Principal Amount Security Description Fair Value

FIXED INCOME SECURITIES (95.1%)

ARGENTINA (0.4%)

CORPORATE BOND & NOTE (0.4%)

Arcos Dorados Holdings, Inc. USD 100,000 6.63% due 09/27/23 $ 102,500

TOTAL CORPORATE BOND & NOTE 102,500

TOTAL ARGENTINA (Cost $100,875) 102,500

BRAZIL (13.5%)

CORPORATE BONDS & NOTES (13.5%)

Banco do Estado do Rio Grande do Sul S.A. USD 400,000 7.38% due 02/02/22 409,000

BR Malls International Finance, Ltd. USD 150,000 8.50% due 01/29/49 (a),(b),(c) 152,395

Braskem America Finance Co. USD 200,000 7.13% due 07/22/41(c) 190,750

BRF S.A. USD 200,000 3.95% due 05/22/23 178,500

Gerdau Trade, Inc. USD 200,000 4.75% due 04/15/23 185,600

Itau Unibanco Holding S.A. USD 350,000 5.65% due 03/19/22 352,187

Marfrig Holding Europe BV USD 400,000 11.25% due 09/20/21(c) 429,000

Minerva Luxembourg S.A. USD 200,000 7.75% due 01/31/23(c) 204,800

Odebrecht Finance,Ltd. USD 400,000 7.13% due 06/26/42(c) 390,000

Odebrecht Offshore Drilling Finance, Ltd. USD 413,483 6.75% due 10/01/22(b),(c) 428,988

Petrobras Global Finance BV USD 135,000 6.25% due 03/17/24 139,104

Samarco Mineracao S.A. USD 200,000 4.13% due 11/01/22 184,000

Votorantim Cimentos S.A. USD 200,000 7.25% due 04/05/41 198,000

Voto-Votorantim Overseas Trading Operations IV Ltd. USD 200,000 7.75% due 06/24/20 234,750

TOTAL CORPORATE BONDS & NOTES 3,677,074

TOTAL BRAZIL (Cost $3,681,912) 3,677,074

CHILE (1.1%)

CORPORATE BOND & NOTE (1.1%)

Embotelladora Andina S.A. USD 300,000 5.00% due 10/01/23 312,131

TOTAL CORPORATE BOND & NOTE 312,131

TOTAL CHILE (Cost $299,438) 312,131

CHINA (14.6%)

CORPORATE BONDS & NOTES (14.6%)

Anton Oilfield Services Group USD 300,000 7.50% due 11/06/18(b),(c) 313,500

BCP Singapore VI Cayman Financing Co., Ltd. USD 200,000 8.00% due 04/15/21(c) 203,000

China Mengniu Dairy Co., Ltd. USD 225,000 3.50% due 11/27/18 227,687

China Shanshui Cement Group, Ltd. USD 400,000 8.50% due 05/25/16(c) 408,500

Country Garden Holdings Co., Ltd. USD 200,000 7.25% due 04/04/21(b),(c) 186,000

Principal Amount Security Description Fair Value

FIXED INCOME SECURITIES (95.1%) (continued)

CHINA (14.6%) (continued)

CORPORATE BONDS & NOTES (14.6%) (continued)

ENN Energy Holdings, Ltd. USD 400,000 6.00% due 05/13/21 $ 431,242

Golden Eagle Retail Group, Ltd. USD 400,000 4.63% due 05/21/23 350,865

Kaisa Group Holdings, Ltd. USD 200,000 10.25% due 01/08/20(c) 192,250

KWG Property Holding, Ltd. USD 200,000 8.63% due 02/05/20(c) 184,750

USD 200,000 8.98% due 01/14/19(c) 191,904

Longfor Properties Co., Ltd. USD 200,000 6.75% due 01/29/23(c) 180,500

USD 200,000 6.88% due 10/18/19(c) 199,000

Talent Yield Investments, Ltd. USD 300,000 4.50% due 04/25/22 299,539

Wanda Properties International Co., Ltd. USD 200,000 7.25% due 01/29/24 200,238

Yingde Gases Investment, Ltd. USD 400,000 8.13% due 04/22/18(c) 400,000

TOTAL CORPORATE BONDS & NOTES 3,968,975

TOTAL CHINA (Cost $4,102,616) 3,968,975

COLOMBIA (0.6%)

CORPORATE BOND & NOTE (0.6%)

Bancolombia S.A. USD 150,000 5.95% due 06/03/21 160,125

TOTAL CORPORATE BOND & NOTE 160,125

TOTAL COLOMBIA (Cost $155,177) 160,125

CROATIA (0.8%)

CORPORATE BOND & NOTE (0.8%)

Agrokor dd USD 200,000 8.88% due 02/01/20(c) 217,800

TOTAL CORPORATE BOND & NOTE 217,800

TOTAL CROATIA (Cost $217,263) 217,800

GEORGIA (0.8%)

CORPORATE BOND & NOTE (0.8%)

Bank of Georgia JSC USD 200,000 7.75% due 07/05/17 213,240

TOTAL CORPORATE BOND & NOTE 213,240

TOTAL GEORGIA (Cost $203,731) 213,240

HONG KONG (11.1%)

CORPORATE BONDS & NOTES (11.1%)

Bao-trans Enterprises, Ltd. USD 200,000 3.75% due 12/12/18 198,482

Hongkong Land Finance Cayman Island Co., Ltd. USD 400,000 4.50% due 10/07/25 398,066

LS Finance 2022, Ltd. USD 500,000 4.25% due 10/16/22 469,638

Metropolitan Light International, Ltd. USD 540,000 5.25% due 01/17/18(c) 542,700

Pacnet, Ltd. USD 200,000 9.00% due 12/12/18(c) 213,500

PCCW Capital No 4, Ltd. USD 500,000 5.75% due 04/17/22 514,745

Shimao Property Holdings, Ltd. USD 360,000 9.65% due 08/03/17(c) 379,800

Principal Amount Security Description Fair Value

FIXED INCOME SECURITIES (95.1%) (continued)

HONG KONG (11.1%) (continued)

CORPORATE BONDS & NOTES (11.1%) (continued)

Swire Properties MTN Financing, Ltd. USD 300,000 4.38% due 06/18/22 $ 307,697

TOTAL CORPORATE BONDS & NOTES 3,024,628

TOTAL HONG KONG (Cost $3,082,533) 3,024,628

INDIA (7.1%)

CORPORATE BONDS & NOTES (7.1%)

Bharti Airtel International Netherlands BV USD 445,000 5.13% due 03/11/23 442,219

HDFC Bank, Ltd. USD 200,000 3.00% due 03/06/18 196,199

ICICI Bank, Ltd. USD 300,000 4.70% due 02/21/18 311,501

USD 150,000 6.38% due 04/30/22(c),(d) 150,000

Reliance Holding USA, Inc. USD 250,000 5.40% due 02/14/22(b) 261,838

Reliance Holdings USA, Inc. USD 250,000 5.40% due 02/14/22 261,808

Vedanta Resources PLC USD 300,000 7.13% due 05/31/23 299,250

TOTAL CORPORATE BONDS & NOTES 1,922,815

TOTAL INDIA (Cost $1,919,898) 1,922,815

INDONESIA (3.1%)

CORPORATE BONDS & NOTES (3.1%)

Adaro Indonesia PT USD 400,000 7.63% due 10/22/19(c) 425,000

Gajah Tunggal Tbk PT USD 400,000 7.75% due 02/06/18(c) 407,500

TOTAL CORPORATE BONDS & NOTES 832,500

TOTAL INDONESIA (Cost $828,809) 832,500

ISRAEL (3.5%)

CORPORATE BONDS & NOTES (3.5%)

Altice Financing S.A. USD 200,000 7.88% due 12/15/19(c) 218,500

B Communications, Ltd. USD 275,000 7.38% due 02/15/21(b),(c) 288,750

Israel Electric Corp., Ltd. USD 400,000 7.25% due 01/15/19 446,500

TOTAL CORPORATE BONDS & NOTES 953,750

TOTAL ISRAEL (Cost $908,015) 953,750

LUXEMBOURG (0.8%)

CORPORATE BOND & NOTE (0.8%)

Altice Finco S.A. USD 200,000 9.88% due 12/15/20(c) 228,000

TOTAL CORPORATE BOND & NOTE 228,000

TOTAL LUXEMBOURG (Cost $213,233) 228,000

MEXICO (6.7%)

CORPORATE BONDS & NOTES (6.7%)

Alfa SAB de CV USD 200,000 5.25% due 03/25/24(c) 205,000

BBVA Bancomer S.A. USD 300,000 6.50% due 03/10/21 324,375

Controladora Mabe S.A. de CV USD 350,000 7.88% due 10/28/19 393,750

Principal Amount Security Description Fair Value

FIXED INCOME SECURITIES (95.1%) (continued)

MEXICO (6.7%) (continued)

CORPORATE BONDS & NOTES (6.7%) (continued)

Grupo Cementos de Chihuahua SAB de CV USD 280,000 8.13% due 02/08/20(c) $ 302,236

Metalsa S.A. de CV USD 420,000 4.90% due 04/24/23 388,500

Trust F/1401 USD 200,000 5.25% due 12/15/24 199,500

TOTAL CORPORATE BONDS & NOTES 1,813,361

TOTAL MEXICO (Cost $1,814,972) 1,813,361

NIGERIA (1.3%)

CORPORATE BOND & NOTE (1.3%)

GTB Finance BV USD 360,000 6.00% due 11/08/18 355,500

TOTAL CORPORATE BOND & NOTE 355,500

TOTAL NIGERIA (Cost $358,221) 355,500

PERU (2.7%)

CORPORATE BONDS & NOTES (2.7%)

Banco de Credito del Peru USD 175,000 5.38% due 09/16/20 185,282

Ferreycorp SAA USD 255,000 4.88% due 04/26/20(c) 244,481

Scotiabank Peru S.A. USD 345,000 4.50% due 12/13/27(c),(d) 315,675

TOTAL CORPORATE BONDS & NOTES 745,438

TOTAL PERU (Cost $783,290) 745,438

POLAND (1.6%)

CORPORATE BONDS & NOTES (1.6%)

Play Finance 1 S.A. EUR 100,000 6.50% due 08/01/19(c) 143,965

TVN Finance Corp. III AB EUR 200,000 7.38% due 12/15/20(c) 302,394

TOTAL CORPORATE BONDS & NOTES 446,359

TOTAL POLAND (Cost $400,015) 446,359

RUSSIA (7.9%)

CORPORATE BONDS & NOTES (7.9%)

Brunswick Rail Finance, Ltd. USD 400,000 6.50% due 11/01/17 405,000

EuroChem Mineral & Chemical Co. OJSC via EuroChem GI, Ltd. USD 345,000 5.13% due 12/12/17 336,375

Mobile Telesystems OJSC via MTS International Funding, Ltd. USD 200,000 5.00% due 05/30/23 185,000

Sberbank of Russia Via SB Capital S.A. USD 300,000 6.13% due 02/07/22 309,000

Sibur Securities, Ltd. USD 330,000 3.91% due 01/31/18 302,775

Sistema JSFC via Sistema International Funding S.A. USD 300,000 6.95% due 05/17/19 309,750

Vimpel Communications Via VIP Finance Ireland, Ltd. OJSC USD 300,000 7.75% due 02/02/21 307,125

TOTAL CORPORATE BONDS & NOTES 2,155,025

TOTAL RUSSIA (Cost $2,229,246) 2,155,025

Principal Amount Security Description Fair Value

FIXED INCOME SECURITIES (95.1%) (continued)

SINGAPORE (1.4%)

CORPORATE BOND & NOTE (1.4%)

TBG Global Pte, Ltd. USD 390,000 4.63% due 04/03/18(c) $ 385,613

TOTAL CORPORATE BOND & NOTE 385,613

TOTAL SINGAPORE (Cost $381,057) 385,613

THAILAND (0.8%)

CORPORATE BOND & NOTE (0.8%)

PTTEP Canada International Finance, Ltd. USD 200,000 6.35% due 06/12/42 212,384

TOTAL CORPORATE BOND & NOTE 212,384

TOTAL THAILAND (Cost $234,062) 212,384

TURKEY (11.2%)

CORPORATE BONDS & NOTES (11.2%)

Akbank TAS USD 230,000 6.50% due 03/09/18 245,870

Arcelik AS USD 400,000 5.00% due 04/03/23 350,000

Asya Sukuk Co., Ltd. USD 300,000 7.50% due 03/28/23 (c),(d) 261,000

Mersin Uluslararasi Liman Isletmeciligi AS USD 400,000 5.88% due 08/12/20(c) 404,000

Turkiye Garanti Bankasi AS USD 200,000 6.25% due 04/20/21 205,428

Turkiye Halk Bankasi AS USD 450,000 4.88% due 07/19/17 453,762

Turkiye Is Bankasi USD 270,000 6.00% due 10/24/22 252,720

Turkiye Sise ve Cam Fabrikalari AS USD 535,000 4.25% due 05/09/20 490,862

Yasar Holdings S.A. Via Willow No. 2 USD 400,000 9.63% due 10/07/15(c) 394,000

TOTAL CORPORATE BONDS & NOTES 3,057,642

TOTAL TURKEY (Cost $3,146,583) 3,057,642

UKRAINE (0.6%)

CORPORATE BOND & NOTE (0.6%)

Mriya Agro Holding PLC USD 200,000 9.45% due 04/19/18 169,000

TOTAL CORPORATE BOND & NOTE 169,000

TOTAL UKRAINE (Cost $198,032) 169,000

UNITED ARAB EMIRATES (2.5%)

CORPORATE BONDS & NOTES (2.5%)

DIP Sukuk, Ltd. USD 200,000 4.29% due 02/20/19 200,964

Ruwais Power Co. PJSC USD 425,000 6.00% due 08/31/36 465,778

TOTAL CORPORATE BONDS & NOTES 666,742

TOTAL UNITED ARAB EMIRATES (Cost $632,386) 666,742

Principal Amount Security Description

% of Net Assets Fair Value

FIXED INCOME SECURITIES (95.1%) (continued)

UNITED STATES (1.0%)

CORPORATE BOND & NOTE (1.0%)

Southern Copper Corp. USD 280,000 6.75% due 04/16/40 $ 284,968

TOTAL CORPORATE BOND & NOTE 284,968

TOTAL UNITED STATES (Cost $285,254) 284,968

TOTAL FIXED INCOME SECURITIES (Cost $26,176,618) $ 25,905,570

SHORT-TERM INVESTMENT (5.6%)

GRAND CAYMAN (5.6%)

TIME DEPOSIT (5.6%)

Bank of Tokyo Mitsubishi USD 1,532,695 0.03% due 04/01/14 1,532,695 TOTAL TIME DEPOSIT 1,532,695

TOTAL GRAND CAYMAN (Cost $1,532,695) 1,532,695 TOTAL SHORT-TERM INVESTMENT (Cost $1,532,695) 1,532,695

TOTAL INVESTMENTS (Cost $27,709,313) 100 .7 $ 27,438,265 LIABILITIES IN EXCESS OF CASH AND OTHER ASSETS (0.7) (197,606)

NET ASSETS 100 .0% $ 27,240,659

(a) Perpetual maturity. (b) 144A Security - Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically to qualified institutional buyers. Unless otherwise indicated, these securities are not considered illiquid. (c) Callable security. (d) Variable rate security as of March 31, 2014.

Buy Counterparty Contract Amount

Settlement Date Sell

Contract Amount

Unrealized Appreciation

Unrealized Depreciation

Net Unrealized Appreciation/

(Depreciation)

EUR Brown Brothers Harriman & Co. 4,563 05/20/2014 USD 6,325 $ – $ (40 ) $ (40 )

EUR Brown Brothers Harriman & Co. 211,233 05/20/2014 USD 292,737 – (1,758 ) (1,758 )

EUR JPMorgan Chase & Co. 114,561 05/20/2014 USD 158,211 – (400 ) (400 )

USD JPMorgan Chase & Co. 282,899 05/20/2014 EUR 206,649 – (1,766 ) (1,766 )

USD Morgan Stanley 326,036 05/20/2014 EUR 237,000 – (438 ) (438 ) USD Morgan Stanley 283,274 05/20/2014 EUR 206,649 – (1,390 ) (1,390 )

$ – $ (5,792 ) $ (5,792 )

Over-the-Counter Derivatives

Forward Foreign Currency Contracts Brown Brothers Harriman & Co. $ - $ (1,798) $ - $ - $ (1,798)

JP Morgan Chase & Co. - (2,166) - - (2,166) Morgan Stanley - (1,828) - - (1,828)

Total $ - $ (5,792) $ - $ - $ (5,792)

Currency Abbreviations:

EUR - Euro

USD - United States Dollar