampoerna		169,000		48,434
Hanson International *		4,952,300		51,645
Indo Tambangraya Megah		165,200		237,036
Indofood Sukses Makmur		122,700		77,096
Indosat *		126,900		68,310
Japfa Comfeed Indonesia		1,750,500		192,399
Jasa Marga Persero		200,300		69,727
Kalbe Farma		1,772,000		210,715
Lippo Karawaci		779,700		46,212


COMMON STOCK — continued
	Shares		Value

INDONESIA (continued)
Mandala Multifinance		233,100	$	19,237
Matahari Department Store		66,957		73,342
Mitra Keluarga Karyasehat		292,000		55,644
Mitra Pinasthika Mustika		171,500		11,580
Perusahaan Gas Negara Persero *		985,300		179,629
Petrosea *		162,400		17,179
PP Properti		1,920,000		38,028
Ramayana Lestari Sentosa		536,000		51,271
Samindo Resources TBK		854,800		54,511
Samudera Indonesia		15,400		7,135
Saratoga Investama Sedaya *		30,600		8,081
Semen Baturaja Persero TBK, Cl B *		229,300		60,727
Semen Indonesia Persero		184,800		122,354
Sitara Propertindo *		1,026,600		50,833
Sugih Energy * (B)		2,112,200		8,874
Summarecon Agung		555,300		56,659
Supreme Cable Manufacturing		11,800		9,517
Telekomunikasi Indonesia Persero		2,267,081		743,277
Tower Bersama Infrastructure		78,000		34,234
Unilever Indonesia		18,800		62,765
United Tractors		117,700		237,537
Waskita Beton Precast		1,577,700		59,775
Waskita Karya Persero		262,800		47,122
Wijaya Karya Persero		230,500		40,985

				5,465,843

IRELAND — 0.6%
Accenture PLC, Cl A		7,352		891,798
Bank of Ireland *		609,745		153,429
C&C Group PLC		940		3,878
CRH PLC		8,173		298,023
Dalata Hotel Group *		7,190		38,690
Experian		12,077		259,503
Hibernia ‡		41,039		56,997
Horizon Pharma *		2,900		44,602
Icon PLC *		2,894		244,514
Irish Continental Group		9,033		52,150
Irish Residential Properties ‡		44,767		63,882
Kerry Group, Cl A		2,546		208,058
Paddy Power Betfair		829		92,380
Ryanair Holdings ADR *		38,717		3,559,254
Seagate Technology		15,300		644,589

				6,611,747


COMMON STOCK — continued
	Shares		Value

ISRAEL — 0.3%
Alony Hetz Properties & Investments		9,123	$	84,549
Amot Investments		15,663		74,619
Azrieli Group		2,442		129,893
Bank Hapoalim		38,928		242,960
Bezeq The Israeli Telecommunication		175,628		295,558
Check Point Software Technologies *		1,200		124,812
Delek Automotive Systems		7,068		61,984
Elbit Systems		3,320		395,844
Frutarom Industries		2,610		153,474
Israel Chemicals		42,907		185,410
Israel Discount Bank, Cl A *		153,350		371,329
Jerusalem Oil Exploration *		1,795		104,415
Kenon Holdings *		7		87
Melisron		1,774		96,663
Mellanox Technologies *		1,200		56,640
Mizrahi Tefahot Bank		3,810		61,669
Nice		891		60,894
Oil Refineries		133,566		52,731
Paz Oil		1,185		193,301
Strauss Group		4,442		77,954
Teva Pharmaceutical Industries ADR		7,677		242,440
Tower Semiconductor *		3,845		84,305

				3,151,531

ITALY — 1.3%
Amplifon		19,759		252,040
Ansaldo STS		5,099		68,429
Assicurazioni Generali		11,532		182,523
Atlantia		13,217		335,169
Azimut Holding		20,893		407,837
Banca Monte dei Paschi di Siena * (B)		1,217		—
Brembo		5,039		396,030
Cementir Holding		14,211		85,605
CNH Industrial		341,900		3,772,736
Davide Campari-Milano		15,785		186,734
De’ Longhi		5,901		179,983
Ei Towers		6,519		376,361
Enel		220,003		1,045,830
Eni		131,671		2,046,737
ERG		4,679		58,104
EXOR		3,879		217,819
Ferrari		1,926		144,866


COMMON STOCK — continued
	Shares		Value

ITALY (continued)
Infrastrutture Wireless Italiane (A)		61,354	$	339,512
Interpump Group		5,761		152,807
Intesa Sanpaolo		122,286		356,193
Italgas *		13,912		62,891
Leonardo *		8,392		131,911
Luxottica Group		3,463		200,684
Maire Tecnimont		47,388		188,309
Moncler		3,746		92,464
Parmalat		32,571		110,342
Pfeiffer Vacuum Technology		714		92,709
Poste Italiane (A)		7,701		52,765
PRADA		49,377		231,702
Recordati		21,064		780,361
Reply		503		88,160
Snam		34,816		153,900
Tenaris		8,567		134,195
Terna Rete Elettrica Nazionale		44,591		224,893

				13,150,601

JAPAN — 4.3%
Activia Properties ‡		20		95,268
Advance Residence Investment ‡		37		97,450
Aeon		9,200		136,463
Aeon Mall		5,300		90,002
Aica Kogyo		3,700		105,548
Air Water		8,000		154,007
Aisin Seiki		1,500		73,335
Ajinomoto		4,200		81,721
Alfresa Holdings		5,700		102,827
Alps Electric		6,042		177,507
ANA Holdings		28,000		84,270
Asahi Group Holdings		3,300		124,481
Asahi Kasei		13,000		123,907
Astellas Pharma		18,400		242,307
Bridgestone		2,900		120,917
Brother Industries		26,900		552,841
Calbee		4,000		139,583
Canon		8,400		278,505
Central Japan Railway		800		134,093
Chiba Bank		12,000		80,305
Chubu Electric Power		21,600		290,163
Chugai Pharmaceutical		3,305		117,109
Chugoku Electric Power		7,300		79,565
Citizen Watch		9,900		65,630


COMMON STOCK — continued
	Shares		Value

JAPAN (continued)
Concordia Financial Group		14,000	$	64,326
Cosmo Energy Holdings		700		11,096
Credit Saison		3,800		69,165
Dai Nippon Printing		8,000		88,989
Daicel		12,000		137,681
Daifuku		19,214		485,542
Dai-ichi Life Holdings		6,100		103,751
Daito Trust Construction		1,100		161,830
Daiwa House Investment, Cl A ‡		38		96,061
East Japan Railway		1,500		133,940
Eisai		3,000		157,488
Fancl		7,300		122,785
FANUC		700		142,261
Fast Retailing		200		65,234
FP		2,000		95,089
Frontier Real Estate Investment ‡		9		39,278
FUJIFILM Holdings		8,500		315,219
Fujitsu		14,000		87,259
Fukuoka Financial Group		10,000		45,571
GLP J-REIT ‡		84		94,719
Hachijuni Bank		8,400		49,582
Hazama Ando		43,447		309,069
Heiwa		14,900		383,744
Hirose Electric		840		112,804
Hiroshima Bank		22,000		94,927
Hisamitsu Pharmaceutical		2,100		107,378
Hitachi Chemical		4,100		117,327
Hokkaido Electric Power		11,000		79,829
Hokkoku Bank		14,000		52,496
Hokuetsu Kishu Paper		22,000		153,344
Hokuriku Electric Power		4,700		43,427
Honda Motor		6,100		176,857
Hoshizaki		3,200		266,679
House Foods Group		6,400		142,267
Idemitsu Kosan		3,400		108,733
ITOCHU		105,900		1,497,183
Itochu Techno-Solutions		10,893		317,092
Itoham Yonekyu Holdings		42,027		388,696
Izumi		6,648		332,773
Japan Exchange Group		3,800		53,212
Japan Hotel Investment ‡		127		86,471
Japan Post Holdings		4,000		49,554
Japan Prime Realty Investment ‡		24		90,101


COMMON STOCK — continued
	Shares		Value

JAPAN (continued)
Japan Real Estate Investment ‡		23	$	121,112
Japan Retail Fund Investment ‡		55		107,459
JSR		2,800		51,140
JXTG Holdings		128,750		581,064
Kaken Pharmaceutical		12,400		735,268
Kamigumi		7,000		63,548
Kandenko		30,000		298,183
Kaneka		12,000		94,514
Kao		3,200		176,485
KDDI		34,200		906,733
Keio		15,000		120,027
Kewpie		4,500		114,402
Keyence		2,333		937,595
Kintetsu Group Holdings		3,000		10,953
Kirin Holdings		7,000		136,012
Kobayashi Pharmaceutical		3,800		199,076
Kohnan Shoji		7,400		142,922
Koito Manufacturing		5,047		260,329
Konami Holdings		1,700		70,684
Kuraray		8,600		138,711
Kyowa Exeo		16,800		253,790
Kyowa Hakko Kirin		6,800		116,632
Kyushu Financial Group		7,810		48,622
LINE *		34,285		1,188,711
LINE ADR *		17,052		585,566
LIXIL Group		7,044		175,855
M&A Capital Partners *		4,954		222,647
M3		2,700		69,005
Makita		2,600		92,711
Maruichi Steel Tube		1,800		51,025
Mebuki Financial Group		64,870		254,301
MEIJI Holdings		1,100		93,348
Minebea Mitsumi		16,090		232,527
Miraca Holdings		2,200		101,440
Mitsubishi Chemical Holdings		18,900		147,894
Mitsubishi Estate		16,000		305,719
Mitsubishi Gas Chemical		4,500		96,156
Mitsubishi Motors		7,700		49,250
Mitsubishi Tanabe Pharma		6,100		123,778
Mitsui		24,148		340,747
Miura		8,100		135,660
Mizuho Financial Group		428,400		782,438
Morinaga		7,940		375,365


COMMON STOCK — continued
	Shares		Value

JAPAN (continued)
Morinaga Milk Industry		37,000	$	292,084
MS&AD Insurance Group Holdings		2,200		71,679
NEC		19,000		47,212
NH Foods		6,000		170,621
Nichias		17,549		179,150
Nichirei		18,707		465,682
Nidec		1,100		100,848
Nifco		5,175		258,112
Nihon M&A Center		7,978		272,672
Nintendo		600		150,949
Nippon Building Fund ‡		24		127,670
Nippon Prologis ‡		49		103,604
Nippon Shinyaku		1,000		53,106
Nippon Telegraph & Telephone		49,200		2,104,820
Nissan Chemical Industries		2,200		68,186
Nisshin Seifun Group		9,900		151,775
Nissin Foods Holdings		900		51,509
Nitori Holdings		2,100		273,344
NOF		23,000		259,143
NOK		14,561		346,277
Nomura Real Estate Holdings		4,800		81,080
Nomura Real Estate Master Fund ‡		81		116,768
Nomura Research Institute		1,430		49,773
Noritz		3,800		73,938
NS Solutions		7,400		161,973
NTT Data		1,000		46,378
NTT DOCOMO		56,500		1,362,386
Obic		1,100		59,403
Odakyu Electric Railway		6,000		116,367
Okinawa Electric Power		5,100		124,395
Olympus		27,240		1,048,303
Ono Pharmaceutical		5,000		103,028
Onward Holdings		8,000		59,493
Oracle Japan		1,900		109,423
Oriental Land		700		40,188
Orix JREIT ‡		64		101,504
Osaka Gas		60,000		224,607
Otsuka		1,300		69,621
Otsuka Holdings		5,700		262,157
Paltac		13,146		387,982
Plenus		6,300		131,906
Recruit Holdings		1,500		75,757
Resona Holdings		144,500		803,419


COMMON STOCK — continued
	Shares		Value

JAPAN (continued)
Ricoh		5,700	$	47,451
Rohto Pharmaceutical		3,200		59,680
Santen Pharmaceutical		5,400		75,908
Sawai Pharmaceutical		800		43,705
SCREEN Holdings		4,100		297,547
Sekisui House		3,700		61,387
Seria		7,842		351,738
Seven & i Holdings		5,400		228,159
Seven Bank		19,500		65,423
Sharp *		50,000		180,310
Shimadzu		4,000		67,818
Shimamura		500		68,446
Shin-Etsu Chemical		3,700		321,424
Shinmaywa Industries		15,662		131,928
Shinsei Bank		46,000		85,831
Shizuoka Bank		5,000		42,162
Showa Shell Sekiyu		8,600		83,087
SoftBank Group		10,300		780,019
Sompo Holdings		2,900		109,418
Start Today		11,752		250,906
Sumitomo		75,900		1,013,475
Sumitomo Metal Mining		6,000		81,354
Sumitomo Mitsui Financial Group		6,700		247,865
Sumitomo Osaka Cement		33,000		143,279
Sundrug		800		28,060
Suruga Bank		4,200		87,749
Suzuki Motor		14,900		621,797
T&D Holdings		4,500		66,748
Taiheiyo Cement		18,000		59,906
Taisho Pharmaceutical Holdings		1,300		106,822
Takashimaya		10,000		92,038
Takeda Pharmaceutical		7,300		349,824
TechnoPro Holdings		9,309		364,093
Teijin		3,000		58,103
Terumo		3,100		113,044
Toho Gas		19,000		135,842
Tohoku Electric Power		11,000		146,634
Tokai Rika		27,400		509,041
Tokio Marine Holdings		2,700		113,643
Tokuyama		49,000		241,319
Tokyo Electron		7,300		849,020
Tokyo Gas		72,000		334,245
Tokyo Tatemono		22,702		309,753


COMMON STOCK — continued
	Shares		Value

JAPAN (continued)
Toray Industries		15,000	$	132,689
TOTO		500		19,085
Toyo Suisan Kaisha		2,000		74,994
Toyota Motor		9,860		533,798
Trend Micro		1,400		61,538
Ulvac		3,200		150,132
United Urban Investment ‡		70		105,808
USS		6,900		121,937
Wacoal Holdings		9,000		113,999
West Japan Railway		200		13,356
Yahoo Japan		12,900		55,199
Yamaguchi Financial Group		5,000		55,349
Yokogawa Electric		4,800		74,104

				44,284,318

MALAYSIA — 0.7%
AirAsia		570,800		440,493
Allianz Malaysia		8,400		22,214
Astro Malaysia Holdings		94,800		58,963
Axiata Group		66,174		78,506
Batu Kawan		1,800		7,870
British American Tobacco Malaysia		4,900		51,291
Bumi Armada		253,300		46,097
Bursa Malaysia		88,744		209,747
Capitaland Malaysia Mall Trust ‡		92,100		31,612
CSC Steel Holdings		92,900		42,159
Datasonic Group		199,700		59,344
Dialog Group		101,400		45,549
DiGi.Com		78,500		92,949
Dutch Lady Milk Industries		2,900		38,480
Favelle Favco		44,500		27,575
Fraser & Neave Holdings		6,400		36,681
Gamuda		34,900		42,369
Gas Malaysia		23,500		16,728
Genting		171,800		389,429
Genting Malaysia		132,900		179,711
Hai-O Enterprise, Cl O		48,300		42,392
HAP Seng Consolidated		16,100		32,897
Hartalega Holdings		45,800		51,698
Heineken Malaysia		8,900		35,961
Hengyuan Refining *		78,300		68,722
Hong Leong Bank		24,116		76,664
Hua Yang		99,600		25,468
I-BHD		61,700		8,883


COMMON STOCK — continued
	Shares		Value

MALAYSIA (continued)
IGB		63,200	$	43,386
IGB ‡		100,100		39,201
IHH Healthcare		114,200		162,579
IJM		102,000		82,239
JCY International		131,600		18,947
Kim Loong Resources		13,000		11,080
KLCCP Stapled Group		34,200		61,688
Kuala Lumpur Kepong		9,700		54,790
Kumpulan Fima		93,900		40,234
Lafarge Malaysia		35,900		52,266
Land & General		133,600		8,002
Magnum		50,700		24,527
Malayan Banking		25,300		55,834
Malaysian Pacific Industries		143,700		396,573
MISC		36,400		61,463
My EG Services		212,100		104,072
Padini Holdings		241,300		177,876
Perusahaan Sadur Timah Malaysia		6,500		11,380
Petron Malaysia Refining & Marketing		38,300		59,996
Petronas Chemicals Group		119,200		200,452
Petronas Dagangan		26,100		144,659
PPB Group		18,700		72,801
Public Bank		104,394		480,006
Scicom MSC		22,700		12,550
Southern Steel *		24,100		8,716
SP Setia Group		42,600		35,917
Sunway		72,316		57,806
Sunway Construction Group		1,680		774
Sunway ‡		86,000		33,679
Suria Capital Holdings		14,800		7,330
Tambun Indah Land		33,000		11,251
Telekom Malaysia		64,900		96,580
Tenaga Nasional		503,700		1,617,502
Tong Herr Resources *		15,400		11,672
Top Glove		36,500		38,425
Unisem M		581,900		446,378
ViTrox		14,600		19,440
WTK Holdings		49,300		11,300
Yinson Holdings		102,500		79,101
YTL Power International		219,900		76,491

				7,189,415


COMMON STOCK — continued
	Shares		Value

MEXICO — 0.6%
Alpek, Cl A *		44,400	$	53,185
America Movil ADR, Cl L		24,936		383,765
Arca Continental		52,214		383,952
Banregio Grupo Financiero		3,800		21,942
Bio Pappel *		51,718		72,775
Cemex *		1		1
Cemex ADR *		70,163		646,903
Cia Minera Autlan *		35,734		34,794
Coca-Cola Femsa		6,900		50,196
Concentradora Fibra Danhos ‡		25,800		44,308
Concentradora Hipotecaria SAPI ‡		36,100		43,952
El Puerto de Liverpool		8,400		64,727
Genomma Lab Internacional, Cl B *		19,000		24,041
Gentera		49,400		83,054
Gruma, Cl B		3,300		44,008
Grupo Aeroportuario del Pacifico, Cl B		33,400		344,180
Grupo Aeroportuario del Sureste, Cl B		10,338		195,895
Grupo Bimbo, Ser A		18,400		45,068
Grupo Elektra DE		3,620		121,723
Grupo Financiero Banorte, Cl O		89,832		518,418
Grupo Financiero Inbursa, Cl O		1,926		3,243
Grupo Industrial Saltillo		12,294		24,718
Grupo Lala, Cl B		27,800		50,505
Grupo Mexico		142,789		417,249
Grupo Sanborns		10,483		12,017
Grupo Simec ADR *		304		3,408
Grupo Televisa		23,000		111,608
Grupo Televisa ADR		6,900		167,670
Industrias Penoles		6,500		158,898
Infraestructura Energetica Nova		12,800		59,678
Inmobiliaria Vesta		27,100		38,120
Kimberly-Clark de Mexico, Cl A		21,300		45,462
Macquarie Mexico Real Estate Management ‡		39,400		43,156
Mexichem		137,983		379,016
Nemak (A)		66,000		69,417
PLA Administradora Industrial S de RL ‡		58,500		98,944
Prologis Property Mexico ‡		240,265		409,307
Promotora y Operadora de Infraestructura		22,074		234,702
Wal-Mart de Mexico		46,000		103,606

				5,607,611


COMMON STOCK — continued
	Shares		Value

NETHERLANDS — 1.8%
Aalberts Industries		9,986	$	396,168
ABN AMRO Group (A)		2,780		72,981
Accell Group		2,307		80,417
Aegon		133,200		678,899
Akzo Nobel		3,685		322,250
Altice, Cl A *		113,401		2,817,052
Altice, Cl B *		4,835		120,240
ASM International		2,408		144,923
ASML Holding		18,775		2,481,804
ASML Holding, Cl G		4,908		647,120
Basic-Fit * (A)		2,004		35,036
BE Semiconductor Industries		2,668		139,384
Boskalis Westminster		2,647		97,357
Cimpress *		1,100		90,288
Eurocommercial Properties ‡		1,243		48,304
Euronext (A)		1,166		57,187
Gemalto		1,288		72,143
ING Groep		112,136		1,825,529
InterXion Holding *		12,142		505,836
James Hardie Industries		18,672		316,963
Koninklijke Ahold Delhaize		9,927		205,673
Koninklijke DSM		5,876		420,336
Koninklijke KPN		95,353		275,770
Koninklijke Vopak		1,666		75,168
LyondellBasell Industries, Cl A		8,600		728,936
NN Group		59,661		1,978,258
Refresco Group (A)		5,145		100,572
RELX		25,227		487,904
Royal Dutch Shell, Cl A		33,400		866,277
SBM Offshore		3,985		65,656
TKH Group		1,362		62,609
TomTom *		9,801		99,652
Unilever		28,069		1,472,062
Vastned Retail ‡		930		34,742
Wessanen		8,670		129,528
Wolters Kluwer		5,236		222,383
Yandex, Cl A *		12,025		327,801

				18,503,208

NEW ZEALAND — 0.1%
a2 Milk *		95,733		222,169
Auckland International Airport		30,774		145,793
Contact Energy		9,672		34,599
EBOS Group		2,955		37,149


COMMON STOCK — continued
	Shares		Value

NEW ZEALAND (continued)
Fletcher Building		23,167	$	136,000
Goodman Property Trust ‡		56,953		47,707
Heartland Bank		73,546		83,825
Infratil		18,285		37,036
Mercury NZ		18,716		41,314
Precinct Properties New Zealand ‡		52,735		43,630
Ryman Healthcare		6,555		38,841
SKYCITY Entertainment Group		33,207		99,408
Spark New Zealand		50,521		128,171
Summerset Group Holdings		10,482		37,424
Xero *		7,130		106,476
Z Energy		25,533		130,606

				1,370,148

NORWAY — 0.3%
AF Gruppen		1,866		33,252
Atea		13,329		161,451
DNB *		16,888		263,764
Entra (A)		15,634		179,356
Gjensidige Forsikring		8,858		136,079
Kongsberg Gruppen		7,589		118,440
Nordic Nanovector *		2,493		27,148
Nordic Semiconductor *		27,370		109,659
Orkla		29,498		267,117
Salmar		2,099		49,798
Schibsted, Cl B		7,746		173,667
Skandiabanken * (A)		28,291		252,893
Statoil		9,933		163,930
Telenor		17,668		285,618
TGS Nopec Geophysical		3,128		68,345
Tomra Systems		8,778		101,981
Wilh Wilhelmsen Holding, Cl A		2,203		61,322
Wilh Wilhelmsen Holding, Cl B		1,978		53,908
XXL (A)		9,571		103,112
Yara International		9,963		370,392

				2,981,232

PANAMA — 0.1%
Copa Holdings, Cl A		12,719		1,480,746


PERU — 0.0%
Credicorp		2,077		319,152
Empresa Siderurgica del Peru SAA *		53,892		6,396

				325,548


COMMON STOCK — continued
	Shares		Value

PHILIPPINES — 0.2%
Aboitiz Equity Ventures		54,000	$	83,002
Aboitiz Power		65,900		56,076
ABS-CBN Holdings		52,500		48,254
Bank of the Philippine Islands		26,170		54,891
BDO Unibank		28,710		68,774
Cebu Air		35,240		76,266
D&L Industries		176,200		45,263
DMCI Holdings		154,800		39,840
DoubleDragon Properties *		43,330		45,095
Emperador		333,500		42,651
Globe Telecom		1,085		45,187
GT Capital Holdings		1,845		46,531
Integrated Micro-Electronics		11,000		1,697
Jollibee Foods		15,670		65,942
Lopez Holdings		1,340,500		205,749
LT Group		134,000		42,803
Manila Electric		10,320		57,922
Manila Water		79,900		51,020
Metro Pacific Investments		845,447		111,431
Metropolitan Bank & Trust		29,740		50,298
Pepsi-Cola Products Philippines		280,000		20,767
Philex Mining		206,900		36,444
Philippine National Bank		9,300		12,146
PLDT		2,845		100,715
Robinsons Land		78,100		40,093
San Miguel		106,590		234,662
San Miguel Pure Foods		15,940		95,620
Semirara Mining & Power, Cl A		19,290		57,637
SM Investments		6,620		96,399
SM Prime Holdings		593,446		353,625
Top Frontier Investment Holdings *		6,260		36,835
Universal Robina		40,250		138,644

				2,462,279

POLAND — 0.4%
Agora		19,801		82,691
AmRest Holdings *		382		36,189
Asseco Poland		10,123		142,482
Budimex		623		44,165
Ciech		1,858		37,172
Cyfrowy Polsat *		12,474		78,107
Energa		17,333		44,503
Eurocash		4,385		38,885
Fabryki Mebli Forte		3,528		72,075


COMMON STOCK — continued
	Shares		Value

POLAND (continued)
Grupa Kety		447	$	49,146
Grupa Lotos *		6,147		95,853
Impexmetal *		21,898		23,935
ING Bank Slaski *		2,169		100,141
Jastrzebska Spolka Weglowa *		9,999		201,825
KRUK		1,317		97,098
Marvipol		9,759		33,459
Orange Polska		41,350		49,353
PGE Polska Grupa Energetyczna		225,738		670,953
Polski Koncern Naftowy ORLEN		25,515		762,977
Polskie Gornictwo Naftowe i Gazownictwo		15,801		26,965
Powszechna Kasa Oszczednosci Bank Polski		23,763		216,178
Powszechny Zaklad Ubezpieczen		21,977		242,477
Tauron Polska Energia		244,842		207,654
Trakcja		50,506		213,263
Zespol Elektrowni Patnow Adamow Konin *		9,427		42,284

				3,609,830

PORTUGAL — 0.2%
Banco Comercial Portugues, Cl R *		1,057,225		235,855
Banco Espirito Santo * (B)		66,989		—
CTT-Correios de Portugal		29,119		166,178
EDP — Energias de Portugal		51,164		168,871
Galp Energia SGPS		16,055		249,564
Jeronimo Martins SGPS		10,329		189,586
Navigator		46,046		194,914
NOS SGPS		37,360		213,981
Pharol SGPS		97,781		25,137
REN — Redes Energeticas Nacionais SGPS *		22,937		67,435
Semapa-Sociedade de Investimento e Gestao		2,573		40,360

				1,551,881

PUERTO RICO — 0.0%
OFG Bancorp		17,400		203,580
Popular		4,500		188,595

				392,175

RUSSIA — 0.7%
Gazprom Neft PJSC ADR		8,357		147,083
Lenta GDR *		4,460		28,410
LUKOIL PJSC ADR		23,660		1,173,326


COMMON STOCK — continued
	Shares		Value

RUSSIA (continued)
Magnit PJSC GDR		5,132	$	179,364
Magnitogorsk Iron & Steel GDR		25,803		199,199
Mail.Ru Group GDR *		5,058		133,278
MegaFon PJSC GDR		3,302		35,298
Mobile TeleSystems PJSC ADR		12,200		125,904
Novatek GDR		1,875		227,250
QIWI ADR		4,700		91,133
Rosneft Oil PJSC GDR		41,130		227,655
Rostelecom *		15,333		120,517
Sberbank of Russia PJSC ADR		170,245		2,024,213
Severstal PJSC GDR		13,900		189,258
Surgutneftegas ADR		23,300		125,354
Tatneft PJSC ADR		21,300		833,682
X5 Retail Group GDR *		21,663		763,621

				6,624,545

SINGAPORE — 0.4%
Ascendas ‡		92,000		168,572
CapitaLand Mall Trust ‡		66,000		93,061
City Developments		6,600		50,971
ComfortDelGro		21,000		41,184
Cordlife Group *		46,200		33,729
Dairy Farm International Holdings		30,700		273,230
DBS Group Holdings		17,000		235,443
Ezion Holdings *		171,200		36,760
Flex *		102,833		1,589,798
Genting Singapore		256,000		204,302
Haw Par		9,100		66,500
Hutchison Port Holdings Trust, Cl U		100,500		40,702
Keppel ‡		47,560		36,083
Keppel Infrastructure Trust		124,000		46,151
M1		55,000		85,424
SATS		19,700		71,770
Sheng Siong Group		70,400		49,380
Singapore Airlines		6,400		46,953
Singapore Post		96,000		94,822
Singapore Press Holdings		84,300		209,370
Singapore Technologies Engineering		31,000		84,093
Singapore Telecommunications		105,800		283,214
United Overseas Bank		6,900		107,662
Wilmar International		102,700		260,949

				4,210,123

SOUTH AFRICA — 0.7%
AECI		7,859		68,235
Allied Electronics, Cl A		11,536		8,641


COMMON STOCK — continued
	Shares		Value

SOUTH AFRICA (continued)
AngloGold Ashanti		4,578	$	51,793
ArcelorMittal South Africa *		13,249		7,436
Ascendis Health		20,229		37,828
Attacq *		32,169		40,922
AVI		8,181		59,834
Bid		8,574		181,659
Bidvest Group		8,574		102,339
Blue Label Telecoms		34,283		43,457
Capitec Bank Holdings		5,171		295,059
Clicks Group		18,128		182,084
Comair		22,655		8,459
Combined Motor Holdings		9,963		16,029
Corporate Real Estate ‡		90,826		37,380
EOH Holdings		6,099		64,556
Exxaro Resources		23,140		197,189
FirstRand		70,092		261,460
Foschini Group		19,139		228,601
Gold Fields		17,127		56,070
Group		68,007		643,748
Group ADR		14,900		140,805
Growthpoint Properties ‡		50,597		97,001
Hosken Consolidated Investments		7,904		81,904
Hulamin		36,765		19,065
KAP Industrial Holdings		85,302		59,810
Kumba Iron Ore		10,854		141,371
Liberty Holdings		4,543		36,545
Life Healthcare Group Holdings		22,561		48,502
Massmart Holdings		21,409		207,029
Mediclinic International		14,317		151,079
Merafe Resources		110,340		13,706
MiX Telematics ADR		3,265		20,635
Mr Price Group		22,165		260,565
Naspers, Cl N		7,440		1,413,287
Netcare		49,850		98,889
Pioneer Foods Group		14,053		173,363
Raubex Group		22,560		40,701
Remgro		11,726		194,653
Resilient ‡		8,077		70,424
Reunert		7,986		42,369
RMB Holdings		20,680		94,922
Sappi		18,058		134,181
Sasol		3,431		105,263
Sibanye Gold		11,242		22,755


COMMON STOCK — continued
	Shares		Value

SOUTH AFRICA (continued)
SPAR Group		1,707	$	23,015
Standard Bank Group		53,971		599,168
Steinhoff International Holdings		11,058		56,350
Telkom SOC		21,436		119,950
Texton Property Fund ‡		24,626		15,295
Tiger Brands		4,784		144,607
Tongaat Hulett		3,919		35,411
Vodacom Group		8,826		99,866
Vukile Property Fund ‡		28,205		40,101
Wilson Bayly Holmes-Ovcon		11,880		127,603
Woolworths Holdings		6,003		32,567

				7,555,536

SOUTH KOREA — 2.7%
Amorepacific		3,564		914,569
AMOREPACIFIC Group		792		91,526
BGF retail		756		72,750
Busan City Gas		391		11,958
Celltrion *		3,413		268,745
Cheil Worldwide		3,148		51,042
CJ		523		85,949
CJ CheilJedang		430		128,860
CJ Korea Express *		370		54,139
Cosmax		3,493		435,896
Coway		1,481		130,803
CrystalGenomics *		3,151		41,537
Daewon San Up		6,987		42,552
Daewoo Engineering & Construction *		9,587		61,420
Dong-A ST, Cl A		599		49,377
Dongbu Insurance		988		59,042
Dongil Industries		125		8,382
Dongkuk Steel Mill		4,661		45,467
Dongsuh		1,830		49,614
E-MART		703		142,095
Fila Korea		821		50,073
Green Cross		1,680		242,130
GS Engineering & Construction *		2,698		74,213
GS Holdings		8,010		417,430
GS Retail		1,656		77,277
Halla Holdings		736		39,196
Hanmi Science ltd *		1,614		86,097
Hansae		2,944		70,631
Hansol Chemical		671		48,000


COMMON STOCK — continued
	Shares		Value

SOUTH KOREA (continued)
Hanssem		1,832	$	354,196
Hanwha Life Insurance		6,954		37,584
Hanwha Techwin		1,602		73,209
Hugel *		467		191,249
Hyosung		1,126		142,494
Hyundai Department Store		600		56,947
Hyundai Marine & Fire Insurance		24,357		785,572
Hyundai Merchant Marine *		7,033		53,463
Hyundai Mobis		769		150,029
Hyundai Motor Company		2,111		267,145
Hyundai Rotem *		2,876		52,950
Hyundai Steel		2,150		103,730
Industrial Bank of Korea		5,256		57,738
JB Financial Group		7,133		37,925
Kangnam Jevisco		214		7,146
Kangwon Land		3,083		97,944
KB Financial Group		5,300		233,351
KB Financial Group ADR		8,400		365,148
KCC		217		64,934
KEPCO Plant Service & Engineering		1,117		56,346
Kia Motors		9,645		295,393
Koh Young Technology		3,757		177,301
Kolon Industries		936		56,264
Korea Electric Power		15,759		628,061
Korea Real Estate Investment & Trust		16,991		47,259
Korea Zinc		399		149,200
Korean Air Lines *		2,371		63,864
Korean Reinsurance		3,993		39,653
KT ADR		34,733		576,221
KT&G		13,021		1,161,465
LG		2,366		140,558
LG Chemical		926		222,976
LG Display		8,085		208,893
LG Display ADR		14,541		187,142
LG Electronics		9,420		572,038
LG Uplus		63,136		801,753
Lotte Chemical		1,610		483,891
Lotte Chilsung Beverage		75		110,533
Lotte Confectionery		340		61,253
LOTTE Fine Chemical		1,448		48,992
LS		1,669		95,631
Macquarie Korea Infrastructure Fund		19,487		147,792


COMMON STOCK — continued
	Shares		Value

SOUTH KOREA (continued)
Mando		224	$	45,276
Medy-Tox		1,048		460,682
MegaStudy		247		6,968
Meritz Fire & Marine Insurance		2,426		37,736
Mi Chang Oil Industrial		549		41,878
Mobase		7,991		53,161
NAVER		1,013		712,189
NCSoft		832		263,222
NongShim		172		47,917
Orion		117		69,507
Poongsan		1,301		44,647
POSCO		110		25,859
POSCO ADR		11,100		655,122
POSCO Coated & Color Steel		663		18,091
Posco ICT		12,756		76,901
S&T Holdings		2,962		40,868
S-1, Cl 1		746		63,986
Sam Young Electronics		1,260		14,395
Samsung C&T		1,168		126,767
Samsung Card		1,780		62,415
Samsung Electronics		2,394		4,693,746
Samsung Electronics GDR		1,043		1,023,183
Samsung Engineering *		6,323		67,792
Samsung Fire & Marine Insurance		797		187,711
Samsung Life Insurance		1,874		180,335
Samsung SDI		4,487		542,194
Samsung SDS		3,558		429,937
SeAH Holdings		447		53,818
Sewon Precision Industry		4,119		68,777
Shinhan Financial Group		13,651		570,441
Shinsegae		255		45,828
SK Chemicals		1,021		56,528
SK Holdings		705		150,244
SK Hynix		24,299		1,153,130
SK Innovation		5,344		803,079
SK Materials		408		63,249
SK Telecom		702		147,754
SK Telecom ADR		26,055		614,637
SKC		2,119		53,352
S-Oil		2,522		220,971
Vieworks		2,807		162,564
Woori Bank		6,791		89,222
YESCO		799		25,875


COMMON STOCK — continued
	Shares		Value

SOUTH KOREA (continued)
Yuhan		1,596	$	325,400

				27,913,357

SPAIN — 1.2%
Abertis Infraestructuras		14,402		253,363
Aena (A)		20,492		3,616,157
Almirall		9,931		179,360
Amadeus IT Group, Cl A		12,492		673,574
Axiare Patrimonio ‡		3,989		66,221
Banco Popular Espanol		80,450		56,436
Bankia		120,574		146,314
Bankinter		8,632		76,003
Bolsas y Mercados Espanoles SHMSF		1,698		60,853
CaixaBank		44,860		203,723
Cellnex Telecom (A)		4,989		88,175
Distribuidora Internacional de Alimentacion		139,500		830,448
Ebro Foods		13,367		298,931
Enagas		8,971		235,997
Ercros *		34,470		102,882
Ferrovial		35,889		763,700
Grifols		16,838		452,213
Grifols ADR		38,604		838,093
Grupo Catalana Occidente		3,014		117,143
Hispania Activos Inmobiliarios ‡		9,063		136,831
Iberdrola		27,289		196,251
Industria de Diseno Textil		16,520		633,613
Lar Espana Real Estate ‡		7,310		60,517
Merlin Properties ‡		9,897		117,133
Red Electrica		16,828		328,120
Repsol		37,372		591,710
Tecnicas Reunidas		1,930		76,420
Telefonica		46,391		513,170
Tubacex		23,064		73,612
Vidrala		1,121		65,818

				11,852,781

SWEDEN — 0.7%
Assa Abloy, Cl B		6,651		144,099
Atrium Ljungberg, Cl B		3,546		58,651
Attendo (A)		7,391		75,518
Autoliv		1,934		193,767
Axfood		9,380		148,897
BillerudKorsnas		9,996		160,256
BioGaia, Cl B		1,360		54,816


COMMON STOCK — continued
	Shares		Value

SWEDEN (continued)
Boliden		4,034	$	115,318
Capio (A)		8,334		46,105
Castellum		12,285		168,242
Com Hem Holding		45,597		567,820
D Carnegie, Cl B *		3,963		48,098
Dometic Group (A)		13,847		103,181
Elekta, Cl B		17,533		183,005
Fabege		4,281		73,756
Hennes & Mauritz, Cl B		9,917		245,649
Hexpol		16,200		180,065
Holmen, Cl B		4,046		170,569
Hufvudstaden, Cl A		7,488		117,342
ICA Gruppen		2,088		71,287
Industrivarden, Cl A		2,480		61,739
Industrivarden, Cl C		3,779		87,890
International Petroleum *		3,622		13,169
Kindred Group		7,720		80,056
Kungsleden		12,978		72,676
L E Lundbergforetagen, Cl B		807		58,448
Lifco, Cl B		4,050		123,229
Lundin Petroleum *		10,867		207,468
Medivir, Cl B *		4,980		38,373
Mycronic		6,629		65,487
NetEnt		13,439		103,706
Nordea Bank		15,933		196,075
Pandox, Cl B		4,547		76,337
RaySearch Laboratories		1,629		40,829
Saab, Cl B		7,274		360,690
Scandic Hotels Group * (A)		12,931		145,628
Securitas, Cl B		8,623		142,527
Skanska, Cl B		6,356		152,060
SKF, Cl B		4,224		92,804
Svenska Cellulosa SCA, Cl B		11,785		390,381
Svenska Handelsbanken, Cl A		7,273		103,216
Swedbank, Cl A		33,058		783,408
Swedish Match		1,677		55,324
Telefonaktiebolaget LM Ericsson, Cl A		16,111		102,953
Telefonaktiebolaget LM Ericsson, Cl B		47,623		307,009
Telia		92,128		375,489
Thule Group (A)		3,098		53,759
Vitrolife		1,845		105,193
Volvo, Cl B		7,150		116,969


COMMON STOCK — continued
	Shares		Value

SWEDEN (continued)
Wihlborgs Fastigheter		2,520	$	49,107

				7,488,440

SWITZERLAND — 3.3%
Allreal Holding		1,039		178,771
Ascom Holding		5,181		97,892
Baloise Holding		1,092		160,124
Burckhardt Compression Holding		264		80,991
Cie Financiere Richemont		45,622		3,812,532
Coca-Cola HBC		27,602		765,769
Comet Holding		800		106,854
Credit Suisse Group		240,731		3,660,563
dormakaba Holding		343		293,877
Dufry *		2,379		389,726
EMS-Chemie Holding		499		312,690
Flughafen Zuerich		1,557		343,009
Geberit		1,034		470,964
Givaudan		225		433,493
Inficon Holding		191		100,299
Julius Baer Group		37,203		1,938,669
Kuehne + Nagel International		18,583		2,808,928
LafargeHolcim		43,270		2,452,692
Logitech International		6,527		218,113
Mobimo Holding		450		120,980
Nestle		21,266		1,638,230
Novartis		11,522		886,441
Partners Group Holding		319		192,843
Roche Holding		3,391		887,113
Schindler Holding		1,683		343,873
SGS		161		362,290
Sika		41		261,658
STMicroelectronics		50,418		815,018
Straumann Holding		636		335,578
Sunrise Communications Group (A)		863		64,139
Swatch Group		4,001		532,456
Swiss Life Holding		4,257		1,385,343
Swiss Prime Site		2,633		228,237
Swiss Re		3,643		317,069
Swisscom		928		404,776
Syngenta *		1,650		766,794
TE Connectivity		37,400		2,893,638
Temenos Group		13,044		1,129,388
UBS Group		3,977		67,949
Valora Holding		210		72,075


COMMON STOCK — continued
	Shares		Value

SWITZERLAND (continued)
VAT Group * (A)		1,369	$	175,838
Vontobel Holding		2,109		124,208
Wolseley		1,455		92,417
Ypsomed Holding		1,688		324,876
Zurich Insurance Group		1,478		409,087

				33,458,270

TAIWAN — 1.3%
Airmate Cayman International *		44,000		43,459
AU Optronics		87,000		36,333
AU Optronics ADR		54,841		221,558
Basso Industry		52,014		148,434
Cal-Comp Electronics Thailand		678,000		66,742
Catcher Technology		26,845		275,826
Cathay Financial Holding		404,169		648,364
Cheng Shin Rubber Industry		61,000		125,958
Chia Chang *		11,000		9,479
Chicony Electronics		19,285		50,879
China Airlines		191,000		59,191
China Steel		179,520		143,992
China Steel Chemical		24,000		95,058
Chunghwa Telecom		214,000		723,476
CTBC Financial Holding		117,915		73,670
CTCI		39,000		68,251
E Ink Holdings		336,000		343,005
E.Sun Financial Holding		89,100		53,895
Eclat Textile		5,114		56,020
Epistar		285,218		283,601
Eva Airways		43,050		21,189
Far Eastern New Century		102,939		86,661
Far EasTone Telecommunications		5,000		12,313
Feng TAY Enterprise		10,080		38,755
First Financial Holding		109,725		66,917
Formosa Petrochemical		70,000		244,772
Formosa Plastics		135,200		406,438
Fubon Financial Holding		182,000		285,327
Hon Hai Precision Industry		441,938		1,447,200
Hon Hai Precision Industry GDR		120,590		804,335
Hota Industrial Manufacturing		15,957		70,342
Hua Nan Financial Holdings		97,704		54,728
Huaku Development		30,000		68,808
Ju Teng International Holdings		34,000		12,959
King Slide Works		5,000		76,978
Largan Precision		1,596		265,286


COMMON STOCK — continued
	Shares		Value

TAIWAN (continued)
Lien Hwa Industrial		82,000	$	74,333
Makalot Industrial		6,209		26,136
Mega Financial Holding		75,683		60,830
Namchow Chemical Industrial		27,000		54,589
Novatek Microelectronics		26,000		99,964
OBI Pharma *		5,000		47,065
Pegatron		46,000		135,541
Pou Chen		146,000		204,451
Powertech Technology		73,000		229,131
Sheng Yu Steel		34,000		38,315
Silicon Motion Technology ADR		9,864		478,897
SinoPac Financial Holdings		236,250		72,196
St. Shine Optical		3,000		58,069
Taiwan Cement		65,000		75,619
Taiwan Cooperative Financial Holding		134,820		68,592
Taiwan Semiconductor Manufacturing		99,000		638,212
Taiwan Semiconductor Manufacturing ADR		82,849		2,739,816
Tatung *		257,000		94,125
Teco Electric and Machinery		82,000		81,264
TTY Biopharm		15,000		51,208
Uni-President Enterprises		191,059		352,722
Voltronic Power Technology		3,150		44,946
Yungtay Engineering		30,000		49,717
ZongTai Real Estate Development		11,000		7,365

				13,273,302

THAILAND — 0.7%
AAPICO Hitech NVDR		20,600		9,410
Advanced Info Service		46,600		235,762
Bangchak		480,000		444,059
Bangchak NVDR		62,300		57,635
Bangkok Bank		28,800		152,880
Bangkok Chain Hospital		175,300		66,390
Bangkok Dusit Medical Services, Cl F		182,000		106,811
Bangkok Expressway & Metro		468,225		97,462
Bangkok Land		1,300,600		70,313
Bank of Ayudhya		20,000		21,972
Berli Jucker		33,700		42,381
BTS Group Holdings		120,600		29,636
Cal-Comp Electronics Thailand		171,900		14,114
Central Plaza Hotel		44,700		44,907


COMMON STOCK — continued
	Shares		Value

THAILAND (continued)
CP ALL PLC		51,600	$	90,997
CS Loxinfo NVDR		49,300		8,552
Electricity Generating		17,800		113,212
Fabrinet *		4,300		149,081
G J Steel NVDR *		1,635,400		15,129
GFPT		315,600		166,970
Hana Microelectronics		55,700		68,438
Home Product Center		156,100		43,775
Inoue Rubber Thailand NVDR		25,900		18,569
IRPC NVDR		1,819,863		294,630
Kang Yong Electric NVDR		1,000		15,669
Kasikornbank		16,900		90,387
Kasikornbank NVDR		29,931		160,082
KCE Electronics		25,600		78,821
Krung Thai Bank		1,138,200		651,528
Krung Thai Bank NVDR		316,000		180,885
Major Cineplex Group		22,500		22,767
Muramoto Electron Thailand NVDR		2,100		14,206
Pruksa Holding		116,200		75,585
PTT		15,000		168,690
PTT NVDR		45,700		513,943
PTT Exploration & Production NVDR		69,100		194,275
Ratchaburi Electricity Generating Holding		43,900		63,458
Robinson Department Store		33,100		59,808
Samart		139,300		59,602
Sena Development		210,100		24,296
Siam Cement		9,000		138,942
Siam Cement NVDR		6,800		105,371
Siam City Cement		5,500		44,045
Siam Global House		160,335		75,555
Sino-Thai Engineering & Construction		41,400		29,084
Star Petroleum Refining NVDR		170,800		65,180
Supalai		82,200		58,460
Superblock *		639,000		27,895
SVI		428,500		68,753
Tata Steel Thailand NVDR *		959,600		26,910
Thai Beverage		123,800		81,963
Thai Oil		32,700		73,738
Thai Oil NVDR		12,100		27,285
Thai Rayon PLC *		15,000		20,490
Thai Stanley Electric NVDR		1,700		10,075
Thai Union Group, Cl F		147,200		90,643


COMMON STOCK — continued
	Shares		Value

THAILAND (continued)
Thai Vegetable Oil NVDR		8,600	$	9,075
Thaicom		98,000		51,564
Thanachart Capital		428,100		584,785
Thanachart Capital NVDR		213,700		291,914
Tipco Asphalt		80,100		176,572
TPI Polene		711,800		48,153
TTW PCL *		81,600		24,770
Vibhavadi Medical Center		729,600		60,326
WHA *		659,400		59,859

				6,988,494

TURKEY — 0.4%
Akbank		117,088		313,492
Anadolu Cam Sanayii		65,532		66,787
Arcelik		61,607		411,066
Aselsan Elektronik Sanayi Ve Ticaret		16,427		90,322
Aygaz		11,636		46,420
Besiktas Futbol Yatirimlari Sanayi ve Ticaret *		28,955		38,640
BIM Birlesik Magazalar		5,949		97,225
DO & CO		675		45,324
Emlak Konut Gayrimenkul Yatirim Ortakligi ‡		164,809		136,879
Enka Insaat ve Sanayi		90,816		139,601
Eregli Demir ve Celik Fabrikalari		132,993		243,749
Haci Omer Sabanci Holding		16,542		49,273
Is Gayrimenkul Yatirim Ortakligi ‡		82,649		32,343
Iskenderun Demir ve Celik		23,433		16,625
Migros Ticaret *		33,961		232,529
Petkim Petrokimya Holding		52,317		72,320
Selcuk Ecza Deposu Ticaret ve Sanayi A.S.		103,884		105,874
TAV Havalimanlari Holding		23,048		96,035
Torunlar Gayrimenkul Yatirim Ortakligi ‡		19,038		27,818
Tupras Turkiye Petrol Rafinerileri		7,482		188,527
Turk Hava Yollari AO *		103,618		176,784
Turkcell Iletisim Hizmetleri		57,553		201,082
Turkiye Garanti Bankasi		181,927		491,189
Turkiye Halk Bankasi		27,643		91,678
Turkiye Is Bankasi, Cl C		118,822		234,503
Turkiye Vakiflar Bankasi TAO, Cl D		166,789		285,029
Ulker Biskuvi Sanayi		6,658		37,827

				3,968,941


COMMON STOCK — continued
	Shares		Value

UNITED ARAB EMIRATES — 0.1%
DP World *		9,802	$	200,353
Emaar Properties PJSC		247,130		483,038

				683,391

UNITED KINGDOM — 4.9%
3i Group		17,332		178,128
Abcam		28,468		315,992
Admiral Group PLC		9,284		241,816
Aon PLC		2,595		310,985
Assura ‡		140,452		111,422
AstraZeneca		15,857		952,451
Auto Trader Group (A)		36,216		188,144
AVEVA Group		3,184		84,004
Aviva PLC		25,237		171,443
B&M European Value Retail		113,417		495,046
Babcock International Group		5,449		63,447
BAE Systems PLC		129,508		1,051,724
Balfour Beatty		116,300		439,544
Barclays		198,100		544,590
Barratt Developments PLC		398,445		2,990,608
Bellway PLC		6,154		226,845
Berendsen		3,176		34,513
Berkeley Group Holdings PLC		1,267		53,465
Big Yellow Group ‡		12,270		123,005
boohoo.com *		44,210		107,937
BP PLC		192,139		1,101,201
BT Group, Cl A		147,540		582,359
BTG *		16,819		148,240
Bunzl		15,439		481,519
Carnival		2,439		150,558
Centamin		58,701		134,496
Clinigen Group		39,919		452,403
Coca-Cola European Partners		2,100		81,102
Compass Group		37,692		760,596
Computacenter		6,175		65,543
Croda International		4,793		233,666
Daily Mail & General Trust, Cl A		5,957		55,205
DCC		2,000		184,696
Dechra Pharmaceuticals		11,136		243,755
Delphi Automotive PLC		22,229		1,787,212
Diageo		114,281		3,325,203
Dignity		1,456		47,013
Direct Line Insurance Group		26,400		119,403
Domino’s Pizza Group		327,194		1,400,601


COMMON STOCK — continued
	Shares		Value

UNITED KINGDOM (continued)
easyJet		131,172	$	1,984,366
Electrocomponents		31,086		208,963
Elementis		44,568		175,598
Fevertree Drinks		21,678		457,100
Fidessa Group		2,409		73,854
Firstgroup *		32,913		58,189
Fresnillo		6,275		118,010
GKN		94,393		438,784
GlaxoSmithKline PLC		77,802		1,561,925
Grainger		35,864		116,081
Great Portland Estates PLC ‡		12,275		110,018
Greene King		6,253		60,823
Halma		14,771		201,454
Hammerson ‡		32,151		244,647
Hansteen Holdings ‡		70,423		112,921
Hargreaves Lansdown		93,649		1,671,437
Hikma Pharmaceuticals		2,566		64,376
Howden Joinery Group		8,109		48,628
HSBC Holdings		83,882		691,520
Imperial Brands		17,454		854,977
Indivior		16,899		73,324
Informa		12,273		102,052
Inmarsat		7,367		78,004
Intertek Group		7,299		384,387
ITV		36,898		100,360
JD Sports Fashion		107,320		618,555
John Wood Group		18,988		186,786
Just Eat *		18,210		136,089
Kingfisher		25,314		111,901
Land Securities Group ‡		24,512		351,133
Legal & General Group		31,848		101,515
Lloyds Banking Group		4,693,854		4,207,008
London Stock Exchange Group		2,199		96,353
LondonMetric Property ‡		55,645		121,368
Marshalls		16,070		80,030
Merlin Entertainments (A)		9,844		64,451
Micro Focus International		8,282		277,611
Moneysupermarket.com Group		21,097		94,517
National Grid PLC		90,960		1,178,116
Next		1,631		90,942
Oxford Instruments		4,810		61,676
Paddy Power Betfair		490		54,580
Pearson		9,072		75,083


COMMON STOCK — continued
	Shares		Value

UNITED KINGDOM (continued)
Pennon Group		21,197	$	235,284
Phoenix Group Holdings		5,485		52,500
PhosAgro PJSC GDR		3,200		47,200
Playtech		11,731		145,711
Polymetal International		4,681		61,538
Provident Financial		1,057		43,864
Randgold Resources		3,573		314,919
Reckitt Benckiser Group PLC		10,985		1,011,739
RELX		8,329		168,936
Renishaw		1,877		83,022
Rentokil Initial		131,075		422,724
Rio Tinto		19,358		767,721
Royal Mail		10,739		55,985
RPC Group		12,466		130,944
RSA Insurance Group		10,202		78,753
Sage Group		48,686		422,490
Sanne Group		19,301		162,867
Savills		11,581		139,348
Scapa Group		67,425		345,168
SDL		7,627		59,370
Segro ‡		35,900		225,840
Severn Trent		11,625		350,069
Shaftesbury PLC ‡		10,627		128,282
Shire PLC		7,486		439,902
Sky		14,520		186,559
Sophos Group (A)		83,943		367,811
Spirax-Sarco Engineering		6,649		447,814
Spirent Communications		26,600		40,395
SSP Group		63,486		365,829
St. James’s Place		4,859		72,248
Standard Life		18,728		88,270
Synthomer		23,292		149,180
Tate & Lyle		12,672		124,163
Tritax Big Box ‡		72,485		131,436
UBM		6,771		62,310
Ultra Electronics Holdings		2,889		78,279
Unilever		10,549		542,698
UNITE Group ‡		15,858		132,889
United Utilities Group PLC		29,852		376,398
Vesuvius		74,161		509,083
Victrex PLC		6,120		151,874
Vodafone Group		514,326		1,325,984
VTB Bank PJSC GDR		79,310		183,286


COMMON STOCK — continued
	Shares		Value

UNITED KINGDOM (continued)
WH Smith		8,647	$	198,122
Whitbread PLC		1,865		97,468
William Hill		11,508		43,747
Worldpay Group (A)		102,512		398,321
WPP		25,212		539,781

				50,447,513

UNITED STATES — 44.3%
Consumer Discretionary — 5.7%
Abercrombie & Fitch, Cl A		7,100		85,129
Advance Auto Parts		3,967		563,869
Amazon.com *		5,752		5,320,542
Amcon Distributing		702		63,531
American Axle & Manufacturing Holdings *		19,700		346,523
American Outdoor Brands *		8,000		177,200
Aramark		17,270		630,700
Ark Restaurants		500		12,675
Asbury Automotive Group *		2,000		122,400
AutoZone *		926		640,968
Beazer Homes USA *		14,500		179,945
Big 5 Sporting Goods		8,000		123,200
BorgWarner		9,500		401,660
Boyd Gaming *		1,600		36,288
Canada Goose Holdings *		12,369		208,170
Capella Education		4,100		390,730
Carnival		10,164		627,830
Carriage Services, Cl A		27,029		739,243
Carrols Restaurant Group *		31,063		434,882
Century Casinos *		5,200		42,796
Century Communities *		20,158		550,313
Charter Communications, Cl A *		988		341,018
Columbia Sportswear		2,684		151,968
Comcast, Cl A		26,538		1,040,024
Cooper Tire & Rubber		17,500		670,250
Cooper-Standard Holdings *		2,800		316,596
CSS Industries		5,300		139,708
Del Frisco’s Restaurant Group *		15,500		266,600
DeVry Education Group		24,700		934,895
Dick’s Sporting Goods		3,021		152,712
Dollar General		7,800		567,138
Dollar Tree *		5,389		446,048
DR Horton		21,000		690,690
Eldorado Resorts *		23,486		449,170


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Consumer Discretionary (continued)
Entercom Communications, Cl A		16,818	$	212,748
Entravision Communications, Cl A		33,461		207,458
Finish Line, Cl A		19,100		301,971
Flexsteel Industries		400		21,248
Ford Motor		18,600		213,342
Francesca’s Holdings *		15,900		250,902
Gannett		15,600		130,416
General Motors		46,900		1,624,616
Gentex		37,000		764,050
Genuine Parts		5,695		524,054
Goodyear Tire & Rubber		22,600		818,798
Gray Television *		15,000		219,750
Hasbro		9,405		932,130
Haverty Furniture		9,400		231,710
Home Depot		15,550		2,427,355
Hooker Furniture		3,000		130,350
Houghton Mifflin Harcourt *		22,405		257,658
Interpublic Group of Companies		12,000		282,840
J Alexander’s Holdings *		892		9,812
JC Penney *		28,948		155,740
Johnson Outdoors, Cl A		2,500		90,800
K12 *		3,700		69,745
KB Home		4,200		86,520
Kohl’s		13,600		530,808
Lear		3,400		485,044
LGI Homes *		8,002		254,704
Liberty Global LiLAC *		1,033		22,178
Liberty Tax		8,400		118,020
Lions Gate Entertainment, Cl A		21,750		569,197
Lions Gate Entertainment, Cl B *		23,100		550,935
LKQ *		19,800		618,552
Lowe’s		1,858		157,707
M/I Homes *		7,700		209,132
MakeMyTrip *		4,778		183,475
Malibu Boats, Cl A *		7,800		179,712
Marcus		1,800		60,840
MarineMax *		10,000		203,500
Mattel		39,000		874,380
McDonald’s		9,574		1,339,690
Meredith		4,783		280,045
Modine Manufacturing *		36,354		439,883
Mohawk Industries *		3,370		791,242


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Consumer Discretionary (continued)
Monarch Casino & Resort *		3,000	$	88,410
Monro Muffler Brake		2,014		104,426
Motorcar Parts of America *		10,297		312,205
MSG Networks *		1,500		37,425
Murphy USA *		1,652		114,930
National CineMedia		12,855		152,589
Nautilus *		20,016		364,291
Netflix *		5,564		846,841
New Media Investment Group		9,000		118,440
New York Times, Cl A		70,000		1,011,500
Nexstar Media Group, Cl A		4,678		322,782
NIKE, Cl B		5,524		306,085
Nutrisystem		800		42,760
Office Depot		256,389		1,274,253
O’Reilly Automotive *		713		176,931
Pier 1 Imports		26,500		178,610
Potbelly *		9,500		132,525
Priceline Group *		1,097		2,025,962
PVH		6,335		640,025
RCI Hospitality Holdings		10,300		171,392
Reading International, Cl A *		12,464		196,059
Red Lion Hotels *		22,859		148,583
Red Robin Gourmet Burgers *		2,865		168,319
Rocky Brands		12,300		174,660
Ross Stores		3,920		254,800
Ruth’s Hospitality Group		11,200		222,880
Scholastic		11,000		475,530
Scientific Games, Cl A *		1,300		30,875
Select Comfort *		12,896		398,486
Shiloh Industries *		9,300		114,390
Shoe Carnival		5,900		149,683
Sinclair Broadcast Group, Cl A		11,489		453,241
Sonic Automotive, Cl A		12,500		245,000
Standard Motor Products		2,400		121,992
Starbucks		6,600		396,396
Stoneridge *		35,900		703,999
Taylor Morrison Home, Cl A *		13,200		304,920
TEGNA		45,000		1,146,600
Tenneco		3,000		189,090
Time		68,100		1,035,120
Time Warner		2,933		291,159
TJX		12,010		944,466


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Consumer Discretionary (continued)
TopBuild *		7,999	$	409,469
Tower International		21,639		586,417
Townsquare Media, Cl A *		8,200		99,220
Vera Bradley *		6,400		58,560
Viacom, Cl B		12,900		549,024
Vitamin Shoppe *		5,000		96,500
VOXX International, Cl A *		12,500		81,250
Walt Disney		6,023		696,259
Whirlpool		3,400		631,312
William Lyon Homes, Cl A *		7,500		165,000
Wynn Resorts		18,022		2,216,886
Yum China Holdings *		5,857		199,841
Yum! Brands		5,857		385,098
ZAGG *		18,100		128,510

				58,590,444

Consumer Staples — 2.5%
Altria Group		14,296		1,026,167
Archer-Daniels-Midland		15,300		699,975
Bunge		4,800		379,344
Campbell Soup		4,000		230,160
Casey’s General Stores		1,610		180,433
Central Garden & Pet, Cl A *		4,874		171,711
Church & Dwight		13,796		683,316
Clorox		2,000		267,380
Coca-Cola		28,923		1,248,028
Conagra Brands		10,055		389,933
Constellation Brands, Cl A		5,274		909,976
Costco Wholesale		4,462		792,094
CVS Health		9,900		816,156
Dean Foods		38,100		752,094
Fresh Del Monte Produce		2,600		159,380
General Mills		2,600		149,526
Hormel Foods		17,888		627,511
Ingles Markets, Cl A		5,600		261,520
J&J Snack Foods		1,300		174,954
John B Sanfilippo & Son		7,144		525,084
Kimberly-Clark		3,465		449,584
Kraft Heinz		20,915		1,890,507
Mannatech		4,500		70,425
McCormick		5,833		582,716
Medifast		8,100		375,192
Mondelez International, Cl A		44,741		2,014,687


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Consumer Staples (continued)
National Beverage		200	$	17,718
Nature’s Sunshine Products		1,500		15,150
Omega Protein		21,000		423,150
Orchids Paper Products		6,745		164,241
PepsiCo		10,268		1,163,159
Philip Morris International		6,900		764,796
Primo Water *		20,254		242,440
Procter & Gamble		19,710		1,721,274
Reynolds American		8,096		522,192
Sanderson Farms		600		69,468
Seneca Foods, Cl A *		6,000		223,200
Snyder’s-Lance		6,284		221,574
SpartanNash		8,100		298,080
Sysco		16,300		861,781
TreeHouse Foods *		15,358		1,345,361
Turning Point Brands *		1,500		23,715
USANA Health Sciences *		4,777		271,572
Village Super Market, Cl A		3,400		89,726
Wal-Mart Stores		10,522		791,044

				25,057,494

Energy — 2.2%
Antero Resources *		51,243		1,085,839
Apache		45,095		2,193,421
Atwood Oceanics *		4,200		32,886
Baker Hughes		10,780		640,008
Basic Energy Services *		4,852		131,829
Bill Barrett *		17,776		68,260
Callon Petroleum *		21,769		257,745
Carrizo Oil & Gas *		6,417		161,388
Chevron		22,824		2,435,321
Concho Resources *		1,473		186,570
Continental Resources *		12,945		548,997
Energen *		11,450		595,285
EOG Resources		7,700		712,250
Era Group *		5,410		68,761
Evolution Petroleum		31,483		251,864
ExxonMobil		41,543		3,391,986
Golar LNG		3,400		86,734
Green Plains		9,600		220,800
Hallador Energy		19,368		129,572
Independence Contract Drilling *		33,719		155,444
Matrix Service *		5,300		62,275


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Energy (continued)
McDermott International *		98,000	$	640,920
National Oilwell Varco		4,763		166,562
Nordic American Tankers		4,100		34,030
Occidental Petroleum		13,280		817,251
Patterson-UTI Energy		20,015		433,225
PDC Energy *		5,188		286,533
PHI *		4,100		48,093
Pioneer Natural Resources		14,117		2,442,100
Resolute Energy *		3,737		139,951
Ring Energy *		65,610		787,320
Schlumberger		13,276		963,705
Superior Energy Services *		17,970		217,078
TechnipFMC *		15,000		451,950
Transocean *		31,300		345,239
Valero Energy		24,437		1,578,875

				22,770,067

Financials — 6.7%
1st Constitution Bancorp		5,100		91,290
AGNC Investment ‡		9,799		206,465
Alleghany *		400		244,280
Allegiance Bancshares *		7,057		275,576
Allstate		3,900		317,031
Ambac Financial Group *		15,100		293,393
American Equity Investment Life Holding		1,800		42,696
American Express		5,600		443,800
American International Group		39,480		2,404,727
American National Bankshares		4,100		157,440
Ameriprise Financial		6,400		818,240
Annaly Capital Management ‡		14,548		171,812
Apollo Commercial Real Estate Finance ‡		13,960		269,288
Aspen Insurance Holdings		700		36,645
Atlantic Capital Bancshares *		12,554		246,058
Axis Capital Holdings		4,200		276,780
Banc of California		12,100		262,570
Bank of America		125,200		2,922,168
Bank of Commerce Holdings		24,000		270,000
Banner		9,188		507,178
Bar Harbor Bankshares		7,500		230,925
BB&T		8,700		375,666
Berkshire Hathaway, Cl B *		7,153		1,181,747


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Financials (continued)
Berkshire Hills Bancorp		7,700	$	288,750
Blue Capital Reinsurance Holdings		6,800		128,520
Boston Private Financial Holdings		9,455		147,498
Bryn Mawr Bank		8,781		376,705
C&F Financial		2,400		120,000
Camden National		5,700		243,675
Capital Bank Financial, Cl A		805		33,407
Capital One Financial		19,685		1,582,280
CenterState Banks		20,509		517,442
Central Pacific Financial		10,300		322,184
Charles Schwab		41,570		1,614,995
Chimera Investment ‡		14,800		301,328
Chubb		3,023		414,907
Cincinnati Financial		6,400		461,376
Citigroup		101,065		5,974,963
Civista Bancshares		10,600		230,338
CME Group, Cl A		2,900		336,951
CNB Financial		9,800		234,122
CNO Financial Group		29,648		624,683
Consumer Portfolio Services *		11,800		57,466
Cowen Group, Cl A *		10,177		161,814
Crawford, Cl B		9,300		101,463
Customers Bancorp *		2,900		89,697
CYS Investments ‡		21,100		179,983
Dime Community Bancshares		6,400		124,480
Discover Financial Services		4,910		307,317
Donegal Group, Cl A		6,600		109,956
Dynex Capital ‡		21,100		146,012
EMC Insurance Group		4,500		129,060
Entegra Financial *		500		11,825
Enterprise Financial Services		3,591		151,720
Equity Residential ‡		10,400		671,632
ESSA Bancorp		4,500		68,085
Essent Group *		7,900		292,379
Everest Re Group		1,089		274,112
Farmers National Banc		9,500		135,850
FCB Financial Holdings, Cl A *		1,200		56,700
Federal Agricultural Mortgage, Cl C		10,100		576,205
Fidelity & Guaranty Life		5,622		159,946
Fidelity Southern		10,300		231,956
Fifth Third Bancorp		17,400		425,082
Financial Institutions		7,800		261,300


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Financials (continued)
First American Financial		7,672	$	333,042
First Bancorp		4,900		132,153
First Busey		4,700		140,765
First Business Financial Services		6,600		175,362
First Commonwealth Financial		21,900		282,729
First Community Bancshares		10,600		280,476
First Defiance Financial		7,600		407,664
First Financial		4,800		234,240
First Hawaiian		20,360		606,117
First Interstate BancSystem, Cl A		3,822		144,280
First Republic Bank		15,940		1,473,812
Flushing Financial		5,800		170,984
FNB		34,773		495,168
FNF Group		7,300		298,935
FNFV Group *		17,509		239,873
Franklin Financial Network *		20,916		848,144
FS Bancorp		2,600		114,062
GAIN Capital Holdings		12,900		91,461
Gladstone Investment		32,600		315,568
Goldman Sachs Group		1,300		290,940
Green Bancorp *		18,259		328,662
Guaranty Bancorp		7,235		181,960
Hanmi Financial		11,000		319,550
Hartford Financial Services Group		5,900		285,324
HCI Group		8,200		391,058
Heartland Financial USA		14,902		715,296
Heritage Commerce		40,706		581,282
Heritage Financial		11,878		313,579
Heritage Insurance Holdings		13,400		162,140
Horizon Bancorp		6,900		186,231
Horizon Technology Finance, Cl C		13,700		156,043
IBERIABANK		6,408		508,475
Independence Holding		5,900		111,805
Independent Bank		19,300		430,390
Intercontinental Exchange		6,500		391,300
JPMorgan Chase		14,540		1,264,980
KCG Holdings, Cl A *		18,800		374,120
KeyCorp		45,955		838,219
Lakeland Bancorp		7,035		136,831
LendingTree *		1,281		180,493
Lincoln National		12,800		843,904
M&T Bank		1,000		155,410


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Financials (continued)
Manning & Napier, Cl A		9,300	$	53,940
Marsh & McLennan		4,600		340,998
Medallion Financial		15,700		32,028
Mercantile Bank		4,000		134,520
Merchants Bancshares		1,400		69,720
MidSouth Bancorp		9,900		150,975
MidWestOne Financial Group		5,497		190,746
Mortgage Investment Trust ‡		11,000		208,450
Nasdaq		11,490		791,316
National Commerce *		4,223		163,430
National Western Life Group, Cl A		800		244,992
New Mountain Finance		14,800		220,520
New Residential Investment ‡		16,900		281,723
New York Community Bancorp		16,100		213,969
New York Mortgage Trust ‡		31,200		199,992
Newtek Business Services		7,280		120,193
Northeast Bancorp		10,900		182,575
Northern Trust		17,095		1,538,550
Northrim BanCorp		5,400		172,800
Old Line Bancshares		3,800		105,488
OneMain Holdings, Cl A *		5,814		135,583
Owens Realty Mortgage ‡		5,998		108,924
Pacific Premier Bancorp *		14,954		546,569
Park Sterling		30,099		370,218
Parke Bancorp		3,000		71,400
PennantPark Investment		29,300		234,693
Peoples Bancorp		13,100		438,588
PNC Financial Services Group		4,000		479,000
Preferred Bank		12,816		679,120
Primerica		6,615		554,337
Provident Financial Holdings		3,400		65,382
Radian Group		19,705		332,620
Raymond James Financial		8,000		596,160
Regional Management *		14,800		293,484
Republic Bancorp, Cl A		2,600		93,548
S&T Bancorp		3,400		122,264
Selective Insurance Group		6,733		355,502
Sierra Bancorp		9,500		238,165
Signature Bank *		1,402		194,107
Southern National Bancorp of Virginia		7,600		138,396
State Bank Financial		13,809		370,910
State National		9,900		145,233


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Financials (continued)
Stifel Financial *		3,025	$	147,832
SunTrust Banks		5,700		323,817
SVB Financial Group *		6,833		1,202,198
Synovus Financial		10,415		435,347
Torchmark		4,100		314,511
Travelers		2,600		316,316
TriCo Bancshares		16,201		574,487
Triumph Bancorp *		9,609		215,242
United Community Banks		20,767		567,977
United Financial Bancorp		8,500		146,795
United Insurance Holdings		7,600		115,976
Universal Insurance Holdings		10,700		278,735
US Bancorp		10,115		518,697
Veritex Holdings *		9,780		263,473
Wells Fargo		18,171		978,327
West Bancorporation		5,500		128,150
Willis Towers Watson		13,160		1,745,279
Wintrust Financial		5,928		420,058
WR Berkley		3,400		231,132
Zions Bancorporation		17,875		715,536

				68,277,779

Health Care — 6.3%
AbbVie		4,300		283,542
Abeona Therapeutics *		11,692		66,060
Aceto		13,176		208,840
Achillion Pharmaceuticals *		43,900		149,699
Adamas Pharmaceuticals *		5,935		97,215
Advaxis *		11,707		100,212
Adverum Biotechnologies *		23,600		67,260
Aetna		2,800		378,196
Agenus *		20,521		73,670
Akebia Therapeutics *		4,300		56,674
Albany Molecular Research *		23,577		377,468
Allergan		10,798		2,633,200
Almost Family *		3,500		173,775
AMAG Pharmaceuticals *		18,600		453,840
Amgen		13,965		2,280,764
AngioDynamics *		2,100		32,592
ANI Pharmaceuticals *		8,728		472,359
Antares Pharma *		54,916		171,338
Applied Genetic Technologies *		20,100		112,560
athenahealth *		9,171		898,850


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Health Care (continued)
AtriCure *		13,695	$	280,747
AxoGen *		22,631		276,098
Becton Dickinson		4,783		894,277
Bellicum Pharmaceuticals *		5,274		70,513
BioCryst Pharmaceuticals *		9,261		58,715
BioSpecifics Technologies *		6,755		383,211
BioTelemetry *		20,279		667,179
Boston Scientific *		20,800		548,704
Bristol-Myers Squibb		19,939		1,117,581
Cara Therapeutics *		9,614		152,767
Cardiovascular Systems *		7,000		209,090
Celgene *		25,256		3,133,007
Celldex Therapeutics *		20,500		68,265
Cempra *		16,800		72,240
Centene *		3,600		267,840
Chimerix *		27,400		163,852
Clovis Oncology *		2,100		121,569
Coherus Biosciences *		3,000		57,600
Concert Pharmaceuticals *		17,898		284,041
Corbus Pharmaceuticals Holdings *		7,746		55,771
Cotiviti Holdings *		4,000		167,160
CR Bard		7,147		2,197,559
Cross Country Healthcare *		23,251		324,816
CryoLife		14,226		258,202
Curis *		25,505		61,722
Cutera *		12,952		253,212
Cytokinetics *		7,568		124,115
CytomX Therapeutics *		8,400		131,964
Danaher		4,500		374,985
DENTSPLY SIRONA		11,915		753,505
Eagle Pharmaceuticals *		2,769		250,844
Edwards Lifesciences *		1,986		217,805
Eli Lilly		12,363		1,014,508
Emergent BioSolutions *		6,200		185,442
Envision Healthcare *		3,058		171,340
Enzo Biochem *		20,049		176,431
Exactech *		8,200		243,130
Exelixis *		4,600		103,040
Express Scripts Holding *		12,870		789,446
FibroGen *		3,300		92,400
Flexion Therapeutics *		9,540		194,711
FONAR *		17,998		344,662


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Health Care (continued)
GenMark Diagnostics *		20,308	$	260,349
Glaukos *		4,200		199,626
Global Blood Therapeutics *		2,000		57,900
Hanger *		3,900		51,051
HCA Holdings *		9,800		825,258
Henry Schein *		3,280		570,064
Heska *		5,770		624,602
Illumina *		9,472		1,750,994
Immunomedics *		16,208		92,872
Infinity Pharmaceuticals *		21,900		47,085
Inogen *		2,791		231,346
Inovio Pharmaceuticals *		13,487		84,833
Integer Holdings *		8,400		308,700
Intersect ENT *		9,681		183,939
Intra-Cellular Therapies, Cl A *		12,000		165,840
Intuitive Surgical *		1,838		1,536,329
Invitae *		13,811		152,335
Ironwood Pharmaceuticals, Cl A *		3,600		58,752
Jazz Pharmaceuticals *		3,300		525,624
Johnson & Johnson		23,700		2,926,239
La Jolla Pharmaceutical *		7,644		221,676
Laboratory Corp of America Holdings *		4,800		672,720
Lannett *		17,800		462,800
Lantheus Holdings *		35,600		462,800
LeMaitre Vascular		21,165		629,659
Lion Biotechnologies *		14,177		97,113
LivaNova *		752		39,630
Masimo *		4,700		482,878
Medicines *		2,100		103,572
Medpace Holdings *		2,500		79,275
Medtronic		7,100		589,939
Merck		40,427		2,519,815
Molina Healthcare *		7,500		373,425
Momenta Pharmaceuticals *		12,200		175,070
MyoKardia *		1,800		23,490
NanoString Technologies *		6,900		120,612
Natus Medical *		3,800		133,000
Nektar Therapeutics, Cl A *		13,300		252,301
NeoGenomics *		52,949		399,765
Nevro *		900		84,798
Novadaq Technologies *		4,100		28,536
Nuvectra *		10,500		85,890


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Health Care (continued)
Obalon Therapeutics *		17,874	$	189,822
Ophthotech *		38,100		113,157
Paratek Pharmaceuticals *		4,624		99,185
PAREXEL International *		2,090		133,405
Patterson		21,000		934,290
PDL BioPharma		13,700		30,825
Pfenex *		30,791		148,105
Pfizer		62,547		2,121,594
PharMerica *		12,065		284,734
PRA Health Sciences *		16,000		1,023,360
Progenics Pharmaceuticals *		79,553		630,060
Quest Diagnostics		6,300		664,713
RadNet *		24,741		149,683
Regeneron Pharmaceuticals *		4,089		1,588,536
Repligen *		11,668		429,266
Revance Therapeutics *		4,140		90,045
Sangamo Therapeutics *		4,500		21,600
SciClone Pharmaceuticals *		8,040		77,586
Select Medical Holdings *		16,100		221,375
Spectrum Pharmaceuticals *		14,400		109,584
STERIS		9,320		687,816
Sucampo Pharmaceuticals, Cl A *		12,700		128,905
Supernus Pharmaceuticals *		7,402		241,305
Surmodics *		10,015		228,843
Syndax Pharmaceuticals *		2,500		23,725
Synergy Pharmaceuticals *		29,320		120,798
Tactile Systems Technology *		9,477		178,641
Teligent *		41,850		330,197
Thermo Fisher Scientific		1,800		297,594
UnitedHealth Group		20,233		3,538,347
Universal Health Services, Cl B		5,810		701,615
Vanda Pharmaceuticals *		18,660		284,565
Varex Imaging *		5,160		173,170
Varian Medical Systems *		12,400		1,125,176
Veracyte *		8,800		74,536
Vocera Communications *		17,679		448,339
Waters *		2,572		436,957
WellCare Health Plans *		2,400		368,184
Xencor *		3,300		84,711
Zoetis, Cl A		9,315		522,665

				64,151,696


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Industrials — 5.0%
3M		3,966	$	776,662
ABM Industries		4,217		182,132
ACCO Brands *		24,400		347,700
Aegion, Cl A *		3,800		86,716
AGCO		10,200		652,698
Air Transport Services Group *		15,000		275,850
Alaska Air Group		3,006		255,780
Allegiant Travel, Cl A		630		91,602
Allegion		8,485		667,260
American Woodmark *		600		55,140
AMETEK		13,890		794,508
ARC Document Solutions *		26,000		95,680
ArcBest		6,766		178,961
Arconic		30,000		819,900
Argan		10,088		674,383
Astec Industries		5,088		322,325
Atkore International Group *		12,700		333,502
Barrett Business Services		3,000		172,980
BMC Stock Holdings *		900		20,970
Boeing		4,500		831,735
Builders FirstSource *		19,600		313,796
Caesarstone *		6,400		254,080
CAI International *		5,100		105,162
CBIZ *		27,595		434,621
Cemtrex		3,800		12,122
CH Robinson Worldwide		3,709		269,644
Chicago Bridge & Iron		17,000		511,360
Cintas		2,000		244,940
Columbus McKinnon		5,800		151,554
Continental Building Products *		7,400		180,190
Covenant Transportation Group, Cl A *		14,521		271,978
CRA International		4,000		151,760
Cummins		3,500		528,290
Curtiss-Wright		1,000		93,460
Deere		3,410		380,590
Deluxe		5,995		431,100
DMC Global		22,309		341,328
Donaldson		8,500		393,380
Dover		10,055		793,138
Ducommun *		14,862		436,794
Dun & Bradstreet		6,610		724,522
Eastern		6,900		190,785


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Industrials (continued)
EMCOR Group		3,797	$	249,615
EnerSys		2,400		199,464
Equifax		1,700		230,027
Esterline Technologies *		3,647		333,518
Expeditors International of Washington		7,600		426,284
FedEx		3,914		742,486
Fortive		2,250		142,335
Gencor Industries *		16,910		280,706
General Cable		8,804		158,472
General Dynamics		2,400		465,096
General Electric		99,300		2,878,707
Gibraltar Industries *		9,430		370,128
Global Brass & Copper Holdings		7,300		260,245
Goldfield *		24,000		130,800
GP Strategies *		10,201		276,447
Greenbrier		2,000		86,900
Hawaiian Holdings *		14,100		765,630
HD Supply Holdings *		23,700		955,110
Honeywell International		5,227		685,469
Hubbell, Cl B		4,960		561,125
Hudson Technologies *		32,906		233,633
Huntington Ingalls Industries		1,000		200,890
Hurco		1,867		54,143
IES Holdings *		16,099		321,980
IHS Markit *		19,900		863,660
Insperity		1,000		91,350
Interface, Cl A		1,400		27,860
Johnson Controls International		15,027		624,672
Kadant		5,057		314,293
Kelly Services, Cl A		7,900		176,328
Kennametal		2,100		87,318
L3 Technologies		1,991		341,994
Layne Christensen *		26,997		215,166
Leidos Holdings		1,675		88,206
Lockheed Martin		1,900		511,955
LSI Industries		29,120		264,118
Meritor *		9,900		176,319
Moog, Cl A *		400		27,460
Mueller Industries		3,401		108,968
MYR Group *		13,462		568,904
Neff, Cl A *		3,000		52,800


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Industrials (continued)
Nielsen Holdings		14,510	$	596,797
NN		21,774		600,962
Northrop Grumman		1,600		393,536
Northwest Pipe *		13,199		184,918
NV5 Global *		11,974		463,394
On Assignment *		3,399		175,966
PAM Transportation Services *		5,100		95,727
Park-Ohio Holdings		7,500		295,125
Patrick Industries *		6,693		475,538
Ply Gem Holdings *		7,540		145,145
Quad		13,300		349,258
Raytheon		2,622		406,961
RBC Bearings *		2,094		210,028
Roadrunner Transportation Systems *		10,500		70,560
Roper Technologies		4,838		1,058,070
Rush Enterprises, Cl A *		9,400		354,850
Saia *		6,500		312,975
SkyWest		14,114		525,041
Sparton *		5,500		122,485
SPX FLOW *		10,500		379,470
Stanley Black & Decker		1,900		258,685
Stericycle *		18,317		1,563,173
Tennant		1,996		146,207
Tetra Tech		7,390		324,791
Timken		8,155		393,479
Triton International		2,007		61,434
Triumph Group		14,700		385,140
TrueBlue *		12,500		341,875
Union Pacific		5,784		647,577
United Continental Holdings *		10,500		737,205
United Parcel Service, Cl B		9,078		975,522
United Technologies		13,264		1,578,283
Univar *		46,200		1,379,070
Universal Forest Products		1,000		95,290
Universal Logistics Holdings		10,300		143,685
Vectrus *		11,027		280,527
Verisk Analytics, Cl A *		7,700		637,637
Veritiv *		1,300		67,145
Wabash National		25,000		569,500
WABCO Holdings *		3,870		460,027
Waste Management		7,000		509,460


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Industrials (continued)
Watsco		1,068	$	148,238
Werner Enterprises		22,000		600,600
Willdan Group *		1,100		31,207
WW Grainger		824		158,785
Xylem		14,190		729,508
YRC Worldwide *		10,200		108,732

				50,951,247

Information Technology — 9.6%
Activision Blizzard		42,507		2,220,991
Adobe Systems *		15,436		2,064,411
Advanced Energy Industries *		16,800		1,239,840
Akamai Technologies *		14,500		883,630
Alphabet, Cl A *		12,377		11,442,784
Amber Road *		32,569		266,740
American Software, Cl A		1,800		19,746
Amphenol, Cl A		9,830		710,807
Apple		31,743		4,559,882
Applied Materials		61,600		2,501,576
Applied Optoelectronics *		1,900		93,841
Aspen Technology *		2,904		178,567
Atlassian, Cl A *		3,900		134,472
Autobytel *		29,532		387,164
Automatic Data Processing		8,130		849,504
AXT *		43,986		296,905
Bankrate *		32,800		347,680
Barracuda Networks *		14,600		296,818
Bel Fuse, Cl B		7,700		186,340
Black Box		7,300		72,270
Blackhawk Network Holdings, Cl A *		1,500		60,675
Blucora *		45,600		841,320
Broadcom, Cl A		6,000		1,324,860
Brooks Automation		7,121		179,876
Cabot Microelectronics		4,000		313,400
CACI International, Cl A *		1,893		223,374
Cardtronics *		500		20,790
Care.com *		1,100		13,035
Cass Information Systems		2,113		140,451
CEVA *		9,711		349,596
Cirrus Logic *		5,000		321,750
Cisco Systems		46,247		1,575,635
ClearOne		10,900		111,180
Cohu		4,800		89,904


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Information Technology (continued)
Corning		30,300	$	874,155
Cree *		33,500		732,980
CSRA		13,005		378,185
CyberOptics *		7,782		168,480
Cypress Semiconductor		27,786		389,282
Dell Technologies, Cl V *		854		57,312
DHI Group *		28,400		109,340
Diodes *		6,800		159,052
eBay *		5,326		177,942
EchoStar, Cl A *		44,854		2,581,796
Electronic Arts *		1,900		180,158
EMCORE		25,351		228,159
Endurance International Group Holdings *		21,400		162,640
EPAM Systems *		2,936		226,072
ePlus *		10,300		733,875
Everi Holdings *		23,900		151,765
Evolving Systems		16,100		80,500
Exa *		12,445		171,243
Extreme Networks *		35,100		274,307
Facebook, Cl A *		37,411		5,621,003
Fidelity National Information Services		3,100		260,989
Fiserv *		2,600		309,764
Five9 *		27,487		501,500
FLIR Systems		4,300		157,939
FormFactor *		23,251		258,086
GTT Communications *		12,608		346,720
Hackett Group		36,731		728,376
Harris		4,335		485,043
HP		28,400		534,488
IAC *		4,525		375,620
Ichor Holdings *		23,412		454,193
Impinj *		7,938		297,516
Intel		49,821		1,801,029
InterDigital		400		35,960
International Business Machines		2,500		400,725
Itron *		9,000		583,650
Jabil Circuit		32,500		943,150
Juniper Networks		45,800		1,377,206
Key Tronic *		9,600		75,552
KLA-Tencor		4,200		412,524


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Information Technology (continued)
Kulicke & Soffa Industries *		10,300	$	229,896
LogMeIn		4,300		485,900
Luxoft Holding, Cl A *		700		43,155
Mastercard, Cl A		42,304		4,920,801
Mesa Laboratories		1,713		239,512
Methode Electronics		7,300		325,215
Microchip Technology		10,820		817,776
Micron Technology *		11,046		305,643
Microsoft		22,889		1,566,981
MicroStrategy, Cl A *		200		38,034
MKS Instruments		10,528		823,816
Model N *		16,700		178,690
Motorola Solutions		9,428		810,525
Nanometrics *		900		28,399
NCI, Cl A *		10,753		159,682
NCR *		31,721		1,308,491
NETGEAR *		1,900		89,585
Network-1 Technologies, Cl 1		69,300		332,640
Nuance Communications *		36,500		652,985
NVIDIA		28,599		2,982,876
Oracle		71,475		3,213,516
Palo Alto Networks *		20,530		2,225,658
Park City Group *		22,546		285,207
Paychex		13,831		819,902
PC Connection		12,300		353,502
PCM *		15,400		388,080
PDF Solutions *		15,839		301,258
Photronics *		30,858		354,867
Planet Payment *		59,864		249,633
Plexus *		2,891		150,303
PRGX Global *		20,700		135,585
Progress Software		16,800		499,296
PTC *		11,590		626,439
QAD, Cl A		8,250		249,150
QUALCOMM		4,021		216,089
Radisys *		47,443		190,246
RealPage *		10,900		403,845
Reis		7,007		131,732
Rogers *		1,400		144,116
Rudolph Technologies *		7,400		181,300
salesforce.com *		28,721		2,473,452
Sanmina *		2,900		108,025


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Information Technology (continued)
ScanSource *		3,800	$	150,100
Science Applications International		7,522		549,031
Semtech *		7,700		262,955
Shopify, Cl A *		2,391		181,596
ShoreTel *		22,880		149,864
Spok Holdings		2,100		37,695
Synaptics *		3,300		180,741
Telenav *		32,109		279,348
TeleTech Holdings		3,283		102,594
Teradata *		36,000		1,050,480
Total System Services		18,785		1,076,568
Travelport Worldwide		4,900		64,533
Unisys *		47,475		536,467
Upland Software *		8,565		170,358
USA Technologies *		67,075		328,668
Verint Systems *		5,943		233,560
VeriSign *		1,393		123,866
Versum Materials		2,059		65,929
Visa, Cl A		24,847		2,266,543
Vishay Intertechnology		6,300		103,005
Vishay Precision Group *		11,400		196,080
Wayside Technology Group		5,374		113,123
Web.com Group *		25,382		489,873
Western Digital		11,300		1,006,491
Wix.com *		1,200		98,940
Xactly *		19,482		225,991
Zix *		44,300		240,549

				98,444,841

Materials — 2.0%
AdvanSix *		209		5,697
Air Products & Chemicals		4,118		578,579
Alcoa		15,200		512,696
American Vanguard		16,715		279,976
Ashland Global Holdings		4,560		563,160
Avery Dennison		1,600		133,136
Balchem		1,061		86,111
Ball		3,555		273,344
Boise Cascade *		12,300		375,150
Cabot		1,900		114,361
CF Industries Holdings		57,689		1,542,604
Chemours		11,700		471,393
Clearwater Paper *		1,600		77,760


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Materials (continued)
Commercial Metals		1,000	$	18,640
Core Molding Technologies *		8,400		166,152
Crown Holdings *		2,400		134,616
Eastman Chemical		2,600		207,350
Ecolab		3,284		423,932
EI du Pont de Nemours		8,668		691,273
Ferro *		18,669		334,548
FMC		12,000		878,760
HB Fuller		4,529		239,267
Huntsman		37,000		916,490
International Flavors & Fragrances		4,173		578,336
International Paper		4,700		253,659
Kaiser Aluminum		2,585		218,200
KapStone Paper and Packaging		12,585		265,418
KMG Chemicals		2,700		141,885
Koppers Holdings *		800		33,960
Kraton *		5,900		192,989
Louisiana-Pacific *		6,400		164,736
LSB Industries *		20,412		224,940
Martin Marietta Materials		1,100		242,209
Materion		11,539		439,059
Minerals Technologies		200		15,740
Monsanto		8,495		990,602
Nucor		3,700		226,921
OMNOVA Solutions *		32,900		312,550
Packaging Corp of America		2,500		246,950
PH Glatfelter		10,600		228,006
PPG Industries		3,294		361,813
Praxair		4,032		503,919
Rayonier Advanced Materials		11,100		147,075
RPM International		2,400		126,144
Sealed Air		7,800		343,356
Sensient Technologies		6,165		504,297
Sherwin-Williams		5,261		1,760,752
TimkenSteel *		11,153		168,187
Trinseo		13,400		889,760
US Concrete *		6,269		388,678
Vulcan Materials		2,200		265,936
WR Grace		10,265		715,676

				19,976,748

Real Estate — 1.7%
Acadia Realty Trust ‡		9,769		284,083
Ashford Hospitality Prime ‡		6,500		68,835


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Real Estate (continued)
AvalonBay Communities ‡		3,639	$	690,828
Boston Properties ‡		4,109		520,199
Camden Property Trust ‡		5,923		487,641
Chatham Lodging Trust ‡		7,547		146,110
Colony NorthStar, Cl A ‡		162,258		2,120,712
CorEnergy Infrastructure Trust ‡		6,080		221,798
CoreSite Realty ‡		8,445		826,343
Crown Castle International ‡		8,221		777,707
Digital Realty Trust		5,600		643,104
DuPont Fabros Technology		9,100		469,105
Equinix ‡		2,226		929,800
Equity Commonwealth ‡ *		19,755		631,963
Forestar Group *		18,500		261,775
Getty Realty ‡		5,631		144,154
GGP ‡		22,700		490,547
Gladstone Commercial ‡		9,400		209,620
Hudson Pacific Properties ‡		9,377		322,194
Independence Realty Trust ‡		16,402		150,898
Iron Mountain ‡		11,827		411,483
Mid-America Apartment Communities ‡		5,745		569,961
National Storage Affiliates Trust ‡		12,910		316,295
Pennsylvania ‡		11,400		157,890
Public Storage ‡		3,000		628,140
QTS Realty Trust, Cl A ‡		8,000		427,520
Ramco-Gershenson Properties Trust ‡		11,500		153,295
Rexford Industrial Realty ‡		13,867		345,843
Ryman Hospitality Properties ‡		6,600		420,948
Sabra Health Care ‡		6,376		173,363
Seritage Growth Properties ‡		2,858		118,607
Simon Property Group ‡		5,346		883,480
Summit Hotel Properties		27,700		457,881
Sun Communities		3,984		333,102
Ventas ‡		10,200		652,902
Welltower ‡		9,900		707,256

				17,155,382

Telecommunication Services — 1.3%
AT&T		56,556		2,241,314
Boingo Wireless *		26,767		382,500
Iridium Communications *		13,200		139,920
Level 3 Communications *		54,116		3,288,088
magicJack VocalTec *		32,800		268,960


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Telecommunication Services (continued)
T-Mobile US *		49,309	$	3,317,017
Verizon Communications		85,440		3,922,551

				13,560,350

Utilities — 1.3%
Alliant Energy		13,028		512,261
Ameren		2,547		139,296
American Electric Power		7,537		511,235
American Water Works		9,735		776,464
Atlantica Yield		7,600		158,384
Atmos Energy		10,560		855,571
Avangrid		11,070		481,545
Avista		3,612		145,708
Black Hills		3,250		221,065
Calpine *		12,732		129,866
Chesapeake Utilities		4,513		330,803
CMS Energy		3,900		177,060
Dominion Resources		9,100		704,613
DTE Energy		7,229		756,081
Duke Energy		10,176		839,520
Edison International		2,000		159,940
Eversource Energy		1,900		112,860
Exelon		14,500		502,135
FirstEnergy		21,500		643,710
Gas Natural		5,100		63,750
IDACORP		3,643		307,906
NiSource		31,830		771,878
Northwest Natural Gas		2,328		138,749
NorthWestern		1,991		119,022
PG&E		1,607		107,749
Portland General Electric		8,193		371,471
Public Service Enterprise Group		3,900		171,795
SCANA		5,052		334,998
South Jersey Industries		8,230		308,790
Southern		7,987		397,752
Southwest Gas Holdings		700		58,632
Spire		3,506		240,336
WEC Energy Group		11,966		724,182
Xcel Energy		11,234		506,092

				12,781,219

				451,717,267

Total Common Stock (Cost $777,505,802)				953,743,671


REGISTERED INVESTMENT COMPANIES — 3.6%
	Shares		Value

CLOSED-END FUNDS — 0.0%
F&C Commercial Property Trust		61,818	$	121,462
FII BTG Pactual Corporate Office Fund ‡		191		6,107

				127,569

EXCHANGE TRADED FUND — 0.0%
iShares MSCI South Korea Capped ETF		3,739		232,192


OPEN-END FUND — 3.6%
Oakmark International Small Cap Fund, Cl I		2,126,806		35,964,286


Total Registered Investment Companies (Cost $29,009,913)				36,324,047


PREFERRED STOCK (C) — 0.4%
BRAZIL — 0.2%
Alpargatas		26,600		111,795
Banco do Estado do Rio Grande do Sul		84,200		380,671
Centrais Eletricas Brasileiras		28,200		199,458
Centrais Eletricas Santa Catarina		3,600		20,291
Cia Brasileira de Distribuicao *		100		2,263
Cia Energetica de Minas Gerais		21,968		61,183
Eucatex Industria e Comercio		3,300		3,483
Gerdau		79,062		243,858
Itausa — Investimentos Itau		47,729		147,967
Lojas Americanas		16,100		84,963
Marcopolo		181,500		136,666
Suzano Papel e Celulose, Cl A *		11,183		46,965
Telefonica Brasil		35,072		521,100
Vale, Cl A		9,000		74,233

				2,034,896

CHILE — 0.0%
Embotelladora Andina, Cl B		23,882		99,363


GERMANY — 0.1%
Henkel & KGaA		6,422		874,436
Volkswagen		1,203		190,733

				1,065,169

SOUTH AFRICA — 0.0%
Absa Bank		257		14,031


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

SOUTH KOREA — 0.1%
Hyundai Motor		6,800	$	593,409
LG Chemical		358		57,260
LG Household & Health Care		189		88,861
Samsung Electronics		422		650,115

				1,389,645

Total Preferred Stock (Cost $3,825,515)				4,603,104


*RIGHTS — 0.0%**
Bank of Communications ‡‡		710		—
China Everbright International, Expires 05/03/17		493		—
E.Sun Financial Holding, Expires 05/05/17		5,337		575
Siam City Cement, Expires 05/18/17		1,626		1,269
Synergetics, Expires 10/15/18		33,700		—
Tritax Big Box, Expires 05/15/17		6,590		341

Total Rights (Cost $—)				2,185


CORPORATE OBLIGATION — 0.0%
INDUSTRIALS — 0.0%
Mueller Industries 6.000%, 03/01/27 (Cost $5 )	$	5		5


Total Investments — 97.5% (Cost $810,341,235)			$	994,673,012

A list of the outstanding forward foreign currency contracts held by the Fund at April 30, 2017, is as follows:


Settlement Date	Currency to Deliver			Currency to Receive			Unrealized Appreciation (Depreciation)
5/1/17		USD	370,175		AUD	486,200	$	(6,108	)
5/1/17-7/27/17		AUD	2,298,600		USD	1,729,979		9,821
5/8/17		JPY	17,137,791		USD	153,825		41
5/8/17		USD	7,863		JPY	876,039		(2	)
5/15/17		EUR	9,653,800		USD	10,360,979		(163,231	)
6/30/17-9/20/17		CHF	1,117,000		USD	1,119,578		(13,451	)
7/10/17		GBP	2,239,700		USD	2,802,669		(104,280	)

							$	(277,210	)

A list of the counterparties for the outstanding forward foreign currency contracts held by the Fund at April 30, 2017, is as follows:


Counterparty	Currency to Deliver			Currency to Receive		Unrealized Depreciation
Brown Brothers Harriman	$	(1,263,399	)	$	1,249,971	$	(13,428	)
State Street		(15,552,769	)		15,288,987		(263,782	)

						$	(277,210	)

For the six-month period ended April 30, 2017, 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 $1,020,277,202.


*		Non-income producing security.
‡		Real Estate Investment Trust
‡‡		Expiration date unavailable.
(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, 2017, was $62,531 and represented 0.0% of net assets.
(C)		Interest rate unavailable.

ADR — American Depositary Receipt

AUD — Australian Dollar

CHF — Swiss Franc

Cl — Class

ETF — Exchange Traded Fund

EUR — Euro

GBP — British Pound

GDR — Global Depositary Receipt

JPY — Japanese Yen

LP — Limited Partnership

MSCI — Morgan Stanley Capital International

NVDR — Non-Voting Depositary Receipt

PJSC — Private Joint Stock Company

PLC — Public Limited Company

Ser — Series

USD — United States Dollar

The following is a list of the inputs used as of April 30, 2017, 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	$	1,184,576	$	—	$	—	$	1,184,576
Australia		18,697,555		—		—		18,697,555
Austria		3,656,722		—		—		3,656,722
Belgium		4,939,535		—		—		4,939,535
Bermuda		269,172		—		—		269,172
Brazil		10,853,909		—		—		10,853,909
Canada		23,076,155		—		—		23,076,155
Chile		1,570,404		—		—		1,570,404
China		40,025,242		—		—		40,025,242
Colombia		281,807		—		—		281,807


Investments in Securities	Level 1		Level 2		Level 3‡		Total
Czech Republic	$	198,183	$	—	$	—	$	198,183
Denmark		6,688,185		—		—		6,688,185
Egypt		113,713		27,307		—		141,020
Finland		4,664,951		—		—		4,664,951
France		27,143,897		—		—		27,143,897
Germany		32,002,923		—		—		32,002,923
Greece		705,045		—		—		705,045
Hong Kong		17,036,198		—		53,657		17,089,855
Hungary		223,246		—		—		223,246
India		16,011,216		—		—		16,011,216
Indonesia		5,456,969		—		8,874		5,465,843
Ireland		6,611,747		—		—		6,611,747
Israel		1,284,167		1,867,364		—		3,151,531
Italy		13,150,601		—		—		13,150,601
Japan		44,284,318		—		—		44,284,318
Malaysia		7,189,415		—		—		7,189,415
Mexico		5,607,611		—		—		5,607,611
Netherlands		18,503,208		—		—		18,503,208
New Zealand		1,370,148		—		—		1,370,148
Norway		2,981,232		—		—		2,981,232
Panama		1,480,746		—		—		1,480,746
Peru		325,548		—		—		325,548
Philippines		539,939		1,922,340		—		2,462,279
Poland		3,609,830		—		—		3,609,830
Portugal		1,551,881		—		—		1,551,881
Puerto Rico		392,175		—		—		392,175
Russia		6,624,545		—		—		6,624,545
Singapore		4,210,123		—		—		4,210,123
South Africa		7,555,536		—		—		7,555,536
South Korea		27,913,357		—		—		27,913,357
Spain		11,852,781		—		—		11,852,781
Sweden		7,488,440		—		—		7,488,440
Switzerland		33,458,270		—		—		33,458,270
Taiwan		13,273,302		—		—		13,273,302
Thailand		6,988,494		—		—		6,988,494
Turkey		3,968,941		—		—		3,968,941
United Arab Emirates		200,353		483,038		—		683,391
United Kingdom		50,447,513		—		—		50,447,513
United States		451,717,267		—		—		451,717,267

Total Common Stock		949,381,091		4,300,049		62,531		953,743,671

Registered Investment Companies		36,324,047		—		—		36,324,047
Preferred Stock
Brazil		2,034,896		—		—		2,034,896
Chile		99,363		—		—		99,363
Germany		1,065,169		—		—		1,065,169
South Africa		14,031		—		—		14,031
South Korea		1,389,645		—		—		1,389,645

Total Preferred Stock		4,603,104		—		—		4,603,104

Rights		2,185		—		—		2,185
Corporate Obligation		—		5		—		5

Total Investments in Securities	$	990,310,427	$	4,300,054	$	62,531	$	994,673,012


Other Financial Instruments	Level 1		Level 2			Level 3		Total
Forwards Contracts* Unrealized Appreciation	$	—	$	9,862		$	—	$	9,862
Unrealized Depreciation		—		(287,072	)		—		(287,072	)

Total Other Financial Instruments	$	—	$	(277,210	)	$	—	$	(277,210	)

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

‡ A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 instruments at the beginning and/or end of the year in relation to net assets.

For the six-month period ended April 30, 2017, there were transfers between Level 1 and Level 2 assets and liabilities. Changes in the classifications between Levels 1 and 2 occurred throughout the period when foreign equity securities were fair valued using other observable market based inputs provided by MarkIt in place of the closing exchange price due to market closures. As of April 30, 2017, securities with a total value of $4,300,049 transferred from Level 1 to Level 2 and securities due to the application of the fair value provided by MarkIt. For the six-month period ended April 30, 2017, there were transfers between Level 1 and Level 3 assets of $62,531 due to changes in the availability of unadjusted inputs used to determine fair value. All transfers were considered to have occurred as of the end of the period.

Amounts designated as $— are either $0 or have been rounded to $0.

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 — 49.5%
	Shares		Value

OPEN-END FUNDS — 49.5%
AllianzGI Convertible Fund, Cl I		1,554,103	$	49,948,859
PIMCO Emerging Local Bond Fund, Cl I		7,424,250		55,162,175


Total Registered Investment Companies (Cost $112,163,747)				105,111,034


COMMON STOCK — 24.6%
ENERGY — 23.7%
American Midstream Partners LP (A)		70,904		1,052,924
Arc Logistics Partners LP (A)		24,593		368,157
Archrock Partners LP (A)		67,900		1,110,165
Blueknight Energy Partners LP (A)		26,620		186,340
Buckeye Partners LP (A)		21,038		1,455,409
Capital Product Partners LP		10,300		35,947
Crestwood Equity Partners LP (A)		65,502		1,660,476
CrossAmerica Partners LP		26,421		690,381
CSI Compressco (A)		45,664		369,879
DCP Midstream LP (A)		59,510		2,254,834
Enbridge Energy Escrow Account *		388,717		—
Enbridge Energy Management LLC *		162,567		3,017,239
EnLink Midstream Partners LP		149,308		2,650,217
GasLog Partners LP (A)		11,948		284,960
Genesis Energy LP (A)		51,255		1,606,332
Global Partners LP (A)		36,290		676,808
Golar LNG Partners LP (A)		46,912		1,071,001
Granite Oil		51,432		194,417
Hoegh LNG Partners LP (A)		6,282		127,211
Holly Energy Partners LP (A)		23,282		865,392
KNOT Offshore Partners LP (A)		23,335		558,873
Martin Midstream Partners LP (A)		81,619		1,611,975


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

ENERGY (continued)
NGL Energy Partners LP (A)		116,461	$	1,863,376
Northern Blizzard Resources		101,967		252,481
NuStar Energy LP (A)		68,081		3,279,462
NuStar GP Holdings		1,200		33,000
ONEOK		43,510		2,289,061
PBF Logistics LP (A)		2,005		41,504
Sanchez Production Partners LP (A)		22,500		312,750
Sprague Resources LP		19,540		499,247
Summit Midstream Partners LP (A)		75,996		1,789,706
Sunoco Logistics Partners LP (A)		180,346		4,317,471
Sunoco LP (A)		74,716		2,270,619
Targa Resources		73,570		4,055,914
TC Pipelines LP (A)		25,264		1,529,230
Teekay LNG Partners LP		47,680		796,256
Teekay Offshore Partners LP		10,030		53,259
USA Compression Partners LP		80,255		1,344,271
USD Partners LP		9,740		135,386
Williams Partners LP (A)		85,555		3,501,766

				50,213,696

FINANCIALS — 0.1%
Annaly Capital Management ‡		19,000		224,390
Oslo Bors VPS Holding		11,150		137,654

				362,044

UTILITIES — 0.8%
AmeriGas Partners LP (A)		9,800		441,196
Suburban Propane Partners LP (A)		47,930		1,234,197

				1,675,393

Total Common Stock (Cost $47,903,232)				52,251,133


CORPORATE OBLIGATIONS — 22.7%
CONSUMER DISCRETIONARY — 3.1%
Carlson Travel 9.500%, 12/15/24 (B)		475,000		490,437
Codere Finance 2 Luxembourg 7.625%, 11/01/21 (B)		625,000		608,500
Entertainment One 6.875%, 12/15/22 (B)	GBP	150,000		211,863
Gol LuxCo 9.500%, 07/20/21 (B)		76,407		70,772


CORPORATE OBLIGATIONS — continued
	Face Amount⁽¹⁾		Value

CONSUMER DISCRETIONARY (continued)
Golden Nugget 8.500%, 12/01/21 (B)		650,000	$	693,875
Live Nation Entertainment 4.875%, 11/01/24 (B)		485,000		488,638
Men’s Wearhouse 7.000%, 07/01/22		500,000		435,000
MGM Resorts International 7.750%, 03/15/22		695,000		809,675
Servicios Corporativos Javer 9.875%, 04/06/21 (B)		337,000		348,997
Station Casinos 7.500%, 03/01/21		475,000		494,594
Univision Communications 5.125%, 02/15/25 (B)		885,000		881,681
Viking Cruises 8.500%, 10/15/22 (B)		725,000		757,625
William Hill 4.875%, 09/07/23		GBP 200,000		270,050

				6,561,707

CONSUMER STAPLES — 4.3%
AdvancePierre Foods Holdings 5.500%, 12/15/24 (B)		770,000		858,550
B&G Foods 5.250%, 04/01/25		645,000		660,338
Clearwater Seafoods 6.875%, 05/01/25 (B)		210,000		217,350
Constellis Holdings 9.750%, 05/15/20 (B)		825,000		887,535
Hearthside Group Holdings 6.500%, 05/01/22 (B)		625,000		629,687
JBS USA 5.875%, 07/15/24 (B)		825,000		860,063
Kronos Acquisition Holdings 9.000%, 08/15/23 (B)		490,000		496,738
Post Holdings 5.000%, 08/15/26 (B)		945,000		940,275
Prime Security Services Borrower 9.250%, 05/15/23 (B)		755,000		824,838
Simmons Foods 7.875%, 10/01/21 (B)		990,000		1,051,875
Southern Graphics 8.375%, 10/15/20 (B)		855,000		869,963
TreeHouse Foods 6.000%, 02/15/24 (B)		725,000		772,125

				9,069,337


CORPORATE OBLIGATIONS — continued
	Face Amount⁽¹⁾		Value

ENERGY — 3.3%
California Resources 8.000%, 12/15/22 (B)		520,000	$	397,800
5.500%, 09/15/21		531,000		392,940
Denbury Resources 5.500%, 05/01/22		705,000		525,225
Energen MTN 7.125%, 02/15/28		235,000		246,750
Energen 4.625%, 09/01/21		731,000		732,827
MEG Energy 7.000%, 03/31/24 (B)		1,448,000		1,292,340
Murphy Oil 7.050%, 05/01/29		270,000		285,863
6.875%, 08/15/24		75,000		79,875
5.125%, 12/01/42		477,000		450,765
Northern Blizzard Resources 7.250%, 02/01/22 (B)		1,190,000		1,202,495
Sanchez Energy 6.125%, 01/15/23		575,000		528,994
Whiting Petroleum 5.750%, 03/15/21		820,000		815,900

				6,951,774

FINANCIALS — 0.6%
DFC Finance 12.000%, 06/16/20 (B)		606,493		363,896
Ladbrokes Group Finance 5.125%, 09/08/23		GBP 400,000		517,304
Minerva Luxembourg 6.500%, 09/20/26 (B)		500,000		496,245

				1,377,445

HEALTH CARE — 3.8%
Acadia Healthcare 5.125%, 07/01/22		930,000		940,462
DaVita 5.000%, 05/01/25		890,000		896,675
Envision Healthcare 5.125%, 07/01/22 (B)		825,000		837,375
Halyard Health 6.250%, 10/15/22		825,000		858,000
HCA 4.750%, 05/01/23		407,000		427,350
4.500%, 02/15/27		394,000		397,739
Kindred Healthcare 6.375%, 04/15/22		800,000		773,000
LifePoint Health 5.375%, 05/01/24 (B)		750,000		757,500


CORPORATE OBLIGATIONS — continued
	Face Amount		Value

HEALTH CARE (continued)
MEDNAX 5.250%, 12/01/23 (B)	$	250,000	$	255,625
Select Medical 6.375%, 06/01/21		790,000		807,775
Tenet Healthcare 4.500%, 04/01/21		1,025,000		1,023,719

				7,975,220

INDUSTRIALS — 3.9%
Actuant 5.625%, 06/15/22		670,000		690,937
Airxcel 8.500%, 02/15/22 (B)		450,000		463,500
ATS Automation Tooling Systems 6.500%, 06/15/23 (B)		805,000		837,200
CBC Ammo 7.250%, 11/15/21 (B)		815,000		821,112
Engility 8.875%, 09/01/24 (B)		715,000		763,262
Gol Linhas Aereas 10.750%, 02/12/23 (B)		400,000		142,800
IHS Markit 5.000%, 11/01/22 (B)		550,000		587,813
Manitowoc Foodservice 9.500%, 02/15/24		775,000		895,125
MasTec 4.875%, 03/15/23		715,000		715,000
Sensata Technologies BV 4.875%, 10/15/23 (B)		780,000		787,800
Techniplas 10.000%, 05/01/20 (B)		227,000		208,840
Tervita Escrow 7.625%, 12/01/21 (B)		630,000		647,325
Titan International 6.875%, 10/01/20		705,000		724,388

				8,285,102

INFORMATION TECHNOLOGY — 1.6%
Gartner 5.125%, 04/01/25 (B)		900,000		931,500
Leidos 7.125%, 07/01/32		436,000		473,605
5.500%, 07/01/33		295,000		276,185
Microsemi 9.125%, 04/15/23 (B)		625,000		718,750
Qorvo 7.000%, 12/01/25		835,000		926,850

				3,326,890


CORPORATE OBLIGATIONS — continued
	Face Amount⁽¹⁾/ Shares		Value

MATERIALS — 1.3%
Crown Americas 4.500%, 01/15/23		675,000	$	696,937
Kissner Holdings 8.375%, 12/01/22 (B)		1,030,000		1,067,337
LSB Industries 7.750%, 08/01/19 (C)		682,000		668,360
Sealed Air 5.125%, 12/01/24 (B)		312,000		326,820

				2,759,454

REAL ESTATE — 0.1%
Iron Mountain US Holdings ‡ 5.375%, 06/01/26 (B)		295,000		300,163


TELECOMMUNICATION SERVICES — 0.4%
Virgin Media Finance 6.000%, 10/15/24 (B)		800,000		838,000


UTILITIES — 0.3%
Stoneway Capital 10.000%, 03/01/27 (B)		675,000		708,750


Total Corporate Obligations (Cost $46,925,153)				48,153,842


SOVEREIGN DEBT — 0.4%
Hellenic Republic Government Bond 3.000%, 02/24/23 (C)	EUR	600,000		563,112
Mexican Bonos 6.500%, 06/10/21	MXN	6,150,000		320,269


Total Sovereign Debt (Cost $883,149)				883,381


PREFERRED STOCK (D) — 0.4%
UNITED STATES — 0.4%
Blueknight Energy		9,900		78,309
Sanchez Energy		3,950		131,574
Scorpio Tankers		17,300		435,095
Teekay Offshore Partners		9,300		198,834


Total Preferred Stock (Cost $870,352)				843,812


CONVERTIBLE BONDS — 0.4%
	Face Amount⁽¹⁾		Value

Pescanova 8.750%, 02/17/19 (E)	EUR	400,000	$	24,156
5.125%, 04/20/20 (E)	EUR	500,000		30,196
Scorpio Tankers 2.375%, 07/01/19 (B)		220,000		196,900
Titan Machinery 3.750%, 05/01/19		535,000		514,937


Total Convertible Bonds (Cost $895,612)				766,189


LOAN PARTICIPATION — 0.3%
Gol LuxCo 6.500%, 08/31/20 (Cost $546,058)		550,000		563,063


Total Investments — 98.4% (Cost $210,187,303)			$	208,572,454

A list of the open futures contracts held by the Fund at April 30, 2017, is as follows:


Type of Contract	Number of Contracts Short			Expiration Date		Unrealized Depreciation
BP Currency		(12	)		Jun-2017	$	(52,034	)
CAD Currency		(5	)		Jun-2017		(17,325	)

						$	(69,359	)

For the six-month period ended April 30, 2017, 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 $212,119,729.


*		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, 2017, these securities amounted to $35,842,013 or 16.9% 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)		Step Bonds — The rate reflected on the Schedule of Investments is the effective yield on April 30, 2017. The coupon on a step bond changes on a specified date.
(D)		Interest rate unavailable.
(E)		Security in default on interest payments.

CAD — Canadian Currency

Cl — Class

EUR — Euro

GBP — British Pound

LLC — Limited Liability Company

LP — Limited Partnership

MTN — Medium Term Note

MXN — Mexican Peso

The following is a list of the inputs used as of April 30, 2017, 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	$	105,111,034		$	—	$	—	$	105,111,034
Common Stock		52,251,133			—		—		52,251,133
Corporate Obligations		—			48,153,842		—		48,153,842
Sovereign Debt		—			883,381		—		883,381
Preferred Stock		198,834			644,978		—		843,812
Convertible Bonds		—			766,189		—		766,189
Loan Participation		—			563,063		—		563,063

Total Investments in Securities	$	157,561,001		$	51,011,453	$	—	$	208,572,454


Other Financial Instruments	Level 1			Level 2		Level 3		Total
Futures Contracts *
Unrealized Depreciation	$	(69,359	)	$	—	$	—	$	(69,359	)

Total Other Financial Instruments	$	(69,359	)	$	—	$	—	$	(69,359	)

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

For the six-month period ended April 30, 2017, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities.

For the six-month period ended April 30, 2017, there were no Level 3 securities.

Amounts designated as $– are either $0 or have been rounded to $0.

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


Sector Weightings †:	Long			Short			Net
Registered Investment Companies		50.8	%		(1.0	)%		49.8	%
U.S. Treasury Obligations		9.8			0.0			9.8
Industrials		4.8			(2.3	)		2.5
Information Technology		4.7			(3.3	)		1.4
Financials		3.3			(3.0	)		0.3
Real Estate		2.8			(2.5	)		0.3
Health Care		2.4			(2.2	)		0.2
Telecommunication Services		0.5			(0.4	)		0.1
Energy		1.3			(1.2	)		0.1
Warrants		0.0			0.0			0.0
Rights		0.0			0.0			0.0
Purchased Options		0.0			0.0			0.0
Preferred Stock		0.0			0.0			0.0
Utilities		0.6			(0.6	)		0.0
Consumer Staples		1.0			(1.1	)		(0.1	)
Written Options		0.0			(0.5	)		(0.5	)
Consumer Discretionary		3.8			(4.4	)		(0.6	)
Materials		1.7			(2.5	)		(0.8	)

Total								62.5
Other Assets and Liabilities, Net								37.5

								100.0	%

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



SCHEDULE OF INVESTMENTS
REGISTERED INVESTMENT COMPANIES — 50.8%
	Shares		Value
EXCHANGE TRADED FUNDS — 10.0%
Consumer Staples Select Sector SPDR Fund		13,000	$	717,340
Financial Select Sector SPDR Fund		20,200		475,306
Health Care Select Sector SPDR Fund		41,900		3,163,450
PowerShares S&P 500 Downside Hedged Portfolio		1,882,593		47,441,344
Technology Select Sector SPDR Fund		16,200		880,956

				52,678,396

OPEN-END FUNDS — 40.8%
AQR Managed Futures Strategy HV Fund, Cl R6		5,721,809		50,981,321
AQR Style Premia Alternative Fund, Cl R6		5,174,696		51,798,706
ASG Managed Futures Strategy Fund, Cl Y		5,468,759		53,648,528
PIMCO All Asset All Authority Fund, Cl I		6,490,681		57,182,896

				213,611,451

Total Registered Investment Companies (Cost $289,791,514)				266,289,847


U.S. TREASURY OBLIGATIONS — 9.8%
	Face Amount/ Shares		Value
U.S. Treasury Bills 0.836%, 01/04/18 (A)	$	13,000,000	$	12,912,497
0.569%, 07/20/17 (A)		13,000,000		12,977,666
U.S. Treasury Notes 2.250%, 02/15/27		25,600,000		25,524,992


Total U.S. Treasury Obligations (Cost $50,954,541)				51,415,155


COMMON STOCK — 26.9%
ARGENTINA — 0.0%
Ternium ADR		2,061		52,185


AUSTRALIA — 0.0%
Prime Media Group		21,074		4,734


AUSTRIA — 0.1%
Immobilien Anlagen		13,055		286,052
Kapsch TrafficCom		3,891		190,731
S IMMO		14,793		193,368

				670,151

BELGIUM — 0.0%
EVS Broadcast Equipment		4,700		189,148


BERMUDA — 0.1%
Assured Guaranty		17,200		655,836
Teekay		6,900		59,892

				715,728

BRAZIL — 0.2%
Cosan, Cl A		31,863		245,026
CVC Brasil Operadora e Agencia de Viagens		47		455
EcoRodovias Infraestrutura e Logistica		207,477		614,446
JBS		29,294		94,600
QGEP Participacoes		50,400		100,989
SLC Agricola		25,512		156,333

				1,211,849

CANADA — 1.6%
Aimia		54,800		366,926
Atco, Cl I		17,900		651,326
Canfor Pulp Products		13,500		116,996
Capital Power		27,940		509,247
Capstone Mining *		250,500		194,520


COMMON STOCK — continued
	Shares		Value

CANADA (continued)
Cascades		23,900	$	287,840
Celestica *		12,500		178,107
Cogeco		3,200		160,205
Crius Energy Trust		19,729		149,588
Equitable Group		5,300		141,678
Genworth MI Canada		22,300		553,804
Gluskin Sheff + Associates		16,000		199,026
High Arctic Energy Services		38,186		134,555
Home Capital Group, Cl B		50,700		298,618
Industrial Alliance Insurance & Financial Services		18,000		759,401
Labrador Iron Ore Royalty		42,254		548,817
Lululemon Athletica *		4,400		228,800
MDC Partners, Cl A		400		3,580
Medical Facilities		17,800		212,158
North American Energy Partners		31,905		152,390
North West		15,200		358,551
Sandvine		69,157		161,107
Sierra Wireless *		8,600		217,580
Silvercorp Metals		53,400		168,214
Transcontinental, Cl A		26,000		463,792
West Fraser Timber		16,400		736,952
ZCL Composites		15,388		166,274

				8,120,052

CHILE — 0.0%
Inversiones La Construccion		8,330		114,938


CHINA — 0.8%
CECEP COSTIN New Materials Group (B)		781,000		60,244
Central China Real Estate		63,829		15,591
Changyou.com ADR *		13,526		441,624
China Cinda Asset Management, Cl H		1,130,000		430,014
China Distance Education Holdings ADR		9,465		96,259
China Shineway Pharmaceutical Group		105,000		127,026
Chongqing Rural Commercial Bank, Cl H		733,000		504,162
COSCO Shipping Energy Transportation, Cl H		640,639		350,038
Daqo New Energy ADR *		8,104		150,815


COMMON STOCK — continued
	Shares		Value

CHINA (continued)
Hisense Kelon Electrical Holdings, Cl A		117,571	$	164,453
JA Solar Holdings ADR *		61,781		433,085
Shandong Weigao Group Medical Polymer, Cl H		214,215		156,151
Sinopec Shanghai Petrochemical ADR		6,175		345,677
Sinovac Biotech *		11,100		62,049
Tarena International ADR *		14,852		276,396
Weiqiao Textile, Cl H (B)		12,330		8,845
Xinyuan Real Estate ADR		738		3,439
Yangzijiang Shipbuilding Holdings		466,300		383,814

				4,009,682

DENMARK — 0.1%
Dfds		6,500		387,530


FINLAND — 0.0%
Atria, Cl A		16,181		192,299


GERMANY — 0.4%
ADLER Real Estate *		12,286		192,784
Cewe Stiftung & KGAA		2,141		194,901
Deutsche Lufthansa		53,638		925,498
Draegerwerk & KGaA		2,815		220,780
Gesco		6,905		187,289
Wacker Neuson		8,609		217,518

				1,938,770

GREECE — 0.1%
Aegean Marine Petroleum Network		12,441		138,717
Motor Oil Hellas Corinth Refineries		9,642		163,532

				302,249

HONG KONG — 1.8%
Changgang Dunxin Enterprise * (B)		586,000		18,834
China Aoyuan Property Group		281,278		86,788
China Everbright		212,000		485,141
China Huarong Asset Management, Cl H * (C)		947,000		399,334
China Lesso Group Holdings		246,000		196,083
China Resources Power Holdings		134,000		241,527
China Water Affairs Group		391,259		261,565


COMMON STOCK — continued
	Shares		Value

HONG KONG (continued)
Chinese Estates Holdings		58,155	$	89,419
Consun Pharmaceutical Group		127,020		85,895
CP Pokphand		1,476,000		127,138
CSI Properties		4,109,125		216,594
Dawnrays Pharmaceutical Holdings		115,436		67,674
Dickson Concepts International		162,000		57,899
Emperor Entertainment Hotel		730,000		175,500
Fountain SET Holdings		1,262,000		167,113
Guangnan Holdings		330,000		48,365
Guangzhou R&F Properties		356,964		601,185
Haier Electronics Group		117,000		271,654
Hop Fung Group Holdings		932,000		119,820
Hua Hong Semiconductor (C)		112,000		158,964
IT		408,968		172,981
Ju Teng International Holdings		334,000		123,666
Kerry Properties		191,000		714,560
Kingboard Chemical Holdings		163,386		589,197
Nine Dragons Paper Holdings		687,000		741,905
Qingdao Port International, Cl H (C)		113,000		60,144
Qingling Motors, Cl H		328,000		108,373
Shanghai Haohai Biological Technology, Cl H * (C)		19,003		104,807
Shanghai Prime Machinery, Cl H		330,270		63,690
Sun Hung Kai		256,000		190,560
Tianneng Power International		356,927		312,492
Tianyun International Holdings		383,063		44,323
TPV Technology		420,891		114,714
VST Holdings		486,500		169,498
Weichai Power, Cl H		450,561		731,014
Xinyi Glass Holdings		1,412,000		1,252,554
Yue Yuen Industrial Holdings		22,000		86,972
Yuexiu Transport Infrastructure		100,000		77,137
Zhuhai Holdings Investment Group		55,484		8,631

				9,543,710

INDIA — 0.1%
Chennai Petroleum		50,747		300,514
NHPC		423,058		208,800

				509,314

ISRAEL — 0.2%
ADO Group *		13,240		165,522


COMMON STOCK — continued
	Shares		Value

ISRAEL (continued)
El Al Israel Airlines		266,605	$	208,246
Nawi Brothers		8,955		67,970
Norstar Holdings		2,699		55,443
Orbotech *		2,004		65,992
Partner Communications *		32,354		158,027
Rami Levy Chain Stores Hashikma Marketing 2006		3,861		184,426
SodaStream International *		4,169		226,752

				1,132,378

ITALY — 0.2%
Biesse		7,253		223,590
Cofide		194,818		147,277
Immobiliare Grande Distribuzione SIIQ ‡		182,379		163,303
Telecom Italia		329,844		235,521

				769,691

JAPAN — 1.3%
Ahresty		18,400		183,876
Aisan Industry		20,327		182,528
Arisawa Manufacturing		29,800		211,186
Cawachi		7,000		183,862
Cleanup		20,716		149,597
Dai-ichi Seiko		12,300		180,735
Daito Pharmaceutical		8,100		166,251
Enomoto		1,400		60,094
Furuno Electric		15,537		95,055
Godo Steel		9,300		136,820
H-One		13,600		198,129
Ichiken		46,000		173,312
Imasen Electric Industrial		15,100		142,771
Innotech		5,900		34,244
Kaga Electronics		10,835		200,322
Kamei		16,700		183,966
Kasai Kogyo		15,500		192,160
Kirindo Holdings		5,300		39,747
KYORIN Holdings		7,400		154,804
Mimaki Engineering		32,283		189,977
Mixi		7,500		415,788
Nichireki		22,600		195,438
Nippon Piston Ring		9,500		203,167
Nippon Road		45,000		201,839
Nisshin Fudosan		13,000		73,469
Obayashi Road		28,400		172,986


COMMON STOCK — continued
	Shares		Value

JAPAN (continued)
Okuwa		17,000	$	179,646
Sansha Electric Manufacturing		35,217		159,223
SBS Holdings		11,018		79,466
Seikitokyu Kogyo		35,233		189,637
Sekisui Plastics		24,700		180,361
Shinnihon		21,500		168,953
T RAD		59,000		175,187
Take And Give Needs		23,907		197,733
Tera Probe *		14,124		142,412
Toa Road		58,000		179,502
Togami Electric Manufacturing		22,000		113,478
Torii Pharmaceutical		6,600		160,448
Wakita		19,400		223,629
West Holdings		25,800		181,451
Yorozu		11,366		173,842

				6,827,091

KUWAIT — 0.1%
Sungdo Engineering & Construction		48,426		274,495


MALAYSIA — 0.1%
CSC Steel Holdings		135,362		61,429
George Kent Malaysia		109,900		109,621
Malaysian Pacific Industries		56,300		155,373
Padini Holdings		121,359		89,461

				415,884

NETHERLANDS — 0.1%
BE Semiconductor Industries		8,712		455,140
BinckBank		32,597		162,023

				617,163

NORWAY — 0.1%
Awilco Drilling		12,632		46,344
Fred Olsen Energy *		72,887		171,479
Kvaerner		156,156		203,697
Selvaag Bolig		39,597		163,719
TGS Nopec Geophysical		8,163		178,358

				763,597

PAKISTAN — 0.0%
Pakistan Telecommunication		243,500		37,401


PHILIPPINES — 0.1%
Semirara Mining & Power, Cl A		87,359		260,512


COMMON STOCK — continued
	Shares		Value

PORTUGAL — 0.1%
CTT-Correios de Portugal		72,542	$	413,986


PUERTO RICO — 0.0%
Triple-S Management, Cl B *		2,210		40,001


RUSSIA — 0.1%
Gazprom PJSC ADR		50,654		240,100


SINGAPORE — 0.3%
Boustead Singapore		256,771		163,566
China Yuchai International		13,835		268,399
CSE Global		30,500		11,352
Hong Leong Asia		78,300		62,768
k1 Ventures		234,160		120,671
OUE		113,800		166,975
RHT Health Trust		127,267		86,080
UMS Holdings		472,836		323,200
Yanlord Land Group		133,800		178,604

				1,381,615

SOUTH AFRICA — 0.0%
Net 1 UEPS Technologies *		15,774		170,832


SOUTH KOREA — 2.1%
Binggrae		2,911		175,494
Daeduck Electronics		20,002		163,124
Daehan Steel		35,971		320,859
Daewon Pharmaceutical		7,519		144,380
Daihan Pharmaceutical		2,111		50,739
Dongbu HiTek *		20,762		384,988
Dongkuk Refractories & Steel		32,711		65,543
Dongwha Pharm		11,603		93,811
Dongwon Industries		515		152,749
F&F		8,527		201,953
Great Rich Technologies *		39,463		120,342
Haesung Optics *		14,109		67,451
Hanwha		14,063		493,731
Hanwha General Insurance		24,798		161,484
Harim *		23,951		117,661
Hitejinro Holdings		6,216		60,636
INZI Display		79,475		167,974
Jahwa Electronics		5,906		85,639
KM		80		404
Korea Circuit		12,631		147,079


COMMON STOCK — continued
	Shares		Value

SOUTH KOREA (continued)
Korea United Pharm		3,813	$	68,861
KT		680		19,242
Kwangju Bank		16,071		166,656
Kyungdong Pharm		4,337		71,654
LG Display		65,781		1,699,588
LG Uplus		59,270		752,660
LS Cable & System Asia		28,150		164,759
Maeil Dairy Industry (B)		3,565		169,180
MagnaChip Semiconductor *		9,500		80,750
Mhethanol		23,138		159,418
Modetour Network		5,786		200,850
Moorim Paper *		26,337		63,187
Namsun Aluminum		62,160		68,011
NICE Total Cash Management		42,919		333,802
Samjin Pharmaceutical		5,428		161,471
Samsung Electronics		600		1,176,378
Seohan		134,750		322,694
SFA Engineering		6,292		432,406
SIMMTECH		24,815		232,252
SK Holdings		816		173,899
SK Hynix		18,344		870,530
Sungwoo Hitech		19,542		127,257
Ubiquoss Holdings		27,821		163,811

				10,855,357

SWEDEN — 0.3%
Capio (C)		34,788		192,453
Cellavision		12,828		208,917
G5 Entertainment *		635		13,765
JM		14,230		500,933
KappAhl		35,141		203,332
Klovern, Cl B		188,152		198,193
New Wave Group, Cl B		24,419		172,998
Rottneros		92,657		86,827
Tethys Oil		1,892		14,579

				1,591,997

SWITZERLAND — 0.0%
Mobilezone Holding		11,334		173,142


THAILAND — 0.1%
Asia Plus Group Holdings		497,065		50,296
Fabrinet *		7,708		267,236
Mega Lifesciences		217,400		161,840


COMMON STOCK — continued
	Shares		Value

THAILAND (continued)
TKS Technologies		286,400	$	92,734

				572,106

UNITED KINGDOM — 0.0%
Amarin ADR *		20,542		64,913
Ensco, Cl A		10,500		82,845

				147,758

UNITED STATES — 16.5%
Consumer Discretionary — 2.1%
American Outdoor Brands *		2,900		64,235
At Home Group *		3,991		69,882
Beazer Homes USA *		11,580		143,708
Bed Bath & Beyond		1,900		73,625
Big 5 Sporting Goods		10,807		166,428
Bridgepoint Education *		8,589		104,786
Carrols Restaurant Group *		6,766		94,724
Century Communities *		4,300		117,390
Del Frisco’s Restaurant Group *		4,580		78,776
Del Taco Restaurants *		35,000		460,250
Dick’s Sporting Goods		2,600		131,430
DineEquity		1,800		101,772
Domino’s Pizza		4,500		816,255
Entercom Communications, Cl A		14,909		188,599
Express *		4,300		37,109
Finish Line, Cl A		12,900		203,949
Francesca’s Holdings *		44,963		709,516
Gannett		58,451		488,650
GNC Holdings, Cl A		1,500		11,670
Group 1 Automotive		400		27,580
Hanesbrands		4,200		91,602
K12 *		6,751		127,256
Lear		600		85,596
Lee Enterprises *		16,009		41,623
Libbey		4,200		44,100
Liberty TripAdvisor Holdings, Cl A *		7,300		107,310
Lifetime Brands		4,400		84,480
M/I Homes *		13,817		375,270
Macy’s		1,800		52,596
Marcus		7,603		256,981
MarineMax *		33,900		689,865
MCBC Holdings		14,600		244,550
McClatchy, Cl A *		3,761		40,544
McDonald’s		100		13,993


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Consumer Discretionary (continued)
Nutrisystem		500	$	26,725
Perry Ellis International *		10,505		215,563
Pinnacle Entertainment *		28,528		586,821
Ralph Lauren, Cl A		500		40,360
RCI Hospitality Holdings		12,931		215,172
Red Robin Gourmet Burgers *		300		17,625
Ruth’s Hospitality Group		12,397		246,700
Select Comfort *		26,800		828,120
Shiloh Industries *		6,900		84,870
Stoneridge *		22,314		437,577
Tailored Brands		7,463		92,019
TEGNA		3,400		86,632
Texas Roadhouse, Cl A		2,500		117,200
Thor Industries		1,200		115,416
Tilly’s, Cl A		14,252		136,249
Tower International		14,201		384,847
Ulta Beauty *		2,790		785,218
Vera Bradley *		8,100		74,115
Vista Outdoor *		7,200		140,832
Winnebago Industries		5,493		157,649
Zoe’s Kitchen *		2,300		41,515

				11,177,325

Consumer Staples — 0.7%
Bunge		10,200		806,106
Central Garden & Pet, Cl A *		11,151		392,850
CVS Health		3,000		247,320
Flowers Foods		14,100		276,501
Fresh Del Monte Produce		3,600		220,680
Ingles Markets, Cl A		1,292		60,337
Medifast		6,360		294,595
Natural Health Trends		7,360		211,085
Nu Skin Enterprises, Cl A		600		33,138
Omega Protein		31,294		630,574
Primo Water *		10,322		123,554
TreeHouse Foods *		1,700		148,920
Tyson Foods, Cl A		4,900		314,874
Universal		1,000		73,450
Village Super Market, Cl A		800		21,112

				3,855,096

Energy — 0.8%
Abraxas Petroleum *		127,630		238,668


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Energy (continued)
Archrock		63,869	$	753,654
Atwood Oceanics *		27,508		215,388
Broadwind Energy *		48,800		448,472
Cloud Peak Energy *		10,311		34,748
Evolution Petroleum		23,424		187,392
Helix Energy Solutions Group *		7,766		47,528
Independence Contract Drilling *		4,900		22,589
International Seaways *		24,400		471,652
KNOT Offshore Partners LP (D)		3,618		86,651
Mammoth Energy Services *		3,000		57,900
Matrix Service *		5,667		66,587
McDermott International *		21,079		137,857
Pacific Ethanol *		28,955		196,894
Pioneer Energy Services *		35,817		109,242
Renewable Energy Group *		32,818		342,948
Sanchez Energy *		9,600		74,304
Scorpio Tankers		77,300		340,120
Seadrill Partners (D)		78,266		239,494
Whiting Petroleum *		21,500		178,450
World Fuel Services		3,700		136,271

				4,386,809

Financials — 2.4%
Ambac Financial Group *		900		17,487
Ameriprise Financial		6,100		779,885
Arbor Realty Trust ‡		32,500		280,475
Ares Commercial Real Estate ‡		11,669		161,382
Bank of Marin Bancorp		900		56,835
Banner		5,527		305,090
Berkshire Hills Bancorp		9,583		359,362
Boston Private Financial Holdings		12,689		197,948
Brookline Bancorp		22,247		323,694
Canadian Imperial Bank of Commerce		8,899		719,306
Century Bancorp, Cl A		2,331		146,970
Charter Financial		13,100		240,385
CNO Financial Group		17,200		362,404
Dime Community Bancshares		6,726		130,821
Eastern Virginia Bankshares		7,330		84,075
Enterprise Financial Services		6,268		264,823
Farmers National Banc		15,020		214,786
Federal Agricultural Mortgage, Cl C		3,761		214,565


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Financials (continued)
First Bank		13,900	$	180,700
First Busey		9,597		287,430
First Community		3,800		78,280
First Connecticut Bancorp		8,400		224,280
First Defiance Financial		4,649		249,372
First Financial Northwest		10,000		156,800
First Merchants		8,854		366,379
First of Long Island		7,791		211,915
Franklin Financial Network *		8,541		346,338
Hanmi Financial		5,594		162,506
HomeStreet *		2,899		75,374
Impac Mortgage Holdings *		6,151		87,959
Independent Bank		900		20,070
Independent Bank Group		5,830		350,674
KCG Holdings, Cl A *		8,100		161,190
Kite Realty Group Trust ‡		16,000		325,760
Lincoln National		800		52,744
MainSource Financial Group		4,243		145,111
Malvern Bancorp *		4,457		97,385
Marlin Business Services		1,300		33,085
Meta Financial Group		2,626		222,947
Midland States Bancorp		5,344		184,368
MTGE Investment ‡		12,827		230,886
Nicholas Financial *		5,271		52,605
Old Second Bancorp		7,329		87,948
Oritani Financial		8,849		149,991
Peapack Gladstone Financial		5,999		192,328
PennyMac Financial Services, Cl A *		19,095		315,068
Preferred Bank		6,248		331,082
Pzena Investment Management, Cl A		8,200		84,378
Regional Management *		6,000		118,980
Riverview Bancorp		16,100		116,886
Shore Bancshares		3,800		63,042
TriCo Bancshares		4,900		173,754
Two River Bancorp		6,400		117,760
United Community Banks		5,242		143,369
United Community Financial		16,684		142,481
United Financial Bancorp		11,894		205,409
Validus Holdings		2,800		154,784
Voya Financial		13,800		515,844


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Financials (continued)
Walker & Dunlop *		9,100	$	408,135
Western Asset Mortgage Capital ‡		20,927		220,361
Western New England Bancorp		7,200		75,600

				12,781,651

Health Care — 2.1%
Achillion Pharmaceuticals *		65,700		224,037
Acorda Therapeutics *		21,631		349,341
Alexion Pharmaceuticals *		300		38,334
Almost Family *		1,614		80,135
AMAG Pharmaceuticals *		38,892		948,965
Amgen		800		130,656
Analogic		500		35,925
Applied Genetic Technologies *		55,575		311,220
BioSpecifics Technologies *		6,431		364,831
BioTime *		37,400		127,160
Calithera Biosciences *		12,800		138,880
Cambrex *		6,796		403,343
Cardiovascular Systems *		12,784		381,858
Centene *		2,800		208,320
Computer Programs & Systems		4,300		118,035
CR Bard		900		276,732
Cymabay Therapeutics *		18,600		67,332
Enzo Biochem *		24,135		212,388
Exactech *		8,261		244,939
FONAR *		2,641		50,575
Gilead Sciences		18,501		1,268,243
Glaukos *		5,400		256,662
HCA Holdings *		1,800		151,578
HealthSouth		1,400		65,660
Hill-Rom Holdings		300		22,692
Hologic *		1,800		81,270
ICU Medical *		702		107,968
Intellia Therapeutics *		4,833		70,417
Intersect ENT *		6,600		125,400
Lantheus Holdings *		20,156		262,028
LifePoint Health *		400		24,860
Merus *		2,500		55,500
Myriad Genetics *		3,100		57,009
OraSure Technologies *		27,800		364,458
Orthofix International *		1,900		75,145
PDL BioPharma		155,065		348,896
Pfenex *		13,800		66,378


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Health Care (continued)
PharMerica *		8,265	$	195,054
Progenics Pharmaceuticals *		14,500		114,840
RTI Surgical *		18,424		74,617
SciClone Pharmaceuticals *		6,724		64,887
Spectrum Pharmaceuticals *		24,900		189,489
Syneron Medical *		14,400		157,680
Teleflex		1,500		310,335
Tivity Health *		3,665		123,144
United Therapeutics *		7,215		906,925
Vanda Pharmaceuticals *		4,400		67,100
Versartis *		7,900		145,360
Vocera Communications *		10,093		255,958
VWR *		3,600		101,736

				10,824,295

Industrials — 2.2%
ACCO Brands *		26,857		382,712
Acuity Brands		700		123,270
Aerovironment *		3,100		88,567
Allison Transmission Holdings		3,300		127,644
ARC Document Solutions *		14,700		54,096
ArcBest		11,100		293,595
Argan		5,700		381,045
Atkore International Group *		11,660		306,192
Barrett Business Services		3,100		178,746
CAI International *		15,628		322,249
CBIZ *		18,805		296,179
CECO Environmental		5,600		63,224
Cemtrex		68,869		219,692
Columbus McKinnon		11,324		295,896
Commercial Vehicle Group *		50,802		451,630
CRA International		9,916		376,213
Douglas Dynamics		4,610		147,059
Ducommun *		11,411		335,369
Dun & Bradstreet		2,200		241,142
EMCOR Group		900		59,166
Federal Signal		5,360		83,670
Gibraltar Industries *		3,555		139,534
Graham		8,829		194,856
Hardinge		14,467		151,904
HD Supply Holdings *		4,600		185,380
Heidrick & Struggles International		11,360		244,240
Heritage-Crystal Clean *		5,111		76,921


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Industrials (continued)
ICF International *		600	$	26,490
InnerWorkings *		29,414		311,494
Insperity		1,300		118,755
Kimball International, Cl B		21,380		379,923
LB Foster, Cl A		13,599		193,106
MYR Group *		8,809		372,268
Navigant Consulting *		6,751		161,821
Patrick Industries *		4,362		309,920
Pitney Bowes		5,500		73,095
Ply Gem Holdings *		14,056		270,578
Powell Industries		700		24,143
Raven Industries		9,837		304,947
Rush Enterprises, Cl A *		3,000		113,250
Spartan Motors		9,600		79,200
Sparton *		4,600		102,442
Titan International		6,269		67,141
TrueBlue *		15,600		426,660
UniFirst		500		69,600
United Continental Holdings *		13,453		944,535
United Rentals *		1,200		131,592
Universal Forest Products		2,576		245,467
Vectrus *		7,494		190,647
Veritiv *		1,329		68,643
VSE		4,041		172,349
Wabash National		14,489		330,059
Willdan Group *		5,735		162,702

				11,471,018

Information Technology — 2.5%
8x8 *		12,804		186,298
ADTRAN		15,386		307,720
Advanced Energy Industries *		5,596		412,985
Applied Optoelectronics *		4,050		200,030
AudioCodes *		48,520		313,439
Avnet		5,200		201,188
AXT *		25,194		170,060
Barracuda Networks *		5,400		109,782
Bel Fuse, Cl B		3,568		86,346
Black Box		35,137		347,856
Blucora *		17,400		321,030
Broadcom, Cl A		3,491		770,848
Celestica *		36,869		525,383
Ceragon Networks *		35,280		117,482


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Information Technology (continued)
ChannelAdvisor *		9,300	$	109,740
Cognizant Technology Solutions, Cl A *		4,200		252,966
Cohu		11,085		207,622
CommVault Systems *		700		35,315
Control4 *		12,311		208,056
Convergys		3,500		78,785
CoreLogic *		2,300		98,302
Daktronics		14,466		136,848
DHI Group *		85,105		327,654
EMCORE		16,349		147,141
Evolving Systems		20,927		104,635
Extreme Networks *		59,914		468,228
FARO Technologies *		6,226		228,183
Finisar *		1,400		31,976
Gartner *		900		102,681
Guidance Software *		9,600		58,080
Hackett Group		13,487		267,447
Ituran Location and Control		3,858		120,755
IXYS		9,200		128,340
KEMET *		11,800		132,278
Kimball Electronics *		16,004		276,069
Kulicke & Soffa Industries *		6,000		133,920
Limelight Networks *		64,625		202,923
Liquidity Services *		6,197		48,337
Monotype Imaging Holdings		6,000		122,100
NCI, Cl A *		10,993		163,246
NCR *		1,400		57,750
NetApp		10,400		414,440
Network-1 Technologies, Cl 1		24,000		115,200
Nova Measuring Instruments		12,858		258,060
Novanta *		12,476		349,952
PC Connection		8,053		231,443
PCM *		35,717		900,068
Perceptron *		19,900		168,752
Pixelworks *		75,996		371,620
PRGX Global *		9,900		64,845
Progress Software		2,400		71,328
Red Hat *		800		70,464
Rubicon Project *		10,300		58,813
Science Applications International		300		21,897
StarTek *		26,031		236,362


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Information Technology (continued)
Super Micro Computer *		2,800	$	68,320
Sykes Enterprises *		6,123		182,527
Synchronoss Technologies *		500		8,000
Tech Data *		500		47,825
Total System Services		5,700		326,667
Travelzoo *		8,680		79,856
Ultra Clean Holdings *		18,000		346,320
VeriFone Systems *		1,400		25,956
VeriSign *		3,900		346,788
Virtusa *		600		18,588
Web.com Group *		8,000		154,400

				13,258,315

Materials — 0.9%
Ashland Global Holdings		900		111,150
Boise Cascade *		3,900		118,950
Chemours		3,900		157,131
Clearwater Paper *		2,800		136,080
Core Molding Technologies *		24,136		477,410
FutureFuel		18,174		280,970
Huntsman		30,900		765,393
Kaiser Aluminum		1,800		151,938
KMG Chemicals		6,000		315,300
Koppers Holdings *		12,298		522,050
Kraton *		3,034		99,242
Mercer International		15,800		192,760
Olympic Steel		6,449		145,425
OMNOVA Solutions *		19,095		181,403
Orion Engineered Carbons		10,233		207,730
Rayonier Advanced Materials		17,660		233,995
SunCoke Energy *		13,984		128,233
Trinseo		4,200		278,880

				4,504,040

Real Estate — 2.4%
Ashford Hospitality Prime ‡		34,411		364,412
Ashford Hospitality Trust ‡		93,194		582,462
Brixmor Property Group ‡		37,200		734,700
CBL & Associates Properties ‡		99,906		924,131
CoreSite Realty ‡		5,000		489,250
DuPont Fabros Technology		6,400		329,920
Empire State Realty Trust, Cl A ‡		39,300		817,440
Equity LifeStyle Properties ‡		2,600		210,366
Forest City Realty Trust, Cl A ‡		35,507		802,458


COMMON STOCK — continued
	Shares		Value

UNITED STATES (continued)
Real Estate (continued)
Forestar Group *		20,300	$	287,245
GGP ‡		3,900		84,279
Host Hotels & Resorts ‡		20,000		359,000
Hudson Pacific Properties ‡		9,700		333,292
Mack-Cali Realty ‡		26,809		725,183
National Storage Affiliates Trust ‡		12,923		316,614
NexPoint Residential Trust ‡		12,899		309,705
Pennsylvania ‡		11,400		157,890
QTS Realty Trust, Cl A ‡		14,600		780,224
Ramco-Gershenson Properties Trust ‡		5,900		78,647
RE/MAX Holdings, Cl A		3,525		208,504
RMR Group		504		26,586
Ryman Hospitality Properties ‡		10,000		637,800
SBA Communications, Cl A ‡ *		6,400		809,536
Senior Housing Properties Trust ‡		13,200		284,064
Simon Property Group ‡		4,700		776,722
Taubman Centers ‡		11,900		744,345
UMH Properties ‡		11,870		190,157
Vornado Realty Trust ‡		2,300		221,352

				12,586,284

Telecommunication Services — 0.2%
magicJack VocalTec *		5,932		48,643
Telephone & Data Systems		3,000		82,380
United States Cellular *		2,100		82,278
VEON ADR		169,518		700,109

				913,410

Utilities — 0.1%
Artesian Resources, Cl A		6,300		241,983
Atlantica Yield		4,000		83,360
CenterPoint Energy		14,200		405,126

				730,469

				86,488,712

Total Common Stock (Cost $130,429,324)				141,136,157


PREFERRED STOCK (E) — 0.0%
GERMANY — 0.0%
Villeroy & Boch (Cost $76,034) *		4,528		95,194


*WARRANT — 0.0%**
	Number of Warrants/ Shares			Value

Atlas Mara, Expires 12/17/17, Strike Price $11.50 (Cost $333)		33,340		$	168


Total Investments — 87.5% (Cost $471,251,746)				$	458,936,521



SCHEDULE OF SECURITIES SOLD SHORT
COMMON STOCK — (23.5)%
ARGENTINA — (0.1)%
Cresud SACIF y A ADR *		(5,346	)	$	(112,364	)
Pampa Energia ADR *		(9,174	)		(500,350	)

					(612,714	)

AUSTRALIA — (1.8)%
Aconex *		(56,057	)		(184,272	)
Austal		(29,377	)		(37,726	)
Beadell Resources *		(445,402	)		(75,041	)
Brambles		(83,082	)		(643,270	)
Catapult Group International *		(32,819	)		(50,624	)
Clean TeQ Holdings *		(221,578	)		(125,268	)
Cooper Energy *		(595,685	)		(151,657	)
Domino’s Pizza Enterprises		(18,206	)		(833,228	)
Eden Innovations *		(381,278	)		(71,375	)
EML Payments *		(65,844	)		(70,012	)
FlexiGroup		(32,130	)		(56,057	)
Galaxy Resources *		(2,259,094	)		(718,934	)
Iluka Resources		(82,855	)		(521,151	)
ImpediMed *		(231,551	)		(125,704	)
Independence Group NL		(286,381	)		(699,081	)
Ingenia Communities Group ‡		(22,598	)		(46,365	)
Karoon Gas Australia *		(40,323	)		(44,687	)
Kidman Resources *		(417,786	)		(112,622	)
Macquarie Atlas Roads Group		(60,088	)		(240,267	)
Mayne Pharma Group *		(61,502	)		(61,941	)
MGC Pharmaceuticals *		(2,387,081	)		(107,247	)
Neometals		(291,419	)		(66,555	)
Nine Entertainment Holdings		(206,995	)		(190,647	)
Orocobre *		(225,987	)		(533,040	)
Perseus Mining *		(803,491	)		(174,480	)
Premier Investments		(14,865	)		(146,038	)
REA Group		(10,706	)		(492,944	)
Saracen Mineral Holdings *		(272,354	)		(189,663	)
Senex Energy *		(120,265	)		(28,817	)


COMMON STOCK — continued
	Shares			Value

AUSTRALIA (continued)
SpeedCast International		(78,540	)	$	(224,069	)
Suncorp Group		(25,223	)		(260,640	)
Syrah Resources *		(204,695	)		(349,468	)
Ten Network Holdings *		(249,229	)		(50,388	)
TPG Telecom		(129,088	)		(570,301	)
Virgin Australia Holdings *		(296,139	)		(41,024	)
Vocus Group		(218,386	)		(551,088	)
Western Areas		(362,356	)		(602,358	)
Yowie Group *		(94,918	)		(30,918	)

					(9,478,967	)

BELGIUM — (0.1)%
Ablynx *		(4,608	)		(54,211	)
Anheuser-Busch InBev ADR		(5,635	)		(638,107	)
Lotus Bakeries		(13	)		(32,712	)

					(725,030	)

BERMUDA — (0.0)%
Teekay		(7,812	)		(67,808	)


BRAZIL — (0.0)%
BRF ADR		(5,503	)		(68,457	)


CANADA — (1.1)%
Altus Group		(4,200	)		(94,766	)
Boralex		(15,100	)		(231,083	)
Brookfield Canada Office Properties ‡		(822	)		(19,583	)
Calfrac Well Services *		(11,500	)		(29,233	)
Continental Gold *		(48,100	)		(108,529	)
DHX Media, Cl B		(48,800	)		(201,270	)
Goldcorp		(33,283	)		(464,631	)
Lululemon Athletica *		(9,294	)		(483,288	)
MEG Energy *		(5,000	)		(22,637	)
New Gold *		(177,300	)		(502,656	)
Novagold Resources *		(240,478	)		(1,005,198	)
Painted Pony Petroleum *		(34,600	)		(126,735	)
Premier Gold Mines *		(219,500	)		(443,808	)
Pretium Resources *		(18,500	)		(183,367	)
Silver Wheaton		(53,758	)		(1,073,547	)
SNC-Lavalin Group		(4,500	)		(180,982	)
StorageVault Canada		(29,100	)		(49,244	)
Trican Well Service *		(149,000	)		(409,326	)
Uranium Participation *		(10,300	)		(29,579	)


COMMON STOCK — continued
	Shares			Value

CANADA (continued)
Westport Fuel Systems *		(73,256	)	$	(99,628	)

					(5,759,090	)

CHINA — (0.6)%
58.com ADR *		(13,701	)		(542,286	)
Baozun ADR *		(25,502	)		(389,416	)
BeiGene ADR *		(7,347	)		(300,345	)
China Life Insurance, Cl H		(169,000	)		(513,843	)
China Oilfield Services, Cl H		(546,000	)		(503,999	)
Coolpad Group		(702,907	)		(65,064	)
Fang Holdings ADR *		(120,364	)		(403,219	)
Haichang Ocean Park Holdings * (C)		(367,456	)		(78,892	)
Renren ADR *		(12,277	)		(90,604	)
Sunac China Holdings		(367,000	)		(478,428	)
V1 Group *		(386,000	)		(11,910	)

					(3,378,006	)

DENMARK — (0.0)%
NKT Holding		(2,781	)		(219,320	)


FINLAND — (0.1)%
Caverion		(17,288	)		(141,239	)
Outotec		(22,320	)		(165,937	)

					(307,176	)

FRANCE — (0.1)%
DBV Technologies ADR *		(3,667	)		(129,555	)
Sequans Communications ADR *		(43,493	)		(147,876	)
Talend ADR		(10,331	)		(308,587	)

					(586,018	)

GERMANY — (0.4)%
Bilfinger		(9,445	)		(410,303	)
BRAIN Biotechnology Research & Information Network *		(6,709	)		(130,085	)
Ferratum		(3,321	)		(71,085	)
Hamborner ‡		(12,514	)		(131,353	)
Hypoport *		(643	)		(70,743	)
Rocket Internet * (C)		(9,969	)		(181,892	)
SGL Carbon		(23,533	)		(237,965	)
SLM Solutions Group *		(3,652	)		(153,794	)
voxeljet ADR *		(14,104	)		(46,120	)
Zalando * (C)		(12,318	)		(543,228	)
zooplus *		(389	)		(72,735	)

					(2,049,303	)


COMMON STOCK — continued
	Shares			Value

GREECE — (0.1)%
Aegean Marine Petroleum Network		(27,651	)	$	(308,309	)
Tsakos Energy Navigation		(17,107	)		(78,521	)

					(386,830	)

HONG KONG — (1.0)%
Alibaba Health Information Technology *		(354,000	)		(137,898	)
Alibaba Pictures Group *		(1,860,000	)		(301,298	)
Applied Development Holdings *		(42,524	)		(3,608	)
Bank of East Asia		(79,117	)		(327,520	)
BEP International Holdings		(1,443,736	)		(72,388	)
Central China Securities, Cl H		(886,845	)		(470,880	)
Cheung Kong Infrastructure Holdings		(45,852	)		(401,732	)
China Chengtong Development Group *		(316,527	)		(19,736	)
China Healthwise Holdings *		(1,134,000	)		(22,889	)
China Innovationpay Group *		(807,854	)		(51,410	)
China LotSynergy Holdings		(3,317,286	)		(99,796	)
China Minsheng Financial Holding *		(1,025,604	)		(57,356	)
China Ocean Industry Group *		(1,455,905	)		(35,376	)
Chongqing Iron & Steel, Cl H *		(52,000	)		(8,290	)
Digital China Holdings		(104,000	)		(85,571	)
GCL New Energy Holdings *		(2,186,000	)		(113,820	)
Hong Kong Exchanges & Clearing		(20,242	)		(498,611	)
Hybrid Kinetic Group *		(3,582,199	)		(89,804	)
Landing International Development *		(20,068,662	)		(170,284	)
MMG *		(484,826	)		(165,798	)
Noble Group		(8,602,631	)		(880,490	)
North Mining Shares, Cl C *		(1,699,737	)		(34,963	)
Pacific Basin Shipping		(1,638,000	)		(326,406	)
Poly Property Group		(146,000	)		(59,876	)
Pou Sheng International Holdings		(373,000	)		(79,603	)
Qianhai Health Holdings		(11,025,335	)		(104,890	)
Renhe Commercial Holdings *		(3,204,000	)		(81,971	)
Shunfeng International Clean Energy *		(11,445	)		(706	)
Sincere Watch Hong Kong		(1,938,346	)		(47,348	)
Sinofert Holdings		(570,000	)		(76,212	)
Sinopec Oilfield Service, Cl H *		(2,504,269	)		(437,857	)
Sinotrans Shipping *		(275,000	)		(61,870	)
SOCAM Development *		(90,000	)		(24,414	)


COMMON STOCK — continued
	Shares			Value

HONG KONG (continued)
Tou Rong Chang Fu Group *		(236,900	)	$	(4,782	)
United Photovoltaics Group *		(871,147	)		(134,396	)
Viva China Holdings *		(75,255	)		(8,514	)

					(5,498,363	)

INDIA — (0.2)%
Infosys ADR		(34,185	)		(497,734	)
Wipro ADR		(44,486	)		(438,187	)

					(935,921	)

IRELAND — (0.1)%
Ardmore Shipping		(32,191	)		(249,480	)
Weatherford International *		(13,300	)		(76,741	)

					(326,221	)

ISRAEL — (0.1)%
Radware *		(11,447	)		(186,930	)
Redhill Biopharma ADR *		(12,439	)		(125,136	)

					(312,066	)

ITALY — (0.1)%
Piaggio & C *		(59,731	)		(123,623	)
TREVI — Finanziaria Industriale *		(117,788	)		(117,016	)
Yoox Net-A-Porter Group, Cl A *		(19,794	)		(526,104	)

					(766,743	)

JAPAN — (1.2)%
Activia Properties ‡		(78	)		(371,545	)
Aeria		(9,800	)		(494,066	)
Ain Holdings		(5,000	)		(346,266	)
AltPlus		(21,200	)		(152,902	)
Colowide		(7,700	)		(126,405	)
Daito Chemix		(20,000	)		(123,436	)
Econach Holdings *		(216,000	)		(122,072	)
Forside *		(59,400	)		(120,425	)
I-Freek Mobile *		(56,500	)		(99,848	)
Japan Tissue Engineering *		(6,100	)		(71,739	)
Keikyu		(43,000	)		(493,357	)
Kimuratan *		(2,425,000	)		(152,276	)
Kumiai Chemical Industry		(19,400	)		(111,901	)
Litalico *		(8,700	)		(125,730	)
M&A Capital Partners *		(5,200	)		(233,703	)
MBK *		(30,400	)		(103,629	)
MonotaRO		(17,500	)		(569,074	)
Nihon M&A Center		(15,200	)		(519,507	)
Nippon Sharyo *		(42,000	)		(111,146	)
Nuts *		(77,000	)		(145,746	)


COMMON STOCK — continued
	Shares			Value

JAPAN (continued)
OSAKA Titanium Technologies		(12,300	)	$	(180,293	)
O-uccino *		(4,100	)		(129,096	)
Rakuten		(58,400	)		(597,752	)
Relo Group		(13,600	)		(223,261	)
SMS		(800	)		(21,293	)
Softfront Holdings *		(58,000	)		(107,701	)
Sorghum Japan Holdings *		(37,800	)		(84,094	)
Tokyo Kikai Seisakusho		(155,000	)		(87,598	)
UMN Pharma *		(41,900	)		(96,222	)
Vector		(30,300	)		(108,724	)
Wintest *		(60,000	)		(88,271	)

					(6,319,078	)

NETHERLANDS — (0.2)%
Altice, Cl A *		(26,530	)		(659,045	)
Basic-Fit * (C)		(7,663	)		(133,975	)
uniQure *		(11,073	)		(59,351	)

					(852,371	)

NEW ZEALAND — (0.0)%
Orion Health Group *		(102,354	)		(98,387	)


NORWAY — (0.2)%
Axactor *		(549,398	)		(158,689	)
Hexagon Composites *		(14,748	)		(46,893	)
Jinhui Shipping & Transportation *		(18,519	)		(21,526	)
Kongsberg Gruppen		(3,156	)		(49,255	)
NEL *		(243,368	)		(64,059	)
Nordic Semiconductor *		(18,565	)		(74,381	)
Opera Software		(26,595	)		(120,182	)
Schibsted, Cl A		(9,629	)		(239,435	)
XXL (C)		(9,977	)		(107,486	)

					(881,906	)

SINGAPORE — (0.2)%
COSCO Shipping International Singapore		(872,199	)		(177,917	)
Hyflux		(402,136	)		(159,743	)
SIIC Environment Holdings *		(110,400	)		(41,880	)
Singapore Post		(328,200	)		(324,171	)
Singapore Press Holdings		(189,800	)		(471,393	)

					(1,175,104	)

SOUTH KOREA — (0.0)%
Gravity ADR		(4,206	)		(76,381	)


COMMON STOCK — continued
	Shares			Value

SWEDEN — (0.1)%
Camurus *		(9,791	)	$	(128,781	)
Eltel * (C)		(20,420	)		(133,139	)
Kambi Group *		(4,623	)		(47,497	)
Modern Times Group MTG, Cl B		(4,971	)		(162,196	)
Qliro Group *		(31,170	)		(44,341	)

					(515,954	)

SWITZERLAND — (0.2)%
Arbonia *		(6,937	)		(128,979	)
Chocoladefabriken Lindt & Spruengli		(38	)		(213,678	)
Daetwyler Holding		(909	)		(153,845	)
Meyer Burger Technology *		(84,083	)		(69,295	)
Molecular Partners *		(5,358	)		(160,740	)
Orascom Development Holding *		(18,740	)		(104,341	)

					(830,878	)

UNITED STATES — (15.5)%
Consumer Discretionary — (2.8)%
Abercrombie & Fitch, Cl A		(18,924	)		(226,899	)
Barnes & Noble		(7,100	)		(60,705	)
Buckle		(28,700	)		(536,690	)
Buffalo Wild Wings *		(1,200	)		(189,060	)
Build-A-Bear Workshop, Cl A *		(27,924	)		(290,410	)
Cato, Cl A		(19,400	)		(437,664	)
Charter Communications, Cl A *		(2,090	)		(721,384	)
Chipotle Mexican Grill, Cl A *		(620	)		(294,171	)
Chuy’s Holdings *		(7,767	)		(231,457	)
Conn’s *		(17,000	)		(299,200	)
CSS Industries		(5,700	)		(150,252	)
Destination XL Group *		(38,109	)		(97,178	)
DineEquity		(3,069	)		(173,521	)
El Pollo Loco Holdings *		(11,622	)		(145,856	)
Ethan Allen Interiors		(6,500	)		(193,700	)
Express *		(18,705	)		(161,424	)
Famous Dave’s of America *		(12,486	)		(49,944	)
Fiesta Restaurant Group *		(9,221	)		(224,531	)
Finish Line, Cl A		(19,546	)		(309,022	)
Fossil Group *		(13,307	)		(229,546	)
FTD *		(6,545	)		(130,900	)
GameStop, Cl A		(9,000	)		(204,210	)
Gannett		(7,800	)		(65,208	)
G-III Apparel Group *		(8,938	)		(211,831	)
Green Brick Partners *		(13,176	)		(135,713	)
Guess?		(11,767	)		(131,320	)


COMMON STOCK — continued
	Shares			Value

UNITED STATES (continued)
Consumer Discretionary (continued)
Habit Restaurants, Cl A *		(17,235	)	$	(325,742	)
Hibbett Sports *		(12,988	)		(337,688	)
Kirkland’s *		(11,486	)		(135,075	)
Kona Grill *		(24,301	)		(138,516	)
L Brands		(16,200	)		(855,522	)
Lindblad Expeditions Holdings *		(17,851	)		(169,585	)
Lumber Liquidators Holdings *		(13,600	)		(333,880	)
MakeMyTrip *		(12,125	)		(465,600	)
Mattel		(1,900	)		(42,598	)
National CineMedia		(10,512	)		(124,777	)
Nautilus *		(17,960	)		(326,872	)
NIKE, Cl B		(3,100	)		(171,771	)
Oxford Industries		(2,838	)		(164,547	)
Red Robin Gourmet Burgers *		(5,368	)		(315,370	)
RH *		(3,800	)		(182,286	)
Sonic		(800	)		(21,504	)
Sonic Automotive, Cl A		(3,500	)		(68,600	)
Sportsman’s Warehouse Holdings *		(35,847	)		(146,614	)
Stein Mart		(15,839	)		(39,122	)
Strattec Security		(3,805	)		(122,331	)
Tesla *		(4,799	)		(1,507,222	)
Tiffany		(4,300	)		(394,095	)
Tile Shop Holdings		(4,600	)		(98,210	)
Tuesday Morning *		(18,500	)		(60,125	)
Under Armour, Cl A *		(19,900	)		(427,651	)
Under Armour, Cl C *		(21,700	)		(421,197	)
Universal Electronics *		(1,884	)		(130,561	)
VF		(4,100	)		(223,983	)
Vitamin Shoppe *		(10,390	)		(200,527	)
Wayfair, Cl A *		(700	)		(31,997	)
William Lyon Homes, Cl A *		(10,955	)		(241,010	)
Wingstop		(15,000	)		(441,450	)

					(14,567,824	)

Consumer Staples — (0.8)%
Cal-Maine Foods		(6,300	)		(237,825	)
Coty, Cl A		(79,054	)		(1,411,114	)
Craft Brew Alliance *		(15,140	)		(205,904	)
Farmer Brothers *		(2,900	)		(102,950	)
Inventure Foods *		(28,985	)		(107,245	)
MGP Ingredients		(8,193	)		(428,985	)
Natural Grocers by Vitamin Cottage *		(32,357	)		(353,986	)


COMMON STOCK — continued
	Shares			Value

UNITED STATES (continued)
Consumer Staples (continued)
Orchids Paper Products		(9,218	)	$	(224,458	)
Smart & Final Stores *		(26,921	)		(317,668	)
SunOpta *		(79,168	)		(577,926	)
Village Super Market, Cl A		(4,500	)		(118,755	)

					(4,086,816	)

Energy — (0.7)%
Bristow Group		(11,985	)		(160,239	)
CARBO Ceramics *		(23,038	)		(158,271	)
Cheniere Energy *		(4,900	)		(222,215	)
Frank’s International		(34,600	)		(314,860	)
Gener8 Maritime *		(17,977	)		(96,536	)
Geospace Technologies *		(4,521	)		(74,777	)
Golar LNG		(32,996	)		(841,728	)
Hornbeck Offshore Services *		(21,614	)		(73,704	)
Kosmos Energy *		(79,360	)		(476,954	)
Occidental Petroleum		(700	)		(43,078	)
Par Pacific Holdings *		(39,348	)		(644,127	)
Schlumberger		(3,500	)		(254,065	)
SEACOR Holdings *		(4,902	)		(321,865	)
SRC Energy *		(5,587	)		(42,126	)
Tesco *		(25,863	)		(169,403	)

					(3,893,948	)

Financials — (2.3)%
Ameris Bancorp		(7,010	)		(330,171	)
Associated Capital Group		(1,700	)		(57,205	)
Atlas Financial Holdings *		(11,997	)		(155,361	)
BankFinancial		(7,545	)		(111,515	)
Beneficial Bancorp		(4,909	)		(78,544	)
Capital Bank Financial, Cl A		(8,533	)		(354,120	)
Capital City Bank Group		(7,438	)		(153,297	)
Cincinnati Financial		(1,000	)		(72,090	)
Citizens & Northern		(5,947	)		(138,268	)
City Holding		(2,661	)		(189,171	)
Clifton Bancorp		(21,629	)		(361,204	)
Community Trust Bancorp		(6,976	)		(313,571	)
ConnectOne Bancorp		(6,100	)		(135,420	)
Donnelley Financial Solutions *		(4,600	)		(102,212	)
eHealth *		(18,832	)		(267,038	)
Equity Bancshares, Cl A *		(9,163	)		(289,276	)
ESSA Bancorp		(5,390	)		(81,551	)
Farmers Capital Bank		(2,100	)		(87,150	)


COMMON STOCK — continued
	Shares			Value

UNITED STATES (continued)
Financials (continued)
Federated National Holding		(11,106	)	$	(178,585	)
Financial Engines		(4,900	)		(208,250	)
First Bancorp		(10,497	)		(315,330	)
First Business Financial Services		(4,605	)		(122,355	)
First Mid-Illinois Bancshares		(2,100	)		(68,481	)
FirstCash		(16,300	)		(846,785	)
GAMCO Investors, Cl A		(6,783	)		(194,672	)
Gaming and Leisure Properties ‡		(1,400	)		(48,720	)
Greenhill		(5,869	)		(148,486	)
Greenlight Capital Re, Cl A *		(10,788	)		(232,481	)
HarborOne Bancorp *		(14,857	)		(309,323	)
Heritage Insurance Holdings		(4,623	)		(55,938	)
Infinity Property & Casualty		(2,877	)		(285,542	)
Investment Technology Group		(9,407	)		(187,293	)
Kearny Financial		(10,144	)		(148,102	)
Ladenburg Thalmann Financial Services *		(27,099	)		(75,335	)
LendingClub *		(27,700	)		(162,045	)
LendingTree *		(2,700	)		(380,430	)
Live Oak Bancshares		(16,596	)		(400,793	)
Manning & Napier, Cl A		(24,174	)		(140,209	)
MBT Financial		(5,900	)		(66,080	)
Nasdaq		(1,500	)		(103,305	)
Nicolet Bankshares *		(2,650	)		(130,645	)
OceanFirst Financial		(7,300	)		(201,845	)
Opus Bank		(17,719	)		(399,564	)
Pacific Mercantile Bancorp *		(22,113	)		(171,376	)
PHH *		(20,450	)		(263,805	)
Prudential Bancorp *		(5,300	)		(94,976	)
Republic First Bancorp *		(47,129	)		(405,309	)
RLI		(11,000	)		(629,420	)
Safeguard Scientifics *		(16,430	)		(208,661	)
Stonegate Bank		(2,600	)		(119,340	)
Summit Financial Group		(4,500	)		(98,415	)
Univest Corp of Pennsylvania		(2,300	)		(69,690	)
Virtus Investment Partners		(800	)		(85,120	)
Walter Investment Management *		(17,200	)		(18,404	)
Waterstone Financial		(5,187	)		(98,553	)
Willis Towers Watson		(6,400	)		(848,768	)
WMIH *		(48,185	)		(72,278	)
World Acceptance *		(4,709	)		(249,106	)

					(12,120,979	)


COMMON STOCK — continued
	Shares			Value

UNITED STATES (continued)
Health Care — (2.2)%
Abaxis		(2,591	)	$	(116,673	)
Aceto		(8,948	)		(141,826	)
Achaogen *		(25,520	)		(614,522	)
Aimmune Therapeutics *		(6,578	)		(127,876	)
American Renal Associates Holdings *		(7,547	)		(129,884	)
Amphastar Pharmaceuticals *		(11,076	)		(167,248	)
Analogic		(3,006	)		(215,981	)
ANI Pharmaceuticals *		(1,300	)		(70,356	)
Arbutus Biopharma *		(9,813	)		(32,874	)
AtriCure *		(16,226	)		(332,633	)
AxoGen *		(7,500	)		(91,500	)
Capital Senior Living *		(15,527	)		(216,912	)
Cerus *		(21,955	)		(95,504	)
Compugen *		(28,225	)		(114,311	)
ConforMIS *		(10,842	)		(60,932	)
CytomX Therapeutics *		(6,460	)		(101,487	)
Dermira *		(10,518	)		(358,243	)
Diplomat Pharmacy *		(10,998	)		(171,569	)
Endologix *		(31,186	)		(233,583	)
Entellus Medical *		(13,350	)		(189,837	)
Envision Healthcare *		(12,400	)		(694,772	)
Evolent Health, Cl A *		(6,800	)		(158,100	)
Flexion Therapeutics *		(6,022	)		(122,909	)
Foamix Pharmaceuticals *		(26,492	)		(111,531	)
GenMark Diagnostics *		(22,852	)		(292,963	)
HealthEquity *		(300	)		(13,656	)
Heron Therapeutics *		(20,800	)		(319,280	)
Invacare		(28,098	)		(413,041	)
Invuity *		(9,004	)		(81,036	)
K2M Group Holdings *		(8,892	)		(196,958	)
LeMaitre Vascular		(6,642	)		(197,599	)
Meridian Bioscience		(12,731	)		(188,419	)
Mirati Therapeutics *		(12,826	)		(58,358	)
NanoString Technologies *		(14,300	)		(249,964	)
National Research, Cl A		(3,400	)		(84,320	)
Neuroderm *		(9,304	)		(268,653	)
Novadaq Technologies *		(67,953	)		(472,953	)
Otonomy *		(5,947	)		(79,392	)
Pacific Biosciences of California *		(102,463	)		(403,704	)
Paratek Pharmaceuticals *		(6,969	)		(149,485	)
Penumbra *		(9,160	)		(782,722	)
Quidel *		(4,375	)		(105,744	)


COMMON STOCK — continued
	Shares			Value

UNITED STATES (continued)
Health Care (continued)
Second Sight Medical Products *		(36,170	)	$	(41,957	)
Simulations Plus		(9,214	)		(107,804	)
STAAR Surgical *		(10,499	)		(109,190	)
Teladoc *		(32,208	)		(798,758	)
Teligent *		(15,334	)		(120,985	)
TESARO *		(900	)		(132,831	)
Tetraphase Pharmaceuticals *		(19,520	)		(154,794	)
Theravance Biopharma *		(10,834	)		(436,935	)
VBI Vaccines *		(25,195	)		(113,126	)
ViewRay *		(17,985	)		(124,096	)
Viveve Medical *		(14,901	)		(120,549	)

					(11,290,335	)

Industrials — (1.2)%
Allied Motion Technologies		(7,062	)		(159,884	)
Astronics, Cl B *		(1	)		(31	)
Babcock & Wilcox Enterprises *		(31,396	)		(294,181	)
CIRCOR International		(3,848	)		(256,700	)
Costamare		(20,446	)		(137,806	)
Covenant Transportation Group, Cl A *		(17,156	)		(321,332	)
Echo Global Logistics *		(13,223	)		(247,931	)
EnerNOC *		(12,763	)		(72,111	)
Flowserve		(200	)		(10,174	)
Franklin Covey *		(18,423	)		(391,489	)
FreightCar America		(16,834	)		(219,852	)
Hudson Technologies *		(23,048	)		(163,641	)
Huron Consulting Group *		(7,125	)		(317,062	)
Hyster-Yale Materials Handling		(2,449	)		(147,209	)
IHS Markit *		(14,676	)		(636,938	)
Insteel Industries		(6,527	)		(227,205	)
Johnson Controls International		(10,100	)		(419,857	)
KeyW Holding *		(28,982	)		(275,039	)
Kornit Digital *		(10,065	)		(202,307	)
McGrath RentCorp		(1,900	)		(66,139	)
Multi-Color		(4,943	)		(379,622	)
PAM Transportation Services *		(5,645	)		(105,957	)
Sun Hydraulics		(2,700	)		(104,868	)
Team *		(13,509	)		(363,392	)
Universal Logistics Holdings		(6,039	)		(84,244	)
USA Truck *		(14,048	)		(94,262	)
Vicor *		(5,786	)		(104,148	)
Wabtec		(3,100	)		(260,059	)

					(6,063,440	)


COMMON STOCK — continued
	Shares			Value

UNITED STATES (continued)
Information Technology — (2.2)%
2U *		(15,373	)	$	(697,934	)
Advanced Micro Devices *		(25,600	)		(340,480	)
Aerohive Networks *		(41,958	)		(162,377	)
Avid Technology *		(28,563	)		(160,096	)
Benefitfocus *		(34,492	)		(1,086,498	)
Cray *		(7,088	)		(126,875	)
Exa *		(12,437	)		(171,133	)
FireEye *		(14,800	)		(185,148	)
Global Eagle Entertainment *		(73,642	)		(228,290	)
Harmonic *		(27,717	)		(160,759	)
Hortonworks *		(15,816	)		(164,644	)
Immersion *		(27,378	)		(240,105	)
Instructure *		(15,518	)		(370,880	)
Kopin *		(37,855	)		(154,448	)
MACOM Technology Solutions Holdings *		(2,013	)		(98,407	)
Mesa Laboratories		(2,911	)		(407,016	)
Mimecast *		(3,346	)		(80,873	)
Model N *		(32,993	)		(353,025	)
Monotype Imaging Holdings		(7,288	)		(148,311	)
MTS Systems		(6,882	)		(319,669	)
NeoPhotonics *		(31,260	)		(242,578	)
Numerex, Cl A *		(14,380	)		(64,710	)
Pandora Media *		(17,200	)		(186,620	)
Paychex		(5,100	)		(302,328	)
PDF Solutions *		(11,240	)		(213,785	)
PROS Holdings *		(9,115	)		(224,685	)
Q2 Holdings *		(3,981	)		(151,875	)
QuickLogic *		(72,242	)		(121,728	)
Reis		(6,910	)		(129,908	)
Seachange International *		(17,565	)		(44,264	)
Shopify, Cl A *		(15,507	)		(1,177,757	)
ShoreTel *		(23,664	)		(154,999	)
Silver Spring Networks *		(20,838	)		(237,761	)
SPS Commerce *		(4,837	)		(267,293	)
Square, Cl A *		(35,516	)		(647,812	)
Twilio, Cl A *		(19,715	)		(651,581	)
USA Technologies *		(24,006	)		(117,629	)
VASCO Data Security International *		(18,540	)		(250,290	)
Workiva, Cl A *		(21,040	)		(353,472	)
Xactly *		(18,300	)		(212,280	)
XO Group *		(7,100	)		(124,605	)


COMMON STOCK — continued
	Shares			Value

UNITED STATES (continued)
Information Technology (continued)
Zillow Group, Cl C *		(2,600	)	$	(101,400	)

					(11,636,328	)

Materials — (0.8)%
Alamos Gold, Cl A		(142,969	)		(1,023,658	)
Ball		(10,800	)		(830,412	)
Calgon Carbon		(6,497	)		(94,531	)
CF Industries Holdings		(25,300	)		(676,522	)
Deltic Timber		(2,938	)		(227,313	)
Endeavour Silver *		(171,280	)		(527,542	)
Haynes International		(4,914	)		(207,813	)
Resolute Forest Products *		(14,519	)		(90,744	)
Tecnoglass		(8,600	)		(93,138	)
Trecora Resources *		(10,852	)		(119,915	)
US Concrete *		(3,255	)		(201,810	)

					(4,093,398	)

Real Estate — (2.2)%
American Homes 4 Rent, Cl A ‡		(1	)		(16	)
Brandywine Realty Trust ‡		(6,100	)		(103,517	)
Cedar Realty Trust ‡		(47,183	)		(253,844	)
Chatham Lodging Trust ‡		(40,700	)		(787,952	)
Chesapeake Lodging Trust ‡		(13,000	)		(303,030	)
EPR Properties ‡		(7,400	)		(538,054	)
Equity Residential ‡		(5,800	)		(374,564	)
FelCor Lodging Trust ‡		(71,100	)		(551,025	)
GEO Group ‡		(4,900	)		(163,268	)
Getty Realty ‡		(31,067	)		(795,315	)
Gladstone Commercial ‡		(5,500	)		(122,650	)
Global Net Lease ‡		(700	)		(16,541	)
Government Properties Income Trust ‡		(22,800	)		(486,096	)
HCP ‡		(3,600	)		(112,860	)
Hersha Hospitality Trust, Cl A ‡		(42,400	)		(781,856	)
Independence Realty Trust ‡		(44,700	)		(411,240	)
Investors Real Estate Trust ‡		(169,004	)		(998,814	)
Iron Mountain ‡		(20,200	)		(702,152	)
iStar ‡ *		(24,400	)		(298,412	)
Kennedy-Wilson Holdings		(4,200	)		(85,680	)
Macerich ‡		(1,900	)		(118,617	)
Marcus & Millichap *		(13,172	)		(339,838	)
New York ‡		(68,400	)		(652,536	)
Park Hotels & Resorts ‡		(800	)		(20,536	)
Parkway ‡		(900	)		(18,135	)
Rayonier ‡		(1,700	)		(47,974	)


COMMON STOCK — continued
	Shares/ Number of Rights			Value

UNITED STATES (continued)
Real Estate (continued)
Realty Income ‡		(12,917	)	$	(753,707	)
RMR Group		(504	)		(26,605	)
Seritage Growth Properties ‡		(5,000	)		(207,500	)
STAG Industrial ‡		(4,600	)		(121,256	)
Sunstone Hotel Investors ‡		(21,000	)		(312,690	)
Whitestone, Cl B ‡		(15,527	)		(194,709	)
WP Carey ‡		(13,100	)		(820,060	)

					(11,521,049	)

Telecommunication Services — (0.1)%
Boingo Wireless *		(14,684	)		(209,834	)
ORBCOMM *		(14,273	)		(137,592	)
Sprint *		(8,500	)		(76,755	)

					(424,181	)

Utilities — (0.3)%
Atlantic Power *		(50,751	)		(126,877	)
Cadiz *		(1,498	)		(22,620	)
Dominion Resources		(6,500	)		(503,295	)
Dynegy *		(36,486	)		(234,240	)
TerraForm Power, Cl A *		(32,700	)		(411,693	)
Vivint Solar *		(36,031	)		(108,093	)

					(1,406,818	)

					(81,105,116	)

Total Common Stock (Proceeds $122,474,225)					(123,333,208	)


REGISTERED INVESTMENT COMPANIES — (1.0)%
EXCHANGE TRADED FUNDS — (1.0)%
Energy Select Sector SPDR Fund		(43,000	)		(2,917,120	)
Industrial Select Sector SPDR Fund		(8,800	)		(583,792	)
Utilities Select Sector SPDR Fund		(32,400	)		(1,675,080	)


Total Registered Investment Companies (Proceeds $5,224,756)					(5,175,992	)


*RIGHTS — 0.0%**
TPG Telecom, Expires 05/17/17 (Proceeds $—)		(10,074	)		(4,903	)


Securities Sold Short — (24.5)% (Proceeds $127,698,981)				$	(128,514,103	)


*PURCHASED OPTIONS — 0.0%**
	Contracts			Value

S&P 500 Index Call Option, Expires 05/19/17, Strike Price $2,405.00		226		$	162,720
S&P 500 Index Put Option, Expires 05/19/17, Strike Price $2,110.00		226			18,532


Total Purchased Options — 0.0% (Cost $180,090)				$	181,252


*WRITTEN OPTIONS — (0.5)%**
S&P 500 Index Call Option, Expires 05/19/17, Strike Price $2,280.00		(226	)	$	(2,365,542	)
S&P 500 Index Put Option, Expires 05/19/17, Strike Price $2,280.00		(452	)		(152,776	)


Total Written Options — 0.5% (Proceeds $2,544,694)				$	(2,518,318	)

For the six-months ended April 30, 2017, 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, 2017, is as follows:


Company Reference	Counterparty		Termination Date		Receive/ (Pay)	Number of Contracts			Notional Amount			Unrealized Appreciation (Depreciation)
ABLYNX ORD SHS		BAML		4/30/2018	1M LIBOR		(6,958	)		(84,666	)	$	2,839
ACONEX ORD SHS		BAML		11/17/2017	1M LIBOR		(27,839	)		(124,716	)		33,203
AEROSPACE TECHNOLOGY OF K		BAML		11/13/2017	1M LIBOR		(7,443	)		(102,178	)		(3,132	)
AGL ENERGY ORD SHS		BAML		5/29/2017	1M LIBOR		5,489			103,989			5,999
AIMIA ORD SHS		BAML		11/27/2017	1M LIBOR		41,600			286,305			(7,753	)
AIR NEW ZEALAND ORD SHS		BAML		5/29/2017	1M LIBOR		153,996			248,421			21,101
AIR NEW ZEALAND ORD SHS		BAML		5/29/2017	1M LIBOR		122,953			192,636			22,555
AKRON ORD SHS		BAML		7/28/2017	1M LIBOR		2,614			136,717			17,091
ALTUS GROUP ORD SHS		BAML		11/27/2017	1M LIBOR		(7,600	)		(161,183	)		(10,304	)
AMOREPACIFIC ORD SHS		BAML		11/13/2017	1M LIBOR		(2,376	)		(573,666	)		(36,047	)
AMOREPACIFIC ORD SHS		BAML		12/8/2017	1M LIBOR		(779	)		(193,745	)		(6,157	)
AO WORLD ORD SHS		BAML		4/30/2018	1M LIBOR		(34,859	)		(63,364	)		2,487
ARISTOCRAT LEISURE ORD SH		BAML		5/29/2017	1M LIBOR		8,387			107,222			16,121
ASALEO CARE ORD SHS		BAML		12/28/2017	1M LIBOR		187,195			212,917			38,691
ASANKO GOLD ORD SHS		BAML		11/27/2017	1M LIBOR		(22,200	)		(51,255	)		(2,578	)
ATHABASCA OIL ORD SHS		BAML		11/27/2017	1M LIBOR		(107,300	)		(127,995	)		19,516
AUSTRALIAN AGRICULTURAL C		BAML		11/10/2017	1M LIBOR		(68,036	)		(82,558	)		(5,323	)
AUSTRALIAN AGRICULTURAL C		BAML		11/17/2017	1M LIBOR		(103,366	)		(118,347	)		(15,169	)
AUSTRALIAN PHARMACEUTICAL		BAML		5/29/2017	1M LIBOR		194,864			304,892			20,497
AUSTRALIAN PHARMACEUTICAL		BAML		12/28/2017	1M LIBOR		157,766			226,299			37,143
AVANTI COMMUNICATIONS GRO		BAML		4/30/2018	1M LIBOR		(22,290	)		(3,284	)		4


Company Reference	Counterparty		Termination Date		Receive/ (Pay)	Number of Contracts			Notional Amount			Unrealized Appreciation (Depreciation)
AVICHINA INDUSTRY and TEC		BAML		5/29/2017	1M LIBOR		(245,000	)		(170,258	)	$	6,826
BANK BUKOPIN ORD SHS		BAML		11/10/2017	1M LIBOR		2,462,400			116,641			(220	)
BEACH ENERGY ORD SHS		BAML		5/29/2017	1M LIBOR		820,591			492,236			(40,609	)
BEACH ENERGY ORD SHS		BAML		12/28/2017	1M LIBOR		595,028			324,708			2,777
BEADELL RESOURCES ORD SHS		BAML		11/17/2017	1M LIBOR		(297,758	)		(61,064	)		10,897
BEP INTERNATIONAL HOLDING		BAML		5/29/2017	1M LIBOR		(390,000	)		(21,679	)		2,130
BIONIME ORD SHS		BAML		11/17/2017	1M LIBOR		8,000			20,082			144
BLUESCOPE STEEL ORD SHS		BAML		5/29/2017	1M LIBOR		83,366			735,068			(4,702	)
BLUESCOPE STEEL ORD SHS		BAML		12/28/2017	1M LIBOR		99,405			951,988			(81,104	)
BMF BOVESPA BOLSA DE VALO		BAML		11/27/2017	1M LIBOR		(87,000	)		(462,862	)		(58,444	)
BNN TECHNOLOGY ORDINARY S		BAML		4/30/2018	1M LIBOR		(5,614	)		(7,589	)		1,488
BOHAE BREWERY ORD SHS		BAML		11/13/2017	1M LIBOR		(33,882	)		(39,744	)		2,971
BRADESPAR PREF SHS		BAML		11/27/2017	1M LIBOR		(78,700	)		(489,861	)		(2,549	)
CABCHARGE AUSTRALIA ORD S		BAML		12/28/2017	1M LIBOR		54,857			105,946			2,087
CASCADES ORD SHS		BAML		11/27/2017	1M LIBOR		18,500			177,986			44,827
CELLNEX TELECOM ORD SHS		BAML		4/30/2018	1M LIBOR		(30,613	)		(500,823	)		(40,029	)
CENTERRA GOLD ORD SHS		BAML		11/27/2017	1M LIBOR		76,300			355,398			38,679
CHINA CHENGTONG DEVELOPME		BAML		5/29/2017	1M LIBOR		(222,000	)		(17,652	)		3,813
CHINA FISHERY GROUP ORD S		BAML		11/13/2017	1M LIBOR		(795,300	)		(43,710	)		43,653
CHINA GOLDJOY GROUP ORD S		BAML		11/13/2017	1M LIBOR		(1,284,000	)		(128,177	)		27,508
CHINA MINSHENG FINANCIAL		BAML		5/29/2017	1M LIBOR		(370,000	)		(34,799	)		14,112
CHINA OCEAN INDUSTRY GROU		BAML		5/29/2017	1M LIBOR		(1,045,000	)		(24,053	)		(1,332	)
CLOVER INDUSTRIES ORD SHS		BAML		7/28/2017	1M LIBOR		83,438			110,464			(9,195	)
CONTINENTAL GOLD ORD SHS		BAML		11/27/2017	1M LIBOR		(19,900	)		(55,634	)		10,732
COSON ORD SHS		BAML		11/13/2017	1M LIBOR		(12,073	)		(117,619	)		(24,554	)
COSTAIN GROUP ORD SHS		BAML		4/30/2018	1M LIBOR		34,807			176,267			43,012
CSR ORD SHS		BAML		5/29/2017	1M LIBOR		209,661			634,249			135,023
CSR ORD SHS		BAML		12/28/2017	1M LIBOR		185,878			580,957			101,052
DERICHEBOURG ORD SHS		BAML		4/30/2018	1M LIBOR		37,296			184,813			(6,284	)
DOMINO’S PIZZA ENTERPRISE		BAML		11/10/2017	1M LIBOR		(4,666	)		(202,745	)		(10,802	)
DRB-HICOM ORD SHS		BAML		3/5/2018	1M LIBOR		(292,700	)		(86,036	)		(11,059	)
DXB ENTERTAINMENTS ORD SH		BAML		8/1/2017	1M LIBOR		(1,154,294	)		(362,757	)		59,491
ESA ORD SHS		BAML		11/13/2017	1M LIBOR		(1,312	)		(12,378	)		6,464
FDG ELECTRIC VEHICLES ORD		BAML		5/29/2017	1M LIBOR		(940,000	)		(41,039	)		(2,455	)
FERRATUM ORD SHS		BAML		4/30/2018	1M LIBOR		(1,625	)		(32,669	)		(2,101	)
FINCIANTIERI ORD SHS		BAML		4/30/2018	1M LIBOR		(73,032	)		(51,002	)		(20,531	)
FLEXIGROUP ORD SHS		BAML		11/10/2017	1M LIBOR		(51,892	)		(94,150	)		3,614
FORD OTOMOTIV SANAYI A OR		BAML		8/1/2017	1M LIBOR		12,209			120,301			15,437
FORTESCUE METALS GROUP OR		BAML		5/29/2017	1M LIBOR		186,901			781,872			(38,729	)
FORTESCUE METALS GROUP OR		BAML		12/28/2017	1M LIBOR		226,222			1,040,503			(141,016	)
FOXBRAIN ORD SHS		BAML		12/8/2017	1M LIBOR		(422	)		(909	)		(48	)
FOXTONS GROUP ORD SHS		BAML		4/30/2018	1M LIBOR		(102,909	)		(119,413	)		(17,038	)


Company Reference	Counterparty		Termination Date		Receive/ (Pay)	Number of Contracts			Notional Amount			Unrealized Appreciation (Depreciation)
GENWORTH MORTGAGE INSURAN		BAML		5/29/2017	1M LIBOR		136,220			331,714		$	3,871
GOLD PACIFIC ORD SHS		BAML		11/13/2017	1M LIBOR		(22,687	)		(16,861	)		8,288
G-TECH OPTOELECTRONICS OR		BAML		5/29/2017	1M LIBOR		(5,390	)		(3,685	)		559
HANJIN HEAVY INDUSTRIES a		BAML		12/8/2017	1M LIBOR		(9,206	)		(27,259	)		(86	)
HANPIN ELECTRON ORD SHS		BAML		11/17/2017	1M LIBOR		91,407			132,927			7,156
HEXAGON COMPOSITES ORD SH		BAML		4/30/2018	1M LIBOR		(22,269	)		(68,202	)		(2,762	)
HIGHLAND GOLD MINING ORD		BAML		4/30/2018	1M LIBOR		157,282			365,217			(71,217	)
HINDUSTAN PETROLEUM ORD S		BAML		4/30/2018	1M LIBOR		9,851			77,456			4,806
HLB ORD SHS		BAML		12/8/2017	1M LIBOR		(5,617	)		(78,457	)		10,336
HSIN CHONG GROUP HOLDINGS		BAML		5/29/2017	1M LIBOR		(116,000	)		(5,646	)		427
HSIN CHONG GROUP HOLDINGS		BAML		11/13/2017	1M LIBOR		(2,182,000	)		(104,651	)		6,492
HUANXI MEDIA GROUP ORD SH		BAML		5/29/2017	1M LIBOR		(160,000	)		(49,860	)		3,795
HUAYI TENCENT ENTERTAINME		BAML		5/29/2017	1M LIBOR		(790,000	)		(49,322	)		11,753
HUAYU AUTOMOTIVE SYSTEMS		BAML		5/29/2017	1M LIBOR		277,276			664,302			90,612
HYPOPORT N ORD SHS		BAML		4/30/2018	1M LIBOR		(819	)		(76,173	)		(13,900	)
IMPEDIMED ORD SHS		BAML		11/10/2017	1M LIBOR		(9,409	)		(7,368	)		2,260
IMPEDIMED ORD SHS		BAML		11/17/2017	1M LIBOR		(20,972	)		(18,669	)		7,283
INMOBILIARIA COLONIAL ORD		BAML		4/30/2018	1M LIBOR		(41,648	)		(298,717	)		(24,133	)
INTERACCIONES ORD SHS		BAML		3/23/2018	1M LIBOR		—			—			—
INTRON BIOTECHNOLOGY ORD		BAML		12/8/2017	1M LIBOR		(46	)		(998	)		28
IVANHOE MINES ORD SHS CLA		BAML		11/27/2017	1M LIBOR		(80,700	)		(274,834	)		(8,355	)
KAROON GAS AUSTRALIA ORD		BAML		11/10/2017	1M LIBOR		(34,178	)		(48,595	)		10,718
KOMPANIYA M VIDEO ORD SHS		BAML		7/28/2017	1M LIBOR		22,640			152,002			(178	)
KOREA AEROSPACE INDUSTRIE		BAML		11/13/2017	1M LIBOR		(2,635	)		(143,282	)		(4,458	)
LAMPRELL ORD SHS		BAML		8/11/2017	1M LIBOR		(27,941	)		(25,407	)		(12,906	)
LIG NEX1 ORD SHS		BAML		11/13/2017	1M LIBOR		(3,538	)		(253,602	)		2,686
MAG SILVER ORD SHS		BAML		11/27/2017	1M LIBOR		(22,100	)		(288,145	)		17,764
MAG SILVER ORD SHS		BAML		11/27/2017	1M LIBOR		(12,300	)		(171,816	)		21,332
MARIE BRIZARD WINE AND SP		BAML		4/30/2018	1M LIBOR		(5,178	)		(88,264	)		10,286
MCMILLAN SHAKESPEARE ORD		BAML		5/29/2017	1M LIBOR		13,981			139,989			1,656
MEG ENERGY ORD SHS		BAML		11/27/2017	1M LIBOR		(126,900	)		(579,933	)		5,396
METSA BOARD CORPORATION B		BAML		4/30/2018	1M LIBOR		(38,902	)		(256,852	)		(19,337	)
MORGUARD REAL ESTATE INVE		BAML		11/27/2017	1M LIBOR		15,000			172,778			(4,646	)
NAVER ORD SHS		BAML		12/8/2017	1M LIBOR		(732	)		(504,422	)		(10,210	)


Company Reference	Counterparty		Termination Date		Receive/ (Pay)	Number of Contracts			Notional Amount			Unrealized Appreciation (Depreciation)
NEO SOLAR POWER ORD SHS		BAML		7/3/2017	1M LIBOR		(9,292	)		(4,579	)	$	253
NEW ZEALAND REFINING ORD		BAML		5/29/2017	1M LIBOR		38,673			70,555			(8,443	)
NICOX ORD SHS		BAML		4/30/2018	1M LIBOR		(1,197	)		(12,227	)		(794	)
NORDIC SEMICONDUCTOR ORD		BAML		4/30/2018	1M LIBOR		(15,132	)		(51,278	)		(9,484	)
NORTH MINING SHARES ORD S		BAML		5/29/2017	1M LIBOR		(1,040,000	)		(21,832	)		445
NORTHGATE ORD SHS		BAML		4/30/2018	1M LIBOR		27,619			186,082			6,849
NUTRIBIOTECH ORD SHS		BAML		11/13/2017	1M LIBOR		(7,421	)		(178,186	)		31,449
OBI PHARMA ORD SHS		BAML		7/3/2017	1M LIBOR		(900	)		(16,529	)		8,060
ORION HEALTH GROUP ORD SH		BAML		5/21/2018	1M LIBOR		(12,068	)		(11,641	)		45
OROCOBRE ORD SHS		BAML		11/10/2017	1M LIBOR		(54,815	)		(158,811	)		29,518
OROCOBRE ORD SHS		BAML		11/17/2017	1M LIBOR		(58,706	)		(144,308	)		5,837
ORORA ORD SHS		BAML		5/29/2017	1M LIBOR		299,754			674,566			1,046
OUTOTEC ORD SHS		BAML		4/30/2018	1M LIBOR		(24,058	)		(139,752	)		(39,041	)
OZ MINERALS ORD SHS		BAML		5/29/2017	1M LIBOR		138,974			888,181			(151,409	)
OZ MINERALS ORD SHS		BAML		12/28/2017	1M LIBOR		129,905			850,105			(161,413	)
PANALPINA WELTTRANSPORT H		BAML		4/30/2018	1M LIBOR		(1,037	)		(137,564	)		333
PEREGRINE HOLDINGS ORD SH		BAML		7/28/2017	1M LIBOR		18,598			36,105			816
PERSEUS MINING ORD SHS		BAML		11/10/2017	1M LIBOR		(389,103	)		(137,279	)		52,784
PERSEUS MINING ORD SHS		BAML		11/17/2017	1M LIBOR		(309,032	)		(98,536	)		31,429
PHILIP MORRIS ORD SHS		BAML		12/29/2017	1M LIBOR		166			84,803			6,241
PILBARA MINERALS ORD SHS		BAML		11/17/2017	1M LIBOR		(287,956	)		(95,265	)		21,954
PIONEER CEMENT ORD SHS		BAML		5/29/2017	1M LIBOR		—			—			—
PURPLEBRICKS GROUP ORD SH		BAML		4/30/2018	1M LIBOR		(12,724	)		(49,473	)		876
QIANHAI HEALTH HOLDINGS O		BAML		5/29/2017	1M LIBOR		(1,650,000	)		(22,439	)		6,745
QLRO GROUP ORD SHS		BAML		4/30/2018	1M LIBOR		(47,065	)		(68,745	)		1,772
REA GROUP ORD SHS		BAML		11/10/2017	1M LIBOR		(5,548	)		(217,905	)		(37,545	)
REA GROUP ORD SHS		BAML		11/17/2017	1M LIBOR		(6,009	)		(247,109	)		(29,568	)
REDDE ORD SHS		BAML		4/30/2018	1M LIBOR		94,326			179,529			37,667
REDEFINE INTERNATIONAL RE		BAML		4/30/2018	1M LIBOR		(265,118	)		(118,609	)		(12,572	)
RELIANCE WORLDWIDE CORPOR		BAML		11/17/2017	1M LIBOR		(10,072	)		(22,162	)		(841	)
ROCKHOPPER EXPLORATION OR		BAML		4/30/2018	1M LIBOR		(74,439	)		(19,220	)		(2,687	)
ROYAL BAFOKENG PLATINUM P		BAML		7/28/2017	1M LIBOR		(13,316	)		(44,501	)		9,372
RUMO LOGISTICA OPERADORA		BAML		11/27/2017	1M LIBOR		(186,516	)		(427,007	)		(86,235	)
SAIC MOTOR ORD SHS A		BAML		5/29/2017	1M LIBOR		56,690			193,707			30,249
SAMSUNGBIOLOGICS ORD SHS		BAML		11/13/2017	1M LIBOR		(787	)		(117,157	)		(3,877	)
SAMSUNGBIOLOGICS ORD SHS		BAML		12/8/2017	1M LIBOR		(925	)		(134,829	)		(7,429	)
SCALES CORPORATION ORD SH		BAML		5/29/2017	1M LIBOR		52,668			122,919			(3,266	)
SCHIBSTED ORD SHS		BAML		4/30/2018	1M LIBOR		(3,248	)		(83,400	)		2,455
SENEX ENERGY ORD SHS		BAML		11/10/2017	1M LIBOR		(207,805	)		(52,506	)		2,712
SERVICE STREAM ORD SHS		BAML		5/29/2017	1M LIBOR		2,486			1,739			421
SERVICE STREAM ORD SHS		BAML		12/28/2017	1M LIBOR		139,443			105,362			15,759
SHUNFENG INTL CLEAN ENERG		BAML		5/29/2017	1M LIBOR		(39,362	)		(3,644	)		1,216


Company Reference	Counterparty		Termination Date		Receive/ (Pay)	Number of Contracts			Notional Amount			Unrealized Appreciation (Depreciation)
SIIC ENVIRONMENT HOLDINGS		BAML		4/24/2018	1M LIBOR		(147,200	)		(55,895	)	$	(10	)
SINCERE WATCH (HONG KONG)		BAML		11/13/2017	1M LIBOR		(670,000	)		(17,273	)		911
SINOFERT HOLDINGS ORD SHS		BAML		5/29/2017	1M LIBOR		(374,000	)		(45,257	)		(4,736	)
SINOTRANS SHIPPING ORD SH		BAML		5/29/2017	1M LIBOR		(168,000	)		(38,608	)		820
SIRTEX MEDICAL ORD SHS		BAML		5/29/2017	1M LIBOR		9,971			124,711			(8,685	)
SMS ORD SHS		BAML		11/13/2017	1M LIBOR		(12,000	)		(277,491	)		(41,985	)
STOCK SPIRITS GROUP ORD S		BAML		4/30/2018	1M LIBOR		79,677			170,388			9,984
STORAGEVAULT CANADA ORD S		BAML		11/27/2017	1M LIBOR		(29,100	)		(43,769	)		(5,477	)
SUMMERSET GROUP ORD SHS		BAML		5/29/2017	1M LIBOR		39,286			142,181			(1,969	)
SUMMERSET GROUP ORD SHS		BAML		5/29/2017	1M LIBOR		56,017			197,767			2,159
SUNCORP GROUP ORD SHS		BAML		11/10/2017	1M LIBOR		(25,082	)		(243,135	)		(16,048	)
SYRAH RESOURCES ORD SHS		BAML		11/10/2017	1M LIBOR		(59,229	)		(184,297	)		83,177
SYRAH RESOURCES ORD SHS		BAML		11/17/2017	1M LIBOR		(81,621	)		(230,882	)		91,533
TAMIL NADU NEWSPRINT AND		BAML		4/30/2018	1M LIBOR		9,315			46,194			(3,119	)
TELCON ORD SHS		BAML		11/13/2017	1M LIBOR		(6,184	)		(19,963	)		(9,166	)
TEN NETWORK HOLDINGS ORD		BAML		11/17/2017	1M LIBOR		(85,229	)		(90,662	)		73,431
THORN GROUP ORD SHS		BAML		12/28/2017	1M LIBOR		145,119			177,188			(37,553	)
TPG TELECOM ORD SHS		BAML		11/10/2017	1M LIBOR		(11,964	)		(64,399	)		11,543
TPG TELECOM ORD SHS		BAML		11/17/2017	1M LIBOR		(16,157	)		(88,587	)		17,207
TRANSCONTINENTAL SUB VOTI		BAML		11/27/2017	1M LIBOR		19,400			329,914			16,160
UMW HOLDINGS ORD SHS		BAML		3/5/2018	1M LIBOR		(78,000	)		(101,002	)		(10,401	)
URBAS GRUPO FINANCIERO OR		BAML		4/30/2018	1M LIBOR		10,056,659			240,978			(43,865	)
USINAS SIDERURGICAS DE MI		BAML		11/27/2017	1M LIBOR		(237,400	)		(365,794	)		47,021
V1 GROUP ORD SHS		BAML		5/29/2017	1M LIBOR		(98,000	)		(4,887	)		1,864
VEDANTA ORD SHS		BAML		4/30/2018	1M LIBOR		210,107			755,892			41,111
VILMORIN and CIE ORD SHS		BAML		4/30/2018	1M LIBOR		2,594			181,766			5,675
VIRGIN AUSTRALIA HOLDINGS		BAML		11/17/2017	1M LIBOR		(281,404	)		(49,208	)		10,225
VIROMED ORD SHS		BAML		12/8/2017	1M LIBOR		(2,523	)		(206,860	)		2,431
VIVA CHINA HOLDINGS ORD S		BAML		5/29/2017	1M LIBOR		(336,000	)		(38,684	)		680
VOCUS GROUP ORD SHS		BAML		11/10/2017	1M LIBOR		(17,229	)		(111,709	)		68,233
VOCUS GROUP ORD SHS		BAML		11/17/2017	1M LIBOR		(88,513	)		(364,319	)		140,960
WI LAN ORD SHS		BAML		11/27/2017	1M LIBOR		95,400			170,596			20,903
XL AXIATA ORD SHS		BAML		3/26/2018	1M LIBOR		(468,600	)		(106,720	)		(6,166	)


Company Reference	Counterparty		Termination Date		Receive/ (Pay)	Number of Contracts			Notional Amount			Unrealized Appreciation (Depreciation)
YATAS YATAK VE YORGAN SAN		BAML		8/1/2017	1M LIBOR		64,099			111,362		$	77,172
Z ENERGY ORD SHS		BAML		5/29/2017	1M LIBOR		64,786			327,259			4,012
ZENITH INTERNATIONAL BANK		BAML		1/16/2018	1M LIBOR		242,534			12,197			(362	)
ZOOPLUS ORD SHS		BAML		4/30/2018	1M LIBOR		(470	)		(66,391	)		(21,457	)
AMOREPACIFIC CORP		DB		4/30/2018	USD1M_Reuters		(1,215	)		(310,040	)		(1,745	)
BROOKFIELD OFFICE PROPERTI-U		DB		10/16/2017	USD1M_Reuters		(700	)		(16,825	)		143
CALFRAC WELL SERVICES LTD		DB		10/16/2017	USD1M_Reuters		(58,745	)		(167,780	)		18,399
CENTRAL CHINA SECURITIES C-H		DB		9/4/2017	USD1M_Reuters		—			—			—
CHIHO-TIANDE GROUP LTD		DB		9/4/2017	USD1M_Reuters		(13,714	)		(8,232	)		474
CHIMEI MATERIALS TECHNOLOGY		DB		8/2/2017	USD1M_Reuters		(24,894	)		(12,557	)		28
CHINA FISHERY GROUP LTD		DB		11/3/2017	USD1M_Reuters		(375,000	)		(20,178	)		(239	)
CHINA METAL PRODUCTS CO LTD		DB		8/2/2017	USD1M_Reuters		—			—			—
CHINA SEVEN STAR SHOPPING LTD		DB		9/4/2017	USD1M_Reuters		(127,273	)		(6,932	)		(187	)
C-TECH UNITED CORP		DB		8/2/2017	USD1M_Reuters		—			—			—
DRB-HICOM BHD		DB		5/28/2018	USD1M_Reuters		(40,000	)		(12,279	)		(990	)
FERRATUM OYJ		DB		10/11/2017	USD1M_Reuters		(2,626	)		(67,579	)		11,158
GO IRON WORKS CO LTD		DB		11/6/2017	USD1M_Reuters		(9,000	)		(15,972	)		10,802
HANJIN HEAVY INDUS & CONST		DB		4/30/2018	USD1M_Reuters		(15,046	)		(44,772	)		80
HUDSON’S BAY CO		DB		10/16/2017	USD1M_Reuters		—			—			—
ITAB SHOP CONCEPT AB		DB		5/28/2018	USD1M_Reuters		(2,423	)		(19,628	)		304
MBK CO LTD		DB		11/6/2017	USD1M_Reuters		(3,400	)		(3,796	)		(7,801	)
MEDIA CHINA CORPORATION LTD		DB		9/4/2017	USD1M_Reuters		(223,247	)		(11,483	)		863
MTN GROUP LTD		DB		6/4/2018	USD1M_Reuters		(4,006	)		(37,563	)		(640	)
NEO SOLAR POWER CORP		DB		8/2/2017	USD1M_Reuters		(12,823	)		(6,264	)		298
OBI PHARMA INC		DB		8/2/2017	USD1M_Reuters		(1,100	)		(20,729	)		10,385
Reliance Worldwide Corporation Ord Shs		DB		5/7/2018	USD1M_Reuters		(101,890	)		(219,291	)		(12,928	)
SENEX ENERGY LTD		DB		5/7/2018	USD1M_Reuters		(67,916	)		(17,476	)		1,236
SUMMERSET GROUP HOLDINGS LTD		DB		11/2/2017	USD1M_Reuters		130			319			146
SYSCAN TECHNOLOGY HLDGS LTD		DB		9/4/2017	USD1M_Reuters		(150,000	)		(10,007	)		461
TPG TELECOM LTD		DB		5/7/2018	USD1M_Reuters		(6,335	)		(28,042	)		112
TRICAN WELL SERVICE LTD		DB		10/16/2017	USD1M_Reuters		(12,600	)		(34,896	)		271
VOCUS COMMUNICATIONS LTD		DB		5/7/2018	USD1M_Reuters		(15,332	)		(41,861	)		3,251
VOCUS COMMUNICATIONS LTD		DB		5/7/2018	USD1M_Reuters		(7,091	)		(17,787	)		(70	)
WESDOME GOLD MINES LTD		DB		10/16/2017	USD1M_Reuters		(38,400	)		(103,717	)		8,322
WONSON INTERNATIONAL HLDGS		DB		9/4/2017	USD1M_Reuters		(990,000	)		(24,068	)		11


Company Reference	Counterparty		Termination Date		Receive/ (Pay)	Number of Contracts			Notional Amount			Unrealized Appreciation (Depreciation)
3I GROUP PLC		GS		10/4/2017	USD-LIBOR-BBA		30,881			662,317		$	173,445
ABC ARBITRAGE		GS		5/31/2017	USD-LIBOR-BBA		13,637			185,066			970
ACCOR SA		GS		5/16/2018	USD-Federal Funds-H.15		(13,768	)		(575,182	)		(52,618	)
ACTER CO LTD		GS		5/16/2018	USD-LIBOR-BBA		28,483			121,240			3,222
AEROSPACE TECHNOLOGY OF KORE		GS		4/10/2018	USD-Federal Funds-H.15		(1,140	)		(15,763	)		(366	)
AFC ENERGY PLC		GS		9/28/2017	USD-Federal Funds-H.15		(14,607	)		(4,506	)		2,379
ASIA PLUS GROUP HDS SECS-FOR		GS		4/13/2018	USD-LIBOR-BBA		497,065			50,065			222
ATHABASCA OIL CORP		GS		3/8/2018	USD-Federal Funds-H.15		(165,400	)		(218,930	)		51,960
BANK HANDLOWY W WARSZAWIE SA		GS		10/3/2017	USD-Federal Funds-H.15		—			—			—
BANK OF EAST ASIA LTD		GS		6/14/2017	USD-Federal Funds-H.15		(12,796	)		(46,215	)		(6,744	)
BARRATT DEVELOPMENTS PLC		GS		2/7/2018	USD-LIBOR-BBA		87,365			529,767			125,309
BLACK DIAMOND GROUP LTD		GS		4/5/2018	USD-LIBOR-BBA		66,900			191,542			(2,150	)
BNN TECHNOLOGY PLC		GS		11/9/2017	USD-Federal Funds-H.15		(6,510	)		(11,317	)		4,242
BOHAE BREWERY CO LTD		GS		4/11/2018	USD-Federal Funds-H.15		(19,000	)		(23,842	)		3,221
BONDUELLE SCA		GS		5/16/2018	USD-LIBOR-BBA		5,479			176,579			13,282
BOTA BIO CO LTD		GS		12/28/2017	USD-Federal Funds-H.15		(2,000	)		(3,440	)		1,155
CAIRN HOMES PLC		GS		9/28/2017	USD-Federal Funds-H.15		(67,682	)		(80,631	)		(34,792	)
CAPE PLC		GS		1/18/2018	USD-LIBOR-BBA		73,362			138,581			89,946
CHENNAI PETROLEUM CORP LTD		GS		5/2/2018	USD-LIBOR-BBA		50,747			267,033			33,949
CHIMEI MATERIALS TECHNOLOGY		GS		4/18/2018	USD-Federal Funds-H.15		(105,582	)		(44,692	)		(8,435	)
CHINA CHENGTONG DEVELOPMENT		GS		1/18/2018	USD-Federal Funds-H.15		(112,591	)		(8,781	)		1,763
CHINA GENERAL PLASTICS		GS		10/17/2017	USD-LIBOR-BBA		99,372			59,176			28,492
CHINA OCEANWIDE HOLDINGS LTD		GS		5/22/2018	USD-Federal Funds-H.15		(74,424	)		(7,371	)		6
CHONGQING IRON & STEEL CO-H		GS		3/19/2018	USD-Federal Funds-H.15		(40,745	)		(10,887	)		4,393
COLOWIDE CO LTD		GS		4/6/2018	USD-Federal Funds-H.15		(6,600	)		(107,791	)		(887	)
COMPAGNIE DES ALPES		GS		7/6/2017	USD-LIBOR-BBA		9,154			179,917			53,501
CONTINENTAL GOLD INC		GS		9/29/2017	USD-Federal Funds-H.15		(81,900	)		(241,391	)		56,865
CONTINENTAL GOLD INC		GS		4/6/2018	USD-Federal Funds-H.15		(42,800	)		(125,365	)		28,933
COSCO SHIPPING INTERNATIONAL		GS		5/3/2018	USD-Federal Funds-H.15		(115,475	)		(24,884	)		1,319
COUNTRYWIDE PLC		GS		12/5/2017	USD-Federal Funds-H.15		(5,633	)		(12,573	)		200
CROWDWORKS INC		GS		4/19/2018	USD-Federal Funds-H.15		(8,214	)		(61,373	)		(12,463	)
CVC BRASIL OPERADORA E AGENC		GS		5/3/2018	USD-LIBOR-BBA		47			425			33


Company Reference	Counterparty		Termination Date		Receive/ (Pay)	Number of Contracts			Notional Amount			Unrealized Appreciation (Depreciation)
DARFON ELECTRONICS CORP		GS		10/25/2017	USD-LIBOR-BBA		165,500			119,023		$	23,971
DHX MEDIA LTD		GS		3/20/2018	USD-Federal Funds-H.15		(16,100	)		(70,272	)		3,965
DIGITAL CHINA HOLDINGS LTD		GS		5/15/2018	USD-Federal Funds-H.15		(93,439	)		(80,915	)		4,052
DOWNER EDI LTD		GS		9/6/2017	USD-LIBOR-BBA		168,589			721,418			19,581
DOWNER EDI LTD		GS		3/9/2018	USD-LIBOR-BBA		36,583			188,618			(27,825	)
ECORODOVIAS INFRA E LOG SA		GS		5/10/2018	USD-LIBOR-BBA		207,477			610,939			5,424
EML PAYMENTS LTD		GS		11/28/2017	USD-Federal Funds-H.15		(5,424	)		(7,526	)		1,769
EMPIRIC STUDENT PROPERTY PLC		GS		11/24/2017	USD-Federal Funds-H.15		(88,124	)		(121,615	)		(3,241	)
ENCE ENERGIA Y CELULOSA SA		GS		4/25/2018	USD-LIBOR-BBA		63,905			197,600			30,811
G TECH OPTOELECTRONICS CORP		GS		1/18/2018	USD-Federal Funds-H.15		(38,013	)		(25,837	)		3,816
GOLDSUN BUILDING MATERIALS C		GS		4/18/2018	USD-Federal Funds-H.15		(221,895	)		(60,581	)		127
GROUPE EUROTUNNEL SE—REGR		GS		3/1/2018	USD-Federal Funds-H.15		(36,886	)		(344,842	)		(60,522	)
HAICHANG OCEAN PARK HOLDINGS		GS		12/20/2017	USD-Federal Funds-H.15		(63,436	)		(14,994	)		1,378
HELICAL PLC		GS		8/23/2017	USD-LIBOR-BBA		51,629			190,182			30,935
HIGH ARCTIC ENERGY SERVICES		GS		3/8/2018	USD-LIBOR-BBA		47,177			206,291			(40,294	)
HIGHWEALTH CONSTRUCTION CORP		GS		8/9/2017	USD-LIBOR-BBA		157,000			241,071			23,472
HLB INC		GS		5/16/2018	USD-Federal Funds-H.15		(3,580	)		(42,918	)		(499	)
HONGHUA GROUP		GS		5/30/2018	USD-Federal Funds-H.15		(70,609	)		(7,480	)		310
HUANXI MEDIA GROUP LTD		GS		3/30/2018	USD-Federal Funds-H.15		(160,000	)		(46,982	)		917
HUMANA AB		GS		4/5/2018	USD-Federal Funds-H.15		(15,134	)		(117,690	)		(2,824	)
HURRICANE ENERGY PLC		GS		3/14/2018	USD-Federal Funds-H.15		—			—			—
ICADE		GS		5/9/2018	USD-Federal Funds-H.15		(3,223	)		(238,361	)		(1,059	)
ID LOGISTICS GROUP		GS		2/22/2018	USD-Federal Funds-H.15		(801	)		(117,300	)		(4,157	)
ILJIN DISPLAY CO LTD		GS		4/18/2018	USD-Federal Funds-H.15		(1,560	)		(8,459	)		480
ILJIN DISPLAY CO LTD		GS		4/18/2018	USD-Federal Funds-H.15		(5,127	)		(27,800	)		1,577
IMPALA PLATINUM HOLDINGS LTD		GS		11/30/2017	USD-Federal Funds-H.15		(153,221	)		(524,080	)		31,037
INFRAESTRUCTURA ENERGETICA N		GS		9/29/2017	USD-Federal Funds-H.15		(101,600	)		(434,164	)		(40,436	)
INTRANCE CO LTD		GS		4/13/2018	USD-Federal Funds-H.15		—			—			—
INTRON BIOTECHNOLOGY INC		GS		4/5/2018	USD-Federal Funds-H.15		(7,076	)		(151,189	)		1,946
IVANHOE MINES LTD-CL A		GS		3/22/2018	USD-Federal Funds-H.15		(141,200	)		(464,703	)		(30,057	)


Company Reference	Counterparty		Termination Date		Receive/ (Pay)	Number of Contracts			Notional Amount			Unrealized Appreciation (Depreciation)
IVANHOE MINES LTD-CL A		GS		3/27/2018	USD-Federal Funds-H.15		(65,900	)		(223,964	)	$	(6,947	)
JB HI-FI LTD		GS		1/31/2018	USD-LIBOR-BBA		5,259			102,811			(5,752	)
JBS SA		GS		4/6/2018	USD-LIBOR-BBA		29,294			110,347			(15,670	)
JUVENTUS FOOTBALL CLUB SPA		GS		5/23/2018	USD-Federal Funds-H.15		—			—			—
LITE-ON TECHNOLOGY CORP		GS		2/23/2018	USD-LIBOR-BBA		339,000			555,136			35,152
LUOYANG GLASS COMPANY LTD-H		GS		4/25/2018	USD-Federal Funds-H.15		(37,859	)		(27,555	)		2,739
M&A CAPITAL PARTNERS CO LTD		GS		4/13/2018	USD-Federal Funds-H.15		(400	)		(14,228	)		(3,804	)
MACA LTD		GS		9/27/2017	USD-LIBOR-BBA		153,603			201,084			(10,485	)
MACA LTD		GS		1/24/2018	USD-LIBOR-BBA		51,241			66,982			(3,400	)
MAG SILVER CORP		GS		9/29/2017	USD-Federal Funds-H.15		(9,600	)		(150,396	)		33,119
MAG SILVER CORP		GS		9/29/2017	USD-Federal Funds-H.15		(13,400	)		(207,359	)		43,660
MAISONS DU MONDE SA		GS		5/9/2018	USD-Federal Funds-H.15		(3,774	)		(116,215	)		(14,810	)
MAJOR DRILLING GROUP INTL		GS		1/19/2018	USD-Federal Funds-H.15		(23,800	)		(124,674	)		(7,120	)
MEGA LIFESCIENCES PCL-FOREIG		GS		4/5/2018	USD-LIBOR-BBA		217,400			164,811			(2,999	)
MELROSE INDUSTRIES PLC		GS		10/4/2017	USD-Federal Funds-H.15		(168,777	)		(412,486	)		(103,984	)
MERSEN (EX CARBON LORRAINE)		GS		1/10/2018	USD-LIBOR-BBA		7,156			168,104			38,540
MGI COUTIER		GS		3/30/2018	USD-LIBOR-BBA		5,443			179,791			20,981
MINERAL RESOURCES LTD		GS		8/31/2017	USD-LIBOR-BBA		85,986			686,581			514
MINERAL RESOURCES LTD		GS		11/9/2017	USD-LIBOR-BBA		94,552			788,073			(32,529	)
NATURECELL CO LTD		GS		9/27/2017	USD-Federal Funds-H.15		(4,638	)		(21,870	)		2,041
NATUREX		GS		12/29/2017	USD-Federal Funds-H.15		(385	)		(31,181	)		(3,900	)
NEO SOLAR POWER CORP		GS		5/22/2018	USD-Federal Funds-H.15		(33,454	)		(15,148	)		(411	)
NEOPOST SA		GS		2/22/2018	USD-LIBOR-BBA		7,370			231,830			67,167
NEW ZEALAND REFINING CO LTD		GS		4/5/2018	USD-LIBOR-BBA		15,076			28,387			(4,123	)
NEXT BIOMETRICS GROUP AS		GS		10/3/2017	USD-Federal Funds-H.15		(2,398	)		(42,137	)		14,850
NHPC LTD		GS		5/2/2018	USD-LIBOR-BBA		354,660			132,625			42,690
NORDIC NANOVECTOR ASA		GS		11/9/2017	USD-Federal Funds-H.15		(6,798	)		(42,815	)		(31,366	)
NORTHAM PLATINUM LTD		GS		1/4/2018	USD-Federal Funds-H.15		(59,231	)		(211,232	)		(9,319	)
NOVAE GROUP PLC		GS		5/31/2018	USD-Federal Funds-H.15		(3,870	)		(31,211	)		(10	)
NUTS INC		GS		4/6/2018	USD-Federal Funds-H.15		(34,000	)		(83,949	)		19,397
OBI PHARMA INC		GS		1/11/2018	USD-Federal Funds-H.15		(1,525	)		(12,637	)		(1,700	)
ORASCOM DEVELOPMENT HOLDING		GS		10/3/2017	USD-Federal Funds-H.15		(2,069	)		(13,943	)		2,417
PAKISTAN OILFIELDS LTD		GS		7/12/2017	USD-LIBOR-BBA		4,600			15,363			19,893


Company Reference	Counterparty		Termination Date		Receive/ (Pay)	Number of Contracts			Notional Amount			Unrealized Appreciation (Depreciation)
PAKISTAN TELECOM CO LTD		GS		5/7/2018	USD-LIBOR-BBA		243,500			38,116		$	(813	)
PERSEUS MINING LTD		GS		3/9/2018	USD-Federal Funds-H.15		(19,866	)		(4,759	)		452
PERSEUS MINING LTD		GS		3/9/2018	USD-Federal Funds-H.15		(21,447	)		(5,137	)		488
PEUGEOT SA		GS		9/6/2017	USD-LIBOR-BBA		46,193			765,141			203,082
PHOENIX MATERIALS CO LTD		GS		3/21/2018	USD-Federal Funds-H.15		(21,832	)		(25,197	)		639
PIONEER CEMENT LTD		GS		5/10/2017	USD-LIBOR-BBA		8,500			8,564			12,778
PIXEL COMPANYZ INC		GS		2/1/2018	USD-Federal Funds-H.15		(19,514	)		(69,116	)		10,469
PLUS500 LTD		GS		5/31/2018	USD-LIBOR-BBA		11,729			72,128			(345	)
PRETIUM RESOURCES INC		GS		4/6/2018	USD-Federal Funds-H.15		(26,200	)		(250,822	)		(8,490	)
PRETIUM RESOURCES INC		GS		5/3/2018	USD-Federal Funds-H.15		(38,066	)		(406,661	)		29,906
PRIME MEDIA GROUP LTD		GS		2/13/2018	USD-LIBOR-BBA		21,074			5,041			(315	)
PURECIRCLE LTD		GS		9/28/2017	USD-Federal Funds-H.15		(1,544	)		(6,343	)		(249	)
QGEP PARTICIPACOES SA		GS		5/3/2018	USD-LIBOR-BBA		50,400			103,404			(2,529	)
QUALITY HOUSE PCL-FOREIGN		GS		10/12/2017	USD-LIBOR-BBA		1,794,481			126,625			81,846
RASSINI SAB DE CV		GS		3/27/2018	USD-LIBOR-BBA		12,903			51,049			36,456
ROCKHOPPER EXPLORATION PLC		GS		3/28/2018	USD-Federal Funds-H.15		(121,995	)		(33,894	)		(2,017	)
RUMO SA		GS		4/13/2018	USD-Federal Funds-H.15		(4,500	)		(11,813	)		(550	)
SAMSUNG BIOLOGICS CO LTD		GS		3/7/2018	USD-Federal Funds-H.15		(2,361	)		(335,186	)		(27,917	)
SAMSUNG BIOLOGICS CO LTD		GS		4/5/2018	USD-Federal Funds-H.15		(91	)		(12,704	)		(1,291	)
SANSIRI PUBLIC CO LTD-FORGN		GS		5/11/2017	USD-LIBOR-BBA		3,455,330			170,086			134,400
SEMIRARA MINING AND POWER CO		GS		4/6/2018	USD-LIBOR-BBA		87,359			255,745			41,205
SFR GROUP SA		GS		3/28/2018	USD-Federal Funds-H.15		(10,528	)		(309,576	)		(35,284	)
SHUNFENG INTERNATIONAL CLEAN		GS		4/11/2018	USD-Federal Funds-H.15		(328,512	)		(30,970	)		10,703
SIXT LEASING SE		GS		5/31/2018	USD-Federal Funds-H.15		(3,266	)		(70,150	)		(317	)
SLC AGRICOLA SA		GS		4/27/2018	USD-LIBOR-BBA		25,512			146,521			10,839
SNC-LAVALIN GROUP INC		GS		4/13/2018	USD-Federal Funds-H.15		(8,600	)		(348,284	)		2,906
SORGHUM JAPAN HOLDINGS CORP		GS		4/2/2018	USD-Federal Funds-H.15		(12,613	)		(28,295	)		149
TAIWAN FU HSING INDUSTRIAL		GS		5/31/2018	USD-LIBOR-BBA		10,934			15,367			(38	)
TAIWAN PCB TECHVEST CO LTD		GS		1/3/2018	USD-LIBOR-BBA		41,000			40,702			3,138
TELEPIZZA GROUP SA		GS		5/9/2018	USD-Federal Funds-H.15		(23,814	)		(116,846	)		(8,441	)
TKS TECHNOLOGIES PCL-FOREIGN		GS		4/6/2018	USD-LIBOR-BBA		286,400			96,132			(3,413	)


Company Reference	Counterparty		Termination Date		Receive/ (Pay)	Number of Contracts			Notional Amount			Unrealized Appreciation (Depreciation)
TOKYO KIKAI SEISAKUSHO LTD		GS		11/24/2017	USD-Federal Funds-H.15		(67,000	)		(47,874	)	$	9,893
TOPOINT TECHNOLOGY CO LTD		GS		5/9/2018	USD-LIBOR-BBA		131,342			121,551			(5,245	)
TOURISM HOLDINGS LTD		GS		10/11/2017	USD-LIBOR-BBA		66,639			172,279			(3,151	)
TRANSACTION CO LTD		GS		2/16/2018	USD-Federal Funds-H.15		(19,600	)		(168,140	)		1,830
TRUE CORP PCL-FOREIGN		GS		9/21/2017	USD-Federal Funds-H.15		(1,794,300	)		(386,477	)		46,764
TURVO INTERNATIONAL CO LTD		GS		4/5/2018	USD-LIBOR-BBA		—			—			—
URANIUM PARTICIPATION CORP		GS		3/1/2018	USD-Federal Funds-H.15		(13,324	)		(45,982	)		7,774
URANIUM PARTICIPATION CORP		GS		4/2/2018	USD-Federal Funds-H.15		(25,400	)		(80,619	)		7,783
USINAS SIDER MINAS GER-PF A		GS		9/29/2017	USD-Federal Funds-H.15		(144,870	)		(160,998	)		(33,217	)
VALLOUREC SA		GS		4/5/2018	USD-Federal Funds-H.15		(2,254	)		(12,620	)		(1,828	)
VIDENTE CO LTD		GS		1/11/2018	USD-Federal Funds-H.15		(1,396	)		(5,284	)		236
WATKIN JONES PLC		GS		3/19/2018	USD-Federal Funds-H.15		(65,697	)		(118,256	)		(28,166	)
WISTRON CORP		GS		3/26/2018	USD-LIBOR-BBA		740,000			642,994			55,165
XINTEC INC		GS		5/4/2018	USD-Federal Funds-H.15		(21,448	)		(34,184	)		2,092
ZCL COMPOSITES INC		GS		3/8/2018	USD-LIBOR-BBA		17,986			168,593			25,474
2U Inc		MS		8/16/2017	LIBOR-1M		(4,700	)		(194,345	)		(19,035	)
3I GROUP PLC		MS		10/24/2017	SONIA-1D		40,000			401,350			9,540
8X8 INC		MS		8/16/2017	LIBOR-1M		7,100			106,855			(3,550	)
AALBERTS		MS		10/24/2017	EONIA-1D		1,330			51,408			1,810
AALBERTS INDUSTRIES NV DS 2017		MS		10/24/2017	EONIA-1D		830			—			—
ABAXIS INC		MS		8/16/2017	LIBOR-1M		(1,300	)		(61,633	)		3,094
ABC		MS		10/24/2017	EONIA-1D		33,466			229,700			7,292
ABC BANCORP		MS		8/16/2017	LIBOR-1M		(3,800	)		(169,670	)		(9,310	)
ABCAM PLC		MS		10/24/2017	SONIA-1D		76,340			819,267			27,671
ABERCROM FITCH A		MS		8/16/2017	LIBOR-1M		(9,500	)		(103,835	)		(10,070	)
ABRAXAS PETE		MS		8/16/2017	LIBOR-1M		64,300			140,817			(20,576	)
AC INDUSTRIA DE DISENO TEXTIL SA		MS		10/24/2017	EONIA-1D		(3,450	)		(128,604	)		(5,018	)
ACCO BRANDS CORP		MS		8/16/2017	LIBOR-1M		13,400			182,240			8,710
ACCOR SA		MS		10/24/2017	EONIA-1D		(18,870	)		(814,203	)		(46,063	)
ACETO CORP		MS		8/16/2017	LIBOR-1M		(4,500	)		(68,220	)		(3,105	)
ACONEX LTD		MS		10/15/2018	FEDEF-1D		(1,467	)		(4,730	)		(87	)
ADTRAN INC		MS		8/16/2017	LIBOR-1M		8,000			159,600			400
ADV ENRGY INDS		MS		8/16/2017	LIBOR-1M		3,000			199,380			22,020
AEGEAN MARINE PETROLEUM NETWORK INC		MS		8/16/2017	LIBOR-1M		6,400			79,040			(7,680	)
AEROHIVE NETWRKS		MS		8/16/2017	LIBOR-1M		(21,200	)		(84,376	)		2,332
AES TIETE ENERGIA SA-UNIT		MS		11/15/2017	LIBOR-1M		33,358			144,353			(1,927	)
AIMMUNE THERAPEU		MS		8/16/2017	LIBOR-1M		(3,300	)		(65,208	)		1,056
AIR FRANCE		MS		10/24/2017	EONIA-1D		13,500			113,455			17
AIR LIQUIDE		MS		10/24/2017	EONIA-1D		(4,448	)		(518,278	)		(19,136	)


Company Reference	Counterparty		Termination Date		Receive/ (Pay)	Number of Contracts			Notional Amount			Unrealized Appreciation (Depreciation)
AIXTRON SE		MS		10/24/2017	EONIA-1D		(8,000	)		(43,276	)	$	(599	)
AKER ASA		MS		10/24/2017	NIBOR-1W		560			21,275			15
ALK-ABELLO B		MS		10/24/2017	CIBOR-1W		(2,623	)		(388,019	)		(21,130	)
ALLIED MINDS PLC		MS		10/24/2017	SONIA-1D		(60,109	)		(128,160	)		6,225
ALLIED MOTION TECHNOLOGIES INC		MS		8/16/2017	LIBOR-1M		(3,600	)		(77,328	)		(4,176	)
ALMOST FAMILY INC		MS		8/16/2017	LIBOR-1M		800			37,760			1,960
AMARIN CORP PLC AC		MS		8/16/2017	LIBOR-1M		10,500			32,865			315
AMERICAN RENAL ASSOCIATES HOLDINGS, INC.		MS		8/16/2017	LIBOR-1M		(3,800	)		(65,816	)		418
AMNIS Co Ltd		MS		11/1/2017	FEDEF-1D		(411	)		(1,980	)		645
AMNIS Co Ltd		MS		10/15/2018	FEDEF-1D		(1,888	)		(9,096	)		2,962
AMPHASTAR PHARMACEUTICALS IN		MS		8/16/2017	LIBOR-1M		(5,500	)		(80,318	)		(2,732	)
AMS AG		MS		10/24/2017	TOIS-1D		(830	)		(54,104	)		681
ANALOGIC CORP		MS		8/16/2017	LIBOR-1M		(1,500	)		(109,125	)		1,350
Anheuser-Busch InBev SA/NV		MS		10/24/2017	EONIA-1D		(1,627	)		(179,562	)		(3,722	)
ANI PHARMACEUTICALS INC		MS		8/16/2017	LIBOR-1M		(600	)		(30,696	)		(1,776	)
AO WORLD PLC		MS		11/14/2017	FEDEF-1D		(31,268	)		(56,518	)		1,905
APERAM		MS		10/24/2017	EONIA-1D		12,640			640,350			(3,856	)
APPLIED GENETIC TECHNOLOGIES		MS		8/16/2017	LIBOR-1M		5,600			35,280			(3,920	)
APPLIED OPTOELR		MS		8/16/2017	LIBOR-1M		2,100			88,998			14,721
ARBOR REALTY		MS		8/16/2017	LIBOR-1M		16,500			142,725			(330	)
ARC DOCUMENT SOLUTIONS		MS		8/16/2017	LIBOR-1M		7,300			25,769			1,095
ARCHROCK INC		MS		8/16/2017	LIBOR-1M		8,400			113,820			(14,700	)
ARDMORE SHIPPING		MS		8/16/2017	LIBOR-1M		(16,100	)		(133,630	)		8,855
ARES COMMERCIAL REAL ESTATE		MS		8/16/2017	LIBOR-1M		6,000			82,200			780
ARKEMA		MS		10/24/2017	EONIA-1D		3,920			389,150			27,483
ARTESIAN RES A		MS		8/16/2017	LIBOR-1M		3,200			114,688			8,224
ASCOPIAVE		MS		10/24/2017	EONIA-1D		63,736			246,091			5,416
ASHFORD HOSPITALITY TRUST		MS		8/16/2017	LIBOR-1M		12,800			83,072			(3,072	)
ASHFORD HSY PRM		MS		8/16/2017	LIBOR-1M		17,300			188,397			(5,190	)
ASIA PLASTIC		MS		10/12/2017	FEDEF-1D		99,810			52,729			(3,849	)
ASKARI BANK		MS		10/10/2018	FEDEF-1D		303,872			72,233			(10,410	)
ASSCATD CPTL GRP		MS		8/16/2017	LIBOR-1M		(900	)		(31,275	)		990
ASSURA PLC		MS		11/14/2017	FEDEF-1D		(168,310	)		(124,823	)		(8,555	)
ASTRONICS CORP C		MS		8/16/2017	LIBOR-1M		(195	)		(6,248	)		(72	)
AT HOME GROUP INC		MS		8/16/2017	LIBOR-1M		2,268			36,175			3,538
ATLAS FINANCIAL		MS		8/16/2017	LIBOR-1M		(6,000	)		(77,400	)		(300	)
ATRICURE		MS		8/16/2017	LIBOR-1M		(8,300	)		(159,111	)		(11,039	)
AU OPTRONICS CORP		MS		10/12/2017	FEDEF-1D		426,000			167,840			9,772
AUDIOCODES LTD		MS		8/16/2017	LIBOR-1M		24,300			167,913			(10,935	)
AUSDRILL LTD		MS		9/13/2017	LIBOR-1M		55,825			59,864			(2,691	)
AUSDRILL LTD		MS		10/15/2018	LIBOR-1M		55,336			56,599			(100	)
AUSTEVOLL		MS		10/24/2017	NIBOR-1W		9,662			74,649			4,714
AVID TECHNOLOGY		MS		8/16/2017	LIBOR-1M		(14,300	)		(66,209	)		(13,943	)
AVON RUBBER PLC		MS		10/24/2017	SONIA-1D		13,238			172,058			7,712
AXOGEN INC		MS		8/16/2017	LIBOR-1M		(3,700	)		(39,775	)		(5,365	)
AXT INC		MS		8/16/2017	LIBOR-1M		12,600			70,560			14,490
BALFOUR BEATTY PLC		MS		11/14/2017	FEDEF-1D		(93,756	)		(318,369	)		(37,756	)
BANCO ABC BRASIL SA		MS		11/15/2017	LIBOR-1M		27,971			144,906			12,009
BANK OF MARIN BANCORP		MS		8/16/2017	LIBOR-1M		500			33,175			(1,600	)
BANK OF PUNJAB		MS		10/10/2018	FEDEF-1D		105,893			15,184			(1,386	)
BANK OF PUNJAB		MS		10/10/2018	FEDEF-1D		105,893			15,184			(1,386	)
BANKFINANCIAL		MS		8/16/2017	LIBOR-1M		(4,000	)		(57,720	)		(1,400	)
BANNER CORP		MS		8/16/2017	LIBOR-1M		3,000			163,680			1,920
BARNES & NOBLE		MS		8/16/2017	LIBOR-1M		(3,500	)		(32,550	)		2,625


Company Reference	Counterparty		Termination Date		Receive/ (Pay)	Number of Contracts			Notional Amount			Unrealized Appreciation (Depreciation)
BASILEA PHARMACEUTICAL		MS		10/24/2017	TOIS-1D		(1,850	)		(153,310	)	$	(4,372	)
BBCK&WLCX ENTRPR		MS		8/16/2017	LIBOR-1M		(16,000	)		(150,031	)		111
BE SEMICOND IND		MS		10/24/2017	EONIA-1D		16,403			745,385			111,692
BEAZER HOMES		MS		8/16/2017	LIBOR-1M		5,800			70,296			1,682
BEL FUSE CL B		MS		8/16/2017	LIBOR-1M		1,900			44,270			1,843
BENEFICIAL BANCORP INC		MS		8/16/2017	LIBOR-1M		(2,500	)		(40,125	)		(25	)
BENEFITFOCUS INC		MS		8/16/2017	LIBOR-1M		(4,800	)		(134,640	)		(16,560	)
BERKSHIRE HILL		MS		8/16/2017	LIBOR-1M		4,700			165,205			11,045
BGEO GROUP PLC		MS		10/24/2017	SONIA-1D		5,990			267,448			13,328
BIESSE		MS		10/24/2017	EONIA-1D		760			21,992			1,441
BIG 5 SPORTING		MS		8/16/2017	LIBOR-1M		5,500			85,250			(550	)
BIOCARTIS NV		MS		10/24/2017	EONIA-1D		(1,160	)		(12,940	)		(159	)
BIOTIME INC		MS		8/16/2017	LIBOR-1M		18,700			63,954			(374	)
BLACK BOX CORP		MS		8/16/2017	LIBOR-1M		9,400			87,890			5,170
BLUCORA INC		MS		8/16/2017	LIBOR-1M		3,200			54,720			4,320
BNN TECHNOLOGY PLC		MS		11/14/2017	FEDEF-1D		(78,330	)		(113,721	)		28,592
BOBST GRP N		MS		10/24/2017	TOIS-1D		2,204			211,462			11,970
BOINGO WIRELESS INC		MS		8/16/2017	LIBOR-1M		(7,600	)		(99,636	)		(8,968	)
BOIRON		MS		10/24/2017	EONIA-1D		288			26,118			1,268
BOLLORE		MS		10/24/2017	EONIA-1D		(213,000	)		(817,664	)		(49,073	)
BOSTON PRIVATE FINANCIAL		MS		8/16/2017	LIBOR-1M		6,300			102,375			(4,095	)
BOTA BIO CO LTD		MS		10/15/2018	FEDEF-1D		(4,719	)		(47,257	)		41,862
BRASKEM PNA		MS		11/15/2017	LIBOR-1M		76,500			701,955			120,243
BRIDGEPOINT EDUCATION INC		MS		8/16/2017	LIBOR-1M		4,300			50,525			1,935
BRISTOW GROUP INC		MS		8/16/2017	LIBOR-1M		(6,000	)		(88,980	)		8,760
BROADWIND ENERGY INC		MS		8/16/2017	LIBOR-1M		15,600			140,712			2,652
BROOKLINE BANCP		MS		8/16/2017	LIBOR-1M		11,100			168,720			(7,215	)
BUILD A BEAR WRK		MS		8/16/2017	LIBOR-1M		(14,500	)		(131,225	)		(19,575	)
BURCKHARDT		MS		10/24/2017	TOIS-1D		(1,097	)		(311,395	)		(25,375	)
BUREAU VERITAS		MS		10/24/2017	EONIA-1D		(14,330	)		(317,396	)		(14,597	)
BW LPG		MS		10/24/2017	NIBOR-1W		63,856			286,151			(4,584	)
CAI INTERNATIONAL INC		MS		8/16/2017	LIBOR-1M		7,800			123,552			37,284
CAIRN ENERGY PLC		MS		11/14/2017	FEDEF-1D		(89,722	)		(239,711	)		14,163
CAIRN HOMES PLC		MS		10/24/2017	EONIA-1D		(170,482	)		(277,675	)		(13,002	)
CAIRN HOMES PLC		MS		11/14/2017	FEDEF-1D		(71,271	)		(98,651	)		(22,870	)
CALGON CARB CP		MS		8/16/2017	LIBOR-1M		(3,400	)		(47,090	)		(2,380	)
CALITHERA BIOSCIENCES INC		MS		8/16/2017	LIBOR-1M		6,400			69,440			—
CAMBREX CORP		MS		8/16/2017	LIBOR-1M		3,300			187,440			8,415
CANFOR PULP PRODUCTS INC		MS		10/16/2017	LIBOR-1M		20,540			168,753			9,293
CAP SENR LIVING		MS		8/16/2017	LIBOR-1M		(8,000	)		(112,320	)		560
CAPIO AB-WI		MS		10/24/2017	STIBO-1W		20,447			111,716			1,385
CAPITA PLC		MS		10/24/2017	SONIA-1D		(78,100	)		(577,306	)		15,166
CAPITAL & COUNTIES PROPERTIE		MS		10/24/2017	SONIA-1D		(179,800	)		(737,885	)		595
CAPITAL BANK FINANCIAL		MS		8/16/2017	LIBOR-1M		(4,300	)		(183,180	)		4,730
CAPITAL CITY BK		MS		8/16/2017	LIBOR-1M		(3,800	)		(78,090	)		(228	)
CAPSTONE GOLD CORP		MS		10/16/2017	LIBOR-1M		270,110			289,647			(79,853	)
CARDIOVASCULAR SYS INC		MS		8/16/2017	LIBOR-1M		6,700			194,166			5,963
CARNIVAL PLC		MS		10/24/2017	SONIA-1D		6,410			377,230			18,256
CARROLS HOLDINGS CORP		MS		8/16/2017	LIBOR-1M		3,600			50,220			180
CATAPULT GROUP INTERNATIONAL		MS		10/15/2018	FEDEF-1D		(36,704	)		(73,792	)		17,236
CAVERION OYJ		MS		10/24/2017	EONIA-1D		(22,000	)		(176,887	)		(2,876	)
CBIZ INC		MS		8/16/2017	LIBOR-1M		9,600			135,360			15,840
CEBU AIR INC		MS		5/11/2017	FEDEF-1D		53,990			109,028			7,372
CEDAR REALTY TRUST INC		MS		8/16/2017	LIBOR-1M		(23,800	)		(123,522	)		(4,522	)
CENTRL GAR & PET		MS		8/16/2017	LIBOR-1M		5,600			192,024			5,264
CENTURY BNCP A		MS		8/16/2017	LIBOR-1M		1,200			74,760			1,044
CENTUTRY COMMUNITIES INC		MS		8/16/2017	LIBOR-1M		2,200			58,520			1,540


Company Reference	Counterparty		Termination Date		Receive/ (Pay)	Number of Contracts			Notional Amount			Unrealized Appreciation (Depreciation)
CERUS CORP		MS		8/16/2017	LIBOR-1M		(11,500	)		(48,415	)	$	(1,610	)
CEWE STIFTUNG & CO KGAA		MS		10/24/2017	EONIA-1D		7,611			695,698			(2,736	)
CHANGYOU.COM LTD-ADR		MS		8/16/2017	LIBOR-1M		6,900			187,887			37,398
CHANNELADVISOR CORP		MS		8/16/2017	LIBOR-1M		4,600			51,980			2,300
CHARTER FIN CP		MS		8/16/2017	LIBOR-1M		6,500			130,975			(11,700	)
CHI MEI MATERIAL		MS		10/12/2017	FEDEF-1D		(34,000	)		(14,893	)		(2,207	)
CHINA DST ED HLD		MS		8/16/2017	LIBOR-1M		2,200			24,860			(2,486	)
CHINA YUCHAI		MS		8/16/2017	LIBOR-1M		2,000			36,820			1,980
CHR. HANSEN HOLDING		MS		10/24/2017	CIBOR-1W		(2,350	)		(158,784	)		386
CHRISTIAN DIOR		MS		10/24/2017	EONIA-1D		2,063			498,065			91,000
CHUYS HOLDINGS INC		MS		8/16/2017	LIBOR-1M		(4,000	)		(115,600	)		(3,600	)
CIRCOR INTL WI		MS		8/16/2017	LIBOR-1M		(1,900	)		(111,475	)		(15,274	)
CITIZENS & NORTH		MS		8/16/2017	LIBOR-1M		(3,400	)		(77,928	)		(2,006	)
CITY HOLDING		MS		8/16/2017	LIBOR-1M		(1,500	)		(94,890	)		(11,745	)
CLEARWATER PAPER		MS		8/16/2017	LIBOR-1M		1,100			62,865			(9,405	)
CLIFTON BANCORP INC		MS		8/16/2017	LIBOR-1M		(11,000	)		(175,670	)		(8,030	)
CLOUD PEAK ENERGY INC		MS		8/16/2017	LIBOR-1M		5,200			24,908			(7,384	)
COBHAM PLC		MS		10/24/2017	SONIA-1D		(211,000	)		(362,431	)		507
COBHAM PLC		MS		11/14/2017	FEDEF-1D		(260,388	)		(429,170	)		(17,209	)
COGECO INC		MS		10/16/2017	LIBOR-1M		4,000			182,848			18,462
COHU INC		MS		8/16/2017	LIBOR-1M		5,500			101,640			1,375
COLUMBUS MCKIN		MS		8/16/2017	LIBOR-1M		5,700			146,319			2,622
COMMERCIAL VHCLE		MS		8/16/2017	LIBOR-1M		25,600			185,088			42,496
COMMUNITY TST		MS		8/16/2017	LIBOR-1M		(3,500	)		(156,625	)		(700	)
CONNECTONE BANC		MS		8/16/2017	LIBOR-1M		(3,000	)		(71,250	)		4,425
CONS AUX FERR		MS		10/24/2017	EONIA-1D		2,590			104,066			28
CONTROL4 CORP		MS		8/16/2017	LIBOR-1M		6,300			97,083			9,387
CORE MOLDING TECH		MS		8/16/2017	LIBOR-1M		6,900			122,337			14,145
COSAN LTD -CL A		MS		8/16/2017	LIBOR-1M		16,500			143,550			(16,665	)
COSTAMARE INC		MS		8/16/2017	LIBOR-1M		(10,200	)		(67,626	)		(2,142	)
COUNTRYWIDE PLC		MS		11/14/2017	FEDEF-1D		(50,969	)		(193,654	)		81,715
COVENANT TRANSPORTATION GRP		MS		8/16/2017	LIBOR-1M		(8,700	)		(163,212	)		261
COVESTRO AG		MS		10/24/2017	EONIA-1D		456			35,446			105
CRA INTL INC		MS		8/16/2017	LIBOR-1M		4,900			177,576			8,330
CRAFT BREW ALLIANCE INC		MS		8/16/2017	LIBOR-1M		(7,600	)		(97,776	)		(5,584	)
CRAY INC		MS		8/16/2017	LIBOR-1M		(3,500	)		(68,250	)		5,600
CREST NICHOLSON HOLDINGS		MS		11/14/2017	LIBOR-1M		68,350			469,820			63,863
CSS INDS		MS		8/16/2017	LIBOR-1M		(2,800	)		(68,964	)		(4,844	)
CYMABAY THERAPEUTICS INC. COMMON STOCK		MS		8/16/2017	LIBOR-1M		9,300			39,153			(5,487	)
CYTOMX THERAPEUT		MS		8/16/2017	LIBOR-1M		(3,200	)		(53,600	)		3,328
DAIRY CREST GROUP PLC		MS		10/24/2017	SONIA-1D		(2,800	)		(20,806	)		—
DAIRY CREST GROUP PLC		MS		11/14/2017	FEDEF-1D		(19,652	)		(146,848	)		904
DAKTRONICS INC		MS		8/16/2017	LIBOR-1M		7,400			68,006			1,998
DAQO NEW ENERGY CORP		MS		8/16/2017	LIBOR-1M		4,100			81,139			(4,838	)
DEL FRISCO’S RESTARUANT GROUP		MS		8/16/2017	LIBOR-1M		2,400			43,200			(1,920	)
DELPHI ENRGY CP		MS		10/16/2017	LIBOR-1M		3,243			3,067			3,839
DELTIC TIMBER		MS		8/16/2017	LIBOR-1M		(1,600	)		(122,112	)		(1,680	)
DESTINATION XL GROUP		MS		8/16/2017	LIBOR-1M		(20,200	)		(53,530	)		2,020
DEUTSCHE BANK AG		MS		10/24/2017	EONIA-1D		(12,400	)		(207,168	)		(16,144	)
DEUTSCHE BETEILIGUNGS AG		MS		10/24/2017	EONIA-1D		3,399			126,091			3,296
DEUTZ AG		MS		10/24/2017	EONIA-1D		40,300			263,918			50,009
DEVSISTERS		MS		11/1/2017	FEDEF-1D		(1,455	)		(18,801	)		(2,566	)
DFDS		MS		10/24/2017	CIBOR-1W		8,083			467,749			14,993
DHI GROUP INC		MS		8/16/2017	LIBOR-1M		20,500			96,350			(17,425	)
DIALOG SEMICON		MS		10/24/2017	EONIA-1D		7,460			336,437			12,638


Company Reference	Counterparty		Termination Date		Receive/ (Pay)	Number of Contracts			Notional Amount			Unrealized Appreciation (Depreciation)
DIME COMMUNITY BANCSHARES		MS		8/16/2017	LIBOR-1M		3,400			69,190		$	(3,060	)
DINEEQUITY INC		MS		8/16/2017	LIBOR-1M		(1,500	)		(82,140	)		(2,670	)
DIPLOMAT PHARM		MS		8/16/2017	LIBOR-1M		(5,500	)		(78,980	)		(6,820	)
DISTRIBUIDORA INTERNACIONAL		MS		11/14/2017	LIBOR-1M		144,591			828,325			32,587
DONNELLEY FINANCIAL SOLU		MS		8/16/2017	LIBOR-1M		(2,300	)		(43,792	)		(7,314	)
DOUGLAS DYNAMICS INC		MS		8/16/2017	LIBOR-1M		2,300			71,415			1,955
DRAEGERWERK VZ		MS		10/24/2017	EONIA-1D		200			21,498			390
DRAX GROUP PLC		MS		10/24/2017	SONIA-1D		11,100			42,505			3,966
DUCOMMUN INC		MS		8/16/2017	LIBOR-1M		5,700			169,119			(1,596	)
DUFRY AG		MS		10/24/2017	TOIS-1D		(356	)		(56,259	)		(2,100	)
DYNEGY INC (NEW)		MS		8/16/2017	LIBOR-1M		(18,400	)		(145,544	)		27,416
EASYJET PLC		MS		10/24/2017	SONIA-1D		(57,330	)		(837,163	)		(29,687	)
ECHO GLOBAL LOGISTICS INC		MS		8/16/2017	LIBOR-1M		(6,600	)		(134,640	)		10,890
EFG-HERMES HOLDINGS-GDR		MS		3/19/2018	FEDEF-1D		(48,590	)		(126,744	)		410
EHEALTH INC		MS		8/16/2017	LIBOR-1M		(9,500	)		(104,120	)		(30,590	)
EL POLLO LOCO HOLDINGS INC		MS		8/16/2017	LIBOR-1M		(6,200	)		(75,640	)		(2,170	)
EL.EN		MS		10/24/2017	EONIA-1D		5,151			168,637			14,815
ELNUSA TBK		MS		10/12/2017	FEDEF-1D		3,951,800			122,336			(10,266	)
EMCORE CORP		MS		8/16/2017	LIBOR-1M		8,200			69,700			4,100
EML PAYMENTS LTD		MS		9/13/2017	FEDEF-1D		(29,439	)		(42,288	)		11,019
ENDOLOGIX INC		MS		8/16/2017	LIBOR-1M		(15,600	)		(101,400	)		(15,444	)
ENERNOC INC		MS		8/16/2017	LIBOR-1M		(6,400	)		(37,760	)		1,600
ENTELLUS MEDICAL		MS		8/16/2017	LIBOR-1M		(6,700	)		(89,177	)		(6,097	)
ENTERCOM COMMUNICATIONS CORP		MS		8/16/2017	LIBOR-1M		7,800			108,420			(9,750	)
ENTERPRISE FINANCIAL SERVICES CORP		MS		8/16/2017	LIBOR-1M		3,200			134,400			800
ENTERTAINMENT ONE LTD		MS		10/24/2017	SONIA-1D		9,200			29,489			(36	)
ENZO BIOCHEM INC		MS		8/16/2017	LIBOR-1M		13,500			107,865			10,935
EO TECHNICS		MS		11/1/2017	FEDEF-1D		(2,465	)		(181,508	)		(15,330	)
EQUITY BANCSHARES INC—CL A		MS		8/16/2017	LIBOR-1M		(4,600	)		(140,438	)		(4,784	)
ESSA BANCORP		MS		8/16/2017	LIBOR-1M		(2,700	)		(39,771	)		(1,080	)
ESSENTRA PLC		MS		10/24/2017	SONIA-1D		(36,200	)		(249,544	)		(20,768	)
ESSENTRA PLC		MS		11/14/2017	FEDEF-1D		(45,864	)		(316,654	)		(12,835	)
ESTRN VIRGINIA		MS		8/16/2017	LIBOR-1M		3,700			39,775			2,664
ETHAN ALLEN		MS		8/16/2017	LIBOR-1M		(3,300	)		(97,845	)		(495	)
EVOLVA HLDG SA		MS		10/24/2017	TOIS-1D		(519,398	)		(287,299	)		106
EVOLVING SYS R/S		MS		8/16/2017	LIBOR-1M		10,700			49,755			3,745
EVS BROADCAST EQ		MS		10/24/2017	EONIA-1D		6,918			270,126			8,328
EXA CORP		MS		8/16/2017	LIBOR-1M		(6,200	)		(81,220	)		(4,092	)
EXACTECH INC		MS		8/16/2017	LIBOR-1M		4,200			109,410			15,120
EXPRESS INC		MS		8/16/2017	LIBOR-1M		(9,400	)		(81,686	)		564
EXTREME NETWORKS		MS		8/16/2017	LIBOR-1M		32,600			229,504			25,265
FABRINET		MS		8/16/2017	LIBOR-1M		3,800			146,072			(14,326	)
FAMOUS DAVE S		MS		8/16/2017	LIBOR-1M		(6,300	)		(24,570	)		(630	)
FARMER BROS CO		MS		8/16/2017	LIBOR-1M		(1,400	)		(51,800	)		2,100
FARMERS CAP BK		MS		8/16/2017	LIBOR-1M		(1,000	)		(38,700	)		(2,800	)
FARMERS NAT BNCP		MS		8/16/2017	LIBOR-1M		7,600			100,700			7,980
FARO TECHNOLOG		MS		8/16/2017	LIBOR-1M		3,200			107,200			10,080
FAYSAL BANK LTD		MS		10/10/2018	FEDEF-1D		395,627			80,413			(8,580	)
FED AGRIC MTG CORP-CL C		MS		8/16/2017	LIBOR-1M		1,900			107,464			931
FEDERAL SIGNAL		MS		8/16/2017	LIBOR-1M		2,700			37,071			5,076
FEDERATED NATIONAL HOLDING CO		MS		8/16/2017	LIBOR-1M		(5,600	)		(87,920	)		(2,576	)
FENNER PLC		MS		10/24/2017	SONIA-1D		4,900			21,277			84
FERREXPO PLC		MS		11/14/2017	LIBOR-1M		263,520			383,472			155,557


Company Reference	Counterparty		Termination Date		Receive/ (Pay)	Number of Contracts			Notional Amount			Unrealized Appreciation (Depreciation)
FERROVIAL SA		MS		10/24/2017	EONIA-1D		(36,830	)		(763,184	)	$	(20,665	)
FEVERTREE DRINKS PLC		MS		11/14/2017	FEDEF-1D		(17,762	)		(347,504	)		(27,692	)
FIESTA RSTRN GRP		MS		8/16/2017	LIBOR-1M		(4,600	)		(109,020	)		(2,990	)
FILA KOREA		MS		10/15/2018	FEDEF-1D		(2,143	)		(127,203	)		(3,584	)
FINISH LINE A		MS		8/16/2017	LIBOR-1M		(9,800	)		(140,042	)		(14,896	)
FIRST BANCORP		MS		8/16/2017	LIBOR-1M		(5,300	)		(150,785	)		(8,427	)
FIRST BANK		MS		8/16/2017	LIBOR-1M		7,000			89,250			1,750
FIRST BUSI FINCL		MS		8/16/2017	LIBOR-1M		(2,400	)		(62,184	)		(1,584	)
FIRST DEFIANCE		MS		8/16/2017	LIBOR-1M		2,400			124,560			4,176
FIRST FNL NW INC		MS		8/16/2017	LIBOR-1M		5,000			86,550			(8,150	)
FIRST L I CORP		MS		8/16/2017	LIBOR-1M		3,900			103,350			2,730
FIRST REP BANCP		MS		8/16/2017	LIBOR-1M		(21,500	)		(177,375	)		(7,525	)
FISCHER N		MS		10/24/2017	TOIS-1D		584			544,100			6,819
FLEXION THERAPEUTICS INC		MS		8/16/2017	LIBOR-1M		(3,100	)		(82,522	)		19,251
FOSSIL GROUP INC		MS		8/16/2017	LIBOR-1M		(6,600	)		(111,738	)		(2,112	)
Fourth Link Inc		MS		10/15/2018	FEDEF-1D		(8,150	)		(33,126	)		(12,313	)
FRANCESCAS HOLDINGS CORP		MS		8/16/2017	LIBOR-1M		7,500			115,950			2,400
Franklin Covey Co		MS		8/16/2017	LIBOR-1M		(9,200	)		(189,980	)		(5,520	)
Franklin Financial Network Inc. Com Accr		MS		8/16/2017	LIBOR-1M		4,300			165,550			8,815
FREIGHTCAR AMERICA INC		MS		8/16/2017	LIBOR-1M		(8,500	)		(108,630	)		(2,380	)
FRESNILLO PLC		MS		10/24/2017	SONIA-1D		(2,730	)		(53,613	)		1,710
FRST CNT BNCP		MS		8/16/2017	LIBOR-1M		4,200			100,380			11,760
FST BUSEY CORP		MS		8/16/2017	LIBOR-1M		4,766			137,451			5,290
FST COMMUNITY		MS		8/16/2017	LIBOR-1M		1,900			39,330			(684	)
FST MERCHANTS		MS		8/16/2017	LIBOR-1M		4,400			170,720			11,352
FST MID-ILL BNC		MS		8/16/2017	LIBOR-1M		(1,000	)		(32,260	)		(350	)
FTD COMPANIES IN		MS		8/16/2017	LIBOR-1M		(3,300	)		(65,241	)		(759	)
FutureFuel Corp Common shares		MS		8/16/2017	LIBOR-1M		8,900			129,940			7,654
GALENICA AG		MS		10/24/2017	TOIS-1D		(544	)		(571,818	)		(19,602	)
GAMCO INVESTORS INC		MS		8/16/2017	LIBOR-1M		(3,500	)		(100,450	)		—
GAMES WORKSHOP GROUP PLC		MS		10/24/2017	SONIA-1D		1,660			20,972			(9	)
GANNETT CO INC		MS		8/16/2017	LIBOR-1M		(3,900	)		(31,356	)		(1,248	)
GENER8 MARITIME		MS		8/16/2017	LIBOR-1M		(9,100	)		(53,053	)		4,186
GENMARK DIAGNOSTICS INC		MS		8/16/2017	LIBOR-1M		(11,600	)		(148,364	)		(348	)
GENTERA SAB DE CV		MS		1/4/2018	FEDEF-1D		(48,900	)		(78,436	)		(3,440	)
GENUS PLC		MS		10/24/2017	SONIA-1D		6,700			149,965			(1,214	)
GEOSPACE TECHNOLOGIES CORP		MS		8/16/2017	LIBOR-1M		(2,200	)		(33,484	)		(2,904	)
GETTY REALTY CORP		MS		8/16/2017	LIBOR-1M		(2,600	)		(68,016	)		1,456
GIBRALTAR INDUSTRIES INC		MS		8/16/2017	LIBOR-1M		1,800			72,810			(2,160	)
G-III APPAREL		MS		8/16/2017	LIBOR-1M		(4,100	)		(100,081	)		2,911
GIVAUDAN N		MS		10/24/2017	TOIS-1D		(297	)		(570,806	)		(2,329	)
GLOBAL EAGLE ENTERTAINMENT		MS		8/16/2017	LIBOR-1M		(13,600	)		(44,064	)		1,904
GOCOMPARE.COM GROUP PLC		MS		10/24/2017	SONIA-1D		71,398			85,034			—
GRAHAM CORP		MS		8/16/2017	LIBOR-1M		4,400			96,756			352
GRANITE OIL CORP		MS		10/16/2017	LIBOR-1M		33,100			124,930			494
GREEN BRICK PARTNERS INC		MS		8/16/2017	LIBOR-1M		(6,700	)		(65,995	)		(3,015	)
GREENHILL		MS		8/16/2017	LIBOR-1M		(2,900	)		(74,965	)		1,595
GREENLIGHT CAPITAL RE LTD		MS		8/16/2017	LIBOR-1M		(5,800	)		(127,310	)		2,320
G-TECH		MS		10/12/2017	FEDEF-1D		(7,880	)		(5,627	)		1,064
GUESS INC		MS		8/16/2017	LIBOR-1M		(5,900	)		(63,897	)		(1,947	)
GUIDANCE SOFTWARE INC		MS		8/16/2017	LIBOR-1M		4,800			29,184			(144	)
GURIT I		MS		10/24/2017	TOIS-1D		507			432,645			9,433
H & R		MS		10/24/2017	EONIA-1D		4,180			63,210			(205	)
HABIT RESTAURANTS INC/THE		MS		8/16/2017	LIBOR-1M		(8,700	)		(154,425	)		(10,005	)
HACKETT GROUP INC		MS		8/16/2017	LIBOR-1M		6,800			131,240			3,604


Company Reference	Counterparty		Termination Date		Receive/ (Pay)	Number of Contracts			Notional Amount			Unrealized Appreciation (Depreciation)
HAENGNAM HOUSEHOLD AND HEALTH CARE, INC		MS		10/15/2018	FEDEF-1D		(27,198	)		(37,340	)	$	23,085
HANJIN HEAVY IND		MS		11/1/2017	FEDEF-1D		(8,017	)		(24,186	)		357
HANMI FINANCIAL		MS		8/16/2017	LIBOR-1M		2,800			83,160			(1,820	)
HANWHA TECHWIN CO LTD		MS		11/1/2017	FEDEF-1D		(4,434	)		(203,301	)		541
HANWHA TECHWIN CO LTD		MS		10/15/2018	FEDEF-1D		(12,187	)		(512,330	)		(44,961	)
HARBORONE BANCORP INC		MS		8/16/2017	LIBOR-1M		(7,400	)		(137,788	)		(16,280	)
HARDINGE INC		MS		8/16/2017	LIBOR-1M		7,400			79,328			(1,628	)
HARMONIC		MS		8/16/2017	LIBOR-1M		(13,900	)		(76,450	)		(4,170	)
HAYNES INTL		MS		8/16/2017	LIBOR-1M		(2,500	)		(93,100	)		(12,625	)
HEIDRICK STRUGG		MS		8/16/2017	LIBOR-1M		5,700			146,205			(23,655	)
HELIX ENERGY SOLUTIONS GROUP INC		MS		8/16/2017	LIBOR-1M		4,000			31,480			(7,000	)
HENNES & MAURITZ B		MS		10/24/2017	STIBO-1W		(15,110	)		(369,115	)		(5,117	)
HERITAGE INSURANCE HOLDINGS IN		MS		8/16/2017	LIBOR-1M		(2,400	)		(29,040	)		—
HERITAGE-CRYSTAL CLEAN INC		MS		8/16/2017	LIBOR-1M		2,600			39,910			(780	)
HIBBETT SPORTS INC		MS		8/16/2017	LIBOR-1M		(6,500	)		(186,875	)		17,875
HLB INC		MS		11/1/2017	FEDEF-1D		(6,850	)		(84,094	)		965
HOMESTREET INC		MS		8/16/2017	LIBOR-1M		1,500			40,800			(1,800	)
HORIZON GBL CORP		MS		8/16/2017	LIBOR-1M		—			—			4,622
HORNBECK OFF SRV		MS		8/16/2017	LIBOR-1M		(10,800	)		(43,200	)		6,372
HORTONWORKS INC		MS		8/16/2017	LIBOR-1M		(8,100	)		(88,371	)		4,050
HSBC HOLDINGS PLC		MS		10/24/2017	SONIA-1D		(20,800	)		(167,591	)		(3,797	)
HUAYI TENCENT		MS		5/3/2018	FEDEF-1D		(386,753	)		(19,644	)		1,250
HUDSON TECH		MS		8/16/2017	LIBOR-1M		(4,500	)		(29,025	)		(2,925	)
HURON CONSULTING		MS		8/16/2017	LIBOR-1M		(3,600	)		(152,100	)		(8,100	)
HURRICANE ENERGY PLC		MS		10/24/2017	SONIA-1D		(34,989	)		(25,592	)		(2,189	)
HYSTR YL MRL HND		MS		8/16/2017	LIBOR-1M		(1,200	)		(67,236	)		(4,896	)
ICU MEDICAL INC		MS		8/16/2017	LIBOR-1M		400			60,280			1,240
IMMERSION CORP		MS		8/16/2017	LIBOR-1M		(13,700	)		(115,080	)		(5,069	)
IMPAC MORTGAGE		MS		8/16/2017	LIBOR-1M		3,100			38,688			5,642
IMPEDIMED LTD		MS		9/13/2017	FEDEF-1D		(59,375	)		(62,619	)		30,420
IMPEDIMED LTD		MS		10/15/2018	FEDEF-1D		(84,003	)		(92,342	)		46,787
INDEPENDENCE REALTY TRUST IN		MS		8/16/2017	LIBOR-1M		(21,000	)		(193,830	)		(630	)
INDEPENDENT BANK GROUP INC		MS		8/16/2017	LIBOR-1M		2,900			177,335			(2,900	)
INDIVIOR PLC		MS		10/24/2017	SONIA-1D		106,500			443,949			17,914
INDIVIOR PLC		MS		11/14/2017	LIBOR-1M		147,864			545,892			94,985
INFINITY PPTY		MS		8/16/2017	LIBOR-1M		(1,400	)		(130,690	)		(8,260	)
INFRAREIT INC		MS		8/16/2017	LIBOR-1M		—			—			(3,706	)
INGENIA COMMUNITIES GROUP		MS		10/15/2018	FEDEF-1D		(34,122	)		(73,024	)		3,090
INGLES CL A		MS		8/16/2017	LIBOR-1M		700			31,675			1,015
INNERWORKINGS INC		MS		8/16/2017	LIBOR-1M		15,100			151,000			8,909
INSTEEL INDUSTRIES INC		MS		8/16/2017	LIBOR-1M		(3,300	)		(118,107	)		3,234
INSTRUCTURE INC		MS		8/16/2017	LIBOR-1M		(7,900	)		(180,515	)		(8,295	)
INTAI		MS		10/12/2017	FEDEF-1D		22,447			108,796			(7,780	)
INTELLIA THERAPEUTICS INC		MS		8/16/2017	LIBOR-1M		2,600			36,010			1,872
INTERFLEX		MS		11/1/2017	FEDEF-1D		(5,862	)		(153,564	)		9,225
INTERSECT ENT INC		MS		8/16/2017	LIBOR-1M		3,300			53,295			9,405
INTESA SANPAOLO		MS		10/24/2017	EONIA-1D		(51,200	)		(138,895	)		(10,264	)
INV RE TRUST		MS		8/16/2017	LIBOR-1M		(18,700	)		(114,444	)		3,927
INVACARE INC		MS		8/16/2017	LIBOR-1M		(14,400	)		(149,760	)		(61,920	)
INVENTURE FOODS INC		MS		8/16/2017	LIBOR-1M		(14,700	)		(62,916	)		8,526
INVEST TECH GRP		MS		8/16/2017	LIBOR-1M		(4,700	)		(91,791	)		(1,786	)
INVUITY INC		MS		8/16/2017	LIBOR-1M		(4,500	)		(33,750	)		(6,750	)
IPSOS		MS		10/24/2017	EONIA-1D		17,870			551,944			21,221
ITEQ		MS		10/12/2017	FEDEF-1D		99,000			133,409			14,824


Company Reference	Counterparty		Termination Date		Receive/ (Pay)	Number of Contracts			Notional Amount			Unrealized Appreciation (Depreciation)
ITURAN LOCATION AND CONTROL		MS		8/16/2017	LIBOR-1M		2,000			62,300		$	300
IXYS CORP		MS		8/16/2017	LIBOR-1M		4,600			63,710			460
JA SOLAR HOLDING CO LTD		MS		8/16/2017	LIBOR-1M		13,900			97,022			417
JACQUET METAL SC		MS		10/24/2017	EONIA-1D		13,344			325,359			33,001
JD SPORTS FASHION PLC		MS		10/24/2017	SONIA-1D		11,850			68,188			77
K12 INC		MS		8/16/2017	LIBOR-1M		3,400			64,736			(646	)
K2M GROUP HOLDINGS INC		MS		8/16/2017	LIBOR-1M		(4,400	)		(92,884	)		(4,576	)
KAPPAHL		MS		10/24/2017	STIBO-1W		12,592			73,561			(711	)
KARDEX I		MS		10/24/2017	TOIS-1D		4,346			456,749			23,592
KEARNY FINANCIAL		MS		8/16/2017	LIBOR-1M		(5,119	)		(76,273	)		1,536
KEMET CORP		MS		8/16/2017	LIBOR-1M		5,900			65,962			177
KERRY GROUP		MS		11/14/2017	FEDEF-1D		(6,749	)		(553,581	)		(926	)
KEYWARE HOLDING CORP		MS		8/16/2017	LIBOR-1M		(3,600	)		(31,464	)		(2,700	)
KGI SECURITIES THAILAND		MS		10/11/2017	FEDEF-1D		51,006			5,599			(1,502	)
KIMBALL ELECTRONICS INC		MS		8/16/2017	LIBOR-1M		8,000			130,800			7,200
KIMBALL INTL B		MS		8/16/2017	LIBOR-1M		10,700			186,822			3,317
KIRKLANDS INC		MS		8/16/2017	LIBOR-1M		(5,800	)		(72,442	)		4,234
KOMIPHARM INTL		MS		11/1/2017	FEDEF-1D		(10,009	)		(273,101	)		(52,567	)
KONA GRILL		MS		8/16/2017	LIBOR-1M		(12,300	)		(68,880	)		(1,230	)
KOPPERS HOLDINGS INC		MS		8/16/2017	LIBOR-1M		4,400			189,860			(3,080	)
KOREA AEROSPACE INDUSTRIES LTD		MS		11/1/2017	FEDEF-1D		(5,104	)		(284,780	)		(4,704	)
KOREA AEROSPACE INDUSTRIES LTD		MS		10/15/2018	FEDEF-1D		(7,824	)		(406,183	)		(34,757	)
KR MOTORS CO LTD		MS		11/1/2017	FEDEF-1D		(11,160	)		(8,524	)		1,557
KRATON CORP		MS		8/16/2017	LIBOR-1M		1,600			52,528			(192	)
Kvaerner ASA		MS		10/24/2017	NIBOR-1W		182,500			220,281			18,091
L.B. FOSTER		MS		8/16/2017	LIBOR-1M		6,800			94,180			2,380
LABRADOR IRON ORE ROYALTY CORP		MS		10/16/2017	LIBOR-1M		34,100			423,896			29,759
LANDENBURG THALMANN FINL		MS		8/16/2017	LIBOR-1M		(13,900	)		(33,916	)		(4,726	)
LANTHEUS HOLDINGS INC		MS		8/16/2017	LIBOR-1M		10,300			119,480			14,420
LEE ENTERPRISES		MS		8/16/2017	LIBOR-1M		8,200			20,910			410
LEMAITRE VASCULAR INC		MS		8/16/2017	LIBOR-1M		(3,300	)		(82,104	)		(16,071	)
LEOVEGAS AB		MS		10/24/2017	STIBO-1W		51,800			230,391			5,263
LEWIS		MS		11/20/2017	LIBOR-1M		1,634			3,650			3,117
LIFETIME BRANDS INC		MS		8/16/2017	LIBOR-1M		2,200			45,430			(3,097	)
LIMELIGHT NETWORKS INC		MS		8/16/2017	LIBOR-1M		32,800			80,688			22,304
LINDBLAD EXPEDITIONS HOLDINGS INC		MS		8/16/2017	LIBOR-1M		(9,100	)		(81,718	)		(4,732	)
LIQUIDITY SERVICES INC		MS		8/16/2017	LIBOR-1M		2,800			20,580			1,260
LISI		MS		10/24/2017	EONIA-1D		570			19,692			2,664
LIVE OAK BANCSHA		MS		8/16/2017	LIBOR-1M		(9,008	)		(190,069	)		(27,474	)
LONDONMETRIC PROPERTY PLC		MS		11/14/2017	FEDEF-1D		(93,867	)		(184,795	)		(19,719	)
LONMIN PLC		MS		11/14/2017	FEDEF-1D		(181,827	)		(262,829	)		4,056
LONZA GRP AG N		MS		10/24/2017	TOIS-1D		1,139			218,447			17,813
M T S SYSTEMS		MS		8/16/2017	LIBOR-1M		(3,500	)		(188,300	)		25,725
M/I HOMES INC		MS		8/16/2017	LIBOR-1M		6,900			168,360			19,044
MACOM TECHNOLOGY SOLUTIONS HOLDINGS INC		MS		8/16/2017	LIBOR-1M		(1,023	)		(52,286	)		2,281
MAGNACHIP SEMICONDUCTOR CORP		MS		8/16/2017	LIBOR-1M		4,700			40,655			(705	)
MAGNESITA REFRATARIOS SA		MS		11/15/2017	LIBOR-1M		3,959			31,399			2,439
MAINSOURCE FINANCIAL GROUP INC		MS		8/16/2017	LIBOR-1M		1,500			49,170			2,130
MAKEMYTRIP LTD		MS		8/16/2017	LIBOR-1M		(3,800	)		(138,510	)		(7,410	)
Malvern Bancorp, Inc. Common Stock		MS		8/16/2017	LIBOR-1M		2,100			45,780			(210	)


Company Reference	Counterparty		Termination Date		Receive/ (Pay)	Number of Contracts			Notional Amount			Unrealized Appreciation (Depreciation)
MAMMOTH ENERGY SERVICES INC		MS		8/16/2017	LIBOR-1M		1,500			30,705		$	(1,755	)
MANITOU		MS		11/14/2017	LIBOR-1M		992			29,752			1,591
MANNING & NAPIER		MS		8/16/2017	LIBOR-1M		(12,100	)		(70,785	)		(363	)
MARCUS & MILICHP		MS		8/16/2017	LIBOR-1M		(6,600	)		(162,426	)		(7,854	)
MARCUS CP		MS		8/16/2017	LIBOR-1M		3,900			120,705			11,115
MATRIX SERVICE		MS		8/16/2017	LIBOR-1M		2,100			34,440			(9,765	)
MBT FINL CORP		MS		8/16/2017	LIBOR-1M		(2,900	)		(32,770	)		290
MC GROUP-F		MS		10/11/2017	FEDEF-1D		70,700			37,832			1,287
MCCLATCHY NEWS		MS		8/16/2017	LIBOR-1M		1,900			20,672			(190	)
MCDERMOTT INTL		MS		8/16/2017	LIBOR-1M		10,900			74,120			(2,834	)
MCGRATH RENT		MS		8/16/2017	LIBOR-1M		(900	)		(30,195	)		(1,134	)
MCS STEEL-F		MS		10/11/2017	FEDEF-1D		181,758			86,480			(6,113	)
MEDIASET ESPANA COMUNICACION SA		MS		10/24/2017	EONIA-1D		22,400			296,634			13,549
MEDIATEK		MS		10/12/2017	FEDEF-1D		(70,000	)		(501,219	)		(1,411	)
MEDICLINIC INTERNATIONAL PLC		MS		10/24/2017	SONIA-1D		(3,750	)		(39,880	)		24
MELEXIS		MS		10/24/2017	EONIA-1D		500			42,920			(1,242	)
MERCER INTL		MS		8/16/2017	LIBOR-1M		7,900			92,035			4,345
MERIDIAN BIOSCIENCE INC		MS		8/16/2017	LIBOR-1M		(6,400	)		(87,040	)		(7,680	)
MERSEN		MS		10/24/2017	EONIA-1D		2,650			70,128			9,416
MERUS BV		MS		8/16/2017	LIBOR-1M		1,200			23,808			2,832
MESA LAB		MS		8/16/2017	LIBOR-1M		(1,500	)		(192,195	)		(17,535	)
META FINANCIAL GROUP INC		MS		8/16/2017	LIBOR-1M		1,300			114,010			(3,640	)
MEYER BURGER N		MS		10/24/2017	TOIS-1D		(24,900	)		(20,284	)		(250	)
MGP INGREDIENTS INC		MS		8/16/2017	LIBOR-1M		(4,300	)		(226,481	)		1,333
MIDLAND STATES BANCORP INC		MS		8/16/2017	LIBOR-1M		2,900			94,917			5,133
MIRAE ASSET DAEWOO CO LTD		MS		11/1/2017	FEDEF-1D		(67,032	)		(516,836	)		(8,975	)
MIRAE ASSET DAEWOO CO LTD		MS		10/15/2018	FEDEF-1D		(39,961	)		(303,436	)		(10,025	)
MIRATI THERAPEUTICS		MS		8/16/2017	LIBOR-1M		(6,600	)		(32,010	)		1,980
MOBILEZONE HLD I		MS		10/24/2017	TOIS-1D		18,470			281,109			1,238
MODEL N INC		MS		8/16/2017	LIBOR-1M		(16,500	)		(170,775	)		(5,775	)
MONASH IVF GROUP LTD		MS		9/13/2017	LIBOR-1M		14,727			19,777			2,880
MONCLER		MS		10/24/2017	EONIA-1D		8,550			204,278			6,800
MONOTYPE IMAGING HOLDING INC		MS		8/16/2017	LIBOR-1M		(3,700	)		(72,890	)		(2,405	)
MORPHOSYS		MS		10/24/2017	EONIA-1D		(5,700	)		(321,678	)		(24,343	)
MTGE INVESTMENT CROP		MS		8/16/2017	LIBOR-1M		6,554			111,090			6,882
MTN		MS		11/20/2017	FEDEF-1D		(4,263	)		(40,757	)		363
MULTI-COLOR CP		MS		8/16/2017	LIBOR-1M		(2,500	)		(176,375	)		(15,625	)
NANOBIOTIX		MS		11/14/2017	FEDEF-1D		(7,162	)		(119,129	)		(11,181	)
NANOSTRG TECHNS		MS		8/16/2017	LIBOR-1M		(7,100	)		(138,947	)		14,839
NATIONAL CINEMEDIA INC		MS		8/16/2017	LIBOR-1M		(5,400	)		(67,014	)		2,916
NATIONAL RESEARC		MS		8/16/2017	LIBOR-1M		(1,700	)		(36,210	)		(5,950	)
NATIONAL STORAGE		MS		8/16/2017	LIBOR-1M		6,600			168,498			(6,798	)
NATURAL GROCERS BY VITAMIN COTTAGE INC		MS		8/16/2017	LIBOR-1M		(16,700	)		(176,686	)		(6,012	)
NATURECELL CO LTD		MS		10/15/2018	FEDEF-1D		(17,479	)		(75,474	)		695
NATUREX		MS		11/14/2017	FEDEF-1D		(1,159	)		(100,868	)		(4,722	)
NAUTILUS INC		MS		8/16/2017	LIBOR-1M		(9,000	)		(153,450	)		(10,350	)
NAVIGANT CONSUL		MS		8/16/2017	LIBOR-1M		3,400			77,418			4,080
NCC GROUP PLC		MS		10/24/2017	SONIA-1D		(252,365	)		(418,175	)		(47,371	)
NCI INC CLASS A		MS		8/16/2017	LIBOR-1M		5,548			71,292			11,096
NEMAK S.A.B. DE C.V.		MS		1/4/2018	FEDEF-1D		100,527			101,875			4,257
NEOMETALS LTD		MS		10/15/2018	FEDEF-1D		(192,532	)		(55,061	)		11,136
NEOPHOTONICS CORP		MS		8/16/2017	LIBOR-1M		(15,600	)		(130,416	)		9,360
NEOPOST		MS		10/24/2017	EONIA-1D		1,340			54,717			(365	)


Company Reference	Counterparty		Termination Date		Receive/ (Pay)	Number of Contracts			Notional Amount			Unrealized Appreciation (Depreciation)
NESTLE AG		MS		10/24/2017	TOIS-1D		(2,210	)		(168,030	)	$	(3,772	)
NETS		MS		10/24/2017	CIBOR-1W		(41,910	)		(725,530	)		(36,852	)
NEW WAVE B		MS		10/24/2017	STIBO-1W		10,379			74,399			(879	)
NEWRON PHARMA N		MS		10/24/2017	TOIS-1D		(3,040	)		(66,956	)		(1,376	)
NEXPOINT RESIDENTIAL		MS		8/16/2017	LIBOR-1M		4,600			115,782			(5,336	)
NICOLET BANKSHARES INC		MS		8/16/2017	LIBOR-1M		(1,400	)		(66,864	)		(2,156	)
NICOX SA		MS		11/14/2017	FEDEF-1D		(10,192	)		(106,638	)		(4,293	)
NISHAT CHUNIAN		MS		10/10/2018	FEDEF-1D		69,803			43,468			(6,239	)
NK		MS		11/1/2017	FEDEF-1D		(27,017	)		(52,447	)		5,167
NOKIA OYJ		MS		10/24/2017	EONIA-1D		(54,500	)		(291,182	)		(23,015	)
NORDIC NANOVECTOR ASA		MS		10/24/2017	NIBOR-1W		(1,920	)		(17,801	)		(3,135	)
NORTH AMR ENERGY		MS		10/16/2017	LIBOR-1M		14,200			68,994			(1,155	)
NORTH WEST CO INC		MS		10/16/2017	LIBOR-1M		14,800			329,974			19,218
NORTHERN BLIZZAR		MS		10/16/2017	LIBOR-1M		46,618			116,512			(374	)
NORWEGIAN AIR SHUTTLE ASA		MS		10/24/2017	NIBOR-1W		(17,988	)		(492,345	)		(18,880	)
NOVA MEASURING		MS		8/16/2017	LIBOR-1M		6,400			115,584			12,864
NOVADAQ TECH		MS		8/16/2017	LIBOR-1M		(11,400	)		(90,060	)		10,716
NOVANTA INC		MS		8/16/2017	LIBOR-1M		6,600			179,850			5,280
NOVOZYMES B		MS		10/24/2017	CIBOR-1W		(600	)		(26,137	)		213
NUMEREX CORP		MS		8/16/2017	LIBOR-1M		(7,200	)		(32,112	)		(288	)
NUMERICABLE-SFR		MS		10/24/2017	EONIA-1D		(2,060	)		(62,976	)		(4,489	)
NUMIS CORPORATION PLC		MS		10/24/2017	SONIA-1D		15,077			51,918			2,342
NUVOTON TECHNOLOGY CORP		MS		10/12/2017	FEDEF-1D		102,057			151,346			(6,978	)
OBI		MS		10/12/2017	FEDEF-1D		(15,100	)		(155,124	)		13,222
OCEAN FINCL CP		MS		8/16/2017	LIBOR-1M		(3,700	)		(100,011	)		(2,294	)
OLD SECOND BNCP		MS		8/16/2017	LIBOR-1M		3,800			42,750			2,888
OLYMPIC STEEL		MS		8/16/2017	LIBOR-1M		3,200			63,200			8,960
OMEGA PROTEIN CP		MS		8/16/2017	LIBOR-1M		6,700			130,985			4,020
OMNOVA SOLUTIONS		MS		8/16/2017	LIBOR-1M		9,800			94,570			(1,470	)
OPUS BANK		MS		8/16/2017	LIBOR-1M		(8,900	)		(169,100	)		(31,595	)
ORASURE TECHNOLOGIES INC		MS		8/16/2017	LIBOR-1M		13,900			171,526			10,703
ORBCOMM CORP		MS		8/16/2017	LIBOR-1M		(7,300	)		(68,985	)		(1,387	)
ORBOTECH		MS		8/16/2017	LIBOR-1M		1,000			30,830			2,100
ORCHIDS PAPR PRO		MS		8/16/2017	LIBOR-1M		(4,600	)		(106,122	)		(5,888	)
ORIFLAME HOLDING		MS		10/24/2017	STIBO-1W		3,253			133,337			(37	)
ORITANI FINANCIAL CORP		MS		8/16/2017	LIBOR-1M		4,500			76,950			(675	)
OROCOBRE LTD		MS		9/13/2017	FEDEF-1D		(1,283	)		(3,071	)		48
OTONOMY INC		MS		8/16/2017	LIBOR-1M		(3,000	)		(38,550	)		(1,500	)
OUTOKUMPU OYJ		MS		10/24/2017	EONIA-1D		31,800			317,685			(12,287	)
OXFORD INDS INC		MS		8/16/2017	LIBOR-1M		(1,400	)		(76,986	)		(4,186	)
P.T.C.L. (A)		MS		10/10/2018	FEDEF-1D		489,000			81,417			(6,028	)
PAC MERCANTL BK		MS		8/16/2017	LIBOR-1M		(11,600	)		(83,520	)		(6,380	)
PACIFIC BIOSCIENCES OF CALIFORNIA		MS		8/16/2017	LIBOR-1M		(12,700	)		(63,754	)		13,716
PACIFIC ETHANOL		MS		8/16/2017	LIBOR-1M		14,500			103,675			(5,075	)
PAK OIL FIELDS		MS		10/10/2018	FEDEF-1D		17,700			80,508			(3,092	)
PAM TRANS SVC		MS		8/16/2017	LIBOR-1M		(2,900	)		(45,037	)		(9,396	)
PAP Y CART EURO		MS		11/14/2017	LIBOR-1M		16,477			112,781			11,086
PAR PACIFIC HOLDINGS INC		MS		8/16/2017	LIBOR-1M		(11,540	)		(196,065	)		7,155
PARATEK PHARMACEUTICALS INC		MS		8/16/2017	LIBOR-1M		(3,700	)		(83,250	)		3,885
PARROT PROMESSES		MS		10/24/2017	EONIA-1D		(28,960	)		(266,317	)		(12,911	)
PATRICK INDS		MS		8/16/2017	LIBOR-1M		2,200			138,270			18,040
PC CONNECTION		MS		8/16/2017	LIBOR-1M		4,000			114,440			520
PCM		MS		8/16/2017	LIBOR-1M		5,700			152,760			(9,120	)
PDF SOLUTIONS		MS		8/16/2017	LIBOR-1M		(5,800	)		(130,210	)		19,894
PDL BIOPHARMA		MS		8/16/2017	LIBOR-1M		21,300			43,239			4,686
PEAPACK GLADSTON		MS		8/16/2017	LIBOR-1M		3,000			87,900			8,280
PEGATRON		MS		10/12/2017	FEDEF-1D		59,009			151,046			22,539


Company Reference	Counterparty		Termination Date		Receive/ (Pay)	Number of Contracts			Notional Amount			Unrealized Appreciation (Depreciation)
PENNYMAC FINANCIAL SERVICE		MS		8/16/2017	LIBOR-1M		9,800			167,580		$	(5,880	)
PERCEPTRON INC		MS		8/16/2017	LIBOR-1M		10,000			84,200			600
PERRY ELLIS		MS		8/16/2017	LIBOR-1M		5,200			105,924			780
PERSIMMON PLC		MS		10/24/2017	SONIA-1D		4,660			137,302			4,212
PETRA DIAMONDS LTD		MS		11/14/2017	FEDEF-1D		(73,853	)		(122,629	)		(1,301	)
PEUGEOT S.A.		MS		10/24/2017	EONIA-1D		1,070			21,321			1,102
PFENEX INC		MS		8/16/2017	LIBOR-1M		5,700			26,334			1,083
PHARMERICA CP		MS		8/16/2017	LIBOR-1M		4,700			109,275			1,645
PHH		MS		8/16/2017	LIBOR-1M		(4,100	)		(52,603	)		(287	)
PIONEER CEMENT		MS		10/10/2018	FEDEF-1D		6,623			7,548			5,388
PIONEER ENERGY SERVICES CORPORATION		MS		8/16/2017	LIBOR-1M		17,900			78,760			(24,165	)
PIXELWORKS INC		MS		8/16/2017	LIBOR-1M		38,000			166,820			19,000
PLY GEM HOLDINGS INC		MS		8/16/2017	LIBOR-1M		7,100			134,545			2,130
PREFERRED BK LA		MS		8/16/2017	LIBOR-1M		3,100			158,999			5,270
PRGX GLOBAL INC		MS		8/16/2017	LIBOR-1M		5,000			32,250			500
PRIMO WATER CORP		MS		8/16/2017	LIBOR-1M		5,700			73,017			(4,788	)
PRO HOLDINGS INC		MS		8/16/2017	LIBOR-1M		(4,600	)		(105,800	)		(7,590	)
PROGENICS PHARMACEUTICALS		MS		8/16/2017	LIBOR-1M		7,300			59,641			(1,825	)
PROVIDENT FINANCIAL PLC		MS		10/24/2017	SONIA-1D		(3,010	)		(121,652	)		(3,195	)
PRUDENTIAL BANCORP INC		MS		8/16/2017	LIBOR-1M		(2,700	)		(49,815	)		1,431
PURPLEBRICKS GROUP PLC		MS		10/24/2017	SONIA-1D		(146,399	)		(538,239	)		(21,321	)
PURPLEBRICKS GROUP PLC		MS		11/14/2017	FEDEF-1D		(26,411	)		(63,376	)		(37,512	)
PZENA INVESTMENTS MANAGEMENT INC CLASS A		MS		8/16/2017	LIBOR-1M		4,100			41,410			902
Q2 HOLDINGS INC		MS		8/16/2017	LIBOR-1M		(2,100	)		(75,390	)		(4,725	)
QANTAS AIRWAYS LTD		MS		10/15/2018	LIBOR-1M		158,682			475,601			27,662
QINETIQ GROUP PLC		MS		10/24/2017	SONIA-1D		38,400			142,183			3,867
QUIDEL CORP		MS		8/16/2017	LIBOR-1M		(2,200	)		(49,522	)		(3,652	)
RADWARE LTD		MS		8/16/2017	LIBOR-1M		(5,700	)		(89,091	)		(3,990	)
RANDGOLD RESOURCES LTD		MS		10/24/2017	SONIA-1D		(2,930	)		(268,167	)		7,122
RANDGOLD RESOURCES LTD		MS		11/14/2017	FEDEF-1D		(6,837	)		(577,467	)		(31,320	)
RATOS B		MS		10/24/2017	STIBO-1W		(171,629	)		(767,036	)		(37,780	)
RAUBEX		MS		11/20/2017	LIBOR-1M		29,565			54,107			(712	)
RAVEN INDS		MS		8/16/2017	LIBOR-1M		5,000			147,500			7,500
RAYONR ADV MTRL		MS		8/16/2017	LIBOR-1M		9,300			124,062			(837	)
RCI HOSPITALITY HOLDINGS INC		MS		8/16/2017	LIBOR-1M		6,299			108,280			(3,464	)
RE/MAX HLDGS INC		MS		8/16/2017	LIBOR-1M		1,800			103,950			2,520
RED ROBIN GOURM		MS		8/16/2017	LIBOR-1M		(2,800	)		(160,160	)		(4,340	)
REDROW PLC		MS		10/24/2017	SONIA-1D		62,300			449,431			19,543
REIS INC		MS		8/16/2017	LIBOR-1M		(3,700	)		(65,120	)		(4,440	)
RESOLUTE FOREST PRODUCTS		MS		8/16/2017	LIBOR-1M		(7,300	)		(40,150	)		(5,475	)
RIVERVIEW		MS		8/16/2017	LIBOR-1M		8,000			58,960			(880	)
ROCKET INTERNET SE		MS		4/12/2018	FEDEF-1D		(4,569	)		(82,731	)		(650	)
ROCKHOPPER EXPLORATION PLC		MS		11/14/2017	FEDEF-1D		(47,330	)		(15,835	)		1,903
ROYAL BAFOKENG PLATINUM LTD		MS		11/20/2017	FEDEF-1D		(8,146	)		(22,315	)		763
ROYAL BANK OF SCOTLAND GROUP		MS		10/24/2017	SONIA-1D		(150,900	)		(469,744	)		(48,709	)
ROYAL DUTCH SHELL A		MS		10/24/2017	EONIA-1D		(8,720	)		(227,530	)		665
ROYAL UNIBREW		MS		10/24/2017	CIBOR-1W		6,500			289,891			(640	)
RPS GROUP PLC		MS		11/14/2017	LIBOR-1M		53,501			164,437			15,044
RTI SURGICAL INC		MS		8/16/2017	LIBOR-1M		9,400			36,660			1,410
RURAL ELECTRIFICATION CORPORATION LTD.		MS		11/14/2017	FEDEF-1D		253,443			468,369			331,270


Company Reference	Counterparty		Termination Date		Receive/ (Pay)	Number of Contracts			Notional Amount			Unrealized Appreciation (Depreciation)
RUTH’S HOSPITALITY GROUP INC		MS		8/16/2017	LIBOR-1M		6,200			124,930		$	(1,550	)
SAFEGUARD SCIEN		MS		8/16/2017	LIBOR-1M		(8,200	)		(98,400	)		(5,740	)
SAMSUNG BIOLOGICS CO LTD		MS		10/15/2018	FEDEF-1D		(137	)		(17,838	)		(3,245	)
SAMSUNG HEAVY		MS		11/1/2017	FEDEF-1D		(54,979	)		(508,701	)		(13,459	)
SAMSUNG HEAVY		MS		10/15/2018	FEDEF-1D		(54,018	)		(497,749	)		(15,283	)
SANCHEZ ENERGY CORP		MS		8/16/2017	LIBOR-1M		4,800			45,936			(8,784	)
SANDFIRE RESOURCES NL		MS		9/13/2017	LIBOR-1M		128,519			609,684			(53,078	)
SANDFIRE RESOURCES NL		MS		10/15/2018	LIBOR-1M		104,738			524,114			(70,502	)
SARACEN MINERAL HOLDINGS LTD		MS		10/15/2018	FEDEF-1D		(240,684	)		(273,357	)		105,928
SCAPA GROUP PLC		MS		11/14/2017	FEDEF-1D		(26,120	)		(117,704	)		(15,867	)
SCICLONE		MS		8/16/2017	LIBOR-1M		4,100			40,180			(615	)
SEACHANGE INTL		MS		8/16/2017	LIBOR-1M		(9,000	)		(22,050	)		(630	)
SEACOR HLDGS		MS		8/16/2017	LIBOR-1M		(2,500	)		(164,050	)		(100	)
SERCO GROUP PLC		MS		11/14/2017	FEDEF-1D		(204,575	)		(285,541	)		(20,428	)
SES SA		MS		10/24/2017	EONIA-1D		(8,830	)		(209,955	)		16,832
SHILOH INDS		MS		8/16/2017	LIBOR-1M		3,400			41,582			238
SHORE BNCSHARES		MS		8/16/2017	LIBOR-1M		1,900			32,699			(1,178	)
SHORETEL INC		MS		8/16/2017	LIBOR-1M		(12,000	)		(75,600	)		(3,000	)
SIERRA WIRELESS		MS		8/16/2017	LIBOR-1M		4,300			111,800			(3,010	)
SIGMA PHARMACEUTICALS LTD		MS		9/13/2017	LIBOR-1M		384,154			366,067			(4,124	)
SIGMA PHARMACEUTICALS LTD		MS		10/15/2018	LIBOR-1M		270,733			236,080			17,055
SILTRONIC NAM		MS		10/24/2017	EONIA-1D		1,080			74,287			3,371
SILVER SPRING NETWORKS INC		MS		8/16/2017	LIBOR-1M		(10,400	)		(115,686	)		(2,978	)
SILVERCORP METALS INC		MS		10/16/2017	LIBOR-1M		124,787			469,594			(76,420	)
SIMCORP		MS		10/24/2017	CIBOR-1W		7,170			458,077			(8,506	)
SIMULATNS PLUS		MS		8/16/2017	LIBOR-1M		(4,900	)		(56,595	)		(735	)
SINOVAC BIOTECH, LTD		MS		8/16/2017	LIBOR-1M		5,500			30,690			(55	)
SIRIUS MINERALS PLC		MS		10/24/2017	SONIA-1D		(1,204,700	)		(389,886	)		(3,899	)
SIRIUS MINERALS PLC		MS		11/14/2017	FEDEF-1D		(1,105,659	)		(237,548	)		(123,654	)
SLM SOLUTION GRP		MS		10/24/2017	EONIA-1D		(11,570	)		(440,868	)		(46,450	)
SMARK CO LTD		MS		10/15/2018	FEDEF-1D		(3,577	)		(4,778	)		(3,117	)
SMART & FINAL		MS		8/16/2017	LIBOR-1M		(13,700	)		(169,195	)		7,535
SODASTREAM INTERNATIONAL LTD		MS		8/16/2017	LIBOR-1M		2,100			107,478			6,741
Solar		MS		10/12/2017	FEDEF-1D		(128,000	)		(52,981	)		5,332
SONIC AUTOMOTIVE		MS		8/16/2017	LIBOR-1M		(1,700	)		(32,980	)		(340	)
SORIBADA INC		MS		10/15/2018	FEDEF-1D		(27,399	)		(47,452	)		15,165
SOUND ENERGY PLC		MS		10/24/2017	SONIA-1D		(311,406	)		(296,301	)		16,125
SPAREBANK 1 NORD-NORGE		MS		10/24/2017	NIBOR-1W		30,700			203,178			—
SPARK NETWORKS		MS		8/16/2017	LIBOR-1M		(5,200	)		(5,408	)		209
SPARK NETWORKS		MS		8/16/2017	LIBOR-1M		(5,200	)		(5,408	)		209
SPARTAN MOTRS		MS		8/16/2017	LIBOR-1M		4,800			36,720			2,880
SPARTON CORP		MS		8/16/2017	LIBOR-1M		2,300			49,358			1,863
SPCG-F		MS		10/11/2017	FEDEF-1D		124,003			78,520			818
SPECTRUM PHARMACEUTICALS INC		MS		8/16/2017	LIBOR-1M		12,400			77,500			16,864
SPEEDY HIRE PLC		MS		11/14/2017	LIBOR-1M		105,791			65,476			10,146
SPORTS DIRECT INTERNATIONAL		MS		10/24/2017	SONIA-1D		(31,800	)		(129,358	)		3,099
SPORTSMANS WAREHOUSE HOLDIN		MS		8/16/2017	LIBOR-1M		(17,900	)		(83,772	)		10,561
SPS COMMERCE INC		MS		8/16/2017	LIBOR-1M		(2,400	)		(140,952	)		8,328
SRC ENERGY INC		MS		8/16/2017	LIBOR-1M		(3,100	)		(27,032	)		3,658


Company Reference	Counterparty		Termination Date		Receive/ (Pay)	Number of Contracts			Notional Amount			Unrealized Appreciation (Depreciation)
STAAR SURG NEW		MS		8/16/2017	LIBOR-1M		(5,300	)		(50,880	)	$	(4,240	)
STARTEK INC		MS		8/16/2017	LIBOR-1M		13,000			110,890			7,150
STEIN MART		MS		8/16/2017	LIBOR-1M		(8,000	)		(21,120	)		1,360
STONEGATE BK		MS		8/16/2017	LIBOR-1M		(1,300	)		(60,502	)		832
STONERIDGE		MS		8/16/2017	LIBOR-1M		5,900			103,250			12,449
STRATTEC SEC		MS		8/16/2017	LIBOR-1M		(1,900	)		(44,460	)		(16,625	)
SUMMIT FINL GRP INC		MS		8/16/2017	LIBOR-1M		(2,300	)		(48,392	)		(1,909	)
SUN HYDRAULICS		MS		8/16/2017	LIBOR-1M		(1,300	)		(46,592	)		(3,900	)
SUNCOKE ENERGY INC		MS		8/16/2017	LIBOR-1M		7,200			68,688			(2,664	)
SUNOPTA, INC		MS		8/16/2017	LIBOR-1M		(6,000	)		(40,200	)		(3,600	)
SUPER RETAIL GROUP LTD		MS		10/15/2018	LIBOR-1M		58,837			445,050			(29,155	)
SUPERBLOCK-F		MS		10/11/2017	FEDEF-1D		(5,687,400	)		(250,778	)		148,894
SYKES ENTERPRIS		MS		8/16/2017	LIBOR-1M		3,100			88,691			3,720
SYNERON MED		MS		8/16/2017	LIBOR-1M		7,200			80,280			(1,440	)
TAILORED BRANDS INC		MS		8/16/2017	LIBOR-1M		3,900			50,466			(2,379	)
TAIWAN BUILDING MATERIALS CO LTD		MS		10/12/2017	FEDEF-1D		(57,356	)		(15,287	)		(332	)
TALENDA SA		MS		8/16/2017	LIBOR-1M		(2,700	)		(83,970	)		3,321
TARENA INTERNATIONAL INC		MS		8/16/2017	LIBOR-1M		7,600			145,236			(3,945	)
TEAM INC		MS		8/16/2017	LIBOR-1M		(6,800	)		(185,240	)		2,320
TECNOGLASS INC		MS		8/16/2017	LIBOR-1M		(4,300	)		(44,763	)		(1,806	)
TEEKAY CORP		MS		8/16/2017	LIBOR-1M		(4,000	)		(39,600	)		4,880
TELECOM ITALIA R		MS		10/24/2017	EONIA-1D		295,800			207,862			3,384
TELIGENT INC		MS		8/16/2017	LIBOR-1M		(7,900	)		(62,963	)		632
TELKOM		MS		11/20/2017	LIBOR-1M		97,219			551,245			(6,673	)
TEN NETWORK HOLDINGS LTD		MS		10/15/2018	FEDEF-1D		(11,348	)		(9,378	)		7,086
TESCO CORP		MS		8/16/2017	LIBOR-1M		(13,700	)		(100,010	)		10,275
TETHYS OIL		MS		10/24/2017	STIBO-1W		24,648			187,117			2,782
TGS NOPEC GEO		MS		10/24/2017	NIBOR-1W		5,610			119,777			2,958
THAI OIL PCL FOREIGN SHARE		MS		10/11/2017	FEDEF-1D		162,912			356,389			10,763
THE RUBICON PROJECT INC		MS		8/16/2017	LIBOR-1M		3,700			20,942			185
TILE SHOP HLDGS INC		MS		8/16/2017	LIBOR-1M		(2,300	)		(44,390	)		(4,830	)
TILLY’S INC A SHARES		MS		8/16/2017	LIBOR-1M		7,100			62,196			5,680
TITAN INTERNATIONAL INC		MS		8/16/2017	LIBOR-1M		3,200			30,944			3,328
TIVITY HEALTH INC		MS		8/16/2017	LIBOR-1M		1,900			54,435			9,405
TPG TELECOM LTD		MS		9/13/2017	FEDEF-1D		(23,167	)		(202,909	)		99,263
TPG TELECOM LTD		MS		9/13/2017	FEDEF-1D		(23,167	)		(202,909	)		99,263
TPG TELECOM LTD		MS		10/15/2018	FEDEF-1D		(31,406	)		(266,478	)		125,971
TRAVELZOO INC		MS		8/16/2017	LIBOR-1M		4,400			43,340			(2,860	)
TRAVIS PERKINS PLC		MS		10/24/2017	SONIA-1D		(1,010	)		(20,567	)		(497	)
TRECORA RESOURCES		MS		8/16/2017	LIBOR-1M		(5,400	)		(59,940	)		270
TRICO BANCSHRS		MS		8/16/2017	LIBOR-1M		2,400			82,680			2,424
TRIPLE-S MANAGEMENT CORP		MS		8/16/2017	LIBOR-1M		1,300			24,024			(494	)
TRITAX BIG BOX REIT PLC		MS		11/14/2017	FEDEF-1D		(147,456	)		(247,022	)		(20,068	)
TRITAX BIG BOX REIT PLC NEW ORD GBP0.01		MS		11/14/2017	FEDEF-1D		(13,405	)		—			(694	)
TSAKOS ENERGY		MS		8/16/2017	LIBOR-1M		(8,600	)		(42,398	)		2,924
TUESDAY MORN		MS		8/16/2017	LIBOR-1M		(9,300	)		(34,410	)		4,185
TULLOW OIL PLC		MS		10/24/2017	SONIA-1D		(201,400	)		(541,113	)		(6,143	)
TWO RIVER BANCORP		MS		8/16/2017	LIBOR-1M		3,200			57,216			1,664
U S Concrete Inc. Common		MS		8/16/2017	LIBOR-1M		(1,600	)		(101,920	)		2,720
ULTRA CLEAN HLD		MS		8/16/2017	LIBOR-1M		9,000			141,210			31,950
UNICREDITO SPA		MS		10/24/2017	EONIA-1D		(5,000	)		(75,610	)		(5,774	)
UNIQURE B.V.		MS		8/16/2017	LIBOR-1M		(5,500	)		(31,295	)		1,815
United Financial Bancorp		MS		8/16/2017	LIBOR-1M		5,900			100,818			1,783
UNIV ELECTRONIC		MS		8/16/2017	LIBOR-1M		(900	)		(60,480	)		(1,890	)


Company Reference	Counterparty		Termination Date		Receive/ (Pay)	Number of Contracts			Notional Amount			Unrealized Appreciation (Depreciation)
UNIVERSAL FOR		MS		8/16/2017	LIBOR-1M		1,400			137,760		$	(4,354	)
UNIVERSAL LOGISTICS HOLDINGS I		MS		8/16/2017	LIBOR-1M		(2,800	)		(37,520	)		(1,540	)
UNIVEST CORP OF		MS		8/16/2017	LIBOR-1M		(1,200	)		(31,500	)		(4,860	)
UOC		MS		10/12/2017	FEDEF-1D		58,931			130,370			1,840
USA TRUCK INC		MS		8/16/2017	LIBOR-1M		(7,000	)		(51,940	)		4,970
USIMINAS PN		MS		11/15/2017	LIBOR-1M		(12,200	)		(15,805	)		(556	)
UTD CMNTY BK GA		MS		8/16/2017	LIBOR-1M		2,600			69,706			1,404
UTD COMMUN FINL		MS		8/16/2017	LIBOR-1M		8,600			70,950			2,494
UTD MOBILE HOME		MS		8/16/2017	LIBOR-1M		6,000			92,940			3,180
VALLOUREC		MS		10/24/2017	EONIA-1D		(86,487	)		(545,848	)		(8,386	)
VALLOUREC		MS		11/14/2017	FEDEF-1D		(90,925	)		(522,679	)		(60,009	)
VALMET OYJ		MS		10/24/2017	EONIA-1D		32,615			584,522			9,949
VANDA PHARMACEUTICALS INC		MS		8/16/2017	LIBOR-1M		2,200			29,920			3,630
VASCO DATA SECU		MS		8/16/2017	LIBOR-1M		(9,300	)		(115,320	)		(10,230	)
VECTRUS INC		MS		8/16/2017	LIBOR-1M		3,900			92,976			6,240
VEDANTA RESOURCES PLC		MS		10/24/2017	SONIA-1D		38,450			352,671			(9,178	)
VERBIO VER BIOEN		MS		10/24/2017	EONIA-1D		3,700			38,817			(2,271	)
VERITIV CORPRATN		MS		8/16/2017	LIBOR-1M		700			36,120			35
Versartis, Inc. Common Stock		MS		8/16/2017	LIBOR-1M		4,000			82,400			(8,800	)
VICOR CORP		MS		8/16/2017	LIBOR-1M		(3,000	)		(47,400	)		(6,600	)
VIL SUPERMKT A		MS		8/16/2017	LIBOR-1M		(2,300	)		(61,065	)		368
VIRGIN AUSTRALIA HOLDINGS LT		MS		10/15/2018	FEDEF-1D		(112,189	)		(19,601	)		4,077
VIRGIN MONEY HOLDINGS UK		MS		10/24/2017	SONIA-1D		187,784			735,851			42,569
VIROMED		MS		11/1/2017	FEDEF-1D		(2,461	)		(225,722	)		26,185
VIRTUS INVT PRTNRS INC		MS		8/16/2017	LIBOR-1M		(400	)		(43,000	)		260
VITA GROUP LTD		MS		10/15/2018	LIBOR-1M		99,752			209,692			(40,317	)
VITAMIN SHOPPE INC		MS		8/16/2017	LIBOR-1M		(5,200	)		(99,320	)		(1,040	)
VITTORIA AS		MS		10/24/2017	EONIA-1D		4,180			54,284			1,731
VOCERA COMMUNICATIONS INC		MS		8/16/2017	LIBOR-1M		5,600			134,288			7,728
VOCUS GROUP LTD		MS		9/13/2017	FEDEF-1D		(57,138	)		(179,860	)		33,225
VOCUS GROUP LTD		MS		10/15/2018	FEDEF-1D		(5,115	)		(19,799	)		6,905
VSE CORP		MS		8/16/2017	LIBOR-1M		2,100			84,882			4,683
VZ HOLDING N		MS		10/24/2017	TOIS-1D		(105	)		(29,409	)		381
WABASH NATL CORP		MS		8/16/2017	LIBOR-1M		7,200			148,752			15,264
WAJAX CORP		MS		10/16/2017	LIBOR-1M		11,800			159,799			51,429
WALKER & DUNLOP INC		MS		8/16/2017	LIBOR-1M		4,600			195,684			10,626
WASHTEC AG		MS		10/24/2017	EONIA-1D		660			45,351			4,048
WATERSTONE FINANCIAL INC COMMON STOCK		MS		8/16/2017	LIBOR-1M		(2,700	)		(48,195	)		(3,429	)
WEST FRASER		MS		10/16/2017	LIBOR-1M		18,400			727,928			99,078
WESTERN AREAS LTD		MS		9/13/2017	FEDEF-1D		(53,722	)		(105,375	)		16,166
WESTERN ASSET MORTGAGE CAPIT		MS		8/16/2017	LIBOR-1M		10,700			109,461			3,210
WESTERN NEW ENGLAND BANCORP IN		MS		8/16/2017	LIBOR-1M		3,600			36,900			900
WHITESTONE REIT CLASS B		MS		8/16/2017	LIBOR-1M		(7,900	)		(110,205	)		11,139
WILLDAN GROUP INC		MS		8/16/2017	LIBOR-1M		2,900			91,872			(9,599	)
William Homes Common Stock (Class A		MS		8/16/2017	LIBOR-1M		(5,500	)		(111,650	)		(9,350	)
WINGSTOP INC		MS		8/16/2017	LIBOR-1M		(7,500	)		(211,800	)		(8,925	)
WINNEBAGO INDS		MS		8/16/2017	LIBOR-1M		2,700			70,740			6,750
WIRE CARD AG		MS		10/24/2017	EONIA-1D		(2,590	)		(148,480	)		(5,439	)
WIZZ AIR HOLDINGS PLC		MS		10/24/2017	SONIA-1D		8,590			193,602			2,669
WOORIDUL HUEBRAIN LTD		MS		10/15/2018	FEDEF-1D		(8,048	)		(22,464	)		(20,708	)
WORKIVA INC		MS		8/16/2017	LIBOR-1M		(10,600	)		(169,600	)		(8,480	)


Company Reference	Counterparty		Termination Date		Receive/ (Pay)	Number of Contracts			Notional Amount			Unrealized Appreciation (Depreciation)
WORLD ACCEPT		MS		8/16/2017	LIBOR-1M		(2,400	)		(125,472	)	$	(1,488	)
WUESTENR&WUERT N		MS		10/24/2017	EONIA-1D		20,652			403,872			15,596
XACTLY CORPORATN		MS		8/16/2017	LIBOR-1M		(9,100	)		(104,195	)		(1,365	)
XLMEDIA PLC		MS		11/14/2017	LIBOR-1M		113,421			152,312			12,775
XO GROUP INC		MS		8/16/2017	LIBOR-1M		(3,500	)		(59,115	)		(2,310	)
YOWIE GROUP LTD		MS		10/15/2018	FEDEF-1D		(143,319	)		(93,116	)		46,483

												$	3,033,209

For the six-months ended April 30, 2017, 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, 2017, is as follows:


Type of Contract	Number of Contracts Long (Short)		Expiration Date		Unrealized Appreciation (Depreciation)
MINI MSCI Emerging Markets		50		Jun-17	$	166,344
MINI MSCI EAFE		50		Jun-17		204,547
S&P500 E-MINI		50		Jun-17		(11,327	)
U.S. 10-Year Note		1,000		Jun-17		1,789

					$	361,353

For the six-months ended April 30, 2017, 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 $524,207,437.


*		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)		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, 2017, was $192,039 and represented 0.0% of net assets.
(C)		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.”
(D)		Security considered Master Limited Partnership. At April 30, 2017, these securities amounted to $326,145 or 0.1% of Net Assets.
(E)		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

LIBOR — London Interbank Offered Rate

LLC — Limited Liability Company

LP — Limited Partnership

MS — Morgan Stanley

MSCI — Morgan Stanley Capital International

NIBOR — Norwegian Interbank Offered Rate

PJSC — Private Joint Stock Company

PLC — Public Limited Company

SONIA — Sterling Overnight Index Average

STIBO — Stockholm Interbank Offered Rate

S&P — Standard & Poor’s

SPDR — Standard & Poor’s Depositary Receipts

TOIS — Tom/next Indexed Swaps

The following is a list of the inputs used as of April 30, 2017, 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	$	266,289,847	$	—	$	—	$	266,289,847
U.S. Treasury Obligations		—		51,415,155		—		51,415,155
Common Stock
Argentina		52,185		—		—		52,185
Australia		4,734		—		—		4,734
Austria		670,151		—		—		670,151
Belgium		189,148		—		—		189,148
Bermuda		715,728		—		—		715,728
Brazil		1,211,849		—		—		1,211,849
Canada		8,120,052		—		—		8,120,052
Chile		114,938		—		—		114,938
China		3,940,593		—		69,089		4,009,682
Denmark		387,530		—		—		387,530
Finland		192,299		—		—		192,299
Germany		1,938,770		—		—		1,938,770
Greece		302,249		—		—		302,249
Hong Kong		9,524,876		—		18,834		9,543,710
India		509,314		—		—		509,314
Israel		1,132,378		—		—		1,132,378
Italy		769,691		—		—		769,691
Japan		6,827,091		—		—		6,827,091
Kuwait		274,495		—		—		274,495
Malaysia		415,884		—		—		415,884
Netherlands		617,163		—		—		617,163
Norway		763,597		—		—		763,597
Pakistan		37,401		—		—		37,401
Philippines		260,512		—		—		260,512
Portugal		413,986		—		—		413,986
Puerto Rico		40,001		—		—		40,001
Russia		240,100		—		—		240,100
Singapore		1,381,615		—		—		1,381,615
South Africa		170,832		—		—		170,832
South Korea		10,686,177		—		169,180		10,855,357
Sweden		1,591,997		—		—		1,591,997
Switzerland		173,142		—		—		173,142
Thailand		572,106		—		—		572,106
United Kingdom		147,758		—		—		147,758
United States		86,488,712		—		—		86,488,712

Total Common Stock		140,879,054		—		257,103		141,136,157
Preferred Stock		—		—		—		—
Germany		95,194		—		—		95,194

Total Preferred Stock		95,194		—		—		95,194

Warrant		—		168		—		168

Total Investments in Securities	$	407,264,095	$	51,415,323	$	257,103	$	458,936,521


Securities Sold Short	Level 1			Level 2			Level 3‡			Total
Common Stock	$	(123,268,144	)	$	—		$	(65,064	)	$	(123,333,208	)
Registered Investment Companies		(5,175,992	)		—			—			(5,175,992	)
Rights		(4,903	)		—			—			(4,903	)

Total Securities Sold Short	$	(128,449,039	)	$	—		$	(65,064	)	$	(128,514,103	)


Other Financial Instruments	Level 1			Level 2			Level 3			Total
Purchased Options	$	181,252		$	—		$	—		$	181,252
Written Options		(2,518,318	)		—			—			(2,518,318	)
Futures Contracts *
Unrealized Appreciation		372,680			—			—			372,680
Unrealized Depreciation		(11,327	)		—			—			(11,327	)
Total Return Swaps		—			—			—			—
Unrealized Appreciation		—			8,510,878			—			8,510,878
Unrealized Depreciation		—			(5,477,669	)		—			(5,477,669	)

Total Other Financial Instruments	$	(1,975,713	)	$	3,033,209		$	—		$	1,057,496

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

‡ A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 instruments at the beginning and/or end of the year in relation to net assets.

For the six-months ended April 30, 2017, there were no transfers between Level 1 and Level 2 assets and liabilities. For the six-month period ended April 30, 2017, there were transfers between Level 1 and Level 3 assets of $257,103 due to changes in the availability of unadjusted inputs used to determine fair value. All transfers were considered to have occurred as of the end of the period.

Amounts designated as $– are either $0 or have been rounded to $0.

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
COMMON STOCK — 32.5%
	Shares		Value

ENERGY — 31.1%
Antero Midstream Partners LP (A)		20,800	$	707,616
Boardwalk Pipeline Partners (A)		11,200		203,168
Buckeye Partners LP (A)		25,300		1,750,254
Cheniere Energy *		4,410		199,993
Cheniere Energy Partners LP		27,100		695,928
DCP Midstream LP (A)		36,500		1,382,985
Dominion Midstream Partners (A)		5,737		181,002
Enbridge		47,213		1,956,971
Enbridge Energy Escrow Account *		238,065		—
Enbridge Energy Management LLC *		82,413		1,529,583
Energy Transfer Equity LP (A)		77,300		1,442,418
Enterprise Products Partners (A)		177,900		4,860,228
EQT GP Holdings LP (A)		34,250		930,573
EQT Midstream Partners LP (A)		27,750		2,165,610
GasLog		1,700		23,800
GasLog Partners LP (A)		19,400		462,690
Golar LNG Partners LP (A)		34,370		784,667
Hess Midstream Partners LP *		5,200		133,016
Hoegh LNG Partners LP (A)		14,000		283,500
Kinder Morgan		97,202		2,005,277
Magellan Midstream Partners (A)		22,450		1,668,035
MPLX LP (A)		85,397		3,008,536
NGL Energy Partners LP (A)		23,900		382,400
Noble Midstream Partners LP (A)		9,200		461,104
NuStar Energy LP (A)		5,500		264,935
ONEOK		42,500		2,235,925
ONEOK Partners LP (A)		52,725		2,713,229
PBF Logistics LP (A)		8,080		167,256
Pembina Pipeline *		18,200		580,216
Phillips 66 Partners LP (A)		31,050		1,635,714
Plains GP Holdings LP, Cl A		81,535		2,427,297
SemGroup, Cl A		11,404		379,753


COMMON STOCK — continued
	Shares/ Face Amount		Value

ENERGY (continued)
Shell Midstream Partners LP (A)		65,450	$	2,096,364
Spectra Energy Partners LP (A)		49,350		2,228,153
Summit Midstream Partners LP (A)		15,550		366,203
Sunoco Logistics Partners LP (A)		206,990		4,955,329
Tallgrass Energy GP LP, Cl A		97,200		2,619,540
Tallgrass Energy Partners LP (A)		2,400		123,120
Targa Resources		42,700		2,354,051
TC Pipelines LP (A)		6,600		399,498
Tesoro Logistics LP (A)		19,700		1,080,742
TransCanada		25,300		1,174,932
Valero Energy Partners LP (A)		3,600		171,000
VTTI Energy Partners LP (A)		48,200		918,210
Western Gas Equity Partners (A)		14,280		653,881
Western Gas Partners LP (A)		68,300		4,009,893
Williams Partners LP (A)		35,600		1,457,108

				62,231,703

INDUSTRIALS — 0.7%
Macquarie Infrastructure		17,690		1,439,435


REAL ESTATE — 0.3%
InfraREIT ‡		28,900		551,990


UTILITIES — 0.4%
NextEra Energy Partners LP		23,000		796,950

Total Common Stock (Cost $61,973,364)				65,020,078


REGISTERED INVESTMENT COMPANIES — 31.8%
OPEN-END FUNDS — 31.8%
AQR Risk-Balanced Commodities Fund		5,081,147		31,807,980
PIMCO CommoditiesPlus Strategy, Cl Institutional		5,215,988		31,817,530

Total Registered Investment Companies (Cost $75,759,542)				63,625,510


U.S. TREASURY OBLIGATIONS — 31.0%
U.S. Treasury Inflation Protected Securities
3.875%, 04/15/29		2,123,462		2,952,118


U.S. TREASURY OBLIGATIONS — continued
	Face Amount⁽¹⁾		Value

3.625%, 04/15/28		873,561	$	1,166,934
2.500%, 01/15/29		1,440,967		1,772,533
2.375%, 01/15/25		1,576,667		1,821,413
2.375%, 01/15/27		851,612		1,008,422
2.125%, 02/15/40		924,189		1,173,744
2.125%, 02/15/41		1,161,335		1,483,215
2.000%, 01/15/26		1,147,582		1,304,720
1.750%, 01/15/28		848,844		965,749
1.375%, 02/15/44		897,861		998,791
1.250%, 07/15/20		1,223,126		1,289,633
1.125%, 01/15/21		1,414,272		1,486,256
1.000%, 02/15/46		771,075		789,852
0.875%, 02/15/47		847,694		842,974
0.750%, 02/15/42		1,142,765		1,109,161
0.750%, 02/15/45		1,468,976		1,411,376
0.625%, 07/15/21		5,814,919		6,028,664
0.625%, 01/15/24		2,772,944		2,850,176
0.625%, 01/15/26		2,045,314		2,095,365
0.625%, 02/15/43		1,833,657		1,721,045
0.375%, 07/15/23		2,255,789		2,297,733
0.375%, 07/15/25		2,434,559		2,455,284
0.375%, 01/15/27		3,433,806		3,442,755
0.250%, 01/15/25		2,555,798		2,544,105
0.125%, 04/15/20		6,246,641		6,320,133
0.125%, 04/15/21		1,737,033		1,753,588
0.125%, 01/15/22		1,011,722		1,020,535
0.125%, 07/15/22		916,303		924,965
0.125%, 01/15/23		2,620,484		2,626,320
0.125%, 07/15/24		2,504,295		2,492,753
0.125%, 07/15/26		1,910,606		1,877,232

Total U.S. Treasury Obligations (Cost $61,800,247)				62,027,544


SOVEREIGN DEBT — 1.6%
Italy Buoni Poliennali Del Tesoro
1.650%, 04/23/20	EUR	713,259		813,334
1.250%, 10/27/20	EUR	230,538		262,808
Japanese Government CPI Linked Bond 0.100%, 03/10/26	JPY	110,000,000		1,041,534
New Zealand Government Bond 3.000%, 09/20/30	NZD	681,000		539,054
2.500%, 09/20/35	NZD	264,000		192,615


SOVEREIGN DEBT — continued
	Face Amount⁽¹⁾/ Shares/ Contracts			Value

Spain Government Inflation Linked Bond 0.550%, 11/30/19	EUR	724		$	827
United Kingdom Gilt Inflation Linked Bond 0.125%, 03/22/46	GBP	155,000			339,519
0.125%, 11/22/65	GBP	25,601			82,410

Total Sovereign Debt (Cost $3,395,552)					3,272,101


PREFERRED STOCK — 0.4%
UNITED STATES — 0.4% (B)
Anadarko Petroleum (Cost $717,628) *		18,630			855,303


Total Investments — 97.3% (Cost $203,646,333)				$	194,800,536


*PURCHASED OPTIONS/SWAPTIONS — 0.0%**
EUR/USD Currency, Expires 05/20/17, Strike Price $1.09		605,000		$	4,737
GBP/USD Currency, Expires 05/20/17, Strike Price $1.20		2,810,000			4
U.S. 10 Year Long Future, Expires 05/20/17, Strike Price $124.50		25			4,298
U.S. 10 Year Short Future, Expires 05/20/17, Strike Price $126.50		72			22,500
USD/JPY Currency, Expires 07/22/17, Strike Price $115.00		1,315,000			5,390

Total Purchased Options/Swaptions (Cost $101,823)				$	36,929


*WRITTEN OPTIONS/SWAPTIONS — 0.0%**
6 Month LIBOR, Expires 07/22/17, Strike Price $USD 1.40%		(1,330,000	)	$	(5,124	)
EUR/USD Currency, Expires 05/20/17, Strike Price $109.00		(605,000	)		(4,737	)
GBP/USD Currency, Expires 05/20/17, Strike Price $1.17		(2,810,000	)		(13	)
GBP/USD Currency, Expires 05/20/17, Strike Price $1.29		(1,040,000	)		(13,093	)


*WRITTEN OPTIONS/SWAPTIONS — continued**
	Contracts			Value

U.S. 10 Year Short Future, Expires 05/20/17, Strike Price $127.50		(72	)	$	(9,000	)

Total Written Options/Swaptions (Proceeds $67,207)				$	(31,967	)

For the period ended April 30, 2017, the total amount of all open purchased options/swaptions and written 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, 2017, is as follows:


Type of Contract	Number of Contracts Long (Short)			Expiration Date		Unrealized Appreciation (Depreciation)
90-Day Euro$		(52	)		Dec-2018	$	(11,442	)
Australian 10-Year Bond		(1	)		Jun-2017		(3,169	)
Euro-BTP		3			Jun-2017		(64	)
Euro-Bund		(16	)		Jun-2017		7,451
Euro-OAT		5			Jun-2017		11,739
Euro-Schatz		22			Jun-2017		(579	)
Japanese 10-Year Bond		(1	)		Jun-2017		(9,931	)
Long Gilt 10-Year Bond		(7	)		Jun-2017		(14,468	)
Short Euro-BTP		(42	)		Jun-2017		(13,794	)
U.S. 10-Year Treasury Note		(12	)		Jun-2017		(1,048	)
U.S. 10-Year Ultra Bond		(8	)		Jun-2017		(20,100	)
U.S. 2-Year Treasury Note		(14	)		Jun-2017		(735	)
U.S. 5-Year Treasury Note		65			Jun-2017		44,011
U.S. Long Treasury Bond		(3	)		Jun-2017		1,233
U.S. Ultra Long Treasury Bond		(12	)		Jun-2017		(42,508	)

						$	(53,404	)

For the period ended April 30, 2017, 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.

A list of the outstanding forward foreign currency contracts held by the Fund at April 30, 2017, is as follows:


Settlement Date	Currency to Deliver			Currency to Receive			Unrealized Appreciation (Depreciation)
5/4/17		USD	32,594		EUR	30,000	$	92
5/4/17-6/6/17		GBP	3,437,000		USD	4,318,994		(133,899	)
5/4/17-6/6/17		NZD	2,138,000		USD	1,479,158		12,000
6/6/17		EUR	999,000		USD	1,091,604		1,279
5/4/17		EUR	1,077,000		USD	1,151,142		(22,282	)
5/8/17		USD	3,306,404		GBP	2,640,000		113,734
5/8/17		USD	1,053,444		JPY	117,538,000		1,266
5/8/17		JPY	117,698,000		USD	1,059,296		3,151
6/6/17		JPY	117,538,000		USD	1,054,599		(1,366	)

							$	(26,025	)

A list of the counterparties for the outstanding forward foreign currency contracts held by the Fund at April 30, 2017, is as follows:


Counterparty	Currency to Deliver			Currency to Receive		Unrealized Appreciation (Depreciation)
ANZ Securities	$	(1,467,158	)	$	1,479,158	$	12,000
Bank of America		(2,242,291	)		2,239,538		(2,753	)
Barclays PLC		(115,300	)		114,102		(1,198	)
Citigroup		(1,639,537	)		1,647,102		7,565
Commonwealth Bank of Australia		(172,679	)		177,870		5,191
DMG Partners		(2,679,672	)		2,733,483		53,811
HSBC		(3,303,543	)		3,194,933		(108,610	)
JPMorgan Chase Bank		(2,423,081	)		2,427,758		4,677
RBS Securities		(307,038	)		317,399		10,361
State Street		(338,014	)		330,945		(7,069	)

						$	(26,025	)

For the period ended April 30, 2017, 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 centrally cleared swap agreements held by Fund at April 30, 2017, 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
Barclays PLC		1.61	%		6M GBP LIBOR		02/15/47		1,080,000	$	51	$	(73,599	)	$	—	$	(73,548	)
Barclays PLC		2.05	%		3M USD LIBOR		08/31/21		2,080,000		22		(10,610	)		—		(10,588	)
Goldman Sachs		2.45	%		3M USD LIBOR		11/15/26		310,000		5		(4,822	)		—		(4,817	)
JPMorgan Chase Bank		2.24	%		3M USD LIBOR		08/31/21		445,000		5		(5,509	)		—		(5,504	)
Morgan Stanley		1.68	%		1D FED FUNDS RATE		08/31/21		630,000		6		13,783			13,789		—

										$	89	$	(80,757	)	$	13,789	$	(94,457	)

A list of the open OTC swap agreements held by Fund at April 30, 2017, is as follows:


Interest Rate Swaps
															Swap Contracts, at Value
Counterparty	Fund Pays		Fund Received			Termination Date		Notional Amount		Premiums Paid		Unrealized Appreciation		Asset		Liability
Morgan Stanley		UKRPI +0 BPS		3.52	%		02/15/27		660,000	$	—	$	2,430	$	2,430	$	—
Morgan Stanley		UKRPI +0 BPS		3.63	%		02/15/47		505,000		—		30,463		30,463		—

										$	—	$	32,893	$	32,893	$	—

For the period ended April 30, 2017, 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 $200,273,420.


*		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, 2017, these securities amounted to $43,915,421 or 21.9% of Net Assets.
(B)		Interest rate unavailable.

BPS — Basis Points

Cl — Class

EUR — Euro

GBP — British Pound

JPY — Japanese Yen

LIBOR — London Interbank Offered Rate

LLC — Limited Liability Company

LP — Limited Partnership

NZD — New Zealand Dollar

OTC — Over the counter

PLC — Public Limited Company

REIT — Real Estate Investment Trust

UKRPI — United Kingdom Retail Price Index

USD — United States Dollar

The following is a list of the inputs used as of April 30, 2017, 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	$	65,020,078		$	—		$	—	$	65,020,078
Registered Investment Companies		63,625,510			—			—		63,625,510
U.S. Treasury Obligations		—			62,027,544			—		62,027,544
Sovereign Debt		—			3,272,101			—		3,272,101
Preferred Stock		855,303			—			—		855,303

Total Investments in Securities	$	129,500,891		$	65,299,645		$	—	$	194,800,536


Other Financial Instruments	Level 1			Level 2			Level 3		Total
Purchased Options/Swaptions	$	36,929		$	—		$	—	$	36,929
Written Options/Swaptions		(31,967	)		—			—		(31,967	)
Futures Contracts *
Unrealized Appreciation		64,434			—			—		64,434
Unrealized Depreciation		(117,838	)		—			—		(117,838	)
Forwards Contracts *
Unrealized Appreciation		—			131,522			—		131,522
Unrealized Depreciation		—			(157,547	)		—		(157,547	)
Centrally Cleared Swaps
Interest Rate Swaps *		—			—			—		—
Unrealized Appreciation		—			13,783			—		13,783
Unrealized Depreciation		—			(94,540	)		—		(94,540	)
OTC Swaps
Interest Rate Swaps *
Unrealized Appreciation		—			32,893			—		32,893

Total Other Financial Instruments	$	(48,442	)	$	(73,889	)	$	—	$	(122,331	)

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

For the period ended April 30, 2017, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities.

Amounts designated as $— are either $0 or have been rounded to $0.

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
CORPORATE OBLIGATIONS — 25.0%
	Face Amount		Value

CONSUMER DISCRETIONARY — 2.2%
21st Century Fox America 7.250%, 05/18/18	$	250,000	$	264,004
3.700%, 10/15/25		250,000		256,219
American Honda Finance MTN 1.700%, 09/09/21		1,000,000		975,014
Aramark Services 4.750%, 06/01/26		85,000		86,700
CBS 2.900%, 01/15/27		250,000		235,743
2.300%, 08/15/19		500,000		502,911
Churchill Downs 5.375%, 12/15/21		115,000		119,744
Daimler Finance North America 2.000%, 07/06/21 (A)		1,000,000		979,280
ERAC USA Finance 2.700%, 11/01/23 (A)		1,000,000		965,045
Ford Motor Credit 5.750%, 02/01/21		645,000		710,734
3.336%, 03/18/21		200,000		202,666
2.375%, 03/12/19		500,000		501,657
1.724%, 12/06/17		350,000		349,805
General Motors 5.200%, 04/01/45		50,000		48,486
5.000%, 04/01/35		340,000		336,413
General Motors Financial 2.650%, 04/13/20		180,000		180,732
Goodyear Tire & Rubber 4.875%, 03/15/27		27,000		27,000
Hyundai Capital America MTN 3.000%, 10/30/20 (A)		260,000		261,819
KFC/Pizza Hut/Taco Bell Holdings 5.000%, 06/01/24 (A)		55,000		56,788
Lowe’s 4.050%, 05/03/47		250,000		249,109


CORPORATE OBLIGATIONS — continued
	Face Amount		Value

CONSUMER DISCRETIONARY (continued)
Myriad International Holdings 6.000%, 07/18/20 (A)	$	355,000	$	383,400
NBCUniversal Enterprise 5.250%, 03/29/49 (A)		170,000		179,138
Nordstrom 4.000%, 03/15/27		250,000		251,277
President and Fellows of Harvard College 3.300%, 07/15/56		120,000		111,102
SACI Falabella 3.750%, 04/30/23 (A)		200,000		202,644
Time Warner 3.600%, 07/15/25		250,000		248,502
2.100%, 06/01/19		500,000		500,920
Viacom 5.250%, 04/01/44		55,000		54,721
Whirlpool MTN 4.850%, 06/15/21		205,000		223,978

				9,465,551

CONSUMER STAPLES — 1.6%
Anheuser-Busch InBev Finance 4.700%, 02/01/36		250,000		268,189
2.625%, 01/17/23		750,000		745,073
Archer-Daniels-Midland 2.500%, 08/11/26		1,000,000		962,079
Bunge Finance 3.250%, 08/15/26		250,000		244,475
Central Garden & Pet 6.125%, 11/15/23		45,000		48,038
Chobani LLC 7.500%, 04/15/25 (A)		30,000		30,938
Cumberland Farms 6.750%, 05/01/25		30,000		31,130
CVS Health 5.125%, 07/20/45		200,000		223,513
2.800%, 07/20/20		1,000,000		1,018,854
DS Services of America 10.000%, 09/01/21 (A)		75,000		80,438
El Puerto de Liverpool 3.875%, 10/06/26 (A)		390,000		378,105
Kraft Heinz Foods 6.125%, 08/23/18		250,000		263,548
Kroger 2.650%, 10/15/26		250,000		232,650
Lamb Weston Holdings 4.625%, 11/01/24 (A)		30,000		30,975


CORPORATE OBLIGATIONS — continued
	Face Amount		Value

CONSUMER STAPLES (continued)
Mondelez International Holdings Netherlands 1.625%, 10/28/19 (A)	$	350,000	$	344,869
PepsiCo 4.000%, 05/02/47		500,000		497,835
Walgreens Boots Alliance 4.650%, 06/01/46		200,000		201,251
3.100%, 06/01/23		500,000		503,137
Wal-Mart Stores 4.750%, 10/02/43		500,000		565,119

				6,670,216

ENERGY — 2.6%
Abu Dhabi National Energy PJSC 2.500%, 01/12/18 (A)		200,000		200,396
Chevron 2.566%, 05/16/23		450,000		449,453
CNPC General Capital 3.950%, 04/19/22 (A)		200,000		208,784
ConocoPhillips 2.200%, 05/15/20		500,000		503,111
Dolphin Energy 5.500%, 12/15/21 (A)		400,000		443,114
Energy Transfer Partners 6.050%, 06/01/41		445,000		473,525
4.052%, 11/01/66 (B)		28,000		23,975
Ensco 5.750%, 10/01/44		80,000		58,272
4.500%, 10/01/24		105,000		86,625
EOG Resources 2.625%, 03/15/23		406,000		401,217
Equities Midstream Partners 4.125%, 12/01/26		275,000		277,369
Gulport Energy 6.375%, 05/15/25		29,000		28,891
HollyFrontier 5.875%, 04/01/26		230,000		245,235
Kinder Morgan 5.625%, 11/15/23 (A)		400,000		442,346
Kinder Morgan Energy Partners 5.800%, 03/15/35		200,000		213,785
4.300%, 05/01/24		35,000		36,270
MEG Energy 7.000%, 03/31/24 (A)		40,000		35,700
Nabors Industries 5.500%, 01/15/23 (A)		140,000		141,575
5.100%, 09/15/23		265,000		267,650


CORPORATE OBLIGATIONS — continued
	Face Amount		Value

ENERGY (continued)
Newfield Exploration 5.750%, 01/30/22	$	210,000	$	223,125
Occidental Petroleum 3.000%, 02/15/27		500,000		489,091
Pertamina Persero MTN 5.625%, 05/20/43 (A)		545,000		561,066
Petrobras Global Finance 6.850%, 06/05/15		300,000		267,150
5.625%, 05/20/43		140,000		117,075
5.375%, 01/27/21		20,000		20,547
Petroleos Mexicanos 6.375%, 02/04/21		380,000		413,725
Phillips 66 5.875%, 05/01/42		35,000		40,954
4.300%, 04/01/22		500,000		539,057
QEP Resources 5.250%, 05/01/23		210,000		205,275
Range Resources 5.000%, 03/15/23 (A)		105,000		103,950
Rowan 7.375%, 06/15/25		270,000		266,625
Ruby Pipeline 6.000%, 04/01/22 (A)		250,000		265,575
Shell International Finance 1.750%, 09/12/21		1,000,000		979,296
SM Energy 6.500%, 01/01/23		320,000		324,800
5.625%, 06/01/25		85,000		81,175
TC PipeLines 4.650%, 06/15/21		400,000		423,012
Thai Oil 4.875%, 01/23/43 (A)		200,000		207,930
Ultrapar International 5.250%, 10/06/26 (A)		480,000		482,256
Williams Partners 3.600%, 03/15/22		300,000		307,002

				10,855,979

FINANCIALS — 8.1%
Ally Financial 3.750%, 11/18/19		235,000		239,087
American Express 7.000%, 03/19/18		350,000		366,261
American Express Credit MTN 2.700%, 03/03/22		750,000		755,032
Banco Santander Chile 3.875%, 09/20/22 (A)		380,000		396,651


CORPORATE OBLIGATIONS — continued
	Face Amount		Value

FINANCIALS (continued)
Bangkok Bank MTN 3.300%, 10/03/18 (A)	$	350,000	$	354,766
Bank of America 6.000%, 09/01/17		550,000		557,879
Bank of America MTN 6.875%, 04/25/18		100,000		104,951
5.650%, 05/01/18		1,610,000		1,670,632
5.000%, 05/13/21		775,000		843,519
3.300%, 01/11/23		500,000		508,280
Barclays 2.875%, 06/08/20		610,000		616,482
BB&T 5.250%, 11/01/19		1,000,000		1,078,307
BBVA Banco Continental 3.250%, 04/08/18 (A)		275,000		278,575
Capital One
3.375%, 02/15/23		500,000		503,431
2.250%, 09/13/21		500,000		489,386
Cardtronics 5.500%, 05/01/25 (A)		35,000		35,744
Cielo 3.750%, 11/16/22 (A)		250,000		240,000
Citigroup 6.125%, 11/21/17		750,000		768,806
6.125%, 05/15/18		695,000		725,337
3.750%, 06/16/24		500,000		513,411
2.700%, 03/30/21		635,000		638,879
Discover Bank 2.000%, 02/21/18		300,000		300,475
Fifth Third Bank MTN 2.150%, 08/20/18		1,000,000		1,005,748
Franklin Resources 4.625%, 05/20/20		350,000		375,713
Goldman Sachs Group MTN 7.500%, 02/15/19		175,000		191,600
6.000%, 06/15/20		55,000		60,952
Goldman Sachs Group 6.750%, 10/01/37		140,000		174,571
6.150%, 04/01/18		770,000		800,553
5.950%, 01/18/18		750,000		772,582
3.750%, 05/22/25		500,000		509,059
2.600%, 04/23/20		405,000		408,197
HSBC Holdings 4.300%, 03/08/26		500,000		528,108
Intercontinental Exchange 2.750%, 12/01/20		1,007,000		1,024,406


CORPORATE OBLIGATIONS — continued
	Face Amount		Value

FINANCIALS (continued)
International Lease Finance 8.250%, 12/15/20	$	30,000	$	35,405
7.125%, 09/01/18 (A)		400,000		426,978
6.250%, 05/15/19		600,000		646,714
5.875%, 08/15/22		40,000		44,963
JPMorgan Chase 6.000%, 10/01/17		1,000,000		1,018,405
4.625%, 05/10/21		530,000		573,716
4.350%, 08/15/21		400,000		429,120
4.250%, 10/15/20		55,000		58,533
3.875%, 09/10/24		500,000		512,133
2.550%, 10/29/20		500,000		504,033
KeyCorp MTN 2.900%, 09/15/20		1,000,000		1,017,986
Lloyds Banking Group 3.100%, 07/06/21		200,000		203,172
Metropolitan Life Global Funding I 1.550%, 09/13/19 (A)		1,000,000		990,980
Morgan Stanley 2.800%, 06/16/20		650,000		659,905
1.842%, 02/14/20 (B)		575,000		576,566
Morgan Stanley MTN 6.625%, 04/01/18		650,000		678,572
3.700%, 10/23/24		300,000		307,290
3.125%, 07/27/26		500,000		482,445
MSCI 4.750%, 08/01/26 (A)		55,000		56,513
National Rural Utilities Cooperative Finance 4.750%, 04/30/43 (B)		175,000		178,709
Nationwide Mutual Insurance 3.421%, 12/15/24 (A) (B)		400,000		393,960
Navient 8.000%, 03/25/20		175,000		192,063
PNC Bank 1.500%, 02/23/18		415,000		415,065
Quicken Loans 5.750%, 05/01/25 (A)		180,000		181,800
Santander UK Group Holdings 5.625%, 09/15/45 (A)		200,000		206,198
Springleaf Finance 5.250%, 12/15/19		250,000		253,803
Teachers Insurance & Annuity Association of America 4.375%, 09/15/54 (A) (B)		350,000		351,750


CORPORATE OBLIGATIONS — continued
	Face Amount		Value

FINANCIALS (continued)
Toronto-Dominion Bank MTN 1.450%, 09/06/18	$	1,000,000	$	998,273
U.S. Bancorp 3.150%, 04/27/27		500,000		501,299
Wachovia MTN 5.750%, 02/01/18		815,000		839,415
Wells Fargo 3.069%, 01/24/23		500,000		505,729
3.000%, 10/23/26		550,000		530,336
Wells Fargo & Company MTN 3.550%, 09/29/25		300,000		304,611
Wells Fargo Bank MTN 2.150%, 12/06/19		285,000		286,232
Westpac Banking 2.150%, 03/06/20		1,000,000		1,003,931

				34,203,983

HEALTH CARE — 2.9%
Abbott Laboratories 3.750%, 11/30/26		785,000		794,638
AbbVie 3.600%, 05/14/25		250,000		252,128
1.800%, 05/14/18		250,000		250,353
Actavis Funding 4.550%, 03/15/35		350,000		352,456
2.350%, 03/12/18		500,000		502,115
Aetna 2.800%, 06/15/23		225,000		225,130
Amgen 4.663%, 06/15/51		350,000		352,616
3.625%, 05/15/22		500,000		522,557
Anthem 4.650%, 08/15/44		170,000		175,803
1.875%, 01/15/18		500,000		500,421
Baylor Scott & White Holdings 4.185%, 11/15/45		250,000		248,343
Becton Dickinson 3.300%, 03/01/23		300,000		299,665
Biogen 2.900%, 09/15/20		60,000		61,227
Celgene 5.000%, 08/15/45		250,000		266,828
3.875%, 08/15/25		250,000		258,976
Centene 4.750%, 01/15/25		90,000		91,463
CHS/Community Health System 6.250%, 03/31/23		170,000		172,975


CORPORATE OBLIGATIONS — continued
	Face Amount		Value

HEALTH CARE (continued)
Express Scripts Holding 3.000%, 07/15/23	$	500,000	$	491,391
Fresenius Medical Care US Finance 6.875%, 07/15/17		110,000		110,963
Gilead Sciences 4.150%, 03/01/47		125,000		118,063
4.000%, 09/01/36		250,000		241,104
3.500%, 02/01/25		250,000		254,077
2.950%, 03/01/27		300,000		287,729
HCA 5.250%, 04/15/25		100,000		107,469
5.000%, 03/15/24		60,000		63,675
Kindred Healthcare 8.000%, 01/15/20		185,000		191,013
Medtronic 3.500%, 03/15/25		500,000		516,265
Northwell Healthcare 3.979%, 11/01/46		335,000		311,685
PerkinElmer 5.000%, 11/15/21		205,000		223,577
Pfizer 4.000%, 12/15/36		500,000		508,036
Providence St. Joseph Health Obligated Group 3.744%, 10/01/47		175,000		161,732
2.746%, 10/01/26		335,000		320,565
Quintiles IMS 4.875%, 05/15/23 (A)		100,000		102,750
RWJ Barnabas Health 3.949%, 07/01/46		350,000		333,540
Shire Acquisitions Investments Ireland 2.875%, 09/23/23		500,000		490,237
1.900%, 09/23/19		390,000		387,796
Tenet Healthcare 6.000%, 10/01/20		112,000		117,880
Teva Pharmaceutical Finance Netherlands III 1.400%, 07/20/18		500,000		497,387
Thermo Fisher Scientific 2.950%, 09/19/26		300,000		287,750
Universal Health Services 4.750%, 08/01/22 (A)		230,000		236,477
Valeant Pharmaceuticals International 6.375%, 10/15/20 (A)		185,000		158,869
5.875%, 05/15/23 (A)		175,000		129,281


CORPORATE OBLIGATIONS — continued
	Face Amount		Value

HEALTH CARE (continued)
WellCare Health Plans 5.250%, 04/01/25	$	60,000	$	62,400
Zoetis 3.250%, 02/01/23		385,000		392,541

				12,431,946

INDUSTRIALS — 1.8%
3M MTN 3.125%, 09/19/46		250,000		220,586
Boeing 3.650%, 03/01/47		250,000		241,927
Braskem America Finance 7.125%, 07/22/41 (A)		280,000		296,450
Burlington Northern Santa Fe 3.900%, 08/01/46		500,000		492,209
CK Hutchison International 16 2.750%, 10/03/26 (A)		200,000		189,918
Clean Harbors 5.125%, 06/01/21		80,000		81,933
CNH Industrial Capital LLC 4.375%, 04/05/22		120,000		122,346
Continental Airlines Pass-Through Trust, Ser 2012-2, Cl A 4.000%, 10/29/24		241,452		251,110
Continental Airlines Pass-Through Trust, Ser 1998-1, Cl A 6.648%, 09/15/17		12,495		12,651
Continental Airlines Pass-Through Trust, Ser 2000-1, Cl A 8.048%, 11/01/20		198,410		217,259
CSX 4.750%, 05/30/42		250,000		267,318
Eaton 2.750%, 11/02/22		500,000		502,608
Embraer Netherlands Finance 5.050%, 06/15/25		190,000		195,700
FedEx 3.875%, 08/01/42		250,000		229,272
Ferreycorp SAA 4.875%, 04/26/20 (A)		200,000		201,500
GATX 3.250%, 09/15/26		250,000		240,131
General Dynamics 1.875%, 08/15/23		500,000		480,534
General Electric 4.125%, 10/09/42		250,000		258,169
IHS Markit 5.000%, 11/01/22 (A)		55,000		58,781


CORPORATE OBLIGATIONS — continued
	Face Amount		Value

INDUSTRIALS (continued)
Lockheed Martin 4.500%, 05/15/36	$	250,000	$	268,590
Molex Electronic Technologies 3.900%, 04/15/25 (A)		87,000		87,099
Norfolk Southern 4.450%, 06/15/45		250,000		262,610
Owens Corning 4.200%, 12/01/24		95,000		98,728
Republic Services 3.550%, 06/01/22		250,000		260,821
Siemens Financieringsmaatschappij 2.350%, 10/15/26 (A)		400,000		375,216
TTX MTN 3.900%, 02/01/45 (A)		400,000		368,578
Union Pacific 4.150%, 01/15/45		250,000		255,045
United Technologies 4.500%, 06/01/42		250,000		270,380
3.750%, 11/01/46		425,000		408,408
1.778%, 05/04/18 (C)		200,000		200,250
Waste Management 3.500%, 05/15/24		250,000		260,067

				7,676,194

INFORMATION TECHNOLOGY — 0.8%
Cisco Systems 1.850%, 09/20/21		1,000,000		988,498
First Data 5.000%, 01/15/24 (A)		115,000		117,616
Hewlett Packard Enterprise 6.200%, 10/15/35		195,000		208,033
3.600%, 10/15/20		365,000		377,284
Microsoft 3.300%, 02/06/27		235,000		241,452
2.400%, 02/06/22		1,000,000		1,013,246
Tencent Holdings 3.375%, 03/05/18 (A)		355,000		359,204

				3,305,333

MATERIALS — 1.0%
Air Liquide Finance 2.500%, 09/27/26 (A)		500,000		479,433
Albemarle 4.150%, 12/01/24		250,000		261,583
Amcor Finance USA 3.625%, 04/28/26 (A)		200,000		199,872


CORPORATE OBLIGATIONS — continued
	Face Amount		Value

MATERIALS (continued)
ArcelorMittal 7.750%, 03/01/41	$	215,000	$	241,875
Axalta Coating Systems 4.875%, 08/15/24 (A)		150,000		155,343
Celulosa Arauco y Constitucion 5.000%, 01/21/21		205,000		218,505
Freeport-McMoRan 3.550%, 03/01/22		340,000		319,600
2.375%, 03/15/18		90,000		89,550
Graphic Packaging International 4.125%, 08/15/24		85,000		85,213
International Paper 3.800%, 01/15/26		250,000		256,933
Koppers 6.000%, 02/15/25 (A)		50,000		52,375
LyondellBasell Industries 5.000%, 04/15/19		74,000		77,730
Methanex 5.250%, 03/01/22		180,000		189,691
Mexichem 6.750%, 09/19/42 (A)		205,000		219,863
OCP 5.625%, 04/25/24 (A)		200,000		213,300
Scotts Miracle-Gro 5.250%, 12/15/26 (A)		60,000		61,950
Sealed Air 5.250%, 04/01/23 (A)		110,000		116,600
4.875%, 12/01/22 (A)		55,000		57,338
Southern Copper 5.875%, 04/23/45		225,000		237,008
Suzano Austria GmbH 5.750%, 07/14/26 (A)		245,000		251,615
Valvoline 5.500%, 07/15/24 (A)		80,000		84,600
Votorantim Cimentos 7.250%, 04/05/41 (A)		345,000		352,331

				4,222,308

REAL ESTATE — 1.1%
Boston Properties 3.125%, 09/01/23		225,000		225,436
Camden Property Trust 5.700%, 05/15/17		400,000		400,543
CBRE Services 5.000%, 03/15/23		75,000		78,377
DDR MTN 7.500%, 07/15/18		150,000		158,997


CORPORATE OBLIGATIONS — continued
	Face Amount		Value

REAL ESTATE (continued)
Equinix ‡ 5.375%, 05/15/27	$	86,000	$	89,852
GLP Capital 5.375%, 04/15/26		60,000		63,300
HCP ‡ 3.400%, 02/01/25		500,000		483,095
iStar 6.500%, 07/01/21		295,000		307,538
Liberty Property 4.750%, 10/01/20		350,000		372,154
MGM Growth ‡ 5.625%, 05/01/24		30,000		32,363
Prologis 4.000%, 01/15/18		350,000		353,258
Realty Income 2.000%, 01/31/18		200,000		200,409
Ventas Realty 3.250%, 10/15/26		450,000		430,381
VEREIT Operating Partnership ‡ 4.875%, 06/01/26		80,000		84,767
3.000%, 02/06/19		55,000		55,314
WEA Finance ‡ 1.750%, 09/15/17 (A)		755,000		755,539
Welltower 2.250%, 03/15/18		500,000		501,848

				4,593,171

TELECOMMUNICATION SERVICES — 1.5%
Altice US Finance I 5.375%, 07/15/23 (A)		200,000		208,750
AT&T 5.700%, 03/01/57		130,000		137,584
5.450%, 03/01/47		140,000		144,523
5.250%, 03/01/37		340,000		348,704
4.750%, 05/15/46		525,000		491,774
4.500%, 03/09/48		60,000		54,075
4.350%, 06/15/45		10,000		8,874
3.900%, 03/11/24		250,000		256,099
Bharti Airtel International Netherlands 5.350%, 05/20/24 (A)		435,000		461,999
CCO Holdings LLC 5.125%, 05/01/27 (A)		85,000		86,700
Colombia Telecomunicaciones 5.375%, 09/27/22 (A)		200,000		203,000
CSC Holdings 8.625%, 02/15/19		100,000		110,155


CORPORATE OBLIGATIONS — continued
	Face Amount		Value

TELECOMMUNICATION SERVICES (continued)
Embarq 7.995%, 06/01/36	$	175,000	$	178,281
EW Scripps 5.125%, 05/15/25		30,000		30,788
Level 3 Financing 5.250%, 03/15/26		28,000		28,877
Ooredoo International Finance MTN 3.250%, 02/21/23 (A)		200,000		199,340
SBA Communications 4.875%, 09/01/24 (A)		60,000		60,525
SK Telecom MTN 2.125%, 05/01/18 (A)		380,000		380,646
Sprint Capital 6.875%, 11/15/28		120,000		129,900
Sprint Communications 9.000%, 11/15/18 (A)		110,000		120,313
Sprint Spectrum 3.360%, 09/20/21 (A)		200,000		201,750
Telefonica Emisiones 5.462%, 02/16/21		210,000		231,449
Time Warner Cable 5.875%, 11/15/40		200,000		217,018
4.500%, 09/15/42		450,000		412,757
Verizon Communications 5.250%, 03/16/37		430,000		445,492
5.150%, 09/15/23		325,000		359,675
4.862%, 08/21/46		200,000		194,083
4.272%, 01/15/36		250,000		233,841
3.125%, 03/16/22		150,000		152,230
2.946%, 03/15/22 (A)		245,000		246,288

				6,335,490

UTILITIES — 1.4%
AmeriGas Partners 5.500%, 05/20/25		20,000		20,200
Baltimore Gas & Electric 3.500%, 08/15/46		500,000		461,035
Commonwealth Edison 6.150%, 09/15/17		200,000		203,401
Duke Energy Carolinas 4.250%, 12/15/41		500,000		522,544
Duke Energy Florida 3.400%, 10/01/46		500,000		449,606
Empresa Nacional de Electricidad 4.250%, 04/15/24		45,000		46,529
Enersis Americas 4.000%, 10/25/26		40,000		39,750


CORPORATE OBLIGATIONS — continued
	Face Amount⁽¹⁾		Value

UTILITIES (continued)
FirstEnergy 2.750%, 03/15/18		130,000	$	130,806
Georgia Power 4.300%, 03/15/43		250,000		247,526
HKCG Finance 6.250%, 08/07/18 (A)		200,000		210,414
Kansas City Power & Light 3.150%, 03/15/23		300,000		302,765
Metropolitan Edison 4.000%, 04/15/25 (A)		400,000		407,736
NextEra Energy Capital Holdings 2.056%, 09/01/17		400,000		401,003
PacifiCorp 5.750%, 04/01/37		250,000		309,173
Public Service Electric & Gas MTN 4.000%, 06/01/44		500,000		499,800
Public Service Oklahoma 4.400%, 02/01/21		300,000		319,509
Southern Gas Capital 2.450%, 10/01/23		400,000		385,915
Transelec 4.250%, 01/14/25 (A)		200,000		206,324
Virginia Electric & Power 5.400%, 04/30/18		325,000		337,136
4.450%, 02/15/44		250,000		265,338
4.000%, 11/15/46		290,000		289,471

				6,055,981

Total Corporate Obligations (Cost $107,231,736)				105,816,152


SOVEREIGN DEBT — 22.7%
Argentine Bonar Bond 21.047%, 04/03/22	ARS	2,982,000		207,549
Argentine Bonos del Tesoro 21.200%, 09/19/18	ARS	877,000		58,114
18.200%, 10/03/21	ARS	24,625,000		1,743,238
16.000%, 10/17/23	ARS	10,317,000		718,999
15.500%, 10/17/26	ARS	34,940,000		2,511,529
Argentine Government International Bond 7.500%, 04/22/26		375,000		410,813
Brazil Letras do Tesouro Nacional 12.619%, 01/01/19 (D)	BRL	18,000,000		4,885,960
Brazil Notas do Tesouro Nacional 10.000%, 01/01/21	BRL	14,600,000		4,602,460
10.000%, 01/01/27	BRL	15,500,000		4,787,482


SOVEREIGN DEBT — continued
	Face Amount⁽¹⁾		Value

Colombian Titulos de Tesoreria 10.000%, 07/24/24	COP	904,000,000	$	376,011
7.750%, 09/18/30	COP	9,089,600,000		3,436,913
7.500%, 08/26/26	COP	912,800,000		337,685
7.000%, 06/30/32	COP	656,000,000		229,666
6.000%, 04/28/28	COP	534,600,000		175,016
Ghana Government International Bond 19.750%, 03/25/24	GHS	960,000		231,098
19.750%, 03/15/32	GHS	2,890,000		698,791
19.000%, 11/02/26	GHS	2,890,000		683,752
18.750%, 01/24/22	GHS	960,000		223,289
Indonesia Government International Bond 3.700%, 01/08/22 (A)		200,000		205,224
Indonesia Treasury Bond 10.500%, 08/15/30	IDR	550,000,000		51,354
9.000%, 03/15/29	IDR	3,285,000,000		276,148
8.750%, 05/15/31	IDR	7,842,000,000		650,117
8.375%, 03/15/24	IDR	59,460,000,000		4,786,171
8.375%, 09/15/26	IDR	66,926,000,000		5,457,915
7.000%, 05/15/27	IDR	12,099,000,000		904,997
Japan Treasury Discount Bill -0.345%, 06/19/17 (D) (E)	JPY	500,000,000		4,485,628
Korea Monetary Stabilization Bond 1.250%, 08/02/18	KRW	4,000,000,000		3,503,545
Korea Treasury Bond 2.000%, 03/10/21	KRW	4,100,000,000		3,629,849
1.875%, 03/10/22	KRW	2,848,000,000		2,503,449
1.500%, 06/10/19	KRW	4,100,000,000		3,593,825
1.375%, 09/10/21	KRW	4,200,000,000		3,618,570
Kuwait Government International Bond 3.500%, 03/20/27 (A)		595,000		608,448
Mexican Bonos 8.500%, 12/13/18	MXN	58,010,000		3,158,999
6.500%, 06/10/21	MXN	28,100,000		1,463,345
5.750%, 03/05/26	MXN	18,400,000		887,831
5.000%, 06/15/17	MXN	83,500,000		4,425,916
5.000%, 12/11/19	MXN	88,870,000		4,517,132
4.750%, 06/14/18	MXN	140,170,000		7,294,254
Mexico Cetes 6.859%, 08/31/17 (D)	MXN	894,989,000		4,645,941
5.345%, 09/14/17 (D)	MXN	233,000		1,206


SOVEREIGN DEBT — continued
	Face Amount⁽¹⁾		Value

6.775%, 10/12/17 (D)	MXN	252,000	$	1,297
6.218%, 11/09/17 (D)	MXN	17,373,000		88,984
6.672%, 09/28/17	MXN	77,000		397
Mexico Government International Bond 4.000%, 03/15/15	EUR	140,000		137,092
Oman Government International Bond 3.875%, 03/08/22 (A)		400,000		404,638
Philippine Government International Bond 2.125%, 05/23/18	PHP	218,000,000		4,318,560
Republic of South Africa Government Bond 10.500%, 12/21/26	ZAR	3,088,000		257,913
8.875%, 02/28/35	ZAR	5,575,000		396,116
8.500%, 01/31/37	ZAR	2,214,000		150,559
8.250%, 03/31/32	ZAR	5,838,000		400,507
8.000%, 01/31/30	ZAR	3,961,000		271,534
7.000%, 02/28/31	ZAR	2,674,000		166,708
6.250%, 03/31/36	ZAR	3,181,000		171,867
Saudi Government International Bond 4.500%, 10/26/46 (A)		240,000		237,151
3.250%, 10/26/26 (A)		585,000		571,177
Ukraine Government International Bond 7.750%, 09/01/22 (A)		354,000		345,253
7.750%, 09/01/26 (A)		460,000		430,652
4.732%, 05/31/40 (A) (B) (D)		3,100,000		1,082,396

Total Sovereign Debt (Cost $94,996,402)				96,421,030


U.S. TREASURY OBLIGATIONS — 19.6%
U.S. Treasury Bills 0.719%, 05/11/17 (D)		2,690,000		2,689,505
0.930%, 10/05/17 (D)		825,000		821,717
0.820%, 09/07/17 (D)		85,000		84,739
0.750%, 05/04/17 (D)		1,370,000		1,369,927
0.700%, 05/18/17 (D)		1,040,000		1,039,666

U.S. Treasury Bonds 3.875%, 08/15/40		250,000		292,676
3.750%, 08/15/41		250,000		287,276
3.625%, 08/15/43		250,000		281,846
3.125%, 08/15/44		250,000		258,369


U.S. TREASURY OBLIGATIONS — continued
	Face Amount		Value
2.875%, 08/15/45	$	250,000	$	245,762
2.750%, 08/15/42		250,000		241,494
2.500%, 02/15/45		250,000		227,813
2.500%, 02/15/46		250,000		227,217
2.500%, 05/15/46		660,000		599,413
2.250%, 08/15/46		290,000		248,947
U.S. Treasury Inflation Protected Securities 1.375%, 02/15/44		26,131		29,068
1.000%, 02/15/46		889,307		910,963
0.875%, 02/15/47		1,105,030		1,174,143
0.750%, 02/15/45		4,655,205		4,472,670
0.250%, 01/15/25		2,046,695		2,037,331
0.125%, 04/15/18		4,094,130		4,102,727
0.125%, 04/15/21		606,420		612,199
0.125%, 07/15/26		1,062,013		1,043,461
U.S. Treasury Notes 3.000%, 02/15/47		4,860,000		4,905,752
2.750%, 02/15/24		500,000		521,308
2.250%, 11/15/24		250,000		251,680
2.250%, 02/15/27		6,025,000		6,007,347
2.000%, 02/28/21		500,000		506,582
2.000%, 05/31/21		500,000		506,016
2.000%, 08/31/21		500,000		505,293
2.000%, 04/30/24		1,765,000		1,753,969
2.000%, 02/15/25		250,000		246,787
2.000%, 08/15/25		250,000		245,723
2.000%, 11/15/26		1,315,000		1,283,048
1.875%, 03/31/22		5,345,000		5,358,571
1.875%, 04/30/22		10,340,000		10,368,674
1.875%, 05/31/22		1,130,000		1,132,162
1.875%, 08/31/22		500,000		499,727
1.750%, 02/28/22		500,000		498,438
1.625%, 11/30/20		500,000		500,352
1.625%, 02/15/26		250,000		237,373
1.500%, 02/28/19		500,000		502,188
1.500%, 11/30/19		500,000		501,621
1.500%, 01/31/22		1,670,000		1,647,037
1.500%, 02/28/23		500,000		487,071
1.500%, 08/15/26		250,000		233,789

1.375%, 02/29/20		500,000		499,160
1.375%, 05/31/20		500,000		498,301
1.375%, 08/31/23		500,000		480,313
1.250%, 11/30/18		500,000		500,215
1.250%, 03/31/19		5,090,000		5,088,809


U.S. TREASURY OBLIGATIONS — continued
	Face Amount		Value
1.250%, 04/30/19	$	170,000	$	169,927
1.125%, 05/31/19		500,000		498,340
1.125%, 08/31/21		500,000		487,110
1.000%, 05/31/18		500,000		499,141
1.000%, 08/31/19		500,000		496,231
0.750%, 10/31/17		860,000		858,857
0.750%, 08/31/18		3,490,000		3,469,275
0.625%, 05/31/17		1,170,000		1,169,918
0.625%, 08/31/17		6,405,000		6,397,743

Total U.S. Treasury Obligations (Cost $83,870,465)				83,112,777


MORTGAGE-BACKED SECURITIES — 19.5%
AGENCY MORTGAGE-BACKED OBLIGATION — 17.4%
FHLMC 4.500%, 03/01/46		21,623		23,478
4.000%, 02/01/46		4,923,349		5,192,601
3.500%, 05/01/46		11,279,049		11,639,294
3.000%, 07/01/45		6,818,632		6,842,736
2.500%, 05/01/28		894,247		909,235
FHLMC TBA 4.000%, 05/15/41		495,000		521,065
FNMA 4.500%, 06/01/46		1,393,849		1,504,085
4.000%, 12/01/45		5,635,412		5,947,244
3.850%, 08/01/25		193,920		208,975
3.760%, 12/01/35		491,025		520,473
3.500%, 05/01/46		6,278,622		6,464,166
3.390%, 01/01/31		210,000		215,346
3.260%, 09/01/24		204,937		212,996
3.210%, 01/01/26		195,766		202,783
3.201%, 09/01/27		232,364		239,676
3.190%, 06/01/25		207,117		214,246
3.170%, 02/01/30		255,000		257,191
3.110%, 02/01/28		215,000		218,226
3.010%, 04/01/28		215,000		216,264
3.000%, 03/01/32		6,873,298		6,944,129
2.960%, 04/01/27		207,516		209,689
2.950%, 06/01/31		220,000		215,793

2.780%, 05/01/28		215,000		211,917
2.710%, 12/01/27		193,134		190,358
2.500%, 06/01/29		3,359,969		3,337,760
2.000%, 01/01/24		1,696,389		1,703,581


MORTGAGE-BACKED SECURITIES — continued
	Face Amount		Value
AGENCY MORTGAGE-BACKED OBLIGATION — continued
FNMA TBA 5.000%, 05/01/38	$	555,000	$	607,894
4.500%, 05/01/38		5,040,000		5,421,937
4.000%, 06/15/45		775,000		814,477
3.500%, 05/15/45		1,195,000		1,227,684
3.000%, 05/25/26		2,850,000		2,871,572
GNMA 4.610%, 10/20/65 (B)		1,424,889		1,486,432
4.399%, 04/20/63 (B)		931,949		979,458
3.500%, 11/20/46		2,295,352		2,387,807
3.000%, 10/20/46		848,205		860,599
GNMA TBA 4.000%, 05/01/42		1,540,000		1,628,249
3.500%, 05/15/41		575,000		597,597
3.000%, 05/01/43		580,000		587,795

				73,834,808

NON-AGENCY MORTGAGE-BACKED OBLIGATION — 2.1%
225 Liberty Street Trust, Ser 2016-225L, Cl A 3.597%, 02/10/36 (A)		85,000		88,016
BAMLL Commercial Mortgage Securities Trust, Ser 2012-PARK, Cl A 2.959%, 12/10/30 (A)		105,000		106,825
BAMLL Commercial Mortgage Securities Trust, Ser 2014-520M, Cl A 4.185%, 08/15/46 (A) (B)		105,000		111,877
BB-UBS Trust, Ser 2012-TFT, Cl A 2.892%, 06/05/30 (A)		360,000		358,524
Bear Stearns Mortgage Funding Trust, Ser 2006-AR4, Cl A1 1.201%, 12/25/36 (B)		567,101		510,525
COMM Mortgage Trust, Ser 2013-CCRE8, Cl A5 3.612%, 06/10/46 (B)		570,000		595,066
COMM Mortgage Trust, Ser 2014-UBS5, Cl A4 3.838%, 09/10/47		310,000		324,898
COMM Mortgage Trust, Ser 2016-SAVA, Cl C 3.550%, 10/15/34 (B)		100,000		100,412

COMM Mortgage Trust, Ser 2016-SAVA, Cl A 2.480%, 10/15/18		195,000		195,978
DBRR Trust, Ser 2011-LC2, Cl A4A 4.537%, 07/12/44 (A) (B)		110,000		115,648


MORTGAGE-BACKED SECURITIES — continued
	Face Amount		Value
NON-AGENCY MORTGAGE-BACKED OBLIGATION — continued
GS Mortgage Securities Trust, Ser 2007-GG10, Cl A4 6.040%, 08/10/45 (B)	$	26,932	$	26,909
GS Mortgage Securities Trust, Ser 2012-ALOH, Cl A 3.551%, 04/10/34 (A)		110,000		115,598
Homestar Mortgage Acceptance, Ser 2004-3, Cl AV2C 1.571%, 07/25/34 (B)		320,313		317,980
JPMBB Commercial Mortgage Securities Trust, Ser 2014-C18, Cl A3 3.578%, 02/15/47		265,000		274,784
JPMBB Commercial Mortgage Securities Trust, Ser 2014-C22, Cl A4 3.801%, 09/15/47		330,000		345,046
JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2007-C1, Cl A4 5.716%, 02/15/51		431,248		436,210
JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2007-LD11, Cl A4 6.004%, 06/15/49 (B)		95,149		95,098
JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2011-C4, Cl A3 4.106%, 07/15/46 (A)		329,544		337,097
Morgan Stanley BAML Trust 3.621%, 02/15/24		235,000		244,463
Morgan Stanley Capital I Trust, Ser 2014-CPT, Cl A 3.350%, 07/13/29 (A)		105,000		108,792
SFAVE Commercial Mortgage Securities Trust, Ser 2015-5AVE, Cl A1 3.872%, 01/05/43 (A) (B)		105,000		104,284
Structured Adjustable Rate Mortgage Loan Trust, Ser 2004-12, Cl 2A 2.994%, 09/25/34 (B)		505,546		496,527

Structured Adjustable Rate Mortgage Loan Trust, Ser 2004-16, Cl 5A1 3.074%, 11/25/34 (B)		331,715		331,051


MORTGAGE-BACKED SECURITIES — continued
	Face Amount		Value
NON-AGENCY MORTGAGE-BACKED OBLIGATION — continued
Structured Asset Securities Mortgage Pass-Through Certificates, Ser 2004-2AC, Cl A1 3.056%, 02/25/34 (B)	$	480,248	$	478,965
Towd Point Mortgage Trust, Ser 2015-2, Cl 1A12 2.750%, 11/25/60 (A) (B)		334,067		334,843
UBS-Citigroup Commercial Mortgage Trust, Ser 2011-C1, Cl AS 5.154%, 01/10/45 (A)		515,000		565,249
VNDO Mortgage Trust, Ser 2013-PENN, Cl A 3.808%, 12/13/29 (A)		115,000		120,770
WaMu Mortgage Pass-Through Certificates Trust, Ser 2005-AR15, Cl A1A1 1.251%, 11/25/45 (B)		540,366		512,590
WaMu Mortgage Pass-Through Certificates Trust, Ser 2005-AR2, Cl 1A1A 1.321%, 01/25/45 (B)		549,351		529,353
Wells Fargo Commercial Mortgage Trust, Ser 2013-120B, Cl A 2.800%, 03/18/28 (A) (B)		115,000		116,550
Wells Fargo Mortgage Backed Securities Trust, Ser 2004-DD, Cl 1A1 3.021%, 01/25/35 (B)		339,475		338,330
WFRBS Commercial Mortgage Trust, Ser 2011-C4, Cl A3 4.394%, 06/15/44 (A)		213,254		219,621

				8,957,879

Total Mortgage-Backed Securities (Cost $83,815,592)				82,792,687


ASSET-BACKED SECURITIES — 5.3%
AUTOMOTIVE — 0.8%
Americredit Automobile Receivables Trust, Ser 2016-4, Cl B 1.830%, 12/08/21		575,000		569,170

Avis Budget Rental Car Funding AESOP, Ser 2014-2A, Cl A 2.500%, 02/20/21 (A)		180,000		179,632


ASSET-BACKED SECURITIES — continued
	Face Amount		Value
AUTOMOTIVE — continued
Avis Budget Rental Car Funding AESOP, Ser 2017-1A, Cl A 3.070%, 09/20/23 (A)	$	215,000	$	216,550
CPS Auto Trust, Ser 2017-A, Cl B 2.680%, 05/17/21 (A)		115,000		115,687
Credit Acceptance Auto Loan Trust, Ser 2016-3A, Cl A 2.150%, 04/15/24		250,000		248,798
Drive Auto Receivables Trust, Ser 2017-AA, Cl C 2.980%, 01/18/22 (A)		410,000		413,035
Drive Auto Receivables Trust, Ser 2017-AA, Cl B 2.510%, 01/15/21 (A)		35,000		35,071
Drive Auto Receivables Trust, Ser 2017-BA, Cl B 2.200%, 05/15/20 (A)		90,000		90,077
DT Auto Owner Trust, Ser 2016-4A, Cl C 2.740%, 10/17/22 (A)		220,000		220,820
DT Auto Owner Trust, Ser 2017-1A, Cl A 1.560%, 06/15/20 (A)		55,971		55,897
Exeter Automobile Receivables Trust, Ser 2017-1A, Cl A 1.960%, 03/15/21 (A)		62,899		62,790
First Investors Auto Owner Trust, Ser 2017-1A, Cl A1 1.690%, 04/15/21 (A)		32,276		32,232
Honda Auto Receivables Owner Trust, Ser 2016-2, Cl A3 1.390%, 04/15/20		260,000		259,455
Nissan Auto Receivables Owner Trust, Ser 2015-C, Cl A3 1.370%, 05/15/20		295,000		294,521
Santander Drive Auto Receivables Trust, Ser 2016-3, Cl B 1.890%, 06/15/21		365,000		364,548
Westlake Automobile Receivables Trust, Ser 2016-3A, Cl A2 1.420%, 10/15/19 (A)		149,153		148,847

Westlake Automobile Receivables Trust, Ser 2017-1A, Cl A2 1.780%, 04/15/20 (A)		130,000		130,096

				3,437,226


ASSET-BACKED SECURITIES — continued
	Face Amount		Value
CREDIT CARDS — 1.5%
American Express Credit Account Master Trust, Ser 2017-1, Cl A 1.930%, 09/15/22	$	250,000	$	250,695
Bank of America Credit Card Trust, Ser 2017-A1, Cl A1 1.950%, 08/15/22		1,000,000		1,002,893
Chase Issuance Trust, Ser 2013-A3, Cl A3 1.274%, 04/15/20 (B)		320,000		320,530
Chase Issuance Trust, Ser 2016-A4, Cl A 1.490%, 07/15/22		1,000,000		987,572
Citibank Credit Card Issuance Trust, Ser 2008-A7, Cl A7 2.368%, 05/20/20 (B)		295,000		299,091
Citibank Credit Card Issuance Trust, Ser 2014-A1, Cl A1 2.880%, 01/23/23		1,000,000		1,030,731
Discover Card Execution Note Trust, Ser 2016-A4, Cl A4 1.390%, 03/15/22		1,000,000		991,328
World Financial Network Credit Card Master Trust, Ser 2012-A, Cl A 3.140%, 01/17/23		1,000,000		1,024,912
World Financial Network Credit Card Master Trust, Ser 2016-A, Cl A 2.030%, 04/15/25		550,000		543,680

				6,451,432

MORTGAGE RELATED SECURITIES — 1.0%
BBCMS Trust, Ser 2013-TYSN, Cl A2 3.756%, 09/05/32 (A)		110,000		115,818
BNC Mortgage Loan Trust, Ser 2007-2, Cl A2 1.091%, 05/25/37 (B)		328,042		323,881
Centex Home Equity, Ser 2006-A, Cl AV4 1.241%, 06/25/36 (B)		552,639		540,737

Citigroup Mortgage Loan Trust, Ser 2005-3, Cl 2A4 3.225%, 08/25/35 (B)		575,405		478,322
Citigroup Mortgage Loan Trust, Ser 2006-HE1, Cl M2 1.331%, 01/25/36		523,928		519,524


ASSET-BACKED SECURITIES — continued
	Face Amount		Value
MORTGAGE RELATED SECURITIES — continued
First Franklin Mortgage Loan Trust, Ser 2006-FF10, Cl A4 1.141%, 07/25/36 (B)	$	488,024	$	476,968
Morgan Stanley Home Equity Loan Trust, Ser 2006-1, Cl A1 1.221%, 12/25/35 (A) (B)		433,280		432,769
Morgan Stanley Home Equity Loan Trust, Ser 2006-1, Cl A2C 1.321%, 12/25/35 (B)		474,680		474,132
Nomura Home Equity Loan Trust, Ser 2006-HE1, Cl M1 1.401%, 02/25/36 (B)		567,637		554,957

				3,917,108

OTHER ASSET-BACKED SECURITIES — 2.0%
Asset Backed Funding Certificates, Ser 2016-OPT1, Cl A2 1.131%, 09/25/36		591,542		555,115
Bayview Opportunity Master Fund Trust, Ser 2017-SPL1, Cl A 4.000%, 10/28/64		120,000		124,910
CIT Education Loan Trust, Ser 2007-1, Cl A 1.087%, 03/25/42 (A) (B)		98,948		92,940
Home Partners of America Trust, Ser 2016-1, Cl A 2.563%, 03/17/33 (A) (B)		236,805		238,737
Navient Student Loan Trust, Ser 2014-2, Cl A 1.622%, 03/25/83 (B)		337,454		332,426
Navient Student Loan Trust, Ser 2014-3, Cl A 1.602%, 03/25/83 (B)		340,283		335,425
Navient Student Loan Trust, Ser 2014-4, Cl A 1.602%, 03/25/83 (B)		192,121		189,348
Navient Student Loan Trust, Ser 2016-1A, Cl A 1.691%, 02/25/70 (A) (B)		282,201		277,309
Navient Student Loan Trust, Ser 2017-1A, Cl A3 1.920%, 07/25/66 (A) (B)		300,000		300,000

Navient Student Loan Trust, Ser 2017-3A, Cl A3 2.040%, 07/26/66		310,000		310,000
Nelnet Student Loan Trust, Ser 2008-3, Cl A4 2.575%, 11/25/24 (B)		278,921		285,046


ASSET-BACKED SECURITIES — continued
	Face Amount		Value
OTHER ASSET-BACKED SECURITIES — continued
Nelnet Student Loan Trust, Ser 2014-3A, Cl A 1.571%, 06/25/41 (A) (B)	$	279,339	$	275,737
Nelnet Student Loan Trust, Ser 2014-4A, Cl A2 1.932%, 11/25/48 (A) (B)		300,000		293,100
Nelnet Student Loan Trust, Ser 2015-2A, Cl A2 1.591%, 09/25/47 (A) (B)		255,951		253,776
Nelnet Student Loan Trust, Ser 2015-3A, Cl A2 1.582%, 02/26/46 (A) (B)		287,425		286,700
OneMain Financial Issuance Trust, Ser 2016-1A, Cl A 3.660%, 02/20/29 (A)		540,000		551,370
Park Place Securities Asset-Backed Pass-Through Certificates, Ser 2005-WHQ2, Cl M1 1.612%, 05/25/35 (B)		352,747		352,334
SLC Student Loan Trust, Ser 2006-1, Cl A6 1.291%, 12/15/38 (B)		320,000		292,793
SLC Student Loan Trust, Ser 2006-2, Cl A5 0.855%, 09/15/26 (B)		256,622		255,614
SLM Student Loan Trust, Ser 2003-10A, Cl A3 4.050%, 12/15/27 (A) (B)		285,175		284,651
SLM Student Loan Trust, Ser 2004-5A, Cl A5 1.638%, 10/25/23 (A) (B)		116,018		116,162
SLM Student Loan Trust, Ser 2005-4, Cl A3 1.158%, 01/25/27 (B)		260,294		257,891
SLM Student Loan Trust, Ser 2005-6, Cl B 2.141%, 01/25/44 (B)		310,665		286,450
SLM Student Loan Trust, Ser 2006-8, Cl A6 1.198%, 01/25/41 (B)		410,000		380,756

SLM Student Loan Trust, Ser 2007-6, Cl A4 1.418%, 10/25/24 (B)		279,810		278,997
SLM Student Loan Trust, Ser 2008-5, Cl A4 2.738%, 07/25/23 (B)		239,211		244,641
SLM Student Loan Trust, Ser 2011-2, Cl A2 2.182%, 10/25/34 (B)		150,000		152,242


ASSET-BACKED SECURITIES — continued
	Face Amount		Value
OTHER ASSET-BACKED SECURITIES — continued
SLM Student Loan Trust, Ser 2014-1, Cl A3 1.591%, 02/26/29 (B)	$	300,000	$	294,280
SoFi Professional Loan Program, Ser 2015-D, Cl A2 2.720%, 10/27/36 (A)		289,532		292,017
Wachovia Student Loan Trust, Ser 2006-1, Cl A6 1.326%, 04/25/40 (A) (B)		310,000		279,952

				8,470,719

Total Asset-Backed Securities (Cost $22,268,674)				22,276,485


U.S. GOVERNMENT AGENCY OBLIGATIONS — 2.5%
FHLB 5.500%, 07/15/36		450,000		601,001
4.000%, 09/01/28		315,000		349,016
2.875%, 09/11/20		250,000		260,019
2.375%, 09/10/21		250,000		255,882
1.875%, 03/13/20		250,000		252,077
1.750%, 12/14/18		500,000		503,766
1.500%, 03/08/19		500,000		501,511
1.375%, 03/09/18		500,000		501,377
1.375%, 02/18/21		250,000		247,006
1.250%, 06/08/18		500,000		500,277
0.760%, 05/04/17 (D)		275,000		274,983
0.700%, 05/05/17 (D)		320,000		319,974
0.610%, 05/01/17 (D)		1,490,000		1,490,000
0.318%, 05/31/17 (D)		370,000		369,771

				6,426,660

FHLMC 2.375%, 01/13/22		250,000		255,001
FHLMC, Ser 2016-4639, Cl HZ 1.750%, 04/15/53		397,309		358,720

				613,721


FNMA 2.625%, 09/06/24		250,000		256,346
2.125%, 04/24/26		250,000		241,633
1.875%, 09/18/18		500,000		504,362
1.875%, 09/24/26		500,000		471,347
1.750%, 06/20/19		500,000		503,803
1.625%, 01/21/20		500,000		501,664
1.250%, 05/06/21		250,000		245,431
1.000%, 08/28/19		500,000		494,953

				3,219,539


U.S. GOVERNMENT AGENCY OBLIGATIONS — continued
	Face Amount		Value
Tennessee Valley Authority 3.500%, 12/15/42	$	435,000	$	441,241

Total U.S. Government Agency Obligations (Cost $10,885,347)				10,701,161


MUNICIPAL BONDS — 1.4%
Alabama — 0.1%
Alabama State, Economic Settlement Authority, Ser B, RB 3.163%, 09/15/25		285,000		288,625


Florida — 0.1%
Greater Orlando, Aviation Authority, Ser C, RB 3.494%, 10/01/36		500,000		462,335


Wisconsin — 0.0%
Wisconsin State, Health & Educational Facilities Authority, RB 4.000%, 11/15/46		175,000		174,697


Maine — 0.1%
Maine State, Housing Authority, Ser D, RB 3.289%, 11/15/31		250,000		233,370


West Virginia — 0.1%
West Virginia University, Ser B, RB 4.471%, 10/01/42		500,000		516,100


Massachusetts — 0.1%
Massachusetts State, GO 4.910%, 05/01/29		450,000		526,721


California — 0.6%
Anaheim, Housing & Public Improvements Authority, RB 2.712%, 10/01/28		400,000		375,296
California State, GO 2.193%, 04/01/47		400,000		400,744
Los Angeles, Wastewater System Revenue, RB 5.713%, 06/01/39		300,000		367,671
University of California, RB 4.601%, 05/15/31		250,000		276,530
3.552%, 05/15/39		500,000		472,435


MUNICIPAL BONDS — continued
	Face Amount		Value
California — continued
University of California, Regents Medical Center, Ser M, RB 2.859%, 05/15/30	$	500,000	$	471,920

				2,364,596

New York — 0.3%
New York & New Jersey, Port Authority, Ser 181, RB 4.960%, 08/01/46		500,000		577,160
New York State, Dormitory Authority, RB 5.500%, 03/15/30		125,000		147,959
New York State, Dormitory Authority, Ser C, RB 0.750%, 02/15/18		500,000		497,750

				1,222,869

Total Municipal Bonds (Cost $6,076,500)				5,789,313


Total Investments — 97.0% (Cost $409,144,716)			$	406,909,605

A list of the open futures contracts held by the Fund at April 30, 2017, is as follows:


Type of Contract	Number of Contracts Long (Short)		Expiration Date		Unrealized Appreciation
U.S. 2-Year Treasury Notes		47		Jun-2017	$	6,086
U.S. 5-Year Treasury Notes		33		Jun-2017		27,271

					$	33,357

For the period ended April 30, 2017, the total amount of all open forward futures contracts, as presented in the table above, is representative of the volume of activity for this derivative type during the period.

A list of the open forward foreign currency contracts held by the Fund at April 30, 2017, is as follows:


Settlement Date	Currency to Deliver			Currency to Receive			Unrealized Appreciation (Depreciation)
5/8/17-6/2/17		AUD	11,887,000		USD	9,099,394	$	201,789
5/16/17-7/18/17		EUR	34,806,000		USD	37,188,495		(828,758	)
6/7/17		USD	6,449,481		INR	434,250,000		276,624
7/27/17-7/31/17		USD	1,984,741		INR	128,526,000		(4,929	)
6/19/17-9/6/17		JPY	2,362,400		USD	22,765,642		1,472,092
11/16/17-3/6/18		JPY	2,049,615		USD	18,293,088		(374,724	)
6/30/17		USD	2,545,325		COP	1,698,750,000		(5,172	)
9/29/17-10/10/17		KRW	10,870,000,000		USD	9,776,595		202,697
7/31/17		KRW	8,280,000,000		USD	7,128,099		(157,026	)
9/6/17-9/7/17		USD	2,000,000		MXN	38,872,000		21,685

							$	804,278


Counterparty	Currency to Deliver			Currency to Receive		Unrealized Appreciation (Depreciation)
Bank of America	$	(127,794	)	$	124,026	$	(3,768	)
Citigroup		(64,133,351	)		65,355,512		1,222,161
JPMorgan Chase Bank		(52,453,644	)		52,039,529		(414,115	)

						$	804,278

For the period ended April 30, 2017, 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.

A list of the open centrally cleared swap agreements held by Fund at April 30, 2017, 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
Citibank		2.79	%		3-Month USD - LIBOR		03/13/47		1,300,000	$	—	$	(82,177	)	$	—	$	(82,177	)
Citigroup		2.38	%		USD LIBOR BBA		11/18/46		3,800,000		—		82,617			82,617		—
Goldman Sachs		1.53	%		3-Month USD - LIBOR		09/16/26		19,800,000		—		1,131,424			1,131,424		—

										$	—	$	1,131,864		$	1,214,041	$	(82,177	)

For the year ended April 30, 2017, 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 $423,856,863.


(1)		In U.S. dollars unless otherwise indicated.
‡		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)		Floating rate security — Rate disclosed is the rate in effect on April 30, 2017.
(C)		Step Bonds — The rate reflected on the Schedule of Investments is the effective yield on April 30, 2017. The coupon on a step bond changes on a specified date.
(D)		Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at time of purchase.

ARS — Argentine Peso

AUD — Australian Dollar

BBA — British Banker’s Association

BRL — Brazilian Real

Cl — Class

COP — Colombian Peso

EUR — Euro

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GHS — Ghanaian Cedi

GNMA — Government National Mortgage Association

GO — General Obligation

IDR — Indonesian Rupiah

INR — Indian Rupee

IO — Interest Only — face amount represents notional amount

JPY — Japanese Yen

KRW — Korean Won

LIBOR — London Interbank Offered Rate

LLC — Limited Liability Company

MXN — Mexican Peso

MTN — Medium Term Note

PJSC — Private Joint Stock Company

PHP — Philippine Peso

RB — Revenue Bond

Ser — Series

TBA — To Be Announced

USD — United States Dollar

ZAR — South African Rand

The following is a list of the inputs used as of April 30, 2017, in valuing the Fund’s investments and other financial instruments carried at market value:


Investments in Securities	Level 1		Level 2		Level 3		Total
Corporate Obligations	$	—	$	105,816,152	$	—	$	105,816,152
Sovereign Debt		—		96,421,030		—		96,421,030
U.S. Treasury Obligations		—		83,112,777		—		83,112,777
Mortgage-Backed Securities		—		82,792,687		—		82,792,687
Asset-Backed Securities		—		22,276,485		—		22,276,485
U.S. Government Agency Obligations		—		10,701,161		—		10,701,161
Municipal Bonds		—		5,789,313		—		5,789,313

Total Investments in Securities	$	—	$	406,909,605	$	—	$	406,909,605


Other Financial Instruments	Level 1		Level 2			Level 3		Total
Futures Contracts *
Unrealized Appreciation	$	33,357	$	—		$	—	$	33,357
Forwards Contracts *
Unrealized Appreciation		—		2,174,887			—		2,174,887
Unrealized Depreciation		—		(1,370,609	)		—		(1,370,609	)
Centrally Cleared Swaps
Interest Rate Swaps *
Unrealized Appreciation		—		1,214,041			—		1,214,041
Unrealized Depreciation		—		(82,177	)		—		(82,177	)

Total Other Financial Instruments	$	33,357	$	1,936,142		$	—	$	1,969,499

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

For the period ended April 30, 2017, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities.

Amounts designated as $— are either $0 or have been rounded to $0.

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

For the six months ended April 30, 2017 (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 56 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”), Cornerstone Advisors Real Assets Fund (the “Real Assets Fund”), and Cornerstone Advisors Core Plus Bond Fund (the “Core Plus Bond Fund”) (each a “Fund” and collectively the “Funds”). The Global Public Equity Fund, Income Opportunities Fund and Public Alternative Fund commenced operations on August 30, 2012. The Core Plus Bond Fund commenced operations on August 30, 2016. 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 Core Plus Bond Fund seeks total return, consisting of current income and capital appreciation. The assets of each Fund are segregated, and a shareholder’s 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. 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 Statements 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, 2017, the Global Public Equity Fund Fund had six fair valued securities which amounted to $62,531 and represented 0.0% of net assets and the Public Alternatives Fund had 5 fair valued securities which amounted to $326,145 and represented 0.1% 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, 2017, 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 or expense 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, 2017, 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 Statements of Operations. During the six-month period ended April 30, 2017, 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 discounts. 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.

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, 2017. 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, 2017, 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 Statements of Assets and Liabilities. The Public Alternatives Fund and Real Assets Fund had open option/swaption contracts as of April 30, 2017, as disclosed in the Funds’ Schedules 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 premium charged to a Fund is recorded as Stock Loan Fees on the Statements of Operations. 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, 2017, 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, 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 Statements 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 Statements 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, 2017, the Public Alternatives Fund, Real Assets Fund and Core Plus Bond 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 their 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, 2017 the Public Alternatives Fund swap agreements were with four counterparties, Real Assets Fund swap agreements were with two counterparties and the Core Plus Bond Fund swap agreement was with one counterparty.

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. The Core Plus Bond Fund will distribute their net investment income monthly and make distributions of their net realized capital gains, if any, at least annually. All distributions are recorded on ex-dividend date.

Deferred Offering Costs — Offering costs, including costs of printing the initial prospectus, legal and registration fees, are amortized over twelve months from inception of the Funds. As of April 30, 2017, offering costs for the Core Plus Bond Fund have been fully amortized.

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, 2017, 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, 2017 are summarized as follows:

The International Swaps and Derivatives Association, Inc. (“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 effect 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 Funds’ 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 Statements 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 Statements 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 their respective counterparties are not fully collateralized, contractually or otherwise, the Funds bear the risk of loss from counterparty nonperformance.

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as of April 30, 2017:

Certain officers and a trustee of the Trust are also employees 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, 2017, the Funds paid $315,334 in the Global Public Equity Fund, $67,043 in the Income Opportunities Fund, $167,127 in the Public Alternatives Fund, $64,925 in the Real Assets Fund and $133,807 in the Core Plus Bond 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 had expenses reduced by $2, which was used to pay operating expenses. This amount is labeled as “Commission Recapture” on the Statements 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 Funds’ 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, 2017, the Funds earned credits of $3 each, which were used to offset transfer agent expenses. These amounts are included in Fees Paid Indirectly on the Statements 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, 2017, 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, 2017, were as follows:

The cost of short sales and purchases to cover for the six-month period ended April 30, 2017, 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, 2016 and October 2015, were as follows:

As of October 31, 2016, 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 Global Public Equity Fund has $9,128,637 of short-term capital losses and $0 of long-term capital losses that may be carried forward indefinitely. The Real Assets Fund has $7,928,441 of short-term capital losses and $9,279,711 of long-term capital losses that may be carried forward indefinitely. The Core Plus Bond Fund has $198,329 of short-term capital losses and $0 of long-term capital losses that may be carried forward indefinitely.

During the year ended October 31, 2016, the Real Assets Fund utilized $4,516,036 of short-term capital losses and $7,280,763 of long-term capital losses to offset capital gains.

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments, excluding securities sold short, held by the Funds at April 30, 2017, were as follows:

The Funds may lend portfolio securities to brokers, dealers and other financial organizations that meet capital and other credit requirements or other criteria established by the Trust’s Board. These loans, if and when made, may not exceed 33 1/3% of the

total asset value of the Fund (including the loan collateral). The Funds will not lend portfolio securities to their Adviser or their affiliates unless permissible under the 1940 Act and the rules and promulgations thereunder. Loans of portfolio securities will be fully collateralized by cash, letters of credit or U.S. government securities, and the collateral will be maintained in an amount equal to at least 100% of the current market value of the loaned securities by marking to market daily. Any gain or loss in the market price of the securities loaned by the Fund that might occur during the term of the loan would be for the account of the Fund.

In the normal course of business, the Global Public Equity Fund, the Income Opportunities Fund, the Public Alternatives Fund, the Real Assets Fund, and the Core Plus Bond 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.

At April 30, 2017, the percentage of total shares outstanding held by shareholders for each Fund, which are comprised of omnibus accounts that are held on behalf of various individual shareholders was as follows:

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.

In October 2016, the Securities and Exchange Commission (the “SEC”) released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule which introduces two new regulatory reporting forms for investment companies — Form N-PORT and Form N-CEN — also contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are consistent with the Funds’ current financial statement presentation and expects that the Funds will be able to comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

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, 2016 to April 30, 2017).

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 181/365 (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 Funds’ sub-advisory agreements must be renewed after their 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 Funds; and (ii) by the vote of a majority of the Trustees 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 renewal.

A Board meeting was held on February 28, 2017 to decide whether to renew the sub-advisory agreements (the “Agreements”) between Cornerstone Advisors, Inc. (the “Adviser”) and certain sub-advisers (each, a “Sub-Adviser” and together, the “Sub-Advisers”), pursuant to which the Sub-Advisers serve as investment sub-advisers to the Funds, as set forth in the following table, for additional one-year terms:

In preparation for the meeting, the Trustees requested that the Sub-Advisers furnish information necessary to evaluate the terms of the Agreements. Prior to the meeting, the Independent Trustees of the Funds met to review and discuss the information provided and submitted a request for additional information to the Sub-Advisers, and information was provided in response to this request. The Trustees used this information, as well as other information that the Sub-Advisers and other service providers of the Funds 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 Agreements for an additional year.

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

Representatives from the Sub-Advisers, 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-Advisers’ services, fees and other aspects of the Agreements. The Independent Trustees received advice from independent counsel and met in executive sessions outside the presence of Fund management and the Sub-Advisers.

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

In considering the nature, extent and quality of the services provided by the Sub-Advisers, the Board reviewed the portfolio management services provided by the Sub-Advisers to the Funds, including the quality and continuity of the Sub-Advisers’ portfolio management personnel, the resources of the Sub-Advisers, and the Sub-Advisers’ compliance history and compliance programs. The Trustees reviewed the terms of the Agreements. The Trustees also reviewed the Sub-Advisers’ investment and risk management approaches for the Funds. The Trustees considered that the Adviser supervises and monitors the performance of the

Sub-Advisers. The most recent investment adviser registration forms (“Form ADV”) for the Sub-Advisers were provided to the Board, as were the responses of the Sub-Advisers to a detailed series of questions which included, among other things, information about the investment advisory services provided by the Sub-Advisers to the Funds.

The Trustees also considered other services provided to the Funds by the Sub-Advisers such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Funds’ 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 Funds by the Sub-Advisers were sufficient to support renewal of the Agreements.

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

In considering the advisory fees payable by the Funds to the Sub-Advisers, the Trustees reviewed, among other things, a report of the advisory fees paid to the Sub-Advisers. The Trustees also reviewed reports prepared by the Funds’ administrator comparing the Funds’ net and gross expense ratios and advisory fees to those paid by peer groups of mutual funds as classified by Lipper. The Trustees reviewed the management fees charged by the Sub-Advisers 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 Funds and other client accounts as well as the extensive regulatory, compliance and tax regimes to which the Funds are subject. The Trustees also considered that the fees payable to the Sub-Advisers reflected arms-length negotiations between the Adviser and the Sub-Advisers. The Board concluded, within the context of its full deliberations, that the advisory fees were reasonable in light of the nature and quality of the services rendered by the Sub-Advisers.

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

The Trustees considered the Sub-Advisers’ views relating to economies of scale in connection with the Funds as Fund assets grow and the extent to which the benefits of any such economies of scale are shared with the Funds and Fund shareholders. The Board considered the existence of any economies of scale and whether those were passed along to the Funds’ 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 fees were reasonable in light of the information that was provided to the Trustees by the Sub-Advisers 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 Agreements, including the fees payable thereunder, were fair and reasonable and agreed to renew the Agreements for another year. In its

deliberations, the Board did not identify any absence of information as material to its decision, or 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.

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, 2017
		(unaudited)


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS GLOBAL PUBLIC EQUITY FUND
		April 30, 2017
		(unaudited)


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS GLOBAL PUBLIC EQUITY FUND
		April 30, 2017
		(unaudited)


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS GLOBAL PUBLIC EQUITY FUND
		April 30, 2017
		(unaudited)


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS GLOBAL PUBLIC EQUITY FUND
		April 30, 2017
		(unaudited)


Statements of Assets and Liabilities			93
Statements of Operations			95
Statements of Changes in Net Assets			97


Financial Highlights			100
Notes to Financial Statements			101
Disclosure of Fund Expenses			113
Board Considerations in Approving the Advisory Agreement and Sub-Advisory Agreements			114


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS INCOME OPPORTUNITIES FUND
		April 30, 2017
		(unaudited)


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS PUBLIC ALTERNATIVES FUND
		April 30, 2017
		(unaudited)


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS REAL ASSETS FUND
		April 30, 2017
		(unaudited)


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS CORE PLUS BOND FUND
		April 30, 2017
		(unaudited)


	Global Public Equity Fund			Income Opportunities Fund
Assets:
Investments, at Value †	$	994,673,012		$	208,572,454
Foreign Currency, at Value ††		1,952,648			—
Cash		—			306,598
Cash Equivalents		22,705,825			2,408,598
Receivable for Investment Securities Sold		3,602,681			205,790
Dividends and Interest Receivable		1,425,359			1,162,591
Reclaims Receivable		848,984			12,764
Receivable for Capital Shares Sold		324,274			274,212
Unrealized Appreciation on Forward Foreign Currency Contracts		9,862			—
Prepaid Expenses		9,037			4,792
Unrealized Appreciation on Spot Foreign Currency Contracts		497			—
Cash Pledged as Collateral for Futures Contracts and Swap Contracts		—			51,108

Total Assets		1,025,552,179			212,998,907


Liabilities:
Payable for Investment Securities Purchased		3,994,462			584,815
Investment Advisory Fees Payable — Note 6		544,959			53,778
Unrealized Depreciation on Forward Foreign Currency Contracts		287,072			—
Payable for Capital Shares Redeemed		94,456			122,305
Payable due to Administrator		54,355			11,466
Payable to Prime Broker		51,330			—
Shareholder Servicing Fees Payable		41,848			8,914
Chief Compliance Officer Fees Payable		10,760			2,352
Payable due to Trustees		10,314			2,367
Management Fees Payable — Note 6		8,227			1,736
Unrealized Depreciation on Spot Foreign Currency Contracts		4,875			—
Variation Margin Payable		—			3,781
Other Accrued Expenses		172,319			87,664

Total Liabilities		5,274,977			879,178

Net Assets	$	1,020,277,202		$	212,119,729

† Cost of Investments	$	810,341,235		$	210,187,303
†† Cost of Foreign Currency		1,932,577			—

NET ASSETS CONSIST OF:
Paid-in Capital	$	826,361,845		$	216,895,349
Undistributed Net Investment Income		1,720,601			12,906,076
Accumulated Net Realized Gain (Loss) on Investments, Futures and Foreign Currency Transactions		8,160,122			(15,998,152	)
Net Unrealized Appreciation (Depreciation) on Investments		184,331,777			(1,614,849	)
Net Unrealized Depreciation on Futures Contracts		—			(69,359	)
Net Unrealized Appreciation (Depreciation) on Forward Foreign Currency Contracts and Foreign Currency Translations		(297,143	)		664

Net Assets	$	1,020,277,202		$	212,119,729

Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		78,633,869			22,291,876

Net Asset Value, Offering and Redemption Price Per Share	$	12.98		$	9.52


	Public Alternatives Fund			Real Assets Fund			Core Plus Bond Fund
Assets:
Investments, at Value †	$	458,936,521		$	194,800,536		$	406,909,605
Foreign Currency, at Value ††		606,449			252,070			268,380
Cash		—			—			131,067
Cash Equivalents		35,708,071			4,232,781			40,356,546
Cash Pledged as Collateral for Futures Contracts and Swap Contracts		156,968,158			—			2,210,168
Receivable for Investment Securities Sold		12,588,192			703,187			12,631,075
Swap Contracts, at value		8,883,558			32,893			—
Dividends and Interest Receivable		403,706			505,079			2,822,012
Receivable for Capital Shares Sold		303,259			341,192			178,073
Purchased Option/Swaption Contracts, at Value †††		181,252			36,929			—
Reclaims Receivable		33,158			718			—
Variation Margin Receivable		20,076			22,637			703
Prepaid Expenses		6,620			4,831			—
Unrealized Appreciation on Spot Foreign Currency Contracts		4			366			56
Initial Margin for Futures Contracts		—			451,030			—
Unrealized Appreciation on Forward Foreign Currency Contracts		—			131,522			2,174,887

Total Assets		674,639,024			201,515,771			467,682,572


Liabilities:
Securities Sold Short, at Value †††††		128,514,103			—			—
Payable for Investment Securities Purchased		12,662,448			774,280			42,221,894
Swap Contracts, at Value ††††††		5,477,669			—			—
Written Option/Swaption Contracts, at Value ††††		2,518,318			31,967			—
Payable to Prime Broker		372,028			—			—
Investment Advisory Fees Payable — Note 6		307,309			76,808			94,018
Payable for Capital Shares Redeemed		184,173			53,679			93,600
Stock Loan Fees Payable		115,583			—			—
Dividends Payable on Securities Sold Short		68,965			—			—
Payable due to Administrator		28,368			10,932			22,965
Shareholder Servicing Fees Payable		21,930			8,389			15,872
Variation Margin Payable		9,520			13,789			2,717
Chief Compliance Officer Fees Payable		5,922			2,258			—
Payable due to Trustees		5,735			2,260			—
Management Fees Payable — Note 6		4,294			1,655			3,477
Unrealized Depreciation on Spot Foreign Currency Contracts		243			1,652			557
Unrealized Depreciation on Forward Foreign Currency Contracts		—			157,547			1,370,609
Other Accrued Expenses		134,979			107,135			—

Total Liabilities		150,431,587			1,242,351			43,825,709

Net Assets	$	524,207,437		$	200,273,420		$	423,856,863

† Cost of Investments	$	471,251,746		$	203,646,333		$	409,144,716
†† Cost of Foreign Currency		604,869			250,003			266,377
††† Cost of Purchased Option/Swaption Contracts		180,090			101,823			—
†††† Proceeds from Written Option/Swaption Contracts		2,544,694			67,207			—
††††† Proceeds from Securities Sold Short		127,698,981			—			—
†††††† Swap premiums received/paid		372,680			89			—

NET ASSETS CONSIST OF:
Paid-in Capital	$	536,555,880		$	223,513,556		$	424,093,617
Undistributed (Distributions in Excess of) Net Investment Income		(1,924,289	)		8,980,362			239,480
Accumulated Net Realized Loss on Investments, Purchased Options/Swaptions, Written Options/Swaptions, Securities Sold Short, Futures, Swaps and Foreign Currency Transactions		(723,563	)		(23,225,785	)		(237,518	)
Net Unrealized (Depreciation) on Investments, Purchased Options/Swaptions, Written Options/Swaptions and Securities Sold Short		(13,102,809	)		(8,875,451	)		(2,235,111	)
Net Unrealized Appreciation (Depreciation) on Futures Contracts		361,353			(53,404	)		33,357
Net Unrealized Appreciation (Depreciation) on Swap Contracts		3,033,209			(47,864	)		1,131,864
Net Unrealized Appreciation (Depreciation) on Forward Foreign Currency Contracts and Foreign Currency Translations		7,656			(17,994	)		831,174

Net Assets	$	524,207,437		$	200,273,420		$	423,856,863

Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		53,411,527			24,986,311			42,455,502

Net Asset Value, Offering and Redemption Price Per Share	$	9.81		$	8.02		$	9.98


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS FUNDS
		For the six months ended April 30, 2017


	Global Public Equity Fund			Income Opportunities Fund
Investment Income
Dividends	$	8,711,763		$	2,087,889
Income Distributions from Registered Investment Companies		728,379			2,496,795
Interest		66,478			1,799,760
Security Lending Income		51,837			—
Less: Foreign Taxes Withheld		(634,943	)		(3,793	)

Total Investment Income		8,923,514			6,380,651


Expenses
Investment Advisory Fees — Note 6		3,154,905			314,706
Administration Fees — Note 5		315,334			67,043
Shareholder Servicing Fees — Note 5		222,018			47,202
Management Fees — Note 6		47,238			10,043
Trustees’ Fees		32,861			6,895
Chief Compliance Officer Fees		19,231			4,046
Custodian Fees		215,867			22,733
Audit Fees		51,664			7,880
Legal Fees		35,774			7,644
Transfer Agent Fees		26,720			16,222
Printing Fees		18,694			3,851
Registration Fees		9,439			6,497
Insurance and Other Expenses		88,075			11,611

Total Expenses		4,237,820			526,373

Less:
Commission Recapture — Note 5		(2	)		—
Fees Paid Indirectly — Note 5		(3	)		(3	)

Net Expenses		4,237,815			526,370

Net Investment Income		4,685,699			5,854,281


Net Realized Gain (Loss) on:
Investments		21,586,532			272,098
Capital Gain Distributions from Registered Investment Companies		(5,923	)		(235,860	)
Futures Contracts		—			219,699
Foreign Currency Transactions		534,690			(495,698	)

Net Change in Unrealized Appreciation (Depreciation) on:
Investments		92,585,584			7,934,374
Futures Contracts		—			(242,714	)
Swap Contracts		—			—
Foreign Currency Transactions		(544,482	)		2,481

Net Realized and Unrealized Gain		114,156,401			7,454,380

Net Increase in Net Assets Resulting from Operations	$	118,842,100		$	13,308,661


	Global Public Equity Fund						Income Opportunities Fund
	Six-Months ended April 30, 2017 (unaudited)			Year ended October 31, 2016			Six-Months ended April 30, 2017 (unaudited)			Year ended October 31, 2016
Operations:
Net Investment Income	$	4,685,699		$	10,037,206		$	5,854,281		$	9,406,795
Net Realized Gain (Loss) on Investments, Capital Gain Distributions from Registered Investment Companies, Futures Contracts and Foreign Currency Transactions		22,115,299			(8,470,577	)		(239,761	)		(12,156,424	)
Net Change in Unrealized Appreciation on Investments, Futures Contracts and Foreign Currency Transactions		92,041,102			20,694,912			7,694,141			15,207,562

Net Increase in Net Assets Resulting from Operations		118,842,100			22,261,541			13,308,661			12,457,933


Dividends and Distributions from:
Net Investment Income		(9,525,431	)		(11,255,805	)		(4,771,698	)		(7,902,475	)
Net Realized Gains		—			(52,163,500	)		—			(2,519,770	)
Return of Capital		—			—			—			(607,464	)

Total Dividends and Distributions		(9,525,431	)		(63,419,305	)		(4,771,698	)		(11,029,709	)


Capital Share Transactions:
Issued		67,569,478			119,454,414			18,850,817			36,718,720
Reinvestment of Dividends		9,508,912			63,419,304			4,760,343			11,029,708
Redeemed		(51,137,541	)		(109,838,028	)		(11,537,525	)		(21,032,228	)

Net Increase in Net Assets from Capital Share Transactions		25,940,849			73,035,690			12,073,635			26,716,200

Total Increase in Net Assets		135,257,518			31,877,926			20,610,598			28,144,424


Net Assets:
Beginning of Period		885,019,684			853,141,758			191,509,131			163,364,707

End of Period	$	1,020,277,202		$	885,019,684		$	212,119,729		$	191,509,131

Undistributed Net Investment Income	$	1,720,601		$	6,560,333		$	12,906,076		$	11,823,493


Shares Issued and Redeemed:
Issued		5,557,049			10,835,023			2,005,382			4,464,454
Reinvestment of Dividends		801,763			5,713,141			507,715			1,295,182
Redeemed		(4,182,375	)		(9,740,237	)		(1,230,907	)		(2,459,453	)

Net Increase in Shares Outstanding from Share Transactions		2,176,437			6,807,927			1,282,190			3,300,183


	Public Alternatives Fund						Real Assets Fund
	Six-Months ended April 30, 2017 (unaudited)			Year ended October 31, 2016			Six-Months ended April 30, 2017 (unaudited)			Year ended October 31, 2016
Operations:
Net Investment Income	$	926,273		$	6,534,421		$	3,492,577		$	2,749,588
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		3,461,359			10,734,577			615,196			(9,601,756	)
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		1,757,231			(16,462,181	)		1,813,322			13,892,256

Net Increase in Net Assets Resulting from Operations		6,144,863			806,817			5,921,095			7,040,088


Dividends and Distributions from:
Net Investment Income		(2,526,341	)		(8,564,648	)		(2,133,458	)		(7,984	)
Net Realized Gains		(9,680,166	)		(18,290,297	)		—			—
Return of Capital		—			—			—			(2,094,940	)

Total Dividends and Distributions		(12,206,507	)		(26,854,945	)		(2,133,458	)		(2,102,924	)


Capital Share Transactions:
Issued		49,768,805			60,546,259			18,332,724			40,396,339
Reinvestment of Dividends		12,188,757			26,854,941			2,129,455			2,102,924
Redeemed		(20,079,386	)		(53,097,628	)		(9,495,096	)		(15,250,140	)

Net Increase in Net Assets from Capital Share Transactions		41,878,176			34,303,572			10,967,083			27,249,123

Total Increase in Net Assets		35,816,532			8,255,444			14,754,720			32,186,287


Net Assets:
Beginning of Period		488,390,905			480,135,461			185,518,700			153,332,413

End of Period	$	524,207,437		$	488,390,905		$	200,273,420		$	185,518,700

Undistributed (Distributions in Excess of) Net Investment Income	$	(1,924,289	)	$	(324,221	)	$	8,980,362		$	7,621,243


Shares Issued and Redeemed:
Issued		5,067,701			6,049,343			2,264,308			5,642,095
Reinvestment of Dividends		1,246,877			2,672,833			265,082			266,878
Redeemed		(2,046,138	)		(5,269,967	)		(1,173,910	)		(2,058,746	)

Net Increase in Shares Outstanding from Share Transactions		4,268,440			3,452,209			1,355,480			3,850,227


	Core Plus Bond Fund
	Six-Months ended April 30, 2017 (unaudited)			Period ended October 31, 2016*
Operations:
Net Investment Income	$	5,027,352		$	1,226,165
Net Realized Gain (Loss) on Investments, Futures Contracts, Swap Contracts and Foreign Currency Transactions		67,619			(233,717	)
Net Change in Unrealized Appreciation (Depreciation) on Investments, Futures Contracts, Swap Contracts and Foreign Currency Transactions		1,206,066			(1,444,782	)

Net Increase (Decrease) in Net Assets Resulting from Operations		6,301,037			(452,334	)


Dividends and Distributions from:
Net Investment Income		(4,915,224	)		(1,170,233	)

Total Dividends and Distributions		(4,915,224	)		(1,170,233	)


Capital Share Transactions:
Issued		37,955,434			403,469,038
Reinvestment of Dividends		4,910,615			1,169,745
Redeemed		(16,104,887	)		(7,306,328	)

Net Increase in Net Assets from Capital Share Transactions		26,761,162			397,332,455

Total Increase in Net Assets		28,146,975			395,709,888


Net Assets:
Beginning of Period		395,709,888			—

End of Period	$	423,856,863		$	395,709,888

Undistributed Net Investment Income	$	239,480		$	127,352


Shares Issued and Redeemed:
Issued		3,843,957			40,361,360
Reinvestment of Dividends		496,711			117,509
Redeemed		(1,631,653	)		(732,382	)

Net Increase in Shares Outstanding from Share Transactions		2,709,015			39,746,487


	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
2017@	$	11.58	$	0.06	$	1.46		$	1.52		$	(0.12	)	$	—		$	—		$	(0.12	)	$	12.98		13.26	%	$	1,020,277		0.90	%		0.90	%		0.99	%		28	%
2016	$	12.25	$	0.13	$	0.12		$	0.25		$	(0.16	)	$	(0.76	)	$	—		$	(0.92	)	$	11.58		2.40	%	$	885,020		0.91	%		0.91	%		1.19	%		49	%
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
2017@	$	9.12	$	0.27	$	0.35		$	0.62		$	(0.22	)	$	—		$	—		$	(0.22	)	$	9.52		6.85	%	$	212,120		0.52	%		0.52	%		5.82	%		9	%
2016	$	9.22	$	0.47	$	—		$	0.47		$	(0.40	)	$	(0.14	)	$	(0.03	)	$	(0.57	)	$	9.12		5.72	%	$	191,509		0.58	%		0.58	%		5.44	%		35	%
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
2017@	$	9.94	$	0.02	$	0.09		$	0.11		$	(0.05	)	$	(0.19	)	$	—		$	(0.24	)	$	9.81		1.17	%	$	524,207		1.56	%‡		1.56	%		0.37	%		54	%
2016	$	10.51	$	0.14	$	(0.13	)	$	0.01		$	(0.18	)	$	(0.40	)	$	—		$	(0.58	)	$	9.94		0.18	%	$	488,391		1.58	%‡		1.58	%		1.37	%		92	%
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
2017@	$	7.85	$	0.14	$	0.12		$	0.26		$	(0.09	)	$	—		$	—		$	(0.09	)	$	8.02		3.28	%	$	200,273		0.68	%		0.68	%		3.59	%		11	%
2016	$	7.75	$	0.12	$	0.07		$	0.19		$	—	**	$	—		$	(0.09	)	$	(0.09	)	$	7.85		2.46	%	$	185,519		0.73	%		0.73	%		1.65	%		36	%
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	%

Core Plus Bond Fund
2017@	$	9.96	$	0.12	$	0.02		$	0.14		$	(0.12	)	$	—		$	—		$	(0.12	)	$	9.98		1.42	%	$	423,857		0.47	%		0.47	%		2.51	%		100	%
2016##	$	10.00	$	0.03	$	(0.04	)	$	(0.01	)	$	(0.03	)	$	—		$	—		$	(0.03	)	$	9.96		(0.10	)%	$	395,710		0.60	%		0.60	%		1.94	%		72	%


	Asset Derivatives				Liability Derivatives
	Six Months Ended April 30, 2017				Six Months Ended April 30, 2017
	Statement of Assets and Liability Location	Fair Value			Statement of Assets and Liability Location	Fair Value
Real Asset Fund
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	131,522		Unrealized depreciation on forward foreign currency contracts	$	157,547
	Purchased options/swaptions contracts, at Value		10,131		Written options/swaptions contracts, at Value		17,843
Interest rate contracts	Net Assets — Unrealized appreciation on futures contracts		64,434	*	Net Assets — Unrealized depreciation on futures contracts		117,838	*
	Purchased options/swaptions contracts, at Value		26,798		Written options/swaptions contracts, at Value		14,124
	Net Assets — Unrealized appreciation on swap contracts		46,676	†	Net Assets — Unrealized depreciation on swap contracts		94,540	†

Total Derivatives not accounted for as hedging instruments		$	279,561			$	401,892

Core Plus Bond Fund
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	2,174,887		Unrealized depreciation on forward foreign currency contracts	$	1,370,609
Interest rate contracts	Net Assets — Unrealized appreciation on futures contracts		33,357	*	Net Assets — Unrealized depreciation on futures contracts		—	*
	Net Assets — Unrealized appreciation on swap contracts		1,214,041	†	Net Assets — Unrealized depreciation on swap contracts		82,177	†

Total Derivatives not accounted for as hedging instruments		$	3,422,285			$	1,452,786


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	$	(295,477	)	$	—	$	1,551,820	$	175,196		$	760,422		$	2,191,961
Interest rate contracts		(24,040	)		—		—		—			—			(24,040	)
Total	$	(319,517	)	$	—	$	1,551,820	$	175,196		$	760,422		$	2,167,921

Real Assets Fund
Foreign exchange contracts	$	—		$	111,665	$	—	$	(56,114	)	$	(22,937	)	$	32,614
Interest rate contracts		72,716			—		89,336		36,519			28,236			226,807
Total	$	72,716		$	111,665	$	89,336	$	(19,595	)	$	5,299		$	259,421

Core Plus Bond Fund
Foreign exchange contracts	$	—		$	4,825,160	$	—	$	—		$	—		$	4,825,160
Interest rate contracts		19,541			—		2,982		—			—			22,523
Total	$	19,541		$	4,825,160	$	2,982	$	—		$	—		$	4,847,683


Fund	Written Options						Swaptions
Public Alternatives Fund	Number of Contracts			Premium
Balance as of October 31, 2016		561		$	2,091,707
Written		3,411			11,244,640
Closing buys		(3,294	)		(10,791,653	)
Balance as of April 30, 2017		678		$	2,544,694

Real Assets Fund	Number of Contracts			Premium			Notional Amount			Premium
Balance as of October 31, 2016		—		$	—		$	11,540,000		$	133,561
Written		220			74,725			7,855,000			58,950
Expired		—			—			(5,115,000	)		(46,427	)
Closing buys		(148	)		(46,685	)		(8,495,000	)		(106,917	)
Balance as of April 30, 2017		72		$	28,040		$	5,785,000		$	39,167


Public Alternatives 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**	$	8,510,878	$	(5,477,669	)	$	3,033,209	$	—	$	3,033,209
	$	8,510,878	$	(5,477,669	)	$	3,033,209	$	—	$	3,033,209


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‡
Interest rate swaps**	$	5,477,669	$	(5,477,669	)	$	—	$	—		$	—
Short sales		128,514,103					128,514,103		(128,514,103	)
	$	133,991,772	$	(5,477,669	)	$	128,514,103	$	(128,514,103	)	$	—


	Purchases		Sales and Maturities		U.S. Government Purchases		U.S. Government Sales and Maturities
Global Public Equity Fund	$	283,246,587	$	261,051,628	$	—	$	—
Income Opportunities Fund		30,894,087		16,943,945		—		—
Public Alternatives Fund		231,599,423		225,434,769		—		—
Real Assets Fund		16,338,201		11,071,775		16,330,536		10,532,994
Core Plus Bond Fund		47,669,873		20,868,904		320,212,533		324,221,155


	Ordinary Income		Long-Term Capital Gain		Return of Capital		Total
Global Public Equity Fund
2016	$	15,697,593	$	47,721,712		—	$	63,419,305
2015		17,766,015		48,893,876		—		66,659,891
Income Opportunities Fund
2016	$	4,427,967	$	5,994,277	$	607,465	$	11,029,709
2015		4,444,148		2,072,954		—		6,517,102
Public Alternatives Fund
2016	$	22,307,358	$	4,547,587		—	$	26,854,945
2015		15,413,990		4,112,032		—		19,526,022
Real Assets Fund
2016	$	7,984	$	—	$	2,094,940	$	2,102,924
2015		808,988		—		2,151,671		2,960,659
Core Plus Bond Fund
2016	$	1,170,233	$	—	$	—	$	1,170,233


	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	$	7,870,113	$	—	$	(9,128,637	)	$	86,170,402		$	(313,190	)	$	84,598,688
Income Opportunities Fund		—		—		—			(13,302,654	)		(9,929	)		(13,312,583	)
Public Alternatives Fund		4,766,438		4,913,263		—			(15,617,269	)		(349,231	)		(6,286,799	)
Real Assets Fund		—		—		(17,208,152	)		(8,513,256	)		(1,306,365	)		(27,027,773	)
Core Plus Bond Fund		2,346,571		—		(198,329	)		(1,553,614	)		(2,217,195	)		(1,622,567	)


	Federal Tax Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Global Public Equity Fund	$	810,341,235	$	207,494,550	$	(23,162,773	)	$	184,331,777
Income Opportunities Fund		210,187,303		10,089,154		(11,704,003	)		(1,614,849	)
Public Alternatives Fund		471,251,746		17,057,359		(29,372,584	)		(12,315,225	)
Real Assets Fund		203,646,333		8,041,843		(16,887,640	)		(8,845,797	)
Core Plus Bond Fund		409,144,716		3,972,754		(6,207,865	)		(2,235,111	)


	No. of Shareholders		% Ownership
Global Public Equity Fund		1		99	%
Income Opportunities Fund		1		99	%
Public Alternatives Fund		1		100	%
Real Assets Fund		1		99	%
Core Plus Bond Fund		1		100	%


	Beginning Account Value 11/1/2016		Ending Account Value 4/30/2017		Annualized Expense Ratios		Expenses Paid During Period*
Global Public Equity Fund

Actual Fund Return	$	1,000.00	$	1,132.60		0.90%	$	4.76
Hypothetical 5% Return	$	1,000.00	$	1,020.33		0.90%	$	4.51
Income Opportunities Fund

Actual Fund Return	$	1,000.00	$	1,068.50		0.52%	$	2.67
Hypothetical 5% Return	$	1,000.00	$	1,022.22		0.52%	$	2.61
Public Alternatives Fund ⁽¹⁾

Actual Fund Return	$	1,000.00	$	1,011.70		1.56%	$	7.78
Hypothetical 5% Return	$	1,000.00	$	1,017.06		1.56%	$	7.80
Real Assets Fund

Actual Fund Return	$	1,000.00	$	1,032.80		0.68%	$	3.43
Hypothetical 5% Return	$	1,000.00	$	1,021.42		0.68%	$	3.41
Core Plus Bond Fund

Actual Fund Return	$	1,000.00	$	1,014.20		0.47%	$	2.35

Hypothetical 5% Return	$	1,000.00	$	1,022.46		0.47%	$	2.36


Sub-Adviser		Fund
LSV Asset Management		Cornerstone Advisors Global Public Equity Fund
Thornburg Investment Management, Inc.		Cornerstone Advisors Global Public Equity Fund
Parametric Portfolio Associates LLC		Cornerstone Advisors Global Public Equity Fund
Strategic Income Management, LLC		Cornerstone Advisors Income Opportunities Fund