Wilmington Funds

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q 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 the 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.


Description	Number of Shares		Value
COMMON STOCKS – 99.7%
CONSUMER DISCRETIONARY – 15.5%
AUTO COMPONENTS – 0.4%
BorgWarner, Inc.		7,980	$	431,000
Gentex Corp.		4,780		79,778
Goodyear Tire & Rubber Co. (The)		9,160		222,038
Johnson Controls, Inc.		9,830		456,800
Lear Corp.		2,500		250,875
Remy International, Inc.		151		3,212
TRW Automotive Holdings Corp.*		1,410		145,470
Visteon Corp.*		1,500		145,425

			$	1,734,598
AUTOMOBILES – 0.5%
Ford Motor Co.		44,120		649,005
General Motors Co.		15,300		499,086
Harley-Davidson, Inc.		6,930		427,581
Tesla Motors, Inc.^#,*		2,900		590,440
Thor Industries, Inc.		1,380		77,763

			$	2,243,875
DISTRIBUTORS – 0.1%
Genuine Parts Co.		4,620		429,383
LKQ Corp.*		6,080		156,925

			$	586,308
DIVERSIFIED CONSUMER SERVICES – 0.1%
Apollo Education Group, Inc.*		887		22,406
DeVry Education Group, Inc.		1,040		44,106
Graham Holdings Co., Class B		140		130,945
H&R Block, Inc.		10,260		351,713
Service Corp. International		4,170		94,367
Weight Watchers International, Inc.*		1,560		25,834

			$	669,371
HOTELS, RESTAURANTS & LEISURE – 2.3%
Brinker International, Inc.		520		30,384
Carnival Corp.		3,820		167,927
Chipotle Mexican Grill, Inc.*		1,050		745,332
Choice Hotels International, Inc.		60		3,447
Darden Restaurants, Inc.		2,540		155,905
Domino’s Pizza, Inc.		2,200		217,910
Dunkin’ Brands Group, Inc.		3,900		184,509
Hilton Worldwide Holdings, Inc.*		700		18,179
International Game Technology		7,000		118,440


Description	Number of Shares		Value
Las Vegas Sands Corp.		11,420	$	620,905
Marriott International, Inc., Class A		6,972		519,414
McDonald’s Corp.		31,099		2,874,792
MGM Resorts International*		4,510		87,855
Panera Bread Co., Class A*		845		145,222
Restaurant Brands International LP*		47		1,744
Restaurant Brands International, Inc.^#,*		4,652		179,939
Royal Caribbean Cruises Ltd.		1,780		134,479
Six Flags Entertainment Corp.		3,100		133,176
Starbucks Corp.		23,460		2,053,454
Starwood Hotels & Resorts Worldwide, Inc.		4,430		318,827
Wendy’s Co. (The)		1,200		12,648
Wyndham Worldwide Corp.		5,260		440,735
Wynn Resorts Ltd.		2,520		372,834
Yum! Brands, Inc.		13,250		957,710

			$	10,495,767
HOUSEHOLD DURABLES – 0.5%
DR Horton, Inc.		1,470		36,044
Garmin Ltd.		1,990		104,196
Harman International Industries, Inc.		1,920		248,890
Jarden Corp.*		3,210		154,144
Leggett & Platt, Inc.		3,670		156,452
Lennar Corp., Class A		2,210		99,251
Mohawk Industries, Inc.*		850		140,284
Newell Rubbermaid, Inc.		7,820		288,323
NVR, Inc.*		130		163,050
PulteGroup, Inc.		4,040		83,184
Taylor Morrison Home Corp., Class A*		900		15,993
Tempur Sealy International, Inc.*		2,500		137,575
Toll Brothers, Inc.*		4,050		140,211
Tupperware Brands Corp.		1,100		74,371
Whirlpool Corp.		1,350		268,758

			$	2,110,726
INTERNET & CATALOG RETAIL – 1.8%
Amazon.com, Inc.*		12,130		4,300,449
Expedia, Inc.		3,120		268,102
Groupon, Inc.*		14,200		101,672
HomeAway, Inc.*		3,200		81,568
Liberty Interactive Corp., Class A*		11,650		318,744
Liberty TripAdvisor Holdings, Inc., Class A*		2,446		58,557
Liberty Ventures*		4,102		153,210


Description	Number of Shares		Value
Netflix, Inc.*		2,000	$	883,600
priceline.com, Inc. (The)*		1,630		1,645,452
TripAdvisor, Inc.*		3,740		250,617

			$	8,061,971
LEISURE EQUIPMENT & PRODUCTS – 0.1%
Hasbro, Inc.		3,490		191,671
Mattel, Inc.		4,550		122,395
Polaris Industries, Inc.		2,000		289,180

			$	603,246
MEDIA – 4.3%
AMC Networks, Inc., Class A^#,*		1,685		112,389
Cablevision Systems Corp., Class A		6,540		123,737
CBS Corp., Non-Voting		15,030		823,794
Charter Communications, Inc., Class A*		3,000		453,345
Cinemark Holdings, Inc.		4,500		167,265
Clear Channel Outdoor Holdings, Inc., Class A		500		4,525
Comcast Corp., Class A		79,900		4,246,285
DIRECTV*		14,490		1,235,707
Discovery Communications, Inc., Class A^#,*		12,400		352,563
DISH Network Corp., Class A*		6,880		484,008
DreamWorks Animation SKG, Inc., Class A^#,*		2,490		46,488
Gannett Co., Inc.		3,290		102,023
Interpublic Group of Cos., Inc. (The)		12,820		255,631
John Wiley & Sons, Inc., Class A		2,100		130,116
Liberty Broadband Corp., Class A*^,††		706		31,362
Liberty Media Corp., Class A*		2,829		96,459
Madison Square Garden Co. (The)*		2,187		165,665
Morningstar, Inc.		1,100		73,249
News Corp., Class A*		11,157		166,128
Omnicom Group, Inc.		7,990		581,672
Regal Entertainment Group, Class A^#		770		16,293
Scripps Networks Interactive, Inc., Class A		2,940		209,005
Sirius XM Holdings, Inc.*		92,640		328,872
Starz, Class A*		2,343		69,165
Thomson Reuters Corp.		3,500		134,400
Time Warner Cable, Inc.		8,424		1,146,759
Time Warner, Inc.		9,596		747,816
Twenty-First Century Fox, Inc.		48,230		1,599,307
Viacom, Inc., Class B		13,720		883,842
Walt Disney Co. (The)		50,226		4,568,557

			$	19,356,427
MULTILINE RETAIL – 0.8%
Big Lots, Inc.		1,324		60,785
Dillard’s, Inc., Class A		1,400		159,040
Dollar General Corp.*		10,800		724,248


Description	Number of Shares		Value
Dollar Tree, Inc.*		7,262	$	516,328
Family Dollar Stores, Inc.		4,456		339,102
JC Penney Co., Inc.^#,*		2,330		16,939
Kohl’s Corp.		2,410		143,925
Macy’s, Inc.		11,380		726,954
Nordstrom, Inc.		5,780		440,436
Sears Holdings Corp.*		70		2,229
Target Corp.		8,160		600,658

			$	3,730,644
SPECIALTY RETAIL – 3.4%
Abercrombie & Fitch Co., Class A		680		17,354
Advance Auto Parts, Inc.		3,150		500,850
Ascena Retail Group, Inc.*		540		6,242
AutoNation, Inc.*		3,080		183,630
AutoZone, Inc.*		1,160		692,474
Bed, Bath & Beyond, Inc.*		5,290		395,533
Best Buy Co., Inc.		5,680		199,936
CarMax, Inc.*		7,400		459,540
Chico’s FAS, Inc.		4,890		81,565
CST Brands, Inc.		1,718		74,046
Dick’s Sporting Goods, Inc.		780		40,287
DSW, Inc., Class A		200		7,112
Foot Locker, Inc.		1,630		86,749
GameStop Corp., Class A^#		2,820		99,405
Gap, Inc. (The)		8,290		341,465
GNC Holdings, Inc., Class A		3,800		168,492
Home Depot, Inc.		44,540		4,650,867
L Brands, Inc.		5,750		486,622
Lowe’s Cos., Inc.		31,300		2,120,888
Murphy USA, Inc.*		1,387		96,826
O’Reilly Automotive, Inc.*		3,600		674,496
PetSmart, Inc.		3,460		282,699
Ross Stores, Inc.		7,080		649,307
Sally Beauty Holdings, Inc.*		4,700		146,076
Signet Jewelers Ltd.		2,520		305,197
Staples, Inc.		8,110		138,276
Tiffany & Co.		3,550		307,572
TJX Cos., Inc.		21,240		1,400,566
Tractor Supply Co.		4,900		397,733
Ulta Salon Cosmetics & Fragrance, Inc.*		2,000		263,880
Urban Outfitters, Inc.*		2,260		78,784
Williams-Sonoma, Inc.		3,240		253,530

			$	15,607,999
TEXTILES, APPAREL & LUXURY GOODS – 1.2%
Carter’s, Inc.		1,400		114,086
Coach, Inc.		7,950		295,660
Deckers Outdoor Corp.*		800		52,840


Description	Number of Shares		Value
Fossil Group, Inc.*		1,600	$	156,480
Hanesbrands, Inc.		3,500		389,830
Kate Spade & Co.*		3,400		107,202
Michael Kors Holdings Ltd.*		6,138		434,509
NIKE, Inc.		22,320		2,059,020
PVH Corp.		2,100		231,546
Ralph Lauren Corp.		1,800		300,402
Under Armour, Inc., Class A*		7,100		511,768
VF Corp.		11,400		790,818

			$	5,444,161

TOTAL CONSUMER DISCRETIONARY			$	70,645,093
CONSUMER STAPLES – 9.8%
BEVERAGES – 2.8%
Brown-Forman Corp., Class B		4,897		435,196
Coca-Cola Co. (The)		131,382		5,408,997
Coca-Cola Enterprises, Inc.		6,800		286,280
Constellation Brands, Inc.*		4,930		544,518
Dr. Pepper Snapple Group, Inc.		5,750		444,302
Molson Coors Brewing Co.		2,550		193,622
Monster Beverage Corp.*		5,568		651,178
PepsiCo, Inc.		49,439		4,636,389

			$	12,600,482
FOOD & STAPLES RETAILING – 2.1%
Costco Wholesale Corp.		13,260		1,896,047
CVS Health Corp.		16,100		1,580,376
Kroger Co.		19,736		1,362,771
Rite Aid Corp.*		26,300		183,574
Sprouts Farmers Market, Inc.^#,*		2,560		93,210
Sysco Corp.		10,290		403,059
Walgreens Boots Alliance, Inc.		25,220		1,859,975
Wal-Mart Stores, Inc.		21,033		1,787,384
Whole Foods Market, Inc.		7,480		389,671

			$	9,556,067
FOOD PRODUCTS – 1.6%
Archer-Daniels-Midland Co.		7,540		351,590
Bunge Ltd.		1,670		149,515
Campbell Soup Co.^#		1,156		52,875
ConAgra Foods, Inc.		5,730		203,014
Flowers Foods, Inc.		3,837		75,052
General Mills, Inc.		19,324		1,014,124
Hain Celestial Group, Inc. (The)*		3,000		158,310
Hershey Co. (The)		4,640		474,254
Hormel Foods Corp.		3,460		177,221
Ingredion, Inc.		970		78,221
JM Smucker Co. (The)		1,799		185,567


Description	Number of Shares		Value
Kellogg Co.		6,340	$	415,777
Keurig Green Mountain, Inc.		5,040		617,702
Kraft Foods Group, Inc.		17,462		1,140,967
McCormick & Co., Inc.		5,130		366,231
Mead Johnson Nutrition Co.		6,750		664,808
Mondelez International, Inc.		18,787		662,054
Tyson Foods, Inc., Class A		3,300		128,832
WhiteWave Foods Co., Class A*		3,380		111,439

			$	7,027,553
HOUSEHOLD PRODUCTS – 1.5%
Church & Dwight Co., Inc.		3,872		313,322
Clorox Co. (The)		4,868		519,464
Colgate-Palmolive Co.		28,176		1,902,444
Energizer Holdings, Inc.		990		126,730
Kimberly-Clark Corp.		10,440		1,127,102
Procter & Gamble Co. (The)		33,766		2,846,136

			$	6,835,198
PERSONAL PRODUCTS – 0.1%
Avon Products, Inc.		5,070		39,242
Estee Lauder Cos., Inc. (The)		6,780		478,600
Herbalife Ltd.^#		2,260		68,885
Nu Skin Enterprises, Inc., Class A^#		1,600		65,568

			$	652,295
TOBACCO – 1.7%
Altria Group, Inc.		62,990		3,344,769
Lorillard, Inc.		12,220		801,754
Philip Morris International, Inc.		37,560		3,013,814
Reynolds American, Inc.		7,440		505,548

			$	7,665,885

TOTAL CONSUMER STAPLES			$	44,337,480
ENERGY – 6.0%
ENERGY EQUIPMENT & SERVICES – 1.6%
Amec Foster Wheeler PLC ADR		3,156		37,525
Atwood Oceanics, Inc.		550		15,719
Baker Hughes, Inc.		5,100		295,749
Cameron International Corp.*		5,880		263,306
Diamond Offshore Drilling, Inc.^#		1,440		45,403
Dresser-Rand Group, Inc.*		2,070		165,766
Dril-Quip, Inc.*		1,500		111,345
FMC Technologies, Inc.*		7,560		283,349
Frank’s International NV		4,900		80,213
Halliburton Co.		26,730		1,068,933
Helmerich & Payne, Inc.		2,880		171,533
Nabors Industries Ltd.		2,530		29,120
National Oilwell Varco, Inc.		5,755		313,245


Description	Number of Shares		Value
Oceaneering International, Inc.		3,680	$	192,685
Oil States International, Inc.*		1,360		55,855
Patterson-UTI Energy, Inc.		4,230		72,587
Rowan Cos. PLC, Class A*		3,240		68,429
RPC, Inc.		450		5,612
Schlumberger Ltd.		42,284		3,483,779
Seadrill Ltd.^#,*		18,500		198,690
Seventy Seven Energy, Inc.*		500		1,975
Superior Energy Services, Inc.		2,740		54,800
Tidewater, Inc.		1,660		48,572
Unit Corp.*		220		6,552

			$	7,070,742
OIL, GAS & CONSUMABLE FUELS – 4.4%
Anadarko Petroleum Corp.		6,750		551,812
Apache Corp.		3,573		223,563
Cabot Oil & Gas Corp.		14,280		378,420
California Resources Corp.*		3,200		16,384
Cheniere Energy, Inc.*		8,100		578,178
Chesapeake Energy Corp.		7,000		134,260
Chevron Corp.		22,600		2,317,178
Cimarex Energy Co.		950		98,040
Cobalt International Energy, Inc.*		9,400		85,728
Concho Resources, Inc.*		3,580		396,843
ConocoPhillips		14,560		916,989
CONSOL Energy, Inc.		1,800		52,110
Continental Resources, Inc.^#,*		2,720		123,488
Denbury Resources, Inc.^#		1,815		12,523
Devon Energy Corp.		4,100		247,107
Energen Corp.		1,530		97,033
EOG Resources, Inc.		17,700		1,575,831
EQT Corp.		4,950		368,478
Exxon Mobil Corp.		48,643		4,252,371
Gulfport Energy Corp.*		2,700		103,923
Hess Corp.		2,990		201,795
HollyFrontier Corp.		2,340		84,053
Kinder Morgan, Inc.		13,965		573,263
Laredo Petroleum, Inc.^#,*		1,800		17,658
Marathon Oil Corp.		7,330		194,978
Marathon Petroleum Corp.		6,465		598,594
Murphy Oil Corp.		1,950		87,575
Newfield Exploration Co.*		2,560		76,237
Noble Energy, Inc.		9,820		468,807
Oasis Petroleum, Inc.*		3,000		40,320
Occidental Petroleum Corp.		8,000		640,000
PBF Energy, Inc., Class A		3,000		84,300
Peabody Energy Corp.^#		2,070		12,896


Description	Number of Shares		Value
Phillips 66		11,330	$	796,726
Pioneer Natural Resources Co.		4,420		665,343
QEP Resources, Inc.		2,400		48,528
Range Resources Corp.		5,350		247,545
Sandridge Energy, Inc.^#,*		730		1,029
SM Energy Co.		1,570		59,377
Southwestern Energy Co.*		11,728		290,737
Spectra Energy Corp.		9,100		304,304
Targa Resources Corp.		1,200		104,196
Teekay Corp.		520		22,012
Tesoro Corp.		2,340		191,248
Ultra Petroleum Corp.^#,*		1,420		18,105
Valero Energy Corp.		7,570		400,302
Whiting Petroleum Corp.*		1,000		30,020
Williams Cos., Inc. (The)		24,470		1,073,254
World Fuel Services Corp.		2,100		102,837
WPX Energy, Inc.*		5,116		54,537

			$	20,020,835

TOTAL ENERGY			$	27,091,577
FINANCIALS – 11.3%
CAPITAL MARKETS – 1.6%
Affiliated Managers Group, Inc.*		2,070		425,426
Ameriprise Financial, Inc.		3,840		479,770
Bank of New York Mellon Corp.		10,870		391,320
BlackRock, Inc.		2,260		769,553
Charles Schwab Corp.		14,470		375,931
ETRADE Financial Corp.		4,900		112,945
Eaton Vance Corp.		4,970		200,042
Federated Investors, Inc., Class B		4,970		157,102
Franklin Resources, Inc.		10,380		534,881
Goldman Sachs Group, Inc.		5,090		877,567
Invesco Ltd.		5,570		204,586
Lazard Ltd., Class A		3,550		162,590
Legg Mason, Inc.		1,110		61,538
LPL Financial Holdings, Inc.		300		12,345
Morgan Stanley		17,396		588,159
Northern Trust Corp.		2,580		168,680
NorthStar Asset Management Group, Inc./New York		3,650		77,271
Raymond James Financial, Inc.		2,110		111,028
SEI Investments Co.		6,240		250,661
State Street Corp.		4,520		323,225
Synovus Financial Corp.		394		10,153
T. Rowe Price Group, Inc.		6,480		510,106
TD Ameritrade Holding Corp.		7,050		228,350
Waddell & Reed Financial, Inc., Class A		2,740		122,505

			$	7,155,734


Description	Number of Shares		Value
COMMERCIAL BANKS – 1.4%
Associated Banc-Corp.		5,285	$	88,841
Bank of Hawaii Corp.		770		43,474
BB&T Corp.		6,990		246,677
BOK Financial Corp.		320		17,315
CIT Group, Inc.		2,400		105,168
City National Corp.		940		81,489
Comerica, Inc.		1,230		51,045
Commerce Bancshares, Inc.		888		35,520
Cullen/Frost Bankers, Inc.		1,440		89,712
East West Bancorp, Inc.		2,500		90,450
Fifth Third Bancorp		11,100		192,030
First Horizon National Corp.		6,384		82,928
First Niagara Financial Group, Inc.		4,450		36,134
Fulton Financial Corp.		7,410		82,621
Huntington Bancshares, Inc.		9,441		94,599
KeyCorp		11,570		150,294
M&T Bank Corp.^§		1,610		182,188
PacWest Bancorp		1,339		57,249
PNC Financial Services Group, Inc.		5,360		453,134
Popular, Inc.*		800		24,664
Regions Financial Corp.		17,356		150,997
Signature Bank*		1,100		128,843
SunTrust Banks, Inc.		6,680		256,646
SVB Financial Group*		500		56,450
TCF Financial Corp.		910		13,377
U.S. Bancorp		18,520		776,173
Wells Fargo & Co.		52,925		2,747,866
Zions Bancorporation		890		21,324

			$	6,357,208
CONSUMER FINANCE – 0.8%
Ally Financial, Inc.*		5,200		97,292
American Express Co.		29,760		2,401,334
Capital One Financial Corp.		5,700		417,297
Discover Financial Services		5,080		276,250
Navient Corp.		5,360		105,806
SLM Corp.		5,360		48,830
Synchrony Financial*		5,000		154,300

			$	3,501,109
DIVERSIFIED FINANCIAL SERVICES – 2.5%
Bank of America Corp.		115,650		1,752,097
Berkshire Hathaway, Inc., Class B*		19,686		2,833,012
CBOE Holdings, Inc.		3,000		193,410
Citigroup, Inc.		33,782		1,586,065
CME Group, Inc.		3,900		332,670
FNFV Group*		846		10,490
Interactive Brokers Group, Inc., Class A		1,200		36,756


Description	Number of Shares		Value
Intercontinental Exchange, Inc.		2,518	$	518,028
JPMorgan Chase & Co.		42,120		2,290,486
Leucadia National Corp.		3,310		75,038
McGraw Hill Financial, Inc.		9,040		808,538
Moody’s Corp.		6,940		633,830
MSCI, Inc.		2,520		135,626
NASDAQ Omx Group, Inc. (The)		530		24,168

			$	11,230,214
INSURANCE – 1.9%
ACE Ltd.		3,400		367,064
Aflac, Inc.		4,750		271,130
Alleghany Corp.*		256		113,175
Allied World Assurance Co. Holdings AG		2,790		107,889
Allstate Corp.		3,980		277,764
American Financial Group, Inc.		1,600		92,864
American International Group, Inc.		15,530		758,951
American National Insurance Co.		600		62,424
Aon PLC		8,300		747,415
Arch Capital Group Ltd.*		2,540		147,244
Arthur J Gallagher & Co.		3,880		172,388
Aspen Insurance Holdings Ltd.		190		8,231
Assurant, Inc.		1,130		71,766
Assured Guaranty Ltd.		1,600		39,072
Axis Capital Holdings Ltd.		3,280		166,952
Brown & Brown, Inc.		2,170		66,944
Chubb Corp.		3,950		386,705
Cincinnati Financial Corp.		2,106		106,374
CNA Financial Corp.		1,050		40,908
Endurance Specialty Holdings Ltd.		2,000		122,240
Erie Indemnity Co., Class A		670		58,062
Everest Re Group Ltd.		270		46,273
FNF Group		2,541		89,189
Genworth Financial, Inc., Class A*		3,260		22,755
Golar LNG Ltd.		1,300		36,868
Hanover Insurance Group, Inc.		1,100		75,900
Hartford Financial Services Group, Inc.		6,790		264,131
HCC Insurance Holdings, Inc.		970		51,740
Kemper Corp.		370		12,917
Lincoln National Corp.		3,170		158,437
Loews Corp.		5,050		193,213
Markel Corp.*		80		54,669
Marsh & McLennan Cos., Inc.		13,740		738,800
MBIA, Inc.*		1,650		13,233
Mercury General Corp.		370		21,146
MetLife, Inc.		8,901		413,897
Old Republic International Corp.		6,600		92,664


Description	Number of Shares		Value
PartnerRe Ltd.		970	$	110,968
Principal Financial Group, Inc.		3,590		168,479
ProAssurance Corp.		500		22,185
Progressive Corp.		9,880		256,386
Protective Life Corp.		1,130		79,044
Prudential Financial, Inc.		4,730		358,912
Reinsurance Group of America, Inc.		1,690		139,949
RenaissanceRe Holdings Ltd.^#		20		1,913
StanCorp Financial Group, Inc.		40		2,482
Torchmark Corp.		1,695		84,869
Travelers Cos., Inc. (The)		5,080		522,326
Unum Group		2,210		68,643
Validus Holdings Ltd.		170		6,741
White Mountains Insurance Group Ltd.		160		103,133
WR Berkley Corp.		3,580		175,384
XL Group PLC		2,520		86,915

			$	8,659,723
REAL ESTATE INVESTMENT TRUSTS – 3.0%
Alexandria Real Estate Equities, Inc.		740		72,165
American Capital Agency Corp.		1,600		34,480
American Realty Capital Properties, Inc.		10,300		95,429
American Tower Corp.		12,660		1,227,387
Annaly Capital Management, Inc.		5,510		58,186
Apartment Investment & Management Co.		3,970		158,244
AvalonBay Communities, Inc.		1,222		211,394
BioMed Realty Trust, Inc.		4,100		100,245
Boston Properties, Inc.		1,950		270,660
Brandywine Realty Trust		730		12,125
Camden Property Trust		170		13,098
Chimera Investment Corp.		15,700		49,298
Corporate Office Properties Trust		1,820		54,600
Corrections Corp. of America		2,767		108,798
Crown Castle International Corp.		12,140		1,050,231
DDR Corp.		2,800		54,880
Digital Realty Trust, Inc.		3,760		274,254
Douglas Emmett, Inc.		10		285
Duke Realty Corp.		6,310		137,747
Equity Commonwealth		2,542		66,982
Equity Lifestyle Properties, Inc.		3,400		186,082
Equity Residential		3,050		236,710
Essex Property Trust, Inc.		1,073		242,552
Extra Space Storage, Inc.		4,600		303,600
Federal Realty Investment Trust		1,170		168,211
Gaming and Leisure Properties, Inc.		104		3,394
General Growth Properties, Inc.		8,143		245,756
HCP, Inc.		4,870		230,302
Health Care REIT, Inc.		6,520		534,314


Description	Number of Shares		Value
Home Properties, Inc.		1,000	$	70,500
Hospitality Properties Trust		750		24,442
Host Hotels & Resorts, Inc.		8,640		197,770
Iron Mountain, Inc.		4,433		176,611
Kilroy Realty Corp.		2,000		148,300
Kimco Realty Corp.		6,880		190,232
Lamar Advertising Co., Class A		2,400		134,448
Liberty Property Trust		1,340		54,002
Macerich Co. (The)		2,610		224,486
Mid-America Apartment Communities, Inc.		1,800		142,776
National Retail Properties, Inc.		100		4,284
NorthStar Realty Finance Corp.		3,650		69,022
Omega Healthcare Investors, Inc.^#		4,100		179,826
Piedmont Office Realty Trust, Inc.		3,300		64,449
Plum Creek Timber Co., Inc.		2,270		101,060
Post Properties, Inc.		700		42,525
Prologis, Inc.		6,010		271,291
Public Storage		3,860		775,242
Rayonier, Inc.		3,915		114,905
Realty Income Corp.^#		3,910		212,352
Regency Centers Corp.		2,060		141,234
Simon Property Group, Inc.		8,033		1,595,836
SL Green Realty Corp.		790		99,540
Spirit Realty Capital, Inc.		13,000		167,180
Starwood Property Trust, Inc.		220		5,265
Tanger Factory Outlet Centers, Inc.		3,100		121,985
Taubman Centers, Inc.		1,850		151,608
UDR, Inc.		2,580		85,811
Urban Edge Properties*		1,836		43,587
Ventas, Inc.^#		6,566		524,032
Vornado Realty Trust^#		3,673		405,646
Weingarten Realty Investors		3,560		133,429
Weyerhaeuser Co.		13,010		466,409
WP Carey, Inc.		1,900		136,439
WP GLIMCHER, Inc.		1,276		22,560

			$	13,500,493
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.1%
CBRE Group, Inc.*		8,710		281,681
Forest City Enterprises, Inc., Class A*		4,300		105,350
Howard Hughes Corp. (The)*		658		85,955
Jones Lang LaSalle, Inc.		170		25,004
Realogy Holdings Corp.*		2,600		120,900

			$	618,890
THRIFTS & MORTGAGE FINANCE – 0.0%**
Hudson City Bancorp, Inc.		3,732		33,476
New York Community Bancorp, Inc.^#		2,740		42,333
Ocwen Financial Corp.^#,*		3,000		18,360


Description	Number of Shares		Value
People’s United Financial, Inc.^#		7,600	$	106,932
TFS Financial Corp.		250		3,505

			$	204,606

TOTAL FINANCIALS			$	51,227,977
HEALTH CARE – 14.5%
BIOTECHNOLOGY – 4.5%
Alexion Pharmaceuticals, Inc.*		6,440		1,180,066
Alkermes PLC*		4,400		317,900
Alnylam Pharmaceuticals, Inc.*		2,200		206,426
Amgen, Inc.		23,284		3,545,222
Biogen Idec, Inc.*		7,800		3,035,448
BioMarin Pharmaceutical, Inc.*		4,800		466,368
Celgene Corp.*		25,966		3,094,109
Gilead Sciences, Inc.*		50,054		5,247,161
Incyte Corp.*		4,000		318,840
Intercept Pharmaceuticals, Inc.^#,*		400		80,412
Medivation, Inc.*		2,500		272,050
Myriad Genetics, Inc.^#,*		2,310		86,440
Pharmacyclics, Inc.*		1,900		320,625
Regeneron Pharmaceuticals, Inc.*		2,600		1,083,316
Seattle Genetics, Inc.^#,*		3,400		105,944
United Therapeutics Corp.*		1,340		189,114
Vertex Pharmaceuticals, Inc.*		7,483		824,178

			$	20,373,619
HEALTH CARE EQUIPMENT & SUPPLIES – 2.0%
Abbott Laboratories		16,409		734,467
Alere, Inc.*		2,650		107,828
Align Technology, Inc.*		3,000		159,150
Baxter International, Inc.		17,050		1,198,785
Becton Dickinson & Co.		4,860		671,069
Boston Scientific Corp.*		18,100		268,061
CareFusion Corp.*		4,900		290,570
Cooper Cos., Inc. (The)		1,050		165,532
CR Bard, Inc.		2,280		389,948
DENTSPLY International, Inc.		3,670		183,592
Edwards Lifesciences Corp.*		3,886		487,110
Halyard Health, Inc.*		1,305		58,164
Hill-Rom Holdings, Inc.		2,260		107,938
Hologic, Inc.*		8,040		244,135
IDEXX Laboratories, Inc.*		1,890		299,414
Intuitive Surgical, Inc.*		1,200		593,376
Medtronic PLC		14,666		1,047,152
ResMed, Inc.^#		4,720		294,858
Sirona Dental Systems, Inc.*		1,700		153,374
St. Jude Medical, Inc.		7,370		485,462
Stryker Corp.		7,300		664,665


Description	Number of Shares		Value
Teleflex, Inc.		60	$	6,574
Varian Medical Systems, Inc.*		4,250		393,380
Zimmer Holdings, Inc.		2,310		258,951

			$	9,263,555
HEALTH CARE PROVIDERS & SERVICES –2.2%
Aetna, Inc.		5,231		480,310
AmerisourceBergen Corp.		7,870		748,043
Anthem, Inc.		2,610		352,246
Brookdale Senior Living, Inc.*		4,570		154,237
Cardinal Health, Inc.		4,200		349,398
Catamaran Corp.*		6,712		334,996
Centene Corp.*		1,700		185,572
Cigna Corp.		4,190		447,618
Community Health Systems, Inc.*		3,446		162,203
Davita HealthCare Partners, Inc.*		4,588		344,375
Envision Healthcare Holdings, Inc.*		500		17,190
Express Scripts Holding Co.*		22,162		1,788,695
HCA Holdings, Inc.*		3,600		254,880
Health Net, Inc.*		1,220		66,087
Henry Schein, Inc.*		2,460		339,652
Humana, Inc.		2,270		332,419
Laboratory Corp. of America Holdings*		1,410		161,840
LifePoint Hospitals, Inc.*		130		8,481
McKesson Corp.		7,100		1,509,815
MEDNAX, Inc.*		2,740		186,019
Omnicare, Inc.		1,959		146,886
Patterson Cos., Inc.		970		48,587
Quest Diagnostics, Inc.		1,850		131,480
Tenet Healthcare Corp.*		2,425		102,529
UnitedHealth Group, Inc.		10,320		1,096,500
Universal Health Services, Inc., Class B		2,580		264,527
VCA, Inc.*		870		45,327

			$	10,059,912
HEALTH CARE TECHNOLOGY – 0.2%
Allscripts Healthcare Solutions, Inc.*		4,700		55,977
athenahealth, Inc.*		1,100		153,681
Cerner Corp.*		10,040		666,154
IMS Health Holdings, Inc.*		100		2,461
Veeva Systems, Inc., Class A*		5,300		152,428

			$	1,030,701
LIFE SCIENCES TOOLS & SERVICES – 0.7%
Agilent Technologies, Inc.		5,490		207,357
Bio-Rad Laboratories, Inc., Class A*		890		101,878
Bruker Corp.*		2,920		55,071
Charles River Laboratories International, Inc.*		1,920		133,152
Covance, Inc.*		2,040		216,668


Description	Number of Shares		Value
Illumina, Inc.*		4,640	$	905,682
Mettler-Toledo International, Inc.*		920		279,634
PerkinElmer, Inc.		870		39,768
QIAGEN N.V.^#,*		220		5,045
Thermo Fisher Scientific, Inc.		7,120		891,495
Waters Corp.*		2,610		310,721

			$	3,146,471
PHARMACEUTICALS – 4.9%
AbbVie, Inc.		50,429		3,043,390
Actavis PLC*		8,123		2,165,104
Allergan, Inc.		9,400		2,061,044
Bristol-Myers Squibb Co.		30,600		1,844,262
Eli Lilly & Co.		12,890		928,080
Endo International PLC^#,*		4,630		368,594
Hospira, Inc.*		2,270		143,986
Jazz Pharmaceuticals PLC*		2,200		372,548
Johnson & Johnson		40,160		4,021,622
Mallinckrodt PLC^#,*		3,310		350,827
Merck & Co., Inc.		42,546		2,564,673
Mylan, Inc.*		12,630		671,285
Perrigo Co. PLC		2,460		373,280
Pfizer, Inc.		71,203		2,225,094
Salix Pharmaceuticals Ltd.*		2,200		296,274
Zoetis, Inc.		17,581		751,236

			$	22,181,299

TOTAL HEALTH CARE			$	66,055,557
INDUSTRIALS – 11.6%
AEROSPACE & DEFENSE – 2.8%
Alliant Techsystems, Inc.^#		220		28,668
B/E Aerospace, Inc.*		2,900		169,157
Boeing Co. (The)		23,990		3,487,426
Exelis, Inc.		5,070		86,748
General Dynamics Corp.		2,810		374,320
Hexcel Corp.*		3,600		159,228
Honeywell International, Inc.		25,370		2,480,171
Huntington Ingalls Industries, Inc.		1,645		191,807
KLX, Inc.*		1,450		56,999
L-3 Communications Holdings, Inc.		610		75,103
Lockheed Martin Corp.		8,150		1,535,216
Northrop Grumman Corp.		2,770		434,752
Precision Castparts Corp.		4,490		898,449
Raytheon Co.		3,520		352,176
Rockwell Collins, Inc.		4,470		382,721
Spirit Aerosystems Holdings, Inc., Class A*		4,540		204,482
Textron, Inc.		3,270		139,171


Description	Number of Shares		Value
TransDigm Group, Inc.		1,890	$	388,452
Triumph Group, Inc.		780		44,507
United Technologies Corp.		12,060		1,384,247
Vectrus, Inc.*		281		7,823

			$	12,881,623
AIR FREIGHT & LOGISTICS – 0.9%
C.H. Robinson Worldwide, Inc.		4,384		312,228
Expeditors International of Washington, Inc.		7,280		317,990
FedEx Corp.		5,760		974,074
United Parcel Service, Inc.		23,150		2,288,146

			$	3,892,438
AIRLINES – 0.9%
Alaska Air Group, Inc.		4,400		298,628
American Airlines Group, Inc.		22,560		1,107,245
Copa Holdings SA		520		55,905
Delta Air Lines, Inc.		10,320		488,239
Southwest Airlines Co.		21,230		959,171
Spirit Airlines, Inc.*		2,300		170,522
United Continental Holdings, Inc.*		14,333		994,280

			$	4,073,990
BUILDING PRODUCTS – 0.3%
Allegion PLC		2,233		120,604
Armstrong World Industries, Inc.^#,*		2,340		118,638
Fortune Brands Home & Security, Inc.		4,760		213,200
Lennox International, Inc.		1,490		146,482
Masco Corp.		15,630		388,249
Owens Corning		890		35,645
Smith (A.O.) Corp.		2,500		148,525
USG Corp.*		2,660		80,997

			$	1,252,340
COMMERCIAL SERVICES & SUPPLIES – 0.5%
ADT Corp. (The)^#		1,750		60,200
Cintas Corp.		3,520		277,024
Civeo Corp.		1,220		3,575
Clean Harbors, Inc.^#,*		1,300		61,516
Copart, Inc.*		1,580		57,828
Covanta Holding Corp.		4,900		100,156
KAR Auction Services, Inc.		4,100		139,851
Pitney Bowes, Inc.		2,330		55,873
Republic Services, Inc.		5,140		203,955
RR Donnelley & Sons Co.		3,270		53,857
Stericycle, Inc.*		2,752		361,310
Tyco International PLC		10,600		432,586
Waste Connections, Inc.		1,995		86,224
Waste Management, Inc.		4,440		228,349

			$	2,122,304


Description	Number of Shares		Value
CONSTRUCTION & ENGINEERING – 0.1%
AECOM Technology Corp.*		5,991	$	152,291
Chicago Bridge & Iron Co. NV^#		2,762		95,317
Fluor Corp.		3,670		196,675
Jacobs Engineering Group, Inc.*		1,650		62,865
KBR, Inc.		2,070		34,217
Quanta Services, Inc.*		5,010		132,665

			$	674,030
ELECTRICAL EQUIPMENT – 0.6%
Acuity Brands, Inc.		1,300		194,857
AMETEK, Inc.		6,580		315,182
Babcock & Wilcox Co. (The)		2,940		80,056
Eaton Corp. PLC		4,728		298,290
Emerson Electric Co.		18,890		1,075,597
Hubbell, Inc., Class B		1,590		168,604
Regal-Beloit Corp.		600		41,310
Rockwell Automation, Inc.		4,620		503,210
SolarCity Corp.^#,*		1,000		48,610

			$	2,725,716
INDUSTRIAL CONGLOMERATES – 1.6%
3M Co.		21,210		3,442,383
Carlisle Cos., Inc.		1,290		115,687
Danaher Corp.		7,880		649,154
General Electric Co.		114,140		2,726,805
Roper Industries, Inc.		3,000		463,020

			$	7,397,049
MACHINERY – 1.8%
AGCO Corp.^#		560		24,270
Allison Transmission Holdings, Inc.		4,800		150,336
Caterpillar, Inc.		8,900		711,733
Colfax Corp.^#,*		2,700		122,337
Cummins, Inc.		5,820		811,657
Deere & Co.		5,650		481,323
Donaldson Co., Inc.		4,860		177,682
Dover Corp.		3,560		249,342
Flowserve Corp.		4,920		268,091
Graco, Inc.		2,140		152,454
IDEX Corp.		2,120		153,382
Illinois Tool Works, Inc.		10,600		986,754
Ingersoll-Rand PLC		4,500		298,800
ITT Corp.		2,535		90,778
Joy Global, Inc.		1,080		45,295
Kennametal, Inc.		2,650		83,263
Lincoln Electric Holdings, Inc.		2,600		176,566
Manitowoc Co., Inc.		3,910		73,117
Middleby Corp. (The)*		1,600		152,032


Description	Number of Shares		Value
Navistar International Corp.*		1,680	$	49,426
Nordson Corp.		2,000		145,720
Oshkosh Corp.		990		42,422
PACCAR, Inc.		10,790		648,587
Pall Corp.		3,170		306,729
Parker Hannifin Corp.		3,400		395,964
Pentair PLC		2,666		164,785
Snap-On, Inc.		1,280		169,869
SPX Corp.		1,230		102,791
Stanley Black & Decker, Inc.		1,820		170,443
Terex Corp.		2,030		45,634
Timken Co.		300		11,403
Toro Co.		2,340		151,889
Trinity Industries, Inc.		560		14,823
Valmont Industries, Inc.		1,060		127,327
WABCO Holdings, Inc.*		2,050		195,099
Wabtec Corp.		3,320		277,054
Xylem, Inc.		2,670		91,047

			$	8,320,224
MARINE – 0.0%**
Kirby Corp.*		1,500		108,735
PROFESSIONAL SERVICES – 0.5%
Dun & Bradstreet Corp.		930		107,052
Equifax, Inc.		4,060		342,908
IHS, Inc., Class A*		2,140		246,378
Manpowergroup, Inc.		1,860		135,557
Nielsen Holdings N.V.		7,600		331,056
Robert Half International, Inc.		5,010		290,881
Science Applications International Corp.		1,257		61,316
Towers Watson & Co., Class A		1,300		154,050
Verisk Analytics, Inc., Class A*		6,000		386,100

			$	2,055,298
ROAD & RAIL – 1.3%
AMERCO		300		85,833
Avis Budget Group, Inc.*		3,600		206,316
Con-way, Inc.		1,840		75,385
CSX Corp.		14,600		486,180
Genesee & Wyoming, Inc., Class A*		1,600		131,920
Hertz Global Holdings, Inc.*		13,850		284,202
JB Hunt Transport Services, Inc.		2,980		237,238
Kansas City Southern		4,000		440,360
Landstar System, Inc.		1,590		101,887
Norfolk Southern Corp.		4,160		424,195
Old Dominion Freight Line, Inc.*		2,800		196,336
Ryder System, Inc.		40		3,312
Union Pacific Corp.		28,720		3,366,271

			$	6,039,435


Description	Number of Shares		Value
TRADING COMPANIES & DISTRIBUTORS – 0.3%
Fastenal Co.		8,960	$	397,824
GATX Corp.		90		5,143
HD Supply Holdings, Inc.*		2,920		84,184
MRC Global, Inc.*		100		1,081
MSC Industrial Direct Co., Inc., Class A		1,390		104,347
NOW, Inc./de^#,*		1,063		26,522
United Rentals, Inc.*		2,920		241,922
Veritiv Corp.*		207		10,530
WESCO International, Inc.*		330		22,031
WW Grainger, Inc.		2,010		474,038

			$	1,367,622

TOTAL INDUSTRIALS			$	52,910,804
INFORMATION TECHNOLOGY – 23.3%
COMMUNICATIONS EQUIPMENT – 1.4%
ARRIS Group, Inc.*		2,420		63,452
Brocade Communications Systems, Inc.		8,790		97,745
Cisco Systems, Inc.		56,660		1,493,841
EchoStar Corp.*		270		14,086
F5 Networks, Inc.*		3,010		335,976
Harris Corp.		2,040		136,945
JDS Uniphase Corp.*		5,850		71,077
Juniper Networks, Inc.		10,440		237,301
Motorola Solutions, Inc.		2,770		172,876
Palo Alto Networks, Inc.*		1,800		227,502
QUALCOMM, Inc.		55,400		3,460,284
Riverbed Technology, Inc.*		4,200		86,436

			$	6,397,521
COMPUTERS & PERIPHERALS – 5.7%
3D Systems Corp.^#,*		3,000		87,240
Apple, Inc.		196,780		23,054,745
Diebold, Inc.		973		30,358
EMC Corp.		30,270		784,901
Hewlett-Packard Co.		19,490		704,174
Lexmark International, Inc., Class A		2,230		88,999
NCR Corp.*		5,320		135,128
NetApp, Inc.		5,143		194,405
SanDisk Corp.		4,650		352,982
Stratasys Ltd.^#,*		1,300		103,337
Western Digital Corp.		2,280		221,684

			$	25,757,953
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.5%
Amphenol Corp., Class A		10,300		553,213
Arrow Electronics, Inc.*		1,340		73,754
Avnet, Inc.		3,060		127,357


Description	Number of Shares		Value
AVX Corp.		200	$	2,586
Corning, Inc.		19,540		464,466
Dolby Laboratories, Inc., Class A		270		10,476
FLIR Systems, Inc.		3,390		102,378
Ingram Micro, Inc., Class A*		100		2,518
IPG Photonics Corp.^#,*		2,000		149,280
Jabil Circuit, Inc.		5,240		107,996
Keysight Technologies, Inc.*		2,745		91,656
Knowles Corp.^#,*		1,930		40,935
National Instruments Corp.		2,880		86,630
Tech Data Corp.*		1,700		97,070
Trimble Navigation Ltd.*		8,300		197,872
Vishay Intertechnology, Inc.		2,370		32,279

			$	2,140,466
INTERNET SOFTWARE & SERVICES – 4.5%
Akamai Technologies, Inc.*		7,350		427,439
AOL, Inc.*		2,331		100,816
CoStar Group, Inc.*		1,100		202,961
eBay, Inc.*		41,720		2,211,160
Equinix, Inc.		1,934		419,407
Facebook, Inc., Class A*		64,700		4,911,377
Google, Inc.*		18,170		9,739,756
IAC/InterActiveCorp		1,030		62,778
LinkedIn Corp.*		3,460		777,600
Pandora Media, Inc.*		4,500		74,700
Rackspace Hosting, Inc.*		2,800		125,888
Twitter, Inc.*		14,000		525,420
VeriSign, Inc.^#,*		3,950		215,196
Yahoo!, Inc.*		9,630		423,624
Yelp, Inc.^#,*		1,900		99,693
Zillow, Inc., Class A^#,*		900		87,228

			$	20,405,043
IT SERVICES – 4.3%
Accenture PLC, Class A		20,300		1,705,809
Alliance Data Systems Corp.*		1,790		517,006
Amdocs Ltd.		2,720		131,050
Automatic Data Processing, Inc.		14,030		1,157,896
Booz Allen Hamilton Holding Corp.		160		4,658
Broadridge Financial Solutions, Inc.		3,630		174,204
Cognizant Technology Solutions Corp.*		18,120		980,836
Computer Sciences Corp.		1,600		97,088
CoreLogic, Inc.*		680		22,576
DST Systems, Inc.		170		16,439
Fidelity National Information Services, Inc.		4,243		264,890
Fiserv, Inc.*		7,660		555,580
FleetCor Technologies, Inc.*		3,100		435,550


Description	Number of Shares		Value
Gartner, Inc.*		3,500	$	294,770
Global Payments, Inc.		2,250		196,447
International Business Machines Corp.		31,240		4,789,404
Jack Henry & Associates, Inc.		1,900		116,603
Leidos Holdings, Inc.		2,200		91,080
Mastercard, Inc., Class A		32,500		2,665,975
Paychex, Inc.		9,670		437,664
Teradata Corp.*		3,670		163,535
Total System Services, Inc.		4,520		159,872
Vantiv, Inc., Class A*		3,900		134,121
VeriFone Systems, Inc.*		2,600		81,614
Visa, Inc.		16,030		4,086,207
Western Union Co.		20,690		351,730

			$	19,632,604
OFFICE ELECTRONICS – 0.0%**
Xerox Corp.		15,860		208,876
Zebra Technologies Corp., Class A*		50		4,173

			$	213,049
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 2.3%
Advanced Micro Devices, Inc.^#,*		12,850		33,024
Altera Corp.		5,570		183,392
Analog Devices, Inc.		8,820		459,566
Applied Materials, Inc.		32,580		744,127
Atmel Corp.*		11,220		93,463
Avago Technologies Ltd.		8,000		823,040
Broadcom Corp., Class A		9,230		391,675
Cree, Inc.^#,*		3,430		121,285
First Solar, Inc.*		700		29,624
Freescale Semiconductor Ltd.^#,*		5,500		176,495
Intel Corp.		63,110		2,085,154
KLA-Tencor Corp.		4,150		255,100
Lam Research Corp.		2,480		189,571
Linear Technology Corp.		6,070		272,786
Marvell Technology Group Ltd.		3,330		51,582
Maxim Integrated Products, Inc.		6,720		222,365
Microchip Technology, Inc.^#		4,340		195,734
Micron Technology, Inc.*		31,790		930,334
NVIDIA Corp.		6,080		116,766
ON Semiconductor Corp.*		10,570		105,806
Skyworks Solutions, Inc.		7,600		631,180
SunEdison, Inc.*		3,140		58,812
Teradyne, Inc.		3,450		62,445
Texas Instruments, Inc.		34,050		1,819,973
Xilinx, Inc.		8,700		335,603

			$	10,388,902
SOFTWARE – 4.6%
Activision Blizzard, Inc.		10,270		214,592


Description	Number of Shares		Value
Adobe Systems, Inc.*		14,880	$	1,043,534
ANSYS, Inc.*		2,080		167,794
Autodesk, Inc.*		7,530		406,658
CA, Inc.		4,180		126,654
Cadence Design Systems, Inc.*		11,710		210,663
CDK Global, Inc.		4,676		211,168
Citrix Systems, Inc.*		5,050		299,263
Electronic Arts, Inc.*		11,160		612,238
FactSet Research Systems, Inc.		1,540		221,129
FireEye, Inc.^#,*		1,860		62,887
Fortinet, Inc.*		4,000		119,580
Informatica Corp.*		3,500		145,897
Intuit, Inc.		10,000		868,200
Microsoft Corp.		206,349		8,336,500
NetSuite, Inc.^#,*		1,200		118,116
Nuance Communications, Inc.*		3,040		41,785
Oracle Corp.		107,600		4,507,364
PTC, Inc.*		2,620		87,534
Red Hat, Inc.*		6,230		397,412
Rovi Corp.*		1,650		38,132
Salesforce.com, Inc.*		19,380		1,094,001
ServiceNow, Inc.*		5,600		408,240
SolarWinds, Inc.*		1,300		62,595
Solera Holdings, Inc.		2,700		139,320
Splunk, Inc.*		4,200		216,930
Symantec Corp.		12,120		300,212
Synopsys, Inc.*		2,600		111,774
Tableau Software, Inc., Class A*		1,900		153,444
VMware, Inc., Class A*		2,310		178,101
Workday, Inc., Class A*		2,900		230,434
Zynga, Inc., Class A^#,*		15,000		38,400

			$	21,170,551

TOTAL INFORMATION TECHNOLOGY			$	106,106,089
MATERIALS – 3.7%
CHEMICALS – 2.9%
Air Products & Chemicals, Inc.		1,970		286,852
Airgas, Inc.		1,960		220,774
Albemarle Corp.		2,140		103,276
Ashland, Inc.		540		64,001
Cabot Corp.		460		19,509
Celanese Corp.		2,870		154,291
CF Industries Holdings, Inc.		723		220,790
Cytec Industries, Inc.		1,960		94,060
Dow Chemical Co. (The)		17,550		792,558
E.I. du Pont de Nemours & Co.		27,930		1,988,895
Eastman Chemical Co.		4,288		303,976


Description	Number of Shares		Value
Ecolab, Inc.		7,877	$	817,396
FMC Corp.		3,560		204,700
Huntsman Corp.		5,100		111,996
International Flavors & Fragrances, Inc.		2,900		307,719
LyondellBasell Industries NV, Class A		13,600		1,075,624
Monsanto Co.		16,750		1,976,165
Mosaic Co. (The)		3,750		182,588
NewMarket Corp.		400		179,868
Platform Specialty Products Corp.*		4,500		94,500
PPG Industries, Inc.		4,520		1,007,418
Praxair, Inc.		8,250		994,868
Rayonier Advanced Materials, Inc.		1,305		22,342
RPM International, Inc.		3,760		179,954
Scotts Miracle-Gro Co. Class A		1,470		93,242
Sherwin-Williams Co. (The)		2,858		775,290
Sigma-Aldrich Corp.		3,490		479,945
Valspar Corp. (The)		2,720		226,930
Westlake Chemical Corp.		1,000		57,310
WR Grace & Co.*		1,600		138,688

			$	13,175,525
CONSTRUCTION MATERIALS – 0.1%
Eagle Materials, Inc.		1,700		121,074
Martin Marietta Materials, Inc.		1,500		161,610
Vulcan Materials Co.		1,400		98,714

			$	381,398
CONTAINERS & PACKAGING – 0.4%
Aptargroup, Inc.		580		36,604
Avery Dennison Corp.		910		47,566
Ball Corp.		6,200		392,646
Bemis Co., Inc.		240		10,632
Crown Holdings, Inc.*		4,340		192,305
Greif, Inc., Class A		270		10,314
MeadWestvaco Corp.		1,480		74,414
Owens-Illinois, Inc.*		3,380		78,923
Packaging Corp. of America		2,850		216,173
Rock-Tenn Co., Class A		4,000		259,600
Sealed Air Corp.		7,500		303,750
Silgan Holdings, Inc.		1,900		97,679
Sonoco Products Co.		2,410		106,522

			$	1,827,128
METALS & MINING – 0.2%
Alcoa, Inc.		16,200		253,530
Allegheny Technologies, Inc.		1,150		32,809
Carpenter Technology Corp.		380		14,417
Cliffs Natural Resources, Inc.^#		1,000		6,420
Compass Minerals International, Inc.		900		78,660


Description	Number of Shares		Value
Freeport-McMoRan Copper & Gold, Inc.		10,465	$	175,917
Newmont Mining Corp.		5,170		130,026
Nucor Corp.		3,150		137,498
Reliance Steel & Aluminum Co.		750		39,278
Royal Gold, Inc.		400		28,984
Southern Copper Corp.^#		4,610		125,761
Steel Dynamics, Inc.		5,700		97,128
Tahoe Resources, Inc.^#		760		10,374
TimkenSteel Corp.		150		4,050
United States Steel Corp.^#		3,620		88,473

			$	1,223,325
PAPER & FOREST PRODUCTS – 0.1%
Domtar Corp.		320		12,256
International Paper Co.		7,540		397,056

			$	409,312

TOTAL MATERIALS			$	17,016,688
TELECOMMUNICATION SERVICES – 2.1%
DIVERSIFIED TELECOMMUNICATION SERVICES – 2.0%
AT&T, Inc.		59,197		1,948,765
CenturyLink, Inc.		5,519		205,141
Frontier Communications Corp.		10,500		70,507
Level 3 Communications, Inc.*		8,898		442,587
Verizon Communications, Inc.		135,920		6,212,903
Windstream Holdings, Inc.^#		15,700		124,815

			$	9,004,718
WIRELESS TELECOMMUNICATION SERVICES – 0.1%
SBA Communications Corp., Class A*		4,510		526,317
Sprint Corp.*		6,460		27,778
Telephone & Data Systems, Inc.		2,424		56,358
T-Mobile US, Inc.*		2,465		74,394
United States Cellular Corp.*		90		3,131

			$	687,978

TOTAL TELECOMMUNICATION SERVICES			$	9,692,696
UTILITIES – 1.9%
ELECTRIC UTILITIES – 0.9%
American Electric Power Co., Inc.		5,390		338,546
Duke Energy Corp.		6,995		609,544
Edison International		3,320		226,258
Entergy Corp.		2,770		242,403
Exelon Corp.		8,199		295,492
FirstEnergy Corp.		4,100		165,353
Great Plains Energy, Inc.		1,720		50,860
Hawaiian Electric Industries, Inc.^#		2,710		92,953
ITC Holdings Corp.		3,960		168,458


Description	Number of Shares		Value
NextEra Energy, Inc.		3,340	$	364,862
Northeast Utilities		5,713		317,529
OGE Energy Corp.		3,020		106,244
Pinnacle West Capital Corp.		1,600		112,288
PPL Corp.		9,000		319,500
Southern Co. (The)		6,881		349,004
Westar Energy, Inc.		2,960		126,451
Xcel Energy, Inc.		7,770		291,608

			$	4,177,353
GAS UTILITIES – 0.1%
AGL Resources, Inc.		1,320		74,422
Atmos Energy Corp.		2,610		148,535
National Fuel Gas Co.		1,410		89,436
Questar Corp.		6,500		168,675
UGI Corp.		2,835		104,867

			$	585,935
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS – 0.1%
AES Corp.		6,610		80,774
Calpine Corp.*		2,230		46,562
NRG Energy, Inc.		3,100		76,446

			$	203,782
MULTI-UTILITIES – 0.7%
Alliant Energy Corp.		2,000		137,220
Ameren Corp.		3,450		156,216
CenterPoint Energy, Inc.		2,760		63,728
CMS Energy Corp.		3,670		138,469
Consolidated Edison, Inc.		4,340		300,675
Dominion Resources, Inc.		5,870		451,344
DTE Energy Co.		2,200		197,252
Integrys Energy Group, Inc.		1,760		142,736
MDU Resources Group, Inc.		4,280		96,771
NiSource, Inc.		4,700		203,322
PG&E Corp.		3,120		183,487
Public Service Enterprise Group, Inc.		6,200		264,616
SCANA Corp.		3,140		200,238
Sempra Energy		3,250		363,740
TECO Energy, Inc.		430		9,172
Vectren Corp.		1,680		80,506
Wisconsin Energy Corp.		4,240		236,465

			$	3,225,957
OIL, GAS & CONSUMABLE FUELS – 0.1%
ONEOK, Inc.		4,860		213,986
WATER UTILITIES – 0.0%**
American Water Works Co., Inc.		1,690		94,877


Description	Number of Shares		Value
Aqua America, Inc.		1,325	$	35,841

			$	130,718

TOTAL UTILITIES			$	8,537,731

TOTAL COMMON STOCKS (COST $295,237,675)			$	453,621,692
INVESTMENT COMPANIES – 0.1%
EQUITY FUNDS – 0.1%
iShares Russell 1000 ETF		2,710		302,300
iShares Russell 1000 Growth ETF		1,330		125,299

TOTAL EQUITY FUNDS			$	427,599

TOTAL INVESTMENT COMPANIES (COST $408,910)			$	427,599
MONEY MARKET FUND – 0.1%
Dreyfus Cash Management Fund, Institutional Shares, 0.03%^{^}		364,826		364,826

TOTAL MONEY MARKET FUND (COST $364,826)			$	364,826
RIGHTS – 0.0%**
Celgene Corp.*		89		281
Community Health Systems, Inc.*		3,700		100

TOTAL RIGHTS (COST $142)			$	381
WARRANTS – 0.0%**
American International Group, Inc. CW21, Expire 1/19/21*		2,055		45,046
Kinder Morgan, Inc., Expire 5/25/17*		16,345		61,784

TOTAL WARRANTS (COST $48,690)			$	106,830

TOTAL INVESTMENTS IN SECURITIES – 99.9% (COST $296,060,243)			$	454,521,328


	Par Value		Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 1.5%
REPURCHASE AGREEMENTS – 1.5%
Citigroup Global Markets, Inc., 0.08%, dated 01/30/15, due 02/02/15, repurchase price $1,632,210, collateralized by U.S. Government Securities 0.00% to 6.00%, maturing 01/12/18 to 02/01/45; total market value of $1,664,843.	$	1,632,199	$	1,632,199



Description	Par Value		Value
HSBC Securities USA, Inc., 0.05%, dated 01/30/15, due 02/02/15, repurchase price $1,632,206, collateralized by U.S. Government Securities 0.00% to 9.38%, maturing 02/09/15 to 07/15/32; total market value of $1,664,844.	$	1,632,199	$	1,632,199
JP Morgan Securities LLC, 0.08%, dated 01/30/15, due 02/02/15, repurchase price $1,632,210, collateralized by U.S. Government Securities 2.50% to 9.00%, maturing 12/01/15 to 01/01/48; total market value of $1,664,858.		1,632,199		1,632,199
Mizuho Securities USA, Inc., 0.08%, dated 01/30/15, due 02/02/15, repurchase price $1,632,210, collateralized by U.S. Government & Treasury Securities 0.00% to 4.50%, maturing 02/12/15 to 01/20/45; total market value of $1,665,778.		1,632,199		1,632,199
RBC Capital Markets LLC, 0.08%, dated 01/30/15, due 02/02/15, repurchase price $343,612, collateralized by U.S. Government Securities 1.31% to 5.50%, maturing 11/01/24 to 05/01/50; total market value of $350,482.		343,610		343,610

TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $6,872,406)			$	6,872,406

Cost of investments for Federal income tax purposes is $306,723,693. The net unrealized appreciation/(depreciation) of investments was $154,670,041. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $162,372,992 and net unrealized depreciation from investments for those securities having an excess of cost over value of $7,702,951.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

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

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of January 31, 2015 in valuing the Fund’s assets carried at fair value:


Description	Number of Shares		Value
COMMON STOCKS – 99.8%
CONSUMER DISCRETIONARY – 22.1%
AUTO COMPONENTS – 2.1%
BorgWarner, Inc.		128,200	$	6,924,082
DISTRIBUTORS – 1.7%
LKQ Corp.*		216,700		5,593,027
HOTELS, RESTAURANTS & LEISURE – 2.7%
DineEquity, Inc.		48,200		5,145,350
Panera Bread Co.^#,*		22,100		3,798,106

			$	8,943,456
INTERNET & CATALOG RETAIL – 0.9%
TripAdvisor, Inc.*		47,900		3,209,779
MEDIA – 4.7%
CBS Corp., Non-Voting		137,500		7,536,375
Lions Gate Entertainment Corp.		152,351		4,377,044
Scripps Networks Interactive, Inc.		54,800		3,895,732

			$	15,809,151
MULTILINE RETAIL – 1.8%
Nordstrom, Inc.		80,300		6,118,860
SPECIALTY RETAIL – 4.7%
GameStop Corp.^#		109,400		3,856,350
L Brands, Inc.		86,600		7,328,958
Tile Shop Holdings, Inc.^#,*		229,524		1,863,735
Vitamin Shoppe, Inc.*		65,700		2,777,139

			$	15,826,182
TEXTILES, APPAREL & LUXURY GOODS – 3.5%
Coach, Inc.		70,700		2,629,333
Lululemon Athletica, Inc.^#,*		57,200		3,788,928
PVH Corp.		49,500		5,457,870

			$	11,876,131

TOTAL CONSUMER DISCRETIONARY			$	74,300,668
CONSUMER STAPLES – 4.8%
BEVERAGES – 2.0%
Keurig Green Mountain, Inc.		54,100		6,630,496
FOOD & STAPLES RETAILING – 1.1%
Pricesmart, Inc.		44,100		3,606,498
HOUSEHOLD PRODUCTS – 1.7%
Church & Dwight Co., Inc.		72,200		5,842,424

TOTAL CONSUMER STAPLES			$	16,079,418


Description	Number of Shares		Value
ENERGY – 5.4%
ENERGY EQUIPMENT & SERVICES – 2.2%
Core Laboratories NV^#		34,800	$	3,227,700
Oceaneering International, Inc.		76,300		3,995,068

			$	7,222,768
OIL, GAS & CONSUMABLE FUELS – 3.2%
Cabot Oil & Gas Corp.		116,140		3,077,710
Southwestern Energy Co.*		87,000		4,698,000
Whiting Petroleum Corp.*		102,900		3,089,058

			$	10,864,768

TOTAL ENERGY			$	18,087,536
FINANCIALS – 12.0%
CAPITAL MARKETS – 2.0%
Raymond James Financial, Inc.		62,400		3,283,488
T. Rowe Price Group, Inc.		43,705		3,440,458

			$	6,723,946
COMMERCIAL BANKS – 3.6%
Signature Bank*		46,000		5,387,980
SVB Financial Group*		58,800		6,638,520

			$	12,026,500
DIVERSIFIED FINANCIAL SERVICES – 2.0%
MarketAxess Holdings, Inc.		89,100		6,768,927
INSURANCE – 1.2%
Brown & Brown, Inc.		128,400		3,961,140
REAL ESTATE MANAGEMENT & DEVELOPMENT – 3.2%
CBRE Group, Inc.*		182,000		5,885,880
Realogy Holdings Corp.*		109,300		5,082,450

			$	10,968,330

TOTAL FINANCIALS			$	40,448,843
HEALTH CARE – 15.9%
BIOTECHNOLOGY – 5.2%
Cepheid, Inc.*		109,060		6,162,981
Regeneron Pharmaceuticals, Inc.*		16,625		6,926,972
Vertex Pharmaceuticals, Inc.*		38,800		4,273,432

			$	17,363,385
HEALTH CARE EQUIPMENT & SUPPLIES – 6.7%
Alere, Inc.*		105,200		4,280,588
Intuitive Surgical, Inc.*		10,725		5,303,298
Novadaq Technologies, Inc.^#,*		252,900		3,598,767


Description	Number of Shares		Value
ResMed, Inc.^#		85,500	$	5,341,185
West Pharmaceutical Services, Inc.		81,300		4,008,903

			$	22,532,741
HEALTH CARE TECHNOLOGY – 1.9%
Cerner Corp.*		97,700		6,482,395
PHARMACEUTICALS – 2.1%
Perrigo Co. PLC		47,400		7,192,476

TOTAL HEALTH CARE			$	53,570,997
INDUSTRIALS – 16.2%
AEROSPACE & DEFENSE – 2.5%
HEICO Corp.		112,700		5,316,059
Precision Castparts Corp.		15,500		3,101,550

			$	8,417,609
BUILDING PRODUCTS – 0.3%
Lennox International, Inc.		11,500		1,130,565
COMMERCIAL SERVICES & SUPPLIES – 2.6%
MSA Safety, Inc.		90,300		3,942,498
Waste Connections, Inc.		113,100		4,888,182

			$	8,830,680
ELECTRICAL EQUIPMENT – 3.4%
AMETEK, Inc.		112,100		5,369,590
Rockwell Automation, Inc.		55,800		6,077,736

			$	11,447,326
MACHINERY – 4.1%
Cummins, Inc.		34,600		4,825,316
Graco, Inc.		69,200		4,929,808
Pall Corp.		40,200		3,889,752

			$	13,644,876
ROAD & RAIL – 3.3%
Kansas City Southern		50,700		5,581,563
Old Dominion Freight Line, Inc.*		80,500		5,644,660

			$	11,226,223

TOTAL INDUSTRIALS			$	54,697,279
INFORMATION TECHNOLOGY – 18.1%
COMMUNICATIONS EQUIPMENT – 1.2%
Aruba Networks, Inc.*		257,700		4,272,666
COMPUTERS & PERIPHERALS – 1.0%
Stratasys Ltd.^#,*		44,436		3,532,218
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 4.7%
FEI Co.		53,900		4,431,658
IPG Photonics Corp.^#,*		98,200		7,329,648
National Instruments Corp.		134,100		4,033,728

			$	15,795,034


Description	Number of Shares		Value
INTERNET SOFTWARE & SERVICES – 2.1%
CoStar Group, Inc.*		24,213	$	4,467,541
Xoom Corp.^#,*		172,200		2,539,950

			$	7,007,491
IT SERVICES – 1.1%
Global Payments, Inc.		41,700		3,640,827
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 2.8%
Altera Corp.		149,400		4,918,995
Lam Research Corp.		59,300		4,532,892

			$	9,451,887
SOFTWARE – 5.2%
ANSYS, Inc.*		82,200		6,631,074
Autodesk, Inc.*		88,100		4,757,840
Red Hat, Inc.*		95,200		6,072,808

			$	17,461,722

TOTAL INFORMATION TECHNOLOGY			$	61,161,845
MATERIALS – 5.3%
CHEMICALS – 5.3%
Airgas, Inc.		49,300		5,553,152
Valspar Corp.		80,100		6,682,743
WR Grace & Co.*		65,300		5,660,204

			$	17,896,099

TOTAL MATERIALS			$	17,896,099

TOTAL COMMON STOCKS (COST $248,182,131)			$	336,242,685

TOTAL INVESTMENTS IN SECURITIES – 99.8% (COST $248,182,131)			$	336,242,685


Description	Par Value		Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 11.2%
REPURCHASE AGREEMENTS – 11.2%
Daiwa Capital Markets America, 0.10%, dated 01/30/15, due 02/02/15, repurchase price $8,926,351, collateralized by U.S. Government Securities 0.00% to 7.50%, maturing 06/01/17 to 03/01/48; total market value of $9,104,803.	$	8,926,277	$	8,926,277


Description	Par Value		Value
Mizuho Securities USA, Inc., 0.08%, dated 01/30/15, due 02/02/15, repurchase price $8,926,337, collateralized by U.S. Government & Treasury Securities 0.00% to 4.50%, maturing 02/12/15 to 01/20/45; total market value of $9,109,915.	$	8,926,277	$	8,926,277
Nomura Securities International, Inc., 0.08%, dated 01/30/15, due 02/02/15, repurchase price $8,926,337, collateralized by U.S. Government Securities 0.00% to 8.88%, maturing 02/09/15 to 01/01/45; total market value of $9,104,802.		8,926,277		8,926,277
RBC Capital Markets LLC, 0.08%, dated 01/30/15, due 02/02/15, repurchase price $1,879,162, collateralized by U.S. Government Securities 1.31% to 5.50%, maturing 11/01/24 to 05/01/50; total market value of $1,916,732.		1,879,149		1,879,149
Royal Bank of Scotland PLC, 0.08%, dated 01/30/15, due 02/02/15, repurchase price $8,926,337, collateralized by U.S. Government & Treasury Securities 0.25% to 6.13%, maturing 09/30/15 to 07/15/56; total market value of $9,104,814.		8,926,277		8,926,277

TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $37,584,257)			$	37,584,257
TOTAL INVESTMENTS – 111.0% (COST $285,766,388)			$	373,826,942
COLLATERAL FOR SECURITIES ON LOAN – (11.2%)				(37,584,257	)
OTHER ASSETS LESS LIABILITIES – 0.2%				532,256

TOTAL NET ASSETS – 100.0%			$	336,774,941

Cost of investments for Federal income tax purposes is $288,421,847. The net unrealized appreciation/(depreciation) of investments was $85,405,095. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $98,449,052 and net unrealized depreciation from investments for those securities having an excess of cost over value of $13,043,957.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

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

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of January 31, 2015 in valuing the Fund’s assets carried at fair value:


Description	Number of Shares		Value
COMMON STOCKS – 98.8%
CONSUMER DISCRETIONARY – 20.0%
AUTO COMPONENTS – 1.3%
American Axle & Manufacturing Holdings, Inc.*		3,955	$	96,304
Modine Manufacturing Co.*		3,956		48,224
Tenneco, Inc.*		9,021		463,860
Tower International, Inc.*		5,005		118,468

			$	726,856
AUTOMOBILES – 0.3%
Winnebago Industries, Inc.*		8,700		173,043
DISTRIBUTORS – 1.6%
Core-Mark Holding Co., Inc.		13,569		904,781
DIVERSIFIED CONSUMER SERVICES – 0.6%
Education Management Corp.*		11,809		3,259
Sotheby’s		2,132		90,717
Steiner Leisure Ltd.*		5,111		222,942

			$	316,918
HOTELS, RESTAURANTS & LEISURE – 3.7%
Cheesecake Factory, Inc.		6,745		354,180
DineEquity, Inc.		1,309		139,736
Life Time Fitness, Inc.*		6,676		364,977
Papa John’s International, Inc.		9,690		614,927
Popeyes Louisiana Kitchen, Inc.*		2,622		150,555
Premier Exhibitions, Inc.*		38,396		20,734
Sonic Corp.*		14,796		447,875

			$	2,092,984
HOUSEHOLD DURABLES – 1.2%
La-Z-Boy, Inc.		2,308		61,601
Libbey, Inc.*		6,134		200,643
Meritage Homes Corp.*		1,600		58,256
Ryland Group, Inc.		8,269		332,000

			$	652,500
INTERNET & CATALOG RETAIL – 0.9%
EVINE Live, Inc.*		10,891		68,287
HSN, Inc.		5,100		394,944
Orbitz Worldwide, Inc.*		7,000		64,610

			$	527,841
LEISURE EQUIPMENT & PRODUCTS – 1.6%
Brunswick Corp.		11,225		609,293


Description	Number of Shares		Value
Polaris Industries, Inc.		2,062	$	298,145

			$	907,438
MEDIA – 2.8%
Entravision Communications Corp.		17,716		109,308
Lions Gate Entertainment Corp.		7,008		201,340
Loral Space & Communications, Inc.		2,913		209,474
MDC Partners, Inc.		10,737		256,614
Nexstar Broadcasting Group, Inc.		7,008		349,664
Sinclair Broadcast Group, Inc.^#		17,022		421,124

			$	1,547,524
SPECIALTY RETAIL – 3.0%
Asbury Automotive Group, Inc.*		4,896		363,332
Cabela’s, Inc.^#,*		2,653		145,782
Monro Muffler Brake, Inc.		4,940		282,272
Pier 1 Imports, Inc.		644		10,826
Tractor Supply Co.		8,272		671,438
Winmark Corp.		2,576		209,970

			$	1,683,620
TEXTILES, APPAREL & LUXURY GOODS – 3.0%
Quiksilver, Inc.^#,*		10,124		18,932
Steven Madden Ltd.*		13,989		480,382
Under Armour, Inc., Class A^#,*		7,713		555,953
Wolverine World Wide, Inc.		21,920		617,048

			$	1,672,315

TOTAL CONSUMER DISCRETIONARY			$	11,205,820
CONSUMER STAPLES – 7.0%
BEVERAGES – 0.4%
National Beverage Corp.*		9,433		205,073
FOOD & STAPLES RETAILING – 2.1%
Andersons, Inc.		9,149		411,522
Pricesmart, Inc.		3,644		298,006
Rite Aid Corp.*		28,970		202,211
SUPERVALU, Inc.*		30,373		295,833

			$	1,207,572
FOOD PRODUCTS – 2.8%
Darling International, Inc.^#,*		10,340		175,573
Hain Celestial Group, Inc.*		3,970		209,497
J&J Snack Foods Corp.		4,186		410,730


Description	Number of Shares		Value
Omega Protein Corp.*		17,431	$	183,723
Pilgrim’s Pride Corp.^#,*		22,346		606,694

			$	1,586,217
HOUSEHOLD PRODUCTS – 1.4%
Harbinger Group, Inc.*		4,979		62,188
Spectrum Brands Holdings, Inc.		3,511		314,866
WD-40 Co.		4,870		399,632

			$	776,686
PERSONAL PRODUCTS – 0.3%
Prestige Brands Holdings, Inc.*		4,334		148,483

TOTAL CONSUMER STAPLES			$	3,924,031
ENERGY – 0.8%
ENERGY EQUIPMENT & SERVICES – 0.8%
Dril-Quip, Inc.*		5,263		390,672
Geospace Technologies Corp.*		1,264		30,311
Mitcham Industries, Inc.*		7,388		41,447

			$	462,430
OIL, GAS & CONSUMABLE FUELS – 0.0%**
Vertex Energy, Inc.^#,*		437		1,521

TOTAL ENERGY			$	463,951
FINANCIALS – 4.6%
CAPITAL MARKETS – 1.9%
AllianceBernstein Holding LP		13,702		331,040
HFF, Inc.		8,933		303,454
Lazard Ltd., Class A		5,725		262,205
Virtus Investment Partners, Inc.*		1,334		180,930

			$	1,077,629
COMMERCIAL BANKS – 0.1%
Glacier Bancorp, Inc.		2,111		47,012
CONSUMER FINANCE – 0.9%
First Cash Financial Services, Inc.*		9,676		481,091
INSURANCE – 0.2%
First American Financial Corp.		2,597		88,350
REAL ESTATE INVESTMENT TRUSTS – 1.3%
FelCor Lodging Trust, Inc.		14,858		148,729
Geo Group, Inc.		2,772		120,637
Omega Healthcare Investors, Inc.^#		4,081		178,993
Strategic Hotels & Resorts, Inc.*		21,861		293,375

			$	741,734
THRIFTS & MORTGAGE FINANCE – 0.2%
MGIC Investment Corp.*		13,625		116,085

TOTAL FINANCIALS			$	2,551,901


Description	Number of Shares		Value
HEALTH CARE – 22.8%
BIOTECHNOLOGY – 8.5%
ACADIA Pharmaceuticals, Inc.^#,*		3,983	$	121,203
Alnylam Pharmaceuticals, Inc.*		5,246		492,232
Arena Pharmaceuticals, Inc.^#,*		3,486		15,025
Exact Sciences Corp.^#,*		1,371		37,305
Insys Therapeutics, Inc.^#,*		12,741		608,765
Isis Pharmaceuticals, Inc.*		800		54,808
Keryx Biopharmaceuticals, Inc.^#,*		12,174		148,036
MiMedx Group, Inc.^#,*		12,750		103,976
Novavax, Inc.^#,*		43,250		337,782
Orexigen Therapeutics, Inc.^#,*		7,152		37,548
Osiris Therapeutics, Inc.^#,*		733		11,823
PDL BioPharma, Inc.^#		89,225		650,450
Pharmacyclics, Inc.^#,*		1,342		226,462
Puma Biotechnology, Inc.*		3,882		819,413
Raptor Pharmaceutical Corp.^#,*		3,577		32,336
Receptos, Inc.*		6,360		700,681
Sarepta Therapeutics, Inc.^#,*		2,207		26,484
Seattle Genetics, Inc.*		2,497		77,807
Spectrum Pharmaceuticals, Inc.^#,*		5,326		37,282
Synageva BioPharma Corp.^#,*		1,343		154,740
United Therapeutics Corp.*		413		58,287

			$	4,752,445
HEALTH CARE EQUIPMENT & SUPPLIES – 7.0%
ABIOMED, Inc.*		11,661		603,340
Align Technology, Inc.*		8,173		433,578
Anika Therapeutics, Inc.*		3,873		151,744
Cantel Medical Corp.		4,497		182,443
Cardiovascular Systems, Inc.*		9,278		316,287
Integra LifeSciences Holdings Corp.*		3,254		181,313
Neogen Corp.*		12,192		562,051
Sirona Dental Systems, Inc.*		1,689		152,382
Staar Surgical Co.^#,*		3,155		18,930
STERIS Corp.		6,704		437,235
Utah Medical Products, Inc.		6,588		373,474
West Pharmaceutical Services, Inc.		10,574		521,404

			$	3,934,181
HEALTH CARE PROVIDERS & SERVICES – 4.1%
Accretive Health, Inc.^#,*		2,123		12,420
Air Methods Corp.*		2,210		91,825
AMN Healthcare Services, Inc.*		6,134		115,442
Brookdale Senior Living, Inc.*		1,835		61,931
Centene Corp.*		3,502		382,278
Corvel Corp.*		13,355		439,914
Gentiva Health Services, Inc.*		1,644		31,926
HealthSouth Corp.		6,087		268,437
National Research Corp., Class B^#,*		1,872		64,678


Description	Number of Shares		Value
Providence Service Corp.*		7,123	$	277,797
Team Health Holdings, Inc.*		10,950		566,115

			$	2,312,763
HEALTH CARE TECHNOLOGY – 0.2%
Cerner Corp.*		1,722		114,255
LIFE SCIENCES TOOLS & SERVICES – 0.7%
Luminex Corp.*		1,900		33,535
PAREXEL International Corp.*		5,616		342,351

			$	375,886
PHARMACEUTICALS – 2.3%
ANI Pharmaceuticals, Inc.^#,*		7,152		400,297
Furiex Pharmaceuticals CVR^††		734		7,171
Jazz Pharmaceuticals PLC*		1,331		225,392
Lannett Co., Inc.*		600		28,458
Pacira Pharmaceuticals, Inc.*		5,808		623,489

			$	1,284,807

TOTAL HEALTH CARE			$	12,774,337
INDUSTRIALS – 23.1%
AEROSPACE & DEFENSE – 1.9%
GenCorp., Inc.*		12,244		205,699
HEICO Corp.^#		2,694		163,472
Hexcel Corp.*		8,484		375,247
Moog, Inc.*		1,930		135,679
Sypris Solutions, Inc.		12,369		29,624
Teledyne Technologies, Inc.*		1,308		124,312

			$	1,034,033
AIR FREIGHT & LOGISTICS – 0.9%
Park-Ohio Holdings Corp.		6,343		338,906
XPO Logistics, Inc.^#,*		4,058		149,294

			$	488,200
AIRLINES – 2.8%
American Airlines Group, Inc.		5,512		270,529
Hawaiian Holdings, Inc.*		38,317		744,882
Republic Airways Holdings, Inc.*		12,571		172,977
Spirit Airlines, Inc.*		5,447		403,841

			$	1,592,229
BUILDING PRODUCTS – 2.0%
American Woodmark Corp.*		3,717		152,880
Trex Co., Inc.*		15,779		671,081
USG Corp.^#,*		9,846		299,811

			$	1,123,772
COMMERCIAL SERVICES & SUPPLIES – 1.7%
Healthcare Services Group, Inc.^#		3,577		112,711
Herman Miller, Inc.		471		13,683
Knoll, Inc.		2,956		60,568


Description	Number of Shares		Value
Mobile Mini, Inc.		4,215	$	153,004
SP Plus Corp.*		18,926		422,428
Team, Inc.*		5,006		190,929

			$	953,323
CONSTRUCTION & ENGINEERING – 1.7%
Comfort Systems USA, Inc.		2,860		47,619
Dycom Industries, Inc.*		14,650		451,366
MYR Group, Inc.*		2,742		68,632
Primoris Services Corp.		21,706		407,639

			$	975,256
ELECTRICAL EQUIPMENT – 1.3%
Acuity Brands, Inc.		2,981		446,822
Belden, Inc.		3,577		296,676

			$	743,498
MACHINERY – 2.7%
Blount International, Inc.*		4,055		62,852
EnPro Industries, Inc.*		1,738		103,116
Gorman-Rupp Co.		251		7,156
Hyster-Yale Materials Handling, Inc.		1,652		103,498
Meritor, Inc.*		70,092		897,178
Mueller Water Products, Inc.		10,518		107,599
Trimas Corp.*		6,209		167,581
Valmont Industries, Inc.^#		413		49,610

			$	1,498,590
PROFESSIONAL SERVICES – 3.8%
Advisory Board Co.*		8,110		380,197
Exponent, Inc.		7,126		571,078
GP Strategies Corp.*		16,032		535,148
Kforce, Inc.		9,310		217,854
Navigant Consulting, Inc.*		19,302		278,528
On Assignment, Inc.*		3,984		139,958

			$	2,122,763
ROAD & RAIL – 2.1%
ArcBest Corp.		7,644		284,815
Genesee & Wyoming, Inc.*		6,159		507,810
Quality Distribution, Inc.*		23,837		198,801
Swift Transportation Co.*		8,367		205,661

			$	1,197,087
TRADING COMPANIES & DISTRIBUTORS – 2.2%
Aceto Corp.		21,377		414,714
DXP Enterprises, Inc.*		4,190		171,874
H&E Equipment Services, Inc.		6,180		108,397


Description	Number of Shares		Value
TAL International Group, Inc.		1,346	$	54,715
United Rentals, Inc.*		5,893		488,235

			$	1,237,935

TOTAL INDUSTRIALS			$	12,966,686
INFORMATION TECHNOLOGY – 17.3%
COMMUNICATIONS EQUIPMENT – 1.8%
ARRIS Group, Inc.*		9,773		256,248
CalAmp Corp.^#,*		9,746		174,551
Infinera Corp.*		10,000		161,200
InterDigital, Inc.		2,956		147,741
Ixia*		5,068		51,390
Tessco Technologies, Inc.		8,297		187,927

			$	979,057
COMPUTERS & PERIPHERALS – 0.4%
Cray, Inc.*		6,087		197,767
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 1.1%
Anixter International, Inc.*		2,937		221,332
Coherent, Inc.		1,881		116,396
Methode Electronics, Inc.		8,339		301,622

			$	639,350
INTERNET SOFTWARE & SERVICES – 1.5%
CoStar Group, Inc.*		1,730		319,202
LivePerson, Inc.*		3,819		40,863
Spark Networks, Inc.^#,*		8,682		30,734
Stamps.com, Inc.*		8,091		368,707
support.com, Inc.*		7,566		14,829
TechTarget, Inc.*		7,149		78,996

			$	853,331
IT SERVICES – 4.7%
Alliance Data Systems Corp.*		269		77,695
Cardtronics, Inc.*		10,137		340,705
Computer Task Group, Inc.		2,906		23,510
CSG Systems International, Inc.		2,146		52,620
Hackett Group, Inc.		13,603		103,111
iGATE Corp.*		10,979		388,657
Jack Henry & Associates, Inc.		6,326		388,227
Lionbridge Technologies, Inc.*		8,527		42,464
MAXIMUS, Inc.		14,950		833,014
MoneyGram International, Inc.*		6,000		51,120
TeleTech Holdings, Inc.*		3,706		81,754
Unisys Corp.*		6,187		135,681
WEX, Inc.*		1,211		111,473

			$	2,630,031
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 2.4%
Ambarella, Inc.^#,*		5,179		286,450


Description	Number of Shares		Value
Cypress Semiconductor Corp.^#		18,182	$	267,821
Integrated Device Technology, Inc.*		5,901		107,929
MaxLinear, Inc.*		10,407		83,776
Microsemi Corp.*		7,516		209,396
Qorvo, Inc.*		5,515		407,393

			$	1,362,765
SOFTWARE – 5.4%
ACI Worldwide, Inc.*		5,576		102,989
American Software, Inc.		4,980		41,284
ANSYS, Inc.*		1,943		156,742
Aspen Technology, Inc.*		2,585		91,367
Blackbaud, Inc.		4,134		180,697
Ebix, Inc.^#		1,068		24,404
Fair Isaac Corp.		1,521		108,523
Manhattan Associates, Inc.*		21,878		976,634
Mentor Graphics Corp.		7,687		176,878
PTC, Inc.*		4,690		156,693
QLIK Technologies, Inc.*		1,360		38,624
Symantec Corp.		10,068		249,384
Take-Two Interactive Software, Inc.*		6,065		180,252
Tyler Technologies, Inc.*		2,010		213,221
Ultimate Software Group, Inc.*		2,225		329,322

			$	3,027,014

TOTAL INFORMATION TECHNOLOGY			$	9,689,315
MATERIALS – 2.9%
CHEMICALS – 1.2%
American Vanguard Corp.		2,175		24,316
Chase Corp.		1,418		50,764
Flotek Industries, Inc.*		2,546		41,169
Hawkins, Inc.		983		37,855
Landec Corp.*		14,129		180,427
Quaker Chemical Corp.		4,482		353,719

			$	688,250
CONSTRUCTION MATERIALS – 1.2%
Eagle Materials, Inc.		6,054		431,166
Headwaters, Inc.*		15,687		220,873

			$	652,039
CONTAINERS & PACKAGING – 0.2%
Graphic Packaging Holding Co.*		9,441		136,706
METALS & MINING – 0.1%
Materion Corp.		1,313		43,263
PAPER & FOREST PRODUCTS – 0.2%
Neenah Paper, Inc.		2,318		133,007

TOTAL MATERIALS			$	1,653,265


Description	Number of Shares		Value
TELECOMMUNICATION SERVICES – 0.3%
DIVERSIFIED TELECOMMUNICATION SERVICES – 0.3%
Atlantic Tele-Network, Inc.		2,495	$	165,743

TOTAL COMMON STOCKS (COST $35,840,976)			$	55,395,049
MONEY MARKET FUND – 1.0%
Dreyfus Cash Management Fund,
Institutional Shares, 0.03%^{^}		591,284		591,284

TOTAL MONEY MARKET FUND (COST $591,284)			$	591,284
RIGHT – 0.0%**
Providence Service Corp.		294		—

TOTAL RIGHT (COST $0)			$	—
WARRANT – 0.0%**
Tejon Ranch Co., Expire 8/31/16		1,341		1,971

TOTAL WARRANT (COST $8,046)			$	1,971

TOTAL INVESTMENTS IN SECURITIES – 99.8% (COST $36,440,306)			$	55,988,304

	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 10.8%
REPURCHASE AGREEMENTS – 10.8%
Daiwa Capital Markets America, 0.10%, dated 01/30/15, due 02/02/15, repurchase price $1,432,206, collateralized by U.S. Government Securities 0.00% to 7.50%, maturing 06/01/17 to 03/01/48; total market value of $1,460,839.	$	1,432,194		1,432,194
Mizuho Securities USA, Inc., 0.08%, dated 01/30/15, due 02/02/15, repurchase price $1,432,204, collateralized by U.S. Government & Treasury Securities 0.00% to 4.50%, maturing 02/12/15 to 01/20/45; total market value of $1,461,658.		1,432,194		1,432,194
Nomura Securities International, Inc., 0.08%, dated 01/30/15, due 02/02/15, repurchase price $1,432,204, collateralized by U.S. Government Securities 0.00% to 8.88%, maturing 02/09/15 to 01/15/45; total market value of $1,460,838.		1,432,194		1,432,194


Description	Par Value		Value
RBC Capital Markets LLC, 0.08%, dated 01/30/15, due 02/02/15, repurchase price $301,510, collateralized by U.S. Government Securities 1.31% to 5.50%, maturing 11/01/24 to 05/01/50; total market value of $307,538.	$	301,508	$	301,508
Royal Bank of Scotland PLC, 0.08%, dated 01/30/15, due 02/02/15, repurchase price $1,432,204, collateralized by U.S. Government & Treasury Securities 0.25% to 6.13%, maturing 09/30/15 to 07/15/56; total market value of $1,460,839.		1,432,194		1,432,194

TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $6,030,284)			$	6,030,284



			Value
TOTAL INVESTMENTS – 110.6% (COST $42,470,590)			$	62,018,588
COLLATERAL FOR SECURITIES ON LOAN – (10.8%)				(6,030,284	)
OTHER ASSETS LESS LIABILITIES – 0.2%				104,921

TOTAL NET ASSETS – 100.0%			$	56,093,225

Cost of investments for Federal income tax purposes is $42,587,007. The net unrealized appreciation/(depreciation) of investments was $19,431,581. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $20,939,507 and net unrealized depreciation from investments for those securities having an excess of cost over value of $1,507,926.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

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

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of January 31, 2015 in valuing the Fund’s assets carried at fair value:


Description	Number of Shares		Value
COMMON STOCKS – 99.5%
CONSUMER DISCRETIONARY – 14.5%
AUTO COMPONENTS – 1.2%
American Axle & Manufacturing Holdings, Inc.*		5,105	$	124,307
Cooper Tire & Rubber Co.		2,106		73,268
Cooper-Standard Holding, Inc.*		240		12,540
Dana Holding Corp.		8,230		171,760
Dorman Products, Inc.^#		1,962		89,722
Drew Industries, Inc.		1,804		90,705
Exide Technologies*		5,202		427
Federal-Mogul Corp.^#,*		1,495		20,227
Fuel Systems Solutions, Inc.*		566		6,079
Gentherm, Inc.*		2,797		102,874
Modine Manufacturing Co.*		2,335		28,464
Motorcar Parts of America, Inc.*		1,320		34,478
Remy International, Inc.		710		15,102
Spartan Motors, Inc.		2,409		12,551
Standard Motor Products, Inc.		820		29,897
Stoneridge, Inc.*		778		9,818
Strattec Security Corp.		250		15,750
Superior Industries International, Inc.		296		5,402
Tenneco, Inc.*		3,980		204,652
Tower International, Inc.*		1,010		23,907

			$	1,071,930
AUTOMOBILES – 0.0%**
Winnebago Industries, Inc.*		1,825		36,299
DISTRIBUTORS – 0.3%
Core-Mark Holding Co., Inc.		966		64,413
Pool Corp.		3,175		197,517
VOXX International Corp.*		1,868		14,944
Weyco Group, Inc.		591		15,969

			$	292,843
DIVERSIFIED CONSUMER SERVICES – 1.1%
American Public Education, Inc.*		1,115		37,431
Ascent Capital Group, Inc.*		170		7,193
Bridgepoint Education, Inc.*		722		7,126
Bright Horizons Family Solutions, Inc.*		730		35,441
Capella Education Co.		855		58,131
Career Education Corp.*		3,120		17,410
Carriage Services, Inc.^#		620		13,516


Description	Number of Shares		Value
Chegg, Inc.^#,*		3,940	$	26,122
Education Management Corp.*		650		179
Grand Canyon Education, Inc.*		3,384		148,287
Hillenbrand, Inc.		4,300		135,063
Houghton Mifflin Harcourt Co.*		3,270		64,354
K12, Inc.*		1,790		25,454
Liberty Tax, Inc.*		350		12,600
LifeLock, Inc.*		6,380		94,743
Matthews International Corp.		1,168		54,113
Regis Corp.		1,598		25,169
Sotheby’s		2,242		95,397
Steiner Leisure Ltd.*		295		12,868
Strayer Education, Inc.		820		54,940
Universal Technical Institute, Inc.		901		7,361
Weight Watchers International, Inc.*		2,230		36,929

			$	969,827
HOTELS, RESTAURANTS & LEISURE – 4.0%
Belmond Ltd.*		3,610		39,674
Biglari Holdings, Inc.*		45		18,629
BJ’s Restaurants, Inc.*		1,230		54,477
Bloomin’ Brands, Inc.*		5,320		131,484
Bob Evans Farms, Inc.^#		1,396		78,693
Boyd Gaming Corp.*		4,670		60,990
Bravo Brio Restaurant Group, Inc.*		1,030		13,544
Buffalo Wild Wings, Inc.*		1,252		223,257
Caesars Entertainment Corp.^#,*		2,850		31,036
Carrols Restaurant Group, Inc.*		1,060		8,438
Cheesecake Factory, Inc.		2,966		155,745
Churchill Downs, Inc.		772		73,332
Chuy’s Holdings, Inc.*		850		18,164
ClubCorp Holdings, Inc.		400		6,804
Cracker Barrel Old Country Store, Inc.^#		1,242		167,061
Del Frisco’s Restaurant Group, Inc.*		1,020		20,227
Denny’s Corp.*		6,630		72,134
Diamond Resorts International, Inc.*		1,240		35,191
DineEquity, Inc.		892		95,221
El Pollo Loco Holdings, Inc.^#,*		710		18,268
Fiesta Restaurant Group, Inc.*		2,020		119,321
Ignite Restaurant Group, Inc.*		1,370		9,371
International Speedway Corp.		860		25,017
Interval Leisure Group, Inc.		2,300		53,084
Isle of Capri Casinos, Inc.*		1,841		18,852


Description	Number of Shares		Value
Jack in the Box, Inc.*		3,926	$	332,886
Jamba, Inc.*		208		3,417
Krispy Kreme Doughnuts, Inc.*		3,990		77,685
La Quinta Holdings, Inc.*		3,040		61,803
Life Time Fitness, Inc.*		1,747		95,508
Marcus Corp.		597		11,259
Marriott Vacations Worldwide Corp.*		1,160		88,740
Monarch Casino & Resort, Inc.*		928		16,054
Morgans Hotel Group Co.*		943		6,761
Nathan’s Famous, Inc.*		250		20,110
Noodles & Co.^#,*		400		10,280
Papa John’s International, Inc.		2,332		147,989
Penn National Gaming, Inc.*		3,200		47,904
Pinnacle Entertainment, Inc.*		3,707		78,403
Popeyes Louisiana Kitchen, Inc.*		1,775		101,921
Red Robin Gourmet Burgers, Inc.*		1,012		78,430
Ruby Tuesday, Inc.*		1,370		8,247
Ruth’s Hospitality Group, Inc.		1,880		27,298
Ryman Hospitality Properties, Inc.^#		2,492		136,811
Scientific Games Corp.^#,*		3,550		41,926
Sonic Corp.*		3,605		109,123
Speedway Motorsports, Inc.		371		8,270
Texas Roadhouse, Inc.		5,135		172,485
Vail Resorts, Inc.		2,430		213,257
Zoe’s Kitchen, Inc.^#,*		10		309

			$	3,444,890
HOUSEHOLD DURABLES – 1.1%
Beazer Homes USA, Inc.*		1,538		24,300
Cavco Industries, Inc.*		775		56,970
CSS Industries, Inc.		98		2,666
Ethan Allen Interiors, Inc.		1,206		32,827
Flexsteel Industries, Inc.		400		11,920
Helen of Troy Ltd.*		1,583		119,073
Hovnanian Enterprises, Inc.^#,*		6,473		22,267
iRobot Corp.^#,*		2,030		64,047
KB Home^#		3,910		48,719
La-Z-Boy, Inc.		2,986		79,696
LGI Homes, Inc.*		360		4,741
Libbey, Inc.*		1,430		46,775
Lifetime Brands, Inc.		660		10,415
M/I Homes, Inc.*		494		10,196
MDC Holdings, Inc.^#		1,630		40,750
Meritage Homes Corp.*		1,212		44,129
NACCO Industries, Inc.		146		8,037
Ryland Group, Inc.		1,931		77,530
Skullcandy, Inc.*		760		7,615


Description	Number of Shares		Value
Standard Pacific Corp.*		5,050	$	35,451
TRI Pointe Homes, Inc.*		6,420		91,999
UCP, Inc.*		1,310		11,790
Universal Electronics, Inc.*		788		50,227
WCI Communities, Inc.*		1,000		19,310
William Lyon Homes*		400		7,632

			$	929,082
INTERNET & CATALOG RETAIL – 0.6%
1-800-Flowers.com, Inc.*		572		4,513
Blue Nile, Inc.*		1,102		34,250
Coupons.com, Inc.^#,*		1,190		17,041
EVINE Live, Inc.*		2,440		15,299
FTD Cos, Inc.*		866		29,660
HSN, Inc.		2,280		176,563
Lands’ End, Inc.*		910		31,568
Nutrisystem, Inc.		2,199		39,186
Orbitz Worldwide, Inc.*		2,819		26,019
Overstock.com, Inc.^#,*		1,002		22,425
PetMed Express, Inc.^#		1,017		15,967
RetailMeNot, Inc.^#,*		2,880		44,726
Shutterfly, Inc.*		1,252		54,925

			$	512,142
LEISURE EQUIPMENT & PRODUCTS – 0.6%
Arctic Cat, Inc.		410		13,784
Black Diamond, Inc.*		930		5,915
Brunswick Corp.		4,961		269,283
Callaway Golf Co.		1,961		16,002
Fox Factory Holding Corp.*		1,100		16,709
JAKKS Pacific, Inc.^#		1,440		8,669
Johnson Outdoors, Inc.		120		3,600
LeapFrog Enterprises, Inc.*		3,377		8,037
Malibu Boats, Inc.*		120		2,618
Marine Products Corp.		1,100		7,953
Nautilus, Inc.*		1,920		27,341
Smith & Wesson Holding Corp.^#,*		4,087		50,270
Sturm Ruger & Co., Inc.		1,680		67,872

			$	498,053
MEDIA – 1.1%
AH Belo Corp.		610		5,502
Carmike Cinemas, Inc.*		1,220		33,757
Central European Media Enterprises Ltd.*		4,000		10,400
Crown Media Holdings, Inc.*		110		352
Cumulus Media, Inc.*		4,780		16,634
Daily Journal Corp.*		30		5,655
Dex Media, Inc.*		1,070		7,255
Digital Domain Media Group, Inc.*		1,470		10
Entercom Communications Corp.*		1,180		13,653


Description	Number of Shares		Value
Entravision Communications Corp.		4,360	$	26,901
Eros International PLC*		30		563
EW Scripps Co.*		1,440		28,411
Global Sources Ltd.*		526		3,067
Gray Television, Inc.*		3,970		37,556
Harte-Hanks, Inc.		3,256		23,671
Hemisphere Media Group, Inc.^#,*		440		5,491
Journal Communications, Inc.*		2,310		23,216
Martha Stewart Living Omnimedia*		1,683		7,809
McClatchy Co.*		3,460		8,685
MDC Partners, Inc.		2,335		55,807
Media General, Inc.*		1,860		26,598
Meredith Corp.		1,310		68,199
National CineMedia, Inc.		2,512		36,173
New York Times Co.		5,860		73,777
Nexstar Broadcasting Group, Inc.		1,980		98,792
ReachLocal, Inc.*		260		788
Reading International, Inc.*		850		10,277
Rentrak Corp.*		700		53,851
Saga Communications, Inc.		230		9,354
Salem Communications Corp.		1,270		8,852
Scholastic Corp.		736		27,070
SFX Entertainment, Inc.^#,*		3,200		10,528
Shutterstock, Inc.*		960		54,038
Sinclair Broadcast Group, Inc.^#		4,248		105,096
Sizmek, Inc.*		687		4,095
Time, Inc.*		2,910		72,866
World Wrestling Entertainment, Inc.		1,857		22,488

			$	997,237
MULTILINE RETAIL – 0.2%
Bon-Ton Stores, Inc.^#		990		5,425
Burlington Stores, Inc.*		870		43,404
Fred’s, Inc.		2,032		33,731
Tuesday Morning Corp.*		2,990		52,923

			$	135,483
SPECIALTY RETAIL – 3.2%
American Eagle Outfitters, Inc.^#		7,630		107,125
America’s Car-Mart, Inc.*		440		23,368
ANN, Inc.*		3,100		102,610
Asbury Automotive Group, Inc.*		2,124		157,622
Barnes & Noble, Inc.*		1,410		33,121
bebe stores, Inc.		2,446		8,757
Big 5 Sporting Goods Corp.		122		1,453
Brown Shoe Co., Inc.		2,475		70,265
Buckle, Inc.^#		1,615		82,026
Build-A-Bear Workshop, Inc.*		200		4,124
Cato Corp.		1,503		63,727


Description	Number of Shares		Value
Childrens Place Retail Stores, Inc.		898	$	53,835
Christopher & Banks Corp.*		2,560		13,338
Citi Trends, Inc.*		746		17,076
Conn’s, Inc.^#,*		1,176		18,510
Container Store Group, Inc.^#,*		1,060		19,313
Destination Maternity Corp.		830		12,707
Destination XL Group, Inc.*		2,440		12,395
Express, Inc.*		3,980		52,058
Finish Line, Inc., Class A		1,614		38,090
Five Below, Inc.^#,*		3,830		127,616
Genesco, Inc.*		1,021		72,950
Group 1 Automotive, Inc.		884		71,065
Guess?, Inc.		2,990		56,152
Haverty Furniture Cos., Inc.		347		8,477
hhgregg, Inc.^#,*		75		412
Hibbett Sports, Inc.*		1,794		84,390
Kirkland’s, Inc.*		1,220		28,389
Lithia Motors, Inc.		1,670		141,449
Lumber Liquidators Holdings, Inc.^#,*		1,111		70,160
MarineMax, Inc.*		860		21,939
Mattress Firm Holding Corp.^#,*		1,030		59,349
Men’s Wearhouse, Inc.		2,609		121,240
Monro Muffler Brake, Inc.		2,372		135,536
New York & Co., Inc.*		2,080		4,784
Office Depot, Inc.*		19,929		151,460
Outerwall, Inc.^#,*		1,428		88,650
Pacific Sunwear of California, Inc.*		5,780		15,895
Pep Boys-Manny Moe & Jack*		2,353		19,836
Pier 1 Imports, Inc.		2,110		35,469
Rent-A-Center, Inc.		1,714		58,756
Restoration Hardware Holdings, Inc.*		2,060		180,312
Sears Hometown & Outlet Stores, Inc.*		370		4,200
Select Comfort Corp.*		3,660		109,214
Shoe Carnival, Inc.		243		5,642
Sonic Automotive, Inc.		1,548		38,127
Stage Stores, Inc.		988		19,760
Stein Mart, Inc.		460		6,330
Systemax, Inc.		272		3,555
Tile Shop Holdings, Inc.^#,*		1,340		10,881
Tilly’s, Inc.*		710		9,755
Vitamin Shoppe, Inc.*		1,790		75,663
West Marine, Inc.*		1,550		18,600
Winmark Corp.		230		18,747
Zumiez, Inc.*		1,513		56,420

			$	2,822,700
TEXTILES, APPAREL & LUXURY GOODS – 1.1%
Columbia Sportswear Co.		936		39,780


Description	Number of Shares		Value
Crocs, Inc.*		2,360	$	25,016
Culp, Inc.		640		12,858
G-III Apparel Group Ltd.*		1,177		114,404
Iconix Brand Group, Inc.*		1,635		54,347
Kate Spade & Co.*		181		5,707
Movado Group, Inc.		285		6,849
Oxford Industries, Inc.		950		53,143
Perry Ellis International, Inc.		577		13,796
Quiksilver, Inc.^#,*		1,970		3,684
Sequential Brands Group, Inc.^#,*		160		1,656
Skechers U.S.A., Inc.*		2,403		145,021
Steven Madden Ltd.*		3,619		124,276
Tumi Holdings, Inc.*		3,450		78,212
Unifi, Inc.*		746		24,044
Vera Bradley, Inc.^#,*		1,330		25,363
Vince Holding Corp.*		290		6,801
Wolverine World Wide, Inc.		6,592		185,565

			$	920,522

TOTAL CONSUMER DISCRETIONARY			$	12,631,008

CONSUMER STAPLES – 3.6%
BEVERAGES – 0.3%
Boston Beer Co., Inc.^#,*		595		187,139
Coca-Cola Bottling Co. Consolidated^#		261		25,458
Craft Brew Alliance, Inc.*		1,300		15,470
National Beverage Corp.*		1,440		31,306

			$	259,373
FOOD & STAPLES RETAILING – 1.3%
Andersons, Inc.		1,792		80,604
Casey’s General Stores, Inc.		2,706		247,058
Chefs’ Warehouse, Inc.*		1,570		33,582
Fairway Group Holdings Corp.^#,*		940		4,286
Fresh Market, Inc.^#,*		3,230		123,095
Ingles Markets, Inc.		490		20,899
Natural Grocers by Vitamin Cottage, Inc.^#,*		830		25,564
Pantry, Inc.*		1,000		36,900
Pricesmart, Inc.		1,236		101,080
Roundy’s, Inc.		2,010		7,236
SpartanNash Co.		1,604		41,319
SUPERVALU, Inc.*		7,860		76,556
United Natural Foods, Inc.*		3,517		271,794
Village Super Market, Inc.		650		18,831
Weis Markets, Inc.		480		21,998

			$	1,110,802
FOOD PRODUCTS – 1.4%
Alico, Inc.		260		12,360


Description	Number of Shares		Value
B&G Foods, Inc.		2,226	$	66,424
Boulder Brands, Inc.*		4,049		40,611
Calavo Growers, Inc.		927		37,182
Cal-Maine Foods, Inc.^#		2,304		80,755
Darling International, Inc.*		6,547		111,168
Dean Foods Co		3,570		64,688
Diamond Foods, Inc.*		1,285		31,585
Farmer Bros Co.*		388		11,605
Fresh Del Monte Produce, Inc.		1,649		55,456
Hain Celestial Group, Inc.*		44		2,322
Inventure Foods, Inc.*		1,690		17,187
J&J Snack Foods Corp.		1,114		109,306
John B Sanfilippo & Son, Inc.		480		17,506
Lancaster Colony Corp.		1,012		91,009
Lifeway Foods, Inc.		720		13,176
Limoneira Co.^#		120		2,496
Omega Protein Corp.*		450		4,743
Pilgrim’s Pride Corp.^#,*		50		1,358
Post Holdings, Inc.^#,*		1,670		78,908
Sanderson Farms, Inc.^#		1,511		120,820
Seneca Foods Corp.*		420		10,870
Snyders-Lance, Inc.		1,121		32,610
Tootsie Roll Industries, Inc.^#		88		2,745
TreeHouse Foods, Inc.*		2,182		197,907

			$	1,214,797
HOUSEHOLD PRODUCTS – 0.2%
Central Garden & Pet Co.*		2,894		26,335
Harbinger Group, Inc.*		4,430		55,331
Oil-Dri Corp. of America		160		4,899
Orchids Paper Products Co.		480		13,090
Spectrum Brands Holdings, Inc.		10		897
WD-40 Co.		1,174		96,338

			$	196,890
PERSONAL PRODUCTS – 0.3%
Elizabeth Arden, Inc.^#,*		417		6,163
Female Health Co.^#		3,250		12,317
IGI Laboratories, Inc.^#,*		810		8,068
Inter Parfums, Inc.		658		16,549
Medifast, Inc.*		1,080		34,225
Nature’s Sunshine Products, Inc.		500		6,915
Nutraceutical International Corp.		460		8,988
Prestige Brands Holdings, Inc.*		3,907		133,854
Revlon, Inc.*		640		20,954
Synutra International, Inc.*		869		4,667
USANA Health Sciences, Inc.^#,*		435		42,647

			$	295,347


Description	Number of Shares		Value
TOBACCO – 0.1%
22nd Century Group, Inc.^#,*		4,610	$	5,394
Alliance One International, Inc.*		12,570		13,198
Universal Corp.^#		42		1,687
Vector Group Ltd.		3,647		81,620

			$	101,899

TOTAL CONSUMER STAPLES			$	3,179,108
ENERGY – 3.0%
ENERGY EQUIPMENT & SERVICES – 0.8%
Advanced Emissions Solutions, Inc.*		1,650		17,498
Basic Energy Services, Inc.*		2,972		17,475
Bristow Group, Inc.		1,231		68,579
C&J Energy Services, Inc.*		2,980		30,694
CARBO Ceramics, Inc.^#		1,110		36,386
CHC Group Ltd.*^,††		3,230		6,137
Dawson Geophysical Co.		773		8,341
Era Group, Inc.*		660		14,863
Exterran Holdings, Inc.		2,430		65,877
Forum Energy Technologies, Inc.^#,*		2,950		45,578
Geospace Technologies Corp.*		242		5,803
Global Geophysical Services, Inc.*		490		2
Gulf Island Fabrication, Inc.		1,223		20,265
Gulfmark Offshore, Inc.^#		791		15,606
Helix Energy Solutions Group, Inc.*		3,570		67,009
Hercules Offshore, Inc.^#,*		1,430		1,030
Hornbeck Offshore Services, Inc.*		1,108		24,598
ION Geophysical Corp.*		1,287		2,896
Key Energy Services, Inc.*		6,600		11,088
Matrix Service Co.*		1,463		28,090
Mitcham Industries, Inc.*		1,210		6,788
Natural Gas Services Group, Inc.*		704		14,214
Newpark Resources, Inc.*		352		3,041
North Atlantic Drilling Ltd.		4,560		6,521
Nuverra Environmental Solutions, Inc.^#,*		2,080		4,638
Parker Drilling Co.*		5,634		15,268
PHI, Inc.*		435		14,881
Pioneer Energy Services Corp.*		5,198		21,520
RigNet, Inc.*		980		33,536
SEACOR Holdings, Inc.		680		48,926
Tesco Corp.*		830		8,499
TETRA Technologies, Inc.*		3,620		17,883
Vantage Drilling Co.*		7,760		3,026
Willbros Group, Inc.*		4,318		24,094

			$	710,650
OIL, GAS & CONSUMABLE FUELS – 2.2%
Abraxas Petroleum Corp.*		2,070		6,127


Description	Number of Shares		Value
Adams Resources & Energy, Inc.		90	$	5,224
Alon USA Energy, Inc.		804		9,712
Alpha Natural Resources, Inc.^#,*		11,950		12,428
American Eagle Energy Corp.*		4,440		2,331
Amyris, Inc.^#,*		990		1,703
Approach Resources, Inc.^#,*		1,750		10,972
Arch Coal, Inc.		10,300		9,551
ATP Oil & Gas Corp.*		2,852		—
Bill Barrett Corp.*		915		9,333
Bonanza Creek Energy, Inc.*		810		21,125
BPZ Resources, Inc.^#,*		12,543		2,822
Callon Petroleum Co.*		2,980		16,241
Carrizo Oil & Gas, Inc.*		3,056		137,826
Clayton Williams Energy, Inc.*		373		20,851
Clean Energy Fuels Corp.*		2,369		9,879
Cloud Peak Energy, Inc.*		1,480		10,049
Comstock Resources, Inc.^#		310		1,252
Contango Oil & Gas Co.		708		21,290
Delek US Holdings, Inc.		2,812		86,750
DHT Holdings, Inc.		2,450		18,008
Diamondback Energy, Inc.*		3,020		208,350
Eclipse Resources Corp.*		1,550		9,610
Emerald Oil, Inc.^#,*		2,347		1,932
Energy XXI (Bermuda) Ltd.^#		3,954		11,625
Evolution Petroleum Corp.		1,160		8,526
EXCO Resources, Inc.^#		6,207		12,352
Frontline Ltd.*		2,000		4,620
FX Energy, Inc.^#,*		6,870		9,481
GasLog Ltd.^#		2,430		42,501
Gastar Exploration, Inc.*		5,520		12,917
Goodrich Petroleum Corp.^#,*		2,055		5,179
Green Plains Renewable Energy, Inc.		2,290		53,609
Halcon Resources Corp.^#,*		14,321		20,049
Hallador Energy Co.		720		8,165
Isramco, Inc.*		20		2,664
Jones Energy, Inc.^#,*		1,190		12,138
Knightsbridge Tankers Ltd.^#		2,663		10,679
L&L Energy, Inc.*		4,530		228
Magnum Hunter Resources Corp.^#,*		15,550		30,167
Matador Resources Co.*		3,680		79,341
Midstates Petroleum Co., Inc.^#,*		1,460		1,883
Miller Energy Resources, Inc.^#,*		1,970		2,305
Navios Maritime Acquisition^#		7,710		25,674
Nordic American Offshore Ltd.		46		518
Nordic American Tankers Ltd.^#		4,548		46,026
Northern Oil & Gas, Inc.^#,*		2,210		13,879
Pacific Ethanol, Inc.^#,*		60		515
Panhandle Oil & Gas, Inc.		1,172		24,542


Description	Number of Shares		Value
Parsley Energy, Inc.*		3,290	$	55,173
PDC Energy, Inc.*		989		45,435
Penn Virginia Corp.^#,*		634		3,094
PetroQuest Energy, Inc.*		5,960		17,463
Quicksilver Resources, Inc.*		5,430		462
Renewable Energy Group, Inc.*		630		5,506
Rentech, Inc.		9,960		11,952
Resolute Energy Corp.*		3,090		2,256
REX American Resources Corp.*		210		11,657
Rex Energy Corp.^#,*		1,355		4,797
Ring Energy, Inc.*		1,890		17,237
Rosetta Resources, Inc.*		358		6,111
RSP Permian, Inc.*		1,230		32,964
Sabine Oil & Gas Corp.*		4,920		1,082
Sanchez Energy Corp.^#,*		910		10,137
Scorpio Tankers, Inc.		6,630		52,178
SemGroup Corp.		3,030		204,010
Ship Finance International Ltd.^#		2,143		29,766
Solazyme, Inc.^#,*		7,980		17,636
Stone Energy Corp.*		1,624		22,866
Swift Energy Co.^#,*		3,720		7,924
Synergy Resources Corp.*		3,630		44,395
Targa Resources Corp.		84		7,294
Teekay Tankers Ltd.		2,078		10,681
Transatlantic Petroleum Ltd.*		2,370		10,096
Triangle Petroleum Corp.^#,*		2,000		10,500
Vaalco Energy, Inc.*		707		3,917
W&T Offshore, Inc.		1,960		9,918
Warren Resources, Inc.*		2,930		3,077
Western Refining, Inc.		3,475		129,027
Westmoreland Coal Co.*		200		5,216
Whiting Petroleum Corp.*		56		1,681

			$	1,868,457

TOTAL ENERGY			$	2,579,107
FINANCIALS – 18.6%
CAPITAL MARKETS – 1.6%
Actua Corp.*		1,924		30,976
Arlington Asset Investment Corp.^#		670		17,775
Ashford, Inc.*		50		7,250
BGC Partners, Inc.		8,600		67,338
Calamos Asset Management, Inc.		845		10,605
CIFC Corp.		470		4,075
Cohen & Steers, Inc.		1,553		65,350
Cowen Group, Inc.*		1,815		7,550
Diamond Hill Investment Group, Inc.		120		15,607
Evercore Partners, Inc.		2,473		118,383
FBR & Co.*		557		12,488


Description	Number of Shares		Value
Financial Engines, Inc.^#		1,410	$	50,619
FXCM, Inc.^#		1,300		2,860
GAMCO Investors, Inc.		462		37,722
GFI Group, Inc.		4,371		24,521
Greenhill & Co., Inc.		2,050		75,604
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		1,350		18,495
HFF, Inc.		2,470		83,906
INTL. FCStone, Inc.*		766		14,768
Investment Technology Group, Inc.*		1,710		35,483
Janus Capital Group, Inc.^#		6,350		111,379
KCG Holdings, Inc.		2,420		29,597
Ladenburg Thalmann Financial Services, Inc.^#,*		8,830		33,642
Manning & Napier, Inc.		1,080		11,567
NorthStar Asset Management Group, Inc./New York		755		15,983
Oppenheimer Holdings, Inc.		630		12,443
Piper Jaffray Cos.*		680		34,714
Pzena Investment Management, Inc.		715		5,813
Safeguard Scientifics, Inc.*		1,135		20,805
Silvercrest Asset Management Group, Inc.		1,500		21,150
Stifel Financial Corp.*		2,576		121,458
Teton Advisors, Inc.		10		550
Virtus Investment Partners, Inc.*		453		61,440
Walter Investment Management Corp.^#,*		1,432		21,580
Westwood Holdings Group, Inc.		740		43,653
WisdomTree Investments, Inc.^#,*		7,710		134,308

			$	1,381,457
COMMERCIAL BANKS – 5.3%
1st Source Corp.		878		26,103
American National Bankshares, Inc.		490		10,545
Ameris Bancorp*		1,110		26,784
Ames National Corp.^#		761		18,287
Arrow Financial Corp.		70		1,790
Bancfirst Corp.		124		7,150
Banco Latinoamericano de Comercio Exterior SA		944		26,309
Bancorp, Inc.*		1,540		13,121
BancorpSouth, Inc.		3,210		63,718
Bank of Kentucky Financial Corp.		370		16,443
Bank of Marin Bancorp		310		15,193
Bank of the Ozarks, Inc.		4,154		134,714
Banner Corp.		760		30,689
BBCN Bancorp, Inc.		2,741		35,496
BNC Bancorp		900		14,382
Boston Private Financial Holdings, Inc.		3,118		34,298
Bridge Bancorp, Inc.		600		14,808


Description	Number of Shares		Value
Bridge Capital Holdings*		300	$	6,555
Bryn Mawr Bank Corp.		475		13,846
Camden National Corp.		63		2,341
Capital Bank Financial Corp.*		1,280		31,258
Capital City Bank Group, Inc.		541		8,115
Cardinal Financial Corp.		1,330		23,687
Cascade Bancorp*		1,095		5,059
Cathay General Bancorp		3,242		77,451
Centerstate Banks, Inc.		746		8,213
Central Pacific Financial Corp.		410		8,602
Century Bancorp, Inc.		170		6,593
Chemical Financial Corp.		1,738		49,290
Citizens & Northern Corp.		831		16,063
City Holding Co.		762		32,255
CNB Financial Corp.^#		910		15,470
CoBiz Financial, Inc.		1,600		17,440
Columbia Banking System, Inc.		2,329		59,226
Community Bank System, Inc.		1,894		63,695
Community Trust Bancorp, Inc.		1,020		32,212
CommunityOne Bancorp^#,*		780		7,613
ConnectOne Bancorp, Inc.		1,220		22,448
CU BanCorp.*		570		11,582
CVB Financial Corp.		4,664		68,141
Eagle Bancorp, Inc.*		1,474		50,411
Enterprise Bancorp, Inc.^#		60		1,227
Enterprise Financial Services Corp.		1,010		19,301
Fidelity Southern Corp.		978		14,954
Financial Institutions, Inc.		873		19,232
First BanCorp*		2,070		11,364
First Bancorp		825		13,695
First Bancorp, Inc.		439		7,279
First Busey Corp.		4,391		27,049
First Citizens BancShares, Inc.		200		48,810
First Commonwealth Financial Corp.		2,976		23,481
First Community Bancshares, Inc.		1,001		15,706
First Connecticut Bancorp, Inc.		1,340		19,765
First Financial Bancorp		1,995		32,957
First Financial Bankshares, Inc.^#		2,822		69,703
First Financial Corp.		345		11,181
First Interstate Bancsystem, Inc.		1,060		25,334
First Merchants Corp.		1,475		32,214
First Midwest Bancorp, Inc.		2,771		42,673
First NBC Bank Holding Co.*		120		3,715
First of Long Island Corp.		330		7,692
FirstMerit Corp.		6,372		104,405
FNB Corp.		5,186		62,232
German American Bancorp, Inc.		400		11,200
Glacier Bancorp, Inc.		3,001		66,832


Description	Number of Shares		Value
Great Southern Bancorp, Inc.		490	$	17,699
Guaranty Bancorp		864		11,560
Hancock Holding Co.		2,288		59,740
Hanmi Financial Corp.		1,280		25,421
Heartland Financial USA, Inc.		443		12,236
Heritage Commerce Corp.		1,280		10,701
Heritage Financial Corp.		1,638		25,422
Heritage Oaks Bancorp*		1,820		13,978
Home BancShares, Inc.		3,004		88,978
HomeTrust Bancshares, Inc.*		250		3,863
Horizon Bancorp		580		12,980
Hudson Valley Holding Corp.		932		22,992
Iberiabank Corp.		1,304		71,211
Independent Bank Corp.		906		34,274
Independent Bank Corp./MI		20		246
Independent Bank Group, Inc.		550		17,166
International Bancshares Corp.		2,412		54,294
Investors Bancorp, Inc.		5,898		64,937
Lakeland Bancorp, Inc.		1,199		12,937
Lakeland Financial Corp.		795		30,003
LegacyTexas Financial Group, Inc.		1,291		25,588
Macatawa Bank Corp.^#		1,260		6,640
MainSource Financial Group, Inc.		910		17,472
MB Financial, Inc.		2,732		77,616
Mercantile Bank Corp.		620		11,780
Merchants Bancshares, Inc.		290		7,763
Metro Bancorp, Inc.*		572		14,563
MidSouth Bancorp, Inc.		820		11,431
MidWestOne Financial Group, Inc.		480		13,450
National Bank Holdings Corp.		1,130		20,849
National Bankshares, Inc.^#		200		5,844
National Penn Bancshares, Inc.		4,141		40,168
NBT Bancorp, Inc.		2,230		51,312
NewBridge Bancorp*		1,690		13,250
Northrim BanCorp, Inc.		580		12,023
OFG Bancorp		1,954		31,459
Old National Bancorp		3,611		48,424
Pacific Continental Corp.		1,340		16,938
Pacific Premier Bancorp, Inc.*		910		13,523
Park National Corp.		578		46,477
Park Sterling Corp.		2,730		18,291
Peapack Gladstone Financial Corp.		1,195		21,307
Penns Woods Bancorp, Inc.		160		7,106
Peoples Bancorp, Inc.		596		13,619
Pinnacle Financial Partners, Inc.		1,421		51,071
Preferred Bank*		460		12,011
PrivateBancorp, Inc.		2,610		79,187
Prosperity Bancshares, Inc.		2,295		105,088


Description	Number of Shares		Value
Renasant Corp.		572	$	14,964
Republic Bancorp, Inc.		827		18,847
S&T Bancorp, Inc.		1,220		33,538
Sandy Spring Bancorp, Inc.		1,397		34,548
Seacoast Banking Corp. of Florida*		942		11,926
Sierra Bancorp		516		8,173
Simmons First National Corp.		856		32,032
South State Corp.		508		30,333
Southside Bancshares, Inc.		586		15,998
Southwest Bancorp, Inc.		852		13,002
State Bank Financial Corp.		1,260		23,008
Sterling Bancorp/de		3,654		48,160
Stock Yards Bancorp, Inc.		530		16,324
Suffolk Bancorp*		634		14,582
Sun Bancorp, Inc./NJ*		292		5,344
Susquehanna Bancshares, Inc.		6,442		81,234
Texas Capital Bancshares, Inc.*		1,978		80,801
Tompkins Financial Corp.		710		36,402
TowneBank		899		13,044
Trico Bancshares		353		8,243
TriState Capital Holdings, Inc.*		1,040		9,838
Trustmark Corp.		2,348		50,153
UMB Financial Corp.		1,154		55,992
Umpqua Holdings Corp.		6,928		107,453
Union Bankshares Corp.		1,955		39,100
United Bankshares, Inc.^#		2,845		96,189
United Community Banks, Inc.*		2,044		35,790
Univest Corp. of Pennsylvania		853		15,798
Valley National Bancorp^#		5,098		46,290
Washington Trust Bancorp, Inc.		576		21,093
Webster Financial Corp.		3,540		108,076
WesBanco, Inc.		1,416		42,735
West Bancorporation, Inc.		1,097		17,947
Westamerica Bancorporation		853		34,700
Western Alliance Bancorp*		4,171		107,236
Wilshire Bancorp, Inc.		3,290		29,939
Wintrust Financial Corp.		1,513		65,770
Yadkin Financial Corp.*		41		781

			$	4,629,668
CONSUMER FINANCE – 0.6%
Cash America International, Inc.		686		14,269
Consumer Portfolio Services, Inc.*		30		168
Credit Acceptance Corp.*		528		83,234
Enova International, Inc.*		602		11,588
Ezcorp, Inc.*		2,509		25,868
First Cash Financial Services, Inc.*		1,629		80,994
Green Dot Corp.*		1,290		19,673


Description	Number of Shares		Value
JG Wentworth Co.*		1,580	$	15,057
Nelnet, Inc.		702		30,705
Nicholas Financial, Inc.		1,080		15,368
PRA Group, Inc.*		3,197		158,315
Regional Management Corp.*		650		9,445
Springleaf Holdings, Inc.^#,*		1,000		31,600
World Acceptance Corp.^#,*		384		28,205

			$	524,489
DIVERSIFIED FINANCIAL SERVICES – 0.3%
Gain Capital Holdings, Inc.		1,370		11,166
MarketAxess Holdings, Inc.		2,647		201,093
Marlin Business Services Corp.		480		7,704
NewStar Financial, Inc.*		1,174		12,409
PHH Corp.*		1,497		37,335
PICO Holdings, Inc.*		80		1,279
Resource America, Inc.		770		6,768

			$	277,754
INSURANCE – 2.2%
Ambac Financial Group, Inc.*		1,650		40,342
American Equity Investment Life Holding Co.		3,283		83,749
AMERISAFE, Inc.		1,082		44,037
Amtrust Financial Services, Inc.^#		1,832		92,736
Argo Group International Holdings Ltd.		1,443		77,186
Baldwin & Lyons, Inc.		402		9,286
Citizens, Inc.^#,*		1,867		13,480
CNO Financial Group, Inc.		7,590		117,797
Crawford & Co.		1,767		16,521
Donegal Group, Inc.		650		10,393
eHealth, Inc.*		794		8,131
EMC Insurance Group, Inc.		510		16,453
Employers Holdings, Inc.		647		13,458
Enstar Group Ltd.*		399		53,853
FBL Financial Group, Inc.		553		28,861
Federated National Holding Co.		110		3,202
First American Financial Corp.		4,220		143,564
Global Indemnity PLC*		524		13,750
Greenlight Capital Re Ltd.*		1,520		47,743
Hallmark Financial Services*		167		1,844
HCI Group, Inc.		410		18,946
Heritage Insurance Holdings, Inc.^#,*		120		2,281
Hilltop Holdings, Inc.*		2,694		48,896
Horace Mann Educators Corp.		1,594		48,569
Independence Holding Co.		400		5,084
Infinity Property & Casualty Corp.		598		42,021
Kansas City Life Insurance Co.^#		370		16,824
Kemper Corp.		1,180		41,194
Maiden Holdings Ltd.		2,512		31,400


Description	Number of Shares		Value
Meadowbrook Insurance Group, Inc.		255	$	2,117
Montpelier Re Holdings Ltd.		1,814		63,726
National Interstate Corp.		519		13,375
National Western Life Insurance Co.		75		17,879
Navigators Group, Inc.*		566		42,009
OneBeacon Insurance Group Ltd.		620		9,802
Phoenix Cos., Inc.*		281		17,430
Platinum Underwriters Holdings Ltd.		1,470		108,530
Primerica, Inc.		2,240		111,194
RLI Corp.		1,632		76,557
Safety Insurance Group, Inc.		654		40,515
Selective Insurance Group, Inc.		2,613		67,468
State Auto Financial Corp.		638		14,036
Stewart Information Services Corp.		969		34,690
Symetra Financial Corp.		3,480		70,679
Third Point Reinsurance Ltd.*		1,370		18,125
United Fire Group, Inc.		1,015		28,359
Universal Insurance Holdings, Inc.		2,460		57,146

			$	1,885,238
REAL ESTATE INVESTMENT TRUSTS – 7.1%
Acadia Realty Trust		2,585		93,551
AG Mortgage Investment Trust, Inc.		770		14,160
Agree Realty Corp.		979		33,913
Alexander’s, Inc.		176		81,636
Altisource Residential Corp.		2,590		46,646
American Assets Trust, Inc.		1,210		53,700
American Capital Mortgage Investment Corp.		620		11,557
American Residential Properties, Inc.*		980		17,160
AmREIT, Inc.		960		25,517
Anworth Mortgage Asset Corp.		3,431		17,807
Apollo Commercial Real Estate Finance, Inc.		590		9,753
Apollo Residential Mortgage, Inc.		1,530		23,944
Ares Commercial Real Estate Corp.		1,830		22,015
Armada Hoffler Properties, Inc.		1,420		15,151
ARMOUR Residential REIT, Inc.		11,670		38,628
Ashford Hospitality Prime, Inc.		882		15,135
Ashford Hospitality Trust, Inc.		2,150		22,618
Associated Estates Realty Corp.		2,234		55,649
Aviv REIT, Inc.		800		31,464
Campus Crest Communities, Inc.		2,970		20,463
Capstead Mortgage Corp.		1,270		15,265
CareTrust REIT, Inc.		409		5,513
Cedar Realty Trust, Inc.		3,966		31,569
Chambers Street Properties		5,200		43,940
Chatham Lodging Trust		1,140		35,488
Chesapeake Lodging Trust		2,380		87,394
Colony Financial, Inc.		2,870		71,893


Description	Number of Shares		Value
Coresite Realty Corp.		1,320	$	57,829
Cousins Properties, Inc.		7,277		80,338
CubeSmart		4,534		111,718
CYS Investments, Inc.		6,790		60,024
DCT Industrial Trust, Inc.		2,846		107,465
DiamondRock Hospitality Co.		8,027		116,632
DuPont Fabros Technology, Inc.		3,345		124,635
Dynex Capital, Inc.		1,840		15,401
EastGroup Properties, Inc.		1,524		98,511
Education Realty Trust, Inc.		890		30,794
Empire State Realty Trust, Inc.^#		5,130		93,366
EPR Properties		2,189		142,416
Equity One, Inc.		1,952		53,172
Excel Trust, Inc.		2,010		28,220
FelCor Lodging Trust, Inc.		5,050		50,550
First Industrial Realty Trust, Inc.		4,472		97,177
First Potomac Realty Trust		2,324		29,747
Franklin Street Properties Corp.		3,357		43,238
Geo Group, Inc.		2,256		98,181
Getty Realty Corp.		447		8,283
Gladstone Commercial Corp.		20		348
Government Properties Income Trust		2,320		52,896
Gramercy Property Trust, Inc.		3,350		23,182
Hatteras Financial Corp.		3,200		58,176
Healthcare Realty Trust, Inc.		3,226		97,070
Hersha Hospitality Trust		8,668		57,902
Highwoods Properties, Inc.		3,335		156,745
Hudson Pacific Properties, Inc.		2,490		80,552
Inland Real Estate Corp.		2,545		28,962
Invesco Mortgage Capital, Inc.		4,050		62,127
Investors Real Estate Trust^#		6,057		49,970
iStar Financial, Inc.^#,*		3,490		45,510
Kite Realty Group Trust		1,537		46,971
LaSalle Hotel Properties		4,201		169,972
Lexington Realty Trust		6,601		75,317
LTC Properties, Inc.		1,572		73,758
Mack-Cali Realty Corp.		3,590		70,041
Medical Properties Trust, Inc.		5,785		88,915
Monmouth Real Estate Investment Corp.		142		1,677
National Health Investors, Inc.		2,054		153,557
New Residential Investment Corp.		3,750		47,813
New York Mortgage Trust, Inc.^#		2,900		22,446
New York REIT, Inc.		3,820		39,843
NorthStar Realty Finance Corp.		335		6,335
One Liberty Properties, Inc.		150		3,677
Parkway Properties, Inc.		2,970		54,351
Pebblebrook Hotel Trust		2,580		119,815
Pennsylvania Real Estate Investment Trust		2,921		69,900


Description	Number of Shares		Value
PennyMac Mortgage Investment Trust		2,260	$	50,873
Physicians Realty Trust		1,520		26,813
Potlatch Corp.		1,231		49,068
PS Business Parks, Inc.		839		70,568
QTS Realty Trust, Inc.		1,000		38,010
RAIT Financial Trust		2,347		16,546
Ramco-Gershenson Properties Trust		2,244		43,915
Redwood Trust, Inc.		3,089		61,564
Resource Capital Corp.		4,970		24,005
Retail Opportunity Investments Corp.		3,420		60,431
Rexford Industrial Realty, Inc.		1,380		22,108
RLJ Lodging Trust		5,080		173,076
Rouse Properties, Inc.^#		1,520		28,257
Sabra Health Care REIT, Inc.		3,293		107,681
Saul Centers, Inc.		748		42,703
Select Income REIT		1,070		26,611
Silver Bay Realty Trust Corp.		429		6,684
Sovran Self Storage, Inc.		2,207		209,113
STAG Industrial, Inc.		2,110		55,282
Starwood Waypoint Residential Trust		890		21,574
Strategic Hotels & Resorts, Inc.*		14,520		194,858
Summit Hotel Properties, Inc.		2,880		36,922
Sun Communities, Inc.		2,971		201,226
Sunstone Hotel Investors, Inc.		8,224		140,219
Terreno Realty Corp.		620		14,136
UMH Properties, Inc.		410		3,948
Universal Health Realty Income Trust		1,067		57,330
Urstadt Biddle Properties, Inc.		1,625		38,188
Ventas, Inc.		1,254		100,082
Washington Real Estate Investment Trust		1,842		52,884
Western Asset Mortgage Capital Corp.^#		75		1,013
Winthrop Realty Trust		30		480
WP GLIMCHER, Inc.		1,888		33,380

			$	6,156,602
REAL ESTATE MANAGEMENT & DEVELOPMENT –0.3%
Alexander & Baldwin, Inc.		1,450		55,477
Altisource Asset Management Corp.*		70		11,200
Altisource Portfolio Solutions SA^#,*		1,070		21,700
AV Homes, Inc.*		512		7,675
Consolidated-Tomoka Land Co.		290		15,819
Forestar Group, Inc.*		2,258		29,964
Kennedy-Wilson Holdings, Inc.		3,230		85,886
St Joe Co.*		3,720		60,115
Tejon Ranch Co.*		508		12,507
Zillow, Inc.^#,*		72		6,978

			$	307,321


Description	Number of Shares		Value
THRIFTS & MORTGAGE FINANCE – 1.2%
Astoria Financial Corp.		4,080	$	49,898
Banc of California, Inc.		500		5,125
BankFinancial Corp.		111		1,255
BBX Capital Corp.*		380		5,373
Beneficial Bancorp, Inc.*		1,528		16,487
Berkshire Hills Bancorp, Inc.		951		23,680
BofI Holding, Inc.*		1,170		98,701
Brookline Bancorp, Inc.		1,808		17,357
Capitol Federal Financial, Inc.		1,370		17,070
Charter Financial Corp.		726		8,131
Clifton Bancorp, Inc.		1,067		14,148
Dime Community Bancshares, Inc.		1,703		25,136
ESB Financial Corp.		712		11,898
Essent Group Ltd.*		1,700		39,763
EverBank Financial Corp.		1,620		28,269
Federal Agricultural Mortgage Corp. Class C		340		9,367
First Defiance Financial Corp.		550		16,753
First Financial Northwest, Inc.		500		5,995
Flagstar Bancorp, Inc.*		50		711
Flushing Financial Corp.		1,594		28,851
Fox Chase Bancorp, Inc.		980		15,915
Home Loan Servicing Solutions Ltd.^#		1,080		13,025
HomeStreet, Inc.		280		4,945
Kearny Financial Corp.*		19		247
Ladder Capital Corp.*		100		1,876
LendingTree, Inc.*		490		20,178
Meridian Bancorp, Inc.*		538		6,246
Meta Financial Group, Inc.		10		335
MGIC Investment Corp.*		14,885		126,820
NASB Financial, Inc.^#,*		630		15,630
Northfield Bancorp, Inc.		2,255		32,472
Northwest Bancshares, Inc.		2,928		34,550
OceanFirst Financial Corp.		758		12,280
Oritani Financial Corp.		1,250		17,638
PennyMac Financial Services, Inc.		870		15,677
Provident Financial Services, Inc.		1,655		28,731
Radian Group, Inc.		8,316		131,060
Territorial Bancorp, Inc.		730		15,870
TrustCo Bank Corp.		1,850		11,896
United Community Financial Corp.*		2,140		11,556
United Financial Bancorp, Inc.		2,981		37,084
Walker & Dunlop, Inc.^#,*		510		9,053
Washington Federal, Inc.		2,020		40,117


Description	Number of Shares		Value
Waterstone Financial, Inc.		600	$	7,608
WSFS Financial Corp.		448		33,089

			$	1,067,866

TOTAL FINANCIALS			$	16,230,395
HEALTH CARE – 17.8%
BIOTECHNOLOGY – 7.7%
ACADIA Pharmaceuticals, Inc.^#,*		5,210		158,540
Acceleron Pharma, Inc.*		1,020		40,259
Achillion Pharmaceuticals, Inc.^#,*		4,020		59,697
Acorda Therapeutics, Inc.*		3,113		129,345
Aegerion Pharmaceuticals, Inc.*		1,770		41,099
Agenus, Inc.*		1,390		6,992
Agios Pharmaceuticals, Inc.^#,*		950		110,124
Akebia Therapeutics, Inc.*		920		9,448
Alder Biopharmaceuticals, Inc.*		10		271
AMAG Pharmaceuticals, Inc.^#,*		1,390		61,424
Anacor Pharmaceuticals, Inc.*		1,690		63,544
Applied Genetic Technologies Corp./de^#,*		960		23,981
Arena Pharmaceuticals, Inc.^#,*		13,610		58,659
Ariad Pharmaceuticals, Inc.^#,*		10,630		68,563
Array BioPharma, Inc.^#,*		7,083		50,714
Arrowhead Research Corp.^#,*		3,910		24,672
Asterias Biotherapeutics, Inc.^#,*		294		1,185
Auspex Pharmaceuticals, Inc.*		650		39,942
Avalanche Biotechnologies, Inc.^#,*		490		19,443
BioCryst Pharmaceuticals, Inc.^#,*		4,160		42,349
Biotime, Inc.*		4,930		20,114
Bluebird Bio, Inc.*		1,220		113,350
Celldex Therapeutics, Inc.^#,*		5,193		111,234
Cellular Dynamics International, Inc.*		3,320		16,832
Cepheid, Inc.*		4,757		268,818
ChemoCentryx, Inc.*		1,310		10,768
Chimerix, Inc.^#,*		2,130		85,434
Clovis Oncology, Inc.^#,*		1,530		99,741
CTI BioPharma Corp.^#,*		3,920		8,624
Cytokinetics, Inc.*		2,700		19,143
Cytori Therapeutics, Inc.^#,*		13,217		6,344
CytRx Corp.^#,*		4,240		10,897
Dendreon Corp.*		13,300		2,128
Dyax Corp.*		9,331		140,991
Dynavax Technologies Corp.^#,*		841		14,381
Emergent Biosolutions, Inc.*		1,701		47,679
Enanta Pharmaceuticals, Inc.*		610		26,498
Epizyme, Inc.^#,*		440		8,422
Esperion Therapeutics, Inc.*		550		25,245
Exact Sciences Corp.^#,*		5,780		157,274
Exelixis, Inc.*		9,082		16,983


Description	Number of Shares		Value
Five Prime Therapeutics, Inc.*		1,290	$	33,940
Foundation Medicine, Inc.*		890		42,417
Galectin Therapeutics, Inc.^#,*		2,100		6,762
Galena Biopharma, Inc.*		10,700		17,441
Genomic Health, Inc.^#,*		1,500		48,420
Geron Corp.^#,*		7,057		22,441
Halozyme Therapeutics, Inc.^#,*		6,651		94,976
Heron Therapeutics, Inc.^#,*		1,900		15,010
Hyperion Therapeutics, Inc.*		600		15,180
Idera Pharmaceuticals, Inc.*		2,790		12,611
Immune Design Corp.^#,*		10		251
ImmunoGen, Inc.^#,*		7,178		54,768
Immunomedics, Inc.^#,*		710		3,799
Infinity Pharmaceuticals, Inc.*		3,000		46,320
Inovio Pharmaceuticals, Inc.^#,*		3,440		28,690
Insmed, Inc.*		2,680		41,433
Insys Therapeutics, Inc.^#,*		735		35,118
Intrexon Corp.^#,*		2,700		77,517
Ironwood Pharmaceuticals, Inc.*		8,220		128,068
Isis Pharmaceuticals, Inc.^#,*		7,822		535,885
Karyopharm Therapeutics, Inc.^#,*		730		19,367
Keryx Biopharmaceuticals, Inc.^#,*		5,960		72,474
Kindred Biosciences, Inc.*		1,700		10,727
Kite Pharma, Inc.^#,*		840		56,406
KYTHERA Biopharmaceuticals, Inc.^#,*		1,330		49,476
Lexicon Pharmaceuticals, Inc.*		9,060		8,245
Ligand Pharmaceuticals, Inc.*		1,285		73,142
MacroGenics, Inc.*		1,660		52,489
MannKind Corp.^#,*		15,607		99,104
Merrimack Pharmaceuticals, Inc.^#,*		5,380		50,733
MiMedx Group, Inc.^#,*		6,790		55,372
Mirati Therapeutics, Inc.*		360		7,470
Momenta Pharmaceuticals, Inc.*		4,360		46,957
NanoViricides, Inc.^#,*		6,080		15,808
NeoStem, Inc.^#,*		2,480		8,779
Neuralstem, Inc.^#,*		370		1,147
Neurocrine Biosciences, Inc.*		5,117		172,238
NewLink Genetics Corp.^#,*		1,620		59,276
Northwest Biotherapeutics, Inc.^#,*		3,010		19,083
Novavax, Inc.^#,*		16,373		127,873
NPS Pharmaceuticals, Inc.*		6,812		312,398
Ohr Pharmaceutical, Inc.*		50		376
OncoMed Pharmaceuticals, Inc.^#,*		300		6,858
Oncothyreon, Inc.*		7,840		12,387
Ophthotech Corp.*		260		14,625
Opko Health, Inc.^#,*		14,100		171,033
Orexigen Therapeutics, Inc.^#,*		7,015		36,829
Organovo Holdings, Inc.^#,*		5,370		34,529


Description	Number of Shares		Value
Osiris Therapeutics, Inc.^#,*		184	$	2,968
Otonomy, Inc.*		70		2,044
OvaScience, Inc.*		880		38,245
PDL BioPharma, Inc.^#		11,206		81,692
Peregrine Pharmaceuticals, Inc.^#,*		4,640		5,939
Portola Pharmaceuticals, Inc.*		2,530		71,928
Progenics Pharmaceuticals, Inc.^#,*		2,066		12,355
Prothena Corp. PLC^#,*		1,260		28,514
PTC Therapeutics, Inc.*		1,650		90,602
Puma Biotechnology, Inc.*		1,570		331,396
Raptor Pharmaceutical Corp.^#,*		2,050		18,532
Receptos, Inc.*		1,210		133,306
Regulus Therapeutics, Inc.^#,*		1,310		25,087
Repligen Corp.*		2,580		62,668
Retrophin, Inc.^#,*		1,400		17,976
Rigel Pharmaceuticals, Inc.*		821		1,699
Sage Therapeutics, Inc.^#,*		170		6,866
Sangamo Biosciences, Inc.^#,*		4,095		52,375
Sarepta Therapeutics, Inc.^#,*		2,470		29,640
Spectrum Pharmaceuticals, Inc.^#,*		2,800		19,600
Stemline Therapeutics, Inc.^#,*		480		7,430
Sunesis Pharmaceuticals, Inc.*		4,130		9,747
Synageva BioPharma Corp.^#,*		1,500		172,830
Synergy Pharmaceuticals, Inc.^#,*		3,850		11,204
Synta Pharmaceuticals Corp.^#,*		6,050		14,399
TESARO, Inc.^#,*		1,670		67,184
Tetraphase Pharmaceuticals, Inc.*		1,770		64,357
TG Therapeutics, Inc.^#,*		1,310		18,654
Theravance, Inc.^#,*		5,400		60,858
Threshold Pharmaceuticals, Inc.^#,*		5,060		18,823
Trius Therapeutics CVR*^,††		1,740		—
Ultragenyx Pharmaceutical, Inc.^#,*		530		30,793
Vanda Pharmaceuticals, Inc.^#,*		2,150		23,930
Verastem, Inc.^#,*		1,300		9,490
Versartis, Inc.*		950		16,844
Xencor, Inc.*		310		4,697
XOMA Corp.^#,*		6,390		22,748
ZIOPHARM Oncology, Inc.^#,*		7,320		65,514

			$	6,730,333
HEALTH CARE EQUIPMENT & SUPPLIES – 4.0%
Abaxis, Inc.		1,731		106,422
ABIOMED, Inc.*		2,782		143,941
Accuray, Inc.^#,*		5,402		39,813
Analogic Corp.		388		31,634
AngioDynamics, Inc.*		989		19,033
Anika Therapeutics, Inc.*		970		38,005
Antares Pharma, Inc.*		3,040		7,114


Description	Number of Shares		Value
AtriCure, Inc.*		2,120	$	42,061
Atrion Corp.		70		23,450
Cantel Medical Corp.		2,549		103,413
Cardiovascular Systems, Inc.*		1,840		62,726
Cerus Corp.^#,*		6,370		34,016
CONMED Corp.		1,023		48,736
CryoLife, Inc.		1,550		17,453
Cyberonics, Inc.*		1,850		102,804
Cynosure, Inc.*		1,405		42,459
Derma Sciences, Inc.*		490		4,214
DexCom, Inc.*		4,963		296,688
Endologix, Inc.^#,*		4,220		58,785
Exactech, Inc.*		622		12,931
GenMark Diagnostics, Inc.*		3,020		38,898
Globus Medical, Inc.*		3,940		92,905
Greatbatch, Inc.*		1,101		53,465
Haemonetics Corp.*		2,320		91,872
HeartWare International, Inc.^#,*		1,070		89,377
ICU Medical, Inc.*		500		41,790
Insulet Corp.*		3,431		100,837
Integra LifeSciences Holdings Corp.*		1,427		79,512
Invacare Corp.		1,684		24,671
K2M Group Holdings, Inc.^#,*		960		18,144
LDR Holding Corp.*		1,060		35,478
Masimo Corp.		3,591		91,642
Meridian Bioscience, Inc.		164		2,837
Merit Medical Systems, Inc.*		2,280		34,952
Natus Medical, Inc.*		1,753		65,913
Navidea Biopharmaceuticals, Inc.^#,*		5,340		8,597
Neogen Corp.*		2,519		116,126
NuVasive, Inc.*		2,930		135,718
NxStage Medical, Inc.*		4,431		79,271
OraSure Technologies, Inc.*		3,017		27,726
Orthofix International NV*		641		19,551
Oxford Immunotec Global PLC*		1,180		13,877
PhotoMedex, Inc.^#,*		670		1,260
Quidel Corp.^#,*		1,947		45,832
Rockwell Medical, Inc.^#,*		490		5,287
RTI Surgical, Inc.*		270		1,204
Spectranetics Corp.*		3,148		102,971
Staar Surgical Co.^#,*		3,490		20,940
STERIS Corp.^#		3,940		256,967
SurModics, Inc.*		490		11,231
Symmetry Surgical, Inc.*		77		554
Tandem Diabetes Care, Inc.*		920		11,307
Thoratec Corp.*		2,060		73,933
Tornier NV*		1,100		26,587
Unilife Corp.^#,*		9,460		37,556


Description	Number of Shares		Value
Utah Medical Products, Inc.		300	$	17,007
Vascular Solutions, Inc.*		1,720		46,887
West Pharmaceutical Services, Inc.		4,660		229,785
Wright Medical Group, Inc.*		2,300		56,143
Zeltiq Aesthetics, Inc.*		2,010		64,742

			$	3,509,050
HEALTH CARE PROVIDERS & SERVICES – 3.0%
Acadia Healthcare Co., Inc.*		2,920		168,630
Addus HomeCare Corp.*		410		9,094
Air Methods Corp.*		2,543		105,662
Almost Family, Inc.		308		9,351
Amedisys, Inc.*		1,196		33,703
AMN Healthcare Services, Inc.*		2,068		38,920
Amsurg Corp.*		1,850		102,083
Bio-Reference Labs, Inc.*		1,688		56,599
BioScrip, Inc.*		3,240		18,630
BioTelemetry, Inc.*		1,740		17,191
Brookdale Senior Living, Inc.*		100		3,375
Capital Senior Living Corp.*		2,288		54,615
Chemed Corp.		1,305		131,988
Corvel Corp.*		520		17,129
Cross Country Healthcare, Inc.*		884		9,043
Ensign Group, Inc.		1,619		67,188
ExamWorks Group, Inc.*		2,560		94,618
Five Star Quality Care, Inc.*		2,940		10,231
Gentiva Health Services, Inc.*		2,427		47,132
Hanger, Inc.*		913		19,703
HealthEquity, Inc.*		180		3,739
HealthSouth Corp.		5,594		246,695
Healthways, Inc.*		1,910		39,384
HMS Holdings Corp.*		5,997		118,651
IPC The Hospitalist Co., Inc.*		1,160		46,818
Kindred Healthcare, Inc.		2,485		45,873
Landauer, Inc.		366		10,237
LHC Group, Inc.*		547		16,257
Magellan Health Services, Inc.*		1,215		73,046
Molina Healthcare, Inc.*		2,022		102,940
MWI Veterinary Supply, Inc.*		870		165,013
National Healthcare Corp.		320		20,150
National Research Corp.*		630		8,726
Owens & Minor, Inc.		1,406		48,127
PharMerica Corp.*		1,409		32,421
Providence Service Corp.*		930		36,270
RadNet, Inc.*		1,220		9,626
Select Medical Holdings Corp.		4,160		56,243
Skilled Healthcare Group, Inc.*		1,199		9,952


Description	Number of Shares		Value
Team Health Holdings, Inc.*		4,820	$	249,194
Triple-S Management Corp.*		941		22,659
U.S. Physical Therapy, Inc.		1,082		41,971
Universal American Corp.		2,463		22,241
WellCare Health Plans, Inc.*		1,890		137,687

			$	2,578,805
HEALTH CARE TECHNOLOGY – 0.4%
athenahealth, Inc.*		15		2,096
Castlight Health, Inc.*		1,760		15,629
Computer Programs & Systems, Inc.		473		23,300
HealthStream, Inc.*		1,630		46,064
MedAssets, Inc.*		2,339		43,295
Medidata Solutions, Inc.*		2,000		85,980
Merge Healthcare, Inc.*		5,470		20,239
Omnicell, Inc.*		2,918		92,880
Quality Systems, Inc.		2,496		40,660
Vocera Communications, Inc.*		370		3,315

			$	373,458
LIFE SCIENCES TOOLS & SERVICES – 0.6%
Accelerate Diagnostics, Inc.^#,*		1,162		24,983
Affymetrix, Inc.*		3,474		38,353
Albany Molecular Research, Inc.^#,*		1,310		21,392
Cambrex Corp.*		2,354		52,800
Fluidigm Corp.*		2,270		87,463
Luminex Corp.*		1,998		35,265
NanoString Technologies, Inc.*		390		4,898
Pacific Biosciences of California, Inc.*		2,490		20,020
PAREXEL International Corp.*		3,999		243,779
Sequenom, Inc.^#,*		7,542		27,755

			$	556,708
PHARMACEUTICALS – 2.1%
AcelRx Pharmaceuticals, Inc.^#,*		1,790		11,993
Aerie Pharmaceuticals, Inc.*		650		18,174
Akorn, Inc.*		4,380		186,500
Alimera Sciences, Inc.^#,*		800		4,344
ANI Pharmaceuticals, Inc.^#,*		360		20,149
Aratana Therapeutics, Inc.*		1,820		30,157
BioDelivery Sciences International, Inc.^#,*		1,560		20,436
Bio-Path Holdings, Inc.*		1,040		2,350
Catalent, Inc.*		3,270		90,317
Cempra, Inc.*		1,500		41,610
Chelsea Therapeutics International Ltd. - CVR^††		9,820		786
ContraVir Pharmaceuticals, Inc.*		656		1,719
Corcept Therapeutics, Inc.^#,*		850		2,473
Depomed, Inc.*		4,370		79,840
Endo International PLC*		1,269		101,052


Description	Number of Shares		Value
Endocyte, Inc.^#,*		3,580	$	18,544
Furiex Pharmaceuticals CVR^††		710		6,937
Horizon Pharma PLC^#		4,630		76,071
Impax Laboratories, Inc.*		2,760		101,209
Intra-Cellular Therapies, Inc.^#,*		1,500		29,130
Lannett Co., Inc.*		1,960		92,963
Medicines Co.*		4,429		126,979
Nektar Therapeutics*		7,632		111,732
Omeros Corp.^#,*		2,440		54,266
Pacira Pharmaceuticals, Inc.*		2,320		249,052
Pain Therapeutics, Inc.^#,*		5,540		10,914
Pernix Therapeutics Holdings*		1,760		14,626
Phibro Animal Health Corp.*		1,450		39,629
Pozen, Inc.*		1,045		7,221
Relypsa, Inc.^#,*		1,390		48,831
Repros Therapeutics, Inc.^#,*		1,950		16,770
Revance Therapeutics, Inc.^#,*		750		12,075
Sagent Pharmaceuticals, Inc.*		1,210		31,061
Sciclone Pharmaceuticals, Inc.*		2,900		21,402
Sucampo Pharmaceuticals, Inc.^#,*		852		12,831
Supernus Pharmaceuticals, Inc.*		2,810		23,885
TherapeuticsMD, Inc.^#,*		4,480		18,189
VIVUS, Inc.^#,*		6,370		16,689
XenoPort, Inc.*		2,584		21,525
Zogenix, Inc.*		10,000		13,500
ZS Pharma, Inc.^#,*		620		27,857

			$	1,815,788

TOTAL HEALTH CARE			$	15,564,142
INDUSTRIALS – 14.0%
AEROSPACE & DEFENSE – 1.7%
AAR Corp.		1,876		53,766
Aerovironment, Inc.*		824		21,086
American Science & Engineering, Inc.		224		10,394
Astronics Corp.*		1,292		72,036
Cubic Corp.		698		36,498
Curtiss-Wright Corp.		2,346		156,079
DigitalGlobe, Inc.*		2,547		68,489
Ducommun, Inc.*		760		19,737
Engility Holdings, Inc.*		670		26,733
Erickson, Inc.^#,*		1,710		12,055
Esterline Technologies Corp.*		1,277		143,139
GenCorp., Inc.*		3,629		60,967
HEICO Corp.^#		4,426		268,570
KEYW Holding Corp.^#,*		1,320		11,735
Kratos Defense & Security Solutions, Inc.*		3,161		15,362
LMI Aerospace, Inc.*		657		9,329
Moog, Inc.*		1,676		117,823


Description	Number of Shares		Value
National Presto Industries, Inc.^#		312	$	19,656
Orbital Sciences Corp.*		2,741		76,995
Sparton Corp.*		940		22,071
Taser International, Inc.^#,*		3,771		101,855
Teledyne Technologies, Inc.*		1,604		152,444

			$	1,476,819
AIR FREIGHT & LOGISTICS – 0.5%
Air Transport Services Group, Inc.*		2,530		21,075
Atlas Air Worldwide Holdings, Inc.*		724		32,725
Echo Global Logistics, Inc.*		1,770		46,728
Forward Air Corp.		2,201		98,825
Hub Group, Inc.*		2,242		74,883
Park-Ohio Holdings Corp.		640		34,195
UTi Worldwide, Inc.		4,550		54,009
XPO Logistics, Inc.^#,*		2,402		88,370

			$	450,810
AIRLINES – 0.5%
Allegiant Travel Co.		954		172,932
Hawaiian Holdings, Inc.*		2,443		47,492
JetBlue Airways Corp.^#,*		10,734		180,224
Republic Airways Holdings, Inc.*		1,801		24,782
SkyWest, Inc.		2,173		27,271
Spirit Airlines, Inc.*		24		1,779

			$	454,480
BUILDING PRODUCTS – 0.9%
AAON, Inc.		3,340		72,845
Advanced Drainage Systems, Inc.*		1,160		28,849
Ameresco, Inc.*		770		4,489
American Woodmark Corp.*		1,055		43,392
Apogee Enterprises, Inc.		1,840		79,598
Builders FirstSource, Inc.*		1,700		10,064
Continental Building Products, Inc.*		1,520		25,445
Gibraltar Industries, Inc.*		600		9,084
Griffon Corp.		2,229		32,744
Insteel Industries, Inc.		1,360		27,771
Masonite International Corp.*		1,140		71,501
NCI Building Systems, Inc.*		1,862		28,731
Nortek, Inc.*		470		35,875
Patrick Industries, Inc.*		630		27,090
PGT, Inc.*		1,610		13,830
Ply Gem Holdings, Inc.^#,*		800		10,080
Quanex Building Products Corp.		963		18,133
Simpson Manufacturing Co., Inc.		1,421		46,381
Stock Building Supply Holdings, Inc.*		1,260		19,631
Trex Co., Inc.*		2,548		108,366
Universal Forest Products, Inc.		726		36,344


Description	Number of Shares		Value
USG Corp.*		145	$	4,415

			$	754,658
COMMERCIAL SERVICES & SUPPLIES – 2.1%
ABM Industries, Inc.		2,329		67,238
ACCO Brands Corp.*		2,770		21,938
ARC Document Solutions, Inc.*		1,558		14,287
Brink’s Co.		2,470		55,353
Casella Waste Systems, Inc.*		1,130		4,305
Ceco Environmental Corp.		1,051		14,420
Cenveo, Inc.*		593		1,168
Civeo Corp.		2,740		8,028
Deluxe Corp.		2,845		184,726
Encore Capital Group, Inc.^#,*		1,135		42,245
EnerNOC, Inc.*		1,694		29,171
Ennis, Inc.		1,079		14,394
G&K Services, Inc.		944		66,174
Healthcare Services Group, Inc.^#		5,035		158,653
Heritage-Crystal Clean, Inc.*		550		7,013
Herman Miller, Inc.		3,935		114,312
HNI Corp.		3,083		151,838
InnerWorkings, Inc.*		460		2,360
Interface, Inc.		2,825		44,381
Kimball International, Inc.		2,450		21,242
Knoll, Inc.		3,872		79,337
McGrath RentCorp		750		22,785
Mobile Mini, Inc.		2,078		75,431
MSA Safety, Inc.		1,713		74,790
Multi-Color Corp.		701		40,812
NL Industries, Inc.		42		294
Performant Financial Corp.*		3,580		17,757
Quad/Graphics, Inc.		1,270		25,451
SP Plus Corp.*		908		20,267
Steelcase, Inc.		5,000		84,400
Sykes Enterprises, Inc.*		1,812		40,806
Team, Inc.*		1,324		50,497
Tetra Tech, Inc.*		2,044		47,073
UniFirst Corp.		668		77,575
United Stationers, Inc.		1,448		58,369
US Ecology, Inc.^#		1,664		68,989
Viad Corp.		1,055		28,464
West Corp.		530		17,331

			$	1,853,674
CONSTRUCTION & ENGINEERING – 0.6%
Aegion Corp.*		1,253		19,196
Argan, Inc.		810		24,632
Comfort Systems USA, Inc.		2,191		36,480


Description	Number of Shares		Value
Dycom Industries, Inc.*		2,447	$	75,392
EMCOR Group, Inc.		2,222		89,680
Furmanite Corp.*		2,481		18,186
Granite Construction, Inc.		1,530		52,142
Great Lakes Dredge & Dock Corp.		1,636		12,712
Layne Christensen Co.*		520		4,207
MasTec, Inc.*		2,354		43,596
MYR Group, Inc.*		920		23,028
Northwest Pipe Co.*		501		11,989
Orion Marine Group, Inc.*		1,648		15,046
Primoris Services Corp.		2,420		45,448
Sterling Construction Co., Inc.*		1,705		5,916
Tutor Perini Corp.*		1,061		23,034

			$	500,684
ELECTRICAL EQUIPMENT – 1.4%
Acuity Brands, Inc.		5		749
AZZ, Inc.		1,714		72,314
Belden, Inc.		2,924		242,517
Brady Corp.		2,309		60,427
Capstone Turbine Corp.*		25,640		15,899
Encore Wire Corp.		1,217		37,277
EnerSys, Inc.		2,017		117,752
Enphase Energy, Inc.^#,*		1,540		19,081
Franklin Electric Co., Inc.		3,192		109,198
FuelCell Energy, Inc.^#,*		11,154		13,385
Generac Holdings, Inc.^#		4,690		205,141
General Cable Corp.		2,030		23,223
Global Power Equipment Group, Inc.		1,070		13,193
GrafTech International Ltd.*		2,340		8,494
II-VI, Inc.*		954		16,399
LSI Industries, Inc.		1,963		14,408
Plug Power, Inc.^#,*		3,040		8,117
Polypore International, Inc.*		2,970		132,818
Powell Industries, Inc.		369		14,395
Power Solutions International, Inc.*		310		13,708
PowerSecure International, Inc.*		220		2,068
Preformed Line Products Co.		194		9,275
Revolution Lighting Technologies, Inc.^#,*		2,690		3,067
Thermon Group Holdings, Inc.*		1,850		37,833
Vicor Corp.*		689		7,421

			$	1,198,159
INDUSTRIAL CONGLOMERATES – 0.2%
McDermott International, Inc.^#,*		13,100		29,475
Raven Industries, Inc.		882		18,910
Seaboard Corp.		7		26,775
Standex International Corp.		668		46,820

			$	121,980


Description	Number of Shares		Value
MACHINERY – 3.0%
Accuride Corp.*		1,400	$	6,160
Actuant Corp.		2,500		57,775
Alamo Group, Inc.		219		9,866
Albany International Corp.		1,190		40,615
Altra Holdings, Inc.		1,263		32,270
American Railcar Industries, Inc.^#		589		29,568
Ampco-Pittsburgh Corp.		556		10,119
Astec Industries, Inc.		761		27,061
Barnes Group, Inc.		2,065		70,933
Blount International, Inc.*		4,080		63,240
Briggs & Stratton Corp.		1,338		24,633
Chart Industries, Inc.*		2,279		64,951
CIRCOR International, Inc.		1,098		54,230
CLARCOR, Inc.		3,508		219,355
Columbus McKinnon Corp.*		1,145		28,682
Commercial Vehicle Group, Inc.*		1,480		8,184
Douglas Dynamics, Inc.		1,430		28,872
Dynamic Materials Corp.		675		9,558
Energy Recovery, Inc.^#,*		2,459		8,115
EnPro Industries, Inc.*		1,297		76,951
ESCO Technologies, Inc.		702		25,286
ExOne Co.^#,*		520		7,462
Federal Signal Corp.*		2,689		41,061
FreightCar America, Inc.		753		17,575
Global Brass & Copper Holdings, Inc.		910		11,948
Gorman-Rupp Co.		927		26,429
Graham Corp.		585		12,104
Greenbrier Cos., Inc.^#,*		1,570		81,530
Harsco Corp.		5,550		81,918
Hurco Cos., Inc.		510		17,891
Hyster-Yale Materials Handling, Inc.		546		34,207
Hyster-Yale Materials Handling, Inc.^††		216		13,532
John Bean Technologies Corp.		2,340		70,645
Kadant, Inc.		554		22,016
LB Foster Co.		496		23,515
Lindsay Corp.		838		72,420
Lydall, Inc.*		580		15,979
Manitex International, Inc.*		1,410		15,425
Meritor, Inc.*		5,310		67,968
Middleby Corp.*		32		3,041
Miller Industries, Inc.		460		9,292
Mueller Industries, Inc.		3,572		112,125
Mueller Water Products, Inc.		11,550		118,157
NN, Inc.		1,450		33,423
Omega Flex, Inc.		150		4,706


Description	Number of Shares		Value
Proto Labs, Inc.^#,*		1,280	$	82,419
RBC Bearings, Inc.*		1,417		82,243
Rexnord Corp.*		4,240		104,940
Sun Hydraulics Corp.		1,457		52,802
Tennant Co.		1,451		94,620
Titan International, Inc.		1,025		9,164
Trimas Corp.*		2,690		72,603
Twin Disc, Inc.		493		7,937
Wabash National Corp.*		3,800		47,386
Watts Water Technologies, Inc.		1,154		67,659
Woodward, Inc.		4,091		182,500
Xerium Technologies, Inc.*		910		14,005

			$	2,629,071
MARINE – 0.1%
International Shipholding Corp.^#		755		12,654
Matson, Inc.		2,260		78,535
Navios Maritime Holdings, Inc.^#		4,400		15,972
Scorpio Bulkers, Inc.^#,*		4,470		6,660

			$	113,821
PROFESSIONAL SERVICES – 1.5%
Acacia Research Corp.^#		1,690		21,159
Advisory Board Co.*		826		38,723
Barrett Business Services, Inc.		220		6,743
CBIZ, Inc.*		2,407		19,930
CDI Corp.		453		7,696
Corporate Executive Board Co.		2,260		154,855
CRA International, Inc.*		17		502
Exponent, Inc.		927		74,290
Franklin Covey Co.*		350		6,325
FTI Consulting, Inc.*		1,820		74,019
GP Strategies Corp.*		1,130		37,719
Heidrick & Struggles International, Inc.		1,080		23,933
Huron Consulting Group, Inc.*		1,042		78,379
ICF International, Inc.*		927		34,633
Insperity, Inc.		1,081		45,337
Kelly Services, Inc.		917		15,497
Kforce, Inc.		2,073		48,508
Korn/Ferry International*		2,124		60,534
Mistras Group, Inc.*		630		12,663
Navigant Consulting, Inc.*		1,852		26,724
On Assignment, Inc.*		3,755		131,913
Pendrell Corp.*		1,650		2,145
Resources Connection, Inc.		1,395		23,297
RPX Corp.*		2,140		26,429
Science Applications International Corp.		2,550		124,389
TriNet Group, Inc.*		1,090		36,155
TrueBlue, Inc.*		2,091		46,127


Description	Number of Shares		Value
VSE Corp.		336	$	24,316
WageWorks, Inc.*		2,430		133,747

			$	1,336,687
ROAD & RAIL – 0.7%
ArcBest Corp.		1,376		51,270
Celadon Group, Inc.		678		16,157
FRP Holdings, Inc.*		250		9,050
Heartland Express, Inc.		4,078		104,764
Knight Transportation, Inc.		3,907		111,310
Marten Transport Ltd.		1,078		22,045
Quality Distribution, Inc.*		1,090		9,091
Roadrunner Transportation Systems, Inc.*		850		17,272
Saia, Inc.*		1,853		78,030
Swift Transportation Co.*		5,460		134,207
Universal Truckload Services, Inc.		380		8,953
Werner Enterprises, Inc.		1,421		40,541
YRC Worldwide, Inc.*		1,040		16,494

			$	619,184
TRADING COMPANIES & DISTRIBUTORS – 0.8%
Aceto Corp.		1,663		32,262
Aircastle Ltd.		3,355		67,301
Applied Industrial Technologies, Inc.		1,170		47,303
CAI International, Inc.*		50		1,048
DXP Enterprises, Inc.*		830		34,047
H&E Equipment Services, Inc.		1,605		28,152
Houston Wire & Cable Co.		1,199		13,273
Kaman Corp.		1,632		62,049
Rush Enterprises, Inc.*		1,720		48,160
TAL International Group, Inc.		1,799		73,129
Textainer Group Holdings Ltd.		804		26,379
Titan Machinery, Inc.^#,*		140		1,978
Watsco, Inc.		1,873		203,895

			$	638,976
TRANSPORTATION INFRASTRUCTURE – 0.0%**
Wesco Aircraft Holdings, Inc.*		2,010		26,210

TOTAL INDUSTRIALS			$	12,175,213
INFORMATION TECHNOLOGY – 20.0%
COMMUNICATIONS EQUIPMENT – 1.8%
ADTRAN, Inc.		3,411		75,417
Alliance Fiber Optic Products, Inc.^#		850		12,308
Applied Optoelectronics, Inc.^#,*		270		2,414
Aruba Networks, Inc.*		6,725		111,500
Bel Fuse, Inc.		447		10,513
Black Box Corp.		328		6,891
CalAmp Corp.^#,*		2,450		43,879


Description	Number of Shares		Value
Calix, Inc.*		2,114	$	20,294
Ciena Corp.*		4,590		85,007
Clearfield, Inc.^#,*		1,450		17,081
Comtech Telecommunications Corp.		99		3,271
CyrusOne, Inc.		1,240		34,782
Digi International, Inc.*		812		7,755
Emulex Corp.*		3,130		19,594
Extreme Networks*		4,716		13,865
Finisar Corp.^#,*		6,210		112,649
Harmonic, Inc.*		4,982		38,112
Infinera Corp.*		8,026		129,379
InterDigital, Inc.		2,738		136,845
Ixia*		1,885		19,114
KVH Industries, Inc.*		690		8,349
Loral Space & Communications, Inc.		1,001		71,982
NETGEAR, Inc.*		1,137		38,396
Numerex Corp.*		770		8,070
Oclaro, Inc.*		540		772
Parkervision, Inc.^#,*		11,130		11,353
Plantronics, Inc.		2,736		125,391
Polycom, Inc.*		6,380		84,854
Procera Networks, Inc.^#,*		1,760		15,453
Ruckus Wireless, Inc.*		3,930		41,619
ShoreTel, Inc.*		5,550		39,294
Tessco Technologies, Inc.		450		10,193
Ubiquiti Networks, Inc.^#		2,120		55,745
ViaSat, Inc.*		2,492		140,100

			$	1,552,241
COMPUTERS & PERIPHERALS – 0.7%
Cray, Inc.^#,*		2,250		73,102
Datalink Corp.*		1,130		12,837
Dot Hill Systems Corp.*		1,130		4,712
Eastman Kodak Co.^#,*		1,050		18,910
Electronics For Imaging, Inc.*		3,468		134,038
Immersion Corp.*		2,027		19,074
Nimble Storage, Inc.^#,*		1,160		26,019
QLogic Corp.*		3,860		51,570
Quantum Corp.^#,*		11,560		18,265
Silicon Graphics International Corp.*		2,450		23,104
Super Micro Computer, Inc.*		1,388		50,759
Synaptics, Inc.*		2,533		194,560
Violin Memory, Inc.^#,*		5,790		22,234

			$	649,184
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 2.6%
Agilysys, Inc.*		1,000		10,380


Description	Number of Shares		Value
Anixter International, Inc.*		1,395	$	105,127
Audience, Inc.^#,*		1,230		4,969
Badger Meter, Inc.		1,218		72,909
Benchmark Electronics, Inc.*		2,470		59,848
Checkpoint Systems, Inc.*		1,693		21,941
Cognex Corp.		6,130		225,277
Coherent, Inc.		834		51,608
Control4 Corp.^#,*		1,750		26,565
CTS Corp.		1,878		30,048
CUI Global, Inc.*		90		549
Daktronics, Inc.		3,008		37,239
DTS, Inc.*		1,017		28,191
Electro Rent Corp.		824		10,621
Electro Scientific Industries, Inc.		1,343		8,421
Fabrinet*		910		14,860
FARO Technologies, Inc.*		1,313		72,675
FEI Co.		2,772		227,914
GSI Group, Inc.*		700		9,254
Insight Enterprises, Inc.*		1,680		39,766
InvenSense, Inc.^#,*		3,660		54,058
Itron, Inc.*		1,480		55,071
Kemet Corp.*		3,580		13,604
Kimball Electronics, Inc.*		307		3,125
Littelfuse, Inc.		1,565		154,528
Maxwell Technologies, Inc.^#,*		1,148		9,138
Mercury Systems, Inc.*		1,695		26,747
Mesa Laboratories, Inc.		210		15,996
Methode Electronics, Inc.		2,907		105,146
MTS Systems Corp.		1,230		88,904
Multi-Fineline Electronix, Inc.*		653		8,496
Newport Corp.*		1,892		35,040
OSI Systems, Inc.*		869		60,813
Park Electrochemical Corp.		1,152		25,010
PC Connection, Inc.		319		7,576
Plexus Corp.*		1,798		68,126
RealD, Inc.^#,*		2,690		29,187
Rofin-Sinar Technologies, Inc.*		843		22,694
Rogers Corp.*		992		73,269
Sanmina Corp.*		2,900		61,422
ScanSource, Inc.*		1,381		47,617
Speed Commerce, Inc.*		5,240		12,471
SYNNEX Corp.*		1,342		99,563
TTM Technologies, Inc.*		2,379		16,534
Universal Display Corp.^#,*		2,067		65,855
Viasystems Group, Inc.*		20		320
Vishay Precision Group, Inc.*		480		7,987

			$	2,226,459


Description	Number of Shares		Value
INTERNET SOFTWARE & SERVICES – 2.8%
Angie’s List, Inc.^#,*		3,720	$	17,075
Bankrate, Inc.^#,*		4,040		50,419
Bazaarvoice, Inc.^#,*		930		7,728
Benefitfocus, Inc.^#,*		590		14,272
Blucora, Inc.*		1,334		18,036
Brightcove, Inc.*		920		6,587
Carbonite, Inc.^#,*		1,390		20,892
Care.com, Inc.^#,*		2,060		16,418
ChannelAdvisor Corp.*		2,070		19,624
Cimpress NV		2,390		192,515
comScore, Inc.*		2,355		97,874
Constant Contact, Inc.*		2,413		91,260
Cornerstone OnDemand, Inc.^#,*		2,060		67,877
CoStar Group, Inc.*		23		4,244
Cvent, Inc.*		580		14,488
DealerTrack Holdings, Inc.*		3,148		126,550
Demand Media, Inc.*		296		1,199
Demandware, Inc.*		2,110		113,012
Dice Holdings, Inc.*		2,050		16,953
Digital River, Inc.*		1,231		31,427
E2open, Inc.^#,*		2,910		17,140
EarthLink Holdings Corp.		4,880		20,594
Endurance International Group Holdings, Inc.*		1,940		32,611
Envestnet, Inc.*		1,990		102,425
Everyday Health, Inc.*		1,490		20,681
Global Eagle Entertainment, Inc.^#,*		2,000		30,790
Gogo, Inc.^#,*		3,860		56,105
GrubHub, Inc.^#,*		340		11,706
GTT Communications, Inc.*		1,050		12,086
Internap Network Services Corp.*		905		7,620
IntraLinks Holdings, Inc.*		1,670		17,802
j2 Global, Inc.		3,205		184,095
Limelight Networks, Inc.*		4,342		11,550
Liquidity Services, Inc.*		580		4,489
LivePerson, Inc.*		4,440		47,508
LogMeIn, Inc.*		1,840		87,492
Marchex, Inc.		4,225		16,097
Marin Software, Inc.*		2,570		17,013
Marketo, Inc.^#,*		1,620		55,777
Millennial Media, Inc.^#,*		9,330		12,596
Monster Worldwide, Inc.*		6,150		25,400
NIC, Inc.		3,983		65,401
Perficient, Inc.*		2,246		40,428
Q2 Holdings, Inc.*		770		13,768
QuinStreet, Inc.*		1,450		7,424


Description	Number of Shares		Value
RealNetworks, Inc.*		719	$	5,055
Reis, Inc.*		460		10,350
Rightside Group Ltd.*		296		2,338
Rocket Fuel, Inc.^#,*		2,170		27,798
SciQuest, Inc.*		2,210		31,426
SPS Commerce, Inc.*		1,070		63,451
Stamps.com, Inc.*		770		35,089
TechTarget, Inc.*		855		9,448
Textura Corp.^#,*		1,770		44,144
Travelzoo, Inc.*		900		7,722
Tremor Video, Inc.^#,*		2,240		4,704
Trulia, Inc.*		2,358		100,639
Unwired Planet, Inc.*		6,333		6,251
Web.com Group, Inc.*		1,810		27,349
WebMD Health Corp.^#,*		2,590		100,363
Wix.Com Ltd.^#,*		890		17,604
XO Group, Inc.*		2,034		33,439
Xoom Corp.^#,*		3,010		44,398
Yelp, Inc.^#,*		221		11,596
Zix Corp.*		1,790		6,337

			$	2,436,549
IT SERVICES – 2.8%
Acxiom Corp.*		1,841		33,506
Alliance Data Systems Corp.*		25		7,221
Blackhawk Network Holdings, Inc.^#,*		2,640		88,070
CACI International, Inc.*		973		82,306
Cardtronics, Inc.*		2,760		92,764
Cass Information Systems, Inc.		1,018		44,609
CIBER, Inc.*		3,842		12,410
Computer Task Group, Inc.		1,430		11,569
Convergys Corp.^#		3,700		70,892
CSG Systems International, Inc.		2,020		49,530
EPAM Systems, Inc.*		2,080		101,774
Euronet Worldwide, Inc.*		3,646		165,492
EVERTEC, Inc.		3,650		73,219
ExlService Holdings, Inc.*		845		24,826
Forrester Research, Inc.		535		20,191
Global Cash Access Holdings, Inc.*		2,961		19,572
Hackett Group, Inc.		1,523		11,544
Heartland Payment Systems, Inc.		2,659		132,338
Higher One Holdings, Inc.*		3,830		12,677
iGATE Corp.*		2,768		97,987
Information Services Group, Inc.*		50		201
Lionbridge Technologies, Inc.*		5,840		29,083
Luxoft Holding, Inc.		810		31,606
ManTech International Corp.		891		28,984
MAXIMUS, Inc.		4,738		264,001


Description	Number of Shares		Value
ModusLink Global Solutions, Inc.*		1,459	$	5,267
MoneyGram International, Inc.*		1,507		12,840
NeuStar, Inc.^#,*		3,900		102,531
PRGX Global, Inc.*		1,750		9,083
Sapient Corp.*		10,810		268,737
Syntel, Inc.		2,100		90,825
TeleTech Holdings, Inc.*		1,218		26,869
Unisys Corp.*		3,241		71,075
Virtusa Corp.*		1,909		71,511
WEX, Inc.*		2,716		250,008

			$	2,415,118
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 4.2%
Advanced Energy Industries, Inc.*		3,282		78,768
Alpha & Omega Semiconductor Ltd.*		1,770		15,523
Ambarella, Inc.^#,*		1,960		108,408
Amkor Technology, Inc.*		6,054		38,443
Applied Micro Circuits Corp.*		1,414		7,423
Axcelis Technologies, Inc.*		6,110		14,664
Brooks Automation, Inc.		2,644		34,134
Cabot Microelectronics Corp.*		1,831		90,470
Cavium, Inc.^#,*		3,544		208,423
Ceva, Inc.*		22		403
Cirrus Logic, Inc.*		3,000		79,500
Cohu, Inc.		113		1,280
Cypress Semiconductor Corp.^#		10,530		155,107
Diodes, Inc.*		2,345		61,978
DSP Group, Inc.*		1,625		17,859
Entegris, Inc.^#,*		5,980		77,740
Entropic Communications, Inc.*		6,160		15,954
Exar Corp.*		1,180		10,644
Fairchild Semiconductor International, Inc.*		4,220		64,777
FormFactor, Inc.*		31		234
GT Advanced Technologies, Inc.*		4,014		1,485
Inphi Corp.*		1,790		35,084
Integrated Device Technology, Inc.*		8,290		151,624
Integrated Silicon Solution, Inc.*		1,200		19,296
Intersil Corp.		5,280		75,557
IXYS Corp.		1,532		17,312
Kopin Corp.*		3,008		10,979
Lattice Semiconductor Corp.*		8,050		57,397
M/A-COM Technology Solutions Holdings, Inc.*		1,040		33,810
MaxLinear, Inc.*		1,840		14,812
Micrel, Inc.		3,416		48,063
Microsemi Corp.*		5,972		166,380
MKS Instruments, Inc.		2,189		76,637
Monolithic Power Systems, Inc.		2,667		126,656
Nanometrics, Inc.*		910		14,141


Description	Number of Shares		Value
NVE Corp.*		299	$	19,767
OmniVision Technologies, Inc.*		2,261		61,137
PDF Solutions, Inc.*		810		13,462
Pericom Semiconductor Corp.*		513		7,495
Photronics, Inc.*		2,660		22,344
PMC - Sierra, Inc.*		9,060		80,090
Power Integrations, Inc.		1,904		98,208
Qorvo, Inc.*		10,031		740,990
QuickLogic Corp.^#,*		5,730		16,331
Rambus, Inc.*		7,550		84,938
Rubicon Technology, Inc.^#,*		3,692		15,359
Rudolph Technologies, Inc.*		627		6,289
Semtech Corp.*		4,140		105,404
Silicon Image, Inc.*		5,445		39,531
Silicon Laboratories, Inc.*		2,120		92,771
Spansion, Inc.*		4,220		149,641
Tessera Technologies, Inc.		3,246		120,362
Ultra Clean Holdings*		470		4,136
Veeco Instruments, Inc.*		1,700		49,589
Xcerra Corp.*		1,613		12,388

			$	3,671,197
SOFTWARE – 5.1%
A10 Networks, Inc.*		2,120		10,176
ACI Worldwide, Inc.*		7,052		130,250
Advent Software, Inc.		3,474		145,387
American Software, Inc.		764		6,334
Aspen Technology, Inc.*		6,060		214,191
AVG Technologies NV*		1,740		34,417
Barracuda Networks, Inc.*		170		5,756
Blackbaud, Inc.		3,382		147,827
Bottomline Technologies, Inc.*		2,857		70,768
BroadSoft, Inc.*		1,050		28,234
Callidus Software, Inc.*		3,610		53,969
CommVault Systems, Inc.*		3,171		138,192
Comverse, Inc.*		1,493		25,724
Covisint Corp.*		1,412		3,135
Cyan, Inc.^#,*		7,390		21,505
Digimarc Corp.		460		12,429
Ebix, Inc.^#		1,298		29,659
Ellie Mae, Inc.*		1,910		84,498
EPIQ Systems, Inc.		481		8,393
ePlus, Inc.		210		14,162
Fair Isaac Corp.		2,144		152,974
Fleetmatics Group PLC^#,*		2,460		87,109
Gigamon, Inc.*		830		15,280
Glu Mobile, Inc.^#,*		7,070		24,816
Guidance Software, Inc.^#,*		680		4,461


Description	Number of Shares		Value
Guidewire Software, Inc.*		4,830	$	241,983
Imperva, Inc.*		1,700		70,992
Infoblox, Inc.*		4,120		76,920
Interactive Intelligence Group, Inc.*		293		11,884
Jive Software, Inc.*		2,140		12,326
Kofax Ltd.*		90		620
Manhattan Associates, Inc.*		5,360		239,270
Mentor Graphics Corp.		3,728		85,781
MicroStrategy, Inc.*		699		112,958
Model N, Inc.*		1,550		16,585
Monotype Imaging Holdings, Inc.		2,068		60,675
Netscout Systems, Inc.*		2,751		98,761
Pegasystems, Inc.		2,688		52,604
Progress Software Corp.*		1,814		45,441
Proofpoint, Inc.*		2,630		131,500
PROS Holdings, Inc.*		1,966		47,754
QAD, Inc.		607		11,739
QLIK Technologies, Inc.*		5,670		161,028
Qualys, Inc.*		1,530		58,171
Rally Software Development Corp.*		630		7,453
RealPage, Inc.*		2,970		53,490
Rosetta Stone, Inc.*		750		6,765
Sapiens International Corp.		120		770
Seachange International, Inc.*		1,480		10,449
Silver Spring Networks, Inc.^#,*		4,340		30,814
SS&C Technologies Holdings, Inc.*		4,450		246,219
Synchronoss Technologies, Inc.*		2,509		106,557
Take-Two Interactive Software, Inc.*		3,551		105,536
Tangoe, Inc.*		2,170		24,803
TeleCommunication Systems, Inc.*		550		1,557
Telenav, Inc.*		770		4,990
TiVo, Inc.*		3,980		41,631
Tyler Technologies, Inc.*		2,329		247,060
Ultimate Software Group, Inc.*		1,787		264,494
VASCO Data Security International, Inc.^#,*		2,255		48,483
Verint Systems, Inc.*		4,087		218,164
VirnetX Holding Corp.^#,*		1,970		10,717
Vringo, Inc.^#,*		5,130		2,713
Zendesk, Inc.*		1,370		33,140

			$	4,472,443

TOTAL INFORMATION TECHNOLOGY			$	17,423,191
MATERIALS – 4.6%
CHEMICALS – 2.0%
A Schulman, Inc.		1,558		54,296
American Vanguard Corp.		794		8,877
Axiall Corp.		2,350		103,987


Description	Number of Shares		Value
Balchem Corp.		2,250	$	119,182
Calgon Carbon Corp.*		3,191		62,958
Chase Corp.		550		19,690
Chemtura Corp.*		5,350		116,576
Ferro Corp.*		4,722		52,556
Flotek Industries, Inc.*		3,070		49,642
FutureFuel Corp.		620		6,814
H.B. Fuller Co.		3,589		147,687
Hawkins, Inc.		670		25,802
Innophos Holdings, Inc.		915		54,479
Innospec, Inc.		940		37,102
Intrepid Potash, Inc.^#		2,220		29,548
KMG Chemicals, Inc.		770		16,108
Koppers Holdings, Inc.		664		12,058
Kraton Performance Polymers, Inc.*		870		16,826
Kronos Worldwide, Inc.		1,300		14,599
Landec Corp.*		857		10,944
LSB Industries, Inc.*		621		19,400
Marrone Bio Innovations, Inc.^#,*		1,060		3,604
Minerals Technologies, Inc.		1,730		113,021
Olin Corp.		2,345		58,789
OM Group, Inc.		1,506		42,168
OMNOVA Solutions, Inc.*		4,500		30,870
PolyOne Corp.		6,602		234,965
Quaker Chemical Corp.		812		64,083
Senomyx, Inc.^#,*		120		634
Sensient Technologies Corp.		1,912		116,632
Stepan Co.		578		22,195
Trecora Resources*		1,360		18,700
Tredegar Corp.		1,700		36,363
Tronox Ltd.		2,190		46,297
Zep, Inc.		714		11,438

			$	1,778,890
CONSTRUCTION MATERIALS – 0.1%
Headwaters, Inc.*		4,765		67,091
United States Lime & Minerals, Inc.^#		246		17,011
US Concrete, Inc.*		1,020		25,847

			$	109,949
CONTAINERS & PACKAGING – 0.6%
AEP Industries, Inc.*		77		3,858
Berry Plastics Group, Inc.*		3,850		130,207
Graphic Packaging Holding Co.*		22,620		327,538
Myers Industries, Inc.		1,732		28,838
UFP Technologies, Inc.*		580		12,922

			$	503,363
METALS & MINING – 1.0%
AK Steel Holding Corp.^#,*		8,300		31,457


Description	Number of Shares		Value
Allied Nevada Gold Corp.^#,*		9,340	$	9,620
AM Castle & Co.^#,*		2,460		14,883
Century Aluminum Co.*		2,140		49,455
Coeur Mining, Inc.*		5,440		34,272
Commercial Metals Co.		4,090		54,888
Globe Specialty Metals, Inc.		3,740		57,671
Gold Reserve, Inc.^#,*		2,870		8,754
Gold Resource Corp.		4,370		15,295
Handy & Harman Ltd.*		200		9,026
Haynes International, Inc.		574		22,346
Hecla Mining Co.		11,978		39,408
Horsehead Holding Corp.^#,*		2,628		35,320
Kaiser Aluminum Corp.^#		561		38,883
Materion Corp.		1,162		38,288
Molycorp, Inc.^#,*		15,320		5,056
Noranda Aluminum Holding Corp.		870		2,636
Olympic Steel, Inc.		625		8,569
RTI International Metals, Inc.*		1,582		35,279
Schnitzer Steel Industries, Inc.^#		1,420		23,970
Stillwater Mining Co.*		7,354		100,529
SunCoke Energy, Inc.*		3,170		47,867
Universal Stainless & Alloy Products, Inc.*		546		12,170
US Silica Holdings, Inc.^#		3,710		93,492
Worthington Industries, Inc.		3,279		98,140

			$	887,274
PAPER & FOREST PRODUCTS – 0.9%
Boise Cascade Co.*		2,910		117,680
Clearwater Paper Corp.*		1,584		117,248
Deltic Timber Corp.		815		50,937
KapStone Paper & Packaging Corp.		5,970		178,324
Louisiana-Pacific Corp.^#,*		5,126		83,913
Neenah Paper, Inc.		901		51,699
PH Glatfelter Co.		2,043		46,723
Resolute Forest Products, Inc.^#,*		2,910		49,470
Schweitzer-Mauduit International, Inc.		658		25,570
Wausau Paper Corp.		2,650		26,924

			$	748,488

TOTAL MATERIALS			$	4,027,964
TELECOMMUNICATION SERVICES – 0.8%
DIVERSIFIED TELECOMMUNICATION SERVICES –0.6%
8x8, Inc.*		3,830		29,529
Atlantic Tele-Network, Inc.		430		28,565
Cincinnati Bell, Inc.*		5,710		16,730
Cogent Communications Group, Inc.		3,053		113,144
Consolidated Communications Holdings, Inc.		3,050		71,004


Description	Number of Shares		Value
Fairpoint Communications, Inc.*		1,450	$	21,692
General Communication, Inc.*		282		4,140
Globalstar, Inc.^#,*		6,620		16,020
Hawaiian Telcom Holdco, Inc.*		550		14,317
IDT Corp.		1,300		27,768
inContact, Inc.*		2,210		18,940
Inteliquent, Inc.		2,090		35,154
Intelsat SA*		1,410		22,208
Iridium Communications, Inc.^#,*		2,830		24,083
Lumos Networks Corp.		1,737		27,844
magicJack VocalTec Ltd.^#,*		2,030		14,088
ORBCOMM, Inc.*		2,560		14,234
Premiere Global Services, Inc.*		700		6,188
Vonage Holdings Corp.*		5,910		24,822

			$	530,470
WIRELESS TELECOMMUNICATION SERVICES – 0.2%
Boingo Wireless, Inc.*		1,190		10,055
NTELOS Holdings Corp.		1,647		6,753
RingCentral, Inc.^#,*		1,800		24,300
Shenandoah Telecommunications Co.		1,746		51,874
Sonus Networks, Inc.*		3,336		63,651
Spok Holdings, Inc.		1,488		25,475

			$	182,108

TOTAL TELECOMMUNICATION SERVICES			$	712,578
UTILITIES – 2.6%
ELECTRIC UTILITIES – 1.0%
ALLETE, Inc.		1,056		59,822
Cleco Corp.		2,345		127,474
El Paso Electric Co.		1,680		67,301
Empire District Electric Co.		896		27,301
IDACORP, Inc.		1,942		131,881
MGE Energy, Inc.		1,068		49,021
NRG Yield, Inc.^#		1,140		60,283
Otter Tail Corp.		710		21,953
PNM Resources, Inc.		3,377		102,999
Portland General Electric Co.		2,967		117,790
UIL Holdings Corp.		1,636		75,256
Unitil Corp.		810		30,262

			$	871,343
GAS UTILITIES – 0.8%
Chesapeake Utilities Corp.		755		36,814
Laclede Group, Inc.		1,718		92,360
New Jersey Resources Corp.		1,747		111,598
Northwest Natural Gas Co.		798		39,828
Piedmont Natural Gas Co., Inc.		2,864		114,245


Description	Number of Shares		Value
South Jersey Industries, Inc.		921	$	53,648
Southwest Gas Corp.		1,968		120,953
WGL Holdings, Inc.		1,890		106,785

			$	676,231
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS – 0.3%
Atlantic Power Corp.^#		4,610		12,216
Dynegy, Inc.*		4,310		117,749
Ormat Technologies, Inc.^#		850		22,738
Pattern Energy Group, Inc.		2,680		78,310

			$	231,013
MULTI-UTILITIES – 0.3%
Avista Corp.		2,378		88,295
Black Hills Corp.		1,688		84,670
NorthWestern Corp.		1,639		94,669

			$	267,634
POWER AND RENEWABLE ELECTRICITY –0.0%**
Abengoa Yield PLC^#		220		7,242
TerraForm Power, Inc.*		860		27,984

			$	35,226
WATER UTILITIES – 0.2%
American States Water Co.		1,524		60,411
Artesian Resources Corp.		630		13,954
California Water Service Group		2,380		58,405
Connecticut Water Service, Inc.		363		13,053
Middlesex Water Co.		991		21,673
SJW Corp.		368		12,427
York Water Co.		130		3,077

			$	183,000

TOTAL UTILITIES			$	2,264,447

TOTAL COMMON STOCKS (COST $68,328,129)			$	86,787,153
INVESTMENT COMPANIES – 0.5%
EQUITY FUNDS – 0.5%
iShares Russell 2000 Growth ETF^#		1,486		206,703
iShares Russell 2000 Index Fund^#		1,759		203,516

TOTAL EQUITY FUNDS			$	410,219

TOTAL INVESTMENT COMPANIES (COST $405,788)			$	410,219
RIGHTS – 0.0%**
Cubist Pharmaceuticals, Inc.*^,††		3,645		215
Leap Wireless International, Inc.*^,††		4,140		10,102
Providence Service Corp.		38		—

TOTAL RIGHTS (COST $16,404)			$	10,317


Description	Number of Shares		Value
WARRANTS – 0.0%**
BioTime, Inc.*		359	$	447
Education Management Corp.		932		—
Magnum Hunter Re^††		1,281		—
Tejon Ranch Co., Expire 8/05/14		118		173

TOTAL WARRANTS (COST $1,050)			$	620

TOTAL INVESTMENTS IN SECURITIES – 100.0% (COST $68,751,371)			$	87,208,309

	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 13.5%
REPURCHASE AGREEMENTS – 13.5%
Citigroup Global Markets, Inc., 0.08%, dated 01/30/15, due 02/02/15, repurchase price $2,791,134, collateralized by U.S. Government Securities 0.00% to 6.00%, maturing 01/12/18 to 02/01/45; total market value of $2,846,937.	$	2,791,115		2,791,115
HSBC Securities USA, Inc., 0.05%, dated 01/30/15, due 02/02/15, repurchase price $2,791,127, collateralized by U.S. Government Securities 0.00% to 9.38%, maturing 02/09/15 to 07/15/32; total market value of $2,846,940.		2,791,115		2,791,115
JP Morgan Securities LLC, 0.08%, dated 01/30/15, due 02/02/15, repurchase price $2,791,134, collateralized by U.S. Government Securities 2.50% to 9.00%, maturing 12/01/15 to 01/01/48; total market value of $2,846,963.		2,791,115		2,791,115



Description	Par Value		Value
Mizuho Securities USA, Inc., 0.08%, dated 01/30/15, due 02/02/15, repurchase price $2,791,134, collateralized by U.S. Government & Treasury Securities 0.00% to 4.50%, maturing 02/12/15 to 01/20/45; total market value of $2,848,536.	$	2,791,115	$	2,791,115
RBC Capital Markets LLC, 0.08%, dated 01/30/15, due 02/02/15, repurchase price $587,589, collateralized by U.S. Government Securities 1.31% to 5.50%, maturing 11/01/24 to 05/01/50; total market value of $599,337.		587,585		587,585

TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN
(COST $11,752,045)			$	11,752,045
TOTAL INVESTMENTS – 113.5% (COST $80,503,416)			$	98,960,354
COLLATERAL FOR SECURITIES ON LOAN – (13.5%)				(11,752,045	)
OTHER ASSETS LESS LIABILITIES – 0.0%**				20,700

TOTAL NET ASSETS – 100.0%			$	87,229,009

Cost of investments for Federal income tax purposes is $81,529,217. The net unrealized appreciation/(depreciation) of investments was $17,431,137. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $24,786,283 and net unrealized depreciation from investments for those securities having an excess of cost over value of $7,355,146.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

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

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of January 31, 2015 in valuing the Fund’s assets carried at fair value:


Description	Number of Shares		Value
COMMON STOCKS – 93.3%
ARGENTINA – 0.1%
Adecoagro SA*		5,500	$	42,680
Arcos Dorados Holdings, Inc.^#		6,100		33,855
Banco Macro SA ADR^#		1,100		42,504
BBVA Banco Frances SA ADR*		2,720		38,488
Cresud SACIF y A ADR		2,251		23,185
Grupo Financiero Galicia SA ADR^#		1,320		21,595
MercadoLibre, Inc.^#		940		116,504
Petrobras Argentina SA ADR		19,536		95,140
Telecom Argentina SA ADR*		4,350		82,911
Transportadora de Gas del Sur SA ADR		10,400		32,552

TOTAL ARGENTINA			$	529,414
AUSTRALIA – 2.5%
AGL Energy Ltd.		4,217		46,618
Alumina Ltd. ADR*		35,910		71,563
Amcor Ltd.^††		7,111		70,280
AMP Ltd.		10,091		45,002
APA Group^††		5,889		37,123
Arrium Ltd.^††		532,800		84,084
Asciano Ltd.^††		29,174		135,827
ASX Ltd.^††		1,019		30,117
Aurizon Holdings Ltd.^††		10,737		41,057
Australia & New Zealand Banking Group Ltd.^††		24,664		629,611
Bendigo & Adelaide Bank Ltd.^††		38,763		401,431
BHP Billiton Ltd.^††		32,627		752,534
BlueScope Steel Ltd.*^,††		6,507		25,208
Boart Longyear Ltd.*^,††		48,400		6,136
Boral Ltd.^††		18,756		81,179
Brambles Ltd.^††		9,068		74,291
Challenger Ltd.^††		44,000		214,061
Commonwealth Bank of Australia^††		4,290		296,633
Crown Ltd.^††		3,064		32,194
CSL Ltd.^††		868		59,071
Downer EDI Ltd.^††		40,700		132,150
Echo Entertainment Group Ltd.^††		220,704		689,607
Fortescue Metals Group Ltd.^††		5,405		9,801
GPT Group^††		8,152		28,583
Harvey Norman Holdings Ltd.^††		9,633		29,422
Incitec Pivot Ltd.		31,391		87,554
James Hardie Industries PLC^††		2,466		24,726


Description	Number of Shares		Value
Lend Lease Group^††		34,696	$	447,219
Macquarie Group Ltd.^††		14,495		694,770
Mcmillan Shakespeare Ltd.^††		23,900		212,373
Metcash Ltd.^††		42,500		47,978
Mineral Resources Ltd.^#,††		24,300		125,872
National Australia Bank Ltd.^††		38,030		1,048,810
Newcrest Mining Ltd.^††		189,911		2,050,660
Orica Ltd.^††		13,403		188,136
Origin Energy Ltd.^††		15,480		127,739
Primary Health Care Ltd.^††		44,600		159,736
Qantas Airways Ltd.*^,††		199,400		401,806
QBE Insurance Group Ltd.		11,717		96,055
Rio Tinto Ltd.^††		9,223		411,274
Sandfire Resources Nl^††		18,311		60,408
Santos Ltd.^††		31,969		194,629
Scentre Group*^,††		8,754		25,722
Seek Ltd.^††		34,027		468,297
Sims Metal Management Ltd.^#,††		5,437		45,742
Skilled Group Ltd.^††		65,800		66,482
Suncorp Group Ltd.^††		18,152		206,820
Tabcorp Holdings Ltd.		22,564		79,754
Tatts Group Ltd.^††		32,697		97,853
Telstra Corp. Ltd.^††		1,305		6,582
Toll Holdings Ltd.		11,181		53,468
Transurban Group^††		5,817		41,601
Wesfarmers Ltd.^††		15,485		523,052
Westfield Corp.		4,442		33,884
Westpac Banking Corp.^††		6,909		184,651
Woodside Petroleum Ltd.^††		16,633		441,756
Woolworths Ltd.^††		2,759		67,896

TOTAL AUSTRALIA			$	12,746,888
AUSTRIA – 0.5%
Ams AG^††		22,100		865,024
Andritz AG^††		335		18,134
Buwog AG^#,††		365		7,129
Erste Group Bank AG^#,††		44,898		972,001
OMV AG^††		8,231		204,629
Raiffeisen International Bank Holding AG^#,††		6,757		78,956
Voestalpine AG^††		9,400		334,756

TOTAL AUSTRIA			$	2,480,629


Description	Number of Shares		Value
BAHRAIN – 0.0%**
Al-Salam Bank^††		268,200	$	86,652
Gulf Finance House EC*^,††		424,840		33,226

TOTAL BAHRAIN			$	119,878
BELGIUM – 1.1%
Ageas^††		4,379		149,953
Anheuser-Busch InBev NV^††		28,875		3,521,756
bpost SA^††		11,500		302,609
Colruyt SA^††		454		20,940
Delhaize Group SA^††		9,084		755,662
Delhaize Group SA ADR		7,850		162,417
KBC Groep NV^††		1,940		104,342
Solvay SA		1,700		232,417
Telenet Group Holding NV*^,††		726		40,375
UCB SA^††		1,234		95,929
Umicore SA		1,295		54,236

TOTAL BELGIUM			$	5,440,636
BOTSWANA – 0.1%
Barclays Bank of Botswana Ltd.		100,300		36,454
Botswana Insurance Holdings Ltd.^††		60,900		73,980
First National Bank of Botswana		274,700		104,082
Sechaba Breweries Ltd.^††		61,203		178,426
Standard Chartered Bank Botswana Ltd.		41,700		54,374

TOTAL BOTSWANA			$	447,316
BRAZIL – 0.7%
ALL America Latina Logistica SA		17,200		24,679
Ambev SA		33,575		220,601
Banco do Brasil SA		8,167		62,883
BB Seguridade Participacoes SA		6,000		65,741
BM&FBovespa SA		11,907		40,381
BR Malls Participacoes SA		5,800		32,921
BRF SA		6,756		162,099
CCR SA		14,800		84,280
Centrais Eletricas Brasileiras SA		9,100		17,398
CETIP SA - Mercados Organizados		1,600		20,542
Cia de Saneamento Basico do Estado de Sao Paulo		9,000		44,610
Cia Energetica de Minas Gerais		2,768		12,895
Cia Siderurgica Nacional SA		4,700		7,287
Cielo SA		20,566		306,583
Cosan Logistica SA		1,200		979
Cosan SA Industria e Comercio		1,200		10,970
CPFL Energia SA		4,800		30,125
Cyrela Brazil Realty SA Empreendimentos e Participacoes		7,500		30,215
EDP - Energias do Brasil SA		10,300		33,243


Description	Number of Shares		Value
Embraer SA		11,800	$	104,400
Estacio Participacoes SA		4,600		28,612
Gafisa SA		28,700		20,322
Itau Unibanco Holding SA ADR		91,222		1,105,611
Kroton Educacional SA		16,300		74,719
Localiza Rent a Car SA		2,840		36,939
Lojas Renner SA		2,500		65,685
Marfrig Alimentos SA*		14,350		26,740
MRV Engenharia e Participacoes SA		6,800		17,512
Natura Cosmeticos SA		3,600		42,061
Odontoprev SA^††		13,200		50,791
PDG Realty SA Empreendimentos e Participacoes*		31,200		6,046
Qualicorp SA		8,500		84,105
Souza Cruz SA		2,900		24,307
Tim Participacoes SA		32,506		143,435
Totvs SA		4,400		55,048
Tractebel Energia SA		3,200		37,137
Ultrapar Participacoes SA		3,000		59,256
Weg SA		5,070		60,464

TOTAL BRAZIL			$	3,251,622
BULGARIA – 0.0%**
Central Cooperative Bank AD*^,††		20,482		12,409
Chimimport AD*^,††		10,600		10,209
Doverie Holding AD*^,††		11,040		5,521
Olovno Tzinkov Komplex AD*		900		—
Petrol AD*		37,250		26,796
Sopharma AD Sofia^††		14,000		29,301

TOTAL BULGARIA			$	84,236
CANADA – 4.0%
Agnico-Eagle Mines Ltd.		1,785		60,183
Agrium, Inc.		2,192		233,863
Air Canada		35,800		331,038
Alimentation Couche Tard, Inc.		2,230		87,378
Bank Of Montreal		2,315		133,066
Bank of Montreal		874		50,162
Bank of Nova Scotia		2,161		103,841
Barrick Gold Corp.		53,976		689,813
BCE, Inc.		452		20,759
Blackberry Ltd.*		517		5,253
Blackberry Ltd. ADR*		3,039		30,846
Bombardier, Inc.^#		140,000		319,509
Bonavista Energy Corp.^#		1,621		7,654
Brookfield Asset Management, Inc.		2,168		110,473
CAE, Inc.		1,400		17,242
Cameco Corp.		5,717		80,234
Canadian Imperial Bank of Commerce		5,283		366,613


Description	Number of Shares		Value
Canadian National Railway Co.		1,755	$	115,628
Canadian Natural Resources Ltd. (136385101)		19,113		553,130
Canadian Natural Resources Ltd. (2171573)^#		3,791		109,908
Canadian Oil Sands Ltd.^#		2,858		17,655
Canadian Pacific Railway Ltd.		199		34,684
Canadian Tire Corp. Ltd.		2,973		274,185
Canadian Utilities Ltd.		1,396		46,284
Catamaran Corp.*		878		43,821
CCL Industries, Inc. Class B		6,200		640,883
Cenovus Energy, Inc.		9,737		184,020
Cogeco Cable, Inc.		5,000		287,243
Crescent Point Energy Corp.^#		4,233		100,491
Dollarama, Inc.		10,133		481,252
Dominion Diamond Corp.		21,300		353,855
Dorel Industries, Inc.		8,700		249,285
Eldorado Gold Corp.		9,399		45,102
Empire Co. Ltd.		3,934		286,374
Enbridge, Inc.		2,897		140,324
Encana Corp.		22,681		277,615
Ensign Energy Services, Inc.		2,332		16,168
Fairfax Financial Holdings Ltd.		656		348,469
First Quantum Minerals Ltd.		9,715		88,610
Franco-Nevada Corp.		993		57,304
Genworth MI Canada, Inc.		1,061		26,402
Gildan Activewear, Inc.		600		35,026
Goldcorp, Inc.		6,282		150,956
Husky Energy, Inc.		22,242		478,727
Imperial Oil Ltd.		1,692		62,902
Industrial Alliance Insurance & Financial Services, Inc.		1,794		57,122
Intact Financial Corp.		887		59,278
Keyera Corp.		3,100		182,970
Kinross Gold Corp.*		20,413		69,237
Laurentian Bank of Canada		5,700		209,976
Linamar Corp.		9,700		555,649
Lundin Mining Corp.*		15,100		53,712
Magna International, Inc.		6,179		593,683
Manulife Financial Corp.		31,084		498,538
Meg Energy Corp.		1,178		17,966
Metro, Inc.		5,500		435,256
National Bank of Canada		13,100		455,773
Nevsun Resources Ltd.		50,300		173,776
New Gold, Inc.*		4,369		19,151
Onex Corp.		258		14,162
Open Text Corp.		8,513		482,763


Description	Number of Shares		Value
Pan American Silver Corp.		589	$	6,868
Parex Resources, Inc.*		18,500		100,165
Pembina Pipeline Corp.		1,266		39,334
Pengrowth Energy Corp.^#		576		1,541
Penn West Petroleum Ltd.^#		3,500		5,215
Peyto Exploration & Dev Corp.^#		700		17,683
Potash Corp. of Saskatchewan, Inc. (2696980)		476		17,329
Power Corp. of Canada^#		1,700		40,992
Power Financial Corp.		554		14,950
Precision Drilling Corp.		3,100		15,810
Restaurant Brands International, Inc.*		656		25,374
Rogers Communications, Inc.		1,391		49,457
Royal Bank of Canada		2,547		143,796
Saputo, Inc.		729		20,963
Secure Energy Services, Inc.		12,900		149,740
Shaw Communications, Inc.^#		15,111		348,907
Silver Wheaton Corp.		1,091		25,062
Sun Life Financial, Inc.		3,756		114,864
Suncor Energy, Inc.		48,522		1,447,162
Talisman Energy, Inc.		25,355		191,074
Teck Resources Ltd. (878742204)^#		8,809		113,460
TELUS Corp.		1,729		59,311
Thomson Reuters Corp.^#		2,729		104,719
Toronto-Dominion Bank		3,201		127,466
Tourmaline Oil Corp.*		2,741		75,368
TransAlta Corp.		4,300		37,630
TransAlta Corp.		2,800		24,444
TransCanada Corp.		1,435		63,851
Transcontinental, Inc.		12,000		142,882
Turquoise Hill Resources Ltd.		5,300		15,391
Valeant Pharmaceuticals International, Inc.*		25,596		4,092,500
Vermilion Energy, Inc.^#		982		43,254
West Fraser Timber Co. Ltd.		2,600		149,326
Whitecap Resources, Inc.^#		5,000		48,831
Yamana Gold, Inc.		8,144		33,712

TOTAL CANADA			$	19,941,673
CHILE – 0.4%
AES Gener SA		53,119		27,366
Aguas Andinas SA		57,100		32,705
Antarchile SA		5,564		66,830
Banco de Chile		861,492		94,990
Banco de Credito e Inversiones		1,241		51,967
Banco Santander Chile ADR		878,810		90,965
Banmedica SA		35,543		61,709
CAP SA		2,590		6,346
Cencosud SA		25,800		63,162


Description	Number of Shares		Value
Cia Cervecerias Unidas SA ADR		2,500	$	45,850
Colbun SA		160,447		43,658
Corpbanca SA		6,076,800		67,254
Empresa Nacional de Electricidad SA ADR		2,110		90,097
Empresas CMPC SA		40,150		99,732
Empresas COPEC SA		17,135		193,911
Enersis SA		404,755		125,321
ENTEL Chile SA		16,674		156,639
Latam Airlines Group SA		5,926		62,521
Parque Arauco SA		33,651		59,693
Quinenco SA		31,602		64,842
Ripley Corp. SA		37,500		15,443
SACI Falabella		21,748		142,674
Sociedad Matriz SAAM SA		373,941		26,648
Sonda SA		49,407		119,622
Vina Concha y Toro SA ADR		1,100		40,150

TOTAL CHILE			$	1,850,095
CHINA – 3.1%
Agricultural Bank of China Ltd.^††		132,000		64,457
Anhui Conch Cement Co. Ltd.^#,††		24,000		80,342
Baidu, Inc. ADR*		1,500		326,880
Bank of China Ltd.^††		384,000		214,371
Bank of Communications Co. Ltd.^††		78,800		66,154
Belle International Holdings Ltd.^††		55,000		62,256
Brilliance China Automotive Holdings Ltd.		28,000		51,358
Byd Co. Ltd.^#,*^,††		6,000		21,791
China Agri-Industries Holdings Ltd.^††		145,000		58,568
China CITIC Bank Corp. Ltd.^††		42,000		31,058
China Coal Energy Co. Ltd.^††		75,000		41,317
China Communications Construction Co. Ltd.^††		96,000		104,293
China Construction Bank Corp.^††		452,810		362,466
China COSCO Holdings Co. Ltd.^#,*^,††		135,500		66,977
China Eastern Airlines Corp. Ltd.*		74,000		37,530
China Life Insurance Co. Ltd.^††		42,000		162,754
China Longyuan Power Group Corp.^††		37,000		39,711
China Mengniu Dairy Co. Ltd.^††		15,000		68,348
China Merchants Bank Co. Ltd.^††		23,052		51,452
China Merchants Holdings International Co. Ltd.^††		18,000		66,147
China Minsheng Banking Corp. Ltd.		72,000		87,398
China Mobile Ltd.		54,000		707,858
China National Building Material Co. Ltd.^††		34,000		32,685
China Oilfield Services Ltd.^††		16,000		26,318
China Overseas Land & Investment Ltd.		20,320		58,592
China Pacific Insurance Group Co. Ltd.^††		18,800		90,348
China Petroleum & Chemical Corp.		235,800		186,574


Description	Number of Shares		Value
China Railway Construction Corp. Ltd.^††		29,400	$	33,698
China Resources Enterprise Ltd.^††		26,000		56,924
China Resources Land Ltd.		28,000		71,631
China Resources Power Holdings Co. Ltd.^††		39,600		110,879
China Shenhua Energy Co. Ltd.^††		32,000		87,841
China Southern Airlines Co. Ltd.		81,000		43,131
China Telecom Corp. Ltd.^††		202,000		119,460
China Unicom Hong Kong Ltd.		54,652		81,803
China Yurun Food Group Ltd.^#,*^,††		106,000		40,750
CNOOC Ltd.^††		150,000		199,030
COSCO Pacific Ltd.		38,000		54,989
Ctrip.com International Ltd. ADR*		1,600		76,088
Datang International Power Generation Co. Ltd.		132,000		72,170
Dongfeng Motor Group Co. Ltd.^††		30,000		43,387
Great Wall Motor Co. Ltd.^††		789,729		4,507,684
Guangzhou Automobile Group Co. Ltd.^††		64,974		58,913
Hengan International Group Co. Ltd.		6,500		77,156
Industrial & Commercial Bank of China^††		455,000		324,473
Inner Mongolia Yitai Coal Co.		13,200		18,615
Intime Retail Group Co. Ltd.^††		35,000		21,526
Jiangxi Copper Co. Ltd.^††		20,000		32,553
Kingboard Chemical Holdings Ltd.^††		136,200		220,279
Kunlun Energy Co. Ltd.		28,000		29,154
Lenovo Group Ltd.		40,000		51,504
NetEase, Inc. ADR		1,300		142,025
New Oriental Education & Technology Group ADR		2,600		47,554
Parkson Retail Group Ltd.^††		84,000		20,096
PetroChina Co. Ltd.		196,000		212,837
PICC Property & Casualty Co. Ltd.^††		20,000		39,006
Ping An Insurance Group Co. of China Ltd.^††		11,000		116,588
Qihoo 360 Technology Co. Ltd. ADR^#,*		700		40,964
Shandong Weigao Group Medical Polymer Co. Ltd.^††		64,000		50,218
Shanghai Electric Group Co. Ltd.^††		90,000		55,184
Shanghai Industrial Holdings Ltd.		13,000		38,407
Sihuan Pharmaceutical Holdings Group Ltd.^††		69,000		44,419
SINA Corp.*		900		32,598
Sinopec Shanghai Petrochemical Co. Ltd.^††		81,000		23,444
Sinopharm Group Co.-H^††		14,400		52,431
Sohu.com, Inc.*		700		39,298
Tencent Holdings Ltd.^††		267,512		4,512,006
Tingyi Cayman Islands Holding Corp.^††		14,000		34,484
Want Want China Holdings Ltd.^#,††		65,000		77,838
Wumart Stores, Inc.^††		27,000		19,087
Yangzijiang Shipbuilding Holdings Ltd.^††		28,000		25,597


Description	Number of Shares		Value
Yantai Changyu Pioneer Wine Co. Ltd.		9,100	$	29,845
Yanzhou Coal Mining Co. Ltd.^#		40,000		31,810
Youku Tudou, Inc. ADR^#,*		1,300		21,788
Zijin Mining Group Co. Ltd.^#,††		90,000		27,406
ZTE Corp.^††		11,440		25,089

TOTAL CHINA			$	15,361,660
COLOMBIA – 0.4%
Almacenes Exito SA		5,850		59,938
Banco de Bogota SA		1,888		48,067
Bancolombia SA ADR		23,838		1,102,984
Celsia SA Esp		6,600		13,930
Cementos Argos SA		7,800		29,410
Corp. Financiera Colombiana SA		1,731		26,288
Ecopetrol SA ADR^#		70,390		144,742
Empresa de Energia de Bogota SA		67,410		43,651
Grupo Argos SA		10,017		76,031
Grupo Aval Acciones y Valores		107,700		54,953
Grupo de Inversiones Suramericana SA		3,700		53,680
Grupo Nutresa SA		8,078		84,422
Grupo Odinsa SA		6,256		17,435
Interconexion Electrica SA ESP		13,178		40,506
Isagen SA ESP		48,800		57,700

TOTAL COLOMBIA			$	1,853,737
CROATIA – 0.1%
Atlantska Plovidba DD*^,††		262		12,106
Ericsson Nikola Tesla^††		200		38,102
Hrvatski Telekom DD^††		5,250		122,845
Koncar-Elektroindustrija DD^††		720		74,277
Petrokemija DD*^,††		1,500		5,990
Podravka DD*		1,000		42,420
Privredna Banka Zagreb DD		830		64,843
VIRO Tvornica Secera*^,††		370		17,351
Zagrebacka Banka DD^††		3,000		15,154

TOTAL CROATIA			$	393,088
CZECH REPUBLIC – 0.2%
CEZ AS^††		13,570		317,623
Komercni Banka AS^††		1,400		284,905
Pegas Nonwovens SA^#,††		1,790		49,056
Philip Morris CR AS^#		180		80,210
Unipetrol AS*^,††		15,059		83,187

TOTAL CZECH REPUBLIC			$	814,981
DENMARK – 1.1%
AP Moeller – Maersk A/S Class A^††		275		555,706
AP Moeller – Maersk A/S Class B^††		70		136,982
Carlsberg A/S^††		2,102		154,351


Description	Number of Shares		Value
Coloplast A/S^††		246	$	19,391
Danske Bank A/S^††		5,976		154,673
DSV A/S^††		1,213		38,207
Jyske Bank-Reg^††		897		40,601
Novo Nordisk A/S Class B^††		71,746		3,197,770
Novozymes A/S^††		785		35,800
Royal Unibrew^††		2,231		380,300
Sydbank A/S^††		11,900		335,214
TDC A/S^††		72,292		535,018
Tryg A/S^††		98		11,475
Vestas Wind Systems A/S*^,††		1,830		71,102

TOTAL DENMARK			$	5,666,590
EGYPT – 0.3%
Alexandria Mineral Oils Co.^††		6,200		45,453
Commercial International Bank Egypt SAE		39,655		287,291
Eastern Tobacco		3,670		106,767
Egyptian Financial Group-Hermes Holding*		30,365		70,700
Egyptian Kuwaiti Holding Co. SAE*^,††		49,507		35,546
ElSwedy Electric Co.^††		17,100		114,677
EZZ Steel*		27,000		54,401
Juhayna Food Industries		61,900		85,961
Orascom Telecom Holding SAE*^,††		272,255		166,701
Orascom Telecom Media & Technology Holding SAE*^,††		224,975		38,517
Oriental Weavers^††		40,500		74,663
Sidi Kerir Petrochemicals Co.^††		30,650		61,317
Six of October Development*^,††		8,300		16,726
Talaat Moustafa Group^††		63,935		96,507

TOTAL EGYPT			$	1,255,227
ESTONIA – 0.1%
AS Merko Ehitus^††		4,300		37,845
AS Tallinna Vesi^††		5,400		86,073
Nordecon AS^††		12,000		14,078
Olympic Entertainment Group AS^††		42,630		86,656
Tallink Group AS^††		198,320		174,174
Tallinna Kaubamaja AS^††		11,600		71,352

TOTAL ESTONIA			$	470,178
FINLAND – 1.1%
Fortum OYJ^††		12,947		276,168
Huhtamaki OYJ^††		12,700		348,172
Kone OYJ^#,††		1,705		76,899
Neste Oil OYJ^#,††		17,629		490,232
Nokia OYJ*^,††		499,965		3,844,985
Sampo OYJ Class A		127		6,151
Stora Enso OYJ^††		15,540		150,775


Description	Number of Shares		Value
UPM-Kymmene OYJ^††		6,175	$	108,540
Wartsila OYJ Abp		1,296		60,079

TOTAL FINLAND			$	5,362,001
FRANCE – 7.0%
Accor SA^††		16,011		796,015
Air Liquide SA^††		7,560		953,074
Alstom SA^††		9,000		293,251
Arkema SA^#,††		2,079		148,304
AtoS^††		133		9,779
AXA SA^††		168,811		3,948,799
BNP Paribas SA^††		15,653		821,862
Bollore SA^††		6,403		27,558
Bouygues SA		6,756		240,750
Bureau Veritas SA^††		1,528		32,357
Casino Guichard Perrachon SA^††		1,573		142,706
Christian Dior SA^††		241		41,449
Cie de St-Gobain^#,††		38,013		1,619,374
Cie Generale des Etablissements Michelin^††		2,070		201,579
CNP Assurances^††		33,410		586,526
Credit Agricole SA^††		30,899		366,450
Danone SA^††		15,938		1,069,607
Edenred^††		974		27,993
Electricite de France SA^††		29,891		810,311
Essilor International SA^††		20,682		2,303,375
GDF Suez^††		22,748		504,512
Gemalto NV^††		147		10,644
Hermes International^††		439		148,982
Iliad SA^††		79		18,349
JCDecaux SA^††		22,391		805,640
Kering^††		249		50,239
Lafarge SA^††		5,717		391,702
Lagardere SCA^††		2,100		57,437
Legrand SA^††		25,645		1,374,699
L’Oreal SA^††		12,252		2,190,700
LVMH Moet Hennessy Louis Vuitton SA^††		9,916		1,594,727
Natixis^††		20,602		131,027
Orange SA^††		33,963		597,511
Pernod-Ricard SA^††		20,372		2,442,751
Peugeot SA*^,††		13,836		199,437
Publicis Groupe SA		1,052		78,602
Renault SA^††		5,479		418,738
Rexel SA^††		4,831		90,261
Sa des Ciments Vicat^††		165		11,588
Sanofi^††		9,655		889,607
Schneider Electric SA^††		44,138		3,317,916
SCOR SE^††		7,560		235,341
SES SA^††		1,261		45,936


Description	Number of Shares		Value
Societe BIC SA^††		157	$	22,323
Societe Generale SA^††		18,167		729,518
STMicroelectronics NV^††		15,609		129,607
Suez Environnement Co.*		2,225		40,901
Technip SA^††		482		28,147
Teleperformance^††		10,700		766,608
Thales SA^††		7,600		400,231
Total SA^††		23,521		1,207,341
Ubisoft Entertainment*^,††		41,000		823,004
Valeo SA^††		2,700		380,703
Vallourec SA^††		2,403		52,138
Veolia Environnement SA		1,458		26,709
Vinci SA^††		1,080		56,737
Vivendi SA^††		11,441		270,549
Zodiac Aerospace^††		1,495		49,582

TOTAL FRANCE			$	35,031,563
GERMANY – 7.8%
Adidas AG		1,066		73,348
Allianz SE^††		27,568		4,545,706
Aurelius AG^#,††		5,900		235,754
BASF SE^††		9,159		819,156
Bayer AG^††		2,157		310,674
Bayerische Motoren Werke AG^††		12,678		1,474,325
Brenntag AG^††		627		34,131
Celesio AG^††		1,825		54,062
Commerzbank AG*^,††		9,457		113,382
Continental AG		451		101,766
Daimler AG^††		51,747		4,686,437
Deutsche Bank AG^††		16,105		467,346
Deutsche Lufthansa AG		5,417		91,623
Deutsche Post AG		2,070		66,991
Deutsche Telekom AG^††		6,972		120,183
Duerr AG^††		200		18,202
E.ON AG^††		22,227		344,072
Fraport AG Frankfurt Airport Services Worldwide^††		1,145		69,962
Freenet AG^††		12,600		375,169
Fresenius Medical Care AG & Co. KGaA^††		11,744		870,382
Fresenius SE & Co. KGaA^††		23,935		1,369,956
GEA Group AG^††		99,513		4,498,002
Hannover Rueck SE^††		812		72,777
HeidelbergCement AG^††		3,305		243,046
Henkel AG & Co. KGaA^††		42,947		4,394,411
K+S AG^††		3,051		96,329
KUKA AG^#,††		5,500		371,816
Linde AG^††		13,224		2,533,317
Merck KGaA^††		2,974		297,151


Description	Number of Shares		Value
Metro AG^††		3,123	$	96,098
Muenchener Rueckversicherungs AG^††		4,387		879,508
Osram Licht AG*^,††		311		14,296
ProSiebenSat.1 Media AG^††		1,194		52,855
Rheinmetall AG^††		2,600		112,511
RWE AG		4,651		129,016
SAP AG^††		42,303		2,761,010
Siemens AG^#,††		1,359		143,560
Sixt SE^††		6,100		236,363
Stada Arzneimittel AG^††		5,400		167,433
Stroeer Media SE^††		10,100		293,976
Symrise AG^††		62,540		4,093,405
Talanx AG^††		928		28,263
Telefonica Deutschland Holdi^††		11,335		62,884
United Internet AG^††		702		30,411
Volkswagen AG^††		2,822		626,555
Wincor Nixdorf AG^#,††		7,300		334,538

TOTAL GERMANY			$	38,812,158
GHANA – 0.1%
CAL Bank Ltd.^††		498,146		149,641
Ghana Commercial Bank Ltd.		92,696		138,221
HFC Bank Ghana Ltd.		160,050		71,614
Produce Buying Co. Ltd.*		288,000		9,513
Standard Chartered Bank Ghana Ltd.^††		13,200		79,594

TOTAL GHANA			$	448,583
GREECE – 0.2%
Alpha Bank AE*^,††		75,400		27,548
Athens Water Supply & Sewage Co.^††		3,776		24,710
Costamare, Inc.^#		1,300		22,204
Diana Shipping, Inc.^#,*		2,211		14,681
Dryships, Inc.*		13,900		12,927
Ellaktor SA		8,300		15,897
FF Group		800		23,904
Frigoglass SA*		3,182		5,878
GasLog Ltd.^#		2,400		41,976
GEK Terna Holding Real Estate Construction SA		7,360		14,562
Hellenic Petroleum SA^††		5,916		25,150
Hellenic Telecommunications Organization SA^††		13,519		111,481
Jumbo SA*^,††		4,495		42,710
Metka SA^††		1,500		15,223
Motor Oil Hellas Corinth Refineries SA^††		4,200		28,472
Mytilineos Holdings SA*^,††		3,042		17,262
National Bank of Greece SA*^,††		15,500		15,851
OPAP SA^††		9,420		79,609
Piraeus Bank SA*^,††		39,200		22,808


Description	Number of Shares		Value
Public Power Corp. SA^††		14,544	$	79,074
Titan Cement Co. SA*^,††		3,548		79,216
Tsakos Energy Naviagation Ltd.		5,100		35,190
Viohalco SA*^,††		4,300		10,831

TOTAL GREECE			$	767,164
HONG KONG – 1.2%
AIA Group Ltd.^††		35,000		203,173
ASM Pacific Technology Ltd.^††		1,100		9,944
Bank of East Asia Ltd.^††		9,200		38,227
Cathay Pacific Airways Ltd.^††		10,000		23,331
Cheung Kong Holdings Ltd.^††		71,368		1,361,901
Cheung Kong Infrastructure Holdings Ltd.^††		3,000		24,622
China Taiping Insurance Hold^††		144,273		443,758
CLP Holdings Ltd.^††		4,500		40,174
Dah Sing Financial Holdings Ltd.^††		49,044		283,329
Hang Lung Group Ltd.^††		15,000		71,338
Hang Lung Properties Ltd.^††		157,301		462,515
Henderson Land Development Co. Ltd.^††		8,094		57,701
HKT Trust / HKT Ltd.^††		346		452
Hong Kong & China Gas Co. Ltd.^††		34,587		79,203
Hong Kong Exchanges and Clearing Ltd.^††		2,100		48,332
Hongkong & Shanghai Hotels^††		6,000		8,615
Huabao International Holdings Ltd.^††		569,000		448,360
Hutchison Whampoa Ltd.^††		25,400		336,148
Hysan Development Co. Ltd.^††		8,000		38,665
Kerry Logistics Network Ltd.^††		2,500		3,813
Kerry Properties Ltd.		5,000		17,668
MTR Corp. Ltd.^††		9,000		39,870
New World Development Co. Ltd.		154,217		183,865
Orient Overseas International Ltd.		2,500		16,308
Pax Global Technology Ltd.^††		219,000		205,056
Sands China Ltd.^††		13,600		66,210
Shangri-La Asia Ltd.^††		18,857		24,479
Sino Land Co. Ltd.^††		20,000		33,446
Skyworth Digital Hldgs Ltd.^††		486,000		274,076
Sun Hung Kai Properties Ltd.^††		30,165		490,854
Swire Pacific Ltd.		10,000		24,430
Swire Pacific Ltd.^††		9,000		120,524
Television Broadcasts Ltd.^††		48,200		299,502
Wharf Holdings Ltd.^††		22,000		178,227
Wheelock & Co. Ltd.		14,703		83,187
Wynn Macau Ltd.^#,††		8,800		24,369

TOTAL HONG KONG			$	6,065,672
HUNGARY – 0.2%
Magyar Telekom Telecommunications PLC^††		81,250		105,417
MOL Hungarian Oil & Gas PLC^††		4,913		196,629
OTP Bank PLC^††		18,150		240,672


Description	Number of Shares		Value
Richter Gedeon Nyrt^††		15,760	$	213,852

TOTAL HUNGARY			$	756,570
INDIA – 0.2%
GAIL India Ltd. GDR^††		1,170		47,947
ICICI Bank Ltd. ADR		18,000		216,180
Infosys Ltd. ADR^#		10,600		361,248
Larsen & Toubro Ltd. GDR – Reg S		1,204		33,058
Reliance Industries Ltd. GDR^††,•,W		8,800		261,234
State Bank of India GDR^††		1,700		84,274
Tata Motors Ltd. ADR		2,390		117,875
Wipro Ltd. ADR		7,400		95,164

TOTAL INDIA			$	1,216,980
INDONESIA – 0.4%
Adaro Energy Tbk PT		470,600		36,978
AKR Corporindo Tbk PT		143,500		53,033
Aneka Tambang Persero Tbk PT		221,500		18,522
Astra International Tbk PT^††		309,500		190,577
Bank Central Asia Tbk PT^††		215,500		226,266
Bank Danamon Indonesia Tbk PT^††		81,122		28,106
Bank Mandiri Persero Tbk PT^††		117,900		101,560
Bank Negara Indonesia Persero Tbk PT^††		142,000		69,577
Bank Rakyat Indonesia Persero Tbk PT^††		133,300		121,967
Bumi Resources Tbk PT*		1,083,000		8,579
Bumi Serpong Damai PT^††		230,800		36,592
Charoen Pokphand Indonesia Tbk PT		200,000		62,119
Gudang Garam Tbk PT		6,700		30,462
Indo Tambangraya Megah Tbk PT^††		21,000		27,671
Indocement Tunggal Prakarsa Tbk PT^††		48,000		86,520
Indofood Sukses Makmur Tbk PT		148,000		87,974
Indosat Tbk PT		70,500		22,799
International Nickel Indones^††		89,700		24,310
Kalbe Farma Tbk PT^††		274,000		40,202
Lippo Karawaci Tbk PT^††		501,000		44,773
Perusahaan Gas Negara Persero Tbk PT^††		275,000		109,248
Semen Indonesia Persero Tbk PT^††		100,500		114,929
Surya Semesta Internusa Tbk PT^††		410,000		35,331
Tambang Batubara Bukit Asam Persero Tbk PT^††		25,000		22,343
Telekomunikasi Indonesia Persero Tbk PT^††		1,046,200		232,254
Unilever Indonesia Tbk PT^††		24,000		67,560
United Tractors Tbk PT		75,500		106,241
XL Axiata Tbk PT^††		70,000		26,433

TOTAL INDONESIA			$	2,032,926
IRELAND – 2.1%
Bank of Ireland*^,††		369,635		111,248
CRH PLC^††		56,181		1,357,278
Endo International PLC*		48,513		3,862,120


Description	Number of Shares		Value
Icon PLC		12,500	$	705,000
Kerry Group PLC		988		71,604
Mallinckrodt PLC^#,*		39,277		4,162,969
Permanent TSB Group Holdings PLC*		38,000		2,319
Smurfit Kappa Group PLC^††		18,800		461,648

TOTAL IRELAND			$	10,734,186
ISRAEL – 1.0%
Bank Hapoalim BM^††		28,839		128,104
Bank Leumi Le-Israel BM*^,††		27,722		92,422
Check Point Software Technologies		53,494		4,128,132
Elbit Systems Ltd.^††		274		16,847
Mizrahi Tefahot Bank Ltd.^††		1,268		13,837
Teva Pharmaceutical Industries Ltd.^††		6,778		384,946
Teva Pharmaceutical Industries Ltd. ADR		2,106		119,747

TOTAL ISRAEL			$	4,884,035
ITALY – 1.5%
Assicurazioni Generali SpA		2,595		54,769
Atlantia SpA^††		1,615		41,568
Banca Monte Dei Paschi Siena^††		17,224		7,787
Banco Popolare Sc*^,††		888		11,206
Brembo-SpA^††		9,000		317,173
Enel SpA^††		114,365		516,740
Eni SpA^††		23,254		391,330
ERG SpA^††		9,400		111,924
Exor SpA^††		95,275		3,889,354
Finmeccanica SpA*^,††		2,961		32,339
Intesa Sanpaolo SpA^††		146,720		429,046
Luxottica Group SpA^††		392		23,309
Mediobanca SpA^††		12,419		107,576
Pirelli & C. SpA^††		69,811		989,836
Prysmian SpA^††		1,573		29,098
Telecom Italia SpA ADR		4,715		54,223
UniCredit SpA^††		59,895		353,095
Unione di Banche Italiane SCPA^††		33,704		231,825

TOTAL ITALY			$	7,592,198
JAPAN – 14.8%
ABC-Mart, Inc.^#,††		100		4,988
Aeon Co. Ltd.^#		14,700		155,263
Ain Pharmaciez, Inc.^††		6,700		215,933
Aisin Seiki Co. Ltd.^††		3,900		136,249
Ajinomoto Co., Inc.^††		4,000		82,430
Alfresa Holdings Corp.^††		3,600		42,681
Alps Electric Co.^††		19,500		405,943
Amada Co. Ltd.^††		3,600		32,811
Aoyama Trading Co. Ltd.^††		400		13,444


Description	Number of Shares		Value
Asahi Glass Co. Ltd.^††		11,000	$	58,520
Asahi Group Holdings Ltd.^††		2,400		78,736
Asahi Intecc Co. Ltd.^††		1,400		74,199
Asahi Kasei Corp.^††		20,000		197,521
Asics Corp.^††		2,000		49,079
Astellas Pharma, Inc.^††		1,700		26,257
Bank of Kyoto Ltd.		4,000		33,535
Bank of Yokohama Ltd.^††		17,000		91,729
Bridgestone Corp.^#,††		2,800		111,909
Brother Industries Ltd.^††		18,700		320,253
Canon Marketing Japan, Inc.^††		1,600		29,074
Canon, Inc.^††		1,100		34,799
Casio Computer Co. Ltd.^††		1,200		18,786
Central Glass Co. Ltd.^††		82,000		344,355
Central Japan Railway Co.^††		500		85,742
Chiba Bank Ltd.^††		10,000		67,392
Chugai Pharmaceutical Co. Ltd.^††		500		14,948
Chugoku Bank Ltd.^††		1,500		21,337
Citizen Holdings Co. Ltd.^††		5,700		45,498
Coca-Cola East Japan Co. Ltd.^#,††		2,500		41,625
Coca-Cola West Co. Ltd.^††		1,400		20,025
Cosmo Oil Co. Ltd.^#,††		12,000		16,179
Credit Saison Co. Ltd.^††		1,500		25,270
Dai Nippon Printing Co. Ltd.^††		9,000		80,941
Daido Steel Co. Ltd.^††		5,000		19,584
Daihatsu Motor Co. Ltd.^#,††		6,300		87,850
Dai-ichi Life Insurance Co. Ltd.^††		9,900		132,637
Daiichi Sankyo Co. Ltd.^††		11,800		171,187
Dai-Ichi Seiko Co. Ltd.^††		6,700		122,294
Dainippon Ink & Chemicals, Inc.^††		7,000		17,331
Daito Trust Construction Co. Ltd.^††		600		66,789
Daiwa House Industry Co. Ltd.^††		3,000		55,247
Daiwa Securities Group, Inc.^††		502,724		3,652,676
DCM Holdings Co. Ltd.^††		28,600		190,817
Denki Kagaku Kogyo KK^††		8,000		31,521
Denso Corp.^††		100		4,424
Dentsu, Inc.^††		31,365		1,288,177
Dynam Japan Holdings Co. Ltd.^††		122,200		241,115
East Japan Railway Co.^††		1,400		108,133
Ebara Corp.^#		14,000		53,850
Eisai Co.Ltd.^††		700		34,901
Eizo Nanao Corp.^††		9,500		206,400
Ezaki Glico Co. Ltd.^††		9,100		372,731
FamilyMart Co. Ltd.^#,††		300		12,994
FANUC Corp.^††		41,448		6,960,750
Fast Retailing Co. Ltd.^††		200		74,195
Foster Electric Co. Ltd.^††		18,300		343,774
Fuji Heavy Industries Ltd.^††		1,000		36,067


Description	Number of Shares		Value
Fuji Media Holdings, Inc.^††		1,800	$	22,627
FUJIFILM Holdings Corp.^††		7,657		258,789
Fujitsu Ltd.^††		8,000		42,276
Fukuoka Financial Group, Inc.^††		16,690		83,296
Geo Holdings Corp.^††		20,000		195,690
Glory Ltd.		1,200		31,448
H2O Retailing Corp.^††		1,000		17,663
Hachijuni Bank Ltd.		2,000		13,180
Hakuhodo DY Holdings, Inc.^††		1,300		12,921
Hamamatsu Photonics KK^††		300		14,135
Hankyu Hanshin Holdings, Inc.^††		2,000		11,117
Heiwa Corp.^††		19,100		384,189
Hino Motors Ltd.^††		15,100		213,793
Hirose Electric Co. Ltd.^††		300		35,946
Hiroshima Bank Ltd.^††		12,000		59,690
Hitachi Capital Corp.^††		1,800		35,389
Hitachi Chemical Co. Ltd.^††		2,200		44,260
Hitachi Construction Machinery Co. Ltd.^††		800		14,790
Hitachi Ltd.^††		11,000		83,073
Hitachi Metals Ltd.^††		4,000		65,181
Hitachi Transport System Ltd.^††		1,300		17,007
Hokkaido Electric Power Co., Inc.*^,††		2,300		18,579
Honda Motor Co. Ltd.^††		24,700		745,316
House Foods Corp.^#,††		1,600		32,010
Hoya Corp.^††		1,300		50,378
Ibiden Co. Ltd.^††		6,100		91,704
Idemitsu Kosan Co. Ltd.^#,††		1,200		20,030
IHI Corp.^††		13,000		67,731
Inpex Corp.^††		3,016		33,376
Isuzu Motors Ltd.^††		2,000		26,625
ITOCHU Corp.^††		61,200		619,678
Iyo Bank Ltd.^††		3,000		34,617
J Front Retailing Co. Ltd.^††		3,500		44,601
Japan Airlines Co. Ltd.^††		1,200		40,627
Japan Aviation Electronics Industry Ltd.^††		3,900		88,144
Japan Exchange Group, Inc.^††		179,132		4,168,485
Japan Tobacco, Inc.^††		69,610		1,895,944
JFE Holdings, Inc.^††		7,998		176,174
JGC Corp.^††		2,000		40,676
Joyo Bank Ltd.^#,††		9,000		45,236
Juroku Bank Ltd.		3,000		9,899
JX Holdings, Inc.^††		70,182		258,988
Kamigumi Co. Ltd.^††		4,000		39,972
Kaneka Corp.^††		9,000		54,932
Kansai Electric Power Co., Inc.*^,††		6,200		59,947
Kansai Paint Co. Ltd.^††		2,000		34,957
Kao Corp.^††		1,700		74,542
Kawasaki Kisen Kaisha Ltd.		21,000		60,112


Description	Number of Shares		Value
Kayaba Industry Co. Ltd.^††		76,000	$	301,581
KDDI Corp.^††		7,400		522,359
Keisei Electric Railway Co. Ltd.^††		1,000		12,882
Keyence Corp.^††		130		60,767
Kintetsu Corp.^††		12,000		42,305
Kirin Holdings Co. Ltd.^††		500		6,732
Kobe Steel Ltd.^††		64,000		112,244
Koito Manufacturing Co. Ltd.^††		14,700		477,976
Komatsu Ltd.^††		53,847		1,055,910
Konica Minolta, Inc.^††		8,500		93,538
Kubota Corp.^††		5,000		74,227
Kuraray Co. Ltd.^††		4,500		56,506
Kyocera Corp.^††		2,574		113,235
Kyowa Exeo Corp.^††		16,100		169,914
Kyushu Electric Power Co., Inc.*^,††		2,600		25,090
Lawson, Inc.^#,††		500		32,691
LIXIL Group Corp.^††		19,103		372,205
M3, Inc.^††		12,848		258,447
Makita Corp.^††		400		17,743
Marubeni Corp.^#,††		74,900		413,429
Mazda Motor Corp.*^,††		800		16,432
Medipal Holdings Corp.^††		3,400		39,669
Megmilk Snow Brand Co. Ltd.^††		17,500		240,585
Minebea Co. Ltd.^††		48,000		740,552
Miraca Holdings, Inc.^††		3,400		152,275
Misumi Group, Inc.^††		9,400		351,122
Mitsubishi Chemical Holdings Corp.^††		32,500		168,442
Mitsubishi Corp.^††		19,010		331,633
Mitsubishi Electric Corp.^††		3,000		34,697
Mitsubishi Estate Co. Ltd.^††		6,659		133,984
Mitsubishi Gas Chemical Co., Inc.^#,††		2,000		9,043
Mitsubishi Heavy Industries Ltd.^#,††		14,000		77,274
Mitsubishi Materials Corp.^††		32,000		100,907
Mitsubishi UFJ Financial Group, Inc.^††		260,394		1,383,804
Mitsui & Co. Ltd.^††		14,037		178,618
Mitsui Chemicals, Inc.^††		18,000		52,667
Mitsui Fudosan Co. Ltd.^††		3,000		75,845
Mitsui OSK Lines Ltd.^#,††		28,000		94,527
Mizuho Financial Group, Inc.^††		634,700		1,037,810
Mochida Pharmaceutical Co. Ltd.^††		2,300		126,298
MS&AD Insurance Group Holdings^††		5,882		143,017
Nabtesco Corp.^††		1,000		25,817
NEC Corp.^#,††		60,000		169,479
Nhk Spring Co. Ltd.^††		4,600		41,491
Nichirei Corp.^††		63,000		333,957
Nihon Kohden Corp.^††		2,700		133,555
Nikkiso Co. Ltd.^††		27,700		243,768
Nikon Corp.^††		4,500		57,097


Description	Number of Shares		Value
Nintendo Co. Ltd.^#,††		300	$	28,938
Nippo Corp.^††		2,000		31,099
Nippon Electric Glass Co. Ltd.^††		3,000		15,483
Nippon Express Co. Ltd.^††		20,000		116,676
Nippon Meat Packers, Inc.^††		14,000		346,110
Nippon Paint Co. Ltd.^#,††		2,000		62,651
Nippon Paper Industries Co. Ltd.^#,††		2,200		34,692
Nippon Shokubai Co. Ltd.^††		1,000		13,433
Nippon Steel & Sumitomo Metal Corp.^††		132,442		309,556
Nippon Telegraph & Telephone Corp.^††		15,300		905,558
Nippon Yusen KK		41,000		121,898
Nishi-Nippon City Bank Ltd.^††		9,000		29,226
Nissan Motor Co. Ltd.^††		86,100		734,193
Nisshin Seifun Group, Inc.^††		40		492
Nisshinbo Holdings, Inc.^#		3,000		33,712
Nitto Denko Corp.^††		500		29,849
NKSJ Holdings, Inc.^††		5,700		158,158
NOK Corp.^††		18,300		526,406
Nomura Holdings, Inc.^††		18,600		98,890
Nomura Real Estate Holdings, Inc.^††		2,200		37,018
North Pacific Bank Ltd.^††		8,800		32,782
NTN Corp.*^,††		5,000		21,399
NTT Data Corp.^††		300		11,411
NTT DoCoMo, Inc.^††		26,333		444,536
Oji Paper Co. Ltd.^††		31,000		116,853
Omron Corp.^††		95,561		3,820,401
Oriental Land Co. Ltd.^††		200		48,458
Otsuka Corp.^††		900		31,075
Otsuka Holdings Co. Ltd.^††		7,000		216,574
Pal Co. Ltd.^††		8,000		207,800
Paltac Corp.^††		14,200		178,739
Panasonic Corp.^††		3,300		37,488
Paramount Bed Holdings Co. Ltd.^††		7,200		199,145
Rakuten, Inc.^#,††		2,300		31,842
Resona Holdings, Inc.^††		127,000		630,074
Ricoh Co. Ltd.^††		46,600		454,601
Rinnai Corp.^††		200		13,387
Sanken Electric Co. Ltd.^††		34,000		278,093
Sankyo Co. Ltd.^††		700		25,158
Sankyu, Inc.^††		34,000		136,016
Santen Pharmaceutical Co. Ltd.^††		400		24,962
SBI Holdings, Inc.^††		3,500		37,400
Secom Co. Ltd.^††		900		52,242
Sega Sammy Holdings, Inc.^††		1,600		20,836
Seiko Epson Corp.^††		2,800		113,716
Sekisui House Ltd.		15,100		195,266
Seven & I Holdings Co. Ltd.^††		1,600		58,551
Seven Bank Ltd.^††		1,000		4,476


Description	Number of Shares		Value
Sharp Corp.*^,††		11,000	$	21,533
Shimadzu Corp.^††		44,000		457,153
Shimano, Inc.^††		200		26,439
Shin-Etsu Chemical Co. Ltd.^††		1,300		86,078
Shinsei Bank Ltd.^#,††		18,000		32,625
Shionogi & Co. Ltd.^††		1,700		51,012
Shizuoka Bank Y50^††		2,000		18,275
Showa Denko KK		19,000		24,283
Showa Shell Sekiyu KK		5,000		48,798
SMC Corp.^††		6,887		1,846,865
Softbank Corp.^††		2,800		164,785
Sony Corp.^††		17,325		407,503
Sumco Corp.^#,††		1,000		16,783
Sumitomo Chemical Co. Ltd.^††		37,000		145,569
Sumitomo Corp.^††		28,507		281,317
Sumitomo Electric Industries Ltd.		17,700		228,077
Sumitomo Forestry Co. Ltd.^#		1,000		9,301
Sumitomo Heavy Industries Ltd.^††		8,000		43,291
Sumitomo Metal Mining Co. Ltd.^††		42,798		611,673
Sumitomo Mitsui Financial Group, Inc.^#,††		30,000		1,006,706
Sumitomo Mitsui Trust Holdings, Inc.^††		52,000		182,859
Sumitomo Rubber Industries Ltd.^††		5,300		82,417
Suruga Bank Ltd.^††		1,000		18,776
Suzuken Co. Ltd.^††		12,500		352,156
Suzuki Motor Corp.		1,123		35,509
Sysmex Corp.^††		96,300		4,303,378
T&D Holdings, Inc.^††		11,300		127,256
Takashimaya Co. Ltd.^††		7,000		61,397
Takeda Pharmaceutical Co. Ltd.^††		600		29,976
Takeuchi Manufacturing Co. Ltd.^††		3,900		143,042
TDK Corp.^††		2,700		168,269
Teijin Ltd.^#,††		12,000		35,746
Temp Holdings Co. Ltd.^#,††		9,100		307,620
Tokai Rika Co. Ltd.^††		900		18,533
Tokai Tokyo Securities Co.^††		563,500		3,737,007
Tokio Marine Holdings, Inc.^††		46,405		1,620,100
Tokyu Corp.^††		8,000		52,946
Toppan Printing Co. Ltd.^#,††		6,000		40,080
Toray Industries, Inc.^††		4,000		34,072
Tosoh Corp.^††		6,000		32,345
TOTO Ltd.^††		1,000		11,039
Toyo Ink SC Holdings Co. Ltd.		1,000		4,681
Toyo Seikan Kaisha Ltd.^††		4,800		61,584
Toyo Tire & Rubber Co. Ltd.^#,††		18,000		405,425
Toyoda Gosei Co. Ltd.^††		19,900		438,388
Toyota Motor Corp.^††		6,800		438,403
Toyota Tsusho Corp.		4,600		108,940
TPR Co. Ltd.^††		11,900		301,133


Description	Number of Shares		Value
Ube Industries Ltd.^#		15,000	$	22,465
Unicharm Corp.^††		2,400		66,129
UNY Group Holdings Co. Ltd.^††		6,000		34,521
West Japan Railway Co.^††		2,400		123,441
Yahoo Japan Corp.^††		3,200		10,762
Yamada Denki Co. Ltd.^#,††		11,000		40,866
Yamaguchi Financial Group, Inc.^#,††		5,000		52,020
Yamaha Motor Co. Ltd.^††		1,700		37,285
Yamato Holdings Co. Ltd.^††		1,100		24,878
Yamato Kogyo Co. Ltd.^††		700		18,015
Yamazaki Baking Co. Ltd.^#		3,000		44,169
Yaskawa Electric Corp.^#,††		322,308		4,120,384
Yokogawa Electric Corp.^#,††		700		7,329
Yokohama Rubber Co. Ltd.^††		42,100		396,076
Zenkoku Hosho Co. Ltd.^††		27,500		876,362

TOTAL JAPAN			$	74,099,945
JORDAN – 0.1%
Al Eqbal Co. For Investment P^††		1,440		24,912
Arab Bank PLC^††		22,320		214,128
Arab Potash Co.		2,100		55,644
Bank of Jordan		8,070		31,325
Capital Bank of Jordan		11,634		24,722
Jordan Ahli Bank*		20,342		38,761
Jordan Petroleum Refinery Co.^††		8,078		50,647
Jordan Phosphate Mines		1,700		15,595
Jordan Telecommunications Co. PSC^††		4,950		23,125
Jordanian Electric Power Co.^††		12,017		49,180

TOTAL JORDAN			$	528,039
KAZAKHSTAN – 0.1%
Halyk Savings Bank of Kazakhstan JSC GDR		10,490		64,199
Kazakhmys PLC^#,*^,††		24,003		72,354
Kazkommertsbank JSC GDR^#,*^,††		28,000		89,162
KazMunaiGas Exploration Production JSC GDR^††		9,600		110,631
KCell JSC GDR^††		8,400		63,494

TOTAL KAZAKHSTAN			$	399,840
KENYA – 0.1%
ARM Cement Ltd.		31,800		28,355
Bamburi Cement Co. Ltd.		6,600		10,719
Barclays Bank of Kenya Ltd.^††		135,900		23,940
East African Breweries Ltd.^††		25,180		85,456
Equity Bank Ltd.^††		141,500		83,471
Kenya Airways Ltd.*^,††		154,800		18,491
Kenya Commercial Bank Ltd.^††		128,700		82,333
Kenya Power & Lighting Ltd.		58,087		9,614
Nation Media Group Ltd.^††		16,244		48,860


Description	Number of Shares		Value
Safaricom Ltd.^††		782,500	$	120,999
Standard Chartered Bank Kenya Ltd.^††		10,458		38,880

TOTAL KENYA			$	551,118
LATVIA – 0.0%**
Latvian Shipping Co.*^,††		36,206		15,791
LEBANON – 0.0%**
Solidere GDR^#,*^,††		19,314		212,974
LITHUANIA – 0.0%**
Apranga PVA^††		22,400		67,507
Invalda Privatus Kapitalas AB*^,††		7,855		15,400
Lesto AB		19,018		21,484
Lietuvos Energijos Gamyba AB^††		10,949		9,985
Litgrid AB		8,818		6,947
Panevezio Statybos Trestas^††		16,900		17,070
Pieno Zvaigzdes^††		10,687		18,110
Siauliu Bankas*^,††		66,801		20,755

TOTAL LITHUANIA			$	177,258
MALAYSIA – 0.6%
Alliance Financial Group Bhd^††		14,400		18,957
AMMB Holdings Bhd		18,600		32,089
Astro Malaysia Holdings Bhd^††		21,000		16,882
Axiata Group Bhd		37,600		74,506
Batu Kawan Bhd		7,300		36,836
Boustead Holdings Bhd		17,400		22,268
British American Tobacco Malaysia Bhd^††		1,800		32,721
Bumi Armada Bhd^††		102,000		33,742
CIMB Group Holdings Bhd^††		32,500		49,204
Dialog Group Bhd^††		65,520		29,184
DiGi.Com Bhd		35,500		62,722
Felda Global Ventures Holdings Bhd		27,800		18,661
Gamuda Bhd		47,300		66,113
Genting Bhd^††		369,708		898,592
Genting Malaysia Bhd^††		44,500		49,703
Hong Leong Bank Bhd		6,400		24,682
IHH Healthcare Bhd		119,700		171,184
IJM Corp. Bhd^††		24,060		45,752
IOI Corp. Bhd^††		37,780		48,958
IOI Properties Group Bhd*^,††		24,189		13,700
KLCC Property Holdings Bhd^††		11,200		21,286
Kuala Lumpur Kepong Bhd^††		5,700		35,562
Lafarge Malayan Cement Bhd		16,000		43,698
Magnum Bhd^††		20,738		15,930
Malayan Banking Bhd^††		26,790		64,314
Maxis Bhd		23,100		45,105
MMC Corp. Bhd^††		24,100		16,066


Description	Number of Shares		Value
Muhibbah Engineering M Bhd^††		32,000	$	16,684
Petronas Chemicals Group Bhd		53,700		75,259
Petronas Dagangan Bhd^††		11,100		54,008
Petronas Gas Bhd^††		6,200		37,913
PPB Group Bhd^††		8,100		32,393
Public Bank Bhd^††		12,900		64,436
RHB Capital Bhd^††		18,000		40,453
Sapurakencana Petroleum Bhd*		123,217		90,572
Sime Darby Bhd^††		52,346		135,598
Ta Ann Holdings Bhd		19,008		19,775
Telekom Malaysia Bhd^††		22,900		44,053
Tenaga Nasional Bhd^††		30,725		122,547
Top Glove Corp. Bhd^††		25,100		34,500
UMW Holdings Bhd^††		7,100		21,324
UMW Oil & Gas Corp. Bhd^††		53,900		40,066
WCT Holdings Bhd^††		41,193		18,111
YTL Corp. Bhd^††		57,476		27,877
YTL Power International Bhd*^,††		37,501		16,520

TOTAL MALAYSIA			$	2,880,506
MAURITIUS – 0.1%
Alteo Ltd.^††		36,100		34,249
CIM Financial Services Ltd.^††		191,700		53,818
Lux Island Resorts Ltd.		7,000		11,769
MCB Group Ltd.*^,††		33,000		200,662
New Mauritius Hotels Ltd.^††		18,900		41,654
Rogers & Co. Ltd.^††		71,000		63,201
SBM Holdings Ltd.^††		3,060,000		95,563

TOTAL MAURITIUS			$	500,916
MEXICO – 0.8%
Alfa SAB de CV		100,800		183,988
America Movil SAB de CV		675,224		723,446
Arca Continental SAB de CV		10,200		60,494
Cemex SAB de CV*		306,128		271,828
Coca-Cola Femsa SAB de CV		8,700		70,810
Compartamos SAB de CV^#		108,000		205,128
Empresas ICA SAB de CV*		20,800		21,647
Fomento Economico Mexicano SAB de CV		30,400		254,505
Grupo Aeroportuario del Centro Norte SAB de CV		5,400		24,875
Grupo Aeroportuario del Pacifico SAB de CV		14,700		97,196
Grupo Aeroportuario del Sureste SAB de CV		2,300		30,166
Grupo Bimbo SAB de CV		43,000		109,411
Grupo Carso SAB de CV		20,100		88,542
Grupo Elektra SA de CV		1,460		54,107
Grupo Financiero Banorte SAB de CV		59,900		305,025
Grupo Financiero Inbursa SAB de CV		86,100		222,581
Grupo Mexico SAB de CV		66,221		174,592


Description	Number of Shares		Value
Grupo Televisa SAB		32,000	$	208,658
Impulsora del Desarrollo y El Empleo en
America Latina SAB de CV^#,*		28,295		71,278
Industrias CH SAB de CV*		7,500		30,772
Industrias Penoles SAB de CV		3,930		78,338
Kimberly-Clark de Mexico SAB de CV		22,000		42,769
Mexichem SAB de CV		29,605		82,379
Minera Frisco SAB de CV*		16,600		21,905
Organizacion Soriana SAB de CV		10,800		25,023
Promotora y Operadora de Infraestructura
SAB de CV*		10,400		116,770
TV Azteca SAB de CV		95,000		38,027
Wal-Mart de Mexico SAB de CV		85,200		164,324

TOTAL MEXICO			$	3,778,584
MOROCCO – 0.1%
Attijariwafa Bank		2,400		91,609
Auto Hall		2,300		20,644
Banque Centrale Populaire^††		2,450		58,760
BMCE Bank		2,000		45,880
Cie Generale Immobiliere^††		190		7,185
Douja Promotion Groupe Addoha SA^††		5,000		16,338
Holcim Maroc SA		240		60,991
Lafarge Ciments^††		460		92,517
Maroc Telecom SA^††		10,200		135,050

TOTAL MOROCCO			$	528,974
NETHERLANDS – 2.2%
Aegon NV^††		67,964		484,369
ArcelorMittal^††		6,059		57,885
ArcelorMittal, NY Reg. Shares^#		20,624		198,815
ASM International NV^††		8,300		338,647
ASML Holding NV^††		1,037		108,167
BE Semiconductor Industry^††		13,300		269,939
Delta Lloyd NV^††		4,341		82,017
Euronext NV^††		10,200		329,818
European Aeronautic Defence and Space Co. NV		1,139		60,686
Fiat Chrysler Automobiles NV		3,613		47,728
Fugro NV^††		650		14,095
Heineken NV*^,††		29,357		2,190,853
ING Groep NV*^,††		75,113		933,831
Koninklijke Ahold NV^††		29,832		538,420
Koninklijke Boskalis Westminster NV^††		2,279		100,751
Koninklijke DSM NV^††		4,268		226,377
Koninklijke KPN NV^††		15,000		46,296
Koninklijke Philips NV^††		15,454		426,198
NXP Semiconducters NV		50,542		4,010,002


Description	Number of Shares		Value
PetroVietnam Drilling & Well Services JSC*^,•,^W		14,520	$	38,914
PetroVietnam Drilling & Well Services JSC*^,•,W		1,452		3,891
PostNL NV^††		37,000		133,839
Randstad Holding NV^††		480		25,231
TNT Express NV^††		6,196		40,523
Unilever NV^††		3,077		133,432

TOTAL NETHERLANDS			$	10,840,724
NEW ZEALAND – 0.1%
Air New Zealand Ltd.^††		130,200		246,323
Auckland International Airport Ltd.^††		14,192		45,901
Contact Energy Ltd.		7,123		36,556
Fletcher Building Ltd.^††		5,027		30,538

TOTAL NEW ZEALAND			$	359,318
NIGERIA – 0.1%
Dangote Cement PLC		51,150		42,367
FBN Holdings PLC		629,542		23,490
Forte Oil PLC		46,376		56,607
Guaranty Trust Bank PLC		576,410		61,203
Guinness Nigeria PLC		29,925		20,617
Lafarge Cement WAPCO Nigeria PLC^††		36,300		15,815
Nestle Nigeria PLC^††		7,636		32,252
Nigerian Breweries PLC^††		70,380		52,376
Oando PLC		308,975		25,409
UAC of Nigeria PLC^††		84,600		16,689
Unilever Nigeria PLC^††		79,800		14,708
United Bank for Africa PLC^††		812,013		14,859
Zenith Bank PLC^††		535,775		45,073

TOTAL NIGERIA			$	421,465
NORWAY – 0.3%
Aker Solutions ASA^††		954		4,657
AKER Solutions ASA^#		954		2,346
Atea ASA^††		8,500		94,416
Nordic Semiconductor ASA^#,*^,††		15,000		103,591
Petroleum Geo-Services ASA^#,††		2,167		11,783
Salmar ASA^††		18,800		290,236
Seadrill Ltd.^#,*		4,106		44,098
Statoil ASA^††		31,727		531,311
Storebrand ASA*^,††		10,389		31,406
Subsea 7 SA^††		2,902		24,686
Telenor ASA^††		3,856		82,838
Yara International ASA^††		8,200		426,911

TOTAL NORWAY			$	1,648,279
OMAN – 0.1%
Al-Anwar Ceramic Tile Co.^††		13,400		15,623


Description	Number of Shares		Value
Bank Dhofar SAOG^††		49,343	$	45,550
Bank Sohar^††		52,900		31,296
BankMuscat SAOG^††		53,380		83,672
Dhofar International Development & Investment Holding Co.^††		12,800		17,616
Galfar Engineering & Contracting SAOG^††		77,326		34,505
National Bank of Oman SAOG		54,311		50,450
Oman Cement Co.^††		23,240		30,799
Oman Flour Mills Co. SAOG^††		16,000		22,478
Oman Oil Marketing Co.^††		7,300		41,886
Oman Telecommunications Co. SAOG^††		31,500		142,875
Renaissance Services SAOG^††		11,992		14,747

TOTAL OMAN			$	531,497
PANAMA – 0.0%**
Copa Holdings SA Class A		1,730		185,992
PERU – 0.2%
Alicorp SA		51,200		116,174
BBVA Banco Continental SA		16,829		22,582
Cia de Minas Buenaventura SA ADR		5,000		57,100
Credicorp Ltd.		2,050		295,446
Edegel SAA		37,100		45,421
Ferreycorp SAA		60,958		29,852
Grana y Montero SA		32,600		66,094
Luz del Sur SAA		6,400		24,050
Minsur SA		35,670		20,380
Sociedad Minera Cerro Verde SAA*		1,400		30,800
Sociedad Minera el Brocal SA		4,000		11,753
Southern Copper Corp.^#		5,859		159,834
Volcan Cia Minera SAA		131,614		20,625

TOTAL PERU			$	900,111
PHILIPPINES – 0.3%
Aboitiz Equity Ventures, Inc.		31,200		39,970
Aboitiz Power Corp.^††		81,200		81,666
Alliance Global Group, Inc.		57,000		32,215
Ayala Corp.^††		3,400		55,867
Ayala Land, Inc.		94,700		77,126
Bank of the Philippine Islands		27,653		61,933
BDO Unibank, Inc.		16,262		42,205
D&L Industries, Inc.^††		89,100		34,243
Energy Development Corp.^††		150,500		29,106
First Gen Corp.^††		42,200		29,732
Globe Telecom, Inc.		1,450		57,234
International Container Terminal Services, Inc.^††		16,400		42,246
JG Summit Holdings, Inc.^††		37,500		55,710
Jollibee Foods Corp.^††		33,800		177,451
Manila Electric Co.^††		6,210		38,581


Description	Number of Shares		Value
Metro Pacific Investments Corp.^††		190,000	$	22,244
Metropolitan Bank & Trust^††		12,157		26,189
Philex Mining Corp.^††		216,150		41,419
Philippine Long Distance Telephone Co.^††		1,800		121,114
Puregold Price Club, Inc.^††		50,000		47,528
Robinsons Retail Holdings, Inc.^††		20,320		36,467
San Miguel Corp.		13,000		22,417
Semirara Mining And Power Co.^††		23,100		76,878
SM Investments Corp.^††		4,162		87,505
SM Prime Holdings, Inc.^††		116,000		48,757
Universal Robina Corp.^††		22,900		107,437

TOTAL PHILIPPINES			$	1,493,240
POLAND – 0.4%
AmRest Holdings SE*^,††		2,700		83,793
Asseco Poland SA^††		7,073		104,778
Astarta Holding NV*^,††		3,855		25,861
Bank Pekao SA^††		2,850		137,470
BRE Bank SA		390		49,311
Budimex SA^††		730		30,452
Cyfrowy Polsat SA^††		6,760		43,430
Energa SA^††		4,947		28,032
Eurocash SA^††		4,940		49,025
Getin Noble Bank SA*^,††		54,005		29,000
Grupa Kety SA^††		385		28,547
Grupa Lotos SA*^,††		2,600		17,097
ING Bank Slaski SA^#,††		2,000		72,866
Jastrzebska Spolka Weglowa SA		6,600		37,703
Kernel Holding SA*^,††		9,932		83,414
KGHM Polska Miedz SA^††		5,069		143,704
Kruk SA		1,654		51,303
LPP SA^††		50		101,131
Lubelski Wegiel Bogdanka SA^††		700		18,367
Netia SA^††		39,573		63,845
Orbis SA^††		1,520		17,486
PGE SA		27,800		145,667
Polski Koncern Naftowy Orlen SA^††		10,795		159,276
Polskie Gornictwo Naftowe i Gazownictwo SA^††		58,932		69,540
Powszechna Kasa Oszczednosci Bank Polski SA^††		21,090		195,128
Powszechny Zaklad Ubezpieczen SA		1,220		165,920
Synthos SA^††		33,729		39,086
Tauron Polska Energia SA		47,180		63,474
Telekomunikacja Polska SA^#,††		26,910		64,916
TVN SA^††		6,666		31,831

TOTAL POLAND			$	2,151,453


Description	Number of Shares		Value
PORTUGAL – 0.0%**
Banco Comercial Portugues SA^††		394,943	$	27,815
Banco Espirito Santo SA*^,††		15,937		—
EDP – Energias de Portugal SA		11,747		44,685
EDP Renovaveis SA^††		5,470		36,564

TOTAL PORTUGAL			$	109,064
QATAR – 0.2%
Al Meera Consumer Goods Co.		1,000		54,812
Barwa Real Estate Co.^††		4,800		57,791
Commercial Bank of Qatar QSC		2,300		42,591
Doha Bank QSC^††		3,322		53,250
Gulf International Services QSC^††		3,625		100,746
Industries Qatar QSC^††		3,900		159,093
Masraf Al Rayan^††		10,600		129,836
Ooredoo QSC		2,600		82,073
Qatar Electricity & Water Co.		1,080		55,548
Qatar Gas Transport Co. Nakilat^††		8,700		55,735
Qatar Islamic Bank^††		2,200		62,061
Qatar National Bank SAQ		2,000		108,731
Qatar National Cement Co.		1,520		55,469
Qatar Navigation		1,703		46,644

TOTAL QATAR			$	1,064,380
ROMANIA – 0.1%
Banca Transilvania*^,††		345,830		184,791
BRD-Groupe Societe Generale*^,††		68,300		166,709
OMV Petrom SA^††		1,206,500		111,253
Societatea Nationala De Gaze Naturale
ROMGAZ SA^††		5,414		47,436
Transelectrica SA^††		2,450		18,280
TOTAL ROMANIA			$	528,469
RUSSIA – 0.6%
CTC Media, Inc.		16,400		61,828
Federal Hydrogenerating Co. JSC ADR		141,960		117,827
Gazprom Neft OAO ADR		1,400		16,800
Gazprom OAO ADR		90,210		378,431
Globaltrans Investment PLC GDR^††		11,780		53,144
Lenta Ltd.-Reg S^††		5,658		30,131
LSR Group GDR^††		17,440		27,822
Lukoil OAO ADR^††		8,000		314,555
Magnit OJSC GDR^††		7,926		301,380
Mail.Ru Group Ltd. GDR*^,††		4,643		66,522
MegaFon OAO GDR^††		7,446		101,689
MMC Norilsk Nickel OJSC ADR (B114RK6)^††		14,910		245,748
Mobile Telesystems OJSC ADR		9,500		74,670
NovaTek OAO GDR^††		1,350		93,841
Novolipetsk Steel OJSC GDR^††		7,200		93,822


Description	Number of Shares		Value
Pharmstandard OJSC GDR*		3,313	$	26,173
QIWI PLC ADR		1,600		31,344
Rosneft OAO GDR^††		20,548		66,599
Rostelecom OJSC ADR^††		6,038		42,390
Sberbank of Russia ADR		67,867		259,931
Severstal OAO GDR^††		11,080		100,761
Sistema JSFC GDR^††		20,411		90,929
Tatneft OAO ADR^††		4,000		93,667
TMK OAO GDR^††		4,860		12,390
Uralkali OJSC GDR^††		5,000		62,047
Uralkali OJSC GDR^††		3,100		38,469
VimpelCom Ltd. ADR		21,300		76,680
VTB Bank OJSC GDR		64,826		124,400
X5 Retail Group NV GDR*^,††		3,800		40,072
Yandex NV*		10,100		150,389

TOTAL RUSSIA			$	3,194,451
SINGAPORE – 1.5%
Avago Technologies Ltd.		39,156		4,028,369
CapitaLand Ltd.^††		29,005		74,443
City Developments Ltd.^††		10,000		74,120
DBS Group Holdings Ltd.^††		66,000		962,255
Global Logistic Properties Ltd.^††		17,000		31,718
Golden Agri-Resources Ltd.^††		126,000		39,086
Jardine Cycle & Carriage Ltd.^††		1,000		31,212
Keppel Land Ltd.^††		9,000		30,181
Noble Group Ltd.^††		92,000		71,967
Oversea-Chinese Banking Corp.^††		8,000		61,361
Singapore Airlines Ltd.		14,000		130,767
Singapore Exchange Ltd.^††		7,000		40,158
Singapore Telecommunications Ltd.^††		33,000		99,379
United Overseas Bank Ltd.^††		90,056		1,540,028
Venture Corp. Ltd.		5,000		30,025
Wilmar International Ltd.^††		27,000		64,076
Wing Tai Holdings Ltd.^††		107,000		144,598

TOTAL SINGAPORE			$	7,453,743
SLOVENIA – 0.1%
Cinkarna Celje		306		63,877
Hutchison Port Holdings Trust^††		41,000		29,235
Krka d.d., Novo mesto		2,280		149,077
Petrol DD Ljubljana^††		210		67,055
Telekom Slovenije DD^††		600		101,463
Zavarovalnica Triglav DD^††		3,470		99,767

TOTAL SLOVENIA			$	510,474
SOUTH AFRICA – 0.8%
African Bank Investments Ltd.^#,††		36,266		—


Description	Number of Shares		Value
African Rainbow Minerals Ltd.		2,100	$	21,118
Anglo American Platinum Ltd.*^,††		800		24,525
AngloGold Ashanti Ltd.^††		5,430		65,860
Aspen Pharmacare Holdings Ltd.^††		4,808		180,033
Aveng Ltd.		21,500		32,962
AVI Ltd.		5,800		42,030
Barclays Africa Group Ltd.^††		3,700		62,902
Barloworld Ltd.		7,800		58,855
Bidvest Group Ltd.		6,970		192,362
Discovery Ltd.		3,999		39,387
Exxaro Resources Ltd.^††		1,400		12,405
FirstRand Ltd.^††		25,000		111,259
Foschini Group Ltd.		4,400		63,085
Gold Fields Ltd.		15,890		91,540
Grindrod Ltd.^††		17,500		27,275
Growthpoint Properties Ltd.^††		19,600		49,210
Harmony Gold Mining Co. Ltd.		8,390		25,231
Impala Platinum Holdings Ltd.^††		7,674		49,790
Imperial Holdings Ltd.^††		1,900		33,470
Kumba Iron Ore Ltd.^#,††		1,560		29,986
Liberty Holdings Ltd.^††		3,300		37,099
Life Healthcare Group Holdings Ltd.		10,800		40,192
Massmart Holdings Ltd.		1,574		22,403
MMI Holdings Ltd.		22,679		60,947
Mr. Price Group Ltd.^††		2,100		47,565
MTN Group Ltd.^††		34,400		594,044
Murray & Roberts Holdings Ltd.*^,††		26,380		44,508
Nampak Ltd.^††		5,000		18,228
Naspers Ltd.^††		3,771		544,012
Nedbank Group Ltd.^††		2,600		56,997
Netcare Ltd.^††		12,300		40,834
Pick n Pay Stores Ltd.^††		8,300		40,911
PPC Ltd.^††		10,921		20,013
Remgro Ltd.		5,090		117,781
Reunert Ltd.^††		3,450		18,516
RMB Holdings Ltd.^††		7,800		44,055
RMI Holdings		17,600		64,216
Sanlam Ltd.^††		19,700		118,077
Sasol Ltd.^††		5,970		215,636
Shoprite Holdings Ltd.^††		3,920		61,966
Sibanye Gold Ltd.^††		14,690		39,720
Standard Bank Group Ltd.^††		13,540		178,799
Steinhoff International Holdings Ltd.		15,300		78,197
Tiger Brands Ltd.^††		2,090		70,483
Truworths International Ltd.		4,900		33,932
Vodacom Group Ltd.^#,††		6,700		76,925


Description	Number of Shares		Value
Wilson Bayly Holmes-Ovcon Ltd.^††		4,800	$	49,738
Woolworths Holdings Ltd.^††		7,280		54,036

TOTAL SOUTH AFRICA			$	4,003,115
SOUTH KOREA – 1.6%
Amorepacific Corp.^††		40		96,401
BS Financial Group, Inc.^††		3,215		40,638
Celltrion, Inc.^††		2,763		102,451
Coway Co. Ltd.		210		16,830
Daewoo Engineering & Construction Co. Ltd.*		4,364		26,952
Doosan Heavy Industries & Construction Co. Ltd.		1,030		21,853
E-Mart Co. Ltd.^††		421		79,881
Green Cross Corp.^††		337		42,695
Green Cross Holdings Corp.^††		2,178		43,475
GS Holdings^††		1,300		49,197
Hana Financial Group, Inc.^††		2,898		84,711
Hyosung Corp.^††		550		36,294
Hyundai Department Store Co. Ltd.^††		430		46,621
Hyundai Glovis Co. Ltd.^††		270		60,137
Hyundai Heavy Industries Co. Ltd.^††		297		30,434
Hyundai Mobis		363		82,063
Hyundai Motor Co.		990		152,147
Hyundai Steel Co.^††		690		41,398
KB Financial Group, Inc.^††		2,873		96,513
KCC Corp.^††		35		17,610
Kia Motors Corp.^††		1,355		56,628
Kjb Financial Group Co. Ltd.^††		190		1,547
Knb Financial Group Co. Ltd.^††		290		2,876
Korea Electric Power Corp.^††		2,500		97,747
Korea Zinc Co. Ltd.^††		200		78,121
Korean Air Lines Co. Ltd.*^,††		644		27,954
KT Corp.^††		1,531		41,684
KT&G Corp.		1,270		92,708
LG Chem Ltd.		418		75,174
LG Corp.^††		1,030		57,966
LG Display Co. Ltd.*^,††		2,660		87,403
LG Electronics, Inc.^††		770		42,659
LG Household & Health Care Ltd.		150		93,972
LG Uplus Corp.		2,560		28,223
Lotte Chemical Corp.^††		380		59,956
Lotte Shopping Co. Ltd.^††		190		41,119
Macquarie Korea Infrastructure Fund^††		5,769		38,764
Medy-Tox, Inc.^††		218		73,250
Naturalendo Tech Co. Ltd.^††		863		40,868
NHN Corp.^††		197		127,688
OCI Co. Ltd.*^,††		270		19,142


Description	Number of Shares		Value
POSCO^††		720	$	167,253
Samsung C&T Corp.^††		850		43,070
Samsung Card Co. Ltd.^††		1,000		34,758
Samsung Electronics Co. Ltd. GDR^††		545		676,562
Samsung Fire & Marine Insurance Co. Ltd.		380		102,318
Samsung Heavy Industries Co. Ltd.^††		1,680		27,198
Samsung Life Insurance Co. Ltd.^††		1,300		133,528
Samsung Sdi Co. Ltd. Krw5000 0640^††		393		45,859
Shinhan Financial Group Co. Ltd.		4,050		165,355
SK Holdings Co. Ltd.^††		320		49,892
SK Hynix, Inc.*^,††		91,321		3,944,664
SK Innovation Co. Ltd.^††		600		50,952
SK Telecom Co. Ltd.		520		136,274
S-Oil Corp.^††		740		40,705
ViroMed Co. Ltd.^††		658		31,391
Woori Bank		2,508		20,181
Woori Investment & Securities Co. Ltd.^††		2,868		28,880
Yuhan Corp.^††		339		52,908

TOTAL SOUTH KOREA			$	8,105,498
SPAIN – 1.7%
ACS Actividades de Construccion y Servicios SA^††		4,845		168,507
Almirall SA*^,††		20,400		355,868
Amadeus IT Holding SA^#,††		1,985		79,607
Banco Bilbao Vizcaya Argentaria SA^††		332,691		2,841,952
Banco de Sabadell SA^††		115,646		292,246
Banco Popular Espanol - Temp Line		130		551
Banco Popular Espanol SA^††		38,667		163,443
Banco Santander SA^††		286,130		1,924,522
Banco Santander SA- Temp Line		5,273		35,513
CaixaBank^††		16,911		73,660
Cemex Latam Holdings SA		4,828		30,116
Gamesa Corp. Tecnologica SA*^,††		24,439		241,621
Grifols SA^††		850		35,657
Iberdrola SA^††		117,706		812,453
Inditex Sm		1,925		56,736
Mapfre SA^††		195,272		657,352
Red Electrica Corp. SA^††		761		64,835
Repsol SA^††		33,130		586,888
Telefonica SA^††		19,690		295,258

TOTAL SPAIN			$	8,716,785
SWEDEN – 2.5%
Assa Abloy AB^††		1,611		87,983
Atlas Copco AB Class A^††		86,388		2,557,830
Atlas Copco AB Class B^††		1,468		40,152
Boliden AB^††		20,099		313,981
Electrolux AB (Series B)^††		10,300		317,018


Description	Number of Shares		Value
Elekta AB^#,††		2,432	$	26,070
Getinge AB^††		1,185		29,207
Hennes & Mauritz AB^††		1,299		53,437
Hexagon AB^††		1,146		36,286
Hexpol AB^††		3,100		311,010
Holmen AB		346		12,484
Husqvarna AB Class B^††		53,200		369,483
Investor AB^††		49,719		1,809,210
Lundin Petroleum AB^#,*^,††		1,490		19,330
Meda AB^††		3,382		47,632
Net Entertainment NE AB Class B^††		8,200		259,817
Nordea Bank AB^††		49,164		624,175
Saab AB^#,††		8,200		199,608
Sandvik AB^#,††		96,012		1,007,799
Securitas AB Class B^††		25,700		313,255
Skandinaviska Enskilda Banken AB^††		45,519		548,122
SKF AB^††		1,793		42,264
SSAB AB Class A^#,*^,††		3,828		18,590
SSAB AB Class B*^,††		1,865		8,026
Svenska Cellulosa AB^††		11,459		276,209
Svenska Handelsbanken AB^††		1,582		74,914
Swedbank AB^††		10,000		241,909
Swedish Match AB^††		603		19,632
Tele2 AB^††		6,995		79,133
Telefonaktiebolaget LM Ericsson ADR		5,941		72,064
Telefonaktiebolaget LM Ericsson Class B^††		41,125		498,610
TeliaSonera AB^††		86,000		529,912
Volvo AB^††		135,613		1,587,654

TOTAL SWEDEN			$	12,432,806
SWITZERLAND – 9.0%
ABB Ltd.^††		99,412		1,911,318
Actelion Ltd.^††		32,721		3,614,380
Adecco SA^††		3,459		258,400
Aryzta AG^††		2,543		190,647
Baloise Holding AG^††		3,851		501,274
Barry Callebaut AG^††		17		16,951
Bucher Industries AG^††		1,000		245,333
Cembra Money Bank AG^††		5,100		310,230
Cie Financiere Richemont SA^††		30,866		2,564,289
Clariant AG^††		6,591		105,893
Credit Suisse Group AG^††		37,969		799,470
Dufry AG^††		297		43,630
Forbo Holdings AG^††		177		171,144
Geberit AG^††		190		64,912
Givaudan SA^††		32		58,330
Helvetia Holding AG^††		600		306,055
Holcim Ltd.^††		32,536		2,274,686


Description	Number of Shares		Value
Julius Baer Group Ltd.*^,††		2,140	$	87,064
Lonza Group AG^††		811		96,052
Nestle SA*^,††		37,745		2,882,623
Novartis AG*^,††		106,257		10,355,042
OC Oerlikon Corp. AG		1,761		20,031
Pargesa Holding SA^††		3,700		267,338
Partners Group Holding AG^††		118		31,579
Roche Holding AG^††		28,024		7,552,956
Schindler Holding AG (B11TCY0)^††		282		41,766
SGS SA^††		23		43,629
Sika AG^††		13		44,648
Sonova Holding AG*^,††		100		13,138
Sulzer AG^††		391		41,399
Swatch Group AG^††		3,787		1,506,144
Swatch Group Ag/The^††		237		17,422
Swiss Life Holding AG^††		4,256		949,742
Swiss Re AG^††		10,247		924,356
Syngenta AG^††		7,837		2,552,776
UBS Group AG		157,362		2,637,553
Wolseley PLC^††		1,290		74,775
Zurich Financial Services AG^††		5,165		1,712,601

TOTAL SWITZERLAND			$	45,289,576
TAIWAN – 1.7%
Acer, Inc.*^,††		80,222		52,047
Advanced Semiconductor Engineering, Inc.		37,804		47,471
Asia Cement Corp.		43,020		51,866
Asustek Computer, Inc.		4,700		49,123
AU Optronics Corp.		147,126		79,991
Catcher Technology Co. Ltd.		9,438		82,531
Cathay Financial Holding Co. Ltd.^††		68,479		98,064
Chang Hwa Commercial Bank		34,283		19,345
Cheng Shin Rubber Industry Co. Ltd.		26,358		63,534
China Development Financial Holding Corp.		192,750		63,297
China Steel Corp.		130,232		110,331
Chunghwa Telecom Co. Ltd.		47,024		142,108
Compal Electronics, Inc.		59,736		43,560
CTBC Financial Holding Co. Ltd.^††		154,622		98,085
Delta Electronics, Inc.		9,888		60,395
D-Link Corp.		36,766		20,607
E.Sun Financial Holding Co. Ltd.^††		49,911		30,704
Far Eastern Department Stores Co. Ltd.		70,264		59,948
Far Eastern New Century Corp.		60,270		60,660
Far EasTone Telecommunications Co. Ltd.^††		42,000		102,611
First Financial Holding Co. Ltd.^††		98,459		57,358
Formosa Chemicals & Fibre Corp.		37,198		79,598
Formosa Petrochemical Corp.^††		28,990		61,760


Description	Number of Shares		Value
Formosa Plastics Corp.		51,601	$	124,525
Foxconn Technology Co. Ltd.^††		21,994		59,552
Fubon Financial Holding Co. Ltd.		71,314		113,003
Giant Manufacturing Co. Ltd.		3,000		26,184
Hon Hai Precision Industry Co. Ltd.		65,675		180,212
Hotai Motor Co. Ltd.^††		7,000		100,582
HTC Corp.^††		9,465		46,924
Hua Nan Financial Holdings Co. Ltd.		74,898		41,635
Innolux Corp.^††		53,624		25,834
Inotera Memories, Inc.^††		2,747,482		3,928,293
Largan Precision Co. Ltd.		1,000		83,158
Lite-On Technology Corp.^††		34,401		42,400
MediaTek, Inc.		11,082		168,504
Mega Financial Holding Co. Ltd.^††		76,175		58,125
Nan Kang Rubber Tire Co. Ltd.^††		15,599		16,363
Nan Ya Plastics Corp.^††		55,597		111,708
Novatek Microelectronics Corp.		10,145		55,803
Pou Chen Corp.^††		37,157		50,886
President Chain Store Corp.^††		7,496		57,624
Quanta Computer, Inc.		16,571		40,383
Realtek Semiconductor Corp.		14,315		43,403
Shin Kong Financial Holding Co. Ltd.^††		72,165		20,117
Siliconware Precision Industries Co.^††		36,000		60,704
SinoPac Financial Holdings Co. Ltd.^††		73,546		29,931
Synnex Technology International Corp.^††		23,941		34,414
Tainan Spinning Co. Ltd.^††		118,619		64,144
Taishin Financial Holding Co. Ltd.^††		124,182		50,916
Taiwan Cement Corp.^††		32,057		43,281
Taiwan Cooperative Financial Holding Co. Ltd.^††		40,932		21,110
Taiwan Fertilizer Co. Ltd.		16,000		27,876
Taiwan Mobile Co. Ltd.		27,874		91,912
Taiwan Semiconductor Manufacturing Co. Ltd.^††		95,911		421,781
Tatung Co. Ltd.*^,††		245,916		68,736
Teco Electric & Machinery^††		50,000		46,676
TSRC Corp.^††		19,635		23,355
Tung Ho Steel Enterprise Corp.^††		37,476		27,932
Uni-President Enterprises Corp.^††		81,360		129,641
United Microelectronics Corp.^††		110,000		53,267
Walsin Lihwa Corp.*^,††		120,000		37,041
Wistron Corp.^††		34,294		31,265
Yuanta Financial Holding Co. Ltd.		106,776		51,223
Yulon Motor Co. Ltd.^††		49,640		72,493
Zinwell Corp.		22,435		22,505

TOTAL TAIWAN			$	8,340,415
THAILAND – 0.5%
Advanced Info Service PCL^††		23,300		174,094


Description	Number of Shares		Value
Airports of Thailand PCL^††		7,000	$	69,068
Bangkok Bank PCL		12,100		70,936
Bangkok Dusit Med Service^††		89,000		50,462
Bangkok Expressway PCL		24,400		29,115
Banpu Public Co. Ltd.^††		29,000		21,517
BEC World PCL^††		18,000		28,298
Berli Jucker PCL		60,600		74,303
Big C Supercenter PCL^††		12,200		89,619
Bts Group Holdings PCL^††		134,400		40,317
Bumrungrad Hospital PCL		16,000		76,109
Central Pattana PCL^††		54,000		73,611
Charoen Pokphand Foods PCL		91,300		70,214
CP ALL PCL^††		98,600		124,912
Electricity Generating PCL		8,600		42,703
Glow Energy PCL^††		9,100		25,248
Hana Microelectronics PCL^††		113,100		138,695
Indorama Ventures PCL^††		46,100		30,666
Intouch Holdings PCL Class F^††		17,200		42,330
IRPC PCL^††		269,900		28,163
Kasikornbank PCL^††		16,600		113,426
Krung Thai Bank PCL^††		93,750		64,903
PTT Exploration & Production PCL^††		26,409		88,045
PTT Global Chemical PCL		24,800		42,795
PTT Global Chemical PCL (Foreign)^††		1,681		2,901
PTT PCL^††		13,500		142,736
Ratchaburi Electricity Generating Holding PCL		19,500		35,703
Siam Cement PCL^††		4,700		71,467
Siam City Cement PCL^††		1,000		13,063
Siam Commercial Bank PCL^††		23,600		129,284
Thai Beverage PCL^††		242,369		129,149
Thai Oil PCL^††		15,800		24,690
Thai Union Frozen Prod-Forei^††		82,656		54,732
TMB Bank PCL^††		703,000		66,500
Total Access Communication PCL^††		18,100		51,928
True Corp. PCL*^,††		255,525		105,877

TOTAL THAILAND			$	2,437,579
TOGO – 0.0%**
Ecobank Transnational, Inc.^††		306,748		26,366
TUNISIA – 0.0%**
Banque de Tunisie		7,750		41,974
Carthage Cement*^,††		21,000		23,026
Ennakl^††		4,230		22,233
Poulina Group Holding		7,600		21,251
Soc Tunisienne D’Assur Reass*^,††		230		17,848
Societe D’Articles Hygieniques^††		6,910		42,036
Societe Moderne de Ceramique^††		11,100		15,074


Description	Number of Shares		Value
Tunisie Profiles Aluminium^††		7,500	$	16,288

TOTAL TUNISIA			$	199,730
TURKEY – 0.4%
Akbank TAS^††		41,103		149,740
Akenerji Elektrik Uretim AS*^,††		1		—
Anadolu Efes Biracilik Ve Malt Sanayii AS^††		4,363		38,281
Arcelik AS^††		9,420		59,867
BIM Birlesik Magazalar AS^††		5,520		111,395
Coca-Cola Icecek AS^††		2,500		50,410
Dogan Sirketler Grubu Holding AS*^,††		85,907		25,881
Dogus Otomotiv Servis ve Ticaret AS^††		6,600		37,494
Emlak Konut Gayrimenkul Yatirim Ortakligi
AS^††		37,200		48,577
Enka Insaat ve Sanayi AS		31,455		63,550
Eregli Demir ve Celik Fabrikalari TAS^††		72,356		129,715
Haci Omer Sabanci Holding AS^††		16,548		69,705
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS*^,††		89,334		73,080
KOC Holding AS^††		25,028		129,775
Koza Altin Isletmeleri AS^††		2,800		22,146
Petkim Petrokimya Holding AS*^,††		16,518		25,752
TAV Havalimanlari Holding AS^††		5,400		40,280
Tekfen Holding AS^††		18,500		43,325
Tupras Turkiye Petrol Rafinerileri AS^††		5,636		122,153
Turk Hava Yollari^††		22,042		84,121
Turk Telekomunikasyon AS^††		25,727		76,971
Turkcell Iletisim Hizmetleri AS*^,††		26,668		153,524
Turkiye Garanti Bankasi AS^††		41,123		172,914
Turkiye Halk Bankasi AS^††		13,054		83,821
Turkiye Is Bankasi^††		30,292		87,810
Turkiye Sinai Kalkinma Bankasi AS^††		40,312		33,491
Turkiye Vakiflar Bankasi Tao^††		22,040		51,203
Ulker Biskuvi Sanayi AS^††		2,881		22,791
Yapi ve Kredi Bankasi AS^††		15,178		31,377
Yazicilar Holding AS^††		6,080		51,049

TOTAL TURKEY			$	2,090,198
UKRAINE – 0.0%**
Avangardco Investments Public Ltd. GDR		5,322		10,112
Ferrexpo PLC^††		36,650		27,638
MHP SA GDR^††		4,100		39,026

TOTAL UKRAINE			$	76,776
UNITED ARAB EMIRATES – 0.2%
Abu Dhabi Commercial Bank PJSC^††		49,070		92,315
Abu Dhabi National Hotels		32,000		30,995
Air Arabia PJSC^††		210,900		95,194
Aldar Properties PJSC^††		73,140		47,200
Arabtec Holding Co.*^,††		108,460		85,414


Description	Number of Shares		Value
DP World Ltd.^††		7,100	$	139,310
Dubai Financial Market^††		56,800		29,306
Emaar Properties PJSC^††		71,056		129,513
First Gulf Bank PJSC		21,860		100,797
National Bank of Abu Dhabi PJSC^††		26,045		91,105
Ras Al Khaimah Ceramics^††		45,200		36,840
Union National Bank PJSC^††		19,982		31,441

TOTAL UNITED ARAB EMIRATES			$	909,430
UNITED KINGDOM – 13.1%
3i Group PLC^††		617,873		4,261,053
Abcam PLC^††		30,500		198,030
Aberdeen Asset Management PLC^††		4,302		28,240
Alent PLC^††		34		187
Anglo American PLC^††		83,338		1,392,052
ARM Holdings PLC^††		6,487		101,103
Ashtead Group PLC^††		57,000		927,537
Associated British Foods PLC^††		635		29,615
AstraZeneca PLC^††		9,055		644,585
Aviva PLC^††		32,250		255,869
Babcock International Group PLC^††		1,497		22,637
BAE Systems PLC^††		84,134		640,482
Barclays PLC^††		174,168		1,150,464
Barratt Developments PLC^††		2,827		19,460
BG Group PLC^††		141,141		1,882,527
BHP Billiton PLC^††		2,716		58,993
BP PLC^††		179,748		1,154,711
BP PLC ADR		45,173		1,754,068
British American Tobacco PLC^††		4,941		278,753
Britvic PLC*^,††		20,100		212,714
BT Group PLC^††		116,038		727,985
Btg PLC^††		32,000		380,199
Bunzl PLC^††		1,783		50,792
Burberry Group PLC		1,978		51,388
Carnival PLC		1,782		79,559
Centrica PLC^††		129,003		569,295
Chemring Group PLC^††		46,900		152,562
Cobham PLC^††		6,837		33,514
Compass Group PLC^††		4,826		83,206
Computacenter PLC^††		16,500		160,388
Crest Nicholson Holdings PLC^††		37,600		231,719
Croda International PLC^††		858		34,265
Dairy Crest Group PLC^††		13,900		102,245
Debenhams PLC^††		148,800		167,880
Diageo PLC^††		106,263		3,145,462
Dialog Semiconductor PLC^††		22,300		852,856
Direct Line Insurance Group^††		46,200		216,663


Description	Number of Shares		Value
Dixons Carphone PLC^††		14,200	$	92,798
easyJet PLC^††		16,400		457,281
Experian PLC^††		964		16,987
Fresnillo PLC^††		1,879		25,381
GKN PLC		11,542		63,745
GlaxoSmithKline PLC^††		31,791		699,999
Glencore Xstrata PLC^††		384,073		1,432,052
Hays PLC^††		175,600		409,183
Howden Joinery Group PLC^††		101,800		649,644
HSBC Holdings PLC (0540528)^††		109,935		1,005,821
HSBC Holdings PLC, ADR (404280406)		31,808		1,454,262
IG Group Holdings PLC^††		52,100		565,316
Imagination Technologies Group PLC^††		32,900		121,189
IMI PLC		2,116		40,520
Imperial Tobacco Group PLC^††		1,620		76,090
Indivior PLC		128,208		336,007
Intermediate Capital Group PLC^††		33,400		247,480
International Consolidated Airlines Group SA*^,††		4,810		39,183
Intertek Group PLC		875		30,136
Investec PLC^††		3,817		32,071
ITV PLC^††		1,274,767		4,218,881
J Sainsbury PLC^††		101,662		389,572
Johnson Matthey PLC^††		1,139		55,721
Kingfisher PLC^††		52,480		269,967
Kuwait Finance House		27,120		70,752
Legal & General Group PLC^††		1,622		6,514
Lloyds Banking Group PLC*^,††		3,204,045		3,821,830
London Stock Exchange Group PLC^††		1,831		65,013
Meggitt PLC^††		6,123		49,498
Melrose Industries PLC^††		5,531		22,017
Mitie Group PLC^#,††		30,500		123,895
Mondi PLC^††		22,900		408,511
National Grid PLC^††		6,792		95,489
National Industries Group Class H		58,170		37,446
Next PLC		781		84,870
Old Mutual PLC^††		105,300		328,523
Paragon Group Companies PLC^††		64,400		398,991
Petrofac Ltd.^††		2,059		21,814
Premier Foods PLC*^,††		201,280		130,972
Prudential PLC^††		7,635		185,610
Randgold Resources Ltd.^††		804		69,007
Reckitt Benckiser Group PLC^††		72,171		6,108,205
Reed Elsevier PLC^††		3,692		64,097
Resolution Ltd.^††		25,362		151,662
Rexam PLC^††		55,647		355,600
Rio Tinto PLC^††		3,835		168,522


Description	Number of Shares		Value
Rolls-Royce Holdings PLC^††		205,495	$	2,745,428
Royal Bank of Scotland Group PLC ADR^#,*		9,368		101,736
Royal Bank of Scotland Group PLC*^,††		5,618		30,504
Royal Dutch Shell PLC (B03MLX2)^††		11,542		351,750
Royal Dutch Shell PLC ADR (780259107)^#		23,558		1,487,253
Royal Dutch Shell PLC Class B^††		49,071		1,553,591
SABMiller PLC^††		2,245		122,277
Sage Group PLC^††		9,281		66,906
Schroders PLC^††		648		28,159
Severn Trent PLC^††		1,386		44,872
Shire PLC^††		82,438		6,016,995
Smith & Nephew PLC^††		3,810		67,944
Smiths Group PLC^††		1,864		31,546
SSE PLC^#,††		2,269		54,907
Standard Chartered PLC^††		150,815		2,011,108
Tate & Lyle PLC^††		27,400		279,451
Tesco PLC^††		85,635		289,590
Unilever PLC		3,172		139,676
Vedanta Resources PLC		2,533		14,155
Vesuvius PLC^††		33,100		218,548
Victrex PLC^††		3,400		105,106
Vodafone Group PLC^††		252,471		1,639,266
Whitbread PLC^††		604		45,337
WM Morrison Supermarkets PLC^††		164,129		442,842
WPP PLC^††		5,130		112,812

TOTAL UNITED KINGDOM			$	65,552,941
UNITED STATES – 1.4%
Bank Alfalah Ltd.*^,•,W		65,000		21,703
Freeport-McMoRan Copper & Gold, Inc.		68,877		1,157,822
Jazz Pharmaceuticals PLC*		24,806		4,200,648
Las Vegas Sands Corp.		29,096		1,581,950
Lucky Cement Ltd.*^,•,W		15,300		78,637
National Bank of Pakistan*^,•,W		55,000		38,127
Oil & Gas Development Co. Ltd.*^,•,W		32,300		67,406
Pakistan Telecommunication Co. Ltd.*^,•,W		91,800		23,549
Pha Lai Therma*		38,600		46,355
SUI Southern Gas Co. Ltd.*^,•,W		91,500		37,331

TOTAL UNITED STATES			$	7,253,528

TOTAL COMMON STOCKS (COST $433,371,135)			$	466,913,232
INVESTMENT COMPANIES – 0.6%
DFA International Small Cap Value Portfolio		303		5,592
Vanguard FTSE Developed Markets ETF		71,809		2,739,513

TOTAL INVESTMENT COMPANIES (COST $2,787,778)			$	2,745,105


Description	Number of Shares		Value

PREFERRED STOCKS – 1.1%
BRAZIL – 0.6%
AES Tiete SA		3,080	$	19,009
Alpargatas SA		10,197		32,416
Banco Bradesco SA		117,383		1,475,572
Bradespar SA		2,600		11,250
Braskem SA		3,300		15,312
Cia Brasileira de Distribuicao Grupo Pao de Acucar		823		27,329
Cia Energetica de Minas Gerais		12,676		56,264
Cia Energetica de Sao Paulo		3,500		30,731
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA		5,760		14,468
Gerdau SA		6,100		20,710
Itau Unibanco Holding SA		19,624		240,615
Itausa - Investimentos Itau SA		29,646		100,984
Klabin SA		17,700		17,876
Lojas Americanas SA		7,527		43,621
Marcopolo SA		20,400		20,375
Metalurgica Gerdau SA		3,500		12,835
Oi SA		20,420		37,975
Petroleo Brasileiro SA		69,759		212,663
Telefonica Brasil SA		8,510		157,942
Usinas Siderurgicas de Minas Gerais SA*		5,800		7,241
Vale SA		39,141		241,418

TOTAL BRAZIL			$	2,796,606
CHILE – 0.0%**
Embotelladora Andina SA		10,300		29,009
Sociedad Quimica y Minera de Chile SA		3,740		89,335

TOTAL CHILE			$	118,344
COLOMBIA – 0.0%**
Avianca Holdings SA		23,964		36,290
Grupo Argos SA		2,418		18,353
Grupo Aval Acciones y Valores		84,500		44,501

TOTAL COLOMBIA			$	99,144
CROATIA – 0.0%**
Adris Grupa DD^††		1,559		78,375
GERMANY – 0.5%
Bayerische Motoren Werke AG^††		681		57,652
Henkel AG & Co. KGaA^††		105		12,022
Porsche Automobil Holding SE^††		880		73,746
Volkswagen AG^††		9,805		2,187,366

TOTAL GERMANY			$	2,330,786
PHILIPPINES – 0.0%**
Ayala Land Voting^††		178,200		404


Description	Number of Shares		Value
RUSSIA – 0.0%**
Surgutneftegas OAO ADR		27,207	$	135,527

TOTAL PREFERRED STOCKS (COST $6,481,552)			$	5,559,186
MONEY MARKET FUND – 2.9%
Dreyfus Cash Management Fund, Institutional Shares, 0.03%^{^}		14,631,309		14,631,308

TOTAL MONEY MARKET FUND (COST $14,631,308)			$	14,631,308
RIGHTS – 0.0%**
CHINA – 0.0%**
China Resources Land Ltd.		6,222		1,501
NIGERIA – 0.0%**
United Bank For Africa PLC		81,201		—
SPAIN – 0.0%**
ACS Actividades de Construccion y Servicios SA		4,845		2,463
TUNISIA – 0.0%**
Societe D’Articles Hygieniques		2,800		709
UNITED ARAB EMIRATES – 0.0%**
Burgan Bank^††		1,853		—

TOTAL RIGHTS (COST $2,469)			$	4,673
CALL WARRANTS – 1.0%
Citigroup Global Markets -
Boubyan Petrochemicals Co., Expire 3/24/16*		138,500		277,230
DG Khan Cement Co. Ltd., Expire 1/17/17*^,•,W		43,500		56,510
Fauji Fertilizer Co. Ltd., Expire 1/17/17*^,•,W		37,000		48,271
Hub Power Co Ltd./The, Expire 1/17/17*^,•,W		69,299		57,685
MCB Bank Ltd., Expire 1/15/16*^,•,W		33,900		112,291
Merrill Lynch Intl & Co., Expire 05/22/19*		1,340		68,087
Mobile Telecommunications Co., Expire 3/24/16*		286,100		350,385
Nishat Mills Ltd., Expire 1/17/17*^,•,W		18,900		24,444
OTC Pharm, Expire 5/23/14*^,††		3,313		4,801
Pakistan State Oil Co. Ltd., Expire 1/17/17*^,•,W		13,090		48,643
Peugeot SA, Expire 4/29/17*		4,944		12,609
JPMorgan Chase Bank NA -
HAGL JSC, Expire 3/03/15*		65,348		66,001
Hoa Phat Group JSC, Expire 3/03/15*		26,224		58,480
Masan Group Corp., Expire 7/07/16*		27,330		106,860
Saudi Pharmaceutical Industries Ltd., Expire 9/24/15*		1,988		22,311
Vietnam Joint Stock Commercial Bank for Industry and Trade, Expire 10/27/16*		80,698		67,786
Vingroup JSC, Expire 7/31/19*^,•,W		33,606		75,277


Description	Number of Shares		Value
Merrill Lynch International & Co. -
ABB India Ltd., Expire 6/05/17*		2,560	$	53,036
Aditya Birla Nuvo Ltd., Expire 6/11/15*^,•,W		1,600		46,638
Ambuja Cements Ltd., Expire 6/11/15*^,•,W		17,000		69,435
Axis Bank Ltd., Expire 3/16/15*^,•,W		12,800		121,843
Bharat Heavy Electricals Ltd., Expire 8/17/15*		8,720		41,197
Bharti Airtel Ltd., Expire 2/08/16*		26,300		159,157
Cairn India Ltd., Expire 11/14/16*		8,870		33,481
Cipla Ltd., Expire 9/09/15*		4,300		48,472
Coal India Ltd., Expire 11/02/15*		7,780		47,847
Colgate-Palmolive India Ltd., Expire 8/10/17*		900		27,336
DLF Ltd., Expire 2/01/16*		11,800		32,668
Dr. Reddy’s Laboratories Ltd., Expire 12/17/15*		1,400		72,971
Essar Oil Ltd., Expire 3/27/17*		23,290		42,029
HCL Technologies Ltd., Expire 8/17/15*		3,500		101,651
HDFC Bank Ltd., Expire 5/26/15*^,•,W		12,230		213,914
Hero Motocorp Ltd., Expire 4/18/16*		900		41,737
Hindustan Unilever Ltd., Expire 12/14/15*		9,900		149,378
Housing Development Finance Corp., Expire 8/19/15*		15,300		315,867
Idea Cellular Ltd., Expire 2/14/17*		24,300		60,952
IDFC Ltd., Expire 7/29/15*		32,000		89,280
Indian Oil Corp. Ltd., Expire 7/29/16*		9,400		52,903
ITC Ltd., Expire 8/04/15*		23,500		140,262
Jaiprakash Associates Ltd., Expire 6/15/15*^,•,W		19,500		9,058
Jindal Steel & Power Ltd., Expire 10/8/15*		9,510		24,526
Kotak Mahindra Bank Ltd., Expire 3/27/17*		3,900		83,148
Mahindra & Mahindra Ltd., Expire 12/10/15*		4,400		90,190
Maruti Suzuki India Ltd., Expire 11/30/15*		1,000		58,815
Nestle India Ltd., Expire 9/17/15*		570		65,623
Oil & Natural Gas Corp. Ltd., Expire 2/28/16*		21,500		122,548
Piramal Enterprises Ltd., Expire 1/19/18*		4,505		61,020
Power Grid Corp. of India Ltd., Expire 3/27/17*		36,900		88,272
Ranbaxy Laboratories Ltd., Expire 10/26/15*		5,000		57,155
Reliance Capital Ltd., Expire 8/30/16*		7,700		60,647
Reliance Communications Ltd., Expire 12/28/15*		16,729		21,505
Reliance Infrastructure Ltd., Expire 2/11/16*		4,900		40,265
Reliance Power Ltd., Expire 3/27/17*		23,200		24,502
Steel Authority, Expire 5/30/18*		32,680		40,523
Sun Pharmaceutical Industries Ltd., Expire 2/02/15*^,•,W		12,000		178,357
Suzlon Energy Ltd., Expire 8/15/15*		163,300		42,768


Description	Number of Shares		Value
Tata Consultancy Services Ltd., Expire 12/14/15*		5,840	$	234,508
Tata Power Co. Ltd., Expire 9/17/15*		33,500		49,453
United Spirits Ltd., Expire 1/13/16*		1,200		66,718

TOTAL CALL WARRANTS (COST $3,938,819)			$	4,839,326
CERTIFICATES – 0.1%
Citigroup Global Markets -
Commercial Bank of Kuwait, Expire 3/17/17*		21,312		44,769
HSBC Bank PLC -
Agility Public Warehousing K.S.C., Expire 10/17/16*		19,950		53,398
Ahli United Bank BSC, Expire 2/01/15		77,175		61,186
Al Rajhi Bank, Expire 1/22/18		3,575		54,030
Alinma Bank, Expire 1/22/18		4,730		27,359
Arab National Bank, Expire 5/11/2015*		11,821		184,500
Etihad Etisalat, Expire 2/01/15		2,000		19,674
Samba Financial Group, Expire 6/02/27		2,333		28,459
Saudi Basic Industries Corp., Expire 1/15/18		1,830		41,995
Saudi Cement Co., Expire 8/10/15*		960		25,293
Saudi Electricity Co., Expire 1/22/18		5,670		23,598
Saudi Industry Investment Group, Expire 9/27/17		3,310		22,411
Saudi Kayan Petrochemical Co., Expire 1/22/18		5,500		17,918
Savola, Expire 2/06/17		1,870		40,172
Sultan Center Food Production, Expire 7/27/15*		100,000		31,848
JPMorgan Chase Bank NA -
Petrovietnam Fret & Chemical, Expire 3/24/16		12,430		18,018

TOTAL CERTIFICATES (COST $650,488)			$	694,628
REAL ESTATE INVESTMENT TRUSTS – 0.6%
AUSTRALIA – 0.0%**
Federation Centres Ltd.^††		15,794		37,045
Stockland^††		14,736		49,979

TOTAL AUSTRALIA			$	87,024
FRANCE – 0.6%
Unibail-Rodamco SE^††		10,137		2,855,165
HONG KONG – 0.0%**
Link REIT^††		12,000		81,176


Description	Number of Shares		Value
NIGERIA – 0.0%**
Afriland Properties PLC*^,††		24,606	$	—

TOTAL REAL ESTATE INVESTMENT TRUSTS (COST $2,373,330)			$	3,023,365

TOTAL INVESTMENTS IN SECURITIES – 99.6% (COST $464,236,879)			$	498,410,823


	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 3.9%

REPURCHASE AGREEMENTS – 3.9%
Daiwa Capital Markets America, 0.10%,dated 01/30/15, due 02/02/15, repurchase price $4,706,698, collateralized by U.S.
Government Securities 0.00% to 7.50%, maturing 06/01/17 to 03/01/48; total market value of $4,800,792.	$	4,706,659	$	4,706,659
Mizuho Securities USA, Inc., 0.08%, dated 01/30/15, due 02/02/15, repurchase price $4,706,690, collateralized by U.S. Government & Treasury Securities 0.00% to 4.50%, maturing 02/12/15 to 01/20/45;total market value of $4,803,488.		4,706,659		4,706,659
Nomura Securities International, Inc., 0.08%, dated 01/30/15, due 02/02/15,repurchase price $4,706,690, collateralized by U.S. Government Securities 0.00% to 8.88%, maturing 02/09/15 to 01/15/45;total market value of $4,800,792.		4,706,659		4,706,659
RBC Capital Markets LLC, 0.08%, dated 01/30/15, due 02/02/15, repurchase price $990,855, collateralized by U.S. Government Securities 1.31% to 5.50%,maturing 11/01/24 to 05/01/50; total market value of $1,010,665.		990,848		990,848
Royal Bank of Scotland PLC, 0.08%, dated 01/30/15, due 02/02/15, repurchase price $4,706,690, collateralized by U.S. Government & Treasury Securities 0.25% to 6.13%, maturing 09/30/15 to 07/15/56;total market value of $4,800,798.		4,706,659		4,706,659


TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $19,817,484)			$	19,817,484

TOTAL INVESTMENTS – 103.5% (COST $484,054,363)			$	518,228,307
COLLATERAL FOR SECURITIES ON LOAN – (3.9%)				(19,817,484	)
OTHER ASSETS LESS LIABILITIES – 0.4%				2,150,174

TOTAL NET ASSETS – 100.0%			$	500,560,997

Cost of investments for Federal income tax purposes is $491,502,066. The net unrealized appreciation/(depreciation) of investments was $26,726,142. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $70,332,627 and net unrealized depreciation from investments for those securities having an excess of cost over value of $43,606,485.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

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

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of January 31, 2015 in valuing the Fund’s assets carried at fair value:

At January 31, 2015, the Wilmington Multi-Manager International Fund had the following outstanding forward foreign currency contracts, which contractually obligates the Fund to deliver or receive currencies at specified future dates. The open contracts were as follows:


Description	Number of Shares		Value

INVESTMENT COMPANIES – 49.8%

ALTERNATIVE INVESTMENT FUND – 22.4%
Arbitrage Fund, Class I		690,430	$	9,030,830
Gateway Fund, Class Y		1,325,330		38,752,663

TOTAL ALTERNATIVE INVESTMENT FUND			$	47,783,493

EQUITY FUNDS – 27.4%
Boston Partners Long/Short Research Fund		792,602		11,785,996
Highland Long/Short Equity Fund		2,034,174		24,857,608
Highland Long/Short Healthcare Fund		655,738		10,045,902
Professionally Managed Portfolios – The
Osterweis Strategic Income Fund, Class I		1,030,834		11,782,436

TOTAL EQUITY FUNDS			$	58,471,942


TOTAL INVESTMENT COMPANIES (COST $107,125,944)			$	106,255,435


	Par Value

CORPORATE BONDS – 18.4%

AUTO MANUFACTURERS – 1.3%
Chrysler Group LLC / CG Co.-Issuer, Inc., Secured, 8.25%, 6/15/21	$	2,500,000	$	2,790,625

COMMERCIAL SERVICES & SUPPLIES – 1.3%
The Hertz Corp., Company Guaranteed, 7.50%, 10/15/18		2,575,000		2,694,094

DISTRIBUTORS – 1.1%
HD Supply, Inc.,
Company Guaranteed, 11.50%, 7/15/20		2,150,000		2,459,062

FOOD – 3.1%
Albertsons Holdings LLC/Saturn Acquisition
Merger Sub, Inc.,
Sr. Secured, 7.75%, 10/15/22^•,W		2,250,000		2,345,625
SUPERVALU, Inc.,
Sr. Unsecured, 8.00%, 5/01/16		1,332,000		1,431,900
US Foods, Inc.,
Company Guaranteed, 8.50%, 6/30/19		2,725,000		2,888,500

TOTAL FOOD			$	6,666,025

HEALTH CARE EQUIPMENT & SUPPLIES – 1.0%
Kinetic Concepts, Inc. / KCI USA, Inc.,
Secured, 10.50%, 11/01/18		1,998,000		2,202,795

HEALTH CARE PROVIDERS & SERVICES – 1.1%
Tenet Healthcare Corp., Sr. Unsecured, 8.13%, 4/01/22		2,000,000		2,265,000



Description	Par Value		Value

LODGING – 1.0%
Marina District Finance Co., Inc.,
Sr. Secured, 9.88%, 8/15/18	$	2,000,000	$	2,110,000

MACHINERY – 0.6%
Vander Intermediate Holding II Corp.,
Sr. Unsecured, 9.75%, 2/01/19^•,W		1,230,000		1,214,625

MEDIA – 1.0%
Univision Communications, Inc.,
Sr. Secured, 6.88%, 5/15/19^•,W		2,100,000		2,199,750

OFFICE/BUSINESS EQUIPMENT – 1.3%
CDW LLC / CDW Finance Corp.,
Company Guaranteed, 8.50%, 4/01/19		2,618,000		2,765,262

RETAIL – 1.0%
Michaels Finco Holding LLC / Michaels
Finco, Inc.,
Sr. Unsecured, 7.50%, 8/01/18^•,W		558,000		569,160
Neiman Marcus Group Ltd. LLC,
Company Guaranteed, 8.00%, 10/15/21^•,W		1,500,000		1,556,250

TOTAL RETAIL			$	2,125,410

SOFTWARE – 1.4%
First Data Corp.,
Company Guaranteed, 11.75%, 8/15/21		2,504,000		2,888,990

TELECOMMUNICATIONS – 3.2%
Intelsat Jackson Holdings SA,
Company Guaranteed, 7.50%, 4/01/21		2,150,000		2,287,063
Level 3 Financing, Inc.,
Company Guaranteed, 8.13%, 7/01/19		2,475,000		2,638,969
Sprint Corp.,
Company Guaranteed, 7.25%, 9/15/21		25,000		25,156
Sprint Corp.,
Company Guaranteed, 7.13%, 6/15/24		2,000,000		1,960,000

TOTAL TELECOMMUNICATIONS			$	6,911,188


TOTAL CORPORATE BONDS (COST $39,244,581)			$	39,292,826

U.S. GOVERNMENT OBLIGATION – 11.3%

U.S. TREASURY BILLS – 11.3%
0.02%, 4/30/15^Ö		24,000,000		23,999,706


TOTAL U.S. GOVERNMENT OBLIGATIONS (COST $23,999,565)			$	23,999,706


Description	Number of Shares		Value

MONEY MARKET FUND – 16.7%
Dreyfus Cash Management Fund,
Institutional Shares, 0.03%^{^}		35,675,650	$	35,675,650


TOTAL MONEY MARKET FUND (COST $35,675,650)			$	35,675,650


	Contracts

PURCHASED OPTIONS – 0.0%**

CALL OPTIONS – 0.0%**
S&P 500 Index, Strike Price $2,065.00, Expiring 2/17/2015		21	$	167
S&P 500 Index, Strike Price $2,160.00, Expiring 2/13/2015		21		315
S&P 500 Index, Strike Price $2,165.00, Expiring 2/27/2015		21		630
S&P 500 Index, Strike Price $2,175.00, Expiring 2/11/2015		21		19
S&P 500 Index, Strike Price $2,180.00, Expiring 2/04/2015		21		2
S&P 500 Index, Strike Price $2,180.00, Expiring 2/09/2015		21		8
S&P 500 Index, Strike Price $2,180.00, Expiring 2/25/2015		21		312
S&P 500 Index, Strike Price $2,187.00, Expiring 2/18/2015		21		82
S&P 500 Index, Strike Price $2,190.00, Expiring 2/02/2015		20		—
S&P 500 Index, Strike Price $2,195.00, Expiring 2/23/2015		20		137
S&P 500 Index, Strike Price $2,200.00, Expiring 2/06/2015		20		100
S&P 500 Index, Strike Price $2,200.00, Expiring 2/20/2015		20		300

TOTAL CALL OPTIONS			$	2,072

PUT OPTIONS – 0.0%**
S&P 500 Index, Strike Price $1,745.00, Expiring 2/13/2015		21		2,415
S&P 500 Index, Strike Price $1,770.00, Expiring 2/11/2015		21		2,452
S&P 500 Index, Strike Price $1,770.00, Expiring 2/17/2015		21		5,019
S&P 500 Index, Strike Price $1,775.00, Expiring 2/27/2015		21		12,285
S&P 500 Index, Strike Price $1,780.00, Expiring 2/02/2015		20		37
S&P 500 Index, Strike Price $1,790.00, Expiring 2/04/2015		21		483
S&P 500 Index, Strike Price $1,805.00, Expiring 2/09/2015		21		2,261
S&P 500 Index, Strike Price $1,810.00, Expiring 2/18/2015		21		7,912
S&P 500 Index, Strike Price $1,810.00, Expiring 2/25/2015		21		13,785



Description	Contracts			Value
S&P 500 Index, Strike Price $1,825.00, Expiring 2/06/2015		20		$	1,000
S&P 500 Index, Strike Price $1,840.00, Expiring 2/23/2015		20			15,249
S&P 500 Index, Strike Price $1,845.00, Expiring 2/20/2015		20			12,500

TOTAL PUT OPTIONS				$	75,398


TOTAL PURCHASED OPTIONS (COST $106,135)				$	77,470


TOTAL INVESTMENTS IN SECURITIES – 96.2% (COST $206,151,875)				$	205,301,087

WRITTEN OPTIONS – (0.1%)

CALL OPTIONS – 0.0%**
Compuware Corp., Strike Price $11.00, Expiring 2/20/2015		(625	)		—
S&P 500 Index, Strike Price $2,060.00, Expiring 2/13/2015		(21	)		(8,820	)
S&P 500 Index, Strike Price $2,065.00, Expiring 2/17/2015		(21	)		(8,967	)
S&P 500 Index, Strike Price $2,065.00, Expiring 2/27/2015		(21	)		(17,850	)
S&P 500 Index, Strike Price $2,075.00, Expiring 2/11/2015		(21	)		(3,590	)
S&P 500 Index, Strike Price $2,080.00, Expiring 2/04/2015		(21	)		(163	)
S&P 500 Index, Strike Price $2,080.00, Expiring 2/09/2015		(21	)		(2,034	)
S&P 500 Index, Strike Price $2,080.00, Expiring 2/25/2015		(21	)		(9,088	)
S&P 500 Index, Strike Price $2,087.00, Expiring 2/18/2015		(21	)		(4,082	)
S&P 500 Index, Strike Price $2,090.00, Expiring 2/02/2015		(20	)		(3	)
S&P 500 Index, Strike Price $2,095.00, Expiring 2/23/2015		(20	)		(4,366	)
S&P 500 Index, Strike Price $2,100.00, Expiring 2/06/2015		(20	)		(200	)
S&P 500 Index, Strike Price $2,100.00, Expiring 2/20/2015		(20	)		(2,600	)

TOTAL CALL OPTIONS				$	(61,763	)

PUT OPTIONS – (0.1%)
S&P 500 Index, Strike Price $1,845.00, Expiring 2/13/2015		(21	)		(7,560	)
S&P 500 Index, Strike Price $1,870.00, Expiring 2/11/2015		(21	)		(8,229	)
S&P 500 Index, Strike Price $1,870.00, Expiring 2/17/2015		(21	)		(15,651	)
S&P 500 Index, Strike Price $1,875.00, Expiring 2/27/2015		(21	)		(25,620	)
S&P 500 Index, Strike Price $1,880.00, Expiring 2/02/2015		(20	)		(450	)



Description	Contracts			Value
S&P 500 Index, Strike Price $1,890.00, Expiring 2/04/2015		(21	)	$	(2,646	)
S&P 500 Index, Strike Price $1,905.00, Expiring 2/09/2015		(21	)		(11,498	)
S&P 500 Index, Strike Price $1,910.00, Expiring 2/18/2015		(21	)		(27,385	)
S&P 500 Index, Strike Price $1,910.00, Expiring 2/25/2015		(21	)		(36,866	)
S&P 500 Index, Strike Price $1,925.00, Expiring 2/06/2015		(20	)		(9,500	)
S&P 500 Index, Strike Price $1,940.00, Expiring 2/23/2015		(20	)		(44,510	)
S&P 500 Index, Strike Price $1,945.00, Expiring 2/20/2015		(20	)		(30,900	)

TOTAL PUT OPTIONS				$	(220,815	)


TOTAL WRITTEN OPTIONS
(PREMIUMS RECEIVED $500,327)				$	(282,578	)

Cost of investments for Federal income tax purposes is $208,300,488. The net unrealized appreciation/(depreciation) of investments was $(2,999,401). This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $493,400 and net unrealized depreciation from investments for those securities having an excess of cost over value of $3,492,801.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

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

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of January 31, 2015 in valuing the Fund’s assets carried at fair value:

At January 31, 2015, the Wilmington Multi-Manager Alternatives Fund had the following outstanding foreign exchange contracts, which contractually obligates the Fund to deliver or receive currencies at specified future dates. The open contracts were as follows:

At January 31, 2015, the Wilmington Multi-Manager Alternatives Fund had open financial futures contracts as follows:


Description	Par Value		Value
INFLATION-LINKED & FIXED INCOME SECURITIES – 55.9%
ASSET-BACKED SECURITIES – 0.6%
COLLATERALIZED LOAN OBLIGATION – 0.0%**
MAGI Funding PLC,
Series I-A, Class A, 1.31%, 4/11/21^•,W	$	88,276	$	99,457
COMMERCIAL PAPER – 0.2%
Greensill Cap Scf,
0.00%, 3/04/15^‡		1,000,000		995,166
DIVERSIFIED FINANCIAL SERVICES – 0.4%
Ameriquest Mortgage Securities Trust,
Series 2006-R1, Class M1, 0.56%, 3/25/36^D		300,000		249,836
Bear Stearns Asset Backed Securities I Trust,
Series 2005-TC1, Class M2,
0.82%, 5/25/35^D		545,623		425,640
Bear Stearns Asset Backed Securities Trust,
Series 2005-1, Class M2, 2.27%, 3/25/35^D		500,000		459,805
Countrywide Asset-Backed Certificates,
Series 2006-6, Class 2A2, 0.35%, 9/25/36^D		246,631		241,182
Venture VII CDO Ltd.,
Series 2006-7A, Class A1A,
0.49%, 1/20/22^D,•,W		272,352		269,734

TOTAL DIVERSIFIED FINANCIAL SERVICES			$	1,646,197
WHOLE LOAN – 0.0%
Credit-Based Asset Servicing and
Securitization LLC,
Series 2005-CB2, Class M2,
1.11%, 4/25/36^D		241,321		199,427

TOTAL ASSET-BACKED SECURITIES
(COST $2,962,104)			$	2,940,247
CORPORATE BONDS – 1.5%
ENERGY – 0.1%
Sabine Pass LNG LP,
Sr. Secured, 7.50%, 11/30/16		400,000		422,000
FINANCIALS – 1.3%
Ally Financial, Inc.,
Company Guaranteed, 5.50%, 2/15/17		569,000		598,872
Banco Espirito Santo,
Sr. Unsecured, 5.00%, 4/23/19		150,000		174,186
Banco Espirito Santo SA,
Sr. Unsecured, MTN, 7.00%, 3/04/16		100,000		115,642
Bank of America Corp.,
Sr. Unsecured, MTN, 3.96%, 10/21/25^††		15,000,000		1,128,290
Barclays Bank PLC,
Sr. Unsecured, GMTN, 2.01%, 12/21/20^††		7,500,000		506,855


Description	Par Value		Value
BPCE SA,
Subordinated, 4.63%, 7/11/24^•,W	$	700,000	$	714,252
CIT Group, Inc.,
Sr. Unsecured, 4.25%, 8/15/17		594,000		606,623
Eksportfinans ASA,
Sr. Unsecured, 5.50%, 6/26/17		1,000,000		1,072,750
Ford Motor Credit Co. LLC,
Sr. Unsecured, 5.63%, 9/15/15		400,000		411,371
International Lease Finance Corp.,
Sr. Unsecured, 8.63%, 9/15/15		200,000		209,250
Intesa Sanpaolo SpA,
Company Guaranteed,
3.13%, 1/15/16		100,000		101,662
6.50%, 2/24/21^•,W		300,000		360,314

TOTAL FINANCIALS			$	6,000,067
UTILITIES – 0.1%
Dynegy Finance I/II, Inc.,
Sr. Secured, 6.75%, 11/01/19^•,W		600,000		619,500

TOTAL CORPORATE BONDS
(COST $7,116,977)			$	7,041,567
FOREIGN GOVERNMENT INFLATION-LINKED SECURITIES – 25.6%
GOVERNMENT – 25.6%
Brazil Notas do Tesouro Nacional Series B,
6.00%, 5/15/35		300,000^BRL		287,915
6.00%, 5/15/45		1,508,000^BRL		1,448,784
6.00%, 8/15/50		1,750,000^BRL		1,695,678
Bundesrepublik Deutschland Bundesob-ligation Inflation Linked Bond,
0.75%, 4/15/18		15,822,967^EUR		19,365,176
Canadian Government Bond,
1.25%, 12/01/47		2,339,951^CAD		2,474,286
Colombian Tesoreria,
3.00%, 3/25/33		4,555,895,127^COP		1,685,289
Deutsche Bundesrepublik Inflation Linked
Bond,
0.10%, 4/15/23		610,000^EUR		762,078
France Government Bond OAT,
0.10%, 7/25/21		3,250,000^EUR		3,895,671
0.25%, 7/25/18		14,200,000^EUR		17,079,329
0.25%, 7/25/24		200,000^EUR		246,089
1.00%, 7/25/17		734,988^EUR		862,517
1.10%, 7/25/22		500,000^EUR		689,463


Description	Par Value		Value
2.10%, 7/25/23	$	350,000^EUR	$	535,606
2.25%, 7/25/20		243,814^EUR		319,275
Italy Buoni Poliennali Del Tesoro,
2.10%, 9/15/21		200,000^EUR		269,078
2.25%, 4/22/17		2,689,389^EUR		3,158,276
2.60%, 9/15/23		2,600,000^EUR		3,892,776
2.35%, 9/15/24		760,000^EUR		989,443
Mexican Udibonos,
4.00%, 11/15/40		23,789,372^MXN		1,865,028
4.50%, 11/22/35		57,020,480^MXN		4,758,934
New Zealand Government Bond,
Sr. Unsecured,
2.00%, 9/20/25		6,150,000^NZD		4,742,039
3.00%, 9/20/30		2,025,000^NZD		1,753,768
Poland Government Bond,
3.00%, 8/24/16		2,328,134^PLN		646,723
Thailand Government Bond,
Unsecured, 1.25%, 3/12/28		39,250,118^THB		1,057,599
U.K. Gilt Inflation Linked,
0.13%, 3/22/44		4,667,080^GBP		9,459,990
0.25%, 3/22/52		849,872^GBP		1,942,307
0.50%, 3/22/50		397,637^GBP		953,521
0.63%, 3/22/40		356,274^GBP		772,414
0.63%, 11/22/42		2,904,648^GBP		6,562,959
0.75%, 3/22/34		2,214,520^GBP		4,509,606
0.75%, 11/22/47		1,064,362^GBP		2,641,571
1.13%, 11/22/37		826,436^GBP		1,905,954
1.25%, 11/22/55		307,710^GBP		970,474
0.13%, 3/22/29		1,277,999^GBP		2,232,874
0.13%, 3/22/58		2,140,416^GBP		4,988,285
0.13%, 3/22/24		4,455,024^GBP		7,435,942

TOTAL GOVERNMENT			$	118,856,717

TOTAL FOREIGN GOVERNMENT INFLATION-LINKED
SECURITIES
(COST $123,052,865)			$	118,856,717
FOREIGN GOVERNMENT SECURITIES – 5.0%
GOVERNMENT – 5.0%
Autonomous Community of Catalonia, Sr. Unsecured, 4.75%, 6/04/18		100,000^EUR		124,286
Brazil Notas do Tesouro Nacional Series F, 10.00%, 1/01/23		8,330,000^BRL		2,849,290
10.00%, 1/01/25		31,345,000^BRL		10,564,372
Corp. Andina de Fomento,
11U, Unsecured, 3.95%, 10/15/21		4,387,817^MXN		296,198
Hellenic Republic Government International Bond,
Sr. Unsecured, 4.50%, 7/03/17		30,000,000^JPY		193,731
Hellenic Republic Treasury Bill, Series 26W,
2.02%, 2/06/15^‡		1,000,000^EUR		1,129,548


Description	Par Value		Value
2.04%, 4/14/15^‡	$	1,100,000^EUR	$	1,235,785
Italy Buoni Poliennali Del Tesoro,
5.00%,		1,500,000^EUR		2,443,144
Mexican Bonos de Proteccion al Ahorro,
3.05%, 4/01/18^D		15,500,000^MXN		1,036,203
Mexican Udibonos,
4.00%, 11/08/46		10,573,054^MXN		848,319
Slovenia Government Bond,
Sr. Unsecured, 3.00%, 4/08/21		1,000,000^EUR		1,259,752
South Africa Government Bond,
Series R207, 7.25%, 1/15/20		15,475,000^ZAR		1,365,702

TOTAL GOVERNMENT			$	23,346,330

TOTAL FOREIGN GOVERNMENT SECURITIES
(COST $26,057,634)			$	23,346,330
MORTGAGE-BACKED SECURITIES – 0.4%
WHOLE LOAN – 0.4%
BCAP LLC Trust,
Series 2009-RR6-I, Class 3A1,
2.80%, 12/26/37^D,•,W		57,605		55,778
CIFC Funding 2011-I Ltd.,
Series 2011-1AR, Class A1R,
1.55%, 1/19/23^D,•,^W		1,000,000		1,000,000
JP Morgan Resecuritization Trust,
Series 2009-7, Class 13A1,
2.39%, 6/27/37^D,•,W		53,949		53,169
Rise Ltd.,
2014-1, Class A, 4.75%, 2/15/39^††		282,813		286,950
WAMU Mortgage Pass-Through Certificates,
Series 2006-AR14, Class 1A4,
1.96%, 11/25/36^D		373,637		322,145
2.35%, 3/25/37^D		159,537		150,583

TOTAL WHOLE LOAN			$	1,868,625

TOTAL MORTGAGE-BACKED SECURITIES
(COST $1,785,698)			$	1,868,625
U.S. GOVERNMENT AGENCY OBLIGATIONS – 0.1%
FEDERAL HOME LOAN BANK (FHLB) – 0.1%
Federal Home Loan Bank Discount Notes,
0.07%, 4/15/15^‡		300,000		299,995
0.09%, 4/24/15^‡		100,000		99,982

TOTAL FEDERAL HOME LOAN BANK (FHLB)			$	399,977

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(COST $399,931)			$	399,977
U.S. GOVERNMENT INFLATION-LINKED SECURITIES – 22.7%
U.S. TREASURY INFLATION INDEXED BONDS – 11.8%
U.S. Treasury Inflation Indexed Bond,
0.13%, 4/15/18		5,550,000		5,772,148
0.13%, 4/15/19		17,000,000		17,453,336
0.13%, 1/15/23		1,500,000		1,556,695
0.75%, 2/15/42		3,530,000		3,898,493
1.38%, 2/15/44		3,350,000		4,190,256


Description	Par Value		Value
1.75%, 1/15/28	$	680,000	$	912,183
1.88%, 7/15/19		800,000		977,671
2.00%, 1/15/26		618,000		885,457
2.38%, 1/15/25		1,323,000		2,043,291
2.38%, 1/15/27		2,980,000		4,382,264
2.50%, 1/15/29		1,900,000		2,722,503
3.63%, 4/15/28		2,700,000		5,667,237
3.88%, 4/15/29		2,050,000		4,411,626

TOTAL U.S. TREASURY INFLATION INDEXED BONDS			$	54,873,160
U.S. TREASURY INFLATION INDEXED NOTES – 10.9%
U.S. Treasury Inflation Indexed Bond,
0.13%, 7/15/24*		11,700,000		11,817,192
U.S. Treasury Inflation Indexed Note,
0.13%, 1/15/22		5,650,000		5,988,187
0.13%, 7/15/22		7,200,000		7,539,320
0.38%, 7/15/23		1,750,000		1,842,789
0.63%, 7/15/21		2,710,000		2,994,295
1.13%, 1/15/21		9,100,000		10,586,593
1.25%, 7/15/20		6,500,000		7,652,041
1.63%, 1/15/18		1,750,000		2,101,104

TOTAL U.S. TREASURY INFLATION INDEXED NOTES			$	50,521,521

TOTAL U.S. GOVERNMENT INFLATION-LINKED SECURITIES
(COST $102,150,244)			$	105,394,681

TOTAL INFLATION-LINKED & FIXED INCOME SECURITIES
(COST $263,525,453)			$	259,848,144

	Number of Shares
REAL ESTATE RELATED SECURITIES – 41.0%
COMMON STOCKS – 10.0%
DIVERSIFIED REAL ESTATE ACTIVITIES – 4.9%
Alexander & Baldwin, Inc.		3,343	$	127,903
Allreal Holding AG^††		823		129,396
CapitaLand Ltd.^††		548,700		1,408,278
City Developments Ltd.^††		49,000		363,187
Consolidated-Tomoka Land Co.		629		34,312
Daito Trust Construction Co. Ltd.^††		9,301		1,035,339
Daiwa House Industry Co. Ltd.^††		68,906		1,268,944
Development Securities PLC^††		18,118		65,835
Dic Asset AG^††		9,282		96,968
Goldin Properties Holdings Ltd.*^,††		96,000		54,926
Hang Lung Group Ltd.^††		32,000		152,187
Hang Lung Properties Ltd.^††		209,000		614,526
Heiwa Real Estate Co. Ltd.^††		6,400		91,076
Henderson Land Development Co. Ltd.^††		104,000		741,397
HKR International Ltd.^††		60,800		31,231


Description	Number of Shares		Value
Kerry Properties Ltd.^††		67,500	$	238,516
Lend Lease Group^††		53,752		692,844
Leopalace21 Corp.*^,††		28,400		183,757
Mitsubishi Estate Co. Ltd.^††		160,210		3,223,548
Mitsui Fudosan Co. Ltd.^††		164,589		4,161,076
Mobimo Holding AG^††		484		111,787
Property For Industry Ltd.^††		30,878		35,329
Soundwill Holdings Ltd.^††		54,000		88,034
Sumitomo Realty & Development Co. Ltd.^††		57,500		1,834,085
Sun Hung Kai Properties Ltd.^††		260,000		4,230,801
Takara Leben Co. Ltd.^††		8,800		45,905
Tokyo Tatemono Co. Ltd.^††		25,100		169,455
Tokyu Fudosan Holdings Corp.^††		34,900		216,313
UOL Group Ltd.^††		62,000		329,956
Wheelock & Co. Ltd.^††		135,000		763,803

TOTAL DIVERSIFIED REAL ESTATE ACTIVITIES			$	22,540,714
FINANCIALS – 1.3%
ALE Property Group^††		22,174		59,302
Al-Rov (Israel) Ltd.*^,††		2,782		74,922
Astro Japan Property Group^††		10,795		41,983
Axia Real Estate Socimi SA*^,††		2,470		31,052
Cedar Woods Properties Ltd.^††		4,556		20,566
DCT Industrial Trust, Inc.		18,654		704,374
DNZ Property Fund Ltd.^††		22,431		31,804
Education Realty Trust, Inc.		3,441		119,059
Elbit Imaging Ltd.*^,††		22,440		38,438
Entra ASA*^,††		5,463		58,576
GAGFAH SA*		32,470		723,545
Great Eagle Holdings Ltd.^††		35,000		116,548
Healthcare Trust of America, Inc.		27,499		810,121
Invesco Office J-Reit, Inc.^††		80		79,233
Iron Mountain, Inc.		13,753		547,920
Jeudan A/S^††		797		70,842
Joel-Jerusalem Oil Exploration*^,††		978		28,981
Kiwi Property Group Ltd.		74,066		71,130
Klovern AB-B Shs*		36,260		36,154
Lar Espana Real Estate Socimi SA*^,††		2,094		21,094
Merlin Properties Socimi SA*^,††		13,892		166,569
New Senior Investment Group, Inc.		8,143		134,685
Norstar Holdings, Inc.^††		2,510		60,860
NorthWest Healthcare Properties Real Estate
Investment Trust		7,900		57,446
Novion Property Group^††		83,531		149,887
Olav Thon Eiendomsselskap ASA^††		5,280		106,615
Paramount Group, Inc.^#,*		35,700		690,795
Parkway Life Real Estate Investment Trust^††		54,000		97,035
Perennial Real Estate Holdings Ltd.*^,††		35,647		27,826


Description	Number of Shares		Value
Plaza Retail Real Estate Investment Trust		8,600	$	28,628
Retrocom Real Estate Investment Trust		18,100		56,976
Shinoken Group Co. Ltd.^††		2,800		32,011
TLG Immobilien AG*^,††		2,575		40,217
Tribona AB*^,††		6,323		28,981
United Industrial Corp. Ltd.^††		35,000		91,134
Urban & Civic PLC*^,††		11,314		46,813
Urban Edge Properties*		13,541		321,464
Villa World Ltd.^††		19,108		31,138
WP GLIMCHER, Inc.		11,993		212,036

TOTAL FINANCIALS			$	6,066,760
REAL ESTATE DEVELOPMENT – 1.1%
Aveo Group^††		43,613		76,908
Cheung Kong Holdings Ltd.^††		186,634		3,561,498
Conwert Immobilien Invest SE^††		3,988		46,403
Forestar Group, Inc.*		5,730		76,037
Goldcrest Co. Ltd.^††		1,800		28,052
Helical Bar PLC^††		12,786		73,427
Howard Hughes Corp. (The)*		1,250		163,287
Keppel Land Ltd.^††		26,000		87,190
New World China Land Ltd.^††		264,000		164,375
Nexity SA*^,††		3,537		139,271
Patrizia Immobilien AG*^,††		2,555		44,802
Precinct Properties New Zealand Ltd.^††		62,898		56,632
Selvaag Bolig ASA^††		11,740		31,733
Sino Land Co. Ltd.^††		226,000		377,940
St. Modwen Properties PLC^††		19,036		119,734
Tag Immobilien AG^††		12,979		168,587
Wing Tai Holdings Ltd.^††		37,000		50,001

TOTAL REAL ESTATE DEVELOPMENT			$	5,265,877
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.1%
China Overseas Land & Investment Ltd.^††		123,592		356,376
REAL ESTATE OPERATING COMPANIES – 2.5%
Aeon Mall Co. Ltd.^††		13,600		225,455
Airport Facilities Co. Ltd.^††		5,100		30,048
Argosy Property Ltd.^††		58,962		48,672
Atrium Ljungberg AB*^,††		2,092		31,525
Azrieli Group^††		2,200		75,895
Buwog AG^††		6,438		125,739
Capital & Counties Properties PLC^††		64,375		372,032
Castellum AB^††		12,730		200,171
Citycon OYJ^††		9,711		32,925
Daejan Holdings PLC^††		667		55,053
Deutsche Annington Immobilie SE*^,††		11,449		397,641
Deutsche Euroshop AG^††		1,721		79,734
Deutsche Wohnen AG*^,††		41,440		1,076,457


Description	Number of Shares		Value
do Deutsche Office AG*^,††		23,263	$	93,637
Fabege AB^††		10,564		144,205
Fastighets AB Balder*^,††		4,764		68,895
Forest City Enterprises, Inc., Class A*		13,426		328,937
Gazit Globe Ltd.^††		8,919		112,880
Global Logistic Properties Ltd.^††		345,300		644,257
Grainger PLC^††		45,014		130,861
Hemfosa Fastigheter AB*^,††		4,890		104,936
Hongkong Land Holdings Ltd.^††		217,381		1,609,570
Hufvudstaden AB^††		32,704		428,372
Hulic Co. Ltd.^††		10,700		97,194
Hysan Development Co. Ltd.^††		69,000		333,489
Immofinanz AG*^,††		10,625		24,279
Intershop Holdings AG^††		211		84,990
Keihanshin Building Co. Ltd.^††		11,300		67,185
Killam Properties, Inc.		6,336		55,397
Kungsleden AB^††		15,009		114,979
LEG Immobilien AG^††		18,837		1,442,365
Melisron Ltd.^††		1,000		29,118
Platzer Fastigheter Holding, Class B*^,††		7,280		31,350
PSP Swiss Property AG^††		5,866		605,502
Quintain Estates & Development PLC*^,††		39,479		57,195
S Immo AG^††		10,793		83,539
Sagax AB^††		6,013		39,885
Sponda OYJ^††		33,377		153,718
Swire Properties Ltd.^††		345,500		1,109,206
Swiss Prime Site^††		4,582		397,460
Toc Co. Ltd.^††		12,100		73,555
Unite Group PLC (The)^††		35,082		258,390
Wallenstam AB^††		10,092		167,078
Wihlborgs Fastigheter AB^††		5,129		100,386

TOTAL REAL ESTATE OPERATING COMPANIES			$	11,744,157
RETAIL – 0.0%**
Brixmor Property Group, Inc.		6,708		181,787
SPECIALIZED – 0.1%
Hilton Worldwide Holdings, Inc.*		11,600		301,252

TOTAL COMMON STOCKS
(COST $41,311,418)			$	46,456,923
EXCHANGE-TRADED FUNDS – 1.0%
EQUITY FUNDS – 1.0%
SPDR Dow Jones International Real Estate ETF		51,700		2,226,202
Vanguard REIT ETF^#		28,900		2,501,295

TOTAL EQUITY FUNDS			$	4,727,497

TOTAL EXCHANGE-TRADED FUNDS
(COST $3,986,532)			$	4,727,497
INVESTMENT COMPANIES – 0.1%


Description	Number of Shares		Value
FINANCIAL SERVICES – 0.1%
F&C Commercial Property Trust Ltd.*^,††		41,694	$	87,595
Schroder Real Estate Investment Trust Ltd.^††		35,581		32,132
Solvalor 61^††		294		76,603
U.K. Commercial Property Trust^††		34,242		46,262

TOTAL FINANCIAL SERVICES			$	242,592

TOTAL INVESTMENT COMPANIES
(COST $236,609)			$	242,592
PREFERRED STOCKS – 0.0%**
CONSUMER FINANCE – 0.0%**
SLM Corp. 3.56%		3,000		72,690

TOTAL PREFERRED STOCKS
(COST $71,100)			$	72,690
REAL ESTATE INVESTMENT TRUSTS – 29.9%
DIVERSIFIED – 5.2%
Abacus Property Group^††		43,103		102,005
Activia Properties, Inc.^††		20		178,901
American Assets Trust, Inc.		2,676		118,761
American Realty Capital Properties, Inc.		125,567		1,163,378
ANF Immobilier^††		3,061		78,663
Armada Hoffler Properties, Inc.		3,286		35,062
Artis Real Estate Investment Trust		4,911		60,098
British Land Co. PLC^††		163,862		2,042,041
Canadian Real Estate Investment Trust		2,615		99,233
Chambers Street Properties		22,734		192,102
Cominar Real Estate Investment Trust		5,697		87,022
Confinimmo SA^††		1,178		144,023
Cousins Properties, Inc.		1,987		21,936
Daiwa House Real Estate Investment Corp.^††		21		101,791
Daiwa House Residential Investment Corp.^††		38		178,434
Dream Global Real Estate Investment Trust		4,100		28,878
Duke Realty Corp.		71,930		1,570,232
Empire State Realty Trust, Inc.		7,601		138,338
First Potomac Realty Trust		4,414		56,499
First Real Estate Investment Trust^††		92,000		89,404
Fonciere Des Regions*^,††		1,580		161,848
Gecina SA^††		1,356		177,680
Gladstone Commercial Corp.		1,641		28,553
Goodman Property Trust^††		95,812		82,151
GPT Group^††		149,087		522,730
Green Real Estate Investment Trust PLC*^,††		25,250		37,885
H&R Real Estate Investment Trust		1,515		29,115
Hamborner Real Estate Investment Trust AG^††		3,124		32,316
Hankyu Real Estate Investment Trust, Inc.^††		64		83,173
Heiwa Real Estate Investment Trust, Inc.^††		33		27,449
ICADE^††		11,994		1,046,877


Description	Number of Shares		Value
Industria Real Estate Investment Trust^††		37,595	$	59,043
Investors Real Estate Trust^#		13,684		112,893
Kenedix Office Investment Corp.^††		103		611,665
Land Securities Group PLC^††		143,901		2,758,011
Lexington Realty Trust		51,508		587,706
Liberty Property Trust^#		23,723		956,037
Londonmetric Property PLC^††		44,648		107,254
Mapletree Greater China Commercial Trust^††		135,000		101,579
Mirvac Group^††		774,787		1,158,872
Nieuwe Steen Investments NV^††		81,768		366,031
NIPPON Real Estate Investment Trust
Investment Corp.^††		11		34,896
Nomura Real Estate Master Fund, Inc.^††		161		201,830
One Liberty Properties, Inc.		1,381		33,848
Premier Investment Corp.^††		15		80,294
PS Business Parks, Inc.		1,520		127,847
Sekisui House Si Residential Investment Corp.^††		115		129,834
Select Income Real Estate Investment Trust		4,720		117,386
Shaftesbury PLC^††		20,716		242,312
Spirit Realty Capital, Inc.		93,894		1,207,477
Spring Real Estate Investment Trust^††		65,000		31,357
Starts Proceed Investment Corp.^††		17		31,452
Stockland^††		392,413		1,330,906
Sunlight Real Estate Investment Trust^††		177,000		89,418
Suntec Real Investment Trust^††		504,800		700,324
Tokyu Real Estate Investment Trust, Inc.^††		91		120,593
Top Real Estate Investment Trust, Inc.^††		13		55,777
United Urban Investment Corp.^††		458		733,151
Vornado Realty Trust^#		27,083		2,991,047
Washington Real Estate Investment Trust		4,991		143,292
Wereldhave NV*^,††		364		26,190
Whitestone Real Estate Investment Trust		1,951		30,611
Winthrop Realty Trust		2,434		38,944

TOTAL DIVERSIFIED			$	24,034,455
DIVERSIFIED REAL ESTATE ACTIVITIES – 0.0%**
Nomura Real Estate Holdings, Inc.^††		12,200		205,287
FINANCIALS – 0.2%
CT Real Estate Investment Trust		2,626		26,700
Orix JREIT, Inc.^††		451		675,824

TOTAL FINANCIALS			$	702,524
INDUSTRIALS – 1.9%
Ascendas Real Estate Investment Trust^††		204,000		370,482
Australian Industrial Real Estate Investment Trust^††		41,622		74,503
Bwp Trust^††		75,742		167,429


Description	Number of Shares		Value
EastGroup Properties, Inc.		2,367	$	153,003
First Industrial Realty Trust, Inc.		9,049		196,635
GLP J-REIT^††		463		525,909
Goodman Group^††		264,065		1,251,839
Granite Real Estate Investment Trust		3,100		108,806
Hansteen Holdings PLC^††		69,778		118,486
Industrial & Infrastructure Fund Investment
Corp.^††		30		151,492
Japan Logistics Fund, Inc.^††		68		145,663
Mapletree Industrial Trust^††		88,000		99,387
Mapletree Logistics Trust^††		110,000		97,478
Monmouth Real Estate Investment Corp.		4,131		48,787
Nippon Prologis REIT, Inc.^††		319		751,070
Prologis, Inc.		80,412		3,629,798
Pure Industrial Real Estate Trust		20,600		78,464
Rexford Industrial Realty, Inc.		4,240		67,925
Segro PLC^††		60,228		372,972
STAG Industrial, Inc.		4,083		106,975
Terreno Realty Corp.		2,510		57,228
Warehouses de Pauw SCA^††		1,047		80,479

TOTAL INDUSTRIALS			$	8,654,810
OFFICE – 4.6%
Alexandria Real Estate Equities, Inc.		5,392		525,828
Allied Properties Real Estate Investment
Trust		4,335		136,460
BioMed Realty Trust, Inc.		41,252		1,008,611
Boston Properties, Inc.		17,609		2,444,129
Brandywine Realty Trust		42,495		705,842
CapitaCommercial Trust^††		700,200		915,496
Champion Real Estate Investment Trust^††		308,000		150,840
Columbia Property Trust, Inc.		7,769		190,107
Coresite Realty Corp.		1,615		70,753
Corporate Office Properties Trust		7,659		229,770
CyrusOne, Inc.		2,641		74,080
Daiwa Office Investment Corp.^††		25		145,034
Derwent London PLC^††		22,202		1,084,933
Dexus Property Group^††		38,932		232,505
Digital Realty Trust, Inc.		10,185		742,894
Douglas Emmett, Inc.		37,074		1,055,868
Dream Office Real Estate Investment Trust		7,300		156,031
DuPont Fabros Technology, Inc.		4,850		180,711
Equity Commonwealth		9,064		238,836
Franklin Street Properties Corp.		9,236		118,960
Global One Real Estate Investment Corp.^††		19		78,805
Government Properties Income Trust		6,371		145,259
Gramercy Property Trust, Inc.		7,721		53,429
Great Portland Estates PLC^††		80,573		950,437
Highwoods Properties, Inc.		15,157		712,379


Description	Number of Shares		Value
Hudson Pacific Properties, Inc.		4,127	$	133,508
Investa Office Fund^††		197,668		591,162
Japan Excellent, Inc.^††		121		155,186
Japan Prime Realty Investment Corp.^††		57		199,103
Japan Real Estate Investment Corp.^††		251		1,219,458
Kilroy Realty Corp.		23,461		1,739,633
Mack-Cali Realty Corp.		9,666		188,584
MID Real Estate Investment Trust, Inc.^††		12		30,694
Mori Hills Real Estate Investment Trust Investment Corp.^††		126		178,136
Mori Trust Sogo Real Estate Investment Trust, Inc.^††		102		212,208
New York Real Estate Investment Trust, Inc.		12,191		127,152
Nippon Building Fund, Inc.^††		193		949,656
Nomura Real Estate Office Fund, Inc.^††		27		137,973
Parkway Properties, Inc.		6,206		113,570
Piedmont Office Realty Trust, Inc.		11,569		225,943
Prosperity Real Estate Investment Trust^††		91,000		33,734
QTS Realty Trust, Inc.		1,013		38,504
SL Green Realty Corp.		19,562		2,464,812
Workspace Group PLC*^,††		11,332		134,294

TOTAL OFFICE			$	21,221,307
REAL ESTATE DEVELOPMENT – 0.0%**
Picton Property Income Ltd.^††		33,236		34,771
REAL ESTATE OPERATING COMPANIES – 0.1%
Atrium European Real Estate Ltd.^††		27,546		128,359
Growthpoint Properties Australia Ltd.^††		33,826		75,488
NTT Urban Development Corp.^††		36,200		347,310

TOTAL REAL ESTATE OPERATING COMPANIES			$	551,157
RESIDENTIAL – 3.9%
Advance Residence Investment Corp.^††		107		274,004
Aedifica SA^††		700		46,835
American Campus Communities, Inc.		8,709		382,848
American Homes 4 Rent		12,041		200,964
American Residential Properties, Inc.*		1,532		26,825
Apartment Investment & Management Co.		11,029		439,616
Ascott Residence Trust^††		63,000		58,824
Associated Estates Realty Corp.		4,349		108,334
AvalonBay Communities, Inc.		18,598		3,217,268
Boardwalk Real Estate Investment Trust		6,576		317,389
Camden Property Trust		6,413		494,122
Canadian Apartment Properties Real Estate Investment Trust		6,504		145,722
Comforia Residential Real Estate Investment Trust, Inc.^††		26		56,776
Equity Lifestyle Properties, Inc.		5,965		326,464
Equity Residential		55,437		4,302,466



Description	Number of Shares		Value
Essex Property Trust, Inc.		11,167	$	2,524,300
Home Properties, Inc.		4,379		308,719
Ichigo Real Estate Investment Corp.^††		78		61,166
Independence Realty Trust, Inc.		3,100		29,512
InterRent Real Estate Investment Trust		6,334		31,603
Invincible Investment Corp.^††		166		74,013
Japan Rental Housing Investments, Inc.^††		99		78,696
Kenedix Residential Investment Corp.^††		19		55,052
Mid-America Apartment Communities, Inc.		5,677		450,300
Milestone Apartments Real Estate Investment Trust		2,900		30,582
Nippon Accommodations Fund, Inc.^††		38		156,915
Nomura Real Estate Residential Fund, Inc.^††		19		110,183
Northern Property Real Estate Investment Trust		3,700		71,775
Post Properties, Inc.		13,796		838,107
Preferred Apartment Communities, Inc.		3,500		35,385
Silver Bay Realty Trust Corp.		4,617		71,933
Sun Communities, Inc.		11,346		768,465
UDR, Inc.		59,514		1,979,436
UMH Properties, Inc.		3,172		30,546

TOTAL RESIDENTIAL			$	18,105,145
RETAIL – 8.8%
Acadia Realty Trust		4,329		156,667
Aeon Real Estate Investment Trust
Investment Corp.^††		95		129,998
Agree Realty Corp.		998		34,571
Alexander’s, Inc.		247		114,568
AmReal Estate Investment Trust, Inc.		1,359		36,122
Calloway Real Estate Investment Trust		7,151		178,564
CapitaMall Trust^††		398,600		614,893
CapitaRetail China Trust^††		49,000		62,001
CBL & Associates Properties, Inc.		15,254		314,537
Cedar Realty Trust, Inc.		4,681		37,261
Charter Hall Retail Real Estate Investment Trust^††		15,427		52,476
DDR Corp.		77,850		1,525,860
Equity One, Inc.		6,112		166,491
Eurocommercial Properties NV^††		6,127		272,705
Excel Trust, Inc.		4,465		62,689
Federal Realty Investment Trust		5,033		723,594
Federation Centres Ltd.^††		370,589		869,214
Fortune Real Estate Investment Trust^††		142,000		159,026
Frasers Centrepoint Trust^††		100,000		152,689
Fukuoka Real Investment Trust Corp.^††		59		118,993
General Growth Properties, Inc.		97,201		2,933,526
Getty Realty Corp.		3,637		67,394
Hammerson PLC^††		146,191		1,512,759



Description	Number of Shares		Value
Inland Real Estate Corp.		6,326	$	71,990
Intu Properties PLC^††		38,766		212,752
Japan Retail Fund Investment Corp.^††		690		1,494,608
Kimco Realty Corp.		76,213		2,107,289
Kite Realty Group Trust		6,126		187,211
Klepierre^††		51,700		2,432,882
Link REIT (The)^††		281,900		1,906,969
Macerich Co. (The)		23,560		2,026,396
Mapletree Commercial Trust^††		100,000		111,981
Mercialys SA^††		18,129		438,787
Morguard Real Estate Investment Trust		10		145
National Retail Properties, Inc.		9,262		396,784
Pennsylvania Real Estate Investment Trust		5,171		123,742
Ramco-Gershenson Properties Trust		22,105		432,595
Realty Income Corp.^#		16,728		908,498
Regency Centers Corp.		6,927		474,915
Retail Opportunity Investments Corp.		8,569		151,414
Retail Properties of America, Inc.		17,621		311,715
RioCan Real Estate Investment Trust		11,962		277,140
Rouse Properties, Inc.^#		4,151		77,167
Saul Centers, Inc.		957		54,635
Scentre Group*^,††		556,566		1,635,348
Shopping Centres Australasia Property Group^††		34,722		51,958
Simon Property Group, Inc.		37,781		7,505,573
Tanger Factory Outlet Centers, Inc.		15,128		595,286
Taubman Centers, Inc.		12,191		999,053
Unibail-Rodamco SE^††		12,842		3,617,049
Urstadt Biddle Properties, Inc.		1,937		45,519
Vastned Retail NV^††		648		32,127
Weingarten Realty Investors		8,402		314,907
Westfield Corp.^††		221,114		1,686,697
Yuexiu Real Estate Investment Trust^††		136,000		71,737

TOTAL RETAIL			$	41,051,467
SPECIALIZED – 5.2%
Ashford Hospitality Prime, Inc.		4,129		70,854
Ashford Hospitality Trust, Inc.		2,893		30,434
Aviv Real Estate Investment Trust, Inc.		1,925		75,710
Big Yellow Group PLC^††		12,620		115,874
CareTrust Real Estate Investment Trust, Inc.		2,417		32,581
CDL Hospitality Trusts^††		50,000		66,438
Chartwell Retirement Residences		11,453		113,926
Chatham Lodging Trust		1,959		60,984
Chesapeake Lodging Trust		4,775		175,338
Corrections Corp. of America		9,592		377,157
CubeSmart		11,837		291,664



Description	Number of Shares		Value
DiamondRock Hospitality Co.		14,595	$	212,065
EPR Properties		4,615		300,252
Extra Space Storage, Inc.		8,213		542,058
FelCor Lodging Trust, Inc.		8,425		84,334
Folkestone Education Trust^††		17,729		27,586
Gaming and Leisure Properties, Inc.		7,800		254,514
Geo Group, Inc. (The)		5,461		237,663
HCP, Inc.		34,530		1,632,924
Health Care REIT, Inc.		54,506		4,466,767
Healthcare Realty Trust, Inc.		27,219		819,020
Hersha Hospitality Trust		14,443		96,479
Hospitality Properties Trust		12,768		416,109
Host Hotels & Resorts, Inc.		139,824		3,200,571
InnVest Real Estate Investment Trust		11,769		57,886
Japan Hotel REIT Investment Corp.^††		458		301,825
LaSalle Hotel Properties		9,019		364,909
LTC Properties, Inc.		2,588		121,429
Medical Properties Trust, Inc.		12,856		197,597
National Health Investors, Inc.		2,193		163,949
Omega Healthcare Investors, Inc.		9,414		412,898
Pebblebrook Hotel Trust		15,255		708,442
Physicians Realty Trust		2,587		45,635
Primary Health Properties PLC^††		7,489		42,367
Public Storage		15,358		3,084,501
Regal Real Estate Investment Trust^††		106,000		29,915
RLJ Lodging Trust		9,851		335,624
Ryman Hospitality Properties, Inc.		3,803		208,785
Sabra Health Care Real Estate Investment
Trust, Inc.		4,628		151,336
Safestore Holdings PLC^††		79,288		322,403
Senior Housing Properties Trust^#		16,567		385,845
Sovran Self Storage, Inc.		2,465		233,559
Strategic Hotels & Resorts, Inc.*		57,615		773,193
Summit Hotel Properties, Inc.		6,545		83,907
Sunstone Hotel Investors, Inc.		42,565		725,733
Universal Health Realty Income Trust		969		52,064
Ventas, Inc.^#		22,292		1,779,125

TOTAL SPECIALIZED			$	24,284,229

TOTAL REAL ESTATE INVESTMENT TRUSTS
(COST $106,659,975)			$	138,845,152
WARRANTS – 0.0%**
REAL ESTATE DEVELOPMENT – 0.0%**
Sun Hung Kai Properties Ltd., Expire
5/22/16*		4,725		17,066

TOTAL WARRANTS
(COST $1,462)			$	17,066

TOTAL REAL ESTATE RELATED SECURITIES
(COST $152,267,096)			$	190,361,920



Description	Number of Shares		Value
COMMODITY RELATED SECURITIES – 13.0%
INVESTMENT COMPANIES – 13.0%
COMMODITY FUNDS – 13.0%
Credit Suisse Commodity Return Strategy Fund, Class I*		6,386,150	$	37,039,672
PIMCO CommoditiesPLUS Strategy Fund*		3,200,178		23,361,300

TOTAL COMMODITY FUNDS			$	60,400,972

TOTAL INVESTMENT COMPANIES
(COST $73,484,657)			$	60,400,972

TOTAL COMMODITY RELATED SECURITY
(COST $73,484,657)			$	60,400,972


	Notional Amount
PURCHASED OPTIONS – 0.0%**
CALL OPTIONS – 0.0%**
IRO USD 1Y MYC, Strike Price $0.80,
Expiring 1/19/2016	$	9,200,000	$	14,493
PUT OPTIONS – 0.0%**
IRO USD 30Y MYC, Strike Price $2.68,
Expiring 12/11/2017		1,000,000		78,391

TOTAL PURCHASED OPTIONS
(COST $154,720)			$	92,884


	Number of Shares
SHORT-TERM INVESTMENTS – 0.7%
MONEY MARKET FUNDS – 0.4%
Dreyfus Cash Management Fund,
Institutional Shares, 0.03%^{^}		1,689,916		1,689,916



	Par Value
REPURCHASE AGREEMENT – 0.3%
Goldman Sachs Co., 0.12%, dated 01/30/15, due 02/02/15, repurchase price $1,600,016, collateralized by a U.S. Government Security 3.50%, maturing 09/01/42; total market value of $1,643,962.	$	1,600,000		1,600,000

TOTAL REPURCHASE AGREEMENT
(COST $1,600,000)			$	1,600,000

TOTAL SHORT-TERM INVESTMENT
(COST $3,289,916)			$	3,289,916



Description	Par Value			Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 1.5%
REPURCHASE AGREEMENT – 1.5%

Citigroup Global Markets, Inc., 0.08%, dated 01/30/15, due 02/02/15, repurchase price $1,696,422, collateralized by U.S. Government Securities 0.00% to 6.00%, maturing 01/12/18 to 02/01/45; total market value of $1,730,339.	$	1,696,411		$	1,696,411
HSBC Securities USA, Inc., 0.05%, dated 01/30/15, due 02/02/15, repurchase price $1,696,418, collateralized by U.S. Government Securities 0.00% to 9.38%, maturing 02/09/15 to 07/15/32; total market value of $1,730,341.		1,696,411			1,696,411
JP Morgan Securities LLC, 0.08%, dated 01/30/15, due 02/02/15, repurchase price $1,696,422, collateralized by U.S. Government Securities 2.50% to 9.00%, maturing 12/01/15 to 01/01/48; total market value of $1,730,354.		1,696,411			1,696,411
Mizuho Securities USA, Inc., 0.08%, dated 01/30/15, due 02/02/15, repurchase price $1,696,422, collateralized by U.S. Government & Treasury Securities 0.00% to 4.50%, maturing 02/12/15 to 01/20/45; total market value of $1,731,311.		1,696,411			1,696,411
RBC Capital Markets LLC, 0.08%, dated 01/30/15, due 02/02/15, repurchase price $357,130, collateralized by U.S. Government Securities 1.31% to 5.50%, maturing 11/01/24 to 05/01/50; total market value of $364,271.		357,128			357,128


TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN
(COST $7,142,772)				$	7,142,772


TOTAL INVESTMENTS IN SECURITIES BEFORE WRITTEN OPTIONS – 112.1%
(COST $499,864,614)				$	521,136,608


	Notional Amount
WRITTEN OPTIONS – (0.1%)
CALL OPTIONS – 0.0%**
Gold Futures Comex Mar15C, Strike Price $1,275.00, Expiring 2/24/2015	$	(4	)	$	(7,280	)
Gold Futures Comex Mar15C, Strike Price $1,275.00, Expiring 2/24/2015		(8	)		(20,320	)
IRO USD 1Y MYC, Strike Price $0.52, Expiring 1/19/2016		(9,200,000	)		(5,707	)
IRO USD 1Y MYC, Strike Price $0.66, Expiring 1/19/2016		(9,200,000	)		(9,483	)
U.S. 10Y Futures Mar15C, Strike Price $131.50, Expiring 2/20/2015		(34	)		(17,531	)

TOTAL CALL OPTIONS				$	(60,321	)


	Notional
Description	Amount			Value
CALL SWAPTIONS – (0.1%)**
ITRAXX Eu22 5Y SOG, Strike Price $0.55, Expiring 2/18/2015	$	(400,000	)	$	(207	)
ITRAXX Eu22 5Y BOA, Strike Price $0.55, Expiring 2/18/2015		(400,000	)		(207	)
ITRAXX Eu22 5Y GST, Strike Price $0.50, Expiring 3/18/2015		(7,900,000	)		(3,535	)
ITRAXX Eu22 5Y JPM, Strike Price $0.50, Expiring 3/18/2015		(13,500,000	)		(6,041	)
ITRAXX Eu22 5Y JPM, Strike Price $0.55, Expiring 2/18/2015		(100,000	)		(52	)
U.S. Dollar vs BRL, Strike Price $2.68, Expiring 6/29/2015		(1,715,000	)		(99,957	)
U.S. Dollar vs BRL, Strike Price $2.68, Expiring 7/01/2015		(370,000	)		(21,790	)

TOTAL CALL SWAPTIONS				$	(131,789	)
PUT OPTIONS – 0.0%**
CDX LG23 5Y V1 BOA, Strike Price $1.00, Expiring 4/15/2015		(1,400,000	)		(1,112	)
CDX LG23 5Y V1 BRC, Strike Price $0.90, Expiring 3/18/2015		(400,000	)		(265	)
CDX LG23 5Y V1 BRC, Strike Price $1.00, Expiring 4/15/2015		(1,300,000	)		(1,033	)
CDX LG23 5Y V1 CBK, Strike Price $0.90, Expiring 3/18/2015		(500,000	)		(331	)
CDX LG23 5Y V1 FBF, Strike Price $0.90, Expiring 3/18/2015		(400,000	)		(265	)
CDX LG23 5Y V1 JPM, Strike Price $0.90, Expiring 3/18/2015		(200,000	)		(132	)
CDX LG23 5Y V1 JPM, Strike Price $1.00, Expiring 4/15/2015		(200,000	)		(159	)
IRO USD 10Y JPM, Strike Price $2.75, Expiring 2/18/2015		(900,000	)		—
IRO USD 10Y MYC, Strike Price $2.75, Expiring 2/18/2015		(1,600,000	)		—
IRO USD 5Y MYC, Strike Price $2.50, Expiring 12/11/2017		(4,200,000	)		(85,035	)
U.S. 10Y Futures Mar15C, Strike Price $128.50, Expiring 2/20/2015		(34	)		(3,719	)

TOTAL PUT OPTIONS				$	(92,051	)
PUT SWAPTIONS – 0.0%**
INF Cap U.S. 10Y JPM, Strike Price $4.00, Expiring 4/22/2024		(100,000	)		(217	)
INF Cap U.S. 10Y JPM, Strike Price $4.00, Expiring 4/22/2024		(1,300,000	)		(2,670	)
INF FLOOR USD, Strike Price $216.69, Expiring 4/07/2020		(2,600,000	)		(1,463	)
ITRAXX Eu22 5Y BOA, Strike Price $0.85, Expiring 2/18/2015		(400,000	)		(59	)
ITRAXX Eu22 5Y GST, Strike Price $0.85, Expiring 3/18/2015		(7,900,000	)		(4,986	)

Cost of investments for Federal income tax purposes is $511,022,339. The net unrealized appreciation/(depreciation) of investments was $9,812,119. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $49,221,107 and net unrealized depreciation from investments for those securities having an excess of cost over value of $39,408,988.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

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

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of January 31, 2015 in valuing the Fund’s assets carried at fair value:

At January 31, 2015, the Wilmington Multi-Manager Real Asset Fund had the following outstanding forward foreign currency contracts, which contractually obligates the Fund to deliver or receive currencies at specified future dates. The open contracts were as follows:

At January 31, 2015, the Wilmington Multi-Manager Real Asset Fund had open financial futures contracts as follows:

At January 31, 2015, the Wilmington Multi-Manager Real Asset Fund had open credit default swap contracts as follows:

## The Portfolio is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(a) “Notional amount” represents the maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(b) “Implied credit spreads”, represented in absolute terms, are utilized in determining the fair value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of reporting date. Implied credit spreads serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

(c) “Fair value” of credit default swap agreements on asset-backed securities and credit indices serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair value in absolute terms, represents a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.


Description	Number of Shares		Value
INVESTMENT COMPANIES – 91.1%
ALTERNATIVE INVESTMENT FUNDS – 9.9%
AQR Managed Futures Strategy Fund, Class I		103,740	$	1,155,665
Gateway Fund, Class Y		39,321		1,149,734
Legg Mason BW Absolute Return Opportunities Fund, Class I		122,127		1,553,450

TOTAL ALTERNATIVE INVESTMENT FUNDS			$	3,858,849
COMMODITY FUND – 0.7%
Credit Suisse Commodity Return Strategy Fund, Class I*		44,495		258,070
DEBT FUNDS – 40.7%
FPA New Income, Inc.		141,787		1,440,554
RidgeWorth Seix Floating Rate High Income Fund, Class I		87,660		766,151
Scout Unconstrained Bond Fund, Institutional Shares		33,661		370,940
Wilmington Intermediate-Term Bond Fund, Class I^§		1,310,059		13,231,599

TOTAL DEBT FUNDS			$	15,809,244
EQUITY FUNDS – 31.7%
DFA U.S. Small Cap Value Portfolio, Institutional Shares		6,318		209,997
Diamond Hill Large Cap Fund, Class Y		9,360		202,825
LSV Value Equity Fund, Class I		9,472		216,819
Morgan Stanley Institutional Fund, Inc. - Growth Portfolio, Class I		16,653		650,482
Morgan Stanley Institutional Fund, Inc. - Small Company Growth Portfolio, Class I		18,975		299,051
T Rowe Price Institutional Large-Cap Growth Fund, Class I		22,657		619,452
Wilmington Broad Market Bond Fund^§		601,710		5,981,000


Description	Number of Shares		Value
Wilmington Large-Cap Strategy Fund, Class I^§		40,873	$	717,734
Wilmington Mid-Cap Growth Fund, Class I^§		21,195		359,683
Wilmington Multi-Manager International Fund, Class I^§		376,832		2,781,019
Wilmington Small-Cap Strategy Fund, Class I^§		17,780		253,899

TOTAL EQUITY FUNDS			$	12,291,961
EXCHANGE-TRADED FUNDS – 8.1%
iShares Cohen & Steers REIT ETF		4,245		440,758
iShares Global Energy ETF		2,120		75,006
iShares Russell Mid-Cap Value ETF		1,500		109,065
iShares Russell Top 200 Growth ETF		16,700		829,823
iShares Russell Top 200 Value ETF		6,275		266,973
iShares TIPS ETF		8,297		959,382
SPDR Dow Jones International Real Estate ETF		10,360		446,102

TOTAL EXCHANGE-TRADED FUNDS			$	3,127,109

TOTAL INVESTMENT COMPANIES (COST $33,766,091)			$	35,345,233
MONEY MARKET FUND – 8.9%
Dreyfus Cash Management Fund, Institutional Shares, 0.03%^{^}		3,445,593		3,445,593

TOTAL MONEY MARKET FUND (COST $3,445,593)			$	3,445,593

TOTAL INVESTMENTS – 100.0%
(COST $37,211,684)			$	38,790,826
OTHER ASSETS LESS LIABILITIES – 0.0%				18,007

TOTAL NET ASSETS – 100.0%			$	38,808,833

Cost of investments for Federal income tax purposes is $37,613,033. The net unrealized appreciation/(depreciation) of investments was $1,177,793. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $1,843,817 and net unrealized depreciation from investments for those securities having an excess of cost over value of $666,024.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

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

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of January 31, 2015 in valuing the Fund’s assets carried at fair value:


Description	Number of Shares		Value
INVESTMENT COMPANIES – 78.6%
ALTERNATIVE INVESTMENT FUNDS – 11.9%
AQR Managed Futures Strategy Fund, Class I		162,675	$	1,812,200
Gateway Fund, Class Y		79,237		2,316,885
Legg Mason BW Absolute Return
Opportunities Fund, Class I		179,578		2,284,237

TOTAL ALTERNATIVE INVESTMENT FUNDS			$	6,413,322
COMMODITY FUND – 0.7%
Credit Suisse Commodity Return Strategy Fund, Class I*		67,439		391,144
DEBT FUNDS – 6.1%
FPA New Income, Inc.		137,478		1,396,774
RidgeWorth Seix Floating Rate High Income Fund, Class I		126,431		1,105,009
Scout Unconstrained Bond, Institutional Shares		72,837		802,669

TOTAL DEBT FUNDS			$	3,304,452
EQUITY FUNDS – 40.4%
DFA U.S. Small Cap Value Portfolio,
Institutional Shares		12,708		422,413
Diamond Hill Large Cap Fund, Class Y		43,470		941,996
Harbor International Fund, Institutional Shares		65,113		4,212,179
Lazard Emerging Markets Equity Portfolio, Institutional Shares		16,210		277,030
LSV Value Equity Fund		41,573		951,610
MFS International New Discovery Fund, Class I		21,951		610,235
Morgan Stanley Institutional Fund, Inc. - Growth Portfolio, Class I		76,420		2,984,962
Morgan Stanley Institutional Fund, Inc. - Small Company Growth Portfolio, Class I		45,824		722,179
T Rowe Price Institutional Large-Cap Growth Fund		107,935		2,950,955
Wilmington Mid-Cap Growth Fund, Class I^§		104,716		1,777,028
Wilmington Multi-Manager International Fund, Class I^§		752,693		5,554,874
Wilmington Small-Cap Strategy Fund, Class I^§		26,897		384,095

TOTAL EQUITY FUNDS			$	21,789,556
EXCHANGE-TRADED FUNDS – 19.5%
iShares Cohen & Steers REIT ETF^#		6,925		719,023


Description	Number of Shares		Value
iShares Global Energy ETF		10,650	$	376,797
iShares Russell Mid-Cap Value ETF^#		8,050		585,316
iShares Russell Top 200 Growth ETF		102,675		5,101,921
iShares Russell Top 200 Value ETF		38,675		1,645,447
iShares TIPS ETF		12,350		1,428,030
SPDR Dow Jones International Real Estate ETF		16,300		701,878

TOTAL EXCHANGE-TRADED FUNDS			$	10,558,412

TOTAL INVESTMENT COMPANIES
(COST $39,582,370)			$	42,456,886
	Par Value
COLLATERALIZED MORTGAGE OBLIGATIONS – 0.5%
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.3%
Series 1988-23, Class C, 9.75%, 9/25/18	$	773	$	861
Series 2012-114, Class VM,
3.50%, 10/25/25		170,286		182,285

TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	183,146
WHOLE LOAN – 0.2%
Banc of America Mortgage Securities, Inc.,
Series 2004-A, Class 2A1, 2.68%, 2/25/34^D		46,540		46,026
IndyMac INDA Mortgage Loan Trust,
Series 2005-AR1, Class 2A1,
2.75%, 11/25/35^D		32,701		29,585

TOTAL WHOLE LOAN			$	75,611

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(COST $269,894)			$	258,757
CORPORATE BONDS – 6.5%
AEROSPACE & DEFENSE – 0.2%
L-3 Communications Corp.,
Company Guaranteed, 3.95%, 11/15/16		85,000		88,691
BANKS – 0.2%
BB&T Corp.,
Sr. Unsecured, MTN, 2.45%, 1/15/20		30,000		30,753
Comerica, Inc.,
Subordinated, 3.80%, 7/22/26		5,000		5,215
Fifth Third Bancorp,
Subordinated, 4.30%, 1/16/24		20,000		21,788
Morgan Stanley,
Subordinated, GMTN, 4.35%, 9/08/26		10,000		10,482
Wells Fargo & Co.,
Subordinated, MTN, 4.10%, 6/03/26		25,000		26,631

TOTAL BANKS			$	94,869


Description	Par Value		Value
BEVERAGES – 0.3%
Anheuser-Busch Cos. LLC,
Company Guaranteed, 5.05%, 10/15/16	$	130,000	$	139,008
Dr. Pepper Snapple Group, Inc.,
Company Guaranteed, 2.00%, 1/15/20		10,000		9,972

TOTAL BEVERAGES			$	148,980
BIOTECHNOLOGY – 0.1%
Celgene Corp.,
Sr. Unsecured, 4.63%, 5/15/44		40,000		44,830
CAPITAL MARKETS – 0.4%
BlackRock, Inc.,
Sr. Unsecured, 3.38%, 6/01/22		38,000		40,750
Charles Schwab Corp.,
Sr. Unsecured, 2.20%, 7/25/18		15,000		15,365
Goldman Sachs Group, Inc.,
Sr. Unsecured, 3.30%, 5/03/15		100,000		100,627
Morgan Stanley,
Sr. Unsecured, 1.48%, 2/25/16^D		35,000		35,279
Morgan Stanley,
Sr. Unsecured, 1.08%, 1/24/19^D		30,000		29,952

TOTAL CAPITAL MARKETS			$	221,973
COMMERCIAL BANKS – 0.1%
HSBC USA, Inc.,
Sr. Unsecured, 2.63%, 9/24/18		40,000		41,358
Wells Fargo & Co.,
Series M, Subordinated, 3.45%, 2/13/23		35,000		36,253

TOTAL COMMERCIAL BANKS			$	77,611
COMMERCIAL FINANCE – 0.1%
General Electric Capital Corp.,
Sr. Unsecured, MTN, 2.30%, 4/27/17		70,000		72,004
COMPUTERS – 0.1%
Apple, Inc.,
Sr. Unsecured, 1.05%, 5/05/17^#		45,000		45,388
CONSUMER FINANCE – 0.1%
American Express Co.,
Sr. Unsecured, FRN, 0.82%, 5/22/18^D		30,000		30,064
DIVERSIFIED FINANCIAL SERVICES – 0.7%
Bank of America Corp.,
Sr. Unsecured, 2.00%, 1/11/18		50,000		50,335
Citigroup, Inc.,
Sr. Unsecured, 6.00%, 8/15/17		100,000		110,806
FMR LLC,
Sr. Unsecured, 6.45%, 11/15/39^•,^W		100,000		142,094
Ford Motor Credit Co., LLC,
Sr. Unsecured, 7.00%, 4/15/15		35,000		35,417
Hyundai Capital America,
Sr. Unsecured, 1.88%, 8/09/16^•,W		25,000		25,294
JPMorgan Chase & Co.,
Subordinated Notes, 3.38%, 5/01/23		20,000		20,178

TOTAL DIVERSIFIED FINANCIAL SERVICES			$	384,124


Description	Par Value		Value
ELECTRIC – 0.5%
Appalachian Power Co.,
Sr. Unsecured, 5.00%, 6/01/17	$	35,000	$	37,982
DTE Energy Co.,
Sr. Unsecured, 3.85%, 12/01/23		10,000		10,913
Entergy Corp.,
Sr. Unsecured, 5.13%, 9/15/20		90,000		100,105
Pacific Gas & Electric Co.,
Sr. Unsecured, 3.75%, 2/15/24		20,000		21,738
UIL Holdings Corp.,
Sr. Unsecured, 4.63%, 10/01/20		70,000		76,257

TOTAL ELECTRIC			$	246,995
ELECTRONICS – 0.0%**
Thermo Fisher Scientific, Inc.,
Sr. Unsecured, 3.30%, 2/15/22		20,000		20,828
ENVIRONMENTAL CONTROL – 0.2%
Waste Management, Inc.,
Company Guaranteed, 2.60%, 9/01/16		60,000		61,526
Waste Management, Inc.,
Company Guaranteed, 3.50%, 5/15/24		35,000		37,104

TOTAL ENVIRONMENTAL CONTROL			$	98,630
FOOD – 0.2%
Kroger Co.,
Company Guaranteed, 3.90%, 10/01/15		100,000		102,090
FOREST PRODUCTS & PAPER – 0.1%
International Paper Co.,
Sr. Unsecured, 5.30%, 4/01/15		47,000		47,347
HEALTH CARE PROVIDERS & SERVICES – 0.0%**
UnitedHealth Group, Inc.,
Sr. Unsecured, 2.75%, 2/15/23		25,000		25,708
HOME FURNISHINGS – 0.2%
Whirlpool Corp.,
Sr. Unsecured, 4.70%, 6/01/22		65,000		73,443
Whirlpool Corp.,
Sr. Unsecured, MTN, 5.15%, 3/01/43		10,000		11,818

TOTAL HOME FURNISHINGS			$	85,261
HOUSEHOLD PRODUCTS – 0.1%
Tupperware Brands Corp.,
Company Guaranteed, 4.75%, 6/01/21		60,000		65,608
INSURANCE – 0.4%
Aon PLC,
Company Guaranteed, 4.00%, 11/27/23		40,000		43,534
CNA Financial Corp.,
Sr. Unsecured, 3.95%, 5/15/24		35,000		36,859
WR Berkley Corp.,
Sr. Unsecured, 4.63%, 3/15/22		60,000		66,341
WR Berkley Corp.,
Sr. Unsecured, 4.75%, 8/01/44		45,000		50,392

TOTAL INSURANCE			$	197,126


Description	Par Value		Value
MEDIA – 0.2%
CBS Corp.,
Company Guaranteed, 4.60%, 1/15/45	$	25,000	$	26,478
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc.,
Company Guaranteed, 2.40%, 3/15/17		30,000		30,699
Viacom, Inc.,
Sr. Unsecured, 2.50%, 12/15/16		60,000		61,535

TOTAL MEDIA			$	118,712
METALS & MINING – 0.1%
Rio Tinto Finance USA Ltd.,
Company Guaranteed, 9.00%, 5/01/19		60,000		76,995
MISCELLANEOUS MANUFACTURING – 0.1%
Illinois Tool Works, Inc.,
Sr. Unsecured, 3.50%, 3/01/24		45,000		48,554
Textron, Inc.,
Sr. Unsecured, 3.65%, 3/01/21		20,000		20,930

TOTAL MISCELLANEOUS MANUFACTURING			$	69,484
OFFICE/BUSINESS EQUIPMENT – 0.1%
Xerox Corp.,
Sr. Unsecured, 2.75%, 3/15/19		30,000		30,716
OIL & GAS – 0.4%
BP Capital Markets PLC,
Company Guaranteed, 2.50%, 11/06/22		50,000		48,991
Exxon Mobil Corp.,
Sr. Unsecured, 1.82%, 3/15/19		30,000		30,786
Husky Energy, Inc.,
Sr. Unsecured, 4.00%, 4/15/24		15,000		15,010
Marathon Oil Corp.,
Sr. Unsecured, 2.80%, 11/01/22		45,000		42,847
Marathon Petroleum Corp.,
Sr. Unsecured, 3.63%, 9/15/24		20,000		20,250
Murphy Oil Corp.,
Sr. Unsecured, 5.13%, 12/01/42		70,000		60,002

TOTAL OIL & GAS			$	217,886
PHARMACEUTICALS – 0.1%
AbbVie, Inc.,
Sr. Unsecured, 4.40%, 11/06/42		20,000		21,948
Medco Health Solutions, Inc.,
Company Guaranteed, 4.13%, 9/15/20		20,000		21,823

TOTAL PHARMACEUTICALS			$	43,771
PIPELINES – 0.1%
Energy Transfer Partners LP,
Sr. Unsecured, 3.60%, 2/01/23		35,000		35,216
ONEOK Partners LP,
Company Guaranteed, 6.20%, 9/15/43		45,000		48,764

TOTAL PIPELINES			$	83,980
REAL ESTATE INVESTMENT TRUSTS – 0.8%
American Tower Corp.,
Sr. Unsecured, 5.00%, 2/15/24		15,000		16,496


Description	Par Value		Value
CommonWealth REIT,
Sr. Unsecured, 6.65%, 1/15/18	$	100,000	$	110,833
Digital Realty Trust LP,
Company Guaranteed, 5.88%, 2/01/20^#		100,000		114,332
HCP, Inc.,
Sr. Unsecured, 4.20%, 3/01/24		15,000		16,135
Health Care REIT, Inc.,
Sr. Unsecured, 4.70%, 9/15/17		100,000		107,853
Healthcare Realty Trust, Inc.,
Sr. Unsecured, 3.75%, 4/15/23		40,000		40,904
ProLogis LP,
Company Guaranteed, 3.35%, 2/01/21		35,000		36,745

TOTAL REAL ESTATE INVESTMENT TRUSTS			$	443,298
RETAIL – 0.1%
CVS Caremark Corp.,
Sr. Unsecured, 5.75%, 6/01/17		30,000		33,252
SEMICONDUCTORS – 0.1%
Intel Corp.,
Sr. Unsecured, 2.70%, 12/15/22		35,000		35,796
TELECOMMUNICATIONS – 0.2%
AT&T, Inc.,
FRN, Sr. Unsecured, 1.15%, 11/27/18^D		55,000		55,952
Verizon Communications, Inc.,
Sr. Unsecured, 6.40%, 9/15/33		35,000		45,316

TOTAL TELECOMMUNICATIONS			$	101,268
TRANSPORTATION – 0.2%
FedEx Corp.,
Company Guaranteed, 3.88%, 8/01/42		30,000		30,593
FedEx Corp.,
Company Guaranteed, 4.10%, 2/01/45		15,000		15,748
Ryder System, Inc.,
Sr. Unsecured, MTN, 2.50%, 3/01/18		55,000		56,689

TOTAL TRANSPORTATION			$	103,030
TRUCKING & LEASING – 0.0%**
GATX Corp.,
Sr. Unsecured, 5.20%, 3/15/44		20,000		23,722

TOTAL CORPORATE BONDS
(COST $3,289,143)			$	3,480,037
ENHANCED EQUIPMENT TRUST CERTIFICATES – 0.2%
AIRLINES – 0.2%
Continental Airlines 2009-2,
Series A, Pass-Through Certificates,
7.25%, 11/10/19		61,972		71,616
Delta Air Lines, 2007-1,
Series A, Pass-Through Certificates,
6.82%, 8/10/22		50,323		59,067

TOTAL AIRLINES			$	130,683

TOTAL ENHANCED EQUIPMENT TRUST CERTIFICATES
(COST $111,750)			$	130,683



Description	Par Value		Value
MORTGAGE-BACKED SECURITIES – 4.3%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 2.3%
Pool A15865, 5.50%, 11/01/33	$	63,549	$	71,272
Pool A19412, 5.00%, 3/01/34		182,559		204,732
Pool C00478, 8.50%, 9/01/26		2,611		3,023
Pool C03517, 4.50%, 9/01/40		52,633		57,154
Pool C04305, 3.00%, 11/01/42		221,468		229,250
Pool C09020, 3.50%, 11/01/42		223,133		235,634
Pool G05774, 5.00%, 1/01/40		372,193		414,142

TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	1,215,207

FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 1.5%
Pool, 0.88%, 5/21/18^#		165,000		164,532
Pool, 1.63%, 11/27/18		165,000		168,395
Pool 533246, 7.50%, 4/01/30		17,899		18,914
Pool AB4089, 3.00%, 12/01/26		48,854		51,587
Pool AJ4050, 4.00%, 10/01/41		159,641		171,472
Pool AS0302, 3.00%, 8/01/43		91,573		94,878
Pool AT7899, 3.50%, 7/01/43		98,129		103,963
Pool AX5302, 4.00%, 1/01/42		48,718		52,329

TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	826,070
FHLMC – 0.4%
Freddie Mac Gold Pool, 3.50%, 4/01/42		68,299		72,168
Freddie Mac Gold Pool, 3.50%, 8/01/43		52,376		55,343
Freddie Mac Gold Pool, 4.00%, 12/01/43		89,555		96,355

TOTAL FHLMC			$	223,866
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.1%
Pool 354677, 7.50%, 10/15/23		18,236		21,037
Pool 354765, 7.00%, 2/15/24		22,220		25,684
Pool 354827, 7.00%, 5/15/24		24,091		27,848

TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	74,569

TOTAL MORTGAGE-BACKED SECURITIES (COST $2,267,623)			$	2,339,712
U.S. TREASURY – 3.7%

U.S. TREASURY BONDS – 1.1%
3.00%, 11/15/44^#		53,000		61,794
3.13%, 8/15/44		11,000		13,114
3.38%, 5/15/44		179,000		222,854
3.63%, 2/15/44		87,000		112,910
4.38%, 5/15/40		120,000		171,186
4.75%, 2/15/37		21,000		31,053

TOTAL U.S. TREASURY BONDS			$	612,911



Description	Par Value		Value
U.S. TREASURY NOTES – 2.6%
0.63%, 9/30/17	$	40,000	$	39,935
0.88%, 10/15/17		360,000		361,780
1.50%, 12/31/18		87,000		88,644
1.50%, 3/31/19		100,000		101,854
1.50%, 11/30/19		40,000		40,642
1.63%, 11/15/22		96,000		96,678
2.13%, 5/31/15		65,000		65,438
2.13%, 8/31/20		115,000		120,155
2.25%, 11/15/24^#		80,000		84,294
2.38%, 8/15/24		55,000		58,519
3.50%, 5/15/20		100,000		111,607
4.50%, 2/15/16		100,000		104,412
4.50%, 5/15/17		100,000		108,900

TOTAL U.S. TREASURY NOTES			$	1,382,858

TOTAL U.S. TREASURY (COST $1,832,065)			$	1,995,769


	Number of Shares
MONEY MARKET FUND – 6.5%
Dreyfus Cash Management Fund, Institutional Shares, 0.03%^{^}		3,504,866	$	3,504,866

TOTAL MONEY MARKET FUND (COST $3,504,866)			$	3,504,866

TOTAL INVESTMENTS IN SECURITIES – 100.3% (COST $50,857,711)			$	54,166,710


	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 2.4%
REPURCHASE AGREEMENTS – 2.4%
Nomura Securities International, Inc., 0.08%, dated 01/30/15, due 02/02/15,repurchase price $270,806, collateralized by U.S. Government Securities 0.00% to 8.88%, maturing 02/09/15 to 01/15/45;total market value of $276,220.	$	270,804	$	270,804
Royal Bank of Scotland PLC 0.08% dated 01/30/15, due 02/02/15, repurchase price $1,000,007, collateralized by U.S. Government & Treasury Securities 0.25% to 6.13%, maturing 09/30/15 to 07/15/56;total market value of $1,020,001.		1,000,000		1,000,000

TOTAL REPURCHASE AGREEMENTS			$	1,270,804

TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $1,270,804)			$	1,270,804

Cost of investments for Federal income tax purposes is $52,860,855. The net unrealized appreciation/(depreciation) of investments was $2,576,659. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $3,762,073 and net unrealized depreciation from investments for those securities having an excess of cost over value of $1,185,414.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

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

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of January 31, 2015 in valuing the Fund’s assets carried at fair value:


Description	Number of Shares		Value
INVESTMENT COMPANIES – 98.9%
ALTERNATIVE INVESTMENT FUNDS – 6.2%
AQR Managed Futures Strategy Fund, Class I		89,201	$	993,701
Gateway Fund, Class Y		35,898		1,049,654

TOTAL ALTERNATIVE INVESTMENT FUNDS			$	2,043,355
COMMODITY FUND – 0.8%
Credit Suisse Commodity Return Strategy Fund, Class I*		43,324		251,281
EQUITY FUNDS – 65.3%
DFA U.S. Small Cap Value Portfolio, Institutional Class		9,008		299,441
Diamond Hill Large Cap Fund, Class Y		43,552		943,777
Harbor International Fund, Institutional Shares		28,973		1,874,276
LSV Value Equity Fund, Class I		43,579		997,515
MFS International New Discovery Fund, Class I		5,842		162,405
Morgan Stanley Institutional Fund, Inc. - Growth Portfolio, Class I		76,797		2,999,700
Morgan Stanley Institutional Fund, Inc. - Small Company Growth Portfolio, Class I		39,040		615,276
T Rowe Price Institutional Large-Cap Growth Fund, Class I		103,802		2,837,939
Wilmington Large-Cap Strategy Fund, Class I^§		10,508		184,526


Description	Number of Shares		Value
Wilmington Mid-Cap Growth Fund, Class I^§		108,948	$	1,848,845
Wilmington Multi-Manager International Fund, Class I^§		1,092,525		8,062,835
Wilmington Small-Cap Strategy Fund, Class I^§		40,656		580,563

TOTAL EQUITY FUNDS			$	21,407,098
EXCHANGE-TRADED FUNDS – 26.6%
iShares Cohen & Steers REIT ETF		3,871		401,926
iShares Global Energy ETF		9,675		342,301
iShares Russell Mid-Cap Value		7,850		570,773
iShares Russell Top 200 Growth		94,000		4,670,860
iShares Russell Top 200 Value		35,650		1,516,747
iShares TIPS ETF		7,562		874,394
SPDR Dow Jones International Real Estate ETF		7,890		339,743

TOTAL EXCHANGE-TRADED FUNDS			$	8,716,744

TOTAL INVESTMENT COMPANIES (COST $28,560,428)			$	32,418,478
MONEY MARKET FUND – 1.1%
Dreyfus Cash Management Fund,
Institutional Shares, 0.03%^{^}		371,250		371,250

TOTAL MONEY MARKET FUND (COST $371,250)			$	371,250

TOTAL INVESTMENTS – 100.0%
(COST $28,931,678)			$	32,789,728
OTHER LIABILITIES LESS ASSETS – 0.0%**				(14,924	)

TOTAL NET ASSETS – 100.0%			$	32,774,804

Cost of investments for Federal income tax purposes is $33,022,476. The net unrealized appreciation/(depreciation) of investments was $(232,748). This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $4,369,854 and net unrealized depreciation from investments for those securities having an excess of cost over value of $4,602,602.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

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

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of January 31, 2015 in valuing the Fund’s assets carried at fair value:

NOTES TO PORTFOLIOS OF INVESTMENTS - MULTI-MANAGED AND STRATEGIC ALLOCATION FUNDS

Notes to Portfolios of Investments - Multi-Managed and Strategic Allocation Funds 105

106 Notes to Portfolios of Investments - Multi-Managed and Strategic Allocation Funds



Description	Par Value		Value
ASSET-BACKED SECURITIES – 0.3%
FINANCIAL SERVICES – 0.2%
LA Arena Funding LLC,
Series 1999-1, Class A, 7.66%, 12/15/26^•,W	$	847,841	$	958,489
WHOLE LOAN – 0.1%
SLM Private Education Loan Trust,
Series 2011-A, Class A1, 1.17%, 10/15/24^•,W		239,931		241,063

TOTAL ASSET-BACKED SECURITIES
(COST $1,087,772)			$	1,199,552
COLLATERALIZED MORTGAGE OBLIGATIONS – 1.6%
COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBS) – 0.4%
Banc of America Commercial Mortgage Trust,
Series 2007-2, Class A2, 5.63%, 4/10/49^D		95,785		96,873
Extended Stay America Trust,
Series 2013-ESH5, Class A15, 1.28%, 12/05/31^•,W		800,000		802,844
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2007-CIBC18, Class A4, 5.44%, 6/12/47		565,642		603,993

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBS)			$	1,503,710
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.6%
Series 1988-23, Class C, 9.75%, 9/25/18		2,321		2,585
Series 2005-29, Class WC, 4.75%, 4/25/35		51,274		56,930
Series 2012-114, Class VM,
3.50%, 10/25/25		2,298,864		2,460,844

TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	2,520,359
WHOLE LOAN – 0.6%
Banc of America Mortgage Securities, Inc.,
Series 2004-A, Class 2A1, 2.93%, 2/25/34		231,038		228,488
Countrywide Home Loan Mortgage
Pass-Through Trust,
Series 2004-8, Class 2A1, 4.50%, 6/25/19		536,233		544,770
IndyMac INDA Mortgage Loan Trust,
Series 2005-AR1, Class 2A1,
2.75%, 11/25/35^D		654,008		591,688
WaMu Mortgage Pass-Through Certificates,
Series 2004-CB1, Class 1A, 5.25%, 6/25/19		794,796		818,771

TOTAL WHOLE LOAN			$	2,183,717

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(COST $6,350,024)			$	6,207,786



Description	Par Value		Value
COMMERCIAL PAPER – 6.2%^¿
COMMERCIAL PAPER – 6.2%
Apache Corp.,
0.42%, 2/11/15^•,W	$	4,000,000	$	3,999,487
Baxter International,
0.39%, 2/11/15^•,W		3,000,000		2,999,642
Consolidated Edison Co.,
0.23%, 2/02/15^•,W		4,000,000		3,999,949
Johnson Controls, Inc.,
0.30%, 2/02/15^•,W		4,000,000		3,999,933
Kroger Co.,
0.27%, 2/02/15^•,W		2,500,000		2,499,962
McCormick & Co.,
0.14%, 2/02/15^•,W		4,000,000		3,999,969
Mondelez International, Inc.,
0.34%, 2/03/15^•,W		3,000,000		2,999,915

TOTAL COMMERCIAL PAPER			$	24,498,857

TOTAL COMMERCIAL PAPER
(COST $24,499,057)			$	24,498,857
CORPORATE BONDS – 39.7%
AEROSPACE & DEFENSE – 0.9%
L-3 Communications Corp.,
Company Guaranteed, 3.95%, 11/15/16		1,735,000		1,810,350
L-3 Communications Corp.,
Company Guaranteed, 4.75%, 7/15/20		1,000,000		1,093,631
Textron, Inc.,
Sr. Unsecured, 3.88%, 3/01/25		750,000		787,307

TOTAL AEROSPACE & DEFENSE			$	3,691,288
AUTO MANUFACTURERS – 0.2%
Ford Motor Credit Co. LLC,
Sr. Unsecured, 2.15%, 1/09/18		650,000		657,776
AUTOMOTIVE – 2.1%
Daimler Finance North America LLC,
Company Guaranteed, 3.88%, 9/15/21^•,W		250,000		273,862
Ford Motor Credit Co., LLC,
Sr. Unsecured, 7.00%, 4/15/15		250,000		252,980
Ford Motor Credit Co., LLC,
Sr. Unsecured, 3.00%, 6/12/17		1,200,000		1,237,011
Ford Motor Credit Co., LLC,
Sr. Unsecured, 6.63%, 8/15/17		250,000		281,328
Ford Motor Credit Co., LLC,
Sr. Unsecured, 5.75%, 2/01/21		500,000		584,442
Ford Motor Credit Co., LLC,
Sr. Unsecured, 4.25%, 9/20/22		450,000		492,553
General Motors Co., Inc.,
Sr. Unsecured, 6.25%, 10/02/43		2,000,000		2,505,000



Description	Par Value		Value
General Motors Financial Co., Inc.,
Company Guaranteed, 2.75%, 5/15/16	$	600,000	$	607,875
General Motors Financial Co., Inc.,
Company Guaranteed, 4.75%, 8/15/17		300,000		319,125
Harley-Davidson Financial Services, Inc.,
Company Guaranteed, 2.40%, 9/15/19^•,W		750,000		768,486
Hyundai Capital America,
Company Guaranteed, 4.00%, 6/08/17^•,W		250,000		262,655
Hyundai Capital America,
Sr. Unsecured, 1.63%, 10/02/15^•,W		250,000		251,321
Hyundai Capital America,
Sr. Unsecured, 1.88%, 8/09/16^•,W		575,000		581,769

TOTAL AUTOMOTIVE			$	8,418,407
BUILDING MATERIALS – 0.3%
Masco Corp.,
Sr. Unsecured, 4.80%, 6/15/15		1,150,000		1,161,500
CAPITAL MARKETS – 1.5%
BlackRock, Inc.,
Series 2, Sr. Unsecured, 5.00%, 12/10/19		250,000		288,624
Charles Schwab Corp.,
Sr. Unsecured, 2.20%, 7/25/18		1,370,000		1,403,316
Charles Schwab Corp.,
Sr. Unsecured, 4.45%, 7/22/20		250,000		281,083
Goldman Sachs Group, Inc.,
Sr. Unsecured, 1.44%, 4/30/18^D		1,850,000		1,858,864
Morgan Stanley,
Sr. Unsecured, 1.51%, 2/25/16		1,050,000		1,058,381
Raymond James Financial, Inc.,
Sr. Unsecured, 4.25%, 4/15/16		1,000,000		1,037,911

TOTAL CAPITAL MARKETS			$	5,928,179
COMMERCIAL BANKS – 5.0%
BB&T Corp.,
Sr. Unsecured, MTN, 3.20%, 3/15/16		700,000		717,690
BB&T Corp.,
Sr. Unsecured, MTN, 2.45%, 1/15/20		1,640,000		1,681,176
Branch Banking & Trust Co.,
Subordinated, 3.80%, 10/30/26		1,000,000		1,074,416
Capital One Financial Corp.,
Sr. Unsecured, 2.45%, 4/24/19		750,000		760,538
Comerica, Inc.,
Sr. Unsecured, 3.00%, 9/16/15		1,300,000		1,316,752
Comerica, Inc.,
Subordinated, 3.80%, 7/22/26		230,000		239,880
Fifth Third Bancorp,
Sr. Unsecured, 3.50%, 3/15/22		1,250,000		1,328,815
Fifth Third Bancorp,
Subordinated, 4.30%, 1/16/24		530,000		577,388
Fifth Third Bank/Cincinnati OH,
Sr. Unsecured, 1.35%, 6/01/17		1,000,000		1,003,449
KeyBank NA/Cleveland OH,
Sr. Unsecured, BKNT, 1.10%, 11/25/16		1,000,000		1,003,416
KeyBank NA/Cleveland OH,
Sr. Unsecured, BKNT, 2.50%, 12/15/19^#		750,000		770,087



Description	Par Value		Value
PNC Bank N.A.,
Subordinated Note, 2.95%, 1/30/23	$	350,000	$	353,339
PNC Bank NA,
Sr. Unsecured, 2.40%, 10/18/19		1,500,000		1,536,976
PNC Financial Services Group, Inc.,
Subordinated, 3.90%, 4/29/24		1,500,000		1,596,208
US Bancorp/MN,
Subordinated, MTN, 2.95%, 7/15/22		2,000,000		2,058,624
US Bank NA/Cincinnati OH,
Sr. Unsecured, BKNT, 2.13%, 10/28/19		2,000,000		2,036,636
Wells Fargo & Co.,
Sr. Unsecured, 3.68%, 6/15/16^D		500,000		519,998
Wells Fargo & Co.,
Sr. Unsecured, MTN, 1.25%, 2/13/15		240,000		240,068
Wells Fargo & Co.,
Subordinated, MTN, 4.10%, 6/03/26		920,000		980,028

TOTAL COMMERCIAL BANKS			$	19,795,484
COMMERCIAL FINANCE – 0.1%
General Electric Capital Corp.,
Subordinated Note, 5.30%, 2/11/21		250,000		291,474
COMPUTERS – 0.8%
Apple, Inc.,
Sr. Unsecured, 1.05%, 5/05/17^#		1,580,000		1,593,614
Hewlett-Packard Co.,
Sr. Unsecured, 2.20%, 12/01/15		500,000		505,520
Hewlett-Packard Co.,
Sr. Unsecured, 3.00%, 9/15/16		500,000		515,405
Hewlett-Packard Co.,
Sr. Unsecured, 2.60%, 9/15/17		500,000		514,446

TOTAL COMPUTERS			$	3,128,985
CONSUMER FINANCE – 0.2%
American Express Co.,
Sr. Unsecured, 0.85%, 5/22/18^D		655,000		656,389
DIVERSIFIED FINANCIAL SERVICES – 2.8%
Bank of America Corp.,
Sr. Unsecured, 6.50%, 8/01/16		1,250,000		1,346,801
Bank of America Corp.,
Sr. Unsecured, 2.00%, 1/11/18		1,275,000		1,283,551
Bank of America Corp.,
Sr. Unsecured, MTN, 1.32%, 3/22/18^D		1,500,000		1,510,228
Bank of America Corp.,
Subordinated, MTN, 4.25%, 10/22/26		1,000,000		1,039,222
Citigroup, Inc.,
Sr. Unsecured, 1.25%, 1/15/16		63,000		63,229
Citigroup, Inc.,
Sr. Unsecured, 1.70%, 7/25/16		1,155,000		1,166,401
Citigroup, Inc.,
Sr. Unsecured, 4.45%, 1/10/17		250,000		265,114
Citigroup, Inc.,
Sr. Unsecured, 6.13%, 5/15/18		275,000		312,202
FMR LLC,
Sr. Unsecured, 6.45%, 11/15/39^•,W		1,000,000		1,420,936



Description	Par Value		Value
JPMorgan Chase & Co.,
Sr. Unsecured, 2.60%, 1/15/16	$	500,000	$	508,599
JPMorgan Chase & Co.,
Sr. Unsecured, 6.00%, 1/15/18		150,000		168,627
JPMorgan Chase & Co.,
Sr. Unsecured, 4.63%, 5/10/21		100,000		112,251
JPMorgan Chase Capital XXIII,
Limited Guarantee, 1.26%, 5/15/47^D		1,000,000		792,500
Morgan Stanley,
Sr. Unsecured, 1.09%, 1/24/19^D		810,000		808,709
Morgan Stanley,
Subordinated, GMTN, 4.35%, 9/08/26		505,000		529,343

TOTAL DIVERSIFIED FINANCIAL SERVICES			$	11,327,713
ELECTRIC – 2.4%
Appalachian Power Co.,
Sr. Unsecured, 5.00%, 6/01/17		1,500,000		1,627,795
CMS Energy Corp.,
Sr. Unsecured, 6.55%, 7/17/17		300,000		336,371
Dominion Resources, Inc./VA,
Sr. Unsecured, 1.25%, 3/15/17		960,000		965,429
DTE Energy Co.,
Sr. Unsecured, 3.85%, 12/01/23		305,000		332,849
Entergy Corp.,
Sr. Unsecured, 5.13%, 9/15/20		1,300,000		1,445,962
Exelon Generation Co. LLC,
Sr. Unsecured, 6.20%, 10/01/17		650,000		727,517
FirstEnergy Corp.,
Series A, Sr. Unsecured, 2.75%, 3/15/18		1,285,000		1,316,424
FirstEnergy Transmission LLC,
Sr. Unsecured, 4.35%, 1/15/25^•,W		2,250,000		2,403,431
System Energy Resources, Inc.,
1st Mortgage, 4.10%, 4/01/23		500,000		535,005

TOTAL ELECTRIC			$	9,690,783
ELECTRIC UTILITIES – 0.3%
Entergy Arkansas, Inc.,
1st Mortgage, 4.95%, 12/15/44		1,000,000		1,130,764
ELECTRONICS – 0.3%
Thermo Fisher Scientific, Inc.,
Sr. Unsecured, 3.30%, 2/15/22		1,100,000		1,145,528
ENVIRONMENTAL CONTROL – 0.7%
Waste Management, Inc.,
Company Guaranteed, 2.60%, 9/01/16		1,465,000		1,502,254
Waste Management, Inc.,
Company Guaranteed, 3.50%, 5/15/24		1,255,000		1,330,451

TOTAL ENVIRONMENTAL CONTROL			$	2,832,705
FOOD PRODUCTS – 0.8%
General Mills, Inc.,
Sr. Unsecured, 1.40%, 10/20/17		2,000,000		2,006,955
McCormick & Co., Inc.,
Sr. Unsecured, 5.75%, 12/15/17		500,000		564,320
McCormick & Co., Inc.,
Sr. Unsecured, 3.90%, 7/15/21		500,000		552,407



Description	Par Value		Value
WM Wrigley Jr. Co.,
Sr. Unsecured, 1.40%, 10/21/16^•,W	$	125,000	$	125,615

TOTAL FOOD PRODUCTS			$	3,249,297
FOOD RETAILING – 0.6%
Kroger Co.,
Company Guaranteed, 8.00%, 9/15/29		500,000		730,172
Kroger Co.,
Sr. Unsecured, 2.95%, 11/01/21		1,750,000		1,795,039

TOTAL FOOD RETAILING			$	2,525,211
FOREST PRODUCTS & PAPER – 0.3%
International Paper Co.,
Sr. Unsecured, 5.30%, 4/01/15		1,000,000		1,007,377
HEALTH CARE PROVIDERS & SERVICES – 0.3%
UnitedHealth Group, Inc.,
Sr. Unsecured, 6.00%, 6/15/17^#		250,000		279,008
UnitedHealth Group, Inc.,
Sr. Unsecured, 1.40%, 12/15/17		450,000		454,571
UnitedHealth Group, Inc.,
Sr. Unsecured, 3.95%, 10/15/42		290,000		315,165

TOTAL HEALTH CARE PROVIDERS & SERVICES			$	1,048,744
HOME FURNISHINGS – 0.6%
Whirlpool Corp.,
Sr. Unsecured, 6.50%, 6/15/16		350,000		376,211
Whirlpool Corp.,
Sr. Unsecured, 4.70%, 6/01/22		1,500,000		1,694,839
Whirlpool Corp.,
Sr. Unsecured, MTN, 5.15%, 3/01/43		210,000		248,170

TOTAL HOME FURNISHINGS			$	2,319,220
HOUSEHOLD PRODUCTS – 0.3%
Becton Dickinson and Co.,
Sr. Unsecured, 1.80%, 12/15/17		670,000		677,137
Medtronic, Inc.,
Sr. Unsecured, 1.50%, 3/15/18^•,W		700,000		705,448

TOTAL HOUSEHOLD PRODUCTS			$	1,382,585
INSURANCE – 2.6%
Aon PLC,
Sr. Unsecured, 4.00%, 11/27/23		1,450,000		1,578,112
Berkshire Hathaway Finance Corp.,
Company Guaranteed, 4.30%, 5/15/43		425,000		489,874
CNA Financial Corp.,
Sr. Unsecured, 5.75%, 8/15/21		1,000,000		1,173,958
CNA Financial Corp.,
Sr. Unsecured, 3.95%, 5/15/24		950,000		1,000,469
Lincoln National Corp.,
Sr. Unsecured, 4.20%, 3/15/22		1,000,000		1,094,723
MetLife, Inc.,
Sr. Unsecured, 5.00%, 6/15/15		400,000		406,607
Principal Financial Group, Inc.,
Company Guaranteed, 3.30%, 9/15/22		250,000		259,282



Description	Par Value		Value
Prudential Financial, Inc.,
Sr. Unsecured, MTN, 3.00%, 5/12/16	$	1,000,000	$	1,027,025
WR Berkley Corp.,
Sr. Unsecured, 7.38%, 9/15/19		280,000		339,396
WR Berkley Corp.,
Sr. Unsecured, 4.63%, 3/15/22		1,000,000		1,105,681
WR Berkley Corp.,
Sr. Unsecured, 4.75%, 8/01/44		1,715,000		1,920,487

TOTAL INSURANCE			$	10,395,614
INTERNET – 0.2%
Alibaba Group Holding Ltd.,
Company Guaranteed, 1.63%, 11/28/17^•,W		635,000		633,781
MEDIA – 2.3%
CBS Corp.,
Company Guaranteed, 1.95%, 7/01/17		2,000,000		2,025,526
CBS Corp.,
Company Guaranteed, 4.60%, 1/15/45		1,100,000		1,165,033
DIRECTV Holdings LLC / DIRECTV Financing
Co., Inc.,
Company Guaranteed, 3.50%, 3/01/16		500,000		513,880
DIRECTV Holdings LLC / DIRECTV Financing
Co., Inc.,
Company Guaranteed, 2.40%, 3/15/17		1,430,000		1,463,320
NBCUniversal Enterprise, Inc.,
Company Guaranteed, 0.78%, 4/15/16^D,•,W		420,000		421,174
TCI Communications, Inc.,
Sr. Unsecured, 8.75%, 8/01/15		400,000		416,274
Viacom, Inc.,
Sr. Unsecured, 5.63%, 9/15/19		1,000,000		1,148,037
Viacom, Inc.,
Sr. Unsecured, 3.88%, 12/15/21		850,000		907,220
Viacom, Inc.,
Sr. Unsecured, 5.25%, 4/01/44		1,000,000		1,121,242

TOTAL MEDIA			$	9,181,706
METALS & MINING – 0.5%
Alcoa, Inc.,
Sr. Unsecured, 5.13%, 10/01/24		1,000,000		1,093,750
Barrick Gold Corp.,
Sr. Unsecured, 5.25%, 4/01/42		1,000,000		997,184

TOTAL METALS & MINING			$	2,090,934
MISCELLANEOUS MANUFACTURING – 1.2%
Eaton Corp.,
Company Guaranteed, 4.00%, 11/02/32		400,000		431,816
GE Capital Trust I,
Limited Guaranteed, 6.38%, 11/15/67^D		1,000,000		1,085,000
Illinois Tool Works, Inc.,
Sr. Unsecured, 3.50%, 3/01/24		1,235,000		1,332,528
Ingersoll-Rand Luxembourg Finance SA,
Company Guaranteed, 2.63%, 5/01/20		1,135,000		1,153,935
John Deere Capital Corp.,
Sr. Unsecured, MTN, 1.40%, 3/15/17		250,000		252,774



Description	Par Value		Value
Textron, Inc.,
Sr. Unsecured, 3.65%, 3/01/21	$	480,000	$	502,313

TOTAL MISCELLANEOUS MANUFACTURING			$	4,758,366
OIL & GAS – 2.7%
Anadarko Finance Co.,
Series B, Company Guaranteed,
7.50%, 5/01/31		1,000,000		1,381,393
Anadarko Petroleum Corp.,
Sr. Unsecured, 5.95%, 9/15/16		225,000		240,719
Canadian Natural Resources Ltd.,
Sr. Unsecured, 0.61%, 3/30/16^D		1,000,000		998,590
Exxon Mobil Corp.,
Sr. Unsecured, 1.82%, 3/15/19		925,000		949,222
Husky Energy, Inc.,
Sr. Unsecured, 4.00%, 4/15/24		480,000		480,312
Marathon Petroleum Corp.,
Sr. Unsecured, 3.63%, 9/15/24		745,000		754,296
Murphy Oil Corp.,
Sr. Unsecured, 5.13%, 12/01/42		1,000,000		857,172
Nabors Industries, Inc.,
Company Guaranteed, 2.35%, 9/15/16		800,000		792,864
Nabors Industries, Inc.,
Company Guaranteed, 4.63%, 9/15/21		500,000		464,953
ONEOK Partners LP,
Company Guaranteed, 6.20%, 9/15/43		1,000,000		1,083,645
Phillips 66,
Company Guaranteed, 2.95%, 5/01/17		1,250,000		1,293,187
Sempra Energy,
Sr. Unsecured, 6.50%, 6/01/16		500,000		537,558
Sunoco, Inc.,
Company Guaranteed, 9.63%, 4/15/15		550,000		558,883
Transocean, Inc.,
Company Guaranteed, 4.95%, 11/15/15		374,000		378,927

TOTAL OIL & GAS			$	10,771,721
PHARMACEUTICALS – 1.9%
AbbVie, Inc.,
Sr. Unsecured, 1.20%, 11/06/15		1,500,000		1,504,879
AbbVie, Inc.,
Sr. Unsecured, 4.40%, 11/06/42		460,000		504,795
Celgene Corp.,
Sr. Unsecured, 4.63%, 5/15/44		1,390,000		1,557,851
McKesson Corp.,
Sr. Unsecured, 1.29%, 3/10/17		460,000		461,551
Medco Health Solutions, Inc.,
Company Guaranteed, 4.13%, 9/15/20		940,000		1,025,696
Novartis Capital Corp.,
Company Guaranteed, 4.40%, 5/06/44		2,135,000		2,592,029

TOTAL PHARMACEUTICALS			$	7,646,801
PIPELINES – 1.5%
Energy Transfer Partners LP,
Sr. Unsecured, 3.60%, 2/01/23		870,000		875,361



Description	Par Value		Value
Enterprise Products Operating LLC, Company Guaranteed, 4.95%, 10/15/54	$	500,000	$	560,654
Enterprise Products Operating LLC,
Series B, Company Guaranteed, 7.03%, 1/15/68^D		2,000,000		2,185,000
Kinder Morgan Energy Partners LP,
Sr. Unsecured, 5.40%, 9/01/44		1,000,000		1,072,877
Plains All American Pipeline LP / PAA Finance Corp.,
Sr. Unsecured, 3.65%, 6/01/22		1,000,000		1,034,378
Plains All American Pipeline LP / PAA Finance Corp.,
Sr. Unsecured, 3.85%, 10/15/23		400,000		417,398

TOTAL PIPELINES			$	6,145,668
REAL ESTATE INVESTMENT TRUSTS – 2.6%
American Tower Corp.,
Sr. Unsecured, 3.40%, 2/15/19		1,000,000		1,033,904
American Tower Corp.,
Sr. Unsecured, 5.00%, 2/15/24		415,000		456,397
BioMed Realty LP,
Company Guaranteed, 3.85%, 4/15/16		1,000,000		1,030,194
CommonWealth REIT,
Sr. Unsecured, 6.65%, 1/15/18		500,000		554,166
Digital Realty Trust LP,
Sr. Unsecured, 3.63%, 10/01/22		1,100,000		1,121,677
HCP, Inc.,
Sr. Unsecured, 4.20%, 3/01/24		450,000		484,057
HCP, Inc.,
Sr. Unsecured, MTN, 6.30%, 9/15/16		500,000		540,722
Health Care REIT, Inc.,
Sr. Unsecured, 5.25%, 1/15/22		250,000		282,510
Mack-Cali Realty LP,
Sr. Unsecured, 2.50%, 12/15/17		2,215,000		2,230,925
Mack-Cali Realty LP,
Sr. Unsecured, 7.75%, 8/15/19		250,000		298,313
ProLogis LP,
Company Guaranteed, 2.75%, 2/15/19		450,000		464,947
ProLogis LP,
Company Guaranteed, 3.35%, 2/01/21		1,245,000		1,307,078
Ventas Realty LP,
Company Guaranteed, 5.70%, 9/30/43		380,000		485,180

TOTAL REAL ESTATE INVESTMENT TRUSTS			$	10,290,070
RETAIL – 0.0%**
CVS Caremark Corp.,
Sr. Unsecured, 5.75%, 6/01/17		151,000		167,371
SOFTWARE – 1.0%
Oracle Corp.,
Sr. Unsecured, 4.30%, 7/08/34		1,730,000		1,961,390
Xerox Corp.,
Sr. Unsecured, 2.80%, 5/15/20		1,820,000		1,837,801

TOTAL SOFTWARE			$	3,799,191



Description	Par Value		Value
TELECOMMUNICATIONS – 1.2%
Crown Castle Towers LLC,
Sr. Secured, 4.17%, 8/15/17^•,W	$	2,000,000	$	2,097,242
Verizon Communications, Inc.,
Sr. Unsecured, 1.00%, 6/17/19^D		1,000,000		1,010,624
Verizon Communications, Inc.,
Sr. Unsecured, 6.40%, 9/15/33		1,260,000		1,631,382

TOTAL TELECOMMUNICATIONS			$	4,739,248
TRANSPORTATION – 0.9%
FedEx Corp.,
Company Guaranteed, 4.90%, 1/15/34		500,000		586,513
FedEx Corp.,
Company Guaranteed, 4.10%, 2/01/45		685,000		719,158
Norfolk Southern Corp.,
Sr. Unsecured, 5.90%, 6/15/19		250,000		293,170
Ryder System, Inc.,
Sr. Unsecured, MTN, 3.15%, 3/02/15		300,000		300,610
Ryder System, Inc.,
Sr. Unsecured, MTN, 2.50%, 3/01/17		500,000		511,839
Ryder System, Inc.,
Sr. Unsecured, MTN, 2.50%, 3/01/18		1,155,000		1,190,476

TOTAL TRANSPORTATION			$	3,601,766
TRUCKING & LEASING – 0.6%
GATX Corp.,
Sr. Unsecured, 3.50%, 7/15/16		1,500,000		1,552,884
GATX Corp.,
Sr. Unsecured, 5.20%, 3/15/44		640,000		759,119

TOTAL TRUCKING & LEASING			$	2,312,003

TOTAL CORPORATE BONDS
(COST $149,662,201)			$	157,923,649
ENHANCED EQUIPMENT TRUST CERTIFICATES – 0.4%
AIRLINES – 0.4%
American Airlines 2011-1,
Series A, Pass-Through Certificates,
5.25%, 1/31/21		383,523		415,164
Continental Airlines 2009-2,
Series A, Pass-Through Certificates,
7.25%, 11/10/19		193,663		223,802
Delta Air Lines 2007-1,
Series A, Pass-Through Certificates,
6.82%, 8/10/22		314,521		369,168
Delta Air Lines 2009-1,
Series A, Pass-Through Certificates,
7.75%, 12/17/19		282,255		328,034
United Air Lines 2009-2A,
Pass-Through Certificates, 9.75%, 1/15/17		237,439		263,112

TOTAL AIRLINES			$	1,599,280

TOTAL ENHANCED EQUIPMENT TRUST CERTIFICATES
(COST $1,411,401)			$	1,599,280



Description	Par Value		Value
GOVERNMENT AGENCIES – 1.5%
FEDERAL HOME LOAN MORTGAGE CORPORATION
(FHLMC) – 0.9%
1.25%, 10/02/19^#	$	1,300,000	$	1,298,675
1.75%, 5/30/19		2,000,000		2,049,444
2.38%, 1/13/22^#		125,000		130,871

TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	3,478,990
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.6%
4.88%, 12/15/16^#		700,000		757,453
6.25%, 5/15/29		750,000		1,110,144
7.25%, 5/15/30		400,000		655,276

TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	2,522,873

TOTAL GOVERNMENT AGENCIES
(COST $5,510,625)			$	6,001,863
MORTGAGE-BACKED SECURITIES – 24.0%
FEDERAL HOME LOAN MORTGAGE CORPORATION
(FHLMC) – 12.7%
Pool A13990, 4.50%, 10/01/33		65,391		71,397
Pool A93415, 4.00%, 8/01/40		3,104,042		3,340,902
Pool A93505, 4.50%, 8/01/40		2,748,117		2,984,193
Pool A93996, 4.50%, 9/01/40		2,123,831		2,306,278
Pool A97047, 4.50%, 2/01/41		2,005,385		2,178,283
Pool B17616, 5.50%, 1/01/20		85,414		87,053
Pool C00478, 8.50%, 9/01/26		23,499		27,206
Pool C01272, 6.00%, 12/01/31		50,733		57,796
Pool C03750, 3.50%, 2/01/42		568,957		601,190
Pool C04305, 3.00%, 11/01/42		3,901,968		4,039,079
Pool C09020, 3.50%, 11/01/42		4,220,259		4,456,710
Pool C09044, 3.50%, 7/01/43		2,106,469		2,223,831
Pool E09010, 2.50%, 9/01/27		1,654,599		1,718,212
Pool G01625, 5.00%, 11/01/33		71,850		79,679
Pool G02296, 5.00%, 6/01/36		415,344		459,040
Pool G02390, 6.00%, 9/01/36		14,736		16,764
Pool G03703, 5.50%, 12/01/37		45,548		51,112
Pool G04776, 5.50%, 7/01/38		161,371		180,479
Pool G05317, 5.00%, 4/01/37		1,635,522		1,807,588
Pool G05500, 5.00%, 5/01/39		1,325,390		1,467,728
Pool G06222, 4.00%, 1/01/41		3,273,714		3,518,406
Pool G06956, 4.50%, 8/01/41		2,008,056		2,181,185
Pool G07266, 4.00%, 12/01/42		4,378,797		4,708,051
Pool G07624, 4.00%, 12/01/43		1,803,852		1,947,944
Pool G07680, 4.00%, 4/01/44		2,883,850		3,113,621
Pool G08097, 6.50%, 11/01/35		26,510		30,218
Pool G08534, 3.00%, 6/01/43		828,911		858,062
Pool G08595, 4.00%, 7/01/44		2,189,049		2,352,282
Pool G12709, 5.00%, 7/01/22		99,046		105,045



Description	Par Value		Value
Pool G18497, 3.00%, 1/01/29	$	214,960	$	226,613
Pool Q08305, 3.50%, 5/01/42		1,539,758		1,634,688
Pool Q19476, 3.50%, 6/01/43		1,698,051		1,792,658

TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	50,623,293
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 10.5%
Pool 254007, 6.50%, 10/01/31		26,793		30,770
Pool 254759, 4.50%, 6/01/18		85,126		89,658
Pool 254833, 4.50%, 8/01/18		15,110		15,915
Pool 256515, 6.50%, 12/01/36		35,471		40,514
Pool 256639, 5.00%, 2/01/27		26,867		29,837
Pool 256752, 6.00%, 6/01/27		43,978		49,982
Pool 329794, 7.00%, 2/01/26		40,158		46,341
Pool 402255, 6.50%, 12/01/27		1,789		1,853
Pool 535939, 6.00%, 5/01/16		12,519		12,814
Pool 629603, 5.50%, 2/01/17		6,105		6,325
Pool 638023, 6.50%, 4/01/32		61,196		68,045
Pool 642345, 6.50%, 5/01/32		73,082		84,248
Pool 651292, 6.50%, 7/01/32		116,410		125,665
Pool 686398, 6.00%, 3/01/33		223,706		253,133
Pool 695818, 5.00%, 4/01/18		86,530		91,256
Pool 745412, 5.50%, 12/01/35		49,510		55,649
Pool 838891, 6.00%, 7/01/35		33,510		35,059
Pool 888789, 5.00%, 7/01/36		550,473		611,334
Pool 890551, 4.50%, 8/01/41		186,354		202,678
Pool 975207, 5.00%, 3/01/23		117,769		125,313
Pool AB1796, 3.50%, 11/01/40		1,513,099		1,606,759
Pool AB7936, 3.00%, 2/01/43		2,416,823		2,504,068
Pool AB8997, 2.50%, 4/01/28		346,531		359,224
Pool AE0217, 4.50%, 8/01/40		333,036		362,417
Pool AE2520, 3.00%, 1/01/26		961,858		1,017,171
Pool AH5583, 4.50%, 2/01/41		969,428		1,054,346
Pool AL0658, 4.50%, 8/01/41		1,082,926		1,177,786
Pool AL1319, 4.50%, 10/01/41		2,249,590		2,455,784
Pool AL2034, 4.50%, 4/01/42		450,078		489,503
Pool AL5537, 4.50%, 4/01/44		900,176		979,028
Pool AS0302, 3.00%, 8/01/43		6,587,633		6,825,439
Pool AS3155, 4.00%, 8/01/44		257,179		276,453
Pool AT7899, 3.50%, 7/01/43		5,080,692		5,382,748
Pool AU4279, 3.00%, 9/01/43		1,313,118		1,360,520
Pool AX0833, 3.50%, 9/01/44		2,252,829		2,389,106
Pool AX5302, 4.00%, 1/01/42		2,947,292		3,165,730
Pool MA1458, 3.00%, 6/01/43		836,709		866,914
Pool TBA, 5.00%, 3/15/43		6,700,000		7,400,351

TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	41,649,736
FHLMC – 0.7%
Freddie Mac Gold Pool, 3.50%, 4/01/42		273,196		288,674



Description	Par Value		Value
Freddie Mac Gold Pool, 3.00%, 1/01/43	$	143,211	$	148,248
Freddie Mac Gold Pool, 3.50%, 8/01/43		1,806,338		1,908,672
Freddie Mac Gold Pool, 4.00%, 12/01/43		447,776		481,774

TOTAL FHLMC			$	2,827,368
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION
(GNMA) – 0.1%
Pool 2077, 7.00%, 9/20/25		13,016		14,828
Pool 354677, 7.50%, 10/15/23		29,005		33,460
Pool 354713, 7.50%, 12/15/23		20,179		23,278
Pool 354765, 7.00%, 2/15/24		38,936		45,007
Pool 354827, 7.00%, 5/15/24		40,152		46,412
Pool 360869, 7.50%, 5/15/24		26,397		27,176
Pool 361843, 7.50%, 10/15/24		14,961		15,362
Pool 373335, 7.50%, 5/15/22		10,295		10,594
Pool 385623, 7.00%, 5/15/24		47,445		53,983
Pool 503405, 6.50%, 4/15/29		53,927		61,689

TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	331,789

TOTAL MORTGAGE-BACKED SECURITIES
(COST $93,662,083)			$	95,432,186
U.S. TREASURY – 27.9%
U.S. TREASURY BONDS – 6.5%
2.75%, 8/15/42		2,815,000		3,110,902
3.00%, 5/15/42		500,000		579,515
3.00%, 11/15/44^#		3,000,000		3,497,771
3.13%, 8/15/44		7,887,000		9,402,693
3.63%, 2/15/44		2,106,000		2,733,198
3.63%, 8/15/43		881,000		1,142,270
3.75%, 11/15/43		365,000		483,570
5.25%, 2/15/29		500,000		702,688
5.38%, 2/15/31		600,000		878,286
6.25%, 5/15/30		500,000		781,749
6.38%, 8/15/27		450,000		677,973
7.50%, 11/15/16		300,000		337,576
8.88%, 2/15/19		1,130,000		1,484,492

TOTAL U.S. TREASURY BONDS			$	25,812,683
U.S. TREASURY NOTES – 21.4%
0.25%, 5/15/16		195,000		194,982
0.50%, 7/31/16^#		1,000,000		1,002,887
0.63%, 8/31/17		1,810,000		1,808,476
0.63%, 9/30/17		750,000		748,785
0.75%, 12/31/17		500,000		499,976
0.88%, 8/15/17		6,100,000		6,135,842
1.00%, 5/31/18		3,100,000		3,112,006
1.25%, 10/31/18		2,085,000		2,106,138
1.25%, 1/31/19		250,000		252,056



Description	Par Value		Value
1.38%, 6/30/18	$	6,000,000	$	6,097,323
1.38%, 9/30/18		1,240,000		1,258,768
1.38%, 2/28/19		2,500,000		2,532,672
1.50%, 12/31/18		2,486,000		2,532,973
1.50%, 1/31/19		9,400,000		9,574,240
1.50%, 5/31/19		535,000		544,419
1.50%, 11/30/19		1,145,000		1,163,384
1.63%, 3/31/19		820,000		839,303
1.63%, 8/15/22		6,000,000		6,051,695
1.63%, 11/15/22		1,928,000		1,941,609
1.75%, 9/30/19^#		5,700,000		5,858,295
1.75%, 5/15/22		380,000		386,953
1.88%, 6/30/20		13,100,000		13,535,678
2.00%, 11/15/21		1,000,000		1,035,633
2.13%, 8/15/21		3,750,000		3,911,730
2.25%, 7/31/18		500,000		522,879
2.25%, 7/31/21		6,600,000		6,937,236
2.38%, 8/15/24		1,400,000		1,489,569
2.50%, 8/15/23		200,000		214,635
2.63%, 11/15/20		500,000		535,853
3.13%, 5/15/19		750,000		814,066
3.63%, 2/15/20		750,000		839,863
4.00%, 8/15/18		500,000		554,288

TOTAL U.S. TREASURY NOTES			$	85,034,212

TOTAL U.S. TREASURY
(COST $104,430,457)			$	110,846,895


	Number of Shares
MONEY MARKET FUND – 3.1%
Dreyfus Cash Management Fund, Institutional Shares, 0.03%^{^}		12,531,095	$	12,531,095

TOTAL MONEY MARKET FUND
(COST $12,531,095)			$	12,531,095

TOTAL INVESTMENTS IN SECURITIES – 104.7%
(COST $399,144,715)			$	416,241,163


	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 2.6%
REPURCHASE AGREEMENTS – 2.6%
Daiwa Capital Markets America, 0.10%, dated 01/30/15, due 02/02/15, repurchase price $2,463,555, collateralized by U.S. Government Securities 0.00% to 7.50%,maturing 06/01/17 to 03/01/48; total market value of $2,512,804.	$	2,463,534	$	2,463,534



Description	Par Value		Value
Mizuho Securities USA, Inc., 0.08%, dated 01/30/15, due 02/02/15, repurchase price $2,463,550, collateralized by U.S. Government & Treasury Securities 0.00% to 4.50%, maturing 02/12/15 to 01/20/45; total market value of $2,514,216.	$	2,463,534	$	2,463,534
Nomura Securities International, Inc., 0.08%, dated 01/30/15, due 02/02/15, repurchase price $2,463,550, collateralized by U.S. Government Securities 0.00% to 8.88%, maturing 02/09/15 to 01/15/45; total market value of $2,512,805.		2,463,534		2,463,534
RBC Capital Markets LLC, 0.08%, dated 01/30/15, due 02/02/15, repurchase price $518,622, collateralized by U.S. Government Securities 1.31% to 5.50%, maturing 11/01/24 to 05/01/50; total market value of $528,991.		518,619		518,619
Royal Bank of Scotland PLC, 0.08%, dated 01/30/15, due 02/02/15, repurchase price $2,463,550, collateralized by U.S. Government & Treasury Securities 0.25% to 6.13%, maturing 09/30/15 to 07/15/56; total market value of $2,512,808.		2,463,534		2,463,534

TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN
(COST $10,372,755)			$	10,372,755

TOTAL INVESTMENTS – 107.3%
(COST $409,517,470)			$	426,613,918
COLLATERAL FOR SECURITIES ON LOAN – (2.6%)				(10,372,755	)
OTHER LIABILITIES LESS ASSETS – (4.7%)				(18,716,174	)

TOTAL NET ASSETS – 100.0%			$	397,524,989

Cost of investments for Federal income tax purposes is $409,517,470. The net unrealized appreciation/(depreciation) of investments was $17,096,448. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $17,778,102 and net unrealized depreciation from investments for those securities having an excess of cost over value of $681,654.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

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

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of January 31, 2015 in valuing the Fund’s assets carried at fair value:



Description	Par Value		Value
ASSET-BACKED SECURITY – 0.2%
WHOLE LOAN – 0.2%
SLM Private Education Loan Trust,
Series 2011-A, Class A1,
1.17%, 10/15/24^D,•,W	$	239,931	$	241,063

TOTAL ASSET-BACKED SECURITY
(COST $239,931)			$	241,063
COLLATERALIZED MORTGAGE OBLIGATION – 0.4%
WHOLE LOAN – 0.4%
IndyMac INDA Mortgage Loan Trust,
Series 2005-AR1, Class 2A1,
2.75%, 11/25/35^D		654,008		591,688

TOTAL COLLATERALIZED MORTGAGE OBLIGATION
(COST $646,542)			$	591,688
CORPORATE BONDS – 50.9%
AEROSPACE & DEFENSE – 1.4%
Boeing Co.,
Sr. Unsecured, 2.85%, 10/30/24		185,000		192,337
L-3 Communications Corp.,
Company Guaranteed, 3.95%, 11/15/16		250,000		260,857
L-3 Communications Corp.,
Company Guaranteed, 4.75%, 7/15/20		1,250,000		1,367,039

TOTAL AEROSPACE & DEFENSE			$	1,820,233
AUTO MANUFACTURERS – 1.3%
Daimler Finance North America LLC,
Company Guaranteed, 1.38%, 8/01/17^•,W		500,000		501,646
Ford Motor Credit Co. LLC,
Sr. Unsecured, 2.15%, 1/09/18		750,000		758,972
General Motors Co.,
Sr. Unsecured, 3.50%, 10/02/18		220,000		227,480
Harley-Davidson Financial Services, Inc.,
Company Guaranteed, 2.40%, 9/15/19^•,W		250,000		256,162

TOTAL AUTO MANUFACTURERS			$	1,744,260
AUTO PARTS & EQUIPMENT – 0.2%
Johnson Controls, Inc.,
Sr. Unsecured, 3.63%, 7/02/24		300,000		314,996
AUTOMOTIVE – 0.8%
Ford Motor Credit Co. LLC,
Sr. Unsecured, 6.63%, 8/15/17		250,000		281,328
Toyota Motor Credit Corp.,
Sr. Unsecured, MTN, 2.05%, 1/12/17		700,000		717,007

TOTAL AUTOMOTIVE			$	998,335



Description	Par Value		Value
BANKS – 6.2%
Bank of America Corp.,
Sr. Unsecured, 1.29%, 1/15/19^D	$	500,000	$	503,897
Bank of America Corp.,
Sr. Unsecured, MTN, 4.13%, 1/22/24		250,000		271,129
Capital One Financial Corp.,
Sr. Unsecured, 2.45%, 4/24/19		850,000		861,943
Fifth Third Bancorp,
Subordinated, 5.45%, 1/15/17		225,000		242,515
Fifth Third Bancorp,
Subordinated, 4.30%, 1/16/24		370,000		403,083
JPMorgan Chase & Co.,
Sr. Unsecured, MTN, 1.35%, 2/15/17		750,000		752,491
KeyBank NA/Cleveland OH,
Sr. Unsecured, BKNT, 2.50%, 12/15/19^#		500,000		513,392
Morgan Stanley,
Sr. Unsecured, 1.11%, 1/24/19^D		550,000		549,123
Morgan Stanley,
Sr. Unsecured, 2.50%, 1/24/19		325,000		331,298
PNC Financial Services Group, Inc.,
Subordinated, 3.90%, 4/29/24		750,000		798,104
Royal Bank of Canada,
Sr. Unsecured, GMTN, 1.40%, 10/13/17		275,000		276,161
SunTrust Banks, Inc.,
Sr. Unsecured, 2.50%, 5/01/19		900,000		921,705
US Bancorp/MN,
Sr. Unsecured, MTN, 1.65%, 5/15/17		500,000		507,604
US Bank NA/Cincinnati OH,
Sr. Unsecured, BKNT, 1.10%, 1/30/17		750,000		754,298
Wells Fargo & Co.,
Sr. Unsecured, MTN, 1.40%, 9/08/17		550,000		552,534

TOTAL BANKS			$	8,239,277
BIOTECHNOLOGY – 0.9%
Amgen, Inc.,
Sr. Unsecured, 0.83%, 5/22/19^D		500,000		500,522
Celgene Corp.,
Sr. Unsecured, 2.30%, 8/15/18		440,000		450,310
Celgene Corp.,
Sr. Unsecured, 4.00%, 8/15/23		250,000		272,012

TOTAL BIOTECHNOLOGY			$	1,222,844
CAPITAL MARKETS – 1.7%
BlackRock, Inc.,
Series 2, Sr. Unsecured, 5.00%, 12/10/19		650,000		750,423



Description	Par Value		Value
Goldman Sachs Group, Inc.,
Sr. Unsecured, 6.25%, 9/01/17	$	655,000	$	730,927
Goldman Sachs Group, Inc.,
Sr. Unsecured, FRN, 1.45%, 4/30/18^D		750,000		753,593

TOTAL CAPITAL MARKETS			$	2,234,943
CHEMICALS – 0.7%
Ecolab, Inc.,
Sr. Unsecured, 3.00%, 12/08/16		450,000		466,329
Monsanto Co.,
Sr. Unsecured, 2.75%, 7/15/21		500,000		516,743

TOTAL CHEMICALS			$	983,072
COMMERCIAL BANKS – 3.0%
BB&T Corp.,
Sr. Unsecured, MTN, FRN, 1.09%, 6/15/18^D		500,000		505,356
SunTrust Banks, Inc.,
Sr. Unsecured, 3.60%, 4/15/16		1,000,000		1,029,473
Wells Fargo & Co.,
Sr. Unsecured, MTN, 3.50%, 3/08/22		750,000		805,753
Westpac Banking Corp.,
Sr. Unsecured, 2.00%, 8/14/17^#		825,000		841,594
Westpac Banking Corp.,
Sr. Unsecured, 4.88%, 11/19/19		750,000		851,705

TOTAL COMMERCIAL BANKS			$	4,033,881
COMMERCIAL FINANCE – 0.6%
General Electric Capital Corp.,
Sr. Unsecured, MTN, 2.30%, 4/27/17		750,000		771,467
COMPUTERS – 1.0%
Apple, Inc.,
Sr. Unsecured, 1.05%, 5/05/17^#		825,000		832,109
Hewlett-Packard Co.,
Sr. Unsecured, 2.20%, 12/01/15		500,000		505,520

TOTAL COMPUTERS			$	1,337,629
CONSUMER FINANCE – 1.5%
American Express Co.,
Sr. Unsecured, 6.15%, 8/28/17		750,000		839,015
American Express Co.,
Sr. Unsecured, FRN, 0.82%, 5/22/18^D		1,080,000		1,082,290

TOTAL CONSUMER FINANCE			$	1,921,305
DIVERSIFIED FINANCIAL SERVICES – 3.3%
Bank of America Corp.,
Sr. Unsecured, 2.00%, 1/11/18		250,000		251,677
BlackRock, Inc.,
Sr. Unsecured, 3.50%, 3/18/24		750,000		801,601
Citigroup, Inc.,
Sr. Unsecured, 1.70%, 7/25/16		250,000		252,468
Citigroup, Inc.,
Sr. Unsecured, 5.85%, 8/02/16		650,000		695,398
Ford Motor Credit Co. LLC,
Sr. Unsecured, FRN, 1.06%, 3/12/19^D		1,000,000		992,086



Description	Par Value		Value
General Motors Financial Co., Inc.,
Company Guaranteed, 2.75%, 5/15/16	$	300,000	$	303,938
General Motors Financial Co., Inc.,
Company Guaranteed, 4.75%, 8/15/17		250,000		265,938
JPMorgan Chase & Co.,
Sr. Unsecured, 6.00%, 1/15/18		250,000		281,045
JPMorgan Chase & Co.,
Subordinated Notes, 3.38%, 5/01/23		500,000		504,439

TOTAL DIVERSIFIED FINANCIAL SERVICES			$	4,348,590
ELECTRIC – 3.3%
CMS Energy Corp.,
Sr. Unsecured, 6.55%, 7/17/17		625,000		700,772
Duke Energy Indiana, Inc.,
1st Mortgage, 3.75%, 7/15/20		800,000		870,176
Exelon Generation Co. LLC,
Sr. Unsecured, 6.20%, 10/01/17		200,000		223,851
Exelon Generation Co. LLC,
Sr. Unsecured, 4.25%, 6/15/22		750,000		802,249
FirstEnergy Transmission LLC,
Sr. Unsecured, 4.35%, 1/15/25^•,D		750,000		801,144
Southern California Edison Co.,
B, 1st Mortgage, 2.40%, 2/01/22		900,000		912,651

TOTAL ELECTRIC			$	4,310,843
ELECTRONICS – 0.8%
Thermo Fisher Scientific, Inc.,
Sr. Unsecured, 2.25%, 8/15/16		1,000,000		1,018,034
FOOD – 0.2%
Kroger Co.,
Sr. Unsecured, 2.95%, 11/01/21		250,000		256,434
FOOD PRODUCTS – 0.6%
Kroger Co.,
Sr. Unsecured, 1.20%, 10/17/16		500,000		501,860
WM Wrigley Jr. Co.,
Sr. Unsecured, 1.40%, 10/21/16^•,D		250,000		251,231

TOTAL FOOD PRODUCTS			$	753,091
HEALTH CARE PROVIDERS & SERVICES – 0.4%
WellPoint, Inc.,
Sr. Unsecured, 2.38%, 2/15/17		500,000		512,065
HOME FURNISHINGS – 1.0%
Whirlpool Corp.,
Sr. Unsecured, 6.50%, 6/15/16		1,000,000		1,074,888
Whirlpool Corp.,
Sr. Unsecured, 2.40%, 3/01/19		220,000		223,598

TOTAL HOME FURNISHINGS			$	1,298,486
INSURANCE – 3.9%
American International Group, Inc.,
Sr. Unsecured, MTN, 5.85%, 1/16/18		685,000		772,752
Aon PLC,
Company Guaranteed, 4.00%, 11/27/23		250,000		272,088
Berkshire Hathaway, Inc.,
Sr. Unsecured, 2.10%, 8/14/19		250,000		256,984



Description	Par Value		Value
Hartford Financial Services Group, Inc.,
Sr. Unsecured, 4.00%, 10/15/17	$	750,000	$	803,307
Hartford Financial Services Group, Inc.,
Sr. Unsecured, 5.13%, 4/15/22		360,000		418,767
MetLife, Inc.,
Sr. Unsecured, 3.60%, 4/10/24		1,015,000		1,087,051
Prudential Financial, Inc.,
Sr. Unsecured, MTN, 6.00%, 12/01/17		650,000		730,999
WR Berkley Corp.,
Sr. Unsecured, 7.38%, 9/15/19		710,000		860,611

TOTAL INSURANCE			$	5,202,559
MACHINERY – 0.2%
John Deere Capital Corp.,
Sr. Unsecured, MTN, 1.35%, 1/16/18		275,000		277,017
MEDIA – 2.9%
CBS Corp.,
Company Guaranteed, 3.38%, 3/01/22		350,000		362,583
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc.,
Company Guaranteed, 2.40%, 3/15/17		610,000		624,213
Time Warner Cable, Inc.,
Company Guaranteed, 5.85%, 5/01/17		750,000		821,478
Time Warner, Inc.,
Company Guaranteed, 5.88%, 11/15/16		600,000		651,383
Viacom, Inc.,
Sr. Unsecured, 3.50%, 4/01/17		750,000		784,686
Viacom, Inc.,
Sr. Unsecured, 3.25%, 3/15/23		650,000		651,328

TOTAL MEDIA			$	3,895,671
METALS & MINING – 0.4%
Alcoa, Inc.,
Sr. Unsecured, 5.13%, 10/01/24		500,000		546,875
MISCELLANEOUS MANUFACTURING – 1.5%
General Electric Co.,
Sr. Unsecured, 5.25%, 12/06/17		660,000		736,852
Ingersoll-Rand Luxembourg Finance SA,
Company Guaranteed, 2.63%, 5/01/20		250,000		254,171
Textron, Inc.,
Sr. Unsecured, 3.65%, 3/01/21		425,000		444,756
Textron, Inc.,
Sr. Unsecured, 4.30%, 3/01/24		500,000		544,210

TOTAL MISCELLANEOUS MANUFACTURING			$	1,979,989
OFFICE/BUSINESS EQUIPMENT – 0.5%
Xerox Corp.,
Sr. Unsecured, 2.80%, 5/15/20		600,000		605,868
OIL & GAS – 4.3%
Anadarko Petroleum Corp.,
Sr. Unsecured, 6.38%, 9/15/17		695,000		773,192
BP Capital Markets PLC,
Company Guaranteed, 1.85%, 5/05/17		525,000		531,810
Devon Energy Corp.,
Sr. Unsecured, 2.25%, 12/15/18		370,000		374,432



Description	Par Value		Value
Husky Energy, Inc.,
Sr. Unsecured, 4.00%, 4/15/24	$	275,000	$	275,178
Marathon Oil Corp.,
Sr. Unsecured, 6.00%, 10/01/17		1,000,000		1,103,874
Marathon Petroleum Corp.,
Sr. Unsecured, 3.63%, 9/15/24		125,000		126,560
Murphy Oil Corp.,
Sr. Unsecured, 2.50%, 12/01/17		750,000		739,521
Phillips 66,
Company Guaranteed, 2.95%, 5/01/17		500,000		517,275
Sempra Energy,
Sr. Unsecured, 2.30%, 4/01/17^#		800,000		820,261
Total Capital International SA,
Company Guaranteed, 0.58%, 6/19/19^D		450,000		447,566

TOTAL OIL & GAS			$	5,709,669
PHARMACEUTICALS – 1.2%
AbbVie, Inc.,
Company Guaranteed, 1.75%, 11/06/17		750,000		755,869
Medco Health Solutions, Inc.,
Company Guaranteed, 4.13%, 9/15/20		250,000		272,791
Zoetis, Inc.,
Sr. Unsecured, 3.25%, 2/01/23		500,000		507,724

TOTAL PHARMACEUTICALS			$	1,536,384
PIPELINES – 0.7%
Energy Transfer Partners LP,
Sr. Unsecured, 6.70%, 7/01/18		300,000		341,054
Plains All American Pipeline LP / PAA
Finance Corp.,
Sr. Unsecured, 3.85%, 10/15/23		500,000		521,747

TOTAL PIPELINES			$	862,801
REAL ESTATE INVESTMENT TRUSTS – 2.4%
American Tower Corp.,
Sr. Unsecured, 3.45%, 9/15/21		250,000		256,212
American Tower Corp.,
Sr. Unsecured, 5.00%, 2/15/24		505,000		555,375
HCP, Inc.,
Sr. Unsecured, 4.20%, 3/01/24		540,000		580,869
Mack-Cali Realty LP,
Sr. Unsecured, 2.50%, 12/15/17		250,000		251,797
ProLogis LP,
Company Guaranteed, 3.35%, 2/01/21		500,000		524,931
Simon Property Group LP,
Sr. Unsecured, 2.15%, 9/15/17		500,000		512,459
Ventas Realty LP / Ventas Capital Corp., Company Guaranteed, 2.70%, 4/01/20		550,000		559,556

TOTAL REAL ESTATE INVESTMENT TRUSTS			$	3,241,199
RETAIL – 0.9%
CVS Caremark Corp.,
Sr. Unsecured, 2.25%, 12/05/18		500,000		513,423



Description	Par Value		Value
Walgreen Co.,
Sr. Unsecured, 1.80%, 9/15/17	$	500,000	$	505,900
Walgreens Boots Alliance, Inc.,
Sr. Unsecured, 3.30%, 11/18/21		225,000		234,025

TOTAL RETAIL			$	1,253,348
TELECOMMUNICATIONS – 1.3%
Cisco Systems, Inc.,
Sr. Unsecured, 1.10%, 3/03/17		250,000		252,041
Verizon Communications, Inc.,
Sr. Unsecured, 1.35%, 6/09/17		300,000		299,937
Verizon Communications, Inc.,
Sr. Unsecured, 4.50%, 9/15/20		600,000		663,133
Verizon Communications, Inc.,
FRN, Sr. Unsecured, 1.00%, 6/17/19^D		525,000		530,578

TOTAL TELECOMMUNICATIONS			$	1,745,689
TRANSPORTATION – 0.8%
CSX Corp.,
Sr. Unsecured, 4.25%, 6/01/21		500,000		557,383
Ryder System, Inc.,
Sr. Unsecured, MTN, 2.50%, 3/01/18		500,000		515,358

TOTAL TRANSPORTATION			$	1,072,741
TRUCKING & LEASING – 1.0%
GATX Corp.,
Sr. Unsecured, 3.50%, 7/15/16		615,000		636,682
GATX Corp.,
Sr. Unsecured, 2.38%, 7/30/18		625,000		636,322

TOTAL TRUCKING & LEASING			$	1,273,004

TOTAL CORPORATE BONDS (COST $65,487,916)			$	67,322,599
GOVERNMENT AGENCIES – 14.9%
FEDERAL HOME LOAN BANK (FHLB) – 3.1%
Series 1, 4.88%, 5/17/17		1,865,000		2,043,567
Series 917, 1.00%, 6/21/17		2,000,000		2,016,635

TOTAL FEDERAL HOME LOAN BANK (FHLB)			$	4,060,202
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 4.8%
1.25%, 5/12/17^#		2,050,000		2,077,382
1.75%, 5/30/19		1,805,000		1,849,624
2.38%, 1/13/22^#		1,850,000		1,936,894
3.75%, 3/27/19		500,000		553,155

TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	6,417,055
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 7.0%
5.00%, 5/11/17		3,000,000		3,293,471
0.88%, 5/21/18^#		2,750,000		2,742,206
1.00%, 9/20/17		1,750,000		1,764,474



Description	Par Value		Value
1.75%, 9/12/19^#	$	1,475,000	$	1,506,956

TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	9,307,107

TOTAL GOVERNMENT AGENCIES (COST $19,277,447)			$	19,784,364
MORTGAGE-BACKED SECURITIES – 2.2%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 0.5%
Pool A18401, 6.00%, 2/01/34		78,111		89,280
Pool B19228, 4.50%, 4/01/20		31,339		33,116
Pool C90293, 7.50%, 9/01/19		111,752		125,391
Pool C90504, 6.50%, 12/01/21		36,150		41,137
Pool E83022, 6.00%, 4/01/16		6,040		6,154
Pool E92817, 5.00%, 12/01/17		81,071		84,953
Pool G01625, 5.00%, 11/01/33		71,850		79,679
Pool G02390, 6.00%, 9/01/36		25,788		29,338
Pool G08097, 6.50%, 11/01/35		42,900		48,900
Pool G08193, 6.00%, 4/01/37		72,107		82,033
Pool G11311, 5.00%, 10/01/17		45,553		47,595

TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	667,576
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 1.4%
Pool 254240, 7.00%, 3/01/32		77,762		89,104
Pool 254833, 4.50%, 8/01/18		20,147		21,220
Pool 256639, 5.00%, 2/01/27		53,735		59,675
Pool 256752, 6.00%, 6/01/27		54,972		62,477
Pool 257007, 6.00%, 12/01/27		100,692		114,438
Pool 526062, 7.50%, 12/01/29		4,655		4,795
Pool 612514, 2.22%, 5/01/33^D		53,132		55,901
Pool 619054, 5.50%, 2/01/17		28,967		30,057
Pool 629603, 5.50%, 2/01/17		10,176		10,541
Pool 688996, 8.00%, 11/01/24		10,945		11,379
Pool 745412, 5.50%, 12/01/35		49,906		56,094
Pool 839291, 5.00%, 9/01/20		5,267		5,586
Pool AE2520, 3.00%, 1/01/26		1,220,116		1,290,280

TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	1,811,547
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.3%
Pool 2616, 7.00%, 7/20/28		62,193		71,107
Pool 2701, 6.50%, 1/20/29		117,934		135,353
Pool 426727, 7.00%, 2/15/29		11,385		12,187
Pool 780825, 6.50%, 7/15/28		105,313		120,472
Pool 781231, 7.00%, 12/15/30		55,286		63,664

TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	402,783

TOTAL MORTGAGE-BACKED SECURITIES (COST $2,656,742)			$	2,881,906



Description	Par Value		Value
U.S. TREASURY – 30.4%
U.S. TREASURY NOTES – 30.4%
0.50%, 9/30/16	$	500,000	$	501,135
0.63%, 12/15/16		500,000		501,922
0.88%, 11/15/17^#		640,000		642,866
0.88%, 1/31/18		750,000		752,310
0.88%, 1/31/17^#		1,000,000		1,008,200
1.00%, 8/31/16		1,000,000		1,010,391
1.00%, 5/31/18		500,000		501,936
1.00%, 9/30/19		1,000,000		993,394
1.25%, 11/30/18^#		1,540,000		1,554,655
1.25%, 1/31/19		1,450,000		1,461,923
1.25%, 2/29/20		1,500,000		1,504,403
1.38%, 6/30/18		1,230,000		1,249,951
1.38%, 5/31/20		1,250,000		1,258,560
1.50%, 8/31/18		1,000,000		1,019,820
1.50%, 11/30/19		450,000		457,225
1.63%, 8/15/22		1,000,000		1,008,616
1.75%, 5/15/23		2,000,000		2,026,640
2.00%, 11/15/21		750,000		776,725
2.00%, 2/15/22		1,500,000		1,554,161
2.00%, 2/15/23		1,500,000		1,551,147
2.13%, 1/31/21		1,500,000		1,565,377
2.13%, 6/30/21		775,000		808,422
2.13%, 9/30/21		500,000		521,485
2.13%, 8/15/21		1,000,000		1,043,128
2.38%, 8/15/24		1,500,000		1,595,966
2.50%, 8/15/23		750,000		804,882
2.63%, 4/30/16		500,000		514,563
2.63%, 8/15/20		1,500,000		1,607,083
2.63%, 11/15/20		1,000,000		1,071,707
2.75%, 2/15/19		1,500,000		1,602,341
2.75%, 11/15/23		1,450,000		1,586,929
3.13%, 5/15/21		550,000		606,892
3.63%, 2/15/20		500,000		559,909
4.00%, 8/15/18		1,000,000		1,108,576
4.25%, 11/15/17		1,500,000		1,645,476
4.75%, 8/15/17		2,000,000		2,207,075

TOTAL U.S. TREASURY NOTES			$	40,185,791

TOTAL U.S. TREASURY
(COST $38,950,648)			$	40,185,791

	Number of
	Shares
MONEY MARKET FUND – 0.5%
Dreyfus Cash Management Fund,
Institutional Shares, 0.03%^{^}		692,919	$	692,919


	Number of
Description	Shares		Value
TOTAL MONEY MARKET FUND
(COST $692,919)			$	692,919

TOTAL INVESTMENTS IN SECURITIES – 99.5% (COST $127,952,145)			$	131,700,330


	Par Value		Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 9.6%
REPURCHASE AGREEMENTS – 9.6%
Daiwa Capital Markets America, 0.10%, dated 01/30/15, due 02/02/15, repurchase price $3,032,755, collateralized by U.S. Government Securities 0.00% to 7.50%, maturing 06/01/17 to 03/01/48; total market value of $3,093,385.	$	3,032,730	$	3,032,730
Mizuho Securities USA, Inc., 0.08%, dated 01/30/15, due 02/02/15, repurchase price $3,032,750, collateralized by U.S. Government & Treasury Securities 0.00% to 4.50%, maturing 02/12/15 to 01/20/45; total market value of $3,095,122.		3,032,730		3,032,730
Nomura Securities International, Inc., 0.08%, dated 01/30/15, due 02/02/15, repurchase price $3,032,750, collateralized by U.S. Government Securities 0.00% to 8.88%, maturing 02/09/15 to 01/15/45; total market value of $3,093,385.		3,032,730		3,032,730
RBC Capital Markets LLC, 0.08%, dated 01/30/15, due 02/02/15, repurchase price $638,450, collateralized by U.S. Government Securities 1.31% to 5.50%, maturing 11/01/24 to 05/01/50; total market value of $651,215.		638,446		638,446
Royal Bank of Scotland PLC, 0.08%, dated 01/30/15, due 02/02/15, repurchase price $3,032,750, collateralized by U.S. Government & Treasury Securities 0.25% to 6.13%, maturing 09/30/15 to 07/15/56; total market value of $3,093,388.		3,032,730		3,032,730

TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $12,769,366)			$	12,769,366

TOTAL INVESTMENTS – 109.1%
(COST $140,721,511)			$	144,469,696
COLLATERAL FOR SECURITIES ON LOAN – (9.6%)				(12,769,366	)
OTHER ASSETS LESS LIABILITIES – 0.5%				681,496

TOTAL NET ASSETS – 100.0%			$	132,381,826

Cost of investments for Federal income tax purposes is $140,720,888. The net unrealized appreciation/(depreciation) of investments was $3,748,808. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $3,843,209 and net unrealized depreciation from investments for those securities having an excess of cost over value of $94,401.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

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

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of January 31, 2015 in valuing the Fund’s assets carried at fair value:



Description	Par Value		Value
ADJUSTABLE RATE MORTGAGE – 0.0%**
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.0%**
Pool 399251, 2.19%, 9/01/27^D	$	55	$	57

TOTAL ADJUSTABLE RATE MORTGAGE
(COST $55)			$	57
ASSET-BACKED SECURITY – 0.3%
WHOLE LOAN – 0.3%
SLM Private Education Loan Trust,
Series 2011-A, Class A1,
1.17%, 10/15/24^D,•,W		319,909		321,417

TOTAL ASSET-BACKED SECURITY
(COST $319,909)			$	321,417
COLLATERALIZED MORTGAGE OBLIGATIONS – 1.3%
COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBS) – 1.2%
Extended Stay America Trust,
Series 2013-ESH5, Class A15,
1.28%, 12/05/31^•,W		505,000		506,795
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-CIBC18, Class A4, 5.44%, 6/12/47		564,680		602,966

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBS)			$	1,109,761
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 0.1%
Series 2003-2649, Class KA,
4.50%, 7/15/18		88,155		91,735

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(COST $1,250,501)			$	1,201,496
CORPORATE BONDS – 84.2%
AEROSPACE & DEFENSE – 0.3%
L-3 Communications Corp.,
Company Guaranteed, 3.95%, 11/15/16		246,000		256,684
AUTOMOTIVE – 3.1%
Daimler Finance North America LLC,
Company Guaranteed, 1.38%, 8/01/17^•,W		2,000,000		2,006,586
Hyundai Capital America,
Sr. Unsecured, 1.63%, 10/02/15^•,W		250,000		251,321
Hyundai Capital America,
Sr. Unsecured, 1.88%, 8/09/16^•,W		400,000		404,709
Hyundai Motor Manufacturing Czech,
Company Guaranteed, 4.50%, 4/15/15^•,W		250,000		251,756

TOTAL AUTOMOTIVE			$	2,914,372
BEVERAGES – 3.0%
Anheuser-Busch InBev Finance, Inc.,
Company Guaranteed, 0.66%, 2/01/19^D		160,000		159,523



Description	Par Value		Value
Diageo Capital PLC,
Company Guaranteed, 0.63%, 4/29/16	$	475,000	$	475,128
Diageo Capital PLC,
Company Guaranteed, 5.50%, 9/30/16		2,000,000		2,152,376

TOTAL BEVERAGES			$	2,787,027
CAPITAL MARKETS – 7.2%
Branch Banking & Trust Co.,
Sr. Unsecured, BKNT, 1.00%, 4/03/17		1,500,000		1,497,951
Fifth Third Bancorp,
Subordinated, 5.45%, 1/15/17		2,500,000		2,694,611
Goldman Sachs Group, Inc.,
Sr. Unsecured, FRN, 1.46%, 4/30/18^D		1,000,000		1,004,791
Raymond James Financial, Inc.,
Sr. Unsecured, 4.25%, 4/15/16		1,500,000		1,556,867

TOTAL CAPITAL MARKETS			$	6,754,220
CHEMICALS – 1.0%
Monsanto Co.,
Sr. Unsecured, 1.15%, 6/30/17		925,000		927,433
COMMERCIAL BANKS – 14.0%
American Express Bank FSB,
Sr. Unsecured, BKNT, 6.00%, 9/13/17		1,400,000		1,566,635
BB&T Corp.,
Sr. Unsecured, MTN, 0.92%, 2/01/19^D		1,000,000		1,001,326
KeyBank N.A.,
Subordinated, BKNT, 5.70%, 11/01/17		900,000		997,063
KeyBank N.A.,
Subordinated, MTN, 5.45%, 3/03/16		1,000,000		1,050,326
National City Bank,
Subordinated, BKNT, 0.61%, 6/07/17^D		2,000,000		1,990,203
SunTrust Banks, Inc.,
Sr. Unsecured, 3.60%, 4/15/16		2,000,000		2,058,946
US Bancorp,
Sr. Unsecured, MTN, 0.75%, 11/15/18^D		430,000		432,266
US Bancorp,
Sr. Unsecured, MTN, 0.66%, 4/25/19^D		2,000,000		2,004,182
Wells Fargo & Co.,
Sr. Unsecured, MTN, 1.15%, 6/02/17		2,000,000		2,001,189

TOTAL COMMERCIAL BANKS			$	13,102,136
COMPUTERS – 1.1%
Hewlett-Packard Co.,
Sr. Unsecured, 2.13%, 9/13/15		1,000,000		1,008,687
DIVERSIFIED FINANCIAL SERVICES – 9.3%
American Express Credit Corp.,
Sr. Unsecured, 0.79%, 3/18/19^D		800,000		797,849



Description	Par Value		Value
Capital One NA,
Sr. Unsecured, BKNT, 1.50%, 9/05/17	$	1,200,000	$	1,201,850
Ford Motor Credit Co. LLC,
Sr. Unsecured, FRN, 1.07%, 3/12/19^D		1,000,000		992,086
General Electric Capital Corp.,
Sr. Unsecured, FRN, 1.24%, 3/15/23^D		1,000,000		1,004,257
General Motors Financial Co., Inc.,
Company Guaranteed, 4.75%, 8/15/17		200,000		212,750
John Deere Capital Corp.,
Sr. Unsecured, MTN, 1.05%, 12/15/16		2,500,000		2,518,543
JPMorgan Chase & Co.,
Sr. Unsecured, FRN, 0.89%, 1/28/19^D		1,000,000		994,841
JPMorgan Chase & Co.,
Sr. Unsecured, GMTN, 1.10%, 10/15/15		1,000,000		1,002,174
Morgan Stanley,
Sr. Unsecured, MTN, 1.00%, 7/23/19^D		—		—

TOTAL DIVERSIFIED FINANCIAL SERVICES			$	8,724,350
ELECTRIC – 3.9%
Appalachian Power Co.,
Sr. Unsecured, 5.00%, 6/01/17		1,000,000		1,085,197
Consolidated Edison Co. of New York, Inc.,
Series 05-C, Sr. Unsecured,
5.38%, 12/15/15		110,000		114,700
Dominion Resources, Inc.,
Sr. Unsecured, 2.25%, 9/01/15		400,000		403,750
Entergy Corp.,
Sr. Unsecured, 4.70%, 1/15/17		2,000,000		2,109,729

TOTAL ELECTRIC			$	3,713,376
ENVIORNMENTAL CONTROL – 1.2%
Waste Management, Inc.,
Company Guaranteed, 2.60%, 9/01/16		1,100,000		1,127,972
FOOD PRODUCTS – 1.9%
Kroger Co.,
Sr. Unsecured, 1.20%, 10/17/16		600,000		602,233
McCormick & Co., Inc.,
Sr. Unsecured, 5.20%, 12/15/15		1,000,000		1,040,688
WM Wrigley Jr. Co.,
Sr. Unsecured, 1.40%, 10/21/16^•,W		160,000		160,788

TOTAL FOOD PRODUCTS			$	1,803,709
FOREST PRODUCTS & PAPER – 2.5%
International Paper Co.,
Sr. Unsecured, 5.25%, 4/01/16		2,250,000		2,356,372
HEALTH CARE PROVIDERS & SERVICES – 4.3%
UnitedHealth Group, Inc.,
Sr. Unsecured, 1.40%, 10/15/17		3,000,000		3,025,525
WellPoint, Inc.,
Sr. Unsecured, 2.38%, 2/15/17		1,000,000		1,024,130

TOTAL HEALTH CARE PROVIDERS & SERVICES			$	4,049,655
HOME FURNISHINGS – 0.8%
Whirlpool Corp.,
Sr. Unsecured, 6.50%, 6/15/16		750,000		806,166



Description	Par Value		Value
INSURANCE – 6.6%
Berkshire Hathaway Finance Corp.,
Company Guaranteed, 1.60%, 5/15/17^#	$	2,000,000	$	2,034,533
Hartford Financial Services Group, Inc.,
Sr. Unsecured, 4.00%, 10/15/17		1,750,000		1,874,384
Principal Financial Group, Inc.,
Company Guaranteed, 1.85%, 11/15/17		1,074,000		1,081,296
WR Berkley Corp.,
Sr. Unsecured, 5.60%, 5/15/15		1,150,000		1,166,030

TOTAL INSURANCE			$	6,156,243
INTERNET – 0.2%
Alibaba Group Holding Ltd.,
Company Guaranteed, 1.63%, 11/28/17^•,W		185,000		184,645
MEDIA – 5.5%
CBS Corp.,
Company Guaranteed, 1.95%, 7/01/17		2,000,000		2,025,526
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., Company Guaranteed, 3.13%, 2/15/16		2,000,000		2,047,857
Time Warner Cable, Inc.,
Company Guaranteed, 5.85%, 5/01/17		1,000,000		1,095,305

TOTAL MEDIA			$	5,168,688
METALS & MINING – 1.1%
Caterpillar Financial Services Corp.,
Sr. Unsecured, 1.75%, 3/24/17		1,000,000		1,008,000
OIL & GAS – 2.6%
Phillips 66,
Company Guaranteed, 2.95%, 5/01/17		1,000,000		1,034,550
Valero Energy Corp.,
Company Guaranteed, 6.13%, 2/01/20		1,207,000		1,390,917

TOTAL OIL & GAS			$	2,425,467
PIPELINES – 1.9%
Energy Transfer Partners LP,
Sr. Unsecured, 5.95%, 2/01/15		750,000		750,093
Plains All American Pipeline LP / PAA
Finance Corp.,
Sr. Unsecured, 3.95%, 9/15/15		1,000,000		1,017,334

TOTAL PIPELINES			$	1,767,427
REAL ESTATE INVESTMENT TRUSTS – 5.6%
BioMed Realty LP,
Company Guaranteed, 2.63%, 5/01/19		1,000,000		1,018,728
Digital Realty Trust LP,
Company Guaranteed, 4.50%, 7/15/15		1,000,000		1,008,334
Health Care REIT, Inc.,
Sr. Unsecured, 6.20%, 6/01/16		2,071,000		2,209,546
Ventas Realty LP,
Company Guaranteed, 1.55%, 9/26/16		1,000,000		1,008,144

TOTAL REAL ESTATE INVESTMENT TRUSTS			$	5,244,752
RETAIL – 2.4%
CVS Caremark Corp.,
Sr. Unsecured, 1.20%, 12/05/16		2,200,000		2,220,475



Description	Par Value		Value
TELECOMMUNICATIONS – 3.0%
Cisco Systems, Inc.,
Sr. Unsecured, 1.10%, 3/03/17	$	800,000	$	806,532
Verizon Communications, Inc.,
Sr. Unsecured, 1.01%, 6/17/19^D		2,000,000		2,021,248

TOTAL TELECOMMUNICATIONS			$	2,827,780
TRANSPORTATION – 1.7%
FedEx Corp.,
Company Guaranteed, 8.00%, 1/15/19		1,000,000		1,233,472
Ryder System, Inc.,
Sr. Unsecured, MTN, 3.60%, 3/01/16		400,000		411,487

TOTAL TRANSPORTATION			$	1,644,959

TOTAL CORPORATE BONDS
(COST $78,598,543)			$	78,980,595
U.S. TREASURY – 13.9%
U.S. TREASURY NOTES – 13.9%
0.38%, 10/31/16		3,500,000		3,499,210
0.88%, 10/15/17		2,000,000		2,009,888
0.88%, 11/15/17^#		3,000,000		3,013,435
1.00%, 12/15/17^#		2,500,000		2,519,407
1.50%, 10/31/19		1,000,000		1,016,210
1.50%, 11/30/19		600,000		609,633
2.25%, 11/15/24^#		375,000		395,126

TOTAL U.S. TREASURY NOTES			$	13,062,909

TOTAL U.S. TREASURY
(COST $12,956,617)			$	13,062,909


	Number of
Description	Shares		Value
MONEY MARKET FUND – 1.5%
Dreyfus Cash Management Fund,
Institutional Shares, 0.03%^{^}		1,363,192	$	1,363,192

TOTAL MONEY MARKET FUND
(COST $1,363,192)			$	1,363,192

TOTAL INVESTMENTS IN SECURITIES – 101.2%
(COST $94,488,817)			$	94,929,666


	Par Value
REPURCHASE AGREEMENTS – 6.5%
Barclays Capital, 0.05%, dated 01/30/15, due 02/02/15, repurchase price $226,836, collateralized by Treasury Securities 0.00% to 5.00%, maturing 11/15/15 to 11/15/44; total market value of $231,372.	$	226,835	$	226,835
Daiwa Capital Markets America, 0.10%, dated 01/30/15, due 02/02/15, repurchase price $1,440,121, collateralized by U.S. Government Securities 0.00% to 7.50%, maturing 06/01/17 to 03/01/48; total market value of $1,468,911.		1,440,109		1,440,109
Mizuho Securities USA, Inc., 0.08%, dated 01/30/15, due 02/02/15, repurchase price $1,440,119, collateralized by U.S. Government & Treasury Securities 0.00% to 4.50%, maturing 02/15/15 to 01/20/45; total market value of $1,469,736.		1,440,109		1,440,109
Nomura Securities International, Inc., 0.08%, dated 01/30/15, due 02/02/15, repurchase price $1,440,119, collateralized by U.S. Government Securities 0.00% to 8.88%, maturing 02/09/15 to 01/15/45; total market value of $1,468,911.		1,440,109		1,440,109
RBC Capital Markets LLC 0.08%, dated 01/30/15, due 02/02/15, repurchase price $76,333, collateralized by U.S. Government Securities 1.31% to 5.50%, maturing 11/01/24 to 05/01/50; total market value of $77,859.		76,332		76,332
Royal Bank of Scotland PLC 0.08%, dated 01/30/15, due 02/02/15, repurchase price $1,440,119, collateralized by U.S. Government & Treasury Securities 0.25% to 6.13%, maturing 09/30/15 to 07/15/56; total market value of $1,468,913.		1,440,109		1,440,109

TOTAL REPURCHASE AGREEMENTS
(COST $6,063,603)			$	6,063,603

TOTAL INVESTMENTS – 107.7%
(COST $100,552,420)			$	100,993,269
COLLATERAL FOR SECURITIES ON LOAN – (6.5%)				(6,063,603	)
OTHER LIABILITIES LESS ASSETS – (1.2%)				(1,172,517	)

TOTAL NET ASSETS – 100.0%			$	93,757,149

Cost of investments for Federal income tax purposes is $100,555,936. The net unrealized appreciation/(depreciation) of investments was $437,333. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $538,952 and net unrealized depreciation from investments for those securities having an excess of cost over value of $101,619.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

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

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of January 31, 2015 in valuing the Fund’s assets carried at fair value:



Description	Par Value		Value
COLLATERALIZED MORTGAGE OBLIGATIONS – 21.5%
FEDERAL HOME LOAN MORTGAGE CORPORATION
(FHLMC) – 7.6%
Series 1988-6, Class C, 9.05%, 6/15/19	$	5,376	$	5,682
Series 1989-112, Class I, 6.50%, 1/15/21		1,407		1,513
Series 1990-136, Class E, 6.00%, 4/15/21		3,870		4,170
Series 1990-141, Class D, 5.00%, 5/15/21		1,707		1,806
Series 1993-1577, Class PK,
6.50%, 9/15/23		52,508		58,445
Series 1993-1644, Class K,
6.75%, 12/15/23		44,239		49,349
Series 1994-1686, Class PJ,
5.00%, 2/15/24		5,601		6,008
Series 2005-3062, Class LU,
5.50%, 10/15/16		1,663,007		1,693,140
Series 2005-3074, Class BG,
5.00%, 9/15/33		4,547		4,549
Series 2011-3799, Class GK,
2.75%, 1/15/21		221,870		228,234
Series 2012-K710, Class A1,
1.44%, 1/25/19		2,482,546		2,506,490
Series 3893, Class DJ, 2.00%, 10/15/20		2,050,108		2,066,131

TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION
(FHLMC)			$	6,625,517
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 8.3%
Series 1993-113, Class PK, 6.50%, 7/25/23		43,856		48,712
Series 1993-127, Class H, 6.50%, 7/25/23		39,986		44,718
Series 1993-202, Class J, 6.50%, 11/25/23		22,362		24,990
Series 1994-3, Class PL, 5.50%, 1/25/24		45,729		49,807
Series 1994-55, Class H, 7.00%, 3/25/24		46,483		52,629
Series 2002-52, Class QA, 6.00%, 7/18/32		18,145		19,042
Series 2002-94, Class HQ, 4.50%, 1/25/18		723,399		748,432
Series 2003-3, Class BC, 5.00%, 2/25/18		533,038		561,841
Series 2009-70, Class NM, 3.25%, 8/25/19		1,248,102		1,291,663
Series 2011-66, Class QE, 2.00%, 7/25/21		790,702		802,553
Series 2011-71, Class DJ, 3.00%, 3/25/25		965,065		981,282
Series 2011-81, Class PA, 3.50%, 8/25/26		2,567,000		2,685,931

TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	7,311,600
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 4.0%
Series 2005-44, Class PC, 5.00%, 12/20/33		727,854		755,105
Series 2010-17, Class K, 4.00%, 3/16/22		2,669,499		2,723,019

TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION
(GNMA)			$	3,478,124



Description	Par Value		Value
WHOLE LOAN – 1.6%
Banc of America Mortgage Securities, Inc.,
Series 2004-A, Class 2A1, 2.66%, 2/25/34^D	$	247,660	$	244,926
Banc of America Mortgage Securities, Inc.,
Series 2004-B, Class 2A1, 2.65%, 3/25/34^D		172,563		165,561
IndyMac INDA Mortgage Loan Trust,
Series 2005-AR1, Class 2A1,
2.75%, 11/25/35^D		1,090,013		986,147

TOTAL WHOLE LOAN			$	1,396,634

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(COST $19,094,239)			$	18,811,875
CORPORATE BOND – 0.6%
TRANSPORTATION – 0.6%
Vessel Management Services, Inc., U.S. Government Guaranteed, 6.75%, 7/15/25		458,000		549,187

TOTAL CORPORATE BOND
(COST $458,000)			$	549,187
GOVERNMENT AGENCIES – 57.0%
FEDERAL HOME LOAN BANK (FHLB) – 9.4%
0.50%, 11/20/15		2,000,000		2,004,659
1.75%, 9/11/15		4,000,000		4,038,447
5.38%, 5/18/16		2,000,000		2,130,534

TOTAL FEDERAL HOME LOAN BANK (FHLB)			$	8,173,640
FEDERAL HOME LOAN MORTGAGE CORPORATION
(FHLMC) – 22.2%
0.50%, 5/13/16		2,000,000		2,004,900
0.75%, 1/12/18		3,000,000		2,991,372
0.88%, 10/14/16		3,000,000		3,021,662
1.00%, 3/08/17		3,000,000		3,031,217
1.00%, 7/28/17		2,000,000		2,015,862
2.00%, 8/25/16		1,000,000		1,024,948
4.75%, 1/19/16		1,000,000		1,043,410
5.13%, 10/18/16		2,000,000		2,160,326
5.25%, 4/18/16		2,000,000		2,119,883

TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION
(FHLMC)			$	19,413,580
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 25.3%
0.38%, 3/16/15		1,000,000		1,000,343
0.38%, 12/21/15		3,000,000		3,004,124
0.38%, 7/05/16		2,000,000		2,000,524
0.88%, 12/20/17		3,000,000		3,003,595
0.50%, 3/30/16		5,000,000		5,012,875



Description	Par Value		Value
0.88%, 5/21/18	$	3,000,000	$	2,991,497
2.25%, 3/15/16		5,000,000		5,111,292

TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	22,124,250
SMALL BUSINESS ADMINISTRATION – 0.1%
Small Business Administration Participation Certificates, U.S. Government Guaranteed, Series 1996-C, 6.70%, 3/01/16		7,656		7,861
Small Business Administration Participation Certificates, U.S. Government Guaranteed, Series 1996-K, 6.95%, 11/01/16		65,255		67,655
Small Business Administration Participation Certificates, U.S. Government Guaranteed, Series 1996-L, 6.70%, 12/01/16		33,977		35,232
Small Business Administration Participation Certificates, U.S. Government Guaranteed, Series 1997-E, 7.30%, 5/01/17		1,406		1,477
Small Business Administration Participation Certificates, U.S. Government Guaranteed, Series 1999-I, 7.30%, 9/01/19		4,616		4,970

TOTAL SMALL BUSINESS ADMINISTRATION			$	117,195

TOTAL GOVERNMENT AGENCIES
(COST $49,150,019)			$	49,828,665
MORTGAGE-BACKED SECURITIES – 15.5%
FEDERAL HOME LOAN MORTGAGE CORPORATION
(FHLMC) – 3.6%
Pool 287773, 7.50%, 3/01/17		389		404
Pool 538733, 9.00%, 9/01/19		238		245
Pool A18401, 6.00%, 2/01/34		643,730		735,770
Pool C78010, 5.50%, 4/01/33		910,874		1,036,663
Pool C80328, 7.50%, 7/01/25		31,771		36,572
Pool G01425, 7.50%, 5/01/32		74,624		86,065
Pool G01831, 6.00%, 5/01/35		178,826		202,662
Pool G12709, 5.00%, 7/01/22		151,123		160,276
Pool G14695, 4.50%, 6/01/26		864,148		914,763

TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION
(FHLMC)			$	3,173,420
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 11.4%
Pool 202957, 8.00%, 8/01/21		2,862		3,021
Pool 252439, 6.50%, 5/01/29		33,265		37,995
Pool 255933, 5.50%, 11/01/35		170,000		190,654
Pool 323419, 6.00%, 12/01/28		58,642		66,722
Pool 334593, 7.00%, 5/01/24		67,604		77,210
Pool 39862, 9.75%, 9/01/17		4,046		4,256
Pool 436746, 6.50%, 8/01/28		45,120		48,406
Pool 440401, 6.50%, 8/01/28		155,810		178,059
Pool 485678, 6.50%, 3/01/29		35,816		41,479
Pool 494375, 6.50%, 4/01/29		2,746		2,829
Pool 545051, 6.00%, 9/01/29		90,988		103,297
Pool 725418, 6.50%, 5/01/34		158,708		181,271
Pool 833143, 5.50%, 9/01/35		993,209		1,115,742



Description	Par Value		Value
Pool 843323, 5.50%, 10/01/35	$	99,753	$	111,873
Pool AE2520, 3.00%, 1/01/26		406,705		430,094
Pool MA0909, 3.00%, 11/01/21		832,529		881,423
Pool MA0921, 3.00%, 12/01/21		6,077,872		6,434,819

TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	9,909,150
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION
(GNMA) – 0.5%
Pool 1061, 9.00%, 4/20/23		15,094		15,699
Pool 1886, 9.00%, 10/20/24		973		1,023
Pool 188603, 9.00%, 11/15/16		3,420		3,493
Pool 208196, 9.00%, 2/15/17		5,448		5,569
Pool 306066, 8.50%, 7/15/21		3,852		4,486
Pool 307983, 8.50%, 7/15/21		14,820		15,245
Pool 341948, 8.50%, 1/15/23		6,834		7,014
Pool 346572, 7.00%, 5/15/23		9,347		9,972
Pool 484269, 7.00%, 9/15/28		41,746		45,269
Pool 581522, 6.00%, 5/15/33		165,051		180,149
Pool 592505, 6.00%, 4/15/33		148,382		159,725
Pool 780440, 8.50%, 11/15/17		739		791

TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	448,435

TOTAL MORTGAGE-BACKED SECURITIES
(COST $12,960,888)			$	13,531,005
MUNICIPAL BOND – 0.1%
DEVELOPMENT – 0.1%
City of Miami, FL, Rent Revenue,
Series 1998, (Lease payments guaranteed by U.S. Government), 8.65%, 7/01/19		115,000		133,351

TOTAL MUNICIPAL BOND
(COST $123,113)			$	133,351
U.S. TREASURY – 3.8%
U.S. TREASURY INFLATION INDEXED NOTE – 1.5%
1.13%, 1/15/21		1,100,000		1,279,698
U.S. TREASURY NOTE – 2.3%
0.88%, 4/15/17		2,000,000		2,015,164

TOTAL U.S. TREASURY
(COST $3,197,428)			$	3,294,862
MONEY MARKET FUND – 1.3%
Dreyfus Government Cash Management
Fund, Institutional Shares, 0.01%^{^}		1,115,873		1,115,873

TOTAL MONEY MARKET FUND
(COST $1,115,873)			$	1,115,873

Cost of investments for Federal income tax purposes is $86,099,450. The net unrealized appreciation/(depreciation) of investments was $1,165,368. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $1,552,291 and net unrealized depreciation from investments for those securities having an excess of cost over value of $386,923.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

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

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of January 31, 2015 in valuing the Fund’s assets carried at fair value:



Description	Par Value		Value
MUNICIPAL BONDS – 97.2%
ALABAMA – 0.5%
MEDICAL – 0.5%
The University of Alabama, Refunding Revenue Bonds, (Series A), 5.75%, 9/01/22^D	$	1,000,000	$	1,165,230

TOTAL ALABAMA			$	1,165,230
ARIZONA – 2.8%
WATER – 1.2%
City of Tucson, AZ, Refunding Revenue Bonds, (Water Revenue), 5.00%, 7/01/30		2,255,000		2,768,779
WATER & SEWER – 1.6%
Arizona Water Infrastructure Finance Authority, Revenue Bonds, Water Utility Improvements, (Series A), 5.00%, 10/01/23		3,000,000		3,458,790

TOTAL ARIZONA			$	6,227,569
CALIFORNIA – 8.7%
AIRPORT – 1.6%
San Francisco City & County Airports Comm-San Francisco International Airport, Refunding Revenue Bonds, 5.00%, 5/01/26		2,925,000		3,482,008
LEASE – 4.4%
Los Angeles Unified School District, CA, Certificate Participation Refunding Bonds,, (Series B), (Headquarters Building), 5.00%, 10/01/27		4,300,000		5,130,244
Sacramento, CA, City Financing Authority, Refunding Revenue Bonds, (Series B), 5.40%, 11/01/20		4,000,000		4,460,160

TOTAL LEASE			$	9,590,404
WATER & SEWER – 2.7%
City of San Francisco Public Utilities Commission Water Revenue, CA, Refunding Revenue Bonds, (Series C), (Water Revenue), 5.00%, 11/01/27		5,000,000		5,997,250

TOTAL CALIFORNIA			$	19,069,662
COLORADO – 1.1%
AIRPORT – 1.1%
City & County of Denver Airport System Revenue, CO, Refunding Revenue Bonds, (Series B), 5.00%, 11/15/25		2,000,000		2,441,960

TOTAL COLORADO			$	2,441,960
DISTRICT OF COLUMBIA – 1.1%



Description	Par Value		Value
DEDICATED TAX – 1.1%
District of Columbia, Refunding Revenue Bonds, (Series B), 5.00%, 12/01/27	$	2,000,000	$	2,421,140

TOTAL DISTRICT OF COLUMBIA			$	2,421,140
FLORIDA – 0.6%
LEASE – 0.6%
City of Jacksonville, FL, Refunding Revenue Bonds, (Series C), 5.00%, 10/01/26		1,000,000		1,211,700

TOTAL FLORIDA			$	1,211,700
GEORGIA – 2.1%
GENERAL OBLIGATIONS – 1.0%
State of Georgia, GO Unlimited, Refunding Revenue Bonds, (Series C), 5.00%, 7/01/21		2,000,000		2,220,520
HIGHER EDUCATION – 1.1%
Fulton County Development Authority, GA, Refunding Revenue Bonds, (Series A), (Georgia Technology Foundation Inc., OBG), 5.25%, 11/01/24		1,750,000		2,288,352

TOTAL GEORGIA			$	4,508,872
ILLINOIS – 5.9%
DEDICATED TAX – 1.6%
State of Illinois, Revenue Bonds, Public Improvements, (National Reinsurance FGIC), 6.00%, 6/15/26		2,500,000		3,390,950
GENERAL OBLIGATION – 3.3%
Metropolitan Water Reclamation District of Greater Chicago, GO Limited, (Series C-Green Bond), (Water Utility & Sewer Improvements), 5.00%, 12/01/28		5,865,000		7,201,927
GENERAL OBLIGATIONS – 0.5%
County of Cook, IL, GO Unlimited, Refunding Revenue Bonds, (Series A), 5.00%, 11/15/17		1,000,000		1,107,360
MEDICAL – 0.5%
Illinois Finance Authority, Refunding Revenue Bonds, (Series A), (Rush University Medical Center), 5.00%, 11/15/30		1,000,000		1,192,040

TOTAL ILLINOIS			$	12,892,277
INDIANA – 1.7%
GENERAL OBLIGATIONS – 0.7%
Indianapolis-Marion County Public Library, GO Unlimited, Refunding Revenue Bonds, (State Intercept Program), 5.00%, 1/01/19		1,270,000		1,465,301



Description	Par Value		Value
MEDICAL – 1.0%
Indiana Finance Authority, Refunding Revenue Bonds, (Series C), (Franciscan Alliance Inc., OBG), 5.00%, 11/01/21	$	2,000,000	$	2,262,200

TOTAL INDIANA			$	3,727,501
MARYLAND – 1.1%
LEASE – 1.1%
County of Baltimore, MD, Certificate Participation Bonds, Public Improvements, 5.00%, 10/01/21		2,000,000		2,423,220

TOTAL MARYLAND			$	2,423,220
MASSACHUSETTS – 1.4%
WATER & SEWER – 1.4%
Massachusetts Water Resources Authority, Refunding Revenue Bonds, (Series B), (AGM), 5.25%, 8/01/27		2,325,000		3,061,653

TOTAL MASSACHUSETTS			$	3,061,653
MICHIGAN – 6.6%
DEDICATED TAX – 2.9%
Michigan Finance Authority, Refunding Revenue Bonds, (Series A), (Unemployment Obligation Assessment), 5.00%, 7/01/18		3,500,000		4,006,345
Michigan Finance Authority, Refunding Revenue Bonds, (Series B), (Unemployment Obligation Assessment), 5.00%, 7/01/21		2,000,000		2,280,300

TOTAL DEDICATED TAX			$	6,286,645
MEDICAL – 0.6%
Royal Oak Hospital Finance Authority, MI, Refunding Revenue Bonds, (Series D), (William Beaumont Hospital), 5.00%, 9/01/20		1,200,000		1,434,756
SCHOOL DISTRICT – 0.5%
Ann Arbor School District, MI, GO Unlimited, Refunding Revenue Bonds, (Q-SBLF), 5.00%, 5/01/17		1,000,000		1,097,440
UTILITIES – 1.6%
Lansing Board of Water & Light, Revenue Bonds, (Series A), 5.00%, 7/01/29		3,000,000		3,490,530
WATER & SEWER – 1.0%
Michigan Municipal Bond Authority, Revenue Bonds, Water Utility Improvements, 5.00%, 10/01/19		2,075,000		2,141,317

TOTAL MICHIGAN			$	14,450,688
MINNESOTA – 1.3%
MEDICAL – 1.3%
City of Rochester, MN, Refunding Revenue Bonds, (Series A), (Mayo Clinic), 4.00%, 11/15/30^D		2,500,000		2,784,275

TOTAL MINNESOTA			$	2,784,275
MISSOURI – 1.9%



Description	Par Value		Value
AIRPORT – 0.5%
City of St Louis, MO, Airport Revenue, Refunding Revenue Bonds, (Series A), (Lambert International Airport), (AGM), 5.00%, 7/01/23	$	1,000,000	$	1,085,650
MEDICAL – 1.4%
Missouri State Health & Educational Facilities Authority, MO, Refunding Revenue Bonds, (Series A), (SSM Health Care)
5.00%, 6/01/20		1,000,000		1,192,310
5.00%, 6/01/28		1,500,000		1,808,400

TOTAL MEDICAL			$	3,000,710

TOTAL MISSOURI			$	4,086,360
NEVADA – 1.5%
DEDICATED TAX – 1.0%
County of Clark, NV, Refunding Revenue Bonds, (Motor Vehicle Fuel Tax), 5.00%, 7/01/18		2,000,000		2,279,860
SCHOOL DISTRICT – 0.5%
Washoe County School District, NV, GO Limited, Refunding Revenue Bonds, (Series A), 4.00%, 6/01/18		1,000,000		1,105,360

TOTAL NEVADA			$	3,385,220
NEW JERSEY – 0.9%
TRANSPORTATION – 0.9%
New Jersey State Turnpike Authority, Revenue Bonds, (Series A), (Highway Improvement), 5.00%, 1/01/27		1,645,000		1,995,895

TOTAL NEW JERSEY			$	1,995,895
NEW YORK – 8.5%
DEDICATED TAX – 4.2%
Nassau County Interim Finance Authority, NY, Refunding Revenue Bonds, (Series A), (Sales Tax), 5.00%, 11/15/21		1,960,000		2,414,544
New York City, Transitional Finance Authority, NY, Refunding Revenue Bonds, (Subseries E), 5.00%, 11/01/22		4,125,000		4,995,416
New York Local Government Assistance Corp., NY, Refunding Revenue Bonds, (Series A), (GO of Corp.), 5.00%, 4/01/19		1,500,000		1,748,100

TOTAL DEDICATED TAX			$	9,158,060
GENERAL OBLIGATIONS – 0.5%
County of Sullivan, NY, GO Limited, Refunding Revenue Bonds, (Public Improvement), 5.00%, 7/15/18		1,100,000		1,246,674
LEASE – 1.0%
Erie County Industrial Development Agency School, NY, Refunding Revenue Bonds, (State Aid Withholding), 5.00%, 5/01/18		1,000,000		1,136,430



Description	Par Value		Value
Tobacco Settlement Financing Corp., NY, Refunding Revenue Bonds, (Series B), 5.00%, 6/01/22	$	1,000,000	$	1,094,520

TOTAL LEASE			$	2,230,950
TRANSPORTATION – 2.8%
Metropolitan Transportation Authority, NY,
Revenue Bonds, (Series B), (Transit
Improvements), 5.00%, 11/15/29		3,000,000		3,604,530
Port Authority of New York & New Jersey, Refunding Revenue Bonds, (Airport & Marina Improvements), 5.00%, 12/01/23		2,000,000		2,482,100

TOTAL TRANSPORTATION			$	6,086,630

TOTAL NEW YORK			$	18,722,314
NORTH CAROLINA – 1.4%
GENERAL OBLIGATIONS – 1.4%
City of Charlotte, NC, GO Unlimited, Refunding Revenue Bonds, (Series A), 5.00%, 7/01/18		2,745,000		3,146,127

TOTAL NORTH CAROLINA			$	3,146,127
OHIO – 3.1%
DEDICATED TAX – 0.7%
County of Hamilton, OH, Refunding Revenue Bonds, (Series A), (AMBAC), 5.00%, 12/01/17		1,500,000		1,628,115
GENERAL OBLIGATIONS – 1.1%
Akron-Summit County Public Library, OH, GO Unlimited, Refunding Revenue Bonds, 5.00%, 12/01/20		1,960,000		2,362,172
WATER & SEWER – 1.3%
Ohio Water Development Authority, OH, Refunding Revenue Bonds, (Series C), (Water Pollution Center, OBG), 5.00%, 12/01/20		2,275,000		2,764,967

TOTAL OHIO			$	6,755,254
PENNSYLVANIA – 14.2%
DEDICATED TAX – 0.8%
Sports & Exhibition Authority of Pittsburgh & Allegheny County, PA, Refunding Revenue Bonds, (AGM), 5.00%, 2/01/23		1,520,000		1,774,676
GENERAL OBLIGATION – 1.7%
County of Chester, PA, GO Unlimited, Refunding Revenue Bonds, (Public Improvement), 5.00%, 7/15/27		3,000,000		3,801,870
LEASE – 0.7%
Philadelphia Redevelopment Authority, PA, Revenue Bonds, Economic Improvements, (Series C), (National Reinsurance FGIC), 5.00%, 4/15/27		1,500,000		1,507,305



Description	Par Value		Value
MEDICAL – 3.0%
Allegheny County Hospital Development Authority, PA, Revenue Bonds, (Series A), (UPMC, OBG), 5.00%, 10/15/22	$	1,430,000	$	1,756,426
Lancaster County Hospital Authority, PA, Refunding Revenue Bonds, (Series B), (Lancaster General Hospital, OBG)
5.00%, 3/15/19		1,485,000		1,619,140
5.00%, 3/15/23		1,770,000		1,918,114
Pennsylvania Higher Educational Facilities Authority, Refunding Revenue Bonds, (Series A), (University of Pennsylvania Health System, OBG), 5.00%, 8/15/18		1,200,000		1,361,580

TOTAL MEDICAL			$	6,655,260
PRE-REFUNDED/ESCROW – 4.3%
Bucks County, PA, IDA, Revenue Bonds, ETM, (Senior Lifestyles, Inc., OBG), 10.00%, 5/15/19		4,775,000		6,605,162
Pennsylvania Convention Center Authority, Revenue Bonds, ETM, (Series A), (FGIC), 6.00%, 9/01/19		2,410,000		2,832,569

TOTAL PRE-REFUNDED/ESCROW			$	9,437,731
SCHOOL DISTRICT – 2.9%
Hamburg Area School District, PA, GO Unlimited, Refunding Revenue Notes, (Series A), (AGM State Aid Withholding), 5.50%, 4/01/24		2,405,000		2,896,245
Pittsburgh Public Schools, PA, GO Unlimited, Refunding Revenue Bonds, (Series A), (AGM State Aid Withholding), 5.00%, 9/01/21		1,775,000		2,081,720
School District of Philadelphia, PA, GO Unlimited, School Improvements, (Series D), (AGM State Aid Withholding), 5.50%, 6/01/17		1,300,000		1,434,563

TOTAL SCHOOL DISTRICT			$	6,412,528
TRANSPORTATION – 0.8%
Pennsylvania State Turnpike Commission, PA, Refunding Revenue Bonds, (Series B), 5.00%, 12/01/21		1,400,000		1,638,434

TOTAL PENNSYLVANIA			$	31,227,804
TENNESSEE – 0.8%
GENERAL OBLIGATIONS – 0.8%
Metropolitan Government of Nashville & Davidson County, TN, GO Unlimited, Refunding Revenue Bonds, 5.00%, 7/01/17		1,610,000		1,785,667

TOTAL TENNESSEE			$	1,785,667
TEXAS – 20.4%
AIRPORT – 1.4%
Dallas/Fort Worth International Airport, TX, Refunding Revenue Bonds, (Series D), 5.25%, 11/01/23		2,500,000		3,063,825



Description	Par Value		Value
GENERAL OBLIGATIONS – 3.6%
City of Frisco, TX, GO Limited, Refunding Revenue Bonds, 5.00%, 2/15/18	$	2,000,000	$	2,260,800
County of Travis, TX, GO Limited, Refunding Revenue Bonds, 5.00%, 3/01/19		1,270,000		1,482,725
State of Texas, GO Unlimited, Highway Improvements, (Transportation Commission), 5.00%, 4/01/21		3,440,000		4,210,010

TOTAL GENERAL OBLIGATIONS			$	7,953,535
HIGHER EDUCATION – 2.5%
Harris County Cultural Education Facilities Finance Corp., TX, Refunding Revenue Bonds, (Series A), (Baylor College of Medicine, OBG)
5.00%, 11/15/18		1,690,000		1,930,538
5.00%, 11/15/19		3,105,000		3,624,373

TOTAL HIGHER EDUCATION			$	5,554,911
MEDICAL – 6.4%
North Central Texas Health Facility Development Corp., TX, Refunding Revenue Bonds, (Children’s Medical Center of Dallas Project, OBG), 5.00%, 8/15/18		1,000,000		1,142,330
Tarrant County Cultural Education Facilities Finance Corp., TX, Refunding Revenue Bonds, (Series A), (Texas Health Resources, OBG), 5.00%, 2/15/21		5,000,000		5,428,200
Tarrant County Cultural Education Facilities Finance Corp., TX, Revenue Bonds, (Methodist Hospital of Dallas, OBG), 5.00%, 10/01/25		6,110,000		7,422,489

TOTAL MEDICAL			$	13,993,019
SCHOOL DISTRICT – 1.2%
Mesquite Independent School District, TX, GO Unlimited, Refunding Revenue Bonds, (Series B), (PSF-GTD), 5.00%, 8/15/19		2,165,000		2,560,502
TRANSPORTATION – 1.3%
County of Harris, TX, Refunding Revenue Bonds, (Series C), (Senior Lien-Toll Road), 5.00%, 8/15/26		2,420,000		2,908,066
UTILITIES – 1.9%
City of Houston Utility System, TX, Refunding Revenue Bonds, (Series C), (Comb-First Lien)
5.00%, 5/15/21		1,250,000		1,525,763
5.00%, 5/15/23		2,000,000		2,510,500

TOTAL UTILITIES			$	4,036,263
WATER – 2.1%
City of Austin Water & Wastewater System, TX, Refunding Revenue Bonds, 5.00%, 5/15/20		3,810,000		4,564,151

TOTAL TEXAS			$	44,634,272
UTAH – 1.2%



Description	Par Value		Value
MEDICAL – 1.2%
County of Utah, UT, Revenue Bonds, (IHC Health Services Inc., OBG)
5.00%, 5/15/25	$	1,025,000	$	1,210,986
5.00%, 5/15/26		1,200,000		1,412,580

TOTAL MEDICAL			$	2,623,566

TOTAL UTAH			$	2,623,566
VIRGINIA – 2.2%
HIGHER EDUCATION – 2.2%
Virginia, College Building Authority, VA, Revenue Bonds, University & College Improvements, (Series A), (Public Higher Education Financing, OBG), 5.00%, 9/01/19		4,000,000		4,726,480

TOTAL VIRGINIA			$	4,726,480
WASHINGTON – 4.6%
DEDICATED TAX – 1.2%
Central Puget Sound Regional Transit Authority, WA, Revenue Bonds, Transit Improvements, (National Reinsurance FGIC), 5.25%, 2/01/21		2,300,000		2,717,266
GENERAL OBLIGATIONS – 2.8%
State of Washington, GO Unlimited, Refunding Revenue Bonds, (Series R-C), 5.00%, 7/01/24		5,000,000		6,240,350
POWER – 0.6%
County of Lewis Public Utility District No. 1, WA, Current Refunding Revenue Bonds, 5.25%, 10/01/28		1,000,000		1,234,390

TOTAL WASHINGTON			$	10,192,006
WISCONSIN – 1.6%
TRANSPORTATION – 1.6%
Wisconsin Department of Transportation, Refunding Revenue Bonds, (Series 2), 5.00%, 7/01/19		1,500,000		1,765,155
Wisconsin Department of Transportation, Revenue Bonds, (Series 1), (Highway Improvements), 5.00%, 7/01/22		1,500,000		1,755,945

TOTAL TRANSPORTATION			$	3,521,100

TOTAL WISCONSIN			$	3,521,100

TOTAL MUNICIPAL BONDS
(COST $200,468,113)			$	213,187,812
	Number of
	Shares
MONEY MARKET FUND – 2.6%
Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 0.00%^{^}		5,702,314	$	5,702,314
TOTAL MONEY MARKET FUND

(COST $5,702,314)			$	5,702,314

Cost of investments for Federal income tax purposes is $206,170,427. The net unrealized appreciation/(depreciation) of investments was $12,719,699. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $12,726,733 and net unrealized depreciation from investments for those securities having an excess of cost over value of $7,034.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

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

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of January 31, 2015 in valuing the Fund’s assets carried at fair value:



Description	Par Value		Value
MUNICIPAL BONDS – 96.2%
MARYLAND – 96.2%
CONTINUING CARE – 1.5%
Baltimore County, MD, Revenue Refunding
Bonds, (Series A), (Oak Crest Village, Inc.), 5.00%, 1/01/22	$	1,200,000	$	1,277,748
DEDICATED TAX – 4.0%
Maryland State Department of
Transportation, Revenue Bonds, Transit Improvements
5.00%, 2/15/28		1,375,000		1,622,802
5.50%, 2/15/17		1,740,000		1,902,029

TOTAL DEDICATED TAX			$	3,524,831

GENERAL OBLIGATIONS – 34.4%
Baltimore County, MD, GO Unlimited, Refunding Notes, 5.00%, 11/01/18		1,000,000		1,157,750
Baltimore County, MD, GO Unlimited, Refunding Notes, Public Improvements, 5.00%, 2/01/28		1,000,000		1,197,050
Cecil County, MD, GO Unlimited, Refunding Bonds, 5.00%, 11/01/23		2,590,000		3,237,422
Charles County, MD, GO Unlimited, Refunding Bonds, 5.00%, 3/01/20		3,020,000		3,616,269
Frederick County, MD, GO Unlimited, Refunding Bonds, 5.25%, 11/01/19		1,500,000		1,801,050
Harford County, MD, GO Unlimited, Public Improvements, 4.00%, 7/01/20		2,000,000		2,263,400
Howard County, MD, GO Unlimited, Refunding Bonds, (Series B), 5.00%, 8/15/18		2,500,000		2,876,150
Montgomery County, MD, GO Unlimited, Refunding Bonds, (Series A), 5.00%, 7/01/21		2,000,000		2,466,860
Montgomery County, MD, GO Unlimited, Refunding Notes, (Series A)
5.00%, 8/01/19		1,570,000		1,856,965
5.00%, 7/01/22		2,000,000		2,357,820
Prince George’s County, MD, GO Limited, Public Improvements, (Series A), 5.00%, 9/15/27		1,020,000		1,217,584
State of Maryland, GO Unlimited, Refunding Bonds, 5.00%, 8/01/20		3,000,000		3,636,450
Washington Suburban Sanitary Commission, MD, GO Unlimited, Refunding Bonds, 6.00%, 6/01/18		1,000,000		1,174,510



Description	Par Value		Value
Washington Suburban Sanitary Commission, MD, GO Unlimited, Water & Utility Improvements, 5.00%, 6/01/18	$	1,315,000	$	1,503,071

TOTAL GENERAL OBLIGATIONS			$	30,362,351

HIGHER EDUCATION – 9.8%

Maryland Health & Higher Educational Facilities Authority, Refunding Revenue Bonds, (Series B), (Johns Hopkins University), 5.00%, 7/01/23		2,000,000		2,523,800
Maryland Health & Higher Educational Facilities Authority, Refunding Revenue Bonds, (Series A), (Johns Hopkins University)
5.00%, 7/01/24		2,000,000		2,479,460
5.00%, 7/01/26		3,000,000		3,675,630

TOTAL HIGHER EDUCATION			$	8,678,890

LEASE – 4.0%

Maryland Economic Development Corp., Refunding Revenue Bonds, (Dept. Transaction Headquarters), 4.00%, 6/01/21		1,000,000		1,157,730
Maryland Economic Development Corp., Revenue Bonds, General Improvements, (Public Health Laboratory), 5.00%, 6/01/19		1,000,000		1,171,710
Maryland Stadium Authority, MD, Refunding Revenue Bonds, 5.00%, 6/15/17		1,055,000		1,164,193

TOTAL LEASE			$	3,493,633

MEDICAL – 16.4%

Maryland Health & Higher Educational Facilities Authority, Refunding Revenue Bonds, (Anne Arundel Health Systems)
5.00%, 7/01/22		1,000,000		1,202,090
5.00%, 7/01/25		1,000,000		1,173,510
5.00%, 7/01/26		1,100,000		1,284,360
5.00%, 7/01/27		535,000		621,905
Maryland Health & Higher Educational Facilities Authority, Refunding Revenue Bonds, (Series A), (Greater Baltimore Medical Center), 5.00%, 7/01/25		1,015,000		1,203,983
Maryland Health & Higher Educational Facilities Authority, Refunding Revenue Bonds, (Series C), (Upper Chesapeake Medical Center), 5.50%, 1/01/28		2,500,000		2,740,175
Maryland Health & Higher Educational Facilities Authority, Revenue Bonds, (Johns Hopkins Health System)
5.00%, 7/01/19		1,000,000		1,174,870



Description	Par Value		Value
5.00%, 7/01/22	$	1,000,000	$	1,233,830
Maryland Health & Higher Educational Facilities Authority, Revenue Bonds, (Series B), (MedStar Health)
5.00%, 8/15/26		1,500,000		1,792,095
5.00%, 8/15/27		1,000,000		1,184,340
Maryland Health & Higher Educational Facilities Authority, Revenue Bonds, (Series C), (Johns Hopkins Health System),
5.00%, 5/15/28		675,000		809,588

TOTAL MEDICAL			$	14,420,746
PRE-REFUNDED/ESCROW – 5.1%
Maryland Health & Higher Educational Facilities Authority, Refunding Revenue Bonds, (Helix Health Systems, Inc.), (AMBAC), 5.00%, 7/01/27		3,630,000		4,515,466
TRANSPORTATION – 15.2%
Maryland State Department of Transportation, Refunding Revenue Bonds
5.00%, 5/01/17		2,000,000		2,203,420
5.00%, 5/01/18		825,000		939,848
Maryland State Transportation Authority, Refunding Revenue Bonds
5.00%, 7/01/18		2,500,000		2,860,750
5.00%, 7/01/25		1,000,000		1,213,970
Maryland State Transportation Authority, Revenue Bonds, Highway Improvements,
5.25%, 3/01/18		3,520,000		4,013,574
Montgomery County, MD, Parking System Revenue, Refunding Revenue Bonds,
5.00%, 6/01/21		1,820,000		2,214,612

TOTAL TRANSPORTATION			$	13,446,174



Description	Par Value		Value
WATER & SEWER – 5.8%
Maryland Water Quality Financing Administration Revolving Loan Fund, Revenue Bonds, Sewer Improvements
5.00%, 3/01/20	$	2,525,000	$	3,036,035
5.00%, 3/01/26		1,650,000		2,073,968

TOTAL WATER & SEWER			$	5,110,003

TOTAL MARYLAND			$	84,829,842

TOTAL MUNICIPAL BONDS (COST $80,182,380)			$	84,829,842

	Number of Shares
MONEY MARKET FUND – 3.0%
Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 0.00%^{^}		2,631,066	$	2,631,066

TOTAL MONEY MARKET FUND (COST $2,631,066)			$	2,631,066

TOTAL INVESTMENTS – 99.2% (COST $82,813,446)			$	87,460,908
OTHER ASSETS LESS LIABILITIES – 0.8%				719,782

TOTAL NET ASSETS – 100.0%			$	88,180,690

Cost of investments for Federal income tax purposes is $82,873,131. The net unrealized appreciation/(depreciation) of investments was $4,587,777. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $4,647,462 and net unrealized depreciation from investments for those securities having an excess of cost over value of $59,685.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

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

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of January 31, 2015 in valuing the Fund’s assets carried at fair value:



Description	Par Value		Value
MUNICIPAL BONDS – 95.6%
NEW YORK – 95.6%
DEDICATED TAX – 14.9%
Nassau County Interim Finance Authority, Refunding Revenue Bonds, (Series A), 5.00%, 11/15/21	$	1,000,000	$	1,231,910
New York Local Government Assistance Corp., Refunding Revenue Notes, (Series A), (GO of Corp.), 5.00%, 4/01/20		3,000,000		3,586,770
New York State Dormitory Authority, Revenue Bonds, University & College Improvements, (Series A), 5.00%, 3/15/25		5,100,000		6,365,463
New York State Thruway Authority, Revenue Bonds, Public Improvements, (Series A), 5.25%, 3/15/23		1,000,000		1,114,010
New York State Thruway Authority, Revenue Bonds, Transit Improvements, (Series A), 5.00%, 3/15/27		1,000,000		1,135,090

TOTAL DEDICATED TAX			$	13,433,243
GENERAL OBLIGATION – 5.8%
County of Albany NY, AD Velorem Property Tax, GO, Refunding Bonds, 5.00%, 9/15/20		2,595,000		3,127,131
Town of Islip NY, GO, Refunding Bonds, AD Valorem Property Tax, 5.00%, 2/01/19		1,795,000		2,089,703

TOTAL GENERAL OBLIGATION			$	5,216,834
GENERAL OBLIGATIONS – 8.5%
New York Municipal Bond Bank Agency, Refunding Revenue Bonds, (Subseries B1)/(AGM), 5.00%, 4/15/21		3,000,000		3,468,000
New York State, GO Unlimited, Highway Improvements, (Series E), (State Aid Withholding), 5.00%, 12/15/21		2,090,000		2,597,159
Westchester County, NY, GO, Unlimited, Refunding Bonds, Series A, 5.00%, 10/15/17		1,395,000		1,562,595

TOTAL GENERAL OBLIGATIONS			$	7,627,754
HIGHER EDUCATION – 3.3%
New York State Dormitory Authority, Revenue Bond, University and College Improvements, (Series A), 5.00%, 7/01/28		1,000,000		1,202,610
New York State Dormitory Authority, University & College Improvements, (Series A), (NATL-RE), 6.00%, 7/01/19		1,500,000		1,803,615

TOTAL HIGHER EDUCATION			$	3,006,225



Description	Par Value		Value

LEASE – 13.8%
Erie County, NY, IDA, Revenue Bonds, School Improvements, (Series A), (School District Buffalo Project)/(AGM, State Aid Withholding), 5.75%, 5/01/21	$	1,000,000	$	1,115,370
Erie County, NY, IDA, Revenue Bonds, School Improvements, (Series A), (School District Buffalo Project)/(State Aid Withholding), 5.00%, 5/01/23		3,000,000		3,580,350
New York City, NY, Transitional Finance Authority, Building Aid, Revenue Refunding Bonds, School Improvements, (Series S-5), (State Aid Withholding), 5.00%, 1/15/27		2,770,000		3,166,996
New York State Dormitory Authority, Refunding Revenue Bonds, (AGM), 5.00%, 7/01/18		1,000,000		1,100,430
New York State Urban Development Corp., Refunding Revenue Notes, (Series B), 5.25%, 1/01/23		3,000,000		3,421,680

TOTAL LEASE			$	12,384,826
MEDICAL – 8.8%
Monroe County, NY, IDA, Refunding Revenue Bonds, (Highland Hospital Rochester Project), 5.00%, 8/01/22		1,000,000		1,020,390
New York State Dormitory Authority, Refunding Revenue Bonds, Health, Hospital, Nursing Home Revenue (NYU Hospitals Center), 5.00%, 7/01/27		4,650,000		5,681,324
New York State Dormitory Authority, Revenue Refunding Bonds, (Series C), (Memorial Sloan Kettering Cancer Center)/(National Reinsurance), 5.75%, 7/01/19		1,010,000		1,201,930

TOTAL MEDICAL			$	7,903,644
POWER – 3.6%
New York Power Authority/The, Revenue Refunding Bonds, (Series A), (GO of Authority), 5.00%, 11/15/22		2,575,000		3,206,210
PRE-REFUNDED/ESCROW – 4.7%
Triborough Bridge & Tunnel Authority, NY, Refunding Revenue Bonds, (Series Y), (CAPMAC – ITC GO of Authority), 6.13%, 1/01/21		3,500,000		4,245,290
SCHOOL DISTRICT – 12.4%
Byram Hills Central School District, NY, GO Unlimited, Refunding Bonds, (State Aid Withholding), 5.00%, 11/15/17		1,000,000		1,121,180



Description	Par Value		Value
Chester Union Free School District, GO Unlimited, Refunding Bonds, (State Aid Withholding), 5.00%, 4/15/27	$	1,555,000	$	1,830,297
Commack Union Free School District/NY, Refunding Bonds, (GO, State Aid Withholding), 4.00%, 11/15/21		1,625,000		1,867,418
East Meadow Union Free School District, GO Unlimited, Refunding Bonds, (State Aid Withholding), 4.00%, 8/15/18		1,385,000		1,536,907
Greece Central School District, NY, GO Unlimited, Refunding Bonds, (Series A), (State Aid Withholding), 5.00%, 6/15/18		1,000,000		1,132,160
New York State Dormitory Authority, Revenue Refunding Bonds, School Improvements, (Series C), (State Aid Withholding), 7.25%, 10/01/28		3,000,000		3,632,400

TOTAL SCHOOL DISTRICT			$	11,120,362
TRANSPORTATION – 12.8%
Metropolitan Transportation Authority, NY, Revenue Bonds, Transit Improvements, (Series B), 5.00%, 11/15/22		1,000,000		1,118,560
Metropolitan Transportation Authority, NY Revenue, Revenue Refunding Bonds, Transit Improvements, (Series B), 5.00%, 11/15/29		2,000,000		2,403,020
Metropolitan Transportation Authority, NY Revenue, Revenue Refunding Bonds, Transit Improvements, (Series E), 5.00%, 11/15/28		2,000,000		2,405,500
Port Authority of New York & New Jersey, Refunding Revenue Bonds, Airport & Marina Improvements, (Series B), 5.00%, 12/01/23		3,000,000		3,723,150
Triborough Bridge & Tunnel Authority, NY, Refunding Revenue Bonds, (Series B), 5.00%, 11/15/28		1,500,000		1,844,460

TOTAL TRANSPORTATION			$	11,494,690



Description	Par Value		Value
WATER – 7.0%
Nassau County Sewer & Storm Water Finance Authority, Refunding Revenue Bonds, 5.00%, 10/01/26	$	1,500,000	$	1,894,185
New York City Water & Sewer System, (Series BB), Refunding Revenue Bonds, 5.00%, 6/15/28		3,595,000		4,445,469

TOTAL WATER			$	6,339,654

TOTAL NEW YORK			$	85,978,732

TOTAL MUNICIPAL BONDS (COST $80,343,620)			$	85,978,732
	Number of Shares
MONEY MARKET FUND – 3.7%
Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 0.00%^{^}		3,325,776	$	3,325,776

TOTAL MONEY MARKET FUND (COST $3,325,776)			$	3,325,776

TOTAL INVESTMENTS – 99.3% (COST $83,669,396)			$	89,304,508
OTHER ASSETS LESS LIABILITIES – 0.7%				621,015

TOTAL NET ASSETS – 100.0%			$	89,925,523

Cost of investments for Federal income tax purposes is $83,731,699. The net unrealized appreciation/(depreciation) of investments was $5,572,809. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $5,635,112 and net unrealized depreciation from investments for those securities having an excess of cost over value of $62,303.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

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

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of January 31, 2015 in valuing the Fund’s assets carried at fair value:



Description	Par Value		Value
ASSET-BACKED COMMERCIAL PAPER – 8.2%^¿
CAFCO LLC,
0.18%, 2/05/15^•,W	$	50,000,000	$	49,999,000
Chariot Funding LLC
0.27%, 8/21/15^•,W		25,000,000		24,962,313
0.27%, 8/03/15^•,W		50,000,000		49,931,375
0.27%, 8/11/15^•,W		25,000,000		24,964,188
CIESCO LLC,
0.18%, 2/06/15^•,W		50,000,000		49,998,750
MetLife Short Term Fund,
0.14%, 4/01/15^•,W		43,000,000		42,990,134
Old Line Funding LLC,
0.23%, 5/20/15^•,W		50,000,000		49,965,500
Thunder Bay Funding LLC,
0.23%, 3/23/15		50,000,000		49,984,028

TOTAL ASSET-BACKED COMMERCIAL PAPER
(COST $342,795,288)			$	342,795,288
CERTIFICATES OF DEPOSIT – 19.7%
Bank of Montreal,
0.16%, 2/04/15		100,000,000		100,000,000
Bank of Nova Scotia/Houston
0.21%, 5/01/15		50,000,000		50,000,000
0.26%, 7/28/15		50,000,000		50,000,000
Branch Bank & Trust,
0.15%, 3/03/15		100,000,000		100,000,000
Credit Suisse, New York
0.18%, 3/06/15		50,000,000		50,000,000
0.18%, 3/06/15		50,000,000		50,000,000
HSBC Bank USA,
0.16%, 3/20/15		75,000,000		75,000,000
JP Morgan Chase Bank NA
0.35%, 2/03/15		50,000,000		50,000,000
0.31%, 10/23/15^D		50,000,000		50,000,000
Toronto Dominion Bank
0.26%, 7/22/15		50,000,000		50,000,000
0.26%, 11/18/15		50,000,000		50,000,000
US Bank National Association,
0.23%, 10/30/15		50,000,000		50,000,000
Wells Fargo Bank NA
0.28%, 3/05/15^D		50,000,000		50,000,000
0.28%, 11/18/15		50,000,000		50,000,000

TOTAL CERTIFICATES OF DEPOSIT
(COST $825,000,000)			$	825,000,000



Description	Par Value		Value
CORPORATE NOTES & BONDS – 8.3%
Bank of America NA
0.23%, 5/13/15	$	50,000,000	$	50,000,000
0.23%, 5/13/15		50,000,000		50,000,000
Province of British Columbia,
Sr. Unsecured, 0.15%, 6/15/15		40,396,000		40,787,748
Province of Ontario, Canada
0.11%, 2/06/15		75,000,000		74,998,854
0.28%, 8/13/15		25,000,000		25,009,291
Westpac Banking Corp., Sr. Unsecured
0.21%, 2/27/15		50,000,000		50,141,000
0.23%, 2/20/15		58,000,000		58,000,968

TOTAL CORPORATE NOTES & BONDS
(COST $348,937,861)			$	348,937,861
FINANCIAL COMPANY COMMERCIAL PAPER – 6.0%
Australia & New Zealand Banking Group Ltd.,
0.16%, 3/16/15^•,W		50,000,000		49,990,444
Commonwealth Bank of Australia
0.23%, 2/13/15^•,W		50,000,000		50,000,014
0.23%, 2/05/15^•,W		50,000,000		50,000,000
National Australia Bank Ltd.,
0.22%, 4/16/15^•,W		100,000,000		99,954,778

TOTAL FINANCIAL COMPANY COMMERCIAL PAPER
(COST $249,945,236)			$	249,945,236
MUNICIPAL COMMERCIAL PAPER – 4.1%^¿
Catholic Health Initiatives,
0.25%, 5/06/15		17,150,000		17,138,805
Emory University,
0.20%, 3/12/15		27,400,000		27,400,000
Salt River Project Agricultural Improvement
& Power District, Series C
0.14%, 2/02/15		30,000,000		29,999,883
0.14%, 2/03/15		45,000,000		44,999,650
University of California,
0.21%, 3/16/15		50,000,000		49,987,458

TOTAL MUNICIPAL COMMERCIAL PAPER
(COST $169,525,796)			$	169,525,796
MUNICIPAL NOTES & BONDS – 2.3%
Connecticut State, Health & Educational Facilities Authority, Revenue Bonds, (Series T-2) Weekly VRDNs, (Yale University, OBG), 0.01%, 2/07/15^D		39,250,000		39,250,000



Description	Par Value		Value
Loudoun County Industrial Development Authority, VA, Revenue Bonds, (Series B) Weekly VRDNs, (Howard Hughes Medical Institute, OBG), 0.01%, 2/07/15^D	$	23,685,000	$	23,685,000
State of Texas, GO Revenue Bonds, (Series 2006A) Weekly VRDNs, (Veterans Housing Assistance, OBG), 0.08%, 2/07/15^D		32,975,000		32,975,000

TOTAL MUNICIPAL NOTES & BONDS
(COST $95,910,000)			$	95,910,000
OTHER COMMERCIAL PAPER – 32.3%^¿
ABB Treasury Center USA,
0.11%, 2/02/15^•,W		30,000,000		29,999,908
Abbott Laboratories
0.10%, 2/02/15^•,W		62,000,000		61,999,828
0.10%, 2/09/15^•,W		25,300,000		25,299,438
BMW US Capital LLC
0.12%, 2/12/15^•,W		30,000,000		29,998,900
0.12%, 2/23/15^•,W		28,000,000		27,997,947
0.13%, 2/18/15^•,W		19,690,000		19,688,791
BP Capital Markets PLC,
0.13%, 2/05/15^•,W		70,000,000		69,999,028
Cargill Global Funding PLC,
0.08%, 2/02/15^•,W		50,000,000		49,999,889
Caterpillar Financial Service Corp.,
0.13%, 3/03/15		50,000,000		49,994,583
Chevron Corporation,
0.10%, 2/20/15^•,W		99,000,000		98,994,775
Coca-Cola Co.,
0.21%, 3/23/15^•,W		25,000,000		24,992,708
CPPIB Capital, Inc.
0.13%, 2/02/15^•,W		50,000,000		49,999,819
0.15%, 4/07/15^•,W		51,000,000		50,986,188
Electric de France
0.17%, 4/02/15^•,W		50,000,000		49,985,833
0.20%, 5/06/15^•,W		46,900,000		46,875,508
Emerson Electric Co.,
0.09%, 2/03/15^•,W		30,000,000		29,999,850
Exxon Mobil Corp.,
0.17%, 6/22/15		100,000,000		99,933,417
Massachusetts Mutual Life Insurance
0.12%, 2/05/15^•,W		25,000,000		24,999,667
0.12%, 2/09/15^•,W		25,000,000		24,999,333
Merck & Co., Inc.,
0.13%, 2/10/15^•,W		50,000,000		49,998,375
Philip Morris International Inc.,
0.14%, 3/03/15^•,W		100,000,000		99,988,333
Praxair, Inc.



Description	Par Value		Value
0.10%, 2/10/15		50,000,000		49,998,750
0.10%, 2/03/15	$	50,000,000	$	49,999,722
Siemens Capital Co., LLC,
0.08%, 2/02/15^•,W		86,700,000		86,699,807
Simon Property Group LP,
0.18%, 2/11/15^•,W		45,600,000		45,597,720
Toyota Motor Credit Corp.
0.21%, 4/28/15		50,000,000		49,974,917
0.25%, 7/20/15		50,000,000		49,941,319

TOTAL OTHER COMMERCIAL PAPER
(COST $1,348,944,353)			$	1,348,944,353
U.S. GOVERNMENT AGENCY OBLIGATIONS – 8.0%
Federal Home Loan Bank
0.07%, 2/20/15		90,000,000		89,996,675
0.08%, 3/04/15		37,900,000		37,897,389
0.08%, 2/11/15		100,000,000		99,997,778
0.09%, 3/13/15		58,790,000		58,784,448
Federal National Mortgage Association,
0.07%, 3/18/15		50,000,000		49,995,625

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(COST $336,671,915)			$	336,671,915
U.S. TREASURY OBLIGATIONS – 10.8%
U.S. TREASURY BILLS – 6.0%
0.01%, 2/05/15		50,000,000		49,999,939
0.07%, 5/28/15		100,000,000		99,978,331
0.07%, 7/23/15		100,000,000		99,965,600
U.S. TREASURY NOTES – 4.8%
0.25%, 7/15/15		50,000,000		50,012,623
0.25%, 9/15/15		50,000,000		50,037,093
0.38%, 6/15/15		100,000,000		100,085,735

TOTAL U.S. TREASURY OBLIGATIONS
(COST $450,079,321)			$	450,079,321
REPURCHASE AGREEMENT – 1.3%
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.05%, dated 01/30/15, due 02/02/15, repurchase price $54,000,225, collateralized by U.S. Treasury Securities 0.00% to 1.50%, maturing 02/26/15 to 08/31/18; total market value of $55,080,087.		54,000,000		54,000,000

TOTAL REPURCHASE AGREEMENT
(COST $54,000,000)			$	54,000,000

TOTAL INVESTMENTS – 101.0%
(COST $4,221,809,770)			$	4,221,809,770
OTHER LIABILITIES LESS ASSETS – (1.0%)				(40,494,853	)

TOTAL NET ASSETS – 100.0%			$	4,181,314,917

Costs of investments for Federal income tax purposes is the same as for financial statement purposes.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

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

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of January 31, 2015 in valuing the Fund’s assets carried at fair value:



Description	Par Value		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS – 87.9%
FEDERAL FARM CREDIT BANK (FFCB) – 15.2%
0.06%, 4/09/15^‡	$	34,000,000	$	33,996,203
0.10%, 4/13/15^‡		36,226,000		36,219,213
0.12%, 3/23/15^‡		15,000,000		14,997,500
0.12%, 2/04/15^D		125,000,000		124,996,296
0.13%, 2/15/15^D		75,000,000		74,999,443
0.13%, 2/06/15^D		100,000,000		99,992,758
0.13%, 2/16/15^D		175,000,000		174,976,129
0.17%, 2/19/15^D		21,600,000		21,602,156
0.20%, 2/20/15^D		66,800,000		66,823,650

TOTAL FEDERAL FARM CREDIT BANK (FFCB)			$	648,603,348
FEDERAL HOME LOAN BANK (FHLB) – 28.4%
0.05%, 2/04/15^‡		27,100,000		27,099,898
0.06%, 2/06/15^‡		50,530,000		50,529,600
0.07%, 2/20/15^‡		15,000,000		14,998,931
0.07%, 4/01/15^‡		30,300,000		30,296,474
0.07%, 4/08/15^‡		21,000,000		20,997,267
0.08%, 2/11/15^‡		298,300,000		298,293,676
0.08%, 3/13/15^‡		46,082,000		46,077,904
0.08%, 3/06/15^‡		89,949,000		89,942,202
0.09%, 4/17/15^‡		85,000,000		84,984,948
0.09%, 2/18/15^‡		140,345,000		140,339,177
0.09%, 4/22/15^‡		50,000,000		49,990,000
0.10%, 4/10/15^‡		94,350,000		94,332,361
0.10%, 4/15/15^‡		135,100,000		135,072,432
0.11%, 3/11/15^‡		75,000,000		74,991,292
0.13%, 2/12/15^D		25,000,000		24,999,980
0.15%, 7/10/15^‡		24,500,000		24,484,310

TOTAL FEDERAL HOME LOAN BANK (FHLB)			$	1,207,430,452
FEDERAL HOME LOAN MORTGAGE CORPORATION
(FHLMC) - 18.3%
0.03%, 2/03/15^‡		36,500,000		36,499,939
0.04%, 2/05/15^‡		25,500,000		25,499,887
0.05%, 2/17/15^‡		20,000,000		19,999,556
0.07%, 3/06/15^‡		51,053,000		51,049,857
0.07%, 4/20/15^‡		25,000,000		24,996,208
0.07%, 4/07/15^‡		25,000,000		24,996,840
0.07%, 4/13/15^‡		67,260,000		67,250,374
0.07%, 2/10/15^‡		64,927,000		64,925,789
0.08%, 3/09/15^‡		56,800,000		56,795,626



Description	Par Value		Value
0.08%, 2/25/15^‡	$	65,000,000	$	64,996,433
0.09%, 3/16/15^‡		44,820,000		44,815,182
0.10%, 4/16/15^‡		50,000,000		49,990,236
0.10%, 5/06/15^‡		25,000,000		24,993,472
0.15%, 5/13/15^‡		73,200,000		73,169,195
0.16%, 2/16/15^D		100,000,000		100,016,329
0.17%, 5/29/15^‡		50,000,000		49,972,375

TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION
(FHLMC)			$	779,967,298
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 26.0%
0.07%, 3/03/15^‡		28,000,000		27,998,483
0.07%, 2/17/15^‡		78,300,000		78,297,738
0.07%, 4/01/15^‡		37,500,000		37,496,005
0.07%, 3/02/15^‡		181,662,000		181,652,082
0.07%, 4/08/15^‡		64,600,000		64,591,935
0.07%, 3/18/15^‡		63,800,000		63,794,418
0.07%, 3/16/15^‡		50,735,000		50,730,758
0.08%, 4/15/15^‡		50,000,000		49,992,396
0.09%, 4/22/15^‡		83,330,000		83,314,075
0.09%, 2/11/15^‡		22,857,000		22,856,429
0.10%, 4/06/15^‡		40,080,000		40,073,231
0.10%, 4/13/15^‡		25,000,000		24,995,316
0.10%, 4/30/15^‡		20,000,000		19,995,111
0.10%, 5/18/15^‡		47,600,000		47,585,984
0.10%, 7/01/15^‡		100,000,000		99,958,333
0.11%, 2/18/15^‡		15,000,000		14,999,221
0.16%, 2/21/15^D		150,000,000		150,035,366
0.17%, 6/10/15^‡		50,000,000		49,969,542

TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	1,108,336,423

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(COST $3,744,337,521)			$	3,744,337,521
U.S. TREASURY OBLIGATIONS – 5.9%
U.S. TREASURY BILLS – 4.7%
0.05%, 3/19/15		100,000,000		99,993,994
0.07%, 7/23/15		100,000,000		99,965,600
U.S. TREASURY NOTE – 1.2%
0.25%, 7/15/15		50,000,000		50,012,623

TOTAL U.S. TREASURY OBLIGATIONS
(COST $249,972,217)			$	249,972,217



Description	Par Value		Value

REPURCHASE AGREEMENTS – 6.2%
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.05%, dated 01/30/15, due 02/02/15, repurchase price $41,000,171, collateralized by U.S. Treasury Securities 1.00% to 5.50%, maturing 12/15/17 to 08/15/28; total market value of $41,820,054.	$	41,000,000	$	41,000,000
TD Securities, Inc., 0.06%, dated 01/30/15, due 02/02/15, repurchase price $125,000,625, collateralized by U.S. Government securities 3.00% to 4.00%, maturing 08/01/33 to 12/01/44; total market value of $128,750,001.		125,000,000		125,000,000
TD Securities, Inc., 0.07%, dated 01/30/15,due 02/02/15, repurchase price $100,000,583 collateralized by U.S. Government securities 3.00% to 5.00%, maturing 01/01/30 to 01/01/45; total market value of $103,000,000.		100,000,000		100,000,000

TOTAL REPURCHASE AGREEMENTS
(COST $266,000,000)			$	266,000,000

Costs of investments for Federal income tax purposes is the same as for financial statement purposes.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

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

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of January 31, 2015 in valuing the Fund’s assets carried at fair value:



Description	Par Value		Value
U.S. TREASURY OBLIGATIONS – 88.4%
U.S. TREASURY BILLS – 54.9%
0.01%, 2/05/15^‡	$	100,000,000	$	99,999,855
0.01%, 2/12/15^‡		50,000,000		49,999,817
0.08%, 2/19/15^‡		125,000,000		124,999,531
0.05%, 3/05/15^‡		50,000,000		49,997,778
0.05%, 3/19/15^‡		50,000,000		49,996,997
0.05%, 4/23/15^‡		25,000,000		24,997,159
0.08%, 7/16/15^‡		50,000,000		49,982,698

TOTAL U.S. TREASURY BILLS			$	449,973,835
U.S. TREASURY NOTES – 33.5%
0.25%, 2/28/15		25,000,000		25,003,557
0.38%, 4/15/15		125,000,000		125,078,689
0.38%, 6/15/15		50,000,000		50,041,626
0.25%, 7/15/15		25,000,000		25,012,257
0.07%, 10/31/16^D		50,000,000		49,988,261

TOTAL U.S. TREASURY NOTES			$	275,124,390

TOTAL U.S. TREASURY OBLIGATIONS
(COST $725,098,225)			$	725,098,225

Costs of investments for Federal income tax purposes is the same as for financial statement purposes.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

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

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of January 31, 2015 in valuing the Fund’s assets carried at fair value:



Description	Par Value		Value
COMMERCIAL PAPER – 49.4%
ILLINOIS – 3.9%
Illinois Educational Facilities Authority, (Northern Trust, LOC), 0.08%, 2/05/15	$	20,793,000	$	20,793,000

TOTAL ILLINOIS			$	20,793,000
MARYLAND – 6.1%
Johns Hopkins University, (Series B)
0.05%, 02/05/15		5,000,000		5,000,000
0.08%, 02/04/15		12,000,000		12,000,000
Montgomery County, MD GO Unlimited Refunding Notes, BANs, (Series 10-A), BANs (PNC Bank,LIQ), 0.02%, 2/11/15		10,000,000		10,000,000
Montgomery County, MD GO Unlimited Refunding Notes, BANs, (Series 10-B), BANs, (State Street, LIQ), 0.02%, 2/13/15		5,000,000		5,000,000

TOTAL MARYLAND			$	32,000,000
MASSACHUSETTS – 0.4%
Massachusetts State Health and Education, (Series EE), (Harvard University), Revenue Bonds, 0.03%, 2/04/15		2,100,000		2,100,000

TOTAL MASSACHUSETTS			$	2,100,000
MICHIGAN – 2.8%
University of Michigan,
(Series J-1), 0.04%, 4/01/15		14,670,000		14,670,000

TOTAL MICHIGAN			$	14,670,000
MINNESOTA – 3.8%
University of Minnesota
0.03%, 02/03/15		12,000,000		12,000,000
0.04%, 03/04/15		8,000,000		8,000,000

TOTAL MINNESOTA			$	20,000,000
NORTH CAROLINA – 3.9%
North Carolina Capital Facilities Finance Agency, Educational Facilities, (Duke University), Revenue Bonds, 0.10%, 5/07/15		7,928,000		7,928,000
North Carolina Capital Facilities Finance Agency, Educational Facilities, (Series A2), (Duke University), Revenue Bonds, 0.06%, 5/07/15		12,406,000		12,406,000

TOTAL NORTH CAROLINA			$	20,334,000



Description	Par Value		Value
OHIO – 2.9%
Ohio Higher Educational Facility Commission,
(Case Western University), (JPMorgan Chase, LIQ), 0.08%, 5/07/15	$	3,500,000	$	3,500,000
Ohio Higher Educational Facility Commission,
(Case Western University), (Northern Trust, LIQ), 0.07%, 5/12/15		12,000,000		12,000,000

TOTAL OHIO			$	15,500,000
RHODE ISLAND – 2.8%
Rhode Island Health and Education Facilities Authority, (Series A), (Brown University)
0.04%, 02/03/15		5,530,000		5,530,000
0.08%, 02/05/15		9,000,000		9,000,000

TOTAL RHODE ISLAND			$	14,530,000
TENNESSEE – 1.6%
State of Tennessee,
(Series 00-A), (Tenn Consolidated Retirement System, LOC), GO, 0.06%, 3/19/15		8,250,000		8,250,000

TOTAL TENNESSEE			$	8,250,000
TEXAS – 19.6%
City of San Antonio, TX, Electric & Gas Systems, (Series A), (JPMorgan Chase, LIQ), 0.07%, 2/04/15		12,000,000		12,000,000
City of San Antonio, TX, Water Systems, (Series B), (Wells Fargo, LIQ), 0.05%, 2/02/15		20,000,000		20,000,000
Harris County Cultural Education Facilities Finance Corp., TX, Refunding Revenue Bonds, 0.05%, 2/06/15		3,850,000		3,850,000
Harris County Cultural Education Facilities Finance Corp., TX, (Series A), (Baylor College of Medicine, OBG), Refunding Revenue Bonds, 0.05%, 2/03/15		7,600,000		7,600,000
Texas A&M University, (Series B), 0.03%, 2/18/15		19,186,000		19,186,000
Texas Public Finance Authority, (Series 2003), (Comptroller of Public Accounts TX, LIQ), 0.04%, 2/18/15		8,850,000		8,850,000
Texas Public Finance Authority, (Series 2008), (Comptroller of Public Accounts TX, LIQ), GO, 0.04%, 3/05/15		1,510,000		1,510,000



Description	Par Value		Value
Texas Technical University,
(Series A), 0.06%, 2/05/15	$	9,795,000	$	9,795,000
University of Texas,
0.06%, 5/06/15		20,000,000		20,000,000

TOTAL TEXAS			$	102,791,000
VIRGINIA – 1.6%
University of Virginia, (Series 03-A)
0.06%, 05/05/15		5,000,000		5,000,000
0.06%, 05/14/15		3,200,000		3,200,000

TOTAL VIRGINIA			$	8,200,000

TOTAL COMMERCIAL PAPER
(COST $259,168,000)			$	259,168,000
MUNICIPAL BONDS – 9.6%
FLORIDA – 4.0%
JEA Electric System Revenue, Refunding Revenue Bonds, (Series 01-D), Daily VDRNs, (U.S. Bank, SPA), 0.01%, 2/01/15		15,200,000		15,200,000
JEA Water & Sewer System Revenue, Revenue Bonds, (Series A-1), Daily VRDNs, (U.S. Bank, SPA), 0.01%, 2/01/15		6,000,000		6,000,000

TOTAL FLORIDA			$	21,200,000
MASSACHUSETTS – 2.0%
Commonwealth of Massachusetts, GO Unlimited, Refunding Revenue Notes, (Series A), Daily VRDNs, (Wells Fargo Bank N.A.), 0.02%, 2/01/15		10,235,000		10,235,000

TOTAL MASSACHUSETTS			$	10,235,000
MISSISSIPPI – 0.7%
Mississippi Business Finance Corp., Gulf Opportunity, Revenue Bonds, (Series E), Daily VRDNs, (Chevron Corp. OBG.), 0.02%, 2/01/15		3,550,000		3,550,000

TOTAL MISSISSIPPI			$	3,550,000
NEW YORK – 0.7%
City of New York, NY, Municipal Water & Sewer System, Refunding Revenue Bonds, (Series H-3), Daily VRDNs, (State Street B&T), (AGM), 0.02%, 2/01/15		3,900,000		3,900,000

TOTAL NEW YORK			$	3,900,000
PENNSYLVANIA – 1.7%
Philadelphia Hospitals & Higher Education Facilities Authority, Revenue Bonds, (Series B), Daily VRDNs, (Children’s Hospital, OBG)/(Wells Fargo Bank N.A., SPA), 0.03%, 2/01/15		9,000,000		9,000,000

TOTAL PENNSYLVANIA			$	9,000,000
TEXAS – 0.3%
Lower Neches Valley Authority Industrial Development Corp., Revenue Bonds, Daily VRDNs, (Exxon Mobil Corp.), 0.01%, 2/01/15		1,600,000		1,600,000

TOTAL TEXAS			$	1,600,000



Description	Par Value		Value
UTAH – 0.2%
City of Murray, Revenue Bonds, (Series B), Daily VRDNs, (IHC Health Services, Inc.), (JPMorgan Chase Bank N.A.), 0.03%, 2/01/15	$	1,000,000	$	1,000,000

TOTAL UTAH			$	1,000,000

TOTAL MUNICIPAL BONDS
(COST $50,485,000)			$	50,485,000
SHORT-TERM MUNICIPAL BONDS – 41.0%
CONNECTICUT – 3.5%
Connecticut State Health & Educational Facility Authority, Revenue Bonds, (Series X-2), Daily VRDNs, (Yale University), 0.01%, 2/07/15		18,100,000		18,100,000

TOTAL CONNECTICUT			$	18,100,000
DELAWARE – 7.9%
Delaware State Health Facilities Authority, Refunding Revenue Bonds, (Series A), Daily VRDNs, (Christiana Care Health Services, OBG), 0.03%, 2/01/15		16,200,000		16,200,000
Delaware State Health Facilities Authority, Revenue Bonds, (Series A), Weekly VRDNs, (Christiana Care Health Services, OBG), 0.02%, 2/07/15		4,000,000		4,000,000
University of Delaware, Revenue Bonds, Daily VRDNs, (TD Bank N.A., SPA), 0.02%, 2/01/15		16,660,000		16,660,000
University of Delaware, Revenue Bonds, (Series B), Daily VRDNs, (University & College Imps.)/(Bank of America N.A., SPA), 0.03%, 2/01/15		4,500,000		4,500,000

TOTAL DELAWARE			$	41,360,000
FLORIDA – 0.7%
Orange County Housing Finance Authority, Refunding Revenue Bonds, Weekly VRDNs, (Fannie Mae), 0.03%, 2/07/15		3,495,000		3,495,000

TOTAL FLORIDA			$	3,495,000
LOUISIANA – 2.8%
Louisiana State Public Facilities Authority, Revenue Bonds, Daily VRDNs, (Air Products & Chemical Inc.), 0.01%, 2/01/15		3,700,000		3,700,000
Louisiana State Public Facilities Authority, Revenue Bonds, Daily VRDNs, (Air Products & Chemicals), 0.01%, 2/01/15		11,000,000		11,000,000

TOTAL LOUISIANA			$	14,700,000
MASSACHUSETTS – 1.3%
Commonwealth of Massachusetts, GO Limited Bonds, (Series B), Daily VRDNs, (U.S Bank N.A., SPA), 0.01%, 2/01/15		6,800,000		6,800,000

TOTAL MASSACHUSETTS			$	6,800,000



Description	Par Value		Value
MINNESOTA – 1.7%
City of Rochester, Refunding Revenue Bonds, (Series A), Weekly VRDNs, (Mayo Clinic, OBG), 0.01%, 2/07/15	$	8,900,000	$	8,900,000

TOTAL MINNESOTA			$	8,900,000
MISSISSIPPI – 2.3%
Jackson County, MS, Port Facility, Refunding Revenue Bonds, Daily VRDNs, (Chevron Corp., OBG), 0.01%, 2/01/15		3,500,000		3,500,000
Mississippi Business Finance Corp., Gulf Opportunity, Revenue Bonds, (Series A), Daily VRDNs, (Chevron Corp., OBG), 0.02%, 2/01/15		6,400,000		6,400,000
Mississippi Business Finance Corp., Gulf Opportunity, Revenue Bonds, (Series K), Daily VRDNs, (Chevron Corp., OBG), 0.02%, 2/01/15		2,300,000		2,300,000

TOTAL MISSISSIPPI			$	12,200,000
NEW HAMPSHIRE – 3.1%
New Hampshire, HEFA, Revenue Bonds, Weekly VRDNs, (Dartmouth College, OBG)/(U.S. Bank N.A., SPA), 0.02%, 2/07/15		5,350,000		5,350,000
New Hampshire, HEFA, Revenue Bonds, (Series A), Daily VRDNs, (Dartmouth College OBG)/(JPMorgan Bank N.A., SPA), 0.03%, 2/01/15		11,000,000		11,000,000

TOTAL NEW HAMPSHIRE			$	16,350,000
NEW YORK – 1.4%
City of New York, NY, Municipal Water & Sewer System, Refunding Revenue Bonds, (Series B-3), Daily VRDNs, (State Street B&T), 0.01%, 2/01/15		7,400,000		7,400,000

TOTAL NEW YORK			$	7,400,000
OHIO – 2.5%
Ohio State Higher Educational Facility Commission, Refunding Revenue Bonds, (Series B-4), Daily VRDNs, (Cleveland Clinic, OBG), 0.02%, 2/01/15		11,000,000		11,000,000
Ohio State Higher Educational Facility Commission, Refunding Revenue Bonds, (Series B-4), Daily VRDNs, (Cleveland Clinic, OBG)/(Wells Fargo Bank N.A.), 0.01%, 2/01/15		2,150,000		2,150,000

TOTAL OHIO			$	13,150,000
OKLAHOMA – 1.9%
Oklahoma State Turnpike Authority, Revenue Bonds, (Series F), Daily VRDNs, (JPMorgan Chase Bank N.A., SPA), 0.02%, 2/01/15		10,160,000		10,160,000

TOTAL OKLAHOMA			$	10,160,000



Description	Par Value		Value
PENNSYLVANIA – 0.5%
Philadelphia Hospitals & Higher Education Facilities Authority, Revenue Bonds, Daily VRDNs, (Children’s Hospital, OBG)/(JP Morgan Chase Bank N.A., SPA), 0.03%, 2/01/15	$	2,600,000	$	2,600,000

TOTAL PENNSYLVANIA			$	2,600,000
TEXAS – 5.5%
Gulf Coast Waste Disposal Authority, TX, Revenue Bonds, Weekly VRDNs, (Air Products & Chemicals Project, OBG), 0.01%, 2/07/15		2,000,000		2,000,000
Gulf Coast, Individual Development Authority, TX, Revenue Bonds, Daily VRDNs, (Exxon Mobil), 0.02%, 2/01/15		7,000,000		7,000,000
Port of Arthur Navigation District Industrial Development Corp., Revenue Bonds, Daily VRDNs, (Air Products & Chemicals Project, OBG), 0.02%, 2/01/15		1,000,000		1,000,000
State of Texas, GO Unlimited Notes, (Series B), Weekly VRDNs, (State Street / CalPERS, SPA), 0.02%, 2/07/15		10,480,000		10,480,000
Texas Water Development Board, Revenue Bonds, (Subseries A), Daily VRDNs, (JPMorgan Chase Bank N.A., SPA), 0.03%, 2/01/15		8,400,000		8,400,000

TOTAL TEXAS			$	28,880,000
UTAH – 2.5%
City of Murray, Revenue Bonds, (Series D), Daily VRDNs, (IHC Health Services, Inc., OBG), 0.02%, 2/01/15		10,700,000		10,700,000
Weber County Hospital (IHC Health Services), Revenue Bonds, (Series A), Daily VRDNs, 0.03%, 2/01/15		2,600,000		2,600,000

TOTAL UTAH			$	13,300,000
VIRGINIA – 3.4%
Loudon County Industrial Development Authority, Revenue Bonds, (Series D), Weekly VRDNs, (Howard Hughes Medical Center), 0.01%, 2/07/15		18,000,000		18,000,000

TOTAL VIRGINIA			$	18,000,000

TOTAL SHORT-TERM MUNICIPAL BONDS
(COST $215,395,000)			$	215,395,000

TOTAL INVESTMENTS – 100.0%
(COST $525,048,000)			$	525,048,000
OTHER LIABILITIES LESS ASSETS – 0.0%**				(127,497	)

TOTAL NET ASSETS – 100.0%			$	524,920,503

Costs of investments for Federal income tax purposes is the same as for financial statement purposes.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

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

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of January 31, 2015 in valuing the Fund’s assets carried at fair value:

Wilmington Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of 21 portfolios, (individually referred to as the “Fund” or collectively as the “Funds”).

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ from those estimated.

Investment Valuation – Fair value of the Funds’ portfolio securities are determined as follows:

• for equity securities, according to the last sale price or official closing price reported in the market in which they are primarily traded (either a national securities exchange or the over-the-counter market), if available;

• in the absence of recorded sales for equity securities, according to the mean between the last closing bid and asked prices;

• futures contracts and options are generally valued at market values established by the exchanges on which they are traded at the close of trading on such exchanges. Options traded in the over-the-counter market are generally valued according to the mean between the last bid and the last asked price for the option as provided by an investment dealer or other financial institution that deals in the option. The Board of Trustees (“Trustees”) may determine in good faith that another method of valuing such investments is necessary to appraise their fair value;

• forward foreign currency contracts are valued at the mean between the last bid and asked prices;

• investments in open-end regulated investment companies are valued at net asset value (“NAV”);

• price information on listed securities, including underlying Exchange Traded Funds (“ETFs”) and Exchange Traded Notes (“ETNs”), is taken from the exchange where the security is primarily traded;

• for fixed income securities, according to prices as furnished by an independent pricing service, except that fixed income securities with remaining maturities of less than 60 days at the time of purchase are valued at amortized cost;

• the money market funds use the amortized cost method to value their portfolio securities in accordance with Rule 2a-7 under the Act; and

• for all other securities at fair value as determined in accordance with procedures established by and under the general supervision of the Trustees.

Trading in foreign securities may be completed at times which vary from the closing of the New York Stock Exchange (“NYSE”). In computing their NAV, the Funds value foreign securities using the latest closing price on the primary exchange on which they are traded immediately prior to the closing of the NYSE. Certain foreign currency exchange rates are generally determined at the latest rate prior to the closing of the NYSE. Foreign securities quoted in foreign currencies are translated into U.S. dollars at current rates. Events that affect these values and exchange rates may occur between the times at which they are determined and the closing of the NYSE. If such events materially affect the value of portfolio securities, these securities may be valued at their fair value as determined in good faith by the Trustees, although the actual calculation may be done by others. An event is considered material if there is both an affirmative expectation that the security’s value will change in response to the event and a reasonable basis for quantifying the resulting change in value.

The Trust follows the authoritative guidance (GAAP) for fair value measurements. The guidance establishes a framework for measuring fair value and a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The guidance establishes three tiers of inputs that may be used to measure fair value. The three tiers of inputs are summarized at the end of each Fund’s Portfolio 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 Funds’ policy is to disclose transfers between levels based on valuations at the beginning of the reporting period. Each portfolio may hold securities which are periodically fair valued in accordance with the Funds’ fair value procedures. This may result in movements between Levels 1, 2 and 3 throughout the period. As of January 31, 2015, there were no transfers between Levels 1, 2 and 3 assets and liabilities, based on levels assigned to securities at the beginning of the period. This does not include transfers between Level 1 and Level 2 due to the Multi-Manager International Fund and the Multi-Manager Real Asset Fund utilizing international fair value pricing during the period. Pursuant to the Funds’ fair value procedures noted previously, equity securities (including exchange traded securities and other open-end regulated investment companies) and exchange traded derivatives are generally categorized as Level 1 securities in the fair value hierarchy. Fixed income securities, non-exchange traded derivatives and money market instruments are generally categorized as Level 2 securities in the fair value hierarchy.

Investments for which there are no such quotations, or for which quotations do not appear reliable, are valued at fair value as determined in accordance with procedures established by and under the general supervision of the Trustees. These valuations are typically categorized as Level 2 or Level 3 securities in the fair value hierarchy.

Repurchase Agreements – Repurchase agreements are transactions in which a Fund buys a security from a dealer or bank and agrees to sell the security back at a mutually agreed upon time and price. The repurchase price exceeds the sale price, reflecting the Fund’s return on the transaction. It is each Fund’s policy to require the counterparty to a repurchase agreement to transfer to the Funds’ custodian or sub-custodian eligible securities or cash with a market value (after transaction costs) at least equal to the repurchase price to be paid under the repurchase agreement. The eligible securities are transferred to accounts with the custodian or sub-custodian in which the Funds hold a “securities entitlement” and exercise “control” as those terms are defined in the Uniform Commercial Code. The Funds have established procedures for monitoring the market value of the transferred securities and requiring the transfer of additional eligible securities if necessary to equal at least the repurchase price. These procedures also allow the counterparty to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.

The insolvency of the counterparty or other failure to repurchase the securities may delay the disposition of the underlying securities or cause the Funds to receive less than the full repurchase price.

Real Estate Investment Trusts – The Funds may invest in real estate investment trusts (“REITs”) that involve risks not associated with investing in stocks. Risks include declines in the value of real estate, general and economic conditions, changes in the value of the underlying property and defaults by borrowers. The value of assets in the real estate industry may go through cycles of relative underperformance and outperformance in comparison to equity securities markets in general. Dividend income is recorded using management’s estimate of the income included in distributions received from REIT investments. The actual amounts of income, return of capital and capital gains are only determined by each REIT after its fiscal year-end and may differ from the estimated amount. Estimates of income are adjusted in the Funds to the actual amounts when the amounts are determined.

Warrants and Rights – Certain Funds hold warrants and rights acquired either through a direct purchase, including as part of private placement, or pursuant to corporate actions. Warrants and rights entitle the holder to buy a proportionate amount of common stock at a specific price and time through the expiration dates. Such warrants and rights are held as long positions by the Funds until exercised, sold or expired. Equity-linked warrants are purchased in order to own local exposure to certain countries in which the Funds are not locally registered. Warrants and rights are valued at fair value in accordance with the Trustees’ approved fair value procedures.

Swap Agreements – Certain Funds may enter into credit default, interest rate, total return and other forms of swap agreements. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation or depreciation on investments. Payments received or paid by the Fund are recorded as realized gains or losses upon termination or maturity of the swap. Swap agreements outstanding at period end, if any, are listed on the Portfolios of Investments.

Securities Sold Short – Certain Funds may sell securities short. A short sale is a transaction in which the Fund sells a security it does not own in anticipation of a decline in market price. To sell a security short, the Fund must borrow the security. The Fund’s obligation to replace the security borrowed and sold short will be fully collateralized at all times by the proceeds from the short sale retained by the broker and by cash and securities deposited in a segregated account with the Fund’s custodian. If the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will realize a loss, and if the price declines during the period, the Fund will realize a gain. Any realized gain will be decreased, and any realized loss increased, by the amount of transaction costs.

In accordance with the terms of its prime brokerage agreement, the Funds may be charged a fee on borrowed securities. Such fees are calculated on a daily basis based upon the market value of each borrowed security and a variable rate that is dependent upon the availability of such security. The Funds record these prime broker charges on a net basis as interest expense on securities sold short. In addition, the Funds are required to pay the lender any dividends declared on short positions. Such amounts are recorded on the ex-dividend date as dividends expense on securities sold short.

Options – Certain Funds may either purchase or write options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates, value of equities or foreign exchange rates, with respect to securities which the Fund currently owns or intends to purchase. A Fund’s principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When a Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When a Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, a Fund realizes a gain or loss to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost of the purchase in determining whether a Fund has realized a gain or loss. The difference between the premium and the amount received or paid on effecting a closing purchase or sale transaction is also treated as a realized gain or loss. Gain or loss on purchased options is included in net realized gain or loss on investment transactions. Gain or loss on written options is presented separately as net realized gain or loss on options written. A Fund, as writer of options, may have no control over whether the underlying securities may be sold (called) or purchased (put). As a result, a Fund bears the market risk of an unfavorable change in the price of the security underlying the written option. A Fund, as purchaser of over-the-counter options, bears the risk of the potential inability of the counterparties to meet the terms of their contracts.

Foreign Currency Translation – The accounting records of the Funds are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies (“FCs”) are translated into U.S. dollars based on the rates of exchange of such currencies against U.S. dollars on the date of valuation. Purchases and sales of securities, income and expenses are translated at the rate of exchange quoted on the respective date that such transactions are recorded. The Funds do not isolate that portion of results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in the net realized and unrealized gain or loss from investments.

Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of FCs, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities at period end, resulting from changes in the exchange rate.

Forward Foreign Currency Contracts – Certain Funds may enter into foreign currency commitments or foreign currency exchange transactions. A Fund may enter into foreign currency contract transactions to protect assets against adverse changes in foreign currency exchange rates or exchange control regulations. Purchased contracts are used to acquire exposure to foreign currencies; whereas, contracts to sell are used to hedge a Fund’s securities against currency fluctuations. Risks may arise upon entering into these transactions from the potential inability of counterparties to meet the terms of their commitments and from unanticipated movements in security prices or foreign exchange rates. The foreign currency transactions are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized until the settlement date.

Futures Contracts – The Funds may invest in financial futures contracts to hedge their existing portfolios, manage cash flows, enhance yield and to potentially reduce transaction costs. Upon entering into a futures contract with a broker, the Fund is required to deposit in a segregated account a specified amount of cash or U.S. government securities. Futures contracts are valued daily and unrealized gains or losses are recorded in a “variation margin” account. Daily, the Fund receives from or pays to the broker a specified amount of cash based upon changes in the variation margin account. When a contract is closed, the Fund recognizes a realized gain or loss. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with the changes in the value of the underlying securities. Risk of loss may exceed amounts recognized on the statements of assets and liabilities.

Restricted Securities – Restricted securities are securities that either (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended, or (b) are subject to contractual restrictions on public sales. In some cases, when a security cannot be offered for public sale without first being registered, the issuer of the restricted security has agreed to register such security for resale, at the issuer’s expense, either upon demand by the Fund or in connection with another registered offering of the security. Many such restricted securities may be resold in the secondary market in transactions exempt from registration. Restricted securities may be determined to be liquid under criteria established by the Trustees. A Fund will not incur any registration costs upon such resales. The Funds’ restricted securities are valued at the price provided by dealers in the secondary market or, if no market prices are available, at the fair value as determined in accordance with procedures established by and under the general supervision of the Trustees.

Lending of Portfolio Securities – The Trust has entered into an agreement with their custodian whereby the custodian may lend securities owned by the Funds to brokers, dealers and other financial organizations. Any increase or decrease in the fair value of securities loaned and any interest or dividends earned on those securities during the term of the loan would be for the account of the Fund. In exchange for lending securities under the terms of the agreement with their custodian, the Funds receive a lender’s fee. Fees earned by the Funds on securities lending are recorded as income. Loans of securities by the Funds are collateralized by cash, U.S. government securities or money market instruments that are maintained at all times in an amount at least equal to the current market value of the loaned securities plus a margin which varies depending on the type of securities owned. The custodian establishes and maintains the collateral in a segregated account. The Funds have the right under the lending agreement to recover the securities from the borrower on demand. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day.

Investments purchased with cash collateral are presented on the Portfolio of Investments under the caption “Cash Collateral Invested for Securities on Loan.”

As of January 31, 2015, the Funds listed below had securities with the following values on loan:

The Funds maintain the risk of any loss on the securities on loan as well as the potential loss on investments purchased with cash collateral received from securities lending.

Affiliated holdings are securities and mutual funds which are managed by Wilmington Funds Management Corp. (the “Advisor”) or an affiliate of the Advisor or which are distributed by an affiliate of the Funds’ distributor. Transactions with affiliated companies during the period ended January 31, 2015 are as follows:

Since Maryland Municipal Bond Fund and New York Municipal Bond Fund invest a substantial portion of their assets in issuers located in one state, they will be more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally.

Multi-Manager International Fund invests in securities of non-U.S. issuers. Although the Fund maintains a diversified investment portfolio, the political or economic developments within a particular country or region may have an adverse effect on the ability of domiciled issuers to meet their obligations. Additionally, political or economic developments may have an effect on the liquidity and volatility of portfolio securities and currency holdings.

Multi-Manager Alternatives Fund uses strategies that include investments that have a low correlation to traditional asset classes. Strategies may include commodities, convertible arbitrage, event driven, long/short, market neutral, merger arbitrage and pairs trading.

Management has evaluated events and transactions for potential recognition or disclosure in the financial statements through the date the financial statements were issued. Management has determined that there are no material events that would require disclosure in the Fund’s financial statements through this date.

On September 18, 2014, the Board approved an Agreement and Plans of Reorganization (the “Plans”) which provided for the transfer of all the assets of the Short Duration Government Bond Fund and the Maryland Municipal Bond Fund for shares of the Short-Term Corporate Bond Fund and the Municipal Bond Fund, respectively. Shareholders approved the Plans at a meeting held on January 15, 2015 and closed on January 30, 2015 based on net asset values determined as of the close of business on January 30, 2015. The acquisitions were accomplished through a tax-free exchange of assets and shares.

Furthermore, the Board also approved two changes with respect to the Short-Term Corporate Bond Fund (the “Acquiring Fund”), to be effective on February 2, 2015. First, the name of the Acquiring Fund changed to the “Wilmington Short-Term Bond Fund.” Second, the Principal Investment Strategies of the Acquiring Fund were revised to remove the 80% limitation related to investment in corporate debt securities to allow the Fund to invest primarily in U.S. investment grade corporate and government fixed income securities.

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

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.



Description	Value

TOTAL INVESTMENTS – 101.4% (COST $302,932,649)	$	461,393,734
COLLATERAL FOR SECURITIES ON LOAN – (1.5%)		(6,872,406	)
OTHER ASSETS LESS LIABILITIES – 0.1%		406,810

TOTAL NET ASSETS – 100.0%	$	454,928,138



	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks	$	453,590,330	$	31,362	$	—	$	453,621,692
Investment Companies		427,599		—		—		427,599
Rights		381		—		—		381
Warrants		106,830		—		—		106,830
Money Market Fund		364,826		—		—		364,826
Repurchase Agreements		—		6,872,406		—		6,872,406

Total	$	454,489,966	$	6,903,768	$	—	$	461,393,734


Fund	Amount		Percentage of Total Net Assets
Wilmington Large-Cap Strategy Fund		$31,362		0.01%
Wilmington Small-Cap Growth Fund		7,171		0.01%
Wilmington Small-Cap Strategy Fund		37,709		0.04%


LLC – Limited Liability Corporation		PLC – Public Company Limited
LP – Limited Partnership		REIT – Real Estate Investment Trust



	Level 1		Level 2			Level 3		Total
Assets

Investments in Securities
Common Stocks	$	68,756,240	$	398,156,992		$	—	$	466,913,232
Investment Companies		2,745,105		—			—		2,745,105
Preferred Stocks		3,048,637		2,510,549			—		5,559,186
Money Market Fund		14,631,308		—			—		14,631,308
Rights		2,463		2,210			—		4,673
Call Warrants		4,691,161		148,165			—		4,839,326
Certificates		339,808		354,820			—		694,628
Real Estate Investment Trusts		—		3,023,365			—		3,023,365
Repurchase Agreements		—		19,817,484			—		19,817,484

Total Investments	$	94,214,722	$	424,013,585		$	—	$	518,228,307


Other Financial Instruments^{^}
Forward Foreign Currency Contracts		—		3,522			—		3,522

Total Assets	$	94,214,722	$	424,017,107		$	—	$	518,231,829


Liabilities

Other Financial Instruments^{^}
Forward Foreign Currency Contracts	$	—	$	(13,889	)	$	—	$	(13,889	)

Total Liabilities	$	—	$	(13,889	)	$	—	$	(13,889	)



Description	Value

TOTAL INVESTMENTS NET OF WRITTEN OPTIONS – 96.1%
	$	205,018,509

OTHER ASSETS LESS LIABILITIES – 3.9%		8,391,759


TOTAL NET ASSETS – 100.0%	$	213,410,268


Underlying Contracts to Buy/Sell	Expiration Date		Number of Contracts		Contract Amount		Contract at Value		Unrealized Appreciation (Depreciation)
LONG POSITIONS:
US Dollar Norwegian Crone		March 2015		2	$	200,703	$	216,316		$ 15,613
US Dollar Swedish Krona		March 2015		2		199,430		218,610		19,180
SHORT POSITIONS:
Australian Dollar Future		March 2015		93		7,390,216		7,218,660		171,556
Canadian Dollar Future		March 2015		7		606,596		551,669		54,927
Euro Future		March 2015		380		57,100,454		53,656,000		3,444,454
Great Britain Pound Future		March 2015		2		195,631		188,163		7,468
Japanese Yen Future		March 2015		9		961,558		957,825		3,733
Mexican Peso Future		March 2015		7		240,976		233,415		7,561
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FINANCIAL FUTURES CONTRACTS										$3,724,492


											Unrealized
	Expiration		Number of		Contract			Current			Appreciation
Underlying Contracts to Buy	Date		Contracts		Amount			Amount			(Depreciation)
LONG POSITIONS:
90 DAY EURO DOLLAR		September 2015		62	$	(15,400,923	)	$	(15,423,275	)	$	(22,352	)
90 DAY EURO DOLLAR		March 2016		98		(24,225,155	)		(24,294,200	)		(69,045	)
SHORT POSITIONS:
10 Year U.S. Treasury Notes		March 2015		26		3,308,876			3,402,750			(93,874	)
5 Year U.S. Treasury Notes		March 2015		21		2,521,912			2,548,219			(26,307	)
90 DAY EURO DOLLAR		June 2015		74		18,419,418			18,433,400			(13,982	)
90 DAY EURO DOLLAR		December 2015		87		21,609,299			21,605,363			3,936
90 DAY EURO DOLLAR		June 2016		15		3,695,611			3,711,750			(16,139	)
90 DAY EURO DOLLAR		September 2016		15		3,686,611			3,705,375			(18,764	)


											Upfront			Unrealized
	Termination	Notional		Fixed				Fair			Premium Paid			Appreciation
Counterparty	Date	Amount		Rate			Floating Rate	Value			(Received)			(Depreciation)
Centrally Cleared
Chicago Mercantile Exchange*	12/17/24	$	300,000		3.00	%	3 Month USD LIBOR	$	33,109			$ 30,089			$ 3,020
Chicago Mercantile Exchange*	12/17/44		2,700,000		3.50	%	3 Month USD LIBOR		(821,941	)		(728,622	)		(93,319	)
Chicago Mercantile Exchange*	03/18/45		2,100,000		0.20	%	6 Month EUR LIBOR		(489,639	)		(223,529	)		(266,110	)
Chicago Mercantile Exchange*	12/31/16		25,600,000		1.60	%	6 Month GBP LIBOR		563,587			—			563,587
Chicago Mercantile Exchange*	12/31/19		10,500,000		2.27	%	6 Month GBP LIBOR		(826,405	)		—			(826,405	)
Chicago Mercantile Exchange*	09/18/23		140,000,000		1.00	%	6 Month JPY LIBOR		(59,688	)		(9,264	)		(50,424	)
Chicago Mercantile Exchange*	09/18/23		120,000,000		1.00	%	6 Month JPY LIBOR		(51,161	)		(6,099	)		(45,062	)
Chicago Mercantile Exchange*	03/20/24		60,000,000		1.00	%	6 Month JPY LIBOR		(25,672	)		(21,678	)		(3,994	)
								$	(1,677,810	)		$(959,103	)		$ (718,707	)
Over the Counter
Credit Suisse International##	01/02/17	$	1,900,000		12.33	%	BRL Cetip	$	(957	)		$ 263			$ (1,220	)
Goldman Sachs Group, Inc.*	10/15/19		6,500,000		0.90	%	Eurostat Eurozone HICP Ex Tobacco		(110,154	)		(14,265	)		(95,889	)
Bank of America NA*	12/10/19		6,900,000		0.75	%	Eurostat Eurozone HICP EX Tobacco		(55,970	)		4,286			(60,256	)
Goldman Sachs Group, Inc.##	12/10/24		600,000		0.66	%	UK RPI All Items NSA		45,838			782			45,056
Citibank NA##	01/12/25		400,000		2.94	%	UK RPI All Items NSA		15,011			—			15,011
Goldman Sachs Group, Inc.##	01/14/30		1,180,000		0.66	%	UK RPI All Items NSA		60,858			—			60,858
Bank of America NA##	12/11/44		200,000		3.55	%	UK RPI All Items NSA		61,852			138			61,714
Credit Suisse International##	01/12/45		100,000		3.33	%	UK RPI All Items NSA		12,137			1,080			11,057
Barclays Bank PLC*	12/19/15		2,800,000		1.73	%	US Urban Consumers NSA		(60,871	)		—			(60,871	)
Deutsche Bank AG*	11/29/16		3,500,000		1.84	%	US Urban Consumers NSA		(87,618	)		—			(87,618	)
Deutsche Bank AG*	02/10/17		6,200,000		1.93	%	US Urban Consumers NSA		(148,840	)		—			(148,840	)
Goldman Sachs Group, Inc.*	02/12/17		500,000		2.42	%	US Urban Consumers NSA		(25,496	)		—			(25,496	)
RBS Securities, Inc.*	07/15/17		2,400,000		2.25	%	US Urban Consumers NSA		(123,167	)		123			(123,290	)
Citibank NA*	07/15/17		200,000		2.25	%	US Urban Consumers NSA		(10,264	)		25			(10,289	)
								$	(427,641	)		$ (7,568	)		$ (420,073	)
Net Unrealized Appreciation (Depreciation)on Interest Rate Swap Contracts								$	(2,105,451	)		$(966,671	)		$(1,138,780	)


								Implied
								Credit						Upfront			Unrealized
	Termination	Notional		Fixed				Spread at			Fair			Premium Paid			Appreciation
Counterparty	Date	Amount^(a)		Rate			Reference Equity/Obligation	January 31, 2015^(b)			Value^(c)			(Received)			(Depreciation)
Centrally Cleared
IntercontinentalExchange##	12/20/19	$	1,000,000		1.00	%	CDS ITRAXX 5Y ICE		0.60	%	$	(21,942	)		$ 22,415			$ (44,357	)
IntercontinentalExchange##	12/20/19		3,600,000		1.00	%	CDX HY23 5Y BP		3.68	%		199,015			(199,440	)		398,455
IntercontinentalExchange##	12/20/19		340,000		5.00	%	CDX HY23 5Y BP ICE		3.68	%		18,796			(19,632	)		38,428
											$	195,869			$(196,657	)		$392,526
Over the Counter
Morgan Stanley Capital
Services##	06/20/15		900,000		1.00	%	BARC SNR SE SP MYC		0.16	%		4,548			(3,716	)		8,264
Bank of America NA##	03/20/19		300,000		1.00	%	BRL LA SP BOA		1.94	%		(10,720	)		12,391			(23,111	)



	Par Value

TOTAL INVESTMENTS – 102.7% (COST $52,128,515)		$	55,437,514

COLLATERAL FOR SECURITIES ON LOAN – (2.4%)			(1,270,804	)

OTHER LIABILITIES LESS ASSETS – (0.3%)			(176,138	)


TOTAL NET ASSETS – 100.0%		$	53,990,572


			Percentage of
			Total Net
Fund	Amount		Assets
Multi-Manager International Fund		$384,390,029		76.8%
Multi-Manager Real Asset Fund		$89,486,928		19.2%


ADR – American Depositary Receipt		GMTN – Global Medium Term Note
ETF – Exchange Traded Fund		GNMA – Government National Mortgage Association
FHLMC – Federal Home Loan Mortgage Corporation		LLC – Limited Liability Corporation
FNMA – Federal National Mortgage Association		LP – Limited Partnership
FRN – Floating Rate Note		MSCI – Morgan Stanley Capital International
GDR – Global Depositary Receipt		MTN – Medium Term Note


PCL – Public Company Limited		SPDR – Standard & Poor’s Depository Receipts
PLC – Public Limited Company		TIPS – Treasury Inflation Protected Security
REIT – Real Estate Investment Trust


Currency Code		Currency
BRL		Brazilian Real
CAD		Canadian Dollar
COP		Colombian Peso
EUR		Euro
GBP		Pound Sterling
JPY		Japanese Yen
MXN		Mexican Peso
NZD		New Zealand Dollar
PLN		Polish Zloty
THB		Thailand Baht
ZAR		South African Rand


Description	Value
TOTAL INVESTMENTS – 99.8%
(COST $86,099,560)	$	87,264,818
OTHER ASSETS LESS LIABILITIES – 0.2%		168,357

TOTAL NET ASSETS – 100.0%	$	87,433,175


			Percentage
			of Total
Fund	Amount		Net Assets
Broad Market Bond Fund	$	36,446,973		9.2	%
Intermediate-Term Bond Fund		2,051,246		1.6	%
Short-Term Corporate Bond Fund		4,088,017		4.4	%


AGM – Assured Guaranty Municipal		GO – General Obligation
AMBAC – American Bond Assurance Corporation		GTD – Guaranteed
BKNT – Bank Note		IDA – Industrial Development Authority/Agency
CAPMAC – Capital Markets Assurance Corporation		LLC – Limited Liability Corporation
CMBS – Commercial Mortgage Backed Securities		LP – Limited Partnership
ETM – Escrowed to Maturity		MTN – Medium Term Note
FGIC – Financial Guarantee Insurance Company		OBG – Obligation
FHLB – Federal Home Loan Bank		PLC – Public Limited Company
FHLMC – Federal Home Loan Mortgage Corporation		PSF – Permanent School Fund
FNMA – Federal National Mortgage Association		Q-SBLF – Qualified School Bond Loan Fund
FRN – Float Rate Note		REIT – Real Estate Investment Trust
GMTN – Global Medium Term Note		TBA – To Be Announced
GNMA – Government National Mortgage Association		UPMC – University of Pittsburgh Medical Center


The following acronyms are used throughout this report:

BANs – Bond Anticipation Notes		LLC – Limited Liability Corporation
FFCB – Federal Farm Credit Bank		LOC – Letter of Credit
FHLB – Federal Home Loan Bank		OBG – Obligation
FHLMC – Federal Home Loan Mortgage Corporation		PLC – Public Limited Company
FNMA – Federal National Mortgage Association		SPA – Sales and Purchase Agreement
GO – General Obligation		TRANs – Tax Revenue Anticipation Prerefunded
HEFA – Health & Education Facility Authority		VRDNs – Variable Rate Demand Notes
LIQ – Liquidity Agreement


	Value of
	Securities		Value of
Fund	on Loan		Collateral
Large-Cap Strategy Fund	$	6,611,849	$	6,872,406
Mid-Cap Growth Fund		36,631,431		37,584,257
Small-Cap Growth Fund		5,620,228		6,030,284
Small-Cap Strategy Fund		11,116,582		11,752,045


By (Signature and Title)*		/s/ Richard J. Berthy
		Richard J. Berthy
		(Principal Executive Officer)


By (Signature and Title)*		/s/ Christopher W. Roleke
		Christopher W. Roleke
		(Principal Financial Officer)