Andrew J. McNally
BNY Mellon Investment Servicing (US) Inc.
760 Moore Rd.
King of Prussia, PA 19406

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

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

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.

In contrast to the roller-coaster investment environment of 2011-2012, last year’s market behavior was downright bulldozer-like. In the face of potential obstacles, ranging from U.S. political dysfunction to Federal Reserve uncertainty and fears about Chinese GDP, global economic growth still managed relentlessly to push forward. Pleasantly surprised, investors drove global stock markets to new heights. During the 12-month period, global stocks rose more than 20%, the S&P 500 Index returned 23%, and small-and-mid-cap stocks delivered an extraordinary 29%.

In the U.S., uncertainty dominated the fiscal year from its outset. Investors weighed who would be elected president and whether the U.S. would go over the much-feared “fiscal cliff.” As the year progressed, attention turned to the Federal Reserve, when the nation’s central bank announced its intention to begin “tapering” its easy-money bond-buying program. More unease arose over who would be nominated to succeed Fed Chairman Ben Bernanke, culminating in yet another debt-ceiling debate and, in October, a 16-day government shutdown. Yet, for all these potential difficulties, the market – and the economy – continued to push forward. President Obama was re-elected, the Fed delayed the taper, the debt ceiling was extended, the shutdown ended, and the economy remained undaunted. U.S. GDP stayed on track to expand 1.6% in 2013, home prices rose, unemployment fell, and the U.S. budget deficit shrank. All in all, it was a good year.

Similarly, outside the U.S., economic progress persisted despite lingering anxieties. In Europe, uncertainty surrounded the potential outcome of federal elections in Germany, the Italian political environment – instigated by Berlusconi – devolved into chaos, and the euro zone was bedeviled by high joblessness and unsustainable debt. Yet Europe still managed to emerge from a painful six-month-long recession, thanks to accommodative measures from the European Central Bank and a rebound in consumer and business sentiment. Meanwhile, fears over Chinese economic growth proved to be exaggerated as the nation, in November, welcomed new leadership. China, the world’s second-largest economy is expected to grow 7.6% in 2013.

In this environment, our portfolio results were mixed. The strongest absolute returns came, not surprisingly, from our three all-equity funds. Large Cap Core, Large Cap Strategies, and Global Small & Mid Cap each returned over 20%, with the first two outperforming their benchmarks thanks to favorable security selection and excellent performance from growth stocks. Although high-quality bonds suffered as interest rates rose, the Fixed Income Fund proved more protective than its benchmark thanks to its lower duration, while the Municipal Bond Fund’s emphasis on high credit quality dampened relative returns during a year when lower-quality bonds fared better. The Global Opportunities Fund, despite achieving double-digit returns, underperformed its all-equity benchmark substantially, given its low-volatility, protective mandate. Finally, Real Return struggled in an extremely difficult environment for commodities, underperforming primarily as the result of positions in the energy sector.

During the year, we made a few notable changes. In March, we transitioned the Fixed Income Fund to a new benchmark that better matches the fund’s mandate and the risk/return profile of its investors. In September, we added a value-themed U.S. equity strategy to the Large Cap Strategies Fund in order to complement the fund’s three other global strategies. Led by a Bessemer Investment Management team, the U.S. equity portfolio gives us the ability to invest in a range of U.S.-based value stocks not necessarily targeted by the other three managers. We are confident this will give us greater flexibility to adjust the balance between U.S. and non-U.S. stocks and to generate competitive long-term returns.

At year end, we remain committed to our longstanding investment approach, defined by our global perspective, independent research, and long-term thinking. We believe these disciplines will continue to provide favorable results for our clients and position us to fulfill our central mandate of participating in strong market environments while preserving capital during difficult ones.

The return of the Old Westbury Large Cap Core Fund (the “Fund”) for the fiscal year ended October 31, 2013 was 23.12%. In comparison, the return of the S&P Global LargeCap Index (the “Index”) was 22.25%.

The most significant contributor to the Fund’s relative outperformance during the year was favorable stock selection in the consumer staples (11.28% of the Fund as of October 31, 2013), financial (15.88%), and energy (8.17%) sectors. Several positions were particularly strong: Japanese telecommunications firm KDDI (1.47%) benefited from improved data usage and smartphone adoption among consumers in Japan. After shares of tech giant Apple (2.78%) dipped earlier in the year, the Cupertino-based company saw its earnings estimates stabilize, sending shares meaningfully higher. (On this, we were helped by our decision not to own Apple at the beginning of the fiscal year, when the stock was especially hard-hit.) Shares of drugstore conglomerate Walgreen (2.36%) rose as the benefits of recent acquisitions became more apparent to investors. Finally, scientific instrument maker Thermo Fisher Scientific (2.21%) had favorable results thanks to improving economic fundamentals and an alleviation of concerns over the U.S. government’s much-feared “sequestration,” which threatened to minimize grants to academic institutions that purchase the firm’s equipment.

The Fund’s results were held back by an overweighting to the underperforming utilities sector (3.96%), an area that tends to lag during strong equity markets. Moreover, stock selection in the consumer discretionary (15.07%) and materials (1.70%) sectors dampened results as well, with camera maker Nikon (1.19%) falling behind in an increasingly competitive camera market and China Telecom (2.17%), one of the country’s largest telecom operators, struggling to keep pace with other Chinese carriers. Moreover, mining company Barrick Gold (sold) was beset by weak gold prices.

At fiscal year-end, the Fund was overweight the healthcare (12.43%), consumer discretionary (15.07%), and telecommunications (7.67%) sectors, and was underweight the financials and materials sectors. In each case, these sector weightings are the product not of specific industry forecasts but rather bottom-up stock selection. The Fund remains overweight the U.S. (48.78%) and developed Europe (25.97%) and underweight other developed countries (2.30%) and emerging markets (7.20%).

On November 16, 2011, the Fund changed its name to Large Cap Core Fund (formerly U.S. Large Cap Fund) as part of a series of changes to the overall investment focus and strategies of the Fund. Prior to October 2, 2008, the Fund was named the Large Cap Equity Fund and operated under a different investment strategy. Prior to February 16, 2004, the Fund was named the Core Equities Fund and operated under a different investment strategy. The performance information shown above may not be representative of performance the Fund will achieve under its current investment strategy.

The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursements and reinvestments of distributions, if any. Without waivers/reimbursements, performance would have been lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.

The Adviser has contractually committed through October 31, 2014, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding acquired fund fees, at 1.00%, as disclosed in the Funds’ prospectus dated March 1, 2013. The total expense ratio, prior to fee waivers and including acquired Fund fees (if any), is stated in the prospectus as 1.07%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2013 can be found in the Financial Highlights.

The chart above illustrates the total value of a $10,000 investment for 10 years, with distributions reinvested. The S&P Global LargeCap Index (Net) also includes the reinvestment of distributions but does not include fees and expenses associated with an investment in the Fund. The S&P Global LargeCap Index (Net) is unmanaged. Investments cannot be made directly in an index.

Investments made in foreign and emerging country securities may involve additional risks, such as political and social instability, less liquidity and currency exchange rate volatility.

The return of the Old Westbury Large Cap Strategies Fund (the “Fund”) for the fiscal year ended October 31, 2013 was 25.69%. In comparison, the return of the S&P Global LargeCap Index was 22.25%.

During the fiscal year, the Fund posted excellent absolute and relative returns, with outperformance from each of its three main components: the Bessemer-managed global sleeve (51.04% of the Fund as of October 31, 2013), which targets companies with strong global brands and sustainable competitive advantages; aggressive-growth manager Sands Capital Management LLC (23.47%); and deep-value manager Oldfield Partners LLP (11.04%). The fourth component, a U.S.-only mandate (14.31%) managed by Bessemer, was added approximately one month before fiscal year-end, so its impact was minimal.

One of the chief contributors to relative performance was stock selection in technology (21.86%). The most noteworthy performer was Anglo-Dutch publishing group Reed Elsevier (1.99%), whose management team continued to bring about high returns by allocating capital more effectively. Other standouts included Chinese company Baidu (1.28%), which cemented its position as the country’s leading search engine, and Facebook (1.09%), which recovered from its disastrous 2012 initial public offering by generating greater revenue from mobile devices. Moreover, European car manufacturer Renault (0.42%) came into greater favor with investors, who began to assign more value to the company’s portfolio of automotive assets. Another contributor to the Fund’s relative performance was its underweighting of the poorly performing energy (8.21%) and materials (2.31%) sectors.

Hindering relative performance was the Fund’s underweighting to financial companies (14.02%), which fared particularly well during the fiscal year. Poor stock selection in industrials (10.99%) and consumer staples (11.10%) hampered results as well. Canadian miner Barrick Gold (0.35%) and educational publisher Pearson (sold) were notable underperformers.

The Fund’s most significant change during the fiscal year was the addition in September of a value-themed U.S. equity strategy to complement the portfolio’s three other global strategies. Led by a Bessemer Investment Management team, the U.S.-only portfolio gives us the ability to invest in a range of U.S.-based value stocks not necessarily targeted by the other three managers. We are confident this will give us greater flexibility to adjust the Fund’s allocation between U.S. and non-U.S. stocks and generate competitive long-term returns.

At fiscal year-end, the Fund was overweight the technology sector (21.86%), where return potential was particularly promising both from emerging companies with strong business models and more established, cash generative companies with high market share. Meanwhile, the Fund was underweight financial stocks (14.02%) as many banks faced higher capital requirements and tighter regulations.

The Fund was overweight the U.S. (51.63%) and developed Europe (25.74%), where higher-quality companies were generally available at reasonable valuations, and remained underweight other developed and emerging markets.

On November 16, 2011, the Fund changed its name to Large Cap Strategies Fund (formerly Non-U.S. Large Cap Fund) as part of a series of changes to the overall investment focus and strategies of the Fund. Prior to July 28, 2008, the Fund was named the International Fund and operated under a different investment strategy. The prior performance shown represents performance of the Fund’s prior strategy to invest in a diversified portfolio of foreign companies located outside of the U.S., at least 85% of which were listed on recognized foreign securities exchanges. The performance information shown above may not be representative of performance the Fund will achieve under its current investment strategy.

The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursements and reinvestments of distributions, if any. Without waivers/reimbursements, performance would be lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.

The Adviser has contractually committed through October 31, 2014, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding acquired fund fees, at 1.15%, as disclosed in the Funds’ prospectus dated March 1, 2013. The total expense ratio, prior to fee waivers and including acquired Fund fees (if any), is stated in the prospectus as 1.19%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2013 can be found in the Financial Highlights.

The chart shown on the previous page illustrates the total value of a $10,000 investment for 10 years, with distributions reinvested. The S&P Global LargeCap Index (Net) also includes the reinvestment of distributions but does not include fees and expenses associated with an investment in the Fund. The S&P Global LargeCap Index (Net) is unmanaged. Investments cannot be made directly in an index.

Investments made in foreign and emerging country securities may involve additional risks, such as political and social instability, less liquidity and currency exchange rate volatility.

The return of the Old Westbury Global Small & Mid Cap Fund (the “Fund”) for the fiscal year ended October 31, 2013 was 26.83%. In comparison, the return of the S&P Global MidSmallCap Index (the “Index”) was 28.60%.

During the year, substantial absolute returns came from all four of the Fund’s segments: mid cap stocks managed by Bessemer (46.11% of the Fund as of October 31, 2013); small cap stocks in developed and emerging markets managed by London-based Mondrian Investment Partners Limited (13.78%); U.S. small and mid cap stocks managed by Vermont-based Champlain Investment Partners LLC (15.40%); and global small cap stocks managed by Texas-based Dimensional Fund Advisors LP (24.66%). On a relative basis, outperformance came from the Bessemer- and Dimensional-managed portions of the Fund, while Mondrian and Champlain marginally underperformed in a rapidly appreciating market.

The Fund benefited from our decision to overweight the technology (12.07%) and healthcare (13.24%) sectors, both of which outperformed in the fiscal year. Shares of hard-disk drive maker Western Digital (1.16%) soared on better-than-expected earnings forecasts and shareholder-friendly capital allocation decisions: share buybacks and a considerable dividend increase. Drug distributor AmerisourceBergen (1.76%) fared well after reaching a 10-year distribution agreement with drugstore giant Walgreens. Other notable performers included plastic storage company Tupperware (1.71%) and oil-and-gas industrial manufacturer Lufkin Industries (sold).

The most significant detractor from relative performance was the Fund’s cash level during the year, which — although remaining in the range of 2-3% — dampened results as equities rallied. Sector-wise, the Fund was overweight the underperforming materials sector (10.09%) and underweight consumer discretionary stocks (16.96%), which outperformed. On an individual security level, Abercrombie & Fitch (1.45%) disappointed with weaker-than-expected retail clothing demand, and medical device firm Volcano (0.15%) struggled as the company’s coronary stent sales diminished amid greater scrutiny from hospitals surrounding the procedure.

At fiscal year-end, the Fund was overweight the healthcare and industrials sectors, where several of the Fund’s managers saw companies with strong growth prospects, solid balance sheets, and attractive valuations. The Fund, meanwhile, is underweight financials (11.84%) (given the sector’s regulatory uncertainty and lack of transparency) and utilities (which are vulnerable in rising-rate environments).

The Fund, which was regionally overweight the U.S. market and underweight Japan, was broadly diversified, with 49.74% of the Fund invested in 48 countries outside the U.S.

Prior to October 2, 2008, the Fund was named Global Small Cap Fund and operated under a different investment strategy. The prior performance shown represents performance of the Fund’s prior strategy to invest at least 80% of its net assets plus any borrowings for investment purposes in securities of small-capitalization companies. The performance information shown above may not be representative of performance the Fund will achieve under its current investment strategy.

The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursements and reinvestments of distributions, if any. Without waivers/reimbursements, performance would be lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.

The Adviser has contractually committed through October 31, 2014, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding acquired fund fees, at 1.11%, as disclosed in the Funds’ prospectus dated March 1, 2013. The total expense ratio, prior to fee waivers and including acquired Fund fees (if any), is stated in the prospectus as 1.19%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2013 can be found in the Financial Highlights.

The chart shown on the previous page illustrates the total value of a $10,000 investment from the Fund’s inception, with distributions reinvested. The S&P Global MidSmallCap Index (Net) also includes the reinvestment of distributions but does not include fees and expenses associated with an investment in the Fund. The S&P Global MidSmallCap Index (Net) is unmanaged. Investments cannot be made directly in an index.

Investments made in small-capitalization and mid-capitalization companies are subject to greater volatility and less liquidity compared to investments made in larger more established companies. Investments made in securities of companies in foreign and emerging countries may involve additional risks, such as political and social instability, less liquidity and currency exchange rate volatility.

The return of the Old Westbury Global Opportunities Fund (the “Fund”) for the fiscal year ended October 31, 2013 was 12.26%. In comparison, the return of the S&P Global LargeMidCap Index was 23.79%. The Fund achieved its results with less volatility than the Index, posting an annualized standard deviation of 5.30% for the fiscal year, compared to 10.09% for the Index.

Although the Fund posted solid absolute returns from all segments during the fiscal year, its protective, low-volatility characteristics led to significant underperformance during a year in which equities delivered extraordinary gains. With stocks as the clear top performer during the year, any non-equity asset classes trailed.

Global bonds managed by sub-adviser Franklin Advisers, Inc. (10.15% of the Fund as of October 31, 2013), despite generating positive returns and far outperforming global bond indexes, were the most significant detractor to results. Favorable positions in Irish bonds and the Japanese yen weren’t enough to compete with stock gains. Mortgage-backed securities managed by sub-adviser BlackRock Financial Management, Inc. (14.92%) and convertible bonds managed by us (7.23%) both posted double-digit returns but ended the year considerably behind the Index. The former was bolstered by continued improvement in U.S. home prices and fewer defaults, while the latter’s conservative positioning detracted during a year in which company defaults were extremely low. A paucity of defaults likewise held back the results of the Fund’s position in high-yield bonds managed by sub-adviser Shenkman Capital Management, Inc. (8.26%), as lower-quality bonds performed better.

The Fund’s equity strategies (58.87%) were, not surprisingly, more competitive with the Index. The Fund’s aggressive-growth quantitative strategies (such as that targeting small cap companies) fared very well on a relative basis, while those emphasizing low-volatility or dividend-yielding stocks fell moderately behind the benchmark. Option strategies (44.81%), which are designed to position the Fund to participate in strong equity environments while protecting in difficult ones, performed roughly as expected, lagging equity markets in an extremely favorable year for stocks. Throughout the year, the Fund lowered its exposure to a) high-yield bonds, whose return potential became increasingly less compelling as yield spreads tightened, and b) convertible bonds, which became less attractive in the strong equity environment. The proceeds from these sales were used to fund a greater position in equity strategies, particularly those involving options.

At fiscal year-end, the Fund placed greater emphasis on stocks, particularly of companies in the U.S., developed Europe, and Japan. We were also looking at potential opportunities to capitalize on the market’s historically low volatility levels and exploring investments in non-U.S. corporate credit should the U.S. Federal Reserve’s “taper” take hold. The Fund, which is short the euro and Japanese yen, remains significantly overweight the U.S. dollar. The Fund has a currency overweight in countries with above-average growth prospects and, in our opinion, disciplined monetary and fiscal policy. These include the Korean won, Malaysian ringgit, and Mexican peso.

The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursements and reinvestments of distributions, if any. Without waivers/reimbursements, performance would be lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.

The Adviser has contractually committed through October 31, 2014, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding acquired fund fees, at 1.20%, as disclosed in the Funds’ prospectus dated March 1, 2013. The total expense ratio, prior to fee waivers and including acquired Fund fees (if any), is stated in the prospectus as 1.36%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2013 can be found in the Financial Highlights.

The chart above illustrates the total value of a $10,000 investment from the Fund’s inception, with distributions reinvested. The S&P Global LargeMidCap (Gross) also includes the reinvestment of distributions but does not include fees and expenses associated with an investment in the Fund. The S&P Global LargeMidCap (Gross) is unmanaged. Investments cannot be made directly in an index.

Investments made in securities of companies in foreign and emerging countries may involve additional risks, such as political and social instability, less liquidity and currency exchange rate volatility. The Fund may invest in instruments that are volatile, speculative or otherwise risky. The Fund is non-diversified, meaning it may focus its assets in a smaller number of issuers and may be subject to more risk than a more diversified fund.

The return of the Old Westbury Real Return Fund (the “Fund”) for the fiscal year ended October 31, 2013 was -15.14%. In comparison, the return of the Dow Jones UBS Commodity Index (the “Index”), was -12.21%.

It was a very challenging year for commodities. Despite accommodative monetary policy worldwide, inflation was held in check by the opposing forces of moderate economic growth, high unemployment, and declining raw materials costs. This in turn weighed on commodities, which tend to perform best during inflationary periods.

During this difficult 12-month period, the chief detractor from relative returns was the Fund’s underweight to soybeans (sold as of October 31, 2013), whose supply tightened alongside rising global demand. Moreover, the Fund’s underweight position in oil (5.31%) dampened returns as turmoil in Syria and the rest of the Middle East put upward pressure on oil prices. Underperformance also came from the Fund’s allocation to natural gas (8.90%). In equities, coal miner Walter Energy (sold) was beset by lower coal prices, while gold miner Kinross Gold Corp. (sold) suffered as the price of the yellow metal decreased by a record amount.

Real Return’s results were mitigated by several decisions. Underweighting corn (3.24%), silver (2.95%), and gold (9.93%) proved beneficial as each commodity underperformed the Index during the year. In addition, the Fund’s position in freight (5.53%) — more specifically, Capesize cargo vessels — performed well thanks to a late-stage surge in Chinese demand for iron ore and coal. Shares of seed company Monsanto (3.75%) rose on record-high seed and agricultural biotechnology sales, while timber company Weyerhauser (3.34%) continued to benefit from the U.S. housing recovery.

At fiscal year-end, the Fund continued to emphasize precious metals (22.78%), real estate (9.93%), and infrastructure (5.53%). Conversely, the Fund was underweight energy (27.64%) and agriculture (11.57%). As of October 31, 2013, in terms of notional market exposure, we allocated 37.43% of the Fund to global equities, 58.34% to commodities (through physical ownership and derivative instruments), and 4.23% to bonds and cash.

The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursement and reinvestments of distributions, if any. Without waivers/reimbursements, performance would have been lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.

The Adviser has contractually committed through October 31, 2014, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, at 1.10%, as disclosed in the Funds’ prospectus dated March 1, 2013. The total expense ratio, prior to fee waivers and including acquired Fund fees (if any), is stated in the prospectus as 1.16%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2013 can be found in the Financial Highlights.

The chart shown on the previous page illustrates the total value of a $10,000 investment from the Fund’s inception, with distributions reinvested. The Dow Jones UBS Commodity Index and the Barclays U.S. TIPS Index also include the reinvestment of distributions but do not include fees and expenses associated with an investment in the Fund. The Dow Jones UBS Commodity Index and the Barclays U.S. TIPS Index are unmanaged. Investments cannot be made directly in an index.

The Fund may experience higher volatility and less liquidity due to the nature of the instruments in which it invests, such as commodities and derivatives. The Fund may also be adversely affected by inflation rate fluctuations. Fund turnover will not be a limiting factor which may subject the investor to greater expenses and capital gains. The Fund is non-diversified, meaning it may focus its assets in a smaller number of issuers and may be subject to more risk than a more diversified fund.

The return of the Old Westbury Fixed Income Fund (the “Fund”) for the fiscal year ended October 31, 2013, was -0.33%. In comparison, the return of the Barclays Government/Credit Index (the Fund’s benchmark from November 1, 2012 to February 28, 2013) was -1.45%, and the return of the Bank of America Merrill Lynch U.S. Corporate & Government 1-10 Years AAA-A Index (“the Index,” and the Fund’s benchmark as of March 1, 2013) was -0.20%.The Fund outperformed each benchmark during the applicable period, outpacing the Barclays index during the first four months of the fiscal year and the Bank of America index in the final eight months.

During the fiscal year, a strengthening economy, diminished risk in global financial markets, and the Federal Reserve’s announcement that it would “taper” its bond purchasing program placed upward pressure on long-term interest rates. Although the Fed’s still-accommodative monetary policy — one that did not actually become subject to tapering during the fiscal year — kept short-term rates near historic lows, longer-term interest rates generally rose throughout the 12-month period as soaring equity markets attracted more investment capital than high-quality bonds.

In this environment, the primary contributor to the Fund’s outperformance was our decision to target a lower duration — or interest-rate sensitivity — than the Index as interest rates moved upward. Throughout the year, we continually lowered the Fund’s interest-rate sensitivity such that, at year-end, the Fund held a duration of 2.8 versus the Index’s 3.9. Moreover, the Fund’s concentration of bonds in the 1- to 3-year (51.36% of the Fund as of October 31, 2013) and 9- to 10-year maturity ranges (0.89%) bolstered results, as these areas of the curve rose less than others. This yield-curve positioning also provided support to our “roll-down” strategy of overweighting the steepest areas of the curve (which allows investors to benefit from yield and capital appreciation as, for example, a 3-year note “rolls down” to become a 2-year note over the course of a year). Throughout the year, an improving economic environment for blue-chip companies and accommodative Federal Reserve policy helped bring down corporate bond yields relative to U.S. Treasuries. As this happened, the Fund benefitted from our decision to increase the Fund’s allocation to corporate bonds and other credit (67.04%).

The Fund’s relative returns, meanwhile, were slightly hampered by a lower overall yield than the Index. The Fund’s protective interest-rate posture involved less exposure to longer-duration (and higher-yielding) bonds.

At fiscal year-end, given favorable economic prospects and the likelihood of the Federal Reserve reducing its monetary stimulus in coming months, we maintained a duration meaningfully shorter than the Index. We also maintained our higher-than-benchmark exposure to credit investments in order to add yield and reduce portfolio volatility.

The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursement and reinvestments of distributions, if any. Without waivers/reimbursements, performance would have been lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.

The Adviser has contractually committed through October 31, 2014, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, at 0.70% (current net operating expense ratio is 0.65%), as disclosed in the Funds’ prospectus dated March 1, 2013. The total expense ratio, prior to fee waivers and including acquired Fund fees (if any), is stated in the prospectus as 0.76%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2013 can be found in the Financial Highlights.

The chart shown on the previous page illustrates the total value of a $10,000 investment for 10 years, with distributions reinvested. Effective March 1, 2013, the Bank of America Merrill Lynch 1-10 Year AAA-A US Corporate & Government Index replaced the Barclays Government/Credit Total Index as the Fund’s benchmark to more closely reflect the Fund’s current investment strategy. The Barclays Government/Credit Total Index and the Bank of America Merrill Lynch 1-10 Year AAA-A US Corporate & Government Index also include the reinvestment of distributions but do not include fees and expenses associated with an investment in the Fund. The Barclays Government/Credit Total Index and the Bank of America Merrill Lynch 1-10 Year AAA-A US Corporate & Government Index are unmanaged. Investments cannot be made directly in an index.

The Fund is subject to risks such as credit, prepayment and interest rate risk associated with the underlying bond holdings in the Fund. The value of the Fund can decline as interest rates rise and an investor can lose principal.

The return of the Old Westbury Municipal Bond Fund (the “Fund”) for the fiscal year ended October 31, 2013 was -0.72%. In comparison, the return of the Bank of America Merrill Lynch 1-12 Year Municipal Bond Index (the “Index”) was 0.30%, and the return of the Fund’s other benchmark, the Lipper Short-Intermediate Municipal Debt Funds Index, was -0.14%.

During the fiscal year, municipal bonds were weighed down by several factors. First, investors became increasingly concerned about municipal finances when Detroit became the largest U.S. city ever to file for bankruptcy in July. Then other high-profile issuers faced challenges: The city of Chicago was downgraded by Moody’s in July as it faced staggering pension liabilities. Puerto Rico (a U.S. territory) came under greater scrutiny for its weak economy, poor financial management, and crippling debt. On a broader level, the Federal Reserve’s statement in May that it would potentially slow its easy-money policies caused long-term yields to rise across bond markets. Added to that was uncertainty over whether policymakers might repeal the favorable tax treatment of municipal bond interest in an effort to increase federal tax revenues.

However, for all of these investor fears, lower-quality municipal bonds actually fared better than their higher-quality counterparts throughout the year. Tax flows continued to increase as employment levels, housing prices, and economic activity generally improved across states, cities, and towns. And despite the aforementioned scares in the municipal market, on the whole investors showed greater willingness to take risk during the fiscal year.

In this environment, one of the chief factors behind the Fund’s underperformance versus the Index was our higher credit orientation. Our overweight of AAA- and AA-rated securities (80% of the Fund as of October 31, 2013) compared to the Index (66%) detracted from relative returns during a year in which bonds rated BBB or lower fared best. Moreover, our concentration of bonds in the 0- to 2-year and 5- to 10-year portion of the yield curve detracted from results as interest rates went up more than expected in these parts of the curve.

Conversely, results were mitigated by the Fund’s consistently lower interest-rate sensitivity than the benchmark throughout the year. At year-end, the Fund’s duration was 3.9, compared to the Index’s 4.3.

At fiscal year-end, we continued to focus on general obligation and essential service revenue bonds (backed by projects such as water and sewer systems, for example). We remained focused on building a diversified portfolio of high-quality securities with a heavier concentration of maturities in the 0- to 2-year and 5- to 10-year range. The Fund does not hold any bonds that are subject to the Alternative Minimum Tax (AMT). We continue to monitor the financial situation for U.S. municipalities, which for many remains strained despite marked improvements in recent years. We are also intently following tax policy developments, paying close attention to any legislation that could limit deductions or favorable treatment of municipal bonds.

The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursements and reinvestment of distributions, if any. Without waivers/reimbursements performance would have been lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.

The Adviser has contractually committed through October 31, 2014, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding acquired fund fees, at 0.70% (current net operating expense ratio is 0.61%), as disclosed in the Funds’ prospectus dated March 1, 2013. The total expense ratio, prior to fee waivers and including acquired Fund fees (if any), is stated in the prospectus as 0.73%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2013 can be found in the Financial Highlights.

The chart shown on the previous page illustrates the total value of a $10,000 investment for 10 years, with distributions reinvested. The Bank of America Merrill Lynch 1-12 Year Municipal Bond Index and Lipper Short-Intermediate Municipal Debt Funds Index also include the reinvestment of distributions but do not include fees and expenses associated with an investment in the Fund. The Bank of America Merrill Lynch 1-12 Year Municipal Bond Index and the Lipper Short-Intermediate Municipal Debt Funds Index are unmanaged. Investments cannot be made directly in an index.

Municipal securities held by the Fund may be adversely affected by local political and economic factors. Income from the Fund may be subject to federal alternative minimum tax, state and local taxes.

As a shareholder of Old Westbury Funds, Inc., you incur ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2013 through October 31, 2013.

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

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

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, these tables are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Shares			Value
COMMON STOCKS — 96.0%
Banks — 6.1%
	475,075	BNP Paribas SA - ADR	$	17,573,024
	1,006,915	China Construction Bank Corp. - ADR		15,607,183
	242,140	Citigroup, Inc.		11,811,589
	498,060	KeyCorp.		6,240,692
				51,232,488
Consumer Discretionary — 15.1%
	692,360	Bridgestone Corp. - ADR		11,880,898
	234,590	Daihatsu Motor Co. Ltd. - ADR		9,149,009
	314,260	Dollar General Corp.(b)		18,157,943
	216,760	L Brands, Inc.		13,571,344
	364,320	Macy’s, Inc.		16,798,795
	539,430	Nikon Corp. Plc - ADR		10,087,341
	260,460	Swatch Group AG (The) - ADR		8,334,719
	230,535	Target Corp.		14,936,363
	117,975	Viacom, Inc. - Class B		9,826,138
	261,475	Volkswagen AG - ADR		13,262,012
				126,004,562
Consumer Staples — 11.3%
	220,640	CVS Caremark Corp.		13,737,046
	224,205	Imperial Tobacco Group Plc - ADR		16,813,133
	786,430	J Sainsbury Plc - ADR		20,046,101
	183,160	Lorillard, Inc.		9,342,992
	518,390	Svenska Cellulosa AB SCA		14,758,563
	333,325	Walgreen Co.		19,746,173
				94,444,008
Energy — 8.2%
	207,970	China Petroleum & Chemical Corp. - ADR		16,714,549
	176,090	ConocoPhillips		12,907,397
	218,005	ENI SpA - ADR		11,074,653
	230,465	Marathon Oil Corp.		8,126,196
	318,455	Total SA - ADR		19,483,077
				68,305,872
Health Care — 12.4%
	224,155	Aetna, Inc.		14,054,519
	695,695	Pfizer, Inc.		21,343,923
	346,010	Sanofi - ADR		18,504,615
	211,570	Teva Pharmaceutical Industries Ltd. - ADR		7,847,131
	188,885	Thermo Fisher Scientific, Inc.		18,469,175
	270,225	Zimmer Holdings, Inc.		23,636,581
				103,855,944
Industrials — 9.2%
	188,875	Illinois Tool Works, Inc.		14,881,461
	626,980	ITOCHU Corp. - ADR		14,972,282
	410,015	Nielsen Holdings NV		16,170,992
	103,020	Union Pacific Corp.		15,597,228

Shares			Value
Industrials (continued)
	857,020	Weir Group Plc (The) - ADR	$	15,554,913
				77,176,876
Information Technology — 10.5%
	125,205	Accenture Plc - Class A		9,202,568
	44,520	Apple, Inc.		23,255,022
	423,245	Avago Technologies Ltd		19,228,020
	93,060	International Business Machines Corp.		16,677,283
	280,815	QUALCOMM, Inc.		19,508,218
				87,871,111
Insurance — 9.1%
	185,690	ACE Ltd		17,722,254
	387,815	Allianz SE - ADR		6,526,926
	235,440	American International Group, Inc.		12,160,475
	862,060	Muenchener Rueckversi-cherungs AG - ADR		18,060,157
	2,053,885	RSA Insurance Group Plc - ADR		21,278,249
				75,748,061
Materials — 1.7%
	1,028,440	Sumitomo Metal Mining Co. Ltd. - ADR(b)		14,295,316
Real Estate — 0.7%
	347,685	Wharf Holdings Ltd. - ADR		5,917,599
Telecommunication Services — 7.7%
	234,910	CenturyLink, Inc.		7,954,053
	350,625	China Telecom Corp. Ltd. - ADR		18,120,300
	906,439	KDDI Corp. - ADR		12,273,184
	2,653,085	Tele2 AB - ADR		15,945,041
	383,660	Tim Participacoes SA - ADR		9,752,637
				64,045,215
Utilities — 4.0%
	510,875	American Water Works Co., Inc.		21,901,211
	517,155	Tokyo Gas Co. Ltd. - ADR		11,253,293
				33,154,504
Total Common Stocks (Cost $700,437,928)				802,051,556

(a)	Cost for federal income tax purposes is $728,985,191 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	114,687,889
Unrealized depreciation		(13,113,524	)
Net unrealized appreciation	$	101,574,365

(b)	Non-income producing security.

(c)	Rate shown represents current yield at October 31, 2013.

ADR-American Depositary Receipt

Shares			Value
COMMON STOCKS — 91.8%
ARGENTINA — 0.8%
	553,000	MercadoLibre, Inc.	$	74,453,155
BELGIUM — 0.3%
	496,000	UCB SA(e)		32,608,274
BRAZIL — 2.3%
	7,148,000	BM&FBovespa SA		40,299,634
	1,029,000	Cielo SA		31,234,711
	7,954,652	Itau Unibanco Holding SA - ADR		122,581,187
	726,000	Natura Cosmeticos SA		14,518,704
	1,608,000	Raia Drogasil SA		11,757,450
				220,391,686
CANADA — 0.4%
	1,732,300	Barrick Gold Corp.		33,693,995
CHINA — 1.3%
	759,000	Baidu, Inc. - ADR(b)		122,123,100
DENMARK — 0.8%
	486,000	Novo Nordisk A/S - Class B		80,863,605
FINLAND — 1.8%
	391,000	Kone Oyj - Class B		34,480,795
	3,000,000	Sampo Oyj - A Shares(e)		142,116,197
				176,596,992
FRANCE — 1.1%
	456,499	Renault SA		39,984,183
	2,569,368	Vivendi SA		65,218,849
				105,203,032
GERMANY — 3.2%
	1,266,000	Bayerische Motoren Werke AG		143,598,376
	1,861,000	Deutsche Boerse AG(e)		140,110,046
	210,856	Siemens AG		26,962,863
				310,671,285
INDIA — 1.1%
	2,796,618	Asian Paints Ltd.(e)		24,548,622
	10,430,000	ITC Ltd.(e)		56,855,423
	594,000	Jubilant Foodworks Ltd.(b)(e)		11,501,108
	2,459,000	Titan Industries Ltd.(e)		10,691,478
				103,596,631
ITALY — 1.4%
	1,806,900	ENI SpA		45,754,552
	5,437,391	Fiat SpA(b)		42,745,508
	4,448,000	Prada SpA(e)		43,372,733
				131,872,793
JAPAN — 5.7%
	963,000	Canon, Inc.		30,262,077
	598,300	East Japan Railway Co.		51,780,057
	7,232,000	Hitachi Ltd.		50,380,555
	445,700	Japan Airlines Co. Ltd.		25,972,348
	2,505,000	Japan Tobacco, Inc.		90,437,811

Shares			Value
JAPAN (continued)
	2,734,000	KDDI Corp.	$	147,641,005
	9,099,700	Mitsubishi UFJ Financial Group, Inc.		57,376,325
	313,300	Nintendo Co. Ltd.		35,112,031
	1,002,400	Nippon Telegraph & Telephone Corp.		51,888,701
				540,850,910
NETHERLANDS — 3.8%
	1,050,000	ASML Holding NV		99,372,000
	2,878,072	ING Groep NV(b)		36,666,100
	583,000	Koninklijke Vopak NV(e)		35,893,790
	9,467,518	Reed Elsevier NV(e)		190,697,519
				362,629,409
RUSSIA — 0.2%
	240,305	Lukoil OAO - ADR		15,764,008
SINGAPORE — 1.1%
	1,432,000	Jardine Cycle & Carriage Ltd.(e)		42,249,879
	14,326,000	Sembcorp Industries Ltd.(e)		61,354,307
				103,604,186
SOUTH AFRICA — 1.0%
	983,000	Naspers Ltd. - Class N		91,947,404
SOUTH KOREA — 1.6%
	25,742	Samsung Electronics Co. Ltd.		35,552,232
	119,640	Samsung Electronics Co. Ltd. Preference Shares(e)		115,495,037
				151,047,269
SWEDEN — 1.2%
	9,660,000	Telefonaktiebolaget LM Ericsson - Class B		115,307,907
SWITZERLAND — 3.0%
	1,763,000	Nestle SA		127,267,868
	421,800	Roche Holding AG		116,775,401
	19,600	SGS SA		45,924,505
				289,967,774
TAIWAN — 0.1%
	568,000	Ginko International Co. Ltd.		10,845,930
THAILAND — 0.7%
	52,053,000	CP ALL Public Co. Ltd.(e)		65,641,133
UNITED KINGDOM — 7.3%
	5,907,000	ARM Holdings Plc		93,340,200
	3,610,327	BP Plc		27,942,739
	8,466,950	British Sky Broadcasting Group Plc(e)		127,275,087
	3,479,000	Petrofac Ltd.(e)		81,610,095
	1,114,132	Rio Tinto Plc		56,414,910
	5,368,828	Rolls-Royce Holdings Plc		98,997,097
	461,719,208	Rolls-Royce Holdings Plc - Preference Shares - Class C(b)(e)		740,326
	5,300,000	Royal Mail Plc(b)		47,589,268

Shares			Value
UNITED KINGDOM (continued)
	8,351,094	Tesco Plc	$	48,767,270
	2,211,695	Wolseley Plc(e)		119,189,742
				701,866,734
UNITED STATES — 51.6%
	517,300	Allergan, Inc.		46,872,552
	240,000	Amazon.com, Inc.(b)		87,367,200
	561,700	Apache Corp.		49,878,960
	405,100	Apple, Inc.		211,603,985
	1,720,200	Applied Materials, Inc.		30,705,570
	113,520	AutoZone, Inc.(b)		49,346,009
	1,338,700	Bank of New York Mellon Corp. (The)		42,570,660
	1,155,000	Becton Dickinson & Co.		121,425,150
	534,600	Bed Bath & Beyond, Inc.(b)		41,335,272
	259,000	Biogen Idec, Inc.(b)		63,245,210
	904,000	BioMarin Pharmaceutical, Inc.(b)		56,789,280
	1,615,600	Broadcom Corp. - Class A		43,168,832
	945,000	Cerner Corp.(b)		52,948,350
	3,398,000	Charles Schwab Corp. (The)		76,964,700
	1,533,000	Chesapeake Energy Corp.		42,862,680
	1,479,700	Cisco Systems, Inc.		33,293,250
	1,080,400	Citigroup, Inc.		52,701,912
	692,900	Coach, Inc.		35,116,172
	4,473,200	Coca-Cola Co. (The)		177,004,524
	2,191,000	Colgate-Palmolive Co.		141,823,430
	2,517,200	Covidien Plc		161,377,692
	781,200	DIRECTV(b)		48,817,188
	892,000	Dr Pepper Snapple Group, Inc.		42,236,200
	1,952,200	EMC Corp.		46,989,454
	2,084,000	Facebook, Inc. - Class A(b)		104,741,840
	636,000	FMC Technologies, Inc.(b)		32,149,800
	2,881,500	Franklin Resources, Inc.		155,197,590
	6,252,600	General Electric Co.		163,442,964
	971,200	General Motors Co.(b)		35,885,840
	960,800	Gilead Sciences, Inc.(b)		68,207,192
	76,000	Google, Inc. - Class A(b)		78,324,080
	4,177,000	Hewlett-Packard Co.		101,793,490
	310,500	International Business Machines Corp.		55,644,705
	77,000	Intuitive Surgical, Inc.(b)		28,605,500
	776,400	JPMorgan Chase & Co.		40,015,656
	674,600	Kellogg Co.		42,668,450
	800,600	Kohl’s Corp.		45,474,080
	1,980,000	Kraft Foods Group, Inc.		107,672,400
	929,000	Las Vegas Sands Corp.		65,234,380
	325,000	Lockheed Martin Corp.		43,335,500
	140,150	Mastercard, Inc. - Class A		100,501,565
	1,129,600	Merck & Co., Inc.		50,933,664
	1,364,900	Microsoft Corp.		48,249,215
	994,200	Molson Coors Brewing Co. - Class B		53,686,800
	725,000	Monsanto Co.		76,038,000
	506,000	National Oilwell Varco, Inc.		41,077,080
	740,000	NIKE, Inc. - Class B		56,062,400

Shares			Value
UNITED STATES (continued)
	2,129,000	Occidental Petroleum Corp.	$	204,554,320
	1,596,000	Oracle Corp.		53,466,000
	646,400	PNC Financial Services Group, Inc. (The)		47,529,792
	43,000	Priceline.com, Inc.(b)		45,314,690
	753,700	Quest Diagnostics, Inc.		45,154,167
	490,700	Raytheon Co.		40,418,959
	158,000	Regeneron Pharmaceuticals, Inc.(b)		45,440,800
	1,638,000	Salesforce.com, Inc.(b)		87,403,680
	2,036,300	Schlumberger Ltd.		190,842,036
	1,819,000	Symantec Corp.		41,364,060
	464,200	T Rowe Price Group, Inc.		35,933,722
	2,616,700	Texas Instruments, Inc.		110,110,736
	922,900	Union Pacific Corp.		139,727,060
	3,150,000	US BanCorp.		117,684,000
	544,000	Visa, Inc. - Class A		106,988,480
	534,500	Wal-Mart Stores, Inc.		41,022,875
	3,681,000	Wells Fargo & Co.		157,141,890
	285,000	WW Grainger, Inc.		76,656,450
				4,938,140,140
Total Common Stocks (Cost $7,441,212,817)				8,779,687,352
EXCHANGE TRADED FUNDS — 4.4%
	14,900,000	iShares MSCI Japan Index Fund		177,310,000
	2,735,000	Vanguard FTSE Europe Index		155,293,300
	1,750,000	WisdomTree Japan Hedged Equity Fund		83,440,000
Total Exchange Traded Funds (Cost $407,416,527)				416,043,300

Principal Amount
U.S. GOVERNMENT AGENCIES — 1.2%
Federal Home Loan Bank — 1.2%
$	20,000,000	0.03%, 12/04/13(c)		19,999,450
	30,000,000	0.04%, 12/06/13(c)		29,998,833
	5,500,000	0.04%, 12/13/13(c)		5,499,743
	16,250,000	0.04%, 12/19/13(c)		16,249,242
	30,000,000	0.03%, 12/24/13(c)		29,998,675
	16,100,000	0.05%, 12/27/13(c)		16,098,873
Total U.S. Government Agencies (Cost $117,844,816)				117,844,816

Principal Amount			Value
U.S. GOVERNMENT SECURITIES — 0.3%
U.S. Treasury Bills — 0.3%
$	25,000,000	0.02%, 11/07/13(c)	$	24,999,915
Total U.S. Government Securities (Cost $24,999,915)				24,999,915

Shares
CASH SWEEP — 2.0%
	195,845,100	Federated Government Obligations Fund 0.02%(d)		195,845,100
Total Cash Sweep (Cost $195,845,100)				195,845,100

TOTAL INVESTMENTS — 99.7% (Cost $8,187,319,175)(a)				9,534,420,483
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.3%				29,997,445
NET ASSETS — 100.0%			$	9,564,417,928

(a)	Cost for federal income tax purposes is $8,196,883,120 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	1,459,042,220
Unrealized depreciation		(121,504,857	)
Net unrealized appreciation	$	1,337,537,363

(b)	Non-income producing security.
(c)	The rate represents the annualized yield at time of purchase.

(d)	Rate shown represents current yield at October 31, 2013.
(e)	This security is considered either fully or partially illiquid. These securities or portions thereof have a value of $694,851,402 or 7.27% of net assets.

ADR-American Depositary Receipt

Portfolio diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Banks		5.8	%
Consumer Discretionary		13.9	%
Consumer Staples		11.5	%
Diversified Financials		5.9	%
Energy		7.6	%
Health Care		10.3	%
Industrials		9.0	%
Information Technology		21.5	%
Insurance		1.5	%
Materials		2.0	%
Telecommunication Services		2.8	%
Other*		8.2	%
		100	%

*	Includes cash and equivalents, exchange traded funds, U.S. government agencies and securities, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable.

Shares			Percentage of Net Assets (%)		Value
COMMON STOCKS — 87.8%
AUSTRALIA — 2.0%
	19,105,479	Commonwealth Property Office Fund REIT(b)		0.3	$	21,578,833
	47,014,979	Other Securities		1.7		110,939,787
						132,518,620
AUSTRIA — 0.2%
	401	AMAG Austria Metall AG(c)		0.0		11,605
	518,949	Other Securities		0.2		14,626,344
						14,637,949
BAHAMAS — 0.0%
	488	Other Securities		0.0		93,367
BELGIUM — 0.3%
	509,154	Other Securities		0.3		16,588,951
BERMUDA — 0.7%
	304,000	Endurance Specialty Holdings Ltd.		0.3		16,808,160
	1,362,358	Other Securities		0.4		28,666,855
						45,475,015
BRAZIL — 0.8%
	8,240,556	Other Securities		0.8		56,155,094
CAMBODIA — 0.0%
	248,000	Other Securities		0.0		229,031
CANADA — 2.1%
	12,328,413	Other Securities		2.1		139,937,695
CAYMAN ISLANDS — 0.0%
	23,308	Other Securities		0.0		40,650
CHILE — 0.1%
	57,215,697	Other Securities		0.1		5,694,916
CHINA — 1.1%
	122,445,656	Other Securities		1.1		72,249,500
COLUMBIA — 0.0%
	1,764	Other Securities		0.0		36,493
CYPRUS — 0.0%
	428,505	Other Securities		0.0		721,443
DENMARK — 0.6%
	530,961	Chr. Hansen Holding A/S		0.3		19,669,697
	709,321	Other Securities		0.3		18,497,935
						38,167,632
FAEROE ISLANDS — 0.0%
	3,100	Other Securities		0.0		55,350
FINLAND — 0.5%
	2,236,083	Other Securities		0.5		32,782,465
FRANCE — 1.9%
	3,977,629	Other Securities		1.9		128,000,893
GABON — 0.0%
	55	Other Securities		0.0		35,322

Shares			Percentage of Net Assets (%)		Value
GERMANY — 2.9%
	689,581	GEA Group AG		0.4	$	30,007,836
	168,082	MTU Aero Engines AG		0.3		16,794,279
	561,898	Symrise AG(b)		0.4		23,818,354
	2,937,440	Other Securities		1.8		121,448,442
						192,068,911
GIBRALTAR — 0.0%
	147,841	Other Securities		0.0		304,705
GREECE — 0.0%
	355,661	Other Securities		0.0		2,551,769
GUERNSEY — 0.1%
	1,027,497	Other Securities		0.1		5,416,696
HONG KONG — 1.5%
	329,305,507	Other Securities		1.5		99,794,544
HUNGARY — 0.0%
	58,220	Other Securities		0.0		1,107,065
INDIA — 0.9%
	15,678,051	Other Securities		0.9		57,621,618
INDONESIA — 0.4%
	274,647,554	Other Securities		0.4		24,576,228
IRELAND — 2.2%
	2,582,000	Willis Group Holdings Plc(b)		1.8		116,370,740
	6,756,713	Other Securities		0.4		27,412,003
						143,782,743
ISLE OF MAN — 0.0%
	21,606	Other Securities		0.0		73,607
ISRAEL — 1.8%
	1,812,500	Check Point Software
		Technologies Ltd.(d)		1.6		105,161,250
	1,881,966	Other Securities		0.2		16,836,453
						121,997,703
ITALY — 0.5%
	8,191,488	Other Securities		0.5		33,668,135
JAPAN — 4.5%
	41,099,018	Other Securities		4.5		295,724,014
JERSEY CHANNEL ISLANDS — 0.0%
	205,065	Other Securities		0.0		1,367,203
LIECHTENSTEIN — 0.0%
	1,290	Other Securities		0.0		103,528
LUXEMBOURG — 0.2%
	3,109,256	Other Securities		0.2		14,103,098
MALAYSIA — 0.7%
	38,586,474	Other Securities		0.7		43,208,785
MALTA — 0.0%
	18,375	Other Securities		0.0		377,481
MEXICO — 0.5%
	13,861,425	Other Securities		0.5		29,893,463

Shares			Percentage of Net Assets (%)	Value
NETHERLANDS — 1.1%
	573,427	Koninklijke Boskalis Westminster NV	0.4	$	27,615,994
	2,079,489	Other Securities	0.7		43,742,557
					71,358,551
NEW ZEALAND — 0.4%
	7,845,021	Other Securities	0.4		23,422,681
NORWAY — 0.2%
	2,681,041	Other Securities	0.2		13,094,948
PERU — 0.1%
	3,320,172	Other Securities	0.1		4,596,345
PHILIPPINES — 0.2%
	48,703,852	Other Securities	0.2		14,563,296
POLAND — 0.1%
	2,067,971	Other Securities	0.1		8,084,845
PORTUGAL — 0.1%
	5,839,284	Other Securities	0.1		3,580,406
QATAR — 0.0%
	141,044	Other Securities	0.0		2,270,653
RUSSIA — 0.0%
	11,455	Other Securities	0.0		101,777
SINGAPORE — 1.6%
	11,273,000	CapitaMall Trust REIT	0.3		18,331,557
	4,216,000	SIA Engineering Co. Ltd.(b)	0.2		17,139,591
	50,803,477	Other Securities	1.1		70,354,582
					105,825,730
SOUTH AFRICA — 0.5%
	6,157,777	Other Securities	0.5		35,043,403
SOUTH KOREA — 1.4%
	4,711,145	Other Securities	1.4		91,776,778
SPAIN — 0.5%
	5,378,154	Other Securities	0.5		34,106,708
SWEDEN — 0.8%
	3,281,213	Other Securities	0.8		50,416,381
SWITZERLAND — 1.5%
	185,000	Allied World Assurance Co. Holdings AG	0.3		20,033,650
	1,788,723	Other Securities	1.2		80,676,360
					100,710,010
TAIWAN — 1.2%
	94,450,782	Other Securities	1.2		78,224,790
THAILAND — 0.3%
	72,931,596	Other Securities	0.3		22,323,940
TURKEY — 0.1%
	5,067,810	Other Securities	0.1		8,965,656
UNITED ARAB EMIRATES — 0.0%
	352,351	Other Securities	0.0		2,877,376

Shares			Percentage of Net Assets (%)		Value
UNITED KINGDOM — 8.4%
	617,462	Croda International Plc		0.4	$	24,117,520
	1,895,000	Ensco Plc - Class A		1.6		109,246,750
	605,779	Rotork Plc(b)		0.4		27,808,700
	553,801	Victrex Plc(b)		0.2		14,651,524
	53,088,253	Other Securities		5.8		381,226,646
						557,051,140
UNITED STATES — 42.8%
	2,550,000	Abercrombie & Fitch Co. - Class A		1.4		95,574,000
	602,000	Actuant Corp. - Class A		0.3		22,611,120
	1,723,407	Advance Auto Parts, Inc.(b)		2.6		170,927,506
	1,810,000	Albemarle Corp.(b)		1.8		119,803,900
	1,775,000	AmerisourceBergen Corp.		1.8		115,960,750
	228,000	Aptargroup, Inc.		0.2		14,628,480
	129,000	Bio-Rad Laboratories, Inc. - Class A(d)		0.2		15,934,080
	400,000	Cardtronics, Inc.(b)(d)		0.2		15,700,000
	2,441,200	CareFusion Corp.(d)		1.4		94,645,324
	225,000	Casey’s General Stores, Inc.		0.3		16,398,000
	373,000	Cepheid, Inc.(d)		0.2		15,188,560
	273,000	CLARCOR, Inc.		0.2		15,965,040
	2,510,000	Crown Holdings, Inc.(b)(d)		1.7		109,436,000
	603,000	CST Brands, Inc.		0.3		19,440,720
	1,027,000	Energizer Holdings, Inc.(b)		1.5		100,758,970
	500,000	Fiserv, Inc.(d)		0.8		52,365,000
	1,825,000	Flowserve Corp.		1.9		126,782,750
	350,000	Harris Teeter Supermarkets, Inc.		0.3		17,262,000
	563,519	Henry Schein, Inc.(d)		1.0		63,356,441
	860,500	Hubbell, Inc. - Class B(b)		1.4		92,538,170
	294,000	John Wiley & Sons, Inc. - Class A		0.2		14,785,260
	806,705	MSC Industrial Direct Co., Inc. - Class A(b)		0.9		61,608,061
	2,655,746	NetApp, Inc.		1.6		103,069,502
	1,324,200	Omnicom Group, Inc.		1.4		90,191,262
	1,000,000	Rockwell Collins, Inc.		1.1		69,830,000
	29,590,700	Samsonite International SA(b)		1.2		80,913,561
	400,000	Sensient Technologies Corp.(b)		0.3		20,852,000
	250,000	TreeHouse Foods, Inc.(d)		0.3		18,315,000
	500,000	Trimas Corp.(b)(d)		0.3		18,930,000
	1,268,690	Tupperware Brands Corp.(b)		1.7		113,738,059
	350,000	UMB Financial Corp.(b)		0.3		20,622,000
	1,645,000	Varian Medical Systems, Inc.(b)(d)		1.8		119,394,100
	1,131,151	Waters Corp.(b)(d)		1.7		114,155,759
	1,100,000	Western Digital Corp.		1.2		76,593,000
	17,182,184	Other Securities		9.3		617,768,268
						2,836,042,643
	Total Common Stocks (Cost $4,171,906,131)					5,815,599,739

Shares			Percentage of Net Assets (%)		Value
INVESTMENT COMPANY — 0.4%
	26,264,500	SEI Daily Income Trust Government II Fund, Class A, 0.01%(e)		0.4	$	26,264,500
Total Investment Company (Cost $26,264,500)						26,264,500
EXCHANGE TRADED FUNDS — 9.6%
	1,825,000	iShares Core S&P Small Cap ETF		2.9		188,723,250
	2,415,400	iShares MSCI EAFE Small Cap Index Fund		1.8		120,673,384
	174,861	iShares MSCI Japan Small Cap Index Fund		0.1		9,615,624
	310,000	iShares Russell Mid-Cap ETF		0.7		44,630,700
	196,000	SPDR Russell Nomura Small Cap Japan Fund		0.2		10,111,444
	980,000	SPDR S&P Emerging Markets Small Cap Fund		0.7		46,314,800
	1,889,800	SPDR S&P International Small Cap Fund		1.0		63,270,504
	400,000	Vanguard FTSE All World ex-US Small-Cap ETF		0.6		41,156,000
	400,000	Vanguard Small-Cap ETF		0.6		42,300,000
	1,300,000	WisdomTree Japan Hedged Equity Fund		0.9		61,984,000
	160,000	WisdomTree Japan Small Cap Dividend Fund		0.1		8,219,200
Total Exchange Traded Funds (Cost $580,329,905)						636,998,906
RIGHTS/WARRANTS — 0.0%
	751,428	Other Rights/Warrants		0.0		228,825
Total Rights/Warrants (Cost $745)						228,825

Principal
Amount
U.S. GOVERNMENT AGENCIES — 0.0%
Federal Home Loan Bank — 0.0%
$	3,000,000	0.04%, 12/13/2013(f)		0.0		2,999,860
Total U.S. Government Agencies (Cost $2,999,860)						2,999,860

(a)	Cost for federal income tax purposes is $4,945,453,080 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	1,785,338,005
Unrealized depreciation		(109,821,353	)
Net unrealized appreciation	$	1,675,516,652

(b)	This security is considered either fully or partially illiquid. These securities, or portions thereof, have a value of $710,334,513 or 10.72% of net assets.
(c)	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors. The aggregate value of these securities is $11,605,which is less than 0.01% of net assets.
(d)	Non-income producing security.
(e)	Rate shown represents current yield at October 31, 2013.
(f)	The rate represents the annualized yield at time of purchase.

	This Condensed Portfolio of Investments does not reflect the complete portfolio holdings of the Fund. It includes the Fund’s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund’s net assets. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission (“SEC”). The complete Portfolio of Investments is available (i) without charge, upon request, by calling (800) 607-2200; and (ii) on the SEC’s website at http://www.sec.gov.

	Common stocks and Rights with a value of $3,765,031 (cost of $5,313,595) or 0.06% of net assets were fair valued by the Board of Directors.

REIT — Real Estate Investment Trust

Portfolio diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Banks		2.3	%
Consumer Discretionary		15.2	%
Consumer Staples		5.4	%
Diversified Financials		1.2	%
Energy		4.0	%
Health Care		12.5	%
Industrials		19.3	%
Information Technology		10.8	%
Insurance		3.9	%
Materials		9.3	%
Real Estate		2.5	%
Telecommunication Services		0.5	%
Utilities		0.9	%
Other*		12.2	%

*	Includes cash and equivalents, exchange traded funds, rights/warrants, U.S. government agencies, investment companies, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable.

Shares			Value
COMMON STOCKS — 20.1%
AUSTRALIA — 0.3%
	287,310	BC Iron Ltd.	$	1,338,751
	160,985	BHP Billiton Ltd.		5,730,174
	1,539,440	Mount Gibson Iron Ltd.		1,294,956
	532,880	PanAust Ltd.		1,017,379
	337,010	RCR Tomlinson Ltd.		1,130,767
	1,833,740	Resolute Mining Ltd.(b)		1,117,891
	1,816,097	Tatts Group Ltd.		5,389,777
				17,019,695
AUSTRIA — 0.1%
	111,850	OMV AG		5,337,291
BERMUDA — 0.4%
	79,739	Arch Capital Group Ltd.(b)		4,621,672
	57,250	Aspen Insurance Holdings Ltd.		2,233,322
	48,420	Axis Capital Holdings Ltd.		2,296,076
	29,190	Everest Re Group Ltd.		4,487,671
	128,430	Nabors Industries Ltd.		2,244,956
	78,038	RenaissanceRe Holdings Ltd.		7,312,941
				23,196,638
BRAZIL — 0.1%
	76,660	Anhanguera Educacional Participacoes SA		458,550
	29,180	Cia Hering		423,984
	49,470	Equatorial Energia SA		512,322
	117,830	Even Construtora e Incorporadora SA		439,193
	103,780	Tim Participacoes SA		529,045
	27,290	Tractebel Energia SA		464,132
				2,827,226
CANADA — 0.6%
	96,281	Boardwalk Real Estate Investment Trust, REIT		5,476,839
	69,412	Canadian Imperial Bank of Commerce		5,904,996
	52,318	Canadian National Railway Co.		5,747,880
	134,312	Cineplex, Inc.		5,410,352
	312,536	First Capital Realty Inc.		5,431,499
	108,821	IGM Financial, Inc.		5,243,530
	200,000	Nevsun Resources Ltd.		730,000
				33,945,096
CAYMAN ISLANDS — 0.0%
	12,282	Herbalife Ltd.		796,119
CHINA — 0.1%
	903,500	Asia Cement China Holdings Corp.		494,111
	662,000	Beijing Capital International Airport Co. Ltd. - H Shares		467,063
	1,125,000	China Molybdenum Co. Ltd. - H Shares		455,630
	322,728	Huaxin Cement Co. Ltd. - B Shares		478,283

Shares			Value
CHINA (continued)
	227,000	Inner Mongolia Yitai Coal Co. Ltd. - B Shares	$	444,920
	139,640	NAM TAI Electronics, Inc.		976,084
	6,622,000	Semiconductor Manufacturing International Corp.(b)		495,390
	581,255	Shandong Airlines Co. Ltd. - B Shares(c)		849,428
	1,178,000	Shenzhen Expressway Co. Ltd. - H Shares		495,328
	527,000	SOHO China Ltd.		461,541
	784,000	Weiqiao Textile Co. - H Shares		477,297
	856,000	Xinhua Winshare Publishing and Media Co. Ltd. - H Shares		502,360
				6,597,435
FINLAND — 0.2%
	232,360	Neste Oil Oyj		4,609,278
	115,489	Sampo Oyj - A Shares		5,470,952
				10,080,230
FRANCE — 0.4%
	38,569	Air Liquide SA		5,252,435
	65,555	Danone SA		4,861,596
	30,288	L’Oreal SA		5,187,752
	49,185	Sanofi		5,244,993
	600	Total SA - ADR		36,708
	337,630	UBISOFT Entertainment(b)		4,345,810
				24,929,294
GERMANY — 0.3%
	835,610	Balda AG(c)		5,183,775
	27,136	Linde AG		5,156,323
	14,668	Volkswagen AG		3,594,756
				13,934,854
GREECE — 0.2%
	491,740	Aegean Marine Petroleum Network, Inc.		4,828,887
	722,180	Navios Maritime Holdings, Inc.		5,113,034
				9,941,921
GUERNSEY — 0.0%
	22,306	Amdocs Ltd.		857,666
HONG KONG — 0.4%
	858,000	AMVIG Holdings Ltd.		402,827
	2,236,000	China Lumena New Materials Corp.		475,867
	534,000	China Mobile Ltd.		5,606,552
	2,754,000	China Vanadium Titano - Magnetite Mining Co. Ltd.(b)		429,813
	2,382,000	CSPC Pharmaceutical Group Ltd.		1,483,949
	395,500	Hopewell Holdings Ltd.		1,331,427
	1,728,400	Link REIT (The)		8,716,683
	90,000	Pico Far East Holdings Ltd.		28,441

Shares			Value
HONG KONG (continued)
	349,000	Shanghai Industrial Holdings Ltd.	$	1,154,630
	1,770,800	Swire Properties Ltd.		4,796,440
				24,426,629
INDIA — 0.0%
	86,410	Cairn India Ltd.(b)		444,599
	83,650	GAIL India Ltd.(b)		481,306
				925,905
INDONESIA — 0.0%
	51,659,000	Energi Mega Persada Tbk PT(b)		366,620
IRELAND — 0.5%
	7,093	Accenture Plc - Class A		521,336
	470,378	Seagate Technology Plc		22,898,001
	67,300	XL Group Plc		2,057,361
				25,476,698
ISRAEL — 0.1%
	200,000	Teva Pharmaceutical Industries Ltd. - ADR		7,418,000
ITALY — 0.4%
	419,120	ASTM SpA(c)		6,327,972
	8,686,850	Banca Carige SpA(b)(c)		6,970,616
	57,700	DiaSorin SpA		2,731,018
	4,222,210	Saras SpA(b)(c)		5,222,513
				21,252,119
JAPAN — 1.5%
	20,100	Adastria Holdings Co. Ltd.		938,259
	219,000	Aichi Steel Corp.		1,118,051
	30,300	Alfresa Holdings Corp.		1,651,663
	4,501,000	ANA Holdings, Inc.		9,383,759
	57,000	As One Corp.(c)		1,256,748
	13,900	Central Japan Railway Co.		1,795,281
	52,000	Daikoku Denki Co. Ltd.		1,136,459
	46,000	East Japan Railway Co.		3,981,084
	38,200	Exedy Corp.		1,130,888
	422,800	Fuji Oil Co. Ltd.		2,678,110
	65,000	Fuji Soft, Inc.		1,290,349
	32,800	Hisamitsu Pharmaceutical Co., Inc.		1,767,924
	82,500	Information Services International-Dentsu Ltd.		928,786
	84,000	Kewpie Corp.		1,261,751
	432,000	Kyokuyo Co. Ltd.		1,173,030
	52,700	McDonald’s Holdings Co. Japan Ltd.		1,455,641
	106,000	Moshi Moshi Hotline, Inc.		1,328,099
	863,000	Nippon Coke & Engineering Co. Ltd.		1,088,295
	328,000	Nippon Express Co. Ltd.		1,641,167
	48,600	Nitori Holdings Co. Ltd.		4,552,080
	80,900	Nomura Research Institute Ltd.		2,706,814
	6,100	Oriental Land Co. Ltd.		975,206
	98,000	Osaka Gas Co. Ltd.		411,614

Shares			Value
JAPAN (continued)
	295,600	Otsuka Holdings Co. Ltd.	$	8,387,308
	192,000	Rengo Co. Ltd.		1,023,167
	72,000	Rohto Pharmaceutical Co. Ltd.		1,044,890
	202,000	Round One Corp.		1,068,240
	66,000	Ryosan Co. Ltd.		1,275,297
	56,400	Sawai Pharmaceutical Co. Ltd.		4,106,824
	809,000	Seikitokyu Kogyo Co. Ltd.(b)		1,160,063
	1,279,100	Sumitomo Osaka Cement Co. Ltd.		5,138,254
	208,500	Toho Gas Co. Ltd.		1,083,530
	888,000	Tokyo Gas Co. Ltd.		4,804,393
	493,200	TonenGeneral Sekiyu KK		4,574,376
	122,000	Toppan Forms Co. Ltd.		1,135,259
	247,000	Toshiba Machine Co. Ltd.		1,273,558
	40,000	Trancom Co. Ltd.		1,250,890
	77,400	West Japan Railway Co.		3,459,504
	33,700	Wowow, Inc.(c)		1,292,068
				87,728,679
JERSEY CHANNEL ISLANDS — 0.0%
	777,060	Highland Gold Mining Ltd.		869,048
MALAYSIA — 0.3%
	555,000	Faber Group Berhad		460,807
	2,333,206	Maxis Berhad		5,316,269
	976,130	Public Bank Berhad		5,660,877
	2,256,100	TA Enterprise Berhad		518,348
	1,705,400	Telekom Malaysia Berhad		2,831,930
	1,193,004	UMW Holdings Berhad		4,839,236
				19,627,467
NEW ZEALAND — 0.1%
	1,005,310	Air New Zealand Ltd.		1,336,926
	137,310	Ebos Group Ltd.		1,100,159
				2,437,085
NORWAY — 0.1%
	241,595	Statoil ASA		5,722,259
PAKISTAN — 0.0%
	956,760	Pakistan Petroleum Ltd.		1,829,988
PHILIPPINES — 0.0%
	1,073,000	First Gen Corp.		399,302
POLAND — 0.0%
	13,780	Lubelski Wegiel Bogdanka SA		509,981
	291,770	Synthos SA		494,437
	118,350	Zaklady Chemiczne Police SA(c)		1,045,050
				2,049,468
PUERTO RICO — 0.0%
	21,947	Popular, Inc.(b)		554,162
SINGAPORE — 0.3%
	4,747,000	Mapletree Industrial Trust, REIT		5,292,702
	85,000	Metro Holdings Ltd.		57,137
	4,964,345	Singapore Post Ltd.		5,235,302

Shares			Value
SINGAPORE (continued)
	1,521,000	Singapore Technologies Engineering Ltd.	$	5,167,139
	98,000	Stamford Land Corp. Ltd.		44,969
				15,797,249
SOUTH KOREA — 0.2%
	79,440	Iljin Display Co. Ltd.		1,123,356
	69,140	Jahwa Electronics Co. Ltd.		1,375,304
	44,110	LG Fashion Corp.		1,351,473
	835,990	Meritz Securities Co. Ltd.		1,324,028
	15,390	Samsung Electro-Mechanics Co. Ltd.		1,182,451
	67,400	Sebang Co. Ltd.(c)		1,213,613
	43,440	Silla Co. Ltd.		1,197,851
	84,990	Sungwoo Hitech Co. Ltd.		1,318,016
				10,086,092
SWEDEN — 0.3%
	169,069	Investor AB - B Shares		5,432,082
	1,669,680	SAS AB(b)		5,024,461
	708,138	TeliaSonera AB		5,868,321
				16,324,864
SWITZERLAND — 0.4%
	41,400	Allied World Assurance Co. Holdings AG		4,483,206
	70,384	Novartis AG		5,464,873
	56,930	PSP Swiss Property AG		4,893,966
	69,108	Swiss Prime Site AG		5,240,128
				20,082,173
TAIWAN — 0.2%
	818,000	Accton Technology Corp.		446,873
	724,000	Ardentec Corp.		485,468
	766,000	China General Plastics Corp.		473,218
	25,260	ChipMOS TECHNOLOGIES Bermuda Ltd.		403,402
	854,900	Chunghwa Telecom Co. Ltd.		2,752,720
	430,000	Gemtek Technology Corp.		418,591
	199,000	Huang Hsiang Construction Co.		400,987
	428,000	ITEQ Corp.		476,373
	182,000	Realtek Semiconductor Corp.		423,724
	1,449,000	Taiwan Mobile Co. Ltd.		4,956,670
	322,000	Test Research, Inc.		438,401
	576,000	Test-Rite International Co. Ltd.		447,986
	193,000	Yungshin Construction & Development Co.		470,355
				12,594,768
THAILAND — 0.0%
	175,100	Advanced Info Service Public Co. Ltd. - FOR(c)		1,434,554
	390,800	Bangchak Petroleum Public Co. Ltd.		417,481
				1,852,035

Shares			Value
TURKEY — 0.0%
	111,940	Aksa Akrilik Kimya Sanayii	$	463,181
	104,030	Aygaz AS		476,310
	168,310	Park Elektrik Uretim Madencilik Sanayi ve Ticaret AS(b)		487,330
	123,370	Turk Hava Yollari		483,283
				1,910,104
UNITED KINGDOM — 0.6%
	2,328,890	Afren Plc(b)		5,888,786
	103,357	AstraZeneca Plc		5,483,802
	96,657	British American Tobacco Plc		5,325,147
	157,926	Diageo Plc		5,031,490
	108,498	Lancashire Holdings Ltd.		1,412,612
	72,440	Reckitt Benckiser Group Plc		5,631,008
	87,300	Smith & Nephew Plc		1,115,624
	353,165	WM Morrison Supermarkets Plc		1,594,614
				31,483,083
UNITED STATES — 12.0%
	71,370	AAR Corp.		2,089,714
	213,801	Abbott Laboratories		7,814,427
	280,280	Abercrombie & Fitch Co. - Class A		10,504,894
	143,130	Aceto Corp.		2,282,923
	21,181	Acorda Therapeutics, Inc.(b)		648,350
	8,169	Aflac, Inc.		530,822
	6,178	Alliant Techsystems, Inc.		672,599
	227,838	Allison Transmission Holdings, Inc.		5,547,855
	198,180	Alon USA Energy, Inc.		2,394,014
	107,190	Ambac Financial Group, Inc.(b)		2,164,166
	160,077	American Assets Trust, Inc., REIT		5,328,963
	42,800	American Equity Investment Life Holding Co.		891,952
	39,200	American Financial Group, Inc.		2,205,392
	674,900	American International Group, Inc.		34,858,585
	10,977	AmerisourceBergen Corp.		717,127
	23,100	Amgen, Inc.		2,679,600
	10,186	Andersons, Inc. (The)		755,597
	297,900	Apollo Group, Inc. - Class A(b)		7,950,951
	93,300	Apple, Inc.		48,735,255
	1,200	Applied Materials, Inc.		21,420
	117,137	Arthur J Gallagher & Co.		5,558,151
	42,907	Associated Banc-Corp.		697,668
	51,659	Assurant, Inc.		3,021,018
	43,050	Atlantic Tele-Network, Inc.		2,385,831
	71,652	Automatic Data Processing, Inc.		5,371,750
	9,483	AutoNation, Inc.(b)		457,365
	100,000	Auxilium Pharmaceuticals, Inc.(b)		1,721,000
	964,800	Bank of America Corp.		13,468,608
	100,000	Baxter International, Inc.		6,587,000
	92,260	Benchmark Electronics, Inc.(b)		2,097,070
	5,267	Boeing Co. (The)		687,344

Shares			Value
UNITED STATES (continued)
	257,920	Brocade Communications Systems, Inc.(b)	$	2,068,518
	21,638	CA, Inc.		687,223
	15,434	CACI International, Inc. - Class A(b)		1,110,939
	53,814	Cadence Design Systems, Inc.(b)		697,968
	150,000	Campbell Soup Co.		6,385,500
	14,674	CareFusion Corp.(b)		568,911
	9,712	CBS Corp.		574,368
	40,810	Celanese Corp.		2,285,768
	73,559	CF Industries Holdings, Inc.		15,859,320
	84,350	Church & Dwight Co., Inc.		5,495,403
	24,030	Churchill Downs, Inc.		2,064,417
	14,150	Cintas Corp.		760,846
	788,100	Cirrus Logic, Inc.(b)		17,677,083
	169,012	Cisco Systems, Inc.		3,802,770
	200,000	Citigroup, Inc.		9,756,000
	128,127	Clorox Co. (The)		11,555,774
	147,840	CNO Financial Group, Inc.		2,303,347
	124,400	Coach, Inc.		6,304,592
	128,938	Coca-Cola Co. (The)		5,102,077
	6,087	Cognizant Technology Solutions Corp. - Class A(b)		529,143
	35,860	Coherent, Inc.		2,373,573
	85,098	Colgate-Palmolive Co.		5,508,394
	15,299	Comerica, Inc.		662,447
	40,060	Computer Sciences Corp.		1,973,356
	56,018	Consolidated Edison, Inc.		3,261,368
	4,503	Cooper Cos., Inc. (The)		581,833
	30,200	CR Bard, Inc.		4,113,844
	4,703	Cracker Barrel Old Country Store, Inc.		516,719
	63,169	Crestwood Equity Partners LP		953,852
	8,356	CVS Caremark Corp.		520,245
	76,984	Danaher Corp.		5,549,777
	50,161	Delek US Holdings, Inc.		1,281,614
	21,284	Delta Air Lines, Inc.		561,472
	52,090	Deluxe Corp.		2,452,918
	121,219	DENTSPLY International, Inc.		5,709,415
	25,600	Dillard’s, Inc. - Class A		2,098,688
	30,720	DineEquity, Inc.		2,521,190
	64,100	Dolby Laboratories, Inc. - Class A		2,290,934
	118,000	Dollar Tree, Inc.(b)		6,891,200
	46,140	Dr Pepper Snapple Group, Inc.		2,184,729
	26,051	East West Bancorp, Inc.		877,658
	124,600	El Paso Pipeline Partners LP		5,053,776
	11,670	EnerSys, Inc.		774,305
	263,300	Family Dollar Stores, Inc.		18,136,104
	77,670	FBR & Co.(b)		2,058,255
	33,400	Fidelity National Information Services, Inc.		1,628,250
	155,121	Fifth Third Bancorp		2,951,953
	57,953	First Niagara Financial Group, Inc.		639,222

Shares			Value
UNITED STATES (continued)
	214,400	Francesca’s Holdings Corp.(b)	$	3,857,056
	359,800	Freeport-McMoRan Copper & Gold, Inc.		13,226,248
	800	GameStop Corp. - Class A		43,856
	1,725,000	General Motors Co., Escrow Shares(b)(c)(d)		258,750
	200,000	Gentiva Health Services, Inc.(b)		2,290,000
	1,196,259	Genworth Financial, Inc. - Class A(b)		17,381,643
	134,390	Green Plains Renewable Energy, Inc.		2,167,711
	36,440	Harris Corp.		2,257,822
	16,007	HealthSouth Corp.		562,006
	14,482	Heartland Payment Systems, Inc.		585,797
	11,784	Helmerich & Payne, Inc.		913,849
	103,260	hhgregg, Inc.(b)		1,601,563
	151,360	HollyFrontier Corp.		6,971,642
	70,753	Huntington Bancshares, Inc.		622,626
	15,159	Iconix Brand Group, Inc.(b)		547,088
	38,600	ICU Medical, Inc.(b)		2,385,480
	423,400	Intel Corp.		10,343,662
	71,040	Inter Parfums, Inc.		2,497,766
	20,592	InterDigital, Inc.		797,940
	35,000	International Business Machines Corp.		6,272,350
	11,018	j2 Global, Inc.		605,770
	13,653	Jack Henry & Associates, Inc.		745,590
	12,438	Jack in the Box, Inc.(b)		505,978
	20,751	JPMorgan Chase & Co.		1,069,507
	225,000	KBR, Inc.		7,771,500
	45,079	KeyCorp.		564,840
	156,885	Kimberly-Clark Corp.		16,943,580
	6,900	Kirby Corp.(b)		610,581
	130,890	Knight Transportation, Inc.		2,221,203
	13,141	Kroger Co. (The)		562,960
	17,600	Lancaster Colony Corp.		1,460,624
	17,578	Lear Corp.		1,360,361
	25,380	Lindsay Corp.		1,929,134
	75,100	Liquidity Services, Inc.(b)		1,960,861
	38,600	Lorillard, Inc.		1,968,986
	100,750	M/I Homes, Inc.(b)		2,062,353
	11,307	Macy’s, Inc.		521,366
	213,500	Marathon Petroleum Corp.		15,299,410
	20,928	MB Financial, Inc.		621,562
	49,310	MBIA, Inc.(b)		560,655
	70,897	McCormick & Co., Inc. - Non Voting		4,902,528
	52,869	McDonald’s Corp.		5,102,916
	66,560	MDC Holdings, Inc.		1,942,886
	1,000	Microsoft Corp.		35,350
	111,840	Monarch Casino & Resort, Inc.(b)(c)		1,891,214
	250,000	Mosaic Co. (The)		11,462,500
	12,357	Mylan, Inc.(b)		467,960
	300,000	Myriad Genetics, Inc.(b)		7,314,000

Shares			Value
UNITED STATES (continued)
	38,090	NACCO Industries, Inc. - Class A	$	2,169,987
	183,070	New York Times Co. (The) - Class A		2,531,858
	92,159	Newcastle Investment Corp., REIT		528,993
	21,020	Nexstar Broadcasting Group, Inc. - Class A		933,078
	152,760	Northern Oil and Gas, Inc.(b)		2,509,847
	21,550	Northrop Grumman Corp.		2,316,841
	100,000	Nu Skin Enterprises, Inc. - Class A		11,693,000
	17,800	Occidental Petroleum Corp.		1,710,224
	5,810	Oil States International, Inc.(b)		631,140
	79,240	Olympic Steel, Inc.		2,168,799
	213,610	Orion Marine Group, Inc.(b)		2,670,125
	60,150	Owens & Minor, Inc.		2,250,813
	95,460	Patterson-UTI Energy, Inc.		2,315,860
	156,800	People’s United Financial, Inc.		2,262,624
	61,211	PepsiCo, Inc.		5,147,233
	35,600	PetSmart, Inc.		2,590,256
	11,745	Phillips 66		756,730
	40,323	Pilgrim’s Pride Corp.(b)		571,377
	97,700	Plains All American Pipeline LP		5,004,194
	8,541	PNC Financial Services Group, Inc. (The)		628,020
	29,165	PrivateBancorp, Inc.		710,459
	63,080	Procter & Gamble Co. (The)		5,093,710
	9,817	Prosperity Bancshares, Inc.		613,072
	15,448	Protective Life Corp.		711,844
	76,990	Providence Service Corp. (The)(b)		2,301,231
	314,903	QR Energy LP		5,706,042
	30,420	Quaker Chemical Corp.		2,309,182
	240,140	Questcor Pharmaceuticals, Inc.		14,737,392
	134,890	Regions Financial Corp.		1,298,991
	15,229	Reinsurance Group of America, Inc.		1,084,000
	68,770	REX American Resources Corp.(b)(c)		1,983,327
	4,286	Rock Tenn Co. - Class A		458,645
	140,370	RPC, Inc.		2,574,386
	31,920	Sanderson Farms, Inc.		2,017,663
	50,948	Sanmina Corp.(b)		741,803
	42,429	Santarus, Inc.(b)		989,869
	63,690	ScanSource, Inc.(b)		2,449,517
	6,656	Scripps Networks Interactive, Inc. - Class A		535,808
	69,200	Select Income REIT		1,906,460
	83,550	SLM Corp.		2,119,664
	14,742	Spirit Airlines, Inc.(b)		636,117
	90,945	Standard Pacific Corp.(b)		721,194
	34,760	Sturm Ruger & Co., Inc.		2,273,652
	30,600	Sunoco Logistics Partners LP		2,147,508
	15,300	SunTrust Banks, Inc.		514,692
	70,626	Susquehanna Bancshares, Inc.		832,327
	31,503	Swift Transportation Co.(b)		686,450

Shares			Value
UNITED STATES (continued)
	34,820	SYNNEX Corp.(b)	$	2,134,466
	327,736	Synovus Financial Corp.		1,065,142
	65,971	Techne Corp.		5,765,206
	7,574	Thermo Fisher Scientific, Inc.		740,586
	261,265	TiVo, Inc.(b)		3,472,212
	8,552	Towers Watson & Co. - Class A		981,855
	13,115	Trinity Industries, Inc.		664,012
	7,320	TRW Automotive Holdings Corp.(b)		549,805
	21,893	Twenty-First Century Fox, Inc.		746,113
	43,916	Umpqua Holdings Corp.		718,905
	91,220	Unifi, Inc.(b)		2,224,856
	5,658	Union Pacific Corp.		856,621
	11,773	United Therapeutics Corp.(b)		1,042,146
	9,946	Universal Corp.		527,436
	6,977	Universal Health Services, Inc. - Class B		562,067
	17,599	US Bancorp		657,499
	11,210	USANA Health Sciences, Inc.(b)		764,858
	300,000	ValueClick, Inc.(b)		5,763,000
	103,300	Wal-Mart Stores, Inc.		7,928,275
	6,851	Waters Corp.(b)		691,403
	20,568	Webster Financial Corp.		573,642
	125,000	Weight Watchers International, Inc.		4,013,750
	10,686	WellPoint, Inc.		906,173
	29,798	Wells Fargo & Co.		1,272,077
	8,943	Western Digital Corp.		622,701
	45,423	Western Union Co. (The)		773,099
	3,670	White Mountains Insurance Group Ltd.		2,143,537
	15,092	Wintrust Financial Corp.		656,653
	71,711	Xerox Corp.		712,807
	81,067	Yahoo!, Inc.(b)		2,669,536
	18,807	Zions Bancorp		533,555
				690,895,496
Total Common Stocks (Cost $1,053,022,707)				1,151,572,758
EXCHANGE TRADED FUNDS — 0.6%
UNITED STATES — 0.6%
	164,800	iShares FTSE China 25 Index Fund		6,191,536
	341,050	iShares MSCI Canada Index Fund		10,016,639
	300	iShares MSCI EAFE Index Fund		19,764
	345,600	iShares MSCI Germany Index Fund		10,143,360
	5,000	SPDR Gold Shares(b)		638,700
	50,000	SPDR S&P 500 ETF Trust		8,786,500
Total Exchange Traded Funds (Cost $31,263,422)				35,796,499

Shares			Value
PREFERRED STOCKS — 0.0%
UNITED STATES — 0.0%
	50,000	New York Community Capital Trust V	$	2,437,500
Total Preferred Stocks (Cost $2,422,500)				2,437,500

Principal Amount			Value
BANK LOANS — 1.6%
UNITED STATES — 1.6%
$	1,000,000	AlixPartners LLP, Recapitalization Term B-2 Loan, 9.00%, 07/10/21(e)	$	1,017,500
	2,000,000	AlixPartners LLP, Recapitalization Term Loan, 5.00%, 07/10/20(e)		2,007,500
	150,000	Allflex Holdings III, Inc., Initial Term Loan (First Lien), 4.25%, 07/17/20(e)		150,469
	4,993,282	Asurion LLC, Incremental Tranche B-1 Term Loan, 4.50%, 05/24/19(e)		4,986,262
	500,000	BMC Software, Inc., Initial Foreign USD Term Loan, 4.00%, 09/10/20(e)		500,000
	2,650,000	BMC Software, Inc., Initial US Term Loan, 4.00%, 09/10/20(e)		2,674,293
	1,461,682	Cannery Casino Resorts LLC, Term Loan (First Lien), 6.00%, 10/02/18(e)		1,461,226
	1,000,000	Catalina Marketing Corp., Initial Term Loan, 5.25%, 10/12/20(e)		1,003,750
	5,000,000	Chesapeake Energy Corp., Term Loan, 5.75%, 12/02/17(e)		5,105,625
	2,750,000	Cincinnati Bell, Inc., Tranche B Term Loan, 4.00%, 09/20/20(e)		2,732,320
	750,000	CityCenter Holdings LLC, Term Loan B (First Lien), 5.00%, 10/16/20(e)		755,938
	2,905,280	Cumulus Media Holdings, Inc., Term Loan (Second Lien), 7.50%, 09/16/19(e)		2,970,648
	1,000,000	DS Waters of America, Inc., Term B Loan, 5.25%, 08/30/20(e)		1,011,875
	850,000	Foresight Energy LLC, Term Loan, 5.50%, 08/23/20(e)		851,063
	250,000	Four Seasons Holdings, Inc., Term Loan (First Lien), 4.25%, 06/27/20(e)		252,188

Principal Amount			Value
UNITED STATES (continued)
$	1,000,000	Four Seasons Holdings, Inc., Term Loan (Second Lien), 6.25%, 12/27/20(e)	$	1,025,000
	1,500,000	Gardner Denver, Inc., Initial Term Loan, 4.25%, 07/30/20(e)		1,500,171
	2,883,979	Getty Images, Inc., Initial Term Loan, 4.75%, 10/18/19(e)		2,531,292
	2,992,500	Herff Jones, Inc., Term Loan B, 5.50%, 06/25/19(e)		3,007,463
	7,000,000	HGIM Corp., Term Loan B, 4.50%, 06/14/20(e)		7,035,000
	2,850,000	Hilton Worldwide Finance, Initial Term Loan, 4.00%, 10/26/20(e)		2,865,675
	1,000,000	Hudson’s Bay Co., Term Loan (Second Lien), 7.25%, 10/07/20(e)		1,012,375
	1,343,873	Integra Telecom Holdings, Inc., Replacement Term Loan, 5.25%, 02/22/19(e)		1,355,213
	1,250,000	Kronos, Inc., Initial Term Loan (Second Lien), 8.50%, 04/30/20(e)		1,287,500
	1,496,250	MacDermid, Inc., Tranche B Term Loan (First Lien), 3.00%, 06/07/20(e)		1,498,868
	4,547,284	McJunkin Red Man Corp., Term Loan, 6.00%, 11/08/19(e)		4,575,627
	843,625	MGM Resorts International, Term Loan B, 3.50%, 12/20/19(e)		842,570
	1,246,875	National Financial Partners Corp., Term B Loan, 5.25%, 07/01/20(e)		1,253,500
	4,750,000	Nuveen Investments, Inc., Tranche B Term Loan (Second Lien), 6.50%, 02/28/19(e)		4,660,937
	1,000,000	OXEA S.à r.l., Term Loan (Second Lien), 8.25%, 07/15/20(e)		1,008,125
	2,000,000	OXEA S.à r.l., Tranche B-2 Term Loan (First Lien), 4.25%, 01/15/20(e)		2,002,500
	550,000	Pacific Industrial Services Financial Co. Pty Ltd., Term B Loan, 5.00%, 10/02/18(e)		551,833
	2,181,136	Peninsula Gaming LLC, Term B Loan, 4.25%, 11/20/17(e)		2,186,589
	1,246,875	Pinnacle Entertainment, Inc., Tranche B-2 Term Loan, 3.75%, 08/13/20(e)		1,246,616

Principal Amount			Value
UNITED STATES (continued)
$	1,000,000	Rexnord LLC/RBS Global, Inc., Term B Loan, 3.00%, 08/21/20(e)	$	1,000,313
	1,234,406	Savers, Inc, New Term Loan, 5.00%, 07/09/19(e)		1,236,721
	2,000,000	Scientific Games International, Inc., Initial Term Loan, 4.25%, 10/18/20(e)		2,000,714
	997,500	Sedgwick Claims Management Services, Inc., Term Loan B (First Lien), 4.25%, 06/12/18(e)		998,747
	1,250,000	Springer SBM Two GMBH, Initial Term B2 Loan, 4.00%, 08/14/20(e)		1,248,437
	1,988,741	Station Casinos LLC, Term Loan B, 5.00%, 03/01/20(e)		2,003,640
	1,000,000	Syncreon, Term Loan B, 4.25%, 10/11/20(e)		985,000
	1,000,000	TWCC Holding Corp., Term Loan (Second Lien), 7.00%, 06/26/20(e)		1,026,250
	1,368,125	Univision Communications, Inc., Incremental Term Loan, 4.00%, 03/01/20(e)		1,365,438
	1,770,858	US Foods, Inc., Incremental Term Loan, 3.50%, 05/31/19(e)		1,770,858
	2,183,500	USI, Inc., Initial Term Loan, 5.00%, 12/27/19(e)		2,189,505
	263,386	Valeant Pharmaceuticals International, Inc., Series D-2 Tranche B Term Loan, 3.75%, 02/13/19(e)		263,755
	3,000,000	Visant Corp., Tranche B Term Loan, 4.00%, 12/22/16(e)		2,933,439
	2,962,612	WideOpenWest Finance LLC, Term Loan B, 3.75%, 04/01/19(e)		2,980,758
	994,962	Zayo Group LLC, Term Loan, 4.50%, 07/02/19(e)		998,942
Total Bank Loans (Cost $91,205,665)				91,930,028
CORPORATE BONDS — 13.7%
AUSTRALIA — 0.1%
	1,300,000	FMG Resources Pty Ltd., 7.00%, 11/01/15(f)		1,348,750
	1,700,000	FMG Resources Pty Ltd., 8.25%, 11/01/19(f)		1,887,000
				3,235,750
AUSTRIA — 0.0%
	5,218,800	A-TEC Industries AG, Cnv., 2.75%, 05/10/14(b)(c)(d)(g)		0

Principal Amount				Value
AUSTRIA (continued)
$	8,000,000		A-TEC Industries AG, Cnv., 8.75%, 10/27/14(b)(c)(d)(g)	$	0
					0
BELGIUM — 0.1%
	5,000,000		Sofina SA, Cnv., 1.00%, 09/19/16(n)		5,105,000
BERMUDA — 0.1%
	7,000,000	(h)	Celestial Nutrifoods Ltd., Cnv., 15.75%, 06/12/12(b)(c)(d)(g)(i)		1,127,033
	1,050,000		Seadrill Ltd., 5.63%, 09/15/17(f)		1,084,125
	1,950,000		Seadrill Ltd., 6.13%, 09/15/20(f)		1,959,750
					4,170,908
CANADA — 0.3%
	1,500,000		Cascades, Inc., 7.75%, 12/15/17		1,563,750
	1,250,000		Cascades, Inc., 7.88%, 01/15/20		1,337,500
	3,000,000		Lightstream Resources Ltd., 8.63%, 02/01/20(f)		3,007,500
	1,250,000		Precision Drilling Corp., 6.63%, 11/15/20		1,331,250
	1,250,000		Precision Drilling Corp., 6.50%, 12/15/21		1,331,250
	1,000,000		Quebecor Media, Inc., 7.75%, 03/15/16		1,017,500
	2,000,000		Quebecor Media, Inc., 5.75%, 01/15/23		1,935,000
	3,000,000		Silver Standard Resources, Inc., Cnv., 2.88%, 02/01/33(f)		2,169,375
	3,150,000		Valeant Pharmaceuticals International, Inc., 7.50%, 07/15/21(f)		3,496,500
	1,000,000		Videotron Ltd., 9.13%, 04/15/18		1,051,250
					18,240,875
CAYMAN ISLANDS — 0.1%
	2,000,000		Siem Industries, Inc., Cnv., 1.00%, 09/12/19(n)		2,111,800
	2,000,000		UPCB Finance V Ltd., 7.25%, 11/15/21(f)		2,195,000
	1,000,000		UPCB Finance VI Ltd., 6.88%, 01/15/22(f)		1,077,500
					5,384,300
FRANCE — 0.0%
	600,000		Cie Generale de Geophysique - Veritas, 7.75%, 05/15/17		617,250

Principal Amount				Value
FRANCE (continued)
$	2,400,000		Cie Generale de Geophysique - Veritas, 6.50%, 06/01/21	$	2,496,000
					3,113,250
HONG KONG — 0.0%
	9,700,000		China Milk Products Group Ltd., Cnv., 12.86%, 01/05/12(b)(c)(d)(g)(i)		1,133,154
IRELAND — 0.1%
	1,000,000		Ardagh Packaging Finance Plc, 9.13%, 10/15/20(f)		1,077,500
	600,000		Ardagh Packaging Finance Plc/Ardagh MP Holdings USA, Inc., 7.38%, 10/15/17(f)		644,250
	2,900,000		Ardagh Packaging Finance Plc/Ardagh MP Holdings USA, Inc., 9.13%, 10/15/20(f)		3,110,250
					4,832,000
LUXEMBOURG — 0.2%
	1,250,000		Accudyne Industries Borrower/ Accudyne Industries LLC, 7.75%, 12/15/20(f)		1,309,375
	2,500,000		ArcelorMittal, 5.75%, 08/05/20		2,637,500
	1,350,000		Intelsat Jackson Holdings SA, 7.25%, 10/15/20		1,464,750
	1,700,000		Intelsat Jackson Holdings SA, 7.50%, 04/01/21		1,853,000
	1,700,000		Intelsat Luxembourg SA, 6.75%, 06/01/18(f)		1,789,250
	4,000,000		Subsea 7 SA, Cnv., 1.00%, 10/05/17(n)		4,170,800
					13,224,675
NETHERLANDS — 0.2%
	3,000,000	(j)	Celesio Finance BV, Cnv., 3.75%, 10/29/14		4,407,272
	2,500,000		Sensata Technologies BV, 6.50%, 05/15/19(f)		2,687,500
	4,000,000	(j)	Volkswagen International Finance NV, Cnv., 5.50%, 11/09/15(f)		6,407,517
					13,502,289
SOUTH KOREA — 0.1%
	28,890,000	(j)	Export-Import Bank of Korea, 1.45%, 05/19/14(f)		4,460,885
SWITZERLAND — 0.0%
	2,500,000		Dufry Finance SCA, 5.50%, 10/15/20(f)		2,535,103

Principal Amount			Value
UNITED STATES — 12.4%
$	3,000,000	ACCO Brands Corp., 6.75%, 04/30/20	$	3,015,000
	2,500,000	ADS Waste Holdings, Inc., 8.25%, 10/01/20(f)		2,625,000
	2,000,000	Alere, Inc., 6.50%, 06/15/20		2,050,000
	14,000,000	Alere, Inc., Cnv., 3.00%, 05/15/16		15,286,250
	1,750,000	Alliance Data Systems Corp., 5.25%, 12/01/17(f)		1,804,688
	1,250,000	Alliance Data Systems Corp., 6.38%, 04/01/20(f)		1,303,125
	2,500,000	Allison Transmission, Inc., 7.13%, 05/15/19(f)		2,693,750
	2,250,000	AMC Networks, Inc., 7.75%, 07/15/21		2,531,250
	1,750,000	AmeriGas Finance LLC/AmeriGas Finance Corp., 7.00%, 05/20/22		1,890,000
	1,250,000	AmeriGas Partners LP/AmeriGas Finance Corp., 6.25%, 08/20/19		1,337,500
	1,500,000	Ameristar Casinos, Inc., 7.50%, 04/15/21		1,646,250
	6,000,000	Ares Capital Corp., Cnv., 5.13%, 06/01/16		6,375,000
	5,000,000	Ares Capital Corp., Cnv., 4.38%, 01/15/19(f)		5,006,250
	3,600,000	Ashtead Capital, Inc., 6.50%, 07/15/22(f)		3,861,000
	4,000,000	Auxilium Pharmaceuticals, Inc., Cnv., 1.50%, 07/15/18		4,095,000
	2,500,000	Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 8.25%, 01/15/19		2,725,000
	3,000,000	Belden, Inc., 5.50%, 09/01/22(f)		3,000,000
	3,000,000	Bill Barrett Corp., 7.63%, 10/01/19		3,165,000
	1,400,000	Biomet, Inc., 6.50%, 08/01/20		1,487,500
	1,100,000	Biomet, Inc., 6.50%, 10/01/20		1,144,000
	5,000,000	BlackRock Kelso Capital Corp., Cnv., 5.50%, 02/15/18(f)		5,090,625
	1,050,000	Boyd Gaming Corp., 9.13%, 12/01/18		1,141,875
	900,000	Cablevision Systems Corp., 7.75%, 04/15/18		1,021,500
	1,000,000	Cablevision Systems Corp., 8.00%, 04/15/20		1,135,000
	2,100,000	Cablevision Systems Corp., 5.88%, 09/15/22		2,102,625

Principal Amount			Value
UNITED STATES (continued)
$	1,200,000	Calpine Corp., 7.88%, 07/31/20(f)	$	1,311,000
	2,050,000	Calpine Corp., 7.50%, 02/15/21(f)		2,214,000
	3,000,000	Catalent Pharma Solutions, Inc., 7.88%, 10/15/18		3,045,000
	1,000,000	CCO Holdings LLC/CCO Holdings Capital Corp., 7.38%, 06/01/20		1,092,500
	1,750,000	CCO Holdings LLC/CCO Holdings Capital Corp., 6.50%, 04/30/21		1,820,000
	975,000	CCO Holdings LLC/CCO Holdings Capital Corp., 6.63%, 01/31/22		1,009,125
	525,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.25%, 09/30/22		493,500
	2,500,000	CDW LLC/CDW Finance Corp., 8.50%, 04/01/19		2,768,750
	2,500,000	Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp., 5.25%, 03/15/21(f)		2,462,500
	1,000,000	Central Garden and Pet Co., 8.25%, 03/01/18		1,007,500
	1,450,000	CenturyLink, Inc., 5.80%, 03/15/22		1,435,500
	1,000,000	CenturyLink, Inc., Series S, 6.45%, 06/15/21(c)		1,040,000
	2,500,000	Cequel Communications Escrow 1 LLC/Cequel Communications Escrow Capital Corp., 6.38%, 09/15/20(f)		2,593,750
	250,000	Chaparral Energy, Inc., 8.25%, 09/01/21		273,750
	2,000,000	Chaparral Energy, Inc., 7.63%, 11/15/22		2,160,000
	2,500,000	Choice Hotels International, Inc., 5.75%, 07/01/22		2,631,250
	6,000,000	Ciena Corp. Cnv., 0.88%, 06/15/17		6,210,000
	950,000	Cincinnati Bell, Inc., 8.75%, 03/15/18		1,007,000
	450,000	CIT Group, Inc., 4.25%, 08/15/17		471,937
	1,150,000	CIT Group, Inc., 5.25%, 03/15/18		1,243,437
	1,400,000	CIT Group, Inc., 5.00%, 08/15/22		1,417,500
	2,000,000	Clean Harbors, Inc., 5.25%, 08/01/20		2,055,000
	1,000,000	Clean Harbors, Inc., 5.13%, 06/01/21		1,013,750

Principal Amount			Value
UNITED STATES (continued)
$	2,900,000	CommScope Holding Co., Inc., 6.63% cash or 7.375% payment-in-kind interest, 06/01/20(f)(k)	$	2,965,250
	1,100,000	CommScope, Inc., 8.25%, 01/15/19(f)		1,207,250
	9,500,000	Comtech Telecommunications Corp., Cnv., 3.00%, 05/01/29(c)		9,957,187
	2,250,000	CPG Merger Sub LLC, 8.00%, 10/01/21(f)		2,328,750
	1,000,000	Crown Castle International Corp., 7.13%, 11/01/19		1,080,000
	2,500,000	Cumulus Media Holdings, Inc., 7.75%, 05/01/19		2,637,500
	1,750,000	DaVita, Inc., 6.63%, 11/01/20		1,865,937
	1,250,000	DaVita, Inc., 5.75%, 08/15/22		1,282,813
	2,000,000	Del Monte Corp., 7.63%, 02/15/19		2,082,500
	7,000,000	DFC Global Corp., 3.25%, 04/15/17		6,562,500
	3,450,000	DISH DBS Corp., 6.75%, 06/01/21		3,734,625
	550,000	DISH DBS Corp., 5.88%, 07/15/22		563,063
	6,000,000	Electronic Arts, Inc., Cnv., 0.75%, 07/15/16		6,652,500
	1,000,000	Endo Health Solutions, Inc., 7.00%, 07/15/19		1,067,500
	1,500,000	Endo Health Solutions, Inc., 7.00%, 12/15/20		1,599,375
	3,000,000	Equinix, Inc., 7.00%, 07/15/21		3,277,500
	5,000,000	Forest City Enterprises, Inc., Cnv., 4.25%, 08/15/18		5,715,625
	3,000,000	Forest City Enterprises, Inc., Cnv., 3.63%, 08/15/20(f)		3,191,250
	900,000	Fresenius Medical Care US Finance II, Inc., 5.63%, 07/31/19(f)		963,000
	2,100,000	Fresenius Medical Care US Finance, Inc., 5.75%, 02/15/21(f)		2,220,750
	600,000	Frontier Communications Corp., 7.13%, 03/15/19		654,000
	1,400,000	Frontier Communications Corp., 8.50%, 04/15/20		1,599,500
	1,000,000	Frontier Communications Corp., 7.13%, 01/15/23		1,037,500
	3,000,000	FTI Consulting, Inc., 6.75%, 10/01/20		3,210,000
	2,250,000	GCI, Inc., 6.75%, 06/01/21		2,176,875

Principal Amount			Value
UNITED STATES (continued)
$	1,650,000	General Cable Corp., 5.75%, 10/01/22(f)	$	1,641,750
	1,500,000	GenOn Americas Generation LLC, 8.50%, 10/01/21		1,638,750
	2,500,000	Geo Group, Inc. (The), 6.63%, 02/15/21		2,646,875
	2,300,000	Goodyear Tire & Rubber Co. (The), 8.75%, 08/15/20		2,696,750
	700,000	Goodyear Tire & Rubber Co. (The), 7.00%, 05/15/22		752,500
	4,000,000	Greenbrier Cos., Inc., Cnv., 3.50%, 04/01/18		4,352,500
	3,750,000	Griffey Intermediate, Inc./Griffey Finance Sub LLC, 7.00%, 10/15/20(f)		2,718,750
	2,750,000	Griffon Corp., 7.13%, 04/01/18		2,939,062
	3,200,000	Griffon Corp., Cnv., 4.00%, 01/15/17(c)(f)		3,662,000
	2,500,000	Hanesbrands, Inc., 6.38%, 12/15/20		2,712,500
	1,250,000	HCA Holdings, Inc., 6.25%, 02/15/21		1,312,500
	500,000	HCA Holdings, Inc., 7.75%, 05/15/21		547,500
	750,000	HCA, Inc., 6.50%, 02/15/20		834,375
	1,100,000	HCA, Inc., 7.50%, 02/15/22		1,236,125
	550,000	HCA, Inc., 5.88%, 03/15/22		578,875
	350,000	HCA, Inc., 5.88%, 05/01/23		352,625
	1,500,000	HDTFS, Inc., 6.25%, 10/15/22		1,571,250
	1,500,000	Hertz Corp. (The), 5.88%, 10/15/20		1,578,750
	3,000,000	Hiland Partners LP/Hiland Partners Finance Corp., 7.25%, 10/01/20(f)		3,195,000
	3,000,000	Holly Energy Partners LP/Holly Energy Finance Corp., 6.50%, 03/01/20		3,142,500
	17,500,000	Hologic, Inc., Cnv., STEP, 2.00%, 03/01/42		18,298,438
	10,000,000	Hologic, Inc., Cnv., STEP, 2.00%, 12/15/43		10,550,000
	750,000	Hughes Satellite Systems Corp., 6.50%, 06/15/19		804,375
	2,250,000	Hughes Satellite Systems Corp., 7.63%, 06/15/21		2,463,750
	3,000,000	Infor US, Inc., 9.38%, 04/01/19		3,390,000
	20,000,000	Integra Lifesciences Holdings Corp., 1.63%, 12/15/16(c)		21,137,500

Principal Amount			Value
UNITED STATES (continued)
$	2,000,000	InterDigital, Inc., Cnv., 2.50%, 03/15/16	$	2,137,500
	1,400,000	Isle of Capri Casinos, Inc., 7.75%, 03/15/19		1,501,500
	1,600,000	Isle of Capri Casinos, Inc., 8.88%, 06/15/20		1,704,000
	1,500,000	Jarden Corp., 7.50%, 05/01/17		1,736,250
	1,000,000	Jarden Corp., 7.50%, 01/15/20		1,085,000
	3,000,000	Jo-Ann Stores, Inc., 8.13%, 03/15/19(f)		3,090,000
	2,500,000	Key Energy Services, Inc., 6.75%, 03/01/21		2,543,750
	3,000,000	L-3 Communications Holdings, Inc., Cnv., 3.00%, 08/01/35		3,423,750
	1,500,000	Level 3 Financing, Inc., 8.13%, 07/01/19		1,653,750
	1,500,000	Level 3 Financing, Inc., 7.00%, 06/01/20		1,597,500
	500,000	Levi Strauss & Co., 7.63%, 05/15/20		548,750
	2,500,000	Levi Strauss & Co., 6.88%, 05/01/22		2,712,500
	33,500,000	Liberty Interactive LLC, Cnv., 3.75%, 02/15/30		20,183,750
	5,000,000	Liberty Interactive LLC, Cnv., 1.00%, 09/30/43(f)		5,140,625
	2,000,000	LIN Television Corp., 6.38%, 01/15/21		2,040,000
	3,000,000	LINN Energy LLC/LINN Energy Finance Corp., 7.75%, 02/01/21		3,097,500
	16,500,000	Live Nation Entertainment, Inc., Cnv., 2.88%, 07/15/27		16,891,875
	1,000,000	MarkWest Energy Partners LP/MarkWest Energy Finance Corp., 6.75%, 11/01/20		1,095,000
	500,000	MarkWest Energy Partners LP/MarkWest Energy Finance Corp., 6.25%, 06/15/22		542,500
	2,400,000	MedAssets, Inc., 8.00%, 11/15/18		2,598,000
	1,000,000	Mediacom Broadband LLC/Mediacom Broadband Corp., 6.38%, 04/01/23		1,012,500
	2,000,000	Mediacom LLC/Mediacom Capital Corp., 9.13%, 08/15/19		2,180,000
	11,000,000	Meritor, Inc., Cnv., STEP, 4.00%, 02/15/27		10,085,625

Principal Amount			Value
UNITED STATES (continued)
$	900,000	MGM Resorts International, 7.63%, 01/15/17	$	1,023,750
	1,000,000	MGM Resorts International, 7.75%, 03/15/22		1,132,500
	3,000,000	Michael Foods, Inc., 9.75%, 07/15/18		3,273,750
	1,000,000	Michaels Stores, Inc., 11.38%, 11/01/16		1,025,010
	1,500,000	Michaels Stores, Inc., 7.75%, 11/01/18		1,618,125
	3,000,000	Molina Healthcare, Inc., Cnv., 1.13%, 01/15/20(f)		3,054,375
	4,800,000	Morgans Hotel Group Co., Cnv., 2.38%, 10/15/14(c)		4,590,000
	1,825,000	MPH Intermediate Holding Co. 2, 8.38% cash or 9.13% payment- in-kind interest, 08/01/18(f)(k)		1,895,719
	3,000,000	MPT Operating Partnership LP/MPT Finance Corp., REIT, 6.88%, 05/01/21		3,225,000
	1,675,000	MultiPlan, Inc., 9.88%, 09/01/18(f)		1,850,875
	1,990,000	Murray Energy Corp., 8.63%, 06/15/21(f)		2,129,300
	3,000,000	Nexstar Broadcasting, Inc., 6.88%, 11/15/20(f)		3,135,000
	1,500,000	NRG Energy, Inc., 7.88%, 05/15/21		1,657,500
	1,500,000	NRG Energy, Inc., 6.63%, 03/15/23		1,550,625
	2,000,000	Nuance Communications, Inc., 5.38%, 08/15/20(f)		1,985,000
	15,000,000	Nuance Communications, Inc., Cnv., 2.75%, 11/01/31		14,643,750
	19,085,000	NuVasive, Inc., Cnv., 2.75%, 07/01/17(c)		20,754,937
	2,600,000	Oasis Petroleum, Inc., 7.25%, 02/01/19		2,795,000
	1,400,000	Oasis Petroleum, Inc., 6.88%, 01/15/23		1,519,000
	1,500,000	Oil States International, Inc., 6.50%, 06/01/19		1,597,500
	1,935,000	Omega Healthcare Investors, Inc., 6.75%, 10/15/22		2,118,825
	9,000,000	Omnicare, Inc., Cnv., 3.25%, 12/15/35		9,568,125
	19,500,000	Owens-Brockway Glass Container, Inc., Cnv., 3.00%, 06/01/15(f)		20,231,250
	3,000,000	Peninsula Gaming LLC/Peninsula Gaming Corp., 8.38%, 02/15/18(f)		3,270,000

Principal Amount			Value
UNITED STATES (continued)
$	750,000	Penn Virginia Resource Partners LP/Penn Virginia Resource Finance Corp., 8.25%, 04/15/18	$	796,875
	2,000,000	Penn Virginia Resource Partners LP/Penn Virginia Resource Finance Corp. II, 8.38%, 06/01/20		2,220,000
	3,000,000	Penske Automotive Group Inc, 5.75%, 10/01/22		2,992,500
	1,850,000	PH Glatfelter Co., 5.38%, 10/15/20		1,863,875
	1,165,000	Pinnacle Entertainment, Inc., 8.75%, 05/15/20		1,287,325
	1,450,000	Prestige Brands, Inc., 8.25%, 04/01/18		1,540,625
	750,000	Prestige Brands, Inc., 8.13%, 02/01/20		832,500
	6,000,000	Prospect Capital Corp., Cnv., 5.50%, 08/15/16		6,270,000
	10,000,000	Prospect Capital Corp., Cnv., 5.75%, 03/15/18		10,462,500
	2,500,000	QEP Resources, Inc., 5.38%, 10/01/22		2,443,750
	1,000,000	Qwest Capital Funding, Inc., 6.50%, 11/15/18		1,090,368
	300,000	Qwest Corp., 6.75%, 12/01/21		327,363
	3,000,000	Regency Energy Partners LP/Regency Energy Finance Corp., 6.50%, 07/15/21		3,217,500
	1,000,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA, 8.50%, 05/15/18		1,060,000
	1,100,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA, 9.00%, 04/15/19		1,177,000
	1,400,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA, 9.88%, 08/15/19		1,548,750
	1,000,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA, 8.25%, 02/15/21		1,040,000
	7,000,000	Rovi Corp., Cnv., 2.63%, 02/15/40		7,096,250
	7,000,000	Royal Gold, Inc., Cnv., 2.88%, 06/15/19		6,654,375

Principal Amount			Value
UNITED STATES (continued)
$	3,000,000	RSI Home Products, Inc., 6.88%, 03/01/18(f)	$	3,150,000
	3,000,000	Ryland Group, Inc. (The), Cnv., 0.25%, 06/01/19		2,775,000
	1,000,000	Sally Holdings LLC/Sally Capital, Inc., 6.88%, 11/15/19		1,105,000
	1,500,000	Sally Holdings LLC/Sally Capital, Inc., 5.75%, 06/01/22		1,556,250
	17,672,000	Savient Pharmaceuticals, Inc., STEP, 3.00%, 05/09/19(c)(d)(f)		6,892,080
	1,270,000	SBA Communications Corp., 5.63%, 10/01/19		1,304,925
	1,730,000	SBA Telecommunications, Inc., 5.75%, 07/15/20		1,799,200
	1,500,000	Scientific Games International, Inc., 9.25%, 06/15/19		1,618,125
	1,500,000	Scientific Games International, Inc., 6.25%, 09/01/20		1,541,250
	3,000,000	Sequa Corp., 7.00%, 12/15/17(f)		3,015,000
	3,000,000	SESI LLC, 7.13%, 12/15/21		3,318,750
	12,000,000	ShengdaTech, Inc., Cnv., 6.50%, 12/15/15(b)(c)(d)(f)(g)		3,600,000
	3,000,000	Sinclair Television Group, Inc., 6.13%, 10/01/22		3,056,250
	1,750,000	Spectrum Brands Escrow Corp., 6.38%, 11/15/20(f)		1,859,375
	1,250,000	Spectrum Brands, Inc., 6.75%, 03/15/20		1,343,750
	1,250,000	Sprint Nextel Corp., 7.00%, 03/01/20(f)		1,387,500
	1,600,000	Sprint Nextel Corp., 7.00%, 08/15/20		1,716,000
	1,150,000	Sprint Nextel Corp., 6.00%, 11/15/22		1,132,750
	9,900,000	Starwood Property Trust, Inc., Cnv., REIT, 4.55%, 03/01/18		10,586,813
	8,000,000	Starwood Property Trust, Inc., Cnv., REIT, 4.00%, 01/15/19		8,545,000
	1,550,000	Station Casinos LLC, 7.50%, 03/01/21		1,662,375
	3,000,000	Stone Energy Corp., Cnv., 1.75%, 03/01/17		3,279,375
	1,006,000	Suburban Propane Partners LP/Suburban Energy Finance Corp., 7.50%, 10/01/18		1,080,193

Principal Amount			Value
UNITED STATES (continued)
$	2,494,000	Suburban Propane Partners LP/Suburban Energy Finance Corp., 7.38%, 08/01/21	$	2,687,285
	350,000	SunGard Data Systems, Inc., 7.38%, 11/15/18		371,000
	2,775,000	SunGard Data Systems, Inc., 6.63%, 11/01/19		2,899,875
	875,000	SunGard Data Systems, Inc., 7.63%, 11/15/20		952,656
	650,000	Tenet Healthcare Corp., 6.25%, 11/01/18		711,750
	2,350,000	Tenet Healthcare Corp., 8.00%, 08/01/20		2,558,562
	13,000,000	TIBCO Software, Inc., 2.25%, 05/01/32		13,170,625
	7,300,000	Titan Machinery, Inc., Cnv., 3.75%, 05/01/19		6,414,875
	1,900,000	TransDigm, Inc., 7.75%, 12/15/18		2,042,500
	1,000,000	TransDigm, Inc., 7.50%, 07/15/21		1,090,000
	2,000,000	TransUnion Holding Co., Inc., 8.13% cash or 8.88% payment-in-kind interest, 06/15/18(k)		2,132,500
	1,000,000	TransUnion Holding Co., Inc., 9.63%, 06/15/18		1,082,500
	7,000,000	TTM Technologies, Inc., Cnv., 3.25%, 05/15/15		7,105,000
	2,925,000	Unit Corp., 6.63%, 05/15/21		3,056,625
	1,600,000	United Rentals North America, Inc., 7.38%, 05/15/20		1,784,000
	1,900,000	United Rentals North America, Inc., 7.63%, 04/15/22		2,128,000
	3,000,000	Universal Hospital Services, Inc., 7.63%, 08/15/20		3,150,000
	1,000,000	Univision Communications, Inc., 8.50%, 05/15/21(f)		1,107,500
	3,500,000	US Foods, Inc., 8.50%, 06/30/19		3,753,750
	1,000,000	Valeant Pharmaceuticals International, Inc., 6.38%, 10/15/20(f)		1,067,500
	1,750,000	Vanguard Natural Resources LLC/VNR Finance Corp., 7.88%, 04/01/20		1,828,750
	2,650,000	ViaSat, Inc., 6.88%, 06/15/20		2,769,250
	600,000	Virgin Media Finance Plc, 6.38%, 04/15/23(f)		615,000
	1,400,000	Virgin Media Secured Finance Plc, 5.38%, 04/15/21(f)		1,407,000
	13,000,000	Volcano Corp., Cnv., 1.75%, 12/01/17		12,520,625

Principal Amount				Value
UNITED STATES (continued)
$	4,000,000		Walter Investment Management Corp., Cnv., 4.50%, 11/01/19	$	4,157,500
	5,000,000		WebMD Health Corp., Cnv., 2.25%, 03/31/16		5,053,125
	9,000,000		WebMD Health Corp., Cnv., 2.50%, 01/31/18		8,797,500
	675,000		West Corp., 8.63%, 10/01/18		735,750
	2,325,000		West Corp., 7.88%, 01/15/19		2,516,812
	1,000,000		Windstream Corp., 7.88%, 11/01/17		1,143,750
	1,000,000		Windstream Corp., 8.13%, 09/01/18		1,082,500
	1,300,000		Windstream Corp., 7.75%, 10/15/20		1,394,250
	2,000,000		Zayo Group LLC/Zayo Capital, Inc., 8.13%, 01/01/20		2,190,000
					709,669,060
Total Corporate Bonds (Cost $774,960,298)					788,607,249
GOVERNMENT BONDS — 9.7%
BRAZIL — 0.3%
	9,490,000	(j)	Brazil Notas do Tesouro Nacional, Series B, 6.00%, 05/15/15		10,386,162
	2,400,000	(j)	Brazil Notas do Tesouro Nacional, Series B, 6.00%, 05/15/45		2,629,605
	3,900,000	(j)	Brazil Notas do Tesouro Nacional, Series F, 10.00%, 01/01/17		1,734,147
					14,749,914
CANADA — 0.4%
	1,283,000	(j)	Canadian Government Bond, 0.75%, 05/01/14		1,229,226
	4,379,000	(j)	Canadian Government Bond, 2.25%, 08/01/14		4,238,850
	7,538,000	(j)	Canadian Government Bond, 1.00%, 11/01/14		7,228,932
	9,838,000	(j)	Canadian Government Bond, 1.00%, 02/01/15		9,432,648
					22,129,656
HUNGARY — 0.7%
	133,100,000	(j)	Hungary Government Bond, 5.50%, 02/12/14		614,831
	402,550,000	(j)	Hungary Government Bond, 6.75%, 08/22/14		1,895,468
	61,000,000	(j)	Hungary Government Bond, 8.00%, 02/12/15		295,260

Principal Amount				Value
HUNGARY (continued)
$	108,050,000	(j)	Hungary Government Bond, 7.75%, 08/24/15	$	529,390
	96,000,000	(j)	Hungary Government Bond, 5.50%, 02/12/16		455,510
	17,830,000	(j)	Hungary Government Bond, 5.50%, 12/22/16		84,949
	85,800,000	(j)	Hungary Government Bond, 6.75%, 02/24/17		423,123
	436,700,000	(j)	Hungary Government Bond, 6.75%, 11/24/17		2,174,850
	64,470,000	(j)	Hungary Government Bond, 5.50%, 12/20/18		306,922
	84,800,000	(j)	Hungary Government Bond, 6.50%, 06/24/19		419,983
	67,860,000	(j)	Hungary Government Bond, 7.50%, 11/12/20		354,899
	110,830,000	(j)	Hungary Government Bond, 7.00%, 06/24/22		562,039
	36,900,000	(j)	Hungary Government Bond, 6.00%, 11/24/23		176,408
	520,000	(j)	Hungary Government International Bond, 4.38%, 07/04/17(n)		720,076
	1,705,000	(j)	Hungary Government International Bond, 5.75%, 06/11/18(n)		2,477,020
	5,100,000	(j)	Hungary Government International Bond, 6.00%, 01/11/19(n)		7,479,206
	2,920,000		Hungary Government International Bond, 6.25%, 01/29/20		3,174,040
	10,537,000	(j)	Hungary Government International Bond, 3.88%, 02/24/20(n)		13,977,609
	3,930,000		Hungary Government International Bond, 6.38%, 03/29/21		4,268,963
	40,490,000	(j)	Hungary Treasury Bills, 5.18%, 01/08/14(i)		184,702
					40,575,248
ICELAND — 0.0%
	1,830,000		Iceland Government International Bond, 5.88%, 05/11/22(f)		1,908,571
INDONESIA — 0.2%
	3,590,000,000	(j)	Indonesia Treasury Bond, 9.00%, 09/15/18		341,882
	33,800,000,000	(j)	Indonesia Treasury Bond, 12.80%, 06/15/21		3,912,974
	33,160,000,000	(j)	Indonesia Treasury Bond, 12.90%, 06/15/22		3,919,778
	1,590,000,000	(j)	Indonesia Treasury Bond, 10.25%, 07/15/22		164,677

Principal Amount				Value
INDONESIA (continued)
$	39,380,000,000	(j)	Indonesia Treasury Bond, 9.50%, 07/15/23	$	3,930,140
					12,269,451
IRELAND — 0.9%
	3,108,000	(j)	Ireland Government Bond, 4.50%, 04/18/20		4,551,586
	11,880,000	(j)	Ireland Government Bond, 5.00%, 10/18/20		17,898,957
	20,545,160	(j)	Ireland Government Bond, 5.40%, 03/13/25		31,636,049
					54,086,592
MALAYSIA — 1.2%
	3,240,000	(j)	Bank Negara Malaysia Monetary Notes, 2.87%, 12/26/13(i)		1,022,227
	6,070,000	(j)	Bank Negara Malaysia Monetary Notes, 2.94%, 12/31/13(i)		1,914,419
	3,255,000	(j)	Bank Negara Malaysia Monetary Notes, 2.86%, 01/09/14(i)		1,025,663
	3,010,000	(j)	Bank Negara Malaysia Monetary Notes, 2.86%, 01/16/14(i)		948,303
	270,000	(j)	Bank Negara Malaysia Monetary Notes, 2.83%, 02/06/14(i)		84,901
	3,880,000	(j)	Bank Negara Malaysia Monetary Notes, 2.83%, 02/18/14(i)		1,218,906
	3,125,000	(j)	Bank Negara Malaysia Monetary Notes, 2.83%, 02/20/14(i)		981,566
	3,105,000	(j)	Bank Negara Malaysia Monetary Notes, 2.86%, 02/25/14(i)		974,899
	315,000	(j)	Bank Negara Malaysia Monetary Notes, 2.89%, 03/13/14(i)		98,776
	2,310,000	(j)	Bank Negara Malaysia Monetary Notes, 3.85%, 03/20/14(i)		723,944
	300,000	(j)	Bank Negara Malaysia Monetary Notes, 2.85%, 03/27/14(i)		93,988
	2,590,000	(j)	Bank Negara Malaysia Monetary Notes, 2.87%, 04/03/14(i)		811,026
	20,000	(j)	Bank Negara Malaysia Monetary Notes, 2.82%, 04/15/14(i)		6,255
	1,280,000	(j)	Bank Negara Malaysia Monetary Notes, 2.86%, 04/24/14(i)		400,003

Principal Amount				Value
MALAYSIA (continued)
$	2,150,000	(j)	Bank Negara Malaysia Monetary Notes, 2.88%, 05/15/14(i)	$	670,723
	4,335,000	(j)	Bank Negara Malaysia Monetary Notes, 2.83%, 05/20/14(i)		1,351,809
	8,960,000	(j)	Bank Negara Malaysia Monetary Notes, 2.84%, 05/27/14(i)		2,792,440
	9,716,000	(j)	Bank Negara Malaysia Monetary Notes, 2.84%, 06/05/14(i)		3,025,839
	270,000	(j)	Bank Negara Malaysia Monetary Notes, 2.81%, 09/09/14(i)		83,445
	250,000	(j)	Bank Negara Malaysia Monetary Notes, 2.81%, 09/18/14(i)		77,209
	88,630,000	(j)	Malaysia Government Bond, 5.09%, 04/30/14		28,389,434
	50,295,000	(j)	Malaysia Government Bond, 3.43%, 08/15/14		16,002,179
	1,170,000	(j)	Malaysia Government Bond, 3.74%, 02/27/15		374,443
	5,175,000	(j)	Malaysia Government Bond, 3.84%, 08/12/15		1,663,496
	1,440,000	(j)	Malaysia Government Bond, 4.72%, 09/30/15		472,594
	4,485,000	(j)	Malaysia Government Bond, 3.20%, 10/15/15		1,427,826
					66,636,313
MEXICO — 1.2%
	138,780,000	(j)	Mexican Bonos, 8.00%, 12/19/13		10,691,344
	8,832,000	(j)	Mexican Bonos, 7.00%, 06/19/14		690,780
	204,810,000	(j)	Mexican Bonos, 9.50%, 12/18/14		16,689,270
	10,587,000	(j)	Mexican Bonos, 6.00%, 06/18/15		840,069
	194,573,000	(j)	Mexican Bonos, 8.00%, 12/17/15		16,122,332
	43,680,000	(j)	Mexican Bonos, 6.25%, 06/16/16		3,512,000
	36,000,000	(j)	Mexican Bonos, 7.25%, 12/15/16		2,981,461
	23,900,000	(j)	Mexican Bonos, 7.75%, 12/14/17		2,027,048
	1,059,200	(j)	Mexican Udibonos, 4.50%, 12/18/14		426,825
	2,720,000	(j)	Mexican Udibonos, 5.00%, 06/16/16		1,155,092
	2,712,000	(j)	Mexican Udibonos, 3.50%, 12/14/17		1,134,524

Principal Amount				Value
MEXICO (continued)
$	1,851,000	(j)	Mexican Udibonos, 4.00%, 06/13/19	$	798,206
	1,465,000	(j)	Mexican Udibonos, 2.50%, 12/10/20		578,110
	624,562,000	(j)	Mexico Cetes, 4.00%, 01/09/14(i)		4,755,235
	409,210,000	(j)	Mexico Cetes, 3.91%, 04/03/14(i)		3,089,732
	695,290,000	(j)	Mexico Cetes, 3.98%, 04/30/14(i)		5,236,078
					70,728,106
PHILIPPINES — 0.3%
	66,680,000	(j)	Philippine Government Bond, 6.25%, 01/27/14		1,564,224
	312,450,000	(j)	Philippine Government Bond, 9.13%, 09/04/16		8,608,695
	40,610,000	(j)	Philippine Treasury Bill, 0.55%, 11/13/13(i)		939,434
	26,300,000	(j)	Philippine Treasury Bill, 0.46%, 03/05/14(i)		607,645
	114,490,000	(j)	Philippine Treasury Bill, 0.21%, 04/02/14(i)		2,644,955
	18,620,000	(j)	Philippine Treasury Bill, 1.00%, 09/03/14(i)		429,915
					14,794,868
POLAND — 1.1%
	15,080,000	(j)	Poland Government Bond, 3.81%, 01/25/14(i)		4,868,133
	84,800,000	(j)	Poland Government Bond, 5.75%, 04/25/14		27,932,644
	6,380,000	(j)	Poland Government Bond, 5.50%, 04/25/15		2,153,316
	739,000	(j)	Poland Government Bond, 5.50%, 04/25/15		249,420
	7,481,000	(j)	Poland Government Bond, 2.97%, 07/25/15(i)		2,313,261
	32,184,000	(j)	Poland Government Bond, 6.25%, 10/24/15		11,121,025
	28,470,000	(j)	Poland Government Bond, 2.94%, 01/25/16(i)		8,652,787
	8,188,000	(j)	Poland Government Bond, 2.71%, 01/25/17(e)		2,649,633
	8,307,000	(j)	Poland Government Bond, 2.71%, 01/25/21(e)		2,638,791
					62,579,010
RUSSIA — 0.1%
	6,195,475		Russian Foreign Bond - Eurobond, STEP, 7.50%, 03/31/30(f)		7,372,925

Principal Amount				Value
SERBIA — 0.1%
$	1,540,000		Republic of Serbia, 5.25%, 11/21/17(f)	$	1,532,300
	3,280,000		Republic of Serbia, 7.25%, 09/28/21(f)		3,411,200
					4,943,500
SINGAPORE — 0.4%
	12,500,000	(j)	Singapore Government Bond, 0.25%, 02/01/14		10,061,735
	11,642,000	(j)	Singapore Treasury Bill, 0.30%, 01/10/14(i)		9,368,727
	1,290,000	(j)	Singapore Treasury Bill, 0.23%, 01/24/14(i)		1,037,753
					20,468,215
SLOVENIA — 0.1%
	2,860,000		Slovenia Government International Bond, 5.50%, 10/26/22(f)		2,734,875
	1,400,000		Slovenia Government International Bond, 5.85%, 05/10/23(f)		1,365,000
					4,099,875
SOUTH KOREA — 1.7%
	1,498,640,000	(j)	Korea Monetary Stabilization Bond, 3.48%, 12/02/13		1,413,789
	31,436,630,000	(j)	Korea Monetary Stabilization Bond, 3.47%, 02/02/14		29,701,725
	3,028,500,000	(j)	Korea Monetary Stabilization Bond, 3.59%, 04/02/14		2,866,807
	1,477,000,000	(j)	Korea Monetary Stabilization Bond, 2.55%, 05/09/14		1,392,024
	3,590,530,000	(j)	Korea Monetary Stabilization Bond, 3.28%, 06/02/14		3,397,760
	7,731,000,000	(j)	Korea Monetary Stabilization Bond, 2.57%, 06/09/14		7,285,871
	11,704,200,000	(j)	Korea Monetary Stabilization Bond, 2.82%, 08/02/14		11,048,522
	10,385,800,000	(j)	Korea Monetary Stabilization Bond, 2.78%, 10/02/14		9,800,788
	6,039,800,000	(j)	Korea Monetary Stabilization Bond, 2.84%, 12/02/14		5,702,522
	2,226,780,000	(j)	Korea Monetary Stabilization Bond, 2.74%, 02/02/15		2,100,134

Principal Amount				Value
SOUTH KOREA (continued)
$	312,000,000	(j)	Korea Monetary Stabilization Bond, 2.47%, 04/02/15	$	293,050
	2,610,000,000	(j)	Korea Monetary Stabilization Bond, 2.76%, 06/02/15		2,460,403
	5,276,320,000	(j)	Korea Monetary Stabilization Bond, 2.80%, 08/02/15		4,975,663
	433,000,000	(j)	Korea Monetary Stabilization Bond, 2.81%, 10/02/15		408,495
	13,766,450,000	(j)	Korea Treasury Bond, 3.00%, 12/10/13		12,983,602
	1,641,520,000	(j)	Korea Treasury Bond, 3.25%, 12/10/14		1,556,636
					97,387,791
SRI LANKA — 0.1%
	13,560,000	(j)	Sri Lanka Government Bonds, Series A, 6.50%, 07/15/15		97,639
	264,000,000	(j)	Sri Lanka Government Bonds, Series A, 11.00%, 08/01/15		2,034,276
	385,000,000	(j)	Sri Lanka Government Bonds, Series B, 11.00%, 09/01/15		2,967,917
					5,099,832
SWEDEN — 0.3%
	79,720,000	(j)	Kommuninvest I Sverige AB, 2.25%, 05/05/14		12,368,007
	42,430,000	(j)	Sweden Government Bond, 6.75%, 05/05/14		6,736,234
					19,104,241
UKRAINE — 0.5%
	200,000		Financing of Infrastrucural Projects State Enterprise, 7.40%, 04/20/18(f)		169,518
	100,000	(j)	Ukraine Government International Bond, 4.95%, 10/13/15(f)		126,271
	200,000		Ukraine Government International Bond, 6.25%, 06/17/16(f)		179,000
	4,230,000		Ukraine Government International Bond, 9.25%, 07/24/17(f)		4,044,938
	1,350,000		Ukraine Government International Bond, 6.75%, 11/14/17(f)		1,208,250

Principal Amount			Value
UKRAINE (continued)
$	11,500,000	Ukraine Government International Bond, 7.75%, 09/23/20(f)	$	10,407,500
	14,270,000	Ukraine Government International Bond, 7.95%, 02/23/21(f)		12,932,188
	1,580,000	Ukraine Government International Bond, 7.80%, 11/28/22(f)		1,374,600
				30,442,265
VIETNAM — 0.1%
	1,625,000	Vietnam Government International Bond, 6.88%, 01/15/16(f)		1,755,000
	2,490,000	Vietnam Government International Bond, 6.75%, 01/29/20(f)		2,723,438
				4,478,438
Total Government Bonds (Cost $529,001,519)				553,854,811
ASSET-BACKED SECURITIES — 2.2%
UNITED STATES — 2.2%
	14,429,757	Asset-Backed Funding Certificates Trust, Series 2006-OPT3, Class A3B, 0.33%, 11/25/36(e)		7,467,200
	4,875,992	Bear Stearns Asset-Backed Securities Trust, Series 2006-AC2, Class 22A1, 0.52%, 03/25/36(e)		1,520,696
	4,875,992	Bear Stearns Asset-Backed Securities Trust, Series 2006-AC2, Class 22A3, 0.52%, 03/25/36(e)		1,520,696
	24,169,566	Bear Stearns Asset-Backed Securities Trust, Series 2006-AQ1, Class 2A2, 0.37%, 10/25/36(e)		12,791,298
	10,116,549	Bear Stearns Asset-Backed Securities Trust, Series 2007-AC4, Class A1, 0.47%, 02/25/37(e)		6,073,092
	4,884,740	Carrington Mortgage Loan Trust, Series 2007-FRE1, Class A4, 0.59%, 02/25/37(e)		2,937,380
	8,250,000	Carrington Mortgage Loan Trust, Series 2007-RFC1, Class A3, 0.31%, 12/25/36(e)		4,903,052
	5,700,000	Carrington Mortgage Loan Trust, Series 2007-RFC1, Class A4, 0.39%, 12/25/36(e)		3,411,818
	3,155,961	Countrywide Asset-Backed Certificates, Series 2006-11, Class 3AV2, 0.33%, 09/25/46(e)		2,317,497
	6,002,680	Countrywide Asset-Backed Certificates, Series 2007-4, Class A2, 5.53%, 04/25/47(e)		5,592,659

Principal Amount			Value
UNITED STATES (continued)
$	1,854,460	Countrywide Asset-Backed Certificates, Series 2007-6, Class 2A2, 0.34%, 09/25/37(e)	$	1,813,111
	10,070,982	Credit-Based Asset Servicing & Securitization LLC Trust, Series 2006-CB9, Class A2, 0.28%, 11/25/36(e)		5,234,553
	3,667,400	Credit-Based Asset Servicing & Securitization LLC Trust, Series 2006-CB9, Class A3, 0.32%, 11/25/36(e)		1,916,636
	9,336,779	Fieldstone Mortgage Investment Trust, Series 2006-3, Class 2A3, 0.33%, 11/25/36(e)		4,862,704
	7,360,204	First Franklin Mortgage Loan Trust Asset Backed Certificates, Series 2007-FF2, Class A2C, 0.32%, 03/25/37(e)		4,118,455
	10,000,000	Fremont Home Loan Trust, Series 2006-3, Class 2A3, 0.34%, 02/25/37(e)		5,732,290
	10,949,590	Fremont Home Loan Trust, Series 2006-B, Class 2A3, 0.33%, 08/25/36(e)		4,045,610
	8,544,716	Fremont Home Loan Trust, Series 2006-E, Class 2A3, 0.32%, 01/25/37(e)		4,072,167
	6,000,000	GSAA Trust, Series 2005-11, Class 3A5, 0.54%, 10/25/35(e)		5,305,791
	1,036,657	GSAA Trust, Series 2006-7, Class AF2, 5.99%, 03/25/46(e)		779,838
	5,881,515	Lehman XS Trust, Series 2007-1, Class 2A1, 5.87%, 02/25/37(e)		5,415,263
	9,494,877	Mastr Asset Backed Securities Trust, Series 2006-NC3, Class A4, 0.33%, 10/25/36(e)		4,763,494
	2,145,000	Morgan Stanley ABS Capital I, Series 2006-HE4, Class A4, 0.41%, 06/25/36(e)		1,261,473
	13,987,150	Morgan Stanley ABS Capital I, Series 2006-HE6, Class A2C, 0.32%, 09/25/36(e)		7,517,816
	4,895,619	Morgan Stanley ABS Capital I, Series 2007-HE1, Class A2D, 0.40%, 11/25/36(e)		2,709,596
	12,030,008	Morgan Stanley ABS Capital I, Series 2007-NC3, Class A2B, 0.31%, 05/25/37(e)		7,038,806
	7,297,894	Morgan Stanley Mortgage Loan Trust, Series 2006-12XS, Class A4, STEP, 6.01%, 10/25/36		4,256,106
	2,923,283	Oakwood Mortgage Investors, Inc., Series 2002-B, Class A4, 7.09%, 06/15/32(e)		3,100,028

Principal Amount			Value
UNITED STATES (continued)
$	4,946,465	Soundview Home Equity Loan Trust, Series 2007-OPT1, Class 2A3, 0.38%, 06/25/37(e)	$	2,720,602
Total Asset-Backed Securities (Cost $116,369,831)				125,199,727
NON-AGENCY MORTGAGE-BACKED SECURITIES — 12.8%
COLLATERALIZED MORTGAGE OBLIGATIONS — 12.4%
	3,567,285	Adjustable Rate Mortgage Trust, Series 2005-3, Class 2A1, 2.84%, 07/25/35(e)		3,389,028
	3,856,457	Adjustable Rate Mortgage Trust, Series 2007-1, Class 4A1, 3.76%, 03/25/37(e)		2,907,007
	5,274,269	Alternative Loan Trust, Series 2005-9CB, Class 1A3, 0.62%, 05/25/35(e)		4,162,831
	5,047,945	Alternative Loan Trust, Series 2007-12T1, Class A22, 5.75%, 06/25/37		4,284,885
	5,617,600	American Home Mortgage Assets Trust, Series 2005-1, Class 2A21, 2.62%, 11/25/35(e)		4,470,175
	4,945,524	American Home Mortgage Assets Trust, Series 2007-3, Class 22A1, STEP, 6.25%, 06/25/37		3,221,004
	1,631,822	American Home Mortgage Assets Trust, Series 2007-4, Class A2, 0.36%, 08/25/37(e)		1,467,549
	4,390,248	American Home Mortgage Investment Trust, Series 2005-4, Class 5A, 2.11%, 11/25/45(e)		3,356,137
	2,670,646	American Home Mortgage Investment Trust, Series 2006-1, Class 2A3, 2.11%, 12/25/35(e)		1,945,535
	3,869,137	Banc of America Alternative Loan Trust, Series 2005-9, Class 2CB1, 6.00%, 10/25/35		3,509,474
	5,674,355	Banc of America Funding Corp, Series 2007-1, Class TA5, STEP, 6.09%, 01/25/37		4,443,525
	1,303,095	Banc of America Funding Corp., Series 2005-F, Class 6A1, 5.04%, 09/20/35(e)		1,229,446
	2,051,035	Banc of America Funding Corp., Series 2006-A, Class 3A2, 2.83%, 02/20/36(e)		1,608,645
	2,136,206	Banc of America Funding Corp., Series 2006-E, Class 2A1, 2.95%, 06/20/36(e)		1,736,160
	1,740,793	Banc of America Funding Corp., Series 2007-7, Class 1A1, 6.00%, 08/25/37		1,560,861

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	11,177,500	Banc of America Funding Corp., Series 2007-A, Class 2A1, 0.33%, 02/20/47(e)	$	9,591,815
	4,312,122	Banc of America Funding Trust, Series 2006-G, Class 2A1, 0.39%, 07/20/36(e)		3,950,460
	2,705,908	Banc of America Mortgage Securities, Inc., Series 2005-I, Class 2A5, 2.75%, 10/25/35(e)		2,461,087
	2,692,377	Banc of America Mortgage Securities, Inc., Series 2005-K, Class 2A1, 3.06%, 12/25/35(e)		2,384,694
	12,186,715	BCAP LLC Trust, Series 2007-AA2, Class 12A1, 0.38%, 05/25/47(e)		8,173,563
	2,540,619	BCAP LLC Trust, Series 2007-AA3, Class 1A1B, 0.31%, 04/25/37(e)		2,277,144
	6,257,760	BCAP LLC Trust, Series 2010-RR11, Class 4A1, 4.98%, 03/27/47(e)(f)		5,884,286
	2,784,152	BCAP LLC Trust, Series 2011-RR2, Class 1A1, 2.91%, 07/25/36(e)(f)		2,763,345
	4,200,686	BCAP LLC Trust, Series 2011-RR9, Class 7A1, 2.13%, 04/26/37(e)(f)		4,056,155
	5,379,229	Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-12, Class 23A1, 2.42%, 02/25/36(e)		3,651,842
	2,174,035	Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-6, Class 5A1, 5.18%, 08/25/35(e)		1,809,844
	9,779,180	Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-1, Class A1, 2.37%, 02/25/36(e)		9,969,872
	1,654,779	Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-3, Class 1A1, 2.87%, 05/25/47(e)		1,382,368
	10,156,963	Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-4, Class 12A1, 5.51%, 05/25/37(e)		8,898,426
	5,265,696	Bear Stearns Alt-A Trust, Series 2005-9, Class 26A1, 5.09%, 11/25/35(e)		3,848,093
	5,192,225	Bear Stearns Alt-A Trust, Series 2006-2, Class 11A1, 0.61%, 04/25/36(e)		3,428,699
	908,847	Citigroup Mortgage Loan Trust, Inc., Series 2005-2, Class 1A1, 2.77%, 05/25/35(e)		824,419
	2,077,639	Citigroup Mortgage Loan Trust, Inc., Series 2006-AR3, Class 1A1A, 5.69%, 06/25/36(e)		1,873,856
	1,158,214	Citigroup Mortgage Loan Trust, Inc., Series 2006-AR3, Class 1A2A, 5.45%, 06/25/36(e)		1,072,864
	4,002,667	Citigroup Mortgage Loan Trust, Inc., Series 2007-9, Class 1A1, 5.75%, 04/25/47(f)		3,253,476

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	1,210,780	Countrywide Alternative Loan Trust, Series 2004-36CB, Class 1A1, 6.00%, 02/25/35	$	1,113,114
	5,401,117	Countrywide Alternative Loan Trust, Series 2005-22T1, Class A5, 5.50%, 06/25/35		5,285,676
	2,889,369	Countrywide Alternative Loan Trust, Series 2005-31, Class 2A1, 0.47%, 08/25/35(e)		2,397,093
	6,179,366	Countrywide Alternative Loan Trust, Series 2005-36, Class 2A1A, 0.48%, 08/25/35(e)		4,328,958
	9,531,872	Countrywide Alternative Loan Trust, Series 2005-38, Class A3, 0.52%, 09/25/35(e)		8,064,461
	7,452,408	Countrywide Alternative Loan Trust, Series 2005-46CB, Class A20, 5.50%, 10/25/35		6,827,848
	2,000,623	Countrywide Alternative Loan Trust, Series 2005-50CB, Class 1A1, 5.50%, 11/25/35		1,804,404
	4,155,459	Countrywide Alternative Loan Trust, Series 2005-63, Class 5A1, 2.77%, 12/25/35(e)		3,418,405
	288,776	Countrywide Alternative Loan Trust, Series 2005-69, Class A1, 1.15%, 12/25/35(e)		241,891
	7,139,565	Countrywide Alternative Loan Trust, Series 2005-7CB, Class 2A8, 0.62%, 04/25/35(e)		5,915,479
	2,676,833	Countrywide Alternative Loan Trust, Series 2005-J14, Class A3, 5.50%, 12/25/35		2,350,888
	5,691,237	Countrywide Alternative Loan Trust, Series 2005-J3, Class 1A1, 0.72%, 05/25/35(e)		4,947,959
	7,624,730	Countrywide Alternative Loan Trust, Series 2006-12CB, Class A10, 0.52%, 05/25/36(e)		4,899,230
	4,347,930	Countrywide Alternative Loan Trust, Series 2006-15CB, Class A1, 6.50%, 06/25/36		3,159,873
	8,880,964	Countrywide Alternative Loan Trust, Series 2006-20CB, Class A9, 6.00%, 07/25/36		6,353,857
	4,269,092	Countrywide Alternative Loan Trust, Series 2006-22R, Class 2A1, 6.25%, 05/25/36		3,198,803
	3,466,354	Countrywide Alternative Loan Trust, Series 2006-24CB, Class A13, 0.52%, 06/25/36(e)		2,336,637
	3,466,354	Countrywide Alternative Loan Trust, Series 2006-24CB, Class A14, 6.98%, 06/25/36(e)		750,433

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	3,573,325	Countrywide Alternative Loan Trust, Series 2006-24CB, Class A15, 5.75%, 06/25/36	$	2,944,869
	1,421,713	Countrywide Alternative Loan Trust, Series 2006-25CB, Class A2, 6.00%, 10/25/36		1,232,035
	3,548,486	Countrywide Alternative Loan Trust, Series 2006-2CB, Class A4, 0.57%, 03/25/36(e)		2,260,776
	9,967,411	Countrywide Alternative Loan Trust, Series 2006-2CB, Class A6, 5.50%, 03/25/36		7,862,038
	2,060,037	Countrywide Alternative Loan Trust, Series 2006-2CB, Class A8, 6.00%, 03/25/36		1,687,543
	3,878,925	Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A10, 6.00%, 01/25/37		3,218,396
	2,809,815	Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A4, 5.75%, 01/25/37		2,293,862
	5,252,101	Countrywide Alternative Loan Trust, Series 2006-43CB, Class 1A12, 5.75%, 02/25/37		4,248,789
	3,342,453	Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A2, 6.00%, 02/25/37		2,692,184
	7,642,785	Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A5, 6.00%, 02/25/37		6,021,103
	608,214	Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A10, 5.50%, 05/25/36		537,665
	1,725,560	Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A2, 0.57%, 05/25/36(e)		1,229,302
	9,194,917	Countrywide Alternative Loan Trust, Series 2006-7CB, Class 2A1, 6.50%, 05/25/36		6,595,117
	2,277,780	Countrywide Alternative Loan Trust, Series 2006-HY12, Class A4, 0.55%, 08/25/36(e)		2,205,088
	8,180,206	Countrywide Alternative Loan Trust, Series 2006-J7, Class 2A1, 2.46%, 11/20/36(e)		4,665,994
	8,794,803	Countrywide Alternative Loan Trust, Series 2006-OA10, Class 2A1, 0.36%, 08/25/46(e)		6,103,722
	2,650,000	Countrywide Alternative Loan Trust, Series 2006-OA16, Class A1D, 0.45%, 10/25/46(e)		1,720,105
	2,824,409	Countrywide Alternative Loan Trust, Series 2006-OA19, Class A1, 0.35%, 02/20/47(e)		1,869,357

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	3,404,014	Countrywide Alternative Loan Trust, Series 2006-OA2, Class A5, 0.40%, 05/20/46(e)	$	2,053,802
	10,253,603	Countrywide Alternative Loan Trust, Series 2006-OA21, Class A1, 0.36%, 03/20/47(e)		7,563,168
	3,723,751	Countrywide Alternative Loan Trust, Series 2006-OA3, Class 2A1, 0.38%, 05/25/36(e)		2,934,292
	6,845,646	Countrywide Alternative Loan Trust, Series 2006-OA6, Class 1A1A, 0.38%, 07/25/46(e)		4,926,258
	11,708,876	Countrywide Alternative Loan Trust, Series 2006-OA7, Class 1A1, 2.01%, 06/25/46(e)		7,508,107
	13,252,658	Countrywide Alternative Loan Trust, Series 2006-OA8, Class 1A1, 0.36%, 07/25/46(e)		10,746,514
	13,001,551	Countrywide Alternative Loan Trust, Series 2006-OC10, Class 2A2A, 0.35%, 11/25/36(e)		11,075,177
	11,676,429	Countrywide Alternative Loan Trust, Series 2006-OC2, Class 2A3, 0.46%, 02/25/36(e)		7,427,729
	8,836,496	Countrywide Alternative Loan Trust, Series 2006-OC8, Class 2A2A, 0.29%, 11/25/36(e)		7,093,539
	5,084,513	Countrywide Alternative Loan Trust, Series 2007-12T1, Class A5, 6.00%, 06/25/37		4,392,528
	2,632,317	Countrywide Alternative Loan Trust, Series 2007-19, Class 1A34, 6.00%, 08/25/37		2,173,518
	7,967,061	Countrywide Alternative Loan Trust, Series 2007-19, Class 1A4, 6.00%, 08/25/37		6,578,444
	8,682,982	Countrywide Alternative Loan Trust, Series 2007-22, Class 2A16, 6.50%, 09/25/37		6,916,170
	9,013,881	Countrywide Alternative Loan Trust, Series 2007-23CB, Class A1, 6.00%, 09/25/37		7,573,234
	2,384,226	Countrywide Alternative Loan Trust, Series 2007-9T1, Class 1A8, 6.00%, 05/25/37		1,755,158
	7,916,206	Countrywide Alternative Loan Trust, Series 2007-HY5R, Class 2A1B, 5.17%, 03/25/47(e)		6,290,004
	6,396,838	Countrywide Alternative Loan Trust, Series 2007-OA2, Class 2A1, 0.30%, 03/25/47(e)		4,327,010
	4,065,231	Countrywide Alternative Loan Trust, Series 2008-1R, Class 2A3, 6.00%, 08/25/37		3,383,261

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	1,147,238	Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-17, Class 1A6, 5.50%, 09/25/35	$	1,085,104
	3,747,890	Countrywide Home Loan Mortgage Pass Through Trust, Series 2006-17, Class A6, 6.00%, 12/25/36		3,397,600
	15,026,449	Countrywide Home Loan Mortgage Pass Through Trust, Series 2006-OA4, Class A1, 1.11%, 04/25/46(e)		8,049,322
	248,482	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-15, Class A1, 5.50%, 08/25/35		228,667
	654,943	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-21, Class 2A2, 5.50%, 10/25/35		629,175
	6,161,292	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-31, Class 2A3, 2.78%, 01/25/36(e)		5,055,650
	2,198,938	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-J3, Class 2A4, 4.50%, 09/25/35		2,075,126
	6,943,614	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-9, Class A2, 6.00%, 05/25/36		6,534,400
	5,572,289	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-HYB1, Class 2A1, 2.58%, 03/20/36(e)		4,620,263
	1,078,027	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-J2, Class 1A1, 6.00%, 04/25/36		983,146
	1,203,192	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-J4, Class A9, 6.25%, 09/25/36		1,082,398
	705,843	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA5, Class 3A1, 0.37%, 04/25/46(e)		596,254
	3,091,807	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-R2, Class AF1, 0.59%, 07/25/36(e)(f)		2,696,207
	2,794,745	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-2, Class A16, 6.00%, 03/25/37		2,560,473

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	7,208,364	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-21, Class 1A1, 6.25%, 02/25/38	$	6,308,750
	6,490,821	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-HY1, Class 1A1, 2.87%, 04/25/37(e)		5,303,285
	1,425,022	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-J3, Class A1, 0.67%, 07/25/37(e)		1,007,140
	7,001,449	Countrywide Home Loan Mortgage Pass-Through Trust,Series 2005-HYB9, Class 2A1, 2.42%, 02/20/36(e)		5,938,593
	1,159,323	Credit Suisse Mortgage Capital Certificates, Series 2006-8, Class 1A1, 4.50%, 10/25/21		1,113,802
	5,392,178	Credit Suisse Mortgage Capital Certificates, Series 2006-9, Class 3A1, 6.00%, 11/25/36		5,413,588
	1,101,783	Credit Suisse Mortgage Capital Certificates, Series 2010-20R, Class 9A1, 2.76%, 01/27/36(e)(f)		1,082,666
	3,090,883	Credit Suisse Mortgage Capital Certificates, Series 2011-2R, Class 2A1, 2.63%, 07/25/36(e)(f)		3,053,913
	3,791,703	Credit Suisse Mortgage Capital Certificates, Series 2011-4R, Class 5A1, 2.58%, 05/27/36(e)(f)		3,716,853
	2,975,098	Credit Suisse Mortgage Capital Certificates, Series 2011-4R, Class 6A1, 2.65%, 05/27/36(e)(f)		2,938,923
	1,129,657	Credit Suisse Mortgage Capital Certificates, Series 2011-5R, Class 1A1, 2.73%, 07/25/36(e)(f)		1,118,968
	3,282,077	Credit Suisse Mortgage Capital Certificates, Series 2011-5R, Class 2A1, 2.72%, 08/25/46(e)(f)		3,162,664
	1,939,778	Credit Suisse Mortgage Capital Certificates, Series 2011-5R, Class 3A1, 5.12%, 09/20/37(e)(f)		1,930,272
	4,052,036	Credit Suisse Mortgage Capital Certificates, Series 2011-6R, Class 5A1, 2.76%, 09/28/36(e)(f)		3,992,385
	4,013,695	Credit Suisse Mortgage Capital Certificates, Series 2011-6R, Class 6A1, 2.72%, 08/28/36(e)(f)		3,953,836
	9,243,664	Credit Suisse Mortgage Capital Certificates, Series 2013-7R, Class 6A1, 4.38%, 06/26/47(e)(f)		9,190,648
	5,337,835	Deutsche Alt-A Securities, Inc., Alternate Loan Trust, Series 2007-1, Class 1A3B, 0.31%, 08/25/37(e)		4,314,827

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	2,172,219	First Horizon Alternative Mortgage Securities, Series 2005-AA7, Class 2A1, 2.24%, 09/25/35(e)	$	1,964,603
	4,000,000	FREMF Mortgage Trust, Series 2012-K708, Class C, 3.76%, 02/25/45(e)(f)		3,770,631
	5,000,000	FREMF Mortgage Trust, Series 2012-K709, Class C, 3.74%, 04/01/45(e)(f)		4,698,947
	3,500,000	FREMF Mortgage Trust, Series 2013-K28, Class C, 3.49%, 03/25/23(e)(f)		2,854,744
	1,728,518	GMAC Mortgage Corp. Loan Trust, Series 2005-AR6, Class 2A1, 3.58%, 11/19/35(e)		1,529,765
	3,777,381	GSMPS Mortgage Loan Trust, Series 2005-RP1, Class 1AF, 0.52%, 01/25/35(e)(f)		3,281,556
	3,213,568	GSMPS Mortgage Loan Trust, Series 2006-RP1, Class 1AF1, 0.52%, 01/25/36(e)(f)		2,765,497
	1,820,928	GSR Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 2.83%, 01/25/35(e)		1,819,896
	2,789,849	GSR Mortgage Loan Trust, Series 2005-AR3, Class 5A1, 2.85%, 05/25/35(e)		2,670,538
	1,607,334	GSR Mortgage Loan Trust, Series 2005-AR5, Class 2A4, 2.73%, 10/25/35(e)		1,548,880
	5,267,000	GSR Mortgage Loan Trust, Series 2005-AR6, Class 4A5, 2.67%, 09/25/35(e)		5,258,160
	1,170,466	GSR Mortgage Loan Trust, Series 2006-4F, Class 1A1, 5.00%, 05/25/36		1,054,887
	2,100,356	GSR Mortgage Loan Trust, Series 2006-9F, Class 9A1, 6.00%, 08/25/21		2,053,015
	4,921,731	GSR Mortgage Loan Trust, Series 2006-AR1, Class 2A4, 2.78%, 01/25/36(e)		4,481,440
	2,953,891	GSR Mortgage Loan Trust, Series 2006-AR1, Class 3A1, 3.15%, 01/25/36(e)		2,553,713
	3,267,804	GSR Mortgage Loan Trust, Series 2007-4F, Class 3A1, 6.00%, 07/25/37		3,014,496
	6,834,406	Harborview Mortgage Loan Trust, Series 2006-6, Class 3A1A, 2.71%, 08/19/36(e)		4,941,911
	5,926,154	Homebanc Mortgage Trust, Series 2005-4, Class A1, 0.44%, 10/25/35(e)		5,300,121

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	2,714,532	Homebanc Mortgage Trust, Series 2006-1, Class 2A1, 2.41%, 04/25/37(e)	$	1,866,944
	3,555,620	Homebanc Mortgage Trust, Series 2006-1, Class A1, 0.35%, 12/25/36(e)		3,097,644
	2,427,315	Homebanc Mortgage Trust, Series 2007-1, Class 13A1, 5.74%, 04/25/47(e)		1,882,042
	45,391	IndyMac INDA Mortgage Loan Trust, Series 2007-AR7, Class 1A1, 2.83%, 11/25/37(e)		42,438
	5,178,501	IndyMac INDX Mortgage Loan Trust, Series 2006-AR11, Class 4A1, 2.73%, 06/25/36(e)		3,716,629
	5,823,103	IndyMac INDX Mortgage Loan Trust, Series 2006-AR3, Class 3A1A, 2.66%, 04/25/36(e)		4,394,091
	6,481,667	IndyMac INDX Mortgage Loan Trust, Series 2006-AR33, Class 2A21, 3.26%, 01/25/37(e)		5,384,859
	2,487,570	JPMorgan Alternative Loan Trust, Series 2007-A1, Class 1A1B, 0.23%, 03/25/37(e)		2,240,869
	8,092,564	JPMorgan Alternative Loan Trust, Series 2007-A1, Class 1A3A, 0.32%, 03/25/37(e)		6,786,366
	7,781,241	JPMorgan Mortgage Trust, Series 2007-A5, Class 2A1, 1.18%, 10/25/37(e)		5,474,094
	991,606	JPMorgan Mortgage Trust, Series 2007-S2, Class 2A3, 5.50%, 06/25/37		952,144
	2,003,515	Mastr Adjustable Rate Mortgages Trust, Series 2005-6, Class 5A2, 2.35%, 07/25/35(e)		1,689,134
	2,867,860	Mastr Reperforming Loan Trust, Series 2005-2, Class 1A1F, 0.52%, 05/25/35(e)(f)		2,449,310
	2,525,648	Merrill Lynch Mortgage Investors, Inc., Series 2006-AF2, Class AF1, 6.25%, 10/25/36		2,225,093
	1,872,376	Morgan Stanley Mortgage Loan Trust, Series 2006-2, Class 2A1, 1.07%, 02/25/36(e)		1,602,990
	15,974,615	Morgan Stanley Re-REMIC Trust, Series 2010-R5, Class 5B, 0.46%, 01/26/37(e)(f)		9,623,674
	15,141,359	Morgan Stanley Re-REMIC Trust, Series 2010-R5, Class 7B, 0.44%, 05/26/37(c)(e)(f)		9,989,449
	8,007,072	Prime Mortgage Trust, Series 2006-DR1, Class 2A1, 5.50%, 05/25/35(f)		7,791,591

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	3,373,344	Prime Mortgage Trust, Series 2006-DR1, Class 2A2, 6.00%, 05/25/35(f)	$	3,468,917
	5,420,782	Residential Accredit Loans, Inc., Series 2006-QS12, Class 2A4, 6.00%, 09/25/36		4,508,787
	2,561,614	Residential Accredit Loans, Inc., Series 2006-QS15, Class A1, 6.50%, 10/25/36		2,019,026
	2,092,453	Residential Accredit Loans, Inc., Series 2007-QS6, Class A1, 0.50%, 04/25/37(e)		1,321,556
	2,979,796	Residential Funding Mortgage Securities I, Series 2005-SA5, Class 2A, 3.14%, 11/25/35(e)		2,513,366
	498,380	Residential Funding Mortgage Securities I, Series 2006-S11, Class A2, 6.00%, 11/25/36		454,868
	9,440,471	Residential Funding Mortgage Securities I, Series 2006-SA2, Class 2A1, 3.63%, 08/25/36(e)		7,794,774
	5,940,923	Sequoia Mortgage Trust, Series 2013-9, Class A1, 3.50%, 07/25/43(f)		5,868,949
	5,176,413	Structured Adjustable Rate Mortgage Loan Trust, Series 2005-11, Class 1A1, 2.45%, 05/25/35(e)		4,553,153
	7,630,021	Structured Adjustable Rate Mortgage Loan Trust, Series 2005-17, Class 5A1, 4.79%, 08/25/35(e)		7,195,410
	5,246,211	Structured Adjustable Rate Mortgage Loan Trust, Series 2006-9, Class 1A1, 2.55%, 10/25/36(e)		3,758,967
	9,151,618	Structured Adjustable Rate Mortgage Loan Trust, Series 2006-9, Class 3A1, 4.75%, 10/25/36(e)		7,084,580
	8,696,570	Structured Asset Mortgage Investments II Trust, Series 2006-AR1, Class 3A1, 0.40%, 02/25/36(e)		6,731,496
	5,954,718	Structured Asset Mortgage Investments, Inc., Series 2006-AR5, Class 4A1, 0.39%, 05/25/46(e)		3,515,675
	8,235,129	Structured Asset Securities Corp, Series 2005-RF3, Class 1A, 0.52%, 06/25/35(e)(f)		7,200,483
	1,038,243	Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-1, Class 2A1, 5.58%, 02/25/37(e)		822,209
	4,264,961	Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 3A3, 5.35%, 04/25/37(e)		3,695,049
	1,403,259	Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 4A1, 5.36%, 04/25/37(e)		1,049,943

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	289,275	WaMu Mortgage Pass-Through Certificates Trust, Series 2005-AR16, Class 1A1, 2.46%, 12/25/35(e)	$	265,870
	10,398,039	WaMu Mortgage Pass-Through Certificates Trust, Series 2005-AR17, Class A1A1, 0.44%, 12/25/45(e)		9,665,466
	8,790,459	WaMu Mortgage Pass-Through Certificates Trust, Series 2006-AR10, Class 1A1, 2.37%, 09/25/36(e)		7,616,941
	7,081,318	WaMu Mortgage Pass-Through Certificates Trust, Series 2006-AR3, Class A1A, 1.16%, 02/25/46(e)		6,573,368
	1,020,115	WaMu Mortgage Pass-Through Certificates Trust, Series 2006-AR8, Class 1A1, 2.39%, 08/25/46(e)		883,835
	3,100,623	WaMu Mortgage Pass-Through Certificates Trust, Series 2007-HY7, Class 2A2, 2.29%, 07/25/37(e)		2,505,259
	6,271,396	WaMu Mortgage Pass-Through Certificates Trust, Series 2007-OA4, Class 1A, 0.92%, 05/25/47(e)		5,645,841
	3,097,198	Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2005-10, Class 2A6, 5.50%, 11/25/35		2,589,141
	7,405,646	Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2006-2, Class 4CB, 6.00%, 03/25/36		5,449,448
	6,271,872	Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2006-5, Class 3A3, STEP, 6.22%, 07/25/36		3,691,295
	2,901,713	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR6, Class 2A, 1.11%, 08/25/46(e)		1,887,374
	1,171,401	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR10, Class 3A1, 2.63%, 07/25/36(e)		1,147,683
	1,853,312	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR8, Class 2A3, 2.63%, 04/25/36(e)		1,738,043
				709,473,268
COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.4%
	1,000,000	Commercial Mortgage Pass Through Certificates, Series 2013-LC6, Class D, 4.29%, 01/10/23(e)(f)		866,939

Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
$	2,000,000	GS Mortgage Securities Corp. II, Series 2006-GG8, Class AJ, 5.62%, 11/10/39	$	1,956,996
	5,380,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-CB20, Class AJ, 6.07%, 02/12/51(e)		5,583,694
	1,000,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-CB20, Class B, 6.17%, 02/12/51(e)(f)		981,898
	5,000,000	LB-UBS Commercial Mortgage Trust, Series 2006-C4, Class AJ, 5.88%, 06/15/38(e)		5,042,998
	4,000,000	Morgan Stanley Capital I Trust, Series 2006-HQ9, Class C, 5.84%, 07/12/44(e)		4,139,277
	3,333,300	Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, Class AJ, 5.92%, 02/15/51(e)		3,309,254
				21,881,056
Total Non-Agency Mortgage-Backed Securities (Cost $656,821,870)				731,354,324
U.S. GOVERNMENT AGENCIES — 30.6%
Fannie Mae – 3.9%
	75,000,000	0.02%, 01/07/14(l)		74,995,800
	50,000,000	0.02%, 01/08/14(l)		49,997,150
	100,000,000	0.02%, 01/09/14(l)		99,994,200
				224,987,150
Federal Home Loan Bank — 26.6%
	10,000,000	0.01%, 11/01/13(l)		10,000,000
	8,000,000	0.01%, 11/18/13(l)		7,999,962
	97,000,000	0.02%, 11/19/13(l)		96,999,030
	34,625,000	0.01%, 11/27/13(l)		34,624,593
	5,000,000	0.03%, 11/27/13(l)		4,999,892
	25,600,000	0.01%, 12/02/13(l)		25,599,774
	5,400,000	0.02%, 12/04/13(l)		5,399,876
	308,200,000	0.04%, 12/13/13(l)		308,183,741
	3,000,000	0.06%, 12/13/13(l)		2,999,808
	134,000,000	0.01%, 12/16/13(l)		133,994,575
	3,000,000	0.01%, 12/16/13(l)		2,999,963
	69,000,000	0.03%, 12/18/13(l)		68,997,748
	293,650,000	0.01%, 12/20/13(l)		293,645,503
	11,000,000	0.01%, 12/27/13(l)		10,999,144
	17,000,000	0.01%, 01/03/14(l)		16,999,116
	3,000,000	0.02%, 01/03/14(l)		2,999,844
	10,000,000	0.03%, 01/07/14(l)		9,999,440
	109,000,000	0.01%, 01/08/14(l)		108,993,787

Principal Amount			Value
Federal Home Loan Bank (continued)
$	3,000,000	0.01%, 01/08/14(l)	$	2,999,829
	25,000,000	0.01%, 01/10/14(l)		24,998,550
	9,000,000	0.02%, 01/21/14(l)		8,999,388
	3,000,000	0.02%, 01/21/14(l)		2,999,796
	28,000,000	0.02%, 01/24/14(l)		27,998,040
	9,000,000	0.02%, 02/03/14(l)		8,999,064
	3,000,000	0.02%, 02/03/14(l)		2,999,688
	12,000,000	0.15%, 02/12/14(l)		11,998,632
	90,000,000	0.15%, 02/14/14(l)		89,989,470
	9,000,000	0.03%, 02/18/14(l)		8,998,911
	3,000,000	0.03%, 02/18/14(l)		2,999,637
	118,700,000	0.07%, 02/21/14(l)		118,685,281
	68,000,000	0.08%, 03/28/14(l)		67,986,128
				1,527,088,210
Freddie Mac — 0.1%
	5,300,000	0.02%, 11/25/13(l)		5,299,947
Total U.S. Government Agencies (Cost $1,757,336,864)				1,757,375,307
U.S. GOVERNMENT SECURITIES — 4.3%
U.S. Treasury Bills — 4.3%
	107,000,000	0.02%, 11/07/13(l)		106,999,720
	28,000,000	0.02%, 11/07/13(l)		27,999,930
	25,000,000	0.02%, 11/14/13(l)		24,999,847
	39,000,000	0.02%, 11/21/13(l)		38,999,424
	48,000,000	0.05%, 11/29/13(l)		47,998,133
Total U.S. Government Securities (Cost $246,997,054)				246,997,054

Shares
CASH SWEEP — 3.6%
UNITED STATES — 3.6%
	206,683,403		Citibank - US Dollars on Deposit in Custody Account, 0.02%(m)		206,683,403
Total Cash Sweep (Cost $206,683,403)					206,683,403
TOTAL INVESTMENTS — 99.2% (Cost $5,466,085,133)(a)					5,691,808,660
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.8%					45,882,229
NET ASSETS — 100.0%				$	5,737,690,889

Principal Amount
SECURITIES SOLD SHORT — (0.1)%
$	(5,700,000	)	Fannie Mae		(5,849,625	)
Total Securities Sold Short (Proceeds received $(5,801,531))				$	(5,849,625	)

Contracts				Value
CALL OPTIONS WRITTEN — (1.3)%
	(1,000	)	Abercrombie & Fitch Co., Strike $35.00, Expires 02/22/14	$	(525,000	)
	(1,250	)	Abercrombie & Fitch Co., Strike $44.00, Expires 11/16/13		(20,000	)
	(1,000	)	American International Group, Inc., Strike $35.00, Expires 01/17/15		(1,990,000	)
	(1,999	)	American International Group, Inc., Strike $44.00, Expires 01/18/14		(1,629,185	)
	(1,000	)	American International Group, Inc., Strike $45.00, Expires 01/17/15		(990,000	)
	(1,250	)	American International Group, Inc., Strike $47.00, Expires 01/17/15		(1,062,500	)
	(1,500	)	American International Group, Inc., Strike $52.50, Expires 02/22/14		(340,500	)
	(2,979	)	Apollo Group, Inc., Strike $17.00, Expires 01/18/14		(2,979,000	)
	(18	)	Apple, Inc., Strike $360.00, Expires 01/18/14		(293,850	)
	(100	)	Apple, Inc., Strike $410.00, Expires 01/18/14		(1,132,500	)
	(200	)	Apple, Inc., Strike $420.00, Expires 01/18/14		(2,061,000	)
	(150	)	Apple, Inc., Strike $425.00, Expires 01/17/15		(1,733,250	)
	(100	)	Apple, Inc., Strike $440.00, Expires 04/19/14		(885,500	)
	(265	)	Apple, Inc., Strike $450.00, Expires 01/17/15		(2,628,800	)
	(100	)	Apple, Inc., Strike $450.00, Expires 01/18/14		(741,000	)
	(12	)	Applied Materials, Inc., Strike $10.00, Expires 01/18/14		(9,480	)
	(1,000	)	Auxilium Pharmaceuticals, Inc., Strike $15.00, Expires 12/21/13		(320,000	)
	(5,000	)	Bank of America Corp., Strike $10.00, Expires 01/17/15		(2,175,000	)
	(4,648	)	Bank of America Corp., Strike $14.00, Expires 11/16/13		(92,960	)
	(1,000	)	Baxter International, Inc., Strike $67.50, Expires 01/18/14		(114,000	)
	(1,500	)	Campbell Soup Co., Strike $40.00, Expires 05/17/14		(585,000	)
	(171	)	CF Industries Holdings, Inc., Strike $190.00, Expires 01/18/14		(475,380	)
	(250	)	CF Industries Holdings, Inc., Strike $205.00, Expires 05/17/14		(583,750	)
	(129	)	CF Industries Holdings, Inc., Strike $210.00, Expires 01/18/14		(173,505	)

Contracts				Value
	(150	)	CF Industries Holdings, Inc., Strike $215.00, Expires 01/18/14	$	(162,000	)
	(2,381	)	Cirrus Logic, Inc., Strike $15.00, Expires 01/17/15		(2,166,710	)
	(4,500	)	Cirrus Logic, Inc., Strike $18.00, Expires 01/18/14		(2,205,000	)
	(1,000	)	Cirrus Logic, Inc., Strike $18.00, Expires 12/21/13		(470,000	)
	(1	)	Cisco Systems, Inc., Strike $15.00, Expires 01/18/14		(760	)
	(1,485	)	Cisco Systems, Inc., Strike $17.00, Expires 01/17/15		(861,300	)
	(1,000	)	Citigroup, Inc., Strike $55.00, Expires 01/17/15		(298,000	)
	(1,000	)	Citigroup, Inc., Strike $55.00, Expires 06/21/14		(150,000	)
	(994	)	Coach, Inc., Strike $45.00, Expires 01/18/14		(596,400	)
	(250	)	Coach, Inc., Strike $50.00, Expires 01/18/14		(55,000	)
	(45	)	Dell, Inc., Strike $10.00, Expires 01/18/14		(17,460	)
	(1	)	Dell, Inc., Strike $8.00, Expires 01/18/14		(588	)
	(1,250	)	Family Dollar Stores, Inc., Strike $55.00, Expires 01/18/14		(1,962,500	)
	(2,144	)	Francesca’s Holdings Corp., Strike $15.00, Expires 06/21/14		(1,007,680	)
	(123	)	Freeport-McMoRan Copper & Gold, Inc., Strike $25.00, Expires 01/18/14		(158,055	)
	(3,475	)	Freeport-McMoRan Copper & Gold, Inc., Strike $28.00, Expires 01/18/14		(3,440,250	)
	(8	)	GameStop Corp., Strike $15.00, Expires 01/18/14		(33,600	)
	(2,000	)	Gentiva Health Services, Inc., Strike $10.00, Expires 02/22/14		(420,000	)
	(5,000	)	Genworth Financial, Inc., Strike $10.00, Expires 01/18/14		(2,300,000	)
	(4,500	)	Genworth Financial, Inc., Strike $11.00, Expires 03/22/14		(1,710,000	)
	(2,000	)	Genworth Financial, Inc., Strike $12.00, Expires 01/18/14		(540,000	)
	(1,000	)	HollyFrontier Corp., Strike $48.00, Expires 01/18/14		(205,000	)
	(4,234	)	Intel Corp., Strike $20.00, Expires 01/18/14		(1,905,300	)
	(350	)	International Business Machines Corp., Strike $170.00, Expires 04/19/14		(472,500	)
	(2,000	)	Intrepid Potash, Inc., Strike $17.00, Expires 12/21/13		(40,000	)
	(1,648	)	iShares FTSE China 25 Index Fund, Strike $35.00, Expires 01/18/14		(491,104	)

Contracts				Value
	(3	)	iShares MSCI EAFE Index Fund, Strike $47.00, Expires 01/18/14	$	(5,835	)
	(10	)	iShares MSCI Germany Index Fund, Strike $21.00, Expires 01/18/14		(8,800	)
	(602	)	iShares MSCI Germany Index Fund, Strike $22.00, Expires 01/18/14		(463,540	)
	(2,500	)	iShares MSCI Germany Index Fund, Strike $28.00, Expires 01/17/15		(750,000	)
	(2,250	)	KBR, Inc., Strike $30.00, Expires 03/22/14		(1,237,500	)
	(751	)	Liquidity Services, Inc., Strike $22.50, Expires 06/21/14		(428,070	)
	(1,000	)	Marathon Petroleum Corp., Strike $60.00, Expires 01/18/14		(1,290,000	)
	(999	)	Marathon Petroleum Corp., Strike $62.50, Expires 04/19/14		(1,218,780	)
	(10	)	Microsoft Corp., Strike $25.00, Expires 01/18/14		(10,400	)
	(2,500	)	Mosaic Co. (The), Strike $47.50, Expires 01/18/14		(445,000	)
	(3,000	)	Myriad Genetics, Inc., Strike $20.00, Expires 05/17/14		(1,710,000	)
	(2,000	)	Nevsun Resources Ltd., Strike $2.50, Expires 12/21/13		(240,000	)
	(170	)	Newmont Mining Corp., Strike $30.00, Expires 01/18/14		(13,940	)
	(1,000	)	Nu Skin Enterprises, Inc., Strike $35.00, Expires 01/17/15		(8,450,000	)
	(3	)	Occidental Petroleum Corp., Strike $67.50, Expires 01/18/14		(8,850	)
	(75	)	Occidental Petroleum Corp., Strike $75.00, Expires 01/18/14		(164,625	)
	(100	)	Occidental Petroleum Corp., Strike $77.50, Expires 01/18/14		(196,500	)
	(1,500	)	Questcor Pharmaceuticals, Inc., Strike $30.00, Expires 01/17/15		(4,995,000	)
	(733	)	Questcor Pharmaceuticals, Inc., Strike $40.00, Expires 04/19/14		(1,847,160	)
	(4	)	Seagate Technology Plc, Strike $18.00, Expires 01/17/15		(12,340	)
	(4	)	Seagate Technology Plc, Strike $25.00, Expires 01/18/14		(9,500	)
	(3	)	Seagate Technology Plc, Strike $27.00, Expires 01/18/14		(7,200	)
	(1,000	)	Seagate Technology Plc, Strike $36.00, Expires 03/22/14		(1,285,000	)
	(1,000	)	Seagate Technology Plc, Strike $36.00, Expires 12/21/13		(1,305,000	)

Contracts				Value
	(1,000	)	Seagate Technology Plc, Strike $38.00, Expires 03/22/14	$	(1,105,000	)
	(1,000	)	Seagate Technology Plc, Strike $43.00, Expires 03/22/14		(705,000	)
	(2,000	)	Teva Pharmaceutical Industries Ltd., Strike $40.00, Expires 01/18/14		(74,000	)
	(6	)	Total SA, Strike $45.00, Expires 01/18/14		(10,800	)
	(3,000	)	ValueClick, Inc., Strike $18.00, Expires 03/22/14		(840,000	)
	(1,250	)	Weight Watchers International, Inc., Strike $35.00, Expires 01/17/15		(525,000	)
Total Call Options Written (Premiums received $(61,064,383))					(74,573,207	)

Contracts/ Notional Amount ($)				Value
STRUCTURED OPTIONS — 1.8%
	121,330		American International Group, Inc., One purchased call strike $43.27, One written call strike $53.573, One written put strike $43.27 with a barrier level strike of $28.847, Expires 01/16/15, Broker Goldman Sachs Group, Inc.		500,443
	2,231		DAXK Index, One purchased call strike $4,482.00, One written call strike $5,154.30, One written put strike $4,482.00 with a barrier level strike of $3,316.68, Expires 09/19/14, Broker Goldman Sachs Group, Inc.		410,117
$	13,800,000		DAXK Index, One purchased call strike $4,570.3176, One written call strike $31.2287 on iShares MSCI Germany ETF, One written put strike $27.8828 with a barrier level strike of $22.306 on iShares MSCI Germany ETF ($10,000,000 notional amount), Expires 12/19/14, Broker JPMorgan Chase Bank(o)		49,529
	2,415		DAXK Index, One purchased call strike $4,140.40, One written call strike $4,802.864, One written put strike $4,140.40 with a barrier level strike of $2,898.28, Expires 09/19/14, Broker Goldman Sachs Group, Inc.		876,620

Contracts/ Notional Amount ($)			Value
	2,338	DAXK Index, One purchased call strike $4,277.00, One written call strike $4,833.01, One written put strike $4,277.00 with a barrier level strike of $2,993.90, Expires 08/15/14, Broker Goldman Sachs Group, Inc.	$	640,338
$	10,000,000	DAXK Index, One purchased call strike $4,318.75, One written call strike $4,966.5625, One written put strike $4,318.75 with a barrier level strike of $3,023.125, Expires 06/20/14, Broker JPMorgan Chase Bank		733,592
	2,299	DAXK Index, One purchased call strike $4,351.00, One written call strike $5,090.67, One written put strike $4,351.00 with a barrier level strike of $3,263.25 Expires 11/21/14, Broker Goldman Sachs Group, Inc.		563,847
$	5,000,000	DAXK Index, One purchased call strike $4,371.42, One written call strike $5,027.13, One written put strike $4,371.42 with a barrier level strike of $3,059.99, Expires 02/20/15, Broker Citibank N.A.		221,222
	8,566	DAXK Index, One purchased call strike $4,378.20, One written call strike $29.44 on iShares MSCI Germany ETF (1,426,941 contracts), One written put strike $26.28 with a barrier level strike of $21.023 on iShares MSCI Germany ETF (570,776 contracts), Expires 11/21/14, Broker Goldman Sachs Group, Inc. with a barrier level strike of $21.023 on iShares MSCI Germany ETF (570,776 contracts), Expires 11/21/14, Broker Goldman Sachs Group, Inc.(p)		1,223,426
$	10,000,000	DAXK Index, One purchased call strike $4,394.80, One written call strike $5,054.02, One written put strike $4,394.80 with a barrier level strike of $3,296.10, Expires 12/19/14, Broker JPMorgan Chase Bank		434,842

Contracts/ Notional Amount ($)			Value
	2,262	DAXK Index, One purchased call strike $4,420.39, One written call strike $5,216.0602, One written put strike $4,420.39 with a barrier level strike of $3,094.273, Expires 10/17/14, Broker Goldman Sachs Group, Inc.	$	583,722
$	2,000,000	DAXK Index, One purchased call strike $4,444.72, One written call strike $26.5862 on iShares MSCI Germany ETF, One written put strike $26.5862 with a barrier level strike of $21.269 on iShares MSCI Germany ETF ($10,000,000 notional amount), Expires 12/19/14, Broker Citibank N.A.(o)		596,309
	2,243	DAXK Index, One purchased call strike $4,458.16, One written call strike $5,171.47, One written put strike $4,458.16 with a barrier level strike of $3,299.04, Expires 10/17/14, Broker Credit Suisse Group AG		472,475
$	19,500,000	DAXK Index, One purchased call strike $4,465.18, One written call strike $30.0574 on iShares MSCI Germany ETF, One written put strike $26.837 with a barrier level strike of $21.47 on iShares MSCI Germany ETF ($10,000,000 notional amount), Expires 01/16/15, Broker JPMorgan Chase Bank(o)		249,670
	3,274	DAXK Index, One purchased call strike $4,582.2208, One written call strike $5,223.7317, One written put strike $4,582.2208 with a barrier level strike of $3,299.199 Expires 01/16/15, Broker Goldman Sachs Group, Inc.		273,894
$	29,600,000	DAXK Index, One purchased call strike $4,619.50, One written call strike $31.5401 on iShares MSCI Germany ETF, One written put strike $28.1608 with a barrier level strike of $22.529 on iShares MSCI Germany ETF ($20,000,000 notional amount), Expires 02/20/15, Broker JPMorgan Chase Bank(o)		(106,716	)

Contracts/ Notional Amount ($)			Value
$	10,000,000	Euro STOXX 50 Index, One purchased call strike $2,595.70, Expires 01/19/18, One written put strike $2,595.70 with a barrier level strike of $1,491.2297, Expires 01/16/15, Broker Citigroup, Inc.	$	1,979,272
	3,839	Euro STOXX 50 Index, One purchased call strike $2,605.00, Expires 01/19/18, One written put strike $2,605.00 with a barrier level strike of $1,439.2630, Expires 01/16/15, Broker JPMorgan Chase Bank		1,938,915
	1,920	Euro STOXX 50 Index, One purchased call strike $2,605.00, Expires 01/19/18, One written put strike $2,605.00 with a barrier level strike of $1,589.05, Expires 01/16/15, Broker Goldman Sachs Group, Inc.		966,174
	3,802	Euro STOXX 50 Index, One purchased call strike $2,630.00, Expires 03/16/18, One written put strike $2,630.00 with a barrier level strike of $1,693.72, Expires 03/20/15, Broker Goldman Sachs Group, Inc.		1,802,410
	3,764	Euro STOXX 50 Index, One purchased call strike $2,657.00, Expires 01/19/18, One written put strike $2,657.00 with a barrier level strike of $1,554.3450, Expires 01/16/15, Broker JPMorgan Chase Bank		1,758,884
	5,516	Euro STOXX 50 Index, One purchased call strike $2,719.48, Expires 02/16/18, One written put strike $2,719.48 with a barrier level strike of $1,706.4740, Expires 02/20/15, Broker JPMorgan Chase Bank		2,299,784
	5,505	Euro STOXX 50 Index, One purchased call strike $2,725,10, Expires 12/21/18, One written put strike $2,725.10 with a barrier level strike of $2,125.58, Expires 12/16/16, Broker Goldman Sachs Group, Inc.		1,305,031

Contracts/ Notional Amount ($)			Value
$	10,000,000	Euro STOXX 50 Index, One purchased call strike $2,730.95, Expires 05/18/18, One written put strike $2,730.95 with a barrier level strike of $1,768.29, Expires 05/15/15, Broker JPMorgan Chase Bank	$	1,332,574
$	7,875,000	Euro STOXX 50 Index, One purchased call strike $2,797.2047, Expires 12/21/18, One written put strike $2,797.2047 with a barrier level strike of $2,041.959 ($7,500,000 notional amount), Expires 12/16/16, Broker JPMorgan Chase Bank(o)		579,408
	2,697	Euro STOXX 50 Index, One purchased call strike $2,799.80, One written call strike $3,275.77, One written put strike $2,799.80 with a barrier level strike of $1,959.86, Expires 12/19/14, Broker UBS AG		351,841
	5,339	Euro STOXX 50 Index, One purchased call strike $2,810.00, Expires 06/15/18, One written put strike $2,810.00 with a barrier level strike of $1,968.00, Expires 06/19/15, Broker Goldman Sachs Group, Inc.		1,452,860
$	15,550,000	Euro STOXX 50 Index, One purchased call strike $3,088.1826, One written call strike $3,269.8404, One written put strike $3,027.63 with a barrier level strike of $2,724.867, Expires 07/18/14 ($5,000,000 notional amount), Broker JPMorgan Chase Bank Expires 07/18/14, Broker JPMorgan Chase Bank(o)		61,596
	2,587	FTSE 100 Index, One purchased call strike $6,832.7207, One written call strike $7,238.6249, One written put strike $6,765.07 with a barrier level strike of $6,156.2137 (1,478 contracts), Expires 05/16/14, Broker Goldman Sachs Group, Inc. Expires 05/16/14, Broker Goldman Sachs Group, Inc.(p)		(45,513	)

Contracts/ Notional Amount ($)			Value
	324	FTSE MIB Index, One purchased call strike $19,288.8936, One written call strike $20,423.5344, One written put strike $18,910.68 with a barrier level strike of $17,019.612 (159 contracts), Expires 05/16/14, Broker Goldman Sachs Group, Inc. Expires 05/16/14, Broker Goldman Sachs Group, Inc.(p)	$	49,455
	254	FTSE MIB Index, One purchased call strike $19,658.97, One written call strike $20,815.38 (240 contracts), One written put strike $19,273.50 with a barrier level strike of $17,346.15 (259 contracts), Expires 07/18/14, Broker UBS AG (p)		(24,524	)
	918	IBEX 35 Index, One purchased call strike $10,015.8951, One written call strike $10,605.0654, One written put strike $9,819.505 with a barrier level strike of $8,837.5545 (306 contracts), Expires 05/16/14, Broker Goldman Sachs Group, Inc. (p)		5,187
$	17,800,000	IBEX 35 Index, One purchased call strike $10,244.319, One written call strike $10,846.926, One written put strike $10,043.45 with a barrier level strike of $9,039.105 ($5,000,000 notional amount), Expires 07/18/14, Broker JPMorgan Chase Bank Expires 07/18/14, Broker JPMorgan Chase Bank(o)		(93,557	)
	295,805	iShares FTSE/Xinhua China 25 Index ETF, One purchased call strike $33.8060, One written call strike $38.8769, One written put strike $33.8060 with a barrier level strike of $22.9881, Expires 08/15/14, Broker Citigroup, Inc.		516,607

Contracts/ Notional Amount ($)			Value
	288,480	iShares FTSE/Xinhua China 25 Index ETF, One purchased call strike $34.6644, One written call strike $39.5174, One written put strike $34.6644 with a barrier level strike of $23.9184, Expires 09/19/14, Broker Citigroup, Inc.	$	296,834
$	5,000,000	iShares FTSE/Xinhua China 25 Index ETF, One purchased call strike $38.3163, One written call strike $44.8301, One written put strike $38.3163 with a barrier level strike of $30.653, Expires 01/16/15, Broker Citibank N.A.(o)		(227,193	)
$	7,500,000	iShares FTSE/Xinhua China 25 Index ETF, One purchased call strike $38.5495, One written call strike $43.9464, One written put strike $38.5495 with a barrier level strike of $26.2137, Expires 02/20/15, Broker Citibank N.A.		(373,412	)
	114,558	iShares MSCI Brazil Index Fund, One purchased call strike $43.6461, One written call strike $50.193, One written put strike $43.6461 with a barrier level strike of $26.188, Expires 05/16/14, Broker JPMorgan Chase Bank		454,220
	106,064	iShares MSCI Brazil Index Fund, One purchased call strike $47.1414, One written call strike $54.2126, One written put strike $47.1414 with a barrier level strike of $29.2277, Expires 08/15/14, Broker Citigroup, Inc.		181,574
	172,859	iShares MSCI EAFE Index Fund, One purchased call strike $57.8506, One written call strike $66.5282, One written put strike $57.8506 with a barrier level strike of $39.0492, Expires 08/15/14, Broker Citigroup, Inc.		821,115
	177,462	iShares MSCI EAFE Index Fund, One purchased call strike $56.35, One written call strike $67.62, One written put strike $56.35 with a barrier level strike of $36.63, Expires 08/15/14, Broker Credit Suisse Group AG		1,191,219

Contracts/ Notional Amount ($)			Value
	176,697	iShares MSCI EAFE Index Fund, One purchased call strike $56.5940, One written call strike $65.0831, One written put strike $56.5940 with a barrier level strike of $36.7861, Expires 08/15/14, Broker Citigroup, Inc.	$	919,724
	174,767	iShares MSCI EAFE Index Fund, One purchased call strike $57.2191, One written call strike $65.8020, One written put strike $57.2191 with a barrier level strike of $37.1924, Expires 08/15/14, Broker Citigroup, Inc.		879,587
	173,220	iShares MSCI EAFE Index Fund, One purchased call strike $57.73, One written call strike $68.12, One written put strike $57.73 with a barrier level strike of $41.85, Expires 07/18/14, Broker Credit Suisse Group AG		981,047
	259,023	iShares MSCI EAFE Index Fund, One purchased call strike $57.91, One written call strike $64.69, One written put strike $57.91 with a barrier level strike of $40.54, Expires 08/15/14, Broker UBS AG		1,260,784
	345,352	iShares MSCI EAFE Index Fund, One purchased call strike $57.912, One written call strike $67.77, One written put strike $57.912 with a barrier level strike of $40.54, Expires 08/15/14, Broker Goldman Sachs Group, Inc.		1,727,388
	85,837	iShares MSCI EAFE Index Fund, One purchased call strike $58.25, One written call strike $64.08, One written put strike $58.25 with a barrier level strike of $40.78, Expires 07/18/14, Broker UBS AG		260,551
	423,298	iShares MSCI EAFE Index Fund, One purchased call strike $58.65, One written put strike $54.00 with a barrier level strike of $49.35, Expires 12/20/13, Broker Goldman Sachs Group, Inc.		2,841,263
	170,329	iShares MSCI EAFE Index Fund, One purchased call strike $58.71, One written call strike $65.17, One written put strike $58.71 with a barrier level strike of $41.10, Expires 08/15/14, Broker UBS AG		512,803

Contracts/ Notional Amount ($)			Value
	167,448	iShares MSCI EAFE Index Fund, One purchased call strike $59.72, One written call strike $69.28, One written put strike $59.72 with a barrier level strike of $41.80, Expires 09/19/14, Broker UBS AG	$	618,042
	164,799	iShares MSCI EAFE Index Fund, One purchased call strike $60.68, One written call strike $69.18, One written put strike $60.68 with a barrier level strike of $43.69, Expires 11/21/14, Broker UBS AG		381,644
	249,376	iShares MSCI EAFE Index Fund, One purchased call strike $60.75, One written put strike $54.74, Expires 03/21/14, Broker UBS AG		1,289,283
	249,367	iShares MSCI EAFE Index Fund, One purchased call strike $60.7538, One written put strike $55.9416, Expires 02/21/14, Broker Citigroup, Inc.		1,268,332
	373,888	iShares MSCI EAFE Index Fund, One purchased call strike $60.7803, One written put strike $55.966, Expires 01/17/14, Broker Goldman Sachs Group, Inc.		1,822,232
	243,704	iShares MSCI EAFE Index Fund, One purchased call strike $61.55, One written call strike $70.7825, One written put strike $61.55 with a barrier level strike of $43.085, Expires 09/19/14, Broker Goldman Sachs Group, Inc.		652,186
	409,165	iShares MSCI EAFE Index Fund, One purchased call strike $61.71, One written put strike $56.82, Expires 02/21/14, Broker UBS AG		1,697,478
	238,398	iShares MSCI EAFE Index Fund, One purchased call strike $62.92, One written call strike $72.358, One written put strike $62.92 with a barrier level strike of $44.044, Expires 09/19/14, Broker Goldman Sachs Group, Inc.		465,366
	157,381	iShares MSCI EAFE Index Fund, One purchased call strike $63.54, One written call strike $73.07, One written put strike $63.54 with a barrier level strike of $46.38, Expires 10/17/14, Broker UBS AG		184,936

Contracts/ Notional Amount ($)			Value
	354,244	iShares MSCI Emerging Markets Index Fund, One purchased call strike $42.3437, One written call strike $48.6953, One written put strike $42.3437 with a barrier level strike of $30.9109, Expires 08/15/14, Broker Citigroup, Inc.	$	(70,228	)
$	11,600,000	iShares MSCI Emerging Markets Index Fund, One purchased call strike $36.7112, One written call strike $39.6481, One written put strike $36.7112 with a barrier level strike of $23.8623 ($5,000,000 notional amount), Expires 12/23/14, Broker Citigroup, Inc.(o)		728,046
	134,553	iShares MSCI Emerging Markets Index Fund, One purchased call strike $37.16, One written call strike $42.73, One written put strike $37.16 with a barrier level strike of $23.41, Expires 08/15/14, Broker UBS AG		370,064
	132,240	iShares MSCI Emerging Markets Index Fund, One purchased call strike $37.81, One written call strike $43.48, One written put strike $37.81 with a barrier level strike of $23.82, Expires 09/19/14, Broker UBS AG		314,604
	5,750,000	iShares MSCI Emerging Markets Index Fund, One purchased call strike $39.31, One written call strike $42.4548, One written put strike $38.5238 with a barrier level strike of $28.6963 ($2,500,000 notional amount), Expires 07/18/14, Broker Citigroup, Inc.(o)		191,664
	254,194	iShares MSCI Emerging Markets Index Fund, One purchased call strike $39.34, One written call strike $42.49, One written put strike $38.55 with a barrier level strike of $28.715 (127,097 contracts), Expires 07/18/14, Broker Goldman Sachs Group, Inc.(p)		325,901

Contracts/ Notional Amount ($)			Value
	126,390	iShares MSCI Emerging Markets Index Fund, One purchased call strike $39.56, One written call strike $46.29, One written put strike $39.56 with a barrier level strike of $29.67, Expires 08/15/14, Broker UBS AG	$	217,004
	233,918	iShares MSCI Emerging Markets Index Fund, One purchased call strike $42.75, One written call strike $49.16, One written put strike $42.75 with a barrier level strike of $30.78, Expires 09/19/14, Broker UBS AG		(115,975	)
	233,504	iShares MSCI Emerging Markets Index Fund, One purchased call strike $42.8259, One written call strike $49.678, One written put strike $42.8259 with a barrier level strike of $29.122, Expires 12/19/14, Broker JPMorgan Chase Bank		(150,578	)
	457,143	iShares MSCI Emerging Markets Index Fund, One purchased call strike $43.75, One written call strike $48.125, One written put strike $43.75 with a barrier level strike of $32.375, Expires 02/21/14, Broker JPMorgan Chase Bank		44,427
	135,426	iShares MSCI Mexico Index Fund, One purchased call strike $73.8412, One written call strike $84.9174, One written put strike $73.8412 with a barrier level strike of $54.6425, Expires 10/17/14, Broker Citigroup, Inc.		(1,095,253	)
	120,327	iShares MSCI Mexico Index Fund, One purchased call strike $62.33, One written call strike $72.9261, One written put strike $62.33 with a barrier level strike of $43.631, Expires 10/17/14, Broker Goldman Sachs Group, Inc.		158,550
	118,427	iShares MSCI Mexico Index Fund, One purchased call strike $63.33, One written call strike $74.0961, One written put strike $63.33 with a barrier level strike of $42.4311, Expires 12/19/14, Broker Goldman Sachs Group, Inc.		55,041

Contracts/ Notional Amount ($)			Value
	112,613	iShares MSCI Mexico Index Fund, One purchased call strike $66.60, One written call strike $77.922, One written put strike $66.60 with a barrier level strike of $46.62, Expires 11/21/14, Broker Goldman Sachs Group, Inc.	$	(183,294	)
	73,503	iShares MSCI Mexico Index Fund, One purchased call strike $68.0243, One written call strike $78.9082, One written put strike $68.0243 with a barrier level strike of $47.617, Expires 11/21/14, Broker Citibank N.A.		(216,710	)
	137,269	iShares MSCI Mexico Index Fund, One purchased call strike $72.85, One written call strike $83.78, One written put strike $72.85 with a barrier level strike of $54.6375, Expires 07/18/14, Broker Goldman Sachs Group, Inc.		(888,654	)
$	11,300,000	iShares MSCI South Korea Index Fund, One purchased call strike $65.5857, One written call strike $68.8650, One written put strike $65.5857 with a barrier level strike of $59.0271 ($5,000,000 notional amount), Expires 05/16/14, Broker Citibank N.A. Expires 05/16/14, Broker Citibank N.A.		(99,460	)
	27,208	Korea Stock Exchange KOSPI 200 Index , One purchased call strike $243.50, One purchased put strike $243.50 (20,534 contracts), One written put strike $54.82 on iShares MSCI South Korea Capped ETF with a barrier level strike of $38.374 (182,414 contracts), Expires 01/16/15, Broker Goldman Sachs Group, Inc.(p)		773,150
	53,312	Korea Stock Exchange KOSPI 200 Index , One purchased call strike $243.85, One purchased put strike $243.85 (41,009 contracts), One written put strike $55.03 on iShares MSCI South Korea Capped ETF with a barrier level strike of $38.521 (363,438 contracts), Expires 01/16/15, Broker Goldman Sachs Group, Inc.(p)		1,484,649

Contracts/ Notional Amount ($)			Value
	41,412	Korea Stock Exchange KOSPI 200 Index , One purchased call strike $244.50, One purchased put strike $244.50 (30,675 contracts), One written put strike $55.43 on iShares MSCI South Korea Capped ETF with a barrier level strike of $38.80 (270,612 contracts), Expires 01/16/15, Broker Goldman Sachs Group, Inc.(p)	$	1,130,556
	55,422	Korea Stock Exchange KOSPI 200 Index , One purchased call strike $247.20, One purchased put strike $247.20 (40,454 contracts), One written put strike $55.81 on iShares MSCI South Korea Capped ETF with a barrier level strike of $44.648 (358,358 contracts), Expires 02/13/15, Broker Goldman Sachs Group, Inc.(p)		1,398,068
$	10,125,000	Korea Stock Exchange KOSPI 200 Index, One purchased call strike $240.839474, One purchased put strike $240.839474 ($7,500,000 notional amount), One written put strike $54.656073 on iShares MSCI South Korea Capped ETF with a barrier level strike of $43.725 ($15,000,000 notional amount), Expires 03/20/15, Broker JPMorgan Chase Bank(o)		1,141,182
$	10,125,000	Korea Stock Exchange KOSPI 200 Index, One purchased call strike $242.54, One purchased put strike $242.54 ($7,500,000 notional amount), One written put strike $55.2353 on iShares MSCI South Korea Capped ETF with a barrier level strike of $43.084 ($15,000,000 notional amount), Expires 03/13/15, Broker JPMorgan Chase Bank(o)		1,100,895

Contracts/ Notional Amount ($)			Value
$	13,500,000	Korea Stock Exchange KOSPI 200 Index, One purchased call strike $250.0589, One purchased put strike $250.0589 ($10,000,000 notional amount), One written put strike $56.705 on iShares MSCI South Korea Capped ETF with a barrier level strike of $45.364 ($20,000,000 notional amount), Expires 03/13/15, Broker JPMorgan Chase Bank(o)	$	1,071,783
$	5,000,000	Korea Stock Exchange KOSPI 200 Index, One purchased call strike $261.4225, One written call strike $68.8445 on iShares MSCI South Korea Capped ETF, One written put strike $61.4683 with a barrier level strike of $49.1746 on iShares MSCI South Korea Capped ETF, Expires 03/20/15, Broker Citibank N.A.		(234,841	)
$	10,000,000	Korea Stock Exchange KOSPI 200 Index, One purchased call strike $261.62, One written call strike $69.0719 on iShares MSCI South Korea Capped ETF, One written put strike $61.6713 with a barrier level strike of $49.337 on iShares MSCI South Korea Capped ETF, Expires 03/20/15, Broker Citibank N.A.		(469,428	)
	236,821	Market Vectors Oil Service ETF, One purchased call strike $42.226, One written call strike $47.7154, One written put strike $42.226 with a barrier level strike of $27.4469, Expires 09/19/14, Broker Goldman Sachs Group, Inc.		660,683
	367,002	Market Vectors Russia ETF, One purchased call strike $27.2478, One written call strike $31.6074, One written put strike $27.2478 with a barrier level strike of $19.0735, Expires 09/19/14, Broker Citigroup, Inc.		238,238

Contracts/ Notional Amount ($)			Value
	360,061	Market Vectors Russia ETF, One purchased call strike $27.7731, One written call strike $32.4945, One written put strike $27.7731 with a barrier level strike of $19.4412, Expires 10/17/14, Broker Citigroup, Inc.	$	97,550
	610,005	Market Vectors Russia ETF, One purchased call strike $24.59, One written call strike $29.02, One written put strike $24.59 with a barrier level strike of $15.49, Expires 08/15/14, Broker Goldman Sachs Group, Inc.		1,427,518
	199,675	Market Vectors Russia ETF, One purchased call strike $25.0407, One written call strike $28.7968, One written put strike $25.0407 with a barrier level strike of $16.276, Expires 09/19/14, Broker JPMorgan Chase Bank		320,451
	198,416	Market Vectors Russia ETF, One purchased call strike $25.1996, One written call strike $29.4835, One written put strike $25.1996 with a barrier level strike of $15.876, Expires 08/15/14, Broker JPMorgan Chase Bank		396,922
	378,215	Market Vectors Russia ETF, One purchased call strike $26.44, One written call strike $31.728, One written put strike $26.44 with a barrier level strike of $18.508, Expires 09/19/14, Broker Goldman Sachs Group, Inc.		512,382
	187,829	Market Vectors Russia ETF, One purchased call strike $26.62, One written call strike $31.15, One written put strike $26.62 with a barrier level strike of $17.30, Expires 10/17/14, Broker UBS AG		236,045
	366,133	Market Vectors Russia ETF, One purchased call strike $27.3125, One written call strike $31.41, One written put strike $27.3125 with a barrier level strike of $17.752, Expires 01/17/14, Broker Goldman Sachs Group, Inc.		601,041

Contracts/ Notional Amount ($)			Value
	169,023	Market Vectors Russia ETF, One purchased call strike $29.5817, One written call strike $34.3148, One written put strike $29.5817 with a barrier level strike of $19.2281, Expires 03/20/15, Broker Goldman Sachs Group, Inc.	$	(217,226	)
	1,006,834	Market Vectors Russia ETF, One purchased call strike $29.995, One written call strike $31.495, One written put strike $29.995 with a barrier level strike of $26.996 (333,389 contracts), Expires 04/17/14, Broker Credit Suisse Group AG (p)		(203,972	)
	30,000,000	MSCI EAFE Index, One purchased call strike $1,641.42, One written put strike $1,641.42 with a barrier level strike of $1,329.55, Expires 03/31/14, Broker Goldman Sachs Group, Inc.		2,905,251
	23,744	Russell 2000 Index, One purchased call strike $1,063.4056, One written put strike $979.1755, Expires 01/17/14, Broker Goldman Sachs Group, Inc.		1,160,832
	9,481	Russell 2000 Index, One purchased call strike $1,065.247, One written put strike $980.871, Expires 12/20/13, Broker JPMorgan Chase Bank		419,180
	12,108	Russell 2000 Index, One purchased call strike $1,102.58, One written call strike $1,157.71, One written put strike $1,102.58 with a barrier level strike of $992.32 (6,802 contracts), Expires 04/17/14, Broker Credit Suisse Group AG (p)		16,761
	5,510	Russell 2000 Index, One purchased call strike $907.50, One written call strike $1,007.325, One written put strike $907.50 with a barrier level strike of $635.25, Expires 07/18/14, Broker Goldman Sachs Group, Inc.		376,837

Contracts/ Notional Amount ($)			Value
	10,921	Russell 2000 Index, One purchased call strike $915.68, One written call strike $1,062.19, One written put strike $915.68 with a barrier level strike of $659.29, Expires 09/19/14, Broker UBS AG	$	965,018
	10,676	Russell 2000 Index, One purchased call strike $936.65, One written call strike $1,077.15, One written put strike $936.65 with a barrier level strike of $702.4875, Expires 08/15/14, Broker Goldman Sachs Group, Inc.		846,946
	10,663	Russell 2000 Index, One purchased call strike $937.8295, One written call strike $1,059.7474, One written put strike $937.8295 with a barrier level strike of $656.4807, Expires 07/18/14, Broker Goldman Sachs Group, Inc.		808,563
	10,618	Russell 2000 Index, One purchased call strike $941.80, One written call strike $1,083.07, One written put strike $941.80 with a barrier level strike of $659.26, Expires 08/15/14, Broker UBS AG		884,221
	10,536	Russell 2000 Index, One purchased call strike $949.1365, One written call strike $1,082.0156, One written put strike $949.1365 with a barrier level strike of $692.87, Expires 08/15/14, Broker JPMorgan Chase Bank		767,494
	10,517	Russell 2000 Index, One purchased call strike $950.85, One written call strike $1,074.50, One written put strike $950.85 with a barrier level strike of $713.13, Expires 07/18/14, Broker Goldman Sachs Group, Inc.		724,785
	3,094	S&P 500 Index, One purchased call strike $1,616.20, One written call strike $1,810.144, One written put strike $1,616.20 with a barrier level strike of $1,179.826, Expires 09/19/14, Broker Citigroup, Inc.		246,202

Contracts/ Notional Amount ($)			Value
$	5,000,000	S&P 500 Index, One purchased call strike at $1,650.2144, One written call strike $1,864.7422, One written put strike $47.6938 on WisdomTree Japan Hedged Equity Fund with a barrier level strike at $33.3857, Expires 07/18/14, Broker Citigroup, Inc.	$	199,484
$	21,800,000	S&P 500 Index, One purchased call strike at $1,659.9035, One written call strike $1,859.0919, One written put strike $61.3945 on SPDR S&P Oil & Gas Exploration & Production ETF with a barrier level strike at $41.7483 ($10,000,000 notional amount), Expires 07/18/14, Broker Citigroup, Inc.		1,068,823
	6,999	S&P 500 Index, One purchased call strike $1,428.75, One written call strike $1,600.20 One written put strike $1,428.75 with a barrier level strike of $1,071.56, Expires 05/16/14, Broker Goldman Sachs Group, Inc.		998,900
	6,999	S&P 500 Index, One purchased call strike $1,428.75, One written call strike $1,600.20, One written put strike $1,428.75 with a barrier level strike of $1,071.56, Expires 05/16/14, Broker Goldman Sachs Group, Inc.		(994,698	)
	13,222	S&P 500 Index, One purchased call strike $1,512.57, One written put strike $1,512.57 with a barrier level strike of $1,058.799, Expires 02/27/14, Broker JPMorgan Chase Bank		89,750
	6,435	S&P 500 Index, One purchased call strike $1,554.10, One written call strike $1,756.13, One written put strike $1,554.10 with a barrier level strike of $1,134.49, Expires 08/15/14, Broker UBS AG		731,426
	6,408	S&P 500 Index, One purchased call strike $1,560.48, One written call strike $1,732.1328, One written put strike $1,560.48 with a barrier level strike of $1,185.965, Expires 07/18/14, Broker JPMorgan Chase Bank		633,931

Contracts/ Notional Amount ($)			Value
$	21,000,000	S&P 500 Index, One purchased call strike $1,584.8314, One written call strike $1,757.4368 ($15,000,000 notional amount), One written put strike $1,537.7572 with a barrier level strike of $1,255.312 ($15,000,000 notional amount), Expires 06/27/14, Broker Citigroup, Inc.	$	1,664,786
	3,147	S&P 500 Index, One purchased call strike $1,588.75, One written call strike $1,842.95, One written put strike $1,588.75 with a barrier level strike of $1,175.68, Expires 08/15/14, Broker UBS AG		380,787
	4,748	S&P 500 Index, One purchased call strike $1,590.15, Expires 01/17/14, One written put strike $44.35 on WisdomTree Japan Hedged Equity Fund with a barrier level strike of $28.384 (112,740 contracts), Expires 09/19/14, Broker Goldman Sachs Group, Inc.(p)		714,288
	9,370	S&P 500 Index, One purchased call strike $1,600.80, One written call strike $1,840.92, One written put strike $1,600.80 with a barrier level strike of $1,200.60, Expires 09/19/14, Broker Goldman Sachs Group, Inc.		973,572
	4,894	S&P 500 Index, One purchased call strike $1,604.11, Expires 12/20/13, One written put strike $44.18 on WisdomTree Japan Hedged Equity Fund with a barrier level strike of $27.83 (113,173 contracts), Expires 09/19/14, Broker UBS AG(p)		634,203
	15,743	S&P 500 Index, One purchased call strike $1,619.75, One written put strike $1,476.83, Expires 12/20/13, Broker JPMorgan Chase Bank		2,146,170
	3,086	S&P 500 Index, One purchased call strike $1,620.22, One written call strike $1,798.45, One written put strike $1,620.22 with a barrier level strike of $1,198.97, Expires 09/19/14, Broker Credit Suisse Group AG		225,284

Contracts/ Notional Amount ($)			Value
	12,319	S&P 500 Index, One purchased call strike $1,623.45, One written call strike $1,834.4985, One written put strike $1,623.45 with a barrier level strike of $1,201.353, Expires 10/17/14, Broker JPMorgan Chase Bank	$	910,341
	31,075	S&P 500 Index, One purchased call strike $1,625.09, One written put strike $1,464.19, Expires 12/20/13, Broker Goldman Sachs Group, Inc.		4,067,721
	5,045	S&P 500 Index, One purchased call strike $1,625.4195, Expires 12/20/13, One written put strike $47.88 on WisdomTree Japan Hedged Equity Fund with a barrier level strike of $30.6432 (104,428 contracts), Expires 09/19/14, Broker Goldman Sachs Group, Inc.(p)		525,827
	6,201	S&P 500 Index, One purchased call strike $1,628.88, One written put strike $1,499.86 with a barrier level strike of $1,370.84, Expires 12/20/13, Broker UBS AG		788,108
	9,186	S&P 500 Index, One purchased call strike $1,632.87, One written call strike $1,894.1292, One written put strike $1,632.87 with a barrier level strike of $1,208.324, Expires 10/17/14, Broker JPMorgan Chase Bank		801,473
	3,054	S&P 500 Index, One purchased call strike $1,637.2681, One written call strike $1,882.8583, One written put strike $1,637.2681 with a barrier level strike of $1,146.0877, Expires 02/20/15, Broker Goldman Sachs Group, Inc.		198,512
	4,878	S&P 500 Index, One purchased call strike $1,640.00, Expires 12/20/13, One written put strike $47.71 on WisdomTree Japan Hedged Equity Fund with a barrier level strike of $29.58 (104,800 contracts), Expires 09/19/14, Broker Goldman Sachs Group, Inc.(p)		462,268

Contracts/ Notional Amount ($)			Value
	9,143	S&P 500 Index, One purchased call strike $1,640.70, One written call strike $1,870.40, One written put strike $1,640.70 with a barrier level strike of $1,197.711, Expires 11/21/14, Broker Goldman Sachs Group, Inc.	$	636,027
	12,148	S&P 500 Index, One purchased call strike $1,646.55, One written call strike $1,844.136 (6,074 contracts), One written put strike $53.4765 on WisdomTree Japan Hedged Equity Fund with a barrier level strike of $38.1975 (196,348 contracts), Expires 06/30/14, Broker Goldman Sachs Group, Inc.(p)		750,674
	12,091	S&P 500 Index, One purchased call strike $1,654.16, One written call strike $1,918.82, One written put strike $1,654.16 with a barrier level strike of $1,273.70, Expires 11/21/14, Broker Credit Suisse Group AG		828,795
	6,044	S&P 500 Index, One purchased call strike $1,654.70, One written call strike $1,869.811, One written put strike $1,654.70 with a barrier level strike of $1,207.931, Expires 10/17/14, Broker Goldman Sachs Group, Inc.		390,372
	12,087	S&P 500 Index, One purchased call strike $1,654.70, One written call strike $1,886.358, One written put strike $1,654.70 with a barrier level strike of $1,257.572, Expires 11/21/14, Broker Goldman Sachs Group, Inc.		679,655
	9,057	S&P 500 Index, One purchased call strike $1,656.24, One written call strike $1,854.99 (6,038 contracts), One written put strike $33.60 on SPDR S&P Homebuilders ETF with a barrier level strike of $22.40 (312,500 contracts), Expires 07/18/14, Broker UBS AG(p)		317,748

Contracts/ Notional Amount ($)			Value
	9,056	S&P 500 Index, One purchased call strike $1,656.375, One written call strike $1,855.14 (6,037 contracts), One written put strike $33.6205 (312,310 contracts) on SPDR S&P Homebuilders ETF with a barrier level strike of $22.414, Expires 07/18/14, Broker JPMorgan Chase Bank(p)	$	381,604
	18,106	S&P 500 Index, One purchased call strike $1,657.00, One written call strike $1,855.84 (9,053 contracts), One written put strike $54.348 on WisdomTree Japan Hedged Equity Fund with a barrier level strike of $38.82 (289,800 contracts), Expires 06/30/14, Broker Goldman Sachs Group, Inc.(p)		862,767
	3,016	S&P 500 Index, One purchased call strike $1,657.56, One written call strike $1,873.04, One written put strike $1,657.56 with a barrier level strike of $1,210.02, Expires 10/17/14, Broker UBS AG		174,484
	18,097	S&P 500 Index, One purchased call strike $1,657.7316, One written call strike $1,856.6594 (12,065 contracts), One written put strike $53.6198 on WisdomTree Japan Hedged Equity Fund with a barrier level strike of $35.7466 (391,646 contracts), Expires 08/15/14, Broker Goldman Sachs Group, Inc.(p)		776,726
$	14,999,996	S&P 500 Index, One purchased call strike $1,671.40 with a barrier level strike of $1,303.692, One written put strike $95.43 on iShares iBoxx High Yield Corporate Bond ETF with a barrier level strike of $94.4757, Expires 12/20/13, Broker JPMorgan Chase Bank		293,724
	9,016	S&P 500 Index, One purchased call strike $1,680.29, One written put strike $1,547.19, Expires 02/21/14, Broker Citibank N.A.		771,484

Contracts/ Notional Amount ($)			Value
	4,447	S&P 500 Index, One purchased call strike $1,686.50, Expires 02/21/14, One written put strike $44.80 on WisdomTree Japan Hedged Equity Fund with a barrier level strike of $27.776 (167,411 contracts), Expires 10/17/14, Broker Goldman Sachs Group, Inc.(p)	$	282,306
	4,435	S&P 500 Index, One purchased call strike $1,690.95, Expires 01/17/14, One written put strike $45.80 on WisdomTree Japan Hedged Equity Fund with a barrier level strike of $28.396 (163,755 contracts), Expires 10/17/14, Broker Goldman Sachs Group, Inc.(p)		211,942
	5,901	S&P 500 Index, One purchased call strike $1,694.70, Expires 01/17/14, One written put strike $48.57 on WisdomTree Japan Hedged Equity Fund with a barrier level strike of $31.082 (205,888 contracts), Expires 10/17/14, Broker Goldman Sachs Group, Inc.(p)		120,406
	8,846	S&P 500 Index, One purchased call strike $1,695.90, Expires 01/17/14, One written put strike $48.70 on WisdomTree Japan Hedged Equity Fund with a barrier level strike of $31.168 (308,007 contracts), Expires 10/17/14, Broker Goldman Sachs Group, Inc.(p)		156,997
	14,689	S&P 500 Index, One purchased call strike $1,701.98, One written put strike $1,059.8375 on Russell 2000 Index with a barrier level strike of $911.46 (23,589 contracts), Expires 04/17/14, Broker JPMorgan Chase Bank(p)		788,615
	22,902	S&P 500 Index, One purchased call strike $1,742.23, One written call strike $1,829.34, One written put strike $1,742.23 with a barrier level strike of $1,568.01 (17,219 contracts), Expires 04/17/14, Broker Credit Suisse Group AG(p)		240,255

Contracts/ Notional Amount ($)			Value
	25,982	S&P 500 Index, One purchased call strike $1,743.54, One written call strike $1,830.717, One written put strike $1,743.54 with a barrier level strike of $1,569.186 (17,206 contracts), Expires 05/16/14, Broker JPMorgan Chase Bank(p)	$	126,469
	22,931	S&P 500 Index, One purchased call strike $1,744.3325, Expires 01/17/14, One written put strike $48.25 on WisdomTree Japan Hedged Equity Fund with a barrier level strike of $33.775 (414,508 contracts), Expires 10/17/14, Broker Goldman Sachs Group, Inc. Expires 10/17/14, Broker Goldman Sachs Group, Inc.(p)		79,521
$	8,050,000	S&P 500 Index, One purchased call strike $1,745.7454, One written call strike $1,833.0327, One written put strike $1,745.7454 with a barrier level strike of $1,588.6283 ($5,000,000 notional amount), Expires 05/16/14, Broker Citibank N.A.(o)		15,997
	10,774	S&P 500 Index, One purchased call strike $1,763.53, One written call strike $1,869.34, One written put strike $1,763.53 with a barrier level strike of $1,587.18 (5,670 contracts), Expires 07/18/14, Broker Credit Suisse Group AG (p)		65,559
	5,947	S&P 500 Index, One purchased call strike at $1,681.50, Expires 02/21/14, One written put strike $45.9757 on WisdomTree Japan Hedged Equity Fund with a barrier level strike at $28.5049 (217,506 contracts), Expires 10/17/14, Broker Citigroup, Inc.(p)		323,289

Contracts/ Notional Amount ($)			Value
	66,845	SPDR Dow Jones Industrial Average ETF Trust, One purchased call strike $149.60, One written call strike $103.89 on iShares Barclays 20+ Year Treasury Bond ETF (66,845 contracts), One written put strike $103.89 with a barrier level strike of $88.31 on iShares Barclays 20+ Year Treasury Bond ETF (96,256 contracts), Expires 12/20/13, Broker UBS AG(p)	$	411,369
	131,571	SPDR Dow Jones Industrial Average ETF Trust, One purchased call strike $152.01, One written put strike $90.70 on iShares iBoxx High Yield Corporate Bond ETF with a barrier level strike of $79.816 (220,507 contracts), Expires 12/20/13, Broker Goldman Sachs Group, Inc.(p)		536,201
	32,795	SPDR Dow Jones Industrial Average ETF Trust, One purchased call strike $152.46, One purchased put strike $152.46, One written put strike $91.0135 on iShares iBoxx High Yield Corporate Bond ETF with a barrier level strike of $77.361 (109,874 contracts), Expires 06/20/14, Broker JPMorgan Chase & Co.(p)		177,366
	32,723	SPDR Dow Jones Industrial Average ETF Trust, One purchased call strike $152.80, Expires 12/20/13, One written put strike $47.98 on WisdomTree Japan Hedged Equity Fund with a barrier level strike of $28.788 (104,210 contracts), Expires 09/19/14, Broker Goldman Sachs Group, Inc.(p)		23,950
	64,927	SPDR Dow Jones Industrial Average ETF Trust, One purchased call strike $154.02, One written put strike $221.8135 (45,083 contracts) on SPDR S&P MidCap 400 ETF Trust with a barrier level strike of $186.989, Expires 04/08/14, Broker JPMorgan Chase & Co.(p)		165,751

Contracts/ Notional Amount ($)			Value
	323,394	SPDR Dow Jones Industrial Average ETF Trust, One purchased call strike $154.61, One written put strike $143.785, Expires 02/21/14, Broker Goldman Sachs Group, Inc.	$	786,702
	32,268	SPDR Dow Jones Industrial Average ETF Trust, One purchased call strike $154.95, Expires 01/17/14, One written put strike $48.83 on WisdomTree Japan Hedged Equity Fund with a barrier level strike of $29.29 (102,396 contracts), Expires 10/17/14, Broker Goldman Sachs Group, Inc.(p)		(25,617	)
$	15,000,000	SPDR Dow Jones Industrial Average ETF Trust, One purchased call strike $155.5856, Expires 01/17/14, One written put strike $47.1062 on WisdomTree Japan Hedged Equity Fund with a barrier level strike of $29.21, Expires 11/21/14, Broker Citibank N.A.		(214,011	)
	121,113	SPDR Dow Jones Industrial Average ETF Trust, One purchased call strike $155.805, One written call strike $160.3875, One written put strike $37.59 on iShares MSCI Emerging Markets Index Fund with a barrier level strike of $31.95 (133,014 contracts), Expires 01/06/14, Broker Goldman Sachs Group, Inc.(p)		183,022
	215,301	SPDR S&P Dividend ETF , One purchased call strike $69.67, One written call strike $1,857.8622 on S&P 500 Index (6,030 contracts), One written put strike $63.5775 on SPDR S&P Oil & Gas Exploration & Production ETF with a barrier level strike of $39.3575, Expires 06/30/14, Broker Goldman Sachs Group, Inc. with a barrier level strike of $39.3575 (165,153 contracts), Expires 06/30/14, Broker Goldman Sachs Group, Inc.(p)		469,636

Contracts/ Notional Amount ($)			Value
	317,619	SPDR S&P Dividend ETF , One purchased call strike $69.895, One written call strike $1,780.2069 on S&P Index (6,011 contracts), One written put strike $64.1729 on SPDR S&P Oil & Gas Exploration & Production ETF with a barrier level strike of $42.7819, with a barrier level strike of $42.7819 (163,621 contracts), Expires 07/18/14, Broker Goldman Sachs Group, Inc.(p)	$	544,402
	331,658	SPDR S&P Homebuilders ETF, One purchased call strike $30.1515, One written call strike $34.0712, One written put strike $30.1515 with a barrier level strike of $21.7091, Expires 07/18/14, Broker Citigroup, Inc.		44,651
	617,431	SPDR S&P Homebuilders ETF, One purchased call strike $32.3923, One written call strike $35.6315, One written put strike $32.3923 with a barrier level strike of $19.4354, Expires 01/16/15, Broker Citigroup, Inc.		(1,026,929	)
	359,998	SPDR S&P Homebuilders ETF, One purchased call strike $27.7779, One written call strike $33.3335, One written put strike $27.7779 with a barrier level strike of $19.4450, Expires 06/20/14, Broker JPMorgan Chase Bank		723,637
	214,225	SPDR S&P Homebuilders ETF, One purchased call strike $23.34, One written call strike $29.175, One written put strike $23.34 with a barrier level strike of $15.171, Expires 01/17/14, Broker Goldman Sachs Group, Inc.		1,094,460
	319,435	SPDR S&P Homebuilders ETF, One purchased call strike $23.479, One written call strike $29.35, One written put strike $23.479 with a barrier level strike of $15.26, Expires 01/17/14, Broker Goldman Sachs Group, Inc.		1,625,857

Contracts/ Notional Amount ($)			Value
	384,008	SPDR S&P Homebuilders ETF, One purchased call strike $26.0411, One written call strike $31.2493, One written put strike $26.0411 with a barrier level strike of $15.6247, Expires 02/21/14, Broker Citigroup, Inc.	$	1,349,370
	8,966	TOPIX 100 Index, One purchased call strike $1,115.29, One written call strike $1,260.28, One written put strike $934.20 on Russell 2000 Index with a barrier level strike of $700.65 (10,704 contracts), Expires 08/15/14, Broker Goldman Sachs Group, Inc.		450,744
	8,868	TOPIX 100 Index, One purchased call strike $1,127.60, One written call strike $1,296.74, One written put strike $1,570.70 on S&P 500 Index with a barrier level strike of $1,178.025 (6,367 contracts), Expires 08/15/14, Broker Goldman Sachs Group, Inc.(p)		512,334
	17,540	TOPIX 100 Index, One purchased call strike $1,140.26, One written call strike $1,311.299, One written put strike $949.35 on Russell 2000 Index with a barrier level strike of $712.00 (21,067 contracts), Expires 08/15/14, Broker Goldman Sachs Group, Inc.(p)		840,408
	13,055	TOPIX 100 Index, One purchased call strike $1,148.97, One written call strike $1,321.32, One written put strike $1,563.83 on S&P 500 Index with a barrier level strike of $1,172.87 (9,592 contracts), Expires 09/19/14, Broker Goldman Sachs Group, Inc.(p)		632,796
	8,696	TOPIX 100 Index, One purchased call strike $1,150.00, One written call strike $1,357.00, One written put strike $1,581.18 on S&P 500 Index with a barrier level strike of $1,185.85 (6,325 contracts), Expires 09/19/14, Broker Goldman Sachs Group, Inc.(p)		479,999

Contracts/ Notional Amount ($)			Value
	8,416	TOPIX 100 Index, One purchased call strike $1,188.34, One written call strike $1,427.00, One written put strike $980.30 on Russell 2000 Index with a barrier level strike of $725.422 (10,201 contracts), Expires 07/18/14, Broker Goldman Sachs Group, Inc.(p)	$	353,338
	11,952	TOPIX 100 Index, One purchased call strike $1,255.00, One written call strike $1,568.75, One written put strike $986.55 on Russell 2000 Index with a barrier level strike of $739.9125 (15,205 contracts), Expires 10/17/14, Broker Goldman Sachs Group, Inc.(p)		126,874
	7,727	TOPIX 100 Index, One purchased call strike $1,294.17, One written call strike $1,514.18, One written put strike $907.50 on Russell 2000 Index with a barrier level strike of $630.712 (11,019 contracts), Expires 08/15/14, Broker Goldman Sachs Group, Inc.(p)		644,112
	10,661	TOPIX 100 Index, One purchased call strike $1,407.00, One written call strike $1,688.40, One written put strike $988.15 on Russell 2000 Index with a barrier level strike of $741.00 (15,180 contracts), Expires 10/17/14, Broker Goldman Sachs Group, Inc.(p)		271,331
	6,495	TOPIX Index, One purchased call strike $1,010.52, One written call strike $1,162.10, One written put strike $1,539.75 on S&P 500 Index with a barrier level strike of $1,154.81, Expires 06/20/14, Broker UBS AG		1,049,499
$	10,000,000	TOPIX Index, One purchased call strike $1,080.30, One written call strike $1,242.345, One written put strike $1,558.85 on S&P 500 Index with a barrier level strike of $1,200.315, Expires 07/11/14, Broker JPMorgan Chase Bank		697,025

Contracts/ Notional Amount ($)			Value
	6,332	TOPIX Index, One purchased call strike $1,359.60, One written call strike $1,563.54, One written put strike $1,579.31 on S&P 500 Index with a barrier level strike of $1,184.48, Expires 09/19/14, Broker UBS AG	$	382,479
	188,929	Vanguard FTSE Europe ETF, One purchased call strike $53.46, One written put strike $49.23, Expires 01/17/14, Broker Citibank N.A.		632,846
$	15,000,000	Vanguard FTSE Europe ETF, One purchased call strike $53.9039, One written call strike $63.6066, One written put strike $53.9039 with a barrier level strike of $37.7327, Expires 02/20/15, Broker Citibank N.A.		350,929
$	5,000,000	Vanguard FTSE Europe ETF, One purchased call strike $53.963, One written call strike $62.5971, One written put strike $53.963 with a barrier level strike of $37.7741, Expires 12/19/14, Broker Citibank N.A.		135,899
$	15,000,000	Vanguard FTSE Europe ETF, One purchased call strike $54.5083, One written call strike $62.6846, One written put strike $54.5083 with a barrier level strike of $39.246, Expires 12/19/14, Broker Citibank N.A.		318,627
	360,234	Vanguard FTSE Europe ETF, One purchased call strike $55.5194, One written call strike $63.8473, One written put strike $55.5194 with a barrier level strike of $38.864, Expires 01/16/15, Broker JPMorgan Chase Bank		(77,176	)
	178,432	Vanguard FTSE Europe ETF, One purchased call strike $56.0437, One written call strike $65.5711, One written put strike $56.0437 with a barrier level strike of $39.791, Expires 03/20/15, Broker Goldman Sachs Group, Inc.		52,671

Contracts/ Notional Amount ($)			Value
	231,433	Vanguard FTSE Europe ETF, One purchased call strike $58.51, One written call strike $61.95, One written put strike $57.36 with a barrier level strike of $51.62 (130,753 contracts), Expires 05/16/14, Broker Credit Suisse Group AG (p)	$	(54,723	)
	221,603	WisdomTree Japan Hedged Equity Fund, One purchased call strike $45.1258, One written call strike $52.3459, One written put strike $45.1258 with a barrier level strike of $27.978, Expires 11/21/14, Broker Goldman Sachs Group, Inc.		430,605
	218,293	WisdomTree Japan Hedged Equity Fund, One purchased call strike $45.81, One written call strike $53.1396, One written put strike $45.81 with a barrier level strike of $32.067, Expires 12/19/14, Broker Goldman Sachs Group, Inc.		188,226
	106,193	WisdomTree Japan Hedged Equity Fund, One purchased call strike $47.084, One written call strike $54.1466, One written put strike $47.084 with a barrier level strike of $31.546, Expires 03/20/15, Broker JPMorgan Chase Bank		(33,236	)
	210,128	WisdomTree Japan Hedged Equity Fund, One purchased call strike $47.59, One written call strike $55.68, One written put strike $47.59 with a barrier level strike of $32.36, Expires 01/16/15, Broker UBS AG		(39,162	)
	209,461	WisdomTree Japan Hedged Equity Fund, One purchased call strike $47.7416, One written call strike $55.3803, One written put strike $47.7416 with a barrier level strike of $32.942, Expires 02/20/15, Broker JPMorgan Chase Bank		(126,736	)

Contracts/ Notional Amount ($)			Value
	208,943	WisdomTree Japan Hedged Equity Fund, One purchased call strike $47.86, One written call strike $56.47, One written put strike $47.86 with a barrier level strike of $33.50, Expires 03/20/15, Broker UBS AG	$	(225,065	)
	104,232	WisdomTree Japan Hedged Equity Fund, One purchased call strike $47.97, One written call strike $56.12, One written put strike $47.97 with a barrier level strike of $32.62, Expires 07/18/14, Broker UBS AG		56,767
	204,583	WisdomTree Japan Hedged Equity Fund, One purchased call strike $48.88, One written call strike $57.68, One written put strike $48.88 with a barrier level strike of $35.19, Expires 02/20/15, Broker UBS AG		(425,948	)
	203,253	WisdomTree Japan Hedged Equity Fund, One purchased call strike $49.20, One written call strike $57.564, One written put strike $49.20 with a barrier level strike of $36.408, Expires 10/17/14, Broker Goldman Sachs Group, Inc.		(253,161	)
	302,115	WisdomTree Japan Hedged Equity Fund, One purchased call strike $49.65, One written call strike $59.58, One written put strike $49.65 with a barrier level strike of $34.76, Expires 10/17/14, Broker UBS AG		(269,643	)
	198,137	WisdomTree Japan Hedged Equity Fund, One purchased call strike $50.47, One written call strike $63.09, One written put strike $50.47 with a barrier level strike of $37.85, Expires 11/21/14, Broker UBS AG		(441,378	)
Total Structured Options (Premiums received $(26,377,607))				105,267,092

FUTURES CONTRACTS: LONG POSITION
Contracts			Unrealized Depreciation
	280	Intercontinental Exchange Crude Oil, December 2013	$	(1,069,874	)

Cash collateral of $3,080 for the open futures contracts is reflected in segregated cash for futures contracts in the Statements of Assets and Liabilities.

	Unrealized Appreciation/ (Depreciation)
SWAP AGREEMENTS (PURCHASED)
Equity swap with Goldman Sachs Group, Inc. paying total return of the WisdomTree Japan Hedged Equity Fund over the initial equity level of 47.6991 including dividends and receiving total return of the WisdomTree Japan Hedged Equity Fund under the initial equity level of 47.6991 and receiving a floating amount based on 1-month LIBOR, expiring 06/03/14 (Underlying notional amount $20,033,622) (Cost $12,600)	$	74,725
Equity swap with UBS AG receiving variance of the S&P 500 Index over the target volatility of 28.60 and paying variance of the S&P 500 Index under the target volatility of 28.60, expiring 12/18/15 (Underlying notional amount $500,000)		(4,361,744	)
Volatility swap with Goldman Sachs International receiving an amount if the volatility of USD/EUR foreign exchange rate is over 8.35% and paying an amount if the volatility of USD/EUR foreign exchange rate is under 8.35%, expiring 03/12/14, (Underlying Vega amount $250,000)		(151,406	)
Volatility swap with Goldman Sachs International receiving an amount if the volatility of USD/EUR foreign exchange rate is over 8.35% and paying an amount if the volatility of USD/EUR foreign exchange rate is under 8.35%, expiring 03/20/14, (Underlying Vega amount $250,000)		(124,831	)
Volatility swap with Goldman Sachs International receiving an amount if the volatility of USD/EUR foreign exchange rate is over 8.55% and paying an amount if the volatility of USD/EUR foreign exchange rate is under 8.55%, expiring 02/20/14, (Underlying Vega amount $250,000)		(244,693	)

	Unrealized Appreciation/ (Depreciation)
Volatility swap with Goldman Sachs International receiving an amount if the volatility of USD/EUR foreign exchange rate is over 8.75% and paying an amount if the volatility of USD/EUR foreign exchange rate is under 8.75%, expiring 02/17/14, (Underlying Vega amount $500,000)	$	(593,314	)
Volatility swap with JPMorgan Chase & Co. receiving an amount if the volatility of USD/EUR foreign exchange rate is over 8.80% and paying an amount if the volatility of USD/EUR foreign exchange rate is under 8.80%, expiring 02/17/14, (Underlying Vega amount $250,000)		412,869
Volatility swap with UBS AG receiving an amount if the volatility of USD/EUR foreign exchange rate is over 8.60% and paying an amount if the volatility of USD/EUR foreign exchange rate is under 8.60%, expiring 02/17/14, (Underlying Vega amount $250,000)		(415,148	)
	$	(5,403,545	)

	Unrealized Appreciation/ (Depreciation)
SWAP AGREEMENTS (WRITTEN)
Correlation swap with BNP Paribas SA paying an amount if the realized correlation ratio is over 51% and receiving an amount if the realized correlation ratio is under 51%, expiring 12/13/13 (Underlying notional amount JPY 4,625,000)(c)	$	(880,134	)
Dividend swap with BNP Paribas SA receiving a payment if the dividends on the stocks in the STOXX50E Index are over the target value of 139 Euro and paying a payment if the dividends on the stocks in the STOXX50E Index are under the target value of 139 Euro, expiring 12/18/15 (Underlying notional amount Euro 100,000)(c)		(4,150,411	)

	Unrealized Appreciation/ (Depreciation)
Equity swap with Goldman Sachs Group, Inc. paying total return of the WisdomTree Japan Hedged Equity Fund over the initial equity level of 44.1882 including dividends and receiving total return of the WisdomTree Japan Hedged Equity Fund under the initial equity level of 44.1882 and receiving a floating amount based on 1-month LIBOR, expiring 06/01/14 (Underlying notional amount $15,068,176) (Cost $10,230)	$	60,669
Equity swap with Goldman Sachs Group, Inc. paying total return of the WisdomTree Japan Hedged Equity Fund over the initial equity level of 44.9581 and receiving total return of the WisdomTree Japan Hedged Equity Fund under the initial equity level of 44.9581, expiring 06/03/14 (Underlying notional amount $15,038,484)		59,513
Equity swap with JPMorgan Chase Bank paying total return of the iShares MSCI South Korea Capped ETF over the initial equity level of 64.1129 and receiving a variable payment based on 1-month LIBOR, expiring 02/05/14 (Underlying notional amount $14,996,520)		0
Interest rate swap with JPMorgan Chase & Co. receiving a fixed rate of 3.018% and paying a floating rate based on 3-month LIBOR, expiring 08/22/23 (Underlying notional amount $15,940,000)		(314,690	)
Interest rate swap with JPMorgan Chase & Co. receiving a fixed rate of 3.848% and paying a floating rate based on 3-month LIBOR, expiring 08/22/43 (Underlying notional amount $9,110,000)		(232,637	)
Variance swap with JPMorgan Chase & Co. paying variance of the S&P 500 Index over the target volatility of 33.05 and receiving variance of the S&P 500 Index under the target volatility of 33.05, expiring 12/18/15 (Underlying Vega amount $500,000)		5,632,737

	Unrealized Appreciation/ (Depreciation)
Variance swap with JPMorgan Chase & Co. paying variance of the S&P 500 Index over the target volatility of 33.05 and receiving variance of the S&P 500 Index under the target volatility of 33.05, expiring 12/20/19 (Underlying Vega notional amount $500,000)	$	4,094,647
	$	4,269,694

At October 31, 2013, the Global Opportunities Fund held investments in restricted securities with a fair value of $3,600,000 or 0.06% of net assets, as follows:

Acquisition Cost				Issuer		Acquisition Date		10/31/13 Carrying Value Per Unit
$	12,125,000			ShengdaTech, Inc., Cnv.(b)(c)(d)(f)(i)		01/19/11		$	30.00

(a)	Cost for federal income tax purposes is $5,479,084,970 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	294,385,297
Unrealized depreciation		(81,661,611	)
Net unrealized appreciation	$	212,723,686

(b)	Non-income producing security.
(c)	This security is considered either fully or partially illiquid. These securities, or portions thereof have a value of $115,797,659 or 2.02% of net assets. Included in this amount are securities which are also exempt from registration under Rule 144A of the Securities Act of 1933, as amended (see (f) below) that amount to $24,143,529 or 0.42% of net assets.
(d)	Fair valued security under procedures established by the Fund’s Board of Directors. The aggregate value of fair valued securities is $13,011,017, which is 0.23% of net assets.
(e)	Variable rate security. Rate shown is the rate as of October 31, 2013.
(f)	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The aggregate value is $341,842,424, which is 5.96% of net assets. These securities have been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors except those also included in footnote (c) above.
(g)	Issuer filed for bankruptcy and/or is in default of interest payments.
(h)	Principal amount denoted in Singapore Dollars.
(i)	Zero coupon bond. The rate represents the yield at time of purchase.
(j)	Investment in non-U.S. Dollars. Principal amount reflects

	local currency.
(k)	Payment-in-kind (“PIK”) security. Income may be paid in additional securities or cash at the discretion of the issuer.
(l)	The rate represents the annualized yield at time of purchase.
(m)	Rate shown represents current yield at October 31, 2013.
(n)	Security offered and sold outside of the United States, and this is exempt from registration under Regulation S of the Securities Act of 1933. It has been deemed liquid under guidelines approved by the Board.
(o)	Notional Amount is shown parenthetically for any leg of Structured Option which has a different notional amount than the amount shown under Notional Amount column.
(p)	Number of contracts are shown parenthetically for any leg of Structured Option which has a different number of contracts than the amount shown under contracts column.

ADR — American Depositary Receipt

Cnv. — Convertible

EUR — Euro

FOR — Foreign Ownership Restrictions

JPY — Japanese Yen

LIBOR — London Interbank Offered Rate

REIT — Real Estate Investment Trust

STEP — Step Coupon Bond

Portfolio diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Asset-Backed Securities		2.2	%
Banks		1.2	%
Collateralized Mortgage Obligations		12.4	%
Commercial Mortgage-Backed Securities		0.4	%
Consumer Discretionary		5.4	%
Consumer Staples		2.7	%
Diversified Financials		1.7	%
Energy		2.8	%
Government Bonds		9.7	%
Health Care		5.3	%
Industrials		3.9	%
Information Technology		4.7	%
Insurance		1.9	%
Materials		2.5	%
Real Estate		1.3	%
Telecommunication Services		1.6	%
U.S. Government Agencies and Securities		34.9	%
Utilities		0.4	%
Other*		5.0	%
		100.0	%

*	Includes cash and equivalents, exchange traded funds, options, futures, swap agreements, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable.

Shares			Value
COMMON STOCKS — 37.8%
AUSTRALIA — 2.1%
Materials — 2.1%
	525,000	Rio Tinto Ltd.	$	31,752,179
CANADA — 0.5%
Energy — 0.5%
	1,150,000	Athabasca Oil Corp.(b)		7,169,232
NETHERLANDS — 3.5%
Materials — 3.5%
	690,000	LyondellBasell Industries NV - Class A		51,474,000
UNITED KINGDOM — 2.0%
Energy — 2.0%
	2,000,000	Tullow Oil Plc		30,224,316
UNITED STATES — 29.7%
Consumer Discretionary — 3.9%
	1,750,000	Toll Brothers, Inc.(b)		57,540,000
Consumer Staples — 3.9%
	2,075,000	Tyson Foods, Inc. - Class A		57,415,250
Energy — 11.0%
	180,000	Anadarko Petroleum Corp.		17,152,200
	390,000	Chevron Corp.		46,784,400
	412,000	Exxon Mobil Corp.		36,923,440
	316,438	Goodrich Petroleum Corp.(b)		7,401,485
	725,000	Range Resources Corp.		54,889,750
				163,151,275
Materials — 4.9%
	436,750	Dow Chemical Co. (The)		17,238,523
	530,000	Monsanto Co.		55,586,400
				72,824,923
Real Estate — 6.0%
	600,000	Rayonier, Inc., REIT		28,212,000
	650,000	St. Joe Co. (The)(b)(c)		12,135,500
	1,630,000	Weyerhaeuser Co., REIT		49,552,000
				89,899,500
				440,830,948
Total Common Stocks (Cost $550,398,055)				561,450,675

Number of Coins
COLLECTIBLE COINS — 2.4%
UNITED STATES — 2.4%
	41	Various Collectible Coins and Sets of Coins(c)		34,925,700
Total Collectible Coins (Cost $32,684,721)				34,925,700

Fine Troy Ounces			Value
COMMODITIES — 8.7%
UNITED STATES — 8.7%
	97,696	Gold Bullion	$	129,261,740
Total Commodities (Cost $107,380,573)				129,261,740

Contracts
CALL OPTIONS PURCHASED — 0.1%
Commodities — 0.1%
	500	COMEX Gold Futures, Strike $1,450.00, Expiring 03/26/14		1,020,000
Total Call Options Purchased (Cost $1,279,500)				1,020,000
PUT OPTIONS PURCHASED — 0.0%
Commodities — 0.0%
	380	COMEX Gold Futures, Strike $1,250.00, Expiring 11/25/13		224,200
Total Put Options Purchased (Cost $1,048,420)				224,200

Principal Amount			Value
ASSET-BACKED SECURITIES — 8.3%
UNITED STATES — 8.3%
$	8,000,000	GCO Education Loan Funding Trust, Series 2006-2A, Class A1AR, 1.49%, 08/27/46(d)		7,440,000
	8,000,000	GCO Education Loan Funding Trust, Series 2006-2A, Class A3AR, 1.33%, 08/27/46(d)		7,440,000
	9,450,000	SLM Student Loan Trust, Series 2002-7, Class A10, 2.67%, 03/15/28(d)		9,450,000
	9,800,000	SLM Student Loan Trust, Series 2002-7, Class A11, 2.67%, 03/15/28(d)		9,800,000
	2,650,000	SLM Student Loan Trust, Series 2002-7, Class A6, 2.67%, 03/15/28(d)		2,650,000
	9,950,000	SLM Student Loan Trust, Series 2002-7, Class A7, 2.65%, 03/15/28(d)		9,950,000
	11,650,000	SLM Student Loan Trust, Series 2002-7, Class A8, 2.66%, 03/15/28(d)		11,650,000
	5,800,000	SLM Student Loan Trust, Series 2002-7, Class A9, 2.67%, 03/15/28(d)		5,800,000
	3,350,000	SLM Student Loan Trust, Series 2003-2, Class A6, 2.67%, 09/15/28(d)		3,350,000
	21,850,000	SLM Student Loan Trust, Series 2003-2, Class A7, 2.66%, 09/15/28(d)		21,850,000
	9,000,000	SLM Student Loan Trust, Series 2003-2, Class A8, 2.67%, 09/15/28(d)		9,000,000

Principal Amount			Value
UNITED STATES (continued)
$	21,550,000	SLM Student Loan Trust, Series 2003-2, Class A9, 2.67%, 09/15/28(d)	$	21,550,000
	4,000,000	SLM Student Loan Trust, Series 2003-5, Class A9, 2.65%, 06/17/30(d)		3,960,000
Total Asset-Backed Securities (Cost $119,683,839)				123,890,000
U.S. GOVERNMENT AGENCIES — 36.5%
Federal Home Loan Bank — 36.2%
	4,000,000	0.03%, 11/08/13(e)		3,999,977
	30,000,000	0.03%, 11/15/13(e)		29,999,708
	3,000,000	0.02%, 11/19/13(e)		2,999,970
	3,525,000	0.01%, 11/27/13(e)		3,524,974
	9,100,000	0.03%, 11/27/13(e)		9,099,803
	20,000,000	0.01%, 12/02/13(e)		19,999,828
	600,000	0.02%, 12/02/13(e)		599,990
	109,000,000	0.04%, 12/13/13(e)		108,994,913
	19,900,000	0.06%, 12/13/13(e)		19,898,723
	10,000,000	0.04%, 12/16/13(e)		9,999,500
	10,000,000	0.01%, 12/16/13(e)		9,999,875
	27,000,000	0.03%, 12/18/13(e)		26,999,119
	27,000,000	0.01%, 12/20/13(e)		26,999,632
	21,000,000	0.01%, 01/03/14(e)		20,998,908
	32,000,000	0.03%, 01/07/14(e)		31,998,208
	61,000,000	0.01%, 01/08/14(e)		60,996,523
	10,000,000	0.02%, 01/17/14(e)		9,999,360
	12,000,000	0.02%, 01/21/14(e)		11,999,184
	13,000,000	0.02%, 02/03/14(e)		12,998,648
	75,000,000	0.15%, 02/12/14(e)		74,991,450
	12,000,000	0.15%, 02/14/14(e)		11,998,596
	13,000,000	0.03%, 02/18/14(e)		12,998,427
	10,000,000	0.07%, 02/21/14(e)		9,998,760
	5,000,000	0.16%, 03/03/14(e)		4,999,155
				537,093,231
Freddie Mac — 0.3%
	5,000,000	0.02%, 11/25/13(e)		4,999,950
Total U.S. Government Agencies (Cost $542,068,835)				542,093,181
U.S. GOVERNMENT SECURITIES — 4.2%
U.S. Treasury Bills — 4.2%
	39,000,000	0.02%, 11/07/13(e)		38,999,903
	2,000,000	0.05%, 11/29/13(e)		1,999,922
	22,000,000	0.02%, 02/06/14(e)		21,997,338
Total U.S. Government Securities (Cost $62,998,817)				62,997,163

Shares				Value
CASH SWEEP — 0.4%
	5,165,692		Citibank - US Dollars on Deposit in Custody Account, 0.02%(f)	$	5,165,692
Total Cash Sweep (Cost $5,165,692)					5,165,692
TOTAL INVESTMENTS — 98.4% (Cost $1,422,708,452)(a)					1,461,028,351
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.6%					23,080,330
NET ASSETS — 100.0%				$	1,484,108,681

Contracts
CALL OPTIONS WRITTEN — (0.2)%
Commodities — (0.2)%
	(75	)	New York Mercantile Exchange Natural Gas Futures, Strike $5.50, Expiring 01/26/18		(277,950	)
	(75	)	New York Mercantile Exchange Natural Gas Futures, Strike $5.50, Expiring 02/23/18		(263,325	)
	(75	)	New York Mercantile Exchange Natural Gas Futures, Strike $5.50, Expiring 03/26/18		(206,400	)
	(75	)	New York Mercantile Exchange Natural Gas Futures, Strike $5.50, Expiring 04/25/18		(212,925	)
	(75	)	New York Mercantile Exchange Natural Gas Futures, Strike $5.50, Expiring 05/25/18		(222,075	)
	(75	)	New York Mercantile Exchange Natural Gas Futures, Strike $5.50, Expiring 06/26/18		(233,175	)
	(75	)	New York Mercantile Exchange Natural Gas Futures, Strike $5.50, Expiring 07/26/18		(241,050	)
	(75	)	New York Mercantile Exchange Natural Gas Futures, Strike $5.50, Expiring 08/28/18		(244,875	)
	(75	)	New York Mercantile Exchange Natural Gas Futures, Strike $5.50, Expiring 09/25/18		(255,900	)
	(75	)	New York Mercantile Exchange Natural Gas Futures, Strike $5.50, Expiring 10/26/18		(287,400	)
	(75	)	New York Mercantile Exchange Natural Gas Futures, Strike $5.50, Expiring 11/27/18		(347,850	)
	(75	)	New York Mercantile Exchange Natural Gas Futures, Strike $5.50, Expiring 12/26/17		(279,375	)
Total Call Options Written (Premiums received $(3,486,870))					(3,072,300	)

Contracts				Value
PUT OPTIONS WRITTEN — (0.5)%
Commodities — (0.5)%
	(1,000	)	New York Mercantile Exchange Natural Gas Futures, Strike $4.20, Expiring 12/26/13	$	(5,716,000	)
	(500	)	COMEX Gold Futures, Strike $1,150.00, Expiring 03/26/14		(805,000	)
	(900	)	London Metal Exchange Nickel Futures, Strike $13,000.00, Expiring 01/02/14		(421,578	)
Total Put Options Written (Premiums received $(5,253,172))				$	(6,942,578	)

FUTURES CONTRACTS: LONG POSITIONS

Contracts			Unrealized Appreciation/ (Depreciation)
	94	Chicago Mercantile Exchange Lean Hogs, December 2013	$	326,180
	400	COMEX Silver, December 2013		(1,556,198	)
	318	Intercontinental Exchange Coffee, December 2013		(3,722,150	)
	1830	Intercontinental Exchange Crude Oil, December 2013		1,762,380
	260	London Metal Exchange Copper, December 2013		89,575
	450	London Metal Exchange Lead, December 2013		1,077,288
	300	London Metal Exchange Nickel, December 2013		847,920
	830	London Metal Exchange Zinc, December 2013		1,233,063
	200	New York Mercantile Exchange Crude Oil, December 2013		(617,780	)
	450	New York Mercantile Exchange Palladium, December 2013		(543,175	)
	200	London Metal Exchange Nickel, January 2014		846,600
	1,330	New York Mercantile Exchange Natural Gas, January 2014		(2,243,647	)
	1,090	New York Mercantile Exchange Platinum, January 2014		354,925
	150	New York Mercantile Exchange Natural Gas, April 2014		(919,500	)
	150	New York Mercantile Exchange Natural Gas, May 2014		(880,500	)
	150	New York Mercantile Exchange Natural Gas, June 2014		(826,500	)
	150	New York Mercantile Exchange Natural Gas, July 2014		(771,000	)
	150	New York Mercantile Exchange Natural Gas, August 2014		(750,000	)
	430	Intercontinental Exchange Crude Oil, December 2014		1,778,931
	75	New York Mercantile Exchange Natural Gas, January 2018(c)		(99,000	)
	75	New York Mercantile Exchange Natural Gas, February 2018(c)		(114,000	)

FUTURES CONTRACTS: LONG POSITIONS (Concluded)

Contracts			Unrealized Appreciation/ (Depreciation)
	75	New York Mercantile Exchange Natural Gas, March 2018(c)	$	(166,500	)
	75	New York Mercantile Exchange Natural Gas, April 2018(c)		(357,750	)
	75	New York Mercantile Exchange Natural Gas, May 2018(c)		(348,000	)
	75	New York Mercantile Exchange Natural Gas, June 2018(c)		(330,000	)
	75	New York Mercantile Exchange Natural Gas, July 2018(c)		(306,000	)
	75	New York Mercantile Exchange Natural Gas, August 2018(c)		(292,500	)
	75	New York Mercantile Exchange Natural Gas, September 2018(c)		(292,500	)
	75	New York Mercantile Exchange Natural Gas, October 2018(c)		(267,750	)
	75	New York Mercantile Exchange Natural Gas, November 2018(c)		(185,250	)
	75	New York Mercantile Exchange Natural Gas, December 2018(c)		(32,250	)
		Net unrealized depreciation	$	(7,305,088	)

Net cash collateral of $49,059,988 for the open futures contracts is reflected in segregated cash for futures contracts in the Statements of Assets and Liabilities.

	Unrealized Appreciation/ (Depreciation)
SWAP AGREEMENTS (PURCHASED)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 01/31/14 (Underlying notional amount $1,053,500)(c)	$	(366,500	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 01/31/15 (Underlying notional amount $3,531,510)(c)		38,490

	Unrealized Appreciation/ (Depreciation)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 02/28/14 (Underlying notional amount $1,053,500)(c)	$	(366,500	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 02/28/15 (Underlying notional amount $3,531,510)(c)		38,490
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 03/31/14 (Underlying notional amount $1,053,500)(c)		(366,500	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 03/31/15 (Underlying notional amount $3,531,510)(c)		38,490
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 04/30/14 (Underlying notional amount $1,053,500)(c)		(177,500	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 04/30/15 (Underlying notional amount $3,531,510)(c)		38,490

	Unrealized Appreciation/ (Depreciation)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 05/31/14 (Underlying notional amount $1,053,500)(c)	$	(177,500	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 05/31/15 (Underlying notional amount $3,531,510)(c)		38,490
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 06/30/14 (Underlying notional amount $1,053,500)(c)		(177,500	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 06/30/15 (Underlying notional amount $3,531,510)(c)		38,490
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 07/31/14 (Underlying notional amount $2,216,000)(c)		(8,000	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 07/31/15 (Underlying notional amount $3,531,510)(c)		38,490

	Unrealized Appreciation/ (Depreciation)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 08/31/14 (Underlying notional amount $2,216,000)(c)	$	(8,000	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 08/31/15 (Underlying notional amount $3,531,510)(c)		38,490
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 09/30/14 (Underlying notional amount $2,216,000)(c)		(8,000	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 09/30/15 (Underlying notional amount $3,531,510)(c)		38,490
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 10/31/14 (Underlying notional amount $2,216,000)(c)		652,000
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 10/31/15 (Underlying notional amount $3,531,510)(c)		38,490

	Unrealized Appreciation/ (Depreciation)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 11/30/13 (Underlying notional amount $5,389,250)(c)	$	580,750
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 11/30/14 (Underlying notional amount $2,216,000)(c)		652,000
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 11/30/15 (Underlying notional amount $3,531,510)(c)		38,490
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 12/31/13 (Underlying notional amount $5,389,250)(c)		280,750
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 12/31/14 (Underlying notional amount $2,216,000)(c)		652,000
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 12/31/15 (Underlying notional amount $3,531,510)(c)		38,490

	Unrealized Appreciation/ (Depreciation)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Panamax Freight Index (“BPI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BPI Routes published by the Baltic Exchange, expiring 11/30/13 (Underlying notional amount $4,683,760)(c)	$	(492,760	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Panamax Freight Index (“BPI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BPI Routes published by the Baltic Exchange, expiring 12/31/13 (Underlying notional amount $4,683,760)(c)		(1,185,760	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Chicago Board of Trade (“CBOT”) Corn Index, paying a fixed amount per bushel and receiving the closing settlement price of CBOT December 2013 Corn Futures contracts on the termination date, expiring 11/25/13 (Underlying notional amount $49,348,784)		(1,192,071	)
Commodity Index Swap Agreement with Cargill, Inc. based on the European Climate Exchange (ECX) European Union Allowances Futures (EUA) paying a fixed amount per Metric Ton and receiving the closing settlement price of ECX December 2013 EUA Futures contracts on the termination date, expiring 12/16/13 (Underlying notional amount Euro 27,992,970)		(15,149,788	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Intercontinental Exchange, Inc. (“ICE”) Cotton Index, paying a fixed amount per pound and receiving the closing settlement price of ICE May 2014 Cotton Futures contracts on the termination date, expiring 04/21/14 (Underlying notional amount $27,660,050)		(1,615,910	)
	$	(18,012,909	)


	Unrealized Appreciation
SWAP AGREEMENTS (WRITTEN)
Commodity Index Swap Agreement with Cargill, Inc. based on the European Climate Exchange (ECX) European Union Allowances Futures (EUA) paying a fixed amount per Metric Ton and receiving the closing settlement price of ECX December 2013 EUA Futures contracts on the termination date, expiring 12/16/13 (Underlying notional amount Euro 25,691,203)	$	12,024,552
Commodity Index Swap Agreement with Cargill, Inc. based on the Intercontinental Exchange, Inc. (“ICE”) Cotton Index, receiving a fixed amount per pound and paying the closing settlement price of ICE March 2014 Cotton Futures contracts on the termination date, expiring 02/19/14 (Underlying notional amount $27,488,117)		1,668,917
	$	13,693,469

(a)	Cost for federal income tax purposes is $1,728,633,512 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	37,943,729
Unrealized depreciation		(324,355,346	)
Net unrealized depreciation	$	(286,411,617	)


(b)	Non-income producing security.
(c)	This security is considered either fully or partially illiquid. These securities, or portions thereof have a value of $161,051,863 or 10.85% of net assets.
(d)	Variable rate security. Rate shown is the rate as of October 31, 2013.
(e)	The rate represents the annualized yield at time of purchase.
(f)	Rate shown represents current yield at October 31, 2013.

REIT — Real Estate Investment Trust

Principal Amount			Value
CORPORATE BONDS — 52.3%
Banks — 17.2%
$	1,000,000	Australia & New Zealand Banking Group Ltd., 0.90%, 02/12/16	$	1,001,400
	3,800,000	Bank of America Corp., 4.50%, 04/01/15		3,987,484
	3,000,000	Bank of Montreal, 2.63%, 01/25/16(b)		3,131,700
	12,000,000	Bank of New York Mellon Corp. (The) MTN, 0.49%, 03/04/16(c)		11,980,728
	3,000,000	Bank of Tokyo-Mitsubishi UFJ Ltd. (The), 1.55%, 09/09/16(b)		3,025,170
	1,000,000	Canadian Imperial Bank of Commerce Canada, 2.60%, 07/02/15(b)		1,035,100
	10,500,000	Citigroup, Inc., 1.04%, 04/01/16(c)		10,540,530
	2,000,000	Commonwealth Bank of Australia, 2.70%, 11/25/14(b)		2,050,920
	5,000,000	Commonwealth Bank of Australia, 3.25%, 03/17/16(b)		5,271,500
	2,000,000	Commonwealth Bank of Australia, 2.25%, 03/16/17(b)		2,065,922
	2,340,000	Credit Suisse New York MTN, 3.50%, 03/23/15		2,432,767
	1,175,000	Deutsche Bank AG, 3.45%, 03/30/15		1,220,355
	1,350,000	Deutsche Bank AG, 3.25%, 01/11/16		1,417,939
	12,295,000	JPMorgan Chase & Co. MTN, 1.38%, 09/22/15(c)		12,444,679
	1,000,000	JPMorgan Chase & Co. MTN, 1.10%, 10/15/15		1,002,744
	6,125,000	KFW, 1.25%, 02/15/17		6,208,827
	300,000	Royal Bank of Canada MTN, 1.15%, 03/13/15		302,765
	3,000,000	Standard Chartered Plc, 5.50%, 11/18/14(b)		3,143,100
	5,000,000	Standard Chartered Plc, 3.85%, 04/27/15(b)		5,198,550
	3,900,000	Toronto-Dominion Bank (The) - MTN 0.82%, 04/30/18(c)		3,922,749
	10,500,000	Wells Fargo & Co., 1.25%, 07/20/16		10,562,570
				91,947,499

Principal Amount			Value
Consumer Discretionary — 0.8%
$	2,000,000	Cargill, Inc., 1.90%, 03/01/17(b)	$	2,024,452
	1,000,000	Cornell University, 4.35%, 02/01/14		1,008,595
	500,000	Hyundai Capital America, 1.88%, 08/09/16(b)		504,287
	1,000,000	Snap-On, Inc., 5.85%, 03/01/14		1,013,482
				4,550,816
Consumer Staples — 6.3%
	13,985,000	Anheuser-Busch Inbev Finance Inc, 0.80%, 01/15/16		14,010,439
	900,000	Coca-Cola Co The, 0.75%, 11/01/16		900,365
	6,500,000	Coca-Cola Co. (The), 1.80%, 09/01/16		6,696,443
	5,665,000	PepsiCo, Inc., 1.25%, 08/13/17		5,633,656
	2,115,000	Procter & Gamble Co. (The), 3.50%, 02/15/15		2,196,059
	1,500,000	Unilever Capital Corp., 3.65%, 02/15/14		1,513,500
	2,500,000	Wal-Mart Stores, Inc., 1.50%, 10/25/15		2,549,143
				33,499,605
Diversified Financials — 8.0%
	3,520,000	American Express Credit Corp. MTN, 2.38%, 03/24/17		3,655,513
	1,000,000	American Honda Finance Corp., 2.50%, 09/21/15(b)		1,032,430
	1,000,000	American Honda Finance Corp., 2.13%, 02/28/17(b)		1,022,072
	5,000,000	Caterpillar Financial Services Corp. MTN, 0.50%, 02/26/16(c)		5,003,600
	3,000,000	Daimler Finance North America LLC, 2.63%, 09/15/16(b)		3,101,301
	500,000	Enel Finance International SA, 3.88%, 10/07/14(b)		512,499
	2,000,000	FMR LLC, 5.35%, 11/15/21(b)		2,199,186
	1,500,000	Ford Motor Credit Co. LLC, 4.21%, 04/15/16		1,600,967
	9,325,000	General Electric Capital Corp, 2.90%, 01/09/17		9,787,604
	950,000	General Electric Capital Corp. MTN, 3.50%, 06/29/15		994,243

Principal Amount			Value
Diversified Financials (continued)
$	1,400,000	General Electric Capital Corp. MTN, 2.30%, 04/27/17	$	1,443,058
	3,000,000	Goldman Sachs Group, Inc. (The), 3.30%, 05/03/15		3,104,952
	3,000,000	Goldman Sachs Group, Inc. (The), 3.63%, 02/07/16		3,166,455
	3,000,000	Toyota Motor Credit Corp., 0.55%, 05/17/16(c)		3,006,819
	1,775,000	Toyota Motor Credit Corp. MTN, 2.80%, 01/11/16		1,854,974
	1,000,000	USAA Capital Corp., 1.05%, 09/30/14(b)		1,005,158
				42,490,831
Energy — 1.6%
	1,700,000	Occidental Petroleum Corp., 4.13%, 06/01/16		1,840,614
	4,750,000	Petroleos Mexicanos, 1.95%, 12/20/22		4,752,432
	1,000,000	Schlumberger Investment SA, 1.25%, 08/01/17(b)		989,199
	1,000,000	Schlumberger Norge AS, 1.95%, 09/14/16(b)		1,026,521
				8,608,766
Health Care — 3.0%
	820,000	Celgene Corp., 2.45%, 10/15/15		843,685
	1,000,000	Express Scripts Holding Co., 2.65%, 02/15/17		1,037,909
	3,035,000	Johnson & Johnson, 2.15%, 05/15/16		3,147,690
	415,000	McKesson Corp, 0.95%, 12/04/15		415,194
	500,000	Medco Health Solutions, Inc., 2.75%, 09/15/15		516,118
	4,000,000	Merck & Co., Inc., 0.62%, 05/18/18(c)		4,012,588
	5,000,000	Takeda Pharmaceutical Co. Ltd., 1.63%, 03/17/17(b)		5,029,500
	1,000,000	UnitedHealth Group, Inc., 1.40%, 10/15/17		1,000,343
				16,003,027
Industrials — 1.4%
	3,500,000	3M Co. MTN, 1.00%, 06/26/17		3,478,720
	3,000,000	BAE Systems Plc, 3.50%, 10/11/16(b)		3,139,248

Principal Amount			Value
Industrials (continued)
$	412,975	Federal Express Corp. 2012 Pass Through Trust, 2.63%, 01/15/18(b)	$	417,187
	188,000	Tyco International Finance SA, 3.38%, 10/15/15		195,882
				7,231,037
Information Technology — 4.8%
	10,000,000	Apple, Inc., 0.52%, 05/03/18(c)		9,968,950
	2,150,000	Fiserv, Inc., 3.13%, 06/15/16		2,249,478
	10,500,000	Hewlett-Packard Co., 2.35%, 03/15/15		10,665,732
	600,000	International Business Machines Corp., 1.95%, 07/22/16		619,202
	1,900,000	National Semiconductor Corp., 6.60%, 06/15/17		2,223,903
				25,727,265
Insurance — 1.7%
	3,990,000	Berkshire Hathaway Finance Corp., 2.45%, 12/15/15		4,145,706
	5,000,000	New York Life Global Funding, 1.65%, 05/15/17(b)		5,028,940
				9,174,646
Materials — 2.4%
	2,000,000	Air Products & Chemicals, Inc., 1.20%, 10/15/17		1,961,176
	630,000	Airgas, Inc., 4.50%, 09/15/14		650,805
	1,005,000	Airgas, Inc., 2.95%, 06/15/16		1,044,631
	2,710,000	Dow Chemical Co. (The), 2.50%, 02/15/16		2,806,511
	1,000,000	International Paper Co., 9.38%, 05/15/19		1,324,832
	5,000,000	Praxair Inc, 0.75%, 02/21/16		4,989,080
				12,777,035
Telecommunication Services — 4.1%
	4,000,000	America Movil Sab de CV, 2.38%, 09/08/16		4,099,652
	12,000,000	NBCUniversal Media LLC, 2.88%, 04/01/16		12,587,268
	5,000,000	Verizon Communications, Inc., 2.50%, 09/15/16		5,188,525
				21,875,445

Principal Amount			Value
Utilities — 1.0%
$	1,575,000	Dominion Resources, Inc., Series F, 5.25%, 08/01/33	$	1,713,992
	1,000,000	Duke Energy Corp., 1.63%, 08/15/17		1,001,235
	2,485,000	FPL Group Capital, Inc., 2.60%, 09/01/15		2,561,297
				5,276,524
Total Corporate Bonds (Cost $274,683,692)				279,162,496
ASSET-BACKED SECURITIES — 6.6%
CAYMAN ISLANDS — 3.0%
	4,323,804	Gannett Peak CLO Ltd., Series 2006-1A, Class A1A, 0.49%, 10/27/20(b)(c)		4,298,160
	6,000,000	OCP CLO Ltd., Series 2013-4A, Class A1A, 1.64%, 10/24/25(b)(c)		5,966,400
	5,766,482	Vitesse CLO Ltd., Series 2006-1A, Class A1L, 0.51%, 08/17/20(b)(c)		5,703,748
				15,968,308
UNITED STATES — 3.6%
	8,500,000	Anchorage Capital CLO Ltd., Series 2013-1A, Class 1A, 1.47%, 07/13/25(b)(c)		8,338,976
	11,850,000	GCO Education Loan Funding Trust, Series 2006-2A, Class A2AR, 1.42%, 08/27/46(c)		11,020,500
				19,359,476
Total Asset-Backed Securities (Cost $34,958,219)				35,327,784
MUNICIPAL BONDS — 5.4%
California — 0.9%
	3,850,000	Southern California Public Power Authority Refunding Revenue Bonds, Series B (AGM) 6.93%, 05/15/17		4,522,133
District Of Columbia — 0.5%
	1,000,000	District of Columbia Build America Bonds GO 3.64%, 06/01/15		1,041,590
	1,310,000	District of Columbia Build America Bonds GO 4.16%, 06/01/16		1,403,875
				2,445,465

Principal Amount			Value
Georgia — 0.6%
$	3,085,000	State of Georgia Taxable School Improvement GO, Series C-3 2.59%, 10/01/17	$	3,202,539
Illinois — 0.5%
	2,600,000	State of Illinois Public Improvements Revenue Bonds 1.56%, 06/15/17		2,602,704
Maryland — 0.0%
	20,000	State of Maryland Recreational Facilities Improvements COP, Series A 2.52%, 09/01/14		20,268
	180,000	State of Maryland Recreational Facility Improvements COP, Series A 2.92%, 09/01/15		186,055
				206,323
Michigan — 0.2%
	1,095,000	University of Michigan University and College Improvement Build America Revenue Bonds 1.75%, 04/01/15		1,111,425
Minnesota — 0.1%
	40,000	Duluth Independent School District No. 709 Build America Bonds COP (School District Credit) 3.50%, 02/01/15		41,112
	605,000	Duluth Independent School District No. 709 Build America Bonds COP (School District Credit) 4.00%, 02/01/16		635,432
				676,544
New Jersey — 1.2%
	1,500,000	County of Monmouth Build America Bonds GO 3.75%, 11/01/16		1,599,195
	1,000,000	Morris County Improvement Authority Renewable Energy Revenue Bonds 1.90%, 06/15/15		1,020,550
	100,000	Morris County Improvement Authority Renewable Energy Revenue Bonds 2.27%, 06/15/16		103,259

Principal Amount			Value
New Jersey (continued)
$	2,050,000	New Jersey Economic Development Authority Refunding Revenue Bonds 3.50%, 06/15/15	$	2,108,364
	1,515,000	New Jersey Economic Development Authority Refunding Revenue Bonds (State Appropriation) 3.61%, 09/01/14		1,546,679
	160,000	New Jersey Economic Development Authority School Improvement Revenue Bonds, Series FF 3.17%, 09/01/14		163,059
				6,541,106
New York — 0.8%
	2,520,000	Metropolitan Transportation Authority Highway Toll Build America Revenue Bonds 4.28%, 11/15/16		2,718,526
	110,000	New York State Dormitory Authority University & College Improvements Revenue Bonds, Series G 2.83%, 03/15/16		114,514
	210,000	New York State Urban Development Corp. State Personal Income Tax Revenue Bonds, Series A-2 5.64%, 12/15/13		210,000
	1,075,000	New York State Urban Development Corp. State Personal Income Tax Revenue Bonds, Series A-2 (AGM) 4.65%, 12/15/13		1,077,771
				4,120,811
Ohio — 0.4%
	2,115,000	Ohio State Build America Revenue Bonds, Series 2 3.64%, 06/15/16		2,228,385
South Carolina — 0.2%
	1,050,000	State of South Carolina Refunding GO, Series A 5.00%, 06/01/17		1,209,002
Total Municipal Bonds (Cost $28,094,717)				28,866,437

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS — 0.6%
$	3,371,448	JPMorgan Tax Exempt Pass Through Trust, Series 2012-AMT1, Class A, 3.00%, 01/27/38(b)	$	3,376,369
Total Collateralized Mortgage Obligations (Cost $3,452,874)				3,376,369
U.S. GOVERNMENT AGENCIES — 9.7%
AID-EGYPT—0.2%
	1,000,000	4.45%, 09/15/15		1,076,113
				1,076,113
Fannie Mae — 3.6%
	1,765,000	5.00%, 03/02/15		1,877,000
	2,705,000	5.00%, 04/15/15		2,891,080
	3,805,000	0.50%, 09/28/15		3,815,726
	200,000	1.63%, 10/26/15		204,974
	6,500,000	1.25%, 01/30/17		6,603,019
	3,200,000	5.00%, 02/13/17		3,634,182
				19,025,981
Federal Farm Credit Bank — 0.0%
	105,000	3.00%, 09/22/14		107,646
				107,646
Federal Home Loan Bank — 2.0%
	825,000	3.25%, 09/12/14		846,925
	870,000	5.25%, 09/12/14		907,590
	720,000	4.75%, 11/14/14		754,064
	895,000	2.75%, 12/12/14		920,757
	200,000	4.50%, 02/18/15		211,055
	2,025,000	2.75%, 03/13/15		2,094,229
	2,500,000	2.88%, 06/12/15		2,603,870
	150,000	5.00%, 12/21/15		164,752
	2,000,000	0.38%, 06/24/16		1,997,038
				10,500,280
Freddie Mac — 0.1%
	300,000	2.88%, 02/09/15		310,032
				310,032
Ginnie Mae — 0.0%
	341	9.00%, 02/15/20		343
				343
Overseas Private Investment Corp. — 1.7%
	8,166,149	5.14%, 12/15/23		9,208,296
				9,208,296

Principal Amount			Value
Private Export Funding Corp. — 1.0%
$	105,000	4.55%, 05/15/15	$	111,886
	1,400,000	4.95%, 11/15/15		1,530,640
	3,000,000	5.00%, 12/15/16		3,378,618
	500,000	2.25%, 12/15/17		520,706
				5,541,850
Small Business Administration — 0.9%
	819,454	4.73%, 02/10/19		875,837
	1,458,876	4.11%, 03/10/20		1,572,837
	2,384,401	4.08%, 03/10/21		2,534,789
				4,983,463
Tennessee Valley Authority — 0.2%
	725,000	6.25%, 12/15/17		865,277
				865,277
Total U.S. Government Agencies (Cost $49,677,502)				51,619,281
U.S. GOVERNMENT SECURITIES — 22.7%
U.S. Treasury Notes — 22.7%
	45,691,000	0.25%, 12/15/15		45,605,329
	54,180,000	7.25%, 08/15/22		75,703,872
Total U.S. Government Securities (Cost $124,240,110)				121,309,201
GOVERNMENT BONDS — 1.8%
CANADA — 0.6%
	230,000	Province of Ontario Canada, 2.70%, 06/16/15		238,390
	2,875,000	Province of Ontario Canada, 2.30%, 05/10/16		2,987,988
				3,226,378
FRANCE — 0.2%
	1,000,000	Societe Financement de L’economie Francaise, 2.88%, 09/22/14(b)		1,022,746
GERMANY — 0.2%
	1,000,000	Norddeutsche Landesbank Girozentrale, 0.88%, 10/16/15(b)		1,003,800
JAPAN — 0.4 %
	2,000,000	Development Bank of Japan, 1.63%, 10/05/16(b)		2,048,337
SOUTH KOREA — 0.4%
	500,000	Export-Import Bank of Korea, 1.25%, 11/20/15		501,033

Principal Amount			Value
SOUTH KOREA (continued)
$	1,400,000	Export-Import Bank of Korea, 4.00%, 01/11/17	$	1,501,550
				2,002,583
Total Government Bonds (Cost $9,019,299)				9,303,844

Shares
INVESTMENT COMPANY — 0.9%
	4,651,600	SEI Daily Income Trust Government II Fund, Class A, 0.01%(d)		4,651,600
Total Investment Company (Cost $4,651,600)				4,651,600

TOTAL INVESTMENTS — 100.0% (Cost $528,778,013)(a)			$	533,617,012
LIABILITIES IN EXCESS OF OTHER ASSETS — 0.0%				(173,136	)
NET ASSETS — 100.0%			$	533,443,876

(a)	Cost for federal income tax purposes is $532,854,701 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	8,287,278
Unrealized depreciation		(7,524,967	)
Net unrealized appreciation	$	762,311

(b)	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors. The aggregate value of these securities is $83,712,478,which is 15.7% of net assets.
(c)	Variable rate security. Rate shown is the rate as of October 31, 2013.
(d)	Rate shown represents current yield at October 31, 2013.

AGM — Assured Guaranty Municipal Corp.

CLO — Collateralized Loan Obligation

COP — Certificates of Participation

GO — General Obligations

MTN — Medium Term Note

Principal Amount			Value
MUNICIPAL BONDS — 99.8%
Alabama — 0.6%
$	5,000,000	Alabama Federal Aid Highway Finance Authority Revenue Bonds, 5.00%, 09/01/20	$	5,871,850
	1,500,000	Alabama Public School & College Authority Refunding Revenue Bonds, Series A, 5.00%, 05/01/14		1,535,460
				7,407,310
Arizona — 0.9%
	2,000,000	Arizona Department of Transportation State Highway Fund Refunding Revenue Bonds, Sub-series A, 5.00%, 07/01/21		2,386,300
	1,375,000	Arizona School Facilities Board Refunding Revenue Bonds, Series A (AMBAC), 5.75%, 07/01/14(b)		1,424,404
	350,000	Arizona State Board of Regents Revenue Bonds, Series 2008-C, OID, 5.88%, 07/01/24		412,381
	2,360,000	Arizona State Board of Regents Revenue Bonds, Series C, 5.00%, 07/01/17		2,702,578
	800,000	Arizona State Transportation Board Grant Anticipation Refunding Revenue Bonds, Series A, 5.00%, 07/01/14		825,144
	200,000	Maricopa County Community College District GO, Series C, 5.00%, 07/01/20		232,625
	2,875,000	Phoenix Civic Improvement Corp. Refunding Revenue Bonds, 5.00%, 07/01/20		3,382,466
				11,365,898
California — 4.1%
	2,650,000	California State University System Wide Refunding Revenue Bonds, Series A, 5.00%, 11/01/18		3,133,413
	5,900,000	City of Los Angeles Solid Waste Resources Revenue Bonds, Series A, 5.00%, 02/01/20		6,833,321
	100,000	Huntington Beach Public Financing Authority Refunding Revenue Bonds, 4.00%, 09/01/18		110,457

Principal
Amount			Value
California (continued)
$	1,035,000	Los Rios Community College District 2002 Election GO, Series D, 5.25%, 08/01/23	$	1,155,733
	635,000	Santa Monica Community College District 2002 Election Refunding GO, Series A, 2.00%, 08/01/14		643,433
	4,945,000	Southern California Public Power Authority Magnolia Power Project Refunding Revenue Bonds, (Wells Fargo Bank), 0.07%, 07/01/36(c)		4,945,000
	2,550,000	State of California Public Improvements GO, OID, 5.25%, 04/01/14(b)		2,602,607
	1,000,000	State of California Public Improvements GO, OID, 5.25%, 04/01/14(b)		1,020,630
	10,000,000	State of California Refunding GO, Series A, (State GTY), 5.00%, 07/01/22		11,053,900
	15,000,000	University of California Refunding Revenue Bonds, Series AK, 5.00%, 05/15/48(c)		17,646,750
	2,120,000	University of California Regents Medical Center Refunding Revenue Bonds, Series G, 4.00%, 05/15/14		2,162,591
				51,307,835
Colorado — 0.8%
	1,500,000	Adams & Weld Counties School District No 27J Brighton Co. Refunding Revenue Bonds, Series A, (State Aid Withholding), 5.00%, 12/01/19		1,779,660
	450,000	Denver City & County School District No 1 Refunding GO, Series C (State Aid Withholding), 5.00%, 12/01/23		538,538
	1,200,000	Douglas County School District No Re-1 Douglas & Elbert Counties Refunding GO, Series B (AGM, State Aid Withholding), 5.00%, 12/15/14		1,263,756
	2,000,000	El Paso County School District No 38 Lewis-Palmer Refunding GO (State Aid Withholding), 4.00%, 12/01/17		2,240,520

Principal
Amount			Value
Colorado (continued)
$	1,180,000	Jefferson County School District GO, Series R-1, (State Aid Withholding), 5.00%, 12/15/22	$	1,411,563
	790,000	Jefferson County School District GO, Series R-1, (State Aid Withholding), 5.00%, 12/15/23		932,374
	1,600,000	University of Colorado Refunding Revenue Bonds, Series A (NATL-RE), 4.50%, 06/01/21		1,726,304
				9,892,715
Connecticut — 2.3%
	770,000	Connecticut State Health & Educational Facility Authority Refunding Revenue Bonds, 3.00%, 07/01/14		782,474
	2,000,000	Connecticut State Health & Educational Facility Authority Refunding Revenue Bonds, Series A-3, 0.88%, 07/01/49(c)(d)		1,955,100
	4,700,000	Connecticut State Health & Educational Facility Authority Revenue Bonds, Series A-4, 2.50%, 07/01/49(c)		4,832,117
	2,800,000	Connecticut State Health & Educational Facility Authority Revenue Bonds, Series T-2, 0.06%, 07/01/29(c)		2,800,000
	8,290,000	State of Connecticut Special Tax Refunding Revenue Bonds, 2.00%, 11/01/13		8,290,000
	8,000,000	State of Connecticut Transportation Infrastructure Revenue Bonds, Series A, 5.00%, 10/01/19		9,486,240
	750,000	University of Connecticut Revenue Bonds, Series A (GO of University), 5.00%, 01/15/14(b)		757,020
				28,902,951
District Of Columbia — 0.8%
	1,000,000	District of Columbia Georgetown University Refunding Revenue Bonds, Series A, 5.00%, 04/01/14		1,018,660
	5,000,000	District of Columbia Public Improvement Revenue Bonds, Series C, 5.00%, 12/01/19		5,944,900

Principal
Amount			Value
District Of Columbia (continued)
$	2,250,000	District of Columbia Refunding Revenue Bonds, Series A, 5.00%, 12/01/20	$	2,684,880
				9,648,440
Florida — 2.9%
	3,000,000	Florida State Board of Education Capital Outlay GO, Series E, 4.60%, 06/01/23		3,167,430
	800,000	Florida State Board of Education Lottery Refunding Revenue Bonds, Series A, 5.00%, 07/01/18		937,632
	6,000,000	Florida State Board of Education Lottery Refunding Revenue Bonds, Series D, 5.00%, 07/01/14		6,189,360
	8,575,000	Florida State Board of Education Lottery Revenue Bonds, Series A, OID, 5.50%, 07/01/27		9,779,102
	4,165,000	Florida State Board of Governors Refunding Revenue Bonds, Series A, 5.00%, 07/01/16		4,636,520
	250,000	Hillsborough County Community Investment Tax Revenue Bonds, (AMBAC), 5.00%, 11/01/13		249,999
	1,065,000	Hillsborough County Community Investment Tax Revenue Bonds, (AMBAC), 5.00%, 11/01/16		1,192,811
	450,000	Miami-Dade County Water & Sewer Refunding Revenue Bonds, (XLCA), 5.00%, 10/01/18		514,679
	2,000,000	Miami-Dade County Water & Sewer Refunding Revenue Bonds, (XLCA), 5.00%, 10/01/19		2,261,300
	1,800,000	Miami-Dade County Water & Sewer Refunding Revenue Bonds, Series B, (AGM), 5.25%, 10/01/16		2,031,804
	2,000,000	Orlando Utilities Commission Refunding Revenue Bonds, Series A, 5.00%, 10/01/20		2,385,160
	1,000,000	Orlando Utilities Commission Refunding Revenue Bonds, Series C, 5.00%, 10/01/14		1,043,310
	1,000,000	Palm Beach County Refunding Revenue Bonds, 5.00%, 08/01/17		1,035,340

Principal
Amount			Value
Florida (continued)
$	500,000	Palm Beach County Revenue Bonds, Series 2, OID, 5.25%, 11/01/25	$	571,425
				35,995,872
Georgia — 4.0%
	10,000,000	Bartow County School District School Improvement GO, Series A, (State Aid Withholding), 4.00%, 10/01/15		10,660,900
	700,000	County of Forsyth Refunding GO, 5.25%, 03/01/14(b)		718,424
	1,000,000	County of Fulton Water & Sewer Refunding Revenue Bonds, 5.00%, 01/01/18		1,154,890
	1,040,000	Georgia State Road & Tollway Authority Federal Highway Grant Anticipation Refunding Revenue Bonds, Series A, 5.00%, 06/01/17		1,184,435
	1,250,000	Georgia State Road & Tollway Authority Federal Highway Grant Anticipation Revenue Bonds, Series A, 5.00%, 06/01/18		1,453,438
	5,000,000	Georgia State Road & Tollway Authority Highway Improvement Revenue Bonds, Series A, 5.00%, 06/01/20		5,747,300
	12,000,000	Georgia State Road & Tollway Authority Refunding Revenue Bonds, Series A, (State GTY), 5.00%, 03/01/18		14,080,920
	2,025,000	Georgia State Road & Tollway Authority Refunding Revenue Bonds, Series B, (State GTY), 5.00%, 10/01/19		2,424,087
	525,000	Gwinnett County Development Authority Refunding COP, Gwinnett Development Schools Project, (NATL-RE), 5.00%, 01/01/15		550,867
	630,000	Gwinnett County Development Authority Refunding COP, Gwinnett Development Schools Project, (NATL-RE), 5.25%, 01/01/17		708,139
	1,925,000	State of Georgia Refunding GO, Series E-2, 4.00%, 09/01/18		2,191,324
	2,860,000	State of Georgia Refunding GO, Series E-2, 4.00%, 09/01/19		3,262,288

Principal
Amount			Value
Georgia (continued)
$	3,000,000	State of Georgia Refunding GO, Series E-2, 5.00%, 09/01/20	$	3,617,910
	1,500,000	State of Georgia School Improvement GO, Series B, 5.00%, 01/01/18		1,754,295
				49,509,217
Hawaii — 0.8%
	8,000,000	City & County of Honolulu Public Improvements Refunding GO, Series B, 5.00%, 11/01/19		9,547,440
	400,000	State of Hawaii Refunding GO, Series DY, 5.00%, 02/01/18		465,875
				10,013,315
Idaho — 0.1 %
	1,500,000	Idaho Board Bank Authority Refunding Revenue Bonds, Series D, 5.00%, 09/15/23		1,776,720
Illinois — 1.9%
	3,540,000	Chicago Park District Refunding GO, Series C, (AMBAC), 5.00%, 01/01/23		3,587,790
	900,000	Chicago Transit Authority Federal Transit Revenue Bonds, (AMBAC), 5.00%, 06/01/21		939,510
	1,345,000	City of Champaign Parking Facilities Improvements GO, Series 2008, 5.00%, 12/15/17		1,508,498
	375,000	City of Chicago Refunding GO, OID, Series B (AMBAC), 5.13%, 01/01/15		389,449
	125,000	City of Chicago Refunding GO, OID, Series B (AMBAC), 5.13%, 01/01/15(b)		125,951
	2,215,000	Cook County Community College District No 508 University & College Improvements GO, 5.00%, 12/01/21		2,493,248
	1,000,000	Cook County Community College District No. 524 Moraine Valley GO, Series B, (NATL-RE), 5.00%, 12/01/25		1,168,380
	3,973,000	Illinois Finance Authority University & College Improvement Revenue Bonds, Series B, 0.08%, 07/01/33(c)		3,973,000

Principal
Amount			Value
Illinois (continued)
$	3,000,000	Illinois State Toll Highway Authority Refunding Revenue Bonds, Series B, 5.00%, 12/01/17	$	3,441,420
	3,500,000	State of Illinois Public Improvement Refunding Revenue Bonds, 5.00%, 06/15/18		4,093,110
	780,000	University of Illinois College Improvement Refunding Revenue Bonds, Series A, 5.00%, 04/01/21		906,485
	945,000	University of Illinois College Improvement Refunding Revenue Bonds, Series A, 5.00%, 04/01/22		1,085,200
				23,712,041
Indiana — 2.3%
	580,000	Anderson School Building Corp., First Mortgage Refunding Revenue Bonds, (AGM, State Aid Withholding), 5.00%, 01/15/16		625,611
	1,050,000	Avon Community School Building Corp., First Mortgage Refunding and Improvement Revenue Bonds, (AMBAC, State Aid Withholding), 5.00%, 07/15/16		1,169,102
	650,000	Avon Community School Building Corp., First Mortgage Refunding and Improvement Revenue Bonds, (AMBAC, State Aid Withholding), 5.00%, 01/15/17		729,788
	600,000	Center Grove School Building Corp. First Mortgage Refunding Revenue Bonds, Series A (State Aid Intercept Program), 5.00%, 07/15/20		697,938
	650,000	Decatur Township Marion County Multi-School Building Corp., First Mortgage Revenue Bonds, Series B, (AGM, State Aid Withholding), 5.00%, 07/15/18		727,168
	490,000	East Noble Facilities School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, State Aid Withholding), 5.00%, 07/15/16		536,065

Principal
Amount			Value
Indiana (continued)
$	510,000	Evansville Vanderburgh Public Library Leasing Corp., First Mortgage Refunding Revenue Bonds, (AMBAC), 5.25%, 07/15/17	$	552,361
	1,330,000	GCS School Building Corp. One, First Mortgage Refunding Revenue Bonds (State Aid Intercept Program), 5.00%, 01/15/22		1,536,549
	1,350,000	GCS School Building Corp. One, First Mortgage Refunding Revenue Bonds (State Aid Intercept Program), 5.00%, 07/15/22		1,563,057
	1,070,000	Griffith Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (AGM, State Aid Withholding), 5.00%, 01/15/22		1,130,369
	905,000	Hammond School Building Corp., First Mortgage Revenue Bonds, (NATL-RE, State Aid Withholding), 5.00%, 07/15/23		940,033
	5,000,000	Indiana Finance Authority Southern Industrial Gas & Electric Refunding Revenue Bonds, Series E, 1.95%, 05/01/37(c)		5,053,950
	500,000	Ivy Tech Community College University & College Improvements Revenue Bonds, Series R-1, 5.00%, 07/01/19		587,715
	500,000	Plainfield Elementary School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, School Board Resolution Funding), 5.00%, 07/15/18		535,330
	715,000	Portage Township Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, School Board Resolution Funding), 5.00%, 01/15/16		782,324
	735,000	Portage Township Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, School Board Resolution Funding), 5.00%, 07/15/16		819,834

Principal
Amount			Value
Indiana (continued)
$	570,000	Portage Township Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, School Board Resolution Funding), 5.00%, 07/15/17	$	654,725
	2,585,000	Purdue University Student Fee Refunding Revenue Bonds, Series Z-1, 5.00%, 07/01/14		2,666,764
	3,000,000	Purdue University Student Fee Refunding Revenue Bonds, Series Z-1, 5.00%, 07/01/15		3,232,680
	700,000	Tippecanoe County Middle School Building Corp. First Mortgage Refunding Revenue Bonds, (State Aid Withholding), 4.00%, 01/15/14		705,054
	1,000,000	Tippecanoe County Middle School Building Corp. First Mortgage Refunding Revenue Bonds, (State Aid Withholding), 4.00%, 01/15/15		1,040,280
	765,000	Vigo County School Building Corp., First Mortgage Refunding Revenue Bonds, (AGM, State Aid Withholding), 5.00%, 01/10/16		831,348
	1,000,000	Warsaw Multi-School Building Corp. Revenue Bonds, Series B (State Aid Withholding), 5.75%, 07/15/26		1,080,930
	175,000	Wayne Township School Building Corp., Marion County First Mortgage Revenue Bonds, (NATL-RE, School Board Resolution Funding), 5.00%, 01/15/15		183,287
				28,382,262
Iowa — 0.2%
	1,800,000	Iowa Finance Authority Water Utilities Improvements Revenue Bonds, 5.00%, 08/01/20		2,165,220
Kansas — 0.4%
	5,300,000	Kansas State Department of Transportation Refunding Revenue Bonds, Series C-3, 0.09%, 09/01/19(c)		5,300,000

Principal
Amount			Value
Kentucky — 0.7%
$	3,500,000	Kentucky Asset Liability Commission Federal Highway Trust First Series Revenue Bonds, 5.00%, 09/01/17	$	4,012,330
	1,600,000	Kentucky State Property & Building Commission Project No. 100 Refunding Revenue Bonds, Series A, 3.00%, 08/01/14		1,632,224
	1,550,000	Kentucky State Property & Building Commission Project No. 106 Refunding Revenue Bonds, Series A, 5.00%, 10/01/15		1,682,417
	1,000,000	Kentucky State Property & Buildings Commission Revenue Bonds, Project No. 88, (NATL-RE, FGIC), 5.00%, 11/01/15		1,088,950
				8,415,921
Louisiana — 0.3%
	2,000,000	Louisiana Public Facilities Authority Hurricane Recovery Program Revenue Bonds, (AMBAC), 5.00%, 06/01/16		2,178,600
	2,000,000	State of Louisiana Refunding GO Series C, 5.00%, 07/15/14		2,066,580
				4,245,180
Maine — 0.5%
	700,000	Maine Health & Higher Educational Facilities Authority Refunding Revenue Bonds, Series A, 5.00%, 07/01/17		792,162
	1,475,000	Maine Health & Higher Educational Facilities Authority Refunding Revenue Bonds, Series A, 5.00%, 07/01/20		1,688,079
	1,020,000	Maine Health & Higher Educational Facilities Authority Refunding Revenue Bonds, Series A, 5.00%, 07/01/21		1,161,566
	115,000	Maine Health & Higher Educational Facilities Authority Refunding Revenue Bonds, Series B, (AMBAC, State Resolution Funding GTY), 5.00%, 07/01/16(b)		128,634

Principal Amount			Value
Maine (continued)
$	1,800,000	Maine Health & Higher Educational Facilities Authority University & College Improvements Revenue Bonds, Series A, 5.00%, 07/01/16	$	1,990,206
				5,760,647
Maryland — 1.7%
	1,000,000	Maryland State Department of Transportation Highway Improvement Revenue Bonds, 5.00%, 10/01/20		1,197,570
	1,300,000	State of Maryland Public Improvements GO, Series A, 5.00%, 08/01/17		1,505,920
	1,000,000	State of Maryland Public Improvements GO, Series A, 5.00%, 08/01/17		1,158,400
	4,125,000	State of Maryland Public Improvements GO, Series A, 5.00%, 03/15/19		4,917,578
	2,320,000	State of Maryland Refunding GO, Series C, 5.00%, 11/01/17		2,706,767
	8,000,000	State of Maryland Refunding GO, Series C, 4.00%, 11/01/19		9,141,440
				20,627,675
Massachusetts — 9.0%
	3,000,000	Berkshire Regional Transit Authority Cash Flow Management GO Notes (State Aid Appropriation), 1.00%, 09/26/14		3,016,440
	5,000,000	Brockton Area Transit Authority Cash Flow Management GO Notes (State Aid Appropriation), 0.75%, 08/01/14		5,013,450
	4,800,000	Brockton Area Transit Authority Cash Flow Management GO Notes (State Aid Appropriation), 1.00%, 08/01/14		4,821,120
	6,000,000	Cape Cod Regional Transit Authority Cash Flow Management Revenue Notes, 1.00%, 07/30/14		6,027,240
	700,000	City of Springfield Recreational Facilities Improvements GO (NATL-RE, School Board Resolution Funding), 5.25%, 08/01/14		725,389

Principal Amount			Value
Massachusetts (continued)
$	2,500,000	Commonwealth of Massachusetts Refunding GO, Series B, 3.00%, 01/01/14	$	2,511,450
	6,000,000	Commonwealth of Massachusetts Special Obligation Federal Highway Grant Refunding Revenue Bonds, 5.00%, 12/15/13		6,026,703
	4,460,000	Lowell Regional Transit Authority Cash Flow Management Revenue Notes (State Aid Appropriation), 1.00%, 08/08/14		4,480,159
	7,780,000	Massachusetts State Water Pollution Abatement Trust Refunding Revenue Bonds, Sub-Series 16-B, 5.00%, 08/01/20		9,342,146
	1,100,000	Massachusetts Water Pollution Abatement Trust, Refunding Revenue Bonds, Series A, 5.25%, 08/01/14		1,141,239
	2,000,000	Massachusetts Water Resources Authority Refunding Revenue Bonds, Series A, 5.00%, 08/01/22		2,397,200
	6,800,000	Massachusetts Water Resources Authority Refunding Revenue Bonds, Series C, (GO of Authority), 5.00%, 08/01/23		7,942,264
	2,000,000	Massachusetts Water Resources Authority Refunding Revenue Bonds, Series E, (GO of Authority), 0.09%, 08/01/37(c)		2,000,000
	6,325,000	Merrimack Valley Regional Transit Authority Cash Flow Management Revenue Notes, 1.00%, 06/20/14		6,349,857
	4,950,000	Metrowest Regional Transit Authority Cash Flow Management GO Notes, (State Aid Appropriation), 0.75%, 09/26/14		4,966,038
	16,275,000	Montachusett Regional Transit Authority Cash Flow Management GO Notes, (State Aid Appropriation), 1.00%, 08/08/14		16,348,563
	16,880,000	Pioneer Valley Transit Authority Cash Flow Management Revenue Notes, 1.00%, 07/25/14		16,955,116

Principal Amount			Value
Massachusetts (continued)
$	11,961,000	Worcester Regional Transit Authority Refunding Revenue Notes, 1.00%, 06/20/14	$	12,008,007
				112,072,381
Michigan — 1.6%
	345,000	Clintondale Community Schools Refunding GO, (NATL-RE, Q-SBLF), 5.00%, 05/01/20		360,470
	635,000	Dexter Community Schools Refunding GO (Q-SBLF), 4.00%, 05/01/18		697,865
	400,000	Hudsonville Public Schools Improvements GO, (Q-SBLF), 5.00%, 05/01/18		457,559
	550,000	Hudsonville Public Schools Improvements GO, (Q-SBLF), 5.00%, 05/01/19		631,972
	125,000	Jackson Public Schools Refunding GO, (AGM, Q-SBLF), 5.00%, 05/01/15		127,943
	25,000	Jackson Public Schools Refunding GO, (AGM, Q-SBLF), 5.00%, 05/01/15(b)		25,589
	1,335,000	Michigan State Building Authority Refunding Revenue Bonds, Series I-A, 5.00%, 10/15/15		1,444,043
	1,375,000	Northville Public Schools Refunding GO, (Q-SBLF), 5.00%, 05/01/18		1,565,836
	1,155,000	River Rouge School District Refunding GO, (Q-SBLF), 5.00%, 05/01/16		1,257,241
	775,000	River Rouge School District Refunding GO, (Q-SBLF), 5.00%, 05/01/18		877,192
	1,160,000	River Rouge School District Refunding GO, (Q-SBLF), 5.00%, 05/01/21		1,316,240
	1,000,000	River Rouge School District Refunding GO, (Q-SBLF), 5.00%, 05/01/22		1,135,260
	2,000,000	Romulus Community Schools Refunding GO (Q-SBLF), 5.00%, 05/01/22		2,246,780
	700,000	State of Michigan Trunk Line Refunding Revenue Bonds, Series A, 5.25%, 11/01/13		700,000

Principal Amount			Value
Michigan (continued)
$	265,000	Stockbridge Community Schools Refunding GO, (AGM, Q-SBLF), 5.00%, 05/01/21	$	276,644
	4,530,000	University of Michigan Refunding Revenue Bonds, Series C, 4.00%, 04/01/19		5,108,345
	2,045,000	Ypsilanti School District Refunding GO (Assured GTY, Q-SBLF), 5.00%, 05/01/16		2,246,637
				20,475,616
Minnesota — 1.3%
	1,300,000	City of Minneapolis Public Improvements GO, 5.00%, 12/01/17		1,516,047
	2,500,000	Minnesota Public Facilities Authority Clean Water Refunding Revenue Bonds, Series A, 5.00%, 03/01/14		2,539,200
	450,000	Minnesota Public Facilities Authority Clean Water Revenue Bonds, Series B, 5.00%, 03/01/16		495,482
	1,745,000	New Prague Independent School District No 721 Crossover Refunding GO, (School District Credit Program), 4.00%, 02/01/19		1,988,532
	5,425,000	St. Paul Port Authority Anderson Office Building Refunding Revenue Bonds, Series 3, 5.00%, 12/01/19		6,388,534
	2,000,000	St. Paul Port Authority Anderson Office Building Refunding Revenue Bonds, Series 3, 5.00%, 12/01/21		2,350,620
	1,000,000	State of Minnesota Refunding Revenue Bonds, Series B, 5.00%, 03/01/21		1,191,360
				16,469,775
Mississippi — 0.2%
	1,810,000	Mississippi Development Bank Special Obligation Refunding Revenue Bonds, Series D, 5.00%, 08/01/18		2,079,020
Missouri — 1.1%
	1,020,000	County of Jackson Refunding Revenue Bonds, 4.00%, 12/01/21		1,095,653

Principal Amount			Value
Missouri (continued)
$	300,000	County of Jackson Refunding Revenue Bonds, 4.00%, 12/01/22	$	320,715
	500,000	Jackson County Reorganized School District No. 4 Blue Springs Refunding GO, Series B, (State Aid Direct Deposit), 5.00%, 03/01/18		575,910
	2,225,000	Missouri State Health & Educational Facilities Authority Columbia Arena Project Refunding Revenue Bonds, 5.00%, 10/01/19		2,629,016
	2,000,000	Missouri State Health & Educational Facilities Authority Columbia Arena Project Refunding Revenue Bonds, 5.00%, 10/01/21		2,369,220
	1,205,000	Missouri State Highways & Transportation Commission Refunding Revenue Bonds, Senior Lien, 5.00%, 02/01/14		1,219,038
	5,000,000	St. Louis School District Direct Deposit Program GO, (State Aid Direct Deposit), 5.00%, 04/01/22		5,759,850
				13,969,402
Nevada — 0.5%
	2,605,000	Clark County Water Reclamation District GO, Series A, 5.25%, 07/01/20		2,989,420
	3,110,000	Las Vegas Valley Water District Refunding GO, Series A, (NATL-RE, FGIC), 5.00%, 06/01/20		3,281,485
				6,270,905
New Hampshire — 0.2%
	2,250,000	State of New Hampshire Highway Improvements Revenue, 5.00%, 09/01/19		2,644,875
New Jersey — 4.3%
	255,000	Denville Township Board of Education Refunding GO, (AGM, School Board Resolution Funding), 4.00%, 02/15/17		275,566
	7,000,000	Garden State Preservation Trust Refunding Revenue Bonds, Series A, 5.00%, 11/01/17		8,101,170

Principal Amount			Value
New Jersey (continued)
$	200,000	Monmouth County Improvement Authority Refunding Revenue Bonds (County GTY, Municipal Government GTY), 5.00%, 12/01/22	$	241,619
	5,000,000	New Jersey Economic Development Authority School Facilities Construction Refunding Revenue Bonds, Series N-1, (AMBAC), 5.50%, 09/01/24		5,918,950
	1,500,000	New Jersey Economic Development Authority School Facilities Construction Refunding Revenue Bonds, Series W, 5.00%, 03/01/18		1,725,000
	500,000	New Jersey Economic Development Authority School Facilities Construction Revenue Bonds, Series O, 5.00%, 03/01/18		531,259
	11,690,000	New Jersey Economic Development Authority School Facility Construction Refunding Revenue Bonds, Series EE, 5.00%, 09/01/17		13,349,279
	1,000,000	New Jersey Educational Facilities Authority Higher Education Capital Improvement Refunding Revenue Bonds, Series A, (AGM), 5.00%, 09/01/14		1,037,550
	1,415,000	New Jersey Educational Facilities Authority Ramapo College Revenue Bonds, Series A, 5.00%, 07/01/14		1,455,002
	25,000	New Jersey Environmental Infrastructure Trust Revenue Bonds, Series 2012, 5.00%, 09/01/16(b)		28,111
	1,160,000	New Jersey Environmental Infrastructure Trust Revenue Bonds, Series 2013, 5.00%, 09/01/16		1,303,654
	15,000	New Jersey Environmental Infrastructure Trust Revenue Bonds, Series A, 5.00%, 09/01/16(b)		16,867
	5,105,000	New Jersey Sports & Exposition Authority Refunding Revenue Bonds, Series B (State Appropriation), 5.00%, 09/01/18		5,851,096

Principal Amount			Value
New Jersey (continued)
$	40,000	New Jersey Sports & Exposition Authority Refunding Revenue Bonds, Series B (State Appropriation), 5.00%, 09/01/18(b)	$	47,368
	1,300,000	New Jersey State Turnpike Authority Refunding Revenue Bonds, Series B, 5.00%, 01/01/20		1,510,067
	5,000,000	New Jersey Transportation Trust Fund Authority Refunding Revenue Bonds, Series B (NATL-RE), 5.25%, 12/15/14		5,274,900
	1,885,000	New Jersey Transportation Trust Fund Authority Transit Improvement Revenue Bonds, Series A, (State Appropriation), 5.00%, 06/15/16		2,093,820
	1,375,000	New Jersey Transportation Trust Fund Authority Transportation Systems Refunding Revenue Bonds, Series B, (NATL-RE), 5.50%, 12/15/15		1,517,959
	2,750,000	New Jersey Transportation Trust Fund Authority Transportation Systems Refunding Revenue Bonds, Series B-5, 5.25%, 12/15/19(d)		3,246,045
	335,000	New Milford School District Refunding GO, (School Board Resolution Funding), 4.00%, 08/15/15		353,211
				53,878,493
New Mexico — 0.1%
	1,000,000	Gadsden Independent School District No 16 Refunding GO, Series B (State Aid Withholding), 4.00%, 08/15/16		1,085,710
	250,000	Gadsden Independent School District No 16 Refunding GO, Series B (State Aid Withholding), 4.00%, 08/15/17		276,458
				1,362,168
New York — 30.9%
	3,000,000	City of New York Public Improvements GO, Series B2, Sub-Series B9, (JP Morgan Chase Bank), 0.07%, 08/15/23(c)(d)		3,000,000

Principal Amount			Value
New York (continued)
$	5,000,000	City of New York Public Improvements GO, Series C, Sub-Series C-A, 5.00%, 08/01/17(d)	$	5,773,950
	1,355,000	City of New York Public Improvements GO, Series D, 5.00%, 11/01/14(b)		1,419,363
	545,000	City of New York Public Improvements GO, Series D, 5.00%, 11/01/21		567,558
	3,500,000	City of New York Public Improvements GO, Sub-Series D-1, 5.00%, 08/01/22		4,122,790
	2,155,000	City of New York Refunding GO, Series C, 5.00%, 08/01/20		2,550,184
	800,000	City of New York Refunding GO, Series C, 5.00%, 08/01/22		942,352
	1,000,000	City of New York Refunding GO, Series E, 5.00%, 08/01/14		1,035,570
	4,000,000	City of New York Refunding GO, Series E, 5.00%, 08/01/17		4,619,160
	3,360,000	City of New York Refunding GO, Series I, 5.00%, 08/01/16		3,767,837
	5,000,000	City of New York Refunding GO, Series I, 5.00%, 08/01/17		5,773,950
	2,000,000	Erie County Industrial Development Agency Refunding Revenue Bonds, Series B, (State Aid Withholding), 5.00%, 05/01/18		2,329,260
	5,000,000	Erie County Industrial Development Agency Refunding Revenue Bonds, Series B, (State Aid Withholding), 5.00%, 05/01/23		5,702,250
	7,000,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series D, 3.00%, 11/15/13		7,003,619
	3,500,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series D, 5.00%, 11/15/18		4,096,645
	10,000,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series D, 5.00%, 11/15/21		11,642,100

Principal Amount			Value
New York (continued)
$	1,000,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series D-1, 5.00%, 11/01/22(d)	$	1,156,550
	10,000,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series F, 5.00%, 11/15/17		11,519,600
	1,925,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series F, 5.00%, 11/15/21		2,241,104
	9,550,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series F, 5.00%, 11/15/22		11,050,687
	650,000	Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Series A, 3.00%, 11/15/13		650,467
	2,150,000	Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Series A, 4.00%, 11/15/15		2,304,349
	1,910,000	Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Series C, 5.00%, 11/15/21		2,223,641
	1,000,000	Municipal Assistance Corp. For The City of Troy General Resolution Refunding Revenue Bonds, Series A, (GO of Corp.), 4.50%, 01/15/15		1,037,180
	4,570,000	New York City Health & Hospital Corp. Refunding Revenue Bonds, Series A, (GO of Corp.), 5.00%, 02/15/14		4,630,872
	3,760,000	New York City Health & Hospital Corp. Refunding Revenue Bonds, Series A, (GO of Corp.), 5.00%, 02/15/14		3,810,083
	2,500,000	New York City Municipal Water Finance Authority Fiscal 2009 Revenue Bonds, Series A, 5.50%, 06/15/21		2,932,900
	1,000,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, 5.00%, 11/01/13(b)		1,000,000

Principal Amount			Value
New York (continued)
$	9,375,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Series A, 5.00%, 11/01/18	$	11,100,094
	1,060,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Series A-1, 5.00%, 11/01/14		1,110,350
	1,005,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Series B, 5.00%, 11/01/17(b)		1,171,679
	995,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Series B, 5.00%, 11/01/17		1,154,061
	1,950,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Series B, 5.00%, 02/01/18		2,276,450
	15,920,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series B, 5.00%, 11/01/21		18,963,745
	3,025,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series G, 5.00%, 11/01/18		3,581,630
	1,045,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series G, 5.00%, 11/01/19		1,245,818
	2,425,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series G, 5.00%, 11/01/21		2,888,636
	935,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series H, 5.00%, 11/01/18		1,107,049
	1,535,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series H, 5.00%, 11/01/21		1,828,477

Principal
Amount			Value
New York (continued)
$	2,195,000	New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Series SE, 5.25%, 02/01/14(b)	$	2,221,406
	515,000	New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Sub-Series, F-1, 5.00%, 02/01/19		607,757
	4,725,000	New York City Transitional Finance Authority Public Improvement Revenue Bonds, Series B-3, 4.00%, 11/01/13		4,725,000
	6,300,000	New York City Transitional Finance Authority Public Improvement Revenue Bonds, Series B-3, 5.00%, 11/01/14		6,598,620
	1,815,000	New York City Transitional Finance Authority Public Improvement Revenue Bonds, Series C, 5.00%, 11/01/17		2,105,146
	2,200,000	New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series A-1, 5.00%, 05/01/22		2,542,716
	3,235,000	New York City Transitional Finance Authority School Improvement Revenue Bonds, Sub-Series S-1A, (State Aid Withholding), 5.00%, 07/15/21		3,797,793
	2,090,000	New York Local Government Assistance Corp. Refunding Revenue Bonds, Sub-Lien Series B-3V, (GO of Corp.), 0.09%, 04/01/24(c)		2,090,000
	700,000	New York Local Government Assistance Corp. Refunding Revenue Bonds, Sub-Series A-5-6, 5.00%, 04/01/17		802,900
	5,100,000	New York Municipal Bond Bank Agency Refunding Revenue Bonds, (State Aid Withholding), 4.00%, 12/01/17		5,713,326
	10,000,000	New York Municipal Bond Bank Agency Refunding Revenue Bonds, (State Aid Withholding), 5.00%, 12/01/21		11,793,000

Principal
Amount			Value
New York (continued)
$	600,000	New York State Dormitory Authority Cornell University Revenue Bonds, Series A, 0.09%, 07/01/29(c)	$	600,000
	750,000	New York State Dormitory Authority Current Refunding Revenue Bonds, Series A, 4.00%, 07/01/16		814,583
	900,000	New York State Dormitory Authority Economic Development & Housing Revenue Bonds, Series A, 4.00%, 12/15/16		992,115
	15,000	New York State Dormitory Authority Mental Health Services Facility Refunding Revenue Bonds, (State Appropriation), 5.00%, 08/15/18(b)		17,761
	1,770,000	New York State Dormitory Authority Mental Health Services Facility Refunding Revenue Bonds, Series A, (State Appropriation), 4.50%, 08/15/17		2,005,428
	550,000	New York State Dormitory Authority Mental Health Services Facility Revenue Bonds, (NATL-RE, FGIC, State Appropriation), 5.00%, 02/15/16		581,554
	2,485,000	New York State Dormitory Authority Mental Health Services Facility Revenue Bonds, (State Appropriation), 5.00%, 08/15/18		2,902,008
	2,110,000	New York State Dormitory Authority Refunding Revenue Bonds, 5.00%, 08/15/18		2,431,311
	15,000,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A, 5.00%, 12/15/20		17,957,700
	4,000,000	New York State Dormitory Authority Refunding Revenue Bonds, Series D, 5.00%, 02/15/20		4,740,840
	1,045,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series A, 5.00%, 03/15/21		1,240,478
	4,000,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series C, 5.00%, 03/15/17		4,573,200

Principal
Amount			Value
New York (continued)
$	5,000,000	New York State Dormitory Authority University and College Improvements Revenue Bonds, Series C, 5.00%, 03/15/21	$	5,935,300
	2,000,000	New York State Environmental Facilities Corp. Refunding Revenue Bonds, Sub-Series A, 5.00%, 06/15/19		2,378,880
	7,000,000	New York State Thruway Authority Highway Improvement Refunding Revenue Bonds, Series B, 5.00%, 04/01/20		8,122,030
	1,420,000	New York State Thruway Authority Highway Improvement Revenue Bonds, Series A, 5.00%, 03/15/17		1,623,486
	1,500,000	New York State Thruway Authority Highway Improvement Revenue Bonds, Series A, 5.00%, 03/15/18		1,759,605
	6,000,000	New York State Thruway Authority Highway Improvement Revenue Bonds, Series A, 5.00%, 03/15/19		6,573,360
	1,430,000	New York State Thruway Authority Highway Improvement Revenue Bonds, Series A, 5.00%, 03/15/20		1,698,168
	5,000,000	New York State Thruway Authority Highway Improvement Revenue Bonds, Series A, 5.00%, 03/15/21		5,764,350
	1,900,000	New York State Thruway Authority Highway Improvement Revenue Bonds, Series B, 5.00%, 04/01/21		2,181,181
	400,000	New York State Thruway Authority Refunding Revenue Bonds, Series A, 5.00%, 03/15/17		457,319
	8,000,000	New York State Thruway Authority Refunding Revenue Bonds, Series A, 5.00%, 03/15/21		9,430,240
	5,000,000	New York State Thruway Authority Refunding Revenue Bonds, Series B, 5.00%, 04/01/21		5,725,150

Principal
Amount			Value
New York (continued)
$	925,000	New York State Thruway Authority Refunding Revenue Bonds, Series B (AMBAC), 5.00%, 04/01/19	$	1,000,341
	4,705,000	New York State Urban Development Corp. Public Improvement Revenue Bonds, Series A-1, 5.00%, 03/15/22		5,575,707
	24,900,000	New York State Urban Development Corp. Public Improvements Revenue Bonds, Series A-1, 5.00%, 03/15/22		29,507,994
	500,000	New York State Urban Development Corp. Refunding Revenue Bonds, Series D, 5.00%, 01/01/15		527,265
	5,000,000	New York State Urban Development Corp. Refunding Revenue Bonds, Series D, 5.50%, 01/01/19		5,974,850
	1,000,000	New York State Urban Development Corp. Service Contract Refunding Revenue Bonds, (AGM), 5.00%, 01/01/15		1,054,530
	10,000,000	Port Authority of New York & New Jersey Refunding Revenue Bonds, 5.00%, 12/01/20		11,831,600
	16,250,000	Tobacco Settlement Financing Corp. Asset Backed Refunding Revenue Bonds, Series A, 5.00%, 06/01/18		18,934,013
	6,000,000	Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Sub-Series B1 (GO of Authority), 5.00%, 11/15/25(c)		6,011,160
	6,845,000	Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, Series B, 5.00%, 11/15/18		8,103,043
	650,000	Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, Series B, (State Street Bank & Trust), 0.07%, 01/01/32(c)(d)		650,000

Principal
Amount			Value
New York (continued)
$	5,390,000	Triborough Bridge & Tunnel Authority Toll Road Refunding Revenue Bonds, Series B, 5.00%, 11/15/23	$	6,420,460
				384,426,684
North Carolina — 3.1%
	680,000	Appalachian State University Refunding Revenue Bonds, 5.00%, 05/01/20		789,194
	905,000	Buncombe County Refunding Revenue Bonds, 5.00%, 06/01/21		1,063,592
	1,355,000	Cabarrus County School Improvement COP, 5.00%, 01/01/21		1,539,632
	1,005,000	City of Charlotte Equipment Acquisition Refunding COP, 5.00%, 12/01/16		1,130,223
	2,595,000	City of Charlotte Water & Sewer System Revenue Bonds, Series B, 0.07%, 07/01/36(c)		2,595,000
	5,000,000	City of Raleigh Combined Enterprise System Water and Sewer Revenue Bonds, Series A, 0.07%, 03/01/35(c)		5,000,000
	3,300,000	County of Guilford Recreational Facilities GO, Series B, 0.07%, 03/01/25(c)		3,300,000
	3,015,000	County of Mecklenburg Refunding GO, Series A, 5.00%, 12/01/22		3,680,863
	615,000	Dare County Refunding Revenue Bonds, Series D, 4.00%, 06/01/17		680,036
	675,000	Dare County Refunding Revenue Bonds, Series D, 4.00%, 06/01/18		755,642
	675,000	Dare County Refunding Revenue Bonds, Series D, 5.00%, 06/01/21		794,313
	335,000	Dare County Refunding Revenue Bonds, Series D, 5.00%, 06/01/24		384,486
	1,285,000	Dare County School Improvements COP, (NATL-RE, FGIC), 5.00%, 06/01/17		1,379,023
	1,565,000	Johnston County School Improvements GO, (NATL-RE), 5.00%, 02/01/20		1,724,912

Principal
Amount			Value
North Carolina (continued)
$	325,000	North Carolina State University At Raleigh Refunding Revenue Bonds, Series A, 5.00%, 10/01/21	$	391,219
	2,000,000	Orange County Public Facilities Co. Refunding Revenue Bonds, 5.00%, 10/01/21		2,373,960
	1,745,000	State of North Carolina Annual Appropriation Revenue Bonds, Series A, 4.50%, 05/01/14		1,781,994
	4,500,000	State of North Carolina Refunding GO, Series A, 5.00%, 03/01/17		5,156,685
	4,415,000	Town of Cary Public Improvements GO, 0.10%, 06/01/27(c)		4,415,000
				38,935,774
Ohio — 0.9%
	2,365,000	Ohio State Building Authority Facilities Administration Building Project Refunding Revenue Bonds, Series B, (NATL-RE, FGIC), 5.00%, 10/01/18		2,748,958
	400,000	Ohio State Department of Administrative Services Knowledge System COP, Series A, (NATL-RE), 5.00%, 09/01/16		423,139
	1,000,000	State of Ohio Capital Facilities Lease Appropriation Refunding Revenue Bonds, 5.00%, 10/01/17		1,148,680
	1,300,000	State of Ohio Refunding GO, Series B, 5.00%, 09/15/14		1,353,885
	4,000,000	State of Ohio School Improvements GO, Series C, 0.06%, 06/15/26(c)		4,000,000
	1,730,000	University of Cincinnati College & University Refunding Revenue Bonds, Series A, (State Appropriation), 5.00%, 06/01/17		1,965,695
				11,640,357
Oklahoma — 0.1%
	1,000,000	City of Oklahoma City Refunding GO, 4.00%, 03/01/14		1,012,460

Principal
Amount			Value
Oregon — 0.6%
$	1,300,000	City of Portland Water System Refunding Revenue Bonds, Series A, 5.00%, 05/01/17	$	1,491,854
	2,015,000	Lane County School District No 19 Springfield School Improvements GO, Series B, (AGM, School Board GTY), 5.00%, 06/15/17		2,278,663
	100,000	Multnomah-Clackamas Counties Centennial School District No 28JT Refunding GO, (AGM, School Board GTY), 5.00%, 12/15/19		118,121
	1,900,000	Washington & Multnomah Counties School District No 48J Beaverton Refunding GO, Series B, (School Board GTY), 4.00%, 06/15/19		2,138,317
	1,000,000	Washington County School District No 15 Forest Grove Refunding GO, (AGM, School Board GTY), 5.00%, 06/15/14		1,029,490
				7,056,445
Pennsylvania — 1.3%
	7,000,000	Pennsylvania Economic Development Financing Authority Refunding Revenue Bonds, Series A, 5.00%, 01/01/18		8,149,260
	7,000,000	Philadelphia School District Refunding GO, Series C (State Aid Withholding), 5.00%, 09/01/18		7,912,450
				16,061,710
Puerto Rico — 0.0%
	120,000	Puerto Rico Highway & Transportation Authority Highway Improvements Revenue Bonds OID, Series W, 5.50%, 07/01/15(b)		126,725
Rhode Island — 0.1%
	705,000	Rhode Island Health & Educational Building Corp. Town of East Greenwich Revenue Bonds, Series A, (Municipal Government GTY), 4.00%, 05/15/18		780,893

Principal
Amount			Value
Rhode Island (continued)
$	775,000	State of Rhode Island Energy Conservation COP, Series A, 3.00%, 04/01/14	$	783,827
				1,564,720
South Carolina — 1.0%
	4,530,000	County of Charleston Refunding GO, Series A, 5.00%, 11/01/21		5,487,823
	880,000	Lexington County School District No 2 Refunding GO (South Carolina School District), 4.00%, 03/01/17		971,520
	2,090,000	Lexington County School District No 2 Refunding GO (South Carolina School District), 5.00%, 03/01/18		2,432,154
	1,635,000	Lexington County School District No 2 Refunding GO (South Carolina School District), 5.00%, 03/01/20		1,932,357
	330,000	State of South Carolina University & College Improvements GO, Series B, 5.00%, 03/01/19		392,396
	680,000	State of South Carolina University & College Improvements GO, Series E (State Aid Withholding), 5.00%, 03/01/19		808,574
				12,024,824
Tennessee — 0.1%
	1,200,000	City of Knoxville Wastewater System Revenue Bonds, Series B, 5.00%, 04/01/22		1,414,968
Texas — 10.7%
	1,255,000	Alamo Community College District GO, Series A, (NATL-RE), 5.50%, 08/15/15		1,370,146
	3,660,000	Alamo Heights Independent School District Refunding GO (PSF-GTD), 5.00%, 02/01/21		4,358,401
	95,000	Aledo Independent School District Improvements GO, (PSF-GTD), 5.00%, 02/15/15(b)		100,804

Principal
Amount			Value
Texas (continued)
$	1,165,000	Aledo Independent School District Improvements GO, (PSF-GTD), 5.00%, 02/15/20	$	1,217,145
	515,000	Arlington Independent School District Improvements GO, Series A, (PSF-GTD), 5.00%, 02/15/14		521,978
	600,000	Arlington Independent School District Improvements GO, Series A, (PSF-GTD), 4.00%, 02/15/15		628,920
	400,000	Beaumont Independent School District Improvements GO, (PSF-GTD), 4.00%, 02/15/18		448,335
	955,000	Carrollton-Farmers Branch Independent School District Refunding GO, Series A, (PSF-GTD), 2.00%, 02/15/14		959,288
	1,300,000	City of Austin Public Property Finance Contractual GO, 1.00%, 11/01/14		1,310,400
	515,000	City of Denton Certificates of Obligation GO, (NATL-RE), 5.00%, 02/15/14		521,932
	895,000	City of El Paso Water & Sewer Refunding Revenue Bonds, (NATL-RE), 4.50%, 03/01/14		907,270
	1,095,000	City of Friendswood Waterworks & Sewer System Refunding Revenue Bonds, (AGM), 5.00%, 03/01/21		1,186,312
	4,000,000	City of Houston Refunding Public Improvement GO, Series A, (NATL-RE), 5.25%, 03/01/14		4,065,560
	3,000,000	City of Houston Refunding Public Improvement GO, Series A, (NATL-RE), 5.38%, 03/01/15		3,050,160
	1,000,000	City of League Waterworks & Sewer GO, Series A, 5.00%, 02/15/22		1,168,740
	1,775,000	City of Lubbock Public Improvement GO, 5.25%, 02/15/20		2,050,977
	950,000	City of Richardson Public Improvememt GO, (NATL-RE), 5.25%, 02/15/15(b)		1,011,066

Principal
Amount			Value
Texas (continued)
$	330,000	City of Richardson Public Improvememt GO, (NATL-RE), 5.25%, 02/15/20	$	347,497
	265,000	City of Rockwall Refunding GO, 4.00%, 08/01/22		278,767
	260,000	Coppell Independent School District School Building GO, (PSF-GTD), 4.00%, 08/15/16		284,086
	1,420,000	County of Nueces Public Improvements GO, (AMBAC), 5.00%, 02/15/14(b)		1,439,198
	1,000,000	County of Williamson Limited Tax Refunding GO, 5.00%, 02/15/21		1,188,800
	1,095,000	Cypress-Fairbanks Independent School District Refunding GO, Series A, (PSF-GTD), 4.00%, 02/15/17		1,211,880
	245,000	Deer Park Independent School District Limited Tax GO, (AGM), 5.00%, 02/15/17		277,369
	7,630,000	Denton Independent School District GO, (PSF-GTD), 2.00%, 08/01/43(c)		7,888,047
	8,360,000	Eagle Mountain & Saginaw Independent School District GO (PSF-GTD), 2.50%, 08/01/50(c)		8,492,506
	520,000	Forsan Independent School District Refunding GO (PSF-GTD), 4.00%, 02/15/17		574,616
	250,000	Frisco Independent School District School Building GO, Series A, (PSF-GTD), 6.13%, 08/15/21		302,598
	700,000	Grapevine Tax Increment Refunding GO, Series A, (NATL-RE), 5.00%, 08/15/17		737,751
	1,000,000	Grapevine Tax Increment Refunding GO, Series A, (NATL-RE), 5.00%, 08/15/19		1,050,910
	330,000	Grapevine-Colleyville Independent School District Refunding GO, (PSF-GTD), 5.00%, 08/15/15(b)		357,601
	1,025,000	Hallsville Independent School District Refunding GO, (PSF-GTD), 4.00%, 02/15/15		1,073,196

Principal
Amount			Value
Texas (continued)
$	720,000	Hallsville Independent School District Refunding GO, (PSF-GTD), 4.00%, 02/15/16	$	774,785
	1,000,000	Harris County Refunding GO, Series C, (AGM), 5.25%, 08/15/19		1,198,810
	10,000	Hays Consolidated Independent School District GO, (PSF-GTD), 5.25%, 08/15/14(b)		10,387
	365,000	Hays Consolidated Independent School District GO, (PSF-GTD), 5.25%, 08/15/18		379,286
	500,000	Hidalgo County Certificates of Obligation GO, (NATL-RE), 4.50%, 08/15/19		541,080
	1,500,000	Houston Community College System Refunding GO, 5.00%, 02/15/21		1,777,650
	2,990,000	Houston Community College System Student Fee Revenue Bonds, Senior Lien, (AGM), 5.25%, 04/15/21		3,388,986
	1,000,000	Houston Community College System University and College Improvements GO, 5.00%, 02/15/21		1,185,100
	5,000,000	Houston Independent School District Limited Tax School House GO, Series B, (PSF-GTD), 1.00%, 06/01/35(c)		5,018,250
	2,745,000	Hurst-Euless-Bedford Independent School District Improvememts GO, (PSF-GTD), 5.00%, 08/15/14		2,847,992
	385,000	Joshua Independent School District Refunding GO, Series C (PSF-GTD), 5.45%, 02/15/16		407,600
	1,570,000	Lewisville Independent School District Refunding GO, (PSF-GTD), 5.00%, 08/15/14		1,628,906
	4,500,000	Lower Colorado River Authority Refunding Revenue Bonds, 5.00%, 05/15/16		4,975,605
	560,000	McAllen Independent School District Refunding GO, (PSF-GTD), 5.00%, 02/15/16		594,210

Principal
Amount			Value
Texas (continued)
$	5,625,000	Midlothian Independent School District GO, Series B (PSF-GTD), 2.25%, 08/01/51(c)	$	5,702,512
	6,000,000	North East Independent School District GO, Series A (PSF-GTD), 1.00%, 08/01/43(c)		6,022,560
	13,000,000	Northside Independent School District Refunding GO (PSF-GTD), 1.50%, 08/01/34(c)(d)		13,204,360
	1,905,000	Northside Independent School District Refunding GO, Series A, (PSF-GTD), 1.35%, 06/01/39(c)		1,915,230
	6,500,000	Northside Independent School District, School Improvements GO (PSF-GTD), 1.90%, 08/01/40(c)		6,571,825
	1,105,000	Pasadena Independent School District GO, (PSF-GTD), 5.00%, 02/15/17		1,259,081
	525,000	Red Oak Independent School District School Building GO, (PSF-GTD), 5.00%, 08/15/18		599,713
	275,000	Rockwall Independent School District Improvements GO, (PSF-GTD), 4.75%, 02/15/15(b)		290,923
	225,000	Rockwall Independent School District Improvements GO, (PSF-GTD), 4.75%, 02/15/15		237,998
	1,255,000	San Felipe-Del Rio Consolidated Independent School District Refunding GO, (PSF-GTD), 3.00%, 02/15/15		1,298,009
	1,100,000	San Felipe-Del Rio Consolidated Independent School District Refunding GO, (PSF-GTD), 3.00%, 02/15/16		1,161,424
	1,005,000	San Jacinto Community College District Refunding GO, (AMBAC), 4.25%, 02/15/14		1,015,502
	145,000	Seagraves Independent School District School Building GO, (PSF-GTD), 4.00%, 02/15/19		162,075
	2,600,000	Spring Branch Independent School District School House Improvements GO, (PSF-GTD), 3.00%, 06/15/41(c)		2,699,892

Principal
Amount			Value
Texas (continued)
$	2,705,000	Spring Independent School District School Building GO, (PSF-GTD), 5.00%, 02/15/15	$	2,869,897
	1,070,000	Texas State Transportation Commission Revenue Bonds, First Tier, 5.00%, 04/01/17		1,223,010
	1,390,000	Texas State University Systems University and College Improvement Revenue Bonds, 5.00%, 03/15/17		1,583,710
	1,900,000	University of North Texas Refunding Revenue Bonds, 5.00%, 04/15/20		2,235,483
	4,730,000	University of North Texas Refunding Revenue Bonds, 5.00%, 04/15/21		5,549,662
	1,610,000	University of Texas Financing Systems Refunding Revenue Bonds, Series E, 5.00%, 08/15/15		1,743,453
	145,000	Victoria Utility System, Water & Wastewater Authority Refunding Revenue Bonds, (AMBAC), 5.00%, 12/01/17		166,522
				132,623,744
Utah — 0.2%
	1,975,000	Alpine School District School Building GO, (School Board GTY), 5.00%, 03/15/21		2,296,352
	125,000	South Jordan Water Refunding Revenue Bonds, (AMBAC), 5.00%, 11/01/15		136,405
				2,432,757
Virginia — 2.8%
	715,000	City of Charlottesville Public Improvememts GO, 3.00%, 08/15/14		730,723
	1,000,000	City of Newport News Water Improvement Refunding GO, Series B (State Aid Withholding), 5.25%, 07/01/14		1,033,200
	155,000	City of Norfolk Water Refunding Revenue Bonds, 5.00%, 11/01/22		184,865
	1,290,000	City of Roanoke Refunding GO, Series A (State Aid Withholding), 5.00%, 07/15/23		1,541,537

Principal
Amount			Value
Virginia (continued)
$	600,000	County of Prince William Facilities Refunding COP, 4.00%, 10/01/17	$	661,974
	1,350,000	Fairfax County Economic Development Authority Community Services Facilities Project Revenue Bonds, Series A, 4.50%, 03/01/20		1,528,038
	2,530,000	Virginia College Building Authority Educational Facilities 21st Century College & Equipment Programs Refunding Revenue Bonds, Series C (State Appropriation), 4.00%, 02/01/15		2,647,923
	6,000,000	Virginia College Building Authority Public Higher Education Refunding Revenue Bonds, Series B (State Appropriation), 5.00%, 09/01/21		7,017,240
	5,130,000	Virginia College Building Authority Public Higher Education Refunding Revenue Bonds, Series B (State Appropriation), 5.00%, 09/01/22		5,940,078
	1,000,000	Virginia Commonwealth Transportation Board Route 28 Project Refunding Revenue Bonds, 3.00%, 04/01/14		1,011,550
	5,000,000	Virginia Commonwealth Transportation Board Transit Improvements Revenue Bonds, 5.00%, 03/15/23		5,855,400
	2,465,000	Virginia Public Building Authority Revenue Bonds, Series A, 5.00%, 08/01/21		2,943,925
	1,245,000	Virginia Public Building Authority Revenue Bonds, Series B, 5.00%, 08/01/14		1,289,285
	1,250,000	Virginia Public Building Authority Revenue Bonds, Series B (State Appropriation), 5.00%, 08/01/21		1,441,338
	1,335,000	Virginia Public School Authority School Improvements Revenue Bonds, Series B, (State Aid Intercept Program), 3.00%, 08/01/14		1,362,781
				35,189,857

Principal
Amount			Value
Washington — 2.9%
$	100,000	CDP-King County III Lease King Street Center Project Refunding Revenue Bonds, (NATL-RE), 5.00%, 06/01/17	$	112,017
	2,970,000	City of Tacoma Water Improvement Refunding Revenue Bonds, 2.00%, 12/01/13		2,974,254
	2,525,000	Clark County School District No 117 Camas Refunding GO, (School Board GTY), 5.00%, 12/01/17		2,923,748
	800,000	Island County School District No 201 Oak Harbor School Improvements GO, (School Board GTY), 5.00%, 12/01/16		896,056
	680,000	King County Public Transportation Sales Tax Refunding GO, 4.00%, 12/01/18		767,339
	320,000	King County School District No. 401 Highline Refunding GO, (School Board GTY), 5.00%, 12/01/20		371,850
	1,000,000	King County School District No. 405 Bellevue School Improvement GO, Series A (School Board GTY), 3.00%, 12/01/13		1,002,276
	1,500,000	King County School District No. 414 Lake Washington GO, (School Board GTY), 5.00%, 12/01/20		1,720,695
	3,000,000	King County Sewer Improvements GO, Series B, 0.08%, 01/01/40(c)		3,000,000
	1,315,000	Spokane County School District No 363 West Valley Refunding GO, (School Board GTY), 5.00%, 12/01/18		1,534,066
	2,000,000	State of Washington Department of Ecology Refunding COP, Series B, (AMBAC), 5.00%, 04/01/16		2,206,800
	800,000	State of Washington Motor Vehicle Fuel Tax GO, Series E, 5.00%, 02/01/23		936,360
	5,000,000	State of Washington Motor Vehicle Fuel Tax Refunding GO, Series 2012-B, 5.00%, 07/01/24		5,767,950
	605,000	State of Washington Refunding GO, Series R-2006A (AMBAC), 5.00%, 07/01/15(b)		651,609

Principal
Amount			Value
Washington (continued)
$	745,000	State of Washington Refunding GO, Series R-2006A (AMBAC), 5.00%, 07/01/17	$	804,853
	4,000,000	State of Washington Refunding GO, Series R-2012C, 5.00%, 07/01/23		4,702,360
	3,250,000	State of Washington Senior 520 Corridor Program Highway Improvements Revenue Bonds, 5.00%, 09/01/19		3,806,660
	2,005,000	University of Washington Refunding Revenue Bonds, 5.00%, 12/01/15		2,196,457
				36,375,350
West Virginia — 0.1%
	125,000	West Virginia University Revenue Bonds, Series A, (NATL-RE), 5.50%, 04/01/17		142,926
	800,000	West Virginia University Revenue Bonds, Series B, 5.00%, 10/01/14		834,496
				977,422
Wisconsin — 1.4%
	100,000	Fond Du Lac Refunding GO, (NATL-RE, FGIC), 4.75%, 03/01/15		101,471
	4,245,000	Green Bay Area Public School District Refunding GO, 2.00%, 04/01/14		4,276,838
	10,000,000	State of Wisconsin Refunding GO, Series 1, 5.00%, 05/01/16		10,924,100
	500,000	State of Wisconsin Sewer Improvements Revenue Bonds, Series 1, 5.00%, 06/01/14		513,805
	1,000,000	State of Wisconsin Sewer Improvements Revenue Bonds, Series 2, 5.00%, 06/01/14		1,027,610
				16,843,824
Total Municipal Bonds (Cost $1,222,610,651)				1,242,359,475

Shares		Value
INVESTMENT COMPANY — 2.2%
27,772,500	SEI Daily Income Trust Government II Fund, Class A, 0.01%(e)	$	27,772,500
Total Investment Company (Cost $27,772,500)			27,772,500

TOTAL INVESTMENTS — 102.0% (Cost $1,250,383,151)(a)			1,270,131,975
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.0)%			(25,439,441	)
NET ASSETS — 100.0%		$	1,244,692,534

(a)	Cost for federal income tax purposes is $1,250,462,035 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	26,763,898
Unrealized depreciation		(7,093,958	)
Net unrealized appreciation	$	19,669,940


(b)	These securities are pre-refunded; the date shown represents the pre-refunded date. Bonds which are pre-refunded are

	collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
(c)	Variable rate security. Rate shown is the rate as of October 31, 2013.
(d)	The security is subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at the stated maturity date.
(e)	Rate shown represents current yield at October 31, 2013.

AGM — Assured Guaranty Municipal Corp.

AMBAC — Insured by AMBAC Indemnity Corp.

COP — Certificates of Participation

FGIC — Insured by Financial Guaranty Insurance Corp.

GO — General Obligations

GTY — Guaranty

NATL-RE — Insured by National Public Finance Guarantee Corp.

OID — Original Issue Discount

PSF-GTD — Permanent School Fund Guarantee

Q–SBLF — Qualified-School Bond Loan Fund

XLCA — XL Capital Insurance

Old Westbury Funds, Inc. (the “Corporation”) was organized as a Maryland corporation on August 26, 1993 and commenced operations on October 22, 1993. The Corporation is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Corporation’s Articles of Incorporation permit the Corporation’s Board of Directors (the “Board”) to create an unlimited number of series, each with one or more separate classes of shares. At October 31, 2013, the Corporation consisted of seven separate investment portfolios (each series individually referred to as a “Fund” and collectively as the “Funds”) shown below:

The Corporation has authorized a total of 20 billion shares of common stock (par value $0.001 per share).

Under the Corporation’s organizational documents, its Officers and Directors are indemnified against certain liabilities arising out of the performance of their duties for the Corporation. In addition, in the normal course of business, the Corporation enters into contracts with vendors and others that provide for general indemnifications. The Corporation’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Corporation. However, based on experience, the Corporation expects the risk of loss to be remote.

The consolidated financial statements of the Real Return Fund include the financial results of its wholly-owned subsidiary (organized under the laws of the Cayman Islands), OWF Real Return Fund, Ltd. (the “Subsidiary”). All material intercompany accounts and transactions have been eliminated. The Subsidiary commenced operations on November 7, 2008. The Real Return Fund commenced reporting on a consolidated basis as of such commencement date. The Subsidiary is a commodity pool, as defined in the regulations of the Commodity Futures Trade Commission, (the “CFTC”) and is operated by Bessemer Investment Management LLC (“BIM”) (“Adviser”), a commodity pool operator registered with the CFTC effective, January 1, 2013. BIM has claimed an exemption under CFTC Rule 4.7 on behalf of the Subsidiary on January 2, 2013. The Real Return Fund seeks to gain exposure to commodities, commodities-related instruments, derivatives and other investments by directly investing in those instruments or through investments in the Subsidiary. The Subsidiary has the same investment goal as the Real Return Fund. The Subsidiary pursues its investment goal by investing in commodities, commodities-related instruments, derivatives and other investments. The Subsidiary (unlike the Real Return Fund) may invest without limitation in these instruments. However, the Subsidiary is otherwise subject to the same fundamental, non-fundamental and certain other investment restrictions as the Real Return Fund. The portion of the Real Return Fund’s or Subsidiary’s assets exposed to any particular commodity, derivative or other investment will vary based on market conditions, but from time to time some exposure could be substantial. To the extent of the Real Return Fund’s investment through the Subsidiary, it will be subject to the risks associated with the commodities, derivatives and other instruments in which the Subsidiary invests. As of October 31, 2013, the Subsidiary represented $265,407,207, or 17.88% of the Real Return Fund’s net assets.

The following is a summary of the significant accounting policies followed by the Corporation in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the U.S. (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions

that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. GAAP recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants such as the Corporation.

A.Valuation of Investments. Securities listed on an exchange are valued, except as indicated below, at the last sale price reflected at the close of the regular trading session of the exchange on the business day as of which such value is being determined, and securities listed on NASDAQ are valued at the NASDAQ Official Closing Price (“NOCP”). If there has been no sale on such day, the security is valued at the mean of the closing bid and asked prices. If no bid or asked prices are quoted, or if events or circumstances that could materially affect the value of such Funds’ securities have occurred, then the security is valued at a fair value determined in accordance with procedures approved by the Board. Securities traded on more than one national securities exchange are valued at the last sale price on the exchange representing the principal market for such securities. Investments in open-end investment companies are valued at the most recently calculated net asset value (“NAV”).

Securities traded in the over-the-counter market are valued at the mean of the current bid and asked prices from such sources as the Board deems appropriate to reflect their fair value.

U.S. government obligations and other debt instruments having 60 days or less remaining until maturity at acquisition are valued at amortized cost when such value reflects fair value. Debt instruments having a greater remaining maturity will be valued on the basis of prices obtained from a pricing service approved as reliable by the Board. Pricing Service Vendors base their valuations on a number of factors, including, but not limited to, actual transaction data, benchmark yields, market bids, market offers, quotations from dealers, credit risk spreads, interest rate spreads, proprietary pricing models, cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements, specific deal information and other relationships observed in markets of comparable securities.

All other investment assets and liabilities, including derivatives, restricted and not readily marketable securities, are valued under procedures established by and under the general supervision and responsibility of the Board designed to reflect, in good faith, the fair value of such investments or other assets and liabilities. Fair value methods can include, but are not limited to, obtaining market quotations from secondary pricing services, broker-dealers, or widely used quotation systems. Real assets (i.e., assets not constituting securities or securities whose value is determined by underlying real assets), including collectibles such as coins, for which there is no readily available market quotation are valued on the basis of appraised value as determined by an independent appraiser selected by the Funds’ Investment Adviser, BIM. Appraisals are obtained on an ongoing, periodic basis in order to assure current valuations; appraisals generally are obtained not less frequently than quarterly and appraised values may be updated between appraisals on the basis of reported industry benchmarks. Derivative contracts and instruments are valued on the basis of industry-standard pricing information, including counterparty valuation quotations, industry inputs for market standard pricing models and generally available dealer quotations, subject to the review and confirmation by BIM where appropriate.

In the event of a change in the S&P 500 Index that is greater than predetermined levels approved by the Board, the Funds may use a pricing service authorized by the Board that has been designated to determine fair value. The Funds that invest in certain foreign securities that trade in non-U.S. markets may use a systematic fair valuation model provided by an independent third party vendor to value its non-U.S. investments. The Funds’ policy is intended to result in a calculation of a Fund’s NAV that fairly reflects security values as of the time of pricing. However, fair values determined pursuant to the Funds’ procedures may not accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the time of pricing. A Fund may fair value foreign securities if significant events that appear likely to affect the value of those securities occur between the time a foreign exchange closes and the time that a Fund prices its shares. Significant events may include: government actions; natural disasters; armed conflict; act of terrorism and similar situations; and significant market fluctuations. In addition, foreign securities held by a Fund may trade on weekends or other days when the Fund does not calculate NAV. As a result, the market value of these investments may change on days when shares of the Fund cannot be bought or sold. Such fair valuations are categorized as Level 2 in the fair value hierarchy. Foreign securities that are valued based on market quotations are categorized as Level 1 in the fair value hierarchy. The Large Cap Strategies Fund, Global Small & Mid Cap Fund and the Global Opportunities Fund utilized a systematic fair valuation model provided by an independent third-party vendor to fair value certain securities 22 days during the year ended October 31, 2013. As a result on days when the index change exceeds predetermined levels, certain securities held by the Funds were transferred from Level 1 into Level 2. On any subsequent day

when such index level is not exceeded, certain securities held by the Funds were transferred from Level 2 back into Level 1. As of October 31, 2013, foreign securities were not fair valued as the change in the S&P 500 Index did not exceed the Funds’ predetermined level. There were no other transfers between Level 1 and Level 2 during the year ended October 31, 2013.

The fair value of investments is determined in accordance with the valuation procedures approved by the Board. The Funds’ Pricing Committee established by the Board (the “Pricing Committee”) reviews pricing methodologies for derivatives and all other types of investments on a quarterly basis. The Pricing Committee is charged with the responsibility to determine the fair value of certain investments for which market quotations are not readily available. These investments are either categorized as Level 2 or 3 depending on the observability of the inputs used. The Pricing Committee may consider one or more factors in determining an investment’s fair value. The factors to be taken into account, to the extent relevant, typically include, but are not limited to: fundamental analytical data, the nature and duration of any restrictions on disposition of the investments, an evaluation of the forces that influence the market in which the investments are purchased and sold, the type of investment, financial statements and company filings, lack of marketability, the cost and date of purchase, recommendation of the Adviser and any other relevant matters. When the fair valuation of investments use significant unobservable inputs, such investments will be categorized as Level 3 in the fair value hierarchy. These valuation methods may require subjective determinations about the value of an investment. While the Funds’ policy is intended to result in a calculation of the Funds’ NAV that fairly reflects investment values as of the time of pricing, the Funds cannot guarantee that values determined by the Pricing Committee would accurately reflect the price that the Funds could obtain for an investment if it were to dispose of that investment as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Funds may differ from the value that would be realized if the investments were sold.

The significant unobservable inputs used in fair value measurement of the Funds’ Level 3 investments may include, where applicable, (i) an estimation of a normalized earnings level or projected cash flows for the company; (ii) the discounts applied to the last available price of the investment or a selection of comparable investments due to the lack of marketability of the investment; (iii) values or bid offers by dealers or other third parties and (iv) the value associated with the latest round of financing. Significant changes in any of those inputs in isolation may result in a significantly lower or higher fair value measurement. Generally, a change in the assumptions used for the normalized earnings level will be accompanied by a directionally similar change in the discounts applied to the list of comparable investments.

The Funds’ Pricing Committee employs various methods for calibrating the valuation approach related to investments categorized within Level 3 in the fair value hierarchy. These methods may include regular due diligence of the Funds’ pricing vendors including back testing of trigger related fair value prices, a regular review of key inputs and assumptions, reviews of missing and stale prices and price variance analysis, including investigation of unusual or unexpected pricing changes and reviews of any market related activities. Additionally, the pricing of all fair value holdings is subsequently approved by the Funds’ Board.

B. Security Transactions and Related Investment Income. Security transactions are accounted for no later than the first net asset value calculation on the first business day following the trade date. However, for financial reporting purposes, portfolio securities transactions are reported on trade date. Realized gains and losses on security transactions are determined on the identified cost method. Dividend income and other distributions from portfolio securities are recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend dates may have passed are recorded as soon as the Funds are informed of the dividends. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured. Interest income is recognized on an accrual basis for each of the Funds and includes where applicable, the amortization of premiums and accretion of discounts.

C. Payment-In-Kind Securities. The Funds may invest in payment-in-kind securities (“PIKs”). PIKs give the issuer the option at each interest payment date of making interest payments in either cash or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro-rata adjustment from the unrealized appreciation or depreciation on investments to interest receivable on the Statement of Assets and Liabilities.

For the year ended October 31, 2013, there were no in-kind payments received by the Global Opportunities Fund with respect to PIK securities.

D. Foreign Currency Transactions. The books and records of the Funds are maintained in U.S. dollars. Investments and other assets and liabilities of the Funds denominated in a foreign currency, if any, are translated into U.S. dollars at current exchange rates as of the date of the Statements of Assets and Liabilities. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the exchange rate on the dates of the transactions.

The Funds do not isolate the portion of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain/(loss) on investments, securities sold short, swap agreements, futures contracts, written options and foreign currency transactions in the Statements of Operations.

Foreign security and currency transactions may involve certain risks not typically associated with those of U.S. companies, including the level of governmental supervision and regulation of foreign securities markets and the possibility of political and economic instability.

E. Securities Sold Short. The Large Cap Strategies Fund, Global Small & Mid Cap Fund, Global Opportunities Fund and Real Return Fund may sell securities short. A short sale is a transaction in which a Fund sells securities it does not own, but has borrowed, in anticipation of a decline in the market price of the securities. A Fund is obligated to replace the borrowed securities at their market price at the time of settlement. A Fund’s obligation to replace the securities borrowed in connection with a short sale will be fully secured by collateral deposited with the broker. Short sales by a Fund involve certain risks and special considerations.

The Funds may not always be able to close out a short position on favorable terms. Short sales involve the risk that a Fund will incur a loss by subsequently buying a security at a higher price than the price at which it sold the security short. The amount of such loss is theoretically unlimited (since it is limited only by the increase in value of the security sold short by a Fund). In contrast, the risk of loss from a long position is limited to a Fund’s investment in the long position, since its value cannot fall below zero. Short selling is a form of leverage which may lead to higher volatility of a Fund’s NAV or greater losses for a Fund. To mitigate leverage risk, a Fund will always hold liquid assets (including its long positions) at least equal to its short position exposure, marked-to-market daily.

F. Collectibles. The Real Return Fund may invest in collectibles, which are rare objects collected by investors. They can include stamps, coins, books, oriental rugs, antiques, sports and other memorabilia, photographs, art and wine. Collectibles are generally expected to rise in value during inflationary periods when investors are trying to move to assets viewed as an inflation hedge. Generally, collectibles can be expected to drop in value during periods of low inflation. Collectible trading for profit is subject to certain risks and other considerations, including that collectibles: (i) have limited buying and selling markets; (ii) are often bought and sold at auction and subject to buyer and/or seller premiums; (iii) experience periods of high and low demand; (iv) must be insured, physically held and properly maintained; (v) may need to have their authenticity and provenance verified from time to time; and (vi) may not have representative market valuations available. The values of the collectible coins and sets of coins held by the Real Return Fund are appraised on a quarterly basis by an independent professional coin appraiser, who uses market auction data, among other factors, to determine each coin’s and set of coins’ current value. Between these quarterly appraisals, each coin and set of coins is valued weekly via information in the Coin Dealer Newsletter based on the price movement of a basket of like coins identified by BIM. The Real Return Fund does not currently intend to invest more than 5% of its total assets in collectibles. As of October 31, 2013, the Real Return Fund held $34,925,700, or 2.35% of net assets, in collectibles.

G. Commodities. The Real Return Fund and its Subsidiary may invest in commodities. In order to gain exposure to the commodities markets, the Real Return Fund, through its Subsidiary, may invest directly in physical commodities in addition to indirect investments in commodities-linked or related instruments. Commodities are assets that have tangible properties, such as oil, agriculture products and precious metals. The value of commodities may be affected by, among other things, changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargos, tariffs and international economic, political and regulatory developments. These factors may have a larger impact on commodity prices and commodity-linked instruments than on traditional securities. Certain commodities are also subject to limited pricing flexibility because of supply and demand factors. Others are subject to broad price fluctuations as a result of the volatility of the prices for certain raw materials and the instability of supplies of other materials. These additional variables may create additional risks which subject the Fund’s investments to greater volatility than investments in traditional securities.

H. Inflation-Protected Securities. The Funds may invest in inflation-protected securities, which unlike traditional debt securities that make fixed or variable principal and interest payments, are structured to provide protection against the negative effects of inflation. The value of the debt securities’ principal is adjusted to track changes in an official inflation measure. For example, the U.S. Treasury currently uses the Consumer Price Index for Urban Consumers as a measure of inflation for Treasury Inflation-Protected Securities (“TIPS”). Other inflation-protected securities may not carry a similar guarantee by their issuer. A Fund may buy TIPS that are designed to provide an investment vehicle that is not vulnerable to inflation. The interest rate paid by TIPS is fixed. The principal value rises or falls semi-annually based on the changes in the published Consumer Price Index. If inflation occurs, the principal and interest payments on TIPS are adjusted to protect investors from inflationary loss. If deflation occurs, the principal and interest payments will be adjusted downward, although the principal will not fall below its face amount at maturity.

I. When-Issued and Delayed Delivery Securities. The Funds may purchase or sell securities that they are entitled to receive on a when-issued basis. The Funds may also purchase or sell securities on a delayed delivery basis. When-issued and delayed delivery securities involve risk that the security a Fund buys will lose value prior to its delivery. There is also a risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, a Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security’s price.

J. Loan Participations and Assignments. The Global Opportunities Fund, Real Return Fund and Fixed Income Fund may invest in fixed or floating rate loans to U.S. companies, foreign entities, and U.S. subsidiaries of foreign entities made by one or more financial institutions. The rate of interest on a fixed-rate loan is generally a set amount. The rate of interest payable on floating rate loans is the sum of a base lending rate plus a specified spread. Base lending rates are generally the London InterBank Offered Rate, the Certificate of Deposit Rate of a designated U.S. bank, the prime rate of a designated U.S. bank, the Federal Funds rate, or another base lending rate used by commercial lenders. The applicable spread may be fixed at time of issuance or may adjust upward or downward to reflect changes in credit quality of the borrower. A Fund may invest in loans that are investment grade, below investment grade (“junk”), or not rated by any nationally recognized statistical ratings organization. Loans that are rated lower than investment grade typically entail default and other risks greater than those associated with higher-rated loans. Generally, the lower the rating category, the riskier the investment. Typically, a Fund’s investments in loans are expected to take the form of loan participations and assignments of portions of loans from third parties.

Currently, the Global Opportunities Fund intends to invest in loans that are below investment grade and, to a lesser extent, unrated loans. The Global Opportunities Fund’s investments in loans are expected in most instances to be in the form of assignments. Generally, when a Fund purchases an assignment of a loan from a lender, it will step into the position of the lender and acquire direct rights against the borrower on the loan. Because assignments are arranged through private negotiations between potential assignees and potential assignors, however, the rights and obligations acquired by a Fund as the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender. The assignability of certain obligations may be restricted by the governing documentation as to the nature of the assignee such that the only way in which a Fund may acquire an interest in a loan is by purchasing a participation of interest and not an assignment. A Fund may have difficulty disposing of assignments and participation interests given these limitations and other factors.

K. Credit Enhancements. Certain obligations held by the Funds have credit enhancement or liquidity features that may, under certain circumstances, provide for repayment of principal and interest on the obligation upon demand date, interest rate reset date or final maturity. These enhancements may include: letters of credit; liquidity guarantees; and third party insurance (i.e., AMBAC and FGIC). The value of the obligations may be affected by changes in credit worthiness of the entities that provide any supporting letters of credit or other credit enhancements. The value of the obligations also will be affected by the exhaustion, termination or expiration of any credit enhancement.

L. Restricted and Illiquid Securities. The Funds may purchase securities which are subject to legal or contractual delays, restrictions, and costs on resale. Because of time limitations, the Funds might not be able to dispose of these securities at reasonable prices or at times advantageous to the Funds. Each Fund intends to limit the purchase of securities which have not been determined by BIM to be liquid, together with other securities considered to be illiquid, including repurchase agreements providing for settlement in more than seven days after notice, to not more than 15% of its net assets.

M. Distributions to Shareholders. Distributions from net investment income, if any, generally are declared and paid quarterly for the Fixed Income Fund and Municipal Bond Fund and at least annually for the Large Cap Core Fund, Large Cap Strategies Fund, Global Small & Mid Cap Fund, Global Opportunities Fund and Real Return Fund. Distributable net realized capital gains, if any, are declared and distributed at least annually. The amount and timing of dividends and distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

N. Expenses. Expenses that are directly related to one of the Funds are charged directly to that Fund on an accrual basis. Other operating expenses of the Corporation are prorated to each Fund on an accrual basis utilizing relative net assets or another reasonable basis.

In the normal course of business, the Funds invest in securities and enter into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer of a security to meet all its obligations (credit risk). The value of securities held by the Funds may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Funds; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency and interest rate and price fluctuations. Similar to credit risk, the Funds may be exposed to counterparty risk, or the risk that an entity with which the Funds have unsettled or open transactions may default. Financial assets, which potentially expose the Funds to credit and counterparty risks, consist principally of investments and cash due from counterparties. The extent of the Funds’ exposure to credit and counterparty risks with respect to these financial assets is generally represented by their value recorded in the Funds’ Statements of Assets and Liabilities.

The inputs and valuation techniques used to measure fair value of the Funds’ investments are summarized into three levels as described in the hierarchy below:

• Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit ratings, etc.).

• Level 3 - significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).

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

The summary of inputs used to value the Funds’ investments as of October 31, 2013 is as follows:

* Other financial instruments are exchange traded options and futures (Level 1), over-the-counter options (Level 2), forwards (Level 2) and swaps (Level 2). Futures, forwards and swaps are valued at the unrealized appreciation/(depreciation) on the instrument and options are shown at market value.

The Funds’ policy is to recognize transfers in and transfers out as of the beginning of the period.

In December 2011, FASB issued Accounting Standards Update No. 2011-11 “Disclosures about Offsetting Assets and Liabilities” (“ASU 2011-11”). These disclosure requirements are intended to help investors and other financial statement users to better assess the effect or potential effect of offsetting arrangements on a company’s financial position. They also improve transparency in the reporting of how companies mitigate credit risk, including disclosure of related collateral pledged or received. In addition, ASU 2011-11 facilitates comparison between those entities that prepare their financial statements on the basis of US GAAP and those entities that prepare their financial statements on the basis of International Financial Reporting Standards (“IFRS”). ASU 2011-11 requires entities to: disclose both gross and net information about both instruments and transactions eligible for offset in the financial statements; and disclose instruments and transactions subject to an agreement similar to a master netting agreement. In January 2013, the FASB issued Accounting Standards Update No. 2013-1 (“ASU 2013-1”) that clarifies which investments and transactions are subject to the offsetting disclosure requirements. The scope of the disclosure requirements for offsetting will be limited to derivative instruments, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions. ASU 2011-11 and ASU 2013-1 are effective for fiscal years beginning on or after January 1, 2013, and interim periods within those annual periods. At this time, management is evaluating the implications of ASU 2011-11 and its impact on the Funds’ financial statement disclosures.

In June 2013, FASB issued Accounting Standards update No. 2013-8 “Investment Companies: Amendments to the scope measurement, and disclosure requirements” that creates a two-tiered approach to assess whether an entity is an investment company. The guidance will also require an investment company to measure noncontrolling ownership interest in other investment companies at fair value and will require additional disclosures relating to investment company status, any changes thereto and information about financial support provided or contractually required to be provided to any of the investment company’s

investees. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2013 and interim periods within those fiscal years. Management is evaluating the impact of this guidance on the Funds’ financial statement disclosures.

The Funds engage in various portfolio investment strategies utilizing derivatives both to increase the return of the Funds and/or to economically hedge, or protect, their exposure to, for example, interest rate movements, movements in the securities or commodities markets and currency value fluctuations. Derivatives are subject to a number of risks, including changes in the market price of the underlying securities, credit risk with respect to the counterparty to the derivative instruments and the risk of loss due to changes in interest rates. The use of certain derivatives may also have a leveraging effect, which may increase the Fund’s sensitivity to adverse market movements and may exaggerate a loss. Losses may arise if the value of the contract decreases due to, among other potentially adverse events, an unfavorable change in the price of the underlying security or commodity or if the counterparty does not perform under the contract. The use of derivatives can lead to losses because of relatively small adverse movements in the price or value of the underlying security, asset, index or reference rate, which may be magnified by or potentially unlimited as a result of certain features of the derivatives.

The primary difference in risks associated with over-the-counter contracts and exchange-traded contracts is credit and liquidity risks. Over-the-counter contracts, as bilateral arrangements, contain credit risk from various counterparties for any unrealized gains for the duration of the contract. The credit risk related to exchange-traded contracts is minimal because the exchanges ensure that their contracts are always honored. The Funds may mitigate counterparty risk on derivatives through master netting agreements included within an International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreement between a Fund and each of its counterparties. The ISDA Master Agreement allows each Fund to offset with its counterparty certain derivative financial instruments’ payables and/or receivables with collateral held with each counterparty. The amount of collateral moved to/from applicable counterparties is based upon minimum transfer amounts of up to $1,000,000. To the extent amounts due to the Funds from their counterparties are not fully collateralized contractually or otherwise, the Funds bear the risk of loss from counterparty non-performance.

The Funds’ maximum risk of loss from counterparty credit risk on over-the-counter derivatives is generally the aggregate net unrealized gain in excess of any collateral pledged by the counterparty to the Funds. For over-the-counter purchased options, the Funds bear the risk of loss in the amount of the premiums paid and positive change in market value of the options should the counterparty not perform under the contracts. Written options by the Funds do not give rise to counterparty credit risk, as written options obligate the Funds to perform and not the counterparty. Certain ISDA Master Agreements allow counterparties to over-the-counter derivatives to terminate or require full collateralization of derivative contracts prior to maturity in the event a Fund’s net assets decline by a stated percentage or a Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Funds to post additional collateral or accelerate payment of any net liability owed to the counterparty. As of October 31, 2013, all derivatives in a net liability position are fully collateralized.

When counterparties post cash collateral with respect to various derivative transactions, a Fund invests the collateral and receives interest income on the investment and pays interest expense on the collateral to the counterparty. The interest income is included in investment income on the Statements of Operations, and the interest expense is included in a Fund’s overall expenses and expense ratio in the Financial Highlights.

The Funds are subject to, among other risks, interest rate risk, equity price risk, commodity risk and foreign currency exchange risk in the normal course of pursuing their investment objectives by investing in various derivative financial instruments, as described below.

For open derivative instruments, please see the respective Fund’s Portfolio of Investments or details below:

For the year ended October 31, 2013, the quarterly average volume of derivative activities were as follows:

A. Futures Contracts. The Funds purchased or sold futures contracts and options on futures contracts to gain exposure to, or hedge against, changes in the value of equity securities (equity risk), interest rates (interest rate risk) or commodity risk.

Futures contracts are agreements pursuant to which two parties agree to take or make delivery of an amount of cash equal to

the difference between the value of the contract at the close of the last trading day and the price at which the contract was originally written. Upon entering into a futures contract, the Funds are required to pledge to the broker an amount of cash, U.S. government securities, or other assets, equal to a certain percentage of the contract amount. This is known as the initial margin deposit. Subsequent payments, known as variation margin, are made or received by the Funds each day, depending on the daily fluctuations in fair value of the underlying instrument. The Funds recognize an unrealized gain or loss equal to the variation margin. These futures contracts permit the Funds to meet their objectives at a lower cost than investing directly in the underlying instruments or commodities, while permitting the equivalent of an investment in a portfolio of the underlying instruments or commodities. A potential risk to the Funds is that the change in value of the underlying securities or commodities may not correlate to the change in value of the contracts. Listed futures contracts involve minimal counterparty risk since futures contracts are guaranteed against default by the exchange on which they trade.

B. Forward Foreign Currency Exchange Contracts. The Funds (except Municipal Bond Fund) entered into forward foreign currency contracts (“Forward”) to hedge their exposure to changes in foreign currency exchange rates on foreign portfolio holdings (foreign currency exchange risk). In addition, certain Funds may use a Forward to provide exposure to the foreign currency market. A Forward is an agreement between two parties to purchase or sell a foreign currency at a future date at a negotiated forward rate. A Forward is marked-to-market daily and the change in market value is recorded by the Funds as unrealized appreciation or depreciation until the contract settlement date. The market value of the Forward is determined using the forward rate for the remainder of the outstanding period of the contract, through the delivery date. When a Forward is closed or settled, the Funds record a realized gain or loss equal to the fluctuation in rates during the period a Forward was open. Risks may arise upon entering into these contracts from, for example, the potential inability of the counterparties to meet the terms of their contracts, or if the foreign currency rates change unfavorably.

In the event of default by the counterparty to the transaction, the Funds’ maximum amount of loss, as either the buyer or seller, is the unrealized gain of the contract.

The Funds may be required to pledge to the broker an amount of cash, U.S. government securities or other assets, equal to a certain percentage of the contract amount.

As of October 31, 2013, the Large Cap Strategies Fund had the following open Forwards:

As of October 31, 2013, the Global Small & Mid Cap Fund had the following open Forwards:

As of October 31, 2013, the Global Opportunities Fund had the following open Forwards:

C. Swap Agreements. The Funds entered into swap agreements, which are agreements involving two parties to exchange the return generated by a security, currency, commodity, interest rate, index, or other measures for the return generated by another instrument, for example, the agreement to pay interest in exchange for a market-linked return based on a notional amount. The Funds entered into total return, interest rate and other swap agreements. Interest rate swap agreements generally

involve the agreement by the Funds to pay a counterparty a fixed or floating rate on a fixed notional amount and to receive a fixed or floating rate on a fixed notional amount, but may also involve the agreement to pay or receive payments derived from changes in interest rates. Periodic payments are generally made during the life of the swap agreement according to the terms and conditions of the agreement and at termination or maturity. Total return swap agreements involve the commitments to pay or receive an amount generally determined by reference to a security, index or other measure in exchange for a specific market linked return, based on notional amounts. To the extent that the total return of the security, index or other measure underlying the transaction exceeds or falls short of the offsetting interest rate-based obligation, the Funds receive or make a payment to the counterparty. Payments received or made by a Fund at the expiration or other termination of the swap agreements are recorded in the Statements of Operations as realized gains or losses, respectively. Swap agreements are marked-to-market daily based on dealer-supplied valuations, and changes in value, including the periodic amounts of interest to be paid or received on swaps, are recorded as unrealized appreciation/(depreciation). Risks may exceed amounts recognized on the Statements of Assets and Liabilities. These risks include changes in the returns of the underlying instruments, failure of the counterparties to perform under the contracts’ terms and the possible lack of liquidity with respect to the swap agreements. Details of swap agreements open at period end are included in the Portfolios of Investments under the caption “Swap Agreements”.

D. Options. The Funds purchased and wrote (sold) put and call options on equity securities and stock index futures in order to gain exposure to or to protect against changes in the market.

Options on swaps (swaptions) are similar to options on securities except that instead of selling or purchasing the right to buy or sell a security, the writer or purchaser of the swaption is granting or buying the right to enter into a previously agreed upon swap agreement at any time before the expiration of the option.

A call option gives the purchaser of the option the right (but not the obligation) to buy, and obligates the seller to sell (when the option is exercised), the underlying instrument at the exercise price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise price at any time or at a specified time during the option period. When a Fund purchases (writes) an option, an amount equal to the premium paid (received) by a Fund is reflected as an asset (liability). The amount of the asset (liability) is subsequently marked-to-market to reflect the current market value of the option purchased (written). When an instrument is purchased or sold through an exercise of an option, the related premium paid (or received) is added to (or deducted from) the basis of the instrument acquired or deducted from (or added to) the proceeds of the instrument sold. When an option expires (or a Fund enters into a closing transaction), a Fund realizes a gain or loss on the option to the extent of the premiums received or paid (or gain or loss to the extent the cost of the closing transaction exceeds the premium received or paid). When a Fund writes a call option, such option is “covered,” meaning that a Fund holds the underlying instrument subject to being called by the option counterparty, or cash in an amount sufficient to cover the obligation. When a Fund writes a put option, such option is covered by cash in an amount sufficient to cover the obligation.

In purchasing and writing options, a Fund bears certain risks, including the market risk of an unfavorable change in the price of the underlying instrument or the risk that a Fund may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in a Fund purchasing or selling a security at a price different from the current market value.

A Fund may execute transactions in both listed and over-the-counter options. Listed options involve minimal counterparty risk since listed options are guaranteed against default by the exchange on which they trade. Transactions in certain over-the-counter options may expose a Fund to the risk of default by the counterparty to the transaction. In the event of default by the counterparty to the over-the-counter option transaction, a Fund’s maximum amount of loss is the premium paid and unrealized gain (as purchaser) or the unrealized gain of the contract less the premium received (as writer).

A summary of the Global Opportunities Fund written option transactions for the year is as follows:

A summary of the Real Return Fund written option transactions for the year is as follows:

The Global Opportunities Fund invests in structured options to increase or decrease its exposure to an underlying index or group of securities (equity risk). These structured options may consist of single or multiple OTC options which are priced as a single security. Structured options may only be exercised at the expiration date, but may be transferred/sold prior to the expiration date. The value of a structured option may either increase or decrease with the underlying index or group of securities, depending on the combination of options used. Structured options are issued in units whereby each unit represents a structure based on a specific index with an initial reference strike price. Generally, the basis of the contracts is the premium received or paid which is recorded as an asset on the Statement of Assets and Liabilities. The amount of the asset is subsequently market-to-market to reflect the current market value of the structured option When a structured option is transferred/ sold or exercised, the Fund will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. One type of structure involves the combination of selling a put while buying a call on a specific index. This option would rise in value as the underlying index increases and fall in value as the underlying index decreases. Alternatively, another structure involves the sale of a call and the purchase of a put. This option structure would rise in value as the underlying index decreases and fall in value as the underlying index increases. Upon the exercise of the structured option, the Fund will receive a payment from, or be required to remit a payment to the counterparty, depending on the value of the underlying index at exercise.

A. Investment Advisory Fees. The Funds’ investment adviser is BIM, a wholly-owned subsidiary of Bessemer Trust Company, N.A. (“Bessemer”). Bessemer is a subsidiary of The Bessemer Group, Incorporated (“BGI”). The investment advisory fee paid to BIM for advisory services is computed daily and paid monthly in accordance with the following schedule:

BIM has retained Oldfield Partners LLP (“Oldfield”) and Sands Capital Management, LLC (“Sands”) as sub-advisers to each manage a segment of the Large Cap Strategies Fund. Oldfield and Sands are paid for their services directly by BIM.

BIM has retained Dimensional Fund Advisors LP (“Dimensional”), Champlain Investment Partners, LLC (“Champlain”) and Mondrian Investment Partners Limited (“Mondrian”) as sub-advisers to each manage segments of the Global Small & Mid Cap Fund. Dimensional, Champlain and Mondrian are paid for their services directly by BIM.

BIM has retained Franklin Advisers, Inc. (“Franklin”), Shenkman Capital Management, Inc. (“Shenkman”), BlackRock Financial Management, Inc. (“BlackRock”) and Muzinich & Co., Inc. (“Muzinich”) as sub-advisers to each manage a segment of the Global Opportunities Fund. Franklin, Shenkman, BlackRock and Muzinich are paid for their services directly by BIM.

B. Administration, Fund Accounting, Transfer Agent and Underwriting Fees. The Corporation, on behalf of each Fund, has entered into an administrative oversight, supervision and coordination services agreement (the “Administrative Agreement”) with Bessemer, pursuant to which Bessemer and Bessemer Trust Company (“BTCO”), an affiliate of BIM, provide certain non-advisory services to the Funds, such as the maintenance of records, the provision of supervisory personnel and the monitoring of the other non-advisory service providers. Under the Administrative Agreement, each Fund pays an annual fee of 0.03% of its average daily net assets for such services. BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) acts as administrator, fund accounting agent and transfer agent for the Funds pursuant to an Administration and Accounting Services Agreement and a Transfer Agency Services Agreement, respectively. Certain officers of the Funds are also employees of BNY Mellon.

The Corporation entered into an Underwriting Agreement with Foreside Funds Distributors LLC for the limited purpose of acting as statutory underwriter to facilitate the registration and distribution of shares of the Funds.

C. Distribution and Shareholder Servicing Fees. The Funds have adopted a shareholder servicing plan (the “Shareholder Servicing Plan”) with Bessemer, pursuant to which Bessemer serves as a shareholder servicing agent and provides certain shareholder support services. Bessemer may engage shareholder sub-servicing agents, such as broker/dealers, banks, trust companies, investment advisers, and other financial institutions and intermediaries to provide certain shareholder support services and is solely responsible for paying each such shareholder sub-servicing agent from the fee it receives from each of the Funds. Each Fund pays for shareholder support services an annual fee of 0.20% of its average daily net assets; however, with respect to the Fixed Income Fund and the Municipal Bond Fund, Bessemer has contractually committed to waive its shareholder servicing fee to the extent necessary to maintain a maximum shareholder servicing fee at 0.10% through October 31, 2014. The shareholder servicing fee commitment arrangements may be changed or terminated at any time with the approval of the Board. For the year ended October 31, 2013, Bessemer waived shareholder servicing fees in the amount of $508,414 with respect to the Fixed Income Fund and $1,178,639 with respect to the Municipal Bond Fund.

D. Custody Fees. The Large Cap Core Fund, Large Cap Strategies Fund, Fixed Income Fund and Municipal Bond Fund have each retained BTCO, a wholly-owned subsidiary of BGI, to serve as their custodian and the Real Return Fund, the Subsidiary and the Global Small & Mid Cap Fund have retained BTCO to serve as their co-custodian. Pursuant to the Funds’ Custody Agreements, BTCO is responsible for maintaining the custody of these Funds’ securities and cash, except for the Real Return Fund and the Subsidiary for which BTCO is only responsible for the collectible coins or bullions or other forms of precious metals held by the Real Return Fund and the Subsidiary. BTCO serves as custodian for the Global Small & Mid Cap Fund only with respect to equity securities of U.S. companies (other than exchange-traded funds) and securities in the form of depositary receipts directly managed by BIM, income, other payments and distributions issued with respect to such securities, proceeds of the sale of such securities, and cash, cash equivalents and money market instruments received and held by BTCO from time to time on behalf of the Global Small & Mid Cap Fund. For providing these services, BTCO receives a fee calculated and paid monthly at the annual rate of 0.075% of the average daily net assets of the non-U.S. investments and 0.015% of the average daily net assets of the U.S. investments of Large Cap Strategies Fund and 0.015% of the average daily net assets of each of the Large Cap Core Fund, Fixed Income Fund and Municipal Bond Fund or portion thereof for the Global Small & Mid Cap Fund. BTCO receives a fee of 0.10% of the average daily net assets of the portion of the Real Return Fund for which BTCO serves as custodian. In addition, BTCO receives from the Real Return Fund and the Subsidiary any transaction costs, such as charges for moving them to auctions and shipping/vault charges, related to the Real Return Fund’s and the Subsidiary’s investments in collectible coins or bullions or other forms of precious metals. The Global Opportunities Fund has retained Citibank, N.A.

(“Citibank”) to serve as its custodian and the Global Small & Mid Cap Fund, Real Return Fund and the Subsidiary have retained Citibank to serve as their co-custodian. Citibank is responsible for maintaining the custody of these Funds’ securities and cash, excluding collectible coins or bullions or other forms of precious metals held by the Real Return Fund and the Subsidiary, and assets of the Global Small & Mid Cap Fund managed by the sub-advisers. For providing these services, Citibank receives a fee from each Fund calculated daily and paid monthly based on safekeeping and transaction fees that vary by country.

E. Fee Waivers. BIM may voluntarily waive a portion of its advisory fee to limit the Funds’ total expenses. BIM may terminate this voluntary waiver at any time. BIM, however, does not have the ability to recapture fees currently being waived at a later date. BIM has contractually committed through October 31, 2014 to waive its advisory fees to the extent necessary to maintain the net operating expense ratios, excluding fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and acquired fund fees and expenses, if any, of the Large Cap Core Fund at 1.00%, the Large Cap Strategies Fund at 1.15%, the Global Small & Mid Cap Fund at 1.11%, the Global Opportunities Fund at 1.20%, the Real Return Fund at 1.10%, the Fixed Income Fund at 0.70% and the Municipal Bond Fund at 0.70%. Any waiver amounts are disclosed in the Statements of Operations. For the year ended October 31, 2013, BIM waived $389,075 for the Large Cap Core Fund, $0 for the Large Cap Strategies Fund, $2,704,759 for the Global Small & Mid Cap Fund, $8,335,099 for the Global Opportunities Fund and $892,042 the Real Return Fund. The Fixed Income Fund and Municipal Bond Fund had shareholder servicing fee waivers of $508,414 and $1,178,639, respectively. The contractual advisory fee waivers and the shareholder servicing fee waivers may be changed or terminated at any time with the approval of the Board.

F. Board of Directors’ Fees. Each Director who is not an “interested person” of the Corporation (as that term is defined under the 1940 Act) (each, an “Independent Director”) receives from the Funds a total annual retainer of $95,000 (plus $50,000 for serving as the Board’s Chairperson, $10,000 as the Board’s Vice Chairperson, $20,000 as the Audit Committee Chairperson, $15,000 as a member of the Pricing Committee, $10,000 as the Risk Management Liaison and $10,000 each as the Nominating Committee Chairperson and the Governance Committee Chairperson and receives for attendance at Board and committee meetings the following:

Each Independent Director is reimbursed for all out-of-pocket expenses relating to attendance at meetings of the Board and any Board committee. Directors who are not Independent Directors, officers or employees of BIM and BNY Mellon do not receive compensation from the Funds. Fees paid are allocated to the Funds on a pro rata basis based on net assets.

G. Interest Expense. When cash balances are overdrawn, the Funds are charged by BTCO an overdraft fee equal to 2.25% above the federal funds rate on outstanding balances. Citibank, N.A. charges 2.00% above the London InterBank Offered Rate for any overdrawn cash balances. These amounts, if any, are included in “interest expense” in the Statements of Operations when such expenses are incurred.

Investment transactions for the year ended October 31, 2013, excluding short-term investments and U.S. Government securities, were as follows:

Purchase and sales of U.S. Government Securities, excluding those with maturity of one year or less during the year ended October 31, 2013 were as follows:

It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions available to certain investment companies as defined in Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and to make distributions from net investment income and net realized capital gains sufficient to relieve it from all, or substantially all, federal income taxes. Federal income tax regulations differ from accounting principles generally accepted in the U.S.; therefore, distributions determined in accordance with tax regulations may differ in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character within the components of net assets in the Statements of Assets and Liabilities. These permanent differences primarily arise from paydowns, real estate investment trusts, passive foreign investment companies, partnerships and the tax treatment of foreign currency gains/losses. Financial records are not adjusted for temporary differences. Temporary differences primarily arise from the tax treatment of wash sales, passive foreign investment companies, and index options.

By investing in the Subsidiary, the Real Return Fund will gain exposure to commodities and commodity-linked instruments within the limits of Subchapter M of the Code. Subchapter M requires, among other things, that a fund derive at least 90% of gross income from dividends, interest, and gains from the sale of securities (typically referred to as “qualifying income”). The IRS has issued a private letter ruling to the Real Return Fund confirming that Subpart F income derived from its investment in the Subsidiary, which invests in commodities and commodity-linked instruments, will constitute “qualifying income” under Subchapter M of the Code. Based on such ruling, the Real Return Fund will seek to get exposure to commodities and commodity-linked instruments through investments in the Subsidiary.

The Funds may be subject to taxes imposed by other countries in which they invest. Such taxes are generally based on income earned as well as realized capital gains and in certain situations, unrealized gains. These taxes are accrued and applied to net investment income, net realized gains and as applicable, as such income and/or gains are earned.

The Funds may also be subject to capital gains tax in India on gains realized upon the sale of India securities. The Funds may accrue a deferred tax liability for unrealized gains on India and Thailand securities based on existing tax rates and holding periods of the securities. As of October 31, 2013, the Large Cap Strategies Fund, the Global Small & Mid Cap Fund and the Global Opportunities Fund recorded liabilities of $646,689, $1,585 and $439,057, respectively, in the Statements of Assets and Liabilities as an estimate for potential future India and Thailand capital gain taxes.

The tax character of distributions from the Funds during the year ended October 31, 2013 was as follows (amounts in thousands):

The tax character of distributions from the Funds during the year ended October 31, 2012 was as follows (amounts in thousands):

The difference in classification between the amounts reflected above and the Statements of Changes in Net Assets is primarily due to short-term capital gain distributions.

As of and during the period ended October 31, 2013, the Funds did not have any liabilities for any uncertain tax positions. The Funds recognize interest and penalties, if any, related to unrecognized tax positions as income tax expense in the Statements of Operations. During the period, the Funds did not incur any interest or penalties. The statute of limitation on each Fund’s U.S. federal income tax returns remains open for each of the four years ended October 31, 2013. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

At October 31, 2013, the components of accumulated earnings/(deficits) on a tax basis were as follows:

*As explained in Note 2, the Real Return Fund’s accompanying consolidated financial statements include the financial results of Real Return Fund and the Subsidiary in accordance with U.S. GAAP. For U.S. federal income tax purposes however, the Subsidiary is designated as a controlled foreign corporation and treated as a segregated investment of the Real Return Fund. As a result, the taxable income or loss generated by the Subsidiary is not consolidated but rather passes through to the Real Return Fund, based on tax rules for controlled foreign corporations, with a corresponding adjustment to the Real Return Fund’s tax basis in the Subsidiary. This reporting disparity gives rise to differences when calculating distributable earnings/(deficits) under U.S. GAAP and for U.S. federal income taxes and such differences could be material.

At October 31, 2013, the following Funds had capital loss carryforwards for federal income tax purposes, which will expire on the following date:

**As of October 31, 2013, the Real Return Fund had a short-term and long-term capital loss carryforward of $61,837,171 and $104,391,549, respectively, available to offset future realized capital gains in accordance with the Regulated Investment Company Modernization Act of 2010. These capital loss carryforwards are not subject to expiration and must first be utilized to offset future realized gains of the same character and must be utilized prior to the utilization of the loss carryforwards subject to expiration that are described above.

The capital loss carryforward will reduce the applicable Fund’s taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Code, and thus will reduce the amount of the distributions to shareholders which would otherwise be necessary to relieve the Funds of any liability for federal tax.

Under current tax law, ordinary losses incurred after December 31 of a Fund’s fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. The Real Return Fund deferred qualified late-year ordinary losses of $2,052,668, which will be treated as arising on the first business day of the fiscal year ending October 31, 2014.

Global Opportunities Fund may invest in floating rate loan interests. In connection with these investments, Global Opportunities Fund may also enter into bridge loan commitments (“commitments”). Bridge loan commitments may obligate Global Opportunities Fund to furnish temporary financing to a borrower until permanent financing can be arranged. As of October 31, 2013, Global Opportunities Fund had outstanding bridge loan commitments of $9,550,000. In connection with these commitments, Global Opportunities Fund earns a commitment fee, typically set as a percentage of the commitment amount. Such fee income, which is included in interest income in the Statements of Operations, is recognized ratably over the commitment period.

Management has evaluated the impact of all subsequent events on the Funds and has determined that the following events require recognition or disclosure in the financial statements:

At a meeting held on December 3, 2013, the Board approved changes to the Global Small & Mid Cap Fund’s and Global Opportunities Fund’s name and other related changes. Certain revisions to the Funds’ investment strategies will also be made. The foregoing changes will become effective on January 1, 2014. In addition, at a meeting held on October 22-23, 2013, the Board approved the appointment of Muzinich & Co., Inc. (“Muzinich”) as a sub-adviser to the Global Opportunities Fund. Muzinich, whose fees are paid directly by BIM, became a sub-adviser of the Fund on October 24, 2013. The Board’s consideration of the investment sub-advisory agreement with Muzinich is included in this shareholder report.

The Funds designate a portion of the income dividends distributed during the fiscal year ended October 31, 2013, as Qualified Dividend Income (“QDI”) as defined in the Code as follows:

The Funds designate a portion of the income dividends distributed during the fiscal year ended October 31, 2013, as Qualified Interest Income as defined in the Code as follows:

The Funds designate a portion of the income dividends distributed during the fiscal year ended October 31, 2013, as Qualified Short-Term Gain as defined in the Code as follows:

For the fiscal year ended October 31, 2013, the following percentage of income dividends paid by the Funds qualifies for the Dividends Received Deduction available to corporations:

The Funds designate Long-Term Capital Gain dividends pursuant to Section 852(b)(3) of the Code for the fiscal year ended October 31, 2013 as follows:

The percentages of the ordinary income dividends paid by the Funds during the fiscal year ended October 31, 2013 which was derived from U.S. Treasury securities were as follows:

The Municipal Bond Fund designates $16,149,315 as tax exempt dividends paid for the fiscal year ended October 31, 2013.

The Funds have elected to pass through to their shareholders the foreign taxes paid for the year ended October 31, 2013 as follows: Large Cap Strategies Fund $1,058,531.

We have audited the accompanying statements of assets and liabilities of Old Westbury Funds, Inc. (comprising, respectively, Large Cap Core Fund, Large Cap Strategies Fund, Global Small & Mid Cap Fund, Global Opportunities Fund, Real Return Fund (consolidated), Fixed Income Fund, and Municipal Bond Fund (collectively the “Funds”), including the portfolios of investments of Large Cap Core Fund, Large Cap Strategies Fund, Global Opportunities Fund, Real Return Fund (consolidated), Fixed Income Fund, and Municipal Bond Fund and the condensed portfolio of investments of Global Small & Mid Cap Fund, as of October 31, 2013, and the related statements of operations for the year then ended and the statements of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2013, by correspondence with the custodians and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the respective Funds comprising Old Westbury Funds, Inc. at October 31, 2013, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Independent and Interested Directors. The following table sets forth certain information with respect to the Directors of the Corporation, each of which, under current Board policy, may serve until the end of the calandar year during which he or she reaches the applicable mandatory retirement age established by the Board:

Officers. The table below sets forth certain information with respect to the Officers of the Corporation:

The Statement of Additional Information (“SAI”) includes additional information about the Corporation’s Directors and Officers and is available upon request, without charge. To obtain a copy of the SAI, please call (800) 607-2200.

The Funds’ proxy voting guidelines, used to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request, by calling (800) 607-2200; and (ii) on the U.S. Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

The Funds provide a complete list of the Funds’ holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the Schedule of Investments appear in the Funds’ semi-annual and annual reports to shareholders. For the first and third quarters, the Funds file the Schedule of Investments with the SEC on Form N-Q. Shareholders can obtain the Funds’ Form N-Q (i) without charge, upon request, by calling (800) 607-2200; and (ii) on the SEC’s website at http://www.sec.gov. The Fund’s N-Q may be reviewed or copied at the SEC Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330.

At a meeting held on July 23-24, 2013, the Board of Directors, including the Directors who are not “interested persons” (as defined in the 1940 Act) of any party to the agreements defined below (“Independent Directors”), unanimously approved the continuation of the following investment advisory and sub-advisory agreements (collectively, the “Agreements”): (1) an investment advisory agreement between Bessemer Investment Management LLC (“BIM” or “Adviser”) and the Corporation on behalf of each Fund, (2) a sub-advisory agreement among BIM, Dimensional Fund Advisors LP (“Dimensional”) and the Corporation on behalf of the Old Westbury Global Small & Mid Cap Fund (“Global Small & Mid Cap Fund”), (3) a sub-advisory agreement among BIM, Champlain Investment Partners, LLC (“Champlain”) and the Corporation on behalf of the Global Small & Mid Cap Fund, (4) a sub-advisory agreement among BIM, Franklin Advisers, Inc. (“Franklin”) and the Corporation on behalf of the Old Westbury Global Opportunities Fund (“Global Opportunities Fund”), (5) a sub-advisory agreement among BIM, Shenkman Capital Management, Inc. (“Shenkman”) and the Corporation on behalf of the Global Opportunities Fund, (6) a sub-advisory agreement among BIM, BlackRock Financial Management, Inc. (“BlackRock”) and the Corporation on behalf of the Global Opportunities Fund, (7) a sub-advisory agreement among BIM, Mondrian Investment Partners Limited (“Mondrian”) and the Corporation on behalf of the Global Opportunities Fund, (8) a sub-advisory agreement among BIM, Oldfield Partners LLP (“Oldfield”) and the Corporation on behalf of the Large Cap Strategies Fund and (9) a sub-advisory agreement among BIM, Sands Capital Management, LLC (“Sands”) and the Corporation on behalf of the Large Cap Strategies Fund. At both the meeting of the Board held on July 23-24, 2013 and at a meeting of the Board held on April 23-24, 2013, the Board had requested and received substantial information regarding the Adviser, each of the Sub-Advisers, and the Agreements, as well as related matters pertaining to the fees charged and services provided by affiliated service providers. The Directors reviewed detailed due diligence questionnaires from BIM and each of the Sub-Advisers, as well as substantial information concerning, among other things, each Fund’s performance, comparative fee and expense information as well as information regarding BIM and each of the Sub-Advisers relating to their respective organizations, compliance and regulatory processes and programs and financial condition. In addition, the Adviser supplied the Directors with additional information concerning its estimated profitability from managing the Funds. Moreover, the Board had received materials and presentations throughout the course of the year relating to the investment management and operation of the Funds.

The Board’s determinations were made on the basis of each Director’s business judgment after consideration of all of the information requested and presented. In reviewing the materials presented, the Board did not identify any single matter or particular information that, in isolation, would be a controlling factor in making a final decision regarding the Agreements. Individual Directors may have given different weight to certain factors and assigned various degrees of materiality to information received in connection with the approval process.

The following summary details the materials and factors that the Board considered, among others, and the conclusions that the Board reached, in approving the continuance of the Agreements.

(1) The nature, extent and quality of services provided by the Adviser and Sub-Advisers.

The Board considered the scope and quality of services provided by the Adviser and Sub-Advisers, particularly the qualifications, capabilities and experience of the portfolio managers and other personnel who are responsible for providing services to the Funds. The Board also considered the fact that the Adviser and Sub-Advisers pay the costs of all necessary investment and management facilities necessary for the efficient conduct of their respective services. The Board further considered the role and efforts of the Adviser in providing oversight of the various Sub-Advisers for the Funds, in monitoring the performance of each Sub-Adviser and determining the appropriate allocation of assets to Sub-Advisers. The Board also considered the Adviser’s role in making recommendations to the Board regarding retaining or replacing Sub-Advisers where appropriate and in conducting the necessary searches and due diligence of prospective new sub-advisers.

In addition, the Board considered that the Adviser manages the overall investment program of the Funds and that the Adviser keeps the Board informed of important developments affecting the Funds. The Board evaluated these factors based on its direct experience with the Adviser, and in consultation with Counsel to the Corporation and Counsel to the Independent Directors, as well as Counsel to the Independent Directors alone. The Board also considered the Adviser’s effectiveness in ensuring that the Funds are in compliance with its investment policies and restrictions and the requirements of the 1940 Act and related securities regulations.

Based on these factors, as well as other factors discussed herein, the Board concluded that the nature, quality and extent of services provided by the Adviser and Sub-Advisers have been and continue to be satisfactory.

The Board’s analysis of the Funds’ performance included the discussion and review of the performance data of each of the Funds and a representative group of similar funds. The Board reviewed comparative performance over long-, intermediate-and short-term periods and noted that the Funds’ comparative performance was reasonable. The Board considered the performance of each of the Sub-Advisers both against comparative benchmarks as well as against similarly managed accounts managed by such Sub-Adviser. When reviewing Sub-Adviser performance against similarly managed accounts, the Board considered, among other things, differences in the nature of such accounts from a regulatory and tax perspective and differences in the investment mandate from that of the Funds.

(3) The cost of the advisory and sub-advisory services and the profits to the Adviser and its affiliates from the relationship with the Funds.

In connection with the Board’s consideration of the level of advisory and sub-advisory fees, the Board considered a number of factors. The Board’s analysis of each Fund’s advisory fees and estimated expenses included a discussion and review of data concerning the current fee and expense ratios of each Fund compared to a peer group of similar funds and noted that each Fund’s advisory fee and expenses were generally in line with those of their representative group. The Board also noted the advisory fee breakpoints as well as the Adviser’s contractual commitment to waive advisory fees for certain of the Funds. Additionally, the Board considered the Adviser’s profitability. With respect to the sub-advisory agreements with the Sub-Advisers, the Board noted that the Sub-Advisers’ fees were paid entirely by the Adviser so that no additional expenses would be borne by shareholders for the engagement of the Sub-Advisers. The Board noted that Sub-Advisory fee levels were arrived at pursuant to an arms-length negotiation between the Adviser and each Sub-Adviser. The Board also considered fee data from the Sub-Advisers with respect to similarly managed accounts and considered the relevance of differences in the services provided to separate accounts as they relate to differences in the fees charged in connection with the Funds.

Based on this analysis as well as other factors described herein, including the fact that the Funds are intended principally to satisfy asset allocation requirements of client accounts of Bessemer and its affiliates, the Board concluded that the advisory fee schedule for each Fund was fair and reasonable in light of the quality of services provided by the Adviser and Sub-Advisers.

(4) The extent to which economies of scale will be realized as the Funds grow and whether fee levels reflect those economies of scale.

The Board considered the information provided by the Adviser relating to economies of scale. In this regard, the Board noted the current advisory fee breakpoint levels at $500 million and $1 billion with respect to Large Cap Core Fund, Fixed Income Fund and Municipal Bond Fund, and at $1.25 billion and $2.5 billion for the Global Opportunities Fund and Large Cap Strategies Fund. The Board also considered the experience of the Adviser in managing the Funds, as well as the Adviser’s profitability analysis. With respect to the Global Small & Mid Cap and Real Return Funds, the Board determined that it would continue to monitor whether breakpoints would be appropriate should those Funds continue to grow in size.

In addition to the above factors, the Board also discussed other benefits received by the Adviser, the Sub-Advisers and their affiliates from the management of the Funds (such as soft-dollar credits), including the ability to market its advisory services for similar products in the future. In addition, the Board discussed the compensation payable by the Funds to affiliates of the Adviser for other services including administrative services, shareholder servicing and custody. The Board also discussed the use of the Funds as asset allocation investment vehicles for clients of Bessemer and its affiliates, with the resulting expectation that the asset sizes of the Funds would grow as Bessemer’s client base grows. The Board concluded that advisory and sub-advisory fees were reasonable in light of these fall-out benefits.

The Board, including all of the Independent Directors, concluded that the fees payable under the Investment Advisory Agreement and Sub-Advisory Agreements were fair and reasonable with respect to the services that BIM and each Sub-Adviser provides, in light of the factors described above that the Board deemed relevant. The Board based its decision on an evaluation of all these factors as a whole and did not consider any one factor as all-important or controlling. The Independent Directors were also assisted by the advice of Counsel to the Independent Directors, as well as Counsel to the Corporation, in making this determination.

At a meeting held on October 22-23, 2013, the Board of Directors, including the Directors who are not “interested persons” (as defined in the 1940 Act) of any party to the agreement defined below (“Independent Directors”), unanimously approved a new Sub-Advisory Agreement among Muzinich & Co., Inc. (“Muzinich”), Bessemer Investment Management LLC (“BIM” or “Adviser”) and the Corporation on behalf of the Old Westbury Global Opportunities Fund (the “Fund”) (the “Sub-Advisory Agreement”). The Board noted that, as a key threshold matter, the fee payable to Muzinich under the Sub-Advisory Agreement would be borne by the Adviser from the advisory fee that it receives from the Fund. The Board noted that it had approved the proposed fee change for the Fund due, in part, to the attendant complexity, costs and benefits resulting from the engagement of the proposed sub-advisers. In approving the Sub-Advisory Agreement with Muzinich, the Board considered the overall fairness of the Sub-Advisory Agreement and whether the Sub-Advisory Agreement was in the best interests of the Fund. The Board noted that it had received and reviewed information from the Adviser with respect to Muzinich at a special meeting held on September 18, 2013 and at this meeting. The Board also noted that it had received and reviewed substantial information regarding Muzinich, and the services to be provided by Muzinich to the Fund under the Sub-Advisory Agreement. This information, which included a detailed due diligence questionnaire from Muzinich, as well as information concerning its organization, compliance program and financial condition, formed, in part, the primary (but not exclusive) basis for the Board’s determinations. The Board also noted that the Independent Directors had met in executive session with their counsel and counsel to the Corporation, as well as with BIM to discuss BIM’s recommendation regarding Muzinich’s appointment. During the executive session, the Independent Directors reviewed their legal responsibilities in approving the Sub-Advisory Agreement and discussed materials and other information provided to them. The Board concluded that it had received adequate information to make a reasonable determination with respect to the approval of the Sub-Advisory Agreement.

The Board’s conclusions are based on the comprehensive consideration of all information presented to it and are not the result of any single controlling factor.

The following summary details the factors considered by the Board and the conclusions that formed the basis for the Board’s approval of the proposed Sub-Advisory Agreement.

The Board considered the scope and quality of services to be provided by Muzinich, including the fact that the Sub-Adviser pays the costs of all investment and management facilities necessary for the efficient conduct of its services. The Board also considered, among other things, the qualifications and experience of the individual portfolio managers responsible for managing Muzinich’s portion of the Fund, as well as the compliance, operational and trading capabilities of Muzinich.

Based on these considerations, as well as those discussed below, the Board concluded that the nature, extent and quality of services to be provided by Muzinich were satisfactory.

The Board considered the performance data provided by Muzinich with respect to other accounts and determined that Muzinich had demonstrated an ability to appropriately manage assets in the style expected to be used by Muzinich in connection with the Fund.

The Board noted that Muzinich’s fee would be paid entirely by BIM. The Directors reviewed the level of the proposed fee against a number of different benchmarks and peer comparisons.

Based on these considerations, as well as other factors described herein, the Board, including all of the Independent Directors, concluded that Muzinich’s sub-advisory fee was fair and reasonable in light of the quality of services to be provided by the Sub-Adviser.

(4) The extent to which economies of scale will be realized as the Fund grows and whether fee levels reflect those economies of scale.

The Board discussed whether any economies of scale would be realized with respect to the management of the Fund and whether the Fund would benefit from any such economies of scale. The Board noted that BIM would bear Muzinich’s sub-advisory fee. The Board concluded that, as the mandate was new, no effective economies of scale were present at this time. The Directors undertook to continue to monitor the appropriateness of the sub-advisory fee, taking into account the potential impact of economies of scale, as the mandate grew.

In addition to the above factors, the Board also discussed whether there were other benefits received by BIM, Muzinich, or their affiliates, from Muzinich’s relationship with the Fund. The Board concluded that any such fall-out benefits (such as soft dollar-credits) resulting from the proposed engagement of Muzinich were such that it did not affect the Board’s conclusion that the proposed sub-advisory fee was reasonable.

The Board, including all of the Independent Directors, concluded that the fee to be paid to Muzinich under the Sub-Advisory Agreement was fair and reasonable with respect to the services that Muzinich would provide, in light of the factors described above that the Board deemed relevant. The Board based its decision on an evaluation of all these factors as a whole and did not consider any one factor as all-important or controlling. The Independent Directors were also assisted by the advice of Counsel to the Independent Directors, as well as Counsel to the Corporation, in making this determination.

Investment Adviser:

Bessemer Investment Management LLC
630 Fifth Avenue
New York, NY 10111
(212) 708-9100

Distributor:

Foreside Funds Distributors LLC
400 Berwyn Park
899 Cassatt Road
Berwyn, PA 19312

Custodians:

Bessemer Trust Company
100 Woodbridge Center Drive
Woodbridge, NJ 07095

Citibank, N.A.
111 Wall Street
New York, NY 10005

Administrator:

BNY Mellon Investment Servicing (US) Inc.
760 Moore Road
King of Prussia, PA 19406

Transfer Agent:

BNY Mellon Investment Servicing (US) Inc.
760 Moore Road
King of Prussia, PA 19406

Independent Registered Public Accounting Firm:

Ernst & Young LLP
5 Times Square
New York, NY 10036

Mutual funds are not bank deposits or obligations, are not guaranteed by any bank, and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency. Investment in mutual funds involves investment risks, including possible loss of principal.

This report is authorized for distribution to prospective investors only when preceded or accompanied by the Funds’ prospectus which contains facts concerning the Funds’ objectives and policies, management fees, expenses and other information.

The information in this report is based on data obtained from recognized services and sources and is believed to be reliable. Any opinions, projections, or recommendations in this report are subject to change without notice and are not intended as individual investment advice. Furthermore, Bessemer Investment Management LLC and its affiliates, as agents for their clients, and any of its officers or employees may have a beneficial interest or position in any of the securities mentioned, which may be contrary to any opinion or projection expressed in this report.

Cusip 680414307
Cusip 680414604
Cusip 680414109
Cusip 680414406
Cusip 680414505
Cusip 680414703
Cusip 680414802
(A21-AR2013)
(12/13)

The Code of Ethics for Principal Executive and Principal Financial Officers is attached as an Exhibit under Item 12 (a)(1).

The registrant’s board of directors has determined that the registrant has three audit committee financial experts serving on its audit committee and those persons (Eugene P. Beard, Patricia L. Francy and J. David Officer) are “independent” for purposes of this Item 3 of Form N-CSR.

Shares			Value
COMMON STOCKS — 87.8%
AUSTRALIA — 2.0%
	134,164	ABM Resources NL(b)	$	3,297
	154,673	Adelaide Brighton Ltd.		562,830
	69,555	AED Oil Ltd.(b)(c)(d)		0
	34,185	Ainsworth Game Technology Ltd.		140,872
	25,514	AJ Lucas Group Ltd.(b)		28,938
	119,863	Alcyone Resources Ltd.(b)		340
	54,720	Alkane Resources Ltd.(b)		20,170
	175,036	ALS Ltd.		1,659,321
	130,516	Alumina Ltd.(b)		127,058
	38,166	Amalgamated Holdings Ltd.		292,550
	102,022	Amcom Telecommunications Ltd.		199,603
	70,717	Ansell Ltd.		1,302,680
	68,098	Antares Energy Ltd.(b)		31,216
	60,213	APA Group		344,878
	36,380	APN News & Media Ltd.(b)		15,989
	36,729	Aquila Resources Ltd.(b)		78,455
	19,603	ARB Corp. Ltd.		215,849
	77,923	Aristocrat Leisure Ltd.		371,928
	973,379	Arrium Ltd.		1,274,189
	74,907	ASG Group Ltd.(b)		28,673
	204,500	Atlas Iron Ltd.		200,049
	100,506	Aurora Oil and Gas Ltd.(b)		308,729
	84,509	Ausdrill Ltd.		122,207
	8,494	Ausenco Ltd.		13,246
	28,194	Austal Ltd.(b)		20,119
	17,417	Austbrokers Holdings Ltd.		202,644
	15,319	Austin Engineering Ltd.		57,191
	215,773	Australian Agricultural Co. Ltd.(b)		229,431
	859	Australian Education Trust REIT		1,271
	256,656	Australian Infrastructure Fund Ltd.		1,698
	141,784	Australian Pharmaceutical Industries Ltd.		86,435
	79,373	Automotive Holdings Group Ltd.		272,321
	377,764	AWE Ltd.(b)		446,306
	113,829	Bank of Queensland Ltd.		1,299,637
	21,519	BC Iron Ltd.		100,270
	792,736	Beach Energy Ltd.		1,071,437
	4,598	Bell Financial Group Ltd.		3,303
	372,904	Bendigo and Adelaide Bank Ltd.		3,841,720
	216,785	Billabong International Ltd.(b)		80,934
	22,861	Bionomics Ltd.(b)		15,125
	2,485	Blackmores Ltd.		53,198
	12,890	Blackthorn Resources Ltd.(b)		3,046
	346,723	BlueScope Steel Ltd.(b)		1,635,254
	93,062	Boom Logistics Ltd.(b)		16,272
	481,246	Boral Ltd.		2,246,964
	10,753	Bradken Ltd.		63,419
	10,942	Breville Group Ltd.		83,251
	24,551	Brickworks Ltd.		331,360

Shares			Value
AUSTRALIA (continued)
	17,627	BT Investment Management Ltd.	$	83,134
	35,624	Cabcharge Australia Ltd.		135,691
	154,604	Caltex Australia Ltd.		2,707,686
	255,734	Cape Lambert Resources Ltd.(b)		31,421
	57,614	Cardno Ltd.		385,535
	490,458	Carnarvon Petroleum Ltd.(b)		34,303
	68,742	carsales.com Ltd.		682,203
	129,012	Cash Converters International Ltd.		115,839
	9,437	Cedar Woods Properties Ltd.		61,812
	189,000	Ceramic Fuel Cells Ltd.(b)		6,431
	178,666	Challenger Ltd.		1,013,200
	2,580,924	Charter Hall Retail REIT(d)		9,855,047
	102,039	Clough Ltd.		140,324
	84,396	Coal of Africa Ltd.(b)		10,370
	10,618	Cochlear Ltd.		591,099
	166,306	Cockatoo Coal Ltd.		8,960
	127,327	Cockatoo Coal Ltd.(b)		6,860
	119,759	Coffey International Ltd.(b)		27,732
	19,105,479	Commonwealth Property Office Fund REIT(d)		21,578,833
	82,958	Cooper Energy Ltd.(b)		33,715
	19,597	Credit Corp. Group Ltd.		183,740
	136,841	Cromwell Property Group REIT		128,689
	88,635	Crowe Horwath Australasia Ltd.		52,777
	17,217	CSG Ltd.		15,866
	267,735	CSR Ltd. - Placement Shares		632,626
	4,990	Cudeco Ltd.(b)		9,480
	67,759	Dart Energy Ltd.(b)		8,966
	5,580	Data#3 Ltd.		6,118
	118,091	David Jones Ltd.		303,590
	47,635	Decmil Group Ltd.		113,907
	232,983	Deep Yellow Ltd.(b)		4,404
	7,518	Devine Ltd.(b)		7,106
	60,174	Discovery Metals Ltd.(b)(c)		3,811
	7,045	Domino’s Pizza Enterprises Ltd.		103,741
	210,033	Downer EDI Ltd.		978,671
	58,868	Drillsearch Energy Ltd.(b)		72,053
	180,836	DUET Group.		367,473
	145,014	DuluxGroup Ltd.		705,861
	16,365	DWS Ltd.		22,892
	2,984	Echo Entertainment Group Ltd.		7,474
	224,451	Elders Ltd.(b)		24,396
	52,026	Energy Resources of Australia Ltd.(b)		62,941
	131,257	Energy World Corp. Ltd.(b)		53,965
	297,730	Envestra Ltd.		316,575
	26,509	Eservglobal Ltd.(b)		13,029
	104,372	Evolution Mining Ltd.		82,864
	1,261,615	Fairfax Media Ltd.		721,414
	3,195	Fantastic Holdings Ltd.		6,704
	1,065,862	FAR Ltd.(b)		39,289
	16,777	Finbar Group Ltd.		24,895
	45,866	FKP Property Group		80,415

Shares			Value
AUSTRALIA (continued)
	1,776	Fleetwood Corp. Ltd.	$	5,657
	25,840	Flight Centre Ltd.		1,267,785
	704,466	Focus Minerals Ltd.(b)		8,656
	13,085	Forge Group Ltd.		54,416
	3,000	G.U.D. Holdings Ltd.		16,814
	2,973	G8 Education Ltd.		8,711
	873,603	Goodman Fielder Ltd.		627,523
	95,093	GrainCorp Ltd. - Class A		1,109,088
	140,887	Grange Resources Ltd.		28,629
	81,204	Gujarat NRE Coking Coal Ltd.(b)		5,373
	180,274	Gunns Ltd.(b)(c)(d)		0
	73,089	GWA Group Ltd.		214,149
	241,775	Harvey Norman Holdings Ltd.		744,957
	842,673	Hillgrove Resources Ltd.(b)		71,681
	88,475	Hills Holdings Ltd.		153,029
	267,872	Horizon Oil Ltd.(b)		83,549
	123,936	iiNET Ltd.		761,400
	78,141	Iluka Resources Ltd.		760,709
	146,767	Imdex Ltd.		99,876
	54,421	IMF Australia Ltd.		94,643
	405,289	Incitec Pivot Ltd.		1,018,940
	65,287	Independence Group NL		244,357
	72,251	Infigen Energy(b)		17,755
	679	Inova Resources Ltd.(b)		141
	32,314	International Ferro Metals Ltd.(b)		4,539
	89,852	Intrepid Mines Ltd.(b)		24,203
	708,412	Invocare Ltd.(d)		7,338,353
	119,959	IOOF Holdings Ltd.		1,019,283
	40,185	Iress Ltd.		375,252
	12,036	Iron Ore Holdings Ltd.(b)		10,466
	35,560	JB Hi-Fi Ltd.		732,690
	7,671	Kagara Ltd.(b)(c)(d)		870
	312,325	Kangaroo Resources Ltd.(b)		4,428
	24,777	Kingsrose Mining Ltd.(b)		9,016
	12,178	Leyshon Resources Ltd.(b)		1,439
	73,973	Linc Energy Ltd.(b)		100,679
	51,812	Lonestar Resources Ltd.		13,467
	2,322	Lycopodium Ltd.		10,754
	26,595	M2 Telecommunications Group Ltd.		159,364
	19,176	MACA Ltd.		45,673
	38,335	Macquarie Atlas Roads Group		96,016
	1,285	Macquarie Telecom Group Ltd.		10,275
	12,375	Maverick Drilling & Exploration Ltd.(b)		5,965
	9,278	MaxiTRANS Industries Ltd.		9,646
	6,138	McPherson’s Ltd.		7,832
	39,619	Medusa Mining Ltd.(b)		71,275
	27,057	Melbourne IT Ltd.		41,300
	123,460	Mermaid Marine Australia Ltd.		437,582
	7,630	Mesoblast Ltd.(b)		47,596
	185,798	Metcash Ltd.		588,285
	90,921	Metgasco Ltd.(b)		11,171
	54,693	Mincor Resources NL		29,207

Shares			Value
AUSTRALIA (continued)
	16,499	Mineral Deposits Ltd.(b)	$	48,654
	31,765	Mineral Resources Ltd.		340,158
	340,000	MMG Ltd.(b)		75,867
	814,973	Monadelphous Group Ltd.		14,003,585
	59,782	Mortgage Choice Ltd.		168,944
	476,391	Mount Gibson Iron Ltd.		400,734
	289,867	Myer Holdings Ltd.		684,922
	1,050	MyState Ltd.		4,903
	79,446	Navitas Ltd.		435,514
	66,974	Neon Energy Ltd.(b)		18,357
	128,661	New Hope Corp. Ltd.		459,664
	536,185	Nexus Energy Ltd.(b)		39,529
	122,821	NIB Holdings Ltd.		278,603
	69,743	Noble Mineral Resources Ltd.(b)(c)(d)		593
	102,310	Northern Star Resources Ltd.		86,062
	113,637	NRW Holdings Ltd.		150,366
	105,154	Nufarm Ltd.		486,001
	14,318	Oakton Ltd.		23,885
	50,169	OceanaGold Corp.(b)		83,723
	5,532	Orocobre Ltd.(b)		12,496
	4,066	OrotonGroup Ltd.		20,637
	121,855	Otto Energy Ltd.(b)		12,669
	40,173	OZ Minerals Ltd.		137,450
	438,358	Pacific Brands Ltd.		292,092
	21,542	Paladin Energy Ltd.(b)		8,551
	77,993	PanAust Ltd.		148,905
	5,565	Patties Foods Ltd.		7,311
	24,629	Peet Ltd.(b)		32,589
	182,192	Perilya Ltd.(b)		58,548
	5,744	Perpetual Ltd.		249,732
	24,856	Perseus Mining Ltd.(b)		10,219
	48,159	Platinum Asset Mangement Ltd.		280,844
	67,411	Platinum Australia Ltd.(b)(d)		1,841
	114,913	PMP Ltd.(b)		43,987
	53,780	Premier Investments Ltd.		404,609
	6,047	Prima Biomed Ltd.(b)		217
	236,564	Primary Health Care Ltd.		1,104,531
	25,653	Prime Media Group Ltd.		24,488
	66,807	Programmed Maintenance Services Ltd.		174,274
	681,644	Qantas Airways Ltd.(b)		802,101
	92,285	Ramelius Resources Ltd.(b)		11,775
	26,001	RCR Tomlinson Ltd.		87,241
	17,371	REA Group Ltd.		681,357
	30,974	Reckon Ltd.		67,333
	17,274	Red 5 Ltd.(b)(c)(d)		7,918
	95,161	Red Fork Energy Ltd.(b)		43,172
	8,531	Reece Australia Ltd.		225,767
	31,163	Regional Express Holdings Ltd.		30,337
	65,363	Regis Resources Ltd.		215,605
	9,792	Reject Shop Ltd. (The)		165,293
	380,526	Resolute Mining Ltd.(b)		231,978
	11,029	Resource Generation Ltd.(b)		2,398
	25,802	Retail Food Group Ltd.		106,327
	101,020	Ridley Corp. Ltd.		81,635

Shares			Value
AUSTRALIA (continued)
	195,967	Roc Oil Co. Ltd.(b)	$	89,831
	3,400	Ruralco Holdings Ltd.		10,315
	73,019	SAI Global Ltd.		283,648
	9,571	Salmat Ltd.		19,268
	17,384	Sandfire Resources NL(b)		107,291
	21,212	Sedgman Ltd.		17,242
	39,931	Seek Ltd.		490,254
	199,708	Senex Energy Ltd.(b)		156,666
	16,377	Servcorp Ltd.		62,070
	90,368	Service Stream Ltd.		19,645
	56,330	Seven Group Holdings Ltd.		444,558
	301,112	Seven West Media Ltd.		717,184
	5,359,020	Shopping Centres Australasia Property Group, REIT		8,078,825
	142,093	Sigma Pharmaceuticals Ltd.		76,551
	15,184	Silex Systems Ltd.(b)		34,443
	28,232	Silver Lake Resources Ltd.(b)		20,546
	9,054	Sirtex Medical Ltd.		106,454
	36,651	Skilled Group Ltd.		122,282
	14,279	Slater & Gordon Ltd.		52,229
	7,500	SMS Management & Technology Ltd.		32,679
	314,798	Southern Cross Media Group Ltd.		562,336
	564,987	SP AusNet		667,499
	403,253	Spark Infrastructure Group		646,025
	10,795	Specialty Fashion Group Ltd.		9,081
	334,245	St Barbara Ltd.(b)		151,638
	29,533	Starpharma Holdings Ltd.(b)		24,982
	114,859	Straits Resources Ltd.(b)		977
	150,289	STW Communications Group Ltd.		225,853
	22,473	Sundance Energy Australia Ltd.(b)		24,108
	63,254	Sunland Group Ltd.		95,656
	65,953	Super Retail Group Ltd.		834,051
	67,322	Swick Mining Services Ltd.		21,316
	275,283	Tabcorp Holdings Ltd.		936,664
	70,902	Tanami Gold NL(b)		3,418
	97,054	Tap Oil Ltd.(b)		49,993
	54,903	Tassal Group Ltd.		161,383
	414,785	Tatts Group Ltd.		1,230,991
	15,839	Technology One Ltd.		30,390
	521,073	Ten Network Holdings Ltd.(b)		137,898
	69,352	TFS Corp. Ltd.		49,161
	57,103	Thorn Group Ltd.		138,166
	339,054	Toll Holdings Ltd.		1,849,042
	188,636	Toro Energy Ltd.(b)		14,798
	18,996	Tox Free Solutions Ltd.		59,249
	126,484	TPG Telecom Ltd.		557,088
	3,780,227	Transfield Services Ltd.		4,769,812
	507,877	Transpacific Industries Group Ltd.(b)		549,625
	267,850	Treasury Wine Estates Ltd.		1,189,848
	26,094	Troy Resources Ltd.(b)		33,048
	3,189	Trust Co. Ltd. (The)		25,168

Shares			Value
AUSTRALIA (continued)
	41,109	UGL Ltd.	$	286,356
	79,768	Unity Mining Ltd.(b)		4,599
	144,020	UXC Ltd.		129,995
	101,055	Venture Minerals Ltd.(b)		17,192
	65,384	Village Roadshow Ltd.		434,439
	616,588	Virgin Australia Holdings Ltd.(b)		241,850
	521,584	Virgin Australia Holdings Ltd. - CVR Shares(b)(c)(d)		0
	1,251	Warrnambool Cheese & Butter Factory Co. Holding Ltd.		9,814
	53,591	Washington H. Soul Pattinson & Co. Ltd.		762,815
	51,135	WDS Ltd.		40,598
	8,040	Webjet Ltd.		23,937
	21,668	Western Areas NL		57,343
	5,683	White Energy Co. Ltd.(b)		1,128
	15,685	Whitehaven Coal Ltd.(b)		24,016
	984	Wide Bay Australia Ltd.		5,441
	1,550	Windimurra Vanadium Ltd.(b)(c)(d)		0
	31,994	Wotif.com Holdings Ltd.		134,262
	5,124	YTC Resources Ltd.(b)		1,235
				132,518,620
AUSTRIA — 0.2%
	1,015	Agrana Beteiligungs AG		124,031
	401	AMAG Austria Metall AG(e)		11,605
	4,961	AMS AG		541,836
	26,522	Andritz AG		1,633,791
	4,521	A-TEC Industries AG(b)(c)(d)		0
	2,324	Austria Technologie & Systemtechnik AG		22,208
	868	CA Immobilien Anlagen AG		13,223
	5,957	CAT Oil AG		145,829
	1,961	Conwert Immobilien Invest SE		24,416
	255	DO & CO AG		12,248
	8,152	EVN AG		124,409
	3,313	Flughafen Wien AG		255,950
	154,230	IMMOFINANZ AG		675,336
	1,245	Kapsch TrafficCom AG		67,227
	1,379	Lenzing AG		102,979
	2,509	Mayr Melnhof Karton AG		280,193
	902	Oberbank AG		58,785
	14,426	Oesterreichische Post AG		678,003
	6,723	Palfinger AG		248,287
	10,308	POLYTEC Holding AG		99,314
	20,814	Raiffeisen Bank International AG		765,007
	6,417	RHI AG		236,681
	516	Rosenbauer International AG		41,686
	5,208	S IMMO AG		35,073
	4,944	Schoeller-Bleckmann Oilfield Equipment AG		570,583
	4,742	Semperit AG Holding		232,751
	27,419	Strabag SE		721,112
	7,063	UNIQA Insurance Group AG		86,500

Shares			Value
AUSTRIA (continued)
	7,354	Verbund AG	$	172,689
	14,471	Vienna Insurance Group AG Wiener Versicherung Gruppe		766,766
	98,464	Voestalpine AG		4,650,406
	53,298	Wienerberger AG		927,004
	1,597	Wolford AG(b)		42,629
	15,071	Zumtobel AG		269,392
				14,637,949
BAHAMAS — 0.0%
	488	United International Enterprises		93,367
BELGIUM — 0.3%
	1,160	Ablynx NV(b)		11,387
	15,584	Ackermans & van Haaren NV		1,688,297
	2,240	Aedifica SA REIT		152,707
	92,169	Ageas		3,922,604
	83,862	AGFA - Gevaert NV(b)		199,262
	22,952	AGFA - Gevaert NV - VVPR Strip(b)(c)(d)		0
	7,223	Arseus NV		222,816
	192	Atenor Group		8,751
	62	Banque Nationale de Belgique		243,032
	3,532	Barco NV		267,642
	6,496	Belgacom SA		177,855
	2,364	Cie d’Entreprises CFE		186,903
	1,433	Cie Immobiliere de Belgique SA		70,044
	4,286	Cie Maritime Belge SA		114,292
	2,086	Cofinimmo REIT		251,959
	265	Colruyt SA		14,822
	19,625	Deceuninck NV(b)		46,630
	12,200	Deceuninck NV- VVPR Strip(b)(c)(d)		0
	57,235	Delhaize Group SA		3,657,473
	10,786	D’ieteren SA NV		508,905
	8,676	Econocom Group		84,344
	5,784	Elia System Operator SA NV		264,655
	7,746	Euronav NV(b)		54,479
	2,288	EVS Broadcast Equipment SA		150,046
	5,151	Exmar NV		74,414
	1,779	Galapagos NV(b)		34,468
	677	Intervest Offices & Warehouses REIT		17,759
	7,233	Ion Beam Applications(b)		59,611
	9,443	KBC Groep NV		514,774
	993	Kinepolis Group NV		144,708
	47	Lotus Bakeries		43,681
	2,552	Melexis NV		83,056
	22,521	NV Bekaert SA		945,013
	15,645	Nyrstar - VVPR Strip(b)(c)(d)		0
	5,199	Nyrstar NV		21,389
	1,095	Picanol(b)		36,276
	1,265	RealDolmen NV SA(b)		29,714
	11,173	Recticel SA		75,244
	170	Retail Estates NV REIT		12,880
	5,564	Sioen Industries NV		65,951

Shares			Value
BELGIUM (continued)
	2,739	Sipef NV	$	207,886
	3,652	Telenet Group Holding NV		200,572
	11,858	Tessenderlo Chemie NV		296,889
	1,410	Tessenderlo Chemie NV - VVPR Strip(b)(c)(d)		0
	3,085	ThromboGenics NV(b)		85,198
	20,569	Umicore SA		981,238
	1,563	Van de Velde NV		79,581
	3,065	Warehouses De Pauw SCA REIT		227,593
	460	Wereldhave Belgium NV REIT		52,151
				16,588,951
BERMUDA — 0.7%
	58,286	Archer Ltd.(b)		53,361
	250,000	Argo Group International Holdings Ltd.(d)		10,495,000
	300,000	Aspen Insurance Holdings Ltd.		11,703,000
	221,995	Catlin Group Ltd.		1,822,461
	304,000	Endurance Specialty Holdings Ltd.		16,808,160
	155,814	Golden Ocean Group Ltd.		234,517
	176,842	Hiscox Ltd.		1,875,687
	2,021	Hoegh LNG Holdings Ltd.(b)		15,549
	197,400	Wilson Sons Ltd. - BDR(d)		2,467,280
				45,475,015
BRAZIL — 0.8%
	160,000	Abril Educacao SA - Units		2,278,368
	12,300	AES Tiete SA		108,659
	17,400	AES Tiete SA - Preference Shares		170,101
	2,200	Aliansce Shopping Centers SA		21,281
	111,200	All - America Latina Logistica SA		398,100
	42,977	Alpargatas SA - Preference Shares		297,359
	4,500	Arezzo Industria e Comercio SA		67,293
	27,500	Arteris SA		244,286
	309,400	Autometal SA(d)		2,430,783
	7,700	B2W Cia Digital(b)		57,573
	58,481	Banco ABC Brasil SA - Preference Shares		359,992
	11,400	Banco Daycoval SA - Preference Shares		45,291
	78,690	Banco do Estado do Rio Grande do Sul - Class B, Preference Shares		567,290
	16,000	Banco Industrial e Comercial SA - Preference Shares		53,567
	4,500	Banco Panamericano SA - Preference Shares(b)		10,606
	21,922	Banco Pine SA - Preference Shares		103,239
	16,200	Banco Sofisa SA - Preference Shares		19,959
	11,400	Bematech SA		39,693

Shares			Value
BRAZIL (continued)
	103,092	BR Malls Participacoes SA	$	998,615
	2,300	Brasil Insurance Participacoes e Administracao SA		20,945
	543,100	Brasil Pharma SA(b)		2,012,200
	144,318	Braskem SA - Class A, Preference Shares(b)		1,280,708
	16,700	Centrais Eletricas Brasileiras SA		52,928
	16,800	Centrais Eletricas Brasileiras SA - Preference Shares		89,317
	5,700	Centrais Eletricas de Santa Catarina SA - Preference Shares(b)		45,291
	6,300	Cia de Gas de Sao Paulo - Class A, Preference Shares		167,188
	350,800	Cia de Locacao das Americas(d)		1,331,042
	25,500	Cia de Saneamento Basico do Estado de Sao Paulo		270,230
	10,700	Cia de Saneamento de Minas Gerais-COPASA		172,809
	5,300	Cia de Saneamento do Parana - Preference Shares		16,348
	3,600	Cia de Transmissao de Energia Eletrica Paulista - Preference Shares(b)		51,745
	25,300	Cia Energetica de Sao Paulo -Class B, Preference Shares		264,610
	5,950	Cia Energetica do Ceara - Class A, Preference Shares		104,886
	26,208	Cia Ferro Ligas da Bahia-Ferbasa - Preference Shares		159,808
	29,100	Cia Hering		422,822
	27,800	Cia Paranaense de Energia - Class B, Preference Shares		387,676
	18,300	Cia Providencia Industria e Comercio SA		69,272
	67,600	Cia Siderurgica Nacional SA		367,844
	8,920	Contax Participacoes SA - Units(b)		73,424
	11,750	Cremer SA		81,928
	2,300	CSU Cardsystem SA		3,080
	167,340	Cyrela Brazil Realty SA Empreendimentos e Participacoes		1,251,203
	400	Cyrela Commercial Properties SA Empreendimentos e Participacoes		3,601
	27,600	Diagnosticos da America SA		141,684
	27,952	Direcional Engenharia SA		162,207
	205,436	Duratex SA		1,281,109
	12,500	EcoRodovias Infraestrutura e Logistica SA		84,814
	390,320	Embraer SA		2,848,733
	54,526	Eneva SA(b)		109,529
	14,569	Equatorial Energia SA		150,880
	32,800	Estacio Participacoes SA		253,299
	35,393	Eternit SA		150,091

Shares			Value
BRAZIL (continued)
	6,836	Eucatex SA Industria e Comercio - Preference Shares	$	20,567
	123,900	Even Construtora e Incorporadora SA		461,818
	21,300	Ez Tec Empreendimentos e Participacoes SA		313,291
	2,900	Fertilizantes Heringer SA(b)		11,094
	123,478	Fibria Celulose SA(b)		1,601,212
	339,400	Fleury SA		2,628,600
	2,185	Forjas Taurus SA		2,721
	30,937	Forjas Taurus SA - Preference Shares		29,829
	7,000	General Shopping Brasil SA(b)		29,997
	11,500	Gol-Linhas Aereas Inteligentes SA - Preference Shares(b)		58,162
	50,800	Grendene SA		460,334
	3,200	Guararapes Confeccoes SA		144,201
	64,740	Helbor Empreendimentos SA		258,070
	120,500	Hypermarcas SA		1,051,591
	5,800	IdeiasNet SA(b)		4,324
	38,400	Iguatemi Empresa de Shopping Centers SA		441,389
	7,000	Industrias Romi SA(b)		19,530
	9,800	International Meal Co. Holdings SA(b)		96,898
	9,470	Iochpe-Maxion SA		115,786
	51,534	JHSF Participacoes SA		128,363
	420,300	JSL SA		2,870,543
	413,900	Klabin SA - Preference Shares		2,198,647
	45,596	Kroton Educacional SA		673,702
	4,000	Light SA		35,247
	90,200	Linx SA		1,630,300
	33,075	Localiza Rent a Car SA		538,897
	36,310	Log-In Logistica Intermodal SA(b)		153,169
	8,300	Lojas Americanas SA		51,870
	62,300	Lojas Americanas SA - Preference Shares		461,090
	18,300	Lojas Renner SA		551,402
	10,400	LPS Brasil Consultoria de Imoveis SA		72,840
	8,300	M Dias Branco SA		389,287
	23,648	Magnesita Refratarios SA		65,765
	233,600	Mahle-Metal Leve SA Industria e Comercio		2,918,697
	185,780	Marcopolo SA - Preference Shares		479,336
	102,784	Marfrig Alimentos SA(b)		208,761
	13,800	Marisa Lojas SA		115,195
	800	Metalfrio Solutions SA(b)		1,246
	13,800	Mills Estruturas e Servicos de Engenharia SA		191,581
	18,100	Minerva SA(b)		76,757
	114,549	MMX Mineracao e Metalicos SA(b)		43,463
	30,150	Multiplan Empreendimentos Imobiliarios SA		707,789

Shares			Value
BRAZIL (continued)
	3,800	Multiplus SA	$	47,072
	70,500	Odontoprev SA		291,416
	50,400	Oi SA - Preference Shares		84,592
	12,800	OSX Brasil SA(b)		2,571
	16,300	Parana Banco SA - Preference Shares		103,394
	66,719	Paranapanema SA(b)		142,659
	35,252	PDG Realty SA Empreendimentos e Partici- pacoes(b)		31,944
	17,500	Plascar Participacoes Industriais SA(b)		4,062
	56,300	Porto Seguro SA		707,457
	8,400	Profarma Distribuidora de Produtos Farmaceuticos SA		66,594
	35,600	QGEP Participacoes SA		172,422
	38,309	Raia Drogasil SA		280,110
	57,450	Randon Participacoes SA - Preference Shares		325,692
	12,900	Restoque Comercio e Confeccoes de Roupas SA		38,351
	14,700	Rodobens Negocios Imobiliarios SA		89,242
	211,168	Rossi Residencial SA(b)		260,166
	16,550	Santos Brasil Participacoes SA - Units		160,462
	34,100	Sao Martinho SA		481,011
	11,475	Saraiva SA Livreiros Editores - Preference Shares		146,447
	16,900	SLC Agricola SA		157,669
	253,100	Sonae Sierra Brasil SA(d)		2,542,072
	100,173	Sul America SA - Units		733,344
	185,953	Suzano Papel e Celulose SA - Class A, Preference Shares		753,706
	78,400	Tecnisa SA(b)		325,471
	2,800	Tempo Participacoes SA		3,487
	8,800	Tereos Internacional SA		11,667
	29,200	Totvs SA		495,052
	5,500	TPI - Triunfo Participacoes e Investimentos SA		25,165
	8,400	Transmissora Alianca de Energia Eletrica SA - Units		81,555
	171,700	Tupy SA(d)		1,440,158
	9,600	UNICASA Industria de Moveis SA		27,640
	72	Unipar Carbocloro SA - Preference Shares		15
	241,300	Usinas Siderurgicas de Minas Gerais SA - Class A, Preference shares(b)		1,279,638
	18,303	Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		282,364
	52,200	Vanguarda Agro SA(b)		87,847

Shares			Value
BRAZIL (continued)
	29,216	Viver Incorporadora e Construtora SA(b)	$	3,913
				56,155,094
CAMBODIA — 0.0%
	248,000	NagaCorp Ltd.		229,031
CANADA — 2.1%
	3,613	Aastra Technologies Ltd.		98,273
	15,424	Aberdeen International, Inc.		2,367
	6,775	Absolute Software Corp.		47,954
	2,790	Acadian Timber Corp.		34,786
	67,953	Advantage Oil & Gas Ltd.(b)		276,335
	27,738	Aecon Group, Inc.		384,419
	2,700	AG Growth International, Inc.		98,403
	44,207	AGF Management Ltd. - Class B		583,830
	43,000	Agnico-Eagle Mines Ltd.		1,276,823
	91,000	Aimia, Inc.		1,608,526
	14,401	Ainsworth Lumber Co. Ltd.(b)		54,419
	2,500	Air Canada - Class A(b)		13,787
	1,100	Akita Drilling Ltd. - Class A		16,194
	22,400	Alamos Gold, Inc.		356,845
	5,880	Algoma Central Corp.		85,551
	108,142	Algonquin Power & Utilities Corp.		698,025
	8,470	Alliance Grain Traders, Inc.		130,789
	43,545	AltaGas Ltd.		1,612,082
	10,000	Alterra Power Corp.(b)		2,829
	7,748	Altius Minerals Corp.(b)		80,404
	11,700	Altus Group Ltd.		157,100
	80,500	Amerigo Resources Ltd.		30,883
	2,600	Amica Mature Lifestyles, Inc.		21,844
	39,396	Anderson Energy Ltd.(b)		5,479
	3,000	Angle Energy, Inc.(b)		10,790
	81,625	Antrim Energy, Inc.(b)		7,437
	4,772	Arsenal Energy, Inc.		22,884
	25,400	Atco Ltd. - Class I		1,178,829
	79,500	Athabasca Oil Corp.(b)		495,612
	15,436	Atrium Innovations, Inc.(b)		281,139
	22,663	ATS Automation Tooling Systems, Inc.(b)		313,433
	12,274	Aura Minerals, Inc.(b)		1,413
	1,900	AutoCanada, Inc.		69,976
	396,886	B2Gold Corp.(b)(d)		982,080
	800	Badger Daylighting Ltd.		56,794
	46,861	Ballard Power Systems, Inc.(b)		63,371
	89,600	Bankers Petroleum Ltd.(b)		343,740
	39,700	Bellatrix Exploration Ltd.(b)		297,374
	800	Bengal Energy Ltd.(b)		453
	22,500	Birchcliff Energy Ltd.(b)		160,768
	300	Bird Construction, Inc.		3,766
	15,938	Black Diamond Group Ltd.		417,462
	72,307	BlackBerry Ltd.(b)		570,744
	126,000	BlackPearl Resources, Inc.(b)		234,441
	7,900	Boardwalk Real Estate Investment Trust, REIT		449,383
	9,006	Bonavista Energy Corp.		103,910

Shares			Value
CANADA (continued)
	3,100	Bonterra Energy Corp.	$	174,229
	11,570	Boralex, Inc. - Class A(b)		116,405
	100	Brookfield Real Estate Services, Inc.		1,322
	6,645	Brookfield Residential Properties, Inc.(b)		147,412
	4,500	Burcon NutraScience Corp.(b)		10,660
	490,167	CAE, Inc.		5,617,893
	10,080	Calfrac Well Services Ltd.		314,199
	1,862	Calian Technologies Ltd.		39,092
	16,600	Calloway Real Estate Investment Trust		399,616
	16,191	Calvalley Petroleum, Inc. - Class A(b)		23,914
	29,611	Canaccord Genuity Group, Inc.		188,006
	16,731	Canacol Energy Ltd.(b)		76,863
	4,100	Canada Bread Co. Ltd.(d)		274,041
	32,828	Canada Lithium Corp.(b)		12,437
	18,318	Canadian Apartment Properties REIT		378,254
	15,185	Canadian Energy Services & Technology Corp.		273,363
	11,606	Canadian Real Estate Investment Trust		472,744
	84,813	Canadian Western Bank		2,720,133
	21,932	Canam Group, Inc. - Class A(b)		237,694
	31,977	CanElson Drilling, Inc.		192,294
	22,100	Canexus Corp.		153,883
	44,643	Canfor Corp.(b)		925,272
	11,743	Canfor Pulp Products, Inc.		121,862
	5,200	Cangene Corp.(b)		12,468
	16,000	CanWel Building Materials Group Ltd.		44,349
	9,688	Canyon Services Group, Inc.		106,204
	6,007	Capital Power Corp.		124,444
	17,583	Capstone Infrastructure Corp.		66,275
	143,183	Capstone Mining Corp.(b)		380,393
	26,442	Cardero Resource Corp.(b)		3,297
	47,246	Cascades, Inc.		264,630
	7,306	Cash Store Financial Services, Inc. (The)(b)		11,352
	7,709	Cathedral Energy Services Ltd.		45,619
	16,407	CCL Industries, Inc. - Class B		1,126,688
	87,500	Celestica, Inc.(b)		960,893
	82,641	Centerra Gold, Inc.		330,516
	104,378	Cequence Energy Ltd.(b)		190,206
	900	Cervus Equipment Corp.		17,859
	8,900	Chartwell Retirement Residences REIT		91,505
	87,396	China Gold International Resources Corp. Ltd.(b)		234,699
	6,908	Chinook Energy, Inc.(b)		5,764
	820	Churchill Corp. (The) - Class A		7,786
	28,912	Cineplex, Inc.		1,164,632
	18,051	Claude Resources, Inc.(b)		3,289
	9,100	Cogeco Cable, Inc.		430,279
	4,665	Cogeco, Inc.		211,181

Shares			Value
CANADA (continued)
	28,143	COM DEV International Ltd.(b)	$	113,366
	10,255	Cominar Real Estate Investment Trust		186,776
	10,200	Computer Modelling Group Ltd.		261,982
	131,262	Connacher Oil and Gas Ltd.(b)		24,549
	3,107	Constellation Software, Inc.		566,004
	5,800	Contrans Group, Inc. - Class A		74,652
	4,700	Corby Distilleries Ltd. - Class A		92,183
	62,122	Corus Entertainment, Inc. - Class B		1,447,815
	56,517	Cott Corp.		462,912
	32,065	Crew Energy, Inc.(b)		186,365
	35,826	Crocotta Energy, Inc.(b)		104,456
	20,011	Davis & Henderson Corp.		515,317
	19,795	DeeThree Exploration Ltd.(b)		172,766
	63,438	Delphi Energy Corp.(b)		98,566
	123,700	Denison Mines Corp.(b)		136,435
	17,700	Descartes Systems Group, Inc. (The)(b)		216,783
	11,274	DHX Media Ltd.		43,468
	3,059	DirectCash Payments, Inc.		54,071
	30,931	Dollarama, Inc.		2,658,645
	32,840	Dominion Diamond Corp.(b)		443,473
	13,809	Dorel Industries, Inc. - Class B		513,078
	16,835	DragonWave, Inc.(b)		24,220
	35,170	Duluth Metals Ltd.(b)		31,370
	49,786	Dundee Precious Metals, Inc.(b)		212,485
	8,500	Dundee Real Estate Investment Trust - Class A, REIT		235,683
	11,964	Dynasty Metals & Mining, Inc.(b)		8,147
	229	E-L Financial Corp. Ltd.		152,252
	213,500	Eldorado Gold Corp.		1,439,510
	10,019	Emera, Inc.		295,386
	16,750	Empire Co. Ltd. - Class A		1,233,458
	8,287	Enbridge Income Fund Holdings, Inc.		185,586
	61,981	Endeavour Silver Corp.(b)		257,400
	8,281	Enerflex Ltd.		117,307
	136,814	Energy Fuels, Inc.(b)		18,370
	120,168	Enerplus Corp.		2,073,392
	600	Enghouse Systems Ltd.		15,969
	64,816	Ensign Energy Services, Inc.		1,107,775
	29,186	Epsilon Energy Ltd.(b)		89,015
	9,245	Equal Energy Ltd.		43,891
	5,842	Equitable Group, Inc.		273,988
	75,613	Essential Energy Services Trust(b)		213,934
	1,100	Evertz Technologies Ltd.		17,619
	1,700	Excellon Resources, Inc.(b)		2,250
	2,974	Exchange Income Corp.		57,018
	5,600	Exco Technologies Ltd.		39,208
	14,469	EXFO, Inc.(b)		81,598
	13,000	Extendicare, Inc.		83,412
	64,225	Finning International, Inc.		1,480,812

Shares			Value
CANADA (continued)
	553	Firm Capital Mortgage Investment Corp.	$	6,322
	9,091	First Capital Realty Inc.		157,991
	30,350	First Majestic Silver Corp.(b)		343,481
	2,412	First National Financial Corp.		50,408
	32,470	First Quantum Minerals Ltd.		615,985
	9,700	FirstService Corp.		403,201
	835	Fortress Paper Ltd. - Class A(b)		4,621
	57,167	Fortuna Silver Mines, Inc.(b)		226,442
	200	Gamehost, Inc.		2,755
	6,834	Genivar, Inc.		195,585
	34,852	Genworth MI Canada, Inc.		1,096,719
	22,786	Gibson Energy, Inc.		559,679
	57,000	Gildan Activewear, Inc.		2,747,633
	2,500	Glentel, Inc.		34,144
	2,859	GLG Life Tech Corp.(b)		1,508
	4,565	Gluskin Sheff & Associates, Inc.		88,003
	2,010	GLV, Inc. - Class A(b)		7,808
	14,327	GMP Capital, Inc.		85,331
	131,213	Gran Tierra Energy, Inc.(b)		989,147
	2,800	Granite Real Estate Investment Trust		97,268
	33,752	Great Canadian Gaming Corp.(b)		415,001
	23,182	Great Panther Silver Ltd.(b)		18,899
	6,784	Guardian Capital Group Ltd. - Class A		97,597
	19,400	Guyana Goldfields, Inc.(b)		45,400
	2,034	Hanfeng Evergreen, Inc.(b)		1,951
	7,102	Heroux-Devtek, Inc.		63,687
	670	High Liner Foods, Inc.		26,346
	3,627	HNZ Group, Inc.		78,791
	13,900	Home Capital Group, Inc.		1,103,175
	27,827	Horizon North Logistics, Inc.		226,854
	72,091	HudBay Minerals, Inc.		587,708
	1,936	IBI Group, Inc.		3,472
	7,800	Imax Corp.(b)		226,897
	27,086	Imperial Metals Corp.(b)		342,650
	39,500	Industrial Alliance Insurance and Financial Services, Inc.		1,771,467
	20,879	Innergex Renewable Energy, Inc.		183,028
	23,670	International Forest Products Ltd. - Class A(b)		268,108
	5,748	International Tower Hill Mines Ltd.(b)		2,977
	25,626	Intertape Polymer Group, Inc.		368,666
	103,565	Ithaca Energy, Inc.(b)		242,362
	18,561	Ivernia, Inc.(b)		2,492
	22,616	Jean Coutu Group PJC, Inc. (The) Class A		399,763
	1,910	Just Energy Group, Inc.		13,556
	276,940	Katanga Mining Ltd.(b)		146,086
	1,300	K-Bro Linen, Inc.		43,639
	16,550	Kelt Exploration Ltd.(b)		136,508
	25,539	Keyera Corp.		1,511,299
	13,811	Killam Properties, Inc.		145,839

Shares			Value
CANADA (continued)
	1,953	Kingsway Financial Services, Inc.(b)	$	6,256
	13,254	Laramide Resources Ltd.(b)		4,767
	16,985	Laurentian Bank of Canada		758,310
	1,200	Le Chateau, Inc. - Class A(b)		5,041
	20,200	Legacy Oil & Gas, Inc.(b)		136,778
	8,682	Leisureworld Senior Care Corp.		88,598
	13,400	Leon’s Furniture Ltd.		170,030
	4,437	Lightstream Resources Ltd.		28,512
	29,705	Linamar Corp.		998,856
	8,170	Liquor Stores N.A. Ltd.		117,772
	35,144	Long Run Exploration Ltd.(b)		195,497
	18,100	Lucara Dianmond Corp.(b)		22,220
	226,995	Lundin Mining Corp.(b)		1,023,236
	17,647	MacDonald Dettwiler & Associates Ltd.		1,346,395
	500	Mainstreet Equity Corp.(b)		15,149
	43,095	Major Drilling Group International, Inc.		339,751
	40,633	Mandalay Resources Corp.		28,838
	11,156	Manitoba Telecom Services, Inc.		315,319
	48,666	Maple Leaf Foods, Inc.		716,466
	27,098	Martinrea International, Inc.		287,184
	4,600	MBAC Fertilizer Corp.(b)		8,912
	2,300	McCoy Corp.		15,861
	77,075	McEwen Mining - Minera Andes Acquisition Corp.(b)(d)		161,150
	2,600	Medical Facilities Corp.		41,594
	2,550	MEGA Brands, Inc.(b)		38,397
	22,931	Mega Uranium Ltd.(b)		1,210
	1,400	Melcor Developments Ltd.		26,304
	29,200	Methanex Corp.		1,693,496
	226,002	Morguard Real Estate Investment Trust(d)		3,684,874
	15,887	Morneau Shepell, Inc.		217,891
	100	MTY Food Group, Inc.		3,036
	44,077	Mullen Group Ltd.		1,181,136
	98,937	Nevsun Resources Ltd.		360,582
	4,004	New Flyer Industries, Inc.		41,513
	225,700	New Gold, Inc.(b)		1,324,782
	13,950	New Millennium Iron Corp.(b)		9,499
	44,788	Newalta Corp.		698,034
	22,900	NGEx Resources, Inc.(b)		42,828
	7,923	Norbord, Inc.		224,928
	31,488	Nordion, Inc.(b)		260,626
	948	North American Energy Partners, Inc.(b)		5,696
	15,831	North West Co. Inc., (The)		393,706
	6,358	Northern Dynasty Minerals Ltd.(b)		8,537
	222,900	Northern Property Real Estate Investment Trust(d)		5,985,901
	3,613	NorthWest Healthcare Properties Real Estate Investment Trust		38,256
	47,000	Novagold Resources, Inc.(b)		101,424

Shares			Value
CANADA (continued)
	46,201	NuVista Energy Ltd.(b)	$	294,669
	100	Onex Corp.		5,284
	12,600	Open Text Corp.(f)		925,921
	1,052	Open Text Corp.(f)		77,154
	32,506	Orvana Minerals Corp.(b)		12,938
	92,400	Osisko Mining Corp.(b)		451,078
	6,230	Paladin Labs, Inc.(b)		380,916
	15,301	Pan American Silver Corp.		162,600
	18,300	Paramount Resources Ltd. - Class A(b)		634,133
	48,224	Parex Resources, Inc.(b)		278,896
	12,688	Parkland Fuel Corp.		232,549
	452,552	Pason Systems, Inc.(d)		9,405,651
	10,486	Patheon, Inc.(b)		56,923
	196,619	Pengrowth Energy Corp.		1,263,461
	780	Perpetual Energy, Inc.(b)		823
	9,000	Petaquilla Minerals Ltd.(b)		3,625
	4,403	Petrominerales Ltd.		50,632
	27,400	Peyto Exploration & Development Corp.		825,692
	113,000	Phoscan Chemical Corp.(b)		31,430
	2,107	PHX Energy Services Corp.		24,856
	5,000	Platino Energy Corp.(b)		2,877
	2,100	Points International Ltd.(b)		44,713
	114,353	Precision Drilling Corp.(f)		1,209,719
	489	Precision Drilling Corp.(f)		5,179
	13,536	Premium Brands Holdings Corp.		258,867
	55,909	Primero Mining Corp.(b)		318,515
	816	Progressive Waste Solutions Ltd.		21,910
	31,060	Progressive Waste Solutions Ltd. - Placement Shares		834,403
	20,867	Pulse Seismic, Inc.		75,050
	500	Pure Technologies Ltd.(b)		2,781
	9,975	QLT, Inc.		43,147
	27,400	Quebecor, Inc. - Class B		677,478
	52,100	Questerre Energy Corp. - Class A(b)		68,457
	10,077	Reitmans (Canada) Ltd. - Class A		66,204
	4,400	Richelieu Hardware Ltd.		194,079
	421,400	Ritchie Bros Auctioneers, Inc.		8,343,720
	249,500	Ritchie Bros. Auctioneers, Inc.		4,931,852
	58,032	RMP Energy, Inc.(b)		347,307
	3,231	Rock Energy, Inc.(b)		9,668
	4,730	Rocky Mountain Dealerships, Inc.		53,985
	20,712	Rogers Sugar, Inc.		108,263
	76,007	RONA, Inc.		890,812
	33,389	Russel Metals, Inc.		922,268
	21,300	Sandstorm Gold Ltd.(b)		114,809
	188,000	Sandvine Corp.(b)		477,821
	16,100	Santonia Energy, Inc.(b)		31,346
	56,481	Savanna Energy Services Corp.		424,698
	64,511	Scorpio Mining Corp.(b)		17,015

Shares			Value
CANADA (continued)
	2,700	Sears Canada Inc.	$	37,549
	14,006	Secure Energy Services, Inc.		198,675
	111,867	SEMAFO, Inc.		303,634
	26,812	ShawCor Ltd.		1,127,099
	167,000	Sherritt International Corp.		571,803
	19,469	Sierra Wireless, Inc.(b)		352,539
	44,500	Silver Standard Resources, Inc.(b)		250,530
	35,300	Sprott Resource Corp.		96,151
	28,531	Sprott, Inc.		72,241
	2,330	Spyglass Resources Corp.		4,648
	33,100	St. Andrew Goldfields Ltd.(b)		9,048
	10,542	Stantec, Inc.		626,464
	5,960	Stella-Jones, Inc.		163,140
	2,400	Strad Energy Services Ltd.		8,379
	26,948	Student Transportation, Inc.		169,548
	23,746	SunOpta, Inc.(b)		255,532
	30,800	Superior Plus Corp.		328,486
	24,038	Surge Energy, Inc.		160,461
	11,967	TAG Oil Ltd.(b)		48,665
	50,222	Taseko Mines Ltd.(b)		123,309
	29,538	Tembec, Inc.(b)		75,640
	45,730	Teranga Gold Corp. - CDI(b)		26,798
	41,669	Timmins Gold Corp.(b)		66,741
	8,357	TMX Group Ltd.		381,121
	2,883	TORC Oil & Gas Ltd.		27,623
	23,345	Toromont Industries Ltd.		517,210
	17,751	Torstar Corp. - Class B		95,339
	22,950	Total Energy Services, Inc.		406,327
	4,800	TransAlta Corp.		64,589
	31,278	Transcontinental, Inc. - Class A		499,476
	41,874	TransForce, Inc.		927,320
	25,900	TransGlobe Energy Corp.(b)		234,495
	44,600	Trican Well Service Ltd.		626,663
	20,400	Trilogy Energy Corp.		598,510
	67,009	Trinidad Drilling Ltd.		649,107
	100,100	Turquoise Hill Resources Ltd.(b)		482,907
	38,000	Tuscany International Drilling, Inc.(b)		4,738
	44,765	Twin Butte Energy Ltd.		95,313
	8,241	Uni-Select, Inc.		191,274
	2,700	US Silver & Gold, Inc.(b)		1,424
	4,141	Valener, Inc.		61,600
	80,029	Veresen, Inc.		990,144
	433	Vermilion Energy, Inc.		23,800
	7,539	Virginia Mines, Inc.(b)		77,078
	1,400	Wajax Corp.		50,044
	2,361	Wesdome Gold Mines Ltd.(b)		1,495
	11,176	West Fraser Timber Co. Ltd.		1,024,400
	3,556	Western Energy Services Corp.		26,841
	31,338	Western Forest Products, Inc.		44,784
	6,300	Westjet Airlines Ltd.		164,773
	902	Westshore Terminals Investment Corp.		29,699

Shares			Value
CANADA (continued)
	7,900	Whistler Blackcomb Holdings, Inc.	$	109,864
	40,450	Whitecap Resources, Inc.		469,812
	33,200	Wi-Lan, Inc.		104,442
	11,548	Winpak Ltd.		253,189
	4,674	Xtreme Drilling and Coil Services Corp.(b)		15,735
	2,100	Zargon Oil & Gas Ltd.		15,529
				139,937,695
CAYMAN ISLANDS — 0.0%
	23,308	China Great Star International Ltd.(b)		40,650
CHILE — 0.1%
	367,736	AES Gener SA		220,749
	487,853	Aguas Andinas SA - Class A		330,473
	130,649	Banmedica SA		239,746
	77,620	Besalco SA		109,133
	18,719	CAP SA		388,778
	243,906	CFR Pharmaceuticals SA		61,899
	2,925	Cia Cervecerias Unidas SA		39,228
	43,481	Cia General de Electricidad SA		247,008
	18,733	Cia Sud Americana de Vapores SA(b)		870
	924,504	Colbun SA		229,208
	50,487,302	CorpBanca SA		567,705
	17,201	Cristalerias de Chile SA(d)		145,231
	61,992	E.CL SA		96,706
	15,622	Embotelladora Andina SA - Class A, Preference Shares		66,178
	16,401	Embotelladora Andina SA - Class B, Preference Shares		92,499
	37,467	Empresas Hites SA		30,720
	7,303	ENTEL Chile SA		112,386
	20,702	Forus SA		113,563
	12,790	Gasco SA		136,077
	138,767	Grupo Security SA		48,220
	448,016	Inversiones Aguas Metropolitanas SA		830,874
	3,800	Latam Airlines Group SA - BDR		61,914
	535,964	Madeco SA(b)		4,081
	1,142,051	Masisa SA		84,720
	952	Molibdenos y Metales SA		14,868
	134,264	Multiexport Foods SA(b)		26,732
	97,068	Parque Arauco SA		187,409
	163,857	Ripley Corp. SA		143,945
	134,963	Sigdo Koppers SA		225,268
	20,922	Sociedad Matriz SAAM SA		2,103
	179,081	Socovesa SA		51,041
	134,117	Sonda SA		348,220
	235,571	Vina Concha y Toro SA		432,283
	853,398	Vina San Pedro Tarapaca SA		5,081
				5,694,916

Shares			Value
CHINA — 1.1%
	1,379,000	AAC Technologies Holdings, Inc.	$	6,091,932
	684,000	Agile Property Holdings Ltd.		824,894
	297,090	Airtac International Group		2,153,889
	570,000	Aluminum Corp. of China Ltd. - H Shares(b)		213,208
	680,000	Angang Steel Co. Ltd. - H Shares(b)		412,228
	22,000	Anhui Expressway Co. Ltd. - H Shares		12,344
	32,000	Anhui Tianda Oil Pipe Co. Ltd. - H Shares		4,747
	104,000	ANTA Sports Products Ltd.		149,165
	408,000	Anton Oilfield Services Group		257,861
	639,000	Asia Cement China Holdings Corp.		349,460
	96,000	Aupu Group Holding Co. Ltd.		10,649
	98,000	AVIC International Holdings Ltd.(b)		38,047
	196,000	AviChina Industry & Technology Co. - H Shares		93,032
	113,500	Baoxin Auto Group Ltd.		116,970
	132,000	Baoye Group Co. Ltd. - H Shares		95,514
	241,000	BBMG Corp. - H Shares		172,831
	762,000	Beijing Capital International Airport Co. Ltd. - H Shares		537,616
	716,000	Beijing Capital Land Ltd. - H Shares		257,660
	420,000	Beijing North Star Co. Ltd. - H Shares		94,260
	33,500	Biostime International Holdings Ltd.		253,853
	16,000	Boer Power Holdings Ltd.		12,176
	34,500	Byd Co. Ltd. - H Shares(b)		170,876
	577,000	BYD Electronic International Co. Ltd.(b)		270,155
	361,656	Central China Real Estate Ltd.		118,018
	32,000	Changshouhua Food Co. Ltd.		33,804
	249,000	Chaowei Power Holdings Ltd.		106,306
	861,000	China Aoyuan Property Group Ltd.		176,576
	431,000	China Automation Group Ltd.		90,614
	868,857	China BlueChemical Ltd. - H Shares		558,095
	1,190,000	China Communications Services Corp. Ltd. - H Shares		729,073
	545,500	China COSCO Holdings Co. Ltd. - H Shares(b)		258,924
	121,000	China Datang Corp. Renewable Power Co. Ltd. - H Shares		24,503
	954,000	China Dongxiang Group Co.		148,889
	232,000	China Eastern Airlines Corp. Ltd. - H Shares(b)		80,196
	952,000	China Gas Holdings Ltd.		1,060,916
	449,000	China Hongqiao Group Ltd.		283,774
	332,500	China Huiyuan Juice Group Ltd.(b)		222,582

Shares			Value
CHINA (continued)
	90,400	China International Marine Containers Group Co. Ltd. - H Shares	$	169,070
	251,000	China ITS Holdings Co. Ltd.		65,720
	199,000	China Lesso Group Holdings Ltd.		127,311
	66,000	China Lilang Ltd.		42,649
	215,000	China Longyuan Power Group Corp. - H Shares		247,085
	135,000	China Medical System Holdings Ltd.		121,366
	180,000	China Modern Dairy Holdings Ltd.(b)		83,813
	247,678	China Molybdenum Co. Ltd. - H Shares		100,311
	1,428,084	China National Building Material Co. Ltd. - H Shares		1,396,218
	641,000	China National Materials Co. Ltd. - H Shares		139,725
	740,000	China Nickel Resources Holding Co. Ltd.		34,838
	200,000	China Qinfa Group Ltd.		15,736
	216,000	China Rare Earth Holdings Ltd.(b)		33,154
	572,500	China Rongsheng Heavy Industries Group Holdings Ltd.(b)		68,673
	87,700	China Sandi Holdings Ltd.(b)(c)(d)		7,013
	271,000	China Sanjiang Fine Chemicals Co. Ltd.		119,893
	374,400	China SCE Property Holdings Ltd.		85,958
	1,215,488	China Shanshui Cement Group Ltd.		432,703
	138,000	China Shineway Pharmaceutical Group Ltd.		213,595
	2,019,093	China Shipping Container Lines Co. Ltd. - H Shares(b)		500,020
	862,000	China Shipping Development Co. Ltd., H Shares(b)		488,092
	694,000	China Southern Airlines Co. Ltd. - H Shares		256,009
	90,000	China Sunshine Paper Holdings Co. Ltd.(b)		8,706
	153,000	China Suntien Green Energy Corp. Ltd. - H Shares		53,480
	176,000	China Taifeng Beddings Holdings Ltd.		38,819
	400,000	China Tontine Wines Group Ltd.(b)		19,605
	292,000	China Wireless Technologies Ltd.		109,222
	520,000	China Yurun Food Group Ltd.(b)		344,744
	417,500	China Zhengtong Auto Services Holdings Ltd.(b)		290,791
	1,005,600	China Zhongwang Holdings Ltd.(b)		326,856

Shares			Value
CHINA (continued)
	350,000	Chinasoft International Ltd.(b)	$	102,476
	312,000	Chongqing Iron & Steel Co. Ltd. - H Shares(b)		44,267
	278,000	Chongqing Machinery & Electric Co. Ltd. - H Shares		34,423
	670,000	Chongqing Rural Commercial Bank - H Shares		337,895
	228,000	Chu Kong Petroleum & Natural Gas Steel Pipe Holdings Ltd.		85,283
	158,000	Comtec Solar Systems Group Ltd.(b)		34,441
	1,867,291	Country Garden Holdings Co. Ltd.		1,276,492
	3,562,000	CPMC Holdings Ltd.(d)		2,848,497
	180,000	CSR Corp. Ltd. - H Shares		149,981
	9,516,000	Dalian Port PDA Co. Ltd. - H Shares(d)		2,209,313
	192,000	Daphne International Holdings Ltd.		100,049
	230,000	Datang International Power Generation Co .Ltd. - H Shares		105,314
	17,000	Delong Holdings Ltd.(b)		4,927
	79,600	Dongfang Electric Corp. Ltd. - H Shares		128,132
	11,100	Dongjiang Environmental Co. Ltd. - H Shares		31,211
	237,000	Dongyue Group		111,882
	184,000	ENN Energy Holdings Ltd.		1,090,520
	3,166,000	Evergrande Real Estate Group Ltd.		1,335,331
	1,258,500	Fantasia Holdings Group Co. Ltd.		215,891
	1,505,000	FIH Mobile Ltd.(b)		848,297
	174,000	First Tractor Co. Ltd. - H Shares		124,334
	673,500	Fosun International Ltd.		647,179
	292,600	Fufeng Group Ltd.		124,165
	148,000	Golden Eagle Retail Group Ltd.		222,200
	131,000	Goodbaby International Holdings Ltd.		64,714
	228,000	Great Wall Technology Co. Ltd. - H Shares(b)(c)(d)		65,874
	111,000	Greenland Hong Kong Holdings Ltd.		78,457
	313,500	Greentown China Holdings Ltd.		608,966
	950,000	Guangshen Railway Co. Ltd. - H Shares		506,062
	467,753	Guangzhou Automobile Group Co. Ltd. - H Shares		555,053
	76,000	Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd.(b)		275,455
	453,600	Guangzhou R&F Properties Co. Ltd. - H Shares		795,687
	30,400	Guangzhou Shipyard International Co. Ltd. - H Shares		44,857

Shares			Value
CHINA (continued)
	329,000	Guodian Technology & Environment Group Co. Ltd. - H Shares	$	83,597
	56,000	Hainan Meilan International Airport Co. Ltd. - H Shares		59,156
	2,603,000	Haitian International Holdings Ltd.		6,271,642
	494,000	Harbin Electric Co. Ltd. - H Shares		310,303
	4,288,000	Hilong Holding Ltd.		2,853,873
	65,000	Hisense Kelon Electrical Holdings Co. Ltd. - H Shares(b)		61,034
	475,000	Honghua Group Ltd.		144,589
	138,000	Huadian Power International Corp. Ltd. - H Shares		64,078
	460,000	Huaneng Renewables Corp. Ltd.		177,402
	192,000	Hunan Non-Ferrous Metal Corp. Ltd. - H Shares(b)		53,244
	268,500	Intime Retail Group Co. Ltd.		319,651
	80,000	JES International Holdings Ltd.(b)		7,728
	122,000	Jiangsu Expressway Co. Ltd. - H Shares		153,582
	320,000	Jiangxi Copper Co. Ltd. - H Shares		614,988
	92,000	Jingwei Textile Machinery - H Shares		60,637
	1,141,000	Kaisa Group Holdings Ltd.(b)		347,318
	63,000	Kasen International Holdings Ltd.(b)		11,376
	228,000	Kingdee International Software Group Co. Ltd.(b)		73,520
	73,000	Kingsoft Corp. Ltd.		181,347
	84,000	Labixiaoxin Snacks Group Ltd.		43,663
	64,000	Leoch International Technology Ltd.(b)		7,512
	76,000	Li Heng Chemical Fibre Technologies Ltd.(b)		7,403
	245,750	Li Ning Co. Ltd.(b)		225,052
	26,000	Lingbao Gold Co. Ltd. - H Shares		5,701
	162,500	Longfor Properties Co. Ltd.		264,930
	1,019,000	Lonking Holdings Ltd.(b)		207,664
	1,182,000	Maanshan Iron & Steel - H Shares(b)		301,865
	611,000	Maoye International Holdings Ltd.		118,212
	1,396,000	Metallurgical Corp. of China Ltd. - H Shares(b)		286,294
	3,586,000	Microport Scientific Corp.		2,432,911
	146,000	Minth Group Ltd.		305,822
	34,000	Nanjing Panda Electronics Co. Ltd. - H Shares		15,831
	68,000	Nature Flooring Holding Co. Ltd.		12,367

Shares			Value
CHINA (continued)
	179,000	O-Net Communications Group Ltd.	$	33,939
	96,800	Pacific Online Ltd.		45,197
	70,000	Pan Asia Environmental Protection Group Ltd.(b)		13,001
	363,000	Peak Sport Products Co. Ltd.		83,341
	750,000	Powerlong Real Estate Holdings Ltd.		155,746
	82,000	Prince Frog International Holdings Ltd.(c)(d)		49,287
	402,000	Qingling Motors Co. Ltd. - H Shares		123,405
	261,000	Qunxing Paper Holdings Co. Ltd.(c)(d)		67,935
	67,000	Real Gold Mining Ltd.(b)(c)(d)		12,099
	5,423,430	Renhe Commercial Holdings Co. Ltd.(b)		304,294
	34,500	Sateri Holdings Ltd.		6,675
	9,556,806	Semiconductor Manufacturing International Corp.(b)		714,942
	253,500	Shandong Chenming Paper Holdings Ltd. - H Shares		103,650
	49,600	Shandong Molong Petroleum Machinery Co. Ltd. - H Shares		16,762
	484,000	Shandong Weigao Group Medical Polymer Co. Ltd. - H Shares		454,472
	678,000	Shanghai Electric Group Co. Ltd. - H Shares		239,613
	26,500	Shanghai Fosun Pharmaceutical Group Co. Ltd. - H Shares		59,952
	724,000	Shanghai Jin Jiang International Hotels Group Co. Ltd. - H Shares		174,627
	205,600	Shanghai Pharmaceuticals Holding Co. Ltd. - H Shares		423,770
	222,000	Shanghai Prime Machinery Co. Ltd. - H Shares		26,057
	687,000	Shengli Oil & Gas Pipe Holdings Ltd.		37,217
	204,000	Shenguan Holdings Group Ltd.		91,041
	32,000	Shenzhen Expressway Co. Ltd. - H Shares		13,455
	162,000	Shenzhou International Group Holdings Ltd.		557,900
	1,728,381	Shui On Land Ltd.		601,913
	257,000	Sihuan Pharmaceutical Holdings Group Ltd.		191,598
	328,000	Sino Dragon New Energy Holdings Ltd.(b)		12,480
	65,000	Sino Grandness Food Industry Group Ltd.(b)		37,413
	73,000	SinoMedia Holding Ltd.		67,981
	1,632,939	Sino-Ocean Land Holdings Ltd.		1,036,252
	378,000	Sinopec Shanghai Petrochemical Co. Ltd. - H Shares		99,948

Shares			Value
CHINA (continued)
	234,000	Sinopec Yizheng Chemical Fibre Co. Ltd. - H Shares(b)	$	64,891
	184,800	Sinopharm Group Co. Ltd. - H Shares		500,555
	1,009,000	Sinotrans Ltd. - H Shares		248,573
	413,500	Sinotruk Hong Kong Ltd.		216,537
	67,000	SITC International Holdings Co. Ltd.		28,345
	1,600,500	SOHO China Ltd.		1,401,702
	52,000	Springland International Holdings Ltd.		28,505
	90,000	SPT Energy Group, Inc.		49,568
	741,000	Sunac China Holdings Ltd.		514,198
	131,000	Sunny Optical Technology Group Co. Ltd.		126,894
	238,000	TCL Communication Technology Holdings Ltd.(b)		216,419
	88,000	Tian Shan Development Holdings Ltd.		29,398
	554,000	Tiangong International Co. Ltd.		142,198
	792,000	Tong Ren Tang Technologies Co. Ltd. - H Shares		2,400,619
	15,200	Tonly Electronics Holdings Ltd.(b)		8,960
	165,500	Travelsky Technology Ltd. - H Shares		141,528
	201,000	Trony Solar Holdings Co. Ltd.(b)(c)(d)		16,333
	32,000	Tsingtao Brewery Co. Ltd. - H Shares		262,092
	182,000	Uni-President China Holdings Ltd.		181,930
	56,000	Weichai Power Co. Ltd. - H Shares		224,274
	319,000	Weiqiao Textile Co. - H Shares		194,206
	1,510,000	West China Cement Ltd.		225,925
	384,000	Winsway Coking Coal Holding Ltd.(b)		28,727
	60,000	Wumart Stores, Inc. - H Shares		100,142
	626,000	Xiamen International Port Co. Ltd. - H Shares		84,780
	144,000	Xiangyu Dredging Holdings Ltd.		36,590
	3,993,000	Xingda International Holdings Ltd.		2,425,775
	159,000	Xinhua Winshare Publishing and Media Co. Ltd. - H Shares		93,312
	151,200	Xinjiang Goldwind Science & Technology Co. Ltd. - H Shares		154,457
	433,000	Xinjiang Xinxin Mining Industry Co. Ltd. - H Shares(b)		68,136
	142,000	Xiwang Property Holdings Co. Ltd.		20,330
	81,000	Yantai North Andre Juice Co. - H Shares		20,268

Shares			Value
CHINA (continued)
	668,000	Yanzhou Coal Mining Co. Ltd. - H Shares	$	692,728
	648,760	Yuzhou Properties Co. Ltd.		158,989
	37,000	Zall Development Group Ltd.		15,033
	103,000	Zhaojin Mining Industry Co. Ltd. - H Shares		83,431
	96,000	Zhejiang Expressway Co. Ltd. - H Shares		88,410
	40,000	Zhejiang Glass Co. Ltd. - H Shares(b)(c)(d)		0
	46,400	Zhengzhou Coal Mining Machinery Group Co. Ltd. - H Shares		28,009
	525,000	Zhong An Real Estate Ltd.(b)		104,282
	71,000	Zhongsheng Group Holdings Ltd.		113,739
	56,000	Zhuzhou CSR Times Electric Co. Ltd. - H Shares		200,800
	1,318,000	Zijin Mining Group Co., Ltd.		304,298
	445,600	Zoomlion Heavy Industry Science and Technology Co. Ltd. - H Shares		410,943
	100,000	ZTE Corp. - H Shares(b)		217,980
				72,249,500
COLUMBIA — 0.0%
	1,764	Pacific Rubiales Energy Corp.		36,493
CYPRUS — 0.0%
	279,720	Bank of Cyprus Plc(b)(c)(d)		0
	37,338	Deep Sea Supply Plc(b)		70,561
	71,521	ProSafe SE		613,324
	39,926	Songa Offshore(b)		37,558
				721,443
DENMARK — 0.6%
	2,314	ALK-Abello A/S		219,890
	57,902	Alm Brand A/S(b)		226,622
	8,231	Amagerbanken A/S(b)(c)(d)		0
	862	Ambu A/S - Class B		38,838
	6,801	Auriga Industries - Class B(b)		266,803
	18,742	Bang & Olufsen A/S(b)		180,827
	10,357	Bavarian Nordic A/S(b)		126,322
	1,079	Brodrene Hartmann A/S		27,008
	530,961	Chr. Hansen Holding A/S		19,669,697
	17,171	D/S Norden A/S		755,827
	2,290	DFDS A/S		166,542
	48,608	DSV A/S		1,421,983
	10,095	FLSmidth & Co. A/S		504,451
	4,979	Genmab A/S(b)		216,173
	81,337	GN Store Nord A/S		1,855,282
	4,777	Greentech Energy Systems AS(b)		12,609
	18,588	H. Lundbeck A/S		400,979
	297	H+H International A/S - Class B(b)		1,676
	507	IC Companys A/S		13,752
	37,222	Jyske Bank A/S(b)		2,101,223

Shares			Value
DENMARK (continued)
	18,842	NKT Holding A/S	$	914,445
	70	Nordjyske Bank A/S		1,414
	250	Norresundby Bank A/S		9,785
	6,068	Pandora A/S		289,302
	3,031	Parken Sport & Entertainment A/S(b)		43,038
	1,113	PER Aarsleff A/S - Class B		138,587
	1,788	Ringkjoebing Landbobank A/S		360,643
	3,450	Rockwool International A/S - Class B		544,200
	1,853	Royal UNIBREW		237,813
	9,377	Schouw & Co.		350,789
	16,820	SimCorp AS		551,149
	2,457	Solar A/S - Class B		139,997
	23,971	Spar Nord Bank A/S(b)		213,822
	44,562	Sydbank A/S(b)		1,316,600
	33	Tivoli A/S		17,481
	39,109	TK Development A/S(b)		48,768
	37,860	Topdanmark AS(b)		1,031,057
	33,402	TopoTarget A/S(b)		15,566
	2,520	Tryg A/S		230,290
	130,586	Vestas Wind Systems A/S(b)		3,506,382
				38,167,632
FAEROE ISLANDS — 0.0%
	110	Atlantic Petroleum(b)		2,894
	2,114	Bakkafrost		29,652
	876	BankNordik		22,804
				55,350
FINLAND — 0.5%
	7,357	Ahlstrom Oyj		91,299
	872	Aktia Bank Oyj		9,034
	39,132	Amer Sports Oyj		804,413
	1,770	Aspo Oyj		12,905
	2,875	Atria Plc		31,814
	999	Bank of Aland Plc - Class B		11,122
	1,446	BasWare Oyj		42,211
	18,521	Biotie Therapies Oyj(b)		8,801
	15,775	Cargotec Oyj - Class B		577,017
	93,678	Caverion Corp.(b)		732,625
	93,179	Citycon Oyj		332,732
	2,317	Comptel Oyj(b)		1,479
	4,120	Cramo Oyj		82,399
	7,193	Digia Plc		38,968
	1,089	Elektrobit Oyj		2,085
	26,571	Elisa Oyj		664,897
	4,328	Finnair Oyj		16,513
	1,799	Finnlines Oyj(b)		16,292
	12,672	Fiskars Oyj Abp		324,151
	31,761	F-Secure Oyj		82,366
	6,639	HKScan Oyj - A Shares		30,378
	40,603	Huhtamaki Oyj		976,884
	23,392	Kemira Oyj		375,728
	2,001	Kesko Oyj - Class A		68,873
	31,775	Kesko Oyj - Class B		1,056,132

Shares			Value
FINLAND (continued)
	15,462	Konecranes Oyj	$	521,481
	5,863	Lassila & Tikanoja Oyj		122,990
	1,266	Lemminkainen Oyj		25,406
	75,818	Metsa Board Oyj		294,415
	67,391	Metso Oyj		2,653,513
	34,308	Neste Oil Oyj		680,561
	52,206	Nokian Renkaat Oyj		2,641,807
	10,195	Okmetic Oyj		74,195
	5,138	Olvi Oyj - Class A		185,286
	27,673	Oriola-KD Oyj - Class B		89,800
	10,430	Orion Oyj - Class A		279,262
	18,446	Orion Oyj - Class B		495,643
	72,600	Outokumpu Oyj(b)		40,415
	20,275	Outotec Oyj		200,683
	13,413	PKC Group Oyj		438,352
	132,675	Pohjola Bank Plc - Class A		2,417,480
	766	Ponsse Oyj		9,308
	4,495	Poyry Oyj(b)		23,778
	43,685	Raisio Plc - V Shares		254,455
	26,580	Ramirent Oyj		319,750
	6,650	Rapala VMC Oyj		45,597
	85,675	Rautaruukki Oyj		742,739
	722	Saga Furs Oyj		43,182
	11,713	Sanoma Oyj		101,782
	740	Sievi Capital Plc		1,065
	1,969	SRV Group Plc		10,961
	13,081	Stockmann Oyj Abp - Class B		209,222
	319,193	Stora Enso Oyj - Class R		2,968,693
	163,338	Talvivaara Mining Co. Plc(b)		18,857
	5,454	Technopolis Oyj		37,026
	675	Teleste Oyj		3,858
	15,464	Tieto Oyj		340,140
	16,032	Tikkurila Oyj		415,542
	307,226	UPM-Kymmene Oyj		4,884,681
	6,555	Uponor Oyj		129,496
	3,176	Vacon Oyj		236,310
	3,684	Vaisala Oyj - Class A		90,035
	70,509	Wartsila Oyj Abp		3,127,628
	93,678	YIT Oyj		1,215,953
				32,782,465
FRANCE — 1.9%
	3,657	ABC Arbitrage		25,025
	24,037	Accor SA		1,077,489
	2,633	Aeroports de Paris		281,350
	542	Affine SA REIT		10,523
	61,626	Air France-KLM(b)		645,119
	1,491	Akka Technologies SA		44,679
	8,030	ALBIOMA		196,359
	1,039,619	Alcatel-Lucent(b)		3,976,330
	5,620	Altamir		76,687
	9,534	Alten SA		431,969
	60,387	Altran Technologies SA		536,219
	786	ANF Immobilier REIT		23,574
	4,889	April		104,085
	34,890	Arkema SA		3,961,252

Shares			Value
FRANCE (continued)
	4,828	Assystem	$	131,498
	14,002	AtoS		1,195,429
	1,151	Aurea SA		6,642
	653	Axway Software SA		19,585
	10,625	Beneteau SA(b)		194,609
	2,529	Bigben Interactive(b)		25,341
	3,331	BioMerieux		334,498
	120,758	Boiron SA(d)		8,175,033
	13	Bollore - New Share Issue 2014(b)		7,131
	2,516	Bollore SA		1,372,764
	11,728	Bonduelle SCA		292,997
	2,288	Bongrain SA		167,443
	17,012	Bourbon SA		485,869
	267	Boursorama(b)		2,679
	77	Burelle SA		61,172
	46,254	Cap Gemini SA		3,042,737
	717	Cegedim SA(b)		18,983
	2,386	Cegid Group		69,619
	124,773	CGG SA(b)		2,745,308
	90	Cie des Alpes		1,833
	2,926	Ciments Francais SA		209,724
	10,437	Club Mediterranee SA(b)		246,148
	19,052	Derichebourg SA(b)		66,739
	126	Devoteam SA		2,241
	22,092	Edenred		750,638
	14,885	Eiffage SA		883,690
	494	Electricite de Strasbourg		68,079
	373	Esso SA Francaise		24,005
	23,686	Etablissements Maurel et Prom		382,380
	42,035	Euler Hermes SA		5,549,800
	9,312	Eutelsat Communications SA		295,160
	1,226	Exel Industries SA - Class A		66,335
	1,098	Faiveley Transport SA		85,737
	16,125	Faurecia(b)		471,592
	1,000	Fimalac		62,077
	539	Fleury Michon SA		33,854
	3,002	Fonciere Des Regions REIT		257,480
	11,234	GameLoft SA(b)		119,279
	202	Gaumont SA(d)		9,846
	1,559	Gecina SA REIT		208,605
	2,835	GL Events		61,203
	257	Groupe Crit		10,925
	152,389	Groupe Eurotunnel SA		1,477,729
	922	Groupe Flo		4,069
	17,014	Groupe Steria SCA		315,095
	393	Guerbet		53,413
	8,241	Haulotte Group SA(b)		100,927
	46,382	Havas SA		386,417
	9,817	ICADE REIT		904,645
	15,635	Imerys SA		1,256,090
	126,282	Ingenico		9,509,171
	1,513	Interparfums SA		59,656
	1,275	Ipsen SA		55,942
	104,166	IPSOS		4,393,582
	6,240	Jacquet Metal Service		104,888

Shares			Value
FRANCE (continued)
	27,960	JCDecaux SA	$	1,123,320
	31,494	Klepierre REIT		1,414,538
	3,023	Korian SA		94,444
	33,822	Lagardere SCA		1,230,250
	936	Laurent-Perrier		87,448
	1,354	Lectra		12,869
	1,715	LISI		264,756
	735	Maisons France Confort		27,094
	2,524	Manitou BF SA		47,635
	467	Manutan International		28,533
	326,040	Medica SA(d)		8,388,831
	3,940	Mersen		144,331
	2,556	METabolic EXplorer SA(b)		10,099
	6,297	Metropole Television SA		145,133
	3,180	Montupet		119,556
	1,975	Mr Bricolage(b)		27,084
	1,519	Naturex		119,992
	161,092	Neopost SA		12,196,019
	128,931	Nexans SA		5,759,365
	10,353	Nexity SA		406,243
	873	Norbert Dentressangle SA		98,974
	7,604	NRJ Group(b)		73,303
	8,658	Orpea		467,279
	1,855	Parrot SA(b)		51,783
	22,374	Peugeot SA(b)		294,853
	1,519	Pierre & Vacances SA(b)		40,836
	29,736	Plastic Omnium SA		851,896
	12,323	Rallye SA		524,787
	5,662	Remy Cointreau SA		558,735
	97,230	Rexel SA		2,435,668
	166,142	Rubis SCA(d)		10,383,452
	8,266	Saft Groupe SA		262,398
	1,023	Sartorius Stedim Biotech		153,830
	135,370	SCOR SE		4,785,214
	7,341	SEB SA		659,535
	7,940	Societe BIC SA		992,352
	7,186	Societe d’Edition de Canal +		59,322
	696	Societe Internationale de Plantations d’Heveas SA		52,164
	41,718	Societe Television Francaise 1		804,328
	30,878	SOITEC(b)		70,014
	19,387	Solocal Group(b)		45,275
	724	Somfy SA		180,383
	1,699	Sopra Group SA		148,606
	2,498	Ste Industrielle d’Aviation Latecoere SA(b)		44,940
	1,492	Stef SA		100,316
	28,979	Suez Environnement Co.		505,798
	1,654	Sword Group		34,854
	1,013	Synergie SA		18,279
	13,384	Technicolor SA(b)		72,507
	17,738	Teleperformance SA		940,715
	155	Tessi SA		21,161
	26,644	Thales SA		1,635,156
	16,096	Theolia SA(b)		30,159
	82	Thermador Groupe		7,350

Shares			Value
FRANCE (continued)
	451	Touax SA	$	12,063
	2,866	Trigano SA(b)		60,860
	41,685	UBISOFT Entertainment(b)		536,549
	34,483	Valeo SA		3,424,843
	55,375	Vallourec SA		3,295,012
	2,243	Valneva SE(b)		14,618
	3,188	Valneva SE - Preference Shares(b)		1,515
	41,456	Veolia Environnement SA		710,343
	602	Vetoquinol SA		23,965
	4,800	Vicat		358,773
	1,404	Viel et Co.		4,632
	808	Vilmorin & Cie SA		95,401
	1,445	Virbac SA		290,664
	107	VM Materiaux SA(b)		4,071
	748	Vranken - Pommery Monopole SA		24,253
	11,613	Zodiac Aerospace		1,860,578
				128,000,893
GABON — 0.0%
	55	Total Gabon		35,322
GERMANY — 2.9%
	30,393	Aareal Bank AG(b)		1,168,866
	37,576	ADVA Optical Networking SE(b)		201,117
	10,093	Air Berlin Plc(b)		23,296
	17,687	Aixtron SE(b)		255,395
	1,338	Allgeier SE		28,204
	5,308	Alstria Office REIT AG		67,299
	67	Amadeus Fire AG		4,414
	640	AS Creation Tapeten AG		33,499
	17,899	Aurubis AG		1,133,782
	15,456	Axel Springer AG		932,069
	8,917	Balda AG		55,317
	5,210	Bauer AG		128,285
	7,518	BayWa AG		383,449
	10,613	Bechtle AG		681,586
	1,967	Bertrandt AG		257,349
	369	Bijou Brigitte AG		38,929
	124,751	Bilfinger SE		13,850,307
	1,210	Biotest AG		100,216
	23,015	Borussia Dortmund GmbH & Co. KGaA		119,058
	9,611	Brenntag AG		1,628,563
	3,419	CANCOM SE		131,280
	8,816	Carl Zeiss Meditec AG		278,781
	42,074	Celesio AG		1,310,189
	2,761	CENIT AG		38,800
	8,279	CENTROTEC Sustainable AG		206,101
	3,390	Cewe Stiftung & Co. KGaA		189,727
	17,476	Comdirect Bank AG		198,130
	869	CompuGroup Medical AG		22,648
	7,207	Constantin Medien AG(b)		16,332
	9,256	CropEnergies AG		86,727
	6,999	CTS Eventim AG		341,630

Shares			Value
GERMANY (continued)
	3,708	DAB Bank AG	$	18,678
	419	Delticom AG		22,113
	3,806	Deutsche Beteiligungs AG		100,045
	141,598	Deutsche Lufthansa AG(b)		2,742,523
	11,565	Deutsche Wohnen AG		217,636
	46,039	Deutz AG(b)		438,193
	20,474	Dialog Semiconductor Plc(b)		394,463
	41,937	DMG MORI SEIKI AG		1,381,653
	2,601	Dr Hoenle AG		43,226
	869	Draegerwerk AG & Co. KGaA		86,132
	17,862	Drillisch AG		461,156
	14,980	Duerr AG		1,326,805
	585	DVB Bank SE		19,222
	1,652	Eckert & Ziegler AG		67,268
	9,177	Elmos Semiconductor AG		120,714
	216,951	ElringKlinger AG(d)		9,240,544
	4,231	Euromicron AG		100,417
	42,200	Evotec AG(b)		247,753
	99,922	Fielmann AG(d)		11,221,231
	2,910	First Sensor AG(b)		29,439
	31,432	Fraport AG Frankfurt Airport Services Worldwide		2,435,574
	51,919	Freenet AG		1,352,413
	5,957	Fuchs Petrolub SE		406,591
	689,581	GEA Group AG		30,007,836
	7,461	Gerresheimer AG		494,557
	7,035	Gerry Weber International AG		292,046
	2,345	Gesco AG		238,445
	107,237	GFK SE(d)		6,268,147
	5,545	GFT Technologies AG		45,549
	8,519	Gigaset AG(b)		11,717
	6,604	Grammer AG		307,869
	3,340	Grenkeleasing AG		330,957
	4,973	Hamborner AG REIT		49,459
	5,987	Hamburger Hafen und Logistik AG		150,384
	29,934	Hannover Rueck SE		2,401,597
	656	Hansa Group AG(b)		1,301
	1,410	Hawesko Holding AG		72,749
	139,416	Heidelberger Druckmaschinen AG(b)		374,232
	24,960	Hochtief AG		2,264,162
	4,021	Homag Group AG		97,070
	125	Hornbach Baumarkt AG		4,497
	3,286	Hugo Boss AG		428,490
	12,049	Indus Holding AG		433,971
	502	Init Innovation In Traffic Systems AG		15,895
	2,380	Isra Vision AG		114,523
	17,344	Jenoptik AG		303,428
	75,344	Kloeckner & Co. SE(b)		1,065,441
	4,129	Koenig & Bauer AG		78,935
	6,898	Krones AG		604,656
	210	KSB AG		137,660
	4,386	KUKA AG		199,854
	1,128	KWS Saat AG		399,065

Shares			Value
GERMANY (continued)
	61,859	Lanxess AG	$	4,354,008
	798	Leifheit AG		32,505
	26,280	Leoni AG		1,788,015
	4,388	LPKF Laser & Electronics AG		91,602
	1,101	Manz AG(b)		79,618
	1,288	Medigene AG(b)		6,801
	151	MLP AG		942
	408	Mobotix AG		8,753
	9,415	Morphosys AG(b)		730,052
	168,082	MTU Aero Engines AG		16,794,279
	384	Muehlbauer Holding AG & Co. KGaA		10,131
	3,842	MVV Energie AG		127,413
	1,551	Nemetschek AG		99,819
	2,244	Nexus AG		31,504
	16,879	Nordex SE(b)		296,782
	286,090	NORMA Group SE(d)		14,335,381
	1,021	OHB AG		24,308
	20,788	OSRAM Licht AG(b)		1,077,207
	23,168	Patrizia Immobilien AG(b)		217,679
	1,728	Pfeiffer Vacuum Technology AG		201,562
	19,644	PNE Wind AG		77,748
	375	Progress-Werk Oberkirch AG		21,334
	669	PSI AG Gesellschaft Fuer Produkte und Systeme der Informationstechnologie		11,141
	1,474	Puma SE		439,192
	1,608	PVA TePla AG		6,395
	75,197	QSC AG		467,614
	870	R Stahl AG		42,088
	19,441	Rational AG(d)		5,965,521
	42,668	Rheinmetall AG		2,646,655
	64,835	Rhoen Klinikum AG		1,810,338
	21,392	SAF-Holland SA(b)		304,828
	7,557	Salzgitter AG		333,211
	819	Schaltbau Holding AG		45,375
	22,076	SGL Carbon SE		862,946
	5,403	Singulus Technologies AG(b)		13,205
	14,802	Sixt SE		443,853
	840	SKW Stahl-Metallurgie Holding AG		13,663
	113,539	Sky Deutschland AG(b)		1,120,730
	1,998	SMA Solar Technology AG		81,601
	686	SMT Scharf AG		22,252
	19,351	Software AG		718,329
	18,322	Stada Arzneimittel AG		1,054,900
	904	STINAG Stuttgart Invest AG(d)		19,749
	11,191	Stroeer Media AG(b)		193,732
	66,797	Suedzucker AG		2,152,167
	21,586	Suss Microtec AG(b)		229,573
	561,898	Symrise AG(d)		23,818,354
	30,278	TAG Immobilien AG		365,880
	9,742	Takkt AG		193,382
	1,332	Technotrans AG		14,166
	1,753	Telegate AG		15,288

Shares			Value
GERMANY (continued)
	2,222	Tipp24 SE(b)	$	144,556
	9,954	Tom Tailor Holding AG(b)		227,054
	4,964	Tomorrow Focus AG		29,790
	85,070	TUI AG(b)		1,129,516
	34,543	United Internet AG		1,401,400
	1,887	Vossloh AG		194,667
	6,164	VTG AG		128,676
	7,767	Wacker Chemie AG		730,710
	17,355	Wacker Neuson SE		267,214
	62	Washtec AG		885
	5,556	Wincor Nixdorf AG		368,207
	996	Wirecard AG		36,254
	166	XING AG		16,785
				192,068,911
GIBRALTAR — 0.0%
	23,380	888 Holdings Plc		59,643
	124,461	Bwin.Party Digital Entertainment Plc		245,062
				304,705
GREECE — 0.0%
	811	Aegean Airlines SA(b)		6,992
	96	Alapis Holding Industrial and Commercial SA of Pharmaceutical Chemical Products(b)(c)(d)		5
	1,098	Astir Palace Hotel SA(b)		6,008
	2,153	Athens Water Supply & Sewage Co. SA (The)		24,292
	4,816	Bank of Greece		104,623
	57,616	Ellaktor SA(b)		251,113
	2,570	Folli Follie SA(b)		76,419
	10,782	Frigoglass SA(b)		86,372
	17,301	GEK Terna Holding Real Estate Construction SA(b)		73,760
	10,539	Hellenic Exchanges SA Holding Clearing Settlement and Registry		111,041
	28,693	Hellenic Petroleum SA		373,997
	19,670	Hellenic Telecommunications Organization SA(b)		248,108
	31,091	Intralot SA-Integrated Lottery Systems & Services		82,317
	13,884	JUMBO SA(b)		186,626
	2,599	Lamda Development SA(b)		17,291
	6,590	Metka SA		123,924
	5,531	Motor Oil (Hellas) Corinth Refineries SA		65,936
	26,955	Mytilineos Holdings SA(b)		218,492
	1,037	OPAP SA		12,883
	618	Piraeus Port Authority		15,020
	22,848	Proton Bank SA(b)(c)(d)		0
	7,731	Public Power Corp. SA		115,045
	5,302	Sarantis SA(b)		42,185
	12,534	T Bank SA(b)(c)(d)		0
	6,226	Terna Energy SA		30,857

Shares			Value
GREECE (continued)
	647	Thessaloniki Port Authority SA	$	22,050
	592	Titan Cement Co. SA(b)		16,156
	31,091	TT Hellenic Postbank SA(b)(c)(d)		0
	24,240	Viohalco Hellenic Copper and Aluminum Industry SA(b)		240,257
				2,551,769
GUERNSEY — 0.1%
	7,397	Raven Russia Ltd.		9,310
	934,100	Resolution Ltd.		5,352,948
	86,000	Tethys Petroleum Ltd.(b)		54,438
				5,416,696
HONG KONG — 1.5%
	554,000	361 Degrees International Ltd.		158,634
	66,000	Ajisen China Holdings Ltd.		69,294
	44,000	Allan International Holdings Ltd.		14,075
	30,000	Allied Group Ltd.		111,441
	1,473,693	Allied Properties HK Ltd.		243,303
	6,953,000	AMVIG Holdings Ltd.(d)		3,264,403
	388,000	Anxin-China Holdings Ltd.		125,613
	121,500	APT Satellite Holdings Ltd.		132,110
	144,000	Asia Financial Holdings Ltd.		60,549
	58,000	Asia Satellite Telecommunications Holdings Ltd.		225,177
	421,877	Asia Standard International Group Ltd.		96,314
	174,000	Asian Citrus Holdings Ltd.		65,758
	423,500	ASM Pacific Technology Ltd.		4,083,145
	80,000	Associated International Hotels Ltd.(d)		231,136
	820,000	AVIC International Holding HK Ltd.(b)		31,201
	89,000	Beijing Development HK Ltd.(b)		22,729
	84,000	Beijing Enterprises Holdings Ltd.		689,617
	1,217,000	Beijing Enterprises Water Group Ltd.		541,552
	244,000	Beijing Properties Holdings Ltd.(b)		17,309
	504,000	Bel Global Resources Holdings Ltd.(b)(c)(d)		0
	906,000	Birmingham International Holdings Ltd.(b)(c)(d)		0
	144,000	Bonjour Holdings Ltd.		31,203
	520,000	Bosideng International Holdings Ltd.		120,057
	218,000	Bossini International Holdings Ltd.		13,075
	158,000	Brightoil Petroleum Holdings Ltd.(b)		27,104
	668,000	Brilliance China Automotive Holdings Ltd.		1,168,332
	56,897	Brilliant Circle Holdings International Ltd.		16,512

Shares			Value
HONG KONG (continued)
	1,864,354	Brockman Mining Ltd.(b)(d)	$	98,592
	765,791	C C Land Holdings Ltd.		206,437
	106,000	Cafe de Coral Holdings Ltd.		363,679
	23,000	Carnival Group International Holdings Ltd.(b)		623
	174,000	Carrianna Group Holdings Co. Ltd.		29,176
	718,800	Century City International Holdings Ltd.(c)		54,700
	144,000	Century Sunshine Group Holdings Ltd.		14,302
	1,590,446	Champion Technology Holdings Ltd.		33,027
	276,560	Chaoda Modern Agriculture Holdings Ltd.(b)(d)		31,805
	420,000	Chaoyue Group Ltd.(b)		20,856
	84,000	Chen Hsong Holdings		26,761
	117,988	Cheuk Nang Holdings Ltd.		106,376
	114,000	Cheung Wo International Holdings Ltd.(b)		12,204
	80,000	Chevalier International Holdings Ltd.		140,746
	2,844,000	Chigo Holding Ltd.(b)		63,828
	1,214,000	China Aerospace International Holdings Ltd.		139,360
	1,145,137	China Agri-Industries Holdings Ltd.		537,637
	136,000	China All Access Holdings Ltd.		50,695
	2,392,000	China Billion Resources Ltd.(b)(c)(d)		0
	1,242,000	China Daye Non-Ferrous Metals Mining Ltd.(b)		32,520
	120,000	China Electronics Corp. Holdings Co. Ltd.		23,372
	746,000	China Energine International Holdings Ltd.(b)		60,619
	110,000	China Energy Development Holdings Ltd.(b)		1,277
	480,000	China Environmental Investment Holdings Ltd.(b)		14,921
	3,491,000	China Everbright International Ltd.		3,480,644
	344,000	China Everbright Ltd.		509,367
	232,000	China Fiber Optic Network System Group Ltd.		41,295
	140,000	China Financial Services Holdings Ltd.		11,737
	76,936	China Flavors & Fragrances Co. Ltd.(b)		11,511
	188,000	China Foods Ltd.(b)		85,355
	618,000	China Glass Holdings Ltd.(b)		77,320
	159,000	China Green Holdings Ltd.(b)		18,252
	872,000	China Haidian Holdings Ltd.(b)		82,105
	6,603,000	China High Precision Automation Group Ltd.(c)(d)		1,039,038
	790,000	China High Speed Transmission Equipment Group Co. Ltd.(b)		423,888

Shares			Value
HONG KONG (continued)
	870,000	China Household Holdings Ltd.(b)	$	117,825
	12,236,000	China Lumena New Materials Corp.		2,604,076
	367,000	China Mengniu Dairy Co. Ltd.		1,614,175
	165,475	China Merchants Holdings International Co. Ltd.		586,942
	216,000	China Metal International Holdings, Inc.		60,735
	193,200	China Metal Recycling Holdings Ltd.(b)(c)(d)		117,495
	694,000	China Mining Resources Group Ltd.(b)		8,593
	632,557	China New Town Development Co. Ltd.(b)		58,744
	40,460	China Ocean Resources Co. Ltd.(b)		164,586
	1,060,000	China Oil and Gas Group Ltd.		169,534
	1,065,000	China Outdoor Media Group Ltd.(b)		6,181
	253,500	China Overseas Grand Oceans Group Ltd.		302,120
	460,000	China Power International Development Ltd.		180,369
	600,000	China Power New Energy Development Co. Ltd.(b)		30,569
	300,000	China Precious Metal Resources Holdings Co. Ltd.(b)		48,368
	353,000	China Properties Group Ltd.(b)		91,062
	3,700,000	China Resources and Transportation Group Ltd.(b)		214,756
	346,440	China Resources Cement Holdings Ltd.		231,913
	316,000	China Resources Enterprise Ltd.		1,118,819
	120,800	China Resources Gas Group Ltd.		312,400
	2,466,600	China Singyes Solar Technologies Holdings Ltd.		2,675,623
	1,230,000	China South City Holdings Ltd.		382,342
	535,000	China Starch Holdings Ltd.		15,388
	275,440	China State Construction International Holdings Ltd.		463,981
	970,000	China Strategic Holdings Ltd.(b)		17,015
	136,400	China Taiping Insurance Holdings Co. Ltd.(b)		212,878
	8,000	China Tianyi Holdings Ltd.		1,280
	1,162,000	China Travel International Investment Hong Kong Ltd.		224,816
	553,000	China Vanadium Titano - Magnetite Mining Co. Ltd.(b)		86,306
	86,000	China Water Affairs Group Ltd.		32,279
	2,340,000	China WindPower Group Ltd.(b)		93,564
	57,000	Chong Hing Bank Ltd.		257,687
	99,000	Chow Sang Sang Holdings International Ltd.		321,147

Shares			Value
HONG KONG (continued)
	198,000	Chu Kong Shipping Enterprise Group Co. Ltd.	$	55,163
	64,000	Chuang’s China Investments Ltd.		4,210
	413,500	Chuang’s Consortium International Ltd.		51,734
	90,000	CIMC Enric Holdings Ltd.		126,764
	62,000	Citic 21CN Co. Ltd.(b)		3,839
	548,000	CITIC Pacific Ltd.		780,333
	1,555,000	CITIC Resources Holdings Ltd.(b)		218,619
	449,000	CITIC Telecom International Holdings Ltd.		140,729
	1,018,000	CK Life Sciences International Holdings, Inc.		94,539
	68,000	Clear Media Ltd.		52,362
	118,000	Coastal Greenland Ltd.(b)		5,403
	151,387	Comba Telecom Systems Holdings Ltd.(b)		49,987
	8,000	Convenience Retail Asia Ltd.		5,572
	156,000	Cosco International Holdings Ltd.		67,406
	369,130	COSCO Pacific Ltd.		538,007
	94,000	Cosmos Machinery Enterprises Ltd.(b)		6,426
	1,010,000	CP Lotus Corp.(b)		31,265
	1,238,000	CP Pokphand Co. Ltd.		110,179
	42,000	Cross-Harbour Holdings Ltd.		33,912
	2,759,335	CSI Properties Ltd.		96,094
	424,000	CSPC Pharmaceutical Group Ltd.		264,145
	208,000	CST Mining Group Ltd.(b)		2,415
	155,000	Culturecom Holdings Ltd.(b)		27,789
	391,000	Dah Chong Hong Holdings Ltd.		331,843
	249,040	Dah Sing Banking Group Ltd.		469,620
	89,450	Dah Sing Financial Holdings Ltd.		556,683
	270,000	Dan Form Holdings Co. Ltd.		30,646
	132,000	Dawnrays Pharmaceutical Holdings Ltd.		65,379
	244,000	DBA Telecommunication Asia Holdings Ltd.(b)(c)(d)		63,888
	160,550	Dickson Concepts International Ltd.		100,020
	275,000	Digital China Holdings Ltd.		361,086
	275,000	Dingyi Group Investment Ltd.(b)(c)(d)		20,218
	256,000	DMX Technologies Group Ltd.		45,339
	88,000	Dorsett Hospitality International Ltd.		19,523
	108,000	Dynasty Fine Wines Group Ltd.(b)(c)(d)		20,059
	236,000	EcoGreen Fine Chemicals Group Ltd.		51,443
	168,234	EganaGoldpfeil Holdings Ltd.(b)(c)(d)		0
	62,000	Embry Holdings Ltd.		38,385
	264,000	Emperor Capital Group Ltd.		11,748

Shares			Value
HONG KONG (continued)
	325,000	Emperor Entertainment Hotel Ltd.	$	163,904
	796,416	Emperor International Holdings Ltd.		231,128
	42,270,000	Emperor Watch & Jewellery Ltd.(d)		3,380,291
	580,000	EPI Holdings Ltd.(b)		17,206
	789,100	Esprit Holdings Ltd.		1,449,347
	504,000	eSun Holdings Ltd.(b)		67,607
	272,000	EVA Precision Industrial Holdings Ltd.		38,942
	9,500	Fairwood Holdings Ltd.		19,458
	394,487	Far East Consortium International Ltd.		130,258
	1,182,000	First Pacific Co. Ltd.		1,344,672
	402,982	Fortune Oil Plc.		63,322
	452,000	Fountain SET Holdings Ltd.(b)		61,215
	1,734,000	Franshion Properties China Ltd.		601,633
	3,900	FU JI Food and Catering Services Holdings Ltd.(b)		815
	1,492,000	GCL-Poly Energy Holdings Ltd.(b)		458,011
	1,125,000	Geely Automobile Holdings Ltd.		567,361
	498,000	Genting Hong Kong Ltd.(b)(d)		228,670
	1,358,000	Get Nice Holdings Ltd.		61,305
	456,000	Giordano International Ltd.		427,592
	1,383,200	Global Bio-Chem Technology Group Co. Ltd.(b)		107,045
	128,000	Global Sweeteners Holdings Ltd.(b)		8,750
	1,757,000	Glorious Property Holdings Ltd.(b)(c)(d)		281,011
	122,000	Glorious Sun Enterprises Ltd.		27,852
	220,000	Gold Peak Industries Holding Ltd.		23,836
	220,000	Goldbond Group Holdings Ltd.		9,080
	852,000	Golden Meditech Holdings Ltd.		102,200
	140,000	Goldin Properties Holdings Ltd.(b)		64,646
	98,000	Goldlion Holdings Ltd.		47,780
	5,441,600	GOME Electrical Appliances Holdings Ltd.		842,244
	16,000	Good Friend International Holdings, Inc.		5,489
	219,960	Great Eagle Holdings Ltd.		783,038
	2,928,000	G-Resources Group Ltd.(b)		87,617
	584,000	Guangdong Investment Ltd.		502,422
	206,666	Guangdong Land Holdings Ltd.		55,178
	184,000	Guangnan Holdings Ltd.		23,258
	216,000	Guotai Junan International Holdings Ltd.		92,496
	142,000	Haier Electronics Group Co. Ltd.		302,938
	226,738	Haitong International Securities Group Ltd.		111,424
	3,316,000	Hanergy Solar Group Ltd.(b)		564,571

Shares			Value
HONG KONG (continued)
	1,232,000	Hao Tian Development Group Ltd.(b)	$	54,823
	114,000	Harbour Centre Development Ltd.(d)		210,267
	2,439,359	Heng Tai Consumables Group Ltd.(b)		44,993
	281,400	Hengdeli Holdings Ltd.		66,784
	426,000	Hi Sun Technology (China) Ltd.(b)		117,036
	2,008,035	HKC Holdings Ltd.		69,930
	365,200	HKR International Ltd.		178,525
	186,000	Hon Kwok Land Investment Co. Ltd.		71,732
	5,200	Hong Kong Aircraft Engineering Co. Ltd.		69,754
	50,000	Hong Kong Ferry (Holdings) Co. Ltd.		50,303
	227,000	Hong Kong Television Network Ltd.		74,369
	316,651	Hongkong & Shanghai Hotels (The)		498,277
	727,700	Hongkong Chinese Ltd.		161,440
	102,500	Hopewell Highway Infrastructure Ltd.		50,503
	304,000	Hopewell Holdings Ltd.		1,023,397
	400,000	Hopson Development Holdings Ltd.(b)		491,681
	376,000	Hsin Chong Construction Group Ltd.		51,407
	254,400	Hua Han Bio-Pharmaceutical Holdings Ltd.		58,735
	487,000	Huabao International Holdings Ltd.		213,569
	259,631	Hung Hing Printing Group Ltd.		37,506
	1,402,000	Hutchison Harbour Ring Ltd.		110,308
	1,441,000	Hutchison Telecommunications Hong Kong Holdings Ltd.		631,936
	16,000	Hycomm Wireless Ltd.(b)		1,919
	47,000	Hysan Development Co. Ltd.		219,754
	2,136,000	Imagi International Holdings Ltd.(b)		25,622
	995,000	Inspur International Ltd.		41,068
	598,000	Integrated Waste Solutions Group Holdings Ltd.(b)(c)(d)		104,899
	352,500	Interchina Holdings Co.(b)		25,006
	144,000	IRC Ltd.(b)		15,602
	398,000	IT Ltd.		121,151
	99,000	ITC Properties Group Ltd.		38,180
	134,000	Jinhui Holdings Co. Ltd.(b)		31,111
	842,500	Johnson Electric Holdings Ltd.		606,365
	454,000	Ju Teng International Holdings Ltd.		330,267
	666,881	K Wah International Holdings Ltd.		365,567
	1,940,000	Kai Yuan Holdings Ltd.(b)		47,543
	42,000	Keck Seng Investments		23,565
	278,000	King Stone Energy Group Ltd.(b)		12,550

Shares			Value
HONG KONG (continued)
	396,200	Kingboard Chemical Holdings Ltd.	$	1,042,497
	591,500	Kingboard Laminates Holdings Ltd.		243,375
	196,000	Kingmaker Footwear Holdings Ltd.		45,252
	1,696,000	Kingston Financial Group Ltd.		192,504
	417,000	Kowloon Development Co. Ltd.		515,266
	767,000	KWG Property Holding Ltd.		496,626
	2,412,000	Lai Fung Holdings Ltd.		60,666
	8,286,750	Lai Sun Development(b)		237,283
	520,000	Lai Sun Garment International Ltd.(b)		94,570
	9,000	Lam Soon Hong Kong Ltd.		6,327
	208,000	Landsea Green Properties Co. Ltd.		22,536
	116,000	Le Saunda Holdings Ltd.		52,965
	68,000	Lee & Man Chemical Co. Ltd.		30,873
	807,200	Lee & Man Paper Manufacturing Ltd.		578,877
	15,000	Lee’s Pharmaceutical Holdings Ltd.		13,911
	74,000	Lerado Group Holdings Co. Ltd.		8,399
	92,000	Lifestyle International Holdings Ltd.		200,542
	1,225	Lifestyle Properties Development Ltd.(b)		248
	3,853,000	Lijun International Pharmaceutical Holding Co. Ltd.		1,043,635
	1,924,000	Lippo China Resources Ltd.		58,070
	102,000	Lippo Ltd.		51,046
	156,000	Liu Chong Hing Investment Ltd.		346,890
	62,500	LK Technology Holdings Ltd.(b)		12,334
	705,600	Loudong General Nice Resources China Holdings Ltd.(b)		46,415
	170,000	Luen Thai Holdings Ltd.		62,492
	54,000	Luk Fook Holdings International Ltd.		192,932
	96,000	Lung Kee (Bermuda) Holdings		35,661
	1,658,000	Magnificent Estates		80,195
	59,200	Man Wah Holdings Ltd.		102,014
	38,000	Man Yue Technology Holdings Ltd.		4,754
	580,000	Mei Ah Entertainment Group Ltd.(b)		8,454
	435,000	Melco International Development Ltd.		1,366,213
	196,000	Midland Holdings Ltd.		79,886
	388,000	MIE Holdings Corp.		83,075
	108,000	MIN XIN Holdings Ltd.		57,113
	1,210,000	Ming Fung Jewellery Group Ltd.(b)		38,705

Shares			Value
HONG KONG (continued)
	436,000	Mingfa Group International Co. Ltd.(b)	$	118,096
	780,000	Minmetals Land Ltd.		111,673
	42,000	Miramar Hotel & Investment Co. Ltd.		53,848
	6,221,148	Nan Hai Corp. Ltd.(b)		52,157
	10,000	Natural Beauty Bio-Technology Ltd.		645
	478,000	Neo-Neon Holdings Ltd.(b)		110,360
	1,650,000	Neptune Group Ltd.(b)		75,551
	69,500	NetDragon Websoft, Inc.		160,102
	872,000	New Century Group Hong Kong Ltd.		17,546
	1,446,250	New Smart Energy Group Ltd.(b)		24,437
	1,235,100	New World China Land Ltd.		678,644
	78,000	New World Department Store China Ltd.		45,172
	412,000	Newocean Energy Holdings Ltd.		250,824
	434,000	Next Media Ltd.(b)		47,582
	812,000	Nine Dragons Paper Holdings Ltd.		670,295
	260,000	North Asia Resources Holdings Ltd.(b)		5,131
	625,000	Orange Sky Golden Harvest Entertainment Holdings Ltd.(b)		30,230
	162,000	Orient Overseas International Ltd.		836,850
	113,200	Oriental Watch Holdings.		36,210
	66,000	Overseas Chinese Town Asia Holdings Ltd.		29,795
	718,164	Pacific Andes International Holdings Ltd.		32,421
	10,728,000	Pacific Basin Shipping Ltd.(d)		7,679,659
	236,000	Pacific Textile Holdings Ltd.		323,880
	323,240	Paliburg Holdings Ltd.(c)		103,814
	59,000	PAX Global Technology Ltd.(b)		24,961
	989,000	PCCW Ltd.		446,472
	48,000	Peace Mark Holdings Ltd.(b)(c)(d)		0
	477,800	Pearl Oriental Oil Ltd.(b)		16,331
	296,000	Phoenix Satellite Television Holdings Ltd.		104,228
	368,000	Pico Far East Holdings Ltd.		116,290
	40,000	Playmates Holdings Ltd.		50,303
	990,977	PNG Resources Holdings Ltd.		16,489
	1,329,000	Poly Property Group Co. Ltd.		814,233
	1,200,000	Polytec Asset Holdings Ltd.		153,231
	496,000	Pou Sheng International Holdings Ltd.(b)		26,230
	560,000	Prosperity International Holdings (Hong Kong) Ltd.(b)		21,308
	88,000	Public Financial Holdings Ltd.		45,969
	2,696,000	PYI Corp. Ltd.		65,374
	282,000	Real Nutriceutical Group Ltd.		73,110

Shares			Value
HONG KONG (continued)
	386,200	Regal Hotels International Holdings Ltd.(c)	$	211,207
	133,000	Regent Manner International Holdings Ltd.		22,816
	4,950,000	REXLot Holdings Ltd.		434,155
	86,000	Rising Development Holdings Ltd.(b)		5,657
	131,625	Royale Furniture Holdings Ltd.		6,876
	176,000	SA SA International Holdings Ltd.		192,050
	390,000	Samson Holding Ltd.		54,327
	58,000	SAS Dragon Hldg Ltd.		32,767
	92,000	SEA Holdings Ltd.		52,568
	259,516	Shanghai Industrial Holdings Ltd.		858,582
	1,059,000	Shanghai Industrial Urban Development Group Ltd.(b)		262,257
	3,660,000	Shanghai Zendai Property Ltd.(b)		71,755
	248,000	Shangri-La Asia Ltd.		454,224
	150,000	Shenyin Wanguo HK Ltd.		53,399
	4,165,000	Shenzhen International Holdings Ltd.		510,351
	1,144,380	Shenzhen Investment Ltd.		457,575
	574,629	Shimao Property Holdings Ltd.		1,446,764
	3,156,000	Shougang Concord International Enterprises Co. Ltd.(b)		156,721
	508,000	Shougang Concord Technology Holdings(b)		31,123
	1,558,000	Shougang Fushan Resources Group Ltd.		524,491
	1,163,750	Shun Tak Holdings Ltd.		673,963
	370,000	Silver Grant International Ltd.		51,541
	507,000	SIM Technology Group Ltd.(b)		21,253
	854,000	Singamas Container Holdings Ltd.		199,373
	548,000	Sino Biopharmaceutical		386,632
	3,935,000	Sino Oil And Gas Holdings Ltd.(b)		107,600
	1,400,000	Sinofert Holdings Ltd.		227,525
	212,000	Sinopec Kantons Holdings Ltd.		193,324
	914,000	Sinotrans Shipping Ltd.		300,619
	38,000	SIS International Holdings(c)		14,459
	905,278	Skyworth Digital Holdings Ltd.		439,036
	106,910	SmarTone Telecommunications Holding Ltd.		140,929
	1,267,934	SMI Corp. Ltd.(b)		32,708
	122,843	SOCAM Development Ltd.		146,245
	731,000	Solargiga Energy Holdings Ltd(b)		34,886
	366,000	Solomon Systech International Ltd.(b)		16,759
	20,000	Soundwill Holdings Ltd.		35,805
	696,000	South China China Ltd.(b)(d)		66,431
	360,000	Sparkle Roll Group Ltd.		24,145
	1,413,428	SRE Group Ltd.(b)		51,046

Shares			Value
HONG KONG (continued)
	94,000	Stella International Holdings Ltd.	$	231,575
	60,500	Stelux Holdings International Ltd.		20,601
	204,000	Success Universe Group Ltd.(b)		12,367
	16,000	Sun Hing Vision Group Holdings Ltd.		5,551
	371,801	Sun Hung Kai & Co. Ltd.		209,567
	550,000	Sun Innovation Holdings Ltd.(b)		9,364
	1,802,000	Superb Summit International Group Ltd.(b)		79,025
	302,000	TAI Cheung Holdings Ltd.		229,042
	6,000	Tan Chong International Ltd.		2,376
	6,000	Tao Heung Holdings Ltd.		4,605
	698,000	TCC International Holdings Ltd.		259,285
	228,000	TCL Multimedia Technology Holdings Ltd.		93,811
	256,000	Techtronic Industries Co.		643,880
	79,000	Television Broadcasts Ltd.		462,099
	108,000	Texhong Textile Group Ltd.		189,449
	144,000	Texwinca Holdings Ltd.		147,288
	185,800	Tian An China Investment		153,375
	106,000	Tianjin Development Holdings Ltd.(b)		70,411
	986,000	Tianjin Port Development Holdings Ltd.		171,688
	488,000	Tianneng Power International Ltd.		184,424
	143,000	Tibet 5100 Water Resources Holdings Ltd.		55,518
	2,380,000	Titan Petrochemicals Group Ltd.(b)(c)(d)		767
	218,000	Tom Group Ltd.(b)		41,896
	124,252	Tomson Group Ltd.		38,463
	1,740,000	Tongda Group Holdings Ltd.		97,627
	276,000	Town Health International Investments Ltd.(b)		72,622
	203,000	Towngas China Co. Ltd.		200,041
	500,000	TPV Technology Ltd.		105,766
	154,000	Tradelink Electronic Commerce Ltd.		38,137
	84,000	Transport International Holdings Ltd.		189,171
	176,000	Trinity Ltd.		65,833
	394,000	Truly International Holdings		250,030
	128,000	TSC Group Holdings Ltd.(b)		43,421
	20,000	Tse Sui Luen Jewellery International Ltd.		9,674
	194,000	Tysan Holdings Ltd.		67,561
	1,230,000	United Energy Group Ltd.(b)		191,964
	288,500	United Laboratories International Holdings Ltd. (The)(b)		121,681
	230,000	Universal Technologies Holdings Ltd.(b)		13,350
	44,000	Up Energy Development Group Ltd.(b)		2,525

Shares			Value
HONG KONG (continued)
	277,000	Value Partners Group Ltd.	$	168,279
	188,000	Varitronix International Ltd.		167,316
	348,000	Vedan International Holdings Ltd.		20,647
	666,621	Victory City International Holdings Ltd.		93,721
	20,000	Vinda International Holdings Ltd.		28,376
	244,000	Vitasoy International Holdings Ltd.		314,717
	761,200	VODone Ltd.(b)		65,782
	483,600	VST Holdings Ltd.		95,435
	30,400	VTech Holdings Ltd.		436,414
	3,680,000	Wang On Group Ltd.		67,401
	178,000	Wasion Group Holdings Ltd.		111,580
	396,000	Welling Holding Ltd.		83,256
	96,000	Win Hanverky Holdings Ltd.		11,020
	50,412	Wing Hang Bank Ltd.		717,199
	77,000	Wing On Co. International Ltd.(d)		221,476
	230,000	Wing Tai Properties Ltd.(d)		138,540
	126,000	Winteam Pharmaceutical Group Ltd.(b)		56,719
	838,000	Xinyi Glass Holdings Ltd.		830,110
	221,500	XTEP International Holdings		109,136
	1,040,000	Yanchang Petroleum International Ltd.(b)		45,608
	230,000	Yeebo International Holdings(d)		33,523
	45,000	YGM Trading Ltd.		102,270
	2,427,000	Yingde Gases Group Co. Ltd.		2,491,799
	98,000	Yip’s Chemical Holdings Ltd.		82,415
	45,000	Youyuan International Holdings Ltd.		13,059
	204,000	Yue Yuen Industrial Holdings Ltd.		560,454
	3,396,200	Yuexiu Property Co. Ltd.		946,188
	116,191	Yuexiu Transport Infrastructure Ltd.		61,145
	906,000	Yugang International Ltd.(b)		6,077
	306,000	Zhuhai Holdings Investment Group Ltd.(b)		59,992
				99,794,544
HUNGARY — 0.0%
	58,220	Richter Gedeon Nyrt		1,107,065
INDIA — 0.9%
	355	3M India Ltd.(b)		19,121
	1,375	Aban Offshore Ltd.		5,675
	17,582	ACC Ltd.		324,675
	43,270	Adani Enterprises Ltd.(b)		146,205
	47,479	Adani Power Ltd.(b)		25,263
	25,742	Aditya Birla Nuvo Ltd.		514,295
	6,786	AIA Engineering Ltd.		42,689
	623	Akzo Nobel India Ltd.		8,545
	20,592	Alembic Pharmaceuticals Ltd.		66,814
	36,030	Allahabad Bank		53,791

Shares			Value
INDIA (continued)
	810	Allcargo Logistics Ltd.	$	1,203
	67,310	Alok Industries Ltd.(b)		8,817
	1,082	Alstom India Ltd.		6,163
	573,838	Amara Raja Batteries Ltd.(d)		2,930,584
	44,785	Anant Raj Ltd.		40,154
	229,025	Apollo Hospitals Enterprise Ltd.(d)		3,387,021
	43,566	Apollo Tyres Ltd.		48,277
	71,434	Arvind Ltd.		123,387
	287,392	Ashok Leyland Ltd.(b)		80,435
	59,016	Aurobindo Pharma Ltd.(b)		208,100
	817,315	Bajaj Electricals Ltd.(d)		2,194,402
	8,626	Bajaj Finance Ltd.		189,918
	12,411	Bajaj Finserv Ltd.		128,866
	123,405	Bajaj Hindusthan Ltd.		27,209
	22,227	Bajaj Holdings and Investment Ltd.(d)		298,530
	12,115	Balkrishna Industries Ltd.		54,538
	189,807	Ballarpur Industries Ltd.(d)		40,151
	2,270	Balrampur Chini Mills Ltd.		1,520
	15,567	Bank of Baroda		162,851
	25,201	Bank of India		86,074
	11,554	Bank of Maharashtra		7,436
	4,339	BASF India Ltd.		41,586
	3,947	Bata India Ltd.		58,702
	819,119	Berger Paints India Ltd.(d)		3,069,614
	2,479	Bharat Electronics Ltd.(b)		43,071
	26,138	Bharat Forge Ltd.(b)		127,319
	12,574	Bharat Petroleum Corp. Ltd.		73,566
	64,810	Bhushan Steel Ltd.		506,837
	14,324	Biocon Ltd.		80,658
	8,906	Birla Corp. Ltd.		30,853
	1,274	Blue Dart Express Ltd.		56,784
	8,842	Bombay Dyeing & Manufacturing Co. Ltd.		9,899
	4,107	Bombay Rayon Fashions Ltd.(b)		12,771
	10,113	Britannia Industries Ltd.		154,612
	6,485	Cadila Healthcare Ltd.		69,778
	43,985	Canara Bank		184,836
	7,476	Carborundum Universal Ltd.		13,649
	29,868	Century Plyboards India Ltd.(b)(d)		13,633
	9,156	Century Textiles & Industries Ltd.		41,098
	6,433	CESC Ltd.		38,982
	9,705	Cholamandalam Investment and Finance Co. Ltd.		36,235
	10,133	City Union Bank Ltd.		7,914
	1,522	CMC Ltd.		33,521
	10,128	Colgate-Palmolive India Ltd.		204,200
	3,973	Container Corp. of India		48,935
	160,239	CRISIL Ltd.(d)		2,918,746
	19,689	Crompton Greaves Ltd.		33,832
	13,480	Cummins India Ltd.		86,642
	128,260	Dabur India Ltd.		372,852

Shares			Value
INDIA (continued)
	2,774	Dalmia Bharat Ltd.	$	5,466
	6,484	DB Corp. Ltd.		28,355
	18,464	DB Realty Ltd.(b)		18,402
	29,801	Delta Corp Ltd.		42,504
	43,420	Dena Bank		38,011
	27,921	Development Credit Bank Ltd.(b)		23,239
	3,236	Divi’s Laboratories Ltd.		51,208
	106,331	DLF Ltd.		262,389
	3,496	Educomp Solutions Ltd.(b)		1,360
	3,504	Eicher Motors Ltd.		225,666
	25,575	EID Parry India Ltd.		60,156
	1,898	Elder Pharmaceuticals Ltd.		9,716
	345,542	Emami Ltd.(b)(d)		2,799,253
	4,147	Era Infra Engineering Ltd.(b)		2,547
	27,309	Escorts Ltd.		43,104
	20,369	Essar Ports Ltd.		20,516
	31,009	Essar Shipping Ltd.(b)		8,982
	36,761	Exide Industries Ltd.		74,653
	4,776	FDC Ltd.		6,862
	304,245	Federal Bank Ltd.		406,452
	6,289	Federal-Mogul Goetze India Ltd.(b)		20,180
	14,606	Finolex Cables Ltd.		14,474
	1,319,085	Fortis Healthcare Ltd.(b)(d)		2,107,789
	9,586	Future Capital Holdings Ltd.(b)		23,702
	29,363	Gammon India Ltd.		6,331
	29,067	Gateway Distriparks Ltd.		53,778
	1,177	Gillette India Ltd.		40,107
	733	GlaxoSmithKline Consumer Healthcare Ltd.		55,642
	3,410	GlaxoSmithKline Pharmaceuticals Ltd.		134,910
	14,696	Glenmark Pharmaceuticals Ltd.		134,776
	22,105	GMR Infrastructure Ltd.		7,931
	273	Godfrey Phillips India Ltd.		11,665
	30,654	Godrej Consumer Products Ltd.		434,708
	23,771	Godrej Industries Ltd.		114,610
	5,982	Godrej Properties Ltd.		35,651
	3,081	Gokul Refoils & Solvent Ltd.(b)		902
	29,016	Great Eastern Shipping Co. Ltd. (The)		131,588
	2,596	Grindwell Norton Ltd.		10,409
	16,010	Gruh Finance Ltd.		60,166
	15,133	Gujarat Alkalies & Chemicals(b)		39,793
	8,892	Gujarat Flourochemicals Ltd.		36,383
	26,956	Gujarat Narmada Valley Fertilizers Co. Ltd.(b)		26,932
	35,352	Gujarat NRE Coke Ltd.(b)		7,507
	659,082	Gujarat Pipavav Port Ltd.(b)(d)		536,231
	1,715	Gujarat State Fertilisers & Chemicals Ltd.		1,663
	3,304	Gulf Oil Corp Ltd.(b)		4,258
	1,500	Hathway Cable & Datacom Ltd.(b)		6,999
	6,229	Havells India Ltd.		74,970

Shares			Value
INDIA (continued)
	2,793	HBL Power Systems Ltd.(b)	$	429
	11,965	HCL Infosystems Ltd.(b)		4,585
	849	HEG Ltd.(b)		2,376
	18,832	Hexa Tradex Ltd.(b)		4,229
	137,134	Hexaware Technologies Ltd.		296,672
	209,764	Hindalco Industries Ltd.		392,700
	375	Hinduja Ventures Ltd.		1,642
	430	Honeywell Automation India Ltd.		17,655
	28,793	Housing Development & Infrastructure Ltd.(b)		19,936
	722,385	HSIL Ltd.(d)		961,534
	11,894	HT Media Ltd.		16,054
	1,883	HTMT Global Solutions Ltd.(b)		11,375
	49,378	ICRA Ltd.(d)		1,047,861
	173,718	IDFC Ltd.		298,929
	92,087	India Cements Ltd. (The)		74,398
	71,115	India Infoline Ltd.		64,918
	29,515	Indiabulls Housing Finance Ltd.		102,682
	51,509	Indian Hotels Co. Ltd.		41,195
	11,703	Indian Overseas Bank		9,712
	45,438	IndusInd Bank Ltd.		329,463
	3,468	Info Edge India Ltd.		21,831
	16,196	Infotech Enterprises Ltd.		66,492
	23,454	ING Vysya Bank Ltd.		224,903
	295,730	Ipca Laboratories Ltd.(d)		3,288,375
	16,998	Jai Corp. Ltd.		13,871
	7,028	Jammu & Kashmir Bank Ltd.(b)		149,120
	75,459	Jaypee Infratech Ltd.		22,040
	9,049	Jet Airways India Ltd.(b)		50,174
	6,226	Jindal Poly Films Ltd.		14,118
	1,556	Jindal Poly Investments and Finance Co. Ltd.(b)(c)(d)		132
	91,841	Jindal Saw Ltd.		71,659
	20,187	Jindal Steel & Power Ltd.(b)		78,787
	104,984	JM Financial Ltd.		47,576
	8,159	JSW Steel Ltd.		114,369
	142,308	Jubilant Foodworks Ltd.(b)(d)		2,755,387
	5,000	Jubilant Organosys Ltd.(b)		8,144
	8,012	Jyothy Laboratories Ltd.		24,158
	90,563	Kakinada Fertilizers Ltd.(b)(c)(d)		16,520
	30,858	Karnataka Bank Ltd.		50,865
	1,762	Karur Vysya Bank Ltd.		9,866
	24,476	KPIT Technologies Ltd.		58,507
	298	Lakshmi Machine Works Ltd.		11,472
	81,905	LIC Housing Finance Ltd.		299,272
	11,875	Maharashtra Seamless Ltd.(d)		30,666
	49,550	Mahindra & Mahindra Financial Services Ltd.		227,734
	531	Mahindra Lifespace Developers Ltd.		3,701
	3,619	Manaksia Ltd.(b)		2,727
	47,116	Marico Ltd.		162,497
	31,053	MAX India Ltd.		95,501
	1,025	Merck Ltd.		9,433

Shares			Value
INDIA (continued)
	2,275	MindTree Ltd.	$	51,243
	11,604	Monnet Ispat & Energy Ltd.(d)		24,868
	46,986	Motherson Sumi Systems Ltd.		206,316
	11,049	Mphasis Ltd.		76,123
	201	MRF Ltd.		51,517
	82,330	Nagarjuna Oil Refinery Ltd.(b)(d)		5,694
	40,976	National Aluminium Co. Ltd.		24,337
	31,270	NHPC Ltd.		9,210
	16,197	NIIT Technologies Ltd.		73,915
	38,070	OMAXE Ltd.		86,758
	6,434	Oracle Financial Sevices Software Ltd.(b)		335,609
	21,487	Orchid Chemicals & Pharmaceuticals Ltd.		17,115
	8,317	Orient Cement Ltd.		5,075
	16,955	Oriental Bank of Commerce		49,854
	483	Orissa Minerals Development Co. Ltd.		16,711
	14,725	Oswal Chemical & Fertilizers(b)		5,211
	28,655	Page Industries Ltd.(d)		2,084,627
	8,697	Parsvnath Developers Ltd.(b)		3,708
	3,860	Peninsula Land Ltd.(b)		1,941
	104,278	Petronet LNG Ltd.		210,830
	4,125	Phoenix Mills Ltd.		15,720
	465,083	Pidilite Industries Ltd.(d)		2,184,085
	7,053	Plethico Pharmaceuticals Ltd.(b)		3,977
	9,700	Polaris Financial Technology Ltd.		22,634
	1,195	Procter & Gamble Hygiene & Health Care Ltd.		53,698
	11,193	PTC India Ltd.		10,199
	351,616	Radico Khaitan Ltd.(b)(d)		836,200
	14,719	Rain Industries Ltd.		8,586
	24,971	Rajesh Exports Ltd.(b)		39,008
	796,263	Rallis India Ltd.(d)		2,051,069
	21,876	The Ramco Cements Ltd.		63,594
	19,421	Ranbaxy Laboratories Ltd.(b)		123,595
	62,060	Redington India Ltd.		62,055
	3,937	Reliance Capital Ltd.(b)		23,710
	121,363	Reliance Communications Ltd.(b)		290,102
	7,440	Reliance Infrastructure Ltd.		52,276
	160,258	Reliance Power Ltd.(b)		190,755
	43,842	Ruchi Soya Industries Ltd.		24,862
	9,422	S Mobility Ltd.		5,619
	3,688	Sadbhav Engineering Ltd.(b)		3,820
	612	Sanofi India Ltd.		25,019
	69,699	Sesa Sterlite Ltd.		229,098
	2,527	Shoppers Stop Ltd.		14,236
	300	Shree Cement Ltd.		21,652
	142,891	Shree Renuka Sugars Ltd.		52,199
	11,398	Shriram Transport Finance Co. Ltd.		113,386
	11,274	Siemens Ltd.		106,796
	15,463	SJVN Ltd.		4,844

Shares			Value
INDIA (continued)
	161,500	SKF India Ltd.(d)	$	1,585,961
	5,085	Sobha Developers Ltd.		25,882
	104	Solar Industries India Ltd.		1,674
	426,240	South Indian Bank Ltd.		147,039
	29,868	Star Ferro and Cement Ltd.(b)(d)		11,178
	2,418	Sterlite Technologies Ltd.		820
	97,037	Strides Arcolab Ltd.		1,376,408
	13,183	Sun TV Network Ltd.(b)		90,128
	9,094	Sundaram Finance Ltd.		78,428
	6,405	Supreme Industries Ltd.		40,652
	38,891	Syndicate Bank		51,481
	13,597	Tata Chemicals Ltd.		59,273
	5,395	Tata Communications Ltd.		23,163
	4,726	Tata Investment Corp. Ltd.(d)		30,980
	67,509	Tata Power Co. Ltd.		90,243
	99,640	Tata Tea Ltd.(b)		265,901
	1,682	Tech Mahindra Ltd.		42,452
	735	Thermax Ltd.		7,626
	10,567	Timken India Ltd.		26,893
	45,835	Titan Industries Ltd.		199,286
	204,762	Torrent Pharmaceuticals Ltd.(d)		1,504,353
	1,291	Trent Ltd.		19,426
	29,890	Triveni Turbine Ltd.		25,510
	697	TTK Prestige Ltd.		37,383
	121,811	TV18 Broadcast Ltd.(b)		46,084
	46,611	TVS Motor Co. Ltd.		38,492
	18,680	UCO Bank		21,961
	10,645	Uflex Ltd.		11,614
	13,600	Unichem Laboratories Ltd.		39,237
	324,490	Unitech Ltd.(b)		92,138
	10,211	United Bank of India		5,608
	22,486	United Breweries Ltd.		338,525
	69,225	United Phosphorus Ltd.(b)		185,298
	4,366	United Spirits Ltd.		182,878
	16,860	Usha Martin Ltd.		6,859
	1,120	Vardhman Special Steels Ltd.(b)		264
	5,603	Vardhman Textiles Ltd.		32,362
	23,739	Videocon Industries Ltd.(b)		66,846
	50,641	Vijaya Bank		34,033
	10,213	Voltas Ltd.		14,816
	902	VST Industries Ltd.		21,400
	1,793	WABCO India Ltd.		49,376
	15,809	Wockhardt Ltd.		114,358
	548	Wyeth Ltd.		5,696
	50,593	Yes Bank Ltd.		303,616
	180,211	Zee Entertainment Enterprises Ltd.		780,167
	4,219	Zensar Technologies Ltd.		18,471
	621	Zuari Agro Chemicals Ltd.		951
				57,621,618
INDONESIA — 0.4%
	99,000	Adhi Karya Persero Tbk PT		17,126
	815,500	Agung Podomoro Land Tbk PT		20,256
	6,768,500	AKR Corporindo Tbk PT		2,912,151

Shares			Value
INDONESIA (continued)
	421,500	Alam Sutera Realty Tbk PT	$	22,809
	1,450,000	Aneka Tambang Persero Tbk PT		205,811
	31,960,000	Arwana Citramulia Tbk PT(d)		2,551,697
	77,000	Asahimas Flat Glass Tbk PT(d)		56,354
	165,500	Astra Agro Lestari Tbk PT		273,081
	42,411,000	Bakrie & Brothers Tbk PT(b)(d)		188,117
	9,710,000	Bakrie Sumatera Plantations Tbk PT(b)		43,069
	9,876,000	Bakrie Telecom Tbk PT(b)		43,806
	1,477,666	Bank Bukopin Tbk PT		85,206
	505,316	Bank Danamon Indonesia Tbk PT		192,757
	3,011,250	Bank Pan Indonesia Tbk PT(b)		192,335
	321,500	Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		25,954
	13,000	Bank Permata Tbk PT(b)		1,638
	1,428,196	Bank Tabungan Negara Persero Tbk PT		122,896
	107,500	Bank Tabungan Pensiunan Nasional Tbk PT(b)		41,722
	495,000	Barito Pacific Tbk PT(b)		21,078
	54,000	Bayan Resources Tbk PT(b)(d)		41,677
	749,000	Berau Coal Energy Tbk PT(b)		12,027
	223,000	Bisi International PT		12,067
	560,000	Budi Starch & Sweetener Tbk PT(b)		4,719
	2,306,600	Bumi Serpong Damai PT		321,256
	4,958,000	Central Proteinaprima Tbk PT(b)(d)		21,992
	5,137,500	Ciputra Development Tbk PT		469,428
	938,500	Ciputra Property Tbk PT		65,772
	238,000	Ciputra Surya Tbk PT		48,033
	479,000	Citra Marga Nusaphala Persada Tbk PT(b)		134,915
	11,917,500	Darma Henwa Tbk PT(b)(d)		52,861
	2,223,500	Delta Dunia Makmur Tbk PT(b)		17,161
	393,500	Elnusa Tbk PT		10,821
	25,671,500	Energi Mega Persada Tbk PT(b)		182,189
	524,500	Exploitasi Energi Indonesia Tbk PT(b)		12,098
	36,500	Fajar Surya Wisesa Tbk PT(b)		6,476
	947,000	Gajah Tunggal Tbk PT		193,222
	24,500	Garda Tujuh Buana Tbk PT(b)		2,152
	2,161,000	Global Mediacom Tbk PT		366,157
	1,193,400	Gozco Plantations Tbk PT(b)		12,281
	684,000	Hanson International Tbk PT(b)		32,160
	91,500	Harum Energy Tbk PT		25,569
	72,500	Hexindo Adiperkasa Tbk PT		20,259
	1,387,000	Holcim Indonesia Tbk PT		316,835
	632,500	Indah Kiat Pulp and Paper Corp. Tbk PT(b)		86,409
	876,000	Indika Energy Tbk PT		60,615

Shares			Value
INDONESIA (continued)
	17,000	Indo Tambangraya Megah Tbk PT	$	45,092
	396,000	Indosat Tbk PT		154,571
	44,723	Inovisi Infracom Tbk PT(b)		3,055
	1,594,500	Intiland Development Tbk PT		52,337
	1,897,500	Japfa Comfeed Indonesia Tbk PT		235,662
	561,000	Jasa Marga Persero Tbk PT		261,277
	12,650,935	Kawasan Industri Jababeka Tbk PT		274,959
	48,000	Lippo Cikarang Tbk PT(b)		28,743
	13,300,750	Lippo Karawaci Tbk PT(b)		1,333,320
	6,467,000	Malindo Feedmill Tbk PT		1,936,228
	1,437,300	Matahari Putra Prima Tbk PT		306,012
	1,019,666	Mayora Indah Tbk PT(d)		2,650,363
	491,500	Medco Energi Internasional Tbk PT		106,824
	2,475,000	Media Nusantara Citra Tbk PT		548,902
	272,000	Mitra Adiperkasa Tbk PT		130,299
	1,688,500	Mitra International Resources Tbk PT(b)		8,838
	4,004,000	MNC Investama Tbk PT		124,320
	4,213,500	Nippon Indosari Corpindo Tbk PT(d)		2,317,472
	950,000	Nusantara Infrastructure Tbk PT(b)		21,490
	1,246,000	Pakuwon Jati Tbk PT		34,266
	4,283,000	Panin Financial Tbk PT(b)		75,990
	705,500	Panin Insurance Tbk PT		44,436
	1,369,000	Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		194,314
	827,000	Polychem Indonesia Tbk PT(b)		22,009
	1,383,000	Ramayana Lestari Sentosa Tbk PT		150,906
	77,500	Resource Alam Indonesia Tbk PT		17,532
	7,234,000	Sampoerna Agro Tbk PT(d)		1,142,295
	5,557,500	Selamat Sempurna Tbk PT(d)		1,380,439
	7,450,000	Sentul City Tbk PT(b)		142,094
	117,500	Sinar Mas Agro Resources & Technology Tbk PT(d)		67,753
	5,000	Sinar Mas Multiartha Tbk PT		1,686
	467,500	Sugih Energy Tbk PT(b)		19,077
	3,524,000	Summarecon Agung Tbk PT		328,250
	225,000	Surya Citra Media Tbk PT		46,906
	396,500	Surya Semesta Internusa Tbk PT		28,139
	79,000	Tambang Batubara Bukit Asam Persero Tbk PT		85,150
	579,000	Tiga Pilar Sejahtera Food Tbk		67,800
	1,562,000	Timah Persero Tbk PT		224,479
	21,000	Tower Bersama Infrastructure Tbk PT(b)		10,619
	410,000	Trada Maritime Tbk PT(b)		55,285
	4,875,000	Truba Alam Manunggal Engineering PT(b)(c)(d)		4,757
	1,152,000	Tunas Baru Lampung Tbk PT		49,054

Shares			Value
INDONESIA (continued)
	539,500	Tunas Ridean Tbk PT	$	27,280
	481,500	Vale Indonesia Tbk PT		105,719
	958,252	Wijaya Karya Persero Tbk PT		163,215
				24,576,228
IRELAND — 2.2%
	109,408	Aer Lingus Group Plc		207,969
	4,414,647	Bank of Ireland(b)		1,618,382
	276,516	Beazley Plc		1,014,428
	154,534	C&C Group Plc(b)		905,790
	22,410	DCC Plc		1,005,750
	49,283	Elan Corp. Plc(b)		816,354
	10,294	FBD Holdings Plc(b)		222,230
	75,000	FleetMatics Group Plc(b)		2,381,250
	688,397	Glanbia Plc(b)		9,645,839
	67,081	Grafton Group Plc - Units		639,973
	181,601	Greencore Group Plc		524,417
	16,165	IFG Group Plc		30,618
	1,774	Irish Continental Group Plc - Units		62,179
	126,391	James Hardie Industries Plc - CDI		1,305,685
	230,508	Kenmare Resources Plc(b)		74,175
	29,631	Kerry Group Plc - Class A		1,897,525
	52,837	Kingspan Group Plc(b)(f)		883,833
	6,121	Kingspan Group Plc(f)		102,389
	12,329	Paddy Power Plc(b)		1,004,386
	98,904	Smurfit Kappa Group Plc(b)		2,403,744
	132,882	United Drug Plc(b)		665,087
	2,582,000	Willis Group Holdings Plc(d)		116,370,740
				143,782,743
ISLE OF MAN — 0.0%
	17,071	Exillon Energy Plc(b)		65,145
	4,535	Hansard Global Plc		8,462
				73,607
ISRAEL — 1.8%
	0	Africa Israel Investments Ltd.(b)		1
	4,663	Airport City Ltd.(b)		40,425
	8,168	Alon Blue Square Israel Ltd.(b)		32,243
	1,870	AL-ROV Israel Ltd.(b)		62,258
	16,296	AudioCodes Ltd.(b)		98,250
	10,220	Azorim-Investment Development & Construction Co. Ltd.(b)		11,008
	9,030	Azrieli Group		290,394
	5,078	Babylon Ltd.		10,872
	28	Bayside Land Corp.		7,251
	111,791	Bezeq The Israeli Telecommunication Corp. Ltd.		194,685
	1,289	Bio-cell Ltd.(b)		7,260
	10,185	Cellcom Israel Ltd.(b)		119,115
	409	Ceragon Networks Ltd.(b)		1,414
	1,812,500	Check Point Software Technologies Ltd.(b)		105,161,250

Shares			Value
ISRAEL (continued)
	4,796	Clal Biotechnology Industries Ltd.(b)	$	10,419
	49,365	Clal Industries Ltd.		220,349
	13,327	Clal Insurance Enterprise Holdings Ltd.		261,835
	6,078	Compugen Ltd.(b)		60,534
	13,567	Delek Automotive Systems Ltd.		150,242
	1,004	Delek Group Ltd.		347,361
	3,947	Delta-Galil Industries Ltd.		92,904
	4,291	Direct Insurance Financial Investments Ltd.		23,766
	4,935	Elbit Systems Ltd.		263,806
	905	Electra Ltd.		113,720
	1	Electra Real Estate Ltd.(b)		2
	4,761	Elron Electronic Industries Ltd.(b)		34,861
	1,009	Equital Ltd.(b)		16,024
	205	Evogene Ltd.(b)		1,672
	4,175	EZchip Semiconductor Ltd.(b)		110,003
	16,965	First International Bank of Israel Ltd.		278,949
	3,427	Formula Systems (1985) Ltd.		89,226
	21,992	Frutarom Industries Ltd.		394,344
	1,557	Gilat Satellite Networks Ltd.(b)		7,935
	4,055	Given Imaging Ltd.(b)		81,221
	232	Golf & Co. Ltd.		810
	1,279	Hadera Paper Ltd.(b)		75,298
	63,930	Harel Insurance Investments & Financial Services Ltd.		375,830
	270	Industrial Buildings Corp.		487
	343,341	Israel Discount Bank Ltd. - Class A(b)		687,412
	1,736	Ituran Location & Control Ltd.		31,857
	4,804	Jerusalem Oil Exploration(b)		177,651
	5,171	Kamada Ltd.(b)		74,773
	89	Maabarot Products Ltd.		998
	4,100	Magic Software Enterprises Ltd.		25,673
	9,868	Matrix IT Ltd.		52,051
	692	Meitav DS Investments Ltd.		2,504
	1,459	Melisron Ltd.		38,675
	14,192	Menorah Mivtachim Holdings Ltd.		163,764
	158,600	Migdal Insurance & Financial Holding Ltd.		277,103
	1,673	Mivtach Shamir Holdings Ltd.		61,345
	99,963	Mizrahi Tefahot Bank Ltd.		1,173,617
	7,596	Naphtha Israel Petroleum Corp. Ltd.(b)		48,944
	736	Neto ME Holdings Ltd.(b)		39,198
	14,186	NICE Systems Ltd.		559,193
	200,000	NICE Systems Ltd. - ADR		7,836,000
	645	Nitsba Holdings 1995 Ltd.(b)		9,054
	2,068	Nova Measuring Instruments Ltd.(b)		18,180
	410,712	Oil Refineries Ltd.(b)		133,012
	26,031	Ormat Industries Ltd.(b)		175,988
	8,208	Osem Investments Ltd.		181,373

Shares			Value
ISRAEL (continued)
	15,937	Partner Communications Co. Ltd.(b)	$	131,338
	2,872	Paz Oil Co. Ltd.(b)		446,570
	29,349	Phoenix Holdings Ltd. (The)		115,607
	1,121	Plasson Industries Ltd.		37,099
	715	Rami Levi Chain Stores Hashikma Marketing 2006 Ltd.		38,728
	7,504	REIT 1 Ltd.		18,150
	68,879	Shikun & Binui Ltd.		165,056
	13,900	Shufersal Ltd.		56,170
	6,039	Strauss Group Ltd.		106,660
	213	Tower Semiconductor Ltd.(b)		1,032
	14,467	Union Bank of Israel(b)		64,904
				121,997,703
ITALY — 0.5%
	155,713	A2A SpA		175,584
	8,199	ACEA SpA		85,384
	3,675	Aeroporto di Venezia Marco Polo SAVE SpA		66,713
	27,658	Amplifon SpA		147,582
	13,437	Ansaldo STS SpA		142,852
	16,647	Arnoldo Mondadori Editore SpA(b)		35,622
	5,010	Ascopiave SpA		10,965
	23,080	Astaldi SpA		225,000
	19,385	Autogrill SpA(b)		174,239
	11,266	Azimut Holding SpA		286,197
	24,038	Banca Carige SpA(b)		19,289
	12,300	Banca Generali SpA		321,816
	4,248	Banca IFIS SpA		63,791
	287,012	Banca Monte dei Paschi di Siena SpA(b)		90,798
	74,620	Banca Piccolo Credito Valtellinese Scarl(b)		133,737
	116,594	Banca Popolare dell’Emilia Romagna Scarl(b)		1,121,598
	2,043,852	Banca Popolare di Milano Scarl(b)		1,370,597
	34,706	Banca Popolare di Sondrio Scarl		199,704
	907	Banco di Desio e della Brianza SpA		2,857
	752,572	Banco Popolare Scarl(b)		1,497,971
	3,334	BasicNet SpA(b)		8,691
	7,670	Biesse SpA(b)		44,447
	13,563	Brembo SpA		358,913
	2,448	Brunello Cucinelli SpA		76,447
	19,914	Buzzi Unicem SpA		345,279
	4,217	Caltagirone Editore SpA(b)		6,842
	32,411	Cementir Holding SpA		149,181
	83,313	CIR-Compagnie Industriali Riunite SpA(b)		138,797
	29,592	Credito Emiliano SpA		224,398
	9,148	Danieli & C Officine Meccaniche SpA		281,578

Shares			Value
ITALY (continued)
	4,885	Datalogic SpA	$	53,127
	93,104	Davide Campari-Milano SpA		811,568
	50,118	DeA Capital SpA(b)		95,267
	23,657	Delclima(b)		33,084
	19,373	De’Longhi SpA		299,863
	9,154	DiaSorin SpA		433,271
	1,977	Ei Towers SpA		82,676
	1,550	Engineering SpA		84,412
	24,995	ERG SpA		305,434
	5,852	Esprinet SpA		42,588
	78,369	Falck Renewables SpA(b)		133,433
	297,242	Fiat SpA(b)		2,336,738
	187,365	Finmeccanica SpA(b)		1,375,009
	151,956	Fondiaria-Sai SpA(b)		389,737
	457,280	Gemina SpA(b)		1,111,365
	75,696	Gruppo Editoriale L’Espresso SpA(b)		151,287
	30,467	Gtech SpA		926,201
	54,823	Hera SpA		110,687
	9,330	Immobiliare Grande Distribuzione REIT		11,141
	8,518	Impregilo SpA		54,357
	16,260	Indesit Co. SpA		168,227
	3,035	Industria Macchine Automatiche SpA		104,009
	198,830	Intek Group SpA(b)		85,929
	32,568	Interpump Group SpA		362,599
	112,590	Iren SpA		168,462
	49,156	Italcementi SpA		437,159
	1,809	Italmobiliare SpA(b)		58,948
	40,005	Juventus Football Club SpA(b)		13,003
	762	Landi Renzo SpA(b)		1,283
	1,779	Mariella Burani SpA(b)(c)(d)		0
	9,386	MARR SpA		147,574
	189,408	Mediaset SpA(b)		949,470
	176,249	Mediobanca SpA		1,609,312
	40,338	Mediolanum SpA		351,070
	145,710	Milano Assicurazioni SpA(b)		124,539
	7,534	Nice SpA		29,972
	254,284	Parmalat SpA		854,852
	56,015	Piaggio & C SpA		161,692
	134,537	Pirelli & C. SpA		1,896,097
	18,004	Poltrona Frau SpA(b)		59,157
	96,013	Premafin Finanziaria SpA(b)		21,888
	38,046	Prysmian SpA		929,829
	30,604	Recordati SpA		401,815
	490	Reply SpA		31,868
	70,103	Retelit SpA(b)		52,779
	29	Sabaf SpA		523
	82	SAES Getters SpA		797
	23,216	Safilo Group SpA(b)		475,977
	7,857	Salvatore Ferragamo SpA		269,257
	80,592	Saras SpA(b)		99,685
	12,427	Societa Cattolica di Assicurazioni SCRL		314,678

Shares			Value
ITALY (continued)
	19,995	Societa Iniziative Autostradali e Servizi SpA	$	209,585
	471	Societa per la Bonifica dei Terreni Ferraresi e Imprese Agricole SpA		22,574
	3,079	Socotherm SpA(b)(c)(d)		0
	15,879	Sogefi SpA		90,551
	12,888	SOL SpA		97,381
	60,496	Sorin SpA(b)		166,742
	6,138	Tamburi Investment Partners SpA		18,968
	20,102	Tiscali SpA(b)		1,198
	3,433	Tod’s SpA		571,926
	18,881	Trevi Finanziaria Industriale SpA		173,811
	6,610	Uni Land SpA(b)(c)(d)		0
	551,885	Unione di Banche Italiane SCPA		3,821,555
	143,016	Unipol Gruppo Finanziario SpA		759,246
	10,354	Vittoria Assicurazioni SpA		123,220
	19,385	World Duty Free SpA(b)		214,772
	13,735	Yoox SpA(b)		494,192
	11,183	Zignago Vetro SpA		71,850
				33,668,135
JAPAN — 4.5%
	181,000	77 Bank Ltd. (The)		892,759
	4,700	A&D Co. Ltd.		30,591
	1,800	ABC-Mart, Inc.		89,881
	59,600	Accordia Golf Co. Ltd.		652,188
	86,000	Achilles Corp.		142,561
	2,700	Adastria Holdings Co. Ltd.		126,035
	56,800	ADEKA Corp.		664,871
	2,000	Aderans Co. Ltd.		24,387
	7,200	Advan Co. Ltd.		88,526
	700	Aeon Delight Co. Ltd.		13,583
	2,200	Aeon Fantasy Co. Ltd.		34,411
	800	Agrex, Inc.		7,086
	13,400	Ahresty Corp.		106,023
	11,600	Ai Holdings Corp.		148,288
	22,400	Aica Kogyo Co. Ltd.		457,431
	4,500	Aichi Bank Ltd. (The)		204,109
	10,600	Aichi Corp.		55,841
	84,000	Aichi Steel Corp.		428,842
	16,000	Aichi Tokei Denki Co. Ltd.		46,700
	30,000	Aida Engineering Ltd.		288,925
	2,800	Ain Pharmaciez, Inc.		121,306
	7,400	Aiphone Co. Ltd.		120,938
	38,000	Air Water, Inc.		541,035
	11,300	Airport Facilities Co. Ltd.		98,486
	13,400	Aisan Industry Co. Ltd.		134,232
	11,300	Aizawa Securities Co. Ltd.		76,536
	13,900	Akebono Brake Industry Co. Ltd.		66,581
	82,000	Akita Bank Ltd. (The)		205,146
	900	Alconix Corp.		18,489

Shares			Value
JAPAN (continued)
	10,500	Alfresa Holdings Corp.	$	572,358
	79,500	Allied Telesis Holdings KK		75,999
	11,100	Alpen Co. Ltd.		230,512
	3,200	Alpha Corp.		33,845
	1,160	Alpha Systems, Inc.		15,820
	30,200	Alpine Electronics, Inc.		363,948
	86,600	Alps Electric Co. Ltd.(b)		755,647
	3,300	Alps Logistics Co. Ltd.		33,158
	1,500	Altech Corp.		16,079
	176,000	Amada Co. Ltd.		1,507,088
	16,800	Amano Corp.		163,848
	500	Amiyaki Tei Co. Ltd.		18,128
	3,500	Amuse, Inc.		66,526
	13,000	Anest Iwata Corp.		63,592
	31,000	Anritsu Corp.		404,485
	2,100	AOI Electronics Co. Ltd.		31,779
	8,400	AOKI Holdings, Inc.		278,918
	90,000	Aomori Bank Ltd. (The)		234,313
	27,100	Aoyama Trading Co. Ltd.		688,180
	10,600	Arakawa Chemical Industries Ltd.		106,183
	25,000	Araya Industrial Co. Ltd.		45,256
	9,700	Arcland Sakamoto Co. Ltd.		144,913
	17,638	Arcs Co. Ltd.		330,051
	3,600	Argo Graphics, Inc.		58,908
	219,500	Ariake Japan Co. Ltd.(d)		5,299,430
	22,800	Arisawa Manufacturing Co. Ltd.		153,268
	6,200	Arnest One Corp.(b)(c)		170,243
	5,190	As One Corp.		114,430
	2,900	Asahi Broadcasting Corp.		19,848
	4,000	Asahi Co. Ltd.		67,772
	20,000	Asahi Diamond Industrial Co. Ltd.		193,430
	4,650	Asahi Holdings, Inc.		76,562
	13,000	Asahi Kogyosha Co. Ltd.		46,669
	3,000	Asahi Net, Inc.		14,858
	49,000	Asahi Organic Chemicals Industry Co. Ltd.		109,631
	23,000	Asanuma Corp.(b)		37,659
	12,400	Asatsu-DK, Inc.		339,603
	3,100	Asax Co. Ltd.		44,263
	24,000	Ashimori Industry Co. Ltd.(b)		31,974
	18,000	ASKA Pharmaceutical Co. Ltd.		133,449
	12,000	Asunaro Aoki Construction Co. Ltd.		69,928
	77,000	Atsugi Co. Ltd.		90,837
	60,900	Autobacs Seven Co. Ltd.		885,661
	5,800	Avex Group Holdings, Inc.		146,637
	114,000	Awa Bank Ltd. (The)		593,593
	5,100	Axial Retailing, Inc.		82,882
	9,300	Azbil Corp.		223,775
	47,000	Bando Chemical Industries Ltd.		182,589
	6,500	Bank of Iwate Ltd. (The)		294,493
	26,000	Bank of Kochi Ltd. (The)		29,615
	87,000	Bank of Nagoya Ltd. (The)		297,285
	15,100	Bank of Okinawa Ltd. (The)		582,777

Shares			Value
JAPAN (continued)
	62,000	Bank of Saga Ltd. (The)	$	133,042
	25,200	Bank of the Ryukyus Ltd.		274,988
	8,100	Belc Co. Ltd.		147,041
	40,400	Belluna Co. Ltd.		213,648
	3,100	Best Bridal, Inc.		21,785
	26,500	Best Denki Co. Ltd.(b)		41,234
	244	Bic Camera, Inc.		119,854
	1,700	BML, Inc.		57,917
	2,100	Bookoff Corp.		14,095
	43,900	Brother Industries Ltd.		496,012
	27,000	Bunka Shutter Co. Ltd.		151,022
	500	C Uyemura & Co. Ltd.		21,179
	4,600	CAC Corp.		40,887
	74,000	Calsonic Kansei Corp.		354,459
	2,000	Can Do Co. Ltd.		32,767
	4,800	Canon Electronics, Inc.		89,576
	26,100	Canon Marketing Japan, Inc.		348,513
	7,600	Carlit Holdings Co., Ltd.(b)		38,027
	41,500	Casio Computer Co. Ltd.		395,459
	9,900	Cawachi Ltd.		185,757
	90,000	Central Glass Co. Ltd.		312,112
	2,000	Central Security Patrols Co. Ltd.		18,835
	1,000	Central Sports Co. Ltd.		15,560
	22,650	Century Tokyo Leasing Corp.		714,075
	22,100	Chiba Kogyo Bank Ltd. (The)(b)		167,666
	19,000	Chino Corp.		44,249
	8,400	Chiyoda Co. Ltd.		184,009
	4,200	Chiyoda Integre Co. Ltd.		72,527
	500	Chofu Seisakusho Co. Ltd.		11,568
	4,600	Chori Co. Ltd.		54,921
	13,500	Chubu Shiryo Co. Ltd.		78,531
	67,000	Chuetsu Pulp & Paper Co. Ltd.		108,339
	153,000	Chugai Mining Co. Ltd.(b)		52,903
	28,000	Chugai Ro Co. Ltd.		73,182
	29,000	Chugoku Bank Ltd. (The)		416,140
	8,000	Chugoku Marine Paints Ltd.		45,561
	58,000	Chukyo Bank Ltd. (The)		104,404
	6,700	Chuo Denki Kogyo Co. Ltd.(b)		22,622
	7,000	Chuo Spring Co. Ltd.		21,855
	76,900	Citizen Holdings Co. Ltd.		545,096
	24,700	CKD Corp.		228,336
	11,000	Cleanup Corp.		96,207
	2,000	CMIC Holdings Co. Ltd.		27,337
	15,600	CMK Corp.		44,739
	33,023	Coca-Cola East Japan Co. Ltd.		584,359
	22,800	Coca-Cola West Co. Ltd.		461,658
	8,190	Cocokara Fine, Inc.		232,465
	6,100	Computer Engineering & Consulting Ltd.		38,773
	4,400	Computer Institute of Japan Ltd.		18,212
	61,600	COMSYS Holdings Corp.		851,988
	4,500	CONEXIO Corp.		38,625
	4,000	Co-Op Chemical Co. Ltd.(b)		5,695
	6,800	Corona Corp.		76,762

Shares			Value
JAPAN (continued)
	5,100	Cosel Co. Ltd.	$	63,692
	196,000	Cosmo Oil Co. Ltd.(b)		344,839
	3,500	Cosmos Pharmaceutical Corp.		425,709
	2,700	Create Medic Co. Ltd.		26,003
	900	Create SD Holdings Co. Ltd.		32,721
	8,400	CTI Engineering Co. Ltd.		75,603
	2,300	Cybernet Systems Co. Ltd.		8,070
	22,000	Dai Nippon Toryo Co. Ltd.		37,140
	6,100	Daibiru Corp.		77,297
	160,000	Daicel Corp.		1,344,046
	9,000	Dai-Dan Co. Ltd.		48,052
	17,000	Daido Kogyo Co. Ltd.		48,754
	13,000	Daido Metal Co. Ltd.		136,042
	109,000	Daido Steel Co. Ltd.		622,984
	7,300	Daidoh Ltd.		49,889
	47,600	Daiei, Inc. (The)(b)		164,589
	10,500	Daifuku Co. Ltd.		134,333
	5,000	Daihatsu Diesel Manufacturing Co. Ltd.		25,628
	21,000	Daihen Corp.		89,271
	43,000	Daiho Corp.		160,927
	22,000	Daiichi Jitsugyo Co. Ltd.		94,193
	600	Daiichi Kigenso Kagaku-Kogyo Co. Ltd.		18,220
	2,700	Daiichikosho Co. Ltd.		77,021
	27,000	Daiken Corp.		73,314
	19,000	Daiki Aluminium Industry Co. Ltd.		53,331
	7,200	Daiko Clearing Services Corp.		49,792
	3,300	Daikoku Denki Co. Ltd.		72,121
	1,000	Daikokutenbussan Co. Ltd.		29,960
	148,000	Daikyo, Inc.		457,561
	5,300	Dainichi Co. Ltd.		44,414
	39,000	Dainichiseika Color & Chemicals Manufacturing Co. Ltd.		161,822
	34,000	Daisan Bank Ltd. (The)		55,670
	11,210	Daiseki Co. Ltd.		219,457
	86,000	Daishi Bank Ltd. (The)		299,115
	22,000	Daishinku Corp.		83,006
	26,000	Daiso Co. Ltd.		78,796
	2,200	Daisyo Corp.		28,996
	88,000	Daito Bank Ltd. (The)		92,179
	66	Daiwa House Residential Investment Corp. REIT		273,182
	13,000	Daiwa Industries Ltd.		81,704
	47,000	Daiwabo Holdings Co. Ltd.		89,861
	10,400	DC Co. Ltd.		75,729
	56,860	DCM Holdings Co. Ltd.		396,106
	227,000	Denki Kagaku Kogyo KK		946,507
	25,000	Denki Kogyo Co. Ltd.		165,006
	12,600	Denyo Co. Ltd.		154,665
	19,000	Descente Ltd.		138,737
	182,000	DIC Corp.		523,808
	3,200	Disco Corp.		201,444
	23,000	DKS Co. Ltd.		56,605

Shares			Value
JAPAN (continued)
	45,600	DMG Mori Seiki Co. Ltd.	$	735,499
	10,700	Doshisha Co. Ltd.		154,847
	6,874	Doutor Nichires Holdings Co. Ltd.		124,645
	71,000	Dowa Holdings Co. Ltd.		667,182
	23	Dr Ci:Labo Co. Ltd.		75,903
	6,800	DTS Corp.		116,249
	6,600	Dunlop Sports Co. Ltd.		82,089
	40,300	Duskin Co. Ltd.		817,640
	4,400	Dydo Drinco, Inc.		185,925
	18,000	Dynic Corp.		31,669
	11,000	Eagle Industry Co. Ltd.		176,081
	1,800	Earth Chemical Co. Ltd.		66,816
	242,000	Ebara Corp.		1,294,539
	300	Echo Trading Co. Ltd.		2,212
	37,000	EDION Corp.		184,755
	66,000	Ehime Bank Ltd. (The)		158,405
	18,000	Eidai Co. Ltd.		97,752
	89,000	Eighteenth Bank Ltd. (The)		204,556
	6,400	Eiken Chemical Co. Ltd.		118,133
	9,300	Eizo Corp.		228,126
	2,100	Elematec Corp.		30,476
	2,800	Emori & Co. Ltd.		46,330
	1,900	Enplas Corp.		124,631
	4	EPS Corp.		4,145
	17,500	ESPEC Corp.		135,971
	4,800	Excel Co. Ltd.		56,919
	14,400	Exedy Corp.		426,303
	12,000	Ezaki Glico Co. Ltd.		133,021
	3,810	Faith, Inc.		39,987
	3,000	Falco SD Holdings Co. Ltd.		38,991
	10,100	Fancl Corp.		119,869
	423,100	FCC Co. Ltd.(d)		9,621,190
	800	Felissimo Corp.		8,063
	19,300	Ferrotec Corp.		94,410
	57,200	FIDEA Holdings Co. Ltd.		112,271
	3,900	Fields Corp.		69,092
	5,000	First Baking Co. Ltd.(b)		7,882
	15,100	Foster Electric Co. Ltd.		294,230
	4,300	FP Corp.		331,476
	34,000	France Bed Holdings Co. Ltd.		70,192
	900	F-Tech, Inc.		15,651
	8,500	Fudo Tetra Corp.(b)		16,424
	5,900	Fuji Co. Ltd.		106,084
	10,600	Fuji Corp. Ltd.		72,550
	220,000	Fuji Electric Co. Ltd.		982,203
	7,500	Fuji Electronics Co. Ltd.		102,664
	13,000	Fuji Kiko Co. Ltd.		44,554
	26,600	Fuji Oil Co. Ltd.		483,415
	9,000	Fuji Oil Co. Ltd.		32,218
	2,900	Fuji Pharma Co. Ltd.		51,435
	3,900	Fuji Seal International, Inc.		117,083
	7,400	Fuji Soft, Inc.		146,901
	36,000	Fujibo Holdings, Inc.		73,223
	7,600	Fujicco Co. Ltd.		94,372
	12,100	Fujikura Kasei Co. Ltd.		65,711

Shares			Value
JAPAN (continued)
	169,000	Fujikura Ltd.	$	768,260
	3,000	Fujikura Rubber Ltd.		13,333
	3,100	Fujimi, Inc.		41,552
	6,300	Fujimori Kogyo Co. Ltd.		186,251
	40,000	Fujitec Co. Ltd.		490,186
	4,200	Fujitsu Frontech Ltd.		34,427
	18,000	Fujitsu General Ltd.		217,655
	7,700	FuKoKu Co. Ltd.		65,622
	19,000	Fukuda Corp.		78,643
	63,000	Fukui Bank Ltd. (The)		137,110
	117,000	Fukushima Bank Ltd. (The)		103,519
	5,200	Fukushima Industries Corp.		69,594
	105,000	Fukuyama Transporting Co. Ltd.		669,531
	7,800	Funai Consulting Ltd.		62,270
	48,000	Furukawa Co. Ltd.		99,583
	285,000	Furukawa Electric Co. Ltd.		657,938
	8,100	Furuno Electric Co. Ltd.		52,803
	4,000	Furusato Industries Ltd.		41,371
	100	Fuso Chemical Co. Ltd.		2,493
	13,000	Fuso Pharmaceutical Industries Ltd.		41,249
	5,100	Futaba Corp.		70,434
	14,900	Futaba Industrial Co. Ltd.(b)		55,309
	300	Future Architect, Inc.		1,754
	14,300	Fuyo General Lease Co. Ltd.		591,167
	900	G-7 Holdings, Inc.		7,139
	20,000	Gakken Holdings Co. Ltd.		61,629
	6,400	Gecoss Corp.		49,336
	6,500	Geo Holdings Corp.		60,551
	12,000	GLOBERIDE, Inc.		20,380
	15,800	Glory Ltd.		390,621
	62,000	Godo Steel Ltd.		113,495
	6,480	Goldcrest Co. Ltd.		172,594
	22,000	Goldwin, Inc.		104,485
	2,000	Gourmet Kineya Co. Ltd.		13,811
	86,000	GS Yuasa Corp.		515,143
	36,000	GSI Creos Corp.		53,453
	4,000	G-Tekt Corp.		117,767
	20,900	Gulliver International Co. Ltd.		124,129
	24,000	Gun-Ei Chemical Industry Co. Ltd.		118,621
	194,000	Gunma Bank Ltd. (The)		1,116,689
	63,000	Gunze Ltd.		167,863
	6,600	H.I.S. Co. Ltd.		355,070
	65,000	H2O Retailing Corp.		550,646
	65,000	Hachijuni Bank Ltd. (The)		399,268
	5,800	Hakudo Co. Ltd.		47,306
	106,300	Hakuhodo DY Holdings, Inc.		819,439
	9,600	Hakuto Co. Ltd.		92,651
	1,400	Hamakyorex Co. Ltd.		38,698
	8,800	Hamamatsu Photonics KK		328,445
	172,000	Hanwa Co. Ltd.		797,641
	3,500	Happinet Corp.		26,304
	7,400	Hard Off Corp. Co. Ltd.		55,916
	6,400	Harima Chemicals Group, Inc.		31,567

Shares			Value
JAPAN (continued)
	3,000	Haruyama Trading Co. Ltd.	$	20,563
	50,300	Haseko Corp.(b)		370,357
	64,260	Hazama Ando Corp.		235,918
	15,600	Heiwa Corp.		260,820
	15,900	Heiwa Real Estate Co. Ltd.		285,886
	18,000	Heiwado Co. Ltd.		279,894
	20,900	Hibiya Engineering Ltd.		253,572
	4,200	Hiday Hidaka Corp.		89,570
	10,000	Higashi Nihon House Co. Ltd.		53,290
	81,000	Higashi-Nippon Bank Ltd. (The)		178,755
	86,000	Higo Bank Ltd. (The)		487,155
	9,000	Hikari Tsushin, Inc.		665,412
	1,000	HI-LEX Corp.		21,519
	1,300	Hioki EE Corp.		18,562
	76,000	Hiroshima Bank Ltd. (The)		321,530
	15,000	Hisaka Works Ltd.		134,547
	24,700	Hitachi Capital Corp.		660,140
	51,700	Hitachi Chemical Co. Ltd.		790,248
	7,600	Hitachi High-Technologies Corp.		174,059
	11,600	Hitachi Koki Co. Ltd.		84,585
	5,000	Hitachi Kokusai Electric, Inc.		67,019
	14,000	Hitachi Medical Corp.		195,769
	12,030	Hitachi Metals Ltd.		161,493
	15,600	Hitachi Transport System Ltd.		247,176
	42,400	Hitachi Zosen Corp.		335,906
	5,000	Hochiki Corp.		25,221
	17,000	Hodogaya Chemical Co. Ltd.		34,923
	20,200	Hogy Medical Co. Ltd.		1,173,009
	26,100	Hokkaido Electric Power Co., Inc.(b)		334,976
	10,000	Hokkaido Gas Co. Ltd.		27,052
	28,000	Hokkan Holdings Ltd.		88,274
	15,000	Hokko Chemical Industry Co. Ltd.		45,307
	139,000	Hokkoku Bank Ltd. (The)		511,726
	114,000	Hokuetsu Bank Ltd. (The)		235,350
	49,865	Hokuetsu Kishu Paper Co. Ltd.		231,753
	551,000	Hokuhoku Financial Group, Inc.		1,131,923
	8,000	Hokuriku Electric Industry Co. Ltd.		11,146
	21,100	Hokuriku Electric Power Co.		299,559
	6,800	Hokuto Corp.		130,288
	7,100	H-One Co. Ltd.		72,206
	7,320	Honeys Co. Ltd.		80,175
	151,500	Horiba Ltd.		5,515,814
	9,900	Hoshizaki Electric Co. Ltd.		361,950
	33,800	Hosiden Corp.		184,245
	18,000	Hosokawa Micron Corp.		127,591
	44,500	House Foods Group, Inc.		703,275
	8,700	Howa Machinery Ltd.		79,276
	1,000	Hurxley Corp.		7,709
	200	Hutech Norin Co. Ltd.		2,121
	68,000	Hyakugo Bank Ltd. (The)		275,928

Shares			Value
JAPAN (continued)
	95,000	Hyakujushi Bank Ltd. (The)	$	344,910
	39,200	Ibiden Co. Ltd.		676,123
	7,300	IBJ Leasing Co. Ltd.		204,382
	2,400	Ichibanya Co. Ltd.		102,512
	21,000	Ichikoh Industries Ltd.(b)		40,151
	7,300	ICHINEN Holdings Co. Ltd.		52,042
	2,300	Icom, Inc.		53,027
	6,700	Idec Corp.		60,029
	20,000	Ihara Chemical Industry Co. Ltd.		149,903
	19,500	Iino Kaiun Kaisha Ltd.		127,713
	13,680	IJT Technology Holdings Co. Ltd.(b)		73,318
	22,000	Ikegami Tsushinki Co. Ltd.(b)		23,716
	6,600	Imasen Electric Industrial		92,962
	10,400	Inaba Denki Sangyo Co. Ltd.		312,751
	3,200	Inaba Seisakusho Co. Ltd.		41,395
	25,700	Inabata & Co. Ltd.		250,649
	10,800	Inageya Co. Ltd.		111,482
	25	Industrial & Infrastructure Fund Investment Corp. REIT		231,364
	12,200	Ines Corp.		80,647
	600	I-Net Corp.		4,393
	6,200	Information Services International-Dentsu Ltd.		69,800
	4,200	Innotech Corp.		19,306
	1,400	Intage Holdings, Inc.		18,452
	7,000	Internet Initiative Japan, Inc.		195,983
	12,000	Inui Steamship Co. Ltd.(b)		46,863
	800	Iriso Electronics Co. Ltd.		31,404
	6,000	Ise Chemical Corp.		51,561
	21,000	Iseki & Co. Ltd.		67,914
	145,000	Ishihara Sangyo Kaisha Ltd.(b)		134,191
	14,000	Ishizuka Glass Co. Ltd.		52,965
	45,766	IT Holdings Corp.		656,726
	14,000	Ito En Ltd.		313,800
	29,000	Itochu Enex Co. Ltd.		157,785
	2,000	Itochu-Shokuhin Co. Ltd.		66,104
	71,000	Itoham Foods, Inc.		298,932
	27,600	Itoki Corp.		139,502
	8,400	Iwai Cosmo Holdings, Inc.		104,648
	27,000	Iwasaki Electric Co. Ltd.(b)		57,114
	63,000	Iwatani Corp.		288,956
	42,000	Iwatsu Electric Co. Ltd.		42,286
	138,000	Iyo Bank Ltd. (The)		1,434,313
	20,100	Izumi Co. Ltd.		651,058
	29,000	Izumiya Co. Ltd.		136,845
	46,000	Izutsuya Co. Ltd.(b)		41,167
	900	Jalux, Inc.		10,544
	98,000	Janome Sewing Machine Co. Ltd.(b)		81,725
	14,900	Japan Airport Terminal Co. Ltd.		359,582
	23,000	Japan Aviation Electronics Industry Ltd.		230,398
	13,700	Japan Digital Laboratory Co. Ltd.		163,152

Shares			Value
JAPAN (continued)
	2,900	Japan Electronic Materials Corp.	$	10,676
	20,300	Japan Foundation Engineering Co. Ltd.		87,121
	6,400	Japan Medical Dynamic Marketing, Inc.		19,526
	4,700	Japan Petroleum Exploration Co.		190,715
	50,000	Japan Pulp & Paper Co. Ltd.		161,192
	23,000	Japan Radio Co. Ltd.(b)		86,545
	78,000	Japan Steel Works Ltd. (The)		433,906
	26,000	Japan Transcity Corp.		86,200
	8,000	Japan Vilene Co. Ltd.		45,968
	38,000	Japan Wool Textile Co. Ltd. (The)		298,729
	6,500	Jastec Co. Ltd.		56,915
	10,000	JBCC Holdings, Inc.		92,546
	3,500	Jimoto Holdings, Inc.		7,653
	1,400	JK Holdings Co. Ltd.		8,657
	20,000	JMS Co. Ltd.		65,087
	50,000	J-Oil Mills, Inc.		157,632
	20,000	Joshin Denki Co. Ltd.		162,717
	8,000	JSP Corp.		126,838
	145,000	Juroku Bank Ltd. (The)		566,256
	4,000	Justsystems Corp.(b)		38,442
	2,000	Kabuki-Za Co. Ltd.		99,563
	7,600	Kadokawa Corp.		276,314
	10,500	Kaga Electronics Co. Ltd.		105,395
	8,100	Kagome Co. Ltd.		140,368
	77,000	Kagoshima Bank Ltd. (The)		516,048
	45,200	Kakaku.com, Inc.		870,627
	28,000	Kaken Pharmaceutical Co. Ltd.		436,815
	5,800	Kameda Seika Co. Ltd.		171,057
	13,700	Kamei Corp.		101,709
	114,000	Kamigumi Co. Ltd.		988,935
	14,000	Kanaden Corp.		93,400
	10,000	Kanagawa Chuo Kotsu Co. Ltd.		51,663
	12,000	Kanamoto Co. Ltd.		323,035
	54,000	Kandenko Co. Ltd.		340,486
	101,000	Kaneka Corp.		637,862
	189,000	Kanematsu Corp.		255,639
	12,300	Kanematsu Electronics Ltd.		159,864
	15,000	Kanto Denka Kogyo Co. Ltd.(b)		31,882
	16,000	Kanto Natural Gas Development Ltd.		112,600
	18,000	Kasai Kogyo Co. Ltd.		108,919
	16,800	Kasumi Co. Ltd.		103,537
	5,000	Katakura Industries Co. Ltd.		59,087
	11,900	Kato Sangyo Co. Ltd.		243,615
	50,000	Kato Works Co. Ltd.		341,706
	2,400	KAWADA Technologies, Inc.		71,221
	32,000	Kawai Musical Instruments Manufacturing Co. Ltd.		60,205
	8,000	Kawasaki Kinkai Kisen Kaisha Ltd.		23,757
	564,000	Kawasaki Kisen Kaisha Ltd.		1,284,816

Shares			Value
JAPAN (continued)
	7,000	Kawasumi Laboratories, Inc.	$	45,418
	55,000	Keihan Electric Railway Co. Ltd.		225,974
	15,900	Keihanshin Building Co. Ltd.		87,803
	11,000	Keihin Co. Ltd. (The)		20,807
	20,200	Keihin Corp.		328,484
	159,000	Keiyo Bank Ltd. (The)		806,885
	21,200	Keiyo Co. Ltd.		99,607
	800	Kenko Mayonnaise Co. Ltd.		7,257
	2,000	Kentucky Fried Chicken Japan Ltd.		42,734
	36,200	Kewpie Corp.		543,755
	6,525	KEY Coffee, Inc.		103,320
	11,200	Kimoto Co. Ltd.		126,545
	49,000	Kinden Corp.		536,194
	600	King Jim Co. Ltd.		4,210
	7,000	Kinki Sharyo Co. Ltd.		21,357
	7,200	Kintetsu World Express, Inc.		273,853
	6,000	Kinugawa Rubber Industrial Co. Ltd.		33,011
	4,400	Kisoji Co. Ltd.		81,172
	13,900	Kissei Pharmaceutical Co. Ltd.		320,747
	66,000	Kitagawa Iron Works Co. Ltd.		138,269
	4,600	Kita-Nippon Bank Ltd. (The)		113,023
	21,000	Kitano Construction Corp.		49,547
	3,600	Kito Corp.		56,455
	31,000	Kitz Corp.		133,042
	28,100	Kiyo Bank Ltd. (The)(b)(d)		373,505
	4,200	KLab, Inc.(b)		33,573
	29,600	Koa Corp.		277,547
	22,000	Koatsu Gas Kogyo Co. Ltd.		122,160
	8,200	Kobayashi Pharmaceutical Co. Ltd.		457,826
	4,000	Kobe Steel Ltd.(b)		7,038
	14,800	Kohnan Shoji Co. Ltd.		155,330
	1,300	Kohsoku Corp.		12,401
	13,000	Koike Sanso Kogyo Co. Ltd.		30,276
	33,000	Koito Manufacturing Co. Ltd.		599,054
	8,800	Kojima Co. Ltd.(b)		24,432
	48,100	Kokuyo Co. Ltd.		367,366
	23,000	KOMAIHALTEC, Inc.		76,020
	5,000	Komatsu Seiren Co. Ltd.		26,594
	4,300	Komatsu Wall Industry Co. Ltd.		90,347
	14,800	Komeri Co. Ltd.		360,480
	12,300	Komori Corp.		192,512
	9,800	Konaka Co. Ltd.		87,107
	7,700	Konami Corp.		185,354
	4,000	Kondotec, Inc.		30,428
	9,700	Konishi Co.Ltd.		195,125
	6,500	Kose Corp.		189,652
	12,000	Krosaki Harima Corp.		29,655
	4,200	KRS Corp.		46,002
	22,628	K’s Holdings Corp.		661,834
	1,000	KU Holdings Co. Ltd.		13,272
	7,000	Kumiai Chemical Industry Co. Ltd.		51,897

Shares			Value
JAPAN (continued)
	2,100	Kura Corp.	$	34,000
	125,000	Kurabo Industries Ltd.		217,380
	19,000	Kureha Corp.		73,040
	56,000	Kurimoto Ltd.		158,894
	12,500	Kurita Water Industries Ltd.		272,043
	23,400	Kuroda Electric Co. Ltd.		326,739
	500	Kusuri No Aoki Co. Ltd.		31,221
	72,000	KYB Co. Ltd.		414,441
	43,000	Kyodo Printing Co. Ltd.		119,384
	41,000	Kyodo Shiryo Co. Ltd.		46,700
	2,000	Kyoei Sangyo Co. Ltd.		3,926
	7,400	Kyoei Steel Ltd.		152,395
	5,000	Kyokuto Boeki Kaisha Ltd.(b)		10,780
	17,700	Kyokuto Kaihatsu Kogyo Co. Ltd.		220,687
	26,000	Kyokuyo Co. Ltd.		70,599
	24,800	KYORIN Holdings, Inc.		526,871
	4,500	Kyoritsu Maintenance Co. Ltd.		172,531
	22,000	Kyosan Electric Manufacturing Co. Ltd.		72,938
	2,400	Kyoto Kimono Yuzen Co. Ltd.		25,213
	47,500	Kyowa Exeo Corp.		562,290
	1,600	Kyowa Leather Cloth Co. Ltd.		7,290
	4,000	Kyudenko Corp.		24,041
	2,800	Lasertec Corp.		28,789
	2,700	LEC, Inc.		34,378
	8,600	Life Corp.		142,911
	19,500	Lintec Corp.		402,970
	54,000	Lion Corp.		323,462
	25,000	Look, Inc.		75,511
	4,300	Mabuchi Motor Co. Ltd.		227,835
	5,300	Macnica, Inc.		143,320
	12,000	Macromill, Inc.		75,297
	68,000	Maeda Corp.		486,850
	47,000	Maeda Road Construction Co. Ltd.		832,167
	5,000	Maezawa Kasei Industries Co. Ltd.		53,137
	5,000	Maezawa Kyuso Industries Co. Ltd.		65,189
	78,000	Makino Milling Machine Co. Ltd.		508,471
	6,000	Mandom Corp.		205,329
	4,900	Mars Engineering Corp.		93,535
	11,900	Marubun Corp.		54,702
	95,000	Marudai Food Co. Ltd.		298,536
	18,000	Maruetsu, Inc. (The)		59,677
	4,000	Marufuji Sheet Piling Co. Ltd.		10,699
	95,910	Maruha Nichiro Holdings, Inc.		183,373
	200	Marui Group Co. Ltd.		1,906
	20,200	Maruichi Steel Tube Ltd.		492,212
	1,600	Maruka Machinery Co. Ltd.		23,871
	22,900	Marusan Securities Co. Ltd.		186,544
	2,900	Maruwa Co. Ltd.		104,993
	20,000	Maruyama Manufacturing Co., Inc.		54,917

Shares			Value
JAPAN (continued)
	900	Maruzen CHI Holdings Co. Ltd.(b)	$	2,609
	36,000	Maruzen Showa Unyu Co. Ltd.		131,801
	6,400	Marvelous AQL, Inc.		39,443
	6,500	Matsuda Sangyo Co. Ltd.		90,827
	13,300	Matsui Securities Co. Ltd.		141,345
	22,000	Matsumotokiyoshi Holdings Co. Ltd.		740,567
	2,700	Matsuya Foods Co. Ltd.		42,945
	12,000	Max Co. Ltd.		134,730
	3,700	Maxvalu Tokai Co. Ltd.		52,604
	2,400	MEC Co. Ltd.		10,154
	79,100	Medipal Holdings Corp.		1,065,071
	3,500	Megachips Corp.		57,236
	8,000	Megmilk Snow Brand Co. Ltd.		113,495
	65,000	Meidensha Corp.		241,940
	3,000	Meiko Electronics Co. Ltd.(b)		22,760
	6,700	Meiko Network Japan Co. Ltd.		77,132
	9,000	Meisei Industrial Co. Ltd.		38,534
	10,700	Meitec Corp.		284,339
	200	Meito Transportation Co. Ltd.		1,318
	20,900	Meiwa Corp.		68,866
	10,100	Meiwa Estate Co. Ltd.(b)		43,038
	3,000	Melco Holdings, Inc.		41,005
	1,400	Message Co. Ltd.		39,439
	70,000	Michinoku Bank Ltd. (The)		145,225
	23,000	Mie Bank Ltd. (The)		46,781
	2,448	Milbon Co. Ltd.		101,699
	9,700	Mimasu Semiconductor Industry Co. Ltd.		84,738
	79,000	Minato Bank Ltd. (The)		137,384
	59,000	Minebea Co. Ltd.		325,211
	12,600	Ministop Co. Ltd.		196,439
	182,700	Miraca Holdings, Inc.		8,203,198
	1,100	Miraial Co. Ltd.		17,832
	29,540	Mirait Holdings Corp.		261,663
	8,500	Misawa Homes Co. Ltd.		151,968
	23,300	MISUMI Group, Inc.		679,830
	5,600	Mitani Corp.		120,964
	8,000	Mito Securities Co. Ltd.		38,157
	16,000	Mitsuba Corp.		237,405
	21,000	Mitsubishi Gas Chemical Co., Inc.		170,853
	32,000	Mitsubishi Kakoki Kaisha Ltd.(b)		63,785
	22,000	Mitsubishi Logistics Corp.		304,058
	18,000	Mitsubishi Nichiyu Forklift Co. Ltd.		89,149
	148,000	Mitsubishi Paper Mills Ltd.(b)		133,957
	10,600	Mitsubishi Pencil Co. Ltd.		276,076
	3,400	Mitsubishi Shokuhin Co. Ltd.		94,881
	80,000	Mitsubishi Steel Manufacturing Co. Ltd.		226,991
	20,000	Mitsuboshi Belting Co. Ltd.		102,919
	429,000	Mitsui Chemicals, Inc.		1,134,344

Shares			Value
JAPAN (continued)
	350,000	Mitsui Engineering & Shipbuilding Co. Ltd.	$	683,413
	19,000	Mitsui High-Tec, Inc.		134,099
	14,000	Mitsui Home Co. Ltd.		70,477
	51,100	Mitsui Knowledge Industry Co. Ltd.		80,031
	102,000	Mitsui Matsushima Co. Ltd.		157,673
	285,000	Mitsui Mining & Smelting Co. Ltd.		724,601
	66,000	Mitsui Sugar Co. Ltd.		236,266
	20,000	Mitsui-Soko Co. Ltd.		99,868
	61,100	Mitsumi Electric Co. Ltd.(b)		409,487
	10,500	Mitsuuroko Holdings Co. Ltd.		50,508
	10,400	Miura Co. Ltd.		272,137
	38,000	Miyaji Engineering Group, Inc.(b)		83,860
	60,000	Miyazaki Bank Ltd. (The)		173,904
	26,000	Miyoshi Oil & Fat Co. Ltd.		41,778
	62,000	Mizuno Corp.		348,683
	3,800	Mochida Pharmaceutical Co. Ltd.		240,761
	2,200	Modec, Inc.		66,472
	21,400	Monex Group, Inc.		77,478
	5,100	Monotaro Co. Ltd.		119,344
	82,000	Morinaga & Co. Ltd.		174,291
	101,000	Morinaga Milk Industry Co. Ltd.		314,309
	16,000	Morita Holdings Corp.		140,588
	22,000	Mory Industries, Inc.		92,403
	9,300	MOS Food Services, Inc.		180,079
	14,500	Moshi Moshi Hotline, Inc.		181,674
	11,900	Mr Max Corp.		40,542
	2,000	Murakami Corp.		28,476
	274,500	Musashi Seimitsu Industry Co. Ltd.		6,454,226
	21,800	Musashino Bank Ltd. (The)		762,656
	15,000	Mutoh Holdings Co. Ltd.		64,680
	13,500	Nabtesco Corp.		328,267
	2,500	NAC Co. Ltd.		44,849
	57,000	Nachi-Fujikoshi Corp.		278,247
	5,500	Nagaileben Co. Ltd.		90,669
	24,000	Nagano Bank Ltd. (The)		43,201
	1,000	Nagano Keiki Co. Ltd.		6,956
	91,400	Nagase & Co. Ltd.		1,133,089
	7,000	Nagatanien Co. Ltd.		63,500
	88,000	Nagoya Railroad Co. Ltd.		255,059
	22,000	Nakabayashi Co. Ltd.		47,880
	13,000	Nakamuraya Co. Ltd.		53,544
	27,000	Nakayama Steel Works Ltd.(b)		30,754
	11,200	Namura Shipbuilding Co. Ltd.		161,285
	53,000	Nankai Electric Railway Co. Ltd.		197,813
	4,000	Nanto Bank Ltd. (The)		15,824
	3,600	Natori Co. Ltd.		35,367
	16,000	NDS Co. Ltd.		46,049
	9,600	NEC Capital Solutions Ltd.		236,461
	7,400	NEC Fielding Ltd.		83,610

Shares			Value
JAPAN (continued)
	14,100	NEC Networks & System Integration Corp.	$	354,041
	17,800	NET One Systems Co. Ltd.		124,001
	27,200	Neturen Co. Ltd.		238,999
	5,200	New Japan Chemical Co. Ltd.(b)		16,076
	20,000	NGK Spark Plug Co. Ltd.		454,592
	63,700	NHK Spring Co. Ltd.		662,718
	41,000	Nice Holdings, Inc.		106,326
	11,000	Nichia Steel Works Ltd.		40,161
	38,000	Nichias Corp.		256,605
	17,000	Nichiban Co. Ltd.		66,389
	32,700	Nichicon Corp.		340,202
	2,600	Nichiden Corp.		61,239
	12,000	Nichiha Corp.		171,708
	19,100	Nichii Gakkan Co.		191,136
	22,000	Nichimo Co. Ltd.		44,747
	125,000	Nichirei Corp.		643,242
	18,000	Nichireki Co. Ltd.		185,803
	4,600	Nidec Copal Electronics Corp.		28,349
	1,487	Nidec Corp.		144,118
	466,300	Nifco, Inc.(d)		12,377,128
	3,900	NIFTY Corp.		50,768
	218	Nihon Chouzai Co. Ltd.		6,150
	9,700	Nihon Dempa Kogyo Co. Ltd.		90,065
	12,300	Nihon Kohden Corp.		504,734
	3,000	Nihon M&A Center, Inc.		231,567
	21,000	Nihon Nohyaku Co. Ltd.		250,727
	24,000	Nihon Parkerizing Co. Ltd.		467,650
	2,800	Nihon Plast Co. Ltd.		16,146
	1,000	Nihon Shokuhin Kako Co. Ltd.		3,814
	1,100	Nihon Tokushu Toryo Co. Ltd.		4,575
	13,600	Nihon Unisys Ltd.		120,883
	37,000	Nihon Yamamura Glass Co. Ltd.		68,107
	29,000	Nikkiso Co. Ltd.		358,334
	9,000	Nikko Co. Ltd.		52,171
	55,000	Nippo Corp.		1,027,509
	12,000	Nippon Beet Sugar Manufacturing Co. Ltd.		22,577
	21,000	Nippon Carbon Co. Ltd.		40,791
	6,200	Nippon Ceramic Co. Ltd.		90,292
	62,000	Nippon Chemical Industrial Co. Ltd.(b)		104,037
	70,000	Nippon Chemi-Con Corp.(b)		314,655
	3,000	Nippon Chemiphar Co. Ltd.		14,034
	115,000	Nippon Coke & Engineering Co. Ltd.		145,022
	18,000	Nippon Concrete Industries Co. Ltd.		100,498
	26,000	Nippon Conveyor Co. Ltd.(b)		40,191
	13,000	Nippon Denko Co. Ltd.		37,679
	26,000	Nippon Densetsu Kogyo Co. Ltd.		324,438
	197,000	Nippon Electric Glass Co. Ltd.		1,009,743
	400	Nippon Felt Co. Ltd.		1,790

Shares			Value
JAPAN (continued)
	600	Nippon Filcon Co. Ltd.	$	2,679
	9,700	Nippon Fine Chemical Co. Ltd.		63,332
	52,000	Nippon Flour Mills Co. Ltd.		250,137
	26,000	Nippon Formula Feed Manufacturing Co. Ltd.		32,523
	9,200	Nippon Gas Co. Ltd.		102,638
	11,000	Nippon Hume Corp.		99,227
	3,100	Nippon Jogesuido Sekkei Co. Ltd.		39,093
	3,400	Nippon Kanzai Co. Ltd.		61,790
	60,000	Nippon Kayaku Co. Ltd.		836,571
	16,000	Nippon Kinzoku Co. Ltd.(b)		22,130
	56,000	Nippon Koei Co. Ltd.		262,544
	27,000	Nippon Konpo Unyu Soko Co. Ltd.		468,992
	61,000	Nippon Koshuha Steel Co. Ltd.(b)		66,999
	300,300	Nippon Light Metal Holdings Co. Ltd.		427,560
	3,000	Nippon Meat Packers, Inc.		43,751
	66,000	Nippon Paint Co. Ltd.		1,104,810
	34,200	Nippon Paper Industries Co. Ltd.		543,625
	6	Nippon Parking Development Co. Ltd.		464
	16,000	Nippon Pillar Packing Co. Ltd.		109,509
	61,000	Nippon Piston Ring Co. Ltd.		112,285
	4,000	Nippon Rietec Co. Ltd.		29,126
	54,000	Nippon Road Co. Ltd. (The)		334,994
	19,000	Nippon Seiki Co. Ltd.		309,163
	4,000	Nippon Seiro Co. Ltd.		10,373
	10,000	Nippon Seisen Co. Ltd.		45,561
	18,000	Nippon Sharyo Ltd.		94,457
	455,000	Nippon Sheet Glass Co. Ltd.(b)		587,664
	25,000	Nippon Shinyaku Co. Ltd.		429,676
	64,000	Nippon Shokubai Co. Ltd.		782,996
	23,500	Nippon Signal Co. Ltd. (The)		178,287
	74,000	Nippon Soda Co. Ltd.		450,788
	115,480	Nippon Steel & Sumikin Bussan Corp.		349,975
	46,000	Nippon Steel & Sumikin Texeng Co. Ltd.		187,125
	52,125	Nippon Steel & Sumitomo Metal Corp.		171,223
	116,900	Nippon Suisan Kaisha Ltd.(b)		237,771
	23,000	Nippon Synthetic Chemical Industry Co. Ltd. (The)		221,275
	39,000	Nippon Thompson Co. Ltd.		211,797
	21,000	Nippon Valqua Industries Ltd.		58,731
	5,500	Nippon Yakin Kogyo Co. Ltd.(b)		18,123
	55,300	Nipro Corp.		503,903
	1,000	Nishikawa Rubber Co. Ltd.		17,960
	168,000	Nishimatsu Construction Co. Ltd.		589,444
	10,800	Nishimatsuya Chain Co. Ltd.		79,959

Shares			Value
JAPAN (continued)
	359,000	Nishi-Nippon City Bank Ltd. (The)	$	967,507
	73,000	Nishi-Nippon Railroad Co. Ltd.		279,142
	3,100	Nishio Rent All Co. Ltd.		83,545
	18,300	Nissan Chemical Industries Ltd.		286,048
	39,000	Nissan Shatai Co. Ltd.		671,484
	14,000	Nissan Tokyo Sales Holdings Co. Ltd.		41,432
	2,300	Nissei Corp.		21,052
	3,900	Nissei Plastic Industrial Co. Ltd.		25,344
	19,700	Nissen Holdings Co. Ltd.		63,510
	11,800	Nisshin Fudosan Co. Ltd.		93,963
	38,000	Nisshin Oillio Group Ltd. (The)		127,530
	39,300	Nisshin Seifun Group, Inc.		424,854
	17,424	Nisshin Steel Holdings Co. Ltd.		231,245
	66,000	Nisshinbo Holdings, Inc.		579,925
	34,000	Nissin Corp.		99,583
	22,000	Nissin Electric Co. Ltd.		139,388
	18,300	Nissin Kogyo Co. Ltd.		340,764
	2,600	Nissin Sugar Co. Ltd.		54,523
	6,500	Nissui Pharmaceutical Co. Ltd.		71,657
	12,300	Nitta Corp.		258,684
	8,600	Nittan Valve Co. Ltd.		27,725
	37,000	Nittetsu Mining Co. Ltd.		211,472
	106,000	Nitto Boseki Co. Ltd.		490,491
	600	Nitto FC Co. Ltd.		3,643
	17,600	Nitto Kogyo Corp.		277,612
	4,800	Nitto Kohki Co. Ltd.		90,650
	15,000	Nitto Seiko Co. Ltd.		55,375
	3,100	Nittoku Engineering Co. Ltd.		27,460
	7,400	Noevir Holdings Co. Ltd.		120,035
	109,000	NOF Corp.		754,897
	12,000	Nohmi Bosai Ltd.		120,940
	47,200	NOK Corp.		725,785
	17,000	Nomura Co. Ltd.		153,870
	47,000	Noritake Co. Ltd.		127,621
	8,700	Noritsu Koki Co. Ltd.		57,510
	13,800	Noritz Corp.		319,563
	89,400	North Pacific Bank Ltd.		389,130
	7,700	NS Solutions Corp.		175,174
	57,000	NS United Kaiun Kaisha Ltd.(b)		171,585
	3,100	NSD Co. Ltd.		37,863
	197,000	NTN Corp.(b)		939,622
	500	Nuflare Technology, Inc.		66,612
	4,500	Obara Group, Inc.		113,587
	21,000	Obayashi Road Corp.		122,587
	4,000	OBIC Business Consultants Ltd.		137,700
	9,600	Obic Co. Ltd.		300,702
	32,000	Oenon Holdings, Inc.		82,986
	141,000	Ogaki Kyoritsu Bank Ltd. (The)		395,769
	4,300	Ohara, Inc.(b)		26,719
	2,400	Ohashi Technica, Inc.		20,820
	1,800	Ohsho Food Service Corp.		58,944
	14,038	Oiles Corp.		312,796
	65,000	Oita Bank Ltd. (The)		237,974
	20,200	Okabe Co. Ltd.		269,525

Shares			Value
JAPAN (continued)
	18,000	Okamoto Industries, Inc.	$	57,297
	9,000	Okamoto Machine Tool Works Ltd.(b)		11,441
	35,000	Okamura Corp.		252,720
	21,000	Okasan Securities Group, Inc.		180,250
	1,400	Okinawa Cellular Telephone Co.		34,413
	54,000	OKK Corp.		78,531
	62,000	OKUMA Corp.		520,187
	77,000	Okumura Corp.		364,131
	30,000	Okura Industrial Co. Ltd.		106,173
	14,000	Okuwa Co. Ltd.		126,431
	8,200	Onoken Co. Ltd.		98,237
	111,000	Onward Holdings Co. Ltd.		916,628
	1,800	Optex Co. Ltd.		29,564
	10,000	Organo Corp.		48,408
	17,000	Origin Electric Co. Ltd.		57,053
	2,700	Osaka Organic Chemical Industry Ltd.		12,329
	9,500	Osaka Steel Co. Ltd.		181,247
	5,600	OSAKA Titanium Technologies Co. Ltd.		122,160
	11,000	Osaki Electric Co. Ltd.		72,267
	25,100	OSG Corp.		404,592
	5,300	Otsuka Corp.		686,149
	3,800	Otsuka Kagu Ltd.		42,819
	6,100	Oyo Corp.		100,250
	37,000	Pacific Industrial Co. Ltd.		264,151
	22,000	Pacific Metals Co. Ltd.		80,321
	4,950	Pack Corp. (The)		94,792
	4,000	Pal Co. Ltd.		111,543
	13,650	Paltac Corp.		183,240
	57,000	PanaHome Corp.		384,908
	10,500	Panasonic Industrial Devices SUNX Co. Ltd.		48,159
	1,000	Panasonic Information Systems Co. Ltd.		26,462
	3,100	Paramount Bed Holdings Co. Ltd.		106,717
	4,300	Parco Co. Ltd.		44,124
	6,700	Paris Miki Holdings, Inc.		31,275
	17,500	Park24 Co. Ltd.		340,995
	10,000	Pasco Corp.		41,493
	14	Pasona Group, Inc.		10,935
	46,000	Penta-Ocean Construction Co. Ltd.		138,472
	11,400	Pigeon Corp.		585,477
	6,600	Pilot Corp.		250,025
	5,200	Piolax, Inc.		178,745
	45,600	Pioneer Corp.(b)		83,474
	10,200	Plenus Co. Ltd.		230,908
	2,100	Pola Orbis Holdings, Inc.		71,011
	44,000	Press Kogyo Co. Ltd.		192,413
	1,500	Pressance Corp.		47,824
	3,000	Prestige International, Inc.		28,130
	47,000	Prima Meat Packers Ltd.		99,420

Shares			Value
JAPAN (continued)
	6,800	Pronexus, Inc.	$	44,052
	900	Proto Corp.		13,162
	42,100	Raito Kogyo Co. Ltd.		347,658
	1,900	Relo Holdings, Inc.		87,725
	124,840	Rengo Co. Ltd.		665,272
	35,400	Renown, Inc.(b)		47,882
	13,100	Resorttrust, Inc.		496,929
	3,000	Rheon Automatic Machinery Co. Ltd.		8,726
	49,000	Rhythm Watch Co. Ltd.		72,257
	9,100	Ricoh Leasing Co. Ltd.		259,405
	8,100	Right On Co. Ltd.		69,443
	31,000	Riken Corp.		135,249
	11,400	Riken Keiki Co. Ltd.		87,184
	19,000	Riken Technos Corp.		84,827
	2,600	Riken Vitamin Co. Ltd.		64,782
	16,800	Riso Kagaku Corp.		373,485
	6,980	Riso Kyoiku Co. Ltd.		47,063
	4,500	Rock Field Co. Ltd.		86,174
	32,000	Rohto Pharmaceutical Co. Ltd.		464,395
	39,700	Round One Corp.		209,946
	8,600	Royal Holdings Co. Ltd.		137,750
	76,000	Ryobi Ltd.		334,669
	16,000	Ryoden Trading Co. Ltd.		109,021
	7,600	Ryohin Keikaku Co. Ltd.		756,676
	19,600	Ryosan Co. Ltd.		378,725
	8,400	Ryoyo Electro Corp.		76,799
	3,500	S Foods, Inc.		35,167
	2,000	Sagami Chain Co. Ltd.		17,919
	69,000	Saibu Gas Co. Ltd.		171,219
	5,700	Saizeriya Co. Ltd.		70,315
	37,000	Sakai Chemical Industry Co. Ltd.		122,292
	18,000	Sakai Heavy Industries Ltd.		73,955
	1,000	Sakai Moving Service Co. Ltd.		31,323
	39,000	Sakai Ovex Co. Ltd.		59,097
	18,000	Sakata INX Corp.		170,609
	17,300	Sakata Seed Corp.		235,581
	4,500	Sala Corp.		24,301
	7,000	San-A Co. Ltd.		199,258
	50,000	San-Ai Oil Co. Ltd.		215,601
	26,000	Sanden Corp.		104,973
	2,000	Sanei Architecture Planning Co. Ltd.		16,740
	22,575	Sangetsu Co. Ltd.		597,607
	82,000	San-In Godo Bank Ltd. (The)		592,922
	44,000	Sanken Electric Co. Ltd.		242,083
	31,000	Sanki Engineering Co. Ltd.		192,942
	50	Sanko Marketing Foods Co. Ltd.		48,866
	14,000	Sanko Metal Industrial Co. Ltd.		39,154
	23,200	Sankyo Seiko Co. Ltd.		78,804
	11,400	Sankyo Tateyama, Inc.		240,452
	34,000	Sankyu, Inc.		121,367
	20,600	Sanoh Industrial Co. Ltd.		147,697
	8,200	Sanshin Electronics Co. Ltd.		53,455

Shares			Value
JAPAN (continued)
	68,000	Sanwa Holdings Corp.	$	434,293
	28,000	Sanyo Chemical Industries Ltd.		192,210
	13,000	Sanyo Denki Co. Ltd.		84,613
	2,000	Sanyo Electric Railway Co. Ltd.		8,522
	5,400	Sanyo Housing Nagoya Co. Ltd.		62,606
	19,000	Sanyo Industries Ltd.		35,940
	59,000	Sanyo Shokai Ltd.		162,606
	78,000	Sanyo Special Steel Co. Ltd.		418,835
	78,000	Sapporo Holdings Ltd.		345,856
	19,000	Sasebo Heavy Industries Co. Ltd.(b)		19,709
	26,000	Sata Construction Co. Ltd.		41,778
	4,900	SATO Holdings Corp.		99,066
	6,300	Sato Shoji Corp.		38,570
	6,500	Satori Electric Co. Ltd.		39,200
	5,200	Sawada Holdings Co. Ltd.		48,652
	9,000	Sawai Pharmaceutical Co. Ltd.		655,344
	37,000	SAXA Holdings, Inc.		59,453
	94,280	SBI Holdings, Inc.		1,133,316
	700	SBS Holdings, Inc.		10,322
	13,600	Scroll Corp.		38,588
	21,797	SCSK Corp.		550,411
	1,600	Secom Joshinetsu Co. Ltd.		39,540
	4,000	Seibu Electric Industry Co. Ltd.		17,736
	37,000	Seika Corp.		89,932
	3,500	Seikagaku Corp.		45,276
	55,200	Seiko Epson Corp.		895,954
	26,000	Seiko Holdings Corp.		116,607
	2,400	Seiko PMC Corp.		11,789
	97,000	Seino Holdings Co. Ltd.		953,920
	18,700	Seiren Co. Ltd.		118,860
	32,000	Sekisui Jushi Corp.		464,395
	12,000	Sekisui Plastics Co. Ltd.		33,805
	37,000	Senko Co. Ltd.		199,054
	2,000	Senshu Electric Co. Ltd.		24,408
	12,320	Senshu Ikeda Holdings, Inc.		60,516
	9,000	Senshukai Co. Ltd.		77,708
	377,000	Sharp Corp.(b)		1,108,034
	1,000	Shibaura Mechatronics Corp.(b)		2,481
	25,000	Shibusawa Warehouse Co. Ltd. (The)		106,021
	9,400	Shibuya Kogyo Co. Ltd.		177,905
	91,000	Shiga Bank Ltd. (The)		496,044
	93,000	Shikibo Ltd.		123,899
	25,000	Shikoku Bank Ltd. (The)		57,714
	25,000	Shikoku Chemicals Corp.		181,786
	19,400	Shikoku Electric Power Co., Inc.(b)		344,871
	4,600	Shima Seiki Manufacturing Ltd.		94,030
	32,149	Shimachu Co. Ltd.		778,795
	74,000	Shimadzu Corp.		721,713
	800	Shimane Bank Ltd. (The)		10,528
	3,600	Shimizu Bank Ltd. (The)		100,791
	141,000	Shimizu Corp.		719,841
	2,500	Shimojima Co. Ltd.		24,306


Shares			Value
JAPAN (continued)
	7,400	Shin Nippon Air Technologies Co. Ltd.	$	46,283
	32,000	Shinagawa Refractories Co. Ltd.		69,643
	32,000	Shindengen Electric Manufacturing Co. Ltd.		205,024
	9,300	Shin-Etsu Polymer Co. Ltd.		32,630
	9,000	Shin-Keisei Electric Railway Co. Ltd.		34,598
	28,300	Shinko Electric Industries Co. Ltd.		250,392
	9,700	Shinko Plantech Co. Ltd.		78,129
	13,300	Shinko Shoji Co. Ltd.		113,617
	7,000	Shinko Wire Co. Ltd.		14,024
	41,000	Shinmaywa Industries Ltd.		320,645
	31,500	Shinnihon Corp.		109,239
	30,000	Shinsho Corp.		61,934
	900	Shinwa Co. Ltd.		10,434
	10,500	Ship Healthcare Holdings, Inc.		429,269
	20,000	Shiroki Corp.		44,747
	3,000	Shizuki Electric Co., Inc.		11,624
	32,500	Shizuoka Gas Co. Ltd.		214,838
	6,500	Shobunsha Publications, Inc.		40,720
	500	Shoei Foods Corp.		3,961
	900	Shofu, Inc.		8,128
	34,000	Shoko Co. Ltd.		54,632
	2,000	Showa Aircraft Industry Co. Ltd.		22,984
	25,600	Showa Corp.		353,292
	823,600	Showa Denko KK		1,113,992
	32,000	Showa Sangyo Co. Ltd.		98,607
	57,400	Showa Shell Sekiyu KK		615,271
	7,000	Siix Corp.		85,284
	18,000	Sinanen Co. Ltd.		70,111
	4,900	Sinko Industries Ltd.		40,264
	41,100	Sintokogio Ltd.		308,051
	122,200	SKY Perfect JSAT Holdings, Inc.		704,642
	27,000	SMK Corp.		129,604
	13,500	SNT Corp.		51,485
	29,300	Sodick Co. Ltd.		136,473
	6,100	Soft99 Corp.		43,053
	2,200	Sogo Medical Co. Ltd.		83,454
	49,188	Sohgo Security Services Co. Ltd.		990,463
	820,800	Sojitz Corp.		1,586,006
	50,000	Sotetsu Holdings, Inc.		185,600
	1,900	Space Co. Ltd.		17,642
	700	SPK Corp.		12,551
	7,800	Square Enix Holdings Co. Ltd.		125,333
	2,700	SRA Holdings, Inc.		30,204
	300	ST Corp.		3,053
	1,800	St. Marc Holdings Co. Ltd.		92,444
	10,000	Stanley Electric Co. Ltd.		231,669
	19,100	Star Micronics Co. Ltd.		205,122
	10,200	Start Today Co. Ltd.		283,708
	4,000	Starts Corp., Inc.		39,906
	26,000	Starzen Co. Ltd.		71,921

Shares			Value
JAPAN (continued)
	3,000	Stella Chemifa Corp.	$	55,222
	2,500	Studio Alice Co. Ltd.		32,289
	8,000	Sugi Holdings Co. Ltd.		333,977
	3,800	Sugimoto & Co. Ltd.		34,858
	8,100	Sumco Corp.		73,314
	4,800	Sumida Corp.		22,846
	36,000	Suminoe Textile Co. Ltd.		106,173
	87,000	Sumitomo Bakelite Co. Ltd.		312,326
	8,900	Sumitomo Densetsu Co. Ltd.		131,242
	65,400	Sumitomo Forestry Co. Ltd.		757,557
	135,000	Sumitomo Heavy Industries Ltd.		594,478
	11,200	Sumitomo Mitsui Construction Co. Ltd.(b)		14,579
	246,000	Sumitomo Osaka Cement Co. Ltd.		988,203
	13,000	Sumitomo Precision Products Co. Ltd.		56,056
	6,280	Sumitomo Real Estate Sales Co. Ltd.		204,692
	38,000	Sumitomo Seika Chemicals Co. Ltd.		242,693
	61,000	Sumitomo Warehouse Co. Ltd. (The)		356,087
	2,000	Suncall Corp.		11,492
	12,700	Sundrug Co. Ltd.		630,932
	3,600	Sun-Wa Technos Corp.		33,426
	23,000	Suzuken Co. Ltd.		828,028
	115,000	SWCC Showa Holdings Co. Ltd.(b)		130,987
	5,400	Systena Corp.		39,376
	3,400	T&K Toka Co. Ltd.		72,059
	1,900	T. Hasegawa Co. Ltd.		26,820
	42,000	T. RAD Co. Ltd.		132,411
	6,000	Tachibana Eletech Co. Ltd.		68,585
	11,900	Tachi-S Co. Ltd.		189,277
	69	Tact Home Co. Ltd.(b)(c)		167,009
	68,000	Tadano Ltd.		930,825
	10,000	Taihei Dengyo Kaisha Ltd.		70,274
	37,000	Taiheiyo Kouhatsu, Inc.		41,015
	9,600	Taiho Kogyo Co. Ltd.		120,281
	16,700	Taikisha Ltd.		387,397
	10,000	Taiko Bank Ltd. (The)		22,170
	900	Taisei Lamick Co., Ltd.		22,864
	5,500	Taiyo Holdings Co. Ltd.		165,453
	59,000	Taiyo Nippon Sanso Corp.		402,614
	19,000	Taiyo Yuden Co. Ltd.		241,920
	1,600	Takachiho Koheki Co. Ltd.		15,572
	16,000	Takagi Securities Co. Ltd.		61,182
	7,100	Takamatsu Construction Group Co. Ltd.		132,570
	4,000	Takano Co. Ltd.		19,648
	65,000	Takara Holdings, Inc.		592,952
	18,000	Takara Leben Co. Ltd.		70,660
	4,400	Takara Printing Co. Ltd.		30,383
	65,000	Takara Standard Co. Ltd.		522,221
	31,000	Takasago International Corp.		172,135

Shares			Value
JAPAN (continued)
	30,400	Takasago Thermal Engineering Co. Ltd.	$	253,514
	18,000	Takashima & Co. Ltd.		50,707
	65,000	Takashimaya Co. Ltd.		617,411
	13,800	Takata Corp.		346,228
	1,630	Take And Give Needs Co. Ltd.		33,303
	3,000	Takeei Corp.		46,985
	1,900	Takeuchi Manufacturing Co. Ltd.		39,785
	12,000	Takihyo Co. Ltd.		49,425
	23,000	Takiron Co. Ltd.		97,539
	33,000	Takisawa Machine Tool Co. Ltd.		48,998
	18,000	Takuma Co. Ltd.		152,670
	5,900	Tamron Co. Ltd.		125,764
	50,000	Tamura Corp.		131,191
	1,000	Tanseisha Co. Ltd.		6,732
	20,500	Tatsuta Electric Wire and Cable Co. Ltd.		144,269
	20,000	Tayca Corp.		60,612
	19,000	TBK Co. Ltd.		105,115
	600	Techno Medica Co. Ltd.		13,015
	1,200	Techno Ryowa Ltd.		5,565
	13,400	Tecmo Koei Holdings Co. Ltd.		151,811
	580,000	Teijin Ltd.		1,297,671
	1,200	Teikoku Electric Manufacturing Co. Ltd.		28,166
	7,000	Teikoku Sen-I Co. Ltd.		64,141
	15,000	Teikoku Tsushin Kogyo Co. Ltd.		26,848
	98,000	Tekken Corp.(b)		318,926
	5,300	Temp Holdings Co. Ltd.		153,885
	23,500	THK Co. Ltd.		510,007
	1,000	Tigers Polymer Corp.		4,343
	11,000	TKC Corp.		182,457
	156,000	Toa Corp.(b)		377,586
	6,000	Toa Corp.		50,768
	58,000	Toa Oil Co. Ltd.		108,532
	22,000	Toa Road Corp.		119,699
	51,000	Toabo Corp.		41,493
	104,500	Toagosei Co. Ltd.		471,860
	10,100	Tobishima Corp.(b)		19,105
	15,000	Tobu Store Co. Ltd.		39,357
	37,600	TOC Co. Ltd.		303,614
	1,700	Tocalo Co. Ltd.		27,766
	60,000	Tochigi Bank Ltd. (The)		228,821
	106,000	Toda Corp.		385,925
	15,000	Toda Kogyo Corp.		45,612
	1,400	Toei Animation Co. Ltd.		36,676
	32,000	Toei Co. Ltd.		192,007
	25,000	Toenec Corp.		155,853
	62,000	Toho Bank Ltd. (The)		194,203
	8,000	Toho Co. Ltd.		28,882
	5,000	Toho Holdings Co. Ltd.		96,308
	2,100	Toho Titanium Co. Ltd.		16,637
	42,000	Toho Zinc Co. Ltd.		126,004

Shares			Value
JAPAN (continued)
	53,000	Tohoku Bank Ltd. (The)	$	78,694
	500	Tohokushinsha Film Corp.		4,892
	14,000	Tohto Suisan Co. Ltd.		30,469
	61,000	Tokai Carbon Co. Ltd.		209,061
	22,000	Tokai Lease Co. Ltd.		40,049
	26,700	Tokai Rika Co. Ltd.		563,163
	12,400	Tokai Rubber Industries Ltd.		113,748
	88,000	Tokai Tokyo Financial Holdings, Inc.		732,065
	1,890	Token Corp.		100,141
	33,840	Tokushu Tokai Paper Co. Ltd.		69,518
	158,000	Tokuyama Corp.		607,383
	20,000	Tokyo Broadcasting System Holdings, Inc.		262,382
	2,400	Tokyo Electron Device Ltd.		37,368
	5,000	Tokyo Energy & Systems, Inc.		26,543
	40,000	Tokyo Keiki, Inc.		123,665
	12,000	Tokyo Kikai Seisakusho Ltd.(b)		14,523
	39,800	Tokyo Ohka Kogyo Co. Ltd.		875,090
	7,000	Tokyo Rakutenchi Co. Ltd.		35,025
	107,000	Tokyo Rope Manufacturing Co. Ltd.(b)		186,077
	2,500	Tokyo Sangyo Co. Ltd.		8,543
	14,700	Tokyo Seimitsu Co. Ltd.		279,409
	44,800	Tokyo Steel Manufacturing Co. Ltd.(b)		239,195
	86,000	Tokyo Tatemono Co. Ltd.		802,014
	32,000	Tokyo Tekko Co. Ltd.		137,008
	31,000	Tokyo Theaters Co., Inc.		51,703
	17,500	Tokyo Tomin Bank Ltd. (The)		186,693
	19,350	Tokyu Construction Co. Ltd.(b)		113,152
	21,521	Tokyu Fudosan Holdings Corp.(b)		211,424
	27,000	Toli Corp.		56,565
	28,000	Tomato Bank Ltd.		49,263
	4,000	Tomen Devices Corp.		68,545
	7,900	Tomen Electronics Corp.		89,501
	18,100	Tomoe Corp.		92,037
	3,300	Tomoe Engineering Co. Ltd.		52,455
	4,000	Tomoegawa Co. Ltd.		7,200
	49,000	Tomoku Co. Ltd.		155,975
	71,700	TOMONY Holdings, Inc.		269,796
	31,000	Tomy Co. Ltd.		159,524
	25,000	Tonami Holdings Co. Ltd.		54,409
	26,500	Toppan Forms Co. Ltd.		246,593
	29,000	Topre Corp.		405,227
	103,000	Topy Industries Ltd.		225,211
	1,000	Toridoll.corp.		9,397
	8,800	Torigoe Co. Ltd. (The)		59,514
	5,300	Torii Pharmaceutical Co. Ltd.		136,960
	5,400	Torishima Pump Manufacturing Co. Ltd.		47,888
	12,100	Tosei Corp.		96,475
	67,000	Toshiba Machine Co. Ltd.		345,459
	17,000	Toshiba Plant Systems &Services Corp.		299,268

Shares			Value
JAPAN (continued)
	106,000	Toshiba TEC Corp.	$	651,114
	18,000	Tosho Printing Co. Ltd.		48,143
	225,000	Tosoh Corp.		855,792
	12,000	Totetsu Kogyo Co. Ltd.		269,216
	21,000	Tottori Bank Ltd. (The)		40,364
	3,700	Touei Housing Corp.(b)(c)		95,990
	174,000	Towa Bank Ltd. (The)		159,260
	1,900	Towa Corp.		10,898
	2,800	Towa Pharmaceutical Co. Ltd.		139,673
	29,800	Toyo Construction Co. Ltd.		104,859
	8,200	Toyo Corp.		91,315
	3,000	Toyo Denki Seizo - Toyo Electric Manufacturing Co. Ltd.		9,763
	62,000	Toyo Engineering Corp.		262,931
	152,000	Toyo Ink SC Holdings Co. Ltd.		771,362
	6,000	Toyo Kanetsu KK		17,573
	28,000	Toyo Kohan Co. Ltd.		127,001
	29,000	Toyo Securities Co. Ltd.		98,505
	37,300	Toyo Seikan Group Holdings Ltd.		770,809
	1,300	Toyo Tanso Co. Ltd.		24,591
	98,000	Toyo Tire & Rubber Co. Ltd.		570,080
	20,000	Toyo Wharf & Warehouse Co. Ltd.		54,104
	152,000	Toyobo Co. Ltd.		290,613
	16,100	Toyoda Gosei Co. Ltd.		400,494
	14,700	Toyota Boshoku Corp.		195,990
	9,200	TPR Co. Ltd.		173,933
	1,200	Trancom Co. Ltd.		37,527
	12,300	Transcosmos, Inc.		212,526
	8,800	Trusco Nakayama Corp.		186,865
	8,800	TS Tech Co. Ltd.		328,445
	54,600	TSI Holdings Co. Ltd.		384,804
	67,000	Tsubakimoto Chain Co.		442,896
	8,000	Tsubakimoto Kogyo Co. Ltd.		21,560
	47,000	Tsudakoma Corp.(b)		76,955
	34,000	Tsugami Corp.		170,467
	15,000	Tsukamoto Corp Co. Ltd.		24,255
	18,000	Tsukishima Kikai Co. Ltd.		189,098
	39,433	Tsukuba Bank Ltd.		137,552
	4,700	Tsukui Corp.		52,004
	16,700	Tsumura & Co.		523,096
	5,300	Tsuruha Holdings, Inc.		480,250
	7,000	Tsurumi Manufacturing Co. Ltd.		71,616
	2,400	Tsutsumi Jewelry Co. Ltd.		58,383
	7,000	TTK Co. Ltd.		30,398
	8,100	TV Asahi Corp.		187,734
	200	TV Tokyo Holdings Corp.		3,437
	68,840	UACJ Corp.		225,429
	284,800	Ube Industries Ltd.		587,963
	23,000	Uchida Yoko Co. Ltd.		67,365
	14,000	Ueki Corp.		31,038
	4,600	UKC Holdings Corp.		91,457
	36,000	Uniden Corp.(b)		89,332
	400	Union Tool Co.		9,169

Shares			Value
JAPAN (continued)
	17,600	Unipres Corp.	$	353,861
	7,300	United Arrows Ltd.		313,292
	4,900	Universal Entertainment Corp.		97,472
	79,700	UNY Group Holdings Co. Ltd.		501,722
	19,280	Usen Corp.(b)		47,842
	14,100	U-Shin Ltd.		104,248
	24,300	Ushio, Inc.		304,955
	8,800	Utoc Corp.		28,996
	16,200	Valor Co. Ltd.		233,123
	5	Village Vanguard Co. Ltd.		7,724
	22,600	Vital KSK Holdings, Inc.		158,129
	5,400	VT Holdings Co. Ltd.		72,491
	32,000	Wacoal Holdings Corp.		343,008
	33,000	Wakachiku Construction Co. Ltd.(b)		44,635
	10,000	Wakita & Co. Ltd.		129,869
	7,600	Warabeya Nichiyo Co. Ltd.		141,519
	2,800	Watabe Wedding Corp.		20,958
	6,300	WATAMI Co. Ltd.		96,746
	3,000	Weathernews, Inc.		64,772
	900	Welcia Holdings Co. Ltd.		54,368
	2,700	West Holdings Corp.		46,268
	18,000	Wood One Co. Ltd.		50,890
	500	Wowow, Inc.		19,170
	20,700	Xebio Co. Ltd.		446,083
	5,100	Yachiyo Bank Ltd. (The)		138,586
	4,700	Yahagi Construction Co. Ltd.		32,837
	1,200	Yaizu Suisankagaku Industry Co. Ltd.		10,617
	2,000	YAMABIKO Corp.		60,856
	88,000	Yamagata Bank Ltd. (The)		365,138
	157,000	Yamaguchi Financial Group, Inc.		1,473,721
	124,300	Yamaha Corp.		1,845,602
	79,000	Yamanashi Chuo Bank Ltd. (The)		332,615
	70,000	Yamatane Corp.		130,987
	5,700	Yamato Kogyo Co. Ltd.		210,714
	24,000	Yamazaki Baking Co. Ltd.		243,588
	100	Yamazawa Co. Ltd.		1,544
	18,200	Yamazen Corp.		115,127
	2,500	Yaoko Co. Ltd.		93,053
	700	Yashima Denki Co. Ltd.		3,018
	34,000	Yaskawa Electric Corp.		437,750
	7,900	Yasuda Warehouse Co. Ltd. (The)		98,258
	15,900	Yellow Hat Ltd.		289,120
	57,000	Yodogawa Steel Works Ltd.		257,378
	17,000	Yokogawa Bridge Holdings Corp.		241,178
	25,300	Yokogawa Electric Corp.		329,340
	22,300	Yokohama Reito Co. Ltd.		175,987
	3,300	Yokowo Co. Ltd.		18,660
	5,000	Yomeishu Seizo Co. Ltd.		41,340
	5,000	Yondenko Corp.		17,645
	3,100	Yondoshi Holdings, Inc.		41,646

Shares			Value
JAPAN (continued)
	3,200	Yonex Co. Ltd.	$	17,736
	8,300	Yorozu Corp.		163,333
	56,000	Yuasa Trading Co. Ltd.		112,763
	27,000	Yuken Kogyo Co. Ltd.		59,310
	13,000	Yurtec Corp.		42,174
	9,100	Yusen Logistics Co. Ltd.		102,540
	2,740	Yushin Precision Equipment Co. Ltd.		55,480
	2,000	Yushiro Chemical Industry Co. Ltd.		18,163
	7,400	Zenrin Co. Ltd.		77,740
	18,700	Zensho Holdings Co. Ltd.		213,187
	72,000	Zeon Corp.		854,510
	7,700	ZERIA Pharmaceutical Co. Ltd.		182,300
	4,000	Zojirushi Corp.		16,028
	10,700	Zuken, Inc.		88,251
				295,724,014
JERSEY CHANNEL ISLANDS — 0.0%
	5,067	Atrium European Real Estate Ltd.		30,312
	61,698	Centamin Plc(b)		49,662
	55,236	Heritage Oil Plc(b)		164,290
	38,742	Petra Diamonds Ltd.(b)		69,574
	36,240	Phoenix Group Holdings		452,078
	8,082	Randgold Resources Ltd.		601,287
				1,367,203
LIECHTENSTEIN — 0.0%
	378	Liechtensteinische Landesbank AG		14,977
	912	Verwaltungs- und Privat-Bank AG		88,551
				103,528
LUXEMBOURG — 0.2%
	34,744	APERAM		595,334
	2,734,415	AZ Electronic Materials SA(d)		12,605,132
	1,083	Eurofins Scientific		296,957
	1,096	GAGFAH SA(b)		15,580
	82,000	L’Occitane International SA		185,936
	1,351	Oriflame Cosmetics SA - SDR		42,740
	100,579	Regus Plc		330,764
	153,988	Transcom WorldWide SA, Class B - SDR(b)		30,655
				14,103,098
MALAYSIA — 0.7%
	50,600	Aeon Co. (M) Berhad		256,243
	8,520	Aeon Credit Service M Berhad		43,848
	317,300	Affin Holdings Berhad		428,356
	608,300	AirAsia Berhad		516,628
	20,200	Alam Maritim Resources Berhad		10,178
	410,300	Alliance Financial Group Berhad		674,829

Shares			Value
MALAYSIA (continued)
	20,100	Amway (Malaysia) Holdings Berhad	$	78,985
	1,315,400	APM Automotive Holdings Berhad(d)		2,392,735
	1,702,376	Axis Real Estate Investment Trust(d)		1,834,253
	32,700	Batu Kawan Berhad		202,902
	108,800	Benalec Holdings Berhad		41,030
	95,933	Berjaya Assets Berhad(d)		25,841
	513,300	Berjaya Corp. Berhad		87,840
	158,984	Berjaya Sports Toto Berhad		205,056
	128,600	BIMB Holdings Berhad		196,025
	644,400	Bintulu Port Holdings Berhad(d)		1,511,166
	400	Boustead Heavy Industries Corp. Berhad(b)		336
	365,904	Boustead Holdings Berhad		606,448
	88,300	Bumi Armada Berhad		110,810
	41,100	Bursa Malaysia Berhad		104,718
	41,900	Cahya Mata Sarawak Berhad		67,719
	49,500	Carlsberg Brewery-Malaysia Berhad		200,789
	49,030	CB Industrial Product Holding Berhad		45,525
	25,300	Coastal Contracts Berhad		28,142
	2,200	Dayang Enterprise Holdings Berhad		3,821
	3,831,852	Dialog Group Berhad		3,339,384
	75,700	DiGi.com Berhad		119,947
	209,300	DRB-Hicom Berhad		168,472
	475,000	Eastern & Oriental Berhad		302,562
	116,100	Evergreen Fibreboard Berhad		17,476
	39,000	Faber Group Berhad		32,381
	20,800	Fraser & Neave Holdings Berhad		122,735
	698,100	Gamuda Berhad		1,077,387
	89,300	Genting Plantations Berhad		307,897
	125,000	Glomac Berhad		44,762
	59,600	Guinness Anchor Berhad		326,751
	499,380	HAP Seng Consolidated Berhad		387,724
	110,500	Hap Seng Plantations Holdings Berhad		92,797
	1,332,700	Hartalega Holdings Berhad(d)		3,053,484
	19,992	Hock Seng LEE Berhad		12,481
	83,100	Hong Leong Financial Group Berhad		398,178
	51,500	Hong Leong Industries Berhad		84,540
	37,733	Hua Yang Berhad		25,829
	391,730	IGB Corp. Berhad		330,212
	833,940	IJM Corp. Berhad		1,532,808
	192,200	IJM Land Berhad		170,544
	125,900	IJM Plantations Berhad		129,269
	40,600	Integrated Logistics Berhad		25,346
	162,700	JAKS Resources Berhad(b)		28,616
	218,400	JCY International Berhad		43,949
	32,800	JT International Berhad		68,395

Shares			Value
MALAYSIA (continued)
	99,279	K&N Kenanga Holdings Berhad(b)	$	18,720
	12,686	K&N Kenanga Holdings Berhad(b)(c)(d)		232
	44,400	Karambunai Corp. Berhad(b)		1,266
	89,800	Keck Seng (Malaysia) Berhad		201,481
	103,900	Kian JOO CAN Factory Berhad		104,376
	1,832,000	KKB Engineering Berhad(d)		1,625,580
	293,400	KLCC Property Holdings Berhad		599,715
	589,500	KNM Group Berhad(b)		76,594
	19,400	Kossan Rubber Industries		39,285
	1,065,750	KPJ Healthcare Berhad		2,060,203
	53,600	KSL Holdings Berhad(b)		34,991
	370,600	Kulim Malaysia Berhad		399,309
	52,850	Kumpulan Fima Berhad		32,994
	66,200	Kumpulan Perangsang Selangor Berhad		48,881
	87,500	Lafarge Malaysia Berhad		276,457
	157,800	Landmarks Berhad(b)		59,008
	37,900	LBS Bina Group Berhad		21,379
	79,000	Lingkaran Trans Kota Holdings Berhad		113,910
	15,500	LPI Capital Berhad		81,048
	387,807	Mah Sing Group Berhad		275,289
	121,750	Malayan Flour Mills Berhad		52,473
	158,370	Malaysia Airports Holdings Berhad		422,079
	114,500	Malaysia Building Society		101,599
	290,500	Malaysian Airline System Berhad(b)		31,300
	128,900	Malaysian Bulk Carriers Berhad		72,302
	291,250	Malaysian Resources Corp. Berhad		131,986
	37,180	MBM Resources Berhad		44,302
	2,572,500	Media Prima Berhad		2,152,208
	434,400	MMC Corp. Berhad		368,935
	45,500	MNRB Holdings Berhad		50,467
	102,700	Mudajaya Group Berhad		90,477
	189,500	Muhibbah Engineering M Berhad		141,725
	690,300	Mulpha International Berhad(b)		92,972
	50,500	Naim Holdings Berhad		61,934
	157,000	Nam Cheong Ltd.		36,021
	60,300	NCB Holdings Berhad		69,366
	3,800	Nestle Malaysia Berhad		81,887
	102,200	Oriental Holdings Berhad		286,304
	441,390	OSK Holdings Berhad		229,399
	4,700	Padini Holdings Berhad		2,636
	4,300	Panasonic Manufacturing Malaysia Berhad		31,887
	43,120	Paramount Corp. Berhad		21,454
	51,959	Parkson Holdings Berhad		61,912
	142,800	POS Malaysia Berhad		258,398
	55,600	Press Metal Berhad		43,345
	2,559,000	QL Resources Berhad(d)		3,211,370

Shares			Value
MALAYSIA (continued)
	330,240	Sapurakencana Petroleum Berhad(b)	$	418,615
	36,200	Sarawak Oil Palms Berhad		66,537
	2,300	Selangor Properties Berhad		3,054
	51,500	Shangri-La Hotels (Malaysia) Berhad		112,774
	28,800	Shell Refining Co. Federation of Malaya Berhad		64,983
	18,690	Subur Tiasa Holdings Berhad		11,372
	443,660	Sunway Berhad		392,265
	89,164	Ta Ann Holdings Berhad		105,678
	682,700	TA Enterprise Berhad		156,853
	195,360	TA Global Berhad		18,263
	113,100	TAN Chong Motor Holdings Berhad		225,802
	444,000	TDM Berhad		127,338
	61,440	TH Plantations Berhad		34,073
	315,760	Time dotCom Berhad(b)		405,263
	120,960	Top Glove Corp. Berhad		218,878
	155,100	Tropicana Corp. Berhad		71,270
	57,200	TSH Resources Berhad		45,680
	285,308	UEM Sunrise Berhad		211,570
	184,300	UMW Holdings Berhad		747,584
	59,900	Unico-Desa Plantations Berhad		22,020
	15,000	United Malacca Berhad		34,273
	33,600	United Plantations Berhad		284,299
	131,156	Wah Seong Corp. Berhad		70,658
	88,400	WCT Holdings Berhad		68,635
	2,861,300	Wellcall Holdings Berhad(d)		2,702,120
	170,700	WTK Holdings Berhad		70,324
	140,671	YNH Property Berhad		80,242
	41,000	YTL Land & Development Berhad(b)		12,668
	418,100	YTL Power International Berhad		251,744
	25,600	Zhulian Corp. Berhad		36,345
				43,208,785
MALTA — 0.0%
	10,206	Brait SE(b)		49,715
	8,169	Unibet Group Plc - SDR		327,766
				377,481
MEXICO — 0.5%
	1,341,000	Alfa SAB de CV - Series A		3,680,562
	50,912	Alsea SAB de CV		158,426
	299,300	Arca Continental SAB de CV		1,776,909
	1,673,300	Asesor de Activos Prisma SAPI de CV REIT		2,050,705
	150,840	Axtel SAB de CV - CPO Units(b)		47,054
	647,400	Bolsa Mexicana de Valores SAB de CV		1,537,713
	1,391,832	Cemex SAB de CV - CPO Units(b)		1,476,400
	1,800	Cia Minera Autlan SAB de CV - Series B		1,226

Shares			Value
MEXICO (continued)
	147,024	Consorcio ARA SAB de CV(b)	$	57,019
	227,687	Controladora Comercial Mexicana SAB de CV - Units		928,740
	1,456,300	Corp Inmobiliaria Vesta SAB de CV		2,790,435
	800	Corp. Actinver SAB de CV		892
	78,869	Corp. GEO SAB de CV - Series B(b)		2,958
	61,938	Corp. Interamericana de Entretenimiento SAB de CV - Series B(b)(d)		42,250
	27,300	Corp. Moctezuma SAB de CV		85,767
	136,820	Empresas ICA SAB de CV(b)		259,855
	1,947,800	Fibra Shop Portafolios Inmobiliarios SAPI de CV REIT(b)		2,358,753
	10,800	Financiera Independencia SAB de CV(b)		3,833
	138,700	Genomma Lab Internacional SAB de CV - Class B(b)		369,413
	53,869	Gruma SAB de CV - Series B(b)		371,052
	109,917	Grupo Aeroportuario del Centro Norte SAB de CV		374,386
	430,800	Grupo Aeroportuario del Pacifico SAB de CV - Series B		2,243,274
	164,456	Grupo Aeroportuario del Sureste SAB de CV - Series B		1,956,367
	1,600	Grupo Carso SAB de CV - Series A1		8,650
	120,492	Grupo Cementos de Chihuahua SAB de CV(d)		352,779
	45,878	Grupo Comercial Chedraui SA de CV		142,973
	61,867	Grupo Famsa SAB de CV(b)		117,122
	34,081	Grupo Herdez SAB de CV		117,807
	57,500	Grupo Industrial Maseca SAB de CV - Series B		102,861
	12,400	Grupo Industrial Saltillo SAB de CV		20,671
	45,400	Grupo Simec SAB de CV - Series B(b)		167,789
	264,100	Impulsora del Desarrollo y El Empleo en America Latina SAB de CV(b)		536,408
	10,860	Industrias Bachoco SAB de CV - Series B		37,198
	170,175	Industrias CH SAB de CV - Series B(b)		835,011
	11,100	Inmuebles Carso SAB de CV - Series B1(b)		11,060
	115,043	Kimberly-Clark de Mexico SAB de CV - Class A		349,787
	1,544,600	Macquarie Mexico Real Estate Management SA de CV REIT		2,834,139
	100	Medica Sur SAB de CV - Series B		258

Shares			Value
MEXICO (continued)
	16,200	Megacable Holdings SAB de CV - CPO Shares	$	53,453
	66,357	Mexichem SAB de CV		276,571
	18,386	OHL Mexico SAB de CV(b)		47,180
	115,299	Organizacion Soriana SAB de CV - Series B(b)		371,862
	59,600	Promotora y Operadora de Infraestructura SAB de CV(b)		605,216
	46,400	Qualitas Controladora SAB de CV - Units		109,676
	427,400	TV Azteca SAB de CV - CPO Shares		212,926
	67,123	Urbi Desarrollos Urbanos SAB de CV(b)(c)(d)		8,077
				29,893,463
NETHERLANDS — 1.1%
	47,325	Aalberts Industries NV		1,416,197
	12,171	Accell Group NV		248,209
	21,701	AMG Advanced Metallurgical Group NV(b)		242,995
	4,482	Amsterdam Commodities NV		99,984
	9,434	Arcadis NV		296,209
	27,444	ASM International NV		906,031
	33,735	BE Semiconductor Industries NV		367,164
	5,643	Beter Bed Holding NV		127,071
	88,005	BinckBank NV		848,373
	4,006	Brunel International NV		235,733
	2,565	Cinema City International NV(b)		27,479
	37,067	Corbion NV		860,859
	121,544	Delta Lloyd NV		2,584,322
	2,240	Exact Holding NV		59,322
	30,900	Frank’s International NV		945,231
	26,304	Fugro NV - CVA		1,645,897
	25,465	Gemalto NV		2,855,568
	20,382	Grontmij(b)		103,887
	12,777	Heijmans NV - CVA		169,993
	654	Hunter Douglas NV		28,593
	16,012	Kardan NV(b)		8,109
	4,538	KAS Bank NV - CVA		61,270
	5,597	Kendrion NV		175,545
	163,984	Koninklijke BAM Groep NV		877,019
	573,427	Koninklijke Boskalis Westminster NV		27,615,994
	16,751	Koninklijke Ten Cate NV		509,233
	13,121	Koninklijke Vopak NV		807,826
	68,974	Koninklijke Wessanen NV		258,473
	981	Macintosh Retail Group NV		10,815
	95	Nederland Apparatenfabriek		3,756
	1,511	New World Resources Plc - Class A		2,187
	37,423	Nutreco NV		1,835,049
	40,204	Ordina NV(b)		70,417
	97,294	PostNL NV(b)		510,176
	348,936	QIAGEN NV(b)(f)		8,073,033

Shares			Value
NETHERLANDS (continued)
	82,000	QIAGEN NV(b)(f)	$	1,899,120
	113,540	Randstad Holding NV		7,007,319
	59,258	SBM Offshore NV(b)		1,241,464
	11,287	Sligro Food Group NV		422,586
	86,230	SNS REAAL NV(b)(c)(d)		0
	5,125	Telegraaf Media Groep NV - CVA		66,871
	15,951	TKH Group NV		510,360
	149,781	TNT Express NV		1,382,888
	60,046	TomTom NV(b)		464,790
	9,665	Unit4 NV		455,620
	68,932	USG People NV		913,559
	52,560	Wolters Kluwer NV		1,425,845
	15,849	Ziggo NV		680,110
				71,358,551
NEW ZEALAND — 0.4%
	30,797	A2 Corp. Ltd.(b)		17,298
	197,249	Air New Zealand Ltd.		262,315
	3,790,159	Auckland International Airport Ltd.		10,738,242
	29,737	Chorus Ltd.		65,092
	172,372	Contact Energy Ltd.		747,494
	19,426	Ebos Group Ltd.		155,646
	68,000	Fisher & Paykel Healthcare Corp. Ltd.		206,699
	31,055	Freightways Ltd.		112,097
	6,326	Hallenstein Glasson Holdings Ltd.		25,761
	38,459	Heartland New Zealand Ltd.		26,684
	67,426	Infratil Ltd.		139,235
	30,307	Kathmandu Holdings Ltd.		97,381
	32,296	Mainfreight Ltd.		309,448
	49,457	New Zealand Oil & Gas Ltd.		34,315
	28,457	New Zealand Refining Co. Ltd. (The)		52,888
	105,740	Nuplex Industries Ltd.		305,695
	45,243	NZX Ltd.		47,087
	73,491	PGG Wrightson Ltd.		24,889
	80,140	Pike River Coal Ltd.(b)(c)(d)		0
	56,739	Port of Tauranga Ltd.		646,759
	13,536	Pumpkin Patch Ltd.(b)		11,069
	19,670	Restaurant Brands New Zealand Ltd.		48,417
	130,479	Ryman Healthcare Ltd.		813,709
	15,128	Sanford Ltd.		57,106
	51,422	Skellerup Holdings Ltd.		72,207
	143,160	Sky Network Television Ltd.		733,154
	2,043,866	SKYCITY Entertainment Group Ltd.		6,567,251
	267,641	Telecom Corp of New Zealand Ltd.		519,520
	58,901	Tower Ltd.		90,007
	27,124	Trade Me Group Ltd.		100,820
	29,035	TrustPower Ltd.		165,483
	58,037	Vector Ltd.		125,120

Shares			Value
NEW ZEALAND (continued)
	34,146	Warehouse Group Ltd. (The)	$	103,793
				23,422,681
NORWAY — 0.2%
	16,034	ABG Sundal Collier Holding ASA		12,578
	146	AF Gruppen ASA		1,625
	31,265	Agasti Holding ASA(b)		8,928
	11,391	Aker ASA - Class A		358,776
	8,076	Algeta ASA(b)		320,840
	34,500	Atea ASA		382,493
	25,321	Austevoll Seafood ASA		157,378
	5,832	Bonheur ASA		133,724
	213,803	BW Offshore Ltd.		293,424
	36,594	BWG Homes ASA(b)		68,233
	55,760	Cermaq ASA		988,179
	25,707	Det Norske Oljeselskap ASA(b)		366,191
	136,488	DNO International ASA(b)		386,785
	5,820	DOF ASA(b)		27,374
	7,264	Ekornes ASA		118,361
	154,310	Eltek ASA		181,448
	13,809	Evry ASA		22,385
	142,851	Farstad Shipping ASA(d)		3,251,495
	15,475	Fred Olsen Energy ASA		651,697
	7,560	Ganger Rolf ASA		170,172
	10,278	Grieg Seafood ASA(b)		32,113
	272,219	Kongsberg Automotive Holding ASA(b)		210,347
	14,697	Kongsberg Gruppen ASA		306,133
	5,665	Leroy Seafood Group ASA		176,048
	10,381	Nordic Semiconductor ASA(b)		43,944
	6,124	Norwegian Air Shuttle AS(b)		251,933
	53,481	Norwegian Energy Co. ASA(b)		2,695
	3,474	Odfjell SE - Class A(b)		24,977
	23,394	Opera Software ASA		282,942
	150,331	Panoro Energy ASA(b)		80,051
	3,052	PhotoCure ASA(b)		18,354
	6,386	Q-Free ASA(b)		17,485
	668,963	REC Silicon ASA(b)		333,748
	11,533	REC Solar AS(b)		147,237
	4,689	Salmar ASA(b)		57,303
	17,460	Sevan Drilling AS(b)		16,747
	5,087	Sevan Marine ASA(b)		22,645
	80,919	Siem Offshore, Inc.(b)		131,851
	6,645	Solstad Offshore ASA		131,716
	46,489	SpareBank 1 SMN		392,416
	27,016	SpareBank 1 SR Bank ASA		242,793
	204,337	Storebrand ASA(b)		1,319,444
	50,237	Tomra Systems ASA		462,028
	3,670	TTS Group ASA		4,069
	26,254	Veidekke ASA		213,894
	16,404	Wilh Wilhelmsen ASA		152,245
	3,850	Wilh Wilhelmsen Holding ASA		117,704
				13,094,948

Shares			Value
PERU — 0.1%
	988,227	Alicorp SA(d)	$	3,082,641
	2,331,945	Ferreycorp SAA		1,513,704
				4,596,345
PHILIPPINES — 0.2%
	108,200	Alliance Global Group, Inc.		65,982
	68,800	Atlas Consolidated Mining & Development		19,712
	120,166	Belle Corp.(b)		14,489
	98,461	China Banking Corp.		141,277
	245,740	DMCI Holdings, Inc.		294,592
	72,800	EEI Corp.		18,162
	2,243,800	Energy Development Corp.		301,181
	3,472,375	Filinvest Land, Inc.		129,380
	307,300	First Gen Corp.		114,357
	213,520	First Philippine Holdings Corp.		343,431
	465,000	Global-Estate Resorts, Inc.(b)		14,636
	10,535	Globe Telecom, Inc.		424,228
	13,928,300	GMA Holdings, Inc. - PDR(d)		2,380,479
	237,090	International Container Terminal Services, Inc.		570,640
	137,660	Jollibee Foods Corp.		565,167
	93,834	Lafarge Republic, Inc.		20,239
	1,379,000	Lopez Holdings Corp.		154,144
	4,893,900	Manila Water Co., Inc.(d)		2,831,463
	10,796,696	Megaworld Corp.		959,484
	777,000	Metro Pacific Investments Corp.		87,752
	390,751	Metropolitan Bank & Trust		804,833
	3,353,000	Nickel Asia Corp.(d)		1,260,188
	623,000	Pepsi-Cola Products Philippines, Inc.		69,927
	126,720	Philweb Corp.		29,297
	135,000	Rizal Commercial Banking Corp.		146,841
	538,500	Robinsons Land Corp.		282,896
	16,960	San Miguel Corp.		29,830
	171,868	Security Bank Corp.		552,873
	30,030	Semirara Mining Corp.		191,814
	392,775	SM Prime Holdings, Inc.		174,344
	1,696	Top Frontier Investment Holdings, Inc.(b)(c)(d)		1,511
	102,600	Union Bank of Philippines		296,806
	307,775	Universal Robina Corp.		908,153
	2,843,000	Vista Land & Lifescapes, Inc.		363,188
				14,563,296
POLAND — 0.1%
	1,432	AmRest Holdings SE(b)		50,905
	24,182	Asseco Poland SA		394,954
	14,853	Bank Handlowy w Warszawie SA		572,836
	84,867	Bank Millennium SA(b)		211,041
	375,702	Boryszew SA(b)		63,423
	6,150	BRE Bank SA		1,018,228
	6,112	Budimex SA		257,945
	447	CCC SA		18,865

Shares			Value
POLAND (continued)
	7,564	CD Projekt SA(b)	$	38,061
	10,830	Ciech SA(b)		105,123
	15,371	Cyfrowy Polsat SA(b)		111,776
	1,000	Dom Development SA		15,579
	2,276	Emperia Holding SA		50,391
	8,915	Enea SA(b)		41,965
	32,056	Eurocash SA		492,753
	12,342	Famur SA(b)		21,436
	5,542	Farmacol SA(b)		125,041
	207,050	Getin Holdings SA		293,736
	594,239	Getin Noble Bank SA(b)		524,723
	5,406	Grupa Azoty SA		143,032
	3,848	Grupa Kety SA		237,350
	29,265	Grupa Lotos SA(b)		358,171
	12,693	Hawe SA(b)		16,277
	34,084	Impexmetal SA(b)		38,727
	2,830	ING Bank Slaski SA(b)		103,816
	2,620	Inter Cars SA(b)		167,389
	350	LPP SA		1,022,611
	6,588	Lubelski Wegiel Bogdanka SA		243,814
	209,106	Netia SA(b)		346,208
	10,774	Orbis SA		147,601
	2,139	Pelion SA		77,773
	158	Stalprodukt SA		11,131
	189,425	Synthos SA		321,002
	65,632	Tauron Polska Energia SA		107,173
	44,811	Telekomunikacja Polska SA		145,183
	37,193	TVN SA		187,755
	119	Zaklady Chemiczne Police SA		1,051
				8,084,845
PORTUGAL — 0.1%
	16,720	Altri SGPS SA		54,461
	97,795	Banco BPI SA(b)		155,355
	4,515,576	Banco Comercial Portugues SA(b)		675,641
	755,269	Banco Espirito Santo SA(b)		997,782
	6,872	Cimpor Cimentos de Portugal SGPS SA		25,192
	2,336	Corticeira Amorim SGPS SA		6,502
	49,289	Mota-Engil SGPS SA		226,867
	272	Novabase SGPS SA		1,064
	87,362	Portucel SA		336,870
	48,971	Portugal Telecom SGPS SA		221,081
	17,871	REN - Redes Energeticas Nacionais SGPS SA		53,746
	25,049	Semapa - Sociedade de Investimento e Gestao		245,861
	109,476	Sonae		158,303
	66,876	Sonaecom - SGPS SA		217,196
	11,475	Teixeira Duarte SA		11,374
	28,075	Zon Optimus SGPS SA		193,111
				3,580,406
QATAR — 0.0%
	141,044	Gulf International Services OSC		2,270,653

Shares			Value
RUSSIA — 0.0%
	11,455	Alliance Oil Co. Ltd. - SDR(b)(c)	$	101,777
SINGAPORE — 1.6%
	23,000	Abterra Ltd.(b)		10,184
	22,000	Amara Holdings Ltd.		9,829
	6,280,000	Ascendas Real Estate Investment Trust		11,981,645
	155,400	ASL Marine Holdings Ltd.		83,192
	291,000	Ausgroup Ltd.		69,107
	184,000	Banyan Tree Holdings Ltd.		99,984
	127,000	Biosensors International Group Ltd.		96,104
	7,400	Bonvests Holdings Ltd.		6,970
	105,000	Boustead Singapore Ltd.		127,214
	39,000	Breadtalk Group Ltd.		28,884
	40,000	Bukit Sembawang Estates Ltd.		198,036
	11,273,000	CapitaMall Trust REIT		18,331,557
	111,000	CH Offshore Ltd.		37,977
	35,000	China Aviation Oil Singapore Corp. Ltd.		26,204
	51,000	China Merchants Holdings Pacific Ltd.		34,898
	192,000	Chip Eng Seng Corp. Ltd.		108,968
	331,000	ComfortDelGro Corp. Ltd.		512,941
	173,000	Cosco Corp. Singapore Ltd.		109,326
	303,000	CSC Holdings Ltd.		24,636
	110,000	CSE Global Ltd.		83,682
	96,000	CWT Ltd.		107,422
	13,000	Elec & Eltek International Co. Ltd.		25,479
	14,000	Ellipsiz Ltd.		913
	15,600	Eu Yan Sang International Ltd.		9,419
	83,000	Ezion Holdings Ltd.		149,670
	8,876,400	Ezra Holdings Ltd.(b)		9,575,250
	100,000	Falcon Energy Group Ltd.		31,396
	130,121	Far East Orchard Ltd.		205,311
	179,000	First Resources Ltd.		280,993
	183,000	FJ Benjamin Holdings Ltd.		36,093
	28,000	Food Empire Holdings Ltd.		14,877
	8,000	Forterra Trust - Units(b)		13,975
	657,000	Fragrance Group Ltd.		108,425
	686,666	Freight Links Express Holdings Ltd.		59,148
	306,000	Gallant Venture Ltd.(b)		67,743
	2,000	GK Goh Holdings Ltd.		1,409
	537,000	GMG Global Ltd.		43,662
	89,000	Goodpack Ltd.		137,204
	15,000	GP Batteries International Ltd.		9,660
	80,000	GP Industries Ltd.		32,845
	145,666	Guocoland Ltd.		263,845
	111,000	GuocoLeisure Ltd.		73,720
	21,000	Hanwell Holdings Ltd.(b)		4,395
	252,875	Healthway Medical Corp. Ltd.(b)		13,639
	113,000	HG Metal Manufacturing Ltd.		7,095
	32,000	Hiap Hoe Ltd.		20,866

Shares			Value
SINGAPORE (continued)
	55,000	Hi-P International Ltd.	$	26,787
	151,000	Ho Bee Land Ltd.		250,411
	274,800	Hong Fok Corp. Ltd.		158,173
	131,000	Hong Leong Asia Ltd.		153,441
	137,600	Hotel Properties Ltd.		347,822
	3,000	Hour Glass Ltd. (The)		4,094
	65,000	HupSteel Ltd.		11,512
	4,896,000	Hyflux Ltd.(d)		4,572,017
	94,000	Indofood Agri Resources Ltd.		68,862
	397,000	IPC Corp. Ltd.		49,218
	154,000	Jaya Holdings Ltd.		84,922
	101,000	Jiutian Chemical Group Ltd.(b)		7,155
	92,950	Jurong Technologies Industrial Corp. Ltd.(b)(c)(d)		0
	304,000	K1 Ventures Ltd.		44,785
	47,000	Keppel Land Ltd.		140,372
	34,000	Keppel Telecommunications & Transportation Ltd.		42,698
	13,000	K-Green Trust - Units		10,727
	195,000	LC Development Ltd.		24,175
	202,000	Lian Beng Group Ltd.		90,251
	66,000	Low Keng Huat Singapore Ltd.		36,395
	75,000	Lum Chang Holdings Ltd.		21,132
	120,000	M1 Ltd.		329,416
	6,000	Marco Polo Marine Ltd.		1,811
	351,800	Metro Holdings Ltd.		236,478
	153,000	Mewah International, Inc.		59,121
	448,000	Midas Holdings Ltd.		180,325
	362,000	Neptune Orient Lines Ltd.(b)		308,904
	25,000	NSL Ltd.		28,780
	711,000	Olam International Ltd.		881,452
	32,000	OSIM International Ltd.		54,355
	172,000	OUE Ltd.		335,083
	60,000	Petra Foods Ltd.		171,470
	165,000	Popular Holdings Ltd.		33,871
	110,983	QAF Ltd.		75,049
	219,250	Raffles Education Corp. Ltd.(b)		52,950
	45,720	Raffles Medical Group Ltd.		117,410
	150,000	Rickmers Maritime - Units		35,019
	121,000	Rotary Engineering Ltd.		62,828
	217,500	Roxy-Pacific Holdings Ltd.		105,931
	1,594,000	S i2i Ltd.(b)		23,098
	17,000	San Teh Ltd.		4,106
	5,340,000	SATS Ltd.(d)		14,616,004
	5,000	SBS Transit Ltd.		5,172
	4,216,000	SIA Engineering Co. Ltd.(d)		17,139,591
	100,500	Sim Lian Group Ltd.		72,410
	569,000	Sinarmas Land Ltd.		251,932
	70,000	Singapore Land Ltd.		489,132
	346,000	Singapore Post Ltd.		364,885
	174,000	Singapore Reinsurance Corp. Ltd.(d)		35,719
	2,194,000	SMRT Corp. Ltd.(d)		2,296,088
	484,000	Stamford Land Corp. Ltd.		222,090
	3,260,000	StarHub Ltd.		11,678,474
	82,000	Sunningdale Tech Ltd.		8,384

Shares			Value
SINGAPORE (continued)
	184,000	SunVic Chemical Holdings Ltd.(b)	$	64,434
	99,000	Super Group Ltd.		335,526
	395,000	Swiber Holdings Ltd.		198,740
	143,000	Tat Hong Holdings Ltd.		107,636
	54,000	Technovator International Ltd.(b)		22,010
	62,000	Tiger Airways Holdings Ltd.(b)		25,954
	219,000	Tiong Woon Corp. Holding Ltd.		57,298
	25,540	Triyards Holdings Ltd.(b)		13,981
	408,784	Tuan Sing Holdings Ltd.		105,306
	149,000	UMS Holdings Ltd.		66,571
	336,254	United Engineers Ltd.		500,781
	103,000	United Envirotech Ltd.		69,236
	420,000	United Industrial Corp. Ltd.(d)		1,037,997
	232,000	UOB-Kay Hian Holdings Ltd.		310,031
	302,000	UOL Group Ltd.		1,602,141
	98,000	Venture Corp. Ltd.		613,782
	209,812	Wheelock Properties (Singapore) Ltd.		287,136
	281,420	Wing Tai Holdings Ltd.		500,675
	1,436	XP Power Ltd.		36,149
	86,000	Yanlord Land Group Ltd.		85,502
	37,000	YHI International Ltd.		7,744
	409,000	Yongnam Holdings Ltd.		79,021
				105,825,730
SOUTH AFRICA — 0.5%
	338,546	Adcock Ingram Holdings Ltd.		2,431,495
	3,244	Adcorp Holdings Ltd.		11,210
	114,293	Advtech Ltd.		75,142
	59,169	Aeci Ltd.		720,549
	180,687	Afgri Ltd.		118,793
	6,048	African Bank Investments Ltd.		10,242
	2,145	African Oxygen Ltd.		4,600
	44,678	African Rainbow Minerals Ltd.		855,708
	13,164	Allied Electronics Corp. Ltd.		32,101
	419	Argent Industrial Ltd.		227
	561	Assore Ltd.		23,746
	11,620	Astral Foods Ltd.		116,909
	91,296	Aveng Ltd.(b)		268,284
	110,010	AVI Ltd.		646,554
	105,076	Barloworld Ltd.		942,034
	28,795	Blue Label Telecoms Ltd.		27,078
	32,224	Business Connexion Group Ltd.		17,976
	8,369	Capitec Bank Holdings Ltd.		178,405
	2,456	Cashbuild Ltd.		38,293
	57,968	Caxton and CTP Publishers and Printers Ltd.		109,137
	7,765	City Lodge Hotels Ltd.		102,149
	391,378	Clicks Group Ltd.		2,438,620
	1,776	Consolidated Infrastructure Group Ltd.(b)		3,963
	40,612	Coronation Fund Managers Ltd.		331,328
	107,631	DataTec Ltd.		613,809
	77,015	Discovery Ltd.		652,101

Shares			Value
SOUTH AFRICA (continued)
	7,529	Distell Group Ltd.	$	100,874
	968	Distribution and Warehousing Network Ltd.(b)		916
	95,032	DRDGOLD Ltd.		47,143
	289,150	EOH Holdings Ltd.(d)		2,341,715
	27,664	Eqstra Holdings Ltd.		22,817
	54,199	Foschini Group Ltd. (The)		624,176
	505	Gijima Group Ltd.(b)		46
	45,341	Gold Fields Ltd.		211,286
	7,837	Grand Parade Investments Ltd.		3,318
	152,440	Grindrod Ltd.		366,722
	8,124	Group Five Ltd.		36,417
	14,422	Hudaco Industries Ltd.		148,677
	6,374	Hulamin Ltd.(b)		3,600
	8,550	Iliad Africa Ltd.		4,327
	54,124	Illovo Sugar Ltd.		169,563
	86,201	Imperial Holdings Ltd.		1,831,570
	1,932	Invicta Holdings Ltd.		19,226
	25,640	JSE Ltd.		224,250
	1,143	KAP Industrial Holdings Ltd.		432
	35,342	Lewis Group Ltd.		246,897
	59,244	Liberty Holdings Ltd.		731,790
	174,620	Life Healthcare Group Holdings Ltd.		713,178
	20,252	Massmart Holdings Ltd.		324,799
	109,805	Mediclinic International Ltd.		827,468
	106,290	Merafe Resources Ltd.(b)		8,576
	29,353	Metair Investments Ltd.		114,006
	317,966	MMI Holdings Ltd.		780,761
	76,923	Mondi Ltd.		1,374,289
	43,365	Mr. Price Group Ltd.		683,257
	14,612	Murray & Roberts Holdings Ltd.(b)		44,598
	31,978	Mvelaserve Ltd.(b)		29,242
	202,370	Nampak Ltd.		669,275
	232,248	Netcare Ltd.		576,528
	69,549	Northam Platinum Ltd.(b)		285,436
	219,663	Oceana Group Ltd.(d)		1,838,047
	20,617	Omnia Holdings Ltd.		425,617
	8,480	Palabora Mining Co. Ltd.(b)		97,752
	50,737	Peregrine Holdings Ltd.		69,696
	4,111	Petmin Ltd.		909
	38,560	Pick’n Pay Stores Ltd.		182,223
	17,834	Pinnacle Technology Holdings Ltd.		43,631
	218,150	Pioneer Foods Ltd.		1,847,117
	58,295	PPC Ltd.		184,372
	50,557	PSG Group Ltd.		415,485
	1,762	Raubex Group Ltd.		4,177
	17,348	Resilient Property Income Fund Ltd. - Units		95,046
	55,765	Reunert Ltd.		391,626
	11,250	Santam Ltd.		213,104
	123,909	Sappi Ltd.(b)		364,861
	23,208	Sibanye Gold Ltd.		32,782
	38,542	Spar Group Ltd. (The)		493,353

Shares			Value
SOUTH AFRICA (continued)
	7,238	Spur Corp. Ltd.	$	23,072
	232,155	Steinhoff International Holdings Ltd.(b)		897,516
	12,978	Sun International Ltd.		131,800
	139,164	Super Group Ltd.(b)		341,022
	14,182	Times Media Group Ltd.(b)		30,388
	13,568	Tongaat Hulett Ltd.		170,973
	24,146	Trencor Ltd.		171,857
	40,965	Truworths International Ltd.		391,746
	46,017	Tsogo Sun Holdings Ltd.		129,267
	6,989	Vukile Property Fund Ltd. - Units		12,107
	9,811	Wilson Bayly Holmes-Ovcon Ltd.		171,997
	191,832	Woolworths Holdings Ltd.		1,442,741
	211,907	Zeder Investments Ltd.		91,491
				35,043,403
SOUTH KOREA — 1.4%
	4,459	3S Korea Co. Ltd.(b)		23,877
	850	Actoz Soft Co. Ltd.(b)		27,085
	4,636	Advanced Process Systems Corp.(b)		47,420
	807	Ahnlab, Inc.		41,310
	5,000	AJ Rent A Car Co. Ltd.(b)		49,493
	1,511	AK Holdings, Inc.		57,192
	378	AMOREPACIFIC Corp.		310,026
	1,128	AMOREPACIFIC Group		398,243
	1,340	Asia Cement Co. Ltd.(c)(d)		122,536
	2,330	Asia Paper Manufacturing Co. Ltd.		47,116
	32,680	Asiana Airlines, Inc.(b)		155,274
	2,372	AtlasBX Co. Ltd.		83,632
	14,750	AUK Corp.(b)		34,137
	4,460	Baiksan Co. Ltd.		24,807
	2,450	Basic House Co. Ltd. (The)(b)		42,036
	1,657	Binggrae Co. Ltd.		139,808
	1,230	Bioland Ltd.		13,973
	93,070	BS Financial Group, Inc.		1,495,964
	1,375	Bukwang Pharmaceutical Co. Ltd.		18,731
	3,740	Busan City Gas Co. Ltd.		102,248
	2,010	Byucksan Corp.		4,908
	6,790	Capro Corp.		49,737
	3,695	Celltrion Pharm, Inc.(b)		42,846
	7,502	Celltrion, Inc.		325,682
	8,822	Chabio & Diostech Co. Ltd.(b)		85,663
	17,249	Cheil Industries, Inc.		1,463,502
	19,930	Cheil Worldwide, Inc.(b)		491,322
	566	Chemtronics Co. Ltd.		12,966
	393	Chin Hung International, Inc.(b)		608
	3,870	Chong Kun Dang Pharm Corp.(c)		290,774
	73	Chosun Refractories Co. Ltd.		5,423
	1,970	CJ CGV Co. Ltd.		92,766
	3,911	CJ CheilJedang Corp.		949,406

Shares			Value
SOUTH KOREA (continued)
	9,547	CJ Corp.	$	999,026
	5,601	CJ E&M Corp.(b)		193,784
	2,137	CJ Korea Express Co. Ltd.(b)		185,949
	565	CJ O Shopping Co. Ltd.		188,555
	2,330	CKD Bio Corp.		35,694
	4,679	CNK International Co. Ltd.(b)		23,202
	1,610	Cosmax, Inc.		79,077
	10,075	Coway Co. Ltd.		575,579
	329	Crown Confectionery Co. Ltd.		75,058
	477	CTC BIO, Inc.(b)		9,668
	4,440	D.I Corp.(b)		41,857
	3,620	Dae Dong Industrial Co. Ltd.		20,851
	675	Dae Han Flour Mills Co. Ltd.		90,997
	16,020	Dae Won Kang Up Co. Ltd.		113,420
	28,100	Dae Young Packaging Co. Ltd.(b)		22,570
	20,010	Daechang Co. Ltd.		19,996
	15,740	Daeduck Electronics Co.		138,741
	7,180	Daeduck GDS Co. Ltd.		131,992
	4,330	Daegu Department Store		66,945
	3,410	Daehan Steel Co. Ltd.		21,185
	6,480	Dae-Il Corp.		29,720
	10,500	Daekyo Co. Ltd.		66,420
	22,484	Daelim Industrial Co. Ltd.		2,085,718
	7,510	Daesang Corp.		245,672
	4,530	Daesang Holdings Co. Ltd.		31,901
	4,240	Daesung Holdings Co. Ltd.		34,376
	3,520	Daesung Industrial Co. Ltd.		14,269
	2,795	Daewon San Up Co. Ltd.		22,529
	49,915	Daewoo Engineering & Construction Co. Ltd.(b)		404,214
	13,072	Daewoo International Corp.		482,459
	67,196	Daewoo Securities Co. Ltd.		627,775
	29,870	Daewoo Shipbuilding & Marine Engineering Co. Ltd.		941,929
	844	Daewoong Co. Ltd.		29,718
	1,866	Daewoong Pharmaceutical Co. Ltd.		147,063
	22,130	Daishin Securities Co. Ltd.		184,634
	9,386	Daou Data Corp.		38,845
	20,410	Daou Technology, Inc.		279,958
	12,865	Dasan Networks, Inc.(b)		77,014
	2,145	Daum Communications Corp.		178,961
	3,090	DCM Corp.		33,937
	72,790	DGB Financial Group, Inc.		1,166,561
	3,331	Digitech Systems Co. Ltd.(b)		19,281
	1,360	Dong Ah Tire & Rubber Co. Ltd.		22,693
	140	Dong-A Socio Holdings Co. Ltd.		19,929
	4,050	Dong-Ah Geological Engineering Co. Ltd.		33,332
	5,230	Dongaone Co. Ltd.		16,271
	330	Dongbang Transport Logistics Co. Ltd.		800
	12,536	Dongbu HiTek Co. Ltd.(b)		71,499

Shares			Value
SOUTH KOREA (continued)
	15,569	Dongbu Insurance Co. Ltd.	$	696,440
	12,350	Dongbu Securities Co. Ltd.		41,099
	9,800	Dongbu Steel Co. Ltd.(b)		23,143
	754	Dong-IL Corp.		36,465
	841	Dongil Industries Co. Ltd.		41,782
	5,286	Dongjin Semichem Co. Ltd.		21,378
	11,110	Dongkook Industrial Co. Ltd.(b)		30,426
	433	DongKook Pharmaceutical Co. Ltd.		14,430
	2,076	Dongkuk Industries Co. Ltd.		6,938
	4,172	Dongkuk Steel Mill Co. Ltd.		58,406
	8,190	Dongkuk Structures & Construction Co. Ltd.		31,810
	2,060	Dongsuh Co, Inc.		53,988
	9,440	Dongsung Holdings Co. Ltd.		46,366
	7,740	Dongwha Pharmaceutical Co. Ltd.		40,643
	531	Dongwon F&B Co. Ltd.		54,314
	496	Dongwon Industries Co. Ltd.		132,797
	10,510	Dongyang Mechatronics Corp.		119,888
	5,324	Doosan Corp.		712,711
	17,120	Doosan Engine Co. Ltd.(b)		152,357
	333	Doosan Heavy Industries & Construction Co. Ltd.		13,609
	56,910	Doosan Infracore Co. Ltd.(b)		815,491
	3,262	DRB Industrial Co. Ltd.		27,123
	2,468	Duksan Hi-Metal Co. Ltd.(b)		48,743
	2,470	Duzon Bizon Co. Ltd.		23,192
	270	E1 Corp.		19,370
	3,050	Eagon Industries Co. Ltd.(b)		37,092
	9,342	Easy Bio, Inc.		40,908
	4,200	ELK Corp.(b)		25,261
	4,503	E-Mart Co. Ltd.		1,078,258
	1,366	Eo Technics Co. Ltd.		55,632
	23,624	Eugene Corp.		64,475
	2,356	Eugene Technology Co. Ltd.		36,203
	1,669	Fila Korea Ltd.		112,971
	6,030	Foosung Co. Ltd.(b)		22,795
	2,079	Fursys, Inc.		61,346
	520	Gaon Cable Co. Ltd.		9,584
	2,158	Global & Yuasa Battery Co. Ltd.		101,314
	27,104	GNCO Co. Ltd.(b)		40,883
	2,400	Golfzon Co. Ltd.		46,609
	60,100	Grand Korea Leisure Co. Ltd.		2,192,666
	1,018	Green Cross Corp.		125,720
	9,290	Green Cross Holdings Corp.		115,605
	2,863	GS Engineering & Construction Corp.		96,625
	2,370	GS Global Corp.		21,628
	33,465	GS Holdings		1,845,583
	600	GS Home Shopping, Inc.		138,355
	5,010	GSretail Co. Ltd.		138,386
	384	Gwangju Shinsegae Co. Ltd.		94,846
	7,310	Halla Corp.		36,731

Shares			Value
SOUTH KOREA (continued)
	12,680	Halla Visteon Climate Control Corp.	$	474,566
	7,170	Han Kuk Carbon Co. Ltd.		60,226
	10,549	Hana Financial Group, Inc.		406,744
	1,900	Hanall Biopharma Co. Ltd.(b)		11,141
	1,900	Handok, Inc.		30,988
	9,530	Handsome Co. Ltd.		273,120
	1,726	Hanil Cement Co. Ltd.		136,030
	11,420	Hanil E-Wha Co. Ltd.		236,851
	28,207	Hanjin Heavy Industries & Construction Co. Ltd.(b)		327,076
	5,540	Hanjin Heavy Industries & Construction Holdings Co. Ltd.		47,788
	2,895	Hanjin Kal Corp.(b)		38,345
	43,325	Hanjin Shipping Co. Ltd.(b)		316,539
	8,350	Hanjin Shipping Holding Co. Ltd.(b)		41,957
	49	Hankook Shell Oil Co. Ltd.		24,298
	20,641	Hankook Tire Co. Ltd.		1,212,288
	4,718	Hankook Tire Worldwide Co. Ltd.		116,310
	680	Hankuk Paper Manufacturing Co. Ltd.		15,193
	618	Hanmi Pharm Co. Ltd.(b)		75,156
	2,563	Hanmi Science Co. Ltd.(b)		38,659
	2,520	Hanmi Semiconductor Co. Ltd.		29,815
	2,970	Hansae Co. Ltd.		47,458
	3,830	Hansol Chemical Co. Ltd.		98,571
	17,250	Hansol CSN Co. Ltd.		51,795
	24,530	Hansol HomeDeco Co. Ltd.(b)		40,122
	21,590	Hansol Paper Co.		250,348
	1,590	Hansol Technics Co. Ltd.(b)		28,480
	2,020	Hanssem Co. Ltd.		81,885
	33,385	Hanwha Chemical Corp.		733,321
	35,410	Hanwha Corp.		1,340,289
	12,743	Hanwha Investment & Securities Co. Ltd.(b)		43,067
	55,930	Hanwha Life Insurance Co. Ltd.		374,361
	770	Hanwha Timeworld Co. Ltd.		23,664
	2,720	Hanyang Securities Co. Ltd.		15,949
	24,550	Heung-A Shipping Co. Ltd.		36,915
	6,808	Hite Jinro Co. Ltd.		167,192
	3,310	Hite Jinro Holdings Co. Ltd.		36,041
	10,126	HMC Investment Securities Co. Ltd.		101,666
	10,884	Hotel Shilla Co. Ltd.		702,856
	104,698	Huchems Fine Chemical Corp.		2,358,974
	9,061	Humax Co. Ltd.		107,203
	3,050	Husteel Co. Ltd.		55,781
	6,850	Huvis Corp.		66,191
	83,915	Huvitz Co. Ltd.		1,467,474
	7,800	Hwa Shin Co. Ltd.		94,122
	439	Hwacheon Machine Tool Co. Ltd.		21,396
	66,275	Hy-Lok Corp.		1,668,199
	15,292	Hyosung Corp.		1,032,201

Shares			Value
SOUTH KOREA (continued)
	5,770	Hyundai BNG Steel Co. Ltd.(b)	$	75,610
	4,120	Hyundai Corp.		128,950
	7,551	Hyundai Department Store Co. Ltd.		1,203,035
	33,280	Hyundai Development Co-Engineering & Construction		740,427
	100	Hyundai Elevator Co. Ltd.(b)		5,675
	4,090	Hyundai Engineering Plastics Co. Ltd.		26,219
	17,750	Hyundai Greenfood Co. Ltd.		282,795
	12,260	Hyundai Hy Communications & Networks Co. Ltd.		55,015
	15,170	Hyundai Hysco Co. Ltd.		602,081
	31,140	Hyundai Marine & Fire Insurance Co. Ltd.		890,972
	4,120	Hyundai Merchant Marine Co. Ltd.(b)		53,406
	387	Hyundai Mipo Dockyard		61,657
	68,891	Hyundai Securities Co. Ltd.		437,084
	3,841	Hyundai Wia Corp.		662,647
	4,916	Hyunjin Materials Co. Ltd.		32,488
	1,989	Hyvision System, Inc.(b)		30,845
	6,050	Il Dong Pharmaceutical Co. Ltd.		67,587
	9,780	Iljin Electric Co. Ltd.		56,610
	803	Ilshin Spinning Co. Ltd.		83,650
	266	Ilsung Pharmaceuticals Co. Ltd.		19,560
	1,628	Ilyang Pharmaceutical Co. Ltd.		43,357
	2,000	iMarketKorea, Inc.		47,608
	37,510	Industrial Bank of Korea		433,182
	1,718	Innox Corp.(b)		41,300
	2,032	Interflex Co. Ltd.(b)		60,725
	430	Intergis Co. Ltd.		2,886
	8,362	Interpark Corp.		79,619
	2,195	INTOPS Co. Ltd.		46,766
	2,410	Inzi Controls Co. Ltd.		12,019
	7,005	IS Dongseo Co. Ltd.(b)		108,633
	6,310	ISU Chemical Co. Ltd.		98,152
	10,380	IsuPetasys Co. Ltd.		68,988
	2,800	Jahwa Electronics Co. Ltd.		55,696
	24,959	JB Financial Group Co. Ltd.(b)		170,825
	3,330	Jeil Pharmaceutical Co.		40,497
	2,973	JW Pharmaceutical Corp.		43,162
	24,810	Kangwon Land, Inc.		681,793
	10,532	KC Tech Co. Ltd.		48,254
	1,290	KCC Corp.		517,459
	790	Keangnam Enterprises Ltd.(b)		2,532
	1,783	KEPCO Engineering & Construction Co., Inc.		94,634
	2,519	KEPCO Plant Service & Engineering Co. Ltd.		127,761
	13,960	Keyang Electric Machinery Co. Ltd.		43,035
	1,340	KG Chemical Corp.		22,107
	1,884	KH Vatec Co. Ltd.(b)		48,044
	1,110	KISCO Corp.		29,719

Shares			Value
SOUTH KOREA (continued)
	6,150	Kishin Corp.	$	46,382
	4,345	KISWIRE Ltd.		151,353
	2,472	KIWOOM Securities Co. Ltd.		129,572
	16,788	Koentec Co. Ltd.(b)		32,603
	431	Koh Young Technology, Inc.		12,860
	87,860	Kolao Holdings		2,571,815
	1,846	Kolon Corp.		34,545
	21,230	Kolon Global Corp.(b)		77,455
	6,139	Kolon Industries, Inc.		343,194
	583	Kolon Life Science, Inc.		42,540
	2,401	Komipharm International Co. Ltd.(b)		16,229
	1,256	KONA I Co. Ltd.		39,074
	5,420	Kook Soon Dang Brewery Co. Ltd.		32,088
	4,850	Korea Aerospace Industries Ltd.		128,023
	597	Korea Circuit Co. Ltd.(b)		7,598
	3,220	Korea Electric Terminal Co. Ltd.		130,530
	1,360	Korea Export Packaging Industrial Co. Ltd.		31,540
	1,060	Korea Flange Co. Ltd.(b)		13,490
	1,152	Korea Gas Corp.		69,397
	24,360	Korea Investment Holdings Co. Ltd.		949,598
	5,406	Korea Kolmar Co. Ltd.		116,707
	2,603	Korea Kolmar Holdings Co. Ltd.		25,398
	1,564	Korea Petrochemical Industrial Co. Ltd.(b)		109,845
	1,600	Korea United Pharm, Inc.		16,140
	1,584	Korea Zinc Co. Ltd.		462,918
	18,202	Korean Air Lines Co. Ltd.(b)		584,283
	35,058	Korean Reinsurance Co.		393,297
	3,712	Kortek Corp.		53,541
	4,310	KPF		28,442
	787	KPX Chemical Co. Ltd.		51,564
	3,560	KT Skylife Co., Ltd.		94,307
	30,000	KTB Investment & Securities Co. Ltd.(b)		67,311
	1,913	Kukdo Chemical Co. Ltd.		91,254
	630	Kumho Electric Co. Ltd.		15,590
	2,220	Kumho Petrochemical Co. Ltd.		217,657
	16,550	Kumho Tire Co., Inc.(b)		193,467
	1,030	Kunsul Chemical Industrial Co. Ltd.		28,014
	30,090	Kwang Dong Pharmaceutical Co. Ltd.		206,793
	9,282	Kyobo Securities Co.		39,858
	1,380	Kyung Dong Navien Co. Ltd.		23,613
	92	Kyungbang Ltd.(b)		10,017
	17,150	Kyung-In Synthetic Corp.		69,683
	13,569	LB Semicon, Inc.(b)		27,311
	860	LEENO Industrial, Inc.		17,269
	3,960	LG Fashion Corp.		121,329
	1,171	LG Hausys Ltd.		141,856
	5,520	LG InnoTek Co. Ltd.(b)		445,971
	15,154	LG International Corp.		425,726

Shares			Value
SOUTH KOREA (continued)
	909	LG Life Sciences Ltd.(b)	$	40,276
	106,470	LG Uplus Corp.(b)		1,219,524
	19,400	LIG Insurance Co. Ltd.		482,828
	6,250	Livart Furniture Co. Ltd.		62,161
	1,800	Lock & Lock Co. Ltd.		46,920
	1,169	Lotte Chemical Corp.		239,696
	497	Lotte Chilsung Beverage Co. Ltd.		737,945
	536	Lotte Confectionary Co. Ltd.		919,146
	314	Lotte Food Co. Ltd.		193,891
	2,142	LOTTE Himart Co. Ltd.		168,614
	9,473	Lotte Non-Life Insurance Co. Ltd.(b)		26,836
	8,813	LS Corp.		658,846
	2,821	LS Industrial Systems Co. Ltd.		176,853
	8,889	Lumens Co. Ltd.(b)		79,861
	39,012	Macquarie Korea Infrastructure Fund		242,733
	1,074	Macrogen, Inc.(b)		30,678
	326	Maeil Dairy Industry Co. Ltd.		13,476
	3,135	Mando Corp.		422,630
	380	Medy-Tox, Inc.		62,691
	1,381	MegaStudy Co. Ltd.		96,471
	16,030	Meritz Finance Group, Inc.		82,360
	23,309	Meritz Fire & Marine Insurance Co. Ltd.		328,512
	112,180	Meritz Securities Co. Ltd.		177,669
	44	Mi Chang Oil Industrial Co. Ltd.		3,256
	11,680	Mirae Asset Securities Co. Ltd.		394,197
	10,335	MK Electron Co. Ltd.		45,890
	6,602	MNTech Co. Ltd.		47,862
	19,700	Moorim P&P Co. Ltd.		116,074
	7,820	Moorim Paper Co. Ltd.(b)		17,656
	8,590	Motonic Corp.		77,174
	1,150	Muhak Co. Ltd.		20,815
	4,750	Namhae Chemical Corp.		32,465
	46	Namyang Dairy Products Co. Ltd.		37,598
	2,740	National Plastic Co.		13,535
	2,862	NCSoft Corp.		554,458
	5,453	Neowiz Games Corp.(b)		88,934
	933	Neowiz Holdings Corp.(b)		9,851
	3,138	Nexen Corp.(d)		220,687
	8,260	Nexen Tire Corp.		123,812
	9,100	NH Investment & Securities Co. Ltd.		41,178
	4,200	NICE Holdings Co. Ltd.		51,275
	6,790	NK Co. Ltd.		23,716
	799	Nong Shim Holdings Co. Ltd.		57,322
	2,181	NongShim Co. Ltd.		528,416
	800	Noroo Holdings Co. Ltd.		14,707
	5,249	OCI Co. Ltd.		950,090
	2,138	OCI Materials Co. Ltd.		66,916
	828	OPTRON-TEC, Inc.(b)		8,977
	804	Orion Corp.		784,483
	1,987	Osstem Implant Co. Ltd.(b)		50,764

Shares			Value
SOUTH KOREA (continued)
	515	Ottogi Corp.	$	166,286
	2,770	Paik Kwang Industrial Co. Ltd.		9,819
	22,380	PaperCorea, Inc.(b)		16,921
	4,525	Paradise Co. Ltd.		116,031
	7,561	Partron Co. Ltd.		122,245
	12,196	Poongsan Corp.		339,177
	2,723	Poongsan Holdings Corp.		72,134
	344	POSCO Chemtech Co. Ltd.		42,321
	7,672	Posco ICT Co. Ltd.		59,235
	1,991	Posco M-Tech Co. Ltd.		13,289
	1,940	Posco Plantec Co. Ltd.(b)		16,917
	4,462	Power Logics Co. Ltd.(b)		21,621
	8,538	PSK, Inc.(b)		81,295
	450	Pulmuone Holdings Co. Ltd.		22,230
	112,293	Pyeong Hwa Automotive Co. Ltd.		2,604,202
	13,621	S&T Dynamics Co. Ltd.		182,341
	3,150	S&T Holdings Co. Ltd.		58,798
	4,800	S&T Motiv Co. Ltd.		135,753
	3,832	S1 Corp.		228,674
	1,110	Sajo Industries Co. Ltd.(b)		30,922
	4,770	Sam Young Electronics Co. Ltd.		42,495
	3,017	Sam Yung Trading Co. Ltd.		48,209
	480	Samchully Co. Ltd.		59,279
	1,220	SAMHWA Paints Industrial Co. Ltd.		10,616
	23,040	Samick Musical Instruments Co. Ltd.(b)		39,640
	4,310	Samick THK Co. Ltd.		32,140
	5,671	Samjin Pharmaceutical Co. Ltd.		72,174
	670	Samkwang Glass Co. Ltd.		33,539
	590	Samlip General Foods Co. Ltd.		27,644
	6,550	Samsung Fine Chemicals Co. Ltd.		296,394
	12,457	Samsung SDI Co. Ltd.		2,078,613
	20,297	Samsung Securities Co. Ltd.		900,282
	4,627	Samsung Techwin Co. Ltd.		252,560
	1,040	Samyang Foods Co. Ltd.(b)		23,923
	412	Samyang Genex Co. Ltd.		33,442
	3,916	Samyang Holdings Corp.		326,718
	19,700	Samyoung Chemical Co. Ltd.		45,501
	10,570	Savezone I&C Corp.		46,635
	21,510	SBS Media Holdings Co. Ltd.		93,685
	28,160	SBW(b)		20,494
	7,830	Seah Besteel Corp.		204,839
	485	SeAH Holdings Corp.		44,945
	1,408	SeAH Steel Corp.		119,861
	5,840	Sebang Co. Ltd.		105,156
	35,374	Seegene, Inc.(b)		1,927,520
	5,490	Sejong Industrial Co. Ltd.		86,173
	140	Sempio Foods Co.		2,824
	3,728	S-Energy Co. Ltd.		44,986
	3,221	Seobu T&D(b)		64,071
	44,667	Seohee Construction Co. Ltd.(b)		28,171
	3,989	Seoul Semiconductor Co. Ltd.		166,216

Shares			Value
SOUTH KOREA (continued)
	7,340	Seowon Co. Ltd.	$	12,871
	2,690	Sewon Cellontech Co. Ltd.(b)		7,468
	1,675	SFA Engineering Corp.		71,374
	50,350	SG Corp.(b)		33,226
	14,720	Shin Poong Pharmaceutical Co. Ltd.		70,773
	2,084	Shinsegae Co. Ltd.		525,543
	26,713	Shinsung Solar Energy Co. Ltd.(b)		29,968
	22,990	Shinsung Tongsang Co. Ltd.(b)		23,841
	15,480	Shinwon Corp.(b)		18,242
	2,240	Shinyoung Securities Co. Ltd.		88,270
	11,434	Signetics Corp.(b)		27,379
	2,162	Silicon Works Co. Ltd.		48,916
	2,200	Silla Co. Ltd.		60,665
	6,723	Simm Tech Co. Ltd.		49,943
	3,870	SIMPAC, Inc.		23,021
	971	Sindoh Co. Ltd.		64,077
	2,720	SJM Co. Ltd.		26,668
	71,993	SK Broadband Co. Ltd.(b)		307,790
	2,799	SK C&C Co. Ltd.		302,131
	5,115	SK Chemicals Co. Ltd.		250,265
	5,137	SK Communications Co. Ltd.(b)		25,764
	1,852	SK Gas Ltd.		130,770
	8,402	SK Holdings Co. Ltd.		1,524,756
	4,930	SK Networks Co. Ltd.		30,953
	164,110	SK Securities Co. Ltd.(b)		124,233
	8,900	SKC Co. Ltd.		270,167
	5,580	SL Corp.		77,854
	5,310	Songwon Industrial Co. Ltd.		57,317
	23,409	Soulbrain Co. Ltd.		1,169,622
	9,930	Ssangyong Cement Industrial Co. Ltd.(b)		55,325
	18,069	STS Semiconductor & Telecommunications(b)		67,626
	20,638	STX Corp. Co. Ltd.		34,729
	32,420	STX Pan Ocean Co. Ltd(b)		34,537
	2,270	Suheung Capsule Co. Ltd.		80,999
	579	Sun Kwang Co. Ltd.		9,771
	3,202	Sung Kwang Bend Co. Ltd.		87,691
	2,100	Sungchang Enterprise Holdings Ltd.(b)		35,041
	5,670	Sungshin Cement Co. Ltd.(b)		29,934
	16,513	Sungwoo Hitech Co. Ltd.		256,082
	214	Sunjin Co. Ltd.		4,317
	422	Suprema, Inc.(b)		9,568
	6,520	Tae Kyung Industrial Co. Ltd.		28,828
	245	Taekwang Industrial Co. Ltd.		302,569
	2,079	Taewoong Co. Ltd.(b)		62,032
	23,300	Taeyoung Engineering & Construction Co. Ltd.		125,643
	16,710	Tailim Packaging Industrial Co. Ltd.		40,958
	2,386	TCC Steel		8,210
	16,216	Tera Resource Co. Ltd.(b)(c)(d)		7,277
	16,250	TK Chemical Corp.(b)		25,660

Shares			Value
SOUTH KOREA (continued)
	20,170	TONGYANG Life Insurance	$	213,917
	200	TONGYANG Moolsan Co. Ltd.		1,769
	5,875	Top Engineering Co. Ltd.(b)		26,086
	1,970	TS Corp.		52,001
	1,709	Uju Electronics Co. Ltd.		30,611
	2,047	Unid Co. Ltd.		128,329
	250	Union Steel		3,641
	1,880	Visang Education, Inc.		21,977
	5,350	Whanin Pharmaceutical Co. Ltd.		55,480
	40,830	Willbes & Co. (The)(b)		41,571
	5,906	Wonik IPS Co. Ltd.(b)		48,885
	6,197	Woongjin Chemical Co. Ltd.(b)		55,500
	23,490	Woongjin Energy Co. Ltd.(b)		47,722
	9,260	Woongjin Thinkbig Co. Ltd.(b)		52,902
	12,750	Wooree ETI Co. Ltd.		36,841
	6,008	Woori Financial Co. Ltd.		125,456
	69,483	Woori Investment & Securities Co. Ltd.		733,641
	1,620	Y G-1 Co. Ltd.		18,708
	1,080	YESCO Co. Ltd.		35,584
	9,270	Yoosung Enterprise Co. Ltd.		44,307
	6,970	Youlchon Chemical Co. Ltd.		81,807
	18,290	Young Heung Iron & Steel Co. Ltd.		39,141
	345	Young Poong Corp.		458,591
	4,080	Young Poong Precision Corp.		38,425
	4,952	Youngone Corp.		167,595
	2,598	Youngone Holdings Co. Ltd.		157,974
	1,184	Yuhan Corp.		208,728
				91,776,778
SPAIN — 0.5%
	25,804	Abengoa SA		79,986
	43,220	Abengoa SA - B Shares		104,865
	9,663	Acciona SA		613,097
	40,068	Acerinox SA		528,520
	20,763	ACS Actividades de Construccion y Servicios SA		681,519
	2,892	Adveo Group International SA		54,148
	20,739	Almirall SA		310,025
	7,185	Atresmedia Corp. de Medios de Comunicaion SA		120,480
	3,330	Azkoyen SA(b)		8,771
	1,745,992	Banco de Sabadell SA		4,480,489
	283,263	Banco Popular Espanol SA(b)		1,612,250
	3,426	Banco Santander SA		30,417
	83	Banco Santander SA(b)(d)		737
	167,120	Bankinter SA		1,020,405
	1,315	Baron de Ley(b)		110,519
	18,045	Bolsas y Mercados Espanoles SA		675,361
	20,024	Caja de Ahorros del Mediterraneo(b)(c)(d)		0
	16,842	Cie Automotive SA		182,938
	485	Construcciones y Auxiliar de Ferrocarriles SA		252,111

Shares			Value
SPAIN (continued)
	332,485	Deoleo SA(b)	$	189,602
	113,832	Distribuidora Internacional de Alimentacion SA		1,040,625
	8,393	Duro Felguera SA		54,927
	26,493	Ebro Foods SA		598,557
	158,336	EDP Renovaveis SA(b)		872,610
	9,048	Elecnor SA		132,555
	95,049	Enagas SA		2,541,058
	68,381	Ence Energia y Celulosa SA		274,820
	25,768	Ercros SA(b)		19,697
	46,121	Faes Farma SA		166,259
	12,842	Fluidra SA		43,939
	11,950	Fomento de Construcciones y Contratas SA(b)		275,503
	116,565	Gamesa Corp. Tecnologica SA(b)		1,130,024
	31,966	Grupo Catalana Occidente SA		1,082,880
	37,122	Grupo Ezentis SA(b)		20,816
	2,010	Iberpapel Gestion SA		41,755
	46,815	Indra Sistemas SA		773,565
	893	Inmobiliaria Colonial SA(b)		1,474
	5,819	Laboratorios Farmaceuticos Rovi SA		70,159
	124,222	Mapfre SA		499,917
	51,556	Mediaset Espana Comunicacion SA(b)		630,004
	11,410	Melia Hotels International SA		129,513
	2,756	Miquel y Costas & Miquel SA		104,887
	54,285	NH Hoteles SA(b)		283,767
	34,034	Obrascon Huarte Lain SA		1,427,884
	13,901	Papeles y Cartones de Europa SA		74,647
	9,252	Pescanova SA(b)(c)(d)		0
	1,765	Prim SA		13,564
	147,552	Promotora de Informaciones SA - Class A(b)		75,127
	1,096,094	Prosegur Cia de Seguridad SA		6,518,434
	26,928	Red Electrica Corp. SA		1,678,544
	64,394	Sacyr SA(b)		347,364
	2,247	Tecnicas Reunidas SA		115,781
	41,405	Tubacex SA		159,659
	34,984	Tubos Reunidos SA		87,399
	8,830	Vidrala SA		378,372
	15,581	Viscofan SA		827,062
	25,837	Zardoya Otis SA		450,080
	30,974	Zeltia SA(b)		107,240
				34,106,708
SWEDEN — 0.8%
	11,929	AarhusKarlshamn AB		705,978
	24,738	Acando AB		48,674
	3,083	AddNode Group AB		17,841
	2,555	AddTech AB - Class B		116,512
	307,610	AF AB - B Shares(d)		9,731,414
	2,158	Arise AB(b)		7,893
	794	Atrium Ljungberg AB - B Shares		10,826

Shares			Value
SWEDEN (continued)
	1,644	Avanza Bank Holding AB	$	52,897
	8,149	Axfood AB		421,909
	14,516	Axis Communications AB		501,336
	5,502	B&B Tools AB - Class B		75,355
	2,816	Beijer AB G&L - Class B		59,101
	6,098	Beijer Alma AB		159,507
	2,038	Beijer Electronics AB		21,465
	11,117	Betsson AB		349,977
	17,184	Bilia AB - A Shares		416,338
	103,419	BillerudKorsnas AB		1,214,525
	4,165	BioGaia AB - Class B		142,046
	24,799	Biotage AB		38,652
	1,759	Bjoern Borg AB		7,845
	293,940	Boliden AB		4,186,798
	42,950	Bure Equity AB		166,364
	11,928	Byggmax Group AB		89,643
	18,040	Castellum AB		276,723
	2,600	Catena AB		41,227
	5,320	Clas Ohlson AB - Class B		83,740
	10,828	Concordia Maritime AB - Class B		19,300
	19,770	CyberCom Group AB(b)		7,231
	13,655	Duni AB		153,828
	55,809	Electrolux AB - Class B		1,377,989
	123,512	Elekta AB - Class B		1,822,169
	1,207	Enea AB		10,105
	53,430	Eniro AB(b)		232,930
	15,073	Fabege AB		173,524
	741	Fagerhult AB		22,756
	6,050	Fastighets AB Balder - Class B(b)		53,451
	96,813	Getinge AB - Class B		3,070,203
	25,488	Gunnebo AB		146,319
	28,421	Haldex AB		206,138
	11,372	Hexpol AB		854,648
	8,094	HIQ International AB		46,965
	440	HMS Networks AB		9,829
	26,976	Holmen AB - Class B		896,279
	7,179	Hufvudstaden AB - Class A		94,002
	22,054	Husqvarna AB - Class A		129,498
	139,162	Husqvarna AB - Class B		818,644
	24,085	ICA Gruppen AB(b)		728,120
	11,328	Industrial & Financial Systems - Class B		260,472
	5,489	Indutrade AB		214,730
	31,357	Intrum Justitia AB		834,729
	39,593	JM AB		1,130,347
	18,518	KappAhl AB(b)		109,450
	264	Karolinska Development AB - Class B(b)		1,357
	6,105	Klovern AB		27,133
	18,031	KNOW IT AB		153,735
	14,357	Kungsleden AB		105,461
	2,706	Lagercrantz AB - Class B		46,979
	21,175	Lindab International AB(b)		206,357
	31,173	Loomis AB - Class B		748,050

Shares			Value
SWEDEN (continued)
	75,113	Lundin Petroleum AB(b)	$	1,550,932
	139,081	Meda AB - Class A		1,562,503
	2,363	Medivir AB - Class B(b)		30,996
	7,277	Mekonomen AB		240,319
	29,549	Micronic Mydata AB(b)		59,280
	5,182	Modern Times Group AB - Class B		282,929
	1,715	MQ Holding AB		4,764
	2,499	Munksjo Oyj(b)		15,947
	1,241	NCC AB - A Shares		38,877
	39,737	NCC AB - B Shares		1,223,988
	2,159	Nederman Holding AB		55,640
	3,937	Net Entertainment NE AB - B shares		76,248
	49,418	New Wave Group AB - Class B		280,643
	11,629	Nibe Industrier AB - Class B		223,067
	61,798	Nobia AB		538,821
	8,614	Nolato AB - Class B		175,801
	17,542	Nordnet AB - Class B		74,986
	3,858	Orexo AB(b)		77,398
	76,747	Peab AB		451,833
	54,154	Pricer AB - Class B		61,006
	1,152	Proact IT Group AB		12,622
	23,300	Proffice AB - Class B		88,813
	82,544	Ratos AB - Class B		715,248
	4,226	ReadSoft AB - Class B		12,782
	8,898	Rezidor Hotel Group AB(b)		50,669
	30,024	Saab AB - Class B		602,329
	1,150	Sagax AB - Class B		4,188
	91,584	SAS AB(b)		275,598
	4,652	Sectra AB - Class B(b)		49,355
	72,775	Securitas AB - Class B		831,066
	5,219	Semcon AB		56,982
	39,832	Skanska AB - Class B		767,744
	6,034	SkiStar AB		80,546
	128,873	SSAB AB - Class A		849,601
	8,924	Sweco AB - Class B		112,926
	15,079	Swedish Match AB		497,510
	21,190	Swedish Orphan Biovitrum AB(b)		202,742
	2,770	Systemair AB		48,838
	196,393	Tele2 AB - B Shares		2,370,033
	7,542	TradeDoubler AB(b)		20,833
	95,263	Trelleborg AB - Class B		1,800,868
	3,694	Vitrolife AB		45,177
	8,602	Wallenstam AB - Class B		119,538
	6,774	Wihlborgs Fastigheter AB		117,081
				50,416,381
SWITZERLAND — 1.5%
	679	Acino Holding AG(b)		85,983
	12,835	Actelion Ltd.		993,728
	564	Advanced Digital Broadcast Holdings SA(b)		10,505
	9,604	AFG Arbonia-Forster Holding AG(b)		333,946

Shares			Value
SWITZERLAND (continued)
	185,000	Allied World Assurance Co. Holdings AG	$	20,033,650
	8,646	Allreal Holding AG		1,188,247
	55	Alpiq Holding AG		7,274
	934	ALSO Holding AG		48,844
	314	APG SGA SA		83,055
	45,586	Aryzta AG		3,406,327
	4,837	Ascom Holding AG		71,434
	1,374	Autoneum Holding AG		183,230
	1,807	Bachem Holding AG - Class B		103,559
	32,904	Baloise Holding AG		3,829,462
	1,857	Bank Coop AG		97,521
	277	Banque Cantonale de Geneve		70,826
	2,108	Banque Cantonale Vaudoise		1,173,241
	6	Banque Privee Edmond de Rothschild SA		104,976
	728	Barry Callebaut AG		760,615
	215	Basilea Pharmaceutica		23,458
	1,631	Basler Kantonalbank		137,063
	99	Belimo Holding AG		255,315
	39	Bell AG		95,421
	1,916	Berner Kantonalbank AG		477,443
	1,473	Bobst Group AG(b)		51,949
	1,198	Bossard Holding AG		243,733
	3,886	Bucher Industries AG		1,078,195
	23,299	Burckhardt Compression Holding AG(d)		9,333,980
	36	Carlo Gavazzi Holding AG		8,257
	48	Centralschweizerische Kraftwerke AG		15,341
	178	Cham Paper Holding AG		47,023
	1,088	Charles Voegele Holding AG - Class A(b)		14,029
	131	Cicor Technologies		4,671
	40	Cie Financiere Tradition SA		2,160
	154,090	Clariant AG		2,717,187
	34,335	Coca-Cola HBC AG - CDI		992,058
	1,178	Coltene Holding AG		60,890
	35	Conzzeta AG		72,750
	2,750	Daetwyler Holding AG		350,058
	3,496	Dufry AG(b)		565,232
	1,896	EFG International AG		27,896
	1,140	Emmi AG		327,922
	2,683	EMS-Chemie Holding AG		978,015
	4,343	Energiedienst Holding AG		148,380
	2,933	Flughafen Zuerich AG		1,625,943
	530	Forbo Holding AG		415,892
	1,617	Galenica AG		1,430,145
	89,347	GAM Holding AG		1,673,995
	1,495	Gategroup Holding AG(b)		39,214
	8,060	Geberit AG		2,409,961
	3,379	Georg Fischer AG		2,331,244
	598	Givaudan SA		848,872
	284	Gurit Holding AG		132,007
	4,832	Helvetia Holdings AG		2,280,602
	4,946	Highlight Communications AG		25,405

Shares			Value
SWITZERLAND (continued)
	1,239	Huber & Suhner AG	$	67,730
	5,293	Implenia AG		356,133
	249	Inficon Holding AG		77,662
	236,028	Informa Plc		2,117,428
	136	Interroll Holding AG		65,463
	104	Intershop Holdings AG		37,710
	178,605	Julius Baer Group Ltd.		8,777,205
	1	Jungfraubahn Holding AG		72
	821	Kaba Holding AG - Class B(b)		351,301
	1,015	Kardex AG		44,019
	2,133	Komax Holding AG		291,499
	11,473	Kudelski SA(b)		158,689
	836	Kuoni Reisen Holding AG		353,804
	161	LEM Holding SA		118,796
	15	Lindt & Spruengli AG		754,505
	13,174	Logitech International SA		134,883
	16,086	Lonza Group AG		1,437,785
	1,434	Luzerner Kantonalbank AG		572,114
	16	Mch Group AG		1,067
	52	Metall Zug AG - Class B		124,821
	24,650	Meyer Burger Technology AG(b)		289,329
	20,313	Micronas Semiconductor Holding AG		166,561
	677	Mikron Holding AG		3,962
	9,148	Mobilezone Holding AG		94,772
	3,918	Mobimo Holding AG		820,433
	726	Nobel Biocare Holding AG		12,002
	111,727	OC Oerlikon Corp AG(b)		1,563,821
	417	Orell Fuessli Holding AG(b)		41,914
	1,137	Orior AG		63,908
	3,289	Panalpina Welttransport Holding AG		492,616
	3,238	Partners Group Holding AG		838,986
	281	Phoenix Mecano AG		168,163
	3,798	PSP Swiss Property AG		326,494
	78	PubliGroupe SA		7,737
	352	Rieter Holding AG		73,826
	154	Romande Energie Holding SA		192,638
	78	Schaffner Holding AG		21,706
	129,528	Schmolz & Bickenbach AG(b)		164,167
	472	Schweiter Technologies AG		316,799
	8,630	Schweizerische National-Versicherungs-Gesellsschaft AG		426,578
	845	Siegfried Holding AG		139,320
	894	Sika AG		2,818,906
	120	Societa Elettrica Sopracenerina SA		19,706
	4,882	Sonova Holding AG		635,437
	1,426	St. Galler Kantonalbank AG		580,710
	308,724	STMicroelectronics NV		2,387,601
	78	Straumann Holding AG		15,525
	12,312	Sulzer AG		1,928,181
	14,784	Swiss Life Holding AG		2,937,736
	121,186	Swisslog Holding AG		141,574

Shares			Value
SWITZERLAND (continued)
	2,762	Swissquote Group Holding SA	$	113,086
	955	Tamedia AG		113,566
	2,356	Tecan Group AG		246,674
	5,017	Temenos Group AG		128,003
	1,732	U-Blox AG		156,526
	43	Valartis Group AG		879
	4,581	Valiant Holding AG		428,136
	2,156	Valora Holding AG		532,020
	380	Vaudoise Assurances Holding SA		160,925
	47	Vetropack Holding AG		93,860
	19,524	Vontobel Holding AG		782,165
	3	Walliser Kantonalbank		2,510
	1,950	Walter Meier AG		124,111
	915	Ypsomed Holding AG		58,489
	3,700	Zehnder Group AG		174,326
	1,427	Zueblin Immobilien Holding AG(b)		3,208
	52	Zug Estates Holding AG - B Shares		67,454
	31	Zuger Kantonalbank AG		162,149
				100,710,010
TAIWAN — 1.2%
	65,000	Ability Enterprise Co. Ltd.		49,005
	66,000	AcBel Polytech, Inc.		66,720
	169,000	Accton Technology Corp.		92,325
	1,162,000	Acer, Inc.(b)		759,387
	62,000	Achem Technology Corp.		35,664
	79,497	Action Electronics Co. Ltd.(b)		16,803
	43,000	A-DATA Technology Co. Ltd.		126,748
	18,400	Adlink Technology, Inc.		34,195
	54,060	Advancetek Enterprise Co. Ltd.		64,770
	79,637	Advantech Co. Ltd.		510,954
	183,027	AGV Products Corp.(b)		59,806
	20,000	ALI Corp.		21,716
	18,000	Alltek Technology Corp.		12,713
	136,000	Alpha Networks, Inc.		88,415
	147,215	Altek Corp.		111,992
	120,000	Ambassador Hotel (The)		119,471
	18,000	AMPOC Far-East Co. Ltd.		15,317
	161,830	AmTRAN Technology Co. Ltd.		103,555
	32,000	Anpec Electronics Corp.		22,111
	52,000	APCB, Inc.		32,390
	22,552	Apex Biotechnology Corp.		60,104
	36,036	Apex Science & Engineering		20,422
	114,700	Ardentec Corp.		76,910
	83,427	Arima Communications Corp.(b)		42,594
	155,000	Asia Optical Co., Inc.(b)		153,525
	113,000	Asia Polymer Corp.		99,040
	103,100	Asia Vital Components Co. Ltd.		59,833
	9,000	ASROCK, Inc.		30,265
	11,000	Aten International Co. Ltd.		28,717
	12,000	AU Optronics Corp.(b)		3,974
	56,000	Audix Corp.		59,470

Shares			Value
TAIWAN (continued)
	19,000	Aurora Corp.	$	39,708
	13,000	AV Tech Corp.		39,248
	47,270	Avermedia Technologies, Inc.		23,008
	9,000	Avision, Inc.(b)		3,508
	28,000	AVY Precision Technology, Inc.		47,748
	17,850	Awea Mechantronic Co. Ltd.		21,508
	138,431	Bank of Kaohsiung		44,715
	13,000	Basso Industry Corp.		15,067
	1,293,350	BES Engineering Corp.		396,200
	48,000	Biostar Microtech International Corp.		17,563
	62,000	C Sun Manufacturing Ltd.		43,895
	390,781	Capital Securities Corp.		133,677
	117,000	Carnival Industrial Corp.		35,284
	7,000	Cathay Chemical Works		4,170
	226,000	Cathay No. 1 REIT		153,387
	23,000	Cathay No. 2 REIT		13,269
	189,000	Cathay Real Estate Development Co. Ltd.		131,878
	38,760	Central Reinsurance Co. Ltd.		17,481
	47,000	ChainQui Construction Development Co. Ltd.		34,235
	179,000	Champion Building Materials Co. Ltd.(b)		80,423
	10,366	Chang Wah Electromaterials, Inc.		28,226
	127,000	Charoen Pokphand Enterprise		66,570
	19,000	Chaun-Choung Technology Corp.		36,668
	13,000	CHC Resources Corp.		26,461
	811,920	Cheng Loong Corp.		384,135
	169,797	Cheng Uei Precision Industry Co. Ltd.		356,013
	19,000	Chenming Mold Industry Corp.(b)		15,521
	41,000	Chia Chang Co. Ltd.		53,309
	380,659	Chia Hsin Cement Corp.(b)		194,349
	182,028	Chicony Electronics Co. Ltd.		452,909
	120,120	Chien Kuo Construction Co. Ltd.		57,853
	11,960	Chilisin Electronics Corp.		11,480
	1,096,744	China Airlines Ltd.(b)		397,567
	103,000	China Chemical & Pharmaceutical Co. Ltd.		87,997
	984,000	China Development Financial Holding Corp.		293,731
	14,000	China Ecotek Corp.		37,455
	48,000	China Electric Manufacturing Corp.		22,873
	268,180	China General Plastics Corp.		165,676
	22,000	China Glaze Co. Ltd.		10,633
	816,685	China Life Insurance Co. Ltd.		800,576
	1,005,505	China Man-Made Fiber Corp.(b)		427,809
	59,978	China Metal Products		89,111
	521,391	China Motor Corp.		498,684

Shares			Value
TAIWAN (continued)
	716,881	China Petrochemical Development Corp.	$	359,911
	42,114	China Steel Chemical Corp.		252,287
	37,000	China Steel Structure Co. Ltd.		45,967
	194,616	China Synthetic Rubber Corp.		188,459
	96,000	China Wire & Cable Co. Ltd.(b)		44,929
	28,000	Chinese Maritime Transport Ltd.		36,120
	96,883	Chin-Poon Industrial Co. Ltd.		161,584
	106,000	Chipbond Technology Corp.		214,313
	33,574	Chong Hong Construction Co.		110,163
	35,876	Chroma ATE, Inc.		76,442
	92,000	Chun Yu Works & Co. Ltd.(b)		34,916
	338,779	Chun Yuan Steel		129,725
	79,000	Chung Hsin Electric & Machinery Manufacturing Corp.		61,577
	156,339	Chung Hung Steel Corp.(b)		44,806
	224,240	Chung Hwa Pulp Corp.(b)		72,280
	228,000	Chunghwa Picture Tubes Ltd.(b)		12,494
	153,348	Clevo Co.		326,222
	940,000	CMC Magnetics Corp.(b)		158,696
	48,300	CoAsia Microelectronics Corp.		26,386
	127,182	Collins Co. Ltd.		47,402
	87,150	Compal Communications, Inc.		149,504
	643,000	Compal Electronics, Inc.		503,378
	810,000	Compeq Manufacturing Co. Ltd.		409,418
	191,689	Continental Holdings Corp.		69,813
	326,000	Coretronic Corp.		286,281
	39,560	Cosmos Bank Taiwan(b)		19,726
	36,000	Coxon Precise Industrial Co. Ltd.		63,350
	203,838	CTCI Corp.		356,618
	11,660	Cyberlink Corp.		33,973
	10,000	Cyberpower Systems, Inc.		19,265
	15,460	CyberTAN Technology, Inc.		17,655
	76,000	DA CIN Construction Co. Ltd.		67,516
	169,000	Darfon Electronics Corp.		127,989
	66,201	Delpha Construction Co. Ltd.		26,927
	24,000	Depo Auto Parts Industrial Co. Ltd.		84,140
	17,000	DFI, Inc.		18,690
	90,712	D-Link Corp.		54,959
	62,183	Dynamic Electronics Co. Ltd.(b)		24,340
	14,000	Dynapack International Technology Corp.		39,933
	3,376,078	E.Sun Financial Holding Co. Ltd.		2,258,035
	462,000	Eastern Media International Corp.(b)(c)		76,267
	87,675	Eclat Textile Co. Ltd.		965,396
	102,448	Edimax Technology Co. Ltd.		45,680
	11,000	Edom Technology Co. Ltd.		5,317
	34,320	Elan Microelectronics Corp.		51,983
	14,000	E-LIFE MALL Corp.		32,118

Shares			Value
TAIWAN (continued)
	21,000	Elite Advanced Laser Corp.	$	51,250
	64,967	Elite Material Co. Ltd.		53,735
	38,000	Elite Semiconductor Memory Technology, Inc.		50,055
	284,789	Elitegroup Computer Systems Co. Ltd.		122,622
	39,000	ENG Electric Co. Ltd.		32,655
	160,000	Entie Commercial Bank		82,234
	36,000	Episil Technologies, Inc.(b)		12,499
	214,000	Epistar Corp.		372,212
	210,492	Eternal Chemical Co. Ltd.		192,369
	111,000	E-Ton Solar Tech Co. Ltd.(b)		68,762
	28,000	Etron Technology, Inc.(b)		13,581
	676,609	Eva Airways Corp.(b)		376,540
	40,000	Everest Textile Co. Ltd.(b)		11,722
	148,000	Evergreen International Storage & Transport Corp.		100,499
	659,197	Evergreen Marine Corp. Taiwan Ltd.(b)		388,165
	126,152	Everlight Chemical Industrial Corp.		116,579
	51,643	Everlight Electronics Co. Ltd.		97,733
	1,000	Everspring Industry Co. Ltd.(b)		594
	59,373	Excelsior Medical Co. Ltd.		131,358
	400,865	Far Eastern Department Stores Ltd.		431,162
	1,065,422	Far Eastern International Bank		442,422
	34,797	Faraday Technology Corp.		39,677
	43,000	Farglory F T Z Investment Holding Co. Ltd.(b)		32,931
	133,000	Farglory Land Development Co. Ltd.		244,003
	304,469	Federal Corp.		239,911
	143,320	Feng Hsin Iron & Steel Co.		261,473
	37,656	Feng TAY Enterprise Co. Ltd.		98,820
	19,000	First Copper Technology Co. Ltd.(b)		6,176
	54,821	First Hotel		35,267
	119,000	First Insurance Co. Ltd.		78,781
	186,256	First Steamship Co. Ltd.		128,695
	57,643	FLEXium Interconnect, Inc.		179,721
	8,351	Flytech Technology Co. Ltd.		30,983
	13,000	Formosa Advanced Technologies Co. Ltd.		8,031
	214,000	Formosa Epitaxy, Inc.(b)		130,383
	11,826	Formosa International Hotels Corp.		142,293
	48,203	Formosa Oilseed Processing		23,298
	729,000	Formosa Taffeta Co. Ltd.		906,923
	347,000	Formosan Rubber Group, Inc.		328,935
	187,628	Formosan Union Chemical		90,048
	33,000	Fortune Electric Co. Ltd.		20,611
	70,811	Founding Construction & Development Co. Ltd.		46,517
	86,000	Froch Enterprise Co. Ltd.(b)		28,101
	100,022	FSP Technology, Inc.		92,602
	35,000	Fubon No. 1 REIT		20,216

Shares			Value
TAIWAN (continued)
	89,000	Fubon No. 2 REIT	$	41,411
	57,800	Fullerton Technology Co. Ltd.		47,512
	93,422	Fulltech Fiber Glass Corp.(b)		37,840
	115,549	Fwusow Industry Co. Ltd.		71,187
	47,000	G Shank Enterprise Co. Ltd.		29,116
	128,101	Gemtek Technology Corp.		124,702
	2,982	Genius Electronic Optical Co. Ltd.		12,129
	6,228	GeoVision, Inc.		40,807
	180,000	Getac Technology Corp.		99,253
	512,143	Giant Manufacturing Co. Ltd.		3,843,753
	5,000	Giantplus Technology Co. Ltd.(b)		1,511
	154,781	Gigabyte Technology Co. Ltd.		172,801
	176,000	Ginko International Co. Ltd.		3,360,711
	180,297	Gintech Energy Corp.(b)		194,231
	115,133	Global Brands Manufacture Ltd.(b)		41,148
	23,000	Global Lighting Technologies, Inc.		23,329
	102,000	Globe Union Industrial Corp.(b)		77,421
	156,250	Gloria Material Technology Corp.		107,164
	293,770	Gold Circuit Electronics Ltd.(b)		76,593
	394,852	Goldsun Development & Construction Co. Ltd.		163,292
	19,845	Good Will Instrument Co. Ltd.		12,192
	7,000	Gourmet Master Co. Ltd.		46,699
	886,000	Grand Pacific Petrochemical		684,566
	19,000	Grape King Bio Ltd.		91,833
	59,000	Great China Metal Industry		69,986
	66,000	Great Taipei Gas Co. Ltd.		49,872
	163,036	Great Wall Enterprise Co. Ltd.		146,779
	55,353	Green Energy Technology, Inc.(b)		49,080
	27,000	GTM Corp.(b)		14,612
	606,000	HannStar Display Corp.(b)		203,172
	119,115	HannsTouch Solution, Inc.(b)		38,679
	168,000	Hey Song Corp.(c)		192,706
	145,188	Highwealth Construction Corp.		313,311
	69,620	Hitron Technology, Inc.		37,322
	23,109	Hiwin Technologies Corp.		182,484
	299,720	Ho Tung Chemical Corp.		146,394
	139,000	Hocheng Corp.(b)		53,462
	28,800	Holiday Entertainment Co. Ltd.		35,045
	86,135	Holy Stone Enterprise Co. Ltd.(c)(d)		84,876
	62,000	Hong Tai Electric Industrial		21,103
	111,000	Horizon Securities Co. Ltd.		33,739
	12,000	Howarm Construction Co. Ltd.(b)		7,270
	122,678	Hsin Kuang Steel Co. Ltd.		78,293
	63,326	Hsing TA Cement Co.		23,925
	316,000	HUA ENG Wire & Cable Co. Ltd.		125,305

Shares			Value
TAIWAN (continued)
	1,710	Hua Yu Lien Development Co. Ltd.(b)	$	3,096
	35,479	Huaku Development Co. Ltd.		99,386
	39,000	Huang Hsiang Construction Co.		78,585
	138,514	Hung Poo Real Estate Development Corp.		144,504
	102,000	Hung Sheng Construction Ltd.		87,142
	78,000	Hwa Fong Rubber Co. Ltd.(b)		35,443
	193,341	Ichia Technologies, Inc.		101,674
	77,500	IEI Integration Corp.		106,835
	17,000	Infortrend Technology, Inc.		10,213
	171,000	Innolux Corp.(b)		67,807
	523,000	Inotera Memories, Inc.(b)		337,339
	608,155	Inventec Corp.		544,409
	24,000	I-Sheng Electric Wire & Cable Co. Ltd.		35,127
	54,691	ITE Technology, Inc.		46,259
	83,000	ITEQ Corp.		92,381
	27,000	Jess-Link Products Co. Ltd.		25,135
	283,165	Jih Sun Financial Holdings Co. Ltd.		81,346
	3,105	Johnson Health Tech Co. Ltd.		8,867
	44,000	Kang Na Hsiung Enterprise Co. Ltd.		26,134
	35,000	Kaulin Manufacturing Co. Ltd.		28,949
	134,823	KEE TAI Properties Co. Ltd.		96,828
	185,067	Kenda Rubber Industrial Co. Ltd.		363,463
	24,000	Kenmec Mechanical Engineering Co. Ltd.(b)		12,376
	87,000	Kerry TJ Logistics Co. Ltd.		122,152
	171,000	King Slide Works Co. Ltd.		1,513,300
	544,184	King Yuan Electronics Co. Ltd.		378,787
	171,000	Kingdom Construction Co. Ltd.		210,698
	407,185	King’s Town Bank		361,733
	49,532	King’s Town Construction Co. Ltd.(b)		47,881
	47,000	Kinik Co.		117,902
	37,000	Kinko Optical Co. Ltd.		38,033
	543,343	Kinpo Electronics, Inc.		242,271
	102,000	Kinsus Interconnect Technology Corp.		364,540
	16,328	KS Terminals, Inc.		15,839
	16,000	Kung Long Batteries Industrial Co. Ltd.		43,895
	40,000	Kung Sing Engineering Corp.		20,014
	200,983	Kuoyang Construction Co. Ltd.		134,424
	238,800	Kwong Fong Industries(c)(d)		158,498
	131,000	KYE Systems Corp.		56,405
	62,000	L&K Engineering Co. Ltd.		64,787
	3,000	Largan Precision Co. Ltd.		102,112
	94,478	LCY Chemical Corp.		124,772
	4,828	Leader Electronics, Inc.		2,399
	345,410	Lealea Enterprise Co. Ltd.		126,974
	21,826	Ledtech Electronics Corp.		13,781
	63,000	LEE CHI Enterprises Co. Ltd.		31,308

Shares			Value
TAIWAN (continued)
	146,638	Leofoo Development Co. Ltd.(b)	$	62,390
	8,500	Lextar Electronics Corp.		7,262
	332,545	Li Peng Enterprise Co. Ltd.(b)		165,257
	28,643	Lian Hwa Food Corp.		38,217
	446,362	Lien Hwa Industrial Corp.		288,667
	235,000	Lingsen Precision Industries Ltd.		121,981
	104,000	Lite-On Semiconductor Corp.		62,656
	97,661	Lite-On Technology Corp.		170,860
	118,000	Long Bon International Co. Ltd.		94,987
	278,720	Long Chen Paper Co. Ltd.		110,048
	18,000	Longwell Co.		16,021
	14,451	Lotes Co. Ltd.		35,513
	69,000	Lucky Cement Corp.(b)		18,953
	30,939	Lumax International Corp. Ltd.		78,981
	6,000	Lung Yen Life Service Corp.		18,176
	1,668,936	Macronix International(b)		390,258
	27,000	Makalot Industrial Co. Ltd.		163,124
	67,000	Marketech International Corp.		40,935
	368,000	Masterlink Securities Corp.		121,500
	13,152	Mayer Steel Pipe Corp.		6,357
	9,000	Maywufa Co. Ltd.		5,085
	75,440	Meiloon Industrial Co. Ltd.		58,160
	146,188	Mercuries & Associates Ltd.		109,966
	50,600	Merida Industry Co. Ltd.		384,071
	25,801	Merry Electronics Co. Ltd.		88,259
	43,043	Microbio Co. Ltd.(b)		50,838
	55,219	Microelectronics Technology, Inc.(b)		35,711
	312,404	Micro-Star International Co. Ltd.		210,010
	46,000	MIN AIK Technology Co. Ltd.		231,726
	54,590	Mirle Automation Corp.		46,545
	146,500	Mitac Holdings Corp.(b)		134,635
	125,822	Mosel Vitelic, Inc.(b)		28,779
	111,000	Motech Industries Inc.(b)		207,042
	4,000	Nak Sealing Technologies Corp.		10,307
	8,000	Namchow Chemical Industrial Co. Ltd.		13,492
	152,590	Nan Kang Rubber Tire Co. Ltd.		196,064
	49,000	Nan Ren Lake Leisure Amusement Co. Ltd.(b)		22,516
	104,897	Nantex Industry Co. Ltd.		74,622
	32,000	National Petroleum Co. Ltd.		30,661
	143,250	Neo Solar Power Corp.(b)		152,858
	7,476	New Asia Construction & Development Corp.		1,977
	10,000	New Era Electronics Co. Ltd.		12,832
	28,949	Nichidenbo Corp.		25,422
	67,267	Nien Hsing Textile Co. Ltd.		73,038
	67,000	Novatek Microelectronics Corp.		265,678
	34,000	Ocean Plastics Co. Ltd.(b)		42,588
	220,000	OptoTech Corp.		90,982
	71,000	Orient Semiconductor Electronics Ltd.(b)		12,301

Shares			Value
TAIWAN (continued)
	133,500	Oriental Union Chemical Corp.	$	142,227
	600,000	Pacific Hospital Supply Co. Ltd.(d)		2,236,253
	165,453	Pan Jit International, Inc.(b)		71,521
	53,616	Pan-International Industrial		42,886
	4,242	Paragon Technologies Co. Ltd.		5,436
	11,000	PChome Online, Inc.		64,024
	98,746	Phihong Technology Co. Ltd.		61,003
	16,000	Phison Electronics Corp.		115,455
	18,890	Phytohealth Corp.(b)		27,969
	14,000	Pihsiang Machinery Manufacturing Co. Ltd.(b)		15,153
	30,000	Pixart Imaging, Inc.		56,979
	21,000	Portwell, Inc.		19,657
	309,715	Pou Chen Corp.		377,399
	13,000	Powertech Industrial Co. Ltd.		7,500
	282,200	Powertech Technology, Inc.		509,083
	603,807	President Securities Corp.		340,135
	13,650	Prime Electronics Satellitics, Inc.		10,686
	369,721	Prince Housing & Development Corp.		238,473
	121,000	Prodisc Technology, Inc.(b)(c)(d)		0
	26,000	Promate Electronic Co. Ltd.		27,213
	34,000	Promise Technology, Inc.		38,884
	596,520	Qisda Corp.(b)		138,473
	95,000	Quanta Storage, Inc.		99,270
	151,084	Quintain Steel Co. Ltd.(b)		35,020
	152,008	Radiant Opto-Electronics Corp.		569,134
	389,335	Radium Life Tech Co. Ltd.		341,900
	10,000	Ralec Electronic Corp.		14,704
	75,825	Realtek Semiconductor Corp.		176,532
	88,128	Rechi Precision Co. Ltd.		87,890
	29,348	Rexon Industrial Corp. Ltd.(b)		12,936
	163,616	Rich Development Co. Ltd.		70,170
	11,370	Richtek Technology Corp.		51,278
	1,186,398	Ritek Corp.(b)		192,218
	233,945	Ruentex Development Co. Ltd.		489,716
	129,472	Ruentex Industries Ltd.		334,042
	218,335	Sampo Corp.		76,545
	32,574	San Fang Chemical Industry Co. Ltd.		31,155
	508,080	Sanyang Industrial Co. Ltd.		890,625
	17,680	ScinoPharm Taiwan Ltd.		58,974
	7,000	Senao International Co. Ltd.		22,349
	37,000	Sercomm Corp.		51,698
	21,000	Sesoda Corp.		22,587
	33,000	Sheng Yu Steel Co. Ltd.		25,273
	16,360	ShenMao Technology, Inc.		19,072
	47,000	Shih Wei Navigation Co. Ltd.		33,755
	119,000	Shihlin Electric & Engineering Corp.		150,474
	32,000	Shihlin Paper Corp.(b)		50,974
	5,614,425	Shin Kong Financial Holding Co. Ltd.		1,949,221

Shares			Value
TAIWAN (continued)
	85,000	Shin Kong No.1 REIT	$	41,025
	9,000	Shin Zu Shing Co. Ltd.		19,820
	75,985	Shining Building Business Co. Ltd.(b)		59,227
	119,000	Shinkong Insurance Co. Ltd.		92,755
	593,314	Shinkong Synthetic Fibers Corp.		204,978
	79,000	Shinkong Textile Co. Ltd.		105,945
	76,000	Shuttle, Inc.		33,241
	173,000	Sigurd Microelectronics Corp.		167,821
	268,000	Silicon Integrated Systems Corp.(b)		83,284
	122	Silitech Technology Corp.		158
	9,000	Simplo Technology Co. Ltd.		44,266
	85,000	Sinbon Electronics Co. Ltd.		101,116
	140,170	Sincere Navigation Corp.		130,726
	23,000	Singatron Enterprise Co. Ltd.		12,369
	126,000	Sino-American Silicon Products, Inc.(b)		174,979
	107,000	Sinon Corp.		59,911
	13,486	Sinphar Pharmaceutical Co. Ltd.		23,686
	50,158	Sinyi Realty Co.		91,679
	14,000	Sirtec International Co. Ltd.		26,971
	20,000	Sitronix Technology Corp.		33,357
	97,000	Siward Crystal Technology Co. Ltd.(b)		45,727
	23,000	Soft-World International Corp.		51,904
	35,000	Solar Applied Materials Technology Co.		29,842
	43,000	Solartech Energy Corp.(b)		36,590
	48,500	Solomon Technology Corp.		21,130
	93,000	Solytech Enterprise Corp.(b)		34,504
	15,000	Sonix Technology Co. Ltd.		20,422
	132,000	Southeast Cement Co. Ltd.		76,380
	6,000	St Shine Optical Co. Ltd.		176,654
	8,560	Standard Chemical & Pharmaceutical Co. Ltd.		14,976
	88,142	Standard Foods Corp.		270,011
	33,000	Stark Technology, Inc.		34,146
	22,000	Sunonwealth Electric Machine Industry Co. Ltd.		12,767
	101,399	Sunplus Technology Co. Ltd.(b)		37,102
	43,000	Sunrex Technology Corp.		18,002
	24,000	Sunspring Metal Corp.		71,070
	73,000	Supreme Electronics Co. Ltd.		37,147
	85,659	Sweeten Construction Co. Ltd.		55,542
	157,000	Synnex Technology International Corp.		250,894
	145,322	TA Chen Stainless Pipe Co. Ltd.		69,744
	580,254	TA Chong Bank Ltd.(b)		203,428
	253,340	Ta Ya Electric Wire & Cable		60,189
	70,000	Tah Hsin Industrial Corp.		68,381
	42,041	TA-I Technology Co. Ltd.		21,751
	602,991	Taichung Commercial Bank		223,714
	11,000	Taiflex Scientific Co. Ltd.		22,839
	78,000	Tainan Enterprises Co. Ltd.		88,143

Shares			Value
TAIWAN (continued)
	922,672	Tainan Spinning Co. Ltd.	$	695,627
	2,051,486	Taishin Financial Holding Co. Ltd.		1,036,933
	71,716	Taisun Enterprise Co. Ltd.(b)		36,859
	168,924	Taita Chemical Co. Ltd.(b)		72,159
	12,000	Taiwan Acceptance Corp.		30,143
	2,602,191	Taiwan Business Bank(b)		798,916
	137,088	Taiwan Cogeneration Corp.		84,923
	127,000	Taiwan Fertilizer Co. Ltd.		302,592
	103,320	Taiwan Fire & Marine Insurance Co.		82,292
	65,000	Taiwan FU Hsing Industrial Co. Ltd.		73,010
	324,223	Taiwan Glass Industrial Corp.		328,312
	59,468	Taiwan Hon Chuan Enterprise Co. Ltd.		125,496
	50,000	Taiwan Hopax Chemicals Manufacturing Co. Ltd.		37,952
	217,734	Taiwan Land Development Corp.(b)		83,375
	141,114	Taiwan Life Insurance Co. Ltd.(b)		125,362
	92,150	Taiwan Mask Corp.		30,017
	82,544	Taiwan Navigation Co. Ltd.		76,701
	190,032	Taiwan Paiho Ltd.		263,902
	51,000	Taiwan PCB Techvest Co. Ltd.		58,500
	22,000	Taiwan Prosperity Chemical Corp.		22,540
	95,120	Taiwan Pulp & Paper Corp.(b)		41,604
	18,360	Taiwan Sakura Corp.		11,842
	17,850	Taiwan Sanyo Electric Co. Ltd.		23,452
	86,117	Taiwan Secom Co. Ltd.		208,701
	105,000	Taiwan Semiconductor Co. Ltd.		86,310
	101,000	Taiwan Sogo Shin Kong Security Co. Ltd.		125,651
	81,429	Taiwan Styrene Monomer(b)		62,084
	95,250	Taiwan Surface Mounting Technology Co. Ltd.		135,680
	175,469	Taiwan TEA Corp.(b)		144,236
	71,000	Taiwan Union Technology Corp.		54,375
	95,000	Taiyen Biotech Co. Ltd.		81,162
	1,553,000	Teco Electric and Machinery Co. Ltd.		1,657,161
	10,000	Tecom Co. Ltd.(b)		1,021
	10,000	Tekcore Co. Ltd.(b)		4,510
	13,000	Ten Ren Tea Co. Ltd.		19,248
	31,000	Test Research, Inc.		42,206
	41,000	ThaiLin Semiconductor Corp.		24,701
	17,000	Thinking Electronic Industrial Co. Ltd.		19,731
	60,525	Thye Ming Industrial Co, Ltd.		69,838
	359,100	Ton Yi Industrial Corp.		397,241
	23,000	Tong Hsing Electronic Industries Ltd.		121,735
	67,834	Tong Yang Industry Co. Ltd.		105,516

Shares			Value
TAIWAN (continued)
	79,694	Tong-Tai Machine & Tool Co. Ltd.	$	76,630
	73,370	Topco Scientific Co. Ltd.		128,362
	68,049	Topoint Technology Co. Ltd.		52,230
	24,137	Transcend Information, Inc.		76,241
	36,122	Tripod Technology Corp.		71,434
	27,988	Tsann Kuen Enterprise Co. Ltd.		39,344
	104,802	TSRC Corp.		193,698
	22,000	TTET Union Corp.		50,171
	14,157	TTY Biopharm Co. Ltd.		55,174
	560,315	Tung Ho Steel Enterprise Corp.		502,537
	27,815	TXC Corp.		34,367
	251,303	Tycoons Group Enterprise(b)		50,125
	104,253	Tyntek Corp.(b)		25,549
	27,734	TZE Shin International Co. Ltd.		11,139
	26,000	U-Ming Marine Transport Corp.		42,788
	757,288	Unimicron Technology Corp.		599,294
	314,576	Union Bank of Taiwan(b)		115,104
	30,769	Union Insurance Co. Ltd.(b)		23,564
	285,037	Unitech Printed Circuit Board Corp.(b)		122,729
	74,000	United Integrated Services Co. Ltd.		81,734
	283,000	Universal Cement Corp.		260,079
	53,416	Unizyx Holding Corp.(b)		27,818
	268,922	UPC Technology Corp.		129,978
	253,337	USI Corp.		185,824
	9,000	U-Tech Media Corp.(b)		1,905
	129,000	Vanguard International Semiconductor Corp.		139,628
	56,800	Ve Wong Corp.		47,946
	16,000	Visual Photonics Epitaxy Co. Ltd.		16,175
	83,000	Wafer Works Corp.(b)		44,919
	117,000	Wah Lee Industrial Corp.		187,171
	1,087,000	Walsin Lihwa Corp.(b)		337,057
	235,947	Walsin Technology Corp.(b)		63,124
	185,000	Walton Advanced Engineering, Inc.(b)		66,118
	262,300	Wan Hai Lines Ltd.		141,509
	924,801	Waterland Financial Holdings Co. Ltd.		317,925
	114,000	Wei Chuan Foods Corp.		216,130
	125,321	Wei Mon Industry Co. Ltd(b)		41,163
	65,100	Weikeng Industrial Co. Ltd.		48,305
	15,606	Well Shin Technology Co. Ltd.		26,559
	45,000	Weltrend Semiconductor, Inc.		43,117
	166,000	Win Semiconductors Corp.		146,623
	1,394,977	Winbond Electronics Corp.(b)		353,736
	1,080,673	Wintek Corp.(b)		402,776
	21,000	Wisdom Marine Lines Co. Ltd.		25,232
	990,402	Wistron Corp.		930,414
	63,928	Wistron NeWeb Corp.		153,839
	575,865	WPG Holdings Co. Ltd.		701,713
	110,348	WT Microelectronics Co. Ltd.		131,834
	46,000	WUS Printed Circuit Co. Ltd.		20,667

Shares			Value
TAIWAN (continued)
	12,000	Xxentria Technology Materials Corp.	$	22,996
	398,300	Yageo Corp.		135,435
	1,163,600	Yang Ming Marine Transport Corp.(b)		516,856
	95,144	YC Co. Ltd.		72,541
	211,077	YC INOX Co. Ltd.		148,001
	26,995	YeaShin International Development Co. Ltd.		21,133
	524,624	YFY, Inc.		278,566
	81,159	Yi Jinn Industrial Co. Ltd.(b)		22,044
	365,596	Yieh Phui Enterprise Co. Ltd.(b)		115,728
	63,000	Young Fast Optoelectronics Co. Ltd.		69,048
	352,000	Yulon Motor Co. Ltd.		621,821
	29,000	Yung Chi Paint & Varnish Manufacturing Co. Ltd.		68,602
	61,000	YungShin Global Holding Corp.		118,971
	130,000	Yungtay Engineering Co. Ltd.		382,750
	92,000	Zenitron Corp.		59,810
	55,000	Zhen Ding Technology Holding Ltd.		129,172
	68,826	Zig Sheng Industrial Co. Ltd.(b)		24,715
	50,169	Zinwell Corp.		53,961
	4,000	Zippy Technology Corp.		3,982
				78,224,790
THAILAND — 0.3%
	272,500	Amata Corp. Public Co. Ltd. - FOR		149,711
	413,880	AP Thailand Public Co. Ltd. - FOR		72,471
	179,700	AP Thailand Public Co. Ltd. - NVDR		31,466
	369,200	Asia Plus Securities Public Co. Ltd. - FOR		44,838
	404,300	Bangchak Petroleum Public Co. Ltd. (The) - FOR		431,903
	6,500	Bangkok Aviation Fuel Services Public Co. Ltd. - FOR		5,325
	13,235,850	Bangkok Chain Hospital Public Co. Ltd. - FOR(d)		2,700,326
	2,302,500	Bangkok Expressway Public Co. Ltd. - FOR		2,681,626
	22,000	Bangkok Insurance Public Co. Ltd. - FOR(d)		261,526
	1,742,100	Bangkokland Public Co. Ltd. - FOR		96,270
	113,000	Banpu Pcl		105,285
	6,000	Big C Supercenter Public Co Ltd. - FOR		37,590
	62,700	Bumrungrad Hospital Public Co. Ltd. - FOR		175,258
	1,158,900	CalComp Electronics Public Co. Ltd. - FOR		115,425

Shares			Value
THAILAND (continued)
	211,000	Central Plaza Hotel Public Co. Ltd. - FOR	$	266,080
	252,900	CH Karnchang Public Co. Ltd. - FOR		180,382
	29,800	Charoong Thai Wire & Cable Public Co. Ltd. - FOR		10,053
	307,400	Delta Electronics Thailand Public Co. Ltd. - FOR		471,594
	31,200	Dynasty Ceramic Public Co. Ltd. - FOR		53,629
	6,497,000	Eastern Water Resources Development and Management Public Co. Ltd. - FOR(d)		2,650,985
	40,000	Electricity Generating Public Co. Ltd. - FOR		164,498
	12,801,000	G J Steel Public Co. Ltd. - FOR(b)		28,789
	1,289,700	G Steel Public Co. Ltd. - FOR(b)		5,801
	143,500	GFPT Public Co. Ltd. - FOR(b)		43,799
	116,000	Glow Energy Public Co. Ltd. - FOR		271,133
	233,500	Hana Microelectronics Public Co. Ltd. - FOR		171,046
	1,398,600	Hemaraj Land and Development Public Co. Ltd. - FOR		156,374
	1,121,929	Home Product Center Public Co. Ltd. - FOR		418,133
	63,100	ICC International Public Co. Ltd. - FOR(d)		81,092
	2,393,600	IRPC Public Co. Ltd. - FOR		275,312
	769,691	Italian-Thai Development Public Co. Ltd. - FOR(b)		144,665
	930,500	Jasmine International Public Co. Ltd. - FOR		252,618
	240,600	KGI Securities Thailand Public Co. Ltd. - FOR		22,263
	155,100	Khon Kaen Sugar Industry Public Co. Ltd.		62,787
	150,800	Kiatnakin Bank Public Co. Ltd. - FOR		202,278
	225,100	Land and Houses Public Co. Ltd. - FOR		79,553
	452,800	Land and Houses Public Co. Ltd. - NVDR		160,026
	21,900	Lanna Resources Public Co. Ltd. - FOR		8,725
	420,630	Loxley Public Co. Ltd. - FOR		64,328
	124,500	LPN Development Public Co. Ltd. - FOR		87,599
	85,600	Major Cineplex Group Public Co. Ltd. - FOR		52,529
	36,900	MBK Public Co. Ltd. - FOR		177,831
	71,100	MCOT Public Co. Ltd. - FOR		79,381
	34,000	Mermaid Maritime Public Co. Ltd.		8,896

Shares			Value
THAILAND (continued)
	143,770	Minor International Public Co. Ltd. - FOR	$	128,180
	160,800	Polyplex Public Co. Ltd. - FOR		52,696
	240,500	Precious Shipping Public Co. Ltd. - FOR		148,357
	290,700	Pruksa Real Estate Public Co. Ltd. - FOR		208,277
	805,141	Quality Houses Public Co. Ltd. - FOR		78,639
	118,700	Ratchaburi Electricity Generating Holding Public Co. Ltd. - FOR		192,590
	34,100	Regional Container Lines Public Co. Ltd. - FOR(b)		7,231
	129,100	Robinson Department Store Public Co. Ltd. - FOR		218,796
	28,500	Rojana Industrial Park Public Co. Ltd. - FOR		7,005
	69,300	Saha-Union Public Co. Ltd. - FOR		84,607
	140,200	Samart Corp. Public Co. Ltd. - FOR		90,989
	35,700	Samart Telcoms Public Co. Ltd. - FOR		19,384
	1,921,500	Sansiri Public Co. Ltd. - FOR		138,286
	947,812	SC Asset Corp Public Co. Ltd. - FOR		114,499
	15,100	Siam City Cement Public Co. Ltd. - FOR		193,086
	41,512	Siam Future Development Public Co. Ltd. - FOR		8,869
	44,000	SNC Former Public Co. Ltd. - FOR		27,849
	92,817	Somboon Advance Technology Public Co. Ltd. - FOR		48,906
	119,100	Sri Trang Agro-Industry Public Co. Ltd. - FOR		51,658
	48,100	STP & I Public Co. Ltd. - FOR		31,371
	263,800	Supalai Public Co. Ltd. - FOR		150,016
	1,330,700	Tata Steel Thailand Public Co. Ltd. - FOR(b)		36,340
	240,200	Thai Airways International Public Co. Ltd. - FOR		156,661
	22,200	Thai Carbon Black Public Co. Ltd. - FOR(b)		16,120
	15,000	Thai Central Chemical Public Co. Ltd. - FOR		13,494
	18,000	Thai Oil Public Co. Ltd. - FOR		36,434
	18,200	Thai Stanley Electric Public Co. Ltd. - FOR		134,490
	33,400	Thai Tap Water Supply Public Co. Ltd. - FOR		11,053
	200,718	Thai Union Frozen Products Public Co. Ltd. - FOR		362,743
	86,300	Thai Vegetable Oil Public Co. Ltd. - FOR		50,463
	204,400	Thaicom Public Co. Ltd. - FOR		261,041

Shares			Value
THAILAND (continued)
	425,100	Thanachart Capital Public Co. Ltd. - FOR	$	471,195
	32,700	Thitikorn Public Co. Ltd. - FOR		12,082
	268,464	Thoresen Thai Agencies Public Co. Ltd. - FOR(b)		152,669
	5,033,137	Ticon Industrial Connection Public Co. Ltd. - FOR		2,878,388
	18,500	Tipco Asphalt Public Co. Ltd. - FOR		35,365
	195,000	Tisco Financial Group Public Co. Ltd. - FOR		275,663
	5,285,900	TMB Bank Public Co. Ltd. - FOR		465,329
	137,000	Total Access Communication Public Co. Ltd. - FOR		495,181
	17,500	Toyo-Thai Corp. Public Co. Ltd. - FOR		21,647
	600,000	TPI Polene Public Co. Ltd. - FOR		248,675
	1,863,445	True Corp. Public Co. Ltd. - FOR(b)		529,847
	256,900	Vinythai Public Co. Ltd. - FOR		96,570
				22,323,940
TURKEY — 0.1%
	13,325	Adana Cimento Sanayii T.A.S. - Class A		27,367
	2,248	Adese Alisveris Merkezleri Ticaret AS(b)		9,887
	13,070	Akcansa Cimento AS		73,003
	54,299	Akenerji Elektrik Uretim AS - Placement Shares(b)		36,449
	325	Akmerkez Gayrimenkul Yatirim Ortakligi AS REIT		2,591
	61,656	Aksa Akrilik Kimya Sanayii		255,117
	73,605	Aksigorta AS		102,503
	20,024	Alarko Holding AS		59,381
	29,526	Albaraka Turk Katilim Bankasi AS(b)		26,327
	9,663	Altinyildiz Mensucat ve Konfeksiyon Fabrikalari AS(b)		240,819
	92,536	Anadolu Anonim Tuerk Sigorta Sirketi(b)		61,188
	1	Anadolu Cam Sanayii AS		1
	36,333	Anadolu Hayat Emeklilik AS		89,366
	42,132	Arcelik AS		269,095
	12,441	Aselsan Elektronik Sanayi Ve Ticaret AS		58,832
	356,187	Asya Katilim Bankasi AS(b)		362,209
	46,890	Aygaz AS		214,690
	679	Bagfas Bandirma Gubre Fabrik		14,286
	846	Baticim Bati Anadolu Cimento Sanayii AS(b)		2,797
	0	Bolu Cimento Sanayii AS		0
	2,472	Borusan Mannesmann Boru Sanayi ve Ticaret AS		40,865

Shares			Value
TURKEY (continued)
	21,074	Brisa Bridgestone Sabanci Sanayi ve Ticaret AS	$	62,074
	16,881	Bursa Cimento Fabrikasi AS		37,377
	0	Celebi Hava Servisi AS		3
	29,087	Cimsa Cimento Sanayi ve Ticaret AS		188,692
	21,156	Deva Holding AS(b)		22,361
	259,431	Dogan Sirketler Grubu Holdings AS(b)		116,963
	111,141	Dogan Yayin Holding AS(b)		38,416
	55,895	Dogus Otomotiv Servis ve Ticaret AS		268,800
	13,370	Eczacibasi Yatirim Holding Ortakligi AS		42,998
	24,801	EGE Seramik Sanayi ve Ticaret AS		33,296
	144,670	EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS		183,351
	29,868	Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		42,642
	410,343	Eregli Demir ve Celik Fabrikalari TAS		569,392
	17,827	Ford Otomotiv Sanayi AS		250,940
	66,324	Gentas Genel Metal Sanayi ve Ticaret AS		38,540
	67,762	Global Yatirim Holding AS		46,844
	276	Goltas Goller Bolgesi Cimento Sanayi ve Ticaret AS		7,915
	1,774	Goodyear Lastikleri TAS		55,764
	15,728	Gozde Girisim Sermayesi Yatirim Ortakligi AS(b)		47,430
	74,533	GSD Holding AS(b)		47,044
	5,261	Gubre Fabrikalari TAS(b)		44,144
	1	Hurriyet Gazetecilik AS(b)		0
	111,480	Ihlas Holding AS(b)		41,325
	51,657	Ipek Dogal Enerji Kaynaklari Ve Uretim AS(b)		131,455
	39,541	IS Finansal Kiralama AS(b)		19,411
	9,908	IS Yatirim Menkul Degerler AS		7,147
	25,002	Izmir Demir Celik Sanayi AS(b)		34,568
	28,550	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS - Class A(b)		27,745
	24,485	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS - Class B(b)		53,232
	187,769	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS - Class D(b)		118,517
	428	Kartonsan Karton Sanayi ve Ticaret AS		54,080
	496	Konya Cimento Sanayii AS		72,304
	57,679	Kordsa Global Endustriyel Iplik ve Kord Bezi Sanayi ve Ticaret AS		104,595
	7,551	Koza Altin Isletmeleri AS		133,904

Shares			Value
TURKEY (continued)
	36,000	Koza Anadolu Metal Madencilik Isletmeleri AS(b)	$	78,627
	18,103	Mardin Cimento Sanayii ve Ticaret AS		41,261
	71,042	Menderes Tekstil Sanayi ve Ticaret AS(b)		18,862
	13,216	Metro Ticari ve Mali Yatirimlar Holding AS(b)		4,436
	4,419	Migros Ticaret AS(b)		39,403
	37,052	NET Holding AS		44,361
	4,289	Netas Telekomunikasyon AS		15,985
	5,026	Otokar Otomotiv Ve Savunma Sanayi AS		163,022
	113,035	Petkim Petrokimya Holding AS(b)		178,365
	133	Pinar Entegre Et ve Un Sanayi AS		513
	7,882	Pinar SUT Mamulleri Sanayii AS		68,505
	82,244	Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret AS		126,070
	84,071	Sasa Polyester Sanayi(b)		46,747
	166,410	Sekerbank TAS(b)		157,553
	131,825	Selcuk Ecza Deposu Ticaret ve Sanayi AS		131,412
	37,937	Soda Sanayii AS		50,171
	9,473	TAT Konserve Sanayii AS(b)		12,148
	17,779	TAV Havalimanlari Holding AS		129,140
	5,679	Teknosa Ic Ve Dis Ticaret AS(b)		37,552
	62,692	Tekstil Bankasi AS(b)		48,363
	20,247	Tofas Turk Otomobil Fabrikasi AS		134,389
	9,410	Torunlar Gayrimenkul Yatirim Ortakligi AS REIT		18,007
	161,759	Trakya Cam Sanayii AS		200,957
	44,783	Turcas Petrol AS		70,441
	121,587	Turk Hava Yollari		476,297
	1,592	Turk Traktor ve Ziraat Makineleri AS		52,635
	448,792	Turkiye Sinai Kalkinma Bankasi AS		438,395
	362,888	Turkiye Sise ve Cam Fabrikalari AS		534,447
	70,778	Ulker Biskuvi Sanayi AS		542,468
	16,077	Vestel Beyaz Esya Sanayi ve Ticaret AS(b)		23,919
	55,650	Vestel Elektonik Sanayi ve Ticaret AS(b)		57,148
	11,836	Yapi Kredi Sigorta AS(b)		111,468
	34,098	Zorlu Enerji Elektrik Uretim AS(b)		22,547
				8,965,656
UNITED ARAB EMIRATES — 0.0%
	121,294	Al Noor Hospitals Group Plc(b)		1,653,116
	92,629	Dragon Oil Plc(b)(d)		860,250
	138,428	Lamprell Plc(b)		364,010
				2,877,376

Shares			Value
UNITED KINGDOM — 8.4%
	929	4imprint Group Plc	$	9,347
	278,982	Aberdeen Asset Management Plc		1,981,194
	7,449	Acal Plc		40,012
	35,783	Admiral Group Plc		733,825
	699,021	Afren Plc(b)		1,767,531
	4,696	Aga Rangemaster Group Plc(b)		9,732
	172,698	Alent Plc		959,756
	148,020	AMEC Plc		2,793,457
	225,854	Amlin Plc		1,543,066
	40,996	Anglo Pacific Group Plc		145,928
	3,737	Anglo-Eastern Plantations		40,446
	68,300	Anite Plc		98,836
	94,585	Ashmore Group Plc		613,460
	273,530	Ashtead Group Plc		2,872,707
	6,071	Avon Rubber Plc		53,052
	115,161	Babcock International Group Plc		2,354,294
	423,852	Balfour Beatty Plc		1,941,644
	1,613	Bank of Georgia Holdings Plc		51,054
	22,893	BARR (A.G.) Plc		192,161
	585,612	Barratt Developments Plc		3,146,513
	142,558	BBA Aviation Plc		773,283
	78,149	Bellway Plc		1,884,588
	49,371	Berendsen Plc		768,268
	108,436	Berkeley Group Holdings Plc		4,068,501
	1,309	Betfair Group Plc		21,094
	16,127	Big Yellow Group Plc REIT		120,835
	7,438	Bloomsbury Publishing Plc		20,573
	1,128,123	Bodycote Plc(d)		11,902,206
	104,197	Booker Group Plc		250,773
	11,496	Boot (Henry) Plc		33,363
	83,542	Bovis Homes Group Plc		1,051,525
	5,675	Braemar Shipping Services Plc		48,864
	9,901	Brammer Plc		76,837
	81,352	Brewin Dolphin Holdings Plc		370,452
	70,097	British Land Co. Plc REIT		699,093
	3,462	British Polythene Industries Plc		38,024
	23,921	Britvic Plc		239,720
	71,760	BTG Plc(b)		482,795
	150,395	Bunzl Plc		3,320,569
	76,492	Cable & Wireless Communications Plc		57,387
	11	Camellia Plc		1,542
	107,175	Capita Plc		1,694,398
	74,940	Capital & Counties Properties Plc		416,714
	91,052	Capital & Regional Plc		63,142
	11,197	Carclo Plc		67,415
	349,116	Carillion Plc		1,701,721
	3,699	Charles Stanley Group Plc		27,045
	3,384	Charles Taylor Plc		12,100
	42,704	Chemring Group Plc		148,927
	48,647	Chesnara Plc		227,763
	23,254	Chime Communications Plc		118,009
	48,468	Cineworld Group Plc		288,125

Shares			Value
UNITED KINGDOM (continued)
	4,407	Clarkson Plc	$	142,455
	61,525	Close Brothers Group Plc		1,247,922
	1,610,820	Cobham Plc		7,443,653
	170,165	Colt Group SA(b)		336,417
	27,870	Communisis Plc		28,153
	57,481	Computacenter Plc		547,004
	23,566	Concentric AB		242,750
	6,595	Consort Medical Plc		94,325
	5,190	Costain Group Plc		23,467
	16,173	Cranswick Plc		277,732
	4,000	Creston Plc		6,430
	617,462	Croda International Plc		24,117,520
	73,400	CSR Plc		646,709
	102,197	Daily Mail & General Trust Plc - Class A		1,333,852
	54,059	Dairy Crest Group Plc		465,465
	906,298	De La Rue Plc(d)		12,417,330
	679,815	Debenhams Plc		1,110,734
	10,051	Dechra Pharmaceuticals Plc		111,200
	31,032	Derwent London Plc REIT		1,245,917
	29,907	Development Securities Plc		112,450
	89,965	Devro Plc		456,266
	4,817	Dignity Plc		107,590
	1,008,908	Diploma Plc(d)		11,210,628
	1,041,571	Dixons Retail Plc(b)		817,331
	981,326	Domino Printing Sciences Plc(d)		10,880,544
	42,149	Domino’s Pizza Group Plc		396,032
	295,471	Drax Group Plc		3,013,125
	178,517	DS Smith Plc		866,151
	6,273	Dunelm Group Plc		89,015
	25,606	E2V Technologies Plc		59,122
	79,189	easyJet Plc		1,662,071
	230,794	Electrocomponents Plc		1,103,883
	229,079	Elementis Plc		951,695
	440,335	EnQuest Plc(b)		942,561
	1,895,000	Ensco Plc - Class A		109,246,750
	367,016	Enterprise Inns Plc(b)		891,544
	14,750	Erinaceous Group Plc(b)(c)(d)		0
	97,005	Essentra Plc		1,218,648
	8,205	Euromoney Institutional Investor Plc		141,427
	304,900	F&C Asset Management Plc		496,214
	1,043,379	Fenner Plc(d)		6,691,866
	81,288	Fiberweb Plc		132,456
	9,707	Fidessa Group Plc		315,177
	792	Findel Plc(b)		3,238
	215,070	Firstgroup Plc		398,297
	3,248	Fuller Smith & Turner - Class A		47,288
	539,467	G4S Plc		2,261,943
	28,463	Galliford Try Plc		523,011
	5,558	Games Workshop Group Plc		69,512
	36,597	Gem Diamonds Ltd.(b)		93,595
	24,405	Genus Plc		516,533
	1,111,091	GKN Plc		6,554,273
	14,268	Go-Ahead Group Plc		384,799

Shares			Value
UNITED KINGDOM (continued)
	38,840	Great Portland Estates Plc REIT	$	356,844
	647,781	Greene King Plc		8,568,944
	39,885	Greggs Plc		294,180
	89,848	Halfords Group Plc		610,108
	1,057,069	Halma Plc(d)		9,296,620
	84,204	Hammerson Plc REIT		714,222
	73,847	Hansteen Holdings Plc REIT		122,670
	78,688	Hargreaves Lansdown Plc		1,501,414
	73,639	Hays Plc		147,002
	7,301	Headlam Group Plc		46,416
	45,677	Helical Bar Plc		219,717
	359,922	Henderson Group Plc		1,237,309
	71,298	Hikma Pharmaceuticals Plc		1,372,984
	38,157	Hill & Smith Holdings Plc		294,588
	337	Hilton Food Group Plc		2,313
	26,318	Hochschild Mining Plc		69,839
	5,026	Hogg Robinson Group Plc		6,165
	454,892	Home Retail Group Plc		1,451,465
	113,342	Homeserve Plc		425,984
	211,194	Howden Joinery Group Plc		1,092,762
	62,365	Hunting Plc		891,971
	11,841	Huntsworth Plc		12,436
	3,454	Hyder Consulting Plc		30,211
	273,898	ICAP Plc		1,691,688
	57,705	IG Group Holdings Plc		567,640
	14,815	Imagination Technologies Group Plc(b)		66,014
	102,510	IMI Plc		2,496,716
	323,638	Inchcape Plc		3,300,363
	59,469	Inmarsat Plc		687,021
	497,362	Innovation Group Plc(b)		253,199
	82,005	InterContinental Hotels Group Plc		2,389,133
	335,718	International Consolidated Airlines Group(b)		1,872,726
	944,593	Interserve Plc(d)		9,299,471
	41,164	Intertek Group Plc		2,199,215
	44,575	Intu Properties Plc REIT		246,007
	215,268	Invensys Plc		1,736,171
	236,494	Investec Plc		1,655,575
	70,424	IP Group Plc(b)		165,990
	30,590	ITE Group Plc		158,083
	1,283,644	ITV Plc		3,929,123
	8,667	James Fisher & Sons Plc		154,532
	28,273	Jardine Lloyd Thompson Group Plc		453,786
	63,090	Jazztel Plc(b)		692,139
	7,378	JD Sports Fashion Plc		134,389
	4,183	John Menzies Plc		54,931
	243,164	John Wood Group Plc		3,165,924
	41,414	Johnson Matthey Plc		1,994,767
	84,713	Johnston Press Plc(b)		18,337
	35,089	Jupiter Fund Management Plc		224,317
	172,730	Kcom Group Plc		278,619
	26,714	Keller Group Plc		450,181
	13,679	Kier Group Plc		396,769

Shares			Value
UNITED KINGDOM (continued)
	51,645	Kofax Plc(b)	$	313,843
	98,592	Ladbrokes Plc		302,098
	2,090,114	Laird Plc(d)		8,378,285
	122,471	Lancashire Holdings Ltd.		1,594,536
	17,906	Lavendon Group Plc		52,828
	73,615	London Stock Exchange Group Plc		1,938,138
	67,669	Londonmetric Property Plc REIT		139,967
	60,992	Lonmin Plc(b)		315,488
	46,523	Lookers Plc		96,974
	35,957	Low & Bonar Plc		44,538
	1,283	LSL Property Services Plc		9,319
	6,088	Management Consulting Group Plc		2,392
	43,460	Marshalls Plc		121,251
	402,517	Marston’s Plc		981,009
	1,593,867	McBride - Redeemable B Shares(b)(c)(d)		2,556
	48,299	McBride Plc		84,800
	1,244	McKay Securities Plc REIT		3,690
	28,145	Mears Group Plc		193,148
	303,083	Meggitt Plc		2,782,161
	98,125	Michael Page International Plc		762,444
	774	Micro Focus International Plc		10,158
	71,806	Millennium & Copthorne Hotels Plc		655,692
	85,940	Mitchells & Butlers Plc(b)		552,567
	165,675	Mitie Group Plc		835,986
	231,628	Mondi Plc		4,137,342
	112,692	Moneysupermarket.com Group Plc		277,181
	153,617	Morgan Advanced Materials Plc		748,786
	15,010	Morgan Sindall Group Plc		190,612
	11,794	Mothercare Plc(b)		72,428
	80,593	N Brown Group Plc		677,779
	209,558	National Express Group Plc		878,996
	3,594	NCC Group Plc		9,451
	990,480	New Melrose Plc(b)		5,085,248
	69,409	Northgate Plc		504,149
	23,821	Novae Group Plc		211,982
	9,252	Ocado Group Plc(b)		64,383
	6,950	Optos Plc(b)		17,412
	2,971	Oxford Instruments Plc		61,929
	129,075	Pace Plc		630,401
	4,258	PayPoint Plc		71,072
	149,749	Pendragon Plc		91,242
	114,551	Pennon Group Plc		1,250,809
	256,487	Persimmon Plc		5,202,367
	33,631	Petrofac Ltd.		788,913
	36,290	Photo-Me International Plc		77,390
	131,010	Premier Farnell Plc		474,532
	263,486	Premier Oil Plc		1,465,571
	279,236	Punch Taverns Plc(b)		60,444
	78,418	PZ Cussons Plc		495,024
	195,364	QinetiQ Group Plc		619,920

Shares			Value
UNITED KINGDOM (continued)
	102,443	Quintain Estates & Development Plc(b)	$	159,331
	4,954	Rathbone Brothers Plc		129,794
	139,415	Redrow Plc		592,380
	9,324	Renishaw Plc		242,492
	51,233	Renold Plc(b)		35,323
	171,499	Rentokil Initial Plc		287,358
	69,193	Restaurant Group Plc		639,043
	1,425,223	Rexam Plc		11,871,716
	9,385	Ricardo Plc		91,868
	30,878	Rightmove Plc		1,313,009
	5,585	RM Plc		10,209
	26,258	Robert Walters Plc		136,833
	605,779	Rotork Plc(d)		27,808,700
	76,966	RPC Group Plc		629,382
	136,419	RPS Group Plc		634,334
	1,549,834	RSA Insurance Group Plc		3,190,769
	627,144	Sage Group Plc (The)		3,389,777
	52,290	Salamander Energy Plc(b)		89,921
	45,100	Savills Plc		470,040
	101,874	Schroders Plc		4,212,693
	42,407	Schroders Plc - Non Voting		1,448,992
	24,967	SDL Plc		100,882
	71,325	Segro Plc REIT		373,739
	186,503	Senior Plc		890,545
	938,143	Serco Group Plc		8,378,560
	80,799	Severfield-Rowen Plc		82,591
	85,981	Severn Trent Plc		2,560,115
	87,706	Shaftesbury Plc REIT		835,335
	298,622	Shanks Group Plc		505,149
	337,160	SIG Plc		1,113,649
	13,544	Smith & Nephew Plc		173,081
	59,277	Smiths Group Plc		1,363,902
	22,043	Smiths News Plc		74,222
	89,620	Soco International Plc		572,061
	340,807	Spectris Plc		12,634,017
	102,222	Speedy Hire Plc		106,538
	263,371	Spirax-Sarco Engineering Plc(d)		12,322,487
	207,268	Spirent Communications Plc		368,561
	213,939	Spirit Pub Co. Plc		250,414
	4,982	Sportech Plc(b)		6,950
	94,269	Sports Direct International Plc(b)		1,058,064
	15,097	St. Ives Plc		43,814
	96,548	St. James’s Place Plc		1,046,490
	86,519	St. Modwen Properties Plc		488,730
	140,523	Stagecoach Group Plc		793,113
	32,005	Sthree Plc		184,485
	7,742	Stolt-Nielsen Ltd.		219,136
	8,341	SuperGroup Plc(b)		156,744
	30,559	Synergy Health Plc		508,116
	48,112	Synthomer Plc		187,844
	235,743	Talktalk Telecom Group Plc		1,008,486
	214,060	Tate & Lyle Plc		2,716,637
	2,231,492	Taylor Wimpey Plc		3,942,957
	5,162	Ted Baker Plc		141,285

Shares			Value
UNITED KINGDOM (continued)
	38,081	Telecity Group Plc	$	465,579
	10,616	Telecom Plus Plc		262,647
	154,113	Thomas Cook Group Plc(b)		356,081
	3,226	Topps Tiles Plc		4,578
	8,024	Torotrak Plc(b)		3,506
	110,801	Travis Perkins Plc		3,297,363
	164,257	Trinity Mirror Plc(b)		351,601
	1,359,757	TT electronics Plc(d)		4,338,699
	41,206	TUI Travel Plc		254,370
	100,062	Tullett Prebon Plc		510,201
	12,271	UBM Plc		134,482
	970	UK Mail Group Plc		9,099
	411,658	Ultra Electronics Holdings Plc(d)		12,765,510
	19,240	Unite Group Plc		122,165
	219,347	United Utilities Group Plc		2,477,752
	2,716	UTV Media Plc		9,886
	197,460	Vectura Group Plc(b)		348,271
	136,756	Vedanta Resources Plc		2,330,906
	199,220	Vesuvius Plc		1,550,522
	553,801	Victrex Plc(d)		14,651,524
	11,826	Vitec Group Plc (The)		133,208
	376	Vp Plc		2,999
	81,025	Weir Group Plc (The)		2,929,616
	50,439	Wetherspoon (J.D.) Plc		570,165
	43,316	WH Smith Plc		625,775
	130,500	Whitbread Plc		7,183,390
	721,708	William Hill Plc		4,639,196
	15,003	Wilmington Group Plc		52,021
	21,070	Wincanton Plc(b)		42,989
	554,279	WM Morrison Supermarkets Plc		2,502,685
	79,245	Wolfson Microelectronics Plc(b)		178,523
	32,930	Workspace Group Plc REIT		258,405
	4,440	WS Atkins Plc		87,850
	14,163	Xaar Plc		191,097
	68,682	Xchanging Plc		139,859
				557,051,140
UNITED STATES — 42.8%
	2,550,000	Abercrombie & Fitch Co. - Class A		95,574,000
	602,000	Actuant Corp. - Class A		22,611,120
	69,000	ADT Corp. (The)		2,992,530
	1,723,407	Advance Auto Parts, Inc.(d)		170,927,506
	22,860	AgJunction, Inc.(b)		22,583
	114,185	Alacer Gold Corp.		316,496
	1,810,000	Albemarle Corp.(d)		119,803,900
	115,000	Altera Corp.		3,864,000
	1,775,000	AmerisourceBergen Corp.		115,960,750
	22,000	AMETEK, Inc.		1,052,260
	100,000	Amtrust Financial Services, Inc.		3,836,000
	400,000	Approach Resources Inc.(b)		11,260,000
	228,000	Aptargroup, Inc.		14,628,480
	78,840	Argonaut Gold, Inc.(b)		438,567
	87,000	Arthur J Gallagher & Co.		4,128,150
	31,621	Atna Resources Ltd.(b)		4,397

Shares			Value
UNITED STATES (continued)
	78,600	B&G Foods, Inc.	$	2,660,610
	3,003	Bauer Performance Sports Ltd.(b)		36,952
	36,000	Beam, Inc.		2,422,800
	40,000	Bed Bath & Beyond, Inc.(b)		3,092,800
	129,000	Bio-Rad Laboratories, Inc. - Class A(b)		15,934,080
	252,700	BJ’s Restaurants, Inc.(b)		6,838,062
	26,100	BNK Petroleum, Inc.(b)		40,552
	400,000	Bottomline Technologies, Inc.(b)(d)		12,568,000
	300,000	Brady Corp. - Class A		8,757,000
	180,000	Bryn Mawr Bank Corp.(d)		5,014,800
	400,000	Cardtronics, Inc.(b)(d)		15,700,000
	2,441,200	CareFusion Corp.(b)		94,645,324
	225,000	Casey’s General Stores, Inc.		16,398,000
	373,000	Cepheid, Inc.(b)		15,188,560
	16,000	Church & Dwight Co., Inc.		1,042,400
	273,000	CLARCOR, Inc.		15,965,040
	29,000	Clorox Co. (The)		2,615,510
	200,000	Community Bank System, Inc.		7,262,000
	29,000	Concho Resources, Inc.(b)		3,207,690
	29,000	CR Bard, Inc.		3,950,380
	2,510,000	Crown Holdings, Inc.(b)(d)		109,436,000
	603,000	CST Brands, Inc.		19,440,720
	36,000	Cullen/Frost Bankers, Inc.		2,548,440
	350,000	CVB Financial Corp.		5,089,000
	232,000	Denbury Resources, Inc.(b)		4,405,680
	55,000	Dover Corp.		5,048,450
	34,000	Edwards Lifesciences Corp.(b)		2,216,460
	150,000	Elizabeth Arden, Inc.(b)		5,428,500
	1,027,000	Energizer Holdings, Inc.(d)		100,758,970
	200,000	EnPro Industries, Inc.(b)		11,934,000
	154,000	Esterline Technologies Corp.(b)		12,344,640
	500,000	Fiserv, Inc.(b)		52,365,000
	125,000	Flotek Industries, Inc.(b)		2,672,500
	1,825,000	Flowserve Corp.		126,782,750
	179,000	Forum Energy Technologies, Inc.(b)		5,237,540
	120,000	Fresh Market, Inc. (The)(b)		6,109,200
	225,000	Genomic Health, Inc.(b)(d)		6,732,000
	300,000	Globus Medical, Inc. - Class A(b)		5,760,000
	73,730	Golden Star Resources Ltd.(b)		36,771
	253,500	Guidewire Software, Inc.(b)		12,857,520
	250,000	Haemonetics Corp.(b)		10,140,000
	350,000	Harris Teeter Supermarkets, Inc.		17,262,000
	563,519	Henry Schein, Inc.(b)		63,356,441
	200,000	Hub Group, Inc. - Class A(b)		7,346,000
	860,500	Hubbell, Inc. - Class B(d)		92,538,170
	142,000	IDEX Corp.		9,819,300
	20,000	IHS, Inc. - Class A(b)		2,181,000
	23,000	Illumina, Inc.(b)		2,150,730
	100,000	Independent Bank Corp.		3,588,000
	72,000	Informatica Corp.(b)		2,779,200

Shares			Value
UNITED STATES (continued)
	300,000	Integra LifeScience Holdings Corp.(b)(d)	$	13,734,000
	1,500	International Minerals Corp.		4,071
	83,000	Intuit, Inc.		5,927,030
	294,000	John Wiley & Sons, Inc. - Class A		14,785,260
	29,000	Kellogg Co.		1,834,250
	250,000	Key Energy Services, Inc.(b)		1,955,000
	200,000	Kodiak Oil & Gas Corp.(b)		2,594,000
	163,200	Lancaster Colony Corp.(d)		13,543,968
	200,000	Landstar System, Inc.		11,058,000
	330,000	LogMein, Inc.(b)(d)		10,659,000
	350,000	Luminex Corp.(b)(d)		6,825,000
	450,000	Masimo Corp.		11,529,000
	15,000	McCormick & Co., Inc. - Non Voting		1,037,250
	19,000	Mead Johnson Nutrition Co.		1,551,540
	175,000	Measurement Specialties, Inc.(b)(d)		9,752,750
	93,000	MICROS Systems, Inc.(b)		5,045,250
	150,000	Mistras Group, Inc.(b)		2,754,000
	63,000	Molson Coors Brewing Co. - Class B		3,402,000
	677	Movie Gallery, Inc.(b)(c)(d)		0
	806,705	MSC Industrial Direct Co., Inc. - Class A(d)		61,608,061
	433,000	National Instruments Corp.		12,578,650
	125,000	Navigators Group, Inc. (The)(b)(d)		7,030,000
	2,655,746	NetApp, Inc.		103,069,502
	275,000	Northern Oil and Gas, Inc.(b)		4,518,250
	72,000	Northern Trust Corp.		4,062,240
	400,000	NuVasive, Inc.(b)		12,712,000
	75,000	Omnicell, Inc.(b)		1,730,250
	1,324,200	Omnicom Group, Inc.		90,191,262
	100,000	Owens & Minor, Inc.		3,742,000
	14,000	Pall Corp.		1,127,280
	47,000	Parker Hannifin Corp.		5,485,840
	29,000	Pentair Ltd.		1,945,610
	41,000	PetSmart, Inc.		2,983,160
	105,000	Post Holdings, Inc.(b)		4,509,750
	41,800	Prestige Brands Holdings, Inc.(b)		1,305,414
	155,000	PROS Holdings, Inc.(b)(d)		5,479,250
	193,000	Prosperity Bancshares, Inc.		12,052,850
	350,000	QLIK Technologies, Inc.(b)		8,869,000
	172,200	Qualys, Inc.(b)		3,581,760
	400,000	Raven Industries, Inc.(d)		13,344,000
	120,600	RBC Bearings, Inc.(b)		8,296,074
	575,000	RealPage, Inc.(b)(d)		14,104,750
	65,000	Red Hat, Inc.(b)		2,812,550
	485,000	Resolute Energy Corp.(b)		4,549,300
	29,000	Rockwell Automation, Inc.		3,201,890
	1,000,000	Rockwell Collins, Inc.		69,830,000
	29,590,700	Samsonite International SA(d)		80,913,561
	400,000	Sensient Technologies Corp.(d)		20,852,000

Shares			Value
UNITED STATES (continued)
	22,000	Sigma-Aldrich Corp.	$	1,901,460
	200,000	Silgan Holdings, Inc.		9,014,000
	28,426	Sims Metal Management Ltd.(b)		267,595
	350,000	Snyders-Lance, Inc.(d)		10,496,500
	24,000	SolarWinds, Inc.(b)		868,560
	62,000	Solera Holdings, Inc.		3,485,640
	88,000	St. Jude Medical, Inc.		5,050,320
	53,900	Standex International Corp.		3,315,389
	250,000	STERIS Corp.		11,297,500
	11,000	SVB Financial Group(b)		1,053,580
	25,000	T Rowe Price Group, Inc.		1,935,250
	50,000	Techne Corp.		4,369,500
	158,000	Teleflex, Inc.		14,564,440
	375,000	TETRA Technologies, Inc.(b)		4,863,750
	85,386	Thompson Creek Metals Co., Inc.(b)		275,161
	141,000	TIBCO Software, Inc.(b)		3,462,960
	250,000	TreeHouse Foods, Inc.(b)		18,315,000
	500,000	Trimas Corp.(b)(d)		18,930,000
	1,268,690	Tupperware Brands Corp.(d)		113,738,059
	350,000	UMB Financial Corp.(d)		20,622,000
	39,856	Ur-Energy, Inc.(b)		42,430
	40,900	UTi Worldwide, Inc.		621,680
	1,645,000	Varian Medical Systems, Inc.(b)(d)		119,394,100
	250,000	VCA Antech, Inc.(b)		7,112,500
	505,800	Volcano Corp.(b)		9,696,186
	180,000	Washington Trust Bancorp, Inc.(d)		5,920,200
	500	WaterFurnace Renewable Energy, Inc.		11,025
	1,131,151	Waters Corp.(b)(d)		114,155,759
	222,000	West Pharmaceutical Services, Inc.		10,733,700
	1,100,000	Western Digital Corp.		76,593,000
	154,300	WEX, Inc.(b)		14,403,905
	77,000	Whiting Petroleum Corp.(b)		5,150,530
	200,000	Wolverine World Wide, Inc.		11,548,000
	300,000	Woodward, Inc.		12,027,000
	44,000	Xilinx, Inc.		1,998,480
	28,000	Zimmer Holdings, Inc.		2,449,160
	87,000	Zoetis, Inc.		2,754,420
				2,836,042,643
Total Common Stocks (Cost $4,171,906,131)				5,815,599,739
INVESTMENT COMPANY — 0.4%
	26,264,500	SEI Daily Income Trust Government II Fund, Class A, 0.01% (g)		26,264,500
Total Investment Company (Cost $26,264,500)				26,264,500

Shares			Value
EXCHANGE TRADED FUNDS — 9.6%
	1,825,000	iShares Core S&P Small Cap ETF	$	188,723,250
	2,415,400	iShares MSCI EAFE Small Cap Index Fund		120,673,384
	174,861	iShares MSCI Japan Small Cap Index Fund		9,615,624
	310,000	iShares Russell Mid-Cap ETF		44,630,700
	196,000	SPDR Russell Nomura Small Cap Japan Fund		10,111,444
	980,000	SPDR S&P Emerging Markets Small Cap Fund		46,314,800
	1,889,800	SPDR S&P International Small Cap Fund		63,270,504
	400,000	Vanguard FTSE All World ex-US Small-Cap ETF		41,156,000
	400,000	Vanguard Small-Cap ETF		42,300,000
	1,300,000	WisdomTree Japan Hedged Equity Fund		61,984,000
	160,000	WisdomTree Japan Small Cap Dividend Fund		8,219,200
Total Exchange Traded Funds (Cost $580,329,905)				636,998,906
RIGHTS/WARRANTS — 0.0%
Consumer Discretionary — 0.0%
	1,710	Centrebet Litigation Rights(b)(c)(d)		0
	1,710	Centrebet Litigation Units(b)(c)(d)		0
	159,274	Seat Pagine Gialles SpA Warrants, Expire 9/8/14(b)(c)(d)		0
				0
Diversified Financials — 0.0%
	44	Emperor Capital Group Rights, Expire 11/28/13(b)(c)(d)		0
Health Care — 0.0%
	177,380	Hartalega Holdings Berhad Warrants, Expire 5/29/15(b)(d)		175,382
	9,812	Intercell Contigent Value Rights(b)(c)(d)		0
	9,600	Ligand Pharmaceuticals Contingent Value Rights, Expire 12/23/12(b)(c)(d)		0
				175,382
Industrials — 0.0%
	212,660	Dialog Group Berhad Warrants, Expire 2/12/17(b)		39,088
	93,126	Polimex - Mostostal SA Rights, Expire 10/4/13(b)(d)		0
				39,088

Shares			Value
Real Estate — 0.0%
	25,481	FKP Property Group Rights, Expire 11/27/13(b)(d)	$	13,366
Telecommunication Services — 0.0%
	5,008	Loxley Public Co. Ltd. Warrants(b)(d)		0
Utilities — 0.0%
	800	Cia de Saneamento do Parana Rights, Expire 11/19/13(b)		0
	54,823	Hera SpA Rights, Expire 11/29/13(b)		989
				989
Total Rights/Warrants (Cost $745)				228,825

Principal
Amount
U.S. GOVERNMENT AGENCIES — 0.0%
Federal Home Loan Bank — 0.0%
$	3,000,000	0.04%, 12/13/2013(h)		2,999,860
Total U.S. Government Agencies (Cost $2,999,860)				2,999,860

Shares
CASH SWEEP — 2.1%
	138,877,902	Citibank - US Dollars on Deposit in Custody Account, 0.02 %(g)		138,877,902
Total Cash Sweep (Cost $138,877,902)				138,877,902
TOTAL INVESTMENTS — 99.9% (Cost $4,920,379,043)(a)				6,620,969,732
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%				3,681,107
NET ASSETS — 100.0%			$	6,624,650,839


(a)		Cost for federal income tax purposes is $4,945,453,080 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	1,785,338,005
Unrealized depreciation		(109,821,353	)
Net unrealized appreciation	$	1,675,516,652


(b)		Non-income producing security.
(c)		Fair valued security under procedures established by the Fund’s Board of Directors. The aggregate value of fair valued securities is $3,765,031, which is 0.06% of net assets and the cost is $5,313,595.
(d)		This security is considered either fully or partially illiquid. These securities, or portions thereof, have a value of $710,334,513 or 10.72% of net assets.
(e)		Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to

		qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors. The aggregate value of these securities is $11,605, which is less than 0.01% of net assets.
(f)		Securities incorporated in the same country but traded on different exchanges.
(g)		Rate shown represents current yield at October 31, 2013.
(h)		The rate represents the annualized yield at time of purchase.

ADR — American Depositary Receipt

BDR — Brazilian Depositary Receipt

CDI — CHESS Depositary Interests

CPO — Certificate of Participation-Common

CVR — Contingent Value Rights

FOR — Foreign Ownership Restrictions

NVDR — Non Voting Depositary Receipt

PDR — Phillippine Depositary Receipt

REIT — Real Estate Investment Trust

SDR — Swedish Depositary Receipt

VVPR — Voter Verified Paper Record

Portfolio diversification by Sector (Unaudited)

	Percentage
Sector	of Net Assets
Banks		2.3	%
Consumer Discretionary		15.2	%
Consumer Staples		5.4	%
Diversified Financials		1.2	%
Energy		4.0	%
Health Care		12.5	%
Industrials		19.3	%
Information Technology		10.8	%
Insurance		3.9	%
Materials		9.3	%
Real Estate		2.5	%
Telecommunication Services		0.5	%
Utilities		0.9	%
Other*		12.2	%
Total		100.0	%

*	Includes cash and equivalents, exchange traded funds, rights/warrants, U.S. government agencies, investment companies, pending trades and Fund share transactions, interest and dividends receivable, prepaids, and accrued expenses payable.

To the Shareholders and Board of Directors of
Old Westbury Funds, Inc., Global Small & Mid Cap Fund

We have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the financial statements of Global Small & Mid Cap Fund (the Fund) (one of the funds comprising Old Westbury Funds, Inc.), as of October 31, 2013, and for the year then ended, and have issued our unqualified report thereon dated December 23, 2013 (which report and financial statements are included in Item 1 of this Form N-CSR). Our audit included an audit of the Fund’s portfolio of investments (the Schedule) as of October 31, 2013 appearing in Item 6 of this Form N-CSR. This Schedule is the responsibility of the Fund’s management. Our responsibility is to express an opinion on this Schedule based on our audit.

In our opinion, the Schedule referred to above, when read in conjunction with the financial statements and financial highlights of the Fund referred to above, presents fairly, in all material respects, the information set forth therein.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

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.

Large Cap Strategies Fund
One Year	25.69	%
Five Year	10.30	%
Ten Year	6.48	%

S&P Global LargeCap Index (Net)
One Year	22.25	%
Five Year	12.73	%
Ten Year	7.38	%

*	Stated as a percentage of net assets.
**	Includes cash and equivalents, exchange traded funds, rights/warrants, U.S. Government agencies and securities, investment companies, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable.
***	Represents less than 0.1% of net assets.

Global Small & Mid Cap Fund
One Year	26.83	%
Five Year	16.09	%
Since Inception (April 5, 2005)	10.55	%

S&P Global MidSmallCap Index (Net)
One Year	28.60	%
Five Year	17.69	%
April 5, 2005 to October 31, 2013	8.11	%

*	Stated as a percentage of net assets.
**	Includes cash and equivalents, exchange traded funds, options, rights/warrants, futures, swap agreements, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable.
***	Represents less than 0.1% of net assets.

Global Opportunities Fund
One Year	12.26	%
Five Year	10.31	%
Since Inception (November 28, 2007)	1.27	%

S&P Global LargeMidCap Index (Gross)
One Year	23.79	%
Five Year	14.15	%
November 28, 2007 to October 31, 2013	2.70	%

A Letter From the President (Unaudited)		2
Investment Adviser’s Report (Unaudited)
Large Cap Core Fund		3
Large Cap Strategies Fund		6
Global Small & Mid Cap Fund		10
Global Opportunities Fund		14
Real Return Fund		17
Fixed Income Fund		21
Municipal Bond Fund		25
Disclosure of Fund Expenses (Unaudited)		29
Portfolios of Investments:
Large Cap Core Fund		31
Large Cap Strategies Fund		33
Global Small & Mid Cap Fund		36
Global Opportunities Fund		40
Real Return Fund		83
Fixed Income Fund		89
Municipal Bond Fund		94
Statements of Assets and Liabilities		113
Statements of Operations		116
Statements of Changes in Net Assets		119
Financial Highlights:
Large Cap Core Fund		123
Large Cap Strategies Fund		124
Global Small & Mid Cap Fund		125
Global Opportunities Fund		126
Real Return Fund		127
Fixed Income Fund		128
Municipal Bond Fund		129
Notes To Financial Statements		130
Report of Independent Registered Public Accounting Firm		164
Directors and Officers of Old Westbury Funds, Inc. (Unaudited)		165
Additional Information (Unaudited)		171
Renewal of Investment Advisory Agreement and Sub-Advisory Agreements (Unaudited)		172
Approval of New Sub-Advisory Agreement with Muzinich & Co., Inc. (Unaudited)		174

Old Westbury Funds, Inc.
Large Cap Core Fund
Investment Adviser’s Report (Unaudited) - (Continued)

Sector:
Banks	6.1	%
Consumer Discretionary	15.1
Consumer Staples	11.3
Energy	8.2
Health Care	12.4
Industrials	9.2
Information Technology	10.5
Insurance	9.1
Materials	1.7
Real Estate	0.7
Telecommunication Services	7.7
Utilities	4.0
Other**	4.0
	100.0	%

*	Stated as a percentage of net assets.
**	Includes cash and equivalents, investment company, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable.

Large Cap Core Fund
One Year	23.12	%
Five Year	7.61	%
Ten Year	3.45	%

S&P Global LargeCap Index (Net)
One Year	22.25	%
Five Year	12.73	%
Ten Year	7.38	%

Country:
Argentina	0.8	%
Belgium	0.3
Brazil	2.3
Canada	0.4
China	1.3
Denmark	0.8
Finland	1.8
France	1.1
Germany	3.2
India	1.1
Italy	1.4
Japan	5.7
Netherlands	3.8
Russia	0.2
Singapore	1.1
South Africa	1.0
South Korea	1.6
Sweden	1.2
Switzerland	3.0
Taiwan	0.1
Thailand	0.7
United Kingdom	7.3
United States	51.6
Other**	8.2
	100.0	%

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Investment Adviser’s Report (Unaudited) - (Continued)

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Investment Adviser’s Report (Unaudited)

Australia	2.0
Austria	0.2
Bahamas	0.0	***
Belgium	0.3
Bermuda	0.7
Brazil	0.8
Cambodia	0.0	***
Canada	2.1
Cayman Islands	0.0	***
Chile	0.1
China	1.1
Columbia	0.0	***
Cyprus	0.0	***
Denmark	0.6
Faeroe Islands	0.0	***
Finland	0.5
France	1.9
Gabon	0.0	***
Germany	2.9
Gibraltar	0.0	***
Greece	0.0	***
Guernsey	0.1
Hong Kong	1.5
Hungary	0.0	***
India	0.9
Indonesia	0.4
Ireland	2.2
Isle of Man	0.0	***
Israel	1.8
Italy	0.5
Japan	4.5
Jersey Channel Islands	0.0	***
Liechtenstein	0.0	***
Luxembourg	0.2
Malaysia	0.7
Malta	0.0	***
Mexico	0.5
Netherlands	1.1
New Zealand	0.4
Norway	0.2
Peru	0.1
Philippines	0.2
Poland	0.1
Portugal	0.1
Qatar	0.0	***
Russia	0.0	***
Singapore	1.6
South Africa	0.5
South Korea	1.4
Spain	0.5
Sweden	0.8
Switzerland	1.5
Taiwan	1.2
Thailand	0.3
Turkey	0.1
United Arab Emirates	0.0	***
United Kingdom	8.4
United States	42.8
Other**	12.2
	100.0	%

Old Westbury Funds, Inc.
Global Opportunities Fund
Investment Adviser’s Report (Unaudited)

Sector:
Asset-Backed Securities	8.3	%
Collectible Coins	2.4
Commodities	8.7
Consumer Discretionary	3.9
Consumer Staples	3.9
Energy	13.5
Materials	10.5
Real Estate	6.0
U.S. Government and Agency Securities	40.7
Other**	2.1
	100.0	%

*	Stated as a percentage of net assets.
**	Includes cash and equivalents, options, swap agreements, futures, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable.

Real Return Fund
One Year	-15.14	%
Five Year	1.54	%
Since Inception (April 28, 2005)	1.11	%

Dow Jones UBS Commodity Index
One Year	-12.21	%
Five Year	-0.94	%
April 28, 2005 to October 31, 2013	-0.78	%

Barclays U.S. TIPS Index
One Year	-6.39	%
Five Year	7.36	%
April 28, 2005 to October 31, 2013	4.81	%

U.S. Government Agencies and Securities	32.4	%
Corporate Bonds	52.3
Municipal Bonds	5.4
Government Bonds	1.8
Asset Backed Securities	6.6
Collateralized Mortgage Obligations	0.6
Other**	0.9
	100.0	%

Fixed Income Fund
One Year	-0.33	%
Five Year	4.48	%
Ten Year	4.22	%

Barclays Government/Credit Total Index
One Year	-1.45	%
Five Year	6.43	%
Ten Year	4.74	%

Bank of America Merrill Lynch 1-10 Year AAA-A US Corporate & Government Index
One Year	-0.20	%
Five Year	4.66	%
Ten Year	3.98	%

States:
Alabama	0.6	%
Arizona	0.9
California	4.1
Colorado	0.8
Connecticut	2.3
District of Columbia	0.8
Florida	2.9
Georgia	4.0
Hawaii	0.8
Idaho	0.1
Illinois	1.9
Indiana	2.3
Iowa	0.2
Kansas	0.4
Kentucky	0.7
Louisiana	0.3
Maine	0.5
Maryland	1.7
Massachusetts	9.0
Michigan	1.6
Minnesota	1.3
Mississippi	0.2
Missouri	1.1
Nevada	0.5
New Hampshire	0.2
New Jersey	4.3
New Mexico	0.1
New York	30.9
North Carolina	3.1
Ohio	0.9
Oklahoma	0.1
Oregon	0.6
Pennsylvania	1.3
Puerto Rico	0.0	***
Rhode Island	0.1
South Carolina	1.0
Tennessee	0.1
Texas	10.7
Utah	0.2
Virginia	2.8
Washington	2.9
West Virginia	0.1
Wisconsin	1.4
Other**	0.2
	100.0	%

Municipal Bond Fund
One Year	-0.72	%
Five Year	4.75	%
Ten Year	3.55	%

Bank of America Merrill Lynch 1-12 Year Municipal Bond Index
One Year	0.30	%
Five Year	4.97	%
Ten Year	4.16	%

Lipper Short-Intermediate Municipal Debt Funds Index
One Year	-0.14	%
Five Year	4.02	%
Ten Year	3.08	%

Old Westbury Funds, Inc.
Municipal Bond Fund
Investment Adviser’s Report (Unaudited) - (Concluded)

Old Westbury Funds, Inc.
Disclosure of Fund Expenses (Unaudited)
	*For the Period Ended October 31, 2013*

	Actual		Actual		Actual		Actual
	Beginning		Ending		Expenses Paid		Expense Ratio
	Account Value		Account Value		During Period*		During Period
	5/1/13		10/31/13		5/1/13-10/31/13		5/1/13-10/31/13**
Large Cap Core Fund	$	1,000.00	$	1,085.80	$	5.26		1.00	%
Large Cap Strategies Fund		1,000.00		1,110.20		6.06		1.14	%
Global Small & Mid Cap Fund		1,000.00		1,097.50		5.87		1.11	%
Global Opportunities Fund		1,000.00		1,024.90		6.12		1.20	%
Real Return Fund		1,000.00		929.00		5.35		1.10	%
Fixed Income Fund		1,000.00		989.20		3.26		0.65	%
Municipal Bond Fund		1,000.00		985.10		3.05		0.61	%

*	Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by 184/365 to reflect the one-half year period.
**	Expense ratios are annualized and reflect existing expense waivers/reimbursements.

	Hypothetical		Hypothetical		Hypothetical		Hypothetical
	Beginning		Ending		Expenses Paid		Expense Ratio
	Account Value		Account Value		During Period*		During Period
	5/1/13		10/31/13		5/1/13-10/31/13		5/1/13-10/31/13**
Large Cap Core Fund	$	1,000.00	$	1,020.16	$	5.09		1.00	%
Large Cap Strategies Fund		1,000.00		1,019.46		5.80		1.14	%
Global Small & Mid Cap Fund		1,000.00		1,019.61		5.65		1.11	%
Global Opportunities Fund		1,000.00		1,019.16		6.11		1.20	%
Real Return Fund		1,000.00		1,019.66		5.60		1.10	%
Fixed Income Fund		1,000.00		1,021.93		3.31		0.65	%
Municipal Bond Fund		1,000.00		1,022.13		3.11		0.61	%

Old Westbury Funds, Inc.
Large Cap Core Fund
Portfolio of Investments	*October 31, 2013*

Old Westbury Funds, Inc.
Large Cap Core Fund
Portfolio of Investments - (Continued)	*October 31, 2013*

Shares			Value
INVESTMENT COMPANY — 3.4%
	28,508,000	SEI Daily Income Trust Government II Fund, Class A, 0.01%(c)	$	28,508,000
Total Investment Company (Cost $28,508,000)				28,508,000
TOTAL INVESTMENTS — 99.4% (Cost $728,945,928)(a)				830,559,556
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.6%				5,298,341
NET ASSETS — 100.0%			$	835,857,897

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Condensed Portfolio of Investments	*October 31, 2013*

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Condensed Portfolio of Investments - (Continued)	*October 31, 2013*

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	*October 31, 2013*

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	October 31, 2013

Old Westbury Funds, Inc.
Real Return Fund
Consolidated Portfolio of Investments	October 31, 2013