COMMON STOCKS 112.62%

Consumer Discretionary 14.95%

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)(c)}

Time Warner, Inc.^(b)(c)

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

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

Viacom, Inc. - Class B^(b)

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

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 23.16%

Natural Gas Leveraged E+P 1.72%

El Paso Corp.^(b)

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

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

Non-North American Producers 1.49%

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

Royal Dutch Shell PLC - ADR^(b)

Oil & Gas & Consumable Fuels 1.64%

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

Suncor Energy, Inc.^(b)

Oil Leveraged E+P 5.28%

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)(c)

Occidental Petroleum Corp.^(b)

Oil Services & Drillers 12.81%

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 26.26%

Capital Markets 5.64%

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)

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 5.56%

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 1.49%

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 11.00%

American Capital Agency Corp.^(b)

Annaly Capital Management, Inc.^(b)

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

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)(c)

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 9.79%

Air China, Ltd.

The Boeing Co.^(b)

Daelim Industrial Co., Ltd.

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

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)}

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)(c)}

Zhejiang Expressway Co., Ltd. - Class H

Information Technology 12.56%

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)(c)

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

HTC Corp.

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

International Business Machines Corp.^(b)(c)

Microsoft Corp.^(b)(c)

Samsung Electronics Co., Ltd.

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

Tencent Holdings, Ltd.

Xerox Corp.^(b)(c)

Materials 2.41%

Anglo American PLC - Unsponsored ADR^(b)

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

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

Silgan Holdings, Inc.^(b)(c)

Telecommunication Services 2.88%

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

DiGi.Com Bhd

Maxis Bhd

Philippine Long Distance Telephone Co.

StarHub, Ltd.

Telekom Malaysia Bhd

Telstra Corp., Ltd.

Utilities 17.09%

Alliant Energy Corp.^(b)(c)

American Electric Power Co., Inc.^(b)

Babcock & Wilcox Co.^{(a) (b)(c)}

CenterPoint Energy, Inc.^(b)

CMS Energy Corp.^(b)(c)

Constellation Energy Group, Inc.^(b)(c)

Dominion Resources, Inc.^(b)

DTE Energy Co.^(b)

Duke Energy Corp.^(b)(c)

Edison International^(b)

Entergy Corp.^(b)(c)

National Grid PLC - Sponsored ADR^(b)

NiSource, Inc.^(b)

Northeast Utilities^(b)

NV Energy, Inc.^(b)(c)

Oneok, Inc.^(b)(c)

PG&E Corp.^(b)(c)

Power Assets Holdings, Ltd.

PPL Corp.^(b)(c)

TOTAL COMMON STOCKS

(Cost $309,345,722)

EXCHANGE TRADED FUNDS 1.27%

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

TOTAL EXCHANGE TRADED FUNDS

(Cost $2,949,748)

PREFERRED STOCKS 0.48%

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

TOTAL PREFERRED STOCKS

(Cost $1,301,625)

Description and

Maturity Date

Principal

Amount

CORPORATE BONDS 11.27%

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)(c)

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% ^(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 $32,219,969)

ASSET/MORTGAGE BACKED SECURITIES 0.34%

Freddie Mac REMICS

Series 2007-3271, Class AS,
02/15/2037, 37.698%^(b)(e)(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)

TOTAL ASSET/MORTGAGE BACKED SECURITIES

(Cost $797,669)

FOREIGN GOVERNMENT BONDS 2.08%

Brazilian Government International Bonds

01/05/2016, 12.500% ^(b)(c)

01/10/2028, 10.250% ^(b)

TOTAL FOREIGN GOVERNMENT BONDS

(Cost $5,331,682)

GOVERNMENT & AGENCY OBLIGATIONS 7.38%

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 $21,498,952)

SHORT-TERM INVESTMENTS 10.78%

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

TOTAL SHORT-TERM INVESTMENTS

(Cost $32,388,596)

Total Investments - 146.22%

(Cost $405,833,963)

Liabilities in Excess of Other Assets - (46.22%)

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.