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

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

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

In what was broadly expected to be a fiscal year in which the global economy would transition from the crises of past years toward greater stability and growth, we witnessed a certain decoupling of national economies, with Europe and Japan struggling mightily after an encouraging start, China slowing but not alarmingly so, and the U.S. proving remarkably resilient throughout.

Indeed, the U.S. was one of the year’s bright spots. During the 12-month period ended October 31, the world’s largest economy grew more than expected thanks to higher employment, a healthier banking system, and loose monetary policy. One of the biggest contributors to the country’s economic progress was the rise of the energy sector. U.S. oil and gas production boomed as new technologies allowed companies to extract increasing amounts of petroleum from shale deposits nationwide in the much-hyped “shale revolution.” This in turn bolstered exports and brought the U.S. deficit to its lowest level in six years. The economy’s positive momentum was enough to prompt the U.S. Federal Reserve to announce the end of its six-year quantitative easing program toward year-end, causing many investors to ponder when the central bank would begin its next move of raising short-term interest rates. In this environment, U.S. stocks performed notably well and the dollar strengthened.

Europe was a different story. After beginning the fiscal year on a positive note — strong export demand, healthy inflation, good consumer sentiment — things quickly turned sour in February when Russia and Ukraine engaged in a bitter territorial dispute that pitted pro-European Union supporters against pro-Russian Ukrainians, which dashed hopes for robust economic growth throughout the continent. Amid rising tensions and political uncertainty, growth sagged and inflation approached dangerously low levels, placing increased pressure on the European Central Bank to take action. In Japan, Prime Minister Shinzo Abe’s “three arrows” of economic policy — monetary easing, greater fiscal spending, and structural reform — failed to yield fruit as domestic consumption lagged and the national deficit worsened. Meanwhile, China remained in transition; the government’s efforts to make long-term economic changes and crack down on corruption sacrificed short-term growth but avoided the “hard landing” many feared.

In this environment, our fund results varied. During a robust year for global large cap stocks, our large cap equity funds performed best on an absolute basis, with small and mid-cap stocks trailing. The strongest outperformance came from Old Westbury Large Cap Core and Old Westbury Large Cap Strategies thanks to favorable stock selection and an emphasis on exposure to U.S. companies. Although commodities generally suffered because of excess supply and weak demand, the Old Westbury Real Return Fund proved more protective than its primary benchmark by avoiding the hardest-hit areas in agriculture. Meanwhile, Old Westbury Small & Mid Cap lagged its benchmark slightly, and both the Old Westbury Fixed Income and Old Westbury Municipal Bond funds underperformed because of their higher-quality, lower-duration positioning during a year in which lower-quality, longer-term bonds fared better. Finally, the Old Westbury Strategic Opportunities Fund, which posted strong absolute returns, nonetheless trailed because of its exposure to high-yield and global bonds during a strong year for equities.

During the fiscal year, we made several key changes. In January, we renamed the Old Westbury Global Opportunities Fund the Old Westbury Strategic Opportunities Fund and the Old Westbury Global Small & Mid Cap Fund the Old Westbury Small & Mid Cap Fund, seeking to better reflect the portfolios’ goals without being hampered by any regional considerations. We also changed Strategic Opportunities’ benchmark to one that better tracks the fund’s risk profile and provides clearer insight into how the portfolio is performing in shorter time periods. In the same fund, in November the adviser initiated a position in global corporate credit through sub-adviser Muzinich & Co., Inc. to take advantage of attractive high-yield corporate bond yields outside the U.S., and in April the adviser made other sub-adviser changes to reduce the fund’s exposure to U.S. high-yield because of diminished return potential after a strong multiyear rally. We also welcomed an outstanding first full year of results for the value-themed U.S. equity strategy that was first launched in our Old Westbury Large Cap Strategies Fund in September 2013.

At year-end, we believe the adviser’s longstanding investment approach, characterized by independent research, a global orientation, and long-term perspective, will continue to reap competitive long-term results for our shareholders and position us to fulfill our central mandate of participating in strong market environments while preserving capital during difficult ones.

The return of the Old Westbury Large Cap Core Fund (the “Fund”) for the fiscal year ended October 31, 2014 was 9.44%. In comparison, the return of the S&P Global LargeCap Index (Net) (the “Index”) was 8.13%.

The most significant contributor to the Fund’s relative outperformance during the year was favorable stock selection in the industrials (12.48% of the Fund as of October 31, 2014), technology (12.71%), and healthcare (13.53%) sectors. Noteworthy results came from Singapore-based chip maker Avago Technologies (1.28%), which was helped by increased usage of smart phones worldwide, and from U.S. railroad operator Union-Pacific (2.55%), whose shipping volumes increased thanks in part to the U.S. shale oil renaissance. Apple (3.61%) shares performed well given the success of attractive new products like the iPhone 6 and a much-welcomed share buyback program, while Pennsylvania-based generic drug maker Mylan (2.63%) saw strong results from a value-adding M&A strategy that culminated in the company’s $5.3 billion deal with Abbott Laboratories in July.

The Fund’s results were held back by stock selection in the financial (17.95%), consumer staples (8.83%), and consumer discretionary (15.55%) sectors. J Sainsbury Plc (1.23%), a British supermarket chain, struggled in a challenging consumer environment in Europe, Japanese auto maker Daihatsu (0.70%) saw Indonesian sales slip as it awaits a new product cycle, and China Construction Bank (sold) lagged amid concerns over asset quality. Additionally, U.S. oil producer Whiting Petroleum (1.06%) was beset by the plummeting price of crude oil in the latter months of the fiscal year.

At fiscal year-end, the Fund’s team was keeping a watchful eye on several critical developments, including oil prices, monetary policy reform in Japan, and the economic situation in Europe. The Fund was overweight several sectors: consumer discretionary (given our relative comfort with the overall environment for consumers and compelling individual opportunities across subsectors 15.55% vs the Index’s weighting of 10.08%), industrials (12.48% vs 9.69%), and utilities (4.17% vs 2.93%). At the same time, the Fund was underweight energy (4.44% vs 9.37%) given caution on oil prices; financials (17.95% vs 22.35%), which is traditionally a volatile sector; and materials (0.82% vs 4.85%), which tend to be very sensitive to commodity price fluctuations. Excluding cash positions, the Fund remains overweight the U.S. (58.63 vs 50.01%) and Japan (11.12 vs 8.03%) and underweight developed Europe (15.45% vs 21.67) and emerging markets (4.39 vs 9.59%).

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

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

The Adviser has contractually committed through October 31, 2015, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding acquired fund fees, at 1.00%, as disclosed in the Funds’ prospectus dated March 1, 2014. The expense ratio, prior to fee waivers and including acquired Fund fees (if any), is stated in the prospectus as 1.07%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2014 can be found in the Financial Highlights.

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

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

The return of the Old Westbury Large Cap Strategies Fund (the “Fund”) for the fiscal year ended October 31, 2014 was 9.94%. In comparison, the return of the S&P Global LargeCap Index (Net) (“the Index”) was 8.13%.

During the fiscal year, three of the Fund’s main components posted strong absolute and relative returns: the Bessemer Investment Management-managed global sleeve (55.40% of the Fund as of October 31, 2014), which targets companies with sustainable competitive advantages and high returns on capital; the U.S.-only mandate managed by Bessemer (24.12%), which focuses on companies selling at low valuations and poised for recovery; and growth manager Sands Capital Management LLC (20.48%), which seeks to identify leading growth businesses that create value through new product developments, entrances into new markets, or innovation within existing markets. In August, the Fund terminated its position with deep-value manager Oldfield Partners LLC, which had proven volatile.

One of the chief contributors to relative performance was the Fund’s exposure to U.S. stocks (64.95%), which were among the best performers across global equity markets. Particularly strong positions included railroad operator Union-Pacific (1.70%), which saw shares rise on increased shipping volumes; defense contractor Lockheed Martin (1.85%), which boasted a strong order book and lower pension costs; and healthcare firms Covidien (sold) and Allergan (0.76%), both of which benefited from becoming acquisition targets. Additionally helping relative performance was strong stock selection in Japan (7.14%), along with the Fund’s decision to underweight the weak-performing materials sector (1.44%).

Holding back relative performance was the Fund’s underweight to the outperforming utilities sector (0.25%), a small cash position during a rising stock market, and poor stock selection in developed Europe (16.57%). Competitive pressures weighed on British postal carrier Royal Mail Group (sold) and U.S. luxury fashion company Coach (sold), while declining oil prices and a weakening order book hurt London-based oilfield services firm Petrofrac (0.41%).

At fiscal year-end, the Fund was overweight the technology sector (21.99% versus the Index’s 14.15%), as each manager saw considerable opportunities for firms operating at different phases of the company life cycle. The Fund also had considerably greater exposure to consumer discretionary (13.68% vs. 10.08%) and industrial stocks (13.12% vs. 9.69%) than the Index. Meanwhile, the Fund was underweight the materials (1.44% vs. 4.85%) and energy (5.11% vs. 9.37%) sector given concerns about excess supply and weakening demand for select commodities. The largest underweighting was the financial sector (13.84% vs. 22.35%) where managers are concerned with increased regulatory capital requirements and residual risk in bank’s balance sheets from the credit crisis.

The Fund held a significant overweight to the U.S., given the country’s improving economy and strengthening currency, combined with U.S. companies’ greater focus on economic value creation than companies in other global regions. The Fund was underweight developed Europe, Japan, and emerging markets (6.87%).

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

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

The Adviser has contractually committed through October 31, 2015, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding acquired fund fees, at 1.15%, as disclosed in the Funds’ prospectus dated March 1, 2014. The expense ratio, prior to fee waivers and including acquired Fund fees (if any), is stated in the prospectus as 1.17%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2014 can be found in the Financial Highlights.

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

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

The return of the Old Westbury Small & Mid Cap Fund (the “Fund”) for the fiscal year ended October 31, 2014 was 5.66%. In comparison, the return of the S&P Global MidSmallCap Index (Net) (the “Index”) was 5.83%.

During the year, each of the Fund’s segments posted positive absolute returns: mid cap stocks managed by Bessemer Investment Management LLC (45.60% of the Fund as of October 31, 2014); small cap stocks in developed and emerging markets managed by London-based Mondrian Investment Partners Limited (15.57%); U.S. small and mid cap stocks managed by Vermont-based Champlain Investment Partners LLC (14.00%); and global small cap stocks managed by Texas-based Dimensional Fund Advisors LP (24.82%). Relative to the Index, strong outperformance came from the Bessemer and Champlain sleeves, while Mondrian marginally underperformed and Dimensional lagged meaningfully.

The most significant hindrance to relative returns was the Fund’s significant underweighting to the outperforming financial sector (9.18%), with all four managers having less exposure to financial stocks than the Index. Other detractors were an overweighting to the underperforming industrials sector (26.04%), and a modest cash position — although normal by historical standards, it held back results in a rising equity market. In addition, Florida-based kitchenware maker Tupperware (2.82% - not Top 10 holding), U.S. power-generator producer Generac (4.01%), and British offshore driller Ensco (sold) struggled.

The Fund benefited from excellent stock selection in the consumer discretionary (17.07%) and technology (12.82%) sectors. Advance Auto Parts (5.87%), a Virginia-based car-parts retailer, surged nearly 50% on its strategic acquisition of competitor Genuine Parts International. In technology, the Fund’s decision to overweight this outperforming sector was further aided by the selection of stocks such as Check Point Software (3.98%), an Israeli firm whose enterprise security software came into higher demand amid several high-profile data security breaches during the year. Other strong performers included San Diego-based medical equipment maker CareFusion (5.33%) (purchased at a premium by a competitor) and Wisconsin-based tool manufacturer Snap-on (5.27%) (stronger-than-expected revenue and earnings).

At fiscal year-end, the Fund was overweight 1) the industrial sector, where there are an abundance of small and mid cap companies with strong business models, healthy balance sheets, and attractive valuations, and 2) the healthcare sector (13.67%), where an aging population and greater availability of insurance are creating more demand for services. The Fund, meanwhile, was underweight financials (given regulatory risks and the prospect of rising interest rates), and energy (2.21%) (which typically offers poor returns on capital and is heavily dependent on commodity prices).

The Fund was regionally overweight the U.S. market (50.89%) thanks to the country’s low interest rates, reasonable valuations, and promising earnings outlook. Conversely, the Fund was underweight developed Europe (19.55%), where persistent weakness in local economies continues to present a challenging backdrop for smaller companies. The Fund was also broadly diversified, with 45.24% of the Fund invested in 38 countries outside the U.S.

Prior to October 2, 2008, the Fund was named Global Small Cap Fund and operated under a different investment strategy. The prior performance shown represents performance of the Fund’s prior strategy to invest at least 80% of its net assets plus any borrowings for investment purposes in securities of small-capitalization companies. Effective January 1, 2014, the Board approved changes to the Fund’s name (formerly Global Small & Mid Cap Fund), and investment strategies. The performance information shown above may not be representative of performance the Fund will achieve under its current investment strategy.

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

The Adviser has contractually committed through October 31, 2015, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding acquired fund fees, at 1.11%, as disclosed in the Funds’ prospectus dated March 1, 2014. The expense ratio, prior to fee waivers and including acquired Fund fees (if any), is stated in the prospectus as 1.19%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2014 can be found in the Financial Highlights.

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

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

The return of the Old Westbury Strategic Opportunities Fund (the “Fund”) for the fiscal year ended October 31, 2014 was 5.88%. ¹In comparison, the return of the Fund’s primary benchmark, the S&P Global Broad Market Index (Net) was 7.42% and the Fund’s secondary benchmark, the Blended Index, was 5.29%.²

During the fiscal year, the Fund’s quantitative equity strategies (14.65% of the Fund as of October 31, 2014) had mixed results. The Fund’s strategy targeting attractively priced companies with high earnings quality posted slightly negative returns because of overweights to energy, materials, and small cap companies — all of which struggled. However, each of the Fund’s three other quantitative equity strategies, which emphasize everything from low-volatility stocks to U.S. equities to companies with earnings and dividend growth — outpaced both benchmarks, with the most meaningful outperformance coming from the U.S.-only sleeve.

Meanwhile, option strategies (46.88%) — derivatives called risk reversals that are designed to position the Fund to participate in strong environments while protecting in difficult ones — performed roughly in line with the primary Fund benchmark. (Risk reversals refer to the strategy of selling a put option and simultaneously using the proceeds to buy a call option or call spread option.)

Despite favorable currency exposures, including short positions in the Japanese yen and euro, global bonds managed by sub-adviser Franklin Advisers, Inc. (5.26%) nonetheless lagged both Fund benchmarks because the position lacked exposure to equities during a strong year for stocks. Mortgage-backed securities managed by sub-adviser BlackRock Financial Management, Inc. (16.79%) performed in line with the primary benchmark thanks to continued improvement in U.S. home prices and fewer defaults. And, in a relatively strong year for equities, convertible bonds managed by Bessemer Investment Management (7.38%) came in behind both benchmarks given the team’s decision to own convertibles whose performance patterns correlate more closely to corporate bonds than stocks.

In April, the Fund eliminated exposure to U.S. high-yield bonds because of diminished return potential for the asset class after a considerable multiyear rally.

In November 2013, to take advantage of attractive corporate bond yields outside the U.S., the Fund initiated a position in global corporate credit through sub-adviser Muzinich & Co. Inc. (2.33%). This position trailed the primary benchmark slightly. Toward the end of the fiscal year, the Fund also built a small position in certain closed-end funds (6.31%) that trade at historical discounts and offer high dividend yields, including three funds focused on master-limited partnerships.

At fiscal year-end, the Fund placed greatest emphasis on its diverse equity strategies and mortgage-backed securities, which together comprised 80% of its asset allocation.

Looking ahead, the team is evaluating potential opportunities in Europe, keeping a particularly close eye on the European Central Bank. The continent’s troubles have brought valuations down to more attractive levels, which could prompt renewed monetary easing by the ECB that in turn supports euro-zone stocks. The team remained cautious on U.S. Treasuries given its expectation that interest rates will go higher. For that same reason, the Fund remains significantly overweight the U.S. dollar (80.87%).

The Fund is short the euro, Japanese yen, and Canadian dollar, with positions in select currencies with attractive fundamentals: the Malaysian ringgit (3.05%), Mexican peso (2.93%), and Korean won (1.96%), among others.

¹Prior to January 1, 2014, the Fund was named the Old Westbury Global Opportunities Fund.

²On January 1, 2014 the Fund changed its primary benchmark from the S&P Global LargeMidCap Index (Gross) to the S&P Global Broad Market Index (Net) to more closely reflect the Fund’s current investment strategy. In addition, as of January 1, 2014, the Fund also compares its performance to a secondary benchmark, a Blended Index. The Blended Index represents a composite of the S&P Global Broad Market Index (Net) (60%) and the Bank of America Merrill Lynch 1-10 Year AAA-A US Corporate & Government Index (Net) (40%).

Effective January 1, 2014, the Board approved changes to the Fund’s name (formerly Global Opportunities Fund), investment strategies and primary benchmark. The performance information shown above may not be representative of performance the Fund will achieve under its current investment strategy.

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

The Adviser has contractually committed through October 31, 2015, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding acquired fund fees, at 1.20%, as disclosed in the Funds’ prospectus dated March 1, 2014. The expense ratio, prior to fee waivers and including acquired Fund fees (if any), is stated in the prospectus as 1.33%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2014 can be found in the Financial Highlights.

The chart on the previous page illustrates the total value of a $10,000 investment from the Fund’s inception, with distributions reinvested. On January 1, 2014, the Fund changed its primary benchmark from the S&P Global LargeMidCap Index (Gross) to the S&P Global Broad Market Index (Net) to more closely reflect the Fund’s current investment strategy. In addition, effective January 1, 2014, the Fund also compares its performance to a blended benchmark, as a secondary benchmark, consisting of a 60% weighting in the S&P Global Broad Market Index (Net) and a 40% weighting in the Bank of America Merrill Lynch 1-10 Year AAA-A US Corporate & Government Index (Net) (the “Blended Index”). The S&P Global LargeMidCap Index (Gross), the S&P Global Broad Market Index (Net) and the Blended Index (Net) also include the reinvestment of distributions but do not include fees and expenses associated with an investment in the Fund. The S&P Global LargeMidCap Index (Gross), the S&P Global Broad Market Index (Net) and the Blended Index (Net) are unmanaged. Investments cannot be made directly in an index.

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

The return of the Old Westbury Real Return Fund (the “Fund”) for the fiscal year ended October 31, 2014 was -3.82%. In comparison, the return of the Fund’s primary benchmark, the Bloomberg Commodity Index¹(the “Index”), was -5.94%.

Throughout the fiscal year, commodities struggled generally because of lackluster global demand, a strengthening U.S. dollar, and excess supply in areas ranging from agriculture to energy.

In this environment, the Fund’s relative returns were helped by its underweighting to agriculture (18.25% of the Fund as of October 31, 2014) during a year of overabundance for several key crops, particularly corn and soybeans. Moreover, security selection was favorable in the sector, with commodities-trading firm Archer Daniels Midland (3.07%) moving, processing and storing greater quantities of grain, and St. Louis seed maker Monsanto seeing strong sales for its agricultural biotechnology products. Our decision to overweight livestock futures (7.15%) also bolstered returns as ranchers struggled to increase dwindling herd sizes fast enough to keep pace with demand. Other contributors to performance included timber conglomerate Weyerhauser (2.35%) and the Fund’s positions in freight (sold), which fared well as the global supply of ships came more in line with shipping demand.

The chief detractor from relative returns was the Fund’s overweighting to the underperforming energy sector (36.06%), which was particularly hard-hit by a 24.91% plunge in the price of oil during the latter months of the year. Increased shale oil production from the U.S. coupled with Saudi Arabia’s decision not to curtail production contributed to a massive glut in crude. Several exploration and production companies, including Range Resources (2.19%) and Tullow Oil (1.33%), were notable underperformers. Throughout the year, the Fund trimmed its exposure to higher-beta stocks and increased cash levels.

Broadly speaking, the Fund’s derivative positions contributed positively to performance, with particularly favorable results from nickel and lean hogs and less favorable returns from coffee. The Fund’s equity positions generally detracted.

At fiscal year-end, the Fund maintained an overweight — albeit less of an overweight than earlier in the year — to energy stocks, whose return prospects were becoming increasingly favorable; low prices give producers greater incentive to cut supply. Conversely, the Fund was underweight agricultural products, industrial materials (11.52%), and precious metals (12.75%). As of October 31, 2014, 33.42% of the Fund was allocated to global equities, 55.89% to commodities (through physical ownership and derivative instruments), and 10.69% to bonds and cash.

¹On July 1, 2014, the Dow Jones UBS Commodity Index was rebranded as the Bloomberg Commodity Index.

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

The Adviser has contractually committed through October 31, 2015, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, at 1.10%, as disclosed in the Funds’ prospectus dated March 1, 2014. The expense ratio, prior to fee waivers and including acquired Fund fees (if any), is stated in the prospectus as 1.16%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2014 can be found in the Financial Highlights.

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

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

The return of the Old Westbury Fixed Income Fund (the “Fund”) for the fiscal year ended October 31, 2014 was 0.94%. In comparison, the return of the Bank of America Merrill Lynch 1-10 Year AAA-A US Corporate & Government Index (the “Index”) was 1.95%.

At the beginning of the fiscal year, global markets were optimistic: Japan’s economic prospects had brightened, Europe’s financial woes seemed a distant memory, and the U.S. economy continued to improve — all of which pushed U.S. 10-year Treasury yields briskly higher. But soon thereafter, an economic slowdown across major countries brought long-term yields down and pushed investors’ expectations of rate hikes well into the future. All of this was exacerbated by heightening tensions between Russia and Ukraine beginning in February, which threatened to further deflate any hopes for sustained economic progress in Europe. While the U.S. eventually emerged in better shape by the spring and the Federal Reserve announced the end of its quantitative easing program, other economies were sluggish for the rest of the year.

In this environment, the primary contributor to the Fund’s underperformance was its lower duration (3.0 as of October 31, 2014) — or interest rate sensitivity — than the Index (3.8) during a year in which long-term interest rates fell. Over the course of the year, we gradually lowered the Fund’s duration as a protective measure, particularly given the Federal Reserve’s gradual withdrawal of monetary easing and the increased likelihood of a future rate hike.

Conversely, the Fund’s concentration of bonds in the 1- to 3-year and 9- to 10-year maturity ranges led to favorable results, as the middle part of the yield curve was hurt most by rising rates. Despite the fact that long-term yields declined, intermediate-term yields actually rose during the year. Also bolstering returns was the Fund’s overweight to investment-grade credit, which outperformed U.S. Treasury and agency bonds throughout the year.

At fiscal year-end, to protect against rising interest rates, we continued to hold the Fund’s duration somewhat shorter than the Index. We also maintained the Fund’s higher-than-benchmark exposure to corporate bonds, taxable municipals, and covered bonds in order to add yield and reduce portfolio volatility. In the coming months, the Fund’s team will be closely watching the Federal Reserve’s response to U.S. economic indicators ranging from jobless claims to home prices to car sales —all of which will play a key role in determining when the Fed ultimately decides to raise short-term rates. Another lingering question is if — or how — the European Central Bank will act to stimulate the flagging European economy, especially given recent woes in Germany.

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

The Adviser has contractually committed through October 31, 2015, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, at 0.70% (current net operating expense ratio is 0.65%), as disclosed in the Funds’ prospectus dated March 1, 2014. The expense ratio, prior to fee waivers and including acquired Fund fees (if any), is stated in the prospectus as 0.75%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2014 can be found in the Financial Highlights.

The chart shown on the previous page illustrates the total value of a $10,000 investment for 10 years, with distributions reinvested. The Bank of America Merrill Lynch 1-10 Year AAA-A US Corporate & Government Index also includes the reinvestment of distributions but does not include fees and expenses associated with an investment in the Fund. The Bank of America Merrill Lynch 1-10 Year AAA-A US Corporate & Government Index is unmanaged. Investments cannot be made directly in an index.

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

The return of the Old Westbury Municipal Bond Fund (the“Fund”) for the fiscal year ended October 31, 2014 was 2.02%. In comparison, the return of the Bank of America Merrill Lynch 1-12 Year Municipal Bond Index (the“Index”) was 3.72%.

During the fiscal year, interest rates generally fell — particularly for longer-term bonds — as a once-promising outlook for global economic growth turned more dour, particularly in Europe. The U.S. economy proved more resilient than many other nations, which heightened investor appetite for U.S. Treasury and agency bonds. At the municipal level, local finances showed continued improvement as agencies increasingly found ways to control expenses and increase taxes. However, many still face considerable long-term challenges, including severely outdated infrastructure systems and unfunded employee retirement obligations. While the city of Detroit began to make progress restructuring its debt during a lengthy bankruptcy process, Puerto Rico — the third largest bond issuer behind California and New York — struggled financially and raised concerns the U.S. territory may be headed toward a debt restructuring of its own. Meanwhile, bond issuance among municipalities was low.

In this environment, which saw the longest-term, lowest-quality municipal bonds perform best, the chief factor behind the Fund’s underperformance during the fiscal year was our decision to hold higher-quality bonds with a duration (or interest rate sensitivity) shorter than the Index’s. At year-end, roughly 80% of the bond’s holdings were in bonds ranked AA or higher by Moody’s, compared to 68% for the Index, and the Fund’s duration was 3.9, compared to the Index’s 4.2 (During periods of falling rates, lower-duration portfolios typically participate less meaningfully in gains.).

Conversely, results were mitigated by the Fund’s movement towards a more “barbell-like” positioning, in which we held bonds chiefly in the 0- to 2-year and 10-year maturity ranges and avoided the 3- to 5-year range, which fared poorest during the year.

At fiscal year-end, we continued to focus on general obligation and essential service revenue bonds (backed by projects such as water and sewer systems, for example). We remained focused on building a diversified portfolio of high-quality securities with the aforementioned modest barbell structure. The Fund does not hold any bonds that are subject to the alternative minimum tax (AMT).

Looking ahead, we are closely watching for any indications that the U.S. Federal Reserve will begin to raise short-term interest rates now that the central bank has ended its longstanding “quantitative easing” policy of purchasing long-term bonds and mortgage-backed securities to stimulate the U.S. economy. Knowing that the market is likely to move in advance of any actual interest rate hike by the Fed, we continue to monitor economic gauges including GDP growth, housing permits, jobless claims, and consumer sentiment. We are also following current tax policy developments, paying close attention to any legislation that — while unlikely in the near term — could limit deductions or favorable treatment of municipal bonds.

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

The Adviser has contractually committed through October 31, 2015, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding acquired fund fees, at 0.70% (current net operating expense ratio is 0.60%), as disclosed in the Funds’ prospectus dated March 1, 2014. The expense ratio, prior to fee waivers and including acquired Fund fees (if any), is stated in the prospectus as 0.71%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2014 can be found in the Financial Highlights.

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

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

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2014 through October 31, 2014.

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

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

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

Shares			Value
COMMON STOCKS — 95.5%
Banks — 10.9%
	366,575	BNP Paribas SA - ADR	$	11,547,113
	266,095	Citigroup, Inc.		14,244,065
	387,400	DBS Group Holdings Ltd. - ADR		22,442,082
	383,575	HSBC Holdings Plc - ADR		19,569,997
	1,749,775	KeyCorp.		23,097,030
	411,465	Morgan Stanley		14,380,702
	570,015	Skandinaviska Enskilda Banken AB - ADR		7,404,495
				112,685,484
Consumer Discretionary — 15.6%
	759,895	Bridgestone Corp. - ADR		12,682,648
	350,340	British Sky Broadcasting Group Plc - ADR		19,923,836
	257,500	Daihatsu Motor Co. Ltd. - ADR		7,364,499
	429,420	Dollar General Corp.(b)		26,911,751
	146,630	L Brands, Inc.		10,574,956
	256,350	Macy’s, Inc.		14,822,157
	225,130	NIKE, Inc. - Class B		20,930,336
	444,700	Pandora A/S - ADR		9,320,911
	269,535	Viacom, Inc. - Class B		19,589,804
	249,440	Yum! Brands, Inc.		17,917,275
				160,038,173
Consumer Staples — 8.8%
	164,855	CVS Health Corp.		14,146,208
	173,975	Imperial Tobacco Group Plc - ADR		15,156,701
	804,387	J Sainsbury Plc - ADR		12,540,393
	120,460	Lorillard, Inc.		7,408,289
	568,100	Svenska Cellulosa AB SCA - ADR		12,708,397
	395,013	Unilever NV		15,318,083
	534,865	Wilmar International Ltd. - ADR		13,296,744
				90,574,815
Diversified Financials — 1.4%
	1,038,790	ORIX Corp.		13,950,721
Energy — 4.4%
	114,580	China Petroleum & Chemical Corp. - ADR		9,966,168
	245,270	ConocoPhillips		17,696,231
	140,210	Valero Energy Corp.		7,023,119
	177,270	Whiting Petroleum Corp.(b)		10,856,015
				45,541,533
Health Care — 13.5%
	362,565	Aetna, Inc.		29,915,238
	244,500	AstraZeneca Plc		17,770,762
	503,920	Mylan, Inc.(b)		26,984,916
	935,635	Pfizer, Inc.		28,022,268
	116,910	Thermo Fisher Scientific, Inc.		13,745,109

Shares			Value
Health Care (continued)
	200,955	Zimmer Holdings, Inc.	$	22,354,234
				138,792,527
Industrials — 12.5%
	53,485	Cummins, Inc.		7,818,437
	109,650	Illinois Tool Works, Inc.		9,983,633
	893,040	Itochu Corp. - ADR		21,977,714
	110,790	Kirby Corp.(b)		12,251,158
	226,940	Nielsen Holdings NV		9,642,681
	258,470	Raytheon Co.		26,849,864
	225,030	Union Pacific Corp.		26,204,744
	127,225	United Rentals, Inc.(b)		14,002,384
				128,730,615
Information Technology — 12.8%
	342,505	Apple, Inc.		36,990,540
	152,855	Avago Technologies Ltd.		13,183,744
	285,775	Hitachi Ltd. - ADR		22,747,690
	229,410	NPX Semiconductor NV(b)		15,751,291
	308,500	Qualcomm, Inc.		24,220,335
	433,620	Teradata Corp.(b)		18,350,798
				131,244,398
Insurance — 4.5%
	137,350	ACE Ltd.		15,012,354
	258,455	American International Group, Inc.		13,845,434
	2,254,460	RSA Insurance Group Plc - ADR		17,720,056
				46,577,844
Materials — 0.8%
	624,555	Sumitomo Metal Mining Co. Ltd. - ADR		8,468,966
Real Estate — 1.1%
	778,420	Wharf Holdings Ltd. - ADR		11,427,206
Telecommunication Services — 5.0%
	384,815	China Telecom Corp. Ltd. - ADR		24,466,538
	995,229	KDDI Corp. - ADR		16,291,899
	383,660	Tim Participacoes SA - ADR		10,558,323
				51,316,760
Utilities — 4.2%
	561,225	American Water Works Co., Inc.		29,952,578
	567,625	Tokyo Gas Co. Ltd. - ADR		13,129,166
				43,081,744
Total Common Stocks (Cost $857,827,916)				982,430,786

(a)	Cost for federal income tax purposes is $902,459,354 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	151,738,777
Unrealized depreciation		(27,149,345	)
Net unrealized appreciation	$	124,589,432

(b)	Non-income producing security.
(c)	Rate shown represents current yield at October 31, 2014.

ADR-American Depositary Receipt

Shares			Value
COMMON STOCKS — 88.1%
ARGENTINA — 0.3%
	285,000	MercadoLibre, Inc.	$	38,802,750
BELGIUM — 0.3%
	511,000	UCB SA(e)		41,232,710
BRAZIL — 0.9%
	2,110,000	Cielo SA		34,648,654
	5,450,117	Itau Unibanco Holding SA - ADR		80,443,727
				115,092,381
CHINA — 1.5%
	553,200	Alibaba Group Holding Ltd. - ADR(b)		54,545,520
	17,674,000	Anton Oilfield Services Group		3,737,563
	567,000	Baidu, Inc. - ADR(b)		135,382,590
				193,665,673
DENMARK — 0.6%
	1,705,000	Novo Nordisk A/S - Class B		77,133,345
FINLAND — 2.1%
	1,722,000	Kone Oyj - Class B(e)		74,016,717
	3,970,000	Sampo Oyj - A Shares(e)		189,895,738
				263,912,455
FRANCE — 1.2%
	990,000	L’Oreal SA		155,201,193
GERMANY — 1.1%
	1,236,000	Bayerische Motoren Werke AG		132,151,430
HONG KONG — 0.7%
	1,569,718	Jardine Matheson Holdings Ltd.(e)		94,026,108
INDIA — 2.1%
	3,073,000	Asian Paints Ltd.(e)		32,882,101
	5,295,000	Housing Development Finance Corp.(e)		95,370,366
	10,769,000	ITC Ltd.(e)		62,298,840
	4,024,000	Motherson Sumi Systems Ltd.(e)		27,555,225
	6,395,000	Titan Co. Ltd.(e)		40,984,243
				259,090,775
ITALY — 0.3%
	5,832,000	Prada SpA(e)		35,908,783
JAPAN — 3.9%
	7,770,000	Astellas Pharma, Inc.		117,527,087
	3,174,000	KDDI Corp.		204,158,914
	3,840,000	Nomura Research Institute Ltd.(e)		124,097,040
	447,000	Ono Pharmaceutical Co. Ltd.(e)		44,331,894
				490,114,935
NETHERLANDS — 2.9%
	822,000	ASML Holding NV		81,936,960
	393,000	Koninklijke Vopak NV		19,679,795

Shares			Value
NETHERLANDS (continued)
	11,356,537	Reed Elsevier NV(e)	$	261,360,170
				362,976,925
SINGAPORE — 0.7%
	2,202,000	Jardine Cycle & Carriage Ltd.(e)		68,389,352
	5,485,000	Sembcorp Industries Ltd.(e)		20,792,364
				89,181,716
SOUTH AFRICA — 0.6%
	655,000	Naspers Ltd. - Class N		81,514,014
SOUTH KOREA — 0.5%
	67,640	Samsung Electronics Co. Ltd. Preference Shares(e)		62,340,722
SWEDEN — 0.7%
	6,400,000	Nordea Bank AB		82,078,506
SWITZERLAND — 3.7%
	2,343,000	Nestle SA		171,436,055
	843,097	Roche Holding AG		248,595,977
	20,200	SGS SA		44,340,695
				464,372,727
THAILAND — 0.8%
	3,676,000	Airports of Thailand Public Co. Ltd.(e)		27,313,233
	53,661,000	CP ALL Public Co. Ltd.(e)		74,963,939
				102,277,172
UNITED KINGDOM — 3.8%
	4,991,000	ARM Holdings Plc		69,860,593
	1,289,768	ASOS Plc(b)		54,799,464
	8,098,800	British Sky Broadcasting Group Plc(e)		114,786,560
	3,071,000	Petrofac Ltd.(e)		52,074,166
	2,704,000	Rolls-Royce Holdings Plc		36,464,554
	243,360,000	Rolls-Royce Holdings Plc - Preference Shares(b)(e)		389,301
	1,560,699	Rotork Plc(e)		63,789,133
	1,635,712	Wolseley Plc(e)		86,793,850
				478,957,621
UNITED STATES — 59.4%
	506,400	Allergan, Inc.		96,246,384
	1,710,862	Altria Group, Inc.		82,703,069
	209,000	Amazon.com, Inc.(b)		63,841,140
	3,200,165	Apple, Inc.		345,617,820
	4,044,473	Applied Materials, Inc.		89,342,409
	2,550,000	Automatic Data Processing, Inc.		208,539,000
	191,880	AutoZone, Inc.(b)		106,209,418
	2,742,657	Bank of New York Mellon Corp. (The)		106,195,679
	1,579,400	Baxter International, Inc.		110,779,116
	1,690,000	Becton Dickinson and Co.(e)		217,503,000
	1,053,177	Bed Bath & Beyond, Inc.(b)		70,920,939
	267,000	Biogen Idec, Inc.(b)		85,728,360
	727,000	BioMarin Pharmaceutical, Inc.(b)		59,977,500

Shares			Value
UNITED STATES (continued)
	667,500	Broadcom Corp. - Class A	$	27,954,900
	754,000	Cerner Corp.(b)		47,758,360
	1,386,500	CH Robinson Worldwide, Inc.		95,959,665
	3,059,000	Charles Schwab Corp. (The)		87,701,530
	5,707,200	Coca-Cola Co. (The)		239,017,536
	2,244,400	Colgate-Palmolive Co.		150,105,472
	1,299,250	DIRECTV(b)		112,761,908
	302,000	Discovery Communications, Inc. - Class A(b)		10,675,699
	301,000	Discovery Communications, Inc. - Class C(b)		10,531,989
	654,500	Dr Pepper Snapple Group, Inc.		45,324,125
	1,634,000	eBay, Inc.(b)		85,785,000
	3,533,893	EMC Corp.		101,528,746
	1,404,500	Emerson Electric Co.		89,972,270
	936,000	EOG Resources, Inc.		88,966,800
	1,461,000	Facebook, Inc. - Class A(b)		109,560,390
	1,105,500	Fluor Corp.		73,338,870
	659,000	FMC Technologies, Inc.(b)		36,930,360
	2,041,200	General Electric Co.		52,683,372
	73,000	Google, Inc. - Class A(b)		41,454,510
	62,000	Google, Inc. - Class C(b)		34,662,960
	3,374,700	Hewlett-Packard Co.		121,084,236
	2,115,000	Johnson & Johnson		227,954,700
	1,839,998	JPMorgan Chase & Co.		111,283,079
	422,000	Kansas City Southern		51,817,380
	3,060,000	Kraft Foods Group, Inc.		172,431,000
	874,000	Las Vegas Sands Corp.		54,415,240
	1,226,224	Lockheed Martin Corp.		233,681,508
	202,000	Markel Corp.(b)(e)		139,559,780
	2,511,500	Mastercard, Inc. - Class A		210,338,125
	2,889,700	Mattel, Inc.		89,782,979
	1,096,756	Medidata Solutions, Inc.(b)(e)		49,474,663
	1,605,900	Medtronic, Inc.		109,458,144
	2,296,700	Merck & Co., Inc.		133,070,798
	826,200	Molson Coors Brewing Co. - Class B		61,452,756
	746,000	Monsanto Co.		85,819,840
	715,000	NIKE, Inc. - Class B		66,473,550
	4,154,700	NVIDIA Corp.		81,182,838
	673,063	Occidental Petroleum Corp.		59,855,493
	2,999,320	Oracle Corp.		117,123,446
	1,243,483	PNC Financial Services Group, Inc. (The)		107,424,496
	132,700	Priceline Group, Inc. (The)(b)		160,064,067
	832,400	Raytheon Co.		86,469,712
	212,000	Regeneron Pharmaceuticals, Inc.(b)		83,468,640
	3,073,378	Schlumberger Ltd.		303,219,473
	1,214,485	T Rowe Price Group, Inc.		99,697,074
	4,087,700	Texas Instruments, Inc.		202,995,182
	1,845,800	Union Pacific Corp.		214,943,410
	5,021,238	US Bancorp		213,904,739
	476,000	Visa, Inc. - Class A		114,920,680
	1,260,355	Wal-Mart Stores, Inc.		96,127,276
	4,281,000	Wells Fargo & Co.		227,278,290

Shares			Value
UNITED STATES (continued)
	870,000	Workday, Inc. - Class A(b)	$	83,067,600
	570,000	WW Grainger, Inc.		140,676,000
				7,496,794,490
Total Common Stocks (Cost $9,271,036,832)				11,116,826,431

Principal Amount
U.S. GOVERNMENT AGENCIES — 2.0%
Federal Home Loan Bank — 2.0%
$	70,000,000	0.00%, 11/12/14(c)		69,998,717
	20,000,000	0.00%, 11/14/14(c)		19,999,639
	13,000,000	0.00%, 11/19/14(c)		12,999,675
	30,000,000	0.00%, 11/21/14(c)		29,998,917
	80,000,000	0.00%, 11/25/14(c)		79,998,400
	20,000,000	0.05%, 11/26/14(c)		19,999,306
	12,900,000	0.03%, 12/08/14(c)		12,899,669
	13,100,000	0.00%, 12/17/14(c)		13,099,079
Total U.S. Government Agencies (Cost $258,993,402)				258,993,402

Shares
EXCHANGE TRADED FUNDS — 9.8%
	3,327,000	iShares Core S&P 500 Index Fund		675,347,730
	16,173,000	iShares MSCI Japan Index Fund		195,046,380
	323,000	SPDR S&P 500 ETF Trust		65,136,180
	1,920,000	Vanguard FTSE Emerging Markets ETF		81,868,800
	4,000,000	WisdomTree Japan Hedged Equity Fund		215,280,000
Total Exchange Traded Funds (Cost $1,162,765,639)				1,232,679,090
INVESTMENT COMPANY — 0.9%
	119,573,900	Federated Government Obligations Fund, 0.02%(d)		119,573,900
Total Investment Company (Cost $119,573,900)				119,573,900
TOTAL INVESTMENTS — 100.8% (Cost $10,812,369,773)(a)				12,728,072,823
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.8)%				(103,486,777	)
NET ASSETS — 100.0%			$	12,624,586,046

(a)	Cost for federal income tax purposes is $10,824,411,392 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	2,071,790,776
Unrealized depreciation		(168,129,344	)
Net unrealized appreciation	$	1,903,661,432

(b)	Non-income producing security.
(c)	The rate represents the annualized yield at time of purchase.
(d)	Rate shown represents current yield at October 31, 2014.
(e)	This security is considered either fully or partially illiquid. These securities or portions thereof have a value of $1,227,734,020 or 9.72% of net assets.

ADR-American Depositary Receipt

Portfolio diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Banks		6.4	%
Consumer Discretionary		11.1	%
Consumer Staples		10.4	%
Diversified Financials		3.2	%
Energy		4.5	%
Health Care		13.9	%
Industrials		11.8	%
Information Technology		21.0	%
Insurance		2.6	%
Materials		0.9	%
Telecommunication Services		2.3	%
Other*		11.9	%
		100.0	%

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

			Percentage of
Shares			Net Assets (%)	Value
COMMON STOCKS — 92.1%
AUSTRALIA — 1.7%
	45,430,716	Other Securities	1.7	$	107,265,630
AUSTRIA — 0.2%
	401	AMAG Austria Metall AG(b)	0.0		12,852
	374,455	Other Securities	0.2		11,774,674
					11,787,526
BAHAMAS — 0.0%
	488	Other Securities	0.0		86,927
BELGIUM — 0.3%
	620,360	Other Securities	0.3		17,331,836
BERMUDA — 0.8%
	400,000	Endurance Specialty Holdings Ltd.(c)	0.4		23,180,000
	1,141,209	Other Securities	0.4		25,298,767
					48,478,767
BRAZIL — 0.9%
	9,501,980	Other Securities	0.9		57,267,107
CAMBODIA — 0.0%
	282,000	Other Securities	0.0		237,086
CANADA — 2.2%
	12,368,785	Other Securities	2.2		143,429,842
CAYMAN ISLANDS — 0.0%
	58,000	Other Securities	0.0		24,702
CHILE — 0.1%
	53,348,231	Other Securities	0.1		4,243,240
CHINA — 1.2%
	127,370,867	Other Securities	1.2		79,331,616
COLUMBIA — 0.0%
	155,733	Other Securities	0.0		2,349,018
CYPRUS — 0.0%
	65,820	Other Securities	0.0		279,602
DENMARK — 0.7%
	561,699	Chr. Hansen Holding A/S(c)	0.4		22,602,250
	583,739	Other Securities	0.3		19,143,445
					41,745,695
FAEROE ISLANDS — 0.0%
	7,482	Other Securities	0.0		183,030
FINLAND — 0.5%
	2,207,276	Other Securities	0.5		29,101,682
FRANCE — 2.0%
	3,988,918	Other Securities	2.0		127,085,647
GABON — 0.0%
	55	Other Securities	0.0		24,226
GEORGIA — 0.0%
	4,384	Other Securities	0.0		179,534

			Percentage of
Shares			Net Assets (%)		Value
GERMANY — 2.3%
	241,575	MTU Aero Engines AG(c)		0.3	$	21,151,700
	483,853	Symrise AG		0.4		27,209,493
	2,727,428	Other Securities		1.6		98,131,456
						146,492,649
GIBRALTAR — 0.0%
	24,644	Other Securities		0.0		49,686
GREECE — 0.0%
	432,852	Other Securities		0.0		1,153,688
GUERNSEY — 0.1%
	902,463	Other Securities		0.1		4,302,649
HONG KONG — 1.3%
	280,269,133	Other Securities		1.3		80,321,604
HUNGARY — 0.0%
	24,646	Other Securities		0.0		34,082
INDIA — 1.5%
	16,227,238	Other Securities		1.5		94,958,187
INDONESIA — 0.5%
	300,212,070	Other Securities		0.5		30,469,151
IRELAND — 0.6%
	4,596,704	Other Securities		0.6		39,382,400
ISLE OF MAN — 0.0%
	11,173	Other Securities		0.0		27,346
ISRAEL — 2.0%
	1,512,500	Check Point Software Technologies Ltd.(d)		1.8		112,303,125
	4,110,904	Other Securities		0.2		14,041,358
						126,344,483
ITALY — 0.5%
	6,677,642	Other Securities		0.5		32,098,870
JAPAN — 5.1%
	44,687,969	Other Securities		5.1		328,027,858
JERSEY CHANNEL ISLANDS — 0.0%
	524,401	Other Securities		0.0		1,138,276
LUXEMBOURG — 0.1%
	530,669	Other Securities		0.1		7,177,169
MALAYSIA — 0.7%
	50,464,720	Other Securities		0.7		44,553,866
MALTA — 0.0%
	18,437	Other Securities		0.0		547,882
MEXICO — 0.5%
	13,553,472	Other Securities		0.5		34,924,148
NETHERLANDS — 0.9%
	478,452	Boskalis Westminster NV		0.4		25,490,779
	1,655,915	Other Securities		0.5		32,708,736
						58,199,515

			Percentage of
Shares			Net Assets (%)		Value
NEW ZEALAND — 0.4%
	8,976,710	Other Securities		0.4	$	26,944,232
NORWAY — 0.1%
	2,822,980	Other Securities		0.1		8,612,901
PERU — 0.1%
	3,575,561	Other Securities		0.1		4,172,291
PHILIPPINES — 0.2%
	45,857,832	Other Securities		0.2		13,668,424
POLAND — 0.1%
	2,287,908	Other Securities		0.1		8,729,773
PORTUGAL — 0.1%
	14,772,455	Other Securities		0.1		3,784,889
QATAR — 0.0%
	84,703	Other Securities		0.0		2,767,958
SINGAPORE — 1.6%
	13,984,000	CapitaMall Trust REIT(c)		0.3		21,443,512
	4,833,000	SIA Engineering Co. Ltd.(c)		0.3		17,906,967
	53,489,098	Other Securities		1.0		63,975,667
						103,326,146
SOUTH AFRICA — 0.7%
	7,167,087	Other Securities		0.7		41,856,935
SOUTH KOREA — 1.2%
	3,518,035	Other Securities		1.2		75,140,210
SPAIN — 0.5%
	5,144,838	Other Securities		0.5		33,323,453
SWEDEN — 0.7%
	3,069,688	Other Securities		0.7		46,798,023
SWITZERLAND — 1.5%
	435,000	Allied World Assurance Co. Holdings AG		0.3		16,530,000
	1,652,559	Other Securities		1.2		79,181,871
						95,711,871
TAIWAN — 1.1%
	84,903,871	Other Securities		1.1		71,328,536
THAILAND — 0.4%
	78,580,870	Other Securities		0.4		23,596,411
TURKEY — 0.1%
	5,309,613	Other Securities		0.1		9,743,373
UNITED ARAB EMIRATES — 0.1%
	1,235,846	Other Securities		0.1		5,773,806
UNITED KINGDOM — 6.8%
	1,790,430	Bodycote Plc(c)		0.3		17,872,223
	689,995	Croda International Plc		0.4		25,331,755
	582,525	Rotork Plc(c)		0.3		23,809,053
	385,470	Spirax-Sarco Engineering Plc(c)		0.3		17,574,059
	44,387,508	Other Securities		5.5		352,521,691
						437,108,781

			Percentage of
Shares			Net Assets (%)		Value
UNITED STATES — 49.7%
	550,000	Actuant Corp. - Class A		0.3	$	17,429,500
	1,125,407	Advance Auto Parts, Inc.		2.6		165,389,813
	400,000	Blackbaud, Inc.(c)		0.3		17,800,000
	480,000	Cardtronics, Inc.(d)		0.3		18,427,200
	2,620,200	CareFusion Corp.(d)		2.3		150,320,874
	236,200	Casey’s General Stores, Inc.		0.3		19,337,694
	400,000	Cepheid, Inc.(d)		0.3		21,204,000
	350,000	CLARCOR, Inc.		0.4		23,436,000
	3,650,000	CoreLogic, Inc.(c)(d)		1.8		114,500,500
	450,000	CR Bard, Inc.		1.1		73,786,500
	1,835,000	Crown Holdings, Inc.(d)		1.4		87,951,550
	500,000	CST Brands, Inc.		0.3		19,125,000
	601,419	Dun & Bradstreet Corp. (The)		1.1		73,860,267
	386,000	Energizer Holdings, Inc.		0.7		47,342,900
	1,475,000	Flowserve Corp.		1.6		100,285,250
	2,491,400	Generac Holdings, Inc.(c)(d)		1.8		112,960,076
	350,000	Guidewire Software, Inc.(d)		0.3		17,479,000
	499,777	Henry Schein, Inc.(d)		0.9		59,988,233
	309,800	Hubbell, Inc. - Class B		0.5		35,134,418
	1,225,000	Ingredion, Inc.(c)		1.5		94,631,250
	477,305	MSC Industrial Direct Co., Inc. - Class A		0.6		38,647,386
	1,905,746	NetApp, Inc.		1.3		81,565,929
	1,474,200	Omnicom Group, Inc.		1.7		105,936,012
	355,000	PetSmart, Inc.		0.4		25,684,250
	1,000,000	Rockwell Collins, Inc.		1.3		84,150,000
	27,636,600	Samsonite International SA(c)		1.4		91,763,854
	1,125,000	Snap-on, Inc.(c)		2.3		148,657,500
	275,000	STERIS Corp.		0.3		16,995,000
	525,000	TriMas Corp.(c)(d)		0.3		16,621,500
	1,270,290	Tupperware Brands Corp.(c)		1.3		80,980,988
	365,000	UMB Financial Corp.(c)		0.3		21,746,700
	575,000	Valmont Industries, Inc.(c)		1.2		78,297,750
	3,475,000	Vantiv, Inc. - Class A(c)(d)		1.7		107,447,000
	1,470,000	Varian Medical Systems, Inc.(c)(d)		1.9		123,656,400
	1,750,000	Waste Connections, Inc.(c)		1.4		87,325,000
	956,351	Waters Corp.(c)(d)		1.7		105,963,691
	1,695,000	Wyndham Worldwide Corp.		2.1		131,650,650
	32,901,513	Other Securities		8.7		554,377,348
						3,171,856,983
Total Common Stocks (Cost $4,328,026,748)						5,884,881,218
INVESTMENT COMPANY — 0.7%
	43,428,000	SEI Daily Income Trust Government II Fund, Class A, 0.01%(e)		0.7		43,428,000
Total Investment Company (Cost $43,428,000)						43,428,000

			Percentage of
Shares			Net Assets (%)		Value
EXCHANGE TRADED FUNDS — 4.5%
	600	iShares Core S&P Small Cap ETF		0.0	$	66,905
	223,460	Ishares Core S&P Total US Stock Market ETF		0.3		20,551,616
	492,129	iShares MSCI EAFE Small Cap Index Fund		0.4		23,887,942
	234,861	iShares MSCI Japan Small Cap Index Fund		0.2		13,013,648
	95,000	iShares Russell Mid-Cap ETF		0.2		15,516,350
	196,000	SPDR Russell Nomura Small Cap Japan Fund		0.1		9,817,640
	1,119,800	SPDR S&P International Small Cap Fund		0.6		36,057,560
	625,000	SPDR S&P Regional Banking ETF		0.4		25,050,000
	330,000	Vanguard Small-Cap ETF		0.6		38,157,900
	545,100	Vanguard Total Stock Market ETF		0.9		56,701,302
	788,500	WisdomTree Japan Hedged Equity Fund		0.7		42,437,070
	160,000	WisdomTree Japan Small Cap Dividend Fund		0.1		8,307,200
Total Exchange Traded Funds (Cost $264,193,535)						289,565,133
RIGHTS/WARRANTS — 0.0%
	2,638,596	Other Rights/Warrants		0.0		269,692
Total Rights/Warrants (Cost $158,733)						269,692

Principal
Amount
U.S. GOVERNMENT AGENCIES — 0.8%
Federal Home Loan Bank — 0.8%
$	9,000,000	0.01%, 11/05/2014(f)		0.2		8,999,990
	20,000,000	0.02%, 11/19/2014(f)		0.3		19,999,600
	20,000,000	0.02%, 11/25/2014(f)		0.3		19,999,600
Total U.S. Government Agencies (Cost $48,999,190)						48,999,190

			Percentage of
Shares			Net Assets (%)		Value
CASH SWEEP — 2.1%
	132,892,776	Citibank - US Dollars on Deposit in Custody Account, 0.02%(e)		2.1	$	132,892,776
Total Cash Sweep (Cost $132,892,776)						132,892,776
TOTAL INVESTMENTS — 100.2% (Cost $4,817,698,982)(a)						6,400,036,009
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)%						(14,253,081	)
NET ASSETS — 100.0%					$	6,385,782,928

(a)	Cost for federal income tax purposes is $4,841,326,715 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	1,684,821,336
Unrealized depreciation		(126,112,042	)
Net unrealized appreciation	$	1,558,709,294

(b)	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors. The aggregate value of these securities is $12,852, which is less than 0.01% of net assets.
(c)	This security is considered either fully or partially illiquid. These securities, or portions thereof, have a value of $857,329,969 or 13.43% of net assets.
(d)	Non-income producing security.
(e)	Rate shown represents current yield at October 31, 2014.
(f)	The rate represents the annualized yield at time of purchase.

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

Common stocks and Rights with a value of $4,069,328 (cost of $9,061,667) or 0.06% of net assets were fair valued by the Board of Directors.

REIT — Real Estate Investment Trust

Portfolio diversification by Sector (Unaudited)

	Percentage
Sector	of Net Assets
Banks		2.8	%
Consumer Discretionary		16.4	%
Consumer Staples		6.1	%
Diversified Financials		1.2	%
Energy		2.1	%
Health Care		13.2	%
Industrials		25.2	%
Information Technology		12.4	%
Insurance		2.0	%
Materials		6.8	%
Real Estate		2.4	%
Telecommunication Services		0.5	%
Utilities		1.1	%
Other*		7.8	%
Total		100.0	%

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

Shares			Value
COMMON STOCKS — 16.8%
AUSTRALIA — 0.2%
	151,623	BHP Billiton Ltd.	$	4,531,238
	488,573	Drillsearch Energy Ltd.(b)		505,186
	171,719	Fortescue Metals Group Ltd.		528,896
	67,810	GrainCorp Ltd. - Class A		522,736
	167,772	Harvey Norman Holdings Ltd.		561,031
	223,695	Metcash Ltd.		557,092
	69,838	Mineral Resources Ltd.		522,390
	197,245	RCR Tomlinson Ltd.		472,127
	105,008	Sandfire Resources NL		518,405
	233,538	Tox Free Solutions Ltd.		497,344
				9,216,445
AUSTRIA — 0.0%
	106,666	CAT Oil AG		2,031,759
	3,044	Flughafen Wien AG		279,380
				2,311,139
BELGIUM — 0.1%
	25,721	Barco NV		1,895,255
	223,066	ThromboGenics NV(b)		1,961,496
				3,856,751
BERMUDA — 0.4%
	20,600	Aspen Insurance Holdings Ltd.		898,778
	40,966	Axis Capital Holdings Ltd.		1,972,103
	31,340	Everest Re Group Ltd.		5,348,171
	24,332	PartnerRe Ltd.		2,814,969
	85,138	RenaissanceRe Holdings Ltd.		8,797,310
	327,423	Vostok Nafta Investment Ltd. - SDR(b)		2,097,345
				21,928,676
BRAZIL — 0.0%
	19,901	Arezzo Industria e Comercio SA		230,501
	18,150	BB Seguridade Participacoes SA		242,156
	23,562	Cia Hering		237,721
	42,976	Cyrela Brazil Realty SA Empreendimentos e Participacoes		213,675
	26,873	Light SA		220,697
	10,928	Linx SA		227,036
	68,302	Magazine Luiza SA		227,407
	60,841	Odontoprev SA		219,753
	67,578	Restoque Comercio e Confeccoes de Roupas SA(b)		232,360
	17,203	Sao Carlos Empreendimentos e Participacoes SA		231,882
	22,552	Ser Educacional SA		245,370
	109,911	Tempo Participacoes SA		232,872
				2,761,430
CANADA — 0.1%
	74,900	Royal Bank of Canada		5,317,199
	106,759	Tesco Corp.		2,032,691
				7,349,890

Shares			Value
CHINA — 0.2%
	2,500,000	Agricultural Bank of China Ltd. - H Shares	$	1,160,519
	107,500	Anhui Conch Cement Co. Ltd. - H Shares		352,089
	1,672,000	China Coal Energy Co. Ltd. - H Shares		1,024,094
	1,207,500	China Minsheng Banking Corp. Ltd. - H Shares		1,209,812
	2,930,000	China Telecom Corp. Ltd. - H Shares		1,866,398
	63,693	China XD Plastics Co. Ltd.(b)		339,484
	2,115,000	Chongqing Rural Commercial Bank Co. Ltd. - H Shares		1,017,253
	887,000	Country Garden Holdings Co. Ltd.		348,846
	308,761	Huaxin Cement Co. Ltd. - B Shares		332,844
	2,978,000	Shanghai Electric Group Co. Ltd. - H Shares		1,489,931
	3,140,000	Sinopec Shanghai Petrochemical Co. Ltd. - H Shares		975,790
	1,645,000	Sinotrans Ltd. - H Shares		1,304,520
				11,421,580
DENMARK — 0.0%
	47,125	Schouw & Co.(c)		2,086,687
FINLAND — 0.1%
	54,412	Kesko OYJ - B Shares		2,060,591
	105,189	Lassila & Tikanoja OYJ(c)		1,940,353
				4,000,944
FRANCE — 0.1%
	28,408	Eurazeo SA		1,899,230
	119,268	Metropole Television SA		2,063,302
	38,419	Societe Generale SA		1,849,479
				5,812,011
GERMANY — 0.1%
	258,358	Balda AG		887,105
	9,714	Muenchener Rueckversicherungs-Gesellschaft AG		1,909,348
				2,796,453
GREECE — 0.0%
	31,578	Aegean Airlines SA		275,025
	27,966	Athens Water Supply & Sewage Co. SA (The)		193,101
	59,418	GEK Terna Holding Real Estate Construction SA(b)		151,898
	19,462	Metka SA		190,232
				810,256
GUERNSEY — 0.0%
	16,133	Amdocs Ltd.		766,963
HONG KONG — 0.8%
	1,116,000	AMVIG Holdings Ltd.		522,373

Shares			Value
HONG KONG (continued)
	4,772,000	Anxin-China Holdings Ltd.	$	443,040
	2,641,000	C C Land Holdings Ltd.		469,956
	1,295,000	China Agri-Industries Holdings Ltd.		494,278
	2,236,000	China Lumena New Materials Corp.(b)(d)		360,406
	831,700	China Mobile Ltd.		10,349,129
	208,000	China Resources Enterprise Ltd.		494,577
	346,000	China Unicom Hong Kong Ltd.		520,217
	334,000	CIMC Enric Holdings Ltd.		335,501
	20,640,000	G-Resources Group Ltd.(b)		505,677
	1,806,600	Guangdong Investment Ltd.		2,376,140
	890,000	Haitong International Securities Group Ltd.		529,055
	330,300	Hang Seng Bank Ltd.		5,596,464
	21,575	Hopewell Highway Infrastructure Ltd.		10,405
	431,500	Hopewell Holdings Ltd.		1,530,112
	1,106,000	Le Saunda Holdings Ltd.		556,198
	3,918,000	Li & Fung Ltd.		4,774,260
	885,500	Link REIT (The)		5,200,999
	1,395,067	MTR Corp. Ltd.		5,684,496
	25,180	Seaspan Corp.		513,672
	1,262,000	TCC International Holdings Ltd.		507,719
	1,024,000	Tianneng Power International Ltd.		365,754
	826,000	Yuexiu Transport Infrastructure Ltd.		500,596
				42,641,024
INDIA — 0.0%
	71,889	Cairn India Ltd.(b)		333,862
	807,242	Mahanagar Telephone Nigam Ltd.(b)		391,788
	334,383	Mangalore Refinery & Petrochemicals Ltd.(b)(c)		320,223
	83,184	Polaris Financial Technology Ltd.		254,226
				1,300,099
INDONESIA — 0.0%
	7,271,400	Elnusa Tbk PT		312,878
	41,347,623	Energi Mega Persada Tbk PT(b)		386,618
				699,496
IRELAND — 0.1%
	33,959	Seagate Technology Plc		2,133,644
	58,364	XL Group Plc		1,977,372
				4,111,016
ITALY — 0.1%
	204,226	ASTM SpA(c)		2,454,326
	454,775	Banca Popolare di Sondrio SCARL		1,820,263
	1,711,723	CIR-Compagnie Industriali Riunite SpA(b)(c)		1,713,889
				5,988,478

Shares			Value
JAPAN — 1.4%
	89,800	ADEKA Corp.	$	1,135,241
	124,000	Alfresa Holdings Corp.		1,549,931
	3,488,800	ANA Holdings, Inc.		7,994,811
	43,900	Coca-Cola East Japan Co. Ltd.		778,143
	47,000	East Japan Railway Co.		3,617,316
	28,300	Enplas Corp.		1,035,504
	35,200	Foster Electric Co. Ltd.		540,888
	120,400	Fuji Oil Co. Ltd.		1,889,741
	21,042	Fuji Soft, Inc.		508,043
	37,700	Fujitsu Frontech Ltd.		501,772
	95,000	GS Yuasa Corp.		460,939
	142,000	Hanwa Co. Ltd.		499,355
	33,500	Hisamitsu Pharmaceutical Co., Inc.		1,100,512
	299,163	House Foods Group, Inc.		5,092,363
	61,600	Idec Corp.		496,858
	92,000	Iino Kaiun Kaisha Ltd.		497,164
	27,200	Japan Digital Laboratory Co. Ltd.		474,381
	89,000	Japan Vilene Co. Ltd.		486,499
	319,800	Kagome Co. Ltd.		5,144,702
	71,000	Kato Works Co. Ltd.		508,836
	115,300	Kewpie Corp.		1,969,826
	36,400	Kiyo Bank Ltd. (The)		523,356
	14,700	Lawson, Inc.		982,836
	29,100	Mars Engineering Corp.		522,544
	16,700	Maruwa Co. Ltd.		485,426
	53,800	McDonald’s Holdings Co. Japan Ltd.		1,302,791
	139,000	Mitsui-Soko Holdings Co. Ltd.		517,267
	718,000	Nakayama Steel Works Ltd.(b)		511,373
	175,000	Nippon Chemi-Con Corp.(b)		507,901
	211,900	Nippon Denko Co. Ltd.		518,785
	48,600	Nitori Holdings Co. Ltd.		3,050,345
	302,000	Otsuka Holdings Co. Ltd.		10,425,150
	25,100	Pack Corp. (The)		513,061
	43,800	Panasonic Corp.		508,872
	58,000	Polatechno Co. Ltd.		516,359
	146,000	Sanyo Special Steel Co. Ltd.		491,324
	128,000	Sapporo Holdings Ltd.		543,566
	50,700	Sawai Pharmaceutical Co. Ltd.		2,956,466
	189,000	Sharp Corp.(b)		461,037
	54,800	Showa Shell Sekiyu KK		461,037
	29,300	Siix Corp.		499,528
	529,300	Sumitomo Osaka Cement Co. Ltd.		1,621,003
	28,000	Takamatsu Construction Group Co. Ltd.		529,464
	139,600	Takara Leben Co. Ltd.		575,427
	49,400	Toa Corp.		489,932
	125,000	Toagosei Co. Ltd.		536,390
	991,000	Tokyo Gas Co. Ltd.		5,609,417
	374,200	TonenGeneral Sekiyu KK		3,241,456
	41,900	Ulvac, Inc.(b)		506,568
	50,500	Wakita & Co. Ltd.		494,097
	79,100	West Japan Railway Co.		3,728,774

Shares			Value
JAPAN (continued)
	103,000	Yamaguchi Financial Group, Inc.	$	960,080
				80,874,457
JERSEY CHANNEL ISLANDS — 0.0%
	2,020,841	Centamin Plc		1,655,155
MALAYSIA — 0.3%
	344,800	Affin Holdings Berhad		338,589
	230,500	Boustead Holdings Berhad		353,888
	1,743,000	Malayan Banking Berhad		5,140,108
	205,300	Malaysian Pacific Industries Berhad		329,554
	2,794,100	Sime Darby Berhad		8,222,813
				14,384,952
NETHERLANDS — 0.2%
	34,598	Chicago Bridge & Iron Co. NV		1,890,435
	66,799	Fugro NV		922,474
	6,400	LyondellBasell Industries NV		586,432
	125,000	NXP Semiconductor NV(b)		8,582,500
				11,981,841
NEW ZEALAND — 0.0%
	107,559	SKY Network Television Ltd.		533,238
NORWAY — 0.1%
	1,668,941	BW Offshore Ltd.		2,046,293
	115,335	Fred Olsen Energy ASA		1,230,306
	111,827	Salmar ASA		2,014,393
				5,290,992
PAKISTAN — 0.0%
	209,467	Engro Corp. Ltd.		340,898
POLAND — 0.0%
	302,693	Getin Holding SA(b)		219,206
	7,141	Lubelski Wegiel Bogdanka SA		236,952
				456,158
PUERTO RICO — 0.0%
	47	Popular, Inc.(b)		1,498
SINGAPORE — 0.4%
	388,000	DBS Group Holdings Ltd.		5,581,256
	675,000	Oversea-Chinese Banking Corp. Ltd.		5,196,349
	1,012,000	Rotary Engineering Ltd.		476,578
	951,000	Singapore Exchange Ltd.		5,181,754
	1,668,121	Singapore Press Holdings Ltd.		5,557,374
				21,993,311
SOUTH AFRICA — 0.1%
	627,748	Lewis Group Ltd.		3,781,940
SOUTH KOREA — 0.2%
	25,231	Basic House Co. Ltd. (The)		452,101
	59,263	Daeduck Electronics Co.		501,839
	4,390	Hanil Cement Co. Ltd.		564,806
	98,524	Harim Holdings Co. Ltd.(b)		436,049

Shares			Value
SOUTH KOREA (continued)
	14,713	Hyundai Corp.	$	503,865
	70,200	Kangwon Land, Inc.		2,298,990
	22,445	Kolon Corp.		540,790
	22,866	Korea Line Corp.(b)		637,586
	11,627	Kunsul Chemical Industrial Co. Ltd.		484,671
	56,927	Kwang Dong Pharmaceutical Co. Ltd.		551,303
	3,326	Kyungbang Ltd.		594,412
	77,292	Lumens Co. Ltd.(b)		395,598
	64,335	Namhae Chemical Corp.		508,068
	5,801	Nexen Corp.		472,231
	12,222	Samsung Electro-Mechanics Co. Ltd.		556,933
	161,881	SBS Media Holdings Co. Ltd.		498,338
	5,909	Sebang Co. Ltd.		106,986
	8,817	Silla Co. Ltd.		164,175
	26,447	SL Corp.		487,500
	21,312	Soulbrain Co. Ltd.		538,418
	34,192	Sungwoo Hitech Co. Ltd.		492,694
				11,787,353
SWEDEN — 0.1%
	56,180	Investor AB - B Shares		2,010,083
	87,242	Nolato AB - B Shares(c)		2,014,418
				4,024,501
SWITZERLAND — 0.4%
	117,400	Allied World Assurance Co. Holdings AG		4,461,200
	61,109	PSP Swiss Property AG		5,239,820
	68,921	Swiss Prime Site AG		5,236,320
	9,605	Swisscom AG		5,655,285
				20,592,625
TAIWAN — 0.3%
	623,000	Alpha Networks, Inc.		313,379
	293,000	BenQ Materials Corp.		295,731
	155,000	Cheng Shin Rubber Industry Co. Ltd.		361,810
	208,000	Chin-Poon Industrial Co. Ltd.		333,030
	423,000	Elitegroup Computer Systems Co. Ltd.		356,017
	321,000	Formosan Rubber Group, Inc.		349,848
	9,294,000	Hua Nan Financial Holdings Co. Ltd.		5,500,041
	484,000	Inventec Corp.		335,752
	1,133,000	Lealea Enterprise Co. Ltd.(b)		320,346
	181,000	Namchow Chemical Industrial Co. Ltd.		291,288
	595,000	Radium Life Tech Co. Ltd.		341,353
	151,000	Ruentex Industries Ltd.		322,190
	263,000	Sinbon Electronics Co. Ltd.		340,245
	231,000	Taiwan Cement Corp.		352,767
	9,982,000	Taiwan Cooperative Financial Holding Co. Ltd.		5,332,879

Shares			Value
TAIWAN (continued)
	935,000	Taiwan Land Development Corp.	$	331,991
	81,000	Tong Hsing Electronic Industries Ltd.		307,580
	143,000	Ttet Union Corp.		337,560
	429,000	Tung Ho Steel Enterprise Corp.		338,500
	743,000	Unitech Printed Circuit Board Corp.		304,123
	149,000	Wistron NeWeb Corp.		335,068
	373,000	Zinwell Corp.		358,695
				17,460,193
THAILAND — 0.0%
	870,800	Siamgas & Petrochemicals Public Co. Ltd.		336,877
	2,274,100	SVI Public Co. Ltd.		370,056
				706,933
TURKEY — 0.0%
	81,976	Aksa Akrilik Kimya Sanayii AS		269,608
	37,900	Cimsa Cimento Sanayi VE Ticaret AS		280,501
	864,594	Dogan Sirketler Grubu Holding AS(b)		260,625
	47,093	Turkcell Iletisim Hizmetleri AS(b)		273,322
				1,084,056
UNITED KINGDOM — 0.3%
	1,104,102	Afren Plc(b)		1,364,408
	84,691	easyJet Plc		2,032,194
	1,184,808	Faroe Petroleum Plc(b)(c)		1,738,964
	514,793	J Sainsbury Plc		2,021,719
	47,600	Noble Corp. Plc		995,792
	398,578	Pace Plc		2,209,292
	89,200	Smith & Nephew Plc		1,508,261
	488,300	Xaar Plc(c)		2,171,542
				14,042,172
UNITED STATES — 10.7%
	38,393	3M Co.		5,903,692
	81,007	AAR Corp.		2,146,685
	71,000	Abbott Laboratories		3,094,890
	9,200	AbbVie, Inc.		583,832
	7,400	Aetna, Inc.		610,574
	41,250	Air Products & Chemicals, Inc.		5,554,725
	19,400	Alaska Air Group, Inc.		1,032,662
	15,000	Alliance Holdings GP LP		1,029,900
	21,100	Alliance Resource Partners LP		1,014,699
	31,435	Allstate Corp. (The)		2,038,560
	130,195	Altria Group, Inc.		6,293,626
	41,200	American Capital Mortgage Investment Corp., REIT		807,108
	95,335	American Financial Group, Inc.		5,703,893
	256,800	American International Group, Inc.		13,756,776
	52,913	American Woodmark Corp.(b)		2,164,671

Shares			Value
UNITED STATES (continued)
	28,100	Amgen, Inc.	$	4,557,258
	16,300	Amsurg Corp.(b)		880,363
	17,400	AmTrust Financial Services, Inc.		780,738
	256,200	Annaly Capital Management, Inc., REIT		2,923,242
	387,535	Anworth Mortgage Asset Corp., REIT		2,011,307
	8,400	Apple, Inc.		907,200
	144,495	Approach Resources, Inc.(b)		1,430,501
	55,001	ArcBest Corp.		2,128,539
	39,800	Associated Estates Realty Corp., REIT		777,294
	49	Assurant, Inc.		3,343
	34,362	Atlantic Tele-Network, Inc.		2,308,783
	13,883	AutoNation, Inc.(b)		794,941
	31,456	Baker Hughes, Inc.		1,665,910
	46,932	Becton Dickinson and Co.		6,040,148
	38,800	Benchmark Electronics, Inc.(b)		920,336
	58,100	Berkshire Hathaway, Inc. - Class B(b)		8,143,296
	2,100	Biogen Idec, Inc.(b)		674,268
	350,000	Blucora, Inc.(b)		5,932,500
	186,854	Brocade Communications Systems, Inc.		2,004,943
	20,100	Brunswick Corp.		940,680
	38	CA, Inc.		1,104
	39,969	Cabot Corp.		1,855,761
	34	CACI International, Inc. - Class A(b)		2,798
	14	Cadence Design Systems, Inc.(b)		251
	100,502	CAI International, Inc.(b)		2,115,567
	100,346	Calgon Carbon Corp.(b)		2,110,276
	23,200	Cash America International, Inc.		1,140,280
	12	CBS Corp.		651
	14,200	Celanese Corp.		833,966
	30,841	Centene Corp.(b)		2,858,035
	43,811	Chevron Corp.		5,255,129
	266,600	Chimera Investment Corp., REIT		831,792
	61,182	Chubb Corp. (The)		6,079,044
	81,684	Church & Dwight Co., Inc.		5,914,738
	136,846	Cirrus Logic, Inc.(b)		2,641,128
	612	Cisco Systems, Inc.		14,976
	42,096	CIT Group, Inc.		2,059,757
	200,000	Citigroup, Inc.		10,706,000
	20	Civeo Corp.		244
	41,847	Clearwater Paper Corp.(b)		2,692,854
	62,220	Clorox Co. (The)		6,190,890
	412,753	Coca-Cola Co. (The)		17,286,096
	12,974	Cognizant Technology Solutions Corp. - Class A(b)		633,780
	85,628	Colgate-Palmolive Co.		5,726,801
	11,300	Computer Sciences Corp.		682,520
	37,118	Consolidated Edison, Inc.		2,351,796

Shares			Value
UNITED STATES (continued)
	9,900	Constellation Brands, Inc. - Class A(b)	$	906,246
	3	Cooper Cos., Inc. (The)		492
	35,700	CR Bard, Inc.		5,853,729
	3	Cracker Barrel Old Country Store, Inc.		346
	119,315	CTS Corp.		2,195,396
	6,673	CVS Health Corp.		572,610
	72,529	Danaher Corp.		5,831,332
	194,852	Dean Foods Co.		2,866,273
	44,084	Delta Air Lines, Inc.		1,773,499
	13,700	Deluxe Corp.		832,960
	203,800	Depomed, Inc.(b)		3,138,520
	120,600	Dollar Tree, Inc.(b)		7,304,742
	24,718	Dover Corp.		1,963,598
	7,100	Dril-Quip, Inc.(b)		638,645
	8,700	DST Systems, Inc.		838,245
	72,520	DTE Energy Co.		5,958,243
	76,755	Duke Energy Corp.		6,305,423
	11,500	Edwards Lifesciences Corp.(b)		1,390,580
	54,155	Encore Wire Corp.		2,054,641
	80,335	Exactech, Inc.(b)(c)		1,711,136
	77,912	ExlService Holdings, Inc.(b)		2,180,757
	55,600	Exxon Mobil Corp.		5,377,076
	11	Fifth Third Bancorp		220
	31,157	First Solar, Inc.(b)		1,835,147
	11,200	FMC Technologies, Inc.(b)		627,648
	282,873	Fortress Investment Group LLC - Class A(b)		2,127,205
	14,300	Gap, Inc. (The)		541,827
	19,600	General Mills, Inc.		1,018,416
	1,725,000	General Motors Co., Escrow Shares(b)(c)(d)		258,750
	40,679	Genworth Financial, Inc. - Class A(b)		569,099
	8,900	Gilead Sciences, Inc.(b)		996,800
	1,000	Graham Holdings Co.- Class B		783,600
	15,800	Grand Canyon Education, Inc.(b)		756,820
	42,643	Greatbatch, Inc.(b)		2,140,252
	34,300	Green Plains Renewable Energy, Inc.		1,173,060
	32,252	Greenbrier Cos., Inc. (The)		2,017,040
	234,700	Hatteras Financial Corp., REIT		4,468,688
	44,812	HCI Group, Inc.		2,278,242
	22,500	Health Net, Inc.(b)		1,068,975
	7	HealthSouth Corp.		282
	93,698	Heidrick & Struggles International, Inc.		1,950,792
	27,356	Helmerich & Payne, Inc.		2,375,048
	86,043	Hertz Global Holdings, Inc.(b)		1,886,063
	6,800	Hess Corp.		576,708
	26,900	Hewlett-Packard Co.		965,172
	116,662	Hormel Foods Corp.		6,289,248
	57,400	IAC/InterActiveCorp		3,885,406
	101,157	IDACORP, Inc.		6,396,157

Shares			Value
UNITED STATES (continued)
	24,100	Insys Therapeutics, Inc.(b)	$	980,268
	199,000	Inteliquent, Inc.		3,349,170
	28,604	International Business Machines Corp.		4,702,498
	16,900	ITT Corp.		761,514
	18	j2 Global, Inc.		974
	38	Jack in the Box, Inc.		2,700
	88,700	JetBlue Airways Corp.(b)		1,023,598
	5,700	Johnson & Johnson		614,346
	121,181	K12, Inc.(b)		1,502,644
	7,900	Kaiser Aluminum Corp.		549,445
	186,054	Kellogg Co.		11,900,014
	57,464	Kemper Corp.		2,117,548
	431,554	Key Energy Services, Inc.(b)		1,311,924
	143,032	Kimberly-Clark Corp.		16,344,267
	41	Kroger Co. (The)		2,284
	5,400	Laboratory Corp of America Holdings(b)		590,166
	14,700	Lexmark International, Inc. - Class A		634,452
	452,728	Lionbridge Technologies, Inc.(b)		2,186,676
	35,658	Lowe’s Cos, Inc.		2,039,638
	7	Macy’s, Inc.		405
	28,433	Manpowergroup, Inc.		1,897,903
	82,384	Matrix Service Co.(b)		2,064,543
	28	MB Financial, Inc.		883
	10	MBIA, Inc.(b)		98
	80,111	McCormick & Co., Inc. - Non Voting Shares		5,665,450
	73,608	McDonald’s Corp.		6,899,278
	75,572	MDC Holdings, Inc.		1,845,468
	275,000	Medtronic, Inc.		18,744,000
	52,412	Methode Electronics, Inc.		2,063,985
	2,700	Mettler-Toledo International, Inc.(b)		697,869
	89,853	Micron Technology, Inc.(b)		2,973,236
	75,700	Microsoft Corp.		3,554,115
	26,900	Myriad Genetics, Inc.(b)		1,062,281
	10,600	National Oilwell Varco, Inc.		769,984
	24,100	NeuStar, Inc. - Class A(b)		636,481
	9	Newcastle Investment Corp., REIT		217
	83,600	Newmont Mining Corp.		1,568,336
	20	Nexstar Broadcasting Group, Inc. - Class A		902
	4,400	Northrop Grumman Corp.		607,024
	10	Oil States International, Inc.(b)		597
	42,100	Old Republic International Corp.		621,817
	76,627	Omnicom Group, Inc.		5,506,416
	223,235	ON Semiconductor Corp.(b)		1,850,618
	140,000	Oracle Corp.		5,467,000
	31,359	OSI Systems, Inc.(b)		2,222,726
	15,200	Outerwall, Inc.(b)		961,704
	15,000	PAREXEL International Corp.(b)		814,650
	66,427	Patterson-UTI Energy, Inc.		1,529,814

Shares			Value
UNITED STATES (continued)
	222,600	PDL BioPharma, Inc.	$	1,898,778
	160,200	People’s United Financial, Inc.		2,342,124
	191,257	PepsiCo, Inc.		18,393,186
	136,400	PetSmart, Inc.		9,868,540
	191,861	Pfizer, Inc.		5,746,237
	45	Phillips 66		3,532
	44,123	Pilgrim’s Pride Corp.(b)		1,253,534
	41	PNC Financial Services Group, Inc. (The)		3,542
	11,000	Portfolio Recovery Associates, Inc.(b)		695,750
	42,336	Praxair, Inc.		5,333,913
	8,000	Priceline Group, Inc. (The)(b)		9,649,680
	17	Prosperity Bancshares, Inc.		1,027
	74,600	PulteGroup, Inc.		1,431,574
	18,700	Quest Diagnostics, Inc.		1,186,702
	11,000	Raymond James Financial, Inc.		617,430
	60,190	Regions Financial Corp.		597,687
	29	Reinsurance Group of America, Inc.		2,443
	11,100	ResMed, Inc.		579,642
	27,733	REX American Resources Corp.(b)		2,017,853
	35,593	Rogers Corp.(b)		2,433,493
	34,638	Safety Insurance Group, Inc.		2,160,718
	68,400	Sanderson Farms, Inc.		5,744,232
	30,370	Sanmina Corp.(b)		761,376
	17,672	Savient Pharmaceuticals, Inc.(b)(c)(d)(e)		0
	12,400	Science Applications International Corp.		606,484
	45,000	Select Income REIT		1,102,950
	40,571	Silgan Holdings, Inc.		1,994,470
	26,995	SM Energy Co.		1,519,819
	138,818	Sonoco Products Co.		5,673,492
	23,800	Southwest Airlines Co.		820,624
	57,900	Spectra Energy Partners LP		3,126,600
	42	Spirit Airlines, Inc.(b)		3,071
	27,405	SPX Corp.		2,597,720
	75,900	St Joe Co. (The)(b)		1,453,485
	45	Standard Pacific Corp.(b)		333
	24,100	Starwood Property Trust, Inc., REIT		543,696
	216,018	SUPERVALU, Inc.(b)		1,864,235
	26	Susquehanna Bancshares, Inc.		255
	3	Swift Transportation Co.(b)		74
	42,000	Symetra Financial Corp.		995,400
	26,600	Synopsys, Inc.(b)		1,090,068
	19	Synovus Financial Corp.		482
	8,800	Syntel, Inc.(b)		762,168
	155,749	Take-Two Interactive Software, Inc.(b)		4,119,561
	50,200	TC PipeLines LP(b)		3,129,970
	10,700	Tech Data Corp.(b)		639,004
	35	TiVo, Inc.(b)		457
	139,628	Torchmark Corp.		7,394,699

Shares			Value
UNITED STATES (continued)
	20,515	Travelers Cos., Inc. (The)	$	2,067,912
	205,262	Triangle Petroleum Corp.(b)		1,590,781
	67,186	Trinity Industries, Inc.		2,399,212
	20	TRW Automotive Holdings Corp.(b)		2,027
	31,600	Tyson Foods, Inc. - Class A		1,275,060
	16	Umpqua Holdings Corp.		282
	16	Union Pacific Corp.		1,863
	56,682	United Parcel Service, Inc. - Class B		5,946,509
	46	Universal Corp.		2,047
	5,177	Universal Health Services, Inc. - Class B		536,907
	10	USANA Health Sciences, Inc.(b)		1,140
	186,668	Valero Energy Corp.		9,350,200
	140,012	Vectren Corp.		6,293,539
	12,300	Verizon Communications, Inc.		618,075
	7,900	Visteon Corp.(b)		741,810
	35,400	Voya Financial, Inc.		1,389,450
	22,823	VSE Corp.		1,375,770
	9,400	WABCO Holdings, Inc.(b)		915,372
	60,000	Walgreen Co.		3,853,200
	151,062	Wal-Mart Stores, Inc.		11,521,499
	42,286	WellPoint, Inc.		5,357,213
	16,317	Wells Fargo & Co.		866,270
	112,700	Werner Enterprises, Inc.		3,103,758
	151,430	Westar Energy, Inc.		5,725,568
	20,299	Western Digital Corp.		1,996,813
	35,223	Western Union Co. (The)		597,382
	10,600	Westlake Chemical Corp.		747,830
	11,892	Wintrust Financial Corp.		550,837
	127,848	Wisconsin Energy Corp.		6,348,932
	179,128	Xcel Energy, Inc.		5,995,414
	11	Xerox Corp.		146
	7	Zions Bancorp		203
	17,000	Zoetis, Inc.		631,720
				598,838,048
Total Common Stocks (Cost $872,457,638)				939,689,659
CLOSED-END FUNDS — 6.3%
UNITED STATES — 6.3%
	390,000	Apollo Tactical Income Fund, Inc.		6,762,600
	500,715	Ares Dynamic Credit Allocation Fund, Inc.		8,442,055
	355,000	Avenue Income Credit Strategies Fund		5,804,250
	8,510	Babson Capital Corp. Investors		131,820
	406,147	Babson Capital Global Short Duration High Yield Fund		9,272,336
	149,858	Babson Capital Participation Investors		2,026,080
	402,498	Blackrock Corp. High Yield Fund, Inc.		4,769,601

Shares			Value
UNITED STATES (continued)
	511,890	BlackRock Credit Allocation Income Trust	$	6,930,991
	4,832,694	BlackRock Debt Strategies Fund, Inc.		18,412,564
	250,000	BlackRock Defined Opportunity Credit Trust		3,342,500
	352,226	Blackrock Multi-Sector Income Trust		6,266,101
	857,276	Blackstone/GSO Strategic Credit Fund		14,153,627
	612,043	Brookfield Mortgage Opportunity Income Fund, Inc.		10,337,406
	1,455,505	ClearBridge Energy MLP Fund, Inc.		40,754,140
	301,858	Cohen & Steers Limited Duration Preferred and Income Fund, Inc.		7,341,187
	200,000	Deutsche Multi-Market Income Trust		1,786,000
	1,037,182	Doubleline Income Solutions Fund		22,091,977
	450,000	First Trust Intermediate Duration Preferred & Income Fund		9,873,000
	114,740	Guggenheim Credit Allocation Fund		2,764,087
	300,560	KKR Income Opportunities Fund		5,283,845
	454,841	Legg Mason BW Global Income Opportunities Fund, Inc.		7,877,846
	680,717	New America High Income Fund		6,500,847
	848,204	NexPoint Credit Strategies Fund		9,186,049
	1,400,981	Nuveen Quality Preferred Income Fund		11,656,162
	27,460	PIMCO Corporate & Income Strategy Fund		444,303
	1,085,000	PIMCO Dynamic Credit Income Fund		24,011,050
	500,000	Pimco Dynamic Income Fund		16,045,000
	624,800	Pioneer Floating Rate Trust		7,228,936
	302,145	Prudential Global Short Duration High Yield Fund, Inc.		4,955,178
	829,881	Prudential Short Duration High Yield Fund, Inc.		13,958,598
	39,802	Stone Harbor Emerging Markets Income Fund		745,491
	843,990	Tortoise Energy Infrastructure Corp.		38,730,701
	101,501	Tortoise Power and Energy Infrastructure Fund, Inc.		2,848,118
	1,829,103	Wells Fargo Advantage Income Opportunities Fund		16,663,128

Shares			Value
UNITED STATES (continued)
	248,900	Western Asset Mortgage Defined Opportunity Fund	$	6,033,336
Total Closed-End Funds (Cost $359,187,120)				353,430,910
EXCHANGE TRADED FUNDS — 2.3%
UNITED STATES — 2.3%
	307,427	iShares MSCI Canada Index Fund		9,198,216
	395,400	iShares MSCI Germany Index Fund		10,766,742
	600,000	iShares MSCI Taiwan ETF		9,432,000
	122,500	ProShares Short VIX Short-Term Futures ETF(b)		8,430,450
	125,000	Vanguard FTSE Europe ETF		6,771,250
	162,579	WisdomTree Europe SmallCap Dividend Fund		8,450,856
	1,395,000	WisdomTree Japan Hedged Equity Fund		75,078,900
Total Exchange Traded Funds (Cost $119,753,201)				128,128,414
PREFERRED STOCKS — 0.1%
UNITED STATES — 0.1%
	35,000	Exelon Corp.		1,843,800
	104,500	New York Community Capital Trust V		5,197,830
Total Preferred Stocks (Cost $6,840,925)				7,041,630

Contracts/ Notional Amount ($)
CALL OPTIONS PURCHASED — 0.1%
	1,900	Euro STOXX Banks Index, Strike EUR 135.00, Expires 12/19/14	838,213
	5,922	Euro STOXX Banks Index, Strike EUR 145.00, Expires 12/19/14	984,563
	270	Russell 2000 Index, Strike $1,130.00, Expires 12/20/14	1,506,600
$	25,000,000	U.S. Stock Basket Absolute Dispersion, Strike $22.00, Expires 07/17/15	806,880
	6,310	WisdomTree Japan Hedged Equity Fund, Strike $56.00, Expires 12/20/14	536,350
Total Call Options Purchased (Cost $3,867,882)			4,672,606

Principal
Amount					Value
CORPORATE BONDS — 9.6%
AUSTRIA — 0.0%
$	5,218,800		A-TEC Industries AG, Cnv., 2.75%, 05/10/14(b)(c)(d)(e)	$	0
	8,000,000		A-TEC Industries AG, Cnv., 8.75%, 10/27/14(b)(c)(d)(e)		0
					0
BELGIUM — 0.1%
	5,000,000		Sofina SA, Cnv., 1.00%, 09/19/16(f)		5,077,500
BERMUDA — 0.1%
	7,000,000	(g)	Celestial Nutrifoods Ltd., Cnv., 15.75%, 06/12/12(c)(d)(e)(h)		1,089,749
	1,500,000		Digicel Ltd., 6.00%, 04/15/21(i)		1,515,000
	3,500,000		Energy XXI Bermuda Ltd., Cnv., 3.00%, 12/15/18(i)		2,487,188
					5,091,937
BRAZIL — 0.1%
	1,500,000		Cia Brasileira de Aluminio, 4.75%, 06/17/24(f)		1,451,250
	1,300,000		JBS SA, 10.50%, 08/04/16(f)		1,469,000
					2,920,250
CANADA — 0.1%
	3,000,000		Pacific Rubiales Energy Corp., 5.63%, 01/19/25(f)		2,852,850
	2,000,000		Videotron Ltd., 5.00%, 07/15/22		2,060,000
					4,912,850
CAYMAN ISLANDS — 0.1%
	1,400,000		Fufeng Group Ltd., 7.63%, 04/13/16(f)		1,438,500
	1,000,000		JBS Finance II Ltd., 8.25%, 01/29/18(f)		1,052,500
	2,000,000		Siem Industries, Inc., Cnv., 1.00%, 09/12/19(f)		1,843,000
	330,000		TAM Capital 3, Inc., 8.38%, 06/03/21(f)		353,100
	1,625,000		UPCB Finance VI Ltd., 6.88%, 01/15/22(i)		1,775,313
					6,462,413
CROATIA (HRVATSKA) — 0.1%
	2,100,000	(j)	Agrokor dd, 9.13%, 02/01/20(f)		2,863,194
FRANCE — 0.1%
	1,350,000	(k)	Lafarge SA, 4.75%, 09/30/20(f)		1,970,889

Principal Amount				Value
FRANCE (continued)
$	825,000	(k)	Orange SA, 4.00%, 10/01/21(f)(l)	$	1,048,063
	475,000	(k)	Renault SA, 3.13%, 03/05/21(f)		632,796
	650,000		SPCM SA, 6.00%, 01/15/22(f)		685,750
					4,337,498
GERMANY — 0.0%
	200,000	(k)	Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, 6.25%, 01/15/29(f)		279,452
GREECE — 0.0%
	1,250,000		Aegean Marine Petroleum Network, Inc., Cnv., 4.00%, 11/01/18		1,165,625
HONG KONG — 0.0%
	9,700,000		China Milk Products Group Ltd., Cnv., 12.86%, 01/05/12(b)(c)(d)(e)(h)		1,133,154
INDIA — 0.0%
	1,375,000		Tata Motors Ltd., 4.63%, 04/30/20(f)		1,398,925
INDONESIA — 0.0%
	1,300,000		Perusahaan Listrik Negara PT, 5.50%, 11/22/21(f)		1,381,250
IRELAND — 0.1%
	975,000	(k)	Ardagh Packaging Finance Plc/Ardagh Holdings USA, Inc., 4.25%, 01/15/22(f)		1,191,592
	1,475,000	(k)	eircom Finance Ltd., 9.25%, 05/15/20(f)		2,000,887
					3,192,479
ISRAEL — 0.0%
	2,000,000		Delek & Avner Tamar Bond Ltd., 3.84%, 12/30/18(i)		2,015,720
ITALY — 0.1%
	1,525,000	(m)	Enel SpA, 7.75%, 09/10/75(f)(l)		2,674,337
	950,000	(k)	Telecom Italia SpA, 6.38%, 06/24/19		1,643,169
	400,000	(k)	Telecom Italia SpA, 4.50%, 01/25/21(f)		539,046
					4,856,552
JAPAN — 0.0%
	1,800,000	(j)	SoftBank Corp., 4.63%, 04/15/20(f)		2,424,842

Principal
Amount					Value
JERSEY CHANNEL ISLANDS — 0.1%
$	2,000,000	(k)	Derwent London Capital No. 2 Jersey Ltd., Cnv., 1.13%, 07/24/19(f)	$	3,418,224
LUXEMBOURG — 0.5%
	1,050,000	(k)	Altice Financing SA, 8.00%, 12/15/19(f)		1,407,912
	1,350,000	(k)	Altice Financing SA, 6.50%, 01/15/22(f)		1,742,503
	600,000	(k)	CNH Industrial Finance Europe SA, 6.25%, 03/09/18(f)		841,863
$	1,000,000		ContourGlobal Power Holdings SA, 7.13%, 06/01/19(f)		1,002,500
	1,000,000		Cosan Luxembourg SA, 5.00%, 03/14/23(f)		962,500
	425,000	(k)	Fiat Finance & Trade SA, 4.75%, 07/15/22(f)		554,557
	1,425,000	(m)	Finmeccanica Finance SA, 8.00%, 12/16/19		2,621,497
	1,500,000	(k)	Grand City Properties SA, Series D, 2.00%, 10/29/21(f)		1,797,485
	1,700,000	(k)	Greif Nevada Holdings, Inc. SCS, 7.38%, 07/15/21(f)		2,471,209
	4,400,000		QGOG Constellation SA, 6.25%, 11/09/19(f)		4,334,000
	8,000,000		Subsea 7 SA, Cnv., 1.00%, 10/05/17(f)		7,380,000
	1,845,000		Wind Acquisition Finance SA, 6.50%, 04/30/20(i)		1,918,800
	1,000,000	(k)	Wind Acquisition Finance SA, 4.00%, 07/15/20(f)		1,234,351
	1,100,000	(k)	Xella Holdco Finance SA, 9.13% cash or 9.88% payment-in-kind interest, 09/15/18(f)(n)		1,409,479
					29,678,656
MEXICO — 0.0%
	1,350,000		Cemex SAB de CV, 5.88%, 03/25/19(f)		1,398,937
NETHERLANDS — 0.4%
	1,225,000	(k)	Cable Communications Systems NV, 7.50%, 11/01/20(f)		1,581,160
	1,800,000	(k)	Deutsche Annington Finance BV, 4.63%, 04/08/74(f)(l)		2,312,059
	1,250,000	(k)	Grupo Antolin Dutch BV, 4.75%, 04/01/21(f)		1,601,680
	1,400,000		Indosat Palapa Co. BV, 7.38%, 07/29/20(f)		1,487,500
	5,000,000		Lukoil International Finance BV, Cnv., 2.63%, 06/16/15		4,925,000
	1,995,000		Marfrig Holding Europe BV, 8.38%, 05/09/18(f)		2,099,737

Principal
Amount				Value
NETHERLANDS (continued)
$	2,150,000		Marfrig Holding Europe BV, 6.88%, 06/24/19(f)	$	2,182,250
	800,000	(k)	Schaeffler Holding Finance BV, 5.75% cash or 6.50% payment-in-kind interest, 11/15/21(f)		1,035,101
	2,200,000	(k)	Telefonica Europe BV, 7.63%, 09/18/21(f)(l)		3,204,790
	1,075,000	(k)	Ziggo Bond Co BV, 8.00%, 05/15/18(f)		1,458,273
					21,887,550
NORWAY — 0.0%
	775,000	(k)	Lock AS, 5.82%, 08/15/20(f)(l)		976,046
	650,000	(k)	Lock AS, 7.00%, 08/15/21(f)		834,910
					1,810,956
PERU — 0.0%
	1,325,000		InRetail Consumer, 5.25%, 10/10/21(i)		1,364,750
POLAND — 0.0%
	1,075,000	(k)	Play Finance 2 SA, 5.25%, 02/01/19(f)		1,390,917
PORTUGAL — 0.0%
	1,151,000	(k)	PT Portugal SGPS SA, 6.25%, 07/26/16(f)		1,489,814
SPAIN — 0.0%
	1,000,000		CEMEX Espana SA/Luxembourg, 9.88%, 04/30/19(i)		1,118,150
UNITED KINGDOM — 0.3%
	1,350,000	(k)	Arqiva Broadcast Finance Plc, 9.50%, 03/31/20(f)		2,362,047
	490,000	(k)	Debenhams Plc, 5.25%, 07/15/21(f)		740,738
	938,000	(j)	Iglo Foods Bondco Plc, 4.58%, 06/15/20(f)(l)		1,143,246
	1,475,000	(k)	Infinis Plc, 7.00%, 02/15/19(f)		2,442,131
	1,580,000	(j)	International Personal Finance Plc, 5.75%, 04/07/21(f)		1,970,075
	925,000	(k)	Jerrold Finco Plc, 9.75%, 09/15/18(f)		1,594,690
	950,000	(k)	Southern Water Greensands Financing Plc, 8.50%, 04/15/19(f)		1,671,679
	1,900,000		Vedanta Resources Plc, 6.75%, 06/07/16(f)		1,988,350
	175,000	(k)	Vougeot Bidco Plc, 7.88%, 07/15/20(f)		279,963
					14,192,919

Principal
Amount				Value
UNITED STATES — 7.3%
$	3,250,000		Activision Blizzard, Inc., 5.63%, 09/15/21(i)	$	3,457,187
	11,610,000		Alere, Inc., Cnv., 3.00%, 05/15/16		12,371,906
	6,000,000		Ares Capital Corp., Cnv., 5.13%, 06/01/16(c)		6,168,750
	5,000,000		Ares Capital Corp., Cnv., 4.38%, 01/15/19(c)		5,100,000
	3,000,000		Ascent Capital Group, Inc., Cnv., 4.00%, 07/15/20(c)		2,709,375
	7,000,000		BioMarin Pharmaceutical, Inc., Cnv., 1.50%, 10/15/20		8,229,375
	5,000,000		BlackRock Kelso Capital Corp., Cnv., 5.50%, 02/15/18		5,096,875
	8,000,000		Blucora, Inc., Cnv., 4.25%, 04/01/19		8,343,200
	7,500,000		BroadSoft, Inc., Cnv., 1.50%, 07/01/18		7,392,188
	9,000,000		Cardtronics, Inc., Cnv., 1.00%, 12/01/20(i)		8,797,797
	900,000	(j)	Celanese US Holdings LLC, 3.25%, 10/15/19		1,150,052
	1,475,000	(j)	Cemex Finance LLC, 5.25%, 04/01/21(f)		1,901,998
	2,500,000		Chesapeake Energy Corp., 5.75%, 03/15/23		2,737,500
	5,000,000		Chesapeake Energy Corp., Cnv., 2.50%, 05/15/37		4,928,125
	6,000,000		Ciena Corp. Cnv., 0.88%, 06/15/17		5,808,750
	750,000		Crown Media Holdings, Inc., 10.50%, 07/15/19		821,250
	2,100,000		Depomed, Inc., Cnv., 2.50%, 09/01/21		2,235,188
	3,500,000		Emergent Biosolutions, Inc., Cnv., 2.88%, 01/15/21(i)		3,579,485
	1,000,000		Endologix, Inc., Cnv., 2.25%, 12/15/18		916,250
	5,000,000		Finisar Corp., Cnv., 0.50%, 12/15/33(i)		4,565,625
	5,000,000		Fluidigm Corp., Cnv., 2.75%, 02/01/34		4,621,875
	4,000,000		Forest City Enterprises, Inc., Cnv., 4.25%, 08/15/18		4,510,000
	3,000,000		Forest City Enterprises, Inc., Cnv., 3.63%, 08/15/20		3,183,750
	2,000,000		Fresenius Medical Care US Finance II, Inc., 4.13%, 10/15/20(i)		2,006,250
	7,000,000		General Cable Corp., Cnv.,STEP, 4.50%, 11/15/29		4,624,375
	500,000		Goodrich Petroleum Corp., Cnv., 5.00%, 10/01/32		408,125
	4,200,000		Griffon Corp., Cnv., 4.00%, 01/15/17(i)		4,635,750

Principal
Amount				Value
UNITED STATES (continued)
$	17,500,000		Hologic, Inc., Cnv., STEP, 2.00%, 03/01/42	$	19,053,125
	10,000,000		Hologic, Inc., Cnv., STEP, 2.00%, 12/15/43		10,975,000
	5,000,000		HomeAway, Inc., Cnv., 0.13%, 04/01/19(i)		4,846,875
	7,000,000		Hornbeck Offshore Services, Inc., Cnv., 1.50%, 09/01/19		6,676,250
	11,000,000		Integra Lifesciences Holdings Corp., 1.63%, 12/15/16(c)		11,770,000
	7,000,000		JDS Uniphase Corp., Cnv., 0.63%, 08/15/33		7,175,000
	3,120,000		Kinder Morgan, Inc., 7.75%, 01/15/32		3,900,000
	29,039,911		Liberty Interactive LLC, Cnv., 3.75%, 02/15/30		18,204,394
	8,000,000		Liberty Interactive LLC, Cnv., 1.00%, 09/30/43(i)		8,530,000
	6,000,000		Live Nation Entertainment, Inc., Cnv., 2.50%, 05/15/19(i)		6,262,500
	1,000,000		Meritage Homes Corp., Cnv., 1.88%, 09/15/32		992,500
	8,000,000		Meritor, Inc., Cnv., STEP, 4.00%, 02/15/27		8,280,000
	2,000,000		Molina Healthcare, Inc., Cnv., 1.63%, 08/15/44		2,123,750
	1,325,000	(j)	MPT Operating Partnership LP/MPT Finance Corp., REIT, 5.75%, 10/01/20		1,772,500
	10,000,000		Nuance Communications, Inc., Cnv., 2.75%, 11/01/31		9,756,250
	4,085,000		NuVasive, Inc., Cnv., 2.75%, 07/01/17		4,909,659
	2,000,000		NVIDIA Corp., Cnv., 1.00%, 12/01/18(i)		2,262,500
	9,000,000		Omnicare, Inc., Cnv., 3.25%, 12/15/35		9,540,000
	19,500,000		Owens-Brockway Glass Container, Inc., Cnv., 3.00%, 06/01/15(i)		19,500,000
	5,000,000		PDL BioPharma, Inc., Cnv., 4.00%, 02/01/18		5,121,875
	7,000,000		Priceline Group, Inc. (The), Cnv., 0.90%, 09/15/21(i)		6,715,625
	4,000,000		Prospect Capital Corp., Cnv., 5.50%, 08/15/16		4,120,000
	6,000,000		Prospect Capital Corp., Cnv., 5.75%, 03/15/18		6,142,500
	3,000,000		Prospect Capital Corp., Cnv., 4.75%, 04/15/20(i)		2,910,000
	7,000,000		Rovi Corp., Cnv., 2.63%, 02/15/40		6,973,750

Principal
Amount				Value
UNITED STATES (continued)
$	6,000,000		RTI International Metals, Inc., Cnv., 1.63%, 10/15/19	$	5,741,250
	2,500,000		Sabine Pass Liquefaction LLC, 5.75%, 05/15/24(i)		2,584,375
	10,500,000		SEACOR Holdings, Inc., Cnv., 3.00%, 11/15/28(c)(i)		10,047,188
	12,000,000		ShengdaTech, Inc., Cnv., 6.50%, 12/15/15(b)(c)(d)(e)(i)		3,600,000
	2,500,000		Southern Star Central Corp., 5.13%, 07/15/22(i)		2,537,500
	2,500,000		Sprint Corp., 7.88%, 09/15/23(i)		2,706,250
	5,000,000		Starwood Property Trust, Inc., Cnv., 3.75%, 10/15/17		5,015,625
	8,900,000		Starwood Property Trust, Inc., Cnv., REIT, 4.55%, 03/01/18		9,445,125
	7,000,000		Starwood Property Trust, Inc., Cnv., REIT, 4.00%, 01/15/19		7,529,375
	4,000,000		Stone Energy Corp., Cnv., 1.75%, 03/01/17		3,705,000
	5,300,000		Titan Machinery, Inc., Cnv., 3.75%, 05/01/19		4,061,125
	1,000,000		T-Mobile USA, Inc., 6.50%, 01/15/24		1,047,500
	5,000,000		Vector Group Ltd., Cnv., 1.75%, 04/15/20		5,387,500
	2,175,000	(m)	Virgin Media Secured Finance Plc, 6.00%, 04/15/21(f)		3,636,250
	12,000,000		Volcano Corp., Cnv., 1.75%, 12/01/17		10,155,000
	4,000,000		Web.com Group, Inc., Cnv., 1.00%, 08/15/18		3,722,500
	5,000,000		WebMD Health Corp., Cnv., 2.25%, 03/31/16		5,084,375
	9,000,000		WebMD Health Corp., Cnv., 2.50%, 01/31/18		9,253,125
	2,000,000		WebMD Health Corp., Cnv., 1.50%, 12/01/20(i)		2,067,500
					406,141,617
VIRGIN ISLANDS (BRITISH) — 0.1%
	2,875,000		OAS Finance Ltd., 8.00%, 07/02/21(i)		2,688,125
Total Corporate Bonds (Cost $552,999,969)					536,094,256
GOVERNMENT BONDS — 4.9%
BRAZIL — 0.4%
	1,710,000	(k)	Brazil Letras do Tesouro Nacional, 11.14%, 10/01/15(h)		621,539
	4,270,000	(k)	Brazil Letras do Tesouro Nacional, 11.31%, 01/01/16(h)		1,506,754

Principal
Amount				Value
BRAZIL (continued)
$	510,000	(k)	Brazil Letras do Tesouro Nacional, 11.29%, 07/01/16(h)	$	169,799
	1,620,000	(k)	Brazil Letras do Tesouro Nacional, 11.31%, 10/01/16(h)		523,277
	80,000	(k)	Brazil Notas do Tesouro Nacional, Serie B, 6.00%, 08/15/24		82,008
	9,490,000	(k)	Brazil Notas do Tesouro Nacional, Series B, 6.00%, 05/15/15		9,904,210
	1,410,000	(k)	Brazil Notas do Tesouro Nacional, Series B, 6.00%, 05/15/19		1,464,048
	160,000	(k)	Brazil Notas do Tesouro Nacional, Series B, 6.00%, 08/15/20		163,748
	840,000	(k)	Brazil Notas do Tesouro Nacional, Series B, 6.00%, 08/15/22		862,668
	1,292,000	(k)	Brazil Notas do Tesouro Nacional, Series B, 6.00%, 05/15/23		1,347,486
	2,400,000	(k)	Brazil Notas do Tesouro Nacional, Series B, 6.00%, 05/15/45		2,478,411
	3,900,000	(k)	Brazil Notas do Tesouro Nacional, Series F, 10.00%, 01/01/17		1,555,648
					20,679,596
HUNGARY — 0.4%
	61,000,000	(k)	Hungary Government Bond, 8.00%, 02/12/15		252,024
	108,050,000	(k)	Hungary Government Bond, 7.75%, 08/24/15		459,949
	96,000,000	(k)	Hungary Government Bond, 5.50%, 02/12/16		409,552
	22,320,000	(k)	Hungary Government Bond, 5.50%, 12/22/16		97,127
	127,110,000	(k)	Hungary Government Bond, 6.75%, 02/24/17		565,745
	507,020,000	(k)	Hungary Government Bond, 6.75%, 11/24/17		2,313,162
	105,450,000	(k)	Hungary Government Bond, 4.00%, 04/25/18		445,622
	64,470,000	(k)	Hungary Government Bond, 5.50%, 12/20/18		286,814
	267,350,000	(k)	Hungary Government Bond, 6.50%, 06/24/19		1,246,255
	67,860,000	(k)	Hungary Government Bond, 7.50%, 11/12/20		336,479
	145,810,000	(k)	Hungary Government Bond, 7.00%, 06/24/22		719,607
	79,380,000	(k)	Hungary Government Bond, 6.00%, 11/24/23		374,422

Principal
Amount				Value
HUNGARY (continued)
$	64,530,000	(k)	Hungary Government Bond, 5.50%, 06/24/25	$	297,605
	520,000	(k)	Hungary Government International Bond, 4.38%, 07/04/17(f)		697,395
	5,100,000	(k)	Hungary Government International Bond, 6.00%, 01/11/19		7,357,705
	2,920,000		Hungary Government International Bond, 6.25%, 01/29/20		3,281,350
	3,930,000		Hungary Government International Bond, 6.38%, 03/29/21		4,460,063
					23,600,876
INDONESIA — 0.1%
	3,590,000,000	(k)	Indonesia Treasury Bond, 9.00%, 09/15/18		308,202
	20,080,000,000	(k)	Indonesia Treasury Bond, 12.80%, 06/15/21		2,064,493
	33,160,000,000	(k)	Indonesia Treasury Bond, 12.90%, 06/15/22		3,483,405
					5,856,100
IRELAND — 0.5%
	17,995,160	(k)	Ireland Government Bond, 5.40%, 03/13/25		29,782,588
MALAYSIA — 0.6%
	10,000	(k)	Bank Negara Malaysia Monetary Notes, 2.89%, 03/12/15(h)		3,005
	10,000	(k)	Bank Negara Malaysia Monetary Notes, 2.89%, 04/16/15(h)		2,996
	2,150,000	(k)	Bank Negara Malaysia Monetary Notes, 2.98%, 05/05/15(h)		642,655
	9,200,000	(k)	Bank Negara Malaysia Monetary Notes, 3.05%, 05/19/15(h)		2,747,710
	130,000	(k)	Bank Negara Malaysia Monetary Notes, 3.34%, 08/11/15(h)		38,526
	250,000	(k)	Bank Negara Malaysia Monetary Notes, 3.18%, 08/18/15(h)		74,040
	140,000	(k)	Bank Negara Malaysia Monetary Notes, 3.34%, 09/08/15(h)		41,382
	87,958,000	(k)	Malaysia Government Bond, 4.72%, 09/30/15		27,057,130

Principal Amount				Value
MALAYSIA (continued)
$	4,485,000	(k)	Malaysia Government Bond, 3.20%, 10/15/15	$	1,361,272
					31,968,716
MEXICO — 0.5%
	10,587,000	(k)	Mexican Bonos, 6.00%, 06/18/15		799,782
	91,413,000	(k)	Mexican Bonos, 8.00%, 12/17/15		7,140,176
	43,680,000	(k)	Mexican Bonos, 6.25%, 06/16/16		3,379,480
	36,000,000	(k)	Mexican Bonos, 7.25%, 12/15/16		2,859,498
	23,900,000	(k)	Mexican Bonos, 7.75%, 12/14/17		1,947,139
	1,059,200	(k)	Mexican Udibonos, 4.50%, 12/18/14		413,378
	2,720,000	(k)	Mexican Udibonos, 5.00%, 06/16/16		1,134,947
	2,712,000	(k)	Mexican Udibonos, 3.50%, 12/14/17		1,130,838
	1,851,000	(k)	Mexican Udibonos, 4.00%, 06/13/19		789,626
	1,465,000	(k)	Mexican Udibonos, 2.50%, 12/10/20		580,254
	43,628,000	(k)	Mexico Cetes, 3.04%, 12/24/14(h)		322,717
	730,580,000	(k)	Mexico Cetes, 3.58%, 04/01/15(h)		5,357,505
	46,652,000	(k)	Mexico Cetes, 3.09%, 05/28/15(h)		340,686
					26,196,026
PHILIPPINES — 0.1%
	13,720,000	(k)	Philippine Government Bond, 1.63%, 04/25/16		303,730
	312,450,000	(k)	Philippine Government Bond, 9.13%, 09/04/16		7,805,777
	25,320,000	(k)	Philippine Treasury Bill, 1.21%, 04/08/15(h)		560,493
	4,960,000	(k)	Philippine Treasury Bill, 1.00%, 09/02/15(h)		108,896
	5,260,000	(k)	Philippine Treasury Bill, 1.51%, 10/07/15(h)		115,054
					8,893,950
POLAND — 0.5%
	5,019,000	(k)	Poland Government Bond, 5.50%, 04/25/15		1,516,291
	7,481,000	(k)	Poland Government Bond, 2.97%, 07/25/15(h)		2,193,920
	32,184,000	(k)	Poland Government Bond, 6.25%, 10/24/15		9,969,561

Principal
Amount				Value
POLAND (continued)
$	28,470,000	(k)	Poland Government Bond, 2.94%, 01/25/16(h)	$	8,279,140
	8,188,000	(k)	Poland Government Bond, 2.69%, 01/25/17(l)		2,434,310
	8,307,000	(k)	Poland Government Bond, 2.69%, 01/25/21(l)		2,445,280
					26,838,502
PORTUGAL — 0.0%
	3,020,000		Portugal Government International Bond, 5.13%, 10/15/24(i)		3,110,286
SERBIA — 0.1%
	1,540,000		Republic of Serbia, 5.25%, 11/21/17(i)		1,593,900
	3,280,000		Republic of Serbia, 7.25%, 09/28/21(i)		3,770,360
					5,364,260
SLOVENIA — 0.1%
	2,860,000		Slovenia Government International Bond, 5.50%, 10/26/22(i)		3,142,425
	1,400,000		Slovenia Government International Bond, 5.85%, 05/10/23(i)		1,570,632
					4,713,057
SOUTH KOREA — 0.9%
	6,039,800,000	(k)	Korea Monetary Stabilization Bond, 2.84%, 12/02/14		5,654,794
	3,657,400,000	(k)	Korea Monetary Stabilization Bond, 2.10%, 01/13/15(h)		3,408,709
	2,226,780,000	(k)	Korea Monetary Stabilization Bond, 2.74%, 02/02/15		2,087,164
	312,000,000	(k)	Korea Monetary Stabilization Bond, 2.47%, 04/02/15		292,450
	2,610,000,000	(k)	Korea Monetary Stabilization Bond, 2.76%, 06/02/15		2,452,025
	625,300,000	(k)	Korea Monetary Stabilization Bond, 2.66%, 06/09/15		588,785
	5,276,320,000	(k)	Korea Monetary Stabilization Bond, 2.80%, 08/02/15		4,963,492
	433,000,000	(k)	Korea Monetary Stabilization Bond, 2.81%, 10/02/15		407,844
	2,539,900,000	(k)	Korea Monetary Stabilization Bond, 2.13%, 10/08/15		2,377,850
	6,633,880,000	(k)	Korea Monetary Stabilization Bond, 2.80%, 04/02/16		6,267,447
	5,569,100,000	(k)	Korea Monetary Stabilization Bond, 2.79%, 06/02/16		5,266,094
	13,728,000,000	(k)	Korea Monetary Stabilization Bond, 2.46%, 08/02/16		12,921,748

Principal
Amount				Value
SOUTH KOREA (continued)
$	1,269,900,000	(k)	Korea Monetary Stabilization Bond, 2.22%, 10/02/16	$	1,190,306
	1,641,520,000	(k)	Korea Treasury Bond, 3.25%, 12/10/14		1,537,726
	864,500,000	(k)	Korea Treasury Bond, 2.75%, 06/10/16		817,036
					50,233,470
SRI LANKA — 0.1%
	13,560,000	(k)	Sri Lanka Government Bonds, Series A, 6.50%, 07/15/15		103,977
	264,000,000	(k)	Sri Lanka Government Bonds, Series A, 11.00%, 08/01/15		2,087,227
	385,000,000	(k)	Sri Lanka Government Bonds, Series B, 11.00%, 09/01/15		3,055,395
					5,246,599
SWEDEN — 0.2%
	5,740,000	(k)	Sweden Government Bond, 4.50%, 08/12/15		804,081
	34,780,000	(k)	Sweden Treasury Bill, 0.14%, 11/19/14(h)		4,709,966
	28,160,000	(k)	Sweden Treasury Bill, 0.14%, 12/17/14(h)		3,813,459
	3,740,000	(k)	Sweden Treasury Bill, 0.14%, 03/18/15(h)		506,521
					9,834,027
UKRAINE — 0.3%
	200,000		Financing of Infrastrucural Projects State Enterprise, 7.40%, 04/20/18(i)		165,000
	100,000	(k)	Ukraine Government International Bond, 4.95%, 10/13/15(i)		113,122
	200,000		Ukraine Government International Bond, 6.25%, 06/17/16(i)		178,000
	4,230,000		Ukraine Government International Bond, 9.25%, 07/24/17(i)		3,849,300
	1,350,000		Ukraine Government International Bond, 6.75%, 11/14/17(i)		1,177,875
	9,600,000		Ukraine Government International Bond, 7.75%, 09/23/20(i)		8,448,000
	1,580,000		Ukraine Government International Bond, 7.80%, 11/28/22(i)		1,367,016
					15,298,313

Principal Amount			Value
VIETNAM — 0.1%
$	1,625,000	Vietnam Government International Bond, 6.88%, 01/15/16(i)	$	1,716,406
	2,490,000	Vietnam Government International Bond, 6.75%, 01/29/20(i)		2,788,800
				4,505,206
Total Government Bonds (Cost $269,408,466)				272,121,572
ASSET-BACKED SECURITIES — 4.4%
CAYMAN ISLANDS — 1.4%
	5,000,000	Adams Mill CLO Ltd., Series 2014-1A, Class E1, 5.20%, 07/15/26(i)(l)		4,424,586
	11,750,000	Adams Mill CLO Ltd., Series 2014-1A, Class F, 5.92%, 07/15/26(c)(i)(l)		9,792,415
	3,500,000	Apidos CLO XIX, Series 2014-19A, Class E, 5.68%, 10/17/26(i)(l)		3,223,185
	5,000,000	Apidos CLO XVIII, Series 2014-18A, Class D, 5.43%, 07/22/26(i)(l)		4,562,316
	2,500,000	Babson CLO Ltd., Series 2014-3A, Class E1, 5.33%, 01/15/26(i)(l)		2,280,250
	1,250,000	Battalion CLO VII Ltd., Series 2014-7A, Class D, 5.53%, 10/17/26(i)(l)		1,100,750
	2,500,000	Benefit Street Partners CLO V Ltd., Series 2014-VA, Class E, 5.15%, 10/20/26(i)(l)		2,284,375
	3,000,000	Gramercy Park CLO Ltd., Series 2012-1AR, Class DR, 5.73%, 07/17/23(i)(l)		2,938,493
	5,000,000	JFIN CLO 2014 Ltd., Series 2014-1A, Class E, 5.23%, 04/20/25(i)(l)		4,415,888
	2,500,000	Limerock CLO III LLC, Series 2014-3A, Class D, 5.38%, 10/20/26(i)(l)		2,218,750
	4,000,000	Oaktree CLO Ltd., Series 2014-1A, Class D, 4.98%, 02/13/25(i)(l)		3,497,119
	3,000,000	Octagon Investment Partners XX Ltd., Series 2014-1A, Class E, 5.49%, 08/12/26(i)(l)		2,726,415
	5,000,000	Octagon Loan Funding Ltd., Series 2014-1A, Class E, 5.40%, 11/18/26(i)(l)		4,501,905
	2,500,000	OZLM VII Ltd., Series 2014-7A, Class D, 5.25%, 07/17/26(i)(l)		2,204,895
	2,000,000	Regatta V Funding Ltd., Series 2014-1A, Class D, 5.13%, 10/25/26(i)(l)		1,773,700
	1,500,000	Symphony CLO XV Ltd., Series 2014-15A, Class E, 5.28%, 10/17/26(i)(l)		1,317,000
	11,250,000	Washington Mill CLO Ltd., Series 2014-1A, Class F, 5.73%, 04/20/26(c)(i)(l)		9,619,538

Principal Amount			Value
CAYMAN ISLANDS (continued)
$	17,600,000	Washington Mill CLO Ltd., Series 2014-1A, Class SUB, 0.99%, 04/20/26(c)(i)	$	14,831,235
				77,712,815
UNITED STATES — 3.0%
	5,000,000	American Homes 4 Rent Pass-Through Certificates, Series 2014-SFR2, Class E, 6.23%, 10/17/36(i)		5,083,683
	4,265,461	Bear Stearns Asset-Backed Securities Trust, Series 2006-AC2, Class 22A1, 0.50%, 03/25/36(l)		1,286,071
	4,265,461	Bear Stearns Asset-Backed Securities Trust, Series 2006-AC2, Class 22A3, 0.50%, 03/25/36(l)		1,286,071
	19,925,547	Bear Stearns Asset-Backed Securities Trust, Series 2006-AQ1, Class 2A2, 0.35%, 10/25/36(l)		14,074,291
	8,717,500	Bear Stearns Asset-Backed Securities Trust, Series 2007-AC4, Class A1, 0.45%, 02/25/37(l)		5,814,529
	4,884,740	Carrington Mortgage Loan Trust, Series 2007-FRE1, Class A4, 0.57%, 02/25/37(l)		2,994,893
	8,250,000	Carrington Mortgage Loan Trust, Series 2007-RFC1, Class A3, 0.29%, 12/25/36(l)		5,404,377
	5,700,000	Carrington Mortgage Loan Trust, Series 2007-RFC1, Class A4, 0.37%, 12/25/36(l)		3,731,573
	2,767,565	Countrywide Asset-Backed Certificates, Series 2006-11, Class 3AV2, 0.31%, 09/25/46(l)		2,240,396
	7,242,589	Countrywide Asset-Backed Certificates, Series 2006-19, Class 2A2, 0.31%, 03/25/37(l)		6,484,268
	9,017,227	Countrywide Asset-Backed Certificates, Series 2006-BC5, Class 2A3, 0.32%, 03/25/37(l)		7,876,665
	4,430,019	Countrywide Asset-Backed Certificates, Series 2007-4, Class A2, 5.53%, 04/25/47(l)		4,321,386
	9,449,125	Credit-Based Asset Servicing & Securitization LLC Trust, Series 2006-CB9, Class A2, 0.26%, 11/25/36(l)		5,288,543
	3,440,947	Credit-Based Asset Servicing & Securitization LLC Trust, Series 2006-CB9, Class A3, 0.30%, 11/25/36(l)		1,933,386
	8,719,439	Fieldstone Mortgage Investment Trust, Series 2006-3, Class 2A3, 0.31%, 11/25/36(l)		5,008,812

Principal Amount			Value
UNITED STATES (continued)
$	6,803,939	First Franklin Mortgage Loan Trust Asset Backed Certificates, Series 2007-FF2, Class A2C, 0.30%, 03/25/37(l)	$	4,281,691
	9,538,693	Fremont Home Loan Trust, Series 2006-3, Class 2A3, 0.32%, 02/25/37(l)		5,516,741
	10,557,895	Fremont Home Loan Trust, Series 2006-B, Class 2A3, 0.31%, 08/25/36(l)		4,539,399
	8,056,201	Fremont Home Loan Trust, Series 2006-E, Class 2A3, 0.30%, 01/25/37(l)		3,948,537
	6,000,000	GSAA Trust, Series 2005-11, Class 3A5, 0.52%, 10/25/35(l)		5,401,434
	928,977	GSAA Trust, Series 2006-7, Class AF2, 5.99%, 03/25/46(l)		712,915
	5,167,162	Lehman XS Trust, Series 2007-1, Class 2A1, 5.60%, 02/25/37(l)		4,742,271
	8,750,802	Mastr Asset Backed Securities Trust, Series 2006-NC3, Class A4, 0.31%, 10/25/36(l)		5,482,745
	2,099,102	Morgan Stanley ABS Capital I, Series 2006-HE4, Class A4, 0.39%, 06/25/36(l)		1,542,651
	13,457,060	Morgan Stanley ABS Capital I, Series 2006-HE6, Class A2C, 0.30%, 09/25/36(l)		7,547,836
	4,584,237	Morgan Stanley ABS Capital I, Series 2007-HE1, Class A2D, 0.38%, 11/25/36(l)		2,925,926
	11,198,217	Morgan Stanley ABS Capital I, Series 2007-NC3, Class A2B, 0.29%, 05/25/37(l)		7,961,048
	6,861,293	Morgan Stanley Mortgage Loan Trust, Series 2006-12XS, Class A4, STEP, 6.01%, 10/25/36		3,857,165
	1,299,840	Oakwood Mortgage Investors, Inc., Series 2001-D, Class A3, 5.90%, 09/15/22(l)		1,122,248
	2,553,386	Oakwood Mortgage Investors, Inc., Series 2002-B, Class A4, 7.09%, 06/15/32(l)		2,747,415
	2,000,000	OneMain Financial Issuance Trust, Series 2014-2A, Class C, 4.33%, 09/18/24(i)		1,993,800
	4,000,000	OneMain Financial Issuance Trust, Series 2014-2A, Class D, 5.31%, 09/18/24(i)		3,999,120
	2,500,000	Progress Residential Trust, Series 2014-SFR1, Class F, 4.85%, 10/17/31(i)(l)		2,451,598
	16,735,000	Residential Asset Mortgage Products, Inc., Series 2006-RZ2, Class A3, 0.42%, 05/25/36(l)		14,972,587

Principal Amount			Value
UNITED STATES (continued)
$	2,000,000	Silver Bay Realty Trust, Series 2014-1, Class E, 3.40%, 09/17/31(i)(l)	$	1,928,472
	4,702,986	Soundview Home Equity Loan Trust, Series 2007-OPT1, Class 2A3, 0.36%, 06/25/37(l)		2,769,828
	5,000,000	SpringCastle America Funding LLC, Series 2014-AA, Class B, 4.61%, 10/25/27(i)		4,990,805
				168,265,176
Total Asset-Backed Securities (Cost $233,731,515)				245,977,991
NON-AGENCY MORTGAGE-BACKED SECURITIES — 13.0%
COLLATERALIZED MORTGAGE OBLIGATIONS — 12.4%
	2,947,475	Adjustable Rate Mortgage Trust, Series 2005-3, Class 2A1, 2.70%, 07/25/35(l)		2,877,579
	3,675,401	Adjustable Rate Mortgage Trust, Series 2007-1, Class 4A1, 3.88%, 03/25/37(l)		2,822,425
	5,047,074	American Home Mortgage Assets Trust, Series 2005-1, Class 2A21, 2.53%, 11/25/35(l)		3,854,198
	7,334,641	American Home Mortgage Assets Trust, Series 2007-1, Class A1, 0.81%, 02/25/47(l)		4,519,840
	4,108,883	American Home Mortgage Assets Trust, Series 2007-3, Class 22A1, STEP, 6.25%, 06/25/37		2,774,922
	742,402	American Home Mortgage Assets Trust, Series 2007-4, Class A2, 0.34%, 08/25/37(l)		723,610
	2,364,636	American Home Mortgage Investment Trust, Series 2006-1, Class 2A3, 2.08%, 12/25/35(l)		1,690,043
	3,399,683	Banc of America Alternative Loan Trust, Series 2005-9, Class 2CB1, 6.00%, 10/25/35		3,276,159
	4,908,786	Banc of America Funding Corp, Series 2007-1, Class TA5, STEP, 6.09%, 01/25/37		3,967,192
	1,088,556	Banc of America Funding Corp., Series 2005-F, Class 6A1, 5.06%, 09/20/35(l)		1,062,319
	1,853,624	Banc of America Funding Corp., Series 2006-A, Class 3A2, 2.76%, 02/20/36(l)		1,491,515
	1,919,738	Banc of America Funding Corp., Series 2006-E, Class 2A1, 2.69%, 06/20/36(l)		1,587,462

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	10,252,476	Banc of America Funding Corp., Series 2007-A, Class 2A1, 0.32%, 02/20/47(l)	$	8,740,031
	3,527,726	Banc of America Funding Trust, Series 2006-G, Class 2A1, 0.38%, 07/20/36(l)		3,275,970
	2,332,600	Banc of America Mortgage Securities, Inc., Series 2005-I, Class 2A5, 2.70%, 10/25/35(l)		2,087,833
	11,129,316	BCAP LLC Trust, Series 2007-AA2, Class 12A1, 0.36%, 05/25/47(l)		8,244,731
	6,000,508	BCAP LLC Trust, Series 2010-RR11, Class 4A1, 2.59%, 03/27/47(i)(l)		5,351,073
	3,293,767	BCAP LLC Trust, Series 2011-RR9, Class 7A1, 1.94%, 04/26/37(i)(l)		3,201,021
	6,250,000	BCAP LLC Trust, Series 2012-RR4, Class 8A4, 0.38%, 06/26/47(i)(l)		4,977,719
	4,717,377	Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-12, Class 23A1, 2.53%, 02/25/36(l)		3,808,037
	1,573,025	Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-6, Class 5A1, 5.17%, 08/25/35(l)		1,400,439
	8,500,400	Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-1, Class A1, 2.37%, 02/25/36(l)		8,469,994
	1,454,469	Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-3, Class 1A1, 2.93%, 05/25/47(l)		1,240,083
	8,399,442	Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-4, Class 12A1, 5.48%, 05/25/37(l)		7,404,595
	4,688,737	Bear Stearns Alt-A Trust, Series 2005-9, Class 26A1, 4.79%, 11/25/35(l)		3,580,826
	4,574,665	Bear Stearns Alt-A Trust, Series 2006-2, Class 11A1, 0.59%, 04/25/36(l)		3,349,167
	2,000,000	BHMS Mortgage Trust, Series 2014-MZ, Class M, 7.37%, 07/01/21(i)(l)		2,014,179
	789,484	Citigroup Mortgage Loan Trust, Inc., Series 2005-2, Class 1A1, 2.72%, 05/25/35(l)		758,762
	937,126	Citigroup Mortgage Loan Trust, Inc., Series 2006-AR3, Class 1A2A, 5.29%, 06/25/36(l)		858,882
	7,943,327	Citigroup Mortgage Loan Trust, Inc., Series 2007-9, Class 1A1, 5.75%, 04/25/47(i)		6,501,097
	1,101,652	Countrywide Alternative Loan Trust, Series 2004-36CB, Class 1A1, 6.00%, 02/25/35		975,980

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	4,771,132	Countrywide Alternative Loan Trust, Series 2005-22T1, Class A5, 5.50%, 06/25/35	$	4,166,439
	2,689,151	Countrywide Alternative Loan Trust, Series 2005-31, Class 2A1, 0.45%, 08/25/35(l)		2,272,233
	5,489,747	Countrywide Alternative Loan Trust, Series 2005-36, Class 2A1A, 0.46%, 08/25/35(l)		4,226,622
	8,643,381	Countrywide Alternative Loan Trust, Series 2005-38, Class A3, 0.50%, 09/25/35(l)		7,553,252
	3,486,629	Countrywide Alternative Loan Trust, Series 2005-63, Class 5A1, 2.49%, 12/25/35(l)		2,905,261
	255,449	Countrywide Alternative Loan Trust, Series 2005-69, Class A1, 1.11%, 12/25/35(l)		229,911
	7,010,022	Countrywide Alternative Loan Trust, Series 2005-7CB, Class 2A8, 0.60%, 04/25/35(l)		5,361,686
	4,476,269	Countrywide Alternative Loan Trust, Series 2005-9CB, Class 1A3, 0.60%, 05/25/35(l)		3,724,479
	2,355,436	Countrywide Alternative Loan Trust, Series 2005-J14, Class A3, 5.50%, 12/25/35		2,134,157
	6,808,357	Countrywide Alternative Loan Trust, Series 2006-12CB, Class A10, 0.50%, 05/25/36(l)		4,478,497
	3,930,439	Countrywide Alternative Loan Trust, Series 2006-15CB, Class A1, 6.50%, 06/25/36		3,176,797
	7,898,797	Countrywide Alternative Loan Trust, Series 2006-20CB, Class A9, 6.00%, 07/25/36		6,614,587
	3,848,744	Countrywide Alternative Loan Trust, Series 2006-22R, Class 2A1, 6.25%, 05/25/36		2,739,636
	3,045,457	Countrywide Alternative Loan Trust, Series 2006-24CB, Class A13, 0.50%, 06/25/36(l)		2,164,772
	3,045,457	Countrywide Alternative Loan Trust, Series 2006-24CB, Class A14, 7.00%, 06/25/36(l)		713,371
	3,139,439	Countrywide Alternative Loan Trust, Series 2006-24CB, Class A15, 5.75%, 06/25/36		2,788,060
	1,217,394	Countrywide Alternative Loan Trust, Series 2006-25CB, Class A2, 6.00%, 10/25/36		1,133,745
	3,157,750	Countrywide Alternative Loan Trust, Series 2006-2CB, Class A4, 0.55%, 03/25/36(l)		1,979,145

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	8,869,866	Countrywide Alternative Loan Trust, Series 2006-2CB, Class A6, 5.50%, 03/25/36	$	7,057,335
	1,833,200	Countrywide Alternative Loan Trust, Series 2006-2CB, Class A8, 6.00%, 03/25/36		1,512,023
	3,317,906	Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A10, 6.00%, 01/25/37		2,859,192
	2,403,362	Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A4, 5.75%, 01/25/37		2,048,508
	4,553,553	Countrywide Alternative Loan Trust, Series 2006-43CB, Class 1A12, 5.75%, 02/25/37		3,864,673
	2,826,890	Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A2, 6.00%, 02/25/37		2,397,081
	6,463,909	Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A5, 6.00%, 02/25/37		5,481,117
	524,677	Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A10, 5.50%, 05/25/36		482,793
	1,488,557	Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A2, 0.55%, 05/25/36(l)		1,125,309
	8,641,816	Countrywide Alternative Loan Trust, Series 2006-7CB, Class 2A1, 6.50%, 05/25/36		5,935,087
	6,700,638	Countrywide Alternative Loan Trust, Series 2006-J7, Class 2A1, 2.17%, 11/20/36(l)		4,460,199
	13,107,211	Countrywide Alternative Loan Trust, Series 2006-OA10, Class 2A1, 0.34%, 08/25/46(l)		9,940,889
	7,562,160	Countrywide Alternative Loan Trust, Series 2006-OA14, Class 2A1, 0.34%, 11/25/46(l)		6,051,437
	9,302,648	Countrywide Alternative Loan Trust, Series 2006-OA14, Class 3A1, 0.96%, 11/25/46(l)		6,897,476
	2,650,000	Countrywide Alternative Loan Trust, Series 2006-OA16, Class A1D, 0.43%, 10/25/46(l)		2,056,026
	7,027,005	Countrywide Alternative Loan Trust, Series 2006-OA18, Class A1, 0.27%, 12/25/46(l)		6,072,752
	2,643,744	Countrywide Alternative Loan Trust, Series 2006-OA19, Class A1, 0.34%, 02/20/47(l)		1,978,647
	9,534,838	Countrywide Alternative Loan Trust, Series 2006-OA21, Class A1, 0.35%, 03/20/47(l)		7,533,676

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	4,067,443	Countrywide Alternative Loan Trust, Series 2006-OA22, Class A1, 0.31%, 02/25/47(l)	$	3,558,443
	3,386,588	Countrywide Alternative Loan Trust, Series 2006-OA3, Class 2A1, 0.36%, 05/25/36(l)		2,720,013
	12,721,768	Countrywide Alternative Loan Trust, Series 2006-OA6, Class 1A1A, 0.36%, 07/25/46(l)		9,540,970
	9,844,605	Countrywide Alternative Loan Trust, Series 2006-OA7, Class 1A1, 1.95%, 06/25/46(l)		8,480,852
	17,297,777	Countrywide Alternative Loan Trust, Series 2006-OA8, Class 1A1, 0.34%, 07/25/46(l)		13,911,460
	11,131,436	Countrywide Alternative Loan Trust, Series 2006-OC10, Class 2A2A, 0.33%, 11/25/36(l)		10,056,874
	7,454,785	Countrywide Alternative Loan Trust, Series 2006-OC8, Class 2A2A, 0.27%, 11/25/36(l)		6,602,226
	4,342,414	Countrywide Alternative Loan Trust, Series 2007-12T1, Class A22, 5.75%, 06/25/37		3,642,830
	4,373,871	Countrywide Alternative Loan Trust, Series 2007-12T1, Class A5, 6.00%, 06/25/37		3,730,024
	2,250,701	Countrywide Alternative Loan Trust, Series 2007-19, Class 1A34, 6.00%, 08/25/37		1,906,828
	63,674	Countrywide Alternative Loan Trust, Series 2007-19, Class 1A4, 6.00%, 08/25/37		53,946
	7,808,289	Countrywide Alternative Loan Trust, Series 2007-22, Class 2A16, 6.50%, 09/25/37		6,325,979
	7,770,882	Countrywide Alternative Loan Trust, Series 2007-23CB, Class A1, 6.00%, 09/25/37		6,835,983
	8,119,911	Countrywide Alternative Loan Trust, Series 2007-25, Class 1A3, 6.50%, 11/25/37		7,299,662
	2,124,186	Countrywide Alternative Loan Trust, Series 2007-9T1, Class 1A8, 6.00%, 05/25/37		1,798,483
	7,330,224	Countrywide Alternative Loan Trust, Series 2007-HY5R, Class 2A1B, 2.55%, 03/25/47(l)		6,714,588
	5,756,928	Countrywide Alternative Loan Trust, Series 2007-J1, Class 3A4, STEP, 5.57%, 11/25/36		5,063,702
	7,821,366	Countrywide Alternative Loan Trust, Series 2007-OA2, Class 1A1, 0.95%, 03/25/47(l)		5,772,809

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	6,046,683	Countrywide Alternative Loan Trust, Series 2007-OA2, Class 2A1, 0.28%, 03/25/47(l)	$	4,078,615
	3,475,880	Countrywide Alternative Loan Trust, Series 2008-1R, Class 2A3, 6.00%, 08/25/37		2,897,452
	5,229,936	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-31, Class 2A3, 2.55%, 01/25/36(l)		4,706,561
	1,683,282	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-J3, Class 2A4, 4.50%, 09/25/35		1,641,892
	5,958,204	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-9, Class A2, 6.00%, 05/25/36		5,520,944
	4,790,675	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-HYB1, Class 2A1, 2.42%, 03/20/36(l)		4,345,008
	41,801	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-J2, Class 1A1, 6.00%, 04/25/36		39,736
	14,275,536	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA4, Class A1, 1.07%, 04/25/46(l)		8,103,051
	6,267,244	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA5, Class 3A1, 0.35%, 04/25/46(l)		5,472,275
	2,582,008	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-R2, Class AF1, 0.57%, 07/25/36(i)(l)		2,346,260
	5,653,107	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-21, Class 1A1, 6.25%, 02/25/38		5,138,963
	5,821,460	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-HY1, Class 1A1, 2.66%, 04/25/37(l)		5,303,344
	806,818	Credit Suisse Mortgage Capital Certificates, Series 2006-8, Class 1A1, 4.50%, 10/25/21		763,082
	4,834,827	Credit Suisse Mortgage Capital Certificates, Series 2006-9, Class 3A1, 6.00%, 11/25/36		4,919,838
	2,280,564	Credit Suisse Mortgage Capital Certificates, Series 2008-2R, Class 1A1, 6.00%, 07/25/37(i)		1,985,678

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	969,636	Credit Suisse Mortgage Capital Certificates, Series 2010-20R, Class 9A1, 2.54%, 01/27/36(i)(l)	$	956,688
	2,677,944	Credit Suisse Mortgage Capital Certificates, Series 2011-2R, Class 2A1, 2.61%, 07/25/36(i)(l)		2,708,682
	3,135,304	Credit Suisse Mortgage Capital Certificates, Series 2011-4R, Class 5A1, 2.61%, 05/27/36(i)(l)		3,091,457
	1,462,316	Credit Suisse Mortgage Capital Certificates, Series 2011-4R, Class 6A1, 2.43%, 05/27/36(i)(l)		1,454,634
	2,954,275	Credit Suisse Mortgage Capital Certificates, Series 2011-5R, Class 2A1, 2.68%, 08/25/46(i)(l)		2,902,631
	3,554,658	Credit Suisse Mortgage Capital Certificates, Series 2011-6R, Class 6A1, 2.83%, 08/28/36(i)(l)		3,420,539
	8,842,496	Credit Suisse Mortgage Capital Certificates, Series 2013-7R, Class 6A1, 13.60%, 06/26/47(i)(l)		8,970,906
	4,534,306	Credit Suisse Mortgage Trust, Series 2014-2R, Class 17A3, 16.09%, 04/27/37(i)(l)		3,650,338
	4,233,109	Deutsche Alt-A Securities, Inc., Alternate Loan Trust, Series 2007-1, Class 1A3B, 0.29%, 08/25/37(l)		3,561,280
	10,000,000	Fannie Mae Connecticut Avenue Securities, Series 2014-C03, Class 1M2, 3.15%, 07/25/24(l)		9,154,060
	2,500,000	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2014-HQ2, Class M3, 3.90%, 09/25/24(l)		2,315,078
	1,526,948	GMAC Mortgage Corp. Loan Trust, Series 2005-AR6, Class 2A1, 2.94%, 11/19/35(l)		1,426,840
	7,026,791	GreenPoint Mortgage Funding Trust, Series 2007-AR3, Class A1, 0.37%, 06/25/37(l)		5,925,412
	8,099,539	GSMPS Mortgage Loan Trust, Series 2005-RP1, Class 1AF, 0.50%, 01/25/35(i)(l)		6,780,375
	2,885,517	GSMPS Mortgage Loan Trust, Series 2006-RP1, Class 1AF1, 0.50%, 01/25/36(i)(l)		2,430,280
	1,539,643	GSR Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 2.65%, 01/25/35(l)		1,548,326
	2,448,452	GSR Mortgage Loan Trust, Series 2005-AR3, Class 5A1, 2.67%, 05/25/35(l)		2,376,169

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	956,898	GSR Mortgage Loan Trust, Series 2005-AR5, Class 2A4, 2.58%, 10/25/35(l)	$	947,569
	4,944,564	GSR Mortgage Loan Trust, Series 2005-AR6, Class 4A5, 2.69%, 09/25/35(l)		4,968,614
	851,265	GSR Mortgage Loan Trust, Series 2006-4F, Class 1A1, 5.00%, 05/25/36		825,900
	1,720,971	GSR Mortgage Loan Trust, Series 2006-9F, Class 9A1, 6.00%, 08/25/21		1,705,477
	2,618,176	GSR Mortgage Loan Trust, Series 2006-AR1, Class 3A1, 2.88%, 01/25/36(l)		2,389,944
	2,586,985	GSR Mortgage Loan Trust, Series 2007-4F, Class 3A1, 6.00%, 07/25/37		2,349,036
	6,490,895	Harborview Mortgage Loan Trust, Series 2006-6, Class 3A1A, 2.64%, 08/19/36(l)		5,213,623
	5,323,304	Homebanc Mortgage Trust, Series 2005-4, Class A1, 0.42%, 10/25/35(l)		4,843,275
	2,526,425	Homebanc Mortgage Trust, Series 2006-1, Class 2A1, 2.29%, 04/25/37(l)		1,866,462
	3,157,462	Homebanc Mortgage Trust, Series 2006-1, Class A1, 0.33%, 12/25/36(l)		2,728,404
	1,915,865	Homebanc Mortgage Trust, Series 2007-1, Class 13A1, 6.13%, 04/25/47(l)		1,504,584
	70,858,381	IndyMac IMSC Mortgage Loan Trust, Series 2007-HOA1, Class AXPP, 0.00%, 07/25/47		6,766,975
	41,758	IndyMac INDA Mortgage Loan Trust, Series 2007-AR7, Class 1A1, 2.72%, 11/25/37(l)		39,637
	4,944,181	IndyMac INDX Mortgage Loan Trust, Series 2006-AR11, Class 4A1, 2.65%, 06/25/36(l)		3,601,806
	5,339,254	IndyMac INDX Mortgage Loan Trust, Series 2006-AR3, Class 3A1A, 2.54%, 04/25/36(l)		4,173,022
	6,439,352	IndyMac INDX Mortgage Loan Trust, Series 2006-AR33, Class 2A21, 2.95%, 01/25/37(l)		5,265,625
	13,714,170	IndyMac INDX Mortgage Loan Trust, Series 2006-FLX1, Class A1, 0.36%, 11/25/36(l)		11,990,368
	1,613,131	JPMorgan Alternative Loan Trust, Series 2007-A1, Class 1A1B, 0.21%, 03/25/37(l)		1,570,010

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	6,557,568	JPMorgan Alternative Loan Trust, Series 2007-A1, Class 1A3A, 0.30%, 03/25/37(l)	$	6,032,005
	6,657,751	JPMorgan Mortgage Trust, Series 2007-A5, Class 2A1, 0.99%, 10/25/37(l)		5,250,176
	842,807	JPMorgan Mortgage Trust, Series 2007-S2, Class 2A3, 5.50%, 06/25/37		812,662
	9,807,124	Lehman XS Trust, Series 2006-12N, Class A31A, 0.35%, 08/25/46(l)		7,515,993
	6,603,799	Lehman XS Trust, Series 2007-20N, Class A1, 1.30%, 12/25/37(l)		4,782,993
	4,971,188	LSTAR Securities Investment Trust, Series 2014-1, 3.25%, 09/01/21(i)(l)		4,949,439
	1,674,314	Mastr Adjustable Rate Mortgages Trust, Series 2005-6, Class 5A2, 2.24%, 07/25/35(l)		1,448,516
	4,720,001	Merrill Lynch Mortgage Investors Trust, Series 2006-A3, Class 3A1, 2.70%, 05/25/36(l)		3,832,886
	2,037,519	Merrill Lynch Mortgage Investors, Inc., Series 2006-AF2, Class AF1, 6.25%, 10/25/36		1,831,216
	13,748,611	Morgan Stanley Re-REMIC Trust, Series 2010-R5, Class 7B, 0.38%, 05/26/37(i)(l)		8,535,407
	12,619,929	Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-AF1, Class 1A2, 6.16%, 05/25/36(l)		6,941,352
	7,262,071	Prime Mortgage Trust, Series 2006-DR1, Class 2A1, 5.50%, 05/25/35(i)		7,296,580
	3,123,558	Prime Mortgage Trust, Series 2006-DR1, Class 2A2, 6.00%, 05/25/35(i)		3,143,496
	2,243,543	Residential Accredit Loans, Inc., Series 2006-QS15, Class A1, 6.50%, 10/25/36		1,859,908
	1,833,439	Residential Accredit Loans, Inc., Series 2007-QS6, Class A1, 0.48%, 04/25/37(l)		1,174,285
	2,766,177	Residential Funding Mortgage Securities I, Series 2005-SA5, Class 2A, 3.05%, 11/25/35(l)		2,545,691
	403,435	Residential Funding Mortgage Securities I, Series 2006-S11, Class A2, 6.00%, 11/25/36		366,862
	8,534,891	Residential Funding Mortgage Securities I, Series 2006-SA2, Class 2A1, 3.52%, 08/25/36(l)		7,541,037

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	4,840,865	Structured Adjustable Rate Mortgage Loan Trust, Series 2005-11, Class 1A1, 2.45%, 05/25/35(l)	$	4,253,160
	6,481,401	Structured Adjustable Rate Mortgage Loan Trust, Series 2005-17, Class 5A1, 5.15%, 08/25/35(l)		5,972,566
	4,911,854	Structured Adjustable Rate Mortgage Loan Trust, Series 2006-9, Class 1A1, 2.52%, 10/25/36(l)		3,686,877
	8,603,826	Structured Adjustable Rate Mortgage Loan Trust, Series 2006-9, Class 3A1, 4.63%, 10/25/36(l)		6,283,279
	1,020,884	Structured Asset Mortgage Investments II Trust, Series 2005-AR8, Class A1A, 0.43%, 02/25/36(l)		819,169
	8,139,592	Structured Asset Mortgage Investments II Trust, Series 2006-AR1, Class 3A1, 0.38%, 02/25/36(l)		6,633,645
	4,403,599	Structured Asset Mortgage Investments II Trust, Series 2007-AR4, Class GA4B, 0.33%, 09/25/47(l)		3,617,010
	5,564,088	Structured Asset Mortgage Investments, Inc., Series 2006-AR5, Class 4A1, 0.37%, 05/25/46(l)		3,080,769
	7,305,764	Structured Asset Securities Corp, Series 2005-RF3, Class 1A, 0.50%, 06/25/35(i)(l)		5,898,630
	843,437	Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-1, Class 2A1, 2.66%, 02/25/37(l)		728,653
	3,579,882	Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 3A3, 2.74%, 04/25/37(l)		3,019,390
	1,232,891	Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 4A1, 2.79%, 04/25/37(l)		953,603
	244,915	WaMu Mortgage Pass-Through Certificates Trust, Series 2005-AR16, Class 1A1, 2.36%, 12/25/35(l)		232,490
	9,354,484	WaMu Mortgage Pass-Through Certificates Trust, Series 2005-AR17, Class A1A1, 0.42%, 12/25/45(l)		8,637,715
	4,226,078	WaMu Mortgage Pass-Through Certificates Trust, Series 2006-AR19, Class 1A, 0.86%, 01/25/47(l)		3,440,687
	9,788,883	WaMu Mortgage Pass-Through Certificates Trust, Series 2006-AR19, Class 2A, 1.92%, 01/25/47(l)		9,341,893

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	6,599,751	WaMu Mortgage Pass-Through Certificates Trust, Series 2006-AR3, Class A1A, 1.11%, 02/25/46(l)	$	6,212,438
	2,746,014	WaMu Mortgage Pass-Through Certificates Trust, Series 2007-HY7, Class 2A2, 2.12%, 07/25/37(l)		2,354,449
	5,781,926	WaMu Mortgage Pass-Through Certificates Trust, Series 2007-OA4, Class 1A, 0.88%, 05/25/47(l)		4,940,789
	2,721,796	Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2005-10, Class 2A6, 5.50%, 11/25/35		2,373,564
	5,951,465	Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2006-5, Class 3A3, STEP, 6.22%, 07/25/36		3,279,513
	2,758,417	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR6, Class 2A, 1.07%, 08/25/46(l)		1,870,138
	774,705	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR10, Class 3A1, 2.62%, 07/25/36(l)		768,431
	1,495,435	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR8, Class 2A3, 2.60%, 04/25/36(l)		1,457,776
				695,424,088
COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.6%
	1,000,000	Commercial Mortgage Pass-Through Certificates, Series 2013-LC6, Class D, 4.29%, 01/10/23(i)(l)		947,642
	2,000,000	Commercial Mortgage Trust, Series 2014-PAT, Class E, 3.30%, 08/15/27(i)(l)		1,999,997
	4,482,000	Commercial Mortgage Trust, Series 2014-PAT, Class F, 2.59%, 08/15/27(i)(l)		4,218,834
	3,000,000	GS Mortgage Securities Trust, Series 2014-GSFL, Class D, 4.05%, 07/15/31(i)(l)		2,991,519
	1,000,000	GS Mortgage Securities Trust, Series 2014-GSFL, Class E, 6.10%, 07/31/31(i)(l)		987,395
	5,380,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-CB20, Class AJ, 6.07%, 02/12/51(l)		5,671,687
	1,000,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-CB20, Class B, 6.17%, 02/12/51(i)(l)		1,045,213

Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
$	3,000,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2014-CBMZ, Class M, 6.38%, 10/15/19(i)(l)	$	3,000,572
	5,000,000	LB-UBS Commercial Mortgage Trust, Series 2006-C4, Class AJ, 5.85%, 06/15/38(l)		5,243,325
	4,000,000	Morgan Stanley Capital I Trust, Series 2006-HQ9, Class C, 5.84%, 07/12/44(l)		4,126,080
	3,333,300	Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, Class AJ, 5.94%, 02/15/51(l)		3,503,712
				33,735,976
Total Non-Agency Mortgage-Backed Securities (Cost $661,348,684)				729,160,064
U.S. GOVERNMENT AGENCIES — 36.2%
Federal Farm Credit Bank — 0.0%
	500,000	0.05%, 01/08/15(o)		499,972
	500,000	0.07%, 01/15/15(o)		499,970
				999,942
Federal Home Loan Bank — 36.2%
	17,500,000	0.01%, 11/03/14(o)		17,500,000
	76,300,000	0.01%, 11/04/14(o)		76,299,940
	15,000,000	0.01%, 11/04/14(o)		14,999,988
	53,720,000	0.01%, 11/05/14(o)		53,719,764
	254,000,000	0.01%, 11/06/14(o)		253,998,980
	3,000,000	0.01%, 11/06/14(o)		2,999,996
	180,460,000	0.04%, 11/07/14(o)		180,458,612
	10,720,000	0.06%, 11/07/14(o)		10,719,893
	53,000,000	0.01%, 11/10/14(o)		52,999,868
	3,000,000	0.01%, 11/10/14(o)		2,999,993
	101,630,000	0.05%, 11/12/14(o)		101,628,958
	2,000,000	0.05%, 11/12/14(o)		1,999,969
	75,000,000	0.01%, 11/13/14(o)		74,999,750
	201,140,000	0.01%, 11/14/14(o)		201,137,419
	8,000,000	0.06%, 11/14/14(o)		7,999,805
	1,000,000	0.01%, 11/14/14(o)		999,996
	750,000	0.05%, 11/15/14(o)		749,992
	260,700,000	0.02%, 11/17/14(o)		260,693,604
	40,000,000	0.02%, 11/19/14(o)		39,999,023
	3,000,000	0.03%, 11/19/14(o)		2,999,970
	10,455,000	0.02%, 11/21/14(o)		10,454,704
	107,200,000	0.02%, 11/25/14(o)		107,198,928
	2,300,000	0.02%, 11/28/14(o)		2,299,966
	78,000,000	0.02%, 12/01/14(o)		77,999,025
	275,000	0.07%, 12/03/14(o)		274,983

Principal Amount			Value
Federal Home Loan Bank (continued)
$	8,210,000	0.03%, 12/05/14(o)	$	8,209,663
	78,000,000	0.01%, 12/09/14(o)		77,998,353
	17,000,000	0.01%, 12/09/14(o)		16,999,820
	150,000	0.05%, 12/15/14(o)		149,991
	550,000	0.05%, 12/17/14(o)		549,964
	33,800,000	0.03%, 12/18/14(o)		33,798,897
	200,000,000	0.02%, 12/19/14(o)		199,994,667
	45,000,000	0.04%, 01/05/15(o)		44,997,660
	8,000,000	0.04%, 01/05/15(o)		7,999,584
	47,000,000	0.04%, 01/06/15(o)		46,997,509
	2,510,000	0.05%, 01/07/15(o)		2,509,864
	7,000,000	0.03%, 01/08/15(o)		6,999,615
	500,000	0.05%, 01/09/15(o)		499,972
	15,700,000	0.04%, 01/12/15(o)		15,699,089
	500,000	0.06%, 01/16/15(o)		499,969
	4,355,000	0.06%, 01/23/15(o)		4,354,704
	165,000	0.05%, 01/26/15(o)		164,988
				2,026,557,435
Total U.S. Government Agencies (Cost $2,027,554,445)				2,027,557,377
U.S. GOVERNMENT SECURITIES — 3.0%
U.S. Treasury Bills — 3.0%
	70,930,000	0.01%, 11/06/14(o)		70,929,803
	85,790,000	0.02%, 11/13/14(o)		85,789,428
	10,530,000	0.02%, 11/13/14(o)		10,529,930
Total U.S. Government Securities (Cost $167,249,161)				167,249,161

Shares
CASH SWEEP — 1.4%
UNITED STATES — 1.4%
	79,645,860	Citibank - US Dollars on Deposit in Custody Account, 0.02%(p)		79,645,860
Total Cash Sweep (Cost $79,645,860)				79,645,860
TOTAL INVESTMENTS — 98.1% (Cost $5,354,044,866)(a)				5,490,769,500
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.9%				107,782,538
NET ASSETS — 100.0%			$	5,598,552,038

Contracts				Value
CALL OPTIONS WRITTEN — (0.3)%
	(568	)	American International Group, Inc., Strike $35.00, Expires 01/17/15	$	(1,062,160	)
	(1,000	)	American International Group, Inc., Strike $45.00, Expires 01/17/15		(885,000	)
	(1,000	)	American International Group, Inc., Strike $50.00, Expires 11/22/14		(385,000	)
	(7	)	Apple, Inc., Strike $60.71, Expires 01/17/15		(33,810	)
	(77	)	Apple, Inc., Strike $64.29, Expires 01/17/15		(338,030	)
	(1,500	)	Blucora, Inc., Strike $15.00, Expires 01/17/15		(382,500	)
	(6	)	Cisco Systems, Inc., Strike $ 17.00, Expires 01/17/15		(4,560	)
	(1,000	)	Citigroup, Inc., Strike $50.00, Expires 01/17/15		(440,000	)
	(1,000	)	Citigroup, Inc., Strike $55.00, Expires 01/17/15		(115,000	)
	(2,750	)	Coca-Cola Co. (The), Strike $ 42.50, Expires 01/17/15		(220,000	)
	(2,038	)	Depomed, Inc., Strike $9.00, Expires 12/20/14		(1,406,220	)
	(1,990	)	Inteliquent, Inc., Strike $10.00, Expires 03/20/15		(1,432,800	)
	(2,500	)	iShares MSCI Germany ETF, Strike $32.00, Expires 01/15/16		(100,000	)
	(110	)	iShares MSCI Germany Index Fund, Strike $28.00, Expires 01/17/15		(5,500	)
	(1,000	)	Kellogg Co., Strike $62.50, Expires 03/20/15		(310,000	)
	(1,250	)	Medtronic, Inc., Strike $67.50, Expires 01/17/15		(332,500	)
	(70	)	NXP Semiconductor NV, Strike $ 55.00, Expires 01/17/15		(104,300	)
	(1,180	)	NXP Semiconductor NV, Strike $ 65.00, Expires 01/17/15		(849,600	)
	(1,250	)	Oracle Corp., Strike $41.00, Expires 01/17/15		(70,000	)
	(1,300	)	PepsiCo, Inc., Strike $85.00, Expires 01/17/15		(1,488,500	)
	(1,000	)	PetSmart, Inc., Strike $60.00, Expires 01/17/15		(1,360,000	)
	(50	)	Priceline Group, Inc. (The), Strike $1,110.00, Expires 01/17/15		(594,500	)
	(30	)	Priceline Group, Inc. (The), Strike $1,165.00, Expires 01/17/15		(240,600	)
	(1,250	)	Valero Energy Corp., Strike $ 47.50, Expires 03/20/15		(612,500	)
	(1,250	)	Vanguard FTSE Europe ETF, Strike $60.00, Expires 03/20/15		(31,250	)

Contracts				Value
	(600	)	Walgreen Co., Strike $57.50, Expires 01/15/16	$	(564,000	)
	(750	)	WisdomTree Europe SmallCap Dividend Fund, Strike $62.00, Expires 11/22/14		(11,250	)
	(1,000	)	WisdomTree Europe SmallCap Dividend Fund, Strike $63.00, Expires 11/22/14		(30,000	)
	(3,627	)	WisdomTree Europe SmallCap Dividend Fund, Strike $64.00, Expires 11/22/14		(54,405	)
	(750	)	WisdomTree Europe SmallCap Dividend Fund, Strike $65.00, Expires 11/22/14		(22,500	)
	(2,500	)	WisdomTree Japan Hedged Equity Fund, Strike $48.00, Expires 11/22/14		(1,512,500	)
	(1,350	)	WisdomTree Japan Hedged Equity Fund, Strike $50.00, Expires 11/22/14		(567,000	)
	(2,500	)	WisdomTree Japan Hedged Equity Fund, Strike $51.00, Expires 11/22/14		(825,000	)
	(750	)	WisdomTree Japan Hedged Equity Fund, Strike $54.38, Expires 01/17/15		(129,000	)
Total Call Options Written (Premiums received $(9,945,609))					(16,519,985	)

Contracts/ Notional Amount ($)				Value
STRUCTURED OPTIONS — 2.0%
	121,330		American International Group, Inc., One purchased call strike 43.27, One written call strike 53.573, One written put strike 43.27 with a barrier level strike of 28.847, Expires 01/16/15, Broker Goldman Sachs International		1,011,691
	13,800,000		DAXK Index, One purchased call strike 4,570.3176, One written call strike 31.2287 on iShares MSCI Germany ETF, One written put strike 27.8828 with a barrier level strike of 22.306 on iShares MSCI Germany ETF ($10,000,000 notional amount), Expires 12/19/14, Broker JPMorgan Chase Bank N.A.(q)		833,858

Contracts/ Notional Amount ($)			Value
	2,299	DAXK Index, One purchased call strike 4,351.00, One written call strike 5,090.67, One written put strike 4,351.00 with a barrier level strike of 3,263.25 Expires 11/21/14, Broker Goldman Sachs International	$	1,037,147
	5,000,000	DAXK Index, One purchased call strike 4,371.42, One written call strike 5,027.13, One written put strike 4,371.42 with a barrier level strike of 3,059.99, Expires 02/20/15, Broker Citibank N.A.		455,830
	10,000,000	DAXK Index, One purchased call strike 4,394.80, One written call strike 5,054.02, One written put strike 4,394.80 with a barrier level strike of 3,296.10, Expires 12/19/14, Broker JPMorgan Chase Bank N.A.		911,953
	2,000,000	DAXK Index, One purchased call strike 4,444.72, One written call strike 26.5862 on iShares MSCI Germany ETF, One written put strike 26.5862 with a barrier level strike of 21.269 on iShares MSCI Germany ETF ($10,000,000 notional amount), Expires 12/19/14, Broker Citibank N.A.(q)		1,704,894
	19,500,000	DAXK Index, One purchased call strike 4,465.18, One written call strike 30.0574 on iShares MSCI Germany ETF, One written put strike 26.837 with a barrier level strike of 21.47 on iShares MSCI Germany ETF ($10,000,000 notional amount), Expires 01/16/15, Broker JPMorgan Chase Bank N.A.(q)		1,618,179
	3,295	DAXK Index, One purchased call strike 4,553.00, One written call strike 5,190.42, One written put strike 4,553.00 with a barrier level strike of 3,505.81, Expires 12/18/15, Broker Goldman Sachs International		250,652

Contracts/ Notional Amount ($)			Value
	3,274	DAXK Index, One purchased call strike 4,582.2208, One written call strike 5,223.7317, One written put strike 4,582.2208 with a barrier level strike of 3,299.199 Expires 01/16/15, Broker Goldman Sachs International	$	875,757
	29,600,000	DAXK Index, One purchased call strike 4,619.50, One written call strike 31.5401 on iShares MSCI Germany ETF, One written put strike 28.1608 with a barrier level strike of 22.529 on iShares MSCI Germany ETF ($20,000,000 notional amount), Expires 02/20/15, Broker JPMorgan Chase Bank N.A.(q)		1,510,266
	1,607	DAXK Index, One purchased call strike 4,666.16, One written put strike 4,666.16 with a barrier level strike of 4,003.565, Expires 09/18/15, Broker JPMorgan Chase Bank N.A.		174,750
	2,107	DAXK Index, One purchased call strike 4,746.018, One written put strike 4,746.018 with a barrier level strike of 4,098.187, Expires 10/16/15, Broker JPMorgan Chase Bank N.A.		69,974
	4,986	DAXK Index, One purchased call strike 4,753.3908, One written call strike 4,991.0603, One written put strike 4,753.3908 with a barrier level strike of 4,373.12 (1,578 contracts), Expires 09/18/15, Broker JPMorgan Chase Bank N.A.(r)		64,503
	3,182	DAXK Index, One purchased call strike 4,879.00, One written call strike 5,318.11, One written put strike 4,879.00 with a barrier level strike of 4,439.89 (1,537 contracts), Expires 04/17/15, Broker Credit Suisse International(r)		113,970

Contracts/ Notional Amount ($)			Value
	4,347	DAXK Index, One purchased call strike 4,882.4585, One written call strike 5,273.0552, One written put strike 4,882.4585 with a barrier level strike of 4,394.213 (1,536 contracts), Expires 05/15/15, Broker JPMorgan Chase Bank N.A.(r)	$	95,150
	7,378	DAXK Index, One purchased call strike 4,947.294, One written call strike 5,145.1858, One written put strike 4,947.294 with a barrier level strike of 4,551.5105 (2,021 contracts), Expires 08/21/15, Broker Citibank N.A.(r)		(239,974	)
	4,014	DAXK Index, One purchased call strike 4,982.70, One written call strike 5,630.451, One written put strike 4,982.70 with a barrier level strike of 3,737.025, Expires 05/15/15, Broker Goldman Sachs International		(292,858	)
	2,770	DAXK Index, One purchased call strike 6,552.855, One written call strike 7,077.0834, One written put strike 6,552.855 with a barrier level strike of 5,897.57 (1,145 contracts), Expires 04/17/15, Broker JPMorgan Chase Bank N.A.(r)		(384,671	)
	42,600,000	EUR/USD foreign exchange rate, One purchased call strike 1.25, One written call strike 1.17, One written put strike 1.25 with a barrier level strike of 1.29 ($25,000,000 notional amount), Expires 10/05/15, Broker Bank of America N.A.(q)		12,420
	49,750,000	EUR/USD foreign exchange rate, One purchased call strike 1.27, One written call strike 1.19, One written put strike 1.269 with a barrier level strike of 1.31 ($30,000,000 notional amount), Expires 09/28/15, Broker Bank of America N.A.(q)		457,804

Contracts/ Notional Amount ($)			Value
	29,600,000	EUR/USD foreign exchange rate, One purchased call strike 1.27, One written call strike 1.20, One written put strike 1.27 with a barrier level strike of 1.31 ($20,000,000 notional amount), Expires 10/05/15, Broker Bank of America N.A.(q)	$	173,674
	50,000,000	EUR/USD foreign exchange rate, One purchased put strike 1.2925, Expires 03/19/15, Broker Bank of America N.A.		1,817,182
	50,000,000	EUR/USD foreign exchange rate, One written put strike 1.25, Expires 03/19/15, Broker Bank of America N.A.		(857,849	)
	17,200,000	EUR/USD foreign exchange rate, One purchased put strike 1.37, One written put strike 1.28, One written call strike 1.375 with a barrier level strike of 1.42 ($10,000,000 notional amount), Expires 12/15/14, Broker Goldman Sachs International(q)		1,056,051
	17,300,000	EUR/USD foreign exchange rate, One purchased put strike 1.375, One written put strike 1.29, One written call strike 1.3805 with a barrier level strike of 1.425 ($10,000,000 notional amount), Expires 12/02/14, Broker Goldman Sachs International(q)		1,025,858
	16,500,000	EUR/USD foreign exchange rate, One purchased put strike 1.38, One written put strike 1.30, One written call strike 1.38 with a barrier level strike of 1.44 ($10,000,000 notional amount), Expires 05/15/15, Broker JPMorgan Chase Bank N.A.(q)		791,138
	28,000,000	EUR/USD foreign exchange rate, One purchased put strike 1.385, One written put strike 1.29, One written call strike 1.39 with a barrier level strike of 1.44 ($20,000,000 notional amount), Expires 06/05/15, Broker Goldman Sachs International(q)		1,568,419

Contracts/ Notional Amount ($)			Value
	42,250,000	EUR/USD foreign exchange rate, One purchased put strike 1.39, One written put strike 1.30, One written call strike 1.39 with a barrier level strike of 1.44 ($30,000,000 notional amount), Expires 04/17/15, Broker Goldman Sachs International(q)	$	2,369,920
	42,500,000	EUR/USD foreign exchange rate, One purchased put strike 1.25, One written put strike 1.17, One written call strike 1.25 with a barrier level strike of 1.28 ($25,000,000 notional amount), Expires 11/02/15, Broker JPMorgan Chase Bank N.A.(q)		15,788
	43,100,000	EUR/USD foreign exchange rate, One purchased put strike 1.26, One written put strike 1.20, One written call strike 1.26 with a barrier level strike of 1.30 ($20,000,000 notional amount), Expires 10/01/15, Broker JPMorgan Chase Bank N.A.(q)		61,130
	25,100,000	EUR/USD foreign exchange rate, One purchased put strike 1.27, One written put strike 1.20, One written call strike 1.27 with a barrier level strike of 1.31 ($15,000,000 notional amount), Expires 11/09/15, Broker JPMorgan Chase Bank N.A.(q)		65,051
	16,900,000	EUR/USD foreign exchange rate, One purchased put strike 1.28, One written put strike 1.21, One written call strike 1.28 with a barrier level strike of 1.33 ($10,000,000 notional amount), Expires 11/16/15, Broker Goldman Sachs International(q)		182,653
	61,750,000	EUR/USD foreign exchange rate, One purchased put strike 1.355, One written put strike 1.28, One written call strike 1.355 with a barrier level strike of 1.39 ($35,000,000 notional amount), Expires 06/15/15, Broker JPMorgan Chase Bank N.A.(q)		2,459,751

Contracts/ Notional Amount ($)			Value
	23,700,000	EUR/USD foreign exchange rate, One purchased put strike 1.365, One written put strike 1.29, One written call strike 1.365 with a barrier level strike of 1.40 ($15,000,000 notional amount), Expires 06/15/15, Broker JPMorgan Chase Bank N.A.(q)	$	988,940
	39,300,000	EUR/USD foreign exchange rate, One purchased put strike 1.39, One written put strike 1.29, One written call strike 1.395 with a barrier level strike of 1.445 ($30,000,000 notional amount), Expires 05/15/15, Broker JPMorgan Chase Bank N.A.(q)		2,333,054
	10,000,000	Euro STOXX 50 Index, One purchased call strike 2,595.70, Expires 01/19/18, One written put strike 2,595.70 with a barrier level strike of 1,491.2297, Expires 01/16/15, Broker Citibank N.A.		1,817,390
	3,839	Euro STOXX 50 Index, One purchased call strike 2,605.00, Expires 01/19/18, One written put strike 2,605.00 with a barrier level strike of 1,439.2630, Expires 01/16/15, Broker JPMorgan Chase Bank N.A.		2,003,600
	3,764	Euro STOXX 50 Index, One purchased call strike 2,657.00, Expires 01/19/18, One written put strike 2,657.00 with a barrier level strike of 1,554.3450, Expires 01/16/15, Broker JPMorgan Chase Bank N.A.		1,851,400
	5,516	Euro STOXX 50 Index, One purchased call strike 2,719.48, Expires 02/16/18, One written put strike 2,719.48 with a barrier level strike of 1,706.4740, Expires 02/20/15, Broker JPMorgan Chase Bank N.A.		2,522,900
	5,505	Euro STOXX 50 Index, One purchased call strike 2,725,10, Expires 12/21/18, One written put strike 2,725.10 with a barrier level strike of 2,125.58, Expires 12/16/16, Broker Goldman Sachs International		1,812,874

Contracts/ Notional Amount ($)			Value
	10,000,000	Euro STOXX 50 Index, One purchased call strike 2,730.95, Expires 05/18/18, One written put strike 2,730.95 with a barrier level strike of 1,768.29, Expires 05/15/15, Broker JPMorgan Chase Bank N.A.	$	1,565,634
	7,875,000	Euro STOXX 50 Index, One purchased call strike 2,797.2047, Expires 12/21/18, One written put strike 2,797.2047 with a barrier level strike of 2,041.959 ($7,500,000 notional amount), Expires 12/16/16, Broker JPMorgan Chase Bank N.A.(q)		848,211
	2,697	Euro STOXX 50 Index, One purchased call strike 2,799.80, One written call strike 3,275.77, One written put strike 2,799.80 with a barrier level strike of 1,959.86, Expires 12/19/14, Broker UBS AG		813,144
	5,339	Euro STOXX 50 Index, One purchased call strike 2,810.00, Expires 06/15/18, One written put strike 2,810.00 with a barrier level strike of 1,968.00, Expires 06/19/15, Broker Goldman Sachs International		1,957,348
	3,326	Euro STOXX 50 Index, One purchased call strike 2,976.76, One written put strike 3,006.83 with a barrier level strike of 2,540.77 (100,006 contracts), Expires 09/18/15, Broker BNP Paribas SA(r)		97,513
	5,301	Euro STOXX 50 Index, One purchased call strike 2,999.56, One written call strike 3,149.538, One written put strike 2,999.56 with a barrier level strike of 2,699.604 (3,334 contracts), Expires 01/16/15, Broker Goldman Sachs International(r)		339,435
	3,285	Euro STOXX 50 Index, One purchased call strike 3,044.06, One written call strike 3,226.70, One written put strike 3,044.06 with a barrier level strike of 2,770.09, Expires 09/18/15, Broker BNP Paribas SA		257,980

Contracts/ Notional Amount ($)			Value
	7,703	Euro STOXX 50 Index, One purchased call strike 3,115.70, One written call strike 3,364.956, One written put strike 3,115.70 with a barrier level strike of 2,804.13 (3,210 contracts), Expires 02/20/15, Broker JPMorgan Chase Bank N.A.(r)	$	404,988
	7,236	Euro STOXX 50 Index, One purchased call strike 3,171.437, One written call strike 3,361.7232, One written put strike 3,171.437 with a barrier level strike of 2,917.722 (2,365 contracts), Expires 09/18/15, Broker JPMorgan Chase Bank N.A.(r)		(105,976	)
	12,142	Euro STOXX 50 Index, One purchased call strike 3,197.60, One written call strike 3,421.432, One written put strike 3,197.60 with a barrier level strike of 2,941.792 (4,691 contracts), Expires 08/21/15, Broker JPMorgan Chase Bank N.A.(r)		(361,289	)
	7,266	Euro STOXX 50 Index, One purchased call strike 3,275.6719, One written call strike 3,537.7257, One written put strike 3,275.6719 with a barrier level strike of 3,013.618 (3,053 contracts), Expires 07/17/15, Broker JPMorgan Chase Bank N.A.(r)		(480,172	)
	3,323	Euro STOXX 50 Index, One purchased put strike 2,979.009, One written put strike 2,798.463, One written call strike 3,009.10 with a barrier level strike of 3,264.8735, Expires 01/16/15, Broker Goldman Sachs International		(309,693	)
	13,176	Euro STOXX 50 Index, One purchased put strike 3,005.39, One written put strike 2,823.25, One written call strike 3,035.75 with a barrier level strike of 3,308.97, Expires 12/30/14, Broker Credit Suisse International		(576,003	)

Contracts/ Notional Amount ($)			Value
	65,911	Euro STOXX Banks Index, One purchased call strike 151.72, One written call strike 169.93, One written put strike 151.72 with a barrier level strike of 109.24, Expires 02/20/15, Broker Credit Suisse International	$	(126,335	)
	166,655	Euro STOXX Banks Index, One purchased call strike 139.21, One written call strike 146.17, One written put strike 139.21 with a barrier level strike of 126.68 (35,917 contracts), Expires 09/18/15, Broker Citibank N.A.(r)		(41,295	)
	113,137	Euro STOXX Banks Index, One purchased call strike 141.117, One written call strike 159.462, One written put strike 141.117 with a barrier level strike of 104.427, Expires 11/20/15, Broker Bank of America N.A.		(807,550	)
	323,014	Euro STOXX Banks Index, One purchased call strike 141.48, One written call strike 145.017, One written put strike 141.48 with a barrier level strike of 131.576 (35,341 contracts), Expires 08/21/15, Broker JPMorgan Chase Bank N.A.(r)		29,351
	138,075	Euro STOXX Banks Index, One purchased call strike 141.59, One written call strike 150.09, One written put strike 141.59 with a barrier level strike of 127.43 (35,313 contracts), Expires 12/19/14, Broker Credit Suisse International(r)		307,723
	83,205	Euro STOXX Banks Index, One purchased call strike 142.40, One written call strike 162.336, One written put strike 142.40 with a barrier level strike of 105.376, Expires 11/20/15, Broker Bank of America N.A.		(650,994	)
	350,386	Euro STOXX Banks Index, One purchased call strike 143.4131, One written call strike 147.7155, One written put strike 143.4131 with a barrier level strike of 129.0718 (52,296 contracts), Expires 07/17/15, Broker Goldman Sachs International(r)		20,389

Contracts/ Notional Amount ($)			Value
	370,271	Euro STOXX Banks Index, One purchased call strike 146.3791, One written call strike 150.7705, One written put strike 146.3791 with a barrier level strike of 133.205 (51,237 contracts), Expires 08/21/15, Broker Goldman Sachs International(r)	$	(216,440	)
	34,025	Euro STOXX Banks Index, One purchased call strike 146.95, One written call strike 158.71, One written put strike 146.95 with a barrier level strike of 133.72, Expires 04/17/15, Broker BNP Paribas SA		14,827
	428,179	Euro STOXX Banks Index, One purchased call strike 148.3023, One written call strike 152.0099, One written put strike 148.3023 with a barrier level strike of 133.4721 (50,572 contracts), Expires 08/21/15, Broker Goldman Sachs International(r)		(318,630	)
	214,286	Euro STOXX Banks Index, One purchased call strike 149.45, One written call strike 156.92, One written put strike 149.45 with a barrier level strike of 134.51 (50,184 contracts), Expires 07/17/15, Broker Credit Suisse International(r)		(338,340	)
	64,995	Euro STOXX Banks Index, One purchased call strike 153.858, One written call strike 172.321, One written put strike 153.858 with a barrier level strike of 112.3163, Expires 03/20/15, Broker Goldman Sachs International		(382,780	)
	130,109	Euro STOXX Banks Index, One purchased call strike 153.91, One written call strike 167.76, One written put strike 153.91 with a barrier level strike of 138.52 (48,730 contracts), Expires 07/17/15, Broker Credit Suisse International(r)		(554,785	)
	173,114	Euro STOXX Banks Index, One purchased call strike 155.10, One written call strike 165.96, One written put strike 155.10 with a barrier level strike of 139.59 (48,356 contracts), Expires 04/17/15, Broker Credit Suisse International(r)		(436,193	)

Contracts/ Notional Amount ($)			Value
	87,992	Euro STOXX Banks Index, One purchased call strike 157.40, One written call strike 171.566, One written put strike 157.40 with a barrier level strike of 143.234 (31,766 contracts), Expires 08/15/15, Broker Citibank N.A.(r)	$	(612,063	)
	157,737	Euro STOXX Banks Index, One purchased call strike 159.76, One written call strike 175.74, One written put strike 159.76 with a barrier level strike of 146.98 (62,594 contracts), Expires 07/17/15, Broker Credit Suisse International(r)		(1,136,958	)
	220,556	Euro STOXX Banks Index, One purchased put strike 134.66, One written put strike 126.50, One written call strike 136.02 with a barrier level strike of 159.82, Expires 01/16/15, Broker Credit Suisse International		(705,878	)
	2,860	FTSE 100 Index, One purchased call strike 6,609.07, One written call strike 7,005.61, One written put strike 6,609.07 with a barrier level strike of 6,014.25 (1,135 contracts), Expires 04/17/15, Broker Credit Suisse International(r)		119,885
	2,402	FTSE 100 Index, One purchased call strike 6,776.15, One written call strike 7,250.4805, One written put strike 6,776.15 with a barrier level strike of 6,098.535 (1,107 contracts), Expires 03/20/15, Broker JPMorgan Chase Bank N.A.(r)		(86,767	)
	2,869	FTSE 100 Index, One purchased call strike 6,797.00, One written call strike 7,408.73, One written put strike 6,797.00 with a barrier level strike of 6,253.24 (1,471 contracts), Expires 02/20/15, Broker Citibank N.A.(r)		(196,076	)
	1,044	FTSE MIB Borsa Italiana Index, One purchased call strike 19,159.00, One written call strike 20,116.95, One written put strike 19,159.00 with a barrier level strike of 17,434.69 (261 contracts), Expires 08/21/15, Broker Barclays Plc(r)		137,789

Contracts/ Notional Amount ($)			Value
	1,487	FTSE MIB Borsa Italiana Index, One purchased call strike 20,534.67, One written call strike 21,561.4035, One written put strike 20,534.67 with a barrier level strike of 18,891.8964 (365 contracts), Expires 09/18/15, Broker Goldman Sachs International(r)	$	(242,935	)
	1,672	FTSE MIB Borsa Italiana Index, One purchased call strike 20,942.77, One written call strike 21,780.48, One written put strike 20,942.77 with a barrier level strike of 19,267.35 (358 contracts), Expires 08/21/15, Broker Barclays Plc(r)		(388,877	)
	13,900,000	GBP/USD foreign exchange rate, One purchased put strike 1.60, One written put strike 1.50, One written call strike 1.60 with a barrier level strike of 1.66 ($10,000,000 notional amount), Expires 10/23/15, Broker JPMorgan Chase Bank N.A.(q)		8,994
	2,211	IBEX 35 Index, One purchased call strike 10,093.07, One written call strike 10,799.5849, One written put strike 10,093.07 with a barrier level strike of 9,083.763 (743 contracts), Expires 01/16/15, Broker JPMorgan Chase Bank N.A.(r)		657,995
	1,898	IBEX 35 Index, One purchased call strike 10,154.11, One written call strike 11,169.521, One written put strike 10,154.11 with a barrier level strike of 9,341.7812 (739 contracts), Expires 05/15/15, Broker Goldman Sachs Group, Inc.(r)		493,011
	1,314	IBEX 35 Index, One purchased call strike 10,160.133, One written call strike 10,871.3423, One written put strike 10,160.133 with a barrier level strike of 9,144.1197 (492 contracts), Expires 11/21/14, Broker Goldman Sachs International(r)		450,260

Contracts/ Notional Amount ($)			Value
	2,212	IBEX 35 Index, One purchased call strike 10,169.84, One written call strike 10,881.73, One written put strike 10,169.84 with a barrier level strike of 9,152.86 (737 contracts), Expires 02/20/15, Broker Citibank N.A.(r)	$	384,626
	2,291	IBEX 35 Index, One purchased call strike 10,214.73, One written call strike 11,236.203, One written put strike 10,214.73 with a barrier level strike of 9,193.257 (979 contracts), Expires 03/20/15, Broker JPMorgan Chase Bank N.A.(r)		657,255
	1,305	IBEX 35 Index, One purchased call strike 10,345.30, One written call strike 11,276.38, One written put strike 10,345.30 with a barrier level strike of 9,310.77 (483 contracts), Expires 05/15/15, Broker Credit Suisse International(r)		223,434
	1,586	IBEX 35 Index, One purchased call strike 10,464.00, One written call strike 11,196.48, One written put strike 10,464.00 with a barrier level strike of 9,417.60 (478 contracts), Expires 05/15/15, Broker Credit Suisse International(r)		175,268
	474	IBEX 35 Index, One purchased call strike 10,542.37, One written call strike 10,805.9293, One written put strike 10,542.37 with a barrier level strike of 9,698.9804, Expires 08/21/15, Broker BNP Paribas SA		(62,984	)
	2,036	IBEX 35 Index, One purchased call strike 10,607.50, One written call strike 11,350.03, One written put strike 10,607.50 with a barrier level strike of 9,546.75 (707 contracts), Expires 04/17/15, Broker Citibank N.A.(r)		(20,842	)
	2,170	IBEX 35 Index, One purchased call strike 11,061.80, One written call strike 12,057.36, One written put strike 11,061.80 with a barrier level strike of 10,176.86 (904 contracts), Expires 06/19/15, Broker Credit Suisse International(r)		(446,087	)

Contracts/ Notional Amount ($)			Value
	2,555	IBEX 35 Index, One purchased call strike 11,194.81, One written call strike 12,090.3948, One written put strike 11,194.81 with a barrier level strike of 10,299.225 (893 contracts), Expires 07/17/15, Broker JPMorgan Chase Bank N.A.(r)	$	(580,093	)
	1,440	IBEX 35 Index, One purchased put strike 10,311.02, One written put strike 9,686.11, One written call strike 10,415.17 with a barrier level strike of 11,352.54, Expires 12/30/14, Broker Credit Suisse International		(73,746	)
	151,791	iShares FTSE/Xinhua China 25 Index ETF, One purchased call strike 32.94, One written call strike 37.5516, One written put strike 32.94 with a barrier level strike of 23.387, Expires 03/20/15, Broker JPMorgan Chase Bank N.A.		546,093
	143,308	iShares FTSE/Xinhua China 25 Index ETF, One purchased call strike 34.89, One written call strike 39.08, One written put strike 34.89 with a barrier level strike of 25.47, Expires 02/20/15, Broker UBS AG		407,988
	709,402	iShares FTSE/Xinhua China 25 Index ETF, One purchased call strike 35.10, One written call strike 36.855, One written put strike 35.10 with a barrier level strike of 31.59 (142,450 contracts}, Expires 01/16/15, Broker JPMorgan Chase Bank N.A.(r)		1,041,734
	423,486	iShares FTSE/Xinhua China 25 Index ETF, One purchased call strike 36.601, One written call strike 39.1631, One written put strike 36.601 with a barrier level strike of 32.9409 (136,608 contracts), Expires 11/21/14, Broker Citibank N.A.(r)		916,469
	5,000,000	iShares FTSE/Xinhua China 25 Index ETF, One purchased call strike 38.3163, One written call strike 44.8301, One written put strike 38.3163 with a barrier level strike of 30.653, Expires 01/16/15, Broker Citibank N.A.		220,028

Contracts/ Notional Amount ($)			Value
	7,500,000	iShares FTSE/Xinhua China 25 Index ETF, One purchased call strike 38.5495, One written call strike 43.9464, One written put strike 38.5495 with a barrier level strike of 26.2137, Expires 02/20/15, Broker Citibank N.A.	$	301,628
	164,799	iShares MSCI EAFE Index Fund, One purchased call strike 60.68, One written call strike 69.18, One written put strike 60.68 with a barrier level strike of 43.69, Expires 11/21/14, Broker UBS AG		559,870
	160,735	iShares MSCI EAFE Index Fund, One purchased call strike 62.2142, One written put strike 62.2142 with a barrier level strike of 56.6149, Expires 01/02/15, Broker Goldman Sachs International		230,226
	319,621	iShares MSCI EAFE Index Fund, One purchased call strike 62.5741, One written put strike 62.5741 with a barrier level strike of 57.2553, Expires 01/02/15, Broker Goldman Sachs International		342,596
	160,351	iShares MSCI EAFE Index Fund, One purchased call strike 62.99, One written put strike 59.25, Expires 01/16/15, Broker Bank of America N.A.		183,698
	398,481	iShares MSCI EAFE Index Fund, One purchased call strike 64.8714, One written call strike 68.7637, One written put strike 64.8714 with a barrier level strike of 58.3843 (154,151 contracts), Expires 02/20/15, Broker Citibank N.A.(r)		128,034
	406,784	iShares MSCI EAFE Index Fund, One purchased call strike 66.8659, One written call strike 70.2092, One written put strike 66.8659 with a barrier level strike of 60.1793 (149,533 contracts), Expires 01/16/15, Broker Citibank N.A.(r)		(189,137	)

Contracts/ Notional Amount ($)			Value
	327,627	iShares MSCI EAFE Index Fund, One purchased call strike 67.76, One written call strike 72.5032, One written put strike 67.76 with a barrier level strike of 60.984 (147,580 contracts), Expires 03/20/15, Broker JPMorgan Chase Bank N.A.(r)	$	(338,400	)
	273,748	iShares MSCI Emerging Markets Index Fund, One purchased call strike 38.7217, One written call strike 42.5939, One written put strike 38.7217 with a barrier level strike of 35.2367 (129,127 contracts), Expires 02/20/15, Broker Goldman Sachs International(r)		613,813
	126,936	iShares MSCI Emerging Markets Index Fund, One purchased call strike 39.39, One written call strike 42.15, One written put strike 39.39 with a barrier level strike of 29.54, Expires 11/21/14, Broker BNP Paribas SA		476,885
	126,936	iShares MSCI Emerging Markets Index Fund, One purchased call strike 39.39, One written call strike 42.15, One written put strike 39.39 with a barrier level strike of 29.54, Expires 11/21/14, Broker Credit Suisse International		273,519
	279,761	iShares MSCI Emerging Markets Index Fund, One purchased call strike 41.50, Expires 11/07/14, Broker Bank of America N.A.		223,768
	11,600,000	iShares MSCI Emerging Markets Index Fund, One purchased call strike 36.7112, One written call strike 39.6481, One written put strike 36.7112 with a barrier level strike of 23.8623 ($5,000,000 notional amount), Expires 12/23/14, Broker Citibank N.A.(q)		1,146,238
	233,504	iShares MSCI Emerging Markets Index Fund, One purchased call strike 42.8259, One written call strike 49.678, One written put strike 42.8259 with a barrier level strike of 29.122, Expires 12/19/14, Broker JPMorgan Chase Bank N.A.		85,160

Contracts/ Notional Amount ($)			Value
	476,070	iShares MSCI EMU ETF Index Fund, One purchased call strike 40.28, One written call strike 42.65, One written put strike 39.49 with a barrier level strike of 35.54 (126,614 contracts), Expires 12/19/14, Broker Credit Suisse International(r)	$	(122,512	)
	322,191	iShares MSCI EMU ETF Index Fund, One purchased call strike 40.3487, One written call strike 42.7696, One written put strike 40.3487 with a barrier level strike of 36.3138 (123,920 contracts), Expires 01/16/15, Broker Goldman Sachs International(r)		(252,005	)
	399,013	iShares MSCI EMU ETF Index Fund, One purchased call strike 41.352, One written call strike 44.6602, One written put strike 41.352 with a barrier level strike of 37.6303 (181,370 contracts), Expires 04/17/15, Broker Goldman Sachs International(r)		(614,621	)
	380,068	iShares MSCI EMU ETF Index Fund, One purchased call strike 41.44, One written call strike 43.93, One written put strike 41.44 with a barrier level strike of 37.30 (120,656 contracts), Expires 12/31/14, Broker Credit Suisse International(r)		(338,972	)
	572,867	iShares MSCI EMU ETF Index Fund, One purchased call strike 41.72, One written call strike 44.64, One written put strike 41.72 with a barrier level strike of 37.55 (239,693 contracts), Expires 02/20/15, Broker Credit Suisse International(r)		(861,553	)
	262,030	iShares MSCI EMU ETF Index Fund, One purchased call strike 41.98, One written call strike 44.92, One written put strike 41.98 with a barrier level strike of 37.78 (119,104 contracts), Expires 03/20/15, Broker Credit Suisse International(r)		(470,631	)

Contracts/ Notional Amount ($)			Value
	352,776	iShares MSCI Mexico Index Fund, One purchased call strike 70.1578, One written call strike 74.3673, One written put strike 70.1578 with a barrier level strike of 63.8436 (142,536 contracts), Expires 08/21/15, Broker Citibank N.A.(r)	$	(155,687	)
	118,427	iShares MSCI Mexico Index Fund, One purchased call strike 63.33, One written call strike 74.0961, One written put strike 63.33 with a barrier level strike of 42.4311, Expires 12/19/14, Broker Goldman Sachs International		605,391
	112,613	iShares MSCI Mexico Index Fund, One purchased call strike 66.60, One written call strike 77.922, One written put strike 66.60 with a barrier level strike of 46.62, Expires 11/21/14, Broker Goldman Sachs International		254,085
	73,503	iShares MSCI Mexico Index Fund, One purchased call strike 68.0243, One written call strike 78.9082, One written put strike 68.0243 with a barrier level strike of 47.617, Expires 11/21/14, Broker Citibank N.A.		88,341
	112,613	iShares MSCI Mexico Index Fund, One written call strike 66.60, One purchased call strike 77.922, One purchased put strike 66.60 with a barrier level strike of 46.62, Expires 11/21/14, Broker Citibank N.A.		(252,471	)
	14,700,000	iShares MSCI South Korea Index Fund, One purchased call strike 57.7534, One written call strike 68.865, One written put strike 57.7534 with a barrier level strike of 52.5556 ($5,000,000 notional amount), Expires 11/20/15, Broker Citibank N.A.(q)		33,319
	283,056	iShares MSCI South Korea Index Fund, One purchased call strike 59.3522, One written call strike 64.6939, One written put strike 59.3522 with a barrier level strike of 54.011 (126,364 contracts), Expires 04/17/15, Broker JPMorgan Chase Bank N.A.(r)		105,091

Contracts/ Notional Amount ($)			Value
	170,407	iShares MSCI South Korea Index Fund, One purchased call strike 60.15, One written call strike 64.36, One written put strike 60.15 with a barrier level strike of 54.14 (83,126 contracts), Expires 11/21/14, Broker UBS AG(r)	$	74,904
	296,133	iShares MSCI South Korea Index Fund, One purchased call strike 61.29, One written call strike 65.5803, One written put strike 61.29 with a barrier level strike of 55.161 (122,369 contracts), Expires 01/16/15, Broker JPMorgan Chase Bank N.A.(r)		(116,131	)
	219,242	iShares MSCI South Korea Index Fund, One purchased call strike 62.26, One written call strike 66.00, One written put strike 62.26 with a barrier level strike of 56.66 (80,308 contracts), Expires 10/16/15, Broker Bank of America N.A.(r)		(249,826	)
	321,538	iShares MSCI South Korea Index Fund, One purchased call strike 63.45, One written call strike 67.25, One written put strike 63.45 with a barrier level strike of 57.74 (118,212 contracts), Expires 10/16/15, Broker Bank of America N.A.(r)		(498,332	)
	313,189	iShares MSCI South Korea Index Fund, One purchased call strike 63.46, One written call strike 67.27, One written put strike 63.46 with a barrier level strike of 57.75 (118,185 contracts), Expires 09/18/15, Broker Bank of America N.A.(r)		(494,695	)
	66,129	iShares STOXX Europe Small 200 Index, One purchased call strike 222.2934, One written put strike 226.83 with a barrier level strike of 209.818, Expires 06/19/15, Broker JPMorgan Chase Bank N.A.		(317,087	)
	32,651	iShares STOXX Europe Small 200 Index, One purchased call strike 225.106, One written put strike 229.70 with a barrier level strike of 213.047, Expires 08/21/15, Broker JPMorgan Chase Bank N.A.		(288,052	)

Contracts/ Notional Amount ($)			Value
	57,034	iShares STOXX Europe Small 200 Index, One purchased call strike 228.81, One written call strike 251.691, One written put strike 228.81 with a barrier level strike of 208.2171 (32,778 contracts), Expires 05/15/14, Broker Goldman Sachs International(r)	$	(163,303	)
	40,631	iShares STOXX Europe Small 200 Index, One purchased call strike 230.12, One written call strike 253.132, One written put strike 230.12 with a barrier level strike of 207.108 (21,728 contracts), Expires 04/17/15, Broker Goldman Sachs International(r)		(67,188	)
	84,044	iShares STOXX Europe Small 200 Index, One purchased call strike 234.40, One written call strike 257.84, One written put strike 1,168.80 on Russell 2000 Index with a barrier level strike of 1,051.92 (8,556 contracts), Expires 03/20/15, Broker JPMorgan Chase Bank N.A.(r)		(140,685	)
	35,571	iShares STOXX Europe Small 200 Index, One purchased call strike 237.55, One written call strike 258.9295, One written put strike 237.55 with a barrier level strike of 216.171 (21,048 contracts), Expires 07/17/15, Broker JPMorgan Chase Bank N.A.(r)		(324,894	)
	64,492	iShares STOXX Europe Small 200 Index, One purchased call strike 240.34, One written call strike 264.374, One written put strike 240.34 with a barrier level strike of 221.113 (41,608 contracts), Expires 07/17/15, Broker JPMorgan Chase Bank N.A.(r)		(786,496	)
	978,351	iShares U.S. Home Construction ETF, One purchased call strike 24.02, One written call strike 26.42, One written put strike 24.02 with a barrier level strike of 22.10 (416,320 contracts), Expires 09/18/15, Broker Credit Suisse International(r)		(29,620	)

Contracts/ Notional Amount ($)			Value
	27,208	Korea Stock Exchange KOSPI 200 Index, One purchased call strike 243.50, One purchased put strike 243.50 (20,534 contracts), One written put strike 54.82 on iShares MSCI South Korea Capped ETF with a barrier level strike of 38.374 (182,414 contracts), Expires 01/16/15, Broker Goldman Sachs International(r)	$	303,371
	53,312	Korea Stock Exchange KOSPI 200 Index, One purchased call strike 243.85, One purchased put strike 243.85 (41,009 contracts), One written put strike 55.03 on iShares MSCI South Korea Capped ETF with a barrier level strike of 38.521 (363,438 contracts), Expires 01/16/15, Broker Goldman Sachs International(r)		588,485
	41,412	Korea Stock Exchange KOSPI 200 Index, One purchased call strike 244.50, One purchased put strike 244.50 (30,675 contracts), One written put strike 55.43 on iShares MSCI South Korea Capped ETF with a barrier level strike of 38.80 (270,612 contracts), Expires 01/16/15, Broker Goldman Sachs International(r)		442,276
	55,422	Korea Stock Exchange KOSPI 200 Index, One purchased call strike 247.20, One purchased put strike 247.20 (40,454 contracts), One written put strike 55.81 on iShares MSCI South Korea Capped ETF with a barrier level strike of 44.648 (358,358 contracts), Expires 02/13/15, Broker Goldman Sachs International(r)		584,117

Contracts/ Notional Amount ($)			Value
	10,125,000	Korea Stock Exchange KOSPI 200 Index, One purchased call strike 240.839474, One purchased put strike 240.839474 ($7,500,000 notional amount), One written put strike 54.656073 on iShares MSCI South Korea Capped ETF with a barrier level strike of 43.725 ($15,000,000 notional amount), Expires 03/20/15, Broker JPMorgan Chase Bank N.A.(q)	$	602,895
	10,125,000	Korea Stock Exchange KOSPI 200 Index, One purchased call strike 242.54, One purchased put strike 242.54 ($7,500,000 notional amount), One written put strike 55.2353 on iShares MSCI South Korea Capped ETF with a barrier level strike of 43.084 ($15,000,000 notional amount), Expires 03/13/15, Broker JPMorgan Chase Bank N.A.(q)		564,372
	13,500,000	Korea Stock Exchange KOSPI 200 Index, One purchased call strike 250.0589, One purchased put strike 250.0589 ($10,000,000 notional amount), One written put strike 56.705 on iShares MSCI South Korea Capped ETF with a barrier level strike of 45.364 ($20,000,000 notional amount), Expires 03/13/15, Broker JPMorgan Chase Bank N.A.(q)		568,602
	5,000,000	Korea Stock Exchange KOSPI 200 Index, One purchased call strike 261.4225, One written call strike 68.8445 on iShares MSCI South Korea Capped ETF, One written put strike 61.4683 with a barrier level strike of 49.1746 on iShares MSCI South Korea Capped ETF, Expires 03/20/15, Broker Citibank N.A.		(63,008	)

Contracts/ Notional Amount ($)			Value
	10,000,000	Korea Stock Exchange KOSPI 200 Index, One purchased call strike 261.62, One written call strike 69.0719 on iShares MSCI South Korea Capped ETF, One written put strike 61.6713 with a barrier level strike of 49.337 on iShares MSCI South Korea Capped ETF, Expires 03/20/15, Broker Citibank N.A.	$	(134,867	)
	1,067,616	Market Vectors Russia ETF, One purchased call strike 22.48, One written call strike 24.0536, One written put strike 22.48 with a barrier level strike of 15.736 (333,630 contracts), Expires 10/16/15, Broker JPMorgan Chase Bank N.A.(r)		(167,853	)
	907,315	Market Vectors Russia ETF, One purchased call strike 23.035, One written call strike 25.3385, One written put strike 23.035 with a barrier level strike of 14.973 (434,122 contracts), Expires 03/20/15, Broker JPMorgan Chase Bank N.A.(r)		59,020
	169,023	Market Vectors Russia ETF, One purchased call strike 29.5817, One written call strike 34.3148, One written put strike 29.5817 with a barrier level strike of 19.2281, Expires 03/20/15, Broker Goldman Sachs International		(898,077	)
	28,273	MSCI Singapore Free Index, One purchased call strike 353.6971, One written call strike 381.9929, One written put strike 353.6971 with a barrier level strike of 318.3274, Expires 03/31/15, Broker BNP Paribas SA		885,396
	35,471	MSCI Singapore Free Index, One purchased call strike 358.0345, One written call strike 375.9362, One written put strike 358.0345 with a barrier level strike of 322.2311, Expires 01/16/15, Broker BNP Paribas SA		711,995

Contracts/ Notional Amount ($)			Value
	26,954	MSCI Singapore Free Index, One purchased call strike 371.005, One written call strike 382.1352, One written put strike 371.005 with a barrier level strike of 341.3246, Expires 07/31/15, Broker BNP Paribas SA	$	78,257
	141,330	MSCI Singapore Free Index, One purchased call strike 371.47, One written call strike 382.6141, One written put strike 371.47 with a barrier level strike of 341.75 (26,920 contracts), Expires 10/29/15, Broker UBS AG(r)		(264,560	)
	26,831	MSCI Singapore Free Index, One purchased call strike 372.7072, One written call strike 398.7967, One written put strike 372.7072 with a barrier level strike of 335.4365, Expires 06/30/15, Broker BNP Paribas SA		61,012
	26,712	MSCI Singapore Free Index, One purchased call strike 374.3626, One written call strike 400.568, One written put strike 374.3626 with a barrier level strike of 344.4136, Expires 07/31/15, Broker BNP Paribas SA		(43,416	)
	26,472	MSCI Singapore Free Index, One purchased call strike 377.7606, One written call strike 400.4262, One written put strike 377.7606 with a barrier level strike of 343.7621, Expires 10/30/15, Broker BNP Paribas SA		(437,516	)
	17,307	Russell 2000 Index, One purchased call strike 1,068.94, One written call strike 1,122.39, One written put strike 1,068.94 with a barrier level strike of 962.05 (9,355 contracts), Expires 01/16/15, Broker Credit Suisse International(r)		640,341
	9,274	Russell 2000 Index, One purchased call strike 1,082.41, One written put strike 1,082.41 with a barrier level strike of 974.17, Expires 02/20/15, Broker Credit Suisse International		809,207

Contracts/ Notional Amount ($)			Value
	9,040	Russell 2000 Index, One purchased call strike 1,089.615, One written call strike 1,198.5765, One written put strike 1,089.615 with a barrier level strike of 991.55 (4,589 contracts), Expires 06/19/15, Broker JPMorgan Chase Bank N.A.(r)	$	391,908
	18,349	Russell 2000 Index, One purchased call strike 1,089.95, One written put strike 1,089.95 with a barrier level strike of 991.85, Expires 01/16/15, Broker Credit Suisse International		1,493,736
	12,566	Russell 2000 Index, One purchased call strike 1,094.20, One written call strike 1,159.852, One written put strike 1,094.20 with a barrier level strike of 984.78 (4,570 contracts), Expires 12/19/14, Broker JPMorgan Chase Bank N.A.(r)		600,143
	18,680	Russell 2000 Index, One purchased call strike 1,102.76, One written call strike 1,213.04, One written put strike 1,102.76 with a barrier level strike of 992.48 (9,068 contracts), Expires 03/20/15, Broker Citibank N.A.(r)		967,233
	17,011	Russell 2000 Index, One purchased call strike 1,105.16, One written call strike 1,215.676, One written put strike 1,105.16 with a barrier level strike of 994.644 (9,048 contracts), Expires 12/19/14, Broker Citibank N.A.(r)		1,085,096
	17,442	Russell 2000 Index, One purchased call strike 1,118.00, One written call strike 1,162.72, One written put strike 1,118.00 with a barrier level strike of 1,022.97 (8,945 contracts), Expires 01/16/15, Broker Credit Suisse International(r)		352,350
	16,729	Russell 2000 Index, One purchased call strike 1,128.60, One written call strike 1,218.888, One written put strike 1,128.60 with a barrier level strike of 1,027.026 (7,088 contracts), Expires 05/15/15, Broker Citibank N.A.(r)		480,794

Contracts/ Notional Amount ($)			Value
	4,391	Russell 2000 Index, One purchased call strike 1,138.70, One written call strike 1,263.96, One written put strike 1,138.70 with a barrier level strike of 1,058.99, Expires 06/19/15, Broker BNP Paribas SA	$	245,275
	6,496	Russell 2000 Index, One purchased call strike 1,154.62, One written call strike 1,270.08, One written put strike 1,154.62 with a barrier level strike of 1,062.25, Expires 05/15/15, Broker BNP Paribas SA		270,143
	8,615	Russell 2000 Index, One purchased call strike 1,160.7362, One written call strike 1,300.02, One written put strike 1,160.74 with a barrier level strike of 870.55, Expires 05/15/15, Broker Citibank N.A.		133,896
	26,034	Russell 2000 Index, One purchased call strike 1,169.61, One written call strike 1,274.8749, One written put strike 1,169.61 with a barrier level strike of 1,052.649 (12,825 contracts), Expires 04/17/15, Broker JPMorgan Chase Bank(r)		445,503
	18,069	Russell 2000 Index, One purchased call strike 1,178.81, One written call strike 1,261.3267, One written put strike 1,178.81 with a barrier level strike of 1,060.929 (8,483 contracts), Expires 01/16/15, Broker JPMorgan Chase Bank(r)		283,711
	8,433	Russell 2000 Index, One purchased call strike 1,185.82, One written call strike 1,256.97, One written put strike 1,185.82 with a barrier level strike of 1,067.24, Expires 02/20/15, Broker BNP Paribas		247,630
	6,322	Russell 2000 Index, One purchased call strike 1,186.35, One written call strike 1,281.26, One written put strike 1,186.35 with a barrier level strike of 1,079.58, Expires 03/20/15, Broker BNP Paribas SA		113,596

Contracts/ Notional Amount ($)			Value
	2,847	S&P 500 Index, One purchased call strike 1,756.49, One written call strike 1,861.88, One written put strike 1,756.49 with a barrier level strike of 1,580.84, Expires 12/19/14, Broker BNP Paribas SA	$	601,701
	15,000,000	S&P 500 Index, One purchased call strike 1,829.4561, One written put strike 1,866.7919 with a barrier level strike of 1,738.9167, Expires 06/19/15, Broker Citibank N.A.		1,322,254
	14,062	S&P 500 Index, One purchased call strike 1,842.72, One written call strike 2,008.56, One written put strike 1,842.72 with a barrier level strike of 1,695.30 (8,140 contracts), Expires 03/20/15, Broker Citibank N.A.(r)		1,508,534
	10,000,000	S&P 500 Index, One purchased call strike 1,852.616, One written put strike 1,871.3293 with a barrier level strike of 1,658.9334, Expires 07/17/15, Broker Citibank N.A.		805,437
	6,799	S&P 500 Index, One purchased call strike 1,854.59, One written put strike 1,854.59 with a barrier level strike of 1,706.2228 (5,392 contracts), Expires 04/17/15, Broker Citibank N.A.(r)		992,683
	10,000,000	S&P 500 Index, One purchased call strike 1,857.00, One written put strike 1,857.00 with a barrier level strike of 1,668.5145, Expires 12/19/14, Broker Citibank N.A.		853,852
	10,000,000	S&P 500 Index, One purchased call strike 1,857.75, One written put strike 1,857.75 with a barrier level strike of 1,662.68625, Expires 01/16/15, Broker Citibank N.A.		852,491
	15,000,000	S&P 500 Index, One purchased call strike 1,859.50, One written put strike 1,897.45 with a barrier level strike of 1,751.3464, Expires 07/17/15, Broker Citibank N.A.		1,054,797

Contracts/ Notional Amount ($)			Value
	9,565	S&P 500 Index, One purchased call strike 1,866.11, One written put strike 1,866.11 with a barrier level strike of 1,716.8212 (8,038 contracts), Expires 05/15/15, Broker Citibank N.A.(r)	$	1,409,292
	20,000,000	S&P 500 Index, One purchased call strike 1,868.20, One written put strike 1,868.20 with a barrier level strike of 1,587.97, Expires 06/19/15, Broker BNP Paribas SA		1,507,739
	7,965	S&P 500 Index, One purchased call strike 1,883.29, One written put strike 1,883.29 with a barrier level strike of 1,607.39, Expires 06/19/15, Broker Citibank N.A.		1,056,867
	3,920	S&P 500 Index, One purchased call strike 1,913.075, One written put strike 66.7466 on SPDR S&P Oil & Gas Exploration & Production ETF (101,971 contracts), Expires 02/20/15, Broker Citibank N.A.(r)		(336,910	)
	3,901	S&P 500 Index, One purchased call strike 1,922.73, One written put strike 67.4168 on SPDR S&P Oil & Gas Exploration & Production ETF (99,734 contracts), Expires 03/20/15, Broker Goldman Sachs International(r)		(535,411	)
	2,642	S&P 500 Index, One purchased call strike 1,934.30, One written put strike 66.9798 on SPDR S&P Oil & Gas Exploration & Production ETF (67,184 contracts), Expires 04/17/15, Broker Citibank N.A.(r)		(295,680	)
	3,951	S&P 500 Index, One purchased call strike 1,949.00, One written put strike 38.64 on iShares MSCI Brazil Capped ETF (119,048 contracts), Expires 11/07/14, Broker BNP Paribas SA(r)		267,345

Contracts/ Notional Amount ($)			Value
	7,598	S&P 500 Index, One purchased call strike 1,974.2689, One written call strike 92.5492 on iShares iBoxx High Yield Corporate Bond ETF (164,507 contracts), One written put strike 91.1815 on iShares iBoxx High Yield Corporate Bond ETF with a barrier level strike of 84.7988 (164,507 contracts), Expires 12/19/14, Broker Citibank N.A.(r)	$	255,109
	10,084	S&P 500 Index, One purchased call strike 1,983.42, One written call strike 2,062.76, One written call strike 1,983.42 with a barrier level strike of 1,755.33, Expires 01/16/15, Broker BNP Paribas SA		214,185
	2,518	S&P 500 Index, One purchased call strike 1,985.80, One written put strike 66.3273 on SPDR S&P Oil & Gas Exploration & Production ETF (681,747 contracts), Expires 03/20/15, Broker Citibank N.A.(r)		(371,816	)
	5,029	S&P 500 Index, One purchased call strike 1,988.46, One written put strike 1,072.15 on Russell 2000 Index (8,898 contracts), Expires 12/19/14, Broker JPMorgan Chase Bank N.A.(r)		197,013
	3,761	S&P 500 Index, One purchased call strike 1,994.32, One written put strike 63.48 on SPDR S&P Oil & Gas Exploration & Production ETF (106,564 contracts), Expires 04/17/15, Broker BNP Paribas SA(r)		(428,811	)
	3,750	S&P 500 Index, One purchased call strike 2,000.25, One written put strike 67.69 on SPDR S&P Oil & Gas Exploration & Production ETF (100,219 contracts), Expires 03/20/15, Broker Bank of America N.A.(r)		(663,326	)
	5,030	S&P 500 Index, One purchased call strike 2,007.9065, One written put strike 1,908.5052, Expires 12/19/14, Broker BNP Paribas SA		139,339

Contracts/ Notional Amount ($)			Value
	3,054	S&P 500 Index, One purchased call strike 1,637.2681, One written call strike 1,882.8583, One written put strike 1,637.2681 with a barrier level strike of 1,146.0877, Expires 02/20/15, Broker Goldman Sachs International	$	675,547
	8,108	S&P 500 Index, One purchased call strike 1,825.35, One written call strike 2,007.89, One written put strike 1,825.35 with a barrier level strike of 1,697.58 (5,478 contracts), Expires 12/19/14, Broker Credit Suisse International(r)		1,193,286
	7,964	S&P 500 Index, One purchased call strike 1,845.9086, One written put strike 1,883.5802 with a barrier level strike of 1,741.3699, Expires 07/17/15, Broker Goldman Sachs International		1,141,698
	9,058	S&P 500 Index, One purchased call strike 1,865.83, One written call strike 2,033.7547, One written put strike 1,865.83 with a barrier level strike of 1,716.564 (5,360 contracts), Expires 05/15/15, Broker JPMorgan Chase Bank N.A.(r)		793,728
	11,592	S&P 500 Index, One purchased call strike 1,880.55, One written put strike 1,880.55 with a barrier level strike of 1,711.30 (10,635 contracts), Expires 02/20/15, Broker Credit Suisse International(r)		1,525,490
	2,658	S&P 500 Index, One purchased call strike 1,881.40, One written put strike 1,881.40 with a barrier level strike of 1,674.45, Expires 01/16/15, Broker Credit Suisse International		345,280
	7,796	S&P 500 Index, One purchased call strike 1,885.67, One written put strike 1,924.15 with a barrier level strike of 1,768.29, Expires 08/21/15, Broker Credit Suisse International		780,571

Contracts/ Notional Amount ($)			Value
	6,906	S&P 500 Index, One purchased call strike 1,886.63, One written put strike 1,867.95 with a barrier level strike of 1,718.51 (5,353 contracts), Expires 07/17/15, Broker UBS AG(r)	$	777,289
	15,891	S&P 500 Index, One purchased call strike 1,887.85, One written put strike 1,887.85 with a barrier level strike of 1,599.01, Expires 12/18/15, Broker Bank of America N.A.		1,877,225
	15,883	S&P 500 Index, One purchased call strike 1,888.86, One written put strike 1,888.86 with a barrier level strike of 1,699.97, Expires 01/16/15, Broker Credit Suisse International		1,919,498
	8,914	S&P 500 Index, One purchased call strike 1,890.35, One written call strike 1,965,964, One written put strike 1,890.35 with a barrier level strike of 1,701.315 (5,290 contracts), Expires 01/16/15, Broker Citibank N.A.(r)		455,532
	10,541	S&P 500 Index, One purchased call strike 1,897.36, One written put strike 1,897.36 with a barrier level strike of 1,726.60, Expires 01/16/15, Broker Credit Suisse International		1,189,511
	3,933	S&P 500 Index, One purchased call strike 1,906.9929, One written put strike 1,906.9929 with a barrier level strike of 1,697.2237, Expires 01/16/15, Broker Goldman Sachs International		425,329
	5,109	S&P 500 Index, One purchased call strike 1,918.2214, One written put strike 1,957.3688 with a barrier level strike of 1,810.5662, Expires 09/18/15, Broker Goldman Sachs International		335,289
	5,212	S&P 500 Index, One purchased call strike 1,918.7282, One written put strike 1,918.7282 with a barrier level strike of 1,629.0002, Expires 10/16/15, Broker Goldman Sachs International		488,402

Contracts/ Notional Amount ($)			Value
	5,088	S&P 500 Index, One purchased call strike 1,926.05, One written call strike 1,965.36, One written put strike 1,926.05 with a barrier level strike of 1,821.30, Expires 09/18/15, Broker Credit Suisse International	$	280,352
	5,188	S&P 500 Index, One purchased call strike 1,927.66, One written put strike 1,927.66 with a barrier level strike of 1,646.22, Expires 09/18/15, Broker Credit Suisse International		427,785
	3,886	S&P 500 Index, One purchased call strike 1,930.10, One written put strike 1,930.10 with a barrier level strike of 1,717.79, Expires 01/16/15, Broker Credit Suisse International		320,965
	10,349	S&P 500 Index, One purchased call strike 1,932.63, One written put strike 1,932.63 with a barrier level strike of 1,758.6933, Expires 01/16/15, Broker Goldman Sachs International		832,583
	14,151	S&P 500 Index, One purchased call strike 1,939.85, One written call strike 2,114.44, One written put strike 1,939.85 with a barrier level strike of 1,804.06 (7,733 contracts), Expires 08/21/15, Broker Credit Suisse International(r)		628,241
	5,153	S&P 500 Index, One purchased call strike 1,940.74, One written put strike 1,940.74 with a barrier level strike of 1,667.10, Expires 09/18/15, Broker Credit Suisse International		358,006
	5,197	S&P 500 Index, One purchased call strike 1,943.36, One written put strike 1,847.16, Expires 01/16/15, Broker Bank of America N.A.		423,770
	7,715	S&P 500 Index, One purchased call strike 1,944.21, One written put strike 1,944.21 with a barrier level strike of 1,646.75, Expires 12/18/15, Broker Bank of America N.A.		512,933

Contracts/ Notional Amount ($)			Value
	2,566	S&P 500 Index, One purchased call strike 1,948.2097, One written put strike 54.6487 on SPDR S&P Oil & Gas Exploration & Production ETF (80,423 contracts), Expires 03/20/15, Broker Goldman Sachs International(r)	$	12,726
	3,849	S&P 500 Index, One purchased call strike 1,948.46, One written put strike 1,948.46 with a barrier level strike of 1,714.645, Expires 01/16/15, Broker JPMorgan Chase Bank N.A.		280,752
	5,119	S&P 500 Index, One purchased call strike 1,953.44, One written put strike 1,953.44 with a barrier level strike of 1,672.14, Expires 10/16/15, Broker Citibank N.A.		309,901
	10,226	S&P 500 Index, One purchased call strike 1,955.75, One written put strike 1,955.75 with a barrier level strike of 1,779.73, Expires 01/16/15, Broker Credit Suisse International		589,083
	5,103	S&P 500 Index, One purchased call strike 1,959.67, One written put strike 1,959.67 with a barrier level strike of 1,822.4931, Expires 01/02/15, Broker Goldman Sachs International		299,592
	5,154	S&P 500 Index, One purchased call strike 1,959.6746, One written put strike 1,862.661, Expires 01/16/15, Broker Goldman Sachs International		342,868
	14,080	S&P 500 Index, One purchased call strike 1,960.18, One written call strike 2,038.59, One written put strike 1,960.18 with a barrier level strike of 1,793.56 (10,203 contracts), Expires 01/16/15, Broker Bank of America N.A.		433,707
	5,101	S&P 500 Index, One purchased call strike 1,960.30, One written put strike 1,960.30 with a barrier level strike of 1,803.48, Expires 02/20/15, Broker Credit Suisse International		278,643

Contracts/ Notional Amount ($)			Value
	5,080	S&P 500 Index, One purchased call strike 1,968.64, One written put strike 1,968.64 with a barrier level strike of 1,685.16, Expires 11/20/14, Broker Bank of America N.A.	$	223,059
	5,124	S&P 500 Index, One purchased call strike 1,970.95, One written put strike 1,873.37, Expires 01/16/15, Broker Bank of America N.A.		297,947
	9,156	S&P 500 Index, One purchased call strike 1,972.50, Expires 11/07/14, Broker Bank of America N.A.		418,909
	5,066	S&P 500 Index, One purchased call strike 1,974.02, One written put strike 1,974.02 with a barrier level strike of 1,712.46, Expires 08/21/15, Broker Credit Suisse International		116,053
	7,593	S&P 500 Index, One purchased call strike 1,975.48, One written call strike 2,054.50, One written put strike 1,975.48 with a barrier level strike of 1,748.30, Expires 01/16/15, Broker Bank of America N.A.		171,699
	5,028	S&P 500 Index, One purchased call strike 1,988.78, One written put strike 1,988.78 with a barrier level strike of 1,726.26, Expires 08/21/15, Broker Credit Suisse International		134,534
	5,065	S&P 500 Index, One purchased call strike 1,993.8948, One written put strike 1,895.1871, Expires 12/19/14, Broker Goldman Sachs International		183,529
	4,975	S&P 500 Index, One purchased call strike 2,010.00, One written put strike 2,010.00 with a barrier level strike of 1,736.64, Expires 11/20/15, Broker Credit Suisse International		7,522
	5,062	S&P 500 Index, One purchased call strike 2,014.91, One written put strike $1,975.40 with a barrier level strike of 1,856.88, Expires 01/16/15, Broker Bank of America N.A.		96,591

Contracts/ Notional Amount ($)			Value
	1,241,218	Select Sector Financial SPDR Fund, One purchased call strike 21.56, One written call strike 23.27, One written put strike 21.35 with a barrier level strike of 19.43 (468,384 contracts), Expires 06/19/15, Broker Credit Suisse International(r)	$	1,226,346
	1,272,859	Select Sector Financial SPDR Fund, One purchased call strike 22.037, One written call strike 24.2407, One written put strike 22.037 with a barrier level strike of 20.274 (680,673 contracts), Expires 05/15/15, Broker JPMorgan Chase Bank N.A.(r)		1,447,905
	918,820	Select Sector Financial SPDR Fund, One purchased call strike 22.8554, One written call strike 24.2267, One written put strike 22.8554 with a barrier level strike of 21.027 (328,150 contracts), Expires 09/18/15, Broker Citibank N.A.(q)		304,896
	926,169	Select Sector Financial SPDR Fund, One purchased call strike 22.89, One written call strike 24.95, One written put strike 22.89 with a barrier level strike of 21.06 (436,872 contracts), Expires 08/21/15, Broker Credit Suisse International(r)		483,327
	1,178,691	Select Sector Financial SPDR Fund, One purchased call strike 23.84, One written call strike 25.2704, One written put strike 23.84 with a barrier level strike of 21.6944 (419,463 contracts), Expires 10/16/15, Broker Citibank N.A.(r)		65,477
	146,470	SPDR Dow Jones Industrial Average ETF Trust, One purchased call strike 153.6151, One written call strike 162.832, One written put strike 153.6151 with a barrier level strike of 138.2536 (65,098 contracts), Expires 12/19/14, Broker Goldman Sachs Group, Inc.(r)		1,276,013

Contracts/ Notional Amount ($)			Value
	119,075	SPDR Dow Jones Industrial Average ETF Trust, One purchased call strike 161.243, One written call strike 174.142, One written put strike 161.243 with a barrier level strike of 145.119 (62,018 contracts), Expires 03/20/15, Broker Credit Suisse Group AG(r)	$	890,943
	61,039	SPDR Dow Jones Industrial Average ETF Trust, One purchased call strike 163.83, One written put strike 163.83 with a barrier level strike of 145.81, Expires 01/16/15, Broker Bank of America N.A.		567,627
	44,603	SPDR Dow Jones Industrial Average ETF Trust, One purchased call strike 168.15, One written put strike 168.15 with a barrier level strike of 141.67, Expires 12/18/15, Broker Credit Suisse International		112,526
	59,053	SPDR Dow Jones Industrial Average ETF Trust, One purchased call strike 169.34, One written put strike 169.34 with a barrier level strike of 144.79, Expires 11/20/15, Broker Credit Suisse International		87,837
	29,525	SPDR Dow Jones Industrial Average ETF Trust, One purchased call strike 169.35, One written put strike 169.35 with a barrier level strike of 140.5605, Expires 11/20/15, Broker Goldman Sachs International		103,657
	44,000	SPDR Dow Jones Industrial Average ETF Trust, One purchased call strike 170.45, One written put strike 65.63 on SPDR S&P Oil & Gas Exploration & Production ETF (101,473 contracts), Expires 03/20/15, Broker Bank of America N.A.(r)		(522,014	)
	617,431	SPDR S&P Homebuilders ETF, One purchased call strike 32.3923, One written call strike 35.6315, One written put strike 32.3923 with a barrier level strike of 19.4354, Expires 01/16/15, Broker Citibank N.A.		183,421

Contracts/ Notional Amount ($)			Value
	350,631	SPDR S&P Oil & Gas Exploration & Production ETF, One purchased put strike 57.04, One written put strike 45.63, One written call strike 57.04 with a barrier level strike of 68.45, Expires 01/16/15, Broker Credit Suisse International	$	(773,279	)
	339,055	Taiwan Stock Exchange Weighted Index, One purchased call strike 8,612.54, One written call strike 14.7487 on iShares MSCI Taiwan ETF Fund (6,941,280 contracts), One written put strike 14.0464 on iShares MSCI Taiwan ETF Fund with a barrier level strike of 12.6418 (355,963 contracts), Expires 01/05/15, Broker Goldman Sachs International(r)		51,318
	1,697	Taiwan Stock Exchange Weighted Index, One purchased call strike 8,841.00, One written put strike 8,841.00 with a barrier level strike of 8,222.13, Expires 05/20/15, Broker BNP Paribas SA		1,156,892
	1,080	Taiwan Stock Exchange Weighted Index, One purchased call strike 9,258.30, One written put strike 9,258.30 with a barrier level strike of 8,610.22, Expires 10/21/15, Broker BNP Paribas SA		(521,110	)
	14,200,000	USD/CAD foreign exchange rate, One purchased call strike 1.07, One written call strike 1.13, One written put strike 1.065 with a barrier level strike of 1.03 ($10,000,000 notional amount), Expires 12/31/14, Broker JPMorgan Chase Bank N.A(q)		547,776
	14,000,000	USD/CAD foreign exchange rate, One purchased call strike 1.075, One written call strike 1.125, One written put strike 1.0585 with a barrier level strike of 1.005 ($10,000,000 notional amount), Expires 11/26/14, Broker Goldman Sachs International(q)		543,410

Contracts/ Notional Amount ($)			Value
	7,600,000	USD/CAD foreign exchange rate, One purchased call strike 1.075, One written call strike 1.125, One written put strike 1.0585 with a barrier level strike of 1.005 ($5,000,000 notional amount), Expires 11/26/14, Broker JPMorgan Chase Bank N.A.(q)	$	266,998
	7,400,000	USD/CAD foreign exchange rate, One purchased call strike 1.0752, One written call strike 1.1323, One written put strike 1.0644 with a barrier level strike of 1.0137 ($5,000,000 notional amount), Expires 12/08/14, Broker JPMorgan Chase Bank N.A.(q)		266,389
	24,000,000	USD/CAD foreign exchange rate, One purchased call strike 1.09, One written call strike 1.15, One written put strike 1.09 with a barrier level strike of 1.06 ($20,000,000 notional amount), Expires 06/15/15, Broker JPMorgan Chase Bank N.A.(q)		479,545
	14,700,000	USD/JPY foreign exchange rate, One purchased call strike 101.50, One written call strike 107.50, One written put strike 101.50 with a barrier level strike of 95.50 ($10,000,000 notional amount), Expires 05/11/15, Broker JPMorgan Chase Bank N.A.(q)		594,047
	18,500,000	USD/JPY foreign exchange rate, One purchased call strike 101.75, One written call strike 108.00, One written put strike 101.75 with a barrier level strike of 96.00 ($15,000,000 notional amount), Expires 05/25/15, Broker JPMorgan Chase Bank N.A.(q)		734,821
	23,100,000	USD/JPY foreign exchange rate, One purchased call strike 101.75, One written call strike 108.00, One written put strike 102.00 with a barrier level strike of 96.00 ($15,000,000 notional amount), Expires 06/15/15, Broker Goldman Sachs International(q)		1,002,124

Contracts/ Notional Amount ($)			Value
	42,300,000	USD/JPY foreign exchange rate, One purchased call strike 102.00, One written call strike 108.00, One written put strike 101.75 with a barrier level strike of 96.00 ($30,000,000 notional amount), Expires 04/13/15, Broker Goldman Sachs International(q)	$	1,868,943
	28,800,000	USD/JPY foreign exchange rate, One purchased call strike 102.00, One written call strike 108.00, One written put strike 101.90 with a barrier level strike of 96.00 ($20,000,000 notional amount), Expires 04/09/15, Broker JPMorgan Chase Bank N.A.(q)		1,163,007
	15,800,000	USD/JPY foreign exchange rate, One purchased call strike 102.50, One written call strike 110.00, One written put strike 102.50 with a barrier level strike of 98.00 ($10,000,000 notional amount), Expires 07/24/15, Broker Goldman Sachs International(q)		734,854
	15,800,000	USD/JPY foreign exchange rate, One purchased call strike 108.00, One written call strike 114.00, One written put strike 108.00 with a barrier level strike of 102.00 ($10,000,000 notional amount), Expires 11/10/15, Broker JPMorgan Chase Bank N.A.(q)		78,135
	14,800,000	USD/JPY foreign exchange rate, One purchased call strike 108.00, One written call strike 115.00, One written put strike 108.00 with a barrier level strike of 103.00 ($10,000,000 notional amount), Expires 11/09/15, Broker Bank of America N.A.(q)		269,146
	43,250,000	USD/JPY foreign exchange rate, One purchased call strike 109.50, One written call strike 116.00, One written put strike 109.50 with a barrier level strike of 104.00 ($30,000,000 notional amount), Expires 10/05/15, Broker JPMorgan Chase Bank N.A.(q)		(126,848	)

Contracts/ Notional Amount ($)			Value
	62,000,000	USD/JPY foreign exchange rate, One purchased call strike 112.00, One written call strike 120.00, One written put strike 112.00 with a barrier level strike of 109.00 ($40,000,000 notional amount), Expires 11/02/15, Broker Goldman Sachs International(q)	$	13,883
	25,000,000	USD/MXN foreign exchange rate, One purchased call strike 13.20, One written put strike 15.25, Expires 10/16/15, Broker Bank of America N.A.		10,438
	15,000,000	USD/MXN foreign exchange rate, One purchased call strike 13.50, One written put strike 14.58, Expires 11/17/15, Broker Bank of America N.A.		33,037
	20,000,000	USD/MXN foreign exchange rate, One purchased put strike 13.60, One written call strike 14.5665, Expires 11/17/15, Broker Goldman Sachs International		125,868
	15,000,000	Vanguard FTSE Europe ETF, One purchased call strike 53.9039, One written call strike 63.6066, One written put strike 53.9039 with a barrier level strike of 37.7327, Expires 02/20/15, Broker Citibank N.A.		474,456
	5,000,000	Vanguard FTSE Europe ETF, One purchased call strike 53.963, One written call strike 62.5971, One written put strike 53.963 with a barrier level strike of 37.7741, Expires 12/19/14, Broker Citibank N.A.		115,752
	15,000,000	Vanguard FTSE Europe ETF, One purchased call strike 54.5083, One written call strike 62.6846, One written put strike 54.5083 with a barrier level strike of 39.246, Expires 12/19/14, Broker Citibank N.A.		261,215
	360,234	Vanguard FTSE Europe ETF, One purchased call strike 55.5194, One written call strike 63.8473, One written put strike 55.5194 with a barrier level strike of 38.864, Expires 01/16/15, Broker JPMorgan Chase Bank N.A.		219,893

Contracts/ Notional Amount ($)			Value
	178,432	Vanguard FTSE Europe ETF, One purchased call strike 56.0437, One written call strike 65.5711, One written put strike 56.0437 with a barrier level strike of 39.791, Expires 03/20/15, Broker Goldman Sachs International	$	92,024
	221,603	WisdomTree Japan Hedged Equity Fund, One purchased call strike 44.5042, One written call strike 51.7243, One written put strike 44.5042 with a barrier level strike of 27.978, Expires 11/21/14, Broker Goldman Sachs International		1,514,314
	218,293	WisdomTree Japan Hedged Equity Fund, One purchased call strike 45.1884, One written call strike 52.518, One written put strike 45.1884 with a barrier level strike of 32.067, Expires 12/19/14, Broker Goldman Sachs International		1,360,555
	763,255	WisdomTree Japan Hedged Equity Fund, One purchased call strike 46.5113, One written call strike 48.8369, One written put strike 46.5113 with a barrier level strike of 42.3253 (215,002 contracts), Expires 11/20/15, Broker Goldman Sachs International(r)		954,314
	106,193	WisdomTree Japan Hedged Equity Fund, One purchased call strike 46.464, One written call strike 53.5266, One written put strike 46.464 with a barrier level strike of 31.546, Expires 03/20/15, Broker JPMorgan Chase Bank N.A.		536,464
	210,128	WisdomTree Japan Hedged Equity Fund, One purchased call strike 46.97, One written call strike 55.06, One written put strike 46.97 with a barrier level strike of 32.36, Expires 01/16/15, Broker UBS AG		1,139,539

Contracts/ Notional Amount ($)			Value
	209,461	WisdomTree Japan Hedged Equity Fund, One purchased call strike 47.1216, One written call strike 54.7603, One written put strike 47.1216 with a barrier level strike of 32.942, Expires 02/20/15, Broker JPMorgan Chase Bank N.A.	$	1,072,020
	469,110	WisdomTree Japan Hedged Equity Fund, One purchased call strike 47.75, One written call strike 51.0925, One written put strike 47.75 with a barrier level strike of 42.975 (209,424 contracts), Expires 11/21/14, Broker JPMorgan Chase Bank N.A.(r)		1,812,926
	208,943	WisdomTree Japan Hedged Equity Fund, One purchased call strike 47.24, One written call strike 55.85, One written put strike 47.24 with a barrier level strike of 33.50, Expires 03/20/15, Broker UBS AG		1,073,274
	722,187	WisdomTree Japan Hedged Equity Fund, One purchased call strike 47.91, One written call strike 50.31, One written put strike 47.91 with a barrier level strike of 43.60 (208,725 contracts), Expires 11/20/15, Broker Credit Suisse International(r)		778,112
	398,935	WisdomTree Japan Hedged Equity Fund, One purchased call strike 47.9401, One written call strike 51.2959, One written put strike 47.9401 with a barrier level strike of 43.1461 (156,445 contracts), Expires 01/16/15, Broker Goldman Sachs International(r)		944,532
	507,172	WisdomTree Japan Hedged Equity Fund, One purchased call strike 48.80, One written call strike 51.24, One written put strike 48.80 with a barrier level strike of 44.41 (153,689 contracts), Expires 09/18/15, Broker Credit Suisse International(r)		536,798

Contracts/ Notional Amount ($)			Value
	204,583	WisdomTree Japan Hedged Equity Fund, One purchased call strike 48.26, One written call strike 55.10, One written put strike 48.26 with a barrier level strike of 35.19, Expires 02/20/15, Broker UBS AG	$	843,040
	1,098,142	WisdomTree Japan Hedged Equity Fund, One purchased call strike 49.0829, One written call strike 50.56, One written put strike 49.0829 with a barrier level strike of 44.67 (203,737 contracts), Expires 08/21/15, Broker Citibank N.A.(r)		681,522
	1,585,670	WisdomTree Japan Hedged Equity Fund, One purchased call strike 48.84, One written call strike 49.88, One written put strike 48.84 with a barrier level strike of 45.05 (201,996 contracts), Expires 08/21/15, Broker UBS AG(r)		213,043
	437,843	WisdomTree Japan Hedged Equity Fund, One purchased call strike 49.5612, One written call strike 53.5261, One written put strike 49.5612 with a barrier level strike of 44.6051 (201,771 contracts), Expires 07/17/15, Broker Goldman Sachs International(r)		696,736
	638,752	WisdomTree Japan Hedged Equity Fund, One purchased call strike 49.6672, One written call strike 51.6539, One written put strike 49.6672 with a barrier level strike of 45.6938 (151,005 contracts), Expires 11/20/15, Broker Goldman Sachs International(r)		410,097
	496,782	WisdomTree Japan Hedged Equity Fund, One purchased call strike 49.72, One written call strike 53.20, One written put strike 49.72 with a barrier level strike of 44.75 (201,126 contracts), Expires 08/21/15, Broker Credit Suisse International(r)		663,945

Contracts/ Notional Amount ($)			Value
	200,945	WisdomTree Japan Hedged Equity Fund, One purchased call strike 49.1433, One written call strike 57.6033, One written put strike 49.1433 with a barrier level strike of 34.8354, Expires 04/17/15, Broker Goldman Sachs International	$	757,301
	450,383	WisdomTree Japan Hedged Equity Fund, One purchased call strike 49.9575, One written call strike 52.955, One written put strike 49.9575 with a barrier level strike of 45.9609 (150,128 contracts), Expires 10/16/15, Broker Goldman Sachs International(r)		438,057
	605,342	WisdomTree Japan Hedged Equity Fund, One purchased call strike 50.47, One written call strike 53.50, One written put strike 50.47 with a barrier level strike of 46.43 (198,148 contracts), Expires 10/16/15, Broker Bank of America N.A.(r)		502,671
	198,137	WisdomTree Japan Hedged Equity Fund, One purchased call strike 49.85, One written call strike 62.47, One written put strike 49.85 with a barrier level strike of 37.85, Expires 11/21/14, Broker UBS AG		818,660
	655,278	WisdomTree Japan Hedged Equity Fund, One purchased call strike 52.1916, One written call strike 54.8012, One written put strike 52.1916 with a barrier level strike of 47.4944 (191,602 contracts), Expires 11/20/15, Broker Goldman Sachs International(r)		213,929
	142,857	WisdomTree Japan Hedged Equity Fund, One purchased call strike 52.50, One written call strike 54.08, One written put strike 52.50 with a barrier level strike of 47.78 (1,140 contracts), Expires 11/20/15, Broker BNP Paribas SA(r)		146,070

Contracts/ Notional Amount ($)			Value
	631,442	WisdomTree Japan Hedged Equity Fund, One purchased call strike 52.5781, One written call strike 55.207, One written put strike 52.5781 with a barrier level strike of 47.8461 (190,193 contracts), Expires 11/20/15, Broker Citibank N.A.(r)	$	76,557
Total Structured Options (Premiums received $(9,046,782))			$	114,240,421

FUTURES CONTRACTS: SHORT POSITION

Contracts			Unrealized Appreciation/ (Depreciation)
	72	Meff Renta Variable IBEX 35 Index Futures, November 2014	$	(802,857	)
	40	Eurex DAX Index Futures, December 2014		(340,992	)
	1,308	Eurex Euro STOXX 50 Index Futures, December 2014		(4,399,036	)
	1,600	Eurex Euro STOXX Banks Index Futures, December 2014		1,052,434
		Net unrealized depreciation	$	(4,490,451	)

FUTURES CONTRACTS: LONG POSITION

Contracts			Unrealized Appreciation
	110	Chicago Mercantile Exchange S&P 500 Index Futures, December 2014	$	2,803,062

Cash collateral of $9,981,151 for the open futures contracts is reflected in segregated cash for futures contracts in the Statements of Assets and Liabilities.

	Unrealized Appreciation (Depreciation)
SWAP AGREEMENTS (PURCHASED)
Conditional Variance Swap with BNP Paribas SA receiving variance of a basket of the Nikkei 225 Index over the volatility strike price of 0.19 with a knockout level of 130% of initial index level and the S&P 500 Index over the volatility strike price of 0.212 and paying variance of a basket of the Nikkei 225 Index under the volatility strike price of 0.19 with a knockout level of 130% of initial index level and the S&P 500 Index under the volatility strike price of 0.212, expiring 12/21/18 (Underlying vega amount $300,000)	$	287,741
Conditional Variance Swap with BNP Paribas SA receiving variance of a basket of the Nikkei 225 Index over the volatility strike price of 0.1975 with a knockout level of 120% of initial index level and the S&P 500 Index over the volatility strike price of 0.195 and paying variance of a basket of the Nikkei 225 Index under the volatility strike price of 0.1975 with a knockout level of 120% of initial index level and the S&P 500 Index under the volatility strike price of 0.195, expiring 12/21/18 (Underlying vega amount $250,000)		78,411
Conditional Variance Swap with BNP Paribas SA receiving variance of a basket of the Nikkei 225 Index over the volatility strike price of 0.199 with a knockout level of 120% of initial index level and the S&P 500 Index over the volatility strike price of 0.20 and paying variance of a basket of the Nikkei 225 Index under the volatility strike price of 0.199 with a knockout level of 120% of initial index level and the S&P 500 Index under the volatility strike price of 0.20, expiring 12/21/18 (Underlying vega amount $400,000)		(63,170	)

	Unrealized Appreciation (Depreciation)
Conditional Variance Swap with BNP Paribas SA receiving variance of a basket of the Nikkei 225 Index over the volatility strike price of 0.20 with a knockout level of 120% of initial index level and the S&P 500 Index over the volatility strike price of 0.20 and paying variance of a basket of the Nikkei 225 Index under the volatility strike price of 0.20 with a knockout level of 120% of initial index level and the S&P 500 Index under the volatility strike price of 0.20, expiring 12/21/18 (Underlying vega amount $300,000)	$	(52,869	)
Conditional Variance Swap with BNP Paribas SA receiving variance of a basket of the Nikkei 225 Index over the volatility strike price of 0.20 with a knockout level of 120% of initial index level and the S&P 500 Index over the volatility strike price of 0.21 and paying variance of a basket of the Nikkei 225 Index under the volatility strike price of 0.20 with a knockout level of 120% of initial index level and the S&P 500 Index under the volatility strike price of 0.21, expiring 12/21/18 (Underlying vega amount $250,000)		196,005
Conditional Variance Swap with BNP Paribas SA receiving variance of a basket of the Nikkei 225 Index over the volatility strike price of 0.2105 with a knockout level of 120% of initial index level and the S&P 500 Index over the volatility strike price of 0.225 and paying variance of a basket of the Nikkei 225 Index under the volatility strike price of 0.2105 with a knockout level of 120% of initial index level and the S&P 500 Index under the volatility strike price of 0.225, expiring 12/21/18 (Underlying vega amount $250,000)		248,365

	Unrealized Appreciation (Depreciation)
Conditional Variance Swap with BNP Paribas SA receiving variance of a basket of the Nikkei 225 Index over the volatility strike price of 21.20 with a knockout level of 130% of initial index level and the S&P 500 Index over the volatility strike price of 23.50 and paying variance of a basket of the Nikkei 225 Index under the volatility strike price of 21.20 with a knockout level of 130% of initial index level and the S&P 500 Index under the volatility strike price of 23.50, expiring 12/21/18 (Underlying vega amount $200,000)	$	127,756
Conditional Variance Swap with BNP Paribas SA receiving variance of a basket of the Nikkei 225 Index over the volatility strike price of 21.75 with a knockout level of 120% of initial index level and the S&P 500 Index over the volatility strike price of 24.75 and paying variance of a basket of the Nikkei 225 Index under the volatility strike price of 21.75 with a knockout level of 120% of initial index level and the S&P 500 Index under the volatility strike price of 24.75, expiring 12/09/16 (Underlying vega amount $200,000)		350,420
Index Forward Swap with JPMorgan Chase Bank N.A. receiving variance of the Portugal PSI 20 Index over the strike level of $5,796.547311 and paying variance of the Portugal PSI 20 Index under the strike level of 5,796.547311, expiring 12/19/14 (Underlying notional amount Euro 29,000,126)		(3,601,332	)
Variance swap with Goldman Sachs International receiving an amount if EUR/USD foreign exchange rate is over 1.25 and paying an amount if EUR/USD foreign exchange rate is under 1.25, expiring 08/24/15 (Underlying vega amount $17,500)		22,388
Variance swap with UBS AG receiving variance of the S&P 500 Index over the target volatility of 28.60 and paying variance of the S&P 500 Index under the target volatility of 28.60, expiring 12/18/15 (Underlying vega amount $500,000)		(5,248,277	)

	Unrealized Appreciation (Depreciation)
Volatility swap with Goldman Sachs International receiving an amount if the volatility of EUR/USD foreign exchange rate is over 5.60% and paying an amount if the volatility of EUR/USD foreign exchange rate is under 5.60%, expiring 01/05/15 (Underlying vega amount $250,000)	$	192,575
Volatility swap with Goldman Sachs International receiving an amount if the volatility of EUR/USD foreign exchange rate is over 6.40% and paying an amount if the volatility of EUR/USD foreign exchange rate is under 6.40%, expiring 07/07/15 (Underlying vega amount $250,000)		204,883
Volatility swap with JPMorgan Chase Bank N.A. receiving an amount if the volatility of CAD/JPY foreign exchange rate is over 7.325% and paying an amount if the volatility of CAD/JPY foreign exchange rate is under 7.325%, expiring 12/29/14 (Underlying vega amount CAD 250,000)		12,270
Volatility swap with JPMorgan Chase Bank N.A. receiving an amount if the volatility of CAD/JPY foreign exchange rate is over 8.00% and paying an amount if the volatility of CAD/JPY foreign exchange rate is under 8.00%, expiring 11/28/14 (Underlying vega amount CAD 250,000)		(267,973	)
Volatility swap with JPMorgan Chase Bank N.A. receiving an amount if the volatility of CAD/JPY foreign exchange rate is over 8.25% and paying an amount if the volatility of CAD/JPY foreign exchange rate is under 8.25%, expiring 11/28/14 (Underlying vega amount CAD 250,000)		(340,177	)
Volatility swap with JPMorgan Chase Bank N.A. receiving an amount if the volatility of EUR/USD foreign exchange rate is over 5.55% and paying an amount if the volatility of EUR/USD foreign exchange rate is under 5.55%, expiring 01/05/15 (Underlying vega amount $250,000)		152,416

	Unrealized Appreciation (Depreciation)
Volatility swap with JPMorgan Chase Bank N.A. receiving an amount if the volatility of EUR/USD foreign exchange rate is over 6.70% and paying an amount if the volatility of EUR/USD foreign exchange rate is under 6.70%, expiring 11/18/14 (Underlying vega amount $250,000)	$	(321,511	)
Volatility swap with JPMorgan Chase Bank N.A. receiving an amount if the volatility of EUR/USD foreign exchange rate is over 7.05% and paying an amount if the volatility of EUR/USD foreign exchange rate is under 7.05%, expiring 05/01/15 (Underlying vega amount $250,000)		(190,026	)
Volatility swap with JPMorgan Chase Bank N.A. receiving an amount if the volatility of EUR/USD foreign exchange rate is over 7.40% and paying an amount if the volatility of EUR/USD foreign exchange rate is under 7.40%, expiring 04/08/15 (Underlying vega amount $500,000)		(663,356	)
Volatility swap with JPMorgan Chase Bank N.A. receiving an amount if the volatility of GBP/USD foreign exchange rate is over 6.90% and paying an amount if the volatility of GBP/USD foreign exchange rate is under 6.90%, expiring 06/01/15 (Underlying vega amount $250,000)		(193,150	)
	$	(9,068,611	)

	Unrealized Appreciation/ (Depreciation)
SWAP AGREEMENTS (WRITTEN)
Dividend swap with BNP Paribas SA receiving a payment if the dividends on the stocks in the STOXX50E Index are over the target value of 139 Euro and paying a payment if the dividends on the stocks in the STOXX50E Index are under the target value of 139 Euro, expiring 12/18/15 (Underlying notional amount Euro 100,000)(c)	$	(3,810,486	)

	Unrealized Appreciation/ (Depreciation)
Interest rate swap with JPMorgan Chase Bank N.A. receiving a fixed rate of 3.018% and paying a floating rate based on 3-month LIBOR, expiring 08/22/23 (Underlying notional amount $15,940,000)	$	(943,269	)
Interest rate swap with JPMorgan Chase Bank N.A. receiving a fixed rate of 3.848% and paying a floating rate based on 3-month LIBOR, expiring 08/22/43 (Underlying notional amount $9,110,000)		(1,669,381	)
Variance swap with Bank of America N.A. paying variance of the FTSE 100 Index over the target volatility of 14.50% and receiving variance of the FTSE 100 Index under the target volatility of 14.50%, expiring 12/19/14 (Underlying vega amount GBP 60)		(157,733	)
Variance swap with Goldman Sachs International paying variance of GBP/EUR foreign exchange rate over 47.61 and receiving variance of GBP/EUR foreign exchange rate under 47.61, expiring 08/24/15 (Underlying vega amount $17,500)		41,498
Variance swap with JPMorgan Chase Bank N.A. paying variance of the FTSE 100 Index over the target volatility of 16.88 and receiving variance of the FTSE 100 Index under the target volatility of 16.88, expiring 12/19/14 (Underlying vega amount GBP 62,000)		146,253
Variance swap with JPMorgan Chase Bank N.A. paying variance of the S&P 500 Index over the target volatility of 33.05 and receiving variance of the S&P 500 Index under the target volatility of 33.05, expiring 12/18/15 (Underlying vega amount $500,000)		6,224,420
Variance swap with JPMorgan Chase Bank N.A. paying variance of the S&P 500 Index over the target volatility of 33.05 and receiving variance of the S&P 500 Index under the target volatility of 33.05, expiring 12/20/19 (Underlying vega amount $500,000)		4,738,519
	$	4,569,821

At October 31, 2014, the Strategic Oportunities Fund held investments in restricted securities with a fair value of $3,600,000 or 0.06% of net assets, as follows:

Acquisition Cost				Issuer		Acquisition Date		10/31/14 Carrying Value Per Unit
$	12,125,000			ShengdaTech, Inc., Cnv.(b)(c)(d)(e)(i)		01/19/11			$30.00

(a)	Cost for federal income tax purposes is $5,361,094,413 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	224,653,471
Unrealized depreciation		(94,978,384	)
Net unrealized appreciation	$	129,675,087

(b)	Non-income producing security.

(c)

This security is considered either fully or partially illiquid. These securities, or portions thereof have a value of $93,200,537 or 1.66% of net assets. Included in this amount are securities which are also exempt from registration under Rule 144A of the Securities Act of 1933, as amended (see (i) below) that amount to $47,890,376 or 0.86% of net assets.

(d)	Fair valued security under procedures established by the Fund’s Board of Directors. The aggregate value of fair valued securities is $6,442,059, which is 0.12% of net assets.

(e)	Issuer filed for bankruptcy and/or is in default of interest payments.

(f)	Security offered and sold outside of the United States, and thus is exempt from registration under Regulation S of the Securities Act of 1933. These securities have been deemed liquid under guidelines approved by the Fund’s Board of Directors.

(g)	Principal amount denoted in Singapore Dollars.

(h)	Zero coupon bond. The rate represents the yield at time of purchase.

(i)

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The aggregate value is $355,405,149, which is 6.35% of net assets. These securities have been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors except those also included in footnote (c) above.

(j)	Principal amount denoted in Euros.

(k)	Investment in non-U.S. Dollars. Principal amount reflects local currency.

(l)	Variable rate security. Rate shown is the rate as of October 31, 2014.

(m)	Principal amount denoted in British Pounds.

(n)	Payment-in-kind (“PIK”) security. Income may be paid in additional securities or cash at the discretion of the issuer.
(o)	The rate represents the annualized yield at time of purchase.
(p)	Rate shown represents current yield at October 31, 2014.

(q)	Notional Amount is shown parenthetically for any leg of Structured Option which has a different notional amount than the amount shown under Notional Amount column
(r)	Number of contracts are shown parenthetically for any leg of Structured Option which has a different number of contracts than the amount shown under contracts column.

CAD — Canadian Dollar

CLO — Collateralized Loan Obligation

Cnv. — Convertible

ETF — Exchange Traded Fund

EUR — Euro

GBP — United Kingdom Pound

JPY — Japanese Yen

LIBOR — London Interbank Offered Rate

MXN — Mexican Peso

REIT — Real Estate Investment Trust

SDR — Swedish Depository Receipt

STEP — Step Coupon Bond

Portfolio diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Asset-Backed Securities		4.4	%
Banks		1.1	%
Collateralized Mortgage Obligations		12.4	%
Commercial Mortgage-Backed Securities		0.6	%
Consumer Discretionary		2.3	%
Consumer Staples		3.1	%
Diversified Financials		1.4	%
Energy		2.3	%
Government Bonds		4.9	%
Health Care		3.6	%
Industrials		3.2	%
Information Technology		2.8	%
Insurance		1.4	%
Materials		1.6	%
Real Estate		1.2	%
Telecommunication Services		1.4	%
U.S. Government Agencies and Securities		39.2	%
Utilities		1.1	%
Other*		12.0	%
		100.0	%

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

Shares			Value
COMMON STOCKS — 28.7%
UNITED KINGDOM — 1.3%
Energy — 1.3%
	2,000,000	Tullow Oil Plc	$	15,542,617
UNITED STATES — 27.4%
Consumer Discretionary — 1.4%
	1,200,000	TRI Pointe Homes, Inc.(b)		16,428,000
Consumer Staples — 4.1%
	765,000	Archer-Daniels-Midland Co.		35,955,000
	180,000	Kellogg Co.		11,512,800
				47,467,800
Energy — 14.2%
	300,000	Chevron Corp.		35,985,000
	300,000	Continental Resources, Inc.(b)		16,911,000
	392,000	Exxon Mobil Corp.		37,910,320
	670,000	Laredo Petroleum, Inc.(b)		12,703,200
	1,200,000	Peabody Energy Corp.		12,516,000
	375,000	Range Resources Corp.		25,650,000
	730,000	Sanchez Energy Corp.(b)		12,461,100
	200,000	Targa Resources Partners LP		12,216,000
				166,352,620
Industrials — 1.9%
	460,000	Jacobs Engineering Group, Inc.(b)		21,827,000
Materials — 2.7%
	275,000	Monsanto Co.		31,636,000
Real Estate — 3.1%
	450,000	St Joe Co. (The)(b)		8,617,500
	810,000	Weyerhaeuser Co., REIT		27,426,600
				36,044,100
				319,755,520
Total Common Stocks (Cost $386,951,318)				335,298,137
EXCHANGE TRADED FUNDS — 3.3%
UNITED STATES — 3.3%
	1,620,000	iShares U.S. Home Construction ETF		38,993,400
Total Exchange Traded Funds (Cost $37,704,062)				38,993,400

Number of Coins
COLLECTIBLE COINS — 2.1%
UNITED STATES — 2.1%
	13	Various Collectible Coins and Sets of Coins(c)		25,081,918
Total Collectible Coins (Cost $24,913,897)				25,081,918

Fine Troy Ounces			Value
COMMODITIES — 3.0%
UNITED STATES — 3.0%
	29,985	Gold Bullion	$	35,187,128
Total Commodities (Cost $27,728,889)				35,187,128

Contracts
CALL OPTIONS PURCHASED — 0.2%
Commodities — 0.2%
	150	Chicago Mercantile Exchange Lean Hogs Futures, Strike $100.00, Expiring 12/12/14		10,499
	1,500	Commodity Exchange Silver Futures, Strike $18.00, Expiring 11/24/14		322,500
	300	Commodity Exchange Silver Futures, Strike $22.00, Expiring 11/24/14		2,999
	300	Intercontinental Exchange Coffee C Futures, Strike $200.00, Expiring 11/12/14		210,375
	600	Intercontinental Exchange Coffee C Futures, Strike $250.00, Expiring 02/11/15		963,000
	300	Intercontinental Exchange Coffee C Futures, Strike $300.00, Expiring 02/11/15		140,625
	300	London Metal Exchange Nickel Futures, Strike $25,000.00, Expiring 06/03/15		142,074
	500	London Metal Exchange Nickel Futures, Strike $40,000.00, Expiring 12/02/15		34,199
Total Call Options Purchased (Cost $10,190,113)				1,826,271

Contracts			Value
PUT OPTIONS PURCHASED — 0.7%
Commodities — 0.7%
	700	Chicago Mercantile Exchange Live Cattle Futures, Strike $166.00, Expiring 02/03/15		1,302,000
	250	London Metal Exchange Copper Futures, Strike $6,700.00, Expiring 06/03/15		2,319,688
	250	London Metal Exchange Copper Futures, Strike $6,750.00, Expiring 06/03/15		2,478,188
	300	London Metal Exchange Nickel Futures, Strike $15,000.00, Expiring 12/03/14		399,024
	500	London Metal Exchange Zinc Futures, Strike $2,000.00, Expiring 12/03/14		5,625

Contracts			Value
Commodities (continued)
	1,000	London Metal Exchange Zinc Futures, Strike $2,100.00, Expiring 12/03/14	$	90,750
	1,500	New York Mercantile Exchange Henry Hub Natural Gas Futures, Strike $3.50, Expiring 12/26/14		1,051,500
Total Put Options Purchased (Cost $9,053,388)				7,646,775

Principal Amount			Value
ASSET-BACKED SECURITIES — 2.9%
UNITED STATES — 2.9%
$	35,000,000	GCO Education Loan Funding Trust, Series 2003-2, Class A5AR, 1.97%, 09/01/40(d)		34,300,000
Total Asset-Backed Securities (Cost $34,178,059)				34,300,000
U.S. GOVERNMENT AGENCIES — 52.2%
Federal Home Loan Bank — 52.2%
	65,000,000	0.01%, 11/04/14(e)		64,999,946
	2,700,000	0.01%, 11/04/14(e)		2,699,999
	3,100,000	0.01%, 11/05/14(e)		3,099,995
	2,410,000	0.03%, 11/05/14(e)		2,409,992
	30,500,000	0.05%, 11/05/14(e)		30,499,831
	10,000,000	0.01%, 11/06/14(e)		9,999,958
	8,000,000	0.01%, 11/06/14(e)		7,999,989
	20,820,000	0.06%, 11/07/14(e)		20,819,792
	19,000,000	0.01%, 11/10/14(e)		18,999,953
	17,000,000	0.02%, 11/12/14(e)		16,999,896
	10,000,000	0.02%, 11/12/14(e)		9,999,847
	14,155,000	0.05%, 11/12/14(e)		14,154,783
	365,000	0.07%, 11/12/14(e)		364,993
	24,500,000	0.01%, 11/13/14(e)		24,499,907
	5,000,000	0.01%, 11/14/14(e)		4,999,982
	1,100,000	0.02%, 11/14/14(e)		1,099,994
	1,800,000	0.02%, 11/14/14(e)		1,799,990
	42,000,000	0.03%, 11/14/14(e)		41,999,545
	8,150,000	0.05%, 11/14/14(e)		8,149,853
	5,000,000	0.06%, 11/14/14(e)		4,999,892
	2,900,000	0.02%, 11/17/14(e)		2,899,987
	7,000,000	0.02%, 11/17/14(e)		6,999,953
	35,000,000	0.06%, 11/17/14(e)		34,999,067
	12,300,000	0.04%, 11/19/14(e)		12,299,900
	3,000,000	0.04%, 11/19/14(e)		2,999,940
	800,000	0.02%, 11/21/14(e)		799,991
	1,370,000	0.06%, 11/21/14(e)		1,369,955
	250,000	0.07%, 11/21/14(e)		249,991
	90,800,000	0.03%, 11/25/14(e)		90,799,092
	22,000,000	0.02%, 12/01/14(e)		21,999,725
	1,100,000	0.05%, 12/05/14(e)		1,099,948
	22,000,000	0.01%, 12/09/14(e)		21,999,536
	8,000,000	0.01%, 12/09/14(e)		7,999,916
	12,300,000	0.03%, 12/18/14(e)		12,299,599

Principal Amount				Value
Federal Home Loan Bank (continued)
	24,000,000		0.04%, 01/05/15(e)	$	23,998,752
	53,000,000		0.04%, 01/06/15(e)		52,997,191
	240,000		0.05%, 01/07/15(e)		239,987
	11,000,000		0.03%, 01/08/15(e)		10,999,395
	12,000,000		0.04%, 01/12/15(e)		11,999,304
Total U.S. Government Agencies (Cost $609,647,614)					609,649,366
U.S. GOVERNMENT SECURITIES — 3.6%
U.S. Treasury Bills — 3.6%
	12,330,000		0.02%, 11/06/14(e)		12,329,966
	29,180,000		0.02%, 11/13/14(e)		29,179,805
Total U.S. Government Securities (Cost $41,509,771)					41,509,771

Shares
CASH SWEEP — 0.4%
	4,900,980		Citibank - US Dollars on Deposit in Custody Account, 0.02%(f)		4,900,980
Total Cash Sweep (Cost $4,900,980)					4,900,980
TOTAL INVESTMENTS — 97.1% (Cost $1,186,778,091)(a)					1,134,393,746
OTHER ASSETS IN EXCESS OF LIABILITIES — 2.9%					33,704,118
NET ASSETS — 100.0%				$	1,168,097,864
PUT OPTIONS WRITTEN — (0.1)%
Commodities — (0.1)%
	(700	)	Chicago Mercantile Exchange Live Cattle Futures, Strike $ 162.00, Expiring 02/03/15		(847,000	)
Total Put Options Written (Premiums received $(823,200))				$	(847,000	)

FUTURES CONTRACTS: SHORT POSITIONS

Contracts				Unrealized Appreciation/ (Depreciation)
	350		London Metal Exchange Nickel, December 2014	$	7,346,253
	500		Intercontinental Exchange Brent Crude Oil, December 2015		(1,276,000	)
	250		Intercontinental Exchange Brent Crude Oil, December 2017		(1,375,000	)
			Net unrealized appreciation	$	4,695,253

FUTURES CONTRACTS: LONG POSITIONS

Contracts			Unrealized Appreciation/ (Depreciation)
	650	COMEX Gold, December 2014	$	(5,342,659	)
	1,000	Intercontinental Exchange Brent Crude Oil, December 2014		(867,500	)
	822	Intercontinental Exchange Cotton No. 2, December 2014		(7,339,249	)
	500	London Metal Exchange Nickel, December 2014		(2,649,000	)
	40	Intercontinental Exchange Rotterdam Coal, January 2015		(412,750	)
	650	London Metal Exchange Nickel, January 2015		1,988,244
	500	London Metal Exchange Zinc, January 2015		740,250
	480	New York Mercantile Exchange Natural Gas, January 2015		667,200
	50	New York Mercantile Exchange Platinum, January 2015		(218,133	)
	94	Chicago Mercantile Exchange Lean Hogs, February 2015		(174,360	)
	375	Chicago Mercantile Exchange Live Cattle, February 2015		1,512,495
	40	Intercontinental Exchange Rotterdam Coal, February 2015		(428,750	)
	1,250	Intercontinental Exchange Brent Crude Oil, March 2015		(445,000	)
	40	Intercontinental Exchange Rotterdam Coal, March 2015		(428,750	)
	40	Intercontinental Exchange Rotterdam Coal, April 2015		(436,750	)
	40	Intercontinental Exchange Rotterdam Coal, May 2015		(436,750	)
	200	Intercontinental Exchange Brent Crude Oil, June 2015		(192,000	)
	40	Intercontinental Exchange Rotterdam Coal, June 2015		(436,750	)
	500	London Metal Exchange Copper, June 2015		(793,562	)
	40	Intercontinental Exchange Rotterdam Coal, July 2015		(396,750	)
	300	New York Mercantile Exchange Gasoline, July 2015		(6,511,050	)
	40	Intercontinental Exchange Rotterdam Coal, August 2015		(396,750	)
	300	New York Mercantile Exchange Gasoline, August 2015		(6,326,460	)
	40	Intercontinental Exchange Rotterdam Coal, September 2015		(396,750	)
	40	Intercontinental Exchange Rotterdam Coal, October 2015		(354,750	)
	40	Intercontinental Exchange Rotterdam Coal, November 2015		(354,750	)
	400	Intercontinental Exchange Brent Crude Oil, December 2015		(3,959,528	)

FUTURES CONTRACTS: LONG POSITIONS (Continued)

Contracts			Unrealized Appreciation/ (Depreciation)
	40	Intercontinental Exchange Rotterdam Coal, December 2015	$	(354,750	)
	100	New York Mercantile Exchange West Texas Intermediate Brent Crude Oil, December 2015		114,000
	300	Intercontinental Exchange Brent Crude Oil, December 2016		(3,596,130	)
	528	Intercontinental Exchange Brent Crude Oil, December 2017		(3,046,870	)
		Net unrealized depreciation	$	(41,274,312	)

Cash collateral of $10,292,424 for the open futures contracts is reflected in segregated cash for futures contracts in the Statements of Assets and Liabilities.

	Unrealized Appreciation/ (Depreciation)
SWAP AGREEMENTS (PURCHASED)
Commodity Index Swap Agreement with Cargill, Inc. based on an Energy basket of the Energy (ex Natural Gas) Metals Relative Value Index (EMRVI) paying an amount if the final index value of the basket is under the initial index value and receiving an amount if the final index value of the basket is over the initial index value on the termination date, expiring 08/27/15 (Underlying notional amount $24,420,501)	$	(3,277,523	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Chicago Mercantile Exchange (“CME”) Lean Hogs Index, paying a fixed amount per pound and receiving the closing settlement price of CME December 2014 Lean Hogs Futures contracts on the termination date, expiring 12/09/14 (Underlying notional amount $21,949,979)		(859,189	)

	Unrealized Appreciation/ (Depreciation)
Commodity Index Swap Agreement with Cargill, Inc. based on the Chicago Mercantile Exchange (“CME”) Lean Hogs Index, paying a fixed amount per pound and receiving the closing settlement price of CME February 2015 Lean Hogs Futures contracts on the termination date, expiring 02/10/15 (Underlying notional amount $23,420,672)	$	(668,552	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Chicago Mercantile Exchange (“CME”) Live Cattle Index, paying a fixed amount per pound and receiving the closing settlement price of CME February 2015 Live Cattle Futures contracts on the termination date, expiring 02/04/15 (Underlying notional amount $16,263,516)		1,077,325
Commodity Index Swap Agreement with Cargill, Inc. based on the Intercontinental Exchange, Inc. (“ICE”) Cotton Index, paying a fixed amount per pound and receiving the closing settlement price of ICE December 2014 Cotton Futures contracts on the termination date, expiring 11/18/14 (Underlying notional amount $11,616,735)		(1,949,235	)
	$	(5,677,174	)

	Unrealized Appreciation
SWAP AGREEMENTS (WRITTEN)
Commodity Index Swap Agreement with Cargill, Inc. based on a Metals basket of the Energy (ex Natural Gas) Metals Relative Value Index (EMRVI) paying an amount if the final index value of the basket is under the initial index value and receiving an amount if the final index value of the basket is over the initial index value on the termination date, expiring 08/27/15 (Underlying notional amount $24,878,403)	$	1,741,990

(a)	Cost for federal income tax purposes is $1,530,375,032 and net unrealized depreciation of investments is as follows:

Unrealized appreciation	$	10,906,714
Unrealized depreciation		(396,955,313	)
Net unrealized depreciation	$	(386,048,599	)

(b)	Non-income producing security.
(c)	This security is considered either fully or partially illiquid.
	These securities, or portions thereof have a value of $25,081,918 or 2.15% of net assets.
(d)	Variable rate security. Rate shown is the rate as of October 31, 2014.
(e)	The rate represents the annualized yield at time of purchase.
(f)	Rate shown represents current yield at October 31, 2014.

REIT — Real Estate Investment Trust

Principal Amount			Value
CORPORATE BONDS — 48.0%
Banks — 12.8%
$	1,000,000	Australia & New Zealand Banking Group Ltd., 0.90%, 02/12/16	$	1,004,480
	3,800,000	Bank of America NA, 1.25%, 02/14/17		3,804,792
	3,000,000	Bank of Montreal, 2.63%, 01/25/16(b)		3,072,243
	3,000,000	Bank of Tokyo-Mitsubishi UFJ Ltd. (The), 1.55%, 09/09/16(b)		3,025,653
	1,000,000	Canadian Imperial Bank of Commerce Canada, 2.60%, 07/02/15(b)		1,014,606
	10,500,000	Citigroup, Inc., 1.35%, 03/10/17		10,499,685
	5,000,000	Commonwealth Bank of Australia, 3.25%, 03/17/16(b)		5,175,865
	2,000,000	Commonwealth Bank of Australia, 2.25%, 03/16/17(b)		2,052,294
	2,340,000	Credit Suisse New York MTN, 3.50%, 03/23/15		2,367,521
	1,175,000	Deutsche Bank AG, 3.45%, 03/30/15		1,188,709
	1,350,000	Deutsche Bank AG, 3.25%, 01/11/16		1,389,267
	12,295,000	JPMorgan Chase & Co. MTN, 1.36%, 09/22/15(c)		12,387,335
	6,125,000	KFW, 1.25%, 02/15/17		6,192,240
	1,000,000	Mizuho Bank Ltd., 1.30%, 04/16/17(b)		995,843
	300,000	Royal Bank of Canada MTN, 1.15%, 03/13/15		300,958
	3,000,000	Standard Chartered Plc, 5.50%, 11/18/14(b)		3,006,422
	3,900,000	Toronto-Dominion Bank (The) - MTN, 0.78%, 04/30/18(c)		3,921,945
	10,500,000	Wells Fargo & Co., 1.25%, 07/20/16		10,571,001
				71,970,859
Consumer Discretionary — 1.4%
	2,000,000	Cargill, Inc., 1.90%, 03/01/17(b)		2,028,572
	2,000,000	Hyundai Capital America, 1.45%, 02/06/17(b)		2,001,558
	3,000,000	Walt Disney Co. (The), 0.88%, 05/30/17		2,985,705

Principal Amount			Value
Consumer Discretionary (continued)
$	1,000,000	Whirlpool Corp., 1.65%, 11/01/17	$	1,000,191
				8,016,026
Consumer Staples — 3.4%
	11,900,000	Anheuser-Busch Inbev Worldwide Inc, 1.38%, 07/15/17		11,927,132
	4,000,000	Coca-Cola Co. (The), 1.80%, 09/01/16		4,082,796
	3,000,000	CVS Health Corp., 1.20%, 12/05/16		3,005,214
				19,015,142
Diversified Financials — 11.3%
	3,520,000	American Express Credit Corp. MTN, 2.38%, 03/24/17		3,609,148
	1,000,000	American Honda Finance Corp., 2.50%, 09/21/15(b)		1,018,172
	1,000,000	American Honda Finance Corp., 2.13%, 02/28/17(b)		1,023,142
	5,000,000	Caterpillar Financial Services Corp. MTN, 0.47%, 02/26/16(c)		5,009,320
	3,000,000	Daimler Finance North America LLC, 2.63%, 09/15/16(b)		3,086,262
	1,000,000	Daimler Finance North America LLC, 1.38%, 08/01/17(b)		997,895
	1,500,000	Ford Motor Credit Co. LLC, 4.21%, 04/15/16		1,565,376
	10,800,000	Ford Motor Credit Co. LLC, 3.00%, 06/12/17		11,135,383
	9,325,000	General Electric Capital Corp, 2.90%, 01/09/17		9,709,059
	950,000	General Electric Capital Corp. MTN, 3.50%, 06/29/15		969,659
	1,400,000	General Electric Capital Corp. MTN, 2.30%, 04/27/17		1,437,538
	3,000,000	Goldman Sachs Group, Inc. (The), 3.30%, 05/03/15		3,040,152
	3,000,000	Goldman Sachs Group, Inc. (The), 3.63%, 02/07/16		3,096,069
	12,000,000	Morgan Stanley, 1.75%, 02/25/16		12,107,748
	1,000,000	Synchrony Financial, 1.88%, 08/15/17		1,003,443
	3,000,000	Toyota Motor Credit Corp., 0.52%, 05/17/16(c)		3,006,909

Principal Amount			Value
Diversified Financials (continued)
$	1,775,000	Toyota Motor Credit Corp. MTN, 1.13%, 05/16/17	$	1,772,419
				63,587,694
Energy — 1.2%
	3,000,000	Cameron International Corp., 1.15%, 12/15/16		3,005,286
	1,700,000	Occidental Petroleum Corp, 1.75%, 02/15/17		1,721,379
	1,000,000	Schlumberger Investment SA, 1.25%, 08/01/17(b)		998,025
	1,000,000	Schlumberger Norge AS, 1.95%, 09/14/16(b)		1,021,816
				6,746,506
Health Care — 3.1%
	820,000	Celgene Corp., 2.45%, 10/15/15		833,598
	3,000,000	Express Scripts Holding Co., 1.25%, 06/02/17		2,980,857
	3,035,000	Johnson & Johnson, 2.15%, 05/15/16		3,108,529
	500,000	Medco Health Solutions, Inc., 2.75%, 09/15/15		508,567
	4,000,000	Merck & Co., Inc., 0.59%, 05/18/18(c)		4,015,480
	5,000,000	Takeda Pharmaceutical Co. Ltd., 1.63%, 03/17/17(b)		5,034,990
	1,000,000	UnitedHealth Group, Inc., 1.40%, 10/15/17		1,005,378
				17,487,399
Industrials — 0.9%
	3,500,000	3M Co. MTN, 1.00%, 06/26/17		3,494,222
	1,000,000	Amphenol Corp., 1.55%, 09/15/17		1,000,873
	312,198	Federal Express Corp. 2012 Pass Through Trust, 2.63%, 01/15/18(b)		316,643
	188,000	Tyco International Finance SA, 3.38%, 10/15/15		192,985
				5,004,723
Information Technology — 5.3%
	10,000,000	Apple, Inc., 0.49%, 05/03/18(c)		10,013,860
	5,000,000	Cisco Systems, Inc., 1.10%, 03/03/17		5,009,010
	2,150,000	Fiserv, Inc., 3.13%, 06/15/16		2,220,888
	10,500,000	Hewlett-Packard Co., 2.35%, 03/15/15		10,563,074

Principal Amount			Value
Information Technology (continued)
$	1,900,000	National Semiconductor Corp., 6.60%, 06/15/17	$	2,160,120
				29,966,952
Insurance — 1.6%
	3,990,000	Berkshire Hathaway Finance Corp., 2.45%, 12/15/15		4,076,978
	5,000,000	New York Life Global Funding, 1.65%, 05/15/17(b)		5,040,455
				9,117,433
Materials — 1.6%
	1,005,000	Airgas, Inc., 2.95%, 06/15/16		1,035,686
	8,000,000	Rio Tinto Finance USA Plc, 2.00%, 03/22/17		8,112,240
				9,147,926
Telecommunication Services — 3.8%
	4,000,000	America Movil Sab de CV, 2.38%, 09/08/16		4,095,160
	12,000,000	NBC Universal Media LLC, 2.88%, 04/01/16		12,368,604
	5,000,000	Verizon Communications, Inc., 1.35%, 06/09/17		4,990,660
				21,454,424
Utilities — 1.6%
	5,000,000	Consolidated Edison Co. of New York, Inc., 5.38%, 12/15/15		5,271,720
	1,000,000	Duke Energy Corp., 1.63%, 08/15/17		1,006,008
	2,485,000	NextEra Energy Capital Holdings, Inc., 2.60%, 09/01/15		2,523,726
				8,801,454
Total Corporate Bonds (Cost $268,673,019)				270,316,538
ASSET-BACKED SECURITIES — 6.4%
CAYMAN ISLANDS — 3.8%
	8,500,000	Anchorage Capital CLO Ltd., Series 2013-1A, Class 1A, 1.42%, 07/13/25(b)(c)		8,421,035
	2,500,000	BlueMountain CLO Ltd., Series 2005-1A, Class B, 0.70%, 11/15/17(b)(c)		2,466,600
	3,000,000	Gallatin CLO III Ltd. Series 2007-1A, Class A2L, 0.57%, 05/15/21(b)(c)		2,927,820

Principal Amount			Value
CAYMAN ISLANDS (continued)
$	6,000,000	OCP CLO Ltd., Series 2013-4A, Class A1A, 1.63%, 10/24/25(b)(c)	$	5,978,700
	1,722,020	Vitesse CLO Ltd., Series 2006-1A, Class A1L, 0.48%, 08/17/20(b)(c)		1,713,324
				21,507,479
UNITED STATES — 2.6%
	2,500,000	Ally Auto Receivables Trust Series 2014-1, Class A3, 0.97%, 10/15/18		2,501,053
	2,000,000	AmeriCredit Automobile Receivables Trust Series 2014-2, Class A3, 0.94%, 02/08/19		1,996,692
	1,328,386	Black Diamond CLO Ltd., Series 2005-1X, Class A1, 0.50%, 06/20/17(c)		1,327,024
	2,500,000	Fifth Third Auto Trust Series 2014-2, Class A3, 0.89%, 11/15/18		2,497,721
	2,050,000	Mercedes-Benz Auto Receivables Trust Series 2014-1, Class A3, 0.87%, 10/15/18		2,043,461
	2,000,000	Toyota Auto Receivables Owner Trust Series 2014-B, Class A4, 1.31%, 09/16/19		2,002,239
	2,000,000	World Omni Automobile Lease Securitization Trust, Series 2014-A, Class A3, 1.16%, 09/15/17		2,005,072
				14,373,262
Total Asset-Backed Securities (Cost $35,917,250)				35,880,741
MUNICIPAL BONDS — 5.1%
California — 0.8%
	3,850,000	Southern California Public Power Authority Refunding Revenue Bonds, Series B (AGM) 6.93%, 05/15/17		4,393,274
District Of Columbia — 0.4%
	1,000,000	District of Columbia Build America Bonds GO 3.64%, 06/01/15		1,018,300
	1,310,000	District of Columbia Build America Bonds GO 4.16%, 06/01/16		1,376,784
				2,395,084

Principal Amount			Value
Georgia — 0.6%
$	3,085,000	State of Georgia Taxable School Improvement GO, Series C-3 2.59%, 10/01/17	$	3,214,262
Illinois — 0.5%
	2,600,000	State of Illinois Public Improvements Revenue Bonds 1.56%, 06/15/17		2,612,272
Maryland — 0.0%
	180,000	State of Maryland Recreational Facility Improvements COP, Series A 2.92%, 09/01/15		183,455
Michigan — 0.2%
	1,095,000	University of Michigan University and College Improvement Build America Revenue Bonds 1.75%, 04/01/15		1,100,508
Minnesota — 0.1%
	40,000	Duluth Independent School District No. 709 Build America Bonds COP (School District Credit) 3.50%, 02/01/15		40,310
	605,000	Duluth Independent School District No. 709 Build America Bonds COP (School District Credit) 4.00%, 02/01/16		621,486
				661,796
New Jersey — 1.6%
	1,500,000	County of Monmouth Build America Bonds GO 3.75%, 11/01/16		1,589,895
	1,000,000	Morris County Improvement Authority Renewable Energy Revenue Bonds (County Guaranty) 1.90%, 06/15/15		1,008,950
	100,000	Morris County Improvement Authority Renewable Energy Revenue Bonds (County Guaranty) 2.27%, 06/15/16		102,239

Principal Amount			Value
New Jersey (continued)
$	2,050,000	New Jersey Economic Development Authority Refunding Revenue Bonds 3.50%, 06/15/15	$	2,086,716
	4,600,000	New Jersey Economic Development Authority School Facilities Construction Refunding Revenue Bonds, Series Q 1.10%, 06/15/16		4,578,426
				9,366,226
New York — 0.5%
	2,520,000	Metropolitan Transportation Authority Highway Toll Build America Revenue Bonds 4.28%, 11/15/16		2,671,956
	110,000	New York State Dormitory Authority University & College Improvement Revenue Bonds, Series G 2.83%, 03/15/16		112,710
				2,784,666
Ohio — 0.4%
	2,115,000	Ohio State Build America Revenue Bonds, Series 2 3.64%, 06/15/16		2,205,289
Total Municipal Bonds (Cost $28,304,237)				28,916,832
COLLATERALIZED MORTGAGE OBLIGATIONS — 0.5%
	2,676,887	JPMorgan Tax Exempt Pass Through Trust, Series 2012-AMT1, Class A, 3.00%, 01/27/38(b)		2,684,791
Total Collateralized Mortgage Obligations (Cost $2,739,662)				2,684,791
U.S. GOVERNMENT AGENCIES — 10.9%
AID-EGYPT — 0.2%
	1,000,000	4.45%, 09/15/15		1,036,014
				1,036,014
Fannie Mae — 3.5%
	3,200,000	5.00%, 02/13/17		3,507,171
	16,000,000	1.00%, 09/27/17		15,989,280
				19,496,451
Freddie Mac — 4.0%
	8,500,000	0.88%, 02/22/17		8,528,365

Principal Amount			Value
Freddie Mac (continued)
$	13,900,000	1.00%, 03/08/17	$	13,983,080
				22,511,445
Ginnie Mae — 0.0%
	300	9.00%, 02/15/20		301
				301
Overseas Private Investment Corp. — 1.4%
	7,290,098	5.14%, 12/15/23		8,152,837
				8,152,837
Private Export Funding Corp. — 0.9%
	1,400,000	4.95%, 11/15/15		1,465,995
	3,000,000	5.00%, 12/15/16		3,261,267
	500,000	2.25%, 12/15/17		516,950
				5,244,212
Small Business Administration — 0.7%
	727,712	4.73%, 02/10/19		776,648
	1,088,914	4.11%, 03/10/20		1,162,977
	2,020,003	4.08%, 03/10/21		2,137,423
				4,077,048
Tennessee Valley Authority — 0.2%
	725,000	6.25%, 12/15/17		837,487
				837,487
Total U.S. Government Agencies (Cost $59,970,956)				61,355,795
U.S. GOVERNMENT SECURITIES — 28.0%
U.S. Treasury Bonds — 3.8%
	20,540,000	0.63%, 01/15/24(d)		21,279,352
U.S. Treasury Notes — 24.2%
	72,576,000	0.88%, 05/15/17		72,791,478
	63,615,000	2.38%, 08/15/24		63,863,480
Total U.S. Government Securities (Cost $157,695,950)				157,934,310
GOVERNMENT BONDS — 0.5%
GERMANY — 0.2%
	1,000,000	Norddeutsche Landesbank Girozentrale, 0.88%, 10/16/15(b)		1,003,940

Principal Amount			Value
SOUTH KOREA — 0.3%
$	500,000	Export-Import Bank of Korea, 1.25%, 11/20/15	$	502,354
	1,400,000	Export-Import Bank of Korea, 4.00%, 01/11/17		1,475,335
				1,977,689
Total Government Bonds (Cost $2,897,574)				2,981,629

Shares
INVESTMENT COMPANY — 0.2%
	1,336,800	SEI Daily Income Trust Government II Fund, Class A, 0.00%(e)		1,336,800
Total Investment Company (Cost $1,336,800)				1,336,800
TOTAL INVESTMENTS — 99.6% (Cost $557,535,448)(a)			$	561,407,436
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.4%				2,308,969
NET ASSETS — 100.0%			$	563,716,405

(a)	Cost for federal income tax purposes is $560,865,100 and net unrealized appreciation of investments is as follows:

Unrealized appreciation.	$	4,459,252
Unrealized depreciation.		(3,916,916	)
Net unrealized appreciation	$	542,336

(b)	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors. The aggregate value of these securities is $66,106,668 which is 11.73% of net assets.
(c)	Variable rate security. Rate shown is the rate as of October 31, 2014.
(d)	Inflation protected security. Principal amount reflects original security face amount.
(e)	Rate shown represents current yield at October 31, 2014.

AGM — Assured Guaranty Municipal Corp.

CLO — Collateralized Loan Obligation

COP — Certificates of Participation

GO — General Obligations

MTN — Medium Term Note

Principal Amount			Value
MUNICIPAL BONDS — 99.3%
Alabama — 1.5%
$	5,000,000	Alabama Federal Aid Highway Finance Authority Revenue Bonds, 5.00%, 09/01/20	$	5,916,950
	3,030,000	City of Huntsville School Capital Improvements Warrants Refunding GO, 5.00%, 09/01/22		3,694,903
	2,990,000	City of Huntsville School Capital Improvements Warrants Refunding GO, 5.00%, 09/01/24		3,716,869
	3,660,000	City of Huntsville School Capital Improvements Warrants Refunding GO, 5.00%, 09/01/26		4,480,975
	1,500,000	City of Huntsville Warrants Refunding GO, Series A, 5.00%, 08/01/26		1,838,310
				19,648,007
Arizona — 1.1%
	2,000,000	Arizona Department of Transportation State Highway Fund Refunding Revenue Bonds, Sub-series A, 5.00%, 07/01/21		2,406,640
	350,000	Arizona State Board of Regents Revenue Bonds, Series 2008-C, OID, 5.88%, 07/01/24		402,779
	2,010,000	Arizona State Board of Regents Revenue Bonds, Series C, 5.00%, 07/01/17		2,234,175
	5,125,000	City of Tempe Public Improvements GO, Series A, 3.00%, 07/01/15		5,220,991
	200,000	Maricopa County Community College District GO, Series C, 5.00%, 07/01/20		233,221
	2,875,000	Phoenix Civic Improvement Corp. Refunding Revenue Bonds, 5.00%, 07/01/20		3,430,651
				13,928,457
Arkansas — 0.1%
	590,000	Fayetteville School District No 1 Refunding GO (State Aid Withholding), 2.00%, 06/01/16		605,535

Principal Amount			Value
Arkansas (continued)
$	910,000	Rogers School District No 30 Refunding GO (State Aid Withholding), 3.00%, 02/01/16	$	940,239
				1,545,774
California — 3.1%
	5,000,000	Antelope Valley Community College District Refunding GO, Series A, 5.00%, 08/01/24		6,132,550
	2,000,000	California State Public Works Board Correctional Facilities Improvements Revenue Bonds, Series D, 5.00%, 09/01/24		2,454,520
	6,525,000	California State Public Works Board Correctional Facilities Improvements Revenue Bonds, Series D, 5.00%, 09/01/25		7,931,333
	1,750,000	City & County of San Francisco Courthouse Project Refunding COP, 5.00%, 04/01/16		1,861,948
	1,155,000	City & County of San Francisco Juvenile Hall Project Refunding COP, 5.00%, 04/01/16		1,228,885
	1,035,000	Los Rios Community College District 2002 Election GO, Series D, 5.25%, 08/01/23		1,214,469
	8,000,000	State of California Refunding GO Notes, 5.00%, 10/01/25		9,760,800
	10,000,000	State of California Refunding GO, Series A, (State GTY), 5.00%, 07/01/22		10,734,000
				41,318,505
Colorado — 0.9%
	500,000	Adams & Weld Counties School District No 27J Brighton Co. Refunding Revenue Bonds, Series A, (State Aid Withholding), 5.00%, 12/01/19		592,950
	3,935,000	Colorado Higher Education Refunding COP, Series A, 5.00%, 11/01/24		4,858,584
	450,000	Denver City & County School District No 1 Refunding GO, Series C (State Aid Withholding), 5.00%, 12/01/23		553,104

Principal Amount			Value
Colorado (continued)
$	2,000,000	El Paso County School District No 38 Lewis-Palmer Refunding GO (State Aid Withholding), 4.00%, 12/01/17	$	2,186,800
	1,180,000	Jefferson County School District GO, Series R-1, (State Aid Withholding), 5.00%, 12/15/22		1,448,769
	490,000	Jefferson County School District GO, Series R-1, (State Aid Withholding), 5.00%, 12/15/23		595,865
	1,600,000	University of Colorado Refunding Revenue Bonds, Series A (NATL-RE), 4.50%, 06/01/21		1,740,992
	370,000	University of Northern Colorado Refunding Revenue Bonds, Series A (State Higher Education Intercept Program), 3.00%, 06/01/16		385,240
				12,362,304
Connecticut — 3.5%
	2,000,000	Connecticut State Health & Educational Facility Authority Refunding Revenue Bonds, Series A- 3, 0.88%, 07/01/49(b)(c)		1,999,680
	3,500,000	State of Connecticut Refunding GO, Series C, 5.00%, 12/15/16		3,833,445
	8,000,000	State of Connecticut Special Tax Transportation Infrastructure Refunding Revenue Bonds, 5.00%, 09/01/25		9,747,600
	2,000,000	State of Connecticut Transportation Infrastructure Refunding Revenue Bonds, 5.00%, 09/01/24		2,456,480
	8,000,000	State of Connecticut Transportation Infrastructure Revenue Bonds, Series A, 5.00%, 10/01/19		9,418,880
	2,000,000	State of Connecticut Transportation Infrastructure Revenue Bonds, Series A, 5.00%, 09/01/25		2,436,900
	5,000,000	State of Connecticut Transportation Infrastructure Revenue Bonds, Series A, 5.00%, 09/01/27		6,010,100

Principal Amount			Value
Connecticut (continued)
$	1,000,000	University of Connecticut University and College Improvements Revenue Bonds, Series A, 3.00%, 02/15/16	$	1,034,410
	9,000,000	University of Connecticut University and College Refunding Revenue Bonds, Series A, 4.00%, 02/15/16		9,424,350
				46,361,845
District Of Columbia — 0.5%
	5,000,000	District of Columbia Public Improvement Revenue Bonds, Series C, 5.00%, 12/01/19		5,918,700
	1,000,000	District of Columbia Refunding Revenue Bonds, Series A, 5.00%, 12/01/20		1,200,470
				7,119,170
Florida — 3.0%
	800,000	City of Orlando Stadiums and Arenas Revenue Bonds, Series A, 5.00%, 11/01/23		981,056
	1,000,000	County of Sarasota Refunding Revenue Bonds, 5.00%, 10/01/24		1,229,970
	220,000	County of Seminole Special Obligation Public Improvements Revenue Bonds, 4.00%, 10/01/15		227,641
	3,000,000	Florida State Board of Education Capital Outlay GO, Series E, 4.60%, 06/01/23		3,106,830
	5,000,000	Florida State Board of Education Lottery Refunding Revenue Bonds, Series A, 5.00%, 07/01/17		5,571,650
	1,000,000	Florida State Board of Education Lottery Revenue Bonds, Series A, (AMBAC), 5.00%, 07/01/20		1,041,620
	8,575,000	Florida State Board of Education Lottery Revenue Bonds, Series A, OID, 5.50%, 07/01/27		9,958,405
	4,165,000	Florida State Board of Governors Refunding Revenue Bonds, Series A, 5.00%, 07/01/16		4,484,414

Principal Amount			Value
Florida (continued)
$	500,000	Florida Water Pollution Control Financing Corp. Water Polution Control Revenue Bonds, Series A, 4.00%, 01/15/17	$	537,000
	1,065,000	Hillsborough County Community Investment Tax Revenue Bonds, (AMBAC), 5.00%, 11/01/16		1,158,614
	2,000,000	Miami-Dade County Water & Sewer Refunding Revenue Bonds, (XLCA), 5.00%, 10/01/19		2,236,460
	1,800,000	Miami-Dade County Water & Sewer Refunding Revenue Bonds, Series B, (AGM), 5.25%, 10/01/16		1,965,186
	2,000,000	Orlando Utilities Commission Refunding Revenue Bonds, Series A, 5.00%, 10/01/20		2,394,160
	500,000	Palm Beach County Revenue Bonds, Series 2, OID, 5.25%, 11/01/25		576,740
	1,905,000	State of Florida Refunding GO, Series A, 3.00%, 01/01/16		1,965,636
	1,975,000	State of Florida Refunding GO, Series A, 4.00%, 01/01/17		2,123,007
				39,558,389
Georgia — 3.6%
	10,000,000	Bartow County School District School Improvement GO, Series A, (State Aid Withholding), 4.00%, 10/01/15		10,348,300
	1,000,000	Cobb-Marietta Coliseum & Exhibit Hall Authority Performing Arts Center Project Refunding Revenue Bonds (County GTY), 5.00%, 01/01/19		1,159,300
	1,750,000	Douglas County School District Refunding GO (State Aid Withholding), 4.00%, 04/01/16		1,838,708
	675,000	Floyd County School District School Improvements GO, (State Aid Withholding), 3.00%, 07/01/15		687,643
	970,000	Fulton County Development Authority Georgia Tech Facilities Refunding Revenue Bonds, Series A, 3.00%, 05/01/15		983,454

Principal Amount			Value
Georgia (continued)
$	395,000	Fulton County Development Authority Georgia Tech Facilities Refunding Revenue Bonds, Series A, 4.00%, 05/01/16	$	416,393
	375,000	Fulton County Development Authority Georgia Tech Facilities Refunding Revenue Bonds, Series A, 5.00%, 05/01/23		453,319
	1,000,000	Fulton County Water & Sewer Refunding Revenue Bonds, 5.00%, 01/01/18		1,129,600
	1,040,000	Georgia State Road & Tollway Authority Federal Highway Grant Anticipation Refunding Revenue Bonds, Series A, 5.00%, 06/01/17		1,153,235
	5,040,000	Georgia State Road & Tollway Authority Federal Highway Grant Anticipation Revenue Bonds, Series A, 5.00%, 06/01/15		5,174,719
	1,250,000	Georgia State Road & Tollway Authority Federal Highway Grant Anticipation Revenue Bonds, Series A, 5.00%, 06/01/18		1,420,775
	5,000,000	Georgia State Road & Tollway Authority Highway Improvement Revenue Bonds, Series A, 5.00%, 06/01/20		5,784,850
	2,025,000	Georgia State Road & Tollway Authority Refunding Revenue Bonds, Series B, (State GTY), 5.00%, 10/01/19		2,394,745
	525,000	Gwinnett County Development Authority Refunding COP, Gwinnett Development Schools Project, (NATL-RE), 5.00%, 01/01/15		529,069
	630,000	Gwinnett County Development Authority Refunding COP, Gwinnett Development Schools Project, (NATL-RE), 5.25%, 01/01/17		691,639
	500,000	Newton County School District School Improvements GO (State Aid Withholding), 5.00%, 04/01/15		509,909
	5,000,000	State of Georgia Public Improvements GO, Series B, 5.00%, 07/01/16		5,385,200
	1,925,000	State of Georgia Refunding GO, Series E-2, 4.00%, 09/01/18		2,152,554

Principal Amount			Value
Georgia (continued)
$	2,860,000	State of Georgia Refunding GO, Series E-2, 4.00%, 09/01/19	$	3,247,015
	1,500,000	State of Georgia School Improvement GO, Series B, 5.00%, 01/01/18		1,701,945
				47,162,372
Hawaii — 0.0%
	400,000	State of Hawaii Refunding GO, Series DY, 5.00%, 02/01/18		453,603
Idaho — 0.1%
	1,500,000	Idaho Board Bank Authority Refunding Revenue Bonds, Series D, 5.00%, 09/15/23		1,819,725
Illinois — 1.4%
	900,000	Chicago Transit Authority Federal Transit Revenue Bonds, (AMBAC), 5.00%, 06/01/21		964,026
	1,345,000	City of Champaign Parking Facilities Improvements GO, Series 2008, 5.00%, 12/15/17		1,473,730
	270,000	City of Chicago Refunding GO, OID, Series B (AMBAC), 5.13%, 01/01/15		272,095
	2,215,000	Cook County Community College District No 508 University & College Improvements GO, 5.00%, 12/01/21		2,595,360
	2,575,000	Cook County Community College District No. 524 Moraine Valley GO, Series B, (NATL-RE), 5.00%, 12/01/25		2,896,695
	3,000,000	Illinois State Toll Highway Authority Refunding Revenue Bonds, Series B, 5.00%, 12/01/17		3,356,340
	3,500,000	State of Illinois Public Improvement Refunding Revenue Bonds, 5.00%, 06/15/18		3,997,980
	2,500,000	State of Illinois School Improvements GO, 3.00%, 02/01/16		2,567,025
	780,000	University of Illinois College Improvement Refunding Revenue Bonds, Series A, 5.00%, 04/01/21		926,726
				19,049,977

Principal Amount			Value
Indiana — 2.2%
$	580,000	Anderson School Building Corp., First Mortgage Refunding Revenue Bonds, (AGM, State Aid Withholding), 5.00%, 01/15/16	$	609,748
	1,050,000	Avon Community School Building Corp., First Mortgage Refunding and Improvement Revenue Bonds, (AMBAC, State Aid Withholding), 5.00%, 07/15/16		1,128,131
	650,000	Avon Community School Building Corp., First Mortgage Refunding and Improvement Revenue Bonds, (AMBAC, State Aid Withholding), 5.00%, 01/15/17		705,250
	500,000	Carmel 2002 School Building Corp. Refunding Revenue Bonds, (State Aid Withholding), 5.00%, 07/15/16		538,710
	600,000	Center Grove School Building Corp. First Mortgage Refunding Revenue Bonds, Series A (State Aid Intercept Program), 5.00%, 07/15/20		693,960
	650,000	Decatur Township Marion County Multi-School Building Corp., First Mortgage Revenue Bonds, Series B, (AGM, State Aid Withholding), 5.00%, 07/15/18		709,410
	490,000	East Noble Facilities School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, State Aid Withholding), 5.00%, 07/15/16		528,112
	510,000	Evansville Vanderburgh Public Library Leasing Corp., First Mortgage Refunding Revenue Bonds, (AMBAC), 5.25%, 07/15/17		527,972
	1,330,000	GCS School Building Corp. One, First Mortgage Refunding Revenue Bonds (State Aid Intercept Program), 5.00%, 01/15/22		1,588,220
	1,350,000	GCS School Building Corp. One, First Mortgage Refunding Revenue Bonds (State Aid Intercept Program), 5.00%, 07/15/22		1,623,591

Principal Amount			Value
Indiana (continued)
$	1,070,000	Griffith Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (AGM, State Aid Withholding), 5.00%, 01/15/22	$	1,102,496
	905,000	Hammond School Building Corp., First Mortgage Revenue Bonds, (NATL-RE, State Aid Withholding), 5.00%, 07/15/23		913,561
	5,000,000	Indiana Finance Authority Southern Industrial Gas & Electric Refunding Revenue Bonds, Series E, 1.95%, 05/01/37(b)		5,105,050
	500,000	Ivy Tech Community College University & College Improvements Revenue Bonds, Series R-1, 5.00%, 07/01/19		578,400
	1,040,000	Pike Township Multi-School Building Corp. School Improvements Revenue Bonds (State Aid Intercept Program), 3.00%, 01/15/16		1,073,072
	1,060,000	Pike Township Multi-School Building Corp. School Improvements Revenue Bonds (State Aid Intercept Program), 3.00%, 07/15/16		1,105,940
	500,000	Plainfield Elementary School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, School Board Resolution Funding), 5.00%, 07/15/18		538,710
	715,000	Portage Township Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, School Board Resolution Funding), 5.00%, 01/15/16		755,126
	735,000	Portage Township Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, School Board Resolution Funding), 5.00%, 07/15/16		792,168
	570,000	Portage Township Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, School Board Resolution Funding), 5.00%, 07/15/17		632,227

Principal Amount			Value
Indiana (continued)
$	3,000,000	Purdue University Student Fee Refunding Revenue Bonds, Series Z-1, 5.00%, 07/01/15	$	3,095,700
	1,000,000	Tippecanoe County Middle School Building Corp. First Mortgage Refunding Revenue Bonds, (State Aid Withholding), 4.00%, 01/15/15		1,007,340
	765,000	Vigo County School Building Corp., First Mortgage Refunding Revenue Bonds, (AGM, State Aid Withholding), 5.00%, 01/10/16		807,427
	1,000,000	Warsaw Multi-School Building Corp. Revenue Bonds, Series B (State Aid Withholding), 5.75%, 07/15/26		1,145,550
	1,020,000	Wayne Township School Building Corp., Marion County First Mortgage Refunding Revenue Bonds, (State Aid Intercept Program), 3.00%, 07/15/15		1,039,227
	895,000	Wayne Township School Building Corp., Marion County First Mortgage Refunding Revenue Bonds, (State Aid Intercept Program), 4.00%, 01/15/16		933,020
	175,000	Wayne Township School Building Corp., Marion County First Mortgage Revenue Bonds, (NATL-RE, School Board Resolution Funding), 5.00%, 01/15/15		176,679
				29,454,797
Iowa — 0.2%
	1,800,000	Iowa Finance Authority Water Utilities Improvements Revenue Bonds, 5.00%, 08/01/20		2,157,192
Kansas — 0.5%
	1,260,000	Sedgwick County Public Building Commission Technical Education Complex Refunding Revenue Bonds, Series 2, 5.00%, 08/01/23		1,552,572

Principal Amount			Value
Kansas (continued)
$	2,645,000	Sedgwick County Public Building Commission Technical Education Complex Refunding Revenue Bonds, Series 2, 5.00%, 08/01/24	$	3,290,962
	2,170,000	Topeka Public Building Commission KBI Forensic Laboratory Project Revenue Bonds, 5.00%, 12/01/17		2,432,657
				7,276,191
Kentucky — 1.3%
	3,500,000	Kentucky Asset Liability Commission Federal Highway Trust First Series Revenue Bonds, 5.00%, 09/01/17		3,910,410
	1,000,000	Kentucky Asset Liability Commission Highway Trust Refunding Revenue Bonds, 5.00%, 09/01/15		1,038,220
	8,185,000	Kentucky Asset Liability Commission Highway Trust Refunding Revenue Bonds, 5.00%, 09/01/16		8,844,465
	1,550,000	Kentucky State Property & Building Commission Project No. 106 Refunding Revenue Bonds, Series A, 5.00%, 10/01/15		1,617,425
	1,000,000	Kentucky State Property & Buildings Commission Revenue Bonds, Project No. 88 , (NATL-RE, FGIC), 5.00%, 11/01/15		1,047,290
	685,000	Warren County School District Finance Corp. Refunding Revenue Bonds, Series B, (State Aid Intercept Program), 2.00%, 06/01/15		691,576
	605,000	Warren County School District Finance Corp. Refunding Revenue Bonds, Series B, (State Aid Intercept Program), 2.00%, 06/01/16		619,000
				17,768,386
Louisiana — 0.2%
	2,000,000	Louisiana Public Facilities Authority Hurricane Recovery Program Revenue Bonds, (AMBAC), 5.00%, 06/01/16		2,143,380

Principal Amount			Value
Maine — 0.6%
$	435,000	City of Bath Refunding GO, 2.00%, 09/01/15	$	441,464
	700,000	Maine Health & Higher Educational Facilities Authority Refunding Revenue Bonds, Series A, 5.00%, 07/01/17		775,915
	1,475,000	Maine Health & Higher Educational Facilities Authority Refunding Revenue Bonds, Series A, 5.00%, 07/01/20		1,734,630
	1,020,000	Maine Health & Higher Educational Facilities Authority Refunding Revenue Bonds, Series A, 5.00%, 07/01/21		1,206,986
	115,000	Maine Health & Higher Educational Facilities Authority Refunding Revenue Bonds, Series B, (AMBAC, State Resolution Funding GTY), 5.00%, 07/01/16(d)		123,779
	1,800,000	Maine Health & Higher Educational Facilities Authority University & College Improvements Revenue Bonds, Series A, 5.00%, 07/01/16		1,932,444
	1,795,000	Maine Municipal Bond Bank Refunding Revenue Bonds, Series C, 5.00%, 11/01/26		2,185,951
				8,401,169
Maryland — 0.9%
	625,000	Maryland State Department of Transportation Highway Improvement Refunding Revenue Bonds, 4.50%, 03/01/15		633,838
	2,030,000	Maryland State Department of Transportation Highway Improvement Revenue Bonds, Series A, 3.00%, 06/15/15		2,065,586
	1,000,000	Maryland State Department of Transportation Highway Improvement Revenue Bonds, 5.00%, 10/01/20		1,197,710
	1,620,000	State of Maryland Public Improvements GO, Series A, 5.25%, 03/01/15		1,646,876

Principal Amount			Value
Maryland (continued)
$	1,175,000	State of Maryland Public Improvements GO, Series A, 5.00%, 03/15/15	$	1,195,821
	1,300,000	State of Maryland Public Improvements GO, Series A, 5.00%, 08/01/17		1,455,896
	1,000,000	State of Maryland Public Improvements GO, Series A, 5.00%, 08/01/17		1,119,920
	2,000,000	State of Maryland School Improvements GO, Series B, 5.00%, 08/01/17		2,239,840
				11,555,487
Massachusetts — 9.8%
	4,500,000	Berkshire Regional Transit Authority Cash Flow Management Revenue Notes (State Aid Appropriation), 1.00%, 09/25/15		4,524,435
	5,880,000	Brockton Area Transit Authority Cash Flow Management Revenue Notes, 1.00%, 08/05/15		5,906,107
	2,153,000	Cape Ann Transportation Authority Cash Flow Management Revenue Notes, 1.00%, 07/02/15		2,161,526
	9,950,000	Cape Cod Regional Transit Authority Cash Flow Management Revenue Notes, 1.00%, 07/30/15		9,993,283
	4,450,000	Commonwealth of Massachusetts Highway Improvements Revenue Bonds, Series B, 4.00%, 06/15/17		4,845,027
	9,650,000	Commonwealth of Massachusetts Public Improvements GO, Series C, 5.00%, 07/01/22		11,748,779
	10,000,000	Commonwealth of Massachusetts Public Improvements GO, Series C, 5.00%, 07/01/23		12,103,600
	850,000	Commonwealth of Massachusetts Refunding GO, Series A, 5.00%, 08/01/16		918,459
	1,000,000	Commonwealth of Massachusetts Refunding GO, Series B (AGM-CR), 5.25%, 08/01/28		1,276,470
	2,000,000	Commonwealth of Massachusetts Refunding GO, Series C (AMBAC), 5.50%, 12/01/24		2,589,120

Principal Amount			Value
Massachusetts (continued)
$	7,500,000	Greater Attleboro-Taunton Regional Transit Authority Cash Flow Management Revenue Notes, 1.00%, 08/28/15	$	7,536,075
	5,900,000	Lowell Regional Transit Authority Cash Flow Management Revenue Notes, 1.00%, 08/07/15		5,926,373
	1,000,000	Massachusetts Port Authority Refunding Revenue Bonds, Series C, 2.00%, 07/01/16		1,026,710
	7,780,000	Massachusetts State Water Pollution Abatement Trust Refunding Revenue Bonds, Sub-Series 16-B, 5.00%, 08/01/20		9,352,416
	2,000,000	Massachusetts Water Resources Authority Refunding Revenue Bonds, Series A, 5.00%, 08/01/22		2,442,580
	4,500,000	Massachusetts Water Resources Authority Refunding Revenue Bonds, Series A (NATL-RE, GO of Authority), 5.25%, 08/01/16		4,881,915
	3,000,000	Merrimack Valley Regional Transit Authority Cash Flow Management Revenue Notes, 1.00%, 06/19/15		3,011,430
	10,000,000	Montachusett Regional Transit Authority Cash Flow Management Revenue Notes, 1.00%, 08/07/15		10,044,700
	13,000,000	Pioneer Valley Transit Authority Cash Flow Management Revenue Notes, 1.00%, 07/24/15		13,055,380
	3,625,000	Southeastern Regional Transit Authority Cash Flow Management Revenue Notes, 1.00%, 08/28/15		3,642,146
	500,000	Town of Auburn Refunding GO, 2.00%, 06/01/15		505,229
	1,275,000	Town of Belmont Municipal Purpose Loan Refunding GO, 4.00%, 04/15/16		1,343,327
	1,730,000	Town of Watertown Municipal Purpose Loan Refunding GO, 2.00%, 11/01/15		1,761,434
	9,300,000	Worcester Regional Transit Authority Cash Flow Management Revenue Notes, 1.00%, 06/19/15		9,335,433
				129,931,954

Principal Amount			Value
Michigan — 2.3%
$	670,000	Bay City School District Refunding GO (Q-SBLF), 5.00%, 11/01/25	$	788,416
	945,000	Brighton Area School District School Improvements GO, Series I (Q-SBLF), 5.00%, 05/01/16		1,006,245
	345,000	Clintondale Community Schools Refunding GO, (NATL-RE, Q-SBLF), 5.00%, 05/01/20		353,018
	635,000	Dexter Community Schools Refunding GO (Q-SBLF), 4.00%, 05/01/18		688,765
	400,000	Hudsonville Public Schools Improvements GO, (Q-SBLF), 5.00%, 05/01/18		453,839
	250,000	Hudsonville Public Schools Improvements GO, (Q-SBLF), 5.00%, 05/01/19		288,905
	1,295,000	Lake Shore Public Schools Refunding GO, (Q-SBLF), 3.00%, 11/01/16		1,357,147
	1,335,000	Michigan State Building Authority Refunding Revenue Bonds, Series I-A, 5.00%, 10/15/15		1,395,556
	1,375,000	Northville Public Schools Refunding GO, (Q-SBLF), 5.00%, 05/01/18		1,537,993
	1,155,000	River Rouge School District Refunding GO, (Q-SBLF), 5.00%, 05/01/16		1,227,546
	775,000	River Rouge School District Refunding GO, (Q-SBLF), 5.00%, 05/01/18		866,869
	1,160,000	River Rouge School District Refunding GO, (Q-SBLF), 5.00%, 05/01/21		1,348,546
	1,000,000	River Rouge School District Refunding GO, (Q-SBLF), 5.00%, 05/01/22		1,167,540
	2,000,000	Rochester Community School District Refunding GO, (Q-SBLF), 4.00%, 05/01/15		2,037,520
	2,000,000	Romulus Community Schools Refunding GO (Q-SBLF), 5.00%, 05/01/22		2,335,080
	325,000	State of Michigan Environmental Program Refunding GO, Series A, 5.00%, 05/01/16		347,474
	5,000,000	State of Michigan Trunk Line Refunding Revenue Bonds, 5.00%, 11/15/16		5,453,350

Principal Amount			Value
Michigan (continued)
$	265,000	Stockbridge Community Schools Refunding GO, (AGM, Q-SBLF), 5.00%, 05/01/21	$	270,658
	4,530,000	University of Michigan Refunding Revenue Bonds, Series C, 4.00%, 04/01/19		5,080,939
	2,045,000	Ypsilanti School District Refunding GO (Assured GTY, Q-SBLF), 5.00%, 05/01/16		2,173,446
				30,178,852
Minnesota — 2.2%
	1,875,000	Clearbrook-Gonvick Independent School District No 2311 Cash Flow Management GO (School District Credit Program), 1.00%, 09/30/15		1,886,025
	450,000	Minnesota Public Facilities Authority Clean Water Revenue Bonds, Series B, 5.00%, 03/01/16		478,071
	1,745,000	New Prague Independent School District No 721 Crossover Refunding GO, (School District Credit Program), 4.00%, 02/01/19		1,953,999
	5,425,000	St. Paul Port Authority Anderson Office Building Refunding Revenue Bonds, Series 3, 5.00%, 12/01/19		6,372,151
	1,875,000	St. Paul Port Authority Anderson Office Building Refunding Revenue Bonds, Series 3, 5.00%, 12/01/21		2,255,175
	1,520,000	State of Minnesota Public Improvements COP, 4.50%, 06/01/16		1,616,338
	2,225,000	State of Minnesota Public Improvements COP, 5.00%, 06/01/23		2,705,378
	1,395,000	State of Minnesota Public Improvements COP, 5.00%, 06/01/24		1,712,893
	2,740,000	State of Minnesota Public Improvements COP, 5.00%, 06/01/25		3,338,142
	2,910,000	State of Minnesota Public Improvements COP, 5.00%, 06/01/26		3,514,844
	1,000,000	State of Minnesota Refunding Revenue Bonds, Series B, 5.00%, 03/01/21		1,195,010

Principal Amount			Value
Minnesota (continued)
$	2,675,000	Warroad Independent School District No 690 Cash Flow Management GO Notes (School District Credit Program), 1.00%, 09/14/15	$	2,691,130
				29,719,156
Mississippi — 0.2%
	1,810,000	Mississippi Development Bank Department of Corrections Refunding Revenue Bonds, Series D, 5.00%, 08/01/18		2,054,314
Missouri — 0.8%
	1,020,000	County of Jackson Refunding Revenue Bonds, 4.00%, 12/01/21		1,154,620
	300,000	County of Jackson Refunding Revenue Bonds, 4.00%, 12/01/22		338,787
	500,000	Jackson County Reorganized School District No. 4 Blue Springs Refunding GO, Series B, (State Aid Direct Deposit), 5.00%, 03/01/18		561,170
	2,225,000	Missouri State Health & Educational Facilities Authority Columbia Arena Project Refunding Revenue Bonds, 5.00%, 10/01/19		2,590,812
	2,000,000	Missouri State Health & Educational Facilities Authority Columbia Arena Project Refunding Revenue Bonds, 5.00%, 10/01/21		2,380,900
	300,000	North Kansas City School District No 74 School Improvements Refunding GO, (State Aid Direct Deposit), 4.00%, 03/01/17		323,339
	1,250,000	North Kansas City School District No 74 School Improvements Refunding GO, (State Aid Direct Deposit), 5.00%, 03/01/24		1,543,500
	1,800,000	North Kansas City School District No 74 School Improvements Refunding GO, (State Aid Direct Deposit), 5.00%, 03/01/25		2,207,322
				11,100,450

Principal Amount			Value
Nevada — 0.6%
$	1,750,000	Clark County School District School Improvements GO, Series C (AGM), 5.00%, 12/15/15(d)	$	1,842,575
	2,605,000	Clark County Water Reclamation District GO, Series A, 5.25%, 07/01/20		3,060,588
	3,110,000	Las Vegas Valley Water District Refunding GO, Series A, (NATL-RE, FGIC), 5.00%, 06/01/20		3,191,669
				8,094,832
New Hampshire — 0.2%
	2,250,000	State of New Hampshire Highway Improvements Revenue Bonds, 5.00%, 09/01/19		2,637,855
New Jersey — 6.4%
	500,000	Bergen County Improvement Authority Public Improvements Revenue Bonds, Series B (County GTY), 4.00%, 02/15/16		523,575
	240,000	Bergen County Improvement Authority Refunding Revenue Bonds, Series A (County GTY), 4.00%, 12/15/16		257,986
	200,000	Bergen County Improvement Authority Refunding Revenue Bonds, Series A (County GTY), 4.00%, 12/15/17		219,755
	3,495,000	County of Sussex Public Improvements Refunding GO, 2.00%, 02/15/16		3,570,247
	255,000	Denville Township Board of Education Refunding GO, (AGM, School Board Resolution Funding), 4.00%, 02/15/17		269,808
	7,000,000	Garden State Preservation Trust Refunding Revenue Bonds, Series A, 5.00%, 11/01/17		7,886,550
	735,000	Middlesex County Improvement Authority Regional Educational Services Refunding Revenue Bonds, (County GTY), 3.00%, 07/15/16		767,494

Principal Amount			Value
New Jersey (continued)
$	200,000	Monmouth County Improvement Authority Refunding Revenue Bonds (County GTY, Municipal Government GTY), 5.00%, 12/01/22	$	245,521
	5,300,000	New Jersey Building Authority Refunding Revenue Bonds, Series A, 5.00%, 06/15/16		5,656,478
	1,090,000	New Jersey Economic Development Authority School Facilities Construction Refunding Revenue Bonds, 5.00%, 03/01/18(d)		1,242,862
	410,000	New Jersey Economic Development Authority School Facilities Construction Refunding Revenue Bonds, 5.00%, 03/01/18		456,752
	1,355,000	New Jersey Economic Development Authority School Facilities Construction Refunding Revenue Bonds, Series DD-1, 5.00%, 12/15/16		1,475,676
	750,000	New Jersey Economic Development Authority School Facilities Construction Refunding Revenue Bonds, Series K, (AMBAC), 5.25%, 12/15/16		791,753
	5,000,000	New Jersey Economic Development Authority School Facilities Construction Refunding Revenue Bonds, Series N-1 (AMBAC), 5.00%, 09/01/17		5,198,350
	1,000,000	New Jersey Economic Development Authority School Facilities Construction Refunding Revenue Bonds, Series N-1(NATL-RE), 5.25%, 09/01/16		1,041,720
	5,000,000	New Jersey Economic Development Authority School Facilities Construction Refunding Revenue Bonds, Series N-1, (AMBAC), 5.50%, 09/01/24		5,995,150
	500,000	New Jersey Economic Development Authority School Facilities Construction Revenue Bonds, Series O, 5.00%, 03/01/18		507,925

Principal Amount			Value
New Jersey (continued)
$	11,690,000	New Jersey Economic Development Authority School Facility Construction Refunding Revenue Bonds, Series EE, 5.00%, 09/01/17	$	12,894,888
	505,000	New Jersey Educational Facilities Authority Higher Education Capital Improvement Revenue Bonds, 4.00%, 09/01/16		534,169
	6,225,000	New Jersey Educational Facilities Authority Higher Education Facilities Trust Fund Revenue Bonds, 5.00%, 06/15/16		6,645,748
	25,000	New Jersey Environmental Infrastructure Trust Revenue Bonds, Series 2012, 5.00%, 09/01/16(d)		27,076
	1,160,000	New Jersey Environmental Infrastructure Trust Revenue Bonds, Series 2013, 5.00%, 09/01/16		1,256,779
	15,000	New Jersey Environmental Infrastructure Trust Revenue Bonds, Series A, 5.00%, 09/01/16(d)		16,246
	5,105,000	New Jersey Sports & Exposition Authority Refunding Revenue Bonds, Series B (State Appropriation), 5.00%, 09/01/18		5,745,933
	40,000	New Jersey Sports & Exposition Authority Refunding Revenue Bonds, Series B (State Appropriation), 5.00%, 09/01/18(d)		46,163
	1,300,000	New Jersey State Turnpike Authority Refunding Revenue Bonds, Series B, 5.00%, 01/01/20		1,526,317
	9,220,000	New Jersey State Turnpike Authority Refunding Revenue Bonds, Series C, 5.00%, 01/01/25		11,110,469
	1,885,000	New Jersey Transportation Trust Fund Authority Transit Improvement Revenue Bonds, Series A, (State Appropriation), 5.00%, 06/15/16		2,011,144
	1,375,000	New Jersey Transportation Trust Fund Authority Transportation Systems Refunding Revenue Bonds, Series B, (NATL-RE), 5.50%, 12/15/15		1,452,179

Principal Amount			Value
New Jersey (continued)
$	825,000	New Jersey Transportation Trust Fund Authority Transportation Systems Refunding Revenue Bonds, Series B, (NATL-RE), 5.50%, 12/15/16	$	903,449
	2,750,000	New Jersey Transportation Trust Fund Authority Transportation Systems Refunding Revenue Bonds, Series B-5, 5.25%, 12/15/19(c)		3,163,353
	335,000	New Milford School District Refunding GO, (School Board Resolution Funding), 4.00%, 08/15/15		344,993
	770,000	Township of Montgomery Refunding GO, 3.00%, 08/01/15		785,970
				84,572,478
New Mexico — 0.9%
	4,805,000	City of Albuquerque General Purpose Public Improvements GO, Series A, 5.00%, 07/01/16		5,174,312
	1,000,000	Gadsden Independent School District No 16 Refunding GO, Series B (State Aid Withholding), 4.00%, 08/15/16		1,058,380
	250,000	Gadsden Independent School District No 16 Refunding GO, Series B (State Aid Withholding), 4.00%, 08/15/17		270,278
	800,000	Santa Fe Public School District School Improvements GO (State Aid Withholding), 4.00%, 08/01/15		822,496
	800,000	Santa Fe Public School District School Improvements GO (State Aid Withholding), 4.00%, 08/01/16		849,856
	1,000,000	State of New Mexico Public Improvements GO, 5.00%, 03/01/15		1,015,780
	3,000,000	State of New Mexico Severance Tax Permanent Fund Public Improvements Revenue Bonds, Series A, 5.00%, 07/01/16		3,230,580
				12,421,682
New York — 26.2%
	5,000,000	City of New York Public Improvements GO, Series C, Sub-Series C-A, 5.00%, 08/01/17(c)		5,583,650

Principal Amount			Value
New York (continued)
$	545,000	City of New York Public Improvements GO, Series D, 5.00%, 11/01/21	$	546,891
	3,500,000	City of New York Public Improvements GO, Sub-Series D-1, 5.00%, 08/01/22		4,204,795
	10,000,000	City of New York Refunding GO, Series A, 5.00%, 08/01/25		12,139,100
	5,000,000	City of New York Refunding GO, Series B, 5.00%, 08/01/17		5,583,650
	1,855,000	City of New York Refunding GO, Series C, 5.00%, 08/01/20		2,199,474
	800,000	City of New York Refunding GO, Series C, 5.00%, 08/01/22		961,096
	8,170,000	City of New York Refunding GO, Series D, 5.00%, 08/01/22		9,815,193
	1,870,000	City of New York Refunding GO, Series E, 5.00%, 08/01/16		2,019,245
	4,000,000	City of New York Refunding GO, Series E, 5.00%, 08/01/17		4,466,920
	10,000,000	City of New York Refunding GO, Series G, 5.00%, 08/01/17		11,167,300
	9,730,000	City of New York Refunding GO, Series G, 5.00%, 08/01/19		11,384,100
	10,000,000	City of New York Refunding GO, Series G, 5.00%, 08/01/21		11,944,900
	18,500,000	City of New York Refunding GO, Series G, 5.00%, 08/01/22		22,225,345
	3,360,000	City of New York Refunding GO, Series I, 5.00%, 08/01/16		3,628,162
	2,047,000	County of Rockland Public Improvements GO, Series C, (AGM), 3.00%, 05/01/15		2,071,441
	2,175,000	County of Rockland Public Improvements GO, Series C, (AGM), 3.00%, 05/01/16		2,243,382
	2,000,000	Erie County Industrial Development Agency Refunding Revenue Bonds, Series B, (State Aid Withholding), 5.00%, 05/01/18		2,276,580

Principal Amount			Value
New York (continued)
$	5,000,000	Erie County Industrial Development Agency Refunding Revenue Bonds, Series B, (State Aid Withholding), 5.00%, 05/01/23	$	5,908,550
	1,925,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series F, 5.00%, 11/15/21		2,314,447
	2,150,000	Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Series A, 4.00%, 11/15/15		2,232,023
	1,910,000	Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Series C, 5.00%, 11/15/21		2,296,412
	2,500,000	New York City Municipal Water Finance Authority Fiscal 2009 Revenue Bonds, Series A, 5.50%, 06/15/21		2,914,475
	1,250,000	New York City Municipal Water Finance Authority Fiscal 2014 Refunding Revenue Bonds, Series CC-2, 5.00%, 06/15/18		1,370,475
	1,005,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Series B, 5.00%, 11/01/17(d)		1,132,605
	995,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Series B, 5.00%, 11/01/17		1,122,280
	1,950,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Series B, 5.00%, 02/01/18		2,211,320
	15,920,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series B, 5.00%, 11/01/21		19,205,092
	3,025,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series G, 5.00%, 11/01/18		3,498,292

Principal Amount			Value
New York (continued)
$	1,045,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series G, 5.00%, 11/01/19	$	1,231,188
	2,425,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series G, 5.00%, 11/01/21		2,925,399
	935,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series H, 5.00%, 11/01/18		1,081,290
	1,535,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series H, 5.00%, 11/01/21		1,851,747
	4,700,000	New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, 5.00%, 02/01/17		5,169,154
	515,000	New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Sub-Series, F-1, 5.00%, 02/01/19		597,256
	2,200,000	New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series A-1, 5.00%, 05/01/22		2,546,522
	1,235,000	New York City Transitional Finance Authority School Improvement Revenue Bonds, Sub-Series S-1A, (State Aid Withholding), 5.00%, 07/15/21		1,483,161
	6,250,000	New York Local Government Assistance Corp. Refunding Revenue Bonds, Series E, (AGM, GO of Corp.) OID, 5.25%, 04/01/16		6,507,563
	700,000	New York Local Government Assistance Corp. Refunding Revenue Bonds, Sub-Series A-5-6, 5.00%, 04/01/17		775,047
	5,100,000	New York Municipal Bond Bank Agency Refunding Revenue Bonds, (State Aid Withholding), 4.00%, 12/01/17		5,608,980

Principal Amount			Value
New York (continued)
$	10,000,000	New York Municipal Bond Bank Agency Refunding Revenue Bonds, (State Aid Withholding), 5.00%, 12/01/21	$	12,034,900
	750,000	New York State Dormitory Authority Current Refunding Revenue Bonds, Series A, 4.00%, 07/01/16		793,223
	900,000	New York State Dormitory Authority Economic Development & Housing Revenue Bonds, Series A, 4.00%, 12/15/16		968,040
	1,250,000	New York State Dormitory Authority Economic Development & Housing Revenue Bonds, Series A, 5.00%, 12/15/17		1,415,950
	15,000	New York State Dormitory Authority Mental Health Services Facility Refunding Revenue Bonds, (State Appropriation), 5.00%, 08/15/18(d)		17,303
	1,770,000	New York State Dormitory Authority Mental Health Services Facility Refunding Revenue Bonds, Series A, (State Appropriation), 4.50%, 08/15/17		1,946,451
	550,000	New York State Dormitory Authority Mental Health Services Facility Revenue Bonds, (NATL-RE, FGIC, State Appropriation), 5.00%, 02/15/16		557,403
	2,485,000	New York State Dormitory Authority Mental Health Services Facility Revenue Bonds, (State Appropriation), 5.00%, 08/15/18		2,841,622
	2,110,000	New York State Dormitory Authority Refunding Revenue Bonds, 5.00%, 08/15/18		2,417,026
	15,000,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A, 5.00%, 12/15/20		18,015,750
	4,160,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A, 5.00%, 02/15/26		5,012,426

Principal Amount			Value
New York (continued)
$	1,045,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series A, 5.00%, 03/15/21	$	1,253,457
	7,700,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series A, 5.00%, 03/15/25		9,507,498
	4,000,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series C, 5.00%, 03/15/17		4,418,960
	2,850,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series G, 5.00%, 03/15/17		3,148,509
	2,000,000	New York State Environmental Facilities Corp. Refunding Revenue Bonds, 4.00%, 06/15/16		2,118,180
	7,000,000	New York State Thruway Authority Highway Improvement Refunding Revenue Bonds, Series B, 5.00%, 04/01/20		8,046,570
	200,000	New York State Thruway Authority Highway Improvement Revenue Bonds, Series A, 4.00%, 03/15/16		210,127
	200,000	New York State Thruway Authority Highway Improvement Revenue Bonds, Series A, 5.00%, 03/15/16		212,843
	1,420,000	New York State Thruway Authority Highway Improvement Revenue Bonds, Series A, 5.00%, 03/15/17		1,568,731
	6,000,000	New York State Thruway Authority Highway Improvement Revenue Bonds, Series A, 5.00%, 03/15/19		6,364,920
	1,430,000	New York State Thruway Authority Highway Improvement Revenue Bonds, Series A, 5.00%, 03/15/20		1,695,780

Principal Amount			Value
New York (continued)
$	5,000,000	New York State Thruway Authority Highway Improvement Revenue Bonds, Series A, 5.00%, 03/15/21	$	5,788,700
	1,900,000	New York State Thruway Authority Highway Improvement Revenue Bonds, Series B, 5.00%, 04/01/21		2,182,454
	410,000	New York State Thruway Authority Refunding Revenue Bonds, Series A, 5.00%, 03/15/16		436,330
	400,000	New York State Thruway Authority Refunding Revenue Bonds, Series A, 5.00%, 03/15/17		441,895
	8,000,000	New York State Thruway Authority Refunding Revenue Bonds, Series A, 5.00%, 03/15/21		9,595,120
	5,000,000	New York State Thruway Authority Refunding Revenue Bonds, Series B, 5.00%, 04/01/21		5,743,400
	160,000	New York State Thruway Authority Refunding Revenue Bonds, Series B, (AMBAC), 5.00%, 10/01/15(d)		166,959
	765,000	New York State Thruway Authority Refunding Revenue Bonds, Series B, (AMBAC), 5.00%, 04/01/19		797,918
	1,000,000	New York State Urban Development Corp. Economic Improvements Revenue Bonds, Series A1, 4.00%, 12/15/16		1,075,600
	4,705,000	New York State Urban Development Corp. Public Improvement Revenue Bonds, Series A-1, 5.00%, 03/15/22		5,670,137
	500,000	New York State Urban Development Corp. Refunding Revenue Bonds, Series D, 5.00%, 01/01/15		503,935
	3,150,000	Sales Tax Asset Receivable Corp. Fiscal 2015 Refunding Revenue Bonds, Series A, 5.00%, 10/15/24		3,962,732
	14,390,000	Sales Tax Asset Receivable Corp. Fiscal 2015 Refunding Revenue Bonds, Series A, 5.00%, 10/15/26		17,811,510

Principal Amount			Value
New York (continued)
$	1,345,000	Tobacco Settlement Financing Corp. Asset Backed Refunding Revenue Bonds, Series A, 5.00%, 06/01/15	$	1,382,135
	5,980,000	Town of Oyster Bay Public Improvements Refunding Notes GO, Series A, (AGM), 3.00%, 03/01/15		6,032,923
	5,000,000	Triborough Bridge & Tunnel Authority Cash Flow Management Revenue Bonds, Series A, 5.00%, 05/15/15		5,129,350
	5,390,000	Triborough Bridge & Tunnel Authority Toll Road Refunding Revenue Bonds, Series B, 5.00%, 11/15/23		6,669,317
	1,000,000	Utility Debt Securitization Authority Restructuring Refunding Revenue Bonds, Series TE, 5.00%, 12/15/18		1,095,270
				347,495,856
North Carolina — 2.8%
	680,000	Appalachian State University Refunding Revenue Bonds, 5.00%, 05/01/20		801,026
	905,000	Buncombe County Refunding Revenue Bonds, 5.00%, 06/01/21		1,081,258
	475,000	Buncombe County Refunding Revenue Bonds, Series A, 5.00%, 06/01/16		508,895
	1,355,000	Cabarrus County School Improvement COP, 5.00%, 01/01/21		1,538,901
	1,005,000	City of Charlotte Equipment Acquisition Refunding COP, 5.00%, 12/01/16		1,094,395
	3,015,000	County of Mecklenburg Refunding GO, Series A, 5.00%, 12/01/22		3,711,375
	245,000	County of Wake Refunding GO, Series D, 4.00%, 02/01/16		256,356
	2,840,000	County of Wake School Improvements GO, Series A, 5.00%, 04/01/17		3,144,476
	615,000	Dare County Refunding Revenue Bonds, Series D, 4.00%, 06/01/17		666,974
	675,000	Dare County Refunding Revenue Bonds, Series D, 4.00%, 06/01/18		747,137

Principal Amount			Value
North Carolina (continued)
$	675,000	Dare County Refunding Revenue Bonds, Series D, 5.00%, 06/01/21	$	807,847
	1,285,000	Dare County School Improvements COP, (NATL-RE, FGIC), 5.00%, 06/01/17		1,320,479
	1,565,000	Johnston County School Improvements GO, (NATL-RE), 5.00%, 02/01/20		1,656,286
	325,000	North Carolina State University At Raleigh Refunding Revenue Bonds, Series A, 5.00%, 10/01/21		392,714
	2,000,000	Orange County Public Facilities Co. Refunding Revenue Bonds, 5.00%, 10/01/21		2,415,260
	2,320,000	State of North Carolina Highway Improvements Revenue Bonds, 5.00%, 03/01/16		2,460,592
	10,000,000	State of North Carolina Refunding Revenue Bonds, Series B, 5.00%, 06/01/24		12,424,300
	1,595,000	Town of Cary Public Improvements GO, 5.00%, 03/01/17		1,760,098
				36,788,369
Ohio — 2.5%
	2,000,000	City of Columbus Refunding GO, Series 5, 5.00%, 08/15/23		2,468,080
	1,000,000	County of Hamilton Sewer System Refunding Revenue Bonds, Series A, 5.00%, 12/01/25		1,234,410
	1,000,000	County of Hamilton Sewer System Refunding Revenue Bonds, Series A, 5.00%, 12/01/26		1,224,360
	2,015,000	County of Hamilton Sewer System Refunding Revenue Bonds, Series A, 5.00%, 12/01/27		2,449,051
	2,365,000	Ohio State Building Authority Facilities Administration Building Project Refunding Revenue Bonds, Series B, (NATL-RE, FGIC), 5.00%, 10/01/18		2,724,480

Principal Amount			Value
Ohio (continued)
$	400,000	Ohio State Department of Administrative Services Knowledge System COP, Series A, (NATL-RE), 5.00%, 09/01/16	$	406,271
	400,000	RiverSouth Authority Area Redevelopment Refunding Revenue Bonds, 4.00%, 06/01/16		421,767
	320,000	RiverSouth Authority Area Redevelopment Refunding Revenue Bonds, 5.00%, 06/01/24		378,397
	1,000,000	State of Ohio Capital Facilities Lease Appropriation Refunding Revenue Bonds, 5.00%, 10/01/17		1,117,620
	5,000,000	State of Ohio Highway Improvements GO, Series Q, 5.00%, 05/01/16		5,345,750
	8,000,000	State of Ohio Highway Improvements GO, Series R, 4.00%, 05/01/16		8,434,480
	500,000	State of Ohio Refunding GO, Series B, 4.00%, 08/01/16		531,340
	3,875,000	State of Ohio University & College Improvements GO, Series A, 5.00%, 05/01/24		4,146,560
	590,000	University of Cincinnati College & University Refunding Revenue Bonds, Series A (AMBAC), 5.00%, 06/01/15		606,290
	1,730,000	University of Cincinnati College & University Refunding Revenue Bonds, Series A, (State Appropriation), 5.00%, 06/01/17		1,919,297
				33,408,153
Oklahoma — 1.0%
	4,400,000	Oklahoma Capital Improvement Authority Refunding Revenue Bonds, Series B, 2.00%, 07/01/16		4,515,324
	5,275,000	Tulsa County Independent School District No 3 Broken Arrow Combined Purpose School Improvements GO, 2.00%, 04/01/16		5,396,167

Principal Amount			Value
Oklahoma (continued)
$	2,680,000	University of Oklahoma Refunding Revenue Bonds, Series C, 2.00%, 07/01/16	$	2,749,332
				12,660,823
Oregon — 0.6%
	575,000	City of Portland Water System Refunding Revenue Bonds, 5.00%, 10/01/16		625,502
	1,300,000	City of Portland Water System Refunding Revenue Bonds, Series A, 5.00%, 05/01/17		1,444,170
	815,000	Lane County School District No 19 Springfield School Improvements GO, Series B, (AGM, School Board GTY), 5.00%, 06/15/17		905,286
	1,755,000	Washington & Multnomah Counties School District No 48J Beaverton Refunding GO, Series B, (School Board GTY), 4.00%, 06/15/19		1,975,621
	2,200,000	Yamhill Clackamas & Washington Counties School District No 29J Newberg Refunding GO (NATL-RE, School Board GTY), 5.50%, 06/15/17		2,473,966
				7,424,545
Puerto Rico — 0.0%
	90,000	Puerto Rico Highway & Transportation Authority Highway Improvements Revenue Bonds OID, Series W, 5.50%, 07/01/15(d)		93,129
Rhode Island — 0.1%
	705,000	Rhode Island Health & Educational Building Corp. Town of East Greenwich Revenue Bonds, Series A, (Municipal Government GTY), 4.00%, 05/15/18		765,588
South Carolina — 0.9%
	4,530,000	County of Charleston Refunding GO, Series A, 5.00%, 11/01/21		5,517,812
	880,000	Lexington County School District No 2 Refunding GO (South Carolina School District), 4.00%, 03/01/17		948,042

Principal Amount			Value
South Carolina (continued)
$	2,090,000	Lexington County School District No 2 Refunding GO (South Carolina School District), 5.00%, 03/01/18	$	2,369,830
	1,635,000	Lexington County School District No 2 Refunding GO (South Carolina School District), 5.00%, 03/01/20		1,932,145
	330,000	State of South Carolina University & College Improvements GO, Series B, 5.00%, 03/01/19		386,001
	680,000	State of South Carolina University & College Improvements GO, Series E (State Aid Withholding), 5.00%, 03/01/19		795,396
				11,949,226
Tennessee — 0.2%
	1,075,000	City of Knoxville Wastewater System Revenue Bonds, Series B, 5.00%, 04/01/22		1,276,498
	1,100,000	Tennessee State School Bond Authority Refunding Revenue Bonds (State Aid Intercept Program), 5.00%, 11/01/25		1,361,492
				2,637,990
Texas — 9.8%
	1,255,000	Alamo Community College District GO, Series A, (NATL-RE), 5.50%, 08/15/15		1,307,371
	4,220,000	Alamo Community College District Refunding GO, 4.00%, 02/15/17		4,543,083
	95,000	Aledo Independent School District Improvements GO, (PSF-GTD), 5.00%, 02/15/15(d)		96,298
	800,000	Austin Independent School District Refunding GO (PSF-GTD), 5.00%, 08/01/16		864,136
	400,000	Beaumont Independent School District Improvements GO, (PSF-GTD), 4.00%, 02/15/18		440,503
	1,435,000	City of Conroe Public Improvements GO, 5.00%, 03/01/25		1,746,280

Principal Amount			Value
Texas (continued)
$	1,095,000	City of Friendswood Waterworks & Sewer System Refunding Revenue Bonds, (AGM), 5.00%, 03/01/21	$	1,154,459
	600,000	City of League Waterworks & Sewer GO, Series A, 5.00%, 02/15/22		725,394
	1,775,000	City of Lubbock Public Improvement GO, 5.25%, 02/15/20		2,032,304
	330,000	City of Richardson Public Improvements GO, (NATL-RE), 5.25%, 02/15/20		334,541
	800,000	City of San Antonio Water System Refunding Revenue Bonds, Series A, 3.00%, 05/15/16		832,648
	1,505,000	City of Southlake Refunding GO, 5.00%, 02/15/16		1,596,143
	260,000	Coppell Independent School District School Building GO, (PSF-GTD), 4.00%, 08/15/16		276,708
	1,710,000	County of Bexar Limited Tax Refunding GO, 2.00%, 06/15/15		1,729,631
	1,025,000	County of Bexar Limited Tax Refunding GO, 2.00%, 06/15/15		1,036,767
	875,000	County of Bexar Limited Tax Refunding GO, 3.00%, 06/15/16		912,651
	1,200,000	County of Bexar Limited Tax Refunding GO, 4.00%, 06/15/16		1,270,908
	580,000	County of Bexar Limited Tax Refunding GO, 4.00%, 06/15/16		614,272
	1,000,000	County of Williamson Limited Tax Refunding GO, 5.00%, 02/15/21		1,200,960
	1,095,000	Cypress-Fairbanks Independent School District Refunding GO, Series A, (PSF-GTD), 4.00%, 02/15/17		1,180,388
	3,500,000	Cypress-Fairbanks Independent School District Refunding GO, Series C (PSF-GTD), 5.00%, 02/15/26		4,262,475
	4,000,000	Cypress-Fairbanks Independent School District School Improvements GO, Series B-2 (PSF-GTD), 3.00%, 02/15/40(b)		4,233,280

Principal Amount			Value
Texas (continued)
$	3,000,000	Cypress-Fairbanks Independent School District School Improvements GO, Series B-3 (PSF-GTD), 2.00%, 02/15/44(b)	$	3,036,750
	2,000,000	Dallas Independent School District Refunding GO, Series A (PSF-GTD), 5.00%, 08/15/29		2,408,160
	245,000	Deer Park Independent School District Limited Tax GO, (AGM), 5.00%, 02/15/17		268,586
	7,630,000	Denton Independent School District GO, (PSF-GTD), 2.00%, 08/01/43(b)		7,815,791
	520,000	Forsan Independent School District Refunding GO (PSF-GTD), 4.00%, 02/15/17		560,305
	3,115,000	Frenship Independent School District Refunding GO (PSF-GTD), 5.00%, 02/15/26		3,782,046
	250,000	Frisco Independent School District School Building GO, Series A, (PSF-GTD), 6.13%, 08/15/21		300,889
	3,000,000	Goose Creek Consolidated Independent School District School Improvements GO, Series B, (PSF-GTD), 3.00%, 02/15/35(b)		3,172,260
	700,000	Grapevine Tax Increment Refunding GO, Series A, (NATL-RE), 5.00%, 08/15/17		709,247
	1,000,000	Grapevine Tax Increment Refunding GO, Series A, (NATL-RE), 5.00%, 08/15/19		1,013,120
	330,000	Grapevine-Colleyville Independent School District Refunding GO, (PSF-GTD), 5.00%, 08/15/15(d)		342,382
	1,025,000	Hallsville Independent School District Refunding GO, (PSF-GTD), 4.00%, 02/15/15		1,036,039
	720,000	Hallsville Independent School District Refunding GO, (PSF-GTD), 4.00%, 02/15/16		754,135
	1,000,000	Harris County Refunding GO, Series C, (AGM), 5.25%, 08/15/19		1,188,000

Principal Amount			Value
Texas (continued)
$	500,000	Hidalgo County Certificates of Obligation GO, (NATL-RE), 4.50%, 08/15/19	$	530,845
	2,990,000	Houston Community College System Student Fee Revenue Bonds, Senior Lien, (AGM), 5.25%, 04/15/21		3,386,534
	8,000,000	Houston Independent School District School Improvements GO, Series A (PSF-GTD), 1.00%, 06/01/39(b)		8,029,200
	265,000	Joshua Independent School District Refunding GO, Series C (PSF-GTD), 5.45%, 02/15/16		268,866
	4,500,000	Lower Colorado River Authority Refunding Revenue Bonds, 5.00%, 05/15/16		4,805,640
	560,000	McAllen Independent School District Refunding GO, (PSF-GTD), 5.00%, 02/15/16		567,650
	1,135,000	Mesquite Independent School District School Improvements GO, Series A (PSF-GTD), 2.50%, 08/15/15		1,155,634
	12,645,000	Northside Independent School District Refunding GO (PSF-GTD), 1.50%, 08/01/34(b)(c)		12,747,551
	1,105,000	Pasadena Independent School District GO, (PSF-GTD), 5.00%, 02/15/17		1,217,202
	525,000	Red Oak Independent School District School Building GO, (PSF-GTD), 5.00%, 08/15/18		584,509
	1,500,000	Richardson Independent School District School Improvements GO, Series A, (PSF-GTD), 3.00%, 02/15/16		1,552,005
	275,000	Rockwall Independent School District Improvements GO, (PSF-GTD), 4.75%, 02/15/15(d)		278,567
	1,255,000	San Felipe-Del Rio Consolidated Independent School District Refunding GO, (PSF-GTD), 3.00%, 02/15/15		1,265,040
	1,100,000	San Felipe-Del Rio Consolidated Independent School District Refunding GO, (PSF-GTD), 3.00%, 02/15/16		1,138,137
	145,000	Seagraves Independent School District School Building GO, (PSF-GTD), 4.00%, 02/15/19		161,173

Principal Amount			Value
Texas (continued)
$	2,600,000	Spring Branch Independent School District School House Improvements GO, (PSF-GTD), 3.00%, 06/15/41(b)	$	2,643,628
	10,000,000	Texas Public Finance Authority Unemployment Compensation Refunding Revenue Bonds, 5.00%, 07/01/16		10,770,400
	1,390,000	Texas State University Systems University and College Improvement Revenue Bonds, 5.00%, 03/15/17		1,534,199
	1,070,000	Texas Transportation Commission State Highway Fund Highway Improvements First Tier Revenue Bonds, 5.00%, 04/01/17		1,184,982
	1,775,000	Texas Transportation Commission State Highway Fund Highway Improvements First Tier Revenue Bonds, Series A, 5.00%, 04/01/16		1,893,748
	3,150,000	Tomball Independent School District School Improvements GO, Series B-3, (PSF-GTD), 2.00%, 02/15/43(b)		3,228,435
	1,900,000	University of North Texas Refunding Revenue Bonds, 5.00%, 04/15/20		2,245,306
	4,730,000	University of North Texas Refunding Revenue Bonds, 5.00%, 04/15/21		5,621,700
	2,075,000	University of Texas Financing Systems Refunding Revenue Bonds, Series A, 5.00%, 08/15/17		2,329,188
	1,610,000	University of Texas Financing Systems Refunding Revenue Bonds, Series E, 5.00%, 08/15/15		1,670,922
	145,000	Victoria Utility System, Water & Wastewater Authority Refunding Revenue Bonds, (AMBAC), 5.00%, 12/01/17		161,710
				129,751,681
Utah — 0.2%
	1,975,000	Alpine School District School Building GO, (School Board GTY), 5.00%, 03/15/21		2,302,909

Principal Amount			Value
Utah (continued)
$	125,000	South Jordan Water Refunding Revenue Bonds, (AMBAC), 5.00%, 11/01/15	$	130,938
				2,433,847
Virginia — 2.4%
	155,000	City of Norfolk Water Refunding Revenue Bonds, 5.00%, 11/01/22		186,832
	1,290,000	City of Roanoke Refunding GO, Series A (State Aid Withholding), 5.00%, 07/15/23		1,567,544
	600,000	County of Prince William Facilities Refunding COP, 4.00%, 10/01/17		654,852
	1,350,000	Fairfax County Economic Development Authority Community Services Facilities Project Revenue Bonds, Series A, 4.50%, 03/01/20		1,554,161
	1,225,000	Tobacco Settlement Financing Corp. Asset Backed Revenue Bonds, 5.63%, 06/01/15(d)		1,263,563
	2,000,000	Virginia College Building Authority Public Higher Education Refunding Revenue Bonds, Series B (State Appropriation), 5.00%, 09/01/21		2,374,100
	5,000,000	Virginia Commonwealth Transportation Board Transit Improvements Revenue Bonds, 5.00%, 03/15/23		5,999,150
	2,640,000	Virginia Commonwealth Transportation Board Transit Improvements Revenue Bonds, 5.00%, 09/15/25		3,161,532
	1,440,000	Virginia Commonwealth Transportation Board Transit Improvements Revenue Bonds, 5.00%, 09/15/26		1,706,486
	2,465,000	Virginia Public Building Authority Revenue Bonds, Series A, 5.00%, 08/01/21		2,972,100
	1,250,000	Virginia Public Building Authority Revenue Bonds, Series B (State Appropriation), 5.00%, 08/01/21		1,467,525

Principal Amount			Value
Virginia (continued)
$	8,010,000	Virginia Public School Authority School Improvements Revenue Bonds, Series II, 5.00%, 04/15/17	$	8,872,196
				31,780,041
Washington — 3.4%
	100,000	CDP-King County III Lease King Street Center Project Refunding Revenue Bonds, (NATL-RE), 5.00%, 06/01/17		110,481
	2,525,000	Clark County School District No 117 Camas Refunding GO, (School Board GTY), 5.00%, 12/01/17		2,844,539
	705,000	Energy Northwest Columbia Generating Station Refunding Revenue Bonds, Series S, 5.00%, 07/01/15		727,440
	800,000	Island County School District No 201 Oak Harbor School Improvements GO, (School Board GTY), 5.00%, 12/01/16		866,840
	680,000	King County Public Transportation Sales Tax Refunding GO, 4.00%, 12/01/18		758,030
	1,500,000	King County School District No. 414 Lake Washington GO, (School Board GTY), 5.00%, 12/01/20		1,716,855
	1,000,000	Pierce County School District No 403 Bethel Refunding GO, (School Board GTY), 3.00%, 06/01/16		1,040,710
	10,000,000	Snohomish County School District No 201 Refunding GO (School Board GTY), 5.00%, 12/01/25		12,221,200
	1,315,000	Spokane County School District No 363 West Valley Refunding GO, (School Board GTY), 5.00%, 12/01/18		1,494,471
	2,000,000	State of Washington Department of Ecology Refunding COP, Series B, (AMBAC), 5.00%, 04/01/16		2,128,820
	800,000	State of Washington Motor Vehicle Fuel Tax GO, Series E, 5.00%, 02/01/23		957,992
	605,000	State of Washington Refunding GO, Series R-2006A (AMBAC), 5.00%, 07/01/15(d)		624,342

Principal Amount			Value
Washington (continued)
$	745,000	State of Washington Refunding GO, Series R-2006A (AMBAC), 5.00%, 07/01/17	$	768,862
	2,000,000	State of Washington Refunding GO, Series R-2012C, 5.00%, 07/01/23		2,416,000
	9,375,000	State of Washington Senior 520 Corridor Program Highway Improvements Revenue Bonds, 5.00%, 09/01/16		10,130,344
	3,250,000	State of Washington Senior 520 Corridor Program Highway Improvements Revenue Bonds, 5.00%, 09/01/19		3,805,263
	2,005,000	University of Washington Refunding Revenue Bonds, 5.00%, 12/01/15		2,108,478
				44,720,667
West Virginia — 0.0%
	125,000	West Virginia University Revenue Bonds, Series A, (NATL-RE), 5.50%, 04/01/17		139,064
Wisconsin — 1.1%
	1,390,000	City of La Crosse Promissory Notes Public Improvements GO, Series A, 3.00%, 12/01/15		1,431,811
	1,925,000	State of Wisconsin Public Improvements GO, Series A, 5.00%, 05/01/16		2,058,711
	10,000,000	State of Wisconsin Refunding GO, Series 1, 5.00%, 05/01/16		10,694,600
				14,185,122
Total Municipal Bonds (Cost $1,291,732,752)				1,316,030,404

Shares			Value
INVESTMENT COMPANY — 0.9%
	12,339,000	SEI Daily Income Trust Government II Fund, Class A, 0.00%(e)	$	12,339,000
Total Investment Company (Cost $12,339,000)				12,339,000
TOTAL INVESTMENTS — 100.2% (Cost $1,304,071,752)(a)				1,328,369,404
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)%				(2,259,993	)
NET ASSETS — 100.0%			$	1,326,109,411

(a)	Cost for federal income tax purposes is $1,304,150,636 net unrealized appreciation of investments is as follows:

	Unrealized appreciation	$	26,357,332
	Unrealized depreciation		(2,138,564	)
	Net unrealized appreciation	$	24,218,768

(b)	Variable rate security. Rate shown is the rate as of October 31, 2014.
(c)	The security is subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at the stated maturity date.
(d)	These securities are pre-refunded; the date shown represents the pre-refunded date. Bonds which are pre-refunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
(e)	Rate shown represents current yield at October 31, 2014.

AGM — Assured Guaranty Municipal Corp.

AMBAC — Insured by AMBAC Indemnity Corp.

COP — Certificates of Participation

FGIC — Insured by Financial Guaranty Insurance Corp.

GO — General Obligations

GTY — Guaranty

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

OID — Original Issue Discount

PSF-GTD — Permanent School Fund Guarantee

Q–SBLF — Qualified-School Bond Loan Fund

XLCA — XL Capital Insurance

Old Westbury Funds, Inc. (the “Corporation”) was organized as a Maryland corporation on August 26, 1993 and commenced operations on October 22, 1993. The Corporation is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Corporation’s Articles of Restatement, as amended, permit the Corporation’s Board of Directors (the “Board”) to create an unlimited number of series, each with one or more separate classes of shares. At October 31, 2014, the Corporation consisted of seven separate investment portfolios (each series individually referred to as a “Fund” and collectively as the “Funds”) shown below:

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

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

The consolidated financial statements of the Real Return Fund include the financial results of its wholly-owned subsidiary (organized under the laws of the Cayman Islands), OWF Real Return Fund, Ltd. (the “Subsidiary”). All material intercompany accounts and transactions have been eliminated. The Subsidiary commenced operations on November 7, 2008. The Real Return Fund commenced reporting on a consolidated basis as of such commencement date. The Subsidiary is a commodity pool, as defined in the regulations of the Commodity Futures Trade Commission (the “CFTC”), and is operated by Bessemer Investment Management LLC (“BIM”)(“Adviser”), a commodity pool operator registered with the CFTC effective January 1, 2013. The Real Return Fund seeks to gain exposure to commodities, commodities-related instruments, derivatives and other investments by directly investing in those instruments or through investments in the Subsidiary. The Subsidiary has the same investment goal as the Real Return Fund. The Subsidiary pursues its investment goal by investing in commodities, commodities-related instruments, derivatives and other investments. The Subsidiary (unlike the Real Return Fund) may invest without limitation in these instruments. However, the Subsidiary is otherwise subject to the same fundamental, non-fundamental and certain other investment restrictions as the Real Return Fund. The portion of the Real Return Fund’s or Subsidiary’s assets exposed to any particular commodity, derivative or other investment will vary based on market conditions, but from time to time some exposure could be substantial. To the extent of the Real Return Fund’s investment through the Subsidiary, it will be subject to the risks associated with the commodities, derivatives and other instruments in which the Subsidiary invests. As of October 31, 2014, the Subsidiary represented $229,235,671, or 19.62% of the Real Return Fund’s net assets.

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

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

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

A. Valuation of Investments. Readily marketable equity securities listed on an exchange are valued, except as indicated below, at the last sale price reflected at the close of the regular trading session of the exchange on the business day as of which such value is being determined, and securities listed on NASDAQ are valued at the NASDAQ Official Closing Price (“NOCP”) and, if no NOCP is available, then at the last reported sales price. If there has been no sale on such day, the securities are valued at the mean of the closing bid and asked prices on such day. If no bid or asked prices are quoted on such day, then the securities are valued using a broker-dealer quote or an approved pricing service. Equity securities traded on more than one national securities exchange are valued at the last sale price on the business day as of which such value is being determined as reflected on the tape at the close of the exchange representing the principal market for such securities.

Readily marketable equity securities traded in the over-the-counter market (“OTC”), including listed securities whose primary market is believed by BIM, or a sub-adviser, as applicable, to be over-the-counter, are valued at the mean of the latest bid and asked prices using a broker-dealer or an approved pricing service.

Shares of open-end investment companies are valued at the latest net asset value (“NAV”) reported by the investment company. Shares of investment companies that are traded intra-day on an exchange (e.g., exchange traded funds) will be valued at the last sale price as reflected at the close of the regular trading session of such exchange.

U.S. government obligations and other debt instruments having 60 days or less remaining until maturity are valued at amortized cost provided that such value remains consistent with the instruments’s fair value. Debt instruments having a greater remaining maturity will be valued on the basis of prices obtained from a broker-dealer or an approved pricing service.

Foreign securities generally are valued in their national currency at the latest available quoted sale price as of the close of trading on the foreign exchange or other principal market on which the security is traded. In the absence of current trade activity, the securities will be valued at the mean of the latest bid/ask quotations. As described below, this value is then converted into its U.S. dollar equivalent using the daily rate of exchange at the time of a Fund’s NAV calculation (normally 4:00 p.m. Eastern Time).

Forward currency contracts are valued at the mean between the bid and the asked prices and interpolated to the specific expiration date. Quotations are available for regularly scheduled settlement dates such as on a 1-,2-,3-,4-,5-,6-,9-, and 12-month basis. Over-the-counter derivatives, such as swaps and non-exchange traded options and futures are valued on the basis of counterparty valuation quotations or dealer quotations, subject to review by BIM, or a sub-adviser with BIM’s oversight where appropriate. An approved pricing service may also be used to price these instruments. Exchange-traded swaps, options and futures contracts and options thereon are valued at their last sale or settlement price as of the close of such exchanges. Contracts for long puts and calls are valued at the bid price and short puts and calls will be valued at the offering price of a broker-dealer or an exchange. Generally, options, rights/warrants and other “when-issued” securities follow the same pricing methods as equity securities.

Securities and other investments for which market quotations are not readily available are valued under the general supervision and responsibility of the Board and pursuant to policies and procedures established by the Board, which are designed to reflect, in good faith, the fair value of such investments. A market quotation is considered not readily available if, among other circumstances, the most recent reported price is deemed unreliable. For example, securities that may be subject to fair valuation include, but are not limited to: (1) securities in which trading has been halted pending further news; (2) illiquid securities in which there is no trading market and no broker coverage; (3) stale priced securities; (4) securities that may have defaulted or de-listed from an exchange and are no longer trading; (5) any other security for which the Funds’ Pricing Committee, with input from the Adviser or sub-advisers, as applicable, believes that the last trading price does not represent a reliable current price; or (6) other investments, including real assets and derivatives for which readily available market quotations are not generally available. In addition, a Fund may fair value securities that trade on a foreign exchange because a significant event has occurred after the foreign exchange closes but before the time as of which a Fund’s share price is calculated. Foreign exchanges typically close before the time as of which Fund share prices are calculated, and may be closed altogether on some days a Fund is open. Such significant events affecting a foreign security may include, but are not limited to: (1) those relating to a

single issuer; (2) governmental actions that affect securities in one sector or country; (3) natural disasters or armed conflicts affecting a country or region; or (4) significant market fluctuations. There is no single standard for determining the fair value of a security or investment, but, rather, several factors are considered including an evaluation of the forces that influence the market in which the security or investment is purchased or sold, in determining whether a market price is readily available and, if not, the security’s or other investment’s fair value.

In light of the judgment involved in fair value decisions, there can be no assurances that a fair value assigned to a particular security reflects a price for which a security has traded or will trade. Accordingly, when a Fund uses fair value to price securities, it may value those securities higher or lower than another fund that uses market quotations to price the same securities.

Real assets (i.e., assets not constituting securities or securities whose value is determined by underlying real assets), including collectibles such as coins, for which there is no readily available market quotation are valued on the basis of appraised value as determined by an independent appraiser selected by BIM. Appraisals are obtained on an ongoing, periodic basis in order to assure current valuations; appraisals generally are obtained not less frequently than quarterly and appraised values may be updated between appraisals on the basis of reported industry benchmarks.

In the event of a change in the S&P 500 Index that is greater than predetermined levels approved by the Board, the Funds will utilize an approved pricing service that has been designated to determine fair value to price securities traded on any overseas exchange. Pricing Service Vendors base their valuations on a number of factors, including, but not limited to, actual transaction data, benchmark yields, market bids, market offers, quotations from dealers, credit risk spreads, interest rate spreads, proprietary pricing models, cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements, specific deal information and other relationships observed in markets of comparable securities. Such fair valuations are categorized as Level 2 in the fair value hierarchy. Foreign securities that are valued based on market quotations are categorized as Level 1 in the fair value hierarchy. The Large Cap Strategies Fund, Small & Mid Cap Fund and the Strategic Opportunities Fund utilized a systematic fair valuation model provided by an independent third-party vendor to fair value certain securities 17 days during the year ended October 31, 2014. Effective July 31, 2014, the Large Cap Core Fund utilized a systematic fair valuation model provided by an independent third-party vendor to fair value certain securities 4 days during the period ended October 31, 2014. As a result on days when the index change exceeds predetermined levels, certain securities held by the Funds were transferred from Level 1 into Level 2. On any subsequent day when such index level is not exceeded, certain securities held by the Funds were transferred from Level 2 back into Level 1. As of October 31, 2014, foreign securities were not fair valued as the change in the S&P 500 Index did not exceed the Funds’ predetermined level. There were no other transfers between Level 1 and Level 2 during the year ended October 31, 2014.

The fair value of investments is determined in accordance with the valuation policies and procedures approved by the Board. The Funds’ Pricing Committee established by the Board (the “Pricing Committee”) reviews pricing methodologies on at least a quarterly basis. The Pricing Committee is responsible for (i) establishing valuation processes and (ii) determining the fair value of the Funds’ holdings for which price quotations are not readily available, unreliable or for which an approved valuation method is deemed inappropriate. These investments are either categorized as Level 2 or 3 depending on the observability of the inputs used. The Pricing Committee may consider one or more factors in determining an investment’s fair value. The factors to be taken into account, to the extent relevant, typically include, but are not limited to: fundamental analytical data relating to the investment, the nature and duration of any restrictions on disposition of the investments, an evaluation of the forces that influence the market in which the investments are purchased or sold, the type of investment, financial statements and company filings, lack of marketability, the cost at date of purchase, good faith recommendation of BIM or a sub-adviser, as applicable, and any other relevant matters. When the fair valuation of investments use significant unobservable inputs, such investments will be categorized as Level 3 in the fair value hierarchy.

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

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

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

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

For the year ended October 31, 2014, there were no in-kind payments received by the Funds with respect to PIK securities.

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

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

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

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

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

F. Collectibles. The Real Return Fund may invest in collectibles, which are rare objects collected by investors. They can include stamps, coins, books, oriental rugs, antiques, sports and other memorabilia, photographs, art and wine. Collectibles are generally expected to rise in value during inflationary periods when investors are trying to move to assets viewed as an inflation hedge. Generally, collectibles can be expected to drop in value during periods of low inflation. Collectible trading for profit

is subject to certain risks and other considerations, including that collectibles: (i) have limited buying and selling markets; (ii) are often bought and sold at auction and subject to buyer and/or seller premiums; (iii) experience periods of high and low demand; (iv) must be insured, physically held and properly maintained; (v) may need to have their authenticity and provenance verified from time to time; and (vi) may not have representative market valuations available. The Real Return Fund does not currently intend to invest more than 5% of its total assets in collectibles. As of October 31, 2014, the Real Return Fund held $25,081,918, or 2.15% of net assets, in collectibles.

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

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

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

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

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

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

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

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

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

In the normal course of business, the Funds invest in securities and enter into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer of a security to meet all its obligations (credit risk). The value of securities held by a Fund may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Fund; changes or perceived changes in economic conditions; overall market changes; local, regional or global political, social or economic events or instability; and currency and interest rate and price fluctuations. Since 2008, the U.S. government has implemented various measures designed to stabilize the U.S. economy and support U.S. economic recovery, including by keeping the federal funds rate at or near zero percent and purchasing large quantities of securities issued or guaranteed by the U.S. government or its agencies and instrumentalities on the open market (“quantitative easing”). The Board of Governors of the Federal Reserve System has eliminated quantitative easing and, to the extent it raises the federal funds rate, there is a risk that interest rates across the U.S. financial markets will rise suddenly and significantly, thereby exposing fixed income and related markets to heightened volatility and reduced liquidity. Such market events may cause a Fund to experience losses and/or high redemption requests, which may result in increased transactions costs and lower a Fund’s performance. Exposure to foreign markets through issuers or currencies can involve additional risks relating to market, economic, political, regulatory, geopolitical, or other conditions. The risks of foreign investments are increased in emerging markets which may experience hyperinflation and have far lower trading volumes and less liquidity that developed markets. Changes in foreign currency exchange rates can affect the value of a Funds’s portfolio. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. Similar to credit risk, a Fund may be exposed to counterparty risk, or the risk that an entity with which the Fund has unsettled or open transactions may default. Financial assets, which potentially expose a Fund to credit and counterparty risks, consist principally of investments and cash due from counterparties. The Funds’ Adviser and sub-advisers, as applicable, review the creditworthiness of counterparties that they believe entail material credit risk in relation to the investment policies of a Fund. The extent of a Fund’s exposure to credit and counterparty risks with respect to these financial assets is generally represented by their value recorded in the Fund’s Statements of Assets and Liabilities.

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

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

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

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

The summary of inputs used to value the Funds’ investments as of October 31, 2014 is as follows:

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

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

The following table is a reconciliation of the Real Return Fund’s Level 3 investments for the year ended October 31, 2014:

For the year ended October 31, 2014, the change in unrealized appreciation/(depreciation) attributable to Level 3 investments still held at October 31, 2014 was $(1,895,434) and is included in net change in unrealized appreciation/(depreciation) on investments on the Statement of Operations. These Level 3 investments represent collectible coins. Transfers into Level 3 in the table above were due to changes in market price observability and/or the significant valuation inputs for the collectible coins during the period.

In June 2013, FASB issued Accounting Standards Update (“ASU”) No. 2013-8 “Investment Companies: Amendments to the scope measurement, and disclosure requirements” that creates a two-tiered approach to assess whether an entity is an investment company. The guidance will also require an investment company to measure noncontrolling ownership interest in other investment companies at fair value and will require additional disclosures relating to investment company status, any changes thereto and information about financial support provided or contractually required to be provided to any of the investment company’s investees. The ASU provides that investment companies regulated under the 1940 Act automatically qualify as investment companies, such as the Funds. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2013 and interim periods within those fiscal years.

In August 2014, FASB issued ASU No. 2014-15, “Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” Under generally accepted accounting principles (GAAP), a reporting entity’s continued existence is the basis for preparing financial statements as a going concern (commonly referred to as the going concern basis of accounting) unless and until the entity’s liquidation becomes imminent. This ASU provides guidance in GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related disclosures in the entity’s financial statements. The ASU becomes effective for all entities for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Management is evaluating the impact of this guidance on the Funds’ financial statement disclosures.

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

relatively small adverse movements in the price or value of the underlying security, asset, index or reference rate, which may be magnified by or potentially unlimited as a result of certain features of the derivatives.

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

The Funds’ maximum risk of loss from counterparty credit risk on over-the-counter derivatives is generally the aggregate net unrealized gain in excess of any collateral pledged by the counterparty to the Funds. For over-the-counter purchased options, the Funds bear the risk of loss in the amount of the premiums paid and positive change in market value of the options should the counterparty not perform under the contracts. Written options by the Funds do not give rise to counterparty credit risk, as written options obligate the Funds to perform and not the counterparty. Certain ISDA Master Agreements allow counterparties to over-the-counter derivatives to terminate or require full collateralization of derivative contracts prior to maturity in the event a Fund’s net assets decline by a stated percentage or a Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Funds to post additional collateral or accelerate payment of any net liability owed to the counterparty. As of October 31, 2014, the Real Return Fund had over-the-counter derivatives with contingent features in net liability positions in the amount of $690,184. There were no trigger events during the year ended October 31, 2014.

Cash collateral that has been pledged to cover obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately on the Statement of Assets and Liabilities as due from brokers for collateral and payable to brokers for collateral, respectively. Non-cash collateral pledged by the Fund, if any, is noted in the Schedule of Investments.

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

As of October 31, 2014, the Funds had transactions subject to enforceable master netting arrangements (“MNA”). For reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is included in the following tables:

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

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

For the year ended October 31, 2014, the quarterly average volume of derivative activities were as follows:

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

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

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

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

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

As of October 31, 2014, the Small & Mid Cap Fund had the following open Forwards:

As of October 31, 2014, the Strategic Opportunities Fund had the following open Forwards:

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

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

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

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

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

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

A summary of the Strategic Opportunities Fund’s written option transactions for the year is as follows:

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

The Strategic Opportunities Fund invests in structured options to increase or decrease its exposure to an underlying index or group of securities (equity risk) or to increase or decrease its exposure to changes in foreign currency exchange rates (foreign currency exchange risk). These structured options may consist of single or multiple OTC options which are priced as a single security. Structured options may only be exercised at the expiration date, but may be transferred/sold prior to the expiration date. The value of a structured option may either increase or decrease with the underlying index or group of securities, depending on the combination of options used. Structured options are issued in units whereby each unit represents a structure based on a specific index with an initial reference strike price. Generally, the basis of the contracts is the premium received or paid which is recorded as an asset on the Statement of Assets and Liabilities. The amount of the asset is subsequently

market-to-market to reflect the current market value of the structured option. When a structured option is transferred/sold or exercised, the Fund will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. One type of structure involves the combination of selling a put while buying a call on a specific index. This option would rise in value as the underlying index increases and fall in value as the underlying index decreases. Alternatively, another structure involves the sale of a call and the purchase of a put. This option structure would rise in value as the underlying index decreases and fall in value as the underlying index increases. Upon the exercise of the structured option, the Fund will receive a payment from, or be required to remit a payment to the counterparty, depending on the value of the underlying index at exercise.

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

BIM has retained Oldfield Partners LLP (“Oldfield”) and Sands Capital Management, LLC (“Sands”) as sub-adviser to manage a segment of the Large Cap Strategies Fund. Oldfield and Sands are paid for their services directly by BIM. Effective on August 14, 2014, (the “Effective Date”), Oldfield no longer acts as a sub-adviser for a portion of the Large Cap Strategies Fund’s portfolio. On the Effective Date, BIM assumed the day-to-day investment management responsibility for the portion of the Fund assets managed by Oldfield prior to the Effective Date.

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

BIM has retained Franklin Advisers, Inc. (“Franklin”), Shenkman Capital Management, Inc. (“Shenkman”), BlackRock Financial Management, Inc. (“BlackRock”) and Muzinich & Co., Inc. (“Muzinich”) as sub-advisers to each manage a segment of the Strategic Opportunities Fund. Franklin, Shenkman, BlackRock and Muzinich are paid for their services directly by BIM. Effective on April 15, 2014, Shenkman no longer acts as a sub-adviser for a portion of the Fund’s portfolio. On the Effective Date, BIM assumed day-to-day investment management responsibility for the portion of the Fund assets managed by Shenkman.

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

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

C. Distribution and Shareholder Servicing Fees. The Funds have adopted a shareholder servicing plan (the “Shareholder Servicing Plan”) with Bessemer, pursuant to which Bessemer serves as a shareholder servicing agent and provides certain shareholder support services. Bessemer may engage shareholder sub-servicing agents, such as broker/dealers, banks, trust companies, investment advisers, and other financial institutions and intermediaries to provide certain shareholder support services and is solely responsible for paying each such shareholder sub-servicing agent from the fee it receives from each of the Funds. Each Fund pays for shareholder support services an annual fee of 0.20% of its average daily net assets; however, with respect to the Fixed Income Fund and the Municipal Bond Fund, Bessemer has contractually committed to waive its shareholder servicing fee to the extent necessary to maintain a maximum shareholder servicing fee at 0.10% through October 31, 2015. The shareholder servicing fee commitment arrangements may be changed or terminated at any time with the approval of the Board. For the year ended October 31, 2014, Bessemer waived shareholder servicing fees in the amount of $541,121 respect to the Fixed Income Fund and $1,284,775 with respect to the Municipal Bond Fund.

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

E. Fee Waivers. BIM may voluntarily waive a portion of its advisory fee to limit the Funds’ total expenses. BIM may terminate this voluntary waiver at any time. BIM, however, does not have the ability to recapture fees currently being waived at a later date. BIM has contractually committed through October 31, 2015 to waive its advisory fees to the extent necessary to maintain the net operating expense ratios, excluding fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and acquired fund fees and expenses, if any, of the Large Cap Core Fund at 1.00%, the Large Cap Strategies Fund at 1.15%, the Small & Mid Cap Fund at 1.11%, the Strategic Opportunities Fund at 1.20%, the Real Return Fund at 1.10%, the Fixed Income Fund at 0.70% and the Municipal Bond Fund at 0.70%. Any waiver amounts are disclosed in the Statements of Operations. For the year ended October 31, 2014, BIM waived $409,751 for the Large Cap Core Fund, $2,859,336 for the Small & Mid Cap Fund, $6,781,489 for the Strategic Opportunities Fund and $635,214 for the Real Return Fund. The Fixed Income Fund and Municipal Bond Fund had shareholder servicing fee waivers of $541,121 and $1,284,775, respectively. The contractual advisory fee waivers and the shareholder servicing fee waivers may be changed or terminated at any time with the approval of the Board.

F. Board of Directors’ Fees. Each Director who is not an “interested person” of the Corporation (as that term is defined under the 1940 Act) (each, an “Independent Director”) receives from the Funds a total annual retainer of $120,000 (effective 3/1/14, $95,000 prior to that date) (plus $50,000 for serving as the Board’s Chairperson, $10,000 as the Board’s Vice Chairperson, $20,000 as the Audit Committee Chairperson, $10,000 as the Pricing Committee Liaison, $10,000 as the Risk Management Liaison and $10,000 each as the Nominating Committee Chairperson and the Governance Committee Chairperson) and receives for attendance at Board and committee meetings the following:

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

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

Investment transactions for the year ended October 31, 2014, excluding short-term investments and U.S. Government securities, were as follows:

Purchase and sales of U.S. Government Securities, excluding those with maturity of one year or less during the year ended October 31, 2014 were as follows:

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

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

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

The Funds may also be subject to capital gains tax in India on gains realized upon the sale of Indian securities. The Funds may accrue a deferred tax liability for unrealized gains on India and Thailand securities based on existing tax rates and holding periods of the securities. As of October 31, 2014, the Large Cap Strategies Fund, the Small & Mid Cap Fund and the Strategic Opportunities Fund recorded liabilities of $5,325,450, $585,560 and $147,909, respectively, in the Statements of Assets and Liabilities as an estimate for potential future India and Thailand capital gain taxes.

The tax character of distributions from the Funds during the year ended October 31, 2014 was as follows (amounts in thousands):

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

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

As of and during the year ended October 31, 2014, the Funds did not have any liabilities for any uncertain tax positions. The Funds recognize interest and penalties, if any, related to unrecognized tax positions as income tax expense in the Statements of Operations. During the year, the Funds did not incur any interest or penalties. The statute of limitation on each Fund’s U.S. federal income tax returns remains open for each of the four years ended October 31, 2014. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

At October 31, 2014, the components of accumulated earnings/(deficits) on a tax basis were as follows:

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

At October 31, 2014, the following Funds had capital loss carryforwards for federal income tax purposes, which will expire on the following date:

**As of October 31, 2014, the Real Return Fund had a short-term and long-term capital loss carryforward of $55,431,184 and $88,174,679, respectively, and Fixed Income Fund had a long-term capital loss carryforward of $3,747,632, available to offset future realized capital gains in accordance with the Regulated Investment Company Modernization Act of 2010. These capital loss carryforwards are not subject to expiration and must first be utilized to offset future realized gains of the same character and must be utilized prior to the utilization of the loss carryforwards subject to expiration that are described above.

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

Under current tax law, ordinary losses incurred after December 31 of a Fund’s fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. The Real Return Fund deferred qualified late-year ordinary losses of $4,250,373, which will be treated as arising on the first business day of the fiscal year ending October 31, 2015.

The Strategic Opportunities Fund may invest in floating rate loan interests. In connection with these investments, the Strategic Opportunities Fund may also enter into bridge loan commitments (“commitments”). Bridge loan commitments may obligate the Strategic Opportunities Fund to furnish temporary financing to a borrower until permanent financing can be arranged. As of October 31, 2014, the Strategic Opportunities Fund had no outstanding bridge loan commitments. In connection with these commitments, the Strategic Opportunities Fund earns a commitment fee, typically set as a percentage of the commitment amount. Such fee income, which is included in interest income in the Statements of Operations, is recognized ratably over the commitment period.

Management has evaluated the impact of all subsequent events on the Funds and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

The Funds designate a portion of the income dividends distributed during the fiscal year ended October 31, 2014, as Qualified Dividend Income (“QDI”) as defined in the Code as follows:

The Funds designate a portion of the income dividends distributed during the fiscal year ended October 31, 2014, as Qualified Interest Income as defined in the Code as follows:

The Funds designate a portion of the income dividends distributed during the fiscal year ended October 31, 2014, as Qualified Short-Term Gain as defined in the Code as follows:

For the fiscal year ended October 31, 2014, the following percentage of income dividends paid by the Funds qualifies for the Dividends Received Deduction available to corporations:

The Funds designate Long-Term Capital Gain dividends pursuant to Section 852(b)(3) of the Code for the fiscal year ended October 31, 2014 as follows:

The percentages of the ordinary income dividends paid by the Funds during the fiscal year ended October 31, 2014 which were derived from U.S. Treasury securities were as follows:

The Municipal Bond Fund designates $15,607,413 as tax exempt dividends paid for the fiscal year ended October 31, 2014.

We have audited the accompanying statements of assets and liabilities of Old Westbury Funds, Inc. (comprising, respectively, Large Cap Core Fund, Large Cap Strategies Fund, Small & Mid Cap Fund, Strategic Opportunities Fund, Real Return Fund (consolidated), Fixed Income Fund, and Municipal Bond Fund (collectively the “Funds”)), including the portfolios of investments of Large Cap Core Fund, Large Cap Strategies Fund, Strategic Opportunities Fund, Real Return Fund (consolidated), Fixed Income Fund, and Municipal Bond Fund and the condensed portfolio of investments of Small & Mid Cap Fund, as of October 31, 2014, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2014, by correspondence with the custodians and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the respective Funds comprising Old Westbury Funds, Inc. at October 31, 2014, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

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

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

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

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

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

At a meeting held on July 22-23, 2014, the Board of Directors (the “Board” or the “Directors”) of the Old Westbury Funds, Inc. (the “Corporation”), including the Directors who are not “interested persons” (as defined under the Investment Company Act of 1940 (the “1940 Act”)) of any party to the agreements defined below (“Independent Directors”), unanimously approved the continuation of the following investment advisory and sub-advisory agreements (collectively, the “Agreements”): (1) an investment advisory agreement between Bessemer Investment Management LLC (“BIM” or “Adviser”) and the Corporation on behalf of Old Westbury Large Cap Core Fund (“Large Cap Core Fund”), Old Westbury Large Cap Strategies Fund (“Large Cap Strategies Fund”), Old Westbury Small & Mid Cap Fund (“Small & Mid Cap Fund”), Old Westbury Strategic Opportunities Fund (“Strategic Opportunities Fund”), Old Westbury Real Return Fund (“Real Return Fund”), Old Westbury Fixed Income Fund (“Fixed Income Fund”), and Old Westbury Municipal Bond Fund (“Municipal Bond Fund”) (each, a “Fund” and, collectively, the “Funds”), (2) a sub-advisory agreement among BIM, Dimensional Fund Advisors LP (“Dimensional”) and the Corporation on behalf of the Small & Mid Cap Fund, (3) a sub-advisory agreement among BIM, Champlain Investment Partners, LLC (“Champlain”) and the Corporation on behalf of the Small & Mid Cap Fund, (4) a sub-advisory agreement among BIM, Mondrian Investment Partners Limited (“Mondrian”) and the Corporation on behalf of the Small & Mid Cap Fund, (5) a sub-advisory agreement among BIM, Franklin Advisers, Inc. (“Franklin”) and the Corporation on behalf of the Strategic Opportunities Fund, (6) a sub-advisory agreement among BIM, BlackRock Financial Management, Inc. (“BlackRock”) and the Corporation on behalf of the Strategic Opportunities Fund and (7) a sub-advisory agreement among BIM, Sands Capital Management, LLC (“Sands” and, collectively with Dimensional, Champlain, Mondrian, Franklin, and BlackRock, the “Sub-Advisers”) and the Corporation on behalf of the Large Cap Strategies Fund. At both the meeting of the Board held on July 22-23, 2014 and the meeting of the Board held on April 22-23, 2014, the Board had requested and received substantial information regarding the Adviser, each of the Sub-Advisers, and the Agreements, as well as related matters pertaining to the fee rates charged and services provided by affiliated service providers. The Directors reviewed detailed due diligence questionnaires from BIM and each of the Sub-Advisers, as well as substantial information concerning, among other things, each Fund’s performance, comparative fee and expense information as well as information regarding BIM and each of the Sub-Advisers relating to their respective organizations, compliance and regulatory processes and programs and financial conditions. In addition, the Adviser supplied the Directors with additional information concerning its estimated profitability from managing the Funds. Moreover, the Board had received materials and presentations throughout the course of the year relating to the investment management and operation of the Funds.

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

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

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

The Board considered the scope and quality of services provided by the Adviser and Sub-Advisers, particularly the qualifications, capabilities and experience of the investment, operational, compliance, legal and other personnel who are responsible for providing services to the Funds. The Board also considered the fact that the Adviser and Sub-Advisers pay the costs of all investment and management facilities necessary for the efficient conduct of their respective services. The Board further considered the role and efforts of the Adviser in providing oversight of the various Sub-Advisers for the Funds, including in overseeing the service of, and in monitoring the performance of, each Sub-Adviser, as well as determining the appropriate allocation of assets to Sub-Advisers. The Board also considered the Adviser’s role in making recommendations to the Board regarding retaining or replacing Sub-Advisers where appropriate and in conducting the necessary searches and due diligence of prospective new sub-advisers. In this regard, the Board noted the information that it had received regarding the Adviser’s on-going due diligence with respect to each Sub-Adviser, including the Adviser’s review of, among other things, each Sub-Adviser’s investment process, compliance program and performance. The Board also considered the role of the Pricing Committee in the valuation of the Funds’ portfolio instruments, including its role in determining fair values for securities pursuant to the Corporation’s Valuation Policies, as well as its role in selecting and monitoring pricing service providers and, foreign fair value service providers.

In addition, the Board considered that the Adviser manages the overall investment program of the Funds and that the Adviser keeps the Board informed of important developments affecting the Funds, both in connection with the Board’s annual review of the Advisory and Sub-Advisory Agreements and at each Board meeting. The Board also noted that it received in-person

reports from each Sub-Adviser throughout the year. The Board evaluated these factors based on its direct experience with the Adviser, and in consultation with Counsel to the Corporation and Counsel to the Independent Directors, as well as Counsel to the Independent Directors alone. The Board also considered the Adviser’s effectiveness in ensuring that the Funds are in compliance with their respective investment policies and restrictions and the requirements of the 1940 Act and related securities regulations. The Board further noted the Adviser’s and its affiliates’ efforts to oversee the Funds’ other service providers, including those providing administrative, accounting and custodial services.

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

The Board’s analysis of the Funds’ performance included the discussion and review of the performance data of each of the Funds against securities benchmarks as well as against a competitive group of similar funds, based on, in part, information provided by an independent, third-party mutual fund data provider. The Board considered that for some Funds, like the Strategic Opportunities Fund, the investment strategy employed by the Fund was distinct from any securities benchmark and was different than that employed by other funds, making performance comparisons against benchmarks and industry peers difficult or less meaningful. The Board reviewed comparative performance over long-, intermediate- and short-term periods. In reviewing performance, the Board placed greater emphasis on longer term performance than on shorter term performance, taking into account that over short periods of time underperformance may be transitory. The Board also considered the performance of the Funds in the context of whether the Funds were meeting the expectations of the clients invested in the Funds. In this regard, the Board considered that the Fixed Income Fund and the Municipal Bond Fund were designed as conservative investment products and that clients were most interested in capital preservation when investing in the Funds. As a result, the Board determined that the Fixed Income Fund and Municipal Bond Fund appeared to be meeting their investment objectives even though both Funds had underperformed their competitive peer groups in recent years.

The Board considered the performance of each of the Sub-Advisers both against comparative benchmarks as well as against similarly managed accounts managed by such Sub-Adviser. In this regard, the Board noted that the recent underperformance by certain Sub-Advisers was the result of a very short period of underperformance and that otherwise performance was competitive. When reviewing Sub-Adviser performance against similarly managed accounts, the Board considered, among other things, differences in the nature of such accounts from a regulatory and tax perspective and differences in the investment mandate from that of the Funds. In evaluating the Funds’ performance, the Board also considered the principal role of the Funds as part of the asset allocation strategy for client accounts maintained by Bessemer and its affiliates.

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

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

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

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

The Board considered the information provided by the Adviser relating to economies of scale. In this regard, the Board noted the current advisory fee breakpoint levels at $500 million and $1 billion with respect to Large Cap Core Fund, Fixed Income Fund and Municipal Bond Fund, and at $1.25 billion and $2.5 billion for the Strategic Opportunities Fund and Large Cap Strategies Fund. The Board also considered the experience of the Adviser in managing the Funds, as well as the Adviser’s profitability analysis. With respect to the Small & Mid Cap and Real Return Funds, the Board determined that it would continue to monitor whether breakpoints would be appropriate should those Funds continue to grow in size. The Board also noted other areas where each Fund may share in economies of scale, including through potential lower fees charged by third-party service providers based on the combined size of the Funds.

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

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

Investment Adviser:

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

Distributor:

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

Custodians:

Bessemer Trust Company
100 Woodbridge Center Drive
Woodbridge, NJ 07095

Citibank, N.A.

388 Greenwich Street
New York, NY 10013

Administrator:

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

Transfer Agent:

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

Independent Registered Public Accounting Firm:

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

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

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

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

Cusip 680414307
Cusip 680414604
Cusip 680414109
Cusip 680414406
Cusip 680414505
Cusip 680414703
Cusip 680414802
(A21-AR2014)
(12/14)

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

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	15,136	Aveo Group		27,572
	345,689	AWE Ltd.(d)		532,363
	126,963	Bank of Queensland Ltd.		1,408,888
	5,295	BC Iron Ltd.		5,009
	831,937	Beach Energy Ltd.		852,905
	81,049	Beadell Resources Ltd.(d)		18,187
	386,888	Bendigo & Adelaide Bank Ltd.		4,228,546
	46,522	Bentham IMF Ltd.		83,926
	163,094	Billabong International Ltd.(d)		95,443
	2,067	Blackmores Ltd.		59,953
	346,723	BlueScope Steel Ltd.(d)		1,601,866
	481,246	Boral Ltd.		2,100,550
	20,608	Bradken Ltd.		70,001
	10,942	Breville Group Ltd.		65,573
	24,551	Brickworks Ltd.		293,827
	17,980	BT Investment Management Ltd.		98,890
	53,909	Cabcharge Australia Ltd.		234,353
	154,604	Caltex Australia Ltd.		4,223,054
	255,734	Cape Lambert Resources Ltd.		23,630
	58,430	Cardno Ltd.		285,373
	490,458	Carnarvon Petroleum Ltd.(d)		94,953
	68,742	carsales.com Ltd.		643,647

Shares			Value
AUSTRALIA (continued)
	129,012	Cash Converters International Ltd.	$	123,749
	9,912	Cedar Woods Properties Ltd.		60,448
	178,666	Challenger Ltd.		1,089,580
	3,659,878	Charter Hall Retail REIT(c)		13,108,264
	84,396	Coal of Africa Ltd.(c)(d)		3,936
	52,326	Coca-Cola Amatil Ltd.		421,330
	11,664	Cochlear Ltd.		754,020
	119,759	Coffey International Ltd.(d)		31,616
	87,290	Computershare Ltd.		942,526
	6,328	Corporate Travel Management Ltd.		50,285
	19,597	Credit Corp. Group Ltd.		166,763
	136,841	Cromwell Property Group REIT		119,216
	28,009	CSG Ltd.		30,317
	267,735	CSR Ltd. - Placement Shares		812,846
	16,210	Decmil Group Ltd.		25,391
	7,518	Devine Ltd.(d)		6,616
	13,176	Domino’s Pizza Enterprises Ltd.		313,990
	234,808	Downer EDI Ltd.		979,434
	116,569	Drillsearch Energy Ltd.(d)		120,533
	180,836	DUET Group		391,475
	145,014	DuluxGroup Ltd.		682,728
	197,236	Echo Entertainment Group Ltd.		659,559
	224,451	Elders Ltd.(d)		33,578
	399,090	Emeco Holdings Ltd.(d)		64,972
	37,250	Energy Resources of Australia Ltd.(d)		42,122
	131,257	Energy World Corp. Ltd.(d)		40,427
	17	Equity Trustees Ltd.		287
	26,509	Eservglobal Ltd.(d)		15,396
	1,261,615	Fairfax Media Ltd.		904,833
	1,065,862	FAR Ltd.(d)		93,796
	16,777	Finbar Group Ltd.		20,891
	2,582	Fleetwood Corp. Ltd.		3,931
	25,840	Flight Centre Travel Group Ltd.		953,231
	704,466	Focus Minerals Ltd.(d)		6,199
	859	Folkestone Education Trust REIT		1,410
	10,391	G.U.D. Holdings Ltd.		65,472
	2,973	G8 Education Ltd.		13,055
	873,603	Goodman Fielder Ltd.		492,015
	87,169	GrainCorp Ltd. - Class A		671,971
	4,767	Greencross Ltd.		36,077
	180,274	Gunns Ltd.(b)(c)(d)		0
	73,089	GWA Group Ltd.		175,590
	241,775	Harvey Norman Holdings Ltd.		808,498
	105,334	Hillgrove Resources Ltd.(d)		50,982
	72,090	Hills Ltd.		84,692
	219,401	Horizon Oil Ltd.(d)		56,957
	123,936	iiNET Ltd.		872,512
	59,560	Iluka Resources Ltd.		377,373
	104,051	Imdex Ltd.		54,939
	925,667	Incitec Pivot Ltd.		2,370,456
	105,134	Independence Group NL		420,033
	72,251	Infigen Energy(d)		17,167

Shares			Value
AUSTRALIA (continued)
	40,796	Infomedia Ltd.	$	42,722
	788,936	Invocare Ltd.(c)		8,407,562
	119,959	IOOF Holdings Ltd.		953,245
	34,010	Iress Ltd.		295,398
	21,267	JB Hi-Fi Ltd.		292,142
	89,162	Kingsgate Consolidated Ltd.(d)		56,886
	4,673	Leighton Holdings Ltd.		90,305
	12,973	Linc Energy Ltd.(d)		10,552
	51,812	Lonestar Resources Ltd.(d)		15,730
	392,774	Lynas Corp. Ltd.(d)		22,812
	37,973	M2 Group Ltd.		262,318
	72,852	MACA Ltd.		83,984
	328,362	Macmahon Holdings Ltd.(d)		28,318
	38,335	Macquarie Atlas Roads Group		102,217
	1,285	Macquarie Telecom Group Ltd.		6,027
	11,889	Magellan Financial Group Ltd.		140,509
	1,743	Maverick Drilling & Exploration Ltd.(d)		268
	8,611	Mayne Pharma Group Ltd.(d)		5,759
	7,492	McMillan Shakespeare Ltd.		70,347
	78,594	Medusa Mining Ltd.(d)		41,152
	10,438	Melbourne IT Ltd.		12,814
	114,819	Mermaid Marine Australia Ltd.		187,936
	90,921	Metgasco Ltd.(d)		4,641
	30,568	Mincor Resources NL		16,543
	63,046	Mineral Resources Ltd.		471,586
	780,000	MMG Ltd.		260,498
	13,431	Monadelphous Group Ltd.		147,978
	59,782	Mortgage Choice Ltd.		138,886
	299,441	Mount Gibson Iron Ltd.		118,579
	1,050	MyState Ltd.		4,250
	79,446	Navitas Ltd.		369,139
	128,661	New Hope Corp. Ltd.		254,750
	52,364	Newsat Ltd.(d)		8,755
	536,185	Nexus Energy Ltd.(b)(c)(d)		4,600
	122,821	NIB Holdings Ltd.		353,431
	69,743	Noble Mineral Resources Ltd.(b)(c)(d)		0
	140,274	Northern Star Resources Ltd.		135,786
	120,369	NRW Holdings Ltd.		79,973
	21,303	Nufarm Ltd.		92,796
	14,318	Oakton Ltd.		23,814
	142,469	OceanaGold Corp.(d)		232,592
	6,370	Orocobre Ltd.(d)		15,359
	60,679	OZ Minerals Ltd.		206,649
	335,482	Pacific Brands Ltd.		138,756
	2,749,682	Pact Group Holdings Ltd.(c)		9,243,363
	188,225	Paladin Energy Ltd.(d)		53,833
	338,477	PanAust Ltd.		509,342
	31,473	Panoramic Resources Ltd.		16,618
	18,367	Peet Ltd.		19,153
	4,407	Perpetual Ltd.		180,141
	105,771	Perseus Mining Ltd.(d)		28,854
	48,159	Platinum Asset Mangement Ltd.		278,437
	67,411	Platinum Australia Ltd.(b)(c)(d)		356
	85,726	PMP Ltd.(d)		36,588

Shares			Value
AUSTRALIA (continued)
	53,780	Premier Investments Ltd.	$	506,867
	128,450	Primary Health Care Ltd.		525,619
	25,653	Prime Media Group Ltd.		19,414
	61,450	Programmed Maintenance Services Ltd.		139,517
	660,496	Qantas Airways Ltd.(d)		976,481
	67,738	Qube Holdings Ltd.		146,044
	47,987	RCR Tomlinson Ltd.		114,862
	17,371	REA Group Ltd.		690,951
	30,974	Reckon Ltd.		50,153
	95,161	Red Fork Energy Ltd.(d)		1,842
	8,531	Reece Australia Ltd.(c)		247,741
	56,462	Regis Resources Ltd.		68,568
	570	Reject Shop Ltd. (The)		4,153
	51,024	Resolute Mining Ltd.(d)		14,368
	25,802	Retail Food Group Ltd.		126,472
	1,583	Retail Food Group Ltd.		7,759
	101,020	Ridley Corp. Ltd.		77,341
	260,278	Roc Oil Co. Ltd.(d)		158,041
	4,191	Ruralco Holdings Ltd.		12,724
	38,494	SAI Global Ltd.		137,532
	10,681	Sandfire Resources NL		52,730
	383,311	Saracen Mineral Holdings Ltd.(d)		96,135
	43,924	Seek Ltd.		640,484
	11,618	Select Harvests Ltd.		64,308
	182,455	Senex Energy Ltd.(d)		85,900
	16,377	Servcorp Ltd.		74,941
	53,559	Seven Group Holdings Ltd.		321,441
	139,953	Seven West Media Ltd.		211,218
	5,819,257	Shopping Centres Australasia Property Group REIT(c)		9,268,944
	147,439	Sigma Pharmaceuticals Ltd.		100,554
	6,488	Silex Systems Ltd.(d)		3,311
	9,054	Sirtex Medical Ltd.		207,077
	75,905	Skilled Group Ltd.		153,632
	36,651	Slater & Gordon Ltd.		197,066
	174,909	Southern Cross Media Group Ltd.		150,842
	403,253	Spark Infrastructure Group		674,241
	248,489	St Barbara Ltd.(d)		24,054
	137,375	STW Communications Group Ltd.		136,606
	59,647	Sundance Energy Australia Ltd.(d)		61,150
	63,254	Sunland Group Ltd.		94,350
	64,758	Super Retail Group Ltd.		417,716
	275,283	Tabcorp Holdings Ltd.		985,957
	78,791	Tap Oil Ltd.(d)		42,642
	54,903	Tassal Group Ltd.		178,765
	331,244	Tatts Group Ltd.		1,011,490
	27,045	Technology One Ltd.		79,967
	139,014	Ten Network Holdings Ltd.(d)		26,913
	69,352	TFS Corp. Ltd.		93,986
	57,103	Thorn Group Ltd.		127,135
	190,524	Tiger Resources Ltd.(d)		43,592

Shares			Value
AUSTRALIA (continued)
	255,964	Toll Holdings Ltd.	$	1,274,910
	188,636	Toro Energy Ltd.(d)		13,612
	50,716	Tox Free Solutions Ltd.		108,005
	126,484	TPG Telecom Ltd.		808,084
	200,517	Transfield Services Ltd.(d)		335,266
	456,872	Transpacific Industries Group Ltd.		361,844
	267,850	Treasury Wine Estates Ltd.		1,096,046
	144,020	UXC Ltd.		105,193
	101,055	Venture Minerals Ltd.(d)		5,069
	65,384	Village Roadshow Ltd.		403,918
	836,798	Virgin Australia Holdings Ltd.(d)		283,508
	521,584	Virgin Australia Holdings Ltd. - CVR Shares(b)(c)(d)		0
	12,385	Vocus Communications Ltd.		64,085
	52,557	Washington H. Soul Pattinson & Co. Ltd.		657,217
	51,135	WDS Ltd.		11,025
	7,324	Webjet Ltd.		22,042
	42,250	Western Areas NL		161,362
	112,652	Whitehaven Coal Ltd.(d)		150,188
	43,426	Worleyparsons Ltd.		518,196
	9,788	Wotif.com Holdings Ltd.		26,099
				107,265,630
AUSTRIA — 0.2%
	1,158	Agrana Beteiligungs AG		104,483
	401	AMAG Austria Metall AG(e)		12,852
	24,805	ams AG		886,860
	26,522	Andritz AG		1,280,251
	4,521	A-TEC Industries AG(b)(c)(d)		0
	5,240	Austria Technologie & Systemtechnik AG		60,596
	6,441	BUWOG AG		118,894
	868	CA Immobilien Anlagen AG		16,615
	5,957	CAT Oil AG		113,468
	827	DO & CO AG		49,952
	3,052	EVN AG		38,629
	3,313	Flughafen Wien AG		304,069
	1,625	Lenzing AG		93,693
	2,509	Mayr Melnhof Karton AG		269,045
	14,426	Oesterreichische Post AG		703,683
	4,778	Palfinger AG		111,368
	10,308	POLYTEC Holding AG		84,997
	19,857	Raiffeisen Bank International AG		423,522
	6,198	RHI AG		158,797
	516	Rosenbauer International AG		47,074
	5,208	S IMMO AG		40,105
	4,944	Schoeller-Bleckmann Oilfield Equipment AG		426,503
	4,292	Semperit AG Holding.		212,344
	26,886	Strabag SE		582,032
	2,205	UNIQA Insurance Group AG		24,554
	2,764	Verbund AG		55,852

Shares			Value
AUSTRIA (continued)
	13,294	Vienna Insurance Group AG Wiener Versicherung Gruppe	$	639,053
	98,464	Voestalpine AG		3,942,928
	57,864	Wienerberger AG		699,743
	1,597	Wolford AG(d)		38,525
	14,016	Zumtobel Group AG		247,039
				11,787,526
BAHAMAS — 0.0%
	488	United International Enterprises		86,927
BELGIUM — 0.3%
	15,584	Ackermans & van Haaren NV		1,942,947
	2,240	Aedifica SA REIT		150,205
	107,242	Ageas		3,580,826
	83,862	AGFA - Gevaert NV(d)		211,444
	22,952	AGFA - Gevaert NV - VVPR Strip(b)(c)(d)		0
	7,223	Arseus NV		288,743
	192	Atenor Group		8,830
	121	Banque Nationale de Belgique		492,801
	4,081	Barco NV		300,709
	41,472	Belgacom SA		1,564,834
	2,364	Cie d’Entreprises CFE		255,600
	1,433	Cie Immobiliere de Belgique SA		75,422
	2,727	Cie Maritime Belge SA		53,345
	711	Cofinimmo SA REIT		82,541
	6,865	Colruyt SA		312,671
	23,480	Deceuninck NV		58,230
	12,200	Deceuninck NV- VVPR Strip(b)(c)(d)		0
	50,793	Delhaize Group SA		3,469,625
	10,300	D’ieteren SA NV		372,831
	9,725	Econocom Group SA		62,823
	5,784	Elia System Operator SA NV		286,739
	6,864	Euronav NV(d)		72,684
	10,232	Exmar NV		142,839
	2,849	Galapagos NV(d)		39,772
	151	Jensen-Group NV		2,835
	4,965	Kinepolis Group NV		198,789
	47	Lotus Bakeries		54,781
	3,650	Melexis NV		166,470
	11,572	Mobistar SA(d)		247,975
	19,167	NV Bekaert SA		601,678
	15,645	Nyrstar - VVPR Strip(b)(c)(d)		0
	31,275	Nyrstar NV(d)		105,427
	1,265	RealDolmen NV SA(d)		30,072
	11,135	Recticel SA		84,839
	118	Resilux		15,630
	170	Retail Estates NV REIT		13,826
	19,241	RHJ International SA(d)		104,935
	5,564	Sioen Industries NV		78,580
	2,522	Sipef NV		174,772
	2,916	Telenet Group Holding NV(d)		164,895
	10,828	Tessenderlo Chemie NV(d)		280,609

Shares			Value
BELGIUM (continued)
	1,410	Tessenderlo Chemie NV - VVPR Strip(b)(c)(d)	$	0
	20,569	Umicore SA		805,243
	1,563	Van de Velde NV		72,432
	22,133	Viohalco SA(d)		71,365
	3,065	Warehouses De Pauw SCA REIT		218,893
	93	Wereldhave Belgium NV REIT		11,329
				17,331,836
BERMUDA — 0.8%
	58,286	Archer Ltd.(d)		56,169
	250,000	Argo Group International Holdings Ltd.(c)		13,950,000
	221,995	Catlin Group Ltd.		1,905,239
	400,000	Endurance Specialty Holdings Ltd.(c)		23,180,000
	155,814	Golden Ocean Group Ltd.		189,542
	75,000	Helen of Troy Ltd.(d)		4,638,750
	154,096	Hiscox Ltd.		1,678,708
	4,846	Hoegh LNG Holdings Ltd.(d)		62,506
	23,772	Northern Offshore Ltd.		29,605
	197,400	Wilson Sons Ltd. - BDR(c)		2,788,248
				48,478,767
BRAZIL — 0.9%
	491,100	Abril Educacao SA(d)		2,269,299
	7,300	AES Tiete SA		44,043
	12,800	AES Tiete SA - Preference Shares		96,650
	180,200	All - America Latina Logistica SA		493,788
	47,274	Alpargatas SA - Preference Shares		165,789
	283,400	Alupar Investimento SA - Units		2,080,409
	900	Arezzo Industria e Comercio SA		10,424
	12,352	B2W Cia Digital(d)		160,911
	44,186	Banco ABC Brasil SA - Preference Shares		245,547
	15,800	Banco Daycoval SA - Preference Shares		57,387
	82,190	Banco do Estado do Rio Grande do Sul SA - Class B, Preference Shares		490,904
	16,000	Banco Industrial e Comercial SA - Preference Shares(d)		40,550
	34,829	Banco Pan SA - Preference Shares(d)		40,481
	22,247	Banco Pine SA - Preference Shares		61,770
	16,200	Banco Sofisa SA - Preference Shares		16,344
	9,700	Bematech SA		30,416
	7,800	BHG SA - Brazil Hospitality Group(d)		56,346
	252,300	BM&FBovespa SA		1,109,839
	88,192	BR Malls Participacoes SA		708,269

Shares			Value
BRAZIL (continued)
	687,500	Brasil Pharma SA(d)	$	1,007,153
	98,418	Braskem SA - Class A, Preference Shares		720,093
	85,900	Brookfield Incorporacoes SA(d)		54,773
	3,200	Centrais Eletricas Santa Catarina - Preference Shares		18,416
	36,400	CETIP SA - Mercados Organizados		461,262
	6,300	Cia de Gas de Sao Paulo - Class A, Preference Shares		124,200
	9,100	Cia de Saneamento de Minas Gerais-COPASA		103,637
	4,000	Cia de Saneamento do Parana - Preference Shares		9,492
	192	Cia de Transmissao de Energia Eletrica Paulista - Preference Shares		2,981
	5,100	Cia Energetica de Minas Gerais		30,893
	63,400	Cia Energetica de Minas Gerais - Preference Shares		364,091
	25,300	Cia Energetica de Sao Paulo - Class B, Preference Shares		249,437
	2,775	Cia Energetica do Ceara - Class A, Preference Shares		38,637
	19,508	Cia Ferro Ligas da Bahia-Ferbasa - Preference Shares		65,580
	34,400	Cia Hering		347,068
	27,800	Cia Paranaense de Energia - Class B, Preference Shares		388,296
	18,300	Cia Providencia Industria e Comercio SA		61,150
	182,500	Cia Siderurgica Nacional SA		607,621
	8,420	Contax Participacoes SA - Units		48,592
	66,600	Cosan Logistica SA(d)		111,542
	20,700	Cosan SA Industria e Comercio		288,960
	11,000	CPFL Energia SA		82,570
	127,940	Cyrela Brazil Realty SA Empreendimentos e Participacoes		636,112
	400	Cyrela Commercial Properties SA Empreendimentos e Participacoes		2,534
	18,152	Direcional Engenharia SA		74,721
	150,879	Duratex SA		541,920
	390,320	Embraer SA		3,778,916
	25	Eneva SA(d)		5
	14,569	Equatorial Energia SA		148,636
	32,800	Estacio Participacoes SA		379,902
	61,986	Eternit SA		86,804
	69,100	Even Construtora e Incorporadora SA		149,472
	21,368	Ez Tec Empreendimentos e Participacoes SA		182,817
	500	Fertilizantes Heringer SA(d)		1,267
	174,178	Fibria Celulose SA(d)		2,109,481
	512,800	Fleury SA		3,400,179
	4,577	Forjas Taurus SA(d)		1,311

Shares			Value
BRAZIL (continued)
	196,800	GAEC Educacao SA	$	2,501,796
	108,200	Gafisa SA		117,898
	27,600	Gerdau SA		102,251
	480,485	Gerdau SA - Preference Shares		2,084,513
	11,500	Gol-Linhas Aereas Inteligentes SA - Preference Shares(d)		59,498
	50,800	Grendene SA		358,567
	3,500	Guararapes Confeccoes SA		131,361
	57,540	Helbor Empreendimentos SA		140,721
	116,500	Hypermarcas SA(d)		813,840
	327,400	Iguatemi Empresa de Shopping Centers SA		3,316,413
	3,800	International Meal Co. Holdings SA		27,144
	9,170	Iochpe-Maxion SA		63,134
	30,034	JHSF Participacoes SA		38,180
	578,200	JSL SA(c)		3,171,128
	1,600	Kepler Weber SA		30,025
	413,900	Klabin SA - Units		2,046,198
	182,384	Kroton Educacional SA		1,299,851
	105,700	Linx SA		2,195,987
	23,275	Localiza Rent a Car SA		335,519
	17,810	Log-In Logistica Intermodal SA(d)		34,356
	16,950	Lojas Americanas SA		83,112
	37,200	Lojas Americanas SA - Preference Shares		219,486
	25,700	Lojas Renner SA		769,579
	27,800	LPS Brasil Consultoria de Imoveis SA		95,363
	8,300	M Dias Branco SA		322,768
	39,148	Magnesita Refratarios SA		46,607
	264,700	Mahle-Metal Leve SA Industria e Comercio		2,499,689
	180,880	Marcopolo SA - Preference Shares		309,509
	117,584	Marfrig Global Foods SA(d)		287,091
	13,800	Marisa Lojas SA		87,437
	18,100	Minerva SA(d)		93,133
	90,600	MRV Engenharia e Participacoes SA		299,818
	30,150	Multiplan Empreendimentos Imobiliarios SA		623,588
	9,000	Multiplus SA		126,216
	34,400	Natura Cosmeticos SA		499,778
	77,800	Odontoprev SA		281,008
	58,600	Ouro Fino Saude Animal Participacoes SA(d)		690,552
	16,300	Parana Banco SA - Preference Shares(c)		71,570
	66,719	Paranapanema SA(d)		60,852
	47,400	Porto Seguro SA		568,134
	7,300	Portobello SA		13,581
	5,800	Profarma Distribuidora de Produtos Farmaceuticos SA		25,490
	16,500	QGEP Participacoes SA		59,996
	1,874	Qualicorp SA(d)		19,058

Shares			Value
BRAZIL (continued)
	38,309	Raia Drogasil SA	$	347,701
	93,312	Randon Participacoes SA - Preference Shares		234,984
	12,900	Restoque Comercio e Confeccoes de Roupas SA(d)		44,355
	13,300	Rodobens Negocios Imobiliarios SA		53,513
	58,368	Rossi Residencial SA(d)		23,084
	17,250	Santos Brasil Participacoes SA - Units		109,992
	34,100	Sao Martinho SA		536,704
	6,775	Saraiva SA Livreiros Editores - Preference Shares		37,868
	16,000	SLC Agricola SA		109,060
	121,173	Sul America SA - Units		643,544
	134,153	Suzano Papel e Celulose SA - Class A, Preference Shares		566,302
	19,100	Tecnisa SA		38,001
	2,800	Tempo Participacoes SA		5,932
	20,400	Totvs SA		297,368
	13,685	Tractebel Energia SA		186,395
	27,600	Transmissora Alianca de Energia Eletrica SA - Units		204,948
	212,000	Tupy SA		1,505,791
	72	Unipar Carbocloro SA - Preference Shares		15
	18,303	Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		293,835
	52,200	Vanguarda Agro SA(d)		25,911
	10,200	WEG SA		120,322
				57,267,107
CAMBODIA — 0.0%
	282,000	NagaCorp Ltd.		237,086
CANADA — 2.2%
	23,100	5N Plus, Inc.(d)		49,600
	15,424	Aberdeen International, Inc.(d)		2,600
	6,775	Absolute Software Corp.		42,620
	76,153	Advantage Oil & Gas Ltd.(d)		326,356
	23,738	Aecon Group, Inc.		308,559
	2,700	AG Growth International, Inc.		111,924
	28,607	AGF Management Ltd. - Class B		259,914
	43,722	Agnico-Eagle Mines Ltd.		1,030,350
	7,010	AGT Food & Ingredients, Inc.		172,226
	14,401	Ainsworth Lumber Co. Ltd.(d)		33,222
	2,500	Air Canada - Class A(d)		20,829
	1,100	Akita Drilling Ltd. - Class A		13,498
	43,000	Alamos Gold, Inc.		320,864
	5,880	Algoma Central Corp.		83,788
	108,142	Algonquin Power & Utilities Corp.		882,753
	43,545	AltaGas Ltd.		1,796,586
	6,748	Altius Minerals Corp.(d)		63,226
	11,700	Altus Group Ltd.		226,827
	77,000	Amerigo Resources Ltd.(d)		24,254

Shares			Value
CANADA (continued)
	39,396	Anderson Energy Ltd.(d)	$	7,865
	1,963	Arsenal Energy, Inc.		14,439
	25,400	Atco Ltd. - Class I		1,032,181
	31,504	Athabasca Oil Corp.(d)		102,027
	22,663	ATS Automation Tooling Systems, Inc.(d)		283,526
	27,881	AuRico Gold, Inc.		89,304
	2,900	AutoCanada, Inc.		161,075
	285,186	B2Gold Corp.(c)(d)		475,711
	4,279	Badger Daylighting Ltd.		105,129
	4,904	Ballard Power Systems, Inc.(d)		13,750
	128,700	Bankers Petroleum Ltd.(d)		494,451
	800	Banro Corp(d)		114
	104,572	Bellatrix Exploration Ltd.(d)		488,971
	59,400	Birchcliff Energy Ltd.(d)		459,579
	6,842	Bird Construction, Inc.		81,773
	15,938	Black Diamond Group Ltd.		272,221
	126,968	BlackBerry Ltd.(d)		1,333,837
	127,479	BlackPearl Resources, Inc.(d)		183,236
	7,900	Boardwalk Real Estate Investment Trust, REIT		500,475
	25,579	Bonavista Energy Corp.		240,346
	6,037	Bonterra Energy Corp.		271,412
	11,570	Boralex, Inc. - Class A		134,994
	5,502	Brookfield Residential Properties, Inc.(d)		128,000
	852,630	CAE, Inc.		10,924,074
	8,913	Calfrac Well Services Ltd.		106,761
	28,711	Canaccord Genuity Group, Inc.		243,026
	59,431	Canacol Energy Ltd.(d)		203,016
	18,318	Canadian Apartment Properties REIT		406,326
	45,555	Canadian Energy Services & Technology Corp.		351,651
	11,606	Canadian Real Estate Investment Trust		509,632
	84,813	Canadian Western Bank		2,840,771
	21,932	Canam Group, Inc. - Class A		190,705
	30,077	CanElson Drilling, Inc.		147,043
	44,643	Canfor Corp.(d)		1,039,379
	13,488	Canfor Pulp Products, Inc.		150,791
	8,000	Canwel Building Materials Group Ltd.		44,151
	4,988	Canyon Services Group, Inc.		48,196
	1,700	Capital Power Corp.		38,584
	58,401	Capstone Infrastructure Corp.		221,261
	159,474	Capstone Mining Corp.(d)		298,558
	43,552	Cascades, Inc.		242,288
	1,675	Cathedral Energy Services Ltd.		4,622
	16,407	CCL Industries, Inc. - Class B		1,658,678
	87,500	Celestica, Inc.(d)		961,137
	52,507	Centerra Gold, Inc.		204,987
	65,595	Cequence Energy Ltd.(d)		83,227
	1,168	Cervus Equipment Corp.		19,017
	37,255	Chinook Energy, Inc.(d)		51,566
	28,912	Cineplex, Inc.		1,089,218

Shares			Value
CANADA (continued)
	51	Claude Resources, Inc.(d)	$	10
	9,100	Cogeco Cable, Inc.		496,239
	4,665	Cogeco, Inc.		234,813
	38,143	COM DEV International Ltd.		125,220
	20,400	Computer Modelling Group Ltd.		211,955
	131,262	Connacher Oil and Gas Ltd.(d)		11,647
	3,297	Constellation Software, Inc.		928,794
	5,800	Contrans Group, Inc. - Class A		76,832
	72,039	Copper Mountain Mining Corp.(d)		133,589
	4,700	Corby Spirit and Wine Ltd.		87,657
	62,122	Corus Entertainment, Inc. - Class B		1,143,170
	50,217	Cott Corp.		304,318
	18,500	Counsel Corp.(d)		24,786
	62,007	Crew Energy, Inc.(d)		387,320
	47,195	DeeThree Exploration Ltd.(d)		269,255
	63,438	Delphi Energy Corp.(d)		118,765
	17,700	Descartes Systems Group, Inc. (The)(d)		249,705
	37,869	DH Corp.		1,209,604
	2,671	DHX Media Ltd. - Variable Voting(d)		23,723
	1,759	DirectCash Payments, Inc.		24,815
	30,931	Dollarama, Inc.		2,717,526
	38,640	Dominion Diamond Corp.(d)		540,662
	11,800	Dorel Industries, Inc. - Class B		366,653
	10,586	Dundee Precious Metals, Inc.(d)		30,150
	405	E-L Financial Corp. Ltd.		247,948
	191,300	Eldorado Gold Corp.		1,045,569
	6,219	Emera, Inc.		209,075
	11,519	Enbridge Income Fund Holdings, Inc.		303,548
	58,981	Endeavour Silver Corp.(d)		180,023
	10,875	Enerflex Ltd.		155,350
	936	Energy Fuels, Inc.(d)		5,656
	89,806	Enerplus Corp.		1,286,073
	2,342	Enghouse Systems Ltd.		78,673
	63,716	Ensign Energy Services, Inc.		719,105
	29,186	Epsilon Energy Ltd.(d)		95,038
	5,842	Equitable Group, Inc.		338,894
	51,113	Essential Energy Services Trust(d)		91,609
	1,100	Evertz Technologies Ltd.		16,582
	3,224	Exchange Income Corp.		55,037
	5,600	Exco Technologies Ltd.		54,507
	11,821	EXFO, Inc.(d)		43,947
	14,200	Extendicare, Inc.		102,810
	3,100	Fiera Capital Corp.		35,510
	64,225	Finning International, Inc.		1,658,265
	1,334	First Capital Realty Inc.		21,790
	30,350	First Majestic Silver Corp.(d)		155,648
	2,412	First National Financial Corp.		49,864
	9,700	FirstService Corp.		512,605

Shares			Value
CANADA (continued)
	57,167	Fortuna Silver Mines, Inc.(d)	$	197,818
	1,088	Gamehost, Inc.		16,073
	34,852	Genworth MI Canada, Inc.		1,218,374
	23,511	Gibson Energy, Inc.		683,812
	1,500	Gildan Activewear, Inc.		89,357
	6,300	Glentel, Inc.		56,122
	5,865	Gluskin Sheff & Associates, Inc.		153,201
	1,900	GLV, Inc. - Class A(d)		3,877
	7,836	GMP Capital, Inc.		46,374
	65,816	Gran Tierra Energy, Inc.(d)		300,159
	200	Granite Real Estate Investment Trust		7,373
	33,752	Great Canadian Gaming Corp.(d)		612,121
	6,784	Guardian Capital Group Ltd. - Class A		109,972
	5,100	Guyana Goldfields, Inc.(d)		10,408
	6,200	Heroux-Devtek, Inc.(d)		55,891
	1,340	High Liner Foods, Inc.		26,192
	2,662	HNZ Group, Inc.		46,931
	27,800	Home Capital Group, Inc.		1,332,466
	41,727	Horizon North Logistics, Inc.		117,734
	62,770	HudBay Minerals, Inc.		480,640
	1,300	Hudson’s Bay Co.		22,562
	51,900	IAMGOLD Corp.(d)		98,546
	7,400	Imax Corp.(d)		217,919
	27,086	Imperial Metals Corp.(d)		229,031
	39,500	Industrial Alliance Insurance and Financial Services, Inc.		1,591,846
	19,579	Innergex Renewable Energy, Inc.		191,612
	23,670	Interfor Corp.(d)		359,970
	25,626	Intertape Polymer Group, Inc.		375,392
	22,616	Jean Coutu Group PJC, Inc. (The) Class A		518,520
	276,940	Katanga Mining Ltd.(c)(d)		95,831
	1,300	K-Bro Linen, Inc.		45,677
	16,550	Kelt Exploration Ltd.(d)		139,355
	25,539	Keyera Corp.		2,031,699
	7,711	Killam Properties, Inc.		75,533
	1,953	Kingsway Financial Services, Inc.(d)		12,650
	483,009	Kinross Gold Corp.(d)		1,032,831
	2,100	Kirkland Lake Gold, Inc.(d)		6,521
	6,230	Knight Therapeutics, Inc.(d)		32,171
	219,600	Lake Shore Gold Corp.(d)		159,773
	12,685	Laurentian Bank of Canada		558,025
	106,053	Legacy Oil & Gas, Inc.(d)		431,909
	8,682	Leisureworld Senior Care Corp.		109,156
	12,600	Leon’s Furniture Ltd.		160,763
	35,826	Leucrotta Exploration, Inc.(d)		53,403
	38,528	Lightstream Resources Ltd.		101,871
	29,705	Linamar Corp.		1,517,339
	59,500	Lucara Dianmond Corp.(d)		120,367
	214,685	Lundin Mining Corp.(d)		958,135

Shares			Value
CANADA (continued)
	17,647	MacDonald Dettwiler & Associates Ltd.	$	1,345,622
	9,230	Magellan Aerospace Corp.		101,304
	500	Mainstreet Equity Corp.(d)		18,096
	35,395	Major Drilling Group International, Inc.		206,645
	52,233	Mandalay Resources Corp.		44,491
	2,728	Manitoba Telecom Services, Inc.		71,912
	48,666	Maple Leaf Foods, Inc.		842,010
	36,498	Martinrea International, Inc.		386,985
	2,300	McCoy Global, Inc.		9,755
	7,417	McEwen Mining - Minera Andes Acquisition Corp.(d)		9,279
	1,900	Medical Facilities Corp.		30,378
	1,400	Melcor Developments Ltd.		30,570
	29,200	Methanex Corp.		1,735,341
	20,044	Metro, Inc.		1,408,531
	11,507	Mitel Networks Corp.(d)		107,305
	216,502	Morguard Real Estate Investment Trust(c)		3,553,779
	15,887	Morneau Shepell, Inc.		234,559
	44,077	Mullen Group Ltd.		856,472
	93,837	Nevsun Resources Ltd.		317,217
	6,729	New Flyer Industries, Inc.		77,616
	182,678	New Gold, Inc.(d)		662,928
	13,950	New Millennium Iron Corp.(d)		2,228
	45,923	Newalta Corp.		829,185
	7,923	Norbord, Inc.		155,008
	498	North American Energy Partners, Inc.		2,659
	14,146	North West Co. Inc., (The)		292,446
	313,450	Northern Property Real Estate Investment Trust(c)		8,076,472
	767	Northland Power, Inc.		11,413
	47,000	Novagold Resources, Inc.(d)		115,514
	46,201	NuVista Energy Ltd.(d)		425,096
	25,200	Open Text Corp.		1,391,864
	9,240	Osisko Gold Royalties Ltd.(d)		115,433
	10,216	Painted Pony Petroleum Ltd.(d)		96,807
	11,236	Pan American Silver Corp.		103,881
	59,624	Parex Resources, Inc.(d)		546,485
	19,488	Parkland Fuel Corp.		381,270
	382,314	Pason Systems, Inc.(c)		9,148,670
	300,472	Pengrowth Energy Corp.		1,213,032
	30,600	Peyto Exploration & Development Corp.		863,658
	2,107	PHX Energy Services Corp.		21,910
	2,100	Points International Ltd.(d)		31,396
	144,353	Precision Drilling Corp.(f)		1,202,675
	489	Precision Drilling Corp.(f)		4,068
	13,536	Premium Brands Holdings Corp.		297,250
	35,209	Primero Mining Corp.(d)		120,274
	816	Progressive Waste Solutions Ltd.		23,852

Shares			Value
CANADA (continued)
	31,060	Progressive Waste Solutions Ltd. - Placement Shares	$	907,231
	20,867	Pulse Seismic, Inc.		54,989
	500	Pure Technologies Ltd.		3,536
	9,975	QLT, Inc.(c)(d)		39,739
	27,400	Quebecor, Inc. - Class B		703,325
	46,385	Questerre Energy Corp. - Class A(d)		30,044
	10,943	RB Energy, Inc.(b)(c)(d)		728
	4,400	Richelieu Hardware Ltd.		208,747
	400,000	Ritchie Bros Auctioneers, Inc.		9,756,000
	285,900	Ritchie Bros. Auctioneers, Inc.(c)		6,988,638
	58,032	RMP Energy, Inc.(d)		304,822
	3,231	Rock Energy, Inc.(d)		15,853
	4,630	Rocky Mountain Dealerships, Inc.		43,833
	16,612	Rogers Sugar, Inc.		65,443
	76,007	RONA, Inc.		927,285
	33,389	Russel Metals, Inc.		973,185
	2,000	Sandstorm Gold Ltd.(d)		5,750
	188,000	Sandvine Corp.(d)		467,060
	49,581	Savanna Energy Services Corp.		267,470
	1,900	Sears Canada Inc.		18,291
	16,806	Secure Energy Services, Inc.		311,203
	135,867	SEMAFO, Inc.(d)		331,515
	26,812	ShawCor Ltd.		1,181,151
	124,100	Sherritt International Corp.		308,309
	19,469	Sierra Wireless, Inc.(d)		532,739
	600	Silver Standard Resources, Inc.(d)		2,614
	6,200	Sprott Resource Corp.(d)		11,497
	19,231	Sprott, Inc.		41,293
	7,730	Spyglass Resources Corp.		7,270
	10,542	Stantec, Inc.		667,942
	7,060	Stella-Jones, Inc.		205,025
	500	Strad Energy Services Ltd.		2,045
	22,548	Student Transportation, Inc.		141,644
	23,746	SunOpta, Inc.(d)		336,264
	31,853	Superior Plus Corp.		345,082
	32,000	Surge Energy, Inc.		177,454
	41,700	Taseko Mines Ltd.(d)		54,759
	25,366	Tembec, Inc.(d)		64,369
	103,490	Teranga Gold Corp.(d)		40,402
	45,730	Teranga Gold Corp. - CDI(d)		20,524
	40,069	Timmins Gold Corp.(d)		38,396
	6,457	TMX Group Ltd.		310,575
	17,374	TORC Oil & Gas Ltd.		162,941
	23,345	Toromont Industries Ltd.		557,397
	25,400	Torstar Corp. - Class B		148,292
	22,950	Total Energy Services, Inc.		398,705
	97,364	TransAlta Corp.		946,816
	27,990	Transcontinental, Inc. - Class A		382,207
	41,874	TransForce, Inc.		1,023,954
	46,000	TransGlobe Energy Corp.		199,583
	28,200	Trican Well Service Ltd.		252,713

Shares			Value
CANADA (continued)
	10,800	Trilogy Energy Corp.	$	168,269
	77,209	Trinidad Drilling Ltd.		502,830
	94,300	Turquoise Hill Resources Ltd.(d)		316,272
	183,287	Twin Butte Energy Ltd.		243,938
	6,856	Uni-Select, Inc.		172,518
	103	Valener, Inc.		1,471
	27,100	Veresen, Inc.		425,357
	433	Vermilion Energy, Inc.		24,573
	504	Wajax Corp.		16,130
	33,352	West Fraser Timber Co. Ltd.		1,749,793
	33,797	Western Energy Services Corp.		214,408
	31,338	Western Forest Products, Inc.		64,508
	6,800	Westjet Airlines Ltd.		192,407
	12,157	Westshore Terminals Investment Corp.		370,519
	7,900	Whistler Blackcomb Holdings, Inc.		133,390
	59,499	Whitecap Resources, Inc.		770,232
	33,200	Wi-Lan, Inc.		109,876
	11,548	Winpak Ltd.		304,825
	12,050	WSP Global, Inc.		366,830
	416	Xtreme Drilling and Coil Services Corp.(d)		1,148
	9,200	Yangarra Resources Ltd.(d)		18,938
	6,418	Zargon Oil & Gas Ltd.		34,907
				143,429,842
CAYMAN ISLANDS — 0.0%
	58,000	Endeavour Mining Corp.(d)		24,702
CHILE — 0.1%
	383,012	AES Gener SA		212,400
	487,853	Aguas Andinas SA - Class A		291,905
	130,649	Banmedica SA		220,238
	45,988	CAP SA		440,363
	2,521	Cia Cervecerias Unidas SA		26,403
	16,469	Cia General de Electricidad SA		132,772
	18,733	Cia Sud Americana de Vapores SA(d)		705
	647,163	Colbun SA		174,100
	50,487,302	CorpBanca SA		674,720
	16,401	Embotelladora Andina SA - Class B, Preference Shares		51,507
	5,305	ENTEL Chile SA		57,160
	20,702	Forus SA		92,138
	12,790	Gasco SA		93,646
	448,016	Inversiones Aguas Metropolitanas SA		677,373
	4,287	Latam Airlines Group SA - BDR(c)(d)		50,865
	79,038	Multiexport Foods SA(d)		18,516
	78,578	Parque Arauco SA		161,124
	22,204	PAZ Corp. SA		15,045
	2,318	Salfacorp SA		1,994
	155,626	Sigdo Koppers SA		242,626
	1,023	Sociedad Matriz SAAM SA		86

Shares			Value
CHILE (continued)
	130,300	Sonda SA	$	317,021
	151,953	Vina Concha y Toro SA		290,533
				4,243,240
CHINA — 1.2%
	400,000	361 Degrees International Ltd.		114,505
	2,283,500	AAC Technologies Holdings, Inc.		13,677,371
	128,000	Agile Property Holdings Ltd.		72,128
	376,000	Air China Ltd. - H Shares		243,389
	866,000	Aluminum Corp. of China Ltd. - H Shares(d)		384,137
	374,000	Angang Steel Co. Ltd. - H Shares		275,371
	2,000	Anhui Expressway Co. Ltd. - H Shares		1,217
	209,000	ANTA Sports Products Ltd.		409,637
	408,000	Anton Oilfield Services Group		86,281
	618,000	Asia Cement China Holdings Corp.		351,428
	96,000	Aupu Group Holding Co. Ltd.		16,093
	122,000	AVIC International Holdings Ltd.(d)		79,601
	444,000	AviChina Industry & Technology Co. - H Shares		337,788
	170,500	Baoxin Auto Group Ltd.		130,154
	104,000	Baoye Group Co. Ltd. - H Shares		62,493
	307,000	BBMG Corp. - H Shares		216,935
	970,000	Beijing Capital International Airport Co. Ltd. - H Shares		711,695
	642,000	Beijing Capital Land Ltd. - H Shares		221,860
	420,000	Beijing North Star Co. Ltd. - H Shares		126,729
	33,000	Biostime International Holdings Ltd.		74,722
	47,000	Boer Power Holdings Ltd.		58,787
	577,000	BYD Electronic International Co. Ltd.		686,732
	427,656	Central China Real Estate Ltd.		98,158
	32,000	Changshouhua Food Co. Ltd.		26,615
	249,000	Chaowei Power Holdings Ltd.		139,668
	70,000	China Animal Healthcare Ltd.		57,858
	781,000	China Aoyuan Property Group Ltd.		122,863
	334,000	China Automation Group Ltd.(d)		64,172
	510,857	China BlueChemical Ltd. - H Shares		181,151
	223,000	China Child Care Corp. Ltd.		46,583
	833,000	China Coal Energy Co. Ltd. - H Shares		510,209
	114,000	China Communications Services Corp. Ltd. - H Shares		53,508
	374,500	China COSCO Holdings Co. Ltd. - H Shares(d)		168,051

Shares			Value
CHINA (continued)
	121,000	China Datang Corp. Renewable Power Co. Ltd. - H Shares	$	17,475
	793,000	China Dongxiang Group Co. Ltd.		145,202
	65,000	China Dredging Environment Protection Holdings Ltd.(d)		15,590
	516,000	China Eastern Airlines Corp. Ltd. - H Shares(d)		196,282
	437,500	China Galaxy Securities Co. Ltd. - H Shares		348,639
	18,196	China Gold International Resources Corp. Ltd.(d)		34,873
	23,308	China Great Star International Ltd.(d)		50,815
	789,500	China Hongqiao Group Ltd.		607,766
	304,000	China Huiyuan Juice Group Ltd.(d)		121,127
	90,400	China International Marine Containers Group Co. Ltd. - H Shares		210,988
	78,000	China ITS Holdings Co. Ltd.		10,862
	531,000	China Lesso Group Holdings. Ltd.		278,675
	66,000	China Lilang Ltd.		47,233
	101,000	China Machinery Engineering Corp. - H Shares		57,304
	135,000	China Medical System Holdings Ltd.		248,931
	53,000	China Mengniu Dairy Co. Ltd.		234,070
	405,000	China Modern Dairy Holdings Ltd.(d)		178,604
	1,918,084	China National Building Material Co. Ltd. - H Shares		1,778,305
	635,000	China National Materials Co. Ltd. - H Shares		144,111
	200,000	China Qinfa Group Ltd.(d)		8,510
	1,344,000	China Railway Construction Corp. Ltd. - H Shares		1,410,696
	1,150,000	China Railway Group Ltd. - H Shares		708,819
	216,000	China Rare Earth Holdings Ltd.(d)		27,852
	558,500	China Rongsheng Heavy Industries Group Holdings Ltd.(d)		89,301
	184,000	China Sanjiang Fine Chemicals Co. Ltd.		91,346
	648,400	China SCE Property Holdings Ltd.		127,922
	309,488	China Shanshui Cement Group Ltd.		114,135
	138,000	China Shineway Pharmaceutical Group Ltd.		248,769
	961,093	China Shipping Container Lines Co. Ltd. - H Shares(d)		273,885
	722,000	China Shipping Development Co. Ltd., H Shares(d)		474,807

Shares			Value
CHINA (continued)
	452,000	China Southern Airlines Co. Ltd. - H Shares	$	158,532
	153,000	China Suntien Green Energy Corp. Ltd. - H Shares		40,641
	164,000	China Taifeng Beddings Holdings Ltd.(d)		26,223
	272,000	China Tontine Wines Group Ltd.(d)		11,574
	78,000	China Yurun Food Group Ltd.(d)		33,391
	215,500	China Zhengtong Auto Services Holdings Ltd.		121,989
	748,000	China Zhongwang Holdings Ltd.		394,489
	350,000	Chinasoft International Ltd.(d)		117,793
	312,000	Chongqing Iron & Steel Co. Ltd. - H Shares(d)		67,991
	270,000	Chongqing Machinery & Electric Co. Ltd. - H Shares		48,742
	1,452,000	Chongqing Rural Commercial Bank Co. Ltd. - H Shares		698,369
	214,000	Chu Kong Petroleum & Natural Gas Steel Pipe Holdings Ltd.(d)		64,571
	158,000	Comtec Solar Systems Group Ltd.(d)		26,486
	584,000	Coolpad Group Ltd.		125,006
	1,123,443	Country Garden Holdings Co. Ltd.		441,836
	4,145,000	CPMC Holdings Ltd.(c)		3,110,694
	104,000	Da Ming International Holdings, Ltd.		35,135
	408,000	Dalian Port PDA Co. Ltd. - H Shares		142,574
	358,000	Daphne International Holdings Ltd.		180,035
	230,000	Datang International Power Generation Co .Ltd. - H Shares		120,707
	79,600	Dongfang Electric Corp. Ltd. - H Shares		134,666
	4,650	Dongjiang Environmental Co. Ltd. - H Shares		18,408
	576,000	Dongyue Group Ltd.		216,878
	184,000	ENN Energy Holdings Ltd.		1,193,426
	4,079,000	Evergrande Real Estate Group Ltd.		1,567,400
	843,000	Fantasia Holdings Group Co. Ltd.		89,136
	1,459,000	FIH Mobile Ltd.(d)		776,989
	54,000	First Tractor Co. Ltd. - H Shares		34,537
	673,500	Fosun International Ltd.		798,110
	479,600	Fufeng Group Ltd.		225,108
	2,830,000	Geely Automobile Holdings Ltd.		1,266,268
	148,000	Golden Eagle Retail Group Ltd.		181,299
	2,505,600	GOME Electrical Appliances Holdings Ltd.		394,167

Shares			Value
CHINA (continued)
	163,000	Greatview Aseptic Packaging Co. Ltd.	$	106,773
	111,000	Greenland Hong Kong Holdings Ltd.		44,514
	325,500	Greentown China Holdings Ltd.		338,715
	782,000	Guangshen Railway Co. Ltd. - H Shares		335,785
	467,753	Guangzhou Automobile Group Co. Ltd. - H Shares		416,175
	76,000	Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. - H Shares		259,698
	709,600	Guangzhou R&F Properties Co. Ltd. - H Shares		773,179
	30,400	Guangzhou Shipyard International Co. Ltd. - H Shares(b)(c)		40,180
	136,000	Guodian Technology & Environment Group Co. Ltd. - H Shares		27,708
	32,000	Hainan Meilan International Airport Co. Ltd. - H Shares		24,882
	3,099,000	Haitian International Holdings Ltd.		6,649,434
	150,000	Harbin Electric Co. Ltd. - H Shares		90,520
	5,458,000	Hilong Holding Ltd.		1,787,628
	65,000	Hisense Kelon Electrical Holdings Co. Ltd. - H Shares(d)		58,335
	342,000	Honghua Group Ltd.		65,709
	138,000	Huadian Power International Corp. Ltd. - H Shares		105,344
	1,622,000	Huaneng Renewables Corp. Ltd. - H Shares		583,532
	390,000	Hunan Non-Ferrous Metal Corp. Ltd. - H Shares(b)(d)		125,220
	341,500	Intime Retail Group Co. Ltd.		297,678
	122,000	Jiangsu Expressway Co. Ltd. - H Shares		136,235
	92,000	Jingwei Textile Machinery - H Shares		92,413
	991,000	Kaisa Group Holdings Ltd.		368,024
	376,000	Kingdee International Software Group Co. Ltd.(d)		123,149
	465,000	KWG Property Holding Ltd.		322,586
	64,000	Leoch International Technology Ltd.(d)		11,884
	76,000	Li Heng Chemical Fibre Technologies Ltd.(d)		6,093
	91,000	Lianhua Supermarket Holdings Co. Ltd. - H Shares(d)		45,176
	8,000	Lifetech Scientific Corp.(d)		11,698
	3,400	Livzon Pharmaceutical Group, Inc.		25,428
	528,500	Longfor Properties Co. Ltd.		612,653
	166,000	Lonking Holdings Ltd.		28,469

Shares			Value
CHINA (continued)
	1,122,000	Maanshan Iron & Steel Co. Ltd. - H Shares(d)	$	292,250
	594,000	Maoye International Holdings Ltd.		91,913
	1,522,000	Metallurgical Corp. of China Ltd. - H Shares		418,027
	4,793,000	Microport Scientific Corp.(c)(d)		2,422,720
	146,000	Minth Group Ltd.		279,757
	68,000	Nature Home Holding Co. Ltd.		10,347
	80,000	NVC Lighting Holdings Ltd.(b)(c)		18,362
	179,000	O-Net Communications Group Ltd.(d)		48,933
	96,800	Pacific Online Ltd.		52,425
	70,000	Pan Asia Environmental Protection Group Ltd.(d)		14,984
	602,000	Parkson Retail Group Ltd.		176,211
	361,000	Peak Sport Products Co. Ltd.		106,599
	390,000	Powerlong Real Estate Holdings Ltd.(d)		54,312
	402,000	Qingling Motors Co. Ltd. - H Shares		128,036
	261,000	Qunxing Paper Holdings Co. Ltd.(b)(c)(d)		12,722
	67,000	Real Gold Mining Ltd.(b)(c)(d)		2,272
	5,423,430	Renhe Commercial Holdings Co. Ltd.(d)		216,793
	34,500	Sateri Holdings Ltd.		10,410
	10,766,806	Semiconductor Manufacturing International Corp.(d)		1,110,674
	227,000	Shandong Chenming Paper Holdings Ltd. - H Shares		105,082
	464,000	Shandong Weigao Group Medical Polymer Co. Ltd. - H Shares		467,880
	530,000	Shanghai Electric Group Co. Ltd. - H Shares		265,166
	724,000	Shanghai Jin Jiang International Hotels Group Co. Ltd. - H Shares		248,330
	205,600	Shanghai Pharmaceuticals Holding Co. Ltd. - H Shares		514,852
	222,000	Shanghai Prime Machinery Co. Ltd. - H Shares		42,939
	403,500	Shengli Oil & Gas Pipe Holdings Ltd.		23,934
	32,000	Shenzhen Expressway Co. Ltd. - H Shares		20,466
	162,000	Shenzhou International Group Holdings Ltd.		558,790
	837,881	Shui On Land Ltd.		191,234
	88,000	Shunfeng Photovoltaic International Ltd.(d)		73,417
	514,000	Sihuan Pharmaceutical Holdings Group Ltd.		410,264
	95,000	Sino Grandness Food Industry Group Ltd.(d)		31,797
	152,000	SinoMedia Holding Ltd.		94,471

Shares			Value
CHINA (continued)
	1,833,062	Sino-Ocean Land Holdings Ltd.	$	1,047,106
	378,000	Sinopec Shanghai Petrochemical Co. Ltd. - H Shares		117,468
	52,400	Sinopharm Group Co. Ltd. - H Shares		204,731
	1,009,000	Sinotrans Ltd. - H Shares		800,159
	334,000	Sinotruk Hong Kong Ltd.		173,134
	111,000	SITC International Holdings Co. Ltd.		59,113
	1,519,500	SOHO China Ltd.		1,114,866
	64,000	Springland International Holdings Ltd.		24,428
	812,000	Sunac China Holdings Ltd.		702,568
	194,000	Sunny Optical Technology Group Co. Ltd.		313,196
	238,000	TCL Communication Technology Holdings Ltd.		233,852
	88,000	Tian Shan Development Holdings Ltd.		37,787
	632,000	Tiangong International Co. Ltd.		161,359
	2,088,000	Tong Ren Tang Technologies Co. Ltd. - H Shares		2,805,485
	15,200	Tonly Electronics Holdings Ltd.		13,014
	2,069,500	Travelsky Technology Ltd. - H Shares		2,161,525
	210,000	Trigiant Group Ltd.		50,367
	201,000	Trony Solar Holdings Co. Ltd.(b)(c)(d)		3,058
	218,400	Uni-President China Holdings Ltd.		201,921
	91,000	Weichai Power Co. Ltd. - H Shares		349,091
	295,000	Weiqiao Textile Co. - H Shares		147,212
	686,000	West China Cement Ltd.		68,112
	235,000	Winsway Enterprises Holdings Ltd.(d)		10,757
	115,000	Wisdom Holdings Group		88,973
	71,000	Wumart Stores, Inc. - H Shares		61,431
	626,000	Xiamen International Port Co. Ltd. - H Shares		164,670
	4,875,000	Xingda International Holdings Ltd.(c)		1,684,687
	159,000	Xinhua Winshare Publishing and Media Co. Ltd. - H Shares		148,438
	151,200	Xinjiang Goldwind Science & Technology Co. Ltd. - H Shares		272,564
	433,000	Xinjiang Xinxin Mining Industry Co. Ltd. - H Shares(d)		93,243
	838,000	Xinyi Solar Holdings Ltd.		284,191
	283,000	Xiwang Special Steel Co. Ltd.		39,776
	149,000	XTEP International Holdings Ltd.		66,477
	736,000	Yanzhou Coal Mining Co. Ltd. - H Shares		618,778
	45,000	Youyuan International Holdings Ltd.		10,329

Shares			Value
CHINA (continued)
	384,000	Yuanda China Holdings Ltd.	$	23,767
	531,760	Yuzhou Properties Co. Ltd.		123,424
	129,000	Zall Development Group Ltd.(d)		47,075
	120,500	Zhaojin Mining Industry Co. Ltd. - H Shares		64,017
	96,000	Zhejiang Expressway Co. Ltd. - H Shares		96,803
	40,000	Zhejiang Glass Co. Ltd. - H Shares(b)(c)(d)		0
	14,200	Zhengzhou Coal Mining Machinery Group Co. Ltd. - H Shares		9,430
	453,000	Zhong An Real Estate Ltd.		51,987
	311,000	Zhongsheng Group Holdings Ltd.		319,616
	64,000	Zhuzhou CSR Times Electric Co. Ltd. - H Shares(b)		275,224
	1,466,000	Zijin Mining Group Co., Ltd.		376,181
	84,600	ZTE Corp. - H Shares		205,087
				79,331,616
COLUMBIA — 0.0%
	155,733	Pacific Rubiales Energy Corp.		2,349,018
CYPRUS — 0.0%
	2,797	Bank of Cyprus Public Co. Ltd.(b)(c)(d)		0
	60,870	ProSafe SE		278,858
	2,153	Songa Offshore(d)		744
				279,602
DENMARK — 0.7%
	2,314	ALK-Abello A/S		260,639
	56,797	Alm Brand A/S(d)		309,828
	8,231	Amagerbanken A/S(b)(c)(d)		0
	862	Ambu A/S - Class B		60,955
	7,563	Auriga Industries A/S - Class B(d)		390,279
	5,706	Bang & Olufsen A/S(d)		44,192
	10,357	Bavarian Nordic A/S(d)		320,850
	1,079	Brodrene Hartmann A/S		31,337
	561,699	Chr. Hansen Holding A/S(c)		22,602,250
	12,467	D/S Norden A/S		327,444
	2,435	DFDS A/S		206,213
	23,297	DSV A/S		696,615
	67	East Asiatic Co. Ltd. A/S		604
	18,995	FLSmidth & Co. A/S		860,284
	81,337	GN Store Nord A/S		1,892,545
	15,930	H. Lundbeck A/S		347,861
	249	IC Group A/S		6,372
	34,273	Jyske Bank A/S(d)		1,846,512
	18,842	NKT Holding A/S		976,758
	6,068	Pandora A/S		510,817
	1,113	PER Aarsleff A/S - Class B		185,141
	1,788	Ringkjoebing Landbobank A/S		344,385
	3,006	Rockwool International A/S - Class B		437,526

Shares			Value
DENMARK (continued)
	1,853	Royal UNIBREW(d)	$	302,620
	9,377	Schouw & Co.		415,212
	16,820	SimCorp A/S		506,908
	2,457	Solar A/S - Class B		113,760
	21,891	Spar Nord Bank A/S		221,140
	44,562	Sydbank A/S(d)		1,413,500
	37,860	Topdanmark AS(d)		1,204,738
	3,605	Tryg A/S		389,664
	130,586	Vestas Wind Systems A/S(d)		4,370,822
	1,952	William Demant Holding A/S(d)		147,924
				41,745,695
FAEROE ISLANDS — 0.0%
	7,482	Bakkafrost		183,030
FINLAND — 0.5%
	4,290	Ahlstrom Oyj		39,191
	872	Aktia Bank Oyj		10,611
	39,132	Amer Sports Oyj		748,813
	13,990	Cargotec Oyj - Class B		421,108
	93,678	Caverion Corp.		752,486
	86,662	Citycon Oyj		280,189
	2,317	Comptel Oyj		1,800
	4,120	Cramo Oyj		59,942
	1,089	Elektrobit Oyj		4,681
	29,832	Elisa Oyj		818,708
	7,435	Finnair Oyj(d)		23,200
	3,396	Finnlines Oyj(d)		64,261
	12,672	Fiskars Oyj Abp		352,534
	25,631	F-Secure Oyj		62,633
	2,410	HKScan Oyj - A Shares		10,238
	40,603	Huhtamaki Oyj		1,028,826
	17,769	Kemira Oyj		229,352
	30,149	Kesko OYJ - B Shares		1,141,747
	2,280	Kesko Oyj - Class A		82,858
	15,462	Konecranes Oyj		432,283
	4,576	Lassila & Tikanoja OYJ		84,410
	74	Lemminkainen Oyj(d)		1,099
	75,818	Metsa Board Oyj		338,240
	67,391	Metso Oyj		2,198,258
	68,147	Neste Oil Oyj		1,473,121
	45,622	Nokian Renkaat Oyj		1,285,779
	5,138	Olvi Oyj - Class A		151,566
	22,895	Oriola-KD Oyj - Class B(d)		75,744
	10,430	Orion Oyj - Class A		350,939
	18,446	Orion Oyj - Class B		626,201
	46,126	Outokumpu Oyj(d)		260,459
	20,286	Outotec Oyj		134,098
	13,413	PKC Group Oyj		268,600
	1,919	Poyry Oyj(d)		7,695
	43,685	Raisio Oyj - V Shares		217,880
	26,439	Ramirent Oyj		210,719
	440	Saga Furs Oyj		13,862
	34,670	Sanoma Oyj		199,333
	156,282	SSAB - A Shares(d)		1,112,395
	124,610	SSAB - Class B(d)		804,200

Shares			Value
FINLAND (continued)
	8,071	Stockmann Oyj Abp - Class B	$	89,308
	293,089	Stora Enso Oyj - Class R		2,414,893
	163,338	Talvivaara Mining Co. Plc(d)		6,284
	1,984	Technopolis Oyj		10,069
	15,464	Tieto Oyj		391,643
	15,160	Tikkurila Oyj		313,083
	303,484	UPM-Kymmene Oyj		4,799,519
	13,498	Uponor Oyj		179,299
	6,352	Vacon Oyj		268,968
	3,684	Vaisala Oyj - Class A		103,873
	67,391	Valmet Oyj		711,921
	70,509	Wartsila Oyj Abp		3,265,721
	25,056	YIT Oyj		167,042
				29,101,682
FRANCE — 2.0%
	18,557	Accor SA		779,264
	45,358	Air France-KLM(d)		382,819
	1,640	Akka Technologies SA		53,640
	8,161	Albioma SA		176,824
	808,766	Alcatel-Lucent(d)		2,481,058
	5,620	Altamir		70,427
	9,534	Alten SA		407,649
	60,387	Altran Technologies SA		592,905
	4,393	APRIL SA		65,786
	30,018	Arkema SA		1,851,509
	4,828	Assystem		97,408
	43,061	AtoS		2,972,757
	290	Aurea SA		1,864
	10,625	Beneteau SA(d)		157,113
	3,331	BioMerieux		351,387
	132,613	Boiron SA(c)		11,792,402
	2,517	Bollore SA		1,192,278
	12	Bollore SA(d)		5,489
	11,728	Bonduelle SCA		295,408
	2,288	Bongrain SA		155,546
	113	Burelle SA		77,175
	1,998	Cegedim SA(d)		64,122
	2,386	Cegid Group		87,817
	43,726	CGG SA(d)		252,496
	10,437	Club Mediterranee SA(d)		294,149
	34,208	Derichebourg SA		85,735
	126	Devoteam SA		2,023
	22,092	Edenred		611,829
	22,055	Eiffage SA		1,171,445
	494	Electricite de Strasbourg SA		64,889
	1,526	Eramet(d)		141,702
	29,947	Etablissements Maurel et Prom(d)		358,280
	42,035	Euler Hermes Group(c)		4,117,164
	43,089	Eutelsat Communications SA		1,396,360
	1,226	Exel Industries SA - Class A		69,382
	1,633	Faiveley Transport SA		98,227
	34,656	Faurecia		1,120,037
	1,000	Fimalac		67,043
	11,234	GameLoft SA(d)		57,719

Shares			Value
FRANCE (continued)
	250,793	Gaztransport Et Technigaz SA(c)	$	14,032,641
	1,559	Gecina SA REIT		210,995
	1,636	GL Events		32,638
	1,072	Groupe Crit		54,917
	152,389	Groupe Eurotunnel SA		1,924,938
	1,572	Guerbet		73,125
	8,241	Haulotte Group SA		124,443
	57,124	Havas SA		461,722
	4,606	Hi-Media SA(d)		14,661
	7,968	ICADE REIT		633,953
	18,204	Imerys SA		1,305,093
	76,739	Ingenico		7,642,262
	1,815	Interparfums SA		43,579
	7,311	Ipsen SA		359,508
	5,475	IPSOS		141,988
	5,344	Jacquet Metal Service		91,211
	27,960	JCDecaux SA		927,457
	31,494	Klepierre REIT		1,361,600
	326,459	Korian-Medica(c)		11,810,764
	18,878	Lagardere SCA		459,299
	936	Laurent-Perrier		75,069
	1,354	Lectra		13,370
	896	Linedata Services		25,724
	324,006	LISI(c)		8,124,613
	735	Maisons France Confort SA		24,924
	1,101	Manitou BF SA(d)		15,315
	4,401	Mersen		105,890
	6,667	Metropole Television SA		115,337
	3,349	MGI Coutier		49,648
	3,180	Montupet		246,553
	1,975	Mr Bricolage		35,961
	1,755	Naturex		122,060
	39,377	Neopost SA		2,734,219
	7,782	Nexans SA(d)		237,412
	9,400	Nexity SA		337,368
	1,227	Norbert Dentressangle SA		179,209
	2,474	Onxeo(d)		20,827
	8,658	Orpea		527,624
	294	Parrot SA(d)		5,578
	17,954	Peugeot SA(d)		212,796
	1,273	Pierre & Vacances SA(d)		31,586
	29,736	Plastic Omnium SA		675,962
	431	PSB Industries SA		18,958
	13,397	Rallye SA		518,259
	564	Remy Cointreau SA		40,124
	97,165	Rexel SA		1,632,222
	235,665	Rubis SCA(c)		13,859,520
	8,556	Saft Groupe SA		254,110
	1,023	Sartorius Stedim Biotech		186,527
	6,172	Schneider Electric SA(d)		486,341
	135,370	SCOR SE		4,145,970
	6,771	SEB SA		553,990
	7,940	Societe BIC SA		989,726
	12,196	Societe d’Edition de Canal +		90,478

Shares			Value
FRANCE (continued)
	696	Societe Internationale de Plantations d’Heveas SA	$	28,965
	40,012	Societe Television Francaise 1		594,923
	40,139	SOITEC(d)		99,594
	724	Somfy SA		212,303
	5,507	Sopra Group SA		412,754
	2,498	Ste Industrielle d’Aviation Latecoere SA(d)		29,864
	1,615	Stef SA		92,084
	28,979	Suez Environnement Co.		487,710
	1,654	Sword Group		38,449
	2,086	Synergie SA		47,759
	48,862	Technicolor SA(d)		288,216
	16,665	Technip SA		1,205,408
	17,738	Teleperformance SA		1,117,197
	155	Tessi SA		15,308
	16,096	Theolia SA(d)		13,514
	82	Thermador Groupe		7,650
	2,556	Trigano SA(d)		51,729
	53,785	UBISOFT Entertainment(d)		972,591
	29,358	Valeo SA		3,286,445
	61,175	Vallourec SA		2,246,178
	1,225	Valneva SE(d)		6,754
	41,456	Veolia Environnement SA		692,760
	602	Vetoquinol SA		27,158
	4,295	Vicat		293,657
	2,872	Vilmorin & Cie SA		288,103
	1,445	Virbac SA		323,137
	449	Vranken - Pommery Monopole SA		13,532
	58,065	Zodiac Aerospace		1,770,714
				127,085,647
GABON — 0.0%
	55	Total Gabon		24,226
GEORGIA — 0.0%
	4,384	Bank of Georgia Holdings Plc		179,534
GERMANY — 2.3%
	30,393	Aareal Bank AG		1,301,431
	1,753	Adler Modemaerkte AG		26,361
	20,697	ADVA Optical Networking SE(d)		74,178
	10,093	Air Berlin Plc(d)		14,937
	17,687	Aixtron SE(d)		215,239
	2,408	Allgeier SE		42,850
	2,742	Alstria Office REIT AG		33,997
	752	Amadeus Fire AG		53,300
	281	AS Creation Tapeten AG		9,684
	12,510	Aurubis AG		653,601
	15,258	Axel Springer SE		837,288
	8,038	Balda AG		27,599
	4,639	Bauer AG(d)		71,795
	8,172	BayWa AG		322,941
	10,613	Bechtle AG		824,712
	1,967	Bertrandt AG		256,970

Shares			Value
GERMANY (continued)
	685	Bijou Brigitte AG	$	47,212
	15,838	Bilfinger SE		1,021,544
	1,210	Biotest AG		119,788
	23,792	Borussia Dortmund GmbH & Co. KGaA		125,908
	11,268	Borussia Dortmund GmbH & Co. KGaA(d)		59,305
	23,614	Brenntag AG		1,142,245
	4,102	CANCOM SE		167,500
	8,816	Carl Zeiss Meditec AG		237,251
	42,074	Celesio AG		1,386,667
	2,761	CENIT AG		38,319
	8,279	CENTROTEC Sustainable AG		133,939
	3,390	Cewe Stiftung & Co. KGaA		222,902
	17,476	Comdirect Bank AG		176,733
	2,747	CompuGroup Medical AG		62,996
	5,206	Constantin Medien AG(d)		7,607
	13,998	CTS Eventim AG & Co KGaA		369,075
	3,708	DAB Bank AG		22,211
	3,806	Deutsche Beteiligungs AG		104,118
	42,926	Deutsche Lufthansa AG		634,215
	23,403	Deutsche Wohnen AG		527,307
	37,884	Deutz AG		170,243
	20,474	Dialog Semiconductor Plc(d)		703,514
	41,937	DMG MORI SEIKI AG		1,070,248
	2,601	Dr Hoenle AG		55,313
	795	Draegerwerk AG & Co. KGaA		65,753
	17,862	Drillisch AG		619,806
	108,206	Duerr AG		7,592,143
	9,177	Elmos Semiconductor AG		163,877
	242,218	ElringKlinger AG(c)		7,392,598
	3,534	Euromicron AG(d)		58,458
	25,249	Evotec AG(d)		92,676
	131,444	Fielmann AG(c)		8,570,322
	2,910	First Sensor AG(d)		36,667
	29,631	Fraport AG Frankfurt Airport Services Worldwide		1,831,352
	69,446	Freenet AG		1,817,541
	11,914	Fuchs Petrolub SE		438,718
	89,581	GEA Group AG		4,119,318
	6,600	Gerresheimer AG		366,768
	7,035	Gerry Weber International AG		282,373
	2,345	Gesco AG		207,115
	7,997	GFK SE		330,707
	5,545	GFT Technologies AG		76,540
	6,523	Grammer AG		238,117
	3,340	Grenkeleasing AG		331,828
	1,466	Hamborner AG REIT		15,064
	3,768	Hamburger Hafen und Logistik AG		82,467
	29,934	Hannover Rueck SE		2,494,156
	656	Hansa Group AG(d)		190
	1,410	Hawesko Holding AG		65,333
	118,849	Heidelberger Druckmaschinen AG(d)		302,488
	24,960	Hochtief AG		1,845,124

Shares			Value
GERMANY (continued)
	4,021	Homag Group AG	$	141,543
	125	Hornbach Baumarkt AG		4,442
	12,049	Indus Holding AG		551,241
	502	Init Innovation In Traffic Systems AG		12,154
	2,380	Isra Vision AG		141,579
	22,264	Jenoptik AG		254,365
	60,505	K+S AG		1,688,171
	55,896	Kloeckner & Co. SE(d)		656,401
	531	Koenig & Bauer AG(d)		6,714
	4,511	Kontron AG(d)		26,071
	7,617	Krones AG		729,542
	210	KSB AG(c)		113,159
	5,395	KUKA AG		339,051
	1,128	KWS Saat AG		369,706
	52,769	Lanxess AG		2,742,964
	798	Leifheit AG		41,786
	26,280	Leoni AG		1,504,368
	4,388	LPKF Laser & Electronics AG		56,005
	1,101	Manz AG(d)		89,958
	10,130	MLP AG		51,412
	475	Morphosys AG(d)		45,078
	241,575	MTU Aero Engines AG(c)		21,151,700
	3,842	MVV Energie AG(c)		115,454
	1,551	Nemetschek AG		154,694
	2,244	Nexus AG		34,321
	16,879	Nordex SE(d)		285,128
	310,910	NORMA Group SE(c)		14,534,640
	1,021	OHB AG		25,436
	21,082	OSRAM Licht AG(d)		738,672
	25,484	Patrizia Immobilien AG(d)		343,943
	1,334	Pfeiffer Vacuum Technology AG		103,712
	17,767	PNE Wind AG		50,096
	686	Progress-Werk Oberkirch AG		36,703
	1,040	Puma SE		218,168
	69,049	QSC AG		133,254
	870	R Stahl AG		43,119
	19,441	Rational AG(c)		6,083,306
	36,416	Rheinmetall AG		1,562,987
	64,835	Rhoen Klinikum AG		1,932,075
	16,332	SAF-Holland SA		204,091
	819	Schaltbau Holding AG		50,239
	22,815	SGL Carbon SE(d)		352,808
	203	SHW AG		9,239
	14,802	Sixt SE		475,618
	16,990	Software AG		426,778
	33,126	Stada Arzneimittel AG		1,276,280
	11,191	Stroeer Media SE		254,886
	40,416	Suedzucker AG		561,931
	10,720	Suss Microtec AG(d)		63,219
	483,853	Symrise AG		27,209,493
	30,278	TAG Immobilien AG		354,083
	9,742	Takkt AG		151,809
	28,597	Talanx AG(d)		921,530
	3,573	Tom Tailor Holding AG(d)		50,058

Shares			Value
GERMANY (continued)
	4,964	Tomorrow Focus AG	$	20,528
	72,881	TUI AG		1,112,408
	34,543	United Internet AG		1,354,466
	1,861	Vossloh AG		107,044
	6,164	VTG AG		124,517
	9,072	Wacker Chemie AG		1,093,997
	17,355	Wacker Neuson SE		336,991
	62	Washtec AG		956
	837	Wincor Nixdorf AG		38,421
	166	XING AG		17,599
				146,492,649
GIBRALTAR — 0.0%
	23,380	888 Holdings Plc		47,873
	1,264	Bwin.Party Digital Entertainment Plc		1,813
				49,686
GREECE — 0.0%
	1,466	Aegean Airlines SA		12,768
	96	Alapis Holding Industrial and Commercial SA of Pharmaceutical Chemical Products(b)(c)(d)		0
	2,153	Athens Water Supply & Sewage Co. SA (The)		14,866
	54,107	Ellaktor SA(d)		152,559
	2,479	FF Group		81,081
	10,168	Frigoglass SAIC(d)		28,160
	14,537	GEK Terna Holding Real Estate Construction SA(d)		37,163
	10,539	Hellenic Exchanges - Athens Stock Exchange SA Holding		70,921
	13,217	Hellenic Petroleum SA(d)		67,908
	51,849	Intralot SA-Integrated Lottery Systems & Services(d)		73,421
	13,521	JUMBO SA		148,258
	1,715	Lamda Development SA(d)		7,200
	132,453	Marfin Investment Group Holdings SA(d)		35,022
	6,034	Metka SA		58,980
	3,640	Motor Oil (Hellas) Corinth Refineries SA		26,639
	26,955	Mytilineos Holdings SA(d)		173,284
	3,190	OPAP SA		38,656
	22,848	Proton Bank SA(b)(c)(d)		0
	6,085	Public Power Corp. SA(d)		46,210
	5,302	Sarantis SA		46,509
	12,534	T Bank SA(b)(c)(d)		0
	6,226	Terna Energy SA		17,867
	647	Thessaloniki Port Authority SA		16,216
	31,091	TT Hellenic Postbank SA(b)(c)(d)		0
				1,153,688
GUERNSEY — 0.1%
	825,262	Friends Life Group Ltd.		4,269,416

Shares			Value
GUERNSEY (continued)
	18,201	Raven Russia Ltd.(d)	$	18,052
	59,000	Tethys Petroleum Ltd.(d)		15,181
				4,302,649
HONG KONG — 1.3%
	4,000	Ajisen China Holdings Ltd.		2,754
	30,000	Allied Group Ltd.		123,015
	1,473,693	Allied Properties HK Ltd.(c)		281,241
	260,000	AMVIG Holdings Ltd.		121,700
	124,000	Anxin-China Holdings Ltd.		11,512
	121,500	APT Satellite Holdings Ltd.		176,724
	144,000	Asia Financial Holdings Ltd.(c)		59,976
	58,000	Asia Satellite Telecommunications Holdings Ltd.		201,930
	421,877	Asia Standard International Group Ltd.		102,271
	411,100	ASM Pacific Technology Ltd.		4,521,747
	80,000	Associated International Hotels Ltd.(c)		233,135
	84,000	Beijing Enterprises Holdings Ltd.		685,635
	504,000	Bel Global Resources Holdings Ltd.(b)(c)(d)		0
	66,400	Bonjour Holdings Ltd.		8,391
	386,000	Bosideng International Holdings Ltd.		57,239
	218,000	Bossini International Holdings Ltd.		21,364
	233,000	Brightoil Petroleum Holdings Ltd.(d)		74,210
	56,897	Brilliant Circle Holdings International Ltd.		9,831
	1,864,354	Brockman Mining Ltd.(c)(d)		80,535
	496,791	C C Land Holdings Ltd.		88,402
	106,000	Cafe de Coral Holdings Ltd.		379,980
	174,000	Carrianna Group Holdings Co. Ltd.		28,270
	718,800	Century City International Holdings Ltd.		51,905
	1,604,275	Champion Technology Holdings Ltd.		35,581
	276,560	Chaoda Modern Agriculture Holdings Ltd.(b)(c)(d)		8,020
	119,243	Cheuk Nang Holdings Ltd.(c)		105,172
	80,000	Chevalier International Holdings Ltd.(c)		129,566
	2,302,000	Chigo Holding Ltd.(d)		55,211
	684,000	China Aerospace International Holdings Ltd.		99,665
	765,137	China Agri-Industries Holdings Ltd.		292,039
	136,000	China All Access Holdings Ltd.		53,662
	2,392,000	China Billion Resources Ltd.(b)(c)(d)		0
	82,500	China Culiangwang Beverages Holdings, Ltd.(d)		5,000
	656,000	China Daye Non-Ferrous Metals Mining Ltd.(d)		14,042

Shares			Value
HONG KONG (continued)
	560,000	China Dynamics Holdings Ltd.(d)	$	71,488
	120,000	China Electronics Corp. Holdings Co. Ltd.		37,756
	746,000	China Energine International Holdings Ltd.(d)		93,308
	1,588,000	China Energy Development Holdings Ltd.(d)		47,096
	183,000	China Everbright International Ltd.		252,490
	344,000	China Everbright Ltd.		668,913
	438,000	China Fiber Optic Network System Group Ltd.		132,725
	140,000	China Financial Services Holdings Ltd.		8,214
	76,936	China Flavors & Fragrances Co. Ltd.(d)		11,607
	618,000	China Glass Holdings Ltd.		71,720
	6,603,000	China High Precision Automation Group Ltd.(b)(c)(d)		1,038,750
	790,000	China High Speed Transmission Equipment Group Co. Ltd.(d)		622,412
	870,000	China Household Holdings Ltd.(d)		105,453
	12,236,000	China Lumena New Materials Corp.(b)(c)(d)		1,972,238
	141,113	China Merchants Holdings International Co. Ltd.		445,803
	580,000	China Merchants Land Ltd.		83,016
	216,000	China Metal International Holdings, Inc.		76,594
	193,200	China Metal Recycling Holdings Ltd.(b)(c)(d)		44,045
	632,557	China New Town Development Co. Ltd.(d)		31,403
	740,000	China Nickel Resources Holding Co. Ltd.(d)		21,947
	1,060,000	China Oil and Gas Group Ltd.		168,121
	244,500	China Overseas Grand Oceans Group Ltd.		128,947
	460,000	China Power International Development Ltd.		207,604
	600,000	China Power New Energy Development Co. Ltd.(d)		41,779
	892,000	China Precious Metal Resources Holdings Co. Ltd.(d)		94,317
	353,000	China Properties Group Ltd.(d)		67,367
	1,088,440	China Resources Cement Holdings Ltd.		739,648
	482,000	China Resources Enterprise Ltd.		1,146,087
	184,800	China Resources Gas Group Ltd.		527,820
	1,520,600	China Singyes Solar Technologies Holdings Ltd.		2,913,692
	1,230,000	China South City Holdings Ltd.		556,701
	800,000	China Star Entertainment Ltd.(d)		12,069

Shares			Value
HONG KONG (continued)
	425,000	China Starch Holdings Ltd.	$	10,412
	275,440	China State Construction International Holdings Ltd.		425,494
	970,000	China Strategic Holdings Ltd.(d)		18,887
	136,400	China Taiping Insurance Holdings Co. Ltd.(d)		292,670
	126,000	China Traditional Chinese Medical Co. Ltd.(d)		71,001
	1,112,000	China Travel International Investment Hong Kong Ltd.		341,265
	312,000	China Vanadium Titano - Magnetite Mining Co. Ltd.		31,783
	86,000	China Water Affairs Group Ltd.		43,803
	1,990,000	China WindPower Group Ltd.(d)		161,660
	13,362	Chong Hing Bank Ltd.		29,635
	88,000	Chow Sang Sang Holdings International Ltd.		217,414
	110,000	Chu Kong Shipping Enterprise Group Co. Ltd.		27,375
	413,500	Chuang’s Consortium International Ltd.		50,653
	96,000	CIMC Enric Holdings Ltd.		96,431
	548,000	CITIC Ltd.		959,600
	1,555,000	CITIC Resources Holdings Ltd.(d)		216,553
	649,000	CITIC Telecom International Holdings Ltd.		258,591
	872,000	Citychamp Watch & Jewellery Group Ltd.		118,063
	1,018,000	CK Life Sciences International Holdings, Inc.		107,639
	68,000	Clear Media Ltd.		69,270
	177,000	Coastal Greenland Ltd.(d)		6,162
	166,525	Comba Telecom Systems Holdings Ltd.		76,443
	156,000	Cosco International Holdings Ltd.		68,393
	459,420	COSCO Pacific Ltd.		604,254
	1,238,000	CP Pokphand Co. Ltd.		142,076
	27,000	Cross-Harbour Holdings Ltd.		24,928
	2,429,335	CSI Properties Ltd.		104,940
	424,000	CSPC Pharmaceutical Group Ltd.		390,368
	3,656,000	CST Mining Group Ltd.(d)		20,743
	292,000	Dah Chong Hong Holdings Ltd.		172,448
	278,924	Dah Sing Banking Group Ltd.		506,405
	89,078	Dah Sing Financial Holdings Ltd.		554,788
	270,000	Dan Form Holdings Co. Ltd.(d)		26,808
	132,000	Dawnrays Pharmaceutical Holdings Ltd.		131,061
	244,000	DBA Telecommunication Asia Holdings Ltd.(b)(c)(d)		11,987
	160,550	Dickson Concepts International Ltd.		84,259
	306,000	Digital China Holdings Ltd.		284,884

Shares			Value
HONG KONG (continued)
	107,000	DMX Technologies Group Ltd.	$	13,326
	204,000	Dorsett Hospitality International Ltd.		36,038
	108,000	Dynasty Fine Wines Group Ltd.(b)(c)(d)		3,760
	222,000	EcoGreen Fine Chemicals Group Ltd.		65,840
	168,234	EganaGoldpfeil Holdings Ltd.(b)(c)(d)		0
	264,000	Emperor Capital Group Ltd.		13,957
	325,000	Emperor Entertainment Hotel Ltd.		97,645
	648,416	Emperor International Holdings Ltd.		141,303
	42,820,000	Emperor Watch & Jewellery Ltd.(c)		1,960,130
	643,400	Esprit Holdings Ltd.		805,583
	504,000	eSun Holdings Ltd.(d)		55,891
	452,000	EVA Precision Industrial Holdings Ltd.		120,648
	352,500	EverChina International Holdings Co. Ltd.(d)		19,318
	9,500	Fairwood Holdings Ltd.		21,413
	517,487	Far East Consortium International Ltd.		193,512
	1,198,000	First Pacific Co. Ltd.		1,292,981
	315,745	Fortune Oil Plc(d)		40,307
	30,000	Fountain SET Holdings Ltd.		3,482
	2,114,000	Franshion Properties China Ltd.		498,845
	30,000	Future Bright Holdings Ltd.		11,412
	2,789,000	GCL-Poly Energy Holdings Ltd.(d)		942,236
	262,000	Genting Hong Kong Ltd.		96,960
	798,000	Get Nice Holdings Ltd.		36,529
	266,000	Giordano International Ltd.		135,484
	1,383,200	Global Bio-Chem Technology Group Co. Ltd.(d)		52,616
	128,000	Global Sweeteners Holdings Ltd.(d)		6,520
	1,757,000	Glorious Property Holdings Ltd.(d)		253,746
	122,000	Glorious Sun Enterprises Ltd.		26,586
	220,000	Gold Peak Industries Holding Ltd.(c)		20,425
	220,000	Goldbond Group Holdings Ltd.		9,362
	243,588	Golden Meditech Holdings Ltd.		39,890
	158,000	Goldin Properties Holdings Ltd.(d)		95,756
	98,000	Goldlion Holdings Ltd.		41,069
	16,000	Good Friend International Holdings, Inc.		5,261
	219,960	Great Eagle Holdings Ltd.		740,277
	12,162,000	G-Resources Group Ltd.(d)		297,967
	584,000	Guangdong Investment Ltd.		768,109
	150,666	Guangdong Land Holdings Ltd.(d)		32,056
	12,000	Guangnan Holdings Ltd.		1,965

Shares			Value
HONG KONG (continued)
	8,000	Guoco Group Ltd.	$	98,309
	259,200	Guotai Junan International Holdings Ltd.		181,152
	185,000	Haier Electronics Group Co. Ltd.		499,765
	226,738	Haitong International Securities Group Ltd.		134,783
	3,316,000	Hanergy Thin Film Power Group Ltd.		756,829
	430,000	Hao Tian Development Group Ltd.(d)		27,724
	114,000	Harbour Centre Development Ltd.(c)		207,269
	2,439,359	Heng Tai Consumables Group Ltd.(d)		35,858
	797,400	Hengdeli Holdings Ltd.		128,527
	2,008,035	HKC Holdings Ltd.(d)		49,197
	365,200	HKR International Ltd.		176,592
	186,000	Hon Kwok Land Investment Co. Ltd.		64,757
	3,600	Hong Kong Aircraft Engineering Co. Ltd.		39,550
	45,000	Hong Kong Ferry (Holdings) Co. Ltd.		51,527
	199,000	Hong Kong Television Network Ltd.(d)		79,034
	316,651	Hongkong & Shanghai Hotels (The)		501,405
	727,700	Hongkong Chinese Ltd.		171,717
	57,650	Hopewell Highway Infrastructure Ltd.		27,802
	246,000	Hopewell Holdings Ltd.		872,324
	332,000	Hopson Development Holdings Ltd.(d)		294,963
	230,000	Hsin Chong Construction Group Ltd.		28,471
	473,280	Hua Han Bio-Pharmaceutical Holdings Ltd.		169,047
	555,000	Huabao International Holdings Ltd.		396,472
	259,631	Hung Hing Printing Group Ltd.		37,831
	658,000	Hutchison Harbour Ring Ltd.		60,241
	1,147,000	Hutchison Telecommunications Hong Kong Holdings Ltd.		457,016
	18,000	Hysan Development Co. Ltd.		82,049
	2,136,000	Imagi International Holdings Ltd.(d)		62,247
	199,000	Inspur International Ltd.		50,808
	552,000	Integrated Waste Solutions Group Holdings Ltd.(d)		33,454
	1,446,250	International Standard Resources Holdings Ltd.(d)		82,988
	106,000	IRC Ltd.(d)		8,201
	398,000	IT Ltd.		119,577
	111,270	ITC Properties Group Ltd.		55,957
	134,000	Jinhui Holdings Co. Ltd.(d)		24,018
	210,625	Johnson Electric Holdings Ltd.		712,934

Shares			Value
HONG KONG (continued)
	564,000	Ju Teng International Holdings Ltd.	$	314,176
	675,099	K Wah International Holdings Ltd.		423,071
	1,940,000	Kai Yuan Holdings Ltd.(d)		25,516
	42,000	Keck Seng Investments		37,260
	319,500	Kerry Properties Ltd.		1,095,878
	330,700	Kingboard Chemical Holdings Ltd.		650,727
	473,000	Kingboard Laminates Holdings Ltd.		192,734
	196,000	Kingmaker Footwear Holdings Ltd.		32,856
	1,866,000	Kingston Financial Group Ltd.		221,365
	417,000	Kowloon Development Co. Ltd.		497,917
	2,412,000	Lai Fung Holdings Ltd.		51,629
	4,908,750	Lai Sun Development Co. Ltd.(d)		126,593
	603,200	Lai Sun Garment International Ltd.(d)		90,225
	9,000	Lam Soon Hong Kong Ltd.		8,008
	208,000	Landsea Green Properties Co. Ltd.(d)		17,970
	116,000	Le Saunda Holdings Ltd.		58,335
	24,000	Lee & Man Chemical Co. Ltd.		15,009
	807,200	Lee & Man Paper Manufacturing Ltd.		443,405
	15,000	Lee’s Pharmaceutical Holdings Ltd.		20,541
	74,000	Lerado Group Holding Co. Ltd.		11,164
	83,500	Lifestyle International Holdings Ltd.		157,845
	2,715,000	Lijun International Pharmaceutical Holding Co. Ltd.		1,319,839
	1,924,000	Lippo China Resources Ltd.		89,314
	102,000	Lippo Ltd.		60,633
	156,000	Liu Chong Hing Investment Ltd.		197,335
	546,600	Loudong General Nice Resources China Holdings Ltd.(d)		35,946
	170,000	Luen Thai Holdings Ltd.		34,416
	59,000	Luk Fook Holdings International Ltd.		176,122
	1,658,000	Magnificent Estates		79,104
	59,200	Man Wah Holdings Ltd.		88,550
	20,000	Man Yue Technology Holdings Ltd.		4,462
	580,000	Mei Ah Entertainment Group Ltd.(d)		51,604
	126,000	Midland Holdings Ltd.(d)		61,902
	178,000	MIE Holdings Corp.		24,559
	108,000	MIN XIN Holdings Ltd.		65,453
	1,335,000	Ming Fung Jewellery Group Ltd.(d)		14,804
	429,000	Mingfa Group International Co. Ltd.(d)		119,487

Shares			Value
HONG KONG (continued)
	574,000	Minmetals Land Ltd.	$	66,614
	29,000	Miramar Hotel & Investment Co. Ltd.		36,609
	6,221,148	Nan Hai Corp. Ltd.(d)		35,297
	429,500	Neo-Neon Holdings Ltd.(d)		69,228
	1,650,000	Neptune Group Ltd.(d)		37,446
	69,500	NetDragon Websoft, Inc.		118,475
	872,000	New Century Group Hong Kong Ltd.		16,192
	1,235,100	New World China Land Ltd.		750,124
	24,000	New World Department Store China Ltd.		8,789
	412,000	Newocean Energy Holdings Ltd.		193,910
	434,000	Next Media Ltd.		41,412
	781,000	Nine Dragons Paper Holdings Ltd.		605,251
	226,391	NWS Holdings Ltd.		423,289
	550,000	Orange Sky Golden Harvest Entertainment Holdings Ltd.(d)		43,262
	120,500	Orient Overseas International Ltd.		686,005
	113,200	Oriental Watch Holdings.		25,252
	42,000	Overseas Chinese Town Asia Holdings Ltd.		15,706
	430,164	Pacific Andes International Holdings Ltd.		18,027
	13,489,000	Pacific Basin Shipping Ltd.(c)		6,487,814
	236,000	Pacific Textile Holdings Ltd.		316,486
	323,240	Paliburg Holdings Ltd.		105,869
	59,000	PAX Global Technology Ltd.(d)		63,297
	1,126,394	PCCW Ltd.		716,056
	48,000	Peace Mark Holdings Ltd.(b)(c)(d)		0
	369,800	Pearl Oriental Oil Ltd.(d)		10,443
	296,000	Phoenix Satellite Television Holdings Ltd.		90,840
	368,000	Pico Far East Holdings Ltd.		91,108
	42,000	Playmates Holdings Ltd.		44,951
	318,000	Poly Property Group Co. Ltd.		123,015
	1,200,000	Polytec Asset Holdings Ltd.		174,852
	132,000	Pou Sheng International Holdings Ltd.(d)		12,085
	78,000	Public Financial Holdings Ltd.		37,315
	320,000	Real Nutriceutical Group Ltd.		109,347
	386,200	Regal Hotels International Holdings Ltd.		235,550
	5,081,033	REXLot Holdings Ltd.		524,145
	176,000	SA SA International Holdings Ltd.		121,643
	390,000	Samson Holding Ltd.		50,792
	116,000	SAS Dragon Holding Ltd.		35,749
	92,000	SEA Holdings Ltd.		59,671
	261,516	Shanghai Industrial Holdings Ltd.		805,946

Shares			Value
HONG KONG (continued)
	995,000	Shanghai Industrial Urban Development Group Ltd.(d)	$	183,472
	1,190,000	Shanghai Zendai Property Ltd.(d)		16,112
	448,000	Shangri-La Asia Ltd.		650,468
	150,000	Shenyin Wanguo HK Ltd.		85,878
	489,520	Shenzhen International Holdings Ltd.		777,662
	978,638	Shenzhen Investment Ltd.		282,670
	567,629	Shimao Property Holdings Ltd.		1,220,873
	2,506,000	Shougang Concord International Enterprises Co. Ltd.(d)		116,330
	1,382,000	Shougang Fushan Resources Group Ltd.		311,857
	1,029,750	Shun Tak Holdings Ltd.		524,492
	370,000	Silver Grant International Industries Ltd.		50,573
	652,000	Singamas Container Holdings Ltd.		112,658
	620,000	Sino Biopharmaceutical Ltd.		624,385
	3,935,000	Sino Oil And Gas Holdings Ltd.(d)		102,496
	1,120,000	Sinofert Holdings Ltd.(d)		170,416
	212,000	Sinopec Kantons Holdings Ltd.		176,048
	914,000	Sinotrans Shipping Ltd.(d)		249,857
	38,000	SIS International Holdings		18,522
	46,000	Sitoy Group Holdings Ltd.		37,903
	947,278	Skyworth Digital Holdings Ltd.		519,130
	104,410	SmarTone Telecommunications Holding Ltd.		134,229
	1,267,934	SMI Corp. Ltd.		49,049
	122,843	SOCAM Development Ltd.(d)		102,011
	424,000	Solargiga Energy Holdings Ltd(d)		22,689
	696,000	South China China Ltd.(c)(d)		65,515
	360,000	Sparkle Roll Group Ltd.(d)		16,015
	1,413,428	SRE Group Ltd.		40,279
	84,500	Stella International Holdings Ltd.		242,436
	60,500	Stelux Holdings International Ltd.		13,418
	204,000	Success Universe Group Ltd.(d)		7,234
	16,000	Sun Hing Vision Group Holdings Ltd.		5,405
	425,801	Sun Hung Kai & Co. Ltd.		317,354
	297,000	Superb Summit International Group Ltd.(d)		63,956
	302,000	TAI Cheung Holdings Ltd.		248,839
	6,000	Tan Chong International Ltd.		2,228
	6,000	Tao Heung Holdings Ltd.		3,164
	684,000	TCC International Holdings Ltd.		275,182
	152,000	TCL Multimedia Technology Holdings Ltd.(d)		53,508
	280,500	Techtronic Industries Co. Ltd.		877,111
	68,100	Television Broadcasts Ltd.		372,765
	108,000	Texhong Textile Group Ltd.		73,670
	248,000	Texwinca Holdings Ltd.		217,455

Shares			Value
HONG KONG (continued)
	185,800	Tian An China Investment Co. Ltd.	$	124,583
	106,000	Tianjin Development Holdings Ltd.		91,988
	1,208,000	Tianjin Port Development Holdings Ltd.		272,593
	81,000	Tibet 5100 Water Resources Holdings Ltd.		28,514
	2,380,000	Titan Petrochemicals Group Ltd.(b)(c)(d)		767
	124,252	Tomson Group Ltd.		32,845
	1,740,000	Tongda Group Holdings Ltd.		224,367
	24,500	Top Spring International Holdings Ltd.		6,919
	203,000	Towngas China Co. Ltd.		213,074
	500,000	TPV Technology Ltd.		97,999
	154,000	Tradelink Electronic Commerce Ltd.		33,758
	46,400	Transport International Holdings Ltd.		84,960
	80,000	Trinity Ltd.		19,290
	394,000	Truly International Holdings Ltd.		200,171
	128,000	TSC Group Holdings Ltd.(d)		47,700
	1,230,000	United Energy Group Ltd.(d)		190,325
	288,500	United Laboratories International Holdings Ltd. (The)(d)		221,346
	44,000	Up Energy Development Group Ltd.(d)		4,879
	439,200	V1 Group Ltd.(d)		46,439
	277,000	Value Partners Group Ltd.		208,594
	188,000	Varitronix International Ltd.		156,361
	643,686	Victory City International Holdings Ltd.		92,961
	244,000	Vitasoy International Holdings Ltd.		336,024
	483,600	VST Holdings Ltd.		167,121
	31,200	VTech Holdings Ltd.		390,646
	178,000	Wasion Group Holdings Ltd.		185,686
	396,000	Welling Holding Ltd.		85,786
	77,000	Wing On Co. International Ltd.(c)		223,400
	230,000	Wing Tai Properties Ltd.(c)		149,771
	900,000	Xinyi Glass Holdings Ltd.		531,518
	1,040,000	Yanchang Petroleum International Ltd.(d)		52,971
	42,000	YGM Trading Ltd.		89,252
	2,292,000	Yingde Gases Group Co. Ltd.		1,793,961
	98,000	Yip’s Chemical Holdings Ltd.		65,964
	127,500	Yue Yuen Industrial Holdings Ltd.		427,458
	2,288,946	Yuexiu Property Co. Ltd.		422,067
	116,191	Yuexiu Transport Infrastructure Ltd.		70,417
	906,000	Yugang International Ltd.		13,201

Shares			Value
HONG KONG (continued)
	306,000	Zhuhai Holdings Investment Group Ltd.	$	58,397
				80,321,604
HUNGARY — 0.0%
	24,646	Magyar Telekom Telecommunications Plc(d)		34,082
INDIA — 1.5%
	355	3M India Ltd.(d)		35,846
	4,102	Aarti Industries		20,380
	4,084	Aban Offshore Ltd.		41,505
	2,753	ABB India Ltd.		52,403
	2,732	ABG Shipyard Ltd.(d)		10,127
	17,582	ACC Ltd.		429,313
	43,270	Adani Enterprises Ltd.(d)		341,262
	87,674	Adani Power Ltd.(d)		68,540
	25,742	Aditya Birla Nuvo Ltd.		705,431
	3,264	Ahmednagar Forgings Ltd.		21,671
	176,515	AIA Engineering Ltd.(c)		2,701,341
	1,605	Ajanta Pharma Ltd.		49,652
	623	Akzo Nobel India Ltd.		13,183
	20,592	Alembic Pharmaceuticals Ltd.		137,302
	36,030	Allahabad Bank		67,366
	810	Allcargo Logistics Ltd.		3,202
	241,287	Alok Industries Ltd.		49,122
	1,082	Alstom India Ltd.		9,351
	384,380	Amara Raja Batteries Ltd.(c)		4,098,280
	178,086	Ambuja Cements Ltd.		660,281
	34,468	Amtek Auto Ltd.		92,654
	17,731	Amtek India Ltd.		26,885
	44,785	Anant Raj Ltd.		39,205
	32,399	Andhra Bank		44,245
	229,025	Apollo Hospitals Enterprise Ltd.(c)		4,160,683
	113,881	Apollo Tyres Ltd.		406,373
	71,434	Arvind Ltd.		346,990
	287,392	Ashok Leyland Ltd.(d)		217,416
	2,229	Atul Ltd.		46,313
	59,016	Aurobindo Pharma Ltd.(d)		930,848
	485,257	Bajaj Electricals Ltd.(c)		2,242,535
	8,626	Bajaj Finance Ltd.		394,562
	12,411	Bajaj Finserv Ltd.		215,949
	22,227	Bajaj Holdings & Investment Ltd.(c)		501,936
	12,115	Balkrishna Industries Ltd.		151,951
	133,566	Ballarpur Industries Ltd.		37,090
	3,642	Balmer Lawrie & Co. Ltd.		36,942
	38,808	Balrampur Chini Mills Ltd.(d)		34,700
	20,918	Bank of Baroda		316,666
	9,497	Bank of India		44,136
	23,191	Bank of Maharashtra		16,298
	4,339	BASF India Ltd.		86,010
	3,947	Bata India Ltd.		81,839
	687,266	Berger Paints India Ltd.(c)		4,448,200
	2,479	Bharat Electronics Ltd.(d)		84,127
	26,138	Bharat Forge Ltd.(d)		346,116

Shares			Value
INDIA (continued)
	12,574	Bharat Petroleum Corp. Ltd.	$	148,420
	44,918	Bhushan Steel Ltd.		77,436
	21,884	Biocon Ltd.		159,657
	8,906	Birla Corp. Ltd.		75,897
	24,403	Blue Dart Express Ltd.(c)		2,118,510
	712	Bosch Ltd.		172,790
	10,113	Britannia Industries Ltd.		252,133
	9,549	Cadila Healthcare Ltd.		218,406
	43,985	Canara Bank		288,159
	7,476	Carborundum Universal Ltd.		23,408
	5,310	Ceat Ltd.		74,967
	29,868	Century Plyboards India Ltd.(d)		67,106
	9,156	Century Textiles & Industries Ltd.		82,866
	6,433	CESC Ltd.		71,041
	57,006	Chambal Fertilizers & Chemicals Ltd.		57,285
	9,705	Cholamandalam Investment and Finance Co. Ltd.		76,652
	65,290	Cipla Ltd.		708,779
	36,243	City Union Bank Ltd.		50,055
	1,522	CMC Ltd.		48,032
	10,128	Colgate-Palmolive India Ltd.		278,833
	3,973	Container Corp. of India Ltd.		87,471
	10,814	Coromandel International Ltd.		58,359
	8,329	Corp Bank		45,925
	21,138	Cox & Kings Ltd.		98,684
	122,660	CRISIL Ltd.(c)		3,642,443
	19,689	Crompton Greaves Ltd.		60,446
	13,480	Cummins India Ltd.		160,553
	16,196	Cyient Ltd.		126,653
	128,260	Dabur India Ltd.		473,142
	2,774	Dalmia Bharat Ltd.		19,145
	6,484	DB Corp. Ltd.		37,610
	18,464	DB Realty Ltd.(d)		20,404
	27,921	DCB Bank Ltd.(d)		41,586
	5,844	Deepak Fertilizers & Petrochemicals Corp. Ltd.		14,881
	29,801	Delta Corp Ltd.		43,367
	43,420	Dena Bank		45,223
	7,530	Divi’s Laboratories Ltd.		230,008
	1,890	eClerx Services Ltd.		39,990
	3,504	Eicher Motors Ltd.		728,920
	22,258	EID Parry India Ltd.(d)		79,607
	307,995	Emami Ltd.(c)(d)		4,064,129
	25,985	Engineers India Ltd.		115,324
	8,345	Eros International Media Ltd.(d)		33,693
	27,309	Escorts Ltd.		75,500
	45,444	Essar Oil Ltd.(d)		89,482
	31,009	Essar Shipping Ltd.(d)		11,414
	7,991	Essel Propack Ltd.		14,928
	109,622	Exide Industries Ltd.		281,375
	15,298	FDC Ltd.		39,067
	304,245	Federal Bank Ltd.		703,876
	6,289	Federal-Mogul Goetze India Ltd.(d)		31,425

Shares			Value
INDIA (continued)
	14,606	Finolex Cables Ltd.	$	53,321
	3,286	Finolex Industries Ltd.		17,174
	1,319,085	Fortis Healthcare Ltd.(c)(d)		2,610,241
	31,884	Future Retail Ltd.		59,951
	29,067	Gateway Distriparks Ltd.		135,630
	1,824	GlaxoSmithKline Consumer Healthcare Ltd.(c)		164,325
	14,696	Glenmark Pharmaceuticals Ltd.		171,864
	548	Godfrey Phillips India Ltd.		26,587
	30,654	Godrej Consumer Products Ltd.		484,198
	23,771	Godrej Industries Ltd.		116,784
	8,712	Godrej Properties Ltd.		34,642
	29,016	Great Eastern Shipping Co. Ltd. (The)		188,344
	20,917	Greaves Cotton Ltd.		44,082
	2,596	Grindwell Norton Ltd.		22,068
	32,020	Gruh Finance Ltd.		110,844
	15,133	Gujarat Alkalies & Chemicals(d)		48,886
	8,892	Gujarat Flourochemicals Ltd.		111,483
	14,998	Gujarat Narmada Valley Fertilizers Co. Ltd.(d)		20,946
	450,743	Gujarat Pipavav Port Ltd.(c)(d)		1,216,786
	51,946	Gujarat State Fertilisers & Chemicals Ltd.		102,454
	62,535	Gujarat State Petronet Ltd.		98,742
	1,652	Gulf Oil Corp. Ltd.		4,640
	1,652	Gulf Oil Lubricants India Ltd.		8,896
	5,553	Hathway Cable & Datacom Ltd.(d)		27,919
	52,392	Havells India Ltd.		243,529
	11,965	HCL Infosystems Ltd.(d)		14,255
	849	HEG Ltd.(d)		4,184
	18,832	Hexa Tradex Ltd.(d)		7,591
	137,134	Hexaware Technologies Ltd.		441,442
	562,230	Hindalco Industries Ltd.		1,498,975
	6,147	Hindustan Petroleum Corp. Ltd.		53,100
	430	Honeywell Automation India Ltd.		39,502
	28,793	Housing Development & Infrastructure Ltd.(d)		39,039
	436,062	HSIL Ltd.(c)		2,662,890
	1,883	HTMT Global Solutions Ltd.(d)		20,742
	30,641	ICRA Ltd.(c)		1,303,241
	46,836	IDBI Bank Ltd.		53,854
	173,718	IDFC Ltd.		442,217
	77,633	IIFL Holdings Ltd.		216,588
	87,660	India Cements Ltd. (The)		159,259
	29,515	Indiabulls Housing Finance Ltd.		201,077
	14,343	Indian Bank		38,964
	51,509	Indian Hotels Co. Ltd.(d)		87,792
	45,438	IndusInd Bank Ltd.		532,897
	3,468	Info Edge India Ltd.		47,614
	23,454	ING Vysya Bank Ltd.		246,324
	9,700	Intellect Design Arena Ltd.(b)(c)(d)		7,583
	239,628	Ipca Laboratories Ltd.(c)		2,854,071

Shares			Value
INDIA (continued)
	8,799	IRB Infrastructure Developers Ltd.	$	36,135
	8,006	Jagran Prakashan Pvt Ltd.(d)		16,938
	66,242	Jain Irrigation Systems Ltd. - DVR		98,014
	140,663	Jammu & Kashmir Bank Ltd. (The)		318,095
	75,459	Jaypee Infratech Ltd.(d)		28,205
	6,226	Jindal Poly Films Ltd.		30,740
	1,556	Jindal Poly Investment & Finance Co. Ltd.(d)		3,426
	59,675	Jindal Saw Ltd.		75,517
	7,796	JK Lakshmi Cement Ltd.		46,611
	2,717	JK Tyre & Industries Ltd.		21,727
	104,984	JM Financial Ltd.		81,046
	138,313	JSW Energy Ltd.		180,888
	52,377	JSW Steel Ltd.		1,077,183
	142,308	Jubilant Foodworks Ltd.(c)(d)		2,918,936
	23,442	Jubilant Organosys Ltd.(d)		55,188
	2,239	Kajaria Ceramics Ltd.		21,918
	90,563	Kakinada Fertilizers Ltd.(b)(c)(d)		3,100
	6,905	Kalpataru Power Transmission Ltd.		19,146
	22,504	Karnataka Bank Ltd. (The)		45,466
	16,876	Karur Vysya Bank Ltd. (The)		149,905
	2,339	Kaveri Seed Co. Ltd.		35,131
	1,197	Kirloskar Oil Engines Ltd.		5,033
	24,476	KPIT Technologies Ltd.		66,233
	298	Lakshmi Machine Works Ltd.		19,428
	81,905	LIC Housing Finance Ltd.		482,959
	11,875	Maharashtra Seamless Ltd.		60,768
	49,550	Mahindra & Mahindra Financial Services Ltd.		237,057
	237	Mahindra Lifespace Developers Ltd.		1,969
	942	Marico Kaya Enterprises Ltd.(d)		9,216
	47,116	Marico Ltd.		238,841
	51,660	MAX India Ltd.		298,686
	12,345	MindTree Ltd.		219,878
	815	Monsanto India Ltd.		39,697
	70,479	Motherson Sumi Systems Ltd.		482,620
	11,049	Mphasis Ltd.		72,142
	515	MRF Ltd.		262,664
	82,330	Nagarjuna Oil Refinery Ltd.(d)		5,967
	13,270	National Aluminium Co. Ltd.		12,384
	165,649	NHPC Ltd.		55,711
	16,197	NIIT Technologies Ltd.		101,943
	6,848	Oil India Ltd.		70,906
	47,831	OMAXE Ltd.		102,361
	6,434	Oracle Financial Sevices Software Ltd.		354,514
	8,317	Orient Cement Ltd.		20,054
	16,955	Oriental Bank of Commerce		78,810
	14,725	Oswal Chemical & Fertilizers(d)		7,698
	27,004	Page Industries Ltd.(c)		3,918,131
	8,697	Parsvnath Developers Ltd.(d)		2,875

Shares			Value
INDIA (continued)
	6,026	PC Jeweller Ltd.	$	23,731
	789	Persistent Systems Ltd.		16,701
	104,278	Petronet LNG Ltd.		338,734
	1,091	Pfizer Ltd.		29,302
	4,125	Phoenix Mills Ltd. (The)		25,613
	7,720	PI Industries Ltd.		56,102
	465,083	Pidilite Industries Ltd.(c)		3,137,417
	7,053	Plethico Pharmaceuticals Ltd.(d)		4,750
	9,700	Polaris Financial Technology Ltd.		29,645
	13,598	Prestige Estates Projects Ltd.		49,819
	1,520	Procter & Gamble Hygiene & Health Care Ltd.		133,634
	81,828	PTC India Financial Services Ltd.		67,635
	51,519	PTC India Ltd.		76,859
	36,362	Rain Industries Ltd.		29,492
	24,971	Rajesh Exports Ltd.(d)		57,812
	796,263	Rallis India Ltd.(c)		2,971,721
	21,876	Ramco Cements Ltd. (The)		122,830
	19,421	Ranbaxy Laboratories Ltd.(d)		200,330
	1,582	Ratnamani Metals & Tubes Ltd.		11,830
	12,772	Raymond Ltd.		96,237
	57,342	Redington India Ltd.		96,613
	3,937	Reliance Capital Ltd.(d)		30,460
	224,421	Reliance Communications Ltd.(d)		387,985
	7,440	Reliance Infrastructure Ltd.		77,211
	160,258	Reliance Power Ltd.(d)		199,278
	38,166	Rolta India Ltd.		68,842
	23,351	Ruchi Soya Industries Ltd.		14,376
	3,688	Sadbhav Engineering Ltd.(d)		14,064
	816	Sanofi India Ltd.		44,188
	69,699	Sesa Sterlite Ltd.		290,545
	2,527	Shoppers Stop Ltd.		22,128
	1,830	Shree Cement Ltd.		270,912
	142,891	Shree Renuka Sugars Ltd.(d)		39,679
	11,398	Shriram Transport Finance Co. Ltd.		176,418
	14,938	Siemens Ltd.		212,441
	77,746	Sintex Industries Ltd.(d)		122,823
	15,463	SJVN Ltd.		6,044
	135,598	SKF India Ltd.(c)		2,744,424
	5,085	Sobha Developers Ltd.		35,744
	104	Solar Industries India Ltd.		4,254
	426,240	South Indian Bank Ltd. (The)		192,641
	9,422	Spice Mobility Ltd.		4,427
	6,622	SRF Ltd.		91,910
	29,868	Star Ferro and Cement Ltd.		34,781
	5,304	State Bank of Bikaner & Jaipur		49,101
	2,656	State Bank of Travancore		18,374
	2,418	Sterlite Technologies Ltd.		2,814
	108,421	Strides Arcolab Ltd.		1,176,739
	8,719	Sun TV Network Ltd.(d)		46,371
	9,094	Sundaram Finance Ltd.		201,912

Shares			Value
INDIA (continued)
	21,387	Sundram Fasteners Ltd.	$	53,520
	6,405	Supreme Industries Ltd.		62,569
	30,834	Syndicate Bank		63,325
	7,364	Tamil Nadu Newsprint & Papers Ltd.		16,815
	13,597	Tata Chemicals Ltd.		90,108
	5,395	Tata Communications Ltd.		35,384
	76,960	Tata Power Co. Ltd.		117,633
	77,939	Tata Steel Ltd.		621,989
	99,640	Tata Tea Ltd.(d)		259,810
	1,682	Tech Mahindra Ltd.		68,970
	4,509	Thermax Ltd.		65,645
	10,567	Timken India Ltd.		71,611
	45,835	Titan Co. Ltd.		293,747
	204,762	Torrent Pharmaceuticals Ltd.(c)		2,941,036
	4,273	Transport Corp. of India Ltd.		15,937
	1,291	Trent Ltd.		27,912
	29,890	Triveni Turbine Ltd.		44,397
	697	TTK Prestige Ltd.		44,537
	20,332	Tube Investments of India Ltd.		115,949
	103,009	TV18 Broadcast Ltd.(d)		48,736
	46,611	TVS Motor Co. Ltd.		196,730
	5,706	UCO Bank		8,127
	13,600	Unichem Laboratories Ltd.		43,480
	29,635	Union Bank of India		108,887
	22,486	United Breweries Ltd.		255,751
	116,601	United Phosphorus Ltd.(d)		661,910
	9,215	Uttam Galva Steels Ltd.(d)		11,114
	772	VA Tech Wabag Ltd.		20,180
	1,130	Vakrangee Ltd.		2,345
	1,120	Vardhman Special Steels Ltd.(d)		648
	6,257	Vardhman Textiles Ltd.		44,619
	54,856	Vedanta Resources Plc		721,328
	21,025	Videocon Industries Ltd.		57,562
	56,858	Vijaya Bank		44,079
	10,213	Voltas Ltd.		41,817
	902	VST Industries Ltd.		26,668
	1,793	WABCO India Ltd.		106,386
	28,058	Welspun Corp. Ltd.		35,095
	15,809	Wockhardt Ltd.		195,115
	548	Wyeth Ltd.		9,669
	96,337	Yes Bank Ltd.		1,073,985
	180,211	Zee Entertainment Enterprises Ltd.		1,010,385
	4,219	Zensar Technologies Ltd.		41,726
	621	Zuari Agro Chemicals Ltd.		2,572
				94,958,187
INDONESIA — 0.5%
	223,600	Ace Hardware Indonesia Tbk PT		14,987
	5,233,300	Adaro Energy Tbk PT		491,501
	447,000	Adhi Karya Persero Tbk PT		101,902
	7,318,600	AKR Corporindo Tbk PT		2,982,549
	2,401,100	Alam Sutera Realty Tbk PT		92,190

Shares			Value
INDONESIA (continued)
	996,100	Aneka Tambang Persero Tbk PT	$	79,952
	31,986,200	Arwana Citramulia Tbk PT(c)		2,421,793
	28,100	Asahimas Flat Glass Tbk PT		15,579
	61,600	Astra Agro Lestari Tbk PT		119,785
	42,411,000	Bakrie & Brothers Tbk PT(c)(d)		175,470
	9,710,000	Bakrie Sumatera Plantations Tbk PT(d)		40,174
	9,876,000	Bakrie Telecom Tbk PT(b)(c)(d)		40,861
	899,466	Bank Bukopin Tbk PT		56,193
	1,315,116	Bank Danamon Indonesia Tbk PT		458,685
	3,011,250	Bank Pan Indonesia Tbk PT(d)		249,173
	624,200	Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		38,996
	141,100	Bank Tabungan Pensiunan Nasional Tbk PT(d)		49,388
	54,000	Bayan Resources Tbk PT(c)(d)		30,943
	1,863,500	Benakat Integra Tbk PT(d)		21,434
	560,000	Budi Starch & Sweetener Tbk PT(d)		4,727
	624,500	Bumi Resources Minerals Tbk PT(d)		19,172
	3,199,100	Bumi Serpong Damai Tbk PT		424,870
	5,137,500	Ciputra Development Tbk PT		486,755
	1,509,100	Ciputra Property Tbk PT		94,280
	238,000	Ciputra Surya Tbk PT		47,758
	479,000	Citra Marga Nusaphala Persada Tbk PT		125,051
	11,917,500	Darma Henwa Tbk PT(c)(d)		49,307
	105,400	Delta Dunia Makmur Tbk PT(d)		1,884
	393,500	Elnusa Tbk PT		16,932
	10,964,300	Energi Mega Persada Tbk PT(d)		102,521
	15,025,500	Express Transindo Utama Tbk PT		1,448,466
	947,000	Gajah Tunggal Tbk PT		112,841
	2,684,600	Global Mediacom Tbk PT		435,401
	1,193,400	Gozco Plantations Tbk PT(d)		9,579
	1,387,000	Holcim Indonesia Tbk PT		269,710
	674,300	Indika Energy Tbk PT(d)		35,431
	135,900	Indo Tambangraya Megah Tbk PT		238,120
	231,700	Indosat Tbk PT(d)		70,267
	158,000	Intiland Development Tbk PT		7,779
	1,750,200	Japfa Comfeed Indonesia Tbk PT		181,754
	561,000	Jasa Marga Persero Tbk PT		294,775
	12,722,554	Kawasan Industri Jababeka Tbk PT		286,350
	174,600	Lippo Cikarang Tbk PT(d)		122,805
	10,442,250	Lippo Karawaci Tbk PT		924,552
	10,158,300	Malindo Feedmill Tbk PT(c)		2,626,784
	1,437,300	Matahari Putra Prima Tbk PT		374,043
	1,019,667	Mayora Indah Tbk PT(c)		2,385,692

Shares			Value
INDONESIA (continued)
	906,800	Medco Energi Internasional Tbk PT	$	288,885
	1,385,500	Media Nusantara Citra Tbk PT		321,010
	206,700	Mitra Adiperkasa Tbk PT		90,650
	1,688,500	Mitra International Resources Tbk PT(c)(d)		6,986
	5,841,400	MNC Investama Tbk PT		161,925
	1,101,800	Multipolar Tbk PT		85,701
	23,455,000	Nippon Indosari Corpindo Tbk PT(c)		2,406,636
	4,190,800	Pakuwon Jati Tbk PT		156,050
	4,283,000	Panin Financial Tbk PT(d)		94,626
	480,500	Pembangunan Perumahan Persero Tbk PT		104,569
	840,000	Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		135,192
	440,100	Ramayana Lestari Sentosa Tbk PT		29,498
	7,010,500	Sampoerna Agro Tbk PT(c)		1,218,209
	5,557,500	Selamat Sempurna Tbk PT(c)		2,067,105
	7,450,000	Sentul City Tbk PT(d)		54,866
	2,338,700	Siloam International Hospitals Tbk PT(d)		2,665,750
	117,500	Sinar Mas Agro Resources & Technology Tbk PT(c)		72,921
	3,524,000	Summarecon Agung Tbk PT		367,417
	1,138,800	Surya Semesta Internusa Tbk PT		71,617
	198,500	Tambang Batubara Bukit Asam Persero Tbk PT		212,708
	579,000	Tiga Pilar Sejahtera Food Tbk(d)		104,924
	1,169,515	Timah Persero Tbk PT		119,516
	166,600	Tower Bersama Infrastructure Tbk PT		122,693
	596,800	Trada Maritime Tbk PT(b)(c)(d)		68,334
	4,875,000	Truba Alam Manunggal Engineering PT(b)(c)(d)		3,227
	1,152,000	Tunas Baru Lampung Tbk PT		66,727
	539,500	Tunas Ridean Tbk PT		27,678
	1,094,000	Vale Indonesia Tbk PT		343,091
	2,493,400	Visi Media Asia Tbk PT(d)		94,702
	958,252	Wijaya Karya Persero Tbk PT		226,777
				30,469,151
IRELAND — 0.6%
	102,920	Aer Lingus Group Plc		185,078
	1,961,821	Bank of Ireland(d)		769,496
	276,516	Beazley Plc		1,158,933
	154,534	C&C Group Plc		688,247
	22,410	DCC Plc		1,252,568
	10,174	Endo International Plc(c)(d)		679,831
	10,056	FBD Holdings Plc(d)		170,122
	425,000	FleetMatics Group Plc(d)		15,784,500
	688,397	Glanbia Plc(c)		9,713,593
	67,081	Grafton Group Plc - Units		682,485
	181,601	Greencore Group Plc		762,287

Shares			Value
IRELAND (continued)
	16,165	IFG Group Plc	$	30,993
	23,450	Irish Continental Group Plc - Units		81,988
	126,391	James Hardie Industries Plc - CDI		1,336,918
	198,664	Kenmare Resources Plc(c)(d)		21,908
	19,490	Kerry Group Plc - Class A(d)		1,323,529
	52,837	Kingspan Group Plc(d)(f)		826,333
	6,121	Kingspan Group Plc(f)		95,728
	12,329	Paddy Power Plc(d)		899,194
	107,448	Smurfit Kappa Group Plc		2,217,658
	417	Tarsus Group Plc		1,357
	132,882	United Drug Plc(d)		699,654
				39,382,400
ISLE OF MAN — 0.0%
	11,173	Exillon Energy Plc(d)		27,346
ISRAEL — 2.0%
	23,917	Africa Israel Investments Ltd.(d)		37,558
	4,663	Airport City Ltd.(d)		41,913
	61	Alon Blue Square Israel Ltd.(d)		163
	1,870	AL-ROV Israel Ltd.(d)		54,470
	16,296	AudioCodes Ltd.(d)		74,481
	9,030	Azrieli Group		289,876
	28	Bayside Land Corp.		7,354
	350,142	Bezeq The Israeli Telecommunication Corp. Ltd.		591,946
	7,207	Cellcom Israel Ltd.		72,782
	1,512,500	Check Point Software Technologies Ltd.(d)		112,303,125
	0	Clal Biotechnology Industries Ltd.(d)		0
	11,283	Clal Insurance Enterprise Holdings Ltd.(d)		179,171
	13,567	Delek Automotive Systems Ltd.		136,689
	1,010	Delek Group Ltd.		345,485
	3,947	Delta-Galil Industries Ltd.		104,583
	4,291	Direct Insurance Financial Investments Ltd.		27,075
	12,782	Elbit Systems Ltd.		767,502
	905	Electra Ltd.		116,160
	1	Electra Real Estate Ltd.(d)		1
	1,009	Equital Ltd.(d)		18,043
	0	Evogene Ltd.(d)		6
	3,272	EZchip Semiconductor Ltd.(d)		66,397
	16,965	First International Bank of Israel Ltd.		237,172
	3,427	Formula Systems (1985) Ltd.		84,556
	21,992	Frutarom Industries Ltd.		545,974
	1,135	Hadera Paper Ltd.(d)		37,600
	66,902	Harel Insurance Investments & Financial Services Ltd.		334,646
	270	Industrial Buildings Corp. Ltd.		436
	378,008	Israel Discount Bank Ltd. - Class A(d)		602,454
	2,874	Ituran Location & Control Ltd.		57,647

Shares			Value
ISRAEL (continued)
	4,804	Jerusalem Oil Exploration(d)	$	188,597
	4,100	Magic Software Enterprises Ltd.		27,564
	16,429	Matrix IT Ltd.		84,643
	1,459	Melisron Ltd.		38,230
	17,166	Menorah Mivtachim Holdings Ltd.		182,390
	170,583	Migdal Insurance & Financial Holding Ltd.		228,105
	1,673	Mivtach Shamir Holdings Ltd.		46,662
	99,963	Mizrahi Tefahot Bank Ltd.(d)		1,099,989
	7,596	Naphtha Israel Petroleum Corp. Ltd.(d)		49,371
	736	Neto ME Holdings Ltd.		35,285
	13,509	NICE-Systems Ltd.		534,253
	645	Nitsba Holdings 1995 Ltd.(d)		9,362
	2,068	Nova Measuring Instruments Ltd.(d)		20,465
	391,918	Oil Refineries Ltd.(d)		126,327
	23,836	Ormat Industries Ltd.		160,874
	8,208	Osem Investments Ltd.		157,985
	12,789	Partner Communications Co. Ltd.(d)		84,027
	2,872	Paz Oil Co. Ltd.		408,078
	33,550	Phoenix Holdings Ltd. (The)		99,402
	1,121	Plasson Industries Ltd.		40,971
	1,772	Protalix Biotherapeutics, Inc.(d)		3,880
	715	Rami Levi Chain Stores Hashikma Marketing 2006 Ltd.		31,833
	2,227,000	Sarine Technologies Ltd.(c)		5,165,766
	68,879	Shikun & Binui Ltd.		156,228
	13,900	Shufersal Ltd.		34,288
	6,039	Strauss Group Ltd.		97,439
	3,145	Summit Real Estate Holdings Ltd.(d)		11,974
	3,108	Tower Semiconductor Ltd.(d)		29,691
	14,467	Union Bank of Israel(d)		55,539
				126,344,483
ITALY — 0.5%
	42,476	A2A SpA		42,503
	8,199	ACEA SpA		100,280
	3,675	Aeroporto di Venezia Marco Polo SAVE SpA		59,178
	27,658	Amplifon SpA		162,068
	22,692	Ansaldo STS SpA		260,478
	2,607	Arnoldo Mondadori Editore SpA(d)		2,150
	5,010	Ascopiave SpA		11,740
	18,124	Astaldi SpA		126,620
	50,808	Atlantia SpA		1,196,995
	14,058	Autogrill SpA(d)		95,131
	10,738	Azimut Holding SpA		250,826
	12,300	Banca Generali SpA		326,000
	4,248	Banca IFIS SpA		74,687
	149,847	Banca Popolare dell’Emilia Romagna Scarl(d)		1,139,828

Shares			Value
ITALY (continued)
	2,043,852	Banca Popolare di Milano Scarl(d)	$	1,534,189
	83,121	Banca Popolare di Sondrio SCARL		332,696
	100,263	Banco Popolare SC(d)		1,449,937
	7,670	Biesse SpA		73,577
	13,563	Brembo SpA		449,216
	41,617	Buzzi Unicem SpA		561,680
	32,411	Cementir Holding SpA		194,144
	155,163	CIR-Compagnie Industriali Riunite SpA(d)		155,359
	29,592	Credito Emiliano SpA		227,505
	37,774	Credito Valtellinese SC(d)		39,029
	9,148	Danieli & C Officine Meccaniche SpA		213,227
	4,885	Datalogic SpA		56,258
	77,840	Davide Campari-Milano SpA		559,421
	43,408	DeA Capital SpA(d)		79,800
	23,657	Delclima(d)		43,846
	19,373	De’Longhi SpA		378,240
	7,780	DiaSorin SpA		300,674
	2,953	Ei Towers SpA(d)		148,022
	2,445	Engineering SpA		118,085
	26,776	ERG SpA		306,854
	5,852	Esprinet SpA		48,291
	9,629	Eurotech SpA(d)		18,305
	59,325	Falck Renewables SpA		75,086
	195,336	Finmeccanica SpA(d)		1,760,004
	15,732	FNM SpA		11,375
	65,639	Gruppo Editoriale L’Espresso SpA(d)		70,164
	12,807	Gtech SpA		298,031
	51,774	Hera SpA		136,249
	19,593	Immobiliare Grande Distribuzione REIT		16,340
	33,162	IMMSI SpA(d)		20,355
	16,260	Indesit Co. SpA(d)		223,527
	3,035	Industria Macchine Automatiche SpA		118,739
	198,830	Intek Group SpA(d)		85,339
	32,568	Interpump Group SpA		424,450
	106,192	Iren SpA		128,151
	84,914	Italcementi SpA		484,803
	3,505	Italmobiliare SpA		83,453
	158	Landi Renzo SpA(d)		196
	1,779	Mariella Burani SpA(b)(c)(d)		0
	9,386	MARR SpA		149,496
	189,408	Mediaset SpA(d)		632,317
	239,805	Mediobanca SpA(d)		2,109,589
	61,833	Mediolanum SpA		415,712
	254,284	Parmalat SpA		764,136
	50,326	Piaggio & C SpA(d)		140,511
	134,537	Pirelli & C. SpA		1,800,593
	42,758	Prysmian SpA		739,433
	30,604	Recordati SpA		529,249
	490	Reply SpA		36,106

Shares			Value
ITALY (continued)
	70,103	Retelit SpA(d)	$	52,051
	19,345	Safilo Group SpA(d)		261,815
	55,535	Saipem SpA(d)		869,920
	48,108	Salini Impregilo SpA(d)		132,630
	9,328	Salvatore Ferragamo SpA		220,228
	56,253	Saras SpA(d)		57,382
	10,151	Societa Cattolica di Assicurazioni SCRL		157,101
	36,780	Societa Iniziative Autostradali e Servizi SpA		368,035
	3,079	Socotherm SpA(b)(c)(d)		0
	15,879	Sogefi SpA(d)		41,310
	12,888	SOL SpA		103,202
	60,496	Sorin SpA(d)		135,246
	6,138	Tamburi Investment Partners SpA		19,460
	99,621	Terna Rete Elettrica Nazionale SpA		501,607
	20,102	Tiscali SpA(d)		1,063
	2,530	Tod’s SpA		232,871
	34,001	Trevi Finanziaria Industriale SpA		122,115
	6,610	Uni Land SpA(b)(c)(d)		0
	551,885	Unione di Banche Italiane SCPA		4,319,004
	141,916	Unipol Gruppo Finanziario SpA		684,691
	292,874	UnipolSai SpA		785,411
	10,354	Vittoria Assicurazioni SpA		114,051
	23,496	World Duty Free SpA(d)		198,894
	13,735	Yoox SpA(d)		253,533
	11,183	Zignago Vetro SpA		77,007
				32,098,870
JAPAN — 5.1%
	180,000	77 Bank Ltd. (The)		985,533
	300	A&D Co. Ltd.		1,378
	4,900	ABC-Mart, Inc.		277,009
	59,600	Accordia Golf Co. Ltd.		620,275
	76,000	Achilles Corp.		102,844
	7,200	Adastria Holdings Co. Ltd.		158,519
	56,800	ADEKA Corp.		718,059
	6,900	Aderans Co. Ltd.		81,209
	7,200	Advan Co. Ltd.		77,561
	56	Advance Residence Investment Corp. REIT		130,322
	26,000	Advantest Corp.		296,283
	7,600	Aeon Delight Co. Ltd.		183,428
	7,600	Aeon Fantasy Co. Ltd.		97,838
	4,600	Aeon Financial Service Co. Ltd.		94,068
	800	Agrex, Inc.		9,736
	1,500	Agro-Kanesho Co. Ltd.		11,872
	18,800	Ahresty Corp.		102,599
	11,600	Ai Holdings Corp.		224,100
	25,800	Aica Kogyo Co. Ltd.		527,829
	3,300	Aichi Bank Ltd. (The)		159,822
	6,700	Aichi Corp.		32,389

Shares			Value
JAPAN (continued)
	74,000	Aichi Steel Corp.	$	261,545
	16,000	Aichi Tokei Denki Co. Ltd.		45,867
	30,000	Aida Engineering Ltd.		281,237
	17,100	Aiful Corp.(d)		68,507
	7,700	Ain Pharmaciez, Inc.		205,516
	6,700	Aiphone Co. Ltd.		114,883
	49,000	Air Water, Inc.		766,027
	11,300	Airport Facilities Co. Ltd.		75,853
	21,400	Aisan Industry Co. Ltd.		166,132
	24,400	Aizawa Securities Co. Ltd.		118,171
	7,400	Akebono Brake Industry Co. Ltd.		28,131
	94,000	Akita Bank Ltd. (The)		261,099
	3,400	Alconix Corp.		44,314
	58,900	Alfresa Holdings Corp.		736,217
	5,800	Alinco, Inc.		57,781
	79,500	Allied Telesis Holdings KK		60,160
	8,000	Alpen Co. Ltd.		122,359
	3,200	Alpha Corp.		30,597
	26,700	Alpine Electronics, Inc.		442,841
	95,800	Alps Electric Co. Ltd.		1,576,979
	3,300	Alps Logistics Co. Ltd.		36,577
	1,500	Altech Corp.		16,786
	56,100	Amada Co. Ltd.		475,970
	16,800	Amano Corp.		181,274
	500	Amiyaki Tei Co. Ltd.		17,783
	6,000	Amuse, Inc.		171,467
	22,900	Anest Iwata Corp.		162,894
	11,000	Anritsu Corp.		83,730
	2,100	AOI Electronics Co. Ltd.		97,779
	16,800	AOKI Holdings, Inc.		185,312
	100,000	Aomori Bank Ltd. (The)		296,461
	24,100	Aoyama Trading Co. Ltd.		564,711
	50,000	Aozora Bank Ltd.		174,049
	9,700	Arakawa Chemical Industries Ltd.		98,619
	25,000	Araya Industrial Co. Ltd.		38,504
	12,700	Arcland Sakamoto Co. Ltd.		278,705
	17,638	Arcs Co. Ltd.		383,145
	57,800	Arealink Co. Ltd.		72,556
	3,600	Argo Graphics, Inc.		64,388
	218,200	Ariake Japan Co. Ltd.(c)		4,846,730
	22,800	Arisawa Manufacturing Co. Ltd.		163,401
	2,200	Artnature, Inc.		29,399
	5,190	As One Corp.		147,857
	20,000	Asahi Diamond Industrial Co. Ltd.		236,991
	8,650	Asahi Holdings, Inc.		142,081
	4,700	Asahi Intecc Co. Ltd.		211,306
	13,000	Asahi Kogyosha Co. Ltd.		45,600
	3,000	Asahi Net, Inc.		13,701
	27,000	Asahi Organic Chemicals Industry Co. Ltd.		62,257
	23,000	Asanuma Corp.(d)		35,424
	9,900	Asatsu-DK, Inc.		244,492
	3,100	Asax Co. Ltd.		36,596

Shares			Value
JAPAN (continued)
	19,400	Ashikaga Holdings Co. Ltd.	$	68,913
	24,000	Ashimori Industry Co. Ltd.(d)		41,878
	23,900	Asics Corp.		550,237
	18,000	ASKA Pharmaceutical Co. Ltd.		195,985
	12,000	Asunaro Aoki Construction Co. Ltd.		83,971
	10,200	Atom Corp.		55,484
	55,000	Atsugi Co. Ltd.		55,820
	57,000	Autobacs Seven Co. Ltd.		826,646
	14,700	Avex Group Holdings, Inc.		213,842
	85,000	Awa Bank Ltd. (The)		501,714
	8,900	Axial Retailing, Inc.		179,545
	9,300	Azbil Corp.		220,981
	60,000	Bando Chemical Industries Ltd.		235,566
	5,400	Bank of Iwate Ltd. (The)		242,297
	81,000	Bank of Kochi Ltd. (The)		103,120
	109,000	Bank of Kyoto Ltd. (The)		919,938
	75,000	Bank of Nagoya Ltd. (The)		298,464
	14,900	Bank of Okinawa Ltd. (The)		642,693
	79,000	Bank of Saga Ltd. (The)		180,752
	29,700	Bank of the Ryukyus Ltd.		472,239
	10,700	Belc Co. Ltd.		293,399
	40,400	Belluna Co. Ltd.		178,037
	4,300	Benesse Holdings, Inc.		133,795
	24,400	Bic Camera, Inc.		210,493
	2,600	Biofermin Pharmaceutical Co. Ltd.		67,103
	13,200	Bit-Isle, Inc.		55,468
	3,900	BML, Inc.		114,405
	3,400	Bookoff Corp.		25,366
	4,500	Broadleaf Co. Ltd.		69,548
	57,200	Brother Industries Ltd.		999,631
	35,000	Bunka Shutter Co. Ltd.		297,262
	800	C Uyemura & Co. Ltd.		38,104
	3,900	CAC Holdings Corp.		41,491
	19,500	Calbee, Inc.		677,053
	83,000	Calsonic Kansei Corp.		447,051
	2,000	Can Do Co. Ltd.		29,130
	11,400	Canon Electronics, Inc.		204,606
	28,800	Canon Marketing Japan, Inc.		579,718
	14,500	Capcom Co. Ltd.		221,647
	7,600	Carlit Holdings Co., Ltd.		39,582
	56,400	Casio Computer Co. Ltd.		867,152
	5,800	Cawachi Ltd.		89,020
	102,000	Central Glass Co. Ltd.		330,541
	2,000	Central Security Patrols Co. Ltd.		20,815
	2,100	Central Sports Co. Ltd.		33,148
	27,250	Century Tokyo Leasing Corp.		696,261
	23,100	Chiba Kogyo Bank Ltd. (The)		159,381
	1,500	Chino Corp.		16,385
	8,400	Chiyoda Co. Ltd.		163,550
	10,600	Chiyoda Integre Co. Ltd.		177,414
	500	Chofu Seisakusho Co. Ltd.		14,756
	3,800	Chori Co. Ltd.		55,076
	11,700	Chubu Shiryo Co. Ltd.		70,830
	103,000	Chuetsu Pulp & Paper Co. Ltd.		164,140

Shares			Value
JAPAN (continued)
	153,000	Chugai Mining Co. Ltd.(d)	$	38,139
	14,000	Chugai Ro Co. Ltd.		27,047
	64,600	Chugoku Bank Ltd. (The)		939,741
	10,000	Chugoku Marine Paints Ltd.		77,988
	52,000	Chukyo Bank Ltd. (The)		94,903
	93,000	Citizen Holdings Co. Ltd.		591,988
	32,600	CKD Corp.		276,298
	21,000	Clarion Co. Ltd.(d)		67,118
	11,000	Cleanup Corp.		94,796
	7,000	CMIC Holdings Co. Ltd.		105,444
	37,823	Coca-Cola East Japan Co. Ltd.		670,426
	6,100	Coca-Cola West Co. Ltd.		85,587
	8,190	Cocokara Fine, Inc.		195,991
	6,200	COLOPL Inc.(d)		192,361
	3,500	Colowide Co. Ltd.		41,660
	6,100	Computer Engineering & Consulting Ltd.		57,131
	4,400	Computer Institute of Japan Ltd.		19,390
	67,400	COMSYS Holdings Corp.		1,176,687
	11,800	CONEXIO Corp.		126,168
	1,100	COOKPAD, Inc.		34,814
	6,200	Corona Corp.		63,973
	247,000	Cosmo Oil Co. Ltd.		376,025
	4,000	Cosmos Pharmaceutical Corp.		566,570
	3,800	Create SD Holdings Co. Ltd.		135,152
	7,500	Credit Saison Co. Ltd.		153,305
	8,400	CTI Engineering Co. Ltd.		131,169
	2,100	CyberAgent, Inc.		79,457
	2,300	Cybernet Systems Co. Ltd.		9,992
	92,000	Dai Nippon Toryo Co. Ltd.		126,953
	6,100	Daibiru Corp.		66,689
	116,000	Daicel Corp.		1,317,748
	6,000	Dai-Dan Co. Ltd.		33,546
	44,000	Daido Kogyo Co. Ltd.		102,239
	13,000	Daido Metal Co. Ltd.		149,762
	95,000	Daido Steel Co. Ltd.		356,911
	7,300	Daidoh Ltd.		33,080
	69,000	Daiei, Inc. (The)(d)		76,786
	5,000	Daifuku Co. Ltd.		56,443
	16,000	Daihatsu Diesel Manufacturing Co. Ltd.		129,766
	36,000	Daihen Corp.		124,353
	43,000	Daiho Corp.		195,620
	22,000	Daiichi Jitsugyo Co. Ltd.		111,444
	1,800	Daiichi Kigenso Kagaku-Kogyo Co. Ltd.		77,320
	4,400	Dai-ichi Seiko Co. Ltd.		82,261
	8,800	Daiichikosho Co. Ltd.		219,990
	50,000	Daiken Corp.		111,284
	19,000	Daiki Aluminium Industry Co. Ltd.		51,591
	4,100	Daikoku Denki Co. Ltd.		66,834
	2,800	Daikokutenbussan Co. Ltd.		80,267
	121,000	Daikyo, Inc.		220,832
	1,000	Dainichi Co. Ltd.		6,882

Shares			Value
JAPAN (continued)
	39,000	Dainichiseika Color & Chemicals Manufacturing Co. Ltd.	$	207,977
	32,000	Daio Paper Corp.		270,358
	27,000	Daisan Bank Ltd. (The)		42,546
	4,910	Daiseki Co. Ltd.		84,190
	86,000	Daishi Bank Ltd. (The)		298,598
	6,000	Daishinku Corp.		18,055
	24,000	Daiso Co. Ltd.		77,133
	145,000	Daito Bank Ltd. (The)		185,889
	7,400	Daito Pharmaceutical Co. Ltd.		131,826
	66	Daiwa House Residential Investment Corp. REIT		276,163
	13,000	Daiwa Industries Ltd.		97,797
	147,000	Daiwabo Holdings Co. Ltd.		263,049
	400	DBS Co. Ltd.		2,382
	10,400	DC Co. Ltd.		47,220
	43,860	DCM Holdings Co. Ltd.		288,560
	35,500	Dena Co. Ltd.		447,523
	203,000	Denki Kagaku Kogyo KK		648,805
	25,000	Denki Kogyo Co. Ltd.		127,087
	15,300	Denyo Co. Ltd.		199,959
	19,000	Descente Ltd.		175,918
	262,000	DIC Corp.		524,816
	7,100	Digital Arts, Inc.		72,059
	4,200	Disco Corp.		279,314
	23,000	DKS Co. Ltd.		84,567
	3,500	DMG Mori Seiki Co. Ltd.		40,165
	2,200	Don Quijote Co. Ltd.		129,072
	10,700	Doshisha Co. Ltd.		175,468
	4,574	Doutor Nichires Holdings Co. Ltd.		67,312
	87,000	Dowa Holdings Co. Ltd.		713,350
	4,500	Dr Ci:Labo Co. Ltd.		141,220
	6,800	DTS Corp.		137,604
	6,600	Dunlop Sports Co. Ltd.		76,973
	35,900	Duskin Co. Ltd.		581,687
	6,200	Dydo Drinco, Inc.		261,634
	14,000	Dynic Corp.		22,061
	14,500	Eagle Industry Co. Ltd.		269,797
	1,200	Earth Chemical Co. Ltd.		43,695
	260,000	Ebara Corp.		1,388,827
	800	Ebara Jitsugyo Co. Ltd.		10,007
	49,000	EDION Corp.		345,061
	4,100	eGuarantee, Inc.		72,309
	84,000	Ehime Bank Ltd. (The)		183,218
	15,000	Eidai Co. Ltd.		60,093
	95,000	Eighteenth Bank Ltd. (The)		266,414
	10,500	Eiken Chemical Co. Ltd.		180,227
	9,300	Eizo Corp.		167,247
	3,600	Elecom Co. Ltd.		76,503
	2,100	Elematec Corp.		44,832
	2,800	Emori Group Holdings Co. Ltd.		27,595
	3,700	en-japan, Inc.		64,036
	3,300	Enplas Corp.		120,748
	16,000	Enshu Ltd.(d)		16,951

Shares			Value
JAPAN (continued)
	3,300	EPS Corp.	$	37,987
	17,500	ESPEC Corp.		158,758
	1,400	Excel Co. Ltd.		16,888
	14,500	Exedy Corp.		356,546
	8,200	Ezaki Glico Co. Ltd.		260,619
	3,410	Faith, Inc.		30,966
	3,000	FALCO HOLDINGS Co. Ltd.		32,744
	3,400	FamilyMart Co. Ltd.		134,093
	10,100	Fancl Corp.		137,394
	458,800	FCC Co. Ltd.(c)		7,715,764
	62,080	Feed One Holdings Co. Ltd.(d)		59,690
	19,300	Ferrotec Corp.		101,719
	67,800	FIDEA Holdings Co. Ltd.		133,397
	7,800	Fields Corp.		99,301
	14,300	Foster Electric Co. Ltd.		219,736
	5,800	FP Corp.		164,977
	27,000	France Bed Holdings Co. Ltd.		43,988
	20	Frontier Real Estate Investment Corp.		91,342
	9,100	F-Tech, Inc.		96,246
	46,400	Fudo Tetra Corp.		111,947
	5,500	Fuji Co. Ltd.		107,527
	10,600	Fuji Corp. Ltd.		59,547
	183,000	Fuji Electric Co. Ltd.		780,387
	7,500	Fuji Electronics Co. Ltd.		88,404
	13,000	Fuji Kiko Co. Ltd.		64,233
	12,000	Fuji Kyuko Co. Ltd.		123,606
	10,400	Fuji Media Holdings, Inc.		141,105
	23,200	Fuji Oil Co. Ltd.		364,136
	3,700	Fuji Oil Co. Ltd.		10,936
	6,000	Fuji Pharma Co. Ltd.		110,145
	300	Fuji Seal International, Inc.		8,921
	12,100	Fuji Soft, Inc.		292,145
	54,000	Fujibo Holdings, Inc.		147,590
	7,600	Fujicco Co. Ltd.		114,076
	25,000	Fujikura Kasei Co. Ltd.		126,641
	206,000	Fujikura Ltd.		841,789
	3,000	Fujikura Rubber Ltd.		20,859
	300	Fujimi, Inc.		4,078
	8,700	Fujimori Kogyo Co. Ltd.		235,072
	49,900	Fujisash Co. Ltd.(d)		68,858
	1,200	Fujishoji Co. Ltd.		13,771
	40,000	Fujitec Co. Ltd.		390,652
	4,200	Fujitsu Frontech Ltd.		55,900
	23,000	Fujitsu General Ltd.		284,211
	7,700	FuKoKu Co. Ltd.		83,495
	19,000	Fukuda Corp.		198,584
	1,200	Fukuda Denshi Co. Ltd.		60,788
	116,000	Fukui Bank Ltd. (The)		274,703
	34,000	Fukuoka Financial Group, Inc.		170,114
	166,000	Fukushima Bank Ltd. (The)		127,095
	8,900	Fukushima Industries Corp.		171,622
	93,000	Fukuyama Transporting Co. Ltd.		461,999
	7,800	Funai Soken Holdings, Inc.		68,330
	42,000	Furukawa Co. Ltd.		80,018

Shares			Value
JAPAN (continued)
	378,000	Furukawa Electric Co. Ltd.	$	649,490
	8,100	Furuno Electric Co. Ltd.		65,334
	4,000	Furusato Industries Ltd.		59,684
	3,500	Fuso Chemical Co. Ltd.		37,018
	11,000	Fuso Pharmaceutical Industries Ltd.		31,925
	400	Futaba Corp.		5,555
	39,900	Futaba Industrial Co. Ltd.		217,749
	12,500	Future Architect, Inc.		70,443
	16,100	Fuyo General Lease Co. Ltd.		623,503
	900	G-7 Holdings, Inc.		7,363
	20,000	Gakken Holdings Co. Ltd.		44,870
	6,400	Gecoss Corp.		105,124
	18,200	Geo Holdings Corp.		159,275
	82,000	GLOBERIDE, Inc.		108,774
	16,100	Glory Ltd.		407,212
	85	GLP J - REIT		95,046
	8,300	GMO Internet, Inc.		67,538
	3,600	GMO Payment Gateway, Inc.		71,696
	7,000	Godo Steel Ltd.		9,535
	2,680	Goldcrest Co. Ltd.		47,409
	22,000	Goldwin, Inc.		123,392
	2,000	Gourmet Kineya Co. Ltd.		15,669
	10,600	Gree, Inc.		73,230
	30,000	GS Yuasa Corp.		145,560
	36,000	GSI Creos Corp.		45,831
	8,300	G-Tekt Corp.		80,765
	20,900	Gulliver International Co. Ltd.		180,299
	24,000	Gun-Ei Chemical Industry Co. Ltd.		72,433
	171,000	Gunma Bank Ltd. (The)		1,045,867
	32,000	Gunze Ltd.		88,030
	5,200	Gurunavi, Inc.		69,256
	13,200	H.I.S. Co. Ltd.		336,566
	41,635	H2O Retailing Corp.		682,766
	133,000	Hachijuni Bank Ltd. (The)		798,059
	900	Hagihara Industries, Inc.		12,956
	5,800	Hakudo Co. Ltd.		53,598
	94,300	Hakuhodo DY Holdings, Inc.		915,925
	9,600	Hakuto Co. Ltd.		93,244
	5,300	Hamakyorex Co. Ltd.		168,213
	11,700	Hamamatsu Photonics KK		522,893
	108,000	Hanwa Co. Ltd.		379,791
	3,500	Happinet Corp.		59,047
	7,400	Hard Off Corp. Co. Ltd.		59,292
	2,400	Harmonic Drive Systems, Inc.		30,490
	2,500	Haruyama Trading Co. Ltd.		15,713
	45,800	Haseko Corp.		328,643
	64,260	Hazama Ando Corp.		421,058
	19,200	Heiwa Corp.		385,624
	15,900	Heiwa Real Estate Co. Ltd.		253,664
	22,300	Heiwado Co. Ltd.		409,570
	20,900	Hibiya Engineering Ltd.		307,197
	7,740	Hiday Hidaka Corp.		219,814
	24,900	Higashi Nihon House Co. Ltd.		103,967

Shares			Value
JAPAN (continued)
	102,000	Higashi-Nippon Bank Ltd. (The)	$	253,354
	66,000	Higo Bank Ltd. (The)		368,413
	1,900	Hikari Tsushin, Inc.		123,819
	7,100	HI-LEX Corp.		180,463
	100	Hiramatsu, Inc.		547
	8,300	Hirano Tecseed CO Ltd.		70,198
	1,300	Hirose Electric Co. Ltd.		156,359
	172,000	Hiroshima Bank Ltd. (The)		842,199
	6,700	Hisamitsu Pharmaceutical Co., Inc.		220,102
	23,400	Hitachi Capital Corp.		559,975
	56,800	Hitachi Chemical Co. Ltd.		979,999
	5,100	Hitachi Construction Machinery Co. Ltd.		101,478
	4,900	Hitachi High-Technologies Corp.		145,266
	8,700	Hitachi Koki Co. Ltd.		73,581
	13,000	Hitachi Kokusai Electric, Inc.		190,385
	24,600	Hitachi Transport System Ltd.		319,970
	43,800	Hitachi Zosen Corp.		225,775
	5,000	Hochiki Corp.		41,798
	10,000	Hodogaya Chemical Co. Ltd.		17,627
	30,300	Hogy Medical Co. Ltd.		1,556,475
	12,800	Hokkaido Electric Power Co., Inc.(d)		105,408
	25,000	Hokkan Holdings Ltd.		63,431
	12,000	Hokko Chemical Industry Co. Ltd.		40,169
	108,000	Hokkoku Bank Ltd. (The)		367,291
	88,000	Hokuetsu Bank Ltd. (The)		168,440
	2,000	Hokuetsu Industries Co. Ltd.		18,357
	737,000	Hokuhoku Financial Group, Inc.		1,456,613
	5,000	Hokuriku Electric Industry Co. Ltd.		7,478
	30,400	Hokuriku Electric Power Co.		402,717
	6,000	Hokuriku Electrical Construction Co. Ltd.		31,569
	2,500	Hokuto Corp.		45,359
	5,620	Honeys Co. Ltd.		52,035
	5,700	Hoosiers Holdings Co. Ltd.		26,388
	173,500	Horiba Ltd.		6,193,946
	7,100	Hoshizaki Electric Co. Ltd.		337,538
	12,000	Hosiden Corp.		64,100
	18,000	Hosokawa Micron Corp.		99,194
	39,700	House Foods Group, Inc.		675,775
	17,600	Howa Machinery Ltd.		115,793
	1,000	Hurxley Corp.		7,683
	200	Hutech Norin Co. Ltd.		1,745
	51,000	Hyakugo Bank Ltd. (The)		209,766
	61,000	Hyakujushi Bank Ltd. (The)		194,418
	78,500	Ibiden Co. Ltd.		1,141,945
	9,400	IBJ Leasing Co. Ltd.		218,336
	2,400	Ichibanya Co. Ltd.		111,533
	21,000	Ichikoh Industries Ltd.		47,113
	7,300	ICHINEN Holdings Co. Ltd.		59,986

Shares			Value
JAPAN (continued)
	2,000	Icom, Inc.	$	48,449
	2,800	Idec Corp.		22,584
	58,300	Idemitsu Kosan Co. Ltd.		1,121,104
	20,000	Ihara Chemical Industry Co. Ltd.		200,312
	31,536	Iida Group Holdings Co. Ltd.		345,050
	39,100	Iino Kaiun Kaisha Ltd.		211,295
	8,680	IJT Technology Holdings Co. Ltd.(d)		37,865
	6,600	Imasen Electric Industrial		108,937
	10,400	Inaba Denki Sangyo Co. Ltd.		356,929
	3,200	Inaba Seisakusho Co. Ltd.		38,659
	25,700	Inabata & Co. Ltd.		242,528
	8,400	Inageya Co. Ltd.		88,618
	9,700	Ines Corp.		78,671
	4,200	I-Net Corp.		31,185
	12,800	Information Services International-Dentsu Ltd.		133,213
	2,400	Innotech Corp.		11,410
	7,100	Intage Holdings, Inc.		87,735
	2,400	Internet Initiative Japan, Inc.		41,131
	1,100	Inui Warehouse Co. Ltd.		10,214
	2,400	Iriso Electronics Co. Ltd.		159,608
	5,000	Ise Chemical Corp.		33,786
	3,000	Iseki & Co. Ltd.		6,784
	15,100	Isetan Mitsukoshi Holdings Ltd.		200,975
	145,000	Ishihara Sangyo Kaisha Ltd.(d)		116,181
	5,000	Ishizuka Glass Co. Ltd.		7,122
	50,166	IT Holdings Corp.		803,907
	14,000	Ito En Ltd.		274,578
	4,900	Ito En Ltd. - Preference Shares		77,693
	26,200	Itochu Enex Co. Ltd.		165,609
	4,200	Itochu Techno-Solutions Corp.		165,270
	1,300	Itochu-Shokuhin Co. Ltd.		42,822
	71,000	Itoham Foods, Inc.		362,822
	39,400	Itoki Corp.		216,775
	15,600	IwaiCosmo Holdings, Inc.		164,715
	58,000	Iwasaki Electric Co. Ltd.		125,992
	76,000	Iwatani Corp.		506,103
	33,000	Iwatsu Electric Co. Ltd.		26,147
	151,900	Iyo Bank Ltd. (The)		1,588,983
	20,100	Izumi Co. Ltd.		635,255
	46,000	Izutsuya Co. Ltd.(d)		25,800
	7,000	J Trust Co. Ltd.		67,866
	9,700	J. Front Retailing Co. Ltd.		125,994
	12,000	Jaccs Co. Ltd.		69,655
	2,100	Jafco Co. Ltd.		78,990
	900	Jalux, Inc.		10,384
	1,900	Jamco Corp.		40,918
	98,000	Janome Sewing Machine Co. Ltd.(d)		149,192
	17,700	Japan Airport Terminal Co. Ltd.		680,739
	27,000	Japan Aviation Electronics Industry Ltd.		515,362
	17,300	Japan Communications, Inc.(d)		73,466

Shares			Value
JAPAN (continued)
	13,700	Japan Digital Laboratory Co. Ltd.	$	238,934
	12,200	Japan Foundation Engineering Co. Ltd.		42,902
	120	Japan Hotel REIT Investment Corp.		73,394
	6,400	Japan Medical Dynamic Marketing, Inc.		29,343
	1,700	Japan Petroleum Exploration Co.		54,712
	8,400	Japan Pile Corp.		65,659
	24	Japan Prime Realty Investment Corp. REIT		87,603
	42,000	Japan Pulp & Paper Co. Ltd.		123,018
	43,000	Japan Radio Co. Ltd.(d)		150,447
	87	Japan Retail Fund Investment Corp. REIT		173,264
	12,300	Japan Securities Finance Co. Ltd.		68,440
	88,000	Japan Steel Works Ltd. (The)		304,759
	45,000	Japan Transcity Corp.		149,833
	8,000	Japan Vilene Co. Ltd.		43,730
	16,200	Japan Wind Development Co. Ltd.(d)		61,872
	33,000	Japan Wool Textile Co. Ltd. (The)		220,930
	6,500	Jastec Co. Ltd.		50,403
	10,000	JBCC Holdings, Inc.		68,551
	27,000	Jeol Ltd.		126,677
	13,400	Jimoto Holdings, Inc.		27,677
	5,000	JK Holdings Co. Ltd.		24,883
	16,000	JMS Co. Ltd.		42,163
	39,000	J-Oil Mills, Inc.		126,383
	20,000	Joshin Denki Co. Ltd.		180,369
	1,600	Jowa Holdings Co. Ltd.		55,624
	29,000	Joyo Bank Ltd. (The)		152,068
	8,000	JSP Corp.		124,923
	8,700	JSR Corp.		153,359
	12,100	JTEKT Corp.		186,469
	41,000	Juki Corp.(d)		124,469
	140,000	Juroku Bank Ltd. (The)		539,684
	4,000	Justsystems Corp.(d)		29,379
	64,900	JVC Kenwood Corp.(d)		121,913
	7,000	K&O Energy Group, Inc.		86,748
	2,000	Kabuki-Za Co. Ltd.		86,891
	11,576	Kadokawa Dwango Corp.(d)		212,300
	10,500	Kaga Electronics Co. Ltd.		118,531
	66,000	Kagoshima Bank Ltd. (The)		420,120
	37,000	Kajima Corp.		162,065
	36,600	Kakaku.com, Inc.		484,524
	31,000	Kaken Pharmaceutical Co. Ltd.		766,686
	8,200	Kameda Seika Co. Ltd.		245,653
	22,200	Kamei Corp.		157,717
	107,000	Kamigumi Co. Ltd.		1,012,606
	14,000	Kanaden Corp.		97,467
	12,000	Kanamoto Co. Ltd.		426,263
	49,000	Kandenko Co. Ltd.		253,888

Shares			Value
JAPAN (continued)
	110,000	Kaneka Corp.	$	592,477
	234,000	Kanematsu Corp.		362,484
	12,300	Kanematsu Electronics Ltd.		158,233
	10,000	Kansai Paint Co. Ltd.		149,655
	6,300	Kansai Urban Banking Corp.		68,483
	32,000	Kanto Denka Kogyo Co. Ltd.(d)		121,647
	25,500	Kasai Kogyo Co. Ltd.		219,301
	16,800	Kasumi Co. Ltd.		155,997
	5,000	Katakura Industries Co. Ltd.		59,604
	11,900	Kato Sangyo Co. Ltd.		249,707
	50,000	Kato Works Co. Ltd.		358,335
	2,400	KAWADA Technologies, Inc.		104,696
	3,200	Kawai Musical Instruments Manufacturing Co. Ltd.		59,257
	72,000	Kawasaki Heavy Industries Ltd.		275,629
	8,000	Kawasaki Kinkai Kisen Kaisha Ltd.		23,859
	669,000	Kawasaki Kisen Kaisha Ltd.		1,488,983
	7,000	Kawasumi Laboratories, Inc.		46,864
	134,000	Keihan Electric Railway Co. Ltd.		650,167
	29,100	Keihanshin Building Co. Ltd.		161,141
	8,000	Keihin Co. Ltd. (The)		11,396
	28,400	Keihin Corp.		352,456
	35,000	Keisei Electric Railway Co. Ltd.		404,140
	118,000	Keiyo Bank Ltd. (The)		606,152
	15,000	Keiyo Co. Ltd.		67,972
	1,800	Kenko Mayonnaise Co. Ltd.		19,262
	32,800	Kewpie Corp.		560,367
	4,625	KEY Coffee, Inc.		66,457
	2,000	KFC Holdings Japan Ltd.		38,246
	8,000	Kikkoman Corp.		179,907
	8,200	Kimoto Co. Ltd.		22,485
	49,000	Kinden Corp.		495,126
	1,000	Kinki Sharyo Co. Ltd. (The)(d)		2,617
	7,200	Kintetsu World Express, Inc.		245,181
	10,000	Kinugawa Rubber Industrial Co. Ltd.		41,309
	13,900	Kissei Pharmaceutical Co. Ltd.		355,776
	101,000	Kitagawa Iron Works Co. Ltd.		176,239
	3,700	Kita-Nippon Bank Ltd. (The)		87,127
	42,000	Kitano Construction Corp.		127,879
	12,900	Kito Corp.		144,475
	24,100	Kitz Corp.		108,351
	30,200	Kiyo Bank Ltd. (The)		434,213
	44,000	KNT-CT Holdings Co. Ltd.(d)		65,026
	27,200	Koa Corp.		234,648
	22,000	Koatsu Gas Kogyo Co. Ltd.		116,929
	8,200	Kobayashi Pharmaceutical Co. Ltd.		500,797
	163,000	Kobe Steel Ltd.		253,951
	13,400	Koei Tecmo Holdings Co. Ltd.		217,120
	9,600	Kohnan Shoji Co. Ltd.		108,970
	1,300	Kohsoku Corp.		10,763
	3,000	Koike Sanso Kogyo Co. Ltd.		7,478
	16,000	Koito Manufacturing Co. Ltd.		467,928

Shares			Value
JAPAN (continued)
	43,000	Kokuyo Co. Ltd.	$	336,880
	23,000	KOMAIHALTEC, Inc.		54,876
	5,000	Komatsu Seiren Co. Ltd.		24,794
	7,200	Komatsu Wall Industry Co. Ltd.		169,159
	11,600	Komeri Co. Ltd.		257,560
	12,300	Komori Corp.		117,278
	4,600	Konaka Co. Ltd.		25,636
	14,000	Konami Corp.		274,454
	14,700	Kondotec, Inc.		93,965
	22,900	Konica Minolta, Inc.		247,501
	13,700	Konishi Co.Ltd.		235,275
	3,900	Konoike Transport Co. Ltd.		75,240
	6,500	Kose Corp.		261,273
	3,800	Koshidaka Holdings Co. Ltd.		64,379
	12,000	Krosaki Harima Corp.		25,533
	4,200	KRS Corp.		48,385
	22,028	K’s Holdings Corp.		601,076
	2,000	KU Holdings Co. Ltd.		10,505
	39,000	Kumagai Gumi Co. Ltd.(d)		138,883
	7,000	Kumiai Chemical Industry Co. Ltd.		42,439
	4,600	Kura Corp.		123,267
	107,000	Kurabo Industries Ltd.		174,325
	17,300	Kuraray Co. Ltd.		196,834
	33,000	Kureha Corp.		158,941
	40,000	Kurimoto Ltd.		80,837
	8,000	Kurita Water Industries Ltd.		171,715
	28,300	Kuroda Electric Co. Ltd.		391,778
	2,600	Kusuri No Aoki Co. Ltd.		125,226
	134,000	KYB Co. Ltd.		565,466
	43,000	Kyodo Printing Co. Ltd.		148,533
	2,000	Kyoei Sangyo Co. Ltd.		3,828
	6,700	Kyoei Steel Ltd.		109,276
	17,700	Kyokuto Kaihatsu Kogyo Co. Ltd.		246,925
	4,400	Kyokuto Securities Co. Ltd.		72,351
	16,000	Kyokuyo Co. Ltd.		37,035
	24,800	KYORIN Holdings, Inc.		511,345
	4,500	Kyoritsu Maintenance Co. Ltd.		179,079
	27,100	Kyoritsu Printing Co. Ltd.		70,690
	18,000	Kyosan Electric Manufacturing Co. Ltd.		57,049
	2,400	Kyoto Kimono Yuzen Co. Ltd.		21,559
	3,000	Kyowa Electronics Instruments Co. Ltd.		12,286
	53,600	Kyowa Exeo Corp.		645,156
	1,600	Kyowa Leather Cloth Co. Ltd.		11,153
	14,000	Kyudenko Corp.		153,554
	7,600	LAC Co. Ltd.		57,782
	2,800	Lasertec Corp.		34,325
	600	LEC, Inc.		6,148
	41,300	Leopalace21 Corp.(d)		250,760
	13,100	Life Corp.		206,428
	14,800	Lintec Corp.		303,576
	25,000	Lion Corp.		139,105
	19,000	Look, Inc.		39,920

Shares			Value
JAPAN (continued)
	7,900	M3, Inc.	$	129,551
	5,300	Mabuchi Motor Co. Ltd.		447,309
	5,300	Macnica, Inc.		152,170
	68,000	Maeda Corp.		592,673
	51,000	Maeda Road Construction Co. Ltd.		773,229
	5,000	Maezawa Kasei Industries Co. Ltd.		50,790
	1,700	Maezawa Kyuso Industries Co. Ltd.		20,583
	61,000	Makino Milling Machine Co. Ltd.		404,042
	6,000	Mandom Corp.		198,976
	300	Mani, Inc.		18,883
	4,900	Mars Engineering Corp.		87,988
	11,900	Marubun Corp.		74,584
	95,000	Marudai Food Co. Ltd.		350,990
	18,000	Maruetsu, Inc. (The)		86,535
	4,000	Marufuji Sheet Piling Co. Ltd.		14,138
	9,100	Marui Group Co. Ltd.		75,182
	23,200	Maruichi Steel Tube Ltd.		541,144
	32,900	Marusan Securities Co. Ltd.		235,785
	2,900	Maruwa Co. Ltd.		84,296
	50,000	Maruyama Manufacturing Co., Inc.		111,284
	900	Maruzen CHI Holdings Co. Ltd.(d)		3,085
	33,000	Maruzen Showa Unyu Co. Ltd.		104,002
	6,400	Marvelous, Inc.		71,279
	4,200	Matsuda Sangyo Co. Ltd.		46,178
	24,400	Matsumotokiyoshi Holdings Co. Ltd.		701,643
	2,000	Matsuya Foods Co. Ltd.		38,104
	10,000	Max Co. Ltd.		110,661
	3,700	Maxvalu Tokai Co. Ltd.		52,375
	2,400	MEC Co. Ltd.		23,802
	73,300	Medipal Holdings Corp.		801,357
	1,200	Megachips Corp.		15,363
	22,200	Megmilk Snow Brand Co. Ltd.		290,927
	73,000	Meidensha Corp.		261,260
	6,700	Meiko Network Japan Co. Ltd.		74,083
	9,000	Meisei Industrial Co. Ltd.		56,408
	10,700	Meitec Corp.		330,073
	20,900	Meiwa Corp.		75,915
	3,000	Melco Holdings, Inc.		42,600
	2,400	Message Co. Ltd.		74,356
	49,000	Michinoku Bank Ltd. (The)		92,918
	10,000	Mie Bank Ltd. (The)		22,969
	2,937	Milbon Co. Ltd.		92,692
	5,600	Mimasu Semiconductor Industry Co. Ltd.		49,407
	107,000	Minato Bank Ltd. (The)		208,618
	82,000	Minebea Co. Ltd.		1,078,976
	5,100	Ministop Co. Ltd.		71,738
	198,600	Miraca Holdings, Inc.		8,186,227
	29,540	Mirait Holdings Corp.		325,315

Shares			Value
JAPAN (continued)
	15,600	Misawa Homes Co. Ltd.	$	139,994
	27,200	MISUMI Group, Inc.		835,433
	9,300	Mitani Corp.		233,732
	36,700	Mito Securities Co. Ltd.		133,633
	20,100	Mitsuba Corp.		310,470
	71,000	Mitsubishi Gas Chemical Co., Inc.		414,022
	27,000	Mitsubishi Logistics Corp.		400,223
	60,000	Mitsubishi Materials Corp.		183,218
	27,400	Mitsubishi Nichiyu Forklift Co. Ltd.		196,612
	124,000	Mitsubishi Paper Mills Ltd.(d)		94,939
	10,600	Mitsubishi Pencil Co. Ltd.		335,954
	3,900	Mitsubishi Research Institute, Inc.		87,427
	5,900	Mitsubishi Shokuhin Co. Ltd.		130,948
	51,000	Mitsubishi Steel Manufacturing Co. Ltd.		110,332
	25,400	Mitsubishi UFJ Lease & Finance Co. Ltd.		129,798
	31,000	Mitsuboshi Belting Co. Ltd.		220,788
	480,000	Mitsui Chemicals, Inc.(d)		1,371,734
	342,000	Mitsui Engineering & Shipbuilding Co. Ltd.		718,558
	24,400	Mitsui High-Tec, Inc.		143,370
	14,000	Mitsui Home Co. Ltd.		60,699
	64,000	Mitsui Matsushima Co. Ltd.		76,350
	335,000	Mitsui Mining & Smelting Co. Ltd.		861,919
	44,000	Mitsui Osk Lines Ltd.		135,535
	72,000	Mitsui Sugar Co. Ltd.		245,502
	28,000	Mitsui-Soko Holdings Co. Ltd.		104,198
	36,700	Mitsumi Electric Co. Ltd.		219,890
	31,200	Miura Co. Ltd.		358,317
	1,500	Mixi, Inc.		79,190
	38,000	Miyaji Engineering Group, Inc.		71,720
	74,000	Miyazaki Bank Ltd. (The)		219,381
	18,000	Miyoshi Oil & Fat Co. Ltd.		22,114
	62,000	Mizuno Corp.		306,895
	4,800	Mochida Pharmaceutical Co. Ltd.		291,867
	53,500	Monex Group, Inc.		132,410
	2,300	Monogatari Corp. (The)		73,408
	300	Monotaro Co. Ltd.		7,724
	40	Mori Trust Sogo Reit, Inc.		71,008
	76,000	Morinaga & Co. Ltd.		161,709
	84,000	Morinaga Milk Industry Co. Ltd.		278,193
	16,000	Morita Holdings Corp.		154,124
	22,000	Mory Industries, Inc.		83,045
	1,000	MOS Food Services, Inc.		19,408
	10,100	Moshi Moshi Hotline, Inc.		99,089
	2,000	Murakami Corp.		26,174
	315,100	Musashi Seimitsu Industry Co. Ltd.		6,090,203
	19,400	Musashino Bank Ltd. (The)		643,356
	15,000	Mutoh Holdings Co. Ltd.		70,376
	21,400	Nabtesco Corp.		514,400

Shares			Value
JAPAN (continued)
	6,100	NAC Co. Ltd.	$	66,797
	70,000	Nachi-Fujikoshi Corp.		423,147
	5,500	Nagaileben Co. Ltd.		104,051
	12,000	NaganoBank Ltd. (The)		20,191
	86,000	Nagase & Co. Ltd.		1,087,202
	7,000	Nagatanien Co. Ltd.		68,115
	123,000	Nagoya Railroad Co. Ltd.		519,047
	22,000	Nakabayashi Co. Ltd.		40,739
	3,800	Nakanishi, Inc.		129,401
	27,000	Nakayama Steel Works Ltd.(d)		19,230
	10,000	Namco Bandai Holdings, Inc.		240,552
	20,332	Namura Shipbuilding Co. Ltd.		190,966
	62,000	Nankai Electric Railway Co. Ltd.		290,888
	72,000	Nanto Bank Ltd. (The)		284,603
	3,600	Natori Co. Ltd.		36,665
	3,700	ND Software Co. Ltd.		65,419
	4,000	NDS Co. Ltd.		11,217
	9,600	NEC Capital Solutions Ltd.		178,283
	17,300	NEC Networks & System Integration Corp.		369,796
	11,200	NET One Systems Co. Ltd.		64,413
	18,800	Neturen Co. Ltd.		132,558
	9,600	Nexon Co. Ltd.		82,475
	10,000	NH Foods Ltd.		225,684
	79,600	NHK Spring Co. Ltd.		712,201
	31,000	Nice Holdings, Inc.		58,233
	11,000	Nichia Steel Works Ltd.		32,709
	38,000	Nichias Corp.		227,679
	3,000	Nichiban Co. Ltd.		10,443
	5,300	Nichicon Corp.		34,964
	18,700	Nichiha Corp.		157,325
	17,200	Nichii Gakkan Co.		131,689
	12,950	Nichi-Iko Pharmaceutical Co. Ltd.		210,520
	118,000	Nichirei Corp.		492,695
	26,000	Nichireki Co. Ltd.		201,611
	634	Nidec Corp.		40,763
	512,200	Nifco, Inc.(c)		15,982,738
	9,300	NIFTY Corp.		110,863
	14,200	Nihon Kohden Corp.		720,588
	9,000	Nihon M&A Center, Inc.		254,396
	21,000	Nihon Nohyaku Co. Ltd.		208,458
	24,000	Nihon Parkerizing Co. Ltd.		560,659
	1,100	Nihon Tokushu Toryo Co. Ltd.		6,747
	15,300	Nihon Unisys Ltd.		131,853
	15,000	Nihon Yamamura Glass Co. Ltd.		22,435
	29,000	Nikkiso Co. Ltd.		294,066
	7,000	Nikko Co. Ltd.		26,299
	58,000	Nippo Corp.		1,040,463
	2,000	Nippon Air Conditioning Services Co. Ltd.		13,354
	15,000	Nippon Carbon Co. Ltd.		24,705
	6,200	Nippon Ceramic Co. Ltd.		88,591

Shares			Value
JAPAN (continued)
	31,000	Nippon Chemical Industrial Co. Ltd.(d)	$	44,986
	84,000	Nippon Chemi-Con Corp.(d)		243,793
	16,000	Nippon Chemiphar Co. Ltd.		83,045
	93,100	Nippon Coke & Engineering Co. Ltd.		91,173
	18,000	Nippon Concrete Industries Co. Ltd.		105,284
	26,000	Nippon Conveyor Co. Ltd.		56,710
	1,005	Nippon Denko Co. Ltd.		2,460
	26,000	Nippon Densetsu Kogyo Co. Ltd.		358,317
	81,000	Nippon Electric Glass Co. Ltd.		369,214
	44,000	Nippon Express Co. Ltd.		189,593
	9,700	Nippon Fine Chemical Co. Ltd.		74,267
	73,000	Nippon Flour Mills Co. Ltd.		361,994
	11,900	Nippon Gas Co. Ltd.		290,177
	11,000	Nippon Hume Corp.		86,962
	3,100	Nippon Jogesuido Sekkei Co. Ltd.		38,831
	6,100	Nippon Kanzai Co. Ltd.		157,707
	68,000	Nippon Kayaku Co. Ltd.		870,545
	16,000	Nippon Kinzoku Co. Ltd.(d)		21,651
	56,000	Nippon Koei Co. Ltd.		233,323
	27,000	Nippon Konpo Unyu Soko Co. Ltd.		436,519
	19,000	Nippon Koshuha Steel Co. Ltd.(d)		18,945
	393,200	Nippon Light Metal Holdings Co. Ltd.		570,591
	27,000	Nippon Paint Holdings Co. Ltd.		593,002
	58,400	Nippon Paper Industries Co. Ltd.		845,390
	64,700	Nippon Parking Development Co. Ltd.		69,121
	16,000	Nippon Pillar Packing Co. Ltd.		124,638
	61,000	Nippon Piston Ring Co. Ltd.		128,707
	58	Nippon Prologis REIT, Inc. REIT		133,582
	4,000	Nippon Rietec Co. Ltd.		28,489
	66,000	Nippon Road Co. Ltd. (The)		360,775
	19,000	Nippon Seiki Co. Ltd.		399,030
	3,000	Nippon Seiro Co. Ltd.		6,784
	10,000	Nippon Seisen Co. Ltd.		63,031
	183,000	Nippon Sheet Glass Co. Ltd.(d)		171,066
	49,000	Nippon Shokubai Co. Ltd.		575,829
	30,500	Nippon Signal Co. Ltd. (The)		291,899
	74,000	Nippon Soda Co. Ltd.		409,116
	133,480	Nippon Steel & Sumikin Bussan Corp.		474,147
	41,000	Nippon Steel & Sumikin Texeng Co. Ltd.		210,977
	116,900	Nippon Suisan Kaisha Ltd.(d)		340,319
	33,000	Nippon Synthetic Chemical Industry Co. Ltd. (The)		198,896
	26,000	Nippon Thompson Co. Ltd.		106,940
	18,000	Nippon Valqua Industries Ltd.		48,556

Shares			Value
JAPAN (continued)
	32,800	Nipro Corp.	$	267,773
	1,000	Nishikawa Rubber Co. Ltd.		16,951
	168,000	Nishimatsu Construction Co. Ltd.		800,178
	8,300	Nishimatsuya Chain Co. Ltd.		74,114
	362,000	Nishi-Nippon City Bank Ltd. (The)		973,283
	28,000	Nishi-Nippon Railroad Co. Ltd.		110,679
	3,100	Nishio Rent All Co. Ltd.		110,532
	24,500	Nissan Chemical Industries Ltd.		443,432
	43,900	Nissan Shatai Co. Ltd.		590,154
	40,300	Nissan Tokyo Sales Holdings Co. Ltd.		99,741
	3,600	Nissei ASB Machine Co. Ltd.		69,933
	2,600	Nissei Plastic Industrial Co. Ltd.		20,485
	6,500	Nissha Printing Co. Ltd.		102,542
	40,600	Nisshin Fudosan Co. Ltd.		175,304
	18,000	Nisshin Oillio Group Ltd. (The)		64,260
	53,360	Nisshin Seifun Group, Inc.		531,581
	47,824	Nisshin Steel Co. Ltd.		431,725
	83,000	Nisshinbo Holdings, Inc.		662,818
	23,000	Nissin Corp.		57,129
	34,000	Nissin Electric Co. Ltd.		180,405
	13,900	Nissin Kogyo Co. Ltd.		208,887
	2,600	Nissin Sugar Co. Ltd.		53,863
	6,500	Nissui Pharmaceutical Co. Ltd.		73,087
	12,300	Nitta Corp.		269,817
	43,000	Nittetsu Mining Co. Ltd.		161,166
	106,000	Nitto Boseki Co. Ltd.		367,095
	600	Nitto FC Co. Ltd.		3,467
	21,200	Nitto Kogyo Corp.		364,453
	2,600	Nitto Kohki Co. Ltd.		48,609
	12,000	Nitto Seiko Co. Ltd.		39,421
	27,600	Nittoc Construction Co. Ltd.		137,109
	3,100	Nittoku Engineering Co. Ltd.		29,724
	7,400	Noevir Holdings Co. Ltd.		132,880
	120,000	NOF Corp.		782,016
	12,000	Nohmi Bosai Ltd.		169,544
	53,400	NOK Corp.		1,326,859
	17,000	Nomura Co. Ltd.		159,217
	46,500	Nomura Real Estate Holdings, Inc.		803,944
	71	Nomura Real Estate Master Fund, Inc. REIT		85,270
	33,000	Noritake Co. Ltd.		74,917
	3,700	Noritsu Koki Co. Ltd.		20,126
	13,100	Noritz Corp.		238,149
	197,900	North Pacific Bank Ltd.		794,595
	7,700	NS Solutions Corp.		231,703
	86,000	NS United Kaiun Kaisha Ltd.		206,722
	3,100	NSD Co. Ltd.		44,820
	189,000	NTN Corp.		784,100
	1,400	Nuflare Technology, Inc.		61,384
	6,400	Obara Group, Inc.		229,619
	27,000	Obayashi Corp.		182,684
	32,000	Obayashi Road Corp.		226,201

Shares			Value
JAPAN (continued)
	12,100	Obic Co. Ltd.	$	421,197
	2,800	Odelic Co. Ltd.		67,704
	62,000	Oenon Holdings, Inc.		127,505
	141,000	Ogaki Kyoritsu Bank Ltd. (The)		386,628
	8,600	Ohashi Technica, Inc.		97,695
	1,800	Ohsho Food Service Corp.		64,580
	16,845	Oiles Corp.		323,778
	76,000	Oita Bank Ltd. (The)		280,116
	46,000	Oji Holdings Corp.		161,763
	20,200	Okabe Co. Ltd.		184,871
	14,000	Okamoto Industries, Inc.		55,339
	4,000	Okamoto Machine Tool Works Ltd.(d)		5,021
	35,000	Okamura Corp.		250,835
	31,000	Okasan Securities Group, Inc.		227,136
	213,000	Oki Electric Industry Co. Ltd.		477,863
	2,200	Okinawa Cellular Telephone Co.		59,248
	54,000	OKK Corp.		74,516
	62,000	OKUMA Corp.		430,536
	77,000	Okumura Corp.		427,759
	48,000	Okura Industrial Co. Ltd.		161,959
	14,000	Okuwa Co. Ltd.		115,789
	2,600	ONO Sokki Co. Ltd.		21,990
	8,200	Onoken Co. Ltd.		82,274
	56,000	Onward Holdings Co. Ltd.		339,016
	3,800	Open House Co. Ltd.		66,206
	10,300	OPT, Inc.		68,315
	1,800	Optex Co. Ltd.		31,056
	6,000	Organo Corp.		25,586
	31,000	Origin Electric Co. Ltd.		115,914
	65	Orix JREIT, Inc. REIT		85,644
	9,500	Osaka Steel Co. Ltd.		168,222
	14,000	Osaki Electric Co. Ltd.		83,258
	29,900	OSG Corp.		477,016
	18,500	Otsuka Corp.		673,626
	3,800	Otsuka Kagu Ltd.		39,006
	6,100	Oyo Corp.		105,572
	46,500	Pacific Industrial Co. Ltd.		343,187
	10,250	Pack Corp. (The)		209,517
	4,000	Pal Co. Ltd.		118,050
	8,350	Paltac Corp.		100,430
	46,000	PanaHome Corp.		303,459
	10,500	Panasonic Industrial Devices SUNX Co. Ltd.		55,152
	1,000	Panasonic Information Systems Co. Ltd.		26,548
	2,400	Paramount Bed Holdings Co. Ltd.		67,946
	10,200	Parco Co. Ltd.		81,727
	22,800	Park24 Co. Ltd.		339,996
	10,000	Pasco Corp.		31,071
	15,100	Pasona Group, Inc.		72,862
	46,300	Penta-Ocean Construction Co. Ltd.		147,154
	13,000	Pigeon Corp.		793,946

Shares			Value
JAPAN (continued)
	7,800	Pilot Corp.	$	429,148
	6,700	Piolax, Inc.		289,891
	129,500	Pioneer Corp.(d)		328,578
	10,200	Plenus Co. Ltd.		182,796
	6,200	Pola Orbis Holdings, Inc.		250,870
	7,800	Poletowin Pitcrew Holdings, Inc.		59,581
	79,000	Press Kogyo Co. Ltd.		308,756
	3,000	Pressance Corp.		83,864
	3,000	Prestige International, Inc.		25,186
	96,000	Prima Meat Packers Ltd.		224,776
	6,800	Pronexus, Inc.		44,617
	18,500	Qol Co. Ltd.		111,008
	49,800	Raito Kogyo Co. Ltd.		475,721
	1,900	Relo Holdings, Inc.		131,769
	128,840	Rengo Co. Ltd.		554,015
	22,500	Renown, Inc.(d)		22,435
	26,200	Resorttrust, Inc.		620,450
	3,000	Rheon Automatic Machinery Co. Ltd.		13,648
	49,000	Rhythm Watch Co. Ltd.		67,616
	10,500	Ricoh Leasing Co. Ltd.		287,447
	4,400	Right On Co. Ltd.		28,478
	58,000	Riken Corp.		222,034
	11,400	Riken Keiki Co. Ltd.		113,264
	19,000	Riken Technos Corp.		82,039
	2,300	Riken Vitamin Co. Ltd.		53,034
	3,000	Ringer Hut Co. Ltd.		45,885
	1,600	Rinnai Corp.		139,737
	16,800	Riso Kagaku Corp.		499,550
	4,500	Rock Field Co. Ltd.		75,998
	37,300	Rohto Pharmaceutical Co. Ltd.		526,998
	1,200	Roland DG Corp.		50,051
	33,200	Round One Corp.		196,850
	8,600	Royal Holdings Co. Ltd.		135,900
	41,000	Ryobi Ltd.		109,139
	16,000	Ryoden Trading Co. Ltd.		113,528
	8,700	Ryohin Keikaku Co. Ltd.		1,157,935
	17,700	Ryosan Co. Ltd.		366,212
	5,100	Ryoyo Electro Corp.		49,672
	3,500	S Foods, Inc.		72,664
	3,300	Sac’s Bar Holdings, Inc.		46,595
	2,000	Sagami Chain Co. Ltd.		18,927
	62,000	Saibu Gas Co. Ltd.		150,136
	14,600	Saizeriya Co. Ltd.		214,337
	28,000	Sakai Chemical Industry Co. Ltd.		83,258
	18,000	Sakai Heavy Industries Ltd.		45,190
	3,000	Sakai Moving Service Co. Ltd.		93,879
	39,000	Sakai Ovex Co. Ltd.		54,859
	25,200	Sakata INX Corp.		252,393
	8,800	Sakata Seed Corp.		129,738
	7,000	San-A Co. Ltd.		233,697
	59,000	San-Ai Oil Co. Ltd.		403,401
	33,000	Sanden Corp.		185,088

Shares			Value
JAPAN (continued)
	1,100	Sanei Architecture Planning Co. Ltd.	$	8,794
	20,675	Sangetsu Co. Ltd.		514,643
	66,000	San-In Godo Bank Ltd. (The)		500,619
	44,000	Sanken Electric Co. Ltd.		338,055
	31,000	Sanki Engineering Co. Ltd.		211,956
	14,000	Sanko Metal Industrial Co. Ltd.		31,783
	20,700	Sankyo Seiko Co. Ltd.		76,110
	11,000	Sankyo Tateyama, Inc.		193,510
	159,000	Sankyu, Inc.		724,754
	14,600	Sanoh Industrial Co. Ltd.		93,716
	4,200	Sanrio Co. Ltd.		120,214
	4,200	Sanshin Electronics Co. Ltd.		29,390
	3,200	Santen Pharmaceutical Co. Ltd.		186,886
	79,700	Sanwa Holdings Corp.		540,676
	19,000	Sanyo Chemical Industries Ltd.		116,377
	13,000	Sanyo Denki Co. Ltd.		91,315
	2,000	Sanyo Electric Railway Co. Ltd.		8,262
	5,400	Sanyo Housing Nagoya Co. Ltd.		58,459
	19,000	Sanyo Industries Ltd.		33,830
	32,000	Sanyo Shokai Ltd.		77,205
	79,000	Sanyo Special Steel Co. Ltd.		265,854
	149,000	Sapporo Holdings Ltd.		632,744
	26,000	Sata Construction Co. Ltd.		33,795
	7,400	SATO Holdings Corp.		190,328
	6,300	Sato Shoji Corp.		40,327
	4,100	Satori Electric Co. Ltd.		26,025
	16,400	Sawada Holdings Co. Ltd.		113,008
	10,600	Sawai Pharmaceutical Co. Ltd.		618,117
	35,000	SAXA Holdings, Inc.		49,232
	95,980	SBI Holdings, Inc.		1,065,542
	4,800	SBS Holdings, Inc.		40,981
	12,000	SCREEN Holdings Co. Ltd.		63,459
	21,797	SCSK Corp.		569,351
	4,000	Seibu Electric Industry Co. Ltd.		17,164
	33,000	Seika Corp.		78,442
	3,500	Seikagaku Corp.		55,776
	13,000	Seikitokyu Kogyo Co. Ltd.		71,293
	32,100	Seiko Epson Corp.		1,454,609
	37,000	Seiko Holdings Corp.		177,877
	78,000	Seino Holdings Co. Ltd.		601,362
	21,100	Seiren Co. Ltd.		179,207
	32,000	Sekisui Jushi Corp.		429,326
	2,000	Sekisui Plastics Co. Ltd.		5,395
	46,000	Senko Co. Ltd.		193,706
	2,000	Senshu Electric Co. Ltd.		29,735
	46,720	Senshu Ikeda Holdings, Inc.		239,579
	11,800	Senshukai Co. Ltd.		93,286
	1,100	Seria Co. Ltd.		45,538
	31,800	Seven Bank Ltd.		130,229
	1,000	Shaklee Global Group, Inc.(d)		35,077
	81,000	Sharp Corp.(d)		197,587
	1,000	Shibaura Mechatronics Corp.		3,125
	17,000	Shibusawa Warehouse Co. Ltd. (The)		55,544
	9,400	Shibuya Kogyo Co. Ltd.		226,370

Shares			Value
JAPAN (continued)
	75,000	Shiga Bank Ltd. (The)	$	410,639
	44,000	Shikibo Ltd.		47,398
	69,000	Shikoku Bank Ltd. (The)		144,972
	25,000	Shikoku Chemicals Corp.		171,378
	29,100	Shikoku Electric Power Co., Inc.(d)		389,382
	4,700	Shima Seiki Manufacturing Ltd.		74,690
	31,649	Shimachu Co. Ltd.		803,024
	84,000	Shimadzu Corp.		719,412
	2,200	Shimamura Co. Ltd.		189,397
	2,700	Shimizu Bank Ltd. (The)		76,199
	28,000	Shimizu Corp.		201,166
	7,400	Shin Nippon Air Technologies Co. Ltd.		59,622
	59,000	Shinagawa Refractories Co. Ltd.		142,346
	42,000	Shindengen Electric Manufacturing Co. Ltd.		263,984
	9,300	Shin-Etsu Polymer Co. Ltd.		42,722
	6,000	Shin-Keisei Electric Railway Co. Ltd.		20,886
	20,900	Shinko Electric Industries Co. Ltd.		120,758
	9,200	Shinko Plantech Co. Ltd.		69,538
	13,300	Shinko Shoji Co. Ltd.		123,735
	4,000	Shinko Wire Co. Ltd.		6,125
	41,000	Shinmaywa Industries Ltd.		359,537
	31,500	Shinnihon Corp.		108,529
	86,000	Shinsei Bank Ltd.		186,815
	30,000	Shinsho Corp.		72,913
	900	Shinwa Co. Ltd.		10,392
	12,700	Ship Healthcare Holdings, Inc.		290,124
	46,000	Shiroki Corp.		91,324
	3,000	Shizuki Electric Co., Inc.		13,568
	38,500	Shizuoka Gas Co. Ltd.		249,869
	7,000	Shochiku Co. Ltd.		64,874
	3,000	Shoei Foods Corp.		23,183
	900	Shofu, Inc.		10,232
	34,000	Shoko Co. Ltd.		49,642
	1,000	Showa Aircraft Industry Co. Ltd.		9,962
	36,700	Showa Corp.		385,215
	769,600	Showa Denko KK		1,000,326
	51,000	Showa Sangyo Co. Ltd.		196,145
	57,500	Showa Shell Sekiyu KK		483,753
	11,100	Siix Corp.		189,241
	16,000	Sinanen Co. Ltd.		62,533
	5,000	Sinfonia Technology Co. Ltd.		7,167
	17,600	Sinko Industries Ltd.		156,531
	20,900	Sintokogio Ltd.		141,969
	122,200	SKY Perfect JSAT Holdings, Inc.		736,518
	27,000	SMK Corp.		105,284
	1,400	SMS Co. Ltd.		39,573
	13,500	SNT Corp.		67,906
	19,800	Sodick Co. Ltd.		160,057
	5,600	Soft99 Corp.		32,456
	3,600	Sogo Medical Co. Ltd.		170,826

Shares			Value
JAPAN (continued)
	52,388	Sohgo Security Services Co. Ltd.	$	1,201,438
	685,800	Sojitz Corp.		1,001,302
	45,000	Sotetsu Holdings, Inc.		167,060
	1,900	Space Co. Ltd.		22,210
	2,200	Sparx Group Co. Ltd.		4,211
	700	SPK Corp.		12,140
	5,000	Square Enix Holdings Co. Ltd.		101,803
	7,500	SRA Holdings, Inc.		101,692
	300	ST Corp.		2,706
	2,900	St. Marc Holdings Co. Ltd.		150,519
	7,900	Stanley Electric Co. Ltd.		156,066
	19,100	Star Micronics Co. Ltd.		284,821
	3,500	Starbucks Coffee Japan Ltd.		45,493
	4,000	Starts Corp., Inc.		58,936
	17,000	Starzen Co. Ltd.		49,188
	8,100	Stella Chemifa Corp.		101,101
	8,100	Studio Alice Co. Ltd.		103,842
	8,000	Sugi Holdings Co. Ltd.		342,933
	3,800	Sugimoto & Co. Ltd.		38,499
	31,600	Sumco Corp.		413,550
	4,800	Sumida Corp.		33,674
	22,000	Suminoe Textile Co. Ltd.		58,954
	98,000	Sumitomo Bakelite Co. Ltd.		380,396
	7,200	Sumitomo Dainippon Pharma Co. Ltd.		82,560
	14,300	Sumitomo Densetsu Co. Ltd.		172,631
	67,400	Sumitomo Forestry Co. Ltd.		694,251
	161,000	Sumitomo Heavy Industries Ltd.		871,471
	139,400	Sumitomo Mitsui Construction Co. Ltd.(d)		163,817
	217,000	Sumitomo Osaka Cement Co. Ltd.		664,572
	13,000	Sumitomo Precision Products Co. Ltd.		49,535
	4,880	Sumitomo Real Estate Sales Co. Ltd.		110,438
	23,700	Sumitomo Riko Co. Ltd.		198,968
	9,900	Sumitomo Rubber Industries Ltd.		133,440
	50,000	Sumitomo Seika Chemicals Co. Ltd.		297,797
	61,000	Sumitomo Warehouse Co. Ltd. (The)		327,469
	13,000	Suncall Corp.		74,997
	14,400	Sundrug Co. Ltd.		684,585
	3,600	Sun-Wa Technos Corp.		36,793
	9,600	Suruga Bank Ltd.		195,803
	26,200	Suzuken Co. Ltd.		689,026
	106,000	SWCC Showa Holdings Co. Ltd.(d)		96,256
	5,400	Systena Corp.		40,094
	6,600	T&K Toka Co. Ltd.		145,191
	3,200	T. Hasegawa Co. Ltd.		48,602
	24,000	T. RAD Co. Ltd.		55,339
	1,600	Tabuchi Electric Co. Ltd.		13,561

Shares			Value
JAPAN (continued)
	6,000	Tachibana Eletech Co. Ltd.	$	74,943
	6,700	Tachi-S Co. Ltd.		83,388
	73,000	Tadano Ltd.		1,063,886
	8,000	Taihei Dengyo Kaisha Ltd.		63,672
	59,000	Taiheiyo Cement Corp.		212,206
	37,000	Taiheiyo Kouhatsu, Inc.		30,305
	14,300	Taiho Kogyo Co. Ltd.		145,005
	16,700	Taikisha Ltd.		364,256
	3,000	Taiko Bank Ltd. (The)		5,983
	4,800	Taiko Pharmaceutical Co. Ltd.		84,398
	5,500	Taiyo Holdings Co. Ltd.		175,295
	72,000	Taiyo Nippon Sanso Corp.		634,587
	63,600	Taiyo Yuden Co. Ltd.		632,461
	10,000	Takagi Securities Co. Ltd.		22,257
	6,300	Takamatsu Construction Group Co. Ltd.		119,129
	27,400	Takara Leben Co. Ltd.		112,942
	62,000	Takara Standard Co. Ltd.		501,740
	36,000	Takasago International Corp.		168,903
	30,400	Takasago Thermal Engineering Co. Ltd.		385,396
	18,000	Takashima & Co. Ltd.		37,178
	11,000	Takashimaya Co. Ltd.		91,565
	16,100	Takata Corp.		203,678
	7,630	Take And Give Needs Co. Ltd.		77,845
	16,200	Takeei Corp.		150,138
	1,900	Takeuchi Manufacturing Co. Ltd.		76,964
	10,000	Takihyo Co. Ltd.		36,679
	37,000	Takiron Co. Ltd.		180,512
	33,000	Takisawa Machine Tool Co. Ltd.		63,165
	26,000	Takuma Co. Ltd.		162,493
	11,400	Tama Home Co. Ltd.		61,301
	5,900	Tamron Co. Ltd.		114,717
	50,000	Tamura Corp.		182,951
	9,400	Tanseisha Co. Ltd.		84,020
	34,100	Tatsuta Electric Wire and Cable Co. Ltd.		170,007
	34,000	Tayca Corp.		134,396
	30,700	TBK Co. Ltd.		184,487
	600	Techno Medica Co. Ltd.		12,729
	1,200	Techno Ryowa Ltd.		5,256
	554,000	Teijin Ltd.		1,326,739
	2,400	Teikoku Electric Manufacturing Co. Ltd.		26,580
	10,400	Teikoku Sen-I Co. Ltd.		248,507
	7,800	Temp Holdings Co. Ltd.		246,517
	8,400	T-Gaia Corp.		83,009
	28,300	THK Co. Ltd.		690,336
	1,000	Tigers Polymer Corp.		6,009
	10,000	TKC Corp.		194,436
	104,000	Toa Corp.		187,029
	6,000	Toa Corp.		59,506
	58,000	Toa Oil Co. Ltd.		78,487
	40,000	Toa Road Corp.		142,088

Shares			Value
JAPAN (continued)
	24,000	Toabo Corp.	$	16,025
	101,500	Toagosei Co. Ltd.		435,549
	10,100	Tobishima Corp.(d)		27,335
	10,000	Tobu Store Co. Ltd.		25,462
	37,600	TOC Co. Ltd.		266,455
	5,600	Tocalo Co. Ltd.		103,450
	72,000	Tochigi Bank Ltd. (The)		286,526
	106,000	Toda Corp.		462,408
	10,000	Toda Kogyo Corp.(d)		36,501
	1,400	Toei Animation Co. Ltd.		36,145
	20,000	Toei Co. Ltd.		104,162
	25,000	Toenec Corp.		131,538
	78,000	Toho Bank Ltd. (The)		281,237
	17,000	Toho Co. Ltd.		63,868
	5,800	Toho Co. Ltd.		131,052
	53,000	Toho Gas Co. Ltd.		282,163
	8,000	Toho Holdings Co. Ltd.		101,491
	68,000	Toho Zinc Co. Ltd.		225,809
	53,000	Tohoku Bank Ltd. (The)		73,608
	500	Tohokushinsha Film Corp.		3,695
	4,700	Tokai Corp.		139,964
	35,800	TOKAI Holdings Corp.		173,064
	18,000	Tokai Lease Co. Ltd.		31,890
	28,600	Tokai Rika Co. Ltd.		533,171
	99,900	Tokai Tokyo Financial Holdings, Inc.		657,254
	3,390	Token Corp.		151,807
	24,000	Toko, Inc.		63,245
	24,840	Tokushu Tokai Paper Co. Ltd.		57,719
	54,000	Tokuyama Corp.		153,359
	4,600	Tokyo Broadcasting System Holdings, Inc.		50,249
	5,000	Tokyo Energy & Systems, Inc.		34,721
	40,000	Tokyo Keiki, Inc.		97,573
	12,000	Tokyo Kikai Seisakusho Ltd.(d)		8,547
	39,800	Tokyo Ohka Kogyo Co. Ltd.		1,103,735
	7,000	Tokyo Rakutenchi Co. Ltd.		31,471
	88,000	Tokyo Rope Manufacturing Co. Ltd.(d)		133,968
	2,500	Tokyo Sangyo Co. Ltd.		9,526
	17,300	Tokyo Seimitsu Co. Ltd.		275,229
	44,800	Tokyo Steel Manufacturing Co. Ltd.		234,918
	21,000	Tokyo Tatemono Co. Ltd.		176,675
	32,000	Tokyo Tekko Co. Ltd.		145,578
	20,000	Tokyo Theaters Co., Inc.		26,174
	10,975	Tokyo Ty Financial Group. Inc.(d)		351,259
	22,100	Tokyu Fudosan Holdings Corp.		152,482
	27,000	Toli Corp.		57,209
	28,000	Tomato Bank Ltd.		45,119
	1,800	Tomen Devices Corp.		28,444
	7,900	Tomen Electronics Corp.		116,610
	18,100	Tomoe Corp.		69,129
	2,600	Tomoe Engineering Co. Ltd.		40,531
	67,000	Tomoku Co. Ltd.		171,191

Shares			Value
JAPAN (continued)
	75,500	TOMONY Holdings, Inc.	$	328,685
	24,800	Tomy Co. Ltd.		127,615
	9,000	Tonami Holdings Co. Ltd.		19,150
	20	Top REIT, Inc.		81,816
	15,800	Topcon Corp.		358,832
	15,700	Toppan Forms Co. Ltd.		145,084
	34,000	Topre Corp.		468,872
	89,000	Topy Industries Ltd.		169,562
	7,000	Toridoll.corp.		79,083
	3,800	Torigoe Co. Ltd. (The)		26,286
	5,300	Torii Pharmaceutical Co. Ltd.		148,395
	5,000	Torishima Pump Manufacturing Co. Ltd.		37,258
	12,100	Tosei Corp.		78,530
	59,000	Toshiba Machine Co. Ltd.		229,539
	17,000	Toshiba Plant Systems & Services Corp.		278,780
	117,000	Toshiba TEC Corp.		810,381
	14,000	Tosho Printing Co. Ltd.		45,742
	276,000	Tosoh Corp.		1,164,692
	12,000	Totetsu Kogyo Co. Ltd.		267,403
	15,000	TOTO Ltd.		163,988
	8,000	Tottori Bank Ltd. (The)		15,669
	158,000	Towa Bank Ltd. (The)		139,257
	1,900	Towa Corp.		10,826
	3,600	Towa Pharmaceutical Co. Ltd.		156,403
	29,800	Toyo Construction Co. Ltd.		138,487
	6,000	Toyo Corp.		54,485
	3,000	Toyo Denki Seizo - Toyo Electric Manufacturing Co. Ltd.		10,630
	62,000	Toyo Engineering Corp.		315,175
	152,000	Toyo Ink SC Holdings Co. Ltd.		690,140
	28,000	Toyo Kohan Co. Ltd.		156,546
	16,000	Toyo Securities Co. Ltd.		44,300
	52,000	Toyo Seikan Group Holdings Ltd.		610,621
	20,400	Toyo Suisan Kaisha Ltd.		696,497
	200	Toyo Tanso Co. Ltd.		3,627
	55,100	Toyo Tire & Rubber Co. Ltd.		881,502
	20,000	Toyo Wharf & Warehouse Co. Ltd.		37,391
	462,000	Toyobo Co. Ltd.		649,864
	37,700	Toyoda Gosei Co. Ltd.		711,542
	41,100	Toyota Boshoku Corp.		459,208
	12,200	TPR Co. Ltd.		282,829
	1,200	Trancom Co. Ltd.		49,197
	15,900	Transcosmos, Inc.		291,742
	5,100	Trend Micro, Inc.		166,860
	8,800	Trusco Nakayama Corp.		231,820
	10,500	TS Tech Co. Ltd.		249,401
	42,400	TSI Holdings Co. Ltd.		263,101
	76,000	Tsubakimoto Chain Co.		587,972
	8,000	Tsubakimoto Kogyo Co. Ltd.		21,367
	7,000	Tsudakoma Corp.(d)		9,223
	34,000	Tsugami Corp.		170,114

Shares			Value
JAPAN (continued)
	3,100	Tsukada Global Holdings, Inc.	$	24,949
	18,000	Tsukishima Kikai Co. Ltd.		198,549
	52,333	Tsukuba Bank Ltd.		176,113
	10,200	Tsumura & Co.		226,929
	12,300	Tsuruha Holdings, Inc.		717,249
	7,000	Tsurumi Manufacturing Co. Ltd.		115,415
	1,600	Tsutsumi Jewelry Co. Ltd.		39,101
	7,000	TTK Co. Ltd.		28,168
	8,100	TV Asahi Holdings Corp.		125,619
	200	TV Tokyo Holdings Corp.		3,992
	130,840	UACJ Corp.		468,263
	282,800	Ube Industries Ltd.		428,008
	44,000	Uchida Yoko Co. Ltd.		139,061
	14,000	Ueki Corp.		33,528
	2,500	UKC Holdings Corp.		39,951
	7,800	Ulvac, Inc.(d)		94,301
	27,000	Uniden Corp.		54,805
	400	Union Tool Co.		10,060
	19,100	Unipres Corp.		373,413
	7,300	United Arrows Ltd.		269,059
	112	United Urban Investment Corp. REIT		174,593
	67,000	Unitika Ltd.(d)		29,228
	100	Universal Entertainment Corp.		1,549
	87,400	UNY Group Holdings Co. Ltd.		455,966
	44,480	Usen Corp.(d)		135,034
	14,100	U-Shin Ltd.		89,376
	400	Ushio, Inc.		4,124
	9,700	USS Co. Ltd.		150,174
	8,800	Utoc Corp.		39,015
	18,600	Valor Co. Ltd.		297,567
	2,500	Village Vanguard Co. Ltd.		32,540
	22,600	Vital KSK Holdings, Inc.		190,136
	36,300	VT Holdings Co. Ltd.		141,225
	2,000	Wacoal Holdings Corp.		20,565
	33,000	Wakachiku Construction Co. Ltd.		65,221
	18,800	Wakita & Co. Ltd.		183,941
	11,600	Warabeya Nichiyo Co. Ltd.		201,277
	5,500	WATAMI Co. Ltd.		63,557
	5,500	Weathernews, Inc.		148,119
	5,800	Welcia Holdings Co. Ltd.		192,602
	4,500	Wellnet Corp.		68,547
	1,300	WirelessGate, Inc.		48,377
	2,200	Wowow, Inc.		93,132
	8,600	Xebio Co. Ltd.		132,378
	4,500	Yahagi Construction Co. Ltd.		33,252
	3,700	YAMABIKO Corp.		142,631
	34,200	Yamada Denki Co. Ltd.		107,479
	67,000	Yamagata Bank Ltd. (The)		311,961
	152,000	Yamaguchi Financial Group, Inc.		1,416,817
	132,200	Yamaha Corp.		1,766,590
	84,000	Yamanashi Chuo Bank Ltd. (The)		373,167
	51,000	Yamatane Corp.		77,187

Shares			Value
JAPAN (continued)
	5,700	Yamato Kogyo Co. Ltd.	$	181,162
	67,000	Yamazaki Baking Co. Ltd.		818,375
	100	Yamazawa Co. Ltd.		1,431
	18,200	Yamazen Corp.		139,832
	3,700	Yaoko Co. Ltd.		223,993
	700	Yashima Denki Co. Ltd.		3,421
	53,800	Yaskawa Electric Corp.		672,470
	6,900	Yasuda Logistics Corp.		61,122
	19,100	Yellow Hat Ltd.		403,680
	44,000	Yodogawa Steel Works Ltd.		169,615
	17,000	Yokogawa Bridge Holdings Corp.		212,188
	44,500	Yokogawa Electric Corp.		596,239
	22,300	Yokohama Reito Co. Ltd.		163,987
	128,000	Yokohama Rubber Co. Ltd. (The)		1,125,876
	4,000	Yomeishu Seizo Co. Ltd.		31,623
	3,100	Yondoshi Holdings, Inc.		54,783
	3,200	Yonex Co. Ltd.		28,460
	16,500	Yorozu Corp.		277,632
	1,800	Yoshinoya Holdings Co. Ltd.		20,432
	9,300	Yuasa Trading Co. Ltd.		172,711
	27,000	Yuken Kogyo Co. Ltd.		58,651
	13,000	Yurtec Corp.		71,525
	8,000	Yusen Logistics Co. Ltd.		78,558
	900	Yushiro Chemical Industry Co. Ltd.		11,185
	18,300	Zenrin Co. Ltd.		221,734
	14,300	Zensho Holdings Co. Ltd.		128,200
	83,000	Zeon Corp.		752,967
	7,700	ZERIA Pharmaceutical Co. Ltd.		153,075
	4,000	Zojirushi Corp.		24,892
	8,700	Zuken, Inc.		75,517
				328,027,858
JERSEY CHANNEL ISLANDS — 0.0%
	2,031	Atrium European Real Estate Ltd.		10,636
	410,240	Centamin Plc		336,004
	66,885	Petra Diamonds Ltd.(d)		177,612
	43,770	Phoenix Group Holdings		527,240
	1,475	Randgold Resources Ltd.		86,784
				1,138,276
LUXEMBOURG — 0.1%
	34,744	APERAM(d)		998,141
	1,249	Eurofins Scientific SE		315,619
	1,096	GAGFAH SA(d)		20,464
	49,500	L’Occitane International SA		116,806
	6,696	Oriflame Cosmetics SA - SDR		116,525
	100,579	Regus Plc		317,447
	182,817	Stabilus SA(c)(d)		5,269,228
	153,988	Transcom WorldWide SA, Class B - SDR(d)		22,939
				7,177,169

Shares			Value
MALAYSIA — 0.7%
	202,400	Aeon Co. (M) Berhad	$	230,752
	8,520	Aeon Credit Service M Berhad		40,771
	412,490	Affin Holdings Berhad		405,060
	803,300	AirAsia Berhad		610,550
	20,200	Alam Maritim Resources Berhad		6,755
	543,100	Alliance Financial Group Berhad		790,894
	20,100	Amway Malaysia Holdings Berhad		71,130
	1,467,600	APM Automotive Holdings Berhad(c)		2,498,612
	1,118,676	Axis Real Estate Investment Trust(c)		1,254,971
	32,700	Batu Kawan Berhad		183,122
	95,933	Berjaya Assets Berhad		25,666
	714,800	Berjaya Corp. Berhad		110,830
	1,781	Berjaya Sports Toto Berhad		1,955
	128,600	BIMB Holdings Berhad		166,944
	644,400	Bintulu Port Holdings Berhad(c)		1,365,499
	365,904	Boustead Holdings Berhad		561,774
	73,100	Boustead Plantation Berhad		33,780
	41,100	Bursa Malaysia Berhad		101,087
	125,700	Cahya Mata Sarawak Berhad		165,855
	49,500	Carlsberg Brewery-Malaysia Berhad		167,044
	98,060	CB Industrial Product Holding Berhad		71,848
	25,300	Coastal Contracts Berhad		30,767
	15,350	Dayang Enterprise Holdings Berhad		13,720
	6,499,486	Dialog Group Berhad		3,201,085
	585,500	DRB-Hicom Berhad		379,149
	475,000	Eastern & Oriental Berhad		404,347
	28,100	Engtex Group Berhad		16,573
	116,100	Evergreen Fibreboard Berhad(d)		18,884
	70,300	Faber Group Berhad		69,247
	20,800	Fraser & Neave Holdings Berhad		101,052
	546,100	Gamuda Berhad		850,052
	89,300	Genting Plantations Berhad		287,237
	23,300	Globetronics Technology Berhad		32,018
	125,000	Glomac Berhad		42,183
	59,600	Guinness Anchor Berhad		234,468
	499,380	HAP Seng Consolidated Berhad.		668,016
	110,500	Hap Seng Plantations Holdings Berhad		87,009
	1,500,980	Hartalega Holdings Berhad(c)		3,194,303
	19,992	Hock Seng LEE Berhad		11,913
	72,600	Hong Leong Financial Group Berhad		399,501
	51,500	Hong Leong Industries Berhad		74,841
	37,733	Hua Yang Berhad		26,614
	55,620	Hume Industries Berhad(d)		67,639

Shares			Value
MALAYSIA (continued)
	391,730	IGB Corp. Berhad	$	342,991
	833,940	IJM Corp. Berhad		1,754,462
	192,200	IJM Land Berhad		201,009
	125,900	IJM Plantations Berhad		137,412
	147,800	Iris Corp. Berhad		15,952
	162,700	JAKS Resources Berhad(d)		32,399
	218,400	JCY International Berhad		38,179
	59,079	K&N Kenanga Holdings Berhad(d)		11,675
	44,400	Karambunai Corp. Berhad(d)		1,147
	89,800	Keck Seng (Malaysia) Berhad		165,171
	103,900	Kian JOO CAN Factory Berhad		91,289
	1,976,800	KKB Engineering Berhad(c)		1,256,065
	293,400	KLCCP Stapled Group		613,694
	589,500	KNM Group Berhad(d)		144,272
	38,800	Kossan Rubber Industries		54,262
	2,552,188	KPJ Healthcare Berhad(c)		3,033,839
	83,900	KSL Holdings Berhad(d)		115,293
	360,400	Kulim Malaysia Berhad(d)		374,726
	52,850	Kumpulan Fima Berhad		33,420
	87,500	Lafarge Malaysia Berhad		278,787
	232,500	Land & General Berhad		40,290
	157,800	Landmarks Berhad(d)		58,049
	37,900	LBS Bina Group Berhad		19,012
	79,000	Lingkaran Trans Kota Holdings Berhad		93,669
	15,500	LPI Capital Berhad		86,047
	387,807	Mah Sing Group Berhad		280,605
	121,750	Malayan Flour Mills Berhad		69,217
	160,823	Malaysia Airports Holdings Berhad		353,011
	175,980	Malaysia Building Society Berhad		138,569
	14,800	Malaysia Marine and Heavy Engineering Holdings Berhad.		10,214
	107,700	Malaysian Bulk Carriers Berhad		51,079
	32,000	Malaysian Pacific Industries Berhad		51,367
	291,250	Malaysian Resources Corp. Berhad		139,903
	37,180	MBM Resources Berhad		32,328
	2,578,000	Media Prima Berhad(c)		1,536,180
	18,700	Mega First Corp. Berhad		14,725
	81,000	MKH Berhad		82,742
	392,500	MMC Corp. Berhad		315,026
	45,500	MNRB Holdings Berhad		61,003
	83,100	Mudajaya Group Berhad.		52,549
	189,500	Muhibbah Engineering M Berhad		167,075
	690,300	Mulpha International Berhad(d)		89,193
	17,800	My EG Services Berhad		21,755
	50,500	Naim Holdings Berhad		52,507
	157,000	Nam Cheong Ltd.		48,272
	60,300	NCB Holdings Berhad		44,181
	5,000	Nestle Malaysia Berhad		104,127
	102,200	Oriental Holdings Berhad		227,128

Shares			Value
MALAYSIA (continued)
	441,390	OSK Holdings Berhad	$	300,589
	39,200	Padini Holdings Berhad		21,928
	33,230	Parkson Holdings Berhad(d)		25,459
	43,000	PJ Development Holdings Berhad		20,524
	142,800	POS Malaysia Berhad		219,241
	55,600	Press Metal Berhad		111,563
	22,300	Protasco Berhad		10,373
	3,838,500	QL Resources Berhad(c)		4,014,423
	66,000	Salcon Berhad		14,848
	36,200	Sarawak Oil Palms Berhad		63,282
	7,600	Scientex Berhad		16,520
	43,900	Scomi Energy Services Berhad(d)		10,077
	494,800	Scomi Group Berhad(d)		52,650
	2,300	Selangor Properties Berhad		4,098
	51,500	Shangri-La Hotels (Malaysia) Berhad		110,382
	28,800	Shell Refining Co. Federation of Malaya Berhad(d)		50,171
	443,660	Sunway Berhad		465,342
	5,400	Syarikat Takaful Malaysia Berhad		19,536
	89,164	Ta Ann Holdings Berhad		104,365
	682,700	TA Enterprise Berhad		180,573
	195,360	TA Global Berhad		20,788
	142,300	TAN Chong Motor Holdings Berhad		179,105
	444,000	TDM Berhad		124,861
	61,440	TH Plantations Berhad		31,568
	315,760	Time dotCom Berhad(d)		497,267
	46,900	Tiong NAM Logistics Holdings		15,827
	120,960	Top Glove Corp. Berhad		179,827
	155,100	Tropicana Corp. Berhad		61,771
	85,800	TSH Resources Berhad		62,082
	241,708	UEM Sunrise Berhad		138,150
	134,900	UMW Holdings Berhad		479,025
	238,900	Unisem (M) Berhad		122,746
	15,000	United Malacca Berhad		31,101
	33,600	United Plantations Berhad		261,711
	94,630	Wah Seong Corp. Berhad		47,757
	478,033	WCT Holdings Berhad.		315,370
	7,153,250	Wellcall Holdings Berhad(c)		3,544,819
	170,700	WTK Holdings Berhad		64,351
	141,753	YNH Property Berhad		89,208
	876,900	YTL Corp. Berhad		442,549
	25,600	Zhulian Corp. Berhad		16,655
				44,553,866
MALTA — 0.0%
	10,268	Brait SE(d)		77,156
	8,169	Unibet Group Plc - SDR		470,726
				547,882
MEXICO — 0.5%
	1,173,739	Alfa SAB de CV - Series A		3,747,074

Shares			Value
MEXICO (continued)
	35,265	Alsea SAB de CV(d)	$	110,538
	299,300	Arca Continental SAB de CV		1,926,989
	1,673,300	Asesor de Activos Prisma SAPI de CV REIT(c)		2,070,152
	143,156	Axtel SAB de CV - CPO Units(d)		38,164
	9,208	Banregio Grupo Financiero SAB de CV		53,335
	2,584	Bio Pappel SAB de CV(d)		5,123
	1,166,800	Bolsa Mexicana de Valores SAB de CV		2,452,955
	1,800	Cia Minera Autlan SAB de CV - Series B		2,030
	6,400	Concentradora Fibra Hotelera Mexicana SA de CV REIT		10,765
	147,024	Consorcio ARA SAB de CV(d)		67,036
	227,687	Controladora Comercial Mexicana SAB de CV - Units		899,504
	1,456,300	Corp Inmobiliaria Vesta SAB de CV		3,201,075
	800	Corp. Actinver SAB de CV		968
	78,869	Corp. GEO SAB de CV - Series B(b)(c)(d)		691
	61,938	Corp. Interamericana de Entretenimiento SAB de CV - Series B(b)(c)(d)		41,166
	27,300	Corp. Moctezuma SAB de CV		89,424
	4,816	Cydsasu A		11,795
	124,820	Empresas ICA SAB de CV(d)		222,458
	1,947,800	Fibra Shop Portafolios Inmobiliarios SAPI de CV REIT(c)		2,613,701
	153,727	Genomma Lab Internacional SAB de CV - Class B(d)		388,820
	53,869	Gruma SAB de CV - Series B(d)		592,044
	29,269	Grupo Aeromexico SAB de CV(d)		45,796
	109,917	Grupo Aeroportuario del Centro Norte SAB de CV		545,249
	430,800	Grupo Aeroportuario del Pacifico SAB de CV - Series B		2,939,981
	164,456	Grupo Aeroportuario del Sureste SAB de CV - Series B		2,218,393
	1,600	Grupo Carso SAB de CV - Series A1		9,094
	120,492	Grupo Cementos de Chihuahua SAB de CV(b)(c)		313,080
	45,878	Grupo Comercial Chedraui SA de CV		159,102
	55,667	Grupo Famsa SAB de CV(d)		57,873
	12,100	Grupo Financiero Interacciones SA de CV		97,941
	45,885	Grupo Herdez SAB de CV		117,896
	57,500	Grupo Industrial Maseca SAB de CV - Series B		89,669
	12,400	Grupo Industrial Saltillo SAB de CV		31,299

Shares			Value
MEXICO (continued)
	11,600	Grupo KUO SAB de CV - Series B	$	25,334
	45,400	Grupo Simec SAB de CV - Series B(d)		200,193
	264,100	Impulsora del Desarrollo y El Empleo en America Latina SAB de CV(d)		829,980
	10,860	Industrias Bachoco SAB de CV - Series B		55,218
	170,175	Industrias CH SAB de CV - Series B(d)		932,369
	15,441	Industrias Penoles SAB de CV		349,727
	11,100	Inmuebles Carso SAB de CV - Series B1(d)		12,158
	110,913	Kimberly-Clark de Mexico SAB de CV - Class A		258,128
	1,544,600	Macquarie Mexico Real Estate Management SA de CV REIT		2,814,776
	100	Medica Sur SAB de CV - Series B		423
	33,400	Megacable Holdings SAB de CV - CPO Shares		152,934
	381,663	Mexichem SAB de CV		1,561,088
	117,771	Minera Frisco SAB de CV(d)		207,709
	269,930	OHL Mexico SAB de CV(d)		757,498
	146,807	Organizacion Soriana SAB de CV - Series B		480,880
	59,600	Promotora y Operadora de Infraestructura SAB de CV(d)		822,107
	37,500	Qualitas Controladora SAB de CV - Units		97,466
	372,923	TV Azteca SAB de CV - CPO Shares		194,960
	67,123	Urbi Desarrollos Urbanos SAB de CV(b)(c)(d)		20
				34,924,148
NETHERLANDS — 0.9%
	53,962	Aalberts Industries NV		1,436,638
	9,242	Accell Group NV		147,434
	18,811	AMG Advanced Metallurgical Group NV(d)		155,228
	4,482	Amsterdam Commodities NV		100,650
	11,224	Arcadis NV		344,952
	27,444	ASM International NV		1,097,774
	33,735	BE Semiconductor Industries NV		641,311
	5,643	Beter Bed Holding NV		116,008
	80,490	BinckBank NV		796,942
	478,452	Boskalis Westminster NV		25,490,779
	8,012	Brunel International NV		179,820
	12,508	Corbion NV		201,808
	2,898	Corio NV REIT		140,943
	139,360	Delta Lloyd NV		3,174,060
	2,240	Exact Holding NV		88,015
	1,507	Fugro NV		20,811
	25,465	Gemalto NV		1,946,916
	2,565	Global City Holdings NV(d)		29,606

Shares			Value
NETHERLANDS (continued)
	18,365	Grontmij(d)	$	84,439
	12,777	Heijmans NV - CVA		173,564
	654	Hunter Douglas NV		27,127
	4,404	KAS Bank NV - CVA		53,114
	5,219	Kendrion NV		145,519
	113,414	Koninklijke BAM Groep NV		271,884
	13,069	Koninklijke Ten Cate NV		294,384
	12,374	Koninklijke Vopak NV		619,638
	68,974	Koninklijke Wessanen NV		440,817
	95	Nederland Apparatenfabriek		3,298
	39,284	Nutreco NV		1,966,932
	40,204	Ordina NV(d)		65,698
	97,294	PostNL NV(d)		412,468
	348,936	QIAGEN NV(d)		8,193,540
	113,540	Randstad Holding NV		5,004,075
	23,840	SBM Offshore NV(d)		298,183
	13,177	Sligro Food Group NV		486,383
	86,230	SNS REAAL NV(b)(c)(d)		0
	15,951	TKH Group NV		483,333
	60,046	TomTom NV(d)		435,076
	68,932	USG People NV		690,192
	43,699	Wolters Kluwer NV		1,165,869
	15,849	Ziggo NV		774,287
				58,199,515
NEW ZEALAND — 0.4%
	30,797	a2 Milk Co. Ltd.(d)		14,164
	321,910	Air New Zealand Ltd.		504,368
	4,448,618	Auckland International Airport Ltd.(c)		13,420,025
	190,487	Contact Energy Ltd.		920,607
	19,426	Ebos Group Ltd.		144,915
	69,245	Fisher & Paykel Healthcare Corp. Ltd.		301,729
	31,055	Freightways Ltd.		137,982
	38,459	Heartland New Zealand Ltd.		29,979
	67,426	Infratil Ltd.		150,581
	47,679	Kathmandu Holdings Ltd.		117,444
	50,769	Kiwi Income Property Trust REIT		47,687
	32,296	Mainfreight Ltd.		399,524
	14,378	Metlifecare Ltd.		48,305
	49,457	New Zealand Oil & Gas Ltd.		28,336
	8,819	New Zealand Refining Co. Ltd. (The)		11,687
	121,885	Nuplex Industries Ltd.		299,280
	45,243	NZX Ltd.		41,968
	73,491	PGG Wrightson Ltd.		26,352
	80,140	Pike River Coal Ltd.(b)(c)(d)		0
	56,739	Port of Tauranga Ltd.		720,035
	19,670	Restaurant Brands New Zealand Ltd.		55,965
	15,128	Sanford Ltd.		58,962
	51,422	Skellerup Holdings Ltd.		58,121
	182,421	SKY Network Television Ltd.		904,376

Shares			Value
NEW ZEALAND (continued)
	2,181,811	SKYCITY Entertainment Group Ltd.	$	6,649,839
	495,193	Spark New Zealand Ltd.		1,217,842
	5,478	Summerset Group		11,615
	47,121	Tower Ltd.		72,360
	49,566	Trade Me Group Ltd.		151,456
	29,035	TrustPower Ltd.		169,746
	58,037	Vector Ltd.		123,505
	43,509	Warehouse Group Ltd. (The)		105,477
				26,944,232
NORWAY — 0.1%
	9,443	Aker ASA - Class A		230,302
	4,589	American Shipping ASA		29,936
	34,500	Atea ASA		377,227
	44,307	Austevoll Seafood ASA		287,718
	13	Bonheur ASA		163
	139,980	BW Offshore Ltd.		171,630
	10,157	Det Norske Oljeselskap ASA(d)		65,656
	115,153	DNO ASA(d)		279,989
	12,191	Dolphin Group ASA(d)		5,223
	6,614	Ekornes ASA		70,602
	154,310	Eltek ASA		224,203
	7,836	Evry ASA		19,750
	140,569	Farstad Shipping ASA(c)		1,609,939
	6,689	Fred Olsen Energy ASA		71,353
	7,560	Ganger Rolf ASA		94,991
	10,278	Grieg Seafood ASA(d)		43,733
	3,844	Hexagon Composites ASA		16,014
	272,219	Kongsberg Automotive ASA(d)		260,315
	14,697	Kongsberg Gruppen ASA		297,429
	22,254	Kvaerner ASA		29,430
	9,207	Leroy Seafood Group ASA		348,080
	10,381	Nordic Semiconductor ASA(d)		58,485
	5,389	Norwegian Air Shuttle ASA(d)		173,855
	23,394	Opera Software ASA		292,731
	78,919	Panoro Energy ASA(d)		30,304
	23,847	Petroleum Geo-Services ASA		118,264
	1,268,535	REC Silicon ASA(d)		507,418
	11,533	REC Solar ASA(d)		154,658
	12,159	Salmar ASA		219,026
	5,087	Sevan Marine ASA		16,592
	6,632	Solstad Offshore ASA		80,627
	29,923	SpareBank 1 SMN		266,181
	54,702	SpareBank 1 SR-Bank ASA		470,384
	175,965	Storebrand ASA(d)		902,137
	3,392	TGS Nopec Geophysical Co. ASA		79,206
	47,250	Tomra Systems ASA		353,765
	26,254	Veidekke ASA		254,952
	12,976	Wilh Wilhelmsen ASA		94,459
	232	Wilh Wilhelmsen Holding ASA		6,174
				8,612,901
PERU — 0.1%
	1,073,143	Alicorp SA(c)		2,845,316

Shares			Value
PERU (continued)
	2,502,418	Ferreycorp SAA(c)	$	1,326,975
				4,172,291
PHILIPPINES — 0.2%
	56,700	Alliance Global Group, Inc.		31,967
	173,966	Belle Corp.		20,314
	106,337	China Banking Corp.		116,349
	964,450	DMCI Holdings, Inc.		348,169
	72,800	EEI Corp.		18,137
	2,243,800	Energy Development Corp.		385,009
	2,735,375	Filinvest Land, Inc.		93,871
	307,300	First Gen Corp.		177,361
	213,520	First Philippine Holdings Corp.		413,955
	7,820	Globe Telecom, Inc.		293,631
	14,287,500	GMA Holdings, Inc. - PDR(c)		2,037,660
	122,860	Jollibee Foods Corp.		536,614
	1,252,000	Lopez Holdings Corp.		185,533
	4,857,300	Manila Water Co., Inc.(c)		3,128,155
	10,796,696	Megaworld Corp.		1,193,351
	777,000	Metro Pacific Investments Corp.		87,959
	334,691	Metropolitan Bank & Trust Co.		615,309
	1,955,400	Nickel Asia Corp.		1,812,694
	623,000	Pepsi-Cola Products Philippines, Inc.(d)		64,834
	14,040	Philippine National Bank(d)		26,437
	135,000	Rizal Commercial Banking Corp.		159,292
	538,500	Robinsons Land Corp.		294,599
	38,150	San Miguel Corp.		61,678
	206,241	Security Bank Corp.		659,971
	90,090	Semirara Mining and Power Corp.		242,917
	1,696	Top Frontier Investment Holdings, Inc.(d)		4,157
	102,600	Union Bank of Philippines, Inc.		268,875
	2,843,000	Vista Land & Lifescapes, Inc.		389,626
				13,668,424
POLAND — 0.1%
	1,192	Alior Bank SA(d)		26,463
	1,432	AmRest Holdings SE(d)		37,784
	30,577	Asseco Poland SA		453,759
	14,853	Bank Handlowy w Warszawie SA		501,668
	105,384	Bank Millennium SA		261,169
	37,571	Boryszew SA(d)		71,366
	6,112	Budimex SA		243,987
	683	CCC SA		26,190
	7,564	CD Projekt SA(d)		37,491
	10,830	Ciech SA		130,823
	17,081	Cyfrowy Polsat SA		130,644
	1,000	Dom Development SA		13,418
	62,048	Enea SA(d)		294,651
	32,056	Eurocash SA		315,774
	5,542	Farmacol SA(d)		83,558
	166,068	Getin Holding SA(d)		120,264

Shares			Value
POLAND (continued)
	594,239	Getin Noble Bank SA(d)	$	458,559
	11,908	Grupa Azoty SA		221,704
	119	Grupa Azoty Zaklady Chemiczne Police SA		766
	3,848	Grupa Kety SA		318,411
	25,679	Grupa Lotos SA(d)		198,463
	4,256	Impexmetal SA(d)		3,411
	3,436	ING Bank Slaski SA		142,262
	2,620	Inter Cars SA		158,555
	635	KRUK SA(d)		20,307
	350	LPP SA		1,043,882
	14,545	Lubelski Wegiel Bogdanka SA		482,632
	6,150	mBank.		910,097
	209,106	Netia SA		345,686
	44,811	Orange Polska SA		134,328
	10,774	Orbis SA		117,387
	2,139	Pelion SA		46,071
	189,425	Synthos SA		235,003
	627,296	Tauron Polska Energia SA		979,306
	36,579	TVN SA(d)		163,934
				8,729,773
PORTUGAL — 0.1%
	16,720	Altri SGPS SA		46,745
	153,443	Banco BPI SA(d)		300,160
	12,767,662	Banco Comercial Portugues SA(d)		1,439,980
	1,231,589	Banco Espirito Santo SA(b)(d)		0
	2,336	Corticeira Amorim SGPS SA		8,782
	46,475	Jeronimo Martins SGPS SA		406,458
	49,289	Mota-Engil SGPS SA		258,184
	36,299	NOS SGPS		208,017
	87,362	Portucel SA		324,710
	48,971	Portugal Telecom SGPS SA		80,208
	1,809	REN - Redes Energeticas Nacionais SGPS SA		5,606
	25,714	Semapa - Sociedade de Investimento e Gestao		310,924
	267,616	Sonae SGPS SA		358,503
	37,170	Teixeira Duarte SA		36,612
				3,784,889
QATAR — 0.0%
	84,703	Gulf International Services OSC		2,767,958
SINGAPORE — 1.6%
	23,000	Abterra Ltd.(d)		13,427
	2,615,000	Ascendas India Trust - Unit(c)		1,669,106
	7,901,000	Ascendas Real Estate Investment Trust		13,714,665
	155,400	ASL Marine Holdings Ltd.		71,972
	198,000	Ausgroup Ltd.(d)		54,713
	7,400	Bonvests Holdings Ltd.		7,891
	105,000	Boustead Singapore Ltd.		150,385
	39,000	Breadtalk Group Ltd.		39,920
	43,000	Bukit Sembawang Estates Ltd.		177,396
	6,270	Cape Plc		27,282

Shares			Value
SINGAPORE (continued)
	13,984,000	CapitaMall Trust REIT(c)	$	21,443,512
	42,000	China Aviation Oil Singapore Corp. Ltd.		24,192
	51,000	China Merchants Holdings Pacific Ltd.		35,728
	192,000	Chip Eng Seng Corp. Ltd.		131,517
	331,000	ComfortDelGro Corp. Ltd.		680,190
	387,000	Cosco Corp. Singapore Ltd.		179,236
	56,000	CSE Global Ltd.		29,423
	96,000	CWT Ltd.		120,682
	1,000	Elec & Eltek International Co. Ltd.		1,425
	15,600	Eu Yan Sang International Ltd.		9,168
	124,720	Ezion Holdings Ltd.		146,592
	8,759,400	Ezra Holdings Ltd.(c)		5,556,870
	30,000	Falcon Energy Group Ltd.		7,006
	130,121	Far East Orchard Ltd.		172,691
	179,000	First Resources Ltd.		289,811
	183,000	FJ Benjamin Holdings Ltd.		24,643
	28,000	Food Empire Holdings Ltd.		7,628
	8,000	Forterra Trust - Units(d)		9,963
	657,000	Fragrance Group Ltd.		109,952
	111,000	Gallant Venture Ltd.(d)		21,168
	2,000	GK Goh Holdings Ltd.		1,347
	52,560	Global Premium Hotels Ltd.		14,319
	537,000	GMG Global Ltd.		25,916
	80,000	GP Industries Ltd.		33,627
	145,666	Guocoland Ltd.		215,999
	111,000	GuocoLeisure Ltd.		79,489
	21,000	Hanwell Holdings Ltd.(d)		4,659
	252,875	Healthway Medical Corp. Ltd.(d)		9,251
	113,000	HG Metal Manufacturing Ltd.		6,333
	32,000	Hiap Hoe Ltd.		20,550
	151,000	Ho Bee Land Ltd.		233,899
	274,800	Hong Fok Corp. Ltd.		190,373
	131,000	Hong Leong Asia Ltd.		140,718
	3,000	Hour Glass Ltd. (The)		4,320
	7,266,000	Hyflux Ltd.(c)		5,712,353
	220,000	Indofood Agri Resources Ltd.		142,991
	233,000	IPC Corp. Ltd.		26,661
	101,000	Jiutian Chemical Group Ltd.(d)		4,403
	92,950	Jurong Technologies Industrial Corp. Ltd.(b)(c)(d)		0
	304,000	K1 Ventures Ltd.		48,509
	13,000	Keppel Infrastructure Trust - Units		10,625
	136,000	Keppel Land Ltd.		353,577
	34,000	Keppel Telecommunications & Transportation Ltd.		45,785
	195,000	LCD Global Investments Ltd.		46,295
	202,000	Lian Beng Group Ltd.		108,492
	66,000	Low Keng Huat Singapore Ltd.		32,879
	75,000	Lum Chang Holdings Ltd.		21,892
	120,000	M1 Ltd.		325,991
	351,800	Metro Holdings Ltd.		239,608

Shares			Value
SINGAPORE (continued)
	107,000	Mewah International, Inc.	$	31,233
	308,000	Midas Holdings Ltd.		77,917
	224,000	Neptune Orient Lines Ltd.(d)		145,590
	32,238	OM Holdings Ltd.(d)		12,199
	32,000	OSIM International Ltd.		46,330
	675,000	Otto Marine Ltd.		28,898
	28,666	OUE Hospitality Trust REIT		20,305
	140,000	OUE Ltd.		229,937
	66,000	Oxley Holdings Ltd.		27,999
	21,000	Pan-United Corp. Ltd.		15,039
	154,000	Penguin International Ltd.		27,571
	60,000	Petra Foods Ltd.		177,940
	165,000	Popular Holdings Ltd.		30,824
	116,567	QAF Ltd.		92,096
	176,250	Raffles Education Corp. Ltd.		46,645
	46,281	Raffles Medical Group Ltd.		136,894
	150,000	Rickmers Maritime - Units		34,444
	121,000	Rotary Engineering Ltd.		56,982
	217,500	Roxy-Pacific Holdings Ltd.		94,808
	1,594,000	S i2i Ltd.(d)		4,963
	5,296,000	SATS Ltd.(c)		12,779,326
	54,000	Sheng Siong Group Ltd.		28,162
	4,833,000	SIA Engineering Co. Ltd.(c)		17,906,967
	100,500	Sim Lian Group Ltd.		68,841
	569,000	Sinarmas Land Ltd.		270,172
	346,000	Singapore Post Ltd.		530,567
	174,000	Singapore Reinsurance Corp. Ltd.(c)		39,955
	45,000	SMRT Corp. Ltd.		52,191
	484,000	Stamford Land Corp. Ltd.(c)		209,092
	3,507,000	StarHub Ltd.(c)		11,274,157
	183,000	Sunningdale Tech Ltd.		28,204
	136,000	SunVic Chemical Holdings Ltd.(d)		61,400
	198,000	Super Group Ltd.		181,863
	197,000	Swiber Holdings Ltd.		60,571
	7,000	Tat Hong Holdings Ltd.		4,277
	54,000	Technovator International Ltd.(d)		24,441
	219,000	Tiong Woon Corp. Holding Ltd.		50,287
	415,314	Tuan Sing Holdings Ltd.		140,626
	186,250	UMS Holdings Ltd.		73,213
	336,254	United Engineers Ltd.		751,186
	103,000	United Envirotech Ltd.		117,455
	423,975	United Industrial Corp. Ltd.(c)		1,102,262
	242,067	UOB-Kay Hian Holdings Ltd.(c)		288,287
	302,711	UOL Group Ltd.		1,519,799
	94,000	Venture Corp. Ltd.		565,595
	722,295	Vibrant Group Ltd.		59,596
	209,812	Wheelock Properties (Singapore) Ltd.		293,969
	268,420	Wing Tai Holdings Ltd.		373,995
	1,436	XP Power Ltd.		32,597
	388,000	Yongnam Holdings Ltd.		69,464
				103,326,146

Shares			Value
SOUTH AFRICA — 0.7%
	28,106	Adcock Ingram Holdings Ltd.(d)	$	126,136
	99,780	Advtech Ltd.		74,633
	59,169	Aeci Ltd.		662,783
	109,566	African Bank Investments Ltd.(b)(c)		3,079
	200	African Oxygen Ltd.		352
	47,477	African Rainbow Minerals Ltd.		584,975
	13,164	Allied Electronics Corp. Ltd. - A Shares		24,753
	16,320	ArcelorMittal South Africa Ltd.(d)		48,177
	739	Assore Ltd.		13,977
	10,760	Astral Foods Ltd.		147,863
	59,671	Aveng Ltd.(d)		109,607
	110,010	AVI Ltd.		717,126
	109,006	Barloworld Ltd.		946,486
	28,795	Blue Label Telecoms Ltd.		25,454
	32,224	Business Connexion Group Ltd.		18,640
	9,379	Capitec Bank Holdings Ltd.		247,405
	4,294	Cashbuild Ltd.		60,343
	34,403	Caxton and CTP Publishers and Printers Ltd.		46,475
	7,765	City Lodge Hotels Ltd.		86,593
	391,378	Clicks Group Ltd.		2,664,837
	1,776	Consolidated Infrastructure Group Ltd.(d)		5,140
	44,626	Coronation Fund Managers Ltd.		386,390
	93,581	DataTec Ltd.		470,885
	77,015	Discovery Ltd.		700,552
	7,529	Distell Group Ltd.		91,128
	201,698	EOH Holdings Ltd.		1,968,017
	37,970	Exxaro Resources Ltd.		395,888
	1,244	Famous Brands Ltd.		12,237
	52,819	Foschini Group Ltd. (The)		596,873
	363,207	Gold Fields Ltd.		1,216,755
	7,837	Grand Parade Investments Ltd.		5,052
	136,454	Grindrod Ltd.		279,595
	2,656	Group Five Ltd.		9,086
	80,567	Harmony Gold Mining Co. Ltd.(d)		131,481
	10,703	Hudaco Industries Ltd.		94,117
	14,767	Hyprop Investments Ltd.		128,916
	40,236	Illovo Sugar Ltd.		96,306
	69,627	Imperial Holdings Ltd.		1,199,089
	236,494	Investec Plc		2,163,978
	372	Invicta Holdings Ltd.		3,415
	27,883	JD Group Ltd.(d)		62,289
	23,157	JSE Ltd.		225,487
	33,715	KAP Industrial Holdings Ltd.		13,664
	23,231	Lewis Group Ltd.		139,958
	59,244	Liberty Holdings Ltd.		685,592
	164,886	Life Healthcare Group Holdings Ltd.		623,382
	6,493	Massmart Holdings Ltd.		70,130
	47,254	Mediclinic International Ltd.		421,997

Shares			Value
SOUTH AFRICA (continued)
	20,504	Metair Investments Ltd.	$	69,711
	302,992	MMI Holdings Ltd.		774,391
	17,063	Mondi Ltd.		285,297
	231,628	Mondi Plc		3,901,720
	23,977	Mpact Ltd.		77,389
	48,758	Mr. Price Group Ltd.		1,008,558
	51,151	Murray & Roberts Holdings Ltd.		105,040
	202,370	Nampak Ltd.		825,094
	261,524	Netcare Ltd.		790,755
	59,703	Northam Platinum Ltd.(d)		183,876
	219,663	Oceana Group Ltd.(c)		1,509,595
	96,939	Omnia Holdings Ltd.		1,933,551
	50,737	Peregrine Holdings Ltd.		105,754
	44,847	Pick’n Pay Stores Ltd.		216,840
	218,150	Pioneer Foods Ltd.		2,353,621
	19,653	PPC Ltd.		52,742
	50,557	PSG Group Ltd.		527,125
	207,800	Quantum Foods Holdings(d)		57,462
	15,191	Raubex Group Ltd.		30,713
	18,485	Resilient Property Income Fund Ltd. REIT		136,554
	22,339	Reunert Ltd.		117,895
	11,250	Santam Ltd.		208,380
	350,187	Sappi Ltd.(d)		1,383,318
	386,961	Sibanye Gold Ltd.		736,751
	38,542	Spar Group Ltd. (The)		450,738
	232,155	Steinhoff International Holdings Ltd.		1,187,111
	9,818	Sun International Ltd.		109,932
	147,800	Super Group Ltd.(d)		423,042
	180,187	Telkom SA SOC Ltd.(d)		956,663
	3,328	Tiger Brands Ltd.		100,056
	14,182	Times Media Group Ltd.		25,086
	13,752	Tongaat Hulett Ltd.		181,536
	24,146	Trencor Ltd.		145,580
	2	Truworths International Ltd.		14
	76,034	Tsogo Sun Holdings Ltd.		190,951
	9,523	Wilson Bayly Holmes-Ovcon Ltd.		112,250
	234,035	Woolworths Holdings Ltd.		1,663,320
	211,907	Zeder Investments Ltd.		111,431
				41,856,935
SOUTH KOREA — 1.2%
	5,000	AJ Rent A Car Co. Ltd.(d)		79,300
	1,682	AK Holdings, Inc.		112,057
	599	AMOREPACIFIC Corp.		1,289,100
	1,128	AMOREPACIFIC Group		1,248,607
	931	Asia Cement Co. Ltd.		94,953
	408	ASIA Holdings Co. Ltd.		56,692
	2,330	Asia Paper Manufacturing Co. Ltd.		64,424
	28,250	Asiana Airlines, Inc.(d)		106,129
	2,778	AtlasBX Co. Ltd.		101,375
	4,460	Baiksan Co. Ltd.		18,988
	2,450	Basic House Co. Ltd. (The)		43,900

Shares			Value
SOUTH KOREA (continued)
	1,657	Binggrae Co. Ltd.	$	128,221
	1,230	Bioland Ltd.		28,139
	108,856	BS Financial Group, Inc.		1,695,894
	1,443	Bukwang Pharmaceutical Co. Ltd.		26,937
	2,010	Byucksan Corp.		11,924
	6,406	Chabiotech Co. Ltd.(d)		88,112
	19,930	Cheil Worldwide, Inc.(d)		311,427
	2,790	Chong Kun Dang Pharmaceutical Corp.		185,612
	1,079	Chongkundang Holdings Corp.		79,355
	73	Chosun Refractories Co. Ltd.		9,085
	1,970	CJ CGV Co. Ltd.		96,589
	3,911	CJ CheilJedang Corp.		1,430,858
	9,547	CJ Corp.		1,554,348
	8,812	CJ E&M Corp.(d)		276,630
	2,137	CJ Korea Express Co. Ltd.(d)		385,917
	226	CJ O Shopping Co. Ltd.		55,531
	930	CKD Bio Corp.		20,711
	2,942	Cosmax BTI, Inc.		140,393
	11,039	Coway Co. Ltd.		842,853
	329	Crown Confectionery Co. Ltd.		57,259
	3,620	Dae Dong Industrial Co. Ltd.		35,057
	675	Dae Han Flour Mills Co. Ltd.		125,055
	16,020	Dae Won Kang Up Co. Ltd.		96,234
	18,154	Daeduck Electronics Co.		153,728
	3,310	Daeduck GDS Co. Ltd.		32,830
	2,521	Daegu Department Store		35,973
	1,201	Daehan Steel Co. Ltd.		6,979
	3,830	Dae-Il Corp.		23,437
	10,500	Daekyo Co. Ltd.		73,194
	17,856	Daelim Industrial Co. Ltd.		1,184,575
	7,510	Daesang Corp.		291,973
	4,530	Daesang Holdings Co. Ltd.		88,164
	4,240	Daesung Holdings Co. Ltd.		48,798
	3,520	Daesung Industrial Co. Ltd.(d)		8,201
	3,074	Daewon San Up Co. Ltd.		33,078
	35,325	Daewoo Engineering & Construction Co. Ltd.(d)		216,499
	13,072	Daewoo International Corp.		414,031
	34,916	Daewoo Securities Co. Ltd.(d)		365,910
	5,970	Daewoo Shipbuilding & Marine Engineering Co. Ltd.		102,225
	844	Daewoong Co. Ltd.		40,513
	1,866	Daewoong Pharmaceutical Co. Ltd.		121,696
	15,410	Daishin Securities Co. Ltd.		147,795
	9,386	Daou Data Corp.		48,567
	20,410	Daou Technology, Inc.		211,982
	12,865	Dasan Networks, Inc.(d)		74,152
	2,145	Daum Communications Corp.		293,030
	3,090	DCM Corp.		45,249
	72,790	DGB Financial Group, Inc.		1,038,660
	3,331	Digitech Systems Co. Ltd.(b)(c)(d)		2,478

Shares			Value
SOUTH KOREA (continued)
	1,360	Dong Ah Tire & Rubber Co. Ltd.	$	24,560
	647	Dong-A Socio Holdings Co. Ltd.		88,993
	1,950	Dong-Ah Geological Engineering Co. Ltd.		14,433
	17,921	Dongbu Insurance Co. Ltd.		1,004,433
	905	Dongbu Securities Co. Ltd.(d)		3,387
	754	Dong-IL Corp.		64,977
	604	Dongil Industries Co. Ltd.		35,718
	2,299	Dongjin Semichem Co. Ltd.		8,271
	2,076	Dongkuk Industries Co. Ltd.		8,333
	694	Dongkuk Structures & Construction Co. Ltd.		2,649
	3,480	Dongsuh Co, Inc.		67,729
	9,440	Dongsung Holdings Co. Ltd.		62,360
	7,740	Dongwha Pharmaceutical Co. Ltd.		44,178
	531	Dongwon F&B Co. Ltd.		174,146
	496	Dongwon Industries Co. Ltd.		152,226
	10,510	Dongyang Mechatronics Corp.		77,296
	5,040	Doosan Corp.		523,462
	8,685	Doosan Engine Co. Ltd.(d)		49,978
	15,625	Doosan Heavy Industries & Construction Co. Ltd.		342,843
	27,280	Doosan Infracore Co. Ltd.(d)		275,677
	3,902	DRB Holding Co. Ltd.		59,877
	270	E1 Corp.		18,114
	3,050	Eagon Industries Co. Ltd.		46,661
	9,342	Easy Bio, Inc.		48,951
	1,255	E-Mart Co. Ltd.		232,510
	1,366	Eo Technics Co. Ltd.		141,108
	12,586	Eugene Corp.		37,567
	5,387	EVERDIGM Corp.		35,183
	1,669	Fila Korea Ltd.		174,126
	2,079	Fursys, Inc.		62,541
	520	Gaon Cable Co. Ltd.		12,796
	2,530	Global & Yuasa Battery Co. Ltd.		87,945
	5,874	Golfzon Co. Ltd.		147,299
	5,080	Grand Korea Leisure Co. Ltd.		181,814
	543	Green Cross Corp.		69,607
	9,290	Green Cross Holdings Corp.		195,148
	5,367	GS Engineering & Construction Corp.(d)		141,114
	31,190	GS Holdings Corp.		1,209,684
	5,804	GS Retail Co. Ltd.		135,226
	384	Gwangju Shinsegae Co. Ltd.		110,666
	4,540	Halla Corp.(d)		30,968
	12,680	Halla Visteon Climate Control Corp.		566,532
	153,830	Han Kuk Carbon Co. Ltd.		883,774
	3,827	Hana Micron, Inc.(d)		31,118
	174	Handok, Inc.		3,883
	8,700	Handsome Co. Ltd.		261,310
	1,726	Hanil Cement Co. Ltd.		222,063
	7,830	Hanil E-Hwa Co. Ltd.(d)		131,144

Shares			Value
SOUTH KOREA (continued)
	31,528	Hanjin Heavy Industries & Construction Co. Ltd.(d)	$	127,589
	4,830	Hanjin Heavy Industries & Construction Holdings Co. Ltd.		40,674
	2,895	Hanjin Kal Corp.(d)		71,784
	2,482	Hanjin Shipping Holding Co. Ltd.(d)		23,572
	1,870	Hanjin Transportation Co. Ltd.		93,786
	90	Hankook Shell Oil Co. Ltd.		41,180
	5,199	Hankook Tire Co. Ltd.		267,556
	680	Hankuk Paper Manufacturing Co. Ltd.		19,724
	2,691	Hanmi Science Co. Ltd.(d)		36,762
	2,520	Hanmi Semiconductor Co. Ltd.		37,491
	2,970	Hansae Co. Ltd.		101,711
	3,000	Hansae Yes24 Holdings Co. Ltd.		40,422
	3,830	Hansol Chemical Co. Ltd.		122,921
	24,530	Hansol HomeDeco Co. Ltd.(d)		46,020
	2,170	Hansol Logistics Co. Ltd.		4,741
	9,560	Hansol Paper Co.		88,736
	2,020	Hanssem Co. Ltd.		240,987
	11,725	Hanwha Chemical Corp.		133,297
	12,438	Hanwha Corp.		318,884
	770	Hanwha Galleria Timeworld Co. Ltd.		46,471
	4,700	Hanwha General Insurance Co. Ltd.(d)		23,704
	9,373	Hanwha Investment & Securities Co. Ltd.(d)		32,888
	63,462	Hanwha Life Insurance Co. Ltd.		487,516
	3,343	Hanyang Eng Co. Ltd.		20,176
	2,720	Hanyang Securities Co. Ltd.		17,434
	43,020	Heung-A Shipping Co. Ltd.		88,155
	3,808	Hite Jinro Co. Ltd.		94,244
	7,223	HMC Investment Securities Co. Ltd.(d)		74,343
	10,884	Hotel Shilla Co. Ltd.		1,023,497
	46,950	Huchems Fine Chemical Corp.		1,021,388
	2,950	Humax Co. Ltd.		28,707
	815	Huons Co. Ltd.		49,187
	3,050	Husteel Co. Ltd.		47,517
	6,850	Huvis Corp.		78,837
	108,913	Huvitz Co. Ltd.		1,712,068
	940	Hwa Shin Co. Ltd.		7,634
	439	Hwacheon Machine Tool Co. Ltd.		28,261
	57,649	Hy-Lok Corp.(c)		1,572,397
	16,692	Hyosung Corp.		991,777
	5,770	Hyundai BNG Steel Co. Ltd.(d)		93,671
	4,120	Hyundai Corp.		141,095
	3,392	Hyundai Department Store Co. Ltd.		430,058
	33,280	Hyundai Development Co-Engineering & Construction		1,256,489

Shares			Value
SOUTH KOREA (continued)
	577	Hyundai Elevator Co. Ltd.(d)	$	24,214
	4,090	Hyundai Engineering Plastics Co. Ltd.		29,238
	17,750	Hyundai Greenfood Co. Ltd.		301,444
	832	Hyundai Home Shopping Network Corp.		105,875
	12,260	Hyundai Hy Communications & Networks Co. Ltd.		52,138
	6,250	Hyundai Livart Co. Ltd.		264,625
	28,641	Hyundai Marine & Fire Insurance Co. Ltd.		757,075
	387	Hyundai Mipo Dockyard Co. Ltd.		27,484
	48,347	Hyundai Securities Co. Ltd.(d)		313,950
	4,117	Hyundai Wia Corp.		710,738
	4,916	Hyunjin Materials Co. Ltd.(d)		17,571
	6,050	Il Dong Pharmaceutical Co. Ltd.		91,990
	9,780	Iljin Electric Co. Ltd.		72,934
	803	Ilshin Spinning Co. Ltd.		146,515
	266	Ilsung Pharmaceuticals Co. Ltd.		22,400
	2,000	iMarketKorea, Inc.		49,311
	680	Intelligent Digital Integrated Securities Co. Ltd.		8,335
	430	Intergis Co. Ltd.		3,275
	8,362	Interpark Corp.		70,966
	2,896	INTOPS Co. Ltd.		42,272
	7,005	IS Dongseo Co. Ltd.(d)		299,869
	3,791	ISU Chemical Co. Ltd.		36,536
	15,507	IsuPetasys Co. Ltd.		62,392
	2,800	Jahwa Electronics Co. Ltd.		29,343
	40,632	JB Financial Group Co. Ltd.		249,404
	3,330	Jeil Pharmaceutical Co.		74,625
	3,121	JW Pharmaceutical Corp.		43,220
	16,153	Kangwon Land, Inc.		528,997
	6,008	KB Capital Co. Ltd.		119,741
	7,300	KC Green Holdings Co. Ltd.		70,696
	10,532	KC Tech Co. Ltd.		75,684
	1,290	KCC Corp.		714,568
	458	KEPCO Engineering & Construction Co., Inc.		27,855
	2,519	KEPCO Plant Service & Engineering Co. Ltd.		206,709
	13,960	Keyang Electric Machinery Co. Ltd.		51,726
	4,669	KH Vatec Co. Ltd.		141,984
	1,110	KISCO Corp.		34,430
	6,150	Kishin Corp.		42,756
	4,345	KISWIRE Ltd.		211,816
	2,280	KIWOOM Securities Co. Ltd.		96,748
	16,788	Koentec Co. Ltd.		45,319
	2,185	Koh Young Technology, Inc.		67,468
	158,105	Kolao Holdings		2,426,171
	1,176	Kolon Corp.		28,335
	4,246	Kolon Global Corp.(d)		29,479
	11,115	Kolon Industries, Inc.		566,811
	1,256	KONA I Co. Ltd.		51,181

Shares			Value
SOUTH KOREA (continued)
	3,631	Kook Soon Dang Brewery Co. Ltd.	$	22,118
	4,850	Korea Aerospace Industries Ltd.		187,423
	3,220	Korea Electric Terminal Co. Ltd.		166,012
	820	Korea Export Packaging Industrial Co. Ltd.		19,182
	1,060	Korea Flange Co. Ltd.		22,614
	876	Korea Gas Corp.(d)		41,065
	23,690	Korea Investment Holdings Co. Ltd.		1,199,207
	5,406	Korea Kolmar Co. Ltd.		263,034
	2,603	Korea Kolmar Holdings Co. Ltd.		122,024
	668	Korea Petrochemical Industrial Co. Ltd.		48,878
	5,012	Korea United Pharm, Inc.		68,938
	4,222	Korea Zinc Co. Ltd.		1,590,070
	15,192	Korean Air Lines Co. Ltd.(d)		539,459
	42,765	Korean Reinsurance Co.		456,169
	787	KPX Chemical Co. Ltd.		43,889
	1,070	KT Skylife Co., Ltd.		19,423
	1,913	Kukdo Chemical Co. Ltd.		74,194
	2,220	Kumho Petrochemical Co. Ltd .		160,570
	865	Kumkang Kind Co. Ltd.		48,724
	1,030	Kunsul Chemical Industrial Co. Ltd.		42,936
	30,090	Kwang Dong Pharmaceutical Co. Ltd.		291,403
	9,282	Kyobo Securities Co. Ltd.(d)		116,814
	1,380	Kyung Dong Navien Co. Ltd.		37,511
	101	Kyungbang Ltd.		18,050
	1,620	Kyungchang Industrial Co. Ltd.		14,855
	1,746	Kyungdong Pharm Co. Ltd.		39,046
	17,150	Kyung-In Synthetic Corp.		81,840
	860	LEENO Industrial, Inc.		34,240
	8,620	LF Corp.		271,409
	1,582	LG Hausys Ltd.		236,102
	6,049	LG InnoTek Co. Ltd.(d)		478,269
	6,921	LG International Corp.		140,203
	71,020	LG Uplus Corp.		730,980
	19,400	LIG Insurance Co. Ltd.		505,544
	497	Lotte Chilsung Beverage Co. Ltd.		789,169
	536	Lotte Confectionary Co. Ltd.		963,940
	314	Lotte Food Co. Ltd.		195,088
	480	LOTTE Himart Co. Ltd.		29,688
	3,273	Lotte Non-Life Insurance Co. Ltd.(d)		8,927
	8,036	LS Corp.		450,400
	2,471	LS Industrial Systems Co. Ltd.		145,893
	39,012	Macquarie Korea Infrastructure Fund		260,267
	1,074	Macrogen, Inc.(d)		44,518
	48	Maeil Dairy Industry Co. Ltd.		1,518
	2,034	Mando Corp.(d)		383,493
	1,230	MegaStudy Co. Ltd.		61,688
	19,764	Meritz Financial Group, Inc.		174,389

Shares			Value
SOUTH KOREA (continued)
	14,309	Meritz Fire & Marine Insurance Co. Ltd.	$	171,376
	112,180	Meritz Securities Co. Ltd.		456,076
	44	Mi Chang Oil Industrial Co. Ltd.		2,964
	13,080	Mirae Asset Securities Co. Ltd.		562,374
	10,335	MK Electron Co. Ltd.		54,154
	599	MNTech Co. Ltd.(d)		2,306
	19,360	Moorim P&P Co. Ltd.		89,307
	8,590	Motonic Corp.		104,489
	2,195	Muhak Co. Ltd.(d)		69,420
	4,750	Namhae Chemical Corp.		37,512
	2,740	National Plastic Co.		15,049
	900	NCSoft Corp.		123,792
	4,127	Neowiz Games Corp.(d)		88,817
	3,138	Nexen Corp.		255,449
	9,100	NH Investment & Securities Co. Ltd.		68,033
	6,920	NICE Holdings Co. Ltd.		114,607
	5,182	NK Co. Ltd.(d)		22,716
	799	Nong Shim Holdings Co. Ltd.		93,826
	2,181	NongShim Co. Ltd.		544,878
	800	Noroo Holdings Co. Ltd.		19,013
	1,583	OCI Materials Co. Ltd.		75,393
	804	Orion Corp.		620,643
	515	Ottogi Corp.		273,226
	1,530	PaperCorea, Inc.(d)		1,087
	4,525	Paradise Co. Ltd.		139,087
	9,216	Poongsan Corp.		228,087
	2,723	Poongsan Holdings Corp.		117,457
	344	POSCO Chemtech Co. Ltd.		47,606
	672	Posco ICT Co. Ltd.		3,829
	601	Posco M-Tech Co. Ltd.		1,766
	8,538	PSK, Inc.		118,236
	450	Pulmuone Co. Ltd.		60,633
	110,886	Pyeong Hwa Automotive Co. Ltd.(c)		1,800,148
	6,560	S&T Dynamics Co. Ltd.		51,253
	3,150	S&T Holdings Co. Ltd.		50,843
	3,260	S&T Motiv Co. Ltd.		118,201
	3,832	S-1 Corp.		266,766
	1,110	Sajo Industries Co. Ltd.(d)		39,000
	4,770	Sam Young Electronics Co. Ltd.		52,666
	3,017	Sam Yung Trading Co. Ltd.		67,469
	480	Samchully Co. Ltd.		67,819
	23,040	Samick Musical Instruments Co. Ltd.		87,850
	4,310	Samick THK Co. Ltd.		36,416
	5,671	Samjin Pharmaceutical Co. Ltd.		134,515
	670	Samkwang Glass Co. Ltd.		43,069
	590	Samlip General Foods Co. Ltd.		93,022
	11,987	Samsung Electro-Mechanics Co. Ltd.		546,225
	5,110	Samsung Fine Chemicals Co. Ltd.		142,485
	3,291	Samsung SDI Co. Ltd.		387,999
	1,022	Samsung Securities Co. Ltd.		45,710

Shares			Value
SOUTH KOREA (continued)
	2,116	Samsung Techwin Co. Ltd.	$	64,941
	412	Samyang Genex Co. Ltd.		48,766
	3,490	Samyang Holdings Corp.		290,635
	10,570	Savezone I&C Corp.		70,023
	10,864	SBS Media Holdings Co. Ltd.		33,444
	7,130	Seah Besteel Corp.		213,153
	485	SeAH Holdings Corp.		81,459
	1,408	SeAH Steel Corp.		109,085
	5,840	Sebang Co. Ltd.		105,737
	35,374	Seegene, Inc.(d)		1,946,227
	5,490	Sejong Industrial Co. Ltd.		77,054
	3,543	Seobu T&D(d)		70,778
	21,020	Seohee Construction Co. Ltd.(d)		13,689
	3,589	Seoyeon Co. Ltd.		51,380
	2,690	Sewon Cellontech Co. Ltd.(d)		7,526
	520	Sewon Precision Industry Co. Ltd.		15,278
	15,308	Shin Poong Pharmaceutical Co. Ltd.		60,589
	2,335	Shinsegae Co. Ltd.		433,690
	342	Shinsegae Information & Communication Co. Ltd.		29,761
	176	Shinsegae International Co. Ltd.		20,585
	22,990	Shinsung Tongsang Co. Ltd.(d)		26,782
	15,480	Shinwon Corp.(d)		41,281
	2,240	Shinyoung Securities Co. Ltd.		126,595
	2,501	Silicon Works Co. Ltd.		54,643
	2,200	Silla Co. Ltd.		40,965
	1,760	SIMPAC, Inc.		9,716
	971	Sindoh Co. Ltd.		64,235
	2,720	SJM Co. Ltd.		19,750
	51,852	SK Broadband Co. Ltd.(d)		219,541
	2,799	SK C&C Co. Ltd.		635,107
	5,115	SK Chemicals Co. Ltd.		291,949
	5,137	SK Communications Co. Ltd.(d)		31,051
	1,870	SK Gas Ltd.		244,089
	30,850	SK Networks Co. Ltd.(d)		316,083
	89,437	SK Securities Co. Ltd.(d)		77,995
	10,160	SKC Co. Ltd.		261,432
	5,580	SL Corp.		102,857
	9,930	Ssangyong Cement Industrial Co. Ltd.(d)		96,166
	7,407	STS Semiconductor & Telecommunications(d)		22,178
	2,270	Suheung Co. Ltd.		126,167
	620	Sungchang Enterprise Holdings Ltd.(d)		12,154
	5,826	Sungshin Cement Co. Ltd.(d)		44,755
	22,493	Sungwoo Hitech Co. Ltd.		324,116
	214	Sunjin Co. Ltd.		7,609
	141	Suprema, Inc.(d)		3,958
	6,520	Tae Kyung Industrial Co. Ltd.		35,262
	220	Taekwang Industrial Co. Ltd.		257,315
	23,300	Taeyoung Engineering & Construction Co. Ltd.(d)		92,548

Shares			Value
SOUTH KOREA (continued)
	16,710	Tailim Packaging Industrial Co. Ltd.	$	38,229
	1,930	TCC Steel		5,418
	16,250	TK Chemical Corp.(d)		33,071
	9,910	TONGYANG Life Insurance		107,563
	6,197	Toray Chemical Korea, Inc.(d)		74,510
	3,450	Tovis Co. Ltd.		57,622
	1,420	TS Corp.		42,717
	931	Uju Electronics Co. Ltd.		9,147
	1,434	Unid Co. Ltd.		79,836
	1,205	Vieworks Co. Ltd.		40,816
	5,350	Whanin Pharmaceutical Co. Ltd.		123,146
	5,906	Wonik IPS Co. Ltd.(d)		74,604
	1,270	Woongjin Energy Co. Ltd.(d)		1,670
	9,769	Woongjin Thinkbig Co. Ltd.(d)		66,179
	37,323	Woori Investment & Securities Co. Ltd.		408,596
	1,080	YESCO Co. Ltd.		37,997
	1,004	YG Entertainment, Inc.		42,650
	9,270	Yoosung Enterprise Co. Ltd.		57,334
	6,970	Youlchon Chemical Co. Ltd.		88,370
	18,290	Young Heung Iron & Steel Co. Ltd.		34,570
	345	Young Poong Corp.		384,470
	2,354	Young Poong Precision Corp.		20,352
	4,952	Youngone Corp.		296,083
	2,598	Youngone Holdings Co. Ltd.		256,462
	1,184	Yuhan Corp.		195,537
				75,140,210
SPAIN — 0.5%
	26,465	Abengoa SA		116,739
	47,840	Abengoa SA - B Shares		201,614
	6,094	Acciona SA(d)		424,829
	40,068	Acerinox SA		594,249
	3,395	Adveo Group International SA		61,689
	20,739	Almirall SA(d)		340,457
	974	Atresmedia Corp. de Medios de Comunicaion SA		14,268
	1,731,448	Banco de Sabadell SA		4,990,452
	254,272	Banco Popular Espanol SA		1,454,913
	167,120	Bankinter SA		1,378,443
	1,315	Baron de Ley(d)		120,296
	18,045	Bolsas y Mercados Espanoles SA		685,628
	20,024	Caja de Ahorros del Mediterraneo(b)(c)(d)		0
	16,842	Cie Automotive SA		228,151
	295	Construcciones y Auxiliar de Ferrocarriles SA		98,168
	332,485	Deoleo SA(d)		154,162
	83,680	Distribuidora Internacional de Alimentacion SA		531,029
	8,393	Duro Felguera SA		37,969
	19,051	Ebro Foods SA		340,678
	158,336	EDP Renovaveis SA		1,028,602

Shares			Value
SPAIN (continued)
	8,994	Elecnor SA	$	100,310
	104,144	Enagas SA		3,491,086
	47,905	Ence Energia y Celulosa SA		103,555
	18,452	Ercros SA(d)		10,937
	40,587	Faes Farma SA		94,094
	9,353	Fluidra SA		30,532
	5,505	Fomento de Construcciones y Contratas SA(d)		101,064
	116,565	Gamesa Corp. Tecnologica SA(d)		1,149,597
	31,966	Grupo Catalana Occidente SA		962,597
	1,413	Iberpapel Gestion SA		21,248
	17,222	Indra Sistemas SA		189,919
	5,819	Laboratorios Farmaceuticos Rovi SA		62,347
	51,556	Mediaset Espana Comunicacion SA(d)		645,492
	11,410	Melia Hotels International SA		113,958
	2,756	Miquel y Costas & Miquel SA		96,496
	52,254	NH Hotel Group SA(d)		238,355
	34,034	Obrascon Huarte Lain SA		992,244
	13,575	Papeles y Cartones de Europa SA		70,938
	9,252	Pescanova SA(b)(c)(d)		0
	1,765	Prim SA		13,824
	147,552	Promotora de Informaciones SA - Class A(d)		41,604
	1,206,175	Prosegur Cia de Seguridad SA		7,073,897
	29,481	Red Electrica Corp. SA		2,572,785
	64,394	Sacyr SA(d)		281,868
	2,247	Tecnicas Reunidas SA		110,521
	41,405	Tubacex SA		175,896
	30,838	Tubos Reunidos SA		90,235
	8,830	Vidrala SA		350,770
	15,581	Viscofan SA		914,565
	27,998	Zardoya Otis SA		325,946
	28,929	Zeltia SA(d)		94,437
				33,323,453
SWEDEN — 0.7%
	11,929	AAK AB		646,680
	10,741	Acando AB		16,582
	3,083	AddNode Group AB		17,953
	7,665	AddTech AB - Class B		109,253
	667,176	AF AB - B Shares(c)		10,096,886
	2,072	Atrium Ljungberg AB - Class B		28,986
	1,644	Avanza Bank Holding AB		52,209
	8,149	Axfood AB		501,577
	14,516	Axis Communications AB		395,722
	5,502	B&B Tools AB - Class B		103,198
	6,098	Beijer Alma AB		142,042
	2,816	Beijer Ref AB		51,293
	11,117	Betsson AB		392,188
	17,184	Bilia AB - Class A		486,374
	103,419	BillerudKorsnas AB		1,508,397
	4,165	BioGaia AB - Class B		106,041

Shares			Value
SWEDEN (continued)
	24,799	Biotage AB	$	39,629
	293,940	Boliden AB		4,844,498
	34,814	Bure Equity AB		145,684
	11,928	Byggmax Group AB		73,983
	18,040	Castellum AB		276,556
	1,746	Catena AB		23,704
	4,800	Clas Ohlson AB - Class B		82,880
	13,655	Duni AB		194,169
	59,753	Electrolux AB - Class B		1,695,287
	123,512	Elekta AB - Class B		1,264,534
	1,207	Enea AB		9,889
	1,295	Eniro AB(d)		1,421
	15,073	Fabege AB		193,206
	2,223	Fagerhult AB		40,943
	6,050	Fastighets AB Balder - Class B(d)		78,655
	51,383	Getinge AB - Class B		1,193,392
	19,333	Gunnebo AB		97,658
	28,421	Haldex AB		348,327
	11,372	Hexpol AB		1,005,656
	5,834	HIQ International AB		31,603
	440	HMS Networks AB		8,938
	24,976	Holmen AB - Class B		825,301
	7,179	Hufvudstaden AB - Class A		92,993
	22,054	Husqvarna AB - Class A		162,923
	139,162	Husqvarna AB - Class B		1,034,648
	24,085	ICA Gruppen AB		962,206
	11,328	Industrial & Financial Systems - Class B		352,842
	5,489	Indutrade AB		221,518
	31,357	Intrum Justitia AB		931,688
	39,593	JM AB		1,276,666
	18,400	KappAhl AB(d)		102,165
	6,105	Klovern AB		31,004
	12,808	KNOW IT AB		93,664
	2,706	Lagercrantz AB - Class B.		51,304
	18,526	Lindab International AB(d)		169,726
	31,173	Loomis AB - Class B		856,987
	68,030	Lundin Petroleum AB(d)		964,599
	139,081	Meda AB - Class A		1,827,002
	2,363	Medivir AB - Class B(d)		39,921
	775	Mekonomen AB		16,320
	1,989	Modern Times Group MTG AB - Class B		61,387
	1,715	MQ Holding AB		7,804
	4,730	Munksjo Oyj		44,633
	29,549	Mycronic AB		80,034
	1,241	NCC AB - Class A		36,520
	39,737	NCC AB - Class B		1,167,224
	2,159	Nederman Holding AB		45,319
	4,881	Net Entertainment NE AB - Class B		150,710
	44,133	New Wave Group AB - Class B		202,611
	12,142	Nibe Industrier AB - Class B		322,289
	61,798	Nobia AB		502,140
	8,614	Nolato AB - B Shares		198,897

Shares			Value
SWEDEN (continued)
	13,485	Nordnet AB - Class B	$	47,481
	76,747	Peab AB		519,674
	14,433	Proffice AB - Class B		36,551
	33,581	Ratos AB - Class B		225,157
	10,896	Rezidor Hotel Group AB(d)		47,809
	30,678	Saab AB - Class B		828,838
	1,150	Sagax AB - Class B		5,700
	48,567	SAS AB(d)		74,651
	4,652	Sectra AB - B Shares		59,850
	89,672	Securitas AB - Class B		989,724
	4,156	Semcon AB		30,393
	39,832	Skanska AB - Class B		810,217
	5,769	SkiStar AB		66,017
	6,144	SSAB AB - B Shares(d)		39,423
	9,782	Sweco AB - Class B		136,447
	2,770	Systemair AB		36,669
	138,269	Tele2 AB - B Shares		1,754,543
	95,263	Trelleborg AB - Class B		1,626,817
	3,694	Vitrolife AB		74,914
	8,602	Wallenstam AB - Class B		129,540
	6,774	Wihlborgs Fastigheter AB		118,570
				46,798,023
SWITZERLAND — 1.5%
	13,283	Actelion Ltd.		1,579,354
	5,545	AFG Arbonia-Forster Holding AG		135,146
	435,000	Allied World Assurance Co. Holdings AG		16,530,000
	6,582	Allreal Holding AG		870,850
	580	Alpiq Holding AG		58,323
	934	ALSO Holding AG		50,964
	314	APG SGA SA		91,379
	47,001	Aryzta AG		4,000,813
	6,786	Ascom Holding AG		99,447
	1,374	Autoneum Holding AG		228,488
	83	Bachem Holding AG - Class B		4,218
	32,904	Baloise Holding AG		4,134,588
	640	Bank Coop AG		28,237
	277	Banque Cantonale de Geneve		61,207
	2,108	Banque Cantonale Vaudoise		1,128,327
	728	Barry Callebaut AG		761,935
	942	Basler Kantonalbank		62,758
	1,081	Belimo Holding AG(c)		2,679,608
	61	Bell AG		140,684
	1,673	Berner Kantonalbank AG		312,639
	528	BKW AG		15,887
	4,131	Bobst Group SA		179,683
	2,396	Bossard Holding AG(d)		242,302
	3,886	Bucher Industries AG		985,485
	30,941	Burckhardt Compression Holding AG(c)		13,233,094
	232	Burkhalter Holding AG		19,652
	977	Calida Holding AG		37,774
	36	Carlo Gavazzi Holding AG		8,531
	178	Cham Paper Holding AG		44,401

Shares			Value
SWITZERLAND (continued)
	15	Chocoladefabriken Lindt & Sprungli AG	$	898,379
	230	Cicor Technologies		8,080
	40	Cie Financiere Tradition SA		1,788
	117,388	Clariant AG		2,043,599
	22,697	Coca-Cola HBC AG - CDI		493,429
	1,178	Coltene Holding AG		73,399
	35	Conzzeta AG		123,318
	2,750	Daetwyler Holding AG		348,127
	3,496	Dufry AG(d)		503,970
	11,406	EFG International AG		118,428
	1,458	Emmi AG		513,706
	1,545	EMS-Chemie Holding AG		555,198
	3,678	Energiedienst Holding AG		120,415
	2,933	Flughafen Zuerich AG		1,867,134
	530	Forbo Holding AG		550,023
	1,617	Galenica AG		1,381,462
	89,347	GAM Holding AG		1,522,934
	5,139	Geberit AG		1,750,833
	3,379	Georg Fischer AG		1,947,363
	259	Gurit Holding AG		108,752
	5,418	Helvetia Holdings AG		2,572,023
	1,537	Huber & Suhner AG		75,800
	5,293	Implenia AG		284,963
	249	Inficon Holding AG		77,639
	136	Interroll Holding AG		77,319
	104	Intershop Holdings AG		38,372
	128,429	Julius Baer Group Ltd.		5,616,892
	1	Jungfraubahn Holding AG		78
	821	Kaba Holding AG - Class B		391,023
	1,015	Kardex AG		45,889
	2,133	Komax Holding AG		313,914
	17,216	Kudelski SA(d)		219,192
	777	Kuoni Reisen Holding AG		211,582
	161	LEM Holding SA		120,815
	13,174	Logitech International SA		186,215
	16,086	Lonza Group AG		1,770,522
	1,434	Luzerner Kantonalbank AG		518,663
	275	MCH Group AG		18,292
	80	Metall Zug AG - Class B		197,142
	24,650	Meyer Burger Technology AG(d)		207,263
	18,453	Micronas Semiconductor Holding AG		123,320
	9,148	Mobilezone Holding AG(d)		97,456
	3,562	Mobimo Holding AG		701,553
	23,680	Nobel Biocare Holding AG		418,396
	111,727	OC Oerlikon Corp AG(d)		1,410,885
	2,840	Orascom Development Holding AG(d)		49,589
	2,184	Orior AG		118,036
	3,289	Panalpina Welttransport Holding AG		425,589
	3,238	Partners Group Holding AG		860,696
	281	Phoenix Mecano AG		127,044
	2,658	PSP Swiss Property AG		227,911

Shares			Value
SWITZERLAND (continued)
	296	Rieter Holding AG	$	54,545
	154	Romande Energie Holding SA		170,942
	78	Schaffner Holding AG		22,557
	272,958	Schmolz & Bickenbach AG(d)		329,087
	472	Schweiter Technologies AG		339,964
	588	Siegfried Holding AG		90,386
	685	Sika AG		2,441,979
	6,865	Sonova Holding AG		1,068,832
	1,202	St. Galler Kantonalbank AG		434,751
	332,649	STMicroelectronics NV		2,217,271
	721	Straumann Holding AG		177,449
	11,139	Sulzer AG		1,266,545
	14,784	Swiss Life Holding AG		3,386,575
	121,186	Swisslog Holding AG(d)		168,777
	1,669	Swissquote Group Holding SA		52,040
	953	Tamedia AG		125,099
	2,356	Tecan Group AG		248,296
	13,991	Temenos Group AG		487,864
	1,732	U-Blox AG		233,478
	4,427	Valiant Holding AG		387,187
	1,951	Valora Holding AG		403,928
	457	Vaudoise Assurances Holding SA		199,728
	21	Vetropack Holding AG		35,817
	19,524	Vontobel Holding AG		709,207
	1,950	Walter Meier AG(d)		78,028
	915	Ypsomed Holding AG		82,118
	3,383	Zehnder Group AG		132,908
	52	Zug Estates Holding AG - B Shares		63,017
	31	Zuger Kantonalbank AG		143,312
				95,711,871
TAIWAN — 1.1%
	6,000	Ability Enterprise Co. Ltd.		2,979
	27,000	AcBel Polytech, Inc.		30,447
	61,000	Accton Technology Corp.		31,085
	173,000	Acer, Inc.(d)		118,589
	64,765	Achem Technology Corp.		37,156
	26,497	Action Electronics Co. Ltd.(d)		4,791
	9,000	Actron Technology Corp.		32,400
	43,314	A-DATA Technology Co. Ltd.		77,894
	19,688	Adlink Technology, Inc.		49,905
	54,060	Advancetek Enterprise Co. Ltd.		42,389
	9,495	Advantech Co. Ltd.		65,867
	80,027	AGV Products Corp.(d)		21,101
	366,090	Airtac International Group		2,671,970
	1,000	ALI Corp.		825
	19,170	Alltek Technology Corp.		17,899
	96,050	Altek Corp.		104,208
	78,000	Ambassador Hotel (The)		70,777
	18,000	AMPOC Far-East Co. Ltd.		16,866
	108,830	AmTRAN Technology Co. Ltd.		62,615
	24,139	Anpec Electronics Corp.		21,983
	52,000	APCB, Inc.		33,594
	22,552	Apex Biotechnology Corp.		35,293

Shares			Value
TAIWAN (continued)
	14,639	Apex Science & Engineering	$	5,511
	162,604	Ardentec Corp.		127,767
	63,427	Arima Communications Corp.(d)		28,673
	141,000	Asia Optical Co., Inc.(d)		179,168
	110,000	Asia Polymer Corp.		75,403
	95,100	Asia Vital Components Co. Ltd.		64,720
	11,000	Aten International Co. Ltd.		26,870
	3,264,000	AU Optronics Corp.		1,545,267
	44,800	Audix Corp.		57,148
	19,000	Aurora Corp.		31,483
	28,270	Avermedia Technologies, Inc.		10,317
	16,000	AVY Precision Technology, Inc.		45,975
	17,850	Awea Mechantronic Co. Ltd.		24,384
	84,042	Bank of Kaohsiung Co. Ltd.		25,116
	13,000	Basso Industry Corp.		15,472
	1,129,350	BES Engineering Corp.		289,982
	48,000	Biostar Microtech International Corp.		17,438
	1,000	Boardtek Electronics Corp.		1,233
	42,000	C Sun Manufacturing Ltd.		29,619
	145,781	Capital Securities Corp.		47,066
	156,000	Career Technology Manufacturing Co. Ltd.		178,739
	77,000	Carnival Industrial Corp.		19,721
	7,000	Cathay Chemical Works		3,418
	183,000	Cathay No. 1 REIT		108,417
	23,000	Cathay No. 2 REIT		11,721
	189,000	Cathay Real Estate Development Co. Ltd.		98,488
	38,760	Central Reinsurance Co. Ltd.		20,389
	47,000	ChainQui Construction Development Co. Ltd.		34,536
	148,000	Champion Building Materials Co. Ltd.		46,857
	1,923	Chang Wah Electromaterials, Inc.		3,926
	133,350	Charoen Pokphand Enterprise		110,042
	19,000	Chaun-Choung Technology Corp.		52,846
	13,000	CHC Resources Corp.		29,063
	811,920	Cheng Loong Corp.		355,022
	110,797	Cheng Uei Precision Industry Co. Ltd.		184,683
	19,000	Chenming Mold Industry Corp.(d)		13,992
	33,000	Chia Chang Co. Ltd.		31,789
	344,659	Chia Hsin Cement Corp.		162,604
	182,938	Chicony Electronics Co. Ltd.		525,060
	82,120	Chien Kuo Construction Co. Ltd.		32,128
	11,164	Chilisin Electronics Corp.		9,947
	541,744	China Airlines Ltd.(d)		211,949
	66,000	China Chemical & Pharmaceutical Co. Ltd.		44,265
	1,912	China Development Financial Holding Corp.		614

Shares			Value
TAIWAN (continued)
	11,000	China Ecotek Corp.	$	21,988
	232,907	China General Plastics Corp.		84,230
	724,553	China Life Insurance Co. Ltd.		631,258
	745,505	China Man-Made Fiber Corp.(d)		197,059
	63,077	China Metal Products		51,844
	481,391	China Motor Corp.		438,398
	691,881	China Petrochemical Development Corp.(d)		218,370
	42,114	China Steel Chemical Corp.		229,148
	37,000	China Steel Structure Co. Ltd.		33,087
	168,616	China Synthetic Rubber Corp.		174,068
	96,000	China Wire & Cable Co. Ltd.(d)		38,032
	17,000	Chinese Maritime Transport Ltd.		19,003
	130,883	Chin-Poon Industrial Co. Ltd.		209,557
	45,000	Chipbond Technology Corp.		82,850
	18,802	Chong Hong Construction Co. Ltd.		38,634
	35,876	Chroma ATE, Inc.		89,287
	92,000	Chun Yu Works & Co. Ltd.		39,623
	230,779	Chun Yuan Steel		86,495
	79,000	Chung Hsin Electric & Machinery Manufacturing Corp.(d)		49,608
	43,339	Chung Hung Steel Corp.(d)		10,572
	163,240	Chung Hwa Pulp Corp.(d)		46,638
	228,000	Chunghwa Picture Tubes Ltd.(d)		11,694
	141,348	Clevo Co.		250,013
	378,000	CMC Magnetics Corp.(d)		55,675
	26,300	CoAsia Microelectronics Corp.(d)		9,771
	97,182	Collins Co. Ltd.		42,654
	937,000	Compal Electronics, Inc.		691,587
	810,000	Compeq Manufacturing Co. Ltd.		446,057
	158,873	Continental Holdings Corp.		58,762
	271,500	Coretronic Corp.		407,029
	50,000	Coxon Precise Industrial Co. Ltd.		87,781
	20,000	CSBC Corp. Taiwan		10,521
	203,838	CTCI Corp.		333,068
	2,294	Cub Elecparts, Inc.		24,172
	16,000	CviLux Corp.		25,223
	9,660	Cyberlink Corp.		27,916
	10,000	Cyberpower Systems, Inc.		19,660
	460	CyberTAN Technology, Inc.		371
	76,000	DA CIN Construction Co. Ltd.		53,471
	107,000	Darfon Electronics Corp.		57,692
	66,201	Delpha Construction Co. Ltd.(d)		31,015
	24,000	Depo Auto Parts Industrial Co. Ltd.		86,795
	17,000	DFI, Inc.		19,003
	62,766	D-Link Corp.		35,081
	20,183	Dynamic Electronics Co. Ltd.(d)		10,119

Shares			Value
TAIWAN (continued)
	54,000	E Ink Holdings, Inc.(d)	$	26,275
	4,012,079	E.Sun Financial Holding Co. Ltd.		2,539,165
	180,675	Eastern Media International Corp.		60,588
	4,862	Eclat Textile Co. Ltd.		46,196
	70,448	Edimax Technology Co. Ltd.		26,867
	12,100	Edom Technology Co. Ltd.		11,258
	34,320	Elan Microelectronics Corp.		54,273
	14,000	E-LIFE MALL Corp.		27,064
	21,000	Elite Advanced Laser Corp.		65,797
	129,967	Elite Material Co. Ltd.		152,757
	38,000	Elite Semiconductor Memory Technology, Inc.		57,594
	133,489	Elitegroup Computer Systems Co. Ltd.		112,351
	8,000	ENG Electric Co. Ltd.		4,879
	160,000	EnTie Commercial Bank Co. Ltd.		70,488
	18,000	Episil Holdings, Inc.(d)		8,344
	165,000	Epistar Corp.		297,815
	216,806	Eternal Materials Co. Ltd.		214,550
	111,000	E-Ton Solar Tech Co. Ltd.(d)		56,382
	28,000	Etron Technology, Inc.(d)		13,072
	452,609	Eva Airways Corp.(d)		264,871
	40,000	Everest Textile Co. Ltd.		18,608
	99,000	Evergreen International Storage & Transport Corp.		57,936
	625,197	Evergreen Marine Corp. Taiwan Ltd.(d)		368,954
	132,459	Everlight Chemical Industrial Corp.		109,960
	51,643	Everlight Electronics Co. Ltd.		97,797
	45,373	Excelsior Medical Co. Ltd.		76,525
	469,062	Far Eastern Department Stores Ltd.		423,315
	653,018	Far Eastern International Bank		220,059
	797	Faraday Technology Corp.		846
	43,000	Farglory F T Z Investment Holding Co. Ltd.(d)		29,052
	63,154	Farglory Land Development Co. Ltd.		62,497
	328,826	Federal Corp.		195,135
	101,320	Feng Hsin Iron & Steel Co.		125,082
	55,802	Feng TAY Enterprise Co. Ltd.		144,016
	19,000	First Copper Technology Co. Ltd.		6,465
	58,110	First Hotel		37,445
	108,000	First Insurance Co. Ltd. (The)		54,858
	11,256	First Steamship Co. Ltd.(d)		7,327
	10,606	FLEXium Interconnect, Inc.		22,386
	9,485	Flytech Technology Co. Ltd.		33,834
	48,000	Formosa Advanced Technologies Co. Ltd.		32,114
	173,000	Formosa Epitaxy, Inc.(d)		88,444
	13,008	Formosa International Hotels Corp.		134,714

Shares			Value
TAIWAN (continued)
	48,203	Formosa Oilseed Processing Co. Ltd.	$	31,141
	669,000	Formosa Taffeta Co. Ltd.		675,235
	347,000	Formosan Rubber Group, Inc.		378,185
	160,628	Formosan Union Chemical		66,540
	33,000	Fortune Electric Co. Ltd.		16,111
	52,301	Founding Construction & Development Co. Ltd.		35,250
	94,500	Foxconn Technology Co. Ltd.		251,656
	86,000	Froch Enterprise Co. Ltd.(d)		35,343
	100,022	FSP Technology, Inc.		83,197
	35,000	Fubon No. 1 REIT		17,721
	89,000	Fubon No. 2 REIT		36,546
	52,800	Fullerton Technology Co. Ltd.		43,397
	103,549	Fwusow Industry Co. Ltd.		51,236
	34,639	G Shank Enterprise Co. Ltd.		31,033
	64,101	Gemtek Technology Corp.		46,891
	1,927	Genesis Photonics, Inc.(d)		950
	24,982	Genius Electronic Optical Co. Ltd.(d)		69,649
	6,850	GeoVision, Inc.		24,885
	77,000	Getac Technology Corp.		38,732
	476,143	Giant Manufacturing Co. Ltd.		3,850,909
	3,000	Giantplus Technology Co. Ltd.(d)		1,031
	154,781	Gigabyte Technology Co. Ltd.		177,596
	2,400	Gigasolar Materials Corp.		40,636
	236,000	Ginko International Co. Ltd.		3,181,168
	2,297	Gintech Energy Corp.(d)		1,790
	11,133	Global Brands Manufacture Ltd.(d)		3,499
	23,000	Global Lighting Technologies, Inc.		30,927
	76,650	Globe Union Industrial Corp.		37,548
	73,250	Gloria Material Technology Corp.		48,526
	249,770	Gold Circuit Electronics Ltd.(d)		103,056
	370,852	Goldsun Development & Construction Co. Ltd.(d)		131,069
	21,333	Good Will Instrument Co. Ltd.		15,149
	7,000	Gourmet Master Co. Ltd.		44,302
	747,000	Grand Pacific Petrochemical		357,334
	19,000	Grape King Bio Ltd.		79,332
	59,000	Great China Metal Industry		54,410
	66,000	Great Taipei Gas Co. Ltd.		50,558
	211,946	Great Wall Enterprise Co. Ltd.		191,972
	55,353	Green Energy Technology, Inc.(d)		35,942
	27,000	GTM Corp.(d)		19,218
	35,000	Hannstar Board Corp.(d)		13,118
	864,000	HannStar Display Corp.		217,019
	29,115	HannsTouch Solution, Inc.(d)		6,059
	110,000	Hey Song Corp.		131,639
	174,282	Highwealth Construction Corp.		301,390
	620	Hitron Technology, Inc.		309
	27,922	Hiwin Technologies Corp.		220,317
	242,506	Ho Tung Chemical Corp.		85,309

Shares			Value
TAIWAN (continued)
	139,000	Hocheng Corp.	$	47,527
	28,800	Holiday Entertainment Co. Ltd.		32,951
	58,294	Holy Stone Enterprise Co. Ltd.		77,236
	62,000	Hong Tai Electric Industrial		20,384
	111,000	Horizon Securities Co. Ltd.		30,289
	17,507	Hota Industrial Manufacturing Co. Ltd.		31,196
	102,678	Hsin Kuang Steel Co. Ltd.		58,400
	63,326	Hsing TA Cement Co.		27,586
	11,000	Hu Lane Associate, Inc.		38,515
	316,000	HUA ENG Wire & Cable Co. Ltd.		104,410
	1,710	Hua Yu Lien Development Co. Ltd.(d)		2,772
	479	Huaku Development Co. Ltd.		787
	109,514	Hung Poo Real Estate Development Corp.		82,451
	102,000	Hung Sheng Construction Ltd.		62,542
	60,991	Hwa Fong Rubber Co. Ltd.		45,017
	193,341	Ichia Technologies, Inc.		211,034
	22,000	I-Chiun Precision Industry Co. Ltd.		12,838
	86,258	IEI Integration Corp.		136,548
	31,000	ILI Technology Corp.		69,406
	3,000	Infortrend Technology, Inc.		1,672
	912,793	Innolux Corp.		415,636
	335,155	Inventec Corp.		232,498
	14,000	I-Sheng Electric Wire & Cable Co. Ltd.		18,894
	44,691	ITE Technology, Inc.		46,577
	32,000	ITEQ Corp.		24,934
	14,000	Jess-Link Products Co. Ltd.		12,427
	132,272	Jih Sun Financial Holdings Co. Ltd.		35,268
	4,657	Johnson Health Tech Co. Ltd.		10,855
	3,000	Kang Na Hsiung Enterprise Co. Ltd.		1,391
	13,000	Kaulin Manufacturing Co. Ltd.		8,719
	134,823	KEE TAI Properties Co. Ltd.		77,348
	198,023	Kenda Rubber Industrial Co. Ltd.		403,644
	24,000	Kenmec Mechanical Engineering Co. Ltd.		10,652
	87,000	Kerry TJ Logistics Co. Ltd.		108,691
	171,000	Kindom Construction Corp.		147,295
	148,000	King Slide Works Co. Ltd.		1,939,013
	591,184	King Yuan Electronics Co. Ltd.		466,471
	407,185	King’s Town Bank Co. Ltd.		444,448
	26,532	King’s Town Construction Co. Ltd.(d)		23,247
	47,000	Kinik Co.		95,031
	365,343	Kinpo Electronics, Inc.(d)		159,150
	102,000	Kinsus Interconnect Technology Corp.		382,293
	506,000	KMC Kuei Meng International, Inc.		2,079,463
	16,328	KS Terminals, Inc.		18,574

Shares			Value
TAIWAN (continued)
	16,000	Kung Long Batteries Industrial Co. Ltd.	$	53,655
	40,000	Kung Sing Engineering Corp.		16,110
	152,982	Kuoyang Construction Co. Ltd.		65,384
	191,040	Kwong Fong Industries Corp.		104,889
	111,770	KYE Systems Corp.		38,400
	45,000	L&K Engineering Co. Ltd.		36,765
	82,478	LCY Chemical Corp.		39,996
	362,714	Lealea Enterprise Co. Ltd.(d)		102,554
	9,826	Ledtech Electronics Corp.		4,894
	43,000	LEE CHI Enterprises Co. Ltd.		18,873
	39,000	Lelon Electronics Corp.		47,313
	118,638	Leofoo Development Co. Ltd.(d)		42,905
	298,799	Li Peng Enterprise Co. Ltd.(d)		102,656
	32,080	Lian Hwa Food Corp.		33,908
	281,362	Lien Hwa Industrial Corp.		182,694
	146,000	Lingsen Precision Industries Ltd.		74,160
	53,882	Lite-On Semiconductor Corp.		35,429
	118,000	Long Bon International Co. Ltd.		71,964
	292,934	Long Chen Paper Co. Ltd.		146,388
	6,000	Longwell Co.		5,316
	29,451	Lotes Co. Ltd.		122,000
	69,000	Lucky Cement Corp.		22,798
	24,939	Lumax International Corp. Ltd.		53,213
	896,936	Macronix International(d)		201,406
	29,375	Makalot Industrial Co. Ltd.		153,556
	44,000	Marketech International Corp.		30,957
	297,032	Masterlink Securities Corp.		94,530
	2,152	Mayer Steel Pipe Corp.		1,022
	63,440	Meiloon Industrial Co. Ltd.		26,697
	146,188	Mercuries & Associates Ltd.		84,589
	1,747	Mercuries Life Insurance Co. Ltd.(d)		979
	53,130	Merida Industry Co. Ltd.		366,817
	27,091	Merry Electronics Co. Ltd.		109,107
	312,404	Micro-Star International Co. Ltd.		381,563
	35,590	Mirle Automation Corp.		29,545
	146,500	Mitac Holdings Corp.		113,187
	70,822	Mosel Vitelic, Inc.(d)		15,204
	111,000	Motech Industries Inc.		137,215
	4,000	Nak Sealing Technologies Corp.		13,808
	24,000	Namchow Chemical Industrial Co. Ltd.		38,624
	86,590	Nan Kang Rubber Tire Co. Ltd.		94,799
	49,000	Nan Ren Lake Leisure Amusement Co. Ltd.		18,526
	38,000	Nan Ya Printed Circuit Board Corp.(d)		52,659
	75,092	Nantex Industry Co. Ltd.		37,526
	21,000	National Petroleum Co. Ltd.		23,992
	143,250	Neo Solar Power Corp.		135,637
	7,475	New Asia Construction & Development Corp.		1,964

Shares			Value
TAIWAN (continued)
	10,000	New Era Electronics Co. Ltd.	$	10,455
	32,422	Nichidenbo Corp.		25,369
	55,267	Nien Hsing Textile Co. Ltd.		45,698
	4,000	Nishoku Technology, Inc.		5,517
	72,000	Novatek Microelectronics Corp.		371,640
	34,000	Ocean Plastics Co. Ltd.(d)		40,688
	171,000	OptoTech Corp.		69,712
	212,000	Orient Semiconductor Electronics Ltd.(d)		82,245
	133,500	Oriental Union Chemical Corp.		100,948
	600,000	Pacific Hospital Supply Co. Ltd.(c)		1,282,199
	159,453	Pan Jit International, Inc.(d)		66,577
	2,894	Pan-International Industrial Corp.		1,798
	5,000	Parade Technologies Ltd.		47,343
	4,242	Paragon Technologies Co. Ltd.		6,102
	11,611	PChome Online, Inc.		117,765
	507,000	Pegatron Corp.		920,106
	98,746	Phihong Technology Co. Ltd.		51,943
	11,000	Phison Electronics Corp.		74,137
	30,000	Pixart Imaging, Inc.		66,576
	21,000	Portwell, Inc.		28,790
	213,715	Pou Chen Corp.		235,029
	13,000	Powertech Industrial Co. Ltd.(d)		9,403
	269,200	Powertech Technology, Inc.		451,373
	1,010	Poya Co. Ltd.		6,807
	578,807	President Securities Corp.		302,567
	362,370	Prince Housing & Development Corp.		135,815
	121,000	Prodisc Technology, Inc.(b)(c)(d)		0
	26,000	Promate Electronic Co. Ltd.		30,217
	34,000	Promise Technology, Inc.		40,074
	755,520	Qisda Corp.(d)		337,812
	83,000	Quanta Storage, Inc.		91,414
	152,008	Radiant Opto-Electronics Corp.		529,740
	191,841	Radium Life Tech Co. Ltd.		110,060
	10,000	Ralec Electronic Corp.		18,773
	83,825	Realtek Semiconductor Corp.		276,969
	90,771	Rechi Precision Co. Ltd.		90,871
	9,348	Rexon Industrial Corp. Ltd.		3,580
	98,616	Rich Development Co. Ltd.		41,014
	9,370	Richtek Technology Corp.		45,130
	1,060,398	Ritek Corp.(d)		120,625
	160,781	Ruentex Industries Ltd.		343,060
	158,335	Sampo Corp.		62,727
	33,551	San Fang Chemical Industry Co. Ltd.		32,319
	340,080	Sanyang Industrial Co. Ltd.(d)		300,763
	15,000	SDI Corp.		19,159
	37,000	Sercomm Corp.		82,353
	22,050	Sesoda Corp.		25,119
	28,000	Sheng Yu Steel Co. Ltd.		18,503
	1,360	ShenMao Technology, Inc.		1,444

Shares			Value
TAIWAN (continued)
	52,000	Shih Wei Navigation Co. Ltd.(d)	$	31,969
	119,000	Shihlin Electric & Engineering Corp.		155,320
	23,000	Shihlin Paper Corp.(d)		29,642
	4,812,361	Shin Kong Financial Holding Co. Ltd.		1,460,329
	85,000	Shin Kong No.1 REIT		35,211
	3,000	Shin Zu Shing Co. Ltd.		6,579
	68,780	Shining Building Business Co. Ltd.(d)		41,494
	119,000	Shinkong Insurance Co. Ltd.		88,810
	511,314	Shinkong Synthetic Fibers Corp.		181,552
	79,000	Shinkong Textile Co. Ltd.		103,891
	111,000	Sigurd Microelectronics Corp.		105,831
	230,000	Silicon Integrated Systems Corp.(d)		63,594
	42,000	Simplo Technology Co. Ltd.		204,363
	85,000	Sinbon Electronics Co. Ltd.		109,965
	93,170	Sincere Navigation Corp.		80,561
	6,360	Sinmag Equipment Corp.		40,774
	126,000	Sino-American Silicon Products, Inc.		194,697
	151,000	Sinon Corp.		82,161
	14,564	Sinphar Pharmaceutical Co. Ltd.		20,422
	61,192	Sinyi Realty, Inc.		72,727
	14,000	Sirtec International Co. Ltd.		29,688
	20,000	Sitronix Technology Corp.		48,198
	97,000	Siward Crystal Technology Co. Ltd.		69,521
	23,000	Soft-World International Corp.		60,720
	4,000	Solar Applied Materials Technology Co.		3,150
	14,013	Solartech Energy Corp.(d)		8,938
	45,590	Solomon Technology Corp.		27,879
	42,000	Solytech Enterprise Corp.(d)		11,392
	15,000	Sonix Technology Co. Ltd.		21,107
	132,000	Southeast Cement Co. Ltd.		67,917
	5,100	Sporton International, Inc.		24,732
	8,560	Standard Chemical & Pharmaceutical Co. Ltd.		10,582
	96,074	Standard Foods Corp.		221,419
	33,000	Stark Technology, Inc.		30,921
	19,399	Sunplus Technology Co. Ltd.(d)		7,366
	43,000	Sunrex Technology Corp.		23,609
	24,000	Sunspring Metal Corp.		38,150
	32,127	Supreme Electronics Co. Ltd.		17,798
	88,228	Sweeten Construction Co. Ltd.		50,472
	15,000	Syncmold Enterprise Corp.		28,652
	145,322	TA Chen Stainless Pipe Co. Ltd.		88,866
	626,674	TA Chong Bank Ltd.(d)		208,091
	211,340	Ta Ya Electric Wire & Cable.		45,441
	63,000	Tah Hsin Industrial Corp.		59,755
	22,251	TA-I Technology Co. Ltd.		12,400
	705,037	Taichung Commercial Bank Co. Ltd.		236,430

Shares			Value
TAIWAN (continued)
	11,000	Taiflex Scientific Co. Ltd.	$	16,274
	68,000	Tainan Enterprises Co. Ltd.		56,338
	950,352	Tainan Spinning Co. Ltd.		526,472
	2,364,552	Taishin Financial Holding Co. Ltd.		1,127,217
	71,716	Taisun Enterprise Co. Ltd.(d)		27,115
	135,924	Taita Chemical Co. Ltd.(d)		37,538
	12,000	Taiwan Acceptance Corp.		28,997
	2,313,158	Taiwan Business Bank(d)		695,092
	137,088	Taiwan Cogeneration Corp.		108,619
	6,000	Taiwan FamilyMart Co. Ltd.		38,466
	97,320	Taiwan Fire & Marine Insurance Co. Ltd.		70,231
	65,000	Taiwan FU Hsing Industrial Co. Ltd.		62,400
	271,223	Taiwan Glass Industrial Corp.		209,995
	36,468	Taiwan Hon Chuan Enterprise Co. Ltd.		59,708
	50,000	Taiwan Hopax Chemicals Manufacturing Co. Ltd.		34,192
	132,403	Taiwan Land Development Corp.		47,012
	13,114	Taiwan Life Insurance Co. Ltd.(d)		7,825
	11,549	Taiwan Line Tek Electronic		8,733
	46,150	Taiwan Mask Corp.		14,308
	71,544	Taiwan Navigation Co. Ltd.		50,689
	190,032	Taiwan Paiho Ltd.		264,276
	149,000	Taiwan PCB Techvest Co. Ltd.		219,215
	95,120	Taiwan Pulp & Paper Corp.(d)		35,651
	2,360	Taiwan Sakura Corp.		1,637
	13,850	Taiwan Sanyo Electric Co. Ltd.		14,434
	87,408	Taiwan Secom Co. Ltd.		231,620
	105,000	Taiwan Semiconductor Co. Ltd.		95,795
	102,010	Taiwan Sogo Shin Kong Security Co. Ltd.		128,785
	85,500	Taiwan Styrene Monomer		35,278
	87,500	Taiwan Surface Mounting Technology Co. Ltd.		122,405
	123,469	Taiwan TEA Corp.		66,978
	71,000	Taiwan Union Technology Corp.		58,940
	61,322	Taiyen Biotech Co. Ltd.		48,991
	254,000	Tatung Co. Ltd.(d)		71,983
	1,553,000	Teco Electric and Machinery Co. Ltd.		1,725,754
	31,000	Test Research, Inc.		50,602
	41,000	ThaiLin Semiconductor Corp.		27,431
	17,000	Thinking Electronic Industrial Co. Ltd.		24,648
	43,525	Thye Ming Industrial Co, Ltd.		48,367
	48,000	T-Mac Techvest PCB Co. Ltd.		24,460
	318,100	Ton Yi Industrial Corp.		188,769
	28,834	Tong Yang Industry Co. Ltd.		29,387
	79,694	Tong-Tai Machine & Tool Co. Ltd.		70,611
	74,837	Topco Scientific Co. Ltd.		135,076

Shares			Value
TAIWAN (continued)
	50,049	Topoint Technology Co. Ltd.	$	47,471
	7,000	Transasia Airways Corp.		2,624
	35,137	Transcend Information, Inc.		118,408
	16,988	Tsann Kuen Enterprise Co. Ltd.		17,872
	106,942	TSRC Corp.		120,244
	22,000	Ttet Union Corp.		51,932
	473,315	Tung Ho Steel Enterprise Corp.		373,467
	92,815	TXC Corp.		114,583
	37,000	TYC Brother Industrial Co. Ltd.(d)		20,375
	190,303	Tycoons Group Enterprise(d)		35,037
	104,253	Tyntek Corp.(b)(c)(d)		23,341
	22,000	U-Ming Marine Transport Corp.		34,429
	150,288	Unimicron Technology Corp.		115,372
	372,346	Union Bank of Taiwan(d)		126,088
	32,762	Union Insurance Co. Ltd.(d)		28,490
	258,037	Unitech Printed Circuit Board Corp.		105,619
	56,000	United Integrated Services Co. Ltd.		53,116
	288,660	Universal Cement Corp.		253,864
	2,416	Unizyx Holding Corp.		1,422
	194,922	UPC Technology Corp.		66,648
	197,337	USI Corp.		93,425
	147,000	Vanguard International Semiconductor Corp.		220,622
	56,800	Ve Wong Corp.		41,830
	2,000	Wafer Works Corp.(d)		828
	117,000	Wah Lee Industrial Corp.		203,870
	1,087,000	Walsin Lihwa Corp.(d)		360,946
	210,947	Walsin Technology Corp.(d)		72,820
	185,000	Walton Advanced Engineering, Inc.		86,368
	183,300	Wan Hai Lines Ltd.		135,291
	946,071	Waterland Financial Holdings Co. Ltd.		262,828
	53,000	Wei Chuan Foods Corp.		44,085
	90,321	Wei Mon Industry Co. Ltd.(d)		20,578
	33,100	Weikeng Industrial Co. Ltd.		25,247
	131,000	Win Semiconductors Corp.		118,008
	1,473,977	Winbond Electronics Corp.(d)		471,514
	627,673	Wintek Corp.(d)		40,034
	94,297	Wisdom Marine Lines Co. Ltd.		109,282
	1,300,868	Wistron Corp.		1,364,315
	65,206	Wistron NeWeb Corp.		146,634
	410,865	WPG Holdings Co. Ltd.		499,795
	115,865	WT Microelectronics Co. Ltd.		184,750
	17,000	WUS Printed Circuit Co. Ltd.		7,769
	10,204	Xxentria Technology Materials Corp.		26,201
	199,786	Yageo Corp.		309,369
	1,163,600	Yang Ming Marine Transport Corp.(d)		531,752
	100,769	YC Co. Ltd.		53,339
	211,077	YC INOX Co. Ltd.		160,998
	56,479	YeaShin International Development Co. Ltd.		31,938

Shares			Value
TAIWAN (continued)
	409,624	YFY, Inc.	$	169,686
	31,348	Yi Jinn Industrial Co. Ltd.		8,121
	334,147	Yieh Phui Enterprise Co. Ltd.		98,871
	11,000	Youngtek Electronics Corp.		21,084
	352,000	Yulon Motor Co. Ltd.		518,455
	29,000	Yung Chi Paint & Varnish Manufacturing Co. Ltd.		77,514
	61,000	YungShin Global Holding Corp.		110,904
	130,000	Yungtay Engineering Co. Ltd.		288,495
	7,000	Zeng Hsing Industrial Co. Ltd.		35,211
	64,000	Zenitron Corp.		35,875
	55,000	Zhen Ding Technology Holding Ltd.		150,625
	72,826	Zig Sheng Industrial Co. Ltd.		20,088
	26,169	Zinwell Corp.		25,165
	4,000	Zippy Technology Corp.		4,498
				71,328,536
THAILAND — 0.4%
	272,500	Amata Corp. Public Co. Ltd. - FOR		129,682
	714,300	Ananda Development Public Co. Ltd. - FOR		83,339
	455,268	AP Thailand Public Co. Ltd. - FOR		92,955
	369,200	Asia Plus Securities Public Co. Ltd. - FOR		44,435
	404,300	Bangchak Petroleum Public Co. Ltd. (The) - FOR		415,844
	6,500	Bangkok Aviation Fuel Services Public Co. Ltd. - FOR		7,234
	10,142,250	Bangkok Chain Hospital Public Co. Ltd. - FOR		3,036,136
	2,335,300	Bangkok Expressway Public Co. Ltd. - FOR		2,724,636
	30,800	Bangkok Insurance Public Co. Ltd. - FOR(c)		347,056
	1,742,100	Bangkok Land Public Co. Ltd. - FOR		106,976
	405,600	Banpu Public Co. Ltd. - FOR		351,802
	65,100	BEC World Public Co. Ltd. - FOR		96,441
	45,600	Berli Jucker Public Co. Ltd. - FOR		63,703
	62,700	Bumrungrad Hospital Public Co. Ltd. - FOR		256,036
	1,039,356	Cal-Comp Electronics Thailand Public Co. Ltd. - FOR		96,373
	211,000	Central Plaza Hotel Public Co. Ltd. - FOR		244,558
	259,222	CH Karnchang Public Co. Ltd. - FOR		218,870
	29,800	Charoong Thai Wire & Cable Public Co. Ltd. - FOR		10,888
	307,400	Delta Electronics Thailand Public Co. Ltd. - FOR		608,760

Shares			Value
THAILAND (continued)
	13,400	Dhipaya Insurance Public Co. Ltd. - FOR	$	16,457
	31,200	Dynasty Ceramic Public Co. Ltd. - FOR		56,518
	8,142,800	Eastern Water Resources Development and Management Public Co. Ltd. - FOR		2,725,100
	40,000	Electricity Generating Public Co. Ltd. - FOR		211,237
	627,900	Esso Thailand Public Co. Ltd. - FOR(d)		106,032
	12,801,000	G J Steel Public Co. Ltd. - FOR(d)		35,373
	1,289,700	G Steel Public Co. Ltd. - FOR(d)		7,920
	224,000	GFPT Public Co. Ltd. - FOR		132,736
	111,200	Glow Energy Public Co. Ltd. - FOR		341,418
	256,400	Grand Canal Land Pcl		27,710
	233,500	Hana Microelectronics Public Co. Ltd. - FOR		311,859
	1,398,600	Hemaraj Land and Development Public Co. Ltd. - FOR		205,260
	795,939	Home Product Center Public Co. Ltd. - FOR		227,271
	63,100	ICC International Public Co. Ltd. - FOR(c)		77,979
	2,393,600	IRPC Public Co. Ltd. - FOR		251,339
	769,691	Italian-Thai Development Public Co. Ltd. - FOR		134,702
	930,500	Jasmine International Public Co. Ltd. - FOR		212,841
	25,600	KCE Electronics Public Co. Ltd. - FOR		31,440
	129,400	Khon Kaen Sugar Industry Public Co. Ltd.		51,649
	150,800	Kiatnakin Bank Public Co. Ltd. - FOR		195,619
	101,400	Land and Houses Public Co. Ltd. - FOR		31,444
	462,960	Land and Houses Public Co. Ltd. - NVDR		144,986
	21,900	Lanna Resources Public Co. Ltd. - FOR		8,741
	420,630	Loxley Public Co. Ltd. - FOR		59,407
	104,200	LPN Development Public Co. Ltd. - FOR		79,662
	85,600	Major Cineplex Group Public Co. Ltd. - FOR		62,551
	30,600	Maybank Kim Eng Securities Thailand Public Co. Ltd. - FOR		21,421
	369,000	MBK Public Co. Ltd. - FOR		182,404
	34,000	Mermaid Maritime Public Co. Ltd.		9,263
	3,100	Muang Thai Insurance Public Co. Ltd. - FOR		15,705

Shares			Value
THAILAND (continued)
	160,800	Polyplex Public Co. Ltd. - FOR(d)	$	57,764
	240,500	Precious Shipping Public Co. Ltd. - FOR(d)		157,281
	386,800	Pruksa Real Estate Public Co. Ltd. - FOR		397,845
	805,141	Quality Houses Public Co. Ltd. - FOR		106,297
	598,500	Raimon Land Public Co. Ltd. - FOR(d)		40,427
	118,700	Ratchaburi Electricity Generating Holding Public Co. Ltd. - FOR		221,401
	34,100	Regional Container Lines Public Co. Ltd. - FOR(d)		11,307
	129,100	Robinson Department Store Public Co. Ltd. - FOR		203,143
	69,300	Saha-Union Public Co. Ltd. - FOR(c)		88,833
	2,239,300	Sahaviriya Steel Industries Public Co. Ltd. - FOR(d)		23,376
	140,200	Samart Corp. Public Co. Ltd. - FOR		142,051
	35,700	Samart Telcoms Public Co. Ltd. - FOR		24,114
	2,562,000	Sansiri Public Co. Ltd. - FOR		162,042
	947,812	SC Asset Corp. Public Co. Ltd. - FOR		110,001
	20,400	Siam City Cement Public Co. Ltd. - FOR		263,064
	46,701	Siam Future Development Public Co. Ltd. - FOR		10,037
	42,900	Siam Global House Public Co. Ltd. - FOR		17,123
	99,500	Sino-Thai Engineering & Construction Public Co. Ltd. - FOR		80,193
	92,817	Somboon Advance Technology Public Co. Ltd. - FOR		52,436
	56,200	SPCG Public Co. Ltd.		43,569
	119,100	Sri Trang Agro-Industry Public Co. Ltd. - FOR		53,388
	364,000	Srithai Superware Public Co. Ltd. - FOR		30,399
	128,500	STP & I Public Co. Ltd. - FOR		86,403
	263,800	Supalai Public Co. Ltd. - FOR		208,562
	1,330,700	Tata Steel Thailand Public Co. Ltd. - FOR		37,997
	4,380	Thai Agro Energy		619
	341,100	Thai Airways International Public Co. Ltd. - FOR(d)		149,761
	22,200	Thai Carbon Black Public Co. Ltd. - FOR(d)		18,915
	15,000	Thai Central Chemical Public Co. Ltd. - FOR		13,356
	18,200	Thai Stanley Electric Public Co. Ltd. - FOR(c)		122,376

Shares			Value
THAILAND (continued)
	200,718	Thai Union Frozen Products Public Co. Ltd. - FOR	$	459,119
	60,500	Thai Vegetable Oil Public Co. Ltd. - FOR		41,423
	204,400	Thaicom Public Co. Ltd. - FOR		246,322
	425,100	Thanachart Capital Public Co. Ltd. - FOR		456,816
	17,300	Thitikorn Public Co. Ltd. - FOR		5,259
	349,003	Thoresen Thai Agencies Public Co. Ltd. - FOR(d)		233,597
	5,062,882	Ticon Industrial Connection Public Co. Ltd. - FOR		2,891,299
	18,500	Tipco Asphalt Public Co. Ltd. - FOR		34,222
	195,000	Tisco Financial Group Public Co. Ltd. - FOR		266,426
	3,173,300	TMB Bank Public Co. Ltd. - FOR		300,085
	109,600	Total Access Communication Public Co. Ltd. - FOR		346,601
	6,000,000	TPI Polene Public Co. Ltd. - FOR		333,436
	33,400	TTW Public Co. Ltd. - FOR		12,408
	80,800	Vibhavadi Medical Center Public Co. Ltd. - FOR		39,941
	256,900	Vinythai Public Co. Ltd. - FOR(c)		83,609
				23,596,411
TURKEY — 0.1%
	5,489	Adana Cimento Sanayii T.A.S. - Class A(d)		12,791
	6,744	Adese Alisveris Merkezleri Ticaret AS(d)		24,972
	13,070	Akcansa Cimento AS		84,091
	0	Akenerji Elektrik Uretim AS - Placement Shares(d)		0
	13,189	Akfen Holding AS		28,186
	0	Akmerkez Gayrimenkul Yatirim Ortakligi AS REIT		3
	61,656	Aksa Akrilik Kimya Sanayii AS		202,778
	73,605	Aksigorta AS		89,082
	1	Alarko Holding AS		1
	104,806	Albaraka Turk Katilim Bankasi AS		74,031
	73,160	Anadolu Anonim Turk Sigorta Sirketi(d)		46,411
	1	Anadolu Cam Sanayii AS		1
	39,448	Anadolu Hayat Emeklilik AS		88,030
	31,354	Arcelik AS		192,554
	15,565	Aselsan Elektronik Sanayi Ve Ticaret AS		70,729
	356,187	Asya Katilim Bankasi AS(d)		115,382
	39,318	Aygaz AS		165,752
	1	Baticim Bati Anadolu Cimento Sanayii AS		3
	0	Bolu Cimento Sanayii AS(d)		0

Shares			Value
TURKEY (continued)
	12,360	Borusan Mannesmann Boru Sanayi ve Ticaret AS	$	39,872
	6,211	Boyner Perakende Ve Tekstil Yatirimlari AS(d)		136,786
	21,074	Brisa Bridgestone Sabanci Sanayi ve Ticaret AS		86,092
	11,313	Bursa Cimento Fabrikasi AS		29,114
	0	Celebi Hava Servisi AS(d)		5
	29,087	Cimsa Cimento Sanayi VE Ticaret AS		215,275
	11,012	Deva Holding AS(d)		10,156
	201,383	Dogan Sirketler Grubu Holding AS(d)		60,705
	55,895	Dogus Otomotiv Servis ve Ticaret AS		240,163
	2,407	Eczacibasi Yatirim Holding Ortakligi AS		6,649
	24,801	EGE Seramik Sanayi ve Ticaret AS		39,835
	112,924	EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS		119,394
	7,481	Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		8,415
	475,611	Eregli Demir ve Celik Fabrikalari TAS		990,744
	17,827	Ford Otomotiv Sanayi AS(d)		227,785
	66,324	Gentas Genel Metal Sanayi ve Ticaret AS		48,938
	67,762	Global Yatirim Holding AS(d)		42,682
	1,959	Goltas Goller Bolgesi Cimento Sanayi ve Ticaret AS		52,222
	1,774	Goodyear Lastikleri TAS		75,584
	45,030	Gozde Girisim Sermayesi Yatirim Ortakligi AS(d)		55,308
	74,533	GSD Holding AS(d)		47,953
	20,444	Gubre Fabrikalari TAS		38,724
	1	Hurriyet Gazetecilik AS(d)		0
	43,001	IS Finansal Kiralama AS		17,799
	10,594	IS Yatirim Menkul Degerler AS		5,434
	25,002	Izmir Demir Celik Sanayi AS(d)		33,409
	60,204	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS - Class A(d)		77,197
	13,083	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS - Class B(d)		15,952
	348,936	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS - Class D(d)		389,337
	100,082	Karsan Otomotiv Sanayii Ve Ticaret AS(d)		61,238
	428	Kartonsan Karton Sanayi ve Ticaret AS		43,271
	496	Konya Cimento Sanayii AS		55,120
	18,938	Koza Altin Isletmeleri AS		122,269
	4,718	Mardin Cimento Sanayii ve Ticaret AS(d)		10,316

Shares			Value
TURKEY (continued)
	0	Menderes Tekstil Sanayi ve Ticaret AS(d)	$	0
	13,216	Metro Ticari ve Mali Yatirimlar Holding AS(d)		3,211
	5,288	Migros Ticaret AS(d)		49,129
	0	NET Holding AS(d)		0
	4,289	Netas Telekomunikasyon AS(d)		11,771
	5,026	Otokar Otomotiv Ve Savunma Sanayi AS		139,068
	14,788	Park Elektrik Uretim Madencilik Sanayi ve Ticaret AS		26,613
	113,035	Petkim Petrokimya Holding AS		180,031
	7,882	Pinar SUT Mamulleri Sanayii AS		75,889
	82,244	Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret AS		117,298
	84,071	Sasa Polyester Sanayi(d)		76,406
	118,783	Sekerbank TAS(d)		108,487
	131,825	Selcuk Ecza Deposu Ticaret ve Sanayi AS		125,144
	41,756	Soda Sanayii AS		77,400
	24,515	TAV Havalimanlari Holding AS		205,703
	32,390	Tekfen Holding AS(d)		81,461
	62,692	Tekstil Bankasi AS(d)		51,617
	20,668	Tofas Turk Otomobil Fabrikasi AS		129,719
	141,375	Trakya Cam Sanayii AS		185,731
	17,837	Turcas Petrol AS		19,421
	335,604	Turk Hava Yollari(d)		1,100,736
	1,592	Turk Traktor ve Ziraat Makineleri AS		50,210
	517,837	Turkiye Sinai Kalkinma Bankasi AS		454,315
	290,212	Turkiye Sise ve Cam Fabrikalari AS		441,327
	402,227	Turkiye Vakiflar Bankasi Tao		865,024
	42,824	Ulker Biskuvi Sanayi AS		315,979
	15,699	Vestel Beyaz Esya Sanayi ve Ticaret AS		68,866
	55,650	Vestel Elektonik Sanayi ve Ticaret AS(d)		184,276
	0	Zorlu Enerji Elektrik Uretim AS(d)		1
				9,743,373
UNITED ARAB EMIRATES — 0.1%
	174,202	Al Noor Hospitals Group Plc(c)		2,839,644
	98,160	Dragon Oil Plc(c)(d)		842,612
	803,345	Gulf Marine Services Plc(c)		1,715,616
	160,139	Lamprell Plc(d)		375,934
				5,773,806
UNITED KINGDOM — 6.8%
	1,160	4imprint Group Plc		14,609
	160,626	Aberdeen Asset Management Plc		1,115,173
	25,242	Admiral Group Plc		539,066
	129,757	Afren Plc(d)		160,349

Shares			Value
UNITED KINGDOM (continued)
	1	African Barrick Gold Plc	$	3
	48,674	Aggreko Plc		1,185,082
	165,189	Alent Plc		893,171
	140,661	AMEC Plc		2,340,150
	225,854	Amlin Plc		1,645,347
	31,725	Anglo Pacific Group Plc		66,863
	1,031	Anglo-Eastern Plantations Plc		10,605
	68,300	Anite Plc		95,329
	47,156	Ashmore Group Plc		240,336
	273,530	Ashtead Group Plc		4,568,168
	6,071	Avon Rubber Plc		65,069
	159,453	Babcock International Group Plc		2,793,081
	278,520	Balfour Beatty Plc		684,805
	22,893	BARR (A.G.) Plc		216,252
	585,612	Barratt Developments Plc		3,923,316
	142,558	BBA Aviation Plc		806,609
	78,149	Bellway Plc		2,186,502
	49,371	Berendsen Plc		797,682
	108,436	Berkeley Group Holdings Plc		3,954,986
	3,178	Betfair Group Plc		61,514
	16,127	Big Yellow Group Plc REIT		140,987
	9,080	Bloomsbury Publishing Plc		23,240
	1,790,430	Bodycote Plc(c)		17,872,223
	90,227	Booker Group Plc		202,503
	83,542	Bovis Homes Group Plc		1,125,262
	5,675	Braemar Shipping Services Plc		42,486
	1,260,855	Brammer Plc(c)		6,540,061
	81,352	Brewin Dolphin Holdings Plc		369,462
	71,230	British Land Co. Plc (The) REIT		830,096
	4,627	British Polythene Industries Plc		47,890
	34,518	Britvic Plc		375,760
	71,760	BTG Plc(d)		866,694
	150,395	Bunzl Plc		4,077,930
	378,958	Cable & Wireless Communications Plc		292,439
	11	Camellia Plc		1,531
	107,175	Capita Plc		1,880,775
	74,940	Capital & Counties Properties Plc		409,034
	91,052	Capital & Regional Plc		69,915
	285,089	Carillion Plc		1,516,839
	3,384	Charles Taylor Plc		13,263
	57,724	Chemring Group Plc		225,080
	54,990	Chesnara Plc		303,047
	21,378	Chime Communications Plc		94,815
	59,249	Cineworld Group Plc		317,514
	4,407	Clarkson Plc		158,622
	61,525	Close Brothers Group Plc		1,440,885
	504,436	Cobham Plc		2,347,396
	168,092	Colt Group SA(d)		371,076
	27,870	Communisis Plc		24,521
	57,481	Computacenter Plc		569,642
	23,566	Concentric AB		288,027
	22,043	Connect Group Plc		62,326
	6,595	Consort Medical Plc		75,960

Shares			Value
UNITED KINGDOM (continued)
	1,730	Costain Group Plc	$	8,053
	16,173	Cranswick Plc		364,793
	4,000	Creston Plc		7,391
	689,995	Croda International Plc		25,331,755
	73,400	CSR Plc		983,958
	102,197	Daily Mail & General Trust Plc - Class A		1,293,157
	52,721	Dairy Crest Group Plc		351,265
	25,624	Darty Plc		31,153
	255,755	Debenhams Plc		265,525
	10,051	Dechra Pharmaceuticals Plc		121,875
	31,145	Derwent London Plc REIT		1,480,225
	26,201	Development Securities Plc		88,857
	81,607	Devro Plc		356,391
	7,178	Dignity Plc		180,277
	1,077,480	Diploma Plc(c)		11,987,897
	122,005	Dixons Carphone Plc		771,314
	1,138,153	Domino Printing Sciences Plc(c)		10,978,793
	42,149	Domino’s Pizza Group Plc		428,489
	295,471	Drax Group Plc		2,809,981
	167,079	DS Smith Plc		707,477
	6,273	Dunelm Group Plc		84,644
	25,606	E2V Technologies Plc		65,539
	53,631	easyJet Plc		1,286,897
	230,794	Electrocomponents Plc		844,729
	229,079	Elementis Plc		967,078
	421,198	EnQuest Plc(d)		467,609
	329,077	Enterprise Inns Plc(d)		673,294
	97,005	Essentra Plc		1,065,298
	8,205	Euromoney Institutional Investor Plc		137,949
	1,216,965	Fenner Plc(c)		5,996,053
	9,707	Fidessa Group Plc		363,516
	366,061	Firstgroup Plc(d)		657,027
	3,248	Fuller Smith & Turner - Class A		48,581
	448,324	G4S Plc		1,832,397
	28,463	Galliford Try Plc		557,312
	5,558	Games Workshop Group Plc		48,790
	36,131	Gem Diamonds Ltd.(d)		89,732
	24,405	Genus Plc		482,150
	785,034	GKN Plc		3,993,487
	14,268	Go-Ahead Group Plc		561,481
	38,840	Great Portland Estates Plc REIT		426,537
	1,134,754	Greene King Plc(c)		14,558,369
	42,366	Greggs Plc		410,024
	89,848	Halfords Group Plc		712,466
	1,188,476	Halma Plc(c)		11,844,456
	84,204	Hammerson Plc REIT		825,714
	75,006	Hansteen Holdings Plc REIT		127,186
	48,772	Hargreaves Lansdown Plc		775,131
	144,090	Hays Plc		284,206
	7,436	Headlam Group Plc		46,630
	45,677	Helical Bar Plc		256,290
	1,906,443	HellermannTyton Group Plc(c)		9,271,160
	342,353	Henderson Group Plc		1,154,467

Shares			Value
UNITED KINGDOM (continued)
	71,298	Hikma Pharmaceuticals Plc	$	2,161,341
	38,157	Hill & Smith Holdings Plc		345,789
	337	Hilton Food Group Plc		2,022
	5,026	Hogg Robinson Group Plc		3,447
	429,996	Home Retail Group Plc		1,260,850
	142,066	Homeserve Plc		784,054
	211,194	Howden Joinery Group Plc		1,156,445
	752,955	Hunting Plc(c)		8,859,074
	246,887	ICAP Plc		1,653,233
	57,706	IG Group Holdings Plc		554,794
	5,500	IGAS Energy Plc(d)		7,039
	14,815	Imagination Technologies Group Plc(d)		45,088
	89,696	IMI Plc		1,753,400
	323,638	Inchcape Plc		3,598,164
	230,504	Informa Plc		1,773,618
	60,633	Inmarsat Plc		664,410
	549,715	Innovation Group Plc		237,431
	75,696	InterContinental Hotels Group Plc		2,868,631
	1,343,686	Interserve Plc(c)		13,616,988
	41,164	Intertek Group Plc		1,792,431
	63,454	Intu Properties Plc REIT		345,532
	73,267	IP Group Plc(d)		242,497
	10,523	ITE Group Plc		28,659
	136,465	Ithaca Energy, Inc.(d)		174,357
	50,439	J D Wetherspoon Plc		679,787
	29,424	J Sainsbury Plc		115,555
	8,667	James Fisher & Sons Plc		181,071
	28,273	Jardine Lloyd Thompson Group Plc		430,798
	63,090	Jazztel Plc(d)		1,007,239
	29,512	JD Sports Fashion Plc		218,252
	2,198	John Menzies Plc		17,414
	243,164	John Wood Group Plc		2,575,099
	12,726	Johnson Matthey Plc		605,438
	84,713	Johnston Press Plc(d)		4,675
	35,089	Jupiter Fund Management Plc		200,727
	74,289	Kazakhmys Plc(d)		273,569
	172,730	Kcom Group Plc		256,973
	19,470	Keller Group Plc		259,758
	13,679	Kier Group Plc		326,045
	7,229	Kofax Ltd.(d)		45,144
	84,172	Ladbrokes Plc		159,021
	1,977,425	Laird Plc(c)		9,964,310
	93,159	Lancashire Holdings Ltd.		996,983
	30,575	Lavendon Group Plc		89,506
	95,317	London Stock Exchange Group Plc		3,072,430
	67,669	Londonmetric Property Plc REIT		159,560
	50,169	Lookers Plc		111,354
	35,957	Low & Bonar Plc		31,924
	1,283	LSL Property Services Plc		6,424
	342,890	Man Strategic Holdings Plc(d)		679,066
	43,460	Marshalls Plc		138,350

Shares			Value
UNITED KINGDOM (continued)
	380,958	Marston’s Plc	$	918,999
	28,145	Mears Group Plc		199,003
	8,447	Mecom Group Plc(d)		17,566
	300,861	Meggitt Plc		2,171,078
	838,098	Melrose Industries Plc		3,433,531
	98,125	Michael Page International Plc		609,828
	6,827	Micro Focus International Plc		108,337
	71,806	Millennium & Copthorne Hotels Plc		652,448
	73,429	Mitchells & Butlers Plc(d)		446,363
	165,675	Mitie Group Plc		797,473
	112,692	Moneysupermarket.com Group Plc		360,545
	153,617	Morgan Advanced Materials Plc		694,216
	14,135	Morgan Sindall Group Plc		155,794
	22,408	Mothercare Plc(d)		62,730
	80,593	N Brown Group Plc		432,153
	204,239	National Express Group Plc		813,532
	3,594	NCC Group Plc		11,326
	69,409	Northgate Plc		544,062
	23,821	Novae Group Plc		211,490
	3,265	Optos Plc(d)		12,274
	303,179	Oxford Instruments Plc(c)		5,237,928
	129,075	Pace Plc		715,455
	5,048	PayPoint Plc		69,568
	164,593	Pendragon Plc		82,939
	114,551	Pennon Group Plc		1,527,359
	256,487	Persimmon Plc		6,002,696
	36,290	Photo-Me International Plc		76,630
	14,540	Playtech Plc		164,212
	113,348	Premier Farnell Plc		343,061
	191,889	Premier Oil Plc		791,659
	78,418	PZ Cussons Plc		462,891
	195,364	QinetiQ Group Plc		630,983
	101,392	Quintain Estates & Development Plc(d)		133,001
	11,181	Rank Group Plc		29,494
	4,954	Rathbone Brothers Plc		153,267
	139,415	Redrow Plc		644,308
	9,324	Renishaw Plc		265,198
	51,233	Renold Plc(d)		46,511
	171,499	Rentokil Initial Plc		337,994
	69,193	Restaurant Group Plc		748,801
	743,519	Rexam Plc		5,661,554
	9,385	Ricardo Plc		99,087
	30,878	Rightmove Plc		1,042,241
	26,258	Robert Walters Plc		121,289
	582,525	Rotork Plc(c)		23,809,053
	76,966	RPC Group Plc		670,399
	136,419	RPS Group Plc		511,528
	323,795	RSA Insurance Group Plc(d)		2,503,362
	627,144	Sage Group Plc (The)		3,789,229
	10,839	Salamander Energy Plc(d)		18,379
	45,100	Savills Plc		464,621
	84,985	Schroders Plc		3,277,752
	40,552	Schroders Plc - Non Voting		1,247,465

Shares			Value
UNITED KINGDOM (continued)
	24,967	SDL Plc(d)	$	157,162
	71,325	Segro Plc REIT		433,801
	186,503	Senior Plc		798,080
	3,645	Serco Group Plc		17,359
	80,799	Severfield Plc(d)		77,552
	85,981	Severn Trent Plc		2,745,362
	87,706	Shaftesbury Plc REIT		1,004,567
	250,728	Shanks Group Plc		390,058
	296,710	SIG Plc		694,880
	13,544	Smith & Nephew Plc		229,012
	56,234	Smiths Group Plc		1,048,001
	112,779	Soco International Plc		592,653
	410,640	Spectris Plc		11,837,301
	229,871	Speedy Hire Plc		227,988
	385,470	Spirax-Sarco Engineering Plc(c)		17,574,059
	170,913	Spirent Communications Plc		205,193
	213,939	Spirit Pub Co. Plc		363,627
	15,991	Sportech Plc(d)		14,965
	94,269	Sports Direct International Plc(d)		971,915
	15,823	St. Ives Plc		48,852
	96,548	St. James’s Place Plc		1,150,631
	86,519	St. Modwen Properties Plc		501,852
	140,523	Stagecoach Group Plc		869,951
	32,005	Sthree Plc		158,714
	7,317	Stolt-Nielsen Ltd.		131,805
	8,341	SuperGroup Plc(d)		110,747
	30,559	Synergy Health Plc		913,172
	54,149	Synthomer Plc		176,102
	235,743	Talktalk Telecom Group Plc		1,131,726
	184,613	Tate & Lyle Plc		1,789,664
	2,231,492	Taylor Wimpey Plc		4,226,527
	5,162	Ted Baker Plc		160,611
	38,081	Telecity Group Plc		469,372
	10,919	Telecom Plus Plc		246,635
	94,379	Thomas Cook Group Plc(d)		187,514
	2,222	Tipp24 SE		106,772
	3,226	Topps Tiles Plc		5,238
	110,801	Travis Perkins Plc		2,928,130
	16,317	Trifast Plc		25,841
	164,257	Trinity Mirror Plc(d)		430,928
	65,217	TT electronics Plc		174,748
	179,314	TUI Travel Plc		1,143,374
	85,586	Tullett Prebon Plc		388,965
	16,370	UBM Plc		149,004
	320,623	Ultra Electronics Holdings Plc(c)		8,950,077
	21,072	UNITE Group Plc (The)		143,936
	219,347	United Utilities Group Plc		2,998,337
	14,286	UTV Media Plc		47,420
	197,460	Vectura Group Plc(d)		374,312
	199,220	Vesuvius Plc		1,358,260
	606,745	Victrex Plc(c)		16,442,061
	11,826	Vitec Group Plc (The)		114,785
	1,370	VP Plc		12,930
	81,025	Weir Group Plc (The)		2,959,113

Shares			Value
UNITED KINGDOM (continued)
	43,316	WH Smith Plc	$	779,538
	131,326	Whitbread Plc		9,167,947
	721,708	William Hill Plc		4,162,013
	15,003	Wilmington Group Plc		52,380
	21,070	Wincanton Plc(d)		49,884
	32,930	Workspace Group Plc REIT		345,830
	4,440	WS Atkins Plc		96,383
	14,163	Xaar Plc		62,985
	100,532	Xchanging Plc		305,559
				437,108,781
UNITED STATES — 49.7%
	200,000	Aceto Corp.		4,548,000
	550,000	Actuant Corp. - Class A		17,429,500
	1,125,407	Advance Auto Parts, Inc.		165,389,813
	5,360	AgJunction, Inc.(d)		2,901
	87,751	Alacer Gold Corp.		145,596
	200,000	American Vanguard Corp.		2,308,000
	300,000	Approach Resources, Inc.(d)		2,970,000
	400,000	B&G Foods, Inc.		11,784,000
	100,000	Bio-Rad Laboratories, Inc. - Class A(d)		11,282,000
	8,599	Bizlink Holding, Inc.		30,250
	249,000	BJ’s Restaurants, Inc.(d)		10,960,980
	400,000	Blackbaud, Inc.(c)		17,800,000
	263,805	Boart Longyear Ltd.(d)		55,716
	425,000	Bottomline Technologies, Inc.(c)(d)		10,663,250
	150,000	Brady Corp. - Class A.		3,576,000
	210,000	Bryn Mawr Bank Corp.(c)		6,474,300
	146,200	Cantel Medical Corp.		6,198,880
	480,000	Cardtronics, Inc.(d)		18,427,200
	2,620,200	CareFusion Corp.(d)		150,320,874
	236,200	Casey’s General Stores, Inc.		19,337,694
	400,000	Cepheid, Inc.(d)		21,204,000
	1,500	Chaparral Gold Corp.(d)		799
	350,000	CLARCOR, Inc.		23,436,000
	210,000	Community Bank System, Inc.		8,011,500
	3,650,000	CoreLogic, Inc.(c)(d)		114,500,500
	450,000	CR Bard, Inc.		73,786,500
	1,835,000	Crown Holdings, Inc.(d)		87,951,550
	500,000	CST Brands, Inc.		19,125,000
	800,000	CVB Financial Corp.(c)		12,624,000
	601,419	Dun & Bradstreet Corp. (The)		73,860,267
	100,000	Elizabeth Arden, Inc.(d)		1,640,000
	386,000	Energizer Holdings, Inc.		47,342,900
	130,700	EnPro Industries, Inc.(d)		8,434,071
	140,000	Esterline Technologies Corp.(d)		16,395,400
	200,000	Financial Engines, Inc.		7,974,000
	185,000	First Financial Bankshares, Inc.		5,879,300
	1,475,000	Flowserve Corp.		100,285,250
	460,000	Forum Energy Technologies, Inc.(d)		12,558,000
	400,000	Fresh Market, Inc. (The)(d)		14,684,000
	2,491,400	Generac Holdings, Inc.(c)(d)		112,960,076
	275,000	Genomic Health, Inc.(c)(d)		9,993,500

Shares			Value
UNITED STATES (continued)
	475,000	Globus Medical, Inc. - Class A(d)	$	10,530,750
	73,730	Golden Star Resources Ltd.(d)		20,934
	350,000	Guidewire Software, Inc.(d)		17,479,000
	100,000	HB Fuller Co.		4,197,000
	499,777	Henry Schein, Inc.(d)		59,988,233
	309,800	Hubbell, Inc. - Class B		35,134,418
	150,000	ICU Medical, Inc.(d)		10,635,000
	125,000	Independent Bank Corp.		5,100,000
	1,225,000	Ingredion, Inc.(c)		94,631,250
	100,000	Innospec, Inc.		4,037,000
	93,000	Insulet Corp.(d)		4,014,810
	300,000	Integra LifeScience Holdings Corp.(c)(d)		15,333,000
	193,100	John Wiley & Sons, Inc. - Class A		11,275,109
	145,000	Lancaster Colony Corp.		13,266,050
	100,000	Landstar System, Inc.		7,401,000
	250,000	LogMein, Inc.(d)		12,012,500
	382,100	Luminex Corp.(c)(d)		7,259,900
	300,000	Masimo Corp.(d)		7,572,000
	125,000	Medidata Solutions, Inc.(d)		5,638,750
	677	Movie Gallery, Inc.(b)(c)(d)		0
	477,305	MSC Industrial Direct Co., Inc. - Class A		38,647,386
	95,000	Navigators Group, Inc. (The)(c)(d)		6,468,550
	190,000	NBT Bancorp, Inc.(c)		4,879,200
	1,905,746	NetApp, Inc.		81,565,929
	17,470,000	Nexteer Automotive Group Ltd.(c)		15,543,606
	150,000	Northern Oil and Gas, Inc.(d)		1,695,000
	400,000	NuVasive, Inc.(d)		16,360,000
	235,000	Omnicell, Inc.(d)		7,592,850
	1,474,200	Omnicom Group, Inc.		105,936,012
	150,000	Owens & Minor, Inc.		4,998,000
	17,053	Performance Sports Group Ltd.(d)		295,048
	355,000	PetSmart, Inc.		25,684,250
	155,000	Post Holdings, Inc.(d)		5,812,500
	200,000	Prestige Brands Holdings, Inc.(d)		7,084,000
	360,000	PROS Holdings, Inc.(c)(d)		10,072,800
	150,000	Prosperity Bancshares, Inc.		9,058,500
	400,000	QLIK Technologies, Inc.(d)		11,340,000
	470,000	Qualys, Inc.(c)(d)		15,077,600
	400,000	Raven Industries, Inc.(c)		10,140,000
	133,000	RBC Bearings, Inc.		8,079,750
	301,700	RealPage, Inc.(d)		5,994,779
	300,000	Resolute Energy Corp.(d)		1,044,000
	1,000,000	Rockwell Collins, Inc.		84,150,000
	27,636,600	Samsonite International SA(c)		91,763,854
	250,000	Sensient Technologies Corp.		14,795,000
	26,652	Sims Metal Management Ltd.		261,276
	1,125,000	Snap-on, Inc.(c)		148,657,500
	550,000	Snyder’s-Lance, Inc.(c)		16,384,500

Shares			Value
UNITED STATES (continued)
	100,000	Standex International Corp.(c)	$	8,625,000
	275,000	STERIS Corp.		16,995,000
	78,386	Thompson Creek Metals Co., Inc.(d)		148,141
	125,000	TreeHouse Foods, Inc.(d)		10,646,250
	525,000	TriMas Corp.(c)(d)		16,621,500
	1,270,290	Tupperware Brands Corp.(c)		80,980,988
	365,000	UMB Financial Corp.(c)		21,746,700
	575,000	Valmont Industries, Inc.(c)		78,297,750
	3,475,000	Vantiv, Inc. - Class A(c)(d)		107,447,000
	1,470,000	Varian Medical Systems, Inc.(c)(d)		123,656,400
	100,000	VCA, Inc.(d)		4,557,000
	200,000	Washington Trust Bancorp, Inc.(c)		7,674,000
	1,750,000	Waste Connections, Inc.(c)		87,325,000
	956,351	Waters Corp.(c)(d)		105,963,691
	300,000	West Pharmaceutical Services, Inc.		15,375,000
	134,200	WEX, Inc.(d)		15,239,752
	600,000	Wolverine World Wide, Inc.		16,284,000
	300,000	Woodward, Inc.		15,363,000
	1,695,000	Wyndham Worldwide Corp.		131,650,650
				3,171,856,983
Total Common Stocks (Cost $4,328,026,748)				5,884,881,218
INVESTMENT COMPANY — 0.7%
	43,428,000	SEI Daily Income Trust Government II Fund, Class A, 0.01% (g)		43,428,000
Total Investment Company (Cost $43,428,000)				43,428,000
EXCHANGE TRADED FUNDS — 4.5%
	600	iShares Core S&P Small Cap ETF		66,905
	223,460	Ishares Core S&P Total US Stock Market ETF		20,551,616
	492,129	iShares MSCI EAFE Small Cap Index Fund		23,887,942
	234,861	iShares MSCI Japan Small Cap Index Fund		13,013,648
	95,000	iShares Russell Mid-Cap ETF		15,516,350
	196,000	SPDR Russell Nomura Small Cap Japan Fund		9,817,640
	1,119,800	SPDR S&P International Small Cap Fund		36,057,560
	625,000	SPDR S&P Regional Banking ETF		25,050,000
	330,000	Vanguard Small-Cap ETF		38,157,900
	545,100	Vanguard Total Stock Market ETF		56,701,302

Shares			Value
	788,500	WisdomTree Japan Hedged Equity Fund	$	42,437,070
	160,000	WisdomTree Japan Small Cap Dividend Fund		8,307,200
Total Exchange Traded Funds (Cost $264,193,535)				289,565,133
RIGHTS/WARRANTS—0.0%
Banks — 0.0%
	1,869	Banco Pan SA Rights, Expire 11/19/14(d)		15
Consumer Discretionary — 0.0%
	1,293	Bigben Interactive Warrants, Expire 1/31/16(d)		44
	1,710	Centrebet Litigation Rights(b)(c)(d)		0
	1,710	Centrebet Litigation Units(b)(c)(d)		0
	7,600	Tonly Electronics Rights, Expire 11/13/14(c)(d)		1,509
				1,553
Energy — 0.0%
	9,413	Neo Solar Power Corp. Rights, Expire 10/31/14(c)(d)		0
Health Care — 0.0%
	4,121	Consort Medical Plc(c)(d)		47,465
	118,379	Golden Meditech Holdings Ltd. Warrants, Expire 7/30/15(d)		2,290
	9,812	Intercell Contigent Value Rights(b)(c)(d)		0
	201,026	KPJ Healthcare Berhad Warrants, Expire 1/23/19(d)		36,058
	9,600	Ligand Pharmaceuticals Contingent Value Rights(b)(c)(d)		0
	64,835	Rhoen Klinikum AG Rights, Expire 11/14/14(d)		54,599
				140,412
Industrials — 0.0%
	16,343	CB Industrial Product Holding Berhad Warrants, Expire 11/26/15(c)(d)		0
	485,000	China Strategic Holdings Ltd. Rights, Expire 12/4/14(c)(d)		4,440
	428,722	Dialog Group Berhad Warrants, Expire 2/12/17(d)		74,946
	401,607	HKC Holdings Ltd. Warrants, Expire 10/15/15(d)		2,020
	49,289	Mota-Engil SGPS SA Rights, Expire 1/22/14(b)(c)(d)		0
	1	Trevi Finanziaria Industriale SpA Rights, 11/6/14(d)		1
				81,407

Shares			Value
Information Technology — 0.0%
	5,548	Tong Tai Group Rights, Expire 12/17/14(c)(d)	$	82
Insurance — 0.0%
	32,970	China Taiping Insurance Holdings Co. Ltd. Rights, Expire 11/18/14(c)(d)		20,193
Materials — 0.0%
	11,535	Ramelius Resources Ltd. Rights, Expire 8/1/15(d)		71
	8,830	Vidrala SA Rights, Expire 11/13/14(d)		17,240
				17,311
Real Estate — 0.0%
	2,240	Aedifica SA Coupons, Expire 11/19/14(c)(d)		0
	0	Africa Israel Investment Ltd. Rights, Expire 5/31/15(d)		0
	117,250	Agile Property Holdings Ltd. Rights, Expire 11/11/14(d)		7,711
	2,385	Cheuk Nang Holdings Ltd. Warrants, Expire 11/10/15(c)(d)		627
	640,500	Sansiri Public Co. Ltd Warrants(c)(d)		0
				8,338
Telecommunication Services — 0.0%
	5,008	Loxley Public Co. Ltd. Warrants, Expire 9/30/17(d)		381
Total Rights/Warrants (Cost $158,733)				269,692

Principal Amount
U.S. GOVERNMENT AGENCIES — 0.8%
Federal Home Loan Bank — 0.8%
$	9,000,000	0.01%, 11/05/2014(h)		8,999,990
	20,000,000	0.02%, 11/19/2014(h)		19,999,600
	20,000,000	0.02%, 11/25/2014(h)		19,999,600
Total U.S. Government Agencies (Cost $48,999,190)				48,999,190

Shares			Value
CASH SWEEP — 2.1%
	132,892,776	Citibank - US Dollars on Deposit in Custody Account, 0.02%(g)	$	132,892,776
Total Cash Sweep (Cost $132,892,776)				132,892,776
TOTAL INVESTMENTS — 100.2% (Cost $4,817,698,982)(a)				6,400,036,009
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)%				(14,253,081	)
NET ASSETS — 100.0%			$	6,385,782,928

(a)	Cost for federal income tax purposes is $4,841,326,715 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	1,684,821,336
Unrealized depreciation		(126,112,042	)
Net unrealized appreciation	$	1,558,709,294

(b)	Fair valued security under procedures established by the Fund’s Board of Directors. The aggregate value of fair valued securities is $4,069,328, which is 0.06% of net assets and the cost is $9,061,667.
(c)	This security is considered either fully or partially illiquid. These securities, or portions thereof, have a value of $857,329,969 or 13.43% of net assets.
(d)	Non-income producing security.
(e)	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors. The aggregate value of these securities is $12,852, which is less than 0.01% of net assets.
(f)	Securities incorporated in the same country but traded on different exchanges.
(g)	Rate shown represents current yield at October 31, 2014.
(h)	The rate represents the annualized yield at time of purchase.

BDR — Brazilian Depositary Receipt
CDI — CHESS Depositary Interests
CPO — Certificate of Participation-Common
CVR — Contingent Value Rights
DVR — Differential Voting Rights
FOR — Foreign Ownership Restrictions
NVDR — Non Voting Depositary Receipt
PDR — Phillippine Depositary Receipt
REIT — Real Estate Investment Trust
SDR — Swedish Depositary Receipt
VVPR — Voter Verified Paper Record

Portfolio diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Banks		2.8	%
Consumer Discretionary		16.4	%
Consumer Staples		6.1	%
Diversified Financials		1.2	%
Energy		2.1	%
Health Care		13.2	%
Industrials		25.2	%
Information Technology		12.4	%
Insurance		2.0	%
Materials		6.8	%
Real Estate		2.4	%
Telecommunication Services		0.5	%
Utilities		1.1	%
Other*		7.8	%
Total		100.0	%

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

The Board of Directors and Shareholders of Small & Mid Cap Fund, a fund comprised within the Old Westbury Funds, Inc.

We have audited the accompanying statement of assets and liabilities of Small & Mid Cap Fund (the “Fund”) (one of the funds comprising Old Westbury Funds, Inc.), including the condensed portfolio of investments, as of October 31, 2014, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended (collectively, the “financial statements”), the financial highlights for each of the five years in the period then ended (the financial statements and financial highlights are included in Item 1 of this Form N-CSR) and the portfolio of investments as of October 31, 2014 (included in Item 6 of this Form N-CSR). These financial statements, financial highlights and portfolio of investments are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements, financial highlights and portfolio of investments based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements, financial highlights and portfolio of investments are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and portfolio of investments. Our procedures included confirmation of securities owned as of October 31, 2014, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements, financial highlights and portfolio of investments referred to above present fairly, in all material respects, the financial position of Old Westbury Small & Mid Cap Fund at October 31, 2014, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

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

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Large Cap Core Fund
One Year	9.44	%
Five Year	8.04	%
Ten Year	3.88	%

S&P Global LargeCap Index (Net)
One Year	8.13	%
Five Year	10.06	%
Ten Year	6.94	%

Large Cap Strategies Fund
One Year	9.94	%
Five Year	9.23	%
Ten Year	6.11	%

S&P Global LargeCap Index (Net)
One Year	8.13	%
Five Year	10.06	%
Ten Year	6.94	%

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

Small & Mid Cap Fund
One Year	5.66	%
Five Year	12.63	%
Since Inception (April 5, 2005)	10.03	%

S&P Global MidSmallCap Index (Net)
One Year	5.83	%
Five Year	12.69	%
April 5, 2005 to October 31, 2014	7.87	%

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

A Letter From the President (Unaudited)	2
Investment Adviser’s Report (Unaudited)
Large Cap Core Fund	3
Large Cap Strategies Fund	6
Small & Mid Cap Fund	10
Strategic Opportunities Fund	14
Real Return Fund	18
Fixed Income Fund	22
Municipal Bond Fund	26
Disclosure of Fund Expenses (Unaudited)	30
Portfolios of Investments:
Large Cap Core Fund	32
Large Cap Strategies Fund	34
Small & Mid Cap Fund	37
Strategic Opportunities Fund	41
Real Return Fund	90
Fixed Income Fund	94
Municipal Bond Fund	99
Statements of Assets and Liabilities	119
Statements of Operations	122
Statements of Changes in Net Assets	125
Financial Highlights:
Large Cap Core Fund	129
Large Cap Strategies Fund	130
Small & Mid Cap Fund	131
Strategic Opportunities Fund	132
Real Return Fund	133
Fixed Income Fund	134
Municipal Bond Fund	135
Notes To Financial Statements	136
Report of Independent Registered Public Accounting Firm	167
Directors and Officers of Old Westbury Funds, Inc. (Unaudited)	168
Additional Information (Unaudited)	172
Renewal of Investment Advisory Agreement and Sub-Advisory Agreements (Unaudited)	173

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

Sector:
Banks	10.9	%
Consumer Discretionary	15.6
Consumer Staples	8.8
Diversified Financials	1.4
Energy	4.4
Health Care	13.5
Industrials	12.5
Information Technology	12.8
Insurance	4.5
Materials	0.8
Real Estate	1.1
Telecommunication Services	5.0
Utilities	4.2
Other**	4.5
	100.0	%

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

Country:
Argentina	0.3	%
Belgium	0.3
Brazil	0.9
China	1.5
Denmark	0.6
Finland	2.1
France	1.2
Germany	1.1
Hong Kong	0.7
India	2.1
Italy	0.3
Japan	3.9
Netherlands	2.9
Singapore	0.7
South Africa	0.6
South Korea	0.5
Sweden	0.7
Switzerland	3.7
Thailand	0.8
United Kingdom	3.8
United States	59.4
Other**	11.9
	100.0	%

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

Australia	1.7	%
Austria	0.2
Bahamas	0.0	***
Belgium	0.3
Bermuda	0.8
Brazil	0.9
Cambodia	0.0	***
Canada	2.2
Cayman Islands	0.0	***
Chile	0.1
China	1.2
Columbia	0.0	***
Cyprus	0.0	***
Denmark	0.7
Faeroe Islands	0.0	***
Finland	0.5
France	2.0
Gabon	0.0	***
Georgia	0.0	***
Germany	2.3
Gibraltar	0.0	***
Greece	0.0	***
Guernsey	0.1
Hong Kong	1.3
Hungary	0.0	***
India	1.5
Indonesia	0.5
Ireland	0.6
Isle of Man	0.0	***
Israel	2.0
Italy	0.5
Japan	5.1
Jersey Channel Islands	0.0	***
Luxembourg	0.1
Malaysia	0.7
Malta	0.0	***
Mexico	0.5
Netherlands	0.9
New Zealand	0.4
Norway	0.1
Peru	0.1
Philippines	0.2
Poland	0.1
Portugal	0.1
Qatar	0.0	***
Singapore	1.6
South Africa	0.7
South Korea	1.2
Spain	0.5
Sweden	0.7
Switzerland	1.5
Taiwan	1.1
Thailand	0.4
Turkey	0.1
United Arab Emirates	0.1
United Kingdom	6.8
United States	49.7
Other**	7.9
	100.0	%

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

Strategic Opportunities Fund
One Year	5.88	%
Five Year	8.26	%
Since Inception (November 28, 2007)	1.92	%

S&P Global LargeMidCap Index (Gross)
One Year	8.48	%
Five Year	11.13	%
November 28, 2007 to October 31, 2014	3.52	%

S&P Global Broad Market Index (Net)
One Year	7.42	%
Five Year	10.88	%
November 28, 2007 to October 31, 2014	3.14	%

Blended Index (Net)
One Year	5.29	%
Five Year	8.01	%
November 28, 2007 to October 31, 2014	3.85	%

Old Westbury Funds, Inc.
Real Return Fund
Investment Adviser’s Report (Unaudited)

Sector:
Asset-Backed Securities	2.9	%
Collectible Coins	2.1
Commodities	3.0
Consumer Discretionary	1.4
Consumer Staples	4.1
Energy	15.5
Industrials	1.9
Materials	2.7
Real Estate	3.1
U.S. Government and Agency Securities	55.8
Other**	7.5
	100.0	%

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

Real Return Fund
One Year	(3.82	)%
Five Year	(2.38	)%
Since Inception (April 28, 2005)	0.58	%

Bloomberg Commodity Index
One Year	(5.94	)%
Five Year	(2.17	)%
April 28, 2005 to October 31, 2014	(1.34	)%

Barclays U.S. TIPS Index
One Year	1.90	%
Five Year	4.41	%
April 28, 2005 to October 31, 2014	4.50	%

Old Westbury Funds, Inc.
Fixed Income Fund
Investment Adviser’s Report (Unaudited)

PORTFOLIO ASSET ALLOCATION*

U.S. Government Agencies and Securities	38.9	%
Corporate Bonds	48.0
Municipal Bonds	5.1
Government Bonds	0.5
Asset Backed Securities	6.4
Collateralized Mortgage Obligations	0.5
Other**	0.6
	100.0	%

Fixed Income Fund
One Year	0.94	%
Five Year	2.49	%
Ten Year	4.04	%

Bank of America Merrill Lynch 1-10 Year AAA-A US Corporate & Government Index
One Year	1.95	%
Five Year	3.12	%
Ten Year	3.80	%

States:
Alabama	1.5	%
Arizona	1.1
Arkansas	0.1
California	3.1
Colorado	0.9
Connecticut	3.5
District of Columbia	0.5
Florida	3.0
Georgia	3.6
Hawaii	0.0	***
Idaho	0.1
Illinois	1.4
Indiana	2.2
Iowa	0.2
Kansas	0.5
Kentucky	1.3
Louisiana	0.2
Maine	0.6
Maryland	0.9
Massachusetts	9.8
Michigan	2.3
Minnesota	2.2
Mississippi	0.2
Missouri	0.8
Nevada	0.6
New Hampshire	0.2
New Jersey	6.4
New Mexico	0.9
New York	26.2
North Carolina	2.8
Ohio	2.5
Oklahoma	1.0
Oregon	0.6
Puerto Rico	0.0	***
Rhode Island	0.1
South Carolina	0.9
Tennessee	0.2
Texas	9.8
Utah	0.2
Virginia	2.4
Washington	3.4
West Virginia	0.0	***
Wisconsin	1.1
Other**	0.7
	100.0	%

Municipal Bond Fund
One Year	2.02	%
Five Year	2.80	%
Ten Year	3.30	%

Bank of America Merrill Lynch
1-12 Year Municipal Bond Index
One Year	3.72	%
Five Year	3.84	%
Ten Year	4.03	%

Lipper Short-Intermediate
Municipal Debt Funds Index
One Year	2.72	%
Five Year	2.92	%
Ten Year	3.06	%

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

Old Westbury Funds, Inc.
Disclosure of Fund Expenses (Unaudited)
*For the Period Ended October 31, 2014*

	Actual		Actual		Actual		Actual
	Beginning		Ending		Expenses Paid		Expense Ratio
	Account Value		Account Value		During Period*		During Period
	5/1/14		10/31/14		5/1/14-10/31/14		5/1/14-10/31/14**
Large Cap Core Fund	$	1,000.00	$	1,030.20	$	5.12		1.00	%
Large Cap Strategies Fund		1,000.00		1,051.00		5.79		1.12	%
Small & Mid Cap Fund		1,000.00		1,011.40		5.63		1.11	%
Strategic Opportunities Fund		1,000.00		1,022.40		6.12		1.20	%
Real Return Fund		1,000.00		852.50		5.14		1.10	%
Fixed Income Fund		1,000.00		1,005.90		3.29		0.65	%
Municipal Bond Fund		1,000.00		1,010.70		3.04		0.60	%

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

	Hypothetical		Hypothetical		Hypothetical		Hypothetical
	Beginning		Ending		Expenses Paid		Expense Ratio
	Account Value		Account Value		During Period*		During Period
	5/1/14		10/31/14		5/1/14-10/31/14		5/1/14-10/31/14**
Large Cap Core Fund	$	1,000.00	$	1,020.16	$	5.09		1.00	%
Large Cap Strategies Fund		1,000.00		1,019.56		5.70		1.12	%
Small & Mid Cap Fund		1,000.00		1,019.61		5.65		1.11	%
Strategic Opportunities Fund		1,000.00		1,019.16		6.11		1.20	%
Real Return Fund		1,000.00		1,019.66		5.60		1.10	%
Fixed Income Fund		1,000.00		1,021.93		3.31		0.65	%
Municipal Bond Fund		1,000.00		1,022.18		3.06		0.60	%

Old Westbury Funds, Inc.
Large Cap Core Fund
Portfolio of Investments	*October 31, 2014*

Old Westbury Funds, Inc.
Large Cap Core Fund
Portfolio of Investments - (Continued)	*October 31, 2014*

Shares			Value
INVESTMENT COMPANY — 4.3%
	44,618,000	SEI Daily Income Trust Government II Fund, Class A, 0.00%(c)	$	44,618,000
Total Investment Company (Cost $44,618,000)				44,618,000
TOTAL INVESTMENTS — 99.8% (Cost $902,445,916)(a)				1,027,048,786
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%				2,324,459
NET ASSETS — 100.0%			$	1,029,373,245

Old Westbury Funds, Inc.
Small & Mid Cap Fund
Condensed Portfolio of Investments	*October 31, 2014*

Old Westbury Funds, Inc.
Small & Mid Cap Fund
Condensed Portfolio of Investments - (Continued)	*October 31, 2014*

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Portfolio of Investments - (Continued)	*October 31, 2014*

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Portfolio of Investments - (Continued)	*October 31, 2014*