COMMON STOCKS 121.72%

Consumer Discretionary 15.84%

Amazon.com, Inc.^(a)

Arezzo Industria e Comercio S.A.

Bosideng International Holdings, Ltd.

CBS Corp. - Class B^(b)

Cinemark Holdings, Inc.^(b)

DIRECTV - Class A^{(a) (b)(c)}

Dongfeng Motor Group Co., Ltd. - Class H

Focus Media Holding, Ltd. - ADR^{(a) (b)(c)}

GOME Electrical Appliances Holdings, Ltd.

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

Great Wall Motor Co., Ltd.

H&R Block, Inc.^(b)(c)

Lamar Advertising Co. - Class A^{(a) (b)(c)}

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

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

Man Wah Holdings, Ltd.

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

Monro Muffler Brake, Inc.^(b)

News Corp.- Class A^(b)

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

Orient-Express Hotels, Ltd.^{(a) (b)}

Parkson Retail Asia, Ltd.^(a)(d)

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

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

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

Consumer Staples 1.97%

Brazil Pharma S.A.^(a)(d)

China Agri-Industries Holdings, Ltd.

China Resources Enterprise, Ltd.

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

Julio Simoes Logistica S.A.

Raia Drogasil S.A.

Vinda International Holdings, Ltd.

Energy 21.98%

Natural Gas Leveraged Exploration & Production 1.22%

Forest Oil Corp.^{(a) (b)}

Quicksilver Resources, Inc.^(a)(b)(c)

Non-North American Producers 2.75%

BP PLC - Sponsored ADR^(b)

InterOil Corp.^(a) (b)(c)

Royal Dutch Shell PLC - ADR^(b)

Oil Leveraged Exploration & Production 5.09%

Anadarko Petroleum Corp.^(b)

Energy XXI Bermuda, Ltd.^(a) (b)

EOG Resources, Inc.^(b)(c)

Exxon Mobil Corp.^(b)(c)

Hess Corp.^(b)

Kodiak Oil & Gas Corp.^(a) (b)(c)

Kunlun Energy Co., Ltd.

Nexen, Inc.^(b)(c)

Occidental Petroleum Corp.^(b)(c)

Petrobank Energy & Resources, Ltd.^(a)

Pioneer Natural Resources Co.^(b)(c)

Oil Services & Drillers 9.82%

Cameron International Corp.^{(a) (b)}

Dresser-Rand Group, Inc.^(a) (b)(c)

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

Halliburton Co.^(b)(c)

Helmerich & Payne, Inc.^(b)

Hornbeck Offshore Services, Inc.^(a) (b)(c)

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

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

Oil States International, Inc.^(a) (b)(c)

Patterson-UTI Energy, Inc.^(b)

Superior Energy Services, Inc.^(a) (b)(c)

Tenaris S.A. - ADR^(b)

Energy (continued)

Refiners 0.81%

Marathon Petroleum Corp.^(b)

Tankers 2.29%

Golar LNG Partners LP^(b)

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

TOTAL ENERGY

Financials 24.75%

Capital Markets 8.23%

Ares Capital Corp.^(b)(c)

CITIC Securities Co., Ltd.^(a)

The Goldman Sachs Group, Inc.^(b)

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

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

Medley Capital Corp.^(b)(c)

Morgan Stanley^(b)(c)

PennantPark Floating Rate Capital, Ltd.^(b)(c)

PennantPark Investment Corp.^(b)

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

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

Commercial Banks 3.72%

Banco do Brasil S.A.

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

China Construction Bank Corp. - Class H

China Merchants Bank Co., Ltd. - Class H

Chongqing Rural Commercial Bank - Class H^(a)

Industrial & Commercial Bank of China - Class H

Valley National Bancorp^(b)(c)

Consumer Finance 0.70%

American Express Co.^(b)

Diversified Financials 2.77%

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

Citigroup, Inc.^(b)(c)

M&T Bank Corp.^(b)

Financials (continued)

Real Estate Investment Trusts 7.05%

AIMS AMP Capital Industrial REIT

American Capital Agency Corp.^(b)(c)

Ascendas Real Estate Investment Trust

Ascott Residence Trust

CapitaCommercial Trust

Capstead Mortgage Corp.^(b)(c)

CYS Investments, Inc.^(b)(c)

Dynex Capital, Inc.^(b)(c)

Hatteras Financial Corp.^(b)

Real Estate Management & Development 1.50%

Aliansce Shopping Centers S.A.

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

BR Malls Participacoes S.A.

CapitaMalls Asia, Ltd.

Iguatemi Empresa de Shopping Centers S.A.

Multiplan Empreendimentos Imobiliarios S.A.

Sonae Sierra Brasil S.A.

Thrift & Mortgage Finance 0.78%

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

TOTAL FINANCIALS

Health Care 1.43%

Sanofi - ADR^(b)(c)

Industrials 8.63%

Air China, Ltd.

Brenntag AG

Copa Holdings S.A.^(b)

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

GZI Transport, Ltd.

Jardine Strategic Holdings, Ltd.^(b)

Santos Brasil Participacoes S.A.

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

TE Connectivity, Ltd.^(b)

Towers Watson & Co.^(b)

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

Industrials (continued)

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

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

WABCO Holdings, Inc.^{(a) (b)}

Wesco Aircraft Holdings, Inc.^{(a) (b)}

Zhejiang Expressway Co., Ltd. - Class H

Information Technology 20.65%

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

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

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

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

Dena Co., Ltd.

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

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

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

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

International Business Machines Corp.

Lenovo Group, Ltd.

Mastercard, Inc.^(b)

Micron Technology, Inc.^{(a) (b)}

Microsoft Corp.^(b)(c)

priceline.com, Inc.^(a)

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

Seagate Technology^(b)

Visa, Inc.^(b)(c)

Xerox Corp.^(b)(c)

ZTE Corp.

Materials 1.69%

Crown Holdings, Inc.^{(a) (b)(c)}

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

WR Grace & Co.^{(a) (b)}

Telecommunication Services 2.71%

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

DiGi.Com Bhd

Maxis Bhd

Philippine Long Distance Telephone Co.

StarHub, Ltd.

Telekom Malaysia Bhd

Utilities 22.07%

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

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

Babcock & Wilcox Co.^{(a) (b)}

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

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

CMS Energy Corp.^(b)(c)

Dominion Resources, Inc.^(b)(c)

DTE Energy Co.^(b)(c)

Edison International^(b)(c)

FirstEnergy Corp.^(b)

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

NiSource, Inc.^(b)(c)

Northeast Utilities^(b)(c)

OGE Energy Corp.^(b)(c)

PG&E Corp.^(b)

Pinnacle West Capital Corp.^(b)

Power Assets Holdings, Ltd.

PPL Corp.^(b)(c)

The Williams Cos, Inc.^(b)

Xcel Energy, Inc.^(b)

TOTAL COMMON STOCKS

(Cost $183,392,280)

PREFERRED STOCKS 0.50%

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

TOTAL PREFERRED STOCKS

(Cost $795,994)

Principal

Amount

CORPORATE BONDS 5.41%

American Axle & Manufacturing, Inc.

03/01/2017, 7.875% ^(b)(c)

ArvinMeritor, Inc.

03/15/2018, 10.625% ^(b)

Constellation Brands, Inc.

09/01/2016, 7.250% ^(b)

Crown Americas LLC / Crown Americas Capital Corp. III

Series WI, 02/01/2021, 6.250%^(b)

Principal

Amount

CORPORATE BONDS (continued)

Dana Holding Corp.
02/15/2021, 6.750% ^(b)

Ford Motor Credit Co. LLC
02/01/2021, 5.750% ^(b)

Forest Oil Corp.
06/15/2019, 7.250% ^(b)

Gol Finance
07/20/2020, 9.250% ^(b)(d)

Hanesbrands, Inc.
12/15/2020, 6.375% ^(b)

Manufacturers & Traders Trust Co.
12/01/2021, 5.629% ^(b)(f)

Newfield Exploration Co.
05/15/2018, 7.125% ^(b)

TAM Capital 2, Inc.
01/29/2020, 9.500% ^(b)(g)

Tenneco, Inc.
08/15/2018, 7.750% ^(b)

Terex Corp.
11/15/2017, 8.000% ^(b)

Visteon Corp.
04/15/2019, 6.750% ^(b)(d)

TOTAL CORPORATE BONDS

(Cost $8,285,220)

ASSET/MORTGAGE BACKED SECURITIES 0.39%

Government National Mortgage Association (GNMA)

Series 2007-37, Class SA,
03/20/2037, 21.125%^(b)(f)

Series 2007-37, Class SB,
03/20/2037, 21.125%^(b)(f)

Small Business Administration Participation Certificates

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

TOTAL ASSET/MORTGAGE BACKED SECURITIES

(Cost $526,562)

GOVERNMENT & AGENCY OBLIGATIONS 21.10%

U.S. Treasury Bonds

11/15/2020, 2.625% ^(b)

02/15/2021, 3.625% ^(b)

02/15/2027, 6.625% ^(b)

08/15/2040, 3.875% ^(b)

U.S. Treasury Notes

06/30/2018, 2.375% ^(b)

TOTAL GOVERNMENT & AGENCY OBLIGATIONS

(Cost $32,024,168)

CALL OPTIONS PURCHASED 0.06%

HOLDRs Oil Services, Expires January, 2013, Exercise Price $160.00^(e)

TOTAL CALL OPTIONS PURCHASED

(Cost $416,421)

SHORT-TERM INVESTMENTS 3.02%

Money Market Fund

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

Morgan Stanley Institutional Liquidity Fund (0.010% 7-day yield)

U.S. Treasury Bills

U.S. Treasury Bill Discount Notes
08/23/2012, 0.072%^(b)(i)

TOTAL SHORT-TERM INVESTMENTS

(Cost $4,720,384)

Total Investments - 152.20%

(Cost $230,161,029)

Liabilities in Excess of Other Assets - (52.20%)

NET ASSETS - 100.00%

COMMON STOCK

Alfa Laval AB

Apollo Group, Inc. - Class A

Barclays PLC - ADR

Berkshire Hathaway, Inc. - Class B

BHP Billiton, Ltd. - ADR

Caterpillar, Inc.

Cummins, Inc.

Deutsche Bank AG

Diamond Offshore Drilling, Inc.

First Quantum Minerals, Ltd.

Fortescue Metals Group, Ltd.

Freeport-McMoRan Copper & Gold, Inc.

HDFC Bank, Ltd. - ADR

ICICI Bank, Ltd. - ADR

Isetan Mitsukoshi Holdings, Ltd.

ITT Educational Services, Inc.

Joy Global, Inc.

Kohl’s Corp.

Komatsu, Ltd.

Li & Fung, Ltd.

The Mosaic Co.

PACCAR, Inc.

Potash Corp. of Saskatchewan, Inc.

Rio Tinto PLC

Rio Tinto, Ltd. - ADR

Salesforce.com, Inc.

Sandvik AB

Schneider Electric S.A.

Siemens AG - ADR

Suncor Energy, Inc.

TAL International Group, Inc.

United States Oil Fund LP

Vale SA - ADR

Volvo AB

EXCHANGE TRADED FUNDS

iShares^® Dow Jones U.S. Real Estate Index Fund

iShares^® MSCI Australia Index Fund

iShares^® MSCI Emerging Markets Index Fund

iShares^® MSCI Germany Index Fund

iShares^® Russell 2000^® Index Fund

Market Vectors Oil Service ETF

Market Vectors Russia ETF

United States Natural Gas Fund LP

Vanguard REIT ETF

TOTAL SECURITIES SOLD SHORT

(Proceeds $35,340,365)

Net unrealized appreciation/depreciation of investments based on federal tax costs were as follows:

Gross appreciation (excess of value over tax cost)

Gross depreciation (excess of tax cost over value)

Net unrealized appreciation

Cost of investments for income tax purposes