COMMON STOCKS 104.77%

Consumer Discretionary 14.68%

Anta Sports Products, Ltd.

Arezzo Industria e Comercio S.A.^(a)

BHG S.A. - Brazil Hospitality Group^(a)

Bosideng International Holdings, Ltd.

CBS Corp. - Class B^(b)(c)

China Resources Enterprise, Ltd.

Cie Generale des Etablissements
Michelin - Class B

Cooper Tire & Rubber Co.^(b)(c)

Dongfeng Motor Group Co., Ltd. - Class H

The Gap, Inc.^(b)(c)

The Goodyear Tire & Rubber Co.^{(a) (b)(c)}

Great Wall Motor Co., Ltd.

Hanesbrands, Inc.^{(a) (b)}

Liberty Media Corp. - Capital - Series A^{(a) (b)(c)}

Liberty Media Corp. - Class A^{(a) (b)}

Liberty Media Corp. - Starz - Series A^{(a) (b)(c)}

Man Wah Holdings, Ltd.

MGM Resorts International^{(a) (b)(c)(d)}

NIKE, Inc. - Class B^(b)(c)

Prada S.p.A.^(a)

Tenneco, Inc.^{(a) (b)}

Time Warner, Inc.^(b)

TRW Automotive Holdings Corp.^{(a) (b)(c)}

Valassis Communications, Inc.^{(a) (b)(c)}

Viacom, Inc. - Class B^(b)

Visteon Corp.^{(a) (b)(c)}

Xinyi Glass Holdings, Ltd.

Consumer Staples 1.16%

Brazil Pharma S.A.^(a)

Cia de Bebidas das Americas - ADR^(b)(c)

Julio Simoes Logistica S.A.

Raia S.A.^(a)

Energy 22.48%

Natural Gas Leveraged E+P 1.63%

El Paso Corp.^(b)

Newfield Exploration Co.^{(a) (b)(c)}

Petrohawk Energy Corp.^{(a) (b)(c)}

Non-North American Producers 1.33%

InterOil Corp.^{(a) (b)(c)}

Royal Dutch Shell PLC - ADR^(b)(c)

Oil & Gas & Consumable Fuels 1.50%

Golar LNG, Ltd.^(b)(c)

Suncor Energy, Inc.^(b)

Oil Leveraged E+P 5.08%

Anadarko Petroleum Corp.^(b)(c)

Brigham Exploration Co.^{(a) (b)(c)}

Canadian Natural Resources,
Ltd.^(b)(c)

Cenovus Energy, Inc.^(b)

Exxon Mobil Corp.^(b)(c)

Hess Corp.^(c)

Marathon Oil Corp.^(b)

Occidental Petroleum Corp.^(b)

Oil Services & Drillers 12.72%

Baker Hughes, Inc.^(b)(c)

Calfrac Well Services, Ltd.^(b)

Cameron International Corp.^(a)

Complete Production Services,
Inc.^(a) (b)

Dresser-Rand Group, Inc.^{(a) (b)}

Ensco PLC - Sponsored ADR^(b)(c)

Halliburton Co.^(b)

Helmerich & Payne, Inc.^(b)

Nabors Industries, Ltd.^{(a) (b)(c)}

National Oilwell Varco, Inc.^(b)(c)

Tenaris S.A. - ADR^(b)(c)

Tidewater, Inc.^(b)

Tankers 0.22%

Golar LNG Partners LP^{(a) (b)}

TOTAL ENERGY

Financial 25.70%

Capital Markets 5.57%

Ares Capital Corp.^(b)(c)

Golub Capital BDC, Inc.^(b)(c)

Indochina Capital Vietnam Holdings, Ltd.^(a)(d)(e)

Knight Capital Group, Inc. -
Class A^{(a) (b)(c)}

Medley Capital Corp.^(b)(c)

PennantPark Floating Rate Capital, Ltd.^(b)

PennantPark Investment Corp.^(b)

Solar Capital, Ltd.^(b)(c)

Solar Senior Capital, Ltd.^(b)

Commercial Banks 1.83%

Agricultural Bank of China, Ltd. - Class H

Banco do Brasil S.A.

Banco Santander Brasil S.A. - ADR^(b)(c)

Bank of China, Ltd. - Class H

Industrial & Commercial Bank of China -
Class H

Lloyds Banking Group PLC^(a)

Standard Chartered PLC

Diversified Financials 5.07%

Bank of America Corp.^(b)(c)

Citigroup, Inc.^(b)(c)

First Niagara Financial Group,
Inc.^(b)(c)

New York Community Bancorp, Inc.^(b)(c)

People’s United Financial, Inc.^(b)(c)

Valley National Bancorp^(b)(c)

Insurance 1.50%

Aflac, Inc.^(b)

Hartford Financial Services Group,
Inc.^(b)

Ping An Insurance Group Co., of China, Ltd. - Class H

Prudential Financial, Inc.^(b)(c)

Real Estate Investment Trusts 10.99%

American Capital Agency Corp.^(b)

Annaly Capital Management,
Inc.^(b)

Apollo Commercial Real Estate Finance,
Inc.^(b)(c)

Ascendas Real Estate Investment Trust

Ascott Residence Trust

CapitaCommercial Trust

Capstead Mortgage Corp.^(b)(c)

Cypress Sharpridge Investments, Inc.^(b)(c)

Dynex Capital, Inc.^(b)

Hatteras Financial Corp.^(b)(c)

Host Hotels & Resorts, Inc.^(b)(c)

Invesco Mortgage Capital, Inc.^(b)(c)

MFA Financial, Inc.^(b)(c)

Starwood Property Trust, Inc.^(b)

Real Estate Management & Development 0.37%

Aliansce Shopping Centers S.A.

BR Malls Participacoes S.A.

Iguatemi Empresa de Shopping Centers S.A.

Sonae Sierra Brasil S.A.

Thrifts & Mortgage Finance 0.37%

MGIC Investment Corp.^{(a) (b)(c)}

Radian Group, Inc.^(b)(c)

TOTAL FINANCIAL

Health Care 2.36%

Abbott Laboratories^(b)

Celltrion, Inc.

Health Management Associates, Inc. - Class A^{(a) (b)(c)}

LifePoint Hospitals, Inc.^{(a) (b)(c)}

Sanofi - ADR^(b)

Shanghai Pharmaceuticals Holding Co. Ltd.^(a)(d)

Tenet Healthcare Corp.^{(a) (b)(c)}

Thermo Fisher Scientific,
Inc.^{(a) (b)(c)}

Industrials 9.75%

Air China, Ltd.

The Boeing Co.^(b)

Daelim Industrial Co., Ltd.

Delta Air Lines, Inc.^{(a) (b)(c)}

Goodrich Corp.^(b)(c)

GS Engineering & Construction Corp.

GZI Transport, Ltd.

ITOCHU Corp.

Jardine Strategic Holdings, Ltd.^(b)

Jiangsu Expressway Co., Ltd. - Class H

Marubeni Corp.

Mitsubishi Corp.

MSCI, Inc. - Class A^{(a) (b)(c)}

Owens Corning^{(a) (b)(c)}

Santos Brasil Participacoes S.A.

Sensata Technologies Holding NV^{(a) (b)(c)}

TE Connectivity, Ltd.^(b)

TransDigm Group, Inc.^{(a) (b)(c)}

United Continental Holdings, Inc.^{(a) (b)}

US Airways Group, Inc.^{(a) (b)(c)}

Verisk Analytics, Inc. - Class A^{(a) (b)}

Zhejiang Expressway Co., Ltd. - Class H

Information Technology 12.40%

Apple, Inc.^{(a) (b)}

Arrow Electronics, Inc.^{(a) (b)(c)}

Avnet, Inc.^{(a) (b)(c)}

Dell, Inc.^{(a) (b)(c)}

Fidelity National Information Services, Inc.^(b)

Google, Inc. - Class A^{(a) (b)}

HTC Corp.

Ingram Micro, Inc. - Class A^{(a) (b)(c)}

International Business Machines Corp.^(b)

Microsoft Corp.^(b)(c)

Samsung Electronics Co., Ltd.

SanDisk Corp.^{(a) (b)(c)}

Tencent Holdings, Ltd.

Xerox Corp.^(b)(c)

Materials 2.40%

Anglo American PLC - Unsponsored ADR^(b)

Gerdau S.A. - Sponsored ADR^(b)(c)

Owens-Illinois, Inc.^{(a) (b)(c)}

Silgan Holdings, Inc.^(b)

Telecommunication Services 2.89%

Chunghwa Telecom Co., Ltd. - ADR^(b)

DiGi.Com Bhd

Maxis Bhd

Philippine Long Distance Telephone Co.

StarHub, Ltd.

Telekom Malaysia Bhd

Telstra Corp., Ltd.

Utilities 10.95%

Babcock & Wilcox Co.^{(a) (b)(c)}

CenterPoint Energy, Inc.^(b)

CMS Energy Corp.^(b)(c)

Dominion Resources, Inc.^(b)

DTE Energy Co.^(b)

Edison International^(b)(c)

National Grid PLC - Sponsored ADR^(b)(c)

NiSource, Inc.^(b)

Northeast Utilities^(b)(c)

Oneok, Inc.^(b)(c)

Power Assets Holdings, Ltd.

PPL Corp.^(b)(c)

TOTAL COMMON STOCKS

(Cost $176,352,119)

EXCHANGE TRADED FUNDS 1.55%

iShares iBoxx $ High Yield Corporate Bond Fund^(b)(c)

TOTAL EXCHANGE TRADED FUNDS

(Cost $2,179,797)

PREFERRED STOCKS 0.48%

The Goodyear Tire & Rubber Co., 5.875%^(b)

TOTAL PREFERRED STOCKS

(Cost $795,994)

Description and

Maturity Date

CORPORATE BONDS 11.73%

American Axle & Manufacturing, Inc.

03/01/2017, 7.875% ^(b)(c)

Anheuser-Busch InBev Worldwide, Inc.

11/17/2015, 9.750% ^(b)

ArvinMeritor, Inc.

03/15/2018, 10.625% ^(b)

BE Aerospace, Inc.

07/01/2018, 8.500% ^(b)

Bombardier, Inc.

05/01/2034, 7.450% ^(b)(d)

CITIC Resources Holdings, Ltd.

05/15/2014, 6.750% ^(b)(f)

Citigroup, Inc.

03/05/2038, 6.875% ^(b)

Constellation Brands, Inc.

09/01/2016, 7.250% ^(b)

Crown Americas LLC / Crown Americas Capital Corp. III

02/01/2021, 6.250% ^(b)(d)

Dana Holding Corp.

02/15/2021, 6.750% ^(b)

Felcor Lodging LP

06/01/2019, 6.750% ^(b)(d)

Ford Motor Credit Co. LLC

02/01/2021, 5.750% ^(b)

Forest Oil Corp.

06/15/2019, 7.250% ^(b)

General Cable Corp.

04/01/2017, 7.125% ^(b)

Gol Finance

07/20/2020, 9.250% ^(b)(d)

The Goldman Sachs Group, Inc.

02/01/2041, 6.250% ^(b)

Graphic Packaging International, Inc.

10/01/2018, 7.875% ^(b)

Hanesbrands, Inc.

12/15/2020, 6.375% ^(b)

Hidili Industry International Development, Ltd.

11/04/2015, 8.625% ^(b)(d)

Itau Unibanco Holding S.A.

11/23/2015, 10.500% ^(b)(d)

Lear Corp.

03/15/2018, 7.875% ^(b)

Levi Strauss & Co.

05/15/2020, 7.625% ^(b)

Manufacturers & Traders Trust Co.

12/01/2021, 5.629% ^(b)(g)

MIE Holdings Corp.

05/12/2016, 9.750% ^(d)

Morgan Stanley

01/25/2021, 5.750% ^(b)

Newfield Exploration Co.

05/15/2018, 7.125% ^(b)

Petrohawk Energy Corp.

06/01/2015, 7.875% ^(b)

06/01/2019, 6.250% ^(b)(d)

Pioneer Natural Resources Co.

03/15/2017, 6.650% ^(b)

Range Resources Corp.

05/15/2019, 8.000% ^(b)

Rearden G Holdings EINS GmbH

03/30/2020, 7.875% ^(b)(d)

Silgan Holdings, Inc.

08/15/2016, 7.250% ^(b)

TAM Capital 2, Inc.

01/29/2020, 9.500% ^(b)(f)

TAM Capital 3, Inc.

06/03/2021, 8.375% ^(d)

Tenneco, Inc.

08/15/2018, 7.750% ^(b)(d)

Terex Corp.

11/15/2017, 8.000%

Visteon Corp.

04/15/2019, 6.750% ^(b)(d)

TOTAL CORPORATE BONDS

(Cost $20,424,720)

ASSET/MORTGAGE BACKED SECURITIES 0.38%

Freddie Mac REMICS

Series 2006-3155, Class SA,
11/15/2035, 36.978%^(b)(g)

Government National Mortgage Association (GNMA)

Series 2007-37, Class SA,
03/20/2037, 21.446%^(b)(g)

Series 2007-37, Class SB,
03/20/2037, 21.446%^(b)(g)

Small Business Administration Participation Certificates

Series 2008-20L, Class 1,
12/01/2028, 6.220%^(b)

TOTAL ASSET/MORTGAGE BACKED SECURITIES

(Cost $621,452)

FOREIGN GOVERNMENT BONDS 2.23%

Brazilian Government International Bonds

01/05/2016, 12.500% ^(b)

01/10/2028, 10.250% ^(b)

TOTAL FOREIGN GOVERNMENT BONDS

(Cost $3,480,395)

GOVERNMENT & AGENCY OBLIGATIONS 13.30%

U.S. Treasury Bonds

05/15/2040, 4.375% ^(b)

U.S. Treasury Notes

04/30/2016, 2.625% ^(b)

08/15/2018, 4.000% ^(b)

TOTAL GOVERNMENT & AGENCY OBLIGATIONS

(Cost $23,523,003)

SHORT-TERM INVESTMENTS 11.61%

Dreyfus Treasury Prime Money Market Fund (0.000% 7-day yield)^(h)

TOTAL SHORT-TERM INVESTMENTS

(Cost $21,276,407)

Total Investments - 146.05%

(Cost $248,653,887)

Liabilities in Excess of Other Assets - (46.05%)

NET ASSETS - 100.00%

SCHEDULE OF SECURITIES SOLD

SHORT ^(a)

COMMON STOCKS

Aetna, Inc.

Apollo Group, Inc. - Class A

Berkshire Hathaway, Inc. - Class B

Caterpillar, Inc.

Cie Generale d’Optique Essilor International S.A.

Cliffs Natural Resources, Inc.

Joy Global, Inc.

Kohl’s Corp.

Sunoco, Inc.

Tesoro Corp.

Toll Brothers, Inc.

United States Steel Corp.

Valero Energy Corp.

Western Refining, Inc.

EXCHANGE TRADED FUNDS

iShares Dow Jones U.S. Real Estate Index Fund